LawTalkers  

Go Back   LawTalkers

» Site Navigation
 > FAQ
» Online Users: 315
0 members and 315 guests
No Members online
Most users ever online was 4,499, 10-26-2015 at 07:55 AM.
Thread: SOX (not socks)
View Single Post
Old 08-03-2003, 12:19 PM   #1
baltassoc
Caustically Optimistic
 
baltassoc's Avatar
 
Join Date: Mar 2003
Location: The City That Reads
Posts: 2,385
SOX (not socks)

Has anyone else had the begeezus scared out of them by the upcoming impementation of Sarbanes-Oxley Section 307?

307.
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.


Has anyone looked into the potential of getting insurance coverage similar to D&O insurance? Any luck?
baltassoc is offline   Reply With Quote
 
Powered by vBadvanced CMPS v3.0.1

All times are GMT -4. The time now is 12:45 AM.