# kaal:claim:2337268-020

**Claim.** Mandatory disclosure of referral compensation, related person status of brokers and dealers, and soft dollar benefits is designed to defuse conflicts of interest arising when an adviser runs several types of business and services.

**Type.** design  **Support.** argued

**Holds when.**

- advisers filing Form ADV Part 1A

**Source quote.**

> investment advisers must disclose compensation given or received for client referrals,55 related persons status of brokers and dealers,56 and soft dollar benefits, i.e., research or other products and services received in connection with client transactions.57

**From.** Wulf A. Kaal, *Investment Adviser Regulation* (2013), 4. Disclosure, page 13

**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.** private-funds

**Keywords.** conflicts-of-interest, soft-dollars, referral-compensation, form-adv

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