Wulf Kaal portrait

Wulf Kaal

Professor
Degree
Ph.D. (Law and Economics), Humboldt Universitaet zu Berlin - Berlin, Germany
LL.M., University of Illinois College of Law
J.D., University of Illinois College of Law
M.B.A. (Finance), Durham University - Durham, U.K.
Office
MSL 423
Phone
(651) 962-4972
Toll Free
(800) 328-6819, Ext. 2-4972
Mail
1000 LaSalle Avenue
Minneapolis, MN 55403

Wulf Kaal is a leading expert at the intersection of law, business and technology. His research focuses on innovation, technology, blockchain technology applications, smart contracts, hedge funds and dynamic regulatory methods. Before entering the academy, he was associated with Cravath, Swain & Moore LLP, in New York, and Goldman Sachs in London, UK.

Wulf Kaal

Kaal speaks regularly at leading conferences in the United States, Europe and Asia. His speaking engagements include presentations at the European Central Bank, Harvard University, Columbia University, University of Chicago, UCLA, George Washington University, Northwestern University, Emory University, the University of Notre Dame, Bocconi University and Tilburg University, among many others. Kaal teaches Disruptive Innovation, Coding for Lawyers, Dynamic Regulation, Private Investment Funds, Federal Securities Regulation, Corporate Law, International Finance and European Union Law at the University of St. Thomas School of Law in downtown Minneapolis. He has previously taught at the University of Minnesota Law School, Humboldt University in Berlin Germany, European Business School in Wiesbaden Germany, and Tilburg University Law School in the Netherlands.

Wulf Kaal

Kaal is a leading expert and the most widely published proponent of blockchain innovation in law and corporate governance as well as dynamic regulation and associated regulatory applications to improve and expand innovation, including through blockchain technology and smart contracting. His empirical and theoretical scholarship in this context evaluates the evolution of law, regulation of disruptive innovation, the diminishing capacities of the regulatory infrastructure, the role of governmental contracts, the dynamic regulatory approaches for the financial services, the diminishing relationship between regulation and innovation, and the so-called ‘pacing problem’ between innovation and regulation, among many others issues. Possible dynamic regulatory mechanisms evaluated in Kaal’s scholarship on dynamic regulation include blockchain technology, big data, contingent capital securities, governmental contracts, venture capitalist investment allocation and crowdfunding.

Wulf Kaal

Kaal is also a leading expert on private investment fund regulation and compliance and private investment fund innovation in finance. His scholarship constitutes over 85% of the empirical and theoretical scholarship on private fund regulation in the United States. Using hand-selected and commercial databases that have industry-wide application, Professor Kaal applies empirical methods to investigate the effects of financial regulation across a wide spectrum of regulatory issues. His theoretical research focuses on the use of finance and economic theory to analyze and inform financial and regulatory policy. Kaal’s study on the effects of hedge fund registration requirements under Title IV of the Dodd-Frank Act has gained national attention and was covered in a Business Week article and other journals.

As an expert witness, Kaal assists law firms in complex litigation involving hedge funds, alternative investment and / or private equity issues. He has also been a consultant to major corporations and private funds regarding various aspects of financial markets and regulation, and regularly serves as an expert for expert networks. Expert witness and consulting engagements within Kaal’s area of expertise include corporate law, federal securities regulation, fiduciary duties, voting requirements, conduct and duties of board of directors, insider trading, duties and obligations of broker-dealers and investment advisers, SEC oversight of investment advisers, compliance of private investment funds, among others. He is also a FINRA arbitrator.

Click here to read Kaal's scholarship on SSRN.

