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These shares are issued in accordance with market demand, and the foreign company has no formal agreement with a depositary bank.
They simplify investing in foreign securities by having the depositary bank "manage all custody, currency and local taxes issues".
Unsponsored ADRs are often issued by more than one depositary bank.
People realise now the responsibility is at the level of the depositary banks, who did not do their job in checking what was inside (the portfolios).'
Usually up to one year after the effective date of the termination, the depositary bank will liquidate and allocate the proceeds to those respective clients.
JPMorgan Chase Bank will act as the depositary bank.
JPMorgan Chase, the Authorised Depositary Bank, will sell the rights.
Among the regulations still being drafted is the so-called Volcker Rule, which is intended to limit trading by depositary banks for their own accounts.
Depositary bank is Credit Suisse, Zurich, Switzerland.
The termination can be at the discretion of the foreign issuer or the depositary bank, but is typically at the request of the issuer.
Depositary banks have various responsibilities to DR holders and to the issuing foreign company the DR represents.
(Tenaris) as successor depositary bank for its American depositary receipt (ADR) program.
The depositary bank will then convert the dividend payment from Euro into US-Dollar as promptly as practicable.
The Company's depositary bank, the Bank of New York Mellon, will inform shareholders of the record date applicable to them.
The Bank of New York Mellon was appointed as the depositary bank for the ADR program.
The Bank of New York, the Company's depositary bank, will contact registered ADS holders regarding this change.
Upon their generation, the trust will have rights to the DPRs through accounts maintained with designated depositary banks (DDBs).
The Company notified the Depositary Bank on February 20, 2008 that it wished to terminate the ADR program.
Masisa also terminated the deposit agreement relating to the ADS with the Bank of New York as the depositary bank.
JP Morgan Chase, the company's depositary bank, will compile the list of shareholders who are eligible to receive additional depositary receipts on July 24.
Specifically, BNY Mellon was selected as depositary for more sponsored DR programs than all other depositary banks combined.
BNY Mellon Appointed as Depositary Bank by Hadasit Bio-Holdings, Ltd.
The regulator ordered the bank to pay compensation, saying the “poor execution of its due-diligence obligations constitute a serious failure of its surveillance role as a depositary bank.”
The depositary bank 'must know at all times in which manner the assets are invested and where and how these assets are available,' the supervisory body said in a statement.
The Bank of New York Mellon Appointed Successor Depositary Bank by Tenaris S.A.