Though it might be interesting to hear what your state Bar Association has to say about the legislation and the general counsel's interpretation of it.
There are serious concerns about implementation of the Act, and the linked speech identifies those:
Among other things, this debate has highlighted a number of apparent tensions: between the duty to serve shareholder interests, on the one hand, and the duty to protect client confidences, on the other; between federal authority to regulate attorneys appearing and practicing before the Commission and traditional state regulation of attorneys; and between competing policy views about the appropriate role of lawyers as gatekeepers under the federal securities laws.The question I have, though, is how well general counsel has addressed those issues.
