THE SARBANES-OXLEY Act of 2002, signed into law on July 30, 2002, accomplishes significant reform of the federal securities laws, particularly with respect to the regulation of accountants.
Further, this more rigorous regulatory regime has been extended in a minor way to securities lawyers. The problems that have come to the surface because of the financial demise of Enron, Adelphia Communications, Qwest, Global Crossing, WorldCom and other companies are of longstanding and the solutions proposed for dealing with these problems have been under consideration for many years.
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