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 "text": "Regulatory Arbitrage in a FinTech World: Devising an Optimal EU Regulatory Response to Crowdlending European Banking Institute Working Paper Series No.24 should be assessed against Kaal's source-bound claim that Because the Basel Framework applies on a consolidated basis to the holding companies of banking groups, it captures risks across the whole group and so addresses the complex structures that defeat prudential supervision. The current metadata indicates a plausible connection through regulatory lag, but the defensible response is a qualification until the source text confirms agreement, scope, methods, and limitations.",
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  "citation": "Kaal, Indirect Regulation of Hedge Funds (2019). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3405660",
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