NO.PZ2015122802000106
问题如下:
When investing in unsponsored depository receipts, the voting rights to the shares in the trust belong to:
选项:
A.the depository bank.
B.the investors in the depository receipts.
C.the issuer of the shares held in the trust.
解释:
A is correct.
In an unsponsored DR, the depository bank owns the voting rights to the shares. The bank purchases the shares, places them into a trust, and then sells shares in the trustnot the underlying sharesin other markets.
考点:Private Equity and Non-domestic Equity Securities
DR分为参与型和非参与型。参与型DR即sponorsed DR是指外国公司直接参与DR的发行。购买DR的投资者与普通股投资者一样,直接享有股票的权利(例如投票权和分红权)。而非参与型DR也就是unsponorsed DR,外国公司不直接参与DR的发行。而是由托管银行在其国内市场购买外国公司的股票,然后通过券商在托管银行当地市场发行DR。在这种情况下,托管银行保留股票的投票权。
RT,谢谢