# kaal:claim:2447306-024

**Claim.** Form PF's definition of leverage is overinclusive: respondents reported that it is inappropriately constructed and sweeps in funds that use neither leverage nor derivative securities.

**Type.** failure  **Support.** evidenced

**Holds when.**

- responses to follow-up survey Question 6b(ii)

**Source quote.**

> Several respondents suggested that the definition of leverage is inappropriately constructed and can include funds that don't use leverage or any derivative securities.

**From.** Wulf A. Kaal, *Private Fund Disclosures Under the Dodd-Frank Act* (2014), V. Results, 2. Shortcomings and SEC Guidance, page 27

**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

**Failure mode.** overbroad-leverage-definition  (family: definitional-ambiguity)

**Topics.** private-funds, empirical-evidence, securities-law

**Keywords.** leverage-definition, form-pf, overinclusive-definitions, survey-results, sec-definitions

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