id	sid	tid	token	lemma	pos
cblr-11898	1	1	mythical	mythical	ADJ
cblr-11898	1	2	unicorns	unicorn	NOUN
cblr-11898	1	3	and	and	CCONJ
cblr-11898	1	4	how	how	SCONJ
cblr-11898	1	5	to	to	PART
cblr-11898	1	6	find	find	VERB
cblr-11898	1	7	them	they	PRON
cblr-11898	1	8	:	:	PUNCT
cblr-11898	1	9	the	the	DET
cblr-11898	1	10	disclosure	disclosure	PROPN
cblr-11898	1	11	revolution	revolution	PROPN
cblr-11898	1	12	anat	anat	PROPN
cblr-11898	1	13	alon	alon	PROPN
cblr-11898	1	14	-	-	PUNCT
cblr-11898	1	15	beck	beck	PROPN
cblr-11898	1	16	*	*	PROPN
cblr-11898	2	1	john	john	PROPN
cblr-11898	2	2	livingstone	livingstone	PROPN
cblr-11898	2	3	*	*	PROPN
cblr-11898	2	4	*	*	PUNCT
cblr-11898	2	5	our	our	PRON
cblr-11898	2	6	federal	federal	ADJ
cblr-11898	2	7	and	and	CCONJ
cblr-11898	2	8	state	state	NOUN
cblr-11898	2	9	securities	security	NOUN
cblr-11898	2	10	laws	law	NOUN
cblr-11898	2	11	are	be	AUX
cblr-11898	2	12	centered	center	VERB
cblr-11898	2	13	around	around	ADP
cblr-11898	2	14	two	two	NUM
cblr-11898	2	15	vital	vital	ADJ
cblr-11898	2	16	requirements	requirement	NOUN
cblr-11898	2	17	for	for	ADP
cblr-11898	2	18	economic	economic	ADJ
cblr-11898	2	19	growth	growth	NOUN
cblr-11898	2	20	:	:	PUNCT
cblr-11898	2	21	capital	capital	NOUN
cblr-11898	2	22	formation	formation	NOUN
cblr-11898	2	23	and	and	CCONJ
cblr-11898	2	24	investor	investor	NOUN
cblr-11898	2	25	protection	protection	NOUN
cblr-11898	2	26	.	.	PUNCT
cblr-11898	3	1	section	section	NOUN
cblr-11898	3	2	12(g	12(g	NUM
cblr-11898	3	3	)	)	PUNCT
cblr-11898	3	4	sits	sit	VERB
cblr-11898	3	5	in	in	ADP
cblr-11898	3	6	the	the	DET
cblr-11898	3	7	middle	middle	NOUN
cblr-11898	3	8	of	of	ADP
cblr-11898	3	9	these	these	DET
cblr-11898	3	10	two	two	NUM
cblr-11898	3	11	concepts	concept	NOUN
cblr-11898	3	12	by	by	ADP
cblr-11898	3	13	attempting	attempt	VERB
cblr-11898	3	14	to	to	PART
cblr-11898	3	15	ensure	ensure	VERB
cblr-11898	3	16	the	the	DET
cblr-11898	3	17	latter	latter	ADJ
cblr-11898	3	18	without	without	ADP
cblr-11898	3	19	jeopardizing	jeopardize	VERB
cblr-11898	3	20	the	the	DET
cblr-11898	3	21	former	former	NOUN
cblr-11898	3	22	.	.	PUNCT
cblr-11898	4	1	however	however	ADV
cblr-11898	4	2	,	,	PUNCT
cblr-11898	4	3	since	since	SCONJ
cblr-11898	4	4	the	the	DET
cblr-11898	4	5	passage	passage	NOUN
cblr-11898	4	6	of	of	ADP
cblr-11898	4	7	the	the	DET
cblr-11898	4	8	jumpstart	jumpstart	NOUN
cblr-11898	4	9	our	our	PRON
cblr-11898	4	10	business	business	NOUN
cblr-11898	4	11	startups	startup	NOUN
cblr-11898	4	12	(	(	PUNCT
cblr-11898	4	13	“	"	PUNCT
cblr-11898	4	14	jobs	job	NOUN
cblr-11898	4	15	”	"	PUNCT
cblr-11898	4	16	)	)	PUNCT
cblr-11898	4	17	act	act	NOUN
cblr-11898	4	18	in	in	ADP
cblr-11898	4	19	2012	2012	NUM
cblr-11898	4	20	,	,	PUNCT
cblr-11898	4	21	exempt	exempt	ADJ
cblr-11898	4	22	capital	capital	NOUN
cblr-11898	4	23	formation	formation	NOUN
cblr-11898	4	24	in	in	ADP
cblr-11898	4	25	the	the	DET
cblr-11898	4	26	unregulated	unregulated	ADJ
cblr-11898	4	27	private	private	ADJ
cblr-11898	4	28	market	market	NOUN
cblr-11898	4	29	has	have	AUX
cblr-11898	4	30	increased	increase	VERB
cblr-11898	4	31	dramatically	dramatically	ADV
cblr-11898	4	32	.	.	PUNCT
cblr-11898	5	1	at	at	ADP
cblr-11898	5	2	the	the	DET
cblr-11898	5	3	same	same	ADJ
cblr-11898	5	4	time	time	NOUN
cblr-11898	5	5	,	,	PUNCT
cblr-11898	5	6	new	new	ADJ
cblr-11898	5	7	ways	way	NOUN
cblr-11898	5	8	of	of	ADP
cblr-11898	5	9	investing	invest	VERB
cblr-11898	5	10	in	in	ADP
cblr-11898	5	11	these	these	DET
cblr-11898	5	12	spaces	space	NOUN
cblr-11898	5	13	have	have	AUX
cblr-11898	5	14	been	be	AUX
cblr-11898	5	15	opened	open	VERB
cblr-11898	5	16	for	for	ADP
cblr-11898	5	17	retail	retail	ADJ
cblr-11898	5	18	investors	investor	NOUN
cblr-11898	5	19	.	.	PUNCT
cblr-11898	6	1	the	the	DET
cblr-11898	6	2	result	result	NOUN
cblr-11898	6	3	has	have	AUX
cblr-11898	6	4	been	be	AUX
cblr-11898	6	5	the	the	DET
cblr-11898	6	6	exposure	exposure	NOUN
cblr-11898	6	7	of	of	ADP
cblr-11898	6	8	an	an	DET
cblr-11898	6	9	increasing	increase	VERB
cblr-11898	6	10	amount	amount	NOUN
cblr-11898	6	11	of	of	ADP
cblr-11898	6	12	the	the	DET
cblr-11898	6	13	public	public	NOUN
cblr-11898	6	14	’s	’s	PART
cblr-11898	6	15	capital	capital	NOUN
cblr-11898	6	16	to	to	ADP
cblr-11898	6	17	riskier	risky	ADJ
cblr-11898	6	18	investments	investment	NOUN
cblr-11898	6	19	in	in	ADP
cblr-11898	6	20	a	a	DET
cblr-11898	6	21	sphere	sphere	NOUN
cblr-11898	6	22	where	where	SCONJ
cblr-11898	6	23	information	information	NOUN
cblr-11898	6	24	is	be	AUX
cblr-11898	6	25	unavailable	unavailable	ADJ
cblr-11898	6	26	in	in	ADP
cblr-11898	6	27	the	the	DET
cblr-11898	6	28	best	good	ADJ
cblr-11898	6	29	of	of	ADP
cblr-11898	6	30	times	time	NOUN
cblr-11898	6	31	and	and	CCONJ
cblr-11898	6	32	deliberately	deliberately	ADV
cblr-11898	6	33	hidden	hide	VERB
cblr-11898	6	34	in	in	ADP
cblr-11898	6	35	the	the	DET
cblr-11898	6	36	worst	bad	ADJ
cblr-11898	6	37	.	.	PUNCT
cblr-11898	7	1	for	for	ADP
cblr-11898	7	2	founders	founder	NOUN
cblr-11898	7	3	of	of	ADP
cblr-11898	7	4	large	large	ADJ
cblr-11898	7	5	private	private	ADJ
cblr-11898	7	6	tech	tech	NOUN
cblr-11898	7	7	companies	company	NOUN
cblr-11898	7	8	and	and	CCONJ
cblr-11898	7	9	their	their	PRON
cblr-11898	7	10	sophisticated	sophisticated	ADJ
cblr-11898	7	11	investors	investor	NOUN
cblr-11898	7	12	,	,	PUNCT
cblr-11898	7	13	this	this	DET
cblr-11898	7	14	structure	structure	NOUN
cblr-11898	7	15	remains	remain	VERB
cblr-11898	7	16	advantageous	advantageous	ADJ
cblr-11898	7	17	.	.	PUNCT
cblr-11898	8	1	they	they	PRON
cblr-11898	8	2	are	be	AUX
cblr-11898	8	3	capable	capable	ADJ
cblr-11898	8	4	of	of	ADP
cblr-11898	8	5	raising	raise	VERB
cblr-11898	8	6	large	large	ADJ
cblr-11898	8	7	sums	sum	NOUN
cblr-11898	8	8	of	of	ADP
cblr-11898	8	9	capital	capital	NOUN
cblr-11898	8	10	,	,	PUNCT
cblr-11898	8	11	something	something	PRON
cblr-11898	8	12	normally	normally	ADV
cblr-11898	8	13	only	only	ADV
cblr-11898	8	14	done	do	VERB
cblr-11898	8	15	by	by	ADP
cblr-11898	8	16	public	public	ADJ
cblr-11898	8	17	companies	company	NOUN
cblr-11898	8	18	,	,	PUNCT
cblr-11898	8	19	while	while	SCONJ
cblr-11898	8	20	avoiding	avoid	VERB
cblr-11898	8	21	the	the	DET
cblr-11898	8	22	costs	cost	NOUN
cblr-11898	8	23	associated	associate	VERB
cblr-11898	8	24	with	with	ADP
cblr-11898	8	25	our	our	PRON
cblr-11898	8	26	disclosure	disclosure	NOUN
cblr-11898	8	27	regime	regime	NOUN
cblr-11898	8	28	.	.	PUNCT
cblr-11898	9	1	they	they	PRON
cblr-11898	9	2	care	care	VERB
cblr-11898	9	3	little	little	ADJ
cblr-11898	9	4	about	about	ADP
cblr-11898	9	5	the	the	DET
cblr-11898	9	6	corporate	corporate	ADJ
cblr-11898	9	7	governance	governance	NOUN
cblr-11898	9	8	responsibilities	responsibility	NOUN
cblr-11898	9	9	of	of	ADP
cblr-11898	9	10	running	run	VERB
cblr-11898	9	11	large	large	ADJ
cblr-11898	9	12	companies	company	NOUN
cblr-11898	9	13	and	and	CCONJ
cblr-11898	9	14	protect	protect	VERB
cblr-11898	9	15	their	their	PRON
cblr-11898	9	16	interests	interest	NOUN
cblr-11898	9	17	above	above	ADP
cblr-11898	9	18	that	that	PRON
cblr-11898	9	19	of	of	ADP
cblr-11898	9	20	the	the	DET
cblr-11898	9	21	company	company	NOUN
cblr-11898	9	22	as	as	ADP
cblr-11898	9	23	a	a	DET
cblr-11898	9	24	whole	whole	NOUN
cblr-11898	9	25	.	.	PUNCT
cblr-11898	10	1	minority	minority	NOUN
cblr-11898	10	2	investors	investor	NOUN
cblr-11898	10	3	,	,	PUNCT
cblr-11898	10	4	primarily	primarily	ADV
cblr-11898	10	5	employees	employee	NOUN
cblr-11898	10	6	and	and	CCONJ
cblr-11898	10	7	,	,	PUNCT
cblr-11898	10	8	in	in	ADP
cblr-11898	10	9	increasing	increase	VERB
cblr-11898	10	10	numbers	number	NOUN
cblr-11898	10	11	,	,	PUNCT
cblr-11898	10	12	retail	retail	ADJ
cblr-11898	10	13	investors	investor	NOUN
cblr-11898	10	14	,	,	PUNCT
cblr-11898	10	15	are	be	AUX
cblr-11898	10	16	left	leave	VERB
cblr-11898	10	17	in	in	ADP
cblr-11898	10	18	the	the	DET
cblr-11898	10	19	dark	dark	NOUN
cblr-11898	10	20	without	without	ADP
cblr-11898	10	21	an	an	DET
cblr-11898	10	22	ability	ability	NOUN
cblr-11898	10	23	to	to	PART
cblr-11898	10	24	diversify	diversify	VERB
cblr-11898	10	25	and	and	CCONJ
cblr-11898	10	26	mitigate	mitigate	VERB
cblr-11898	10	27	risk	risk	NOUN
cblr-11898	10	28	.	.	PUNCT
cblr-11898	11	1	*	*	PUNCT
cblr-11898	11	2	assistant	assistant	NOUN
cblr-11898	11	3	professor	professor	NOUN
cblr-11898	11	4	,	,	PUNCT
cblr-11898	11	5	case	case	NOUN
cblr-11898	11	6	western	western	PROPN
cblr-11898	11	7	reserve	reserve	PROPN
cblr-11898	11	8	university	university	PROPN
cblr-11898	11	9	school	school	NOUN
cblr-11898	11	10	of	of	ADP
cblr-11898	11	11	law	law	NOUN
cblr-11898	11	12	.	.	PUNCT
cblr-11898	12	1	*	*	PUNCT
cblr-11898	12	2	*	*	PUNCT
cblr-11898	12	3	jd	jd	PROPN
cblr-11898	12	4	,	,	PUNCT
cblr-11898	12	5	case	case	NOUN
cblr-11898	12	6	western	western	PROPN
cblr-11898	12	7	reserve	reserve	PROPN
cblr-11898	12	8	university	university	PROPN
cblr-11898	12	9	school	school	NOUN
cblr-11898	12	10	of	of	ADP
cblr-11898	12	11	law	law	NOUN
cblr-11898	12	12	.	.	PUNCT
cblr-11898	13	1	instructor	instructor	NOUN
cblr-11898	13	2	,	,	PUNCT
cblr-11898	13	3	accounting	accounting	NOUN
cblr-11898	13	4	department	department	PROPN
cblr-11898	13	5	,	,	PUNCT
cblr-11898	13	6	haas	haas	PROPN
cblr-11898	13	7	school	school	PROPN
cblr-11898	13	8	of	of	ADP
cblr-11898	13	9	business	business	PROPN
cblr-11898	13	10	university	university	PROPN
cblr-11898	13	11	of	of	ADP
cblr-11898	13	12	california	california	PROPN
cblr-11898	13	13	,	,	PUNCT
cblr-11898	13	14	berkeley	berkeley	PROPN
cblr-11898	13	15	.	.	PUNCT
cblr-11898	14	1	for	for	ADP
cblr-11898	14	2	comments	comment	NOUN
cblr-11898	14	3	and	and	CCONJ
cblr-11898	14	4	suggestions	suggestion	NOUN
cblr-11898	14	5	,	,	PUNCT
cblr-11898	14	6	thanks	thank	NOUN
cblr-11898	14	7	are	be	AUX
cblr-11898	14	8	due	due	ADJ
cblr-11898	14	9	to	to	ADP
cblr-11898	14	10	commissioner	commissioner	PROPN
cblr-11898	14	11	allison	allison	PROPN
cblr-11898	14	12	herren	herren	PROPN
cblr-11898	14	13	lee	lee	PROPN
cblr-11898	14	14	,	,	PUNCT
cblr-11898	14	15	yifat	yifat	PROPN
cblr-11898	14	16	aran	aran	NOUN
cblr-11898	14	17	,	,	PUNCT
cblr-11898	14	18	ann	ann	PROPN
cblr-11898	14	19	lipton	lipton	PROPN
cblr-11898	14	20	,	,	PUNCT
cblr-11898	14	21	andrew	andrew	PROPN
cblr-11898	14	22	tuch	tuch	PROPN
cblr-11898	14	23	,	,	PUNCT
cblr-11898	14	24	jay	jay	PROPN
cblr-11898	14	25	ritter	ritter	PROPN
cblr-11898	14	26	,	,	PUNCT
cblr-11898	14	27	patrick	patrick	PROPN
cblr-11898	14	28	corrigan	corrigan	PROPN
cblr-11898	14	29	,	,	PUNCT
cblr-11898	14	30	christina	christina	PROPN
cblr-11898	14	31	danberg	danberg	PROPN
cblr-11898	14	32	,	,	PUNCT
cblr-11898	14	33	jake	jake	PROPN
cblr-11898	14	34	diana	diana	PROPN
cblr-11898	14	35	,	,	PUNCT
cblr-11898	14	36	bob	bob	PROPN
cblr-11898	14	37	rapp	rapp	PROPN
cblr-11898	14	38	,	,	PUNCT
cblr-11898	14	39	juliet	juliet	PROPN
cblr-11898	14	40	kostritsky	kostritsky	PROPN
cblr-11898	14	41	,	,	PUNCT
cblr-11898	14	42	charlie	charlie	PROPN
cblr-11898	14	43	korsmo	korsmo	PROPN
cblr-11898	14	44	,	,	PUNCT
cblr-11898	14	45	usha	usha	PROPN
cblr-11898	14	46	rodrigues	rodrigues	PROPN
cblr-11898	14	47	,	,	PUNCT
cblr-11898	14	48	and	and	CCONJ
cblr-11898	14	49	cassandra	cassandra	PROPN
cblr-11898	14	50	robertson	robertson	PROPN
cblr-11898	14	51	.	.	PUNCT
cblr-11898	15	1	all	all	DET
cblr-11898	15	2	errors	error	NOUN
cblr-11898	15	3	are	be	AUX
cblr-11898	15	4	our	our	PRON
cblr-11898	15	5	own	own	ADJ
cblr-11898	15	6	.	.	PUNCT
cblr-11898	16	1	70	70	NUM
cblr-11898	16	2	columbia	columbia	PROPN
cblr-11898	16	3	business	business	NOUN
cblr-11898	16	4	law	law	PROPN
cblr-11898	16	5	review	review	NOUN
cblr-11898	16	6	[	[	X
cblr-11898	16	7	vol	vol	NOUN
cblr-11898	16	8	.	.	PUNCT
cblr-11898	16	9	2023	2023	NUM
cblr-11898	16	10	this	this	DET
cblr-11898	16	11	article	article	NOUN
cblr-11898	16	12	gives	give	VERB
cblr-11898	16	13	recommendations	recommendation	NOUN
cblr-11898	16	14	on	on	ADP
cblr-11898	16	15	reforms	reform	NOUN
cblr-11898	16	16	to	to	ADP
cblr-11898	16	17	section	section	NOUN
cblr-11898	16	18	12(g	12(g	NUM
cblr-11898	16	19	)	)	PUNCT
cblr-11898	16	20	in	in	ADP
cblr-11898	16	21	order	order	NOUN
cblr-11898	16	22	to	to	PART
cblr-11898	16	23	bring	bring	VERB
cblr-11898	16	24	more	more	ADJ
cblr-11898	16	25	companies	company	NOUN
cblr-11898	16	26	into	into	ADP
cblr-11898	16	27	the	the	DET
cblr-11898	16	28	public	public	ADJ
cblr-11898	16	29	reporting	reporting	NOUN
cblr-11898	16	30	sphere	sphere	ADV
cblr-11898	16	31	without	without	ADP
cblr-11898	16	32	jeopardizing	jeopardize	VERB
cblr-11898	16	33	the	the	DET
cblr-11898	16	34	capital	capital	NOUN
cblr-11898	16	35	formation	formation	NOUN
cblr-11898	16	36	process	process	NOUN
cblr-11898	16	37	.	.	PUNCT
cblr-11898	17	1	i.	i.	PROPN
cblr-11898	17	2	introduction	introduction	NOUN
cblr-11898	17	3	...................................................................	...................................................................	PUNCT
cblr-11898	17	4	70	70	NUM
cblr-11898	17	5	ii	ii	NOUN
cblr-11898	17	6	.	.	PUNCT
cblr-11898	18	1	clearing	clear	VERB
cblr-11898	18	2	the	the	DET
cblr-11898	18	3	“	"	PUNCT
cblr-11898	18	4	street	street	NOUN
cblr-11898	18	5	”	"	PUNCT
cblr-11898	18	6	for	for	ADP
cblr-11898	18	7	private	private	ADJ
cblr-11898	18	8	growth	growth	NOUN
cblr-11898	18	9	....................	....................	PUNCT
cblr-11898	19	1	75	75	NUM
cblr-11898	19	2	a.	a.	NOUN
cblr-11898	19	3	consolidation	consolidation	NOUN
cblr-11898	19	4	of	of	ADP
cblr-11898	19	5	equity	equity	NOUN
cblr-11898	19	6	..........................................	..........................................	PUNCT
cblr-11898	19	7	76	76	NUM
cblr-11898	19	8	b.	b.	PROPN
cblr-11898	19	9	disclosure	disclosure	PROPN
cblr-11898	19	10	arbitrage	arbitrage	PROPN
cblr-11898	19	11	...............................................	...............................................	PUNCT
cblr-11898	19	12	80	80	NUM
cblr-11898	19	13	c.	c.	NOUN
cblr-11898	19	14	practical	practical	ADJ
cblr-11898	19	15	enforcement	enforcement	NOUN
cblr-11898	19	16	and	and	CCONJ
cblr-11898	19	17	modernization	modernization	NOUN
cblr-11898	19	18	...........	...........	PUNCT
cblr-11898	19	19	85	85	NUM
cblr-11898	19	20	d.	d.	NOUN
cblr-11898	19	21	exempt	exempt	ADJ
cblr-11898	19	22	offerings	offering	NOUN
cblr-11898	19	23	....................................................	....................................................	PUNCT
cblr-11898	19	24	88	88	NUM
cblr-11898	19	25	iii	iii	NOUN
cblr-11898	19	26	.	.	PUNCT
cblr-11898	20	1	the	the	DET
cblr-11898	20	2	effects	effect	NOUN
cblr-11898	20	3	of	of	ADP
cblr-11898	20	4	10	10	NUM
cblr-11898	20	5	years	year	NOUN
cblr-11898	20	6	in	in	ADP
cblr-11898	20	7	the	the	DET
cblr-11898	20	8	wild	wild	ADJ
cblr-11898	20	9	west	west	NOUN
cblr-11898	20	10	....................	....................	PUNCT
cblr-11898	21	1	93	93	NUM
cblr-11898	21	2	iv	iv	NOUN
cblr-11898	21	3	.	.	PUNCT
cblr-11898	21	4	going	go	VERB
cblr-11898	21	5	dark	dark	ADJ
cblr-11898	21	6	....................................................................	....................................................................	PUNCT
cblr-11898	22	1	98	98	NUM
cblr-11898	22	2	a.	a.	NOUN
cblr-11898	22	3	the	the	DET
cblr-11898	22	4	growth	growth	NOUN
cblr-11898	22	5	of	of	ADP
cblr-11898	22	6	private	private	ADJ
cblr-11898	22	7	markets	market	NOUN
cblr-11898	22	8	.............................	.............................	PUNCT
cblr-11898	22	9	98	98	NUM
cblr-11898	22	10	b.	b.	NOUN
cblr-11898	22	11	the	the	DET
cblr-11898	22	12	impact	impact	NOUN
cblr-11898	22	13	on	on	ADP
cblr-11898	22	14	investors	investor	NOUN
cblr-11898	22	15	and	and	CCONJ
cblr-11898	22	16	the	the	DET
cblr-11898	22	17	economy	economy	NOUN
cblr-11898	22	18	.........	.........	PUNCT
cblr-11898	22	19	103	103	NUM
cblr-11898	22	20	v.	v.	ADP
cblr-11898	22	21	suggestions	suggestion	NOUN
cblr-11898	22	22	for	for	ADP
cblr-11898	22	23	reform	reform	NOUN
cblr-11898	22	24	...............................................	...............................................	PUNCT
cblr-11898	22	25	106	106	NUM
cblr-11898	22	26	vi	vi	NOUN
cblr-11898	22	27	.	.	PUNCT
cblr-11898	22	28	conclusion	conclusion	NOUN
cblr-11898	22	29	...................................................................	...................................................................	PUNCT
cblr-11898	22	30	111	111	NUM
cblr-11898	22	31	i.	i.	NOUN
cblr-11898	22	32	introduction	introduction	NOUN
cblr-11898	22	33	“	"	PUNCT
cblr-11898	22	34	working	work	VERB
cblr-11898	22	35	people	people	NOUN
cblr-11898	22	36	’s	’s	PART
cblr-11898	22	37	money	money	NOUN
cblr-11898	22	38	should	should	AUX
cblr-11898	22	39	not	not	PART
cblr-11898	22	40	be	be	AUX
cblr-11898	22	41	the	the	DET
cblr-11898	22	42	play	play	NOUN
cblr-11898	22	43	toys	toy	NOUN
cblr-11898	22	44	of	of	ADP
cblr-11898	22	45	a	a	DET
cblr-11898	22	46	bunch	bunch	NOUN
cblr-11898	22	47	of	of	ADP
cblr-11898	22	48	idiots	idiot	NOUN
cblr-11898	22	49	.	.	PUNCT
cblr-11898	22	50	.	.	PUNCT
cblr-11898	22	51	.	.	PUNCT
cblr-11898	23	1	there	there	PRON
cblr-11898	23	2	’s	’	VERB
cblr-11898	23	3	a	a	DET
cblr-11898	23	4	lot	lot	NOUN
cblr-11898	23	5	of	of	ADP
cblr-11898	23	6	people	people	NOUN
cblr-11898	23	7	in	in	ADP
cblr-11898	23	8	this	this	PRON
cblr-11898	23	9	who	who	PRON
cblr-11898	23	10	make	make	VERB
cblr-11898	23	11	a	a	DET
cblr-11898	23	12	lot	lot	NOUN
cblr-11898	23	13	of	of	ADP
cblr-11898	23	14	money	money	NOUN
cblr-11898	23	15	off	off	ADP
cblr-11898	23	16	of	of	ADP
cblr-11898	23	17	just	just	ADV
cblr-11898	23	18	a	a	DET
cblr-11898	23	19	lot	lot	NOUN
cblr-11898	23	20	of	of	ADP
cblr-11898	23	21	hoohah	hoohah	NOUN
cblr-11898	23	22	.	.	PUNCT
cblr-11898	23	23	”	"	PUNCT
cblr-11898	24	1	the	the	DET
cblr-11898	24	2	hon	hon	PROPN
cblr-11898	24	3	.	.	PUNCT
cblr-11898	25	1	leo	leo	PROPN
cblr-11898	25	2	strine	strine	PROPN
cblr-11898	25	3	section	section	PROPN
cblr-11898	25	4	12(g	12(g	NUM
cblr-11898	25	5	)	)	PUNCT
cblr-11898	25	6	of	of	ADP
cblr-11898	25	7	the	the	DET
cblr-11898	25	8	securities	securities	PROPN
cblr-11898	25	9	exchange	exchange	PROPN
cblr-11898	25	10	act	act	NOUN
cblr-11898	25	11	of	of	ADP
cblr-11898	25	12	1934	1934	NUM
cblr-11898	25	13	(	(	PUNCT
cblr-11898	25	14	“	"	PUNCT
cblr-11898	25	15	’	'	PUNCT
cblr-11898	25	16	34	34	NUM
cblr-11898	25	17	act	act	NOUN
cblr-11898	25	18	”	"	PUNCT
cblr-11898	25	19	)	)	PUNCT
cblr-11898	25	20	has	have	AUX
cblr-11898	25	21	been	be	AUX
cblr-11898	25	22	referred	refer	VERB
cblr-11898	25	23	to	to	ADP
cblr-11898	25	24	as	as	ADP
cblr-11898	25	25	“	"	PUNCT
cblr-11898	25	26	an	an	DET
cblr-11898	25	27	obscure	obscure	ADJ
cblr-11898	25	28	provision	provision	NOUN
cblr-11898	25	29	”	"	PUNCT
cblr-11898	25	30	and	and	CCONJ
cblr-11898	25	31	increasingly	increasingly	ADV
cblr-11898	25	32	irrelevant	irrelevant	ADJ
cblr-11898	25	33	for	for	ADP
cblr-11898	25	34	nearly	nearly	ADV
cblr-11898	25	35	two	two	NUM
cblr-11898	25	36	decades	decade	NOUN
cblr-11898	25	37	.	.	PUNCT
cblr-11898	26	1	yet	yet	ADV
cblr-11898	26	2	for	for	ADP
cblr-11898	26	3	all	all	PRON
cblr-11898	26	4	of	of	ADP
cblr-11898	26	5	its	its	PRON
cblr-11898	26	6	supposed	suppose	VERB
cblr-11898	26	7	irrelevance	irrelevance	NOUN
cblr-11898	26	8	,	,	PUNCT
cblr-11898	26	9	it	it	PRON
cblr-11898	26	10	was	be	AUX
cblr-11898	26	11	amended	amend	VERB
cblr-11898	26	12	in	in	ADP
cblr-11898	26	13	2012	2012	NUM
cblr-11898	26	14	via	via	ADP
cblr-11898	26	15	the	the	DET
cblr-11898	26	16	jumpstart	jumpstart	NOUN
cblr-11898	26	17	our	our	PRON
cblr-11898	26	18	business	business	NOUN
cblr-11898	26	19	startups	startup	NOUN
cblr-11898	26	20	act	act	NOUN
cblr-11898	26	21	(	(	PUNCT
cblr-11898	26	22	“	"	PUNCT
cblr-11898	26	23	jobs	job	NOUN
cblr-11898	26	24	act	act	NOUN
cblr-11898	26	25	”	"	PUNCT
cblr-11898	26	26	)	)	PUNCT
cblr-11898	26	27	to	to	PART
cblr-11898	26	28	remove	remove	VERB
cblr-11898	26	29	what	what	PRON
cblr-11898	26	30	little	little	ADJ
cblr-11898	26	31	regulatory	regulatory	ADJ
cblr-11898	26	32	teeth	tooth	NOUN
cblr-11898	26	33	it	it	PRON
cblr-11898	26	34	had	have	AUX
cblr-11898	26	35	left	leave	VERB
cblr-11898	26	36	.	.	PUNCT
cblr-11898	27	1	following	follow	VERB
cblr-11898	27	2	these	these	DET
cblr-11898	27	3	supposedly	supposedly	ADV
cblr-11898	27	4	needed	need	VERB
cblr-11898	27	5	changes	change	NOUN
cblr-11898	27	6	and	and	CCONJ
cblr-11898	27	7	combined	combine	VERB
cblr-11898	27	8	with	with	ADP
cblr-11898	27	9	the	the	DET
cblr-11898	27	10	other	other	ADJ
cblr-11898	27	11	provisions	provision	NOUN
cblr-11898	27	12	of	of	ADP
cblr-11898	27	13	the	the	DET
cblr-11898	27	14	jobs	job	NOUN
cblr-11898	27	15	act	act	PROPN
cblr-11898	27	16	,	,	PUNCT
cblr-11898	27	17	we	we	PRON
cblr-11898	27	18	have	have	AUX
cblr-11898	27	19	seen	see	VERB
cblr-11898	27	20	fundamental	fundamental	ADJ
cblr-11898	27	21	shifts	shift	NOUN
cblr-11898	27	22	in	in	ADP
cblr-11898	27	23	how	how	SCONJ
cblr-11898	27	24	capital	capital	NOUN
cblr-11898	27	25	is	be	AUX
cblr-11898	27	26	raised	raise	VERB
cblr-11898	27	27	and	and	CCONJ
cblr-11898	27	28	in	in	ADP
cblr-11898	27	29	the	the	DET
cblr-11898	27	30	expected	expected	ADJ
cblr-11898	27	31	ipo	ipo	NOUN
cblr-11898	27	32	cycles	cycle	NOUN
cblr-11898	27	33	.	.	PUNCT
cblr-11898	28	1	thanks	thank	NOUN
cblr-11898	28	2	to	to	ADP
cblr-11898	28	3	the	the	DET
cblr-11898	28	4	increase	increase	NOUN
cblr-11898	28	5	in	in	ADP
cblr-11898	28	6	section	section	NOUN
cblr-11898	28	7	12(g	12(g	NUM
cblr-11898	28	8	)	)	PUNCT
cblr-11898	28	9	thresholds	threshold	NOUN
cblr-11898	28	10	and	and	CCONJ
cblr-11898	28	11	the	the	DET
cblr-11898	28	12	easing	easing	NOUN
cblr-11898	28	13	of	of	ADP
cblr-11898	28	14	exempt	exempt	ADJ
cblr-11898	28	15	capital	capital	NOUN
cblr-11898	28	16	raising	raise	VERB
cblr-11898	28	17	restrictions	restriction	NOUN
cblr-11898	28	18	under	under	ADP
cblr-11898	28	19	regulation	regulation	NOUN
cblr-11898	28	20	no	no	NOUN
cblr-11898	28	21	.	.	NOUN
cblr-11898	28	22	1	1	NUM
cblr-11898	28	23	]	]	X
cblr-11898	28	24	mythical	mythical	ADJ
cblr-11898	28	25	unicorns	unicorn	NOUN
cblr-11898	28	26	and	and	CCONJ
cblr-11898	28	27	how	how	SCONJ
cblr-11898	28	28	to	to	PART
cblr-11898	28	29	find	find	VERB
cblr-11898	28	30	them	they	PRON
cblr-11898	28	31	71	71	NUM
cblr-11898	28	32	d	d	NOUN
cblr-11898	28	33	,	,	PUNCT
cblr-11898	28	34	it	it	PRON
cblr-11898	28	35	is	be	AUX
cblr-11898	28	36	far	far	ADV
cblr-11898	28	37	easier	easy	ADJ
cblr-11898	28	38	for	for	SCONJ
cblr-11898	28	39	companies	company	NOUN
cblr-11898	28	40	to	to	PART
cblr-11898	28	41	stay	stay	VERB
cblr-11898	28	42	private	private	ADJ
cblr-11898	28	43	longer	long	ADV
cblr-11898	28	44	and	and	CCONJ
cblr-11898	28	45	grow	grow	VERB
cblr-11898	28	46	to	to	ADP
cblr-11898	28	47	staggering	staggering	ADJ
cblr-11898	28	48	sizes	size	NOUN
cblr-11898	28	49	.	.	PUNCT
cblr-11898	29	1	we	we	PRON
cblr-11898	29	2	present	present	VERB
cblr-11898	29	3	empirical	empirical	ADJ
cblr-11898	29	4	findings	finding	NOUN
cblr-11898	29	5	to	to	PART
cblr-11898	29	6	suggest	suggest	VERB
cblr-11898	29	7	that	that	SCONJ
cblr-11898	29	8	in	in	ADP
cblr-11898	29	9	the	the	DET
cblr-11898	29	10	tenyear	tenyear	ADJ
cblr-11898	29	11	period	period	NOUN
cblr-11898	29	12	since	since	SCONJ
cblr-11898	29	13	the	the	DET
cblr-11898	29	14	passage	passage	NOUN
cblr-11898	29	15	of	of	ADP
cblr-11898	29	16	the	the	DET
cblr-11898	29	17	jobs	job	NOUN
cblr-11898	29	18	act	act	PROPN
cblr-11898	29	19	,	,	PUNCT
cblr-11898	29	20	the	the	DET
cblr-11898	29	21	average	average	ADJ
cblr-11898	29	22	number	number	NOUN
cblr-11898	29	23	of	of	ADP
cblr-11898	29	24	shareholders	shareholder	NOUN
cblr-11898	29	25	of	of	ADP
cblr-11898	29	26	record	record	NOUN
cblr-11898	29	27	in	in	ADP
cblr-11898	29	28	unicorn	unicorn	ADJ
cblr-11898	29	29	ipos	ipos	NOUN
cblr-11898	29	30	doubled	double	VERB
cblr-11898	29	31	(	(	PUNCT
cblr-11898	29	32	and	and	CCONJ
cblr-11898	29	33	had	have	VERB
cblr-11898	29	34	the	the	DET
cblr-11898	29	35	limits	limit	NOUN
cblr-11898	29	36	remained	remain	VERB
cblr-11898	29	37	,	,	PUNCT
cblr-11898	29	38	the	the	DET
cblr-11898	29	39	average	average	ADJ
cblr-11898	29	40	unicorn	unicorn	NOUN
cblr-11898	29	41	ipo	ipo	PROPN
cblr-11898	29	42	now	now	ADV
cblr-11898	29	43	would	would	AUX
cblr-11898	29	44	be	be	AUX
cblr-11898	29	45	in	in	ADP
cblr-11898	29	46	violation	violation	NOUN
cblr-11898	29	47	of	of	ADP
cblr-11898	29	48	12(g)).1	12(g)).1	PROPN
cblr-11898	29	49	relying	rely	VERB
cblr-11898	29	50	on	on	ADP
cblr-11898	29	51	a	a	DET
cblr-11898	29	52	hand	hand	NOUN
cblr-11898	29	53	-	-	PUNCT
cblr-11898	29	54	collected	collect	VERB
cblr-11898	29	55	data	datum	NOUN
cblr-11898	29	56	set	set	VERB
cblr-11898	29	57	consisting	consist	VERB
cblr-11898	29	58	of	of	ADP
cblr-11898	29	59	sec	sec	PROPN
cblr-11898	29	60	public	public	ADJ
cblr-11898	29	61	filings	filing	NOUN
cblr-11898	29	62	,	,	PUNCT
cblr-11898	29	63	we	we	PRON
cblr-11898	29	64	found	find	VERB
cblr-11898	29	65	that	that	SCONJ
cblr-11898	29	66	many	many	ADJ
cblr-11898	29	67	companies	company	NOUN
cblr-11898	29	68	have	have	VERB
cblr-11898	29	69	substantially	substantially	ADV
cblr-11898	29	70	more	more	ADV
cblr-11898	29	71	beneficial	beneficial	ADJ
cblr-11898	29	72	owners	owner	NOUN
cblr-11898	29	73	than	than	ADP
cblr-11898	29	74	their	their	PRON
cblr-11898	29	75	shareholder	shareholder	NOUN
cblr-11898	29	76	of	of	ADP
cblr-11898	29	77	record	record	NOUN
cblr-11898	29	78	count	count	NOUN
cblr-11898	29	79	would	would	AUX
cblr-11898	29	80	indicate.2	indicate.2	PROPN
cblr-11898	29	81	we	we	PRON
cblr-11898	29	82	also	also	ADV
cblr-11898	29	83	show	show	VERB
cblr-11898	29	84	that	that	SCONJ
cblr-11898	29	85	there	there	PRON
cblr-11898	29	86	is	be	VERB
cblr-11898	29	87	an	an	DET
cblr-11898	29	88	increasing	increase	VERB
cblr-11898	29	89	number	number	NOUN
cblr-11898	29	90	of	of	ADP
cblr-11898	29	91	companies	company	NOUN
cblr-11898	29	92	that	that	PRON
cblr-11898	29	93	are	be	AUX
cblr-11898	29	94	going	go	VERB
cblr-11898	29	95	public	public	ADJ
cblr-11898	29	96	in	in	ADP
cblr-11898	29	97	violation	violation	NOUN
cblr-11898	29	98	of	of	ADP
cblr-11898	29	99	the	the	DET
cblr-11898	29	100	new	new	ADJ
cblr-11898	29	101	12(g	12(g	NUM
cblr-11898	29	102	)	)	PUNCT
cblr-11898	30	1	limits.3	limits.3	VERB
cblr-11898	30	2	finally	finally	ADV
cblr-11898	30	3	,	,	PUNCT
cblr-11898	30	4	we	we	PRON
cblr-11898	30	5	shed	shed	VERB
cblr-11898	30	6	light	light	NOUN
cblr-11898	30	7	on	on	ADP
cblr-11898	30	8	new	new	ADJ
cblr-11898	30	9	practices	practice	NOUN
cblr-11898	30	10	that	that	PRON
cblr-11898	30	11	these	these	DET
cblr-11898	30	12	companies	company	NOUN
cblr-11898	30	13	are	be	AUX
cblr-11898	30	14	using	use	VERB
cblr-11898	30	15	which	which	PRON
cblr-11898	30	16	indicate	indicate	VERB
cblr-11898	30	17	that	that	SCONJ
cblr-11898	30	18	they	they	PRON
cblr-11898	30	19	are	be	AUX
cblr-11898	30	20	fully	fully	ADV
cblr-11898	30	21	aware	aware	ADJ
cblr-11898	30	22	that	that	SCONJ
cblr-11898	30	23	they	they	PRON
cblr-11898	30	24	are	be	AUX
cblr-11898	30	25	in	in	ADP
cblr-11898	30	26	violation	violation	NOUN
cblr-11898	30	27	of	of	ADP
cblr-11898	30	28	relevant	relevant	ADJ
cblr-11898	30	29	securities	security	NOUN
cblr-11898	30	30	laws	law	NOUN
cblr-11898	30	31	.	.	PUNCT
cblr-11898	31	1	we	we	PRON
cblr-11898	31	2	look	look	VERB
cblr-11898	31	3	at	at	ADP
cblr-11898	31	4	the	the	DET
cblr-11898	31	5	fact	fact	NOUN
cblr-11898	31	6	that	that	SCONJ
cblr-11898	31	7	their	their	PRON
cblr-11898	31	8	own	own	ADJ
cblr-11898	31	9	disclosures	disclosure	NOUN
cblr-11898	31	10	on	on	ADP
cblr-11898	31	11	edgar	edgar	PROPN
cblr-11898	31	12	show	show	VERB
cblr-11898	31	13	that	that	SCONJ
cblr-11898	31	14	they	they	PRON
cblr-11898	31	15	are	be	AUX
cblr-11898	31	16	using	use	VERB
cblr-11898	31	17	a	a	DET
cblr-11898	31	18	variety	variety	NOUN
cblr-11898	31	19	of	of	ADP
cblr-11898	31	20	techniques	technique	NOUN
cblr-11898	31	21	to	to	PART
cblr-11898	31	22	avoid	avoid	VERB
cblr-11898	31	23	12(g	12(g	NUM
cblr-11898	31	24	)	)	PUNCT
cblr-11898	31	25	,	,	PUNCT
cblr-11898	31	26	either	either	CCONJ
cblr-11898	31	27	overtly	overtly	ADV
cblr-11898	31	28	or	or	CCONJ
cblr-11898	31	29	in	in	ADP
cblr-11898	31	30	spirit	spirit	NOUN
cblr-11898	31	31	.	.	PUNCT
cblr-11898	32	1	given	give	VERB
cblr-11898	32	2	the	the	DET
cblr-11898	32	3	market	market	NOUN
cblr-11898	32	4	-	-	PUNCT
cblr-11898	32	5	leading	lead	VERB
cblr-11898	32	6	role	role	NOUN
cblr-11898	32	7	of	of	ADP
cblr-11898	32	8	these	these	DET
cblr-11898	32	9	large	large	ADJ
cblr-11898	32	10	firms	firm	NOUN
cblr-11898	32	11	,	,	PUNCT
cblr-11898	32	12	one	one	PRON
cblr-11898	32	13	must	must	AUX
cblr-11898	32	14	ask	ask	VERB
cblr-11898	32	15	whether	whether	SCONJ
cblr-11898	32	16	the	the	DET
cblr-11898	32	17	regulation	regulation	NOUN
cblr-11898	32	18	requires	require	VERB
cblr-11898	32	19	an	an	DET
cblr-11898	32	20	update	update	NOUN
cblr-11898	32	21	,	,	PUNCT
cblr-11898	32	22	or	or	CCONJ
cblr-11898	32	23	rather	rather	ADV
cblr-11898	32	24	a	a	DET
cblr-11898	32	25	restoration	restoration	NOUN
cblr-11898	32	26	,	,	PUNCT
cblr-11898	32	27	to	to	PART
cblr-11898	32	28	ensure	ensure	VERB
cblr-11898	32	29	that	that	SCONJ
cblr-11898	32	30	it	it	PRON
cblr-11898	32	31	addresses	address	VERB
cblr-11898	32	32	the	the	DET
cblr-11898	32	33	original	original	ADJ
cblr-11898	32	34	intent	intent	NOUN
cblr-11898	32	35	behind	behind	ADP
cblr-11898	32	36	its	its	PRON
cblr-11898	32	37	passage	passage	NOUN
cblr-11898	32	38	.	.	PUNCT
cblr-11898	33	1	in	in	ADP
cblr-11898	33	2	our	our	PRON
cblr-11898	33	3	opinion	opinion	NOUN
cblr-11898	33	4	,	,	PUNCT
cblr-11898	33	5	it	it	PRON
cblr-11898	33	6	is	be	AUX
cblr-11898	33	7	failing	fail	VERB
cblr-11898	33	8	dramatically	dramatically	ADV
cblr-11898	33	9	in	in	ADP
cblr-11898	33	10	its	its	PRON
cblr-11898	33	11	current	current	ADJ
cblr-11898	33	12	form	form	NOUN
cblr-11898	33	13	.	.	PUNCT
cblr-11898	34	1	when	when	SCONJ
cblr-11898	34	2	congress	congress	PROPN
cblr-11898	34	3	implemented	implement	VERB
cblr-11898	34	4	section	section	NOUN
cblr-11898	34	5	12(g	12(g	NUM
cblr-11898	34	6	)	)	PUNCT
cblr-11898	34	7	in	in	ADP
cblr-11898	34	8	1964	1964	NUM
cblr-11898	34	9	at	at	ADP
cblr-11898	34	10	the	the	DET
cblr-11898	34	11	behest	behest	NOUN
cblr-11898	34	12	of	of	ADP
cblr-11898	34	13	the	the	DET
cblr-11898	34	14	securities	securities	PROPN
cblr-11898	34	15	and	and	CCONJ
cblr-11898	34	16	exchange	exchange	PROPN
cblr-11898	34	17	commission	commission	PROPN
cblr-11898	34	18	(	(	PUNCT
cblr-11898	34	19	“	"	PUNCT
cblr-11898	34	20	sec	sec	PROPN
cblr-11898	34	21	”	"	PUNCT
cblr-11898	34	22	)	)	PUNCT
cblr-11898	34	23	,	,	PUNCT
cblr-11898	34	24	it	it	PRON
cblr-11898	34	25	did	do	VERB
cblr-11898	34	26	so	so	ADV
cblr-11898	34	27	to	to	PART
cblr-11898	34	28	address	address	VERB
cblr-11898	34	29	companies	company	NOUN
cblr-11898	34	30	which	which	PRON
cblr-11898	34	31	already	already	ADV
cblr-11898	34	32	had	have	VERB
cblr-11898	34	33	significant	significant	ADJ
cblr-11898	34	34	exposure	exposure	NOUN
cblr-11898	34	35	to	to	ADP
cblr-11898	34	36	the	the	DET
cblr-11898	34	37	investing	investing	NOUN
cblr-11898	34	38	public	public	NOUN
cblr-11898	34	39	but	but	CCONJ
cblr-11898	34	40	were	be	AUX
cblr-11898	34	41	not	not	PART
cblr-11898	34	42	required	require	VERB
cblr-11898	34	43	to	to	PART
cblr-11898	34	44	comply	comply	VERB
cblr-11898	34	45	with	with	ADP
cblr-11898	34	46	the	the	DET
cblr-11898	34	47	typical	typical	ADJ
cblr-11898	34	48	reporting	reporting	NOUN
cblr-11898	34	49	regime	regime	NOUN
cblr-11898	34	50	associated	associate	VERB
cblr-11898	34	51	with	with	ADP
cblr-11898	34	52	public	public	ADJ
cblr-11898	34	53	trading	trading	NOUN
cblr-11898	34	54	.	.	PUNCT
cblr-11898	35	1	congress	congress	PROPN
cblr-11898	35	2	designed	design	VERB
cblr-11898	35	3	the	the	DET
cblr-11898	35	4	regulation	regulation	NOUN
cblr-11898	35	5	to	to	PART
cblr-11898	35	6	address	address	VERB
cblr-11898	35	7	widely	widely	ADV
cblr-11898	35	8	held	hold	VERB
cblr-11898	35	9	and	and	CCONJ
cblr-11898	35	10	widely	widely	ADV
cblr-11898	35	11	traded	trade	VERB
cblr-11898	35	12	private	private	ADJ
cblr-11898	35	13	companies	company	NOUN
cblr-11898	35	14	.	.	PUNCT
cblr-11898	36	1	however	however	ADV
cblr-11898	36	2	,	,	PUNCT
cblr-11898	36	3	much	much	ADJ
cblr-11898	36	4	has	have	AUX
cblr-11898	36	5	changed	change	VERB
cblr-11898	36	6	in	in	ADP
cblr-11898	36	7	the	the	DET
cblr-11898	36	8	past	past	ADJ
cblr-11898	36	9	six	six	NUM
cblr-11898	36	10	decades	decade	NOUN
cblr-11898	36	11	regarding	regard	VERB
cblr-11898	36	12	how	how	SCONJ
cblr-11898	36	13	we	we	PRON
cblr-11898	36	14	own	own	VERB
cblr-11898	36	15	and	and	CCONJ
cblr-11898	36	16	trade	trade	NOUN
cblr-11898	36	17	securities	security	NOUN
cblr-11898	36	18	,	,	PUNCT
cblr-11898	36	19	how	how	SCONJ
cblr-11898	36	20	we	we	PRON
cblr-11898	36	21	maintain	maintain	VERB
cblr-11898	36	22	information	information	NOUN
cblr-11898	36	23	about	about	ADP
cblr-11898	36	24	these	these	DET
cblr-11898	36	25	securities	security	NOUN
cblr-11898	36	26	,	,	PUNCT
cblr-11898	36	27	and	and	CCONJ
cblr-11898	36	28	the	the	DET
cblr-11898	36	29	size	size	NOUN
cblr-11898	36	30	and	and	CCONJ
cblr-11898	36	31	scale	scale	NOUN
cblr-11898	36	32	of	of	ADP
cblr-11898	36	33	companies	company	NOUN
cblr-11898	36	34	.	.	PUNCT
cblr-11898	37	1	the	the	DET
cblr-11898	37	2	purpose	purpose	NOUN
cblr-11898	37	3	behind	behind	ADP
cblr-11898	37	4	all	all	PRON
cblr-11898	37	5	of	of	ADP
cblr-11898	37	6	our	our	PRON
cblr-11898	37	7	securities	security	NOUN
cblr-11898	37	8	regulations	regulation	NOUN
cblr-11898	37	9	,	,	PUNCT
cblr-11898	37	10	to	to	PART
cblr-11898	37	11	protect	protect	VERB
cblr-11898	37	12	investors	investor	NOUN
cblr-11898	37	13	and	and	CCONJ
cblr-11898	37	14	allow	allow	VERB
cblr-11898	37	15	for	for	ADP
cblr-11898	37	16	efficient	efficient	ADJ
cblr-11898	37	17	allocation	allocation	NOUN
cblr-11898	37	18	of	of	ADP
cblr-11898	37	19	capital	capital	NOUN
cblr-11898	37	20	by	by	ADP
cblr-11898	37	21	providing	provide	VERB
cblr-11898	37	22	access	access	NOUN
cblr-11898	37	23	to	to	ADP
cblr-11898	37	24	accurate	accurate	ADJ
cblr-11898	37	25	1	1	NUM
cblr-11898	37	26	see	see	NOUN
cblr-11898	37	27	infra	infra	NOUN
cblr-11898	37	28	section	section	NOUN
cblr-11898	37	29	iv	iv	NUM
cblr-11898	37	30	2	2	NUM
cblr-11898	37	31	see	see	NOUN
cblr-11898	37	32	infra	infra	NOUN
cblr-11898	37	33	section	section	NOUN
cblr-11898	37	34	iv	iv	NOUN
cblr-11898	37	35	.	.	PUNCT
cblr-11898	37	36	3	3	NUM
cblr-11898	37	37	see	see	VERB
cblr-11898	37	38	infra	infra	NOUN
cblr-11898	37	39	section	section	NOUN
cblr-11898	37	40	iv	iv	NUM
cblr-11898	37	41	.	.	PROPN
cblr-11898	37	42	72	72	NUM
cblr-11898	37	43	columbia	columbia	PROPN
cblr-11898	37	44	business	business	NOUN
cblr-11898	37	45	law	law	PROPN
cblr-11898	37	46	review	review	NOUN
cblr-11898	37	47	[	[	X
cblr-11898	37	48	vol	vol	NOUN
cblr-11898	37	49	.	.	PUNCT
cblr-11898	38	1	2023	2023	NUM
cblr-11898	38	2	information	information	NOUN
cblr-11898	38	3	,	,	PUNCT
cblr-11898	38	4	is	be	AUX
cblr-11898	38	5	unchanged	unchanged	ADJ
cblr-11898	38	6	.	.	PUNCT
cblr-11898	39	1	on	on	ADP
cblr-11898	39	2	the	the	DET
cblr-11898	39	3	other	other	ADJ
cblr-11898	39	4	hand	hand	NOUN
cblr-11898	39	5	,	,	PUNCT
cblr-11898	39	6	many	many	ADJ
cblr-11898	39	7	of	of	ADP
cblr-11898	39	8	the	the	DET
cblr-11898	39	9	provisions	provision	NOUN
cblr-11898	39	10	implemented	implement	VERB
cblr-11898	39	11	as	as	ADP
cblr-11898	39	12	a	a	DET
cblr-11898	39	13	result	result	NOUN
cblr-11898	39	14	of	of	ADP
cblr-11898	39	15	limitations	limitation	NOUN
cblr-11898	39	16	to	to	PART
cblr-11898	39	17	technology	technology	NOUN
cblr-11898	39	18	have	have	AUX
cblr-11898	39	19	not	not	PART
cblr-11898	39	20	been	be	AUX
cblr-11898	39	21	updated	update	VERB
cblr-11898	39	22	to	to	PART
cblr-11898	39	23	reflect	reflect	VERB
cblr-11898	39	24	the	the	DET
cblr-11898	39	25	modern	modern	ADJ
cblr-11898	39	26	features	feature	NOUN
cblr-11898	39	27	of	of	ADP
cblr-11898	39	28	our	our	PRON
cblr-11898	39	29	current	current	ADJ
cblr-11898	39	30	market	market	NOUN
cblr-11898	39	31	environment	environment	NOUN
cblr-11898	39	32	.	.	PUNCT
cblr-11898	40	1	the	the	DET
cblr-11898	40	2	sec	sec	PROPN
cblr-11898	40	3	is	be	AUX
cblr-11898	40	4	preparing	prepare	VERB
cblr-11898	40	5	to	to	PART
cblr-11898	40	6	change	change	VERB
cblr-11898	40	7	this	this	PRON
cblr-11898	40	8	and	and	CCONJ
cblr-11898	40	9	demand	demand	VERB
cblr-11898	40	10	more	more	ADJ
cblr-11898	40	11	transparency	transparency	NOUN
cblr-11898	40	12	from	from	ADP
cblr-11898	40	13	large	large	ADJ
cblr-11898	40	14	venture	venture	NOUN
cblr-11898	40	15	-	-	PUNCT
cblr-11898	40	16	backed	back	VERB
cblr-11898	40	17	technology	technology	NOUN
cblr-11898	40	18	firms	firm	NOUN
cblr-11898	40	19	valued	value	VERB
cblr-11898	40	20	at	at	ADP
cblr-11898	40	21	over	over	ADP
cblr-11898	40	22	$	$	SYM
cblr-11898	40	23	1	1	NUM
cblr-11898	40	24	billion	billion	NUM
cblr-11898	40	25	or	or	CCONJ
cblr-11898	40	26	more	more	ADJ
cblr-11898	40	27	,	,	PUNCT
cblr-11898	40	28	called	call	VERB
cblr-11898	40	29	“	"	PUNCT
cblr-11898	40	30	unicorns	unicorn	NOUN
cblr-11898	40	31	.	.	PUNCT
cblr-11898	40	32	”4	”4	NOUN
cblr-11898	40	33	regulators	regulator	NOUN
cblr-11898	40	34	are	be	AUX
cblr-11898	40	35	concerned	concern	VERB
cblr-11898	40	36	with	with	ADP
cblr-11898	40	37	the	the	DET
cblr-11898	40	38	lack	lack	NOUN
cblr-11898	40	39	of	of	ADP
cblr-11898	40	40	oversight	oversight	NOUN
cblr-11898	40	41	of	of	ADP
cblr-11898	40	42	the	the	DET
cblr-11898	40	43	private	private	ADJ
cblr-11898	40	44	fundraising	fundraising	NOUN
cblr-11898	40	45	that	that	PRON
cblr-11898	40	46	has	have	AUX
cblr-11898	40	47	fueled	fuel	VERB
cblr-11898	40	48	the	the	DET
cblr-11898	40	49	rise	rise	NOUN
cblr-11898	40	50	of	of	ADP
cblr-11898	40	51	these	these	DET
cblr-11898	40	52	firms	firm	NOUN
cblr-11898	40	53	.	.	PUNCT
cblr-11898	41	1	the	the	DET
cblr-11898	41	2	obvious	obvious	ADJ
cblr-11898	41	3	question	question	NOUN
cblr-11898	41	4	would	would	AUX
cblr-11898	41	5	be	be	AUX
cblr-11898	41	6	:	:	PUNCT
cblr-11898	41	7	why	why	SCONJ
cblr-11898	41	8	should	should	AUX
cblr-11898	41	9	section	section	VERB
cblr-11898	41	10	12(g	12(g	NUM
cblr-11898	41	11	)	)	PUNCT
cblr-11898	41	12	be	be	AUX
cblr-11898	41	13	reformed	reform	VERB
cblr-11898	41	14	before	before	ADP
cblr-11898	41	15	any	any	DET
cblr-11898	41	16	other	other	ADJ
cblr-11898	41	17	regulation	regulation	NOUN
cblr-11898	41	18	?	?	PUNCT
cblr-11898	42	1	some	some	PRON
cblr-11898	42	2	would	would	AUX
cblr-11898	42	3	argue	argue	VERB
cblr-11898	42	4	that	that	SCONJ
cblr-11898	42	5	targeting	target	VERB
cblr-11898	42	6	the	the	DET
cblr-11898	42	7	exemptions	exemption	NOUN
cblr-11898	42	8	for	for	ADP
cblr-11898	42	9	unregistered	unregistered	ADJ
cblr-11898	42	10	offerings	offering	NOUN
cblr-11898	42	11	may	may	AUX
cblr-11898	42	12	have	have	VERB
cblr-11898	42	13	more	more	ADJ
cblr-11898	42	14	of	of	ADP
cblr-11898	42	15	an	an	DET
cblr-11898	42	16	impact	impact	NOUN
cblr-11898	42	17	.	.	PUNCT
cblr-11898	43	1	in	in	ADP
cblr-11898	43	2	our	our	PRON
cblr-11898	43	3	view	view	NOUN
cblr-11898	43	4	,	,	PUNCT
cblr-11898	43	5	however	however	ADV
cblr-11898	43	6	,	,	PUNCT
cblr-11898	43	7	section	section	NOUN
cblr-11898	43	8	12(g	12(g	NUM
cblr-11898	43	9	)	)	PUNCT
cblr-11898	43	10	is	be	AUX
cblr-11898	43	11	squarely	squarely	ADV
cblr-11898	43	12	situated	situate	VERB
cblr-11898	43	13	within	within	ADP
cblr-11898	43	14	the	the	DET
cblr-11898	43	15	middle	middle	NOUN
cblr-11898	43	16	of	of	ADP
cblr-11898	43	17	the	the	DET
cblr-11898	43	18	problem	problem	NOUN
cblr-11898	43	19	:	:	PUNCT
cblr-11898	43	20	a	a	DET
cblr-11898	43	21	loophole	loophole	NOUN
cblr-11898	43	22	at	at	ADP
cblr-11898	43	23	the	the	DET
cblr-11898	43	24	point	point	NOUN
cblr-11898	43	25	at	at	ADP
cblr-11898	43	26	which	which	PRON
cblr-11898	43	27	capital	capital	NOUN
cblr-11898	43	28	formation	formation	NOUN
cblr-11898	43	29	and	and	CCONJ
cblr-11898	43	30	investor	investor	NOUN
cblr-11898	43	31	protection	protection	NOUN
cblr-11898	43	32	clash	clash	VERB
cblr-11898	43	33	.	.	PUNCT
cblr-11898	44	1	its	its	PRON
cblr-11898	44	2	thresholds	threshold	NOUN
cblr-11898	44	3	allow	allow	VERB
cblr-11898	44	4	companies	company	NOUN
cblr-11898	44	5	to	to	PART
cblr-11898	44	6	raise	raise	VERB
cblr-11898	44	7	capital	capital	NOUN
cblr-11898	44	8	from	from	ADP
cblr-11898	44	9	large	large	ADJ
cblr-11898	44	10	pools	pool	NOUN
cblr-11898	44	11	of	of	ADP
cblr-11898	44	12	investors	investor	NOUN
cblr-11898	44	13	,	,	PUNCT
cblr-11898	44	14	both	both	CCONJ
cblr-11898	44	15	public	public	ADJ
cblr-11898	44	16	and	and	CCONJ
cblr-11898	44	17	private	private	ADJ
cblr-11898	44	18	,	,	PUNCT
cblr-11898	44	19	and	and	CCONJ
cblr-11898	44	20	avoid	avoid	VERB
cblr-11898	44	21	making	make	VERB
cblr-11898	44	22	the	the	DET
cblr-11898	44	23	disclosures	disclosure	NOUN
cblr-11898	44	24	typically	typically	ADV
cblr-11898	44	25	associated	associate	VERB
cblr-11898	44	26	with	with	ADP
cblr-11898	44	27	such	such	ADJ
cblr-11898	44	28	formation	formation	NOUN
cblr-11898	44	29	activities	activity	NOUN
cblr-11898	44	30	.	.	PUNCT
cblr-11898	45	1	from	from	ADP
cblr-11898	45	2	the	the	DET
cblr-11898	45	3	outset	outset	NOUN
cblr-11898	45	4	,	,	PUNCT
cblr-11898	45	5	it	it	PRON
cblr-11898	45	6	must	must	AUX
cblr-11898	45	7	be	be	AUX
cblr-11898	45	8	noted	note	VERB
cblr-11898	45	9	that	that	SCONJ
cblr-11898	45	10	our	our	PRON
cblr-11898	45	11	largest	large	ADJ
cblr-11898	45	12	concern	concern	NOUN
cblr-11898	45	13	stems	stem	VERB
cblr-11898	45	14	from	from	ADP
cblr-11898	45	15	the	the	DET
cblr-11898	45	16	increase	increase	NOUN
cblr-11898	45	17	in	in	ADP
cblr-11898	45	18	public	public	ADJ
cblr-11898	45	19	capital	capital	NOUN
cblr-11898	45	20	,	,	PUNCT
cblr-11898	45	21	particularly	particularly	ADV
cblr-11898	45	22	from	from	ADP
cblr-11898	45	23	pension	pension	NOUN
cblr-11898	45	24	funds	fund	NOUN
cblr-11898	45	25	and	and	CCONJ
cblr-11898	45	26	other	other	ADJ
cblr-11898	45	27	retirement	retirement	NOUN
cblr-11898	45	28	vessels	vessel	NOUN
cblr-11898	45	29	,	,	PUNCT
cblr-11898	45	30	flowing	flow	VERB
cblr-11898	45	31	into	into	ADP
cblr-11898	45	32	private	private	ADJ
cblr-11898	45	33	markets	market	NOUN
cblr-11898	45	34	with	with	ADP
cblr-11898	45	35	few	few	ADJ
cblr-11898	45	36	disclosure	disclosure	NOUN
cblr-11898	45	37	mechanisms	mechanism	NOUN
cblr-11898	45	38	in	in	ADP
cblr-11898	45	39	place	place	NOUN
cblr-11898	45	40	to	to	PART
cblr-11898	45	41	protect	protect	VERB
cblr-11898	45	42	it	it	PRON
cblr-11898	45	43	.	.	PUNCT
cblr-11898	46	1	if	if	SCONJ
cblr-11898	46	2	the	the	DET
cblr-11898	46	3	sec	sec	PROPN
cblr-11898	46	4	seeks	seek	VERB
cblr-11898	46	5	to	to	PART
cblr-11898	46	6	liberate	liberate	VERB
cblr-11898	46	7	access	access	NOUN
cblr-11898	46	8	to	to	ADP
cblr-11898	46	9	participation	participation	NOUN
cblr-11898	46	10	in	in	ADP
cblr-11898	46	11	these	these	DET
cblr-11898	46	12	private	private	ADJ
cblr-11898	46	13	markets	market	NOUN
cblr-11898	46	14	,	,	PUNCT
cblr-11898	46	15	there	there	PRON
cblr-11898	46	16	must	must	AUX
cblr-11898	46	17	be	be	AUX
cblr-11898	46	18	at	at	ADP
cblr-11898	46	19	least	least	ADJ
cblr-11898	46	20	some	some	PRON
cblr-11898	46	21	consideration	consideration	NOUN
cblr-11898	46	22	given	give	VERB
cblr-11898	46	23	to	to	ADP
cblr-11898	46	24	protective	protective	ADJ
cblr-11898	46	25	measures	measure	NOUN
cblr-11898	46	26	.	.	PUNCT
cblr-11898	47	1	while	while	SCONJ
cblr-11898	47	2	we	we	PRON
cblr-11898	47	3	do	do	AUX
cblr-11898	47	4	not	not	PART
cblr-11898	47	5	object	object	VERB
cblr-11898	47	6	to	to	ADP
cblr-11898	47	7	this	this	DET
cblr-11898	47	8	liberation	liberation	NOUN
cblr-11898	47	9	as	as	SCONJ
cblr-11898	47	10	we	we	PRON
cblr-11898	47	11	believe	believe	VERB
cblr-11898	47	12	it	it	PRON
cblr-11898	47	13	may	may	AUX
cblr-11898	47	14	be	be	AUX
cblr-11898	47	15	beneficial	beneficial	ADJ
cblr-11898	47	16	in	in	ADP
cblr-11898	47	17	addressing	address	VERB
cblr-11898	47	18	systemic	systemic	ADJ
cblr-11898	47	19	economic	economic	ADJ
cblr-11898	47	20	inequality	inequality	NOUN
cblr-11898	47	21	,	,	PUNCT
cblr-11898	47	22	it	it	PRON
cblr-11898	47	23	must	must	AUX
cblr-11898	47	24	be	be	AUX
cblr-11898	47	25	done	do	VERB
cblr-11898	47	26	responsibly	responsibly	ADV
cblr-11898	47	27	.	.	PUNCT
cblr-11898	48	1	in	in	ADP
cblr-11898	48	2	addition	addition	NOUN
cblr-11898	48	3	to	to	ADP
cblr-11898	48	4	protecting	protect	VERB
cblr-11898	48	5	public	public	ADJ
cblr-11898	48	6	capital	capital	NOUN
cblr-11898	48	7	,	,	PUNCT
cblr-11898	48	8	minority	minority	NOUN
cblr-11898	48	9	shareholders	shareholder	NOUN
cblr-11898	48	10	and	and	CCONJ
cblr-11898	48	11	later	later	ADJ
cblr-11898	48	12	-	-	PUNCT
cblr-11898	48	13	stage	stage	NOUN
cblr-11898	48	14	investors	investor	NOUN
cblr-11898	48	15	are	be	AUX
cblr-11898	48	16	at	at	ADP
cblr-11898	48	17	significant	significant	ADJ
cblr-11898	48	18	risk	risk	NOUN
cblr-11898	48	19	should	should	AUX
cblr-11898	48	20	section	section	VERB
cblr-11898	48	21	12(g	12(g	NUM
cblr-11898	48	22	)	)	PUNCT
cblr-11898	48	23	not	not	PART
cblr-11898	48	24	be	be	AUX
cblr-11898	48	25	reformed	reform	VERB
cblr-11898	48	26	.	.	PUNCT
cblr-11898	49	1	employees	employee	NOUN
cblr-11898	49	2	,	,	PUNCT
cblr-11898	49	3	the	the	DET
cblr-11898	49	4	largest	large	ADJ
cblr-11898	49	5	group	group	NOUN
cblr-11898	49	6	of	of	ADP
cblr-11898	49	7	minority	minority	NOUN
cblr-11898	49	8	shareholders	shareholder	NOUN
cblr-11898	49	9	,	,	PUNCT
cblr-11898	49	10	do	do	AUX
cblr-11898	49	11	not	not	PART
cblr-11898	49	12	have	have	VERB
cblr-11898	49	13	access	access	NOUN
cblr-11898	49	14	to	to	ADP
cblr-11898	49	15	information	information	NOUN
cblr-11898	49	16	normally	normally	ADV
cblr-11898	49	17	provided	provide	VERB
cblr-11898	49	18	by	by	ADP
cblr-11898	49	19	disclosure	disclosure	NOUN
cblr-11898	49	20	mechanisms	mechanism	NOUN
cblr-11898	49	21	to	to	ADP
cblr-11898	49	22	4	4	NUM
cblr-11898	49	23	paul	paul	PROPN
cblr-11898	49	24	kiernan	kiernan	PROPN
cblr-11898	49	25	,	,	PUNCT
cblr-11898	49	26	sec	sec	PROPN
cblr-11898	49	27	pushes	push	VERB
cblr-11898	49	28	for	for	ADP
cblr-11898	49	29	more	more	ADJ
cblr-11898	49	30	transparency	transparency	NOUN
cblr-11898	49	31	from	from	ADP
cblr-11898	49	32	private	private	ADJ
cblr-11898	49	33	companies	company	NOUN
cblr-11898	49	34	,	,	PUNCT
cblr-11898	49	35	wall	wall	PROPN
cblr-11898	49	36	st	st	PROPN
cblr-11898	49	37	.	.	PROPN
cblr-11898	49	38	j.	j.	PROPN
cblr-11898	49	39	(	(	PUNCT
cblr-11898	49	40	jan	jan	PROPN
cblr-11898	49	41	.	.	PROPN
cblr-11898	49	42	10	10	NUM
cblr-11898	49	43	,	,	PUNCT
cblr-11898	49	44	2022	2022	NUM
cblr-11898	49	45	)	)	PUNCT
cblr-11898	49	46	,	,	PUNCT
cblr-11898	50	1	https://www.wsj.com/articles/secpushes-for-more-transparency-from-private-companies-11641752489	https://www.wsj.com/articles/secpushes-for-more-transparency-from-private-companies-11641752489	NOUN
cblr-11898	50	2	[	[	X
cblr-11898	50	3	https://perma.cc/yxm9-tfeu	https://perma.cc/yxm9-tfeu	X
cblr-11898	50	4	]	]	X
cblr-11898	50	5	(	(	PUNCT
cblr-11898	50	6	“	"	PUNCT
cblr-11898	50	7	‘	'	PUNCT
cblr-11898	50	8	unicorn	unicorn	ADJ
cblr-11898	50	9	’	'	PUNCT
cblr-11898	50	10	firms	firm	NOUN
cblr-11898	50	11	have	have	VERB
cblr-11898	50	12	a	a	DET
cblr-11898	50	13	huge	huge	ADJ
cblr-11898	50	14	impact	impact	NOUN
cblr-11898	50	15	and	and	CCONJ
cblr-11898	50	16	‘	'	PUNCT
cblr-11898	50	17	absolutely	absolutely	ADV
cblr-11898	50	18	no	no	PRON
cblr-11898	50	19	visibility	visibility	NOUN
cblr-11898	50	20	’	'	PUNCT
cblr-11898	50	21	for	for	ADP
cblr-11898	50	22	regulators	regulator	NOUN
cblr-11898	50	23	,	,	PUNCT
cblr-11898	50	24	says	say	VERB
cblr-11898	50	25	sec	sec	PROPN
cblr-11898	50	26	commissioner	commissioner	PROPN
cblr-11898	50	27	allison	allison	PROPN
cblr-11898	50	28	lee	lee	PROPN
cblr-11898	50	29	.	.	PUNCT
cblr-11898	50	30	”	"	PUNCT
cblr-11898	50	31	)	)	PUNCT
cblr-11898	50	32	.	.	PUNCT
cblr-11898	51	1	no	no	INTJ
cblr-11898	51	2	.	.	NOUN
cblr-11898	52	1	1	1	NUM
cblr-11898	52	2	]	]	X
cblr-11898	52	3	mythical	mythical	ADJ
cblr-11898	52	4	unicorns	unicorn	NOUN
cblr-11898	52	5	and	and	CCONJ
cblr-11898	52	6	how	how	SCONJ
cblr-11898	52	7	to	to	PART
cblr-11898	52	8	find	find	VERB
cblr-11898	52	9	them	they	PRON
cblr-11898	52	10	73	73	NUM
cblr-11898	52	11	allow	allow	VERB
cblr-11898	52	12	them	they	PRON
cblr-11898	52	13	to	to	PART
cblr-11898	52	14	assess	assess	VERB
cblr-11898	52	15	both	both	CCONJ
cblr-11898	52	16	their	their	PRON
cblr-11898	52	17	economic	economic	ADJ
cblr-11898	52	18	prospects	prospect	NOUN
cblr-11898	52	19	and	and	CCONJ
cblr-11898	52	20	career	career	NOUN
cblr-11898	52	21	options	option	NOUN
cblr-11898	52	22	.	.	PUNCT
cblr-11898	53	1	instead	instead	ADV
cblr-11898	53	2	,	,	PUNCT
cblr-11898	53	3	they	they	PRON
cblr-11898	53	4	receive	receive	VERB
cblr-11898	53	5	blindfolds	blindfold	NOUN
cblr-11898	53	6	to	to	PART
cblr-11898	53	7	go	go	VERB
cblr-11898	53	8	along	along	ADV
cblr-11898	53	9	with	with	ADP
cblr-11898	53	10	their	their	PRON
cblr-11898	53	11	“	"	PUNCT
cblr-11898	53	12	golden	golden	ADJ
cblr-11898	53	13	handcuffs	handcuff	NOUN
cblr-11898	53	14	.	.	PUNCT
cblr-11898	53	15	”	"	PUNCT
cblr-11898	54	1	large	large	ADJ
cblr-11898	54	2	investors	investor	NOUN
cblr-11898	54	3	who	who	PRON
cblr-11898	54	4	may	may	AUX
cblr-11898	54	5	be	be	AUX
cblr-11898	54	6	late	late	ADJ
cblr-11898	54	7	to	to	ADP
cblr-11898	54	8	the	the	DET
cblr-11898	54	9	initial	initial	ADJ
cblr-11898	54	10	party	party	NOUN
cblr-11898	54	11	also	also	ADV
cblr-11898	54	12	face	face	VERB
cblr-11898	54	13	increasing	increase	VERB
cblr-11898	54	14	prices	price	NOUN
cblr-11898	54	15	for	for	ADP
cblr-11898	54	16	less	less	ADJ
cblr-11898	54	17	and	and	CCONJ
cblr-11898	54	18	less	less	ADJ
cblr-11898	54	19	equity	equity	NOUN
cblr-11898	54	20	.	.	PUNCT
cblr-11898	55	1	newer	new	ADJ
cblr-11898	55	2	players	player	NOUN
cblr-11898	55	3	in	in	ADP
cblr-11898	55	4	the	the	DET
cblr-11898	55	5	world	world	NOUN
cblr-11898	55	6	of	of	ADP
cblr-11898	55	7	capital	capital	NOUN
cblr-11898	55	8	formation	formation	NOUN
cblr-11898	55	9	are	be	AUX
cblr-11898	55	10	using	use	VERB
cblr-11898	55	11	their	their	PRON
cblr-11898	55	12	capital	capital	NOUN
cblr-11898	55	13	earlier	early	ADV
cblr-11898	55	14	to	to	PART
cblr-11898	55	15	protect	protect	VERB
cblr-11898	55	16	their	their	PRON
cblr-11898	55	17	equity	equity	NOUN
cblr-11898	55	18	stakes	stake	NOUN
cblr-11898	55	19	contractually	contractually	ADV
cblr-11898	55	20	,	,	PUNCT
cblr-11898	55	21	favoring	favor	VERB
cblr-11898	55	22	preferred	preferred	ADJ
cblr-11898	55	23	equity	equity	NOUN
cblr-11898	55	24	rachets	rachet	NOUN
cblr-11898	55	25	to	to	PART
cblr-11898	55	26	save	save	VERB
cblr-11898	55	27	percentages	percentage	NOUN
cblr-11898	55	28	,	,	PUNCT
cblr-11898	55	29	rather	rather	ADV
cblr-11898	55	30	than	than	ADP
cblr-11898	55	31	addressing	address	VERB
cblr-11898	55	32	legitimate	legitimate	ADJ
cblr-11898	55	33	corporate	corporate	ADJ
cblr-11898	55	34	governance	governance	NOUN
cblr-11898	55	35	concerns	concern	NOUN
cblr-11898	55	36	.	.	PUNCT
cblr-11898	56	1	by	by	ADP
cblr-11898	56	2	the	the	DET
cblr-11898	56	3	time	time	NOUN
cblr-11898	56	4	more	more	ADV
cblr-11898	56	5	responsible	responsible	ADJ
cblr-11898	56	6	and	and	CCONJ
cblr-11898	56	7	traditional	traditional	ADJ
cblr-11898	56	8	investors	investor	NOUN
cblr-11898	56	9	come	come	VERB
cblr-11898	56	10	in	in	ADV
cblr-11898	56	11	,	,	PUNCT
cblr-11898	56	12	their	their	PRON
cblr-11898	56	13	ability	ability	NOUN
cblr-11898	56	14	to	to	PART
cblr-11898	56	15	address	address	VERB
cblr-11898	56	16	problems	problem	NOUN
cblr-11898	56	17	has	have	AUX
cblr-11898	56	18	been	be	AUX
cblr-11898	56	19	diluted.5	diluted.5	PROPN
cblr-11898	56	20	the	the	DET
cblr-11898	56	21	increase	increase	NOUN
cblr-11898	56	22	in	in	ADP
cblr-11898	56	23	valuations	valuation	NOUN
cblr-11898	56	24	points	point	NOUN
cblr-11898	56	25	to	to	ADP
cblr-11898	56	26	even	even	ADV
cblr-11898	56	27	larger	large	ADJ
cblr-11898	56	28	problems	problem	NOUN
cblr-11898	56	29	associated	associate	VERB
cblr-11898	56	30	with	with	ADP
cblr-11898	56	31	the	the	DET
cblr-11898	56	32	efficiency	efficiency	NOUN
cblr-11898	56	33	of	of	ADP
cblr-11898	56	34	our	our	PRON
cblr-11898	56	35	markets	market	NOUN
cblr-11898	56	36	.	.	PUNCT
cblr-11898	57	1	as	as	SCONJ
cblr-11898	57	2	we	we	PRON
cblr-11898	57	3	will	will	AUX
cblr-11898	57	4	discuss	discuss	VERB
cblr-11898	57	5	,	,	PUNCT
cblr-11898	57	6	there	there	PRON
cblr-11898	57	7	are	be	VERB
cblr-11898	57	8	legitimate	legitimate	ADJ
cblr-11898	57	9	concerns	concern	NOUN
cblr-11898	57	10	that	that	PRON
cblr-11898	57	11	unicorns	unicorn	NOUN
cblr-11898	57	12	and	and	CCONJ
cblr-11898	57	13	other	other	ADJ
cblr-11898	57	14	large	large	ADJ
cblr-11898	57	15	private	private	ADJ
cblr-11898	57	16	companies	company	NOUN
cblr-11898	57	17	are	be	AUX
cblr-11898	57	18	dramatically	dramatically	ADV
cblr-11898	57	19	overvalued	overvalue	VERB
cblr-11898	57	20	.	.	PUNCT
cblr-11898	58	1	the	the	DET
cblr-11898	58	2	lack	lack	NOUN
cblr-11898	58	3	of	of	ADP
cblr-11898	58	4	disclosure	disclosure	NOUN
cblr-11898	58	5	has	have	AUX
cblr-11898	58	6	allowed	allow	VERB
cblr-11898	58	7	this	this	DET
cblr-11898	58	8	problem	problem	NOUN
cblr-11898	58	9	to	to	PART
cblr-11898	58	10	escalate	escalate	VERB
cblr-11898	58	11	.	.	PUNCT
cblr-11898	59	1	with	with	ADP
cblr-11898	59	2	the	the	DET
cblr-11898	59	3	increases	increase	NOUN
cblr-11898	59	4	in	in	ADP
cblr-11898	59	5	section	section	NOUN
cblr-11898	59	6	12(g	12(g	NUM
cblr-11898	59	7	)	)	PUNCT
cblr-11898	59	8	limits	limit	NOUN
cblr-11898	59	9	,	,	PUNCT
cblr-11898	59	10	not	not	PART
cblr-11898	59	11	only	only	ADV
cblr-11898	59	12	are	be	AUX
cblr-11898	59	13	more	more	ADJ
cblr-11898	59	14	companies	company	NOUN
cblr-11898	59	15	staying	stay	VERB
cblr-11898	59	16	private	private	ADJ
cblr-11898	59	17	longer	long	ADV
cblr-11898	59	18	,	,	PUNCT
cblr-11898	59	19	but	but	CCONJ
cblr-11898	59	20	more	more	ADJ
cblr-11898	59	21	companies	company	NOUN
cblr-11898	59	22	are	be	AUX
cblr-11898	59	23	deciding	decide	VERB
cblr-11898	59	24	to	to	PART
cblr-11898	59	25	“	"	PUNCT
cblr-11898	59	26	go	go	VERB
cblr-11898	59	27	dark	dark	ADJ
cblr-11898	59	28	.	.	PUNCT
cblr-11898	59	29	”	"	PUNCT
cblr-11898	60	1	the	the	DET
cblr-11898	60	2	resulting	result	VERB
cblr-11898	60	3	shrinkage	shrinkage	NOUN
cblr-11898	60	4	of	of	ADP
cblr-11898	60	5	public	public	ADJ
cblr-11898	60	6	equity	equity	NOUN
cblr-11898	60	7	markets	market	NOUN
cblr-11898	60	8	may	may	AUX
cblr-11898	60	9	be	be	AUX
cblr-11898	60	10	leading	lead	VERB
cblr-11898	60	11	to	to	ADP
cblr-11898	60	12	increased	increase	VERB
cblr-11898	60	13	inefficiencies	inefficiency	NOUN
cblr-11898	60	14	in	in	ADP
cblr-11898	60	15	our	our	PRON
cblr-11898	60	16	public	public	ADJ
cblr-11898	60	17	market	market	NOUN
cblr-11898	60	18	valuations	valuation	NOUN
cblr-11898	60	19	to	to	PART
cblr-11898	60	20	go	go	VERB
cblr-11898	60	21	hand	hand	NOUN
cblr-11898	60	22	in	in	ADP
cblr-11898	60	23	hand	hand	NOUN
cblr-11898	60	24	with	with	ADP
cblr-11898	60	25	private	private	ADJ
cblr-11898	60	26	market	market	NOUN
cblr-11898	60	27	inefficiencies	inefficiency	NOUN
cblr-11898	60	28	.	.	PUNCT
cblr-11898	61	1	while	while	SCONJ
cblr-11898	61	2	there	there	PRON
cblr-11898	61	3	was	be	VERB
cblr-11898	61	4	hope	hope	NOUN
cblr-11898	61	5	that	that	SCONJ
cblr-11898	61	6	the	the	DET
cblr-11898	61	7	creation	creation	NOUN
cblr-11898	61	8	of	of	ADP
cblr-11898	61	9	secondary	secondary	ADJ
cblr-11898	61	10	markets	market	NOUN
cblr-11898	61	11	would	would	AUX
cblr-11898	61	12	allow	allow	VERB
cblr-11898	61	13	for	for	ADP
cblr-11898	61	14	some	some	DET
cblr-11898	61	15	liquidity	liquidity	NOUN
cblr-11898	61	16	,	,	PUNCT
cblr-11898	61	17	they	they	PRON
cblr-11898	61	18	remain	remain	VERB
cblr-11898	61	19	largely	largely	ADV
cblr-11898	61	20	inefficient	inefficient	ADJ
cblr-11898	61	21	and	and	CCONJ
cblr-11898	61	22	unable	unable	ADJ
cblr-11898	61	23	to	to	PART
cblr-11898	61	24	address	address	VERB
cblr-11898	61	25	the	the	DET
cblr-11898	61	26	problem	problem	NOUN
cblr-11898	61	27	like	like	ADP
cblr-11898	61	28	disclosure	disclosure	NOUN
cblr-11898	61	29	would.6	would.6	PROPN
cblr-11898	61	30	with	with	ADP
cblr-11898	61	31	the	the	DET
cblr-11898	61	32	increase	increase	NOUN
cblr-11898	61	33	of	of	ADP
cblr-11898	61	34	public	public	ADJ
cblr-11898	61	35	capital	capital	NOUN
cblr-11898	61	36	inflows	inflow	NOUN
cblr-11898	61	37	,	,	PUNCT
cblr-11898	61	38	risks	risk	NOUN
cblr-11898	61	39	to	to	ADP
cblr-11898	61	40	smaller	small	ADJ
cblr-11898	61	41	investors	investor	NOUN
cblr-11898	61	42	,	,	PUNCT
cblr-11898	61	43	and	and	CCONJ
cblr-11898	61	44	the	the	DET
cblr-11898	61	45	inefficiencies	inefficiency	NOUN
cblr-11898	61	46	of	of	ADP
cblr-11898	61	47	public	public	ADJ
cblr-11898	61	48	and	and	CCONJ
cblr-11898	61	49	private	private	ADJ
cblr-11898	61	50	markets	market	NOUN
cblr-11898	61	51	,	,	PUNCT
cblr-11898	61	52	we	we	PRON
cblr-11898	61	53	have	have	AUX
cblr-11898	61	54	also	also	ADV
cblr-11898	61	55	seen	see	VERB
cblr-11898	61	56	a	a	DET
cblr-11898	61	57	fundamental	fundamental	ADJ
cblr-11898	61	58	shift	shift	NOUN
cblr-11898	61	59	in	in	ADP
cblr-11898	61	60	how	how	SCONJ
cblr-11898	61	61	venture	venture	NOUN
cblr-11898	61	62	capital	capital	NOUN
cblr-11898	61	63	and	and	CCONJ
cblr-11898	61	64	its	its	PRON
cblr-11898	61	65	new	new	ADJ
cblr-11898	61	66	competition	competition	NOUN
cblr-11898	61	67	behave	behave	VERB
cblr-11898	61	68	.	.	PUNCT
cblr-11898	62	1	in	in	ADP
cblr-11898	62	2	some	some	DET
cblr-11898	62	3	instances	instance	NOUN
cblr-11898	62	4	,	,	PUNCT
cblr-11898	62	5	these	these	DET
cblr-11898	62	6	shifts	shift	NOUN
cblr-11898	62	7	have	have	AUX
cblr-11898	62	8	led	lead	VERB
cblr-11898	62	9	to	to	ADP
cblr-11898	62	10	a	a	DET
cblr-11898	62	11	veritable	veritable	ADJ
cblr-11898	62	12	democratization	democratization	NOUN
cblr-11898	62	13	of	of	ADP
cblr-11898	62	14	venture	venture	NOUN
cblr-11898	62	15	capital	capital	NOUN
cblr-11898	62	16	.	.	PUNCT
cblr-11898	63	1	vc	vc	PROPN
cblr-11898	63	2	investors	investor	NOUN
cblr-11898	63	3	are	be	AUX
cblr-11898	63	4	better	well	ADV
cblr-11898	63	5	positioned	positioned	ADJ
cblr-11898	63	6	to	to	PART
cblr-11898	63	7	negotiate	negotiate	VERB
cblr-11898	63	8	with	with	ADP
cblr-11898	63	9	funds	fund	NOUN
cblr-11898	63	10	,	,	PUNCT
cblr-11898	63	11	allowing	allow	VERB
cblr-11898	63	12	them	they	PRON
cblr-11898	63	13	to	to	PART
cblr-11898	63	14	invest	invest	VERB
cblr-11898	63	15	more	more	ADV
cblr-11898	63	16	specifically	specifically	ADV
cblr-11898	63	17	and	and	CCONJ
cblr-11898	63	18	for	for	ADP
cblr-11898	63	19	shorter	short	ADJ
cblr-11898	63	20	periods	period	NOUN
cblr-11898	63	21	of	of	ADP
cblr-11898	63	22	time	time	NOUN
cblr-11898	63	23	,	,	PUNCT
cblr-11898	63	24	thanks	thank	NOUN
cblr-11898	63	25	in	in	ADP
cblr-11898	63	26	large	large	ADJ
cblr-11898	63	27	part	part	NOUN
cblr-11898	63	28	to	to	ADP
cblr-11898	63	29	the	the	DET
cblr-11898	63	30	use	use	NOUN
cblr-11898	63	31	of	of	ADP
cblr-11898	63	32	special	special	ADJ
cblr-11898	63	33	purpose	purpose	NOUN
cblr-11898	63	34	vehicles	vehicle	NOUN
cblr-11898	63	35	(	(	PUNCT
cblr-11898	63	36	“	"	PUNCT
cblr-11898	63	37	spvs	spv	NOUN
cblr-11898	63	38	”	"	PUNCT
cblr-11898	63	39	)	)	PUNCT
cblr-11898	63	40	.	.	PUNCT
cblr-11898	64	1	spvs	spv	NOUN
cblr-11898	64	2	have	have	VERB
cblr-11898	64	3	the	the	DET
cblr-11898	64	4	added	add	VERB
cblr-11898	64	5	benefit	benefit	NOUN
cblr-11898	64	6	of	of	ADP
cblr-11898	64	7	allowing	allow	VERB
cblr-11898	64	8	the	the	DET
cblr-11898	64	9	venture	venture	NOUN
cblr-11898	64	10	capital	capital	NOUN
cblr-11898	64	11	funds	fund	VERB
cblr-11898	64	12	themselves	themselves	PRON
cblr-11898	64	13	to	to	PART
cblr-11898	64	14	play	play	VERB
cblr-11898	64	15	outside	outside	ADP
cblr-11898	64	16	the	the	DET
cblr-11898	64	17	typical	typical	ADJ
cblr-11898	64	18	restrictions	restriction	NOUN
cblr-11898	64	19	imposed	impose	VERB
cblr-11898	64	20	upon	upon	SCONJ
cblr-11898	64	21	them	they	PRON
cblr-11898	64	22	by	by	ADP
cblr-11898	64	23	the	the	DET
cblr-11898	64	24	funds	fund	NOUN
cblr-11898	64	25	’	'	PUNCT
cblr-11898	64	26	investors	investor	NOUN
cblr-11898	64	27	.	.	PUNCT
cblr-11898	65	1	they	they	PRON
cblr-11898	65	2	5	5	NUM
cblr-11898	65	3	see	see	VERB
cblr-11898	65	4	infra	infra	NOUN
cblr-11898	65	5	section	section	PROPN
cblr-11898	65	6	ii	ii	PROPN
cblr-11898	65	7	.	.	PROPN
cblr-11898	65	8	6	6	NUM
cblr-11898	65	9	see	see	NOUN
cblr-11898	65	10	infra	infra	NOUN
cblr-11898	65	11	section	section	NOUN
cblr-11898	65	12	iii	iii	PROPN
cblr-11898	65	13	.	.	PROPN
cblr-11898	65	14	74	74	NUM
cblr-11898	65	15	columbia	columbia	PROPN
cblr-11898	65	16	business	business	NOUN
cblr-11898	65	17	law	law	PROPN
cblr-11898	65	18	review	review	NOUN
cblr-11898	65	19	[	[	X
cblr-11898	65	20	vol	vol	NOUN
cblr-11898	65	21	.	.	PUNCT
cblr-11898	65	22	2023	2023	NUM
cblr-11898	65	23	also	also	ADV
cblr-11898	65	24	run	run	VERB
cblr-11898	65	25	the	the	DET
cblr-11898	65	26	risk	risk	NOUN
cblr-11898	65	27	of	of	ADP
cblr-11898	65	28	further	further	ADJ
cblr-11898	65	29	exacerbating	exacerbate	VERB
cblr-11898	65	30	the	the	DET
cblr-11898	65	31	systemic	systemic	ADJ
cblr-11898	65	32	inequality	inequality	NOUN
cblr-11898	65	33	that	that	PRON
cblr-11898	65	34	the	the	DET
cblr-11898	65	35	sec	sec	PROPN
cblr-11898	65	36	seeks	seek	VERB
cblr-11898	65	37	to	to	PART
cblr-11898	65	38	address	address	VERB
cblr-11898	65	39	by	by	ADP
cblr-11898	65	40	liberating	liberate	VERB
cblr-11898	65	41	private	private	ADJ
cblr-11898	65	42	markets	market	NOUN
cblr-11898	65	43	.	.	PUNCT
cblr-11898	66	1	as	as	SCONJ
cblr-11898	66	2	more	more	ADJ
cblr-11898	66	3	venture	venture	NOUN
cblr-11898	66	4	capital	capital	NOUN
cblr-11898	66	5	funds	fund	NOUN
cblr-11898	66	6	sponsor	sponsor	VERB
cblr-11898	66	7	more	more	ADJ
cblr-11898	66	8	spvs	spv	NOUN
cblr-11898	66	9	,	,	PUNCT
cblr-11898	66	10	they	they	PRON
cblr-11898	66	11	turn	turn	VERB
cblr-11898	66	12	to	to	ADP
cblr-11898	66	13	their	their	PRON
cblr-11898	66	14	preferred	prefer	VERB
cblr-11898	66	15	clients	client	NOUN
cblr-11898	66	16	to	to	PART
cblr-11898	66	17	reward	reward	VERB
cblr-11898	66	18	them	they	PRON
cblr-11898	66	19	first	first	ADV
cblr-11898	66	20	before	before	ADP
cblr-11898	66	21	opening	open	VERB
cblr-11898	66	22	up	up	ADP
cblr-11898	66	23	to	to	ADP
cblr-11898	66	24	other	other	ADJ
cblr-11898	66	25	potential	potential	ADJ
cblr-11898	66	26	investors	investor	NOUN
cblr-11898	66	27	.	.	PUNCT
cblr-11898	67	1	situated	situate	VERB
cblr-11898	67	2	in	in	ADP
cblr-11898	67	3	the	the	DET
cblr-11898	67	4	center	center	NOUN
cblr-11898	67	5	of	of	ADP
cblr-11898	67	6	this	this	DET
cblr-11898	67	7	pool	pool	NOUN
cblr-11898	67	8	of	of	ADP
cblr-11898	67	9	problems	problem	NOUN
cblr-11898	67	10	is	be	AUX
cblr-11898	67	11	section	section	NOUN
cblr-11898	67	12	12(g	12(g	NUM
cblr-11898	67	13	)	)	PUNCT
cblr-11898	67	14	.	.	PUNCT
cblr-11898	68	1	section	section	NOUN
cblr-11898	68	2	12(g	12(g	NUM
cblr-11898	68	3	)	)	PUNCT
cblr-11898	68	4	and	and	CCONJ
cblr-11898	68	5	the	the	DET
cblr-11898	68	6	associated	associated	ADJ
cblr-11898	68	7	sec	sec	PROPN
cblr-11898	68	8	rules	rule	NOUN
cblr-11898	68	9	set	set	VERB
cblr-11898	68	10	a	a	DET
cblr-11898	68	11	twopart	twopart	NOUN
cblr-11898	68	12	threshold	threshold	NOUN
cblr-11898	68	13	for	for	ADP
cblr-11898	68	14	private	private	ADJ
cblr-11898	68	15	companies	company	NOUN
cblr-11898	68	16	.	.	PUNCT
cblr-11898	69	1	if	if	SCONJ
cblr-11898	69	2	a	a	DET
cblr-11898	69	3	class	class	NOUN
cblr-11898	69	4	of	of	ADP
cblr-11898	69	5	equity	equity	NOUN
cblr-11898	69	6	issued	issue	VERB
cblr-11898	69	7	by	by	ADP
cblr-11898	69	8	a	a	DET
cblr-11898	69	9	company	company	NOUN
cblr-11898	69	10	crosses	crosse	NOUN
cblr-11898	69	11	both	both	DET
cblr-11898	69	12	thresholds	threshold	NOUN
cblr-11898	69	13	,	,	PUNCT
cblr-11898	69	14	then	then	ADV
cblr-11898	69	15	it	it	PRON
cblr-11898	69	16	is	be	AUX
cblr-11898	69	17	obliged	oblige	VERB
cblr-11898	69	18	to	to	PART
cblr-11898	69	19	register	register	VERB
cblr-11898	69	20	those	those	DET
cblr-11898	69	21	securities	security	NOUN
cblr-11898	69	22	with	with	ADP
cblr-11898	69	23	the	the	DET
cblr-11898	69	24	sec	sec	PROPN
cblr-11898	69	25	and	and	CCONJ
cblr-11898	69	26	make	make	VERB
cblr-11898	69	27	all	all	DET
cblr-11898	69	28	the	the	DET
cblr-11898	69	29	appropriate	appropriate	ADJ
cblr-11898	69	30	current	current	ADJ
cblr-11898	69	31	and	and	CCONJ
cblr-11898	69	32	ongoing	ongoing	ADJ
cblr-11898	69	33	regulatory	regulatory	ADJ
cblr-11898	69	34	disclosures	disclosure	NOUN
cblr-11898	69	35	that	that	PRON
cblr-11898	69	36	a	a	DET
cblr-11898	69	37	publicly	publicly	ADV
cblr-11898	69	38	traded	trade	VERB
cblr-11898	69	39	company	company	NOUN
cblr-11898	69	40	would	would	AUX
cblr-11898	69	41	have	have	VERB
cblr-11898	69	42	to	to	PART
cblr-11898	69	43	make	make	VERB
cblr-11898	69	44	.	.	PUNCT
cblr-11898	70	1	the	the	DET
cblr-11898	70	2	first	first	ADJ
cblr-11898	70	3	part	part	NOUN
cblr-11898	70	4	is	be	AUX
cblr-11898	70	5	an	an	DET
cblr-11898	70	6	asset	asset	NOUN
cblr-11898	70	7	test	test	NOUN
cblr-11898	70	8	requiring	require	VERB
cblr-11898	70	9	at	at	ADV
cblr-11898	70	10	least	least	ADV
cblr-11898	70	11	$	$	SYM
cblr-11898	70	12	10	10	NUM
cblr-11898	70	13	million	million	NUM
cblr-11898	70	14	in	in	ADP
cblr-11898	70	15	assets	asset	NOUN
cblr-11898	70	16	.	.	PUNCT
cblr-11898	71	1	in	in	ADP
cblr-11898	71	2	the	the	DET
cblr-11898	71	3	world	world	NOUN
cblr-11898	71	4	of	of	ADP
cblr-11898	71	5	multibillion	multibillion	NOUN
cblr-11898	71	6	-	-	PUNCT
cblr-11898	71	7	dollar	dollar	NOUN
cblr-11898	71	8	unicorns	unicorn	NOUN
cblr-11898	71	9	completing	complete	VERB
cblr-11898	71	10	exempt	exempt	ADJ
cblr-11898	71	11	fundraising	fundraising	NOUN
cblr-11898	71	12	rounds	round	NOUN
cblr-11898	71	13	in	in	ADP
cblr-11898	71	14	excess	excess	NOUN
cblr-11898	71	15	of	of	ADP
cblr-11898	71	16	$	$	SYM
cblr-11898	71	17	250	250	NUM
cblr-11898	71	18	million	million	NUM
cblr-11898	71	19	,	,	PUNCT
cblr-11898	71	20	this	this	PRON
cblr-11898	71	21	is	be	AUX
cblr-11898	71	22	a	a	DET
cblr-11898	71	23	nominal	nominal	ADJ
cblr-11898	71	24	amount	amount	NOUN
cblr-11898	71	25	at	at	ADP
cblr-11898	71	26	best	well	ADV
cblr-11898	71	27	.	.	PUNCT
cblr-11898	72	1	the	the	DET
cblr-11898	72	2	second	second	NOUN
cblr-11898	72	3	is	be	AUX
cblr-11898	72	4	a	a	DET
cblr-11898	72	5	shareholder	shareholder	NOUN
cblr-11898	72	6	of	of	ADP
cblr-11898	72	7	record	record	NOUN
cblr-11898	72	8	count	count	NOUN
cblr-11898	72	9	limit	limit	NOUN
cblr-11898	72	10	.	.	PUNCT
cblr-11898	73	1	for	for	ADP
cblr-11898	73	2	any	any	DET
cblr-11898	73	3	one	one	NUM
cblr-11898	73	4	class	class	NOUN
cblr-11898	73	5	of	of	ADP
cblr-11898	73	6	equity	equity	NOUN
cblr-11898	73	7	,	,	PUNCT
cblr-11898	73	8	there	there	PRON
cblr-11898	73	9	can	can	AUX
cblr-11898	73	10	be	be	AUX
cblr-11898	73	11	no	no	ADV
cblr-11898	73	12	more	more	ADJ
cblr-11898	73	13	than	than	ADP
cblr-11898	73	14	2,000	2,000	NUM
cblr-11898	73	15	total	total	ADJ
cblr-11898	73	16	shareholders	shareholder	NOUN
cblr-11898	73	17	of	of	ADP
cblr-11898	73	18	record	record	NOUN
cblr-11898	73	19	or	or	CCONJ
cblr-11898	73	20	500	500	NUM
cblr-11898	73	21	unaccredited	unaccredited	ADJ
cblr-11898	73	22	investors	investor	NOUN
cblr-11898	73	23	who	who	PRON
cblr-11898	73	24	are	be	AUX
cblr-11898	73	25	also	also	ADV
cblr-11898	73	26	considered	consider	VERB
cblr-11898	73	27	shareholders	shareholder	NOUN
cblr-11898	73	28	of	of	ADP
cblr-11898	73	29	record	record	NOUN
cblr-11898	73	30	.	.	PUNCT
cblr-11898	74	1	with	with	ADP
cblr-11898	74	2	the	the	DET
cblr-11898	74	3	reality	reality	NOUN
cblr-11898	74	4	of	of	ADP
cblr-11898	74	5	ease	ease	NOUN
cblr-11898	74	6	of	of	ADP
cblr-11898	74	7	access	access	NOUN
cblr-11898	74	8	to	to	ADP
cblr-11898	74	9	capital	capital	NOUN
cblr-11898	74	10	,	,	PUNCT
cblr-11898	74	11	companies	company	NOUN
cblr-11898	74	12	can	can	AUX
cblr-11898	74	13	tap	tap	VERB
cblr-11898	74	14	into	into	ADP
cblr-11898	74	15	private	private	ADJ
cblr-11898	74	16	capital	capital	NOUN
cblr-11898	74	17	directly	directly	ADV
cblr-11898	74	18	and	and	CCONJ
cblr-11898	74	19	public	public	ADJ
cblr-11898	74	20	capital	capital	NOUN
cblr-11898	74	21	indirectly	indirectly	ADV
cblr-11898	74	22	without	without	ADP
cblr-11898	74	23	needing	need	VERB
cblr-11898	74	24	to	to	PART
cblr-11898	74	25	make	make	VERB
cblr-11898	74	26	disclosures	disclosure	NOUN
cblr-11898	74	27	,	,	PUNCT
cblr-11898	74	28	allowing	allow	VERB
cblr-11898	74	29	them	they	PRON
cblr-11898	74	30	to	to	PART
cblr-11898	74	31	reap	reap	VERB
cblr-11898	74	32	the	the	DET
cblr-11898	74	33	rewards	reward	NOUN
cblr-11898	74	34	while	while	SCONJ
cblr-11898	74	35	shifting	shift	VERB
cblr-11898	74	36	away	away	ADV
cblr-11898	74	37	the	the	DET
cblr-11898	74	38	risk	risk	NOUN
cblr-11898	74	39	.	.	PUNCT
cblr-11898	75	1	by	by	ADP
cblr-11898	75	2	addressing	address	VERB
cblr-11898	75	3	the	the	DET
cblr-11898	75	4	threshold	threshold	NOUN
cblr-11898	75	5	requirements	requirement	NOUN
cblr-11898	75	6	under	under	ADP
cblr-11898	75	7	section	section	NOUN
cblr-11898	75	8	12(g	12(g	NUM
cblr-11898	75	9	)	)	PUNCT
cblr-11898	75	10	,	,	PUNCT
cblr-11898	75	11	we	we	PRON
cblr-11898	75	12	believe	believe	VERB
cblr-11898	75	13	we	we	PRON
cblr-11898	75	14	can	can	AUX
cblr-11898	75	15	rebalance	rebalance	VERB
cblr-11898	75	16	the	the	DET
cblr-11898	75	17	equilibrium	equilibrium	NOUN
cblr-11898	75	18	,	,	PUNCT
cblr-11898	75	19	provide	provide	VERB
cblr-11898	75	20	the	the	DET
cblr-11898	75	21	necessary	necessary	ADJ
cblr-11898	75	22	protection	protection	NOUN
cblr-11898	75	23	to	to	ADP
cblr-11898	75	24	investors	investor	NOUN
cblr-11898	75	25	,	,	PUNCT
cblr-11898	75	26	and	and	CCONJ
cblr-11898	75	27	continue	continue	VERB
cblr-11898	75	28	to	to	PART
cblr-11898	75	29	appropriately	appropriately	ADV
cblr-11898	75	30	and	and	CCONJ
cblr-11898	75	31	safely	safely	ADV
cblr-11898	75	32	liberate	liberate	VERB
cblr-11898	75	33	markets	market	NOUN
cblr-11898	75	34	to	to	PART
cblr-11898	75	35	allow	allow	VERB
cblr-11898	75	36	for	for	ADP
cblr-11898	75	37	a	a	DET
cblr-11898	75	38	greater	great	ADJ
cblr-11898	75	39	range	range	NOUN
cblr-11898	75	40	of	of	ADP
cblr-11898	75	41	participation	participation	NOUN
cblr-11898	75	42	from	from	ADP
cblr-11898	75	43	a	a	DET
cblr-11898	75	44	variety	variety	NOUN
cblr-11898	75	45	of	of	ADP
cblr-11898	75	46	sources	source	NOUN
cblr-11898	75	47	.	.	PUNCT
cblr-11898	76	1	in	in	ADP
cblr-11898	76	2	section	section	PROPN
cblr-11898	76	3	ii	ii	PROPN
cblr-11898	76	4	of	of	ADP
cblr-11898	76	5	this	this	DET
cblr-11898	76	6	paper	paper	NOUN
cblr-11898	76	7	,	,	PUNCT
cblr-11898	76	8	we	we	PRON
cblr-11898	76	9	examine	examine	VERB
cblr-11898	76	10	how	how	SCONJ
cblr-11898	76	11	equity	equity	NOUN
cblr-11898	76	12	ownership	ownership	NOUN
cblr-11898	76	13	has	have	AUX
cblr-11898	76	14	been	be	AUX
cblr-11898	76	15	consolidated	consolidate	VERB
cblr-11898	76	16	,	,	PUNCT
cblr-11898	76	17	both	both	PRON
cblr-11898	76	18	for	for	ADP
cblr-11898	76	19	purposes	purpose	NOUN
cblr-11898	76	20	of	of	ADP
cblr-11898	76	21	recordholding	recordholding	NOUN
cblr-11898	76	22	and	and	CCONJ
cblr-11898	76	23	in	in	ADP
cblr-11898	76	24	reality	reality	NOUN
cblr-11898	76	25	,	,	PUNCT
cblr-11898	76	26	despite	despite	SCONJ
cblr-11898	76	27	an	an	DET
cblr-11898	76	28	overall	overall	ADJ
cblr-11898	76	29	increase	increase	NOUN
cblr-11898	76	30	in	in	ADP
cblr-11898	76	31	market	market	NOUN
cblr-11898	76	32	participation	participation	NOUN
cblr-11898	76	33	as	as	ADP
cblr-11898	76	34	a	a	DET
