“Samsung, with a market cap of $236 billion, is not listed as an American Depositary Receipt (ADR) on major U.S. markets like other foreign companies such as Toyota Motor Corp and Sony Corp. Instead, an unofficial version of Samsung trades under the ticker on OTC Markets Group, colloquially referred to as the Pink Sheets. The rise in unsponsored ADRs came after a SEC rule change in 2008 that allowed depository banks such as BNY Mellon and JP Morgan Chase to launch ADRs based on market demand without the consent of a company. Listing fees and SEC filing requirements have prompted other major companies to bypass sponsored ADRS as well.”
http://uk.reuters.com/article/2013/01/24/uk-samsung-shares-idUKBRE90N17D20130124
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