# Bankruptcy rule 2019 `kaal:entity:bankruptcy-rule-2019` **Status.** derived This node is assembled mechanically from the 13 claims that carry the concept tag `bankruptcy-rule-2019`. 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 13 claims across 2 works, 2013 to 2017. **2013** - [2348463-001](https://wulfkaal.github.io/claims/2348463-001) [empirical/evidenced] -- There is a substantial overlap between the systemic risk disclosure requirements imposed on hedge fund advisers under Title IV of the Dodd-Frank Act and the disclosure requirements under the fully revised version of Bankruptcy Rule 2019. > The author provides evidence of a substantial overlap between systemic risk disclosure requirements under Title IV and the disclosure requirements under the fully-revised version of Bankruptcy Rule 2019 (Revised Rule 2019). Wulf A. Kaal, Hedge Funds’ Systemic Risk Disclosures in Bankruptcy (2013). SSRN: https://ssrn.com/abstract=2348463 - [2348463-005](https://wulfkaal.github.io/claims/2348463-005) [definitional/evidenced] -- Under Revised Rule 2019, parties acting in concert must disclose not only equity holdings and claims but also derivative instruments such as swaps, options, and short positions. > under Revised Rule 2019 parties acting in concert are required to disclose equity holdings and claims but also any derivative instruments, such as swaps, options, and shorts. Wulf A. Kaal, Hedge Funds’ Systemic Risk Disclosures in Bankruptcy (2013). SSRN: https://ssrn.com/abstract=2348463 - [2348463-010](https://wulfkaal.github.io/claims/2348463-010) [failure/evidenced] *(failure mode)* -- Old Bankruptcy Rule 2019 was applied inconsistently in practice, with courts interpreting it with a high degree of variability both across and within jurisdictions. > Old Rule 2019 had been applied inconsistently in practice. Courts interpreted old Rule 2019 with a high degree of variability, both across and within jurisdictions. Wulf A. Kaal, Hedge Funds’ Systemic Risk Disclosures in Bankruptcy (2013). SSRN: https://ssrn.com/abstract=2348463 - [2348463-011](https://wulfkaal.github.io/claims/2348463-011) [mechanism/argued] -- The growing number of conflicting decisions under old Rule 2019, and the confusion and uncertainty they produced, is what precipitated the concerted effort by bankruptcy practitioners and the federal bankruptcy bench to revise the rule. > The growing number of conflicting cases and the resulting confusion and uncertainty precipitated a concerted effort by bankruptcy practitioners and the federal bankruptcy bench to revise old Rule 2019. Wulf A. Kaal, Hedge Funds’ Systemic Risk Disclosures in Bankruptcy (2013). SSRN: https://ssrn.com/abstract=2348463 - [2348463-012](https://wulfkaal.github.io/claims/2348463-012) [failure/argued] *(failure mode)* -- Revised Rule 2019 clarifies some of the ambiguities of the old rule, but uncertainty and confusion about its application remain inevitable. > While Revised Rule 2019 clarifies some of the ambiguities under old Rule 2019, uncertainty and confusion still seem inevitable. Wulf A. Kaal, Hedge Funds’ Systemic Risk Disclosures in Bankruptcy (2013). SSRN: https://ssrn.com/abstract=2348463 - [2348463-013](https://wulfkaal.github.io/claims/2348463-013) [definitional/evidenced] -- The scope of Revised Rule 2019 is broader than that of the old rule because it triggers disclosure for committees, entities, and groups that are acting in concert to advance common interests and that are not composed entirely of affiliates or insiders of one another. > the scope of Revised Rule 2019 is broader than the scope of the old Rule because it requires disclosure from committees, entities, and groups that are "acting in concert to advance their common interests," and are "not composed entirely of affiliates or insiders of one another." Wulf A. Kaal, Hedge Funds’ Systemic Risk Disclosures in Bankruptcy (2013). SSRN: https://ssrn.com/abstract=2348463 - [2348463-014](https://wulfkaal.github.io/claims/2348463-014) [failure/argued] *(failure mode)* -- The definition of representation in Revised Rule 2019 leaves it unclear whether attorneys who merely monitor a bankruptcy case for a client, without soliciting or advocating a position before the court, represent those clients for disclosure purposes. > it is unclear if attorneys who merely monitor a bankruptcy case on behalf of a client but do not solicit or advocate a position before