In one slide, a happy blue Microsoft Windows icon is seen ripped open to illustrate the negative effects on the company of having to comply with the states' technical information disclosure requirements.

BBC: Gates cool on the stand

While we share your desire to have a free flow of information between SEC staff and attorneys preparing the IPO filings, it is important not to avoid disclosure requirements or the Freedom of Information Act.

CENTERFORSECURITYPOLICY: Center For Security Policy

At this very moment, financial firms are clamoring to prepare themselves for these new disclosure requirements and prepare all the necessary information for current and prospective clients.

FORBES: What Do You Really Know About Your Financial Advisor?

This could result in foreign firms revealing more information, though it would amount to enforcement of existing rules rather than an expansion of disclosure requirements.

CENTERFORSECURITYPOLICY: Center For Security Policy