SEC Rule 10b-5 conduct and effect tests Foreign issuers - Regardless if the “alleged fraud” was conducted in the US or effected US investors the 2010 Supreme Court ruled against all 3 ADRs levels of foreign issuers and rule 10b-5 and stated their reasoning was because the conduct test was too vague and lacked statutory support.
If PSN (pos) trades in the U.S. is the management and Board of Directors answerable to U.S. regulators? Unfortunately, because they are a foreign issuer they are not and here is the ruling that supports
https://www.bc.edu/content/dam/files/schools/law/bclawreview/pdf/52_5/05_chiappini.pdf