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 "termCode": "harmonization",
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 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
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  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/617681-003",
   "identifier": "kaal:claim:617681-003",
   "text": "The Societas Europaea has drawn a less than enthusiastic initial reaction, plausibly because its rules are the product of years of negotiation and political compromise rather than a response to market forces.",
   "abstract": "It has yet to be seen whether managers and investors view the SE as a viable alternative, but initial reaction has been less than enthusiastic, perhaps because the rules governing an SE are the product of years of negotiation and political compromise rather than a response to market forces.",
   "citation": "Christian Kirchner, Richard W. Painter, Wulf A. Kaal, Regulatory Competition in EU Corporate Law after Inspire Art Unbundling Delaware's Product for Euro (2004). SSRN: https://ssrn.com/abstract=617681",
   "datePublished": "2004",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "the SE as of 2004, shortly before it entered into force"
   ],
   "source_pdf_sha256": "e142130507ea2f5b025fd97b3f762d44ee3a7aaa82b155aab63434b85e8fd834",
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  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1806252-001",
   "identifier": "kaal:claim:1806252-001",
   "text": "Contrary to critics who blame the Basel Accords, harmonization through Basel II is not what made banks hold similar assets; banks held similar assets because those assets were profitable.",
   "abstract": "harmonization through Basel II that made banks hold similar assets: banks held similar assets because of the profitability of these assets.",
   "citation": "Kaal, Hedge Fund Regulation Via Basel III (2011). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1806252",
   "datePublished": "2011",
   "claim_type": "mechanism",
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1908473-021",
   "identifier": "kaal:claim:1908473-021",
   "text": "Without a degree of international convergence in contingent capital rules, regulatory arbitrage could undermine the establishment of contingent capital as an integral part of financial markets.",
   "abstract": "Without a certain level of convergence in contingent capital rules,105 regulatory arbitrage could have an adverse effect on establishing contingent capital as an integral part of financial markets.",
   "citation": "Wulf A. Kaal, Christoph Henkel, Contingent Capital with Sequential Triggers (2011). SSRN: https://ssrn.com/abstract=1908473",
   "datePublished": "2011",
   "claim_type": "condition",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "Assumes jurisdictions legislate contingent capital independently of one another"
   ],
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1998455-015",
   "identifier": "kaal:claim:1998455-015",
   "text": "Divergent national definitions of Tier 1 capital produce a distortion: financial institutions in countries with stricter definitions that exclude contingent capital appear to hold less capital and thinner capital cushions than institutions in countries with broader definitions, and investors may read that appearance as a negative attribute.",
   "abstract": "Financial institutions in countries that use stricter definitions on Tier 1 capital and do not recognize contin- gent capital as Tier 1 capital could appear to have less capital and thinner capital cushions than financial institutions in countries with broader definitions for Tier 1 capital.",
   "citation": "Wulf A. Kaal, Initial Reflections on the Possible Application of Contingent Capital in Corporate Governance (2012). SSRN: https://ssrn.com/abstract=1998455",
   "datePublished": "2012",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "absent harmonized EU wide or international standards for Tier 1 capital"
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1998455-026",
   "identifier": "kaal:claim:1998455-026",
   "text": "Harmonization and coordination can facilitate experimentation and learning, but experimentation is most effective when several different approaches are tried simultaneously in different jurisdictions.",
   "abstract": "Harmonization and coordination can help facilitate experimentation and a learning process, but experimentation is probably most effective when several different approaches can be tried simultaneously in dif- ferent jurisdictions.",
   "citation": "Wulf A. Kaal, Initial Reflections on the Possible Application of Contingent Capital in Corporate Governance (2012). SSRN: https://ssrn.com/abstract=1998455",
   "datePublished": "2012",
   "claim_type": "design",
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    "where multiple jurisdictions are free to adopt divergent rules"
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  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2029983-006",
   "identifier": "kaal:claim:2029983-006",
   "text": "Jurisdictional competition adapts legal rules to changed economic circumstances faster than harmonization does, because a single jurisdiction can change its rule unilaterally whereas harmonized regimes require all jurisdictions to agree on a rule before it can change.",
