Tag Archives: ADR

Broker to Pay $35 Million for Improper Handling of ADRs in Continuing SEC Crackdown

Last Friday, the SEC announced that broker Banca IMI Securities Corp. (BISC), an indirect, wholly-owned U.S. subsidiary of Italian bank Intesa Sanpaolo SpA, has agreed to pay more than $35 million to settle charges that it violated federal securities laws when it requested the issuance of and received American Depositary Receipts (ADRs) without possessing the underlying foreign shares. ADRs are U.S.

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