The waiting game
Section 307 of the Sarbanes-Oxley Act hands the Securities and Exchange Commission the power to regulate lawyers including UK advisers to UK companies with US listings. But lawyers are still very much in the dark about how far the Act will impact on them. Jan Harvey reports
Harvey Pitt may have taken a fair amount of flak from the press over his personal business dealings in the past, but in his speech to the American Bar Association’s (ABA’s) annual general meeting in August, the chair of the US Securities and Exchange Commission (SEC) left his audience under no illusions about his attitude towards white-collar crime. With corporate America suffering the greatest crisis of confidence since the 1930s following a wave of corporate scandals, Pitt was not about to let the legal profession believe its role in the disaster had gone unremarked.
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