id	sid	tid	token	lemma	pos
cblr-14239	1	1	7	7	X
cblr-14239	1	2	.	.	X
cblr-14239	1	3	becker	becker	PROPN
cblr-14239	1	4	with	with	ADP
cblr-14239	1	5	whom	whom	PRON
cblr-14239	1	6	is	be	AUX
cblr-14239	1	7	your	your	PRON
cblr-14239	1	8	issue	issue	NOUN
cblr-14239	1	9	?	?	PUNCT
cblr-14239	2	1	(	(	PUNCT
cblr-14239	2	2	print	print	NOUN
cblr-14239	2	3	)	)	PUNCT
cblr-14239	2	4	note	note	NOUN
cblr-14239	2	5	with	with	ADP
cblr-14239	2	6	whom	whom	PRON
cblr-14239	2	7	is	be	AUX
cblr-14239	2	8	your	your	PRON
cblr-14239	2	9	issue	issue	NOUN
cblr-14239	2	10	?	?	PUNCT
cblr-14239	2	11	:	:	PUNCT
cblr-14239	3	1	use	use	NOUN
cblr-14239	3	2	of	of	ADP
cblr-14239	3	3	investor	investor	NOUN
cblr-14239	3	4	sophistication	sophistication	NOUN
cblr-14239	3	5	in	in	ADP
cblr-14239	3	6	defining	define	VERB
cblr-14239	3	7	the	the	DET
cblr-14239	3	8	scope	scope	NOUN
cblr-14239	3	9	of	of	ADP
cblr-14239	3	10	seller	seller	NOUN
cblr-14239	3	11	liability	liability	NOUN
cblr-14239	3	12	under	under	ADP
cblr-14239	3	13	§	§	PROPN
cblr-14239	3	14	12(a)(2	12(a)(2	NUM
cblr-14239	3	15	)	)	PUNCT
cblr-14239	3	16	of	of	ADP
cblr-14239	3	17	the	the	DET
cblr-14239	3	18	securities	security	NOUN
cblr-14239	3	19	act	act	NOUN
cblr-14239	3	20	of	of	ADP
cblr-14239	3	21	1933	1933	NUM
cblr-14239	3	22	zachary	zachary	PROPN
cblr-14239	3	23	becker	becker	PROPN
cblr-14239	3	24	*	*	PUNCT
cblr-14239	3	25	the	the	DET
cblr-14239	3	26	rise	rise	NOUN
cblr-14239	3	27	of	of	ADP
cblr-14239	3	28	social	social	ADJ
cblr-14239	3	29	media	medium	NOUN
cblr-14239	3	30	in	in	ADP
cblr-14239	3	31	the	the	DET
cblr-14239	3	32	last	last	ADJ
cblr-14239	3	33	two	two	NUM
cblr-14239	3	34	decades	decade	NOUN
cblr-14239	3	35	has	have	AUX
cblr-14239	3	36	given	give	VERB
cblr-14239	3	37	retail	retail	ADJ
cblr-14239	3	38	investors	investor	NOUN
cblr-14239	3	39	unprecedented	unprecedented	ADJ
cblr-14239	3	40	information	information	NOUN
cblr-14239	3	41	about	about	ADP
cblr-14239	3	42	and	and	CCONJ
cblr-14239	3	43	access	access	NOUN
cblr-14239	3	44	to	to	ADP
cblr-14239	3	45	financial	financial	ADJ
cblr-14239	3	46	markets	market	NOUN
cblr-14239	3	47	.	.	PUNCT
cblr-14239	4	1	but	but	CCONJ
cblr-14239	4	2	the	the	DET
cblr-14239	4	3	introduction	introduction	NOUN
cblr-14239	4	4	of	of	ADP
cblr-14239	4	5	new	new	ADJ
cblr-14239	4	6	marketing	marketing	NOUN
cblr-14239	4	7	strategies	strategy	NOUN
cblr-14239	4	8	for	for	ADP
cblr-14239	4	9	financial	financial	ADJ
cblr-14239	4	10	products	product	NOUN
cblr-14239	4	11	has	have	AUX
cblr-14239	4	12	also	also	ADV
cblr-14239	4	13	introduced	introduce	VERB
cblr-14239	4	14	new	new	ADJ
cblr-14239	4	15	challenges	challenge	NOUN
cblr-14239	4	16	for	for	ADP
cblr-14239	4	17	financial	financial	ADJ
cblr-14239	4	18	regulators	regulator	NOUN
cblr-14239	4	19	.	.	PUNCT
cblr-14239	5	1	regulatory	regulatory	ADJ
cblr-14239	5	2	agencies	agency	NOUN
cblr-14239	5	3	and	and	CCONJ
cblr-14239	5	4	judicial	judicial	ADJ
cblr-14239	5	5	bodies	body	NOUN
cblr-14239	5	6	alike	alike	ADV
cblr-14239	5	7	are	be	AUX
cblr-14239	5	8	tasked	task	VERB
cblr-14239	5	9	with	with	ADP
cblr-14239	5	10	conforming	conform	VERB
cblr-14239	5	11	the	the	DET
cblr-14239	5	12	investor	investor	NOUN
cblr-14239	5	13	protection	protection	NOUN
cblr-14239	5	14	and	and	CCONJ
cblr-14239	5	15	market	market	NOUN
cblr-14239	5	16	efficiency	efficiency	NOUN
cblr-14239	5	17	statutes	statute	NOUN
cblr-14239	5	18	of	of	ADP
cblr-14239	5	19	the	the	DET
cblr-14239	5	20	1930s	1930	NOUN
cblr-14239	5	21	to	to	ADP
cblr-14239	5	22	contemporary	contemporary	ADJ
cblr-14239	5	23	problems	problem	NOUN
cblr-14239	5	24	.	.	PUNCT
cblr-14239	6	1	responses	response	NOUN
cblr-14239	6	2	to	to	ADP
cblr-14239	6	3	the	the	DET
cblr-14239	6	4	new	new	ADJ
cblr-14239	6	5	paradigm	paradigm	NOUN
cblr-14239	6	6	of	of	ADP
cblr-14239	6	7	social	social	ADJ
cblr-14239	6	8	media	medium	NOUN
cblr-14239	6	9	have	have	AUX
cblr-14239	6	10	diverged	diverge	VERB
cblr-14239	6	11	,	,	PUNCT
cblr-14239	6	12	though	though	ADV
cblr-14239	6	13	.	.	PUNCT
cblr-14239	7	1	one	one	NUM
cblr-14239	7	2	such	such	ADJ
cblr-14239	7	3	divergence	divergence	NOUN
cblr-14239	7	4	is	be	AUX
cblr-14239	7	5	the	the	DET
cblr-14239	7	6	standard	standard	NOUN
cblr-14239	7	7	applied	apply	VERB
cblr-14239	7	8	for	for	ADP
cblr-14239	7	9	section	section	NOUN
cblr-14239	7	10	12(a)(2	12(a)(2	NUM
cblr-14239	7	11	)	)	PUNCT
cblr-14239	7	12	liability	liability	NOUN
cblr-14239	7	13	under	under	ADP
cblr-14239	7	14	the	the	DET
cblr-14239	7	15	securities	security	NOUN
cblr-14239	7	16	act	act	NOUN
cblr-14239	7	17	of	of	ADP
cblr-14239	7	18	1933	1933	NUM
cblr-14239	7	19	.	.	PUNCT
cblr-14239	8	1	some	some	DET
cblr-14239	8	2	circuit	circuit	NOUN
cblr-14239	8	3	courts	court	NOUN
cblr-14239	8	4	rely	rely	VERB
cblr-14239	8	5	on	on	ADP
cblr-14239	8	6	traditional	traditional	ADJ
cblr-14239	8	7	precedents	precedent	NOUN
cblr-14239	8	8	that	that	PRON
cblr-14239	8	9	require	require	VERB
cblr-14239	8	10	direct	direct	ADJ
cblr-14239	8	11	solicitation	solicitation	NOUN
cblr-14239	8	12	of	of	ADP
cblr-14239	8	13	the	the	DET
cblr-14239	8	14	investor	investor	NOUN
cblr-14239	8	15	as	as	SCONJ
cblr-14239	8	16	set	set	VERB
cblr-14239	8	17	forth	forth	ADP
cblr-14239	8	18	in	in	ADP
cblr-14239	8	19	capri	capri	NOUN
cblr-14239	8	20	v.	v.	ADP
cblr-14239	8	21	murphy	murphy	PROPN
cblr-14239	8	22	and	and	CCONJ
cblr-14239	8	23	craftmatic	craftmatic	ADJ
cblr-14239	8	24	securities	security	NOUN
cblr-14239	8	25	litigation	litigation	PROPN
cblr-14239	8	26	v.	v.	ADP
cblr-14239	8	27	kraftsow	kraftsow	PROPN
cblr-14239	8	28	.	.	PUNCT
cblr-14239	9	1	meanwhile	meanwhile	ADV
cblr-14239	9	2	others	other	NOUN
cblr-14239	9	3	have	have	AUX
cblr-14239	9	4	responded	respond	VERB
cblr-14239	9	5	that	that	SCONJ
cblr-14239	9	6	mass	mass	NOUN
cblr-14239	9	7	communications	communication	NOUN
cblr-14239	9	8	like	like	ADP
cblr-14239	9	9	social	social	ADJ
cblr-14239	9	10	media	medium	NOUN
cblr-14239	9	11	can	can	AUX
cblr-14239	9	12	give	give	VERB
cblr-14239	9	13	rise	rise	NOUN
cblr-14239	9	14	to	to	ADP
cblr-14239	9	15	section	section	NOUN
cblr-14239	9	16	12(a)(2	12(a)(2	NUM
cblr-14239	9	17	)	)	PUNCT
cblr-14239	9	18	liability	liability	NOUN
cblr-14239	9	19	.	.	PUNCT
cblr-14239	10	1	most	most	ADV
cblr-14239	10	2	recently	recently	ADV
cblr-14239	10	3	,	,	PUNCT
cblr-14239	10	4	the	the	DET
cblr-14239	10	5	ninth	ninth	ADJ
cblr-14239	10	6	circuit	circuit	NOUN
cblr-14239	10	7	adopted	adopt	VERB
cblr-14239	10	8	this	this	DET
cblr-14239	10	9	approach	approach	NOUN
cblr-14239	10	10	in	in	ADP
cblr-14239	10	11	pino	pino	PROPN
cblr-14239	10	12	v.	v.	ADP
cblr-14239	10	13	cardone	cardone	PROPN
cblr-14239	10	14	capital	capital	PROPN
cblr-14239	10	15	llc	llc	PROPN
cblr-14239	10	16	.	.	PUNCT
cblr-14239	11	1	this	this	DET
cblr-14239	11	2	circuit	circuit	NOUN
cblr-14239	11	3	split	split	VERB
cblr-14239	11	4	not	not	PART
cblr-14239	11	5	only	only	ADV
cblr-14239	11	6	increases	increase	VERB
cblr-14239	11	7	uncertainty	uncertainty	NOUN
cblr-14239	11	8	amongst	amongst	ADP
cblr-14239	11	9	issuers	issuer	NOUN
cblr-14239	11	10	of	of	ADP
cblr-14239	11	11	securities	security	NOUN
cblr-14239	11	12	about	about	ADP
cblr-14239	11	13	the	the	DET
cblr-14239	11	14	scope	scope	NOUN
cblr-14239	11	15	of	of	ADP
cblr-14239	11	16	potential	potential	ADJ
cblr-14239	11	17	liability	liability	NOUN
cblr-14239	11	18	.	.	PUNCT
cblr-14239	12	1	it	it	PRON
cblr-14239	12	2	also	also	ADV
cblr-14239	12	3	encourages	encourage	VERB
cblr-14239	12	4	forum	forum	NOUN
cblr-14239	12	5	shopping	shop	VERB
cblr-14239	12	6	by	by	ADP
cblr-14239	12	7	plaintiffs	plaintiff	NOUN
cblr-14239	12	8	seeking	seek	VERB
cblr-14239	12	9	courts	court	NOUN
cblr-14239	12	10	with	with	ADP
cblr-14239	12	11	broader	broad	ADJ
cblr-14239	12	12	and	and	CCONJ
cblr-14239	12	13	more	more	ADV
cblr-14239	12	14	favorable	favorable	ADJ
cblr-14239	12	15	liability	liability	NOUN
cblr-14239	12	16	*	*	PUNCT
cblr-14239	12	17	j.d	j.d	PROPN
cblr-14239	12	18	.	.	PROPN
cblr-14239	12	19	candidate	candidate	NOUN
cblr-14239	12	20	2025	2025	NUM
cblr-14239	12	21	,	,	PUNCT
cblr-14239	12	22	columbia	columbia	PROPN
cblr-14239	12	23	law	law	PROPN
cblr-14239	12	24	school	school	NOUN
cblr-14239	12	25	;	;	PUNCT
cblr-14239	12	26	b.a	b.a	PROPN
cblr-14239	12	27	.	.	PROPN
cblr-14239	12	28	2022	2022	NUM
cblr-14239	12	29	,	,	PUNCT
cblr-14239	12	30	columbia	columbia	PROPN
cblr-14239	12	31	university	university	PROPN
cblr-14239	12	32	.	.	PUNCT
cblr-14239	13	1	my	my	PRON
cblr-14239	13	2	sincere	sincere	ADJ
cblr-14239	13	3	gratitude	gratitude	NOUN
cblr-14239	13	4	to	to	ADP
cblr-14239	13	5	professor	professor	PROPN
cblr-14239	13	6	joshua	joshua	PROPN
cblr-14239	13	7	mitts	mitt	NOUN
cblr-14239	13	8	and	and	CCONJ
cblr-14239	13	9	the	the	DET
cblr-14239	13	10	staff	staff	NOUN
cblr-14239	13	11	of	of	ADP
cblr-14239	13	12	the	the	DET
cblr-14239	13	13	columbia	columbia	PROPN
cblr-14239	13	14	business	business	PROPN
cblr-14239	13	15	law	law	PROPN
cblr-14239	13	16	review	review	NOUN
cblr-14239	13	17	for	for	ADP
cblr-14239	13	18	their	their	PRON
cblr-14239	13	19	thoughtful	thoughtful	ADJ
cblr-14239	13	20	comments	comment	NOUN
cblr-14239	13	21	and	and	CCONJ
cblr-14239	13	22	valuable	valuable	ADJ
cblr-14239	13	23	guidance	guidance	NOUN
cblr-14239	13	24	.	.	PUNCT
cblr-14239	14	1	an	an	DET
cblr-14239	14	2	additional	additional	ADJ
cblr-14239	14	3	note	note	NOUN
cblr-14239	14	4	of	of	ADP
cblr-14239	14	5	appreciation	appreciation	NOUN
cblr-14239	14	6	to	to	ADP
cblr-14239	14	7	my	my	PRON
cblr-14239	14	8	family	family	NOUN
cblr-14239	14	9	for	for	ADP
cblr-14239	14	10	their	their	PRON
cblr-14239	14	11	support	support	NOUN
cblr-14239	14	12	and	and	CCONJ
cblr-14239	14	13	encouragement	encouragement	NOUN
cblr-14239	14	14	through	through	ADP
cblr-14239	14	15	my	my	PRON
cblr-14239	14	16	educational	educational	ADJ
cblr-14239	14	17	career	career	NOUN
cblr-14239	14	18	.	.	PUNCT
cblr-14239	15	1	792	792	NUM
cblr-14239	15	2	columbia	columbia	PROPN
cblr-14239	15	3	business	business	NOUN
cblr-14239	15	4	law	law	PROPN
cblr-14239	15	5	review	review	NOUN
cblr-14239	15	6	[	[	X
cblr-14239	15	7	vol	vol	NOUN
cblr-14239	15	8	.	.	NOUN
cblr-14239	15	9	2024	2024	NUM
cblr-14239	15	10	schemes	scheme	NOUN
cblr-14239	15	11	.	.	PUNCT
cblr-14239	16	1	this	this	DET
cblr-14239	16	2	note	note	NOUN
cblr-14239	16	3	proposes	propose	VERB
cblr-14239	16	4	a	a	DET
cblr-14239	16	5	solution	solution	NOUN
cblr-14239	16	6	to	to	ADP
cblr-14239	16	7	the	the	DET
cblr-14239	16	8	circuit	circuit	NOUN
cblr-14239	16	9	split	split	VERB
cblr-14239	16	10	in	in	ADP
cblr-14239	16	11	the	the	DET
cblr-14239	16	12	form	form	NOUN
cblr-14239	16	13	of	of	ADP
cblr-14239	16	14	an	an	DET
cblr-14239	16	15	investor	investor	NOUN
cblr-14239	16	16	sophistication	sophistication	NOUN
cblr-14239	16	17	standard	standard	NOUN
cblr-14239	16	18	.	.	PUNCT
cblr-14239	17	1	i.	i.	PROPN
cblr-14239	17	2	introduction	introduction	NOUN
cblr-14239	17	3	.......................................................................	.......................................................................	PUNCT
cblr-14239	18	1	792	792	NUM
cblr-14239	18	2	ii	ii	NOUN
cblr-14239	18	3	.	.	PUNCT
cblr-14239	19	1	the	the	DET
cblr-14239	19	2	securities	securities	PROPN
cblr-14239	19	3	act	act	NOUN
cblr-14239	19	4	of	of	ADP
cblr-14239	19	5	1933	1933	NUM
cblr-14239	19	6	as	as	ADP
cblr-14239	19	7	a	a	DET
cblr-14239	19	8	vehicle	vehicle	NOUN
cblr-14239	19	9	for	for	ADP
cblr-14239	19	10	investor	investor	NOUN
cblr-14239	19	11	protection	protection	NOUN
cblr-14239	19	12	..............................................................................	..............................................................................	PUNCT
cblr-14239	20	1	794	794	NUM
cblr-14239	20	2	a.	a.	NOUN
cblr-14239	20	3	development	development	NOUN
cblr-14239	20	4	of	of	ADP
cblr-14239	20	5	the	the	DET
cblr-14239	20	6	statutory	statutory	ADJ
cblr-14239	20	7	regime	regime	NOUN
cblr-14239	20	8	for	for	ADP
cblr-14239	20	9	securities	security	NOUN
cblr-14239	20	10	regulation	regulation	NOUN
cblr-14239	20	11	................................................................	................................................................	PUNCT
cblr-14239	21	1	794	794	NUM
cblr-14239	21	2	b.	b.	PROPN
cblr-14239	21	3	traditional	traditional	ADJ
cblr-14239	21	4	application	application	NOUN
cblr-14239	21	5	of	of	ADP
cblr-14239	21	6	§	§	PROPN
cblr-14239	21	7	12(a)(2	12(a)(2	NUM
cblr-14239	21	8	)	)	PUNCT
cblr-14239	21	9	seller	seller	NOUN
cblr-14239	21	10	liability	liability	NOUN
cblr-14239	21	11	to	to	ADP
cblr-14239	21	12	mass	mass	VERB
cblr-14239	21	13	communications	communication	NOUN
cblr-14239	21	14	........................................	........................................	PUNCT
cblr-14239	21	15	796	796	NUM
cblr-14239	21	16	c.	c.	PROPN
cblr-14239	21	17	judicial	judicial	ADJ
cblr-14239	21	18	response	response	NOUN
cblr-14239	21	19	to	to	ADP
cblr-14239	21	20	applying	apply	VERB
cblr-14239	21	21	§	§	PROPN
cblr-14239	21	22	12(a)(2	12(a)(2	NUM
cblr-14239	21	23	)	)	PUNCT
cblr-14239	21	24	to	to	ADP
cblr-14239	21	25	social	social	ADJ
cblr-14239	21	26	media	medium	NOUN
cblr-14239	21	27	platforms	platform	NOUN
cblr-14239	21	28	in	in	ADP
cblr-14239	21	29	the	the	DET
cblr-14239	21	30	digital	digital	ADJ
cblr-14239	21	31	age	age	NOUN
cblr-14239	21	32	.......................	.......................	PUNCT
cblr-14239	21	33	797	797	NUM
cblr-14239	21	34	iii	iii	NOUN
cblr-14239	21	35	.	.	PUNCT
cblr-14239	22	1	the	the	DET
cblr-14239	22	2	utility	utility	NOUN
cblr-14239	22	3	of	of	ADP
cblr-14239	22	4	sophistication	sophistication	NOUN
cblr-14239	22	5	standards	standard	NOUN
cblr-14239	22	6	.......................	.......................	PUNCT
cblr-14239	22	7	800	800	NUM
cblr-14239	22	8	a.	a.	NOUN
cblr-14239	22	9	theoretical	theoretical	ADJ
cblr-14239	22	10	underpinnings	underpinning	NOUN
cblr-14239	22	11	of	of	ADP
cblr-14239	22	12	a	a	DET
cblr-14239	22	13	sophistication	sophistication	NOUN
cblr-14239	22	14	standard	standard	NOUN
cblr-14239	22	15	..................................................................	..................................................................	PUNCT
cblr-14239	22	16	800	800	NUM
cblr-14239	22	17	b.	b.	NOUN
cblr-14239	22	18	the	the	DET
cblr-14239	22	19	judiciary	judiciary	NOUN
cblr-14239	22	20	’s	’s	PART
cblr-14239	22	21	use	use	NOUN
cblr-14239	22	22	of	of	ADP
cblr-14239	22	23	sophistication	sophistication	NOUN
cblr-14239	22	24	standards	standard	NOUN
cblr-14239	22	25	..	..	PUNCT
cblr-14239	22	26	806	806	NUM
cblr-14239	22	27	c.	c.	NOUN
cblr-14239	22	28	investor	investor	NOUN
cblr-14239	22	29	sophistication	sophistication	NOUN
cblr-14239	22	30	in	in	ADP
cblr-14239	22	31	the	the	DET
cblr-14239	22	32	regulatory	regulatory	ADJ
cblr-14239	22	33	regime	regime	NOUN
cblr-14239	22	34	for	for	ADP
cblr-14239	22	35	securities	security	NOUN
cblr-14239	22	36	.................................................................	.................................................................	PUNCT
cblr-14239	22	37	808	808	NUM
cblr-14239	22	38	iv	iv	X
cblr-14239	22	39	.	.	PUNCT
cblr-14239	22	40	applying	apply	VERB
cblr-14239	22	41	an	an	DET
cblr-14239	22	42	investor	investor	NOUN
cblr-14239	22	43	sophistication	sophistication	NOUN
cblr-14239	22	44	standard	standard	NOUN
cblr-14239	22	45	to	to	ADP
cblr-14239	22	46	§	§	PROPN
cblr-14239	22	47	12(a)(2	12(a)(2	NUM
cblr-14239	22	48	)	)	PUNCT
cblr-14239	22	49	seller	seller	NOUN
cblr-14239	22	50	liability	liability	NOUN
cblr-14239	22	51	........................................................	........................................................	PUNCT
cblr-14239	22	52	811	811	NUM
cblr-14239	22	53	a.	a.	NOUN
cblr-14239	22	54	pino	pino	NOUN
cblr-14239	22	55	and	and	CCONJ
cblr-14239	22	56	wilde	wilde	PROPN
cblr-14239	22	57	’s	’s	PART
cblr-14239	22	58	protections	protection	NOUN
cblr-14239	22	59	for	for	ADP
cblr-14239	22	60	retail	retail	ADJ
cblr-14239	22	61	investors	investor	NOUN
cblr-14239	22	62	.	.	PUNCT
cblr-14239	23	1	811	811	NUM
cblr-14239	23	2	b.	b.	PROPN
cblr-14239	23	3	capri	capri	PROPN
cblr-14239	23	4	and	and	CCONJ
cblr-14239	23	5	craftmatic	craftmatic	PROPN
cblr-14239	23	6	’s	’s	PART
cblr-14239	23	7	direct	direct	ADJ
cblr-14239	23	8	solicitation	solicitation	NOUN
cblr-14239	23	9	requirement	requirement	NOUN
cblr-14239	23	10	............................................................	............................................................	PUNCT
cblr-14239	23	11	815	815	NUM
cblr-14239	23	12	c.	c.	NOUN
cblr-14239	23	13	adopting	adopt	VERB
cblr-14239	23	14	an	an	DET
cblr-14239	23	15	investor	investor	NOUN
cblr-14239	23	16	sophistication	sophistication	NOUN
cblr-14239	23	17	standard	standard	NOUN
cblr-14239	23	18	.....	.....	PUNCT
cblr-14239	23	19	818	818	NUM
cblr-14239	23	20	v.	v.	ADP
cblr-14239	23	21	conclusion	conclusion	NOUN
cblr-14239	23	22	........................................................................	........................................................................	PUNCT
cblr-14239	23	23	822	822	NUM
cblr-14239	23	24	i.	i.	NOUN
cblr-14239	23	25	introduction	introduction	NOUN
cblr-14239	23	26	financial	financial	ADJ
cblr-14239	23	27	regulators	regulator	NOUN
cblr-14239	23	28	,	,	PUNCT
cblr-14239	23	29	including	include	VERB
cblr-14239	23	30	the	the	DET
cblr-14239	23	31	securities	securities	PROPN
cblr-14239	23	32	and	and	CCONJ
cblr-14239	23	33	exchange	exchange	PROPN
cblr-14239	23	34	commission	commission	PROPN
cblr-14239	23	35	(	(	PUNCT
cblr-14239	23	36	sec	sec	PROPN
cblr-14239	23	37	)	)	PUNCT
cblr-14239	23	38	,	,	PUNCT
cblr-14239	23	39	are	be	AUX
cblr-14239	23	40	responding	respond	VERB
cblr-14239	23	41	with	with	ADP
cblr-14239	23	42	increasing	increase	VERB
cblr-14239	23	43	frequency	frequency	NOUN
cblr-14239	23	44	to	to	ADP
cblr-14239	23	45	challenges	challenge	NOUN
cblr-14239	23	46	presented	present	VERB
cblr-14239	23	47	by	by	ADP
cblr-14239	23	48	the	the	DET
cblr-14239	23	49	proliferation	proliferation	NOUN
cblr-14239	23	50	of	of	ADP
cblr-14239	23	51	social	social	ADJ
cblr-14239	23	52	media	medium	NOUN
cblr-14239	23	53	platforms	platform	NOUN
cblr-14239	23	54	that	that	SCONJ
cblr-14239	23	55	existing	exist	VERB
cblr-14239	23	56	regulatory	regulatory	ADJ
cblr-14239	23	57	regimes	regime	NOUN
cblr-14239	23	58	do	do	AUX
cblr-14239	23	59	not	not	PART
cblr-14239	23	60	address.1	address.1	VERB
cblr-14239	23	61	federal	federal	ADJ
cblr-14239	23	62	courts	court	NOUN
cblr-14239	23	63	continue	continue	VERB
cblr-14239	23	64	to	to	PART
cblr-14239	23	65	grapple	grapple	VERB
cblr-14239	23	66	with	with	ADP
cblr-14239	23	67	the	the	DET
cblr-14239	23	68	scope	scope	NOUN
cblr-14239	23	69	of	of	ADP
cblr-14239	23	70	1	1	NUM
cblr-14239	23	71	richard	richard	NOUN
cblr-14239	23	72	summerfield	summerfield	PROPN
cblr-14239	23	73	,	,	PUNCT
cblr-14239	23	74	the	the	DET
cblr-14239	23	75	intersection	intersection	NOUN
cblr-14239	23	76	of	of	ADP
cblr-14239	23	77	securities	security	NOUN
cblr-14239	23	78	regulation	regulation	NOUN
cblr-14239	23	79	and	and	CCONJ
cblr-14239	23	80	social	social	ADJ
cblr-14239	23	81	media	medium	NOUN
cblr-14239	23	82	,	,	PUNCT
cblr-14239	23	83	financier	financier	NOUN
cblr-14239	23	84	worldwide	worldwide	ADV
cblr-14239	23	85	,	,	PUNCT
cblr-14239	23	86	sept	sept	PROPN
cblr-14239	23	87	.	.	PROPN
cblr-14239	23	88	2015	2015	NUM
cblr-14239	23	89	,	,	PUNCT
cblr-14239	23	90	https://www.financierworldwide.com/theintersection-of-securities-regulation-and-social-media	https://www.financierworldwide.com/theintersection-of-securities-regulation-and-social-media	X
cblr-14239	24	1	[	[	X
cblr-14239	24	2	https://perma.cc/l2tqzgbt	https://perma.cc/l2tqzgbt	X
cblr-14239	24	3	]	]	X
cblr-14239	24	4	.	.	PUNCT
cblr-14239	25	1	no	no	INTJ
cblr-14239	25	2	.	.	NOUN
cblr-14239	25	3	2	2	NUM
cblr-14239	25	4	]	]	PUNCT
cblr-14239	25	5	with	with	ADP
cblr-14239	25	6	whom	whom	PRON
cblr-14239	25	7	is	be	AUX
cblr-14239	25	8	your	your	PRON
cblr-14239	25	9	issue	issue	NOUN
cblr-14239	25	10	?	?	PUNCT
cblr-14239	26	1	793	793	NUM
cblr-14239	26	2	seller	seller	NOUN
cblr-14239	26	3	liability	liability	NOUN
cblr-14239	26	4	under	under	ADP
cblr-14239	26	5	the	the	DET
cblr-14239	26	6	securities	security	NOUN
cblr-14239	26	7	act	act	NOUN
cblr-14239	26	8	of	of	ADP
cblr-14239	26	9	1933	1933	NUM
