id	sid	tid	token	lemma	pos
ape-3943	1	1	microsoft	microsoft	PROPN
ape-3943	1	2	word	word	NOUN
ape-3943	1	3	ape	ape	NOUN
ape-3943	1	4	-	-	PUNCT
ape-3943	1	5	v4n3	v4n3	NOUN
ape-3943	1	6	-	-	PUNCT
ape-3943	1	7	p1	p1	NOUN
ape-3943	1	8	advances	advance	NOUN
ape-3943	1	9	in	in	ADP
ape-3943	1	10	politics	politic	NOUN
ape-3943	1	11	and	and	CCONJ
ape-3943	1	12	economics	economic	NOUN
ape-3943	1	13	issn	issn	VERB
ape-3943	1	14	2576	2576	NUM
ape-3943	1	15	-	-	SYM
ape-3943	1	16	1382	1382	NUM
ape-3943	1	17	(	(	PUNCT
ape-3943	1	18	print	print	NOUN
ape-3943	1	19	)	)	PUNCT
ape-3943	1	20	issn	issn	PROPN
ape-3943	1	21	2576	2576	NUM
ape-3943	1	22	-	-	SYM
ape-3943	1	23	1390	1390	NUM
ape-3943	1	24	(	(	PUNCT
ape-3943	1	25	online	online	ADJ
ape-3943	1	26	)	)	PUNCT
ape-3943	1	27	vol	vol	NOUN
ape-3943	1	28	.	.	PROPN
ape-3943	2	1	4	4	NUM
ape-3943	2	2	,	,	PUNCT
ape-3943	2	3	no	no	INTJ
ape-3943	2	4	.	.	NOUN
ape-3943	2	5	3	3	NUM
ape-3943	2	6	,	,	PUNCT
ape-3943	2	7	2021	2021	NUM
ape-3943	2	8	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-3943	2	9	1	1	NUM
ape-3943	2	10	original	original	ADJ
ape-3943	2	11	paper	paper	NOUN
ape-3943	2	12	transferring	transfer	VERB
ape-3943	2	13	dematerialized	dematerialize	VERB
ape-3943	2	14	shares	share	NOUN
ape-3943	2	15	in	in	ADP
ape-3943	2	16	germany	germany	PROPN
ape-3943	2	17	,	,	PUNCT
ape-3943	2	18	austria	austria	PROPN
ape-3943	2	19	and	and	CCONJ
ape-3943	2	20	in	in	ADP
ape-3943	2	21	the	the	DET
ape-3943	2	22	united	united	PROPN
ape-3943	2	23	states	states	PROPN
ape-3943	2	24	of	of	ADP
ape-3943	2	25	america	america	PROPN
ape-3943	2	26	rosen	rosen	PROPN
ape-3943	2	27	petkov	petkov	PROPN
ape-3943	2	28	baltov1	baltov1	PROPN
ape-3943	2	29	*	*	SYM
ape-3943	2	30	1	1	NUM
ape-3943	2	31	regional	regional	ADJ
ape-3943	2	32	court	court	NOUN
ape-3943	2	33	,	,	PUNCT
ape-3943	2	34	varna	varna	NOUN
ape-3943	2	35	,	,	PUNCT
ape-3943	2	36	bulgaria	bulgaria	PROPN
ape-3943	2	37	*	*	PUNCT
ape-3943	2	38	rosen	rosen	PROPN
ape-3943	2	39	p.	p.	PROPN
ape-3943	2	40	baltov	baltov	PROPN
ape-3943	2	41	,	,	PUNCT
ape-3943	2	42	registering	register	VERB
ape-3943	2	43	judge	judge	NOUN
ape-3943	2	44	at	at	ADP
ape-3943	2	45	the	the	DET
ape-3943	2	46	regional	regional	ADJ
ape-3943	2	47	court	court	NOUN
ape-3943	2	48	,	,	PUNCT
ape-3943	2	49	varna	varna	PROPN
ape-3943	2	50	,	,	PUNCT
ape-3943	2	51	bulgaria	bulgaria	PROPN
ape-3943	2	52	received	receive	VERB
ape-3943	2	53	:	:	PUNCT
ape-3943	2	54	may	may	AUX
ape-3943	2	55	14	14	NUM
ape-3943	2	56	,	,	PUNCT
ape-3943	2	57	2021	2021	NUM
ape-3943	2	58	accepted	accept	VERB
ape-3943	2	59	:	:	PUNCT
ape-3943	2	60	may	may	AUX
ape-3943	2	61	26	26	NUM
ape-3943	2	62	,	,	PUNCT
ape-3943	2	63	2021	2021	NUM
ape-3943	2	64	online	online	ADV
ape-3943	2	65	published	publish	VERB
ape-3943	2	66	:	:	PUNCT
ape-3943	2	67	june	june	PROPN
ape-3943	2	68	4	4	NUM
ape-3943	2	69	,	,	PUNCT
ape-3943	2	70	2021	2021	NUM
ape-3943	2	71	doi:10.22158	doi:10.22158	NOUN
ape-3943	2	72	/	/	SYM
ape-3943	2	73	ape.v4n3p1	ape.v4n3p1	NOUN
ape-3943	2	74	url	url	PROPN
ape-3943	2	75	:	:	PUNCT
ape-3943	2	76	http://dx.doi.org/10.22158/ape.v4n3p1	http://dx.doi.org/10.22158/ape.v4n3p1	NOUN
ape-3943	2	77	abstract	abstract	VERB
ape-3943	2	78	the	the	DET
ape-3943	2	79	present	present	ADJ
ape-3943	2	80	article	article	NOUN
ape-3943	2	81	is	be	AUX
ape-3943	2	82	aimed	aim	VERB
ape-3943	2	83	at	at	ADP
ape-3943	2	84	briefly	briefly	ADV
ape-3943	2	85	reviewing	review	VERB
ape-3943	2	86	the	the	DET
ape-3943	2	87	historical	historical	ADJ
ape-3943	2	88	development	development	NOUN
ape-3943	2	89	of	of	ADP
ape-3943	2	90	dematerialized	dematerialize	VERB
ape-3943	2	91	shares	share	NOUN
ape-3943	2	92	in	in	ADP
ape-3943	2	93	germany	germany	PROPN
ape-3943	2	94	,	,	PUNCT
ape-3943	2	95	austria	austria	PROPN
ape-3943	2	96	,	,	PUNCT
ape-3943	2	97	and	and	CCONJ
ape-3943	2	98	in	in	ADP
ape-3943	2	99	the	the	DET
ape-3943	2	100	united	united	PROPN
ape-3943	2	101	states	states	PROPN
ape-3943	2	102	of	of	ADP
ape-3943	2	103	america	america	PROPN
ape-3943	2	104	(	(	PUNCT
ape-3943	2	105	the	the	DET
ape-3943	2	106	usa	usa	PROPN
ape-3943	2	107	)	)	PUNCT
ape-3943	2	108	.	.	PUNCT
ape-3943	3	1	a	a	DET
ape-3943	3	2	brief	brief	ADJ
ape-3943	3	3	comparison	comparison	NOUN
ape-3943	3	4	is	be	AUX
ape-3943	3	5	made	make	VERB
ape-3943	3	6	between	between	ADP
ape-3943	3	7	the	the	DET
ape-3943	3	8	dematerialized	dematerialize	VERB
ape-3943	3	9	shares	share	NOUN
ape-3943	3	10	in	in	ADP
ape-3943	3	11	the	the	DET
ape-3943	3	12	united	united	ADJ
ape-3943	3	13	kingdom	kingdom	PROPN
ape-3943	3	14	and	and	CCONJ
ape-3943	3	15	those	those	PRON
ape-3943	3	16	in	in	ADP
ape-3943	3	17	germany	germany	PROPN
ape-3943	3	18	and	and	CCONJ
ape-3943	3	19	austria	austria	PROPN
ape-3943	3	20	.	.	PUNCT
ape-3943	4	1	discussed	discuss	VERB
ape-3943	4	2	is	be	AUX
ape-3943	4	3	the	the	DET
ape-3943	4	4	reason	reason	NOUN
ape-3943	4	5	why	why	SCONJ
ape-3943	4	6	the	the	DET
ape-3943	4	7	securities	security	NOUN
ape-3943	4	8	certificates	certificate	NOUN
ape-3943	4	9	in	in	ADP
ape-3943	4	10	germany	germany	PROPN
ape-3943	4	11	and	and	CCONJ
ape-3943	4	12	austria	austria	PROPN
ape-3943	4	13	were	be	AUX
ape-3943	4	14	removed	remove	VERB
ape-3943	4	15	from	from	ADP
ape-3943	4	16	the	the	DET
ape-3943	4	17	transferring	transferring	NOUN
ape-3943	4	18	process	process	NOUN
ape-3943	4	19	by	by	ADP
ape-3943	4	20	taking	take	VERB
ape-3943	4	21	them	they	PRON
ape-3943	4	22	out	out	ADP
ape-3943	4	23	of	of	ADP
ape-3943	4	24	circulation	circulation	NOUN
ape-3943	4	25	(	(	PUNCT
ape-3943	4	26	immobilization	immobilization	NOUN
ape-3943	4	27	)	)	PUNCT
ape-3943	4	28	,	,	PUNCT
ape-3943	4	29	and	and	CCONJ
ape-3943	4	30	not	not	PART
ape-3943	4	31	through	through	ADP
ape-3943	4	32	abolishing	abolish	VERB
ape-3943	4	33	them	they	PRON
ape-3943	4	34	(	(	PUNCT
ape-3943	4	35	dematerialization	dematerialization	NOUN
ape-3943	4	36	)	)	PUNCT
ape-3943	4	37	.	.	PUNCT
ape-3943	5	1	presented	present	VERB
ape-3943	5	2	is	be	AUX
ape-3943	5	3	the	the	DET
ape-3943	5	4	development	development	NOUN
ape-3943	5	5	of	of	ADP
ape-3943	5	6	the	the	DET
ape-3943	5	7	most	most	ADV
ape-3943	5	8	active	active	ADJ
ape-3943	5	9	and	and	CCONJ
ape-3943	5	10	liquid	liquid	ADJ
ape-3943	5	11	capital	capital	NOUN
ape-3943	5	12	market	market	NOUN
ape-3943	5	13	in	in	ADP
ape-3943	5	14	the	the	DET
ape-3943	5	15	world	world	NOUN
ape-3943	5	16	—	—	PUNCT
ape-3943	5	17	that	that	PRON
ape-3943	5	18	of	of	ADP
ape-3943	5	19	the	the	DET
ape-3943	5	20	united	united	PROPN
ape-3943	5	21	states	states	PROPN
ape-3943	5	22	department	department	PROPN
ape-3943	5	23	of	of	ADP
ape-3943	5	24	the	the	DET
ape-3943	5	25	treasury	treasury	NOUN
ape-3943	5	26	.	.	PUNCT
ape-3943	6	1	there	there	PRON
ape-3943	6	2	is	be	VERB
ape-3943	6	3	a	a	DET
ape-3943	6	4	brief	brief	ADJ
ape-3943	6	5	description	description	NOUN
ape-3943	6	6	made	make	VERB
ape-3943	6	7	of	of	ADP
ape-3943	6	8	the	the	DET
ape-3943	6	9	system	system	NOUN
ape-3943	6	10	of	of	ADP
ape-3943	6	11	the	the	DET
ape-3943	6	12	conventional	conventional	ADJ
ape-3943	6	13	paper	paper	NOUN
ape-3943	6	14	certificates	certificate	NOUN
ape-3943	6	15	and	and	CCONJ
ape-3943	6	16	the	the	DET
ape-3943	6	17	system	system	NOUN
ape-3943	6	18	of	of	ADP
ape-3943	6	19	the	the	DET
ape-3943	6	20	dematerialized	dematerialize	VERB
ape-3943	6	21	securities	security	NOUN
ape-3943	6	22	known	know	VERB
ape-3943	6	23	as	as	ADP
ape-3943	6	24	direct	direct	ADJ
ape-3943	6	25	holding	hold	VERB
ape-3943	6	26	system	system	NOUN
ape-3943	6	27	,	,	PUNCT
ape-3943	6	28	as	as	ADV
ape-3943	6	29	well	well	ADV
ape-3943	6	30	as	as	ADP
ape-3943	6	31	of	of	ADP
ape-3943	6	32	the	the	DET
ape-3943	6	33	system	system	NOUN
ape-3943	6	34	for	for	ADP
ape-3943	6	35	immobilization	immobilization	NOUN
ape-3943	6	36	and	and	CCONJ
ape-3943	6	37	possessing	possess	VERB
ape-3943	6	38	through	through	ADP
ape-3943	6	39	intermediaries	intermediary	NOUN
ape-3943	6	40	,	,	PUNCT
ape-3943	6	41	known	know	VERB
ape-3943	6	42	as	as	ADP
ape-3943	6	43	indirect	indirect	ADJ
ape-3943	6	44	holding	hold	VERB
ape-3943	6	45	system	system	NOUN
ape-3943	6	46	.	.	PUNCT
ape-3943	7	1	in	in	ADP
ape-3943	7	2	conclusion	conclusion	NOUN
ape-3943	7	3	,	,	PUNCT
ape-3943	7	4	there	there	PRON
ape-3943	7	5	is	be	VERB
ape-3943	7	6	a	a	DET
ape-3943	7	7	short	short	ADJ
ape-3943	7	8	presentation	presentation	NOUN
ape-3943	7	9	of	of	ADP
ape-3943	7	10	the	the	DET
ape-3943	7	11	currently	currently	ADV
ape-3943	7	12	valid	valid	ADJ
ape-3943	7	13	legal	legal	ADJ
ape-3943	7	14	status	status	NOUN
ape-3943	7	15	unrelated	unrelated	ADJ
ape-3943	7	16	to	to	ADP
ape-3943	7	17	transferring	transfer	VERB
ape-3943	7	18	dematerialized	dematerialize	VERB
ape-3943	7	19	shares	share	NOUN
ape-3943	7	20	in	in	ADP
ape-3943	7	21	the	the	DET
ape-3943	7	22	three	three	NUM
ape-3943	7	23	countries	country	NOUN
ape-3943	7	24	.	.	PUNCT
ape-3943	8	1	keywords	keyword	NOUN
ape-3943	8	2	dematerialized	dematerialize	VERB
ape-3943	8	3	shares	share	NOUN
ape-3943	8	4	,	,	PUNCT
ape-3943	8	5	securities	security	NOUN
ape-3943	8	6	,	,	PUNCT
ape-3943	8	7	paper	paper	NOUN
ape-3943	8	8	certificates	certificate	NOUN
ape-3943	8	9	,	,	PUNCT
ape-3943	8	10	dematerialization	dematerialization	NOUN
ape-3943	8	11	,	,	PUNCT
ape-3943	8	12	central	central	ADJ
ape-3943	8	13	securities	security	NOUN
ape-3943	8	14	depository	depository	NOUN
ape-3943	8	15	,	,	PUNCT
ape-3943	8	16	direct	direct	ADJ
ape-3943	8	17	and	and	CCONJ
ape-3943	8	18	indirect	indirect	ADJ
ape-3943	8	19	holding	hold	VERB
ape-3943	8	20	1	1	NUM
ape-3943	8	21	.	.	PUNCT
ape-3943	8	22	transferring	transfer	VERB
ape-3943	8	23	dematerialized	dematerialize	VERB
ape-3943	8	24	shares	share	NOUN
ape-3943	8	25	in	in	ADP
ape-3943	8	26	germany	germany	PROPN
ape-3943	8	27	and	and	CCONJ
ape-3943	8	28	austria	austria	PROPN
ape-3943	8	29	1.1	1.1	NUM
ape-3943	8	30	historical	historical	ADJ
ape-3943	8	31	development	development	PROPN
ape-3943	8	32	germany	germany	PROPN
ape-3943	8	33	and	and	CCONJ
ape-3943	8	34	austria	austria	PROPN
ape-3943	8	35	felt	feel	VERB
ape-3943	8	36	the	the	DET
ape-3943	8	37	need	need	NOUN
ape-3943	8	38	to	to	PART
ape-3943	8	39	abolish	abolish	VERB
ape-3943	8	40	the	the	DET
ape-3943	8	41	paper	paper	NOUN
ape-3943	8	42	form	form	NOUN
ape-3943	8	43	of	of	ADP
ape-3943	8	44	transferring	transfer	VERB
ape-3943	8	45	securities	security	NOUN
ape-3943	8	46	in	in	ADP
ape-3943	8	47	the	the	DET
ape-3943	8	48	1930s	1930s	NUM
ape-3943	8	49	.	.	PUNCT
ape-3943	9	1	until	until	ADP
ape-3943	9	2	then	then	ADV
ape-3943	9	3	,	,	PUNCT
ape-3943	9	4	the	the	DET
ape-3943	9	5	german	german	ADJ
ape-3943	9	6	and	and	CCONJ
ape-3943	9	7	austrian	austrian	ADJ
ape-3943	9	8	securities	security	NOUN
ape-3943	9	9	were	be	AUX
ape-3943	9	10	transferred	transfer	VERB
ape-3943	9	11	through	through	ADP
ape-3943	9	12	physical	physical	ADJ
ape-3943	9	13	provision	provision	NOUN
ape-3943	9	14	of	of	ADP
ape-3943	9	15	paper	paper	NOUN
ape-3943	9	16	certificates	certificate	NOUN
ape-3943	9	17	.	.	PUNCT
ape-3943	10	1	however	however	ADV
ape-3943	10	2	,	,	PUNCT
ape-3943	10	3	the	the	DET
ape-3943	10	4	circumstances	circumstance	NOUN
ape-3943	10	5	in	in	ADP
ape-3943	10	6	the	the	DET
ape-3943	10	7	1930s	1930	NOUN
ape-3943	10	8	prompted	prompt	VERB
ape-3943	10	9	the	the	DET
ape-3943	10	10	reduction	reduction	NOUN
ape-3943	10	11	of	of	ADP
ape-3943	10	12	the	the	DET
ape-3943	10	13	need	need	NOUN
ape-3943	10	14	to	to	PART
ape-3943	10	15	move	move	VERB
ape-3943	10	16	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-3943	10	17	advances	advance	NOUN
ape-3943	10	18	in	in	ADP
ape-3943	10	19	politics	politic	NOUN
ape-3943	10	20	and	and	CCONJ
ape-3943	10	21	economics	economic	NOUN
ape-3943	10	22	vol	vol	NOUN
ape-3943	10	23	.	.	PROPN
ape-3943	11	1	4	4	NUM
ape-3943	11	2	,	,	PUNCT
ape-3943	11	3	no	no	INTJ
ape-3943	11	4	.	.	NOUN
ape-3943	11	5	3	3	NUM
ape-3943	11	6	,	,	PUNCT
ape-3943	11	7	2021	2021	NUM
ape-3943	11	8	2	2	NUM
ape-3943	11	9	published	publish	VERB
ape-3943	11	10	by	by	ADP
ape-3943	11	11	scholink	scholink	PROPN
ape-3943	11	12	inc	inc	PROPN
ape-3943	11	13	.	.	PROPN
ape-3943	11	14	around	around	ADP
ape-3943	11	15	the	the	DET
ape-3943	11	16	paper	paper	NOUN
ape-3943	11	17	certificates	certificate	NOUN
ape-3943	11	18	.	.	PUNCT
ape-3943	12	1	nevertheless	nevertheless	ADV
ape-3943	12	2	,	,	PUNCT
ape-3943	12	3	the	the	DET
ape-3943	12	4	authors	author	NOUN
ape-3943	12	5	of	of	ADP
ape-3943	12	6	the	the	DET
ape-3943	12	7	reform	reform	NOUN
ape-3943	12	8	from	from	ADP
ape-3943	12	9	the	the	DET
ape-3943	12	10	1930s	1930	NOUN
ape-3943	12	11	could	could	AUX
ape-3943	12	12	have	have	AUX
ape-3943	12	13	used	use	VERB
ape-3943	12	14	a	a	DET
ape-3943	12	15	law	law	NOUN
ape-3943	12	16	,	,	PUNCT
ape-3943	12	17	which	which	PRON
ape-3943	12	18	was	be	AUX
ape-3943	12	19	enacted	enact	VERB
ape-3943	12	20	in	in	ADP
ape-3943	12	21	1910	1910	NUM
ape-3943	12	22	and	and	CCONJ
ape-3943	12	23	provided	provide	VERB
ape-3943	12	24	the	the	DET
ape-3943	12	25	possibility	possibility	NOUN
ape-3943	12	26	to	to	PART
ape-3943	12	27	issue	issue	VERB
ape-3943	12	28	and	and	CCONJ
ape-3943	12	29	hold	hold	VERB
ape-3943	12	30	the	the	DET
ape-3943	12	31	government	government	NOUN
ape-3943	12	32	bonds	bond	NOUN
ape-3943	12	33	as	as	ADP
ape-3943	12	34	dematerialized	dematerialize	VERB
ape-3943	12	35	securities	security	NOUN
ape-3943	12	36	,	,	PUNCT
ape-3943	12	37	the	the	DET
ape-3943	12	38	reform	reform	NOUN
ape-3943	12	39	did	do	AUX
ape-3943	12	40	not	not	PART
ape-3943	12	41	make	make	VERB
ape-3943	12	42	use	use	NOUN
ape-3943	12	43	of	of	ADP
ape-3943	12	44	that	that	DET
ape-3943	12	45	model	model	NOUN
ape-3943	12	46	.	.	PUNCT
ape-3943	13	1	instead	instead	ADV
ape-3943	13	2	,	,	PUNCT
ape-3943	13	3	it	it	PRON
ape-3943	13	4	was	be	AUX
ape-3943	13	5	carried	carry	VERB
ape-3943	13	6	out	out	ADP
ape-3943	13	7	in	in	ADP
ape-3943	13	8	line	line	NOUN
ape-3943	13	9	with	with	ADP
ape-3943	13	10	the	the	DET
ape-3943	13	11	legal	legal	ADJ
ape-3943	13	12	regulations	regulation	NOUN
ape-3943	13	13	,	,	PUNCT
ape-3943	13	14	which	which	PRON
ape-3943	13	15	had	have	AUX
ape-3943	13	16	been	be	AUX
ape-3943	13	17	existing	exist	VERB
ape-3943	13	18	by	by	ADP
ape-3943	13	19	then	then	ADV
ape-3943	13	20	.	.	PUNCT
ape-3943	14	1	prior	prior	ADV
ape-3943	14	2	to	to	ADP
ape-3943	14	3	the	the	DET
ape-3943	14	4	reform	reform	NOUN
ape-3943	14	5	,	,	PUNCT
ape-3943	14	6	securities	security	NOUN
ape-3943	14	7	were	be	AUX
ape-3943	14	8	considered	consider	VERB
ape-3943	14	9	tangible	tangible	ADJ
ape-3943	14	10	assets	asset	NOUN
ape-3943	14	11	,	,	PUNCT
ape-3943	14	12	while	while	SCONJ
ape-3943	14	13	the	the	DET
ape-3943	14	14	securities	security	NOUN
ape-3943	14	15	owned	own	VERB
ape-3943	14	16	through	through	ADP
ape-3943	14	17	intermediaries	intermediary	NOUN
ape-3943	14	18	,	,	PUNCT
ape-3943	14	19	were	be	AUX
ape-3943	14	20	analyzed	analyze	VERB
ape-3943	14	21	under	under	ADP
ape-3943	14	22	the	the	DET
ape-3943	14	23	property	property	NOUN
ape-3943	14	24	act	act	NOUN
ape-3943	14	25	for	for	ADP
ape-3943	14	26	property	property	NOUN
ape-3943	14	27	deposited	deposit	VERB
ape-3943	14	28	in	in	ADP
ape-3943	14	29	custody	custody	NOUN
ape-3943	14	30	.	.	PUNCT
ape-3943	15	1	the	the	DET
ape-3943	15	2	authors	author	NOUN
ape-3943	15	3	of	of	ADP
ape-3943	15	4	the	the	DET
ape-3943	15	5	reform	reform	NOUN
ape-3943	15	6	did	do	AUX
ape-3943	15	7	not	not	PART
ape-3943	15	8	change	change	VERB
ape-3943	15	9	the	the	DET
ape-3943	15	10	principle	principle	NOUN
ape-3943	15	11	of	of	ADP
ape-3943	15	12	that	that	DET
ape-3943	15	13	analysis	analysis	NOUN
ape-3943	15	14	;	;	PUNCT
ape-3943	15	15	they	they	PRON
ape-3943	15	16	rather	rather	ADV
ape-3943	15	17	modified	modify	VERB
ape-3943	15	18	the	the	DET
ape-3943	15	19	act	act	NOUN
ape-3943	15	20	for	for	ADP
ape-3943	15	21	depositing	deposit	VERB
ape-3943	15	22	property	property	NOUN
ape-3943	15	23	in	in	ADP
ape-3943	15	24	custody	custody	NOUN
ape-3943	15	25	in	in	ADP
ape-3943	15	26	order	order	NOUN
ape-3943	15	27	to	to	PART
ape-3943	15	28	regulate	regulate	VERB
ape-3943	15	29	the	the	DET
ape-3943	15	30	securities	security	NOUN
ape-3943	15	31	held	hold	VERB
ape-3943	15	32	as	as	ADP
ape-3943	15	33	common	common	ADJ
ape-3943	15	34	property	property	NOUN
ape-3943	15	35	,	,	PUNCT
ape-3943	15	36	which	which	PRON
ape-3943	15	37	is	be	AUX
ape-3943	15	38	not	not	PART
ape-3943	15	39	distributed	distribute	VERB
ape-3943	15	40	individually	individually	ADV
ape-3943	15	41	to	to	ADP
ape-3943	15	42	a	a	DET
ape-3943	15	43	particular	particular	ADJ
ape-3943	15	44	person	person	NOUN
ape-3943	15	45	.	.	PUNCT
ape-3943	16	1	securities	security	NOUN
ape-3943	16	2	continued	continue	VERB
ape-3943	16	3	to	to	PART
ape-3943	16	4	be	be	AUX
ape-3943	16	5	classified	classify	VERB
ape-3943	16	6	as	as	ADP
ape-3943	16	7	tangible	tangible	ADJ
ape-3943	16	8	assets	asset	NOUN
ape-3943	16	9	.	.	PUNCT
ape-3943	17	1	the	the	DET
ape-3943	17	2	analysis	analysis	NOUN
ape-3943	17	3	was	be	AUX
ape-3943	17	4	left	leave	VERB
ape-3943	17	5	untouched	untouched	ADJ
ape-3943	17	6	,	,	PUNCT
ape-3943	17	7	irrespective	irrespective	ADV
ape-3943	17	8	of	of	ADP
ape-3943	17	9	the	the	DET
ape-3943	17	10	fact	fact	NOUN
ape-3943	17	11	that	that	SCONJ
ape-3943	17	12	the	the	DET
ape-3943	17	13	individual	individual	ADJ
ape-3943	17	14	certificates	certificate	NOUN
ape-3943	17	15	were	be	AUX
ape-3943	17	16	replaced	replace	VERB
ape-3943	17	17	by	by	ADP
ape-3943	17	18	global	global	ADJ
ape-3943	17	19	certificates	certificate	NOUN
ape-3943	17	20	,	,	PUNCT
ape-3943	17	21	but	but	CCONJ
ape-3943	17	22	it	it	PRON
ape-3943	17	23	was	be	AUX
ape-3943	17	24	further	far	ADV
ape-3943	17	25	extended	extend	VERB
ape-3943	17	26	in	in	ADP
ape-3943	17	27	order	order	NOUN
ape-3943	17	28	to	to	PART
ape-3943	17	29	include	include	VERB
ape-3943	17	30	the	the	DET
ape-3943	17	31	government	government	NOUN
ape-3943	17	32	bonds	bond	NOUN
ape-3943	17	33	for	for	ADP
ape-3943	17	34	which	which	PRON
ape-3943	17	35	there	there	PRON
ape-3943	17	36	were	be	VERB
ape-3943	17	37	no	no	DET
ape-3943	17	38	certificates	certificate	NOUN
ape-3943	17	39	existing	exist	VERB
ape-3943	17	40	.	.	PUNCT
ape-3943	18	1	all	all	DET
ape-3943	18	2	the	the	DET
ape-3943	18	3	three	three	NUM
ape-3943	18	4	jurisdictions	jurisdiction	NOUN
ape-3943	18	5	—	—	PUNCT
ape-3943	18	6	of	of	ADP
ape-3943	18	7	england	england	PROPN
ape-3943	18	8	,	,	PUNCT
ape-3943	18	9	germany	germany	PROPN
ape-3943	18	10	and	and	CCONJ
ape-3943	18	11	austria	austria	PROPN
ape-3943	18	12	,	,	PUNCT
ape-3943	18	13	abolished	abolish	VERB
ape-3943	18	14	the	the	DET
ape-3943	18	15	need	need	NOUN
ape-3943	18	16	to	to	PART
ape-3943	18	17	physically	physically	ADV
ape-3943	18	18	move	move	VERB
ape-3943	18	19	the	the	DET
ape-3943	18	20	paper	paper	NOUN
ape-3943	18	21	certificates	certificate	NOUN
ape-3943	18	22	in	in	ADP
ape-3943	18	23	the	the	DET
ape-3943	18	24	process	process	NOUN
ape-3943	18	25	of	of	ADP
ape-3943	18	26	transferring	transferring	NOUN
ape-3943	18	27	.	.	PUNCT
ape-3943	19	1	the	the	DET
ape-3943	19	2	time	time	NOUN
ape-3943	19	3	when	when	SCONJ
ape-3943	19	4	that	that	PRON
ape-3943	19	5	happened	happen	VERB
ape-3943	19	6	was	be	AUX
ape-3943	19	7	determined	determine	VERB
ape-3943	19	8	by	by	ADP
ape-3943	19	9	circumstances	circumstance	NOUN
ape-3943	19	10	beyond	beyond	ADP
ape-3943	19	11	the	the	DET
ape-3943	19	12	law	law	NOUN
ape-3943	19	13	.	.	PUNCT
ape-3943	20	1	however	however	ADV
ape-3943	20	2	,	,	PUNCT
ape-3943	20	3	the	the	DET
ape-3943	20	4	law	law	NOUN
ape-3943	20	5	—	—	PUNCT
ape-3943	20	6	and	and	CCONJ
ape-3943	20	7	in	in	ADP
ape-3943	20	8	particular	particular	ADJ
ape-3943	20	9	,	,	PUNCT
ape-3943	20	10	the	the	DET
ape-3943	20	11	legal	legal	ADJ
ape-3943	20	12	doctrine	doctrine	NOUN
ape-3943	20	13	regulating	regulate	VERB
ape-3943	20	14	securities	security	NOUN
ape-3943	20	15	before	before	ADP
ape-3943	20	16	the	the	DET
ape-3943	20	17	reform	reform	NOUN
ape-3943	20	18	—	—	PUNCT
ape-3943	20	19	determined	determine	VERB
ape-3943	20	20	the	the	DET
ape-3943	20	21	way	way	NOUN
ape-3943	20	22	in	in	ADP
ape-3943	20	23	which	which	PRON
ape-3943	20	24	that	that	DET
ape-3943	20	25	reform	reform	NOUN
ape-3943	20	26	was	be	AUX
ape-3943	20	27	implemented	implement	VERB
ape-3943	20	28	.	.	PUNCT
ape-3943	21	1	prior	prior	ADV
ape-3943	21	2	to	to	ADP
ape-3943	21	3	the	the	DET
ape-3943	21	4	dematerialization	dematerialization	NOUN
ape-3943	21	5	,	,	PUNCT
ape-3943	21	6	securities	security	NOUN
ape-3943	21	7	were	be	AUX
ape-3943	21	8	classified	classify	VERB
ape-3943	21	9	a	a	DET
ape-3943	21	10	intangibles	intangible	NOUN
ape-3943	21	11	sets	set	NOUN
ape-3943	21	12	,	,	PUNCT
ape-3943	21	13	where	where	SCONJ
ape-3943	21	14	after	after	ADP
ape-3943	21	15	the	the	DET
ape-3943	21	16	dematerialization	dematerialization	NOUN
ape-3943	21	17	the	the	DET
ape-3943	21	18	former	former	ADJ
ape-3943	21	19	principles	principle	NOUN
ape-3943	21	20	of	of	ADP
ape-3943	21	21	analyze	analyze	NOUN
ape-3943	21	22	is	be	AUX
ape-3943	21	23	were	be	AUX
ape-3943	21	24	still	still	ADV
ape-3943	21	25	applied	apply	VERB
ape-3943	21	26	.	.	PUNCT
ape-3943	22	1	securities	security	NOUN
ape-3943	22	2	were	be	AUX
ape-3943	22	3	still	still	ADV
ape-3943	22	4	classified	classify	VERB
ape-3943	22	5	as	as	ADP
ape-3943	22	6	intangible	intangible	ADJ
ape-3943	22	7	assets	asset	NOUN
ape-3943	22	8	,	,	PUNCT
ape-3943	22	9	and	and	CCONJ
ape-3943	22	10	the	the	DET
ape-3943	22	11	procedure	procedure	NOUN
ape-3943	22	12	for	for	ADP
ape-3943	22	13	transferring	transferring	NOUN
ape-3943	22	14	,	,	PUNCT
ape-3943	22	15	regulating	regulate	VERB
ape-3943	22	16	the	the	DET
ape-3943	22	17	dematerialized	dematerialize	VERB
ape-3943	22	18	securities	security	NOUN
ape-3943	22	19	,	,	PUNCT
ape-3943	22	20	replaced	replace	VERB
ape-3943	22	21	the	the	DET
ape-3943	22	22	procedure	procedure	NOUN
ape-3943	22	23	existing	exist	VERB
ape-3943	22	24	before	before	ADP
ape-3943	22	25	that	that	PRON
ape-3943	22	26	.	.	PUNCT
ape-3943	23	1	dematerialization	dematerialization	NOUN
ape-3943	23	2	had	have	VERB
ape-3943	23	3	no	no	DET
ape-3943	23	4	impact	impact	NOUN
ape-3943	23	5	either	either	CCONJ
ape-3943	23	6	on	on	ADP
ape-3943	23	7	the	the	DET
ape-3943	23	8	securities	security	NOUN
ape-3943	23	9	held	hold	VERB
ape-3943	23	10	through	through	ADP
ape-3943	23	11	intermediaries	intermediary	NOUN
ape-3943	23	12	.	.	PUNCT
ape-3943	24	1	the	the	DET
ape-3943	24	2	analysis	analysis	NOUN
ape-3943	24	3	prior	prior	ADV
ape-3943	24	4	to	to	ADP
ape-3943	24	5	the	the	DET
ape-3943	24	6	dematerialization	dematerialization	NOUN
ape-3943	24	7	was	be	AUX
ape-3943	24	8	that	that	SCONJ
ape-3943	24	9	the	the	DET
ape-3943	24	10	intermediaries	intermediary	NOUN
ape-3943	24	11	kept	keep	VERB
ape-3943	24	12	the	the	DET
ape-3943	24	13	securities	security	NOUN
ape-3943	24	14	in	in	ADP
ape-3943	24	15	custody	custody	NOUN
ape-3943	24	16	in	in	ADP
ape-3943	24	17	favor	favor	NOUN
ape-3943	24	18	of	of	ADP
ape-3943	24	19	the	the	DET
ape-3943	24	20	investors	investor	NOUN
ape-3943	24	21	and	and	CCONJ
ape-3943	24	22	that	that	SCONJ
ape-3943	24	23	analysis	analysis	NOUN
ape-3943	24	24	was	be	AUX
ape-3943	24	25	applied	apply	VERB
ape-3943	24	26	never	never	ADV
ape-3943	24	27	the	the	DET
ape-3943	24	28	less	less	ADJ
ape-3943	24	29	whether	whether	SCONJ
ape-3943	24	30	the	the	DET
ape-3943	24	31	securities	security	NOUN
ape-3943	24	32	were	be	AUX
ape-3943	24	33	held	hold	VERB
ape-3943	24	34	in	in	ADP
ape-3943	24	35	a	a	DET
ape-3943	24	36	materialized	materialize	VERB
ape-3943	24	37	or	or	CCONJ
ape-3943	24	38	dematerialized	dematerialize	VERB
ape-3943	24	39	form	form	NOUN
ape-3943	24	40	(	(	PUNCT
ape-3943	24	41	note	note	NOUN
ape-3943	24	42	1	1	NUM
ape-3943	24	43	)	)	PUNCT
ape-3943	24	44	.	.	PUNCT
ape-3943	25	1	the	the	DET
ape-3943	25	2	analysis	analysis	NOUN
ape-3943	25	3	in	in	ADP
ape-3943	25	4	the	the	DET
ape-3943	25	5	german	german	ADJ
ape-3943	25	6	and	and	CCONJ
ape-3943	25	7	austrian	austrian	ADJ
ape-3943	25	8	law	law	NOUN
ape-3943	25	9	used	use	VERB
ape-3943	25	10	to	to	PART
ape-3943	25	11	be	be	AUX
ape-3943	25	12	focused	focus	VERB
ape-3943	25	13	on	on	ADP
ape-3943	25	14	the	the	DET
ape-3943	25	15	securities	security	NOUN
ape-3943	25	16	of	of	ADP
ape-3943	25	17	a	a	DET
ape-3943	25	18	bearer	bearer	NOUN
ape-3943	25	19	,	,	PUNCT
ape-3943	25	20	since	since	SCONJ
ape-3943	25	21	the	the	DET
ape-3943	25	22	majority	majority	NOUN
ape-3943	25	23	of	of	ADP
ape-3943	25	24	the	the	DET
ape-3943	25	25	german	german	ADJ
ape-3943	25	26	companies	company	NOUN
ape-3943	25	27	issued	issue	VERB
ape-3943	25	28	them	they	PRON
ape-3943	25	29	.	.	PUNCT
ape-3943	26	1	however	however	ADV
ape-3943	26	2	,	,	PUNCT
ape-3943	26	3	that	that	PRON
ape-3943	26	4	was	be	AUX
ape-3943	26	5	changed	change	VERB
ape-3943	26	6	over	over	ADP
ape-3943	26	7	the	the	DET
ape-3943	26	8	recent	recent	ADJ
ape-3943	26	9	years	year	NOUN
ape-3943	26	10	.	.	PUNCT
ape-3943	27	1	irrespective	irrespective	ADV
ape-3943	27	2	of	of	ADP
ape-3943	27	3	the	the	DET
ape-3943	27	4	different	different	ADJ
ape-3943	27	5	doctrinal	doctrinal	ADJ
ape-3943	27	6	approach	approach	NOUN
ape-3943	27	7	dominant	dominant	NOUN
ape-3943	27	8	in	in	ADP
ape-3943	27	9	england	england	PROPN
ape-3943	27	10	,	,	PUNCT
ape-3943	27	11	on	on	ADP
ape-3943	27	12	the	the	DET
ape-3943	27	13	one	one	NUM
ape-3943	27	14	hand	hand	NOUN
ape-3943	27	15	,	,	PUNCT
ape-3943	27	16	and	and	CCONJ
ape-3943	27	17	in	in	ADP
ape-3943	27	18	germany	germany	PROPN
ape-3943	27	19	and	and	CCONJ
