entity · derived
Compliance cost
Derived node: assembled mechanically from the claims carrying compliance-cost. A roster, not an adjudicated definition.
Every claim under this term
- 2150377-005 : 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 signifi
- 2150377-023 : Compliance with the registration and disclosure requirements cost a majority of surveyed advisers between $50,000 and $200,000, while a significant minority estimated total compliance cost from $200,0
- 2150377-026 : Among the minority of advisers who do factor regulation into fund sizing, the pressure runs in both directions: about 25% would go smaller to avoid regulatory hassle while about 50% would grow or need
- 2150377-029 : Registration and disclosure costs had not reached investors at the time of the survey: 76.09% of respondents reported that their investors' rate of return was not affected, while 23.91% believed inves
- 2150377-030 : The incidence of Dodd-Frank compliance cost falls on the management company rather than the fund: the responses indicate that the management company bears the brunt of registration and disclosure cost
- 2150377-031 : Of the respondents reporting an effect on management company profits, 87.50% attributed it specifically to increased costs and decreased profits caused by the registration and reporting requirements.
- 2150377-033 : Respondents identified the creation of barriers to entry as an industry level effect of the registration and disclosure requirements, because the rules make the market environment for private funds le
- 2150377-034 : The compliance burden has raised the minimum viable scale for launching a hedge fund: an adviser reports that the capital needed to start a fund in New York rose from roughly $25 to $50 million to at
- 2150377-037 : Strategic adjustment to registration is a function of firm size: firms that planned a strategic response to Dodd-Frank were smaller than firms that did not.
- 2150377-038 : Quick absorption of registration costs does not settle the policy question: even if advisers absorb the reported cost implications relatively quickly after registration, the long-term cost implication
- 2389423-001 : This study finds no evidence of an inverse relationship between the size of regulated hedge fund advisers and the per-unit cost of compliance, contrary to the common complaint that financial regulatio
- 2389423-002 : The cost of Title IV compliance, and the other independent variables used as proxies for compliance cost, are associated with the size of hedge fund advisers as measured by assets under management.
- 2389423-006 : If the administrative and compliance costs created by Title IV disproportionally affect smaller hedge fund advisers, then over time smaller fund advisers could be forced out of the market or pushed to
- 2389423-010 : Because there is no evidence of an inverse relationship between adviser size and per-unit compliance cost, industry concerns over the effect of Title IV compliance cost and possible barriers to entry
- 2389423-014 : The study's core hypothesis, drawn from the industry view and the anecdotal evidence, is that smaller hedge fund advisers pay more relative to their size than larger hedge fund advisers for Title IV c
- 2389423-015 : Prior work shows that registration and the increased compliance requirements under the Dodd-Frank Act only marginally increase the cost structure of hedge funds.
- 2389423-016 : Linear, robust, and non-linear regression models all show positive and statistically significant coefficients, and compliance costs per unit of AUM do not diminish in the sample, so the hypothesis tha
- 2389423-017 : Form PF is structured so that single strategy fund advisers collect and provide only a fraction of the information a multi strategy adviser must make available, which makes reporting burden a function
- 2389423-018 : Because Form PF requires less information from single strategy advisers, hedge fund advisers that apply only a single strategy to their portfolios may incur overall lower compliance cost.
- 2389423-024 : In the open ended survey question on the effects of Title IV, 43.59 percent of respondents, the largest group, said the industry would be affected predominantly by increased costs.
- 2389423-025 : The majority of survey respondents believed that Title IV compliance costs $100,000.00 annually.
- 2389423-026 : The most common fund adviser response, at 47.67 percent of the 86 respondents to the question, estimates the annual compliance cost of Title IV in the range of $50,000 to $100,000.
- 2389423-029 : The compliance and administrative costs created by Title IV of the Dodd-Frank Act are associated with the size of hedge fund advisers' assets under management.
- 2389423-030 : All regression models show positive and predominantly statistically significant coefficients, with 18 out of 30 coefficients in the entire sample statistically significant.
- 2389423-031 : Compliance costs per unit of AUM do not diminish in the entire sample or in the multi strategy subsample, so there is no support for the hypothesis that smaller advisers bear relatively higher Title I
- 2389423-036 : While all coefficients are positive in the entire sample and the multi strategy subsample, the negative coefficients in the single strategy subsample suggest that the strategy employed by a hedge fund
- 2389423-037 : Even in the single strategy subsample only 9 of 30 coefficients are negative, so the strategy based qualification to the main finding is limited.
- 2389423-038 : There is no evidence that private fund adviser regulation in Title IV of the Dodd-Frank Act increases returns to scale, which counters the most damning putative concern raised about regulatory complia
- 2389423-040 : A long-term study of the effects of Title IV compliance costs could change the assessment that no policy intervention is needed, so the finding is provisional on the short observation window.
