{
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 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/regulatory-divergence",
 "identifier": "kaal:entity:regulatory-divergence",
 "name": "Regulatory divergence",
 "termCode": "regulatory-divergence",
 "inDefinedTermSet": {
  "@id": "https://wulfkaal.github.io/entities/index.json"
 },
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
 "dateModified": "2026-07-29",
 "canonicalForm": "https://wulfkaal.github.io/entities/regulatory-divergence.md",
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   "value": 2
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   "value": 2
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  {
   "@type": "PropertyValue",
   "name": "year_span",
   "value": [
    "2010",
    "2014"
   ]
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 ],
 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1558614-008",
   "identifier": "kaal:claim:1558614-008",
   "text": "Because German banks absorbed both the 2008 credit crisis and the 2010 sovereign debt crisis while American banks faced only the first, German regulators and bankers are likely to impose stricter substantive risk management rules than countries that faced only one of those shocks.",
   "abstract": "German banks, like Ameri- can banks, have been exposed to the 2008 credit crisis, and unlike their American rivals, German banks also face a second threat in their exposure to the 2010 sovereign debt crisis",
   "citation": "Painter and Kaal, Initial Reflections on an Evolving Standard Constraints on Risk Taking by Directors and Officers in (2010). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1558614",
   "datePublished": "2010",
   "claim_type": "predictive",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "written before the sovereign debt crisis had fully played out",
    "assumes the two shocks compound rather than offset"
   ],
   "source_pdf_sha256": "e898211630f4116879329d6de8397523dca5b066864147421aa5cbc7429dc83b",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2470008-012",
   "identifier": "kaal:claim:2470008-012",
   "text": "National regulators reached opposite conclusions on the same question: unlike the OFR, FSB and IOSCO, the United Kingdom's Financial Services Authority concluded from its first comprehensive survey of London's hedge fund industry that the industry poses no systemic risk.",
   "abstract": "In contrast with the OFR, FSB and IOSCO, the Financial Services Authority (FSA) in the United Kingdom concluded in its first comprehensive survey of London's hedge fund industry that the hedge fund industry poses no systemic risk to the financial system.",
   "citation": "Wulf A. Kaal, The Systemic Risk of Private Funds after the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2470008",
   "datePublished": "2014",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "London hedge fund industry as surveyed by the FSA",
    "conditions prevailing at the time of the survey"
   ],
   "source_pdf_sha256": "5f68a401c935527d89658171e9b48a4d186710459aaf2bdbead755507394e8c9",
   "status": "current"
  }
 ],
 "description": "2 claims in the published works of Wulf A. Kaal carry the concept tag 'regulatory-divergence'. Derived node: a roster, not an adjudicated definition."
}