Washington (Aug. 6, 2003) — As the Securities and Exchange Commission’s new code of conduct for lawyers went into effect Tuesday, some 90 percent of corporate attorneys surveyed by the American Bar Association said their clients may go silent on them if the regulator decides to broaden the code.
The SEC enacted the new code of “reporting up” conduct in January, which stipulates that corporate lawyers who discover wrongdoing in a company must report it to top management. If they don’t receive an adequate response, the attorney must then alert director committees and if necessary, the full board.
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