3 MUFG Units to Get Biz Improvement Orders (Update 1)
10:52 JST, June 24, 2024 (updated at 15:00 JST)
TOKYO (Jiji Press) — Japan’s Financial Services Agency issued business improvement orders to three companies under Mitsubishi UFJ Financial Group Inc. on Monday for illegally sharing information about customers without their consent.
The orders were slapped on MUFG Bank, Mitsubishi UFJ Morgan Stanley Securities Co. and Morgan Stanley MUFG Securities Co. based on the financial instruments and exchange law. On June 14, the Securities and Exchange Surveillance Commission asked the FSA to impose administrative penalties on the three MUFG affiliates.
The FSA also ordered the parent holding company and MUFG Bank to submit reports over the matter based on the banking business law.
The financial instruments and exchange law prohibits banks and securities firms within the same group from sharing undisclosed information about customers without obtaining their permission, a rule known as firewall regulation.
There were cases in which MUFG Bank and the two securities firms shared undisclosed information on a customer despite its requests not to do so. Also, MUFG Bank helped Mitsubishi UFJ Morgan Stanley Securities serve as an underwriter for its client company’s bond issue although banks are prohibited from engaging in securities-related operations.
"Business" POPULAR ARTICLE
-
Japan External Trade Organization to Open Office in Kyiv, Aims to Help Japan-Linked Companies Boost Reconstruction
-
Japan’s Newly Harvested Rice Arrives on Store Shelves; Prices Soar 30%-50% Following Shortage
-
Japan to Give New Subsidies for Domestic EV Battery Output
-
Spa Resort Hawaiians Gets Offer from U.S. Fund
-
JR Freight Rail Yards Inspected over Data Fraud
JN ACCESS RANKING
- Philippines Steps Up Defense of Northernmost Province with Eye on Possible Contingency Involving Taiwan
- Tokyo Companies Prepare for Ashfall From Mt. Fuji Eruption; Disposal Of Ash, Possibly at Sea, A Major Challenge
- Japan External Trade Organization to Open Office in Kyiv, Aims to Help Japan-Linked Companies Boost Reconstruction
- Harris Widens Lead over Trump to 47%-40%, Reuters/Ipsos Poll Finds
- Typhoon Bebinca Could Approach Southern Japan In Days; Heavy Storms Expected from Saturday (Update 1)