This chapter considers another reason why simplification cannot save mandated disclosure: regulatory method depends on disclosers, but the core problem of complexity makes it hard for lawmakers to write clear instructions and for disclosers to understand and obey them. The discloser's two important tasks are determining what should be included in the disclosure and assembling the data. These tasks are not always at hand, and collecting them can be costly and fraught with troublesome judgments. The chapter shows that the law governing complex situations is written along a continuum from rules to discretion. It discusses the challenges faced by disclosers in collecting information, presenting it, and disclosing it through agents, as well as their reasons and incentives to resist mandates and to manipulate disclosures. It concludes by giving an example that illustrates how conflicts of interest may arise in a disclosure.
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