Category: Investment Funds

The NYT today summarized the political background on the proposed Investment Advisers Modernization Act here: My Colleague, Jennifer Taub (Vermont) testified in the House Subcommittee on Financial Services in this context and was kind enough to cite some of my work: Investment Advisers Modernization Act of 2016 Here the two perhaps most relevant empirical findings on […]

Private Fund Investor Due Diligence – Evidence from 1995 to 2015 http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2811718 Wulf A. Kaal University of St. Thomas, Minnesota – School of Law; European Corporate Governance Institute (ECGI) July 19, 2016 Review of Banking and Financial Law, 2016 U of St. Thomas (Minnesota) Legal Studies Research Paper No. 16-15  Abstract:  The importance of private […]

Regulation Tomorrow: What Happens When Technology is Faster than the Law? http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2834531 Mark Fenwick – Faculty of Law, Kyushu University Wulf A. Kaal  – University of St. Thomas, Minnesota – School of Law; European Corporate Governance Institute (ECGI) Erik P. M. Vermeulen  – Tilburg University – Department of Business Law; Philips Lighting – Legal Department; Tilburg Law and […]

Dynamic Regulation for Innovation http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2831040 Wulf A. Kaal University of St. Thomas, Minnesota – School of Law; European Corporate Governance Institute (ECGI) August 27, 2016 Perspectives in Law, Business & Innovation (Mark Fenwick, Wulf A. Kaal, Toshiyuki Kono & Erik P.M. Vermeulen eds.), New York Springer (2016)  Abstract:  A large consensus in the literature suggests […]

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2811729 BY WULF A. KAAL* & BENTLEY J. ANDERSON* ABSTRACT The proliferation of unconstrained mutual funds calls into question the effectiveness of retail investor protections under the Investment Company Act of 1940. Analyzing trading data and prospectuses of a hand-selected sample of all unconstrained mutual funds launched from 2010 through 2015 (N=449), the authors provide […]

Here is the link to the proposed “Investment Advisers Modernization Act of 2016” Here is the pertinent language from the proposed bill that would substantially limit private fund advisers’ reporting obligations: (b) FORM PF.—Not later than 90 days after the date of the enactment of this Act, the Commission shall amend section 275.204(b)–1 of title 17, Code […]

Looking forward to seeing Colleagues, Friends, and Family. Here is the tentative schedule: Topic: Venture Capital as Dynamic Regulation of Disruptive Innovation, Kyushu University, Fukuoka, Japan, March 25, 2016. Topic: Dynamic Regulation as Ethics of Competition, Conference on Ethics of Competition, Tutzingen, Germany, April 8-9, 2016. Topic:  Dynamic Regulation – Applications and Benefits, Universitaet Insbruck, Insbruck, Austria, […]