An ADR program that has the ADRs listed on one or more US exchange but not sold as a public offering is a _______ form of ADR program.

Question

Quizplus · Accepted Answer

This is a Level Two ADR program. Level One ADR programs are sold to US investors as a public offering, while Level Three ADR programs are sold to US investors as a public offering and also raise capital for the issuer. Level Four is not a recognized level of ADR program.

An ADR Program That Has the ADRs Listed on One