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JPMorgan Chase: to pay 135 million dollars to settle charges

(CercleFinance.com) - JPMorgan Chase has agreed to pay 135 million dollars to settle charges that it improperly handled American Depositary Receipts (ADRs), the U.
S. Securities and Exchange Commission said on Wednesday.

ADRs - U.S. securities that represent foreign shares of a foreign company - require a corresponding number of foreign shares to be held in custody at a depositary bank, the SEC said.

However, JPMorgan improperly provided ADRs to brokers in thousands of "pre-release transactions" when neither the broker nor its customers had the foreign shares needed to support those new ADRs, the SEC found.

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