Foreign lawyers have been granted key exemptions from the controversial Sarbanes-Oxley Act, while the fate of “noisy withdrawal” provision still hangs in the balance for US-qualified lawyers as America’s financial regulator this week watered down draft rules on the regulation of lawyers.
In what is regarded as a major success for foreign lobbying, the Securities and Exchange Commission (SEC) on Thursday (23 January) said that “foreign lawyers who are not admitted in the US, and who do not advise clients regarding US law, would not be covered” by the Act.
