Regulator limits reach of anti-fraud rules; noisy withdrawal under review
January 29, 2003 at 07:03 PM
1 minute read
The original version of this story was published on Legalweek
Foreign lawyers have been granted key exemptions from the controversial Sarbanes-Oxley Act, while the fate of the so-called ‘noisy withdrawal’ provision still hangs in the balance for US-qualified lawyers.
In what is regarded as a major success for foreign lobbying, the Securities and Exchange Commission (SEC) on 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.
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