Reporting requirements frequently just do not seem to be spelled out in statutes or regulations. After all, statutes and regulations are in a sense a part of the political process. They are often the result of compromise among groups which include those whose behavior is most affected by the statutes or regulations.
For example, it is reported that the Congressional Oversight Panel is discovering that TARP recipients are not required by TARP or other "guidelines" to report losses on commercial loans when the collateral anchoring those loans has dropped in value. See Carrick Mollenkamp, "TARP Panel Widens Look at Loan Woe in Property" p. C3, col. 6 (Wall Street Journal, Thursday, January 28, 2010)(subscription required for online access).
There is value in Equity and in Law, however. It is in Courts of Equity and in Courts of Law that duties of full disclosure by Fiduciaries have been fashioned and shaped, for example, sometimes despite the opposition of those subject to full disclosure duties.
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