kaal:claim:1428387-040

Regulating on the basis of retailization would not currently be justifiable, because retailization cannot be quantified with any degree of certainty and regulation premised on speculation without proof or data validation would probably produce inadequate results.

Using a form of regulation that is premised on speculation without any proof or form of validation through data analysis would probably produce inadequate results and therefore would not be justifiable. (The SEC has not yet raised the

Kaal, Hedge Fund Valuation Retailization, Regulation, and Investor Suitability (2009), VII. Conclusion, footnote 253, p. 56
https://ssrn.com/abstract=1428387 · source PDF

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

• as of 2009, absent data quantifying retail participation in hedge funds

failuresupport: arguedfailure: speculation-based-regulationfamily: measurement-and-metric-failureempirical-evidence

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