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   "@id": "https://wulfkaal.github.io/claims/617681-005",
   "identifier": "kaal:claim:617681-005",
   "text": "The authors propose that private ordering can design an adjudication system for European corporate law better than public ordering by Member States that are marketing their corporate laws to managers and investors abroad.",
   "abstract": "We rather propose that private ordering can better design an adjudication system than can public ordering by Member States marketing their corporate laws to managers and investors outside their borders.",
   "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": "design",
   "confidence": "argued",
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/617681-029",
   "identifier": "kaal:claim:617681-029",
   "text": "A single body of arbitrators affiliated through an association is better positioned than the courts of separate Member States to develop a systematic and consistent approach to the conflict of laws problems unique to the incorporation theory.",
   "abstract": "A single body of arbitrators, affiliated through an association, is theoretically at least in a better position to develop a more systematic and consistent approach to conflict of laws problems unique to the incorporation theory.",
   "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",
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   "identifier": "kaal:claim:617681-036",
   "text": "Member States should provide in their corporate statutes an arbitration enabling provision allowing corporate charters to mandate arbitration of internal affairs disputes instead of adjudication in national courts.",
   "abstract": "Member States could specifically provide in their statutes an \"arbitration enabling provision\" allowing corporate charters to mandate arbitration of disputes over the internal affairs of the corporation instead of adjudication in national courts.",
   "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",
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   "text": "Contingent capital is more efficient than prepackaged plans or preplan sales because it provides a resolution mechanism outside formal proceedings and free of their restrictions, since the Bankruptcy Code does not regulate conversion or the use of increased voting rights.",
   "abstract": "CCS could be more efficient because CCS could provide the basis for a resolution mechanism outside of formal resolution proceedings and without the restrictions of prepackaged plans or preplan sales. The Bankruptcy Code does not regulate CCS conversion or the use of increased voting rights.",
   "citation": "Wulf A. Kaal, Christoph Henkel, Contingent Capital with Sequential Triggers (2011). SSRN: https://ssrn.com/abstract=1908473",
   "datePublished": "2011",
   "claim_type": "mechanism",
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    "Contingent capital securities are for the most part privately negotiated contracts"
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   "identifier": "kaal:claim:1998455-029",
   "text": "The social welfare maximization potential of contingent capital securities is lower if their design features are left entirely to private ordering, because private parties do not necessarily structure those features with a view toward the common good, the avoidance of future bailouts, or the limitation of systemic risk and contagion.",
   "abstract": "The social welfare maximization potential of CCS could be lower if the design features are entirely left to private ordering.",
   "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": "failure",
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    "where regulators leave CCS design features entirely to industry groups and private parties"
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   "text": "Contingent capital can facilitate an incentive structure that lets regulators rely partially on private party contracting for the design of these securities while still accounting for systemic risk.",
   "abstract": "Contingent capital could help fa- cilitate an incentive structure that allows regulators to rely par- tially on private party contracting for the design of CCS to ac- count for systemic risk.",
   "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",
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   "@id": "https://wulfkaal.github.io/claims/2029983-034",
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   "text": "The race to the bottom objection to a contract based approach is weaker than assumed because a race to the bottom requires the consent of both buyers and sellers, and the objection assumes that buyers will simply accept whatever securities law sellers choose.",
   "abstract": "Such a race to the bottom, however, requires at least the consent of both parties (buyers as well as sellers); the race to the bottom argument assumes that buyers will simply accept whatever securities laws sellers choose.",
   "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",
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    "private transactions where geography is ambiguous and buyers are sophisticated",
