kaal:claim:2811718-040

Despite bringing enforcement actions over misrepresentations about due diligence, the SEC has not taken a rigid enforcement position on whether particular due diligence industry practices are effective, and has merely acknowledged that practices became more robust after the financial crisis.

Despite a number of enforcement actions that deal with misrepresentation in relation to due diligence,46 the SEC has not taken a rigid enforcement position on the effectiveness or ineffectiveness of due diligence industry practices.

Wulf A. Kaal, Private Fund Investor Due Diligence – Evidence from 1995 to 2015 (2016), II. Private Fund Investor Due Diligence, p. 15
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

• SEC enforcement posture as of 2016

failuresupport: evidencedfailure: regulator declines to set effectiveness standardfamily: enforcement-gapsecurities-lawcompliancelaw-and-legal-systems

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