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Shares which may not be freely transferred in the marketplace because host country law forbids their ownership by foreign investors, prevents their transfer without the approval of the issuer, or restricts their marketability as a matter of investor protection. Restricted or, as they are sometimes called, registered shares are common in Finland, Switzerland, and in some emerging markets. Sales restrictions based on investor protection legislation are a regulatory issue principally in the United States. Also called Registered Shares.
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