The vast majority of foreign companies choose to cross-list in the US, using the American Depositary Receipt (ADR) program. An ADR is a negotiable instrument representing an ownership interest in securities of a non-US company. Issuing Level II or Level III ADRs entail full compliance with Sarbanes-Oxley Act (SOX). Because SOX does not distinguish between US and non-US issuers, and does not exempt non-US issuers from its reach, the provisions that apply to US issuers also apply to non-US issuers unless they are specifically excluded by a related provision of the Exchange Act or the Securities Act. Over time, the SEC has had to provide non-US issuers certain accommodations to take into account foreign laws and regulations. The SEC now allows nonmanagement employees to serve as audit comm...
... of nonpayment must be received by the depositary bank, there would be confusion and uncertainty in ...Appendix A includes a list of routing numbers arranged by Federal Reserve Ban... a return identifier in accordance with American National Standard Specifications for Placement and... amount of money to a beneficiary, upon receipt or on a day stated in the order, that is transmitt...
...(or the equivalent thereof) and sponsored American Depositary Receipts (``ADRs'') \9\ of ecologically...
... being described have been accepted for listing on an exchange, the exchange may be identified. Th...(f) American Depositary Receipts. If Depositary Shares represen...
... the Bank's Complete DR Directory with a list of over 2,000 depositary receipt programs from aro... of recent corporate actions, various American depositary receipt (ADR) market statistics and pub...
NEW YORK, July 12 /PRNewswire-FirstCall/ -- American and global depositary receipt (DR) trading volume increased 8.3% to 78.1 billion DRs during the first six months of 2010, according to BNY Mellon, the world's leading depositary bank. During the first six months of 2010, $1.84 trillion of DRs traded on U.S. and non-U.S. markets and exchanges. Both figures are all-time highs. The number of available DR programs rose to 3,214 from 3,096 a year ago, largely due to recent changes in U.S. regulations that make it easier to establish over-the-counter-traded ADR programs. At the mid-year mark, companies from 19 countries had established 64 new sponsored DR programs in total. Industry-wide, DR programs for issuers from 76 countries were available to investors.
...U.S.-Listed Market Remains the Largest DR Trading Market. U.S....
... risk as a possible determinant of ADRs (American Depository Receipts) returns have received little ... attacks severely affect the Indian ADRs listed on the U.S. stock market. This may be explained by...On the other hand, A Level III Depositary Receipt programs require SEC registration and adhe...
Of the more than 1,000 unsponsored American depositary receipt (ADR) programs created in the wake of last October's rule change by the US Securities and Exchange Commission, a handful are attracting significant trading interest, helping to boost the profile of the over-the-counter (OTC) market. Companies that operate foreign stock exchanges have been among the most active ADRs traded in the OTC markets in the US recently. The unsponsored ADR for the Deutsche Borse traded more than 2 million shares valued at $13 million in the OTC markets in the US in March. Most of the hundreds of unsponsored ADRs that have been created since last fall have landed in what is known as the grey market. The top-traded ADR in the grey market in March was Japan-based Toppan Printing, which had a volume of $1...
... has been actively seeking more foreign listings of its own. Other actively traded unsponsored ADRs...
... in Underlying ETFs, may invest in American Depositary Receipts (``ADRs''), as well as Global ...
... to list on NASDAQ, with a Level One American Depositary Receipt program being declared effectiv...
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