# kaal:claim:2715083-013

**Claim.** The author stipulates the term nominal confluence: legal requirements that are formally identical for mutual and hedge fund managers but that operate in materially different ways in practice, so formal legal convergence overstates actual convergence.

**Type.** definitional  **Support.** argued

**Holds when.**

- applies where the same statute or rule governs both fund types

**Source quote.**

> The term "nominal confluence" as used herein describes otherwise identical legal requirements for mutual and hedge fund managers that can be materially different in practice.

**From.** Kaal, *Confluence of Mutual and Private Funds* (2016), III. Persistent Differences and Nominal Confluence, page 9

**Cite as.** Kaal, Confluence of Mutual and Private Funds (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2715083

**Verify.** sha256 of source PDF `b5c92186260d4a8499a14f81ee24ace093b24e7740af3effcd1c526fa4fa221e` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202016%20-%20Confluence%20of%20Mutual%20and%20Private%20Funds.pdf

**Failure mode.** Nominal confluence  (family: harmonization-and-standardization-failure)

**Topics.** institutional-design

**Keywords.** nominal-confluence, definition, regulatory-convergence, formal-versus-practical

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.