The submission of facts and details concerning an asset, a situation, or a business operation. For example, the seller of a home may be required to provide disclosure to potential buyers of any defects. Likewise, a lender must offer borrowers full disclosure of the terms of a loan. In general, security exchanges and the SEC require firms to disclose to the investment community the facts concerning issues that will affect the firms' stock prices. Disclosure is also required when firms file for public offerings. See also full disclosure.