For more than 20 years, the principals of Depositary Management Corporation have provided American depositary receipt and Global depositary receipt services to market participants from around the world. Our management is comprised of recognized experts in the depositary receipt industry who have represented major depositary banks, multinational companies and other parties on hundreds of depositary receipt transactions. Our experience includes structuring depositary receipt programs and products; establishing custody relationships and networks; advising on public and private offerings (including under Regulation S and Rule 144A of the Securities Act of 1933), tender offers, exchange offers and rights offerings involving ADRs and GDRs; and representing international and U.S. clientele regarding cross-border transactions, corporate finance, regulatory matters and compliance issues. Our team includes securities law experts who have lectured and been published on the impact of U.S. legal developments and SEC regulations on foreign issuers.