Obbligazione Morgan Stanleigh 3.5% ( US61767BAA89 ) in USD

Emittente Morgan Stanleigh
Prezzo di mercato refresh price now   99.771 USD  ▼ 
Paese  Stati Uniti
Codice isin  US61767BAA89 ( in USD )
Tasso d'interesse 3.5% per anno ( pagato 2 volte l'anno)
Scadenza 23/02/2026



Prospetto opuscolo dell'obbligazione Morgan Stanley US61767BAA89 en USD 3.5%, scadenza 23/02/2026


Importo minimo 1 000 USD
Importo totale /
Cusip 61767BAA8
Standard & Poor's ( S&P ) rating A- ( Upper medium grade - Investment-grade )
Coupon successivo 23/02/2026 ( In 73 giorni )
Descrizione dettagliata Morgan Stanley è una società globale di servizi finanziari che offre servizi di investimento bancario, gestione patrimoniale e trading a clienti istituzionali e privati.

The Obbligazione issued by Morgan Stanleigh ( United States ) , in USD, with the ISIN code US61767BAA89, pays a coupon of 3.5% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 23/02/2026
The Obbligazione issued by Morgan Stanleigh ( United States ) , in USD, with the ISIN code US61767BAA89, was rated A- ( Upper medium grade - Investment-grade ) by Standard & Poor's ( S&P ) credit rating agency.