cblr-11898	76	35	percentage	percentage	NOUN
cblr-11898	76	36	of	of	ADP
cblr-11898	76	37	the	the	DET
cblr-11898	76	38	population	population	NOUN
cblr-11898	76	39	.	.	PUNCT
cblr-11898	77	1	while	while	SCONJ
cblr-11898	77	2	more	more	ADJ
cblr-11898	77	3	americans	americans	PROPN
cblr-11898	77	4	invest	invest	VERB
cblr-11898	77	5	in	in	ADP
cblr-11898	77	6	equities	equity	NOUN
cblr-11898	77	7	,	,	PUNCT
cblr-11898	77	8	both	both	CCONJ
cblr-11898	77	9	in	in	ADP
cblr-11898	77	10	volume	volume	NOUN
cblr-11898	77	11	and	and	CCONJ
cblr-11898	77	12	in	in	ADP
cblr-11898	77	13	value	value	NOUN
cblr-11898	77	14	,	,	PUNCT
cblr-11898	77	15	there	there	PRON
cblr-11898	77	16	are	be	VERB
cblr-11898	77	17	fewer	few	ADJ
cblr-11898	77	18	and	and	CCONJ
cblr-11898	77	19	fewer	few	ADJ
cblr-11898	77	20	record	record	NOUN
cblr-11898	77	21	holders	holder	NOUN
cblr-11898	77	22	on	on	ADP
cblr-11898	77	23	paper	paper	NOUN
cblr-11898	77	24	.	.	PUNCT
cblr-11898	78	1	we	we	PRON
cblr-11898	78	2	then	then	ADV
cblr-11898	78	3	examine	examine	VERB
cblr-11898	78	4	how	how	SCONJ
cblr-11898	78	5	the	the	DET
cblr-11898	78	6	manipulation	manipulation	NOUN
cblr-11898	78	7	of	of	ADP
cblr-11898	78	8	section	section	NOUN
cblr-11898	78	9	12(g	12(g	NUM
cblr-11898	78	10	)	)	PUNCT
cblr-11898	78	11	to	to	PART
cblr-11898	78	12	avoid	avoid	VERB
cblr-11898	78	13	its	its	PRON
cblr-11898	78	14	original	original	ADJ
cblr-11898	78	15	intent	intent	NOUN
cblr-11898	78	16	of	of	ADP
cblr-11898	78	17	ensuring	ensure	VERB
cblr-11898	78	18	that	that	SCONJ
cblr-11898	78	19	necessary	necessary	ADJ
cblr-11898	78	20	disclosures	disclosure	NOUN
cblr-11898	78	21	are	be	AUX
cblr-11898	78	22	being	be	AUX
cblr-11898	78	23	made	make	VERB
cblr-11898	78	24	.	.	PUNCT
cblr-11898	79	1	we	we	PRON
cblr-11898	79	2	also	also	ADV
cblr-11898	79	3	discuss	discuss	VERB
cblr-11898	79	4	the	the	DET
cblr-11898	79	5	legislative	legislative	ADJ
cblr-11898	79	6	history	history	NOUN
cblr-11898	79	7	of	of	ADP
cblr-11898	79	8	section	section	NOUN
cblr-11898	79	9	12(g	12(g	NUM
cblr-11898	79	10	)	)	PUNCT
cblr-11898	79	11	,	,	PUNCT
cblr-11898	79	12	which	which	PRON
cblr-11898	79	13	indicates	indicate	VERB
cblr-11898	79	14	the	the	DET
cblr-11898	79	15	congress	congress	PROPN
cblr-11898	79	16	which	which	PRON
cblr-11898	79	17	passed	pass	VERB
cblr-11898	79	18	this	this	DET
cblr-11898	79	19	provision	provision	NOUN
cblr-11898	79	20	no	no	NOUN
cblr-11898	79	21	.	.	NOUN
cblr-11898	79	22	1	1	NUM
cblr-11898	79	23	]	]	X
cblr-11898	79	24	mythical	mythical	ADJ
cblr-11898	79	25	unicorns	unicorn	NOUN
cblr-11898	79	26	and	and	CCONJ
cblr-11898	79	27	how	how	SCONJ
cblr-11898	79	28	to	to	PART
cblr-11898	79	29	find	find	VERB
cblr-11898	79	30	them	they	PRON
cblr-11898	79	31	75	75	NUM
cblr-11898	79	32	would	would	AUX
cblr-11898	79	33	have	have	VERB
cblr-11898	79	34	it	it	PRON
cblr-11898	79	35	dramatically	dramatically	ADV
cblr-11898	79	36	updated	update	VERB
cblr-11898	79	37	to	to	PART
cblr-11898	79	38	reflect	reflect	VERB
cblr-11898	79	39	modern	modern	ADJ
cblr-11898	79	40	technology	technology	NOUN
cblr-11898	79	41	.	.	PUNCT
cblr-11898	80	1	in	in	ADP
cblr-11898	80	2	addition	addition	NOUN
cblr-11898	80	3	,	,	PUNCT
cblr-11898	80	4	we	we	PRON
cblr-11898	80	5	examine	examine	VERB
cblr-11898	80	6	how	how	SCONJ
cblr-11898	80	7	the	the	DET
cblr-11898	80	8	sec	sec	PROPN
cblr-11898	80	9	itself	itself	PRON
cblr-11898	80	10	views	view	VERB
cblr-11898	80	11	section	section	NOUN
cblr-11898	80	12	12(g	12(g	NUM
cblr-11898	80	13	)	)	PUNCT
cblr-11898	80	14	,	,	PUNCT
cblr-11898	80	15	the	the	DET
cblr-11898	80	16	practical	practical	ADJ
cblr-11898	80	17	limitations	limitation	NOUN
cblr-11898	80	18	it	it	PRON
cblr-11898	80	19	sees	see	VERB
cblr-11898	80	20	on	on	ADP
cblr-11898	80	21	the	the	DET
cblr-11898	80	22	enforcement	enforcement	NOUN
cblr-11898	80	23	of	of	ADP
cblr-11898	80	24	the	the	DET
cblr-11898	80	25	provision	provision	NOUN
cblr-11898	80	26	in	in	ADP
cblr-11898	80	27	the	the	DET
cblr-11898	80	28	post	post	ADJ
cblr-11898	80	29	-	-	ADJ
cblr-11898	80	30	jobs	job	NOUN
cblr-11898	80	31	act	act	VERB
cblr-11898	80	32	world	world	NOUN
cblr-11898	80	33	,	,	PUNCT
cblr-11898	80	34	and	and	CCONJ
cblr-11898	80	35	how	how	SCONJ
cblr-11898	80	36	it	it	PRON
cblr-11898	80	37	and	and	CCONJ
cblr-11898	80	38	members	member	NOUN
cblr-11898	80	39	of	of	ADP
cblr-11898	80	40	academia	academia	NOUN
cblr-11898	80	41	have	have	AUX
cblr-11898	80	42	viewed	view	VERB
cblr-11898	80	43	the	the	DET
cblr-11898	80	44	possibility	possibility	NOUN
cblr-11898	80	45	for	for	ADP
cblr-11898	80	46	significant	significant	ADJ
cblr-11898	80	47	reform	reform	NOUN
cblr-11898	80	48	under	under	ADP
cblr-11898	80	49	the	the	DET
cblr-11898	80	50	sec	sec	PROPN
cblr-11898	80	51	’s	’s	PART
cblr-11898	80	52	own	own	ADJ
cblr-11898	80	53	rulemaking	rulemaking	NOUN
cblr-11898	80	54	powers	power	NOUN
cblr-11898	80	55	.	.	PUNCT
cblr-11898	81	1	we	we	PRON
cblr-11898	81	2	also	also	ADV
cblr-11898	81	3	address	address	VERB
cblr-11898	81	4	the	the	DET
cblr-11898	81	5	dramatic	dramatic	ADJ
cblr-11898	81	6	increase	increase	NOUN
cblr-11898	81	7	in	in	ADP
cblr-11898	81	8	capital	capital	NOUN
cblr-11898	81	9	formation	formation	NOUN
cblr-11898	81	10	resulting	result	VERB
cblr-11898	81	11	from	from	ADP
cblr-11898	81	12	adjustments	adjustment	NOUN
cblr-11898	81	13	to	to	ADP
cblr-11898	81	14	section	section	NOUN
cblr-11898	81	15	12(g	12(g	NUM
cblr-11898	81	16	)	)	PUNCT
cblr-11898	81	17	and	and	CCONJ
cblr-11898	81	18	other	other	ADJ
cblr-11898	81	19	provisions	provision	NOUN
cblr-11898	81	20	of	of	ADP
cblr-11898	81	21	our	our	PRON
cblr-11898	81	22	securities	security	NOUN
cblr-11898	81	23	laws	law	NOUN
cblr-11898	81	24	.	.	PUNCT
cblr-11898	82	1	this	this	DET
cblr-11898	82	2	capital	capital	NOUN
cblr-11898	82	3	stems	stem	VERB
cblr-11898	82	4	from	from	ADP
cblr-11898	82	5	an	an	DET
cblr-11898	82	6	increasing	increase	VERB
cblr-11898	82	7	multitude	multitude	NOUN
cblr-11898	82	8	of	of	ADP
cblr-11898	82	9	sources	source	NOUN
cblr-11898	82	10	,	,	PUNCT
cblr-11898	82	11	many	many	ADJ
cblr-11898	82	12	of	of	ADP
cblr-11898	82	13	which	which	PRON
cblr-11898	82	14	are	be	AUX
cblr-11898	82	15	excluded	exclude	VERB
cblr-11898	82	16	from	from	ADP
cblr-11898	82	17	regulatory	regulatory	ADJ
cblr-11898	82	18	counts	count	NOUN
cblr-11898	82	19	.	.	PUNCT
cblr-11898	83	1	in	in	ADP
cblr-11898	83	2	section	section	PROPN
cblr-11898	83	3	iii	iii	PROPN
cblr-11898	83	4	,	,	PUNCT
cblr-11898	83	5	using	use	VERB
cblr-11898	83	6	our	our	PRON
cblr-11898	83	7	data	datum	NOUN
cblr-11898	83	8	set	set	VERB
cblr-11898	83	9	,	,	PUNCT
cblr-11898	83	10	we	we	PRON
cblr-11898	83	11	examine	examine	VERB
cblr-11898	83	12	the	the	DET
cblr-11898	83	13	practical	practical	ADJ
cblr-11898	83	14	effects	effect	NOUN
cblr-11898	83	15	of	of	ADP
cblr-11898	83	16	the	the	DET
cblr-11898	83	17	combination	combination	NOUN
cblr-11898	83	18	of	of	ADP
cblr-11898	83	19	the	the	DET
cblr-11898	83	20	factors	factor	NOUN
cblr-11898	83	21	from	from	ADP
cblr-11898	83	22	section	section	PROPN
cblr-11898	83	23	ii	ii	PROPN
cblr-11898	83	24	.	.	PUNCT
cblr-11898	84	1	we	we	PRON
cblr-11898	84	2	show	show	VERB
cblr-11898	84	3	what	what	PRON
cblr-11898	84	4	has	have	AUX
cblr-11898	84	5	occurred	occur	VERB
cblr-11898	84	6	as	as	ADP
cblr-11898	84	7	a	a	DET
cblr-11898	84	8	result	result	NOUN
cblr-11898	84	9	of	of	ADP
cblr-11898	84	10	the	the	DET
cblr-11898	84	11	consolidation	consolidation	NOUN
cblr-11898	84	12	of	of	ADP
cblr-11898	84	13	equity	equity	NOUN
cblr-11898	84	14	ownership	ownership	NOUN
cblr-11898	84	15	,	,	PUNCT
cblr-11898	84	16	the	the	DET
cblr-11898	84	17	explosion	explosion	NOUN
cblr-11898	84	18	of	of	ADP
cblr-11898	84	19	exempt	exempt	ADJ
cblr-11898	84	20	offerings	offering	NOUN
cblr-11898	84	21	in	in	ADP
cblr-11898	84	22	size	size	NOUN
cblr-11898	84	23	and	and	CCONJ
cblr-11898	84	24	scale	scale	NOUN
cblr-11898	84	25	,	,	PUNCT
cblr-11898	84	26	and	and	CCONJ
cblr-11898	84	27	the	the	DET
cblr-11898	84	28	reality	reality	NOUN
cblr-11898	84	29	of	of	ADP
cblr-11898	84	30	near	near	ADJ
cblr-11898	84	31	unenforceability	unenforceability	NOUN
cblr-11898	84	32	of	of	ADP
cblr-11898	84	33	our	our	PRON
cblr-11898	84	34	existing	exist	VERB
cblr-11898	84	35	securities	security	NOUN
cblr-11898	84	36	law	law	NOUN
cblr-11898	84	37	protections	protection	NOUN
cblr-11898	84	38	.	.	PUNCT
cblr-11898	85	1	in	in	ADP
cblr-11898	85	2	section	section	NOUN
cblr-11898	85	3	iv	iv	NUM
cblr-11898	85	4	,	,	PUNCT
cblr-11898	85	5	we	we	PRON
cblr-11898	85	6	show	show	VERB
cblr-11898	85	7	the	the	DET
cblr-11898	85	8	results	result	NOUN
cblr-11898	85	9	of	of	ADP
cblr-11898	85	10	allowing	allow	VERB
cblr-11898	85	11	this	this	DET
cblr-11898	85	12	capital	capital	NOUN
cblr-11898	85	13	formation	formation	NOUN
cblr-11898	85	14	to	to	PART
cblr-11898	85	15	happen	happen	VERB
cblr-11898	85	16	largely	largely	ADV
cblr-11898	85	17	in	in	ADP
cblr-11898	85	18	the	the	DET
cblr-11898	85	19	dark	dark	NOUN
cblr-11898	85	20	and	and	CCONJ
cblr-11898	85	21	the	the	DET
cblr-11898	85	22	implications	implication	NOUN
cblr-11898	85	23	of	of	ADP
cblr-11898	85	24	maintaining	maintain	VERB
cblr-11898	85	25	a	a	DET
cblr-11898	85	26	veil	veil	NOUN
cblr-11898	85	27	of	of	ADP
cblr-11898	85	28	secrecy	secrecy	NOUN
cblr-11898	85	29	over	over	ADP
cblr-11898	85	30	increasingly	increasingly	ADV
cblr-11898	85	31	large	large	ADJ
cblr-11898	85	32	companies	company	NOUN
cblr-11898	85	33	.	.	PUNCT
cblr-11898	86	1	we	we	PRON
cblr-11898	86	2	then	then	ADV
cblr-11898	86	3	address	address	VERB
cblr-11898	86	4	why	why	SCONJ
cblr-11898	86	5	we	we	PRON
cblr-11898	86	6	believe	believe	VERB
cblr-11898	86	7	there	there	PRON
cblr-11898	86	8	should	should	AUX
cblr-11898	86	9	be	be	AUX
cblr-11898	86	10	an	an	DET
cblr-11898	86	11	adjustment	adjustment	NOUN
cblr-11898	86	12	of	of	ADP
cblr-11898	86	13	the	the	DET
cblr-11898	86	14	methodology	methodology	NOUN
cblr-11898	86	15	for	for	ADP
cblr-11898	86	16	determining	determine	VERB
cblr-11898	86	17	“	"	PUNCT
cblr-11898	86	18	shareholders	shareholder	NOUN
cblr-11898	86	19	of	of	ADP
cblr-11898	86	20	record	record	NOUN
cblr-11898	86	21	.	.	PUNCT
cblr-11898	86	22	”	"	PUNCT
cblr-11898	87	1	finally	finally	ADV
cblr-11898	87	2	in	in	ADP
cblr-11898	87	3	section	section	NOUN
cblr-11898	87	4	v	v	NOUN
cblr-11898	87	5	,	,	PUNCT
cblr-11898	87	6	we	we	PRON
cblr-11898	87	7	present	present	VERB
cblr-11898	87	8	our	our	PRON
cblr-11898	87	9	suggested	suggest	VERB
cblr-11898	87	10	reforms	reform	NOUN
cblr-11898	87	11	for	for	ADP
cblr-11898	87	12	returning	return	VERB
cblr-11898	87	13	section	section	NOUN
cblr-11898	87	14	12(g	12(g	NUM
cblr-11898	87	15	)	)	PUNCT
cblr-11898	87	16	to	to	ADP
cblr-11898	87	17	its	its	PRON
cblr-11898	87	18	original	original	ADJ
cblr-11898	87	19	congressional	congressional	ADJ
cblr-11898	87	20	intent	intent	NOUN
cblr-11898	87	21	.	.	PUNCT
cblr-11898	88	1	in	in	ADP
cblr-11898	88	2	doing	do	VERB
cblr-11898	88	3	so	so	ADV
cblr-11898	88	4	,	,	PUNCT
cblr-11898	88	5	we	we	PRON
cblr-11898	88	6	see	see	VERB
cblr-11898	88	7	a	a	DET
cblr-11898	88	8	far	far	ADV
cblr-11898	88	9	more	more	ADV
cblr-11898	88	10	accurate	accurate	ADJ
cblr-11898	88	11	reflection	reflection	NOUN
cblr-11898	88	12	of	of	ADP
cblr-11898	88	13	the	the	DET
cblr-11898	88	14	ownership	ownership	NOUN
cblr-11898	88	15	of	of	ADP
cblr-11898	88	16	these	these	DET
cblr-11898	88	17	enterprises	enterprise	NOUN
cblr-11898	88	18	,	,	PUNCT
cblr-11898	88	19	thus	thus	ADV
cblr-11898	88	20	requiring	require	VERB
cblr-11898	88	21	those	those	PRON
cblr-11898	88	22	who	who	PRON
cblr-11898	88	23	seek	seek	VERB
cblr-11898	88	24	indirect	indirect	ADJ
cblr-11898	88	25	access	access	NOUN
cblr-11898	88	26	to	to	ADP
cblr-11898	88	27	the	the	DET
cblr-11898	88	28	investing	invest	VERB
cblr-11898	88	29	public	public	NOUN
cblr-11898	88	30	’s	’s	PART
cblr-11898	88	31	capital	capital	NOUN
cblr-11898	88	32	to	to	PART
cblr-11898	88	33	comply	comply	VERB
cblr-11898	88	34	with	with	ADP
cblr-11898	88	35	the	the	DET
cblr-11898	88	36	same	same	ADJ
cblr-11898	88	37	rules	rule	NOUN
cblr-11898	88	38	that	that	SCONJ
cblr-11898	88	39	those	those	PRON
cblr-11898	88	40	who	who	PRON
cblr-11898	88	41	directly	directly	ADV
cblr-11898	88	42	seek	seek	VERB
cblr-11898	88	43	such	such	ADJ
cblr-11898	88	44	access	access	NOUN
cblr-11898	88	45	must	must	AUX
cblr-11898	88	46	follow	follow	VERB
cblr-11898	88	47	.	.	PUNCT
cblr-11898	89	1	while	while	SCONJ
cblr-11898	89	2	congressional	congressional	ADJ
cblr-11898	89	3	action	action	NOUN
cblr-11898	89	4	is	be	AUX
cblr-11898	89	5	needed	need	VERB
cblr-11898	89	6	for	for	ADP
cblr-11898	89	7	several	several	ADJ
cblr-11898	89	8	of	of	ADP
cblr-11898	89	9	these	these	DET
cblr-11898	89	10	reforms	reform	NOUN
cblr-11898	89	11	,	,	PUNCT
cblr-11898	89	12	the	the	DET
cblr-11898	89	13	sec	sec	PROPN
cblr-11898	89	14	,	,	PUNCT
cblr-11898	89	15	with	with	ADP
cblr-11898	89	16	its	its	PRON
cblr-11898	89	17	considerable	considerable	ADJ
cblr-11898	89	18	own	own	ADJ
cblr-11898	89	19	rulemaking	rulemaking	NOUN
cblr-11898	89	20	authority	authority	NOUN
cblr-11898	89	21	,	,	PUNCT
cblr-11898	89	22	has	have	VERB
cblr-11898	89	23	the	the	DET
cblr-11898	89	24	ability	ability	NOUN
cblr-11898	89	25	to	to	PART
cblr-11898	89	26	make	make	VERB
cblr-11898	89	27	changes	change	NOUN
cblr-11898	89	28	to	to	PART
cblr-11898	89	29	give	give	VERB
cblr-11898	89	30	section	section	NOUN
cblr-11898	89	31	12(g	12(g	NUM
cblr-11898	89	32	)	)	PUNCT
cblr-11898	89	33	its	its	PRON
cblr-11898	89	34	regulatory	regulatory	ADJ
cblr-11898	89	35	teeth	tooth	NOUN
cblr-11898	89	36	back	back	ADV
cblr-11898	89	37	.	.	PUNCT
cblr-11898	90	1	ii	ii	X
cblr-11898	90	2	.	.	PUNCT
cblr-11898	91	1	clearing	clear	VERB
cblr-11898	91	2	the	the	DET
cblr-11898	91	3	“	"	PUNCT
cblr-11898	91	4	street	street	NOUN
cblr-11898	91	5	”	"	PUNCT
cblr-11898	91	6	for	for	ADP
cblr-11898	91	7	private	private	ADJ
cblr-11898	91	8	growth	growth	NOUN
cblr-11898	91	9	when	when	SCONJ
cblr-11898	91	10	most	most	ADJ
cblr-11898	91	11	investors	investor	NOUN
cblr-11898	91	12	purchase	purchase	VERB
cblr-11898	91	13	shares	share	NOUN
cblr-11898	91	14	in	in	ADP
cblr-11898	91	15	a	a	DET
cblr-11898	91	16	firm	firm	NOUN
cblr-11898	91	17	,	,	PUNCT
cblr-11898	91	18	they	they	PRON
cblr-11898	91	19	often	often	ADV
cblr-11898	91	20	make	make	VERB
cblr-11898	91	21	the	the	DET
cblr-11898	91	22	reasonable	reasonable	ADJ
cblr-11898	91	23	assumption	assumption	NOUN
cblr-11898	91	24	that	that	SCONJ
cblr-11898	91	25	,	,	PUNCT
cblr-11898	91	26	as	as	ADP
cblr-11898	91	27	beneficial	beneficial	ADJ
cblr-11898	91	28	owners	owner	NOUN
cblr-11898	91	29	,	,	PUNCT
cblr-11898	91	30	76	76	NUM
cblr-11898	91	31	columbia	columbia	PROPN
cblr-11898	91	32	business	business	NOUN
cblr-11898	91	33	law	law	PROPN
cblr-11898	91	34	review	review	NOUN
cblr-11898	91	35	[	[	X
cblr-11898	91	36	vol	vol	NOUN
cblr-11898	91	37	.	.	PUNCT
cblr-11898	91	38	2023	2023	NUM
cblr-11898	92	1	their	their	PRON
cblr-11898	92	2	shares	share	NOUN
cblr-11898	92	3	are	be	AUX
cblr-11898	92	4	held	hold	VERB
cblr-11898	92	5	in	in	ADP
cblr-11898	92	6	their	their	PRON
cblr-11898	92	7	own	own	ADJ
cblr-11898	92	8	name.7	name.7	NOUN
cblr-11898	92	9	they	they	PRON
cblr-11898	92	10	receive	receive	VERB
cblr-11898	92	11	the	the	DET
cblr-11898	92	12	dividends	dividend	NOUN
cblr-11898	92	13	and	and	CCONJ
cblr-11898	92	14	proxy	proxy	ADJ
cblr-11898	92	15	materials	material	NOUN
cblr-11898	92	16	,	,	PUNCT
cblr-11898	92	17	and	and	CCONJ
cblr-11898	92	18	retain	retain	VERB
cblr-11898	92	19	the	the	DET
cblr-11898	92	20	right	right	NOUN
cblr-11898	92	21	to	to	PART
cblr-11898	92	22	vote	vote	VERB
cblr-11898	92	23	the	the	DET
cblr-11898	92	24	shares.8	shares.8	PROPN
cblr-11898	92	25	however	however	ADV
cblr-11898	92	26	,	,	PUNCT
cblr-11898	92	27	the	the	DET
cblr-11898	92	28	ultimate	ultimate	ADJ
cblr-11898	92	29	named	name	VERB
cblr-11898	92	30	record	record	NOUN
cblr-11898	92	31	holder	holder	NOUN
cblr-11898	92	32	for	for	ADP
cblr-11898	92	33	purposes	purpose	NOUN
cblr-11898	92	34	of	of	ADP
cblr-11898	92	35	section	section	NOUN
cblr-11898	92	36	12(g	12(g	NUM
cblr-11898	92	37	)	)	PUNCT
cblr-11898	92	38	is	be	AUX
cblr-11898	92	39	often	often	ADV
cblr-11898	92	40	the	the	DET
cblr-11898	92	41	brokerage	brokerage	NOUN
cblr-11898	92	42	firm	firm	NOUN
cblr-11898	92	43	the	the	DET
cblr-11898	92	44	investor	investor	NOUN
cblr-11898	92	45	uses	use	VERB
cblr-11898	92	46	to	to	PART
cblr-11898	92	47	purchase	purchase	VERB
cblr-11898	92	48	the	the	DET
cblr-11898	92	49	shares	share	NOUN
cblr-11898	92	50	,	,	PUNCT
cblr-11898	92	51	or	or	CCONJ
cblr-11898	92	52	the	the	DET
cblr-11898	92	53	company	company	NOUN
cblr-11898	92	54	owning	own	VERB
cblr-11898	92	55	the	the	DET
cblr-11898	92	56	brokerage	brokerage	NOUN
cblr-11898	92	57	firm.9	firm.9	PROPN
cblr-11898	92	58	this	this	DET
cblr-11898	92	59	standard	standard	ADJ
cblr-11898	92	60	procedure	procedure	NOUN
cblr-11898	92	61	is	be	AUX
cblr-11898	92	62	known	know	VERB
cblr-11898	92	63	as	as	ADP
cblr-11898	92	64	“	"	PUNCT
cblr-11898	92	65	street	street	NOUN
cblr-11898	92	66	name	name	NOUN
cblr-11898	92	67	”	"	PUNCT
cblr-11898	92	68	registration	registration	NOUN
cblr-11898	92	69	.	.	PUNCT
cblr-11898	93	1	a.	a.	NOUN
cblr-11898	93	2	consolidation	consolidation	NOUN
cblr-11898	93	3	of	of	ADP
cblr-11898	93	4	equity	equity	NOUN
cblr-11898	93	5	there	there	PRON
cblr-11898	93	6	are	be	VERB
cblr-11898	93	7	obvious	obvious	ADJ
cblr-11898	93	8	benefits	benefit	NOUN
cblr-11898	93	9	for	for	ADP
cblr-11898	93	10	such	such	DET
cblr-11898	93	11	a	a	DET
cblr-11898	93	12	methodology	methodology	NOUN
cblr-11898	93	13	of	of	ADP
cblr-11898	93	14	ownership	ownership	NOUN
cblr-11898	93	15	.	.	PUNCT
cblr-11898	94	1	it	it	PRON
cblr-11898	94	2	allows	allow	VERB
cblr-11898	94	3	for	for	ADP
cblr-11898	94	4	investing	investing	NOUN
cblr-11898	94	5	practices	practice	NOUN
cblr-11898	94	6	many	many	ADJ
cblr-11898	94	7	consider	consider	VERB
cblr-11898	94	8	standard	standard	ADJ
cblr-11898	94	9	today	today	NOUN
cblr-11898	94	10	such	such	ADJ
cblr-11898	94	11	as	as	ADP
cblr-11898	94	12	limit	limit	NOUN
cblr-11898	94	13	orders	order	NOUN
cblr-11898	94	14	,	,	PUNCT
cblr-11898	94	15	borrowing	borrow	VERB
cblr-11898	94	16	on	on	ADP
cblr-11898	94	17	margin	margin	NOUN
cblr-11898	94	18	,	,	PUNCT
cblr-11898	94	19	and	and	CCONJ
cblr-11898	94	20	near	near	ADP
cblr-11898	94	21	-	-	PUNCT
cblr-11898	94	22	instant	instant	NOUN
cblr-11898	94	23	trading.10	trading.10	NOUN
cblr-11898	94	24	it	it	PRON
cblr-11898	94	25	avoids	avoid	VERB
cblr-11898	94	26	the	the	DET
cblr-11898	94	27	expensive	expensive	ADJ
cblr-11898	94	28	and	and	CCONJ
cblr-11898	94	29	timeconsuming	timeconsuming	ADJ
cblr-11898	94	30	process	process	NOUN
cblr-11898	94	31	of	of	ADP
cblr-11898	94	32	selling	sell	VERB
cblr-11898	94	33	physical	physical	ADJ
cblr-11898	94	34	shares	share	NOUN
cblr-11898	94	35	,	,	PUNCT
cblr-11898	94	36	as	as	ADV
cblr-11898	94	37	well	well	ADV
cblr-11898	94	38	as	as	ADP
cblr-11898	94	39	the	the	DET
cblr-11898	94	40	risks	risk	NOUN
cblr-11898	94	41	of	of	ADP
cblr-11898	94	42	losing	lose	VERB
cblr-11898	94	43	the	the	DET
cblr-11898	94	44	shares	share	NOUN
cblr-11898	94	45	themselves.11	themselves.11	VERB
cblr-11898	94	46	while	while	SCONJ
cblr-11898	94	47	this	this	DET
cblr-11898	94	48	system	system	NOUN
cblr-11898	94	49	does	do	AUX
cblr-11898	94	50	often	often	ADV
cblr-11898	94	51	delay	delay	VERB
cblr-11898	94	52	the	the	DET
cblr-11898	94	53	dispersal	dispersal	NOUN
cblr-11898	94	54	of	of	ADP
cblr-11898	94	55	dividends	dividend	NOUN
cblr-11898	94	56	by	by	ADP
cblr-11898	94	57	a	a	DET
cblr-11898	94	58	few	few	ADJ
cblr-11898	94	59	days	day	NOUN
cblr-11898	94	60	,	,	PUNCT
cblr-11898	94	61	in	in	ADP
cblr-11898	94	62	the	the	DET
cblr-11898	94	63	grand	grand	ADJ
cblr-11898	94	64	scheme	scheme	NOUN
cblr-11898	94	65	,	,	PUNCT
cblr-11898	94	66	the	the	DET
cblr-11898	94	67	benefits	benefit	NOUN
cblr-11898	94	68	typically	typically	ADV
cblr-11898	94	69	outweigh	outweigh	VERB
cblr-11898	94	70	the	the	DET
cblr-11898	94	71	risks	risk	NOUN
cblr-11898	94	72	.	.	PUNCT
cblr-11898	95	1	as	as	ADP
cblr-11898	95	2	a	a	DET
cblr-11898	95	3	result	result	NOUN
cblr-11898	95	4	,	,	PUNCT
cblr-11898	95	5	purchases	purchase	NOUN
cblr-11898	95	6	are	be	AUX
cblr-11898	95	7	typically	typically	ADV
cblr-11898	95	8	automatically	automatically	ADV
cblr-11898	95	9	held	hold	VERB
cblr-11898	95	10	in	in	ADP
cblr-11898	95	11	street	street	NOUN
cblr-11898	95	12	name	name	NOUN
cblr-11898	95	13	unless	unless	SCONJ
cblr-11898	95	14	specific	specific	ADJ
cblr-11898	95	15	investor	investor	NOUN
cblr-11898	95	16	instructions	instruction	NOUN
cblr-11898	95	17	are	be	AUX
cblr-11898	95	18	given	give	VERB
cblr-11898	95	19	to	to	ADP
cblr-11898	95	20	the	the	DET
cblr-11898	95	21	contrary.12	contrary.12	NOUN
cblr-11898	95	22	issuers	issuer	NOUN
cblr-11898	95	23	prefer	prefer	VERB
cblr-11898	95	24	this	this	DET
cblr-11898	95	25	form	form	NOUN
cblr-11898	95	26	of	of	ADP
cblr-11898	95	27	ownership	ownership	NOUN
cblr-11898	95	28	for	for	ADP
cblr-11898	95	29	several	several	ADJ
cblr-11898	95	30	reasons	reason	NOUN
cblr-11898	95	31	.	.	PUNCT
cblr-11898	96	1	first	first	ADV
cblr-11898	96	2	,	,	PUNCT
cblr-11898	96	3	it	it	PRON
cblr-11898	96	4	places	place	VERB
cblr-11898	96	5	the	the	DET
cblr-11898	96	6	onerous	onerous	ADJ
cblr-11898	96	7	burden	burden	NOUN
cblr-11898	96	8	on	on	ADP
cblr-11898	96	9	the	the	DET
cblr-11898	96	10	brokerage	brokerage	NOUN
cblr-11898	96	11	firms	firm	NOUN
cblr-11898	96	12	,	,	PUNCT
cblr-11898	96	13	or	or	CCONJ
cblr-11898	96	14	other	other	ADJ
cblr-11898	96	15	nominated	nominate	VERB
cblr-11898	96	16	parties	party	NOUN
cblr-11898	96	17	,	,	PUNCT
cblr-11898	96	18	to	to	PART
cblr-11898	96	19	send	send	VERB
cblr-11898	96	20	out	out	ADP
cblr-11898	96	21	proxy	proxy	NOUN
cblr-11898	96	22	materials	material	NOUN
cblr-11898	96	23	,	,	PUNCT
cblr-11898	96	24	provide	provide	VERB
cblr-11898	96	25	tax	tax	NOUN
cblr-11898	96	26	information	information	NOUN
cblr-11898	96	27	,	,	PUNCT
cblr-11898	96	28	and	and	CCONJ
cblr-11898	96	29	distribute	distribute	VERB
cblr-11898	96	30	annual	annual	ADJ
cblr-11898	96	31	reports.13	reports.13	NOUN
cblr-11898	96	32	more	more	ADV
cblr-11898	96	33	importantly	importantly	ADV
cblr-11898	96	34	for	for	ADP
cblr-11898	96	35	non	non	ADJ
cblr-11898	96	36	-	-	ADJ
cblr-11898	96	37	public	public	ADJ
cblr-11898	96	38	issuers	issuer	NOUN
cblr-11898	96	39	,	,	PUNCT
cblr-11898	96	40	however	however	ADV
cblr-11898	96	41	,	,	PUNCT
cblr-11898	96	42	it	it	PRON
cblr-11898	96	43	allows	allow	VERB
cblr-11898	96	44	for	for	ADP
cblr-11898	96	45	the	the	DET
cblr-11898	96	46	dramatic	dramatic	ADJ
cblr-11898	96	47	reduction	reduction	NOUN
cblr-11898	96	48	of	of	ADP
cblr-11898	96	49	the	the	DET
cblr-11898	96	50	record	record	NOUN
cblr-11898	96	51	count	count	NOUN
cblr-11898	96	52	for	for	ADP
cblr-11898	96	53	section	section	NOUN
cblr-11898	96	54	12(g	12(g	NUM
cblr-11898	96	55	)	)	PUNCT
cblr-11898	96	56	7	7	NUM
cblr-11898	97	1	it	it	PRON
cblr-11898	97	2	’s	’	VERB
cblr-11898	97	3	your	your	PRON
cblr-11898	97	4	stock	stock	NOUN
cblr-11898	97	5	,	,	PUNCT
cblr-11898	97	6	just	just	ADV
cblr-11898	97	7	not	not	PART
cblr-11898	97	8	in	in	ADP
cblr-11898	97	9	your	your	PRON
cblr-11898	97	10	name	name	NOUN
cblr-11898	97	11	:	:	PUNCT
cblr-11898	97	12	explaining	explain	VERB
cblr-11898	97	13	‘	'	PUNCT
cblr-11898	97	14	street	street	NOUN
cblr-11898	97	15	names	name	NOUN
cblr-11898	97	16	’	'	PUNCT
cblr-11898	97	17	,	,	PUNCT
cblr-11898	97	18	finra	finra	PROPN
cblr-11898	97	19	(	(	PUNCT
cblr-11898	97	20	financial	financial	ADJ
cblr-11898	97	21	industry	industry	NOUN
cblr-11898	97	22	regulatory	regulatory	ADJ
cblr-11898	97	23	authority	authority	NOUN
cblr-11898	97	24	)	)	PUNCT
cblr-11898	97	25	(	(	PUNCT
cblr-11898	97	26	dec	dec	PROPN
cblr-11898	97	27	.	.	PROPN
cblr-11898	97	28	21	21	NUM
cblr-11898	97	29	,	,	PUNCT
cblr-11898	97	30	2015	2015	NUM
cblr-11898	97	31	)	)	PUNCT
cblr-11898	97	32	,	,	PUNCT
cblr-11898	97	33	https://www.finra.org/investors/insights/its-your-stock-just-not-your-nameexplaining-street-names	https://www.finra.org/investors/insights/its-your-stock-just-not-your-nameexplaining-street-name	VERB
cblr-11898	98	1	[	[	X
cblr-11898	98	2	https://perma.cc/j4ua-rkwm	https://perma.cc/j4ua-rkwm	X
cblr-11898	98	3	]	]	X
cblr-11898	98	4	[	[	X
cblr-11898	98	5	hereinafter	hereinafter	NOUN
cblr-11898	98	6	finra	finra	NOUN
cblr-11898	98	7	]	]	PUNCT
cblr-11898	98	8	.	.	PROPN
cblr-11898	99	1	8	8	NUM
cblr-11898	99	2	investor	investor	NOUN
cblr-11898	99	3	bulletin	bulletin	NOUN
cblr-11898	99	4	:	:	PUNCT
cblr-11898	99	5	holding	hold	VERB
cblr-11898	99	6	your	your	PRON
cblr-11898	99	7	securities	security	NOUN
cblr-11898	99	8	,	,	PUNCT
cblr-11898	99	9	sec	sec	PROPN
cblr-11898	99	10	(	(	PUNCT
cblr-11898	99	11	mar	mar	PROPN
cblr-11898	99	12	.	.	PROPN
cblr-11898	99	13	4	4	NUM
cblr-11898	99	14	,	,	PUNCT
cblr-11898	99	15	2003	2003	NUM
cblr-11898	99	16	)	)	PUNCT
cblr-11898	99	17	,	,	PUNCT
cblr-11898	99	18	https://www.sec.gov/reportspubs/investorpublications/investorpubsholdsechtm.html	https://www.sec.gov/reportspubs/investorpublications/investorpubsholdsechtm.html	PROPN
cblr-11898	99	19	.	.	PUNCT
cblr-11898	100	1	[	[	X
cblr-11898	100	2	https://perma.cc/t2ba-zhsy	https://perma.cc/t2ba-zhsy	X
cblr-11898	100	3	]	]	PUNCT
cblr-11898	100	4	.	.	PUNCT
cblr-11898	101	1	9	9	NUM
cblr-11898	102	1	i	i	PRON
cblr-11898	102	2	d.	d.	PROPN
cblr-11898	102	3	10	10	NUM
cblr-11898	103	1	i	i	PRON
cblr-11898	103	2	d.	d.	PROPN
cblr-11898	103	3	11	11	NUM
cblr-11898	104	1	i	i	PRON
cblr-11898	104	2	d.	d.	PROPN
cblr-11898	104	3	12	12	NUM
cblr-11898	105	1	i	i	PRON
cblr-11898	105	2	d.	d.	PROPN
cblr-11898	105	3	13	13	NUM
cblr-11898	106	1	i	i	PRON
cblr-11898	106	2	d.	d.	PROPN
cblr-11898	106	3	no	no	INTJ
cblr-11898	106	4	.	.	NOUN
cblr-11898	107	1	1	1	NUM
cblr-11898	107	2	]	]	X
cblr-11898	107	3	mythical	mythical	ADJ
cblr-11898	107	4	unicorns	unicorn	NOUN
cblr-11898	107	5	and	and	CCONJ
cblr-11898	107	6	how	how	SCONJ
cblr-11898	107	7	to	to	PART
cblr-11898	107	8	find	find	VERB
cblr-11898	107	9	them	they	PRON
cblr-11898	107	10	77	77	NUM
cblr-11898	107	11	purposes	purpose	NOUN
cblr-11898	107	12	.	.	PUNCT
cblr-11898	108	1	if	if	SCONJ
cblr-11898	108	2	200	200	NUM
cblr-11898	108	3	investors	investor	NOUN
cblr-11898	108	4	purchase	purchase	VERB
cblr-11898	108	5	shares	share	NOUN
cblr-11898	108	6	through	through	ADP
cblr-11898	108	7	a	a	DET
cblr-11898	108	8	single	single	ADJ
cblr-11898	108	9	brokerage	brokerage	NOUN
cblr-11898	108	10	firm	firm	NOUN
cblr-11898	108	11	,	,	PUNCT
cblr-11898	108	12	that	that	DET
cblr-11898	108	13	firm	firm	NOUN
cblr-11898	108	14	reduces	reduce	VERB
cblr-11898	108	15	the	the	DET
cblr-11898	108	16	record	record	NOUN
cblr-11898	108	17	count	count	NOUN
cblr-11898	108	18	to	to	ADP
cblr-11898	108	19	just	just	ADV
cblr-11898	108	20	one	one	NUM
cblr-11898	108	21	shareholder	shareholder	NOUN
cblr-11898	108	22	of	of	ADP
cblr-11898	108	23	record.14	record.14	PRON
cblr-11898	108	24	since	since	SCONJ
cblr-11898	108	25	the	the	DET
cblr-11898	108	26	passage	passage	NOUN
cblr-11898	108	27	of	of	ADP
cblr-11898	108	28	the	the	DET
cblr-11898	108	29	‘	'	PUNCT
cblr-11898	108	30	34	34	NUM
cblr-11898	108	31	act	act	NOUN
cblr-11898	108	32	and	and	CCONJ
cblr-11898	108	33	the	the	DET
cblr-11898	108	34	securities	security	NOUN
cblr-11898	108	35	act	act	NOUN
cblr-11898	108	36	of	of	ADP
cblr-11898	108	37	1933	1933	NUM
cblr-11898	108	38	(	(	PUNCT
cblr-11898	108	39	“	"	PUNCT
cblr-11898	108	40	‘	'	PUNCT
cblr-11898	108	41	33	33	NUM
cblr-11898	108	42	act	act	NOUN
cblr-11898	108	43	”	"	PUNCT
cblr-11898	108	44	)	)	PUNCT
cblr-11898	108	45	,	,	PUNCT
cblr-11898	108	46	the	the	DET
cblr-11898	108	47	ownership	ownership	NOUN
cblr-11898	108	48	of	of	ADP
cblr-11898	108	49	public	public	ADJ
cblr-11898	108	50	equity	equity	NOUN
cblr-11898	108	51	has	have	AUX
cblr-11898	108	52	shifted	shift	VERB
cblr-11898	108	53	dramatically	dramatically	ADV
cblr-11898	108	54	.	.	PUNCT
cblr-11898	109	1	prior	prior	ADV
cblr-11898	109	2	to	to	ADP
cblr-11898	109	3	the	the	DET
cblr-11898	109	4	end	end	NOUN
cblr-11898	109	5	of	of	ADP
cblr-11898	109	6	world	world	PROPN
cblr-11898	109	7	war	war	PROPN
cblr-11898	109	8	ii	ii	PROPN
cblr-11898	109	9	,	,	PUNCT
cblr-11898	109	10	institutional	institutional	ADJ
cblr-11898	109	11	investors	investor	NOUN
cblr-11898	109	12	held	hold	VERB
cblr-11898	109	13	around	around	ADV
cblr-11898	109	14	5	5	NUM
cblr-11898	109	15	%	%	NOUN
cblr-11898	109	16	of	of	ADP
cblr-11898	109	17	equities	equity	NOUN
cblr-11898	109	18	in	in	ADP
cblr-11898	109	19	the	the	DET
cblr-11898	109	20	united	united	PROPN
cblr-11898	109	21	states.15	states.15	PROPN
cblr-11898	109	22	by	by	ADP
cblr-11898	109	23	2010	2010	NUM
cblr-11898	109	24	,	,	PUNCT
cblr-11898	109	25	that	that	PRON
cblr-11898	109	26	had	have	AUX
cblr-11898	109	27	increased	increase	VERB
cblr-11898	109	28	to	to	ADP
cblr-11898	109	29	67%.16	67%.16	VERB
cblr-11898	109	30	in	in	ADP
cblr-11898	109	31	the	the	DET
cblr-11898	109	32	decade	decade	NOUN
cblr-11898	109	33	that	that	PRON
cblr-11898	109	34	followed	follow	VERB
cblr-11898	109	35	,	,	PUNCT
cblr-11898	109	36	the	the	DET
cblr-11898	109	37	number	number	NOUN
cblr-11898	109	38	has	have	VERB
cblr-11898	109	39	steadily	steadily	ADV
cblr-11898	109	40	risen.17	risen.17	NOUN
cblr-11898	109	41	of	of	ADP
cblr-11898	109	42	the	the	DET
cblr-11898	109	43	10	10	NUM
cblr-11898	109	44	largest	large	ADJ
cblr-11898	109	45	publicly	publicly	ADV
cblr-11898	109	46	traded	trade	VERB
cblr-11898	109	47	companies	company	NOUN
cblr-11898	109	48	,	,	PUNCT
cblr-11898	109	49	the	the	DET
cblr-11898	109	50	average	average	ADJ
cblr-11898	109	51	exceeds	exceed	VERB
cblr-11898	109	52	75%.18	75%.18	NUM
cblr-11898	109	53	however	however	ADV
cblr-11898	109	54	,	,	PUNCT
cblr-11898	109	55	our	our	PRON
cblr-11898	109	56	securities	security	NOUN
cblr-11898	109	57	laws	law	NOUN
cblr-11898	109	58	have	have	AUX
cblr-11898	109	59	not	not	PART
cblr-11898	109	60	adapted	adapt	VERB
cblr-11898	109	61	to	to	PART
cblr-11898	109	62	reflect	reflect	VERB
cblr-11898	109	63	this	this	DET
cblr-11898	109	64	reality	reality	NOUN
cblr-11898	109	65	.	.	PUNCT
cblr-11898	110	1	while	while	SCONJ
cblr-11898	110	2	more	more	ADJ
cblr-11898	110	3	and	and	CCONJ
cblr-11898	110	4	more	more	ADJ
cblr-11898	110	5	americans	american	NOUN
cblr-11898	110	6	are	be	AUX
cblr-11898	110	7	investing	invest	VERB
cblr-11898	110	8	their	their	PRON
cblr-11898	110	9	wealth	wealth	NOUN
cblr-11898	110	10	into	into	ADP
cblr-11898	110	11	equities	equity	NOUN
cblr-11898	110	12	,	,	PUNCT
cblr-11898	110	13	they	they	PRON
cblr-11898	110	14	are	be	AUX
cblr-11898	110	15	often	often	ADV
cblr-11898	110	16	doing	do	VERB
cblr-11898	110	17	so	so	ADV
cblr-11898	110	18	via	via	ADP
cblr-11898	110	19	vehicles	vehicle	NOUN
cblr-11898	110	20	such	such	ADJ
cblr-11898	110	21	as	as	ADP
cblr-11898	110	22	mutual	mutual	ADJ
cblr-11898	110	23	funds	fund	NOUN
cblr-11898	110	24	,	,	PUNCT
cblr-11898	110	25	401(k)s	401(k)s	PROPN
cblr-11898	110	26	,	,	PUNCT
cblr-11898	110	27	iras	ira	NOUN
cblr-11898	110	28	,	,	PUNCT
cblr-11898	110	29	and	and	CCONJ
cblr-11898	110	30	other	other	ADJ
cblr-11898	110	31	institutionmanaged	institutionmanaged	ADJ
cblr-11898	110	32	funds.19	funds.19	NOUN
cblr-11898	110	33	for	for	ADP
cblr-11898	110	34	the	the	DET
cblr-11898	110	35	increasing	increase	VERB
cblr-11898	110	36	minority	minority	NOUN
cblr-11898	110	37	that	that	PRON
cblr-11898	110	38	does	do	AUX
cblr-11898	110	39	hold	hold	VERB
cblr-11898	110	40	shares	share	NOUN
cblr-11898	110	41	outright	outright	ADV
cblr-11898	110	42	,	,	PUNCT
cblr-11898	110	43	many	many	ADJ
cblr-11898	110	44	do	do	VERB
cblr-11898	110	45	so	so	ADV
cblr-11898	110	46	via	via	ADP
cblr-11898	110	47	brokerage	brokerage	NOUN
cblr-11898	110	48	funds.20	funds.20	NOUN
cblr-11898	110	49	these	these	DET
cblr-11898	110	50	funds	fund	NOUN
cblr-11898	110	51	are	be	AUX
cblr-11898	110	52	considered	consider	VERB
cblr-11898	110	53	to	to	PART
cblr-11898	110	54	be	be	AUX
cblr-11898	110	55	the	the	DET
cblr-11898	110	56	shareholders	shareholder	NOUN
cblr-11898	110	57	of	of	ADP
cblr-11898	110	58	record	record	NOUN
cblr-11898	110	59	,	,	PUNCT
cblr-11898	110	60	holding	hold	VERB
cblr-11898	110	61	14	14	NUM
cblr-11898	110	62	“	"	PUNCT
cblr-11898	110	63	going	go	VERB
cblr-11898	110	64	dark	dark	ADJ
cblr-11898	110	65	”	"	PUNCT
cblr-11898	110	66	–	–	PUNCT
cblr-11898	110	67	a	a	DET
cblr-11898	110	68	process	process	NOUN
cblr-11898	110	69	for	for	ADP
cblr-11898	110	70	delisting	delisting	NOUN
cblr-11898	110	71	and	and	CCONJ
cblr-11898	110	72	deregistration	deregistration	NOUN
cblr-11898	110	73	of	of	ADP
cblr-11898	110	74	public	public	ADJ
cblr-11898	110	75	company	company	NOUN
cblr-11898	110	76	securities	security	NOUN
cblr-11898	110	77	,	,	PUNCT
cblr-11898	110	78	dudnick	dudnick	NOUN
cblr-11898	110	79	,	,	PUNCT
cblr-11898	110	80	detwiler	detwiler	NOUN
cblr-11898	110	81	,	,	PUNCT
cblr-11898	110	82	rivin	rivin	PROPN
cblr-11898	110	83	&	&	CCONJ
cblr-11898	110	84	stikker	stikker	PROPN
cblr-11898	110	85	,	,	PUNCT
cblr-11898	110	86	llp	llp	PROPN
cblr-11898	110	87	,	,	PUNCT
cblr-11898	110	88	https://www.ddrs.com/going-dark-a-process-for-delisting-andderegistration-of-public-company-securities/	https://www.ddrs.com/going-dark-a-process-for-delisting-andderegistration-of-public-company-securities/	PROPN
cblr-11898	111	1	[	[	X
cblr-11898	111	2	https://perma.cc/u7ukqjj3	https://perma.cc/u7ukqjj3	X
cblr-11898	111	3	]	]	X
cblr-11898	111	4	(	(	PUNCT
cblr-11898	111	5	last	last	ADV
cblr-11898	111	6	visited	visit	VERB
cblr-11898	111	7	jan	jan	PROPN
cblr-11898	111	8	.	.	PROPN
cblr-11898	111	9	24	24	NUM
cblr-11898	111	10	,	,	PUNCT
cblr-11898	111	11	2022	2022	NUM
cblr-11898	111	12	)	)	PUNCT
cblr-11898	111	13	.	.	PUNCT
cblr-11898	112	1	15	15	NUM
cblr-11898	112	2	marshall	marshall	PROPN
cblr-11898	112	3	e.	e.	PROPN
cblr-11898	112	4	blume	blume	PROPN
cblr-11898	112	5	&	&	CCONJ
cblr-11898	112	6	donald	donald	PROPN
cblr-11898	112	7	b.	b.	PROPN
cblr-11898	112	8	keim	keim	PROPN
cblr-11898	112	9	,	,	PUNCT
cblr-11898	112	10	institutional	institutional	ADJ
cblr-11898	112	11	investors	investor	NOUN
cblr-11898	112	12	and	and	CCONJ
cblr-11898	112	13	stock	stock	NOUN
cblr-11898	112	14	market	market	NOUN
cblr-11898	112	15	liquidity	liquidity	NOUN
cblr-11898	112	16	:	:	PUNCT
cblr-11898	112	17	trends	trend	NOUN
cblr-11898	112	18	and	and	CCONJ
cblr-11898	112	19	relationships	relationship	NOUN
cblr-11898	112	20	4	4	NUM
cblr-11898	112	21	(	(	PUNCT
cblr-11898	112	22	jacobs	jacobs	PROPN
cblr-11898	112	23	levy	levy	PROPN
cblr-11898	112	24	equity	equity	NOUN
cblr-11898	112	25	mgmt	mgmt	PROPN
cblr-11898	112	26	.	.	PUNCT
cblr-11898	113	1	ctr	ctr	PROPN
cblr-11898	113	2	.	.	PUNCT
cblr-11898	114	1	for	for	ADP
cblr-11898	114	2	quantitative	quantitative	ADJ
cblr-11898	114	3	fin	fin	NOUN
cblr-11898	114	4	.	.	PUNCT
cblr-11898	115	1	rsch	rsch	PROPN
cblr-11898	115	2	.	.	PUNCT
cblr-11898	116	1	paper	paper	NOUN
cblr-11898	116	2	)	)	PUNCT
cblr-11898	116	3	,	,	PUNCT
cblr-11898	116	4	(	(	PUNCT
cblr-11898	116	5	aug	aug	PROPN
cblr-11898	116	6	.	.	PROPN
cblr-11898	116	7	21	21	NUM
cblr-11898	116	8	,	,	PUNCT
cblr-11898	116	9	2012	2012	NUM
cblr-11898	116	10	)	)	PUNCT
cblr-11898	117	1	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2147757	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2147757	VERB
cblr-11898	117	2	[	[	X
cblr-11898	117	3	https://perma.cc/924t-883b	https://perma.cc/924t-883b	X
cblr-11898	117	4	]	]	PUNCT
cblr-11898	117	5	.	.	PUNCT
cblr-11898	118	1	16	16	NUM
cblr-11898	119	1	i	i	PRON
cblr-11898	119	2	d.	d.	PROPN
cblr-11898	119	3	17	17	NUM
cblr-11898	120	1	i	i	PRON
cblr-11898	120	2	d.	d.	PROPN
cblr-11898	120	3	80	80	NUM
cblr-11898	120	4	%	%	NOUN
cblr-11898	120	5	of	of	ADP
cblr-11898	120	6	equity	equity	NOUN
cblr-11898	120	7	market	market	NOUN
cblr-11898	120	8	cap	cap	NOUN
cblr-11898	120	9	held	hold	VERB
cblr-11898	120	10	by	by	ADP
cblr-11898	120	11	institutions	institution	NOUN
cblr-11898	120	12	,	,	PUNCT
cblr-11898	120	13	pensions	pension	NOUN
cblr-11898	120	14	&	&	CCONJ
cblr-11898	120	15	invs	invs	PROPN
cblr-11898	120	16	.	.	PUNCT
cblr-11898	121	1	(	(	PUNCT
cblr-11898	121	2	apr	apr	PROPN
cblr-11898	121	3	.	.	PROPN
cblr-11898	121	4	25	25	NUM
cblr-11898	121	5	,	,	PUNCT
cblr-11898	121	6	2017	2017	NUM
cblr-11898	121	7	)	)	PUNCT
cblr-11898	121	8	,	,	PUNCT
cblr-11898	121	9	https://www.pionline.com/article/20170425/interactive/170429926/80of-equity-market-cap-held-by-institutions	https://www.pionline.com/article/20170425/interactive/170429926/80of-equity-market-cap-held-by-institution	VERB
cblr-11898	122	1	[	[	X
cblr-11898	122	2	https://perma.cc/9klr-uh42	https://perma.cc/9klr-uh42	X
cblr-11898	122	3	]	]	PUNCT
cblr-11898	122	4	.	.	PUNCT
cblr-11898	123	1	18	18	NUM
cblr-11898	124	1	i	i	NOUN
cblr-11898	124	2	d.	d.	PROPN
cblr-11898	124	3	19	19	NUM
cblr-11898	124	4	what	what	PRON
cblr-11898	124	5	percentage	percentage	NOUN
cblr-11898	124	6	of	of	ADP
cblr-11898	124	7	americans	americans	PROPN
cblr-11898	124	8	own	own	VERB
cblr-11898	124	9	stock	stock	NOUN
cblr-11898	124	10	?	?	PUNCT
cblr-11898	124	11	,	,	PUNCT
cblr-11898	124	12	usa	usa	PROPN
cblr-11898	124	13	facts	fact	NOUN
cblr-11898	124	14	(	(	PUNCT
cblr-11898	124	15	mar	mar	PROPN
cblr-11898	124	16	.	.	PROPN
cblr-11898	124	17	9	9	NUM
cblr-11898	124	18	,	,	PUNCT
cblr-11898	124	19	2021	2021	NUM
cblr-11898	124	20	)	)	PUNCT
cblr-11898	124	21	,	,	PUNCT
cblr-11898	124	22	https://usafacts.org/articles/what-percentage-of-americans-ownstock/	https://usafacts.org/articles/what-percentage-of-americans-ownstock/	NOUN
cblr-11898	125	1	[	[	X
cblr-11898	125	2	https://perma.cc/q5vd-xbpk	https://perma.cc/q5vd-xbpk	NOUN
cblr-11898	125	3	]	]	X
cblr-11898	125	4	.	.	PUNCT
cblr-11898	126	1	20	20	NUM
cblr-11898	127	1	it	it	PRON
cblr-11898	127	2	’s	’	VERB
cblr-11898	127	3	your	your	PRON
cblr-11898	127	4	stock	stock	NOUN
cblr-11898	127	5	,	,	PUNCT
cblr-11898	127	6	just	just	ADV
cblr-11898	127	7	not	not	PART
cblr-11898	127	8	in	in	ADP
cblr-11898	127	9	your	your	PRON
cblr-11898	127	10	name	name	NOUN
cblr-11898	127	11	:	:	PUNCT
cblr-11898	127	12	explaining	explain	VERB
cblr-11898	127	13	‘	'	PUNCT
cblr-11898	127	14	street	street	NOUN
cblr-11898	127	15	names	name	NOUN
cblr-11898	127	16	’	'	PUNCT
cblr-11898	127	17	,	,	PUNCT
cblr-11898	127	18	finra	finra	PROPN
cblr-11898	127	19	(	(	PUNCT
cblr-11898	127	20	dec	dec	PROPN
cblr-11898	127	21	.	.	PROPN
cblr-11898	127	22	21	21	NUM
cblr-11898	127	23	,	,	PUNCT
cblr-11898	127	24	2015	2015	NUM
cblr-11898	127	25	)	)	PUNCT
cblr-11898	127	26	,	,	PUNCT
cblr-11898	127	27	https://www.finra.org/investors/insights/its-yourstock-just-not-your-name-explaining-street-names	https://www.finra.org/investors/insights/its-yourstock-just-not-your-name-explaining-street-names	PROPN
cblr-11898	127	28	.	.	PUNCT
cblr-11898	128	1	78	78	NUM
cblr-11898	128	2	columbia	columbia	PROPN
cblr-11898	128	3	business	business	NOUN
cblr-11898	128	4	law	law	PROPN
cblr-11898	128	5	review	review	NOUN
cblr-11898	128	6	[	[	X
cblr-11898	128	7	vol	vol	NOUN
cblr-11898	128	8	.	.	PUNCT
cblr-11898	128	9	2023	2023	NUM
cblr-11898	128	10	the	the	DET
cblr-11898	128	11	shares	share	NOUN
cblr-11898	128	12	in	in	ADP
cblr-11898	128	13	their	their	PRON
cblr-11898	128	14	“	"	PUNCT
cblr-11898	128	15	street	street	NOUN
cblr-11898	128	16	name	name	NOUN
cblr-11898	128	17	”	"	PUNCT
cblr-11898	128	18	while	while	SCONJ
cblr-11898	128	19	giving	give	VERB
cblr-11898	128	20	the	the	DET
cblr-11898	128	21	ultimate	ultimate	ADJ
cblr-11898	128	22	benefit	benefit	NOUN
cblr-11898	128	23	to	to	ADP
cblr-11898	128	24	the	the	DET
cblr-11898	128	25	beneficial	beneficial	ADJ
cblr-11898	128	26	investors.21	investors.21	NOUN
cblr-11898	128	27	further	far	ADV
cblr-11898	128	28	complicating	complicate	VERB
cblr-11898	128	29	this	this	DET
cblr-11898	128	30	matter	matter	NOUN
cblr-11898	128	31	is	be	AUX
cblr-11898	128	32	the	the	DET
cblr-11898	128	33	rise	rise	NOUN
cblr-11898	128	34	of	of	ADP
cblr-11898	128	35	special	special	ADJ
cblr-11898	128	36	purpose	purpose	NOUN
cblr-11898	128	37	vehicles	vehicle	NOUN
cblr-11898	128	38	(	(	PUNCT
cblr-11898	128	39	“	"	PUNCT
cblr-11898	128	40	spv	spv	PROPN
cblr-11898	128	41	”	"	PUNCT
cblr-11898	128	42	)	)	PUNCT
cblr-11898	128	43	,	,	PUNCT
cblr-11898	128	44	developed	develop	VERB
cblr-11898	128	45	by	by	ADP
cblr-11898	128	46	sophisticated	sophisticated	ADJ
cblr-11898	128	47	players	player	NOUN
cblr-11898	128	48	ostensibly	ostensibly	ADV
cblr-11898	128	49	as	as	ADP
cblr-11898	128	50	liability	liability	NOUN
cblr-11898	128	51	shielding	shielding	NOUN
cblr-11898	128	52	mechanisms	mechanism	NOUN
cblr-11898	128	53	.	.	PUNCT
cblr-11898	129	1	as	as	ADP
cblr-11898	129	2	part	part	NOUN
cblr-11898	129	3	of	of	ADP
cblr-11898	129	4	a	a	DET
cblr-11898	129	5	fundraising	fundraising	NOUN
cblr-11898	129	6	round	round	NOUN
cblr-11898	129	7	,	,	PUNCT
cblr-11898	129	8	a	a	DET
cblr-11898	129	9	firm	firm	NOUN
cblr-11898	129	10	may	may	AUX
cblr-11898	129	11	raise	raise	VERB
cblr-11898	129	12	funds	fund	NOUN
cblr-11898	129	13	from	from	ADP
cblr-11898	129	14	several	several	ADJ
cblr-11898	129	15	large	large	ADJ
cblr-11898	129	16	investors	investor	NOUN
cblr-11898	129	17	.	.	PUNCT
cblr-11898	130	1	rather	rather	ADV
cblr-11898	130	2	than	than	ADP
cblr-11898	130	3	holding	hold	VERB
cblr-11898	130	4	the	the	DET
cblr-11898	130	5	shares	share	NOUN
cblr-11898	130	6	outright	outright	ADV
cblr-11898	130	7	on	on	ADP
cblr-11898	130	8	their	their	PRON
cblr-11898	130	9	books	book	NOUN
cblr-11898	130	10	,	,	PUNCT
cblr-11898	130	11	however	however	ADV
cblr-11898	130	12	,	,	PUNCT
cblr-11898	130	13	these	these	DET
cblr-11898	130	14	investors	investor	NOUN
cblr-11898	130	15	may	may	AUX
cblr-11898	130	16	pool	pool	VERB
cblr-11898	130	17	their	their	PRON
cblr-11898	130	18	assets	asset	NOUN
cblr-11898	130	19	in	in	ADP
cblr-11898	130	20	a	a	DET
cblr-11898	130	21	newly	newly	ADV
cblr-11898	130	22	created	create	VERB
cblr-11898	130	23	special	special	ADJ
cblr-11898	130	24	purpose	purpose	NOUN
cblr-11898	130	25	vehicle	vehicle	NOUN
cblr-11898	130	26	.	.	PUNCT
cblr-11898	131	1	this	this	DET
cblr-11898	131	2	spv	spv	PROPN
cblr-11898	131	3	holds	hold	VERB
cblr-11898	131	4	the	the	DET
cblr-11898	131	5	equity	equity	NOUN
cblr-11898	131	6	on	on	ADP
cblr-11898	131	7	behalf	behalf	NOUN
cblr-11898	131	8	of	of	ADP
cblr-11898	131	9	the	the	DET
cblr-11898	131	10	investors	investor	NOUN
cblr-11898	131	11	and	and	CCONJ
cblr-11898	131	12	provides	provide	VERB
cblr-11898	131	13	a	a	DET
cblr-11898	131	14	degree	degree	NOUN
cblr-11898	131	15	of	of	ADP
cblr-11898	131	16	liability	liability	NOUN
cblr-11898	131	17	protection	protection	NOUN
cblr-11898	131	18	.	.	PUNCT
cblr-11898	132	1	should	should	AUX
cblr-11898	132	2	the	the	DET
cblr-11898	132	3	investee	investee	NOUN
cblr-11898	132	4	go	go	VERB
cblr-11898	132	5	under	under	ADV
cblr-11898	132	6	,	,	PUNCT
cblr-11898	132	7	the	the	DET
cblr-11898	132	8	exposure	exposure	NOUN
cblr-11898	132	9	is	be	AUX
cblr-11898	132	10	limited	limit	VERB
cblr-11898	132	11	to	to	ADP
cblr-11898	132	12	the	the	DET
cblr-11898	132	13	spv	spv	NOUN
cblr-11898	132	14	,	,	PUNCT
cblr-11898	132	15	rather	rather	ADV
cblr-11898	132	16	than	than	ADP
cblr-11898	132	17	potentially	potentially	ADV
cblr-11898	132	18	having	have	VERB
cblr-11898	132	19	a	a	DET
cblr-11898	132	20	broader	broad	ADJ
cblr-11898	132	21	exposure	exposure	NOUN
cblr-11898	132	22	to	to	ADP
cblr-11898	132	23	the	the	DET
cblr-11898	132	24	investor	investor	NOUN
cblr-11898	132	25	fund	fund	NOUN
cblr-11898	132	26	where	where	SCONJ
cblr-11898	132	27	a	a	DET
cblr-11898	132	28	bad	bad	ADJ
cblr-11898	132	29	investment	investment	NOUN
cblr-11898	132	30	may	may	AUX
cblr-11898	132	31	shake	shake	VERB
cblr-11898	132	32	the	the	DET
cblr-11898	132	33	confidence	confidence	NOUN
cblr-11898	132	34	of	of	ADP
cblr-11898	132	35	the	the	DET
cblr-11898	132	36	fund	fund	NOUN
cblr-11898	132	37	as	as	ADP
cblr-11898	132	38	a	a	DET
cblr-11898	132	39	whole	whole	NOUN
cblr-11898	132	40	.	.	PUNCT
cblr-11898	133	1	the	the	DET
cblr-11898	133	2	added	add	VERB
cblr-11898	133	3	benefit	benefit	NOUN
cblr-11898	133	4	stems	stem	VERB
cblr-11898	133	5	from	from	ADP
cblr-11898	133	6	a	a	DET
cblr-11898	133	7	further	further	ADJ
cblr-11898	133	8	reduction	reduction	NOUN
cblr-11898	133	9	in	in	ADP
cblr-11898	133	10	overall	overall	ADJ
cblr-11898	133	11	shareholders	shareholder	NOUN
cblr-11898	133	12	of	of	ADP
cblr-11898	133	13	record	record	NOUN
cblr-11898	133	14	for	for	ADP
cblr-11898	133	15	the	the	DET
cblr-11898	133	16	investee	investee	NOUN
cblr-11898	133	17	company	company	NOUN
cblr-11898	133	18	.	.	PUNCT
cblr-11898	134	1	finally	finally	ADV
cblr-11898	134	2	,	,	PUNCT
cblr-11898	134	3	we	we	PRON
cblr-11898	134	4	have	have	AUX
cblr-11898	134	5	seen	see	VERB
cblr-11898	134	6	an	an	DET
cblr-11898	134	7	increase	increase	NOUN
cblr-11898	134	8	in	in	ADP
cblr-11898	134	9	companies	company	NOUN
cblr-11898	134	10	with	with	ADP
cblr-11898	134	11	multiple	multiple	ADJ
cblr-11898	134	12	classes	class	NOUN
cblr-11898	134	13	of	of	ADP
cblr-11898	134	14	equity.22	equity.22	NOUN
cblr-11898	134	15	the	the	DET
cblr-11898	134	16	limits	limit	NOUN
cblr-11898	134	17	of	of	ADP
cblr-11898	134	18	section	section	NOUN
cblr-11898	134	19	12(g	12(g	NUM
cblr-11898	134	20	)	)	PUNCT
cblr-11898	134	21	apply	apply	VERB
cblr-11898	134	22	to	to	ADP
cblr-11898	134	23	each	each	DET
cblr-11898	134	24	individual	individual	ADJ
cblr-11898	134	25	class	class	NOUN
cblr-11898	134	26	of	of	ADP
cblr-11898	134	27	equity	equity	NOUN
cblr-11898	134	28	,	,	PUNCT
cblr-11898	134	29	not	not	PART
cblr-11898	134	30	the	the	DET
cblr-11898	134	31	company	company	NOUN
cblr-11898	134	32	as	as	ADP
cblr-11898	134	33	a	a	DET
cblr-11898	134	34	whole.23	whole.23	NOUN
cblr-11898	134	35	provided	provide	VERB
cblr-11898	134	36	the	the	DET
cblr-11898	134	37	shareholders	shareholder	NOUN
cblr-11898	134	38	approve	approve	VERB
cblr-11898	134	39	the	the	DET
cblr-11898	134	40	creation	creation	NOUN
cblr-11898	134	41	of	of	ADP
cblr-11898	134	42	a	a	DET
cblr-11898	134	43	new	new	ADJ
cblr-11898	134	44	class	class	NOUN
cblr-11898	134	45	,	,	PUNCT
cblr-11898	134	46	the	the	DET
cblr-11898	134	47	company	company	NOUN
cblr-11898	134	48	could	could	AUX
cblr-11898	134	49	very	very	ADV
cblr-11898	134	50	well	well	ADV
cblr-11898	134	51	avoid	avoid	VERB
cblr-11898	134	52	ever	ever	ADV
cblr-11898	134	53	approaching	approach	VERB
cblr-11898	134	54	the	the	DET
cblr-11898	134	55	thresholds	threshold	NOUN
cblr-11898	134	56	outlined	outline	VERB
cblr-11898	134	57	below	below	ADP
cblr-11898	134	58	by	by	ADP
cblr-11898	134	59	simply	simply	ADV
cblr-11898	134	60	creating	create	VERB
cblr-11898	134	61	new	new	ADJ
cblr-11898	134	62	classes	class	NOUN
cblr-11898	134	63	of	of	ADP
cblr-11898	134	64	equity	equity	NOUN
cblr-11898	134	65	with	with	ADP
cblr-11898	134	66	different	different	ADJ
cblr-11898	134	67	rights	right	NOUN
cblr-11898	134	68	.	.	PUNCT
cblr-11898	135	1	this	this	PRON
cblr-11898	135	2	serves	serve	VERB
cblr-11898	135	3	the	the	DET
cblr-11898	135	4	additional	additional	ADJ
cblr-11898	135	5	purposes	purpose	NOUN
cblr-11898	135	6	of	of	ADP
cblr-11898	135	7	tailoring	tailor	VERB
cblr-11898	135	8	investments	investment	NOUN
cblr-11898	135	9	to	to	ADP
cblr-11898	135	10	the	the	DET
cblr-11898	135	11	liquidation	liquidation	NOUN
cblr-11898	135	12	option	option	NOUN
cblr-11898	135	13	demands	demand	NOUN
cblr-11898	135	14	of	of	ADP
cblr-11898	135	15	large	large	ADJ
cblr-11898	135	16	investors	investor	NOUN
cblr-11898	135	17	and	and	CCONJ
cblr-11898	135	18	allowing	allow	VERB
cblr-11898	135	19	founders	founder	NOUN
cblr-11898	135	20	to	to	PART
cblr-11898	135	21	more	more	ADV
cblr-11898	135	22	easily	easily	ADV
cblr-11898	135	23	maintain	maintain	VERB
cblr-11898	135	24	control.24	control.24	NOUN
cblr-11898	135	25	by	by	ADP
cblr-11898	135	26	using	use	VERB
cblr-11898	135	27	these	these	DET
cblr-11898	135	28	multi	multi	ADJ
cblr-11898	135	29	-	-	ADJ
cblr-11898	135	30	equity	equity	ADJ
cblr-11898	135	31	structures	structure	NOUN
cblr-11898	135	32	,	,	PUNCT
cblr-11898	135	33	founders	founder	NOUN
cblr-11898	135	34	of	of	ADP
cblr-11898	135	35	unicorn	unicorn	ADJ
cblr-11898	135	36	firms	firm	NOUN
cblr-11898	135	37	are	be	AUX
cblr-11898	135	38	often	often	ADV
cblr-11898	135	39	able	able	ADJ
cblr-11898	135	40	to	to	PART
cblr-11898	135	41	control	control	VERB
cblr-11898	135	42	the	the	DET
cblr-11898	135	43	board	board	NOUN
cblr-11898	135	44	of	of	ADP
cblr-11898	135	45	directors	director	NOUN
cblr-11898	135	46	,	,	PUNCT
cblr-11898	135	47	allowing	allow	VERB
cblr-11898	135	48	them	they	PRON
cblr-11898	135	49	to	to	PART
cblr-11898	135	50	maintain	maintain	VERB
cblr-11898	135	51	their	their	PRON
cblr-11898	135	52	positions	position	NOUN
cblr-11898	135	53	within	within	ADP
cblr-11898	135	54	their	their	PRON
cblr-11898	135	55	own	own	ADJ
cblr-11898	135	56	21	21	NUM
cblr-11898	135	57	i	i	PROPN
cblr-11898	135	58	d.	d.	PROPN
cblr-11898	135	59	22	22	NUM
cblr-11898	135	60	rani	rani	PROPN
cblr-11898	135	61	molla	molla	PROPN
cblr-11898	135	62	,	,	PUNCT
cblr-11898	135	63	more	more	ADJ
cblr-11898	135	64	tech	tech	NOUN
cblr-11898	135	65	companies	company	NOUN
cblr-11898	135	66	are	be	AUX
cblr-11898	135	67	selling	sell	VERB
cblr-11898	135	68	stock	stock	NOUN
cblr-11898	135	69	that	that	PRON
cblr-11898	135	70	keeps	keep	VERB
cblr-11898	135	71	their	their	PRON
cblr-11898	135	72	founders	founder	NOUN
cblr-11898	135	73	in	in	ADP
cblr-11898	135	74	power	power	NOUN
cblr-11898	135	75	,	,	PUNCT
cblr-11898	135	76	vox.com	vox.com	X
cblr-11898	135	77	(	(	PUNCT
cblr-11898	135	78	apr	apr	PROPN
cblr-11898	135	79	.	.	PROPN
cblr-11898	135	80	11	11	NUM
cblr-11898	135	81	,	,	PUNCT
cblr-11898	135	82	2019	2019	NUM
cblr-11898	135	83	)	)	PUNCT
cblr-11898	135	84	,	,	PUNCT
cblr-11898	136	1	https://www.vox.com/2019/4/11/18302102/ipo-voting-multi-dual-stock-lyftpinterest	https://www.vox.com/2019/4/11/18302102/ipo-voting-multi-dual-stock-lyftpinterest	PROPN
cblr-11898	136	2	[	[	X
cblr-11898	136	3	https://perma.cc/vf7a-b7t7	https://perma.cc/vf7a-b7t7	NOUN
cblr-11898	136	4	]	]	X
cblr-11898	136	5	.	.	PUNCT
cblr-11898	137	1	23	23	NUM
cblr-11898	137	2	17	17	NUM
cblr-11898	137	3	c.f.r	c.f.r	NOUN
cblr-11898	137	4	.	.	PUNCT
cblr-11898	138	1	§	§	PROPN
cblr-11898	138	2	240.12g–1	240.12g–1	PROPN
cblr-11898	138	3	(	(	PUNCT
cblr-11898	138	4	2016	2016	NUM
cblr-11898	138	5	)	)	PUNCT
cblr-11898	138	6	(	(	PUNCT
cblr-11898	138	7	“	"	PUNCT
cblr-11898	138	8	the	the	DET
cblr-11898	138	9	class	class	NOUN
cblr-11898	138	10	of	of	ADP
cblr-11898	138	11	equity	equity	NOUN
cblr-11898	138	12	securities	security	NOUN
cblr-11898	138	13	was	be	AUX
cblr-11898	138	14	held	hold	VERB
cblr-11898	138	15	of	of	ADP
cblr-11898	138	16	record	record	NOUN
cblr-11898	138	17	by	by	ADP
cblr-11898	138	18	fewer	few	ADJ
cblr-11898	138	19	than	than	ADP
cblr-11898	138	20	2,000	2,000	NUM
cblr-11898	138	21	persons	person	NOUN
cblr-11898	138	22	and	and	CCONJ
cblr-11898	138	23	fewer	few	ADJ
cblr-11898	138	24	than	than	ADP
cblr-11898	138	25	500	500	NUM
cblr-11898	138	26	of	of	ADP
cblr-11898	138	27	those	those	DET
cblr-11898	138	28	persons	person	NOUN
cblr-11898	138	29	were	be	AUX
cblr-11898	138	30	not	not	PART
cblr-11898	138	31	accredited	accredit	VERB
cblr-11898	138	32	investors	investor	NOUN
cblr-11898	138	33	[	[	X
cblr-11898	138	34	.	.	X
cblr-11898	138	35	]	]	X
cblr-11898	138	36	”	"	PUNCT
cblr-11898	138	37	)	)	PUNCT
cblr-11898	138	38	.	.	PUNCT
cblr-11898	139	1	24	24	NUM
cblr-11898	139	2	see	see	VERB
cblr-11898	139	3	anat	anat	PROPN
cblr-11898	139	4	alon	alon	PROPN
cblr-11898	139	5	-	-	PUNCT
cblr-11898	139	6	beck	beck	PROPN
cblr-11898	139	7	,	,	PUNCT
cblr-11898	139	8	alternative	alternative	ADJ
cblr-11898	139	9	venture	venture	NOUN
cblr-11898	139	10	capital	capital	NOUN
cblr-11898	139	11	:	:	PUNCT
cblr-11898	139	12	the	the	DET
cblr-11898	139	13	new	new	ADJ
cblr-11898	139	14	unicorn	unicorn	ADJ
cblr-11898	139	15	investors	investor	NOUN
cblr-11898	139	16	,	,	PUNCT
cblr-11898	139	17	87	87	NUM
cblr-11898	139	18	tenn	tenn	PROPN
cblr-11898	139	19	.	.	PUNCT
cblr-11898	140	1	l.	l.	PROPN
cblr-11898	140	2	rev	rev	PROPN
cblr-11898	140	3	.	.	PROPN
cblr-11898	140	4	983	983	NUM
cblr-11898	140	5	,	,	PUNCT
cblr-11898	140	6	991–92	991–92	NUM
cblr-11898	140	7	(	(	PUNCT
cblr-11898	140	8	2020	2020	NUM
cblr-11898	140	9	)	)	PUNCT
cblr-11898	140	10	.	.	PUNCT
cblr-11898	141	1	no	no	INTJ
cblr-11898	141	2	.	.	NOUN
cblr-11898	142	1	1	1	NUM
cblr-11898	142	2	]	]	X
cblr-11898	142	3	mythical	mythical	ADJ
cblr-11898	142	4	unicorns	unicorn	NOUN
cblr-11898	142	5	and	and	CCONJ
cblr-11898	142	6	how	how	SCONJ
cblr-11898	142	7	to	to	PART
cblr-11898	142	8	find	find	VERB
cblr-11898	142	9	them	they	PRON
cblr-11898	142	10	79	79	NUM
cblr-11898	142	11	firms.25	firms.25	ADJ
cblr-11898	142	12	broughman	broughman	NOUN
cblr-11898	142	13	and	and	CCONJ
cblr-11898	142	14	fried	fry	VERB
cblr-11898	142	15	further	further	ADJ
cblr-11898	142	16	show	show	VERB
cblr-11898	142	17	that	that	SCONJ
cblr-11898	142	18	the	the	DET
cblr-11898	142	19	exante	exante	NOUN
cblr-11898	142	20	likelihood	likelihood	NOUN
cblr-11898	142	21	of	of	ADP
cblr-11898	142	22	founders	founder	NOUN
cblr-11898	142	23	reacquiring	reacquire	VERB
cblr-11898	142	24	control	control	NOUN
cblr-11898	142	25	via	via	ADP
cblr-11898	142	26	ipo	ipo	PROPN
cblr-11898	142	27	is	be	AUX
cblr-11898	142	28	extremely	extremely	ADV
cblr-11898	142	29	low	low	ADJ
cblr-11898	142	30	,	,	PUNCT
cblr-11898	142	31	especially	especially	ADV
cblr-11898	142	32	if	if	SCONJ
cblr-11898	142	33	“	"	PUNCT
cblr-11898	142	34	we	we	PRON
cblr-11898	142	35	focus	focus	VERB
cblr-11898	142	36	on	on	ADP
cblr-11898	142	37	control	control	NOUN
cblr-11898	142	38	that	that	PRON
cblr-11898	142	39	is	be	AUX
cblr-11898	142	40	both	both	ADV
cblr-11898	142	41	strong	strong	ADJ
cblr-11898	142	42	(	(	PUNCT
cblr-11898	142	43	founders	founder	NOUN
cblr-11898	142	44	have	have	VERB
cblr-11898	142	45	enough	enough	ADJ
cblr-11898	142	46	voting	voting	NOUN
cblr-11898	142	47	power	power	NOUN
cblr-11898	142	48	to	to	PART
cblr-11898	142	49	ensure	ensure	VERB
cblr-11898	142	50	they	they	PRON
cblr-11898	142	51	remain	remain	VERB
cblr-11898	142	52	in	in	ADP
cblr-11898	142	53	the	the	DET
cblr-11898	142	54	saddle	saddle	NOUN
cblr-11898	142	55	)	)	PUNCT
cblr-11898	142	56	and	and	CCONJ
cblr-11898	142	57	durable	durable	ADJ
cblr-11898	142	58	(	(	PUNCT
cblr-11898	142	59	control	control	NOUN
cblr-11898	142	60	lasts	last	VERB
cblr-11898	142	61	at	at	ADV
cblr-11898	142	62	least	least	ADV
cblr-11898	142	63	three	three	NUM
cblr-11898	142	64	years).”26	years).”26	NOUN
cblr-11898	142	65	while	while	SCONJ
cblr-11898	142	66	beyond	beyond	ADP
cblr-11898	142	67	the	the	DET
cblr-11898	142	68	subject	subject	NOUN
cblr-11898	142	69	of	of	ADP
cblr-11898	142	70	this	this	DET
cblr-11898	142	71	paper	paper	NOUN
cblr-11898	142	72	,	,	PUNCT
cblr-11898	142	73	there	there	PRON
cblr-11898	142	74	remains	remain	VERB
cblr-11898	142	75	disagreement	disagreement	NOUN
cblr-11898	142	76	regarding	regard	VERB
cblr-11898	142	77	how	how	SCONJ
cblr-11898	142	78	best	well	ADV
cblr-11898	142	79	to	to	PART
cblr-11898	142	80	eliminate	eliminate	VERB
cblr-11898	142	81	dual	dual	ADJ
cblr-11898	142	82	-	-	PUNCT
cblr-11898	142	83	class	class	NOUN
cblr-11898	142	84	equity	equity	NOUN
cblr-11898	142	85	structures	structure	NOUN
cblr-11898	142	86	.	.	PUNCT
cblr-11898	143	1	regardless	regardless	ADV
cblr-11898	143	2	of	of	ADP
cblr-11898	143	3	this	this	DET
cblr-11898	143	4	disagreement	disagreement	NOUN
cblr-11898	143	5	,	,	PUNCT
cblr-11898	143	6	institutional	institutional	ADJ
cblr-11898	143	7	investors	investor	NOUN
cblr-11898	143	8	,	,	PUNCT
cblr-11898	143	9	academics	academic	NOUN
cblr-11898	143	10	,	,	PUNCT
cblr-11898	143	11	and	and	CCONJ
cblr-11898	143	12	others	other	NOUN
cblr-11898	143	13	have	have	AUX
cblr-11898	143	14	long	long	ADV
cblr-11898	143	15	agreed	agree	VERB
cblr-11898	143	16	they	they	PRON
cblr-11898	143	17	need	need	VERB
cblr-11898	143	18	to	to	PART
cblr-11898	143	19	be	be	AUX
cblr-11898	143	20	addressed	address	VERB
cblr-11898	143	21	and	and	CCONJ
cblr-11898	143	22	their	their	PRON
cblr-11898	143	23	continued	continue	VERB
cblr-11898	143	24	allowance	allowance	NOUN
cblr-11898	143	25	remains	remain	VERB
cblr-11898	143	26	a	a	DET
cblr-11898	143	27	controversial	controversial	ADJ
cblr-11898	143	28	subject	subject	NOUN
cblr-11898	143	29	.	.	PUNCT
cblr-11898	144	1	even	even	ADV
cblr-11898	144	2	the	the	DET
cblr-11898	144	3	key	key	ADJ
cblr-11898	144	4	policy	policy	NOUN
cblr-11898	144	5	makers	maker	NOUN
cblr-11898	144	6	within	within	ADP
cblr-11898	144	7	the	the	DET
cblr-11898	144	8	sec	sec	PROPN
cblr-11898	144	9	have	have	AUX
cblr-11898	144	10	expressed	express	VERB
cblr-11898	144	11	opposition	opposition	NOUN
cblr-11898	144	12	to	to	ADP
cblr-11898	144	13	such	such	ADJ
cblr-11898	144	14	structures	structure	NOUN
cblr-11898	144	15	,	,	PUNCT
cblr-11898	144	16	including	include	VERB
cblr-11898	144	17	former	former	ADJ
cblr-11898	144	18	commissioner	commissioner	NOUN
cblr-11898	144	19	robert	robert	PROPN
cblr-11898	144	20	j.	j.	PROPN
cblr-11898	144	21	jackson	jackson	PROPN
cblr-11898	144	22	,	,	PUNCT
cblr-11898	144	23	jr.27	jr.27	PROPN
cblr-11898	144	24	and	and	CCONJ
cblr-11898	144	25	rick	rick	PROPN
cblr-11898	144	26	fleming	fleming	PROPN
cblr-11898	144	27	,	,	PUNCT
cblr-11898	144	28	director	director	NOUN
cblr-11898	144	29	of	of	ADP
cblr-11898	144	30	the	the	DET
cblr-11898	144	31	office	office	NOUN
cblr-11898	144	32	of	of	ADP
cblr-11898	144	33	the	the	DET
cblr-11898	144	34	investor	investor	NOUN
cblr-11898	144	35	advocate.28	advocate.28	PROPN
cblr-11898	144	36	commissioner	commissioner	PROPN
cblr-11898	144	37	jackson	jackson	PROPN
cblr-11898	144	38	noted	note	VERB
cblr-11898	144	39	that	that	SCONJ
cblr-11898	144	40	while	while	SCONJ
cblr-11898	144	41	the	the	DET
cblr-11898	144	42	vast	vast	ADJ
cblr-11898	144	43	majority	majority	NOUN
cblr-11898	144	44	of	of	ADP
cblr-11898	144	45	companies	company	NOUN
cblr-11898	144	46	going	go	VERB
cblr-11898	144	47	public	public	ADJ
cblr-11898	144	48	fail	fail	VERB
cblr-11898	144	49	to	to	PART
cblr-11898	144	50	include	include	VERB
cblr-11898	144	51	dual	dual	ADJ
cblr-11898	144	52	class	class	NOUN
cblr-11898	144	53	structures	structure	NOUN
cblr-11898	144	54	,	,	PUNCT
cblr-11898	144	55	of	of	ADP
cblr-11898	144	56	those	those	PRON
cblr-11898	144	57	that	that	PRON
cblr-11898	144	58	do	do	VERB
cblr-11898	144	59	,	,	PUNCT
cblr-11898	144	60	“	"	PUNCT
cblr-11898	144	61	nearly	nearly	ADV
cblr-11898	144	62	half	half	NOUN
cblr-11898	144	63	.	.	PUNCT
cblr-11898	144	64	.	.	PUNCT
cblr-11898	145	1	.	.	PUNCT
cblr-11898	146	1	gave	give	VERB
cblr-11898	146	2	corporate	corporate	ADJ
cblr-11898	146	3	insiders	insider	NOUN
cblr-11898	146	4	outsized	outsize	VERB
cblr-11898	146	5	voting	voting	NOUN
cblr-11898	146	6	rights	right	NOUN
cblr-11898	146	7	in	in	ADP
cblr-11898	146	8	perpetuity	perpetuity	NOUN
cblr-11898	146	9	,	,	PUNCT
cblr-11898	146	10	”	"	PUNCT
cblr-11898	146	11	requiring	require	VERB
cblr-11898	146	12	investors	investor	NOUN
cblr-11898	146	13	to	to	PART
cblr-11898	146	14	not	not	PART
cblr-11898	146	15	just	just	ADV
cblr-11898	146	16	trust	trust	VERB
cblr-11898	146	17	visionary	visionary	ADJ
cblr-11898	146	18	founders	founder	NOUN
cblr-11898	146	19	,	,	PUNCT
cblr-11898	146	20	but	but	CCONJ
cblr-11898	146	21	their	their	PRON
cblr-11898	146	22	descendants	descendant	NOUN
cblr-11898	146	23	as	as	ADP
cblr-11898	146	24	well.29	well.29	NOUN
cblr-11898	146	25	however	however	ADV
cblr-11898	146	26	,	,	PUNCT
cblr-11898	146	27	this	this	DET
cblr-11898	146	28	number	number	NOUN
cblr-11898	146	29	of	of	ADP
cblr-11898	146	30	companies	company	NOUN
cblr-11898	146	31	is	be	AUX
cblr-11898	146	32	25	25	NUM
cblr-11898	146	33	see	see	VERB
cblr-11898	146	34	i	i	PROPN
cblr-11898	146	35	d.	d.	PROPN
cblr-11898	146	36	at	at	ADP
cblr-11898	146	37	1003	1003	NUM
cblr-11898	146	38	;	;	PUNCT
cblr-11898	146	39	see	see	VERB
cblr-11898	146	40	also	also	ADV
cblr-11898	146	41	joann	joann	PROPN
cblr-11898	146	42	s.	s.	PROPN
cblr-11898	146	43	lublin	lublin	PROPN
cblr-11898	146	44	&	&	CCONJ
cblr-11898	146	45	spencer	spencer	PROPN
cblr-11898	146	46	e.	e.	PROPN
cblr-11898	146	47	ante	ante	PROPN
cblr-11898	146	48	,	,	PUNCT
cblr-11898	146	49	a	a	DET
cblr-11898	146	50	fight	fight	NOUN
cblr-11898	146	51	in	in	ADP
cblr-11898	146	52	silicon	silicon	NOUN
cblr-11898	146	53	valley	valley	NOUN
cblr-11898	146	54	:	:	PUNCT
cblr-11898	146	55	founders	founder	NOUN
cblr-11898	146	56	push	push	VERB
cblr-11898	146	57	for	for	ADP
cblr-11898	146	58	control	control	NOUN
cblr-11898	146	59	,	,	PUNCT
cblr-11898	146	60	wall	wall	PROPN
cblr-11898	146	61	st	st	PROPN
cblr-11898	146	62	.	.	PROPN
cblr-11898	146	63	j.	j.	PROPN
cblr-11898	146	64	,	,	PUNCT
cblr-11898	146	65	(	(	PUNCT
cblr-11898	146	66	july	july	PROPN
cblr-11898	146	67	11	11	NUM
cblr-11898	146	68	,	,	PUNCT
cblr-11898	146	69	2012	2012	NUM
cblr-11898	146	70	)	)	PUNCT
cblr-11898	146	71	,	,	PUNCT
cblr-11898	146	72	https://www.wsj.com/articles/sb10001424052702303292204577519134168	https://www.wsj.com/articles/sb10001424052702303292204577519134168	PROPN
cblr-11898	146	73	240	240	NUM
cblr-11898	146	74	[	[	X
cblr-11898	146	75	https://perma.cc/698n-pr5r	https://perma.cc/698n-pr5r	NOUN
cblr-11898	146	76	]	]	X
cblr-11898	146	77	.	.	PUNCT
cblr-11898	147	1	according	accord	VERB
cblr-11898	147	2	to	to	ADP
cblr-11898	147	3	broughman	broughman	NOUN
cblr-11898	147	4	and	and	CCONJ
cblr-11898	147	5	fried	fry	VERB
cblr-11898	147	6	,	,	PUNCT
cblr-11898	147	7	however	however	ADV
cblr-11898	147	8	,	,	PUNCT
cblr-11898	147	9	only	only	ADV
cblr-11898	147	10	fifteen	fifteen	NUM
cblr-11898	147	11	percent	percent	NOUN
cblr-11898	147	12	of	of	ADP
cblr-11898	147	13	vc	vc	PROPN
cblr-11898	147	14	-	-	PUNCT
cblr-11898	147	15	backed	back	VERB
cblr-11898	147	16	ipos	ipos	NOUN
cblr-11898	147	17	from	from	ADP
cblr-11898	147	18	2010	2010	NUM
cblr-11898	147	19	to	to	ADP
cblr-11898	147	20	2012	2012	NUM
cblr-11898	147	21	were	be	AUX
cblr-11898	147	22	dual	dual	ADJ
cblr-11898	147	23	class	class	NOUN
cblr-11898	147	24	.	.	PUNCT
cblr-11898	148	1	brian	brian	PROPN
cblr-11898	148	2	j.	j.	PROPN
cblr-11898	148	3	broughman	broughman	PROPN
cblr-11898	148	4	&	&	CCONJ
cblr-11898	148	5	jesse	jesse	PROPN
cblr-11898	148	6	m.	m.	PROPN
cblr-11898	148	7	fried	fried	PROPN
cblr-11898	148	8	,	,	PUNCT
cblr-11898	148	9	do	do	AUX
cblr-11898	148	10	founders	founder	NOUN
cblr-11898	148	11	control	control	VERB
cblr-11898	148	12	start	start	VERB
cblr-11898	148	13	-	-	PUNCT
cblr-11898	148	14	up	up	ADP
cblr-11898	148	15	firms	firm	NOUN
cblr-11898	148	16	that	that	PRON
cblr-11898	148	17	go	go	VERB
cblr-11898	148	18	public	public	ADJ
cblr-11898	148	19	?	?	PUNCT
cblr-11898	148	20	,	,	PUNCT
cblr-11898	148	21	10	10	NUM
cblr-11898	148	22	harv	harv	NOUN
cblr-11898	148	23	.	.	PUNCT
cblr-11898	149	1	bus	bus	NOUN
cblr-11898	149	2	.	.	PUNCT
cblr-11898	150	1	l.	l.	PROPN
cblr-11898	150	2	rev	rev	PROPN
cblr-11898	150	3	.	.	PROPN
cblr-11898	150	4	49	49	NUM
cblr-11898	150	5	,	,	PUNCT
cblr-11898	150	6	64	64	NUM
cblr-11898	150	7	tbl.2	tbl.2	PROPN
cblr-11898	150	8	(	(	PUNCT
cblr-11898	150	9	2020	2020	NUM
cblr-11898	150	10	)	)	PUNCT
cblr-11898	150	11	.	.	PUNCT
cblr-11898	151	1	26	26	NUM
cblr-11898	151	2	broughman	broughman	PROPN
cblr-11898	151	3	&	&	CCONJ
cblr-11898	151	4	fried	fried	PROPN
cblr-11898	151	5	,	,	PUNCT
cblr-11898	151	6	supra	supra	PROPN
cblr-11898	151	7	note	note	PROPN
cblr-11898	152	1	25	25	NUM
cblr-11898	152	2	.	.	SYM
cblr-11898	152	3	27	27	NUM
cblr-11898	152	4	robert	robert	PROPN
cblr-11898	152	5	j.	j.	PROPN
cblr-11898	152	6	jackson	jackson	PROPN
cblr-11898	152	7	jr	jr	PROPN
cblr-11898	152	8	.	.	PROPN
cblr-11898	152	9	,	,	PUNCT
cblr-11898	152	10	perpetual	perpetual	ADJ
cblr-11898	152	11	dual	dual	ADJ
cblr-11898	152	12	-	-	PUNCT
cblr-11898	152	13	class	class	NOUN
cblr-11898	152	14	stock	stock	NOUN
cblr-11898	152	15	:	:	PUNCT
cblr-11898	152	16	the	the	DET
cblr-11898	152	17	case	case	NOUN
cblr-11898	152	18	against	against	ADP
cblr-11898	152	19	corporate	corporate	ADJ
cblr-11898	152	20	royalty	royalty	NOUN
cblr-11898	152	21	,	,	PUNCT
cblr-11898	152	22	sec	sec	PROPN
cblr-11898	152	23	(	(	PUNCT
cblr-11898	152	24	feb	feb	PROPN
cblr-11898	152	25	.	.	PROPN
cblr-11898	152	26	15	15	NUM
cblr-11898	152	27	,	,	PUNCT
cblr-11898	152	28	2018	2018	NUM
cblr-11898	152	29	)	)	PUNCT
cblr-11898	152	30	,	,	PUNCT
cblr-11898	152	31	https://www.sec.gov/news/speech/perpetual-dual-class-stock-case-againstcorporate-royalty	https://www.sec.gov/news/speech/perpetual-dual-class-stock-case-againstcorporate-royalty	X
cblr-11898	153	1	[	[	X
cblr-11898	153	2	https://perma.cc/gav7-vvfp	https://perma.cc/gav7-vvfp	X
cblr-11898	153	3	]	]	PUNCT
cblr-11898	153	4	.	.	PUNCT
cblr-11898	154	1	28	28	NUM
cblr-11898	154	2	rick	rick	PROPN
cblr-11898	154	3	fleming	fleming	PROPN
cblr-11898	154	4	,	,	PUNCT
cblr-11898	154	5	dual	dual	ADJ
cblr-11898	154	6	-	-	PUNCT
cblr-11898	154	7	class	class	NOUN
cblr-11898	154	8	shares	share	NOUN
cblr-11898	154	9	:	:	PUNCT
cblr-11898	154	10	a	a	DET
cblr-11898	154	11	recipe	recipe	NOUN
cblr-11898	154	12	for	for	ADP
cblr-11898	154	13	disaster	disaster	NOUN
cblr-11898	154	14	,	,	PUNCT
cblr-11898	154	15	u.s	u.s	PROPN
cblr-11898	154	16	.	.	PROPN
cblr-11898	154	17	sec	sec	PROPN
cblr-11898	154	18	.	.	PROPN
cblr-11898	154	19	&	&	CCONJ
cblr-11898	154	20	exch	exch	PROPN
cblr-11898	154	21	.	.	PUNCT
cblr-11898	154	22	comm’n	comm’n	PROPN
cblr-11898	154	23	(	(	PUNCT
cblr-11898	154	24	oct	oct	PROPN
cblr-11898	154	25	.	.	PROPN
cblr-11898	154	26	15	15	NUM
cblr-11898	154	27	,	,	PUNCT
cblr-11898	154	28	2019	2019	NUM
cblr-11898	154	29	)	)	PUNCT
cblr-11898	154	30	,	,	PUNCT
cblr-11898	154	31	https://www.sec.gov/news/speech/flemingdual-class-shares-recipe-disaster	https://www.sec.gov/news/speech/flemingdual-class-shares-recipe-disaster	ADP
cblr-11898	154	32	[	[	X
cblr-11898	154	33	https://perma.cc/xql9-atez	https://perma.cc/xql9-atez	PROPN
cblr-11898	154	34	]	]	PUNCT
cblr-11898	154	35	.	.	PROPN
cblr-11898	155	1	29	29	NUM
cblr-11898	155	2	jackson	jackson	PROPN
cblr-11898	155	3	,	,	PUNCT
cblr-11898	155	4	supra	supra	PROPN
cblr-11898	155	5	note	note	PROPN
cblr-11898	155	6	27	27	NUM
cblr-11898	155	7	,	,	PUNCT
cblr-11898	155	8	at	at	ADP
cblr-11898	155	9	par	par	NOUN
cblr-11898	155	10	.	.	PUNCT
cblr-11898	156	1	16–17	16–17	X
cblr-11898	156	2	.	.	PUNCT
cblr-11898	157	1	see	see	VERB
cblr-11898	157	2	lucien	lucien	PROPN
cblr-11898	157	3	a.	a.	PROPN
cblr-11898	157	4	bebchuk	bebchuk	PROPN
cblr-11898	157	5	&	&	CCONJ
cblr-11898	157	6	kobi	kobi	PROPN
cblr-11898	157	7	kastiel	kastiel	PROPN
cblr-11898	157	8	,	,	PUNCT
cblr-11898	157	9	the	the	DET
cblr-11898	157	10	untenable	untenable	ADJ
cblr-11898	157	11	case	case	NOUN
cblr-11898	157	12	for	for	ADP
cblr-11898	157	13	perpetual	perpetual	ADJ
cblr-11898	157	14	dual	dual	ADJ
cblr-11898	157	15	-	-	PUNCT
cblr-11898	157	16	class	class	NOUN
cblr-11898	157	17	stock	stock	NOUN
cblr-11898	157	18	,	,	PUNCT
cblr-11898	157	19	103	103	NUM
cblr-11898	157	20	va	va	NOUN
cblr-11898	157	21	.	.	PUNCT
cblr-11898	158	1	l.	l.	PROPN
cblr-11898	158	2	rev	rev	PROPN
cblr-11898	158	3	.	.	PROPN
cblr-11898	158	4	585	585	NUM
cblr-11898	158	5	,	,	PUNCT
cblr-11898	158	6	606	606	NUM
cblr-11898	158	7	(	(	PUNCT
cblr-11898	158	8	2017	2017	NUM
cblr-11898	158	9	)	)	PUNCT
cblr-11898	158	10	(	(	PUNCT
cblr-11898	158	11	“	"	PUNCT
cblr-11898	158	12	furthermore	furthermore	ADV
cblr-11898	158	13	,	,	PUNCT
cblr-11898	158	14	dual	dual	ADJ
cblr-11898	158	15	-	-	PUNCT
cblr-11898	158	16	stock	stock	NOUN
cblr-11898	158	17	structures	structure	NOUN
cblr-11898	158	18	may	may	AUX
cblr-11898	158	19	enable	enable	VERB
cblr-11898	158	20	the	the	DET
cblr-11898	158	21	transfer	transfer	NOUN
cblr-11898	158	22	of	of	ADP
cblr-11898	158	23	a	a	DET
cblr-11898	158	24	lock	lock	NOUN
cblr-11898	158	25	on	on	ADP
cblr-11898	158	26	control	control	NOUN
cblr-11898	158	27	to	to	ADP
cblr-11898	158	28	an	an	DET
cblr-11898	158	29	heir	heir	NOUN
cblr-11898	158	30	of	of	ADP
cblr-11898	158	31	the	the	DET
cblr-11898	158	32	founder	founder	NOUN
cblr-11898	158	33	,	,	PUNCT
cblr-11898	158	34	who	who	PRON
cblr-11898	158	35	might	might	AUX
cblr-11898	158	36	not	not	PART
cblr-11898	158	37	be	be	AUX
cblr-11898	158	38	as	as	ADP
cblr-11898	158	39	80	80	NUM
cblr-11898	158	40	columbia	columbia	PROPN
cblr-11898	158	41	business	business	NOUN
cblr-11898	158	42	law	law	PROPN
cblr-11898	158	43	review	review	NOUN
cblr-11898	159	1	[	[	X
cblr-11898	159	2	vol	vol	NOUN
cblr-11898	159	3	.	.	PUNCT
cblr-11898	159	4	2023	2023	NUM
cblr-11898	159	5	growing	grow	VERB
cblr-11898	159	6	according	accord	VERB
cblr-11898	159	7	to	to	ADP
cblr-11898	159	8	data	datum	NOUN
cblr-11898	159	9	compiled	compile	VERB
cblr-11898	159	10	by	by	ADP
cblr-11898	159	11	jay	jay	PROPN
cblr-11898	159	12	ritter.30	ritter.30	NOUN
cblr-11898	159	13	controllers	controller	NOUN
cblr-11898	159	14	face	face	VERB
cblr-11898	159	15	little	little	ADJ
cblr-11898	159	16	of	of	ADP
cblr-11898	159	17	the	the	DET
cblr-11898	159	18	negative	negative	ADJ
cblr-11898	159	19	risks	risk	NOUN
cblr-11898	159	20	for	for	ADP
cblr-11898	159	21	their	their	PRON
cblr-11898	159	22	actions	action	NOUN
cblr-11898	159	23	while	while	SCONJ
cblr-11898	159	24	remaining	remain	VERB
cblr-11898	159	25	well	well	ADV
cblr-11898	159	26	insulated	insulate	VERB
cblr-11898	159	27	from	from	ADP
cblr-11898	159	28	the	the	DET
cblr-11898	159	29	“	"	PUNCT
cblr-11898	159	30	disciplinary	disciplinary	ADJ
cblr-11898	159	31	force	force	NOUN
cblr-11898	159	32	of	of	ADP
cblr-11898	159	33	the	the	DET
cblr-11898	159	34	market	market	NOUN
cblr-11898	159	35	”	"	PUNCT
cblr-11898	159	36	which	which	PRON
cblr-11898	159	37	they	they	PRON
cblr-11898	159	38	would	would	AUX
cblr-11898	159	39	face	face	VERB
cblr-11898	159	40	should	should	AUX
cblr-11898	159	41	they	they	PRON
cblr-11898	159	42	lack	lack	VERB
cblr-11898	159	43	voting	voting	NOUN
cblr-11898	159	44	control.31	control.31	NOUN
cblr-11898	159	45	there	there	PRON
cblr-11898	159	46	is	be	VERB
cblr-11898	159	47	even	even	ADV
cblr-11898	159	48	evidence	evidence	NOUN
cblr-11898	159	49	to	to	PART
cblr-11898	159	50	suggest	suggest	VERB
cblr-11898	159	51	that	that	SCONJ
cblr-11898	159	52	dynastic	dynastic	ADJ
cblr-11898	159	53	ownership	ownership	NOUN
cblr-11898	159	54	of	of	ADP
cblr-11898	159	55	firms	firm	NOUN
cblr-11898	159	56	leads	lead	VERB
cblr-11898	159	57	to	to	ADP
cblr-11898	159	58	underperformance	underperformance	NOUN
cblr-11898	159	59	relative	relative	ADJ
cblr-11898	159	60	to	to	ADP
cblr-11898	159	61	other	other	ADJ
cblr-11898	160	1	firms.32	firms.32	VERB
cblr-11898	160	2	an	an	DET
cblr-11898	160	3	empirical	empirical	ADJ
cblr-11898	160	4	study	study	NOUN
cblr-11898	160	5	of	of	ADP
cblr-11898	160	6	dual	dual	ADJ
cblr-11898	160	7	-	-	PUNCT
cblr-11898	160	8	class	class	NOUN
cblr-11898	160	9	companies	company	NOUN
cblr-11898	160	10	,	,	PUNCT
cblr-11898	160	11	published	publish	VERB
cblr-11898	160	12	after	after	ADP
cblr-11898	160	13	commissioner	commissioner	PROPN
cblr-11898	160	14	jackson	jackson	PROPN
cblr-11898	160	15	’s	’s	PART
cblr-11898	160	16	remarks	remark	VERB
cblr-11898	160	17	,	,	PUNCT
cblr-11898	160	18	by	by	ADP
cblr-11898	160	19	bebchuk	bebchuk	NOUN
cblr-11898	160	20	and	and	CCONJ
cblr-11898	160	21	kastiel	kastiel	PROPN
cblr-11898	160	22	,	,	PUNCT
