[Code of Federal Regulations]
[Title 17, Volume 2]
[Revised as of April 1, 2005]
From the U.S. Government Printing Office via GPO Access
[CITE: 17CFR205.5]

[Page 236-237]
 
              TITLE 17--COMMODITY AND SECURITIES EXCHANGES
 
             CHAPTER II--SECURITIES AND EXCHANGE COMMISSION
 
PART 205_STANDARDS OF PROFESSIONAL CONDUCT FOR ATTORNEYS APPEARING AND 
 
Sec. 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

[[Page 237]]

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 Sec. 205.3 if the 
subordinate attorney reports to his or her supervising attorney under 
Sec. 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 Sec. 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 Sec. 205.3(b) has failed to comply with Sec. 
205.3.