Unsponsored American Depository Receipt

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Unsponsored American Depository Receipt

An American Depository Receipt issued without the knowledge or cooperation of the company whose stock backs it. Unlike other sponsored ADRs, which are treated just like common shares denominated in the U.S. dollar, an unsponsored ADR simply gives the monetary benefits of ownership. That is, the bank issuing the ADR pays out dividends as if it were common stock, but the ADR does not carry voting rights. Unsponsored ADRs may not be traded on the New York Stock Exchange, and are usually traded over-the-counter. See also: International depositary receipt.