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3 Mar 2009

ADR Programs: Impact of Unsponsored Programs on Non-US Issuers

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The SEC recently adopted amendments to Rule 12g3-2(b) promulgated under the Securities Exchange Act of 1934, as amended (Exchange Act) and modified certain provisions of Form F-6, which is the registration statement (us.practicallaw.com/4-382-3743) form used to register depositary shares evidenced by American depositary receipts (ADRs). As a result of these amendments, depositary banks have established unsponsored ADR programs that allow for the trading in the US of the equity securities of hundreds of non-US companies.

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