   "abstract": "When underlying economic circumstances change, it is more likely that a jurisdiction will change its rules if there is juris- dictional competition than if all jurisdictions are bound to agree upon the same rule before they change it.",
   "citation": "Wulf A. Kaal, Richard W. Painter, Forum Competition and Choice of Law Competition in Securities Law after Morrison v. National Austral (2012). SSRN: https://ssrn.com/abstract=2029983",
   "datePublished": "2012",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": false,
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    "underlying market conditions are changing",
    "actors have imperfect information about optimal rules"
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2029983-007",
   "identifier": "kaal:claim:2029983-007",
   "text": "Harmonization can fail on the merits: the harmonious rule may be the wrong rule for the problem it addresses, or it may become the wrong rule later as circumstances change.",
   "abstract": "\"harmonious\" rule may be the wrong rule for solving a particu- lar problem, or the rule could become wrong later based on changing circumstances.",
   "citation": "Wulf A. Kaal, Richard W. Painter, Forum Competition and Choice of Law Competition in Securities Law after Morrison v. National Austral (2012). SSRN: https://ssrn.com/abstract=2029983",
   "datePublished": "2012",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "most acute in fast evolving areas such as financial regulation"
   ],
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2029983-008",
   "identifier": "kaal:claim:2029983-008",
   "text": "Harmonization is politically unattainable absent either a central authority able to preempt the law of many jurisdictions or a single jurisdiction with enough economic clout to impose its rules on others, which makes harmonization especially difficult beyond national borders.",
   "abstract": "Second, harmonization is difficult to accomplish politi- cally unless there is a central authority that can preempt the law in a multitude of jurisdictions or, alternatively, a jurisdic- tion has so much economic clout that it can impose its rules on others.",
   "citation": "Wulf A. Kaal, Richard W. Painter, Forum Competition and Choice of Law Competition in Securities Law after Morrison v. National Austral (2012). SSRN: https://ssrn.com/abstract=2029983",
   "datePublished": "2012",
   "claim_type": "condition",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "cross border harmonization",
    "no supranational preemptive authority exists"
   ],
   "source_pdf_sha256": "fde2ff611420eb283cbb49a6b681a2ae8efa2b4603ae71480e2d91483f0295f2",
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  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2029983-009",
   "identifier": "kaal:claim:2029983-009",
   "text": "Harmonization invites its own defeat by creating an incentive for rogue jurisdictions to attract, into their legal systems, the private actors who do not agree with the harmonized rule.",
   "abstract": "Third, harmonization invites efforts to undermine harmony by \"rogue\" jurisdictions that seek to benefit by attracting to their legal systems private actors who do not agree with the harmonization.",
   "citation": "Wulf A. Kaal, Richard W. Painter, Forum Competition and Choice of Law Competition in Securities Law after Morrison v. National Austral (2012). SSRN: https://ssrn.com/abstract=2029983",
   "datePublished": "2012",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "applies even within organized communities of jurisdictions such as the European Union"
   ],
   "source_pdf_sha256": "fde2ff611420eb283cbb49a6b681a2ae8efa2b4603ae71480e2d91483f0295f2",
   "status": "current"
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  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2061166-002",
   "identifier": "kaal:claim:2061166-002",
   "text": "The authors contend that the European Commission's goal of maximum harmonization through a global single rule book may not be achievable, and that a legal framework for private ordering of contingent capital is the more realistic route to an adequate level of convergence.",
   "abstract": "The European Commission's objective of creating maximum harmonization through a global \"single rule book\"22 may not be feasible. However, setting up a legal framework for private ordering in the context of contingent capital23 could provide an adequate level of convergence",
   "citation": "Christoph K. Henkel, Wulf A. Kaal, Contingent Capital in European Union Bank Restructuring (2012). SSRN: https://ssrn.com/abstract=2061166",
   "datePublished": "2012",
   "claim_type": "design",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "European Union bank resolution and restructuring regimes"
   ],
   "source_pdf_sha256": "43625ea260d0fc045e86d3435df50c9d0ca4abf8542e6085a6165be6653b4a7b",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2061166-006",
   "identifier": "kaal:claim:2061166-006",