cblr-11898	160	23	found	find	VERB
cblr-11898	160	24	that	that	SCONJ
cblr-11898	160	25	in	in	ADP
cblr-11898	160	26	over	over	ADP
cblr-11898	160	27	80	80	NUM
cblr-11898	160	28	%	%	NOUN
cblr-11898	160	29	of	of	ADP
cblr-11898	160	30	firms	firm	NOUN
cblr-11898	160	31	with	with	ADP
cblr-11898	160	32	such	such	DET
cblr-11898	160	33	a	a	DET
cblr-11898	160	34	structure	structure	NOUN
cblr-11898	160	35	,	,	PUNCT
cblr-11898	160	36	controllers	controller	NOUN
cblr-11898	160	37	needed	need	VERB
cblr-11898	160	38	less	less	ADJ
cblr-11898	160	39	than	than	ADP
cblr-11898	160	40	a	a	DET
cblr-11898	160	41	10	10	NUM
cblr-11898	160	42	%	%	NOUN
cblr-11898	160	43	equity	equity	NOUN
cblr-11898	160	44	stake	stake	NOUN
cblr-11898	160	45	to	to	PART
cblr-11898	160	46	maintain	maintain	VERB
cblr-11898	160	47	their	their	PRON
cblr-11898	160	48	control	control	NOUN
cblr-11898	160	49	over	over	ADP
cblr-11898	160	50	these	these	DET
cblr-11898	160	51	firms	firm	NOUN
cblr-11898	160	52	,	,	PUNCT
cblr-11898	160	53	with	with	ADP
cblr-11898	160	54	many	many	ADJ
cblr-11898	160	55	requiring	require	VERB
cblr-11898	160	56	less	less	ADJ
cblr-11898	160	57	than	than	ADP
cblr-11898	160	58	5%.33	5%.33	NUM
cblr-11898	160	59	fleming	fleming	NOUN
cblr-11898	160	60	argued	argue	VERB
cblr-11898	160	61	that	that	SCONJ
cblr-11898	160	62	dual	dual	ADJ
cblr-11898	160	63	-	-	PUNCT
cblr-11898	160	64	class	class	NOUN
cblr-11898	160	65	structures	structure	NOUN
cblr-11898	160	66	may	may	AUX
cblr-11898	160	67	result	result	VERB
cblr-11898	160	68	in	in	ADP
cblr-11898	160	69	a	a	DET
cblr-11898	160	70	“	"	PUNCT
cblr-11898	160	71	wave	wave	NOUN
cblr-11898	160	72	of	of	ADP
cblr-11898	160	73	companies	company	NOUN
cblr-11898	160	74	with	with	ADP
cblr-11898	160	75	weak	weak	ADJ
cblr-11898	160	76	corporate	corporate	ADJ
cblr-11898	160	77	governance	governance	NOUN
cblr-11898	160	78	”	"	PUNCT
cblr-11898	160	79	and	and	CCONJ
cblr-11898	160	80	force	force	VERB
cblr-11898	160	81	investors	investor	NOUN
cblr-11898	160	82	into	into	ADP
cblr-11898	160	83	the	the	DET
cblr-11898	160	84	same	same	ADJ
cblr-11898	160	85	game	game	NOUN
cblr-11898	160	86	as	as	ADP
cblr-11898	160	87	“	"	PUNCT
cblr-11898	160	88	late	late	ADJ
cblr-11898	160	89	-	-	PUNCT
cblr-11898	160	90	stage	stage	NOUN
cblr-11898	160	91	venture	venture	NOUN
cblr-11898	160	92	capitalists	capitalist	NOUN
cblr-11898	160	93	.	.	PUNCT
cblr-11898	160	94	.	.	PUNCT
cblr-11898	160	95	.	.	PUNCT
cblr-11898	161	1	willing	willing	ADJ
cblr-11898	161	2	to	to	PART
cblr-11898	161	3	pay	pay	VERB
cblr-11898	161	4	astronomical	astronomical	ADJ
cblr-11898	161	5	sums	sum	NOUN
cblr-11898	161	6	while	while	SCONJ
cblr-11898	161	7	ceding	cede	VERB
cblr-11898	161	8	astonishing	astonishing	ADJ
cblr-11898	161	9	amounts	amount	NOUN
cblr-11898	161	10	of	of	ADP
cblr-11898	161	11	control	control	NOUN
cblr-11898	161	12	to	to	ADP
cblr-11898	161	13	founders	founder	NOUN
cblr-11898	161	14	.	.	PUNCT
cblr-11898	161	15	”34	”34	PROPN
cblr-11898	161	16	b.	b.	PROPN
cblr-11898	161	17	disclosure	disclosure	PROPN
cblr-11898	161	18	arbitrage	arbitrage	NOUN
cblr-11898	161	19	the	the	DET
cblr-11898	161	20	fundamental	fundamental	ADJ
cblr-11898	161	21	purpose	purpose	NOUN
cblr-11898	161	22	of	of	ADP
cblr-11898	161	23	our	our	PRON
cblr-11898	161	24	regulatory	regulatory	ADJ
cblr-11898	161	25	regime	regime	NOUN
cblr-11898	161	26	is	be	AUX
cblr-11898	161	27	to	to	PART
cblr-11898	161	28	ensure	ensure	VERB
cblr-11898	161	29	that	that	SCONJ
cblr-11898	161	30	the	the	DET
cblr-11898	161	31	reasonable	reasonable	ADJ
cblr-11898	161	32	investor	investor	NOUN
cblr-11898	161	33	is	be	AUX
cblr-11898	161	34	equipped	equip	VERB
cblr-11898	161	35	with	with	ADP
cblr-11898	161	36	sufficient	sufficient	ADJ
cblr-11898	161	37	knowledge	knowledge	NOUN
cblr-11898	161	38	to	to	PART
cblr-11898	161	39	make	make	VERB
cblr-11898	161	40	informed	informed	ADJ
cblr-11898	161	41	investment	investment	NOUN
cblr-11898	161	42	decisions.35	decisions.35	NOUN
cblr-11898	161	43	regulators	regulator	NOUN
cblr-11898	161	44	like	like	ADP
cblr-11898	161	45	the	the	DET
cblr-11898	161	46	sec	sec	PROPN
cblr-11898	161	47	,	,	PUNCT
cblr-11898	161	48	however	however	ADV
cblr-11898	161	49	,	,	PUNCT
cblr-11898	161	50	must	must	AUX
cblr-11898	161	51	balance	balance	VERB
cblr-11898	161	52	this	this	DET
cblr-11898	161	53	purpose	purpose	NOUN
cblr-11898	161	54	with	with	ADP
cblr-11898	161	55	the	the	DET
cblr-11898	161	56	reality	reality	NOUN
cblr-11898	161	57	that	that	SCONJ
cblr-11898	161	58	companies	company	NOUN
cblr-11898	161	59	require	require	VERB
cblr-11898	161	60	some	some	PRON
cblr-11898	161	61	able	able	ADJ
cblr-11898	161	62	,	,	PUNCT
cblr-11898	161	63	talented	talented	ADJ
cblr-11898	161	64	,	,	PUNCT
cblr-11898	161	65	skilled	skilled	ADJ
cblr-11898	161	66	or	or	CCONJ
cblr-11898	161	67	driven	drive	VERB
cblr-11898	161	68	as	as	ADP
cblr-11898	161	69	her	her	PRON
cblr-11898	161	70	predecessor	predecessor	NOUN
cblr-11898	161	71	.	.	PUNCT
cblr-11898	162	1	this	this	DET
cblr-11898	162	2	problem	problem	NOUN
cblr-11898	162	3	is	be	AUX
cblr-11898	162	4	known	know	VERB
cblr-11898	162	5	in	in	ADP
cblr-11898	162	6	the	the	DET
cblr-11898	162	7	economic	economic	ADJ
cblr-11898	162	8	literature	literature	NOUN
cblr-11898	162	9	as	as	ADP
cblr-11898	162	10	the	the	DET
cblr-11898	162	11	problem	problem	NOUN
cblr-11898	162	12	of	of	ADP
cblr-11898	162	13	the	the	DET
cblr-11898	162	14	‘	'	PUNCT
cblr-11898	162	15	idiot	idiot	ADJ
cblr-11898	162	16	heir	heir	NOUN
cblr-11898	162	17	.	.	PUNCT
cblr-11898	162	18	’	'	PUNCT
cblr-11898	162	19	”	"	PUNCT
cblr-11898	162	20	)	)	PUNCT
cblr-11898	162	21	.	.	PUNCT
cblr-11898	163	1	30	30	NUM
cblr-11898	163	2	see	see	VERB
cblr-11898	163	3	jay	jay	PROPN
cblr-11898	163	4	ritter	ritter	PROPN
cblr-11898	163	5	,	,	PUNCT
cblr-11898	163	6	initial	initial	ADJ
cblr-11898	163	7	public	public	ADJ
cblr-11898	163	8	offerings	offering	NOUN
cblr-11898	163	9	:	:	PUNCT
cblr-11898	163	10	dual	dual	ADJ
cblr-11898	163	11	class	class	NOUN
cblr-11898	163	12	structure	structure	NOUN
cblr-11898	163	13	of	of	ADP
cblr-11898	163	14	ipos	ipos	NOUN
cblr-11898	163	15	through	through	ADP
cblr-11898	163	16	2021	2021	NUM
cblr-11898	163	17	,	,	PUNCT
cblr-11898	163	18	https://site.warrington.ufl.edu/ritter/files/ipos-dualclass.pdf	https://site.warrington.ufl.edu/ritter/files/ipos-dualclass.pdf	PROPN
cblr-11898	163	19	[	[	X
cblr-11898	163	20	https://perma.cc/3uhy-bpde	https://perma.cc/3uhy-bpde	PROPN
cblr-11898	163	21	]	]	X
cblr-11898	163	22	.	.	PUNCT
cblr-11898	164	1	31	31	NUM
cblr-11898	164	2	bebchuk	bebchuk	PROPN
cblr-11898	164	3	&	&	CCONJ
cblr-11898	164	4	kastiel	kastiel	PROPN
cblr-11898	164	5	,	,	PUNCT
cblr-11898	164	6	supra	supra	PROPN
cblr-11898	164	7	note	note	PROPN
cblr-11898	164	8	29	29	NUM
cblr-11898	164	9	,	,	PUNCT
cblr-11898	164	10	at	at	ADP
cblr-11898	164	11	602	602	NUM
cblr-11898	164	12	.	.	PUNCT
cblr-11898	164	13	32	32	NUM
cblr-11898	165	1	i	i	PRON
cblr-11898	165	2	d.	d.	PROPN
cblr-11898	165	3	at	at	ADP
cblr-11898	165	4	605	605	NUM
cblr-11898	165	5	.	.	PUNCT
cblr-11898	166	1	33	33	NUM
cblr-11898	166	2	lucian	lucian	PROPN
cblr-11898	166	3	a.	a.	NOUN
cblr-11898	166	4	bebcuk	bebcuk	PROPN
cblr-11898	166	5	&	&	CCONJ
cblr-11898	166	6	kobi	kobi	PROPN
cblr-11898	166	7	kastiel	kastiel	PROPN
cblr-11898	166	8	,	,	PUNCT
cblr-11898	166	9	the	the	DET
cblr-11898	166	10	perils	peril	NOUN
cblr-11898	166	11	of	of	ADP
cblr-11898	166	12	small	small	ADJ
cblr-11898	166	13	-	-	PUNCT
cblr-11898	166	14	minority	minority	NOUN
cblr-11898	166	15	controllers	controller	NOUN
cblr-11898	166	16	,	,	PUNCT
cblr-11898	166	17	107	107	NUM
cblr-11898	166	18	geo	geo	PROPN
cblr-11898	166	19	.	.	PUNCT
cblr-11898	166	20	l.j	l.j	PROPN
cblr-11898	166	21	.	.	PROPN
cblr-11898	166	22	1453	1453	NUM
cblr-11898	166	23	,	,	PUNCT
cblr-11898	166	24	1457	1457	NUM
cblr-11898	166	25	(	(	PUNCT
cblr-11898	166	26	2019	2019	NUM
cblr-11898	166	27	)	)	PUNCT
cblr-11898	166	28	.	.	PUNCT
cblr-11898	167	1	34	34	NUM
cblr-11898	167	2	fleming	fleming	NOUN
cblr-11898	167	3	,	,	PUNCT
cblr-11898	167	4	supra	supra	PROPN
cblr-11898	167	5	note	note	PROPN
cblr-11898	167	6	28	28	NUM
cblr-11898	167	7	,	,	PUNCT
cblr-11898	167	8	at	at	ADP
cblr-11898	167	9	par	par	NOUN
cblr-11898	167	10	.	.	PUNCT
cblr-11898	168	1	11	11	NUM
cblr-11898	168	2	.	.	X
cblr-11898	168	3	35	35	NUM
cblr-11898	168	4	see	see	VERB
cblr-11898	168	5	generally	generally	ADV
cblr-11898	168	6	section	section	NOUN
cblr-11898	168	7	2	2	NUM
cblr-11898	168	8	,	,	PUNCT
cblr-11898	168	9	securities	security	NOUN
cblr-11898	168	10	exchange	exchange	PROPN
cblr-11898	168	11	act	act	NOUN
cblr-11898	168	12	of	of	ADP
cblr-11898	168	13	1934	1934	NUM
cblr-11898	168	14	,	,	PUNCT
cblr-11898	168	15	15	15	NUM
cblr-11898	168	16	u.s.c	u.s.c	ADJ
cblr-11898	168	17	.	.	PUNCT
cblr-11898	169	1	§	§	PROPN
cblr-11898	169	2	78b	78b	NOUN
cblr-11898	169	3	;	;	PUNCT
cblr-11898	169	4	see	see	VERB
cblr-11898	169	5	also	also	ADV
cblr-11898	169	6	the	the	DET
cblr-11898	169	7	laws	law	NOUN
cblr-11898	169	8	that	that	PRON
cblr-11898	169	9	govern	govern	VERB
cblr-11898	169	10	the	the	DET
cblr-11898	169	11	securities	security	NOUN
cblr-11898	169	12	industry	industry	NOUN
cblr-11898	169	13	,	,	PUNCT
cblr-11898	169	14	investor.gov	investor.gov	PROPN
cblr-11898	169	15	,	,	PUNCT
cblr-11898	169	16	https://www.investor.gov/introduction-investing/investing-basics/rolesec/laws-govern-securities-industry	https://www.investor.gov/introduction-investing/investing-basics/rolesec/laws-govern-securities-industry	NOUN
cblr-11898	170	1	[	[	X
cblr-11898	170	2	https://perma.cc/jtu6-w6fw	https://perma.cc/jtu6-w6fw	X
cblr-11898	170	3	]	]	PUNCT
cblr-11898	170	4	(	(	PUNCT
cblr-11898	170	5	last	last	ADV
cblr-11898	170	6	visited	visit	VERB
cblr-11898	170	7	jan	jan	PROPN
cblr-11898	170	8	.	.	PROPN
cblr-11898	170	9	24	24	NUM
cblr-11898	170	10	,	,	PUNCT
cblr-11898	170	11	2022	2022	NUM
cblr-11898	170	12	)	)	PUNCT
cblr-11898	170	13	.	.	PUNCT
cblr-11898	171	1	no	no	INTJ
cblr-11898	171	2	.	.	NOUN
cblr-11898	172	1	1	1	NUM
cblr-11898	172	2	]	]	X
cblr-11898	172	3	mythical	mythical	ADJ
cblr-11898	172	4	unicorns	unicorn	NOUN
cblr-11898	172	5	and	and	CCONJ
cblr-11898	172	6	how	how	SCONJ
cblr-11898	172	7	to	to	PART
cblr-11898	172	8	find	find	VERB
cblr-11898	172	9	them	they	PRON
cblr-11898	172	10	81	81	NUM
cblr-11898	172	11	degree	degree	NOUN
cblr-11898	172	12	of	of	ADP
cblr-11898	172	13	flexibility	flexibility	NOUN
cblr-11898	172	14	over	over	ADP
cblr-11898	172	15	their	their	PRON
cblr-11898	172	16	operations	operation	NOUN
cblr-11898	172	17	and	and	CCONJ
cblr-11898	172	18	capital	capital	NOUN
cblr-11898	172	19	structure	structure	NOUN
cblr-11898	172	20	in	in	ADP
cblr-11898	172	21	order	order	NOUN
cblr-11898	172	22	to	to	PART
cblr-11898	172	23	grow	grow	VERB
cblr-11898	172	24	,	,	PUNCT
cblr-11898	172	25	function	function	NOUN
cblr-11898	172	26	,	,	PUNCT
cblr-11898	172	27	and	and	CCONJ
cblr-11898	172	28	innovate	innovate	VERB
cblr-11898	172	29	effectively	effectively	ADV
cblr-11898	172	30	.	.	PUNCT
cblr-11898	173	1	as	as	SCONJ
cblr-11898	173	2	congress	congress	PROPN
cblr-11898	173	3	acknowledged	acknowledge	VERB
cblr-11898	173	4	when	when	SCONJ
cblr-11898	173	5	passing	pass	VERB
cblr-11898	173	6	the	the	DET
cblr-11898	173	7	initial	initial	ADJ
cblr-11898	173	8	iteration	iteration	NOUN
cblr-11898	173	9	of	of	ADP
cblr-11898	173	10	section	section	NOUN
cblr-11898	173	11	12(g	12(g	NUM
cblr-11898	173	12	)	)	PUNCT
cblr-11898	173	13	,	,	PUNCT
cblr-11898	173	14	when	when	SCONJ
cblr-11898	173	15	a	a	DET
cblr-11898	173	16	company	company	NOUN
cblr-11898	173	17	has	have	AUX
cblr-11898	173	18	crossed	cross	VERB
cblr-11898	173	19	the	the	DET
cblr-11898	173	20	set	set	NOUN
cblr-11898	173	21	limits	limit	NOUN
cblr-11898	173	22	,	,	PUNCT
cblr-11898	173	23	the	the	DET
cblr-11898	173	24	likelihood	likelihood	NOUN
cblr-11898	173	25	of	of	ADP
cblr-11898	173	26	exposure	exposure	NOUN
cblr-11898	173	27	to	to	ADP
cblr-11898	173	28	the	the	DET
cblr-11898	173	29	public	public	NOUN
cblr-11898	173	30	is	be	AUX
cblr-11898	173	31	enough	enough	ADJ
cblr-11898	173	32	to	to	PART
cblr-11898	173	33	offset	offset	VERB
cblr-11898	173	34	the	the	DET
cblr-11898	173	35	potential	potential	ADJ
cblr-11898	173	36	privacy	privacy	NOUN
cblr-11898	173	37	concerns	concern	NOUN
cblr-11898	173	38	of	of	ADP
cblr-11898	173	39	the	the	DET
cblr-11898	173	40	company.36	company.36	NOUN
cblr-11898	173	41	if	if	SCONJ
cblr-11898	173	42	a	a	DET
cblr-11898	173	43	company	company	NOUN
cblr-11898	173	44	goes	go	VERB
cblr-11898	173	45	over	over	ADP
cblr-11898	173	46	the	the	DET
cblr-11898	173	47	threshold	threshold	NOUN
cblr-11898	173	48	,	,	PUNCT
cblr-11898	173	49	congress	congress	PROPN
cblr-11898	173	50	has	have	AUX
cblr-11898	173	51	determined	determine	VERB
cblr-11898	173	52	investors	investor	NOUN
cblr-11898	173	53	are	be	AUX
cblr-11898	173	54	sufficiently	sufficiently	ADV
cblr-11898	173	55	exposed	expose	VERB
cblr-11898	173	56	to	to	ADP
cblr-11898	173	57	the	the	DET
cblr-11898	173	58	company	company	NOUN
cblr-11898	173	59	in	in	ADP
cblr-11898	173	60	ways	way	NOUN
cblr-11898	173	61	normally	normally	ADV
cblr-11898	173	62	only	only	ADV
cblr-11898	173	63	associated	associate	VERB
cblr-11898	173	64	with	with	ADP
cblr-11898	173	65	a	a	DET
cblr-11898	173	66	company	company	NOUN
cblr-11898	173	67	complying	comply	VERB
cblr-11898	173	68	with	with	ADP
cblr-11898	173	69	the	the	DET
cblr-11898	173	70	disclosure	disclosure	NOUN
cblr-11898	173	71	regime	regime	NOUN
cblr-11898	173	72	.	.	PUNCT
cblr-11898	174	1	in	in	ADP
cblr-11898	174	2	establishing	establish	VERB
cblr-11898	174	3	this	this	DET
cblr-11898	174	4	threshold	threshold	NOUN
cblr-11898	174	5	,	,	PUNCT
cblr-11898	174	6	congress	congress	PROPN
cblr-11898	174	7	,	,	PUNCT
cblr-11898	174	8	based	base	VERB
cblr-11898	174	9	on	on	ADP
cblr-11898	174	10	the	the	DET
cblr-11898	174	11	limitations	limitation	NOUN
cblr-11898	174	12	of	of	ADP
cblr-11898	174	13	available	available	ADJ
cblr-11898	174	14	technology	technology	NOUN
cblr-11898	174	15	at	at	ADP
cblr-11898	174	16	the	the	DET
cblr-11898	174	17	time	time	NOUN
cblr-11898	174	18	of	of	ADP
cblr-11898	174	19	legislation	legislation	NOUN
cblr-11898	174	20	,	,	PUNCT
cblr-11898	174	21	attempted	attempt	VERB
cblr-11898	174	22	to	to	PART
cblr-11898	174	23	provide	provide	VERB
cblr-11898	174	24	investor	investor	NOUN
cblr-11898	174	25	protection	protection	NOUN
cblr-11898	174	26	by	by	ADP
cblr-11898	174	27	including	include	VERB
cblr-11898	174	28	securities	security	NOUN
cblr-11898	174	29	that	that	PRON
cblr-11898	174	30	were	be	AUX
cblr-11898	174	31	already	already	ADV
cblr-11898	174	32	trading	trade	VERB
cblr-11898	174	33	over	over	ADP
cblr-11898	174	34	the	the	DET
cblr-11898	174	35	counter	counter	NOUN
cblr-11898	174	36	in	in	ADP
cblr-11898	174	37	the	the	DET
cblr-11898	174	38	scope	scope	NOUN
cblr-11898	174	39	of	of	ADP
cblr-11898	174	40	the	the	DET
cblr-11898	174	41	sec	sec	PROPN
cblr-11898	174	42	’s	’s	PART
cblr-11898	174	43	reporting	reporting	NOUN
cblr-11898	174	44	requirements.37	requirements.37	NOUN
cblr-11898	174	45	section	section	NOUN
cblr-11898	174	46	12(g	12(g	NUM
cblr-11898	174	47	)	)	PUNCT
cblr-11898	174	48	has	have	AUX
cblr-11898	174	49	been	be	AUX
cblr-11898	174	50	called	call	VERB
cblr-11898	174	51	obsolete	obsolete	ADJ
cblr-11898	174	52	in	in	ADP
cblr-11898	174	53	substance	substance	NOUN
cblr-11898	174	54	,	,	PUNCT
cblr-11898	174	55	but	but	CCONJ
cblr-11898	174	56	in	in	ADP
cblr-11898	174	57	reality	reality	NOUN
cblr-11898	174	58	,	,	PUNCT
cblr-11898	174	59	the	the	DET
cblr-11898	174	60	methodology	methodology	NOUN
cblr-11898	174	61	of	of	ADP
cblr-11898	174	62	using	use	VERB
cblr-11898	174	63	these	these	DET
cblr-11898	174	64	thresholds	threshold	NOUN
cblr-11898	174	65	to	to	PART
cblr-11898	174	66	define	define	VERB
cblr-11898	174	67	exposure	exposure	NOUN
cblr-11898	174	68	is	be	AUX
cblr-11898	174	69	the	the	DET
cblr-11898	174	70	true	true	ADJ
cblr-11898	174	71	obsolescence	obsolescence	NOUN
cblr-11898	174	72	.	.	PUNCT
cblr-11898	175	1	the	the	DET
cblr-11898	175	2	underlying	underlie	VERB
cblr-11898	175	3	purpose	purpose	NOUN
cblr-11898	175	4	in	in	ADP
cblr-11898	175	5	passing	pass	VERB
cblr-11898	175	6	such	such	DET
cblr-11898	175	7	a	a	DET
cblr-11898	175	8	threshold	threshold	NOUN
cblr-11898	175	9	is	be	AUX
cblr-11898	175	10	still	still	ADV
cblr-11898	175	11	very	very	ADV
cblr-11898	175	12	much	much	ADV
cblr-11898	175	13	relevant	relevant	ADJ
cblr-11898	175	14	.	.	PUNCT
cblr-11898	176	1	but	but	CCONJ
cblr-11898	176	2	the	the	DET
cblr-11898	176	3	ability	ability	NOUN
cblr-11898	176	4	to	to	PART
cblr-11898	176	5	largely	largely	ADV
cblr-11898	176	6	ignore	ignore	VERB
cblr-11898	176	7	the	the	DET
cblr-11898	176	8	limits	limit	NOUN
cblr-11898	176	9	has	have	AUX
cblr-11898	176	10	removed	remove	VERB
cblr-11898	176	11	any	any	DET
cblr-11898	176	12	regulatory	regulatory	ADJ
cblr-11898	176	13	strength	strength	NOUN
cblr-11898	176	14	from	from	ADP
cblr-11898	176	15	it	it	PRON
cblr-11898	176	16	.	.	PUNCT
cblr-11898	177	1	if	if	SCONJ
cblr-11898	177	2	we	we	PRON
cblr-11898	177	3	are	be	AUX
cblr-11898	177	4	expected	expect	VERB
cblr-11898	177	5	to	to	PART
cblr-11898	177	6	accept	accept	VERB
cblr-11898	177	7	reasoning	reasoning	NOUN
cblr-11898	177	8	for	for	ADP
cblr-11898	177	9	provisions	provision	NOUN
cblr-11898	177	10	based	base	VERB
cblr-11898	177	11	solely	solely	ADV
cblr-11898	177	12	on	on	ADP
cblr-11898	177	13	the	the	DET
cblr-11898	177	14	intent	intent	NOUN
cblr-11898	177	15	of	of	ADP
cblr-11898	177	16	congress	congress	PROPN
cblr-11898	177	17	in	in	ADP
cblr-11898	177	18	choosing	choose	VERB
cblr-11898	177	19	to	to	PART
cblr-11898	177	20	implement	implement	VERB
cblr-11898	177	21	the	the	DET
cblr-11898	177	22	limits	limit	NOUN
cblr-11898	177	23	in	in	ADP
cblr-11898	177	24	the	the	DET
cblr-11898	177	25	form	form	NOUN
cblr-11898	177	26	in	in	ADP
cblr-11898	177	27	which	which	PRON
cblr-11898	177	28	they	they	PRON
cblr-11898	177	29	did	do	VERB
cblr-11898	177	30	,	,	PUNCT
cblr-11898	177	31	we	we	PRON
cblr-11898	177	32	must	must	AUX
cblr-11898	177	33	also	also	ADV
cblr-11898	177	34	acknowledge	acknowledge	VERB
cblr-11898	177	35	the	the	DET
cblr-11898	177	36	intent	intent	NOUN
cblr-11898	177	37	of	of	ADP
cblr-11898	177	38	congress	congress	PROPN
cblr-11898	177	39	passing	pass	VERB
cblr-11898	177	40	the	the	DET
cblr-11898	177	41	whole	whole	ADJ
cblr-11898	177	42	statute	statute	NOUN
cblr-11898	177	43	in	in	ADP
cblr-11898	177	44	the	the	DET
cblr-11898	177	45	first	first	ADJ
cblr-11898	177	46	place	place	NOUN
cblr-11898	177	47	.	.	PUNCT
cblr-11898	178	1	if	if	SCONJ
cblr-11898	178	2	these	these	PRON
cblr-11898	178	3	do	do	AUX
cblr-11898	178	4	not	not	PART
cblr-11898	178	5	complement	complement	VERB
cblr-11898	178	6	each	each	DET
cblr-11898	178	7	other	other	ADJ
cblr-11898	178	8	,	,	PUNCT
cblr-11898	178	9	it	it	PRON
cblr-11898	178	10	is	be	AUX
cblr-11898	178	11	only	only	ADV
cblr-11898	178	12	logical	logical	ADJ
cblr-11898	178	13	to	to	PART
cblr-11898	178	14	place	place	VERB
cblr-11898	178	15	the	the	DET
cblr-11898	178	16	statute	statute	NOUN
cblr-11898	178	17	’s	’s	PART
cblr-11898	178	18	purpose	purpose	NOUN
cblr-11898	178	19	above	above	ADP
cblr-11898	178	20	the	the	DET
cblr-11898	178	21	purpose	purpose	NOUN
cblr-11898	178	22	of	of	ADP
cblr-11898	178	23	the	the	DET
cblr-11898	178	24	constrained	constrain	VERB
cblr-11898	178	25	methodology	methodology	NOUN
cblr-11898	178	26	available	available	ADJ
cblr-11898	178	27	to	to	ADP
cblr-11898	178	28	congress	congress	PROPN
cblr-11898	178	29	at	at	ADP
cblr-11898	178	30	the	the	DET
cblr-11898	178	31	time	time	NOUN
cblr-11898	178	32	of	of	ADP
cblr-11898	178	33	passage	passage	NOUN
cblr-11898	178	34	.	.	PUNCT
cblr-11898	179	1	at	at	ADP
cblr-11898	179	2	the	the	DET
cblr-11898	179	3	time	time	NOUN
cblr-11898	179	4	of	of	ADP
cblr-11898	179	5	the	the	DET
cblr-11898	179	6	passage	passage	NOUN
cblr-11898	179	7	of	of	ADP
cblr-11898	179	8	section	section	NOUN
cblr-11898	179	9	12(g	12(g	NUM
cblr-11898	179	10	)	)	PUNCT
cblr-11898	179	11	in	in	ADP
cblr-11898	179	12	1964	1964	NUM
cblr-11898	179	13	,	,	PUNCT
cblr-11898	179	14	the	the	DET
cblr-11898	179	15	sec	sec	PROPN
cblr-11898	179	16	and	and	CCONJ
cblr-11898	179	17	congress	congress	PROPN
cblr-11898	179	18	conceded	concede	VERB
cblr-11898	179	19	that	that	SCONJ
cblr-11898	179	20	setting	set	VERB
cblr-11898	179	21	the	the	DET
cblr-11898	179	22	limits	limit	NOUN
cblr-11898	179	23	36	36	NUM
cblr-11898	179	24	usha	usha	PROPN
cblr-11898	179	25	rodrigues	rodrigues	PROPN
cblr-11898	179	26	,	,	PUNCT
cblr-11898	179	27	the	the	DET
cblr-11898	179	28	once	once	ADV
cblr-11898	179	29	and	and	CCONJ
cblr-11898	179	30	future	future	ADJ
cblr-11898	179	31	irrelevancy	irrelevancy	NOUN
cblr-11898	179	32	of	of	ADP
cblr-11898	179	33	section	section	NOUN
cblr-11898	179	34	12(g	12(g	NUM
cblr-11898	179	35	)	)	PUNCT
cblr-11898	179	36	,	,	PUNCT
cblr-11898	179	37	2015	2015	NUM
cblr-11898	179	38	u.	u.	PROPN
cblr-11898	179	39	ill	ill	PROPN
cblr-11898	179	40	.	.	PUNCT
cblr-11898	180	1	l.	l.	PROPN
cblr-11898	180	2	rev	rev	PROPN
cblr-11898	180	3	.	.	PROPN
cblr-11898	180	4	1529	1529	NUM
cblr-11898	180	5	,	,	PUNCT
cblr-11898	180	6	1532–33	1532–33	NUM
cblr-11898	180	7	(	(	PUNCT
cblr-11898	180	8	2015	2015	NUM
cblr-11898	180	9	)	)	PUNCT
cblr-11898	180	10	(	(	PUNCT
cblr-11898	180	11	citing	cite	VERB
cblr-11898	180	12	allen	allen	PROPN
cblr-11898	180	13	ferrell	ferrell	PROPN
cblr-11898	180	14	,	,	PUNCT
cblr-11898	180	15	mandatory	mandatory	ADJ
cblr-11898	180	16	disclosure	disclosure	NOUN
cblr-11898	180	17	and	and	CCONJ
cblr-11898	180	18	stock	stock	NOUN
cblr-11898	180	19	returns	return	NOUN
cblr-11898	180	20	:	:	PUNCT
cblr-11898	180	21	evidence	evidence	NOUN
cblr-11898	180	22	from	from	ADP
cblr-11898	180	23	the	the	DET
cblr-11898	180	24	over	over	ADP
cblr-11898	180	25	-	-	PUNCT
cblr-11898	180	26	the	the	DET
cblr-11898	180	27	-	-	PUNCT
cblr-11898	180	28	counter	counter	NOUN
cblr-11898	180	29	market	market	NOUN
cblr-11898	180	30	,	,	PUNCT
cblr-11898	180	31	36	36	NUM
cblr-11898	180	32	j.	j.	PROPN
cblr-11898	180	33	legal	legal	ADJ
cblr-11898	180	34	stud	stud	NOUN
cblr-11898	180	35	.	.	PUNCT
cblr-11898	181	1	213	213	NUM
cblr-11898	181	2	,	,	PUNCT
cblr-11898	181	3	219–22	219–22	NUM
cblr-11898	181	4	(	(	PUNCT
cblr-11898	181	5	2007	2007	NUM
cblr-11898	181	6	)	)	PUNCT
cblr-11898	181	7	)	)	PUNCT
cblr-11898	181	8	;	;	PUNCT
cblr-11898	181	9	richard	richard	PROPN
cblr-11898	181	10	m.	m.	PROPN
cblr-11898	181	11	phillips	phillips	PROPN
cblr-11898	181	12	&	&	CCONJ
cblr-11898	181	13	morgan	morgan	PROPN
cblr-11898	181	14	shipman	shipman	PROPN
cblr-11898	181	15	,	,	PUNCT
cblr-11898	181	16	an	an	DET
cblr-11898	181	17	analysis	analysis	NOUN
cblr-11898	181	18	of	of	ADP
cblr-11898	181	19	the	the	DET
cblr-11898	181	20	securities	security	NOUN
cblr-11898	181	21	acts	act	VERB
cblr-11898	181	22	amendments	amendment	NOUN
cblr-11898	181	23	of	of	ADP
cblr-11898	181	24	1964	1964	NUM
cblr-11898	181	25	,	,	PUNCT
cblr-11898	181	26	1964	1964	NUM
cblr-11898	181	27	duke	duke	PROPN
cblr-11898	181	28	l.j	l.j	PROPN
cblr-11898	181	29	.	.	PROPN
cblr-11898	181	30	706	706	NUM
cblr-11898	181	31	,	,	PUNCT
cblr-11898	181	32	706	706	NUM
cblr-11898	181	33	(	(	PUNCT
cblr-11898	181	34	1964	1964	NUM
cblr-11898	181	35	)	)	PUNCT
cblr-11898	181	36	(	(	PUNCT
cblr-11898	181	37	“	"	PUNCT
cblr-11898	181	38	the	the	DET
cblr-11898	181	39	main	main	ADJ
cblr-11898	181	40	feature	feature	NOUN
cblr-11898	181	41	of	of	ADP
cblr-11898	181	42	this	this	DET
cblr-11898	181	43	portion	portion	NOUN
cblr-11898	181	44	is	be	AUX
cblr-11898	181	45	an	an	DET
cblr-11898	181	46	extension	extension	NOUN
cblr-11898	181	47	of	of	ADP
cblr-11898	181	48	the	the	DET
cblr-11898	181	49	registration	registration	NOUN
cblr-11898	181	50	,	,	PUNCT
cblr-11898	181	51	periodic	periodic	ADJ
cblr-11898	181	52	reporting	reporting	NOUN
cblr-11898	181	53	,	,	PUNCT
cblr-11898	181	54	proxy	proxy	NOUN
cblr-11898	181	55	and	and	CCONJ
cblr-11898	181	56	insider	insider	NOUN
cblr-11898	181	57	trading	trading	NOUN
cblr-11898	181	58	provisions	provision	NOUN
cblr-11898	181	59	of	of	ADP
cblr-11898	181	60	sections	section	NOUN
cblr-11898	181	61	12	12	NUM
cblr-11898	181	62	,	,	PUNCT
cblr-11898	181	63	13	13	NUM
cblr-11898	181	64	,	,	PUNCT
cblr-11898	181	65	14	14	NUM
cblr-11898	181	66	,	,	PUNCT
cblr-11898	181	67	and	and	CCONJ
cblr-11898	181	68	16	16	NUM
cblr-11898	181	69	of	of	ADP
cblr-11898	181	70	the	the	DET
cblr-11898	181	71	exchange	exchange	NOUN
cblr-11898	181	72	act	act	NOUN
cblr-11898	181	73	to	to	ADP
cblr-11898	181	74	larger	large	ADJ
cblr-11898	181	75	over	over	ADP
cblr-11898	181	76	-	-	PUNCT
cblr-11898	181	77	the	the	DET
cblr-11898	181	78	-	-	PUNCT
cblr-11898	181	79	counter	counter	NOUN
cblr-11898	181	80	companies	company	NOUN
cblr-11898	181	81	.	.	PUNCT
cblr-11898	182	1	these	these	DET
cblr-11898	182	2	provisions	provision	NOUN
cblr-11898	182	3	were	be	AUX
cblr-11898	182	4	formerly	formerly	ADV
cblr-11898	182	5	applicable	applicable	ADJ
cblr-11898	182	6	only	only	ADV
cblr-11898	182	7	to	to	ADP
cblr-11898	182	8	listed	list	VERB
cblr-11898	182	9	companies	company	NOUN
cblr-11898	182	10	.	.	PUNCT
cblr-11898	182	11	”	"	PUNCT
cblr-11898	182	12	)	)	PUNCT
cblr-11898	182	13	.	.	PUNCT
cblr-11898	183	1	37	37	NUM
cblr-11898	183	2	rodrigues	rodrigue	NOUN
cblr-11898	183	3	,	,	PUNCT
cblr-11898	183	4	supra	supra	PROPN
cblr-11898	183	5	note	note	PROPN
cblr-11898	183	6	36	36	NUM
cblr-11898	183	7	,	,	PUNCT
cblr-11898	183	8	at	at	ADP
cblr-11898	183	9	1533–34	1533–34	NUM
cblr-11898	183	10	.	.	PUNCT
cblr-11898	184	1	82	82	NUM
cblr-11898	184	2	columbia	columbia	PROPN
cblr-11898	184	3	business	business	NOUN
cblr-11898	184	4	law	law	PROPN
cblr-11898	184	5	review	review	NOUN
cblr-11898	184	6	[	[	X
cblr-11898	184	7	vol	vol	NOUN
cblr-11898	184	8	.	.	PUNCT
cblr-11898	184	9	2023	2023	NUM
cblr-11898	184	10	based	base	VERB
cblr-11898	184	11	on	on	ADP
cblr-11898	184	12	shareholders	shareholder	NOUN
cblr-11898	184	13	of	of	ADP
cblr-11898	184	14	record	record	NOUN
cblr-11898	184	15	was	be	AUX
cblr-11898	184	16	only	only	ADV
cblr-11898	184	17	a	a	DET
cblr-11898	184	18	“	"	PUNCT
cblr-11898	184	19	rough	rough	ADJ
cblr-11898	184	20	,	,	PUNCT
cblr-11898	184	21	indirect	indirect	ADJ
cblr-11898	184	22	measure	measure	NOUN
cblr-11898	184	23	of	of	ADP
cblr-11898	184	24	activity	activity	NOUN
cblr-11898	184	25	.	.	PUNCT
cblr-11898	185	1	”38	”38	NOUN
cblr-11898	185	2	any	any	DET
cblr-11898	185	3	other	other	ADJ
cblr-11898	185	4	method	method	NOUN
cblr-11898	185	5	available	available	ADJ
cblr-11898	185	6	to	to	ADP
cblr-11898	185	7	them	they	PRON
cblr-11898	185	8	at	at	ADP
cblr-11898	185	9	the	the	DET
cblr-11898	185	10	time	time	NOUN
cblr-11898	185	11	of	of	ADP
cblr-11898	185	12	measuring	measure	VERB
cblr-11898	185	13	“	"	PUNCT
cblr-11898	185	14	market	market	NOUN
cblr-11898	185	15	activity	activity	NOUN
cblr-11898	185	16	”	"	PUNCT
cblr-11898	185	17	was	be	AUX
cblr-11898	185	18	not	not	PART
cblr-11898	185	19	feasible	feasible	ADJ
cblr-11898	185	20	,	,	PUNCT
cblr-11898	185	21	meaningful	meaningful	ADJ
cblr-11898	185	22	,	,	PUNCT
cblr-11898	185	23	or	or	CCONJ
cblr-11898	185	24	workable.39	workable.39	VERB
cblr-11898	185	25	the	the	DET
cblr-11898	185	26	sec	sec	PROPN
cblr-11898	185	27	further	far	ADV
cblr-11898	185	28	noted	note	VERB
cblr-11898	185	29	that	that	SCONJ
cblr-11898	185	30	shareholders	shareholder	NOUN
cblr-11898	185	31	of	of	ADP
cblr-11898	185	32	record	record	NOUN
cblr-11898	185	33	is	be	AUX
cblr-11898	185	34	“	"	PUNCT
cblr-11898	185	35	the	the	DET
cblr-11898	185	36	most	most	ADV
cblr-11898	185	37	direct	direct	ADJ
cblr-11898	185	38	and	and	CCONJ
cblr-11898	185	39	simple	simple	ADJ
cblr-11898	185	40	criterion	criterion	NOUN
cblr-11898	185	41	of	of	ADP
cblr-11898	185	42	public	public	ADJ
cblr-11898	185	43	-	-	PUNCT
cblr-11898	185	44	investor	investor	NOUN
cblr-11898	185	45	interest	interest	NOUN
cblr-11898	185	46	.	.	PUNCT
cblr-11898	186	1	”40	”40	PROPN
cblr-11898	186	2	as	as	SCONJ
cblr-11898	186	3	rodrigues	rodrigues	PROPN
cblr-11898	186	4	points	point	VERB
cblr-11898	186	5	out	out	ADP
cblr-11898	186	6	,	,	PUNCT
cblr-11898	186	7	congress	congress	PROPN
cblr-11898	186	8	“	"	PUNCT
cblr-11898	186	9	never	never	ADV
cblr-11898	186	10	intended	intend	VERB
cblr-11898	186	11	for	for	ADP
cblr-11898	186	12	the	the	DET
cblr-11898	186	13	provision	provision	NOUN
cblr-11898	186	14	to	to	PART
cblr-11898	186	15	have	have	AUX
cblr-11898	186	16	the	the	DET
cblr-11898	186	17	effect	effect	NOUN
cblr-11898	186	18	of	of	ADP
cblr-11898	186	19	forcing	force	VERB
cblr-11898	186	20	illiquid	illiquid	ADJ
cblr-11898	186	21	private	private	ADJ
cblr-11898	186	22	companies	company	NOUN
cblr-11898	186	23	into	into	ADP
cblr-11898	186	24	making	make	VERB
cblr-11898	186	25	public	public	ADJ
cblr-11898	186	26	disclosures	disclosure	NOUN
cblr-11898	186	27	”	"	PUNCT
cblr-11898	186	28	but	but	CCONJ
cblr-11898	186	29	rather	rather	ADV
cblr-11898	186	30	bringing	bring	VERB
cblr-11898	186	31	companies	company	NOUN
cblr-11898	186	32	which	which	PRON
cblr-11898	186	33	were	be	AUX
cblr-11898	186	34	already	already	ADV
cblr-11898	186	35	trading	trade	VERB
cblr-11898	186	36	via	via	ADP
cblr-11898	186	37	over	over	ADP
cblr-11898	186	38	-	-	PUNCT
cblr-11898	186	39	the	the	DET
cblr-11898	186	40	-	-	PUNCT
cblr-11898	186	41	counter	counter	NOUN
cblr-11898	186	42	(	(	PUNCT
cblr-11898	186	43	“	"	PUNCT
cblr-11898	186	44	otc	otc	PROPN
cblr-11898	186	45	”	"	PUNCT
cblr-11898	186	46	)	)	PUNCT
cblr-11898	186	47	markets	market	NOUN
cblr-11898	186	48	into	into	ADP
cblr-11898	186	49	the	the	DET
cblr-11898	186	50	public	public	ADJ
cblr-11898	186	51	reporting	reporting	NOUN
cblr-11898	186	52	sphere.41	sphere.41	PROPN
cblr-11898	186	53	companies	company	NOUN
cblr-11898	186	54	were	be	AUX
cblr-11898	186	55	trading	trade	VERB
cblr-11898	186	56	on	on	ADP
cblr-11898	186	57	these	these	DET
cblr-11898	186	58	then	then	ADV
cblr-11898	186	59	-	-	PUNCT
cblr-11898	186	60	unregulated	unregulated	ADJ
cblr-11898	186	61	markets	market	NOUN
cblr-11898	186	62	at	at	ADP
cblr-11898	186	63	increasing	increase	VERB
cblr-11898	186	64	rates	rate	NOUN
cblr-11898	186	65	without	without	ADP
cblr-11898	186	66	oversight	oversight	NOUN
cblr-11898	186	67	and	and	CCONJ
cblr-11898	186	68	the	the	DET
cblr-11898	186	69	protections	protection	NOUN
cblr-11898	186	70	afforded	afford	VERB
cblr-11898	186	71	to	to	ADP
cblr-11898	186	72	investors	investor	NOUN
cblr-11898	186	73	by	by	ADP
cblr-11898	186	74	our	our	PRON
cblr-11898	186	75	securities	security	NOUN
cblr-11898	186	76	laws	law	NOUN
cblr-11898	186	77	.	.	PUNCT
cblr-11898	187	1	retail	retail	ADJ
cblr-11898	187	2	investors	investor	NOUN
cblr-11898	187	3	were	be	AUX
cblr-11898	187	4	at	at	ADP
cblr-11898	187	5	significant	significant	ADJ
cblr-11898	187	6	risk	risk	NOUN
cblr-11898	187	7	of	of	ADP
cblr-11898	187	8	exposure	exposure	NOUN
cblr-11898	187	9	to	to	ADP
cblr-11898	187	10	investments	investment	NOUN
cblr-11898	187	11	which	which	PRON
cblr-11898	187	12	may	may	AUX
cblr-11898	187	13	or	or	CCONJ
cblr-11898	187	14	may	may	AUX
cblr-11898	187	15	not	not	PART
cblr-11898	187	16	have	have	AUX
cblr-11898	187	17	been	be	AUX
cblr-11898	187	18	riskier	risky	ADJ
cblr-11898	187	19	.	.	PUNCT
cblr-11898	188	1	at	at	ADP
cblr-11898	188	2	the	the	DET
cblr-11898	188	3	time	time	NOUN
cblr-11898	188	4	of	of	ADP
cblr-11898	188	5	the	the	DET
cblr-11898	188	6	passage	passage	NOUN
cblr-11898	188	7	of	of	ADP
cblr-11898	188	8	section	section	NOUN
cblr-11898	188	9	12(g	12(g	NUM
cblr-11898	188	10	)	)	PUNCT
cblr-11898	188	11	in	in	ADP
cblr-11898	188	12	1964	1964	NUM
cblr-11898	188	13	,	,	PUNCT
cblr-11898	188	14	the	the	DET
cblr-11898	188	15	otc	otc	PROPN
cblr-11898	188	16	markets	market	NOUN
cblr-11898	188	17	had	have	AUX
cblr-11898	188	18	grown	grow	VERB
cblr-11898	188	19	to	to	ADP
cblr-11898	188	20	nearly	nearly	ADV
cblr-11898	188	21	61	61	NUM
cblr-11898	188	22	%	%	NOUN
cblr-11898	188	23	of	of	ADP
cblr-11898	188	24	the	the	DET
cblr-11898	188	25	trading	trading	NOUN
cblr-11898	188	26	volume	volume	NOUN
cblr-11898	188	27	of	of	ADP
cblr-11898	188	28	national	national	ADJ
cblr-11898	188	29	exchanges	exchange	NOUN
cblr-11898	188	30	,	,	PUNCT
cblr-11898	188	31	but	but	CCONJ
cblr-11898	188	32	received	receive	VERB
cblr-11898	188	33	none	none	NOUN
cblr-11898	188	34	of	of	ADP
cblr-11898	188	35	the	the	DET
cblr-11898	188	36	investor	investor	NOUN
cblr-11898	188	37	protections	protection	NOUN
cblr-11898	188	38	associated	associate	VERB
cblr-11898	188	39	with	with	ADP
cblr-11898	188	40	them.42	them.42	NOUN
cblr-11898	188	41	however	however	ADV
cblr-11898	188	42	,	,	PUNCT
cblr-11898	188	43	in	in	ADP
cblr-11898	188	44	1999	1999	NUM
cblr-11898	188	45	,	,	PUNCT
cblr-11898	188	46	congress	congress	PROPN
cblr-11898	188	47	forced	force	VERB
cblr-11898	188	48	nearly	nearly	ADV
cblr-11898	188	49	all	all	PRON
cblr-11898	188	50	otc	otc	PROPN
cblr-11898	188	51	traded	trade	VERB
cblr-11898	188	52	firms	firm	NOUN
cblr-11898	188	53	to	to	PART
cblr-11898	188	54	make	make	VERB
cblr-11898	188	55	at	at	ADP
cblr-11898	188	56	least	least	ADJ
cblr-11898	188	57	a	a	DET
cblr-11898	188	58	bare	bare	ADJ
cblr-11898	188	59	minimum	minimum	NOUN
cblr-11898	188	60	of	of	ADP
cblr-11898	188	61	public	public	ADJ
cblr-11898	188	62	disclosures	disclosure	NOUN
cblr-11898	188	63	.	.	PUNCT
cblr-11898	189	1	for	for	ADP
cblr-11898	189	2	many	many	ADJ
cblr-11898	189	3	,	,	PUNCT
cblr-11898	189	4	this	this	PRON
cblr-11898	189	5	was	be	AUX
cblr-11898	189	6	viewed	view	VERB
cblr-11898	189	7	as	as	ADP
cblr-11898	189	8	the	the	DET
cblr-11898	189	9	point	point	NOUN
cblr-11898	189	10	of	of	ADP
cblr-11898	189	11	irrelevancy	irrelevancy	NOUN
cblr-11898	189	12	for	for	ADP
cblr-11898	189	13	section	section	NOUN
cblr-11898	189	14	12(g	12(g	NUM
cblr-11898	189	15	)	)	PUNCT
cblr-11898	189	16	.	.	PUNCT
cblr-11898	190	1	indeed	indeed	ADV
cblr-11898	190	2	,	,	PUNCT
cblr-11898	190	3	between	between	ADP
cblr-11898	190	4	2000	2000	NUM
cblr-11898	190	5	and	and	CCONJ
cblr-11898	190	6	the	the	DET
cblr-11898	190	7	passage	passage	NOUN
cblr-11898	190	8	of	of	ADP
cblr-11898	190	9	the	the	DET
cblr-11898	190	10	new	new	ADJ
cblr-11898	190	11	limits	limit	NOUN
cblr-11898	190	12	under	under	ADP
cblr-11898	190	13	the	the	DET
cblr-11898	190	14	jobs	job	NOUN
cblr-11898	190	15	act	act	NOUN
cblr-11898	190	16	,	,	PUNCT
cblr-11898	190	17	less	less	ADJ
cblr-11898	190	18	than	than	ADP
cblr-11898	190	19	3	3	NUM
cblr-11898	190	20	%	%	NOUN
cblr-11898	190	21	of	of	ADP
cblr-11898	190	22	firms	firm	NOUN
cblr-11898	190	23	which	which	PRON
cblr-11898	190	24	went	go	VERB
cblr-11898	190	25	public	public	ADJ
cblr-11898	190	26	were	be	AUX
cblr-11898	190	27	over	over	ADV
cblr-11898	190	28	400	400	NUM
cblr-11898	190	29	shareholders	shareholder	NOUN
cblr-11898	190	30	and	and	CCONJ
cblr-11898	190	31	thus	thus	ADV
cblr-11898	190	32	approaching	approach	VERB
cblr-11898	190	33	the	the	DET
cblr-11898	190	34	upper	upper	ADJ
cblr-11898	190	35	limits.43	limits.43	NOUN
cblr-11898	190	36	there	there	PRON
cblr-11898	190	37	is	be	VERB
cblr-11898	190	38	also	also	ADV
cblr-11898	190	39	no	no	DET
cblr-11898	190	40	indication	indication	NOUN
cblr-11898	190	41	that	that	SCONJ
cblr-11898	190	42	the	the	DET
cblr-11898	190	43	majority	majority	NOUN
cblr-11898	190	44	of	of	ADP
cblr-11898	190	45	these	these	DET
cblr-11898	190	46	firms	firm	NOUN
cblr-11898	190	47	went	go	VERB
cblr-11898	190	48	public	public	ADJ
cblr-11898	190	49	for	for	ADP
cblr-11898	190	50	the	the	DET
cblr-11898	190	51	sole	sole	ADJ
cblr-11898	190	52	reason	reason	NOUN
cblr-11898	190	53	that	that	PRON
cblr-11898	190	54	they	they	PRON
cblr-11898	190	55	were	be	AUX
cblr-11898	190	56	approaching	approach	VERB
cblr-11898	190	57	,	,	PUNCT
cblr-11898	190	58	or	or	CCONJ
cblr-11898	190	59	in	in	ADP
cblr-11898	190	60	the	the	DET
cblr-11898	190	61	case	case	NOUN
cblr-11898	190	62	of	of	ADP
cblr-11898	190	63	some	some	PRON
cblr-11898	190	64	,	,	PUNCT
cblr-11898	190	65	exceeding	exceed	VERB
cblr-11898	190	66	these	these	DET
cblr-11898	190	67	38	38	NUM
cblr-11898	190	68	u.s	u.s	PROPN
cblr-11898	190	69	.	.	PROPN
cblr-11898	190	70	sec	sec	PROPN
cblr-11898	190	71	.	.	PROPN
cblr-11898	190	72	&	&	CCONJ
cblr-11898	190	73	exch	exch	PROPN
cblr-11898	190	74	.	.	PUNCT
cblr-11898	191	1	comm’n	comm’n	PROPN
cblr-11898	191	2	,	,	PUNCT
cblr-11898	191	3	special	special	ADJ
cblr-11898	191	4	study	study	NOUN
cblr-11898	191	5	of	of	ADP
cblr-11898	191	6	securities	security	NOUN
cblr-11898	191	7	markets	market	NOUN
cblr-11898	191	8	,	,	PUNCT
cblr-11898	191	9	h.r	h.r	PROPN
cblr-11898	191	10	.	.	PROPN
cblr-11898	191	11	doc	doc	PROPN
cblr-11898	191	12	.	.	PUNCT
cblr-11898	192	1	no	no	INTJ
cblr-11898	192	2	.	.	PUNCT
cblr-11898	193	1	88–95	88–95	NUM
cblr-11898	193	2	,	,	PUNCT
cblr-11898	193	3	at	at	ADP
cblr-11898	193	4	34	34	NUM
cblr-11898	193	5	(	(	PUNCT
cblr-11898	193	6	1964	1964	NUM
cblr-11898	193	7	)	)	PUNCT
cblr-11898	193	8	.	.	PUNCT
cblr-11898	194	1	39	39	NUM
cblr-11898	195	1	i	i	PRON
cblr-11898	195	2	d.	d.	PROPN
cblr-11898	195	3	40	40	NUM
cblr-11898	196	1	i	i	PRON
cblr-11898	196	2	d.	d.	PROPN
cblr-11898	196	3	41	41	NUM
cblr-11898	196	4	rodrigues	rodrigue	NOUN
cblr-11898	196	5	,	,	PUNCT
cblr-11898	196	6	supra	supra	PROPN
cblr-11898	196	7	note	note	PROPN
cblr-11898	196	8	36	36	NUM
cblr-11898	196	9	,	,	PUNCT
cblr-11898	196	10	at	at	ADP
cblr-11898	196	11	1534	1534	NUM
cblr-11898	196	12	;	;	PUNCT
cblr-11898	196	13	see	see	VERB
cblr-11898	196	14	also	also	ADV
cblr-11898	196	15	william	william	PROPN
cblr-11898	196	16	k.	k.	PROPN
cblr-11898	196	17	sjostrom	sjostrom	PROPN
cblr-11898	196	18	,	,	PUNCT
cblr-11898	196	19	jr	jr	PROPN
cblr-11898	196	20	.	.	PROPN
cblr-11898	196	21	,	,	PUNCT
cblr-11898	196	22	questioning	question	VERB
cblr-11898	196	23	the	the	DET
cblr-11898	196	24	500	500	NUM
cblr-11898	196	25	equity	equity	NOUN
cblr-11898	196	26	holders	holder	NOUN
cblr-11898	196	27	trigger	trigger	NOUN
cblr-11898	196	28	,	,	PUNCT
cblr-11898	196	29	1	1	NUM
cblr-11898	196	30	harv	harv	NOUN
cblr-11898	196	31	.	.	PUNCT
cblr-11898	197	1	bus	bus	NOUN
cblr-11898	197	2	.	.	PUNCT
cblr-11898	198	1	l.	l.	PROPN
cblr-11898	198	2	rev	rev	PROPN
cblr-11898	198	3	.	.	PROPN
cblr-11898	199	1	online	online	PROPN
cblr-11898	199	2	43	43	NUM
cblr-11898	199	3	,	,	PUNCT
cblr-11898	199	4	44–45	44–45	NUM
cblr-11898	199	5	(	(	PUNCT
cblr-11898	199	6	2011	2011	NUM
cblr-11898	199	7	)	)	PUNCT
cblr-11898	199	8	(	(	PUNCT
cblr-11898	199	9	highlighting	highlight	VERB
cblr-11898	199	10	that	that	SCONJ
cblr-11898	199	11	the	the	DET
cblr-11898	199	12	1964	1964	NUM
cblr-11898	199	13	amendments	amendment	NOUN
cblr-11898	199	14	were	be	AUX
cblr-11898	199	15	targeted	target	VERB
cblr-11898	199	16	at	at	ADP
cblr-11898	199	17	issuers	issuer	NOUN
cblr-11898	199	18	with	with	ADP
cblr-11898	199	19	sufficiently	sufficiently	ADV
cblr-11898	199	20	liquid	liquid	ADJ
cblr-11898	199	21	shares	share	NOUN
cblr-11898	199	22	)	)	PUNCT
cblr-11898	199	23	.	.	PUNCT
cblr-11898	200	1	42	42	NUM
cblr-11898	200	2	s.	s.	PROPN
cblr-11898	200	3	rep	rep	PROPN
cblr-11898	200	4	.	.	PROPN
cblr-11898	200	5	no	no	PROPN
cblr-11898	200	6	.	.	PROPN
cblr-11898	200	7	88	88	NUM
cblr-11898	200	8	-	-	SYM
cblr-11898	200	9	379	379	NUM
cblr-11898	200	10	,	,	PUNCT
cblr-11898	200	11	at	at	ADP
cblr-11898	200	12	14	14	NUM
cblr-11898	200	13	(	(	PUNCT
cblr-11898	200	14	1963	1963	NUM
cblr-11898	200	15	)	)	PUNCT
cblr-11898	200	16	.	.	PUNCT
cblr-11898	201	1	43	43	NUM
cblr-11898	201	2	rodrigues	rodrigue	NOUN
cblr-11898	201	3	,	,	PUNCT
cblr-11898	201	4	supra	supra	PROPN
cblr-11898	201	5	note	note	PROPN
cblr-11898	201	6	36	36	NUM
cblr-11898	201	7	,	,	PUNCT
cblr-11898	201	8	at	at	ADP
cblr-11898	201	9	1547	1547	NUM
cblr-11898	201	10	.	.	PUNCT
cblr-11898	202	1	no	no	INTJ
cblr-11898	202	2	.	.	NOUN
cblr-11898	202	3	1	1	NUM
cblr-11898	202	4	]	]	X
cblr-11898	202	5	mythical	mythical	ADJ
cblr-11898	202	6	unicorns	unicorn	NOUN
cblr-11898	202	7	and	and	CCONJ
cblr-11898	202	8	how	how	SCONJ
cblr-11898	202	9	to	to	PART
cblr-11898	202	10	find	find	VERB
cblr-11898	202	11	them	they	PRON
cblr-11898	202	12	83	83	NUM
cblr-11898	202	13	limits	limit	NOUN
cblr-11898	202	14	.	.	PUNCT
cblr-11898	203	1	as	as	SCONJ
cblr-11898	203	2	we	we	PRON
cblr-11898	203	3	discuss	discuss	VERB
cblr-11898	203	4	in	in	ADP
cblr-11898	203	5	section	section	NOUN
cblr-11898	203	6	v	v	NOUN
cblr-11898	203	7	,	,	PUNCT
cblr-11898	203	8	there	there	PRON
cblr-11898	203	9	are	be	VERB
cblr-11898	203	10	a	a	DET
cblr-11898	203	11	multitude	multitude	NOUN
cblr-11898	203	12	of	of	ADP
cblr-11898	203	13	reasons	reason	NOUN
cblr-11898	203	14	for	for	ADP
cblr-11898	203	15	completing	complete	VERB
cblr-11898	203	16	an	an	DET
cblr-11898	203	17	ipo	ipo	NOUN
cblr-11898	203	18	.	.	PUNCT
cblr-11898	204	1	all	all	PRON
cblr-11898	204	2	of	of	ADP
cblr-11898	204	3	this	this	PRON
cblr-11898	204	4	then	then	ADV
cblr-11898	204	5	begs	beg	VERB
cblr-11898	204	6	the	the	DET
cblr-11898	204	7	question	question	NOUN
cblr-11898	204	8	of	of	ADP
cblr-11898	204	9	if	if	SCONJ
cblr-11898	204	10	section	section	NOUN
cblr-11898	204	11	12(g	12(g	NUM
cblr-11898	204	12	)	)	PUNCT
cblr-11898	204	13	is	be	AUX
cblr-11898	204	14	“	"	PUNCT
cblr-11898	204	15	largely	largely	ADV
cblr-11898	204	16	irrelevant	irrelevant	ADJ
cblr-11898	204	17	”	"	PUNCT
cblr-11898	204	18	or	or	CCONJ
cblr-11898	204	19	“	"	PUNCT
cblr-11898	204	20	an	an	DET
cblr-11898	204	21	obscure	obscure	ADJ
cblr-11898	204	22	provision	provision	NOUN
cblr-11898	204	23	of	of	ADP
cblr-11898	204	24	securities	security	NOUN
cblr-11898	204	25	laws,”44	laws,”44	VERB
cblr-11898	204	26	why	why	SCONJ
cblr-11898	204	27	change	change	VERB
cblr-11898	204	28	the	the	DET
cblr-11898	204	29	thresholds	threshold	NOUN
cblr-11898	204	30	at	at	ADV
cblr-11898	204	31	all	all	ADV
cblr-11898	204	32	?	?	PUNCT
cblr-11898	205	1	to	to	PART
cblr-11898	205	2	answer	answer	VERB
cblr-11898	205	3	this	this	PRON
cblr-11898	205	4	,	,	PUNCT
cblr-11898	205	5	we	we	PRON
cblr-11898	205	6	must	must	AUX
cblr-11898	205	7	examine	examine	VERB
cblr-11898	205	8	the	the	DET
cblr-11898	205	9	intent	intent	NOUN
cblr-11898	205	10	behind	behind	ADP
cblr-11898	205	11	the	the	DET
cblr-11898	205	12	change	change	NOUN
cblr-11898	205	13	and	and	CCONJ
cblr-11898	205	14	its	its	PRON
cblr-11898	205	15	ultimate	ultimate	ADJ
cblr-11898	205	16	effects	effect	NOUN
cblr-11898	205	17	.	.	PUNCT
cblr-11898	206	1	while	while	SCONJ
cblr-11898	206	2	the	the	DET
cblr-11898	206	3	intent	intent	NOUN
cblr-11898	206	4	behind	behind	ADP
cblr-11898	206	5	the	the	DET
cblr-11898	206	6	change	change	NOUN
cblr-11898	206	7	was	be	AUX
cblr-11898	206	8	to	to	PART
cblr-11898	206	9	allow	allow	VERB
cblr-11898	206	10	widely	widely	ADV
cblr-11898	206	11	held	hold	VERB
cblr-11898	206	12	,	,	PUNCT
cblr-11898	206	13	but	but	CCONJ
cblr-11898	206	14	seldom	seldom	ADV
cblr-11898	206	15	traded	trade	VERB
cblr-11898	206	16	companies	company	NOUN
cblr-11898	206	17	to	to	PART
cblr-11898	206	18	continue	continue	VERB
cblr-11898	206	19	to	to	PART
cblr-11898	206	20	avoid	avoid	VERB
cblr-11898	206	21	the	the	DET
cblr-11898	206	22	high	high	ADJ
cblr-11898	206	23	costs	cost	NOUN
cblr-11898	206	24	associated	associate	VERB
cblr-11898	206	25	with	with	ADP
cblr-11898	206	26	the	the	DET
cblr-11898	206	27	mandatory	mandatory	ADJ
cblr-11898	206	28	disclosure	disclosure	NOUN
cblr-11898	206	29	regime	regime	NOUN
cblr-11898	206	30	,	,	PUNCT
cblr-11898	206	31	the	the	DET
cblr-11898	206	32	ultimate	ultimate	ADJ
cblr-11898	206	33	effect	effect	NOUN
cblr-11898	206	34	has	have	AUX
cblr-11898	206	35	been	be	AUX
cblr-11898	206	36	far	far	ADV
cblr-11898	206	37	broader.45	broader.45	NOUN
cblr-11898	206	38	with	with	ADP
cblr-11898	206	39	the	the	DET
cblr-11898	206	40	explosion	explosion	NOUN
cblr-11898	206	41	of	of	ADP
cblr-11898	206	42	unicorns	unicorn	NOUN
cblr-11898	206	43	in	in	ADP
cblr-11898	206	44	the	the	DET
cblr-11898	206	45	decade	decade	NOUN
cblr-11898	206	46	since	since	SCONJ
cblr-11898	206	47	the	the	DET
cblr-11898	206	48	passage	passage	NOUN
cblr-11898	206	49	of	of	ADP
cblr-11898	206	50	the	the	DET
cblr-11898	206	51	jobs	job	NOUN
cblr-11898	206	52	act	act	PROPN
cblr-11898	206	53	,	,	PUNCT
cblr-11898	206	54	it	it	PRON
cblr-11898	206	55	is	be	AUX
cblr-11898	206	56	not	not	PART
cblr-11898	206	57	a	a	DET
cblr-11898	206	58	stretch	stretch	NOUN
cblr-11898	206	59	to	to	PART
cblr-11898	206	60	find	find	VERB
cblr-11898	206	61	a	a	DET
cblr-11898	206	62	causal	causal	ADJ
cblr-11898	206	63	connection	connection	NOUN
cblr-11898	206	64	between	between	ADP
cblr-11898	206	65	the	the	DET
cblr-11898	206	66	updates	update	NOUN
cblr-11898	206	67	to	to	ADP
cblr-11898	206	68	various	various	ADJ
cblr-11898	206	69	securities	security	NOUN
cblr-11898	206	70	law	law	NOUN
cblr-11898	206	71	provisions	provision	NOUN
cblr-11898	206	72	,	,	PUNCT
cblr-11898	206	73	including	include	VERB
cblr-11898	206	74	section	section	NOUN
cblr-11898	206	75	12(g	12(g	NUM
cblr-11898	206	76	)	)	PUNCT
cblr-11898	206	77	,	,	PUNCT
cblr-11898	206	78	and	and	CCONJ
cblr-11898	206	79	these	these	DET
cblr-11898	206	80	firms	firm	NOUN
cblr-11898	206	81	’	’	PART
cblr-11898	206	82	growth	growth	NOUN
cblr-11898	206	83	via	via	ADP
cblr-11898	206	84	the	the	DET
cblr-11898	206	85	reduction	reduction	NOUN
cblr-11898	206	86	of	of	ADP
cblr-11898	206	87	regulation	regulation	NOUN
cblr-11898	206	88	in	in	ADP
cblr-11898	206	89	private	private	ADJ
cblr-11898	206	90	markets	market	NOUN
cblr-11898	206	91	.	.	PUNCT
cblr-11898	207	1	these	these	DET
cblr-11898	207	2	companies	company	NOUN
cblr-11898	207	3	will	will	AUX
cblr-11898	207	4	continue	continue	VERB
cblr-11898	207	5	to	to	PART
cblr-11898	207	6	be	be	AUX
cblr-11898	207	7	able	able	ADJ
cblr-11898	207	8	to	to	PART
cblr-11898	207	9	raise	raise	VERB
cblr-11898	207	10	even	even	ADV
cblr-11898	207	11	more	more	ADJ
cblr-11898	207	12	capital	capital	NOUN
cblr-11898	207	13	and	and	CCONJ
cblr-11898	207	14	remain	remain	VERB
cblr-11898	207	15	private	private	ADJ
cblr-11898	207	16	if	if	SCONJ
cblr-11898	207	17	the	the	DET
cblr-11898	207	18	law	law	NOUN
cblr-11898	207	19	is	be	AUX
cblr-11898	207	20	not	not	PART
cblr-11898	207	21	updated	update	VERB
cblr-11898	207	22	.	.	PUNCT
cblr-11898	208	1	as	as	SCONJ
cblr-11898	208	2	noted	note	VERB
cblr-11898	208	3	by	by	ADP
cblr-11898	208	4	de	de	X
cblr-11898	208	5	fontaney	fontaney	NOUN
cblr-11898	208	6	,	,	PUNCT
cblr-11898	208	7	“	"	PUNCT
cblr-11898	208	8	there	there	PRON
cblr-11898	208	9	is	be	VERB
cblr-11898	208	10	no	no	DET
cblr-11898	208	11	evidence	evidence	NOUN
cblr-11898	208	12	that	that	SCONJ
cblr-11898	208	13	capital	capital	NOUN
cblr-11898	208	14	is	be	AUX
cblr-11898	208	15	scarce	scarce	ADJ
cblr-11898	208	16	today	today	NOUN
cblr-11898	208	17	for	for	ADP
cblr-11898	208	18	good	good	ADJ
cblr-11898	208	19	u.s	u.s	PROPN
cblr-11898	208	20	.	.	PROPN
cblr-11898	208	21	firms	firm	NOUN
cblr-11898	208	22	—	—	PUNCT
cblr-11898	208	23	whether	whether	SCONJ
cblr-11898	208	24	public	public	ADJ
cblr-11898	208	25	or	or	CCONJ
cblr-11898	208	26	private	private	ADJ
cblr-11898	208	27	—	—	PUNCT
cblr-11898	208	28	and	and	CCONJ
cblr-11898	208	29	much	much	ADJ
cblr-11898	208	30	evidence	evidence	NOUN
cblr-11898	208	31	to	to	ADP
cblr-11898	208	32	the	the	DET
cblr-11898	208	33	contrary	contrary	NOUN
cblr-11898	208	34	.	.	PUNCT
cblr-11898	209	1	”46	”46	VERB
cblr-11898	209	2	the	the	DET
cblr-11898	209	3	reality	reality	NOUN
cblr-11898	209	4	is	be	AUX
cblr-11898	209	5	that	that	SCONJ
cblr-11898	209	6	traditional	traditional	ADJ
cblr-11898	209	7	investors	investor	NOUN
cblr-11898	209	8	in	in	ADP
cblr-11898	209	9	private	private	ADJ
cblr-11898	209	10	markets	market	NOUN
cblr-11898	209	11	,	,	PUNCT
cblr-11898	209	12	vcs	vcs	PROPN
cblr-11898	209	13	and	and	CCONJ
cblr-11898	209	14	pes	pe	NOUN
cblr-11898	209	15	,	,	PUNCT
cblr-11898	209	16	are	be	AUX
cblr-11898	209	17	competing	compete	VERB
cblr-11898	209	18	with	with	ADP
cblr-11898	209	19	non	non	ADJ
cblr-11898	209	20	-	-	ADJ
cblr-11898	209	21	traditional	traditional	ADJ
cblr-11898	209	22	investors	investor	NOUN
cblr-11898	209	23	over	over	ADP
cblr-11898	209	24	investments	investment	NOUN
cblr-11898	209	25	in	in	ADP
cblr-11898	209	26	unicorn	unicorn	ADJ
cblr-11898	209	27	firms.47	firms.47	NOUN
cblr-11898	209	28	with	with	ADP
cblr-11898	209	29	these	these	DET
cblr-11898	209	30	non	non	ADJ
cblr-11898	209	31	-	-	ADJ
cblr-11898	209	32	traditional	traditional	ADJ
cblr-11898	209	33	investors	investor	NOUN
cblr-11898	209	34	joining	join	VERB
cblr-11898	209	35	44	44	NUM
cblr-11898	209	36	john	john	PROPN
cblr-11898	209	37	markoff	markoff	PROPN
cblr-11898	209	38	,	,	PUNCT
cblr-11898	209	39	google	google	PROPN
cblr-11898	209	40	flirts	flirt	NOUN
cblr-11898	209	41	;	;	PUNCT
cblr-11898	209	42	investors	investor	NOUN
cblr-11898	209	43	wonder	wonder	VERB
cblr-11898	209	44	about	about	ADP
cblr-11898	209	45	date	date	NOUN
cblr-11898	209	46	,	,	PUNCT
cblr-11898	209	47	n.y	n.y	PROPN
cblr-11898	209	48	.	.	PROPN
cblr-11898	209	49	times	times	PROPN
cblr-11898	209	50	(	(	PUNCT
cblr-11898	209	51	apr	apr	PROPN
cblr-11898	209	52	.	.	PROPN
cblr-11898	209	53	24	24	NUM
cblr-11898	209	54	,	,	PUNCT
cblr-11898	209	55	2004	2004	NUM
cblr-11898	209	56	)	)	PUNCT
cblr-11898	209	57	,	,	PUNCT
cblr-11898	209	58	http://www.nytimes.com/2004/04/24/business/googleflirts-investors-wonder-about-date.html	http://www.nytimes.com/2004/04/24/business/googleflirts-investors-wonder-about-date.html	PROPN
cblr-11898	210	1	[	[	X
cblr-11898	210	2	https://perma.cc/9ch7-bjax	https://perma.cc/9ch7-bjax	NOUN
cblr-11898	210	3	]	]	X
cblr-11898	210	4	.	.	PUNCT
cblr-11898	211	1	45	45	NUM
cblr-11898	211	2	see	see	VERB
cblr-11898	211	3	supra	supra	PROPN
cblr-11898	211	4	notes	note	VERB
cblr-11898	211	5	41	41	NUM
cblr-11898	211	6	&	&	CCONJ
cblr-11898	211	7	42	42	NUM
cblr-11898	211	8	.	.	PUNCT
cblr-11898	212	1	congress	congress	PROPN
cblr-11898	212	2	concede	concede	VERB
cblr-11898	212	3	shareholder	shareholder	NOUN
cblr-11898	212	4	count	count	NOUN
cblr-11898	212	5	was	be	AUX
cblr-11898	212	6	“	"	PUNCT
cblr-11898	212	7	a	a	DET
cblr-11898	212	8	rough	rough	ADJ
cblr-11898	212	9	,	,	PUNCT
cblr-11898	212	10	indirect	indirect	ADJ
cblr-11898	212	11	measure	measure	NOUN
cblr-11898	212	12	of	of	ADP
cblr-11898	212	13	activity	activity	NOUN
cblr-11898	212	14	”	"	PUNCT
cblr-11898	212	15	and	and	CCONJ
cblr-11898	212	16	measuring	measure	VERB
cblr-11898	212	17	“	"	PUNCT
cblr-11898	212	18	market	market	NOUN
cblr-11898	212	19	activity	activity	NOUN
cblr-11898	212	20	”	"	PUNCT
cblr-11898	212	21	was	be	AUX
cblr-11898	212	22	preferable	preferable	ADJ
cblr-11898	212	23	but	but	CCONJ
cblr-11898	212	24	unfeasible	unfeasible	ADJ
cblr-11898	212	25	at	at	ADP
cblr-11898	212	26	the	the	DET
cblr-11898	212	27	time	time	NOUN
cblr-11898	212	28	of	of	ADP
cblr-11898	212	29	12(g	12(g	NUM
cblr-11898	212	30	)	)	PUNCT
cblr-11898	212	31	’s	’	VERB
cblr-11898	212	32	original	original	ADJ
cblr-11898	212	33	passage	passage	NOUN
cblr-11898	212	34	.	.	PUNCT
cblr-11898	213	1	46	46	NUM
cblr-11898	213	2	examining	examine	VERB
cblr-11898	213	3	private	private	ADJ
cblr-11898	213	4	market	market	NOUN
cblr-11898	213	5	exemptions	exemption	NOUN
cblr-11898	213	6	as	as	ADP
cblr-11898	213	7	a	a	DET
cblr-11898	213	8	barrier	barrier	NOUN
cblr-11898	213	9	to	to	ADP
cblr-11898	213	10	ipos	ipos	NOUN
cblr-11898	213	11	and	and	CCONJ
cblr-11898	213	12	retail	retail	ADJ
cblr-11898	213	13	investment	investment	NOUN
cblr-11898	213	14	:	:	PUNCT
cblr-11898	213	15	hearing	hear	VERB
cblr-11898	213	16	before	before	ADP
cblr-11898	213	17	the	the	DET
cblr-11898	213	18	subcomm	subcomm	NOUN
cblr-11898	213	19	.	.	PUNCT
cblr-11898	214	1	on	on	ADP
cblr-11898	214	2	inv	inv	PROPN
cblr-11898	214	3	.	.	PUNCT
cblr-11898	214	4	prot	prot	PROPN
cblr-11898	214	5	.	.	PROPN
cblr-11898	214	6	,	,	PUNCT
cblr-11898	214	7	entrepreneurship	entrepreneurship	NOUN
cblr-11898	214	8	,	,	PUNCT
cblr-11898	214	9	&	&	CCONJ
cblr-11898	214	10	cap	cap	NOUN
cblr-11898	214	11	.	.	PUNCT
cblr-11898	215	1	mkts	mkts	NOUN
cblr-11898	215	2	.	.	PUNCT
cblr-11898	216	1	of	of	ADP
cblr-11898	216	2	the	the	DET
cblr-11898	216	3	h.	h.	PROPN
cblr-11898	216	4	comm	comm	NOUN
cblr-11898	216	5	.	.	PUNCT
cblr-11898	217	1	on	on	ADP
cblr-11898	217	2	fin	fin	NOUN
cblr-11898	217	3	.	.	PUNCT
cblr-11898	218	1	servs	servs	PROPN
cblr-11898	218	2	.	.	PROPN
cblr-11898	218	3	,	,	PUNCT
cblr-11898	218	4	116th	116th	PROPN
cblr-11898	218	5	cong	cong	NOUN
cblr-11898	218	6	.	.	PROPN
cblr-11898	219	1	13	13	NUM
cblr-11898	219	2	(	(	PUNCT
cblr-11898	219	3	2019	2019	NUM
cblr-11898	219	4	)	)	PUNCT
cblr-11898	220	1	(	(	PUNCT
cblr-11898	220	2	written	write	VERB
cblr-11898	220	3	testimony	testimony	NOUN
cblr-11898	220	4	of	of	ADP
cblr-11898	220	5	elisabeth	elisabeth	PROPN
cblr-11898	220	6	de	de	PROPN
cblr-11898	220	7	fontenay	fontenay	PROPN
cblr-11898	220	8	,	,	PUNCT
cblr-11898	220	9	professor	professor	NOUN
cblr-11898	220	10	of	of	ADP
cblr-11898	220	11	law	law	NOUN
cblr-11898	220	12	,	,	PUNCT
cblr-11898	220	13	duke	duke	PROPN
cblr-11898	220	14	university	university	PROPN
cblr-11898	220	15	)	)	PUNCT
cblr-11898	220	16	.	.	PUNCT
cblr-11898	221	1	47	47	NUM
cblr-11898	222	1	it	it	PRON
cblr-11898	222	2	should	should	AUX
cblr-11898	222	3	be	be	AUX
cblr-11898	222	4	noted	note	VERB
cblr-11898	222	5	that	that	SCONJ
cblr-11898	222	6	there	there	PRON
cblr-11898	222	7	is	be	VERB
cblr-11898	222	8	a	a	DET
cblr-11898	222	9	distinction	distinction	NOUN
cblr-11898	222	10	between	between	ADP
cblr-11898	222	11	an	an	DET
cblr-11898	222	12	innovation	innovation	NOUN
cblr-11898	222	13	driven	drive	VERB
cblr-11898	222	14	entrepreneurial	entrepreneurial	ADJ
cblr-11898	222	15	firm	firm	NOUN
cblr-11898	222	16	and	and	CCONJ
cblr-11898	222	17	a	a	DET
cblr-11898	222	18	small	small	ADJ
cblr-11898	222	19	medium	medium	NOUN
cblr-11898	222	20	business	business	NOUN
cblr-11898	222	21	enterprise	enterprise	NOUN
cblr-11898	222	22	.	.	PUNCT
cblr-11898	223	1	this	this	DET
cblr-11898	223	2	article	article	NOUN
cblr-11898	223	3	will	will	AUX
cblr-11898	223	4	only	only	ADV
cblr-11898	223	5	address	address	VERB
cblr-11898	223	6	policy	policy	NOUN
cblr-11898	223	7	with	with	ADP
cblr-11898	223	8	regards	regard	NOUN
cblr-11898	223	9	to	to	ADP
cblr-11898	223	10	unicorns	unicorn	NOUN
cblr-11898	223	11	,	,	PUNCT
cblr-11898	223	12	which	which	PRON
cblr-11898	223	13	are	be	AUX
cblr-11898	223	14	large	large	ADJ
cblr-11898	223	15	innovation	innovation	NOUN
cblr-11898	223	16	driven	drive	VERB
cblr-11898	223	17	enterprises	enterprise	NOUN
cblr-11898	223	18	.	.	PUNCT
cblr-11898	224	1	for	for	ADP
cblr-11898	224	2	more	more	ADJ
cblr-11898	224	3	,	,	PUNCT
cblr-11898	224	4	see	see	VERB
cblr-11898	224	5	anat	anat	PROPN
cblr-11898	224	6	alon	alon	PROPN
cblr-11898	224	7	-	-	PUNCT
cblr-11898	224	8	beck	beck	PROPN
cblr-11898	224	9	,	,	PUNCT
cblr-11898	224	10	the	the	DET
cblr-11898	224	11	coalition	coalition	NOUN
cblr-11898	224	12	model	model	NOUN
cblr-11898	224	13	,	,	PUNCT
cblr-11898	224	14	a	a	DET
cblr-11898	224	15	private	private	ADJ
cblr-11898	224	16	-	-	PUNCT
cblr-11898	224	17	public	public	ADJ
cblr-11898	224	18	strategic	strategic	ADJ
cblr-11898	224	19	innovation	innovation	NOUN
cblr-11898	224	20	policy	policy	NOUN
cblr-11898	224	21	model	model	NOUN
cblr-11898	224	22	for	for	ADP
cblr-11898	224	23	encouraging	encourage	VERB
cblr-11898	224	24	84	84	NUM
cblr-11898	224	25	columbia	columbia	PROPN
cblr-11898	224	26	business	business	NOUN
cblr-11898	224	27	law	law	PROPN
cblr-11898	224	28	review	review	NOUN
cblr-11898	225	1	[	[	X
cblr-11898	225	2	vol	vol	NOUN
cblr-11898	225	3	.	.	PUNCT
cblr-11898	225	4	2023	2023	NUM
cblr-11898	225	5	the	the	DET
cblr-11898	225	6	pool	pool	NOUN
cblr-11898	225	7	,	,	PUNCT
cblr-11898	225	8	rather	rather	ADV
cblr-11898	225	9	than	than	ADP
cblr-11898	225	10	firms	firm	NOUN
cblr-11898	225	11	competing	compete	VERB
cblr-11898	225	12	over	over	ADP
cblr-11898	225	13	a	a	DET
cblr-11898	225	14	limited	limited	ADJ
cblr-11898	225	15	pool	pool	NOUN
cblr-11898	225	16	of	of	ADP
cblr-11898	225	17	funding	funding	NOUN
cblr-11898	225	18	,	,	PUNCT
cblr-11898	225	19	investors	investor	NOUN
cblr-11898	225	20	are	be	AUX
cblr-11898	225	21	competing	compete	VERB
cblr-11898	225	22	over	over	ADP
cblr-11898	225	23	a	a	DET
cblr-11898	225	24	limited	limited	ADJ
cblr-11898	225	25	group	group	NOUN
cblr-11898	225	26	of	of	ADP
cblr-11898	225	27	investee	investee	NOUN
cblr-11898	225	28	companies	company	NOUN
cblr-11898	225	29	.	.	PUNCT
cblr-11898	226	1	this	this	PRON
cblr-11898	226	2	serves	serve	VERB
cblr-11898	226	3	to	to	PART
cblr-11898	226	4	flip	flip	VERB
cblr-11898	226	5	the	the	DET
cblr-11898	226	6	power	power	NOUN
cblr-11898	226	7	dynamic	dynamic	NOUN
cblr-11898	226	8	between	between	ADP
cblr-11898	226	9	capital	capital	NOUN
cblr-11898	226	10	and	and	CCONJ
cblr-11898	226	11	investee	investee	NOUN
cblr-11898	226	12	,	,	PUNCT
cblr-11898	226	13	giving	give	VERB
cblr-11898	226	14	less	less	ADJ
cblr-11898	226	15	leverage	leverage	NOUN
cblr-11898	226	16	to	to	PART
cblr-11898	226	17	extract	extract	VERB
cblr-11898	226	18	governance	governance	NOUN
cblr-11898	226	19	concessions	concession	NOUN
cblr-11898	226	20	to	to	PART
cblr-11898	226	21	ensure	ensure	VERB
cblr-11898	226	22	proper	proper	ADJ
cblr-11898	226	23	management	management	NOUN
cblr-11898	226	24	of	of	ADP
cblr-11898	226	25	firms	firm	NOUN
cblr-11898	226	26	.	.	PUNCT
cblr-11898	227	1	the	the	DET
cblr-11898	227	2	jobs	job	NOUN
cblr-11898	227	3	act	act	VERB
cblr-11898	227	4	changes	change	NOUN
cblr-11898	227	5	,	,	PUNCT
cblr-11898	227	6	accompanied	accompany	VERB
cblr-11898	227	7	by	by	ADP
cblr-11898	227	8	more	more	ADV
cblr-11898	227	9	recent	recent	ADJ
cblr-11898	227	10	changes	change	NOUN
cblr-11898	227	11	to	to	ADP
cblr-11898	227	12	rules	rule	NOUN
cblr-11898	227	13	on	on	ADP
cblr-11898	227	14	the	the	DET
cblr-11898	227	15	solicitation	solicitation	NOUN
cblr-11898	227	16	of	of	ADP
cblr-11898	227	17	401(k	401(k	PROPN
cblr-11898	227	18	)	)	PUNCT
cblr-11898	227	19	funds	fund	NOUN
cblr-11898	227	20	by	by	ADP
cblr-11898	227	21	hedge	hedge	NOUN
cblr-11898	227	22	funds	fund	NOUN
cblr-11898	227	23	also	also	ADV
cblr-11898	227	24	encouraged	encourage	VERB
cblr-11898	227	25	more	more	ADJ
cblr-11898	227	26	investors	investor	NOUN
cblr-11898	227	27	,	,	PUNCT
cblr-11898	227	28	which	which	PRON
cblr-11898	227	29	include	include	VERB
cblr-11898	227	30	nonaccredited	nonaccredite	VERB
cblr-11898	227	31	investors	investor	NOUN
cblr-11898	227	32	,	,	PUNCT
cblr-11898	227	33	to	to	PART
cblr-11898	227	34	join	join	VERB
cblr-11898	227	35	traditional	traditional	ADJ
cblr-11898	227	36	and	and	CCONJ
cblr-11898	227	37	non	non	ADJ
cblr-11898	227	38	-	-	ADJ
cblr-11898	227	39	traditional	traditional	ADJ
cblr-11898	227	40	groups	group	NOUN
cblr-11898	227	41	and	and	CCONJ
cblr-11898	227	42	invest	invest	VERB
cblr-11898	227	43	in	in	ADP
cblr-11898	227	44	private	private	ADJ
cblr-11898	227	45	markets.48	markets.48	NOUN
cblr-11898	227	46	however	however	ADV
cblr-11898	227	47	,	,	PUNCT
cblr-11898	227	48	private	private	ADJ
cblr-11898	227	49	markets	market	NOUN
cblr-11898	227	50	do	do	AUX
cblr-11898	227	51	not	not	PART
cblr-11898	227	52	offer	offer	VERB
cblr-11898	227	53	the	the	DET
cblr-11898	227	54	same	same	ADJ
cblr-11898	227	55	protections	protection	NOUN
cblr-11898	227	56	and	and	CCONJ
cblr-11898	227	57	disclosure	disclosure	NOUN
cblr-11898	227	58	of	of	ADP
cblr-11898	227	59	information	information	NOUN
cblr-11898	227	60	as	as	ADP
cblr-11898	227	61	public	public	ADJ
cblr-11898	227	62	markets	market	NOUN
cblr-11898	227	63	.	.	PUNCT
cblr-11898	228	1	given	give	VERB
cblr-11898	228	2	the	the	DET
cblr-11898	228	3	risks	risk	NOUN
cblr-11898	228	4	associated	associate	VERB
cblr-11898	228	5	with	with	ADP
cblr-11898	228	6	investing	invest	VERB
cblr-11898	228	7	in	in	ADP
cblr-11898	228	8	private	private	ADJ
cblr-11898	228	9	firms	firm	NOUN
cblr-11898	228	10	,	,	PUNCT
cblr-11898	228	11	it	it	PRON
cblr-11898	228	12	is	be	AUX
cblr-11898	228	13	only	only	ADV
cblr-11898	228	14	logical	logical	ADJ
cblr-11898	228	15	that	that	SCONJ
cblr-11898	228	16	there	there	PRON
cblr-11898	228	17	should	should	AUX
cblr-11898	228	18	be	be	AUX
cblr-11898	228	19	additional	additional	ADJ
cblr-11898	228	20	investor	investor	NOUN
cblr-11898	228	21	protections	protection	NOUN
cblr-11898	228	22	,	,	PUNCT
cblr-11898	228	23	not	not	PART
cblr-11898	228	24	less	less	ADJ
cblr-11898	228	25	.	.	PUNCT
cblr-11898	229	1	sec	sec	PROPN
cblr-11898	229	2	commissioner	commissioner	NOUN
cblr-11898	229	3	alison	alison	PROPN
cblr-11898	229	4	lee	lee	PROPN
cblr-11898	229	5	also	also	ADV
cblr-11898	229	6	expressed	express	VERB
cblr-11898	229	7	reservation	reservation	NOUN
cblr-11898	229	8	about	about	ADP
cblr-11898	229	9	these	these	DET
cblr-11898	229	10	developments	development	NOUN
cblr-11898	229	11	operating	operate	VERB
cblr-11898	229	12	in	in	ADP
cblr-11898	229	13	conjunction	conjunction	NOUN
cblr-11898	229	14	with	with	ADP
cblr-11898	229	15	proposed	propose	VERB
cblr-11898	229	16	changes	change	NOUN
cblr-11898	229	17	to	to	ADP
cblr-11898	229	18	the	the	DET
cblr-11898	229	19	definition	definition	NOUN
cblr-11898	229	20	of	of	ADP
cblr-11898	229	21	accredited	accredited	ADJ
cblr-11898	229	22	investors	investor	NOUN
cblr-11898	229	23	,	,	PUNCT
cblr-11898	229	24	and	and	CCONJ
cblr-11898	229	25	stated	state	VERB
cblr-11898	229	26	that	that	SCONJ
cblr-11898	229	27	“	"	PUNCT
cblr-11898	229	28	[	[	X
cblr-11898	229	29	t]hese	t]hese	PROPN
cblr-11898	229	30	proposed	propose	VERB
cblr-11898	229	31	changes	change	NOUN
cblr-11898	229	32	[	[	X
cblr-11898	229	33	to	to	ADP
cblr-11898	229	34	accredited	accredit	VERB
cblr-11898	229	35	investor	investor	NOUN
cblr-11898	229	36	thresholds	threshold	NOUN
cblr-11898	229	37	]	]	PUNCT
cblr-11898	229	38	all	all	PRON
cblr-11898	229	39	go	go	VERB
cblr-11898	229	40	in	in	ADP
cblr-11898	229	41	one	one	NUM
cblr-11898	229	42	policy	policy	NOUN
cblr-11898	229	43	direction	direction	NOUN
cblr-11898	229	44	—	—	PUNCT
cblr-11898	229	45	toward	toward	ADP
cblr-11898	229	46	expanding	expand	VERB
cblr-11898	229	47	the	the	DET
cblr-11898	229	48	pool	pool	NOUN
cblr-11898	229	49	of	of	ADP
cblr-11898	229	50	investors	investor	NOUN
cblr-11898	229	51	in	in	ADP
cblr-11898	229	52	the	the	DET
cblr-11898	229	53	opaque	opaque	NOUN
cblr-11898	229	54	,	,	PUNCT
cblr-11898	229	55	and	and	CCONJ
cblr-11898	229	56	indisputably	indisputably	ADV
cblr-11898	229	57	highrisk	highrisk	NOUN
cblr-11898	229	58	,	,	PUNCT
cblr-11898	229	59	private	private	ADJ
cblr-11898	229	60	markets	market	NOUN
cblr-11898	229	61	.	.	PUNCT
cblr-11898	230	1	”49	”49	ADP
cblr-11898	230	2	former	former	ADJ
cblr-11898	230	3	sec	sec	PROPN
cblr-11898	230	4	commissioner	commissioner	NOUN
cblr-11898	230	5	robert	robert	PROPN
cblr-11898	230	6	entrepreneurship	entrepreneurship	PROPN
cblr-11898	230	7	and	and	CCONJ
cblr-11898	230	8	economic	economic	ADJ
cblr-11898	230	9	growth	growth	NOUN
cblr-11898	230	10	in	in	ADP
cblr-11898	230	11	the	the	DET
cblr-11898	230	12	era	era	NOUN
cblr-11898	230	13	of	of	ADP
cblr-11898	230	14	new	new	ADJ
cblr-11898	230	15	economic	economic	ADJ
cblr-11898	230	16	challenges	challenge	NOUN
cblr-11898	230	17	,	,	PUNCT
cblr-11898	230	18	17	17	NUM
cblr-11898	230	19	wash	wash	NOUN
cblr-11898	230	20	.	.	PUNCT
cblr-11898	231	1	u.	u.	PROPN
cblr-11898	231	2	global	global	ADJ
cblr-11898	231	3	stud	stud	PROPN
cblr-11898	231	4	.	.	PUNCT
cblr-11898	232	1	l.	l.	PROPN
cblr-11898	232	2	rev	rev	PROPN
cblr-11898	232	3	.	.	PROPN
cblr-11898	233	1	267	267	NUM
cblr-11898	233	2	(	(	PUNCT
cblr-11898	233	3	2018	2018	NUM
cblr-11898	233	4	)	)	PUNCT
cblr-11898	234	1	;	;	PUNCT
cblr-11898	234	2	see	see	VERB
cblr-11898	234	3	also	also	ADV
cblr-11898	234	4	william	william	PROPN
cblr-11898	234	5	aulet	aulet	PROPN
cblr-11898	234	6	&	&	CCONJ
cblr-11898	234	7	fiona	fiona	PROPN
cblr-11898	234	8	murray	murray	PROPN
cblr-11898	234	9	,	,	PUNCT
cblr-11898	234	10	a	a	DET
cblr-11898	234	11	tale	tale	NOUN
cblr-11898	234	12	of	of	ADP
cblr-11898	234	13	two	two	NUM
cblr-11898	234	14	entrepreneurs	entrepreneur	NOUN
cblr-11898	234	15	:	:	PUNCT
cblr-11898	234	16	understanding	understand	VERB
cblr-11898	234	17	differences	difference	NOUN
cblr-11898	234	18	in	in	ADP
cblr-11898	234	19	the	the	DET
cblr-11898	234	20	types	type	NOUN
cblr-11898	234	21	of	of	ADP
cblr-11898	234	22	entrepreneurship	entrepreneurship	NOUN
cblr-11898	234	23	in	in	ADP
cblr-11898	234	24	the	the	DET
cblr-11898	234	25	economy	economy	NOUN
cblr-11898	234	26	(	(	PUNCT
cblr-11898	234	27	may	may	PROPN
cblr-11898	234	28	2	2	NUM
cblr-11898	234	29	,	,	PUNCT
cblr-11898	234	30	2013	2013	NUM
cblr-11898	234	31	)	)	PUNCT
cblr-11898	234	32	,	,	PUNCT
cblr-11898	234	33	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2259740	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2259740	NOUN
cblr-11898	235	1	[	[	X
cblr-11898	235	2	https://perma.cc/3dwv-lter	https://perma.cc/3dwv-lter	X
cblr-11898	235	3	]	]	X
cblr-11898	235	4	(	(	PUNCT
cblr-11898	235	5	on	on	ADP
cblr-11898	235	6	the	the	DET
cblr-11898	235	7	difference	difference	NOUN
cblr-11898	235	8	between	between	ADP
cblr-11898	235	9	the	the	DET
cblr-11898	235	10	two	two	NUM
cblr-11898	235	11	definitions	definition	NOUN
cblr-11898	235	12	)	)	PUNCT
cblr-11898	235	13	.	.	PUNCT
cblr-11898	235	14	48	48	NUM
cblr-11898	235	15	paul	paul	PROPN
cblr-11898	235	16	kiernan	kiernan	PROPN
cblr-11898	235	17	,	,	PUNCT
cblr-11898	235	18	sec	sec	PROPN
cblr-11898	235	19	gives	give	VERB
cblr-11898	235	20	more	more	ADJ
cblr-11898	235	21	investors	investor	NOUN
cblr-11898	235	22	access	access	NOUN
cblr-11898	235	23	to	to	ADP
cblr-11898	235	24	private	private	ADJ
cblr-11898	235	25	equity	equity	NOUN
cblr-11898	235	26	,	,	PUNCT
cblr-11898	235	27	hedge	hedge	NOUN
cblr-11898	235	28	funds	fund	NOUN
cblr-11898	235	29	,	,	PUNCT
cblr-11898	235	30	wall	wall	PROPN
cblr-11898	235	31	st	st	PROPN
cblr-11898	235	32	.	.	PROPN
cblr-11898	235	33	j.	j.	PROPN
cblr-11898	235	34	(	(	PUNCT
cblr-11898	235	35	aug	aug	PROPN
cblr-11898	235	36	.	.	PROPN
cblr-11898	235	37	26	26	NUM
cblr-11898	235	38	,	,	PUNCT
cblr-11898	235	39	2020	2020	NUM
cblr-11898	235	40	)	)	PUNCT
cblr-11898	235	41	,	,	PUNCT
cblr-11898	235	42	https://www.wsj.com/articles/secgives-more-investors-access-to-private-equity-hedge-funds-11598452858	https://www.wsj.com/articles/secgives-more-investors-access-to-private-equity-hedge-funds-11598452858	NOUN
cblr-11898	236	1	[	[	X
cblr-11898	236	2	https://perma.cc/aph5-5ssb	https://perma.cc/aph5-5ssb	X
cblr-11898	236	3	]	]	X
cblr-11898	236	4	.	.	PUNCT
cblr-11898	237	1	49	49	NUM
cblr-11898	237	2	allison	allison	PROPN
cblr-11898	237	3	herren	herren	PROPN
cblr-11898	237	4	lee	lee	PROPN
cblr-11898	237	5	,	,	PUNCT
cblr-11898	237	6	statement	statement	NOUN
cblr-11898	237	7	by	by	ADP
cblr-11898	237	8	commissioner	commissioner	PROPN
cblr-11898	237	9	lee	lee	PROPN
cblr-11898	237	10	on	on	ADP
cblr-11898	237	11	proposed	propose	VERB
cblr-11898	237	12	expansion	expansion	NOUN
cblr-11898	237	13	of	of	ADP
cblr-11898	237	14	the	the	DET
cblr-11898	237	15	accredited	accredit	VERB
cblr-11898	237	16	investor	investor	NOUN
cblr-11898	237	17	definition	definition	NOUN
cblr-11898	237	18	,	,	PUNCT
cblr-11898	237	19	harv	harv	PROPN
cblr-11898	237	20	.	.	PUNCT
cblr-11898	238	1	l.	l.	PROPN
cblr-11898	238	2	sch	sch	PROPN
cblr-11898	238	3	.	.	PUNCT
cblr-11898	239	1	f.	f.	PROPN
cblr-11898	239	2	on	on	ADP
cblr-11898	239	3	corp	corp	PROPN
cblr-11898	239	4	.	.	PROPN
cblr-11898	239	5	governance	governance	PROPN
cblr-11898	239	6	(	(	PUNCT
cblr-11898	239	7	dec	dec	PROPN
cblr-11898	239	8	.	.	PROPN
cblr-11898	239	9	20	20	NUM
cblr-11898	239	10	,	,	PUNCT
cblr-11898	239	11	2019	2019	NUM
cblr-11898	239	12	)	)	PUNCT
cblr-11898	239	13	,	,	PUNCT
cblr-11898	239	14	https://corpgov.law.harvard.edu/2019/12/20/statement-by-commissionerlee-on-proposed-expansion-of-the-accredited-investor-definition	https://corpgov.law.harvard.edu/2019/12/20/statement-by-commissionerlee-on-proposed-expansion-of-the-accredited-investor-definition	NOUN
cblr-11898	240	1	[	[	X
cblr-11898	240	2	https://perma.cc/56an-g2be	https://perma.cc/56an-g2be	X
cblr-11898	240	3	]	]	PUNCT
cblr-11898	240	4	.	.	PUNCT
cblr-11898	241	1	commissioner	commissioner	PROPN
cblr-11898	241	2	lee	lee	PROPN
cblr-11898	241	3	criticized	criticize	VERB
cblr-11898	241	4	the	the	DET
cblr-11898	241	5	final	final	ADJ
cblr-11898	241	6	rule	rule	NOUN
cblr-11898	241	7	for	for	ADP
cblr-11898	241	8	weakening	weaken	VERB
cblr-11898	241	9	investor	investor	NOUN
cblr-11898	241	10	protection	protection	NOUN
cblr-11898	241	11	(	(	PUNCT
cblr-11898	241	12	especially	especially	ADV
cblr-11898	241	13	for	for	ADP
cblr-11898	241	14	seniors	senior	NOUN
cblr-11898	241	15	)	)	PUNCT
cblr-11898	241	16	,	,	PUNCT
cblr-11898	241	17	and	and	CCONJ
cblr-11898	241	18	for	for	ADP
cblr-11898	241	19	failing	fail	VERB
cblr-11898	241	20	to	to	PART
cblr-11898	241	21	index	index	NOUN
cblr-11898	241	22	for	for	ADP
cblr-11898	241	23	inflation	inflation	NOUN
cblr-11898	241	24	going	go	VERB
cblr-11898	241	25	forward	forward	ADV
cblr-11898	241	26	.	.	PUNCT
cblr-11898	242	1	https://www.sec.gov/news/public-statement/lee-crenshaw-accredited-investor-2020-08-26	https://www.sec.gov/news/public-statement/lee-crenshaw-accredited-investor-2020-08-26	PUNCT
cblr-11898	242	2	no	no	INTJ
cblr-11898	242	3	.	.	NOUN
cblr-11898	242	4	1	1	NUM
cblr-11898	242	5	]	]	X
cblr-11898	242	6	mythical	mythical	ADJ
cblr-11898	242	7	unicorns	unicorn	NOUN
cblr-11898	242	8	and	and	CCONJ
cblr-11898	242	9	how	how	SCONJ
cblr-11898	242	10	to	to	PART
cblr-11898	242	11	find	find	VERB
cblr-11898	242	12	them	they	PRON
cblr-11898	242	13	85	85	NUM
cblr-11898	242	14	jackson	jackson	PROPN
cblr-11898	242	15	also	also	ADV
cblr-11898	242	16	suggested	suggest	VERB
cblr-11898	242	17	that	that	SCONJ
cblr-11898	242	18	we	we	PRON
cblr-11898	242	19	need	need	VERB
cblr-11898	242	20	to	to	PART
cblr-11898	242	21	adequately	adequately	ADV
cblr-11898	242	22	analyze	analyze	VERB
cblr-11898	242	23	the	the	DET
cblr-11898	242	24	relevant	relevant	ADJ
cblr-11898	242	25	data	datum	NOUN
cblr-11898	242	26	prior	prior	ADV
cblr-11898	242	27	to	to	ADP
cblr-11898	242	28	expanding	expand	VERB
cblr-11898	242	29	these	these	DET
cblr-11898	242	30	definitions	definition	NOUN
cblr-11898	242	31	and	and	CCONJ
cblr-11898	242	32	changing	change	VERB
cblr-11898	242	33	our	our	PRON
cblr-11898	242	34	laws.50	laws.50	NOUN
cblr-11898	242	35	c.	c.	PROPN
cblr-11898	242	36	practical	practical	ADJ
cblr-11898	242	37	enforcement	enforcement	NOUN
cblr-11898	242	38	and	and	CCONJ
cblr-11898	242	39	modernization	modernization	NOUN
cblr-11898	242	40	under	under	ADP
cblr-11898	242	41	section	section	NOUN
cblr-11898	242	42	504	504	NUM
cblr-11898	242	43	of	of	ADP
cblr-11898	242	44	the	the	DET
cblr-11898	242	45	jobs	job	NOUN
cblr-11898	242	46	act	act	PROPN
cblr-11898	242	47	,	,	PUNCT
cblr-11898	242	48	the	the	DET
cblr-11898	242	49	sec	sec	PROPN
cblr-11898	242	50	was	be	AUX
cblr-11898	242	51	required	require	VERB
cblr-11898	242	52	to	to	PART
cblr-11898	242	53	commission	commission	VERB
cblr-11898	242	54	a	a	DET
cblr-11898	242	55	study	study	NOUN
cblr-11898	242	56	to	to	PART
cblr-11898	242	57	study	study	VERB
cblr-11898	242	58	its	its	PRON
cblr-11898	242	59	authority	authority	NOUN
cblr-11898	242	60	and	and	CCONJ
cblr-11898	242	61	ability	ability	NOUN
cblr-11898	242	62	to	to	PART
cblr-11898	242	63	enforce	enforce	VERB
