Task: Class Definition Understanding (ontology: Business_Finance/Financial_Industry_Business_Ontology)

Which of the following definitions best describes 'unsponsored depositary receipt'?

A. depositary receipt that represents shares in a private placement under the SEC Rule 144-A
B. depositary receipt that is issued in collaboration with the foreign company enabling them to tap into international capital markets directly
C. depositary receipt issued under SEC Regulation S
D. depositary receipt that is established without the company's cooperation

Answer: depositary receipt that is established without the company's cooperation