While the SEC generally opines that disclosure of material facts to investors is sufficient, fiduciary duties require far more when dealing on behalf of pensions.

FORBES: International Campaign to Eliminate Pension Consultant Abuses (November 2, 2004 )

In both, one must determine if the law requires disclosure of qualitatively material facts as opposed to strictly quantitatively material facts.

CENTERFORSECURITYPOLICY: Shariah��s Black Box

Complete and full disclosure of all material facts is the only way to ensure that clients will have all of the necessary information from which to make a prudent decision.

FORBES: Stanford's Victims Still In The Dark