The PRA has fined the following (both including a 30 per cent discount) for failing to inform the PRA, in breach of the PRA’s Fundamental Rule 7, of an investigation of BTM by the New York Department of Financial Services (DFS).
- The Bank of Tokyo-Mitsubishi Limited (BTM) £17.85 million and
- MUFG Securities EMEA (MUS) £8.925 million.
BTM is an international bank headquartered in Tokyo.
MUS is a UK-incorporated subsidiary of Mitsubishi UFJ Securities Holdings Co in the same group as BTM.
In November 2014 BTM was fined $315 million by the DFS, but neither BTM nor MUS reported the investigation to the PRA. The PRA emphasised that it expects firms are operating across multiple jurisdictions to be organised so that the firm’s regulatory obligations overall are considered when an issue arises in one jurisdiction that can impact on its position in another jurisdiction.
Since 2014, BTM and MUS have taken remedial action in developing and implementing measures to enhance the sharing of information relating to regulatory investigations.
Also, the PRA acknowledges that BTM and MUS cooperated fully with its investigation.
Copies of the PRA’s final notice http://bit.ly/2kG9AXX
moreover, the related press release http://bit.ly/2lr9l34
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