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  "name": "Wulf A. Kaal",
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2029983-035",
   "identifier": "kaal:claim:2029983-035",
   "text": "The SEC, rather than the courts or Congress, is the institution positioned to implement a choice of law regime for securities transactions, through rulemaking.",
   "abstract": "This is where the SEC could step in to implement a choice of law regime through rulemaking.",
   "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",
   "claim_type": "design",
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   "scope_conditions": [
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2150377-008",
   "identifier": "kaal:claim:2150377-008",
   "text": "Because Title IV's registration exemptions are broad enough to threaten the rule they qualify, the Dodd-Frank Act deliberately gives the SEC rulemaking authority to keep the exemptions from swallowing the rules.",
   "abstract": "The Dodd-Frank Act also empowers the SEC to utilize its rulemaking authority to prevent the exemptions from registration to \"swallow the rules.\"100",
   "citation": "Wulf A. Kaal, Hedge Fund Manager Registration Under the Dodd-Frank Act (2012). SSRN: https://ssrn.com/abstract=2150377",
   "datePublished": "2012",
   "claim_type": "design",
   "confidence": "asserted",
   "is_failure_mode": true,
   "scope_conditions": [
    "exemptions for private fund advisers, venture capital advisers, and foreign private advisers under Title IV"
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   "@id": "https://wulfkaal.github.io/claims/2337268-038",
   "identifier": "kaal:claim:2337268-038",
   "text": "The SEC mandated written compliance policies and procedures for investment advisers as a reaction to mutual fund industry scandals and in an effort to curb IAA violations.",
   "abstract": "Reacting to several scandals in the mutual fund industry and in an effort to curb violations of the IAA, the SEC has mandated the implementation of written policies and procedures for investment advisers,106 among other compliance measures.",
   "citation": "Wulf A. Kaal, Investment Adviser Regulation (2013). SSRN: https://ssrn.com/abstract=2337268",
   "datePublished": "2013",
   "claim_type": "mechanism",
   "confidence": "argued",
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   "@id": "https://wulfkaal.github.io/claims/2715083-034",
   "identifier": "kaal:claim:2715083-034",
   "text": "Confluence is not one directional: the SEC may counteract some confluence drivers, for instance by curtailing derivative trading and short selling used by retail alternative mutual funds to mimic hedge funds.",
   "abstract": "Despite the regulatory trends and investor preference trends favoring increasing confluence of mutual and hedge funds, the SEC might counteract some of the confluence drivers.",
   "citation": "Kaal, Confluence of Mutual and Private Funds (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2715083",
   "datePublished": "2016",
   "claim_type": "predictive",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2715083-040",
   "identifier": "kaal:claim:2715083-040",
   "text": "Proposed SEC Rule 18f-4 is a potential threat to the alternative mutual fund business model, because its risk based portfolio limit could undermine managers' ability to implement their investment strategies using derivatives.",
   "abstract": "Proposed SEC Rule 18f-461 constitutes a potential threat for the business model of the alternative mutual fund industry.",
   "citation": "Kaal, Confluence of Mutual and Private Funds (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2715083",
   "datePublished": "2016",
   "claim_type": "predictive",
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   "is_failure_mode": false,
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    "if proposed Rule 18f-4 is adopted as proposed",
    "alternative mutual funds relying on derivatives"
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2732915-008",
   "identifier": "kaal:claim:2732915-008",
   "text": "After the D.C. Circuit vacated the SEC's 2004 hedge fund adviser registration rule in Goldstein v. SEC, the overwhelming majority of private fund advisers who had registered under that rule deregistered.",
   "abstract": "The overwhelming majority of private fund advisers that had registered under the SEC's 2004 registration requirements deregistered after the Goldstein decision.",
   "citation": "Wulf A. Kaal, The Private Fund Industry Five Years after the Dodd-Frank Act – A Survey Study (2016). SSRN: https://ssrn.com/abstract=2732915",
   "datePublished": "2016",
   "claim_type": "empirical",
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    "private fund advisers registered under the SEC 2004 rule",
    "after the 2006 Goldstein decision"
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   "identifier": "kaal:claim:2732915-040",
   "text": "The same SEC implementation and clarification of Dodd-Frank registration and reporting requirements that helps the industry comply also creates uncertainty and higher costs for it, so continuing rule development cuts both ways.",
   "abstract": "At the same time, there is sufficient evidence in the findings that the SEC's implementation and clarification of Dodd-Frank Act registration and reporting requirements for private funds also creates uncertainty and higher costs for the industry.",
   "citation": "Wulf A. Kaal, The Private Fund Industry Five Years after the Dodd-Frank Act – A Survey Study (2016). SSRN: https://ssrn.com/abstract=2732915",
   "datePublished": "2016",
   "claim_type": "failure",
   "confidence": "evidenced",
   "is_failure_mode": true,
   "scope_conditions": [
    "continuing SEC amendment of rules and reporting forms after Title IV"
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  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2739479-002",
   "identifier": "kaal:claim:2739479-002",
   "text": "The SEC's 2004 attempt to require hedge fund adviser registration failed: after the D.C. Circuit vacated the rule in Goldstein v. SEC, the overwhelming majority of private fund advisers that had registered under the 2004 requirements deregistered.",
   "abstract": "High- lighting the significant opposition of the private fund industry to the rule, the over- whelming majority of private fund advisers that had registered under the SEC's 2004 registration requirements deregistered after Goldstein.",
   "citation": "Wulf A. Kaal, The Post Dodd-Frank Act Evolution of the Private Fund Industry Comparative Evidence from 2012 and 2 (2016). SSRN: https://ssrn.com/abstract=2739479",
   "datePublished": "2016",
   "claim_type": "failure",
   "confidence": "evidenced",
   "is_failure_mode": true,
   "scope_conditions": [
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    "after the 2006 Goldstein decision"
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2811729-015",
   "identifier": "kaal:claim:2811729-015",
   "text": "Proposed Rule 18f-4 would be highly limited in mitigating liquidity and other risks in an unconstrained mutual fund portfolio, because material leverage, counterparty, and liquidity risks in such a fund can arise from investments in a range of non-derivative instruments that the rule does not reach.",
   "abstract": "in mitigating significant liquidity or other risks in a UMF portfolio is therefore potentially (highly) limited, as material leverage, counter-party, liquidity, and other risks to a particular UMF could arise from the fund's investments in a range of non-derivative instruments,",
   "citation": "Wulf A. Kaal, Unconstrained Mutual Funds and Retail Investor Protection (2016). SSRN: https://ssrn.com/abstract=2811729",
   "datePublished": "2016",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "proposed Company Act Rule 18f-4 as proposed in December 2015",
    "unconstrained mutual funds with broad investment authority"
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   "source_pdf_sha256": "0877b0a076f2614559cb0b1a736f73401cecbee7cfe014da6e36709208e92a74",
   "status": "current"
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 ],
 "description": "9 claims in the published works of Wulf A. Kaal carry the concept tag 'sec-rulemaking'. Derived node: a roster, not an adjudicated definition."
}