Federal law requires certain material information be disclosed related to the offering of securities. Address the responsibilities of each of the parties listed below for ensuring quality, fairness and accuracy for securities offerings. Which party or parties bears the most responsibility?Managers and directors of the issuing companyInvestment bankersSecurities lawyersEven though the SEC provides regulatory oversight regarding securities, should the parties engage an independent company to oversee the offering of securities? If so, at whose expense? If not, why? Submit your answers in a 2- to 3-page Microsoft Word document. Name your document: SU_MBA5005_W5_A2_Johnson_D.doc.