# kaal:claim:2337268-003

**Claim.** Exemption from registration under the IAA does not exempt an adviser from the antifraud provision, which reaches both negligent misstatements and misstatements made with intent to defraud.

**Type.** condition  **Support.** asserted

**Holds when.**

- advisers exempt from SEC registration

**Source quote.**

> Investment advisers who are exempt from registration are still subject to the IAA's antifraud provision,6 which applies to negligent misstatements and misstatements made with the intent to defraud.

**From.** Wulf A. Kaal, *Investment Adviser Regulation* (2013), Introduction, page 4

**Cite as.** Wulf A. Kaal, Investment Adviser Regulation (2013). SSRN: https://ssrn.com/abstract=2337268

**Verify.** sha256 of source PDF `7075ce35282a8ee75b81ae3dec0e19f68631beae7f3c3a00ab2827538dc9e302` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202013%20-%20Investment%20Adviser%20Regulation.pdf

**Topics.** securities-law, private-funds

**Keywords.** antifraud, registration-exemption, negligent-misstatement, investment-advisers-act

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