3 MUFG Units to Get Biz Improvement Orders
Tokyo, June 23 (Jiji Press)--Japan's Financial Services Agency plans to issue business improvement orders to three units of Mitsubishi UFJ Financial Group Inc. as early as Monday, including for illegally sharing information about customers without their consent, it was learned Sunday.
MUFG Bank, Mitsubishi UFJ Morgan Stanley Securities Co. and Morgan Stanley MUFG Securities Co. will get the orders based on the financial instruments and exchange law.
The FSA also plans to order the parent company to submit reports to figure out why the problems occurred based on the banking law.
On June 14, Japan's Securities and Exchange Surveillance Commission recommended that the FSA impose administrative penalties on the three MUFG units.
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. This is known as the firewall regulation.
(2024/06/23-22:19)
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