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of <h1>Depositories Must Track ADR/GDR Share Conversions; Separate Accounts Required for Investors by July 15, 2002.</h1> The circular from the Depositories and Custodial Division, dated July 4, 2002, addresses the tracking of shares related to the conversion of American Depository Receipts (ADRs) and Global Depository Receipts (GDRs). It mandates that all shares released upon conversion must be credited to a separate Depository Receipts account for each investor. Depositories are required to regularly provide domestic custodians with detailed monthly reports on the number of shares at the start and end of the month, as well as those credited and debited. Beneficiary account holders must transfer their converted shares to the designated account by July 15, 2002.
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