Professional Standards for Capital Market Legal Consultants

The Capital Market Legal Consultant's Association has issued a set of professional standards to regulate the functions, duties, and actions of legal consultants working in the Capital Market. A number of changes have been made in acceptable professional standards and it is critical that practicing legal consultants in the capital market are aware of the amendments to ensure and maintain compliance.

Previously it was acceptable for a legal audit to be complete prior to any capital market transaction being effected. However, the current professional standards require that a legal due diligence exercise be undertaken. Legal due diligence is to be based on all available material information and consider the principles of openness with respect to the disclosure of relevant documents.