# Financial intermediaries

`kaal:entity:financial-intermediaries`

**Status.** derived

This node is assembled mechanically from the 5 claims that carry the concept tag `financial-intermediaries`. 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

5 claims across 2 works, 2010 to 2019.

**2010**

- [1664809-026](https://wulfkaal.github.io/claims/1664809-026) [mechanism/argued] -- Banks, brokers and other financial intermediaries figure in a large proportion of US securities fraud cases because they often have the deep pockets that plaintiffs' lawyers are looking for.
  > often have the 'deep pockets' that plaintiffs' lawyers are looking
  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
- [1664809-027](https://wulfkaal.github.io/claims/1664809-027) [predictive/argued] -- If section 7216 extends US securities fraud provisions to non-US securities transactions, European financial intermediaries could become the dominant target for plaintiffs' attorneys.
  > intermediaries could become the dominant target for plaintiff's
  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
- [1664809-028](https://wulfkaal.github.io/claims/1664809-028) [mechanism/argued] -- Non-US individuals and companies are expressly prohibited by US law from contributing to US political campaigns and have a relatively weak lobby in Washington, which places EU financial intermediaries at a competitive disadvantage in the US political system.
  > prohibited by US law from contributing to US political cam-
  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

**2019**

- [3405660-029](https://wulfkaal.github.io/claims/3405660-029) [mechanism/argued] -- The three pillars of Basel II and its successors are rules addressed to banks that thereby indirectly regulate hedge funds.
  > The three pillars of Basle II and its successors, constitute a set of rules applicable to financial intermediaries i.e. banks which indirectly regulate hedge funds.
  Kaal, Indirect Regulation of Hedge Funds (2019). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3405660
- [3405660-038](https://wulfkaal.github.io/claims/3405660-038) [design/argued] -- Under an indirect approach hedge funds can remain exempt from disclosure and transparency requirements because only the financial intermediaries are required to reveal the relevant information, which is why the approach reconciles secrecy with reduced information asymmetry.
  > At the same time, under an indirect regulatory approach, hedge funds can remain exempt from disclosure and transparency requirements. Only financial intermediaries are required to unveil that information.
  Kaal, Indirect Regulation of Hedge Funds (2019). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3405660

## 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/financial-intermediaries.md | sha256sum

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