cblr-11898	242	64	the	the	DET
cblr-11898	242	65	limits	limit	NOUN
cblr-11898	242	66	imposed	impose	VERB
cblr-11898	242	67	by	by	ADP
cblr-11898	242	68	section	section	NOUN
cblr-11898	242	69	12(g	12(g	NUM
cblr-11898	242	70	)	)	PUNCT
cblr-11898	242	71	and	and	CCONJ
cblr-11898	242	72	the	the	DET
cblr-11898	242	73	related	related	ADJ
cblr-11898	242	74	rule	rule	NOUN
cblr-11898	242	75	12g5	12g5	NUM
cblr-11898	242	76	-	-	SYM
cblr-11898	242	77	1.51	1.51	NUM
cblr-11898	242	78	of	of	ADP
cblr-11898	242	79	particular	particular	ADJ
cblr-11898	242	80	concern	concern	NOUN
cblr-11898	242	81	to	to	ADP
cblr-11898	242	82	congress	congress	PROPN
cblr-11898	242	83	was	be	AUX
cblr-11898	242	84	the	the	DET
cblr-11898	242	85	ability	ability	NOUN
cblr-11898	242	86	of	of	ADP
cblr-11898	242	87	the	the	DET
cblr-11898	242	88	sec	sec	PROPN
cblr-11898	242	89	to	to	PART
cblr-11898	242	90	enforce	enforce	VERB
cblr-11898	242	91	the	the	DET
cblr-11898	242	92	anti	anti	ADJ
cblr-11898	242	93	-	-	ADJ
cblr-11898	242	94	evasion	evasion	ADJ
cblr-11898	242	95	provision	provision	NOUN
cblr-11898	242	96	included	include	VERB
cblr-11898	242	97	in	in	ADP
cblr-11898	242	98	rule	rule	NOUN
cblr-11898	242	99	12g5	12g5	NUM
cblr-11898	242	100	-	-	SYM
cblr-11898	242	101	1(b)(3	1(b)(3	NUM
cblr-11898	242	102	)	)	PUNCT
cblr-11898	242	103	.	.	PUNCT
cblr-11898	243	1	this	this	DET
cblr-11898	243	2	subsection	subsection	NOUN
cblr-11898	243	3	requires	require	VERB
cblr-11898	243	4	the	the	DET
cblr-11898	243	5	number	number	NOUN
cblr-11898	243	6	of	of	ADP
cblr-11898	243	7	beneficial	beneficial	ADJ
cblr-11898	243	8	owners	owner	NOUN
cblr-11898	243	9	to	to	PART
cblr-11898	243	10	be	be	AUX
cblr-11898	243	11	used	use	VERB
cblr-11898	243	12	as	as	ADP
cblr-11898	243	13	the	the	DET
cblr-11898	243	14	record	record	NOUN
cblr-11898	243	15	count	count	NOUN
cblr-11898	243	16	if	if	SCONJ
cblr-11898	243	17	an	an	DET
cblr-11898	243	18	issuer	issuer	NOUN
cblr-11898	243	19	knows	know	VERB
cblr-11898	243	20	or	or	CCONJ
cblr-11898	243	21	has	have	VERB
cblr-11898	243	22	reason	reason	NOUN
cblr-11898	243	23	to	to	PART
cblr-11898	243	24	know	know	VERB
cblr-11898	243	25	that	that	SCONJ
cblr-11898	243	26	the	the	DET
cblr-11898	243	27	manner	manner	NOUN
cblr-11898	243	28	of	of	ADP
cblr-11898	243	29	holding	hold	VERB
cblr-11898	243	30	an	an	DET
cblr-11898	243	31	issuer	issuer	NOUN
cblr-11898	243	32	’s	’s	PART
cblr-11898	243	33	securities	security	NOUN
cblr-11898	243	34	is	be	AUX
cblr-11898	243	35	used	use	VERB
cblr-11898	243	36	primarily	primarily	ADV
cblr-11898	243	37	to	to	PART
cblr-11898	243	38	circumvent	circumvent	VERB
cblr-11898	243	39	section	section	NOUN
cblr-11898	243	40	12(g	12(g	NUM
cblr-11898	243	41	)	)	PUNCT
cblr-11898	243	42	.	.	PUNCT
cblr-11898	244	1	we	we	PRON
cblr-11898	244	2	must	must	AUX
cblr-11898	244	3	acknowledge	acknowledge	VERB
cblr-11898	244	4	that	that	SCONJ
cblr-11898	244	5	there	there	PRON
cblr-11898	244	6	is	be	VERB
cblr-11898	244	7	debate	debate	NOUN
cblr-11898	244	8	on	on	ADP
cblr-11898	244	9	whether	whether	SCONJ
cblr-11898	244	10	or	or	CCONJ
cblr-11898	244	11	not	not	PART
cblr-11898	244	12	the	the	DET
cblr-11898	244	13	sec	sec	PROPN
cblr-11898	244	14	on	on	ADP
cblr-11898	244	15	its	its	PRON
cblr-11898	244	16	own	own	ADJ
cblr-11898	244	17	rulemaking	rulemaking	NOUN
cblr-11898	244	18	authority	authority	NOUN
cblr-11898	244	19	has	have	VERB
cblr-11898	244	20	the	the	DET
cblr-11898	244	21	ability	ability	NOUN
cblr-11898	244	22	to	to	PART
cblr-11898	244	23	redefine	redefine	VERB
cblr-11898	244	24	the	the	DET
cblr-11898	244	25	term	term	NOUN
cblr-11898	244	26	“	"	PUNCT
cblr-11898	244	27	held	hold	VERB
cblr-11898	244	28	of	of	ADP
cblr-11898	244	29	record	record	NOUN
cblr-11898	244	30	,	,	PUNCT
cblr-11898	244	31	”	"	PUNCT
cblr-11898	244	32	despite	despite	SCONJ
cblr-11898	244	33	the	the	DET
cblr-11898	244	34	fact	fact	NOUN
cblr-11898	244	35	that	that	SCONJ
cblr-11898	244	36	they	they	PRON
cblr-11898	244	37	have	have	AUX
cblr-11898	244	38	already	already	ADV
cblr-11898	244	39	exercised	exercise	VERB
cblr-11898	244	40	this	this	DET
cblr-11898	244	41	authority.52	authority.52	NOUN
cblr-11898	244	42	some	some	PRON
cblr-11898	244	43	cite	cite	VERB
cblr-11898	244	44	to	to	ADP
cblr-11898	244	45	parts	part	NOUN
cblr-11898	244	46	of	of	ADP
cblr-11898	244	47	the	the	DET
cblr-11898	244	48	legislative	legislative	ADJ
cblr-11898	244	49	history	history	NOUN
cblr-11898	244	50	of	of	ADP
cblr-11898	244	51	section	section	NOUN
cblr-11898	244	52	12(g	12(g	NUM
cblr-11898	244	53	)	)	PUNCT
cblr-11898	244	54	and	and	CCONJ
cblr-11898	244	55	the	the	DET
cblr-11898	244	56	interpretation	interpretation	NOUN
cblr-11898	244	57	of	of	ADP
cblr-11898	244	58	securities	security	NOUN
cblr-11898	244	59	law	law	NOUN
cblr-11898	244	60	provisions	provision	NOUN
cblr-11898	244	61	in	in	ADP
cblr-11898	244	62	the	the	DET
cblr-11898	244	63	years	year	NOUN
cblr-11898	244	64	since	since	SCONJ
cblr-11898	244	65	its	its	PRON
cblr-11898	244	66	passage	passage	NOUN
cblr-11898	244	67	to	to	PART
cblr-11898	244	68	argue	argue	VERB
cblr-11898	244	69	that	that	SCONJ
cblr-11898	244	70	only	only	ADV
cblr-11898	244	71	congress	congress	PROPN
cblr-11898	244	72	retains	retain	VERB
cblr-11898	244	73	the	the	DET
cblr-11898	244	74	power	power	NOUN
cblr-11898	244	75	to	to	PART
cblr-11898	244	76	redefine	redefine	VERB
cblr-11898	244	77	this	this	DET
cblr-11898	244	78	term	term	NOUN
cblr-11898	244	79	.	.	PUNCT
cblr-11898	245	1	in	in	ADP
cblr-11898	245	2	particular	particular	ADJ
cblr-11898	245	3	,	,	PUNCT
cblr-11898	245	4	proponents	proponent	NOUN
cblr-11898	245	5	of	of	ADP
cblr-11898	245	6	this	this	DET
cblr-11898	245	7	position	position	NOUN
cblr-11898	245	8	cite	cite	VERB
cblr-11898	245	9	the	the	DET
cblr-11898	245	10	attempts	attempt	NOUN
cblr-11898	245	11	in	in	ADP
cblr-11898	245	12	2012	2012	NUM
cblr-11898	245	13	by	by	ADP
cblr-11898	245	14	democrats	democrats	PROPN
cblr-11898	245	15	to	to	PART
cblr-11898	245	16	insert	insert	VERB
cblr-11898	245	17	into	into	ADP
cblr-11898	245	18	the	the	DET
cblr-11898	245	19	jobs	job	NOUN
cblr-11898	245	20	act	act	NOUN
cblr-11898	245	21	provisions	provision	NOUN
cblr-11898	245	22	explicitly	explicitly	ADV
cblr-11898	245	23	authorizing	authorize	VERB
cblr-11898	245	24	the	the	DET
cblr-11898	245	25	sec	sec	PROPN
cblr-11898	245	26	to	to	PART
cblr-11898	245	27	make	make	VERB
cblr-11898	245	28	the	the	DET
cblr-11898	245	29	50	50	NUM
cblr-11898	245	30	robert	robert	PROPN
cblr-11898	245	31	j.	j.	PROPN
cblr-11898	245	32	jackson	jackson	PROPN
cblr-11898	245	33	jr	jr	PROPN
cblr-11898	245	34	.	.	PROPN
cblr-11898	245	35	,	,	PUNCT
cblr-11898	245	36	comm’r	comm’r	NOUN
cblr-11898	245	37	,	,	PUNCT
cblr-11898	245	38	sec	sec	PROPN
cblr-11898	245	39	.	.	PROPN
cblr-11898	245	40	&	&	CCONJ
cblr-11898	245	41	exch	exch	PROPN
cblr-11898	245	42	.	.	PUNCT
cblr-11898	246	1	comm’n	comm’n	PROPN
cblr-11898	246	2	,	,	PUNCT
cblr-11898	246	3	statement	statement	NOUN
cblr-11898	246	4	on	on	ADP
cblr-11898	246	5	reducing	reduce	VERB
cblr-11898	246	6	investor	investor	NOUN
cblr-11898	246	7	protections	protection	NOUN
cblr-11898	246	8	around	around	ADP
cblr-11898	246	9	private	private	ADJ
cblr-11898	246	10	markets	market	NOUN
cblr-11898	246	11	(	(	PUNCT
cblr-11898	246	12	dec	dec	PROPN
cblr-11898	246	13	.	.	PROPN
cblr-11898	246	14	18	18	NUM
cblr-11898	246	15	,	,	PUNCT
cblr-11898	246	16	2019	2019	NUM
cblr-11898	246	17	)	)	PUNCT
cblr-11898	246	18	,	,	PUNCT
cblr-11898	247	1	https://www.sec.gov/news/public-statement/statement-jackson-2019-12-18accredited-investor	https://www.sec.gov/news/public-statement/statement-jackson-2019-12-18accredited-investor	PROPN
cblr-11898	248	1	[	[	X
cblr-11898	248	2	https://perma.cc/nap9-2wjc	https://perma.cc/nap9-2wjc	X
cblr-11898	248	3	]	]	X
cblr-11898	248	4	.	.	PUNCT
cblr-11898	249	1	51	51	NUM
cblr-11898	249	2	jump	jump	NOUN
cblr-11898	249	3	start	start	VERB
cblr-11898	249	4	our	our	PRON
cblr-11898	249	5	business	business	NOUN
cblr-11898	249	6	startups	startup	NOUN
cblr-11898	249	7	act	act	NOUN
cblr-11898	249	8	of	of	ADP
cblr-11898	249	9	2012	2012	NUM
cblr-11898	249	10	,	,	PUNCT
cblr-11898	249	11	pub	pub	NOUN
cblr-11898	249	12	.	.	PUNCT
cblr-11898	250	1	l.	l.	PROPN
cblr-11898	250	2	no	no	INTJ
cblr-11898	250	3	.	.	PROPN
cblr-11898	251	1	112	112	NUM
cblr-11898	251	2	-	-	SYM
cblr-11898	251	3	106	106	NUM
cblr-11898	251	4	,	,	PUNCT
cblr-11898	251	5	126	126	NUM
cblr-11898	251	6	stat	stat	NOUN
cblr-11898	251	7	.	.	PUNCT
cblr-11898	252	1	326	326	NUM
cblr-11898	252	2	.	.	NUM
cblr-11898	252	3	52	52	NUM
cblr-11898	252	4	sec	sec	PROPN
cblr-11898	252	5	compliance	compliance	NOUN
cblr-11898	252	6	and	and	CCONJ
cblr-11898	252	7	disclosure	disclosure	NOUN
cblr-11898	252	8	interpretation	interpretation	NOUN
cblr-11898	252	9	152.01	152.01	NUM
cblr-11898	252	10	,	,	PUNCT
cblr-11898	252	11	https://www.sec.gov/divisions/corpfin/guidance/exchangeactrules-interps	https://www.sec.gov/divisions/corpfin/guidance/exchangeactrules-interps	PROPN
cblr-11898	253	1	[	[	X
cblr-11898	253	2	https://perma.cc/47vx-rp78	https://perma.cc/47vx-rp78	X
cblr-11898	253	3	]	]	X
cblr-11898	253	4	(	(	PUNCT
cblr-11898	253	5	“	"	PUNCT
cblr-11898	253	6	institutional	institutional	ADJ
cblr-11898	253	7	custodians	custodian	NOUN
cblr-11898	253	8	,	,	PUNCT
cblr-11898	253	9	such	such	ADJ
cblr-11898	253	10	as	as	ADP
cblr-11898	253	11	cede	cede	NOUN
cblr-11898	253	12	&	&	CCONJ
cblr-11898	253	13	co.	co.	PROPN
cblr-11898	253	14	and	and	CCONJ
cblr-11898	253	15	other	other	ADJ
cblr-11898	253	16	commercial	commercial	ADJ
cblr-11898	253	17	depositories	depository	NOUN
cblr-11898	253	18	,	,	PUNCT
cblr-11898	253	19	are	be	AUX
cblr-11898	253	20	not	not	PART
cblr-11898	253	21	single	single	ADJ
cblr-11898	253	22	holders	holder	NOUN
cblr-11898	253	23	of	of	ADP
cblr-11898	253	24	record	record	NOUN
cblr-11898	253	25	for	for	ADP
cblr-11898	253	26	purposes	purpose	NOUN
cblr-11898	253	27	of	of	ADP
cblr-11898	253	28	the	the	DET
cblr-11898	253	29	exchange	exchange	NOUN
cblr-11898	253	30	act	act	PROPN
cblr-11898	253	31	’s	’s	PART
cblr-11898	253	32	registration	registration	NOUN
cblr-11898	253	33	and	and	CCONJ
cblr-11898	253	34	periodic	periodic	ADJ
cblr-11898	253	35	reporting	reporting	NOUN
cblr-11898	253	36	provisions	provision	NOUN
cblr-11898	253	37	.	.	PUNCT
cblr-11898	254	1	instead	instead	ADV
cblr-11898	254	2	,	,	PUNCT
cblr-11898	254	3	each	each	PRON
cblr-11898	254	4	of	of	ADP
cblr-11898	254	5	the	the	DET
cblr-11898	254	6	depository	depository	NOUN
cblr-11898	254	7	’s	’s	PART
cblr-11898	254	8	accounts	account	NOUN
cblr-11898	254	9	for	for	ADP
cblr-11898	254	10	which	which	PRON
cblr-11898	254	11	the	the	DET
cblr-11898	254	12	securities	security	NOUN
cblr-11898	254	13	are	be	AUX
cblr-11898	254	14	held	hold	VERB
cblr-11898	254	15	is	be	AUX
cblr-11898	254	16	a	a	DET
cblr-11898	254	17	single	single	ADJ
cblr-11898	254	18	record	record	NOUN
cblr-11898	254	19	holder	holder	NOUN
cblr-11898	254	20	.	.	PUNCT
cblr-11898	254	21	”	"	PUNCT
cblr-11898	254	22	)	)	PUNCT
cblr-11898	254	23	.	.	PUNCT
cblr-11898	255	1	86	86	NUM
cblr-11898	255	2	columbia	columbia	PROPN
cblr-11898	255	3	business	business	NOUN
cblr-11898	255	4	law	law	PROPN
cblr-11898	255	5	review	review	NOUN
cblr-11898	255	6	[	[	X
cblr-11898	255	7	vol	vol	NOUN
cblr-11898	255	8	.	.	PUNCT
cblr-11898	255	9	2023	2023	NUM
cblr-11898	255	10	necessary	necessary	ADJ
cblr-11898	255	11	changes	change	NOUN
cblr-11898	255	12	without	without	ADP
cblr-11898	255	13	congressional	congressional	ADJ
cblr-11898	255	14	approval.53	approval.53	NOUN
cblr-11898	255	15	however	however	ADV
cblr-11898	255	16	,	,	PUNCT
cblr-11898	255	17	this	this	DET
cblr-11898	255	18	debate	debate	NOUN
cblr-11898	255	19	does	do	AUX
cblr-11898	255	20	not	not	PART
cblr-11898	255	21	point	point	VERB
cblr-11898	255	22	in	in	ADP
cblr-11898	255	23	one	one	NUM
cblr-11898	255	24	direction	direction	NOUN
cblr-11898	255	25	or	or	CCONJ
cblr-11898	255	26	the	the	DET
cblr-11898	255	27	other	other	ADJ
cblr-11898	255	28	.	.	PUNCT
cblr-11898	256	1	if	if	SCONJ
cblr-11898	256	2	,	,	PUNCT
cblr-11898	256	3	as	as	SCONJ
cblr-11898	256	4	we	we	PRON
cblr-11898	256	5	believe	believe	VERB
cblr-11898	256	6	,	,	PUNCT
cblr-11898	256	7	the	the	DET
cblr-11898	256	8	sec	sec	PROPN
cblr-11898	256	9	retained	retain	VERB
cblr-11898	256	10	this	this	DET
cblr-11898	256	11	power	power	NOUN
cblr-11898	256	12	before	before	ADP
cblr-11898	256	13	the	the	DET
cblr-11898	256	14	passage	passage	NOUN
cblr-11898	256	15	of	of	ADP
cblr-11898	256	16	the	the	DET
cblr-11898	256	17	jobs	job	NOUN
cblr-11898	256	18	act	act	PROPN
cblr-11898	256	19	,	,	PUNCT
cblr-11898	256	20	congress	congress	PROPN
cblr-11898	256	21	need	need	AUX
cblr-11898	256	22	not	not	PART
cblr-11898	256	23	have	have	AUX
cblr-11898	256	24	passed	pass	VERB
cblr-11898	256	25	any	any	DET
cblr-11898	256	26	statute	statute	NOUN
cblr-11898	256	27	granting	grant	VERB
cblr-11898	256	28	them	they	PRON
cblr-11898	256	29	a	a	DET
cblr-11898	256	30	power	power	NOUN
cblr-11898	256	31	that	that	PRON
cblr-11898	256	32	they	they	PRON
cblr-11898	256	33	already	already	ADV
cblr-11898	256	34	had	have	VERB
cblr-11898	256	35	.	.	PUNCT
cblr-11898	257	1	some	some	PRON
cblr-11898	257	2	of	of	ADP
cblr-11898	257	3	the	the	DET
cblr-11898	257	4	opponents	opponent	NOUN
cblr-11898	257	5	of	of	ADP
cblr-11898	257	6	explicit	explicit	ADJ
cblr-11898	257	7	authorization	authorization	NOUN
cblr-11898	257	8	even	even	ADV
cblr-11898	257	9	conceded	concede	VERB
cblr-11898	257	10	that	that	SCONJ
cblr-11898	257	11	they	they	PRON
cblr-11898	257	12	believed	believe	VERB
cblr-11898	257	13	the	the	DET
cblr-11898	257	14	sec	sec	PROPN
cblr-11898	257	15	already	already	ADV
cblr-11898	257	16	held	hold	VERB
cblr-11898	257	17	the	the	DET
cblr-11898	257	18	rulemaking	rulemaking	NOUN
cblr-11898	257	19	authority	authority	NOUN
cblr-11898	257	20	to	to	PART
cblr-11898	257	21	redefine	redefine	VERB
cblr-11898	257	22	this	this	DET
cblr-11898	257	23	term	term	NOUN
cblr-11898	257	24	.	.	PUNCT
cblr-11898	258	1	for	for	ADP
cblr-11898	258	2	example	example	NOUN
cblr-11898	258	3	,	,	PUNCT
cblr-11898	258	4	republican	republican	PROPN
cblr-11898	258	5	congressman	congressman	PROPN
cblr-11898	258	6	david	david	PROPN
cblr-11898	258	7	schweikert	schweikert	PROPN
cblr-11898	258	8	stated	state	VERB
cblr-11898	258	9	he	he	PRON
cblr-11898	258	10	believed	believe	VERB
cblr-11898	258	11	the	the	DET
cblr-11898	258	12	sec	sec	PROPN
cblr-11898	258	13	had	have	VERB
cblr-11898	258	14	this	this	DET
cblr-11898	258	15	authority	authority	NOUN
cblr-11898	258	16	when	when	SCONJ
cblr-11898	258	17	asked	ask	VERB
cblr-11898	258	18	whether	whether	SCONJ
cblr-11898	258	19	“	"	PUNCT
cblr-11898	258	20	the	the	DET
cblr-11898	258	21	sec	sec	PROPN
cblr-11898	258	22	[	[	X
cblr-11898	258	23	was	be	AUX
cblr-11898	258	24	]	]	PUNCT
cblr-11898	258	25	currently	currently	ADV
cblr-11898	258	26	empowered	empower	VERB
cblr-11898	258	27	to	to	PART
cblr-11898	258	28	take	take	VERB
cblr-11898	258	29	these	these	DET
cblr-11898	258	30	actions	action	NOUN
cblr-11898	258	31	on	on	ADP
cblr-11898	258	32	their	their	PRON
cblr-11898	258	33	own	own	ADJ
cblr-11898	258	34	without	without	ADP
cblr-11898	258	35	congressional	congressional	ADJ
cblr-11898	258	36	approval	approval	NOUN
cblr-11898	258	37	.	.	PUNCT
cblr-11898	259	1	”54	”54	VERB
cblr-11898	259	2	he	he	PRON
cblr-11898	259	3	would	would	AUX
cblr-11898	259	4	later	later	ADV
cblr-11898	259	5	backtrack	backtrack	VERB
cblr-11898	259	6	his	his	PRON
cblr-11898	259	7	statements	statement	NOUN
cblr-11898	259	8	by	by	ADP
cblr-11898	259	9	saying	say	VERB
cblr-11898	259	10	if	if	SCONJ
cblr-11898	259	11	the	the	DET
cblr-11898	259	12	sec	sec	PROPN
cblr-11898	259	13	does	do	AUX
cblr-11898	259	14	have	have	VERB
cblr-11898	259	15	this	this	DET
cblr-11898	259	16	authority	authority	NOUN
cblr-11898	259	17	,	,	PUNCT
cblr-11898	259	18	congress	congress	PROPN
cblr-11898	259	19	should	should	AUX
cblr-11898	259	20	be	be	AUX
cblr-11898	259	21	responsible	responsible	ADJ
cblr-11898	259	22	for	for	ADP
cblr-11898	259	23	the	the	DET
cblr-11898	259	24	ultimate	ultimate	ADJ
cblr-11898	259	25	policy	policy	NOUN
cblr-11898	259	26	and	and	CCONJ
cblr-11898	259	27	thus	thus	ADV
cblr-11898	259	28	actually	actually	ADV
cblr-11898	259	29	retains	retain	VERB
cblr-11898	259	30	the	the	DET
cblr-11898	259	31	authority.55	authority.55	NOUN
cblr-11898	259	32	however	however	ADV
cblr-11898	259	33	,	,	PUNCT
cblr-11898	259	34	there	there	PRON
cblr-11898	259	35	is	be	VERB
cblr-11898	259	36	strong	strong	ADJ
cblr-11898	259	37	evidence	evidence	NOUN
cblr-11898	259	38	suggesting	suggest	VERB
cblr-11898	259	39	that	that	SCONJ
cblr-11898	259	40	the	the	DET
cblr-11898	259	41	sec	sec	PROPN
cblr-11898	259	42	does	do	AUX
cblr-11898	259	43	,	,	PUNCT
cblr-11898	259	44	in	in	ADP
cblr-11898	259	45	fact	fact	NOUN
cblr-11898	259	46	,	,	PUNCT
cblr-11898	259	47	have	have	VERB
cblr-11898	259	48	this	this	DET
cblr-11898	259	49	authority	authority	NOUN
cblr-11898	259	50	,	,	PUNCT
cblr-11898	259	51	beyond	beyond	ADP
cblr-11898	259	52	their	their	PRON
cblr-11898	259	53	previous	previous	ADJ
cblr-11898	259	54	exercise	exercise	NOUN
cblr-11898	259	55	of	of	ADP
cblr-11898	259	56	it	it	PRON
cblr-11898	259	57	.	.	PUNCT
cblr-11898	260	1	if	if	SCONJ
cblr-11898	260	2	we	we	PRON
cblr-11898	260	3	examine	examine	VERB
cblr-11898	260	4	the	the	DET
cblr-11898	260	5	sec	sec	PROPN
cblr-11898	260	6	’s	’s	PART
cblr-11898	260	7	powers	power	NOUN
cblr-11898	260	8	before	before	ADP
cblr-11898	260	9	the	the	DET
cblr-11898	260	10	inconclusive	inconclusive	ADJ
cblr-11898	260	11	debate	debate	NOUN
cblr-11898	260	12	in	in	ADP
cblr-11898	260	13	2012	2012	NUM
cblr-11898	260	14	,	,	PUNCT
cblr-11898	260	15	the	the	DET
cblr-11898	260	16	key	key	ADJ
cblr-11898	260	17	provision	provision	NOUN
cblr-11898	260	18	to	to	PART
cblr-11898	260	19	consider	consider	VERB
cblr-11898	260	20	is	be	AUX
cblr-11898	260	21	section	section	NOUN
cblr-11898	260	22	36	36	NUM
cblr-11898	260	23	of	of	ADP
cblr-11898	260	24	the	the	DET
cblr-11898	260	25	‘	'	PUNCT
cblr-11898	260	26	34	34	NUM
cblr-11898	260	27	act	act	NOUN
cblr-11898	260	28	.	.	PUNCT
cblr-11898	261	1	passed	pass	VERB
cblr-11898	261	2	in	in	ADP
cblr-11898	261	3	1996	1996	NUM
cblr-11898	261	4	,	,	PUNCT
cblr-11898	261	5	it	it	PRON
cblr-11898	261	6	provides	provide	VERB
cblr-11898	261	7	the	the	DET
cblr-11898	261	8	sec	sec	PROPN
cblr-11898	261	9	with	with	ADP
cblr-11898	261	10	expansive	expansive	ADJ
cblr-11898	261	11	general	general	ADJ
cblr-11898	261	12	exemptive	exemptive	PROPN
cblr-11898	261	13	authority	authority	NOUN
cblr-11898	261	14	to	to	PART
cblr-11898	261	15	permit	permit	VERB
cblr-11898	261	16	rulemaking	rulemake	VERB
cblr-11898	261	17	to	to	ADP
cblr-11898	261	18	the	the	DET
cblr-11898	261	19	extent	extent	NOUN
cblr-11898	261	20	that	that	SCONJ
cblr-11898	261	21	it	it	PRON
cblr-11898	261	22	is	be	AUX
cblr-11898	261	23	“	"	PUNCT
cblr-11898	261	24	necessary	necessary	ADJ
cblr-11898	261	25	or	or	CCONJ
cblr-11898	261	26	appropriate	appropriate	ADJ
cblr-11898	261	27	in	in	ADP
cblr-11898	261	28	the	the	DET
cblr-11898	261	29	public	public	ADJ
cblr-11898	261	30	interest	interest	NOUN
cblr-11898	261	31	,	,	PUNCT
cblr-11898	261	32	and	and	CCONJ
cblr-11898	261	33	is	be	AUX
cblr-11898	261	34	consistent	consistent	ADJ
cblr-11898	261	35	with	with	ADP
cblr-11898	261	36	the	the	DET
cblr-11898	261	37	protection	protection	NOUN
cblr-11898	261	38	of	of	ADP
cblr-11898	261	39	investors	investor	NOUN
cblr-11898	261	40	.	.	PUNCT
cblr-11898	261	41	”	"	PUNCT
cblr-11898	262	1	professor	professor	NOUN
cblr-11898	262	2	george	george	PROPN
cblr-11898	262	3	georgiev	georgiev	PROPN
cblr-11898	262	4	argues	argue	VERB
cblr-11898	262	5	that	that	SCONJ
cblr-11898	262	6	this	this	PRON
cblr-11898	262	7	indicates	indicate	VERB
cblr-11898	262	8	the	the	DET
cblr-11898	262	9	sec	sec	PROPN
cblr-11898	262	10	’s	’s	PART
cblr-11898	262	11	authority	authority	NOUN
cblr-11898	262	12	to	to	PART
cblr-11898	262	13	redefine	redefine	VERB
cblr-11898	262	14	“	"	PUNCT
cblr-11898	262	15	held	hold	VERB
cblr-11898	262	16	of	of	ADP
cblr-11898	262	17	record	record	NOUN
cblr-11898	262	18	”	"	PUNCT
cblr-11898	262	19	is	be	AUX
cblr-11898	262	20	“	"	PUNCT
cblr-11898	262	21	beyond	beyond	ADP
cblr-11898	262	22	question	question	NOUN
cblr-11898	262	23	,	,	PUNCT
cblr-11898	262	24	”	"	PUNCT
cblr-11898	262	25	even	even	ADV
cblr-11898	262	26	if	if	SCONJ
cblr-11898	262	27	he	he	PRON
cblr-11898	262	28	believes	believe	VERB
cblr-11898	262	29	that	that	SCONJ
cblr-11898	262	30	it	it	PRON
cblr-11898	262	31	may	may	AUX
cblr-11898	262	32	be	be	AUX
cblr-11898	262	33	practically	practically	ADV
cblr-11898	262	34	infeasible.56	infeasible.56	VERB
cblr-11898	262	35	a	a	DET
cblr-11898	262	36	similar	similar	ADJ
cblr-11898	262	37	position	position	NOUN
cblr-11898	262	38	was	be	AUX
cblr-11898	262	39	adopted	adopt	VERB
cblr-11898	262	40	by	by	ADP
cblr-11898	262	41	53	53	NUM
cblr-11898	262	42	alexander	alexander	PROPN
cblr-11898	262	43	i.	i.	PROPN
cblr-11898	262	44	platt	platt	PROPN
cblr-11898	262	45	,	,	PUNCT
cblr-11898	262	46	legal	legal	ADJ
cblr-11898	262	47	guardrails	guardrail	NOUN
cblr-11898	262	48	for	for	ADP
cblr-11898	262	49	a	a	DET
cblr-11898	262	50	unicorn	unicorn	ADJ
cblr-11898	262	51	crackdown	crackdown	NOUN
cblr-11898	262	52	,	,	PUNCT
cblr-11898	262	53	120	120	NUM
cblr-11898	262	54	mich	mich	X
cblr-11898	262	55	.	.	PUNCT
cblr-11898	263	1	l.	l.	PROPN
cblr-11898	263	2	rev	rev	PROPN
cblr-11898	263	3	.	.	PROPN
cblr-11898	264	1	online	online	PROPN
cblr-11898	264	2	89	89	NUM
cblr-11898	264	3	,	,	PUNCT
cblr-11898	264	4	99–100	99–100	NUM
cblr-11898	264	5	(	(	PUNCT
cblr-11898	264	6	2022	2022	NUM
cblr-11898	264	7	)	)	PUNCT
cblr-11898	264	8	.	.	PUNCT
cblr-11898	265	1	54	54	NUM
cblr-11898	265	2	158	158	NUM
cblr-11898	265	3	cong	cong	NOUN
cblr-11898	265	4	.	.	PUNCT
cblr-11898	266	1	rec	rec	PROPN
cblr-11898	266	2	.	.	PROPN
cblr-11898	266	3	h1280	h1280	PROPN
cblr-11898	266	4	(	(	PUNCT
cblr-11898	266	5	daily	daily	ADJ
cblr-11898	266	6	ed	ed	NOUN
cblr-11898	266	7	.	.	PUNCT
cblr-11898	267	1	mar	mar	PROPN
cblr-11898	267	2	.	.	PROPN
cblr-11898	267	3	8	8	NUM
cblr-11898	267	4	,	,	PUNCT
cblr-11898	267	5	2012	2012	NUM
cblr-11898	267	6	)	)	PUNCT
cblr-11898	267	7	(	(	PUNCT
cblr-11898	267	8	statement	statement	NOUN
cblr-11898	267	9	of	of	ADP
cblr-11898	267	10	congressman	congressman	PROPN
cblr-11898	267	11	david	david	PROPN
cblr-11898	267	12	schweikert	schweikert	PROPN
cblr-11898	267	13	)	)	PUNCT
cblr-11898	267	14	.	.	PUNCT
cblr-11898	268	1	55	55	NUM
cblr-11898	269	1	i	i	PRON
cblr-11898	269	2	d.	d.	VERB
cblr-11898	269	3	at	at	ADP
cblr-11898	269	4	h1281	h1281	ADV
cblr-11898	269	5	(	(	PUNCT
cblr-11898	269	6	“	"	PUNCT
cblr-11898	269	7	if	if	SCONJ
cblr-11898	269	8	you	you	PRON
cblr-11898	269	9	are	be	AUX
cblr-11898	269	10	with	with	ADP
cblr-11898	269	11	us	we	PRON
cblr-11898	269	12	and	and	CCONJ
cblr-11898	269	13	agree	agree	VERB
cblr-11898	269	14	,	,	PUNCT
cblr-11898	269	15	we	we	PRON
cblr-11898	269	16	’re	’re	AUX
cblr-11898	269	17	literally	literally	ADV
cblr-11898	269	18	looking	look	VERB
cblr-11898	269	19	at	at	ADP
cblr-11898	269	20	two	two	NUM
cblr-11898	269	21	tracks	track	NOUN
cblr-11898	269	22	here	here	ADV
cblr-11898	269	23	.	.	PUNCT
cblr-11898	270	1	the	the	DET
cblr-11898	270	2	sec	sec	PROPN
cblr-11898	270	3	does	do	AUX
cblr-11898	270	4	hold	hold	VERB
cblr-11898	270	5	authority	authority	NOUN
cblr-11898	270	6	.	.	PUNCT
cblr-11898	271	1	at	at	ADP
cblr-11898	271	2	the	the	DET
cblr-11898	271	3	same	same	ADJ
cblr-11898	271	4	time	time	NOUN
cblr-11898	271	5	,	,	PUNCT
cblr-11898	271	6	we	we	PRON
cblr-11898	271	7	also	also	ADV
cblr-11898	271	8	want	want	VERB
cblr-11898	271	9	this	this	PRON
cblr-11898	271	10	brought	bring	VERB
cblr-11898	271	11	back	back	ADV
cblr-11898	271	12	to	to	ADP
cblr-11898	271	13	us	we	PRON
cblr-11898	271	14	if	if	SCONJ
cblr-11898	271	15	the	the	DET
cblr-11898	271	16	sec	sec	PROPN
cblr-11898	271	17	does	do	AUX
cblr-11898	271	18	see	see	VERB
cblr-11898	271	19	an	an	DET
cblr-11898	271	20	issue	issue	NOUN
cblr-11898	271	21	.	.	PUNCT
cblr-11898	272	1	that	that	PRON
cblr-11898	272	2	’s	’	VERB
cblr-11898	272	3	the	the	DET
cblr-11898	272	4	proper	proper	ADJ
cblr-11898	272	5	venue	venue	NOUN
cblr-11898	272	6	.	.	PUNCT
cblr-11898	272	7	”	"	PUNCT
cblr-11898	272	8	)	)	PUNCT
cblr-11898	272	9	.	.	PUNCT
cblr-11898	273	1	56	56	NUM
cblr-11898	273	2	george	george	PROPN
cblr-11898	273	3	s.	s.	PROPN
cblr-11898	273	4	georgiev	georgiev	PROPN
cblr-11898	273	5	,	,	PUNCT
cblr-11898	273	6	the	the	DET
cblr-11898	273	7	breakdown	breakdown	NOUN
cblr-11898	273	8	of	of	ADP
cblr-11898	273	9	the	the	DET
cblr-11898	273	10	public	public	ADJ
cblr-11898	273	11	-	-	PUNCT
cblr-11898	273	12	private	private	ADJ
cblr-11898	273	13	divide	divide	NOUN
cblr-11898	273	14	in	in	ADP
cblr-11898	273	15	securities	security	NOUN
cblr-11898	273	16	law	law	NOUN
cblr-11898	273	17	:	:	PUNCT
cblr-11898	273	18	causes	cause	NOUN
cblr-11898	273	19	,	,	PUNCT
cblr-11898	273	20	consequences	consequence	NOUN
cblr-11898	273	21	,	,	PUNCT
cblr-11898	273	22	and	and	CCONJ
cblr-11898	273	23	reforms	reform	NOUN
cblr-11898	273	24	,	,	PUNCT
cblr-11898	273	25	18	18	NUM
cblr-11898	273	26	n.y.u	n.y.u	NOUN
cblr-11898	273	27	.	.	PUNCT
cblr-11898	274	1	j.l	j.l	PROPN
cblr-11898	274	2	.	.	PROPN
cblr-11898	274	3	&	&	CCONJ
cblr-11898	274	4	bus	bus	PROPN
cblr-11898	274	5	.	.	PUNCT
cblr-11898	275	1	221	221	NUM
cblr-11898	275	2	,	,	PUNCT
cblr-11898	275	3	302	302	NUM
cblr-11898	275	4	(	(	PUNCT
cblr-11898	275	5	2021	2021	NUM
cblr-11898	275	6	)	)	PUNCT
cblr-11898	275	7	.	.	PUNCT
cblr-11898	276	1	no	no	INTJ
cblr-11898	276	2	.	.	NOUN
cblr-11898	277	1	1	1	NUM
cblr-11898	277	2	]	]	X
cblr-11898	277	3	mythical	mythical	ADJ
cblr-11898	277	4	unicorns	unicorn	NOUN
cblr-11898	277	5	and	and	CCONJ
cblr-11898	277	6	how	how	SCONJ
cblr-11898	277	7	to	to	PART
cblr-11898	277	8	find	find	VERB
cblr-11898	277	9	them	they	PRON
cblr-11898	277	10	87	87	NUM
cblr-11898	277	11	tyler	tyler	NOUN
cblr-11898	277	12	gellasch	gellasch	NOUN
cblr-11898	277	13	and	and	CCONJ
cblr-11898	277	14	lee	lee	PROPN
cblr-11898	277	15	reiners	reiner	NOUN
cblr-11898	277	16	from	from	ADP
cblr-11898	277	17	duke	duke	PROPN
cblr-11898	277	18	’s	’s	PART
cblr-11898	277	19	global	global	ADJ
cblr-11898	277	20	financial	financial	ADJ
cblr-11898	277	21	markets	market	NOUN
cblr-11898	277	22	center.57	center.57	PROPN
cblr-11898	277	23	donald	donald	PROPN
cblr-11898	277	24	langevoort	langevoort	PROPN
cblr-11898	277	25	and	and	CCONJ
cblr-11898	277	26	robert	robert	PROPN
cblr-11898	277	27	thompson	thompson	PROPN
cblr-11898	277	28	argue	argue	VERB
cblr-11898	277	29	that	that	SCONJ
cblr-11898	277	30	the	the	DET
cblr-11898	277	31	sec	sec	PROPN
cblr-11898	277	32	could	could	AUX
cblr-11898	277	33	presumably	presumably	ADV
cblr-11898	277	34	change	change	VERB
cblr-11898	277	35	the	the	DET
cblr-11898	277	36	rule	rule	NOUN
cblr-11898	277	37	,	,	PUNCT
cblr-11898	277	38	citing	cite	VERB
cblr-11898	277	39	back	back	ADV
cblr-11898	277	40	to	to	ADP
cblr-11898	277	41	a	a	DET
cblr-11898	277	42	proposed	propose	VERB
cblr-11898	277	43	rulemaking	rulemaking	NOUN
cblr-11898	277	44	change	change	NOUN
cblr-11898	277	45	in	in	ADP
cblr-11898	277	46	2006.58	2006.58	NUM
cblr-11898	277	47	they	they	PRON
cblr-11898	277	48	go	go	VERB
cblr-11898	277	49	on	on	ADP
cblr-11898	277	50	to	to	PART
cblr-11898	277	51	argue	argue	VERB
cblr-11898	277	52	that	that	SCONJ
cblr-11898	277	53	the	the	DET
cblr-11898	277	54	better	well	ADJ
cblr-11898	277	55	test	test	NOUN
cblr-11898	277	56	for	for	ADP
cblr-11898	277	57	“	"	PUNCT
cblr-11898	277	58	publicness	publicness	NOUN
cblr-11898	277	59	”	"	PUNCT
cblr-11898	277	60	should	should	AUX
cblr-11898	277	61	not	not	PART
cblr-11898	277	62	be	be	AUX
cblr-11898	277	63	the	the	DET
cblr-11898	277	64	record	record	NOUN
cblr-11898	277	65	ownership	ownership	NOUN
cblr-11898	277	66	,	,	PUNCT
cblr-11898	277	67	but	but	CCONJ
cblr-11898	277	68	rather	rather	ADV
cblr-11898	277	69	a	a	DET
cblr-11898	277	70	metric	metric	ADJ
cblr-11898	277	71	like	like	INTJ
cblr-11898	277	72	average	average	ADJ
cblr-11898	277	73	daily	daily	ADJ
cblr-11898	277	74	trading	trading	NOUN
cblr-11898	277	75	volumes	volume	NOUN
cblr-11898	277	76	is	be	AUX
cblr-11898	277	77	better	well	ADJ
cblr-11898	277	78	for	for	ADP
cblr-11898	277	79	the	the	DET
cblr-11898	277	80	purposes	purpose	NOUN
cblr-11898	277	81	of	of	ADP
cblr-11898	277	82	“	"	PUNCT
cblr-11898	277	83	gauging	gauge	VERB
cblr-11898	277	84	the	the	DET
cblr-11898	277	85	extent	extent	NOUN
cblr-11898	277	86	of	of	ADP
cblr-11898	277	87	investor	investor	NOUN
cblr-11898	277	88	interest	interest	NOUN
cblr-11898	277	89	in	in	ADP
cblr-11898	277	90	and	and	CCONJ
cblr-11898	277	91	need	need	VERB
cblr-11898	277	92	for	for	ADP
cblr-11898	277	93	disclosure	disclosure	NOUN
cblr-11898	277	94	.	.	PUNCT
cblr-11898	278	1	”59	”59	ADJ
cblr-11898	278	2	they	they	PRON
cblr-11898	278	3	also	also	ADV
cblr-11898	278	4	note	note	VERB
cblr-11898	278	5	that	that	SCONJ
cblr-11898	278	6	such	such	ADJ
cblr-11898	278	7	information	information	NOUN
cblr-11898	278	8	is	be	AUX
cblr-11898	278	9	already	already	ADV
cblr-11898	278	10	collected	collect	VERB
cblr-11898	278	11	via	via	ADP
cblr-11898	278	12	monthly	monthly	ADJ
cblr-11898	278	13	disclosures	disclosure	NOUN
cblr-11898	278	14	as	as	SCONJ
cblr-11898	278	15	required	require	VERB
cblr-11898	278	16	under	under	ADP
cblr-11898	278	17	existing	exist	VERB
cblr-11898	278	18	sec	sec	PROPN
cblr-11898	278	19	rules.60	rules.60	PROPN
cblr-11898	278	20	finally	finally	ADV
cblr-11898	278	21	,	,	PUNCT
cblr-11898	278	22	the	the	DET
cblr-11898	278	23	sec	sec	PROPN
cblr-11898	278	24	itself	itself	PRON
cblr-11898	278	25	believes	believe	VERB
cblr-11898	278	26	it	it	PRON
cblr-11898	278	27	has	have	VERB
cblr-11898	278	28	the	the	DET
cblr-11898	278	29	authority	authority	NOUN
cblr-11898	278	30	to	to	PART
cblr-11898	278	31	do	do	AUX
cblr-11898	278	32	so	so	ADV
cblr-11898	278	33	.	.	PUNCT
cblr-11898	279	1	when	when	SCONJ
cblr-11898	279	2	such	such	ADJ
cblr-11898	279	3	changes	change	NOUN
cblr-11898	279	4	were	be	AUX
cblr-11898	279	5	initially	initially	ADV
cblr-11898	279	6	proposed	propose	VERB
cblr-11898	279	7	by	by	ADP
cblr-11898	279	8	commissioner	commissioner	PROPN
cblr-11898	279	9	allison	allison	PROPN
cblr-11898	279	10	herren	herren	PROPN
cblr-11898	279	11	lee	lee	PROPN
cblr-11898	279	12	,	,	PUNCT
cblr-11898	279	13	she	she	PRON
cblr-11898	279	14	suggested	suggest	VERB
cblr-11898	279	15	that	that	SCONJ
cblr-11898	279	16	it	it	PRON
cblr-11898	279	17	should	should	AUX
cblr-11898	279	18	be	be	AUX
cblr-11898	279	19	done	do	VERB
cblr-11898	279	20	within	within	ADP
cblr-11898	279	21	the	the	DET
cblr-11898	279	22	sec	sec	PROPN
cblr-11898	279	23	’s	’s	PART
cblr-11898	279	24	rulemaking	rulemake	VERB
cblr-11898	279	25	authority.61	authority.61	NOUN
cblr-11898	279	26	in	in	ADP
cblr-11898	279	27	the	the	DET
cblr-11898	279	28	sec	sec	PROPN
cblr-11898	279	29	report	report	NOUN
cblr-11898	279	30	written	write	VERB
cblr-11898	279	31	as	as	ADP
cblr-11898	279	32	required	require	VERB
cblr-11898	279	33	under	under	ADP
cblr-11898	279	34	section	section	NOUN
cblr-11898	279	35	504	504	NUM
cblr-11898	279	36	of	of	ADP
cblr-11898	279	37	the	the	DET
cblr-11898	279	38	jobs	job	NOUN
cblr-11898	279	39	act	act	PROPN
cblr-11898	279	40	,	,	PUNCT
cblr-11898	279	41	the	the	DET
cblr-11898	279	42	sec	sec	PROPN
cblr-11898	279	43	noted	note	VERB
cblr-11898	279	44	it	it	PRON
cblr-11898	279	45	“	"	PUNCT
cblr-11898	279	46	has	have	VERB
cblr-11898	279	47	the	the	DET
cblr-11898	279	48	authority	authority	NOUN
cblr-11898	279	49	under	under	ADP
cblr-11898	279	50	exchange	exchange	PROPN
cblr-11898	279	51	act	act	NOUN
cblr-11898	279	52	section	section	NOUN
cblr-11898	279	53	12(g)(5	12(g)(5	NUM
cblr-11898	279	54	)	)	PUNCT
cblr-11898	279	55	to	to	PART
cblr-11898	279	56	define	define	VERB
cblr-11898	279	57	the	the	DET
cblr-11898	279	58	term	term	NOUN
cblr-11898	279	59	‘	'	PUNCT
cblr-11898	279	60	held	hold	VERB
cblr-11898	279	61	of	of	ADP
cblr-11898	279	62	record	record	NOUN
cblr-11898	279	63	’	'	PUNCT
cblr-11898	279	64	as	as	SCONJ
cblr-11898	279	65	it	it	PRON
cblr-11898	279	66	deems	deem	VERB
cblr-11898	279	67	‘	'	PUNCT
cblr-11898	279	68	necessary	necessary	ADJ
cblr-11898	279	69	or	or	CCONJ
cblr-11898	279	70	appropriate	appropriate	ADJ
cblr-11898	279	71	in	in	ADP
cblr-11898	279	72	the	the	DET
cblr-11898	279	73	public	public	ADJ
cblr-11898	279	74	interest	interest	NOUN
cblr-11898	279	75	or	or	CCONJ
cblr-11898	279	76	for	for	ADP
cblr-11898	279	77	the	the	DET
cblr-11898	279	78	protection	protection	NOUN
cblr-11898	279	79	of	of	ADP
cblr-11898	279	80	investors	investor	NOUN
cblr-11898	279	81	in	in	ADP
cblr-11898	279	82	order	order	NOUN
cblr-11898	279	83	to	to	PART
cblr-11898	279	84	prevent	prevent	VERB
cblr-11898	279	85	circumvention	circumvention	NOUN
cblr-11898	279	86	of	of	ADP
cblr-11898	279	87	the	the	DET
cblr-11898	279	88	provisions	provision	NOUN
cblr-11898	279	89	’	'	PUNCT
cblr-11898	279	90	of	of	ADP
cblr-11898	279	91	section	section	NOUN
cblr-11898	279	92	12(g).”62	12(g).”62	NUM
cblr-11898	279	93	they	they	PRON
cblr-11898	279	94	also	also	ADV
cblr-11898	279	95	57	57	NUM
cblr-11898	279	96	tyler	tyler	NOUN
cblr-11898	279	97	gellasch	gellasch	PROPN
cblr-11898	279	98	&	&	CCONJ
cblr-11898	279	99	lee	lee	PROPN
cblr-11898	279	100	reiners	reiner	NOUN
cblr-11898	279	101	,	,	PUNCT
cblr-11898	279	102	from	from	ADP
cblr-11898	279	103	laggard	laggard	NOUN
cblr-11898	279	104	to	to	ADP
cblr-11898	279	105	leader	leader	NOUN
cblr-11898	279	106	:	:	PUNCT
cblr-11898	279	107	updating	update	VERB
cblr-11898	279	108	the	the	DET
cblr-11898	279	109	securities	security	NOUN
cblr-11898	279	110	regulatory	regulatory	ADJ
cblr-11898	279	111	framework	framework	NOUN
cblr-11898	279	112	to	to	PART
cblr-11898	279	113	better	well	ADV
cblr-11898	279	114	meet	meet	VERB
cblr-11898	279	115	the	the	DET
cblr-11898	279	116	needs	need	NOUN
cblr-11898	279	117	of	of	ADP
cblr-11898	279	118	investors	investor	NOUN
cblr-11898	279	119	and	and	CCONJ
cblr-11898	279	120	society	society	NOUN
cblr-11898	279	121	,	,	PUNCT
cblr-11898	280	1	glob	glob	NOUN
cblr-11898	280	2	.	.	PUNCT
cblr-11898	280	3	fin	fin	PROPN
cblr-11898	280	4	.	.	PUNCT
cblr-11898	281	1	mkt	mkt	PROPN
cblr-11898	281	2	.	.	PROPN
cblr-11898	281	3	ctr	ctr	PROPN
cblr-11898	281	4	.	.	PUNCT
cblr-11898	282	1	at	at	ADP
cblr-11898	282	2	duke	duke	PROPN
cblr-11898	282	3	l.	l.	PROPN
cblr-11898	282	4	11	11	NUM
cblr-11898	282	5	(	(	PUNCT
cblr-11898	282	6	feb	feb	NOUN
cblr-11898	282	7	.	.	PROPN
cblr-11898	282	8	2021	2021	NUM
cblr-11898	282	9	)	)	PUNCT
cblr-11898	282	10	,	,	PUNCT
cblr-11898	282	11	https://web.law.duke.edu/sites/default/files/centers/gfmc/from-laggard-toleader.pdf	https://web.law.duke.edu/sites/default/files/centers/gfmc/from-laggard-toleader.pdf	PROPN
cblr-11898	283	1	[	[	X
cblr-11898	283	2	https://perma.cc/6c3g-a5ve	https://perma.cc/6c3g-a5ve	ADV
cblr-11898	283	3	]	]	X
cblr-11898	283	4	.	.	PUNCT
cblr-11898	284	1	58	58	NUM
cblr-11898	284	2	donald	donald	PROPN
cblr-11898	284	3	c.	c.	PROPN
cblr-11898	284	4	langevoort	langevoort	PROPN
cblr-11898	284	5	&	&	CCONJ
cblr-11898	284	6	robert	robert	PROPN
cblr-11898	284	7	b.	b.	PROPN
cblr-11898	284	8	thompson	thompson	PROPN
cblr-11898	284	9	,	,	PUNCT
cblr-11898	284	10	“	"	PUNCT
cblr-11898	284	11	publicness	publicness	NOUN
cblr-11898	284	12	”	"	PUNCT
cblr-11898	284	13	in	in	ADP
cblr-11898	284	14	contemporary	contemporary	ADJ
cblr-11898	284	15	securities	security	NOUN
cblr-11898	284	16	regulation	regulation	NOUN
cblr-11898	284	17	after	after	ADP
cblr-11898	284	18	the	the	DET
cblr-11898	284	19	jobs	job	NOUN
cblr-11898	284	20	act	act	PROPN
cblr-11898	284	21	,	,	PUNCT
cblr-11898	284	22	101	101	NUM
cblr-11898	284	23	geo	geo	PROPN
cblr-11898	284	24	.	.	PUNCT
cblr-11898	284	25	l.j	l.j	PROPN
cblr-11898	284	26	.	.	PROPN
cblr-11898	284	27	337	337	NUM
cblr-11898	284	28	,	,	PUNCT
cblr-11898	284	29	359	359	NUM
cblr-11898	284	30	(	(	PUNCT
cblr-11898	284	31	2013	2013	NUM
cblr-11898	284	32	)	)	PUNCT
cblr-11898	284	33	(	(	PUNCT
cblr-11898	284	34	citing	cite	VERB
cblr-11898	284	35	sec	sec	PROPN
cblr-11898	284	36	,	,	PUNCT
cblr-11898	284	37	advisory	advisory	ADJ
cblr-11898	284	38	comm	comm	NOUN
cblr-11898	284	39	.	.	PUNCT
cblr-11898	285	1	on	on	ADP
cblr-11898	285	2	smaller	small	ADJ
cblr-11898	285	3	pub	pub	NOUN
cblr-11898	285	4	.	.	PUNCT
cblr-11898	286	1	cos	cos	PROPN
cblr-11898	286	2	.	.	PROPN
cblr-11898	286	3	,	,	PUNCT
cblr-11898	286	4	final	final	ADJ
cblr-11898	286	5	report	report	NOUN
cblr-11898	286	6	76–80	76–80	PROPN
cblr-11898	286	7	(	(	PUNCT
cblr-11898	286	8	apr	apr	PROPN
cblr-11898	286	9	.	.	PROPN
cblr-11898	286	10	23	23	NUM
cblr-11898	286	11	,	,	PUNCT
cblr-11898	286	12	2006	2006	NUM
cblr-11898	286	13	)	)	PUNCT
cblr-11898	286	14	,	,	PUNCT
cblr-11898	286	15	https://www.sec.gov/info/smallbus/acspc/acspc-finalreport_d.pdf	https://www.sec.gov/info/smallbus/acspc/acspc-finalreport_d.pdf	PROPN
cblr-11898	287	1	[	[	X
cblr-11898	287	2	https://perma.cc/9mp4-fl5k	https://perma.cc/9mp4-fl5k	NOUN
cblr-11898	287	3	]	]	X
cblr-11898	287	4	)	)	PUNCT
cblr-11898	287	5	.	.	PUNCT
cblr-11898	288	1	59	59	NUM
cblr-11898	289	1	i	i	PRON
cblr-11898	289	2	d.	d.	PROPN
cblr-11898	289	3	at	at	ADP
cblr-11898	289	4	359–60	359–60	PROPN
cblr-11898	289	5	.	.	PUNCT
cblr-11898	290	1	60	60	NUM
cblr-11898	291	1	i	i	PRON
cblr-11898	291	2	d.	d.	PROPN
cblr-11898	291	3	at	at	ADP
cblr-11898	291	4	360–61	360–61	PROPN
cblr-11898	291	5	(	(	PUNCT
cblr-11898	291	6	citing	cite	VERB
cblr-11898	291	7	17	17	NUM
cblr-11898	291	8	c.f.r	c.f.r	NOUN
cblr-11898	291	9	.	.	PUNCT
cblr-11898	292	1	§	§	PROPN
cblr-11898	292	2	242.302(b	242.302(b	NUM
cblr-11898	292	3	)	)	PUNCT
cblr-11898	292	4	)	)	PUNCT
cblr-11898	292	5	.	.	PUNCT
cblr-11898	293	1	61	61	NUM
cblr-11898	293	2	allison	allison	PROPN
cblr-11898	293	3	herren	herren	PROPN
cblr-11898	293	4	lee	lee	PROPN
cblr-11898	293	5	,	,	PUNCT
cblr-11898	293	6	comm’r	comm’r	ADP
cblr-11898	293	7	,	,	PUNCT
cblr-11898	293	8	u.s	u.s	PROPN
cblr-11898	293	9	.	.	PROPN
cblr-11898	293	10	sec	sec	PROPN
cblr-11898	293	11	.	.	PROPN
cblr-11898	293	12	&	&	CCONJ
cblr-11898	293	13	exch	exch	PROPN
cblr-11898	293	14	.	.	PUNCT
cblr-11898	294	1	comm’n	comm’n	PROPN
cblr-11898	294	2	,	,	PUNCT
cblr-11898	294	3	going	go	VERB
cblr-11898	294	4	dark	dark	ADJ
cblr-11898	294	5	:	:	PUNCT
cblr-11898	294	6	the	the	DET
cblr-11898	294	7	growth	growth	NOUN
cblr-11898	294	8	of	of	ADP
cblr-11898	294	9	private	private	ADJ
cblr-11898	294	10	markets	market	NOUN
cblr-11898	294	11	and	and	CCONJ
cblr-11898	294	12	the	the	DET
cblr-11898	294	13	impact	impact	NOUN
cblr-11898	294	14	on	on	ADP
cblr-11898	294	15	investors	investor	NOUN
cblr-11898	294	16	and	and	CCONJ
cblr-11898	294	17	the	the	DET
cblr-11898	294	18	economy	economy	NOUN
cblr-11898	294	19	,	,	PUNCT
cblr-11898	294	20	remarks	remark	NOUN
cblr-11898	294	21	at	at	ADP
cblr-11898	294	22	the	the	DET
cblr-11898	294	23	sec	sec	PROPN
cblr-11898	294	24	speaks	speak	VERB
cblr-11898	294	25	in	in	ADP
cblr-11898	294	26	2021	2021	NUM
cblr-11898	294	27	(	(	PUNCT
cblr-11898	294	28	oct	oct	PROPN
cblr-11898	294	29	.	.	PROPN
cblr-11898	294	30	12	12	NUM
cblr-11898	294	31	,	,	PUNCT
cblr-11898	294	32	2021	2021	NUM
cblr-11898	294	33	)	)	PUNCT
cblr-11898	294	34	,	,	PUNCT
cblr-11898	294	35	https://www.sec.gov/news/speech/lee-sec-speaks-2021-10-12	https://www.sec.gov/news/speech/lee-sec-speaks-2021-10-12	NOUN
cblr-11898	294	36	[	[	X
cblr-11898	294	37	https://perma.cc/v57z-bn34	https://perma.cc/v57z-bn34	NOUN
cblr-11898	294	38	]	]	X
cblr-11898	294	39	.	.	PUNCT
cblr-11898	295	1	62	62	NUM
cblr-11898	295	2	u.s	u.s	PROPN
cblr-11898	295	3	.	.	PROPN
cblr-11898	295	4	sec	sec	PROPN
cblr-11898	295	5	.	.	PROPN
cblr-11898	295	6	&	&	CCONJ
cblr-11898	295	7	exch	exch	PROPN
cblr-11898	295	8	.	.	PUNCT
cblr-11898	296	1	comm’n	comm’n	X
cblr-11898	296	2	.	.	PUNCT
cblr-11898	297	1	report	report	NOUN
cblr-11898	297	2	on	on	ADP
cblr-11898	297	3	authority	authority	NOUN
cblr-11898	297	4	to	to	PART
cblr-11898	297	5	enforce	enforce	VERB
cblr-11898	297	6	exchange	exchange	PROPN
cblr-11898	297	7	act	act	NOUN
cblr-11898	297	8	rule	rule	VERB
cblr-11898	297	9	12g5	12g5	NUM
cblr-11898	297	10	-	-	SYM
cblr-11898	297	11	1	1	NUM
cblr-11898	297	12	and	and	CCONJ
cblr-11898	297	13	subsection	subsection	NOUN
cblr-11898	297	14	(	(	PUNCT
cblr-11898	297	15	b)(3	b)(3	NOUN
cblr-11898	297	16	)	)	PUNCT
cblr-11898	297	17	,	,	PUNCT
cblr-11898	297	18	7	7	NUM
cblr-11898	297	19	(	(	PUNCT
cblr-11898	297	20	oct	oct	PROPN
cblr-11898	297	21	.	.	PROPN
cblr-11898	297	22	15	15	NUM
cblr-11898	297	23	,	,	PUNCT
cblr-11898	297	24	2012	2012	NUM
cblr-11898	297	25	)	)	PUNCT
cblr-11898	297	26	,	,	PUNCT
cblr-11898	297	27	https://perma.cc/6c3g-a5ve	https://perma.cc/6c3g-a5ve	ADV
cblr-11898	297	28	https://www.sec.gov/info/smallbus/acspc/acspc-finalreport_d.pdf	https://www.sec.gov/info/smallbus/acspc/acspc-finalreport_d.pdf	PROPN
cblr-11898	297	29	https://perma.cc/9mp4-fl5k	https://perma.cc/9mp4-fl5k	NOUN
cblr-11898	297	30	88	88	NUM
cblr-11898	297	31	columbia	columbia	PROPN
cblr-11898	297	32	business	business	NOUN
cblr-11898	297	33	law	law	PROPN
cblr-11898	297	34	review	review	NOUN
cblr-11898	297	35	[	[	X
cblr-11898	297	36	vol	vol	NOUN
cblr-11898	297	37	.	.	PUNCT
cblr-11898	297	38	2023	2023	NUM
cblr-11898	297	39	noted	note	VERB
cblr-11898	297	40	,	,	PUNCT
cblr-11898	297	41	in	in	ADP
cblr-11898	297	42	the	the	DET
cblr-11898	297	43	same	same	ADJ
cblr-11898	297	44	report	report	NOUN
cblr-11898	297	45	,	,	PUNCT
cblr-11898	297	46	that	that	PRON
cblr-11898	297	47	immobilized	immobilize	VERB
cblr-11898	297	48	record	record	NOUN
cblr-11898	297	49	ownership	ownership	NOUN
cblr-11898	297	50	came	come	VERB
cblr-11898	297	51	about	about	ADP
cblr-11898	297	52	in	in	ADP
cblr-11898	297	53	“	"	PUNCT
cblr-11898	297	54	the	the	DET
cblr-11898	297	55	late	late	ADJ
cblr-11898	297	56	1960s	1960	NOUN
cblr-11898	297	57	and	and	CCONJ
cblr-11898	297	58	early	early	ADJ
cblr-11898	297	59	1970s	1970s	NUM
cblr-11898	297	60	”	"	PUNCT
cblr-11898	297	61	,	,	PUNCT
cblr-11898	297	62	after	after	ADP
cblr-11898	297	63	the	the	DET
cblr-11898	297	64	initial	initial	ADJ
cblr-11898	297	65	passage	passage	NOUN
cblr-11898	297	66	of	of	ADP
cblr-11898	297	67	section	section	NOUN
cblr-11898	297	68	12(g).63	12(g).63	NUM
cblr-11898	297	69	in	in	ADP
cblr-11898	297	70	1964	1964	NUM
cblr-11898	297	71	,	,	PUNCT
cblr-11898	297	72	23.7	23.7	NUM
cblr-11898	297	73	%	%	NOUN
cblr-11898	297	74	of	of	ADP
cblr-11898	297	75	shares	share	NOUN
cblr-11898	297	76	were	be	AUX
cblr-11898	297	77	held	hold	VERB
cblr-11898	297	78	in	in	ADP
cblr-11898	297	79	nominee	nominee	NOUN
cblr-11898	297	80	and	and	CCONJ
cblr-11898	297	81	street	street	NOUN
cblr-11898	297	82	names	name	NOUN
cblr-11898	297	83	.	.	PUNCT
cblr-11898	298	1	by	by	ADP
cblr-11898	298	2	1975	1975	NUM
cblr-11898	298	3	,	,	PUNCT
cblr-11898	298	4	this	this	DET
cblr-11898	298	5	number	number	NOUN
cblr-11898	298	6	has	have	AUX
cblr-11898	298	7	risen	rise	VERB
cblr-11898	298	8	to	to	ADP
cblr-11898	298	9	28.6	28.6	NUM
cblr-11898	298	10	%	%	NOUN
cblr-11898	298	11	and	and	CCONJ
cblr-11898	298	12	by	by	ADP
cblr-11898	298	13	2010	2010	NUM
cblr-11898	298	14	,	,	PUNCT
cblr-11898	298	15	the	the	DET
cblr-11898	298	16	sec	sec	PROPN
cblr-11898	298	17	estimated	estimate	VERB
cblr-11898	298	18	this	this	DET
cblr-11898	298	19	number	number	NOUN
cblr-11898	298	20	had	have	AUX
cblr-11898	298	21	risen	rise	VERB
cblr-11898	298	22	to	to	ADP
cblr-11898	298	23	over	over	ADP
cblr-11898	298	24	85%.64	85%.64	NUM
cblr-11898	298	25	it	it	PRON
cblr-11898	298	26	should	should	AUX
cblr-11898	298	27	be	be	AUX
cblr-11898	298	28	noted	note	VERB
cblr-11898	298	29	that	that	SCONJ
cblr-11898	298	30	under	under	ADP
cblr-11898	298	31	the	the	DET
cblr-11898	298	32	recently	recently	ADV
cblr-11898	298	33	passed	pass	VERB
cblr-11898	298	34	corporate	corporate	ADJ
cblr-11898	298	35	transparency	transparency	NOUN
cblr-11898	298	36	act	act	NOUN
cblr-11898	298	37	of	of	ADP
cblr-11898	298	38	2021	2021	NUM
cblr-11898	298	39	,	,	PUNCT
cblr-11898	298	40	the	the	DET
cblr-11898	298	41	financial	financial	ADJ
cblr-11898	298	42	crimes	crime	NOUN
cblr-11898	298	43	enforcement	enforcement	NOUN
cblr-11898	298	44	network	network	NOUN
cblr-11898	298	45	(	(	PUNCT
cblr-11898	298	46	“	"	PUNCT
cblr-11898	298	47	fincen	fincen	PROPN
cblr-11898	298	48	”	"	PUNCT
cblr-11898	298	49	)	)	PUNCT
cblr-11898	298	50	is	be	AUX
cblr-11898	298	51	now	now	ADV
cblr-11898	298	52	required	require	VERB
cblr-11898	298	53	to	to	PART
cblr-11898	298	54	create	create	VERB
cblr-11898	298	55	a	a	DET
cblr-11898	298	56	registry	registry	NOUN
cblr-11898	298	57	of	of	ADP
cblr-11898	298	58	entities	entity	NOUN
cblr-11898	298	59	formed	form	VERB
cblr-11898	298	60	and	and	CCONJ
cblr-11898	298	61	permitted	permit	VERB
cblr-11898	298	62	to	to	PART
cblr-11898	298	63	do	do	VERB
cblr-11898	298	64	business	business	NOUN
cblr-11898	298	65	in	in	ADP
cblr-11898	298	66	the	the	DET
cblr-11898	298	67	united	united	PROPN
cblr-11898	298	68	states.65	states.65	PROPN
cblr-11898	298	69	this	this	DET
cblr-11898	298	70	registry	registry	NOUN
cblr-11898	298	71	would	would	AUX
cblr-11898	298	72	require	require	VERB
cblr-11898	298	73	beneficial	beneficial	ADJ
cblr-11898	298	74	owners	owner	NOUN
cblr-11898	298	75	of	of	ADP
cblr-11898	298	76	these	these	DET
cblr-11898	298	77	entities	entity	NOUN
cblr-11898	298	78	who	who	PRON
cblr-11898	298	79	either	either	CCONJ
cblr-11898	298	80	exert	exert	VERB
cblr-11898	298	81	substantial	substantial	ADJ
cblr-11898	298	82	control	control	NOUN
cblr-11898	298	83	or	or	CCONJ
cblr-11898	298	84	own	own	ADJ
cblr-11898	298	85	at	at	ADV
cblr-11898	298	86	least	least	ADV
cblr-11898	298	87	25	25	NUM
cblr-11898	298	88	%	%	NOUN
cblr-11898	298	89	of	of	ADP
cblr-11898	298	90	their	their	PRON
cblr-11898	298	91	equity	equity	NOUN
cblr-11898	298	92	to	to	PART
cblr-11898	298	93	disclose	disclose	VERB
cblr-11898	298	94	their	their	PRON
cblr-11898	298	95	names	name	NOUN
cblr-11898	298	96	and	and	CCONJ
cblr-11898	298	97	other	other	ADJ
cblr-11898	298	98	information	information	NOUN
cblr-11898	298	99	to	to	ADP
cblr-11898	298	100	fincen.66	fincen.66	NOUN
cblr-11898	298	101	there	there	PRON
cblr-11898	298	102	are	be	VERB
cblr-11898	298	103	,	,	PUNCT
cblr-11898	298	104	however	however	ADV
cblr-11898	298	105	,	,	PUNCT
cblr-11898	298	106	twenty	twenty	NUM
cblr-11898	298	107	-	-	PUNCT
cblr-11898	298	108	three	three	NUM
cblr-11898	298	109	exceptions	exception	NOUN
cblr-11898	298	110	to	to	ADP
cblr-11898	298	111	these	these	DET
cblr-11898	298	112	requirements	requirement	NOUN
cblr-11898	298	113	and	and	CCONJ
cblr-11898	298	114	fincen	fincen	NOUN
cblr-11898	298	115	is	be	AUX
cblr-11898	298	116	still	still	ADV
cblr-11898	298	117	revising	revise	VERB
cblr-11898	298	118	the	the	DET
cblr-11898	298	119	proposed	propose	VERB
cblr-11898	298	120	rule	rule	NOUN
cblr-11898	298	121	under	under	ADP
cblr-11898	298	122	notice	notice	NOUN
cblr-11898	298	123	and	and	CCONJ
cblr-11898	298	124	comment	comment	NOUN
cblr-11898	298	125	rulemaking	rulemaking	NOUN
cblr-11898	298	126	.	.	PUNCT
cblr-11898	299	1	the	the	DET
cblr-11898	299	2	information	information	NOUN
cblr-11898	299	3	,	,	PUNCT
cblr-11898	299	4	therefore	therefore	ADV
cblr-11898	299	5	,	,	PUNCT
cblr-11898	299	6	is	be	AUX
cblr-11898	299	7	already	already	ADV
cblr-11898	299	8	largely	largely	ADV
cblr-11898	299	9	being	be	AUX
cblr-11898	299	10	collected	collect	VERB
cblr-11898	299	11	,	,	PUNCT
cblr-11898	299	12	albeit	albeit	SCONJ
cblr-11898	299	13	for	for	ADP
cblr-11898	299	14	tax	tax	NOUN
cblr-11898	299	15	and	and	CCONJ
cblr-11898	299	16	anti	anti	ADJ
cblr-11898	299	17	-	-	ADJ
cblr-11898	299	18	terrorism	terrorism	ADJ
cblr-11898	299	19	enforcement	enforcement	NOUN
cblr-11898	299	20	purposes	purpose	NOUN
cblr-11898	299	21	.	.	PUNCT
cblr-11898	300	1	d.	d.	PROPN
cblr-11898	300	2	exempt	exempt	ADJ
cblr-11898	300	3	offerings	offering	NOUN
cblr-11898	300	4	the	the	DET
cblr-11898	300	5	ability	ability	NOUN
cblr-11898	300	6	to	to	PART
cblr-11898	300	7	raise	raise	VERB
cblr-11898	300	8	large	large	ADJ
cblr-11898	300	9	amounts	amount	NOUN
cblr-11898	300	10	of	of	ADP
cblr-11898	300	11	capital	capital	NOUN
cblr-11898	300	12	affects	affect	VERB
cblr-11898	300	13	the	the	DET
cblr-11898	300	14	unicorn	unicorn	ADJ
cblr-11898	300	15	firm	firm	NOUN
cblr-11898	300	16	.	.	PUNCT
cblr-11898	301	1	unicorns	unicorn	NOUN
cblr-11898	301	2	redefine	redefine	VERB
cblr-11898	301	3	the	the	DET
cblr-11898	301	4	model	model	NOUN
cblr-11898	301	5	for	for	ADP
cblr-11898	301	6	startups	startup	NOUN
cblr-11898	301	7	,	,	PUNCT
cblr-11898	301	8	demonstrating	demonstrate	VERB
cblr-11898	301	9	that	that	SCONJ
cblr-11898	301	10	new	new	ADJ
cblr-11898	301	11	companies	company	NOUN
cblr-11898	301	12	are	be	AUX
cblr-11898	301	13	no	no	ADV
cblr-11898	301	14	longer	long	ADV
cblr-11898	301	15	dependent	dependent	ADJ
cblr-11898	301	16	on	on	ADP
cblr-11898	301	17	an	an	DET
cblr-11898	301	18	ipo	ipo	NOUN
cblr-11898	301	19	(	(	PUNCT
cblr-11898	301	20	or	or	CCONJ
cblr-11898	301	21	trade	trade	NOUN
cblr-11898	301	22	sale	sale	NOUN
cblr-11898	301	23	)	)	PUNCT
cblr-11898	301	24	to	to	PART
cblr-11898	301	25	raise	raise	VERB
cblr-11898	301	26	sufficient	sufficient	ADJ
cblr-11898	301	27	capital	capital	NOUN
cblr-11898	301	28	and	and	CCONJ
cblr-11898	301	29	reduce	reduce	VERB
cblr-11898	301	30	ipos	ipos	NOUN
cblr-11898	301	31	down	down	ADP
cblr-11898	301	32	to	to	ADP
cblr-11898	301	33	liquidity	liquidity	NOUN
cblr-11898	301	34	events.67	events.67	PROPN
cblr-11898	301	35	capital	capital	NOUN
cblr-11898	301	36	-	-	PUNCT
cblr-11898	301	37	raising	raising	NOUN
cblr-11898	301	38	is	be	AUX
cblr-11898	301	39	a	a	DET
cblr-11898	301	40	secondary	secondary	ADJ
cblr-11898	301	41	https://www.sec.gov/files/authority-to-enforce-rule-12g5-1.pdf	https://www.sec.gov/files/authority-to-enforce-rule-12g5-1.pdf	PROPN
cblr-11898	301	42	[	[	X
cblr-11898	301	43	https://perma.cc/9gdp-l6wz	https://perma.cc/9gdp-l6wz	NOUN
cblr-11898	301	44	]	]	X
cblr-11898	301	45	.	.	PUNCT
cblr-11898	302	1	63	63	NUM
cblr-11898	303	1	i	i	PRON
cblr-11898	303	2	d.	d.	PROPN
cblr-11898	303	3	at	at	ADP
cblr-11898	303	4	8	8	NUM
cblr-11898	303	5	and	and	CCONJ
cblr-11898	303	6	n.26	n.26	NOUN
cblr-11898	303	7	.	.	PROPN
cblr-11898	303	8	64	64	NUM
cblr-11898	304	1	i	i	PRON
cblr-11898	304	2	d.	d.	NOUN
cblr-11898	304	3	65	65	NUM
cblr-11898	304	4	beneficial	beneficial	ADJ
cblr-11898	304	5	ownership	ownership	NOUN
cblr-11898	304	6	information	information	NOUN
cblr-11898	304	7	reporting	reporting	NOUN
cblr-11898	304	8	requirements	requirement	NOUN
cblr-11898	304	9	,	,	PUNCT
cblr-11898	304	10	87	87	NUM
cblr-11898	304	11	fed	fed	PROPN
cblr-11898	304	12	.	.	PUNCT
cblr-11898	305	1	reg	reg	PROPN
cblr-11898	305	2	.	.	PROPN
cblr-11898	306	1	59,591	59,591	NUM
cblr-11898	306	2	,	,	PUNCT
cblr-11898	306	3	59,592	59,592	NUM
cblr-11898	306	4	(	(	PUNCT
cblr-11898	306	5	sept	sept	PROPN
cblr-11898	306	6	.	.	PROPN
cblr-11898	306	7	30	30	NUM
cblr-11898	306	8	,	,	PUNCT
cblr-11898	306	9	2022	2022	NUM
cblr-11898	306	10	)	)	PUNCT
cblr-11898	306	11	(	(	PUNCT
cblr-11898	306	12	to	to	PART
cblr-11898	306	13	be	be	AUX
cblr-11898	306	14	codified	codify	VERB
cblr-11898	306	15	at	at	ADP
cblr-11898	306	16	31	31	NUM
cblr-11898	306	17	c.f.r	c.f.r	NOUN
cblr-11898	306	18	.	.	PUNCT
cblr-11898	307	1	pt	pt	PROPN
cblr-11898	307	2	.	.	PROPN
cblr-11898	307	3	1010	1010	NUM
cblr-11898	307	4	)	)	PUNCT
cblr-11898	307	5	.	.	PUNCT
cblr-11898	308	1	66	66	NUM
cblr-11898	309	1	i	i	PRON
cblr-11898	309	2	d.	d.	PROPN
cblr-11898	309	3	at	at	ADP
cblr-11898	309	4	59,532	59,532	NUM
cblr-11898	309	5	,	,	PUNCT
cblr-11898	309	6	59,594	59,594	NUM
cblr-11898	309	7	.	.	PUNCT
cblr-11898	310	1	67	67	NUM
cblr-11898	310	2	les	les	PROPN
cblr-11898	310	3	brorsen	brorsen	PROPN
cblr-11898	310	4	,	,	PUNCT
cblr-11898	310	5	looking	look	VERB
cblr-11898	310	6	behind	behind	ADP
cblr-11898	310	7	the	the	DET
cblr-11898	310	8	declining	decline	VERB
cblr-11898	310	9	number	number	NOUN
cblr-11898	310	10	of	of	ADP
cblr-11898	310	11	public	public	ADJ
cblr-11898	310	12	companies	company	NOUN
cblr-11898	310	13	,	,	PUNCT
cblr-11898	310	14	harv	harv	PROPN
cblr-11898	310	15	.	.	PUNCT
cblr-11898	311	1	l.	l.	PROPN
cblr-11898	311	2	sch	sch	PROPN
cblr-11898	311	3	.	.	PUNCT
cblr-11898	312	1	f.	f.	PROPN
cblr-11898	312	2	on	on	ADP
cblr-11898	312	3	corp	corp	PROPN
cblr-11898	312	4	.	.	PROPN
cblr-11898	312	5	governance	governance	NOUN
cblr-11898	312	6	(	(	PUNCT
cblr-11898	312	7	may	may	PROPN
cblr-11898	312	8	18	18	NUM
cblr-11898	312	9	,	,	PUNCT
cblr-11898	312	10	2017	2017	NUM
cblr-11898	312	11	)	)	PUNCT
cblr-11898	312	12	,	,	PUNCT
cblr-11898	312	13	https://corpgov.law.harvard.edu/2017/05/18/looking-behind-the-decliningnumber-of-public-companies/	https://corpgov.law.harvard.edu/2017/05/18/looking-behind-the-decliningnumber-of-public-companies/	PROPN
cblr-11898	313	1	[	[	X
cblr-11898	313	2	https://perma.cc/858m-rqc5];see	https://perma.cc/858m-rqc5];see	PROPN
cblr-11898	313	3	sergey	sergey	PROPN
cblr-11898	313	4	chernenko	chernenko	PROPN
cblr-11898	313	5	,	,	PUNCT
cblr-11898	313	6	josh	josh	PROPN
cblr-11898	313	7	lerner	lerner	PROPN
cblr-11898	313	8	&	&	CCONJ
cblr-11898	313	9	yao	yao	PROPN
cblr-11898	313	10	zeng	zeng	PROPN
cblr-11898	313	11	,	,	PUNCT
cblr-11898	313	12	mutual	mutual	ADJ
cblr-11898	313	13	funds	fund	NOUN
cblr-11898	313	14	as	as	ADP
cblr-11898	313	15	venture	venture	NOUN
cblr-11898	313	16	capitalists	capitalist	NOUN
cblr-11898	313	17	?	?	PUNCT
cblr-11898	314	1	evidence	evidence	NOUN
cblr-11898	314	2	from	from	ADP
cblr-11898	314	3	unicorns	unicorn	NOUN
cblr-11898	314	4	,	,	PUNCT
cblr-11898	314	5	34	34	NUM
cblr-11898	314	6	rev	rev	X
cblr-11898	314	7	.	.	PROPN
cblr-11898	314	8	fin	fin	PROPN
cblr-11898	314	9	.	.	PUNCT
cblr-11898	314	10	stud	stud	PROPN
cblr-11898	314	11	.	.	PUNCT
cblr-11898	315	1	2362	2362	NUM
cblr-11898	315	2	,	,	PUNCT
cblr-11898	315	3	2364–65	2364–65	NUM
cblr-11898	315	4	(	(	PUNCT
cblr-11898	315	5	2021	2021	NUM
cblr-11898	315	6	)	)	PUNCT
cblr-11898	315	7	;	;	PUNCT
cblr-11898	315	8	mckinsey	mckinsey	PROPN
cblr-11898	315	9	&	&	CCONJ
cblr-11898	315	10	co.	co.	PROPN
cblr-11898	315	11	,	,	PUNCT
cblr-11898	315	12	mckinsey	mckinsey	PROPN
cblr-11898	315	13	global	global	ADJ
cblr-11898	315	14	private	private	ADJ
cblr-11898	315	15	market	market	NOUN
cblr-11898	315	16	review	review	NOUN
cblr-11898	315	17	2018	2018	NUM
cblr-11898	315	18	,	,	PUNCT
cblr-11898	315	19	the	the	DET
cblr-11898	315	20	rise	rise	NOUN
cblr-11898	315	21	and	and	CCONJ
cblr-11898	315	22	rise	rise	NOUN
cblr-11898	315	23	of	of	ADP
cblr-11898	315	24	private	private	ADJ
cblr-11898	315	25	markets	market	NOUN
cblr-11898	315	26	(	(	PUNCT
cblr-11898	315	27	2018	2018	NUM
cblr-11898	315	28	)	)	PUNCT
cblr-11898	315	29	,	,	PUNCT
cblr-11898	315	30	https://www.sec.gov/files/authority-to-enforce-rule-12g5-1.pdf	https://www.sec.gov/files/authority-to-enforce-rule-12g5-1.pdf	PROPN
cblr-11898	315	31	https://perma.cc/9gdp-l6wz	https://perma.cc/9gdp-l6wz	PROPN
cblr-11898	316	1	https://corpgov.law.harvard.edu/2017/05/18/looking-behind-the-declining-number-of-public-companies/	https://corpgov.law.harvard.edu/2017/05/18/looking-behind-the-declining-number-of-public-companies/	PROPN
cblr-11898	316	2	https://corpgov.law.harvard.edu/2017/05/18/looking-behind-the-declining-number-of-public-companies/	https://corpgov.law.harvard.edu/2017/05/18/looking-behind-the-declining-number-of-public-companies/	PROPN
cblr-11898	316	3	https://perma.cc/858m-rqc5	https://perma.cc/858m-rqc5	PROPN
cblr-11898	316	4	no	no	INTJ
cblr-11898	316	5	.	.	NOUN
cblr-11898	316	6	1	1	NUM
cblr-11898	316	7	]	]	X
cblr-11898	316	8	mythical	mythical	ADJ
cblr-11898	316	9	unicorns	unicorn	NOUN
cblr-11898	316	10	and	and	CCONJ
cblr-11898	316	11	how	how	SCONJ
cblr-11898	316	12	to	to	PART
cblr-11898	316	13	find	find	VERB
cblr-11898	316	14	them	they	PRON
cblr-11898	316	15	89	89	NUM
cblr-11898	316	16	consideration	consideration	NOUN
cblr-11898	316	17	,	,	PUNCT
cblr-11898	316	18	with	with	ADP
cblr-11898	316	19	the	the	DET
cblr-11898	316	20	primary	primary	ADJ
cblr-11898	316	21	focus	focus	NOUN
cblr-11898	316	22	on	on	ADP
cblr-11898	316	23	liquidity	liquidity	NOUN
cblr-11898	316	24	and	and	CCONJ
cblr-11898	316	25	perhaps	perhaps	ADV
cblr-11898	316	26	the	the	DET
cblr-11898	316	27	intangible	intangible	NOUN
cblr-11898	316	28	of	of	ADP
cblr-11898	316	29	the	the	DET
cblr-11898	316	30	prestige	prestige	NOUN
cblr-11898	316	31	associated	associate	VERB
cblr-11898	316	32	with	with	ADP
cblr-11898	316	33	going	go	VERB
cblr-11898	316	34	public	public	ADJ
cblr-11898	316	35	.	.	PUNCT
cblr-11898	317	1	thanks	thank	NOUN
cblr-11898	317	2	to	to	ADP
cblr-11898	317	3	alternative	alternative	ADJ
cblr-11898	317	4	venture	venture	NOUN
cblr-11898	317	5	capitalists	capitalist	NOUN
cblr-11898	317	6	(	(	PUNCT
cblr-11898	317	7	“	"	PUNCT
cblr-11898	317	8	avcs	avcs	ADJ
cblr-11898	317	9	”	"	PUNCT
cblr-11898	317	10	)	)	PUNCT
cblr-11898	317	11	,	,	PUNCT
cblr-11898	317	12	unicorn	unicorn	ADJ
cblr-11898	317	13	founders	founder	NOUN
cblr-11898	317	14	are	be	AUX
cblr-11898	317	15	able	able	ADJ
cblr-11898	317	16	to	to	PART
cblr-11898	317	17	raise	raise	VERB
cblr-11898	317	18	large	large	ADJ
cblr-11898	317	19	amounts	amount	NOUN
cblr-11898	317	20	of	of	ADP
cblr-11898	317	21	money	money	NOUN
cblr-11898	317	22	in	in	ADP
cblr-11898	317	23	mega	mega	ADJ
cblr-11898	317	24	deals	deal	NOUN
cblr-11898	317	25	,	,	PUNCT
cblr-11898	317	26	pushing	push	VERB
cblr-11898	317	27	their	their	PRON
cblr-11898	317	28	companies	company	NOUN
cblr-11898	317	29	to	to	PART
cblr-11898	317	30	stay	stay	VERB
cblr-11898	317	31	private	private	ADJ
cblr-11898	317	32	longer	long	ADV
cblr-11898	317	33	than	than	ADP
cblr-11898	317	34	eleven	eleven	NUM
cblr-11898	317	35	years,68	years,68	NOUN
cblr-11898	317	36	negotiate	negotiate	VERB
cblr-11898	317	37	contractual	contractual	ADJ
cblr-11898	317	38	“	"	PUNCT
cblr-11898	317	39	founder	founder	NOUN
cblr-11898	317	40	friendly	friendly	ADJ
cblr-11898	317	41	”	"	PUNCT
cblr-11898	317	42	terms	term	NOUN
cblr-11898	317	43	and	and	CCONJ
cblr-11898	317	44	maintain	maintain	VERB
cblr-11898	317	45	control	control	NOUN
cblr-11898	317	46	over	over	ADP
cblr-11898	317	47	the	the	DET
cblr-11898	317	48	management	management	NOUN
cblr-11898	317	49	of	of	ADP
cblr-11898	317	50	the	the	DET
cblr-11898	317	51	firm.69	firm.69	NOUN
cblr-11898	317	52	if	if	SCONJ
cblr-11898	317	53	we	we	PRON
cblr-11898	317	54	compare	compare	VERB
cblr-11898	317	55	the	the	DET
cblr-11898	317	56	ipos	ipos	NOUN
cblr-11898	317	57	of	of	ADP
cblr-11898	317	58	“	"	PUNCT
cblr-11898	317	59	old	old	ADJ
cblr-11898	317	60	”	"	PUNCT
cblr-11898	317	61	successful	successful	ADJ
cblr-11898	317	62	startups	startup	NOUN
cblr-11898	317	63	,	,	PUNCT
cblr-11898	317	64	for	for	ADP
cblr-11898	317	65	example	example	NOUN
cblr-11898	317	66	,	,	PUNCT
cblr-11898	317	67	apple,70	apple,70	PROPN
cblr-11898	317	68	amazon,71	amazon,71	PROPN
cblr-11898	317	69	google72	google72	PROPN
cblr-11898	317	70	or	or	CCONJ
cblr-11898	317	71	facebook,73	facebook,73	NOUN
cblr-11898	317	72	and	and	CCONJ
cblr-11898	317	73	the	the	DET
cblr-11898	317	74	ipos	ipos	NOUN
cblr-11898	317	75	of	of	ADP
cblr-11898	317	76	unicorns	unicorn	NOUN
cblr-11898	317	77	,	,	PUNCT
cblr-11898	317	78	such	such	ADJ
cblr-11898	317	79	as	as	ADP
cblr-11898	317	80	uber	uber	ADJ
cblr-11898	317	81	,	,	PUNCT
cblr-11898	317	82	we	we	PRON
cblr-11898	317	83	will	will	AUX
cblr-11898	317	84	find	find	VERB
cblr-11898	317	85	many	many	ADJ
cblr-11898	317	86	differences	difference	NOUN
cblr-11898	317	87	.	.	PUNCT
cblr-11898	318	1	https://www.mckinsey.com/~/media/mckinsey/industries/private%20equit	https://www.mckinsey.com/~/media/mckinsey/industries/private%20equit	NOUN
cblr-11898	318	2	y%20and%20principal%20investors	y%20and%20principal%20investor	NOUN
cblr-11898	318	3	/	/	SYM
cblr-11898	318	4	our%20insights	our%20insights	PROPN
cblr-11898	318	5	/	/	SYM
cblr-11898	318	6	the%20rise%20and	the%20rise%20and	NOUN
cblr-11898	319	1	%	%	NOUN
cblr-11898	319	2	20rise%20of%20private%20equity	20rise%20of%20private%20equity	NUM
cblr-11898	319	3	/	/	SYM
cblr-11898	319	4	the	the	DET
cblr-11898	319	5	-	-	PUNCT
cblr-11898	319	6	rise	rise	NOUN
cblr-11898	319	7	-	-	PUNCT
cblr-11898	319	8	and	and	CCONJ
cblr-11898	319	9	-	-	PUNCT
cblr-11898	319	10	rise	rise	NOUN
cblr-11898	319	11	-	-	PUNCT
cblr-11898	319	12	of	of	ADP
cblr-11898	319	13	-	-	PUNCT
cblr-11898	319	14	private	private	ADJ
cblr-11898	319	15	-	-	PUNCT
cblr-11898	319	16	marketsmckinsey	marketsmckinsey	ADJ
cblr-11898	319	17	-	-	PUNCT
cblr-11898	319	18	global	global	ADJ
cblr-11898	319	19	-	-	PUNCT
cblr-11898	319	20	private	private	ADJ
cblr-11898	319	21	-	-	PUNCT
cblr-11898	319	22	markets	market	NOUN
cblr-11898	319	23	-	-	PUNCT
cblr-11898	319	24	review-2018.ashx	review-2018.ashx	NOUN
cblr-11898	319	25	[	[	X
cblr-11898	319	26	https://perma.cc/852t-sm4q	https://perma.cc/852t-sm4q	X
cblr-11898	319	27	]	]	X
cblr-11898	319	28	;	;	PUNCT
cblr-11898	319	29	matt	matt	PROPN
cblr-11898	319	30	levine	levine	PROPN
cblr-11898	319	31	,	,	PUNCT
cblr-11898	319	32	the	the	DET
cblr-11898	319	33	unicorn	unicorn	ADJ
cblr-11898	319	34	stampede	stampede	NOUN
cblr-11898	319	35	is	be	AUX
cblr-11898	319	36	coming	come	VERB
cblr-11898	319	37	,	,	PUNCT
cblr-11898	319	38	bloomberg	bloomberg	NOUN
cblr-11898	319	39	op	op	NOUN
cblr-11898	319	40	.	.	PUNCT
cblr-11898	320	1	(	(	PUNCT
cblr-11898	320	2	mar	mar	PROPN
cblr-11898	320	3	.	.	PROPN
cblr-11898	320	4	22	22	NUM
cblr-11898	320	5	,	,	PUNCT
cblr-11898	320	6	2019	2019	NUM
cblr-11898	320	7	,	,	PUNCT
cblr-11898	320	8	11:58	11:58	NUM
cblr-11898	320	9	am	am	NOUN
cblr-11898	320	10	)	)	PUNCT
cblr-11898	320	11	,	,	PUNCT
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cblr-11898	320	13	[	[	X
cblr-11898	320	14	https://perma.cc/xj4p-fw44	https://perma.cc/xj4p-fw44	PROPN
cblr-11898	320	15	]	]	X
cblr-11898	320	16	.	.	PUNCT
cblr-11898	321	1	68	68	NUM
cblr-11898	321	2	see	see	VERB
cblr-11898	321	3	alon	alon	PROPN
cblr-11898	321	4	-	-	PUNCT
cblr-11898	321	5	beck	beck	PROPN
cblr-11898	321	6	,	,	PUNCT
cblr-11898	321	7	supra	supra	PROPN
cblr-11898	321	8	note	note	NOUN
cblr-11898	321	9	24	24	NUM
cblr-11898	321	10	,	,	PUNCT
cblr-11898	321	11	at	at	ADP
cblr-11898	321	12	1003	1003	NUM
cblr-11898	321	13	.	.	PUNCT
cblr-11898	321	14	alon	alon	PROPN
cblr-11898	321	15	-	-	PUNCT
cblr-11898	321	16	beck	beck	PROPN
cblr-11898	321	17	coined	coin	VERB
cblr-11898	321	18	the	the	DET
cblr-11898	321	19	term	term	NOUN
cblr-11898	321	20	“	"	PUNCT
cblr-11898	321	21	avc	avc	PROPN
cblr-11898	321	22	.	.	PUNCT
cblr-11898	321	23	”	"	PUNCT
cblr-11898	322	1	see	see	VERB
cblr-11898	322	2	sungjoung	sungjoung	PROPN
cblr-11898	322	3	kwon	kwon	PROPN
cblr-11898	322	4	,	,	PUNCT
cblr-11898	322	5	michelle	michelle	PROPN
cblr-11898	322	6	lowry	lowry	PROPN
cblr-11898	322	7	&	&	CCONJ
cblr-11898	322	8	yiming	yiming	PROPN
cblr-11898	322	9	qian	qian	PROPN
cblr-11898	322	10	,	,	PUNCT
cblr-11898	322	11	mutual	mutual	ADJ
cblr-11898	322	12	fund	fund	NOUN
cblr-11898	322	13	investments	investment	NOUN
cblr-11898	322	14	in	in	ADP
cblr-11898	322	15	private	private	ADJ
cblr-11898	322	16	firms	firm	NOUN
cblr-11898	322	17	,	,	PUNCT
cblr-11898	322	18	136	136	NUM
cblr-11898	322	19	j.	j.	PROPN
cblr-11898	322	20	fin	fin	PROPN
cblr-11898	322	21	.	.	PUNCT
cblr-11898	322	22	econ	econ	PROPN
cblr-11898	322	23	.	.	PUNCT
cblr-11898	323	1	407	407	NUM
cblr-11898	323	2	,	,	PUNCT
cblr-11898	323	3	425	425	NUM
cblr-11898	323	4	(	(	PUNCT
cblr-11898	323	5	2020	2020	NUM
cblr-11898	323	6	)	)	PUNCT
cblr-11898	323	7	.	.	PUNCT
cblr-11898	324	1	kwon	kwon	AUX
cblr-11898	324	2	et	et	PROPN
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cblr-11898	324	4	.	.	PUNCT
cblr-11898	324	5	further	further	PROPN
cblr-11898	324	6	show	show	VERB
cblr-11898	324	7	that	that	SCONJ
cblr-11898	324	8	these	these	DET
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cblr-11898	324	10	amounts	amount	NOUN
cblr-11898	324	11	of	of	ADP
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cblr-11898	324	13	“	"	PUNCT
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cblr-11898	324	15	enable	enable	VERB
cblr-11898	324	16	the	the	DET
cblr-11898	324	17	companies	company	NOUN
cblr-11898	324	18	to	to	PART
cblr-11898	324	19	stay	stay	VERB
cblr-11898	324	20	private	private	ADJ
cblr-11898	324	21	longer	long	ADV
cblr-11898	324	22	.	.	PUNCT
cblr-11898	324	23	”	"	PUNCT
cblr-11898	325	1	69	69	NUM
cblr-11898	325	2	see	see	VERB
cblr-11898	325	3	alon	alon	PROPN
cblr-11898	325	4	-	-	PUNCT
cblr-11898	325	5	beck	beck	PROPN
cblr-11898	325	6	,	,	PUNCT
cblr-11898	325	7	supra	supra	PROPN
cblr-11898	325	8	note	note	NOUN
cblr-11898	325	9	24	24	NUM
cblr-11898	325	10	,	,	PUNCT
cblr-11898	325	11	at	at	ADP
cblr-11898	325	12	1003	1003	NUM
cblr-11898	325	13	,	,	PUNCT
cblr-11898	325	14	1021	1021	NUM
cblr-11898	325	15	,	,	PUNCT
cblr-11898	325	16	1046–49	1046–49	NUM
cblr-11898	325	17	(	(	PUNCT
cblr-11898	325	18	explaining	explain	VERB
cblr-11898	325	19	the	the	DET
cblr-11898	325	20	“	"	PUNCT
cblr-11898	325	21	founder	founder	NOUN
cblr-11898	325	22	friendly	friendly	ADJ
cblr-11898	325	23	”	"	PUNCT
cblr-11898	325	24	terms	term	NOUN
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cblr-11898	325	26	.	.	PUNCT
cblr-11898	326	1	70	70	NUM
cblr-11898	326	2	see	see	VERB
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cblr-11898	326	5	,	,	PUNCT
cblr-11898	326	6	a	a	DET
cblr-11898	326	7	look	look	NOUN
cblr-11898	326	8	back	back	ADV
cblr-11898	326	9	in	in	ADP
cblr-11898	326	10	ipo	ipo	NOUN
cblr-11898	326	11	:	:	PUNCT
cblr-11898	326	12	apple	apple	PROPN
cblr-11898	326	13	,	,	PUNCT
cblr-11898	326	14	the	the	DET
cblr-11898	326	15	early	early	ADJ
cblr-11898	326	16	pc	pc	NOUN
cblr-11898	326	17	purveyor	purveyor	NOUN
cblr-11898	326	18	,	,	PUNCT
cblr-11898	326	19	techcrunch	techcrunch	NOUN
cblr-11898	326	20	(	(	PUNCT
cblr-11898	326	21	sept	sept	PROPN
cblr-11898	326	22	.	.	PROPN
cblr-11898	326	23	15	15	NUM
cblr-11898	326	24	,	,	PUNCT
cblr-11898	326	25	2017	2017	NUM
cblr-11898	326	26	,	,	PUNCT
cblr-11898	326	27	6:00	6:00	NUM
cblr-11898	326	28	pm	pm	NOUN
cblr-11898	326	29	)	)	PUNCT
cblr-11898	326	30	,	,	PUNCT
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cblr-11898	327	1	[	[	X
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cblr-11898	327	4	.	.	PUNCT
cblr-11898	328	1	71	71	NUM
cblr-11898	328	2	amazon	amazon	NOUN
cblr-11898	328	3	’s	’s	PART
cblr-11898	328	4	ipo	ipo	NOUN
cblr-11898	328	5	was	be	AUX
cblr-11898	328	6	in	in	ADP
cblr-11898	328	7	1997	1997	NUM
cblr-11898	328	8	.	.	PUNCT
cblr-11898	329	1	see	see	VERB
cblr-11898	329	2	alex	alex	PROPN
cblr-11898	329	3	wilhelm	wilhelm	PROPN
cblr-11898	329	4	,	,	PUNCT
cblr-11898	329	5	a	a	DET
cblr-11898	329	6	look	look	NOUN
cblr-11898	329	7	back	back	ADV
cblr-11898	329	8	in	in	ADP
cblr-11898	329	9	ipo	ipo	NOUN
cblr-11898	329	10	:	:	PUNCT
cblr-11898	329	11	amazon	amazon	PROPN
cblr-11898	329	12	’s	’s	PART
cblr-11898	329	13	1997	1997	NUM
cblr-11898	329	14	move	move	NOUN
cblr-11898	329	15	,	,	PUNCT
cblr-11898	329	16	techcrunch	techcrunch	NOUN
cblr-11898	329	17	(	(	PUNCT
cblr-11898	329	18	june	june	PROPN
cblr-11898	329	19	28	28	NUM
cblr-11898	329	20	,	,	PUNCT
cblr-11898	329	21	2017	2017	NUM
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cblr-11898	329	23	,	,	PUNCT
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cblr-11898	330	4	.	.	PUNCT
cblr-11898	331	1	72	72	NUM
cblr-11898	331	2	alex	alex	PROPN
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cblr-11898	331	4	,	,	PUNCT
cblr-11898	331	5	a	a	DET
cblr-11898	331	6	look	look	NOUN
cblr-11898	331	7	back	back	ADV
cblr-11898	331	8	in	in	ADP
cblr-11898	331	9	ipo	ipo	NOUN
cblr-11898	331	10	:	:	PUNCT
cblr-11898	331	11	google	google	PROPN
cblr-11898	331	12	,	,	PUNCT
cblr-11898	331	13	the	the	DET
cblr-11898	331	14	profit	profit	NOUN
cblr-11898	331	15	machine	machine	NOUN
cblr-11898	331	16	,	,	PUNCT
cblr-11898	331	17	techcrunch	techcrunch	PROPN
cblr-11898	331	18	(	(	PUNCT
cblr-11898	331	19	july	july	PROPN
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cblr-11898	333	1	73	73	NUM
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cblr-11898	333	5	a	a	DET
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cblr-11898	333	10	:	:	PUNCT
cblr-11898	333	11	facebook	facebook	PROPN
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cblr-11898	335	11	90	90	NUM
cblr-11898	335	12	columbia	columbia	PROPN
cblr-11898	335	13	business	business	NOUN
cblr-11898	335	14	law	law	PROPN
cblr-11898	335	15	review	review	NOUN
cblr-11898	335	16	[	[	X
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cblr-11898	335	18	.	.	PUNCT
cblr-11898	336	1	2023	2023	NUM
cblr-11898	336	2	these	these	DET
cblr-11898	336	3	differences	difference	NOUN
cblr-11898	336	4	include	include	VERB
cblr-11898	336	5	valuations	valuation	NOUN
cblr-11898	336	6	,	,	PUNCT
cblr-11898	336	7	growth	growth	NOUN
cblr-11898	336	8	periods	period	NOUN
cblr-11898	336	9	,	,	PUNCT
cblr-11898	336	10	revenue	revenue	NOUN
cblr-11898	336	11	expansions	expansion	NOUN
cblr-11898	336	12	,	,	PUNCT
cblr-11898	336	13	timeline	timeline	NOUN
cblr-11898	336	14	to	to	ADP
cblr-11898	336	15	ipo	ipo	PROPN
cblr-11898	336	16	,	,	PUNCT
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cblr-11898	336	18	capital	capital	NOUN
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cblr-11898	336	20	methods	method	NOUN
cblr-11898	336	21	.	.	PUNCT
cblr-11898	337	1	unicorns	unicorn	NOUN
cblr-11898	337	2	are	be	AUX
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cblr-11898	337	4	to	to	PART
cblr-11898	337	5	raise	raise	VERB
cblr-11898	337	6	large	large	ADJ
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cblr-11898	337	10	from	from	ADP
cblr-11898	337	11	avcs	avcs	ADJ
cblr-11898	337	12	by	by	ADP
cblr-11898	337	13	relying	rely	VERB
cblr-11898	337	14	on	on	ADP
cblr-11898	337	15	exemptions	exemption	NOUN
cblr-11898	337	16	from	from	ADP
cblr-11898	337	17	registration	registration	NOUN
cblr-11898	337	18	with	with	ADP
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cblr-11898	337	20	sec	sec	PROPN
cblr-11898	337	21	.	.	PUNCT
cblr-11898	338	1	according	accord	VERB
cblr-11898	338	2	to	to	ADP
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cblr-11898	338	4	and	and	CCONJ
cblr-11898	338	5	state	state	NOUN
cblr-11898	338	6	securities	security	NOUN
cblr-11898	338	7	laws	law	NOUN
cblr-11898	338	8	,	,	PUNCT
cblr-11898	338	9	any	any	DET
cblr-11898	338	10	offer	offer	NOUN
cblr-11898	338	11	or	or	CCONJ
cblr-11898	338	12	sale	sale	NOUN
cblr-11898	338	13	of	of	ADP
cblr-11898	338	14	securities	security	NOUN
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cblr-11898	338	17	to	to	ADP
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cblr-11898	338	20	there	there	PRON
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cblr-11898	338	22	exemptions	exemption	NOUN
cblr-11898	338	23	from	from	ADP
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cblr-11898	338	30	comprehensive	comprehensive	ADJ
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cblr-11898	338	32	requirements	requirement	NOUN
cblr-11898	338	33	and	and	CCONJ
cblr-11898	338	34	higher	high	ADJ
cblr-11898	338	35	compliance	compliance	NOUN
cblr-11898	338	36	costs,75	costs,75	NOUN
cblr-11898	338	37	and	and	CCONJ
cblr-11898	338	38	provide	provide	VERB
cblr-11898	338	39	access	access	NOUN
