Responsibilities for offerings of securities since federal law

Responsibilities for Offerings of Securities

Since federal law requires disclosure of only material information, who of the following bears the responsibility for ensuring the quality and fairness of an offering?

The managers and directors of the issuing company
The investment bankers
The securities lawyers
Should an independent agency be appointed to oversee such offerings? If so, at whose expense? If not, why?

Submit your answers in a 2- to 3-page Microsoft Word document.