§ 7245. Rules of professional responsibility for attorneys

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Not later than 180 days after July 30, 2002, the Commission shall issue rules, in the public interest and for the protection of investors, setting forth minimum standards of professional conduct for attorneys appearing and practicing before the Commission in any way in the representation of issuers, including a rule—

(1)requiring an attorney to report evidence of a material violation of securities law or breach of fiduciary duty or similar violation by the company or any agent thereof, to the chief legal counsel or the chief executive officer of the company (or the equivalent thereof); and

(2)if the counsel or officer does not appropriately respond to the evidence (adopting, as necessary, appropriate remedial measures or sanctions with respect to the violation), requiring the attorney to report the evidence to the audit committee of the board of directors of the issuer or to another committee of the board of directors comprised solely of directors not employed directly or indirectly by the issuer, or to the board of directors.

(Pub. L. 107–204, title III, § 307, July 30, 2002, 116 Stat. 784.)

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statute-compilations

Sec. 307
RULES OF PROFESSIONAL RESPONSIBILITY FOR ATTORNEYS

statutes-at-large

Public Law 107–204
To protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws, and for other purposes

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Pub. L. 107–204, title III, § 307
116 Stat. 784

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§ 7245

Rules of professional responsibility for attorneys

Fed. Reg.×13

Stat. Comp.×1

Stat.×1

Pub. L.Pub. L. 107–204, title III, § 307

Stat.116 Stat. 784

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