cblr-14239	26	10	for	for	ADP
cblr-14239	26	11	misrepresentations	misrepresentation	NOUN
cblr-14239	26	12	and	and	CCONJ
cblr-14239	26	13	omissions	omission	NOUN
cblr-14239	26	14	circulated	circulate	VERB
cblr-14239	26	15	in	in	ADP
cblr-14239	26	16	advertisements	advertisement	NOUN
cblr-14239	26	17	on	on	ADP
cblr-14239	26	18	mass	mass	ADJ
cblr-14239	26	19	communication	communication	NOUN
cblr-14239	26	20	platforms	platform	NOUN
cblr-14239	26	21	like	like	ADP
cblr-14239	26	22	social	social	ADJ
cblr-14239	26	23	media	medium	NOUN
cblr-14239	26	24	.	.	PUNCT
cblr-14239	27	1	circuits	circuit	NOUN
cblr-14239	27	2	have	have	AUX
cblr-14239	27	3	split	split	VERB
cblr-14239	27	4	in	in	ADP
cblr-14239	27	5	cabining	cabining	NOUN
cblr-14239	27	6	or	or	CCONJ
cblr-14239	27	7	expanding	expand	VERB
cblr-14239	27	8	seller	seller	NOUN
cblr-14239	27	9	liability	liability	NOUN
cblr-14239	27	10	to	to	PART
cblr-14239	27	11	respectively	respectively	ADV
cblr-14239	27	12	preclude	preclude	VERB
cblr-14239	27	13	or	or	CCONJ
cblr-14239	27	14	reach	reach	VERB
cblr-14239	27	15	the	the	DET
cblr-14239	27	16	mass	mass	NOUN
cblr-14239	27	17	communications	communication	NOUN
cblr-14239	27	18	facilitated	facilitate	VERB
cblr-14239	27	19	by	by	ADP
cblr-14239	27	20	social	social	ADJ
cblr-14239	27	21	media.2	media.2	PROPN
cblr-14239	27	22	the	the	DET
cblr-14239	27	23	venue	venue	NOUN
cblr-14239	27	24	in	in	ADP
cblr-14239	27	25	which	which	PRON
cblr-14239	27	26	injured	injure	VERB
cblr-14239	27	27	investors	investor	NOUN
cblr-14239	27	28	seek	seek	VERB
cblr-14239	27	29	relief	relief	NOUN
cblr-14239	27	30	is	be	AUX
cblr-14239	27	31	now	now	ADV
cblr-14239	27	32	outcome	outcome	NOUN
cblr-14239	27	33	determinative	determinative	ADJ
cblr-14239	27	34	for	for	ADP
cblr-14239	27	35	some	some	DET
cblr-14239	27	36	claims	claim	NOUN
cblr-14239	27	37	.	.	PUNCT
cblr-14239	28	1	this	this	DET
cblr-14239	28	2	circuit	circuit	NOUN
cblr-14239	28	3	split	split	VERB
cblr-14239	28	4	increases	increase	VERB
cblr-14239	28	5	the	the	DET
cblr-14239	28	6	risk	risk	NOUN
cblr-14239	28	7	of	of	ADP
cblr-14239	28	8	forum	forum	NOUN
cblr-14239	28	9	shopping	shop	VERB
cblr-14239	28	10	and	and	CCONJ
cblr-14239	28	11	contributes	contribute	VERB
cblr-14239	28	12	to	to	ADP
cblr-14239	28	13	uncertainty	uncertainty	NOUN
cblr-14239	28	14	amongst	amongst	ADP
cblr-14239	28	15	issuers	issuer	NOUN
cblr-14239	28	16	of	of	ADP
cblr-14239	28	17	financial	financial	ADJ
cblr-14239	28	18	instruments	instrument	NOUN
cblr-14239	28	19	when	when	SCONJ
cblr-14239	28	20	appraising	appraise	VERB
cblr-14239	28	21	their	their	PRON
cblr-14239	28	22	potential	potential	ADJ
cblr-14239	28	23	liabilities	liability	NOUN
cblr-14239	28	24	for	for	ADP
cblr-14239	28	25	advertisements	advertisement	NOUN
cblr-14239	28	26	and	and	CCONJ
cblr-14239	28	27	disclosures	disclosure	NOUN
cblr-14239	28	28	.	.	PUNCT
cblr-14239	29	1	this	this	DET
cblr-14239	29	2	note	note	NOUN
cblr-14239	29	3	proposes	propose	VERB
cblr-14239	29	4	an	an	DET
cblr-14239	29	5	investor	investor	NOUN
cblr-14239	29	6	sophistication	sophistication	NOUN
cblr-14239	29	7	standard	standard	NOUN
cblr-14239	29	8	that	that	SCONJ
cblr-14239	29	9	courts	court	NOUN
cblr-14239	29	10	should	should	AUX
cblr-14239	29	11	adopt	adopt	VERB
cblr-14239	29	12	to	to	PART
cblr-14239	29	13	resolve	resolve	VERB
cblr-14239	29	14	the	the	DET
cblr-14239	29	15	circuit	circuit	NOUN
cblr-14239	29	16	split	split	VERB
cblr-14239	29	17	and	and	CCONJ
cblr-14239	29	18	effectively	effectively	ADV
cblr-14239	29	19	balance	balance	VERB
cblr-14239	29	20	protections	protection	NOUN
cblr-14239	29	21	for	for	ADP
cblr-14239	29	22	retail	retail	ADJ
cblr-14239	29	23	investors	investor	NOUN
cblr-14239	29	24	with	with	ADP
cblr-14239	29	25	the	the	DET
cblr-14239	29	26	administrability	administrability	NOUN
cblr-14239	29	27	and	and	CCONJ
cblr-14239	29	28	predictability	predictability	NOUN
cblr-14239	29	29	of	of	ADP
cblr-14239	29	30	seller	seller	NOUN
cblr-14239	29	31	liability	liability	NOUN
cblr-14239	29	32	.	.	PUNCT
cblr-14239	30	1	part	part	NOUN
cblr-14239	30	2	ii	ii	PROPN
cblr-14239	30	3	introduces	introduce	VERB
cblr-14239	30	4	the	the	DET
cblr-14239	30	5	securities	security	NOUN
cblr-14239	30	6	act	act	NOUN
cblr-14239	30	7	of	of	ADP
cblr-14239	30	8	1933	1933	NUM
cblr-14239	30	9	as	as	ADP
cblr-14239	30	10	a	a	DET
cblr-14239	30	11	route	route	NOUN
cblr-14239	30	12	to	to	ADP
cblr-14239	30	13	compensatory	compensatory	ADJ
cblr-14239	30	14	relief	relief	NOUN
cblr-14239	30	15	and	and	CCONJ
cblr-14239	30	16	prophylactic	prophylactic	ADJ
cblr-14239	30	17	disincentive	disincentive	NOUN
cblr-14239	30	18	for	for	ADP
cblr-14239	30	19	market	market	NOUN
cblr-14239	30	20	abuse	abuse	NOUN
cblr-14239	30	21	intended	intend	VERB
cblr-14239	30	22	to	to	PART
cblr-14239	30	23	secure	secure	VERB
cblr-14239	30	24	investor	investor	NOUN
cblr-14239	30	25	protection	protection	NOUN
cblr-14239	30	26	and	and	CCONJ
cblr-14239	30	27	market	market	NOUN
cblr-14239	30	28	efficiency	efficiency	NOUN
cblr-14239	30	29	.	.	PUNCT
cblr-14239	31	1	this	this	DET
cblr-14239	31	2	sketch	sketch	NOUN
cblr-14239	31	3	of	of	ADP
cblr-14239	31	4	the	the	DET
cblr-14239	31	5	legal	legal	ADJ
cblr-14239	31	6	landscape	landscape	NOUN
cblr-14239	31	7	will	will	AUX
cblr-14239	31	8	include	include	VERB
cblr-14239	31	9	how	how	SCONJ
cblr-14239	31	10	circuit	circuit	NOUN
cblr-14239	31	11	courts	court	NOUN
cblr-14239	31	12	have	have	AUX
cblr-14239	31	13	traditionally	traditionally	ADV
cblr-14239	31	14	applied	apply	VERB
cblr-14239	31	15	the	the	DET
cblr-14239	31	16	’	'	PUNCT
cblr-14239	31	17	33	33	NUM
cblr-14239	31	18	securities	security	NOUN
cblr-14239	31	19	act	act	VERB
cblr-14239	31	20	to	to	ADP
cblr-14239	31	21	offerors	offeror	NOUN
cblr-14239	31	22	or	or	CCONJ
cblr-14239	31	23	sellers	seller	NOUN
cblr-14239	31	24	of	of	ADP
cblr-14239	31	25	securities	security	NOUN
cblr-14239	31	26	marketing	market	VERB
cblr-14239	31	27	their	their	PRON
cblr-14239	31	28	instruments	instrument	NOUN
cblr-14239	31	29	through	through	ADP
cblr-14239	31	30	mass	mass	ADJ
cblr-14239	31	31	communication	communication	NOUN
cblr-14239	31	32	media	medium	NOUN
cblr-14239	31	33	,	,	PUNCT
cblr-14239	31	34	and	and	CCONJ
cblr-14239	31	35	how	how	SCONJ
cblr-14239	31	36	some	some	DET
cblr-14239	31	37	circuit	circuit	NOUN
cblr-14239	31	38	courts	court	NOUN
cblr-14239	31	39	have	have	AUX
cblr-14239	31	40	departed	depart	VERB
cblr-14239	31	41	from	from	ADP
cblr-14239	31	42	the	the	DET
cblr-14239	31	43	traditional	traditional	ADJ
cblr-14239	31	44	approach	approach	NOUN
cblr-14239	31	45	in	in	ADP
cblr-14239	31	46	favor	favor	NOUN
cblr-14239	31	47	of	of	ADP
cblr-14239	31	48	a	a	DET
cblr-14239	31	49	more	more	ADV
cblr-14239	31	50	expansive	expansive	ADJ
cblr-14239	31	51	standard	standard	NOUN
cblr-14239	31	52	for	for	ADP
cblr-14239	31	53	seller	seller	NOUN
cblr-14239	31	54	liability	liability	NOUN
cblr-14239	31	55	that	that	PRON
cblr-14239	31	56	captures	capture	VERB
cblr-14239	31	57	solicitors	solicitor	NOUN
cblr-14239	31	58	who	who	PRON
cblr-14239	31	59	advertise	advertise	VERB
cblr-14239	31	60	security	security	NOUN
cblr-14239	31	61	offerings	offering	NOUN
cblr-14239	31	62	on	on	ADP
cblr-14239	31	63	social	social	ADJ
cblr-14239	31	64	media	medium	NOUN
cblr-14239	31	65	platforms	platform	NOUN
cblr-14239	31	66	.	.	PUNCT
cblr-14239	32	1	part	part	NOUN
cblr-14239	32	2	iii	iii	X
cblr-14239	32	3	will	will	AUX
cblr-14239	32	4	then	then	ADV
cblr-14239	32	5	present	present	VERB
cblr-14239	32	6	the	the	DET
cblr-14239	32	7	theoretical	theoretical	ADJ
cblr-14239	32	8	framework	framework	NOUN
cblr-14239	32	9	and	and	CCONJ
cblr-14239	32	10	judicial	judicial	ADJ
cblr-14239	32	11	history	history	NOUN
cblr-14239	32	12	of	of	ADP
cblr-14239	32	13	sophistication	sophistication	NOUN
cblr-14239	32	14	standards	standard	NOUN
cblr-14239	32	15	to	to	PART
cblr-14239	32	16	demonstrate	demonstrate	VERB
cblr-14239	32	17	their	their	PRON
cblr-14239	32	18	suitability	suitability	NOUN
cblr-14239	32	19	for	for	ADP
cblr-14239	32	20	securities	security	NOUN
cblr-14239	32	21	regulation	regulation	NOUN
cblr-14239	32	22	.	.	PUNCT
cblr-14239	33	1	part	part	NOUN
cblr-14239	33	2	iii	iii	PRON
cblr-14239	33	3	will	will	AUX
cblr-14239	33	4	present	present	VERB
cblr-14239	33	5	why	why	SCONJ
cblr-14239	33	6	a	a	DET
cblr-14239	33	7	generalizable	generalizable	ADJ
cblr-14239	33	8	standard	standard	NOUN
cblr-14239	33	9	should	should	AUX
cblr-14239	33	10	be	be	AUX
cblr-14239	33	11	abandoned	abandon	VERB
cblr-14239	33	12	in	in	ADP
cblr-14239	33	13	favor	favor	NOUN
cblr-14239	33	14	of	of	ADP
cblr-14239	33	15	a	a	PRON
cblr-14239	33	16	more	more	ADV
cblr-14239	33	17	nuanced	nuanced	ADJ
cblr-14239	33	18	,	,	PUNCT
cblr-14239	33	19	tailored	tailor	VERB
cblr-14239	33	20	analysis	analysis	NOUN
cblr-14239	33	21	dependent	dependent	ADJ
cblr-14239	33	22	not	not	PART
cblr-14239	33	23	just	just	ADV
cblr-14239	33	24	on	on	ADP
cblr-14239	33	25	the	the	DET
cblr-14239	33	26	role	role	NOUN
cblr-14239	33	27	of	of	ADP
cblr-14239	33	28	the	the	DET
cblr-14239	33	29	participant	participant	NOUN
cblr-14239	33	30	but	but	CCONJ
cblr-14239	33	31	on	on	ADP
cblr-14239	33	32	the	the	DET
cblr-14239	33	33	role	role	NOUN
cblr-14239	33	34	of	of	ADP
cblr-14239	33	35	the	the	DET
cblr-14239	33	36	purchaser	purchaser	NOUN
cblr-14239	33	37	as	as	ADV
cblr-14239	33	38	well	well	ADV
cblr-14239	33	39	.	.	PUNCT
cblr-14239	34	1	finally	finally	ADV
cblr-14239	34	2	,	,	PUNCT
cblr-14239	34	3	part	part	NOUN
cblr-14239	34	4	iv	iv	PRON
cblr-14239	34	5	will	will	AUX
cblr-14239	34	6	present	present	VERB
cblr-14239	34	7	this	this	DET
cblr-14239	34	8	note	note	NOUN
cblr-14239	34	9	’s	’s	PART
cblr-14239	34	10	proposal	proposal	NOUN
cblr-14239	34	11	for	for	ADP
cblr-14239	34	12	a	a	DET
cblr-14239	34	13	seller	seller	NOUN
cblr-14239	34	14	sophistication	sophistication	NOUN
cblr-14239	34	15	standard	standard	NOUN
cblr-14239	34	16	.	.	PUNCT
cblr-14239	35	1	examples	example	NOUN
cblr-14239	35	2	2	2	NUM
cblr-14239	35	3	charlene	charlene	PROPN
cblr-14239	35	4	s.	s.	PROPN
cblr-14239	35	5	shimada	shimada	PROPN
cblr-14239	35	6	et	et	PROPN
cblr-14239	35	7	al	al	PROPN
cblr-14239	35	8	.	.	PROPN
cblr-14239	35	9	,	,	PUNCT
cblr-14239	35	10	ninth	ninth	ADJ
cblr-14239	35	11	circuit	circuit	NOUN
cblr-14239	35	12	holds	hold	VERB
cblr-14239	35	13	that	that	SCONJ
cblr-14239	35	14	social	social	ADJ
cblr-14239	35	15	media	medium	NOUN
cblr-14239	35	16	posts	post	NOUN
cblr-14239	35	17	can	can	AUX
cblr-14239	35	18	give	give	VERB
cblr-14239	35	19	rise	rise	NOUN
cblr-14239	35	20	to	to	ADP
cblr-14239	35	21	securities	security	NOUN
cblr-14239	35	22	act	act	PROPN
cblr-14239	35	23	liability	liability	PROPN
cblr-14239	35	24	,	,	PUNCT
cblr-14239	35	25	morgan	morgan	PROPN
cblr-14239	35	26	lewis	lewis	PROPN
cblr-14239	35	27	(	(	PUNCT
cblr-14239	35	28	dec	dec	PROPN
cblr-14239	35	29	.	.	PROPN
cblr-14239	35	30	30	30	NUM
cblr-14239	35	31	,	,	PUNCT
cblr-14239	35	32	2022	2022	NUM
cblr-14239	35	33	)	)	PUNCT
cblr-14239	35	34	,	,	PUNCT
cblr-14239	35	35	https://www.morganlewis.com/pubs/2022/12/ninth-circuit-holds-that-social-mediaposts-can-give-rise-to-securities-act-liability	https://www.morganlewis.com/pubs/2022/12/ninth-circuit-holds-that-social-mediaposts-can-give-rise-to-securities-act-liability	NOUN
cblr-14239	36	1	[	[	X
cblr-14239	36	2	https://perma.cc/m7gf-fx3r	https://perma.cc/m7gf-fx3r	X
cblr-14239	36	3	]	]	X
cblr-14239	36	4	(	(	PUNCT
cblr-14239	36	5	discussing	discuss	VERB
cblr-14239	36	6	the	the	DET
cblr-14239	36	7	ninth	ninth	ADJ
cblr-14239	36	8	circuit	circuit	NOUN
cblr-14239	36	9	and	and	CCONJ
cblr-14239	36	10	the	the	DET
cblr-14239	36	11	eleventh	eleventh	ADJ
cblr-14239	36	12	circuit	circuit	NOUN
cblr-14239	36	13	’s	’s	PART
cblr-14239	36	14	departure	departure	NOUN
cblr-14239	36	15	from	from	ADP
cblr-14239	36	16	the	the	DET
cblr-14239	36	17	second	second	ADJ
cblr-14239	36	18	circuit	circuit	NOUN
cblr-14239	36	19	and	and	CCONJ
cblr-14239	36	20	third	third	ADJ
cblr-14239	36	21	circuit	circuit	NOUN
cblr-14239	36	22	’s	’s	PART
cblr-14239	36	23	narrower	narrow	ADJ
cblr-14239	36	24	interpretations	interpretation	NOUN
cblr-14239	36	25	of	of	ADP
cblr-14239	36	26	the	the	DET
cblr-14239	36	27	1933	1933	NUM
cblr-14239	36	28	securities	security	NOUN
cblr-14239	36	29	act	act	PROPN
cblr-14239	36	30	)	)	PUNCT
cblr-14239	36	31	.	.	PUNCT
cblr-14239	37	1	794	794	NUM
cblr-14239	37	2	columbia	columbia	PROPN
cblr-14239	37	3	business	business	NOUN
cblr-14239	37	4	law	law	PROPN
cblr-14239	37	5	review	review	NOUN
cblr-14239	37	6	[	[	X
cblr-14239	37	7	vol	vol	NOUN
cblr-14239	37	8	.	.	NOUN
cblr-14239	37	9	2024	2024	NUM
cblr-14239	37	10	of	of	ADP
cblr-14239	37	11	how	how	SCONJ
cblr-14239	37	12	courts	court	NOUN
cblr-14239	37	13	have	have	AUX
cblr-14239	37	14	previously	previously	ADV
cblr-14239	37	15	used	use	VERB
cblr-14239	37	16	party	party	NOUN
cblr-14239	37	17	sophistication	sophistication	NOUN
cblr-14239	37	18	will	will	AUX
cblr-14239	37	19	inform	inform	VERB
cblr-14239	37	20	the	the	DET
cblr-14239	37	21	discussion	discussion	NOUN
cblr-14239	37	22	of	of	ADP
cblr-14239	37	23	ways	way	NOUN
cblr-14239	37	24	in	in	ADP
cblr-14239	37	25	which	which	PRON
cblr-14239	37	26	such	such	DET
cblr-14239	37	27	a	a	DET
cblr-14239	37	28	standard	standard	NOUN
cblr-14239	37	29	should	should	AUX
cblr-14239	37	30	be	be	AUX
cblr-14239	37	31	curated	curate	VERB
cblr-14239	37	32	for	for	ADP
cblr-14239	37	33	the	the	DET
cblr-14239	37	34	purposes	purpose	NOUN
cblr-14239	37	35	of	of	ADP
cblr-14239	37	36	financial	financial	ADJ
cblr-14239	37	37	regulation	regulation	NOUN
cblr-14239	37	38	.	.	PUNCT
cblr-14239	38	1	ii	ii	PROPN
cblr-14239	38	2	.	.	PUNCT
cblr-14239	39	1	the	the	DET
cblr-14239	39	2	securities	securities	PROPN
cblr-14239	39	3	act	act	NOUN
cblr-14239	39	4	of	of	ADP
cblr-14239	39	5	1933	1933	NUM
cblr-14239	39	6	as	as	ADP
cblr-14239	39	7	a	a	DET
cblr-14239	39	8	vehicle	vehicle	NOUN
cblr-14239	39	9	for	for	ADP
cblr-14239	39	10	investor	investor	NOUN
cblr-14239	39	11	protection	protection	NOUN
cblr-14239	39	12	a.	a.	NOUN
cblr-14239	39	13	development	development	NOUN
cblr-14239	39	14	of	of	ADP
cblr-14239	39	15	the	the	DET
cblr-14239	39	16	statutory	statutory	ADJ
cblr-14239	39	17	regime	regime	NOUN
cblr-14239	39	18	for	for	ADP
cblr-14239	39	19	securities	security	NOUN
cblr-14239	39	20	regulation	regulation	PROPN
cblr-14239	39	21	congress	congress	PROPN
cblr-14239	39	22	enacted	enact	VERB
cblr-14239	39	23	the	the	DET
cblr-14239	39	24	securities	security	NOUN
cblr-14239	39	25	act	act	NOUN
cblr-14239	39	26	of	of	ADP
cblr-14239	39	27	1933	1933	NUM
cblr-14239	39	28	in	in	ADP
cblr-14239	39	29	response	response	NOUN
cblr-14239	39	30	to	to	ADP
cblr-14239	39	31	the	the	DET
cblr-14239	39	32	preceding	precede	VERB
cblr-14239	39	33	decade	decade	NOUN
cblr-14239	39	34	’s	’s	PART
cblr-14239	39	35	market	market	NOUN
cblr-14239	39	36	abuse	abuse	NOUN
cblr-14239	39	37	and	and	CCONJ
cblr-14239	39	38	fraud	fraud	NOUN
cblr-14239	39	39	with	with	ADP
cblr-14239	39	40	the	the	DET
cblr-14239	39	41	intent	intent	NOUN
cblr-14239	39	42	to	to	PART
cblr-14239	39	43	“	"	PUNCT
cblr-14239	39	44	ensure	ensure	VERB
cblr-14239	39	45	investors	investor	NOUN
cblr-14239	39	46	are	be	AUX
cblr-14239	39	47	informed	inform	VERB
cblr-14239	39	48	and	and	CCONJ
cblr-14239	39	49	protected	protect	VERB
cblr-14239	39	50	.	.	PUNCT
cblr-14239	39	51	”3	”3	PUNCT
cblr-14239	40	1	advancing	advance	VERB
cblr-14239	40	2	the	the	DET
cblr-14239	40	3	twin	twin	ADJ
cblr-14239	40	4	goals	goal	NOUN
cblr-14239	40	5	of	of	ADP
cblr-14239	40	6	information	information	NOUN
cblr-14239	40	7	and	and	CCONJ
cblr-14239	40	8	protection	protection	NOUN
cblr-14239	40	9	,	,	PUNCT
cblr-14239	40	10	section	section	NOUN
cblr-14239	40	11	12(a)(2	12(a)(2	NUM
cblr-14239	40	12	)	)	PUNCT
cblr-14239	40	13	of	of	ADP
cblr-14239	40	14	the	the	DET
cblr-14239	40	15	securities	security	NOUN
cblr-14239	40	16	act	act	PROPN
cblr-14239	40	17	makes	make	VERB
cblr-14239	40	18	liable	liable	ADJ
cblr-14239	40	19	any	any	DET
cblr-14239	40	20	person	person	NOUN
cblr-14239	40	21	“	"	PUNCT
cblr-14239	40	22	who	who	PRON
cblr-14239	40	23	offers	offer	VERB
cblr-14239	40	24	or	or	CCONJ
cblr-14239	40	25	sells	sell	VERB
cblr-14239	40	26	a	a	DET
cblr-14239	40	27	security	security	NOUN
cblr-14239	40	28	,	,	PUNCT
cblr-14239	40	29	”	"	PUNCT
cblr-14239	40	30	through	through	ADP
cblr-14239	40	31	a	a	DET
cblr-14239	40	32	prospectus	prospectus	NOUN
cblr-14239	40	33	or	or	CCONJ
cblr-14239	40	34	oral	oral	ADJ
cblr-14239	40	35	communication	communication	NOUN
cblr-14239	40	36	that	that	PRON
cblr-14239	40	37	contains	contain	VERB
cblr-14239	40	38	a	a	DET
cblr-14239	40	39	material	material	NOUN
cblr-14239	40	40	misstatement	misstatement	NOUN
cblr-14239	40	41	or	or	CCONJ
cblr-14239	40	42	omission	omission	NOUN
cblr-14239	40	43	,	,	PUNCT
cblr-14239	40	44	to	to	ADP
cblr-14239	40	45	“	"	PUNCT
cblr-14239	40	46	the	the	DET
cblr-14239	40	47	person	person	NOUN
cblr-14239	40	48	purchasing	purchase	VERB
cblr-14239	40	49	such	such	ADJ
cblr-14239	40	50	security	security	NOUN
cblr-14239	40	51	from	from	ADP
cblr-14239	40	52	him	he	PRON
cblr-14239	40	53	.	.	PUNCT
cblr-14239	40	54	”4	”4	PUNCT
cblr-14239	41	1	whilst	whilst	SCONJ
cblr-14239	41	2	the	the	DET
cblr-14239	41	3	statute	statute	NOUN
cblr-14239	41	4	grants	grant	VERB
cblr-14239	41	5	a	a	DET
cblr-14239	41	6	purchaser	purchaser	NOUN
cblr-14239	41	7	a	a	DET
cblr-14239	41	8	claim	claim	NOUN
cblr-14239	41	9	for	for	ADP
cblr-14239	41	10	relief	relief	NOUN
cblr-14239	41	11	to	to	PART
cblr-14239	41	12	compensate	compensate	VERB
cblr-14239	41	13	injuries	injury	NOUN
cblr-14239	41	14	suffered	suffer	VERB
cblr-14239	41	15	from	from	ADP
cblr-14239	41	16	a	a	DET
cblr-14239	41	17	securities	security	NOUN
cblr-14239	41	18	transaction	transaction	NOUN
cblr-14239	41	19	predicated	predicate	VERB
cblr-14239	41	20	on	on	ADP
cblr-14239	41	21	misrepresentations	misrepresentation	NOUN
cblr-14239	41	22	or	or	CCONJ
cblr-14239	41	23	omissions	omission	NOUN
cblr-14239	41	24	,	,	PUNCT
cblr-14239	41	25	it	it	PRON
cblr-14239	41	26	also	also	ADV
cblr-14239	41	27	serves	serve	VERB
cblr-14239	41	28	to	to	PART
cblr-14239	41	29	incentivize	incentivize	VERB
cblr-14239	41	30	seller	seller	NOUN
cblr-14239	41	31	behavior.5	behavior.5	PROPN
cblr-14239	41	32	for	for	ADP
cblr-14239	41	33	issuers	issuer	NOUN
cblr-14239	41	34	offering	offer	VERB
cblr-14239	41	35	or	or	CCONJ
cblr-14239	41	36	selling	sell	VERB
cblr-14239	41	37	securities	security	NOUN
cblr-14239	41	38	,	,	PUNCT
cblr-14239	41	39	the	the	DET
cblr-14239	41	40	risk	risk	NOUN
cblr-14239	41	41	of	of	ADP
cblr-14239	41	42	liability	liability	NOUN
cblr-14239	41	43	for	for	ADP
cblr-14239	41	44	misstatements	misstatement	NOUN
cblr-14239	41	45	or	or	CCONJ
cblr-14239	41	46	omissions	omission	NOUN
cblr-14239	41	47	encourages	encourage	VERB
cblr-14239	41	48	accurate	accurate	ADJ
cblr-14239	41	49	and	and	CCONJ
cblr-14239	41	50	truthful	truthful	ADJ
cblr-14239	41	51	representations	representation	NOUN
cblr-14239	41	52	in	in	ADP
cblr-14239	41	53	the	the	DET
cblr-14239	41	54	course	course	NOUN
cblr-14239	41	55	of	of	ADP
cblr-14239	41	56	the	the	DET
cblr-14239	41	57	transaction.6	transaction.6	PROPN
cblr-14239	41	58	3	3	NUM
cblr-14239	41	59	rachel	rachel	PROPN
cblr-14239	41	60	epstein	epstein	PROPN
cblr-14239	41	61	,	,	PUNCT
cblr-14239	41	62	“	"	PUNCT
cblr-14239	41	63	smart	smart	ADJ
cblr-14239	41	64	securities	security	NOUN
cblr-14239	41	65	”	"	PUNCT
cblr-14239	41	66	and	and	CCONJ
cblr-14239	41	67	the	the	DET
cblr-14239	41	68	future	future	NOUN
cblr-14239	41	69	of	of	ADP
cblr-14239	41	70	securities	security	NOUN
cblr-14239	41	71	regulation	regulation	NOUN
cblr-14239	41	72	,	,	PUNCT
cblr-14239	41	73	90feb	90feb	NOUN
cblr-14239	41	74	.	.	PUNCT
cblr-14239	42	1	n.y	n.y	PROPN
cblr-14239	42	2	.	.	PROPN
cblr-14239	42	3	st	st	PROPN
cblr-14239	42	4	.	.	PROPN
cblr-14239	42	5	bar	bar	PROPN
cblr-14239	42	6	ass’n	ass’n	PROPN
cblr-14239	42	7	j.	j.	PROPN
cblr-14239	42	8	34	34	NUM
cblr-14239	42	9	,	,	PUNCT
cblr-14239	42	10	35	35	NUM
cblr-14239	42	11	(	(	PUNCT
cblr-14239	42	12	2018	2018	NUM
cblr-14239	42	13	)	)	PUNCT
cblr-14239	42	14	.	.	PUNCT
cblr-14239	43	1	but	but	CCONJ
cblr-14239	43	2	see	see	VERB
cblr-14239	43	3	zohar	zohar	PROPN