   "text": "Mutual recognition of countercyclical capital buffers hollows out the national discretion the Commission proposal appears to grant: the financially strongest Member States with the largest financial sectors will effectively set the buffer size for smaller Member States whose institutions do business there.",
   "abstract": "Therefore, the financially stronger Member States with the largest financial sectors may dictate the size of countercyclical buffers for smaller Member States, thereby practically reducing any proposed national discretion.",
   "citation": "Christoph K. Henkel, Wulf A. Kaal, Contingent Capital in European Union Bank Restructuring (2012). SSRN: https://ssrn.com/abstract=2061166",
   "datePublished": "2012",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "countercyclical buffers up to the 2.5 percent mutual recognition ceiling",
    "institutions with branches or subsidiaries in the buffer-setting Member State"
   ],
   "source_pdf_sha256": "43625ea260d0fc045e86d3435df50c9d0ca4abf8542e6085a6165be6653b4a7b",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2061166-037",
   "identifier": "kaal:claim:2061166-037",
   "text": "Convergence of contingent capital standards is impeded by a first mover problem: single jurisdictions hesitate to impose contingent capital requirements before they know how competing jurisdictions and their financial institutions will structure their own rules.",
   "abstract": "This could partially be due to a first mover problem. Single jurisdictions could be hesitant to implement contingent capital requirements without first knowing how other jurisdictions and financial institutions that compete with their home institutions may structure their contingent capital rules.",
   "citation": "Christoph K. Henkel, Wulf A. Kaal, Contingent Capital in European Union Bank Restructuring (2012). SSRN: https://ssrn.com/abstract=2061166",
   "datePublished": "2012",
   "claim_type": "mechanism",
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   "is_failure_mode": true,
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    "jurisdictions whose banks compete internationally"
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  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2998097-007",
   "identifier": "kaal:claim:2998097-007",
   "text": "Proposals to improve close-out netting agreements and to harmonize standard documentation across jurisdictions are likely to run into jurisdictional arbitrage and national protectionism.",
   "abstract": "Proposals calling for improvements in close-out netting agreements for financial contracts and calls for harmonized standard documentation across jurisdictions may encounter jurisdictional arbitrage and national protectionism.41",
   "citation": "Wulf A. Kaal, Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016 (2017). SSRN: https://ssrn.com/abstract=2998097",
   "datePublished": "2017",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "cross border regulatory harmonization proposals after LTCM"
   ],
   "source_pdf_sha256": "0955054f49c7011d33c285579bb046e6b284e42755b10fd2546a728c202669d5",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/5554218-010",
   "identifier": "kaal:claim:5554218-010",
   "text": "The most damaging effect of legal harmonization is that it eradicates outliers, meaning the unconventional approaches that actually drive technological and legal innovation.",
   "abstract": "Harmonization's most pernicious effect lies in its eradication of outliers—those unconventional approaches that drive technological and legal innovation.",
   "citation": "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",
   "datePublished": "2025",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "harmonization of conflict of laws and substantive rules for digital assets"
   ],
   "source_pdf_sha256": "55738b4035a91b70aa2ddaa127552fe4b373ec641afee2719fbdcabebdcbea44",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/5554218-011",
   "identifier": "kaal:claim:5554218-011",
   "text": "Harmonized standards and innovative dispute resolution mechanisms are only partial answers, because they cannot keep pace with the continuously evolving technical requirements of digital assets and smart contracts.",
   "abstract": "Harmonized standards and innovative dispute resolution mechanisms offer potential solutions, but run short of fulfilling the ever evolving technical requirements in the rapid evolution of digital assets and smart contracts.",
   "citation": "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",
   "datePublished": "2025",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "rapid technological evolution of digital assets and smart contracts"
   ],
   "source_pdf_sha256": "55738b4035a91b70aa2ddaa127552fe4b373ec641afee2719fbdcabebdcbea44",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/5554218-012",
   "identifier": "kaal:claim:5554218-012",
   "text": "The authors contest the prevailing scholarly proposition that harmonized conflict of laws principles are necessary to govern digital assets across common and civil law jurisdictions, arguing that this proposition misconstrues the foundational ethos of blockchain technology.",
   "abstract": "The proposition that harmonized conflict of laws principles are necessary to govern digital assets across common law and civil law jurisdictions, as advocated by scholars like Aleinieh, Zoboli, Atiyah, and Kasatkina, misconstrues the foundational ethos of blockchain technology",
