# kaal:claim:2150377-010

**Claim.** Form PF reporting achieves broad coverage of systemic exposure with narrow coverage of firms: the SEC expects the small set of large filers to account for eighty percent of total hedge fund assets under management in the United States.

**Type.** empirical  **Support.** evidenced

**Holds when.**

- advisers with at least $1.5 billion in RAUM attributable to hedge funds
- SEC estimates at the time of Form PF adoption

**Source quote.**

> The SEC expects this relatively small number of advisers to account for 80% of total hedge fund assets under management in the United States.145

**From.** Wulf A. Kaal, *Hedge Fund Manager Registration Under the Dodd-Frank Act* (2012), 2. Disclosure

**Cite as.** Wulf A. Kaal, Hedge Fund Manager Registration Under the Dodd-Frank Act (2012). SSRN: https://ssrn.com/abstract=2150377

**Verify.** sha256 of source PDF `0b58bb409cac7674d78515f5374096f9a349de3bbd1983c990e0edc85a635a09` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202012%20-%20Hedge%20Fund%20Manager%20Registration%20Under%20the%20Dodd-Frank%20Act.pdf

**Topics.** private-funds, systemic-risk, risk-and-incentives, disclosure

**Keywords.** form-pf, systemic-risk, reporting-coverage, assets-under-management, fsoc

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