ape-3943	27	20	austria	austria	PROPN
ape-3943	27	21	,	,	PUNCT
ape-3943	27	22	on	on	ADP
ape-3943	27	23	the	the	DET
ape-3943	27	24	other	other	ADJ
ape-3943	27	25	,	,	PUNCT
ape-3943	27	26	there	there	PRON
ape-3943	27	27	is	be	VERB
ape-3943	27	28	one	one	NUM
ape-3943	27	29	important	important	ADJ
ape-3943	27	30	similarity	similarity	NOUN
ape-3943	27	31	.	.	PUNCT
ape-3943	28	1	all	all	DET
ape-3943	28	2	the	the	DET
ape-3943	28	3	three	three	NUM
ape-3943	28	4	jurisdictions	jurisdiction	NOUN
ape-3943	28	5	have	have	AUX
ape-3943	28	6	found	find	VERB
ape-3943	28	7	the	the	DET
ape-3943	28	8	way	way	NOUN
ape-3943	28	9	to	to	PART
ape-3943	28	10	abolish	abolish	VERB
ape-3943	28	11	the	the	DET
ape-3943	28	12	paper	paper	NOUN
ape-3943	28	13	form	form	NOUN
ape-3943	28	14	from	from	ADP
ape-3943	28	15	the	the	DET
ape-3943	28	16	process	process	NOUN
ape-3943	28	17	of	of	ADP
ape-3943	28	18	transferring	transfer	VERB
ape-3943	28	19	securities	security	NOUN
ape-3943	28	20	.	.	PUNCT
ape-3943	29	1	1.2	1.2	NUM
ape-3943	29	2	current	current	ADJ
ape-3943	29	3	status	status	NOUN
ape-3943	29	4	the	the	DET
ape-3943	29	5	majority	majority	NOUN
ape-3943	29	6	of	of	ADP
ape-3943	29	7	the	the	DET
ape-3943	29	8	securities	security	NOUN
ape-3943	29	9	under	under	ADP
ape-3943	29	10	german	german	ADJ
ape-3943	29	11	and	and	CCONJ
ape-3943	29	12	austrian	austrian	ADJ
ape-3943	29	13	a	a	DET
ape-3943	29	14	ware	ware	NOUN
ape-3943	29	15	issued	issue	VERB
ape-3943	29	16	in	in	ADP
ape-3943	29	17	the	the	DET
ape-3943	29	18	form	form	NOUN
ape-3943	29	19	of	of	ADP
ape-3943	29	20	documents	document	NOUN
ape-3943	29	21	of	of	ADP
ape-3943	29	22	a	a	DET
ape-3943	29	23	bearer	bearer	NOUN
ape-3943	29	24	,	,	PUNCT
ape-3943	29	25	where	where	SCONJ
ape-3943	29	26	those	those	DET
ape-3943	29	27	documents	document	NOUN
ape-3943	29	28	are	be	AUX
ape-3943	29	29	considered	consider	VERB
ape-3943	29	30	tangible	tangible	ADJ
ape-3943	29	31	assets	asset	NOUN
ape-3943	29	32	.	.	PUNCT
ape-3943	30	1	in	in	ADP
ape-3943	30	2	the	the	DET
ape-3943	30	3	basis	basis	NOUN
ape-3943	30	4	of	of	ADP
ape-3943	30	5	contemporary	contemporary	ADJ
ape-3943	30	6	german	german	ADJ
ape-3943	30	7	law	law	NOUN
ape-3943	30	8	there	there	PRON
ape-3943	30	9	is	be	VERB
ape-3943	30	10	the	the	DET
ape-3943	30	11	theory	theory	NOUN
ape-3943	30	12	that	that	SCONJ
ape-3943	30	13	the	the	DET
ape-3943	30	14	certificates	certificate	NOUN
ape-3943	30	15	for	for	ADP
ape-3943	30	16	the	the	DET
ape-3943	30	17	securities	security	NOUN
ape-3943	30	18	are	be	AUX
ape-3943	30	19	paper	paper	NOUN
ape-3943	30	20	documents	document	NOUN
ape-3943	30	21	of	of	ADP
ape-3943	30	22	a	a	DET
ape-3943	30	23	very	very	ADV
ape-3943	30	24	special	special	ADJ
ape-3943	30	25	type	type	NOUN
ape-3943	30	26	.	.	PUNCT
ape-3943	31	1	the	the	DET
ape-3943	31	2	law	law	NOUN
ape-3943	31	3	,	,	PUNCT
ape-3943	31	4	which	which	PRON
ape-3943	31	5	concerns	concern	VERB
ape-3943	31	6	a	a	DET
ape-3943	31	7	paper	paper	NOUN
ape-3943	31	8	document	document	NOUN
ape-3943	31	9	,	,	PUNCT
ape-3943	31	10	is	be	AUX
ape-3943	31	11	materialized	materialize	VERB
ape-3943	31	12	in	in	ADP
ape-3943	31	13	the	the	DET
ape-3943	31	14	document	document	NOUN
ape-3943	31	15	and	and	CCONJ
ape-3943	31	16	,	,	PUNCT
ape-3943	31	17	therefore	therefore	ADV
ape-3943	31	18	,	,	PUNCT
ape-3943	31	19	it	it	PRON
ape-3943	31	20	can	can	AUX
ape-3943	31	21	be	be	AUX
ape-3943	31	22	transferred	transfer	VERB
ape-3943	31	23	according	accord	VERB
ape-3943	31	24	to	to	ADP
ape-3943	31	25	the	the	DET
ape-3943	31	26	rules	rule	NOUN
ape-3943	31	27	regulating	regulate	VERB
ape-3943	31	28	the	the	DET
ape-3943	31	29	tangible	tangible	ADJ
ape-3943	31	30	assets	asset	NOUN
ape-3943	31	31	.	.	PUNCT
ape-3943	32	1	if	if	SCONJ
ape-3943	32	2	a	a	DET
ape-3943	32	3	paper	paper	NOUN
ape-3943	32	4	document	document	NOUN
ape-3943	32	5	is	be	AUX
ape-3943	32	6	transferred	transfer	VERB
ape-3943	32	7	,	,	PUNCT
ape-3943	32	8	the	the	DET
ape-3943	32	9	buyer	buyer	NOUN
ape-3943	32	10	will	will	AUX
ape-3943	32	11	acquire	acquire	VERB
ape-3943	32	12	not	not	PART
ape-3943	32	13	only	only	ADV
ape-3943	32	14	the	the	DET
ape-3943	32	15	ownership	ownership	NOUN
ape-3943	32	16	right	right	ADV
ape-3943	32	17	over	over	ADP
ape-3943	32	18	the	the	DET
ape-3943	32	19	paper	paper	NOUN
ape-3943	32	20	document	document	NOUN
ape-3943	32	21	,	,	PUNCT
ape-3943	32	22	but	but	CCONJ
ape-3943	32	23	also	also	ADV
ape-3943	32	24	the	the	DET
ape-3943	32	25	rights	right	NOUN
ape-3943	32	26	related	relate	VERB
ape-3943	32	27	to	to	ADP
ape-3943	32	28	it	it	PRON
ape-3943	32	29	.	.	PUNCT
ape-3943	33	1	the	the	DET
ape-3943	33	2	term	term	NOUN
ape-3943	33	3	in	in	ADP
ape-3943	33	4	the	the	DET
ape-3943	33	5	german	german	ADJ
ape-3943	33	6	language	language	NOUN
ape-3943	33	7	for	for	ADP
ape-3943	33	8	the	the	DET
ape-3943	33	9	german	german	ADJ
ape-3943	33	10	securities	security	NOUN
ape-3943	33	11	is	be	AUX
ape-3943	33	12	“	"	PUNCT
ape-3943	33	13	wertpapier	wertpapi	ADJ
ape-3943	33	14	”	"	PUNCT
ape-3943	33	15	and	and	CCONJ
ape-3943	33	16	it	it	PRON
ape-3943	33	17	is	be	AUX
ape-3943	33	18	used	use	VERB
ape-3943	33	19	both	both	CCONJ
ape-3943	33	20	in	in	ADP
ape-3943	33	21	german	german	ADJ
ape-3943	33	22	and	and	CCONJ
ape-3943	33	23	austrian	austrian	ADJ
ape-3943	33	24	law	law	NOUN
ape-3943	33	25	.	.	PUNCT
ape-3943	34	1	the	the	DET
ape-3943	34	2	word	word	NOUN
ape-3943	34	3	“	"	PUNCT
ape-3943	34	4	wertpapier	wertpapi	ADJ
ape-3943	34	5	”	"	PUNCT
ape-3943	34	6	literally	literally	ADV
ape-3943	34	7	means	mean	VERB
ape-3943	34	8	“	"	PUNCT
ape-3943	34	9	paper	paper	NOUN
ape-3943	34	10	for	for	ADP
ape-3943	34	11	value	value	NOUN
ape-3943	34	12	”	"	PUNCT
ape-3943	34	13	,	,	PUNCT
ape-3943	34	14	and	and	CCONJ
ape-3943	34	15	the	the	DET
ape-3943	34	16	term	term	NOUN
ape-3943	34	17	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-3943	34	18	advances	advance	VERB
ape-3943	34	19	in	in	ADP
ape-3943	34	20	politics	politic	NOUN
ape-3943	34	21	and	and	CCONJ
ape-3943	34	22	economics	economic	NOUN
ape-3943	34	23	vol	vol	NOUN
ape-3943	34	24	.	.	PROPN
ape-3943	35	1	4	4	NUM
ape-3943	35	2	,	,	PUNCT
ape-3943	35	3	no	no	INTJ
ape-3943	35	4	.	.	NOUN
ape-3943	35	5	3	3	NUM
ape-3943	35	6	,	,	PUNCT
ape-3943	35	7	2021	2021	NUM
ape-3943	35	8	3	3	NUM
ape-3943	35	9	published	publish	VERB
ape-3943	35	10	by	by	ADP
ape-3943	35	11	scholink	scholink	PROPN
ape-3943	35	12	inc	inc	PROPN
ape-3943	35	13	.	.	PROPN
ape-3943	36	1	reflects	reflect	VERB
ape-3943	36	2	the	the	DET
ape-3943	36	3	fact	fact	NOUN
ape-3943	36	4	that	that	SCONJ
ape-3943	36	5	the	the	DET
ape-3943	36	6	document	document	NOUN
ape-3943	36	7	related	relate	VERB
ape-3943	36	8	to	to	ADP
ape-3943	36	9	a	a	DET
ape-3943	36	10	security	security	NOUN
ape-3943	36	11	epitomizes	epitomize	VERB
ape-3943	36	12	a	a	DET
ape-3943	36	13	valuable	valuable	ADJ
ape-3943	36	14	right	right	NOUN
ape-3943	36	15	.	.	PUNCT
ape-3943	37	1	the	the	DET
ape-3943	37	2	term	term	NOUN
ape-3943	37	3	is	be	AUX
ape-3943	37	4	aimed	aim	VERB
ape-3943	37	5	at	at	ADP
ape-3943	37	6	reflecting	reflect	VERB
ape-3943	37	7	also	also	ADV
ape-3943	37	8	the	the	DET
ape-3943	37	9	theory	theory	NOUN
ape-3943	37	10	,	,	PUNCT
ape-3943	37	11	which	which	PRON
ape-3943	37	12	lays	lay	VERB
ape-3943	37	13	the	the	DET
ape-3943	37	14	foundations	foundation	NOUN
ape-3943	37	15	of	of	ADP
ape-3943	37	16	both	both	CCONJ
ape-3943	37	17	german	german	ADJ
ape-3943	37	18	and	and	CCONJ
ape-3943	37	19	austrian	austrian	ADJ
ape-3943	37	20	securities	security	NOUN
ape-3943	37	21	,	,	PUNCT
ape-3943	37	22	i.e.	i.e.	X
ape-3943	37	23	,	,	PUNCT
ape-3943	37	24	that	that	SCONJ
ape-3943	37	25	the	the	DET
ape-3943	37	26	rights	right	NOUN
ape-3943	37	27	concerned	concern	VERB
ape-3943	37	28	by	by	ADP
ape-3943	37	29	the	the	DET
ape-3943	37	30	securities	security	NOUN
ape-3943	37	31	certificate	certificate	NOUN
ape-3943	37	32	and	and	CCONJ
ape-3943	37	33	the	the	DET
ape-3943	37	34	certificate	certificate	NOUN
ape-3943	37	35	itself	itself	PRON
ape-3943	37	36	merge	merge	VERB
ape-3943	37	37	and	and	CCONJ
ape-3943	37	38	become	become	VERB
ape-3943	37	39	one	one	NUM
ape-3943	37	40	single	single	ADJ
ape-3943	37	41	tangible	tangible	ADJ
ape-3943	37	42	asset	asset	NOUN
ape-3943	37	43	.	.	PUNCT
ape-3943	38	1	as	as	ADP
ape-3943	38	2	a	a	DET
ape-3943	38	3	result	result	NOUN
ape-3943	38	4	of	of	ADP
ape-3943	38	5	that	that	PRON
ape-3943	38	6	,	,	PUNCT
ape-3943	38	7	securities	security	NOUN
ape-3943	38	8	,	,	PUNCT
ape-3943	38	9	their	their	PRON
ape-3943	38	10	transferring	transferring	NOUN
ape-3943	38	11	and	and	CCONJ
ape-3943	38	12	the	the	DET
ape-3943	38	13	indirect	indirect	ADJ
ape-3943	38	14	ownership	ownership	NOUN
ape-3943	38	15	over	over	ADP
ape-3943	38	16	securities	security	NOUN
ape-3943	38	17	are	be	AUX
ape-3943	38	18	all	all	ADV
ape-3943	38	19	subject	subject	ADJ
ape-3943	38	20	to	to	ADP
ape-3943	38	21	the	the	DET
ape-3943	38	22	rules	rule	NOUN
ape-3943	38	23	regulating	regulate	VERB
ape-3943	38	24	the	the	DET
ape-3943	38	25	tangible	tangible	ADJ
ape-3943	38	26	assets	asset	NOUN
ape-3943	38	27	.	.	PUNCT
ape-3943	39	1	the	the	DET
ape-3943	39	2	analysis	analysis	NOUN
ape-3943	39	3	adopted	adopt	VERB
ape-3943	39	4	by	by	ADP
ape-3943	39	5	contemporary	contemporary	ADJ
ape-3943	39	6	german	german	NOUN
ape-3943	39	7	and	and	CCONJ
ape-3943	39	8	austrian	austrian	ADJ
ape-3943	39	9	law	law	NOUN
ape-3943	39	10	appeared	appear	VERB
ape-3943	39	11	somewhat	somewhat	ADV
ape-3943	39	12	later	later	ADV
ape-3943	39	13	after	after	SCONJ
ape-3943	39	14	securities	security	NOUN
ape-3943	39	15	were	be	AUX
ape-3943	39	16	used	use	VERB
ape-3943	39	17	for	for	ADP
ape-3943	39	18	the	the	DET
ape-3943	39	19	first	first	ADJ
ape-3943	39	20	time	time	NOUN
ape-3943	39	21	.	.	PUNCT
ape-3943	40	1	the	the	DET
ape-3943	40	2	securities	security	NOUN
ape-3943	40	3	depositories	depository	NOUN
ape-3943	40	4	in	in	ADP
ape-3943	40	5	germany	germany	PROPN
ape-3943	40	6	and	and	CCONJ
ape-3943	40	7	austria	austria	PROPN
ape-3943	40	8	emerged	emerge	VERB
ape-3943	40	9	as	as	ADP
ape-3943	40	10	the	the	DET
ape-3943	40	11	prevailing	prevail	VERB
ape-3943	40	12	type	type	NOUN
ape-3943	40	13	of	of	ADP
ape-3943	40	14	service	service	NOUN
ape-3943	40	15	provider	provider	NOUN
ape-3943	40	16	,	,	PUNCT
ape-3943	40	17	which	which	PRON
ape-3943	40	18	was	be	AUX
ape-3943	40	19	of	of	ADP
ape-3943	40	20	assistance	assistance	NOUN
ape-3943	40	21	to	to	ADP
ape-3943	40	22	the	the	DET
ape-3943	40	23	clients	client	NOUN
ape-3943	40	24	wishing	wish	VERB
ape-3943	40	25	to	to	PART
ape-3943	40	26	own	own	VERB
ape-3943	40	27	securities	security	NOUN
ape-3943	40	28	indirectly	indirectly	ADV
ape-3943	40	29	.	.	PUNCT
ape-3943	41	1	the	the	DET
ape-3943	41	2	rules	rule	NOUN
ape-3943	41	3	concerning	concern	VERB
ape-3943	41	4	the	the	DET
ape-3943	41	5	securities	security	NOUN
ape-3943	41	6	and	and	CCONJ
ape-3943	41	7	their	their	PRON
ape-3943	41	8	transferring	transferring	NOUN
ape-3943	41	9	—	—	PUNCT
ape-3943	41	10	in	in	ADP
ape-3943	41	11	particular	particular	ADJ
ape-3943	41	12	,	,	PUNCT
ape-3943	41	13	the	the	DET
ape-3943	41	14	rule	rule	NOUN
ape-3943	41	15	protecting	protect	VERB
ape-3943	41	16	a	a	DET
ape-3943	41	17	buyer	buyer	NOUN
ape-3943	41	18	from	from	ADP
ape-3943	41	19	counter	counter	ADJ
ape-3943	41	20	claims	claim	NOUN
ape-3943	41	21	—	—	PUNCT
ape-3943	41	22	fostered	foster	VERB
ape-3943	41	23	the	the	DET
ape-3943	41	24	development	development	NOUN
ape-3943	41	25	of	of	ADP
ape-3943	41	26	this	this	DET
ape-3943	41	27	type	type	NOUN
ape-3943	41	28	of	of	ADP
ape-3943	41	29	service	service	NOUN
ape-3943	41	30	provider	provider	NOUN
ape-3943	41	31	on	on	ADP
ape-3943	41	32	the	the	DET
ape-3943	41	33	german	german	ADJ
ape-3943	41	34	and	and	CCONJ
ape-3943	41	35	austrian	austrian	ADJ
ape-3943	41	36	markets	market	NOUN
ape-3943	41	37	.	.	PUNCT
ape-3943	42	1	the	the	DET
ape-3943	42	2	fact	fact	NOUN
ape-3943	42	3	that	that	SCONJ
ape-3943	42	4	the	the	DET
ape-3943	42	5	securities	security	NOUN
ape-3943	42	6	were	be	AUX
ape-3943	42	7	governed	govern	VERB
ape-3943	42	8	by	by	ADP
ape-3943	42	9	the	the	DET
ape-3943	42	10	rules	rule	NOUN
ape-3943	42	11	concerning	concern	VERB
ape-3943	42	12	the	the	DET
ape-3943	42	13	tangible	tangible	ADJ
ape-3943	42	14	assets	asset	NOUN
ape-3943	42	15	encouraged	encourage	VERB
ape-3943	42	16	germany	germany	PROPN
ape-3943	42	17	and	and	CCONJ
ape-3943	42	18	austria	austria	PROPN
ape-3943	42	19	to	to	PART
ape-3943	42	20	abolish	abolish	VERB
ape-3943	42	21	the	the	DET
ape-3943	42	22	paper	paper	NOUN
ape-3943	42	23	form	form	NOUN
ape-3943	42	24	from	from	ADP
ape-3943	42	25	the	the	DET
ape-3943	42	26	transferring	transferring	NOUN
ape-3943	42	27	process	process	NOUN
ape-3943	42	28	through	through	ADP
ape-3943	42	29	immobilization	immobilization	NOUN
ape-3943	42	30	,	,	PUNCT
ape-3943	42	31	and	and	CCONJ
ape-3943	42	32	not	not	PART
ape-3943	42	33	through	through	ADP
ape-3943	42	34	dematerialization	dematerialization	NOUN
ape-3943	42	35	.	.	PUNCT
ape-3943	43	1	in	in	ADP
ape-3943	43	2	order	order	NOUN
ape-3943	43	3	to	to	PART
ape-3943	43	4	facilitate	facilitate	VERB
ape-3943	43	5	the	the	DET
ape-3943	43	6	indirect	indirect	ADJ
ape-3943	43	7	holding	holding	NOUN
ape-3943	43	8	of	of	ADP
ape-3943	43	9	securities	security	NOUN
ape-3943	43	10	,	,	PUNCT
ape-3943	43	11	german	german	ADJ
ape-3943	43	12	and	and	CCONJ
ape-3943	43	13	austrian	austrian	ADJ
ape-3943	43	14	law	law	NOUN
ape-3943	43	15	elaborated	elaborate	VERB
ape-3943	43	16	a	a	DET
ape-3943	43	17	complex	complex	ADJ
ape-3943	43	18	doctrine	doctrine	NOUN
ape-3943	43	19	for	for	ADP
ape-3943	43	20	joint	joint	ADJ
ape-3943	43	21	ownership	ownership	NOUN
ape-3943	43	22	and	and	CCONJ
ape-3943	43	23	co	co	NOUN
ape-3943	43	24	-	-	NOUN
ape-3943	43	25	ownership	ownership	NOUN
ape-3943	43	26	.	.	PUNCT
ape-3943	44	1	that	that	DET
ape-3943	44	2	particular	particular	ADJ
ape-3943	44	3	form	form	NOUN
ape-3943	44	4	of	of	ADP
ape-3943	44	5	analysis	analysis	NOUN
ape-3943	44	6	of	of	ADP
ape-3943	44	7	the	the	DET
ape-3943	44	8	doctrine	doctrine	NOUN
ape-3943	44	9	emerged	emerge	VERB
ape-3943	44	10	both	both	PRON
ape-3943	44	11	in	in	ADP
ape-3943	44	12	germany	germany	PROPN
ape-3943	44	13	and	and	CCONJ
ape-3943	44	14	in	in	ADP
ape-3943	44	15	austria	austria	PROPN
ape-3943	44	16	because	because	SCONJ
ape-3943	44	17	securities	security	NOUN
ape-3943	44	18	were	be	AUX
ape-3943	44	19	classified	classify	VERB
ape-3943	44	20	as	as	ADP
ape-3943	44	21	tangible	tangible	ADJ
ape-3943	44	22	moveable	moveable	ADJ
ape-3943	44	23	property	property	NOUN
ape-3943	44	24	.	.	PUNCT
ape-3943	45	1	this	this	DET
ape-3943	45	2	legal	legal	ADJ
ape-3943	45	3	analysis	analysis	NOUN
ape-3943	45	4	provided	provide	VERB
ape-3943	45	5	the	the	DET
ape-3943	45	6	regulatory	regulatory	ADJ
ape-3943	45	7	framework	framework	NOUN
ape-3943	45	8	where	where	SCONJ
ape-3943	45	9	the	the	DET
ape-3943	45	10	securities	security	NOUN
ape-3943	45	11	market	market	NOUN
ape-3943	45	12	and	and	CCONJ
ape-3943	45	13	the	the	DET
ape-3943	45	14	legal	legal	ADJ
ape-3943	45	15	regulations	regulation	NOUN
ape-3943	45	16	supporting	support	VERB
ape-3943	45	17	it	it	PRON
ape-3943	45	18	developed	develop	VERB
ape-3943	45	19	.	.	PUNCT
ape-3943	46	1	the	the	DET
ape-3943	46	2	analysis	analysis	NOUN
ape-3943	46	3	influenced	influence	VERB
ape-3943	46	4	the	the	DET
ape-3943	46	5	way	way	NOUN
ape-3943	46	6	in	in	ADP
ape-3943	46	7	which	which	PRON
ape-3943	46	8	the	the	DET
ape-3943	46	9	paper	paper	NOUN
ape-3943	46	10	form	form	NOUN
ape-3943	46	11	was	be	AUX
ape-3943	46	12	eliminated	eliminate	VERB
ape-3943	46	13	from	from	ADP
ape-3943	46	14	the	the	DET
ape-3943	46	15	transferring	transferring	NOUN
ape-3943	46	16	process	process	NOUN
ape-3943	46	17	,	,	PUNCT
ape-3943	46	18	nevertheless	nevertheless	ADV
ape-3943	46	19	germany	germany	PROPN
ape-3943	46	20	had	have	AUX
ape-3943	46	21	introduced	introduce	VERB
ape-3943	46	22	an	an	DET
ape-3943	46	23	alternative	alternative	ADJ
ape-3943	46	24	system	system	NOUN
ape-3943	46	25	for	for	ADP
ape-3943	46	26	transferring	transfer	VERB
ape-3943	46	27	government	government	NOUN
ape-3943	46	28	bonds	bond	NOUN
ape-3943	46	29	,	,	PUNCT
ape-3943	46	30	which	which	PRON
ape-3943	46	31	could	could	AUX
ape-3943	46	32	have	have	AUX
ape-3943	46	33	been	be	AUX
ape-3943	46	34	used	use	VERB
ape-3943	46	35	as	as	ADP
ape-3943	46	36	a	a	DET
ape-3943	46	37	model	model	NOUN
ape-3943	46	38	for	for	ADP
ape-3943	46	39	creating	create	VERB
ape-3943	46	40	a	a	DET
ape-3943	46	41	transferring	transferring	NOUN
ape-3943	46	42	system	system	NOUN
ape-3943	46	43	without	without	ADP
ape-3943	46	44	using	use	VERB
ape-3943	46	45	a	a	DET
ape-3943	46	46	paper	paper	NOUN
ape-3943	46	47	carrier	carrier	NOUN
ape-3943	46	48	(	(	PUNCT
ape-3943	46	49	note	note	NOUN
ape-3943	46	50	2	2	NUM
ape-3943	46	51	)	)	PUNCT
ape-3943	46	52	.	.	PUNCT
ape-3943	47	1	1.3	1.3	NUM
ape-3943	47	2	indirect	indirect	ADJ
ape-3943	47	3	holding	hold	VERB
ape-3943	47	4	the	the	DET
ape-3943	47	5	german	german	ADJ
ape-3943	47	6	and	and	CCONJ
ape-3943	47	7	austrian	austrian	ADJ
ape-3943	47	8	legaldoctrineinrespecttosecuritiesinfluencedthetypeofserviceprovider	legaldoctrineinrespecttosecuritiesinfluencedthetypeofserviceprovider	NOUN
ape-3943	47	9	,	,	PUNCT
ape-3943	47	10	which	which	PRON
ape-3943	47	11	emerged	emerge	VERB
ape-3943	47	12	on	on	ADP
ape-3943	47	13	the	the	DET
ape-3943	47	14	german	german	ADJ
ape-3943	47	15	and	and	CCONJ
ape-3943	47	16	austrian	austrian	ADJ
ape-3943	47	17	markets	market	NOUN
ape-3943	47	18	in	in	ADP
ape-3943	47	19	order	order	NOUN
ape-3943	47	20	to	to	PART
ape-3943	47	21	serve	serve	VERB
ape-3943	47	22	investors	investor	NOUN
ape-3943	47	23	,	,	PUNCT
ape-3943	47	24	who	who	PRON
ape-3943	47	25	wanted	want	VERB
ape-3943	47	26	to	to	PART
ape-3943	47	27	own	own	VERB
ape-3943	47	28	shares	share	NOUN
ape-3943	47	29	indirectly	indirectly	ADV
ape-3943	47	30	.	.	PUNCT
ape-3943	48	1	the	the	DET
ape-3943	48	2	process	process	NOUN
ape-3943	48	3	,	,	PUNCT
ape-3943	48	4	where	where	SCONJ
ape-3943	48	5	by	by	ADP
ape-3943	48	6	the	the	DET
ape-3943	48	7	paper	paper	NOUN
ape-3943	48	8	certificates	certificate	NOUN
ape-3943	48	9	were	be	AUX
ape-3943	48	10	eliminated	eliminate	VERB
ape-3943	48	11	from	from	ADP
ape-3943	48	12	the	the	DET
ape-3943	48	13	transferring	transferring	NOUN
ape-3943	48	14	process	process	NOUN
ape-3943	48	15	,	,	PUNCT
ape-3943	48	16	was	be	AUX
ape-3943	48	17	formed	form	VERB
ape-3943	48	18	by	by	ADP
ape-3943	48	19	the	the	DET
ape-3943	48	20	legal	legal	ADJ
ape-3943	48	21	doctrinal	doctrinal	ADJ
ape-3943	48	22	framework	framework	NOUN
ape-3943	48	23	,	,	PUNCT
ape-3943	48	24	which	which	PRON
ape-3943	48	25	directly	directly	ADV
ape-3943	48	26	regulated	regulate	VERB
ape-3943	48	27	the	the	DET
ape-3943	48	28	owned	own	VERB
ape-3943	48	29	securities	security	NOUN
ape-3943	48	30	.	.	PUNCT
ape-3943	49	1	the	the	DET
ape-3943	49	2	fact	fact	NOUN
ape-3943	49	3	that	that	SCONJ
ape-3943	49	4	the	the	DET
ape-3943	49	5	german	german	ADJ
ape-3943	49	6	and	and	CCONJ
ape-3943	49	7	austrian	austrian	ADJ
ape-3943	49	8	bearer	bearer	NOUN
ape-3943	49	9	securities	security	NOUN
ape-3943	49	10	were	be	AUX
ape-3943	49	11	classified	classify	VERB
ape-3943	49	12	as	as	ADP
ape-3943	49	13	tangible	tangible	ADJ
ape-3943	49	14	assets	asset	NOUN
ape-3943	49	15	brought	bring	VERB
ape-3943	49	16	the	the	DET
ape-3943	49	17	advantage	advantage	NOUN
ape-3943	49	18	that	that	PRON
ape-3943	49	19	the	the	DET
ape-3943	49	20	german	german	ADJ
ape-3943	49	21	and	and	CCONJ
ape-3943	49	22	austrian	austrian	ADJ
ape-3943	49	23	rules	rule	NOUN
ape-3943	49	24	concerning	concern	VERB
ape-3943	49	25	assignment	assignment	NOUN
ape-3943	49	26	were	be	AUX
ape-3943	49	27	no	no	ADV
ape-3943	49	28	longer	long	ADV
ape-3943	49	29	applied	apply	VERB
ape-3943	49	30	for	for	ADP
ape-3943	49	31	transferring	transferring	NOUN
ape-3943	49	32	.	.	PUNCT
ape-3943	50	1	transferring	transferring	NOUN
ape-3943	50	2	,	,	PUNCT
ape-3943	50	3	instead	instead	ADV
ape-3943	50	4	,	,	PUNCT
ape-3943	50	5	was	be	AUX
ape-3943	50	6	subjected	subject	VERB
ape-3943	50	7	to	to	ADP
ape-3943	50	8	the	the	DET
ape-3943	50	9	rules	rule	NOUN
ape-3943	50	10	,	,	PUNCT
ape-3943	50	11	identical	identical	ADJ
ape-3943	50	12	to	to	ADP
ape-3943	50	13	those	those	PRON
ape-3943	50	14	regulating	regulate	VERB
ape-3943	50	15	the	the	DET
ape-3943	50	16	tangible	tangible	ADJ
ape-3943	50	17	assets	asset	NOUN
ape-3943	50	18	.	.	PUNCT
ape-3943	51	1	as	as	ADP
ape-3943	51	2	result	result	NOUN
ape-3943	51	3	of	of	ADP
ape-3943	51	4	that	that	PRON
ape-3943	51	5	,	,	PUNCT
ape-3943	51	6	the	the	DET
ape-3943	51	7	acquirer	acquirer	NOUN
ape-3943	51	8	was	be	AUX
ape-3943	51	9	protected	protect	VERB
ape-3943	51	10	against	against	ADP
ape-3943	51	11	counter	counter	NOUN
ape-3943	51	12	claims	claim	NOUN
ape-3943	51	13	.	.	PUNCT
ape-3943	52	1	the	the	DET
ape-3943	52	2	legal	legal	ADJ
ape-3943	52	3	doctrine	doctrine	NOUN
ape-3943	52	4	,	,	PUNCT
ape-3943	52	5	where	where	SCONJ
ape-3943	52	6	the	the	DET
ape-3943	52	7	purchaser	purchaser	NOUN
ape-3943	52	8	of	of	ADP
ape-3943	52	9	securities	security	NOUN
ape-3943	52	10	is	be	AUX
ape-3943	52	11	offered	offer	VERB
ape-3943	52	12	protection	protection	NOUN
ape-3943	52	13	against	against	ADP
ape-3943	52	14	counter	counter	NOUN
ape-3943	52	15	claims	claim	NOUN
ape-3943	52	16	,	,	PUNCT
ape-3943	52	17	had	have	VERB
ape-3943	52	18	a	a	DET
ape-3943	52	19	huge	huge	ADJ
ape-3943	52	20	impact	impact	NOUN
ape-3943	52	21	on	on	ADP
ape-3943	52	22	the	the	DET
ape-3943	52	23	development	development	NOUN
ape-3943	52	24	of	of	ADP
ape-3943	52	25	the	the	DET
ape-3943	52	26	institutional	institutional	ADJ
ape-3943	52	27	framework	framework	NOUN
ape-3943	52	28	,	,	PUNCT
ape-3943	52	29	prevailing	prevail	VERB
ape-3943	52	30	in	in	ADP
ape-3943	52	31	germany	germany	PROPN
ape-3943	52	32	and	and	CCONJ
ape-3943	52	33	austria	austria	PROPN
ape-3943	52	34	.	.	PUNCT
ape-3943	53	1	the	the	DET
ape-3943	53	2	bona	bona	ADJ
ape-3943	53	3	fide	fide	ADJ
ape-3943	53	4	acquirer	acquirer	NOUN
ape-3943	53	5	becomes	become	VERB
ape-3943	53	6	owner	owner	NOUN
ape-3943	53	7	upon	upon	SCONJ
ape-3943	53	8	acquiring	acquire	VERB
ape-3943	53	9	tenancy	tenancy	NOUN
ape-3943	53	10	over	over	ADP
ape-3943	53	11	the	the	DET
ape-3943	53	12	securities	security	NOUN
ape-3943	53	13	.	.	PUNCT
ape-3943	54	1	that	that	DET
ape-3943	54	2	rule	rule	NOUN
ape-3943	54	3	had	have	VERB
ape-3943	54	4	a	a	DET
ape-3943	54	5	substantial	substantial	ADJ
ape-3943	54	6	influence	influence	NOUN
ape-3943	54	7	on	on	ADP
ape-3943	54	8	the	the	DET
ape-3943	54	9	way	way	NOUN
ape-3943	54	10	in	in	ADP
ape-3943	54	11	which	which	PRON
ape-3943	54	12	investors	investor	NOUN
ape-3943	54	13	held	hold	VERB
ape-3943	54	14	securities	security	NOUN
ape-3943	54	15	certificates	certificate	NOUN
ape-3943	54	16	in	in	ADP
ape-3943	54	17	germany	germany	PROPN
ape-3943	54	18	and	and	CCONJ
ape-3943	54	19	austria	austria	PROPN
ape-3943	54	20	.	.	PUNCT
ape-3943	55	1	unlike	unlike	ADP
ape-3943	55	2	england	england	PROPN
ape-3943	55	3	,	,	PUNCT
ape-3943	55	4	where	where	SCONJ
ape-3943	55	5	the	the	DET
ape-3943	55	6	securities	security	NOUN
ape-3943	55	7	certificates	certificate	NOUN
ape-3943	55	8	did	do	AUX
ape-3943	55	9	not	not	PART
ape-3943	55	10	need	need	VERB
ape-3943	55	11	to	to	PART
ape-3943	55	12	be	be	AUX
ape-3943	55	13	deposited	deposit	VERB
ape-3943	55	14	in	in	ADP
ape-3943	55	15	custody	custody	NOUN
ape-3943	55	16	,	,	PUNCT
ape-3943	55	17	because	because	SCONJ
ape-3943	55	18	the	the	DET
ape-3943	55	19	owners	owner	NOUN
ape-3943	55	20	would	would	AUX
ape-3943	55	21	not	not	PART
ape-3943	55	22	lose	lose	VERB
ape-3943	55	23	their	their	PRON
ape-3943	55	24	rights	right	NOUN
ape-3943	55	25	if	if	SCONJ
ape-3943	55	26	those	those	DET
ape-3943	55	27	certificates	certificate	NOUN
ape-3943	55	28	were	be	AUX
ape-3943	55	29	stolen	steal	VERB
ape-3943	55	30	and	and	CCONJ
ape-3943	55	31	then	then	ADV
ape-3943	55	32	transferred	transfer	VERB
ape-3943	55	33	to	to	ADP
ape-3943	55	34	a	a	DET
ape-3943	55	35	third	third	ADJ
ape-3943	55	36	party	party	NOUN
ape-3943	55	37	,	,	PUNCT
ape-3943	55	38	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-3943	55	39	advances	advance	NOUN
ape-3943	55	40	in	in	ADP
ape-3943	55	41	politics	politic	NOUN
ape-3943	55	42	and	and	CCONJ
ape-3943	55	43	economics	economic	NOUN
ape-3943	55	44	vol	vol	NOUN
ape-3943	55	45	.	.	PROPN
ape-3943	56	1	4	4	NUM
ape-3943	56	2	,	,	PUNCT
ape-3943	56	3	no	no	INTJ
ape-3943	56	4	.	.	NOUN
ape-3943	56	5	3	3	NUM
ape-3943	56	6	,	,	PUNCT
ape-3943	56	7	2021	2021	NUM
ape-3943	56	8	4	4	NUM
ape-3943	56	9	published	publish	VERB
ape-3943	56	10	by	by	ADP
ape-3943	56	11	scholink	scholink	PROPN
ape-3943	56	12	inc	inc	PROPN
ape-3943	56	13	.	.	PUNCT
ape-3943	57	1	any	any	DET
ape-3943	57	2	investor	investor	NOUN
ape-3943	57	3	under	under	ADP
ape-3943	57	4	the	the	DET
ape-3943	57	5	german	german	ADJ
ape-3943	57	6	and	and	CCONJ
ape-3943	57	7	austrian	austrian	ADJ
ape-3943	57	8	law	law	NOUN
ape-3943	57	9	had	have	VERB
ape-3943	57	10	to	to	PART
ape-3943	57	11	keep	keep	VERB
ape-3943	57	12	the	the	DET
ape-3943	57	13	securities	security	NOUN
ape-3943	57	14	certificates	certificate	NOUN
ape-3943	57	15	out	out	ADP
ape-3943	57	16	of	of	ADP
ape-3943	57	17	circulation	circulation	NOUN
ape-3943	57	18	,	,	PUNCT
ape-3943	57	19	so	so	SCONJ
ape-3943	57	20	that	that	SCONJ
ape-3943	57	21	a	a	DET
ape-3943	57	22	third	third	ADJ
