01:18 PM EDT, 06/14/2024 (MT Newswires) -- Mitsubishi UFJ Financial Group's ( MUFG ) banking unit and its two securities joint ventures with Morgan Stanley ( MS ) should face administrative disciplinary action, Japan's Securities and Exchange Surveillance Commission said Friday.

The SESC recommended that government should take action against MUFG Bank, Mitsubishi UFJ Morgan Stanley Securities and Morgan Stanley MUFG Securities as they "repeatedly exchanged non-public client information knowing that the clients had refused to share their information with other group firms."

The firms said in separate statements they take the matter "very seriously" and will strengthen their internal controls.

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