# Confidentiality

`kaal:entity:confidentiality`

**Status.** derived

This node is assembled mechanically from the 7 claims that carry the concept tag `confidentiality`. 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

7 claims across 7 works, 2011 to 2017.

**2011**

- [1806252-010](https://wulfkaal.github.io/claims/1806252-010) [mechanism/argued] -- Because hedge fund trading strategies depend on confidentiality, required disclosures that let other market participants trade along or anticipate a fund's transactions can negatively affect the fund's absolute returns.
  > If other market participants trade along or are enabled to anticipate certain transactions by a hedge fund because of required disclosures, the disclosing hedge fund may not be able to fulfill its mandate to maximize shareholders' value
  Kaal, Hedge Fund Regulation Via Basel III (2011). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1806252

**2012**

- [2150377-013](https://wulfkaal.github.io/claims/2150377-013) [failure/evidenced] *(failure mode)* -- The hedge fund industry's concern with confidentiality and privacy is itself an obstacle to empirical research: it made obtaining a substantial effective sample size for this study difficult, independent of the survey design.
  > Given the particular concern in the hedge fund industry regarding confidentiality and privacy, obtaining a substantial effective sample size for this study proved difficult.
  Wulf A. Kaal, Hedge Fund Manager Registration Under the Dodd-Frank Act (2012). SSRN: https://ssrn.com/abstract=2150377

**2013**

- [2337268-022](https://wulfkaal.github.io/claims/2337268-022) [design/asserted] -- Form PF filings, unlike Form ADV filings, are confidential and not publicly available, so the systemic risk disclosure regime is built for regulators rather than for market or investor scrutiny.
  > Unlike Form ADV, Form PF filings are confidential and not publicly available.
  Wulf A. Kaal, Investment Adviser Regulation (2013). SSRN: https://ssrn.com/abstract=2337268
- [2348463-016](https://wulfkaal.github.io/claims/2348463-016) [definitional/asserted] -- Systemic risk reports filed by registered investment advisers are confidential and are not publicly available, so any effect of these filings on bankruptcy practice depends on the prospect of disclosure rather than on actual public access.
  > These reports are confidential and not publicly available.
  Wulf A. Kaal, Hedge Funds’ Systemic Risk Disclosures in Bankruptcy (2013). SSRN: https://ssrn.com/abstract=2348463

**2014**

- [2447306-006](https://wulfkaal.github.io/claims/2447306-006) [mechanism/argued] *(failure mode)* -- High quality private fund data is scarce because the industry's entrenched interest in confidentiality combined with decades of regulatory exemption from registration and transparency requirements left no reservoir of comparable disclosure to study.
  > Because of the private fund industry's particular interest in confidentiality and privacy and decades-old regulations that allowed the industry to remain exempt from registration and transparency requirements, high quality private fund data are rather limited.
  Wulf A. Kaal, Private Fund Disclosures Under the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2447306

**2016**

- [2732915-006](https://wulfkaal.github.io/claims/2732915-006) [mechanism/argued] *(failure mode)* -- Because private fund advisers prefer confidentiality and generally oppose publicity, most do not respond to survey questions, which makes obtaining a substantial effective sample size for survey studies of this industry difficult.
  > Most private fund advisers do not respond to survey questions so obtaining a substantial effective sample size for survey studies with private fund advisers is difficult.
  Wulf A. Kaal, The Private Fund Industry Five Years after the Dodd-Frank Act – A Survey Study (2016). SSRN: https://ssrn.com/abstract=2732915

**2017**

- [3017612-033](https://wulfkaal.github.io/claims/3017612-033) [empirical/argued] *(failure mode)* -- Shareholders frequently fail to place their agreements in the charter or bylaws, sometimes through ignorance or inadvertence and sometimes deliberately, because charters are public records and the parties prefer not to expose their arrangement to outsiders.
  > Still, shareholders often fail to include their shareholder agreements in the charter or bylaws—whether by ignorance or inadvertence.124 Sometimes this is intentional because charters are public records, and shareholders may not want their agreements open to outsiders.
  Wulf A. Kaal, Shareholder Agreements - National Report of the United States of America (2017). SSRN: https://ssrn.com/abstract=3017612

## 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/confidentiality.md | sha256sum

**Canonical form.** This markdown file is the canonical hashed representation of this entity node. Its sha256 is the content hash.