# kaal:claim:2337268-029

**Claim.** The Dodd-Frank Act added an inflation adjustment to the qualified client standard, requiring the SEC to adjust any dollar amount test within one year of enactment and every five years thereafter.

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

**Holds when.**

- SEC use of a net asset or dollar amount test for qualified client status

**Source quote.**

> If the SEC uses a net asset threshold or any other dollar-amount test to determine the qualified client standard for exemption under the IAA, the SEC is required to adjust the dollar-amount test for the effects of inflation within one year after enactment and every five years thereafter.91

**From.** Wulf A. Kaal, *Investment Adviser Regulation* (2013), 6. Qualified Clients, page 18

**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.** tokenomics

**Keywords.** qualified-clients, inflation-adjustment, dodd-frank, net-worth-test

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