Network Firm News

Thursday, November 07, 2002

SEC Issues Attorney Disclosure Rules
Tamara Loomis -- New York Law Journal -- 11-07-2002
The Securities and Exchange Commission has proposed stringent new rules requiring securities lawyers to disclose evidence of wrongdoing at companies they counsel.

The proposed regulations would implement provisions of the Sarbanes-Oxley Act, passed earlier this summer. Congress ordered the agency to draft rules requiring lawyers "to report evidence of a material violation of securities law" to the company's general counsel and then, if the general counsel does not "appropriately respond," to report the evidence to the company's audit committee or board of directors.
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