# kaal:claim:2337268-009

**Claim.** Congress created distinct hedge fund adviser categories in Title IV of the Dodd-Frank Act because it recognized that not all hedge fund advisers pose the same systemic risks and therefore do not all require the same level of oversight.

**Type.** mechanism  **Support.** argued

**Holds when.**

- hedge fund advisers under Title IV of the Dodd-Frank Act

**Source quote.**

> When it passed the Dodd-Frank Act,17 Congress recognized that not all hedge fund advisers pose the same systemic risks and therefore require the same level of oversight. Congress therefore created different hedge fund adviser categories in Title IV of the Dodd-Frank Act.18

**From.** Wulf A. Kaal, *Investment Adviser Regulation* (2013), 2. Adviser Categories, page 7

**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.** systemic-risk, risk-and-incentives

**Keywords.** dodd-frank-title-iv, adviser-categories, systemic-risk, tiered-oversight

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