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Penalties Sought for 3 MUFG Units over Inappropriate Info Sharing

Penalties Sought for 3 MUFG Units over Inappropriate Info Sharing

   Tokyo, June 14 (Jiji Press)--Japan's Securities and Exchange Surveillance Commission on Friday recommended that the Financial Services Agency impose administrative penalties on three units of Mitsubishi UFJ Financial Group Inc., including for sharing information about customers without their consent.
   The FSA will consider penalties, such as business improvement orders, against MUFG Bank, Mitsubishi UFJ Morgan Stanley Securities Co. and Morgan Stanley MUFG Securities Co.
   The financial instruments and exchange law prohibit banks and securities firms within the same group from sharing undisclosed information about customers without obtaining their permission, known as the firewall regulation.
   According to the commission, there were at least 10 cases between 2021 and 2023 in which undisclosed information about stock sales by MUFG Bank customers was shared with the two securities firms, despite the customers' requests not to do so.
   In one of the cases, MUFG Bank's representative director was aware of the possibility of inappropriate information sharing.

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AFP-JIJI PRESS NEWS JOURNAL


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