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Wulf A. Kaal

The Dodd-Frank Act and SEC implementation rules have changed investment adviser regulation. This book chapter summarizes the most pertinent rules for investment advisers, emphasizes recent changes in the law and shows how the updated rules have been implemented into the existing regulatory framework for investment advisers.

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Wulf A. Kaal

The growth of the hedge fund industry and the proliferation of retail alternative funds in combination with the fundamental reshaping of the regulatory landscape for the hedge fund industry suggest that mutual funds are becoming more like hedge funds as a matter of investment strategy while hedge funds are becoming more like mutual funds as a matter of regulatory framework. The chapter conceptualizes confluence as an emerging process and shows that confluence of mutual and hedge funds has implications for the evolution of the hedge fund industry, the governance of the mutual fund industry, the growth of the retail alternative fund market, and the structure of federal securities regulation.

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Mark Fenwick, Wulf A. Kaal and Erik P. M. Vermeulen

Lawyers should not feel threatened by the exponential growth of new technology and the subsequent social and economic change that it brings. But they should also not deny such change and cling to traditional ways of operating. Instead, they should view new technology as a source of tremendous opportunity and growth. If, as seems likely, machines can reduce standardised legal work, there will be more time for lawyers to assist clients with the new and specific challenges of navigating the complexities of a digital environment. However, to enjoy the benefits of such opportunities, lawyers will need to acquire a new level of literacy in the various basic building blocks of disruptive technologies. In an age of ‘ubiquitous computing’, a crucially important element is code and coding. In this chapter, we argue that lawyers of the future will be ‘transaction engineers’ and that to perform this function effectively, legal professionals will all need to be able to understand the basic concepts and power of coding.