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Sarbanes Oxley
Act |
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SEC. 307.
RULES OF PROFESSIONAL RESPONSIBILITY
FOR
ATTORNEYS.
Not later
than 180 days after the date of enactment of
this
Act, 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.
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