kaal:claim:2150377-033

Respondents identified the creation of barriers to entry as an industry level effect of the registration and disclosure requirements, because the rules make the market environment for private funds less attractive to new entrants.

Another response cluster that merits mentioning is the creation of barriers to entry for other funds because of a less attractive market environment for private funds as a result of the registration and disclosure requirements.

Wulf A. Kaal, Hedge Fund Manager Registration Under the Dodd-Frank Act (2012), F. Investment Management Company
https://ssrn.com/abstract=2150377 · source PDF

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

• respondent projections for the private fund industry over five years
• survey Question 5 response clusters

failuresupport: evidencedfailure: registration-raises-barriers-to-entryfamily: compliance-cost-and-barrier-to-entryrisk-and-incentivesprivate-fundsempirical-evidencecompliance

• extended_by kaal:claim:2732915-037 Asked how Title IV will affect the private fund industry over the next five years, the largest groups of respo...
• extended_by kaal:claim:2714974-040 Higher compliance costs from hedge fund regulation can create barriers to entry for new market entrants and ca...
• contested_by kaal:claim:2389423-010 Because there is no evidence of an inverse relationship between adviser size and per-unit compliance cost, ind...
• supported_by kaal:claim:2739479-040 Barriers to entry for small firms are becoming an increasing problem in the private fund industry under the ev...
• supported_by kaal:claim:2998097-015 The second survey found long-term negative effects of Title IV: 34.9 percent of respondents expected it to aff...
• extended_by kaal:claim:2389423-007 A disproportionate effect of Title IV on startup hedge funds and smaller advisers could create barriers to mar...
• restated_by kaal:claim:2732915-038 The long-term effect of the Dodd-Frank Act on the private investment fund industry is likely to be characteriz...

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