# kaal:claim:1428387-031

**Claim.** Raising the Regulation D numerical tests by adding an investable assets requirement would probably not address how to remedy investors' lack of understanding of hard-to-value assets.

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

**Holds when.**

- under the SEC proposal to add a 2.5 million dollar investments requirement

**Source quote.**

> raising the numerical tests by adding an investable assets requirement236 would probably not address the question of how the lack of understanding of certain hard-to-value assets could be addressed.

**From.** Kaal, *Hedge Fund Valuation Retailization, Regulation, and Investor Suitability* (2009), VI.B Investor Qualification Requirements for Investments in Hedge Funds, page 49

**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.** threshold-raising-futility  (family: investor-protection-gap)

**Topics.** securities-law, reputation

**Keywords.** regulation-d, accredited-investor, sec-proposal, investor-understanding

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