PROSPECTUS

MORGAN STANLEY FINANCE LLC
as Issuer
(formed under the laws of the State of Delaware in the United States of America)
$5,000,000 Fixed Rate Step-Up Senior Notes Due 2026
Fully and Unconditionally Guaranteed by Morgan Stanley
(the "Notes")
This prospectus (this "Prospectus") comprises (i) this document, and (ii) the documents and information
specified in the section headed "Incorporation by Reference" below.
Application has been made to the Luxembourg Commission de Surveillance du Secteur Financier (the
"CSSF") in its capacity as Luxembourg competent authority for the purposes of Directive 2003/71/EC, as
amended (the "Prospectus Directive"), and the Luxembourg law on prospectuses for securities of July
10, 2005, as amended by law dated July 3, 2012 (the "Luxembourg Law") to approve this Prospectus.
Application will be made for the Notes to be admitted to trading on the Regulated Market of the
Luxembourg Stock Exchange, a regulated market for the purposes of Directive 2004/39/EC (the Markets
in Financial Instruments Directive), and to be listed on the official list of the Luxembourg Stock
Exchange. This Prospectus has been prepared for the purpose of the admission of the Notes to trading on
the Regulated Market of the Luxembourg Stock Exchange.
Investing in the Notes involves risks. See "Risk Factors" beginning on page 16.
THE NOTES ARE NOT DEPOSITS OR SAVINGS ACCOUNTS AND ARE NOT INSURED BY
THE UNITED STATES FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENTAL AGENCY OR INSTRUMENTALITY, NOR ARE THEY OBLIGATIONS
OF, OR GUARANTEED BY, A BANK.
THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION AND STATE
SECURITIES REGULATORS HAVE NOT APPROVED OR DISAPPROVED THESE NOTES,
OR DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY
REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE. As provided in Article
7(7) of the Luxembourg Law, the CSSF assumes no responsibility as to the economics or financial
soundness of an investment in the Notes or the quality or solvency of Morgan Stanley or Morgan Stanley
Finance LLC.
None of Morgan Stanley Finance LLC (the "Issuer" or "MSFL"), Morgan Stanley (the
"Guarantor") nor Morgan Stanley & Co. International plc (the "Agent" or "MSI plc") has taken
or will take any action in any country or jurisdiction that would permit a public offering of the
Notes or possession or distribution of any offering material in relation to a public offering in any
country or jurisdiction outside the United States where action for that purpose is required. Each
investor must comply with all applicable laws and regulations in each country or jurisdiction in or
from which the investor purchases, offers, sells or delivers such Notes or has in the investor's
possession or distributes this Prospectus.
The Notes have been assigned a rating of BBB+, with a stable outlook, by Standard and Poor's Ratings
Services ("S&P").
According to S&P's rating scale, "an obligation rated 'BBB' exhibits adequate protection parameters.
However, adverse economic conditions or changing circumstances are more likely to lead to a weakened
capacity of the obligor to meet its financial commitment on the obligation." The modification of the rating
"BBB" by the addition of a plus (+) sign shows "relative standing within the major rating categories".
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As of the date of this Prospectus, MSFL's long-term debt has been rated BBB+, with a stable outlook, by
S&P.
As of the date of this Prospectus, Morgan Stanley's short-term and long-term debt has been respectively
rated (i) R-1 (middle) and A (high), with a stable outlook, by DBRS, Inc. ("DBRS"), (ii) F1 and A, with a
stable outlook, by Fitch Ratings, Inc. ("Fitch"), (iii) P-2 and A3, with a stable outlook, by Moody's
Investors Service, Inc. ("Moody's"), (iv) a-1 and A-, with a stable outlook, by Ratings and Investment
Information, Inc. ("R&I") and (v) A-2 and BBB+, with a stable outlook, by Standard & Poor's Financial
Services LLC through its business unit S&P.
