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.
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. Kaal is the director of the Private Investment Fund Institute (PIFI). Before entering the academy, he was associated with Cravath, Swain & Moore LLP, in New York, and Goldman Sachs in London, UK.
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.
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.
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.
Festschrift in Honor of Christian Kirchner, Wulf Kaal, Andreas Schwartze & Matthias Schmidt eds., Mohr Siebeck Verlag, forthcoming (2014).
Investment Adviser Regulation, in Research Handbook on Corporate Law and Governance, Jerry W. Markham & Rigers Gjyshi eds., Edward Elgar, forthcoming (2014).
Wulf A. Kaal, Hedge Fund Regulation by Banking Supervision – a Comparative Institutional Analysis (Peter Lang, 2006).
Wulf A. Kaal, Evolution of Law: Dynamic Regulation in a New Institutional Economics Framework, in Festschrift in Honor of Christian Kirchner (Wulf Kaal, Andreas Schwartze & Matthias Schmidt eds., forthcoming 2014).
Wulf A. Kaal & Elizabeth R. Malay, The Role of Corporate Integrity Agreements in the Expansion of Fiduciary Duties, Wake Forest Journal of Business & Intellectual Property (forthcoming 2014).
Wulf A. Kaal, The Aftermath of Mandatory Hedge Fund Manager Registration: Cause and Effects in Distressed Investing, American Bankruptcy Law Review (forthcoming, 2014).
Wulf A. Kaal, Investment Adviser Regulation, in RESEARCH HANDBOOK ON CORPORATE LAW AND GOVERNANCE, Jerry W. Markham & Rigers Gjyshi eds., Edward Elgar, forthcoming (2014)
Wulf A. Kaal, Zwangswandelanleihen als Dynamische Regulierung der Finanzmarktindustrie, in Festschrift Kirchner (Wulf Kaal, Andreas Schwartze, Matthias Schmidt & Ulrich Ehricke eds., Mohr Siebeck, (2013).
Wulf A. Kaal, Dynamic Regulation of the Financial Services Industry, 49 Wake Forest L. Rev. (2013).
Wulf A. Kaal, Hedge Fund Manager Registration Under the Dodd-Frank Act – An Empirical Study, 50 San Diego L. Rev. (2013).
Wulf A. Kaal, Contingent Capital in Executive Compensation, 64 Wash. & Lee L. Rev. (2013).
Wulf A. Kaal & Richard W. Painter, Forum Competition and Choice of Law Competition in Securities Law After Morrison v. National Australia Bank, 97 Minn. L. Rev. (2013).
Wulf A. Kaal, Initial Reflections on the Possible Application of Contingent Capital in Corporate Governance, 26 Notre Dame J.L. Ethics & Pub. Pol’y 281 (2012).
Wulf A. Kaal & Christoph K. Henkel, Contingent Capital in European Union Bank Restructuring, 32 Nw. J. Int’l L. & Bus. 191 (2012).
Wulf A. Kaal & Christoph K. Henkel, Contingent Capital with Sequential Triggers, 49 San Diego L. Rev. 221 (2012).
Wulf A. Kaal, Richard W. Painter, Christian Kirchner & Sven Höppner,Europäischer vs. US-Amerikanischer Wettbewerb der Gesellschaftsrechte - Abschied vom alten Delaware-Verbundprodukt, 13-14 Die Aktiengesellschaft 469 (2012).
Wulf A. Kaal & Richard W. Painter, The Aftermath of Morrison v. National Australia Bank and Elliott Associates v. Porsche, 8 Eur. Company & Fin. L. Rev. 77 (2011).
Wulf A. Kaal, Hedge Fund Regulation via Basel III, 44 Vand. J. Transnat’l L. 389 (2011).
Wulf A. Kaal & Christian Kirchner, Economics of Financial Market Regulation: Banking Regulation, Corporate Governance, Financial Reporting Standards and Hedge Funds, in 3 Law & economics of global financial institutions: Third International Conference on Law and Economics at the University of St. Gallen June 4, 2010, St. Gallen, Switzerland (Peter Nobel, Katrin Krehan & Anne-Cathrine Tanner eds., Schulthess Juristische Medien, 2010).
Wulf A. Kaal & Richard W. Painter, Initial Reflections on an Evolving Standard: Constraints on Risk Taking by Directors and Officers in Germany and the United States, 40 Seton Hall L. Rev. 1433 (2010).
Wulf A. Kaal & Richard W. Painter, Extraterritorial Application of US Securities Law: Will the US Become the Default Jurisdiction for European Securities Litigation, 7 Eur. Company L. 90 (2010).
Wulf A. Kaal, Hedge Fund Valuation – Retailization, Regulation, and Investor Suitability, 28 Ann. Rev. Banking & Fin. L. 581 (2009).
Wulf A. Kaal, Christian Kirchner & Richard W. Painter, Regulatory Competition in EU Corporate Law after Inspire Art: Unbundling Delaware’s Product for Europe, 2 Eur. Company & Fin. L. Rev. 159 (2005).
Wulf A. Kaal, Interconnections Between the European Investment Services Directive and the Regulatory Situation in the U.S., 24 Futures & Derivatives L. Rep. 13 (2004).
The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry
Kaal , Wulf A., The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry (February 1, 2014). U of St. Thomas (Minnesota) Legal Studies Research Paper No. 14-11.
The Effect of Deferred and Non-Prosecution Agreements on Corporate Governance: Evidence from 1993-2013
Kaal , Wulf A. and Lacine, Timothy, The Effect of Deferred and Non-Prosecution Agreements on Corporate Governance: Evidence from 1993-2013 (August 25, 2014). The Business Lawyer , Vol. 70, 2014.
Did the Dodd-Frank Act Impact Hedge Fund Performance?
Kaal , Wulf A. and Luppi, Barbara and Paterlini, Sandra, Did the Dodd-Frank Act Impact Hedge Fund Performance? (April 23, 2014). U of St. Thomas (Minnesota) Legal Studies Research Paper No. 14-09.
"The Systemic Risk of Private Funds after the Dodd-Frank Act"
Wulf A. Kaal, Private Fund Investment Adviser Registration Under the Dodd-Frank Act, The Cayman Financial Review, January 2013.
Wulf A. Kaal, A Comparative Perspective on The Limitations of The Duty of Oversight – A Comment on Lisa Fairfax, St. Thomas L. J. (2013).
Wulf A. Kaal, Improving Debt Bonus Programs for Executives, The Cayman Financial Review, August 2013.
Wulf A. Kaal, Who is Afraid of Dodd-Frank? Not Wall Street!, The St. Thomas Lawyer, December 2012.
Wulf A. Kaal, Risk Taking by Managers – Recent Developments, Newsletter American Bar Association Business Law Section, Spring 2010, Vol. 1, Issue 1.
Summer 2019 Courses
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Fall 2019 Courses
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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.
J-Term 2020 Courses
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