Washington DC: lawyers fear SEC could be given too much powerThe American Bar Association (ABA) is preparing to take legal action against the Securities and Exchange Commission (SEC) ahead of the implementation of new powers allowing the regulator to police law firms.

Draft SEC rules are due to be published this month outlining how the US financial services regulator will police the legal and accountancy professions under radical new anti-fraud powers contained in this year’s Sarbanes-Oxley Act.