(i)
According to DBRS's rating scale, (a) "R-1 (middle)" denotes a "superior credit quality. The
capacity for the payment of short-term financial obligations as they fall due is very high. Differs
from R-1 (high) by a relatively modest degree. Unlikely to be significantly vulnerable to future
events." and (b) "A" denotes a "good credit quality. The capacity for the payment of financial
obligations is substantial, but of lesser credit quality than AA. May be vulnerable to future
events, but qualifying negative factors are considered manageable." The designation of
subcategory "(high)" to the rating "A" indicates that it is at the higher end of the category.
(ii)
According to Fitch's rating scale, (a) "F1" is the "highest short-term credit quality" which
"indicates the strongest intrinsic capacity for timely payment of financial commitments" and (b)
"A" denotes a "high credit quality" and "expectations of low credit risk" and that "the capacity
for payment of financial commitments is considered strong. This capacity may, nevertheless, be
more vulnerable to adverse business or economic conditions than is the case for higher ratings."
(iii)
According to Moody's rating scale, (a) "issuers (or supporting institutions) rated Prime-2 have a
strong ability to repay short-term debt obligations" and (b) "obligations rated A are judged to be
upper-medium grade and are subject to low credit risk". The numerical modifier "3" appended to
the rating "A" indicates a ranking in the lower end of that generic rating category.
(iv)
According to R&I's rating scale, (a) "a-1" means "certainty of the fulfillment of a short-term
obligation is high" and (b) "A" means high creditworthiness supported by a few excellent
factors. A plus (+) sign is appended to the category of "A" to indicate relative standing within
that rating category. The plus sign is part of the rating symbol.
(v)
According to S&P's rating scale, (a) "an obligor rated 'A-2' has satisfactory capacity to meet its
financial commitments. However, it is somewhat more susceptible to the adverse effects of
changes in circumstances and economic conditions than obligors in the highest rating category."
and (b) "an obligor rated 'BBB' has adequate capacity to meet its financial commitments.
However, adverse economic conditions or changing circumstances are more likely to lead to a
weakened capacity of the obligor to meet its financial commitments." The modification of the
rating "BBB" by the addition of a plus (+) sign shows "relative standing within the major rating
categories".
DBRS is not established in the European Economic Area (the "EEA") but the rating it has assigned to
Morgan Stanley may be endorsed by DBRS Ratings Limited, a rating agency which is established in the
EEA and registered under Regulation 1060/2009 of the European Parliament and of the Council of 16
September 2009 on credit rating agencies, as amended (the "CRA Regulation") by the relevant
competent authority.
Fitch is not established in the EEA but the rating it has assigned to Morgan Stanley is endorsed by Fitch
Ratings Limited, a rating agency established in the EEA and registered under the CRA Regulation by the
relevant competent authority.
Moody's is not established in the EEA but the rating it has assigned to Morgan Stanley is endorsed by
Moody's Investors Service Limited, a rating agency established in the EEA and registered under the CRA
Regulation by the relevant competent authority.
R&I is not incorporated in the EEA and is not registered under the CRA Regulation.
S&P is not established in the EEA but the rating it has assigned to Morgan Stanley is, with effect from 9
April 2012, endorsed by Standard & Poor's Credit Market Services Europe Limited, a rating agency
established in the EEA and registered under the CRA Regulation by the relevant competent authority.
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A rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, change
or withdrawal at any time by the assigning rating agency.

