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 (the “Company”) for the three-month and nine-month periods ended September 30, 2015 and 2014, and have issued our report dated November 3, 2015. 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, 2015, is being incorporated by reference in the following Registration Statements of the Company:

Filed on Form S-3: Registration Statement No. 33-57202 Registration Statement No. 33-60734 Registration Statement No. 33-89748 Registration Statement No. 33-92172 Registration Statement No. 333-07947 Registration Statement No. 333-27881 Registration Statement No. 333-27893 Registration Statement No. 333-27919 Registration Statement No. 333-46403 Registration Statement No. 333-46935 Registration Statement No. 333-76111 Registration Statement No. 333-75289 Registration Statement No. 333-34392 Registration Statement No. 333-47576 Registration Statement No. 333-83616 Registration Statement No. 333-106789 Registration Statement No. 333-117752 Registration Statement No. 333-129243 Registration Statement No. 333-131266 Registration Statement No. 333-155622 Registration Statement No. 333-156423 Registration Statement No. 333-178081 Registration Statement No. 333-200365	Filed on Form S-8: Registration Statement No. 33-63024 Registration Statement No. 33-63026 Registration Statement No. 33-78038 Registration Statement No. 33-79516 Registration Statement No. 33-82240 Registration Statement No. 33-82242 Registration Statement No. 33-82244 Registration Statement No. 333-04212 Registration Statement No. 333-28141 Registration Statement No. 333-28263 Registration Statement No. 333-62869 Registration Statement No. 333-78081 Registration Statement No. 333-95303 Registration Statement No. 333-85148 Registration Statement No. 333-85150 Registration Statement No. 333-108223 Registration Statement No. 333-142874 Registration Statement No. 333-146954 Registration Statement No. 333-159503 Registration Statement No. 333-159504 Registration Statement No. 333-159505 Registration Statement No. 333-168278 Registration Statement No. 333-172634
	Registration Statement No. 333-177454
Filed on Form S-4:	Registration Statement No. 333-183595
Registration Statement No. 333-25003	Registration Statement No. 333-188649
	Registration Statement No. 333-192448
	Registration Statement No. 333-204504

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 3, 2015