   "citation": "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",
   "datePublished": "2025",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "proposals advanced by Aleinieh, Zoboli, Atiyah, and Kasatkina"
   ],
   "source_pdf_sha256": "55738b4035a91b70aa2ddaa127552fe4b373ec641afee2719fbdcabebdcbea44",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/5554218-015",
   "identifier": "kaal:claim:5554218-015",
   "text": "Harmonizing substantive law would suppress jurisdictional diversity by imposing a one size fits all model that ignores cultural, economic, and technological differences, thereby reducing the resilience of global digital asset ecosystems.",
   "abstract": "Harmonization of the substantive law would suppress this diversity, imposing a one-size-fits-all model that fails to account for cultural, economic, and technological differences, thereby reducing the resilience of global digital asset ecosystems.",
   "citation": "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",
   "datePublished": "2025",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "harmonization of substantive rather than merely procedural rules"
   ],
   "source_pdf_sha256": "55738b4035a91b70aa2ddaa127552fe4b373ec641afee2719fbdcabebdcbea44",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/5554218-025",
   "identifier": "kaal:claim:5554218-025",
   "text": "Legislation based on or influenced by the UNCITRAL Model Law on Electronic Commerce has been adopted in 87 states across 170 jurisdictions, which shows that a non-binding model law can achieve broad international consensus and significantly harmonize national laws.",
   "abstract": "Legislation based on or influenced by the Model Law has been adopted in 87 states across 170 jurisdictions.79 This remarkable uptake underscores how a non-binding model law can achieve broad international consensus and significantly harmonize national laws.",
   "citation": "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",
   "datePublished": "2025",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "electronic commerce and electronic contracting rules"
   ],
   "source_pdf_sha256": "55738b4035a91b70aa2ddaa127552fe4b373ec641afee2719fbdcabebdcbea44",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/5554218-026",
   "identifier": "kaal:claim:5554218-026",
   "text": "Binding conventions in digital law typically achieve only moderate ratification, yet their principles still permeate national legislation inspired by them, producing de facto harmonization without formal accession.",
   "abstract": "This pattern illustrates a common dynamic in digital law: binding conventions often see only moderate adoption. Nevertheless, their principles may permeate national legislation inspired by the convention, yielding de facto harmonization.",
   "citation": "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",
   "datePublished": "2025",
   "claim_type": "mechanism",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "treaty instruments such as the 2005 Electronic Communications Convention"
   ],
   "source_pdf_sha256": "55738b4035a91b70aa2ddaa127552fe4b373ec641afee2719fbdcabebdcbea44",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/5554218-029",
   "identifier": "kaal:claim:5554218-029",
   "text": "Neither conflict of laws nor legal harmonization can supply a sustainable, systemic solution, because both approaches result in the fossilization of legal relationships.",
   "abstract": "We have also demonstrated that neither conflict of laws nor legal harmonization can provide a sustainable, systemic solution. Ultimately, these approaches result in the fossilization of legal relationships,",
   "citation": "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",
   "datePublished": "2025",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "innovative, decentralized, and constantly changing technical conditions"
   ],
   "source_pdf_sha256": "55738b4035a91b70aa2ddaa127552fe4b373ec641afee2719fbdcabebdcbea44",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/5554218-036",
   "identifier": "kaal:claim:5554218-036",
   "text": "Allowing jurisdictions to tailor smart contract requirements to local statutory frameworks while adhering to a baseline of ethical principles preserves the innovative potential of blockchain by avoiding the homogenizing effects of harmonized legal standards.",
   "abstract": "This flexibility preserves the innovative potential of blockchain by avoiding the homogenizing effects of harmonized legal standards, which could stifle jurisdictional experimentation.",
   "citation": "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",
   "datePublished": "2025",
   "claim_type": "design",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "hybrid governance combining a universal ethical baseline with localized adaptation"
   ],
   "source_pdf_sha256": "55738b4035a91b70aa2ddaa127552fe4b373ec641afee2719fbdcabebdcbea44",
   "status": "current"
  }
 ],
 "description": "21 claims in the published works of Wulf A. Kaal carry the concept tag 'harmonization'. Derived node: a roster, not an adjudicated definition."
}