The US equities markets are revered worldwide for their transparency and general fairness. Companies report on their finances every quarter and issue audited financial statements annually. Investors with large holdings in a single company are disclosed publicly and large money managers disclose their individual holdings as well. The amount of disclosure is large, but for companies wanting access to the best equity capital market in the world - it is the price to pay.
Recent proposals have proposed eviscerating shareholder protections for small companies. Under the new proposals, small companies would have 5 years before they needed to furnish audited finances. 5 years is an awful long time to commit fraud.
Committing money to an investment requires confidence in your information, if that information is not there, or has never been verified, there can be no confidence. De-Regulation of this sort is NOT the right thing to do at all.