# kaal:claim:2739479-033

**Claim.** Although Dodd-Frank compliance costs fall primarily on the investment adviser rather than the fund, advisers have increasingly built fund structures that pass most of those compliance expenses through to their reporting funds.

**Type.** mechanism  **Support.** argued

**Holds when.**

- adviser and private fund contractual structures
- between 2012 and 2015

**Source quote.**

> Although Dodd-Frank Act compliance costs predominantly affect the investment advisers of private funds rather than the funds themselves, investment advisers have increasingly created fund struc- tures that allow them to pass most of their compliance expenses through to their reporting funds.

**From.** Wulf A. Kaal, *The Post Dodd-Frank Act Evolution of the Private Fund Industry Comparative Evidence from 2012 and 2* (2016), IV.4. Fund Earnings, page 45

**Cite as.** Wulf A. Kaal, The Post Dodd-Frank Act Evolution of the Private Fund Industry Comparative Evidence from 2012 and 2 (2016). SSRN: https://ssrn.com/abstract=2739479

**Verify.** sha256 of source PDF `b2e7b81a16ab01c73478b62e85068f9dadc5cdd18427241e8bc5e8216a967730` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202016%20-%20The%20Post%20Dodd-Frank%20Act%20Evolution%20of%20the%20Private%20Fund%20Industry%20Comparative%20Evidence%20from%202012%20and%202.pdf

**Topics.** compliance, private-funds

**Keywords.** pass-through-expenses, compliance-costs, fund-structure, investor-conflicts, private-funds

**Related claims.**

- extended_by: https://wulfkaal.github.io/claims/2998097-017

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