Rapid Growth of Unsponsored ADR Programs Following Recent Amendments to SEC Rule 12g3-2(b)
According to statements made by a number of market observers and regulators, over 700 unsponsored American Depositary Receipt (“ADR”) programs have been established in the weeks following recent changes to Rule 12g3-2(b) (“Rule 12g3-2(b)”) under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”) and to the Securities and Exchange Commission (“SEC”) Form F-6 registration statement .
This communication, which we believe may be of interest to our clients and friends of the firm, is for general information only. It is not a full analysis of the matters presented and should not be relied upon as legal advice. This may be considered attorney advertising in some jurisdictions. Please refer to the firm's privacy notice for further details.
Copy link to share post