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15 U.S.C. § 7261 — Rules of professional responsibility for attorneys
Federal law — U.S. Code and appendices · legal_authorities
Not later than 180 days after July 30, 2002, 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.
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Stable record: federal_law:legal_authorities:record_usc_e173f838f0d38f5c593e1589
Source file: Laws/federal/codes/united-states-code/title-15/section-7261-rules-of-professional-responsibility-for-attorneys--f97de39b55.md
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Source location: Title 15, Chapter 98, § 7261; chapter-098-public-company-accounting-reform-and-corporate-responsibility.md
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Not later than 180 days after July 30, 2002, 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.
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Federal law — U.S. Code and appendices · legal_authorities
Nothing in section 401, 402, or 404, the amendments made by those sections, or the rules of the Commission under those sections shall apply to any investment company registered under [section 80a–8 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80a-8&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 7265
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Federal law — U.S. Code and appendices · legal_authorities
Page 2341
TITLE 15—COMMERCE AND TRADE
§ 7262
SUBCHAPTER IV—ENHANCED FINANCIAL
DISCLOSURES
§ 7261. Disclosures in periodic reports
(a) Omitted
(b) Commission rules on pro forma figures
Not later than 180 days after July 30, 2002, the
Commission shall issue final rules providing
that pro forma financial information included in
any periodic or other report filed with the Com-
mission pursuant to the securities laws, or in
any public disclosure or press or other release,
shall be presented in a manner that—
(1) does not contain an untrue statement of
a material fact or omit to state a material
fact necessary in order to make the pro forma
financial information, in light of the cir-
cumstances under which it is presented, not
misleading; and
(2) reconciles it with the financial condition
and results of operations of the issuer under
generally accepted accounting principles.
(c) Study and report on special purpose entities
(1) Study required
The Commission shall, not later than 1 year
after the effective date of adoption of off-bal-
ance sheet disclosure rules required by section
78m(j) of this title, complete a study of filings
by issuers and their disclosures to determine—
(A) the extent of off-balance sheet trans-
actions, including assets, liabilities, leases,
losses, and the use of special purpose enti-
ties; and
(B) whether generally accepted accounting
rules result in financial statements of
issuers reflecting the economics of such off-
balance sheet transactions to investors in a
transparent fashion.
(2) Report and recommendations
Not later than 6 months after the date of
completion of the study required by paragraph
(1), the Commission shall submit a report to
the President, the Committee on Banking,
Housing, and Urban Affairs of the
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 7261
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.