{
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 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/regulatory-scope",
 "identifier": "kaal:entity:regulatory-scope",
 "name": "Regulatory scope",
 "termCode": "regulatory-scope",
 "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",
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   "value": 3
  },
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   "value": 2
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   "@type": "PropertyValue",
   "name": "year_span",
   "value": [
    "2009",
    "2013"
   ]
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   "value": 0
  }
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 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1428387-026",
   "identifier": "kaal:claim:1428387-026",
   "text": "Because industry practices and informal rules already protect their relationships and investments, qualified investors may neither desire nor require extended investor protection rules to optimize hedge fund valuation.",
   "abstract": "Given their role in the industry, and the industry practices and informal rules that protect their relationships and investments, qualified investors may not desire nor require extended investor protection rules to optimize valuation of hedge funds.",
   "citation": "Kaal, Hedge Fund Valuation Retailization, Regulation, and Investor Suitability (2009). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1428387",
   "datePublished": "2009",
   "claim_type": "normative",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "qualified investors embedded in industry networks"
   ],
   "source_pdf_sha256": "6aa3a280dc6750723be2389f3af2aabf3a16c4ce20e49fcdaddd7f2ea95a67aa",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1428387-037",
   "identifier": "kaal:claim:1428387-037",
   "text": "Regulation targeted only at retail investors is misdirected, because incomplete and asymmetric information, bounded rationality, and moral hazard make it difficult even for professional and semi professional investors to discern the characteristics of highly complex instruments and hard-to-value assets.",
   "abstract": "Incomplete and asymmetric information, bounded rationality of decision makers and moral hazard make it difficult for professional and semi professional investors to discern the different characteristics of many highly complex financial instruments and",
   "citation": "Kaal, Hedge Fund Valuation Retailization, Regulation, and Investor Suitability (2009). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1428387",
   "datePublished": "2009",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "for highly complex financial instruments and hard-to-value assets"
   ],
   "source_pdf_sha256": "6aa3a280dc6750723be2389f3af2aabf3a16c4ce20e49fcdaddd7f2ea95a67aa",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2337268-005",
   "identifier": "kaal:claim:2337268-005",
   "text": "Providing investment advice without compensation makes a person less likely to fall within the IAA definition of investment adviser, but the SEC construes compensation for advisory services broadly, which narrows the practical value of that limit.",
   "abstract": "While providing investment advice without compensation makes the person less likely to provide investment advice as an investment adviser under the IAA's definition, the SEC is broadly construing the meaning of compensation for advisory services.",
   "citation": "Wulf A. Kaal, Investment Adviser Regulation (2013). SSRN: https://ssrn.com/abstract=2337268",
   "datePublished": "2013",
   "claim_type": "condition",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "determining whether a person is in the business of rendering advice"
   ],
   "source_pdf_sha256": "7075ce35282a8ee75b81ae3dec0e19f68631beae7f3c3a00ab2827538dc9e302",
   "status": "current"
  }
 ],
 "description": "3 claims in the published works of Wulf A. Kaal carry the concept tag 'regulatory-scope'. Derived node: a roster, not an adjudicated definition."
}