When does a company that has made financial disclosures fail to satisfy disclosure requirements? That question has emerged in the civil-fraud case the SEC is pursuing against former top officials of Countrywide Financial Corp. The case addresses a growing challenge for the SEC: As companies' assets have been packaged into securities, disclosures about risks have come in annual and quarterly reports instead of filings traditionally looked at by stockholders. The SEC might make Countrywide "a test case to change the interpretation" of existing disclosure rules, says Peter Huang of Temple's Beasley School of Law. If that were the SEC's purpose, he says, the result "could be quite sweeping."