EXHIBIT 15
To the Board of Directors and Shareholders of Morgan Stanley:
We have reviewed, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the unaudited condensed consolidated financial information of Morgan Stanley and subsidiaries for the three-month and nine-month periods ended September 30, 2012 and 2011, and have issued our report dated November 6, 2012. As indicated in such report, because we did not perform an audit, we expressed no opinion on that information.
We are aware that our report referred to above, which is included in your Quarterly Report on Form 10-Q for the quarter ended September 30, 2012, is being incorporated by reference in the following Registration Statements of Morgan Stanley:
| Filed on Form S-3: | Filed on Form S-8: | |
| Registration Statement No. 33-57202 | Registration Statement No. 33-63024 | |
| Registration Statement No. 33-60734 | Registration Statement No. 33-63026 | |
| Registration Statement No. 33-89748 | Registration Statement No. 33-78038 | |
| Registration Statement No. 33-92172 | Registration Statement No. 33-79516 | |
| Registration Statement No. 333-07947 | Registration Statement No. 33-82240 | |
| Registration Statement No. 333-27881 | Registration Statement No. 33-82242 | |
| Registration Statement No. 333-27893 | Registration Statement No. 33-82244 | |
| Registration Statement No. 333-27919 | Registration Statement No. 333-04212 | |
| Registration Statement No. 333-46403 | Registration Statement No. 333-28141 | |
| Registration Statement No. 333-46935 | Registration Statement No. 333-28263 | |
| Registration Statement No. 333-76111 | Registration Statement No. 333-62869 | |
| Registration Statement No. 333-75289 | Registration Statement No. 333-78081 | |
| Registration Statement No. 333-34392 | Registration Statement No. 333-95303 | |
| Registration Statement No. 333-47576 | Registration Statement No. 333-85148 | |
| Registration Statement No. 333-83616 | Registration Statement No. 333-85150 | |
| Registration Statement No. 333-106789 | Registration Statement No. 333-108223 | |
| Registration Statement No. 333-117752 | Registration Statement No. 333-142874 | |
| Registration Statement No. 333-129243 | Registration Statement No. 333-146954 | |
| Registration Statement No. 333-131266 | Registration Statement No. 333-159503 | |
| Registration Statement No. 333-155622 | Registration Statement No. 333-159504 | |
| Registration Statement No. 333-156423 | Registration Statement No. 333-159505 | |
| Registration Statement No. 333-178081 | Registration Statement No. 333-168278 | |
| Registration Statement No. 333-172634 | ||
| Filed on Form S-4: | Registration Statement No. 333-177454 | |
| Registration Statement No. 333-25003 | Registration Statement No. 333-183595 |
We also are aware that the aforementioned report, pursuant to Rule 436(c) under the Securities Act of 1933, is not considered a part of the Registration Statements prepared or certified by an accountant or a report prepared or certified by an accountant within the meaning of Sections 7 and 11 of that Act.
/s/ Deloitte & Touche LLP | ||
| New York, New York | ||
| November 6, 2012 |