The international capital market has become more developed in the last two decades because of advances in information technology, increased co-operation among financial regulators and the sophistication of the market players. This paper focuses on depository receipts as an essential element in the market integration process. The paper explores how domestic investors and corporations can acquire, issue and trade in foreign securities on the major stock markets of other countries, especially emerging markets such as the Russian Federation. This paper reviews the development of European Depository Receipts (EDRs), Global Depository Receipts (GDRs) and the American Depository Receipts (ADRs) in the light of establishing a global accommodation for foreign investments. The paper takes a critical look at the ADRs and proposes a regime of regulatory requirements for the acquisition, management and sale of depository receipts in the United States.