Do you know how ADRs are managed?
BNYM is a custodial bank. ADRs – (the tradeable U.S. securities that represent the foreign shares of a foreign company i.e. PLL – require a corresponding number of foreign shares to be held in custody at a depositary bank. Or in our case 100 ASX = 1 ADR)
BNYM is not the substantial holder. The brokers and their clients are the holders.
BNYM also got into trouble with the SEC a couple of years ago for improper handling of "pre-released" ADRs. You are supposed to first take the ASX shares out of the market before issuing them as ADRs to clients in the US.
Do you know how ADRs are managed?BNYM is a custodial bank. ADRs...
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Mkt cap ! $84.94M | |||
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