Japan’s securities watchdog on Friday recommended that the banking and securities units of Mitsubishi UFJ Financial Group (MUFG) be punished for what it said was unauthorized sharing of customer information.
The Securities and Exchange Surveillance Commission (SESC) made the recommendation to banking regulator Financial Services Agency, which issues such penalties in Japan.
The recommendation, which was widely expected, followed the SESC’s investigation into MUFG’s banking arm and its two brokerage businesses with Morgan Stanley: Mitsubishi UFJ Morgan Stanley Securities (MUMSS) and Morgan Stanley MUFG Securities.