ape-3943	57	23	-	-	PUNCT
ape-3943	57	24	party	party	NOUN
ape-3943	57	25	would	would	AUX
ape-3943	57	26	not	not	PART
ape-3943	57	27	be	be	AUX
ape-3943	57	28	allowed	allow	VERB
ape-3943	57	29	to	to	PART
ape-3943	57	30	acquire	acquire	VERB
ape-3943	57	31	tenancy	tenancy	NOUN
ape-3943	57	32	over	over	ADP
ape-3943	57	33	them	they	PRON
ape-3943	57	34	,	,	PUNCT
ape-3943	57	35	and	and	CCONJ
ape-3943	57	36	,	,	PUNCT
ape-3943	57	37	subsequently	subsequently	ADJ
ape-3943	57	38	-	-	PUNCT
ape-3943	57	39	ownership	ownership	NOUN
ape-3943	57	40	over	over	ADP
ape-3943	57	41	the	the	DET
ape-3943	57	42	bearer	bearer	PROPN
ape-3943	57	43	securities	security	NOUN
ape-3943	57	44	.	.	PUNCT
ape-3943	58	1	the	the	DET
ape-3943	58	2	paper	paper	NOUN
ape-3943	58	3	certificates	certificate	NOUN
ape-3943	58	4	should	should	AUX
ape-3943	58	5	be	be	AUX
ape-3943	58	6	kept	keep	VERB
ape-3943	58	7	in	in	ADP
ape-3943	58	8	a	a	DET
ape-3943	58	9	safe	safe	ADJ
ape-3943	58	10	place	place	NOUN
ape-3943	58	11	,	,	PUNCT
ape-3943	58	12	and	and	CCONJ
ape-3943	58	13	that	that	DET
ape-3943	58	14	need	need	NOUN
ape-3943	58	15	of	of	ADP
ape-3943	58	16	depositing	deposit	VERB
ape-3943	58	17	in	in	ADP
ape-3943	58	18	custody	custody	NOUN
ape-3943	58	19	facilitated	facilitate	VERB
ape-3943	58	20	an	an	DET
ape-3943	58	21	important	important	ADJ
ape-3943	58	22	development	development	NOUN
ape-3943	58	23	in	in	ADP
ape-3943	58	24	germany	germany	PROPN
ape-3943	58	25	and	and	CCONJ
ape-3943	58	26	austria	austria	PROPN
ape-3943	58	27	.	.	PUNCT
ape-3943	59	1	it	it	PRON
ape-3943	59	2	created	create	VERB
ape-3943	59	3	a	a	DET
ape-3943	59	4	demand	demand	NOUN
ape-3943	59	5	for	for	ADP
ape-3943	59	6	depository	depository	NOUN
ape-3943	59	7	services	service	NOUN
ape-3943	59	8	,	,	PUNCT
ape-3943	59	9	and	and	CCONJ
ape-3943	59	10	that	that	SCONJ
ape-3943	59	11	demand	demand	NOUN
ape-3943	59	12	was	be	AUX
ape-3943	59	13	met	meet	VERB
ape-3943	59	14	by	by	ADP
ape-3943	59	15	the	the	DET
ape-3943	59	16	german	german	ADJ
ape-3943	59	17	and	and	CCONJ
ape-3943	59	18	austrian	austrian	ADJ
ape-3943	59	19	banks	bank	NOUN
ape-3943	59	20	,	,	PUNCT
ape-3943	59	21	which	which	PRON
ape-3943	59	22	developed	develop	VERB
ape-3943	59	23	the	the	DET
ape-3943	59	24	activity	activity	NOUN
ape-3943	59	25	of	of	ADP
ape-3943	59	26	depositing	deposit	VERB
ape-3943	59	27	securities	security	NOUN
ape-3943	59	28	in	in	ADP
ape-3943	59	29	custody	custody	NOUN
ape-3943	59	30	for	for	ADP
ape-3943	59	31	investors	investor	NOUN
ape-3943	59	32	as	as	ADP
ape-3943	59	33	a	a	DET
ape-3943	59	34	separate	separate	ADJ
ape-3943	59	35	branch	branch	NOUN
ape-3943	59	36	of	of	ADP
ape-3943	59	37	its	its	PRON
ape-3943	59	38	commercial	commercial	ADJ
ape-3943	59	39	activities	activity	NOUN
ape-3943	59	40	.	.	PUNCT
ape-3943	60	1	instead	instead	ADV
ape-3943	60	2	of	of	ADP
ape-3943	60	3	renting	rent	VERB
ape-3943	60	4	out	out	ADP
ape-3943	60	5	deposit	deposit	NOUN
ape-3943	60	6	boxes	box	NOUN
ape-3943	60	7	or	or	CCONJ
ape-3943	60	8	safe	safe	ADJ
ape-3943	60	9	deposit	deposit	NOUN
ape-3943	60	10	boxes	box	NOUN
ape-3943	60	11	to	to	ADP
ape-3943	60	12	individual	individual	ADJ
ape-3943	60	13	investors	investor	NOUN
ape-3943	60	14	,	,	PUNCT
ape-3943	60	15	banks	bank	NOUN
ape-3943	60	16	initially	initially	ADV
ape-3943	60	17	took	take	VERB
ape-3943	60	18	the	the	DET
ape-3943	60	19	securities	security	NOUN
ape-3943	60	20	certificates	certificate	NOUN
ape-3943	60	21	and	and	CCONJ
ape-3943	60	22	kept	keep	VERB
ape-3943	60	23	them	they	PRON
ape-3943	60	24	in	in	ADP
ape-3943	60	25	custody	custody	NOUN
ape-3943	60	26	for	for	ADP
ape-3943	60	27	the	the	DET
ape-3943	60	28	respective	respective	ADJ
ape-3943	60	29	clients	client	NOUN
ape-3943	60	30	.	.	PUNCT
ape-3943	61	1	the	the	DET
ape-3943	61	2	banks	bank	NOUN
ape-3943	61	3	kept	keep	VERB
ape-3943	61	4	separate	separate	ADJ
ape-3943	61	5	files	file	NOUN
ape-3943	61	6	for	for	ADP
ape-3943	61	7	every	every	DET
ape-3943	61	8	client	client	NOUN
ape-3943	61	9	;	;	PUNCT
ape-3943	61	10	the	the	DET
ape-3943	61	11	paper	paper	NOUN
ape-3943	61	12	documents	document	NOUN
ape-3943	61	13	were	be	AUX
ape-3943	61	14	not	not	PART
ape-3943	61	15	physically	physically	ADV
ape-3943	61	16	held	hold	VERB
ape-3943	61	17	by	by	ADP
ape-3943	61	18	the	the	DET
ape-3943	61	19	investors	investor	NOUN
ape-3943	61	20	,	,	PUNCT
ape-3943	61	21	nevertheless	nevertheless	ADV
ape-3943	61	22	,	,	PUNCT
ape-3943	61	23	they	they	PRON
ape-3943	61	24	were	be	AUX
ape-3943	61	25	distributed	distribute	VERB
ape-3943	61	26	for	for	ADP
ape-3943	61	27	each	each	PRON
ape-3943	61	28	of	of	ADP
ape-3943	61	29	them	they	PRON
ape-3943	61	30	.	.	PUNCT
ape-3943	62	1	the	the	DET
ape-3943	62	2	german	german	ADJ
ape-3943	62	3	and	and	CCONJ
ape-3943	62	4	austrian	austrian	ADJ
ape-3943	62	5	depository	depository	NOUN
ape-3943	62	6	services	service	NOUN
ape-3943	62	7	for	for	ADP
ape-3943	62	8	securities	security	NOUN
ape-3943	62	9	are	be	AUX
ape-3943	62	10	an	an	DET
ape-3943	62	11	example	example	NOUN
ape-3943	62	12	how	how	SCONJ
ape-3943	62	13	a	a	DET
ape-3943	62	14	doctrine	doctrine	NOUN
ape-3943	62	15	can	can	AUX
ape-3943	62	16	foster	foster	VERB
ape-3943	62	17	the	the	DET
ape-3943	62	18	emergence	emergence	NOUN
ape-3943	62	19	of	of	ADP
ape-3943	62	20	certain	certain	ADJ
ape-3943	62	21	types	type	NOUN
ape-3943	62	22	of	of	ADP
ape-3943	62	23	infrastructure	infrastructure	NOUN
ape-3943	62	24	providers	provider	NOUN
ape-3943	62	25	.	.	PUNCT
ape-3943	63	1	similarly	similarly	ADV
ape-3943	63	2	,	,	PUNCT
ape-3943	63	3	just	just	ADV
ape-3943	63	4	like	like	ADP
ape-3943	63	5	the	the	DET
ape-3943	63	6	english	english	ADJ
ape-3943	63	7	law	law	NOUN
ape-3943	63	8	on	on	ADP
ape-3943	63	9	notation	notation	NOUN
ape-3943	63	10	facilitated	facilitate	VERB
ape-3943	63	11	the	the	DET
ape-3943	63	12	advent	advent	NOUN
ape-3943	63	13	of	of	ADP
ape-3943	63	14	registrars	registrar	NOUN
ape-3943	63	15	in	in	ADP
ape-3943	63	16	england	england	PROPN
ape-3943	63	17	,	,	PUNCT
ape-3943	63	18	the	the	DET
ape-3943	63	19	german	german	ADJ
ape-3943	63	20	and	and	CCONJ
ape-3943	63	21	austrian	austrian	ADJ
ape-3943	63	22	doctrine	doctrine	NOUN
ape-3943	63	23	,	,	PUNCT
ape-3943	63	24	protecting	protect	VERB
ape-3943	63	25	buyers	buyer	NOUN
ape-3943	63	26	against	against	ADP
ape-3943	63	27	counter	counter	NOUN
ape-3943	63	28	claims	claim	NOUN
ape-3943	63	29	,	,	PUNCT
ape-3943	63	30	favored	favor	VERB
ape-3943	63	31	the	the	DET
ape-3943	63	32	emergence	emergence	NOUN
ape-3943	63	33	of	of	ADP
ape-3943	63	34	depositories	depository	NOUN
ape-3943	63	35	in	in	ADP
ape-3943	63	36	those	those	DET
ape-3943	63	37	countries	country	NOUN
ape-3943	63	38	(	(	PUNCT
ape-3943	63	39	note	note	NOUN
ape-3943	63	40	3	3	NUM
ape-3943	63	41	)	)	PUNCT
ape-3943	63	42	.	.	PUNCT
ape-3943	64	1	the	the	DET
ape-3943	64	2	german	german	ADJ
ape-3943	64	3	and	and	CCONJ
ape-3943	64	4	austrian	austrian	ADJ
ape-3943	64	5	rules	rule	NOUN
ape-3943	64	6	,	,	PUNCT
ape-3943	64	7	safe	safe	ADJ
ape-3943	64	8	guarding	guard	VERB
ape-3943	64	9	buyers	buyer	NOUN
ape-3943	64	10	against	against	ADP
ape-3943	64	11	counter	counter	NOUN
ape-3943	64	12	demands	demand	NOUN
ape-3943	64	13	,	,	PUNCT
ape-3943	64	14	issuing	issue	VERB
ape-3943	64	15	from	from	ADP
ape-3943	64	16	unlawful	unlawful	ADJ
ape-3943	64	17	transferring	transferring	NOUN
ape-3943	64	18	,	,	PUNCT
ape-3943	64	19	prompted	prompt	VERB
ape-3943	64	20	the	the	DET
ape-3943	64	21	need	need	NOUN
ape-3943	64	22	for	for	SCONJ
ape-3943	64	23	investors	investor	NOUN
ape-3943	64	24	to	to	PART
ape-3943	64	25	prevent	prevent	VERB
ape-3943	64	26	any	any	DET
ape-3943	64	27	disappearance	disappearance	NOUN
ape-3943	64	28	of	of	ADP
ape-3943	64	29	their	their	PRON
ape-3943	64	30	documents	document	NOUN
ape-3943	64	31	.	.	PUNCT
ape-3943	65	1	that	that	PRON
ape-3943	65	2	led	lead	VERB
ape-3943	65	3	to	to	ADP
ape-3943	65	4	a	a	DET
ape-3943	65	5	demand	demand	NOUN
ape-3943	65	6	for	for	ADP
ape-3943	65	7	depository	depository	NOUN
ape-3943	65	8	services	service	NOUN
ape-3943	65	9	on	on	ADP
ape-3943	65	10	the	the	DET
ape-3943	65	11	german	german	ADJ
ape-3943	65	12	and	and	CCONJ
ape-3943	65	13	austrian	austrian	ADJ
ape-3943	65	14	markets	market	NOUN
ape-3943	65	15	.	.	PUNCT
ape-3943	66	1	that	that	DET
ape-3943	66	2	demand	demand	NOUN
ape-3943	66	3	was	be	AUX
ape-3943	66	4	met	meet	VERB
ape-3943	66	5	by	by	ADP
ape-3943	66	6	the	the	DET
ape-3943	66	7	german	german	ADJ
ape-3943	66	8	and	and	CCONJ
ape-3943	66	9	austrian	austrian	ADJ
ape-3943	66	10	banks	bank	NOUN
ape-3943	66	11	,	,	PUNCT
ape-3943	66	12	which	which	PRON
ape-3943	66	13	elaborated	elaborate	VERB
ape-3943	66	14	specialized	specialized	ADJ
ape-3943	66	15	depository	depository	NOUN
ape-3943	66	16	services	service	NOUN
ape-3943	66	17	.	.	PUNCT
ape-3943	67	1	the	the	DET
ape-3943	67	2	doctrinal	doctrinal	ADJ
ape-3943	67	3	framework	framework	NOUN
ape-3943	67	4	,	,	PUNCT
ape-3943	67	5	regulating	regulate	VERB
ape-3943	67	6	the	the	DET
ape-3943	67	7	paper	paper	NOUN
ape-3943	67	8	transferring	transferring	NOUN
ape-3943	67	9	of	of	ADP
ape-3943	67	10	securities	security	NOUN
ape-3943	67	11	,	,	PUNCT
ape-3943	67	12	influenced	influence	VERB
ape-3943	67	13	the	the	DET
ape-3943	67	14	way	way	NOUN
ape-3943	67	15	in	in	ADP
ape-3943	67	16	which	which	PRON
ape-3943	67	17	the	the	DET
ape-3943	67	18	paper	paper	NOUN
ape-3943	67	19	certificates	certificate	NOUN
ape-3943	67	20	were	be	AUX
ape-3943	67	21	removed	remove	VERB
ape-3943	67	22	from	from	ADP
ape-3943	67	23	the	the	DET
ape-3943	67	24	transferring	transferring	NOUN
ape-3943	67	25	in	in	ADP
ape-3943	67	26	germany	germany	PROPN
ape-3943	67	27	and	and	CCONJ
ape-3943	67	28	austria	austria	PROPN
ape-3943	67	29	.	.	PUNCT
ape-3943	68	1	the	the	DET
ape-3943	68	2	legal	legal	ADJ
ape-3943	68	3	doctrine	doctrine	NOUN
ape-3943	68	4	,	,	PUNCT
ape-3943	68	5	which	which	PRON
ape-3943	68	6	provides	provide	VERB
ape-3943	68	7	the	the	DET
ape-3943	68	8	ground	ground	NOUN
ape-3943	68	9	for	for	ADP
ape-3943	68	10	securities	security	NOUN
ape-3943	68	11	in	in	ADP
ape-3943	68	12	both	both	DET
ape-3943	68	13	jurisdictions	jurisdiction	NOUN
ape-3943	68	14	,	,	PUNCT
ape-3943	68	15	is	be	AUX
ape-3943	68	16	based	base	VERB
ape-3943	68	17	on	on	ADP
ape-3943	68	18	the	the	DET
ape-3943	68	19	normative	normative	ADJ
ape-3943	68	20	presumption	presumption	NOUN
ape-3943	68	21	that	that	SCONJ
ape-3943	68	22	the	the	DET
ape-3943	68	23	special	special	ADJ
ape-3943	68	24	rules	rule	NOUN
ape-3943	68	25	regulating	regulate	VERB
ape-3943	68	26	securities	security	NOUN
ape-3943	68	27	transferring	transferring	NOUN
ape-3943	68	28	are	be	AUX
ape-3943	68	29	applied	apply	VERB
ape-3943	68	30	because	because	SCONJ
ape-3943	68	31	securities	security	NOUN
ape-3943	68	32	are	be	AUX
ape-3943	68	33	tangible	tangible	ADJ
ape-3943	68	34	assets	asset	NOUN
ape-3943	68	35	.	.	PUNCT
ape-3943	69	1	hence	hence	ADV
ape-3943	69	2	,	,	PUNCT
ape-3943	69	3	thelegalexpertsdrewtheconclusionthatifsecuritieswerenotclassifiedas	thelegalexpertsdrewtheconclusionthatifsecuritieswerenotclassifieda	VERB
ape-3943	69	4	tangible	tangible	ADJ
ape-3943	69	5	,	,	PUNCT
ape-3943	69	6	those	those	DET
ape-3943	69	7	specific	specific	ADJ
ape-3943	69	8	rules	rule	NOUN
ape-3943	69	9	could	could	AUX
ape-3943	69	10	not	not	PART
ape-3943	69	11	be	be	AUX
ape-3943	69	12	applied	apply	VERB
ape-3943	69	13	.	.	PUNCT
ape-3943	70	1	securities	security	NOUN
ape-3943	70	2	transferring	transferring	NOUN
ape-3943	70	3	,	,	PUNCT
ape-3943	70	4	instead	instead	ADV
ape-3943	70	5	,	,	PUNCT
ape-3943	70	6	should	should	AUX
ape-3943	70	7	have	have	AUX
ape-3943	70	8	been	be	AUX
ape-3943	70	9	governed	govern	VERB
ape-3943	70	10	by	by	ADP
ape-3943	70	11	the	the	DET
ape-3943	70	12	laws	law	NOUN
ape-3943	70	13	for	for	ADP
ape-3943	70	14	assignment	assignment	NOUN
ape-3943	70	15	.	.	PUNCT
ape-3943	71	1	in	in	ADP
ape-3943	71	2	order	order	NOUN
ape-3943	71	3	to	to	PART
ape-3943	71	4	prevent	prevent	VERB
ape-3943	71	5	that	that	SCONJ
ape-3943	71	6	,	,	PUNCT
ape-3943	71	7	it	it	PRON
ape-3943	71	8	was	be	AUX
ape-3943	71	9	possible	possible	ADJ
ape-3943	71	10	to	to	PART
ape-3943	71	11	elaborate	elaborate	VERB
ape-3943	71	12	as	as	ADP
ape-3943	71	13	pecialegime	pecialegime	NOUN
ape-3943	71	14	,	,	PUNCT
ape-3943	71	15	which	which	PRON
ape-3943	71	16	was	be	AUX
ape-3943	71	17	to	to	PART
ape-3943	71	18	be	be	AUX
ape-3943	71	19	applied	apply	VERB
ape-3943	71	20	for	for	ADP
ape-3943	71	21	securities	security	NOUN
ape-3943	71	22	transferring	transferring	NOUN
ape-3943	71	23	,	,	PUNCT
ape-3943	71	24	nevertheless	nevertheless	ADV
ape-3943	71	25	how	how	SCONJ
ape-3943	71	26	they	they	PRON
ape-3943	71	27	were	be	AUX
ape-3943	71	28	classified	classify	VERB
ape-3943	71	29	.	.	PUNCT
ape-3943	72	1	besides	besides	ADV
ape-3943	72	2	,	,	PUNCT
ape-3943	72	3	it	it	PRON
ape-3943	72	4	would	would	AUX
ape-3943	72	5	have	have	AUX
ape-3943	72	6	been	be	AUX
ape-3943	72	7	possible	possible	ADJ
ape-3943	72	8	both	both	CCONJ
ape-3943	72	9	for	for	SCONJ
ape-3943	72	10	the	the	DET
ape-3943	72	11	german	german	ADJ
ape-3943	72	12	and	and	CCONJ
ape-3943	72	13	austrian	austrian	ADJ
ape-3943	72	14	law	law	NOUN
ape-3943	72	15	to	to	PART
ape-3943	72	16	refer	refer	VERB
ape-3943	72	17	to	to	ADP
ape-3943	72	18	the	the	DET
ape-3943	72	19	rules	rule	NOUN
ape-3943	72	20	,	,	PUNCT
ape-3943	72	21	which	which	PRON
ape-3943	72	22	had	have	AUX
ape-3943	72	23	existed	exist	VERB
ape-3943	72	24	for	for	ADP
ape-3943	72	25	the	the	DET
ape-3943	72	26	government	government	NOUN
ape-3943	72	27	bonds	bond	NOUN
ape-3943	72	28	,	,	PUNCT
ape-3943	72	29	for	for	ADP
ape-3943	72	30	which	which	PRON
ape-3943	72	31	there	there	PRON
ape-3943	72	32	were	be	VERB
ape-3943	72	33	no	no	DET
ape-3943	72	34	paper	paper	NOUN
ape-3943	72	35	certificates	certificate	NOUN
ape-3943	72	36	.	.	PUNCT
ape-3943	73	1	that	that	DET
ape-3943	73	2	option	option	NOUN
ape-3943	73	3	,	,	PUNCT
ape-3943	73	4	however	however	ADV
ape-3943	73	5	,	,	PUNCT
ape-3943	73	6	was	be	AUX
ape-3943	73	7	not	not	PART
ape-3943	73	8	the	the	DET
ape-3943	73	9	preferred	prefer	VERB
ape-3943	73	10	done	do	VERB
ape-3943	73	11	.	.	PUNCT
ape-3943	74	1	the	the	DET
ape-3943	74	2	securities	security	NOUN
ape-3943	74	3	certificates	certificate	NOUN
ape-3943	74	4	,	,	PUNCT
ape-3943	74	5	instead	instead	ADV
ape-3943	74	6	,	,	PUNCT
ape-3943	74	7	were	be	AUX
ape-3943	74	8	eliminated	eliminate	VERB
ape-3943	74	9	from	from	ADP
ape-3943	74	10	the	the	DET
ape-3943	74	11	transferring	transferring	NOUN
ape-3943	74	12	process	process	NOUN
ape-3943	74	13	by	by	ADP
ape-3943	74	14	taking	take	VERB
ape-3943	74	15	them	they	PRON
ape-3943	74	16	out	out	ADP
ape-3943	74	17	of	of	ADP
ape-3943	74	18	circulation	circulation	NOUN
ape-3943	74	19	(	(	PUNCT
ape-3943	74	20	immobilization	immobilization	NOUN
ape-3943	74	21	)	)	PUNCT
ape-3943	74	22	,	,	PUNCT
ape-3943	74	23	and	and	CCONJ
ape-3943	74	24	not	not	PART
ape-3943	74	25	through	through	ADP
ape-3943	74	26	abolishing	abolish	VERB
ape-3943	74	27	them	they	PRON
ape-3943	74	28	(	(	PUNCT
ape-3943	74	29	dematerialization	dematerialization	NOUN
ape-3943	74	30	)	)	PUNCT
ape-3943	74	31	.	.	PUNCT
ape-3943	75	1	the	the	DET
ape-3943	75	2	prevailing	prevail	VERB
ape-3943	75	3	point	point	NOUN
ape-3943	75	4	of	of	ADP
ape-3943	75	5	view	view	NOUN
ape-3943	75	6	was	be	AUX
ape-3943	75	7	that	that	SCONJ
ape-3943	75	8	it	it	PRON
ape-3943	75	9	was	be	AUX
ape-3943	75	10	essentially	essentially	ADV
ape-3943	75	11	important	important	ADJ
ape-3943	75	12	that	that	SCONJ
ape-3943	75	13	the	the	DET
ape-3943	75	14	legal	legal	ADJ
ape-3943	75	15	analys	analys	NOUN
ape-3943	75	16	is	be	AUX
ape-3943	75	17	governing	govern	VERB
ape-3943	75	18	the	the	DET
ape-3943	75	19	paper	paper	NOUN
ape-3943	75	20	certificates	certificate	NOUN
ape-3943	75	21	be	be	AUX
ape-3943	75	22	further	far	ADV
ape-3943	75	23	applied	apply	VERB
ape-3943	75	24	,	,	PUNCT
ape-3943	75	25	even	even	ADV
ape-3943	75	26	though	though	SCONJ
ape-3943	75	27	in	in	ADP
ape-3943	75	28	an	an	DET
ape-3943	75	29	environment	environment	NOUN
ape-3943	75	30	,	,	PUNCT
ape-3943	75	31	where	where	SCONJ
ape-3943	75	32	paper	paper	NOUN
ape-3943	75	33	certificates	certificate	NOUN
ape-3943	75	34	no	no	ADV
ape-3943	75	35	longer	long	ADV
ape-3943	75	36	fulfilled	fulfil	VERB
ape-3943	75	37	their	their	PRON
ape-3943	75	38	original	original	ADJ
ape-3943	75	39	function	function	NOUN
ape-3943	75	40	for	for	ADP
ape-3943	75	41	transferring	transfer	VERB
ape-3943	75	42	the	the	DET
ape-3943	75	43	rights	right	NOUN
ape-3943	75	44	embodied	embody	VERB
ape-3943	75	45	in	in	ADP
ape-3943	75	46	them	they	PRON
ape-3943	75	47	.	.	PUNCT
ape-3943	76	1	as	as	SCONJ
ape-3943	76	2	are	be	AUX
ape-3943	76	3	setoff	setoff	ADJ
ape-3943	76	4	that	that	SCONJ
ape-3943	76	5	,	,	PUNCT
ape-3943	76	6	the	the	DET
ape-3943	76	7	german	german	ADJ
ape-3943	76	8	and	and	CCONJ
ape-3943	76	9	austrian	austrian	ADJ
ape-3943	76	10	markets	market	NOUN
ape-3943	76	11	introduced	introduce	VERB
ape-3943	76	12	the	the	DET
ape-3943	76	13	central	central	ADJ
ape-3943	76	14	securities	security	NOUN
ape-3943	76	15	depositories	depository	NOUN
ape-3943	76	16	(	(	PUNCT
ape-3943	76	17	note	note	NOUN
ape-3943	76	18	4	4	NUM
ape-3943	76	19	)	)	PUNCT
ape-3943	76	20	.	.	PUNCT
ape-3943	77	1	unlike	unlike	ADP
ape-3943	77	2	england	england	PROPN
ape-3943	77	3	,	,	PUNCT
ape-3943	77	4	which	which	PRON
ape-3943	77	5	chose	choose	VERB
ape-3943	77	6	transferring	transfer	VERB
ape-3943	77	7	dematerialized	dematerialize	VERB
ape-3943	77	8	securities	security	NOUN
ape-3943	77	9	,	,	PUNCT
ape-3943	77	10	germany	germany	PROPN
ape-3943	77	11	and	and	CCONJ
ape-3943	77	12	austria	austria	PROPN
ape-3943	77	13	preferred	preferred	ADJ
ape-3943	77	14	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-3943	77	15	advances	advance	NOUN
ape-3943	77	16	in	in	ADP
ape-3943	77	17	politics	politic	NOUN
ape-3943	77	18	and	and	CCONJ
ape-3943	77	19	economics	economic	NOUN
ape-3943	77	20	vol	vol	NOUN
ape-3943	77	21	.	.	PROPN
ape-3943	77	22	4	4	NUM
ape-3943	77	23	,	,	PUNCT
ape-3943	77	24	no	no	INTJ
ape-3943	77	25	.	.	NOUN
ape-3943	77	26	3	3	NUM
ape-3943	77	27	,	,	PUNCT
ape-3943	77	28	2021	2021	NUM
ape-3943	77	29	5	5	NUM
ape-3943	77	30	published	publish	VERB
ape-3943	77	31	by	by	ADP
ape-3943	77	32	scholink	scholink	PROPN
ape-3943	77	33	inc	inc	PROPN
ape-3943	77	34	.	.	PUNCT
ape-3943	78	1	their	their	PRON
ape-3943	78	2	immobilization	immobilization	NOUN
ape-3943	78	3	.	.	PUNCT
ape-3943	79	1	the	the	DET
ape-3943	79	2	relationship	relationship	NOUN
ape-3943	79	3	between	between	ADP
ape-3943	79	4	intermediaries	intermediary	NOUN
ape-3943	79	5	and	and	CCONJ
ape-3943	79	6	investors	investor	NOUN
ape-3943	79	7	is	be	AUX
ape-3943	79	8	followed	follow	VERB
ape-3943	79	9	in	in	ADP
ape-3943	79	10	respect	respect	NOUN
ape-3943	79	11	to	to	ADP
ape-3943	79	12	depositing	deposit	VERB
ape-3943	79	13	property	property	NOUN
ape-3943	79	14	in	in	ADP
ape-3943	79	15	custody	custody	NOUN
ape-3943	79	16	according	accord	VERB
ape-3943	79	17	to	to	ADP
ape-3943	79	18	the	the	DET
ape-3943	79	19	german	german	ADJ
ape-3943	79	20	and	and	CCONJ
ape-3943	79	21	austrian	austrian	ADJ
ape-3943	79	22	law	law	NOUN
ape-3943	79	23	.	.	PUNCT
ape-3943	80	1	investors	investor	NOUN
ape-3943	80	2	are	be	AUX
ape-3943	80	3	considered	consider	VERB
ape-3943	80	4	co	co	NOUN
ape-3943	80	5	-	-	NOUN
ape-3943	80	6	owners	owner	NOUN
ape-3943	80	7	of	of	ADP
ape-3943	80	8	the	the	DET
ape-3943	80	9	indirectly	indirectly	ADV
ape-3943	80	10	held	hold	VERB
ape-3943	80	11	papers	paper	NOUN
ape-3943	80	12	;	;	PUNCT
ape-3943	80	13	moreover	moreover	ADV
ape-3943	80	14	,	,	PUNCT
ape-3943	80	15	they	they	PRON
ape-3943	80	16	jointly	jointly	ADV
ape-3943	80	17	possess	possess	VERB
ape-3943	80	18	the	the	DET
ape-3943	80	19	securities	security	NOUN
ape-3943	80	20	certificates	certificate	NOUN
ape-3943	80	21	deposited	deposit	VERB
ape-3943	80	22	with	with	ADP
ape-3943	80	23	the	the	DET
ape-3943	80	24	central	central	ADJ
ape-3943	80	25	securities	security	NOUN
ape-3943	80	26	depository	depository	NOUN
ape-3943	80	27	.	.	PUNCT
ape-3943	81	1	that	that	PRON
ape-3943	81	2	is	be	AUX
ape-3943	81	3	opposite	opposite	ADJ
ape-3943	81	4	to	to	ADP
ape-3943	81	5	the	the	DET
ape-3943	81	6	position	position	NOUN
ape-3943	81	7	adopted	adopt	VERB
ape-3943	81	8	in	in	ADP
ape-3943	81	9	the	the	DET
ape-3943	81	10	english	english	ADJ
ape-3943	81	11	law	law	NOUN
ape-3943	81	12	,	,	PUNCT
ape-3943	81	13	where	where	SCONJ
ape-3943	81	14	the	the	DET
ape-3943	81	15	relations	relation	NOUN
ape-3943	81	16	with	with	ADP
ape-3943	81	17	the	the	DET
ape-3943	81	18	investors	investor	NOUN
ape-3943	81	19	,	,	PUNCT
ape-3943	81	20	who	who	PRON
ape-3943	81	21	hold	hold	VERB
ape-3943	81	22	securities	security	NOUN
ape-3943	81	23	indirectly	indirectly	ADV
ape-3943	81	24	,	,	PUNCT
ape-3943	81	25	is	be	AUX
ape-3943	81	26	governed	govern	VERB
ape-3943	81	27	by	by	ADP
ape-3943	81	28	the	the	DET
ape-3943	81	29	custody	custody	NOUN
ape-3943	81	30	act	act	PROPN
ape-3943	81	31	.	.	PUNCT
ape-3943	82	1	the	the	DET
ape-3943	82	2	co	co	NOUN
ape-3943	82	3	-	-	NOUN
ape-3943	82	4	ownership	ownership	NOUN
ape-3943	82	5	interest	interest	NOUN
ape-3943	82	6	in	in	ADP
ape-3943	82	7	indirectly	indirectly	ADV
ape-3943	82	8	owned	own	VERB
ape-3943	82	9	securities	security	NOUN
ape-3943	82	10	is	be	AUX
ape-3943	82	11	transferred	transfer	VERB
ape-3943	82	12	through	through	ADP
ape-3943	82	13	registration	registration	NOUN
ape-3943	82	14	in	in	ADP
ape-3943	82	15	the	the	DET
ape-3943	82	16	books	book	NOUN
ape-3943	82	17	of	of	ADP
ape-3943	82	18	the	the	DET
ape-3943	82	19	intermediary	intermediary	NOUN
ape-3943	82	20	,	,	PUNCT
ape-3943	82	21	who	who	PRON
ape-3943	82	22	keeps	keep	VERB
ape-3943	82	23	the	the	DET
ape-3943	82	24	securities	security	NOUN
ape-3943	82	25	.	.	PUNCT
ape-3943	83	1	that	that	DET
ape-3943	83	2	registration	registration	NOUN
ape-3943	83	3	is	be	AUX
ape-3943	83	4	classified	classify	VERB
ape-3943	83	5	by	by	ADP
ape-3943	83	6	law	law	NOUN
ape-3943	83	7	as	as	ADP
ape-3943	83	8	including	include	VERB
ape-3943	83	9	transferring	transfer	VERB
ape-3943	83	10	the	the	DET
ape-3943	83	11	tenancy	tenancy	NOUN
ape-3943	83	12	over	over	ADP
ape-3943	83	13	the	the	DET
ape-3943	83	14	securities	security	NOUN
ape-3943	83	15	certificates	certificate	NOUN
ape-3943	83	16	from	from	ADP
ape-3943	83	17	the	the	DET
ape-3943	83	18	seller	seller	NOUN
ape-3943	83	19	to	to	ADP
ape-3943	83	20	the	the	DET
ape-3943	83	21	buyer	buyer	NOUN
ape-3943	83	22	.	.	PUNCT
ape-3943	84	1	the	the	DET
ape-3943	84	2	buyers	buyer	NOUN
ape-3943	84	3	of	of	ADP
ape-3943	84	4	indirectly	indirectly	ADV
ape-3943	84	5	owned	own	VERB
ape-3943	84	6	securities	security	NOUN
ape-3943	84	7	are	be	AUX
ape-3943	84	8	protected	protect	VERB
ape-3943	84	9	against	against	ADP
ape-3943	84	10	counter	counter	NOUN
ape-3943	84	11	claims	claim	NOUN
ape-3943	84	12	issuing	issue	VERB
ape-3943	84	13	from	from	ADP
ape-3943	84	14	unlawful	unlawful	ADJ
ape-3943	84	15	transferring	transferring	NOUN
ape-3943	84	16	,	,	PUNCT
ape-3943	84	17	on	on	ADP
ape-3943	84	18	the	the	DET
ape-3943	84	19	basis	basis	NOUN
ape-3943	84	20	of	of	ADP
ape-3943	84	21	the	the	DET
ape-3943	84	22	same	same	ADJ
ape-3943	84	23	rules	rule	NOUN
ape-3943	84	24	,	,	PUNCT
ape-3943	84	25	which	which	PRON
ape-3943	84	26	protect	protect	VERB
ape-3943	84	27	the	the	DET
ape-3943	84	28	buyers	buyer	NOUN
ape-3943	84	29	of	of	ADP
ape-3943	84	30	directly	directly	ADV
ape-3943	84	31	held	hold	VERB
ape-3943	84	32	securities	security	NOUN
ape-3943	84	33	in	in	ADP
ape-3943	84	34	the	the	DET
ape-3943	84	35	german	german	ADJ
ape-3943	84	36	and	and	CCONJ
ape-3943	84	37	austrian	austrian	ADJ
ape-3943	84	38	law	law	NOUN
ape-3943	84	39	.	.	PUNCT
ape-3943	85	1	irrespective	irrespective	ADV
ape-3943	85	2	of	of	ADP
ape-3943	85	3	the	the	DET
ape-3943	85	4	fact	fact	NOUN
ape-3943	85	5	that	that	SCONJ
ape-3943	85	6	the	the	DET
ape-3943	85	7	investors	investor	NOUN
ape-3943	85	8	have	have	AUX
ape-3943	85	9	a	a	DET
ape-3943	85	10	co	co	NOUN
ape-3943	85	11	-	-	NOUN
ape-3943	85	12	ownership	ownership	ADJ
ape-3943	85	13	interest	interest	NOUN
ape-3943	85	14	within	within	ADP
ape-3943	85	15	the	the	DET
ape-3943	85	16	total	total	ADJ
ape-3943	85	17	amount	amount	NOUN
ape-3943	85	18	of	of	ADP
ape-3943	85	19	securities	security	NOUN
ape-3943	85	20	,	,	PUNCT
ape-3943	85	21	kept	keep	VERB
ape-3943	85	22	at	at	ADP
ape-3943	85	23	the	the	DET
ape-3943	85	24	central	central	ADJ
ape-3943	85	25	securities	security	NOUN
ape-3943	85	26	depository	depository	NOUN
ape-3943	85	27	,	,	PUNCT
ape-3943	85	28	a	a	DET
ape-3943	85	29	bonfire	bonfire	NOUN
ape-3943	85	30	buyer	buyer	NOUN
ape-3943	85	31	can	can	AUX
ape-3943	85	32	rely	rely	VERB
ape-3943	85	33	on	on	ADP
ape-3943	85	34	the	the	DET
ape-3943	85	35	rules	rule	NOUN
ape-3943	85	36	protecting	protect	VERB
ape-3943	85	37	a	a	DET
ape-3943	85	38	buyer	buyer	NOUN
ape-3943	85	39	of	of	ADP
ape-3943	85	40	a	a	DET
ape-3943	85	41	tangible	tangible	ADJ
ape-3943	85	42	as	as	SCONJ
ape-3943	85	43	set	set	VERB
ape-3943	85	44	against	against	ADP
ape-3943	85	45	unlawful	unlawful	ADJ
ape-3943	85	46	transferring	transferring	NOUN
ape-3943	85	47	.	.	PUNCT
ape-3943	86	1	the	the	DET
ape-3943	86	2	situation	situation	NOUN
ape-3943	86	3	in	in	ADP
ape-3943	86	4	the	the	DET
ape-3943	86	5	english	english	ADJ
ape-3943	86	6	law	law	NOUN
ape-3943	86	7	is	be	AUX
ape-3943	86	8	less	less	ADV
ape-3943	86	9	clear	clear	ADJ