cblr-14239	43	4	goshen	goshen	PROPN
cblr-14239	43	5	&	&	CCONJ
cblr-14239	43	6	gideon	gideon	PROPN
cblr-14239	43	7	parchomovsky	parchomovsky	PROPN
cblr-14239	43	8	,	,	PUNCT
cblr-14239	43	9	the	the	DET
cblr-14239	43	10	essential	essential	ADJ
cblr-14239	43	11	role	role	NOUN
cblr-14239	43	12	of	of	ADP
cblr-14239	43	13	securities	security	NOUN
cblr-14239	43	14	regulation	regulation	NOUN
cblr-14239	43	15	,	,	PUNCT
cblr-14239	43	16	55	55	NUM
cblr-14239	43	17	duke	duke	PROPN
cblr-14239	43	18	l.j	l.j	PROPN
cblr-14239	43	19	.	.	PROPN
cblr-14239	43	20	711	711	NUM
cblr-14239	43	21	,	,	PUNCT
cblr-14239	43	22	713–14	713–14	NUM
cblr-14239	43	23	(	(	PUNCT
cblr-14239	43	24	suggesting	suggest	VERB
cblr-14239	43	25	that	that	SCONJ
cblr-14239	43	26	“	"	PUNCT
cblr-14239	43	27	[	[	X
cblr-14239	43	28	s]ecurities	s]ecuritie	NOUN
cblr-14239	43	29	regulation	regulation	NOUN
cblr-14239	43	30	is	be	AUX
cblr-14239	43	31	not	not	PART
cblr-14239	43	32	a	a	DET
cblr-14239	43	33	consumer	consumer	NOUN
cblr-14239	43	34	protection	protection	NOUN
cblr-14239	43	35	law	law	NOUN
cblr-14239	43	36	”	"	PUNCT
cblr-14239	43	37	but	but	CCONJ
cblr-14239	43	38	a	a	DET
cblr-14239	43	39	regime	regime	NOUN
cblr-14239	43	40	to	to	PART
cblr-14239	43	41	attain	attain	VERB
cblr-14239	43	42	market	market	NOUN
cblr-14239	43	43	efficiency	efficiency	NOUN
cblr-14239	43	44	)	)	PUNCT
cblr-14239	43	45	.	.	PUNCT
cblr-14239	44	1	the	the	DET
cblr-14239	44	2	benefits	benefit	NOUN
cblr-14239	44	3	of	of	ADP
cblr-14239	44	4	market	market	NOUN
cblr-14239	44	5	efficiency	efficiency	NOUN
cblr-14239	44	6	,	,	PUNCT
cblr-14239	44	7	namely	namely	ADV
cblr-14239	44	8	accurate	accurate	ADJ
cblr-14239	44	9	pricing	pricing	NOUN
cblr-14239	44	10	and	and	CCONJ
cblr-14239	44	11	liquidity	liquidity	NOUN
cblr-14239	44	12	,	,	PUNCT
cblr-14239	44	13	confer	confer	NOUN
cblr-14239	44	14	benefits	benefit	NOUN
cblr-14239	44	15	to	to	ADP
cblr-14239	44	16	investors	investor	NOUN
cblr-14239	44	17	in	in	ADP
cblr-14239	44	18	the	the	DET
cblr-14239	44	19	form	form	NOUN
cblr-14239	44	20	of	of	ADP
cblr-14239	44	21	greater	great	ADJ
cblr-14239	44	22	confidence	confidence	NOUN
cblr-14239	44	23	and	and	CCONJ
cblr-14239	44	24	access	access	NOUN
cblr-14239	44	25	to	to	ADP
cblr-14239	44	26	transactions	transaction	NOUN
cblr-14239	44	27	.	.	PUNCT
cblr-14239	45	1	4	4	NUM
cblr-14239	45	2	15	15	NUM
cblr-14239	45	3	u.s.c	u.s.c	NOUN
cblr-14239	45	4	.	.	PUNCT
cblr-14239	46	1	§	§	PROPN
cblr-14239	46	2	77l(a	77l(a	NUM
cblr-14239	46	3	)	)	PUNCT
cblr-14239	46	4	.	.	PUNCT
cblr-14239	47	1	5	5	NUM
cblr-14239	47	2	william	william	PROPN
cblr-14239	47	3	o.	o.	PROPN
cblr-14239	47	4	douglas	douglas	PROPN
cblr-14239	47	5	&	&	CCONJ
cblr-14239	47	6	george	george	PROPN
cblr-14239	47	7	e.	e.	PROPN
cblr-14239	47	8	bates	bates	PROPN
cblr-14239	47	9	,	,	PUNCT
cblr-14239	47	10	the	the	DET
cblr-14239	47	11	federal	federal	ADJ
cblr-14239	47	12	securities	securities	PROPN
cblr-14239	47	13	act	act	NOUN
cblr-14239	47	14	of	of	ADP
cblr-14239	47	15	1933	1933	NUM
cblr-14239	47	16	,	,	PUNCT
cblr-14239	47	17	43	43	NUM
cblr-14239	47	18	yale	yale	PROPN
cblr-14239	47	19	l.j	l.j	PROPN
cblr-14239	47	20	.	.	PROPN
cblr-14239	47	21	171	171	NUM
cblr-14239	47	22	,	,	PUNCT
cblr-14239	47	23	173	173	NUM
cblr-14239	47	24	(	(	PUNCT
cblr-14239	47	25	1933	1933	NUM
cblr-14239	47	26	)	)	PUNCT
cblr-14239	47	27	(	(	PUNCT
cblr-14239	47	28	footnotes	footnote	NOUN
cblr-14239	47	29	omitted	omit	VERB
cblr-14239	47	30	)	)	PUNCT
cblr-14239	47	31	(	(	PUNCT
cblr-14239	47	32	“	"	PUNCT
cblr-14239	47	33	the	the	DET
cblr-14239	47	34	civil	civil	ADJ
cblr-14239	47	35	liabilities	liability	NOUN
cblr-14239	47	36	imposed	impose	VERB
cblr-14239	47	37	by	by	ADP
cblr-14239	47	38	the	the	DET
cblr-14239	47	39	act	act	NOUN
cblr-14239	47	40	are	be	AUX
cblr-14239	47	41	not	not	PART
cblr-14239	47	42	only	only	ADV
cblr-14239	47	43	compensatory	compensatory	ADJ
cblr-14239	47	44	in	in	ADP
cblr-14239	47	45	nature	nature	NOUN
cblr-14239	47	46	but	but	CCONJ
cblr-14239	47	47	also	also	ADV
cblr-14239	47	48	in	in	ADP
cblr-14239	47	49	terrorem	terrorem	ADJ
cblr-14239	47	50	.	.	PUNCT
cblr-14239	47	51	”	"	PUNCT
cblr-14239	47	52	)	)	PUNCT
cblr-14239	47	53	.	.	PUNCT
cblr-14239	48	1	6	6	NUM
cblr-14239	48	2	i	i	PROPN
cblr-14239	48	3	d.	d.	PROPN
cblr-14239	48	4	(	(	PUNCT
cblr-14239	48	5	“	"	PUNCT
cblr-14239	48	6	they	they	PRON
cblr-14239	48	7	[	[	X
cblr-14239	48	8	the	the	DET
cblr-14239	48	9	civil	civil	ADJ
cblr-14239	48	10	liabilities	liability	NOUN
cblr-14239	48	11	]	]	PUNCT
cblr-14239	48	12	have	have	AUX
cblr-14239	48	13	been	be	AUX
cblr-14239	48	14	set	set	VERB
cblr-14239	48	15	high	high	ADJ
cblr-14239	48	16	to	to	PART
cblr-14239	48	17	guarantee	guarantee	VERB
cblr-14239	48	18	that	that	SCONJ
cblr-14239	48	19	the	the	DET
cblr-14239	48	20	risk	risk	NOUN
cblr-14239	48	21	of	of	ADP
cblr-14239	48	22	their	their	PRON
cblr-14239	48	23	invocation	invocation	NOUN
cblr-14239	48	24	will	will	AUX
cblr-14239	48	25	be	be	AUX
cblr-14239	48	26	effective	effective	ADJ
cblr-14239	48	27	in	in	ADP
cblr-14239	48	28	assuring	assure	VERB
cblr-14239	48	29	that	that	SCONJ
cblr-14239	48	30	the	the	DET
cblr-14239	48	31	‘	'	PUNCT
cblr-14239	48	32	truth	truth	NOUN
cblr-14239	48	33	about	about	ADP
cblr-14239	48	34	securities	security	NOUN
cblr-14239	48	35	’	'	PUNCT
cblr-14239	48	36	will	will	AUX
cblr-14239	48	37	be	be	AUX
cblr-14239	48	38	told	tell	VERB
cblr-14239	48	39	.	.	PUNCT
cblr-14239	48	40	”	"	PUNCT
cblr-14239	48	41	)	)	PUNCT
cblr-14239	48	42	.	.	PUNCT
cblr-14239	49	1	no	no	INTJ
cblr-14239	49	2	.	.	NOUN
cblr-14239	49	3	2	2	NUM
cblr-14239	49	4	]	]	PUNCT
cblr-14239	49	5	with	with	ADP
cblr-14239	49	6	whom	whom	PRON
cblr-14239	49	7	is	be	AUX
cblr-14239	49	8	your	your	PRON
cblr-14239	49	9	issue	issue	NOUN
cblr-14239	49	10	?	?	PUNCT
cblr-14239	50	1	795	795	NUM
cblr-14239	50	2	the	the	DET
cblr-14239	50	3	burden	burden	NOUN
cblr-14239	50	4	of	of	ADP
cblr-14239	50	5	investor	investor	NOUN
cblr-14239	50	6	protection	protection	NOUN
cblr-14239	50	7	,	,	PUNCT
cblr-14239	50	8	and	and	CCONJ
cblr-14239	50	9	thus	thus	ADV
cblr-14239	50	10	the	the	DET
cblr-14239	50	11	scope	scope	NOUN
cblr-14239	50	12	of	of	ADP
cblr-14239	50	13	seller	seller	NOUN
cblr-14239	50	14	liability	liability	NOUN
cblr-14239	50	15	,	,	PUNCT
cblr-14239	50	16	extends	extend	VERB
cblr-14239	50	17	beyond	beyond	ADP
cblr-14239	50	18	the	the	DET
cblr-14239	50	19	owner	owner	NOUN
cblr-14239	50	20	of	of	ADP
cblr-14239	50	21	the	the	DET
cblr-14239	50	22	security	security	NOUN
cblr-14239	50	23	prior	prior	ADV
cblr-14239	50	24	to	to	ADP
cblr-14239	50	25	the	the	DET
cblr-14239	50	26	transaction	transaction	NOUN
cblr-14239	50	27	.	.	PUNCT
cblr-14239	51	1	the	the	DET
cblr-14239	51	2	supreme	supreme	PROPN
cblr-14239	51	3	court	court	PROPN
cblr-14239	51	4	rejected	reject	VERB
cblr-14239	51	5	a	a	DET
cblr-14239	51	6	narrow	narrow	ADJ
cblr-14239	51	7	definition	definition	NOUN
cblr-14239	51	8	when	when	SCONJ
cblr-14239	51	9	it	it	PRON
cblr-14239	51	10	held	hold	VERB
cblr-14239	51	11	that	that	SCONJ
cblr-14239	51	12	the	the	DET
cblr-14239	51	13	scope	scope	NOUN
cblr-14239	51	14	of	of	ADP
cblr-14239	51	15	seller	seller	NOUN
cblr-14239	51	16	liability	liability	NOUN
cblr-14239	51	17	under	under	ADP
cblr-14239	51	18	section	section	NOUN
cblr-14239	51	19	12(1)7	12(1)7	NUM
cblr-14239	51	20	of	of	ADP
cblr-14239	51	21	the	the	DET
cblr-14239	51	22	securities	security	NOUN
cblr-14239	51	23	act	act	NOUN
cblr-14239	51	24	is	be	AUX
cblr-14239	51	25	not	not	PART
cblr-14239	51	26	limited	limit	VERB
cblr-14239	51	27	to	to	ADP
cblr-14239	51	28	“	"	PUNCT
cblr-14239	51	29	persons	person	NOUN
cblr-14239	51	30	who	who	PRON
cblr-14239	51	31	pass	pass	VERB
cblr-14239	51	32	title	title	NOUN
cblr-14239	51	33	.	.	PUNCT
cblr-14239	51	34	”8	”8	PUNCT
cblr-14239	51	35	section	section	NOUN
cblr-14239	51	36	12(a)(2	12(a)(2	NUM
cblr-14239	51	37	)	)	PUNCT
cblr-14239	51	38	creates	create	VERB
cblr-14239	51	39	a	a	DET
cblr-14239	51	40	private	private	ADJ
cblr-14239	51	41	right	right	NOUN
cblr-14239	51	42	of	of	ADP
cblr-14239	51	43	action	action	NOUN
cblr-14239	51	44	against	against	ADP
cblr-14239	51	45	an	an	DET
cblr-14239	51	46	offeror	offeror	NOUN
cblr-14239	51	47	,	,	PUNCT
cblr-14239	51	48	in	in	ADP
cblr-14239	51	49	addition	addition	NOUN
cblr-14239	51	50	to	to	ADP
cblr-14239	51	51	a	a	DET
cblr-14239	51	52	seller	seller	NOUN
cblr-14239	51	53	,	,	PUNCT
cblr-14239	51	54	upon	upon	SCONJ
cblr-14239	51	55	injury	injury	NOUN
cblr-14239	51	56	suffered	suffer	VERB
cblr-14239	51	57	by	by	ADP
cblr-14239	51	58	a	a	DET
cblr-14239	51	59	purchaser	purchaser	NOUN
cblr-14239	51	60	after	after	SCONJ
cblr-14239	51	61	the	the	DET
cblr-14239	51	62	sale	sale	NOUN
cblr-14239	51	63	of	of	ADP
cblr-14239	51	64	a	a	DET
cblr-14239	51	65	security.9	security.9	PROPN
cblr-14239	51	66	congress	congress	PROPN
cblr-14239	51	67	included	include	VERB
cblr-14239	51	68	offerors	offeror	NOUN
cblr-14239	51	69	within	within	ADP
cblr-14239	51	70	the	the	DET
cblr-14239	51	71	statute	statute	NOUN
cblr-14239	51	72	’s	’s	PART
cblr-14239	51	73	scope	scope	NOUN
cblr-14239	51	74	to	to	AUX
cblr-14239	51	75	more	more	ADV
cblr-14239	51	76	explicitly	explicitly	ADV
cblr-14239	51	77	capture	capture	VERB
cblr-14239	51	78	people	people	NOUN
cblr-14239	51	79	who	who	PRON
cblr-14239	51	80	solicit	solicit	VERB
cblr-14239	51	81	investors	investor	NOUN
cblr-14239	51	82	without	without	ADP
cblr-14239	51	83	directly	directly	ADV
cblr-14239	51	84	owning	own	VERB
cblr-14239	51	85	the	the	DET
cblr-14239	51	86	securities	security	NOUN
cblr-14239	51	87	,	,	PUNCT
cblr-14239	51	88	like	like	ADP
cblr-14239	51	89	brokers	broker	NOUN
cblr-14239	51	90	,	,	PUNCT
cblr-14239	51	91	even	even	ADV
cblr-14239	51	92	though	though	SCONJ
cblr-14239	51	93	such	such	ADJ
cblr-14239	51	94	solicitors	solicitor	NOUN
cblr-14239	51	95	were	be	AUX
cblr-14239	51	96	initially	initially	ADV
cblr-14239	51	97	included	include	VERB
cblr-14239	51	98	in	in	ADP
cblr-14239	51	99	the	the	DET
cblr-14239	51	100	original	original	ADJ
cblr-14239	51	101	definition	definition	NOUN
cblr-14239	51	102	of	of	ADP
cblr-14239	51	103	a	a	DET
cblr-14239	51	104	seller	seller	NOUN
cblr-14239	51	105	under	under	ADP
cblr-14239	51	106	section	section	NOUN
cblr-14239	51	107	2(3).10	2(3).10	PROPN
cblr-14239	51	108	the	the	DET
cblr-14239	51	109	court	court	NOUN
cblr-14239	51	110	reasons	reason	NOUN
cblr-14239	51	111	that	that	SCONJ
cblr-14239	51	112	because	because	SCONJ
cblr-14239	51	113	“	"	PUNCT
cblr-14239	51	114	brokers	broker	NOUN
cblr-14239	51	115	and	and	CCONJ
cblr-14239	51	116	other	other	ADJ
cblr-14239	51	117	solicitors	solicitor	NOUN
cblr-14239	51	118	are	be	AUX
cblr-14239	51	119	well	well	ADV
cblr-14239	51	120	positioned	positioned	ADJ
cblr-14239	51	121	to	to	PART
cblr-14239	51	122	control	control	VERB
cblr-14239	51	123	the	the	DET
cblr-14239	51	124	flow	flow	NOUN
cblr-14239	51	125	of	of	ADP
cblr-14239	51	126	information	information	NOUN
cblr-14239	51	127	to	to	ADP
cblr-14239	51	128	a	a	DET
cblr-14239	51	129	potential	potential	ADJ
cblr-14239	51	130	purchaser	purchaser	NOUN
cblr-14239	51	131	”	"	PUNCT
cblr-14239	51	132	and	and	CCONJ
cblr-14239	51	133	are	be	AUX
cblr-14239	51	134	those	those	PRON
cblr-14239	51	135	who	who	PRON
cblr-14239	51	136	“	"	PUNCT
cblr-14239	51	137	most	most	ADV
cblr-14239	51	138	often	often	ADV
cblr-14239	51	139	disseminate	disseminate	VERB
cblr-14239	51	140	material	material	NOUN
cblr-14239	51	141	information	information	NOUN
cblr-14239	51	142	to	to	ADP
cblr-14239	51	143	investors	investor	NOUN
cblr-14239	51	144	,	,	PUNCT
cblr-14239	51	145	”	"	PUNCT
cblr-14239	51	146	solicitation	solicitation	NOUN
cblr-14239	51	147	is	be	AUX
cblr-14239	51	148	the	the	DET
cblr-14239	51	149	stage	stage	NOUN
cblr-14239	51	150	of	of	ADP
cblr-14239	51	151	a	a	DET
cblr-14239	51	152	securities	security	NOUN
cblr-14239	51	153	sale	sale	NOUN
cblr-14239	51	154	at	at	ADP
cblr-14239	51	155	which	which	PRON
cblr-14239	51	156	investors	investor	NOUN
cblr-14239	51	157	are	be	AUX
cblr-14239	51	158	most	most	ADV
cblr-14239	51	159	at	at	ADP
cblr-14239	51	160	risk	risk	NOUN
cblr-14239	51	161	of	of	ADP
cblr-14239	51	162	being	be	AUX
cblr-14239	51	163	induced	induce	VERB
cblr-14239	51	164	to	to	PART
cblr-14239	51	165	purchase	purchase	VERB
cblr-14239	51	166	securities	security	NOUN
cblr-14239	51	167	without	without	ADP
cblr-14239	51	168	complete	complete	ADJ
cblr-14239	51	169	information	information	NOUN
cblr-14239	51	170	and	and	CCONJ
cblr-14239	51	171	are	be	AUX
cblr-14239	51	172	most	most	ADV
cblr-14239	51	173	likely	likely	ADJ
cblr-14239	51	174	to	to	PART
cblr-14239	51	175	suffer	suffer	VERB
cblr-14239	51	176	injuries.11	injuries.11	NOUN
cblr-14239	51	177	extending	extend	VERB
cblr-14239	51	178	liability	liability	NOUN
cblr-14239	51	179	to	to	ADP
cblr-14239	51	180	solicitors	solicitor	NOUN
cblr-14239	51	181	,	,	PUNCT
cblr-14239	51	182	therefore	therefore	ADV
cblr-14239	51	183	,	,	PUNCT
cblr-14239	51	184	facilitates	facilitate	VERB
cblr-14239	51	185	the	the	DET
cblr-14239	51	186	in	in	ADP
cblr-14239	51	187	terorrem	terorrem	VERB
cblr-14239	51	188	incentives	incentive	NOUN
cblr-14239	51	189	for	for	ADP
cblr-14239	51	190	investor	investor	NOUN
cblr-14239	51	191	protection	protection	NOUN
cblr-14239	51	192	that	that	PRON
cblr-14239	51	193	the	the	DET
cblr-14239	51	194	securities	security	NOUN
cblr-14239	51	195	act	act	NOUN
cblr-14239	51	196	was	be	AUX
cblr-14239	51	197	designed	design	VERB
cblr-14239	51	198	to	to	PART
cblr-14239	51	199	advance.12	advance.12	VERB
cblr-14239	51	200	not	not	PART
cblr-14239	51	201	all	all	DET
cblr-14239	51	202	participants	participant	NOUN
cblr-14239	51	203	in	in	ADP
cblr-14239	51	204	a	a	DET
cblr-14239	51	205	transaction	transaction	NOUN
cblr-14239	51	206	,	,	PUNCT
cblr-14239	51	207	though	though	ADV
cblr-14239	51	208	,	,	PUNCT
cblr-14239	51	209	are	be	AUX
cblr-14239	51	210	subject	subject	ADJ
cblr-14239	51	211	to	to	ADP
cblr-14239	51	212	seller	seller	NOUN
cblr-14239	51	213	liability	liability	NOUN
cblr-14239	51	214	,	,	PUNCT
cblr-14239	51	215	even	even	ADV
cblr-14239	51	216	if	if	SCONJ
cblr-14239	51	217	they	they	PRON
cblr-14239	51	218	engaged	engage	VERB
cblr-14239	51	219	in	in	ADP
cblr-14239	51	220	the	the	DET
cblr-14239	51	221	solicitation	solicitation	NOUN
cblr-14239	51	222	of	of	ADP
cblr-14239	51	223	investors	investor	NOUN
cblr-14239	51	224	who	who	PRON
cblr-14239	51	225	ultimately	ultimately	ADV
cblr-14239	51	226	purchase	purchase	VERB
cblr-14239	51	227	the	the	DET
cblr-14239	51	228	securities	security	NOUN
cblr-14239	51	229	being	be	AUX
cblr-14239	51	230	marketed	market	VERB
cblr-14239	51	231	.	.	PUNCT
cblr-14239	52	1	liability	liability	NOUN
cblr-14239	52	2	excludes	exclude	NOUN
cblr-14239	52	3	disinterested	disinterested	ADJ
cblr-14239	52	4	,	,	PUNCT
cblr-14239	52	5	gratuitous	gratuitous	ADJ
cblr-14239	52	6	suggestions	suggestion	NOUN
cblr-14239	52	7	and	and	CCONJ
cblr-14239	52	8	extends	extend	VERB
cblr-14239	52	9	only	only	ADV
cblr-14239	52	10	to	to	ADP
cblr-14239	52	11	people	people	NOUN
cblr-14239	52	12	who	who	PRON
cblr-14239	52	13	successfully	successfully	ADV
cblr-14239	52	14	solicit	solicit	VERB
cblr-14239	52	15	7	7	NUM
cblr-14239	52	16	many	many	ADJ
cblr-14239	52	17	courts	court	NOUN
cblr-14239	52	18	and	and	CCONJ
cblr-14239	52	19	commentators	commentator	NOUN
cblr-14239	52	20	have	have	AUX
cblr-14239	52	21	noted	note	VERB
cblr-14239	52	22	that	that	SCONJ
cblr-14239	52	23	the	the	DET
cblr-14239	52	24	seller	seller	NOUN
cblr-14239	52	25	liability	liability	NOUN
cblr-14239	52	26	analysis	analysis	NOUN
cblr-14239	52	27	for	for	ADP
cblr-14239	52	28	section	section	NOUN
cblr-14239	52	29	12(1	12(1	NUM
cblr-14239	52	30	)	)	PUNCT
cblr-14239	52	31	is	be	AUX
cblr-14239	52	32	equivalent	equivalent	ADJ
cblr-14239	52	33	to	to	ADP
cblr-14239	52	34	the	the	DET
cblr-14239	52	35	analysis	analysis	NOUN
cblr-14239	52	36	for	for	ADP
cblr-14239	52	37	defendant	defendant	NOUN
cblr-14239	52	38	classes	class	NOUN
cblr-14239	52	39	under	under	ADP
cblr-14239	52	40	section	section	NOUN
cblr-14239	52	41	12(2	12(2	NUM
cblr-14239	52	42	)	)	PUNCT
cblr-14239	52	43	,	,	PUNCT
cblr-14239	52	44	the	the	DET
cblr-14239	52	45	precursor	precursor	NOUN
cblr-14239	52	46	to	to	ADP
cblr-14239	52	47	the	the	DET
cblr-14239	52	48	modern	modern	ADJ
cblr-14239	52	49	section	section	NOUN
cblr-14239	52	50	12(a)(2	12(a)(2	NUM
cblr-14239	52	51	)	)	PUNCT
cblr-14239	52	52	.	.	PUNCT
cblr-14239	53	1	the	the	DET
cblr-14239	53	2	pinter	pinter	PROPN
cblr-14239	53	3	court	court	NOUN
cblr-14239	53	4	,	,	PUNCT
cblr-14239	53	5	however	however	ADV
cblr-14239	53	6	,	,	PUNCT
cblr-14239	53	7	did	do	AUX
cblr-14239	53	8	not	not	PART
cblr-14239	53	9	extend	extend	VERB
cblr-14239	53	10	its	its	PRON
cblr-14239	53	11	holding	holding	NOUN
cblr-14239	53	12	to	to	ADP
cblr-14239	53	13	the	the	DET
cblr-14239	53	14	section	section	NOUN
cblr-14239	53	15	12(2	12(2	NUM
cblr-14239	53	16	)	)	PUNCT
cblr-14239	53	17	despite	despite	SCONJ
cblr-14239	53	18	the	the	DET
cblr-14239	53	19	same	same	ADJ
cblr-14239	53	20	governing	governing	NOUN
cblr-14239	53	21	language	language	NOUN
cblr-14239	53	22	of	of	ADP
cblr-14239	53	23	“	"	PUNCT
cblr-14239	53	24	offers	offer	NOUN
cblr-14239	53	25	or	or	CCONJ
cblr-14239	53	26	sells	sell	NOUN
cblr-14239	53	27	,	,	PUNCT
cblr-14239	53	28	”	"	PUNCT
cblr-14239	53	29	so	so	ADV
cblr-14239	53	30	the	the	DET
cblr-14239	53	31	generality	generality	NOUN
cblr-14239	53	32	of	of	ADP
cblr-14239	53	33	the	the	DET
cblr-14239	53	34	pinter	pinter	NOUN
cblr-14239	53	35	analysis	analysis	NOUN
cblr-14239	53	36	only	only	ADV
cblr-14239	53	37	remains	remain	VERB
cblr-14239	53	38	informative	informative	ADJ
cblr-14239	53	39	until	until	SCONJ
cblr-14239	53	40	the	the	DET
cblr-14239	53	41	court	court	NOUN
cblr-14239	53	42	revisits	revisit	VERB
cblr-14239	53	43	the	the	DET
cblr-14239	53	44	matter	matter	NOUN
cblr-14239	53	45	.	.	PUNCT
cblr-14239	54	1	see	see	VERB
cblr-14239	54	2	joseph	joseph	PROPN
cblr-14239	54	3	e.	e.	PROPN
cblr-14239	54	4	reece	reece	PROPN
cblr-14239	54	5	,	,	PUNCT
cblr-14239	54	6	would	would	AUX
cblr-14239	54	7	someone	someone	PRON
cblr-14239	54	8	please	please	INTJ
cblr-14239	54	9	tell	tell	VERB
cblr-14239	54	10	me	i	PRON
cblr-14239	54	11	the	the	DET
cblr-14239	54	12	definition	definition	NOUN
cblr-14239	54	13	of	of	ADP
cblr-14239	54	14	the	the	DET
cblr-14239	54	15	term	term	NOUN
cblr-14239	54	16	‘	'	PUNCT
cblr-14239	54	17	seller	seller	NOUN
cblr-14239	54	18	’	'	PUNCT
cblr-14239	54	19	:	:	PUNCT
cblr-14239	54	20	the	the	DET
cblr-14239	54	21	confusion	confusion	NOUN
cblr-14239	54	22	surrounding	surround	VERB
cblr-14239	54	23	section	section	NOUN
cblr-14239	54	24	12(2	12(2	NUM
cblr-14239	54	25	)	)	PUNCT
cblr-14239	54	26	of	of	ADP
cblr-14239	54	27	the	the	DET
cblr-14239	54	28	securities	security	NOUN
cblr-14239	54	29	act	act	NOUN
cblr-14239	54	30	of	of	ADP
cblr-14239	54	31	1933	1933	NUM
cblr-14239	54	32	,	,	PUNCT
cblr-14239	54	33	14	14	NUM
cblr-14239	54	34	del	del	PROPN
cblr-14239	54	35	.	.	PROPN
cblr-14239	54	36	j.	j.	PROPN
cblr-14239	54	37	corp	corp	PROPN
cblr-14239	54	38	.	.	PROPN
cblr-14239	54	39	l.	l.	PROPN
cblr-14239	54	40	35	35	NUM
cblr-14239	54	41	(	(	PUNCT
cblr-14239	54	42	1989	1989	NUM
cblr-14239	54	43	)	)	PUNCT
cblr-14239	54	44	.	.	PUNCT
cblr-14239	55	1	8	8	NUM
cblr-14239	55	2	pinter	pinter	NOUN
cblr-14239	55	3	v.	v.	ADP
cblr-14239	55	4	dahl	dahl	PROPN
cblr-14239	55	5	,	,	PUNCT
cblr-14239	55	6	486	486	NUM
cblr-14239	55	7	u.s	u.s	PROPN
cblr-14239	55	8	.	.	PROPN
cblr-14239	55	9	622	622	NUM
cblr-14239	55	10	,	,	PUNCT
cblr-14239	55	11	643	643	NUM
cblr-14239	55	12	(	(	PUNCT
cblr-14239	55	13	1988	1988	NUM
cblr-14239	55	14	)	)	PUNCT
cblr-14239	55	15	.	.	PUNCT
cblr-14239	56	1	9	9	NUM
cblr-14239	56	2	see	see	VERB
cblr-14239	56	3	15	15	NUM
cblr-14239	56	4	u.s.c	u.s.c	ADJ
cblr-14239	56	5	.	.	PUNCT
cblr-14239	57	1	§	§	PROPN
cblr-14239	57	2	77l(a)(2	77l(a)(2	PRON
cblr-14239	57	3	)	)	PUNCT
cblr-14239	57	4	.	.	PUNCT
cblr-14239	58	1	10	10	NUM
cblr-14239	58	2	see	see	VERB
cblr-14239	58	3	pinter	pinter	NOUN
cblr-14239	58	4	,	,	PUNCT
cblr-14239	58	5	486	486	NUM
cblr-14239	58	6	u.s	u.s	PROPN
cblr-14239	58	7	.	.	PROPN
cblr-14239	58	8	at	at	ADP
cblr-14239	58	9	645	645	NUM
cblr-14239	58	10	.	.	PUNCT
cblr-14239	58	11	11	11	NUM
cblr-14239	59	1	i	i	PRON
cblr-14239	59	2	d.	d.	VERB