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   "@id": "https://wulfkaal.github.io/claims/2061166-002",
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   "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",
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   "text": "Market solutions and private ordering alone are unlikely to produce contingent capital designs that improve corporate governance in SIFIs, because privately negotiated sales so far have not produced governance-sensitive designs.",
   "abstract": "It is doubtful if market solutions and private ordering alone will produce contingent capital designs that help improve corporate governance in SIFIs.",
   "citation": "Wulf A. Kaal, Contingent Capital in Executive Compensation (2012). SSRN: https://ssrn.com/abstract=2097160",
   "datePublished": "2012",
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   "@id": "https://wulfkaal.github.io/claims/2097160-017",
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   "text": "Institution-specific automatic triggers are the preferred basis for early trigger designs because they are flexible and independent of regulatory discretion.",
   "abstract": "Because institution-specific automatic triggers are flexible and independent from regulatory discretion, they constitute a good option for early trigger designs.",
   "citation": "Wulf A. Kaal, Contingent Capital in Executive Compensation (2012). SSRN: https://ssrn.com/abstract=2097160",
   "datePublished": "2012",
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   "text": "Unlike ordinary private ordering, where formalization of informal rules can be a lengthy process that is never finalized, formalization of informal rules in the dynamic process happens sooner and is more likely to succeed if those informal rules provide relevant information for public rulemaking.",
   "abstract": "the formalization of informal rules in the dynamic process may happen sooner and is more likely to succeed and be finalized if the informal rules provide relevant information for the public rulemaking process.",
   "citation": "Wulf A. Kaal, Evolution of Law Dynamic Regulation in a New Institutional Economics Framework (2013). SSRN: https://ssrn.com/abstract=2267560",
   "datePublished": "2013",
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   "identifier": "kaal:claim:2273857-034",
   "text": "The SEC never actually interpreted Section 402 of Sarbanes-Oxley and instead merely acquiesced in a law firm memorandum interpreting the provision, so private entities in effect fulfilled the SEC's statutory mandate.",
   "abstract": "The SEC, however, never actually interpreted section 402 and merely acquiesced with a law firm memorandum interpreting section 402.",
   "citation": "Wulf A. Kaal, Dynamic Regulation of the Financial Services Industry (2013). SSRN: https://ssrn.com/abstract=2273857",
   "datePublished": "2013",
   "claim_type": "empirical",
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   "is_failure_mode": true,
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    "Section 402 of SOX, the prohibition on issuer credit to directors and officers"
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   "identifier": "kaal:claim:2273857-057",
   "text": "Institution specific automatic triggers in contingent capital securities are flexible and can be tailored to the parties' needs precisely because they operate independently of regulatory discretion.",
   "abstract": "Because institution-specific automatic triggers are independent from regulatory discretion, they have the advantage of being flexible and can be tailored to the parties' respective needs.",
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   "@id": "https://wulfkaal.github.io/claims/2273857-066",
   "identifier": "kaal:claim:2273857-066",
   "text": "A mixture of mandatory rules, market solutions, and private ordering would increase the adaptive capabilities of rulemaking, curtail the effects of the collective action problem of rulemaking, and dampen regulatory cycles.",
   "abstract": "A mixture of mandatory rules, market solutions, and private ordering could help increase the adaptive capabilities of rulemaking, curtail the effects of the collective action problem of rulemaking, and dampen regulatory cycles.",
   "citation": "Wulf A. Kaal, Dynamic Regulation of the Financial Services Industry (2013). SSRN: https://ssrn.com/abstract=2273857",
   "datePublished": "2013",
   "claim_type": "design",
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    "mixed regime combining mandatory and private mechanisms"
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   "@id": "https://wulfkaal.github.io/claims/2834531-025",
   "identifier": "kaal:claim:2834531-025",
   "text": "Contesting the safety rationale offered for restricting Uber, the authors argue that the two way rating system and the algorithmic matching of drivers and customers already provide an effective means of policing drivers and ensuring a safe ride.",
   "abstract": "The two–way rating system (drivers rate customers and customers rate drivers) and an algorithm–based system for matching up drivers and customers appear to offer an effective means of policing Uber drivers and ensuring a safe ride for customers.",
