The Jenner & Block
"On January 23, 2003 the SEC released final rules under Section 407 of the Sarbanes-Oxley Act of 2002
regarding disclosures with respect to ""audit committee financial experts. The final definition of audit committee financial expert adopted by the SEC is broader than the definition of ""financial expert"" initially proposed by the SEC. As a result, a larger universe of people will qualify as an audit committee financial expert under the final rules. The rules contain a safe-harbor to protect audit committee financial experts from enhanced liability, including liability under Section 11 of the Securities Act, as an ""expert,"" and to clarify that designation as an audit committee financial expert does not impose duties, obligations or liabilities on the designated person that are any greater than those of any other member of an audit committee."