# kaal:claim:2998097-007

**Claim.** Proposals to improve close-out netting agreements and to harmonize standard documentation across jurisdictions are likely to run into jurisdictional arbitrage and national protectionism.

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

**Holds when.**

- cross border regulatory harmonization proposals after LTCM

**Source quote.**

> Proposals calling for improvements in close-out netting agreements for financial contracts and calls for harmonized standard documentation across jurisdictions may encounter jurisdictional arbitrage and national protectionism.41

**From.** Wulf A. Kaal, *Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016* (2017), III.1 Critique of Regulatory Proposals, page 13

**Cite as.** Wulf A. Kaal, Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016 (2017). SSRN: https://ssrn.com/abstract=2998097

**Verify.** sha256 of source PDF `0955054f49c7011d33c285579bb046e6b284e42755b10fd2546a728c202669d5` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202017%20-%20Private%20Investment%20Fund%20Regulation%20-%20Theory%20and%20Empirical%20Evidence%20from%201998%20to%202016.pdf

**Failure mode.** Harmonization defeated by jurisdictional arbitrage  (family: harmonization-and-standardization-failure)

**Topics.** regulatory-failure

**Keywords.** close-out-netting, harmonization, regulatory-arbitrage, protectionism

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