   "citation": "Mark Fenwick, Wulf A. Kaal, Erik P. M. Vermeulen, Regulation Tomorrow What Happens When Technology Is Faster Than the Law (2017). SSRN: https://ssrn.com/abstract=2834531",
   "datePublished": "2017",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "ride hailing platforms with reciprocal ratings and algorithmic matching"
   ],
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   "@type": "Claim",
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   "identifier": "kaal:claim:3017612-007",
   "text": "Because public and close corporation shareholders differ materially in bargaining power, close corporation shareholders should be granted greater flexibility to order their affairs by agreement.",
   "abstract": "Courts and academics have acknowledged there is a significant difference between shareholders of public and close corporations, specifically in regards to bargaining power, such that close corporation shareholders should have greater flexibility to align their affairs as they see fit.",
   "citation": "Wulf A. Kaal, Shareholder Agreements - National Report of the United States of America (2017). SSRN: https://ssrn.com/abstract=3017612",
   "datePublished": "2017",
   "claim_type": "normative",
   "confidence": "argued",
   "is_failure_mode": false,
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    "closely held corporations"
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  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3017612-023",
   "identifier": "kaal:claim:3017612-023",
   "text": "US law gives corporate participants wide latitude to restrict share transfers, and such restrictions are usually upheld unless their terms are unreasonable in the circumstances.",
   "abstract": "US law gives considerable latitude to corporate participants when imposing share transfer restrictions, as restrictions will usually be sustained unless the terms are unreasonable under the circumstances.",
   "citation": "Wulf A. Kaal, Shareholder Agreements - National Report of the United States of America (2017). SSRN: https://ssrn.com/abstract=3017612",
   "datePublished": "2017",
   "claim_type": "condition",
   "confidence": "evidenced",
   "is_failure_mode": false,
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    "restrictions imposed by articles, bylaws, or shareholder agreement"
   ],
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3067615-031",
   "identifier": "kaal:claim:3067615-031",
   "text": "Private initiatives are emerging to fill the ICO disclosure and rating gap, including a joint venture between Ambisafe and the rating agency ICOrating created to ensure high quality standards and support investor due diligence.",
   "abstract": "To combat these shortcomings, a private initiative, a joint-venture between Ambisafe Inc.59 and the Russian-based rating agency ICOrating,60 has been created to ensure high-quality standards, supporting investors in their due-diligence",
   "citation": "Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags (2017). SSRN: https://ssrn.com/abstract=3067615",
   "datePublished": "2017",
   "claim_type": "empirical",
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    "ICO market as of November 2017"
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3405660-021",
   "identifier": "kaal:claim:3405660-021",
   "text": "Indirect regulation minimizes regulatory expense by relying on the private sector risk practices of counterparties and creditors, producing an equilibrium between regulatory cost and regulatory attainment.",
   "abstract": "Relying on private sector practices by counterparties and creditors minimizes regulatory expenses significantly. Indirect regulation enables a state of equilibrium between costs and attainments of regulatory initiatives.",
   "citation": "Kaal, Indirect Regulation of Hedge Funds (2019). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3405660",
   "datePublished": "2019",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": false,
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    "counterparties and creditors actually maintain disciplined private sector practices"
   ],
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   "@id": "https://wulfkaal.github.io/claims/3652481-015",
   "identifier": "kaal:claim:3652481-015",
   "text": "Parties may try to limit remedies to DAO assets through private agreements, but if the DAO faces a tort suit such an agreement is unlikely to be upheld.",
   "abstract": "Parties may be able to limit remedies to DAO assets through private agreements. But, if the DAO should face a tort suit such an agreement is unlikely to be upheld.",
   "citation": "Wulf A. Kaal, Decentralized Autonomous Organizations – Internal Governance and External Legal Design (2020). SSRN: https://ssrn.com/abstract=3652481",
   "datePublished": "2020",
   "claim_type": "failure",
   "confidence": "evidenced",
   "is_failure_mode": true,
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    "a tort claim is brought against the DAO"
   ],