cblr-11898	338	40	to	to	ADP
cblr-11898	338	41	a	a	DET
cblr-11898	338	42	broad	broad	ADJ
cblr-11898	338	43	group	group	NOUN
cblr-11898	338	44	of	of	ADP
cblr-11898	338	45	potential	potential	ADJ
cblr-11898	338	46	investors.76	investors.76	PROPN
cblr-11898	338	47	a	a	DET
cblr-11898	338	48	series	series	NOUN
cblr-11898	338	49	of	of	ADP
cblr-11898	338	50	reforms	reform	NOUN
cblr-11898	338	51	to	to	ADP
cblr-11898	338	52	the	the	DET
cblr-11898	338	53	federal	federal	ADJ
cblr-11898	338	54	securities	security	NOUN
cblr-11898	338	55	laws	law	NOUN
cblr-11898	338	56	,	,	PUNCT
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cblr-11898	338	58	began	begin	VERB
cblr-11898	338	59	about	about	ADV
cblr-11898	338	60	fifteen	fifteen	NUM
cblr-11898	338	61	years	year	NOUN
cblr-11898	339	1	ago,77	ago,77	NOUN
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cblr-11898	339	3	exemptions	exemption	NOUN
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cblr-11898	339	8	requirements.78	requirements.78	NOUN
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cblr-11898	339	11	legislative	legislative	ADJ
cblr-11898	339	12	efforts	effort	NOUN
cblr-11898	339	13	that	that	PRON
cblr-11898	339	14	allow	allow	VERB
cblr-11898	339	15	companies	company	NOUN
cblr-11898	339	16	to	to	PART
cblr-11898	339	17	use	use	VERB
cblr-11898	339	18	exemptions	exemption	NOUN
cblr-11898	339	19	are	be	AUX
cblr-11898	339	20	the	the	DET
cblr-11898	339	21	jumpstart	jumpstart	NOUN
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cblr-11898	339	24	startups	startup	NOUN
cblr-11898	339	25	act	act	NOUN
cblr-11898	339	26	of	of	ADP
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cblr-11898	339	28	(	(	PUNCT
cblr-11898	339	29	“	"	PUNCT
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cblr-11898	339	32	”	"	PUNCT
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cblr-11898	339	34	,	,	PUNCT
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cblr-11898	339	36	fixing	fix	VERB
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cblr-11898	339	38	’s	’s	PART
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cblr-11898	339	43	2015	2015	NUM
cblr-11898	339	44	(	(	PUNCT
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cblr-11898	339	46	“	"	PUNCT
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cblr-11898	339	58	,	,	PUNCT
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cblr-11898	339	74	addition	addition	NOUN
cblr-11898	339	75	to	to	ADP
cblr-11898	339	76	the	the	DET
cblr-11898	339	77	passage	passage	NOUN
cblr-11898	339	78	of	of	ADP
cblr-11898	339	79	the	the	DET
cblr-11898	339	80	national	national	ADJ
cblr-11898	339	81	74	74	NUM
cblr-11898	339	82	there	there	PRON
cblr-11898	339	83	is	be	VERB
cblr-11898	339	84	a	a	DET
cblr-11898	339	85	debate	debate	NOUN
cblr-11898	339	86	on	on	ADP
cblr-11898	339	87	whether	whether	SCONJ
cblr-11898	339	88	it	it	PRON
cblr-11898	339	89	contributed	contribute	VERB
cblr-11898	339	90	to	to	ADP
cblr-11898	339	91	the	the	DET
cblr-11898	339	92	reduction	reduction	NOUN
cblr-11898	339	93	of	of	ADP
cblr-11898	339	94	information	information	NOUN
cblr-11898	339	95	asymmetry	asymmetry	NOUN
cblr-11898	339	96	and	and	CCONJ
cblr-11898	339	97	agency	agency	NOUN
cblr-11898	339	98	costs	cost	NOUN
cblr-11898	339	99	.	.	PUNCT
cblr-11898	340	1	see	see	VERB
cblr-11898	340	2	darian	darian	PROPN
cblr-11898	340	3	ibrahim	ibrahim	PROPN
cblr-11898	340	4	,	,	PUNCT
cblr-11898	340	5	public	public	ADJ
cblr-11898	340	6	or	or	CCONJ
cblr-11898	340	7	private	private	ADJ
cblr-11898	340	8	venture	venture	NOUN
cblr-11898	340	9	capital	capital	NOUN
cblr-11898	340	10	,	,	PUNCT
cblr-11898	340	11	94	94	NUM
cblr-11898	340	12	wash	wash	NOUN
cblr-11898	340	13	.	.	PUNCT
cblr-11898	341	1	l.	l.	PROPN
cblr-11898	341	2	rev	rev	PROPN
cblr-11898	341	3	.	.	PROPN
cblr-11898	341	4	1137	1137	NUM
cblr-11898	341	5	,	,	PUNCT
cblr-11898	341	6	1144	1144	NUM
cblr-11898	341	7	(	(	PUNCT
cblr-11898	341	8	2019	2019	NUM
cblr-11898	341	9	)	)	PUNCT
cblr-11898	341	10	(	(	PUNCT
cblr-11898	341	11	“	"	PUNCT
cblr-11898	341	12	mandatory	mandatory	ADJ
cblr-11898	341	13	disclosure	disclosure	NOUN
cblr-11898	341	14	reduces	reduce	VERB
cblr-11898	341	15	the	the	DET
cblr-11898	341	16	costs	cost	NOUN
cblr-11898	341	17	of	of	ADP
cblr-11898	341	18	acquiring	acquire	VERB
cblr-11898	341	19	information	information	NOUN
cblr-11898	341	20	by	by	ADP
cblr-11898	341	21	forcing	force	VERB
cblr-11898	341	22	corporations	corporation	NOUN
cblr-11898	341	23	to	to	PART
cblr-11898	341	24	release	release	VERB
cblr-11898	341	25	information	information	NOUN
cblr-11898	341	26	to	to	ADP
cblr-11898	341	27	the	the	DET
cblr-11898	341	28	markets	market	NOUN
cblr-11898	341	29	at	at	ADP
cblr-11898	341	30	pre	pre	ADJ
cblr-11898	341	31	-	-	ADJ
cblr-11898	341	32	set	set	ADJ
cblr-11898	341	33	times	time	NOUN
cblr-11898	341	34	.	.	PUNCT
cblr-11898	341	35	”	"	PUNCT
cblr-11898	341	36	)	)	PUNCT
cblr-11898	341	37	;	;	PUNCT
cblr-11898	341	38	see	see	VERB
cblr-11898	341	39	also	also	ADV
cblr-11898	341	40	zohar	zohar	PROPN
cblr-11898	341	41	goshen	goshen	PROPN
cblr-11898	341	42	&	&	CCONJ
cblr-11898	341	43	gideon	gideon	PROPN
cblr-11898	341	44	parchomovsky	parchomovsky	PROPN
cblr-11898	341	45	,	,	PUNCT
cblr-11898	341	46	the	the	DET
cblr-11898	341	47	essential	essential	ADJ
cblr-11898	341	48	role	role	NOUN
cblr-11898	341	49	of	of	ADP
cblr-11898	341	50	securities	security	NOUN
cblr-11898	341	51	regulation	regulation	NOUN
cblr-11898	341	52	,	,	PUNCT
cblr-11898	341	53	55	55	NUM
cblr-11898	341	54	duke	duke	PROPN
cblr-11898	341	55	l.j	l.j	PROPN
cblr-11898	341	56	.	.	PROPN
cblr-11898	341	57	711	711	NUM
cblr-11898	341	58	,	,	PUNCT
cblr-11898	341	59	716	716	NUM
cblr-11898	341	60	,	,	PUNCT
cblr-11898	341	61	738	738	NUM
cblr-11898	341	62	(	(	PUNCT
cblr-11898	341	63	2006	2006	NUM
cblr-11898	341	64	)	)	PUNCT
cblr-11898	341	65	.	.	PUNCT
cblr-11898	342	1	75	75	NUM
cblr-11898	342	2	see	see	VERB
cblr-11898	342	3	paul	paul	PROPN
cblr-11898	342	4	g.	g.	PROPN
cblr-11898	342	5	mahoney	mahoney	PROPN
cblr-11898	342	6	,	,	PUNCT
cblr-11898	342	7	mandatory	mandatory	ADJ
cblr-11898	342	8	disclosure	disclosure	NOUN
cblr-11898	342	9	as	as	ADP
cblr-11898	342	10	a	a	DET
cblr-11898	342	11	solution	solution	NOUN
cblr-11898	342	12	to	to	ADP
cblr-11898	342	13	agency	agency	NOUN
cblr-11898	342	14	problems	problem	NOUN
cblr-11898	342	15	,	,	PUNCT
cblr-11898	342	16	62	62	NUM
cblr-11898	342	17	u.	u.	NOUN
cblr-11898	342	18	chi	chi	PROPN
cblr-11898	342	19	.	.	PUNCT
cblr-11898	343	1	l.	l.	PROPN
cblr-11898	343	2	rev	rev	PROPN
cblr-11898	343	3	.	.	PROPN
cblr-11898	343	4	1047	1047	NUM
cblr-11898	343	5	,	,	PUNCT
cblr-11898	343	6	1076	1076	NUM
cblr-11898	343	7	(	(	PUNCT
cblr-11898	343	8	1995	1995	NUM
cblr-11898	343	9	)	)	PUNCT
cblr-11898	343	10	.	.	PUNCT
cblr-11898	344	1	76	76	NUM
cblr-11898	344	2	see	see	VERB
cblr-11898	344	3	eva	eva	PROPN
cblr-11898	344	4	su	su	PROPN
cblr-11898	344	5	,	,	PUNCT
cblr-11898	344	6	cong	cong	PROPN
cblr-11898	344	7	.	.	PUNCT
cblr-11898	345	1	rsch	rsch	PROPN
cblr-11898	345	2	.	.	PUNCT
cblr-11898	346	1	serv	serv	PROPN
cblr-11898	346	2	.	.	PROPN
cblr-11898	346	3	,	,	PUNCT
cblr-11898	346	4	r45221	r45221	NOUN
cblr-11898	346	5	,	,	PUNCT
cblr-11898	346	6	capital	capital	NOUN
cblr-11898	346	7	markets	market	NOUN
cblr-11898	346	8	,	,	PUNCT
cblr-11898	346	9	securities	security	NOUN
cblr-11898	346	10	offerings	offering	NOUN
cblr-11898	346	11	,	,	PUNCT
cblr-11898	346	12	and	and	CCONJ
cblr-11898	346	13	related	related	ADJ
cblr-11898	346	14	policy	policy	NOUN
cblr-11898	346	15	issues	issue	NOUN
cblr-11898	346	16	3	3	NUM
cblr-11898	346	17	(	(	PUNCT
cblr-11898	346	18	2018	2018	NUM
cblr-11898	346	19	)	)	PUNCT
cblr-11898	346	20	.	.	PUNCT
cblr-11898	347	1	77	77	NUM
cblr-11898	347	2	see	see	VERB
cblr-11898	347	3	examining	examine	VERB
cblr-11898	347	4	private	private	ADJ
cblr-11898	347	5	market	market	NOUN
cblr-11898	347	6	exemptions	exemption	NOUN
cblr-11898	347	7	as	as	ADP
cblr-11898	347	8	a	a	DET
cblr-11898	347	9	barrier	barrier	NOUN
cblr-11898	347	10	to	to	ADP
cblr-11898	347	11	ipos	ipos	NOUN
cblr-11898	347	12	and	and	CCONJ
cblr-11898	347	13	retail	retail	ADJ
cblr-11898	347	14	investment	investment	NOUN
cblr-11898	347	15	:	:	PUNCT
cblr-11898	347	16	hearing	hear	VERB
cblr-11898	347	17	before	before	ADP
cblr-11898	347	18	the	the	DET
cblr-11898	347	19	subcomm	subcomm	NOUN
cblr-11898	347	20	.	.	PUNCT
cblr-11898	348	1	on	on	ADP
cblr-11898	348	2	investor	investor	NOUN
cblr-11898	348	3	protection	protection	NOUN
cblr-11898	348	4	,	,	PUNCT
cblr-11898	348	5	entrepreneurship	entrepreneurship	NOUN
cblr-11898	348	6	,	,	PUNCT
cblr-11898	348	7	and	and	CCONJ
cblr-11898	348	8	cap	cap	NOUN
cblr-11898	348	9	.	.	PUNCT
cblr-11898	349	1	mkts	mkts	NOUN
cblr-11898	349	2	.	.	PUNCT
cblr-11898	350	1	of	of	ADP
cblr-11898	350	2	the	the	DET
cblr-11898	350	3	h.	h.	PROPN
cblr-11898	350	4	comm	comm	NOUN
cblr-11898	350	5	.	.	PUNCT
cblr-11898	351	1	on	on	ADP
cblr-11898	351	2	fin	fin	PROPN
cblr-11898	351	3	.	.	PUNCT
cblr-11898	352	1	serv	serv	PROPN
cblr-11898	352	2	.	.	PROPN
cblr-11898	352	3	,	,	PUNCT
cblr-11898	352	4	116th	116th	PROPN
cblr-11898	352	5	cong	cong	NOUN
cblr-11898	352	6	.	.	PROPN
cblr-11898	353	1	6	6	NUM
cblr-11898	353	2	(	(	PUNCT
cblr-11898	353	3	2019	2019	NUM
cblr-11898	353	4	)	)	PUNCT
cblr-11898	354	1	(	(	PUNCT
cblr-11898	354	2	written	write	VERB
cblr-11898	354	3	testimony	testimony	NOUN
cblr-11898	354	4	of	of	ADP
cblr-11898	354	5	renee	renee	PROPN
cblr-11898	354	6	m.	m.	PROPN
cblr-11898	354	7	jones	jones	PROPN
cblr-11898	354	8	,	,	PUNCT
cblr-11898	354	9	professor	professor	NOUN
cblr-11898	354	10	of	of	ADP
cblr-11898	354	11	law	law	NOUN
cblr-11898	354	12	and	and	CCONJ
cblr-11898	354	13	associate	associate	ADJ
cblr-11898	354	14	dean	dean	NOUN
cblr-11898	354	15	for	for	ADP
cblr-11898	354	16	academic	academic	ADJ
cblr-11898	354	17	affairs	affair	NOUN
cblr-11898	354	18	,	,	PUNCT
cblr-11898	354	19	boston	boston	PROPN
cblr-11898	354	20	college	college	PROPN
cblr-11898	354	21	law	law	PROPN
cblr-11898	354	22	school	school	NOUN
cblr-11898	354	23	)	)	PUNCT
cblr-11898	355	1	[	[	X
cblr-11898	355	2	hereinafter	hereinafter	NOUN
cblr-11898	355	3	jones	jones	NOUN
cblr-11898	355	4	,	,	PUNCT
cblr-11898	355	5	written	write	VERB
cblr-11898	355	6	testimony	testimony	NOUN
cblr-11898	355	7	]	]	X
cblr-11898	355	8	.	.	PUNCT
cblr-11898	356	1	78	78	NUM
cblr-11898	357	1	i	i	PRON
cblr-11898	357	2	d.	d.	PROPN
cblr-11898	357	3	at	at	ADP
cblr-11898	357	4	5–6	5–6	NUM
cblr-11898	357	5	.	.	PUNCT
cblr-11898	357	6	79	79	NUM
cblr-11898	357	7	for	for	ADP
cblr-11898	357	8	more	more	ADJ
cblr-11898	357	9	on	on	ADP
cblr-11898	357	10	these	these	DET
cblr-11898	357	11	acts	act	NOUN
cblr-11898	357	12	,	,	PUNCT
cblr-11898	357	13	see	see	VERB
cblr-11898	357	14	anat	anat	PROPN
cblr-11898	357	15	alon	alon	PROPN
cblr-11898	357	16	-	-	PUNCT
cblr-11898	357	17	beck	beck	PROPN
cblr-11898	357	18	,	,	PUNCT
cblr-11898	357	19	unicorn	unicorn	ADJ
cblr-11898	357	20	stock	stock	NOUN
cblr-11898	357	21	options	option	NOUN
cblr-11898	357	22	—	—	PUNCT
cblr-11898	357	23	golden	golden	ADJ
cblr-11898	357	24	goose	goose	NOUN
cblr-11898	357	25	or	or	CCONJ
cblr-11898	357	26	trojan	trojan	NOUN
cblr-11898	357	27	horse	horse	NOUN
cblr-11898	357	28	?	?	PUNCT
cblr-11898	357	29	,	,	PUNCT
cblr-11898	357	30	2019	2019	NUM
cblr-11898	357	31	colum	colum	NOUN
cblr-11898	357	32	.	.	PUNCT
cblr-11898	358	1	bus	bus	NOUN
cblr-11898	358	2	.	.	PUNCT
cblr-11898	359	1	l.	l.	PROPN
cblr-11898	359	2	rev	rev	PROPN
cblr-11898	359	3	.	.	PROPN
cblr-11898	359	4	107	107	NUM
cblr-11898	359	5	(	(	PUNCT
cblr-11898	359	6	2019	2019	NUM
cblr-11898	359	7	)	)	PUNCT
cblr-11898	359	8	;	;	PUNCT
cblr-11898	359	9	see	see	VERB
cblr-11898	359	10	also	also	ADV
cblr-11898	359	11	press	press	NOUN
cblr-11898	359	12	release	release	NOUN
cblr-11898	359	13	,	,	PUNCT
cblr-11898	359	14	u.s	u.s	PROPN
cblr-11898	359	15	.	.	PROPN
cblr-11898	359	16	sec	sec	PROPN
cblr-11898	359	17	.	.	PROPN
cblr-11898	359	18	&	&	CCONJ
cblr-11898	359	19	exch	exch	PROPN
cblr-11898	359	20	.	.	PUNCT
cblr-11898	360	1	comm’n	comm’n	PROPN
cblr-11898	360	2	,	,	PUNCT
cblr-11898	360	3	sec	sec	PROPN
cblr-11898	360	4	seeks	seek	VERB
cblr-11898	360	5	public	public	ADJ
cblr-11898	360	6	comment	comment	NOUN
cblr-11898	360	7	on	on	ADP
cblr-11898	360	8	ways	way	NOUN
cblr-11898	360	9	to	to	PART
cblr-11898	360	10	harmonize	harmonize	VERB
cblr-11898	360	11	private	private	ADJ
cblr-11898	360	12	securities	security	NOUN
cblr-11898	360	13	offering	offer	VERB
cblr-11898	360	14	exemptions	exemption	NOUN
cblr-11898	360	15	no	no	NOUN
cblr-11898	360	16	.	.	NOUN
cblr-11898	360	17	1	1	NUM
cblr-11898	360	18	]	]	X
cblr-11898	360	19	mythical	mythical	ADJ
cblr-11898	360	20	unicorns	unicorn	NOUN
cblr-11898	360	21	and	and	CCONJ
cblr-11898	360	22	how	how	SCONJ
cblr-11898	360	23	to	to	PART
cblr-11898	360	24	find	find	VERB
cblr-11898	360	25	them	they	PRON
cblr-11898	360	26	91	91	NUM
cblr-11898	360	27	securities	security	NOUN
cblr-11898	360	28	markets	market	NOUN
cblr-11898	360	29	improvement	improvement	ADJ
cblr-11898	360	30	act	act	NOUN
cblr-11898	360	31	(	(	PUNCT
cblr-11898	360	32	“	"	PUNCT
cblr-11898	360	33	nsmia	nsmia	NOUN
cblr-11898	360	34	”	"	PUNCT
cblr-11898	360	35	)	)	PUNCT
cblr-11898	360	36	in	in	ADP
cblr-11898	360	37	1996	1996	NUM
cblr-11898	360	38	,	,	PUNCT
cblr-11898	360	39	which	which	PRON
cblr-11898	360	40	was	be	AUX
cblr-11898	360	41	passed	pass	VERB
cblr-11898	360	42	with	with	ADP
cblr-11898	360	43	the	the	DET
cblr-11898	360	44	aim	aim	NOUN
cblr-11898	360	45	of	of	ADP
cblr-11898	360	46	simplifying	simplify	VERB
cblr-11898	360	47	securities	security	NOUN
cblr-11898	360	48	regulation	regulation	NOUN
cblr-11898	360	49	by	by	ADP
cblr-11898	360	50	significantly	significantly	ADV
cblr-11898	360	51	curtailing	curtail	VERB
cblr-11898	360	52	the	the	DET
cblr-11898	360	53	scope	scope	NOUN
cblr-11898	360	54	of	of	ADP
cblr-11898	360	55	state	state	NOUN
cblr-11898	360	56	blue	blue	ADJ
cblr-11898	360	57	sky	sky	NOUN
cblr-11898	360	58	laws	law	NOUN
cblr-11898	360	59	.	.	PUNCT
cblr-11898	361	1	a	a	DET
cblr-11898	361	2	private	private	ADJ
cblr-11898	361	3	placement	placement	NOUN
cblr-11898	361	4	(	(	PUNCT
cblr-11898	361	5	private	private	ADJ
cblr-11898	361	6	offering	offering	NOUN
cblr-11898	361	7	or	or	CCONJ
cblr-11898	361	8	unregistered	unregistered	ADJ
cblr-11898	361	9	offering	offering	NOUN
cblr-11898	361	10	)	)	PUNCT
cblr-11898	361	11	is	be	AUX
cblr-11898	361	12	an	an	DET
cblr-11898	361	13	offering	offering	NOUN
cblr-11898	361	14	of	of	ADP
cblr-11898	361	15	securities	security	NOUN
cblr-11898	361	16	to	to	ADP
cblr-11898	361	17	potential	potential	ADJ
cblr-11898	361	18	investors	investor	NOUN
cblr-11898	361	19	which	which	PRON
cblr-11898	361	20	is	be	AUX
cblr-11898	361	21	exempt	exempt	ADJ
cblr-11898	361	22	from	from	ADP
cblr-11898	361	23	registration	registration	NOUN
cblr-11898	361	24	with	with	ADP
cblr-11898	361	25	the	the	DET
cblr-11898	361	26	sec	sec	PROPN
cblr-11898	361	27	and	and	CCONJ
cblr-11898	361	28	is	be	AUX
cblr-11898	361	29	not	not	PART
cblr-11898	361	30	subject	subject	ADJ
cblr-11898	361	31	to	to	ADP
cblr-11898	361	32	broad	broad	ADJ
cblr-11898	361	33	disclosure	disclosure	NOUN
cblr-11898	361	34	requirements	requirement	NOUN
cblr-11898	361	35	.	.	PUNCT
cblr-11898	362	1	as	as	SCONJ
cblr-11898	362	2	noted	note	VERB
cblr-11898	362	3	,	,	PUNCT
cblr-11898	362	4	the	the	DET
cblr-11898	362	5	securities	security	NOUN
cblr-11898	362	6	act	act	NOUN
cblr-11898	362	7	provides	provide	VERB
cblr-11898	362	8	a	a	DET
cblr-11898	362	9	number	number	NOUN
cblr-11898	362	10	of	of	ADP
cblr-11898	362	11	exemptions	exemption	NOUN
cblr-11898	362	12	from	from	ADP
cblr-11898	362	13	registration.80	registration.80	NOUN
cblr-11898	362	14	investors	investor	NOUN
cblr-11898	362	15	most	most	ADV
cblr-11898	362	16	frequently	frequently	ADV
cblr-11898	362	17	used	use	VERB
cblr-11898	362	18	exemptions	exemption	NOUN
cblr-11898	362	19	from	from	ADP
cblr-11898	362	20	registration	registration	NOUN
cblr-11898	362	21	applicable	applicable	ADJ
cblr-11898	362	22	to	to	ADP
cblr-11898	362	23	private	private	ADJ
cblr-11898	362	24	placements	placement	NOUN
cblr-11898	362	25	are	be	AUX
cblr-11898	362	26	contained	contain	VERB
cblr-11898	362	27	in	in	ADP
cblr-11898	362	28	section	section	NOUN
cblr-11898	362	29	506	506	NUM
cblr-11898	362	30	under	under	ADP
cblr-11898	362	31	regulation	regulation	NOUN
cblr-11898	362	32	d	d	PROPN
cblr-11898	362	33	of	of	ADP
cblr-11898	362	34	the	the	DET
cblr-11898	362	35	securities	security	NOUN
cblr-11898	362	36	(	(	PUNCT
cblr-11898	362	37	june	june	PROPN
cblr-11898	362	38	18	18	NUM
cblr-11898	362	39	,	,	PUNCT
cblr-11898	362	40	2019	2019	NUM
cblr-11898	362	41	)	)	PUNCT
cblr-11898	362	42	.	.	PUNCT
cblr-11898	363	1	the	the	DET
cblr-11898	363	2	other	other	ADJ
cblr-11898	363	3	pieces	piece	NOUN
cblr-11898	363	4	of	of	ADP
cblr-11898	363	5	legislation	legislation	NOUN
cblr-11898	363	6	are	be	AUX
cblr-11898	363	7	:	:	PUNCT
cblr-11898	363	8	1	1	X
cblr-11898	363	9	.	.	PUNCT
cblr-11898	364	1	the	the	DET
cblr-11898	364	2	financial	financial	ADJ
cblr-11898	364	3	choice	choice	NOUN
cblr-11898	364	4	act	act	NOUN
cblr-11898	364	5	of	of	ADP
cblr-11898	364	6	2017	2017	NUM
cblr-11898	364	7	,	,	PUNCT
cblr-11898	364	8	which	which	PRON
cblr-11898	364	9	includes	include	VERB
cblr-11898	364	10	modernizing	modernize	VERB
cblr-11898	364	11	the	the	DET
cblr-11898	364	12	regulation	regulation	NOUN
cblr-11898	364	13	d	d	NOUN
cblr-11898	364	14	offering	offering	NOUN
cblr-11898	364	15	process	process	NOUN
cblr-11898	364	16	and	and	CCONJ
cblr-11898	364	17	creates	create	VERB
cblr-11898	364	18	the	the	DET
cblr-11898	364	19	“	"	PUNCT
cblr-11898	364	20	venture	venture	NOUN
cblr-11898	364	21	exchanges	exchange	NOUN
cblr-11898	364	22	.	.	PUNCT
cblr-11898	364	23	”	"	PUNCT
cblr-11898	365	1	2	2	X
cblr-11898	365	2	.	.	X
cblr-11898	365	3	crowdfunding	crowdfunde	VERB
cblr-11898	365	4	regulations	regulation	NOUN
cblr-11898	365	5	that	that	PRON
cblr-11898	365	6	were	be	AUX
cblr-11898	365	7	adopted	adopt	VERB
cblr-11898	365	8	by	by	ADP
cblr-11898	365	9	the	the	DET
cblr-11898	365	10	sec	sec	PROPN
cblr-11898	365	11	,	,	PUNCT
cblr-11898	365	12	which	which	PRON
cblr-11898	365	13	allow	allow	VERB
cblr-11898	365	14	companies	company	NOUN
cblr-11898	365	15	to	to	PART
cblr-11898	365	16	use	use	VERB
cblr-11898	365	17	a	a	DET
cblr-11898	365	18	crowdfunding	crowdfunding	NOUN
cblr-11898	365	19	platform	platform	NOUN
cblr-11898	365	20	(	(	PUNCT
cblr-11898	365	21	intermediary	intermediary	NOUN
cblr-11898	365	22	)	)	PUNCT
cblr-11898	365	23	for	for	ADP
cblr-11898	365	24	raising	raise	VERB
cblr-11898	365	25	small	small	ADJ
cblr-11898	365	26	amounts	amount	NOUN
cblr-11898	365	27	of	of	ADP
cblr-11898	365	28	equity	equity	NOUN
cblr-11898	365	29	capital	capital	NOUN
cblr-11898	365	30	(	(	PUNCT
cblr-11898	365	31	less	less	ADJ
cblr-11898	365	32	than	than	ADP
cblr-11898	365	33	$	$	SYM
cblr-11898	365	34	1	1	NUM
cblr-11898	365	35	million	million	NUM
cblr-11898	365	36	annually	annually	ADV
cblr-11898	365	37	)	)	PUNCT
cblr-11898	365	38	from	from	ADP
cblr-11898	365	39	potentially	potentially	ADV
cblr-11898	365	40	large	large	ADJ
cblr-11898	365	41	pools	pool	NOUN
cblr-11898	365	42	of	of	ADP
cblr-11898	365	43	investors	investor	NOUN
cblr-11898	365	44	over	over	ADP
cblr-11898	365	45	the	the	DET
cblr-11898	365	46	internet	internet	NOUN
cblr-11898	365	47	.	.	PUNCT
cblr-11898	366	1	see	see	VERB
cblr-11898	366	2	joan	joan	PROPN
cblr-11898	366	3	m.	m.	PROPN
cblr-11898	366	4	heminway	heminway	PROPN
cblr-11898	366	5	,	,	PUNCT
cblr-11898	366	6	securities	security	NOUN
cblr-11898	366	7	crowdfunding	crowdfunding	NOUN
cblr-11898	366	8	and	and	CCONJ
cblr-11898	366	9	investor	investor	NOUN
cblr-11898	366	10	protection	protection	NOUN
cblr-11898	366	11	(	(	PUNCT
cblr-11898	366	12	univ	univ	PROPN
cblr-11898	366	13	.	.	PROPN
cblr-11898	366	14	of	of	ADP
cblr-11898	366	15	tenn	tenn	PROPN
cblr-11898	366	16	.	.	PUNCT
cblr-11898	367	1	legal	legal	ADJ
cblr-11898	367	2	studies	study	NOUN
cblr-11898	367	3	research	research	NOUN
cblr-11898	367	4	paper	paper	NOUN
cblr-11898	367	5	no	no	NOUN
cblr-11898	367	6	.	.	PROPN
cblr-11898	367	7	292	292	NUM
cblr-11898	367	8	,	,	PUNCT
cblr-11898	367	9	2016	2016	NUM
cblr-11898	367	10	)	)	PUNCT
cblr-11898	367	11	,	,	PUNCT
cblr-11898	367	12	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2810757	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2810757	PROPN
cblr-11898	367	13	[	[	X
cblr-11898	367	14	https://perma.cc/6xav-3sn4	https://perma.cc/6xav-3sn4	NOUN
cblr-11898	367	15	]	]	X
cblr-11898	367	16	.	.	PUNCT
cblr-11898	368	1	equity	equity	NOUN
cblr-11898	368	2	offerings	offering	NOUN
cblr-11898	368	3	under	under	ADP
cblr-11898	368	4	regulation	regulation	NOUN
cblr-11898	368	5	a+	a+	PUNCT
cblr-11898	368	6	of	of	ADP
cblr-11898	368	7	title	title	NOUN
cblr-11898	368	8	iv	iv	NOUN
cblr-11898	368	9	of	of	ADP
cblr-11898	368	10	the	the	DET
cblr-11898	368	11	jobs	job	NOUN
cblr-11898	368	12	act	act	NOUN
cblr-11898	368	13	(	(	PUNCT
cblr-11898	368	14	reg	reg	NOUN
cblr-11898	368	15	a+	a+	NOUN
cblr-11898	368	16	)	)	PUNCT
cblr-11898	368	17	,	,	PUNCT
cblr-11898	368	18	which	which	PRON
cblr-11898	368	19	increased	increase	VERB
cblr-11898	368	20	a	a	DET
cblr-11898	368	21	private	private	ADJ
cblr-11898	368	22	company	company	NOUN
cblr-11898	368	23	’s	’s	PART
cblr-11898	368	24	ability	ability	NOUN
cblr-11898	368	25	to	to	PART
cblr-11898	368	26	make	make	VERB
cblr-11898	368	27	unregistered	unregistered	ADJ
cblr-11898	368	28	public	public	ADJ
cblr-11898	368	29	offerings	offering	NOUN
cblr-11898	368	30	to	to	ADP
cblr-11898	368	31	a	a	DET
cblr-11898	368	32	maximum	maximum	NOUN
cblr-11898	368	33	of	of	ADP
cblr-11898	368	34	$	$	SYM
cblr-11898	368	35	50	50	NUM
cblr-11898	368	36	million	million	NUM
cblr-11898	368	37	to	to	ADP
cblr-11898	368	38	the	the	DET
cblr-11898	368	39	public	public	NOUN
cblr-11898	368	40	in	in	ADP
cblr-11898	368	41	any	any	DET
cblr-11898	368	42	twelve	twelve	NUM
cblr-11898	368	43	-	-	PUNCT
cblr-11898	368	44	month	month	NOUN
cblr-11898	368	45	period	period	NOUN
cblr-11898	368	46	,	,	PUNCT
cblr-11898	368	47	along	along	ADP
cblr-11898	368	48	with	with	ADP
cblr-11898	368	49	expansions	expansion	NOUN
cblr-11898	368	50	under	under	ADP
cblr-11898	368	51	regulation	regulation	NOUN
cblr-11898	368	52	d	d	PROPN
cblr-11898	368	53	of	of	ADP
cblr-11898	368	54	the	the	DET
cblr-11898	368	55	1933	1933	NUM
cblr-11898	368	56	act	act	NOUN
cblr-11898	368	57	,	,	PUNCT
cblr-11898	368	58	allowed	allow	VERB
cblr-11898	368	59	companies	company	NOUN
cblr-11898	368	60	to	to	PART
cblr-11898	368	61	raise	raise	VERB
cblr-11898	368	62	capital	capital	NOUN
cblr-11898	368	63	via	via	ADP
cblr-11898	368	64	public	public	ADJ
cblr-11898	368	65	markets	market	NOUN
cblr-11898	368	66	without	without	ADP
cblr-11898	368	67	providing	provide	VERB
cblr-11898	368	68	disclosures	disclosure	NOUN
cblr-11898	368	69	found	find	VERB
cblr-11898	368	70	in	in	ADP
cblr-11898	368	71	s-1s	s-1s	ADJ
cblr-11898	368	72	and	and	CCONJ
cblr-11898	368	73	other	other	ADJ
cblr-11898	368	74	registration	registration	NOUN
cblr-11898	368	75	statements	statement	NOUN
cblr-11898	368	76	.	.	PUNCT
cblr-11898	369	1	80	80	NUM
cblr-11898	369	2	section	section	NOUN
cblr-11898	369	3	3	3	NUM
cblr-11898	369	4	of	of	ADP
cblr-11898	369	5	the	the	DET
cblr-11898	369	6	securities	security	NOUN
cblr-11898	369	7	act	act	PROPN
cblr-11898	369	8	identifies	identify	VERB
cblr-11898	369	9	classes	class	NOUN
cblr-11898	369	10	of	of	ADP
cblr-11898	369	11	securities	security	NOUN
cblr-11898	369	12	that	that	PRON
cblr-11898	369	13	are	be	AUX
cblr-11898	369	14	exempt	exempt	ADJ
cblr-11898	369	15	from	from	ADP
cblr-11898	369	16	the	the	DET
cblr-11898	369	17	registration	registration	NOUN
cblr-11898	369	18	requirements	requirement	NOUN
cblr-11898	369	19	.	.	PUNCT
cblr-11898	370	1	15	15	NUM
cblr-11898	370	2	u.s.c	u.s.c	NOUN
cblr-11898	370	3	.	.	PUNCT
cblr-11898	371	1	§	§	PROPN
cblr-11898	371	2	77c	77c	PROPN
cblr-11898	371	3	.	.	PUNCT
cblr-11898	372	1	section	section	NOUN
cblr-11898	372	2	4	4	NUM
cblr-11898	372	3	of	of	ADP
cblr-11898	372	4	the	the	DET
cblr-11898	372	5	securities	security	NOUN
cblr-11898	372	6	act	act	PROPN
cblr-11898	372	7	identifies	identify	VERB
cblr-11898	372	8	a	a	DET
cblr-11898	372	9	number	number	NOUN
cblr-11898	372	10	of	of	ADP
cblr-11898	372	11	transactions	transaction	NOUN
cblr-11898	372	12	that	that	PRON
cblr-11898	372	13	are	be	AUX
cblr-11898	372	14	exempt	exempt	ADJ
cblr-11898	372	15	from	from	ADP
cblr-11898	372	16	the	the	DET
cblr-11898	372	17	registration	registration	NOUN
cblr-11898	372	18	requirements	requirement	NOUN
cblr-11898	372	19	.	.	PUNCT
cblr-11898	373	1	15	15	NUM
cblr-11898	373	2	u.s.c	u.s.c	NOUN
cblr-11898	373	3	.	.	PUNCT
cblr-11898	374	1	§	§	PROPN
cblr-11898	374	2	7d	7d	NUM
cblr-11898	374	3	.	.	PUNCT
cblr-11898	375	1	both	both	CCONJ
cblr-11898	375	2	public	public	ADJ
cblr-11898	375	3	and	and	CCONJ
cblr-11898	375	4	private	private	ADJ
cblr-11898	375	5	companies	company	NOUN
cblr-11898	375	6	can	can	AUX
cblr-11898	375	7	use	use	VERB
cblr-11898	375	8	unregistered	unregistered	ADJ
cblr-11898	375	9	offerings	offering	NOUN
cblr-11898	375	10	(	(	PUNCT
cblr-11898	375	11	private	private	ADJ
cblr-11898	375	12	placements	placement	NOUN
cblr-11898	375	13	)	)	PUNCT
cblr-11898	375	14	to	to	PART
cblr-11898	375	15	raise	raise	VERB
cblr-11898	375	16	funds	fund	NOUN
cblr-11898	375	17	from	from	ADP
cblr-11898	375	18	investors	investor	NOUN
cblr-11898	375	19	.	.	PUNCT
cblr-11898	376	1	this	this	DET
cblr-11898	376	2	article	article	NOUN
cblr-11898	376	3	will	will	AUX
cblr-11898	376	4	focus	focus	VERB
cblr-11898	376	5	on	on	ADP
cblr-11898	376	6	offerings	offering	NOUN
cblr-11898	376	7	made	make	VERB
cblr-11898	376	8	by	by	ADP
cblr-11898	376	9	private	private	ADJ
cblr-11898	376	10	companies	company	NOUN
cblr-11898	376	11	and	and	CCONJ
cblr-11898	376	12	their	their	PRON
cblr-11898	376	13	investors	investor	NOUN
cblr-11898	376	14	.	.	PUNCT
cblr-11898	377	1	92	92	NUM
cblr-11898	377	2	columbia	columbia	PROPN
cblr-11898	377	3	business	business	NOUN
cblr-11898	377	4	law	law	PROPN
cblr-11898	377	5	review	review	NOUN
cblr-11898	377	6	[	[	X
cblr-11898	377	7	vol	vol	NOUN
cblr-11898	377	8	.	.	PUNCT
cblr-11898	377	9	2023	2023	NUM
cblr-11898	377	10	act.81	act.81	NOUN
cblr-11898	377	11	according	accord	VERB
cblr-11898	377	12	to	to	ADP
cblr-11898	377	13	a	a	DET
cblr-11898	377	14	concept	concept	NOUN
cblr-11898	377	15	release	release	NOUN
cblr-11898	377	16	by	by	ADP
cblr-11898	377	17	the	the	DET
cblr-11898	377	18	sec,82	sec,82	NOUN
cblr-11898	377	19	in	in	ADP
cblr-11898	377	20	2018	2018	NUM
cblr-11898	377	21	companies	company	NOUN
cblr-11898	377	22	raised	raise	VERB
cblr-11898	377	23	approximately	approximately	ADV
cblr-11898	377	24	$	$	SYM
cblr-11898	377	25	1.5	1.5	NUM
cblr-11898	377	26	trillion	trillion	NUM
cblr-11898	377	27	using	use	VERB
cblr-11898	377	28	rule	rule	NOUN
cblr-11898	377	29	506(b	506(b	PROPN
cblr-11898	377	30	)	)	PUNCT
cblr-11898	377	31	of	of	ADP
cblr-11898	377	32	regulation	regulation	NOUN
cblr-11898	377	33	d	d	NOUN
cblr-11898	377	34	83	83	NUM
cblr-11898	377	35	and	and	CCONJ
cblr-11898	377	36	$	$	SYM
cblr-11898	377	37	211	211	NUM
cblr-11898	377	38	billion	billion	NUM
cblr-11898	377	39	using	use	VERB
cblr-11898	377	40	rule	rule	NOUN
cblr-11898	377	41	506(c	506(c	PROPN
cblr-11898	377	42	)	)	PUNCT
cblr-11898	377	43	of	of	ADP
cblr-11898	377	44	regulation	regulation	NOUN
cblr-11898	377	45	d.	d.	PROPN
cblr-11898	377	46	the	the	DET
cblr-11898	377	47	policymakers	policymaker	NOUN
cblr-11898	377	48	’	’	PART
cblr-11898	377	49	intention	intention	NOUN
cblr-11898	377	50	and	and	CCONJ
cblr-11898	377	51	rationale	rationale	NOUN
cblr-11898	377	52	behind	behind	ADP
cblr-11898	377	53	the	the	DET
cblr-11898	377	54	jobs	job	NOUN
cblr-11898	377	55	act	act	NOUN
cblr-11898	377	56	was	be	AUX
cblr-11898	377	57	to	to	PART
cblr-11898	377	58	facilitate	facilitate	VERB
cblr-11898	377	59	the	the	DET
cblr-11898	377	60	emerging	emerge	VERB
cblr-11898	377	61	growth	growth	NOUN
cblr-11898	377	62	companies	company	NOUN
cblr-11898	377	63	’	'	PUNCT
cblr-11898	377	64	“	"	PUNCT
cblr-11898	377	65	access	access	NOUN
cblr-11898	377	66	to	to	ADP
cblr-11898	377	67	the	the	DET
cblr-11898	377	68	public	public	ADJ
cblr-11898	377	69	capital	capital	NOUN
cblr-11898	377	70	markets	market	NOUN
cblr-11898	377	71	.	.	PUNCT
cblr-11898	378	1	”84	”84	NOUN
cblr-11898	378	2	the	the	DET
cblr-11898	378	3	act	act	NOUN
cblr-11898	378	4	reduced	reduce	VERB
cblr-11898	378	5	sox	sox	PROPN
cblr-11898	378	6	regulatory	regulatory	ADJ
cblr-11898	378	7	requirements	requirement	NOUN
cblr-11898	378	8	in	in	ADP
cblr-11898	378	9	the	the	DET
cblr-11898	378	10	hopes	hope	NOUN
cblr-11898	378	11	of	of	ADP
cblr-11898	378	12	encouraging	encourage	VERB
cblr-11898	378	13	private	private	ADJ
cblr-11898	378	14	companies	company	NOUN
cblr-11898	378	15	to	to	PART
cblr-11898	378	16	go	go	VERB
cblr-11898	378	17	public.85	public.85	ADV
cblr-11898	378	18	however	however	ADV
cblr-11898	378	19	,	,	PUNCT
cblr-11898	378	20	the	the	DET
cblr-11898	378	21	jobs	job	NOUN
cblr-11898	378	22	act	act	PROPN
cblr-11898	378	23	’s	’s	PART
cblr-11898	378	24	biggest	big	ADJ
cblr-11898	378	25	achievement	achievement	NOUN
cblr-11898	378	26	is	be	AUX
cblr-11898	378	27	“	"	PUNCT
cblr-11898	378	28	radical	radical	ADJ
cblr-11898	378	29	deregulation	deregulation	NOUN
cblr-11898	378	30	.	.	PUNCT
cblr-11898	379	1	”86	”86	VERB
cblr-11898	379	2	the	the	DET
cblr-11898	379	3	exemption	exemption	NOUN
cblr-11898	379	4	allows	allow	VERB
cblr-11898	379	5	private	private	ADJ
cblr-11898	379	6	firms	firm	NOUN
cblr-11898	379	7	to	to	PART
cblr-11898	379	8	keep	keep	VERB
cblr-11898	379	9	material	material	ADJ
cblr-11898	379	10	information	information	NOUN
cblr-11898	379	11	private	private	ADJ
cblr-11898	379	12	longer	long	ADV
cblr-11898	379	13	,	,	PUNCT
cblr-11898	379	14	as	as	SCONJ
cblr-11898	379	15	81	81	NUM
cblr-11898	379	16	see	see	NOUN
cblr-11898	379	17	rule	rule	NOUN
cblr-11898	379	18	506	506	NUM
cblr-11898	379	19	of	of	ADP
cblr-11898	379	20	regulation	regulation	NOUN
cblr-11898	379	21	d	d	PROPN
cblr-11898	379	22	,	,	PUNCT
cblr-11898	379	23	investor.gov	investor.gov	PROPN
cblr-11898	379	24	,	,	PUNCT
cblr-11898	379	25	https://www.investor.gov/introduction-investing/investingbasics/glossary/rule-506-regulation-d	https://www.investor.gov/introduction-investing/investingbasics/glossary/rule-506-regulation-d	PROPN
cblr-11898	380	1	[	[	X
cblr-11898	380	2	https://perma.cc/jnv8-p5az	https://perma.cc/jnv8-p5az	NOUN
cblr-11898	380	3	]	]	X
cblr-11898	380	4	(	(	PUNCT
cblr-11898	380	5	last	last	ADV
cblr-11898	380	6	visited	visit	VERB
cblr-11898	380	7	jan	jan	PROPN
cblr-11898	380	8	.	.	PROPN
cblr-11898	380	9	24	24	NUM
cblr-11898	380	10	,	,	PUNCT
cblr-11898	380	11	2022	2022	NUM
cblr-11898	380	12	)	)	PUNCT
cblr-11898	380	13	;	;	PUNCT
cblr-11898	380	14	see	see	VERB
cblr-11898	380	15	also	also	ADV
cblr-11898	380	16	abraham	abraham	PROPN
cblr-11898	380	17	j.b	j.b	PROPN
cblr-11898	380	18	.	.	PUNCT
cblr-11898	380	19	cable	cable	NOUN
cblr-11898	380	20	,	,	PUNCT
cblr-11898	380	21	fending	fend	VERB
cblr-11898	380	22	for	for	ADP
cblr-11898	380	23	themselves	themselves	PRON
cblr-11898	380	24	:	:	PUNCT
cblr-11898	380	25	why	why	SCONJ
cblr-11898	380	26	securities	security	NOUN
cblr-11898	380	27	regulations	regulation	NOUN
cblr-11898	380	28	should	should	AUX
cblr-11898	380	29	encourage	encourage	VERB
cblr-11898	380	30	angel	angel	NOUN
cblr-11898	380	31	groups	group	NOUN
cblr-11898	380	32	,	,	PUNCT
cblr-11898	380	33	13	13	NUM
cblr-11898	380	34	u.	u.	PROPN
cblr-11898	380	35	pa	pa	PROPN
cblr-11898	380	36	.	.	PUNCT
cblr-11898	381	1	j.	j.	PROPN
cblr-11898	381	2	bus	bus	PROPN
cblr-11898	381	3	.	.	PUNCT
cblr-11898	382	1	l.	l.	PROPN
cblr-11898	382	2	107	107	PROPN
cblr-11898	382	3	,	,	PUNCT
cblr-11898	382	4	132	132	NUM
cblr-11898	382	5	(	(	PUNCT
cblr-11898	382	6	2010	2010	NUM
cblr-11898	382	7	)	)	PUNCT
cblr-11898	382	8	;	;	PUNCT
cblr-11898	383	1	rutheford	rutheford	PROPN
cblr-11898	383	2	b.	b.	PROPN
cblr-11898	383	3	campbell	campbell	PROPN
cblr-11898	383	4	,	,	PUNCT
cblr-11898	383	5	jr	jr	PROPN
cblr-11898	383	6	.	.	PROPN
cblr-11898	383	7	,	,	PUNCT
cblr-11898	383	8	the	the	DET
cblr-11898	383	9	wreck	wreck	NOUN
cblr-11898	383	10	of	of	ADP
cblr-11898	383	11	regulation	regulation	NOUN
cblr-11898	383	12	d	d	NOUN
cblr-11898	383	13	:	:	PUNCT
cblr-11898	383	14	the	the	DET
cblr-11898	383	15	unintended	unintended	ADJ
cblr-11898	383	16	(	(	PUNCT
cblr-11898	383	17	and	and	CCONJ
cblr-11898	383	18	bad	bad	ADJ
cblr-11898	383	19	)	)	PUNCT
cblr-11898	383	20	outcomes	outcome	NOUN
cblr-11898	383	21	for	for	ADP
cblr-11898	383	22	the	the	DET
cblr-11898	383	23	sec	sec	PROPN
cblr-11898	383	24	’s	’s	PART
cblr-11898	383	25	crown	crown	NOUN
cblr-11898	383	26	jewel	jewel	PROPN
cblr-11898	383	27	exemptions	exemption	NOUN
cblr-11898	383	28	,	,	PUNCT
cblr-11898	383	29	7	7	NUM
cblr-11898	383	30	ohio	ohio	PROPN
cblr-11898	383	31	st	st	PROPN
cblr-11898	383	32	.	.	PROPN
cblr-11898	383	33	entrepreneurial	entrepreneurial	ADJ
cblr-11898	383	34	bus	bus	NOUN
cblr-11898	383	35	.	.	PUNCT
cblr-11898	384	1	l.j	l.j	PROPN
cblr-11898	384	2	.	.	PROPN
cblr-11898	384	3	287	287	NUM
cblr-11898	384	4	,	,	PUNCT
cblr-11898	384	5	295	295	NUM
cblr-11898	384	6	(	(	PUNCT
cblr-11898	384	7	2012	2012	NUM
cblr-11898	384	8	)	)	PUNCT
cblr-11898	384	9	;	;	PUNCT
cblr-11898	385	1	ibrahim	ibrahim	PROPN
cblr-11898	385	2	,	,	PUNCT
cblr-11898	385	3	supra	supra	PROPN
cblr-11898	385	4	note	note	NOUN
cblr-11898	385	5	74	74	NUM
cblr-11898	385	6	,	,	PUNCT
cblr-11898	385	7	at	at	ADP
cblr-11898	385	8	1162–63	1162–63	NUM
cblr-11898	385	9	.	.	PUNCT
cblr-11898	386	1	82	82	NUM
cblr-11898	386	2	see	see	VERB
cblr-11898	386	3	concept	concept	NOUN
cblr-11898	386	4	release	release	NOUN
cblr-11898	386	5	on	on	ADP
cblr-11898	386	6	harmonization	harmonization	NOUN
cblr-11898	386	7	of	of	ADP
cblr-11898	386	8	securities	security	NOUN
cblr-11898	386	9	offering	offering	NOUN
cblr-11898	386	10	exemptions	exemption	NOUN
cblr-11898	386	11	,	,	PUNCT
cblr-11898	386	12	securities	security	NOUN
cblr-11898	386	13	act	act	NOUN
cblr-11898	386	14	release	release	VERB
cblr-11898	386	15	no	no	DET
cblr-11898	386	16	.	.	NOUN
cblr-11898	386	17	10649	10649	NUM
cblr-11898	386	18	,	,	PUNCT
cblr-11898	386	19	exchange	exchange	NOUN
cblr-11898	386	20	act	act	NOUN
cblr-11898	386	21	release	release	VERB
cblr-11898	386	22	no	no	PRON
cblr-11898	386	23	.	.	NOUN
cblr-11898	386	24	86192	86192	NUM
cblr-11898	386	25	,	,	PUNCT
cblr-11898	386	26	investment	investment	NOUN
cblr-11898	386	27	company	company	NOUN
cblr-11898	386	28	act	act	VERB
cblr-11898	386	29	release	release	VERB
cblr-11898	386	30	no	no	DET
cblr-11898	386	31	.	.	NOUN
cblr-11898	386	32	33512	33512	NUM
cblr-11898	386	33	,	,	PUNCT
cblr-11898	386	34	84	84	NUM
cblr-11898	386	35	fed	feed	VERB
cblr-11898	386	36	.	.	PUNCT
cblr-11898	387	1	reg	reg	PROPN
cblr-11898	387	2	.	.	PROPN
cblr-11898	388	1	30,460	30,460	NUM
cblr-11898	388	2	,	,	PUNCT
cblr-11898	388	3	30,466	30,466	NUM
cblr-11898	388	4	tbl.2	tbl.2	PROPN
cblr-11898	388	5	(	(	PUNCT
cblr-11898	388	6	june	june	PROPN
cblr-11898	388	7	26	26	NUM
cblr-11898	388	8	,	,	PUNCT
cblr-11898	388	9	2019	2019	NUM
cblr-11898	388	10	)	)	PUNCT
cblr-11898	388	11	.	.	PUNCT
cblr-11898	389	1	83	83	NUM
cblr-11898	390	1	i	i	PRON
cblr-11898	390	2	d.	d.	PROPN
cblr-11898	390	3	see	see	VERB
cblr-11898	390	4	also	also	ADV
cblr-11898	390	5	17	17	NUM
cblr-11898	390	6	c.f.r	c.f.r	NOUN
cblr-11898	390	7	.	.	PUNCT
cblr-11898	391	1	§	§	PROPN
cblr-11898	391	2	230.506(b	230.506(b	NUM
cblr-11898	391	3	)	)	PUNCT
cblr-11898	391	4	(	(	PUNCT
cblr-11898	391	5	2016	2016	NUM
cblr-11898	391	6	)	)	PUNCT
cblr-11898	391	7	.	.	PUNCT
cblr-11898	392	1	84	84	NUM
cblr-11898	392	2	see	see	VERB
cblr-11898	392	3	usha	usha	PROPN
cblr-11898	392	4	rodrigues	rodrigues	PROPN
cblr-11898	392	5	,	,	PUNCT
cblr-11898	392	6	securities	security	NOUN
cblr-11898	392	7	law	law	NOUN
cblr-11898	392	8	’s	’s	PART
cblr-11898	392	9	dirty	dirty	ADJ
cblr-11898	392	10	little	little	ADJ
cblr-11898	392	11	secret	secret	ADJ
cblr-11898	392	12	,	,	PUNCT
cblr-11898	392	13	81	81	NUM
cblr-11898	392	14	fordham	fordham	PROPN
cblr-11898	392	15	l.	l.	PROPN
cblr-11898	392	16	rev	rev	PROPN
cblr-11898	392	17	.	.	PROPN
cblr-11898	392	18	3389	3389	NUM
cblr-11898	392	19	(	(	PUNCT
cblr-11898	392	20	2013	2013	NUM
cblr-11898	392	21	)	)	PUNCT
cblr-11898	392	22	;	;	PUNCT
cblr-11898	392	23	robert	robert	PROPN
cblr-11898	392	24	b.	b.	PROPN
cblr-11898	392	25	thompson	thompson	PROPN
cblr-11898	392	26	&	&	CCONJ
cblr-11898	392	27	thomas	thomas	PROPN
cblr-11898	392	28	c.	c.	PROPN
cblr-11898	392	29	langevoort	langevoort	PROPN
cblr-11898	392	30	,	,	PUNCT
cblr-11898	392	31	rewarding	reward	VERB
cblr-11898	392	32	the	the	DET
cblr-11898	392	33	public	public	ADJ
cblr-11898	392	34	-	-	PUNCT
cblr-11898	392	35	private	private	ADJ
cblr-11898	392	36	boundaries	boundary	NOUN
cblr-11898	392	37	in	in	ADP
cblr-11898	392	38	entrepreneurial	entrepreneurial	ADJ
cblr-11898	392	39	capital	capital	NOUN
cblr-11898	392	40	raising	raising	NOUN
cblr-11898	392	41	,	,	PUNCT
cblr-11898	392	42	98	98	NUM
cblr-11898	392	43	cornell	cornell	PROPN
cblr-11898	392	44	l.	l.	PROPN
cblr-11898	392	45	rev	rev	PROPN
cblr-11898	392	46	.	.	PROPN
cblr-11898	392	47	1573	1573	NUM
cblr-11898	392	48	(	(	PUNCT
cblr-11898	392	49	2013	2013	NUM
cblr-11898	392	50	)	)	PUNCT
cblr-11898	392	51	;	;	PUNCT
cblr-11898	392	52	see	see	VERB
cblr-11898	392	53	also	also	ADV
cblr-11898	392	54	paul	paul	PROPN
cblr-11898	392	55	rose	rose	PROPN
cblr-11898	392	56	&	&	CCONJ
cblr-11898	392	57	steven	steven	PROPN
cblr-11898	392	58	davidoff	davidoff	PROPN
cblr-11898	392	59	solomon	solomon	PROPN
cblr-11898	392	60	,	,	PUNCT
cblr-11898	392	61	where	where	SCONJ
cblr-11898	392	62	have	have	AUX
cblr-11898	392	63	all	all	DET
cblr-11898	392	64	the	the	DET
cblr-11898	392	65	ipos	ipos	NOUN
cblr-11898	392	66	gone	go	VERB
cblr-11898	392	67	?	?	PUNCT
cblr-11898	393	1	the	the	DET
cblr-11898	393	2	hard	hard	ADJ
cblr-11898	393	3	life	life	NOUN
cblr-11898	393	4	of	of	ADP
cblr-11898	393	5	the	the	DET
cblr-11898	393	6	small	small	ADJ
cblr-11898	393	7	ipo	ipo	NOUN
cblr-11898	393	8	,	,	PUNCT
cblr-11898	393	9	6	6	NUM
cblr-11898	393	10	harv	harv	NOUN
cblr-11898	393	11	.	.	PUNCT
cblr-11898	394	1	bus	bus	NOUN
cblr-11898	394	2	.	.	PUNCT
cblr-11898	395	1	l.	l.	PROPN
cblr-11898	395	2	rev	rev	PROPN
cblr-11898	395	3	.	.	PROPN
cblr-11898	395	4	83	83	NUM
cblr-11898	395	5	,	,	PUNCT
cblr-11898	395	6	84	84	NUM
cblr-11898	395	7	(	(	PUNCT
cblr-11898	395	8	2016	2016	NUM
cblr-11898	395	9	)	)	PUNCT
cblr-11898	395	10	;	;	PUNCT
cblr-11898	395	11	usha	usha	PROPN
cblr-11898	395	12	rodrigues	rodrigues	PROPN
cblr-11898	395	13	,	,	PUNCT
cblr-11898	395	14	the	the	DET
cblr-11898	395	15	jobs	job	NOUN
cblr-11898	395	16	act	act	VERB
cblr-11898	395	17	at	at	ADP
cblr-11898	395	18	work	work	NOUN
cblr-11898	395	19	,	,	PUNCT
cblr-11898	395	20	conglomerate	conglomerate	NOUN
cblr-11898	395	21	(	(	PUNCT
cblr-11898	395	22	sept	sept	PROPN
cblr-11898	395	23	.	.	PROPN
cblr-11898	395	24	11	11	NUM
cblr-11898	395	25	,	,	PUNCT
cblr-11898	395	26	2015	2015	NUM
cblr-11898	395	27	)	)	PUNCT
cblr-11898	395	28	,	,	PUNCT
cblr-11898	395	29	http://www.theconglomerate.org/jobs-act/	http://www.theconglomerate.org/jobs-act/	X
cblr-11898	396	1	[	[	X
cblr-11898	396	2	https://perma.cc/8mze-rcwy	https://perma.cc/8mze-rcwy	X
cblr-11898	396	3	]	]	X
cblr-11898	396	4	(	(	PUNCT
cblr-11898	396	5	criticizing	criticize	VERB
cblr-11898	396	6	the	the	DET
cblr-11898	396	7	jobs	job	NOUN
cblr-11898	396	8	act	act	PROPN
cblr-11898	396	9	’s	’s	PART
cblr-11898	396	10	unrealistic	unrealistic	ADJ
cblr-11898	396	11	endeavors	endeavor	NOUN
cblr-11898	396	12	to	to	PART
cblr-11898	396	13	boost	boost	VERB
cblr-11898	396	14	ipos	ipos	PROPN
cblr-11898	396	15	)	)	PUNCT
cblr-11898	396	16	.	.	PUNCT
cblr-11898	396	17	85	85	NUM
cblr-11898	396	18	according	accord	VERB
cblr-11898	396	19	to	to	ADP
cblr-11898	396	20	rose	rise	VERB
cblr-11898	396	21	and	and	CCONJ
cblr-11898	396	22	solomon	solomon	PROPN
cblr-11898	396	23	,	,	PUNCT
cblr-11898	396	24	“	"	PUNCT
cblr-11898	396	25	the	the	DET
cblr-11898	396	26	jobs	job	NOUN
cblr-11898	396	27	act	act	NOUN
cblr-11898	396	28	is	be	AUX
cblr-11898	396	29	primarily	primarily	ADV
cblr-11898	396	30	a	a	DET
cblr-11898	396	31	response	response	NOUN
cblr-11898	396	32	to	to	ADP
cblr-11898	396	33	the	the	DET
cblr-11898	396	34	regulatory	regulatory	ADJ
cblr-11898	396	35	theory	theory	NOUN
cblr-11898	396	36	,	,	PUNCT
cblr-11898	396	37	but	but	CCONJ
cblr-11898	396	38	also	also	ADV
cblr-11898	396	39	takes	take	VERB
cblr-11898	396	40	some	some	DET
cblr-11898	396	41	aims	aim	NOUN
cblr-11898	396	42	towards	towards	ADP
cblr-11898	396	43	market	market	NOUN
cblr-11898	396	44	structure	structure	NOUN
cblr-11898	396	45	by	by	ADP
cblr-11898	396	46	loosening	loosen	VERB
cblr-11898	396	47	restrictions	restriction	NOUN
cblr-11898	396	48	on	on	ADP
cblr-11898	396	49	research	research	NOUN
cblr-11898	396	50	analysts	analyst	NOUN
cblr-11898	396	51	.	.	PUNCT
cblr-11898	396	52	”	"	PUNCT
cblr-11898	397	1	rose	rise	VERB
cblr-11898	397	2	&	&	CCONJ
cblr-11898	397	3	solomon	solomon	PROPN
cblr-11898	397	4	,	,	PUNCT
cblr-11898	397	5	supra	supra	PROPN
cblr-11898	397	6	note	note	PROPN
cblr-11898	397	7	84	84	NUM
cblr-11898	397	8	,	,	PUNCT
cblr-11898	397	9	at	at	ADP
cblr-11898	397	10	85	85	NUM
cblr-11898	397	11	.	.	PUNCT
cblr-11898	398	1	86	86	NUM
cblr-11898	398	2	see	see	VERB
cblr-11898	398	3	examining	examine	VERB
cblr-11898	398	4	investor	investor	NOUN
cblr-11898	398	5	risks	risk	NOUN
cblr-11898	398	6	in	in	ADP
cblr-11898	398	7	capital	capital	NOUN
cblr-11898	398	8	raising	raising	NOUN
cblr-11898	398	9	:	:	PUNCT
cblr-11898	398	10	hearing	hear	VERB
cblr-11898	398	11	before	before	ADP
cblr-11898	398	12	the	the	DET
cblr-11898	398	13	subcomm	subcomm	NOUN
cblr-11898	398	14	.	.	PUNCT
cblr-11898	399	1	on	on	ADP
cblr-11898	399	2	sec	sec	PROPN
cblr-11898	399	3	.	.	PROPN
cblr-11898	399	4	,	,	PUNCT
cblr-11898	399	5	ins	ins	PROPN
cblr-11898	399	6	.	.	PROPN
cblr-11898	399	7	,	,	PUNCT
cblr-11898	399	8	and	and	CCONJ
cblr-11898	399	9	inv	inv	VERB
cblr-11898	399	10	.	.	PUNCT
cblr-11898	399	11	of	of	ADP
cblr-11898	399	12	the	the	DET
cblr-11898	399	13	s.	s.	PROPN
cblr-11898	399	14	comm	comm	NOUN
cblr-11898	399	15	.	.	PUNCT
cblr-11898	400	1	on	on	ADP
cblr-11898	400	2	banking	banking	NOUN
cblr-11898	400	3	,	,	PUNCT
cblr-11898	400	4	hous	hous	ADJ
cblr-11898	400	5	.	.	PUNCT
cblr-11898	400	6	,	,	PUNCT
cblr-11898	400	7	and	and	CCONJ
cblr-11898	400	8	urban	urban	PROPN
cblr-11898	400	9	affairs	affairs	PROPN
cblr-11898	400	10	,	,	PUNCT
cblr-11898	400	11	112th	112th	PROPN
cblr-11898	400	12	cong	cong	NOUN
cblr-11898	400	13	.	.	PUNCT
cblr-11898	401	1	(	(	PUNCT
cblr-11898	401	2	2011	2011	NUM
cblr-11898	401	3	)	)	PUNCT
cblr-11898	401	4	;	;	PUNCT
cblr-11898	401	5	see	see	VERB
cblr-11898	401	6	also	also	ADV
cblr-11898	401	7	michael	michael	PROPN
cblr-11898	401	8	d.	d.	PROPN
cblr-11898	401	9	gutentag	gutentag	PROPN
cblr-11898	401	10	,	,	PUNCT
cblr-11898	401	11	patching	patch	VERB
cblr-11898	401	12	a	a	DET
cblr-11898	401	13	hole	hole	NOUN
cblr-11898	401	14	in	in	ADP
cblr-11898	401	15	the	the	DET
cblr-11898	401	16	jobs	job	NOUN
cblr-11898	401	17	act	act	NOUN
cblr-11898	401	18	:	:	PUNCT
cblr-11898	401	19	how	how	SCONJ
cblr-11898	401	20	and	and	CCONJ
cblr-11898	401	21	why	why	SCONJ
cblr-11898	401	22	to	to	PART
cblr-11898	401	23	rewrite	rewrite	VERB
cblr-11898	401	24	the	the	DET
cblr-11898	401	25	rules	rule	NOUN
cblr-11898	401	26	that	that	PRON
cblr-11898	401	27	require	require	VERB
cblr-11898	401	28	firms	firm	NOUN
cblr-11898	401	29	to	to	PART
cblr-11898	401	30	make	make	VERB
cblr-11898	401	31	periodic	periodic	ADJ
cblr-11898	401	32	disclosures	disclosure	NOUN
cblr-11898	401	33	,	,	PUNCT
cblr-11898	401	34	88	88	NUM
cblr-11898	401	35	ind	ind	NOUN
cblr-11898	401	36	.	.	PUNCT
cblr-11898	402	1	l.	l.	PROPN
cblr-11898	402	2	j.	j.	PROPN
cblr-11898	402	3	151	151	PROPN
cblr-11898	402	4	,	,	PUNCT
cblr-11898	402	5	175	175	NUM
cblr-11898	402	6	(	(	PUNCT
cblr-11898	402	7	2013	2013	NUM
cblr-11898	402	8	)	)	PUNCT
cblr-11898	402	9	.	.	PUNCT
cblr-11898	403	1	no	no	INTJ
cblr-11898	403	2	.	.	NOUN
cblr-11898	404	1	1	1	NUM
cblr-11898	404	2	]	]	X
cblr-11898	404	3	mythical	mythical	ADJ
cblr-11898	404	4	unicorns	unicorn	NOUN
cblr-11898	404	5	and	and	CCONJ
cblr-11898	404	6	how	how	SCONJ
cblr-11898	404	7	to	to	PART
cblr-11898	404	8	find	find	VERB
cblr-11898	404	9	them	they	PRON
cblr-11898	404	10	93	93	NUM
cblr-11898	404	11	they	they	PRON
cblr-11898	404	12	are	be	AUX
cblr-11898	404	13	now	now	ADV
cblr-11898	404	14	required	require	VERB
cblr-11898	404	15	to	to	PART
cblr-11898	404	16	disclose	disclose	VERB
cblr-11898	404	17	according	accord	VERB
cblr-11898	404	18	to	to	ADP
cblr-11898	404	19	the	the	DET
cblr-11898	404	20	federal	federal	ADJ
cblr-11898	404	21	periodic	periodic	ADJ
cblr-11898	404	22	disclosure	disclosure	NOUN
cblr-11898	404	23	requirements.87	requirements.87	VERB
cblr-11898	404	24	thanks	thank	NOUN
cblr-11898	404	25	to	to	ADP
cblr-11898	404	26	the	the	DET
cblr-11898	404	27	jobs	job	NOUN
cblr-11898	404	28	act	act	PROPN
cblr-11898	404	29	,	,	PUNCT
cblr-11898	404	30	the	the	DET
cblr-11898	404	31	threshold	threshold	NOUN
cblr-11898	404	32	that	that	PRON
cblr-11898	404	33	triggered	trigger	VERB
cblr-11898	404	34	registration	registration	NOUN
cblr-11898	404	35	with	with	ADP
cblr-11898	404	36	the	the	DET
cblr-11898	404	37	sec	sec	PROPN
cblr-11898	404	38	has	have	VERB
cblr-11898	404	39	changed.88	changed.88	PROPN
cblr-11898	404	40	iii	iii	PROPN
cblr-11898	404	41	.	.	PUNCT
cblr-11898	405	1	the	the	DET
cblr-11898	405	2	effects	effect	NOUN
cblr-11898	405	3	of	of	ADP
cblr-11898	405	4	10	10	NUM
cblr-11898	405	5	years	year	NOUN
cblr-11898	405	6	in	in	ADP
cblr-11898	405	7	the	the	DET
cblr-11898	405	8	wild	wild	ADJ
cblr-11898	405	9	west	west	NOUN
cblr-11898	405	10	the	the	DET
cblr-11898	405	11	original	original	ADJ
cblr-11898	405	12	intent	intent	NOUN
cblr-11898	405	13	behind	behind	ADP
cblr-11898	405	14	instituting	institute	VERB
cblr-11898	405	15	limits	limit	NOUN
cblr-11898	405	16	on	on	ADP
cblr-11898	405	17	shareholders	shareholder	NOUN
cblr-11898	405	18	of	of	ADP
cblr-11898	405	19	record	record	NOUN
cblr-11898	405	20	was	be	AUX
cblr-11898	405	21	to	to	PART
cblr-11898	405	22	capture	capture	VERB
cblr-11898	405	23	firms	firm	NOUN
cblr-11898	405	24	which	which	PRON
cblr-11898	405	25	were	be	AUX
cblr-11898	405	26	already	already	ADV
cblr-11898	405	27	broadly	broadly	ADV
cblr-11898	405	28	trading	trade	VERB
cblr-11898	405	29	.	.	PUNCT
cblr-11898	406	1	this	this	DET
cblr-11898	406	2	methodology	methodology	NOUN
cblr-11898	406	3	for	for	ADP
cblr-11898	406	4	limitation	limitation	NOUN
cblr-11898	406	5	was	be	AUX
cblr-11898	406	6	chosen	choose	VERB
cblr-11898	406	7	,	,	PUNCT
cblr-11898	406	8	however	however	ADV
cblr-11898	406	9	,	,	PUNCT
cblr-11898	406	10	merely	merely	ADV
cblr-11898	406	11	as	as	ADP
cblr-11898	406	12	a	a	DET
cblr-11898	406	13	compromise	compromise	NOUN
cblr-11898	406	14	based	base	VERB
cblr-11898	406	15	on	on	ADP
cblr-11898	406	16	the	the	DET
cblr-11898	406	17	limitations	limitation	NOUN
cblr-11898	406	18	of	of	ADP
cblr-11898	406	19	implementable	implementable	ADJ
cblr-11898	406	20	solutions	solution	NOUN
cblr-11898	406	21	.	.	PUNCT
cblr-11898	407	1	with	with	ADP
cblr-11898	407	2	the	the	DET
cblr-11898	407	3	technology	technology	NOUN
cblr-11898	407	4	available	available	ADJ
cblr-11898	407	5	today	today	NOUN
cblr-11898	407	6	,	,	PUNCT
cblr-11898	407	7	these	these	DET
cblr-11898	407	8	limitations	limitation	NOUN
cblr-11898	407	9	no	no	ADV
cblr-11898	407	10	longer	long	ADV
cblr-11898	407	11	exist	exist	VERB
cblr-11898	407	12	.	.	PUNCT
cblr-11898	408	1	it	it	PRON
cblr-11898	408	2	is	be	AUX
cblr-11898	408	3	relatively	relatively	ADV
cblr-11898	408	4	easy	easy	ADJ
cblr-11898	408	5	to	to	PART
cblr-11898	408	6	calculate	calculate	VERB
cblr-11898	408	7	the	the	DET
cblr-11898	408	8	volume	volume	NOUN
cblr-11898	408	9	of	of	ADP
cblr-11898	408	10	trading	trading	NOUN
cblr-11898	408	11	across	across	ADP
cblr-11898	408	12	markets	market	NOUN
cblr-11898	408	13	of	of	ADP
cblr-11898	408	14	even	even	ADV
cblr-11898	408	15	private	private	ADJ
cblr-11898	408	16	companies	company	NOUN
cblr-11898	408	17	.	.	PUNCT
cblr-11898	409	1	while	while	SCONJ
cblr-11898	409	2	the	the	DET
cblr-11898	409	3	thresholds	threshold	NOUN
cblr-11898	409	4	were	be	AUX
cblr-11898	409	5	ostensibly	ostensibly	ADV
cblr-11898	409	6	raised	raise	VERB
cblr-11898	409	7	to	to	PART
cblr-11898	409	8	address	address	VERB
cblr-11898	409	9	concerns	concern	NOUN
cblr-11898	409	10	by	by	ADP
cblr-11898	409	11	widely	widely	ADV
cblr-11898	409	12	held	hold	VERB
cblr-11898	409	13	,	,	PUNCT
cblr-11898	409	14	but	but	CCONJ
cblr-11898	409	15	seldom	seldom	ADV
cblr-11898	409	16	traded	trade	VERB
cblr-11898	409	17	companies	company	NOUN
cblr-11898	409	18	,	,	PUNCT
cblr-11898	409	19	the	the	DET
cblr-11898	409	20	practical	practical	ADJ
cblr-11898	409	21	effect	effect	NOUN
cblr-11898	409	22	was	be	AUX
cblr-11898	409	23	to	to	PART
cblr-11898	409	24	shield	shield	VERB
cblr-11898	409	25	these	these	DET
cblr-11898	409	26	companies	company	NOUN
cblr-11898	409	27	as	as	ADV
cblr-11898	409	28	well	well	ADV
cblr-11898	409	29	as	as	ADP
cblr-11898	409	30	companies	company	NOUN
cblr-11898	409	31	trading	trade	VERB
cblr-11898	409	32	at	at	ADP
cblr-11898	409	33	higher	high	ADJ
cblr-11898	409	34	volumes	volume	NOUN
cblr-11898	409	35	.	.	PUNCT
cblr-11898	410	1	by	by	ADP
cblr-11898	410	2	redefining	redefine	VERB
cblr-11898	410	3	shareholders	shareholder	NOUN
cblr-11898	410	4	of	of	ADP
cblr-11898	410	5	record	record	NOUN
cblr-11898	410	6	into	into	ADP
cblr-11898	410	7	a	a	DET
cblr-11898	410	8	term	term	NOUN
cblr-11898	410	9	more	more	ADV
cblr-11898	410	10	akin	akin	ADJ
cblr-11898	410	11	to	to	ADP
cblr-11898	410	12	beneficial	beneficial	ADJ
cblr-11898	410	13	owners	owner	NOUN
cblr-11898	410	14	,	,	PUNCT
cblr-11898	410	15	but	but	CCONJ
cblr-11898	410	16	placing	place	VERB
cblr-11898	410	17	limits	limit	NOUN
cblr-11898	410	18	in	in	ADP
cblr-11898	410	19	place	place	NOUN
cblr-11898	410	20	for	for	ADP
cblr-11898	410	21	trading	trading	NOUN
cblr-11898	410	22	volume	volume	NOUN
cblr-11898	410	23	,	,	PUNCT
cblr-11898	410	24	we	we	PRON
cblr-11898	410	25	can	can	AUX
cblr-11898	410	26	restore	restore	VERB
cblr-11898	410	27	section	section	NOUN
cblr-11898	410	28	12(g	12(g	NUM
cblr-11898	410	29	)	)	PUNCT
cblr-11898	410	30	to	to	ADP
cblr-11898	410	31	its	its	PRON
cblr-11898	410	32	original	original	ADJ
cblr-11898	410	33	intent	intent	NOUN
cblr-11898	410	34	of	of	ADP
cblr-11898	410	35	protecting	protect	VERB
cblr-11898	410	36	investors	investor	NOUN
cblr-11898	410	37	while	while	SCONJ
cblr-11898	410	38	also	also	ADV
cblr-11898	410	39	encouraging	encourage	VERB
cblr-11898	410	40	companies	company	NOUN
cblr-11898	410	41	to	to	PART
cblr-11898	410	42	disperse	disperse	VERB
cblr-11898	410	43	their	their	PRON
cblr-11898	410	44	equity	equity	NOUN
cblr-11898	410	45	simultaneously	simultaneously	ADV
cblr-11898	410	46	.	.	PUNCT
cblr-11898	411	1	in	in	ADP
cblr-11898	411	2	addition	addition	NOUN
cblr-11898	411	3	,	,	PUNCT
cblr-11898	411	4	rather	rather	ADV
cblr-11898	411	5	than	than	ADP
cblr-11898	411	6	slowing	slow	VERB
cblr-11898	411	7	capital	capital	NOUN
cblr-11898	411	8	formation	formation	NOUN
cblr-11898	411	9	,	,	PUNCT
cblr-11898	411	10	it	it	PRON
cblr-11898	411	11	will	will	AUX
cblr-11898	411	12	encourage	encourage	VERB
cblr-11898	411	13	companies	company	NOUN
cblr-11898	411	14	to	to	PART
cblr-11898	411	15	turn	turn	VERB
cblr-11898	411	16	to	to	ADP
cblr-11898	411	17	the	the	DET
cblr-11898	411	18	public	public	ADJ
cblr-11898	411	19	markets	market	NOUN
cblr-11898	411	20	for	for	ADP
cblr-11898	411	21	necessary	necessary	ADJ
cblr-11898	411	22	capital	capital	NOUN
cblr-11898	411	23	,	,	PUNCT
cblr-11898	411	24	allowing	allow	VERB
cblr-11898	411	25	for	for	SCONJ
cblr-11898	411	26	more	more	ADJ
cblr-11898	411	27	investors	investor	NOUN
cblr-11898	411	28	to	to	PART
cblr-11898	411	29	invest	invest	VERB
cblr-11898	411	30	in	in	ADP
cblr-11898	411	31	a	a	DET
cblr-11898	411	32	broader	broad	ADJ
cblr-11898	411	33	range	range	NOUN
cblr-11898	411	34	of	of	ADP
cblr-11898	411	35	companies	company	NOUN
cblr-11898	411	36	.	.	PUNCT
cblr-11898	412	1	instead	instead	ADV
cblr-11898	412	2	of	of	ADP
cblr-11898	412	3	87	87	NUM
cblr-11898	412	4	see	see	NOUN
cblr-11898	412	5	gutentag	gutentag	NOUN
cblr-11898	412	6	,	,	PUNCT
cblr-11898	412	7	supra	supra	PROPN
cblr-11898	412	8	note	note	PROPN
cblr-11898	412	9	86	86	NUM
cblr-11898	412	10	,	,	PUNCT
cblr-11898	412	11	at	at	ADP
cblr-11898	412	12	152	152	NUM
cblr-11898	412	13	.	.	PUNCT
cblr-11898	412	14	88	88	NUM
cblr-11898	412	15	morrison	morrison	PROPN
cblr-11898	412	16	&	&	CCONJ
cblr-11898	412	17	foerster	foerster	PROPN
cblr-11898	412	18	,	,	PUNCT
cblr-11898	412	19	late	late	ADJ
cblr-11898	412	20	stage	stage	NOUN
cblr-11898	412	21	financings	financing	NOUN
cblr-11898	412	22	presentation	presentation	NOUN
cblr-11898	412	23	(	(	PUNCT
cblr-11898	412	24	apr	apr	NOUN
cblr-11898	412	25	.	.	PROPN
cblr-11898	412	26	26	26	NUM
cblr-11898	412	27	-	-	SYM
cblr-11898	412	28	27	27	NUM
cblr-11898	412	29	,	,	PUNCT
cblr-11898	412	30	2016	2016	NUM
cblr-11898	412	31	)	)	PUNCT
cblr-11898	412	32	,	,	PUNCT
cblr-11898	412	33	https://media2.mofo.com/documents/160426latestagefinancings.pdf	https://media2.mofo.com/documents/160426latestagefinancings.pdf	NUM
cblr-11898	412	34	.	.	PUNCT
cblr-11898	413	1	(	(	PUNCT
cblr-11898	413	2	“	"	PUNCT
cblr-11898	413	3	[	[	X
cblr-11898	413	4	t]he	t]he	ADJ
cblr-11898	413	5	jobs	job	NOUN
cblr-11898	413	6	act	act	VERB
cblr-11898	413	7	related	related	ADJ
cblr-11898	413	8	changes	change	NOUN
cblr-11898	413	9	affecting	affect	VERB
cblr-11898	413	10	the	the	DET
cblr-11898	413	11	private	private	ADJ
cblr-11898	413	12	market	market	NOUN
cblr-11898	413	13	may	may	AUX
cblr-11898	413	14	be	be	AUX
cblr-11898	413	15	more	more	ADV
cblr-11898	413	16	significant	significant	ADJ
cblr-11898	413	17	[:	[:	X
cblr-11898	413	18	]	]	X
cblr-11898	413	19	title	title	NOUN
cblr-11898	413	20	v	v	NOUN
cblr-11898	413	21	and	and	CCONJ
cblr-11898	413	22	title	title	NOUN
cblr-11898	413	23	vi	vi	PROPN
cblr-11898	413	24	changes	change	NOUN
cblr-11898	413	25	to	to	ADP
cblr-11898	413	26	the	the	DET
cblr-11898	413	27	exchange	exchange	NOUN
cblr-11898	413	28	act	act	NOUN
cblr-11898	413	29	section	section	NOUN
cblr-11898	413	30	12(g	12(g	NUM
cblr-11898	413	31	)	)	PUNCT
cblr-11898	413	32	threshold	threshold	NOUN
cblr-11898	414	1	[	[	X
cblr-11898	414	2	,	,	PUNCT
cblr-11898	414	3	]	]	PUNCT
cblr-11898	414	4	changes	change	NOUN
cblr-11898	414	5	to	to	PART
cblr-11898	414	6	rule	rule	VERB
cblr-11898	414	7	506	506	NUM
cblr-11898	414	8	[	[	NOUN
cblr-11898	414	9	,	,	PUNCT
cblr-11898	414	10	and	and	CCONJ
cblr-11898	414	11	]	]	X
cblr-11898	414	12	legal	legal	ADJ
cblr-11898	414	13	certainty	certainty	NOUN
cblr-11898	414	14	for	for	ADP
cblr-11898	414	15	matchmaking	matchmaking	NOUN
cblr-11898	414	16	platforms	platform	NOUN
cblr-11898	414	17	.	.	PUNCT
cblr-11898	414	18	”	"	PUNCT
cblr-11898	414	19	)	)	PUNCT
cblr-11898	414	20	.	.	PUNCT
cblr-11898	415	1	88	88	NUM
cblr-11898	415	2	u.s	u.s	PROPN
cblr-11898	415	3	.	.	PROPN
cblr-11898	415	4	sec	sec	PROPN
cblr-11898	415	5	.	.	PROPN
cblr-11898	415	6	&	&	CCONJ
cblr-11898	415	7	exch	exch	PROPN
cblr-11898	415	8	.	.	PUNCT
cblr-11898	416	1	comm’n	comm’n	NOUN
cblr-11898	416	2	,	,	PUNCT
cblr-11898	416	3	changes	change	NOUN
cblr-11898	416	4	to	to	PART
cblr-11898	416	5	exchange	exchange	VERB
cblr-11898	416	6	act	act	NOUN
cblr-11898	416	7	registration	registration	NOUN
cblr-11898	416	8	requirements	requirement	NOUN
cblr-11898	416	9	to	to	PART
cblr-11898	416	10	implement	implement	VERB
cblr-11898	416	11	title	title	NOUN
cblr-11898	416	12	v	v	NOUN
cblr-11898	416	13	and	and	CCONJ
cblr-11898	416	14	title	title	NOUN
cblr-11898	416	15	vi	vi	PROPN
cblr-11898	416	16	of	of	ADP
cblr-11898	416	17	the	the	DET
cblr-11898	416	18	jobs	job	NOUN
cblr-11898	416	19	act	act	PROPN
cblr-11898	416	20	,	,	PUNCT
cblr-11898	416	21	12	12	NUM
cblr-11898	416	22	(	(	PUNCT
cblr-11898	416	23	2016	2016	NUM
cblr-11898	416	24	)	)	PUNCT
cblr-11898	417	1	https://www.sec.gov/rules/final/2016/33-10075.pdf	https://www.sec.gov/rules/final/2016/33-10075.pdf	PROPN
cblr-11898	418	1	[	[	X
cblr-11898	418	2	https://perma.cc/pe733fmp	https://perma.cc/pe733fmp	X
cblr-11898	418	3	]	]	PUNCT
cblr-11898	418	4	.	.	PUNCT
cblr-11898	418	5	94	94	NUM
cblr-11898	418	6	columbia	columbia	PROPN
cblr-11898	418	7	business	business	NOUN
cblr-11898	418	8	law	law	PROPN
cblr-11898	418	9	review	review	NOUN
cblr-11898	419	1	[	[	X
cblr-11898	419	2	vol	vol	NOUN
cblr-11898	419	3	.	.	PUNCT
cblr-11898	419	4	2023	2023	NUM
cblr-11898	419	5	allowing	allow	VERB
cblr-11898	419	6	for	for	SCONJ
cblr-11898	419	7	companies	company	NOUN
cblr-11898	419	8	to	to	PART
cblr-11898	419	9	remain	remain	VERB
cblr-11898	419	10	illiquid	illiquid	ADJ
cblr-11898	419	11	,	,	PUNCT
cblr-11898	419	12	but	but	CCONJ
cblr-11898	419	13	continue	continue	VERB
cblr-11898	419	14	to	to	PART
cblr-11898	419	15	grow	grow	VERB
cblr-11898	419	16	,	,	PUNCT
cblr-11898	419	17	companies	company	NOUN
cblr-11898	419	18	will	will	AUX
cblr-11898	419	19	be	be	AUX
cblr-11898	419	20	subject	subject	ADJ
cblr-11898	419	21	to	to	ADP
cblr-11898	419	22	the	the	DET
cblr-11898	419	23	more	more	ADV
cblr-11898	419	24	efficient	efficient	ADJ
cblr-11898	419	25	forces	force	NOUN
cblr-11898	419	26	of	of	ADP
cblr-11898	419	27	the	the	DET
cblr-11898	419	28	public	public	ADJ
cblr-11898	419	29	free	free	ADJ
cblr-11898	419	30	market	market	NOUN
cblr-11898	419	31	while	while	SCONJ
cblr-11898	419	32	also	also	ADV
cblr-11898	419	33	providing	provide	VERB
cblr-11898	419	34	their	their	PRON
cblr-11898	419	35	shareholders	shareholder	NOUN
cblr-11898	419	36	,	,	PUNCT
cblr-11898	419	37	especially	especially	ADV
cblr-11898	419	38	employees	employee	NOUN
cblr-11898	419	39	,	,	PUNCT
cblr-11898	419	40	an	an	DET
cblr-11898	419	41	ability	ability	NOUN
cblr-11898	419	42	to	to	PART
cblr-11898	419	43	have	have	AUX
cblr-11898	419	44	and	and	CCONJ
cblr-11898	419	45	make	make	VERB
cblr-11898	419	46	more	more	ADV
cblr-11898	419	47	informed	informed	ADJ
cblr-11898	419	48	investment	investment	NOUN
cblr-11898	419	49	decisions	decision	NOUN
cblr-11898	419	50	.	.	PUNCT
cblr-11898	420	1	we	we	PRON
cblr-11898	420	2	examined	examine	VERB
cblr-11898	420	3	whether	whether	SCONJ
cblr-11898	420	4	firms	firm	NOUN
cblr-11898	420	5	are	be	AUX
cblr-11898	420	6	instituting	institute	VERB
cblr-11898	420	7	any	any	DET
cblr-11898	420	8	limits	limit	NOUN
cblr-11898	420	9	on	on	ADP
cblr-11898	420	10	shareholders	shareholder	NOUN
cblr-11898	420	11	of	of	ADP
cblr-11898	420	12	record	record	NOUN
cblr-11898	420	13	.	.	PUNCT
cblr-11898	421	1	relying	rely	VERB
cblr-11898	421	2	on	on	ADP
cblr-11898	421	3	a	a	DET
cblr-11898	421	4	hand	hand	NOUN
cblr-11898	421	5	collected	collect	VERB
cblr-11898	421	6	data	datum	NOUN
cblr-11898	421	7	set	set	VERB
cblr-11898	421	8	consisting	consist	VERB
cblr-11898	421	9	of	of	ADP
cblr-11898	421	10	sec	sec	PROPN
cblr-11898	421	11	public	public	ADJ
cblr-11898	421	12	filings	filing	NOUN
cblr-11898	421	13	,	,	PUNCT
cblr-11898	421	14	we	we	PRON
cblr-11898	421	15	found	find	VERB
cblr-11898	421	16	that	that	SCONJ
cblr-11898	421	17	many	many	ADJ
cblr-11898	421	18	companies	company	NOUN
cblr-11898	421	19	have	have	VERB
cblr-11898	421	20	substantially	substantially	ADV
cblr-11898	421	21	more	more	ADV
cblr-11898	421	22	beneficial	beneficial	ADJ
cblr-11898	421	23	owners	owner	NOUN
cblr-11898	421	24	than	than	SCONJ
cblr-11898	421	25	their	their	PRON
cblr-11898	421	26	shareholder	shareholder	NOUN
cblr-11898	421	27	of	of	ADP
cblr-11898	421	28	record	record	NOUN
cblr-11898	421	29	count	count	NOUN
cblr-11898	421	30	would	would	AUX
cblr-11898	421	31	indicate	indicate	VERB
cblr-11898	421	32	.	.	PUNCT
cblr-11898	421	33	table	table	NOUN
cblr-11898	422	1	1	1	NUM
cblr-11898	422	2	:	:	PUNCT
cblr-11898	422	3	percentage	percentage	NOUN
cblr-11898	422	4	of	of	ADP
cblr-11898	422	5	ipos	ipos	NOUN
cblr-11898	422	6	with	with	ADP
cblr-11898	422	7	f-1	f-1	PROPN
cblr-11898	422	8	/	/	SYM
cblr-11898	422	9	s-1	s-1	PROPN
cblr-11898	422	10	/	/	SYM
cblr-11898	422	11	s-4s	s-4s	PROPN
cblr-11898	422	12	containing	contain	VERB
cblr-11898	422	13	beneficial	beneficial	ADJ
cblr-11898	422	14	owner	owner	NOUN
cblr-11898	422	15	language	language	NOUN
cblr-11898	422	16	in	in	ADP
cblr-11898	422	17	prospectuses	prospectus	NOUN
cblr-11898	422	18	filed	file	VERB
cblr-11898	422	19	with	with	ADP
cblr-11898	422	20	the	the	DET
cblr-11898	422	21	sec	sec	PROPN
cblr-11898	422	22	,	,	PUNCT
cblr-11898	422	23	companies	company	NOUN
cblr-11898	422	24	began	begin	VERB
cblr-11898	422	25	inserting	insert	VERB
cblr-11898	422	26	the	the	DET
cblr-11898	422	27	provision	provision	NOUN
cblr-11898	422	28	outlined	outline	VERB
cblr-11898	422	29	below	below	ADV
cblr-11898	422	30	.	.	PUNCT
cblr-11898	423	1	the	the	DET
cblr-11898	423	2	provision	provision	NOUN
cblr-11898	423	3	had	have	VERB
cblr-11898	423	4	no	no	DET
cblr-11898	423	5	legal	legal	ADJ
cblr-11898	423	6	effect	effect	NOUN
cblr-11898	423	7	but	but	CCONJ
cblr-11898	423	8	did	do	AUX
cblr-11898	423	9	acknowledge	acknowledge	VERB
cblr-11898	423	10	in	in	ADP
cblr-11898	423	11	a	a	DET
cblr-11898	423	12	public	public	ADJ
cblr-11898	423	13	filing	filing	NOUN
cblr-11898	423	14	that	that	SCONJ
cblr-11898	423	15	companies	company	NOUN
cblr-11898	423	16	are	be	AUX
cblr-11898	423	17	aware	aware	ADJ
cblr-11898	423	18	of	of	ADP
cblr-11898	423	19	several	several	ADJ
cblr-11898	423	20	key	key	ADJ
cblr-11898	423	21	facts	fact	NOUN
cblr-11898	423	22	.	.	PUNCT
cblr-11898	424	1	first	first	ADV
cblr-11898	424	2	,	,	PUNCT
cblr-11898	424	3	they	they	PRON
cblr-11898	424	4	have	have	VERB
cblr-11898	424	5	substantially	substantially	ADV
cblr-11898	424	6	more	more	ADV
cblr-11898	424	7	beneficial	beneficial	ADJ
cblr-11898	424	8	owners	owner	NOUN
cblr-11898	424	9	than	than	SCONJ
cblr-11898	424	10	their	their	PRON
cblr-11898	424	11	shareholder	shareholder	NOUN
cblr-11898	424	12	of	of	ADP
cblr-11898	424	13	record	record	NOUN
cblr-11898	424	14	count	count	NOUN
cblr-11898	424	15	would	would	AUX
cblr-11898	424	16	indicate	indicate	VERB
cblr-11898	424	17	.	.	PUNCT
cblr-11898	425	1	when	when	SCONJ
cblr-11898	425	2	viewed	view	VERB
cblr-11898	425	3	within	within	ADP
cblr-11898	425	4	the	the	DET
cblr-11898	425	5	context	context	NOUN
cblr-11898	425	6	of	of	ADP
cblr-11898	425	7	an	an	DET
cblr-11898	425	8	s-1	s-1	NOUN
cblr-11898	425	9	or	or	CCONJ
cblr-11898	425	10	s-4	s-4	NOUN
cblr-11898	425	11	,	,	PUNCT
cblr-11898	425	12	it	it	PRON
cblr-11898	425	13	also	also	ADV
cblr-11898	425	14	indicates	indicate	VERB
cblr-11898	425	15	that	that	SCONJ
cblr-11898	425	16	they	they	PRON
cblr-11898	425	17	know	know	VERB
cblr-11898	425	18	0.000	0.000	NUM
cblr-11898	425	19	%	%	NOUN
cblr-11898	425	20	5.000	5.000	NUM
cblr-11898	425	21	%	%	NOUN
cblr-11898	425	22	10.000	10.000	NUM
cblr-11898	425	23	%	%	NOUN
cblr-11898	425	24	15.000	15.000	NUM
cblr-11898	425	25	%	%	NOUN
cblr-11898	425	26	20.000	20.000	NUM
cblr-11898	425	27	%	%	NOUN
cblr-11898	425	28	25.000	25.000	NUM
cblr-11898	425	29	%	%	NOUN
cblr-11898	425	30	2000	2000	NUM
cblr-11898	425	31	2002	2002	NUM
cblr-11898	425	32	2004	2004	NUM
cblr-11898	425	33	2006	2006	NUM
cblr-11898	425	34	2008	2008	NUM
cblr-11898	425	35	2010	2010	NUM
cblr-11898	425	36	2012	2012	NUM
cblr-11898	425	37	2014	2014	NUM
cblr-11898	425	38	2016	2016	NUM
cblr-11898	425	39	2018	2018	NUM
cblr-11898	425	40	2020	2020	NUM
cblr-11898	425	41	percentage	percentage	NOUN
cblr-11898	425	42	of	of	ADP
cblr-11898	425	43	ipos	ipos	NOUN
cblr-11898	425	44	with	with	ADP
cblr-11898	425	45	f-1	f-1	PROPN
cblr-11898	425	46	/	/	SYM
cblr-11898	425	47	s-1	s-1	PROPN
cblr-11898	425	48	/	/	SYM
cblr-11898	425	49	s-4s	s-4s	PROPN
cblr-11898	425	50	containing	contain	VERB
cblr-11898	425	51	beneficial	beneficial	ADJ
cblr-11898	425	52	owner	owner	NOUN
cblr-11898	425	53	language	language	NOUN
cblr-11898	425	54	no	no	NOUN
cblr-11898	425	55	.	.	NOUN
cblr-11898	425	56	1	1	NUM
cblr-11898	425	57	]	]	X
cblr-11898	425	58	mythical	mythical	ADJ
cblr-11898	425	59	unicorns	unicorn	NOUN
cblr-11898	425	60	and	and	CCONJ
cblr-11898	425	61	how	how	SCONJ
cblr-11898	425	62	to	to	PART
cblr-11898	425	63	find	find	VERB
cblr-11898	425	64	them	they	PRON
cblr-11898	425	65	95	95	NUM
cblr-11898	425	66	precisely	precisely	ADV
cblr-11898	425	67	who	who	PRON
cblr-11898	425	68	these	these	DET
cblr-11898	425	69	shareholders	shareholder	NOUN
cblr-11898	425	70	are	be	AUX
cblr-11898	425	71	,	,	PUNCT
cblr-11898	425	72	their	their	PRON
cblr-11898	425	73	present	present	ADJ
cblr-11898	425	74	equity	equity	NOUN
cblr-11898	425	75	holdings	holding	NOUN
cblr-11898	425	76	in	in	ADP
cblr-11898	425	77	the	the	DET
cblr-11898	425	78	company	company	NOUN
cblr-11898	425	79	,	,	PUNCT
cblr-11898	425	80	and	and	CCONJ
cblr-11898	425	81	how	how	SCONJ
cblr-11898	425	82	to	to	PART
cblr-11898	425	83	contact	contact	VERB
cblr-11898	425	84	them	they	PRON
cblr-11898	425	85	to	to	PART
cblr-11898	425	86	deliver	deliver	VERB
cblr-11898	425	87	the	the	DET
cblr-11898	425	88	requisite	requisite	ADJ
cblr-11898	425	89	materials	material	NOUN
cblr-11898	425	90	needed	need	VERB
cblr-11898	425	91	to	to	PART
cblr-11898	425	92	vote	vote	VERB
cblr-11898	425	93	on	on	ADP
cblr-11898	425	94	major	major	ADJ
cblr-11898	425	95	transactions	transaction	NOUN
cblr-11898	425	96	such	such	ADJ
cblr-11898	425	97	as	as	ADP
cblr-11898	425	98	approving	approve	VERB
cblr-11898	425	99	an	an	DET
cblr-11898	425	100	ipo	ipo	NOUN
cblr-11898	425	101	or	or	CCONJ
cblr-11898	425	102	sale	sale	NOUN
cblr-11898	425	103	of	of	ADP
cblr-11898	425	104	the	the	DET
cblr-11898	425	105	firm	firm	NOUN
cblr-11898	425	106	.	.	PUNCT
cblr-11898	426	1	the	the	DET
cblr-11898	426	2	earliest	early	ADJ
cblr-11898	426	3	example	example	NOUN
cblr-11898	426	4	of	of	ADP
cblr-11898	426	5	such	such	DET
cblr-11898	426	6	a	a	DET
cblr-11898	426	7	provision	provision	NOUN
cblr-11898	426	8	was	be	AUX
cblr-11898	426	9	found	find	VERB
cblr-11898	426	10	in	in	ADP
cblr-11898	426	11	2005	2005	NUM
cblr-11898	426	12	.	.	PUNCT
cblr-11898	427	1	in	in	ADP
cblr-11898	427	2	the	the	DET
cblr-11898	427	3	12	12	NUM
cblr-11898	427	4	years	year	NOUN
cblr-11898	427	5	before	before	ADP
cblr-11898	427	6	the	the	DET
cblr-11898	427	7	passage	passage	NOUN
cblr-11898	427	8	of	of	ADP
cblr-11898	427	9	the	the	DET
cblr-11898	427	10	jobs	job	NOUN
cblr-11898	427	11	act	act	PROPN
cblr-11898	427	12	,	,	PUNCT
cblr-11898	427	13	it	it	PRON
cblr-11898	427	14	was	be	AUX
cblr-11898	427	15	found	find	VERB
cblr-11898	427	16	in	in	ADP
cblr-11898	427	17	a	a	DET
cblr-11898	427	18	total	total	NOUN
cblr-11898	427	19	of	of	ADP
cblr-11898	427	20	11	11	NUM
cblr-11898	427	21	unique	unique	ADJ
cblr-11898	427	22	companies	company	NOUN
cblr-11898	427	23	’	'	PUNCT
cblr-11898	427	24	filings	filing	NOUN
cblr-11898	427	25	.	.	PUNCT
cblr-11898	428	1	after	after	ADP
cblr-11898	428	2	the	the	DET
cblr-11898	428	3	passage	passage	NOUN
cblr-11898	428	4	of	of	ADP
cblr-11898	428	5	the	the	DET
cblr-11898	428	6	jobs	job	NOUN
cblr-11898	428	7	act	act	PROPN
cblr-11898	428	8	,	,	PUNCT
cblr-11898	428	9	this	this	DET
cblr-11898	428	10	number	number	NOUN
cblr-11898	428	11	increased	increase	VERB
cblr-11898	428	12	an	an	DET
cblr-11898	428	13	average	average	NOUN
cblr-11898	428	14	of	of	ADP
cblr-11898	428	15	49	49	NUM
cblr-11898	428	16	unique	unique	ADJ
cblr-11898	428	17	companies	company	NOUN
cblr-11898	428	18	annually	annually	ADV
cblr-11898	428	19	.	.	PUNCT
cblr-11898	429	1	this	this	DET
cblr-11898	429	2	chart	chart	NOUN
cblr-11898	429	3	represents	represent	VERB
cblr-11898	429	4	the	the	DET
cblr-11898	429	5	percentage	percentage	NOUN
cblr-11898	429	6	of	of	ADP
cblr-11898	429	7	ipo	ipo	NOUN
cblr-11898	429	8	which	which	PRON
cblr-11898	429	9	had	have	VERB
cblr-11898	429	10	prospectuses	prospectus	NOUN
cblr-11898	429	11	or	or	CCONJ
cblr-11898	429	12	merger	merger	NOUN
cblr-11898	429	13	proxies	proxy	NOUN
cblr-11898	429	14	(	(	PUNCT
cblr-11898	429	15	s-1	s-1	PROPN
cblr-11898	429	16	,	,	PUNCT
cblr-11898	429	17	f-1	f-1	NOUN
cblr-11898	429	18	,	,	PUNCT
cblr-11898	429	19	or	or	CCONJ
cblr-11898	429	20	s-4	s-4	NOUN
cblr-11898	429	21	)	)	PUNCT
cblr-11898	429	22	containing	contain	VERB
cblr-11898	429	23	such	such	DET
cblr-11898	429	24	a	a	DET
cblr-11898	429	25	statement	statement	NOUN
cblr-11898	429	26	.	.	PUNCT
cblr-11898	430	1	here	here	ADV
cblr-11898	430	2	is	be	AUX
cblr-11898	430	3	an	an	DET
cblr-11898	430	4	example	example	NOUN
cblr-11898	430	5	provision	provision	NOUN
cblr-11898	430	6	from	from	ADP
cblr-11898	430	7	linkedin	linkedin	NOUN
cblr-11898	430	8	’s	’s	PART
cblr-11898	430	9	s-1	s-1	NOUN
cblr-11898	430	10	(	(	PUNCT
cblr-11898	430	11	prejobs	prejobs	PROPN
cblr-11898	430	12	act	act	PROPN
cblr-11898	430	13	):	):	PUNCT
cblr-11898	430	14	as	as	ADP
cblr-11898	430	15	of	of	ADP
cblr-11898	430	16	september	september	PROPN
cblr-11898	430	17	30	30	NUM
cblr-11898	430	18	,	,	PUNCT
cblr-11898	430	19	2011	2011	NUM
cblr-11898	430	20	,	,	PUNCT
cblr-11898	430	21	we	we	PRON
cblr-11898	430	22	had	have	VERB
cblr-11898	430	23	22	22	NUM
cblr-11898	430	24	holders	holder	NOUN
cblr-11898	430	25	of	of	ADP
cblr-11898	430	26	record	record	NOUN
cblr-11898	430	27	of	of	ADP
cblr-11898	430	28	our	our	PRON
cblr-11898	430	29	class	class	NOUN
cblr-11898	430	30	a	a	DET
cblr-11898	430	31	common	common	ADJ
cblr-11898	430	32	stock	stock	NOUN
cblr-11898	430	33	and	and	CCONJ
cblr-11898	430	34	571	571	NUM
cblr-11898	430	35	holders	holder	NOUN
cblr-11898	430	36	of	of	ADP
cblr-11898	430	37	record	record	NOUN
cblr-11898	430	38	of	of	ADP
cblr-11898	430	39	our	our	PRON
cblr-11898	430	40	class	class	NOUN
cblr-11898	430	41	b	b	NOUN
cblr-11898	430	42	common	common	ADJ
cblr-11898	430	43	stock	stock	NOUN
cblr-11898	430	44	.	.	PUNCT
cblr-11898	431	1	the	the	DET
cblr-11898	431	2	actual	actual	ADJ
cblr-11898	431	3	number	number	NOUN
cblr-11898	431	4	of	of	ADP
cblr-11898	431	5	stockholders	stockholder	NOUN
cblr-11898	431	6	is	be	AUX
cblr-11898	431	7	greater	great	ADJ
cblr-11898	431	8	than	than	ADP
cblr-11898	431	9	this	this	DET
cblr-11898	431	10	number	number	NOUN
cblr-11898	431	11	of	of	ADP
cblr-11898	431	12	record	record	NOUN
cblr-11898	431	13	holders	holder	NOUN
cblr-11898	431	14	,	,	PUNCT
cblr-11898	431	15	and	and	CCONJ
cblr-11898	431	16	includes	include	VERB
cblr-11898	431	17	stockholders	stockholder	NOUN
cblr-11898	431	18	who	who	PRON
cblr-11898	431	19	are	be	AUX
cblr-11898	431	20	beneficial	beneficial	ADJ
cblr-11898	431	21	owners	owner	NOUN
cblr-11898	431	22	,	,	PUNCT
cblr-11898	431	23	but	but	CCONJ
cblr-11898	431	24	whose	whose	DET
cblr-11898	431	25	shares	share	NOUN
cblr-11898	431	26	are	be	AUX
cblr-11898	431	27	held	hold	VERB
cblr-11898	431	28	in	in	ADP
cblr-11898	431	29	street	street	NOUN
cblr-11898	431	30	name	name	NOUN
cblr-11898	431	31	by	by	ADP
cblr-11898	431	32	brokers	broker	NOUN
cblr-11898	431	33	and	and	CCONJ
cblr-11898	431	34	other	other	ADJ
cblr-11898	431	35	nominees	nominee	NOUN
cblr-11898	431	36	.	.	PUNCT
cblr-11898	432	1	the	the	DET
cblr-11898	432	2	number	number	NOUN
cblr-11898	432	3	of	of	ADP
cblr-11898	432	4	holders	holder	NOUN
cblr-11898	432	5	of	of	ADP
