# Private fund advisers

`kaal:entity:private-fund-advisers`

**Status.** derived

This node is assembled mechanically from the 7 claims that carry the concept tag `private-fund-advisers`. 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

7 claims across 3 works, 2013 to 2016.

**2013**

- [2337268-014](https://wulfkaal.github.io/claims/2337268-014) [mechanism/asserted] -- Registering large private fund advisers works by increasing the volume of data available to regulators, which in turn may help protect against systemic risk.
  > The registration of large private fund advisers increases the availability of data and may help protect against systemic risk.
  Wulf A. Kaal, Investment Adviser Regulation (2013). SSRN: https://ssrn.com/abstract=2337268

**2014**

- [2447306-008](https://wulfkaal.github.io/claims/2447306-008) [condition/argued] -- Further randomization of the sample was not available as a remedy, because respondents drawn from outside the private fund adviser population would never have been exposed to the new disclosure requirements and so could say nothing about them.
  > It would not have been feasible to further randomize the sample by including respondents from outside of the private fund industry or respondents other than private fund advisers because those non-adviser respondents would not have been exposed to the new disclosure requirements.
  Wulf A. Kaal, Private Fund Disclosures Under the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2447306
- [2447306-010](https://wulfkaal.github.io/claims/2447306-010) [empirical/evidenced] -- Despite contacting the entire population of 3669 SEC-registered private fund advisers by fax and e-mail over more than five months, the study obtained only 52 respondents, a response rate of 0.014 percent.
  > After multiple attempts to reach the entire population in over five months, respondents ([n=52]) (0.014%) answered questions in several categories designed to identify the effectiveness of Form PF.
  Wulf A. Kaal, Private Fund Disclosures Under the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2447306
- [2447306-011](https://wulfkaal.github.io/claims/2447306-011) [empirical/evidenced] -- Advisers themselves understand Form PF's purpose the way the statute frames it: most respondents identified assessing systemic risk and closing the historical information gap about private funds as the form's purpose.
  > Most advisers assert that the purpose of Form PF is to assess systemic risk and address the lack of information regarding private funds.
  Wulf A. Kaal, Private Fund Disclosures Under the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2447306
- [2447306-026](https://wulfkaal.github.io/claims/2447306-026) [empirical/evidenced] -- Contrary to the industry's public complaints about SEC support, a majority of respondents rated the best level of SEC staff guidance available for completing Form PF as sufficient or good.
  > A majority of respondents assessed the best level of SEC guidance in the context of their Form PF completion as sufficient or good.
  Wulf A. Kaal, Private Fund Disclosures Under the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2447306

**2016**

- [2732915-005](https://wulfkaal.github.io/claims/2732915-005) [empirical/evidenced] -- The survey achieved a response rate of 5.44 percent from a population of 1267 registered private fund advisers.
  > The response rate for this survey was 5.44% of a population of 1267.
  Wulf A. Kaal, The Private Fund Industry Five Years after the Dodd-Frank Act – A Survey Study (2016). SSRN: https://ssrn.com/abstract=2732915
- [2732915-006](https://wulfkaal.github.io/claims/2732915-006) [mechanism/argued] *(failure mode)* -- Because private fund advisers prefer confidentiality and generally oppose publicity, most do not respond to survey questions, which makes obtaining a substantial effective sample size for survey studies of this industry difficult.
  > Most private fund advisers do not respond to survey questions so obtaining a substantial effective sample size for survey studies with private fund advisers is difficult.
  Wulf A. Kaal, The Private Fund Industry Five Years after the Dodd-Frank Act – A Survey Study (2016). SSRN: https://ssrn.com/abstract=2732915

## 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/private-fund-advisers.md | sha256sum

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