*Letters

SIA Submits Comments to the SEC on the Implementation of Standards of Professional Conduct for Attorneys

Published on:
April 7, 2003

The Securities Industry Association (SIA)* provides comments to the Securities Exchange Commission (SEC) on the implementation of Standards of Professional Conduct for Attorneys, File No. S7-45-02. SIA suggests that the rule will allow corporate officials to shy away from seeking legal advice, or trim what they tell their lawyers, weakening everyday corporate compliance with federal and state laws. SIA’s concern with the two versions of reporting-out proposed by the SEC is that it would discourage candor between issuers and their attorneys. SIA suggests alternative legislation that would be tailored to be consistent with the standard applied in most states.

*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.

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