This comment discusses the possible conflicts between the attorney-client privilege and the Securities Exchange Commission's requirements. The author begins by examining the National Student Marketing litigation, which reflects a new role for securities lawyers and a new SEC policy in enforcing this role. The author then discusses the basic premises underlying the SEC's imposition of a duty on a lawyer to disclose client conduct. The author concludes that the issue remains unsettled, but that the privilege is in danger unless the legal profession can convince the courts that maintaining confidences has a positive effect on compliance with the law.
Grant B. Luna,
A Securities Lawyer's Dilemma: The SEC's Policy of Disclosure v. the Attorney-Client Privilege,
San Diego L. Rev.
Available at: https://digital.sandiego.edu/sdlr/vol15/iss4/8