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Two UBS advisory firms settle charges with SEC

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The Securities and Exchange Commission has announced that two UBS advisory firms have agreed to settle charges arising from their roles in failing to disclose a change in investment strategy by UBS Willow Fund LLC, a closed-end fund they advised.

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State Street to pay $382.4m to settle SEC claims

The Securities and Exchange Commission has announced that State Street Bank and Trust Company has agreed to pay $382.4m in a global settlement for misleading mutual funds and other custody clients by applying hidden markups to foreign currency exchange trades.