# Cross border

`kaal:entity:cross-border`

**Status.** derived

This node is assembled mechanically from the 6 claims that carry the concept tag `cross-border`. 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

6 claims across 6 works, 2010 to 2025.

**2010**

- [1664809-037](https://wulfkaal.github.io/claims/1664809-037) [mechanism/argued] -- If national securities regulators are unable or unwilling to cooperate with each other, there is likely to be more securities fraud.
  > If national securities regulators are unable or unwilling to cooperate with each other, there is likely to be more
  Richard W. Painter, Wulf A. Kaal, Extraterritorial Application of US Securities Law – Will the US Become the Default Jurisdiction for (2010). SSRN: https://ssrn.com/abstract=1664809

**2013**

- [2337268-016](https://wulfkaal.github.io/claims/2337268-016) [condition/asserted] -- The foreign private adviser exemption that replaced the fewer than fifteen clients exemption is conjunctive: it requires fewer than fifteen U.S. clients and investors, no U.S. place of business, no holding out to the U.S. public, and less than $25 million AUM attributable to U.S. clients and investors.
  > have fewer than fifteen clients and investors in the United States, do not have a place of business in the United States, do not hold themselves out to the U.S. public as an investment adviser, and do not attribute more than $25 million AUM solely to U.S. clients and investors.30
  Wulf A. Kaal, Investment Adviser Regulation (2013). SSRN: https://ssrn.com/abstract=2337268

**2018**

- [3117224-004](https://wulfkaal.github.io/claims/3117224-004) [mechanism/argued] -- ICOs enable borderless online sales with fewer points of friction, letting promoters bypass typical legal, jurisdictional, and business hurdles by marketing directly to a worldwide investor pool.
  > First, ICOs enable borderless online sales with much fewer points of friction. ICOs enable the promoters to bypass the typical legal, jurisdictional, and business hurdles by directly marketing to a worldwide pool of investors.
  Wulf A. Kaal, Initial Coin Offerings The Top 25 Jurisdictions and Their Comparative Regulatory Responses (2018). SSRN: https://ssrn.com/abstract=3117224

**2025**

- [5554218-027](https://wulfkaal.github.io/claims/5554218-027) [failure/argued] *(failure mode)* -- Persistent differences between jurisdictions that favor a permissive, innovation driven approach and those that prioritize strict control and consumer protection can produce regulatory arbitrage or uncertainty in cross-border situations.
  > differences remain, particularly between jurisdictions that favor a more permissive or innovation-driven approach and those that prioritize strict control and consumer protection. These differences can lead to regulatory arbitrage or uncertainty in cross-border situations
  Furrer Andreas, Wulf A. Kaal, Universal Digital Law Codex (UDLC) Building the Legal Infrastructure for the Digital Era (2025). SSRN: https://ssrn.com/abstract=5554218
- [5583610-035](https://wulfkaal.github.io/claims/5583610-035) [failure/evidenced] *(failure mode)* -- MiCA complicates cross-border LER adoption because non-compliance exposes issuers to administrative fines of up to three percent of annual turnover.
  > International frameworks like MiCA further complicate cross-border adoption, with non-compliance risking fines up to 3% of annual turnover.
  Wulf A. Kaal, Liquid Equity Rewards in Corporate America (2025). SSRN: https://ssrn.com/abstract=5583610
- [5886342-002](https://wulfkaal.github.io/claims/5886342-002) [design/asserted] -- The Codex is designed to close the gap between the fast moving digital ecosystem and the traditional legal system, and its purpose is to secure enforceability, fairness and procedural integrity even where an interaction is fully digital and transnational.
  > The UDLC aims to bridge the gap between the rapidly evolving digital ecosystem and the traditional legal system. This framework ensures enforceability, fairness and procedural integrity, even in fully digital, trans- national settings — a foundational component of trusted digital governance.
  Furrer Andreas, Wulf A. Kaal, Stephan D. Meyer, Universal Digital Law Codex (UDLC) (2025). SSRN: https://ssrn.com/abstract=5886342

## 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/cross-border.md | sha256sum

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