In my opinion, these Wall Street giants are too shrewd to just overlook this stuff. My broker is Pershing thru T Rowe Price. It makes me wonder if someone could be diverting the 10 percent. I understand that all the broker has to do is notify the U.S ADR agent bank to meet the requirements. I have not yet received my SNY dividend yet, but my problem has been with another of my French holdings. I will follow thru with this one as well and change brokers if not happy.
I downloaded the 20F document on Sanofi's website under the Investor's section for ADR holders, page 181
"Under the Treaty, the rate of French withholding tax on dividends paid to an eligible U.S. holder whose ownership of the ordinary shares or ADSs is not effectively connected with a permanent establishment or fixed base that such U.S. holder has in France is reduced to 15% and a U.S. holder may claim a refund from the French tax authorities of the amount withheld in excess of the Treaty rate of 15%, if any. For U.S. holders that are not individuals, the requirements for eligibility for Treaty benefits, including the reduced 15% withholding tax rate, contained in the “Limitation on Benefits” provision of the Treaty are complicated, and certain technical changes were made to these requirements by the protocol of January 13, 2009. U.S. holders are advised to consult their own tax advisers regarding their eligibility for Treaty benefits in light of their own particular circumstances"