Journal of the Faculty of Management and Information Systems, Prefectural University of Hiroshima 2014 No.6 pp.13 22 13 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 201086 BASF200781 500 SEC 2007 12h SEC SEC SOX 200812g3-2(b) SEC ADRunsponsered ADR ADR ADR 1SEC ADR
14 6 SEC OTC ADR SEC SEC12(g)15(d) 12(g) 1,000 held on record 2,000 accredited investors 500 120 SEC Foreign Private Issuer 12g3-2(a) 300 2012 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) 2008 10 10 12g3-2(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)
OTCADR SEC 15 (C) 1 (A) (B) (C) (D) (E) (F) (G) (A) (B) (C) (D) ADR OTC 30012 (g)sec OTC Markets Group OTC Markets Group 1913 NQBNational Quotation Bureau NQB NQB1963 Commerce Clearing HouseCCH 1997 4 Cromwell Coulson NQBNQB1999 2000 7 Pink Sheets LLC 20083 LLCLimited Liability CompanyCorporation Pink OTC Markets Inc. 2010 20126 OTC Link ATSAlternative Trading System3OTC Link FINRAFinancial Industry Regulatory AuthorityOTC Markets Group OTC Link LLC OTC Markets Group 130 OTC Link 1 1 2007 5,122 2010 4 OTCQB 3,851 9,964 2012 2007 2 9,9742008ADR OTC Pink 2012 6,173 6OTC Pink FINRAForm
16 6 211 2012 1,356 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 0 2007 2008 2009 2010 2011 2012 OTCQX OTCQX U.S.OTCQX U.S. Premier OTCQX OTCQX Premier 4 OTCQX U.S. 200 200 100 50 500 100 50 SEC OTC Markets Group www.otciq.com Standard & Poor's Mergent Securities Manual DAD, Deginated Advisors for DisclosureDAD AIM NOMADNominated Adviser SEC 45 90 10 www.otciq.com OTCQX U.S. Premier OTCQX US NASDAQ Capital Market 50
OTCADR SEC 17 100502503,500 100 100 15OTCQX U.S. Premier NASDAQ Capital Market OTCQX OTC Markets Group 1 ADR DTC 4358 200 10050 200500 12g3-2(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 1 5 3 1 2 2,500 7,50075,000 OTCQX Premier NYSE 2013 3 BASF OTCQB20104SECFDIC OTCQBOTCBBOTC Bulletine Board 2013 3 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
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 153 12 2,500 7,50075,000 200 10050 200500 12g3-2(b)12(g) SECStandard & Poor's Mergent Securities Manual PALSEC 12g3-2(b) OTC MarketsOTC Disclosure & News Service OTCQX USNASDAQ Capital Market 50 10050 2503,500 100100 15 200 200100 50500 10050 www.otciq.comsec EDGAR Standard & Poor's Mergent Securities Manual DAD 4590 10www.OTCIQ.comSEC EDGAR 20104SECFDIC OTCBB OTC bulletine Board OTC Markets Group 6 SECOTC Markets Group 6 20133 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
OTCADR SEC 19 6 ADROTC Pink No Information SEC Form 20-F Form 6-K SEC 2002 Sarbanes-Oxley Act of 2002302 Form 20-F CEOCFOCertification 404 4 7,5002004 11 15 2006 7 15 2005SEC 2007 12h 62008 12g3-2(b)SEC 6 12d2-2(c) Form 25SEC12d2-2(c) Form 25 10 12h 12(g)13(a) 15(d) SECForm 15F 12h-6(a)SEC Form 15F90 SEC 12h-6(g) 12h-6(a) Form 15F 12 13 (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 60 12 ADTV ADTV 5 ADTV
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 120 300 300 12h-6(e) Form 15F PART I, Instructions to Items 5 and 6. 2013 4 7 NASDAQ 2013 4 SEC 3 9 ADTV5 ADTV5 ADTV ADTV5 IR Japan ADTV595ADTVBloomberg L.P. 1 NASDAQ Online NIS 20126102 2013426 OTCQX Premier SEC
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 2007/08/27 2007/09/06 2.306 Bloomberg L.P. 2007/08/31 2007/09/10 2.541 Bloomberg L.P. 2009/04/14 2010/08/06 1.119 Bloomberg L.P. 2009/10/14 2009/10/30 3.002 Bloomberg L.P. 2010/06/11 2010/06/23 4.554 Bloomberg L.P. 2013 3 ADR 17 NASDAQ 3 5 260 OTC Markets Group 26044216 ADR216171 OTC Pink Current Information45 Grey Market ADR ADR OTC 300 SEC XBRL
22 6 OTC Markets Group OTCQX Premier 1 0 1 OTCQX - - - OTCQB 2 0 2 OTC Pink Current Information 211 171 40 OTC Pink Limited Information - - - OTC Pink No Information - - - Grey Market 46 45 1 260 216 44 OTC Markets Group,Company Directory, (http://www.otcmarkets.com/research/companydirectory) Bank of New York Mellon,DR Directory, (http://www.adrbnymellon.com/dr_directory.jsp) Citibank,Global DR Directory, (https://wwss.citissb.com/adr/guides/uig.aspx?pageid=4&subpageid=34) Deutsche Bank,Depositary Receipt Services, (https://www.adr.db.com/drweb/dr_universe_type_e.html JPMorgan Chase,DR Search, (https://www.adr.com/drsearch/customdrsearch) 12009 ADR 37 9pp. 11551174 2Securities and Exchange Commission2008, Release No. 34-58465; Series Release No. 1309; File No. S7-04-08, "Exemption from Registration under Section 12(g)of the Securities Exchange Act Of 1934 For Foreign Private Issuers", September 5, 2008. 3OTC Markets Group2012,OTC Link LLC Obtains ATS Status. 4Committee on Capital Markets Regulation2006, Interim Report of the Committee on Capital Markets Regulation, November 30, 2006. 5Securities and Exchange Commission 2007, Release No. 34-55540; Series Release No. 1301; File No. S7-12-05,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 1934. 6Steven M. Davidoff2007, Regulating Listings in a Global Market, North Carolina Law Review, Vol. 86, pp. 89-162, December 2007.