Speaking at a recent Congressional hearing, Rep. Michael Oxley (R-Ohio), co-sponsor of the Sarbanes-Oxley corporate governance bill criticised "noisy withdrawal" reforms proposed by the Securities and Exchange Commission (SEC) which would require attorneys to ditch clients who commit violations of securities laws, and then inform the regulator.
"While the SEC has implemented...sensible requirements as set forth in the act, the SEC clearly went beyond Congressional intent in proposing the noisy withdrawal mandate," Rep. Oxley announced, although he did add that the SEC has since scaled back the provision.
Speaking to the Legal Week news service, an SEC spokesman explained that:
"Obviously there have been serious discussions and it is still a difficult and thorny issue. We cannot recommend any changes until there is harmony on the subject and there are no announcements imminent."
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