ISS's Michael Bruno, editor and writer for The Friday Report and the SCAS Alert, reports in as follows:

"Corporate lawyers shouldn't breathe a sigh of relief just yet over noisy withdrawal. SEC Commissioner Harvey J. Goldschmid told ISS's Friday Report last week that he expects the Commission to wrap up its rulemaking on noisy withdrawal by the end of fall. That jibes with Chairman William H. Donaldson's congressional testimony a couple of weeks ago that the whole reporting up/noisy withdrawal issue wasn't closed in the minds of regulators, regardless of the American Bar Association's adoption of new model ethics amendments over the summer. The SEC has been sitting on a revised proposal since at least the spring when it completed a second round of public comments on noisy withdrawal. That time around, the Commission asked for opinions about having the public company, rather than the lawyer, report the lawyer's resignation to the SEC."

Thanks for the scoop, Michael!