- 2447306-012 : Initial Form PF compliance was inexpensive for most filers: 59.18 percent of respondents put the total cost of completing Form PF for the first time under $10,000.
- 2447306-013 : Form PF compliance cost is sharply size dependent: quarterly filing large funds spent on average $155,286 on the initial filing, roughly sixteen times the $9,520 average reported by annually filing sm
- 2447306-014 : Measured against this study's survey data, the SEC marginally overestimated the cost of the initial Form PF filing for both annually filing smaller advisers and quarterly filing larger advisers.
- 2447306-015 : Recurring Form PF cost is also size dependent: quarterly filing large fund advisers pay on average $72,143 for subsequent filings while smaller advisers spend on average $5,262.
- 2447306-016 : For quarterly filing larger private fund advisers, the SEC substantially overestimated the cost of subsequent Form PF filings; the survey's estimate is roughly half of what the SEC projected.
- 2447306-017 : The SEC's error runs in the opposite direction for small advisers on recurring filings: the agency marginally underestimated the cost of subsequent Form PF filings for annually filing smaller private
- 2447306-040 : On the cost evidence collected here for both smaller and larger advisers, the industry's long standing objection that mandatory registration and disclosure would inappropriately burden investment advi
- 2447306-044 : The study's cost findings are bounded to the short run: the data cannot establish what it will cost the private fund industry to keep completing and filing Form PF annually or quarterly over time.
- 2470008-019 : SIFI designation changes the nature of regulation for a nonbank financial institution, subjecting it to substantial additional regulation and forcing it to change how it does business, which can in tu
- 2714974-009 : Contrary to the hedge fund industry's own predictions, the industry has absorbed Form PF quickly and the impact of the Dodd-Frank registration and disclosure rules has proven much less intense than th
- 2714974-010 : The majority of hedge fund advisers spent less than $10,000 preparing their initial Form PF data reporting to the SEC, and subsequent annual filings cost about half of that initial amount.
- 2714974-011 : Larger hedge fund advisers, which must file Form PF quarterly rather than annually, faced substantially higher compliance costs for both initial and subsequent reporting than smaller advisers did.
- 2714974-013 : The cost of hedge fund manager registration under the Dodd-Frank Act brings increasing returns to scale for the industry, meaning compliance burdens fall disproportionately on smaller advisers.
- 2714974-039 : The overall effects of enhanced hedge fund regulation are not as immense as industry representatives predicted, but there is evidence that the enhanced Dodd-Frank Act rules do increase compliance cost
- 2714974-040 : Higher compliance costs from hedge fund regulation can create barriers to entry for new market entrants and can accelerate consolidation of the hedge fund industry.
- 2715083-010 : Operating a mutual fund is materially more capital intensive than operating a hedge fund: the mutual fund adviser's required investment in trading and operational technology and in specialized staffin
- 2732915-003 : The long-term cost implications of Title IV registration and reporting obligations are absorbed relatively quickly after registration, so that Dodd-Frank compliance costs are largely manageable depend
- 2732915-016 : A 2013 survey found that Form PF compliance costs for first time filers were under $10,000 for 59.18 percent of respondents, while subsequent annual Form PF filings cost no more than $5,000 for 57.14
- 2732915-022 : Compliance cost is a significant issue for the private fund industry: a majority of respondents put Dodd-Frank compliance costs between $50,000 and $200,000, while a significant minority estimates tot
- 2732915-023 : Up to $100,000 in additional Dodd-Frank compliance cost is a significant imposition on a smaller private fund adviser, whereas larger and mid sized advisers can absorb it relatively easily or pass it
- 2732915-024 : The largest group of respondents, 26.5 percent, estimated annual compliance cost for all federal regulations at between $100,000 and $200,000, while a smaller group of 14.3 percent estimated it at mor
- 2732915-025 : Reported compliance time tracks reported compliance cost: a clear majority of adviser respondents spent fewer than 500 hours complying with Title IV, while a noticeable minority of 11.5 percent estima
- 2732915-034 : Among the minority of respondents who believed Dodd-Frank affected fund earnings, the majority attributed that effect to additional compliance costs rather than to lower returns.
- 2732915-035 : Of those who responded, 75.4 percent indicated that the profits of their investment management company were affected by the new registration and disclosure requirements, consistent with the management
- 2732915-036 : Half of the respondents indicated that the Dodd-Frank registration and disclosure rules create higher costs that will affect their funds over the next five years, while 17.4 percent expected no effect
- 2732915-040 : The same SEC implementation and clarification of Dodd-Frank registration and reporting requirements that helps the industry comply also creates uncertainty and higher costs for it, so continuing rule
- 4796714-018 : Sector specific AI regulation, though responsive to the distinctive features of each field, produces a patchwork of complex rules that is difficult for developers to navigate and creates barriers to e