Part 205

Standards Of Professional Conduct For Attorneys Appearing and Practicing Before the Commission in the Representation
of an Issuer

Rule 4
Responsibilities of Supervisory Attorneys

a. An attorney supervising or directing another attorney who is appearing and practicing before the Commission in the representation of an issuer is a supervisory attorney. An issuer's chief legal officer (or the equivalent thereof) is a supervisory attorney under this section.

b. A supervisory attorney shall make reasonable efforts to ensure that a subordinate attorney, as defined in Sec. 205.5(a), that he or she supervises or directs conforms to this part. To the extent a subordinate attorney appears and practices before the Commission in the representation of an issuer, that subordinate attorney's supervisory attorneys also appear and practice before the Commission.

c. A supervisory attorney is responsible for complying with the reporting requirements in Sec. 205.3 when a subordinate attorney has reported to the supervisory attorney evidence of a material violation.

d. A supervisory attorney who has received a report of evidence of a material violation from a subordinate attorney under Sec. 205.3 may report such evidence to the issuer's qualified legal compliance committee if the issuer has duly formed such a committee.