WASHINGTON - For the second time in a year, the Securities and Exchange Commission Friday fired a warning shot at investment advisers for failing to correctly value tax-exempt bonds held by money market funds.

The SEC's message was delivered as it reached a settlement with the Bank of California on charges that the bank failed to account for a significant drop in the market price of multifamily housing bonds held by one of its money market fund clients and backed by Mutual Benefit Life Insurance Company of Newark, N.J.

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