cblr-14239	59	3	at	at	ADP
cblr-14239	59	4	646–47	646–47	NUM
cblr-14239	59	5	.	.	PROPN
cblr-14239	60	1	12	12	NUM
cblr-14239	60	2	see	see	VERB
cblr-14239	60	3	i	i	PROPN
cblr-14239	60	4	d.	d.	PROPN
cblr-14239	60	5	at	at	ADP
cblr-14239	60	6	647	647	NUM
cblr-14239	60	7	.	.	PUNCT
cblr-14239	61	1	796	796	NUM
cblr-14239	61	2	columbia	columbia	PROPN
cblr-14239	61	3	business	business	NOUN
cblr-14239	61	4	law	law	PROPN
cblr-14239	61	5	review	review	NOUN
cblr-14239	61	6	[	[	X
cblr-14239	61	7	vol	vol	NOUN
cblr-14239	61	8	.	.	NOUN
cblr-14239	61	9	2024	2024	NUM
cblr-14239	61	10	the	the	DET
cblr-14239	61	11	purchase	purchase	NOUN
cblr-14239	61	12	of	of	ADP
cblr-14239	61	13	a	a	DET
cblr-14239	61	14	security	security	NOUN
cblr-14239	61	15	when	when	SCONJ
cblr-14239	61	16	the	the	DET
cblr-14239	61	17	solicitor	solicitor	PROPN
cblr-14239	61	18	is	be	AUX
cblr-14239	61	19	motivated	motivate	VERB
cblr-14239	61	20	by	by	ADP
cblr-14239	61	21	one	one	NUM
cblr-14239	61	22	’s	’s	PART
cblr-14239	61	23	own	own	ADJ
cblr-14239	61	24	financial	financial	ADJ
cblr-14239	61	25	interests	interest	NOUN
cblr-14239	61	26	or	or	CCONJ
cblr-14239	61	27	the	the	DET
cblr-14239	61	28	financial	financial	ADJ
cblr-14239	61	29	interests	interest	NOUN
cblr-14239	61	30	of	of	ADP
cblr-14239	61	31	the	the	DET
cblr-14239	61	32	security	security	NOUN
cblr-14239	61	33	owner.13	owner.13	PROPN
cblr-14239	61	34	b.	b.	PROPN
cblr-14239	61	35	traditional	traditional	ADJ
cblr-14239	61	36	application	application	NOUN
cblr-14239	61	37	of	of	ADP
cblr-14239	61	38	§	§	PROPN
cblr-14239	61	39	12(a)(2	12(a)(2	NUM
cblr-14239	61	40	)	)	PUNCT
cblr-14239	61	41	seller	seller	NOUN
cblr-14239	61	42	liability	liability	NOUN
cblr-14239	61	43	to	to	PART
cblr-14239	61	44	mass	mass	VERB
cblr-14239	61	45	communications	communication	NOUN
cblr-14239	61	46	the	the	DET
cblr-14239	61	47	contours	contours	NOUN
cblr-14239	61	48	of	of	ADP
cblr-14239	61	49	section	section	NOUN
cblr-14239	61	50	12(a)(2	12(a)(2	NUM
cblr-14239	61	51	)	)	PUNCT
cblr-14239	62	1	liability	liability	NOUN
cblr-14239	62	2	for	for	ADP
cblr-14239	62	3	financially	financially	ADV
cblr-14239	62	4	interested	interested	ADJ
cblr-14239	62	5	offerors	offeror	NOUN
cblr-14239	62	6	who	who	PRON
cblr-14239	62	7	solicit	solicit	VERB
cblr-14239	62	8	the	the	DET
cblr-14239	62	9	purchase	purchase	NOUN
cblr-14239	62	10	of	of	ADP
cblr-14239	62	11	securities	security	NOUN
cblr-14239	62	12	were	be	AUX
cblr-14239	62	13	further	far	ADV
cblr-14239	62	14	defined	define	VERB
cblr-14239	62	15	by	by	ADP
cblr-14239	62	16	two	two	NUM
cblr-14239	62	17	circuit	circuit	NOUN
cblr-14239	62	18	court	court	NOUN
cblr-14239	62	19	opinions	opinion	NOUN
cblr-14239	62	20	just	just	ADV
cblr-14239	62	21	a	a	DET
cblr-14239	62	22	year	year	NOUN
cblr-14239	62	23	apart	apart	ADV
cblr-14239	62	24	.	.	PUNCT
cblr-14239	63	1	in	in	ADP
cblr-14239	63	2	capri	capri	NOUN
cblr-14239	63	3	v.	v.	ADP
cblr-14239	63	4	murphy	murphy	PROPN
cblr-14239	63	5	,	,	PUNCT
cblr-14239	63	6	the	the	DET
cblr-14239	63	7	second	second	ADJ
cblr-14239	63	8	circuit	circuit	NOUN
cblr-14239	63	9	held	hold	VERB
cblr-14239	63	10	that	that	SCONJ
cblr-14239	63	11	a	a	DET
cblr-14239	63	12	plaintiff	plaintiff	NOUN
cblr-14239	63	13	must	must	AUX
cblr-14239	63	14	demonstrate	demonstrate	VERB
cblr-14239	63	15	that	that	SCONJ
cblr-14239	63	16	an	an	DET
cblr-14239	63	17	issuer	issuer	NOUN
cblr-14239	63	18	“	"	PUNCT
cblr-14239	63	19	actually	actually	ADV
cblr-14239	63	20	solicited	solicit	VERB
cblr-14239	63	21	”	"	PUNCT
cblr-14239	63	22	the	the	DET
cblr-14239	63	23	investment	investment	NOUN
cblr-14239	63	24	to	to	PART
cblr-14239	63	25	hold	hold	VERB
cblr-14239	63	26	an	an	DET
cblr-14239	63	27	issuer	issuer	ADJ
cblr-14239	63	28	liable	liable	ADJ
cblr-14239	63	29	for	for	ADP
cblr-14239	63	30	misrepresentations	misrepresentation	NOUN
cblr-14239	63	31	and	and	CCONJ
cblr-14239	63	32	omissions	omission	NOUN
cblr-14239	63	33	in	in	ADP
cblr-14239	63	34	a	a	DET
cblr-14239	63	35	security	security	NOUN
cblr-14239	63	36	transaction.14	transaction.14	PRON
cblr-14239	63	37	similarly	similarly	ADV
cblr-14239	63	38	,	,	PUNCT
cblr-14239	63	39	the	the	DET
cblr-14239	63	40	third	third	ADJ
cblr-14239	63	41	circuit	circuit	NOUN
cblr-14239	63	42	in	in	ADP
cblr-14239	63	43	craftmatic	craftmatic	ADJ
cblr-14239	63	44	securities	security	NOUN
cblr-14239	63	45	litigation	litigation	PROPN
cblr-14239	63	46	v.	v.	ADP
cblr-14239	63	47	kraftsow	kraftsow	PROPN
cblr-14239	63	48	held	hold	VERB
cblr-14239	63	49	that	that	SCONJ
cblr-14239	63	50	collateral	collateral	ADJ
cblr-14239	63	51	participation	participation	NOUN
cblr-14239	63	52	in	in	ADP
cblr-14239	63	53	transaction	transaction	NOUN
cblr-14239	63	54	-	-	PUNCT
cblr-14239	63	55	related	relate	VERB
cblr-14239	63	56	activities	activity	NOUN
cblr-14239	63	57	is	be	AUX
cblr-14239	63	58	insufficient	insufficient	ADJ
cblr-14239	63	59	for	for	ADP
cblr-14239	63	60	the	the	DET
cblr-14239	63	61	invocation	invocation	NOUN
cblr-14239	63	62	of	of	ADP
cblr-14239	63	63	section	section	NOUN
cblr-14239	63	64	12(a)(2	12(a)(2	NUM
cblr-14239	63	65	)	)	PUNCT
cblr-14239	63	66	liability	liability	NOUN
cblr-14239	63	67	and	and	CCONJ
cblr-14239	63	68	that	that	SCONJ
cblr-14239	63	69	the	the	DET
cblr-14239	63	70	offeror	offeror	NOUN
cblr-14239	63	71	must	must	AUX
cblr-14239	63	72	have	have	AUX
cblr-14239	63	73	directly	directly	ADV
cblr-14239	63	74	and	and	CCONJ
cblr-14239	63	75	actively	actively	ADV
cblr-14239	63	76	participated	participate	VERB
cblr-14239	63	77	in	in	ADP
cblr-14239	63	78	the	the	DET
cblr-14239	63	79	solicitation	solicitation	NOUN
cblr-14239	63	80	to	to	PART
cblr-14239	63	81	be	be	AUX
cblr-14239	63	82	held	hold	VERB
cblr-14239	63	83	liable	liable	ADJ
cblr-14239	63	84	under	under	ADP
cblr-14239	63	85	the	the	DET
cblr-14239	63	86	statute.15	statute.15	NOUN
cblr-14239	63	87	informing	inform	VERB
cblr-14239	63	88	the	the	DET
cblr-14239	63	89	second	second	ADJ
cblr-14239	63	90	circuit	circuit	NOUN
cblr-14239	63	91	’s	’s	PART
cblr-14239	63	92	application	application	NOUN
cblr-14239	63	93	of	of	ADP
cblr-14239	63	94	section	section	NOUN
cblr-14239	63	95	12(a)(2	12(a)(2	NUM
cblr-14239	63	96	)	)	PUNCT
cblr-14239	63	97	over	over	ADP
cblr-14239	63	98	the	the	DET
cblr-14239	63	99	four	four	NUM
cblr-14239	63	100	decades	decade	NOUN
cblr-14239	63	101	since	since	SCONJ
cblr-14239	63	102	capri	capri	NOUN
cblr-14239	63	103	are	be	AUX
cblr-14239	63	104	the	the	DET
cblr-14239	63	105	nuances	nuance	NOUN
cblr-14239	63	106	of	of	ADP
cblr-14239	63	107	the	the	DET
cblr-14239	63	108	actual	actual	ADJ
cblr-14239	63	109	solicitation	solicitation	NOUN
cblr-14239	63	110	standard	standard	NOUN
cblr-14239	63	111	presented	present	VERB
cblr-14239	63	112	by	by	ADP
cblr-14239	63	113	judge	judge	NOUN
cblr-14239	63	114	miner	miner	NOUN
cblr-14239	63	115	.	.	PUNCT
cblr-14239	64	1	to	to	PART
cblr-14239	64	2	establish	establish	VERB
cblr-14239	64	3	sufficient	sufficient	ADJ
cblr-14239	64	4	solicitation	solicitation	NOUN
cblr-14239	64	5	for	for	ADP
cblr-14239	64	6	the	the	DET
cblr-14239	64	7	purposes	purpose	NOUN
cblr-14239	64	8	of	of	ADP
cblr-14239	64	9	seller	seller	NOUN
cblr-14239	64	10	liability	liability	NOUN
cblr-14239	64	11	,	,	PUNCT
cblr-14239	64	12	the	the	DET
cblr-14239	64	13	capri	capri	NOUN
cblr-14239	64	14	court	court	NOUN
cblr-14239	64	15	relied	rely	VERB
cblr-14239	64	16	on	on	ADP
cblr-14239	64	17	the	the	DET
cblr-14239	64	18	fact	fact	NOUN
cblr-14239	64	19	that	that	SCONJ
cblr-14239	64	20	two	two	NUM
cblr-14239	64	21	general	general	ADJ
cblr-14239	64	22	partners	partner	NOUN
cblr-14239	64	23	of	of	ADP
cblr-14239	64	24	a	a	DET
cblr-14239	64	25	coal	coal	NOUN
cblr-14239	64	26	mining	mining	NOUN
cblr-14239	64	27	venture	venture	NOUN
cblr-14239	64	28	“	"	PUNCT
cblr-14239	64	29	prepared	prepare	VERB
cblr-14239	64	30	and	and	CCONJ
cblr-14239	64	31	circulated	circulate	VERB
cblr-14239	64	32	”	"	PUNCT
cblr-14239	64	33	a	a	DET
cblr-14239	64	34	prospectus	prospectus	NOUN
cblr-14239	64	35	that	that	PRON
cblr-14239	64	36	contained	contain	VERB
cblr-14239	64	37	a	a	DET
cblr-14239	64	38	material	material	NOUN
cblr-14239	64	39	omission	omission	NOUN
cblr-14239	64	40	to	to	ADP
cblr-14239	64	41	plaintiffinvestors.16	plaintiffinvestors.16	PROPN
cblr-14239	64	42	further	far	ADV
cblr-14239	64	43	,	,	PUNCT
cblr-14239	64	44	the	the	DET
cblr-14239	64	45	partners	partner	NOUN
cblr-14239	64	46	contemplated	contemplate	VERB
cblr-14239	64	47	and	and	CCONJ
cblr-14239	64	48	authorized	authorize	VERB
cblr-14239	64	49	the	the	DET
cblr-14239	64	50	actions	action	NOUN
cblr-14239	64	51	taken	take	VERB
cblr-14239	64	52	by	by	ADP
cblr-14239	64	53	their	their	PRON
cblr-14239	64	54	retained	retain	VERB
cblr-14239	64	55	attorney	attorney	NOUN
cblr-14239	64	56	“	"	PUNCT
cblr-14239	64	57	in	in	ADP
cblr-14239	64	58	relation	relation	NOUN
cblr-14239	64	59	to	to	ADP
cblr-14239	64	60	the	the	DET
cblr-14239	64	61	investors	investor	NOUN
cblr-14239	64	62	,	,	PUNCT
cblr-14239	64	63	”	"	PUNCT
cblr-14239	64	64	imputing	impute	VERB
cblr-14239	64	65	liability	liability	NOUN
cblr-14239	64	66	to	to	ADP
cblr-14239	64	67	the	the	DET
cblr-14239	64	68	general	general	ADJ
cblr-14239	64	69	partners	partner	NOUN
cblr-14239	64	70	in	in	ADP
cblr-14239	64	71	addition	addition	NOUN
cblr-14239	64	72	to	to	ADP
cblr-14239	64	73	the	the	DET
cblr-14239	64	74	attorney.17	attorney.17	NOUN
cblr-14239	64	75	a	a	DET
cblr-14239	64	76	stricter	strict	ADJ
cblr-14239	64	77	standard	standard	NOUN
cblr-14239	64	78	than	than	ADP
cblr-14239	64	79	simply	simply	ADV
cblr-14239	64	80	reaching	reach	VERB
cblr-14239	64	81	a	a	DET
cblr-14239	64	82	class	class	NOUN
cblr-14239	64	83	of	of	ADP
cblr-14239	64	84	potential	potential	ADJ
cblr-14239	64	85	investors	investor	NOUN
cblr-14239	64	86	with	with	ADP
cblr-14239	64	87	solicitation	solicitation	NOUN
cblr-14239	64	88	materials	material	NOUN
cblr-14239	64	89	is	be	AUX
cblr-14239	64	90	necessary	necessary	ADJ
cblr-14239	64	91	for	for	ADP
cblr-14239	64	92	seller	seller	NOUN
cblr-14239	64	93	liability	liability	NOUN
cblr-14239	64	94	under	under	ADP
cblr-14239	64	95	section	section	NOUN
cblr-14239	64	96	12(a)(2	12(a)(2	NUM
cblr-14239	64	97	)	)	PUNCT
cblr-14239	64	98	in	in	ADP
cblr-14239	64	99	the	the	DET
cblr-14239	64	100	third	third	ADJ
cblr-14239	64	101	circuit	circuit	NOUN
cblr-14239	64	102	as	as	ADP
cblr-14239	64	103	13	13	NUM
cblr-14239	64	104	i	i	PROPN
cblr-14239	64	105	d.	d.	PROPN
cblr-14239	64	106	14	14	NUM
cblr-14239	64	107	capri	capri	PROPN
cblr-14239	64	108	v.	v.	ADP
cblr-14239	64	109	murphy	murphy	PROPN
cblr-14239	64	110	,	,	PUNCT
cblr-14239	64	111	856	856	NUM
cblr-14239	64	112	f.2d	f.2d	X
cblr-14239	64	113	473	473	NUM
cblr-14239	64	114	,	,	PUNCT
cblr-14239	64	115	479	479	NUM
cblr-14239	64	116	(	(	PUNCT
cblr-14239	64	117	2d	2d	NUM
cblr-14239	64	118	cir	cir	NOUN
cblr-14239	64	119	.	.	PUNCT
cblr-14239	64	120	1988	1988	NUM
cblr-14239	64	121	)	)	PUNCT
cblr-14239	64	122	.	.	PUNCT
cblr-14239	65	1	15	15	NUM
cblr-14239	65	2	craftmatic	craftmatic	PROPN
cblr-14239	65	3	sec	sec	PROPN
cblr-14239	65	4	.	.	PUNCT
cblr-14239	65	5	litig	litig	PROPN
cblr-14239	65	6	.	.	PUNCT
cblr-14239	66	1	v.	v.	ADP
cblr-14239	66	2	kraftsow	kraftsow	PROPN
cblr-14239	66	3	,	,	PUNCT
cblr-14239	66	4	890	890	NUM
cblr-14239	66	5	f.2d	f.2d	ADP
cblr-14239	66	6	628	628	NUM
cblr-14239	66	7	,	,	PUNCT
cblr-14239	66	8	636	636	NUM
cblr-14239	66	9	(	(	PUNCT
cblr-14239	66	10	3d	3d	NUM
cblr-14239	66	11	cir	cir	NOUN
cblr-14239	66	12	.	.	PROPN
cblr-14239	66	13	1989	1989	NUM
cblr-14239	66	14	)	)	PUNCT
cblr-14239	66	15	.	.	PUNCT
cblr-14239	67	1	16	16	NUM
cblr-14239	67	2	see	see	VERB
cblr-14239	67	3	capri	capri	NOUN
cblr-14239	67	4	,	,	PUNCT
cblr-14239	67	5	856	856	NUM
cblr-14239	67	6	f.2d	f.2d	NOUN
cblr-14239	67	7	at	at	ADP
cblr-14239	67	8	478	478	NUM
cblr-14239	67	9	.	.	PUNCT
cblr-14239	67	10	17	17	NUM
cblr-14239	67	11	see	see	VERB
cblr-14239	67	12	i	i	PRON
cblr-14239	67	13	d.	d.	PROPN
cblr-14239	67	14	no	no	INTJ
cblr-14239	67	15	.	.	PROPN
cblr-14239	68	1	2	2	NUM
cblr-14239	68	2	]	]	PUNCT
cblr-14239	68	3	with	with	ADP
cblr-14239	68	4	whom	whom	PRON
cblr-14239	68	5	is	be	AUX
cblr-14239	68	6	your	your	PRON
cblr-14239	68	7	issue	issue	NOUN
cblr-14239	68	8	?	?	PUNCT
cblr-14239	69	1	797	797	NUM
cblr-14239	69	2	well	well	ADV
cblr-14239	69	3	.	.	PUNCT
cblr-14239	70	1	judge	judge	NOUN
cblr-14239	70	2	scirica	scirica	PROPN
cblr-14239	70	3	in	in	ADP
cblr-14239	70	4	craftmatic	craftmatic	NOUN
cblr-14239	70	5	homed	home	VERB
cblr-14239	70	6	in	in	ADP
cblr-14239	70	7	on	on	ADP
cblr-14239	70	8	“	"	PUNCT
cblr-14239	70	9	the	the	DET
cblr-14239	70	10	relationship	relationship	NOUN
cblr-14239	70	11	between	between	ADP
cblr-14239	70	12	the	the	DET
cblr-14239	70	13	purchaser	purchaser	NOUN
cblr-14239	70	14	and	and	CCONJ
cblr-14239	70	15	the	the	DET
cblr-14239	70	16	participant	participant	NOUN
cblr-14239	70	17	,	,	PUNCT
cblr-14239	70	18	rather	rather	ADV
cblr-14239	70	19	than	than	ADP
cblr-14239	70	20	on	on	ADP
cblr-14239	70	21	the	the	DET
cblr-14239	70	22	latter	latter	ADJ
cblr-14239	70	23	's	's	PART
cblr-14239	70	24	degree	degree	NOUN
cblr-14239	70	25	of	of	ADP
cblr-14239	70	26	involvement	involvement	NOUN
cblr-14239	70	27	in	in	ADP
cblr-14239	70	28	the	the	DET
cblr-14239	70	29	transaction	transaction	NOUN
cblr-14239	70	30	”	"	PUNCT
cblr-14239	70	31	and	and	CCONJ
cblr-14239	70	32	precluded	preclude	VERB
cblr-14239	70	33	claims	claim	NOUN
cblr-14239	70	34	against	against	ADP
cblr-14239	70	35	remote	remote	ADJ
cblr-14239	70	36	sellers	seller	NOUN
cblr-14239	70	37	for	for	ADP
cblr-14239	70	38	section	section	NOUN
cblr-14239	70	39	12(a)(2	12(a)(2	NUM
cblr-14239	70	40	)	)	PUNCT
cblr-14239	70	41	liability.18	liability.18	NOUN
cblr-14239	70	42	in	in	ADP
cblr-14239	70	43	the	the	DET
cblr-14239	70	44	context	context	NOUN
cblr-14239	70	45	of	of	ADP
cblr-14239	70	46	mass	mass	NOUN
cblr-14239	70	47	communications	communication	NOUN
cblr-14239	70	48	,	,	PUNCT
cblr-14239	70	49	then	then	ADV
cblr-14239	70	50	,	,	PUNCT
cblr-14239	70	51	a	a	DET
cblr-14239	70	52	security	security	NOUN
cblr-14239	70	53	offering	offering	NOUN
cblr-14239	70	54	advertised	advertise	VERB
cblr-14239	70	55	in	in	ADP
cblr-14239	70	56	a	a	DET
cblr-14239	70	57	publication	publication	NOUN
cblr-14239	70	58	,	,	PUNCT
cblr-14239	70	59	mailing	mailing	NOUN
cblr-14239	70	60	service	service	NOUN
cblr-14239	70	61	,	,	PUNCT
cblr-14239	70	62	or	or	CCONJ
cblr-14239	70	63	other	other	ADJ
cblr-14239	70	64	large	large	ADJ
cblr-14239	70	65	distribution	distribution	NOUN
cblr-14239	70	66	effort	effort	NOUN
cblr-14239	70	67	may	may	AUX
cblr-14239	70	68	not	not	PART
cblr-14239	70	69	satisfy	satisfy	VERB
cblr-14239	70	70	the	the	DET
cblr-14239	70	71	intimate	intimate	ADJ
cblr-14239	70	72	relationship	relationship	NOUN
cblr-14239	70	73	necessary	necessary	ADJ
cblr-14239	70	74	to	to	PART
cblr-14239	70	75	hold	hold	VERB
cblr-14239	70	76	solicitors	solicitor	NOUN
cblr-14239	70	77	liable	liable	ADJ
cblr-14239	70	78	for	for	ADP
cblr-14239	70	79	misleading	mislead	VERB
cblr-14239	70	80	materials	material	NOUN
cblr-14239	70	81	.	.	PUNCT
cblr-14239	71	1	c.	c.	PROPN
cblr-14239	71	2	judicial	judicial	ADJ
cblr-14239	71	3	response	response	NOUN
cblr-14239	71	4	to	to	ADP
cblr-14239	71	5	applying	apply	VERB
cblr-14239	71	6	§	§	PROPN
cblr-14239	71	7	12(a)(2	12(a)(2	NUM
cblr-14239	71	8	)	)	PUNCT
cblr-14239	71	9	to	to	ADP
cblr-14239	71	10	social	social	ADJ
cblr-14239	71	11	media	medium	NOUN
cblr-14239	71	12	platforms	platform	NOUN
cblr-14239	71	13	in	in	ADP
cblr-14239	71	14	the	the	DET
cblr-14239	71	15	digital	digital	ADJ
cblr-14239	71	16	age	age	NOUN
cblr-14239	71	17	since	since	SCONJ
cblr-14239	71	18	the	the	DET
cblr-14239	71	19	1980s	1980	NOUN
cblr-14239	71	20	when	when	SCONJ
cblr-14239	71	21	capri	capri	NOUN
cblr-14239	71	22	and	and	CCONJ
cblr-14239	71	23	craftmatic	craftmatic	ADJ
cblr-14239	71	24	established	establish	VERB
cblr-14239	71	25	doctrine	doctrine	NOUN
cblr-14239	71	26	for	for	ADP
cblr-14239	71	27	the	the	DET
cblr-14239	71	28	application	application	NOUN
cblr-14239	71	29	of	of	ADP
cblr-14239	71	30	seller	seller	NOUN
cblr-14239	71	31	liability	liability	NOUN
cblr-14239	71	32	,	,	PUNCT
cblr-14239	71	33	the	the	DET
cblr-14239	71	34	landscape	landscape	NOUN
cblr-14239	71	35	for	for	ADP
cblr-14239	71	36	relationships	relationship	NOUN
cblr-14239	71	37	between	between	ADP
cblr-14239	71	38	people	people	NOUN
cblr-14239	71	39	,	,	PUNCT
cblr-14239	71	40	including	include	VERB
cblr-14239	71	41	between	between	ADP
cblr-14239	71	42	purchasers	purchaser	NOUN
cblr-14239	71	43	and	and	CCONJ
cblr-14239	71	44	sellers	seller	NOUN
cblr-14239	71	45	of	of	ADP
cblr-14239	71	46	securities	security	NOUN
cblr-14239	71	47	,	,	PUNCT
cblr-14239	71	48	has	have	AUX
cblr-14239	71	49	changed	change	VERB
cblr-14239	71	50	dramatically	dramatically	ADV
cblr-14239	71	51	in	in	ADP
cblr-14239	71	52	response	response	NOUN
cblr-14239	71	53	to	to	ADP
cblr-14239	71	54	technological	technological	ADJ
cblr-14239	71	55	trends	trend	NOUN
cblr-14239	71	56	.	.	PUNCT
cblr-14239	72	1	mobile	mobile	ADJ
cblr-14239	72	2	devices	device	NOUN
cblr-14239	72	3	have	have	AUX
cblr-14239	72	4	facilitated	facilitate	VERB
cblr-14239	72	5	the	the	DET
cblr-14239	72	6	use	use	NOUN
cblr-14239	72	7	of	of	ADP
cblr-14239	72	8	social	social	ADJ
cblr-14239	72	9	media	medium	NOUN
cblr-14239	72	10	such	such	ADJ
cblr-14239	72	11	that	that	SCONJ
cblr-14239	72	12	there	there	PRON
cblr-14239	72	13	are	be	VERB
cblr-14239	72	14	now	now	ADV
cblr-14239	72	15	nearly	nearly	ADV
cblr-14239	72	16	five	five	NUM
cblr-14239	72	17	billion	billion	NUM
cblr-14239	72	18	social	social	ADJ
cblr-14239	72	19	media	medium	NOUN
cblr-14239	72	20	users	user	NOUN
cblr-14239	72	21	globally.19	globally.19	VERB
cblr-14239	72	22	unsurprisingly	unsurprisingly	ADJ
cblr-14239	72	23	,	,	PUNCT
cblr-14239	72	24	legal	legal	ADJ
cblr-14239	72	25	regimes	regime	NOUN
cblr-14239	72	26	have	have	AUX
cblr-14239	72	27	needed	need	VERB
cblr-14239	72	28	to	to	PART
cblr-14239	72	29	respond	respond	VERB
cblr-14239	72	30	to	to	ADP
cblr-14239	72	31	these	these	DET
cblr-14239	72	32	trends	trend	NOUN
cblr-14239	72	33	.	.	PUNCT
cblr-14239	73	1	in	in	ADP
cblr-14239	73	2	the	the	DET
cblr-14239	73	3	context	context	NOUN
cblr-14239	73	4	of	of	ADP
cblr-14239	73	5	section	section	NOUN
cblr-14239	73	6	12(a)(2	12(a)(2	NUM
cblr-14239	73	7	)	)	PUNCT
cblr-14239	73	8	seller	seller	NOUN
cblr-14239	73	9	liability	liability	NOUN
cblr-14239	73	10	,	,	PUNCT
cblr-14239	73	11	the	the	DET
cblr-14239	73	12	eleventh	eleventh	ADJ
cblr-14239	73	13	circuit	circuit	NOUN
cblr-14239	73	14	introduced	introduce	VERB
cblr-14239	73	15	a	a	DET
cblr-14239	73	16	broader	broad	ADJ
cblr-14239	73	17	section	section	NOUN
cblr-14239	73	18	12(a)(2	12(a)(2	NUM
cblr-14239	73	19	)	)	PUNCT
cblr-14239	73	20	when	when	SCONJ
cblr-14239	73	21	presented	present	VERB
cblr-14239	73	22	with	with	ADP
cblr-14239	73	23	the	the	DET
cblr-14239	73	24	social	social	ADJ
cblr-14239	73	25	media	medium	NOUN
cblr-14239	73	26	challenge	challenge	NOUN
cblr-14239	73	27	.	.	PUNCT
cblr-14239	74	1	after	after	ADP
cblr-14239	74	2	hearing	hear	VERB
cblr-14239	74	3	a	a	DET
cblr-14239	74	4	case	case	NOUN
cblr-14239	74	5	in	in	ADP
cblr-14239	74	6	which	which	PRON
cblr-14239	74	7	online	online	ADJ
cblr-14239	74	8	videos	video	NOUN
cblr-14239	74	9	were	be	AUX
cblr-14239	74	10	posted	post	VERB
cblr-14239	74	11	to	to	PART
cblr-14239	74	12	persuade	persuade	VERB
cblr-14239	74	13	investors	investor	NOUN
cblr-14239	74	14	to	to	PART
cblr-14239	74	15	purchase	purchase	VERB
cblr-14239	74	16	positions	position	NOUN
cblr-14239	74	17	in	in	ADP
cblr-14239	74	18	a	a	DET
cblr-14239	74	19	cryptocurrency	cryptocurrency	NOUN
cblr-14239	74	20	,	,	PUNCT
cblr-14239	74	21	judge	judge	NOUN
cblr-14239	74	22	grant	grant	PROPN
cblr-14239	74	23	held	hold	VERB
cblr-14239	74	24	that	that	PRON
cblr-14239	74	25	seller	seller	NOUN
cblr-14239	74	26	liability	liability	NOUN
cblr-14239	74	27	under	under	ADP
cblr-14239	74	28	the	the	DET
cblr-14239	74	29	securities	security	NOUN
cblr-14239	74	30	act	act	NOUN
cblr-14239	74	31	does	do	AUX
cblr-14239	74	32	not	not	PART
cblr-14239	74	33	require	require	VERB
cblr-14239	74	34	“	"	PUNCT
cblr-14239	74	35	targeted	target	VERB
cblr-14239	74	36	sales	sale	NOUN
