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This Article deals with the issue of investor protection by disclosure.It discusses the evolution of disclosure in the financial area during the past thirty years, the role of disclosure in the regulation of intermediaries, and the current strong disagreements concerning the Dodd-Frank Act's mandate applicable to market brokers.The Article notes the role of disclosure in the restructured financial intermediation system, its failure to protect investors, and concludes with suggestions to partially correct the failure and restore the rationale for effective disclosure.Disclosure should apply to the risks posed by the intermediaries rather than to the dangers and risks posed by the investments that the intermediaries offer.I. Introduction .....
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