kaal:claim:2811718-007

Because a material omission or misstatement in Form ADV Part 2A can support a serious securities law charge, private fund managers have an incentive to keep the narrative language of that required disclosure as high level, summary, and non committal as possible.

the imperative for a private fund manager is to keep the narrative language as high-level, summary, and as non-committal as possible, because a material omission and/or misstatement in that section could lead to a serious charge of violating the securities laws.

Wulf A. Kaal, Private Fund Investor Due Diligence – Evidence from 1995 to 2015 (2016), I. Introduction, note 21, p. 9
https://ssrn.com/abstract=2811718 · source PDF

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

• Form ADV Part 2A narrative brochure
• private fund managers

mechanismsupport: arguedprivate-fundsdisclosurerisk-and-incentivessecurities-lawlaw-and-legal-systems

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