MORGAN STANLEY FINANCE LLC
14 June 2016
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This Prospectus comprises a prospectus for the purposes of Article 5 of the Prospectus Directive.
Each of MSFL and Morgan Stanley accepts responsibility for the information contained in this
Prospectus. To the best of the knowledge and belief of MSFL and Morgan Stanley (who have taken
all reasonable care to ensure that such is the case), the information contained in this Prospectus is
in accordance with the facts and does not omit anything likely to affect the import of such
information.
No person has been authorised by MSFL or Morgan Stanley to give any information or to make
any representation not contained or incorporated by reference in this Prospectus or any other
document entered into in relation to the Notes, and, if given or made, that information or
representation should not be relied upon as having been authorised by MSFL, Morgan Stanley or
the Agent. Neither the delivery of this Prospectus nor the offering, sale or delivery of any Notes
will, in any circumstances, create any implication that the information contained in this Prospectus
is true subsequent to the date hereof or the date upon which this Prospectus has been most recently
amended or supplemented, or that there has been no adverse change in the financial situation of
MSFL or Morgan Stanley since the date hereof or, as the case may be, the date upon which this
Prospectus has been most recently amended or supplemented, or that any other information
supplied in connection with the Notes is correct at any time subsequent to the date on which it is
supplied or, if different, the date indicated in the document containing the same. The Agent
expressly does not undertake to review the financial condition or affairs of MSFL or Morgan
Stanley during the life of the Notes. Investors should review, inter alia, the most recent financial
statements of MSFL and Morgan Stanley when evaluating the Notes or an investment therein.
Such financial statements shall not form a part of this Prospectus unless they have been expressly
incorporated herein. In case of any websites mentioned in this Prospectus, none of MSFL, Morgan
Stanley or the Agent accepts responsibility for the information appearing on such websites. For the
avoidance of doubt, the information appearing on such websites and pages does not form part of
this Prospectus save to the extent expressly incorporated by reference herein.
The Agent has not separately verified the information contained herein. Accordingly, no
representation, warranty or undertaking, express or implied, is made and no responsibility is
accepted by the Agent as to the accuracy or completeness of this Prospectus or any document
incorporated by reference herein or any further information supplied in connection with the Notes.
The Agent does not accept liability in relation to this Prospectus or any document incorporated by
reference herein or their distribution or with regard to any other information supplied by or on
behalf of MSFL or Morgan Stanley.
The distribution of this Prospectus and the offering, sale and delivery of the Notes in certain
jurisdictions may be restricted by law. Persons into whose possession this Prospectus comes are
required by MSFL, Morgan Stanley and the Agent to inform themselves about and to observe those
restrictions.
This Prospectus may not be used for the purpose of an offer or solicitation by anyone in any
jurisdiction in which that offer or solicitation is not authorised or to any person to whom it is
unlawful to make such an offer or solicitation.
This Prospectus does not constitute an offer of or an invitation to subscribe for or purchase any
Notes and should not be considered as a recommendation by MSFL, Morgan Stanley or the Agent
that any recipient of this Prospectus should subscribe for or purchase any Notes. Each recipient of
this Prospectus will be taken to have made its own investigation and appraisal of the condition
(financial or otherwise) of MSFL and Morgan Stanley and of the terms of the Notes.
Prospective investors should consult their own legal and financial advisors as to any specific risks
for them in the light of their own circumstances entailed by the purchase of, or holding of, or the
receipt of any payments on the Notes or otherwise by an investment in the Notes, for example, as a
result of their being residents of or subject to tax in any jurisdiction.
Save as disclosed in:
a)
the section entitled "Legal Proceedings" in Part I - Item 3 at pages 24-32 and in the
paragraphs beginning with "Legal" under the heading "Contingencies" under the heading
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"Commitments, Guarantees and Contingencies" in "Notes to Consolidated Financial
Statements" in Part II ­ Item 8 at pages 202-205 of Morgan Stanley's Annual Report on
Form 10-K for the year ended 31 December 2015;
b)
the section entitled "Legal Settlement" under the heading "24. Subsequent Events" in
"Notes to the Consolidated Financial Statements" in Part II ­ Item 8 at page 250 of
Morgan Stanley's Annual Report on Form 10-K for the year ended 31 December 2015;
c)
the paragraphs beginning with "Legal" under the heading "Contingencies" under the
heading "Commitments, Guarantees and Contingencies" in "Notes to Condensed
Consolidated Financial Statements" in Part I ­ Item 1 at pages 47-50 and the section
entitled "Legal Proceedings" in Part II ­ Item 1 at page 126 of Morgan Stanley's Quarterly
Report on Form 10-Q for the quarter ended 31 March 2016; and
d)
the section entitled "Legal Proceedings and Contingencies" under the heading
"Description of Morgan Stanley" at pages 39 to 53 of the Registration Document,
there are no, nor have there been, any governmental, legal or arbitration proceedings involving
MSFL or Morgan Stanley (including any such proceedings which are pending or threatened of
which MSFL or Morgan Stanley respectively is aware) during the 12-month period before the date
of this Prospectus which may have, or have had in the recent past, a significant effect on the
financial position or profitability of MSFL, Morgan Stanley or the Morgan Stanley group of
companies (consisting of Morgan Stanley and its consolidated subsidiaries (the "Morgan Stanley
Group")).
There has been no significant change in the financial or trading position of MSFL or Morgan
Stanley Group (other than Morgan Stanley) since 31 December 2015 or of Morgan Stanley since
31 March 2016.
There has been no material adverse change in the prospects of MSFL or Morgan Stanley since 31
December 2015. There are no recent events particular to MSFL or Morgan Stanley which are to a
material extent relevant to the evaluation of MSFL's or Morgan Stanley's solvency.
The issue of the Notes was approved by resolutions of the board of directors of MSFL held on 5
February 2016. The giving of the guarantee was approved by resolutions of the board of directors
of Morgan Stanley held on 25 January 2016.
Total expenses related to the admission to trading of the Notes is about EUR 7,370.
The yield with respect to the Notes is 3.785 per cent. per annum, as calculated at the Issue Date on
the basis of the Principal Amount. This is not an indication of future yield.
Neither the Issuer nor the Guarantor intends to provide any post-issuance information in respect of
the Notes.
THE NOTES HAVE NOT BEEN RECOMMENDED BY ANY UNITED STATES FEDERAL OR
STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY. FURTHERMORE,
THE FOREGOING AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY OR
DETERMINED THE ADEQUACY OF THIS DOCUMENT. ANY REPRESENTATION TO THE
CONTRARY IS A CRIMINAL OFFENCE.
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CONTENTS