cblr-11898	432	6	record	record	NOUN
cblr-11898	432	7	also	also	ADV
cblr-11898	432	8	does	do	AUX
cblr-11898	432	9	not	not	PART
cblr-11898	432	10	include	include	VERB
cblr-11898	432	11	stockholders	stockholder	NOUN
cblr-11898	432	12	whose	whose	DET
cblr-11898	432	13	shares	share	NOUN
cblr-11898	432	14	may	may	AUX
cblr-11898	432	15	be	be	AUX
cblr-11898	432	16	held	hold	VERB
cblr-11898	432	17	in	in	ADP
cblr-11898	432	18	trust	trust	NOUN
cblr-11898	432	19	by	by	ADP
cblr-11898	432	20	other	other	ADJ
cblr-11898	432	21	entities	entity	NOUN
cblr-11898	432	22	.	.	PUNCT
cblr-11898	433	1	96	96	NUM
cblr-11898	433	2	columbia	columbia	PROPN
cblr-11898	433	3	business	business	NOUN
cblr-11898	433	4	law	law	PROPN
cblr-11898	433	5	review	review	NOUN
cblr-11898	433	6	[	[	X
cblr-11898	433	7	vol	vol	NOUN
cblr-11898	433	8	.	.	PUNCT
cblr-11898	433	9	2023	2023	NUM
cblr-11898	433	10	table	table	NOUN
cblr-11898	433	11	2	2	NUM
cblr-11898	433	12	:	:	PUNCT
cblr-11898	433	13	unicorn	unicorn	ADJ
cblr-11898	433	14	ipo	ipo	PROPN
cblr-11898	433	15	shareholders	shareholder	NOUN
cblr-11898	433	16	of	of	ADP
cblr-11898	433	17	record	record	NOUN
cblr-11898	433	18	by	by	ADP
cblr-11898	433	19	year	year	NOUN
cblr-11898	433	20	2011	2011	NUM
cblr-11898	433	21	-	-	SYM
cblr-11898	433	22	2021	2021	NUM
cblr-11898	433	23	this	this	DET
cblr-11898	433	24	table	table	NOUN
cblr-11898	433	25	represents	represent	VERB
cblr-11898	433	26	the	the	DET
cblr-11898	433	27	number	number	NOUN
cblr-11898	433	28	of	of	ADP
cblr-11898	433	29	shareholders	shareholder	NOUN
cblr-11898	433	30	of	of	ADP
cblr-11898	433	31	record	record	NOUN
cblr-11898	433	32	of	of	ADP
cblr-11898	433	33	the	the	DET
cblr-11898	433	34	largest	large	ADJ
cblr-11898	433	35	classes	class	NOUN
cblr-11898	433	36	of	of	ADP
cblr-11898	433	37	equity	equity	NOUN
cblr-11898	433	38	in	in	ADP
cblr-11898	433	39	unicorn	unicorn	ADJ
cblr-11898	433	40	ipos	ipos	NOUN
cblr-11898	433	41	immediately	immediately	ADV
cblr-11898	433	42	before	before	ADP
cblr-11898	433	43	and	and	CCONJ
cblr-11898	433	44	in	in	ADP
cblr-11898	433	45	the	the	DET
cblr-11898	433	46	decade	decade	NOUN
cblr-11898	433	47	since	since	SCONJ
cblr-11898	433	48	the	the	DET
cblr-11898	433	49	passage	passage	NOUN
cblr-11898	433	50	of	of	ADP
cblr-11898	433	51	the	the	DET
cblr-11898	433	52	jobs	job	NOUN
cblr-11898	433	53	act	act	PROPN
cblr-11898	433	54	.	.	PUNCT
cblr-11898	434	1	the	the	DET
cblr-11898	434	2	black	black	ADJ
cblr-11898	434	3	lines	line	NOUN
cblr-11898	434	4	represent	represent	VERB
cblr-11898	434	5	the	the	DET
cblr-11898	434	6	previous	previous	ADJ
cblr-11898	434	7	500	500	NUM
cblr-11898	434	8	shareholder	shareholder	NOUN
cblr-11898	434	9	of	of	ADP
cblr-11898	434	10	record	record	NOUN
cblr-11898	434	11	threshold	threshold	NOUN
cblr-11898	434	12	and	and	CCONJ
cblr-11898	434	13	its	its	PRON
cblr-11898	434	14	new	new	ADJ
cblr-11898	434	15	level	level	NOUN
cblr-11898	434	16	at	at	ADP
cblr-11898	434	17	2,000	2,000	NUM
cblr-11898	434	18	following	follow	VERB
cblr-11898	434	19	section	section	NOUN
cblr-11898	434	20	12(g	12(g	NUM
cblr-11898	434	21	)	)	PUNCT
cblr-11898	434	22	’s	’s	PART
cblr-11898	434	23	amendment	amendment	NOUN
cblr-11898	434	24	.	.	PUNCT
cblr-11898	435	1	the	the	DET
cblr-11898	435	2	red	red	ADJ
cblr-11898	435	3	line	line	NOUN
cblr-11898	435	4	is	be	AUX
cblr-11898	435	5	a	a	DET
cblr-11898	435	6	linear	linear	ADJ
cblr-11898	435	7	trendline	trendline	NOUN
cblr-11898	435	8	based	base	VERB
cblr-11898	435	9	on	on	ADP
cblr-11898	435	10	the	the	DET
cblr-11898	435	11	data	datum	NOUN
cblr-11898	435	12	.	.	PUNCT
cblr-11898	436	1	the	the	DET
cblr-11898	436	2	table	table	NOUN
cblr-11898	436	3	in	in	ADP
cblr-11898	436	4	appendix	appendix	NOUN
cblr-11898	436	5	i	i	PRON
cblr-11898	436	6	below	below	ADV
cblr-11898	436	7	represents	represent	VERB
cblr-11898	436	8	the	the	DET
cblr-11898	436	9	raw	raw	ADJ
cblr-11898	436	10	data	data	NOUN
cblr-11898	436	11	points	point	NOUN
cblr-11898	436	12	presented	present	VERB
cblr-11898	436	13	visually	visually	ADV
cblr-11898	436	14	above	above	ADV
cblr-11898	436	15	.	.	PUNCT
cblr-11898	437	1	any	any	DET
cblr-11898	437	2	red	red	ADJ
cblr-11898	437	3	highlighted	highlight	VERB
cblr-11898	437	4	box	box	PROPN
cblr-11898	437	5	denotes	denote	VERB
cblr-11898	437	6	a	a	DET
cblr-11898	437	7	company	company	NOUN
cblr-11898	437	8	which	which	PRON
cblr-11898	437	9	went	go	VERB
cblr-11898	437	10	public	public	ADJ
cblr-11898	437	11	in	in	ADP
cblr-11898	437	12	violation	violation	NOUN
cblr-11898	437	13	of	of	ADP
cblr-11898	437	14	the	the	DET
cblr-11898	437	15	section	section	NOUN
cblr-11898	437	16	12(g	12(g	NUM
cblr-11898	437	17	)	)	PUNCT
cblr-11898	437	18	thresholds	threshold	NOUN
cblr-11898	437	19	at	at	ADP
cblr-11898	437	20	the	the	DET
cblr-11898	437	21	time	time	NOUN
cblr-11898	437	22	of	of	ADP
cblr-11898	437	23	its	its	PRON
cblr-11898	437	24	s-1	s-1	NOUN
cblr-11898	437	25	filing	filing	NOUN
cblr-11898	437	26	.	.	PUNCT
cblr-11898	438	1	any	any	DET
cblr-11898	438	2	orange	orange	PROPN
cblr-11898	438	3	highlighted	highlight	VERB
cblr-11898	438	4	box	box	PROPN
cblr-11898	438	5	denotes	denote	VERB
cblr-11898	438	6	a	a	DET
cblr-11898	438	7	company	company	NOUN
cblr-11898	438	8	which	which	PRON
cblr-11898	438	9	has	have	AUX
cblr-11898	438	10	gone	go	VERB
cblr-11898	438	11	public	public	ADJ
cblr-11898	438	12	since	since	SCONJ
cblr-11898	438	13	the	the	DET
cblr-11898	438	14	passage	passage	NOUN
cblr-11898	438	15	of	of	ADP
cblr-11898	438	16	the	the	DET
cblr-11898	438	17	jobs	job	NOUN
cblr-11898	438	18	act	act	VERB
cblr-11898	438	19	and	and	CCONJ
cblr-11898	438	20	would	would	AUX
cblr-11898	438	21	be	be	AUX
cblr-11898	438	22	in	in	ADP
cblr-11898	438	23	violation	violation	NOUN
cblr-11898	438	24	of	of	ADP
cblr-11898	438	25	the	the	DET
cblr-11898	438	26	previous	previous	ADJ
cblr-11898	438	27	500	500	NUM
cblr-11898	438	28	shareholder	shareholder	NOUN
cblr-11898	438	29	of	of	ADP
cblr-11898	438	30	record	record	NOUN
cblr-11898	438	31	limit	limit	NOUN
cblr-11898	438	32	.	.	PUNCT
cblr-11898	439	1	the	the	DET
cblr-11898	439	2	result	result	NOUN
cblr-11898	439	3	of	of	ADP
cblr-11898	439	4	this	this	DET
cblr-11898	439	5	data	data	NOUN
cblr-11898	439	6	would	would	AUX
cblr-11898	439	7	indicate	indicate	VERB
cblr-11898	439	8	that	that	SCONJ
cblr-11898	439	9	after	after	ADP
cblr-11898	439	10	the	the	DET
cblr-11898	439	11	passage	passage	NOUN
cblr-11898	439	12	of	of	ADP
cblr-11898	439	13	the	the	DET
cblr-11898	439	14	jobs	job	NOUN
cblr-11898	439	15	act	act	PROPN
cblr-11898	439	16	,	,	PUNCT
cblr-11898	439	17	unicorn	unicorn	ADJ
cblr-11898	439	18	firms	firm	NOUN
cblr-11898	439	19	were	be	AUX
cblr-11898	439	20	more	more	ADJ
cblr-11898	439	21	than	than	ADP
cblr-11898	439	22	571linkedin	571linkedin	PROPN
cblr-11898	439	23	1070	1070	NUM
cblr-11898	439	24	facebook	facebook	PROPN
cblr-11898	439	25	2658	2658	NUM
cblr-11898	439	26	dropbox	dropbox	PROPN
cblr-11898	439	27	2301	2301	NUM
cblr-11898	439	28	lyft	lyft	NOUN
cblr-11898	439	29	2223	2223	NUM
cblr-11898	439	30	uber	uber	ADJ
cblr-11898	439	31	2794	2794	NUM
cblr-11898	439	32	palantir	palantir	NOUN
cblr-11898	439	33	3702	3702	PROPN
cblr-11898	439	34	uipath	uipath	PROPN
cblr-11898	439	35	0	0	NUM
cblr-11898	439	36	500	500	NUM
cblr-11898	439	37	1000	1000	NUM
cblr-11898	439	38	1500	1500	NUM
cblr-11898	439	39	2000	2000	NUM
cblr-11898	439	40	2500	2500	NUM
cblr-11898	439	41	3000	3000	NUM
cblr-11898	439	42	3500	3500	NUM
cblr-11898	439	43	4000	4000	NUM
cblr-11898	439	44	jul-09	jul-09	NOUN
cblr-11898	439	45	apr-12	apr-12	NOUN
cblr-11898	439	46	dec-14	dec-14	NUM
cblr-11898	439	47	sep-17	sep-17	ADP
cblr-11898	439	48	jun-20	jun-20	NOUN
cblr-11898	439	49	mar-23	mar-23	PROPN
cblr-11898	439	50	unicorn	unicorn	PROPN
cblr-11898	439	51	ipo	ipo	PROPN
cblr-11898	439	52	shareholders	shareholder	NOUN
cblr-11898	439	53	of	of	ADP
cblr-11898	439	54	record	record	NOUN
cblr-11898	439	55	by	by	ADP
cblr-11898	439	56	year	year	NOUN
cblr-11898	439	57	2011	2011	NUM
cblr-11898	439	58	-	-	SYM
cblr-11898	439	59	2021	2021	NUM
cblr-11898	439	60	no	no	NOUN
cblr-11898	439	61	.	.	NOUN
cblr-11898	439	62	1	1	NUM
cblr-11898	439	63	]	]	X
cblr-11898	439	64	mythical	mythical	ADJ
cblr-11898	439	65	unicorns	unicorn	NOUN
cblr-11898	439	66	and	and	CCONJ
cblr-11898	439	67	how	how	SCONJ
cblr-11898	439	68	to	to	PART
cblr-11898	439	69	find	find	VERB
cblr-11898	439	70	them	they	PRON
cblr-11898	439	71	97	97	NUM
cblr-11898	439	72	willing	willing	ADJ
cblr-11898	439	73	to	to	PART
cblr-11898	439	74	allow	allow	VERB
cblr-11898	439	75	for	for	ADP
cblr-11898	439	76	an	an	DET
cblr-11898	439	77	increase	increase	NOUN
cblr-11898	439	78	in	in	ADP
cblr-11898	439	79	the	the	DET
cblr-11898	439	80	overall	overall	ADJ
cblr-11898	439	81	number	number	NOUN
cblr-11898	439	82	of	of	ADP
cblr-11898	439	83	shareholders	shareholder	NOUN
cblr-11898	439	84	of	of	ADP
cblr-11898	439	85	record	record	NOUN
cblr-11898	439	86	.	.	PUNCT
cblr-11898	440	1	even	even	ADV
cblr-11898	440	2	with	with	ADP
cblr-11898	440	3	the	the	DET
cblr-11898	440	4	increased	increase	VERB
cblr-11898	440	5	usage	usage	NOUN
cblr-11898	440	6	in	in	ADP
cblr-11898	440	7	spvs	spv	NOUN
cblr-11898	440	8	,	,	PUNCT
cblr-11898	440	9	the	the	DET
cblr-11898	440	10	average	average	ADJ
cblr-11898	440	11	number	number	NOUN
cblr-11898	440	12	has	have	AUX
cblr-11898	440	13	more	more	ADV
cblr-11898	440	14	than	than	ADP
cblr-11898	440	15	doubled	double	VERB
cblr-11898	440	16	.	.	PUNCT
cblr-11898	441	1	this	this	PRON
cblr-11898	441	2	flies	fly	VERB
cblr-11898	441	3	in	in	ADP
cblr-11898	441	4	the	the	DET
cblr-11898	441	5	face	face	NOUN
cblr-11898	441	6	of	of	ADP
cblr-11898	441	7	the	the	DET
cblr-11898	441	8	reality	reality	NOUN
cblr-11898	441	9	that	that	PRON
cblr-11898	441	10	congress	congress	PROPN
cblr-11898	441	11	decided	decide	VERB
cblr-11898	441	12	in	in	ADP
cblr-11898	441	13	1964	1964	NUM
cblr-11898	441	14	that	that	SCONJ
cblr-11898	441	15	500	500	NUM
cblr-11898	441	16	shareholders	shareholder	NOUN
cblr-11898	441	17	was	be	AUX
cblr-11898	441	18	the	the	DET
cblr-11898	441	19	appropriate	appropriate	ADJ
cblr-11898	441	20	threshold	threshold	NOUN
cblr-11898	441	21	and	and	CCONJ
cblr-11898	441	22	500	500	NUM
cblr-11898	441	23	shareholders	shareholder	NOUN
cblr-11898	441	24	in	in	ADP
cblr-11898	441	25	1964	1964	NUM
cblr-11898	441	26	is	be	AUX
cblr-11898	441	27	still	still	ADV
cblr-11898	441	28	500	500	NUM
cblr-11898	441	29	shareholders	shareholder	NOUN
cblr-11898	441	30	in	in	ADP
cblr-11898	441	31	2022	2022	NUM
cblr-11898	441	32	.	.	PUNCT
cblr-11898	442	1	the	the	DET
cblr-11898	442	2	level	level	NOUN
cblr-11898	442	3	of	of	ADP
cblr-11898	442	4	exposure	exposure	NOUN
cblr-11898	442	5	of	of	ADP
cblr-11898	442	6	public	public	ADJ
cblr-11898	442	7	investors	investor	NOUN
cblr-11898	442	8	to	to	ADP
cblr-11898	442	9	the	the	DET
cblr-11898	442	10	private	private	ADJ
cblr-11898	442	11	market	market	NOUN
cblr-11898	442	12	has	have	AUX
cblr-11898	442	13	only	only	ADV
cblr-11898	442	14	increased	increase	VERB
cblr-11898	442	15	,	,	PUNCT
cblr-11898	442	16	diminishing	diminish	VERB
cblr-11898	442	17	the	the	DET
cblr-11898	442	18	ability	ability	NOUN
cblr-11898	442	19	of	of	ADP
cblr-11898	442	20	section	section	NOUN
cblr-11898	442	21	12(g	12(g	NUM
cblr-11898	442	22	)	)	PUNCT
cblr-11898	442	23	to	to	PART
cblr-11898	442	24	protect	protect	VERB
cblr-11898	442	25	them	they	PRON
cblr-11898	442	26	.	.	PUNCT
cblr-11898	443	1	the	the	DET
cblr-11898	443	2	protections	protection	NOUN
cblr-11898	443	3	and	and	CCONJ
cblr-11898	443	4	provisions	provision	NOUN
cblr-11898	443	5	are	be	AUX
cblr-11898	443	6	not	not	PART
cblr-11898	443	7	any	any	PRON
cblr-11898	443	8	less	less	ADV
cblr-11898	443	9	relevant	relevant	ADJ
cblr-11898	443	10	,	,	PUNCT
cblr-11898	443	11	but	but	CCONJ
cblr-11898	443	12	the	the	DET
cblr-11898	443	13	changes	change	NOUN
cblr-11898	443	14	in	in	ADP
cblr-11898	443	15	how	how	SCONJ
cblr-11898	443	16	most	most	ADJ
cblr-11898	443	17	investors	investor	NOUN
cblr-11898	443	18	invest	invest	VERB
cblr-11898	443	19	now	now	ADV
cblr-11898	443	20	was	be	AUX
cblr-11898	443	21	apparently	apparently	ADV
cblr-11898	443	22	not	not	PART
cblr-11898	443	23	taken	take	VERB
cblr-11898	443	24	into	into	ADP
cblr-11898	443	25	account	account	NOUN
cblr-11898	443	26	when	when	SCONJ
cblr-11898	443	27	the	the	DET
cblr-11898	443	28	adjustments	adjustment	NOUN
cblr-11898	443	29	were	be	AUX
cblr-11898	443	30	made	make	VERB
cblr-11898	443	31	.	.	PUNCT
cblr-11898	444	1	methodology	methodology	NOUN
cblr-11898	444	2	as	as	SCONJ
cblr-11898	444	3	a	a	DET
cblr-11898	444	4	company	company	NOUN
cblr-11898	444	5	prepares	prepare	VERB
cblr-11898	444	6	to	to	PART
cblr-11898	444	7	go	go	VERB
cblr-11898	444	8	public	public	ADJ
cblr-11898	444	9	,	,	PUNCT
cblr-11898	444	10	each	each	DET
cblr-11898	444	11	company	company	NOUN
cblr-11898	444	12	must	must	AUX
cblr-11898	444	13	file	file	VERB
cblr-11898	444	14	a	a	DET
cblr-11898	444	15	registration	registration	NOUN
cblr-11898	444	16	statement	statement	NOUN
cblr-11898	444	17	with	with	ADP
cblr-11898	444	18	the	the	DET
cblr-11898	444	19	securities	securities	PROPN
cblr-11898	444	20	and	and	CCONJ
cblr-11898	444	21	exchange	exchange	PROPN
cblr-11898	444	22	commission	commission	NOUN
cblr-11898	444	23	depending	depend	VERB
cblr-11898	444	24	on	on	ADP
cblr-11898	444	25	the	the	DET
cblr-11898	444	26	method	method	NOUN
cblr-11898	444	27	of	of	ADP
cblr-11898	444	28	going	go	VERB
cblr-11898	444	29	public	public	ADJ
cblr-11898	444	30	transaction	transaction	NOUN
cblr-11898	444	31	the	the	DET
cblr-11898	444	32	company	company	NOUN
cblr-11898	444	33	chooses	choose	VERB
cblr-11898	444	34	to	to	PART
cblr-11898	444	35	complete	complete	VERB
cblr-11898	444	36	.	.	PUNCT
cblr-11898	445	1	the	the	DET
cblr-11898	445	2	most	most	ADV
cblr-11898	445	3	common	common	ADJ
cblr-11898	445	4	form	form	NOUN
cblr-11898	445	5	of	of	ADP
cblr-11898	445	6	registration	registration	NOUN
cblr-11898	445	7	statement	statement	NOUN
cblr-11898	445	8	is	be	AUX
cblr-11898	445	9	form	form	NOUN
cblr-11898	445	10	s-1	s-1	NOUN
cblr-11898	445	11	.	.	PUNCT
cblr-11898	446	1	in	in	ADP
cblr-11898	446	2	each	each	DET
cblr-11898	446	3	s-1	s-1	NOUN
cblr-11898	446	4	,	,	PUNCT
cblr-11898	446	5	a	a	DET
cblr-11898	446	6	description	description	NOUN
cblr-11898	446	7	of	of	ADP
cblr-11898	446	8	each	each	DET
cblr-11898	446	9	class	class	NOUN
cblr-11898	446	10	of	of	ADP
cblr-11898	446	11	outstanding	outstanding	ADJ
cblr-11898	446	12	capital	capital	NOUN
cblr-11898	446	13	stock	stock	NOUN
cblr-11898	446	14	is	be	AUX
cblr-11898	446	15	included	include	VERB
cblr-11898	446	16	.	.	PUNCT
cblr-11898	447	1	as	as	ADP
cblr-11898	447	2	part	part	NOUN
cblr-11898	447	3	of	of	ADP
cblr-11898	447	4	this	this	PRON
cblr-11898	447	5	,	,	PUNCT
cblr-11898	447	6	each	each	DET
cblr-11898	447	7	company	company	NOUN
cblr-11898	447	8	is	be	AUX
cblr-11898	447	9	required	require	VERB
cblr-11898	447	10	to	to	PART
cblr-11898	447	11	disclose	disclose	VERB
cblr-11898	447	12	the	the	DET
cblr-11898	447	13	number	number	NOUN
cblr-11898	447	14	of	of	ADP
cblr-11898	447	15	record	record	NOUN
cblr-11898	447	16	holders	holder	NOUN
cblr-11898	447	17	of	of	ADP
cblr-11898	447	18	each	each	DET
cblr-11898	447	19	class	class	NOUN
cblr-11898	447	20	of	of	ADP
cblr-11898	447	21	capital	capital	NOUN
cblr-11898	447	22	stock	stock	NOUN
cblr-11898	447	23	which	which	PRON
cblr-11898	447	24	will	will	AUX
cblr-11898	447	25	remain	remain	AUX
cblr-11898	447	26	issued	issue	VERB
cblr-11898	447	27	by	by	ADP
cblr-11898	447	28	the	the	DET
cblr-11898	447	29	company	company	NOUN
cblr-11898	447	30	upon	upon	SCONJ
cblr-11898	447	31	the	the	DET
cblr-11898	447	32	effective	effective	ADJ
cblr-11898	447	33	date	date	NOUN
cblr-11898	447	34	of	of	ADP
cblr-11898	447	35	the	the	DET
cblr-11898	447	36	s-1	s-1	NOUN
cblr-11898	447	37	.	.	PUNCT
cblr-11898	448	1	it	it	PRON
cblr-11898	448	2	is	be	AUX
cblr-11898	448	3	typical	typical	ADJ
cblr-11898	448	4	that	that	SCONJ
cblr-11898	448	5	this	this	DET
cblr-11898	448	6	form	form	NOUN
cblr-11898	448	7	is	be	AUX
cblr-11898	448	8	amended	amend	VERB
cblr-11898	448	9	repeatedly	repeatedly	ADV
cblr-11898	448	10	as	as	SCONJ
cblr-11898	448	11	it	it	PRON
cblr-11898	448	12	goes	go	VERB
cblr-11898	448	13	through	through	ADP
cblr-11898	448	14	the	the	DET
cblr-11898	448	15	approval	approval	NOUN
cblr-11898	448	16	process	process	NOUN
cblr-11898	448	17	with	with	ADP
cblr-11898	448	18	the	the	DET
cblr-11898	448	19	sec	sec	PROPN
cblr-11898	448	20	.	.	PUNCT
cblr-11898	449	1	these	these	PRON
cblr-11898	449	2	are	be	AUX
cblr-11898	449	3	referred	refer	VERB
cblr-11898	449	4	to	to	ADP
cblr-11898	449	5	as	as	ADP
cblr-11898	449	6	“	"	PUNCT
cblr-11898	449	7	s-1	s-1	PROPN
cblr-11898	449	8	/	/	SYM
cblr-11898	449	9	as	as	ADP
cblr-11898	449	10	”	"	PUNCT
cblr-11898	449	11	.	.	PUNCT
cblr-11898	450	1	they	they	PRON
cblr-11898	450	2	are	be	AUX
cblr-11898	450	3	publicly	publicly	ADV
cblr-11898	450	4	available	available	ADJ
cblr-11898	450	5	and	and	CCONJ
cblr-11898	450	6	searchable	searchable	ADJ
cblr-11898	450	7	via	via	ADP
cblr-11898	450	8	the	the	DET
cblr-11898	450	9	sec	sec	PROPN
cblr-11898	450	10	’s	’s	PART
cblr-11898	450	11	electronic	electronic	ADJ
cblr-11898	450	12	data	datum	NOUN
cblr-11898	450	13	gathering	gathering	NOUN
cblr-11898	450	14	and	and	CCONJ
cblr-11898	450	15	retrieval	retrieval	NOUN
cblr-11898	450	16	system	system	NOUN
cblr-11898	450	17	(	(	PUNCT
cblr-11898	450	18	“	"	PUNCT
cblr-11898	450	19	edgar	edgar	NOUN
cblr-11898	450	20	”	"	PUNCT
cblr-11898	450	21	)	)	PUNCT
cblr-11898	450	22	.	.	PUNCT
cblr-11898	451	1	using	use	VERB
cblr-11898	451	2	a	a	DET
cblr-11898	451	3	list	list	NOUN
cblr-11898	451	4	of	of	ADP
cblr-11898	451	5	ipos	ipos	NOUN
cblr-11898	451	6	valued	value	VERB
cblr-11898	451	7	in	in	ADP
cblr-11898	451	8	excess	excess	NOUN
cblr-11898	451	9	of	of	ADP
cblr-11898	451	10	$	$	SYM
cblr-11898	451	11	1	1	NUM
cblr-11898	451	12	billion	billion	NUM
cblr-11898	451	13	which	which	PRON
cblr-11898	451	14	occurred	occur	VERB
cblr-11898	451	15	between	between	ADP
cblr-11898	451	16	may	may	PROPN
cblr-11898	451	17	1	1	NUM
cblr-11898	451	18	,	,	PUNCT
cblr-11898	451	19	2011	2011	NUM
cblr-11898	451	20	and	and	CCONJ
cblr-11898	451	21	october	october	PROPN
cblr-11898	451	22	31	31	NUM
cblr-11898	451	23	,	,	PUNCT
cblr-11898	451	24	2021	2021	NUM
cblr-11898	451	25	sourced	source	VERB
cblr-11898	451	26	from	from	ADP
cblr-11898	451	27	crunchbase	crunchbase	PROPN
cblr-11898	451	28	,	,	PUNCT
cblr-11898	451	29	we	we	PRON
cblr-11898	451	30	hand	hand	NOUN
cblr-11898	451	31	-	-	PUNCT
cblr-11898	451	32	collected	collect	VERB
cblr-11898	451	33	the	the	DET
cblr-11898	451	34	data	datum	NOUN
cblr-11898	451	35	from	from	ADP
cblr-11898	451	36	each	each	DET
cblr-11898	451	37	s-1	s-1	NOUN
cblr-11898	451	38	to	to	PART
cblr-11898	451	39	obtain	obtain	VERB
cblr-11898	451	40	the	the	DET
cblr-11898	451	41	number	number	NOUN
cblr-11898	451	42	of	of	ADP
cblr-11898	451	43	shareholders	shareholder	NOUN
cblr-11898	451	44	of	of	ADP
cblr-11898	451	45	record	record	NOUN
cblr-11898	451	46	disclosed	disclose	VERB
cblr-11898	451	47	on	on	ADP
cblr-11898	451	48	the	the	DET
cblr-11898	451	49	s-1	s-1	NOUN
cblr-11898	451	50	for	for	ADP
cblr-11898	451	51	the	the	DET
cblr-11898	451	52	most	most	ADV
cblr-11898	451	53	widely	widely	ADV
cblr-11898	451	54	owned	own	VERB
cblr-11898	451	55	class	class	NOUN
cblr-11898	451	56	of	of	ADP
cblr-11898	451	57	capital	capital	NOUN
cblr-11898	451	58	stock	stock	NOUN
cblr-11898	451	59	.	.	PUNCT
cblr-11898	452	1	each	each	DET
cblr-11898	452	2	s-1	s-1	NOUN
cblr-11898	452	3	or	or	CCONJ
cblr-11898	452	4	s-1	s-1	PROPN
cblr-11898	452	5	/	/	SYM
cblr-11898	452	6	a	a	PRON
cblr-11898	452	7	that	that	PRON
cblr-11898	452	8	was	be	AUX
cblr-11898	452	9	used	use	VERB
cblr-11898	452	10	was	be	AUX
cblr-11898	452	11	the	the	DET
cblr-11898	452	12	version	version	NOUN
cblr-11898	452	13	filed	file	VERB
cblr-11898	452	14	with	with	ADP
cblr-11898	452	15	the	the	DET
cblr-11898	452	16	sec	sec	PROPN
cblr-11898	452	17	closest	close	ADJ
cblr-11898	452	18	to	to	ADP
cblr-11898	452	19	the	the	DET
cblr-11898	452	20	actual	actual	ADJ
cblr-11898	452	21	ipo	ipo	NOUN
cblr-11898	452	22	date	date	NOUN
cblr-11898	452	23	.	.	PUNCT
cblr-11898	453	1	section	section	NOUN
cblr-11898	453	2	12(g	12(g	NUM
cblr-11898	453	3	)	)	PUNCT
cblr-11898	453	4	does	do	AUX
cblr-11898	453	5	not	not	PART
cblr-11898	453	6	apply	apply	VERB
cblr-11898	453	7	on	on	ADP
cblr-11898	453	8	a	a	DET
cblr-11898	453	9	company	company	NOUN
cblr-11898	453	10	level	level	NOUN
cblr-11898	453	11	,	,	PUNCT
cblr-11898	453	12	but	but	CCONJ
cblr-11898	453	13	rather	rather	ADV
cblr-11898	453	14	a	a	DET
cblr-11898	453	15	class	class	NOUN
cblr-11898	453	16	level	level	NOUN
cblr-11898	453	17	.	.	PUNCT
cblr-11898	454	1	the	the	DET
cblr-11898	454	2	data	datum	NOUN
cblr-11898	454	3	was	be	AUX
cblr-11898	454	4	then	then	ADV
cblr-11898	454	5	input	input	ADJ
cblr-11898	454	6	into	into	ADP
cblr-11898	454	7	an	an	DET
cblr-11898	454	8	excel	excel	NOUN
cblr-11898	454	9	spreadsheet	spreadsheet	NOUN
cblr-11898	454	10	where	where	SCONJ
cblr-11898	454	11	a	a	DET
cblr-11898	454	12	linear	linear	ADJ
cblr-11898	454	13	regression	regression	NOUN
cblr-11898	454	14	was	be	AUX
cblr-11898	454	15	conducted	conduct	VERB
cblr-11898	454	16	based	base	VERB
cblr-11898	454	17	on	on	ADP
cblr-11898	454	18	the	the	DET
cblr-11898	454	19	passage	passage	NOUN
cblr-11898	454	20	of	of	ADP
cblr-11898	454	21	time	time	NOUN
cblr-11898	454	22	.	.	PUNCT
cblr-11898	455	1	98	98	NUM
cblr-11898	455	2	columbia	columbia	PROPN
cblr-11898	455	3	business	business	NOUN
cblr-11898	455	4	law	law	PROPN
cblr-11898	455	5	review	review	NOUN
cblr-11898	455	6	[	[	X
cblr-11898	455	7	vol	vol	NOUN
cblr-11898	455	8	.	.	PUNCT
cblr-11898	455	9	2023	2023	NUM
cblr-11898	455	10	iv	iv	NOUN
cblr-11898	455	11	.	.	PUNCT
cblr-11898	456	1	going	go	VERB
cblr-11898	456	2	dark	dark	ADJ
cblr-11898	456	3	the	the	DET
cblr-11898	456	4	“	"	PUNCT
cblr-11898	456	5	explosive	explosive	ADJ
cblr-11898	456	6	growth	growth	NOUN
cblr-11898	456	7	of	of	ADP
cblr-11898	456	8	private	private	ADJ
cblr-11898	456	9	markets	market	NOUN
cblr-11898	456	10	”	"	PUNCT
cblr-11898	456	11	is	be	AUX
cblr-11898	456	12	the	the	DET
cblr-11898	456	13	most	most	ADV
cblr-11898	456	14	important	important	ADJ
cblr-11898	456	15	development	development	NOUN
cblr-11898	456	16	in	in	ADP
cblr-11898	456	17	securities	security	NOUN
cblr-11898	456	18	markets	market	NOUN
cblr-11898	456	19	in	in	ADP
cblr-11898	456	20	the	the	DET
cblr-11898	456	21	new	new	ADJ
cblr-11898	456	22	millennium	millennium	NOUN
cblr-11898	456	23	,	,	PUNCT
cblr-11898	456	24	according	accord	VERB
cblr-11898	456	25	to	to	ADP
cblr-11898	456	26	commissioner	commissioner	NOUN
cblr-11898	456	27	lee.89	lee.89	NOUN
cblr-11898	456	28	the	the	DET
cblr-11898	456	29	shift	shift	NOUN
cblr-11898	456	30	in	in	ADP
cblr-11898	456	31	equities	equity	NOUN
cblr-11898	456	32	in	in	ADP
cblr-11898	456	33	the	the	DET
cblr-11898	456	34	united	united	PROPN
cblr-11898	456	35	states	states	PROPN
cblr-11898	456	36	from	from	ADP
cblr-11898	456	37	public	public	ADJ
cblr-11898	456	38	markets	market	NOUN
cblr-11898	456	39	to	to	ADP
cblr-11898	456	40	private	private	ADJ
cblr-11898	456	41	markets	market	NOUN
cblr-11898	456	42	has	have	VERB
cblr-11898	456	43	significant	significant	ADJ
cblr-11898	456	44	implications	implication	NOUN
cblr-11898	456	45	for	for	ADP
cblr-11898	456	46	different	different	ADJ
cblr-11898	456	47	stakeholder	stakeholder	NOUN
cblr-11898	456	48	groups	group	NOUN
cblr-11898	456	49	.	.	PUNCT
cblr-11898	457	1	as	as	SCONJ
cblr-11898	457	2	companies	company	NOUN
cblr-11898	457	3	continue	continue	VERB
cblr-11898	457	4	to	to	PART
cblr-11898	457	5	stay	stay	VERB
cblr-11898	457	6	private	private	ADJ
cblr-11898	457	7	longer	long	ADV
cblr-11898	457	8	and	and	CCONJ
cblr-11898	457	9	raise	raise	VERB
cblr-11898	457	10	more	more	ADJ
cblr-11898	457	11	capital	capital	NOUN
cblr-11898	457	12	in	in	ADP
cblr-11898	457	13	private	private	ADJ
cblr-11898	457	14	markets	market	NOUN
cblr-11898	457	15	,	,	PUNCT
cblr-11898	457	16	our	our	PRON
cblr-11898	457	17	regulators	regulator	NOUN
cblr-11898	457	18	are	be	AUX
cblr-11898	457	19	pressured	pressure	VERB
cblr-11898	457	20	into	into	ADP
cblr-11898	457	21	changing	change	VERB
cblr-11898	457	22	the	the	DET
cblr-11898	457	23	current	current	ADJ
cblr-11898	457	24	trend	trend	NOUN
cblr-11898	457	25	.	.	PUNCT
cblr-11898	458	1	there	there	PRON
cblr-11898	458	2	are	be	VERB
cblr-11898	458	3	two	two	NUM
cblr-11898	458	4	main	main	ADJ
cblr-11898	458	5	approaches	approach	NOUN
cblr-11898	458	6	that	that	PRON
cblr-11898	458	7	regulators	regulator	NOUN
cblr-11898	458	8	take	take	VERB
cblr-11898	458	9	,	,	PUNCT
cblr-11898	458	10	either	either	CCONJ
cblr-11898	458	11	democratizing	democratize	VERB
cblr-11898	458	12	access	access	NOUN
cblr-11898	458	13	of	of	ADP
cblr-11898	458	14	retail	retail	ADJ
cblr-11898	458	15	investors	investor	NOUN
cblr-11898	458	16	to	to	ADP
cblr-11898	458	17	private	private	ADJ
cblr-11898	458	18	markets	market	NOUN
cblr-11898	458	19	or	or	CCONJ
cblr-11898	458	20	forcing	force	VERB
cblr-11898	458	21	private	private	ADJ
cblr-11898	458	22	companies	company	NOUN
cblr-11898	458	23	into	into	ADP
cblr-11898	458	24	public	public	ADJ
cblr-11898	458	25	markets	market	NOUN
cblr-11898	458	26	.	.	PUNCT
cblr-11898	459	1	a.	a.	NOUN
cblr-11898	459	2	the	the	DET
cblr-11898	459	3	growth	growth	NOUN
cblr-11898	459	4	of	of	ADP
cblr-11898	459	5	private	private	ADJ
cblr-11898	459	6	markets	market	NOUN
cblr-11898	459	7	legal	legal	ADJ
cblr-11898	459	8	and	and	CCONJ
cblr-11898	459	9	regulatory	regulatory	ADJ
cblr-11898	459	10	structures	structure	NOUN
cblr-11898	459	11	influence	influence	VERB
cblr-11898	459	12	the	the	DET
cblr-11898	459	13	shift	shift	NOUN
cblr-11898	459	14	in	in	ADP
cblr-11898	459	15	equities	equity	NOUN
cblr-11898	459	16	from	from	ADP
cblr-11898	459	17	public	public	ADJ
cblr-11898	459	18	markets	market	NOUN
cblr-11898	459	19	to	to	ADP
cblr-11898	459	20	private	private	ADJ
cblr-11898	459	21	markets	market	NOUN
cblr-11898	459	22	.	.	PUNCT
cblr-11898	460	1	while	while	SCONJ
cblr-11898	460	2	the	the	DET
cblr-11898	460	3	amendments	amendment	NOUN
cblr-11898	460	4	to	to	ADP
cblr-11898	460	5	the	the	DET
cblr-11898	460	6	‘	'	PUNCT
cblr-11898	460	7	34	34	NUM
cblr-11898	460	8	act	act	NOUN
cblr-11898	460	9	were	be	AUX
cblr-11898	460	10	implemented	implement	VERB
cblr-11898	460	11	ostensibly	ostensibly	ADV
cblr-11898	460	12	to	to	PART
cblr-11898	460	13	encourage	encourage	VERB
cblr-11898	460	14	capital	capital	NOUN
cblr-11898	460	15	formation	formation	NOUN
cblr-11898	460	16	,	,	PUNCT
cblr-11898	460	17	there	there	PRON
cblr-11898	460	18	was	be	VERB
cblr-11898	460	19	considerable	considerable	ADJ
cblr-11898	460	20	lobbying	lobbying	NOUN
cblr-11898	460	21	by	by	ADP
cblr-11898	460	22	major	major	ADJ
cblr-11898	460	23	tech	tech	NOUN
cblr-11898	460	24	companies	company	NOUN
cblr-11898	460	25	who	who	PRON
cblr-11898	460	26	were	be	AUX
cblr-11898	460	27	rapidly	rapidly	ADV
cblr-11898	460	28	approaching	approach	VERB
cblr-11898	460	29	the	the	DET
cblr-11898	460	30	limits	limit	NOUN
cblr-11898	460	31	,	,	PUNCT
cblr-11898	460	32	or	or	CCONJ
cblr-11898	460	33	in	in	ADP
cblr-11898	460	34	the	the	DET
cblr-11898	460	35	case	case	NOUN
cblr-11898	460	36	of	of	ADP
cblr-11898	460	37	some	some	PRON
cblr-11898	460	38	,	,	PUNCT
cblr-11898	460	39	already	already	ADV
cblr-11898	460	40	over	over	ADP
cblr-11898	460	41	these	these	DET
cblr-11898	460	42	limits	limit	NOUN
cblr-11898	460	43	.	.	PUNCT
cblr-11898	461	1	facebook	facebook	NOUN
cblr-11898	461	2	,	,	PUNCT
cblr-11898	461	3	one	one	NUM
cblr-11898	461	4	of	of	ADP
cblr-11898	461	5	the	the	DET
cblr-11898	461	6	largest	large	ADJ
cblr-11898	461	7	ipos	ipos	NOUN
cblr-11898	461	8	in	in	ADP
cblr-11898	461	9	history	history	NOUN
cblr-11898	461	10	,	,	PUNCT
cblr-11898	461	11	went	go	VERB
cblr-11898	461	12	public	public	ADJ
cblr-11898	461	13	before	before	SCONJ
cblr-11898	461	14	the	the	DET
cblr-11898	461	15	jobs	job	NOUN
cblr-11898	461	16	act	act	NOUN
cblr-11898	461	17	limits	limit	NOUN
cblr-11898	461	18	went	go	VERB
cblr-11898	461	19	into	into	ADP
cblr-11898	461	20	effect	effect	NOUN
cblr-11898	461	21	with	with	ADP
cblr-11898	461	22	more	more	ADJ
cblr-11898	461	23	than	than	ADP
cblr-11898	461	24	double	double	DET
cblr-11898	461	25	the	the	DET
cblr-11898	461	26	number	number	NOUN
cblr-11898	461	27	of	of	ADP
cblr-11898	461	28	allowed	allow	VERB
cblr-11898	461	29	shareholders.90	shareholders.90	NOUN
cblr-11898	461	30	workday	workday	NOUN
cblr-11898	461	31	,	,	PUNCT
cblr-11898	461	32	which	which	PRON
cblr-11898	461	33	went	go	VERB
cblr-11898	461	34	public	public	ADJ
cblr-11898	461	35	shortly	shortly	ADV
cblr-11898	461	36	after	after	SCONJ
cblr-11898	461	37	the	the	DET
cblr-11898	461	38	limits	limit	NOUN
cblr-11898	461	39	went	go	VERB
cblr-11898	461	40	into	into	ADP
cblr-11898	461	41	effect	effect	NOUN
cblr-11898	461	42	would	would	AUX
cblr-11898	461	43	have	have	AUX
cblr-11898	461	44	been	be	AUX
cblr-11898	461	45	in	in	ADP
cblr-11898	461	46	violation	violation	NOUN
cblr-11898	461	47	had	have	VERB
cblr-11898	461	48	the	the	DET
cblr-11898	461	49	increase	increase	NOUN
cblr-11898	461	50	not	not	PART
cblr-11898	461	51	occurred.91	occurred.91	NOUN
cblr-11898	461	52	linkedin	linkedin	NOUN
cblr-11898	461	53	,	,	PUNCT
cblr-11898	461	54	who	who	PRON
cblr-11898	461	55	went	go	VERB
cblr-11898	461	56	public	public	ADJ
cblr-11898	461	57	in	in	ADP
cblr-11898	461	58	late	late	ADJ
cblr-11898	461	59	2011	2011	NUM
cblr-11898	461	60	,	,	PUNCT
cblr-11898	461	61	initially	initially	ADV
cblr-11898	461	62	filed	file	VERB
cblr-11898	461	63	under	under	ADP
cblr-11898	461	64	the	the	DET
cblr-11898	461	65	limit	limit	NOUN
cblr-11898	461	66	,	,	PUNCT
cblr-11898	461	67	but	but	CCONJ
cblr-11898	461	68	the	the	DET
cblr-11898	461	69	ultimately	ultimately	ADV
cblr-11898	461	70	effective	effective	ADJ
cblr-11898	461	71	registration	registration	NOUN
cblr-11898	461	72	statement	statement	NOUN
cblr-11898	461	73	89	89	NUM
cblr-11898	461	74	allison	allison	PROPN
cblr-11898	461	75	herren	herren	PROPN
cblr-11898	461	76	lee	lee	PROPN
cblr-11898	461	77	,	,	PUNCT
cblr-11898	461	78	commissioner	commissioner	PROPN
cblr-11898	461	79	,	,	PUNCT
cblr-11898	461	80	u.s	u.s	PROPN
cblr-11898	461	81	.	.	PROPN
cblr-11898	461	82	sec	sec	PROPN
cblr-11898	461	83	.	.	PROPN
cblr-11898	461	84	&	&	CCONJ
cblr-11898	461	85	exch	exch	PROPN
cblr-11898	461	86	.	.	PUNCT
cblr-11898	462	1	comm’n	comm’n	PROPN
cblr-11898	462	2	,	,	PUNCT
cblr-11898	462	3	going	go	VERB
cblr-11898	462	4	dark	dark	ADJ
cblr-11898	462	5	:	:	PUNCT
cblr-11898	462	6	the	the	DET
cblr-11898	462	7	growth	growth	NOUN
cblr-11898	462	8	of	of	ADP
cblr-11898	462	9	private	private	ADJ
cblr-11898	462	10	markets	market	NOUN
cblr-11898	462	11	and	and	CCONJ
cblr-11898	462	12	the	the	DET
cblr-11898	462	13	impact	impact	NOUN
cblr-11898	462	14	on	on	ADP
cblr-11898	462	15	investors	investor	NOUN
cblr-11898	462	16	and	and	CCONJ
cblr-11898	462	17	the	the	DET
cblr-11898	462	18	economy	economy	NOUN
cblr-11898	462	19	(	(	PUNCT
cblr-11898	462	20	oct	oct	PROPN
cblr-11898	462	21	.	.	PROPN
cblr-11898	462	22	12	12	NUM
cblr-11898	462	23	,	,	PUNCT
cblr-11898	462	24	2021	2021	NUM
cblr-11898	462	25	)	)	PUNCT
cblr-11898	462	26	,	,	PUNCT
cblr-11898	462	27	https://www.sec.gov/news/speech/lee-sec-speaks2021-10-12	https://www.sec.gov/news/speech/lee-sec-speaks2021-10-12	X
cblr-11898	463	1	[	[	X
cblr-11898	463	2	https://perma.cc/7k5q-c9tg	https://perma.cc/7k5q-c9tg	X
cblr-11898	463	3	]	]	X
cblr-11898	463	4	.	.	PUNCT
cblr-11898	464	1	90	90	NUM
cblr-11898	464	2	facebook	facebook	NOUN
cblr-11898	464	3	(	(	PUNCT
cblr-11898	464	4	now	now	ADV
cblr-11898	464	5	meta	meta	ADJ
cblr-11898	464	6	platforms	platform	NOUN
cblr-11898	464	7	)	)	PUNCT
cblr-11898	464	8	s-1	s-1	PROPN
cblr-11898	464	9	/	/	SYM
cblr-11898	464	10	a	a	PRON
cblr-11898	464	11	,	,	PUNCT
cblr-11898	464	12	mar	mar	PROPN
cblr-11898	464	13	.	.	PROPN
cblr-11898	464	14	27	27	NUM
cblr-11898	464	15	,	,	PUNCT
cblr-11898	464	16	2012	2012	NUM
cblr-11898	464	17	,	,	PUNCT
cblr-11898	464	18	https://www.sec.gov/archives/edgar/data/0001326801/00011931251213466	https://www.sec.gov/archives/edgar/data/0001326801/00011931251213466	NOUN
cblr-11898	464	19	3	3	NUM
cblr-11898	464	20	/	/	SYM
cblr-11898	464	21	d287954ds1a.htm	d287954ds1a.htm	PROPN
cblr-11898	465	1	[	[	X
cblr-11898	465	2	https://perma.cc/vq9a-yypa	https://perma.cc/vq9a-yypa	X
cblr-11898	465	3	]	]	X
cblr-11898	465	4	.	.	PUNCT
cblr-11898	466	1	91	91	NUM
cblr-11898	466	2	workday	workday	PROPN
cblr-11898	466	3	,	,	PUNCT
cblr-11898	466	4	inc	inc	PROPN
cblr-11898	466	5	.	.	PROPN
cblr-11898	466	6	,	,	PUNCT
cblr-11898	466	7	pre	pre	ADJ
cblr-11898	466	8	-	-	ADJ
cblr-11898	466	9	effective	effective	ADJ
cblr-11898	466	10	amendment	amendment	NOUN
cblr-11898	466	11	no	no	NOUN
cblr-11898	466	12	.	.	NOUN
cblr-11898	466	13	3	3	NUM
cblr-11898	466	14	to	to	PART
cblr-11898	466	15	form	form	VERB
cblr-11898	466	16	s-1	s-1	NOUN
cblr-11898	466	17	,	,	PUNCT
cblr-11898	466	18	registration	registration	NOUN
cblr-11898	466	19	statement	statement	NOUN
cblr-11898	466	20	111	111	NUM
cblr-11898	466	21	(	(	PUNCT
cblr-11898	466	22	form	form	NOUN
cblr-11898	466	23	s-1	s-1	PROPN
cblr-11898	466	24	/	/	SYM
cblr-11898	466	25	a	a	NOUN
cblr-11898	466	26	)	)	PUNCT
cblr-11898	466	27	(	(	PUNCT
cblr-11898	466	28	oct	oct	PROPN
cblr-11898	466	29	.	.	PROPN
cblr-11898	466	30	11	11	NUM
cblr-11898	466	31	,	,	PUNCT
cblr-11898	466	32	2012	2012	NUM
cblr-11898	466	33	)	)	PUNCT
cblr-11898	466	34	https://www.sec.gov/archives/edgar/data/0001327811/00011931251242069	https://www.sec.gov/archives/edgar/data/0001327811/00011931251242069	PROPN
cblr-11898	466	35	3	3	NUM
cblr-11898	466	36	/	/	SYM
cblr-11898	466	37	d385110ds1a.htm#toc385110_16	d385110ds1a.htm#toc385110_16	PROPN
cblr-11898	466	38	[	[	X
cblr-11898	466	39	https://perma.cc/rrz9-78pc	https://perma.cc/rrz9-78pc	PROPN
cblr-11898	466	40	]	]	PUNCT
cblr-11898	466	41	.	.	PUNCT
cblr-11898	467	1	no	no	INTJ
cblr-11898	467	2	.	.	NOUN
cblr-11898	468	1	1	1	NUM
cblr-11898	468	2	]	]	X
cblr-11898	468	3	mythical	mythical	ADJ
cblr-11898	468	4	unicorns	unicorn	NOUN
cblr-11898	468	5	and	and	CCONJ
cblr-11898	468	6	how	how	SCONJ
cblr-11898	468	7	to	to	PART
cblr-11898	468	8	find	find	VERB
cblr-11898	468	9	them	they	PRON
cblr-11898	468	10	99	99	NUM
cblr-11898	468	11	was	be	AUX
cblr-11898	468	12	in	in	ADP
cblr-11898	468	13	excess	excess	NOUN
cblr-11898	468	14	of	of	ADP
cblr-11898	468	15	the	the	DET
cblr-11898	468	16	existing	exist	VERB
cblr-11898	468	17	limits.92	limits.92	ADJ
cblr-11898	468	18	they	they	PRON
cblr-11898	468	19	even	even	ADV
cblr-11898	468	20	noted	note	VERB
cblr-11898	468	21	in	in	ADP
cblr-11898	468	22	their	their	PRON
cblr-11898	468	23	registration	registration	NOUN
cblr-11898	468	24	statement	statement	NOUN
cblr-11898	468	25	that	that	SCONJ
cblr-11898	468	26	“	"	PUNCT
cblr-11898	468	27	[	[	X
cblr-11898	468	28	t]he	t]he	ADV
cblr-11898	468	29	actual	actual	ADJ
cblr-11898	468	30	number	number	NOUN
cblr-11898	468	31	of	of	ADP
cblr-11898	468	32	stockholders	stockholder	NOUN
cblr-11898	468	33	is	be	AUX
cblr-11898	468	34	greater	great	ADJ
cblr-11898	468	35	than	than	ADP
cblr-11898	468	36	this	this	DET
cblr-11898	468	37	number	number	NOUN
cblr-11898	468	38	of	of	ADP
cblr-11898	468	39	record	record	NOUN
cblr-11898	468	40	holders	holder	NOUN
cblr-11898	468	41	,	,	PUNCT
cblr-11898	468	42	and	and	CCONJ
cblr-11898	468	43	includes	include	VERB
cblr-11898	468	44	stock	stock	NOUN
cblr-11898	468	45	holders	holder	NOUN
cblr-11898	468	46	who	who	PRON
cblr-11898	468	47	are	be	AUX
cblr-11898	468	48	beneficial	beneficial	ADJ
cblr-11898	468	49	owners	owner	NOUN
cblr-11898	468	50	,	,	PUNCT
cblr-11898	468	51	but	but	CCONJ
cblr-11898	468	52	whose	whose	DET
cblr-11898	468	53	shares	share	NOUN
cblr-11898	468	54	are	be	AUX
cblr-11898	468	55	held	hold	VERB
cblr-11898	468	56	in	in	ADP
cblr-11898	468	57	street	street	NOUN
cblr-11898	468	58	name	name	NOUN
cblr-11898	468	59	by	by	ADP
cblr-11898	468	60	brokers	broker	NOUN
cblr-11898	468	61	and	and	CCONJ
cblr-11898	468	62	other	other	ADJ
cblr-11898	468	63	nominees	nominee	NOUN
cblr-11898	468	64	.	.	PUNCT
cblr-11898	469	1	”93	”93	ADV
cblr-11898	469	2	while	while	SCONJ
cblr-11898	469	3	this	this	PRON
cblr-11898	469	4	is	be	AUX
cblr-11898	469	5	a	a	DET
cblr-11898	469	6	commonly	commonly	ADV
cblr-11898	469	7	acknowledged	acknowledge	VERB
cblr-11898	469	8	reality	reality	NOUN
cblr-11898	469	9	of	of	ADP
cblr-11898	469	10	our	our	PRON
cblr-11898	469	11	investing	investing	NOUN
cblr-11898	469	12	world	world	NOUN
cblr-11898	469	13	,	,	PUNCT
cblr-11898	469	14	it	it	PRON
cblr-11898	469	15	is	be	AUX
cblr-11898	469	16	not	not	PART
cblr-11898	469	17	a	a	DET
cblr-11898	469	18	genuine	genuine	ADJ
cblr-11898	469	19	reflection	reflection	NOUN
cblr-11898	469	20	of	of	ADP
cblr-11898	469	21	how	how	SCONJ
cblr-11898	469	22	investors	investor	NOUN
cblr-11898	469	23	participate	participate	VERB
cblr-11898	469	24	in	in	ADP
cblr-11898	469	25	these	these	DET
cblr-11898	469	26	companies	company	NOUN
cblr-11898	469	27	.	.	PUNCT
cblr-11898	470	1	in	in	ADP
cblr-11898	470	2	fact	fact	NOUN
cblr-11898	470	3	,	,	PUNCT
cblr-11898	470	4	large	large	ADJ
cblr-11898	470	5	asset	asset	NOUN
cblr-11898	470	6	managers	manager	NOUN
cblr-11898	470	7	are	be	AUX
cblr-11898	470	8	beginning	begin	VERB
cblr-11898	470	9	to	to	PART
cblr-11898	470	10	pass	pass	VERB
cblr-11898	470	11	through	through	ADP
cblr-11898	470	12	voting	vote	VERB
cblr-11898	470	13	privileges	privilege	NOUN
cblr-11898	470	14	to	to	ADP
cblr-11898	470	15	their	their	PRON
cblr-11898	470	16	investors	investor	NOUN
cblr-11898	470	17	previously	previously	ADV
cblr-11898	470	18	maintained	maintain	VERB
cblr-11898	470	19	by	by	ADP
cblr-11898	470	20	the	the	DET
cblr-11898	470	21	record	record	NOUN
cblr-11898	470	22	holder	holder	NOUN
cblr-11898	470	23	,	,	PUNCT
cblr-11898	470	24	rather	rather	ADV
cblr-11898	470	25	than	than	ADP
cblr-11898	470	26	beneficial	beneficial	ADJ
cblr-11898	470	27	owner	owner	NOUN
cblr-11898	470	28	.	.	PUNCT
cblr-11898	471	1	blackrock	blackrock	PROPN
cblr-11898	471	2	recently	recently	ADV
cblr-11898	471	3	announced	announce	VERB
cblr-11898	471	4	that	that	SCONJ
cblr-11898	471	5	they	they	PRON
cblr-11898	471	6	were	be	AUX
cblr-11898	471	7	expanding	expand	VERB
cblr-11898	471	8	their	their	PRON
cblr-11898	471	9	voting	voting	NOUN
cblr-11898	471	10	choice	choice	NOUN
cblr-11898	471	11	program	program	NOUN
cblr-11898	471	12	to	to	PART
cblr-11898	471	13	return	return	VERB
cblr-11898	471	14	shareholder	shareholder	NOUN
cblr-11898	471	15	proxy	proxy	NOUN
cblr-11898	471	16	voting	voting	NOUN
cblr-11898	471	17	power	power	NOUN
cblr-11898	471	18	to	to	ADP
cblr-11898	471	19	the	the	DET
cblr-11898	471	20	underlying	underlie	VERB
cblr-11898	471	21	clients.94	clients.94	NOUN
cblr-11898	471	22	this	this	PRON
cblr-11898	471	23	would	would	AUX
cblr-11898	471	24	return	return	VERB
cblr-11898	471	25	the	the	DET
cblr-11898	471	26	voting	voting	NOUN
cblr-11898	471	27	rights	right	NOUN
cblr-11898	471	28	to	to	ADP
cblr-11898	471	29	investors	investor	NOUN
cblr-11898	471	30	currently	currently	ADV
cblr-11898	471	31	holding	hold	VERB
cblr-11898	471	32	$	$	SYM
cblr-11898	471	33	1.8	1.8	NUM
cblr-11898	471	34	trillion	trillion	NUM
cblr-11898	471	35	in	in	ADP
cblr-11898	471	36	assets	asset	NOUN
cblr-11898	471	37	.	.	PUNCT
cblr-11898	472	1	record	record	NOUN
cblr-11898	472	2	holders	holder	NOUN
cblr-11898	472	3	are	be	AUX
cblr-11898	472	4	capable	capable	ADJ
cblr-11898	472	5	of	of	ADP
cblr-11898	472	6	acknowledging	acknowledge	VERB
cblr-11898	472	7	beneficial	beneficial	ADJ
cblr-11898	472	8	holders	holder	NOUN
cblr-11898	472	9	when	when	SCONJ
cblr-11898	472	10	they	they	PRON
cblr-11898	472	11	choose	choose	VERB
cblr-11898	472	12	.	.	PUNCT
cblr-11898	473	1	after	after	ADP
cblr-11898	473	2	the	the	DET
cblr-11898	473	3	passage	passage	NOUN
cblr-11898	473	4	of	of	ADP
cblr-11898	473	5	the	the	DET
cblr-11898	473	6	jobs	job	NOUN
cblr-11898	473	7	act	act	PROPN
cblr-11898	473	8	,	,	PUNCT
cblr-11898	473	9	the	the	DET
cblr-11898	473	10	limits	limit	NOUN
cblr-11898	473	11	allowed	allow	VERB
cblr-11898	473	12	companies	company	NOUN
cblr-11898	473	13	to	to	PART
cblr-11898	473	14	stay	stay	VERB
cblr-11898	473	15	private	private	ADJ
cblr-11898	473	16	longer	long	ADV
cblr-11898	473	17	.	.	PUNCT
cblr-11898	474	1	however	however	ADV
cblr-11898	474	2	,	,	PUNCT
cblr-11898	474	3	we	we	PRON
cblr-11898	474	4	are	be	AUX
cblr-11898	474	5	now	now	ADV
cblr-11898	474	6	seeing	see	VERB
cblr-11898	474	7	companies	company	NOUN
cblr-11898	474	8	going	go	VERB
cblr-11898	474	9	public	public	ADJ
cblr-11898	474	10	in	in	ADP
cblr-11898	474	11	violation	violation	NOUN
cblr-11898	474	12	of	of	ADP
cblr-11898	474	13	the	the	DET
cblr-11898	474	14	new	new	ADJ
cblr-11898	474	15	higher	high	ADJ
cblr-11898	474	16	limits	limit	NOUN
cblr-11898	474	17	.	.	PUNCT
cblr-11898	475	1	palantir	palantir	NOUN
cblr-11898	475	2	upon	upon	SCONJ
cblr-11898	475	3	their	their	PRON
cblr-11898	475	4	ipo	ipo	NOUN
cblr-11898	475	5	via	via	ADP
cblr-11898	475	6	direct	direct	ADJ
cblr-11898	475	7	listing	listing	NOUN
cblr-11898	475	8	had	have	VERB
cblr-11898	475	9	nearly	nearly	ADV
cblr-11898	475	10	2,800	2,800	NUM
cblr-11898	475	11	shareholders	shareholder	NOUN
cblr-11898	475	12	of	of	ADP
cblr-11898	475	13	record.95	record.95	NOUN
cblr-11898	475	14	as	as	SCONJ
cblr-11898	475	15	companies	company	NOUN
cblr-11898	475	16	continue	continue	VERB
cblr-11898	475	17	to	to	PART
cblr-11898	475	18	stay	stay	VERB
cblr-11898	475	19	private	private	ADJ
cblr-11898	475	20	longer	long	ADV
cblr-11898	475	21	and	and	CCONJ
cblr-11898	475	22	grow	grow	VERB
cblr-11898	475	23	even	even	ADV
cblr-11898	475	24	larger	large	ADJ
cblr-11898	475	25	with	with	ADP
cblr-11898	475	26	continued	continue	VERB
cblr-11898	475	27	rounds	round	NOUN
cblr-11898	475	28	of	of	ADP
cblr-11898	475	29	capital	capital	NOUN
cblr-11898	475	30	raising	raising	NOUN
cblr-11898	475	31	,	,	PUNCT
cblr-11898	475	32	it	it	PRON
cblr-11898	475	33	is	be	AUX
cblr-11898	475	34	likely	likely	ADJ
cblr-11898	475	35	this	this	PRON
cblr-11898	475	36	is	be	AUX
cblr-11898	475	37	to	to	PART
cblr-11898	475	38	be	be	AUX
cblr-11898	475	39	an	an	DET
cblr-11898	475	40	increasingly	increasingly	ADV
cblr-11898	475	41	common	common	ADJ
cblr-11898	475	42	occurrence	occurrence	NOUN
cblr-11898	475	43	.	.	PUNCT
cblr-11898	476	1	for	for	ADP
cblr-11898	476	2	decades	decade	NOUN
cblr-11898	476	3	,	,	PUNCT
cblr-11898	476	4	debate	debate	NOUN
cblr-11898	476	5	has	have	AUX
cblr-11898	476	6	raged	rage	VERB
cblr-11898	476	7	on	on	ADP
cblr-11898	476	8	whether	whether	SCONJ
cblr-11898	476	9	we	we	PRON
cblr-11898	476	10	should	should	AUX
cblr-11898	476	11	ever	ever	ADV
cblr-11898	476	12	force	force	VERB
cblr-11898	476	13	a	a	DET
cblr-11898	476	14	company	company	NOUN
cblr-11898	476	15	to	to	PART
cblr-11898	476	16	join	join	VERB
cblr-11898	476	17	the	the	DET
cblr-11898	476	18	public	public	ADJ
cblr-11898	476	19	markets	market	NOUN
cblr-11898	476	20	and	and	CCONJ
cblr-11898	476	21	at	at	ADP
cblr-11898	476	22	what	what	PRON
cblr-11898	476	23	point	point	NOUN
cblr-11898	476	24	the	the	DET
cblr-11898	476	25	line	line	NOUN
cblr-11898	476	26	for	for	ADP
cblr-11898	476	27	obligation	obligation	NOUN
cblr-11898	476	28	is	be	AUX
cblr-11898	476	29	crossed	cross	VERB
cblr-11898	476	30	.	.	PUNCT
cblr-11898	477	1	congress	congress	PROPN
cblr-11898	477	2	and	and	CCONJ
cblr-11898	477	3	the	the	DET
cblr-11898	477	4	sec	sec	PROPN
cblr-11898	477	5	have	have	VERB
cblr-11898	477	6	92	92	NUM
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cblr-11898	477	8	corp	corp	PROPN
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cblr-11898	477	12	no	no	NOUN
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cblr-11898	477	14	2	2	NUM
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cblr-11898	477	20	statement	statement	NOUN
cblr-11898	477	21	35	35	NUM
cblr-11898	477	22	(	(	PUNCT
cblr-11898	477	23	form	form	VERB
cblr-11898	477	24	s-1	s-1	PROPN
cblr-11898	477	25	/	/	SYM
cblr-11898	477	26	a	a	NOUN
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cblr-11898	477	28	(	(	PUNCT
cblr-11898	477	29	nov	nov	PROPN
cblr-11898	477	30	.	.	PROPN
cblr-11898	477	31	16	16	NUM
cblr-11898	477	32	,	,	PUNCT
cblr-11898	477	33	2011	2011	NUM
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cblr-11898	477	35	,	,	PUNCT
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cblr-11898	483	1	[	[	X
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cblr-11898	483	3	]	]	X
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cblr-11898	484	6	.	.	PROPN
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cblr-11898	484	8	amendment	amendment	PROPN
cblr-11898	484	9	no	no	NOUN
cblr-11898	484	10	.	.	PROPN
cblr-11898	484	11	5	5	NUM
cblr-11898	484	12	to	to	PART
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cblr-11898	484	14	s-1	s-1	NOUN
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cblr-11898	484	27	.	.	PROPN
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cblr-11898	484	29	,	,	PUNCT
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cblr-11898	484	32	,	,	PUNCT
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cblr-11898	486	3	]	]	PUNCT
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cblr-11898	486	8	law	law	PROPN
cblr-11898	486	9	review	review	NOUN
cblr-11898	486	10	[	[	X
cblr-11898	486	11	vol	vol	NOUN
cblr-11898	486	12	.	.	PUNCT
cblr-11898	486	13	2023	2023	NUM
cblr-11898	486	14	recognized	recognize	VERB
cblr-11898	486	15	that	that	SCONJ
cblr-11898	486	16	once	once	SCONJ
cblr-11898	486	17	this	this	DET
cblr-11898	486	18	genie	genie	NOUN
cblr-11898	486	19	is	be	AUX
cblr-11898	486	20	let	let	VERB
cblr-11898	486	21	out	out	ADP
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cblr-11898	486	24	lamp	lamp	NOUN
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cblr-11898	486	26	there	there	PRON
cblr-11898	486	27	is	be	VERB
cblr-11898	486	28	no	no	PRON
cblr-11898	486	29	going	go	VERB
cblr-11898	486	30	back	back	ADV
cblr-11898	486	31	.	.	PUNCT
cblr-11898	487	1	instead	instead	ADV
cblr-11898	487	2	of	of	ADP
cblr-11898	487	3	pulling	pull	VERB
cblr-11898	487	4	the	the	DET
cblr-11898	487	5	cork	cork	NOUN
cblr-11898	487	6	,	,	PUNCT
cblr-11898	487	7	regulators	regulator	NOUN
cblr-11898	487	8	have	have	AUX
cblr-11898	487	9	instead	instead	ADV
cblr-11898	487	10	adopted	adopt	VERB
cblr-11898	487	11	the	the	DET
cblr-11898	487	12	carrot	carrot	NOUN
cblr-11898	487	13	and	and	CCONJ
cblr-11898	487	14	the	the	DET
cblr-11898	487	15	stick	stick	NOUN
cblr-11898	487	16	approach	approach	NOUN
cblr-11898	487	17	of	of	ADP
cblr-11898	487	18	gently	gently	ADV
cblr-11898	487	19	nudging	nudge	VERB
cblr-11898	487	20	companies	company	NOUN
cblr-11898	487	21	in	in	ADP
cblr-11898	487	22	the	the	DET
cblr-11898	487	23	direction	direction	NOUN
cblr-11898	487	24	of	of	ADP
cblr-11898	487	25	the	the	DET
cblr-11898	487	26	path	path	NOUN
cblr-11898	487	27	countless	countless	ADJ
cblr-11898	487	28	firms	firm	NOUN
cblr-11898	487	29	have	have	AUX
cblr-11898	487	30	taken	take	VERB
cblr-11898	487	31	on	on	ADP
cblr-11898	487	32	their	their	PRON
cblr-11898	487	33	own	own	ADJ
cblr-11898	487	34	accord	accord	NOUN
cblr-11898	487	35	:	:	PUNCT
cblr-11898	487	36	an	an	DET
cblr-11898	487	37	ipo	ipo	NOUN
cblr-11898	487	38	.	.	PUNCT
cblr-11898	488	1	there	there	PRON
cblr-11898	488	2	are	be	VERB
cblr-11898	488	3	a	a	DET
cblr-11898	488	4	variety	variety	NOUN
cblr-11898	488	5	of	of	ADP
cblr-11898	488	6	reasons	reason	NOUN
cblr-11898	488	7	for	for	SCONJ
cblr-11898	488	8	these	these	DET
cblr-11898	488	9	companies	company	NOUN
cblr-11898	488	10	to	to	PART
cblr-11898	488	11	complete	complete	VERB
cblr-11898	488	12	an	an	DET
cblr-11898	488	13	ipo.96	ipo.96	PROPN
cblr-11898	488	14	capital	capital	NOUN
cblr-11898	488	15	formation	formation	NOUN
cblr-11898	488	16	and	and	CCONJ
cblr-11898	488	17	providing	provide	VERB
cblr-11898	488	18	liquidity	liquidity	NOUN
cblr-11898	488	19	for	for	ADP
cblr-11898	488	20	existing	exist	VERB
cblr-11898	488	21	shareholders	shareholder	NOUN
cblr-11898	488	22	are	be	AUX
cblr-11898	488	23	the	the	DET
cblr-11898	488	24	obvious	obvious	ADJ
cblr-11898	488	25	reasons.97	reasons.97	NOUN
cblr-11898	488	26	there	there	PRON
cblr-11898	488	27	is	be	VERB
cblr-11898	488	28	considerable	considerable	ADJ
cblr-11898	488	29	prestige	prestige	NOUN
cblr-11898	488	30	associated	associate	VERB
cblr-11898	488	31	with	with	ADP
cblr-11898	488	32	being	be	AUX
cblr-11898	488	33	a	a	DET
cblr-11898	488	34	publicly	publicly	ADV
cblr-11898	488	35	traded	trade	VERB
cblr-11898	488	36	company.98	company.98	NOUN
cblr-11898	488	37	finally	finally	ADV
cblr-11898	488	38	,	,	PUNCT
cblr-11898	488	39	subsequent	subsequent	ADJ
cblr-11898	488	40	efforts	effort	NOUN
cblr-11898	488	41	in	in	ADP
cblr-11898	488	42	capital	capital	NOUN
cblr-11898	488	43	formation	formation	NOUN
cblr-11898	488	44	were	be	AUX
cblr-11898	488	45	now	now	ADV
cblr-11898	488	46	generally	generally	ADV
cblr-11898	488	47	considered	consider	VERB
cblr-11898	488	48	easier	easy	ADJ
cblr-11898	488	49	given	give	VERB
cblr-11898	488	50	the	the	DET
cblr-11898	488	51	access	access	NOUN
cblr-11898	488	52	to	to	ADP
cblr-11898	488	53	public	public	ADJ
cblr-11898	488	54	investors	investor	NOUN
cblr-11898	488	55	an	an	DET
cblr-11898	488	56	ipo	ipo	PROPN
cblr-11898	488	57	granted.99	granted.99	PROPN
cblr-11898	488	58	however	however	ADV
cblr-11898	488	59	,	,	PUNCT
cblr-11898	488	60	with	with	ADP
cblr-11898	488	61	the	the	DET
cblr-11898	488	62	dramatic	dramatic	ADJ
cblr-11898	488	63	acceleration	acceleration	NOUN
cblr-11898	488	64	of	of	ADP
cblr-11898	488	65	capital	capital	NOUN
cblr-11898	488	66	formation	formation	NOUN
cblr-11898	488	67	in	in	ADP
cblr-11898	488	68	private	private	ADJ
cblr-11898	488	69	markets	market	NOUN
cblr-11898	488	70	over	over	ADP
cblr-11898	488	71	the	the	DET
cblr-11898	488	72	last	last	ADJ
cblr-11898	488	73	two	two	NUM
cblr-11898	488	74	decades	decade	NOUN
cblr-11898	488	75	,	,	PUNCT
cblr-11898	488	76	as	as	ADV
cblr-11898	488	77	well	well	ADV
cblr-11898	488	78	as	as	ADP
cblr-11898	488	79	slackening	slacken	VERB
cblr-11898	488	80	in	in	ADP
cblr-11898	488	81	regulatory	regulatory	ADJ
cblr-11898	488	82	requirements	requirement	NOUN
cblr-11898	488	83	,	,	PUNCT
cblr-11898	488	84	much	much	ADJ
cblr-11898	488	85	of	of	ADP
cblr-11898	488	86	the	the	DET
cblr-11898	488	87	reason	reason	NOUN
cblr-11898	488	88	to	to	PART
cblr-11898	488	89	go	go	VERB
cblr-11898	488	90	public	public	ADJ
cblr-11898	488	91	has	have	AUX
cblr-11898	488	92	evaporated	evaporate	VERB
cblr-11898	488	93	.	.	PUNCT
cblr-11898	489	1	the	the	DET
cblr-11898	489	2	policy	policy	NOUN
cblr-11898	489	3	changes	change	NOUN
cblr-11898	489	4	enacted	enact	VERB
cblr-11898	489	5	under	under	ADP
cblr-11898	489	6	the	the	DET
cblr-11898	489	7	jobs	job	NOUN
cblr-11898	489	8	act	act	PROPN
cblr-11898	489	9	,	,	PUNCT
cblr-11898	489	10	sox	sox	PROPN
cblr-11898	489	11	,	,	PUNCT
cblr-11898	489	12	and	and	CCONJ
cblr-11898	489	13	others	other	NOUN
cblr-11898	489	14	have	have	AUX
cblr-11898	489	15	resulted	result	VERB
cblr-11898	489	16	in	in	ADP
cblr-11898	489	17	a	a	DET
cblr-11898	489	18	self	self	NOUN
cblr-11898	489	19	-	-	PUNCT
cblr-11898	489	20	defeating	defeat	VERB
cblr-11898	489	21	regulatory	regulatory	ADJ
cblr-11898	489	22	arc.100	arc.100	NOUN
cblr-11898	489	23	as	as	SCONJ
cblr-11898	489	24	disclosure	disclosure	NOUN
cblr-11898	489	25	obligations	obligation	NOUN
cblr-11898	489	26	increase	increase	VERB
cblr-11898	489	27	for	for	ADP
cblr-11898	489	28	public	public	ADJ
cblr-11898	489	29	companies	company	NOUN
cblr-11898	489	30	,	,	PUNCT
cblr-11898	489	31	private	private	ADJ
cblr-11898	489	32	markets	market	NOUN
cblr-11898	489	33	have	have	AUX
cblr-11898	489	34	been	be	AUX
cblr-11898	489	35	largely	largely	ADV
cblr-11898	489	36	deregulated	deregulate	VERB
cblr-11898	489	37	in	in	ADP
cblr-11898	489	38	the	the	DET
cblr-11898	489	39	hopes	hope	NOUN
cblr-11898	489	40	of	of	ADP
cblr-11898	489	41	jumpstarting	jumpstart	VERB
cblr-11898	489	42	capital	capital	NOUN
cblr-11898	489	43	formation.101	formation.101	PROPN
cblr-11898	489	44	yet	yet	ADV
cblr-11898	489	45	,	,	PUNCT
cblr-11898	489	46	there	there	PRON
cblr-11898	489	47	is	be	VERB
cblr-11898	489	48	no	no	DET
cblr-11898	489	49	indication	indication	NOUN
cblr-11898	489	50	that	that	SCONJ
cblr-11898	489	51	such	such	DET
cblr-11898	489	52	a	a	DET
cblr-11898	489	53	policy	policy	NOUN
cblr-11898	489	54	goal	goal	NOUN
cblr-11898	489	55	was	be	AUX
cblr-11898	489	56	ever	ever	ADV
cblr-11898	489	57	in	in	ADP
cblr-11898	489	58	need	need	NOUN
cblr-11898	489	59	of	of	ADP
cblr-11898	489	60	addressing	address	VERB
cblr-11898	489	61	.	.	PUNCT
cblr-11898	490	1	capital	capital	NOUN
cblr-11898	490	2	formation	formation	NOUN
cblr-11898	490	3	in	in	ADP
cblr-11898	490	4	the	the	DET
cblr-11898	490	5	private	private	ADJ
cblr-11898	490	6	markets	market	NOUN
cblr-11898	490	7	is	be	AUX
cblr-11898	490	8	considerably	considerably	ADV
cblr-11898	490	9	easier	easy	ADJ
cblr-11898	490	10	and	and	CCONJ
cblr-11898	490	11	is	be	AUX
cblr-11898	490	12	preferred	prefer	VERB
cblr-11898	490	13	for	for	ADP
cblr-11898	490	14	a	a	DET
cblr-11898	490	15	variety	variety	NOUN
cblr-11898	490	16	of	of	ADP
cblr-11898	490	17	reasons	reason	NOUN
cblr-11898	490	18	by	by	ADP
cblr-11898	490	19	large	large	ADJ
cblr-11898	490	20	private	private	ADJ
cblr-11898	490	21	firms.102	firms.102	NOUN
cblr-11898	490	22	no	no	ADV
cblr-11898	490	23	longer	long	ADV
cblr-11898	490	24	do	do	AUX
cblr-11898	490	25	these	these	DET
cblr-11898	490	26	firms	firm	NOUN
cblr-11898	490	27	,	,	PUNCT
cblr-11898	490	28	predominantly	predominantly	ADV
cblr-11898	490	29	unicorns	unicorn	NOUN
cblr-11898	490	30	or	or	CCONJ
cblr-11898	490	31	soon	soon	ADV
cblr-11898	490	32	-	-	PUNCT
cblr-11898	490	33	to	to	PART
cblr-11898	490	34	-	-	PUNCT
cblr-11898	490	35	be	be	AUX
cblr-11898	490	36	unicorns	unicorn	NOUN
cblr-11898	490	37	,	,	PUNCT
cblr-11898	490	38	need	need	VERB
cblr-11898	490	39	access	access	NOUN
cblr-11898	490	40	to	to	ADP
cblr-11898	490	41	the	the	DET
cblr-11898	490	42	public	public	NOUN
cblr-11898	490	43	’s	’s	PART
cblr-11898	490	44	capital	capital	NOUN
cblr-11898	490	45	to	to	PART
cblr-11898	490	46	continue	continue	VERB
cblr-11898	490	47	their	their	PRON
cblr-11898	490	48	growth	growth	NOUN
cblr-11898	490	49	.	.	PUNCT
cblr-11898	491	1	the	the	DET
cblr-11898	491	2	creation	creation	NOUN
cblr-11898	491	3	of	of	ADP
cblr-11898	491	4	secondary	secondary	ADJ
cblr-11898	491	5	markets	market	NOUN
cblr-11898	491	6	and	and	CCONJ
cblr-11898	491	7	increasingly	increasingly	ADV
cblr-11898	491	8	sophisticated	sophisticated	ADJ
cblr-11898	491	9	exit	exit	NOUN
cblr-11898	491	10	mechanisms	mechanism	NOUN
cblr-11898	491	11	negotiated	negotiate	VERB
cblr-11898	491	12	by	by	ADP
cblr-11898	491	13	large	large	ADJ
cblr-11898	491	14	institutional	institutional	ADJ
cblr-11898	491	15	investors	investor	NOUN
cblr-11898	491	16	has	have	AUX
cblr-11898	491	17	decreased	decrease	VERB
cblr-11898	491	18	the	the	DET
cblr-11898	491	19	attraction	attraction	NOUN
cblr-11898	491	20	of	of	ADP
cblr-11898	491	21	96	96	NUM
cblr-11898	491	22	rodrigues	rodrigue	NOUN
cblr-11898	491	23	,	,	PUNCT
cblr-11898	491	24	supra	supra	PROPN
cblr-11898	491	25	note	note	PROPN
cblr-11898	491	26	36	36	NUM
cblr-11898	491	27	,	,	PUNCT
cblr-11898	491	28	at	at	ADP
cblr-11898	491	29	1544–45	1544–45	NUM
cblr-11898	491	30	.	.	PUNCT
cblr-11898	492	1	97	97	NUM
cblr-11898	493	1	i	i	PRON
cblr-11898	493	2	d.	d.	PROPN
cblr-11898	493	3	98	98	NUM
cblr-11898	494	1	i	i	PRON
cblr-11898	494	2	d.	d.	PROPN
cblr-11898	494	3	at	at	ADP
cblr-11898	494	4	1554	1554	NUM
cblr-11898	494	5	.	.	PUNCT
cblr-11898	495	1	99	99	NUM
cblr-11898	496	1	i	i	PROPN
cblr-11898	496	2	d.	d.	PROPN
cblr-11898	496	3	100	100	NUM
cblr-11898	496	4	elisabeth	elisabeth	PROPN
cblr-11898	496	5	de	de	PROPN
cblr-11898	496	6	fontenay	fontenay	PROPN
cblr-11898	496	7	,	,	PUNCT
cblr-11898	496	8	the	the	DET
cblr-11898	496	9	deregulation	deregulation	NOUN
cblr-11898	496	10	of	of	ADP
cblr-11898	496	11	private	private	ADJ
cblr-11898	496	12	capital	capital	NOUN
cblr-11898	496	13	and	and	CCONJ
cblr-11898	496	14	the	the	DET
cblr-11898	496	15	decline	decline	NOUN
cblr-11898	496	16	of	of	ADP
cblr-11898	496	17	public	public	ADJ
cblr-11898	496	18	companies	company	NOUN
cblr-11898	496	19	,	,	PUNCT
cblr-11898	496	20	68	68	NUM
cblr-11898	496	21	hastings	hastings	PROPN
cblr-11898	496	22	l.j	l.j	PROPN
cblr-11898	496	23	.	.	PROPN
cblr-11898	496	24	445	445	NUM
cblr-11898	496	25	,	,	PUNCT
cblr-11898	496	26	451	451	NUM
cblr-11898	496	27	(	(	PUNCT
cblr-11898	496	28	2017	2017	NUM
cblr-11898	496	29	)	)	PUNCT
cblr-11898	496	30	.	.	PUNCT
cblr-11898	497	1	101	101	NUM
cblr-11898	498	1	i	i	PRON
cblr-11898	498	2	d.	d.	PROPN
cblr-11898	498	3	102	102	NUM
cblr-11898	498	4	rodrigues	rodrigue	NOUN
cblr-11898	498	5	,	,	PUNCT
cblr-11898	498	6	supra	supra	PROPN
cblr-11898	498	7	note	note	PROPN
cblr-11898	498	8	36	36	NUM
cblr-11898	498	9	,	,	PUNCT
cblr-11898	498	10	at	at	ADP
cblr-11898	498	11	1538	1538	NUM
cblr-11898	498	12	.	.	PUNCT
cblr-11898	499	1	no	no	INTJ
cblr-11898	499	2	.	.	NOUN
cblr-11898	499	3	1	1	NUM
cblr-11898	499	4	]	]	X
cblr-11898	499	5	mythical	mythical	ADJ
cblr-11898	499	6	unicorns	unicorn	NOUN
cblr-11898	499	7	and	and	CCONJ
cblr-11898	499	8	how	how	SCONJ
cblr-11898	499	9	to	to	PART
cblr-11898	499	10	find	find	VERB
cblr-11898	499	11	them	they	PRON
cblr-11898	499	12	101	101	NUM
cblr-11898	499	13	liquidity	liquidity	NOUN
cblr-11898	499	14	mechanisms	mechanism	NOUN
cblr-11898	499	15	for	for	ADP
cblr-11898	499	16	much	much	ADJ
cblr-11898	499	17	of	of	ADP
cblr-11898	499	18	the	the	DET
cblr-11898	499	19	shareholder	shareholder	NOUN
cblr-11898	499	20	base.103	base.103	NUM
cblr-11898	499	21	finally	finally	ADV
cblr-11898	499	22	,	,	PUNCT
cblr-11898	499	23	the	the	DET
cblr-11898	499	24	consolidation	consolidation	NOUN
cblr-11898	499	25	of	of	ADP
cblr-11898	499	26	ownership	ownership	NOUN
cblr-11898	499	27	of	of	ADP
cblr-11898	499	28	equity	equity	NOUN
cblr-11898	499	29	in	in	ADP
cblr-11898	499	30	the	the	DET
cblr-11898	499	31	united	united	PROPN
cblr-11898	499	32	states	states	PROPN
cblr-11898	499	33	into	into	ADP
cblr-11898	499	34	largely	largely	ADV
cblr-11898	499	35	institutional	institutional	ADJ
cblr-11898	499	36	holders	holder	NOUN
cblr-11898	499	37	has	have	AUX
cblr-11898	499	38	diminished	diminish	VERB
cblr-11898	499	39	the	the	DET
cblr-11898	499	40	prestige	prestige	NOUN
cblr-11898	499	41	associated	associate	VERB
cblr-11898	499	42	with	with	ADP
cblr-11898	499	43	going	go	VERB
cblr-11898	499	44	public	public	ADJ
cblr-11898	499	45	.	.	PUNCT
cblr-11898	500	1	companies	company	NOUN
cblr-11898	500	2	who	who	PRON
cblr-11898	500	3	go	go	VERB
cblr-11898	500	4	public	public	ADJ
cblr-11898	500	5	may	may	AUX
cblr-11898	500	6	very	very	ADV
cblr-11898	500	7	well	well	ADV
cblr-11898	500	8	find	find	VERB
cblr-11898	500	9	their	their	PRON
cblr-11898	500	10	overall	overall	ADJ
cblr-11898	500	11	ownership	ownership	NOUN
cblr-11898	500	12	changes	change	NOUN
cblr-11898	500	13	only	only	ADV
cblr-11898	500	14	minimally	minimally	ADV
cblr-11898	500	15	following	follow	VERB
cblr-11898	500	16	an	an	DET
cblr-11898	500	17	ipo	ipo	NOUN
cblr-11898	500	18	.	.	PUNCT
cblr-11898	501	1	of	of	ADP
cblr-11898	501	2	course	course	ADV
cblr-11898	501	3	,	,	PUNCT
cblr-11898	501	4	for	for	ADP
cblr-11898	501	5	minority	minority	NOUN
cblr-11898	501	6	shareholders	shareholder	NOUN
cblr-11898	501	7	,	,	PUNCT
cblr-11898	501	8	particularly	particularly	ADV
cblr-11898	501	9	employees	employee	NOUN
cblr-11898	501	10	,	,	PUNCT
cblr-11898	501	11	the	the	DET
cblr-11898	501	12	liquidity	liquidity	NOUN
cblr-11898	501	13	an	an	DET
cblr-11898	501	14	ipo	ipo	NOUN
cblr-11898	501	15	provides	provide	VERB
cblr-11898	501	16	is	be	AUX
cblr-11898	501	17	still	still	ADV
cblr-11898	501	18	desperately	desperately	ADV
cblr-11898	501	19	sought	seek	VERB
cblr-11898	501	20	after	after	ADV
cblr-11898	501	21	.	.	PUNCT
cblr-11898	502	1	the	the	DET
cblr-11898	502	2	restrictions	restriction	NOUN
cblr-11898	502	3	they	they	PRON
cblr-11898	502	4	face	face	VERB
cblr-11898	502	5	associated	associate	VERB
cblr-11898	502	6	with	with	ADP
cblr-11898	502	7	their	their	PRON
cblr-11898	502	8	stock	stock	NOUN
cblr-11898	502	9	options	option	NOUN
cblr-11898	502	10	and	and	CCONJ
cblr-11898	502	11	equity	equity	NOUN
cblr-11898	502	12	grants	grant	NOUN
cblr-11898	502	13	often	often	ADV
cblr-11898	502	14	serve	serve	VERB
cblr-11898	502	15	as	as	ADP
cblr-11898	502	16	an	an	DET
cblr-11898	502	17	increasingly	increasingly	ADV
cblr-11898	502	18	tightening	tightening	ADJ
cblr-11898	502	19	pair	pair	NOUN
cblr-11898	502	20	of	of	ADP
cblr-11898	502	21	“	"	PUNCT
cblr-11898	502	22	golden	golden	ADJ
cblr-11898	502	23	handcuffs	handcuff	NOUN
cblr-11898	502	24	.	.	PUNCT
cblr-11898	503	1	”104	”104	PUNCT
cblr-11898	503	2	given	give	VERB
cblr-11898	503	3	the	the	DET
cblr-11898	503	4	access	access	NOUN
cblr-11898	503	5	to	to	ADP
cblr-11898	503	6	the	the	DET
cblr-11898	503	7	capital	capital	NOUN
cblr-11898	503	8	necessary	necessary	ADJ
cblr-11898	503	9	for	for	SCONJ
cblr-11898	503	10	these	these	DET
cblr-11898	503	11	companies	company	NOUN
cblr-11898	503	12	to	to	PART
cblr-11898	503	13	grow	grow	AUX
cblr-11898	503	14	found	find	VERB
cblr-11898	503	15	in	in	ADP
cblr-11898	503	16	the	the	DET
cblr-11898	503	17	private	private	ADJ
cblr-11898	503	18	markets	market	NOUN
cblr-11898	503	19	,	,	PUNCT
cblr-11898	503	20	the	the	DET
cblr-11898	503	21	downsides	downside	NOUN
cblr-11898	503	22	of	of	ADP
cblr-11898	503	23	going	go	VERB
cblr-11898	503	24	public	public	ADJ
cblr-11898	503	25	are	be	AUX
cblr-11898	503	26	thrust	thrust	VERB
cblr-11898	503	27	to	to	ADP
cblr-11898	503	28	the	the	DET
cblr-11898	503	29	forefront	forefront	NOUN
cblr-11898	503	30	.	.	PUNCT
cblr-11898	504	1	there	there	PRON
cblr-11898	504	2	are	be	VERB
cblr-11898	504	3	very	very	ADV
cblr-11898	504	4	real	real	ADV
cblr-11898	504	5	direct	direct	ADJ
cblr-11898	504	6	and	and	CCONJ
cblr-11898	504	7	indirect	indirect	ADJ
cblr-11898	504	8	costs	cost	NOUN
cblr-11898	504	9	associated	associate	VERB
cblr-11898	504	10	with	with	ADP
cblr-11898	504	11	going	go	VERB
cblr-11898	504	12	public.105	public.105	PROPN
cblr-11898	504	13	companies	company	NOUN
cblr-11898	504	14	face	face	VERB
cblr-11898	504	15	the	the	DET
cblr-11898	504	16	large	large	ADJ
cblr-11898	504	17	accounting	accounting	NOUN
cblr-11898	504	18	,	,	PUNCT
cblr-11898	504	19	auditing	auditing	NOUN
cblr-11898	504	20	,	,	PUNCT
cblr-11898	504	21	and	and	CCONJ
cblr-11898	504	22	legal	legal	ADJ
cblr-11898	504	23	expenses	expense	NOUN
cblr-11898	504	24	necessary	necessary	ADJ
cblr-11898	504	25	to	to	PART
cblr-11898	504	26	comply	comply	VERB
cblr-11898	504	27	with	with	ADP
cblr-11898	504	28	the	the	DET
cblr-11898	504	29	‘	'	PUNCT
cblr-11898	504	30	34	34	NUM
cblr-11898	504	31	act	act	NOUN
cblr-11898	504	32	requirements	requirement	NOUN
cblr-11898	504	33	and	and	CCONJ
cblr-11898	504	34	sec	sec	PROPN
cblr-11898	504	35	proxy	proxy	NOUN
cblr-11898	504	36	regulations.106	regulations.106	VERB
cblr-11898	504	37	the	the	DET
cblr-11898	504	38	indirect	indirect	ADJ
cblr-11898	504	39	costs	cost	NOUN
cblr-11898	504	40	are	be	AUX
cblr-11898	504	41	often	often	ADV
cblr-11898	504	42	even	even	ADV
cblr-11898	504	43	greater	great	ADJ
cblr-11898	504	44	,	,	PUNCT
cblr-11898	504	45	with	with	ADP
cblr-11898	504	46	heightened	heightened	ADJ
cblr-11898	504	47	exposure	exposure	NOUN
cblr-11898	504	48	to	to	ADP
cblr-11898	504	49	liability	liability	NOUN
cblr-11898	504	50	,	,	PUNCT
cblr-11898	504	51	increases	increase	NOUN
cblr-11898	504	52	in	in	ADP
cblr-11898	504	53	d&o	d&o	NOUN
cblr-11898	504	54	insurance	insurance	NOUN
cblr-11898	504	55	costs	cost	NOUN
cblr-11898	504	56	,	,	PUNCT
cblr-11898	504	57	public	public	ADJ
cblr-11898	504	58	scrutiny	scrutiny	NOUN
cblr-11898	504	59	,	,	PUNCT
cblr-11898	504	60	and	and	CCONJ
cblr-11898	504	61	the	the	DET
cblr-11898	504	62	distractions	distraction	NOUN
cblr-11898	504	63	to	to	ADP
cblr-11898	504	64	the	the	DET
cblr-11898	504	65	leadership	leadership	NOUN
cblr-11898	504	66	of	of	ADP
cblr-11898	504	67	the	the	DET
cblr-11898	504	68	firm	firm	NOUN
cblr-11898	504	69	associated	associate	VERB
cblr-11898	504	70	with	with	ADP
cblr-11898	504	71	all	all	PRON
cblr-11898	504	72	of	of	ADP
cblr-11898	504	73	these.107	these.107	NOUN
cblr-11898	504	74	for	for	ADP
cblr-11898	504	75	founders	founder	NOUN
cblr-11898	504	76	and	and	CCONJ
cblr-11898	504	77	majority	majority	NOUN
cblr-11898	504	78	shareholders	shareholder	NOUN
cblr-11898	504	79	,	,	PUNCT
cblr-11898	504	80	it	it	PRON
cblr-11898	504	81	throws	throw	VERB
cblr-11898	504	82	open	open	ADJ
cblr-11898	504	83	the	the	DET
cblr-11898	504	84	door	door	NOUN
cblr-11898	504	85	for	for	ADP
cblr-11898	504	86	costly	costly	ADJ
cblr-11898	504	87	proxy	proxy	NOUN
cblr-11898	504	88	fights	fight	NOUN
cblr-11898	504	89	and	and	CCONJ
cblr-11898	504	90	increases	increase	VERB
cblr-11898	504	91	the	the	DET
cblr-11898	504	92	chance	chance	NOUN
cblr-11898	504	93	of	of	ADP
cblr-11898	504	94	takeover	takeover	NOUN
cblr-11898	504	95	bids	bid	NOUN
cblr-11898	504	96	from	from	ADP
cblr-11898	504	97	which	which	PRON
cblr-11898	504	98	there	there	PRON
cblr-11898	504	99	is	be	VERB
cblr-11898	504	100	little	little	ADJ
cblr-11898	504	101	hope	hope	NOUN
cblr-11898	504	102	to	to	PART
cblr-11898	504	103	recover	recover	VERB
cblr-11898	504	104	the	the	DET
cblr-11898	504	105	control	control	NOUN
cblr-11898	504	106	they	they	PRON
cblr-11898	504	107	have	have	AUX
cblr-11898	504	108	become	become	VERB
cblr-11898	504	109	accustomed	accustomed	ADJ
cblr-11898	504	110	to.108	to.108	ADP
cblr-11898	504	111	with	with	ADP
cblr-11898	504	112	the	the	DET
cblr-11898	504	113	lack	lack	NOUN
cblr-11898	504	114	of	of	ADP
cblr-11898	504	115	a	a	DET
cblr-11898	504	116	need	need	NOUN
cblr-11898	504	117	for	for	ADP
cblr-11898	504	118	access	access	NOUN
cblr-11898	504	119	to	to	ADP
cblr-11898	504	120	public	public	ADJ
cblr-11898	504	121	markets	market	NOUN
cblr-11898	504	122	and	and	CCONJ
cblr-11898	504	123	the	the	DET
cblr-11898	504	124	increased	increase	VERB
cblr-11898	504	125	emphasis	emphasis	NOUN
cblr-11898	504	126	placed	place	VERB
cblr-11898	504	127	on	on	ADP
cblr-11898	504	128	the	the	DET
cblr-11898	504	129	negatives	negative	NOUN
cblr-11898	504	130	associated	associate	VERB
cblr-11898	504	131	with	with	ADP
cblr-11898	504	132	being	be	AUX
cblr-11898	504	133	public	public	ADJ
cblr-11898	504	134	,	,	PUNCT
cblr-11898	504	135	it	it	PRON
cblr-11898	504	136	is	be	AUX
cblr-11898	504	137	no	no	DET
cblr-11898	504	138	wonder	wonder	NOUN
cblr-11898	504	139	there	there	PRON
cblr-11898	504	140	has	have	AUX
cblr-11898	504	141	been	be	AUX
cblr-11898	504	142	a	a	DET
cblr-11898	504	143	dramatic	dramatic	ADJ
cblr-11898	504	144	103	103	NUM
cblr-11898	504	145	see	see	NOUN
cblr-11898	504	146	generally	generally	ADV
cblr-11898	504	147	anat	anat	PROPN
cblr-11898	504	148	alon	alon	PROPN
cblr-11898	504	149	-	-	PUNCT
cblr-11898	504	150	beck	beck	PROPN
cblr-11898	504	151	,	,	PUNCT
cblr-11898	504	152	unicorn	unicorn	ADJ
cblr-11898	504	153	stock	stock	NOUN
cblr-11898	504	154	options	option	NOUN
cblr-11898	504	155	—	—	PUNCT
cblr-11898	504	156	golden	golden	ADJ
cblr-11898	504	157	goose	goose	NOUN
cblr-11898	504	158	or	or	CCONJ
cblr-11898	504	159	trojan	trojan	NOUN
cblr-11898	504	160	horse	horse	NOUN
cblr-11898	504	161	?	?	PUNCT
cblr-11898	504	162	,	,	PUNCT
cblr-11898	504	163	2019	2019	NUM
cblr-11898	504	164	colum	colum	NOUN
cblr-11898	504	165	.	.	PUNCT
cblr-11898	505	1	bus	bus	NOUN
cblr-11898	505	2	.	.	PUNCT
cblr-11898	506	1	l.	l.	PROPN
cblr-11898	506	2	rev	rev	PROPN
cblr-11898	506	3	.	.	PROPN
cblr-11898	506	4	107	107	NUM
cblr-11898	506	5	(	(	PUNCT
cblr-11898	506	6	2019	2019	NUM
cblr-11898	506	7	)	)	PUNCT
cblr-11898	506	8	;	;	PUNCT
cblr-11898	506	9	anat	anat	PROPN
cblr-11898	506	10	alonbeck	alonbeck	PROPN
cblr-11898	506	11	,	,	PUNCT
cblr-11898	506	12	alternative	alternative	ADJ
cblr-11898	506	13	venture	venture	NOUN
cblr-11898	506	14	capital	capital	NOUN
cblr-11898	506	15	:	:	PUNCT
cblr-11898	506	16	the	the	DET
cblr-11898	506	17	new	new	ADJ
cblr-11898	506	18	unicorn	unicorn	ADJ
cblr-11898	506	19	investors	investor	NOUN
cblr-11898	506	20	,	,	PUNCT
cblr-11898	506	21	88	88	NUM
cblr-11898	506	22	tenn	tenn	PROPN
cblr-11898	506	23	.	.	PUNCT
cblr-11898	507	1	l.	l.	PROPN
cblr-11898	507	2	rev	rev	PROPN
cblr-11898	507	3	.	.	PROPN
cblr-11898	508	1	985	985	NUM
cblr-11898	508	2	(	(	PUNCT
cblr-11898	508	3	2020	2020	NUM
cblr-11898	508	4	)	)	PUNCT
cblr-11898	508	5	;	;	PUNCT
cblr-11898	508	6	anat	anat	PROPN
cblr-11898	508	7	alon	alon	PROPN
cblr-11898	508	8	-	-	PUNCT
cblr-11898	508	9	beck	beck	PROPN
cblr-11898	508	10	,	,	PUNCT
cblr-11898	508	11	bargaining	bargaining	NOUN
cblr-11898	508	12	inequality	inequality	NOUN
cblr-11898	508	13	:	:	PUNCT
cblr-11898	508	14	employee	employee	NOUN
cblr-11898	508	15	golden	golden	ADJ
cblr-11898	508	16	handcuffs	handcuff	NOUN
cblr-11898	508	17	and	and	CCONJ
cblr-11898	508	18	asymmetric	asymmetric	ADJ
cblr-11898	508	19	information	information	NOUN
cblr-11898	508	20	,	,	PUNCT
cblr-11898	508	21	81	81	NUM
cblr-11898	508	22	md	md	PROPN
cblr-11898	508	23	.	.	PUNCT
cblr-11898	509	1	l.	l.	PROPN
cblr-11898	509	2	rev	rev	PROPN
cblr-11898	509	3	.	.	PROPN
cblr-11898	509	4	1165	1165	NUM
cblr-11898	509	5	(	(	PUNCT
cblr-11898	509	6	2022	2022	NUM
cblr-11898	509	7	)	)	PUNCT
cblr-11898	509	8	.	.	PUNCT
cblr-11898	510	1	104	104	NUM
cblr-11898	510	2	see	see	VERB
cblr-11898	510	3	generally	generally	ADV
cblr-11898	510	4	alon	alon	PROPN
cblr-11898	510	5	-	-	PUNCT
cblr-11898	510	6	beck	beck	PROPN
cblr-11898	510	7	,	,	PUNCT
cblr-11898	510	8	unicorn	unicorn	ADJ
cblr-11898	510	9	stock	stock	NOUN
cblr-11898	510	10	options	option	NOUN
cblr-11898	510	11	,	,	PUNCT
cblr-11898	510	12	supra	supra	PROPN
cblr-11898	510	13	note	note	NOUN
cblr-11898	510	14	103	103	NUM
cblr-11898	510	15	.	.	PUNCT
cblr-11898	511	1	105	105	NUM
cblr-11898	511	2	william	william	PROPN
cblr-11898	511	3	k.	k.	PROPN
cblr-11898	511	4	sjostrom	sjostrom	PROPN
cblr-11898	511	5	,	,	PUNCT
cblr-11898	511	6	jr	jr	PROPN
cblr-11898	511	7	.	.	PROPN
cblr-11898	511	8	,	,	PUNCT
cblr-11898	511	9	the	the	DET
cblr-11898	511	10	birth	birth	NOUN
cblr-11898	511	11	of	of	ADP
cblr-11898	511	12	144a	144a	ADJ
cblr-11898	511	13	equity	equity	NOUN
cblr-11898	511	14	offerings	offering	NOUN
cblr-11898	511	15	,	,	PUNCT
cblr-11898	511	16	56	56	NUM
cblr-11898	511	17	ucla	ucla	PROPN
cblr-11898	511	18	l.	l.	PROPN
cblr-11898	511	19	rev	rev	PROPN
cblr-11898	511	20	.	.	PROPN
cblr-11898	511	21	409	409	NUM
cblr-11898	511	22	,	,	PUNCT
cblr-11898	511	23	435–41	435–41	X
cblr-11898	511	24	(	(	PUNCT
cblr-11898	511	25	2008	2008	NUM
cblr-11898	511	26	)	)	PUNCT
cblr-11898	511	27	.	.	PUNCT
cblr-11898	512	1	106	106	NUM
cblr-11898	513	1	i	i	PRON
cblr-11898	513	2	d.	d.	PROPN
cblr-11898	513	3	at	at	ADP
cblr-11898	513	4	435–36	435–36	NUM
cblr-11898	513	5	.	.	PUNCT
cblr-11898	514	1	107	107	NUM
cblr-11898	515	1	i	i	PRON
cblr-11898	515	2	d.	d.	PROPN
cblr-11898	515	3	at	at	ADP
cblr-11898	515	4	438	438	NUM
cblr-11898	515	5	.	.	PUNCT
cblr-11898	515	6	108	108	NUM
cblr-11898	515	7	see	see	VERB