ape-3943	86	10	.	.	PUNCT
ape-3943	87	1	the	the	DET
ape-3943	87	2	rules	rule	NOUN
ape-3943	87	3	regulating	regulate	VERB
ape-3943	87	4	materialized	materialize	VERB
ape-3943	87	5	securities	security	NOUN
ape-3943	87	6	were	be	AUX
ape-3943	87	7	not	not	PART
ape-3943	87	8	forbidden	forbid	VERB
ape-3943	87	9	when	when	SCONJ
ape-3943	87	10	dematerialized	dematerialized	ADJ
ape-3943	87	11	securities	security	NOUN
ape-3943	87	12	were	be	AUX
ape-3943	87	13	introduced	introduce	VERB
ape-3943	87	14	in	in	ADP
ape-3943	87	15	england	england	PROPN
ape-3943	87	16	.	.	PUNCT
ape-3943	88	1	it	it	PRON
ape-3943	88	2	is	be	AUX
ape-3943	88	3	still	still	ADV
ape-3943	88	4	unclear	unclear	ADJ
ape-3943	88	5	,	,	PUNCT
ape-3943	88	6	however	however	ADV
ape-3943	88	7	,	,	PUNCT
ape-3943	88	8	whether	whether	SCONJ
ape-3943	88	9	and	and	CCONJ
ape-3943	88	10	to	to	ADP
ape-3943	88	11	what	what	DET
ape-3943	88	12	extent	extent	NOUN
ape-3943	88	13	the	the	DET
ape-3943	88	14	rules	rule	NOUN
ape-3943	88	15	protecting	protect	VERB
ape-3943	88	16	the	the	DET
ape-3943	88	17	buyers	buyer	NOUN
ape-3943	88	18	of	of	ADP
ape-3943	88	19	materialized	materialize	VERB
ape-3943	88	20	securities	security	NOUN
ape-3943	88	21	provide	provide	VERB
ape-3943	88	22	protection	protection	NOUN
ape-3943	88	23	to	to	ADP
ape-3943	88	24	the	the	DET
ape-3943	88	25	buyers	buyer	NOUN
ape-3943	88	26	of	of	ADP
ape-3943	88	27	dematerialized	dematerialize	VERB
ape-3943	88	28	securities	security	NOUN
ape-3943	88	29	.	.	PUNCT
ape-3943	89	1	at	at	ADP
ape-3943	89	2	the	the	DET
ape-3943	89	3	same	same	ADJ
ape-3943	89	4	time	time	NOUN
ape-3943	89	5	,	,	PUNCT
ape-3943	89	6	none	none	NOUN
ape-3943	89	7	of	of	ADP
ape-3943	89	8	the	the	DET
ape-3943	89	9	jurisdictions	jurisdiction	NOUN
ape-3943	89	10	did	do	AUX
ape-3943	89	11	create	create	VERB
ape-3943	89	12	a	a	DET
ape-3943	89	13	completely	completely	ADV
ape-3943	89	14	new	new	ADJ
ape-3943	89	15	legal	legal	ADJ
ape-3943	89	16	regime	regime	NOUN
ape-3943	89	17	,	,	PUNCT
ape-3943	89	18	which	which	PRON
ape-3943	89	19	would	would	AUX
ape-3943	89	20	facilitate	facilitate	VERB
ape-3943	89	21	securities	security	NOUN
ape-3943	89	22	transferring	transferring	NOUN
ape-3943	89	23	carried	carry	VERB
ape-3943	89	24	out	out	ADP
ape-3943	89	25	without	without	ADP
ape-3943	89	26	the	the	DET
ape-3943	89	27	need	need	NOUN
ape-3943	89	28	of	of	ADP
ape-3943	89	29	moving	move	VERB
ape-3943	89	30	the	the	DET
ape-3943	89	31	paper	paper	NOUN
ape-3943	89	32	certificates	certificate	NOUN
ape-3943	89	33	.	.	PUNCT
ape-3943	90	1	instead	instead	ADV
ape-3943	90	2	of	of	ADP
ape-3943	90	3	that	that	PRON
ape-3943	90	4	,	,	PUNCT
ape-3943	90	5	the	the	DET
ape-3943	90	6	rules	rule	NOUN
ape-3943	90	7	existing	exist	VERB
ape-3943	90	8	in	in	ADP
ape-3943	90	9	all	all	DET
ape-3943	90	10	the	the	DET
ape-3943	90	11	three	three	NUM
ape-3943	90	12	jurisdictions	jurisdiction	NOUN
ape-3943	90	13	governing	govern	VERB
ape-3943	90	14	transferring	transfer	VERB
ape-3943	90	15	through	through	ADP
ape-3943	90	16	the	the	DET
ape-3943	90	17	use	use	NOUN
ape-3943	90	18	of	of	ADP
ape-3943	90	19	a	a	DET
ape-3943	90	20	paper	paper	NOUN
ape-3943	90	21	carrier	carrier	NOUN
ape-3943	90	22	were	be	AUX
ape-3943	90	23	modified	modify	VERB
ape-3943	90	24	in	in	ADP
ape-3943	90	25	order	order	NOUN
ape-3943	90	26	to	to	PART
ape-3943	90	27	address	address	VERB
ape-3943	90	28	transferring	transfer	VERB
ape-3943	90	29	without	without	ADP
ape-3943	90	30	the	the	DET
ape-3943	90	31	use	use	NOUN
ape-3943	90	32	of	of	ADP
ape-3943	90	33	a	a	DET
ape-3943	90	34	paper	paper	NOUN
ape-3943	90	35	carrier	carrier	NOUN
ape-3943	90	36	.	.	PUNCT
ape-3943	91	1	further	far	ADV
ape-3943	91	2	more	more	ADV
ape-3943	91	3	,	,	PUNCT
ape-3943	91	4	the	the	DET
ape-3943	91	5	legal	legal	ADJ
ape-3943	91	6	norms	norm	NOUN
ape-3943	91	7	regulating	regulate	VERB
ape-3943	91	8	transferring	transfer	VERB
ape-3943	91	9	through	through	ADP
ape-3943	91	10	the	the	DET
ape-3943	91	11	use	use	NOUN
ape-3943	91	12	of	of	ADP
ape-3943	91	13	a	a	DET
ape-3943	91	14	paper	paper	NOUN
ape-3943	91	15	carrier	carrier	NOUN
ape-3943	91	16	had	have	VERB
ape-3943	91	17	a	a	DET
ape-3943	91	18	major	major	ADJ
ape-3943	91	19	impact	impact	NOUN
ape-3943	91	20	on	on	ADP
ape-3943	91	21	the	the	DET
ape-3943	91	22	institutional	institutional	ADJ
ape-3943	91	23	formation	formation	NOUN
ape-3943	91	24	used	use	VERB
ape-3943	91	25	in	in	ADP
ape-3943	91	26	order	order	NOUN
ape-3943	91	27	to	to	PART
ape-3943	91	28	regulate	regulate	VERB
ape-3943	91	29	transferring	transfer	VERB
ape-3943	91	30	in	in	ADP
ape-3943	91	31	a	a	DET
ape-3943	91	32	dematerialized	dematerialize	VERB
ape-3943	91	33	form	form	NOUN
ape-3943	91	34	.	.	PUNCT
ape-3943	92	1	the	the	DET
ape-3943	92	2	analysis	analysis	NOUN
ape-3943	92	3	in	in	ADP
ape-3943	92	4	the	the	DET
ape-3943	92	5	german	german	ADJ
ape-3943	92	6	and	and	CCONJ
ape-3943	92	7	austrian	austrian	ADJ
ape-3943	92	8	law	law	NOUN
ape-3943	92	9	is	be	AUX
ape-3943	92	10	focused	focus	VERB
ape-3943	92	11	on	on	ADP
ape-3943	92	12	the	the	DET
ape-3943	92	13	securities	security	NOUN
ape-3943	92	14	of	of	ADP
ape-3943	92	15	a	a	DET
ape-3943	92	16	bearer	bearer	NOUN
ape-3943	92	17	,	,	PUNCT
ape-3943	92	18	since	since	SCONJ
ape-3943	92	19	most	most	ADJ
ape-3943	92	20	of	of	ADP
ape-3943	92	21	the	the	DET
ape-3943	92	22	german	german	ADJ
ape-3943	92	23	companies	company	NOUN
ape-3943	92	24	used	use	VERB
ape-3943	92	25	to	to	PART
ape-3943	92	26	issue	issue	VERB
ape-3943	92	27	them	they	PRON
ape-3943	92	28	.	.	PUNCT
ape-3943	93	1	this	this	PRON
ape-3943	93	2	,	,	PUNCT
ape-3943	93	3	however	however	ADV
ape-3943	93	4	,	,	PUNCT
ape-3943	93	5	started	start	VERB
ape-3943	93	6	to	to	PART
ape-3943	93	7	change	change	VERB
ape-3943	93	8	over	over	ADP
ape-3943	93	9	the	the	DET
ape-3943	93	10	recent	recent	ADJ
ape-3943	93	11	years	year	NOUN
ape-3943	93	12	.	.	PUNCT
ape-3943	94	1	some	some	DET
ape-3943	94	2	big	big	ADJ
ape-3943	94	3	companies	company	NOUN
ape-3943	94	4	,	,	PUNCT
ape-3943	94	5	listed	list	VERB
ape-3943	94	6	on	on	ADP
ape-3943	94	7	the	the	DET
ape-3943	94	8	stock	stock	NOUN
ape-3943	94	9	exchange	exchange	NOUN
ape-3943	94	10	in	in	ADP
ape-3943	94	11	germany	germany	PROPN
ape-3943	94	12	,	,	PUNCT
ape-3943	94	13	have	have	AUX
ape-3943	94	14	replaced	replace	VERB
ape-3943	94	15	the	the	DET
ape-3943	94	16	bearer	bearer	NOUN
ape-3943	94	17	stocks	stock	NOUN
ape-3943	94	18	with	with	ADP
ape-3943	94	19	register	register	NOUN
ape-3943	94	20	redone	redone	NOUN
ape-3943	94	21	,	,	PUNCT
ape-3943	94	22	where	where	SCONJ
ape-3943	94	23	that	that	DET
ape-3943	94	24	change	change	NOUN
ape-3943	94	25	has	have	AUX
ape-3943	94	26	been	be	AUX
ape-3943	94	27	prompted	prompt	VERB
ape-3943	94	28	by	by	ADP
ape-3943	94	29	the	the	DET
ape-3943	94	30	globalization	globalization	NOUN
ape-3943	94	31	.	.	PUNCT
ape-3943	95	1	there	there	ADV
ape-3943	95	2	as	as	ADP
ape-3943	95	3	on	on	ADP
ape-3943	95	4	for	for	ADP
ape-3943	95	5	that	that	DET
ape-3943	95	6	change	change	NOUN
ape-3943	95	7	was	be	AUX
ape-3943	95	8	that	that	SCONJ
ape-3943	95	9	the	the	DET
ape-3943	95	10	companies	company	NOUN
ape-3943	95	11	in	in	ADP
ape-3943	95	12	question	question	NOUN
ape-3943	95	13	wanted	want	VERB
ape-3943	95	14	to	to	PART
ape-3943	95	15	be	be	AUX
ape-3943	95	16	able	able	ADJ
ape-3943	95	17	to	to	PART
ape-3943	95	18	get	get	VERB
ape-3943	95	19	registered	register	VERB
ape-3943	95	20	directly	directly	ADV
ape-3943	95	21	on	on	ADP
ape-3943	95	22	the	the	DET
ape-3943	95	23	new	new	PROPN
ape-3943	95	24	york	york	PROPN
ape-3943	95	25	stock	stock	PROPN
ape-3943	95	26	exchange	exchange	PROPN
ape-3943	95	27	-	-	PUNCT
ape-3943	95	28	nyse	nyse	PROPN
ape-3943	95	29	.	.	PUNCT
ape-3943	96	1	nyse	nyse	PROPN
ape-3943	96	2	,	,	PUNCT
ape-3943	96	3	however	however	ADV
ape-3943	96	4	,	,	PUNCT
ape-3943	96	5	lists	list	VERB
ape-3943	96	6	only	only	ADV
ape-3943	96	7	registered	register	VERB
ape-3943	96	8	stocks	stock	NOUN
ape-3943	96	9	.	.	PUNCT
ape-3943	97	1	in	in	ADP
ape-3943	97	2	order	order	NOUN
ape-3943	97	3	to	to	PART
ape-3943	97	4	be	be	AUX
ape-3943	97	5	able	able	ADJ
ape-3943	97	6	to	to	PART
ape-3943	97	7	issue	issue	VERB
ape-3943	97	8	the	the	DET
ape-3943	97	9	same	same	ADJ
ape-3943	97	10	type	type	NOUN
ape-3943	97	11	of	of	ADP
ape-3943	97	12	stocks	stock	NOUN
ape-3943	97	13	to	to	ADP
ape-3943	97	14	the	the	DET
ape-3943	97	15	investors	investor	NOUN
ape-3943	97	16	in	in	ADP
ape-3943	97	17	the	the	DET
ape-3943	97	18	usa	usa	PROPN
ape-3943	97	19	,	,	PUNCT
ape-3943	97	20	as	as	ADV
ape-3943	97	21	well	well	ADV
ape-3943	97	22	as	as	ADP
ape-3943	97	23	to	to	ADP
ape-3943	97	24	the	the	DET
ape-3943	97	25	german	german	ADJ
ape-3943	97	26	investors	investor	NOUN
ape-3943	97	27	,	,	PUNCT
ape-3943	97	28	the	the	DET
ape-3943	97	29	german	german	ADJ
ape-3943	97	30	issuers	issuer	NOUN
ape-3943	97	31	decided	decide	VERB
ape-3943	97	32	to	to	PART
ape-3943	97	33	issue	issue	VERB
ape-3943	97	34	registered	registered	ADJ
ape-3943	97	35	shares	share	NOUN
ape-3943	97	36	,	,	PUNCT
ape-3943	97	37	instead	instead	ADV
ape-3943	97	38	of	of	ADP
ape-3943	97	39	shares	share	NOUN
ape-3943	97	40	of	of	ADP
ape-3943	97	41	a	a	DET
ape-3943	97	42	bearer	bearer	NOUN
ape-3943	97	43	both	both	PRON
ape-3943	97	44	on	on	ADP
ape-3943	97	45	the	the	DET
ape-3943	97	46	us	us	PROPN
ape-3943	97	47	and	and	CCONJ
ape-3943	97	48	on	on	ADP
ape-3943	97	49	the	the	DET
ape-3943	97	50	german	german	ADJ
ape-3943	97	51	stock	stock	NOUN
ape-3943	97	52	markets	market	NOUN
ape-3943	97	53	.	.	PUNCT
ape-3943	98	1	the	the	DET
ape-3943	98	2	german	german	ADJ
ape-3943	98	3	legislation	legislation	NOUN
ape-3943	98	4	supported	support	VERB
ape-3943	98	5	that	that	SCONJ
ape-3943	98	6	change	change	NOUN
ape-3943	98	7	by	by	ADP
ape-3943	98	8	reforming	reform	VERB
ape-3943	98	9	the	the	DET
ape-3943	98	10	legal	legal	ADJ
ape-3943	98	11	regulations	regulation	NOUN
ape-3943	98	12	for	for	ADP
ape-3943	98	13	the	the	DET
ape-3943	98	14	registered	register	VERB
ape-3943	98	15	shares	share	NOUN
ape-3943	98	16	,	,	PUNCT
ape-3943	98	17	which	which	PRON
ape-3943	98	18	have	have	AUX
ape-3943	98	19	been	be	AUX
ape-3943	98	20	traditionally	traditionally	ADV
ape-3943	98	21	represented	represent	VERB
ape-3943	98	22	in	in	ADP
ape-3943	98	23	the	the	DET
ape-3943	98	24	german	german	ADJ
ape-3943	98	25	companies	company	NOUN
ape-3943	98	26	act	act	VERB
ape-3943	98	27	(	(	PUNCT
ape-3943	98	28	aktiengesetz	aktiengesetz	PROPN
ape-3943	98	29	)	)	PUNCT
ape-3943	98	30	.	.	PUNCT
ape-3943	99	1	that	that	DET
ape-3943	99	2	act	act	NOUN
ape-3943	99	3	requires	require	VERB
ape-3943	99	4	from	from	ADP
ape-3943	99	5	the	the	DET
ape-3943	99	6	german	german	ADJ
ape-3943	99	7	companies	company	NOUN
ape-3943	99	8	issuing	issue	VERB
ape-3943	99	9	registered	register	VERB
ape-3943	99	10	shares	share	NOUN
ape-3943	99	11	to	to	PART
ape-3943	99	12	keep	keep	VERB
ape-3943	99	13	a	a	DET
ape-3943	99	14	shareholder	shareholder	NOUN
ape-3943	99	15	’s	’s	PART
ape-3943	99	16	registry	registry	NOUN
ape-3943	99	17	.	.	PUNCT
ape-3943	100	1	at	at	ADP
ape-3943	100	2	the	the	DET
ape-3943	100	3	same	same	ADJ
ape-3943	100	4	time	time	NOUN
ape-3943	100	5	,	,	PUNCT
ape-3943	100	6	the	the	DET
ape-3943	100	7	act	act	NOUN
ape-3943	100	8	related	relate	VERB
ape-3943	100	9	to	to	ADP
ape-3943	100	10	that	that	DET
ape-3943	100	11	registry	registry	NOUN
ape-3943	100	12	was	be	AUX
ape-3943	100	13	updated	update	VERB
ape-3943	100	14	,	,	PUNCT
ape-3943	100	15	wherethechangesmadeincludedalsoa	wherethechangesmadeincludedalsoa	VERB
ape-3943	100	16	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-3943	100	17	advances	advance	NOUN
ape-3943	100	18	in	in	ADP
ape-3943	100	19	politics	politic	NOUN
ape-3943	100	20	and	and	CCONJ
ape-3943	100	21	economics	economic	NOUN
ape-3943	100	22	vol	vol	NOUN
ape-3943	100	23	.	.	PROPN
ape-3943	101	1	4	4	NUM
ape-3943	101	2	,	,	PUNCT
ape-3943	101	3	no	no	INTJ
ape-3943	101	4	.	.	NOUN
ape-3943	101	5	3	3	NUM
ape-3943	101	6	,	,	PUNCT
ape-3943	101	7	2021	2021	NUM
ape-3943	101	8	6	6	NUM
ape-3943	101	9	published	publish	VERB
ape-3943	101	10	by	by	ADP
ape-3943	101	11	scholink	scholink	PROPN
ape-3943	101	12	inc	inc	PROPN
ape-3943	101	13	.	.	PROPN
ape-3943	101	14	change	change	NOUN
ape-3943	101	15	in	in	ADP
ape-3943	101	16	the	the	DET
ape-3943	101	17	german	german	ADJ
ape-3943	101	18	legal	legal	ADJ
ape-3943	101	19	terminology	terminology	NOUN
ape-3943	101	20	.	.	PUNCT
ape-3943	102	1	prior	prior	ADV
ape-3943	102	2	to	to	ADP
ape-3943	102	3	the	the	DET
ape-3943	102	4	reform	reform	NOUN
ape-3943	102	5	,	,	PUNCT
ape-3943	102	6	the	the	DET
ape-3943	102	7	share	share	NOUN
ape-3943	102	8	registry	registry	NOUN
ape-3943	102	9	was	be	AUX
ape-3943	102	10	called	call	VERB
ape-3943	102	11	“	"	PUNCT
ape-3943	102	12	the	the	DET
ape-3943	102	13	book	book	NOUN
ape-3943	102	14	ofs	ofs	PROPN
ape-3943	102	15	hares	hare	NOUN
ape-3943	102	16	”	"	PUNCT
ape-3943	102	17	(	(	PUNCT
ape-3943	102	18	aktienbuch	aktienbuch	ADJ
ape-3943	102	19	)	)	PUNCT
ape-3943	102	20	.	.	PUNCT
ape-3943	103	1	this	this	DET
ape-3943	103	2	term	term	NOUN
ape-3943	103	3	was	be	AUX
ape-3943	103	4	abandoned	abandon	VERB
ape-3943	103	5	in	in	ADP
ape-3943	103	6	the	the	DET
ape-3943	103	7	reform	reform	NOUN
ape-3943	103	8	process	process	NOUN
ape-3943	103	9	and	and	CCONJ
ape-3943	103	10	was	be	AUX
ape-3943	103	11	replaced	replace	VERB
ape-3943	103	12	by	by	ADP
ape-3943	103	13	the	the	DET
ape-3943	103	14	term	term	NOUN
ape-3943	103	15	“	"	PUNCT
ape-3943	103	16	registry	registry	NOUN
ape-3943	103	17	of	of	ADP
ape-3943	103	18	shares	share	NOUN
ape-3943	103	19	”	"	PUNCT
ape-3943	103	20	(	(	PUNCT
ape-3943	103	21	aktienregister	aktienregister	NOUN
ape-3943	103	22	)	)	PUNCT
ape-3943	103	23	.	.	PUNCT
ape-3943	104	1	the	the	DET
ape-3943	104	2	explanatory	explanatory	ADJ
ape-3943	104	3	notes	note	NOUN
ape-3943	104	4	to	to	ADP
ape-3943	104	5	the	the	DET
ape-3943	104	6	revised	revise	VERB
ape-3943	104	7	legislative	legislative	ADJ
ape-3943	104	8	act	act	NOUN
ape-3943	104	9	explicitly	explicitly	ADV
ape-3943	104	10	state	state	VERB
ape-3943	104	11	that	that	SCONJ
ape-3943	104	12	this	this	DET
ape-3943	104	13	terminology	terminology	NOUN
ape-3943	104	14	was	be	AUX
ape-3943	104	15	chosen	choose	VERB
ape-3943	104	16	to	to	PART
ape-3943	104	17	reflect	reflect	VERB
ape-3943	104	18	more	more	ADV
ape-3943	104	19	accurately	accurately	ADV
ape-3943	104	20	the	the	DET
ape-3943	104	21	english	english	ADJ
ape-3943	104	22	term	term	NOUN
ape-3943	104	23	for	for	ADP
ape-3943	104	24	a	a	DET
ape-3943	104	25	“	"	PUNCT
ape-3943	104	26	registered	registered	ADJ
ape-3943	104	27	share	share	NOUN
ape-3943	104	28	”	"	PUNCT
ape-3943	104	29	.	.	PUNCT
ape-3943	105	1	the	the	DET
ape-3943	105	2	german	german	ADJ
ape-3943	105	3	settlement	settlement	NOUN
ape-3943	105	4	system	system	NOUN
ape-3943	105	5	helped	help	VERB
ape-3943	105	6	the	the	DET
ape-3943	105	7	german	german	ADJ
ape-3943	105	8	companies	company	NOUN
ape-3943	105	9	in	in	ADP
ape-3943	105	10	the	the	DET
ape-3943	105	11	transition	transition	NOUN
ape-3943	105	12	from	from	ADP
ape-3943	105	13	bearer	bearer	PROPN
ape-3943	105	14	shares	share	NOUN
ape-3943	105	15	to	to	ADP
ape-3943	105	16	registered	register	VERB
ape-3943	105	17	shares	share	NOUN
ape-3943	105	18	by	by	ADP
ape-3943	105	19	introducing	introduce	VERB
ape-3943	105	20	an	an	DET
ape-3943	105	21	optional	optional	ADJ
ape-3943	105	22	lowing	lowing	NOUN
ape-3943	105	23	the	the	DET
ape-3943	105	24	small	small	ADJ
ape-3943	105	25	-	-	PUNCT
ape-3943	105	26	scale	scale	NOUN
ape-3943	105	27	investors	investor	NOUN
ape-3943	105	28	to	to	PART
ape-3943	105	29	list	list	VERB
ape-3943	105	30	their	their	PRON
ape-3943	105	31	names	name	NOUN
ape-3943	105	32	in	in	ADP
ape-3943	105	33	the	the	DET
ape-3943	105	34	share	share	NOUN
ape-3943	105	35	registry	registry	NOUN
ape-3943	105	36	,	,	PUNCT
ape-3943	105	37	nevertheless	nevertheless	ADV
ape-3943	105	38	whether	whether	SCONJ
ape-3943	105	39	they	they	PRON
ape-3943	105	40	own	own	VERB
ape-3943	105	41	those	those	DET
ape-3943	105	42	shares	share	NOUN
ape-3943	105	43	through	through	ADP
ape-3943	105	44	a	a	DET
ape-3943	105	45	chain	chain	NOUN
ape-3943	105	46	of	of	ADP
ape-3943	105	47	intermediaries	intermediary	NOUN
ape-3943	105	48	or	or	CCONJ
ape-3943	105	49	not	not	PART
ape-3943	105	50	.	.	PUNCT
ape-3943	106	1	that	that	DET
ape-3943	106	2	development	development	NOUN
ape-3943	106	3	is	be	AUX
ape-3943	106	4	an	an	DET
ape-3943	106	5	example	example	NOUN
ape-3943	106	6	of	of	ADP
ape-3943	106	7	convergence	convergence	NOUN
ape-3943	106	8	(	(	PUNCT
ape-3943	106	9	alignment	alignment	NOUN
ape-3943	106	10	)	)	PUNCT
ape-3943	106	11	.	.	PUNCT
ape-3943	107	1	german	german	ADJ
ape-3943	107	2	law	law	NOUN
ape-3943	107	3	has	have	AUX
ape-3943	107	4	changed	change	VERB
ape-3943	107	5	to	to	ADP
ape-3943	107	6	a	a	DET
ape-3943	107	7	ling	ling	NOUN
ape-3943	107	8	with	with	ADP
ape-3943	107	9	the	the	DET
ape-3943	107	10	prevailing	prevail	VERB
ape-3943	107	11	international	international	ADJ
ape-3943	107	12	standard	standard	NOUN
ape-3943	107	13	to	to	PART
ape-3943	107	14	enable	enable	VERB
ape-3943	107	15	the	the	DET
ape-3943	107	16	german	german	ADJ
ape-3943	107	17	issuers	issuer	NOUN
ape-3943	107	18	be	be	AUX
ape-3943	107	19	competitive	competitive	ADJ
ape-3943	107	20	on	on	ADP
ape-3943	107	21	the	the	DET
ape-3943	107	22	global	global	ADJ
ape-3943	107	23	market	market	NOUN
ape-3943	107	24	.	.	PUNCT
ape-3943	108	1	it	it	PRON
ape-3943	108	2	should	should	AUX
ape-3943	108	3	be	be	AUX
ape-3943	108	4	pointed	point	VERB
ape-3943	108	5	out	out	ADP
ape-3943	108	6	that	that	SCONJ
ape-3943	108	7	there	there	PRON
ape-3943	108	8	form	form	NOUN
ape-3943	108	9	did	do	AUX
ape-3943	108	10	not	not	PART
ape-3943	108	11	change	change	VERB
ape-3943	108	12	the	the	DET
ape-3943	108	13	already	already	ADV
ape-3943	108	14	existing	exist	VERB
ape-3943	108	15	legal	legal	ADJ
ape-3943	108	16	doctrine	doctrine	NOUN
ape-3943	108	17	.	.	PUNCT
ape-3943	109	1	the	the	DET
ape-3943	109	2	bearer	bearer	PROPN
ape-3943	109	3	shares	share	NOUN
ape-3943	109	4	were	be	AUX
ape-3943	109	5	replaced	replace	VERB
ape-3943	109	6	by	by	ADP
ape-3943	109	7	registered	registered	ADJ
ape-3943	109	8	shares	share	NOUN
ape-3943	109	9	to	to	PART
ape-3943	109	10	ensure	ensure	VERB
ape-3943	109	11	compliance	compliance	NOUN
ape-3943	109	12	with	with	ADP
ape-3943	109	13	the	the	DET
ape-3943	109	14	american	american	ADJ
ape-3943	109	15	market	market	NOUN
ape-3943	109	16	practice	practice	NOUN
ape-3943	109	17	.	.	PUNCT
ape-3943	110	1	the	the	DET
ape-3943	110	2	share	share	NOUN
ape-3943	110	3	registry	registry	NOUN
ape-3943	110	4	was	be	AUX
ape-3943	110	5	renamed	rename	VERB
ape-3943	110	6	so	so	SCONJ
ape-3943	110	7	that	that	SCONJ
ape-3943	110	8	it	it	PRON
ape-3943	110	9	should	should	AUX
ape-3943	110	10	reflect	reflect	VERB
ape-3943	110	11	the	the	DET
ape-3943	110	12	english	english	ADJ
ape-3943	110	13	language	language	NOUN
ape-3943	110	14	use	use	NOUN
ape-3943	110	15	.	.	PUNCT
ape-3943	111	1	none	none	NOUN
ape-3943	111	2	of	of	ADP
ape-3943	111	3	those	those	DET
ape-3943	111	4	changes	change	NOUN
ape-3943	111	5	,	,	PUNCT
ape-3943	111	6	however	however	ADV
ape-3943	111	7	,	,	PUNCT
ape-3943	111	8	had	have	VERB
ape-3943	111	9	an	an	DET
ape-3943	111	10	impact	impact	NOUN
ape-3943	111	11	on	on	ADP
ape-3943	111	12	the	the	DET
ape-3943	111	13	doctrinal	doctrinal	ADJ
ape-3943	111	14	analysis	analysis	NOUN
ape-3943	111	15	of	of	ADP
ape-3943	111	16	share	share	NOUN
ape-3943	111	17	transferring	transferring	NOUN
ape-3943	111	18	.	.	PUNCT
ape-3943	112	1	thereformwascarriedoutinlinewiththeprevailingdoctrineinthegermanlaw	thereformwascarriedoutinlinewiththeprevailingdoctrineinthegermanlaw	NOUN
ape-3943	112	2	about	about	ADP
ape-3943	112	3	ownership	ownership	NOUN
ape-3943	113	1	and	and	CCONJ
ape-3943	113	2	it	it	PRON
ape-3943	113	3	did	do	AUX
ape-3943	113	4	not	not	PART
ape-3943	113	5	change	change	VERB
ape-3943	113	6	the	the	DET
ape-3943	113	7	legal	legal	ADJ
ape-3943	113	8	nature	nature	NOUN
ape-3943	113	9	of	of	ADP
ape-3943	113	10	the	the	DET
ape-3943	113	11	german	german	ADJ
ape-3943	113	12	shares	share	NOUN
ape-3943	113	13	.	.	PUNCT
ape-3943	114	1	besides	besides	SCONJ
ape-3943	114	2	,	,	PUNCT
ape-3943	114	3	that	that	DET
ape-3943	114	4	reform	reform	NOUN
ape-3943	114	5	did	do	AUX
ape-3943	114	6	not	not	PART
ape-3943	114	7	change	change	VERB
ape-3943	114	8	the	the	DET
ape-3943	114	9	analysis	analysis	NOUN
ape-3943	114	10	of	of	ADP
ape-3943	114	11	the	the	DET
ape-3943	114	12	transferring	transferring	NOUN
ape-3943	114	13	process	process	NOUN
ape-3943	114	14	.	.	PUNCT
ape-3943	115	1	the	the	DET
ape-3943	115	2	german	german	ADJ
ape-3943	115	3	registered	register	VERB
ape-3943	115	4	shares	share	NOUN
ape-3943	115	5	,	,	PUNCT
ape-3943	115	6	as	as	ADV
ape-3943	115	7	well	well	ADV
ape-3943	115	8	as	as	ADP
ape-3943	115	9	the	the	DET
ape-3943	115	10	german	german	ADJ
ape-3943	115	11	shares	share	NOUN
ape-3943	115	12	of	of	ADP
ape-3943	115	13	a	a	DET
ape-3943	115	14	bearer	bearer	NOUN
ape-3943	115	15	,	,	PUNCT
ape-3943	115	16	are	be	AUX
ape-3943	115	17	also	also	ADV
ape-3943	115	18	considered	consider	VERB
ape-3943	115	19	tangible	tangible	ADJ
ape-3943	115	20	assets	asset	NOUN
ape-3943	115	21	.	.	PUNCT
ape-3943	116	1	in	in	ADP
ape-3943	116	2	order	order	NOUN
ape-3943	116	3	to	to	PART
ape-3943	116	4	betransferred	betransferred	VERB
ape-3943	116	5	via	via	ADP
ape-3943	116	6	the	the	DET
ape-3943	116	7	german	german	ADJ
ape-3943	116	8	settlement	settlement	NOUN
ape-3943	116	9	system	system	NOUN
ape-3943	116	10	they	they	PRON
ape-3943	116	11	should	should	AUX
ape-3943	116	12	be	be	AUX
ape-3943	116	13	indorsed	indorse	VERB
ape-3943	116	14	.	.	PUNCT
ape-3943	117	1	that	that	DET
ape-3943	117	2	endorsement	endorsement	NOUN
ape-3943	117	3	transforms	transform	VERB
ape-3943	117	4	the	the	DET
ape-3943	117	5	registered	register	VERB
ape-3943	117	6	shares	share	NOUN
ape-3943	117	7	into	into	ADP
ape-3943	117	8	bearer	bearer	NOUN
ape-3943	117	9	shares	share	NOUN
ape-3943	117	10	,	,	PUNCT
ape-3943	117	11	where	where	SCONJ
ape-3943	117	12	upon	upon	SCONJ
ape-3943	117	13	their	their	PRON
ape-3943	117	14	transferring	transferring	NOUN
ape-3943	117	15	is	be	AUX
ape-3943	117	16	governed	govern	VERB
ape-3943	117	17	by	by	ADP
ape-3943	117	18	the	the	DET
ape-3943	117	19	same	same	ADJ
ape-3943	117	20	rules	rule	NOUN
ape-3943	117	21	,	,	PUNCT
ape-3943	117	22	which	which	PRON
ape-3943	117	23	regulate	regulate	VERB
ape-3943	117	24	all	all	DET
ape-3943	117	25	the	the	DET
ape-3943	117	26	other	other	ADJ
ape-3943	117	27	bearer	bearer	NOUN
ape-3943	117	28	securities	security	NOUN
ape-3943	117	29	.	.	PUNCT
ape-3943	118	1	the	the	DET
ape-3943	118	2	certificates	certificate	NOUN
ape-3943	118	3	for	for	ADP
ape-3943	118	4	the	the	DET
ape-3943	118	5	registered	register	VERB
ape-3943	118	6	shares	share	NOUN
ape-3943	118	7	are	be	AUX
ape-3943	118	8	deposited	deposit	VERB
ape-3943	118	9	with	with	ADP
ape-3943	118	10	the	the	DET
ape-3943	118	11	central	central	ADJ
ape-3943	118	12	securities	security	NOUN
ape-3943	118	13	depository	depository	NOUN
ape-3943	118	14	.	.	PUNCT
ape-3943	119	1	just	just	ADV
ape-3943	119	2	like	like	INTJ
ape-3943	119	3	with	with	ADP
ape-3943	119	4	the	the	DET
ape-3943	119	5	bearer	bearer	NOUN
ape-3943	119	6	shares	share	NOUN
ape-3943	119	7	,	,	PUNCT
ape-3943	119	8	the	the	DET
ape-3943	119	9	rules	rule	NOUN
ape-3943	119	10	about	about	ADP
ape-3943	119	11	the	the	DET
ape-3943	119	12	tenancy	tenancy	NOUN
ape-3943	119	13	over	over	ADP
ape-3943	119	14	those	those	DET
ape-3943	119	15	securities	security	NOUN
ape-3943	119	16	certificates	certificate	NOUN
ape-3943	119	17	determine	determine	VERB
ape-3943	119	18	the	the	DET
ape-3943	119	19	time	time	NOUN
ape-3943	119	20	when	when	SCONJ
ape-3943	119	21	the	the	DET
ape-3943	119	22	buyer	buyer	NOUN
ape-3943	119	23	becomes	become	VERB
ape-3943	119	24	owner	owner	NOUN
ape-3943	119	25	of	of	ADP
ape-3943	119	26	the	the	DET
ape-3943	119	27	registered	register	VERB
ape-3943	119	28	shares	share	NOUN
ape-3943	119	29	,	,	PUNCT
ape-3943	119	30	and	and	CCONJ
ape-3943	119	31	irrespective	irrespective	ADV
ape-3943	119	32	of	of	ADP
ape-3943	119	33	the	the	DET
ape-3943	119	34	change	change	NOUN
ape-3943	119	35	in	in	ADP
ape-3943	119	36	the	the	DET
ape-3943	119	37	name	name	NOUN
ape-3943	119	38	,	,	PUNCT
ape-3943	119	39	listing	list	VERB
ape-3943	119	40	in	in	ADP
ape-3943	119	41	the	the	DET
ape-3943	119	42	german	german	ADJ
ape-3943	119	43	share	share	NOUN
ape-3943	119	44	registry	registry	NOUN
ape-3943	119	45	does	do	AUX
ape-3943	119	46	not	not	PART
ape-3943	119	47	turn	turn	VERB
ape-3943	119	48	the	the	DET
ape-3943	119	49	respective	respective	ADJ
ape-3943	119	50	holder	holder	NOUN
ape-3943	119	51	of	of	ADP
ape-3943	119	52	a	a	DET
ape-3943	119	53	share	share	NOUN
ape-3943	119	54	in	in	ADP
ape-3943	119	55	to	to	ADP
ape-3943	119	56	an	an	DET
ape-3943	119	57	owner	owner	NOUN
ape-3943	119	58	of	of	ADP
ape-3943	119	59	the	the	DET
ape-3943	119	60	shares	share	NOUN
ape-3943	119	61	.	.	PUNCT
ape-3943	120	1	2	2	X
ape-3943	120	2	.	.	X
ape-3943	120	3	conclusion	conclusion	NOUN
ape-3943	120	4	securities	security	NOUN
ape-3943	120	5	are	be	AUX
ape-3943	120	6	classifieds	classified	NOUN
ape-3943	120	7	tangible	tangible	ADJ
ape-3943	120	8	assets	asset	NOUN
ape-3943	120	9	both	both	CCONJ
ape-3943	120	10	in	in	ADP
ape-3943	120	11	the	the	DET
ape-3943	120	12	german	german	NOUN
