LegalEthics.com
Title
LegalEthics.com: The Intersection of Ethics and the Law
Description
U.S. Court of Appeals for the DC Circuit makes its decision. On March 6, 2006, the Federal Trade Comission (FTC) allowed its option to appeal to expire. The descision will stand.
The Court fin ds that attorneys are not financial institutions under the definition of the Gramm-Leach-Bliley Act and that Title V Subtitle A does not apply to attorneys engaged in the practice of law.
In June 2001, the Federal Trade Commission determined that the Gramm-Leach-Bliley (Public Law 106-102), a banking law passed in 1999, granted the Commission authority to regulate the ethical duty of confidentiality that U.S. attorneys owe their clients. Title V, Subtitle A of the Gramm-Leach-Bliley Act requires financial institutions to provide customers with periodic notice of the institution's privacy protection policies and empowers federal agencies to enforce protection regimes within those firms. A "financial institution," as interpreted by the FTC , is any business"significantly engaged" in activities seemed to be financial in nature, including tax planning and tax preparations; financial, investment and economic advising; and real estate settlements services.
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