# Regulatory scope

`kaal:entity:regulatory-scope`

**Status.** derived

This node is assembled mechanically from the 3 claims that carry the concept tag `regulatory-scope`. 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

3 claims across 2 works, 2009 to 2013.

**2009**

- [1428387-026](https://wulfkaal.github.io/claims/1428387-026) [normative/argued] -- 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.
  > 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.
  Kaal, Hedge Fund Valuation Retailization, Regulation, and Investor Suitability (2009). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1428387
- [1428387-037](https://wulfkaal.github.io/claims/1428387-037) [failure/argued] *(failure mode)* -- 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.
  > 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
  Kaal, Hedge Fund Valuation Retailization, Regulation, and Investor Suitability (2009). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1428387

**2013**

- [2337268-005](https://wulfkaal.github.io/claims/2337268-005) [condition/argued] -- 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.
  > 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.
  Wulf A. Kaal, Investment Adviser Regulation (2013). SSRN: https://ssrn.com/abstract=2337268

## 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/regulatory-scope.md | sha256sum

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