cblr-11898	515	8	broughman	broughman	NOUN
cblr-11898	515	9	&	&	CCONJ
cblr-11898	515	10	fried	fried	PROPN
cblr-11898	515	11	,	,	PUNCT
cblr-11898	515	12	supra	supra	PROPN
cblr-11898	515	13	note	note	PROPN
cblr-11898	515	14	25	25	NUM
cblr-11898	515	15	.	.	NUM
cblr-11898	515	16	102	102	NUM
cblr-11898	515	17	columbia	columbia	PROPN
cblr-11898	515	18	business	business	PROPN
cblr-11898	515	19	law	law	PROPN
cblr-11898	515	20	review	review	NOUN
cblr-11898	515	21	[	[	X
cblr-11898	515	22	vol	vol	NOUN
cblr-11898	515	23	.	.	PUNCT
cblr-11898	515	24	2023	2023	NUM
cblr-11898	515	25	downturn	downturn	NOUN
cblr-11898	515	26	in	in	ADP
cblr-11898	515	27	ipos	ipos	NOUN
cblr-11898	515	28	over	over	ADP
cblr-11898	515	29	the	the	DET
cblr-11898	515	30	last	last	ADJ
cblr-11898	515	31	40	40	NUM
cblr-11898	515	32	years	year	NOUN
cblr-11898	515	33	.	.	PUNCT
cblr-11898	516	1	according	accord	VERB
cblr-11898	516	2	to	to	ADP
cblr-11898	516	3	research	research	NOUN
cblr-11898	516	4	by	by	ADP
cblr-11898	516	5	gao	gao	PROPN
cblr-11898	516	6	,	,	PUNCT
cblr-11898	516	7	ritter	ritter	PROPN
cblr-11898	516	8	,	,	PUNCT
cblr-11898	516	9	and	and	CCONJ
cblr-11898	516	10	zhu	zhu	PROPN
cblr-11898	516	11	,	,	PUNCT
cblr-11898	516	12	the	the	DET
cblr-11898	516	13	average	average	ADJ
cblr-11898	516	14	number	number	NOUN
cblr-11898	516	15	of	of	ADP
cblr-11898	516	16	ipos	ipos	NOUN
cblr-11898	516	17	from	from	ADP
cblr-11898	516	18	1980	1980	NUM
cblr-11898	516	19	to	to	ADP
cblr-11898	516	20	2000	2000	NUM
cblr-11898	516	21	hovered	hover	VERB
cblr-11898	516	22	at	at	ADP
cblr-11898	516	23	just	just	ADV
cblr-11898	516	24	over	over	ADP
cblr-11898	516	25	300	300	NUM
cblr-11898	516	26	per	per	ADP
cblr-11898	516	27	year.109	year.109	PROPN
cblr-11898	516	28	between	between	ADP
cblr-11898	516	29	2001	2001	NUM
cblr-11898	516	30	and	and	CCONJ
cblr-11898	516	31	2012	2012	NUM
cblr-11898	516	32	,	,	PUNCT
cblr-11898	516	33	that	that	DET
cblr-11898	516	34	number	number	NOUN
cblr-11898	516	35	has	have	AUX
cblr-11898	516	36	fallen	fall	VERB
cblr-11898	516	37	to	to	ADP
cblr-11898	516	38	just	just	ADV
cblr-11898	516	39	99	99	NUM
cblr-11898	516	40	per	per	ADP
cblr-11898	516	41	year	year	NOUN
cblr-11898	516	42	,	,	PUNCT
cblr-11898	516	43	with	with	ADP
cblr-11898	516	44	significant	significant	ADJ
cblr-11898	516	45	drops	drop	NOUN
cblr-11898	516	46	for	for	ADP
cblr-11898	516	47	smaller	small	ADJ
cblr-11898	516	48	firms.110	firms.110	NOUN
cblr-11898	516	49	for	for	ADP
cblr-11898	516	50	the	the	DET
cblr-11898	516	51	last	last	ADJ
cblr-11898	516	52	two	two	NUM
cblr-11898	516	53	years	year	NOUN
cblr-11898	516	54	,	,	PUNCT
cblr-11898	516	55	the	the	DET
cblr-11898	516	56	number	number	NOUN
cblr-11898	516	57	has	have	AUX
cblr-11898	516	58	accelerated	accelerate	VERB
cblr-11898	516	59	to	to	ADP
cblr-11898	516	60	record	record	NOUN
cblr-11898	516	61	levels	level	NOUN
cblr-11898	516	62	with	with	ADP
cblr-11898	516	63	480	480	NUM
cblr-11898	516	64	in	in	ADP
cblr-11898	516	65	2020	2020	NUM
cblr-11898	516	66	and	and	CCONJ
cblr-11898	516	67	over	over	ADP
cblr-11898	516	68	1,000	1,000	NUM
cblr-11898	516	69	so	so	ADV
cblr-11898	516	70	far	far	ADV
cblr-11898	516	71	in	in	ADP
cblr-11898	516	72	2021.111	2021.111	NUM
cblr-11898	516	73	however	however	ADV
cblr-11898	516	74	,	,	PUNCT
cblr-11898	516	75	this	this	DET
cblr-11898	516	76	number	number	NOUN
cblr-11898	516	77	is	be	AUX
cblr-11898	516	78	driven	drive	VERB
cblr-11898	516	79	overwhelmingly	overwhelmingly	ADV
cblr-11898	516	80	by	by	ADP
cblr-11898	516	81	the	the	DET
cblr-11898	516	82	volume	volume	NOUN
cblr-11898	516	83	of	of	ADP
cblr-11898	516	84	special	special	ADJ
cblr-11898	516	85	purpose	purpose	NOUN
cblr-11898	516	86	acquisition	acquisition	NOUN
cblr-11898	516	87	companies	company	NOUN
cblr-11898	516	88	(	(	PUNCT
cblr-11898	516	89	“	"	PUNCT
cblr-11898	516	90	spacs	spac	NOUN
cblr-11898	516	91	”	"	PUNCT
cblr-11898	516	92	)	)	PUNCT
cblr-11898	516	93	entering	enter	VERB
cblr-11898	516	94	the	the	DET
cblr-11898	516	95	market.112	market.112	NOUN
cblr-11898	516	96	the	the	DET
cblr-11898	516	97	sheer	sheer	ADJ
cblr-11898	516	98	number	number	NOUN
cblr-11898	516	99	of	of	ADP
cblr-11898	516	100	these	these	DET
cblr-11898	516	101	companies	company	NOUN
cblr-11898	516	102	searching	search	VERB
cblr-11898	516	103	within	within	ADP
cblr-11898	516	104	an	an	DET
cblr-11898	516	105	increasingly	increasingly	ADV
cblr-11898	516	106	limited	limited	ADJ
cblr-11898	516	107	pool	pool	NOUN
cblr-11898	516	108	of	of	ADP
cblr-11898	516	109	potential	potential	ADJ
cblr-11898	516	110	targets	target	NOUN
cblr-11898	516	111	is	be	AUX
cblr-11898	516	112	a	a	DET
cblr-11898	516	113	further	further	ADJ
cblr-11898	516	114	indicator	indicator	NOUN
cblr-11898	516	115	of	of	ADP
cblr-11898	516	116	the	the	DET
cblr-11898	516	117	easy	easy	ADJ
cblr-11898	516	118	access	access	NOUN
cblr-11898	516	119	to	to	ADP
cblr-11898	516	120	large	large	ADJ
cblr-11898	516	121	amounts	amount	NOUN
cblr-11898	516	122	of	of	ADP
cblr-11898	516	123	capital	capital	NOUN
cblr-11898	516	124	.	.	PUNCT
cblr-11898	517	1	as	as	ADP
cblr-11898	517	2	a	a	DET
cblr-11898	517	3	result	result	NOUN
cblr-11898	517	4	,	,	PUNCT
cblr-11898	517	5	the	the	DET
cblr-11898	517	6	desire	desire	NOUN
cblr-11898	517	7	to	to	PART
cblr-11898	517	8	avoid	avoid	VERB
cblr-11898	517	9	these	these	DET
cblr-11898	517	10	negatives	negative	NOUN
cblr-11898	517	11	for	for	ADP
cblr-11898	517	12	many	many	ADJ
cblr-11898	517	13	firms	firm	NOUN
cblr-11898	517	14	far	far	ADV
cblr-11898	517	15	outweighs	outweigh	VERB
cblr-11898	517	16	the	the	DET
cblr-11898	517	17	positives	positive	NOUN
cblr-11898	517	18	of	of	ADP
cblr-11898	517	19	conducting	conduct	VERB
cblr-11898	517	20	an	an	DET
cblr-11898	517	21	ipo	ipo	NOUN
cblr-11898	517	22	.	.	PUNCT
cblr-11898	518	1	the	the	DET
cblr-11898	518	2	question	question	NOUN
cblr-11898	518	3	for	for	ADP
cblr-11898	518	4	management	management	NOUN
cblr-11898	518	5	then	then	ADV
cblr-11898	518	6	shifts	shift	NOUN
cblr-11898	518	7	from	from	ADP
cblr-11898	518	8	when	when	SCONJ
cblr-11898	518	9	and	and	CCONJ
cblr-11898	518	10	how	how	SCONJ
cblr-11898	518	11	to	to	PART
cblr-11898	518	12	prepare	prepare	VERB
cblr-11898	518	13	the	the	DET
cblr-11898	518	14	company	company	NOUN
cblr-11898	518	15	for	for	ADP
cblr-11898	518	16	an	an	DET
cblr-11898	518	17	ipo	ipo	NOUN
cblr-11898	518	18	to	to	ADP
cblr-11898	518	19	the	the	DET
cblr-11898	518	20	methods	method	NOUN
cblr-11898	518	21	necessary	necessary	ADJ
cblr-11898	518	22	to	to	PART
cblr-11898	518	23	prevent	prevent	VERB
cblr-11898	518	24	the	the	DET
cblr-11898	518	25	need	need	NOUN
cblr-11898	518	26	to	to	PART
cblr-11898	518	27	conduct	conduct	VERB
cblr-11898	518	28	one	one	NUM
cblr-11898	518	29	from	from	ADP
cblr-11898	518	30	ever	ever	ADV
cblr-11898	518	31	arising	arise	VERB
cblr-11898	518	32	.	.	PUNCT
cblr-11898	519	1	if	if	SCONJ
cblr-11898	519	2	capital	capital	NOUN
cblr-11898	519	3	formation	formation	NOUN
cblr-11898	519	4	is	be	AUX
cblr-11898	519	5	no	no	ADV
cblr-11898	519	6	longer	long	ADV
cblr-11898	519	7	an	an	DET
cblr-11898	519	8	issue	issue	NOUN
cblr-11898	519	9	and	and	CCONJ
cblr-11898	519	10	access	access	NOUN
cblr-11898	519	11	to	to	ADP
cblr-11898	519	12	public	public	ADJ
cblr-11898	519	13	equity	equity	NOUN
cblr-11898	519	14	is	be	AUX
cblr-11898	519	15	no	no	ADV
cblr-11898	519	16	longer	long	ADV
cblr-11898	519	17	needed	need	VERB
cblr-11898	519	18	,	,	PUNCT
cblr-11898	519	19	regulatory	regulatory	ADJ
cblr-11898	519	20	thresholds	threshold	NOUN
cblr-11898	519	21	effectively	effectively	ADV
cblr-11898	519	22	requiring	require	VERB
cblr-11898	519	23	companies	company	NOUN
cblr-11898	519	24	to	to	PART
cblr-11898	519	25	make	make	VERB
cblr-11898	519	26	public	public	ADJ
cblr-11898	519	27	disclosures	disclosure	NOUN
cblr-11898	519	28	is	be	AUX
cblr-11898	519	29	the	the	DET
cblr-11898	519	30	last	last	ADJ
cblr-11898	519	31	hurtle	hurtle	NOUN
cblr-11898	519	32	to	to	ADP
cblr-11898	519	33	staying	stay	VERB
cblr-11898	519	34	dark	dark	ADJ
cblr-11898	519	35	.	.	PUNCT
cblr-11898	520	1	clearly	clearly	ADV
cblr-11898	520	2	,	,	PUNCT
cblr-11898	520	3	for	for	ADP
cblr-11898	520	4	firms	firm	NOUN
cblr-11898	520	5	of	of	ADP
cblr-11898	520	6	any	any	DET
cblr-11898	520	7	consequential	consequential	ADJ
cblr-11898	520	8	size	size	NOUN
cblr-11898	520	9	,	,	PUNCT
cblr-11898	520	10	the	the	DET
cblr-11898	520	11	$	$	SYM
cblr-11898	520	12	10	10	NUM
cblr-11898	520	13	million	million	NUM
cblr-11898	520	14	asset	asset	NOUN
cblr-11898	520	15	threshold	threshold	NOUN
cblr-11898	520	16	is	be	AUX
cblr-11898	520	17	effectively	effectively	ADV
cblr-11898	520	18	irrelevant	irrelevant	ADJ
cblr-11898	520	19	,	,	PUNCT
cblr-11898	520	20	especially	especially	ADV
cblr-11898	520	21	when	when	SCONJ
cblr-11898	520	22	viewed	view	VERB
cblr-11898	520	23	in	in	ADP
cblr-11898	520	24	the	the	DET
cblr-11898	520	25	context	context	NOUN
cblr-11898	520	26	of	of	ADP
cblr-11898	520	27	the	the	DET
cblr-11898	520	28	listing	listing	NOUN
cblr-11898	520	29	requirements	requirement	NOUN
cblr-11898	520	30	on	on	ADP
cblr-11898	520	31	any	any	DET
cblr-11898	520	32	national	national	ADJ
cblr-11898	520	33	stock	stock	NOUN
cblr-11898	520	34	exchange	exchange	NOUN
cblr-11898	520	35	.	.	PUNCT
cblr-11898	521	1	thus	thus	ADV
cblr-11898	521	2	,	,	PUNCT
cblr-11898	521	3	the	the	DET
cblr-11898	521	4	only	only	ADJ
cblr-11898	521	5	relevant	relevant	ADJ
cblr-11898	521	6	position	position	NOUN
cblr-11898	521	7	would	would	AUX
cblr-11898	521	8	be	be	AUX
cblr-11898	521	9	the	the	DET
cblr-11898	521	10	shareholder	shareholder	NOUN
cblr-11898	521	11	of	of	ADP
cblr-11898	521	12	record	record	NOUN
cblr-11898	521	13	thresholds	threshold	NOUN
cblr-11898	521	14	,	,	PUNCT
cblr-11898	521	15	the	the	DET
cblr-11898	521	16	true	true	ADJ
cblr-11898	521	17	target	target	NOUN
cblr-11898	521	18	of	of	ADP
cblr-11898	521	19	the	the	DET
cblr-11898	521	20	amendments	amendment	NOUN
cblr-11898	521	21	of	of	ADP
cblr-11898	521	22	the	the	DET
cblr-11898	521	23	jobs	job	NOUN
cblr-11898	521	24	act	act	PROPN
cblr-11898	521	25	.	.	PUNCT
cblr-11898	522	1	109	109	NUM
cblr-11898	522	2	xiaohui	xiaohui	PROPN
cblr-11898	522	3	gao	gao	PROPN
cblr-11898	522	4	,	,	PUNCT
cblr-11898	522	5	jay	jay	PROPN
cblr-11898	522	6	r.	r.	PROPN
cblr-11898	522	7	ritter	ritter	PROPN
cblr-11898	522	8	&	&	CCONJ
cblr-11898	522	9	zhongyan	zhongyan	PROPN
cblr-11898	522	10	zhu	zhu	PROPN
cblr-11898	522	11	,	,	PUNCT
cblr-11898	522	12	where	where	SCONJ
cblr-11898	522	13	have	have	AUX
cblr-11898	522	14	all	all	DET
cblr-11898	522	15	the	the	DET
cblr-11898	522	16	ipos	ipos	NOUN
cblr-11898	522	17	gone	go	VERB
cblr-11898	522	18	?	?	PUNCT
cblr-11898	522	19	2	2	NUM
cblr-11898	522	20	(	(	PUNCT
cblr-11898	522	21	aug	aug	PROPN
cblr-11898	522	22	.	.	PROPN
cblr-11898	522	23	26	26	NUM
cblr-11898	522	24	,	,	PUNCT
cblr-11898	522	25	2013	2013	NUM
cblr-11898	522	26	)	)	PUNCT
cblr-11898	522	27	,	,	PUNCT
cblr-11898	522	28	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1954788/	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1954788/	X
cblr-11898	523	1	[	[	X
cblr-11898	523	2	https://perma.cc/tc78-56gr	https://perma.cc/tc78-56gr	X
cblr-11898	523	3	]	]	X
cblr-11898	523	4	.	.	PUNCT
cblr-11898	524	1	110	110	NUM
cblr-11898	524	2	i	i	PROPN
cblr-11898	524	3	d.	d.	PROPN
cblr-11898	524	4	111	111	NUM
cblr-11898	524	5	ipo	ipo	PROPN
cblr-11898	524	6	statistics	statistic	NOUN
cblr-11898	524	7	,	,	PUNCT
cblr-11898	524	8	stock	stock	NOUN
cblr-11898	524	9	analysis	analysis	NOUN
cblr-11898	524	10	,	,	PUNCT
cblr-11898	524	11	https://stockanalysis.com/ipos/statistics/	https://stockanalysis.com/ipos/statistics/	PROPN
cblr-11898	524	12	[	[	X
cblr-11898	524	13	https://perma.cc/t8dl-w92w	https://perma.cc/t8dl-w92w	X
cblr-11898	524	14	]	]	X
cblr-11898	524	15	(	(	PUNCT
cblr-11898	524	16	last	last	ADV
cblr-11898	524	17	visited	visit	VERB
cblr-11898	524	18	jan	jan	PROPN
cblr-11898	524	19	.	.	PROPN
cblr-11898	524	20	25	25	NUM
cblr-11898	524	21	,	,	PUNCT
cblr-11898	524	22	2022	2022	NUM
cblr-11898	524	23	)	)	PUNCT
cblr-11898	524	24	.	.	PUNCT
cblr-11898	525	1	112	112	NUM
cblr-11898	525	2	sara	sara	PROPN
cblr-11898	525	3	b.	b.	PROPN
cblr-11898	525	4	potter	potter	PROPN
cblr-11898	525	5	,	,	PUNCT
cblr-11898	525	6	us	us	PROPN
cblr-11898	525	7	ipo	ipo	NOUN
cblr-11898	525	8	market	market	NOUN
cblr-11898	525	9	:	:	PUNCT
cblr-11898	525	10	spacs	spac	NOUN
cblr-11898	525	11	drive	drive	VERB
cblr-11898	525	12	2020	2020	NUM
cblr-11898	525	13	ipos	ipos	NOUN
cblr-11898	525	14	to	to	ADP
cblr-11898	525	15	a	a	DET
cblr-11898	525	16	new	new	ADJ
cblr-11898	525	17	record	record	NOUN
cblr-11898	525	18	,	,	PUNCT
cblr-11898	525	19	factset	factset	NOUN
cblr-11898	525	20	(	(	PUNCT
cblr-11898	525	21	jan	jan	PROPN
cblr-11898	525	22	.	.	PROPN
cblr-11898	525	23	7	7	NUM
cblr-11898	525	24	,	,	PUNCT
cblr-11898	525	25	2021	2021	NUM
cblr-11898	525	26	)	)	PUNCT
cblr-11898	525	27	,	,	PUNCT
cblr-11898	525	28	https://insight.factset.com/u.s.-ipo-marketspacs-drive-2020-ipos-to-a-new-record./	https://insight.factset.com/u.s.-ipo-marketspacs-drive-2020-ipos-to-a-new-record./	PROPN
cblr-11898	526	1	[	[	X
cblr-11898	526	2	https://perma.cc/8fjg-ttes	https://perma.cc/8fjg-tte	NOUN
cblr-11898	526	3	]	]	PUNCT
cblr-11898	526	4	.	.	PUNCT
cblr-11898	527	1	no	no	INTJ
cblr-11898	527	2	.	.	NOUN
cblr-11898	528	1	1	1	NUM
cblr-11898	528	2	]	]	X
cblr-11898	528	3	mythical	mythical	ADJ
cblr-11898	528	4	unicorns	unicorn	NOUN
cblr-11898	528	5	and	and	CCONJ
cblr-11898	528	6	how	how	SCONJ
cblr-11898	528	7	to	to	PART
cblr-11898	528	8	find	find	VERB
cblr-11898	528	9	them	they	PRON
cblr-11898	528	10	103	103	NUM
cblr-11898	528	11	b.	b.	NOUN
cblr-11898	528	12	the	the	DET
cblr-11898	528	13	impact	impact	NOUN
cblr-11898	528	14	on	on	ADP
cblr-11898	528	15	investors	investor	NOUN
cblr-11898	528	16	and	and	CCONJ
cblr-11898	528	17	the	the	DET
cblr-11898	528	18	economy	economy	NOUN
cblr-11898	528	19	the	the	DET
cblr-11898	528	20	current	current	ADJ
cblr-11898	528	21	market	market	NOUN
cblr-11898	528	22	trends	trend	NOUN
cblr-11898	528	23	are	be	AUX
cblr-11898	528	24	affecting	affect	VERB
cblr-11898	528	25	policymakers	policymaker	NOUN
cblr-11898	528	26	,	,	PUNCT
cblr-11898	528	27	shareholders	shareholder	NOUN
cblr-11898	528	28	,	,	PUNCT
cblr-11898	528	29	investors	investor	NOUN
cblr-11898	528	30	,	,	PUNCT
cblr-11898	528	31	employees	employee	NOUN
cblr-11898	528	32	,	,	PUNCT
cblr-11898	528	33	markets	market	NOUN
cblr-11898	528	34	,	,	PUNCT
cblr-11898	528	35	and	and	CCONJ
cblr-11898	528	36	the	the	DET
cblr-11898	528	37	public	public	NOUN
cblr-11898	528	38	at	at	ADP
cblr-11898	528	39	large	large	ADJ
cblr-11898	528	40	.	.	PUNCT
cblr-11898	529	1	private	private	ADJ
cblr-11898	529	2	markets	market	NOUN
cblr-11898	529	3	are	be	AUX
cblr-11898	529	4	plagued	plague	VERB
cblr-11898	529	5	with	with	ADP
cblr-11898	529	6	asymmetric	asymmetric	ADJ
cblr-11898	529	7	information	information	NOUN
cblr-11898	529	8	,	,	PUNCT
cblr-11898	529	9	illiquidity	illiquidity	NOUN
cblr-11898	529	10	,	,	PUNCT
cblr-11898	529	11	and	and	CCONJ
cblr-11898	529	12	long	long	ADV
cblr-11898	529	13	holding	hold	VERB
cblr-11898	529	14	periods	period	NOUN
cblr-11898	529	15	.	.	PUNCT
cblr-11898	530	1	this	this	PRON
cblr-11898	530	2	needs	need	VERB
cblr-11898	530	3	to	to	PART
cblr-11898	530	4	be	be	AUX
cblr-11898	530	5	taken	take	VERB
cblr-11898	530	6	into	into	ADP
cblr-11898	530	7	account	account	NOUN
cblr-11898	530	8	in	in	ADP
cblr-11898	530	9	any	any	DET
cblr-11898	530	10	serious	serious	ADJ
cblr-11898	530	11	policy	policy	NOUN
cblr-11898	530	12	response	response	NOUN
cblr-11898	530	13	.	.	PUNCT
cblr-11898	531	1	the	the	DET
cblr-11898	531	2	transparency	transparency	NOUN
cblr-11898	531	3	associated	associate	VERB
cblr-11898	531	4	with	with	ADP
cblr-11898	531	5	public	public	ADJ
cblr-11898	531	6	markets	market	NOUN
cblr-11898	531	7	only	only	ADV
cblr-11898	531	8	remains	remain	VERB
cblr-11898	531	9	effective	effective	ADJ
cblr-11898	531	10	so	so	ADV
cblr-11898	531	11	long	long	ADV
cblr-11898	531	12	as	as	SCONJ
cblr-11898	531	13	a	a	DET
cblr-11898	531	14	sufficient	sufficient	ADJ
cblr-11898	531	15	number	number	NOUN
cblr-11898	531	16	of	of	ADP
cblr-11898	531	17	firms	firm	NOUN
cblr-11898	531	18	actually	actually	ADV
cblr-11898	531	19	participate	participate	VERB
cblr-11898	531	20	in	in	ADP
cblr-11898	531	21	public	public	ADJ
cblr-11898	531	22	markets	market	NOUN
cblr-11898	531	23	.	.	PUNCT
cblr-11898	532	1	as	as	SCONJ
cblr-11898	532	2	these	these	DET
cblr-11898	532	3	numbers	number	NOUN
cblr-11898	532	4	fall	fall	VERB
cblr-11898	532	5	,	,	PUNCT
cblr-11898	532	6	the	the	DET
cblr-11898	532	7	transparency	transparency	NOUN
cblr-11898	532	8	of	of	ADP
cblr-11898	532	9	public	public	ADJ
cblr-11898	532	10	markets	market	NOUN
cblr-11898	532	11	will	will	AUX
cblr-11898	532	12	diminish.113	diminish.113	VERB
cblr-11898	532	13	instead	instead	ADV
cblr-11898	532	14	,	,	PUNCT
cblr-11898	532	15	opacity	opacity	NOUN
cblr-11898	532	16	will	will	AUX
cblr-11898	532	17	once	once	ADV
cblr-11898	532	18	again	again	ADV
cblr-11898	532	19	become	become	VERB
cblr-11898	532	20	the	the	DET
cblr-11898	532	21	norm	norm	NOUN
cblr-11898	532	22	in	in	ADP
cblr-11898	532	23	equity	equity	NOUN
cblr-11898	532	24	markets	market	NOUN
cblr-11898	532	25	,	,	PUNCT
cblr-11898	532	26	likely	likely	ADV
cblr-11898	532	27	causing	cause	VERB
cblr-11898	532	28	a	a	DET
cblr-11898	532	29	diminishment	diminishment	NOUN
cblr-11898	532	30	of	of	ADP
cblr-11898	532	31	support	support	NOUN
cblr-11898	532	32	for	for	ADP
cblr-11898	532	33	the	the	DET
cblr-11898	532	34	corporate	corporate	ADJ
cblr-11898	532	35	sector	sector	NOUN
cblr-11898	532	36	in	in	ADP
cblr-11898	532	37	the	the	DET
cblr-11898	532	38	long	long	ADJ
cblr-11898	532	39	term	term	NOUN
cblr-11898	532	40	.	.	PUNCT
cblr-11898	533	1	however	however	ADV
cblr-11898	533	2	,	,	PUNCT
cblr-11898	533	3	regulators	regulator	NOUN
cblr-11898	533	4	and	and	CCONJ
cblr-11898	533	5	the	the	DET
cblr-11898	533	6	market	market	NOUN
cblr-11898	533	7	itself	itself	PRON
cblr-11898	533	8	will	will	AUX
cblr-11898	533	9	more	more	ADV
cblr-11898	533	10	likely	likely	ADV
cblr-11898	533	11	require	require	VERB
cblr-11898	533	12	public	public	ADJ
cblr-11898	533	13	market	market	NOUN
cblr-11898	533	14	-	-	PUNCT
cblr-11898	533	15	like	like	ADJ
cblr-11898	533	16	disclosures	disclosure	NOUN
cblr-11898	533	17	to	to	PART
cblr-11898	533	18	come	come	VERB
cblr-11898	533	19	into	into	ADP
cblr-11898	533	20	the	the	DET
cblr-11898	533	21	private	private	ADJ
cblr-11898	533	22	markets	market	NOUN
cblr-11898	533	23	as	as	SCONJ
cblr-11898	533	24	more	more	ADJ
cblr-11898	533	25	public	public	ADJ
cblr-11898	533	26	capital	capital	NOUN
cblr-11898	533	27	flows	flow	VERB
cblr-11898	533	28	into	into	ADP
cblr-11898	533	29	it	it	PRON
cblr-11898	533	30	.	.	PUNCT
cblr-11898	534	1	as	as	SCONJ
cblr-11898	534	2	its	its	PRON
cblr-11898	534	3	role	role	NOUN
cblr-11898	534	4	in	in	ADP
cblr-11898	534	5	capital	capital	NOUN
cblr-11898	534	6	formation	formation	NOUN
cblr-11898	534	7	begins	begin	VERB
cblr-11898	534	8	to	to	PART
cblr-11898	534	9	accelerate	accelerate	VERB
cblr-11898	534	10	and	and	CCONJ
cblr-11898	534	11	influence	influence	VERB
cblr-11898	534	12	our	our	PRON
cblr-11898	534	13	corporate	corporate	ADJ
cblr-11898	534	14	world	world	NOUN
cblr-11898	534	15	in	in	ADP
cblr-11898	534	16	ways	way	NOUN
cblr-11898	534	17	that	that	PRON
cblr-11898	534	18	exceed	exceed	VERB
cblr-11898	534	19	public	public	ADJ
cblr-11898	534	20	markets	market	NOUN
cblr-11898	534	21	,	,	PUNCT
cblr-11898	534	22	it	it	PRON
cblr-11898	534	23	will	will	AUX
cblr-11898	534	24	face	face	VERB
cblr-11898	534	25	significant	significant	ADJ
cblr-11898	534	26	pressure	pressure	NOUN
cblr-11898	534	27	from	from	ADP
cblr-11898	534	28	both	both	PRON
cblr-11898	534	29	to	to	PART
cblr-11898	534	30	give	give	VERB
cblr-11898	534	31	some	some	DET
cblr-11898	534	32	degree	degree	NOUN
cblr-11898	534	33	of	of	ADP
cblr-11898	534	34	transparency	transparency	NOUN
cblr-11898	534	35	.	.	PUNCT
cblr-11898	535	1	we	we	PRON
cblr-11898	535	2	see	see	VERB
cblr-11898	535	3	this	this	PRON
cblr-11898	535	4	already	already	ADV
cblr-11898	535	5	with	with	ADP
cblr-11898	535	6	increased	increase	VERB
cblr-11898	535	7	disclosure	disclosure	NOUN
cblr-11898	535	8	requirements	requirement	NOUN
cblr-11898	535	9	on	on	ADP
cblr-11898	535	10	otc	otc	PROPN
cblr-11898	535	11	markets	market	NOUN
cblr-11898	535	12	being	be	AUX
cblr-11898	535	13	implemented	implement	VERB
cblr-11898	535	14	in	in	ADP
cblr-11898	535	15	1999	1999	NUM
cblr-11898	535	16	and	and	CCONJ
cblr-11898	535	17	renewed	renew	VERB
cblr-11898	535	18	efforts	effort	NOUN
cblr-11898	535	19	now	now	ADV
cblr-11898	535	20	to	to	PART
cblr-11898	535	21	push	push	VERB
cblr-11898	535	22	for	for	ADP
cblr-11898	535	23	increased	increase	VERB
cblr-11898	535	24	transparency	transparency	NOUN
cblr-11898	535	25	during	during	ADP
cblr-11898	535	26	the	the	DET
cblr-11898	535	27	biden	biden	PROPN
cblr-11898	535	28	administration	administration	NOUN
cblr-11898	535	29	.	.	PUNCT
cblr-11898	536	1	no	no	DET
cblr-11898	536	2	one	one	NOUN
cblr-11898	536	3	denies	deny	VERB
cblr-11898	536	4	that	that	SCONJ
cblr-11898	536	5	there	there	PRON
cblr-11898	536	6	are	be	VERB
cblr-11898	536	7	benefits	benefit	NOUN
cblr-11898	536	8	associated	associate	VERB
cblr-11898	536	9	with	with	ADP
cblr-11898	536	10	both	both	CCONJ
cblr-11898	536	11	public	public	ADJ
cblr-11898	536	12	and	and	CCONJ
cblr-11898	536	13	private	private	ADJ
cblr-11898	536	14	capital	capital	NOUN
cblr-11898	536	15	markets	market	NOUN
cblr-11898	536	16	.	.	PUNCT
cblr-11898	537	1	indeed	indeed	ADV
cblr-11898	537	2	,	,	PUNCT
cblr-11898	537	3	the	the	DET
cblr-11898	537	4	ability	ability	NOUN
cblr-11898	537	5	to	to	PART
cblr-11898	537	6	seek	seek	VERB
cblr-11898	537	7	capital	capital	NOUN
cblr-11898	537	8	from	from	ADP
cblr-11898	537	9	either	either	PRON
cblr-11898	537	10	has	have	AUX
cblr-11898	537	11	facilitated	facilitate	VERB
cblr-11898	537	12	decades	decade	NOUN
cblr-11898	537	13	of	of	ADP
cblr-11898	537	14	economic	economic	ADJ
cblr-11898	537	15	growth	growth	NOUN
cblr-11898	537	16	.	.	PUNCT
cblr-11898	538	1	the	the	DET
cblr-11898	538	2	fact	fact	NOUN
cblr-11898	538	3	that	that	SCONJ
cblr-11898	538	4	the	the	DET
cblr-11898	538	5	financing	financing	NOUN
cblr-11898	538	6	for	for	ADP
cblr-11898	538	7	intangible	intangible	ADJ
cblr-11898	538	8	assets	asset	NOUN
cblr-11898	538	9	is	be	AUX
cblr-11898	538	10	better	well	ADV
cblr-11898	538	11	sourced	source	VERB
cblr-11898	538	12	from	from	ADP
cblr-11898	538	13	private	private	ADJ
cblr-11898	538	14	markets	market	NOUN
cblr-11898	538	15	is	be	AUX
cblr-11898	538	16	a	a	DET
cblr-11898	538	17	reality	reality	NOUN
cblr-11898	538	18	any	any	DET
cblr-11898	538	19	regulator	regulator	NOUN
cblr-11898	538	20	will	will	AUX
cblr-11898	538	21	be	be	AUX
cblr-11898	538	22	faced	face	VERB
cblr-11898	538	23	with	with	ADP
cblr-11898	538	24	when	when	SCONJ
cblr-11898	538	25	attempting	attempt	VERB
cblr-11898	538	26	to	to	PART
cblr-11898	538	27	broaden	broaden	VERB
cblr-11898	538	28	disclosure	disclosure	NOUN
cblr-11898	538	29	requirements	requirement	NOUN
cblr-11898	538	30	.	.	PUNCT
cblr-11898	539	1	nonetheless	nonetheless	ADV
cblr-11898	539	2	,	,	PUNCT
cblr-11898	539	3	as	as	SCONJ
cblr-11898	539	4	more	more	ADJ
cblr-11898	539	5	money	money	NOUN
cblr-11898	539	6	from	from	ADP
cblr-11898	539	7	an	an	DET
cblr-11898	539	8	increasing	increase	VERB
cblr-11898	539	9	variety	variety	NOUN
cblr-11898	539	10	of	of	ADP
cblr-11898	539	11	sources	source	NOUN
cblr-11898	539	12	flows	flow	VERB
cblr-11898	539	13	in	in	ADP
cblr-11898	539	14	,	,	PUNCT
cblr-11898	539	15	there	there	PRON
cblr-11898	539	16	must	must	AUX
cblr-11898	539	17	be	be	AUX
cblr-11898	539	18	some	some	DET
cblr-11898	539	19	degree	degree	NOUN
cblr-11898	539	20	of	of	ADP
cblr-11898	539	21	protection	protection	NOUN
cblr-11898	539	22	implemented	implement	VERB
cblr-11898	539	23	to	to	PART
cblr-11898	539	24	ensure	ensure	VERB
cblr-11898	539	25	investors	investor	NOUN
cblr-11898	539	26	of	of	ADP
cblr-11898	539	27	all	all	DET
cblr-11898	539	28	sophistication	sophistication	NOUN
cblr-11898	539	29	can	can	AUX
cblr-11898	539	30	make	make	VERB
cblr-11898	539	31	informed	informed	ADJ
cblr-11898	539	32	decisions	decision	NOUN
cblr-11898	539	33	.	.	PUNCT
cblr-11898	540	1	to	to	PART
cblr-11898	540	2	maintain	maintain	VERB
cblr-11898	540	3	support	support	NOUN
cblr-11898	540	4	for	for	ADP
cblr-11898	540	5	our	our	PRON
cblr-11898	540	6	corporate	corporate	ADJ
cblr-11898	540	7	sector	sector	NOUN
cblr-11898	540	8	,	,	PUNCT
cblr-11898	540	9	the	the	DET
cblr-11898	540	10	transparency	transparency	NOUN
cblr-11898	540	11	of	of	ADP
cblr-11898	540	12	private	private	ADJ
cblr-11898	540	13	markets	market	NOUN
cblr-11898	540	14	must	must	AUX
cblr-11898	540	15	increase	increase	VERB
cblr-11898	540	16	as	as	ADP
cblr-11898	540	17	society	society	NOUN
cblr-11898	540	18	’s	’s	PART
cblr-11898	540	19	access	access	NOUN
cblr-11898	540	20	increases	increase	NOUN
cblr-11898	540	21	to	to	ADP
cblr-11898	540	22	them	they	PRON
cblr-11898	540	23	.	.	PUNCT
cblr-11898	541	1	113	113	NUM
cblr-11898	541	2	craig	craig	PROPN
cblr-11898	541	3	doidge	doidge	PROPN
cblr-11898	541	4	,	,	PUNCT
cblr-11898	541	5	kathleen	kathleen	PROPN
cblr-11898	541	6	m.	m.	NOUN
cblr-11898	541	7	kahle	kahle	PROPN
cblr-11898	541	8	,	,	PUNCT
cblr-11898	541	9	g.	g.	PROPN
cblr-11898	541	10	andrew	andrew	PROPN
cblr-11898	541	11	karolyi	karolyi	PROPN
cblr-11898	541	12	&	&	CCONJ
cblr-11898	541	13	rené	rené	PROPN
cblr-11898	541	14	m.	m.	PROPN
cblr-11898	541	15	stulz	stulz	PROPN
cblr-11898	541	16	,	,	PUNCT
cblr-11898	541	17	eclipse	eclipse	NOUN
cblr-11898	541	18	of	of	ADP
cblr-11898	541	19	the	the	DET
cblr-11898	541	20	public	public	ADJ
cblr-11898	541	21	corporation	corporation	NOUN
cblr-11898	541	22	or	or	CCONJ
cblr-11898	541	23	eclipse	eclipse	NOUN
cblr-11898	541	24	of	of	ADP
cblr-11898	541	25	the	the	DET
cblr-11898	541	26	public	public	ADJ
cblr-11898	541	27	markets	market	NOUN
cblr-11898	541	28	?	?	PUNCT
cblr-11898	541	29	,	,	PUNCT
cblr-11898	541	30	30	30	NUM
cblr-11898	541	31	j.	j.	PROPN
cblr-11898	541	32	applied	applied	PROPN
cblr-11898	541	33	corp	corp	PROPN
cblr-11898	541	34	.	.	PROPN
cblr-11898	541	35	fin	fin	PROPN
cblr-11898	541	36	.	.	PUNCT
cblr-11898	542	1	8	8	NUM
cblr-11898	542	2	,	,	PUNCT
cblr-11898	542	3	15	15	NUM
cblr-11898	542	4	(	(	PUNCT
cblr-11898	542	5	2018	2018	NUM
cblr-11898	542	6	)	)	PUNCT
cblr-11898	542	7	.	.	PUNCT
cblr-11898	543	1	104	104	NUM
cblr-11898	543	2	columbia	columbia	PROPN
cblr-11898	543	3	business	business	NOUN
cblr-11898	543	4	law	law	PROPN
cblr-11898	543	5	review	review	NOUN
cblr-11898	543	6	[	[	X
cblr-11898	543	7	vol	vol	NOUN
cblr-11898	543	8	.	.	PUNCT
cblr-11898	544	1	2023	2023	NUM
cblr-11898	544	2	first	first	ADV
cblr-11898	544	3	,	,	PUNCT
cblr-11898	544	4	regulators	regulator	NOUN
cblr-11898	544	5	should	should	AUX
cblr-11898	544	6	enhance	enhance	AUX
cblr-11898	544	7	,	,	PUNCT
cblr-11898	544	8	not	not	PART
cblr-11898	544	9	reduce	reduce	VERB
cblr-11898	544	10	,	,	PUNCT
cblr-11898	544	11	disclosure	disclosure	NOUN
cblr-11898	544	12	standards	standard	NOUN
cblr-11898	544	13	and	and	CCONJ
cblr-11898	544	14	investor	investor	NOUN
cblr-11898	544	15	protections	protection	NOUN
cblr-11898	544	16	.	.	PUNCT
cblr-11898	545	1	initially	initially	ADV
cblr-11898	545	2	,	,	PUNCT
cblr-11898	545	3	our	our	PRON
cblr-11898	545	4	securities	security	NOUN
cblr-11898	545	5	laws	law	NOUN
cblr-11898	545	6	were	be	AUX
cblr-11898	545	7	designed	design	VERB
cblr-11898	545	8	to	to	PART
cblr-11898	545	9	protect	protect	VERB
cblr-11898	545	10	all	all	DET
cblr-11898	545	11	investors	investor	NOUN
cblr-11898	545	12	,	,	PUNCT
cblr-11898	545	13	including	include	VERB
cblr-11898	545	14	employees	employee	NOUN
cblr-11898	545	15	as	as	ADP
cblr-11898	545	16	investors	investor	NOUN
cblr-11898	545	17	.	.	PUNCT
cblr-11898	546	1	that	that	PRON
cblr-11898	546	2	meant	mean	VERB
cblr-11898	546	3	that	that	SCONJ
cblr-11898	546	4	all	all	DET
cblr-11898	546	5	the	the	DET
cblr-11898	546	6	companies	company	NOUN
cblr-11898	546	7	in	in	ADP
cblr-11898	546	8	the	the	DET
cblr-11898	546	9	united	united	PROPN
cblr-11898	546	10	states	states	PROPN
cblr-11898	546	11	were	be	AUX
cblr-11898	546	12	required	require	VERB
cblr-11898	546	13	to	to	PART
cblr-11898	546	14	disclose	disclose	VERB
cblr-11898	546	15	financial	financial	ADJ
cblr-11898	546	16	and	and	CCONJ
cblr-11898	546	17	other	other	ADJ
cblr-11898	546	18	information	information	NOUN
cblr-11898	546	19	about	about	ADP
cblr-11898	546	20	the	the	DET
cblr-11898	546	21	offering	offering	NOUN
cblr-11898	546	22	firm	firm	NOUN
cblr-11898	546	23	,	,	PUNCT
cblr-11898	546	24	prior	prior	ADV
cblr-11898	546	25	to	to	ADP
cblr-11898	546	26	offering	offer	VERB
cblr-11898	546	27	securities	security	NOUN
cblr-11898	546	28	to	to	ADP
cblr-11898	546	29	the	the	DET
cblr-11898	546	30	public	public	NOUN
cblr-11898	546	31	.	.	PUNCT
cblr-11898	547	1	our	our	PRON
cblr-11898	547	2	laws	law	NOUN
cblr-11898	547	3	,	,	PUNCT
cblr-11898	547	4	specifically	specifically	ADV
cblr-11898	547	5	the	the	DET
cblr-11898	547	6	securities	security	NOUN
cblr-11898	547	7	act	act	NOUN
cblr-11898	547	8	of	of	ADP
cblr-11898	547	9	1933	1933	NUM
cblr-11898	547	10	(	(	PUNCT
cblr-11898	547	11	the	the	DET
cblr-11898	547	12	“	"	PUNCT
cblr-11898	547	13	securities	security	NOUN
cblr-11898	547	14	act	act	PROPN
cblr-11898	547	15	”	"	PUNCT
cblr-11898	547	16	)	)	PUNCT
cblr-11898	547	17	,	,	PUNCT
cblr-11898	547	18	required	require	VERB
cblr-11898	547	19	that	that	SCONJ
cblr-11898	547	20	a	a	DET
cblr-11898	547	21	company	company	NOUN
cblr-11898	547	22	that	that	PRON
cblr-11898	547	23	offers	offer	VERB
cblr-11898	547	24	to	to	PART
cblr-11898	547	25	sell	sell	VERB
cblr-11898	547	26	its	its	PRON
cblr-11898	547	27	securities	security	NOUN
cblr-11898	547	28	must	must	AUX
cblr-11898	547	29	first	first	ADV
cblr-11898	547	30	register	register	VERB
cblr-11898	547	31	the	the	DET
cblr-11898	547	32	securities	security	NOUN
cblr-11898	547	33	with	with	ADP
cblr-11898	547	34	the	the	DET
cblr-11898	547	35	sec	sec	PROPN
cblr-11898	547	36	.	.	PROPN
cblr-11898	548	1	during	during	ADP
cblr-11898	548	2	the	the	DET
cblr-11898	548	3	registration	registration	NOUN
cblr-11898	548	4	process	process	NOUN
cblr-11898	548	5	,	,	PUNCT
cblr-11898	548	6	the	the	DET
cblr-11898	548	7	issuing	issue	VERB
cblr-11898	548	8	company	company	NOUN
cblr-11898	548	9	disclosed	disclose	VERB
cblr-11898	548	10	certain	certain	ADJ
cblr-11898	548	11	facts	fact	NOUN
cblr-11898	548	12	,	,	PUNCT
cblr-11898	548	13	including	include	VERB
cblr-11898	548	14	certified	certify	VERB
cblr-11898	548	15	financial	financial	ADJ
cblr-11898	548	16	statements	statement	NOUN
cblr-11898	548	17	,	,	PUNCT
cblr-11898	548	18	a	a	DET
cblr-11898	548	19	description	description	NOUN
cblr-11898	548	20	of	of	ADP
cblr-11898	548	21	its	its	PRON
cblr-11898	548	22	assets	asset	NOUN
cblr-11898	548	23	and	and	CCONJ
cblr-11898	548	24	business	business	NOUN
cblr-11898	548	25	operations	operation	NOUN
cblr-11898	548	26	,	,	PUNCT
cblr-11898	548	27	management	management	NOUN
cblr-11898	548	28	composition	composition	NOUN
cblr-11898	548	29	and	and	CCONJ
cblr-11898	548	30	more	more	ADJ
cblr-11898	548	31	.	.	PUNCT
cblr-11898	549	1	one	one	NUM
cblr-11898	549	2	of	of	ADP
cblr-11898	549	3	the	the	DET
cblr-11898	549	4	largest	large	ADJ
cblr-11898	549	5	sources	source	NOUN
cblr-11898	549	6	of	of	ADP
cblr-11898	549	7	pressure	pressure	NOUN
cblr-11898	549	8	to	to	PART
cblr-11898	549	9	go	go	VERB
cblr-11898	549	10	public	public	ADJ
cblr-11898	549	11	came	come	VERB
cblr-11898	549	12	from	from	ADP
cblr-11898	549	13	the	the	DET
cblr-11898	549	14	largest	large	ADJ
cblr-11898	549	15	group	group	NOUN
cblr-11898	549	16	of	of	ADP
cblr-11898	549	17	minority	minority	NOUN
cblr-11898	549	18	shareholders	shareholder	NOUN
cblr-11898	549	19	:	:	PUNCT
cblr-11898	549	20	the	the	DET
cblr-11898	549	21	firm	firm	NOUN
cblr-11898	549	22	’s	’s	PART
cblr-11898	549	23	own	own	ADJ
cblr-11898	549	24	employees	employee	NOUN
cblr-11898	549	25	.	.	PUNCT
cblr-11898	550	1	things	thing	NOUN
cblr-11898	550	2	changed	change	VERB
cblr-11898	550	3	.	.	PUNCT
cblr-11898	551	1	startups	startup	NOUN
cblr-11898	551	2	today	today	NOUN
cblr-11898	551	3	enjoy	enjoy	VERB
cblr-11898	551	4	several	several	ADJ
cblr-11898	551	5	exemptions	exemption	NOUN
cblr-11898	551	6	from	from	ADP
cblr-11898	551	7	registration	registration	NOUN
cblr-11898	551	8	,	,	PUNCT
cblr-11898	551	9	thanks	thank	NOUN
cblr-11898	551	10	to	to	ADP
cblr-11898	551	11	a	a	DET
cblr-11898	551	12	series	series	NOUN
cblr-11898	551	13	of	of	ADP
cblr-11898	551	14	reforms	reform	NOUN
cblr-11898	551	15	to	to	ADP
cblr-11898	551	16	the	the	DET
cblr-11898	551	17	federal	federal	ADJ
cblr-11898	551	18	securities	security	NOUN
cblr-11898	551	19	laws	law	NOUN
cblr-11898	551	20	,	,	PUNCT
cblr-11898	551	21	which	which	PRON
cblr-11898	551	22	began	begin	VERB
cblr-11898	551	23	in	in	ADP
cblr-11898	551	24	1988.114	1988.114	NUM
cblr-11898	551	25	the	the	DET
cblr-11898	551	26	following	follow	VERB
cblr-11898	551	27	changes	change	NOUN
cblr-11898	551	28	dramatically	dramatically	ADV
cblr-11898	551	29	reduced	reduce	VERB
cblr-11898	551	30	the	the	DET
cblr-11898	551	31	ability	ability	NOUN
cblr-11898	551	32	of	of	ADP
cblr-11898	551	33	this	this	DET
cblr-11898	551	34	group	group	NOUN
cblr-11898	551	35	to	to	PART
cblr-11898	551	36	pressure	pressure	VERB
cblr-11898	551	37	for	for	ADP
cblr-11898	551	38	an	an	DET
cblr-11898	551	39	ipo	ipo	NOUN
cblr-11898	551	40	.	.	PUNCT
cblr-11898	552	1	first	first	ADV
cblr-11898	552	2	,	,	PUNCT
cblr-11898	552	3	with	with	ADP
cblr-11898	552	4	the	the	DET
cblr-11898	552	5	passage	passage	NOUN
cblr-11898	552	6	of	of	ADP
cblr-11898	552	7	the	the	DET
cblr-11898	552	8	jobs	job	NOUN
cblr-11898	552	9	act	act	VERB
cblr-11898	552	10	in	in	ADP
cblr-11898	552	11	2012	2012	NUM
cblr-11898	552	12	,	,	PUNCT
cblr-11898	552	13	section	section	NOUN
cblr-11898	552	14	12(g	12(g	NUM
cblr-11898	552	15	)	)	PUNCT
cblr-11898	552	16	of	of	ADP
cblr-11898	552	17	the	the	DET
cblr-11898	552	18	‘	'	PUNCT
cblr-11898	552	19	34	34	NUM
cblr-11898	552	20	act	act	NOUN
cblr-11898	552	21	was	be	AUX
cblr-11898	552	22	amended	amend	VERB
cblr-11898	552	23	to	to	PART
cblr-11898	552	24	increase	increase	VERB
cblr-11898	552	25	the	the	DET
cblr-11898	552	26	number	number	NOUN
cblr-11898	552	27	of	of	ADP
cblr-11898	552	28	shareholders	shareholder	NOUN
cblr-11898	552	29	of	of	ADP
cblr-11898	552	30	record	record	NOUN
cblr-11898	552	31	a	a	DET
cblr-11898	552	32	company	company	NOUN
cblr-11898	552	33	was	be	AUX
cblr-11898	552	34	permitted	permit	VERB
cblr-11898	552	35	to	to	PART
cblr-11898	552	36	have	have	VERB
cblr-11898	552	37	from	from	ADP
cblr-11898	552	38	500	500	NUM
cblr-11898	552	39	persons	person	NOUN
cblr-11898	552	40	to	to	ADP
cblr-11898	552	41	2000	2000	NUM
cblr-11898	552	42	persons.115	persons.115	PROPN
cblr-11898	552	43	second	second	ADV
cblr-11898	552	44	,	,	PUNCT
cblr-11898	552	45	the	the	DET
cblr-11898	552	46	‘	'	PUNCT
cblr-11898	552	47	34	34	NUM
cblr-11898	552	48	act	act	NOUN
cblr-11898	552	49	was	be	AUX
cblr-11898	552	50	further	far	ADV
cblr-11898	552	51	amended	amend	VERB
cblr-11898	552	52	to	to	PART
cblr-11898	552	53	remove	remove	VERB
cblr-11898	552	54	employees	employee	NOUN
cblr-11898	552	55	who	who	PRON
cblr-11898	552	56	received	receive	VERB
cblr-11898	552	57	shares	share	NOUN
cblr-11898	552	58	as	as	ADP
cblr-11898	552	59	part	part	NOUN
cblr-11898	552	60	of	of	ADP
cblr-11898	552	61	exempt	exempt	ADJ
cblr-11898	552	62	employee	employee	NOUN
cblr-11898	552	63	compensation	compensation	NOUN
cblr-11898	552	64	plans	plan	NOUN
cblr-11898	552	65	from	from	ADP
cblr-11898	552	66	the	the	DET
cblr-11898	552	67	shareholder	shareholder	NOUN
cblr-11898	552	68	of	of	ADP
cblr-11898	552	69	record	record	NOUN
cblr-11898	552	70	count.116	count.116	NOUN
cblr-11898	552	71	there	there	PRON
cblr-11898	552	72	is	be	VERB
cblr-11898	552	73	consensus	consensus	NOUN
cblr-11898	552	74	that	that	SCONJ
cblr-11898	552	75	there	there	PRON
cblr-11898	552	76	is	be	VERB
cblr-11898	552	77	a	a	DET
cblr-11898	552	78	need	need	NOUN
cblr-11898	552	79	for	for	ADP
cblr-11898	552	80	more	more	ADJ
cblr-11898	552	81	disclosure	disclosure	NOUN
cblr-11898	552	82	.	.	PUNCT
cblr-11898	553	1	however	however	ADV
cblr-11898	553	2	,	,	PUNCT
cblr-11898	553	3	there	there	PRON
cblr-11898	553	4	is	be	VERB
cblr-11898	553	5	also	also	ADV
cblr-11898	553	6	debate	debate	NOUN
cblr-11898	553	7	on	on	ADP
cblr-11898	553	8	what	what	DET
cblr-11898	553	9	information	information	NOUN
cblr-11898	553	10	private	private	ADJ
cblr-11898	553	11	companies	company	NOUN
cblr-11898	553	12	should	should	AUX
cblr-11898	553	13	disclose	disclose	VERB
cblr-11898	553	14	to	to	PART
cblr-11898	553	15	alleviate	alleviate	VERB
cblr-11898	553	16	this	this	DET
cblr-11898	553	17	problem	problem	NOUN
cblr-11898	553	18	.	.	PUNCT
cblr-11898	554	1	there	there	PRON
cblr-11898	554	2	are	be	VERB
cblr-11898	554	3	several	several	ADJ
cblr-11898	554	4	approaches	approach	NOUN
cblr-11898	554	5	to	to	ADP
cblr-11898	554	6	disclosure	disclosure	NOUN
cblr-11898	554	7	.	.	PUNCT
cblr-11898	555	1	according	accord	VERB
cblr-11898	555	2	to	to	ADP
cblr-11898	555	3	yifat	yifat	PROPN
cblr-11898	555	4	aran	aran	NOUN
cblr-11898	555	5	,	,	PUNCT
cblr-11898	555	6	they	they	PRON
cblr-11898	555	7	include	include	VERB
cblr-11898	555	8	a	a	DET
cblr-11898	555	9	maximalist	maximalist	NOUN
cblr-11898	555	10	,	,	PUNCT
cblr-11898	555	11	minimalist	minimalist	NOUN
cblr-11898	555	12	,	,	PUNCT
cblr-11898	555	13	and	and	CCONJ
cblr-11898	555	14	intermediate	intermediate	ADJ
cblr-11898	555	15	114	114	NUM
cblr-11898	555	16	see	see	NOUN
cblr-11898	555	17	jones	jone	NOUN
cblr-11898	555	18	,	,	PUNCT
cblr-11898	555	19	written	write	VERB
cblr-11898	555	20	testimony	testimony	NOUN
cblr-11898	555	21	,	,	PUNCT
cblr-11898	555	22	supra	supra	PROPN
cblr-11898	555	23	note	note	NOUN
cblr-11898	555	24	77	77	NUM
cblr-11898	555	25	(	(	PUNCT
cblr-11898	555	26	citing	cite	VERB
cblr-11898	555	27	alon	alon	PROPN
cblr-11898	555	28	-	-	PUNCT
cblr-11898	555	29	beck	beck	PROPN
cblr-11898	555	30	,	,	PUNCT
cblr-11898	555	31	supra	supra	PROPN
cblr-11898	555	32	note	note	PROPN
cblr-11898	555	33	103	103	NUM
cblr-11898	555	34	)	)	PUNCT
cblr-11898	555	35	.	.	PUNCT
cblr-11898	556	1	115	115	NUM
cblr-11898	556	2	see	see	VERB
cblr-11898	556	3	jumpstart	jumpstart	VERB
cblr-11898	556	4	our	our	PRON
cblr-11898	556	5	business	business	NOUN
cblr-11898	556	6	startups	startup	NOUN
cblr-11898	556	7	act	act	PROPN
cblr-11898	556	8	,	,	PUNCT
cblr-11898	556	9	§	§	NOUN
cblr-11898	556	10	501	501	NUM
cblr-11898	556	11	,	,	PUNCT
cblr-11898	556	12	pub	pub	NOUN
cblr-11898	556	13	.	.	PUNCT
cblr-11898	557	1	l.	l.	PROPN
cblr-11898	557	2	no	no	INTJ
cblr-11898	557	3	.	.	PROPN
cblr-11898	558	1	112106	112106	NUM
cblr-11898	558	2	,	,	PUNCT
cblr-11898	558	3	126	126	NUM
cblr-11898	558	4	stat	stat	NOUN
cblr-11898	558	5	.	.	PUNCT
cblr-11898	559	1	306	306	NUM
cblr-11898	559	2	(	(	PUNCT
cblr-11898	559	3	2012	2012	NUM
cblr-11898	559	4	)	)	PUNCT
cblr-11898	559	5	,	,	PUNCT
cblr-11898	560	1	https://www.govinfo.gov/content/pkg/bills112hr3606enr/pdf/bills-112hr3606enr.pdf	https://www.govinfo.gov/content/pkg/bills112hr3606enr/pdf/bills-112hr3606enr.pdf	NOUN
cblr-11898	561	1	[	[	X
cblr-11898	561	2	https://perma.cc/ud87xpcz	https://perma.cc/ud87xpcz	PROPN
cblr-11898	561	3	]	]	PUNCT
cblr-11898	561	4	.	.	PUNCT
cblr-11898	562	1	116	116	NUM
cblr-11898	562	2	see	see	VERB
cblr-11898	562	3	i	i	PROPN
cblr-11898	562	4	d.	d.	PROPN
cblr-11898	562	5	https://www.govinfo.gov/content/pkg/bills-112hr3606enr/pdf/bills-112hr3606enr.pdf	https://www.govinfo.gov/content/pkg/bills-112hr3606enr/pdf/bills-112hr3606enr.pdf	PROPN
cblr-11898	562	6	https://www.govinfo.gov/content/pkg/bills-112hr3606enr/pdf/bills-112hr3606enr.pdf	https://www.govinfo.gov/content/pkg/bills-112hr3606enr/pdf/bills-112hr3606enr.pdf	PROPN
cblr-11898	562	7	no	no	NOUN
cblr-11898	562	8	.	.	NOUN
cblr-11898	562	9	1	1	NUM
cblr-11898	562	10	]	]	X
cblr-11898	562	11	mythical	mythical	ADJ
cblr-11898	562	12	unicorns	unicorn	NOUN
cblr-11898	562	13	and	and	CCONJ
cblr-11898	562	14	how	how	SCONJ
cblr-11898	562	15	to	to	PART
cblr-11898	562	16	find	find	VERB
cblr-11898	562	17	them	they	PRON
cblr-11898	562	18	105	105	NUM
cblr-11898	562	19	approach.117	approach.117	VERB
cblr-11898	562	20	one	one	NUM
cblr-11898	562	21	thing	thing	NOUN
cblr-11898	562	22	is	be	AUX
cblr-11898	562	23	clear	clear	ADJ
cblr-11898	562	24	though	though	ADV
cblr-11898	562	25	,	,	PUNCT
cblr-11898	562	26	we	we	PRON
cblr-11898	562	27	need	need	VERB
cblr-11898	562	28	a	a	DET
cblr-11898	562	29	better	well	ADJ
cblr-11898	562	30	disclosure	disclosure	NOUN
cblr-11898	562	31	regime	regime	NOUN
cblr-11898	562	32	to	to	PART
cblr-11898	562	33	“	"	PUNCT
cblr-11898	562	34	prevent	prevent	VERB
cblr-11898	562	35	the	the	DET
cblr-11898	562	36	market	market	NOUN
cblr-11898	562	37	for	for	ADP
cblr-11898	562	38	equity	equity	NOUN
cblr-11898	562	39	-	-	PUNCT
cblr-11898	562	40	based	base	VERB
cblr-11898	562	41	compensation	compensation	NOUN
cblr-11898	562	42	from	from	ADP
cblr-11898	562	43	becoming	become	VERB
cblr-11898	562	44	a	a	DET
cblr-11898	562	45	market	market	NOUN
cblr-11898	562	46	for	for	ADP
cblr-11898	562	47	lemons	lemon	NOUN
cblr-11898	562	48	.	.	PUNCT
cblr-11898	563	1	”118	”118	PROPN
cblr-11898	563	2	aran	aran	PROPN
cblr-11898	563	3	warns	warn	VERB
cblr-11898	563	4	that	that	SCONJ
cblr-11898	563	5	employees	employee	NOUN
cblr-11898	563	6	will	will	AUX
cblr-11898	563	7	lose	lose	VERB
cblr-11898	563	8	trust	trust	NOUN
cblr-11898	563	9	in	in	ADP
cblr-11898	563	10	equity	equity	NOUN
cblr-11898	563	11	compensation	compensation	NOUN
cblr-11898	563	12	arrangements	arrangement	NOUN
cblr-11898	563	13	.	.	PUNCT
cblr-11898	564	1	this	this	PRON
cblr-11898	564	2	is	be	AUX
cblr-11898	564	3	already	already	ADV
cblr-11898	564	4	happening	happen	VERB
cblr-11898	564	5	,	,	PUNCT
cblr-11898	564	6	as	as	ADP
cblr-11898	564	7	evident	evident	ADJ
cblr-11898	564	8	from	from	ADP
cblr-11898	564	9	employees	employee	NOUN
cblr-11898	564	10	complaining	complain	VERB
cblr-11898	564	11	on	on	ADP
cblr-11898	564	12	public	public	ADJ
cblr-11898	564	13	platforms	platform	NOUN
cblr-11898	564	14	such	such	ADJ
cblr-11898	564	15	as	as	ADP
cblr-11898	564	16	glassdoor	glassdoor	NOUN
cblr-11898	564	17	and	and	CCONJ
cblr-11898	564	18	paysa.119	paysa.119	ADJ
cblr-11898	564	19	some	some	DET
cblr-11898	564	20	employees	employee	NOUN
cblr-11898	564	21	,	,	PUNCT
cblr-11898	564	22	as	as	ADP
cblr-11898	564	23	shareholders	shareholder	NOUN
cblr-11898	564	24	,	,	PUNCT
cblr-11898	564	25	turn	turn	VERB
cblr-11898	564	26	to	to	ADP
cblr-11898	564	27	the	the	DET
cblr-11898	564	28	courts	court	NOUN
cblr-11898	564	29	for	for	ADP
cblr-11898	564	30	help	help	NOUN
cblr-11898	564	31	.	.	PUNCT
cblr-11898	565	1	other	other	ADJ
cblr-11898	565	2	stakeholders	stakeholder	NOUN
cblr-11898	565	3	affected	affect	VERB
cblr-11898	565	4	by	by	ADP
cblr-11898	565	5	the	the	DET
cblr-11898	565	6	high	high	ADJ
cblr-11898	565	7	private	private	ADJ
cblr-11898	565	8	market	market	NOUN
cblr-11898	565	9	demand	demand	NOUN
cblr-11898	565	10	include	include	VERB
cblr-11898	565	11	retail	retail	ADJ
cblr-11898	565	12	investors	investor	NOUN
cblr-11898	565	13	and	and	CCONJ
cblr-11898	565	14	the	the	DET
cblr-11898	565	15	public	public	NOUN
cblr-11898	565	16	at	at	ADP
cblr-11898	565	17	large	large	ADJ
cblr-11898	565	18	.	.	PUNCT
cblr-11898	566	1	there	there	PRON
cblr-11898	566	2	is	be	VERB
cblr-11898	566	3	pressure	pressure	NOUN
cblr-11898	566	4	on	on	ADP
cblr-11898	566	5	deal	deal	NOUN
cblr-11898	566	6	valuations	valuation	NOUN
cblr-11898	566	7	.	.	PUNCT
cblr-11898	567	1	the	the	DET
cblr-11898	567	2	rise	rise	NOUN
cblr-11898	567	3	in	in	ADP
cblr-11898	567	4	dry	dry	ADJ
cblr-11898	567	5	powder	powder	NOUN
cblr-11898	567	6	,	,	PUNCT
cblr-11898	567	7	along	along	ADP
cblr-11898	567	8	with	with	ADP
cblr-11898	567	9	reported	report	VERB
cblr-11898	567	10	and	and	CCONJ
cblr-11898	567	11	perceived	perceive	VERB
cblr-11898	567	12	reductions	reduction	NOUN
cblr-11898	567	13	in	in	ADP
cblr-11898	567	14	illiquidity	illiquidity	NOUN
cblr-11898	567	15	premiums	premium	NOUN
cblr-11898	567	16	,	,	PUNCT
cblr-11898	567	17	suggest	suggest	VERB
cblr-11898	567	18	a	a	DET
cblr-11898	567	19	market	market	NOUN
cblr-11898	567	20	that	that	PRON
cblr-11898	567	21	may	may	AUX
cblr-11898	567	22	be	be	AUX
cblr-11898	567	23	overheating	overheat	VERB
cblr-11898	567	24	.	.	PUNCT
cblr-11898	568	1	despite	despite	SCONJ
cblr-11898	568	2	the	the	DET
cblr-11898	568	3	fact	fact	NOUN
cblr-11898	568	4	that	that	SCONJ
cblr-11898	568	5	the	the	DET
cblr-11898	568	6	institutional	institutional	ADJ
cblr-11898	568	7	investor	investor	NOUN
cblr-11898	568	8	base	base	NOUN
cblr-11898	568	9	has	have	AUX
cblr-11898	568	10	long	long	ADJ
cblr-11898	568	11	-	-	PUNCT
cblr-11898	568	12	term	term	NOUN
cblr-11898	568	13	liabilities	liability	NOUN
cblr-11898	568	14	,	,	PUNCT
cblr-11898	568	15	private	private	ADJ
cblr-11898	568	16	company	company	NOUN
cblr-11898	568	17	assets	asset	NOUN
cblr-11898	568	18	are	be	AUX
cblr-11898	568	19	highly	highly	ADV
cblr-11898	568	20	illiquid	illiquid	ADJ
cblr-11898	568	21	.	.	PUNCT
cblr-11898	569	1	these	these	DET
cblr-11898	569	2	investors	investor	NOUN
cblr-11898	569	3	might	might	AUX
cblr-11898	569	4	face	face	VERB
cblr-11898	569	5	issues	issue	NOUN
cblr-11898	569	6	with	with	ADP
cblr-11898	569	7	short	short	ADJ
cblr-11898	569	8	-	-	PUNCT
cblr-11898	569	9	term	term	NOUN
cblr-11898	569	10	cash	cash	NOUN
cblr-11898	569	11	flow	flow	NOUN
cblr-11898	569	12	obligations	obligation	NOUN
cblr-11898	569	13	in	in	ADP
cblr-11898	569	14	the	the	DET
cblr-11898	569	15	event	event	NOUN
cblr-11898	569	16	that	that	PRON
cblr-11898	569	17	the	the	DET
cblr-11898	569	18	private	private	ADJ
cblr-11898	569	19	markets	market	NOUN
cblr-11898	569	20	will	will	AUX
cblr-11898	569	21	enter	enter	VERB
cblr-11898	569	22	a	a	DET
cblr-11898	569	23	negative	negative	ADJ
cblr-11898	569	24	downturn	downturn	NOUN
cblr-11898	569	25	correction	correction	NOUN
cblr-11898	569	26	.	.	PUNCT
cblr-11898	570	1	note	note	VERB
cblr-11898	570	2	that	that	SCONJ
cblr-11898	570	3	some	some	DET
cblr-11898	570	4	institutional	institutional	ADJ
cblr-11898	570	5	funds	fund	NOUN
cblr-11898	570	6	have	have	VERB
cblr-11898	570	7	restrictive	restrictive	ADJ
cblr-11898	570	8	requirements	requirement	NOUN
cblr-11898	570	9	,	,	PUNCT
cblr-11898	570	10	such	such	ADJ
cblr-11898	570	11	as	as	ADP
cblr-11898	570	12	maintaining	maintain	VERB
cblr-11898	570	13	daily	daily	ADJ
cblr-11898	570	14	liquidity	liquidity	NOUN
cblr-11898	570	15	requirements	requirement	NOUN
cblr-11898	570	16	.	.	PUNCT
cblr-11898	571	1	there	there	PRON
cblr-11898	571	2	is	be	VERB
cblr-11898	571	3	a	a	DET
cblr-11898	571	4	need	need	NOUN
cblr-11898	571	5	to	to	PART
cblr-11898	571	6	examine	examine	VERB
cblr-11898	571	7	the	the	DET
cblr-11898	571	8	systemic	systemic	ADJ
cblr-11898	571	9	implications	implication	NOUN
cblr-11898	571	10	of	of	ADP
cblr-11898	571	11	growing	grow	VERB
cblr-11898	571	12	private	private	ADJ
cblr-11898	571	13	market	market	NOUN
cblr-11898	571	14	exposure	exposure	NOUN
cblr-11898	571	15	among	among	ADP
cblr-11898	571	16	institutional	institutional	ADJ
cblr-11898	571	17	117	117	NUM
cblr-11898	571	18	it	it	PRON
cblr-11898	571	19	should	should	AUX
cblr-11898	571	20	be	be	AUX
cblr-11898	571	21	noted	note	VERB
cblr-11898	571	22	that	that	SCONJ
cblr-11898	571	23	there	there	PRON
cblr-11898	571	24	are	be	VERB
cblr-11898	571	25	several	several	ADJ
cblr-11898	571	26	views	view	NOUN
cblr-11898	571	27	in	in	ADP
cblr-11898	571	28	academia	academia	NOUN
cblr-11898	571	29	and	and	CCONJ
cblr-11898	571	30	practice	practice	NOUN
cblr-11898	571	31	on	on	ADP
cblr-11898	571	32	the	the	DET
cblr-11898	571	33	type	type	NOUN
cblr-11898	571	34	of	of	ADP
cblr-11898	571	35	information	information	NOUN
cblr-11898	571	36	that	that	PRON
cblr-11898	571	37	should	should	AUX
cblr-11898	571	38	be	be	AUX
cblr-11898	571	39	provided	provide	VERB
cblr-11898	571	40	to	to	ADP
cblr-11898	571	41	employees	employee	NOUN
cblr-11898	571	42	.	.	PUNCT
cblr-11898	572	1	according	accord	VERB
cblr-11898	572	2	to	to	ADP
cblr-11898	572	3	aran	aran	NOUN
cblr-11898	572	4	,	,	PUNCT
cblr-11898	572	5	i	i	PRON
cblr-11898	572	6	represent	represent	VERB
cblr-11898	572	7	the	the	DET
cblr-11898	572	8	maximalist	maximalist	ADJ
cblr-11898	572	9	approach	approach	NOUN
cblr-11898	572	10	(	(	PUNCT
cblr-11898	572	11	for	for	ADP
cblr-11898	572	12	more	more	ADV
cblr-11898	572	13	,	,	PUNCT
cblr-11898	572	14	see	see	VERB
cblr-11898	572	15	alonbeck	alonbeck	ADV
cblr-11898	572	16	,	,	PUNCT
cblr-11898	572	17	supra	supra	PROPN
cblr-11898	572	18	note	note	NOUN
cblr-11898	572	19	103	103	NUM
cblr-11898	572	20	)	)	PUNCT
cblr-11898	572	21	,	,	PUNCT
cblr-11898	572	22	practitioners	practitioner	NOUN
cblr-11898	572	23	represent	represent	VERB
cblr-11898	572	24	a	a	DET
cblr-11898	572	25	minimalist	minimalist	ADJ
cblr-11898	572	26	one	one	NUM
cblr-11898	572	27	,	,	PUNCT
cblr-11898	572	28	and	and	CCONJ
cblr-11898	572	29	aran	aran	NOUN
cblr-11898	572	30	proposes	propose	VERB
cblr-11898	572	31	an	an	DET
cblr-11898	572	32	intermediate	intermediate	ADJ
cblr-11898	572	33	approach	approach	NOUN
cblr-11898	572	34	to	to	ADP
cblr-11898	572	35	the	the	DET
cblr-11898	572	36	regulation	regulation	NOUN
cblr-11898	572	37	of	of	ADP
cblr-11898	572	38	disclosures	disclosure	NOUN
cblr-11898	572	39	to	to	PART
cblr-11898	572	40	startup	startup	VERB
cblr-11898	572	41	employees	employee	NOUN
cblr-11898	572	42	.	.	PUNCT
cblr-11898	573	1	see	see	VERB
cblr-11898	573	2	yifat	yifat	NOUN
cblr-11898	573	3	aran	aran	NOUN
cblr-11898	573	4	,	,	PUNCT
cblr-11898	573	5	making	make	VERB
cblr-11898	573	6	disclosure	disclosure	NOUN
cblr-11898	573	7	work	work	NOUN
cblr-11898	573	8	for	for	ADP
cblr-11898	573	9	start	start	VERB
cblr-11898	573	10	-	-	PUNCT
cblr-11898	573	11	up	up	ADP
cblr-11898	573	12	employees	employee	NOUN
cblr-11898	573	13	,	,	PUNCT
cblr-11898	573	14	2019	2019	NUM
cblr-11898	573	15	colum	colum	NOUN
cblr-11898	573	16	.	.	PUNCT
cblr-11898	574	1	bus	bus	NOUN
cblr-11898	574	2	.	.	PUNCT
cblr-11898	575	1	l.	l.	PROPN
cblr-11898	575	2	rev	rev	PROPN
cblr-11898	575	3	.	.	PROPN
cblr-11898	575	4	867	867	NUM
cblr-11898	575	5	(	(	PUNCT
cblr-11898	575	6	2019	2019	NUM
cblr-11898	575	7	)	)	PUNCT
cblr-11898	575	8	.	.	PUNCT
cblr-11898	576	1	118	118	NUM
cblr-11898	576	2	see	see	VERB
cblr-11898	576	3	alon	alon	PROPN
cblr-11898	576	4	-	-	PUNCT
cblr-11898	576	5	beck	beck	PROPN
cblr-11898	576	6	,	,	PUNCT
cblr-11898	576	7	unicorn	unicorn	ADJ
cblr-11898	576	8	stock	stock	NOUN
cblr-11898	576	9	options	option	NOUN
cblr-11898	576	10	.	.	PUNCT
cblr-11898	577	1	see	see	VERB
cblr-11898	577	2	aran	aran	NOUN
cblr-11898	577	3	,	,	PUNCT
cblr-11898	577	4	making	make	VERB
cblr-11898	577	5	disclosure	disclosure	NOUN
cblr-11898	577	6	work	work	NOUN
cblr-11898	577	7	for	for	ADP
cblr-11898	577	8	start	start	VERB
cblr-11898	577	9	-	-	PUNCT
cblr-11898	577	10	up	up	ADP
cblr-11898	577	11	employees	employee	NOUN
cblr-11898	577	12	,	,	PUNCT
cblr-11898	577	13	2019	2019	NUM
cblr-11898	577	14	colum	colum	NOUN
cblr-11898	577	15	.	.	PUNCT
cblr-11898	578	1	bus	bus	NOUN
cblr-11898	578	2	.	.	PUNCT
cblr-11898	579	1	l.	l.	PROPN
cblr-11898	579	2	rev	rev	PROPN
cblr-11898	579	3	.	.	PROPN
cblr-11898	579	4	867	867	NUM
cblr-11898	579	5	(	(	PUNCT
cblr-11898	579	6	2019	2019	NUM
cblr-11898	579	7	)	)	PUNCT
cblr-11898	579	8	.	.	PUNCT
cblr-11898	580	1	119	119	NUM
cblr-11898	580	2	these	these	DET
cblr-11898	580	3	sites	site	NOUN
cblr-11898	580	4	rank	rank	VERB
cblr-11898	580	5	the	the	DET
cblr-11898	580	6	“	"	PUNCT
cblr-11898	580	7	best	good	ADJ
cblr-11898	580	8	companies	company	NOUN
cblr-11898	580	9	to	to	PART
cblr-11898	580	10	work	work	VERB
cblr-11898	580	11	for	for	ADP
cblr-11898	580	12	”	"	PUNCT
cblr-11898	580	13	and	and	CCONJ
cblr-11898	580	14	employees	employee	NOUN
cblr-11898	580	15	pay	pay	VERB
cblr-11898	580	16	“	"	PUNCT
cblr-11898	580	17	careful	careful	ADJ
cblr-11898	580	18	attention	attention	NOUN
cblr-11898	580	19	.	.	PUNCT
cblr-11898	580	20	.	.	PUNCT
cblr-11898	580	21	.	.	PUNCT
cblr-11898	581	1	to	to	ADP
cblr-11898	581	2	employee	employee	NOUN
cblr-11898	581	3	engagement	engagement	NOUN
cblr-11898	581	4	scores	score	NOUN
cblr-11898	581	5	that	that	PRON
cblr-11898	581	6	link	link	VERB
cblr-11898	581	7	corporate	corporate	ADJ
cblr-11898	581	8	reputation	reputation	NOUN
cblr-11898	581	9	,	,	PUNCT
cblr-11898	581	10	employee	employee	NOUN
cblr-11898	581	11	motivation	motivation	NOUN
cblr-11898	581	12	,	,	PUNCT
cblr-11898	581	13	and	and	CCONJ
cblr-11898	581	14	productivity	productivity	NOUN
cblr-11898	581	15	.	.	PUNCT
cblr-11898	581	16	”	"	PUNCT
cblr-11898	582	1	judy	judy	PROPN
cblr-11898	582	2	samuelson	samuelson	PROPN
cblr-11898	582	3	,	,	PUNCT
cblr-11898	582	4	why	why	SCONJ
cblr-11898	582	5	do	do	AUX
cblr-11898	582	6	we	we	PRON
cblr-11898	582	7	still	still	ADV
cblr-11898	582	8	call	call	VERB
cblr-11898	582	9	it	it	PRON
cblr-11898	582	10	capitalism	capitalism	NOUN
cblr-11898	582	11	?	?	PUNCT
cblr-11898	582	12	,	,	PUNCT
cblr-11898	582	13	quartz	quartz	NOUN
cblr-11898	582	14	(	(	PUNCT
cblr-11898	582	15	apr	apr	NOUN
cblr-11898	582	16	.	.	PROPN
cblr-11898	582	17	9	9	NUM
cblr-11898	582	18	,	,	PUNCT
cblr-11898	582	19	2018	2018	NUM
cblr-11898	582	20	)	)	PUNCT
cblr-11898	582	21	,	,	PUNCT
cblr-11898	582	22	https://work.qz.com/1247835/spotifys-ipo-should-make-us-consider-whywe-still-use-the-term-capitalism/	https://work.qz.com/1247835/spotifys-ipo-should-make-us-consider-whywe-still-use-the-term-capitalism/	VERB
cblr-11898	583	1	[	[	X
cblr-11898	583	2	https://perma.cc/736w-ug5f	https://perma.cc/736w-ug5f	X
cblr-11898	583	3	]	]	PUNCT
cblr-11898	583	4	.	.	PUNCT
cblr-11898	584	1	unicorn	unicorn	ADJ
cblr-11898	584	2	employee	employee	NOUN
cblr-11898	584	3	complaints	complaint	NOUN
cblr-11898	584	4	are	be	AUX
cblr-11898	584	5	not	not	PART
cblr-11898	584	6	private	private	ADJ
cblr-11898	584	7	anymore	anymore	ADV
cblr-11898	584	8	,	,	PUNCT
cblr-11898	584	9	as	as	SCONJ
cblr-11898	584	10	the	the	DET
cblr-11898	584	11	“	"	PUNCT
cblr-11898	584	12	conversation	conversation	NOUN
cblr-11898	584	13	has	have	AUX
cblr-11898	584	14	moved	move	VERB
cblr-11898	584	15	to	to	ADP
cblr-11898	584	16	employee	employee	NOUN
cblr-11898	584	17	hangouts	hangout	NOUN
cblr-11898	584	18	,	,	PUNCT
cblr-11898	584	19	both	both	CCONJ
cblr-11898	584	20	virtual	virtual	ADJ
cblr-11898	584	21	and	and	CCONJ
cblr-11898	584	22	real	real	ADJ
cblr-11898	584	23	,	,	PUNCT
cblr-11898	584	24	to	to	PART
cblr-11898	584	25	interview	interview	VERB
cblr-11898	584	26	rooms	room	NOUN
cblr-11898	584	27	on	on	ADP
cblr-11898	584	28	college	college	NOUN
cblr-11898	584	29	campuses	campus	NOUN
cblr-11898	584	30	,	,	PUNCT
cblr-11898	584	31	and	and	CCONJ
cblr-11898	584	32	to	to	ADP
cblr-11898	584	33	public	public	ADJ
cblr-11898	584	34	conversations	conversation	NOUN
cblr-11898	584	35	about	about	ADP
cblr-11898	584	36	board	board	NOUN
cblr-11898	584	37	diversity	diversity	NOUN
cblr-11898	584	38	,	,	PUNCT
cblr-11898	584	39	the	the	DET
cblr-11898	584	40	glass	glass	NOUN
cblr-11898	584	41	ceiling	ceiling	NOUN
cblr-11898	584	42	,	,	PUNCT
cblr-11898	584	43	and	and	CCONJ
cblr-11898	584	44	in	in	ADP
cblr-11898	584	45	the	the	DET
cblr-11898	584	46	talent	talent	NOUN
cblr-11898	584	47	pool	pool	NOUN
cblr-11898	584	48	.	.	PUNCT
cblr-11898	584	49	”	"	PUNCT
cblr-11898	585	1	i	i	PRON
cblr-11898	585	2	d.	d.	PROPN
cblr-11898	585	3	106	106	NUM
cblr-11898	585	4	columbia	columbia	PROPN
cblr-11898	585	5	business	business	NOUN
cblr-11898	585	6	law	law	PROPN
cblr-11898	585	7	review	review	NOUN
cblr-11898	585	8	[	[	X
cblr-11898	585	9	vol	vol	NOUN
cblr-11898	585	10	.	.	PUNCT
cblr-11898	585	11	2023	2023	NUM
cblr-11898	585	12	investors	investor	NOUN
cblr-11898	585	13	such	such	ADJ
cblr-11898	585	14	as	as	ADP
cblr-11898	585	15	pension	pension	NOUN
cblr-11898	585	16	funds	fund	NOUN
cblr-11898	585	17	.	.	PUNCT
cblr-11898	586	1	there	there	PRON
cblr-11898	586	2	is	be	VERB
cblr-11898	586	3	a	a	DET
cblr-11898	586	4	rise	rise	NOUN
cblr-11898	586	5	in	in	ADP
cblr-11898	586	6	the	the	DET
cblr-11898	586	7	exposure	exposure	NOUN
cblr-11898	586	8	of	of	ADP
cblr-11898	586	9	avc	avc	PROPN
cblr-11898	586	10	investors	investor	NOUN
cblr-11898	586	11	to	to	ADP
cblr-11898	586	12	private	private	ADJ
cblr-11898	586	13	markets	market	NOUN
cblr-11898	586	14	,	,	PUNCT
cblr-11898	586	15	such	such	ADJ
cblr-11898	586	16	as	as	ADP
cblr-11898	586	17	sovereign	sovereign	ADJ
cblr-11898	586	18	wealth	wealth	NOUN
cblr-11898	586	19	funds	fund	NOUN
cblr-11898	586	20	,	,	PUNCT
cblr-11898	586	21	government	government	NOUN
cblr-11898	586	22	plan	plan	NOUN
cblr-11898	586	23	sponsors	sponsor	NOUN
cblr-11898	586	24	and	and	CCONJ
cblr-11898	586	25	pension	pension	NOUN
cblr-11898	586	26	funds	fund	NOUN
cblr-11898	586	27	.	.	PUNCT
cblr-11898	587	1	their	their	PRON
cblr-11898	587	2	exposure	exposure	NOUN
cblr-11898	587	3	affects	affect	VERB
cblr-11898	587	4	the	the	DET
cblr-11898	587	5	end	end	NOUN
cblr-11898	587	6	users	user	NOUN
cblr-11898	587	7	,	,	PUNCT
cblr-11898	587	8	the	the	DET
cblr-11898	587	9	investors	investor	NOUN
cblr-11898	587	10	that	that	PRON
cblr-11898	587	11	our	our	PRON
cblr-11898	587	12	securities	security	NOUN
cblr-11898	587	13	laws	law	NOUN
cblr-11898	587	14	are	be	AUX
cblr-11898	587	15	supposed	suppose	VERB
cblr-11898	587	16	to	to	PART
cblr-11898	587	17	protect	protect	VERB
cblr-11898	587	18	,	,	PUNCT
cblr-11898	587	19	the	the	DET
cblr-11898	587	20	savers	saver	NOUN
cblr-11898	587	21	and	and	CCONJ
cblr-11898	587	22	retirees	retiree	NOUN
cblr-11898	587	23	.	.	PUNCT
cblr-11898	588	1	v.	v.	ADP
cblr-11898	588	2	suggestions	suggestion	NOUN
cblr-11898	588	3	for	for	ADP
cblr-11898	588	4	reform	reform	NOUN
cblr-11898	588	5	given	give	VERB
cblr-11898	588	6	the	the	DET
cblr-11898	588	7	high	high	ADJ
cblr-11898	588	8	thresholds	threshold	NOUN
cblr-11898	588	9	and	and	CCONJ
cblr-11898	588	10	the	the	DET
cblr-11898	588	11	penchant	penchant	NOUN
cblr-11898	588	12	for	for	SCONJ
cblr-11898	588	13	companies	company	NOUN
cblr-11898	588	14	to	to	PART
cblr-11898	588	15	avoid	avoid	VERB
cblr-11898	588	16	them	they	PRON
cblr-11898	588	17	through	through	ADP
cblr-11898	588	18	commonly	commonly	ADV
cblr-11898	588	19	accepted	accept	VERB
cblr-11898	588	20	methods	method	NOUN
cblr-11898	588	21	of	of	ADP
cblr-11898	588	22	business	business	NOUN
cblr-11898	588	23	,	,	PUNCT
cblr-11898	588	24	there	there	PRON
cblr-11898	588	25	is	be	VERB
cblr-11898	588	26	a	a	DET
cblr-11898	588	27	growing	grow	VERB
cblr-11898	588	28	call	call	NOUN
cblr-11898	588	29	for	for	ADP
cblr-11898	588	30	reform	reform	NOUN
cblr-11898	588	31	on	on	ADP
cblr-11898	588	32	section	section	NOUN
cblr-11898	588	33	12(g	12(g	NUM
cblr-11898	588	34	)	)	PUNCT
cblr-11898	588	35	to	to	PART
cblr-11898	588	36	restore	restore	VERB
cblr-11898	588	37	it	it	PRON
cblr-11898	588	38	to	to	ADP
cblr-11898	588	39	its	its	PRON
cblr-11898	588	40	original	original	ADJ
cblr-11898	588	41	purpose	purpose	NOUN
cblr-11898	588	42	:	:	PUNCT
cblr-11898	588	43	ensuring	ensure	VERB
cblr-11898	588	44	investors	investor	NOUN
cblr-11898	588	45	are	be	AUX
cblr-11898	588	46	protected	protect	VERB
cblr-11898	588	47	when	when	SCONJ
cblr-11898	588	48	companies	company	NOUN
cblr-11898	588	49	reach	reach	VERB
cblr-11898	588	50	a	a	DET
cblr-11898	588	51	certain	certain	ADJ
cblr-11898	588	52	level	level	NOUN
cblr-11898	588	53	of	of	ADP
cblr-11898	588	54	exposure	exposure	NOUN
cblr-11898	588	55	to	to	ADP
cblr-11898	588	56	the	the	DET
cblr-11898	588	57	public	public	ADJ
cblr-11898	588	58	markets	market	NOUN
cblr-11898	588	59	.	.	PUNCT
cblr-11898	589	1	sec	sec	PROPN
cblr-11898	589	2	chairman	chairman	PROPN
cblr-11898	589	3	gary	gary	PROPN
cblr-11898	589	4	gensler	gensler	PROPN
cblr-11898	589	5	announced	announce	VERB
cblr-11898	589	6	examining	examining	NOUN
cblr-11898	589	7	section	section	NOUN
cblr-11898	589	8	12(g	12(g	NUM
cblr-11898	589	9	)	)	PUNCT
cblr-11898	589	10	as	as	ADP
cblr-11898	589	11	part	part	NOUN
cblr-11898	589	12	of	of	ADP
cblr-11898	589	13	his	his	PRON
cblr-11898	589	14	agenda	agenda	NOUN
cblr-11898	589	15	for	for	ADP
cblr-11898	589	16	both	both	DET
cblr-11898	589	17	2022	2022	NUM
cblr-11898	589	18	and	and	CCONJ
cblr-11898	589	19	2023120	2023120	NUM
cblr-11898	589	20	and	and	CCONJ
cblr-11898	589	21	commissioner	commissioner	PROPN
cblr-11898	589	22	allison	allison	PROPN
cblr-11898	589	23	lee	lee	PROPN
cblr-11898	589	24	had	have	AUX
cblr-11898	589	25	previously	previously	ADV
cblr-11898	589	26	called	call	VERB
cblr-11898	589	27	for	for	ADP
cblr-11898	589	28	such	such	ADJ
cblr-11898	589	29	reforms	reform	NOUN
cblr-11898	589	30	.	.	PUNCT
cblr-11898	590	1	it	it	PRON
cblr-11898	590	2	will	will	AUX
cblr-11898	590	3	undoubtedly	undoubtedly	ADV
cblr-11898	590	4	be	be	AUX
cblr-11898	590	5	an	an	DET
cblr-11898	590	6	uphill	uphill	ADJ
cblr-11898	590	7	battle	battle	NOUN
cblr-11898	590	8	with	with	ADP
cblr-11898	590	9	two	two	NUM
cblr-11898	590	10	republican	republican	ADJ
cblr-11898	590	11	commissioners	commissioner	NOUN
cblr-11898	590	12	already	already	ADV
cblr-11898	590	13	announcing	announce	VERB
cblr-11898	590	14	their	their	PRON
cblr-11898	590	15	opposition	opposition	NOUN
cblr-11898	590	16	to	to	ADP
cblr-11898	590	17	changes	change	NOUN
cblr-11898	590	18	which	which	PRON
cblr-11898	590	19	,	,	PUNCT
cblr-11898	590	20	in	in	ADP
cblr-11898	590	21	their	their	PRON
cblr-11898	590	22	view	view	NOUN
cblr-11898	590	23	,	,	PUNCT
cblr-11898	590	24	threaten	threaten	VERB
cblr-11898	590	25	the	the	DET
cblr-11898	590	26	facilitation	facilitation	NOUN
cblr-11898	590	27	of	of	ADP
cblr-11898	590	28	capital	capital	NOUN
cblr-11898	590	29	formation	formation	NOUN
cblr-11898	590	30	.	.	PUNCT
cblr-11898	591	1	we	we	PRON
cblr-11898	591	2	do	do	AUX
cblr-11898	591	3	not	not	PART
cblr-11898	591	4	share	share	VERB
cblr-11898	591	5	the	the	DET
cblr-11898	591	6	views	view	NOUN
cblr-11898	591	7	of	of	ADP
cblr-11898	591	8	commissioners	commissioner	NOUN
cblr-11898	591	9	pierce	pierce	PROPN
cblr-11898	591	10	and	and	CCONJ
cblr-11898	591	11	roisman	roisman	VERB
cblr-11898	591	12	on	on	ADP
cblr-11898	591	13	this	this	DET
cblr-11898	591	14	matter	matter	NOUN
cblr-11898	591	15	.	.	PUNCT
cblr-11898	592	1	there	there	PRON
cblr-11898	592	2	is	be	VERB
cblr-11898	592	3	no	no	DET
cblr-11898	592	4	indication	indication	NOUN
cblr-11898	592	5	that	that	SCONJ
cblr-11898	592	6	the	the	DET
cblr-11898	592	7	large	large	ADJ
cblr-11898	592	8	companies	company	NOUN
cblr-11898	592	9	which	which	PRON
cblr-11898	592	10	would	would	AUX
cblr-11898	592	11	be	be	AUX
cblr-11898	592	12	most	most	ADV
cblr-11898	592	13	affected	affect	VERB
cblr-11898	592	14	by	by	ADP
cblr-11898	592	15	reforms	reform	NOUN
cblr-11898	592	16	are	be	AUX
cblr-11898	592	17	having	have	VERB
cblr-11898	592	18	any	any	DET
cblr-11898	592	19	difficulty	difficulty	NOUN
cblr-11898	592	20	seeking	seek	VERB
cblr-11898	592	21	capital	capital	NOUN
cblr-11898	592	22	.	.	PUNCT
cblr-11898	593	1	since	since	SCONJ
cblr-11898	593	2	the	the	DET
cblr-11898	593	3	passage	passage	NOUN
cblr-11898	593	4	of	of	ADP
cblr-11898	593	5	the	the	DET
cblr-11898	593	6	jobs	job	NOUN
cblr-11898	593	7	act	act	PROPN
cblr-11898	593	8	,	,	PUNCT
cblr-11898	593	9	the	the	DET
cblr-11898	593	10	number	number	NOUN
cblr-11898	593	11	of	of	ADP
cblr-11898	593	12	unicorns	unicorn	NOUN
cblr-11898	593	13	has	have	AUX
cblr-11898	593	14	increased	increase	VERB
cblr-11898	593	15	from	from	ADP
cblr-11898	593	16	around	around	ADP
cblr-11898	593	17	a	a	DET
cblr-11898	593	18	dozen	dozen	NOUN
cblr-11898	593	19	to	to	ADP
cblr-11898	593	20	nearly	nearly	ADV
cblr-11898	593	21	1,000	1,000	NUM
cblr-11898	593	22	worldwide	worldwide	ADV
cblr-11898	593	23	,	,	PUNCT
cblr-11898	593	24	with	with	ADP
cblr-11898	593	25	nearly	nearly	ADV
cblr-11898	593	26	half	half	NOUN
cblr-11898	593	27	being	be	AUX
cblr-11898	593	28	found	find	VERB
cblr-11898	593	29	in	in	ADP
cblr-11898	593	30	the	the	DET
cblr-11898	593	31	united	united	PROPN
cblr-11898	593	32	states	states	PROPN
cblr-11898	593	33	.	.	PUNCT
cblr-11898	594	1	this	this	DET
cblr-11898	594	2	number	number	NOUN
cblr-11898	594	3	continues	continue	VERB
cblr-11898	594	4	to	to	PART
cblr-11898	594	5	grow	grow	VERB
cblr-11898	594	6	nearly	nearly	ADV
cblr-11898	594	7	exponentially	exponentially	ADV
cblr-11898	594	8	.	.	PUNCT
cblr-11898	595	1	with	with	ADP
cblr-11898	595	2	more	more	ADJ
cblr-11898	595	3	and	and	CCONJ
cblr-11898	595	4	more	more	ADJ
cblr-11898	595	5	money	money	NOUN
cblr-11898	595	6	flowing	flow	VERB
cblr-11898	595	7	into	into	ADP
cblr-11898	595	8	our	our	PRON
cblr-11898	595	9	private	private	ADJ
cblr-11898	595	10	markets	market	NOUN
cblr-11898	595	11	and	and	CCONJ
cblr-11898	595	12	with	with	ADP
cblr-11898	595	13	greater	great	ADJ
cblr-11898	595	14	access	access	NOUN
cblr-11898	595	15	being	be	AUX
cblr-11898	595	16	given	give	VERB
cblr-11898	595	17	to	to	ADP
cblr-11898	595	18	retail	retail	ADJ
cblr-11898	595	19	investors	investor	NOUN
cblr-11898	595	20	,	,	PUNCT
cblr-11898	595	21	we	we	PRON
cblr-11898	595	22	must	must	AUX
cblr-11898	595	23	take	take	VERB
cblr-11898	595	24	active	active	ADJ
cblr-11898	595	25	steps	step	NOUN
cblr-11898	595	26	to	to	PART
cblr-11898	595	27	ensure	ensure	VERB
cblr-11898	595	28	investors	investor	NOUN
cblr-11898	595	29	are	be	AUX
cblr-11898	595	30	properly	properly	ADV
cblr-11898	595	31	protected	protect	VERB
cblr-11898	595	32	.	.	PUNCT
cblr-11898	596	1	120	120	NUM
cblr-11898	596	2	the	the	DET
cblr-11898	596	3	division	division	NOUN
cblr-11898	596	4	is	be	AUX
cblr-11898	596	5	considering	consider	VERB
cblr-11898	596	6	recommending	recommend	VERB
cblr-11898	596	7	that	that	SCONJ
cblr-11898	596	8	the	the	DET
cblr-11898	596	9	commission	commission	NOUN
cblr-11898	596	10	propose	propose	VERB
cblr-11898	596	11	amendments	amendment	NOUN
cblr-11898	596	12	to	to	ADP
cblr-11898	596	13	the	the	DET
cblr-11898	596	14	“	"	PUNCT
cblr-11898	596	15	held	hold	VERB
cblr-11898	596	16	of	of	ADP
cblr-11898	596	17	record	record	NOUN
cblr-11898	596	18	”	"	PUNCT
cblr-11898	596	19	definition	definition	NOUN
cblr-11898	596	20	for	for	ADP
cblr-11898	596	21	purposes	purpose	NOUN
cblr-11898	596	22	of	of	ADP
cblr-11898	596	23	section	section	NOUN
cblr-11898	596	24	12(g	12(g	NUM
cblr-11898	596	25	)	)	PUNCT
cblr-11898	596	26	of	of	ADP
cblr-11898	596	27	the	the	DET
cblr-11898	596	28	exchange	exchange	PROPN
cblr-11898	596	29	act	act	PROPN
cblr-11898	596	30	.	.	PUNCT
cblr-11898	597	1	see	see	VERB
cblr-11898	597	2	revisions	revision	NOUN
cblr-11898	597	3	to	to	ADP
cblr-11898	597	4	the	the	DET
cblr-11898	597	5	definition	definition	NOUN
cblr-11898	597	6	of	of	ADP
cblr-11898	597	7	securities	security	NOUN
cblr-11898	597	8	held	hold	VERB
cblr-11898	597	9	of	of	ADP
cblr-11898	597	10	record	record	NOUN
cblr-11898	597	11	,	,	PUNCT
cblr-11898	597	12	reginfo.gov	reginfo.gov	PROPN
cblr-11898	597	13	,	,	PUNCT
cblr-11898	597	14	https://www.reginfo.gov/public/do/eagendaviewrule?pubid=202204&rin=	https://www.reginfo.gov/public/do/eagendaviewrule?pubid=202204&rin=	PROPN
cblr-11898	597	15	3235	3235	NUM
cblr-11898	597	16	-	-	PUNCT
cblr-11898	597	17	an05	an05	PROPN
cblr-11898	597	18	(	(	PUNCT
cblr-11898	597	19	last	last	ADJ
cblr-11898	597	20	visited	visit	VERB
cblr-11898	597	21	aug	aug	PROPN
cblr-11898	597	22	.	.	PROPN
cblr-11898	597	23	15	15	NUM
cblr-11898	597	24	,	,	PUNCT
cblr-11898	597	25	2023	2023	NUM
cblr-11898	597	26	)	)	PUNCT
cblr-11898	597	27	.	.	PUNCT
cblr-11898	598	1	no	no	INTJ
cblr-11898	598	2	.	.	NOUN
cblr-11898	599	1	1	1	NUM
cblr-11898	599	2	]	]	X
cblr-11898	599	3	mythical	mythical	ADJ
cblr-11898	599	4	unicorns	unicorn	NOUN
cblr-11898	599	5	and	and	CCONJ
cblr-11898	599	6	how	how	SCONJ
cblr-11898	599	7	to	to	PART
cblr-11898	599	8	find	find	VERB
cblr-11898	599	9	them	they	PRON
cblr-11898	599	10	107	107	NUM
cblr-11898	599	11	potential	potential	ADJ
cblr-11898	599	12	reforms	reform	NOUN
cblr-11898	599	13	are	be	AUX
cblr-11898	599	14	wide	wide	ADV
cblr-11898	599	15	-	-	PUNCT
cblr-11898	599	16	ranging	range	VERB
cblr-11898	599	17	,	,	PUNCT
cblr-11898	599	18	with	with	ADP
cblr-11898	599	19	many	many	ADJ
cblr-11898	599	20	requiring	require	VERB
cblr-11898	599	21	congressional	congressional	ADJ
cblr-11898	599	22	action	action	NOUN
cblr-11898	599	23	.	.	PUNCT
cblr-11898	600	1	given	give	VERB
cblr-11898	600	2	the	the	DET
cblr-11898	600	3	divisions	division	NOUN
cblr-11898	600	4	we	we	PRON
cblr-11898	600	5	currently	currently	ADV
cblr-11898	600	6	face	face	VERB
cblr-11898	600	7	in	in	ADP
cblr-11898	600	8	washington	washington	PROPN
cblr-11898	600	9	,	,	PUNCT
cblr-11898	600	10	substantial	substantial	ADJ
cblr-11898	600	11	reform	reform	NOUN
cblr-11898	600	12	is	be	AUX
cblr-11898	600	13	unlikely	unlikely	ADJ
cblr-11898	600	14	.	.	PUNCT
cblr-11898	601	1	however	however	ADV
cblr-11898	601	2	,	,	PUNCT
cblr-11898	601	3	there	there	PRON
cblr-11898	601	4	are	be	VERB
cblr-11898	601	5	actions	action	NOUN
cblr-11898	601	6	the	the	DET
cblr-11898	601	7	sec	sec	PROPN
cblr-11898	601	8	can	can	AUX
cblr-11898	601	9	take	take	VERB
cblr-11898	601	10	under	under	ADP
cblr-11898	601	11	its	its	PRON
cblr-11898	601	12	independent	independent	ADJ
cblr-11898	601	13	rulemaking	rulemaking	NOUN
cblr-11898	601	14	authority	authority	NOUN
cblr-11898	601	15	which	which	PRON
cblr-11898	601	16	would	would	AUX
cblr-11898	601	17	still	still	ADV
cblr-11898	601	18	lead	lead	VERB
cblr-11898	601	19	to	to	ADP
cblr-11898	601	20	a	a	DET
cblr-11898	601	21	bare	bare	ADJ
cblr-11898	601	22	minimum	minimum	ADJ
cblr-11898	601	23	increase	increase	NOUN
cblr-11898	601	24	in	in	ADP
cblr-11898	601	25	protective	protective	ADJ
cblr-11898	601	26	measures	measure	NOUN
cblr-11898	601	27	.	.	PUNCT
cblr-11898	602	1	we	we	PRON
cblr-11898	602	2	begin	begin	VERB
cblr-11898	602	3	by	by	ADP
cblr-11898	602	4	outlining	outline	VERB
cblr-11898	602	5	the	the	DET
cblr-11898	602	6	reforms	reform	NOUN
cblr-11898	602	7	requiring	require	VERB
cblr-11898	602	8	congressional	congressional	ADJ
cblr-11898	602	9	approval	approval	NOUN
cblr-11898	602	10	and	and	CCONJ
cblr-11898	602	11	then	then	ADV
cblr-11898	602	12	move	move	VERB
cblr-11898	602	13	on	on	ADP
cblr-11898	602	14	to	to	ADP
cblr-11898	602	15	those	those	PRON
cblr-11898	602	16	under	under	ADP
cblr-11898	602	17	the	the	DET
cblr-11898	602	18	sec	sec	PROPN
cblr-11898	602	19	’s	’s	PART
cblr-11898	602	20	rulemaking	rulemake	VERB
cblr-11898	602	21	power	power	NOUN
cblr-11898	602	22	.	.	PUNCT
cblr-11898	603	1	congress	congress	PROPN
cblr-11898	603	2	should	should	AUX
cblr-11898	603	3	repeal	repeal	VERB
cblr-11898	603	4	section	section	NOUN
cblr-11898	603	5	502	502	NUM
cblr-11898	603	6	of	of	ADP
cblr-11898	603	7	the	the	DET
cblr-11898	603	8	jobs	job	NOUN
cblr-11898	603	9	act	act	NOUN
cblr-11898	603	10	which	which	PRON
cblr-11898	603	11	specifically	specifically	ADV
cblr-11898	603	12	excludes	exclude	VERB
cblr-11898	603	13	employees	employee	NOUN
cblr-11898	603	14	who	who	PRON
cblr-11898	603	15	receive	receive	VERB
cblr-11898	603	16	shares	share	NOUN
cblr-11898	603	17	under	under	ADP
cblr-11898	603	18	an	an	DET
cblr-11898	603	19	employee	employee	NOUN
cblr-11898	603	20	compensation	compensation	NOUN