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  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3799320-010",
   "identifier": "kaal:claim:3799320-010",
   "text": "Private agreements that limit remedies to DAO assets are unlikely to be upheld if the DAO faces a tort suit.",
   "abstract": "Parties may be able to limit remedies to DAO assets through private agreements. But, if the DAO should face a tort suit, such an agreement is unlikely to be upheld.",
   "citation": "Wulf A. Kaal, A Decentralized Autonomous Organization (DAO) of DAOs (2021). SSRN: https://ssrn.com/abstract=3799320",
   "datePublished": "2021",
   "claim_type": "failure",
   "confidence": "asserted",
   "is_failure_mode": true,
   "scope_conditions": [
    "tort claims rather than contract claims",
    "off-chain dispute settlement"
   ],
   "source_pdf_sha256": "c3dff852f2d3f04718c829a24189309a7db4d92d84f6045d3d4f562d87c03e63",
   "status": "current"
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  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/5886342-003",
   "identifier": "kaal:claim:5886342-003",
   "text": "The Codex is positioned as a private universal standard rather than state legislation: it supplies legal certainty and enforceability for digital systems ranging from blockchain and AI to quantum computing, so that platforms, businesses and users can operate across borders and technologies.",
   "abstract": "The UDLC is intended to serve as a private universal standard for legal certainty and enforceability in digital systems — from blockchain and AI to quantum computing — providing digital platforms, businesses and users with the tools they need to operate securely and legally across borders and technologies.",
   "citation": "Furrer Andreas, Wulf A. Kaal, Stephan D. Meyer, Universal Digital Law Codex (UDLC) (2025). SSRN: https://ssrn.com/abstract=5886342",
   "datePublished": "2025",
   "claim_type": "design",
   "confidence": "asserted",
   "is_failure_mode": false,
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    "private standard adopted by digital systems, not enacted by a legislature"
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   "@type": "Claim",
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   "identifier": "kaal:claim:5886342-005",
   "text": "The Codex operates as a complementary legal layer: it adds a consistent legal dimension to existing digital systems through system referenced adoption, so a platform brings the rules into force by referring to them rather than by any state act.",
   "abstract": "▪ Complementary Legal Layer, that enhances existing digital systems by adding a consistent legal dimension through system-referenced adoption.",
   "citation": "Furrer Andreas, Wulf A. Kaal, Stephan D. Meyer, Universal Digital Law Codex (UDLC) (2025). SSRN: https://ssrn.com/abstract=5886342",
   "datePublished": "2025",
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  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/5886342-022",
   "identifier": "kaal:claim:5886342-022",
   "text": "Where the applicable national property law conflicts directly with the digital ownership provisions of the Codex, the parties undertake by contract not to initiate proceedings to enforce the conflicting national rights or to bring claims based on them.",
   "abstract": "and spirit of this Book, the Parties hereby undertake not to initiate any legal steps or proceedings to en- force such rights or to make any claims based on these.",
   "citation": "Furrer Andreas, Wulf A. Kaal, Stephan D. Meyer, Universal Digital Law Codex (UDLC) (2025). SSRN: https://ssrn.com/abstract=5886342",
   "datePublished": "2025",
   "claim_type": "design",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "direct conflict between national property law and the Book on digital ownership"
   ],
   "source_pdf_sha256": "dc456a1ce2ea4a356dbcb35dc900ec36be94b8c9b6da4a2c8c268d6301f66359",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/5887242-012",
   "identifier": "kaal:claim:5887242-012",
   "text": "The UDLC DAO requires no legal wrapper, foundation, or centralized representative in any jurisdiction, because the Codex functions as a self-contained private legal order that parties opt into by explicit reference in their digital transactions.",
   "abstract": "Externally, the UDLC DAO requires no legal wrapper, foundation, or centralized representative in any jurisdiction. The Codex itself functions as a self-contained private legal order that parties opt into through explicit reference in their digital transactions.",
   "citation": "Wulf A. Kaal, The UDLC DAO Operationalizing a Continuously Evolving Universal Digital Law Codex Through Weighted (2025). SSRN: https://ssrn.com/abstract=5887242",
   "datePublished": "2025",
   "claim_type": "design",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "parties expressly reference the UDLC in their transactions"
   ],
   "source_pdf_sha256": "4e5c2e2b4304af6d22e0b0939b1fddeabcf091e19a1b00b7bfccf77cbd6280c5",
   "status": "current"
  }
 ],
 "description": "25 claims in the published works of Wulf A. Kaal carry the concept tag 'private-ordering'. Derived node: a roster, not an adjudicated definition."
}