Page
Summary ...................................................................................................................................................... 2
Risk Factors ................................................................................................................................................ 16
Incorporation by Reference ........................................................................................................................ 29
Historical Financial Data ............................................................................................................................ 33
Description of MSFL .................................................................................................................................. 34
Description of Morgan Stanley .................................................................................................................. 37
Description of the Notes ............................................................................................................................. 38
Luxembourg Taxation ................................................................................................................................ 46
United States Federal Taxation .................................................................................................................. 49
Plan of Distribution .................................................................................................................................... 54
Use of Proceeds .......................................................................................................................................... 57
Benefit Plan Investor Considerations ......................................................................................................... 58

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SUMMARY
This section provides an overview of information included in this Prospectus.
Summaries are made up of disclosure requirements known as "Elements". These elements are numbered
in Sections A ­ E (A.1 ­ E.7).
This summary contains all the Elements required to be included in a summary for this type of securities
and issuer. Because some Elements are not required to be addressed, there may be gaps in the numbering
sequence of the Elements.
Even though an Element may be required to be inserted in the summary because of the type of securities
and issuer, it is possible that no relevant information can be given regarding the Element. In this case a
short description of the Element is included in the summary with the mention of "Not Applicable".
Section A ­ Introduction and Warnings
A.1
Introduction and This summary should be read as an introduction to the Prospectus and
warning:
any decision to invest in the Notes should be based on consideration of
the Prospectus as a whole by the investor, including the information
incorporated by reference.
Where a claim relating to the information contained in the Prospectus is
brought before a court in a Member State of the European Economic
Area, the claimant investor may, under the national legislation of the
Member States, be required to bear the costs of translating the
Prospectus before the legal proceedings are initiated.
Civil liability attaches only to those persons who have tabled the
summary including any translation thereof, but only if the summary is
misleading, inaccurate or inconsistent when read together with the other
parts of the Prospectus or it does not provide, when read together with
other parts of the Prospectus, key information in order to aid investors
when considering whether to invest in the Notes.
A.2
Consent:
Not applicable. This Prospectus has been prepared for the purposes of
admission of the Notes to trading on the Regulated Market of the
Luxembourg Stock Exchange
Section B ­ Issuer and Guarantor
B.1
Legal and
Morgan Stanley Finance LLC ("MSFL").
commercial name
of the Issuer:
B.2
Domicile and legal MSFL is a wholly-owned finance subsidiary of Morgan Stanley and a
form of the Issuer: limited liability company formed pursuant to the Delaware Limited
Liability Company Act on 27 March 2002 for an unlimited duration
under the name of Morgan Stanley Tower LLC. On 8 January 2016
Morgan Stanley Tower LLC changed its name to Morgan Stanley
Finance, LLC. On 12 January 2016 Morgan Stanley Finance, LLC
changed its name to Morgan Stanley Finance LLC. MSFL'S registered
address is at Corporation Trust Center, 1209 Orange Street, Wilmington,
Delaware 19801. MSFL's principal place of business is 1585
Broadway, New York, NY 10036. MSFL is formed under, and subject
to, the laws of the state of Delaware, United States.
B.4b
Known trends:
The business of Morgan Stanley, the ultimate holding company of
MSFL, in the past has been, and in the future may continue to be,
materially affected by many factors, including: the effect of economic
and political conditions and geopolitical events; sovereign risk; the
effect of market conditions, particularly in the global equity, fixed
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income, currency, credit and commodities markets, including corporate
and mortgage (commercial and residential) lending and commercial real
estate markets and energy markets; the impact of current, pending and
future legislation (including the Dodd-Frank Wall Street Reform and
Consumer Protection Act (the "Dodd-Frank Act")), regulation
(including capital, leverage, funding and liquidity requirements),
policies (including fiscal and monetary), and legal and regulatory actions
in the United States of America ("U.S.") and worldwide; the level and
volatility of equity, fixed income and commodity prices (including oil
prices), interest rates, currency values and other market indices; the
availability and cost of both credit and capital as well as the credit
ratings assigned to Morgan Stanley's unsecured short-term and long-
term debt; investor, consumer and business sentiment and confidence in
the financial markets; the performance and results of Morgan Stanley's
acquisitions, divestitures, joint ventures, strategic alliances or other
strategic arrangements; Morgan Stanley's reputation and the general
perception of the financial services industry; inflation, natural disasters,
pandemics and acts of war or terrorism; the actions and initiatives of
current and potential competitors as well as governments, regulators and
self-regulatory organizations; the effectiveness of Morgan Stanley's risk
management policies; technological changes instituted by Morgan
Stanley, its competitors or counterparties and technological risks,
including cybersecurity, business continuity and related operational
risks; Morgan Stanley's ability to provide innovative products and
services and execute its strategic objectives; or a combination of these or
other factors. In addition, legislative, legal and regulatory developments
related to Morgan Stanley's businesses are likely to increase costs,
thereby affecting results of operations.
B.5
The Group:
MSFL has no subsidiaries. It is a wholly-owned finance subsidiary of
Morgan Stanley. Morgan Stanley is the ultimate parent undertaking of
the Morgan Stanley Group.
B.9
Profit forecast:
Not Applicable. MSFL does not provide profit forecasts.
B.10
Audit report
Not Applicable. There are no qualifications in the auditor's reports on
qualifications:
the financial statements of MSFL for the years ended 31 December 2014
and 31 December 2015.
B.12
Selected key
The selected financial information set out below has been extracted
financial
without material adjustment from the audited financial statements of
information, no
MSFL for the years ended 31 December 2014 and 31 December 2015:
material adverse
change and

Years Ended
significant change
statement:

