Originally Posted by GUWonder

If you're more interested in some of the issues in this area, look up court decisions, administrative rulings and regulatory announcements which touch upon the SCOTUS ruling on Morrison v. National Australia Bank. It provides a bit of a window into some of those issues.

Unsponsored ADRs took off like crazy in the US in 2008. And even with the Dodd-Frank Act era coming into play after the 2008-2009 financial crisis, there are these kind of ADRs around being traded today OTC. Caveat emptor is what I say about putting money into these kind of securities -- and I would say the same thing about sponsored ADRs too. These ADRs do have some use for retail investors; but, in this case, one use they don't have is to be easily useful toward getting the shareholder benefits from SAS that SAS markets to its registered individual investors resident in its home market countries.