Fall 2022 Courses

Fall 2022 Courses
Course - Section Title Days Time Location
LAWS 700 - 01 Business Associations M - W - - - - 0830 - 1025 MSL 321

Days of Week:

M - W - - - -

Time of Day:

0830 - 1025

Location:

MSL 321

Course Registration Number:

43621 (View in ClassFinder)

Credit Hours:

Instructor:

Wulf A. Kaal

This course will introduce students to basic concepts in agency and partnership law as well as the law of corporations under the Model Business Corporation Act. Students will examine fundamental legal rights and duties between corporate shareholders, directors and officers. The course will cover the legal issues of both closely held and publicly held corporations, as well as those of hybrid organizations like limited liability partnerships. If time permits, students will learn the fundamentals of corporate finance and federal regulation of corporate share trading.

Schedule Details

Location Time Day(s)
LAWS 950 - 13 Supervised Resrch & Writing - - - - - - - -

Days of Week:

- - - - - - -

Time of Day:

-

Location:

Course Registration Number:

43756 (View in ClassFinder)

Credit Hours:

Instructor:

Wulf A. Kaal

Under the supervision of a faculty member, a student may receive up to two hours of course credit for researching and writing a substantial paper on a topic of the student's own choosing. The student must receive the instructor's per- mission to enroll in this course and must meet periodically with the instructor for discussion, review and evaluation. Each faculty member may supervise the research of no more than five students each semester.

Schedule Details

Location Time Day(s)

J-term 2023 Courses

J-term 2023 Courses
Course - Section Title Days Time Location

Spring 2023 Courses

Spring 2023 Courses
Course - Section Title Days Time Location
LAWS 793 - 01 TpcsDecentralization Tech&Plcy - T - - - - - 0900 - 1155 MSL 238

Days of Week:

- T - - - - -

Time of Day:

0900 - 1155

Location:

MSL 238

Course Registration Number:

22861 (View in ClassFinder)

Credit Hours:

3 Credit Hours

Instructor:

Wulf A. Kaal

The purpose of this course is for students to gain an understanding of the digital asset industry and its impact on the future of society and governance. Digital assets and smart contracting enable a revolution of applications in most industries and especially in the legal industry. Yet, the development of these technology driven solutions depend on decentralized governance, which is still in its very early stages of development. Students will learn how decentralized autonomous organizations (DAOs) are replacing existing corporate entities and 503 (b) non-profits as well as B-Corporations. DAOs can help create a nurturing environment for the evolution of the digital asset industry through decentralized DAO governance. DAO governance is a key legal issue for the development of this asset class and inevitably requires legal expertise. Key ideas that will be discussed include reputation systems and reputation-based DAO governance, historiography, and transcendental unifying values. Based on the understanding of challenges and opportunities presented by decentralized governance, students will develop the ability to discern their own possible value proposition in the disruption of businesses in various industries. The course emphasizes the importance of student skills at the intersection between law, business, finance, computer science, and psychology.

Schedule Details

Location Time Day(s)
LAWS 854 - 01 Securities Regulation M - W - - - - 0830 - 0955 MSL 238

Days of Week:

M - W - - - -

Time of Day:

0830 - 0955

Location:

MSL 238

Course Registration Number:

22805 (View in ClassFinder)

Credit Hours:

3 Credit Hours

Instructor:

Wulf A. Kaal

This course will examine federal and state securities laws that regulate the process of financing business by dis- tributing securities to the public. Topics will include the nature of a security, exemptions from registration, sec- urities distribution and trading, the functions of the Securities and Exchange Commission, registration and disclosure requirements, "blue sky" laws, proxy rules, broker/dealer regulation, the regulation of investment companies and civil liabilties. Prerequisite: Business Associations

Schedule Details

Location Time Day(s)
LAWS 950 - 15 Supervised Resrch & Writing - - - - - - - -

Days of Week:

- - - - - - -

Time of Day:

-

Location:

Course Registration Number:

22925 (View in ClassFinder)

Credit Hours:

Instructor:

Wulf A. Kaal

Under the supervision of a faculty member, a student may receive up to two hours of course credit for researching and writing a substantial paper on a topic of the student's own choosing. The student must receive the instructor's per- mission to enroll in this course and must meet periodically with the instructor for discussion, review and evaluation. Each faculty member may supervise the research of no more than five students each semester.

Schedule Details

Location Time Day(s)