31 December 2014 31 December 2015
(U.S.$ thousands)
(U.S.$ thousands)
Net income
114,986, 489
110,072,000
Total assets
6,797,385,100
6,942,318,599
Total liabilities
6,797,385
6,942,319
There has been no material adverse change in the prospects of MSFL
since 31 December 2015.
Not applicable. There has been no significant change in the financial or
trading position of MSFL since 31 December 2015.
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B.13
Recent events
Not Applicable. MSFL considers that no event particular to itself and
materially
which is to a material extent relevant to the evaluation of its solvency
relevant to
has taken place since the publication of its last annual financial
evaluation of
statements.
solvency of the
Issuer:
B.14
Dependence upon MSFL is ultimately controlled by Morgan Stanley.
other entities
within the Group:
Morgan Stanley is a holding company and depends on payments from its
subsidiaries to fund dividend payments and to fund all payments on its
obligations, including debt obligations.
B.15
Principal
MSFL's principal activity is the issuance of securities.
activities:
Morgan Stanley, a financial holding company, is a global financial
services firm that maintains significant market positions in each of its
business segments--Institutional Securities, Wealth Management and
Investment Management. Through its subsidiaries and affiliates, it
provides a wide variety of products and services to a large and
diversified group of clients and customers, including corporations,
governments, financial institutions and individuals.
B.16
Controlling
MSFL is ultimately controlled by Morgan Stanley.
persons:
B.17
Credit ratings of As of the date of this Prospectus, MSFL's long-term debt has been rated
MSFL:
BBB+, with a stable outlook, by S&P.
The Notes have been assigned a rating of BBB+, with a stable outlook,
by S&P.
B.18
Nature and scope The payment obligations of MSFL in respect of the Notes are
of the Guarantee:
unconditionally and irrevocably guaranteed by Morgan Stanley pursuant
to a senior debt indenture dated as of 16 February 2016 between MSFL,
as issuer, Morgan Stanley, as guarantor, and The Bank of New York
Mellon, a New York banking corporation, as trustee (as supplemented
from time to time, the "Senior Debt Indenture") which is governed by
New York law (the "Guarantee"). The Guarantor's obligations under
the Guarantee constitute direct, general and unsecured obligations of the
Guarantor which rank without preference among themselves and pari
passu with all other outstanding, unsecured and unsubordinated
obligations of the Guarantor, present and future, but in the event of
insolvency only to the extent permitted by laws affecting creditors'
rights.
B.19
Information about Please see below in relation to the Guarantor.
the Guarantor:
B.19
Legal name and Morgan Stanley.
commercial name
(B.1)
of the Guarantor:
B.19
Domicile and legal Morgan Stanley is incorporated under the laws of the State of Delaware.
form of the
As a financial holding company, it is regulated by the Board of
(B.2)
Guarantor, the
Governors of the Federal Reserve System under the Bank Holding
legislation under Company Act of 1956, as amended. Morgan Stanley has its registered
which the
office in Delaware, U.S.
Guarantor
operates and its
country of
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incorporation:
B.19
Trends:
The business of Morgan Stanley in the past has been, and in the future
may continue to be, materially affected by many factors, including: the
(B.4b)
effect of economic and political conditions and geopolitical events;
sovereign risk; the effect of market conditions, particularly in the global
equity, fixed income, currency, credit and commodities markets,
including corporate and mortgage (commercial and residential) lending
and commercial real estate markets and energy markets; the impact of
current, pending and future legislation (including the Dodd-Frank Act),
regulation (including capital, leverage, funding and liquidity
requirements), policies (including fiscal and monetary), and legal and
regulatory actions in the U.S. and worldwide; the level and volatility of
equity, fixed income and commodity prices (including oil prices),
interest rates, currency values and other market indices; the availability
and cost of both credit and capital as well as the credit ratings assigned
to Morgan Stanley's unsecured short-term and long-term debt; investor,
consumer and business sentiment and confidence in the financial
markets; the performance and results of Morgan Stanley's acquisitions,
divestitures, joint ventures, strategic alliances or other strategic
arrangements; Morgan Stanley's reputation and the general perception
of the financial services industry; inflation, natural disasters, pandemics
and acts of war or terrorism; the actions and initiatives of current and
potential competitors as well as governments, regulators and self-
regulatory organizations; the effectiveness of Morgan Stanley's risk
management policies; technological changes instituted by Morgan
Stanley, its competitors or counterparties and technological risks,
including cybersecurity, business continuity and related operational
risks; Morgan Stanley's ability to provide innovative products and
services and execute its strategic objectives; or a combination of these or
other factors. In addition, legislative, legal and regulatory developments
related to Morgan Stanley's businesses are likely to increase costs,
thereby affecting results of operations.
B.19
The group and the Morgan Stanley is the ultimate parent undertaking of the Morgan
Guarantor's
Stanley Group.
(B.5)
position within the
group:
B.19
Profit forecast:
Not Applicable. Morgan Stanley does not provide profit forecasts.
(B.9)
B.19
Audit report
Not Applicable. There are no qualifications in the auditor's reports on
qualifications:
the financial statements of Morgan Stanley for the years ended 31
(B.10)
December 2014 and 31 December 2015, as contained in Morgan
Stanley's Annual Report on Form 10-K for the year ended 31 December
2015.
B.19
Selected
key Selected key financial information relating to Morgan Stanley:
financial
(B.12)
information, no
At 31 March
Consolidated
material adverse
At 31
At 31
(unaudited)
Balance Sheet ($
change and
December December
in millions)
significant change
2014
2015
2015
2016
statement:
Total assets
801,510
787,465
829,099
807,497
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Document Outline