TITLE III - CORPORATE RESPONSIBILITY
SEC. 307. RULES OF PROFESSIONAL RESPONSIBILITY FOR ATTORNEYS.
Not later than 180 days after the date of enactment of this Act, the Commission
shall issue rules, in the public interest and for the protection of investors,
setting forth minimum standards of professional conduct for attorneys appearing
and practicing before the Commission in any way in the representation of issuers,
including a rule -
(1) requiring an attorney to report evidence of a material violation of securities
law or breach of fiduciary duty or similar violation by the company or any agent
thereof, to the chief legal counsel or the chief executive officer of the company
(or the equivalent thereof); and
(2) if the counsel or officer does not appropriately respond to the evidence
(adopting, as necessary, appropriate remedial measures or sanctions with respect
to the violation), requiring the attorney to report the evidence to the audit
committee of the board of directors of the issuer or to another committee of
the board of directors comprised solely of directors not employed directly or
indirectly by the issuer, or to the board of directors.
About OpenPages
OpenPages is the leading provider of Governance, Compliance and Risk
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for Sarbanes-Oxley Compliance, Financial Controls Management, General
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Risk Management and IT
Governance.
The company’s solutions provide the visibility, decision support and
control to improve accountability, better manage risk, achieve compliance
with numerous regulations, improve operational performance and align strategies
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Market-leading corporations in financial services, manufacturing, telecommunications,
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Founded in 1996, the company is headquartered in Waltham, Massachusetts, with
regional offices throughout North America and international offices in London, Munich, Paris, Tokyo and Hong Kong.
For more information on OpenPages' suite of business governance software solutions
or to register for an online demonstration, please call 781-693-5999 or visit
www.openpages.com.
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