# Adviser registration `kaal:entity:adviser-registration` **Status.** derived This node is assembled mechanically from the 8 claims that carry the concept tag `adviser-registration`. It is a roster of what the corpus says under this term. It is **not** an adjudicated definition: no single statement here has been ruled canonical, and no first-appearance call has been made. Read the claims and judge for yourself. ## Every claim under this term 8 claims across 6 works, 2013 to 2016. **2013** - [2348463-026](https://wulfkaal.github.io/claims/2348463-026) [definitional/evidenced] -- Hedge fund adviser registration and disclosure requirements under Title IV and the SEC implementation rules were instituted for the opposite reason: to stop hedge funds from operating in the shadows of financial markets. > hedge fund adviser registration and disclosure requirements under Title IV and SEC implementation rules were instituted to avoid hedge funds operating in the shadows of financial markets. Wulf A. Kaal, Hedge Funds’ Systemic Risk Disclosures in Bankruptcy (2013). SSRN: https://ssrn.com/abstract=2348463 **2016** - [2715083-003](https://wulfkaal.github.io/claims/2715083-003) [mechanism/argued] -- Mandatory registration and increased disclosure for certain hedge fund advisers under the Dodd-Frank Act place hedge fund advisers under registration and reporting obligations similar to those long borne by mutual fund advisers. > The registration and increased disclosure requirements for certain hedge fund advisers under the Dodd-Frank Act subjects investment advisers to hedge funds to similar registration and reporting obligations as mutual fund advisers. Kaal, Confluence of Mutual and Private Funds (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2715083 - [2715083-025](https://wulfkaal.github.io/claims/2715083-025) [mechanism/evidenced] -- For the first time in the industry's history, the Dodd-Frank Act required most hedge fund advisers to register with the SEC, mandating disclosure of information previously treated as proprietary and private. > For the first time in the history of the hedge fund industry, the Dodd-Frank Act required most advisers to hedge funds to register with the SEC. Kaal, Confluence of Mutual and Private Funds (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2715083 - [2715083-030](https://wulfkaal.github.io/claims/2715083-030) [mechanism/argued] -- Once a hedge fund adviser is already required to register with the SEC, the marginal regulatory burden of also running a mutual fund or retail alternative fund is small, which gives registered advisers an incentive to enter the registered fund space. > Hedge fund advisers who are required to register with the SEC have incentives to also manage mutual funds or set up retail alternative funds because the regulatory burden is minimally higher in comparison with preregistration legal requirements. Kaal, Confluence of Mutual and Private Funds (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2715083 - [2732915-008](https://wulfkaal.github.io/claims/2732915-008) [empirical/evidenced] *(failure mode)* -- After the D.C. Circuit vacated the SEC's 2004 hedge fund adviser registration rule in Goldstein v. SEC, the overwhelming majority of private fund advisers who had registered under that rule deregistered. > The overwhelming majority of private fund advisers that had registered under the SEC's 2004 registration requirements deregistered after the Goldstein decision. Wulf A. Kaal, The Private Fund Industry Five Years after the Dodd-Frank Act – A Survey Study (2016). SSRN: https://ssrn.com/abstract=2732915 - [2739479-002](https://wulfkaal.github.io/claims/2739479-002) [failure/evidenced] *(failure mode)* -- The SEC's 2004 attempt to require hedge fund adviser registration failed: after the D.C. Circuit vacated the rule in Goldstein v. SEC, the overwhelming majority of private fund advisers that had registered under the 2004 requirements deregistered. > High- lighting the significant opposition of the private fund industry to the rule, the over- whelming majority of private fund advisers that had registered under the SEC's 2004 registration requirements deregistered after Goldstein. Wulf A. Kaal, The Post Dodd-Frank Act Evolution of the Private Fund Industry Comparative Evidence from 2012 and 2 (2016). SSRN: https://ssrn.com/abstract=2739479 - [2748096-026](https://wulfkaal.github.io/claims/2748096-026) [design/asserted] -- Title IV of the Dodd-Frank Act addresses alleged hedge fund systemic risk through an information strategy rather than a substantive one: it authorized the SEC to require registration and enhanced disclosure from private fund advisers and to facilitate data collection for assessing systemic risk. > The Dodd-Frank Act authorized the SEC to promulgate rules requiring registration and enhanced disclosure for private funds advisers, and facilitating data collection to assess hedge funds' systemic risk. Wulf A. Kaal, Timothy A. Krause, Hedge Funds and Systemic Risk (2016). SSRN: https://ssrn.com/abstract=2748096 - [2811729-007](https://wulfkaal.github.io/claims/2811729-007) [mechanism/argued] -- Post-crisis legislation accelerated the convergence of mutual funds and private funds, because the registration and increased disclosure requirements the Dodd-Frank Act imposed on certain private fund advisers subject them to substantively the same obligations that apply to advisers of mutual funds. > The registration and increased disclosure requirements for certain private fund advisers under the Dodd-Frank Act subject those managers to substantively the same registration and reporting obligations as those that apply to advisers to mutual funds. Wulf A. Kaal, Unconstrained Mutual Funds and Retail Investor Protection (2016). SSRN: https://ssrn.com/abstract=2811729 ## Verify Every claim above resolves to a record carrying a verbatim source quote, the sha256 of the source PDF, and a preformatted citation. Nothing here asks to be taken on trust. curl -s https://wulfkaal.github.io/entities/adviser-registration.md | sha256sum **Canonical form.** This markdown file is the canonical hashed representation of this entity node. Its sha256 is the content hash.