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1 Journal of the Faculty of Management and Information Systems, Prefectural University of Hiroshima 2014 No.6 pp Unsponsored ADRs of Japanese Companies Traded in U.S. OTC Markets and Securities Rules and Regulations of SEC Masahito OKAMURA NASDAQ ADR1997 OTC ADR ADR BASF SEC h SEC SEC SOX g3-2(b) SEC ADRunsponsered ADR ADR ADR 1SEC ADR

2 14 6 SEC OTC ADR SEC SEC12(g)15(d) 12(g) 1,000 held on record 2,000 accredited investors SEC Foreign Private Issuer 12g3-2(a) JOBS Jumpstart Our Buisiness Startups Act 12 (g)500 2,000 SEC SEC 13 (a) NASDAQ Form 10-K Form 20-F SEC 15(d) 13(a) g3-2(d) 12 (g) 2 Bank of NEW York MellonCitibankDeutsche BankJP Morgan Chase ADR ADRSEC Form F-6 12g3-2(b) ADR ADR 12g3-2(b)SEC 12g3-2(b) 13 (g) 15 (d)sec Primary Trading Market (A)(B)

3 OTCADR SEC 15 (C) 1 (A) (B) (C) (D) (E) (F) (G) (A) (B) (C) (D) ADR OTC (g)sec OTC Markets Group OTC Markets Group 1913 NQBNational Quotation Bureau NQB NQB1963 Commerce Clearing HouseCCH Cromwell Coulson NQBNQB Pink Sheets LLC LLCLimited Liability CompanyCorporation Pink OTC Markets Inc OTC Link ATSAlternative Trading System3OTC Link FINRAFinancial Industry Regulatory AuthorityOTC Markets Group OTC Link LLC OTC Markets Group 130 OTC Link , OTCQB 3,851 9, , ADR OTC Pink ,173 6OTC Pink FINRAForm

4 ,356 2 OTCQXOTCQBOTC Pink 12,000 10,000 8,000 6,000 4,000 2,000 OTC Pink No Information OTC Pink Limited Information OTC Pink Current Information OTCQB OTCQX OTCQX OTCQX U.S.OTCQX U.S. Premier OTCQX OTCQX Premier 4 OTCQX U.S SEC OTC Markets Group Standard & Poor's Mergent Securities Manual DAD, Deginated Advisors for DisclosureDAD AIM NOMADNominated Adviser SEC OTCQX U.S. Premier OTCQX US NASDAQ Capital Market 50

5 OTCADR SEC , OTCQX U.S. Premier NASDAQ Capital Market OTCQX OTC Markets Group 1 ADR DTC g3-2(b)12(g)SECStandard & Poor's Mergent Securities Manual OTCQX U.S. DAD PAL, Principal American Liaison DADPALOTCQX SEC EDGAR SEC 12g3-2(b) OTC Markets Group OTC Disclosure & News Service OTCQX Premier OTCQX ,500 7,50075,000 OTCQX Premier NYSE BASF OTCQB20104SECFDIC OTCQBOTCBBOTC Bulletine Board SEC ADROTC Pink OTC Pink Current Information OTC Pink Limited InformationOTC Pink No Information 3 ADR OTC Pink OTC Pink Current Information OTC Markets Group OTC Pink Limited Information OTC Markets Group 6 OTC Pink No Information SEC OTC Markets Group

6 18 6 tiers OTCQX 370 OTCQB 3,384 OTC Pink 6,253 OTCQX Premier 66 OTCQX 260 OTCQX US 13 OTCQX US 31 Current Information 2,702 Limited Information 471 No Information 3,000 OTCQX ,500 7,50075, g3-2(b)12(g) SECStandard & Poor's Mergent Securities Manual PALSEC 12g3-2(b) OTC MarketsOTC Disclosure & News Service OTCQX USNASDAQ Capital Market , EDGAR Standard & Poor's Mergent Securities Manual DAD www.OTCIQ.comSEC EDGAR 20104SECFDIC OTCBB OTC bulletine Board OTC Markets Group 6 SECOTC Markets Group OTC Markets Group OTC Disclosure & News ServiceOTC Markets Newsletter April 2013OTC Markets Group OTCQX Rules for Companies, OTCQX Application for Companies, OTCQX Rules for U.S. Companies, OTCQX Application for U.S. Companies, Alternative Reporting Standard: OTCQX U.S. Disclosure Guidelines, OTC Pink Basic Disclosure Guidelines, Alternative Reporting Standard: Guidlines for Providing Adequate Current Information

