# kaal:claim:2998097-024

**Claim.** Several core Form PF questions that feed the FSOC's stage one threshold assessment are defective, most importantly because the definition of RAUM required substantive interpretation by the filers themselves.

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

**Holds when.**

- FSOC stage one threshold assessment
- Form PF valuation questions tied to RAUM

**Source quote.**

> Several core Form PF questions that provide specific information for FSOC's stage one threshold assessment encounter problems. More specifically, the definition of RAUM required substantive interpretation by filers.

**From.** Wulf A. Kaal, *Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016* (2017), IV.2 Systemic Risk, page 35

**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.** Interpretive slack in RAUM propagates into designation thresholds  (family: definitional-ambiguity)

**Topics.** private-funds, systemic-risk, risk-and-incentives

**Keywords.** raum, fsoc, systemic-risk-designation, form-pf

**Related claims.**

- extends: https://wulfkaal.github.io/claims/2470008-033
- extends: https://wulfkaal.github.io/claims/2470008-035
- supersedes: https://wulfkaal.github.io/claims/2470008-034
- supports: https://wulfkaal.github.io/claims/2470008-040
- extends: https://wulfkaal.github.io/claims/2470008-038
- extends: https://wulfkaal.github.io/claims/2470008-031
- extends: https://wulfkaal.github.io/claims/2470008-039

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