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Dealing with the SEC's 'Up-the-Ladder' Reporting Requirements
In a September 2004 speech, the Director of the Securities and Exchange Commission's Division of Enforcement stated that the SEC has named lawyers as respondents or defendants in more than 30 enforcement actions in the past 2 years. These actions are consistent with the SEC's view that one of the Sarbanes-Oxley Act's primary themes is the significance of “gatekeepers,” such as auditors, lawyers, research analysts, and boards of directors, in maintaining fair and honest markets. Under this view, a lawyer, as gatekeeper, is, as SEC Commissioner Harvey Goldschmid put it, “a guardian with independent professional responsibilities, including a responsibility for protecting the institution,” rather than simply the management team that hired him or her.
The provision of Sarbanes-Oxley (SOX) that sets out this gatekeeper role for lawyers, Section 307, requires that lawyers report “up the ladder” (that is, to senior management and, ultimately, to the audit committee or the full board of directors) evidence of certain violations of the securities laws and breaches of fiduciary duties. While the SEC's rules implementing Section 307 became effective in August 2003, there remains much ambiguity in how the SEC plans to enforce them.
New York's Latest Cybersecurity Commitment
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
How AI Has Affected PR
When we consider how the use of AI affects legal PR and communications, we have to look at it as an industrywide global phenomenon. A recent online conference provided an overview of the latest AI trends in public relations, and specifically, the impact of AI on communications. Here are some of the key points and takeaways from several of the speakers, who provided current best practices, tips, concerns and case studies.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.