{
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 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/wealth-proxy",
 "identifier": "kaal:entity:wealth-proxy",
 "name": "Wealth proxy",
 "termCode": "wealth-proxy",
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 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
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   "value": [
    "2009",
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 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1428387-030",
   "identifier": "kaal:claim:1428387-030",
   "text": "Unless an investor's business is primarily to invest in hard-to-value assets, that investor's sophistication cannot be assumed regardless of personal wealth.",
   "abstract": "Unless the business of an investor is to primarily invest in certain hard-to-value assets, the sophistication of such investor can probably not be assumed, regardless of personal wealth. Investors who could",
   "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": "condition",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "for investments in hard-to-value assets and complex financial instruments"
   ],
   "source_pdf_sha256": "6aa3a280dc6750723be2389f3af2aabf3a16c4ce20e49fcdaddd7f2ea95a67aa",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1428387-038",
   "identifier": "kaal:claim:1428387-038",
   "text": "Recent SEC proposals to toughen the numerical wealth requirements for hedge fund investing fail, because they do not ascertain the appropriate level of sophistication or adequate understanding of highly complex financial instruments.",
   "abstract": "Recent proposals by the SEC to toughen the numeracy wealth requirements for hedge fund investing fail to ascertain the appropriate level of sophistication and adequate understanding of highly complex financial instruments.",
   "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": [
    "SEC proposals to amend Regulation D wealth thresholds"
   ],
   "source_pdf_sha256": "6aa3a280dc6750723be2389f3af2aabf3a16c4ce20e49fcdaddd7f2ea95a67aa",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2998097-010",
   "identifier": "kaal:claim:2998097-010",
   "text": "Investor suitability standards requiring independent verification of an investor's ability to evaluate complex financial products and investment risk would make wealth redundant as a proxy for sophistication in determining investor eligibility.",
   "abstract": "Such proposed investor suitability standards would require independent verification of investors' ability to evaluate highly complex financial products and investment risk, rendering wealth as a proxy for sophistication redundant for investor eligibility.54",
   "citation": "Wulf A. Kaal, Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016 (2017). SSRN: https://ssrn.com/abstract=2998097",
   "datePublished": "2017",
   "claim_type": "design",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "private investment fund investor eligibility",
    "proposed in 2009, before Title IV"
   ],
   "source_pdf_sha256": "0955054f49c7011d33c285579bb046e6b284e42755b10fd2546a728c202669d5",
   "status": "current"
  }
 ],
 "description": "3 claims in the published works of Wulf A. Kaal carry the concept tag 'wealth-proxy'. Derived node: a roster, not an adjudicated definition."
}