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The Securities and Exchange Commission (SEC) recently issued new rules regulating the conduct of attorneys practicing before it. The SEC has also proposed a new rule ' open for a 60-day comment period ' that would create an 8-K public reporting requirement by the board of directors, to be triggered by a lawyer's mandatory withdrawal from the representation in the event of uncorrected client actions.
The American Corporate Counsel Association (ACCA) has posted an executive summary providing an overview of the rule and the alternative proposal at: www.acca.com/legres/corpresponsibility/307/summary.pdf. (The SEC's final and proposed rules can be found at www.sec.gov/rules/final/338185.htm and at www.sec.gov/rules/proposed/33-8186.htm.)
What can legal departments do to prepare to comply with the new rules? Here are five practical suggestions that may help corporate counsel in private and public companies:
At your meeting, you might discuss the following questions:
Even if you work in a private company, the standards set by the SEC on these critical matters will likely become a benchmark for courts and others looking to assess the role and response of lawyers investigating wrongdoing in their client companies. It's reasonable to assume that other regulatory agencies will seek to copy these rules to regulate the behavior of attorneys practicing before them, and that state bar associations will seek to amend their rules of practice to 'raise the bar' on these issues.
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