Japan's FSA Orders MUFG Banking Unit and Its Morgan Stanley JVs to Improve Operations
Provided by
Dow Jones
By Kosaku Narioka
Japan's financial regulator ordered Mitsubishi UFJ Financial Group's banking unit and its two securities joint ventures with Morgan Stanley to improve their operations.
The Financial Services Agency's move came after the country's securities watchdog recommended administrative action against the three companies for sharing clients' nonpublic information without their consent.
FSA said Monday that MUFG Bank, Mitsubishi UFJ Morgan Stanley Securities and Morgan Stanley MUFG Securities should submit their plans to prevent recurrence of problems, execute them and report progress to the agency.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
June 24, 2024 00:53 ET (04:53 GMT)
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