# United kingdom

`kaal:entity:united-kingdom`

**Status.** derived

This node is assembled mechanically from the 6 claims that carry the concept tag `united-kingdom`. 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

6 claims across 3 works, 2004 to 2025.

**2004**

- [617681-013](https://wulfkaal.github.io/claims/617681-013) [mechanism/argued] -- To the extent adjudication over U.K. corporate law is expected to take place outside the U.K., the U.K. has not in fact exported a bundled product; its users are demonstrating a preference for an unbundled package.
  > To the extent adjudication over U.K. corporate law is expected to be carried out somewhere other than the U.K. the U.K. has not exported a bundled product at all.
  Christian Kirchner, Richard W. Painter, Wulf A. Kaal, Regulatory Competition in EU Corporate Law after Inspire Art Unbundling Delaware's Product for Euro (2004). SSRN: https://ssrn.com/abstract=617681
- [617681-018](https://wulfkaal.github.io/claims/617681-018) [mechanism/argued] -- Because the English common law system is gravitating toward a civil law approach that weights statutes more heavily than judicial interpretation, the value of a bundled package of statutes plus adjudication even in a European common law jurisdiction may not greatly exceed the value of the statutes standing alone.
  > The value of the "bundled package" of statutory law and adjudication provided by the state of incorporation even in a common law jurisdiction thus may not greatly exceed the value of the statutory law standing alone.
  Christian Kirchner, Richard W. Painter, Wulf A. Kaal, Regulatory Competition in EU Corporate Law after Inspire Art Unbundling Delaware's Product for Euro (2004). SSRN: https://ssrn.com/abstract=617681
- [617681-043](https://wulfkaal.github.io/claims/617681-043) [empirical/evidenced] -- Empirically, at least 48 companies with German names carrying the GmbH designation were formed as private limited companies under U.K. law in the ten months after the Inspire Art decision, indicating that charter migration accelerated after the ruling.
  > In the ten months after the Inspire Art decision, at least 48 such companies with German names and the designation GmbH in their names were formed as private limited companies under U.K. law.
  Christian Kirchner, Richard W. Painter, Wulf A. Kaal, Regulatory Competition in EU Corporate Law after Inspire Art Unbundling Delaware's Product for Euro (2004). SSRN: https://ssrn.com/abstract=617681

**2018**

- [3117224-021](https://wulfkaal.github.io/claims/3117224-021) [condition/evidenced] -- The UK Financial Conduct Authority takes the position that ICOs may be regulated as securities depending on the aspects and rights the coin holder obtains through holding the coin, assessed case by case.
  > The FCA has taken the position that ICO's may be regulated as securities depending on the different aspects and rights the coin holder obtains through holding the coin.
  Wulf A. Kaal, Initial Coin Offerings The Top 25 Jurisdictions and Their Comparative Regulatory Responses (2018). SSRN: https://ssrn.com/abstract=3117224
- [3117224-022](https://wulfkaal.github.io/claims/3117224-022) [failure/evidenced] *(failure mode)* -- The FCA has acknowledged that distributed ledger technology has unique aspects capable of working around current regulations.
  > the FCA has acknowledged that DLT has unique aspects that can work around current regulations.
  Wulf A. Kaal, Initial Coin Offerings The Top 25 Jurisdictions and Their Comparative Regulatory Responses (2018). SSRN: https://ssrn.com/abstract=3117224

**2025**

- [5454054-030](https://wulfkaal.github.io/claims/5454054-030) [condition/argued] -- In the UK, e-money and payment services obligations attach if voucher rewards are fiat-redeemable or open-loop; otherwise LER should fall outside the Electronic Money Regulations 2011 and the Payment Services Regulations 2017 under limited-network concepts.
  > However, in the Uk, e-money and payments can arise if voucher rewards are fiat-redeemable or open-loop. Otherwise, LER are likely to avoid Electronic Money Regulations 2011 and Payment Services Regulations 2017 under limited-network concepts.
  Wulf A. Kaal, Liquid Equity Rewards (2025). SSRN: https://ssrn.com/abstract=5454054

## 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/united-kingdom.md | sha256sum

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