For Companies That Desire to List Their Shares on Multiple

For companies that desire to list their shares on multiple exchanges, but who do not like the strict regulations imposed on ADRs by the U.S. SEC, a new instrument called a Global Registered Share (GRS) is available. Characteristics of a GRS include all of the following except

A) GRS trade electronically on a number of exchanges and are denominated in the local host currency.
B) Companies that desire to trade GRS must meet full registration requirements for electronic trading.
C) Unlike ADRs which must be registered, GRS usually trade in bearer form.
D) GRS often trade "after hours" in different locations around the world in response to information that breaks while the company's regular exchange is closed.
E) All of the statements above are correct.