7 OTCADR SEC 19 6 ADROTC Pink No Information SEC Form 20-F Form 6-K SEC 2002 Sarbanes-Oxley Act of Form 20-F CEOCFOCertification , SEC h g3-2(b)SEC 6 12d2-2(c) Form 25SEC12d2-2(c) Form h 12(g)13(a) 15(d) SECForm 15F 12h-6(a)SEC Form 15F90 SEC 12h-6(g) 12h-6(a) Form 15F (a)15 (d) Form 20-F1 12h-6(a) Form 15F12 12h-6(a) Form 15F12 12h-6(a) 1 ADTV, Average Daily Trading Volume 12h-6(a) Form15F ADTV ADTV 5 ADTV

8 20 6 Form 15F, PART I, Instructions to Item 4. ADTV Form 15F, PART I, Item 4. Comparative Trading Volume Data 12h-6(a) Form 15F h-6(e) Form 15F PART I, Instructions to Items 5 and NASDAQ SEC 3 9 ADTV5 ADTV5 ADTV ADTV5 IR Japan ADTV595ADTVBloomberg L.P. 1 NASDAQ Online NIS OTCQX Premier SEC

9 OTCADR SEC 21 Bloomberg L.P. 2Yahoo! Finance 1 10 NIS 8 ADR OTC Pink Current Information OTCQX Premier 4 OTC BASF NYSE 2007/09/06 OTCQX Premier NYSE 2007/09/07 OTCQX Premier NYSE 2009/04/24 OTCQX Premier NYSE 2009/10/26 OTCQX Premier NYSE 2010/06/21 OTCQX Premier SEC Form 25 FORM 15F ADTV ADTV 2007/08/ /09/ Bloomberg L.P. 2007/08/ /09/ Bloomberg L.P. 2009/04/ /08/ Bloomberg L.P. 2009/10/ /10/ Bloomberg L.P. 2010/06/ /06/ Bloomberg L.P ADR 17 NASDAQ OTC Markets Group ADR OTC Pink Current Information45 Grey Market ADR ADR OTC 300 SEC XBRL

10 22 6 OTC Markets Group OTCQX Premier OTCQX OTCQB OTC Pink Current Information OTC Pink Limited Information OTC Pink No Information Grey Market OTC Markets Group,Company Directory, ( Bank of New York Mellon,DR Directory, ( Citibank,Global DR Directory, ( Deutsche Bank,Depositary Receipt Services, ( JPMorgan Chase,DR Search, ( ADR 37 9pp Securities and Exchange Commission2008, Release No ; Series Release No. 1309; File No. S , "Exemption from Registration under Section 12(g)of the Securities Exchange Act Of 1934 For Foreign Private Issuers", September 5, OTC Markets Group2012,OTC Link LLC Obtains ATS Status. 4Committee on Capital Markets Regulation2006, Interim Report of the Committee on Capital Markets Regulation, November 30, Securities and Exchange Commission 2007, Release No ; Series Release No. 1301; File No. S ,Termination of a Foreign Private Issuer's Registration of a Class of Securities Under Section 12(g) and Duty to File Reports of the Securities Exchange Act of Steven M. Davidoff2007, Regulating Listings in a Global Market, North Carolina Law Review, Vol. 86, pp , December 2007.

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A5 PDF.pwd Global Reporting Initiative GRI 2013 International Integrated Reporting Council: IIRC IIRC 2013 European Union: EU European Parliament and the Council of the European Union 2014 Public Interest EntitiesPIE