Action against Respondent, a registered broker-dealer, for alleged failure to supervise in connection with improper practices related to the pre-release of ADRs.  The SEC alleges that Respondent failed to take reasonable steps to ensure, pursuant to operative agreements, that pre-released ADRs were supported by underlying ordinary shares.  Respondent has agreed to pay disgorgement of $2,218,363.04, prejudgment interest of $546,340,40, and a civil penalty of $1.2 million.

SEC Order

SEC Press Release