ape-3943	120	13	and	and	CCONJ
ape-3943	120	14	in	in	ADP
ape-3943	120	15	the	the	DET
ape-3943	120	16	austrian	austrian	ADJ
ape-3943	120	17	legal	legal	ADJ
ape-3943	120	18	doctrines	doctrine	NOUN
ape-3943	120	19	,	,	PUNCT
ape-3943	120	20	while	while	SCONJ
ape-3943	120	21	their	their	PRON
ape-3943	120	22	transferring	transferring	NOUN
ape-3943	120	23	is	be	AUX
ape-3943	120	24	governed	govern	VERB
ape-3943	120	25	by	by	ADP
ape-3943	120	26	the	the	DET
ape-3943	120	27	same	same	ADJ
ape-3943	120	28	rules	rule	NOUN
ape-3943	120	29	as	as	ADP
ape-3943	120	30	those	those	PRON
ape-3943	120	31	for	for	ADP
ape-3943	120	32	the	the	DET
ape-3943	120	33	tangible	tangible	ADJ
ape-3943	120	34	assets	asset	NOUN
ape-3943	120	35	.	.	PUNCT
ape-3943	121	1	this	this	DET
ape-3943	121	2	analysis	analysis	NOUN
ape-3943	121	3	is	be	AUX
ape-3943	121	4	supported	support	VERB
ape-3943	121	5	by	by	ADP
ape-3943	121	6	the	the	DET
ape-3943	121	7	theory	theory	NOUN
ape-3943	121	8	that	that	SCONJ
ape-3943	121	9	the	the	DET
ape-3943	121	10	paper	paper	NOUN
ape-3943	121	11	certificates	certificate	NOUN
ape-3943	121	12	traditionally	traditionally	ADV
ape-3943	121	13	issued	issue	VERB
ape-3943	121	14	for	for	ADP
ape-3943	121	15	securities	security	NOUN
ape-3943	121	16	epitomize	epitomize	VERB
ape-3943	121	17	the	the	DET
ape-3943	121	18	rights	right	NOUN
ape-3943	121	19	related	relate	VERB
ape-3943	121	20	to	to	ADP
ape-3943	121	21	the	the	DET
ape-3943	121	22	certificates	certificate	NOUN
ape-3943	121	23	.	.	PUNCT
ape-3943	122	1	the	the	DET
ape-3943	122	2	analysis	analysis	NOUN
ape-3943	122	3	was	be	AUX
ape-3943	122	4	developed	develop	VERB
ape-3943	122	5	towards	towards	ADP
ape-3943	122	6	the	the	DET
ape-3943	122	7	end	end	NOUN
ape-3943	122	8	of	of	ADP
ape-3943	122	9	the	the	DET
ape-3943	122	10	nineteenth	nineteenth	ADJ
ape-3943	122	11	century	century	NOUN
ape-3943	122	12	and	and	CCONJ
ape-3943	122	13	became	become	VERB
ape-3943	122	14	an	an	PRON
ape-3943	122	15	or	or	CCONJ
ape-3943	122	16	thodoxtheory	thodoxtheory	NOUN
ape-3943	122	17	,	,	PUNCT
ape-3943	122	18	predominant	predominant	ADJ
ape-3943	122	19	in	in	ADP
ape-3943	122	20	germany	germany	PROPN
ape-3943	122	21	and	and	CCONJ
ape-3943	122	22	austria	austria	PROPN
ape-3943	122	23	after	after	SCONJ
ape-3943	122	24	the	the	DET
ape-3943	122	25	german	german	ADJ
ape-3943	122	26	provinces	province	NOUN
ape-3943	122	27	and	and	CCONJ
ape-3943	122	28	austria	austria	PROPN
ape-3943	122	29	adopted	adopt	VERB
ape-3943	122	30	the	the	DET
ape-3943	122	31	rules	rule	NOUN
ape-3943	122	32	protecting	protect	VERB
ape-3943	122	33	the	the	DET
ape-3943	122	34	bonfire	bonfire	NOUN
ape-3943	122	35	buyers	buyer	NOUN
ape-3943	122	36	against	against	ADP
ape-3943	122	37	unlawful	unlawful	ADJ
ape-3943	122	38	issuing	issuing	NOUN
ape-3943	122	39	.	.	PUNCT
ape-3943	123	1	according	accord	VERB
ape-3943	123	2	to	to	ADP
ape-3943	123	3	the	the	DET
ape-3943	123	4	german	german	ADJ
ape-3943	123	5	and	and	CCONJ
ape-3943	123	6	austrian	austrian	ADJ
ape-3943	123	7	law	law	NOUN
ape-3943	123	8	,	,	PUNCT
ape-3943	123	9	a	a	DET
ape-3943	123	10	buyer	buyer	NOUN
ape-3943	123	11	should	should	AUX
ape-3943	123	12	acquire	acquire	VERB
ape-3943	123	13	tenancy	tenancy	NOUN
ape-3943	123	14	over	over	ADP
ape-3943	123	15	the	the	DET
ape-3943	123	16	securities	security	NOUN
ape-3943	123	17	certificate	certificate	NOUN
ape-3943	123	18	in	in	ADP
ape-3943	123	19	order	order	NOUN
ape-3943	123	20	to	to	PART
ape-3943	123	21	become	become	VERB
ape-3943	123	22	an	an	DET
ape-3943	123	23	owner	owner	NOUN
ape-3943	123	24	of	of	ADP
ape-3943	123	25	the	the	DET
ape-3943	123	26	certificate	certificate	NOUN
ape-3943	123	27	and	and	CCONJ
ape-3943	123	28	the	the	DET
ape-3943	123	29	rights	right	NOUN
ape-3943	123	30	related	relate	VERB
ape-3943	123	31	to	to	ADP
ape-3943	123	32	it	it	PRON
ape-3943	123	33	.	.	PUNCT
ape-3943	124	1	a	a	DET
ape-3943	124	2	buyer	buyer	NOUN
ape-3943	124	3	of	of	ADP
ape-3943	124	4	securities	security	NOUN
ape-3943	124	5	is	be	AUX
ape-3943	124	6	protected	protect	VERB
ape-3943	124	7	against	against	ADP
ape-3943	124	8	counter	counter	NOUN
ape-3943	124	9	claims	claim	NOUN
ape-3943	124	10	resulting	result	VERB
ape-3943	124	11	from	from	ADP
ape-3943	124	12	unlawful	unlawful	ADJ
ape-3943	124	13	transferring	transferring	NOUN
ape-3943	124	14	in	in	ADP
ape-3943	124	15	the	the	DET
ape-3943	124	16	same	same	ADJ
ape-3943	124	17	way	way	NOUN
ape-3943	124	18	as	as	ADP
ape-3943	124	19	a	a	DET
ape-3943	124	20	buyer	buyer	NOUN
ape-3943	124	21	of	of	ADP
ape-3943	124	22	tangible	tangible	ADJ
ape-3943	124	23	moveable	moveable	ADJ
ape-3943	124	24	property	property	NOUN
ape-3943	124	25	;	;	PUNCT
ape-3943	124	26	there	there	PRON
ape-3943	124	27	is	be	VERB
ape-3943	124	28	also	also	ADV
ape-3943	124	29	a	a	DET
ape-3943	124	30	rule	rule	NOUN
ape-3943	124	31	protecting	protect	VERB
ape-3943	124	32	the	the	DET
ape-3943	124	33	buyer	buyer	NOUN
ape-3943	124	34	against	against	ADP
ape-3943	124	35	claims	claim	NOUN
ape-3943	124	36	resulting	result	VERB
ape-3943	124	37	from	from	ADP
ape-3943	124	38	improper	improper	ADJ
ape-3943	124	39	issuing	issuing	NOUN
ape-3943	124	40	.	.	PUNCT
ape-3943	125	1	both	both	PRON
ape-3943	125	2	in	in	ADP
ape-3943	125	3	the	the	DET
ape-3943	125	4	german	german	NOUN
ape-3943	125	5	and	and	CCONJ
ape-3943	125	6	in	in	ADP
ape-3943	125	7	the	the	DET
ape-3943	125	8	austrian	austrian	ADJ
ape-3943	125	9	law	law	NOUN
ape-3943	125	10	,	,	PUNCT
ape-3943	125	11	the	the	DET
ape-3943	125	12	rule	rule	NOUN
ape-3943	125	13	protecting	protect	VERB
ape-3943	125	14	a	a	DET
ape-3943	125	15	buyer	buyer	NOUN
ape-3943	125	16	of	of	ADP
ape-3943	125	17	securities	security	NOUN
ape-3943	125	18	from	from	ADP
ape-3943	125	19	unlawful	unlawful	ADJ
ape-3943	125	20	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-3943	125	21	advances	advance	NOUN
ape-3943	125	22	in	in	ADP
ape-3943	125	23	politics	politic	NOUN
ape-3943	125	24	and	and	CCONJ
ape-3943	125	25	economics	economic	NOUN
ape-3943	125	26	vol	vol	NOUN
ape-3943	125	27	.	.	PROPN
ape-3943	125	28	4	4	NUM
ape-3943	125	29	,	,	PUNCT
ape-3943	125	30	no	no	INTJ
ape-3943	125	31	.	.	NOUN
ape-3943	125	32	3	3	NUM
ape-3943	125	33	,	,	PUNCT
ape-3943	125	34	2021	2021	NUM
ape-3943	125	35	7	7	NUM
ape-3943	125	36	published	publish	VERB
ape-3943	125	37	by	by	ADP
ape-3943	125	38	scholink	scholink	PROPN
ape-3943	125	39	inc	inc	PROPN
ape-3943	125	40	.	.	PROPN
ape-3943	125	41	transferring	transferring	NOUN
ape-3943	125	42	requires	require	VERB
ape-3943	125	43	that	that	SCONJ
ape-3943	125	44	the	the	DET
ape-3943	125	45	risk	risk	NOUN
ape-3943	125	46	in	in	ADP
ape-3943	125	47	such	such	ADJ
ape-3943	125	48	transferring	transferring	NOUN
ape-3943	125	49	should	should	AUX
ape-3943	125	50	be	be	AUX
ape-3943	125	51	borne	bear	VERB
ape-3943	125	52	by	by	ADP
ape-3943	125	53	the	the	DET
ape-3943	125	54	securities	security	NOUN
ape-3943	125	55	owner	owner	NOUN
ape-3943	125	56	,	,	PUNCT
ape-3943	125	57	who	who	PRON
ape-3943	125	58	would	would	AUX
ape-3943	125	59	lose	lose	VERB
ape-3943	125	60	his	his	PRON
ape-3943	125	61	/	/	SYM
ape-3943	125	62	her	her	PRON
ape-3943	125	63	rights	right	NOUN
ape-3943	125	64	when	when	SCONJ
ape-3943	125	65	a	a	DET
ape-3943	125	66	benevolent	benevolent	ADJ
ape-3943	125	67	buyer	buyer	NOUN
ape-3943	125	68	acquires	acquire	VERB
ape-3943	125	69	tenancy	tenancy	NOUN
ape-3943	125	70	over	over	ADP
ape-3943	125	71	the	the	DET
ape-3943	125	72	securities	security	NOUN
ape-3943	125	73	documents	document	NOUN
ape-3943	125	74	against	against	ADP
ape-3943	125	75	payment	payment	NOUN
ape-3943	125	76	of	of	ADP
ape-3943	125	77	the	the	DET
ape-3943	125	78	respective	respective	ADJ
ape-3943	125	79	value	value	NOUN
ape-3943	125	80	.	.	PUNCT
ape-3943	126	1	as	as	ADP
ape-3943	126	2	a	a	DET
ape-3943	126	3	result	result	NOUN
ape-3943	126	4	of	of	ADP
ape-3943	126	5	that	that	PRON
ape-3943	126	6	,	,	PUNCT
ape-3943	126	7	there	there	PRON
ape-3943	126	8	is	be	VERB
ape-3943	126	9	a	a	DET
ape-3943	126	10	need	need	NOUN
ape-3943	126	11	of	of	ADP
ape-3943	126	12	keeping	keep	VERB
ape-3943	126	13	the	the	DET
ape-3943	126	14	documents	document	NOUN
ape-3943	126	15	in	in	ADP
ape-3943	126	16	custody	custody	NOUN
ape-3943	126	17	under	under	ADP
ape-3943	126	18	the	the	DET
ape-3943	126	19	german	german	ADJ
ape-3943	126	20	and	and	CCONJ
ape-3943	126	21	austrian	austrian	ADJ
ape-3943	126	22	law	law	NOUN
ape-3943	126	23	,	,	PUNCT
ape-3943	126	24	which	which	PRON
ape-3943	126	25	facilitates	facilitate	VERB
ape-3943	126	26	the	the	DET
ape-3943	126	27	emergence	emergence	NOUN
ape-3943	126	28	of	of	ADP
ape-3943	126	29	depositories	depository	NOUN
ape-3943	126	30	in	in	ADP
ape-3943	126	31	both	both	DET
ape-3943	126	32	jurisdictions	jurisdiction	NOUN
ape-3943	126	33	.	.	PUNCT
ape-3943	127	1	the	the	DET
ape-3943	127	2	theory	theory	NOUN
ape-3943	127	3	underlying	underlie	VERB
ape-3943	127	4	securities	security	NOUN
ape-3943	127	5	and	and	CCONJ
ape-3943	127	6	their	their	PRON
ape-3943	127	7	transferring	transferring	NOUN
ape-3943	127	8	in	in	ADP
ape-3943	127	9	the	the	DET
ape-3943	127	10	german	german	NOUN
ape-3943	127	11	,	,	PUNCT
ape-3943	127	12	as	as	ADV
ape-3943	127	13	well	well	ADV
ape-3943	127	14	as	as	ADP
ape-3943	127	15	in	in	ADP
ape-3943	127	16	the	the	DET
ape-3943	127	17	austrian	austrian	ADJ
ape-3943	127	18	law	law	NOUN
ape-3943	127	19	,	,	PUNCT
ape-3943	127	20	had	have	VERB
ape-3943	127	21	a	a	DET
ape-3943	127	22	major	major	ADJ
ape-3943	127	23	impact	impact	NOUN
ape-3943	127	24	on	on	ADP
ape-3943	127	25	the	the	DET
ape-3943	127	26	way	way	NOUN
ape-3943	127	27	in	in	ADP
ape-3943	127	28	which	which	PRON
ape-3943	127	29	the	the	DET
ape-3943	127	30	paper	paper	NOUN
ape-3943	127	31	certificates	certificate	NOUN
ape-3943	127	32	were	be	AUX
ape-3943	127	33	abolished	abolish	VERB
ape-3943	127	34	from	from	ADP
ape-3943	127	35	securities	security	NOUN
ape-3943	127	36	transferring	transfer	VERB
ape-3943	127	37	in	in	ADP
ape-3943	127	38	both	both	DET
ape-3943	127	39	countries	country	NOUN
ape-3943	127	40	.	.	PUNCT
ape-3943	128	1	the	the	DET
ape-3943	128	2	theory	theory	NOUN
ape-3943	128	3	presents	present	VERB
ape-3943	128	4	the	the	DET
ape-3943	128	5	regulatory	regulatory	ADJ
ape-3943	128	6	principle	principle	NOUN
ape-3943	128	7	that	that	SCONJ
ape-3943	128	8	the	the	DET
ape-3943	128	9	rules	rule	NOUN
ape-3943	128	10	protecting	protect	VERB
ape-3943	128	11	the	the	DET
ape-3943	128	12	investors	investor	NOUN
ape-3943	128	13	from	from	ADP
ape-3943	128	14	counter	counter	ADJ
ape-3943	128	15	claims	claim	NOUN
ape-3943	128	16	resulting	result	VERB
ape-3943	128	17	from	from	ADP
ape-3943	128	18	unlawful	unlawful	ADJ
ape-3943	128	19	transferring	transferring	NOUN
ape-3943	128	20	are	be	AUX
ape-3943	128	21	applied	apply	VERB
ape-3943	128	22	only	only	ADV
ape-3943	128	23	because	because	SCONJ
ape-3943	128	24	the	the	DET
ape-3943	128	25	securities	security	NOUN
ape-3943	128	26	are	be	AUX
ape-3943	128	27	classified	classify	VERB
ape-3943	128	28	as	as	ADP
ape-3943	128	29	tangible	tangible	ADJ
ape-3943	128	30	.	.	PUNCT
ape-3943	129	1	if	if	SCONJ
ape-3943	129	2	securities	security	NOUN
ape-3943	129	3	were	be	AUX
ape-3943	129	4	classified	classify	VERB
ape-3943	129	5	as	as	ADP
ape-3943	129	6	in	in	ADP
ape-3943	129	7	tangible	tangible	ADJ
ape-3943	129	8	,	,	PUNCT
ape-3943	129	9	investors	investor	NOUN
ape-3943	129	10	would	would	AUX
ape-3943	129	11	not	not	PART
ape-3943	129	12	have	have	AUX
ape-3943	129	13	been	be	AUX
ape-3943	129	14	protected	protect	VERB
ape-3943	129	15	again	again	ADV
ape-3943	129	16	stone	stone	NOUN
ape-3943	129	17	-	-	PUNCT
ape-3943	129	18	permitted	permit	VERB
ape-3943	129	19	transferring	transferring	NOUN
ape-3943	129	20	.	.	PUNCT
ape-3943	130	1	when	when	SCONJ
ape-3943	130	2	processing	process	VERB
ape-3943	130	3	the	the	DET
ape-3943	130	4	paper	paper	NOUN
ape-3943	130	5	certificates	certificate	NOUN
ape-3943	130	6	became	become	VERB
ape-3943	130	7	to	to	PART
ape-3943	130	8	cumber	cumber	VERB
ape-3943	130	9	some	some	PRON
ape-3943	130	10	,	,	PUNCT
ape-3943	130	11	it	it	PRON
ape-3943	130	12	was	be	AUX
ape-3943	130	13	considered	consider	VERB
ape-3943	130	14	reasonable	reasonable	ADJ
ape-3943	130	15	on	on	ADP
ape-3943	130	16	the	the	DET
ape-3943	130	17	german	german	ADJ
ape-3943	130	18	market	market	NOUN
ape-3943	130	19	not	not	PART
ape-3943	130	20	to	to	PART
ape-3943	130	21	adopt	adopt	VERB
ape-3943	130	22	an	an	DET
ape-3943	130	23	entirely	entirely	ADV
ape-3943	130	24	new	new	ADJ
ape-3943	130	25	regime	regime	NOUN
ape-3943	130	26	;	;	PUNCT
ape-3943	130	27	instead	instead	ADV
ape-3943	130	28	,	,	PUNCT
ape-3943	130	29	it	it	PRON
ape-3943	130	30	was	be	AUX
ape-3943	130	31	decided	decide	VERB
ape-3943	130	32	that	that	SCONJ
ape-3943	130	33	the	the	DET
ape-3943	130	34	previous	previous	ADJ
ape-3943	130	35	legal	legal	ADJ
ape-3943	130	36	analysis	analysis	NOUN
ape-3943	130	37	should	should	AUX
ape-3943	130	38	remain	remain	VERB
ape-3943	130	39	unchanged	unchanged	ADJ
ape-3943	130	40	.	.	PUNCT
ape-3943	131	1	securities	security	NOUN
ape-3943	131	2	were	be	AUX
ape-3943	131	3	further	far	ADV
ape-3943	131	4	classified	classify	VERB
ape-3943	131	5	as	as	ADP
ape-3943	131	6	tangible	tangible	ADJ
ape-3943	131	7	assets	asset	NOUN
ape-3943	131	8	,	,	PUNCT
ape-3943	131	9	however	however	ADV
ape-3943	131	10	,	,	PUNCT
ape-3943	131	11	paper	paper	NOUN
ape-3943	131	12	documents	document	NOUN
ape-3943	131	13	,	,	PUNCT
ape-3943	131	14	representing	represent	VERB
ape-3943	131	15	the	the	DET
ape-3943	131	16	securities	security	NOUN
ape-3943	131	17	,	,	PUNCT
ape-3943	131	18	were	be	AUX
ape-3943	131	19	immobilized	immobilize	VERB
ape-3943	131	20	.	.	PUNCT
ape-3943	132	1	the	the	DET
ape-3943	132	2	german	german	ADJ
ape-3943	132	3	and	and	CCONJ
ape-3943	132	4	austrian	austrian	ADJ
ape-3943	132	5	markets	market	NOUN
ape-3943	132	6	developed	develop	VERB
ape-3943	132	7	a	a	DET
ape-3943	132	8	new	new	ADJ
ape-3943	132	9	system	system	NOUN
ape-3943	132	10	of	of	ADP
ape-3943	132	11	transferring	transfer	VERB
ape-3943	132	12	around	around	ADP
ape-3943	132	13	the	the	DET
ape-3943	132	14	fundamental	fundamental	ADJ
ape-3943	132	15	legal	legal	ADJ
ape-3943	132	16	analysis	analysis	NOUN
ape-3943	132	17	.	.	PUNCT
ape-3943	133	1	there	there	PRON
ape-3943	133	2	is	be	VERB
ape-3943	133	3	the	the	DET
ape-3943	133	4	central	central	ADJ
ape-3943	133	5	securities	security	NOUN
ape-3943	133	6	depository	depository	NOUN
ape-3943	133	7	,	,	PUNCT
ape-3943	133	8	which	which	PRON
ape-3943	133	9	keeps	keep	VERB
ape-3943	133	10	in	in	ADP
ape-3943	133	11	custody	custody	NOUN
ape-3943	133	12	the	the	DET
ape-3943	133	13	securities	security	NOUN
ape-3943	133	14	certificates	certificate	NOUN
ape-3943	133	15	for	for	ADP
ape-3943	133	16	most	most	ADJ
ape-3943	133	17	of	of	ADP
ape-3943	133	18	the	the	DET
ape-3943	133	19	german	german	ADJ
ape-3943	133	20	securities	security	NOUN
ape-3943	133	21	listed	list	VERB
ape-3943	133	22	on	on	ADP
ape-3943	133	23	the	the	DET
ape-3943	133	24	market	market	NOUN
ape-3943	133	25	.	.	PUNCT
ape-3943	134	1	clients	client	NOUN
ape-3943	134	2	usually	usually	ADV
ape-3943	134	3	own	own	VERB
ape-3943	134	4	the	the	DET
ape-3943	134	5	securities	security	NOUN
ape-3943	134	6	through	through	ADP
ape-3943	134	7	sub	sub	NOUN
ape-3943	134	8	-	-	NOUN
ape-3943	134	9	custodians	custodian	NOUN
ape-3943	134	10	,	,	PUNCT
ape-3943	134	11	who	who	PRON
ape-3943	134	12	have	have	VERB
ape-3943	134	13	accounts	account	NOUN
ape-3943	134	14	at	at	ADP
ape-3943	134	15	the	the	DET
ape-3943	134	16	central	central	ADJ
ape-3943	134	17	securities	security	NOUN
ape-3943	134	18	depository	depository	NOUN
ape-3943	134	19	,	,	PUNCT
ape-3943	134	20	while	while	SCONJ
ape-3943	134	21	the	the	DET
ape-3943	134	22	relationship	relationship	NOUN
ape-3943	134	23	between	between	ADP
ape-3943	134	24	the	the	DET
ape-3943	134	25	clients	client	NOUN
ape-3943	134	26	and	and	CCONJ
ape-3943	134	27	their	their	PRON
ape-3943	134	28	depositories	depository	NOUN
ape-3943	134	29	is	be	AUX
ape-3943	134	30	analyzed	analyze	VERB
ape-3943	134	31	in	in	ADP
ape-3943	134	32	the	the	DET
ape-3943	134	33	light	light	NOUN
ape-3943	134	34	of	of	ADP
ape-3943	134	35	providing	provide	VERB
ape-3943	134	36	one	one	NUM
ape-3943	134	37	’s	’s	PART
ape-3943	134	38	property	property	NOUN
ape-3943	134	39	for	for	ADP
ape-3943	134	40	keeping	keep	VERB
ape-3943	134	41	in	in	ADP
ape-3943	134	42	custody	custody	NOUN
ape-3943	134	43	.	.	PUNCT
ape-3943	135	1	it	it	PRON
ape-3943	135	2	is	be	AUX
ape-3943	135	3	not	not	PART
ape-3943	135	4	considered	consider	VERB
ape-3943	135	5	that	that	SCONJ
ape-3943	135	6	the	the	DET
ape-3943	135	7	depositories	depository	NOUN
ape-3943	135	8	have	have	VERB
ape-3943	135	9	property	property	NOUN
ape-3943	135	10	rights	right	NOUN
ape-3943	135	11	over	over	ADP
ape-3943	135	12	the	the	DET
ape-3943	135	13	clients	client	NOUN
ape-3943	135	14	’	’	PART
ape-3943	135	15	securities	security	NOUN
ape-3943	135	16	;	;	PUNCT
ape-3943	135	17	they	they	PRON
ape-3943	135	18	are	be	AUX
ape-3943	135	19	only	only	ADV
ape-3943	135	20	intermediary	intermediary	NOUN
ape-3943	135	21	’s	’s	NOUN
ape-3943	135	22	in	in	ADP
ape-3943	135	23	the	the	DET
ape-3943	135	24	tenancy	tenancy	NOUN
ape-3943	135	25	between	between	ADP
ape-3943	135	26	their	their	PRON
ape-3943	135	27	clients	client	NOUN
ape-3943	135	28	and	and	CCONJ
ape-3943	135	29	the	the	DET
ape-3943	135	30	securities	security	NOUN
ape-3943	135	31	certificates	certificate	NOUN
ape-3943	135	32	,	,	PUNCT
ape-3943	135	33	which	which	PRON
ape-3943	135	34	are	be	AUX
ape-3943	135	35	kept	keep	VERB
ape-3943	135	36	by	by	ADP
ape-3943	135	37	the	the	DET
ape-3943	135	38	central	central	ADJ
ape-3943	135	39	securities	security	NOUN
ape-3943	135	40	depository	depository	NOUN
ape-3943	135	41	.	.	PUNCT
ape-3943	136	1	the	the	DET
ape-3943	136	2	investors	investor	NOUN
ape-3943	136	3	are	be	AUX
ape-3943	136	4	considered	consider	VERB
ape-3943	136	5	co	co	NOUN
ape-3943	136	6	-	-	NOUN
ape-3943	136	7	owners	owner	NOUN
ape-3943	136	8	and	and	CCONJ
ape-3943	136	9	joint	joint	ADJ
ape-3943	136	10	-	-	PUNCT
ape-3943	136	11	tenants	tenant	NOUN
ape-3943	136	12	of	of	ADP
ape-3943	136	13	the	the	DET
ape-3943	136	14	securities	security	NOUN
ape-3943	136	15	held	hold	VERB
ape-3943	136	16	at	at	ADP
ape-3943	136	17	the	the	DET
ape-3943	136	18	central	central	ADJ
ape-3943	136	19	securities	security	NOUN
ape-3943	136	20	depository	depository	NOUN
ape-3943	136	21	.	.	PUNCT
ape-3943	137	1	the	the	DET
ape-3943	137	2	owner	owner	NOUN
ape-3943	137	3	ship	ship	NOUN
ape-3943	137	4	over	over	ADP
ape-3943	137	5	those	those	DET
ape-3943	137	6	securities	security	NOUN
ape-3943	137	7	is	be	AUX
ape-3943	137	8	to	to	PART
ape-3943	137	9	be	be	AUX
ape-3943	137	10	transferred	transfer	VERB
ape-3943	137	11	by	by	ADP
ape-3943	137	12	registering	registering	NOUN
ape-3943	137	13	,	,	PUNCT
ape-3943	137	14	which	which	PRON
ape-3943	137	15	,	,	PUNCT
ape-3943	137	16	however	however	ADV
ape-3943	137	17	,	,	PUNCT
ape-3943	137	18	under	under	ADP
ape-3943	137	19	the	the	DET
ape-3943	137	20	doctrine	doctrine	NOUN
ape-3943	137	21	is	be	AUX
ape-3943	137	22	classified	classify	VERB
ape-3943	137	23	as	as	ADP
ape-3943	137	24	including	include	VERB
ape-3943	137	25	transferring	transfer	VERB
ape-3943	137	26	of	of	ADP
ape-3943	137	27	the	the	DET
ape-3943	137	28	joint	joint	ADJ
ape-3943	137	29	tenancy	tenancy	NOUN
ape-3943	137	30	from	from	ADP
ape-3943	137	31	the	the	DET
ape-3943	137	32	seller	seller	NOUN
ape-3943	137	33	to	to	ADP
ape-3943	137	34	the	the	DET
ape-3943	137	35	buyer	buyer	NOUN
ape-3943	137	36	.	.	PUNCT
ape-3943	138	1	the	the	DET
ape-3943	138	2	buyer	buyer	NOUN
ape-3943	138	3	is	be	AUX
ape-3943	138	4	protected	protect	VERB
ape-3943	138	5	against	against	ADP
ape-3943	138	6	counter	counter	NOUN
ape-3943	138	7	claims	claim	NOUN
ape-3943	138	8	,	,	PUNCT
ape-3943	138	9	which	which	PRON
ape-3943	138	10	may	may	AUX
ape-3943	138	11	result	result	VERB
ape-3943	138	12	from	from	ADP
ape-3943	138	13	unlawful	unlawful	ADJ
ape-3943	138	14	transferring	transferring	NOUN
ape-3943	138	15	or	or	CCONJ
ape-3943	138	16	improper	improper	ADJ
ape-3943	138	17	issuing	issuing	NOUN
ape-3943	138	18	(	(	PUNCT
ape-3943	138	19	note	note	NOUN
ape-3943	138	20	5	5	NUM
ape-3943	138	21	)	)	PUNCT
ape-3943	138	22	.	.	PUNCT
ape-3943	139	1	3	3	X
ape-3943	139	2	.	.	X
ape-3943	139	3	transferring	transfer	VERB
ape-3943	139	4	dematerialized	dematerialize	VERB
ape-3943	139	5	shares	share	NOUN
ape-3943	139	6	in	in	ADP
ape-3943	139	7	the	the	DET
ape-3943	139	8	united	united	PROPN
ape-3943	139	9	states	states	PROPN
ape-3943	139	10	of	of	ADP
ape-3943	139	11	america	america	PROPN
ape-3943	139	12	3.1	3.1	NUM
ape-3943	139	13	historical	historical	ADJ
ape-3943	139	14	development	development	NOUN
ape-3943	139	15	on	on	ADP
ape-3943	139	16	a	a	DET
ape-3943	139	17	global	global	ADJ
ape-3943	139	18	scale	scale	NOUN
ape-3943	139	19	,	,	PUNCT
ape-3943	139	20	dematerialized	dematerialize	VERB
ape-3943	139	21	investment	investment	NOUN
ape-3943	139	22	securities	security	NOUN
ape-3943	139	23	appeared	appear	VERB
ape-3943	139	24	much	much	ADV
ape-3943	139	25	earlier	early	ADV
ape-3943	139	26	and	and	CCONJ
ape-3943	139	27	were	be	AUX
ape-3943	139	28	related	relate	VERB
ape-3943	139	29	to	to	ADP
ape-3943	139	30	the	the	DET
ape-3943	139	31	process	process	NOUN
ape-3943	139	32	of	of	ADP
ape-3943	139	33	the	the	DET
ape-3943	139	34	so	so	ADV
ape-3943	139	35	-	-	PUNCT
ape-3943	139	36	called	call	VERB
ape-3943	139	37	dematerialization	dematerialization	NOUN
ape-3943	139	38	.	.	PUNCT
ape-3943	140	1	the	the	DET
ape-3943	140	2	necessity	necessity	NOUN
ape-3943	140	3	of	of	ADP
ape-3943	140	4	their	their	PRON
ape-3943	140	5	introduction	introduction	NOUN
ape-3943	140	6	was	be	AUX
ape-3943	140	7	a	a	DET
ape-3943	140	8	result	result	NOUN
ape-3943	140	9	of	of	ADP
ape-3943	140	10	piling	pile	VERB
ape-3943	140	11	heaps	heap	NOUN
ape-3943	140	12	of	of	ADP
ape-3943	140	13	paper	paper	NOUN
ape-3943	140	14	in	in	ADP
ape-3943	140	15	the	the	DET
ape-3943	140	16	stock	stock	NOUN
ape-3943	140	17	markets	market	NOUN
ape-3943	140	18	in	in	ADP
ape-3943	140	19	the	the	DET
ape-3943	140	20	united	united	PROPN
ape-3943	140	21	states	states	PROPN
ape-3943	140	22	of	of	ADP
ape-3943	140	23	america	america	PROPN
ape-3943	140	24	(	(	PUNCT
ape-3943	140	25	usa	usa	PROPN
ape-3943	140	26	)	)	PUNCT
ape-3943	140	27	and	and	CCONJ
ape-3943	140	28	their	their	PRON
ape-3943	140	29	difficult	difficult	ADJ
ape-3943	140	30	processing	processing	NOUN
ape-3943	140	31	—	—	PUNCT
ape-3943	140	32	a	a	DET
ape-3943	140	33	phenomenon	phenomenon	NOUN
ape-3943	140	34	called	call	VERB
ape-3943	140	35	“	"	PUNCT
ape-3943	140	36	paper	paper	NOUN
ape-3943	140	37	crunch	crunch	NOUN
ape-3943	140	38	”	"	PUNCT
ape-3943	140	39	.	.	PUNCT
ape-3943	141	1	dematerialized	dematerialize	VERB
ape-3943	141	2	securities	security	NOUN
ape-3943	141	3	were	be	AUX
ape-3943	141	4	officially	officially	ADV
ape-3943	141	5	introduced	introduce	VERB
ape-3943	141	6	in	in	ADP
ape-3943	141	7	the	the	DET
ape-3943	141	8	usa	usa	PROPN
ape-3943	141	9	with	with	ADP
ape-3943	141	10	the	the	DET
ape-3943	141	11	uniform	uniform	ADJ
ape-3943	141	12	commercial	commercial	PROPN
ape-3943	141	13	code	code	PROPN
ape-3943	141	14	(	(	PUNCT
ape-3943	141	15	ucc	ucc	PROPN
ape-3943	141	16	)	)	PUNCT
ape-3943	141	17	back	back	ADV
ape-3943	141	18	in	in	ADP
ape-3943	141	19	1977	1977	NUM
ape-3943	141	20	.	.	PUNCT
ape-3943	142	1	they	they	PRON
ape-3943	142	2	are	be	AUX
ape-3943	142	3	regulated	regulate	VERB
ape-3943	142	4	there	there	ADV
ape-3943	142	5	as	as	ADP
ape-3943	142	6	uncertificated	uncertificated	ADJ
ape-3943	142	7	securities	security	NOUN
ape-3943	142	8	,	,	PUNCT
ape-3943	142	9	or	or	CCONJ
ape-3943	142	10	those	those	PRON
ape-3943	142	11	are	be	AUX
ape-3943	142	12	investment	investment	NOUN
ape-3943	142	13	securities	security	NOUN
ape-3943	142	14	for	for	ADP
ape-3943	142	15	which	which	PRON
ape-3943	142	16	there	there	PRON
ape-3943	142	17	is	be	VERB
ape-3943	142	18	no	no	DET
ape-3943	142	19	certificate	certificate	NOUN
ape-3943	142	20	issued	issue	VERB
ape-3943	142	21	to	to	PART
ape-3943	142	22	represent	represent	VERB
ape-3943	142	23	them	they	PRON
ape-3943	142	24	,	,	PUNCT
ape-3943	142	25	and	and	CCONJ
ape-3943	142	26	their	their	PRON
ape-3943	142	27	transferring	transferring	NOUN
ape-3943	142	28	is	be	AUX
ape-3943	142	29	done	do	VERB
ape-3943	142	30	through	through	ADP
ape-3943	142	31	registration	registration	NOUN
ape-3943	142	32	in	in	ADP
ape-3943	142	33	books	book	NOUN
ape-3943	142	34	kept	keep	VERB
ape-3943	142	35	for	for	ADP
ape-3943	142	36	this	this	DET
ape-3943	142	37	purpose	purpose	NOUN
ape-3943	142	38	by	by	ADP
ape-3943	142	39	or	or	CCONJ
ape-3943	142	40	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-3943	142	41	advances	advance	NOUN
ape-3943	142	42	in	in	ADP
ape-3943	142	43	politics	politic	NOUN
ape-3943	142	44	and	and	CCONJ
ape-3943	142	45	economics	economic	NOUN
ape-3943	142	46	vol	vol	NOUN
ape-3943	142	47	.	.	PROPN
ape-3943	143	1	4	4	NUM
ape-3943	143	2	,	,	PUNCT
ape-3943	143	3	no	no	INTJ
ape-3943	143	4	.	.	NOUN
ape-3943	143	5	3	3	NUM
ape-3943	143	6	,	,	PUNCT
ape-3943	143	7	2021	2021	NUM
ape-3943	143	8	8	8	NUM
ape-3943	143	9	published	publish	VERB
ape-3943	143	10	by	by	ADP
ape-3943	143	11	scholink	scholink	PROPN
ape-3943	143	12	inc	inc	PROPN
ape-3943	143	13	.	.	PROPN
ape-3943	143	14	at	at	ADP
