They Came with Receipts: ADR Offerings

The securities of foreign private issuers (FPIs) are often sold and traded in the United States through American Depositary Receipt (ADR) programs offering American Depositary Shares. Review this practice note for information on the types and levels of ADR programs, the lawyer’s role in assisting clients with ADR offerings, and the U.S. securities laws and requirements relating to ADRs.

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Related Content

• Registration Statement on Form 20-F Preparation
  Look into the eligibility, requirements, and process for FPIs registering securities on Form 20-F.

• Deposit Agreement (American Depositary Receipts)
  Draft a deposit agreement for an upcoming ADR offering. 

• Registration Statement on Form F-1 Preparation
  Take a deep dive into this securities registration form for FPIs.

• Report on Form 6-K Preparation
  Review the current disclosure obligations and filings of FPIs.

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