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QLCC An Attractive Alternative For Section 307 Compliance

Hamilton James | March 13, 2003

Congress, in a bold and dramatic move, has placed the SEC for the first time into the uncharted waters of federal regulation of attorneys.

Section 307 of the Sarbanes-Oxley Act, and the attendant SEC rules, firmly remind attorneys appearing and practicing before the SEC in the representation of a company that they owe their professional and ethical duties to the company as an organization and not to the corporate officers, directors, or employees that they work with and advise.

The SEC responded to the statutory mandate with a broad and detailed regulatory reporting regime covering both inside and outside corporate counsel that is designed to improve the accuracy and reliability of corporate disclosures made pursuant to the securities laws and foster investor confidence in the securities markets.

The final SEC rules impose an up-the-ladder reporting requirement when attorneys become aware of...

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