the bankruptcy court "represent" their respective clients under Revised Rule 2019. Wulf A. Kaal, Hedge Funds’ Systemic Risk Disclosures in Bankruptcy (2013). SSRN: https://ssrn.com/abstract=2348463 - [2348463-015](https://wulfkaal.github.io/claims/2348463-015) [empirical/evidenced] -- The central compromise in Revised Rule 2019 is that parties need not disclose the price or the date of acquisition of disclosable economic interests, which is precisely the outcome the hedge fund industry lobbied for. > Revised Rule 2019 does not require parties to disclose the price and the date of acquisition of such interests, which is exactly what the hedge fund industry lobbied for. Wulf A. Kaal, Hedge Funds’ Systemic Risk Disclosures in Bankruptcy (2013). SSRN: https://ssrn.com/abstract=2348463 - [2348463-019](https://wulfkaal.github.io/claims/2348463-019) [failure/argued] *(failure mode)* -- Under both the bankruptcy and the systemic risk disclosure regimes, filed data carries a serious risk of being out of date and less accurate at the time it is analyzed than when it was disclosed, partly because of the lag needed to collect data before filing. > It is important to note that for purposes of any analysis of filed data under either disclosure system, there is a serious risk that data may be out of date and less accurate when analysed than at the time when it was disclosed. Wulf A. Kaal, Hedge Funds’ Systemic Risk Disclosures in Bankruptcy (2013). SSRN: https://ssrn.com/abstract=2348463 - [2348463-024](https://wulfkaal.github.io/claims/2348463-024) [mechanism/argued] -- Form PF's systemic risk disclosure obligations were created, in a non-bankruptcy context, precisely to counteract the kind of shadow activity that is now resurfacing in bankruptcy under Revised Rule 2019. > Systemic risk disclosure obligations in Form PF were created, albeit in a different context than bankruptcy, to circumvent the very shadow activities that appear to be resurfacing in the bankruptcy context under Revised Rule 2019. Wulf A. Kaal, Hedge Funds’ Systemic Risk Disclosures in Bankruptcy (2013). SSRN: https://ssrn.com/abstract=2348463 - [2348463-025](https://wulfkaal.github.io/claims/2348463-025) [failure/argued] *(failure mode)* -- Revised Rule 2019 may in effect produce less overall disclosure of creditor activities in the bankruptcy process and push bankruptcy creditors into the shadows, the opposite of the transparency the revision sought. > Revised Rule 2019 may in effect result in less overall disclosure of creditor activities in the bankruptcy process and may push bankruptcy creditors into the shadows Wulf A. Kaal, Hedge Funds’ Systemic Risk Disclosures in Bankruptcy (2013). SSRN: https://ssrn.com/abstract=2348463 - [2348463-027](https://wulfkaal.github.io/claims/2348463-027) [predictive/argued] -- The overlap between hedge fund adviser disclosures under Revised Rule 2019 and systemic risk disclosures under Form PF, combined with the uncertainties Revised Rule 2019 created, points to a possible future role for systemic risk disclosures in bankruptcy. > The commonalities of hedge fund adviser disclosures under Revised Rule 2019 and systemic risk disclosures under Form PF 198 in combination with the uncertainties created by Revised Rule 2019199 suggest that there could be a possible future role for systemic risk disclosures in bankruptcy. Wulf A. Kaal, Hedge Funds’ Systemic Risk Disclosures in Bankruptcy (2013). SSRN: https://ssrn.com/abstract=2348463 **2017** - [2998097-026](https://wulfkaal.github.io/claims/2998097-026) [mechanism/argued] -- The mere threat that hedge funds' Form PF systemic risk filings could become public, or be shared between the SEC and the federal bankruptcy bench, could impose some discipline on distressed debt investors' conduct in the bankruptcy process. > The mere threat of public access or sharing of hedge funds' systemic risk data filings in Form PF filings between the SEC and the federal bankruptcy bench could help facilitate some level of discipline for distressed debt investors' engagements in the bankruptcy process. Wulf A. Kaal, Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016 (2017). SSRN: https://ssrn.com/abstract=2998097 ## 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/bankruptcy-rule-2019.md | sha256sum **Canonical form.** This markdown file is the canonical hashed representation of this entity node. Its sha256 is the content hash.