The US SEC has collected monetary settlements exceeding $370 million relating to its investigation into improper handling of pre-released ADRs.
US custodian in ongoing settlement talks with regulator after first proposal was rejected for being 'too low'.
Jeffrey Mooney was part of the regulatory team responsible for the US transition to a T+2 settlement cycle in 2017.
Citi is the second bank the SEC has taken action against for ADR pre-release abuses within its depositary banking business.
The investigation follows the recent $75 million settlement Deutsche Bank agreed to pay to the SEC for improper handling of pre-released ADRs.
The German bank will pay the settlement after its US subsidiaries were charged with improper handling of “pre-released” ADRs.
The upcoming rule changes will involve a dramatic increase in the amount of data reported by mutual and exchange traded funds.