Mitsubishi UFJ Financial Group units are facing potential penalties for sharing nonpublic information about client companies without their permission, according to people familiar with the matter.
The Securities and Exchange Surveillance Commission is considering recommending administrative action against MUFG Bank, Mitsubishi UFJ Morgan Stanley Securities and Morgan Stanley MUFG Securities, said the people, who asked not to be identified because the matter is confidential.
MUFG Bank and the securities firms exchanged information related to clients’ mergers and acquisitions without their consent, in violation of Japan’s financial instruments law, the people said.