cblr-14239	74	37	efforts	effort	NOUN
cblr-14239	74	38	.	.	PUNCT
cblr-14239	75	1	”20	”20	PROPN
cblr-14239	75	2	considering	consider	VERB
cblr-14239	75	3	section	section	NOUN
cblr-14239	75	4	12(a)(2	12(a)(2	NUM
cblr-14239	75	5	)	)	PUNCT
cblr-14239	75	6	does	do	AUX
cblr-14239	75	7	not	not	PART
cblr-14239	75	8	require	require	VERB
cblr-14239	75	9	a	a	DET
cblr-14239	75	10	plaintiff	plaintiff	NOUN
cblr-14239	75	11	to	to	PART
cblr-14239	75	12	plead	plead	VERB
cblr-14239	75	13	reliance,21	reliance,21	NOUN
cblr-14239	75	14	the	the	DET
cblr-14239	75	15	more	more	ADV
cblr-14239	75	16	expansive	expansive	ADJ
cblr-14239	75	17	rule	rule	NOUN
cblr-14239	75	18	for	for	ADP
cblr-14239	75	19	liability	liability	NOUN
cblr-14239	75	20	adopted	adopt	VERB
cblr-14239	75	21	by	by	ADP
cblr-14239	75	22	the	the	DET
cblr-14239	75	23	eleventh	eleventh	ADJ
cblr-14239	75	24	circuit	circuit	NOUN
cblr-14239	75	25	presents	present	VERB
cblr-14239	75	26	a	a	DET
cblr-14239	75	27	18	18	NUM
cblr-14239	75	28	craftmatic	craftmatic	NOUN
cblr-14239	75	29	,	,	PUNCT
cblr-14239	75	30	890	890	NUM
cblr-14239	75	31	f.2d	f.2d	NOUN
cblr-14239	75	32	at	at	ADP
cblr-14239	75	33	636	636	NUM
cblr-14239	75	34	(	(	PUNCT
cblr-14239	75	35	citations	citation	NOUN
cblr-14239	75	36	omitted	omit	VERB
cblr-14239	75	37	)	)	PUNCT
cblr-14239	75	38	.	.	PUNCT
cblr-14239	76	1	19	19	NUM
cblr-14239	76	2	belle	belle	PROPN
cblr-14239	76	3	wong	wong	PROPN
cblr-14239	76	4	,	,	PUNCT
cblr-14239	76	5	top	top	ADJ
cblr-14239	76	6	social	social	ADJ
cblr-14239	76	7	media	medium	NOUN
cblr-14239	76	8	statistics	statistic	NOUN
cblr-14239	76	9	and	and	CCONJ
cblr-14239	76	10	trends	trend	NOUN
cblr-14239	76	11	of	of	ADP
cblr-14239	76	12	2023	2023	NUM
cblr-14239	76	13	,	,	PUNCT
cblr-14239	76	14	forbes	forbes	X
cblr-14239	76	15	(	(	PUNCT
cblr-14239	76	16	may	may	PROPN
cblr-14239	76	17	18	18	NUM
cblr-14239	76	18	,	,	PUNCT
cblr-14239	76	19	2023	2023	NUM
cblr-14239	76	20	)	)	PUNCT
cblr-14239	76	21	,	,	PUNCT
cblr-14239	76	22	https://www.forbes.com/advisor/business/social-mediastatistics/#:~:text=in%202023%2c%20an%20estimated%204.9,5.85%20billion%	https://www.forbes.com/advisor/business/social-mediastatistics/#:~:text=in%202023%2c%20an%20estimated%204.9,5.85%20billion%	X
cblr-14239	76	23	20users%20by%202027	20users%20by%202027	NUM
cblr-14239	77	1	[	[	X
cblr-14239	77	2	https://perma.cc/ksu9-ypjm	https://perma.cc/ksu9-ypjm	X
cblr-14239	77	3	]	]	X
cblr-14239	77	4	.	.	PUNCT
cblr-14239	78	1	20	20	NUM
cblr-14239	78	2	wildes	wilde	NOUN
cblr-14239	78	3	v.	v.	ADP
cblr-14239	78	4	bitconnect	bitconnect	PROPN
cblr-14239	78	5	int’l	int’l	PROPN
cblr-14239	78	6	plc	plc	PROPN
cblr-14239	78	7	,	,	PUNCT
cblr-14239	78	8	25	25	NUM
cblr-14239	78	9	f.4th	f.4th	PROPN
cblr-14239	78	10	1341	1341	NUM
cblr-14239	78	11	,	,	PUNCT
cblr-14239	78	12	1345	1345	NUM
cblr-14239	78	13	(	(	PUNCT
cblr-14239	78	14	11th	11th	ADJ
cblr-14239	78	15	cir	cir	NOUN
cblr-14239	78	16	.	.	PUNCT
cblr-14239	78	17	2022	2022	NUM
cblr-14239	78	18	)	)	PUNCT
cblr-14239	78	19	.	.	PUNCT
cblr-14239	79	1	21	21	NUM
cblr-14239	79	2	patricia	patricia	PROPN
cblr-14239	79	3	o’hara	o’hara	NOUN
cblr-14239	79	4	,	,	PUNCT
cblr-14239	79	5	erosion	erosion	NOUN
cblr-14239	79	6	of	of	ADP
cblr-14239	79	7	the	the	DET
cblr-14239	79	8	privity	privity	NOUN
cblr-14239	79	9	requirement	requirement	NOUN
cblr-14239	79	10	in	in	ADP
cblr-14239	79	11	section	section	NOUN
cblr-14239	79	12	12(2	12(2	NUM
cblr-14239	79	13	)	)	PUNCT
cblr-14239	79	14	of	of	ADP
cblr-14239	79	15	the	the	DET
cblr-14239	79	16	securities	security	NOUN
cblr-14239	79	17	act	act	NOUN
cblr-14239	79	18	of	of	ADP
cblr-14239	79	19	1933	1933	NUM
cblr-14239	79	20	:	:	PUNCT
cblr-14239	79	21	the	the	DET
cblr-14239	79	22	expanded	expand	VERB
cblr-14239	79	23	meaning	meaning	NOUN
cblr-14239	79	24	,	,	PUNCT
cblr-14239	79	25	31	31	NUM
cblr-14239	79	26	ucla	ucla	PROPN
cblr-14239	79	27	l.	l.	PROPN
cblr-14239	79	28	rev	rev	PROPN
cblr-14239	79	29	.	.	PROPN
cblr-14239	79	30	921	921	NUM
cblr-14239	79	31	,	,	PUNCT
cblr-14239	79	32	973	973	NUM
cblr-14239	79	33	(	(	PUNCT
cblr-14239	79	34	1984	1984	NUM
cblr-14239	79	35	)	)	PUNCT
cblr-14239	79	36	(	(	PUNCT
cblr-14239	79	37	contrasting	contrast	VERB
cblr-14239	79	38	section	section	NOUN
cblr-14239	79	39	12(2	12(2	NUM
cblr-14239	79	40	)	)	PUNCT
cblr-14239	79	41	with	with	ADP
cblr-14239	79	42	rule	rule	NOUN
cblr-14239	79	43	10b-5	10b-5	NUM
cblr-14239	79	44	)	)	PUNCT
cblr-14239	79	45	.	.	PUNCT
cblr-14239	80	1	798	798	NUM
cblr-14239	80	2	columbia	columbia	PROPN
cblr-14239	80	3	business	business	NOUN
cblr-14239	80	4	law	law	NOUN
cblr-14239	80	5	review	review	NOUN
cblr-14239	81	1	[	[	X
cblr-14239	81	2	vol	vol	NOUN
cblr-14239	81	3	.	.	NOUN
cblr-14239	81	4	2024	2024	NUM
cblr-14239	81	5	larger	large	ADJ
cblr-14239	81	6	class	class	NOUN
cblr-14239	81	7	of	of	ADP
cblr-14239	81	8	plaintiffs	plaintiff	NOUN
cblr-14239	81	9	with	with	ADP
cblr-14239	81	10	fewer	few	ADJ
cblr-14239	81	11	barriers	barrier	NOUN
cblr-14239	81	12	to	to	PART
cblr-14239	81	13	establish	establish	VERB
cblr-14239	81	14	seller	seller	NOUN
cblr-14239	81	15	liability	liability	NOUN
cblr-14239	81	16	.	.	PUNCT
cblr-14239	82	1	any	any	DET
cblr-14239	82	2	individual	individual	NOUN
cblr-14239	82	3	who	who	PRON
cblr-14239	82	4	identifies	identify	VERB
cblr-14239	82	5	a	a	DET
cblr-14239	82	6	mass	mass	ADJ
cblr-14239	82	7	communication	communication	NOUN
cblr-14239	82	8	with	with	ADP
cblr-14239	82	9	a	a	DET
cblr-14239	82	10	material	material	ADJ
cblr-14239	82	11	misrepresentation	misrepresentation	NOUN
cblr-14239	82	12	or	or	CCONJ
cblr-14239	82	13	omission	omission	NOUN
cblr-14239	82	14	for	for	ADP
cblr-14239	82	15	a	a	DET
cblr-14239	82	16	security	security	NOUN
cblr-14239	82	17	that	that	PRON
cblr-14239	82	18	was	be	AUX
cblr-14239	82	19	ultimately	ultimately	ADV
cblr-14239	82	20	purchased	purchase	VERB
cblr-14239	82	21	is	be	AUX
cblr-14239	82	22	eligible	eligible	ADJ
cblr-14239	82	23	to	to	PART
cblr-14239	82	24	hold	hold	VERB
cblr-14239	82	25	liable	liable	ADJ
cblr-14239	82	26	the	the	DET
cblr-14239	82	27	person	person	NOUN
cblr-14239	82	28	responsible	responsible	ADJ
cblr-14239	82	29	for	for	ADP
cblr-14239	82	30	that	that	DET
cblr-14239	82	31	communication	communication	NOUN
cblr-14239	82	32	given	give	VERB
cblr-14239	82	33	that	that	SCONJ
cblr-14239	82	34	the	the	DET
cblr-14239	82	35	purchaser	purchaser	NOUN
cblr-14239	82	36	suffered	suffer	VERB
cblr-14239	82	37	an	an	DET
cblr-14239	82	38	injury	injury	NOUN
cblr-14239	82	39	and	and	CCONJ
cblr-14239	82	40	the	the	DET
cblr-14239	82	41	solicitor	solicitor	NOUN
cblr-14239	82	42	was	be	AUX
cblr-14239	82	43	motivated	motivate	VERB
cblr-14239	82	44	by	by	ADP
cblr-14239	82	45	his	his	PRON
cblr-14239	82	46	own	own	ADJ
cblr-14239	82	47	or	or	CCONJ
cblr-14239	82	48	the	the	DET
cblr-14239	82	49	seller	seller	NOUN
cblr-14239	82	50	’s	’s	PART
cblr-14239	82	51	financial	financial	ADJ
cblr-14239	82	52	interests	interest	NOUN
cblr-14239	82	53	.	.	PUNCT
cblr-14239	83	1	most	most	ADV
cblr-14239	83	2	recently	recently	ADV
cblr-14239	83	3	,	,	PUNCT
cblr-14239	83	4	the	the	DET
cblr-14239	83	5	ninth	ninth	ADJ
cblr-14239	83	6	circuit	circuit	NOUN
cblr-14239	83	7	opted	opt	VERB
cblr-14239	83	8	for	for	ADP
cblr-14239	83	9	a	a	DET
cblr-14239	83	10	similar	similar	ADJ
cblr-14239	83	11	tack	tack	NOUN
cblr-14239	83	12	to	to	ADP
cblr-14239	83	13	the	the	DET
cblr-14239	83	14	eleventh	eleventh	ADJ
cblr-14239	83	15	circuit	circuit	NOUN
cblr-14239	83	16	and	and	CCONJ
cblr-14239	83	17	similarly	similarly	ADV
cblr-14239	83	18	adopted	adopt	VERB
cblr-14239	83	19	a	a	DET
cblr-14239	83	20	more	more	ADV
cblr-14239	83	21	expansive	expansive	ADJ
cblr-14239	83	22	view	view	NOUN
cblr-14239	83	23	of	of	ADP
cblr-14239	83	24	section	section	NOUN
cblr-14239	83	25	12(a)(2	12(a)(2	NUM
cblr-14239	83	26	)	)	PUNCT
cblr-14239	83	27	liability	liability	NOUN
cblr-14239	83	28	.	.	PUNCT
cblr-14239	84	1	in	in	ADP
cblr-14239	84	2	pino	pino	PROPN
cblr-14239	84	3	v.	v.	ADP
cblr-14239	84	4	cardone	cardone	PROPN
cblr-14239	84	5	capital	capital	PROPN
cblr-14239	84	6	,	,	PUNCT
cblr-14239	84	7	llc	llc	PROPN
cblr-14239	84	8	,	,	PUNCT
cblr-14239	84	9	the	the	DET
cblr-14239	84	10	ninth	ninth	ADJ
cblr-14239	84	11	circuit	circuit	NOUN
cblr-14239	84	12	also	also	ADV
cblr-14239	84	13	did	do	AUX
cblr-14239	84	14	not	not	PART
cblr-14239	84	15	require	require	VERB
cblr-14239	84	16	that	that	SCONJ
cblr-14239	84	17	the	the	DET
cblr-14239	84	18	solicitor	solicitor	PROPN
cblr-14239	84	19	target	target	VERB
cblr-14239	84	20	specific	specific	ADJ
cblr-14239	84	21	investors	investor	NOUN
cblr-14239	84	22	with	with	ADP
cblr-14239	84	23	“	"	PUNCT
cblr-14239	84	24	active	active	ADJ
cblr-14239	84	25	and	and	CCONJ
cblr-14239	84	26	direct	direct	ADJ
cblr-14239	84	27	”	"	PUNCT
cblr-14239	84	28	solicitations	solicitation	NOUN
cblr-14239	84	29	to	to	PART
cblr-14239	84	30	establish	establish	VERB
cblr-14239	84	31	liability	liability	NOUN
cblr-14239	84	32	for	for	ADP
cblr-14239	84	33	a	a	DET
cblr-14239	84	34	real	real	ADJ
cblr-14239	84	35	estate	estate	NOUN
cblr-14239	84	36	investment	investment	NOUN
cblr-14239	84	37	fund	fund	NOUN
cblr-14239	84	38	that	that	PRON
cblr-14239	84	39	advertised	advertise	VERB
cblr-14239	84	40	its	its	PRON
cblr-14239	84	41	instruments	instrument	NOUN
cblr-14239	84	42	on	on	ADP
cblr-14239	84	43	platforms	platform	NOUN
cblr-14239	84	44	like	like	ADP
cblr-14239	84	45	instagram	instagram	PROPN
cblr-14239	84	46	and	and	CCONJ
cblr-14239	84	47	youtube.22	youtube.22	NOUN
cblr-14239	84	48	some	some	DET
cblr-14239	84	49	commentators	commentator	NOUN
cblr-14239	84	50	have	have	AUX
cblr-14239	84	51	noted	note	VERB
cblr-14239	84	52	that	that	SCONJ
cblr-14239	84	53	the	the	DET
cblr-14239	84	54	eleventh	eleventh	ADJ
cblr-14239	84	55	and	and	CCONJ
cblr-14239	84	56	ninth	ninth	ADJ
cblr-14239	84	57	circuits	circuit	NOUN
cblr-14239	84	58	’	'	PUNCT
cblr-14239	84	59	attempts	attempt	VERB
cblr-14239	84	60	to	to	PART
cblr-14239	84	61	reconcile	reconcile	VERB
cblr-14239	84	62	new	new	ADJ
cblr-14239	84	63	challenges	challenge	NOUN
cblr-14239	84	64	presented	present	VERB
cblr-14239	84	65	by	by	ADP
cblr-14239	84	66	social	social	ADJ
cblr-14239	84	67	media	medium	NOUN
cblr-14239	84	68	with	with	ADP
cblr-14239	84	69	the	the	DET
cblr-14239	84	70	traditional	traditional	ADJ
cblr-14239	84	71	statutory	statutory	ADJ
cblr-14239	84	72	regime	regime	NOUN
cblr-14239	84	73	for	for	ADP
cblr-14239	84	74	seller	seller	NOUN
cblr-14239	84	75	liability	liability	NOUN
cblr-14239	84	76	have	have	AUX
cblr-14239	84	77	led	lead	VERB
cblr-14239	84	78	courts	court	NOUN
cblr-14239	84	79	to	to	PART
cblr-14239	84	80	stray	stray	VERB
cblr-14239	84	81	from	from	ADP
cblr-14239	84	82	the	the	DET
cblr-14239	84	83	original	original	ADJ
cblr-14239	84	84	pinter	pinter	NOUN
cblr-14239	84	85	opinion	opinion	NOUN
cblr-14239	84	86	that	that	PRON
cblr-14239	84	87	informs	inform	VERB
cblr-14239	84	88	much	much	ADJ
cblr-14239	84	89	of	of	ADP
cblr-14239	84	90	section	section	NOUN
cblr-14239	84	91	12(a)(2	12(a)(2	NUM
cblr-14239	84	92	)	)	PUNCT
cblr-14239	84	93	case	case	NOUN
cblr-14239	84	94	law	law	NOUN
cblr-14239	84	95	.	.	PUNCT
cblr-14239	85	1	whilst	whilst	SCONJ
cblr-14239	85	2	some	some	DET
cblr-14239	85	3	accuse	accuse	NOUN
cblr-14239	85	4	pinter	pinter	NOUN
cblr-14239	85	5	of	of	ADP
cblr-14239	85	6	contributing	contribute	VERB
cblr-14239	85	7	to	to	ADP
cblr-14239	85	8	the	the	DET
cblr-14239	85	9	erosion	erosion	NOUN
cblr-14239	85	10	of	of	ADP
cblr-14239	85	11	the	the	DET
cblr-14239	85	12	privity	privity	NOUN
cblr-14239	85	13	requirement	requirement	NOUN
cblr-14239	85	14	previously	previously	ADV
cblr-14239	85	15	read	read	VERB
cblr-14239	85	16	into	into	ADP
cblr-14239	85	17	section	section	NOUN
cblr-14239	85	18	12(a)(2	12(a)(2	NUM
cblr-14239	85	19	)	)	PUNCT
cblr-14239	85	20	,	,	PUNCT
cblr-14239	85	21	23	23	NUM
cblr-14239	85	22	the	the	DET
cblr-14239	85	23	supreme	supreme	PROPN
cblr-14239	85	24	court	court	PROPN
cblr-14239	85	25	’s	’s	PART
cblr-14239	85	26	rejection	rejection	NOUN
cblr-14239	85	27	of	of	ADP
cblr-14239	85	28	a	a	DET
cblr-14239	85	29	substantial	substantial	ADJ
cblr-14239	85	30	factor24	factor24	NOUN
cblr-14239	85	31	test	test	NOUN
cblr-14239	85	32	in	in	ADP
cblr-14239	85	33	favor	favor	NOUN
cblr-14239	85	34	of	of	ADP
cblr-14239	85	35	a	a	DET
cblr-14239	85	36	financial	financial	ADJ
cblr-14239	85	37	interests	interest	NOUN
cblr-14239	85	38	test	test	NOUN
cblr-14239	85	39	still	still	ADV
cblr-14239	85	40	“	"	PUNCT
cblr-14239	85	41	focuses	focus	VERB
cblr-14239	85	42	the	the	DET
cblr-14239	85	43	inquiry	inquiry	NOUN
cblr-14239	85	44	on	on	ADP
cblr-14239	85	45	the	the	DET
cblr-14239	85	46	relationship	relationship	NOUN
cblr-14239	85	47	between	between	ADP
cblr-14239	85	48	the	the	DET
cblr-14239	85	49	purchaser	purchaser	NOUN
cblr-14239	85	50	and	and	CCONJ
cblr-14239	85	51	the	the	DET
cblr-14239	85	52	22	22	NUM
cblr-14239	85	53	compare	compare	NOUN
cblr-14239	85	54	pino	pino	NOUN
cblr-14239	85	55	v.	v.	ADP
cblr-14239	85	56	cardone	cardone	PROPN
cblr-14239	85	57	capital	capital	PROPN
cblr-14239	85	58	,	,	PUNCT
cblr-14239	85	59	llc	llc	PROPN
cblr-14239	85	60	,	,	PUNCT
cblr-14239	85	61	55	55	NUM
cblr-14239	85	62	f.4th	f.4th	NOUN
cblr-14239	85	63	1253	1253	NUM
cblr-14239	85	64	,	,	PUNCT
cblr-14239	85	65	1259	1259	NUM
cblr-14239	85	66	(	(	PUNCT
cblr-14239	85	67	9th	9th	ADJ
cblr-14239	85	68	cir	cir	NOUN
cblr-14239	85	69	.	.	PUNCT
cblr-14239	85	70	2022	2022	NUM
cblr-14239	85	71	)	)	PUNCT
cblr-14239	85	72	(	(	PUNCT
cblr-14239	85	73	“	"	PUNCT
cblr-14239	85	74	pinter	pinter	NOUN
cblr-14239	85	75	contains	contain	VERB
cblr-14239	85	76	no	no	DET
cblr-14239	85	77	indication	indication	NOUN
cblr-14239	85	78	that	that	SCONJ
cblr-14239	85	79	congress	congress	PROPN
cblr-14239	85	80	was	be	AUX
cblr-14239	85	81	concerned	concern	VERB
cblr-14239	85	82	with	with	ADP
cblr-14239	85	83	regulating	regulate	VERB
cblr-14239	85	84	only	only	ADV
cblr-14239	85	85	a	a	DET
cblr-14239	85	86	certain	certain	ADJ
cblr-14239	85	87	type	type	NOUN
cblr-14239	85	88	of	of	ADP
cblr-14239	85	89	solicitations	solicitation	NOUN
cblr-14239	85	90	,	,	PUNCT
cblr-14239	85	91	let	let	VERB
cblr-14239	85	92	alone	alone	ADJ
cblr-14239	85	93	specifically	specifically	ADV
cblr-14239	85	94	targeted	target	VERB
cblr-14239	85	95	‘	'	PUNCT
cblr-14239	85	96	active	active	ADJ
cblr-14239	85	97	and	and	CCONJ
cblr-14239	85	98	direct	direct	ADJ
cblr-14239	85	99	solicitations	solicitation	NOUN
cblr-14239	85	100	’	'	PUNCT
cblr-14239	85	101	.	.	PUNCT
cblr-14239	85	102	.	.	PUNCT
cblr-14239	85	103	.	.	PUNCT
cblr-14239	85	104	.	.	PUNCT
cblr-14239	85	105	”	"	PUNCT
cblr-14239	85	106	)	)	PUNCT
cblr-14239	85	107	,	,	PUNCT
cblr-14239	85	108	with	with	ADP
cblr-14239	85	109	capri	capri	NOUN
cblr-14239	85	110	v.	v.	ADP
cblr-14239	85	111	murphy	murphy	PROPN
cblr-14239	85	112	,	,	PUNCT
cblr-14239	85	113	856	856	NUM
cblr-14239	85	114	f.2d	f.2d	X
cblr-14239	85	115	473	473	NUM
cblr-14239	85	116	,	,	PUNCT
cblr-14239	85	117	479	479	NUM
cblr-14239	85	118	(	(	PUNCT
cblr-14239	85	119	2d	2d	NUM
cblr-14239	85	120	cir	cir	NOUN
cblr-14239	85	121	.	.	PUNCT
cblr-14239	85	122	1988	1988	NUM
cblr-14239	85	123	)	)	PUNCT
cblr-14239	86	1	(	(	PUNCT
cblr-14239	86	2	establishing	establish	VERB
cblr-14239	86	3	an	an	DET
cblr-14239	86	4	actual	actual	ADJ
cblr-14239	86	5	solicitation	solicitation	NOUN
cblr-14239	86	6	standard	standard	NOUN
cblr-14239	86	7	)	)	PUNCT
cblr-14239	86	8	,	,	PUNCT
cblr-14239	86	9	and	and	CCONJ
cblr-14239	86	10	craftmatic	craftmatic	PROPN
cblr-14239	86	11	sec	sec	PROPN
cblr-14239	86	12	.	.	PUNCT
cblr-14239	86	13	litig	litig	PROPN
cblr-14239	86	14	.	.	PUNCT
cblr-14239	87	1	v.	v.	ADP
cblr-14239	87	2	kraftsow	kraftsow	PROPN
cblr-14239	87	3	,	,	PUNCT
cblr-14239	87	4	890	890	NUM
cblr-14239	87	5	f.2d	f.2d	ADP
cblr-14239	87	6	628	628	NUM
cblr-14239	87	7	,	,	PUNCT
cblr-14239	87	8	636	636	NUM
cblr-14239	87	9	(	(	PUNCT
cblr-14239	87	10	3d	3d	NUM
cblr-14239	87	11	cir	cir	NOUN
cblr-14239	87	12	.	.	PROPN
cblr-14239	87	13	1989	1989	NUM
cblr-14239	87	14	)	)	PUNCT
cblr-14239	87	15	(	(	PUNCT
cblr-14239	87	16	“	"	PUNCT
cblr-14239	87	17	the	the	DET
cblr-14239	87	18	purchaser	purchaser	NOUN
cblr-14239	87	19	must	must	AUX
cblr-14239	87	20	demonstrate	demonstrate	VERB
cblr-14239	87	21	direct	direct	ADJ
cblr-14239	87	22	and	and	CCONJ
cblr-14239	87	23	active	active	ADJ
cblr-14239	87	24	participation	participation	NOUN
cblr-14239	87	25	in	in	ADP
cblr-14239	87	26	the	the	DET
cblr-14239	87	27	solicitation	solicitation	NOUN
cblr-14239	87	28	of	of	ADP
cblr-14239	87	29	the	the	DET
cblr-14239	87	30	immediate	immediate	ADJ
cblr-14239	87	31	sale	sale	NOUN
cblr-14239	87	32	to	to	PART
cblr-14239	87	33	hold	hold	VERB
cblr-14239	87	34	the	the	DET
cblr-14239	87	35	issuer	issuer	NOUN
cblr-14239	87	36	liable	liable	ADJ
cblr-14239	87	37	as	as	ADP
cblr-14239	87	38	a	a	DET
cblr-14239	87	39	§	§	PROPN
cblr-14239	87	40	12(2	12(2	NOUN
cblr-14239	87	41	)	)	PUNCT
cblr-14239	87	42	seller	seller	NOUN
cblr-14239	87	43	.	.	PUNCT
cblr-14239	87	44	”	"	PUNCT
cblr-14239	87	45	)	)	PUNCT
cblr-14239	87	46	.	.	PUNCT
cblr-14239	88	1	23	23	NUM
cblr-14239	88	2	barbara	barbara	PROPN
cblr-14239	88	3	snapp	snapp	PROPN
cblr-14239	88	4	danberg	danberg	PROPN
cblr-14239	88	5	,	,	PUNCT
cblr-14239	88	6	craftmatic	craftmatic	ADJ
cblr-14239	88	7	securities	security	NOUN
cblr-14239	88	8	litigation	litigation	NOUN
cblr-14239	88	9	:	:	PUNCT
cblr-14239	88	10	third	third	ADJ
cblr-14239	88	11	circuit	circuit	NOUN
cblr-14239	88	12	abandons	abandon	VERB
cblr-14239	88	13	privity	privity	NOUN
cblr-14239	88	14	requirement	requirement	NOUN
cblr-14239	88	15	in	in	ADP
cblr-14239	88	16	section	section	NOUN
cblr-14239	88	17	12(2	12(2	NUM
cblr-14239	88	18	)	)	PUNCT
cblr-14239	88	19	liability	liability	NOUN
cblr-14239	88	20	,	,	PUNCT
cblr-14239	88	21	17	17	NUM
cblr-14239	88	22	del	del	PROPN
cblr-14239	88	23	.	.	PROPN
cblr-14239	88	24	j.	j.	PROPN
cblr-14239	88	25	corp	corp	PROPN
cblr-14239	88	26	.	.	PROPN
cblr-14239	88	27	l.	l.	PROPN
cblr-14239	88	28	159	159	NUM
cblr-14239	88	29	,	,	PUNCT
cblr-14239	88	30	174	174	NUM
cblr-14239	88	31	(	(	PUNCT
cblr-14239	88	32	1992	1992	NUM
cblr-14239	88	33	)	)	PUNCT
cblr-14239	88	34	.	.	PUNCT
cblr-14239	89	1	24	24	NUM
cblr-14239	89	2	the	the	DET
cblr-14239	89	3	fifth	fifth	ADJ
cblr-14239	89	4	circuit	circuit	NOUN
cblr-14239	89	5	proposed	propose	VERB
cblr-14239	89	6	a	a	DET
cblr-14239	89	7	basis	basis	NOUN
cblr-14239	89	8	for	for	ADP
cblr-14239	89	9	liability	liability	NOUN
cblr-14239	89	10	under	under	ADP
cblr-14239	89	11	section	section	NOUN
cblr-14239	89	12	12(1	12(1	NUM
cblr-14239	89	13	)	)	PUNCT
cblr-14239	89	14	for	for	ADP
cblr-14239	89	15	“	"	PUNCT
cblr-14239	89	16	one	one	NUM
cblr-14239	89	17	whose	whose	DET
cblr-14239	89	18	participation	participation	NOUN
cblr-14239	89	19	in	in	ADP
cblr-14239	89	20	the	the	DET
cblr-14239	89	21	buy	buy	NOUN
cblr-14239	89	22	-	-	PUNCT
cblr-14239	89	23	sell	sell	NOUN
cblr-14239	89	24	transaction	transaction	NOUN
cblr-14239	89	25	is	be	AUX
cblr-14239	89	26	a	a	DET
cblr-14239	89	27	substantial	substantial	ADJ
cblr-14239	89	28	factor	factor	NOUN
cblr-14239	89	29	in	in	ADP
cblr-14239	89	30	causing	cause	VERB
cblr-14239	89	31	the	the	DET
cblr-14239	89	32	transaction	transaction	NOUN
cblr-14239	89	33	to	to	PART
cblr-14239	89	34	take	take	VERB
cblr-14239	89	35	place	place	NOUN
cblr-14239	89	36	.	.	PUNCT
cblr-14239	89	37	”	"	PUNCT
cblr-14239	90	1	dahl	dahl	PROPN
cblr-14239	90	2	v.	v.	ADP
cblr-14239	90	3	pinter	pinter	PROPN
cblr-14239	90	4	,	,	PUNCT
cblr-14239	90	5	787	787	NUM
cblr-14239	90	6	f.2d	f.2d	NOUN
cblr-14239	90	7	985	985	NUM
cblr-14239	90	8	,	,	PUNCT
cblr-14239	90	9	990	990	NUM
cblr-14239	90	10	(	(	PUNCT
cblr-14239	90	11	5th	5th	ADJ
cblr-14239	90	12	cir	cir	NOUN
cblr-14239	90	13	.	.	PROPN
cblr-14239	91	1	1986	1986	NUM
cblr-14239	91	2	)	)	PUNCT
cblr-14239	92	1	(	(	PUNCT
cblr-14239	92	2	citations	citation	NOUN
cblr-14239	92	3	omitted	omit	VERB
cblr-14239	92	4	)	)	PUNCT
cblr-14239	92	5	,	,	PUNCT
cblr-14239	92	6	vacated	vacate	VERB
cblr-14239	92	7	,	,	PUNCT
cblr-14239	92	8	486	486	NUM
cblr-14239	92	9	u.s	u.s	PROPN
cblr-14239	92	10	.	.	PROPN
cblr-14239	92	11	622	622	NUM
cblr-14239	92	12	(	(	PUNCT
cblr-14239	92	13	1988	1988	NUM
cblr-14239	92	14	)	)	PUNCT
cblr-14239	92	15	.	.	PUNCT
