# kaal:claim:2811729-037

**Claim.** Given the risks to retail investors of investing in complex unconstrained mutual funds and the SEC's own concern about the retailization of private funds, it is unclear why the SEC has not acted to enhance protections for retail purchasers of unconstrained mutual fund shares.

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

**Holds when.**

- SEC regulatory posture as of 2016

**Source quote.**

> Given the risks to retail investors of investing in relatively complex UMFs, and the SEC's overall concern about the "retailization" of private funds, it is unclear why the SEC has not taken action to enhance protections for retail investors seeking to purchase shares of a UMF.

**From.** Wulf A. Kaal, *Unconstrained Mutual Funds and Retail Investor Protection* (2016), VI. Conclusion, page 53

**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.** Regulator inaction despite identified risk  (family: enforcement-gap)

**Topics.** securities-law

**Keywords.** retailization, sec-inaction, investor-protection, regulatory-agenda

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