Elizabeth WallThe US Securities and Exchange Commission (SEC) has given lawyers an extra two months to comment on the controversial “noisy withdrawal” requirements of new rules of professional conduct introduced under the Sarbanes-Oxley Act in response to corporate scandals in the US.

While the new rules include a requirement for “up-the-ladder reporting” by lawyers, the SEC has climbed down on the proposals that would have forced lawyers to whistleblow on their clients.
The SEC has also watered down proposals to include non-US lawyers within the sphere of its regulatory powers.