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Japan's Mitsubishi UFJ Morgan Stanley, Morgan Stanley MUFG, others, receive business-improvement orders over sharing client information

( June 24, 2024, 05:22 GMT | Official Statement) -- MLex Summary: Japan's Mitsubishi UFJ Morgan Stanley Securities, Morgan Stanley MUFG Securities, and MUFG Bank received administrative action by Japan's Financial Services Agency for repeatedly sharing client information "knowing that their clients asked not to share their information with other firms within the group" in violation of the Financial Instruments and Exchange Act. The three companies were also found to have unlawfully used confidential information to solicit sales. MUFG Bank also reportedly engaged in tie-in negotiations over bank loans for Mitsubishi UFJ Morgan Stanley, in violation of the act prohibiting banks from conducting securities business.The statement follows:...

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