# Finra

`kaal:entity:finra`

**Status.** derived

This node is assembled mechanically from the 3 claims that carry the concept tag `finra`. 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

3 claims across 2 works, 2016 to 2019.

**2016**

- [2714974-022](https://wulfkaal.github.io/claims/2714974-022) [failure/argued] *(failure mode)* -- Neither obvious remedy for the increased sales pressure created by the Rule 506 amendment works well: added disclosure obligations such as filing all Rule 506 sales documents with FINRA or the SEC may burden issuers inappropriately, while litigation based enforcement may not reach all offenders equally or appropriately.
  > Litigation-based enforcement, on the other hand, may not encapsulate all offenders equally and/or appropriately.
  Kaal and Oesterle, The History of Hedge Fund Regulation in the United States (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2714974

**2019**

- [3411110-008](https://wulfkaal.github.io/claims/3411110-008) [failure/asserted] *(failure mode)* -- The compliance burden attached to operating an alternative trading system, including fees, consumer protection, examination, and books and records requirements, is typically cost prohibitive for startups.
  > ATS compliance costs are typically cost prohibitive for startups.
  Wulf A. Kaal, Samuel Evans, Blockchain-Based Securities Offerings (2019). SSRN: https://ssrn.com/abstract=3411110
- [3411110-032](https://wulfkaal.github.io/claims/3411110-032) [design/argued] -- Self regulatory organizations occupy a distinctive position, holding some regulatory authority while remaining beholden to the SEC, which makes them the right actors to educate the SEC toward a more crypto friendly stance by demonstrating successful use cases.
  > SROs are also in a unique position to help educate the SEC to becoming more crypto friendly.
  Wulf A. Kaal, Samuel Evans, Blockchain-Based Securities Offerings (2019). SSRN: https://ssrn.com/abstract=3411110

## 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/finra.md | sha256sum

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