TITLE 17 - COMMODITY AND SECURITIES EXCHANGES

CHAPTER II - SECURITIES AND EXCHANGE COMMISSION

PART 205 - STANDARDS OF PROFESSIONAL CONDUCT FOR ATTORNEYS APPEARING AND PRACTICING BEFORE THE COMMISSION IN THE REPRESENTATION OF AN ISSUER

205.5 - Responsibilities of a subordinate attorney.

  (a) An attorney who appears and practices before the Commission in the representation of an issuer on a matter under the supervision or direction of another attorney (other than under the direct supervision or direction of the issuer's chief legal officer (or the equivalent thereof)) is a subordinate attorney.

  (b) A subordinate attorney shall comply with this part notwithstanding that the subordinate attorney acted at the direction of or under the supervision of another person.

  (c) A subordinate attorney complies with 205.3 if the subordinate attorney reports to his or her supervising attorney under 205.3(b) evidence of a material violation of which the subordinate attorney has become aware in appearing and practicing before the Commission.

  (d) A subordinate attorney may take the steps permitted or required by 205.3(b) or (c) if the subordinate attorney reasonably believes that a supervisory attorney to whom he or she has reported evidence of a material violation under 205.3(b) has failed to comply with 205.3.