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' This comment is concerned primarily with the Securities Act of 1933; 15 U.S.C. §§ 77a-77mm (1976) [hereinafter cited without cross-reference as 1933 Act], and the Securities Exchange Act of 1934, id. §§ 78a-78kk [hereinafter cited without cross-reference as 1934 Act]. . The definition of "material" accepted by the courts for the 1934 Act, see Affiliated Ute Citizens v. United States, 406 U.S. 128, 153-54 (1972), is substantially the same as that promulgated by the SEC under the 1933 Act in rule 405(l), 17 C.F.R. § 230.405(1) (1980): The term "material", when used to qualify a requirement for the furnishing of information as to any subject, limits the information required to those matters as to which an average prudent investor ought reasonably to be informed before purchasing the security registered. 3 It shall be unlawful for any person, directly or indirectly, by the use of any means or instrumentality of interstate commerce or of the mails, or of any facility of any national securities exchange-

"Reasonable Care" in Section 12(2) of the Securities Act of 1933