Merrill has said that all the proper disclosures were made in the offering document circulated to investors.

The law would also create a Review Board to oversee the proper disclosure of records.

Mr. Cogut said he did not want to speculate about whether the firm had failed to make proper disclosures.

He said the contention that Lord Black and others took large sums out of the company without approval or proper disclosure was serious enough.

"It's an issue of proper disclosure," he said.

Failure to obtain proper disclosure is likely to lead to improper or ineffective medical diagnosis and treatment.

He had made no proper disclosure and had misused confidential information.

The captain is no fool, and too much accuracy on your part without proper disclosure will cause him to ask difficult questions.

But he added that he was confident the company had made proper and adequate disclosure of all pertinent matters.