# kaal:claim:2348463-023

**Claim.** Because the SEC is still working out the appropriate use of Form PF and still improving the form and its instructions, its enforcement division is unlikely to open investigations into alleged misreporting or failures to report.

**Type.** predictive  **Support.** argued

**Holds when.**

- period while Form PF remains unstandardized

**Source quote.**

> While the SEC is still ascertaining the appropriate use of Form PF and improving Form PF and the instructions to it, it is unlikely that the SEC's enforcement division will start investigations into alleged misreporting or failures to report.

**From.** Wulf A. Kaal, *Hedge Funds’ Systemic Risk Disclosures in Bankruptcy* (2013), III. SYSTEMIC RISK AND BANKRUPTCY DISCLOSURE COMMONALITIES, page 27

**Cite as.** Wulf A. Kaal, Hedge Funds’ Systemic Risk Disclosures in Bankruptcy (2013). SSRN: https://ssrn.com/abstract=2348463

**Verify.** sha256 of source PDF `b3682f24c0b277b3307fb9f54cd17a4e0a87b48eecba34b40e189212f20c9a22` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202013%20-%20Hedge%20Funds%E2%80%99%20Systemic%20Risk%20Disclosures%20in%20Bankruptcy.pdf

**Failure mode.** non enforcement of Form PF obligations  (family: enforcement-gap)

**Topics.** private-funds, securities-law, compliance, risk-and-incentives

**Keywords.** form-pf, sec-enforcement, regulatory-implementation, compliance-incentives

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