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U.S. subsidiary of Italian bank to pay $35 mln over improper ADRs- SEC
August 18, 2017 / 5:49 PM / a month ago

U.S. subsidiary of Italian bank to pay $35 mln over improper ADRs- SEC

WASHINGTON, Aug 18 (Reuters) - Banca IMI Securities Corp., a subsidiary of Italian bank Intesa Sanpaolo SpA, has agreed to pay $35 million to settle charges it violated U.S. securities laws governing the issuance of American Depositary Receipts, the Securities and Exchange Commission said on Friday.

The SEC said in a statement that Banca IMI Securities, a U.S. subsidiary of Intesa Sanpaolo, had requested the issuance of and received ADRs without possessing the underlying foreign shares.

Reporting by David Alexander; Editing by Mohammad Zargham

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