The pair's lawyer Benedict Tompkins told Judge Tony Fitzgerald on Friday requesting another adjournment in the case.
Tompkins said there were ongoing discussions between his clients and the FMA, which was represented in court last week by its head of litigation, Paul O'Neil.
Tompkins also said the parties believed they were "close to reaching a resolution on the charges".
The judge adjourned the case until October 17.
Subsequent to the charges being laid, SPI Property Fund lodged annual accounts with the Companies Office for the 2011 to 2013 financial years.
An auditor report attached to these accounts said the company's board had not complied with the Securities Act, the Companies Act and Financial Reporting Act:
"As at March 31, 2013, the company had funds held on behalf of investors totalling $894,786 from subscriptions received relating to a prospectus issued in 2008. "The board has failed to comply with s36A of the Securities Act 1978 to hold those funds in trust until they were returned to investors."
The 2013 accounts were audited by Auckland accounting firm William Buck Christmas Gouwland.
In their report, dated July 1, the auditors said there were "insufficient resources in the company to enable the full repayment of these funds and the accrued interest".