# kaal:claim:2811729-016

**Claim.** If a private fund's offering process successfully limits its investors to accredited investors or qualified purchasers, the retail investor protection principles of the Company Act do not apply to the fund's trading, operation, and governance.

**Type.** condition  **Support.** argued

**Holds when.**

- private funds relying on Sections 3(c)(1) or 3(c)(7)

**Source quote.**

> Accordingly, if a private fund's offering process successfully limits its investors to either "accredited investors" or "qualified purchasers," the retail investor protection principles of the Company Act will not apply to the private fund's trading, operation, and governance.

**From.** Wulf A. Kaal, *Unconstrained Mutual Funds and Retail Investor Protection* (2016), III.B. Private Fund Regulation, page 29

**Cite as.** Wulf A. Kaal, Unconstrained Mutual Funds and Retail Investor Protection (2016). SSRN: https://ssrn.com/abstract=2811729

**Verify.** sha256 of source PDF `0877b0a076f2614559cb0b1a736f73401cecbee7cfe014da6e36709208e92a74` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Anderson%20-%202016%20-%20Unconstrained%20Mutual%20Funds%20and%20Retail%20Investor%20Protection.pdf

**Topics.** private-funds

**Keywords.** accredited-investor, qualified-purchaser, investor-protection, private-funds

**Related claims.**

- supports: https://wulfkaal.github.io/claims/2715083-012

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