cblr-14239	93	1	no	no	INTJ
cblr-14239	93	2	.	.	NOUN
cblr-14239	93	3	2	2	NUM
cblr-14239	93	4	]	]	PUNCT
cblr-14239	93	5	with	with	ADP
cblr-14239	93	6	whom	whom	PRON
cblr-14239	93	7	is	be	AUX
cblr-14239	93	8	your	your	PRON
cblr-14239	93	9	issue	issue	NOUN
cblr-14239	93	10	?	?	PUNCT
cblr-14239	94	1	799	799	NUM
cblr-14239	94	2	participant	participant	NOUN
cblr-14239	94	3	.	.	PUNCT
cblr-14239	95	1	”25	”25	ADJ
cblr-14239	95	2	the	the	DET
cblr-14239	95	3	broader	broad	ADJ
cblr-14239	95	4	view	view	NOUN
cblr-14239	95	5	of	of	ADP
cblr-14239	95	6	liability	liability	NOUN
cblr-14239	95	7	taken	take	VERB
cblr-14239	95	8	in	in	ADP
cblr-14239	95	9	wildes	wilde	NOUN
cblr-14239	95	10	and	and	CCONJ
cblr-14239	95	11	pino	pino	NOUN
cblr-14239	95	12	further	far	ADV
cblr-14239	95	13	departs	depart	VERB
cblr-14239	95	14	from	from	ADP
cblr-14239	95	15	the	the	DET
cblr-14239	95	16	individual	individual	ADJ
cblr-14239	95	17	privity	privity	NOUN
cblr-14239	95	18	requirement	requirement	NOUN
cblr-14239	95	19	between	between	ADP
cblr-14239	95	20	seller	seller	NOUN
cblr-14239	95	21	and	and	CCONJ
cblr-14239	95	22	purchaser	purchaser	NOUN
cblr-14239	95	23	.	.	PUNCT
cblr-14239	96	1	any	any	DET
cblr-14239	96	2	solicitation	solicitation	NOUN
cblr-14239	96	3	motivated	motivate	VERB
cblr-14239	96	4	by	by	ADP
cblr-14239	96	5	the	the	DET
cblr-14239	96	6	requisite	requisite	ADJ
cblr-14239	96	7	financial	financial	ADJ
cblr-14239	96	8	interests	interest	NOUN
cblr-14239	96	9	could	could	AUX
cblr-14239	96	10	subject	subject	VERB
cblr-14239	96	11	an	an	DET
cblr-14239	96	12	offeror	offeror	NOUN
cblr-14239	96	13	to	to	ADP
cblr-14239	96	14	liability	liability	NOUN
cblr-14239	96	15	if	if	SCONJ
cblr-14239	96	16	a	a	DET
cblr-14239	96	17	security	security	NOUN
cblr-14239	96	18	purchase	purchase	NOUN
cblr-14239	96	19	follows	follow	VERB
cblr-14239	96	20	,	,	PUNCT
cblr-14239	96	21	irrespective	irrespective	ADV
cblr-14239	96	22	of	of	ADP
cblr-14239	96	23	the	the	DET
cblr-14239	96	24	target	target	NOUN
cblr-14239	96	25	audience	audience	NOUN
cblr-14239	96	26	.	.	PUNCT
cblr-14239	97	1	but	but	CCONJ
cblr-14239	97	2	this	this	DET
cblr-14239	97	3	financial	financial	ADJ
cblr-14239	97	4	interest	interest	NOUN
cblr-14239	97	5	requirement	requirement	NOUN
cblr-14239	97	6	will	will	AUX
cblr-14239	97	7	arguably	arguably	ADV
cblr-14239	97	8	protect	protect	VERB
cblr-14239	97	9	participants	participant	NOUN
cblr-14239	97	10	“	"	PUNCT
cblr-14239	97	11	who	who	PRON
cblr-14239	97	12	are	be	AUX
cblr-14239	97	13	merely	merely	ADV
cblr-14239	97	14	collateral	collateral	ADJ
cblr-14239	97	15	to	to	ADP
cblr-14239	97	16	the	the	DET
cblr-14239	97	17	transaction	transaction	NOUN
cblr-14239	97	18	.	.	PUNCT
cblr-14239	98	1	”26	”26	VERB
cblr-14239	98	2	pino	pino	NOUN
cblr-14239	98	3	and	and	CCONJ
cblr-14239	98	4	wildes	wilde	NOUN
cblr-14239	98	5	differ	differ	VERB
cblr-14239	98	6	from	from	ADP
cblr-14239	98	7	capri	capri	NOUN
cblr-14239	98	8	and	and	CCONJ
cblr-14239	98	9	craftmatic	craftmatic	NOUN
cblr-14239	98	10	because	because	SCONJ
cblr-14239	98	11	the	the	DET
cblr-14239	98	12	former	former	ADJ
cblr-14239	98	13	cases	case	NOUN
cblr-14239	98	14	were	be	AUX
cblr-14239	98	15	heard	hear	VERB
cblr-14239	98	16	and	and	CCONJ
cblr-14239	98	17	decided	decide	VERB
cblr-14239	98	18	after	after	ADP
cblr-14239	98	19	the	the	DET
cblr-14239	98	20	introduction	introduction	NOUN
cblr-14239	98	21	of	of	ADP
cblr-14239	98	22	social	social	ADJ
cblr-14239	98	23	media	medium	NOUN
cblr-14239	98	24	platforms	platform	NOUN
cblr-14239	98	25	,	,	PUNCT
cblr-14239	98	26	whilst	whilst	SCONJ
cblr-14239	98	27	the	the	DET
cblr-14239	98	28	latter	latter	ADJ
cblr-14239	98	29	cases	case	NOUN
cblr-14239	98	30	are	be	AUX
cblr-14239	98	31	relics	relic	NOUN
cblr-14239	98	32	of	of	ADP
cblr-14239	98	33	a	a	DET
cblr-14239	98	34	period	period	NOUN
cblr-14239	98	35	before	before	ADP
cblr-14239	98	36	social	social	ADJ
cblr-14239	98	37	media	medium	NOUN
cblr-14239	98	38	and	and	CCONJ
cblr-14239	98	39	other	other	ADJ
cblr-14239	98	40	platforms	platform	NOUN
cblr-14239	98	41	of	of	ADP
cblr-14239	98	42	mass	mass	PROPN
cblr-14239	98	43	communication.27	communication.27	PROPN
cblr-14239	98	44	one	one	PRON
cblr-14239	98	45	may	may	AUX
cblr-14239	98	46	suggest	suggest	VERB
cblr-14239	98	47	that	that	SCONJ
cblr-14239	98	48	the	the	DET
cblr-14239	98	49	second	second	ADJ
cblr-14239	98	50	and	and	CCONJ
cblr-14239	98	51	third	third	ADJ
cblr-14239	98	52	circuits	circuit	NOUN
cblr-14239	98	53	have	have	AUX
cblr-14239	98	54	not	not	PART
cblr-14239	98	55	had	have	VERB
cblr-14239	98	56	the	the	DET
cblr-14239	98	57	opportunity	opportunity	NOUN
cblr-14239	98	58	to	to	PART
cblr-14239	98	59	appropriately	appropriately	ADV
cblr-14239	98	60	adjust	adjust	VERB
cblr-14239	98	61	the	the	DET
cblr-14239	98	62	securities	security	NOUN
cblr-14239	98	63	regime	regime	NOUN
cblr-14239	98	64	for	for	ADP
cblr-14239	98	65	the	the	DET
cblr-14239	98	66	twenty	twenty	NUM
cblr-14239	98	67	-	-	PUNCT
cblr-14239	98	68	first	first	ADJ
cblr-14239	98	69	century	century	NOUN
cblr-14239	98	70	.	.	PUNCT
cblr-14239	99	1	aside	aside	ADV
cblr-14239	99	2	from	from	ADP
cblr-14239	99	3	the	the	DET
cblr-14239	99	4	separation	separation	NOUN
cblr-14239	99	5	of	of	ADP
cblr-14239	99	6	powers	power	NOUN
cblr-14239	99	7	concerns	concern	NOUN
cblr-14239	99	8	that	that	SCONJ
cblr-14239	99	9	such	such	DET
cblr-14239	99	10	a	a	DET
cblr-14239	99	11	proposition	proposition	NOUN
cblr-14239	99	12	may	may	AUX
cblr-14239	99	13	raise,28	raise,28	VERB
cblr-14239	99	14	the	the	DET
cblr-14239	99	15	application	application	NOUN
cblr-14239	99	16	of	of	ADP
cblr-14239	99	17	capri	capri	NOUN
cblr-14239	99	18	in	in	ADP
cblr-14239	99	19	2010	2010	NUM
cblr-14239	99	20	rebuts	rebut	VERB
cblr-14239	99	21	the	the	DET
cblr-14239	99	22	assumption	assumption	NOUN
cblr-14239	99	23	that	that	SCONJ
cblr-14239	99	24	the	the	DET
cblr-14239	99	25	second	second	ADJ
cblr-14239	99	26	circuit	circuit	NOUN
cblr-14239	99	27	has	have	AUX
cblr-14239	99	28	not	not	PART
cblr-14239	99	29	had	have	AUX
cblr-14239	99	30	to	to	PART
cblr-14239	99	31	reconcile	reconcile	VERB
cblr-14239	99	32	its	its	PRON
cblr-14239	99	33	decades	decade	NOUN
cblr-14239	99	34	-	-	PUNCT
cblr-14239	99	35	old	old	ADJ
cblr-14239	99	36	precedents	precedent	NOUN
cblr-14239	99	37	with	with	ADP
cblr-14239	99	38	twenty	twenty	NUM
cblr-14239	99	39	-	-	PUNCT
cblr-14239	99	40	firstcentury	firstcentury	NOUN
cblr-14239	99	41	reciprocal	reciprocal	ADJ
cblr-14239	99	42	access	access	NOUN
cblr-14239	99	43	between	between	ADP
cblr-14239	99	44	issuers	issuer	NOUN
cblr-14239	99	45	and	and	CCONJ
cblr-14239	99	46	investors	investor	NOUN
cblr-14239	99	47	.	.	PUNCT
cblr-14239	100	1	in	in	ADP
cblr-14239	100	2	addition	addition	NOUN
cblr-14239	100	3	to	to	ADP
cblr-14239	100	4	the	the	DET
cblr-14239	100	5	pinter	pinter	NOUN
cblr-14239	100	6	requirements	requirement	NOUN
cblr-14239	100	7	,	,	PUNCT
cblr-14239	100	8	the	the	DET
cblr-14239	100	9	second	second	ADJ
cblr-14239	100	10	circuit	circuit	NOUN
cblr-14239	100	11	asserted	assert	VERB
cblr-14239	100	12	that	that	SCONJ
cblr-14239	100	13	the	the	DET
cblr-14239	100	14	solicitation	solicitation	NOUN
cblr-14239	100	15	requirements	requirement	NOUN
cblr-14239	100	16	outlined	outline	VERB
cblr-14239	100	17	in	in	ADP
cblr-14239	100	18	capri	capri	NOUN
cblr-14239	100	19	continue	continue	VERB
cblr-14239	100	20	to	to	PART
cblr-14239	100	21	contribute	contribute	VERB
cblr-14239	100	22	to	to	ADP
cblr-14239	100	23	the	the	DET
cblr-14239	100	24	“	"	PUNCT
cblr-14239	100	25	statutory	statutory	ADJ
cblr-14239	100	26	seller	seller	NOUN
cblr-14239	100	27	”	"	PUNCT
cblr-14239	100	28	subject	subject	NOUN
cblr-14239	100	29	to	to	ADP
cblr-14239	100	30	section	section	NOUN
cblr-14239	100	31	12(a)(2	12(a)(2	NUM
cblr-14239	100	32	)	)	PUNCT
cblr-14239	100	33	liability.29	liability.29	NOUN
cblr-14239	100	34	whilst	whilst	SCONJ
cblr-14239	100	35	craftmatic	craftmatic	PROPN
cblr-14239	100	36	has	have	AUX
cblr-14239	100	37	not	not	PART
cblr-14239	100	38	seen	see	VERB
cblr-14239	100	39	as	as	ADP
cblr-14239	100	40	recent	recent	ADJ
cblr-14239	100	41	of	of	ADP
cblr-14239	100	42	an	an	DET
cblr-14239	100	43	application	application	NOUN
cblr-14239	100	44	,	,	PUNCT
cblr-14239	100	45	in	in	ADP
cblr-14239	100	46	re	re	PROPN
cblr-14239	100	47	morgan	morgan	PROPN
cblr-14239	100	48	stanley	stanley	PROPN
cblr-14239	100	49	info	info	PROPN
cblr-14239	100	50	.	.	PUNCT
cblr-14239	101	1	fund	fund	PROPN
cblr-14239	101	2	sec	sec	PROPN
cblr-14239	101	3	.	.	PROPN
cblr-14239	101	4	lit	lit	PROPN
cblr-14239	101	5	.	.	PUNCT
cblr-14239	102	1	demonstrates	demonstrate	VERB
cblr-14239	102	2	the	the	DET
cblr-14239	102	3	doctrine	doctrine	NOUN
cblr-14239	102	4	of	of	ADP
cblr-14239	102	5	the	the	DET
cblr-14239	102	6	1980s	1980	NOUN
cblr-14239	102	7	has	have	AUX
cblr-14239	102	8	not	not	PART
cblr-14239	102	9	been	be	AUX
cblr-14239	102	10	25	25	NUM
cblr-14239	102	11	craftmatic	craftmatic	ADJ
cblr-14239	102	12	sec	sec	PROPN
cblr-14239	102	13	.	.	PUNCT
cblr-14239	103	1	litig	litig	PROPN
cblr-14239	103	2	.	.	PUNCT
cblr-14239	104	1	v.	v.	ADP
cblr-14239	104	2	kraftsow	kraftsow	PROPN
cblr-14239	104	3	,	,	PUNCT
cblr-14239	104	4	890	890	NUM
cblr-14239	104	5	f.2d	f.2d	ADP
cblr-14239	104	6	628	628	NUM
cblr-14239	104	7	,	,	PUNCT
cblr-14239	104	8	636	636	NUM
cblr-14239	104	9	(	(	PUNCT
cblr-14239	104	10	3d	3d	NUM
cblr-14239	104	11	cir	cir	NOUN
cblr-14239	104	12	.	.	PROPN
cblr-14239	104	13	1989	1989	NUM
cblr-14239	104	14	)	)	PUNCT
cblr-14239	104	15	(	(	PUNCT
cblr-14239	104	16	citing	cite	VERB
cblr-14239	104	17	pinter	pinter	NOUN
cblr-14239	104	18	v.	v.	ADP
cblr-14239	104	19	dahl	dahl	PROPN
cblr-14239	104	20	,	,	PUNCT
cblr-14239	104	21	486	486	NUM
cblr-14239	104	22	u.s	u.s	PROPN
cblr-14239	104	23	.	.	PROPN
cblr-14239	104	24	622	622	NUM
cblr-14239	104	25	,	,	PUNCT
cblr-14239	104	26	651	651	NUM
cblr-14239	104	27	(	(	PUNCT
cblr-14239	104	28	1988	1988	NUM
cblr-14239	104	29	)	)	PUNCT
cblr-14239	104	30	)	)	PUNCT
cblr-14239	104	31	.	.	PUNCT
cblr-14239	105	1	26	26	NUM
cblr-14239	105	2	danberg	danberg	ADJ
cblr-14239	105	3	,	,	PUNCT
cblr-14239	105	4	supra	supra	PROPN
cblr-14239	105	5	note	note	NOUN
cblr-14239	105	6	23	23	NUM
cblr-14239	105	7	,	,	PUNCT
cblr-14239	105	8	at	at	ADP
cblr-14239	105	9	188	188	NUM
cblr-14239	105	10	.	.	PUNCT
cblr-14239	106	1	27	27	NUM
cblr-14239	106	2	pino	pino	NOUN
cblr-14239	106	3	and	and	CCONJ
cblr-14239	106	4	wildes	wilde	NOUN
cblr-14239	106	5	were	be	AUX
cblr-14239	106	6	both	both	PRON
cblr-14239	106	7	decided	decide	VERB
cblr-14239	106	8	in	in	ADP
cblr-14239	106	9	2022	2022	NUM
cblr-14239	106	10	,	,	PUNCT
cblr-14239	106	11	whilst	whilst	SCONJ
cblr-14239	106	12	capri	capri	NOUN
cblr-14239	106	13	and	and	CCONJ
cblr-14239	106	14	craftmatic	craftmatic	NOUN
cblr-14239	106	15	were	be	AUX
cblr-14239	106	16	decided	decide	VERB
cblr-14239	106	17	in	in	ADP
cblr-14239	106	18	1988	1988	NUM
cblr-14239	106	19	and	and	CCONJ
cblr-14239	106	20	1989	1989	NUM
cblr-14239	106	21	,	,	PUNCT
cblr-14239	106	22	respectively	respectively	ADV
cblr-14239	106	23	.	.	PUNCT
cblr-14239	107	1	28	28	NUM
cblr-14239	108	1	the	the	DET
cblr-14239	108	2	separation	separation	NOUN
cblr-14239	108	3	of	of	ADP
cblr-14239	108	4	powers	power	NOUN
cblr-14239	108	5	argument	argument	NOUN
cblr-14239	108	6	is	be	AUX
cblr-14239	108	7	beyond	beyond	ADP
cblr-14239	108	8	the	the	DET
cblr-14239	108	9	scope	scope	NOUN
cblr-14239	108	10	of	of	ADP
cblr-14239	108	11	this	this	DET
cblr-14239	108	12	note	note	NOUN
cblr-14239	108	13	.	.	PUNCT
cblr-14239	109	1	for	for	ADP
cblr-14239	109	2	a	a	DET
cblr-14239	109	3	conversation	conversation	NOUN
cblr-14239	109	4	about	about	ADP
cblr-14239	109	5	the	the	DET
cblr-14239	109	6	contributions	contribution	NOUN
cblr-14239	109	7	of	of	ADP
cblr-14239	109	8	judicial	judicial	ADJ
cblr-14239	109	9	intervention	intervention	NOUN
cblr-14239	109	10	in	in	ADP
cblr-14239	109	11	lieu	lieu	NOUN
cblr-14239	109	12	of	of	ADP
cblr-14239	109	13	legislative	legislative	ADJ
cblr-14239	109	14	enactment	enactment	NOUN
cblr-14239	109	15	to	to	ADP
cblr-14239	109	16	the	the	DET
cblr-14239	109	17	development	development	NOUN
cblr-14239	109	18	of	of	ADP
cblr-14239	109	19	securities	security	NOUN
cblr-14239	109	20	law	law	NOUN
cblr-14239	109	21	,	,	PUNCT
cblr-14239	109	22	see	see	VERB
cblr-14239	109	23	adam	adam	PROPN
cblr-14239	109	24	c.	c.	PROPN
cblr-14239	109	25	pritchard	pritchard	PROPN
cblr-14239	109	26	&	&	CCONJ
cblr-14239	109	27	robert	robert	PROPN
cblr-14239	109	28	b.	b.	PROPN
cblr-14239	109	29	thompson	thompson	PROPN
cblr-14239	109	30	,	,	PUNCT
cblr-14239	109	31	securities	security	NOUN
cblr-14239	109	32	law	law	NOUN
cblr-14239	109	33	in	in	ADP
cblr-14239	109	34	the	the	DET
cblr-14239	109	35	sixties	sixty	NOUN
cblr-14239	109	36	:	:	PUNCT
cblr-14239	109	37	the	the	DET
cblr-14239	109	38	supreme	supreme	PROPN
cblr-14239	109	39	court	court	PROPN
cblr-14239	109	40	,	,	PUNCT
cblr-14239	109	41	the	the	DET
cblr-14239	109	42	second	second	ADJ
cblr-14239	109	43	circuit	circuit	NOUN
cblr-14239	109	44	,	,	PUNCT
cblr-14239	109	45	and	and	CCONJ
cblr-14239	109	46	the	the	DET
cblr-14239	109	47	triumph	triumph	NOUN
cblr-14239	109	48	of	of	ADP
cblr-14239	109	49	purpose	purpose	NOUN
cblr-14239	109	50	over	over	ADP
cblr-14239	109	51	text	text	NOUN
cblr-14239	109	52	,	,	PUNCT
cblr-14239	109	53	harv	harv	PROPN
cblr-14239	109	54	.	.	PUNCT
cblr-14239	110	1	l.	l.	PROPN
cblr-14239	110	2	sch	sch	PROPN
cblr-14239	110	3	.	.	PUNCT
cblr-14239	111	1	f.	f.	PROPN
cblr-14239	111	2	on	on	ADP
cblr-14239	111	3	corp	corp	PROPN
cblr-14239	111	4	.	.	PROPN
cblr-14239	111	5	governance	governance	PROPN
cblr-14239	111	6	(	(	PUNCT
cblr-14239	111	7	feb	feb	PROPN
cblr-14239	111	8	.	.	PROPN
cblr-14239	111	9	28	28	NUM
cblr-14239	111	10	,	,	PUNCT
cblr-14239	111	11	2018	2018	NUM
cblr-14239	111	12	)	)	PUNCT
cblr-14239	111	13	,	,	PUNCT
cblr-14239	111	14	https://corpgov.law.harvard.edu/2018/	https://corpgov.law.harvard.edu/2018/	PROPN
cblr-14239	111	15	02/28	02/28	NUM
cblr-14239	111	16	/	/	SYM
cblr-14239	111	17	securities	security	NOUN
cblr-14239	111	18	-	-	PUNCT
cblr-14239	111	19	law	law	NOUN
cblr-14239	111	20	-	-	PUNCT
cblr-14239	111	21	in	in	ADP
cblr-14239	111	22	-	-	PUNCT
cblr-14239	111	23	the	the	DET
cblr-14239	111	24	-	-	PUNCT
cblr-14239	111	25	sixties	sixty	NOUN
cblr-14239	111	26	-	-	PUNCT
cblr-14239	111	27	thesupreme	thesupreme	NOUN
cblr-14239	111	28	-	-	PUNCT
cblr-14239	111	29	court	court	NOUN
cblr-14239	111	30	-	-	PUNCT
cblr-14239	111	31	the	the	DET
cblr-14239	111	32	-	-	PUNCT
cblr-14239	111	33	second	second	ADJ
cblr-14239	111	34	-	-	PUNCT
cblr-14239	111	35	circuit	circuit	NOUN
cblr-14239	111	36	-	-	PUNCT
cblr-14239	111	37	and	and	CCONJ
cblr-14239	111	38	-	-	PUNCT
cblr-14239	111	39	the	the	DET
cblr-14239	111	40	-	-	PUNCT
cblr-14239	111	41	triumph	triumph	NOUN
cblr-14239	111	42	-	-	PUNCT
cblr-14239	111	43	of	of	ADP
cblr-14239	111	44	-	-	PUNCT
cblr-14239	111	45	purpose	purpose	NOUN
cblr-14239	111	46	-	-	PUNCT
cblr-14239	111	47	over	over	ADP
cblr-14239	111	48	-	-	PUNCT
cblr-14239	111	49	text/	text/	NOUN
cblr-14239	111	50	[	[	X
cblr-14239	111	51	https://perma.cc/b52d-479	https://perma.cc/b52d-479	ADP
cblr-14239	111	52	t	t	X
cblr-14239	111	53	]	]	PUNCT
cblr-14239	111	54	.	.	PUNCT
cblr-14239	112	1	29	29	NUM
cblr-14239	112	2	see	see	VERB
cblr-14239	112	3	in	in	ADP
cblr-14239	112	4	re	re	PROPN
cblr-14239	112	5	morgan	morgan	PROPN
cblr-14239	112	6	stanley	stanley	PROPN
cblr-14239	112	7	info	info	PROPN
cblr-14239	112	8	.	.	PUNCT
cblr-14239	113	1	fund	fund	PROPN
cblr-14239	113	2	sec	sec	PROPN
cblr-14239	113	3	.	.	PUNCT
cblr-14239	113	4	lit	lit	PROPN
cblr-14239	113	5	.	.	PUNCT
cblr-14239	114	1	,	,	PUNCT
cblr-14239	114	2	592	592	NUM
cblr-14239	114	3	f.3d	f.3d	NUM
cblr-14239	114	4	347	347	NUM
cblr-14239	114	5	,	,	PUNCT
cblr-14239	114	6	359	359	NUM
cblr-14239	114	7	(	(	PUNCT
cblr-14239	114	8	2d	2d	NUM
cblr-14239	114	9	cir	cir	NOUN
cblr-14239	114	10	.	.	PUNCT
cblr-14239	114	11	2010	2010	NUM
cblr-14239	114	12	)	)	PUNCT
cblr-14239	114	13	.	.	PUNCT
cblr-14239	115	1	800	800	NUM
cblr-14239	115	2	columbia	columbia	PROPN
cblr-14239	115	3	business	business	NOUN
cblr-14239	115	4	law	law	NOUN
cblr-14239	115	5	review	review	NOUN
cblr-14239	116	1	[	[	X
cblr-14239	116	2	vol	vol	NOUN
cblr-14239	116	3	.	.	NOUN
cblr-14239	116	4	2024	2024	NUM
cblr-14239	116	5	relegated	relegate	VERB
cblr-14239	116	6	to	to	ADP
cblr-14239	116	7	the	the	DET
cblr-14239	116	8	past	past	NOUN
cblr-14239	116	9	and	and	CCONJ
cblr-14239	116	10	does	do	AUX
cblr-14239	116	11	have	have	VERB
cblr-14239	116	12	some	some	DET
cblr-14239	116	13	use	use	NOUN
cblr-14239	116	14	in	in	ADP
cblr-14239	116	15	the	the	DET
cblr-14239	116	16	digital	digital	ADJ
cblr-14239	116	17	age	age	NOUN
cblr-14239	116	18	.	.	PUNCT
cblr-14239	117	1	perhaps	perhaps	ADV
cblr-14239	117	2	,	,	PUNCT
cblr-14239	117	3	the	the	DET
cblr-14239	117	4	most	most	ADV
cblr-14239	117	5	important	important	ADJ
cblr-14239	117	6	question	question	NOUN
cblr-14239	117	7	,	,	PUNCT
cblr-14239	117	8	though	though	ADV
cblr-14239	117	9	,	,	PUNCT
cblr-14239	117	10	is	be	AUX
cblr-14239	117	11	whether	whether	SCONJ
cblr-14239	117	12	the	the	DET
cblr-14239	117	13	proliferation	proliferation	NOUN
cblr-14239	117	14	of	of	ADP
cblr-14239	117	15	social	social	ADJ
cblr-14239	117	16	media	medium	NOUN
cblr-14239	117	17	can	can	AUX
cblr-14239	117	18	best	well	ADV
cblr-14239	117	19	be	be	AUX
cblr-14239	117	20	reconciled	reconcile	VERB
cblr-14239	117	21	with	with	ADP
cblr-14239	117	22	the	the	DET
cblr-14239	117	23	securities	security	NOUN
cblr-14239	117	24	act	act	PROPN
cblr-14239	117	25	’s	’s	PART
cblr-14239	117	26	legislative	legislative	ADJ
cblr-14239	117	27	intent	intent	NOUN
cblr-14239	117	28	.	.	PUNCT
cblr-14239	118	1	certainly	certainly	ADV
cblr-14239	118	2	the	the	DET
cblr-14239	118	3	1933	1933	NUM
cblr-14239	118	4	congress	congress	PROPN
cblr-14239	118	5	’s	’s	PART
cblr-14239	118	6	intent	intent	NOUN
cblr-14239	118	7	to	to	PART
cblr-14239	118	8	offer	offer	VERB
cblr-14239	118	9	a	a	DET
cblr-14239	118	10	claim	claim	NOUN
cblr-14239	118	11	of	of	ADP
cblr-14239	118	12	relief	relief	NOUN
cblr-14239	118	13	for	for	ADP
cblr-14239	118	14	injured	injured	ADJ
cblr-14239	118	15	investors	investor	NOUN
cblr-14239	118	16	can	can	AUX
cblr-14239	118	17	be	be	AUX
cblr-14239	118	18	reconciled	reconcile	VERB
cblr-14239	118	19	with	with	ADP
cblr-14239	118	20	a	a	DET
cblr-14239	118	21	more	more	ADV
cblr-14239	118	22	expansive	expansive	ADJ
cblr-14239	118	23	view	view	NOUN
cblr-14239	118	24	of	of	ADP
cblr-14239	118	25	liability.30	liability.30	NOUN
cblr-14239	118	26	it	it	PRON
cblr-14239	118	27	is	be	AUX
cblr-14239	118	28	even	even	ADV
cblr-14239	118	29	arguable	arguable	ADJ
cblr-14239	118	30	that	that	SCONJ
cblr-14239	118	31	a	a	DET
cblr-14239	118	32	more	more	ADV
cblr-14239	118	33	expansive	expansive	ADJ
cblr-14239	118	34	view	view	NOUN
cblr-14239	118	35	better	well	ADV
cblr-14239	118	36	lends	lend	VERB
cblr-14239	118	37	itself	itself	PRON
cblr-14239	118	38	to	to	ADP
cblr-14239	118	39	the	the	DET
cblr-14239	118	40	statute	statute	NOUN
cblr-14239	118	41	’s	’s	PART
cblr-14239	118	42	remedial	remedial	ADJ
cblr-14239	118	43	purpose.31	purpose.31	NOUN
cblr-14239	118	44	the	the	DET
cblr-14239	118	45	question	question	NOUN
cblr-14239	118	46	remains	remain	VERB
cblr-14239	118	47	,	,	PUNCT
cblr-14239	118	48	though	though	ADV
cblr-14239	118	49	,	,	PUNCT
cblr-14239	118	50	how	how	SCONJ
cblr-14239	118	51	to	to	PART
cblr-14239	118	52	reconcile	reconcile	VERB
cblr-14239	118	53	new	new	ADJ
cblr-14239	118	54	social	social	ADJ
cblr-14239	118	55	media	medium	NOUN
cblr-14239	118	56	platforms	platform	NOUN
cblr-14239	118	57	with	with	ADP
cblr-14239	118	58	ex	ex	PROPN
cblr-14239	118	59	ante	ante	NOUN
cblr-14239	118	60	investor	investor	NOUN
cblr-14239	118	61	protection	protection	NOUN
cblr-14239	118	62	rather	rather	ADV
cblr-14239	118	63	than	than	ADP
cblr-14239	118	64	just	just	ADV
cblr-14239	118	65	ex	ex	ADJ
cblr-14239	118	66	post	post	VERB
cblr-14239	118	67	remedial	remedial	ADJ
cblr-14239	118	68	recovery	recovery	NOUN
cblr-14239	118	69	.	.	PUNCT
cblr-14239	119	1	iii	iii	X
cblr-14239	119	2	.	.	PUNCT
cblr-14239	120	1	the	the	DET
cblr-14239	120	2	utility	utility	NOUN
cblr-14239	120	3	of	of	ADP
cblr-14239	120	4	sophistication	sophistication	NOUN
