Guide to Public ADR Offerings in the United States 2012

This memorandum is the firm’s 2012 edition of the Guide to Public ADR Offerings in the United States, which discusses the principal issues arising in SEC-registered ADR offerings. It presents a comprehensive summary of various legal and related considerations involved in public offerings of ADRs, which we thought might be of interest to you. The memorandum reflects various developments since it was last published in April 2011, such as the adoption of the Jumpstart Our Business Startups (JOBS) Act (including the new rules and disclosure standards applicable to Emerging Growth Companies) and a number of new SEC rules and regulations. In addition, the memorandum describes the New York Stock Exchange and Nasdaq listing standards and governance requirements applicable to foreign issuers.