Series 79: Sponsored And Unsponsored ADRs

Taken from our Series 79 Top-off Online Guide

Sponsored and Unsponsored ADRs

Sponsored ADRs are issued with the cooperation, and often at the request, of the foreign issuer. Because sponsored ADRs carry the blessing of the issuer, they offer holders the same rights and benefits as shareholders, including the right to reports and voting rights.

There are three levels of sponsorship. Level I offers the fewest barriers for foreign companies, and Level I ADRs are traded over the counter. Level II ADRs require adherence to U.S. GAAP (generally acc

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