SEC APPROVES NYSE PETITION TO IMPLEMENT NEW PROXY DISTRIBUTION FEE SCHEDULE AS OF JANUARY 1, 2014MORE »

On January 9, 2014, the U.S. Securities and Exchange Commission (SEC) approved a filing by the New York Stock Exchange (NYSE) to implement the new proxy distribution fee schedule with immediate effect. The current fee schedule has been in effect since 2002. The following document gives a brief overview of the expected impact of the new fee schedule on issuers, and also provides insight on a new fee approved by the SEC, for the creation of an Enhanced Broker Internet Platform.

NYSE Files Rule Change Application to Amend Proxy Distribution FeesMORE »

On February 1, 2013, the New York Stock Exchange ('NYSE') filed an application with the U.S. Securities and Exchange Commission ('SEC') to amend the fee schedule used by banks/brokers to reclaim expenses associated with the distribution of proxy materials. The current fee schedule has been in effect since 2002. All issuers that extend voting rights to U.S. shareholders will be impacted by this change. The following document provides a brief overview of the changes proposed by the NYSE to the existing fee schedule. Additionally, the BNY Mellon Depositary Receipts Division conducted an analysis of the impact of these changes on eighteen depositary receipts issuers of varying size. The conclusions from this analysis are highlighted.

BNY Mellon DR Submission to the SEC on the U.S. Proxy SystemMORE »

The U.S. Securities and Exchange Commission ('SEC'), for the first time in nearly 30 years, is reviewing the practices and efficiency of the U.S. Proxy System. In advance of this review, the SEC issued a concept release seeking public comment from investors and market participants. BNY Mellon's Depositary Receipt Division expressed the views of the European Client Council, a working group of European ADR issuers, in this response to the concept release. For more information on the concept release, please see the SEC website at http://www.sec.gov/news/press/2010/2010-122.htm.

2014 Shareholder Meeting HandbookMORE »

The 2014 Shareholder Meeting Handbook provides clients with important information for their annual shareholder meetings. It contains information covering timing requirements, key participants, process overviews and value-added services that clients might utilize as well as contact details for the DR Division's specialized Governance and Proxy Group.

2013 Asia-Pacific Voting StudyMORE »

BNY Mellon is pleased to present a detailed study on the voting characteristics of holders of American Depositary Receipts (ADRs) at thirty-six Asia-Pacific companies' shareholder meetings in 2013. This study includes a sample of thirty-four companies from six Asian-based countries, listed on either the over-the-counter market (OTC), NYSE or NASDAQ markets.

2013 Latin America DR Voting StudyMORE »

BNY Mellon is pleased to present a detailed study on the voting characteristics of holders of Depositary Receipts (DRs) at seventy-two Latin American companies' shareholder meetings in 2013. This study includes a sample of forty-four companies from seven countries, listed on either the over-the-counter market (OTC), or NASDAQ or NYSE exchanges.

2013 Western Europe Voting StudyMORE »

BNY Mellon is pleased to present a detailed study on the voting characteristics of holders of American Depositary Receipts (ADRs) at forty-nine Western European companies' shareholder meetings in 2013. This study includes a sample of thirty-eight companies from several countries, listed on either the over-the-counter market (OTC), the NASDAQ and NYSE Markets.

2013 Russian DR Voting StudyMORE »

BNY Mellon is pleased to present a detailed study on the voting characteristics of holders of American Depositary Receipts (ADRs) at forty-five Russian companies' shareholder meetings in 2013. This study includes a sample of thirty-two companies from the Russian Federation, listed on either the over-the-counter market (OTC), Portal Market or European Market as the London Stock Exchange as Regulation-S for which BNY Mellon acts as depositary bank.

Holders of Russian Depositary Receipts (DRs) and Shares Must Disclose Beneficial OwnershipMORE »

At the beginning of 2014, Russian Federal Law 306-FZ went into effect, requiring beneficial owner information disclosure in order to avoid a 30% non-disclosure withholding tax rate. This paper provides an overview of 1) 306-FZ for DRs, 2) options available to initiate DR tax reclaim procedures, and 3) the events, in the form of a timeline, related to the 'Relief at Source' and 'Quick Refund' tax reclaim processes.

Russian Regulatory Update - Federal Law No. 415-FZMORE »

BNY Mellon is pleased to inform our issuer clients, investors, and other market participants on the status of Russian Federal Law No. 415-FZ. Specifically, our regulatory update provides insight into the provisions of the law related to mandatory beneficial owner disclosures for the purposes of receiving dividend payments and voting at issuer shareholder meetings.

BNY Mellon DR Submission to the SEC on the NYSE Proposed Rule Change to Amend the Proxy Distribution Fee ScheduleMORE »

The New York Stock Exchange (NYSE) submitted a proposal to the U.S. Securities and Exchange Commission (SEC) on February 15, 2013 to amend the current proxy fee distribution schedule, which has been in effect since 2002. This fee schedule impacts all depositary receipt issuers that solicit proxies in the United States. As with all proposed rule changes, the SEC established a comment period to allow all interested market participants the opportunity to weigh in on NYSE's proposed rule change. Through this forum, the BNY Mellon Depositary Receipt Division formally responded to the SEC's request for comments, highlighting areas of the proposal that we support, and aspects of the proposal we believe require further examination prior to approval. For more information on the NYSE's proposed rule change, please see the SEC website at http://www.sec.gov/rules/sro/nyse/2013/34-68936.pdf. Additional comments on the proposed rule change can be found at http://www.sec.gov/comments/sr-nyse-2013-07/nyse201307.shtml

© 2014 The Bank of New York Mellon Corporation. Depositary Receipt business and services are conducted through The Bank of New York Mellon.