# kaal:claim:2998097-016

**Claim.** The SEC's efforts to clarify and optimize the post Dodd-Frank framework cut both ways: they supported industry compliance with the revised standards while simultaneously creating uncertainty and higher costs for the industry.

**Type.** failure  **Support.** evidenced

**Holds when.**

- SEC implementation and clarification of Title IV registration and reporting rules

**Source quote.**

> At the same time, there is sufficient evidence in the findings of this study suggesting that the SEC's implementation and clarification of Dodd-Frank Act registration and reporting requirements for private funds also created uncertainty and higher costs for the industry.

**From.** Wulf A. Kaal, *Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016* (2017), IV.1.b Private Fund Industry Five Years After the Dodd-Frank Act, page 23

**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.** Clarification generates its own uncertainty and cost  (family: compliance-cost-and-barrier-to-entry)

**Topics.** securities-law, compliance

**Keywords.** sec-guidance, regulatory-uncertainty, compliance-costs, dodd-frank

**Related claims.**

- supersedes: https://wulfkaal.github.io/claims/2732915-039
- restates: https://wulfkaal.github.io/claims/2732915-040
- extends: https://wulfkaal.github.io/claims/2732915-001

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