Updated: 24 September 20261. IntroductionInvestment banking depends heavily on confidentiality. Before an initial public offering (IPO), merger, acquisition, or private-equity transaction becomes public, banks may possess commercially sensitive information about companies, investors, valuations, and possible transactions.That confidentiality came under scrutiny in September 2026 after an internal Morgan Stanley document containing information about more than 100 investment-banking deals in Asia was accidentally sent outside the intended internal audience.According to reports citing people familiar with the matter, the document included potential IPO candidates across China, South Korea and India, as well as information involving private-equity and pension-fund investors. Some transactions were active