Att ComSec Ake holders, page-119

I can only speak from my experience. When I buy an international share (using Commsec) I get an electronic piece of paper indicating it is indeed a real share. Commsec plays no role in the purchase and registration of the share - this is done via Pershing. Commsec merely passes your request to purchase or sell to Pershing. If something is listed on the ASX it is not a US share and in the context of this discussion it is indeed the CDI.

My guess with the AKE merger is that if you specify you want a US share, but don't specify a US broker, it will be registered with the broker that NewCo chooses. You won't be able to do anything with it until set up the international trading account and have (in the case of Commsec) a Pershing account at which point you can transfer it to Pershing and do what you want with it.

I know because shares I had in several Australian companies ended up lonely and isolated in a US clearing house with no capacity for me to do anything until I had setup the (Commsec) international trading account.