ape-3943	143	15	the	the	DET
ape-3943	143	16	expense	expense	NOUN
ape-3943	143	17	of	of	ADP
ape-3943	143	18	a	a	DET
ape-3943	143	19	issuer	issuer	NOUN
ape-3943	143	20	.	.	PUNCT
ape-3943	144	1	§	§	PROPN
ape-3943	144	2	8	8	NUM
ape-3943	144	3	-	-	SYM
ape-3943	144	4	102	102	NUM
ape-3943	144	5	from	from	ADP
ape-3943	144	6	ucc	ucc	PROPN
ape-3943	144	7	,	,	PUNCT
ape-3943	144	8	definitions	definition	NOUN
ape-3943	144	9	(	(	PUNCT
ape-3943	144	10	15	15	NUM
ape-3943	144	11	)	)	PUNCT
ape-3943	144	12	and	and	CCONJ
ape-3943	144	13	(	(	PUNCT
ape-3943	144	14	18	18	NUM
ape-3943	144	15	)	)	PUNCT
ape-3943	144	16	.	.	PUNCT
ape-3943	145	1	for	for	ADP
ape-3943	145	2	more	more	ADJ
ape-3943	145	3	than	than	ADP
ape-3943	145	4	30	30	NUM
ape-3943	145	5	years	year	NOUN
ape-3943	145	6	the	the	DET
ape-3943	145	7	largest	large	ADJ
ape-3943	145	8	,	,	PUNCT
ape-3943	145	9	most	most	ADV
ape-3943	145	10	active	active	ADJ
ape-3943	145	11	and	and	CCONJ
ape-3943	145	12	most	most	ADV
ape-3943	145	13	liquid	liquid	ADJ
ape-3943	145	14	market	market	NOUN
ape-3943	145	15	in	in	ADP
ape-3943	145	16	the	the	DET
ape-3943	145	17	world	world	NOUN
ape-3943	145	18	,	,	PUNCT
ape-3943	145	19	that	that	PRON
ape-3943	145	20	of	of	ADP
ape-3943	145	21	the	the	DET
ape-3943	145	22	united	united	PROPN
ape-3943	145	23	states	states	PROPN
ape-3943	145	24	department	department	PROPN
ape-3943	145	25	of	of	ADP
ape-3943	145	26	the	the	DET
ape-3943	145	27	treasury	treasury	NOUN
ape-3943	145	28	,	,	PUNCT
ape-3943	145	29	was	be	AUX
ape-3943	145	30	in	in	ADP
ape-3943	145	31	a	a	DET
ape-3943	145	32	process	process	NOUN
ape-3943	145	33	of	of	ADP
ape-3943	145	34	on	on	ADP
ape-3943	145	35	-	-	PUNCT
ape-3943	145	36	going	go	VERB
ape-3943	145	37	abolishment	abolishment	NOUN
ape-3943	145	38	of	of	ADP
ape-3943	145	39	securities	security	NOUN
ape-3943	145	40	’	'	PUNCT
ape-3943	145	41	physical	physical	ADJ
ape-3943	145	42	certificates	certificate	NOUN
ape-3943	145	43	.	.	PUNCT
ape-3943	146	1	there	there	PRON
ape-3943	146	2	are	be	VERB
ape-3943	146	3	several	several	ADJ
ape-3943	146	4	milestone	milestone	NOUN
ape-3943	146	5	years	year	NOUN
ape-3943	146	6	illustrating	illustrate	VERB
ape-3943	146	7	that	that	DET
ape-3943	146	8	process	process	NOUN
ape-3943	146	9	:	:	PUNCT
ape-3943	146	10	in	in	ADP
ape-3943	146	11	1968	1968	NUM
ape-3943	146	12	were	be	AUX
ape-3943	146	13	adopted	adopt	VERB
ape-3943	146	14	provisions	provision	NOUN
ape-3943	146	15	authorizing	authorize	VERB
ape-3943	146	16	the	the	DET
ape-3943	146	17	first	first	ADJ
ape-3943	146	18	“	"	PUNCT
ape-3943	146	19	book	book	NOUN
ape-3943	146	20	-	-	PUNCT
ape-3943	146	21	entry	entry	NOUN
ape-3943	146	22	”	"	PUNCT
ape-3943	146	23	procedures	procedure	NOUN
ape-3943	146	24	.	.	PUNCT
ape-3943	147	1	the	the	DET
ape-3943	147	2	“	"	PUNCT
ape-3943	147	3	book	book	NOUN
ape-3943	147	4	-	-	PUNCT
ape-3943	147	5	entry	entry	NOUN
ape-3943	147	6	system	system	NOUN
ape-3943	147	7	”	"	PUNCT
ape-3943	147	8	is	be	AUX
ape-3943	147	9	the	the	DET
ape-3943	147	10	system	system	NOUN
ape-3943	147	11	for	for	ADP
ape-3943	147	12	carrying	carry	VERB
ape-3943	147	13	out	out	ADP
ape-3943	147	14	and	and	CCONJ
ape-3943	147	15	registering	register	VERB
ape-3943	147	16	the	the	DET
ape-3943	147	17	issuing	issuing	NOUN
ape-3943	147	18	and	and	CCONJ
ape-3943	147	19	dealing	deal	VERB
ape-3943	147	20	with	with	ADP
ape-3943	147	21	dematerialized	dematerialize	VERB
ape-3943	147	22	shares	share	NOUN
ape-3943	147	23	;	;	PUNCT
ape-3943	147	24	in	in	ADP
ape-3943	147	25	1979	1979	NUM
ape-3943	147	26	,	,	PUNCT
ape-3943	147	27	all	all	DET
ape-3943	147	28	the	the	DET
ape-3943	147	29	new	new	ADJ
ape-3943	147	30	treasury	treasury	NOUN
ape-3943	147	31	bills	bill	NOUN
ape-3943	147	32	were	be	AUX
ape-3943	147	33	issued	issue	VERB
ape-3943	147	34	only	only	ADV
ape-3943	147	35	in	in	ADP
ape-3943	147	36	a	a	DET
ape-3943	147	37	dematerialized	dematerialize	VERB
ape-3943	147	38	form	form	NOUN
ape-3943	147	39	;	;	PUNCT
ape-3943	147	40	in	in	ADP
ape-3943	147	41	1985	1985	NUM
ape-3943	147	42	,	,	PUNCT
ape-3943	147	43	the	the	DET
ape-3943	147	44	federal	federal	ADJ
ape-3943	147	45	national	national	PROPN
ape-3943	147	46	mortgage	mortgage	PROPN
ape-3943	147	47	association	association	NOUN
ape-3943	147	48	started	start	VERB
ape-3943	147	49	applying	apply	VERB
ape-3943	147	50	the	the	DET
ape-3943	147	51	“	"	PUNCT
ape-3943	147	52	book	book	NOUN
ape-3943	147	53	-	-	PUNCT
ape-3943	147	54	entry	entry	NOUN
ape-3943	147	55	”	"	PUNCT
ape-3943	147	56	system	system	NOUN
ape-3943	147	57	;	;	PUNCT
ape-3943	147	58	in	in	ADP
ape-3943	147	59	1986	1986	NUM
ape-3943	147	60	,	,	PUNCT
ape-3943	147	61	all	all	DET
ape-3943	147	62	the	the	DET
ape-3943	147	63	new	new	ADJ
ape-3943	147	64	treasury	treasury	NOUN
ape-3943	147	65	bills	bill	NOUN
ape-3943	147	66	and	and	CCONJ
ape-3943	147	67	bonds	bond	NOUN
ape-3943	147	68	were	be	AUX
ape-3943	147	69	issued	issue	VERB
ape-3943	147	70	in	in	ADP
ape-3943	147	71	a	a	DET
ape-3943	147	72	dematerialized	dematerialize	VERB
ape-3943	147	73	form	form	NOUN
ape-3943	147	74	;	;	PUNCT
ape-3943	147	75	the	the	DET
ape-3943	147	76	market	market	NOUN
ape-3943	147	77	for	for	ADP
ape-3943	147	78	the	the	DET
ape-3943	147	79	most	most	ADV
ape-3943	147	80	liquid	liquid	NOUN
ape-3943	147	81	of	of	ADP
ape-3943	147	82	the	the	DET
ape-3943	147	83	instruments	instrument	NOUN
ape-3943	147	84	on	on	ADP
ape-3943	147	85	the	the	DET
ape-3943	147	86	cash	cash	NOUN
ape-3943	147	87	market	market	NOUN
ape-3943	147	88	in	in	ADP
ape-3943	147	89	the	the	DET
ape-3943	147	90	usa	usa	NOUN
ape-3943	147	91	—	—	PUNCT
ape-3943	147	92	the	the	DET
ape-3943	147	93	federal	federal	ADJ
ape-3943	147	94	funds	fund	NOUN
ape-3943	147	95	emerged	emerge	VERB
ape-3943	147	96	since	since	SCONJ
ape-3943	147	97	both	both	DET
ape-3943	147	98	borrowers	borrower	NOUN
ape-3943	147	99	and	and	CCONJ
ape-3943	147	100	lenders	lender	NOUN
ape-3943	147	101	were	be	AUX
ape-3943	147	102	looking	look	VERB
ape-3943	147	103	for	for	ADP
ape-3943	147	104	ways	way	NOUN
ape-3943	147	105	to	to	PART
ape-3943	147	106	make	make	VERB
ape-3943	147	107	use	use	NOUN
ape-3943	147	108	of	of	ADP
ape-3943	147	109	the	the	DET
ape-3943	147	110	opportunities	opportunity	NOUN
ape-3943	147	111	,	,	PUNCT
ape-3943	147	112	provided	provide	VERB
ape-3943	147	113	by	by	ADP
ape-3943	147	114	the	the	DET
ape-3943	147	115	trade	trade	NOUN
ape-3943	147	116	with	with	ADP
ape-3943	147	117	reserve	reserve	NOUN
ape-3943	147	118	funds	fund	NOUN
ape-3943	147	119	.	.	PUNCT
ape-3943	148	1	the	the	DET
ape-3943	148	2	trade	trade	NOUN
ape-3943	148	3	with	with	ADP
ape-3943	148	4	federal	federal	ADJ
ape-3943	148	5	funds	fund	NOUN
ape-3943	148	6	started	start	VERB
ape-3943	148	7	in	in	ADP
ape-3943	148	8	the	the	DET
ape-3943	148	9	1920s	1920	NOUN
ape-3943	148	10	and	and	CCONJ
ape-3943	148	11	involved	involve	VERB
ape-3943	148	12	only	only	ADV
ape-3943	148	13	several	several	ADJ
ape-3943	148	14	banks	bank	NOUN
ape-3943	148	15	,	,	PUNCT
ape-3943	148	16	members	member	NOUN
ape-3943	148	17	of	of	ADP
ape-3943	148	18	the	the	DET
ape-3943	148	19	federal	federal	PROPN
ape-3943	148	20	reserve	reserve	PROPN
ape-3943	148	21	,	,	PUNCT
ape-3943	148	22	which	which	PRON
ape-3943	148	23	were	be	AUX
ape-3943	148	24	based	base	VERB
ape-3943	148	25	in	in	ADP
ape-3943	148	26	new	new	PROPN
ape-3943	148	27	york	york	PROPN
ape-3943	148	28	.	.	PUNCT
ape-3943	149	1	nowadays	nowadays	ADV
ape-3943	149	2	,	,	PUNCT
ape-3943	149	3	that	that	DET
ape-3943	149	4	market	market	NOUN
ape-3943	149	5	includes	include	VERB
ape-3943	149	6	more	more	ADJ
ape-3943	149	7	than	than	ADP
ape-3943	149	8	14	14	NUM
ape-3943	149	9	000	000	NUM
ape-3943	149	10	commercial	commercial	ADJ
ape-3943	149	11	banks	bank	NOUN
ape-3943	149	12	and	and	CCONJ
ape-3943	149	13	a	a	DET
ape-3943	149	14	wide	wide	ADJ
ape-3943	149	15	range	range	NOUN
ape-3943	149	16	of	of	ADP
ape-3943	149	17	non	non	ADJ
ape-3943	149	18	-	-	ADJ
ape-3943	149	19	bank	bank	ADJ
ape-3943	149	20	financial	financial	ADJ
ape-3943	149	21	institutions	institution	NOUN
ape-3943	149	22	.	.	PUNCT
ape-3943	150	1	the	the	DET
ape-3943	150	2	characteristics	characteristic	NOUN
ape-3943	150	3	of	of	ADP
ape-3943	150	4	the	the	DET
ape-3943	150	5	federal	federal	ADJ
ape-3943	150	6	funds	fund	NOUN
ape-3943	150	7	,	,	PUNCT
ape-3943	150	8	as	as	ADV
ape-3943	150	9	well	well	ADV
ape-3943	150	10	as	as	ADP
ape-3943	150	11	the	the	DET
ape-3943	150	12	mechanisms	mechanism	NOUN
ape-3943	150	13	of	of	ADP
ape-3943	150	14	their	their	PRON
ape-3943	150	15	purchase	purchase	NOUN
ape-3943	150	16	and	and	CCONJ
ape-3943	150	17	sale	sale	NOUN
ape-3943	150	18	,	,	PUNCT
ape-3943	150	19	reflect	reflect	VERB
ape-3943	150	20	most	most	ADV
ape-3943	150	21	accurately	accurately	ADV
ape-3943	150	22	the	the	DET
ape-3943	150	23	needs	need	NOUN
ape-3943	150	24	of	of	ADP
ape-3943	150	25	the	the	DET
ape-3943	150	26	players	player	NOUN
ape-3943	150	27	on	on	ADP
ape-3943	150	28	the	the	DET
ape-3943	150	29	contemporary	contemporary	ADJ
ape-3943	150	30	capital	capital	NOUN
ape-3943	150	31	market	market	NOUN
ape-3943	150	32	(	(	PUNCT
ape-3943	150	33	note	note	NOUN
ape-3943	150	34	6	6	NUM
ape-3943	150	35	)	)	PUNCT
ape-3943	150	36	.	.	PUNCT
ape-3943	151	1	on	on	ADP
ape-3943	151	2	a	a	DET
ape-3943	151	3	global	global	ADJ
ape-3943	151	4	scale	scale	NOUN
ape-3943	151	5	,	,	PUNCT
ape-3943	151	6	those	those	DET
ape-3943	151	7	markets	market	NOUN
ape-3943	151	8	,	,	PUNCT
ape-3943	151	9	which	which	PRON
ape-3943	151	10	are	be	AUX
ape-3943	151	11	most	most	ADV
ape-3943	151	12	efficient	efficient	ADJ
ape-3943	151	13	,	,	PUNCT
ape-3943	151	14	will	will	AUX
ape-3943	151	15	obtain	obtain	VERB
ape-3943	151	16	competitive	competitive	ADJ
ape-3943	151	17	advantage	advantage	NOUN
ape-3943	151	18	and	and	CCONJ
ape-3943	151	19	a	a	DET
ape-3943	151	20	dominant	dominant	ADJ
ape-3943	151	21	position	position	NOUN
ape-3943	151	22	in	in	ADP
ape-3943	151	23	the	the	DET
ape-3943	151	24	actual	actual	ADJ
ape-3943	151	25	formation	formation	NOUN
ape-3943	151	26	and	and	CCONJ
ape-3943	151	27	distribution	distribution	NOUN
ape-3943	151	28	of	of	ADP
ape-3943	151	29	the	the	DET
ape-3943	151	30	investment	investment	NOUN
ape-3943	151	31	products	product	NOUN
ape-3943	151	32	.	.	PUNCT
ape-3943	152	1	from	from	ADP
ape-3943	152	2	a	a	DET
ape-3943	152	3	historical	historical	ADJ
ape-3943	152	4	perspective	perspective	NOUN
ape-3943	152	5	,	,	PUNCT
ape-3943	152	6	the	the	DET
ape-3943	152	7	usa	usa	PROPN
ape-3943	152	8	is	be	AUX
ape-3943	152	9	a	a	DET
ape-3943	152	10	leader	leader	NOUN
ape-3943	152	11	and	and	CCONJ
ape-3943	152	12	innovator	innovator	NOUN
ape-3943	152	13	in	in	ADP
ape-3943	152	14	the	the	DET
ape-3943	152	15	field	field	NOUN
ape-3943	152	16	of	of	ADP
ape-3943	152	17	dematerialized	dematerialize	VERB
ape-3943	152	18	securities	security	NOUN
ape-3943	152	19	.	.	PUNCT
ape-3943	153	1	nevertheless	nevertheless	ADV
ape-3943	153	2	,	,	PUNCT
ape-3943	153	3	there	there	PRON
ape-3943	153	4	are	be	VERB
ape-3943	153	5	other	other	ADJ
ape-3943	153	6	competitors	competitor	NOUN
ape-3943	153	7	gaining	gain	VERB
ape-3943	153	8	momentum	momentum	NOUN
ape-3943	153	9	on	on	ADP
ape-3943	153	10	the	the	DET
ape-3943	153	11	market	market	NOUN
ape-3943	153	12	of	of	ADP
ape-3943	153	13	dematerialized	dematerialize	VERB
ape-3943	153	14	financial	financial	ADJ
ape-3943	153	15	instruments	instrument	NOUN
ape-3943	153	16	.	.	PUNCT
ape-3943	154	1	the	the	DET
ape-3943	154	2	euro	euro	NOUN
ape-3943	154	3	has	have	AUX
ape-3943	154	4	created	create	VERB
ape-3943	154	5	potential	potential	NOUN
ape-3943	154	6	for	for	ADP
ape-3943	154	7	major	major	ADJ
ape-3943	154	8	competition	competition	NOUN
ape-3943	154	9	within	within	ADP
ape-3943	154	10	the	the	DET
ape-3943	154	11	european	european	PROPN
ape-3943	154	12	economic	economic	PROPN
ape-3943	154	13	union	union	PROPN
ape-3943	154	14	,	,	PUNCT
ape-3943	154	15	where	where	SCONJ
ape-3943	154	16	the	the	DET
ape-3943	154	17	links	link	NOUN
ape-3943	154	18	between	between	ADP
ape-3943	154	19	the	the	DET
ape-3943	154	20	separate	separate	ADJ
ape-3943	154	21	countries	country	NOUN
ape-3943	154	22	and	and	CCONJ
ape-3943	154	23	unions	union	NOUN
ape-3943	154	24	are	be	AUX
ape-3943	154	25	formed	form	VERB
ape-3943	154	26	with	with	ADP
ape-3943	154	27	a	a	DET
ape-3943	154	28	head	head	NOUN
ape-3943	154	29	-	-	PUNCT
ape-3943	154	30	spinning	spin	VERB
ape-3943	154	31	speed	speed	NOUN
ape-3943	154	32	.	.	PUNCT
ape-3943	155	1	furthermore	furthermore	ADV
ape-3943	155	2	,	,	PUNCT
ape-3943	155	3	some	some	DET
ape-3943	155	4	later	later	ADV
ape-3943	155	5	emerging	emerge	VERB
ape-3943	155	6	players	player	NOUN
ape-3943	155	7	on	on	ADP
ape-3943	155	8	the	the	DET
ape-3943	155	9	capital	capital	NOUN
ape-3943	155	10	market	market	NOUN
ape-3943	155	11	are	be	AUX
ape-3943	155	12	making	make	VERB
ape-3943	155	13	quick	quick	ADJ
ape-3943	155	14	transition	transition	NOUN
ape-3943	155	15	towards	towards	ADP
ape-3943	155	16	securities	security	NOUN
ape-3943	155	17	dematerialization	dematerialization	NOUN
ape-3943	155	18	.	.	PUNCT
ape-3943	156	1	among	among	ADP
ape-3943	156	2	such	such	ADJ
ape-3943	156	3	countries	country	NOUN
ape-3943	156	4	are	be	AUX
ape-3943	156	5	australia	australia	PROPN
ape-3943	156	6	,	,	PUNCT
ape-3943	156	7	the	the	DET
ape-3943	156	8	republic	republic	NOUN
ape-3943	156	9	of	of	ADP
ape-3943	156	10	south	south	PROPN
ape-3943	156	11	africa	africa	PROPN
ape-3943	156	12	and	and	CCONJ
ape-3943	156	13	india	india	PROPN
ape-3943	156	14	.	.	PROPN
ape-3943	157	1	3.2	3.2	NUM
ape-3943	157	2	current	current	ADJ
ape-3943	157	3	status	status	NOUN
ape-3943	157	4	transferring	transfer	VERB
ape-3943	157	5	dematerialized	dematerialize	VERB
ape-3943	157	6	shares	share	NOUN
ape-3943	157	7	in	in	ADP
ape-3943	157	8	the	the	DET
ape-3943	157	9	usa	usa	PROPN
ape-3943	157	10	is	be	AUX
ape-3943	157	11	governed	govern	VERB
ape-3943	157	12	by	by	ADP
ape-3943	157	13	art	art	NOUN
ape-3943	157	14	.	.	PUNCT
ape-3943	158	1	8	8	NUM
ape-3943	158	2	of	of	ADP
ape-3943	158	3	ucc	ucc	PROPN
ape-3943	158	4	,	,	PUNCT
ape-3943	158	5	which	which	PRON
ape-3943	158	6	regulates	regulate	VERB
ape-3943	158	7	ownership	ownership	NOUN
ape-3943	158	8	and	and	CCONJ
ape-3943	158	9	transferring	transfer	VERB
ape-3943	158	10	securities	security	NOUN
ape-3943	158	11	and	and	CCONJ
ape-3943	158	12	other	other	ADJ
ape-3943	158	13	financial	financial	ADJ
ape-3943	158	14	assets	asset	NOUN
ape-3943	158	15	.	.	PUNCT
ape-3943	159	1	the	the	DET
ape-3943	159	2	provisions	provision	NOUN
ape-3943	159	3	of	of	ADP
ape-3943	159	4	art	art	NOUN
ape-3943	159	5	.	.	PUNCT
ape-3943	160	1	9	9	NUM
ape-3943	160	2	of	of	ADP
ape-3943	160	3	the	the	DET
ape-3943	160	4	ucc	ucc	PROPN
ape-3943	160	5	are	be	AUX
ape-3943	160	6	related	relate	VERB
ape-3943	160	7	to	to	ADP
ape-3943	160	8	securing	secure	VERB
ape-3943	160	9	those	those	DET
ape-3943	160	10	assets	asset	NOUN
ape-3943	160	11	.	.	PUNCT
ape-3943	161	1	art	art	NOUN
ape-3943	161	2	.	.	PUNCT
ape-3943	162	1	8	8	NUM
ape-3943	162	2	and	and	CCONJ
ape-3943	162	3	art	art	NOUN
ape-3943	162	4	.	.	PUNCT
ape-3943	163	1	9	9	NUM
ape-3943	163	2	are	be	AUX
ape-3943	163	3	part	part	NOUN
ape-3943	163	4	of	of	ADP
ape-3943	163	5	the	the	DET
ape-3943	163	6	numerous	numerous	ADJ
ape-3943	163	7	legal	legal	ADJ
ape-3943	163	8	norms	norm	NOUN
ape-3943	163	9	of	of	ADP
ape-3943	163	10	the	the	DET
ape-3943	163	11	us	us	PROPN
ape-3943	163	12	regulatory	regulatory	ADJ
ape-3943	163	13	basis	basis	NOUN
ape-3943	163	14	governing	govern	VERB
ape-3943	163	15	securities	security	NOUN
ape-3943	163	16	and	and	CCONJ
ape-3943	163	17	investment	investment	NOUN
ape-3943	163	18	assets	asset	NOUN
ape-3943	163	19	.	.	PUNCT
ape-3943	164	1	article	article	NOUN
ape-3943	164	2	8	8	NUM
ape-3943	164	3	settles	settle	NOUN
ape-3943	164	4	with	with	ADP
ape-3943	164	5	its	its	PRON
ape-3943	164	6	content	content	NOUN
ape-3943	164	7	the	the	DET
ape-3943	164	8	transactions	transaction	NOUN
ape-3943	164	9	with	with	ADP
ape-3943	164	10	securities	security	NOUN
ape-3943	164	11	,	,	PUNCT
ape-3943	164	12	the	the	DET
ape-3943	164	13	relations	relation	NOUN
ape-3943	164	14	between	between	ADP
ape-3943	164	15	the	the	DET
ape-3943	164	16	issuers	issuer	NOUN
ape-3943	164	17	,	,	PUNCT
ape-3943	164	18	investors	investor	NOUN
ape-3943	164	19	,	,	PUNCT
ape-3943	164	20	intermediaries	intermediary	NOUN
ape-3943	164	21	and	and	CCONJ
ape-3943	164	22	sellers	seller	NOUN
ape-3943	164	23	and	and	CCONJ
ape-3943	164	24	their	their	PRON
ape-3943	164	25	buyers	buyer	NOUN
ape-3943	164	26	.	.	PUNCT
ape-3943	165	1	articles	article	NOUN
ape-3943	165	2	8	8	NUM
ape-3943	165	3	and	and	CCONJ
ape-3943	165	4	9	9	NUM
ape-3943	165	5	from	from	ADP
ape-3943	165	6	the	the	DET
ape-3943	165	7	current	current	ADJ
ape-3943	165	8	version	version	NOUN
ape-3943	165	9	of	of	ADP
ape-3943	165	10	the	the	DET
ape-3943	165	11	ucc	ucc	PROPN
ape-3943	165	12	are	be	AUX
ape-3943	165	13	adopted	adopt	VERB
ape-3943	165	14	by	by	ADP
ape-3943	165	15	all	all	DET
ape-3943	165	16	the	the	DET
ape-3943	165	17	fifty	fifty	NUM
ape-3943	165	18	states	state	NOUN
ape-3943	165	19	and	and	CCONJ
ape-3943	165	20	the	the	DET
ape-3943	165	21	district	district	NOUN
ape-3943	165	22	of	of	ADP
ape-3943	165	23	columbia	columbia	PROPN
ape-3943	165	24	.	.	PUNCT
ape-3943	166	1	ucc	ucc	PROPN
ape-3943	166	2	-	-	PUNCT
ape-3943	166	3	art	art	NOUN
ape-3943	166	4	.	.	PUNCT
ape-3943	167	1	3	3	NUM
ape-3943	167	2	regulates	regulate	VERB
ape-3943	167	3	the	the	DET
ape-3943	167	4	ownership	ownership	NOUN
ape-3943	167	5	and	and	CCONJ
ape-3943	167	6	transferring	transferring	NOUN
ape-3943	167	7	of	of	ADP
ape-3943	167	8	negotiable	negotiable	ADJ
ape-3943	167	9	instruments	instrument	NOUN
ape-3943	167	10	(	(	PUNCT
ape-3943	167	11	securities	security	NOUN
ape-3943	167	12	)	)	PUNCT
ape-3943	167	13	,	,	PUNCT
ape-3943	167	14	for	for	ADP
ape-3943	167	15	which	which	PRON
ape-3943	167	16	there	there	PRON
ape-3943	167	17	can	can	AUX
ape-3943	167	18	be	be	AUX
ape-3943	167	19	established	establish	VERB
ape-3943	167	20	and	and	CCONJ
ape-3943	167	21	owned	own	VERB
ape-3943	167	22	rights	right	NOUN
ape-3943	167	23	over	over	ADP
ape-3943	167	24	securities	security	NOUN
ape-3943	167	25	through	through	ADP
ape-3943	167	26	the	the	DET
ape-3943	167	27	indirect	indirect	ADJ
ape-3943	167	28	holding	hold	VERB
ape-3943	167	29	system	system	NOUN
ape-3943	167	30	under	under	ADP
ape-3943	167	31	art	art	NOUN
ape-3943	167	32	.	.	PUNCT
ape-3943	168	1	8	8	NUM
ape-3943	168	2	(	(	PUNCT
ape-3943	168	3	note	note	NOUN
ape-3943	168	4	7	7	NUM
ape-3943	168	5	)	)	PUNCT
ape-3943	168	6	.	.	PUNCT
ape-3943	169	1	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-3943	169	2	advances	advance	VERB
ape-3943	169	3	in	in	ADP
ape-3943	169	4	politics	politic	NOUN
ape-3943	169	5	and	and	CCONJ
ape-3943	169	6	economics	economic	NOUN
ape-3943	169	7	vol	vol	NOUN
ape-3943	169	8	.	.	PROPN
ape-3943	170	1	4	4	NUM
ape-3943	170	2	,	,	PUNCT
ape-3943	170	3	no	no	INTJ
ape-3943	170	4	.	.	NOUN
ape-3943	170	5	3	3	NUM
ape-3943	170	6	,	,	PUNCT
ape-3943	170	7	2021	2021	NUM
ape-3943	170	8	9	9	NUM
ape-3943	170	9	published	publish	VERB
ape-3943	170	10	by	by	ADP
ape-3943	170	11	scholink	scholink	PROPN
ape-3943	170	12	inc	inc	PROPN
ape-3943	170	13	.	.	PROPN
ape-3943	170	14	3.3	3.3	NUM
ape-3943	170	15	direct	direct	ADJ
ape-3943	170	16	and	and	CCONJ
ape-3943	170	17	indirect	indirect	ADJ
ape-3943	170	18	holding	holding	NOUN
ape-3943	170	19	systems	system	NOUN
ape-3943	170	20	the	the	DET
ape-3943	170	21	system	system	NOUN
ape-3943	170	22	for	for	ADP
ape-3943	170	23	immobilization	immobilization	NOUN
ape-3943	170	24	and	and	CCONJ
ape-3943	170	25	possessing	possess	VERB
ape-3943	170	26	through	through	ADP
ape-3943	170	27	intermediaries	intermediary	NOUN
ape-3943	170	28	does	do	AUX
ape-3943	170	29	not	not	PART
ape-3943	170	30	entirely	entirely	ADV
ape-3943	170	31	replace	replace	VERB
ape-3943	170	32	the	the	DET
ape-3943	170	33	system	system	NOUN
ape-3943	170	34	of	of	ADP
ape-3943	170	35	dematerialized	dematerialize	VERB
ape-3943	170	36	securities	security	NOUN
ape-3943	170	37	,	,	PUNCT
ape-3943	170	38	and	and	CCONJ
ape-3943	170	39	none	none	NOUN
ape-3943	170	40	of	of	ADP
ape-3943	170	41	those	those	DET
ape-3943	170	42	systems	system	NOUN
ape-3943	170	43	does	do	AUX
ape-3943	170	44	entirely	entirely	ADV
ape-3943	170	45	replace	replace	VERB
ape-3943	170	46	the	the	DET
ape-3943	170	47	system	system	NOUN
ape-3943	170	48	of	of	ADP
ape-3943	170	49	direct	direct	ADJ
ape-3943	170	50	holding	holding	NOUN
ape-3943	170	51	and	and	CCONJ
ape-3943	170	52	the	the	DET
ape-3943	170	53	provision	provision	NOUN
ape-3943	170	54	of	of	ADP
ape-3943	170	55	conventional	conventional	ADJ
ape-3943	170	56	certificates	certificate	NOUN
ape-3943	170	57	on	on	ADP
ape-3943	170	58	paper	paper	NOUN
ape-3943	170	59	.	.	PUNCT
ape-3943	171	1	article	article	NOUN
ape-3943	171	2	8	8	NUM
ape-3943	171	3	of	of	ADP
ape-3943	171	4	the	the	DET
ape-3943	171	5	ucc	ucc	PROPN
ape-3943	171	6	contains	contain	VERB
ape-3943	171	7	the	the	DET
ape-3943	171	8	legal	legal	ADJ
ape-3943	171	9	regulations	regulation	NOUN
ape-3943	171	10	for	for	ADP
ape-3943	171	11	all	all	DET
ape-3943	171	12	the	the	DET
ape-3943	171	13	three	three	NUM
ape-3943	171	14	systems	system	NOUN
ape-3943	171	15	.	.	PUNCT
ape-3943	172	1	the	the	DET
ape-3943	172	2	system	system	NOUN
ape-3943	172	3	of	of	ADP
ape-3943	172	4	the	the	DET
ape-3943	172	5	conventional	conventional	ADJ
ape-3943	172	6	paper	paper	NOUN
ape-3943	172	7	certificates	certificate	NOUN
ape-3943	172	8	and	and	CCONJ
ape-3943	172	9	the	the	DET
ape-3943	172	10	system	system	NOUN
ape-3943	172	11	of	of	ADP
ape-3943	172	12	the	the	DET
ape-3943	172	13	dematerialized	dematerialize	VERB
ape-3943	172	14	securities	security	NOUN
ape-3943	172	15	are	be	AUX
ape-3943	172	16	known	know	VERB
ape-3943	172	17	as	as	ADP
ape-3943	172	18	direct	direct	ADJ
ape-3943	172	19	holding	hold	VERB
ape-3943	172	20	system	system	NOUN
ape-3943	172	21	.	.	PUNCT
ape-3943	173	1	the	the	DET
ape-3943	173	2	system	system	NOUN
ape-3943	173	3	for	for	ADP
ape-3943	173	4	immobilization	immobilization	NOUN
ape-3943	173	5	and	and	CCONJ
ape-3943	173	6	possessing	possess	VERB
ape-3943	173	7	through	through	ADP
ape-3943	173	8	intermediaries	intermediary	NOUN
ape-3943	173	9	is	be	AUX
ape-3943	173	10	known	know	VERB
ape-3943	173	11	as	as	ADP
ape-3943	173	12	indirect	indirect	ADJ
ape-3943	173	13	holding	hold	VERB
ape-3943	173	14	system	system	NOUN
ape-3943	173	15	.	.	PUNCT
ape-3943	174	1	with	with	ADP
ape-3943	174	2	the	the	DET
ape-3943	174	3	direct	direct	ADJ
ape-3943	174	4	holding	hold	VERB
ape-3943	174	5	system	system	NOUN
ape-3943	174	6	,	,	PUNCT
ape-3943	174	7	each	each	DET
ape-3943	174	8	investor	investor	NOUN
ape-3943	174	9	is	be	AUX
ape-3943	174	10	registered	register	VERB
ape-3943	174	11	as	as	ADP
ape-3943	174	12	an	an	DET
ape-3943	174	13	owner	owner	NOUN
ape-3943	174	14	of	of	ADP
ape-3943	174	15	the	the	DET
ape-3943	174	16	security	security	NOUN
ape-3943	174	17	in	in	ADP
ape-3943	174	18	the	the	DET
ape-3943	174	19	issuer	issuer	NOUN
ape-3943	174	20	’s	’s	PART
ape-3943	174	21	registries	registry	NOUN
ape-3943	174	22	,	,	PUNCT
ape-3943	174	23	which	which	PRON
ape-3943	174	24	are	be	AUX
ape-3943	174	25	often	often	ADV
ape-3943	174	26	kept	keep	VERB
ape-3943	174	27	by	by	ADP
ape-3943	174	28	a	a	DET
ape-3943	174	29	transferring	transferring	NOUN
ape-3943	174	30	agent	agent	NOUN
ape-3943	174	31	.	.	PUNCT
ape-3943	175	1	this	this	PRON
ape-3943	175	2	can	can	AUX
ape-3943	175	3	be	be	AUX
ape-3943	175	4	illustrated	illustrate	VERB
ape-3943	175	5	by	by	ADP
ape-3943	175	6	figure	figure	NOUN
ape-3943	175	7	1	1	NUM
ape-3943	175	8	.	.	PUNCT
ape-3943	175	9	figure	figure	NOUN
ape-3943	175	10	1	1	NUM
ape-3943	175	11	.	.	PUNCT
ape-3943	175	12	direct	direct	ADJ
ape-3943	175	13	holding	hold	VERB
ape-3943	175	14	system	system	NOUN
ape-3943	175	15	with	with	ADP
ape-3943	175	16	the	the	DET
ape-3943	175	17	indirect	indirect	ADJ
ape-3943	175	18	holding	hold	VERB
ape-3943	175	19	system	system	NOUN
ape-3943	175	20	,	,	PUNCT
ape-3943	175	21	most	most	ADJ
ape-3943	175	22	of	of	ADP
ape-3943	175	23	the	the	DET
ape-3943	175	24	investors	investor	NOUN
ape-3943	175	25	have	have	VERB
ape-3943	175	26	no	no	DET
ape-3943	175	27	direct	direct	ADJ
ape-3943	175	28	connection	connection	NOUN
ape-3943	175	29	and	and	CCONJ
ape-3943	175	30	do	do	AUX
ape-3943	175	31	not	not	PART
ape-3943	175	32	communicate	communicate	VERB
ape-3943	175	33	directly	directly	ADV
ape-3943	175	34	with	with	ADP
ape-3943	175	35	the	the	DET
ape-3943	175	36	issuer	issuer	NOUN
ape-3943	175	37	,	,	PUNCT
ape-3943	175	38	but	but	CCONJ
ape-3943	175	39	they	they	PRON
ape-3943	175	40	own	own	VERB
ape-3943	175	41	their	their	PRON
ape-3943	175	42	investment	investment	NOUN
ape-3943	175	43	through	through	ADP
ape-3943	175	44	intermediaries	intermediary	NOUN
ape-3943	175	45	.	.	PUNCT
ape-3943	176	1	the	the	DET
ape-3943	176	2	indirect	indirect	ADJ
ape-3943	176	3	holding	hold	VERB
ape-3943	176	4	system	system	NOUN
ape-3943	176	5	is	be	AUX
ape-3943	176	6	not	not	PART
ape-3943	176	7	entirely	entirely	ADV
ape-3943	176	8	independent	independent	ADJ
ape-3943	176	9	from	from	ADP
ape-3943	176	10	the	the	DET
ape-3943	176	11	direct	direct	ADJ
ape-3943	176	12	holding	hold	VERB
ape-3943	176	13	system	system	NOUN
ape-3943	176	14	:	:	PUNCT
ape-3943	176	15	in	in	ADP
ape-3943	176	16	the	the	DET
ape-3943	176	17	case	case	NOUN
ape-3943	176	18	with	with	ADP
ape-3943	176	19	the	the	DET
