American Depositary Receipts
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.
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.