Press Conference by SUZUKI Shunichi, Minister of Finance and Minister of State for Financial Services

(Excerpt)

(Friday, June 7, 2024, 9:15 am to 9:34 am)

Q.

There is media coverage reporting that the Securities and Exchange Surveillance Commission (SESC) is considering recommending the Financial Services Agency (FSA) to issue an administrative action against a bank and two securities companies affiliated with Mitsubishi UFJ Financial Group, Inc. for their suspected legal violation as it is suspected that they shared customer information without obtaining consent from customers, which is prohibited under the so-called firewall regulations, and the bank suggested preferential lending rates to its client companies on condition that they conduct transactions with the bank's group companies. Could you explain the facts?

A.

I am aware of that media coverage, but the SESC is to perform its duties independently of the FSA. Therefore, I think that I should refrain from making any comments on specific activities of the SESC, such as investigations or consideration regarding recommendations.

Q.

If the media coverage is true, what do you think as the minister in charge of financial services?

A.

That is a hypothetical matter. If it is true, the SESC will take appropriate measures. The relevant conclusion will be announced sometime later, I think.