cblr-14239	120	5	standards	standard	NOUN
cblr-14239	120	6	a.	a.	NOUN
cblr-14239	120	7	theoretical	theoretical	ADJ
cblr-14239	120	8	underpinnings	underpinning	NOUN
cblr-14239	120	9	of	of	ADP
cblr-14239	120	10	a	a	DET
cblr-14239	120	11	sophistication	sophistication	NOUN
cblr-14239	120	12	standard	standard	NOUN
cblr-14239	120	13	the	the	DET
cblr-14239	120	14	securities	security	NOUN
cblr-14239	120	15	act	act	PROPN
cblr-14239	120	16	aims	aim	VERB
cblr-14239	120	17	to	to	PART
cblr-14239	120	18	give	give	VERB
cblr-14239	120	19	investors	investor	NOUN
cblr-14239	120	20	sufficient	sufficient	ADJ
cblr-14239	120	21	information	information	NOUN
cblr-14239	120	22	such	such	ADJ
cblr-14239	120	23	that	that	SCONJ
cblr-14239	120	24	they	they	PRON
cblr-14239	120	25	can	can	AUX
cblr-14239	120	26	make	make	VERB
cblr-14239	120	27	an	an	DET
cblr-14239	120	28	informed	informed	ADJ
cblr-14239	120	29	investment	investment	NOUN
cblr-14239	120	30	decision	decision	NOUN
cblr-14239	120	31	without	without	ADP
cblr-14239	120	32	fraud	fraud	NOUN
cblr-14239	120	33	or	or	CCONJ
cblr-14239	120	34	deceit.32	deceit.32	VERB
cblr-14239	120	35	when	when	SCONJ
cblr-14239	120	36	a	a	DET
cblr-14239	120	37	cause	cause	NOUN
cblr-14239	120	38	of	of	ADP
cblr-14239	120	39	action	action	NOUN
cblr-14239	120	40	is	be	AUX
cblr-14239	120	41	granted	grant	VERB
cblr-14239	120	42	to	to	ADP
cblr-14239	120	43	all	all	DET
cblr-14239	120	44	recipients	recipient	NOUN
cblr-14239	120	45	of	of	ADP
cblr-14239	120	46	a	a	DET
cblr-14239	120	47	mass	mass	ADJ
cblr-14239	120	48	communication	communication	NOUN
cblr-14239	120	49	rather	rather	ADV
cblr-14239	120	50	than	than	ADP
cblr-14239	120	51	just	just	ADV
cblr-14239	120	52	to	to	ADP
cblr-14239	120	53	those	those	PRON
cblr-14239	120	54	directly	directly	ADV
cblr-14239	120	55	solicited	solicit	VERB
cblr-14239	120	56	,	,	PUNCT
cblr-14239	120	57	the	the	DET
cblr-14239	120	58	information	information	NOUN
cblr-14239	120	59	provided	provide	VERB
cblr-14239	120	60	must	must	AUX
cblr-14239	120	61	be	be	AUX
cblr-14239	120	62	more	more	ADV
cblr-14239	120	63	detailed	detailed	ADJ
cblr-14239	120	64	and	and	CCONJ
cblr-14239	120	65	informative	informative	ADJ
cblr-14239	120	66	to	to	PART
cblr-14239	120	67	ensure	ensure	VERB
cblr-14239	120	68	that	that	SCONJ
cblr-14239	120	69	all	all	DET
cblr-14239	120	70	investors	investor	NOUN
cblr-14239	120	71	who	who	PRON
cblr-14239	120	72	may	may	AUX
cblr-14239	120	73	have	have	AUX
cblr-14239	120	74	been	be	AUX
cblr-14239	120	75	influenced	influence	VERB
cblr-14239	120	76	to	to	PART
cblr-14239	120	77	purchase	purchase	VERB
cblr-14239	120	78	are	be	AUX
cblr-14239	120	79	adequately	adequately	ADV
cblr-14239	120	80	informed	inform	VERB
cblr-14239	120	81	.	.	PUNCT
cblr-14239	121	1	this	this	DET
cblr-14239	121	2	heightened	heighten	VERB
cblr-14239	121	3	disclosure	disclosure	NOUN
cblr-14239	121	4	burden	burden	NOUN
cblr-14239	121	5	injects	inject	VERB
cblr-14239	121	6	greater	great	ADJ
cblr-14239	121	7	risk	risk	NOUN
cblr-14239	121	8	of	of	ADP
cblr-14239	121	9	material	material	ADJ
cblr-14239	121	10	misrepresentation	misrepresentation	NOUN
cblr-14239	121	11	and	and	CCONJ
cblr-14239	121	12	omission	omission	NOUN
cblr-14239	121	13	on	on	ADP
cblr-14239	121	14	the	the	DET
cblr-14239	121	15	part	part	NOUN
cblr-14239	121	16	of	of	ADP
cblr-14239	121	17	issuers	issuer	NOUN
cblr-14239	121	18	.	.	PUNCT
cblr-14239	122	1	but	but	CCONJ
cblr-14239	122	2	even	even	ADV
cblr-14239	122	3	when	when	SCONJ
cblr-14239	122	4	the	the	DET
cblr-14239	122	5	processes	process	NOUN
cblr-14239	122	6	of	of	ADP
cblr-14239	122	7	disclosure	disclosure	NOUN
cblr-14239	122	8	are	be	AUX
cblr-14239	122	9	costless	costless	NOUN
cblr-14239	122	10	,	,	PUNCT
cblr-14239	122	11	increased	increase	VERB
cblr-14239	122	12	disclosure	disclosure	NOUN
cblr-14239	122	13	may	may	AUX
cblr-14239	122	14	be	be	AUX
cblr-14239	122	15	costly	costly	ADJ
cblr-14239	122	16	in	in	ADP
cblr-14239	122	17	the	the	DET
cblr-14239	122	18	form	form	NOUN
cblr-14239	122	19	of	of	ADP
cblr-14239	122	20	30	30	NUM
cblr-14239	122	21	see	see	VERB
cblr-14239	122	22	danberg	danberg	PROPN
cblr-14239	122	23	,	,	PUNCT
cblr-14239	122	24	supra	supra	PROPN
cblr-14239	122	25	note	note	NOUN
cblr-14239	122	26	23	23	NUM
cblr-14239	122	27	,	,	PUNCT
cblr-14239	122	28	at	at	ADP
cblr-14239	122	29	181	181	NUM
cblr-14239	122	30	(	(	PUNCT
cblr-14239	122	31	“	"	PUNCT
cblr-14239	122	32	the	the	DET
cblr-14239	122	33	third	third	ADJ
cblr-14239	122	34	circuit	circuit	NOUN
cblr-14239	122	35	's	's	PART
cblr-14239	122	36	extension	extension	NOUN
cblr-14239	122	37	of	of	ADP
cblr-14239	122	38	the	the	DET
cblr-14239	122	39	pinter	pinter	NOUN
cblr-14239	122	40	definition	definition	NOUN
cblr-14239	122	41	of	of	ADP
cblr-14239	122	42	‘	'	PUNCT
cblr-14239	122	43	seller	seller	NOUN
cblr-14239	122	44	’	'	PUNCT
cblr-14239	122	45	to	to	PART
cblr-14239	122	46	section	section	VERB
cblr-14239	122	47	12(2	12(2	NUM
cblr-14239	122	48	)	)	PUNCT
cblr-14239	123	1	is	be	AUX
cblr-14239	123	2	appropriate	appropriate	ADJ
cblr-14239	123	3	in	in	ADP
cblr-14239	123	4	light	light	NOUN
cblr-14239	123	5	of	of	ADP
cblr-14239	123	6	the	the	DET
cblr-14239	123	7	statutory	statutory	ADJ
cblr-14239	123	8	language	language	NOUN
cblr-14239	123	9	and	and	CCONJ
cblr-14239	123	10	the	the	DET
cblr-14239	123	11	remedial	remedial	ADJ
cblr-14239	123	12	purpose	purpose	NOUN
cblr-14239	123	13	of	of	ADP
cblr-14239	123	14	the	the	DET
cblr-14239	123	15	securities	security	NOUN
cblr-14239	123	16	act	act	PROPN
cblr-14239	123	17	.	.	PUNCT
cblr-14239	123	18	”	"	PUNCT
cblr-14239	123	19	)	)	PUNCT
cblr-14239	123	20	.	.	PUNCT
cblr-14239	124	1	31	31	NUM
cblr-14239	125	1	some	some	DET
cblr-14239	125	2	courts	court	NOUN
cblr-14239	125	3	have	have	AUX
cblr-14239	125	4	found	find	VERB
cblr-14239	125	5	a	a	DET
cblr-14239	125	6	strict	strict	ADJ
cblr-14239	125	7	privity	privity	NOUN
cblr-14239	125	8	standard	standard	NOUN
cblr-14239	125	9	to	to	PART
cblr-14239	125	10	be	be	AUX
cblr-14239	125	11	too	too	ADV
cblr-14239	125	12	restrictive	restrictive	ADJ
cblr-14239	125	13	for	for	ADP
cblr-14239	125	14	the	the	DET
cblr-14239	125	15	remedial	remedial	ADJ
cblr-14239	125	16	purposes	purpose	NOUN
cblr-14239	125	17	of	of	ADP
cblr-14239	125	18	the	the	DET
cblr-14239	125	19	securities	security	NOUN
cblr-14239	125	20	act	act	PROPN
cblr-14239	125	21	.	.	PUNCT
cblr-14239	126	1	see	see	VERB
cblr-14239	126	2	i	i	PRON
cblr-14239	126	3	d.	d.	PROPN
cblr-14239	126	4	at	at	ADP
cblr-14239	126	5	166	166	NUM
cblr-14239	126	6	(	(	PUNCT
cblr-14239	126	7	citing	cite	VERB
cblr-14239	126	8	cady	cady	PROPN
cblr-14239	126	9	v.	v.	PROPN
cblr-14239	126	10	murphy	murphy	PROPN
cblr-14239	126	11	,	,	PUNCT
cblr-14239	126	12	113	113	NUM
cblr-14239	126	13	f.2d	f.2d	NOUN
cblr-14239	126	14	988	988	NUM
cblr-14239	126	15	(	(	PUNCT
cblr-14239	126	16	1st	1st	ADJ
cblr-14239	126	17	cir	cir	NOUN
cblr-14239	126	18	.	.	PUNCT
cblr-14239	126	19	1940	1940	NUM
cblr-14239	126	20	)	)	PUNCT
cblr-14239	126	21	)	)	PUNCT
cblr-14239	126	22	.	.	PUNCT
cblr-14239	127	1	32	32	NUM
cblr-14239	127	2	see	see	VERB
cblr-14239	127	3	epstein	epstein	PROPN
cblr-14239	127	4	,	,	PUNCT
cblr-14239	127	5	supra	supra	PROPN
cblr-14239	127	6	note	note	NOUN
cblr-14239	127	7	3	3	NUM
cblr-14239	127	8	,	,	PUNCT
cblr-14239	127	9	at	at	ADP
cblr-14239	127	10	35	35	NUM
cblr-14239	127	11	.	.	PUNCT
cblr-14239	128	1	no	no	INTJ
cblr-14239	128	2	.	.	NOUN
cblr-14239	128	3	2	2	NUM
cblr-14239	128	4	]	]	PUNCT
cblr-14239	128	5	with	with	ADP
cblr-14239	128	6	whom	whom	PRON
cblr-14239	128	7	is	be	AUX
cblr-14239	128	8	your	your	PRON
cblr-14239	128	9	issue	issue	NOUN
cblr-14239	128	10	?	?	PUNCT
cblr-14239	129	1	801	801	NUM
cblr-14239	129	2	reduced	reduce	VERB
cblr-14239	129	3	investment.33	investment.33	NOUN
cblr-14239	129	4	in	in	ADP
cblr-14239	129	5	an	an	DET
cblr-14239	129	6	effort	effort	NOUN
cblr-14239	129	7	to	to	PART
cblr-14239	129	8	limit	limit	VERB
cblr-14239	129	9	the	the	DET
cblr-14239	129	10	inefficiencies	inefficiency	NOUN
cblr-14239	129	11	that	that	PRON
cblr-14239	129	12	may	may	AUX
cblr-14239	129	13	result	result	VERB
cblr-14239	129	14	from	from	ADP
cblr-14239	129	15	a	a	DET
cblr-14239	129	16	more	more	ADV
cblr-14239	129	17	demanding	demanding	ADJ
cblr-14239	129	18	disclosure	disclosure	NOUN
cblr-14239	129	19	regime	regime	NOUN
cblr-14239	129	20	,	,	PUNCT
cblr-14239	129	21	one	one	PRON
cblr-14239	129	22	can	can	AUX
cblr-14239	129	23	examine	examine	VERB
cblr-14239	129	24	when	when	SCONJ
cblr-14239	129	25	the	the	DET
cblr-14239	129	26	expenses	expense	NOUN
cblr-14239	129	27	of	of	ADP
cblr-14239	129	28	disclosure	disclosure	NOUN
cblr-14239	129	29	obligations	obligation	NOUN
cblr-14239	129	30	,	,	PUNCT
cblr-14239	129	31	including	include	VERB
cblr-14239	129	32	the	the	DET
cblr-14239	129	33	risk	risk	NOUN
cblr-14239	129	34	of	of	ADP
cblr-14239	129	35	material	material	NOUN
cblr-14239	129	36	misrepresentations	misrepresentation	NOUN
cblr-14239	129	37	and	and	CCONJ
cblr-14239	129	38	omissions	omission	NOUN
cblr-14239	129	39	,	,	PUNCT
cblr-14239	129	40	exceed	exceed	VERB
cblr-14239	129	41	the	the	DET
cblr-14239	129	42	cost	cost	NOUN
cblr-14239	129	43	of	of	ADP
cblr-14239	129	44	sophisticated	sophisticated	ADJ
cblr-14239	129	45	investors	investor	NOUN
cblr-14239	129	46	to	to	PART
cblr-14239	129	47	“	"	PUNCT
cblr-14239	129	48	fend	fend	VERB
cblr-14239	129	49	for	for	ADP
cblr-14239	129	50	themselves	themselves	PRON
cblr-14239	129	51	.	.	PUNCT
cblr-14239	130	1	”34	”34	ADP
cblr-14239	130	2	nearly	nearly	ADV
cblr-14239	130	3	ubiquitous	ubiquitous	ADJ
cblr-14239	130	4	in	in	ADP
cblr-14239	130	5	every	every	DET
cblr-14239	130	6	first	first	ADJ
cblr-14239	130	7	-	-	PUNCT
cblr-14239	130	8	year	year	NOUN
cblr-14239	130	9	law	law	NOUN
cblr-14239	130	10	student	student	NOUN
cblr-14239	130	11	’s	’s	PART
cblr-14239	130	12	curriculum	curriculum	NOUN
cblr-14239	130	13	is	be	AUX
cblr-14239	130	14	guido	guido	PROPN
cblr-14239	130	15	calabresi	calabresi	PROPN
cblr-14239	130	16	’s	’s	PART
cblr-14239	130	17	“	"	PUNCT
cblr-14239	130	18	cheapest	cheapest	ADJ
cblr-14239	130	19	cost	cost	NOUN
cblr-14239	130	20	avoider	avoider	NOUN
cblr-14239	130	21	”	"	PUNCT
cblr-14239	130	22	analysis	analysis	NOUN
cblr-14239	130	23	.	.	PUNCT
cblr-14239	131	1	calabresi	calabresi	PROPN
cblr-14239	131	2	concluded	conclude	VERB
cblr-14239	131	3	that	that	SCONJ
cblr-14239	131	4	,	,	PUNCT
cblr-14239	131	5	to	to	PART
cblr-14239	131	6	compensate	compensate	VERB
cblr-14239	131	7	for	for	ADP
cblr-14239	131	8	inefficiencies	inefficiency	NOUN
cblr-14239	131	9	in	in	ADP
cblr-14239	131	10	transactions	transaction	NOUN
cblr-14239	131	11	requiring	require	VERB
cblr-14239	131	12	a	a	DET
cblr-14239	131	13	premium	premium	NOUN
cblr-14239	131	14	to	to	PART
cblr-14239	131	15	adjust	adjust	VERB
cblr-14239	131	16	for	for	ADP
cblr-14239	131	17	the	the	DET
cblr-14239	131	18	risk	risk	NOUN
cblr-14239	131	19	of	of	ADP
cblr-14239	131	20	accident	accident	NOUN
cblr-14239	131	21	,	,	PUNCT
cblr-14239	131	22	the	the	DET
cblr-14239	131	23	risk	risk	NOUN
cblr-14239	131	24	should	should	AUX
cblr-14239	131	25	be	be	AUX
cblr-14239	131	26	allocated	allocate	VERB
cblr-14239	131	27	in	in	ADP
cblr-14239	131	28	a	a	DET
cblr-14239	131	29	way	way	NOUN
cblr-14239	131	30	that	that	PRON
cblr-14239	131	31	reduces	reduce	VERB
cblr-14239	131	32	transaction	transaction	NOUN
cblr-14239	131	33	costs.35	costs.35	NOUN
cblr-14239	131	34	whilst	whilst	SCONJ
cblr-14239	131	35	calabresi	calabresi	NOUN
cblr-14239	131	36	’s	’s	PART
cblr-14239	131	37	proposal	proposal	NOUN
cblr-14239	131	38	was	be	AUX
cblr-14239	131	39	responsive	responsive	ADJ
cblr-14239	131	40	to	to	ADP
cblr-14239	131	41	externalities	externality	NOUN
cblr-14239	131	42	in	in	ADP
cblr-14239	131	43	the	the	DET
cblr-14239	131	44	torts	tort	NOUN
cblr-14239	131	45	context	context	NOUN
cblr-14239	131	46	,	,	PUNCT
cblr-14239	131	47	it	it	PRON
cblr-14239	131	48	can	can	AUX
cblr-14239	131	49	inform	inform	VERB
cblr-14239	131	50	how	how	SCONJ
cblr-14239	131	51	securities	security	NOUN
cblr-14239	131	52	law	law	NOUN
cblr-14239	131	53	should	should	AUX
cblr-14239	131	54	approach	approach	VERB
cblr-14239	131	55	the	the	DET
cblr-14239	131	56	allocation	allocation	NOUN
cblr-14239	131	57	of	of	ADP
cblr-14239	131	58	risks	risk	NOUN
cblr-14239	131	59	and	and	CCONJ
cblr-14239	131	60	associated	associate	VERB
cblr-14239	131	61	costs	cost	NOUN
cblr-14239	131	62	when	when	SCONJ
cblr-14239	131	63	developing	develop	VERB
cblr-14239	131	64	the	the	DET
cblr-14239	131	65	regulatory	regulatory	ADJ
cblr-14239	131	66	regime.36	regime.36	NOUN
cblr-14239	131	67	the	the	DET
cblr-14239	131	68	proposed	propose	VERB
cblr-14239	131	69	“	"	PUNCT
cblr-14239	131	70	cheapest	cheapest	ADJ
cblr-14239	131	71	cost	cost	NOUN
cblr-14239	131	72	avoider	avoider	NOUN
cblr-14239	131	73	”	"	PUNCT
cblr-14239	131	74	is	be	AUX
cblr-14239	131	75	intended	intend	VERB
cblr-14239	131	76	to	to	ADP
cblr-14239	131	77	33	33	NUM
cblr-14239	131	78	see	see	VERB
cblr-14239	131	79	alex	alex	PROPN
cblr-14239	131	80	edmans	edmans	PROPN
cblr-14239	131	81	et	et	PROPN
cblr-14239	131	82	al	al	PROPN
cblr-14239	131	83	.	.	PROPN
cblr-14239	131	84	,	,	PUNCT
cblr-14239	131	85	the	the	DET
cblr-14239	131	86	real	real	ADJ
cblr-14239	131	87	costs	cost	NOUN
cblr-14239	131	88	of	of	ADP
cblr-14239	131	89	disclosure	disclosure	NOUN
cblr-14239	131	90	32	32	NUM
cblr-14239	131	91	(	(	PUNCT
cblr-14239	131	92	nat’l	nat’l	NUM
cblr-14239	131	93	bureau	bureau	PROPN
cblr-14239	131	94	of	of	ADP
cblr-14239	131	95	econ	econ	PROPN
cblr-14239	131	96	.	.	PUNCT
cblr-14239	132	1	rsch	rsch	PROPN
cblr-14239	132	2	.	.	PUNCT
cblr-14239	132	3	,	,	PUNCT
cblr-14239	132	4	working	work	VERB
cblr-14239	132	5	paper	paper	NOUN
cblr-14239	132	6	no	no	NOUN
cblr-14239	132	7	.	.	PROPN
cblr-14239	132	8	19420	19420	NUM
cblr-14239	132	9	,	,	PUNCT
cblr-14239	132	10	2013	2013	NUM
cblr-14239	132	11	)	)	PUNCT
cblr-14239	132	12	.	.	PUNCT
cblr-14239	133	1	the	the	DET
cblr-14239	133	2	cost	cost	NOUN
cblr-14239	133	3	of	of	ADP
cblr-14239	133	4	increased	increase	VERB
cblr-14239	133	5	disclosure	disclosure	NOUN
cblr-14239	133	6	is	be	AUX
cblr-14239	133	7	premised	premise	VERB
cblr-14239	133	8	on	on	ADP
cblr-14239	133	9	the	the	DET
cblr-14239	133	10	distinction	distinction	NOUN
cblr-14239	133	11	between	between	ADP
cblr-14239	133	12	hard	hard	ADJ
cblr-14239	133	13	and	and	CCONJ
cblr-14239	133	14	soft	soft	ADJ
cblr-14239	133	15	information.information	information.information	NOUN
cblr-14239	133	16	that	that	PRON
cblr-14239	133	17	is	be	AUX
cblr-14239	133	18	soft	soft	ADJ
cblr-14239	133	19	“	"	PUNCT
cblr-14239	133	20	can	can	AUX
cblr-14239	133	21	not	not	PART
cblr-14239	133	22	be	be	AUX
cblr-14239	133	23	directly	directly	ADV
cblr-14239	133	24	verified	verify	VERB
cblr-14239	133	25	by	by	ADP
cblr-14239	133	26	anyone	anyone	PRON
cblr-14239	133	27	other	other	ADJ
cblr-14239	133	28	than	than	ADP
cblr-14239	133	29	the	the	DET
cblr-14239	133	30	agent	agent	NOUN
cblr-14239	133	31	who	who	PRON
cblr-14239	133	32	produces	produce	VERB
cblr-14239	133	33	it	it	PRON
cblr-14239	133	34	.	.	PUNCT
cblr-14239	133	35	”	"	PUNCT
cblr-14239	134	1	jeremy	jeremy	PROPN
cblr-14239	134	2	c.	c.	PROPN
cblr-14239	134	3	stein	stein	PROPN
cblr-14239	134	4	,	,	PUNCT
cblr-14239	134	5	information	information	NOUN
cblr-14239	134	6	production	production	NOUN
cblr-14239	134	7	and	and	CCONJ
cblr-14239	134	8	capital	capital	NOUN
cblr-14239	134	9	allocation	allocation	NOUN
cblr-14239	134	10	:	:	PUNCT
cblr-14239	134	11	decentralized	decentralize	VERB
cblr-14239	134	12	versus	versus	ADP
cblr-14239	134	13	hierarchical	hierarchical	ADJ
cblr-14239	134	14	firms	firm	NOUN
cblr-14239	134	15	,	,	PUNCT
cblr-14239	134	16	57	57	NUM
cblr-14239	134	17	j.	j.	PROPN
cblr-14239	134	18	fin	fin	PROPN
cblr-14239	134	19	.	.	PUNCT
cblr-14239	134	20	1891	1891	NUM
cblr-14239	134	21	,	,	PUNCT
cblr-14239	134	22	1892	1892	NUM
cblr-14239	134	23	(	(	PUNCT
cblr-14239	134	24	2002	2002	NUM
cblr-14239	134	25	)	)	PUNCT
cblr-14239	134	26	.	.	PUNCT
cblr-14239	135	1	hard	hard	ADJ
cblr-14239	135	2	information	information	NOUN
cblr-14239	135	3	in	in	ADP
cblr-14239	135	4	contrast	contrast	NOUN
cblr-14239	135	5	can	can	AUX
cblr-14239	135	6	be	be	AUX
cblr-14239	135	7	credibly	credibly	ADV
cblr-14239	135	8	disclosed	disclose	VERB
cblr-14239	135	9	and	and	CCONJ
cblr-14239	135	10	thereby	thereby	ADV
cblr-14239	135	11	reduces	reduce	VERB
cblr-14239	135	12	the	the	DET
cblr-14239	135	13	cost	cost	NOUN
cblr-14239	135	14	of	of	ADP
cblr-14239	135	15	capital	capital	NOUN
cblr-14239	135	16	by	by	ADP
cblr-14239	135	17	improving	improve	VERB
cblr-14239	135	18	the	the	DET
cblr-14239	135	19	investor	investor	NOUN
cblr-14239	135	20	’s	’s	PART
cblr-14239	135	21	informational	informational	ADJ
cblr-14239	135	22	disadvantage	disadvantage	NOUN
cblr-14239	135	23	.	.	PUNCT
cblr-14239	136	1	edmans	edman	NOUN
cblr-14239	136	2	et	et	PROPN
cblr-14239	136	3	al	al	PROPN
cblr-14239	136	4	.	.	PROPN
cblr-14239	136	5	,	,	PUNCT
cblr-14239	136	6	supra	supra	PROPN
cblr-14239	136	7	,	,	PUNCT
cblr-14239	136	8	at	at	ADP
cblr-14239	136	9	2–3	2–3	NUM
cblr-14239	136	10	.	.	PUNCT
cblr-14239	137	1	because	because	SCONJ
cblr-14239	137	2	the	the	DET
cblr-14239	137	3	disclosure	disclosure	NOUN
cblr-14239	137	4	of	of	ADP
cblr-14239	137	5	hard	hard	ADJ
cblr-14239	137	6	information	information	NOUN
cblr-14239	137	7	better	well	ADV
cblr-14239	137	8	reduces	reduce	VERB
cblr-14239	137	9	the	the	DET
cblr-14239	137	10	cost	cost	NOUN
cblr-14239	137	11	of	of	ADP
cblr-14239	137	12	capital	capital	NOUN
cblr-14239	137	13	,	,	PUNCT
cblr-14239	137	14	it	it	PRON
cblr-14239	137	15	is	be	AUX
cblr-14239	137	16	favored	favor	VERB
cblr-14239	137	17	by	by	ADP
cblr-14239	137	18	management	management	NOUN
cblr-14239	137	19	at	at	ADP
cblr-14239	137	20	the	the	DET
cblr-14239	137	21	expense	expense	NOUN
cblr-14239	137	22	of	of	ADP
cblr-14239	137	23	soft	soft	ADJ
cblr-14239	137	24	information	information	NOUN
cblr-14239	137	25	.	.	PUNCT
cblr-14239	138	1	as	as	ADP
cblr-14239	138	2	a	a	DET
cblr-14239	138	3	result	result	NOUN
cblr-14239	138	4	,	,	PUNCT
cblr-14239	138	5	management	management	NOUN
cblr-14239	138	6	will	will	AUX
cblr-14239	138	7	reduce	reduce	VERB
cblr-14239	138	8	investment	investment	NOUN
cblr-14239	138	9	that	that	PRON
cblr-14239	138	10	can	can	AUX
cblr-14239	138	11	not	not	PART
cblr-14239	138	12	be	be	AUX
cblr-14239	138	13	quantified	quantify	VERB
cblr-14239	138	14	but	but	CCONJ
cblr-14239	138	15	that	that	PRON
cblr-14239	138	16	would	would	AUX
cblr-14239	138	17	add	add	VERB
cblr-14239	138	18	value	value	NOUN
cblr-14239	138	19	to	to	ADP
cblr-14239	138	20	the	the	DET
cblr-14239	138	21	firm	firm	NOUN
cblr-14239	138	22	,	,	PUNCT
cblr-14239	138	23	see	see	VERB
cblr-14239	138	24	i	i	PRON
cblr-14239	138	25	d.	d.	PROPN
cblr-14239	138	26	at	at	ADP
cblr-14239	138	27	5	5	NUM
cblr-14239	138	28	,	,	PUNCT
cblr-14239	138	29	resulting	result	VERB
cblr-14239	138	30	in	in	ADP
cblr-14239	138	31	inefficiencies	inefficiency	NOUN
cblr-14239	138	32	.	.	PUNCT
cblr-14239	139	1	34	34	NUM
cblr-14239	139	2	see	see	VERB
cblr-14239	139	3	generally	generally	ADV
cblr-14239	139	4	regulation	regulation	NOUN
cblr-14239	139	5	d	d	NOUN
cblr-14239	139	6	revisions	revision	NOUN
cblr-14239	139	7	;	;	PUNCT
cblr-14239	139	8	exemption	exemption	NOUN
cblr-14239	139	9	for	for	ADP
cblr-14239	139	10	certain	certain	ADJ
cblr-14239	139	11	employee	employee	NOUN
cblr-14239	139	12	benefit	benefit	NOUN
cblr-14239	139	13	plans	plan	NOUN
cblr-14239	139	14	,	,	PUNCT
cblr-14239	139	15	securities	security	NOUN
cblr-14239	139	16	act	act	NOUN
cblr-14239	139	17	release	release	VERB
cblr-14239	139	18	no	no	DET
cblr-14239	139	19	.	.	NOUN
cblr-14239	139	20	6683	6683	NUM
cblr-14239	139	21	,	,	PUNCT
cblr-14239	139	22	52	52	NUM
cblr-14239	139	23	fed	feed	VERB
cblr-14239	139	24	.	.	PUNCT
cblr-14239	140	1	reg	reg	PROPN
cblr-14239	140	2	.	.	PUNCT
cblr-14239	140	3	3015	3015	NUM
cblr-14239	140	4	,	,	PUNCT
cblr-14239	140	5	2017	2017	NUM
cblr-14239	140	6	(	(	PUNCT
cblr-14239	140	7	proposed	propose	VERB
cblr-14239	140	8	jan	jan	PROPN
cblr-14239	140	9	.	.	PROPN
cblr-14239	140	10	16	16	NUM
cblr-14239	140	11	,	,	PUNCT
cblr-14239	140	12	1987	1987	NUM
cblr-14239	140	13	)	)	PUNCT
cblr-14239	141	1	(	(	PUNCT
