Corporate Cross-listings and the ADR Boom (1980-2000)

1. ADR structure created to connect U.S. investors

   Apr 29, 1927Labels: J P, ADR

   • JPMorgan ADR

2. SEC revises Rule 12g3-2(b) for foreign issuers

   Oct 6, 1983Labels: SEC, Rule 12g3-2

   • SEC 12g3

3. SEC adopts Rule 144A for institutional resales

   Apr 23, 1990Labels: SEC, Rule 144A

   • Legal cite
   • SEC comment

4. SEC adopts Regulation S for offshore offers

   Apr 24, 1990Labels: SEC, Regulation S

   • SEC Reg S
   • SEC comment

5. Deutsche Telekom begins trading in Frankfurt and New York

   Nov 18, 1996Labels: Deutsche Telekom, NYSE

   • Telekom archive
   • Goldman history

6. SEC highlights foreign-issuer information in Rule 12g3-2(b)

   Feb 19, 1998Labels: SEC, Rule 12g3-2

   • SEC release

7. IOSCO standards endorsed for cross-border disclosure

   Sep 1, 1998Labels: IOSCO

   • SEC IOSCO

8. SEC adopts international disclosure standards for Form 20-F

   Sep 28, 1999Labels: SEC, Form 20-F

   • SEC final

9. SEC market summary documents scale of foreign U.S. registrations

   Dec 31, 2001Labels: SEC, foreign registrations

   • SEC summary

10. Corporate cross-listings shift from boom to mature global market

    Apr 29, 2002Labels: ADR market, cross-listing

    • JPMorgan ADR
    • SEC 20 F

11. Research quantifies valuation and ownership effects of U.S. cross-listings

    Feb 1, 2008Labels: Federal Reserve, research

    • Fed paper

12. SEC explains modern Rule 12g3-2(b) as automatic exemption

    Jan 1, 2012Labels: SEC, Rule 12g3-2

    • SEC overview