![]() ![]() Sponsored level II ADR program A sponsored Level II ADR must comply with the SEC's full registration and reporting requirements. Level I ADRs can only be traded on the OTC market and not on a US stock exchange. The company has a degree of control over the ADRs issued under a sponsored Level I program, since a deposit agreement is executed between the company and one selected depositary bank. The ADR program is initiated by the company and involves the filing of a F-6 registration statement, but allows for exemption under Rule 12g3-2(b) from full SEC reporting requirements. ![]() Sponsored level I ADR program A Level I ADR program is the simplest way for a company to sponsor an ADR facility. All four depositary banks may establish unsponsored ADR programs for a given company. The filing is usually mirrored by the other depositary banks in the form of 'piggy-back' filings. ![]() Once the depositary bank confirms that a company meets its 12g3-2(b) requirements, the depositary bank makes an initial F-6 filing to the SEC and is classified as 'first filer'. The ADRs are traded on the over-the-counter ("OTC") market in the US. The establishment of an unsponsored ADR program is driven by broker/investor demand. Unsponsored ADR program An unsponsored ADR program is initiated by a depositary bank without the contractual involvement from the company. Company forms contractual relationship with single depositary bankįorm F-6 (filed by depositary bank and company, 12g3-2(b) exemptionĪDRs listed on a recognized US exchange (NYSE or NASDAQ), using existing sharesĪDRs initially placed with US investors and listed on a recognized US exchange (NYSE or NASDAQ) Up to four depositary banks can establishįorm F-6 (filed by depositary bank), 12g3-2(b) exemptionĪDRs traded on the US OTC market, using existing shares. No contractual relationship with company. The following table summarizes the types of American Depositary Receipt programs and the associated filings required by the SEC.ĪDRs traded on the US OTC market, using existing shares. The content of any such non-affiliated third party websites does not in any way form part of Deutsche Bank’s website. Deutsche Bank is not, by virtue of providing this hyperlink, making any recommendation or soliciting any purchase or sale of any security or other instrument. These sites may contain references to securities (and other financial instruments) and markets. You access and use the information on these sites at your own risk, and Deutsche Bank does not assume any responsibility therefor. Providing this hyperlink does not constitute an endorsement, confirmation or adoption of any statement made by the sponsors of these sites or a warranty that any information on these sites is accurate, complete or current. Deutsche Bank does not sponsor these sites, has not reviewed all or any portion of such sites, and has no control over, or responsibility for, these sites or their content. ![]() Deutsche Bank’s General Terms & Privacy Policy does not apply to the practices, policies or content of any non-affiliated third party website. This useful link is intended to permit you to have access to a website maintained by the issuers of Depositary Receipts or other third party, which are unrelated to Deutsche Bank (as defined in the General Terms). Disclaimer You are about to leave the Website and have access to non-affiliated third party websites. ![]()
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