How to rename volumes from Terminal without name limitations?

When a FAT volume is mounted I can click on it and rename it freely.

However via terminal it is very restrictive.

% /usr/sbin/diskutil rename "Nice Name" "Nicer Name" 
Nicer Name does not appear to be a valid volume name for its file system

Is there an other way, or a list of limitations?

Solution 1:

The FAT volume name mustn't contain:

* ? / \ | . , ; : + = [ ] < > "

You are limited to 11 characters. Using diskutil rename ... no umlauts etc. & all upper case.