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