CFA Practice Question

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CFA Practice Question

Which type of ADR can be used if a foreign company wants to raise capital in the U.S. through a public offering of ADRs?

I. Unsponsored ADR
II. Level I
III. Level II
IV. Level III
A. I, II, III and IV
B. III and IV
C. IV only
Explanation: Note that the issuer of Level I ADRs can raise capital through a private placement to qualified institutional buyers.

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