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TEHRAN, August 5 - JPMorgan Chase & Co (JPM.N) said on Wednesday it is among banks and securities dealers being investigated by the U.S. Securities and Exchange Commission for their handling of so-called “pre-released” American Depositary Receipts (ADR) between 2011 and 2015.
TEHRAN, Young Journalists Club (YJC) -JPMorgan Chase & Co (JPM.N) said on Wednesday it is among banks and securities dealers being investigated by the U.S. Securities and Exchange Commission for their handling of so-called “pre-released” American Depositary Receipts (ADR) between 2011 and 2015.
The disclosure, made in a regular quarterly filing by JPMorgan, comes after the SEC said on July 20 that Deutsche Bank (DBKGn.DE) had agreed to pay nearly $75 million to settle its part of a continuing investigation into mishandling of the securities.
ADRs are U.S. securities that represent foreign shares of a foreign company. They require a corresponding number of foreign shares to be held in custody at a depositary bank. Under certain conditions the SEC allows the “pre-release” of ADRs before the corresponding shares have been deposited.
Source: Reuters
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