# kaal:claim:2714974-001

**Claim.** The originators of the earliest U.S. hedge funds deliberately structured the funds to maximize trading freedom by minimizing exposure to federal regulation, so the industry's private, unregistered form was a design choice rather than an accident of history.

**Type.** mechanism  **Support.** asserted

**Holds when.**

- applies to the founding period of the U.S. hedge fund industry in the early 1950s

**Source quote.**

> The originators of the early funds designed the funds to maximize their freedom to employ complex trading strategies by minimizing their exposure to regulation under various federal statutes.

**From.** Kaal and Oesterle, *The History of Hedge Fund Regulation in the United States* (2016), INTRODUCTION, page 1

**Cite as.** Kaal and Oesterle, The History of Hedge Fund Regulation in the United States (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2714974

**Verify.** sha256 of source PDF `7764601d3ed5bb056b58949e8411eff9dfb9855f143719062030c980c5fa801b` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Oesterle%20-%202016%20-%20The%20History%20of%20Hedge%20Fund%20Regulation%20in%20the%20United%20States.pdf

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

**Keywords.** hedge-funds, regulatory-exemption, fund-design, securities-regulation

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