JP Morgan takes high road over unsponsored ADRs
BACK in October, we broke the story about the flood of new unsponsored American Depositary Receipts (ADRs) being created without company consent by US banks that are exploiting new Securities and Exchange Commission (SEC) rules designed to make the US markets more attractive to foreign companies. At the time of our initial post, almost 500 [...]
Hundreds of non-US companies targeted for unsponsored ADRs
HUNDREDS of foreign companies have suddenly found themselves with new securities in the United States as depositary banks have rushed in the past two weeks to register unsponsored American Depositary Receipts (ADRs) on their shares — in most cases without their consent. Under relaxed new rules that went into effect on October 10 (PDF 1.5MB, [...]
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