GlobeTax’s Depositary Services group manages the reclaim processing and filing infrastructure for Depositary Receipts (DRs) including American Depositary Receipts (ADRs). By providing a complete outsourcing solution to all four US Depositaries issuing DRs (BNY Mellon, Citi, Deutsche Bank, and JPMorgan Chase), the Depositary Services team works to maximize the recovery of entitlements on such securities. In this capacity, GlobeTax can work with any bank or brokerage firm whose clients hold DRs. GlobeTax’s valued and long-standing relationships with tax authorities and local market agent banks are essential to the effective processing of reclaims on these instruments.
As an added service to our depositary clients, GlobeTax has developed ESP—our electronic submission portal. ESP enables the electronic filing of reclaims on American Depositary Receipts (ADRs) and New York Registry Shares (NYRSs). In markets where documentation is required to be submitted to the Depositary Banks, ESP produces the documents automatically on behalf of the DTC Participants. Usage of ESP is offered as a free enhancement to the existing reclaim processes supported by the Depositary Banks.