PRA has fined 2 individuals connected with the Bank of Tokyo-Mitsubishi following its action in 2017 against the bank and MUFJ Securities EMEA. It has fined Akira Kamiya, former Chair of Mitsubishi UFJ Securities International plc £22,700, and fined Takami Onodera, a former NED of the firm, £14,945. The actions occurred before the SMR took effect.
PRA found the two individuals had failed, in 2014, to disclose that Mr Kamiya might be restricted from carrying on US banking activities, which could have had implications for his UK role. PRA found out about the New York Department of Financial Services action only after publication of a consent order – so it had no advance warning of the announcement so no opportunity to consider any contingency plans. PRA found the individuals breached PRA’s Statement of Principle 4 by failing to disclose information of which it would reasonably have expected notice.