# kaal:claim:2447306-017

**Claim.** The SEC's error runs in the opposite direction for small advisers on recurring filings: the agency marginally underestimated the cost of subsequent Form PF filings for annually filing smaller private fund advisers.

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

**Holds when.**

- subsequent Form PF filings by annually filing smaller advisers

**Source quote.**

> The cross-comparison suggests that the SEC may be marginally underestimating the cost of Form PF filings for annually filing smaller private fund advisers.

**From.** Wulf A. Kaal, *Private Fund Disclosures Under the Dodd-Frank Act* (2014), V. Results, 1. Form PF Compliance Cost, page 21

**Cite as.** Wulf A. Kaal, Private Fund Disclosures Under the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2447306

**Verify.** sha256 of source PDF `0c950d73240845e78faf1c3ca0ab820fcc50556faf7ff07f7f773d0876f0be8a` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202014%20-%20Private%20Fund%20Disclosures%20Under%20the%20Dodd-Frank%20Act.pdf

**Topics.** securities-law, compliance, private-funds

**Keywords.** sec-cost-estimates, compliance-cost, small-advisers, form-pf, regulatory-cost-benefit

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