# kaal:claim:2998097-014

**Claim.** Because advisers and third party service providers can flatten out and sanitize the information disclosed in Forms ADV and PF, the resulting disclosures may be less useful to the FSOC and the SEC in determining the systemic risk posed by private funds.

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

**Holds when.**

- Forms ADV and PF disclosures
- level of sanitizing could not be verified in the study

**Source quote.**

> Although the level of sanitizing of disclosures could not be verified, sanitized disclosures could be less useful for Financial Stability Oversight Council (FSOC) and SEC evaluation and their determination of the systemic risk posed by private funds.84

**From.** Wulf A. Kaal, *Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016* (2017), IV.1.a Hedge Fund Manager Registration Under the Dodd-Frank Act, page 20

**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.** Sanitized disclosure degrades systemic risk data  (family: disclosure-ineffectiveness)

**Topics.** disclosure, private-funds, systemic-risk, research-methods, risk-and-incentives

**Keywords.** disclosure-sanitization, form-pf, fsoc, systemic-risk-measurement

**Related claims.**

- extends: https://wulfkaal.github.io/claims/2348463-022
- restates: https://wulfkaal.github.io/claims/2150377-040
- supports: https://wulfkaal.github.io/claims/2470008-039
- extends: https://wulfkaal.github.io/claims/2150377-039
- extends: https://wulfkaal.github.io/claims/2470008-038
- extends: https://wulfkaal.github.io/claims/2470008-001

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