MUFG Bank, Ltd today confirmed an administrative action has been taken by the Financial Services Agency (FSA) of Japan.
On June 14, Japan’s Securities and Exchange Surveillance Commission announced that it had recommended that the Prime Minister and the Commissioner of the Financial Services Agency (FSA) take administrative action against MUFG Bank and Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. (MUMSS) on the basis that there was improper sharing of customer information, improper solicitation in violation of the prohibition on engagement in securities services by a registered financial institution, etc., in the management of corporate-related information in banking-securities collaborative business between MUFG Bank and MUMSS.
Today, the FSA announced that it has issued business improvement orders to MUFG Bank and MUMSS under Article 51, paragraph 2 and Article…
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