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

(Excerpt)

(Tuesday, June 18, 2024, 10:16 am to 10:20 am)

Q.

Last week, the Securities and Exchange Surveillance Commission （SESC）issued a recommendation for administrative action against MUFG Bank, Ltd. and others. How do you think this situation as the minister in charge of financial services? Could you explain your view regarding this and the necessity of any reoccurrence prevention measures? 

A.

Last Friday, on June 14, the SESC issued a recommendation to the FSA to take administrative action against MUFG Bank, Ltd., Mitsubishi UFJ Morgan Stanley Securities Co., Ltd., and Morgan Stanley MUFG Securities Co., Ltd. based on the results of the investigations on them.
It is very regrettable that in one of the financial groups representing Japan, customer information had been exchanged inappropriately among a bank and securities companies within the group and other acts in violation of the Financial Instruments and Exchange Act had been conducted.
Based on the details of the recommendation, the FSA will deal with this issue strictly in accordance with laws and regulations.