# kaal:claim:2811718-003

**Claim.** Before the financial crisis of 2008 to 2009, the standard AIMA and MFA due diligence questionnaire templates were often deployed defensively: managers used the old versions to steer investors away from questions that would have exposed weaknesses in the managers' controls.

**Type.** failure  **Support.** argued

**Holds when.**

- pre financial crisis practice
- template based questionnaires edited by the manager

**Source quote.**

> The old versions of those questionnaires were often used in an attempt to avoid investors' questions challenging the manager on possible weaknesses in their controls.

**From.** Wulf A. Kaal, *Private Fund Investor Due Diligence – Evidence from 1995 to 2015* (2016), I. Introduction, page 7

**Cite as.** Wulf A. Kaal, Private Fund Investor Due Diligence – Evidence from 1995 to 2015 (2016). SSRN: https://ssrn.com/abstract=2811718

**Verify.** sha256 of source PDF `b52152af561288173840a1cabbcf8f4b337e73507c856ee01600799073f4156f` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202016%20-%20Private%20Fund%20Investor%20Due%20Diligence%20%E2%80%93%20Evidence%20from%201995%20to%202015.pdf

**Failure mode.** questionnaire template gaming  (family: disclosure-ineffectiveness)

**Topics.** regulatory-failure, disclosure

**Keywords.** due-diligence-questionnaires, disclosure-gaming, aima, managed-funds-association

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