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CFA Chap, i disagree.

I did that for a bit. One time a read a question that part of it suggested a company would do an ADR Level III because it wanted to raise capital. 2 paragraphs down, they decide they dont want to deal with te SEC, so they end up doing an ADR LI. In the question, i answered ADR L3 as most likely, while if i had read the whoel vignette, i would have answered ADR I.

Just MHO.

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