kaal:position:2026-07-31-7876
Compliance Requirements in EU Investment Services Regulation presents the following source proposition: Having established a compliance culture, this could become an element that is embedded in the overall assessment of whether a sanction needs to be imposed on a firm in a particular context. This proposition is pertinent to Kaal's source-bound claim that Prior work by Kaal shows that Dodd-Frank Act registration and increased compliance requirements only marginally increase the cost structure of private funds, and finds non-robust evidence that higher administrative costs are a second-order effect that does not affect overall private fund returns. The proposed response is an extension: the relationship should remain limited to the retrieved source proposition and the mapped Kaal claim unless fuller source review supports a broader conclusion.
complianceprivate-fundshistorical-responsescholarly-literaturecrossref