BNY Mellon to pay more than US$54 million for improper handling of ADRs: SEC

BNY Mellon to pay more than US$54 million for improper handling of ADRs: SEC

The top U.S. securities regulator on Monday said that Bank of New York Mellon will pay more than US$54 million to settle charges of improper handling of "pre-released" American Depositary Receipts, U.S. securities representing foreign shares of a foreign company.

The Bank of New York Mellon Corp. building at 1 Wall St. is seen in New York's financial distr
The Bank of New York Mellon Corp. building at 1 Wall St. is seen in New York's financial district March 11, 2015. REUTERS/Brendan McDermid

WASHINGTON: The top U.S. securities regulator on Monday said that Bank of New York Mellon will pay more than US$54 million to settle charges of improper handling of "pre-released" American Depositary Receipts, U.S. securities representing foreign shares of a foreign company.

BNY Mellon agreed to disgorge US$29.3 million in alleged ill-gotten gains, as well as pay prejudgment interest and a penalty, without admitting or denying the findings, the Securities and Exchange Commission said.

(Reporting by Lisa Lambert)

Source: Reuters

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