# kaal:claim:1428387-003

**Claim.** Existing international proposals and guidelines on hedge fund valuation fail because they do not adequately distinguish between retail and qualified investors, and as of 2009 no legislature has issued an exhaustive set of rules addressing the factors that cause inaccurate valuation.

**Type.** failure  **Support.** argued

**Holds when.**

- as of the time of writing, 2009

**Source quote.**

> They also do not adequately distinguish between retail investors and qualified investors.11 So far, no legislature has issued an exhaustive set of rules to address the factors that lead to inaccurate valuation.

**From.** Kaal, *Hedge Fund Valuation Retailization, Regulation, and Investor Suitability* (2009), I. Introduction, page 3

**Cite as.** Kaal, Hedge Fund Valuation Retailization, Regulation, and Investor Suitability (2009). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1428387

**Verify.** sha256 of source PDF `6aa3a280dc6750723be2389f3af2aabf3a16c4ce20e49fcdaddd7f2ea95a67aa` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202009%20-%20Hedge%20Fund%20Valuation%20Retailization%2C%20Regulation%2C%20and%20Investor%20Suitability.pdf

**Failure mode.** undifferentiated-guidance  (family: investor-protection-gap)

**Topics.** economics

**Keywords.** regulatory-gap, retail-investors, qualified-investors, valuation-standards

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