American Depositary Receipts

Merrill Lynch Fined $8M Over ADR Trades
Risk & Compliance

Merrill Lynch Fined $8M Over ADR Trades

"An entity like Merrill may not avoid liability by using another broker to obtain fraudulently issued ADRs on its behalf," the SEC says.
By Matthew Heller | March 25, 2019
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JPMorgan Chase Fined $135M Over ADR Trades
Risk & Compliance

JPMorgan Chase Fined $135M Over ADR Trades

JPMorgan's settlement with the SEC means all four depositary banks have been sanctioned for improper handling of "pre-released" ADRs.
By Matthew Heller | December 27, 2018
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Citibank Fined $38M for Mishandling ADR Trades
Risk & Compliance

Citibank Fined $38M for Mishandling ADR Trades

The SEC says the bank allowed ADRs to be “pre-released” while not backed by actual shares, leaving them ripe for potential market abuse.
By Matthew Heller | November 8, 2018
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