# kaal:claim:2337268-025

**Claim.** Form PF requires disclosure of the reporting fund's positions and how long it would take to liquidate them, because the SEC needs a view of portfolio liquidity rather than positions alone.

**Type.** design  **Support.** asserted

**Holds when.**

- private fund advisers filing Form PF

**Source quote.**

> To help the SEC understand the liquidity of the reporting fund's portfolios, Form PF requires the investment adviser to disclose the reporting fund's positions and how long it would take to liquidate them.78

**From.** Wulf A. Kaal, *Investment Adviser Regulation* (2013), 4. Disclosure, page 16

**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, defi, systemic-risk, risk-and-incentives

**Keywords.** form-pf, liquidity, portfolio-positions, systemic-risk

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