HUNDREDS of foreign companies have suddenly found themselves with new securities in the United States as depositary banks have rushed in the past two weeks to register unsponsored American Depositary Receipts (ADRs) on their shares — in most cases without their consent.
Under relaxed new rules that went into effect on October 10 (PDF 1.5MB, 74 pages), US ADR banks can register unsponsored ADRs on the equity securities of any non-US company that automatically qualifies for an exemption from US registration by meeting certain ongoing trading and web disclosure requirements. In some cases, companies may not be aware that they can use the exemption or even that it exists.
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