# kaal:claim:2811729-029

**Claim.** Reliance on prospectuses and other disclosures by an unconstrained mutual fund that in all material respects complies with the Company Act may be insufficient to protect retail investors.

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

**Holds when.**

- unconstrained mutual funds in full compliance with the Company Act
- retail investors relying on prospectus disclosure

**Source quote.**

> a reliance on prospectuses and other disclosures by a UMF that in all material respects complies with the Company Act may be insufficient to protect retail investors.

**From.** Wulf A. Kaal, *Unconstrained Mutual Funds and Retail Investor Protection* (2016), V. Policy Implications, page 48

**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

**Failure mode.** Compliant disclosure that still fails to inform  (family: disclosure-ineffectiveness)

**Topics.** disclosure, securities-law

**Keywords.** disclosure-regime, investor-protection, prospectus, complexity

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