$LumiraDx (LMDXF.US)$ Yes, there are regulatory procedures r...

$LumiraDx (LMDXF.US)$ Yes, there are regulatory procedures required to start an ADR program. These procedures vary depending on the specific jurisdiction and exchange where the ADR will be listed. However, generally, the following steps are involved:

1. **Selecting a Depositary Bank:** A depositary bank is responsible for holding the foreign securities and issuing ADRs to investors. This bank typically has a presence in both the foreign country and the U.S.
2. **Filing with the SEC:** The company must file a registration statement with the Securities and Exchange Commission (SEC) that includes detailed information about the company, its financial performance, and the terms of the ADR program.
3. **Obtaining Necessary Approvals:** Depending on the specific circumstances, the company may need to obtain approvals from regulatory authorities in both the foreign country and the U.S.
4. **Listing on a U.S. Exchange:** The company must choose a U.S. stock exchange to list its ADRs. This typically involves meeting the listing requirements of the exchange, such as minimum financial thresholds and public float requirements.

Once these steps are completed, the ADRs can be issued to investors and traded on the U.S. stock exchange.

It's important to note that the specific regulatory requirements can be complex and vary depending on the jurisdiction and the type of ADR being issued. Therefore, it's advisable to consult with legal and financial experts to ensure compliance with all applicable regulations.

Citations: [[1]](https://www.whitecase.com/insight-our-thinking/direct-listings-ipos-new-decade-or-passing-phase)