ape-3943	176	20	securities	security	NOUN
ape-3943	176	21	.	.	PUNCT
ape-3943	177	1	the	the	DET
ape-3943	177	2	legal	legal	ADJ
ape-3943	177	3	entity	entity	NOUN
ape-3943	177	4	,	,	PUNCT
ape-3943	177	5	which	which	PRON
ape-3943	177	6	is	be	AUX
ape-3943	177	7	at	at	ADP
ape-3943	177	8	the	the	DET
ape-3943	177	9	top	top	NOUN
ape-3943	177	10	of	of	ADP
ape-3943	177	11	the	the	DET
ape-3943	177	12	indirect	indirect	ADJ
ape-3943	177	13	holding	hold	VERB
ape-3943	177	14	chain	chain	NOUN
ape-3943	177	15	,	,	PUNCT
ape-3943	177	16	communicates	communicate	VERB
ape-3943	177	17	with	with	ADP
ape-3943	177	18	the	the	DET
ape-3943	177	19	issuer	issuer	NOUN
ape-3943	177	20	from	from	ADP
ape-3943	177	21	the	the	DET
ape-3943	177	22	direct	direct	ADJ
ape-3943	177	23	holding	hold	VERB
ape-3943	177	24	system	system	NOUN
ape-3943	177	25	.	.	PUNCT
ape-3943	178	1	the	the	DET
ape-3943	178	2	relation	relation	NOUN
ape-3943	178	3	between	between	ADP
ape-3943	178	4	the	the	DET
ape-3943	178	5	two	two	NUM
ape-3943	178	6	systems	system	NOUN
ape-3943	178	7	,	,	PUNCT
ape-3943	178	8	as	as	ADV
ape-3943	178	9	well	well	ADV
ape-3943	178	10	as	as	ADP
ape-3943	178	11	the	the	DET
ape-3943	178	12	relationships	relationship	NOUN
ape-3943	178	13	within	within	ADP
ape-3943	178	14	the	the	DET
ape-3943	178	15	indirect	indirect	ADJ
ape-3943	178	16	holding	hold	VERB
ape-3943	178	17	system	system	NOUN
ape-3943	178	18	,	,	PUNCT
ape-3943	178	19	can	can	AUX
ape-3943	178	20	be	be	AUX
ape-3943	178	21	illustrated	illustrate	VERB
ape-3943	178	22	by	by	ADP
ape-3943	178	23	figure	figure	NOUN
ape-3943	178	24	2	2	NUM
ape-3943	178	25	.	.	PUNCT
ape-3943	178	26	direct	direct	ADJ
ape-3943	178	27	holding	holding	NOUN
ape-3943	178	28	of	of	ADP
ape-3943	178	29	a	a	DET
ape-3943	178	30	jumbocertificate	jumbocertificate	NOUN
ape-3943	178	31	(	(	PUNCT
ape-3943	178	32	a	a	DET
ape-3943	178	33	securities	security	NOUN
ape-3943	178	34	certificate	certificate	NOUN
ape-3943	178	35	with	with	ADP
ape-3943	178	36	a	a	DET
ape-3943	178	37	high	high	ADJ
ape-3943	178	38	value	value	NOUN
ape-3943	178	39	or	or	CCONJ
ape-3943	178	40	for	for	ADP
ape-3943	178	41	a	a	DET
ape-3943	178	42	greater	great	ADJ
ape-3943	178	43	number	number	NOUN
ape-3943	178	44	of	of	ADP
ape-3943	178	45	shares	share	NOUN
ape-3943	178	46	)	)	PUNCT
ape-3943	178	47	certifying	certify	VERB
ape-3943	178	48	10000	10000	NUM
ape-3943	178	49	shares	share	NOUN
ape-3943	178	50	issuer	issuer	NOUN
ape-3943	178	51	dtc	dtc	NOUN
ape-3943	178	52	–	–	PUNCT
ape-3943	178	53	depository	depository	NOUN
ape-3943	178	54	trust	trust	NOUN
ape-3943	178	55	company	company	NOUN
ape-3943	178	56	issuer	issuer	PROPN
ape-3943	178	57	investor	investor	NOUN
ape-3943	178	58	ррр	ррр	PROPN
ape-3943	178	59	investor	investor	NOUN
ape-3943	178	60	investor	investor	NOUN
ape-3943	178	61	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-3943	178	62	advances	advance	VERB
ape-3943	178	63	in	in	ADP
ape-3943	178	64	politics	politic	NOUN
ape-3943	178	65	and	and	CCONJ
ape-3943	178	66	economics	economic	NOUN
ape-3943	178	67	vol	vol	NOUN
ape-3943	178	68	.	.	PROPN
ape-3943	179	1	4	4	NUM
ape-3943	179	2	,	,	PUNCT
ape-3943	179	3	no	no	INTJ
ape-3943	179	4	.	.	NOUN
ape-3943	179	5	3	3	NUM
ape-3943	179	6	,	,	PUNCT
ape-3943	179	7	2021	2021	NUM
ape-3943	179	8	10	10	NUM
ape-3943	179	9	published	publish	VERB
ape-3943	179	10	by	by	ADP
ape-3943	179	11	scholink	scholink	PROPN
ape-3943	179	12	inc	inc	PROPN
ape-3943	179	13	.	.	PROPN
ape-3943	179	14	6000	6000	NUM
ape-3943	179	15	shares	share	NOUN
ape-3943	179	16	,	,	PUNCT
ape-3943	179	17	credited	credit	VERB
ape-3943	179	18	4000	4000	NUM
ape-3943	179	19	shares	share	NOUN
ape-3943	179	20	,	,	PUNCT
ape-3943	179	21	credited	credit	VERB
ape-3943	179	22	into	into	ADP
ape-3943	179	23	account	account	NOUN
ape-3943	179	24	with	with	ADP
ape-3943	179	25	securitiesinto	securitiesinto	NOUN
ape-3943	179	26	account	account	NOUN
ape-3943	179	27	with	with	ADP
ape-3943	179	28	securities	security	NOUN
ape-3943	179	29	figure	figure	NOUN
ape-3943	179	30	2	2	NUM
ape-3943	179	31	.	.	PUNCT
ape-3943	179	32	indirect	indirect	ADJ
ape-3943	179	33	holding	hold	VERB
ape-3943	179	34	system	system	NOUN
ape-3943	179	35	the	the	DET
ape-3943	179	36	depository	depository	NOUN
ape-3943	179	37	trust	trust	NOUN
ape-3943	179	38	company	company	NOUN
ape-3943	179	39	-	-	PUNCT
ape-3943	179	40	dtc	dtc	PROPN
ape-3943	179	41	,	,	PUNCT
ape-3943	179	42	is	be	AUX
ape-3943	179	43	the	the	DET
ape-3943	179	44	clearing	clearing	NOUN
ape-3943	179	45	organization	organization	NOUN
ape-3943	179	46	for	for	ADP
ape-3943	179	47	the	the	DET
ape-3943	179	48	majority	majority	NOUN
ape-3943	179	49	of	of	ADP
ape-3943	179	50	the	the	DET
ape-3943	179	51	publicly	publicly	ADV
ape-3943	179	52	traded	trade	VERB
ape-3943	179	53	corporate	corporate	ADJ
ape-3943	179	54	capital	capital	NOUN
ape-3943	179	55	securities	security	NOUN
ape-3943	179	56	,	,	PUNCT
ape-3943	179	57	corporate	corporate	ADJ
ape-3943	179	58	debt	debt	NOUN
ape-3943	179	59	securities	security	NOUN
ape-3943	179	60	and	and	CCONJ
ape-3943	179	61	municipal	municipal	ADJ
ape-3943	179	62	debt	debt	NOUN
ape-3943	179	63	securities	security	NOUN
ape-3943	179	64	,	,	PUNCT
ape-3943	179	65	and	and	CCONJ
ape-3943	179	66	its	its	PRON
ape-3943	179	67	representative	representative	NOUN
ape-3943	179	68	is	be	AUX
ape-3943	179	69	usually	usually	ADV
ape-3943	179	70	cede	cede	NOUN
ape-3943	179	71	&	&	CCONJ
ape-3943	179	72	co.	co.	PROPN
ape-3943	180	1	it	it	PRON
ape-3943	180	2	was	be	AUX
ape-3943	180	3	established	establish	VERB
ape-3943	180	4	in	in	ADP
ape-3943	180	5	1973	1973	NUM
ape-3943	180	6	with	with	ADP
ape-3943	180	7	the	the	DET
ape-3943	180	8	main	main	ADJ
ape-3943	180	9	goal	goal	NOUN
ape-3943	180	10	to	to	PART
ape-3943	180	11	reduce	reduce	VERB
ape-3943	180	12	the	the	DET
ape-3943	180	13	costs	cost	NOUN
ape-3943	180	14	on	on	ADP
ape-3943	180	15	the	the	DET
ape-3943	180	16	securities	security	NOUN
ape-3943	180	17	transactions	transaction	NOUN
ape-3943	180	18	,	,	PUNCT
ape-3943	180	19	as	as	ADV
ape-3943	180	20	well	well	ADV
ape-3943	180	21	as	as	ADP
ape-3943	180	22	to	to	PART
ape-3943	180	23	carry	carry	VERB
ape-3943	180	24	out	out	ADP
ape-3943	180	25	their	their	PRON
ape-3943	180	26	clearing	clearing	NOUN
ape-3943	180	27	and	and	CCONJ
ape-3943	180	28	settlement	settlement	NOUN
ape-3943	180	29	by	by	ADP
ape-3943	180	30	immobilizing	immobilize	VERB
ape-3943	180	31	securities	security	NOUN
ape-3943	180	32	and	and	CCONJ
ape-3943	180	33	transferring	transfer	VERB
ape-3943	180	34	securities	security	NOUN
ape-3943	180	35	holding	hold	VERB
ape-3943	180	36	by	by	ADP
ape-3943	180	37	book	book	NOUN
ape-3943	180	38	entry	entry	NOUN
ape-3943	180	39	movement	movement	NOUN
ape-3943	180	40	(	(	PUNCT
ape-3943	180	41	note	note	VERB
ape-3943	180	42	8)	8)	NUM
ape-3943	180	43	.	.	PUNCT
ape-3943	181	1	some	some	PRON
ape-3943	181	2	of	of	ADP
ape-3943	181	3	the	the	DET
ape-3943	181	4	services	service	NOUN
ape-3943	181	5	,	,	PUNCT
ape-3943	181	6	which	which	PRON
ape-3943	181	7	that	that	DET
ape-3943	181	8	institution	institution	NOUN
ape-3943	181	9	offers	offer	VERB
ape-3943	181	10	are	be	AUX
ape-3943	181	11	:	:	PUNCT
ape-3943	181	12	custodian	custodian	ADJ
ape-3943	181	13	services	service	NOUN
ape-3943	181	14	;	;	PUNCT
ape-3943	181	15	securities	security	NOUN
ape-3943	181	16	clearing	clearing	NOUN
ape-3943	181	17	and	and	CCONJ
ape-3943	181	18	settlement	settlement	NOUN
ape-3943	181	19	;	;	PUNCT
ape-3943	181	20	asset	asset	NOUN
ape-3943	181	21	management	management	NOUN
ape-3943	181	22	,	,	PUNCT
ape-3943	181	23	including	include	VERB
ape-3943	181	24	services	service	NOUN
ape-3943	181	25	related	relate	VERB
ape-3943	181	26	to	to	ADP
ape-3943	181	27	depositing	deposit	VERB
ape-3943	181	28	securities	security	NOUN
ape-3943	181	29	and	and	CCONJ
ape-3943	181	30	services	service	NOUN
ape-3943	181	31	related	relate	VERB
ape-3943	181	32	to	to	PART
ape-3943	181	33	dividend	dividend	VERB
ape-3943	181	34	payment	payment	NOUN
ape-3943	181	35	.	.	PUNCT
ape-3943	182	1	the	the	DET
ape-3943	182	2	securities	security	NOUN
ape-3943	182	3	(	(	PUNCT
ape-3943	182	4	or	or	CCONJ
ape-3943	182	5	other	other	ADJ
ape-3943	182	6	financial	financial	ADJ
ape-3943	182	7	assets	asset	NOUN
ape-3943	182	8	)	)	PUNCT
ape-3943	182	9	are	be	AUX
ape-3943	182	10	shares	share	NOUN
ape-3943	182	11	from	from	ADP
ape-3943	182	12	the	the	DET
ape-3943	182	13	capital	capital	NOUN
ape-3943	182	14	of	of	ADP
ape-3943	182	15	a	a	DET
ape-3943	182	16	corporation	corporation	NOUN
ape-3943	182	17	,	,	PUNCT
ape-3943	182	18	where	where	SCONJ
ape-3943	182	19	investor	investor	NOUN
ape-3943	182	20	1	1	NUM
ape-3943	182	21	has	have	VERB
ape-3943	182	22	their	their	PRON
ape-3943	182	23	ghtofcollateral	ghtofcollateral	NOUN
ape-3943	182	24	for	for	ADP
ape-3943	182	25	those	those	DET
ape-3943	182	26	shares	share	NOUN
ape-3943	182	27	,	,	PUNCT
ape-3943	182	28	credited	credit	VERB
ape-3943	182	29	in	in	ADP
ape-3943	182	30	to	to	ADP
ape-3943	182	31	his	his	PRON
ape-3943	182	32	/	/	SYM
ape-3943	182	33	her	her	PRON
ape-3943	182	34	securities	security	NOUN
ape-3943	182	35	account	account	NOUN
ape-3943	182	36	kept	keep	VERB
ape-3943	182	37	with	with	ADP
ape-3943	182	38	broker	broker	NOUN
ape-3943	182	39	1	1	NUM
ape-3943	182	40	.	.	PUNCT
ape-3943	182	41	broker	broker	NOUN
ape-3943	182	42	1	1	NUM
ape-3943	182	43	,	,	PUNCT
ape-3943	182	44	in	in	ADP
ape-3943	182	45	turn	turn	NOUN
ape-3943	182	46	,	,	PUNCT
ape-3943	182	47	is	be	AUX
ape-3943	182	48	in	in	ADP
ape-3943	182	49	the	the	DET
ape-3943	182	50	same	same	ADJ
ape-3943	182	51	relationship	relationship	NOUN
ape-3943	182	52	with	with	ADP
ape-3943	182	53	the	the	DET
ape-3943	182	54	dtc	dtc	NOUN
ape-3943	182	55	,	,	PUNCT
ape-3943	182	56	which	which	PRON
ape-3943	182	57	is	be	AUX
ape-3943	182	58	the	the	DET
ape-3943	182	59	registered	register	VERB
ape-3943	182	60	owner	owner	NOUN
ape-3943	182	61	of	of	ADP
ape-3943	182	62	the	the	DET
ape-3943	182	63	shares	share	NOUN
ape-3943	182	64	in	in	ADP
ape-3943	182	65	the	the	DET
ape-3943	182	66	books	book	NOUN
ape-3943	182	67	of	of	ADP
ape-3943	182	68	the	the	DET
ape-3943	182	69	computer	computer	NOUN
ape-3943	182	70	corporation	corporation	NOUN
ape-3943	182	71	.	.	PUNCT
ape-3943	183	1	3.4	3.4	NUM
ape-3943	183	2	scope	scope	NOUN
ape-3943	183	3	of	of	ADP
ape-3943	183	4	the	the	DET
ape-3943	183	5	two	two	NUM
ape-3943	183	6	systems	system	NOUN
ape-3943	183	7	the	the	DET
ape-3943	183	8	direct	direct	ADJ
ape-3943	183	9	holding	hold	VERB
ape-3943	183	10	system	system	NOUN
ape-3943	183	11	is	be	AUX
ape-3943	183	12	applied	apply	VERB
ape-3943	183	13	only	only	ADV
ape-3943	183	14	for	for	ADP
ape-3943	183	15	securities	security	NOUN
ape-3943	183	16	,	,	PUNCT
ape-3943	183	17	while	while	SCONJ
ape-3943	183	18	the	the	DET
ape-3943	183	19	indirect	indirect	ADJ
ape-3943	183	20	holding	hold	VERB
ape-3943	183	21	system	system	NOUN
ape-3943	183	22	has	have	VERB
ape-3943	183	23	a	a	DET
ape-3943	183	24	wider	wide	ADJ
ape-3943	183	25	application	application	NOUN
ape-3943	183	26	and	and	CCONJ
ape-3943	183	27	comprises	comprise	VERB
ape-3943	183	28	securities	security	NOUN
ape-3943	183	29	as	as	ADV
ape-3943	183	30	well	well	ADV
ape-3943	183	31	as	as	ADP
ape-3943	183	32	other	other	ADJ
ape-3943	183	33	financial	financial	ADJ
ape-3943	183	34	assets	asset	NOUN
ape-3943	183	35	.	.	PUNCT
ape-3943	184	1	the	the	DET
ape-3943	184	2	definition	definition	NOUN
ape-3943	184	3	for	for	ADP
ape-3943	184	4	a	a	DET
ape-3943	184	5	security	security	NOUN
ape-3943	184	6	,	,	PUNCT
ape-3943	184	7	bank	bank	NOUN
ape-3943	184	8	broker	broker	NOUN
ape-3943	184	9	1(with	1(with	PROPN
ape-3943	184	10	1,000	1,000	NUM
ape-3943	184	11	shares	share	NOUN
ape-3943	184	12	)	)	PUNCT
ape-3943	184	13	2,500	2,500	NUM
ape-3943	184	14	shares	share	NOUN
ape-3943	184	15	,	,	PUNCT
ape-3943	184	16	credited	credit	VERB
ape-3943	184	17	into	into	ADP
ape-3943	184	18	account	account	NOUN
ape-3943	184	19	with	with	ADP
ape-3943	184	20	1,500	1,500	NUM
ape-3943	184	21	shares	share	NOUN
ape-3943	184	22	,	,	PUNCT
ape-3943	184	23	credited	credit	VERB
ape-3943	184	24	into	into	ADP
ape-3943	184	25	account	account	NOUN
ape-3943	184	26	with	with	ADP
ape-3943	184	27	3,000	3,000	NUM
ape-3943	184	28	shares	share	NOUN
ape-3943	184	29	,	,	PUNCT
ape-3943	184	30	credited	credit	VERB
ape-3943	184	31	into	into	ADP
ape-3943	184	32	account	account	NOUN
ape-3943	184	33	with	with	ADP
ape-3943	184	34	securities	security	NOUN
ape-3943	184	35	2,000	2,000	NUM
ape-3943	184	36	shares	share	NOUN
ape-3943	184	37	credited	credit	VERB
ape-3943	184	38	into	into	ADP
ape-3943	184	39	account	account	NOUN
ape-3943	184	40	withsecurities	withsecuritie	NOUN
ape-3943	184	41	broker	broker	VERB
ape-3943	184	42	2	2	NUM
ape-3943	184	43	investor3	investor3	PROPN
ape-3943	184	44	investor	investor	NOUN
ape-3943	184	45	1	1	NUM
ape-3943	184	46	2,500	2,500	NUM
ape-3943	184	47	shares	share	NOUN
ape-3943	184	48	credited	credit	VERB
ape-3943	184	49	into	into	ADP
ape-3943	184	50	investor	investor	NOUN
ape-3943	184	51	4	4	NUM
ape-3943	184	52	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-3943	184	53	advances	advance	NOUN
ape-3943	184	54	in	in	ADP
ape-3943	184	55	politics	politic	NOUN
ape-3943	184	56	and	and	CCONJ
ape-3943	184	57	economics	economic	NOUN
ape-3943	184	58	vol	vol	NOUN
ape-3943	184	59	.	.	PROPN
ape-3943	185	1	4	4	NUM
ape-3943	185	2	,	,	PUNCT
ape-3943	185	3	no	no	INTJ
ape-3943	185	4	.	.	NOUN
ape-3943	185	5	3	3	NUM
ape-3943	185	6	,	,	PUNCT
ape-3943	185	7	2021	2021	NUM
ape-3943	185	8	11	11	NUM
ape-3943	185	9	published	publish	VERB
ape-3943	185	10	by	by	ADP
ape-3943	185	11	scholink	scholink	PROPN
ape-3943	185	12	inc	inc	PROPN
ape-3943	185	13	.	.	PROPN
ape-3943	185	14	presented	present	VERB
ape-3943	185	15	in	in	ADP
ape-3943	185	16	§	§	PROPN
ape-3943	185	17	8	8	NUM
ape-3943	185	18	-	-	SYM
ape-3943	185	19	102	102	NUM
ape-3943	185	20	of	of	ADP
ape-3943	185	21	the	the	DET
ape-3943	185	22	uuc	uuc	PROPN
ape-3943	185	23	supported	support	VERB
ape-3943	185	24	by	by	ADP
ape-3943	185	25	§	§	PROPN
ape-3943	185	26	8	8	NUM
ape-3943	185	27	-	-	SYM
ape-3943	185	28	103	103	NUM
ape-3943	185	29	of	of	ADP
ape-3943	185	30	the	the	DET
ape-3943	185	31	ucc	ucc	PROPN
ape-3943	185	32	differs	differ	VERB
ape-3943	185	33	substantially	substantially	ADV
ape-3943	185	34	from	from	ADP
ape-3943	185	35	the	the	DET
ape-3943	185	36	security	security	NOUN
ape-3943	185	37	definition	definition	NOUN
ape-3943	185	38	used	use	VERB
ape-3943	185	39	in	in	ADP
ape-3943	185	40	the	the	DET
ape-3943	185	41	federal	federal	ADJ
ape-3943	185	42	securities	security	NOUN
ape-3943	185	43	acts	act	VERB
ape-3943	185	44	.	.	PUNCT
ape-3943	186	1	it	it	PRON
ape-3943	186	2	is	be	AUX
ape-3943	186	3	important	important	ADJ
ape-3943	186	4	to	to	PART
ape-3943	186	5	quote	quote	VERB
ape-3943	186	6	part	part	NOUN
ape-3943	186	7	of	of	ADP
ape-3943	186	8	the	the	DET
ape-3943	186	9	provision	provision	NOUN
ape-3943	186	10	of	of	ADP
ape-3943	186	11	§	§	PROPN
ape-3943	186	12	8	8	NUM
ape-3943	186	13	-	-	SYM
ape-3943	186	14	102	102	NUM
ape-3943	186	15	,	,	PUNCT
ape-3943	186	16	namely	namely	ADV
ape-3943	186	17	§	§	ADJ
ape-3943	186	18	8	8	NUM
ape-3943	186	19	-	-	SYM
ape-3943	186	20	102	102	NUM
ape-3943	186	21	(	(	PUNCT
ape-3943	186	22	1	1	NUM
ape-3943	186	23	)	)	PUNCT
ape-3943	186	24	of	of	ADP
ape-3943	186	25	the	the	DET
ape-3943	186	26	ucc	ucc	PROPN
ape-3943	186	27	,	,	PUNCT
ape-3943	186	28	directly	directly	ADV
ape-3943	186	29	concerning	concern	VERB
ape-3943	186	30	the	the	DET
ape-3943	186	31	above	above	ADJ
ape-3943	186	32	discussed	discuss	VERB
ape-3943	186	33	question	question	NOUN
ape-3943	186	34	:	:	PUNCT
ape-3943	186	35	a	a	DET
ape-3943	186	36	materialized	materialize	VERB
ape-3943	186	37	security	security	NOUN
ape-3943	186	38	,	,	PUNCT
ape-3943	186	39	“	"	PUNCT
ape-3943	186	40	means	mean	VERB
ape-3943	186	41	an	an	DET
ape-3943	186	42	obligation	obligation	NOUN
ape-3943	186	43	of	of	ADP
ape-3943	186	44	an	an	DET
ape-3943	186	45	issuer	issuer	NOUN
ape-3943	186	46	or	or	CCONJ
ape-3943	186	47	a	a	DET
ape-3943	186	48	share	share	NOUN
ape-3943	186	49	,	,	PUNCT
ape-3943	186	50	participation	participation	NOUN
ape-3943	186	51	,	,	PUNCT
ape-3943	186	52	or	or	CCONJ
ape-3943	186	53	other	other	ADJ
ape-3943	186	54	interest	interest	NOUN
ape-3943	186	55	in	in	ADP
ape-3943	186	56	an	an	DET
ape-3943	186	57	issuer	issuer	NOUN
ape-3943	186	58	or	or	CCONJ
ape-3943	186	59	in	in	ADP
ape-3943	186	60	property	property	NOUN
ape-3943	186	61	or	or	CCONJ
ape-3943	186	62	an	an	DET
ape-3943	186	63	enterprise	enterprise	NOUN
ape-3943	186	64	of	of	ADP
ape-3943	186	65	an	an	DET
ape-3943	186	66	issuer	issuer	NOUN
ape-3943	186	67	:	:	PUNCT
ape-3943	186	68	which	which	PRON
ape-3943	186	69	is	be	AUX
ape-3943	186	70	represented	represent	VERB
ape-3943	186	71	by	by	ADP
ape-3943	186	72	a	a	DET
ape-3943	186	73	security	security	NOUN
ape-3943	186	74	certificate	certificate	NOUN
ape-3943	186	75	in	in	ADP
ape-3943	186	76	bearer	bearer	NOUN
ape-3943	186	77	or	or	CCONJ
ape-3943	186	78	registered	registered	ADJ
ape-3943	186	79	form	form	NOUN
ape-3943	186	80	,	,	PUNCT
ape-3943	186	81	or	or	CCONJ
ape-3943	186	82	the	the	DET
ape-3943	186	83	transfer	transfer	NOUN
ape-3943	186	84	of	of	ADP
ape-3943	186	85	which	which	PRON
ape-3943	186	86	may	may	AUX
ape-3943	186	87	be	be	AUX
ape-3943	186	88	registered	register	VERB
ape-3943	186	89	upon	upon	SCONJ
ape-3943	186	90	books	book	NOUN
ape-3943	186	91	maintained	maintain	VERB
ape-3943	186	92	for	for	ADP
ape-3943	186	93	that	that	DET
ape-3943	186	94	purpose	purpose	NOUN
ape-3943	186	95	by	by	ADP
ape-3943	186	96	or	or	CCONJ
ape-3943	186	97	on	on	ADP
ape-3943	186	98	behalf	behalf	NOUN
ape-3943	186	99	of	of	ADP
ape-3943	186	100	the	the	DET
ape-3943	186	101	issuer	issuer	NOUN
ape-3943	186	102	;	;	PUNCT
ape-3943	186	103	which	which	PRON
ape-3943	186	104	is	be	AUX
ape-3943	186	105	one	one	NUM
ape-3943	186	106	of	of	ADP
ape-3943	186	107	a	a	DET
ape-3943	186	108	class	class	NOUN
ape-3943	186	109	or	or	CCONJ
ape-3943	186	110	series	series	NOUN
ape-3943	186	111	or	or	CCONJ
ape-3943	186	112	by	by	ADP
ape-3943	186	113	its	its	PRON
ape-3943	186	114	terms	term	NOUN
ape-3943	186	115	is	be	AUX
ape-3943	186	116	divisible	divisible	ADJ
ape-3943	186	117	into	into	ADP
ape-3943	186	118	a	a	DET
ape-3943	186	119	class	class	NOUN
ape-3943	186	120	or	or	CCONJ
ape-3943	186	121	series	series	NOUN
ape-3943	186	122	of	of	ADP
ape-3943	186	123	shares	share	NOUN
ape-3943	186	124	,	,	PUNCT
ape-3943	186	125	participations	participation	NOUN
ape-3943	186	126	,	,	PUNCT
ape-3943	186	127	interests	interest	NOUN
ape-3943	186	128	,	,	PUNCT
ape-3943	186	129	or	or	CCONJ
ape-3943	186	130	obligations	obligation	NOUN
ape-3943	186	131	;	;	PUNCT
ape-3943	186	132	and	and	CCONJ
ape-3943	186	133	which	which	PRON
ape-3943	186	134	:	:	PUNCT
ape-3943	186	135	is	be	AUX
ape-3943	186	136	,	,	PUNCT
ape-3943	186	137	or	or	CCONJ
ape-3943	186	138	is	be	AUX
ape-3943	186	139	of	of	ADP
ape-3943	186	140	a	a	DET
ape-3943	186	141	type	type	NOUN
ape-3943	186	142	,	,	PUNCT
ape-3943	186	143	dealt	deal	VERB
ape-3943	186	144	in	in	ADP
ape-3943	186	145	or	or	CCONJ
ape-3943	186	146	traded	trade	VERB
ape-3943	186	147	on	on	ADP
ape-3943	186	148	securities	security	NOUN
ape-3943	186	149	exchanges	exchange	NOUN
ape-3943	186	150	or	or	CCONJ
ape-3943	186	151	securities	security	NOUN
ape-3943	186	152	markets	market	NOUN
ape-3943	186	153	;	;	PUNCT
ape-3943	186	154	or	or	CCONJ
ape-3943	186	155	is	be	AUX
ape-3943	186	156	a	a	DET
ape-3943	186	157	medium	medium	NOUN
ape-3943	186	158	for	for	ADP
ape-3943	186	159	investment	investment	NOUN
ape-3943	186	160	”	"	PUNCT
ape-3943	186	161	.	.	PUNCT
ape-3943	187	1	“	"	PUNCT
ape-3943	187	2	un	un	PROPN
ape-3943	187	3	certificated	certificate	VERB
ape-3943	187	4	(	(	PUNCT
ape-3943	187	5	dematerialized	dematerialize	VERB
ape-3943	187	6	)	)	PUNCT
ape-3943	187	7	security	security	NOUN
ape-3943	187	8	”	"	PUNCT
ape-3943	187	9	means	mean	VERB
ape-3943	187	10	a	a	DET
ape-3943	187	11	share	share	NOUN
ape-3943	187	12	,	,	PUNCT
ape-3943	187	13	participation	participation	NOUN
ape-3943	187	14	or	or	CCONJ
ape-3943	187	15	another	another	DET
ape-3943	187	16	other	other	ADJ
ape-3943	187	17	interesting	interesting	ADJ
ape-3943	187	18	an	an	DET
ape-3943	187	19	issuer	issuer	NOUN
ape-3943	187	20	or	or	CCONJ
ape-3943	187	21	in	in	ADP
ape-3943	187	22	property	property	NOUN
ape-3943	187	23	or	or	CCONJ
ape-3943	187	24	an	an	DET
ape-3943	187	25	enterprise	enterprise	NOUN
ape-3943	187	26	of	of	ADP
ape-3943	187	27	an	an	DET
ape-3943	187	28	issuer	issuer	NOUN
ape-3943	187	29	,	,	PUNCT
ape-3943	187	30	or	or	CCONJ
ape-3943	187	31	an	an	DET
ape-3943	187	32	obligation	obligation	NOUN
ape-3943	187	33	of	of	ADP
ape-3943	187	34	an	an	DET
ape-3943	187	35	issuer	issuer	NOUN
ape-3943	187	36	,	,	PUNCT
ape-3943	187	37	which	which	PRON
ape-3943	187	38	is	be	AUX
ape-3943	187	39	not	not	PART
ape-3943	187	40	represented	represent	VERB
ape-3943	187	41	by	by	ADP
ape-3943	187	42	a	a	DET
ape-3943	187	43	security	security	NOUN
ape-3943	187	44	certificate	certificate	NOUN
ape-3943	187	45	,	,	PUNCT
ape-3943	187	46	where	where	SCONJ
ape-3943	187	47	thetransferofwhichshallberegistereduponbooksmaintainedforthatpurposebyoronbehalfoftheissuer	thetransferofwhichshallberegistereduponbooksmaintainedforthatpurposebyoronbehalfoftheissuer	PROPN
ape-3943	187	48	;	;	PUNCT
ape-3943	187	49	which	which	PRON
ape-3943	187	50	is	be	AUX
ape-3943	187	51	one	one	NUM
ape-3943	187	52	of	of	ADP
ape-3943	187	53	a	a	DET
ape-3943	187	54	class	class	NOUN
ape-3943	187	55	or	or	CCONJ
ape-3943	187	56	series	series	NOUN
ape-3943	187	57	or	or	CCONJ
ape-3943	187	58	by	by	ADP
ape-3943	187	59	its	its	PRON
ape-3943	187	60	terms	term	NOUN
ape-3943	187	61	is	be	AUX
ape-3943	187	62	divisible	divisible	ADJ
ape-3943	187	63	into	into	ADP
ape-3943	187	64	a	a	DET
ape-3943	187	65	class	class	NOUN
ape-3943	187	66	or	or	CCONJ
ape-3943	187	67	series	series	NOUN
ape-3943	187	68	of	of	ADP
ape-3943	187	69	shares	share	NOUN
ape-3943	187	70	,	,	PUNCT
ape-3943	187	71	participations	participation	NOUN
ape-3943	187	72	,	,	PUNCT
ape-3943	187	73	interests	interest	NOUN
ape-3943	187	74	,	,	PUNCT
ape-3943	187	75	or	or	CCONJ
ape-3943	187	76	obligations	obligation	NOUN
ape-3943	187	77	;	;	PUNCT
ape-3943	187	78	and	and	CCONJ
ape-3943	187	79	which	which	PRON
ape-3943	187	80	:	:	PUNCT
ape-3943	187	81	is	be	AUX
ape-3943	187	82	,	,	PUNCT
ape-3943	187	83	or	or	CCONJ
ape-3943	187	84	is	be	AUX
ape-3943	187	85	of	of	ADP
ape-3943	187	86	a	a	DET
ape-3943	187	87	type	type	NOUN
ape-3943	187	88	,	,	PUNCT
ape-3943	187	89	dealt	deal	VERB
ape-3943	187	90	in	in	ADP
ape-3943	187	91	or	or	CCONJ
ape-3943	187	92	traded	trade	VERB
ape-3943	187	93	on	on	ADP
ape-3943	187	94	securities	security	NOUN
ape-3943	187	95	exchanges	exchange	NOUN
ape-3943	187	96	or	or	CCONJ
ape-3943	187	97	securities	security	NOUN
ape-3943	187	98	markets	market	NOUN
ape-3943	187	99	;	;	PUNCT
ape-3943	187	100	which	which	PRON
ape-3943	187	101	is	be	AUX
ape-3943	187	102	one	one	NUM
ape-3943	187	103	of	of	ADP
ape-3943	187	104	a	a	DET
ape-3943	187	105	class	class	NOUN
ape-3943	187	106	or	or	CCONJ
ape-3943	187	107	series	series	NOUN
ape-3943	187	108	or	or	CCONJ
ape-3943	187	109	by	by	ADP
ape-3943	187	110	its	its	PRON
ape-3943	187	111	terms	term	NOUN
ape-3943	187	112	is	be	AUX
ape-3943	187	113	divisible	divisible	ADJ
ape-3943	187	114	into	into	ADP
ape-3943	187	115	a	a	DET
ape-3943	187	116	class	class	NOUN
ape-3943	187	117	or	or	CCONJ
ape-3943	187	118	series	series	NOUN
ape-3943	187	119	of	of	ADP
ape-3943	187	120	shares	share	NOUN
ape-3943	187	121	,	,	PUNCT
ape-3943	187	122	participations	participation	NOUN
ape-3943	187	123	,	,	PUNCT
ape-3943	187	124	interests	interest	NOUN
ape-3943	187	125	,	,	PUNCT
ape-3943	187	126	or	or	CCONJ
ape-3943	187	127	obligations	obligation	NOUN
ape-3943	187	128	.	.	PUNCT
ape-3943	188	1	“	"	PUNCT
ape-3943	188	2	a	a	DET
ape-3943	188	3	security	security	NOUN
ape-3943	188	4	”	"	PUNCT
ape-3943	188	5	may	may	AUX
ape-3943	188	6	be	be	AUX
ape-3943	188	7	materialized	materialize	VERB
ape-3943	188	8	or	or	CCONJ
ape-3943	188	9	dematerialized	dematerialize	VERB
ape-3943	188	10	.	.	PUNCT
ape-3943	189	1	if	if	SCONJ
ape-3943	189	2	it	it	PRON
ape-3943	189	3	is	be	AUX
ape-3943	189	4	materialized	materialize	VERB
ape-3943	189	5	,	,	PUNCT
ape-3943	189	6	the	the	DET
ape-3943	189	7	terms	term	NOUN
ape-3943	189	8	“	"	PUNCT
ape-3943	189	9	security	security	NOUN
ape-3943	189	10	”	"	PUNCT
ape-3943	189	11	and	and	CCONJ
ape-3943	189	12	“	"	PUNCT
ape-3943	189	13	materialized	materialize	VERB
ape-3943	189	14	security	security	NOUN
ape-3943	189	15	”	"	PUNCT
ape-3943	189	16	may	may	AUX
ape-3943	189	17	mean	mean	VERB
ape-3943	189	18	either	either	CCONJ
ape-3943	189	19	an	an	DET
ape-3943	189	20	intangible	intangible	ADJ
ape-3943	189	21	interest	interest	NOUN
ape-3943	189	22	,	,	PUNCT
ape-3943	189	23	or	or	CCONJ
ape-3943	189	24	the	the	DET
ape-3943	189	25	document	document	NOUN
ape-3943	189	26	representing	represent	VERB
ape-3943	189	27	that	that	DET
ape-3943	189	28	interest	interest	NOUN
ape-3943	189	29	,	,	PUNCT
ape-3943	189	30	or	or	CCONJ
ape-3943	189	31	both	both	PRON
ape-3943	189	32	,	,	PUNCT
ape-3943	189	33	as	as	SCONJ
ape-3943	189	34	required	require	VERB
ape-3943	189	35	by	by	ADP
ape-3943	189	36	the	the	DET
ape-3943	189	37	context	context	NOUN
ape-3943	189	38	.	.	PUNCT
ape-3943	190	1	the	the	DET
ape-3943	190	2	present	present	ADJ
ape-3943	190	3	article	article	NOUN
