kaal:claim:1806252-018

A lack of regulatory guidance creates legal uncertainty, and legal uncertainty in turn generates transaction costs.

A lack of guidance may create legal uncertainty,!4° and legal uncertainty generates transaction costs.

Kaal, Hedge Fund Regulation Via Basel III (2011), III.2.a History of Hedge Fund Registration in the United States, p. 25
https://ssrn.com/abstract=1806252 · source PDF

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

• regulator relies on no-action letters rather than rules

mechanismsupport: arguedlaw-and-legal-systemseconomicssecurities-law

• restates kaal:claim:1664809-023 Legal uncertainty generates transaction costs, and European company boards will inevitably incur costs minimiz...
• generalizes kaal:claim:3067615-029 The lack of a regulatory framework creates significant legal uncertainty in the ICO market, and because crypto...
• generalizes kaal:claim:2150377-004 Before Dodd-Frank the perimeter of hedge fund regulation was set by SEC no-action letters on client counting a...

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