cblr-11898	603	21	plan	plan	NOUN
cblr-11898	603	22	from	from	ADP
cblr-11898	603	23	the	the	DET
cblr-11898	603	24	shareholder	shareholder	NOUN
cblr-11898	603	25	of	of	ADP
cblr-11898	603	26	record	record	NOUN
cblr-11898	603	27	count	count	NOUN
cblr-11898	603	28	.	.	PUNCT
cblr-11898	604	1	this	this	DET
cblr-11898	604	2	provision	provision	NOUN
cblr-11898	604	3	dramatically	dramatically	ADV
cblr-11898	604	4	undercuts	undercut	VERB
cblr-11898	604	5	the	the	DET
cblr-11898	604	6	employees	employee	NOUN
cblr-11898	604	7	’	’	PART
cblr-11898	604	8	ability	ability	NOUN
cblr-11898	604	9	to	to	PART
cblr-11898	604	10	pressure	pressure	VERB
cblr-11898	604	11	companies	company	NOUN
cblr-11898	604	12	to	to	PART
cblr-11898	604	13	ever	ever	ADV
cblr-11898	604	14	go	go	VERB
cblr-11898	604	15	public	public	ADJ
cblr-11898	604	16	and	and	CCONJ
cblr-11898	604	17	further	far	ADV
cblr-11898	604	18	restricts	restrict	VERB
cblr-11898	604	19	their	their	PRON
cblr-11898	604	20	ability	ability	NOUN
cblr-11898	604	21	to	to	PART
cblr-11898	604	22	escape	escape	VERB
cblr-11898	604	23	their	their	PRON
cblr-11898	604	24	golden	golden	ADJ
cblr-11898	604	25	handcuffs	handcuff	NOUN
cblr-11898	604	26	.	.	PUNCT
cblr-11898	605	1	it	it	PRON
cblr-11898	605	2	also	also	ADV
cblr-11898	605	3	relegates	relegate	VERB
cblr-11898	605	4	them	they	PRON
cblr-11898	605	5	to	to	ADP
cblr-11898	605	6	a	a	DET
cblr-11898	605	7	proverbial	proverbial	ADJ
cblr-11898	605	8	second	second	ADJ
cblr-11898	605	9	-	-	PUNCT
cblr-11898	605	10	class	class	NOUN
cblr-11898	605	11	status	status	NOUN
cblr-11898	605	12	as	as	ADP
cblr-11898	605	13	investors	investor	NOUN
cblr-11898	605	14	.	.	PUNCT
cblr-11898	606	1	they	they	PRON
cblr-11898	606	2	are	be	AUX
cblr-11898	606	3	required	require	VERB
cblr-11898	606	4	to	to	PART
cblr-11898	606	5	make	make	VERB
cblr-11898	606	6	investment	investment	NOUN
cblr-11898	606	7	decisions	decision	NOUN
cblr-11898	606	8	without	without	ADP
cblr-11898	606	9	access	access	NOUN
cblr-11898	606	10	to	to	ADP
cblr-11898	606	11	information	information	NOUN
cblr-11898	606	12	simply	simply	ADV
cblr-11898	606	13	because	because	SCONJ
cblr-11898	606	14	they	they	PRON
cblr-11898	606	15	are	be	AUX
cblr-11898	606	16	employees	employee	NOUN
cblr-11898	606	17	.	.	PUNCT
cblr-11898	607	1	there	there	PRON
cblr-11898	607	2	is	be	VERB
cblr-11898	607	3	no	no	DET
cblr-11898	607	4	indication	indication	NOUN
cblr-11898	607	5	that	that	SCONJ
cblr-11898	607	6	the	the	DET
cblr-11898	607	7	average	average	ADJ
cblr-11898	607	8	employee	employee	NOUN
cblr-11898	607	9	is	be	AUX
cblr-11898	607	10	privy	privy	ADJ
cblr-11898	607	11	to	to	ADP
cblr-11898	607	12	the	the	DET
cblr-11898	607	13	inside	inside	ADJ
cblr-11898	607	14	information	information	NOUN
cblr-11898	607	15	necessary	necessary	ADJ
cblr-11898	607	16	for	for	SCONJ
cblr-11898	607	17	them	they	PRON
cblr-11898	607	18	to	to	PART
cblr-11898	607	19	make	make	VERB
cblr-11898	607	20	informed	informed	ADJ
cblr-11898	607	21	choices	choice	NOUN
cblr-11898	607	22	.	.	PUNCT
cblr-11898	608	1	in	in	ADP
cblr-11898	608	2	fact	fact	NOUN
cblr-11898	608	3	,	,	PUNCT
cblr-11898	608	4	there	there	PRON
cblr-11898	608	5	are	be	VERB
cblr-11898	608	6	signs	sign	NOUN
cblr-11898	608	7	that	that	SCONJ
cblr-11898	608	8	many	many	ADJ
cblr-11898	608	9	employees	employee	NOUN
cblr-11898	608	10	never	never	ADV
cblr-11898	608	11	exercise	exercise	VERB
cblr-11898	608	12	their	their	PRON
cblr-11898	608	13	options	option	NOUN
cblr-11898	608	14	because	because	SCONJ
cblr-11898	608	15	of	of	ADP
cblr-11898	608	16	an	an	DET
cblr-11898	608	17	inability	inability	NOUN
cblr-11898	608	18	to	to	PART
cblr-11898	608	19	make	make	VERB
cblr-11898	608	20	that	that	DET
cblr-11898	608	21	informed	inform	VERB
cblr-11898	608	22	choice.121	choice.121	PROPN
cblr-11898	608	23	congress	congress	PROPN
cblr-11898	608	24	has	have	AUX
cblr-11898	608	25	enabled	enable	VERB
cblr-11898	608	26	these	these	DET
cblr-11898	608	27	companies	company	NOUN
cblr-11898	608	28	to	to	PART
cblr-11898	608	29	force	force	VERB
cblr-11898	608	30	employees	employee	NOUN
cblr-11898	608	31	to	to	PART
cblr-11898	608	32	gamble	gamble	VERB
cblr-11898	608	33	with	with	ADP
cblr-11898	608	34	their	their	PRON
cblr-11898	608	35	own	own	ADJ
cblr-11898	608	36	financial	financial	ADJ
cblr-11898	608	37	future	future	NOUN
cblr-11898	608	38	and	and	CCONJ
cblr-11898	608	39	by	by	ADP
cblr-11898	608	40	doing	do	VERB
cblr-11898	608	41	so	so	ADV
cblr-11898	608	42	removed	remove	VERB
cblr-11898	608	43	their	their	PRON
cblr-11898	608	44	power	power	NOUN
cblr-11898	608	45	as	as	ADP
cblr-11898	608	46	shareholders	shareholder	NOUN
cblr-11898	608	47	.	.	PUNCT
cblr-11898	609	1	congress	congress	PROPN
cblr-11898	609	2	should	should	AUX
cblr-11898	609	3	also	also	ADV
cblr-11898	609	4	consider	consider	VERB
cblr-11898	609	5	implementing	implement	VERB
cblr-11898	609	6	a	a	DET
cblr-11898	609	7	float	float	NOUN
cblr-11898	609	8	-	-	PUNCT
cblr-11898	609	9	based	base	VERB
cblr-11898	609	10	test	test	NOUN
cblr-11898	609	11	akin	akin	ADJ
cblr-11898	609	12	to	to	ADP
cblr-11898	609	13	one	one	NUM
cblr-11898	609	14	suggested	suggest	VERB
cblr-11898	609	15	by	by	ADP
cblr-11898	609	16	professor	professor	NOUN
cblr-11898	609	17	john	john	PROPN
cblr-11898	609	18	coffee	coffee	PROPN
cblr-11898	609	19	.	.	PUNCT
cblr-11898	610	1	other	other	ADJ
cblr-11898	610	2	academics	academic	NOUN
cblr-11898	610	3	have	have	AUX
cblr-11898	610	4	long	long	ADV
cblr-11898	610	5	endorsed	endorse	VERB
cblr-11898	610	6	such	such	DET
cblr-11898	610	7	a	a	DET
cblr-11898	610	8	method	method	NOUN
cblr-11898	610	9	as	as	ADP
cblr-11898	610	10	being	be	AUX
cblr-11898	610	11	a	a	DET
cblr-11898	610	12	more	more	ADV
cblr-11898	610	13	accurate	accurate	ADJ
cblr-11898	610	14	reflection	reflection	NOUN
cblr-11898	610	15	of	of	ADP
cblr-11898	610	16	the	the	DET
cblr-11898	610	17	public	public	ADJ
cblr-11898	610	18	exposure	exposure	NOUN
cblr-11898	610	19	to	to	ADP
cblr-11898	610	20	a	a	DET
cblr-11898	610	21	company	company	NOUN
cblr-11898	610	22	.	.	PUNCT
cblr-11898	611	1	if	if	SCONJ
cblr-11898	611	2	there	there	PRON
cblr-11898	611	3	is	be	VERB
cblr-11898	611	4	significant	significant	ADJ
cblr-11898	611	5	otc	otc	ADJ
cblr-11898	611	6	trading	trading	NOUN
cblr-11898	611	7	associated	associate	VERB
cblr-11898	611	8	with	with	ADP
cblr-11898	611	9	an	an	DET
cblr-11898	611	10	enterprise	enterprise	NOUN
cblr-11898	611	11	,	,	PUNCT
cblr-11898	611	12	it	it	PRON
cblr-11898	611	13	is	be	AUX
cblr-11898	611	14	indicative	indicative	ADJ
cblr-11898	611	15	that	that	SCONJ
cblr-11898	611	16	a	a	DET
cblr-11898	611	17	sufficient	sufficient	ADJ
cblr-11898	611	18	portion	portion	NOUN
cblr-11898	611	19	of	of	ADP
cblr-11898	611	20	the	the	DET
cblr-11898	611	21	investing	investing	NOUN
cblr-11898	611	22	public	public	NOUN
cblr-11898	611	23	may	may	AUX
cblr-11898	611	24	have	have	VERB
cblr-11898	611	25	the	the	DET
cblr-11898	611	26	ability	ability	NOUN
cblr-11898	611	27	to	to	PART
cblr-11898	611	28	obtain	obtain	VERB
cblr-11898	611	29	such	such	ADJ
cblr-11898	611	30	shares	share	NOUN
cblr-11898	611	31	.	.	PUNCT
cblr-11898	612	1	by	by	ADP
cblr-11898	612	2	implementing	implement	VERB
cblr-11898	612	3	a	a	DET
cblr-11898	612	4	provision	provision	NOUN
cblr-11898	612	5	to	to	PART
cblr-11898	612	6	include	include	VERB
cblr-11898	612	7	both	both	DET
cblr-11898	612	8	the	the	DET
cblr-11898	612	9	expanded	expand	VERB
cblr-11898	612	10	shareholder	shareholder	NOUN
cblr-11898	612	11	of	of	ADP
cblr-11898	612	12	record	record	NOUN
cblr-11898	612	13	test	test	NOUN
cblr-11898	612	14	and	and	CCONJ
cblr-11898	612	15	the	the	DET
cblr-11898	612	16	public	public	ADJ
cblr-11898	612	17	float	float	NOUN
cblr-11898	612	18	test	test	NOUN
cblr-11898	612	19	,	,	PUNCT
cblr-11898	612	20	large	large	ADJ
cblr-11898	612	21	private	private	ADJ
cblr-11898	612	22	companies	company	NOUN
cblr-11898	612	23	who	who	PRON
cblr-11898	612	24	have	have	AUX
cblr-11898	612	25	long	long	ADV
cblr-11898	612	26	remained	remain	VERB
cblr-11898	612	27	private	private	ADJ
cblr-11898	612	28	may	may	AUX
cblr-11898	612	29	121	121	NUM
cblr-11898	612	30	schwab	schwab	NOUN
cblr-11898	612	31	study	study	NOUN
cblr-11898	612	32	:	:	PUNCT
cblr-11898	612	33	equity	equity	NOUN
cblr-11898	612	34	plan	plan	NOUN
cblr-11898	612	35	participants	participant	NOUN
cblr-11898	612	36	average	average	ADJ
cblr-11898	612	37	nearly	nearly	ADV
cblr-11898	612	38	$	$	SYM
cblr-11898	612	39	100,000	100,000	NUM
cblr-11898	612	40	in	in	ADP
cblr-11898	612	41	vested	vested	ADJ
cblr-11898	612	42	stock	stock	NOUN
cblr-11898	612	43	;	;	PUNCT
cblr-11898	612	44	less	less	ADJ
cblr-11898	612	45	than	than	ADP
cblr-11898	612	46	half	half	NOUN
cblr-11898	612	47	have	have	AUX
cblr-11898	612	48	ever	ever	ADV
cblr-11898	612	49	sold	sell	VERB
cblr-11898	612	50	or	or	CCONJ
cblr-11898	612	51	exercised	exercise	VERB
cblr-11898	612	52	their	their	PRON
cblr-11898	612	53	shares	share	NOUN
cblr-11898	612	54	(	(	PUNCT
cblr-11898	612	55	11/13/2019	11/13/2019	NUM
cblr-11898	612	56	)	)	PUNCT
cblr-11898	612	57	https://www.aboutschwab.com/press-releases	https://www.aboutschwab.com/press-release	NOUN
cblr-11898	612	58	[	[	X
cblr-11898	612	59	https://perma.cc/54qj-mxyw	https://perma.cc/54qj-mxyw	X
cblr-11898	612	60	]	]	PUNCT
cblr-11898	612	61	.	.	PROPN
cblr-11898	613	1	108	108	NUM
cblr-11898	613	2	columbia	columbia	PROPN
cblr-11898	613	3	business	business	NOUN
cblr-11898	613	4	law	law	PROPN
cblr-11898	613	5	review	review	NOUN
cblr-11898	614	1	[	[	X
cblr-11898	614	2	vol	vol	NOUN
cblr-11898	614	3	.	.	PUNCT
cblr-11898	614	4	2023	2023	NUM
cblr-11898	614	5	continue	continue	VERB
cblr-11898	614	6	to	to	PART
cblr-11898	614	7	do	do	VERB
cblr-11898	614	8	so	so	ADV
cblr-11898	614	9	.	.	PUNCT
cblr-11898	615	1	but	but	CCONJ
cblr-11898	615	2	companies	company	NOUN
cblr-11898	615	3	who	who	PRON
cblr-11898	615	4	are	be	AUX
cblr-11898	615	5	actively	actively	ADV
cblr-11898	615	6	trading	trade	VERB
cblr-11898	615	7	,	,	PUNCT
cblr-11898	615	8	but	but	CCONJ
cblr-11898	615	9	on	on	ADP
cblr-11898	615	10	smaller	small	ADJ
cblr-11898	615	11	secondary	secondary	ADJ
cblr-11898	615	12	markets	market	NOUN
cblr-11898	615	13	,	,	PUNCT
cblr-11898	615	14	can	can	AUX
cblr-11898	615	15	not	not	PART
cblr-11898	615	16	escape	escape	VERB
cblr-11898	615	17	the	the	DET
cblr-11898	615	18	regulatory	regulatory	ADJ
cblr-11898	615	19	schemes	scheme	NOUN
cblr-11898	615	20	designed	design	VERB
cblr-11898	615	21	to	to	PART
cblr-11898	615	22	protect	protect	VERB
cblr-11898	615	23	the	the	DET
cblr-11898	615	24	smaller	small	ADJ
cblr-11898	615	25	retail	retail	ADJ
cblr-11898	615	26	investors	investor	NOUN
cblr-11898	615	27	who	who	PRON
cblr-11898	615	28	do	do	AUX
cblr-11898	615	29	not	not	PART
cblr-11898	615	30	have	have	VERB
cblr-11898	615	31	the	the	DET
cblr-11898	615	32	leverage	leverage	NOUN
cblr-11898	615	33	or	or	CCONJ
cblr-11898	615	34	sophistication	sophistication	NOUN
cblr-11898	615	35	necessary	necessary	ADJ
cblr-11898	615	36	to	to	PART
cblr-11898	615	37	obtain	obtain	VERB
cblr-11898	615	38	information	information	NOUN
cblr-11898	615	39	.	.	PUNCT
cblr-11898	616	1	on	on	ADP
cblr-11898	616	2	september	september	PROPN
cblr-11898	616	3	15	15	NUM
cblr-11898	616	4	,	,	PUNCT
cblr-11898	616	5	2022	2022	NUM
cblr-11898	616	6	,	,	PUNCT
cblr-11898	616	7	senators	senator	NOUN
cblr-11898	616	8	jack	jack	PROPN
cblr-11898	616	9	reed	reed	PROPN
cblr-11898	616	10	,	,	PUNCT
cblr-11898	616	11	catherine	catherine	PROPN
cblr-11898	616	12	cortez	cortez	PROPN
cblr-11898	616	13	masto	masto	PROPN
cblr-11898	616	14	,	,	PUNCT
cblr-11898	616	15	and	and	CCONJ
cblr-11898	616	16	elizabeth	elizabeth	PROPN
cblr-11898	616	17	warren	warren	PROPN
cblr-11898	616	18	introduced	introduce	VERB
cblr-11898	616	19	the	the	DET
cblr-11898	616	20	private	private	ADJ
cblr-11898	616	21	market	market	NOUN
cblr-11898	616	22	transparency	transparency	NOUN
cblr-11898	616	23	and	and	CCONJ
cblr-11898	616	24	accountability	accountability	NOUN
cblr-11898	616	25	act	act	NOUN
cblr-11898	616	26	(	(	PUNCT
cblr-11898	616	27	“	"	PUNCT
cblr-11898	616	28	pmta”).122	pmta”).122	CCONJ
cblr-11898	616	29	this	this	DET
cblr-11898	616	30	bill	bill	NOUN
cblr-11898	616	31	would	would	AUX
cblr-11898	616	32	add	add	VERB
cblr-11898	616	33	two	two	NUM
cblr-11898	616	34	new	new	ADJ
cblr-11898	616	35	threshold	threshold	NOUN
cblr-11898	616	36	tests	test	NOUN
cblr-11898	616	37	for	for	ADP
cblr-11898	616	38	section	section	NOUN
cblr-11898	616	39	12(g	12(g	NUM
cblr-11898	616	40	)	)	PUNCT
cblr-11898	616	41	.	.	PUNCT
cblr-11898	617	1	the	the	DET
cblr-11898	617	2	first	first	ADJ
cblr-11898	617	3	is	be	AUX
cblr-11898	617	4	based	base	VERB
cblr-11898	617	5	on	on	ADP
cblr-11898	617	6	the	the	DET
cblr-11898	617	7	valuation	valuation	NOUN
cblr-11898	617	8	of	of	ADP
cblr-11898	617	9	the	the	DET
cblr-11898	617	10	company	company	NOUN
cblr-11898	617	11	,	,	PUNCT
cblr-11898	617	12	requiring	require	VERB
cblr-11898	617	13	any	any	DET
cblr-11898	617	14	issuer	issuer	NOUN
cblr-11898	617	15	with	with	ADP
cblr-11898	617	16	a	a	DET
cblr-11898	617	17	valuation	valuation	NOUN
cblr-11898	617	18	exceeding	exceed	VERB
cblr-11898	617	19	$	$	SYM
cblr-11898	617	20	700	700	NUM
cblr-11898	617	21	million	million	NUM
cblr-11898	617	22	,	,	PUNCT
cblr-11898	617	23	excluding	exclude	VERB
cblr-11898	617	24	the	the	DET
cblr-11898	617	25	value	value	NOUN
cblr-11898	617	26	of	of	ADP
cblr-11898	617	27	shares	share	NOUN
cblr-11898	617	28	held	hold	VERB
cblr-11898	617	29	by	by	ADP
cblr-11898	617	30	affiliates	affiliate	NOUN
cblr-11898	617	31	of	of	ADP
cblr-11898	617	32	the	the	DET
cblr-11898	617	33	issuer	issuer	NOUN
cblr-11898	617	34	,	,	PUNCT
cblr-11898	617	35	to	to	PART
cblr-11898	617	36	make	make	VERB
cblr-11898	617	37	disclosures	disclosure	NOUN
cblr-11898	617	38	.	.	PUNCT
cblr-11898	618	1	the	the	DET
cblr-11898	618	2	second	second	NOUN
cblr-11898	618	3	is	be	AUX
cblr-11898	618	4	a	a	DET
cblr-11898	618	5	two	two	NUM
cblr-11898	618	6	-	-	PUNCT
cblr-11898	618	7	part	part	NOUN
cblr-11898	618	8	test	test	NOUN
cblr-11898	618	9	,	,	PUNCT
cblr-11898	618	10	requiring	require	VERB
cblr-11898	618	11	disclosures	disclosure	NOUN
cblr-11898	618	12	from	from	ADP
cblr-11898	618	13	companies	company	NOUN
cblr-11898	618	14	with	with	ADP
cblr-11898	618	15	an	an	DET
cblr-11898	618	16	excess	excess	NOUN
cblr-11898	618	17	of	of	ADP
cblr-11898	618	18	$	$	SYM
cblr-11898	618	19	5	5	NUM
cblr-11898	618	20	billion	billion	NUM
cblr-11898	618	21	in	in	ADP
cblr-11898	618	22	revenue	revenue	NOUN
cblr-11898	618	23	and	and	CCONJ
cblr-11898	618	24	more	more	ADJ
cblr-11898	618	25	than	than	ADP
cblr-11898	618	26	5,000	5,000	NUM
cblr-11898	618	27	employees	employee	NOUN
cblr-11898	618	28	.	.	PUNCT
cblr-11898	619	1	we	we	PRON
cblr-11898	619	2	do	do	AUX
cblr-11898	619	3	not	not	PART
cblr-11898	619	4	believe	believe	VERB
cblr-11898	619	5	this	this	PRON
cblr-11898	619	6	is	be	AUX
cblr-11898	619	7	the	the	DET
cblr-11898	619	8	most	most	ADV
cblr-11898	619	9	effective	effective	ADJ
cblr-11898	619	10	method	method	NOUN
cblr-11898	619	11	of	of	ADP
cblr-11898	619	12	addressing	address	VERB
cblr-11898	619	13	the	the	DET
cblr-11898	619	14	problems	problem	NOUN
cblr-11898	619	15	with	with	ADP
cblr-11898	619	16	section	section	NOUN
cblr-11898	619	17	12(g	12(g	NUM
cblr-11898	619	18	)	)	PUNCT
cblr-11898	619	19	.	.	PUNCT
cblr-11898	620	1	as	as	SCONJ
cblr-11898	620	2	we	we	PRON
cblr-11898	620	3	have	have	AUX
cblr-11898	620	4	discussed	discuss	VERB
cblr-11898	620	5	,	,	PUNCT
cblr-11898	620	6	there	there	PRON
cblr-11898	620	7	are	be	VERB
cblr-11898	620	8	numerous	numerous	ADJ
cblr-11898	620	9	problems	problem	NOUN
cblr-11898	620	10	with	with	ADP
cblr-11898	620	11	accurately	accurately	ADV
cblr-11898	620	12	determining	determine	VERB
cblr-11898	620	13	valuation	valuation	NOUN
cblr-11898	620	14	and	and	CCONJ
cblr-11898	620	15	the	the	DET
cblr-11898	620	16	pmta	pmta	PROPN
cblr-11898	620	17	act	act	NOUN
cblr-11898	620	18	provides	provide	VERB
cblr-11898	620	19	no	no	DET
cblr-11898	620	20	specific	specific	ADJ
cblr-11898	620	21	method	method	NOUN
cblr-11898	620	22	of	of	ADP
cblr-11898	620	23	valuation	valuation	NOUN
cblr-11898	620	24	to	to	PART
cblr-11898	620	25	be	be	AUX
cblr-11898	620	26	used	use	VERB
cblr-11898	620	27	by	by	ADP
cblr-11898	620	28	regulators	regulator	NOUN
cblr-11898	620	29	.	.	PUNCT
cblr-11898	621	1	even	even	ADV
cblr-11898	621	2	if	if	SCONJ
cblr-11898	621	3	it	it	PRON
cblr-11898	621	4	did	do	VERB
cblr-11898	621	5	,	,	PUNCT
cblr-11898	621	6	valuation	valuation	NOUN
cblr-11898	621	7	likely	likely	ADV
cblr-11898	621	8	is	be	AUX
cblr-11898	621	9	specific	specific	ADJ
cblr-11898	621	10	to	to	ADP
cblr-11898	621	11	each	each	DET
cblr-11898	621	12	individual	individual	ADJ
cblr-11898	621	13	company	company	NOUN
cblr-11898	621	14	and	and	CCONJ
cblr-11898	621	15	the	the	DET
cblr-11898	621	16	adjustments	adjustment	NOUN
cblr-11898	621	17	which	which	PRON
cblr-11898	621	18	would	would	AUX
cblr-11898	621	19	be	be	AUX
cblr-11898	621	20	necessary	necessary	ADJ
cblr-11898	621	21	due	due	ADJ
cblr-11898	621	22	to	to	ADP
cblr-11898	621	23	complex	complex	ADJ
cblr-11898	621	24	contractual	contractual	ADJ
cblr-11898	621	25	provisions	provision	NOUN
cblr-11898	621	26	would	would	AUX
cblr-11898	621	27	represent	represent	VERB
cblr-11898	621	28	an	an	DET
cblr-11898	621	29	extraordinary	extraordinary	ADJ
cblr-11898	621	30	burden	burden	NOUN
cblr-11898	621	31	on	on	ADP
cblr-11898	621	32	private	private	ADJ
cblr-11898	621	33	industry	industry	NOUN
cblr-11898	621	34	and	and	CCONJ
cblr-11898	621	35	regulators	regulator	NOUN
cblr-11898	621	36	alike	alike	ADV
cblr-11898	621	37	.	.	PUNCT
cblr-11898	622	1	the	the	DET
cblr-11898	622	2	second	second	ADJ
cblr-11898	622	3	test	test	NOUN
cblr-11898	622	4	is	be	AUX
cblr-11898	622	5	equally	equally	ADV
cblr-11898	622	6	troublesome	troublesome	ADJ
cblr-11898	622	7	.	.	PUNCT
cblr-11898	623	1	revenue	revenue	NOUN
cblr-11898	623	2	and	and	CCONJ
cblr-11898	623	3	employee	employee	NOUN
cblr-11898	623	4	count	count	NOUN
cblr-11898	623	5	has	have	VERB
cblr-11898	623	6	little	little	ADJ
cblr-11898	623	7	to	to	PART
cblr-11898	623	8	do	do	VERB
cblr-11898	623	9	with	with	ADP
cblr-11898	623	10	protecting	protect	VERB
cblr-11898	623	11	investors	investor	NOUN
cblr-11898	623	12	.	.	PUNCT
cblr-11898	624	1	size	size	NOUN
cblr-11898	624	2	of	of	ADP
cblr-11898	624	3	operations	operation	NOUN
cblr-11898	624	4	is	be	AUX
cblr-11898	624	5	not	not	PART
cblr-11898	624	6	reflective	reflective	ADJ
cblr-11898	624	7	of	of	ADP
cblr-11898	624	8	how	how	SCONJ
cblr-11898	624	9	the	the	DET
cblr-11898	624	10	company	company	NOUN
cblr-11898	624	11	is	be	AUX
cblr-11898	624	12	owned	own	VERB
cblr-11898	624	13	.	.	PUNCT
cblr-11898	625	1	under	under	ADP
cblr-11898	625	2	its	its	PRON
cblr-11898	625	3	own	own	ADJ
cblr-11898	625	4	acknowledged	acknowledge	VERB
cblr-11898	625	5	and	and	CCONJ
cblr-11898	625	6	previously	previously	ADV
cblr-11898	625	7	used	use	VERB
cblr-11898	625	8	rulemaking	rulemaking	NOUN
cblr-11898	625	9	power	power	NOUN
cblr-11898	625	10	,	,	PUNCT
cblr-11898	625	11	the	the	DET
cblr-11898	625	12	sec	sec	PROPN
cblr-11898	625	13	should	should	AUX
cblr-11898	625	14	redefine	redefine	VERB
cblr-11898	625	15	the	the	DET
cblr-11898	625	16	term	term	NOUN
cblr-11898	625	17	“	"	PUNCT
cblr-11898	625	18	held	hold	VERB
cblr-11898	625	19	of	of	ADP
cblr-11898	625	20	record	record	NOUN
cblr-11898	625	21	”	"	PUNCT
cblr-11898	625	22	to	to	PART
cblr-11898	625	23	more	more	ADV
cblr-11898	625	24	accurately	accurately	ADV
cblr-11898	625	25	reflect	reflect	VERB
cblr-11898	625	26	those	those	PRON
cblr-11898	625	27	who	who	PRON
cblr-11898	625	28	are	be	AUX
cblr-11898	625	29	making	make	VERB
cblr-11898	625	30	and	and	CCONJ
cblr-11898	625	31	benefitting	benefit	VERB
cblr-11898	625	32	from	from	ADP
cblr-11898	625	33	the	the	DET
cblr-11898	625	34	investment	investment	NOUN
cblr-11898	625	35	decision	decision	NOUN
cblr-11898	625	36	to	to	PART
cblr-11898	625	37	hold	hold	VERB
cblr-11898	625	38	the	the	DET
cblr-11898	625	39	shares	share	NOUN
cblr-11898	625	40	in	in	ADP
cblr-11898	625	41	question	question	NOUN
cblr-11898	625	42	.	.	PUNCT
cblr-11898	626	1	by	by	ADP
cblr-11898	626	2	redefining	redefine	VERB
cblr-11898	626	3	the	the	DET
cblr-11898	626	4	term	term	NOUN
cblr-11898	626	5	to	to	PART
cblr-11898	626	6	reflect	reflect	VERB
cblr-11898	626	7	those	those	PRON
cblr-11898	626	8	who	who	PRON
cblr-11898	626	9	are	be	AUX
cblr-11898	626	10	actually	actually	ADV
cblr-11898	626	11	voting	vote	VERB
cblr-11898	626	12	the	the	DET
cblr-11898	626	13	shares	share	NOUN
cblr-11898	626	14	,	,	PUNCT
cblr-11898	626	15	the	the	DET
cblr-11898	626	16	count	count	NOUN
cblr-11898	626	17	will	will	AUX
cblr-11898	626	18	better	well	ADV
cblr-11898	626	19	reflect	reflect	VERB
cblr-11898	626	20	who	who	PRON
cblr-11898	626	21	is	be	AUX
cblr-11898	626	22	really	really	ADV
cblr-11898	626	23	the	the	DET
cblr-11898	626	24	investor	investor	NOUN
cblr-11898	626	25	.	.	PUNCT
cblr-11898	627	1	even	even	ADV
cblr-11898	627	2	if	if	SCONJ
cblr-11898	627	3	the	the	DET
cblr-11898	627	4	shares	share	NOUN
cblr-11898	627	5	are	be	AUX
cblr-11898	627	6	owned	own	VERB
cblr-11898	627	7	under	under	ADP
cblr-11898	627	8	the	the	DET
cblr-11898	627	9	street	street	NOUN
cblr-11898	627	10	name	name	NOUN
cblr-11898	627	11	of	of	ADP
cblr-11898	627	12	the	the	DET
cblr-11898	627	13	beneficial	beneficial	ADJ
cblr-11898	627	14	owner	owner	NOUN
cblr-11898	627	15	’s	’s	PART
cblr-11898	627	16	broker	broker	NOUN
cblr-11898	627	17	,	,	PUNCT
cblr-11898	627	18	the	the	DET
cblr-11898	627	19	beneficial	beneficial	ADJ
cblr-11898	627	20	owner	owner	NOUN
cblr-11898	627	21	still	still	ADV
cblr-11898	627	22	ultimately	ultimately	ADV
cblr-11898	627	23	receives	receive	VERB
cblr-11898	627	24	the	the	DET
cblr-11898	627	25	proxy	proxy	NOUN
cblr-11898	627	26	materials	material	NOUN
cblr-11898	627	27	and	and	CCONJ
cblr-11898	627	28	the	the	DET
cblr-11898	627	29	122	122	NUM
cblr-11898	627	30	s.	s.	PROPN
cblr-11898	627	31	4857	4857	NUM
cblr-11898	627	32	–	–	PUNCT
cblr-11898	627	33	private	private	ADJ
cblr-11898	627	34	market	market	NOUN
cblr-11898	627	35	transparency	transparency	NOUN
cblr-11898	627	36	and	and	CCONJ
cblr-11898	627	37	accountability	accountability	NOUN
cblr-11898	627	38	act	act	NOUN
cblr-11898	627	39	(	(	PUNCT
cblr-11898	627	40	2022	2022	NUM
cblr-11898	627	41	)	)	PUNCT
cblr-11898	627	42	,	,	PUNCT
cblr-11898	628	1	https://www.congress.gov/bill/117th-congress/senate-bill/4857/text	https://www.congress.gov/bill/117th-congress/senate-bill/4857/text	PROPN
cblr-11898	629	1	[	[	X
cblr-11898	629	2	https://perma.cc/cu56-aw86	https://perma.cc/cu56-aw86	X
cblr-11898	629	3	]	]	X
cblr-11898	629	4	.	.	PUNCT
cblr-11898	630	1	no	no	INTJ
cblr-11898	630	2	.	.	NOUN
cblr-11898	631	1	1	1	NUM
cblr-11898	631	2	]	]	X
cblr-11898	631	3	mythical	mythical	ADJ
cblr-11898	631	4	unicorns	unicorn	NOUN
cblr-11898	631	5	and	and	CCONJ
cblr-11898	631	6	how	how	SCONJ
cblr-11898	631	7	to	to	PART
cblr-11898	631	8	find	find	VERB
cblr-11898	631	9	them	they	PRON
cblr-11898	631	10	109	109	NUM
cblr-11898	631	11	right	right	NOUN
cblr-11898	631	12	to	to	PART
cblr-11898	631	13	vote	vote	VERB
cblr-11898	631	14	their	their	PRON
cblr-11898	631	15	shares	share	NOUN
cblr-11898	631	16	.	.	PUNCT
cblr-11898	632	1	the	the	DET
cblr-11898	632	2	company	company	NOUN
cblr-11898	632	3	is	be	AUX
cblr-11898	632	4	required	require	VERB
cblr-11898	632	5	to	to	PART
cblr-11898	632	6	pass	pass	VERB
cblr-11898	632	7	the	the	DET
cblr-11898	632	8	material	material	NOUN
cblr-11898	632	9	along	along	ADP
cblr-11898	632	10	to	to	ADP
cblr-11898	632	11	the	the	DET
cblr-11898	632	12	appropriate	appropriate	ADJ
cblr-11898	632	13	shareholders	shareholder	NOUN
cblr-11898	632	14	.	.	PUNCT
cblr-11898	633	1	this	this	PRON
cblr-11898	633	2	is	be	AUX
cblr-11898	633	3	not	not	PART
cblr-11898	633	4	a	a	DET
cblr-11898	633	5	new	new	ADJ
cblr-11898	633	6	concept	concept	NOUN
cblr-11898	633	7	.	.	PUNCT
cblr-11898	634	1	during	during	ADP
cblr-11898	634	2	the	the	DET
cblr-11898	634	3	comment	comment	NOUN
cblr-11898	634	4	stage	stage	NOUN
cblr-11898	634	5	of	of	ADP
cblr-11898	634	6	rulemaking	rulemake	VERB
cblr-11898	634	7	following	follow	VERB
cblr-11898	634	8	the	the	DET
cblr-11898	634	9	jobs	job	NOUN
cblr-11898	634	10	act	act	NOUN
cblr-11898	634	11	passage	passage	NOUN
cblr-11898	634	12	,	,	PUNCT
cblr-11898	634	13	there	there	PRON
cblr-11898	634	14	were	be	VERB
cblr-11898	634	15	calls	call	NOUN
cblr-11898	634	16	for	for	SCONJ
cblr-11898	634	17	a	a	DET
cblr-11898	634	18	“	"	PUNCT
cblr-11898	634	19	proxy	proxy	ADJ
cblr-11898	634	20	count	count	NOUN
cblr-11898	634	21	”	"	PUNCT
cblr-11898	634	22	to	to	PART
cblr-11898	634	23	be	be	AUX
cblr-11898	634	24	implemented	implement	VERB
cblr-11898	634	25	instead	instead	ADV
cblr-11898	634	26	of	of	ADP
cblr-11898	634	27	a	a	DET
cblr-11898	634	28	“	"	PUNCT
cblr-11898	634	29	record	record	NOUN
cblr-11898	634	30	count	count	NOUN
cblr-11898	634	31	”	"	PUNCT
cblr-11898	634	32	to	to	PART
cblr-11898	634	33	avoid	avoid	VERB
cblr-11898	634	34	the	the	DET
cblr-11898	634	35	reduction	reduction	NOUN
cblr-11898	634	36	in	in	ADP
cblr-11898	634	37	numbers	number	NOUN
cblr-11898	634	38	resulting	result	VERB
cblr-11898	634	39	from	from	ADP
cblr-11898	634	40	street	street	NOUN
cblr-11898	634	41	name	name	NOUN
cblr-11898	634	42	ownership	ownership	NOUN
cblr-11898	634	43	,	,	PUNCT
cblr-11898	634	44	spvs	spv	NOUN
cblr-11898	634	45	,	,	PUNCT
cblr-11898	634	46	and	and	CCONJ
cblr-11898	634	47	other	other	ADJ
cblr-11898	634	48	layering	layering	NOUN
cblr-11898	634	49	methods	method	NOUN
cblr-11898	634	50	.	.	PUNCT
cblr-11898	635	1	based	base	VERB
cblr-11898	635	2	on	on	ADP
cblr-11898	635	3	the	the	DET
cblr-11898	635	4	actions	action	NOUN
cblr-11898	635	5	of	of	ADP
cblr-11898	635	6	institutional	institutional	ADJ
cblr-11898	635	7	managers	manager	NOUN
cblr-11898	635	8	like	like	ADP
cblr-11898	635	9	blackrock	blackrock	NOUN
cblr-11898	635	10	with	with	ADP
cblr-11898	635	11	their	their	PRON
cblr-11898	635	12	voting	voting	NOUN
cblr-11898	635	13	choice	choice	NOUN
cblr-11898	635	14	program	program	NOUN
cblr-11898	635	15	,	,	PUNCT
cblr-11898	635	16	such	such	ADJ
cblr-11898	635	17	efforts	effort	NOUN
cblr-11898	635	18	are	be	AUX
cblr-11898	635	19	already	already	ADV
cblr-11898	635	20	underway	underway	ADJ
cblr-11898	635	21	within	within	ADP
cblr-11898	635	22	the	the	DET
cblr-11898	635	23	private	private	ADJ
cblr-11898	635	24	market	market	NOUN
cblr-11898	635	25	.	.	PUNCT
cblr-11898	636	1	but	but	CCONJ
cblr-11898	636	2	we	we	PRON
cblr-11898	636	3	can	can	AUX
cblr-11898	636	4	not	not	PART
cblr-11898	636	5	leave	leave	VERB
cblr-11898	636	6	this	this	PRON
cblr-11898	636	7	to	to	ADP
cblr-11898	636	8	inconsistent	inconsistent	ADJ
cblr-11898	636	9	applications	application	NOUN
cblr-11898	636	10	and	and	CCONJ
cblr-11898	636	11	the	the	DET
cblr-11898	636	12	assumption	assumption	NOUN
cblr-11898	636	13	that	that	SCONJ
cblr-11898	636	14	ethical	ethical	ADJ
cblr-11898	636	15	decision	decision	NOUN
cblr-11898	636	16	-	-	PUNCT
cblr-11898	636	17	making	making	NOUN
cblr-11898	636	18	will	will	AUX
cblr-11898	636	19	occur	occur	VERB
cblr-11898	636	20	across	across	ADP
cblr-11898	636	21	the	the	DET
cblr-11898	636	22	market	market	NOUN
cblr-11898	636	23	.	.	PUNCT
cblr-11898	637	1	the	the	DET
cblr-11898	637	2	implementation	implementation	NOUN
cblr-11898	637	3	of	of	ADP
cblr-11898	637	4	look	look	NOUN
cblr-11898	637	5	-	-	PUNCT
cblr-11898	637	6	through	through	ADP
cblr-11898	637	7	efforts	effort	NOUN
cblr-11898	637	8	would	would	AUX
cblr-11898	637	9	take	take	VERB
cblr-11898	637	10	even	even	ADV
cblr-11898	637	11	less	less	ADJ
cblr-11898	637	12	effort	effort	NOUN
cblr-11898	637	13	with	with	ADP
cblr-11898	637	14	the	the	DET
cblr-11898	637	15	passage	passage	NOUN
cblr-11898	637	16	of	of	ADP
cblr-11898	637	17	the	the	DET
cblr-11898	637	18	corporate	corporate	ADJ
cblr-11898	637	19	transparency	transparency	NOUN
cblr-11898	637	20	act	act	NOUN
cblr-11898	637	21	of	of	ADP
cblr-11898	637	22	2020	2020	NUM
cblr-11898	637	23	,	,	PUNCT
cblr-11898	637	24	the	the	DET
cblr-11898	637	25	financial	financial	ADJ
cblr-11898	637	26	crimes	crime	NOUN
cblr-11898	637	27	enforcement	enforcement	NOUN
cblr-11898	637	28	network	network	NOUN
cblr-11898	637	29	(	(	PUNCT
cblr-11898	637	30	“	"	PUNCT
cblr-11898	637	31	fincen	fincen	PROPN
cblr-11898	637	32	”	"	PUNCT
cblr-11898	637	33	)	)	PUNCT
cblr-11898	637	34	is	be	AUX
cblr-11898	637	35	now	now	ADV
cblr-11898	637	36	required	require	VERB
cblr-11898	637	37	to	to	PART
cblr-11898	637	38	implement	implement	VERB
cblr-11898	637	39	a	a	DET
cblr-11898	637	40	registry	registry	NOUN
cblr-11898	637	41	of	of	ADP
cblr-11898	637	42	beneficial	beneficial	ADJ
cblr-11898	637	43	owners	owner	NOUN
cblr-11898	637	44	of	of	ADP
cblr-11898	637	45	nearly	nearly	ADV
cblr-11898	637	46	all	all	PRON
cblr-11898	637	47	domestic	domestic	ADJ
cblr-11898	637	48	entities	entity	NOUN
cblr-11898	637	49	formed	form	VERB
cblr-11898	637	50	under	under	ADP
cblr-11898	637	51	state	state	NOUN
cblr-11898	637	52	corporate	corporate	ADJ
cblr-11898	637	53	law	law	NOUN
cblr-11898	637	54	and	and	CCONJ
cblr-11898	637	55	foreign	foreign	ADJ
cblr-11898	637	56	entities	entity	NOUN
cblr-11898	637	57	registered	register	VERB
cblr-11898	637	58	to	to	PART
cblr-11898	637	59	do	do	VERB
cblr-11898	637	60	business	business	NOUN
cblr-11898	637	61	in	in	ADP
cblr-11898	637	62	the	the	DET
cblr-11898	637	63	united	united	PROPN
cblr-11898	637	64	states	states	PROPN
cblr-11898	637	65	.	.	PUNCT
cblr-11898	638	1	the	the	DET
cblr-11898	638	2	beneficial	beneficial	ADJ
cblr-11898	638	3	owners	owner	NOUN
cblr-11898	638	4	are	be	AUX
cblr-11898	638	5	required	require	VERB
cblr-11898	638	6	to	to	PART
cblr-11898	638	7	report	report	VERB
cblr-11898	638	8	this	this	DET
cblr-11898	638	9	information	information	NOUN
cblr-11898	638	10	and	and	CCONJ
cblr-11898	638	11	it	it	PRON
cblr-11898	638	12	is	be	AUX
cblr-11898	638	13	expected	expect	VERB
cblr-11898	638	14	that	that	SCONJ
cblr-11898	638	15	broker	broker	NOUN
cblr-11898	638	16	dealers	dealer	NOUN
cblr-11898	638	17	will	will	AUX
cblr-11898	638	18	have	have	VERB
cblr-11898	638	19	an	an	DET
cblr-11898	638	20	obligation	obligation	NOUN
cblr-11898	638	21	to	to	PART
cblr-11898	638	22	crosscheck	crosscheck	VERB
cblr-11898	638	23	the	the	DET
cblr-11898	638	24	information	information	NOUN
cblr-11898	638	25	their	their	PRON
cblr-11898	638	26	clients	client	NOUN
cblr-11898	638	27	provide	provide	VERB
cblr-11898	638	28	with	with	ADP
cblr-11898	638	29	this	this	DET
cblr-11898	638	30	registry	registry	NOUN
cblr-11898	638	31	.	.	PUNCT
cblr-11898	639	1	while	while	SCONJ
cblr-11898	639	2	the	the	DET
cblr-11898	639	3	primary	primary	ADJ
cblr-11898	639	4	purpose	purpose	NOUN
cblr-11898	639	5	of	of	ADP
cblr-11898	639	6	creating	create	VERB
cblr-11898	639	7	such	such	DET
cblr-11898	639	8	a	a	DET
cblr-11898	639	9	registry	registry	NOUN
cblr-11898	639	10	is	be	AUX
cblr-11898	639	11	to	to	PART
cblr-11898	639	12	combat	combat	VERB
cblr-11898	639	13	money	money	NOUN
cblr-11898	639	14	laundering	laundering	NOUN
cblr-11898	639	15	,	,	PUNCT
cblr-11898	639	16	tax	tax	NOUN
cblr-11898	639	17	evasion	evasion	NOUN
cblr-11898	639	18	,	,	PUNCT
cblr-11898	639	19	and	and	CCONJ
cblr-11898	639	20	terrorist	terrorist	ADJ
cblr-11898	639	21	financing	financing	NOUN
cblr-11898	639	22	,	,	PUNCT
cblr-11898	639	23	it	it	PRON
cblr-11898	639	24	could	could	AUX
cblr-11898	639	25	easily	easily	ADV
cblr-11898	639	26	be	be	AUX
cblr-11898	639	27	applied	apply	VERB
cblr-11898	639	28	to	to	ADP
cblr-11898	639	29	a	a	DET
cblr-11898	639	30	broader	broad	ADJ
cblr-11898	639	31	definition	definition	NOUN
cblr-11898	639	32	of	of	ADP
cblr-11898	639	33	the	the	DET
cblr-11898	639	34	shareholder	shareholder	NOUN
cblr-11898	639	35	of	of	ADP
cblr-11898	639	36	record	record	NOUN
cblr-11898	639	37	.	.	PUNCT
cblr-11898	640	1	the	the	DET
cblr-11898	640	2	sec	sec	PROPN
cblr-11898	640	3	should	should	AUX
cblr-11898	640	4	also	also	ADV
cblr-11898	640	5	amend	amend	VERB
cblr-11898	640	6	rule	rule	NOUN
cblr-11898	640	7	12g5	12g5	NUM
cblr-11898	640	8	-	-	SYM
cblr-11898	640	9	1(b)(3	1(b)(3	NUM
cblr-11898	640	10	)	)	PUNCT
cblr-11898	640	11	to	to	PART
cblr-11898	640	12	remove	remove	VERB
cblr-11898	640	13	the	the	DET
cblr-11898	640	14	“	"	PUNCT
cblr-11898	640	15	primary	primary	ADJ
cblr-11898	640	16	”	"	PUNCT
cblr-11898	640	17	requirement	requirement	NOUN
cblr-11898	640	18	from	from	ADP
cblr-11898	640	19	the	the	DET
cblr-11898	640	20	catch	catch	NOUN
cblr-11898	640	21	-	-	PUNCT
cblr-11898	640	22	all	all	DET
cblr-11898	640	23	provision	provision	NOUN
cblr-11898	640	24	of	of	ADP
cblr-11898	640	25	record	record	NOUN
cblr-11898	640	26	holder	holder	NOUN
cblr-11898	640	27	.	.	PUNCT
cblr-11898	641	1	if	if	SCONJ
cblr-11898	641	2	the	the	DET
cblr-11898	641	3	company	company	NOUN
cblr-11898	641	4	knows	know	VERB
cblr-11898	641	5	or	or	CCONJ
cblr-11898	641	6	has	have	VERB
cblr-11898	641	7	reason	reason	NOUN
cblr-11898	641	8	to	to	PART
cblr-11898	641	9	know	know	VERB
cblr-11898	641	10	that	that	SCONJ
cblr-11898	641	11	a	a	DET
cblr-11898	641	12	particular	particular	ADJ
cblr-11898	641	13	method	method	NOUN
cblr-11898	641	14	of	of	ADP
cblr-11898	641	15	ownership	ownership	NOUN
cblr-11898	641	16	is	be	AUX
cblr-11898	641	17	being	be	AUX
cblr-11898	641	18	used	use	VERB
cblr-11898	641	19	to	to	PART
cblr-11898	641	20	avoid	avoid	VERB
cblr-11898	641	21	or	or	CCONJ
cblr-11898	641	22	reduce	reduce	VERB
cblr-11898	641	23	the	the	DET
cblr-11898	641	24	record	record	NOUN
cblr-11898	641	25	count	count	NOUN
cblr-11898	641	26	,	,	PUNCT
cblr-11898	641	27	the	the	DET
cblr-11898	641	28	count	count	NOUN
cblr-11898	641	29	should	should	AUX
cblr-11898	641	30	be	be	AUX
cblr-11898	641	31	reflective	reflective	ADJ
cblr-11898	641	32	of	of	ADP
cblr-11898	641	33	the	the	DET
cblr-11898	641	34	true	true	ADJ
cblr-11898	641	35	beneficial	beneficial	ADJ
cblr-11898	641	36	owner	owner	NOUN
cblr-11898	641	37	.	.	PUNCT
cblr-11898	642	1	this	this	PRON
cblr-11898	642	2	is	be	AUX
cblr-11898	642	3	particularly	particularly	ADV
cblr-11898	642	4	true	true	ADJ
cblr-11898	642	5	when	when	SCONJ
cblr-11898	642	6	companies	company	NOUN
cblr-11898	642	7	like	like	ADP
cblr-11898	642	8	angellist	angellist	NOUN
cblr-11898	642	9	are	be	AUX
cblr-11898	642	10	holding	hold	VERB
cblr-11898	642	11	spvs	spv	NOUN
cblr-11898	642	12	out	out	ADP
cblr-11898	642	13	as	as	ADP
cblr-11898	642	14	methods	method	NOUN
cblr-11898	642	15	to	to	PART
cblr-11898	642	16	deliberately	deliberately	ADV
cblr-11898	642	17	keep	keep	VERB
cblr-11898	642	18	cap	cap	NOUN
cblr-11898	642	19	table	table	NOUN
cblr-11898	642	20	line	line	NOUN
cblr-11898	642	21	items	item	NOUN
cblr-11898	642	22	at	at	ADP
cblr-11898	642	23	one	one	NUM
cblr-11898	642	24	investor	investor	NOUN
cblr-11898	642	25	,	,	PUNCT
cblr-11898	642	26	rather	rather	ADV
cblr-11898	642	27	than	than	ADP
cblr-11898	642	28	many	many	ADJ
cblr-11898	642	29	individuals	individual	NOUN
cblr-11898	642	30	.	.	PUNCT
cblr-11898	643	1	in	in	ADP
cblr-11898	643	2	its	its	PRON
cblr-11898	643	3	2012	2012	NUM
cblr-11898	643	4	report	report	NOUN
cblr-11898	643	5	on	on	ADP
cblr-11898	643	6	the	the	DET
cblr-11898	643	7	sec	sec	PROPN
cblr-11898	643	8	’s	’s	PART
cblr-11898	643	9	enforcement	enforcement	NOUN
cblr-11898	643	10	authority	authority	NOUN
cblr-11898	643	11	of	of	ADP
cblr-11898	643	12	the	the	DET
cblr-11898	643	13	anti	anti	ADJ
cblr-11898	643	14	-	-	ADJ
cblr-11898	643	15	circumvention	circumvention	ADJ
cblr-11898	643	16	provision	provision	NOUN
cblr-11898	643	17	,	,	PUNCT
cblr-11898	643	18	110	110	NUM
cblr-11898	643	19	columbia	columbia	PROPN
cblr-11898	643	20	business	business	NOUN
cblr-11898	643	21	law	law	PROPN
cblr-11898	643	22	review	review	NOUN
cblr-11898	643	23	[	[	X
cblr-11898	643	24	vol	vol	NOUN
cblr-11898	643	25	.	.	PUNCT
cblr-11898	643	26	2023	2023	NUM
cblr-11898	643	27	the	the	DET
cblr-11898	643	28	sec	sec	PROPN
cblr-11898	643	29	itself	itself	PRON
cblr-11898	643	30	conceded	concede	VERB
cblr-11898	643	31	that	that	SCONJ
cblr-11898	643	32	the	the	DET
cblr-11898	643	33	rule	rule	NOUN
cblr-11898	643	34	“	"	PUNCT
cblr-11898	643	35	may	may	AUX
cblr-11898	643	36	be	be	AUX
cblr-11898	643	37	applicable	applicable	ADJ
cblr-11898	643	38	only	only	ADV
cblr-11898	643	39	in	in	ADP
cblr-11898	643	40	limited	limited	ADJ
cblr-11898	643	41	circumstances	circumstance	NOUN
cblr-11898	643	42	.	.	PUNCT
cblr-11898	644	1	”123	”123	PUNCT
cblr-11898	644	2	in	in	ADP
cblr-11898	644	3	addition	addition	NOUN
cblr-11898	644	4	,	,	PUNCT
cblr-11898	644	5	the	the	DET
cblr-11898	644	6	sec	sec	PROPN
cblr-11898	644	7	should	should	AUX
cblr-11898	644	8	consider	consider	VERB
cblr-11898	644	9	modernizing	modernize	VERB
cblr-11898	644	10	the	the	DET
cblr-11898	644	11	limits	limit	NOUN
cblr-11898	644	12	for	for	ADP
cblr-11898	644	13	accredited	accredited	ADJ
cblr-11898	644	14	investors	investor	NOUN
cblr-11898	644	15	.	.	PUNCT
cblr-11898	645	1	the	the	DET
cblr-11898	645	2	minimum	minimum	ADJ
cblr-11898	645	3	income	income	NOUN
cblr-11898	645	4	and	and	CCONJ
cblr-11898	645	5	net	net	ADJ
cblr-11898	645	6	worth	worth	ADJ
cblr-11898	645	7	requirements	requirement	NOUN
cblr-11898	645	8	for	for	ADP
cblr-11898	645	9	accreditation	accreditation	NOUN
cblr-11898	645	10	status	status	NOUN
cblr-11898	645	11	were	be	AUX
cblr-11898	645	12	implemented	implement	VERB
cblr-11898	645	13	in	in	ADP
cblr-11898	645	14	1982	1982	NUM
cblr-11898	645	15	and	and	CCONJ
cblr-11898	645	16	have	have	AUX
cblr-11898	645	17	not	not	PART
cblr-11898	645	18	been	be	AUX
cblr-11898	645	19	adjusted	adjust	VERB
cblr-11898	645	20	since.124	since.124	NOUN
cblr-11898	645	21	in	in	ADP
cblr-11898	645	22	that	that	DET
cblr-11898	645	23	time	time	NOUN
cblr-11898	645	24	,	,	PUNCT
cblr-11898	645	25	the	the	DET
cblr-11898	645	26	number	number	NOUN
cblr-11898	645	27	of	of	ADP
cblr-11898	645	28	households	household	NOUN
cblr-11898	645	29	capable	capable	ADJ
cblr-11898	645	30	of	of	ADP
cblr-11898	645	31	qualifying	qualify	VERB
cblr-11898	645	32	for	for	ADP
cblr-11898	645	33	status	status	NOUN
cblr-11898	645	34	has	have	AUX
cblr-11898	645	35	increased	increase	VERB
cblr-11898	645	36	by	by	ADP
cblr-11898	645	37	more	more	ADJ
cblr-11898	645	38	than	than	ADP
cblr-11898	645	39	tenfold.125	tenfold.125	ADV
cblr-11898	645	40	on	on	ADP
cblr-11898	645	41	top	top	NOUN
cblr-11898	645	42	of	of	ADP
cblr-11898	645	43	this	this	PRON
cblr-11898	645	44	,	,	PUNCT
cblr-11898	645	45	the	the	DET
cblr-11898	645	46	sec	sec	PROPN
cblr-11898	645	47	has	have	AUX
cblr-11898	645	48	also	also	ADV
cblr-11898	645	49	expanded	expand	VERB
cblr-11898	645	50	the	the	DET
cblr-11898	645	51	definition	definition	NOUN
cblr-11898	645	52	to	to	PART
cblr-11898	645	53	encompass	encompass	VERB
cblr-11898	645	54	even	even	ADV
cblr-11898	645	55	more	more	ADJ
cblr-11898	645	56	investors	investor	NOUN
cblr-11898	645	57	who	who	PRON
cblr-11898	645	58	would	would	AUX
cblr-11898	645	59	qualify	qualify	VERB
cblr-11898	645	60	based	base	VERB
cblr-11898	645	61	on	on	ADP
cblr-11898	645	62	professional	professional	ADJ
cblr-11898	645	63	credentials	credential	NOUN
cblr-11898	645	64	,	,	PUNCT
cblr-11898	645	65	as	as	SCONJ
cblr-11898	645	66	opposed	oppose	VERB
cblr-11898	645	67	to	to	ADP
cblr-11898	645	68	net	net	ADJ
cblr-11898	645	69	worth	worth	NOUN
cblr-11898	645	70	.	.	PUNCT
cblr-11898	646	1	while	while	SCONJ
cblr-11898	646	2	many	many	ADJ
cblr-11898	646	3	of	of	ADP
cblr-11898	646	4	these	these	DET
cblr-11898	646	5	individuals	individual	NOUN
cblr-11898	646	6	would	would	AUX
cblr-11898	646	7	have	have	AUX
cblr-11898	646	8	qualified	qualify	VERB
cblr-11898	646	9	already	already	ADV
cblr-11898	646	10	,	,	PUNCT
cblr-11898	646	11	it	it	PRON
cblr-11898	646	12	still	still	ADV
cblr-11898	646	13	represents	represent	VERB
cblr-11898	646	14	a	a	DET
cblr-11898	646	15	willingness	willingness	NOUN
cblr-11898	646	16	to	to	PART
cblr-11898	646	17	continue	continue	VERB
cblr-11898	646	18	the	the	DET
cblr-11898	646	19	self	self	NOUN
cblr-11898	646	20	-	-	PUNCT
cblr-11898	646	21	defeating	defeat	VERB
cblr-11898	646	22	arc	arc	NOUN
cblr-11898	646	23	of	of	ADP
cblr-11898	646	24	regulation	regulation	NOUN
cblr-11898	646	25	.	.	PUNCT
cblr-11898	647	1	the	the	DET
cblr-11898	647	2	sec	sec	PROPN
cblr-11898	647	3	is	be	AUX
cblr-11898	647	4	required	require	VERB
cblr-11898	647	5	to	to	PART
cblr-11898	647	6	review	review	VERB
cblr-11898	647	7	the	the	DET
cblr-11898	647	8	definition	definition	NOUN
cblr-11898	647	9	every	every	DET
cblr-11898	647	10	four	four	NUM
cblr-11898	647	11	years	year	NOUN
cblr-11898	647	12	under	under	ADP
cblr-11898	647	13	section	section	NOUN
cblr-11898	647	14	413(b)(2)(a	413(b)(2)(a	PROPN
cblr-11898	647	15	)	)	PUNCT
cblr-11898	647	16	of	of	ADP
cblr-11898	647	17	dodd	dodd	PROPN
cblr-11898	647	18	-	-	PUNCT
cblr-11898	647	19	frank	frank	PROPN
cblr-11898	647	20	and	and	CCONJ
cblr-11898	647	21	the	the	DET
cblr-11898	647	22	next	next	ADJ
cblr-11898	647	23	review	review	NOUN
cblr-11898	647	24	is	be	AUX
cblr-11898	647	25	set	set	VERB
cblr-11898	647	26	to	to	PART
cblr-11898	647	27	occur	occur	VERB
cblr-11898	647	28	in	in	ADP
cblr-11898	647	29	2023.126	2023.126	NUM
cblr-11898	647	30	finally	finally	ADV
cblr-11898	647	31	,	,	PUNCT
cblr-11898	647	32	the	the	DET
cblr-11898	647	33	sec	sec	PROPN
cblr-11898	647	34	should	should	AUX
cblr-11898	647	35	consider	consider	VERB
cblr-11898	647	36	narrowing	narrow	VERB
cblr-11898	647	37	the	the	DET
cblr-11898	647	38	definition	definition	NOUN
cblr-11898	647	39	of	of	ADP
cblr-11898	647	40	employee	employee	NOUN
cblr-11898	647	41	compensation	compensation	NOUN
cblr-11898	647	42	plan	plan	NOUN
cblr-11898	647	43	to	to	PART
cblr-11898	647	44	reflect	reflect	VERB
cblr-11898	647	45	only	only	ADV
cblr-11898	647	46	equity	equity	NOUN
cblr-11898	647	47	grants	grant	NOUN
cblr-11898	647	48	,	,	PUNCT
cblr-11898	647	49	rather	rather	ADV
cblr-11898	647	50	than	than	ADP
cblr-11898	647	51	stock	stock	NOUN
cblr-11898	647	52	options	option	NOUN
cblr-11898	647	53	.	.	PUNCT
cblr-11898	648	1	equity	equity	NOUN
cblr-11898	648	2	grants	grant	NOUN
cblr-11898	648	3	are	be	AUX
cblr-11898	648	4	truly	truly	ADV
cblr-11898	648	5	compensation	compensation	NOUN
cblr-11898	648	6	in	in	ADP
cblr-11898	648	7	that	that	DET
cblr-11898	648	8	moment	moment	NOUN
cblr-11898	648	9	as	as	ADP
cblr-11898	648	10	outright	outright	ADJ
cblr-11898	648	11	income	income	NOUN
cblr-11898	648	12	.	.	PUNCT
cblr-11898	649	1	stock	stock	NOUN
cblr-11898	649	2	options	option	NOUN
cblr-11898	649	3	,	,	PUNCT
cblr-11898	649	4	on	on	ADP
cblr-11898	649	5	the	the	DET
cblr-11898	649	6	other	other	ADJ
cblr-11898	649	7	hand	hand	NOUN
cblr-11898	649	8	,	,	PUNCT
cblr-11898	649	9	are	be	AUX
cblr-11898	649	10	instead	instead	ADV
cblr-11898	649	11	the	the	DET
cblr-11898	649	12	ability	ability	NOUN
cblr-11898	649	13	to	to	PART
cblr-11898	649	14	make	make	VERB
cblr-11898	649	15	an	an	DET
cblr-11898	649	16	investment	investment	NOUN
cblr-11898	649	17	decision	decision	NOUN
cblr-11898	649	18	.	.	PUNCT
cblr-11898	650	1	the	the	DET
cblr-11898	650	2	decision	decision	NOUN
cblr-11898	650	3	to	to	PART
cblr-11898	650	4	exercise	exercise	VERB
cblr-11898	650	5	or	or	CCONJ
cblr-11898	650	6	not	not	PART
cblr-11898	650	7	,	,	PUNCT
cblr-11898	650	8	however	however	ADV
cblr-11898	650	9	,	,	PUNCT
cblr-11898	650	10	ultimately	ultimately	ADV
cblr-11898	650	11	remains	remain	VERB
cblr-11898	650	12	with	with	ADP
cblr-11898	650	13	the	the	DET
cblr-11898	650	14	employee	employee	NOUN
cblr-11898	650	15	.	.	PUNCT
cblr-11898	651	1	by	by	ADP
cblr-11898	651	2	narrowing	narrow	VERB
cblr-11898	651	3	the	the	DET
cblr-11898	651	4	definition	definition	NOUN
cblr-11898	651	5	,	,	PUNCT
cblr-11898	651	6	the	the	DET
cblr-11898	651	7	rule	rule	NOUN
cblr-11898	651	8	would	would	AUX
cblr-11898	651	9	be	be	AUX
cblr-11898	651	10	more	more	ADV
cblr-11898	651	11	reflective	reflective	ADJ
cblr-11898	651	12	of	of	ADP
cblr-11898	651	13	the	the	DET
cblr-11898	651	14	term	term	NOUN
cblr-11898	651	15	“	"	PUNCT
cblr-11898	651	16	compensation	compensation	NOUN
cblr-11898	651	17	”	"	PUNCT
cblr-11898	651	18	and	and	CCONJ
cblr-11898	651	19	allow	allow	VERB
cblr-11898	651	20	for	for	SCONJ
cblr-11898	651	21	these	these	DET
cblr-11898	651	22	employees	employee	NOUN
cblr-11898	651	23	to	to	PART
cblr-11898	651	24	be	be	AUX
cblr-11898	651	25	viewed	view	VERB
cblr-11898	651	26	as	as	ADP
cblr-11898	651	27	what	what	PRON
cblr-11898	651	28	they	they	PRON
cblr-11898	651	29	truly	truly	ADV
cblr-11898	651	30	are	be	AUX
cblr-11898	651	31	:	:	PUNCT
cblr-11898	651	32	minority	minority	NOUN
cblr-11898	651	33	shareholders	shareholder	NOUN
cblr-11898	651	34	.	.	PUNCT
cblr-11898	652	1	123	123	NUM
cblr-11898	652	2	u.s	u.s	PROPN
cblr-11898	652	3	.	.	PROPN
cblr-11898	652	4	sec	sec	PROPN
cblr-11898	652	5	.	.	PROPN
cblr-11898	652	6	&	&	CCONJ
cblr-11898	652	7	exch	exch	PROPN
cblr-11898	652	8	.	.	PUNCT
cblr-11898	653	1	comm’n	comm’n	PROPN
cblr-11898	653	2	,	,	PUNCT
cblr-11898	653	3	report	report	VERB
cblr-11898	653	4	on	on	ADP
cblr-11898	653	5	authority	authority	NOUN
cblr-11898	653	6	to	to	PART
cblr-11898	653	7	enforce	enforce	VERB
cblr-11898	653	8	exchange	exchange	PROPN
cblr-11898	653	9	act	act	NOUN
cblr-11898	653	10	rule	rule	VERB
cblr-11898	653	11	12g5	12g5	NUM
cblr-11898	653	12	-	-	SYM
cblr-11898	653	13	1	1	NUM
cblr-11898	653	14	and	and	CCONJ
cblr-11898	653	15	subsection	subsection	NOUN
cblr-11898	653	16	(	(	PUNCT
cblr-11898	653	17	b)(3	b)(3	NOUN
cblr-11898	653	18	)	)	PUNCT
cblr-11898	653	19	21–22	21–22	NUM
cblr-11898	653	20	.	.	PUNCT
cblr-11898	654	1	124	124	NUM
cblr-11898	654	2	u.s	u.s	PROPN
cblr-11898	654	3	.	.	PROPN
cblr-11898	654	4	sec	sec	PROPN
cblr-11898	654	5	.	.	PROPN
cblr-11898	654	6	&	&	CCONJ
cblr-11898	654	7	exch	exch	PROPN
cblr-11898	654	8	.	.	PUNCT
cblr-11898	655	1	comm’n	comm’n	PROPN
cblr-11898	655	2	,	,	PUNCT
cblr-11898	655	3	report	report	VERB
cblr-11898	655	4	on	on	ADP
cblr-11898	655	5	the	the	DET
cblr-11898	655	6	review	review	NOUN
cblr-11898	655	7	of	of	ADP
cblr-11898	655	8	the	the	DET
cblr-11898	655	9	definition	definition	NOUN
cblr-11898	655	10	of	of	ADP
cblr-11898	655	11	“	"	PUNCT
cblr-11898	655	12	accredited	accredited	ADJ
cblr-11898	655	13	investor	investor	NOUN
cblr-11898	655	14	”	"	PUNCT
cblr-11898	655	15	18–19	18–19	NUM
cblr-11898	655	16	(	(	PUNCT
cblr-11898	655	17	2015	2015	NUM
cblr-11898	655	18	)	)	PUNCT
cblr-11898	655	19	https://www.sec.gov/files/review-definition-of-accredited-investor-12-182015.pdf	https://www.sec.gov/files/review-definition-of-accredited-investor-12-182015.pdf	PROPN
cblr-11898	656	1	[	[	X
cblr-11898	656	2	https://perma.cc/4ml2-283n	https://perma.cc/4ml2-283n	X
cblr-11898	656	3	]	]	X
cblr-11898	656	4	[	[	X
cblr-11898	656	5	hereinafter	hereinafter	NOUN
cblr-11898	656	6	sec	sec	PROPN
cblr-11898	656	7	report	report	NOUN
cblr-11898	656	8	]	]	PUNCT
cblr-11898	656	9	.	.	PUNCT
cblr-11898	657	1	125	125	NUM
cblr-11898	657	2	see	see	VERB
cblr-11898	657	3	also	also	ADV
cblr-11898	657	4	,	,	PUNCT
cblr-11898	657	5	i	i	PRON
cblr-11898	657	6	d.	d.	PROPN
cblr-11898	657	7	at	at	ADP
cblr-11898	657	8	48	48	NUM
cblr-11898	657	9	(	(	PUNCT
cblr-11898	657	10	in	in	ADP
cblr-11898	657	11	the	the	DET
cblr-11898	657	12	report	report	NOUN
cblr-11898	657	13	,	,	PUNCT
cblr-11898	657	14	the	the	DET
cblr-11898	657	15	commission	commission	NOUN
cblr-11898	657	16	acknowledged	acknowledge	VERB
cblr-11898	657	17	that	that	SCONJ
cblr-11898	657	18	even	even	ADV
cblr-11898	657	19	if	if	SCONJ
cblr-11898	657	20	the	the	DET
cblr-11898	657	21	1983	1983	NUM
cblr-11898	657	22	thresholds	threshold	NOUN
cblr-11898	657	23	were	be	AUX
cblr-11898	657	24	left	leave	VERB
cblr-11898	657	25	in	in	ADP
cblr-11898	657	26	place	place	NOUN
cblr-11898	657	27	,	,	PUNCT
cblr-11898	657	28	but	but	CCONJ
cblr-11898	657	29	adjusted	adjust	VERB
cblr-11898	657	30	for	for	ADP
cblr-11898	657	31	inflation	inflation	NOUN
cblr-11898	657	32	,	,	PUNCT
cblr-11898	657	33	the	the	DET
cblr-11898	657	34	number	number	NOUN
cblr-11898	657	35	of	of	ADP
cblr-11898	657	36	households	household	NOUN
cblr-11898	657	37	encompassed	encompass	VERB
cblr-11898	657	38	by	by	ADP
cblr-11898	657	39	the	the	DET
cblr-11898	657	40	status	status	NOUN
cblr-11898	657	41	would	would	AUX
cblr-11898	657	42	still	still	ADV
cblr-11898	657	43	have	have	AUX
cblr-11898	657	44	tripled	triple	VERB
cblr-11898	657	45	as	as	ADP
cblr-11898	657	46	of	of	ADP
cblr-11898	657	47	2015	2015	NUM
cblr-11898	657	48	)	)	PUNCT
cblr-11898	657	49	;	;	PUNCT
cblr-11898	657	50	paul	paul	PROPN
cblr-11898	657	51	kiernan	kiernan	PROPN
cblr-11898	657	52	,	,	PUNCT
cblr-11898	657	53	sec	sec	PROPN
cblr-11898	657	54	gives	give	VERB
cblr-11898	657	55	more	more	ADJ
cblr-11898	657	56	investors	investor	NOUN
cblr-11898	657	57	access	access	NOUN
cblr-11898	657	58	to	to	ADP
cblr-11898	657	59	private	private	ADJ
cblr-11898	657	60	equity	equity	NOUN
cblr-11898	657	61	,	,	PUNCT
cblr-11898	657	62	hedge	hedge	NOUN
cblr-11898	657	63	funds	fund	NOUN
cblr-11898	657	64	,	,	PUNCT
cblr-11898	657	65	wall	wall	PROPN
cblr-11898	657	66	st	st	PROPN
cblr-11898	657	67	.	.	PROPN
cblr-11898	657	68	j.	j.	PROPN
cblr-11898	657	69	(	(	PUNCT
cblr-11898	657	70	aug	aug	PROPN
cblr-11898	657	71	.	.	PROPN
cblr-11898	657	72	26	26	NUM
cblr-11898	657	73	,	,	PUNCT
cblr-11898	657	74	2020	2020	NUM
cblr-11898	657	75	)	)	PUNCT
cblr-11898	657	76	,	,	PUNCT
cblr-11898	657	77	https://www.wsj.com/articles/secgives-more-investors-access-to-private-equity-hedge-funds-11598452858	https://www.wsj.com/articles/secgives-more-investors-access-to-private-equity-hedge-funds-11598452858	NOUN
cblr-11898	657	78	.	.	PUNCT
cblr-11898	658	1	126	126	NUM
cblr-11898	658	2	see	see	VERB
cblr-11898	658	3	sec	sec	PROPN
cblr-11898	658	4	report	report	NOUN
cblr-11898	658	5	,	,	PUNCT
cblr-11898	658	6	supra	supra	PROPN
cblr-11898	658	7	note	note	NOUN
cblr-11898	658	8	124	124	NUM
cblr-11898	658	9	.	.	PUNCT
cblr-11898	659	1	no	no	INTJ
cblr-11898	659	2	.	.	NOUN
cblr-11898	659	3	1	1	NUM
cblr-11898	659	4	]	]	X
cblr-11898	659	5	mythical	mythical	ADJ
cblr-11898	659	6	unicorns	unicorn	NOUN
cblr-11898	659	7	and	and	CCONJ
cblr-11898	659	8	how	how	SCONJ
cblr-11898	659	9	to	to	PART
cblr-11898	659	10	find	find	VERB
cblr-11898	659	11	them	they	PRON
cblr-11898	659	12	111	111	NUM
cblr-11898	659	13	vi	vi	NOUN
cblr-11898	659	14	.	.	NOUN
cblr-11898	659	15	conclusion	conclusion	NOUN
cblr-11898	659	16	while	while	SCONJ
cblr-11898	659	17	our	our	PRON
cblr-11898	659	18	securities	security	NOUN
cblr-11898	659	19	laws	law	NOUN
cblr-11898	659	20	were	be	AUX
cblr-11898	659	21	implemented	implement	VERB
cblr-11898	659	22	to	to	PART
cblr-11898	659	23	ensure	ensure	VERB
cblr-11898	659	24	both	both	DET
cblr-11898	659	25	smooth	smooth	ADJ
cblr-11898	659	26	capital	capital	NOUN
cblr-11898	659	27	formation	formation	NOUN
cblr-11898	659	28	and	and	CCONJ
cblr-11898	659	29	sufficient	sufficient	ADJ
cblr-11898	659	30	investor	investor	NOUN
cblr-11898	659	31	protection	protection	NOUN
cblr-11898	659	32	,	,	PUNCT
cblr-11898	659	33	there	there	PRON
cblr-11898	659	34	must	must	AUX
cblr-11898	659	35	be	be	AUX
cblr-11898	659	36	a	a	DET
cblr-11898	659	37	balance	balance	NOUN
cblr-11898	659	38	sought	seek	VERB
cblr-11898	659	39	between	between	ADP
cblr-11898	659	40	them	they	PRON
cblr-11898	659	41	.	.	PUNCT
cblr-11898	660	1	if	if	SCONJ
cblr-11898	660	2	one	one	PRON
cblr-11898	660	3	is	be	AUX
cblr-11898	660	4	continually	continually	ADV
cblr-11898	660	5	favored	favor	VERB
cblr-11898	660	6	,	,	PUNCT
cblr-11898	660	7	with	with	SCONJ
cblr-11898	660	8	the	the	DET
cblr-11898	660	9	other	other	ADJ
cblr-11898	660	10	neglected	neglect	VERB
cblr-11898	660	11	,	,	PUNCT
cblr-11898	660	12	the	the	DET
cblr-11898	660	13	underlying	underlying	ADJ
cblr-11898	660	14	reasoning	reasoning	NOUN
cblr-11898	660	15	is	be	AUX
cblr-11898	660	16	defeated	defeat	VERB
cblr-11898	660	17	.	.	PUNCT
cblr-11898	661	1	with	with	ADP
cblr-11898	661	2	the	the	DET
cblr-11898	661	3	passage	passage	NOUN
cblr-11898	661	4	of	of	ADP
cblr-11898	661	5	the	the	DET
cblr-11898	661	6	jobs	job	NOUN
cblr-11898	661	7	act	act	PROPN
cblr-11898	661	8	,	,	PUNCT
cblr-11898	661	9	capital	capital	NOUN
cblr-11898	661	10	formation	formation	NOUN
cblr-11898	661	11	has	have	AUX
cblr-11898	661	12	never	never	ADV
cblr-11898	661	13	been	be	AUX
cblr-11898	661	14	easier	easy	ADJ
cblr-11898	661	15	.	.	PUNCT
cblr-11898	662	1	by	by	ADP
cblr-11898	662	2	any	any	DET
cblr-11898	662	3	metric	metric	NOUN
cblr-11898	662	4	,	,	PUNCT
cblr-11898	662	5	be	be	AUX
cblr-11898	662	6	it	it	PRON
cblr-11898	662	7	size	size	NOUN
cblr-11898	662	8	,	,	PUNCT
cblr-11898	662	9	frequency	frequency	NOUN
cblr-11898	662	10	of	of	ADP
cblr-11898	662	11	deal	deal	NOUN
cblr-11898	662	12	,	,	PUNCT
cblr-11898	662	13	or	or	CCONJ
cblr-11898	662	14	percentage	percentage	NOUN
cblr-11898	662	15	of	of	ADP
cblr-11898	662	16	the	the	DET
cblr-11898	662	17	market	market	NOUN
cblr-11898	662	18	,	,	PUNCT
cblr-11898	662	19	exempt	exempt	ADJ
cblr-11898	662	20	offerings	offering	NOUN
cblr-11898	662	21	have	have	AUX
cblr-11898	662	22	come	come	VERB
cblr-11898	662	23	to	to	PART
cblr-11898	662	24	play	play	VERB
cblr-11898	662	25	the	the	DET
cblr-11898	662	26	leading	lead	VERB
cblr-11898	662	27	role	role	NOUN
cblr-11898	662	28	in	in	ADP
cblr-11898	662	29	this	this	DET
cblr-11898	662	30	arena	arena	NOUN
cblr-11898	662	31	.	.	PUNCT
cblr-11898	663	1	because	because	SCONJ
cblr-11898	663	2	of	of	ADP
cblr-11898	663	3	these	these	DET
cblr-11898	663	4	exempt	exempt	ADJ
cblr-11898	663	5	offerings	offering	NOUN
cblr-11898	663	6	,	,	PUNCT
cblr-11898	663	7	in	in	ADP
cblr-11898	663	8	our	our	PRON
cblr-11898	663	9	view	view	NOUN
cblr-11898	663	10	,	,	PUNCT
cblr-11898	663	11	the	the	DET
cblr-11898	663	12	section	section	NOUN
cblr-11898	663	13	12(g	12(g	NUM
cblr-11898	663	14	)	)	PUNCT
cblr-11898	663	15	loophole	loophole	NOUN
cblr-11898	663	16	is	be	AUX
cblr-11898	663	17	squarely	squarely	ADV
cblr-11898	663	18	situated	situate	VERB
cblr-11898	663	19	at	at	ADP
cblr-11898	663	20	the	the	DET
cblr-11898	663	21	point	point	NOUN
cblr-11898	663	22	at	at	ADP
cblr-11898	663	23	which	which	PRON
cblr-11898	663	24	capital	capital	NOUN
cblr-11898	663	25	formation	formation	NOUN
cblr-11898	663	26	and	and	CCONJ
cblr-11898	663	27	investor	investor	NOUN
cblr-11898	663	28	protection	protection	NOUN
cblr-11898	663	29	clash	clash	VERB
cblr-11898	663	30	.	.	PUNCT
cblr-11898	664	1	its	its	PRON
cblr-11898	664	2	thresholds	threshold	NOUN
cblr-11898	664	3	allow	allow	VERB
cblr-11898	664	4	companies	company	NOUN
cblr-11898	664	5	to	to	PART
cblr-11898	664	6	raise	raise	VERB
cblr-11898	664	7	capital	capital	NOUN
cblr-11898	664	8	from	from	ADP
cblr-11898	664	9	numerous	numerous	ADJ
cblr-11898	664	10	investors	investor	NOUN
cblr-11898	664	11	while	while	SCONJ
cblr-11898	664	12	avoiding	avoid	VERB
cblr-11898	664	13	public	public	ADJ
cblr-11898	664	14	disclosure	disclosure	NOUN
cblr-11898	664	15	requirements	requirement	NOUN
cblr-11898	664	16	.	.	PUNCT
cblr-11898	665	1	they	they	PRON
cblr-11898	665	2	are	be	AUX
cblr-11898	665	3	allowed	allow	VERB
cblr-11898	665	4	to	to	PART
cblr-11898	665	5	see	see	VERB
cblr-11898	665	6	tremendous	tremendous	ADJ
cblr-11898	665	7	growth	growth	NOUN
cblr-11898	665	8	at	at	ADP
cblr-11898	665	9	the	the	DET
cblr-11898	665	10	expense	expense	NOUN
cblr-11898	665	11	of	of	ADP
cblr-11898	665	12	good	good	ADJ
cblr-11898	665	13	governance	governance	NOUN
cblr-11898	665	14	,	,	PUNCT
cblr-11898	665	15	prudent	prudent	ADJ
cblr-11898	665	16	disclosure	disclosure	NOUN
cblr-11898	665	17	,	,	PUNCT
cblr-11898	665	18	and	and	CCONJ
cblr-11898	665	19	investor	investor	NOUN
cblr-11898	665	20	protection	protection	NOUN
cblr-11898	665	21	.	.	PUNCT
cblr-11898	666	1	by	by	ADP
cblr-11898	666	2	addressing	address	VERB
cblr-11898	666	3	the	the	DET
cblr-11898	666	4	threshold	threshold	NOUN
cblr-11898	666	5	requirements	requirement	NOUN
cblr-11898	666	6	under	under	ADP
cblr-11898	666	7	section	section	NOUN
cblr-11898	666	8	12(g	12(g	NUM
cblr-11898	666	9	)	)	PUNCT
cblr-11898	666	10	,	,	PUNCT
cblr-11898	666	11	we	we	PRON
cblr-11898	666	12	believe	believe	VERB
cblr-11898	666	13	we	we	PRON
cblr-11898	666	14	can	can	AUX
cblr-11898	666	15	rebalance	rebalance	VERB
cblr-11898	666	16	the	the	DET
cblr-11898	666	17	equilibrium	equilibrium	NOUN
cblr-11898	666	18	,	,	PUNCT
cblr-11898	666	19	provide	provide	VERB
cblr-11898	666	20	the	the	DET
cblr-11898	666	21	necessary	necessary	ADJ
cblr-11898	666	22	protection	protection	NOUN
cblr-11898	666	23	to	to	ADP
cblr-11898	666	24	investors	investor	NOUN
cblr-11898	666	25	,	,	PUNCT
cblr-11898	666	26	and	and	CCONJ
cblr-11898	666	27	continue	continue	VERB
cblr-11898	666	28	to	to	PART
cblr-11898	666	29	liberate	liberate	VERB
cblr-11898	666	30	the	the	DET
cblr-11898	666	31	markets	market	NOUN
cblr-11898	666	32	to	to	PART
cblr-11898	666	33	allow	allow	VERB
cblr-11898	666	34	for	for	ADP
cblr-11898	666	35	a	a	DET
cblr-11898	666	36	greater	great	ADJ
cblr-11898	666	37	range	range	NOUN
cblr-11898	666	38	of	of	ADP
cblr-11898	666	39	participation	participation	NOUN
cblr-11898	666	40	from	from	ADP
cblr-11898	666	41	a	a	DET
cblr-11898	666	42	variety	variety	NOUN
cblr-11898	666	43	of	of	ADP
cblr-11898	666	44	sources	source	NOUN
cblr-11898	666	45	.	.	PUNCT
cblr-11898	667	1	with	with	ADP
cblr-11898	667	2	the	the	DET
cblr-11898	667	3	sec	sec	PROPN
cblr-11898	667	4	moving	move	VERB
cblr-11898	667	5	to	to	PART
cblr-11898	667	6	allow	allow	VERB
cblr-11898	667	7	retail	retail	ADJ
cblr-11898	667	8	investors	investor	NOUN
cblr-11898	667	9	to	to	PART
cblr-11898	667	10	play	play	VERB
cblr-11898	667	11	a	a	DET
cblr-11898	667	12	part	part	NOUN
cblr-11898	667	13	in	in	ADP
cblr-11898	667	14	these	these	DET
cblr-11898	667	15	offerings	offering	NOUN
cblr-11898	667	16	,	,	PUNCT
cblr-11898	667	17	both	both	PRON
cblr-11898	667	18	directly	directly	ADV
cblr-11898	667	19	and	and	CCONJ
cblr-11898	667	20	indirectly	indirectly	ADV
cblr-11898	667	21	,	,	PUNCT
cblr-11898	667	22	it	it	PRON
cblr-11898	667	23	is	be	AUX
cblr-11898	667	24	imperative	imperative	ADJ
cblr-11898	667	25	that	that	SCONJ
cblr-11898	667	26	we	we	PRON
cblr-11898	667	27	take	take	VERB
cblr-11898	667	28	the	the	DET
cblr-11898	667	29	steps	step	NOUN
cblr-11898	667	30	necessary	necessary	ADJ
cblr-11898	667	31	to	to	PART
cblr-11898	667	32	protect	protect	VERB
cblr-11898	667	33	their	their	PRON
cblr-11898	667	34	capital	capital	NOUN
cblr-11898	667	35	.	.	PUNCT
cblr-11898	668	1	regulators	regulator	NOUN
cblr-11898	668	2	have	have	VERB
cblr-11898	668	3	a	a	DET
cblr-11898	668	4	duty	duty	NOUN
cblr-11898	668	5	to	to	PART
cblr-11898	668	6	watch	watch	VERB
cblr-11898	668	7	on	on	ADP
cblr-11898	668	8	behalf	behalf	NOUN
cblr-11898	668	9	of	of	ADP
cblr-11898	668	10	all	all	DET
cblr-11898	668	11	investors	investor	NOUN
cblr-11898	668	12	,	,	PUNCT
cblr-11898	668	13	not	not	PART
cblr-11898	668	14	just	just	ADV
cblr-11898	668	15	those	those	PRON
cblr-11898	668	16	with	with	ADP
cblr-11898	668	17	the	the	DET
cblr-11898	668	18	loudest	loud	ADJ
cblr-11898	668	19	voices	voice	NOUN
cblr-11898	668	20	.	.	PUNCT
cblr-11898	669	1	the	the	DET
cblr-11898	669	2	paradigm	paradigm	NOUN
cblr-11898	669	3	of	of	ADP
cblr-11898	669	4	an	an	DET
cblr-11898	669	5	ordinary	ordinary	ADJ
cblr-11898	669	6	investor	investor	NOUN
cblr-11898	669	7	making	make	VERB
cblr-11898	669	8	a	a	DET
cblr-11898	669	9	reasonable	reasonable	ADJ
cblr-11898	669	10	investment	investment	NOUN
cblr-11898	669	11	decision	decision	NOUN
cblr-11898	669	12	only	only	ADV
cblr-11898	669	13	works	work	VERB
cblr-11898	669	14	if	if	SCONJ
cblr-11898	669	15	they	they	PRON
cblr-11898	669	16	have	have	VERB
cblr-11898	669	17	the	the	DET
cblr-11898	669	18	information	information	NOUN
cblr-11898	669	19	necessary	necessary	ADJ
cblr-11898	669	20	to	to	PART
cblr-11898	669	21	make	make	VERB
cblr-11898	669	22	it	it	PRON
cblr-11898	669	23	an	an	DET
cblr-11898	669	24	informed	informed	ADJ
cblr-11898	669	25	one	one	NUM
cblr-11898	669	26	.	.	PUNCT
cblr-11898	670	1	it	it	PRON
cblr-11898	670	2	is	be	AUX
cblr-11898	670	3	our	our	PRON
cblr-11898	670	4	obligation	obligation	NOUN
cblr-11898	670	5	to	to	PART
cblr-11898	670	6	ensure	ensure	VERB
cblr-11898	670	7	that	that	SCONJ
cblr-11898	670	8	they	they	PRON
cblr-11898	670	9	do	do	VERB
cblr-11898	670	10	and	and	CCONJ
cblr-11898	670	11	bringing	bring	VERB
cblr-11898	670	12	about	about	ADP
cblr-11898	670	13	change	change	NOUN
cblr-11898	670	14	to	to	ADP
cblr-11898	670	15	section	section	NOUN
cblr-11898	670	16	12(g	12(g	NUM
cblr-11898	670	17	)	)	PUNCT
cblr-11898	670	18	is	be	AUX
cblr-11898	670	19	an	an	DET
cblr-11898	670	20	important	important	ADJ
cblr-11898	670	21	step	step	NOUN
cblr-11898	670	22	to	to	ADP
cblr-11898	670	23	making	make	VERB
cblr-11898	670	24	this	this	PRON
cblr-11898	670	25	a	a	DET
cblr-11898	670	26	reality	reality	NOUN
cblr-11898	670	27	.	.	PUNCT
cblr-11898	671	1	112	112	NUM
cblr-11898	671	2	columbia	columbia	PROPN
cblr-11898	671	3	business	business	NOUN
cblr-11898	671	4	law	law	PROPN
cblr-11898	671	5	review	review	NOUN
cblr-11898	671	6	[	[	X
cblr-11898	671	7	vol	vol	NOUN
cblr-11898	671	8	.	.	PUNCT
cblr-11898	671	9	2023	2023	NUM
cblr-11898	671	10	appendix	appendix	NOUN
cblr-11898	671	11	i	i	PRON
cblr-11898	671	12	the	the	DET
cblr-11898	671	13	table	table	NOUN
cblr-11898	671	14	below	below	ADV
cblr-11898	671	15	represents	represent	VERB
cblr-11898	671	16	the	the	DET
cblr-11898	671	17	raw	raw	ADJ
cblr-11898	671	18	data	data	NOUN
cblr-11898	671	19	points	point	NOUN
cblr-11898	671	20	presented	present	VERB
cblr-11898	671	21	visually	visually	ADV
cblr-11898	671	22	above	above	ADV
cblr-11898	671	23	.	.	PUNCT
cblr-11898	672	1	any	any	DET
cblr-11898	672	2	red	red	ADJ
cblr-11898	672	3	highlighted	highlight	VERB
cblr-11898	672	4	box	box	PROPN
cblr-11898	672	5	denotes	denote	VERB
cblr-11898	672	6	a	a	DET
cblr-11898	672	7	company	company	NOUN
cblr-11898	672	8	which	which	PRON
cblr-11898	672	9	went	go	VERB
cblr-11898	672	10	public	public	ADJ
cblr-11898	672	11	in	in	ADP
cblr-11898	672	12	violation	violation	NOUN
cblr-11898	672	13	of	of	ADP
cblr-11898	672	14	the	the	DET
cblr-11898	672	15	section	section	NOUN
cblr-11898	672	16	12(g	12(g	NUM
cblr-11898	672	17	)	)	PUNCT
cblr-11898	672	18	thresholds	threshold	NOUN
cblr-11898	672	19	at	at	ADP
cblr-11898	672	20	the	the	DET
cblr-11898	672	21	time	time	NOUN
cblr-11898	672	22	of	of	ADP
cblr-11898	672	23	its	its	PRON
cblr-11898	672	24	s-1	s-1	NOUN
cblr-11898	672	25	filing	filing	NOUN
cblr-11898	672	26	.	.	PUNCT
cblr-11898	673	1	any	any	DET
cblr-11898	673	2	orange	orange	PROPN
cblr-11898	673	3	highlighted	highlight	VERB
cblr-11898	673	4	box	box	PROPN
cblr-11898	673	5	denotes	denote	VERB
cblr-11898	673	6	a	a	DET
cblr-11898	673	7	company	company	NOUN
cblr-11898	673	8	which	which	PRON
cblr-11898	673	9	has	have	AUX
cblr-11898	673	10	gone	go	VERB
cblr-11898	673	11	public	public	ADJ
cblr-11898	673	12	since	since	SCONJ
cblr-11898	673	13	the	the	DET
cblr-11898	673	14	passage	passage	NOUN
cblr-11898	673	15	of	of	ADP
cblr-11898	673	16	the	the	DET
cblr-11898	673	17	jobs	job	NOUN
cblr-11898	673	18	act	act	VERB
cblr-11898	673	19	and	and	CCONJ
cblr-11898	673	20	would	would	AUX
cblr-11898	673	21	be	be	AUX
cblr-11898	673	22	in	in	ADP
cblr-11898	673	23	violation	violation	NOUN
cblr-11898	673	24	of	of	ADP
cblr-11898	673	25	the	the	DET
cblr-11898	673	26	previous	previous	ADJ
cblr-11898	673	27	500	500	NUM
cblr-11898	673	28	shareholder	shareholder	NOUN
cblr-11898	673	29	of	of	ADP
cblr-11898	673	30	record	record	NOUN
cblr-11898	673	31	limit	limit	NOUN
cblr-11898	673	32	.	.	PUNCT
cblr-11898	674	1	year	year	NOUN
cblr-11898	674	2	company	company	NOUN
cblr-11898	674	3	shareholders	shareholder	NOUN
cblr-11898	674	4	of	of	ADP
cblr-11898	674	5	record	record	NOUN
cblr-11898	674	6	may11	may11	NOUN
cblr-11898	674	7	linkedin	linkedin	VERB
cblr-11898	674	8	571	571	NUM
cblr-11898	674	9	nov11	nov11	ADJ
cblr-11898	674	10	groupon	groupon	NOUN
cblr-11898	674	11	341	341	NUM
cblr-11898	674	12	dec-11	dec-11	ADJ
cblr-11898	674	13	zynga	zynga	NOUN
cblr-11898	674	14	200	200	NUM
cblr-11898	674	15	apr-12	apr-12	NOUN
cblr-11898	674	16	okta	okta	NOUN
cblr-11898	674	17	355	355	NUM
cblr-11898	674	18	may12	may12	PROPN
cblr-11898	674	19	facebook	facebook	PROPN
cblr-11898	674	20	1070	1070	NUM
cblr-11898	674	21	oct-12	oct-12	NOUN
cblr-11898	674	22	workday	workday	NOUN
cblr-11898	674	23	630	630	NUM
cblr-11898	674	24	nov13	nov13	PROPN
cblr-11898	674	25	twitter	twitter	NOUN
cblr-11898	674	26	755	755	NUM
cblr-11898	674	27	mar-14	mar-14	NOUN
cblr-11898	674	28	quotient	quotient	NOUN
cblr-11898	674	29	technology	technology	NOUN
cblr-11898	674	30	321	321	NUM
cblr-11898	674	31	jun-14	jun-14	ADV
cblr-11898	674	32	gopro	gopro	ADJ
cblr-11898	674	33	255	255	NUM
cblr-11898	674	34	oct-14	oct-14	NUM
cblr-11898	674	35	wayfair	wayfair	NOUN
cblr-11898	674	36	116	116	NUM
cblr-11898	674	37	dec-14	dec-14	NOUN
cblr-11898	674	38	lending	lending	NOUN
cblr-11898	674	39	club	club	NOUN
cblr-11898	674	40	275	275	NUM
cblr-11898	674	41	dec-14	dec-14	CCONJ
cblr-11898	674	42	new	new	ADJ
cblr-11898	674	43	relic	relic	NOUN
cblr-11898	674	44	145	145	NUM
cblr-11898	674	45	jan-15	jan-15	PROPN
cblr-11898	674	46	box	box	PROPN
cblr-11898	674	47	810	810	NUM
cblr-11898	674	48	mar-15	mar-15	ADP
cblr-11898	674	49	mulesoft	mulesoft	VERB
cblr-11898	674	50	367	367	NUM
cblr-11898	674	51	aug15	aug15	PROPN
cblr-11898	674	52	sunrun	sunrun	ADJ
cblr-11898	674	53	252	252	NUM
cblr-11898	674	54	sep-15	sep-15	NUM
cblr-11898	674	55	cloudflare	cloudflare	NOUN
cblr-11898	674	56	313	313	NUM
cblr-11898	674	57	oct-15	oct-15	NUM
cblr-11898	674	58	pure	pure	ADJ
cblr-11898	674	59	storage	storage	NOUN
cblr-11898	674	60	402	402	NUM
cblr-11898	674	61	nov15	nov15	PRON
cblr-11898	674	62	square	square	VERB
cblr-11898	674	63	665	665	NUM
cblr-11898	674	64	jun-16	jun-16	X
cblr-11898	674	65	nanthealth	nanthealth	NOUN
cblr-11898	674	66	426	426	NUM
cblr-11898	674	67	sep-16	sep-16	ADP
cblr-11898	674	68	nutanix	nutanix	NOUN
cblr-11898	674	69	591	591	NUM
cblr-11898	674	70	oct-16	oct-16	NOUN
cblr-11898	674	71	coupa	coupa	VERB
cblr-11898	674	72	257	257	NUM
cblr-11898	674	73	no	no	NOUN
cblr-11898	674	74	.	.	NOUN
cblr-11898	675	1	1	1	NUM
cblr-11898	675	2	]	]	X
cblr-11898	675	3	mythical	mythical	ADJ
cblr-11898	675	4	unicorns	unicorn	NOUN
cblr-11898	675	5	and	and	CCONJ
cblr-11898	675	6	how	how	SCONJ
cblr-11898	675	7	to	to	PART
cblr-11898	675	8	find	find	VERB
cblr-11898	675	9	them	they	PRON
cblr-11898	675	10	113	113	NUM
cblr-11898	675	11	mar-17	mar-17	PROPN
cblr-11898	675	12	snap	snap	PROPN
cblr-11898	675	13	inc	inc	PROPN
cblr-11898	675	14	305	305	NUM
cblr-11898	675	15	jun-17	jun-17	ADP
cblr-11898	675	16	blue	blue	ADJ
cblr-11898	675	17	apron	apron	NOUN
cblr-11898	675	18	133	133	NUM
cblr-11898	675	19	sep-17	sep-17	NOUN
cblr-11898	675	20	roku	roku	PROPN
cblr-11898	675	21	,	,	PUNCT
cblr-11898	675	22	inc	inc	PROPN
cblr-11898	675	23	.	.	PROPN
cblr-11898	675	24	198	198	NUM
cblr-11898	675	25	nov17	nov17	PROPN
cblr-11898	675	26	stitch	stitch	NOUN
cblr-11898	675	27	fix	fix	VERB
cblr-11898	675	28	247	247	NUM
cblr-11898	675	29	mar-18	mar-18	NOUN
cblr-11898	675	30	dropbox	dropbox	PROPN
cblr-11898	675	31	2658	2658	NUM
cblr-11898	675	32	apr-18	apr-18	NOUN
cblr-11898	675	33	pivotal	pivotal	ADJ
cblr-11898	675	34	931	931	NUM
cblr-11898	675	35	jul-18	jul-18	NOUN
cblr-11898	675	36	bloom	bloom	NOUN
cblr-11898	675	37	energy	energy	NOUN
cblr-11898	675	38	715	715	NUM
cblr-11898	675	39	dec-18	dec-18	NUM
cblr-11898	675	40	moderna	moderna	PROPN
cblr-11898	675	41	therapeutics	therapeutic	NOUN
cblr-11898	675	42	484	484	NUM
cblr-11898	675	43	mar-19	mar-19	NOUN
cblr-11898	675	44	lyft	lyft	VERB
cblr-11898	675	45	2301	2301	NUM
cblr-11898	675	46	apr-19	apr-19	X
cblr-11898	675	47	pinterest	pinterest	VERB
cblr-11898	675	48	505	505	NUM
cblr-11898	675	49	apr-19	apr-19	PRON
cblr-11898	675	50	slack	slack	NOUN
cblr-11898	675	51	technologies	technology	NOUN
cblr-11898	675	52	494	494	NUM
cblr-11898	675	53	may19	may19	ADJ
cblr-11898	675	54	uber	uber	NOUN
cblr-11898	675	55	2223	2223	NUM
cblr-11898	675	56	sep-19	sep-19	NOUN
cblr-11898	675	57	peloton	peloton	NOUN
cblr-11898	675	58	428	428	NUM
cblr-11898	675	59	jan-20	jan-20	ADP
cblr-11898	675	60	one	one	NUM
cblr-11898	675	61	medical	medical	ADJ
cblr-11898	675	62	308	308	NUM
cblr-11898	675	63	sep-20	sep-20	NOUN
cblr-11898	675	64	jfrog	jfrog	NOUN
cblr-11898	675	65	92	92	NUM
cblr-11898	675	66	sep-20	sep-20	NOUN
cblr-11898	675	67	palantir	palantir	NOUN
cblr-11898	675	68	2794	2794	NUM
cblr-11898	675	69	dec-20	dec-20	NOUN
cblr-11898	675	70	airbnb	airbnb	PROPN
cblr-11898	675	71	1457	1457	NUM
cblr-11898	675	72	dec-20	dec-20	NOUN
cblr-11898	675	73	doordash	doordash	NOUN
cblr-11898	675	74	537	537	NUM
cblr-11898	675	75	dec-20	dec-20	NOUN
cblr-11898	675	76	snowflake	snowflake	NOUN
cblr-11898	675	77	1026	1026	NUM
cblr-11898	675	78	mar-21	mar-21	PROPN
cblr-11898	675	79	oscar	oscar	PROPN
cblr-11898	675	80	health	health	NOUN
cblr-11898	675	81	461	461	NUM
cblr-11898	675	82	apr-21	apr-21	PROPN
cblr-11898	675	83	applovin	applovin	PROPN
cblr-11898	675	84	72	72	NUM
cblr-11898	675	85	apr-21	apr-21	PROPN
cblr-11898	675	86	coinbase	coinbase	VERB
cblr-11898	675	87	430	430	NUM
cblr-11898	675	88	apr-21	apr-21	PROPN
cblr-11898	675	89	compass	compass	VERB
cblr-11898	675	90	414	414	NUM
cblr-11898	675	91	apr-21	apr-21	PROPN
cblr-11898	675	92	twilio	twilio	PROPN
cblr-11898	675	93	329	329	NUM
cblr-11898	675	94	apr-21	apr-21	CCONJ
cblr-11898	675	95	uipath	uipath	PROPN
cblr-11898	675	96	3702	3702	NUM
cblr-11898	675	97	may21	may21	PROPN
cblr-11898	675	98	flywire	flywire	NOUN
cblr-11898	675	99	687	687	NUM
cblr-11898	675	100	may21	may21	NOUN
cblr-11898	675	101	squarespace	squarespace	NOUN
cblr-11898	675	102	1112	1112	NUM
cblr-11898	675	103	jun-21	jun-21	PROPN
cblr-11898	675	104	confluent	confluent	ADJ
cblr-11898	675	105	607	607	NUM
cblr-11898	675	106	jun-21	jun-21	NUM
cblr-11898	675	107	walkme	walkme	NOUN
cblr-11898	675	108	153	153	NUM
cblr-11898	675	109	jul-21	jul-21	PROPN
cblr-11898	675	110	duolingo	duolingo	NOUN
cblr-11898	675	111	442	442	NUM
cblr-11898	675	112	jul-21	jul-21	PROPN
cblr-11898	675	113	robinhood	robinhood	PROPN
cblr-11898	675	114	1650	1650	NUM
cblr-11898	675	115	114	114	NUM
cblr-11898	675	116	columbia	columbia	PROPN
cblr-11898	675	117	business	business	NOUN
cblr-11898	675	118	law	law	PROPN
cblr-11898	675	119	review	review	NOUN
cblr-11898	675	120	[	[	X
cblr-11898	675	121	vol	vol	NOUN
cblr-11898	675	122	.	.	PUNCT
cblr-11898	675	123	2023	2023	NUM
cblr-11898	676	1	sep-21	sep-21	PROPN
cblr-11898	676	2	amplitude	amplitude	NOUN
cblr-11898	676	3	334	334	NUM
cblr-11898	676	4	sep-21	sep-21	PROPN
cblr-11898	676	5	freshworks	freshwork	VERB
cblr-11898	676	6	1178	1178	NUM
cblr-11898	676	7	sep-21	sep-21	PROPN
cblr-11898	676	8	toast	toast	PROPN
cblr-11898	676	9	939	939	NUM
cblr-11898	676	10	oct-21	oct-21	PROPN
cblr-11898	676	11	avidxchange	avidxchange	PROPN
cblr-11898	676	12	503	503	NUM
cblr-11898	676	13	oct-21	oct-21	PROPN
cblr-11898	676	14	gitlab	gitlab	PROPN
cblr-11898	676	15	612	612	NUM
cblr-11898	676	16	oct-21	oct-21	NOUN
cblr-11898	676	17	rent	rent	VERB
cblr-11898	676	18	the	the	DET
cblr-11898	676	19	runway	runway	NOUN
cblr-11898	676	20	575	575	NUM
cblr-11898	676	21	oct-21	oct-21	PROPN
cblr-11898	676	22	udemy	udemy	PROPN
cblr-11898	676	23	471	471	NUM