Amerykańskie kwity depozytowe
American Depository Receipts
American Depopsitary Receipt (ADR) to amerykański papier wartościowy opiewający na akcje zwykłe firm nieamerykańskich. Na początku lutego 1995 r. Komisja Papierów Wartościowych wyraziła zgodę na emisję ADR, opiewających na akcje polskiej spółki Mostostal Export SA.
At the beginning of February 1995, Poland's Securities Commission granted permission to Mostostal Export SA for the issue of American Depository Receipts. This marked the first such permission for ADRs in Poland. Many American investors are today eager to acquire non-American equities because they believe that these will provide a better return on their investment. ADRs constitute the primary vehicle for American investment in foreign securities. An American Depository Receipt represents a certificate giving title to ordinary shares in a company located outside the United States. Since it is an American instrument, it eliminates the traditional problems that international investment poses to American investors: language barriers, exchange rates, local market practice, settlement practices, legal requirements, taxes & duties, etc. It is not only investors that benefit from ADRs - issuers also acquire an opportunity to gain a presence on the world's deepest and most diversified capital market. ADRs can be placed on the US market by private placement or public offering. Public offering is more suitable for well-known, major companies. ADRs offered to the public have to meet the veiy rigorous requirements of the US Securities and Exchange Commission. Private placement is much easier to organise, however, and is usually utilised by smaller companies of more modest international standing. Established international companies sometimes use ADRs as a first move into the American capital market, following up with a public offer. The present bear market on the Warsaw Stock Exchange may induce Polish firms to look for ways of raising capital abroad. In this context, ADRs can be used to access funding in the US. ADRs are a frequent tool in corporate privatisation all over the world. They may also prove useful in privatising Polish public-sector companies. (original abstract)