ape-3943	190	4	,	,	PUNCT
ape-3943	190	5	and	and	CCONJ
ape-3943	190	6	not	not	PART
ape-3943	190	7	article	article	NOUN
ape-3943	190	8	3	3	NUM
ape-3943	190	9	regulates	regulate	VERB
ape-3943	190	10	the	the	DET
ape-3943	190	11	written	write	VERB
ape-3943	190	12	document	document	NOUN
ape-3943	190	13	,	,	PUNCT
ape-3943	190	14	which	which	PRON
ape-3943	190	15	is	be	AUX
ape-3943	190	16	a	a	DET
ape-3943	190	17	materialized	materialize	VERB
ape-3943	190	18	security	security	NOUN
ape-3943	190	19	,	,	PUNCT
ape-3943	190	20	nevertheless	nevertheless	ADV
ape-3943	190	21	,	,	PUNCT
ape-3943	190	22	the	the	DET
ape-3943	190	23	document	document	NOUN
ape-3943	190	24	in	in	ADP
ape-3943	190	25	question	question	NOUN
ape-3943	190	26	meets	meet	VERB
ape-3943	190	27	the	the	DET
ape-3943	190	28	requirements	requirement	NOUN
ape-3943	190	29	of	of	ADP
ape-3943	190	30	the	the	DET
ape-3943	190	31	latter	latter	ADJ
ape-3943	190	32	article	article	NOUN
ape-3943	190	33	as	as	ADV
ape-3943	190	34	well	well	ADV
ape-3943	190	35	.	.	PUNCT
ape-3943	191	1	the	the	DET
ape-3943	191	2	present	present	ADJ
ape-3943	191	3	article	article	NOUN
ape-3943	191	4	does	do	AUX
ape-3943	191	5	not	not	PART
ape-3943	191	6	concern	concern	VERB
ape-3943	191	7	money	money	NOUN
ape-3943	191	8	.	.	PUNCT
ape-3943	192	1	if	if	SCONJ
ape-3943	192	2	a	a	DET
ape-3943	192	3	security	security	NOUN
ape-3943	192	4	is	be	AUX
ape-3943	192	5	detained	detain	VERB
ape-3943	192	6	by	by	ADP
ape-3943	192	7	or	or	CCONJ
ape-3943	192	8	delivered	deliver	VERB
ape-3943	192	9	to	to	ADP
ape-3943	192	10	an	an	DET
ape-3943	192	11	issuer	issuer	NOUN
ape-3943	192	12	or	or	CCONJ
ape-3943	192	13	his	his	PRON
ape-3943	192	14	/	/	SYM
ape-3943	192	15	her	her	PRON
ape-3943	192	16	transferring	transfer	VERB
ape-3943	192	17	agent	agent	NOUN
ape-3943	192	18	due	due	ADP
ape-3943	192	19	to	to	ADP
ape-3943	192	20	reasons	reason	NOUN
ape-3943	192	21	other	other	ADJ
ape-3943	192	22	than	than	ADP
ape-3943	192	23	registering	register	VERB
ape-3943	192	24	of	of	ADP
ape-3943	192	25	transferring	transferring	NOUN
ape-3943	192	26	,	,	PUNCT
ape-3943	192	27	another	another	DET
ape-3943	192	28	temporary	temporary	ADJ
ape-3943	192	29	purpose	purpose	NOUN
ape-3943	192	30	,	,	PUNCT
ape-3943	192	31	payment	payment	NOUN
ape-3943	192	32	,	,	PUNCT
ape-3943	192	33	replace	replace	VERB
ape-3943	192	34	mentor	mentor	NOUN
ape-3943	192	35	acquisition	acquisition	NOUN
ape-3943	192	36	by	by	ADP
ape-3943	192	37	an	an	DET
ape-3943	192	38	issuer	issuer	NOUN
ape-3943	192	39	,	,	PUNCT
ape-3943	192	40	such	such	ADJ
ape-3943	192	41	as	as	SCONJ
ape-3943	192	42	security	security	NOUN
ape-3943	192	43	shall	shall	AUX
ape-3943	192	44	be	be	AUX
ape-3943	192	45	treated	treat	VERB
ape-3943	192	46	as	as	ADP
ape-3943	192	47	a	a	DET
ape-3943	192	48	dematerialized	dematerialize	VERB
ape-3943	192	49	security	security	NOUN
ape-3943	192	50	for	for	ADP
ape-3943	192	51	the	the	DET
ape-3943	192	52	purposes	purpose	NOUN
ape-3943	192	53	of	of	ADP
ape-3943	192	54	the	the	DET
ape-3943	192	55	present	present	ADJ
ape-3943	192	56	article	article	NOUN
ape-3943	192	57	.	.	PUNCT
ape-3943	193	1	a	a	DET
ape-3943	193	2	materialized	materialize	VERB
ape-3943	193	3	security	security	NOUN
ape-3943	193	4	is	be	AUX
ape-3943	193	5	in	in	ADP
ape-3943	193	6	a	a	DET
ape-3943	193	7	“	"	PUNCT
ape-3943	193	8	registered	register	VERB
ape-3943	193	9	from	from	ADP
ape-3943	193	10	”	"	PUNCT
ape-3943	193	11	if	if	SCONJ
ape-3943	193	12	it	it	PRON
ape-3943	193	13	nominates	nominate	VERB
ape-3943	193	14	person	person	NOUN
ape-3943	193	15	,	,	PUNCT
ape-3943	193	16	who	who	PRON
ape-3943	193	17	is	be	AUX
ape-3943	193	18	entitled	entitle	VERB
ape-3943	193	19	to	to	ADP
ape-3943	193	20	the	the	DET
ape-3943	193	21	security	security	NOUN
ape-3943	193	22	or	or	CCONJ
ape-3943	193	23	to	to	ADP
ape-3943	193	24	the	the	DET
ape-3943	193	25	rights	right	NOUN
ape-3943	193	26	it	it	PRON
ape-3943	193	27	represents	represent	VERB
ape-3943	193	28	and	and	CCONJ
ape-3943	193	29	its	its	PRON
ape-3943	193	30	transferring	transferring	NOUN
ape-3943	193	31	may	may	AUX
ape-3943	193	32	be	be	AUX
ape-3943	193	33	registered	register	VERB
ape-3943	193	34	upon	upon	SCONJ
ape-3943	193	35	books	book	NOUN
ape-3943	193	36	maintained	maintain	VERB
ape-3943	193	37	for	for	ADP
ape-3943	193	38	that	that	DET
ape-3943	193	39	purpose	purpose	NOUN
ape-3943	193	40	by	by	ADP
ape-3943	193	41	or	or	CCONJ
ape-3943	193	42	on	on	ADP
ape-3943	193	43	behalf	behalf	NOUN
ape-3943	193	44	of	of	ADP
ape-3943	193	45	the	the	DET
ape-3943	193	46	issuer	issuer	NOUN
ape-3943	193	47	,	,	PUNCT
ape-3943	193	48	or	or	CCONJ
ape-3943	193	49	if	if	SCONJ
ape-3943	193	50	that	that	PRON
ape-3943	193	51	is	be	AUX
ape-3943	193	52	specified	specify	VERB
ape-3943	193	53	in	in	ADP
ape-3943	193	54	the	the	DET
ape-3943	193	55	security	security	NOUN
ape-3943	193	56	.	.	PUNCT
ape-3943	194	1	a	a	DET
ape-3943	194	2	materialized	materialize	VERB
ape-3943	194	3	security	security	NOUN
ape-3943	194	4	is	be	AUX
ape-3943	194	5	in	in	ADP
ape-3943	194	6	a	a	DET
ape-3943	194	7	“	"	PUNCT
ape-3943	194	8	bearer	bearer	NOUN
ape-3943	194	9	from	from	ADP
ape-3943	194	10	”	"	PUNCT
ape-3943	194	11	if	if	SCONJ
ape-3943	194	12	it	it	PRON
ape-3943	194	13	belongs	belong	VERB
ape-3943	194	14	to	to	ADP
ape-3943	194	15	the	the	DET
ape-3943	194	16	bearer	bearer	NOUN
ape-3943	194	17	according	accord	VERB
ape-3943	194	18	to	to	ADP
ape-3943	194	19	its	its	PRON
ape-3943	194	20	terms	term	NOUN
ape-3943	194	21	,	,	PUNCT
ape-3943	194	22	but	but	CCONJ
ape-3943	194	23	not	not	PART
ape-3943	194	24	by	by	ADP
ape-3943	194	25	reason	reason	NOUN
ape-3943	194	26	of	of	ADP
ape-3943	194	27	an	an	DET
ape-3943	194	28	additionally	additionally	ADV
ape-3943	194	29	registered	register	VERB
ape-3943	194	30	endorsement	endorsement	NOUN
ape-3943	194	31	.	.	PUNCT
ape-3943	195	1	4	4	X
ape-3943	195	2	.	.	X
ape-3943	195	3	summary	summary	VERB
ape-3943	195	4	the	the	DET
ape-3943	195	5	individual	individual	ADJ
ape-3943	195	6	share	share	NOUN
ape-3943	195	7	holders	holder	NOUN
ape-3943	195	8	in	in	ADP
ape-3943	195	9	the	the	DET
ape-3943	195	10	usa	usa	PROPN
ape-3943	195	11	certify	certify	NOUN
ape-3943	195	12	their	their	PRON
ape-3943	195	13	ownership	ownership	NOUN
ape-3943	195	14	right	right	ADV
ape-3943	195	15	in	in	ADP
ape-3943	195	16	a	a	DET
ape-3943	195	17	business	business	NOUN
ape-3943	195	18	company	company	NOUN
ape-3943	195	19	through	through	ADP
ape-3943	195	20	the	the	DET
ape-3943	195	21	shares	share	NOUN
ape-3943	195	22	acquired	acquire	VERB
ape-3943	195	23	by	by	ADP
ape-3943	195	24	them	they	PRON
ape-3943	195	25	from	from	ADP
ape-3943	195	26	its	its	PRON
ape-3943	195	27	capital	capital	NOUN
ape-3943	195	28	.	.	PUNCT
ape-3943	196	1	the	the	DET
ape-3943	196	2	ordinary	ordinary	ADJ
ape-3943	196	3	share	share	NOUN
ape-3943	196	4	capital	capital	NOUN
ape-3943	196	5	lentitlestheholdertotakepartinthecompanycontrolhavingrighttoonevote	lentitlestheholdertotakepartinthecompanycontrolhavingrighttoonevote	NOUN
ape-3943	196	6	for	for	ADP
ape-3943	196	7	each	each	DET
ape-3943	196	8	share	share	NOUN
ape-3943	196	9	listed	list	VERB
ape-3943	196	10	in	in	ADP
ape-3943	196	11	the	the	DET
ape-3943	196	12	registry	registry	NOUN
ape-3943	196	13	,	,	PUNCT
ape-3943	196	14	as	as	ADV
ape-3943	196	15	well	well	ADV
ape-3943	196	16	as	as	ADP
ape-3943	196	17	to	to	ADP
ape-3943	196	18	an	an	DET
ape-3943	196	19	interest	interest	NOUN
ape-3943	196	20	in	in	ADP
ape-3943	196	21	the	the	DET
ape-3943	196	22	profits	profit	NOUN
ape-3943	196	23	in	in	ADP
ape-3943	196	24	the	the	DET
ape-3943	196	25	form	form	NOUN
ape-3943	196	26	of	of	ADP
ape-3943	196	27	dividends	dividend	NOUN
ape-3943	196	28	and	and	CCONJ
ape-3943	196	29	to	to	PART
ape-3943	196	30	participate	participate	VERB
ape-3943	196	31	in	in	ADP
ape-3943	196	32	the	the	DET
ape-3943	196	33	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-3943	196	34	advances	advance	NOUN
ape-3943	196	35	in	in	ADP
ape-3943	196	36	politics	politic	NOUN
ape-3943	196	37	and	and	CCONJ
ape-3943	196	38	economics	economic	NOUN
ape-3943	196	39	vol	vol	NOUN
ape-3943	196	40	.	.	PROPN
ape-3943	197	1	4	4	NUM
ape-3943	197	2	,	,	PUNCT
ape-3943	197	3	no	no	INTJ
ape-3943	197	4	.	.	NOUN
ape-3943	197	5	3	3	NUM
ape-3943	197	6	,	,	PUNCT
ape-3943	197	7	2021	2021	NUM
ape-3943	197	8	12	12	NUM
ape-3943	197	9	published	publish	VERB
ape-3943	197	10	by	by	ADP
ape-3943	197	11	scholink	scholink	PROPN
ape-3943	197	12	inc	inc	PROPN
ape-3943	197	13	.	.	PROPN
ape-3943	197	14	distribution	distribution	NOUN
ape-3943	197	15	of	of	ADP
ape-3943	197	16	the	the	DET
ape-3943	197	17	net	net	ADJ
ape-3943	197	18	assets	asset	NOUN
ape-3943	197	19	in	in	ADP
ape-3943	197	20	case	case	NOUN
ape-3943	197	21	of	of	ADP
ape-3943	197	22	a	a	DET
ape-3943	197	23	company	company	NOUN
ape-3943	197	24	dissolution	dissolution	VERB
ape-3943	197	25	upon	upon	SCONJ
ape-3943	197	26	satisfying	satisfy	VERB
ape-3943	197	27	the	the	DET
ape-3943	197	28	creditors	creditor	NOUN
ape-3943	197	29	.	.	PUNCT
ape-3943	198	1	the	the	DET
ape-3943	198	2	rearealsoot	rearealsoot	NOUN
ape-3943	198	3	her	her	PRON
ape-3943	198	4	classes	class	NOUN
ape-3943	198	5	of	of	ADP
ape-3943	198	6	share	share	NOUN
ape-3943	198	7	capital	capital	NOUN
ape-3943	198	8	,	,	PUNCT
ape-3943	198	9	such	such	ADJ
ape-3943	198	10	as	as	ADP
ape-3943	198	11	preferential	preferential	ADJ
ape-3943	198	12	shares	share	NOUN
ape-3943	198	13	,	,	PUNCT
ape-3943	198	14	whicharesuperiortotheordinarysharesinrespecttodividendsandthedistributionofthenetassetswith	whicharesuperiortotheordinarysharesinrespecttodividendsandthedistributionofthenetassetswith	ADP
ape-3943	198	15	acompany’sdissolution	acompany’sdissolution	NOUN
ape-3943	198	16	.	.	PUNCT
ape-3943	199	1	byexercisingtheirrighttovote	byexercisingtheirrighttovote	NOUN
ape-3943	199	2	,	,	PUNCT
ape-3943	199	3	theshareholderschoosethedirectorsofthebusinesscompanyandthusexert	theshareholderschoosethedirectorsofthebusinesscompanyandthusexert	ADJ
ape-3943	199	4	indirect	indirect	ADJ
ape-3943	199	5	control	control	NOUN
ape-3943	199	6	over	over	ADP
ape-3943	199	7	its	its	PRON
ape-3943	199	8	activities	activity	NOUN
ape-3943	199	9	.	.	PUNCT
ape-3943	200	1	theyareentitledtoreceivinginformationaboutthecompany’sactivities	theyareentitledtoreceivinginformationaboutthecompany’sactivitie	NOUN
ape-3943	200	2	by	by	ADP
ape-3943	200	3	reviewing	review	VERB
ape-3943	200	4	its	its	PRON
ape-3943	200	5	books	book	NOUN
ape-3943	200	6	.	.	PUNCT
ape-3943	201	1	theshareholderscankeeptheirpercentageofvotescontrollingwhetherthecompanyshallemitanyadditionala	theshareholderscankeeptheirpercentageofvotescontrollingwhetherthecompanyshallemitanyadditionala	PROPN
ape-3943	201	2	mountsofsharesfromitscapitalbyexercisingtheirrighttopreferentialbuyout	mountsofsharesfromitscapitalbyexercisingtheirrighttopreferentialbuyout	PROPN
ape-3943	201	3	.	.	PUNCT
ape-3943	202	1	they	they	PRON
ape-3943	202	2	are	be	AUX
ape-3943	202	3	entitled	entitle	VERB
ape-3943	202	4	to	to	PART
ape-3943	202	5	prosecute	prosecute	VERB
ape-3943	202	6	a	a	DET
ape-3943	202	7	claim	claim	NOUN
ape-3943	202	8	on	on	ADP
ape-3943	202	9	behalf	behalf	NOUN
ape-3943	202	10	of	of	ADP
ape-3943	202	11	the	the	DET
ape-3943	202	12	company	company	NOUN
ape-3943	202	13	for	for	ADP
ape-3943	202	14	damages	damage	NOUN
ape-3943	202	15	incurred	incur	VERB
ape-3943	202	16	upon	upon	SCONJ
ape-3943	202	17	it	it	PRON
ape-3943	202	18	if	if	SCONJ
ape-3943	202	19	,	,	PUNCT
ape-3943	202	20	at	at	ADP
ape-3943	202	21	a	a	DET
ape-3943	202	22	request	request	NOUN
ape-3943	202	23	by	by	ADP
ape-3943	202	24	them	they	PRON
ape-3943	202	25	,	,	PUNCT
ape-3943	202	26	the	the	DET
ape-3943	202	27	company	company	NOUN
ape-3943	202	28	refuses	refuse	VERB
ape-3943	202	29	to	to	PART
ape-3943	202	30	do	do	VERB
ape-3943	202	31	so	so	ADV
ape-3943	202	32	(	(	PUNCT
ape-3943	202	33	note	note	NOUN
ape-3943	202	34	9	9	NUM
ape-3943	202	35	)	)	PUNCT
ape-3943	202	36	.	.	PUNCT
ape-3943	203	1	references	reference	NOUN
ape-3943	203	2	bjerre	bjerre	PROPN
ape-3943	203	3	,	,	PUNCT
ape-3943	203	4	c.	c.	PROPN
ape-3943	203	5	,	,	PUNCT
ape-3943	203	6	&	&	CCONJ
ape-3943	203	7	rocks	rocks	PROPN
ape-3943	203	8	,	,	PUNCT
ape-3943	203	9	s.	s.	PROPN
ape-3943	203	10	(	(	PUNCT
ape-3943	203	11	2004	2004	NUM
ape-3943	203	12	)	)	PUNCT
ape-3943	203	13	.	.	PUNCT
ape-3943	204	1	the	the	DET
ape-3943	204	2	abcs	abc	NOUN
ape-3943	204	3	of	of	ADP
ape-3943	204	4	the	the	DET
ape-3943	204	5	ucc	ucc	PROPN
ape-3943	204	6	.	.	PROPN
ape-3943	204	7	article	article	PROPN
ape-3943	204	8	8	8	NUM
ape-3943	204	9	.	.	PUNCT
ape-3943	204	10	investment	investment	NOUN
ape-3943	204	11	securities	security	NOUN
ape-3943	204	12	.	.	PUNCT
ape-3943	205	1	donald	donald	PROPN
ape-3943	205	2	,	,	PUNCT
ape-3943	205	3	r.	r.	PROPN
ape-3943	205	4	f.	f.	PROPN
ape-3943	205	5	,	,	PUNCT
ape-3943	205	6	&	&	CCONJ
ape-3943	205	7	peter	peter	PROPN
ape-3943	205	8	,	,	PUNCT
ape-3943	205	9	s.	s.	PROPN
ape-3943	205	10	r.	r.	PROPN
ape-3943	205	11	(	(	PUNCT
ape-3943	205	12	1987	1987	NUM
ape-3943	205	13	)	)	PUNCT
ape-3943	205	14	.	.	PUNCT
ape-3943	206	1	financial	financial	ADJ
ape-3943	206	2	institutions	institution	NOUN
ape-3943	206	3	and	and	CCONJ
ape-3943	206	4	markets	market	NOUN
ape-3943	206	5	in	in	ADP
ape-3943	206	6	a	a	DET
ape-3943	206	7	changing	change	VERB
ape-3943	206	8	world	world	NOUN
ape-3943	206	9	(	(	PUNCT
ape-3943	206	10	3rd	3rd	ADJ
ape-3943	206	11	ed	ed	NOUN
ape-3943	206	12	.	.	PUNCT
ape-3943	206	13	)	)	PUNCT
ape-3943	206	14	.	.	PUNCT
ape-3943	207	1	bpi	bpi	PROPN
ape-3943	207	2	,	,	PUNCT
ape-3943	207	3	usa	usa	PROPN
ape-3943	207	4	.	.	PROPN
ape-3943	207	5	micheler	micheler	PROPN
ape-3943	207	6	,	,	PUNCT
ape-3943	207	7	e.	e.	PROPN
ape-3943	207	8	(	(	PUNCT
ape-3943	207	9	2007	2007	NUM
ape-3943	207	10	)	)	PUNCT
ape-3943	207	11	.	.	PUNCT
ape-3943	208	1	property	property	NOUN
ape-3943	208	2	in	in	ADP
ape-3943	208	3	securities	security	NOUN
ape-3943	208	4	.	.	PUNCT
ape-3943	209	1	a	a	DET
ape-3943	209	2	comparative	comparative	ADJ
ape-3943	209	3	study	study	NOUN
ape-3943	209	4	.	.	PUNCT
ape-3943	210	1	cambridge	cambridge	PROPN
ape-3943	210	2	university	university	PROPN
ape-3943	210	3	press	press	NOUN
ape-3943	210	4	.	.	PUNCT
ape-3943	211	1	ronald	ronald	PROPN
ape-3943	211	2	,	,	PUNCT
ape-3943	211	3	a.	a.	NOUN
ape-3943	211	4	a.	a.	PROPN
ape-3943	211	5	,	,	PUNCT
ape-3943	211	6	ivan	ivan	PROPN
ape-3943	211	7	,	,	PUNCT
ape-3943	211	8	f.	f.	PROPN
ape-3943	211	9	,	,	PUNCT
ape-3943	211	10	&	&	CCONJ
ape-3943	211	11	david	david	PROPN
ape-3943	211	12	,	,	PUNCT
ape-3943	211	13	p.	p.	PROPN
ape-3943	211	14	t.	t.	PROPN
ape-3943	211	15	(	(	PUNCT
ape-3943	211	16	1987	1987	NUM
ape-3943	211	17	)	)	PUNCT
ape-3943	211	18	.	.	PUNCT
ape-3943	212	1	business	business	NOUN
ape-3943	212	2	law	law	PROPN
ape-3943	212	3	.	.	PUNCT
ape-3943	213	1	south	south	ADJ
ape-3943	213	2	-	-	PUNCT
ape-3943	213	3	western	western	ADJ
ape-3943	213	4	publishing	publishing	PROPN
ape-3943	213	5	co.	co.	PROPN
ape-3943	213	6	usa	usa	PROPN
ape-3943	213	7	.	.	PROPN
ape-3943	213	8	www.dtcc.com/about/subs/dtc.php	www.dtcc.com/about/subs/dtc.php	VERB
ape-3943	213	9	notes	note	NOUN
ape-3943	213	10	note	note	VERB
ape-3943	213	11	1	1	NUM
ape-3943	213	12	.	.	X
ape-3943	213	13	micheler	micheler	NOUN
ape-3943	213	14	,	,	PUNCT
ape-3943	213	15	e.	e.	PROPN
ape-3943	213	16	property	property	PROPN
ape-3943	213	17	securities	security	NOUN
ape-3943	213	18	.	.	PUNCT
ape-3943	214	1	a	a	DET
ape-3943	214	2	comparative	comparative	ADJ
ape-3943	214	3	study	study	NOUN
ape-3943	214	4	.	.	PUNCT
ape-3943	214	5	,	,	PUNCT
ape-3943	214	6	cambridge	cambridge	PROPN
ape-3943	214	7	university	university	PROPN
ape-3943	214	8	press	press	NOUN
ape-3943	214	9	,	,	PUNCT
ape-3943	214	10	2007	2007	NUM
ape-3943	214	11	,	,	PUNCT
ape-3943	214	12	p.	p.	NOUN
ape-3943	214	13	227	227	NUM
ape-3943	214	14	-	-	SYM
ape-3943	214	15	228	228	NUM
ape-3943	214	16	(	(	PUNCT
ape-3943	214	17	hereinafter	hereinafter	NOUN
ape-3943	214	18	only	only	ADJ
ape-3943	214	19	micheler	micheler	NOUN
ape-3943	214	20	,	,	PUNCT
ape-3943	214	21	e.	e.	PROPN
ape-3943	214	22	property	property	PROPN
ape-3943	214	23	…	…	PUNCT
ape-3943	214	24	)	)	PUNCT
ape-3943	214	25	.	.	PUNCT
ape-3943	215	1	note	note	VERB
ape-3943	215	2	2	2	NUM
ape-3943	215	3	.	.	X
ape-3943	215	4	micheler	micheler	NOUN
ape-3943	215	5	,	,	PUNCT
ape-3943	215	6	e.	e.	PROPN
ape-3943	215	7	property	property	PROPN
ape-3943	215	8	in	in	ADP
ape-3943	215	9	securities	security	NOUN
ape-3943	215	10	.	.	PUNCT
ape-3943	216	1	a	a	DET
ape-3943	216	2	comparative	comparative	ADJ
ape-3943	216	3	study	study	NOUN
ape-3943	216	4	.	.	PUNCT
ape-3943	217	1	cambridge	cambridge	PROPN
ape-3943	217	2	university	university	PROPN
ape-3943	217	3	press	press	NOUN
ape-3943	217	4	,	,	PUNCT
ape-3943	217	5	2007	2007	NUM
ape-3943	217	6	,	,	PUNCT
ape-3943	217	7	p.	p.	NOUN
ape-3943	217	8	145	145	NUM
ape-3943	217	9	147	147	NUM
ape-3943	217	10	(	(	PUNCT
ape-3943	217	11	hereinafter	hereinafter	NOUN
ape-3943	217	12	only	only	ADJ
ape-3943	217	13	micheler	micheler	NOUN
ape-3943	217	14	,	,	PUNCT
ape-3943	217	15	e.	e.	PROPN
ape-3943	217	16	property	property	PROPN
ape-3943	217	17	…	…	PUNCT
ape-3943	217	18	)	)	PUNCT
ape-3943	217	19	.	.	PUNCT
ape-3943	218	1	regardingtherulesregulatingsecuritiesincontemporarygermanandaustrianlaw	regardingtherulesregulatingsecuritiesincontemporarygermanandaustrianlaw	NOUN
ape-3943	218	2	,	,	PUNCT
ape-3943	218	3	see	see	VERB
ape-3943	218	4	p.	p.	NOUN
ape-3943	218	5	165	165	NUM
ape-3943	218	6	and	and	CCONJ
ape-3943	218	7	the	the	DET
ape-3943	218	8	following	following	NOUN
ape-3943	218	9	.	.	PUNCT
ape-3943	219	1	note	note	VERB
ape-3943	219	2	3	3	NUM
ape-3943	219	3	.	.	X
ape-3943	219	4	micheler	micheler	NOUN
ape-3943	219	5	,	,	PUNCT
ape-3943	219	6	e.	e.	PROPN
ape-3943	219	7	property	property	PROPN
ape-3943	219	8	…	…	PUNCT
ape-3943	219	9	,	,	PUNCT
ape-3943	219	10	p.	p.	NOUN
ape-3943	219	11	182	182	NUM
ape-3943	219	12	183	183	NUM
ape-3943	219	13	.	.	PUNCT
ape-3943	220	1	note	note	VERB
ape-3943	220	2	4	4	NUM
ape-3943	220	3	.	.	X
ape-3943	220	4	micheler	micheler	NOUN
ape-3943	220	5	,	,	PUNCT
ape-3943	220	6	e.	e.	PROPN
ape-3943	220	7	,	,	PUNCT
ape-3943	220	8	property	property	NOUN
ape-3943	220	9	…	…	PUNCT
ape-3943	220	10	,	,	PUNCT
ape-3943	220	11	p.	p.	NOUN
ape-3943	220	12	192	192	NUM
ape-3943	220	13	.	.	PUNCT
ape-3943	221	1	for	for	ADP
ape-3943	221	2	more	more	ADJ
ape-3943	221	3	details	detail	NOUN
ape-3943	221	4	about	about	ADP
ape-3943	221	5	the	the	DET
ape-3943	221	6	process	process	NOUN
ape-3943	221	7	,	,	PUNCT
ape-3943	221	8	which	which	PRON
ape-3943	221	9	led	lead	VERB
ape-3943	221	10	to	to	ADP
ape-3943	221	11	taking	take	VERB
ape-3943	221	12	securities	security	NOUN
ape-3943	221	13	out	out	ADP
ape-3943	221	14	of	of	ADP
ape-3943	221	15	circulation	circulation	NOUN
ape-3943	221	16	(	(	PUNCT
ape-3943	221	17	their	their	PRON
ape-3943	221	18	immobilization	immobilization	NOUN
ape-3943	221	19	)	)	PUNCT
ape-3943	221	20	in	in	ADP
ape-3943	221	21	germany	germany	PROPN
ape-3943	221	22	and	and	CCONJ
ape-3943	221	23	austria	austria	PROPN
ape-3943	221	24	and	and	CCONJ
ape-3943	221	25	the	the	DET
ape-3943	221	26	legal	legal	ADJ
ape-3943	221	27	analysis	analysis	NOUN
ape-3943	221	28	of	of	ADP
ape-3943	221	29	that	that	DET
ape-3943	221	30	process	process	NOUN
ape-3943	221	31	,	,	PUNCT
ape-3943	221	32	see	see	VERB
ape-3943	221	33	pp	pp	PRON
ape-3943	221	34	.	.	PUNCT
ape-3943	222	1	193	193	NUM
ape-3943	222	2	–	–	SYM
ape-3943	222	3	215	215	NUM
ape-3943	222	4	.	.	PUNCT
ape-3943	223	1	note	note	NOUN
ape-3943	223	2	5	5	NUM
ape-3943	223	3	.	.	PUNCT
ape-3943	223	4	micheler	micheler	NOUN
ape-3943	223	5	,	,	PUNCT
ape-3943	223	6	e.	e.	PROPN
ape-3943	223	7	property	property	PROPN
ape-3943	223	8	…	…	PUNCT
ape-3943	223	9	,	,	PUNCT
ape-3943	223	10	pp	pp	X
ape-3943	223	11	.	.	PUNCT
ape-3943	224	1	216	216	NUM
ape-3943	224	2	221	221	NUM
ape-3943	224	3	.	.	PUNCT
ape-3943	225	1	note	note	VERB
ape-3943	225	2	6	6	NUM
ape-3943	225	3	.	.	PUNCT
ape-3943	225	4	donald	donald	PROPN
ape-3943	225	5	r.	r.	PROPN
ape-3943	225	6	fraser	fraser	PROPN
ape-3943	225	7	and	and	CCONJ
ape-3943	225	8	peter	peter	PROPN
ape-3943	225	9	s.	s.	PROPN
ape-3943	225	10	rose	rise	VERB
ape-3943	225	11	.	.	PUNCT
ape-3943	226	1	,	,	PUNCT
ape-3943	226	2	financial	financial	ADJ
ape-3943	226	3	institutions	institution	NOUN
ape-3943	226	4	and	and	CCONJ
ape-3943	226	5	markets	market	NOUN
ape-3943	226	6	in	in	ADP
ape-3943	226	7	a	a	DET
ape-3943	226	8	changing	change	VERB
ape-3943	226	9	world	world	NOUN
ape-3943	226	10	,	,	PUNCT
ape-3943	226	11	third	third	ADJ
ape-3943	226	12	edition	edition	NOUN
ape-3943	226	13	,	,	PUNCT
ape-3943	226	14	bpi	bpi	PROPN
ape-3943	226	15	,	,	PUNCT
ape-3943	226	16	usa	usa	PROPN
ape-3943	226	17	,	,	PUNCT
ape-3943	226	18	1987	1987	NUM
ape-3943	226	19	…	…	PUNCT
ape-3943	226	20	,	,	PUNCT
ape-3943	226	21	p.	p.	NOUN
ape-3943	226	22	277	277	NUM
ape-3943	226	23	.	.	PUNCT
ape-3943	227	1	more	more	ADJ
ape-3943	227	2	about	about	ADP
ape-3943	227	3	the	the	DET
ape-3943	227	4	federal	federal	ADJ
ape-3943	227	5	fund	fund	NOUN
ape-3943	227	6	market	market	NOUN
ape-3943	227	7	–	–	PUNCT
ape-3943	227	8	p.	p.	NOUN
ape-3943	227	9	277284	277284	NUM
ape-3943	227	10	(	(	PUNCT
ape-3943	227	11	hereinafter	hereinafter	VERB
ape-3943	227	12	only	only	ADV
ape-3943	227	13	donald	donald	PROPN
ape-3943	227	14	r.	r.	PROPN
ape-3943	227	15	fraser	fraser	PROPN
ape-3943	227	16	and	and	CCONJ
ape-3943	227	17	peter	peter	PROPN
ape-3943	227	18	s.	s.	PROPN
ape-3943	227	19	rose	rise	VERB
ape-3943	227	20	.	.	PUNCT
ape-3943	228	1	,	,	PUNCT
ape-3943	228	2	financial	financial	ADJ
ape-3943	228	3	…	…	PUNCT
ape-3943	228	4	)	)	PUNCT
ape-3943	228	5	.	.	PUNCT
ape-3943	229	1	note	note	VERB
ape-3943	229	2	7	7	NUM
ape-3943	229	3	.	.	X
ape-3943	229	4	bjerre	bjerre	PROPN
ape-3943	229	5	,	,	PUNCT
ape-3943	229	6	c.	c.	PROPN
ape-3943	229	7	and	and	CCONJ
ape-3943	229	8	rocks	rocks	PROPN
ape-3943	229	9	,	,	PUNCT
ape-3943	229	10	s.	s.	PROPN
ape-3943	229	11	the	the	DET
ape-3943	229	12	abcs	abc	NOUN
ape-3943	229	13	of	of	ADP
ape-3943	229	14	the	the	DET
ape-3943	229	15	ucc	ucc	PROPN
ape-3943	229	16	.	.	PROPN
ape-3943	229	17	article	article	PROPN
ape-3943	229	18	8	8	NUM
ape-3943	229	19	,	,	PUNCT
ape-3943	229	20	investment	investment	NOUN
ape-3943	229	21	securities	security	NOUN
ape-3943	229	22	,	,	PUNCT
ape-3943	229	23	2004	2004	NUM
ape-3943	229	24	,	,	PUNCT
ape-3943	229	25	p.	p.	NOUN
ape-3943	229	26	1	1	NUM
ape-3943	229	27	-	-	SYM
ape-3943	229	28	4	4	NUM
ape-3943	229	29	(	(	PUNCT
ape-3943	229	30	hereinafter	hereinafter	NOUN
ape-3943	229	31	only	only	ADV
ape-3943	229	32	bjerre	bjerre	PROPN
ape-3943	229	33	,	,	PUNCT
ape-3943	229	34	c.	c.	PROPN
ape-3943	229	35	and	and	CCONJ
ape-3943	229	36	rocks	rocks	PROPN
ape-3943	229	37	,	,	PUNCT
ape-3943	229	38	s.	s.	PROPN
ape-3943	229	39	the	the	DET
ape-3943	229	40	abcs	abcs	PROPN
ape-3943	229	41	…	…	PUNCT
ape-3943	229	42	)	)	PUNCT
ape-3943	229	43	..	..	PUNCT
ape-3943	230	1	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-3943	230	2	advances	advance	VERB
ape-3943	230	3	in	in	ADP
ape-3943	230	4	politics	politic	NOUN
ape-3943	230	5	and	and	CCONJ
ape-3943	230	6	economics	economic	NOUN
ape-3943	230	7	vol	vol	NOUN
ape-3943	230	8	.	.	PROPN
ape-3943	231	1	4	4	NUM
ape-3943	231	2	,	,	PUNCT
ape-3943	231	3	no	no	INTJ
ape-3943	231	4	.	.	NOUN
ape-3943	231	5	3	3	NUM
ape-3943	231	6	,	,	PUNCT
ape-3943	231	7	2021	2021	NUM
ape-3943	231	8	13	13	NUM
ape-3943	231	9	published	publish	VERB
ape-3943	231	10	by	by	ADP
ape-3943	231	11	scholink	scholink	PROPN
ape-3943	231	12	inc	inc	PROPN
ape-3943	231	13	.	.	PROPN
ape-3943	232	1	note	note	PROPN
ape-3943	232	2	8	8	NUM
ape-3943	232	3	.	.	PUNCT
ape-3943	232	4	www.dtcc.com/about/subs/dtc.php	www.dtcc.com/about/subs/dtc.php	VERB
ape-3943	232	5	note	note	VERB
ape-3943	232	6	9	9	NUM
ape-3943	232	7	.	.	PUNCT
ape-3943	232	8	ronald	ronald	PROPN
ape-3943	232	9	a.	a.	PROPN
ape-3943	232	10	anderson	anderson	PROPN
ape-3943	232	11	,	,	PUNCT
ape-3943	232	12	ivan	ivan	PROPN
ape-3943	232	13	fox	fox	PROPN
ape-3943	232	14	and	and	CCONJ
ape-3943	232	15	david	david	PROPN
ape-3943	232	16	p.	p.	PROPN
ape-3943	232	17	twomey	twomey	PROPN
ape-3943	232	18	.	.	PUNCT
ape-3943	233	1	,	,	PUNCT
ape-3943	233	2	buseness	buseness	ADJ
ape-3943	233	3	law	law	NOUN
ape-3943	233	4	,	,	PUNCT
ape-3943	233	5	south	south	ADJ
ape-3943	233	6	–	–	PUNCT
ape-3943	233	7	western	western	ADJ
ape-3943	233	8	publishing	publishing	PROPN
ape-3943	233	9	co.	co.	PROPN
ape-3943	233	10	,	,	PUNCT
ape-3943	233	11	usa	usa	PROPN
ape-3943	233	12	,	,	PUNCT
ape-3943	233	13	1987	1987	NUM
ape-3943	233	14	,	,	PUNCT
ape-3943	233	15	p.	p.	NOUN
ape-3943	233	16	860	860	NUM
ape-3943	233	17	–	–	PUNCT
ape-3943	233	18	861	861	NUM
ape-3943	233	19	.	.	PUNCT
ape-3943	234	1	for	for	ADP
ape-3943	234	2	more	more	ADJ
ape-3943	234	3	about	about	ADP
ape-3943	234	4	share	share	NOUN
ape-3943	234	5	capital	capital	NOUN
ape-3943	234	6	,	,	PUNCT
ape-3943	234	7	transferring	transferring	NOUN
ape-3943	234	8	of	of	ADP
ape-3943	234	9	shares	share	NOUN
ape-3943	234	10	and	and	CCONJ
ape-3943	234	11	shareholders	shareholder	NOUN
ape-3943	234	12	’	'	PUNCT
ape-3943	234	13	rights	right	NOUN
ape-3943	234	14	and	and	CCONJ
ape-3943	234	15	obligations	obligation	NOUN
ape-3943	234	16	,	,	PUNCT
ape-3943	234	17	see	see	VERB
ape-3943	234	18	pp	pp	PRON
ape-3943	234	19	.	.	PUNCT
ape-3943	235	1	839	839	NUM
ape-3943	235	2	–	–	PUNCT
ape-3943	235	3	863	863	NUM
ape-3943	235	4	.	.	PUNCT