# Nominal confluence

`kaal:entity:nominal-confluence`

**Status.** derived

This node is assembled mechanically from the 3 claims that carry the concept tag `nominal-confluence`. 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 1 works, 2016 to 2016.

**2016**

- [2715083-013](https://wulfkaal.github.io/claims/2715083-013) [definitional/argued] *(failure mode)* -- The author stipulates the term nominal confluence: legal requirements that are formally identical for mutual and hedge fund managers but that operate in materially different ways in practice, so formal legal convergence overstates actual convergence.
  > The term "nominal confluence" as used herein describes otherwise identical legal requirements for mutual and hedge fund managers that can be materially different in practice.
  Kaal, Confluence of Mutual and Private Funds (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2715083
- [2715083-014](https://wulfkaal.github.io/claims/2715083-014) [failure/argued] *(failure mode)* -- Identical rules diverge in practice because the two vehicle types are structured, operated, and run as businesses differently; the Investment Advisers Act applies to both, yet its obligations are far more onerous for mutual fund managers.
  > While the applicable statutes and regulations may appear to apply nominally to both mutual and hedge fund managers, the nature of how the investment vehicles are structured, operated, and how they conduct business can make their application materially different in practice
  Kaal, Confluence of Mutual and Private Funds (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2715083
- [2715083-015](https://wulfkaal.github.io/claims/2715083-015) [failure/argued] *(failure mode)* -- Best execution is a leading instance of nominal confluence: the obligation is nominally the same, but it is far more complicated and burdensome for the mutual fund manager than for the hedge fund adviser.
  > Best execution obligations are similar but practically different for private and mutual fund advisers. In practice, best execution requirements are far more complicated and burdensome for the mutual fund manager than for the hedge fund adviser.
  Kaal, Confluence of Mutual and Private Funds (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2715083

## 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/nominal-confluence.md | sha256sum

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