# kaal:claim:1806252-005

**Claim.** The AIFM Directive could create incentives for regulatory arbitrage and could provoke retaliatory action by countries outside the European Union.

**Type.** predictive  **Support.** argued

**Holds when.**

- non-EU funds and managers face restricted access to EU markets

**Source quote.**

> The AIFM Directive could create incentives for regulatory arbitrage and potentially cause retaliatory action by non-EU countries.

**From.** Kaal, *Hedge Fund Regulation Via Basel III* (2011), I. INTRODUCTION, page 9

**Cite as.** Kaal, Hedge Fund Regulation Via Basel III (2011). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1806252

**Verify.** sha256 of source PDF `3343ebfe05a925c3d1a75625c4b351ccff515c50819a48d155804daacf01429d` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202011%20-%20Hedge%20Fund%20Regulation%20Via%20Basel%20III.pdf

**Failure mode.** protectionist-backlash  (family: other)

**Topics.** regulatory-failure

**Keywords.** aifm-directive, regulatory-arbitrage, retaliation, european-union

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.