Japan Watchdog Recommends Action Against MUFG Banking Unit and Its Morgan Stanley JVs — Update
By Kosaku Narioka
Japan's securities watchdog recommended administrative action against Mitsubishi UFJ Financial Group's banking unit and its two securities joint ventures with Morgan Stanley.
Japan's Securities and Exchange Surveillance Commission said Friday that the entities shared clients' nonpublic information against their wills.
The watchdog recommended that Japan's Financial Services Agency take administrative action against MUFG Bank, Mitsubishi UFJ Morgan Stanley Securities and Morgan Stanley MUFG Securities.
Morgan Stanley MUFG Securities said it takes the matter seriously and will strengthen its internal control. The company is committed to compliance with all applicable laws and regulations, it said.
In a separate statement, Mitsubishi UFJ Financial Group said there wasn't sufficient awareness of regulatory compliance over management of clients' information or its monitoring function to ensure compliance as it tried to improve coordination between its banking and securities businesses. The company said it will strengthen internal controls so as not to repeat inappropriate activities.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
June 14, 2024 07:11 ET (11:11 GMT)
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