{
 "@context": "https://schema.org",
 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/advisers-act",
 "identifier": "kaal:entity:advisers-act",
 "name": "Advisers act",
 "termCode": "advisers-act",
 "inDefinedTermSet": {
  "@id": "https://wulfkaal.github.io/entities/index.json"
 },
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
 "dateModified": "2026-07-29",
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 "additionalProperty": [
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   "name": "status",
   "value": "derived"
  },
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   "name": "claim_count",
   "value": 3
  },
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   "value": 2
  },
  {
   "@type": "PropertyValue",
   "name": "year_span",
   "value": [
    "2012",
    "2014"
   ]
  },
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 ],
 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2150377-003",
   "identifier": "kaal:claim:2150377-003",
   "text": "The client counting safe harbor, which let an adviser count a pooled entity rather than each investor as a single client, allowed advisers to manage large amounts of securities indirectly for several hundreds of investors across multiple hedge funds while remaining outside registration and supervision.",
   "abstract": "This safe harbor allowed investment advisers to manage large amounts of securities indirectly for several hundreds of investors in several hedge funds.53",
   "citation": "Wulf A. Kaal, Hedge Fund Manager Registration Under the Dodd-Frank Act (2012). SSRN: https://ssrn.com/abstract=2150377",
   "datePublished": "2012",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "under the 1985 safe harbor as broadened in 1997",
    "before the Dodd-Frank Act repealed the private adviser exemption"
   ],
   "source_pdf_sha256": "0b58bb409cac7674d78515f5374096f9a349de3bbd1983c990e0edc85a635a09",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2150377-005",
   "identifier": "kaal:claim:2150377-005",
   "text": "Losing the private adviser exemption imposed a bundle of obligations, disclosure duties and code of ethics requirements on top of inspections and record keeping, and the direct consequence was significantly higher legal fees for hedge funds.",
   "abstract": "Without the private adviser exemption, hedge funds were also faced with disclosure requirements62 and code of ethics requirements63 resulting in significantly higher legal fees.",
   "citation": "Wulf A. Kaal, Hedge Fund Manager Registration Under the Dodd-Frank Act (2012). SSRN: https://ssrn.com/abstract=2150377",
   "datePublished": "2012",
   "claim_type": "mechanism",
   "confidence": "asserted",
   "is_failure_mode": false,
   "scope_conditions": [
    "advisers subject to the SEC's 2004 registration rule"
   ],
   "source_pdf_sha256": "0b58bb409cac7674d78515f5374096f9a349de3bbd1983c990e0edc85a635a09",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2389423-012",
   "identifier": "kaal:claim:2389423-012",
   "text": "Title IV mandates hedge fund adviser registration in order to increase record keeping and disclosure, requiring advisers above the statutory AUM threshold to register as investment advisers and to disclose information about their trades and portfolios to the SEC.",
   "abstract": "Title IV mandates hedge fund adviser registration to increase record-keeping and disclosure (Dodd-Frank § 408). Hedge fund advisers with more than $150 AUM are required to register as investment advisers and have to disclose information about their trades and portfolios to the SEC",
   "citation": "Wulf A. Kaal, The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry (2014). SSRN: https://ssrn.com/abstract=2389423",
   "datePublished": "2014",
   "claim_type": "definitional",
   "confidence": "asserted",
   "is_failure_mode": false,
   "scope_conditions": [
    "hedge fund advisers above the Title IV registration threshold"
   ],
   "source_pdf_sha256": "6b95323abbaffd00a012589531859f2938ab8b372d0243171059ff82e55a0838",
   "status": "current"
  }
 ],
 "description": "3 claims in the published works of Wulf A. Kaal carry the concept tag 'advisers-act'. Derived node: a roster, not an adjudicated definition."
}