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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/1664809-014",
   "identifier": "kaal:claim:1664809-014",
   "text": "Over time, extraterritorial US securities litigation may drive European jurisdictions to adopt portions of US law in order to discourage forum shopping, a form of legal assimilation.",
   "abstract": "portions of US law in order to discourage forum shopping.",
   "citation": "Richard W. Painter, Wulf A. Kaal, Extraterritorial Application of US Securities Law – Will the US Become the Default Jurisdiction for (2010). SSRN: https://ssrn.com/abstract=1664809",
   "datePublished": "2010",
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   "scope_conditions": [
    "sustained forum shopping pressure on European jurisdictions"
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2715083-003",
   "identifier": "kaal:claim:2715083-003",
   "text": "Mandatory registration and increased disclosure for certain hedge fund advisers under the Dodd-Frank Act place hedge fund advisers under registration and reporting obligations similar to those long borne by mutual fund advisers.",
   "abstract": "The registration and increased disclosure requirements for certain hedge fund advisers under the Dodd-Frank Act subjects investment advisers to hedge funds to similar registration and reporting obligations as mutual fund advisers.",
   "citation": "Kaal, Confluence of Mutual and Private Funds (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2715083",
   "datePublished": "2016",
   "claim_type": "mechanism",
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    "advisers meeting the Dodd-Frank registration thresholds"
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  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2715083-004",
   "identifier": "kaal:claim:2715083-004",
   "text": "Lifting the advertising ban for hedge fund advisers under the JOBS Act, combined with FSOC treating mutual and hedge funds alike for SIFI designation, effectively assimilated the advertising requirements applicable to the two asset classes.",
   "abstract": "Similarly, the removal of advertising restrictions for hedge fund advisers under the JOBS Act and the equal treatment of mutual and hedge funds for FSOC's SIFI designation in effect assimilated the advertising requirements of mutual and hedge funds.",
   "citation": "Kaal, Confluence of Mutual and Private Funds (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2715083",
   "datePublished": "2016",
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    "Rule 506(c) offerings after September 2013",
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2715083-013",
   "identifier": "kaal:claim:2715083-013",
   "text": "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.",
   "abstract": "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.",
   "citation": "Kaal, Confluence of Mutual and Private Funds (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2715083",
   "datePublished": "2016",
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    "applies where the same statute or rule governs both fund types"
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2715083-014",
   "identifier": "kaal:claim:2715083-014",
   "text": "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.",
   "abstract": "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",
   "citation": "Kaal, Confluence of Mutual and Private Funds (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2715083",
   "datePublished": "2016",
   "claim_type": "failure",
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    "Investment Advisers Act obligations",
    "registered mutual fund advisers compared with hedge fund advisers"
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2715083-026",
   "identifier": "kaal:claim:2715083-026",
   "text": "FSOC's SIFI designation framework does not distinguish between mutual and hedge funds, even though evidence indicates designation would have disparate effects on the two asset classes.",
   "abstract": "While evidence exists that SIFI designation could have disparate affects on mutual and hedge funds (Stevens Letter (2015), the applicable regulatory framework does not distinguish between the two asset classes.44",
   "citation": "Kaal, Confluence of Mutual and Private Funds (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2715083",
   "datePublished": "2016",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "FSOC three stage nonbank SIFI designation process",
    "12 C.F.R. 1310 app. A"
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2715083-029",
   "identifier": "kaal:claim:2715083-029",
   "text": "Merging the regulatory requirements of mutual funds with the formerly distinct rules for hedge funds creates incentives for private investment managers to launch retail alternative funds, which raises supply, then demand, and so feeds back into further confluence.",
   "abstract": "Merging the regulatory requirements applicable to mutual funds with the formerly more distinct rules applicable to hedge funds creates incentives for private investment managers to set up retail alternative funds.",
   "citation": "Kaal, Confluence of Mutual and Private Funds (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2715083",
   "datePublished": "2016",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "post Dodd-Frank regulatory environment for private fund advisers"
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2998097-033",
   "identifier": "kaal:claim:2998097-033",
   "text": "Confluence runs in both directions: mutual funds are becoming more like hedge funds as a matter of investment strategy, while hedge funds are becoming more like mutual funds as a matter of regulatory framework.",
   "abstract": "Several factors suggest that mutual funds are becoming more like hedge funds as a matter of investment strategy, while hedge funds are becoming more like mutual funds as a matter of the regulatory framework.169 The factors that perhaps best illustrate the",
   "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": "mechanism",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "United States asset management industry after the 2008 to 2009 crisis"
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   "source_pdf_sha256": "0955054f49c7011d33c285579bb046e6b284e42755b10fd2546a728c202669d5",
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 "description": "8 claims in the published works of Wulf A. Kaal carry the concept tag 'regulatory-convergence'. Derived node: a roster, not an adjudicated definition."
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