Conversion of Unsponsored ADRs to Sponsored ADRs Raises Investors’ Interest
In October 2008, the SEC changed a rule encouraging the establishment of more ADR programs. As a result of changes to the Rule 12g3-2(b), the number of Level 1 Sponsored and Unsponsored ADRs have soared. For example, before the rule become effective, there were 169 Unsponsored ADR(UADR) programs. After the rule change the number of UADRs …
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