And if the statement just contains the "opening" and "closing" balance, then that's not adequate disclosure.
But the brokerage firms kept promoting and selling their sister-firms' securities, without adequate disclosure of the depth of the problems.
It tells you what constitutes adequate disclosure to avoid certain penalties.
Yet most funds have not demanded adequate disclosure from their consultants.
FORBES: Time��s Running Out For America��s Pensions (May 1, 2003 )
The root of this urgent new challenge is the fact that adequate disclosure and transparency concerning these foreign entities is simply not required by the Securities and Exchange Commission.
These troubling events underscore, yet again, the consequences of the SEC failing to demand adequate disclosure of where foreign firms seeking to list in New York are doing business globally and with whom.
If you don't make adequate disclosure, or if the statements on your return rise to the level of fraud, you're not in any three-year safe harbor and the IRS can revisit your return at any time.
We noted the 12% rise in active management fees over the past ten years and speculated this rise might be attributed to the combined forces of consultant conflicts of interest and lack of adequate disclosure to clients of information regarding fees.
FORBES: Why Pension Investment Advisory Fees Are So High (January 1, 2003 )
For its part, the Securities and Exchange Commission has yet to demand adequate disclosure with respect to where foreign firms seeking to raise funds in the U.S. capital markets -- to say nothing of their parent companies, subsidiaries or affiliates -- do business in the world and with whom.
Benjamin Graham, perhaps the most astute analyst Wall Street has ever produced, was once asked whether he thought disclosure was adequate.
WSJ: The Intelligent Investor: Most Risks Hide in Plain Sight
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