In the aftermath of the financial collapse of the 1929s, the Securities and Exchange Commission was created under President Roosevelt to provide oversight of the U.S. securities markets. Armed with the mission to protect investors and enhance capital formation, the Securities and Exchange Commission developed the federal disclosure regime. Under the disclosure regime, all public companies were required to provide extensive information filings which would be viewable by the public containing details about the company including extensive financial information and information about known risks. The rationale behind the disclosure regime was that “sunlight is the best disinfectant” and that investors would be able to adequately judge the quality of an investment if provided with the necessary “material” information. Throughout the years, there has been a considerable debate about how far public company disclosures must go. The standard which determines whether a disclosure is necessary is whether information is “material”. Over the years, the definition of materiality is viewed as information a “reasonable investor would find important in making an investment decision” and is determined on a case-by-case basis.