Top firms join IBA and English Law Society to escape US regulatory net
November 18, 2002 at 07:03 PM
1 minute read
The original version of this story was published on Legalweek
Lawyers around the world are gearing up to fight for exemptions from sweeping anti-fraud laws as US regulators unveiled hard-line securities rules forcing US and foreign lawyers to report on clients.
The draft US proposals, issued on 6 November by the Securities and Exchange Commission (SEC), are part of the anti-fraud Sarbanes-Oxley Act passed by the US Congress in July amid a deluge of corporate scandals.
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