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Frequently Asked Questions
  Are companies that list American Depositary Receipts on Nasdaq required to report the declaration of a dividend?
Identification Number 9
Yes. Nasdaq's rules require that the listed company provide notice to Nasdaq and the public of a dividend action or stock distribution. These notifications are the responsibility of the listed company. The company can designate its Depositary Bank to complete the appropriate Nasdaq form if so desired and Nasdaq will accept the form from the bank on behalf of the issuer. However, any failure to comply with Nasdaq's requirements remains the responsibility of the company.
 
The company (or its designee) should use the Dividend/Distribution/Interest Payment Form online in the Listing Center to report the transaction. When reporting a cash dividend for an ADR, the information provided in the "amount" field should be the amount to be distributed to ADR holders. The company should include in this field not only the net amount of the distribution but also the gross amount and any tax and fee information.
 
This notification should be provided to Nasdaq Corporate Data Operations as soon as possible after declaration, but in any event, no later than simultaneously with the public disclosure described below. Notice must be provided at least ten calendar days prior to the record date.
 
The company must also provide public notice of a dividend action or stock distribution using a Regulation FD compliant method. Appropriate notification of the public disclosure must also be provided to Nasdaq MarketWatch through the Electronic Disclosure Submission System.
 
Publication Date*: 7/31/2012 Mailto Link Identification Number: 9
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