# kaal:claim:2337268-031

**Claim.** Excluding the primary residence from the net-worth test removed a large population from qualified client status: SEC estimates suggest roughly 1.3 million households no longer qualify under the revised test.

**Type.** empirical  **Support.** evidenced

**Holds when.**

- households assessed under the revised net-worth test

**Source quote.**

> SEC estimates suggest that with the exclusion of the primary residence from the net-worth test, roughly 1.3 million households were excluded from qualifying under the revised net-worth test.93

**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.** securities-law

**Keywords.** qualified-clients, net-worth-test, sec-estimates, household-eligibility

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