According to reports, US Securities & Exchange Commission chief Harvey Pitt spelled out the new measures to regulate corporate lawyers in an address to the American Bar Association.
Despite objections from lawyers over client confidentiality, Pitt said corporate lawyers were accountable to shareholders of public companies, not company executives, in the same manner expected of accountants.
He said the measures were included in the Act because its authors were sceptical about the ability of lawyers to police themselves, and said it was the responsibility of the SEC to set the standards.
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The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements