# kaal:claim:1806252-033

**Claim.** Requiring advisers to adopt written policies to prevent and detect securities law violations presumes those violations are foreseeable, yet because Dodd-Frank substantially changed securities law, the foreseeability of potential violations is itself further curtailed.

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

**Holds when.**

- PFIARA requires written compliance policies just after Dodd-Frank changed the underlying law

**Source quote.**

> But because securities law has been substantially changed under the Dodd—Frank Act, the foreseeability of potential violations could be further curtailed.

**From.** Kaal, *Hedge Fund Regulation Via Basel III* (2011), III.2.c.4 Cost of Compliance, page 44

**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.** unforeseeable-compliance-target  (family: other)

**Topics.** compliance

**Keywords.** compliance-costs, dodd-frank, foreseeability, written-policies

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