Provisional Translation
Ad Hoc Press Conference by SUZUKI Shunichi, Minister of State for Financial Services
(Excerpt)
(Monday, June 24, 2024, 5:26 pm to 5:28 pm)
- Q.
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Today, the FSA issued business improvement orders and orders to request reporting to Mitsubishi UFJ Financial Group, Inc. and three affiliated companies. Could you explain your view and future approaches?
- A.
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As you mentioned, based on the recommendations by the Securities and Exchange Surveillance Commission, the FSA issued business improvement orders to MUFG Bank, Ltd., Mitsubishi UFJ Morgan Stanley Securities Co., Ltd., and Morgan Stanley MUFG Securities Co., Ltd. today, requesting that they clarify where responsibility lies, including that of the top management, and strengthen their compliance structure regarding collaboration between banks and securities companies and other internal control environments, based on the Financial Instruments and Exchange Act.
Additionally, it was confirmed through the inspection that the business management structure and internal control environments of MUFG Bank, Ltd. are insufficient from the perspective of the Banking Act, and a series of inappropriate cases occurred in Mitsubishi UFJ Financial Group, Inc., which is a holding company of the bank, in relation to collaboration between banks and securities companies within the group. In light of these facts, the FSA also requested both companies to make reports concerning effective remedial measures, based on the Banking Act.
Inappropriate exchange of customer information among banks and securities companies within a group is prohibited by law. It is very regrettable that such cases occurred in one of the financial groups representing Japan.
Mitsubishi UFJ Financial Group, Inc. must take this case seriously as a group-wide problem and should work on fundamental remedial measures, including the strengthening of its business management structure, with the awareness that they are representing Japan as a major financial group.
The FSA will closely follow up the progress of their efforts for business improvement.
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