Originally published in the Vedder Price Capital Markets and Securities bulletin, Spring 2003.
The SEC has adopted new rules that establish standards of professional conduct for all attorneys who handle securities law matters on behalf of public companies. These standards, mandated by the Sarbanes-Oxley Act of 2002, take effect on August 5, 2003.
The attorney conduct rules are yet another safeguard designed by the SEC to protect the integrity of U.S. capital markets in the post-Enron era. Having previously addressed perceived problems with public company boards, executive management and independent auditors, the SEC’s attention has shifted to the legal community.
Public company directors and executives have always looked to securities lawyers for counseling and advice on matters of disclosure and SEC reporting. The attorney conduct rules now establish specific guidelines a securities lawyer must follow when representing a public company.
