# kaal:claim:2150377-040

**Claim.** If advisers sanitize their Form ADV and Form PF filings, the disclosures become less useful for FSOC and SEC evaluation and undermine the very determination of systemic risk posed by private funds that the reporting regime was built to enable.

**Type.** failure  **Support.** speculative

**Holds when.**

- to the extent disclosures are in fact sanitized, which the Author states cannot be verified

**Source quote.**

> Although the level of sanitizing of disclosures cannot be verified, sanitized disclosures could be less useful for FSCO and SEC evaluation and their determination of the systemic risk posed by private funds.

**From.** Wulf A. Kaal, *Hedge Fund Manager Registration Under the Dodd-Frank Act* (2012), B. Private Fund Policy and Future Research

**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

**Failure mode.** sanitized-disclosure-defeats-systemic-risk-monitoring  (family: disclosure-ineffectiveness)

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

**Keywords.** systemic-risk, fsoc, disclosure-quality, form-pf, regulatory-effectiveness

**Related claims.**

- restated_by: https://wulfkaal.github.io/claims/2998097-014
- extended_by: https://wulfkaal.github.io/claims/2470008-002
- extended_by: https://wulfkaal.github.io/claims/2447306-004

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