What is the over-the-counter (OTC) market?
Level 1 ADRs are traded in the U.S. OTC market with prices published in the “Pink Sheets” and on some exchanges outside the United States. Establishment of a sponsored level 1 program does not require full SEC registration and the company does not have to report its accounts under U.S. GAAP or provide full SEC disclosure. Nevertheless, EPCOS will maintain the internal control measures established under SOX and maintain compliance with all XETRA and Frankfurt rules set out by the Deutsche Boerse Group.