cblr-14239	141	2	to	to	PART
cblr-14239	141	3	be	be	AUX
cblr-14239	141	4	codified	codify	VERB
cblr-14239	141	5	17	17	NUM
cblr-14239	141	6	c.f.r	c.f.r	NOUN
cblr-14239	141	7	.	.	PUNCT
cblr-14239	142	1	pt	pt	PROPN
cblr-14239	142	2	.	.	PROPN
cblr-14239	142	3	230	230	NUM
cblr-14239	142	4	)	)	PUNCT
cblr-14239	142	5	(	(	PUNCT
cblr-14239	142	6	discussing	discuss	VERB
cblr-14239	142	7	the	the	DET
cblr-14239	142	8	intent	intent	NOUN
cblr-14239	142	9	of	of	ADP
cblr-14239	142	10	exempting	exempt	VERB
cblr-14239	142	11	issuers	issuer	NOUN
cblr-14239	142	12	who	who	PRON
cblr-14239	142	13	privately	privately	ADV
cblr-14239	142	14	place	place	VERB
cblr-14239	142	15	securities	security	NOUN
cblr-14239	142	16	for	for	ADP
cblr-14239	142	17	sale	sale	NOUN
cblr-14239	142	18	to	to	ADP
cblr-14239	142	19	“	"	PUNCT
cblr-14239	142	20	accredited	accredited	ADJ
cblr-14239	142	21	investors	investor	NOUN
cblr-14239	142	22	”	"	PUNCT
cblr-14239	142	23	from	from	ADP
cblr-14239	142	24	the	the	DET
cblr-14239	142	25	1933	1933	NUM
cblr-14239	142	26	act	act	PROPN
cblr-14239	142	27	’s	’s	PART
cblr-14239	142	28	registration	registration	NOUN
cblr-14239	142	29	requirements	requirement	NOUN
cblr-14239	142	30	)	)	PUNCT
cblr-14239	142	31	.	.	PUNCT
cblr-14239	143	1	35	35	NUM
cblr-14239	143	2	see	see	VERB
cblr-14239	143	3	guido	guido	NOUN
cblr-14239	143	4	calabresi	calabresi	PROPN
cblr-14239	143	5	,	,	PUNCT
cblr-14239	143	6	the	the	DET
cblr-14239	143	7	cost	cost	NOUN
cblr-14239	143	8	of	of	ADP
cblr-14239	143	9	accidents	accident	NOUN
cblr-14239	143	10	:	:	PUNCT
cblr-14239	143	11	a	a	DET
cblr-14239	143	12	legal	legal	ADJ
cblr-14239	143	13	and	and	CCONJ
cblr-14239	143	14	economic	economic	ADJ
cblr-14239	143	15	analysis	analysis	NOUN
cblr-14239	143	16	135–36	135–36	NUM
cblr-14239	143	17	(	(	PUNCT
cblr-14239	143	18	yale	yale	PROPN
cblr-14239	143	19	univ	univ	PROPN
cblr-14239	143	20	.	.	PUNCT
cblr-14239	144	1	press	press	PROPN
cblr-14239	144	2	1970	1970	NUM
cblr-14239	144	3	)	)	PUNCT
cblr-14239	144	4	.	.	PUNCT
cblr-14239	145	1	36	36	NUM
cblr-14239	145	2	identifying	identify	VERB
cblr-14239	145	3	the	the	DET
cblr-14239	145	4	“	"	PUNCT
cblr-14239	145	5	cheapest	cheap	ADJ
cblr-14239	145	6	cost	cost	NOUN
cblr-14239	145	7	avoider	avoider	NOUN
cblr-14239	145	8	”	"	PUNCT
cblr-14239	145	9	may	may	AUX
cblr-14239	145	10	be	be	AUX
cblr-14239	145	11	even	even	ADV
cblr-14239	145	12	more	more	ADV
cblr-14239	145	13	significant	significant	ADJ
cblr-14239	145	14	in	in	ADP
cblr-14239	145	15	securities	security	NOUN
cblr-14239	145	16	law	law	NOUN
cblr-14239	145	17	because	because	SCONJ
cblr-14239	145	18	the	the	DET
cblr-14239	145	19	“	"	PUNCT
cblr-14239	145	20	reasonable	reasonable	ADJ
cblr-14239	145	21	investor	investor	NOUN
cblr-14239	145	22	”	"	PUNCT
cblr-14239	145	23	standard	standard	NOUN
cblr-14239	145	24	used	use	VERB
cblr-14239	145	25	to	to	PART
cblr-14239	145	26	determine	determine	VERB
cblr-14239	145	27	the	the	DET
cblr-14239	145	28	materiality	materiality	NOUN
cblr-14239	145	29	of	of	ADP
cblr-14239	145	30	a	a	DET
cblr-14239	145	31	misstatement	misstatement	NOUN
cblr-14239	145	32	or	or	CCONJ
cblr-14239	145	33	omission	omission	NOUN
cblr-14239	145	34	is	be	AUX
cblr-14239	145	35	more	more	ADV
cblr-14239	145	36	uncertain	uncertain	ADJ
cblr-14239	145	37	,	,	PUNCT
cblr-14239	145	38	and	and	CCONJ
cblr-14239	145	39	thereby	thereby	ADV
cblr-14239	145	40	injects	inject	VERB
cblr-14239	145	41	more	more	ADJ
cblr-14239	145	42	risk	risk	NOUN
cblr-14239	145	43	into	into	ADP
cblr-14239	145	44	a	a	DET
cblr-14239	145	45	transaction	transaction	NOUN
cblr-14239	145	46	,	,	PUNCT
cblr-14239	145	47	than	than	ADP
cblr-14239	145	48	the	the	DET
cblr-14239	145	49	“	"	PUNCT
cblr-14239	145	50	reasonable	reasonable	ADJ
cblr-14239	145	51	person	person	NOUN
cblr-14239	145	52	”	"	PUNCT
cblr-14239	145	53	of	of	ADP
cblr-14239	145	54	tort	tort	NOUN
cblr-14239	145	55	law	law	NOUN
cblr-14239	145	56	.	.	PUNCT
cblr-14239	146	1	see	see	VERB
cblr-14239	146	2	amanda	amanda	PROPN
cblr-14239	146	3	m.	m.	PROPN
cblr-14239	146	4	rose	rise	VERB
cblr-14239	146	5	,	,	PUNCT
cblr-14239	146	6	the	the	DET
cblr-14239	146	7	“	"	PUNCT
cblr-14239	146	8	reasonable	reasonable	ADJ
cblr-14239	146	9	investor	investor	NOUN
cblr-14239	146	10	of	of	ADP
cblr-14239	146	11	federal	federal	ADJ
cblr-14239	146	12	securities	security	NOUN
cblr-14239	146	13	law	law	NOUN
cblr-14239	146	14	:	:	PUNCT
cblr-14239	146	15	insights	insight	NOUN
cblr-14239	146	16	from	from	ADP
cblr-14239	146	17	tort	tort	NOUN
cblr-14239	146	18	law	law	NOUN
cblr-14239	146	19	’s	’s	PART
cblr-14239	146	20	“	"	PUNCT
cblr-14239	146	21	reasonable	reasonable	ADJ
cblr-14239	146	22	person	person	NOUN
cblr-14239	146	23	”	"	PUNCT
cblr-14239	146	24	&	&	CCONJ
cblr-14239	146	25	suggested	suggest	VERB
cblr-14239	146	26	reforms	reform	NOUN
cblr-14239	146	27	,	,	PUNCT
cblr-14239	146	28	43	43	NUM
cblr-14239	146	29	j.	j.	PROPN
cblr-14239	146	30	corp	corp	PROPN
cblr-14239	146	31	.	.	PROPN
cblr-14239	146	32	l.	l.	PROPN
cblr-14239	146	33	77	77	NUM
cblr-14239	146	34	,	,	PUNCT
cblr-14239	146	35	81	81	NUM
cblr-14239	146	36	(	(	PUNCT
cblr-14239	146	37	2017	2017	NUM
cblr-14239	146	38	)	)	PUNCT
cblr-14239	146	39	.	.	PUNCT
cblr-14239	147	1	it	it	PRON
cblr-14239	147	2	is	be	AUX
cblr-14239	147	3	also	also	ADV
cblr-14239	147	4	not	not	PART
cblr-14239	147	5	unusual	unusual	ADJ
cblr-14239	147	6	for	for	SCONJ
cblr-14239	147	7	legal	legal	ADJ
cblr-14239	147	8	academics	academic	NOUN
cblr-14239	147	9	and	and	CCONJ
cblr-14239	147	10	commentators	commentator	NOUN
cblr-14239	147	11	to	to	PART
cblr-14239	147	12	extend	extend	VERB
cblr-14239	147	13	the	the	DET
cblr-14239	147	14	calabresi	calabresi	NOUN
cblr-14239	147	15	proposal	proposal	NOUN
cblr-14239	147	16	to	to	ADP
cblr-14239	147	17	802	802	NUM
cblr-14239	147	18	columbia	columbia	PROPN
cblr-14239	147	19	business	business	NOUN
cblr-14239	147	20	law	law	PROPN
cblr-14239	147	21	review	review	NOUN
cblr-14239	147	22	[	[	X
cblr-14239	147	23	vol	vol	NOUN
cblr-14239	147	24	.	.	NOUN
cblr-14239	147	25	2024	2024	NUM
cblr-14239	147	26	be	be	AUX
cblr-14239	147	27	a	a	DET
cblr-14239	147	28	strict	strict	ADJ
cblr-14239	147	29	liability	liability	NOUN
cblr-14239	147	30	scheme	scheme	NOUN
cblr-14239	147	31	less	less	ADV
cblr-14239	147	32	concerned	concerned	ADJ
cblr-14239	147	33	with	with	ADP
cblr-14239	147	34	ex	ex	ADJ
cblr-14239	147	35	post	post	PROPN
cblr-14239	147	36	compensation	compensation	NOUN
cblr-14239	147	37	and	and	CCONJ
cblr-14239	147	38	more	more	ADJ
cblr-14239	147	39	with	with	ADP
cblr-14239	147	40	ex	ex	NOUN
cblr-14239	147	41	ante	ante	NOUN
cblr-14239	147	42	reduction	reduction	NOUN
cblr-14239	147	43	in	in	ADP
cblr-14239	147	44	accident	accident	NOUN
cblr-14239	147	45	avoidance	avoidance	NOUN
cblr-14239	147	46	costs	cost	NOUN
cblr-14239	147	47	to	to	PART
cblr-14239	147	48	better	well	ADV
cblr-14239	147	49	facilitate	facilitate	VERB
cblr-14239	147	50	the	the	DET
cblr-14239	147	51	most	most	ADV
cblr-14239	147	52	efficient	efficient	ADJ
cblr-14239	147	53	result.37	result.37	NOUN
cblr-14239	147	54	in	in	ADP
cblr-14239	147	55	the	the	DET
cblr-14239	147	56	analog	analog	NOUN
cblr-14239	147	57	of	of	ADP
cblr-14239	147	58	securities	security	NOUN
cblr-14239	147	59	regulation,38	regulation,38	PROPN
cblr-14239	147	60	a	a	DET
cblr-14239	147	61	strict	strict	ADJ
cblr-14239	147	62	liability	liability	NOUN
cblr-14239	147	63	scheme	scheme	NOUN
cblr-14239	147	64	would	would	AUX
cblr-14239	147	65	aim	aim	VERB
cblr-14239	147	66	to	to	PART
cblr-14239	147	67	reduce	reduce	VERB
cblr-14239	147	68	accident	accident	NOUN
cblr-14239	147	69	costs	cost	NOUN
cblr-14239	147	70	in	in	ADP
cblr-14239	147	71	the	the	DET
cblr-14239	147	72	form	form	NOUN
cblr-14239	147	73	of	of	ADP
cblr-14239	147	74	risk	risk	NOUN
cblr-14239	147	75	premiums	premium	NOUN
cblr-14239	147	76	by	by	ADP
cblr-14239	147	77	burdening	burden	VERB
cblr-14239	147	78	the	the	DET
cblr-14239	147	79	cheapest	cheap	ADJ
cblr-14239	147	80	cost	cost	NOUN
cblr-14239	147	81	avoider	avoider	NOUN
cblr-14239	147	82	with	with	ADP
cblr-14239	147	83	the	the	DET
cblr-14239	147	84	risk	risk	NOUN
cblr-14239	147	85	of	of	ADP
cblr-14239	147	86	cost	cost	NOUN
cblr-14239	147	87	-	-	PUNCT
cblr-14239	147	88	benefit	benefit	NOUN
cblr-14239	147	89	analysis	analysis	NOUN
cblr-14239	147	90	.	.	PUNCT
cblr-14239	148	1	retail	retail	ADJ
cblr-14239	148	2	investors	investor	NOUN
cblr-14239	148	3	are	be	AUX
cblr-14239	148	4	more	more	ADJ
cblr-14239	148	5	risk	risk	NOUN
cblr-14239	148	6	-	-	PUNCT
cblr-14239	148	7	averse	averse	ADJ
cblr-14239	148	8	than	than	ADP
cblr-14239	148	9	sophisticated	sophisticated	ADJ
cblr-14239	148	10	institutional	institutional	ADJ
cblr-14239	148	11	investors.39	investors.39	NOUN
cblr-14239	148	12	this	this	DET
cblr-14239	148	13	risk	risk	NOUN
cblr-14239	148	14	-	-	PUNCT
cblr-14239	148	15	aversion	aversion	NOUN
cblr-14239	148	16	may	may	AUX
cblr-14239	148	17	be	be	AUX
cblr-14239	148	18	attributed	attribute	VERB
cblr-14239	148	19	to	to	ADP
cblr-14239	148	20	their	their	PRON
cblr-14239	148	21	comparatively	comparatively	ADV
cblr-14239	148	22	infrequent	infrequent	ADJ
cblr-14239	148	23	engagement	engagement	NOUN
cblr-14239	148	24	,	,	PUNCT
cblr-14239	148	25	which	which	PRON
cblr-14239	148	26	makes	make	VERB
cblr-14239	148	27	it	it	PRON
cblr-14239	148	28	more	more	ADV
cblr-14239	148	29	costly	costly	ADJ
cblr-14239	148	30	for	for	SCONJ
cblr-14239	148	31	retail	retail	ADJ
cblr-14239	148	32	investors	investor	NOUN
cblr-14239	148	33	to	to	PART
cblr-14239	148	34	make	make	VERB
cblr-14239	148	35	well	well	ADV
cblr-14239	148	36	-	-	PUNCT
cblr-14239	148	37	informed	inform	VERB
cblr-14239	148	38	investment	investment	NOUN
cblr-14239	148	39	decisions	decision	NOUN
cblr-14239	148	40	.	.	PUNCT
cblr-14239	149	1	because	because	SCONJ
cblr-14239	149	2	sophisticated	sophisticated	ADJ
cblr-14239	149	3	investors	investor	NOUN
cblr-14239	149	4	have	have	VERB
cblr-14239	149	5	better	well	ADJ
cblr-14239	149	6	information	information	NOUN
cblr-14239	149	7	to	to	PART
cblr-14239	149	8	identify	identify	VERB
cblr-14239	149	9	profitable	profitable	ADJ
cblr-14239	149	10	assets,40	assets,40	NOUN
cblr-14239	149	11	or	or	CCONJ
cblr-14239	149	12	at	at	ADP
cblr-14239	149	13	least	least	ADJ
cblr-14239	149	14	disciplines	discipline	NOUN
cblr-14239	149	15	beyond	beyond	ADP
cblr-14239	149	16	the	the	DET
cblr-14239	149	17	scope	scope	NOUN
cblr-14239	149	18	of	of	ADP
cblr-14239	149	19	tort	tort	NOUN
cblr-14239	149	20	law	law	NOUN
cblr-14239	149	21	.	.	PUNCT
cblr-14239	150	1	one	one	NUM
cblr-14239	150	2	paper	paper	NOUN
cblr-14239	150	3	“	"	PUNCT
cblr-14239	150	4	parallel[s	parallel[s	NOUN
cblr-14239	150	5	]	]	PUNCT
cblr-14239	150	6	with	with	ADP
cblr-14239	150	7	calabresi	calabresi	PROPN
cblr-14239	150	8	’s	’s	PART
cblr-14239	150	9	canonical	canonical	ADJ
cblr-14239	150	10	formulation	formulation	NOUN
cblr-14239	150	11	for	for	ADP
cblr-14239	150	12	the	the	DET
cblr-14239	150	13	design	design	NOUN
cblr-14239	150	14	of	of	ADP
cblr-14239	150	15	an	an	DET
cblr-14239	150	16	optimal	optimal	ADJ
cblr-14239	150	17	tort	tort	NOUN
cblr-14239	150	18	system	system	NOUN
cblr-14239	150	19	,	,	PUNCT
cblr-14239	150	20	an	an	DET
cblr-14239	150	21	optimal	optimal	ADJ
cblr-14239	150	22	tax	tax	NOUN
cblr-14239	150	23	remittance	remittance	NOUN
cblr-14239	150	24	regime	regime	NOUN
cblr-14239	150	25	requires	require	VERB
cblr-14239	150	26	that	that	SCONJ
cblr-14239	150	27	tax	tax	NOUN
cblr-14239	150	28	liabilities	liability	NOUN
cblr-14239	150	29	be	be	AUX
cblr-14239	150	30	assigned	assign	VERB
cblr-14239	150	31	so	so	SCONJ
cblr-14239	150	32	as	as	SCONJ
cblr-14239	150	33	to	to	PART
cblr-14239	150	34	minimize	minimize	VERB
cblr-14239	150	35	the	the	DET
cblr-14239	150	36	overall	overall	ADJ
cblr-14239	150	37	social	social	ADJ
cblr-14239	150	38	costs	cost	NOUN
cblr-14239	150	39	of	of	ADP
cblr-14239	150	40	compliance	compliance	NOUN
cblr-14239	150	41	and	and	CCONJ
cblr-14239	150	42	administration	administration	NOUN
cblr-14239	150	43	,	,	PUNCT
cblr-14239	150	44	for	for	ADP
cblr-14239	150	45	a	a	DET
cblr-14239	150	46	given	give	VERB
cblr-14239	150	47	level	level	NOUN
cblr-14239	150	48	of	of	ADP
cblr-14239	150	49	achievement	achievement	NOUN
cblr-14239	150	50	of	of	ADP
cblr-14239	150	51	the	the	DET
cblr-14239	150	52	tax	tax	NOUN
cblr-14239	150	53	law	law	NOUN
cblr-14239	150	54	’s	’s	PART
cblr-14239	150	55	desired	desire	VERB
cblr-14239	150	56	distributional	distributional	ADJ
cblr-14239	150	57	and	and	CCONJ
cblr-14239	150	58	revenue	revenue	NOUN
cblr-14239	150	59	goals	goal	NOUN
cblr-14239	150	60	.	.	PUNCT
cblr-14239	150	61	”	"	PUNCT
cblr-14239	151	1	kyle	kyle	PROPN
cblr-14239	151	2	d.	d.	PROPN
cblr-14239	151	3	logue	logue	PROPN
cblr-14239	151	4	&	&	CCONJ
cblr-14239	151	5	joel	joel	PROPN
cblr-14239	151	6	b.	b.	PROPN
cblr-14239	151	7	slemrod	slemrod	PROPN
cblr-14239	151	8	,	,	PUNCT
cblr-14239	151	9	of	of	ADP
cblr-14239	151	10	coase	coase	PROPN
cblr-14239	151	11	,	,	PUNCT
cblr-14239	151	12	calabresi	calabresi	NOUN
cblr-14239	151	13	,	,	PUNCT
cblr-14239	151	14	and	and	CCONJ
cblr-14239	151	15	optimal	optimal	ADJ
cblr-14239	151	16	tax	tax	NOUN
cblr-14239	151	17	liability	liability	NOUN
cblr-14239	151	18	,	,	PUNCT
cblr-14239	151	19	63	63	NUM
cblr-14239	151	20	tax	tax	NOUN
cblr-14239	151	21	l.	l.	PROPN
cblr-14239	151	22	rev	rev	PROPN
cblr-14239	151	23	.	.	PROPN
cblr-14239	151	24	797	797	NUM
cblr-14239	151	25	,	,	PUNCT
cblr-14239	151	26	800	800	NUM
cblr-14239	151	27	(	(	PUNCT
cblr-14239	151	28	2010	2010	NUM
cblr-14239	151	29	)	)	PUNCT
cblr-14239	151	30	.	.	PUNCT
cblr-14239	152	1	37	37	NUM
cblr-14239	152	2	guido	guido	NOUN
cblr-14239	152	3	calabresi	calabresi	NOUN
cblr-14239	152	4	&	&	CCONJ
cblr-14239	152	5	jon	jon	PROPN
cblr-14239	152	6	t.	t.	PROPN
cblr-14239	152	7	hirschoff	hirschoff	PROPN
cblr-14239	152	8	,	,	PUNCT
cblr-14239	152	9	toward	toward	ADP
cblr-14239	152	10	a	a	DET
cblr-14239	152	11	test	test	NOUN
cblr-14239	152	12	for	for	ADP
cblr-14239	152	13	strict	strict	ADJ
cblr-14239	152	14	liability	liability	NOUN
cblr-14239	152	15	in	in	ADP
cblr-14239	152	16	torts	torts	PROPN
cblr-14239	152	17	,	,	PUNCT
cblr-14239	152	18	81	81	NUM
cblr-14239	152	19	yale	yale	PROPN
cblr-14239	152	20	l.	l.	PROPN
cblr-14239	152	21	j.	j.	PROPN
cblr-14239	152	22	1055	1055	NUM
cblr-14239	152	23	,	,	PUNCT
cblr-14239	152	24	1060	1060	NUM
cblr-14239	152	25	(	(	PUNCT
cblr-14239	152	26	1972	1972	NUM
cblr-14239	152	27	)	)	PUNCT
cblr-14239	152	28	.	.	PUNCT
cblr-14239	153	1	calabresi	calabresi	NOUN
cblr-14239	153	2	and	and	CCONJ
cblr-14239	153	3	hirschoff	hirschoff	PROPN
cblr-14239	153	4	conclude	conclude	VERB
cblr-14239	153	5	that	that	SCONJ
cblr-14239	153	6	the	the	DET
cblr-14239	153	7	role	role	NOUN
cblr-14239	153	8	of	of	ADP
cblr-14239	153	9	the	the	DET
cblr-14239	153	10	court	court	NOUN
cblr-14239	153	11	is	be	AUX
cblr-14239	153	12	to	to	PART
cblr-14239	153	13	identify	identify	VERB
cblr-14239	153	14	the	the	DET
cblr-14239	153	15	party	party	NOUN
cblr-14239	153	16	in	in	ADP
cblr-14239	153	17	the	the	DET
cblr-14239	153	18	best	good	ADJ
cblr-14239	153	19	position	position	NOUN
cblr-14239	153	20	to	to	PART
cblr-14239	153	21	conduct	conduct	VERB
cblr-14239	153	22	a	a	DET
cblr-14239	153	23	cost	cost	NOUN
cblr-14239	153	24	-	-	PUNCT
cblr-14239	153	25	benefit	benefit	NOUN
cblr-14239	153	26	analysis	analysis	NOUN
cblr-14239	153	27	and	and	CCONJ
cblr-14239	153	28	to	to	PART
cblr-14239	153	29	give	give	VERB
cblr-14239	153	30	deference	deference	NOUN
cblr-14239	153	31	to	to	ADP
cblr-14239	153	32	the	the	DET
cblr-14239	153	33	decision	decision	NOUN
cblr-14239	153	34	of	of	ADP
cblr-14239	153	35	that	that	DET
cblr-14239	153	36	cheapest	cheap	ADJ
cblr-14239	153	37	cost	cost	NOUN
cblr-14239	153	38	avoider	avoider	NOUN
cblr-14239	153	39	irrespective	irrespective	ADV
cblr-14239	153	40	of	of	ADP
cblr-14239	153	41	whether	whether	SCONJ
cblr-14239	153	42	that	that	DET
cblr-14239	153	43	person	person	NOUN
cblr-14239	153	44	took	take	VERB
cblr-14239	153	45	optimal	optimal	ADJ
cblr-14239	153	46	care	care	NOUN
cblr-14239	153	47	.	.	PUNCT
cblr-14239	154	1	stephen	stephen	PROPN
cblr-14239	154	2	g.	g.	PROPN
cblr-14239	154	3	gilles	gilles	PROPN
cblr-14239	154	4	,	,	PUNCT
cblr-14239	154	5	negligence	negligence	NOUN
cblr-14239	154	6	,	,	PUNCT
cblr-14239	154	7	strict	strict	ADJ
cblr-14239	154	8	liability	liability	NOUN
cblr-14239	154	9	,	,	PUNCT
cblr-14239	154	10	and	and	CCONJ
cblr-14239	154	11	the	the	DET
cblr-14239	154	12	cheapest	cheap	ADJ
cblr-14239	154	13	cost	cost	NOUN
cblr-14239	154	14	-	-	PUNCT
cblr-14239	154	15	avoider	avoider	NOUN
cblr-14239	154	16	,	,	PUNCT
cblr-14239	154	17	78	78	NUM
cblr-14239	154	18	va	va	NOUN
cblr-14239	154	19	.	.	PUNCT
cblr-14239	155	1	l.	l.	PROPN
cblr-14239	155	2	rev	rev	PROPN
cblr-14239	155	3	.	.	PROPN
cblr-14239	155	4	1291	1291	NUM
cblr-14239	155	5	,	,	PUNCT
cblr-14239	155	6	1292	1292	NUM
cblr-14239	155	7	(	(	PUNCT
cblr-14239	155	8	1992	1992	NUM
cblr-14239	155	9	)	)	PUNCT
cblr-14239	155	10	.	.	PUNCT
cblr-14239	156	1	38	38	NUM
cblr-14239	156	2	whilst	whilst	SCONJ
cblr-14239	156	3	securities	security	NOUN
cblr-14239	156	4	laws	law	NOUN
cblr-14239	156	5	tend	tend	VERB
cblr-14239	156	6	to	to	PART
cblr-14239	156	7	address	address	VERB
cblr-14239	156	8	costs	cost	NOUN
cblr-14239	156	9	incurred	incur	VERB
cblr-14239	156	10	by	by	ADP
cblr-14239	156	11	transacting	transact	VERB
cblr-14239	156	12	parties	party	NOUN
cblr-14239	156	13	rather	rather	ADV
cblr-14239	156	14	than	than	ADP
cblr-14239	156	15	external	external	ADJ
cblr-14239	156	16	third	third	ADJ
cblr-14239	156	17	parties	party	NOUN
cblr-14239	156	18	,	,	PUNCT
cblr-14239	156	19	the	the	DET
cblr-14239	156	20	externality	externality	NOUN
cblr-14239	156	21	in	in	ADP
cblr-14239	156	22	this	this	DET
cblr-14239	156	23	analog	analog	NOUN
cblr-14239	156	24	can	can	AUX
cblr-14239	156	25	be	be	AUX
cblr-14239	156	26	thought	think	VERB
cblr-14239	156	27	of	of	ADP
cblr-14239	156	28	as	as	ADP
cblr-14239	156	29	the	the	DET
cblr-14239	156	30	effect	effect	NOUN
cblr-14239	156	31	of	of	ADP
cblr-14239	156	32	the	the	DET
cblr-14239	156	33	transaction	transaction	NOUN
cblr-14239	156	34	on	on	ADP
cblr-14239	156	35	market	market	NOUN
cblr-14239	156	36	efficiency	efficiency	NOUN
cblr-14239	156	37	.	.	PUNCT
cblr-14239	157	1	in	in	ADP
cblr-14239	157	2	general	general	ADJ
cblr-14239	157	3	,	,	PUNCT
cblr-14239	157	4	the	the	DET
cblr-14239	157	5	firms	firm	NOUN
cblr-14239	157	6	issuing	issue	VERB
cblr-14239	157	7	securities	security	NOUN
cblr-14239	157	8	can	can	AUX
cblr-14239	157	9	most	most	ADV
cblr-14239	157	10	cheaply	cheaply	ADV
cblr-14239	157	11	disclose	disclose	VERB
cblr-14239	157	12	the	the	DET
cblr-14239	157	13	information	information	NOUN
cblr-14239	157	14	necessary	necessary	ADJ
cblr-14239	157	15	to	to	PART
cblr-14239	157	16	avoid	avoid	VERB
cblr-14239	157	17	market	market	NOUN
cblr-14239	157	18	harm	harm	NOUN
cblr-14239	157	19	from	from	ADP
cblr-14239	157	20	misstatements	misstatement	NOUN
cblr-14239	157	21	.	.	PUNCT
cblr-14239	158	1	such	such	ADJ
cblr-14239	158	2	harm	harm	NOUN
cblr-14239	158	3	is	be	AUX
cblr-14239	158	4	usually	usually	ADV
cblr-14239	158	5	in	in	ADP
cblr-14239	158	6	the	the	DET
cblr-14239	158	7	form	form	NOUN
cblr-14239	158	8	of	of	ADP
cblr-14239	158	9	mispricing	misprice	VERB
cblr-14239	158	10	and	and	CCONJ
cblr-14239	158	11	lower	low	ADJ
cblr-14239	158	12	liquidity	liquidity	NOUN
cblr-14239	158	13	.	.	PUNCT
cblr-14239	159	1	see	see	VERB
cblr-14239	159	2	goshen	goshen	PROPN
cblr-14239	159	3	&	&	CCONJ
cblr-14239	159	4	parchomovsky	parchomovsky	PROPN
cblr-14239	159	5	,	,	PUNCT
cblr-14239	159	6	supra	supra	PROPN
cblr-14239	159	7	note	note	NOUN
cblr-14239	159	8	3	3	NUM
cblr-14239	159	9	,	,	PUNCT
cblr-14239	159	10	at	at	ADP
cblr-14239	159	11	741	741	NUM
cblr-14239	159	12	.	.	PUNCT
cblr-14239	160	1	but	but	CCONJ
cblr-14239	160	2	the	the	DET
cblr-14239	160	3	cost	cost	NOUN
cblr-14239	160	4	to	to	ADP
cblr-14239	160	5	the	the	DET
cblr-14239	160	6	firm	firm	NOUN
cblr-14239	160	7	to	to	PART
cblr-14239	160	8	avoid	avoid	VERB
cblr-14239	160	9	liability	liability	NOUN
cblr-14239	160	10	under	under	ADP
cblr-14239	160	11	an	an	DET
cblr-14239	160	12	extremely	extremely	ADV
cblr-14239	160	13	broad	broad	ADJ
cblr-14239	160	14	regulatory	regulatory	ADJ
cblr-14239	160	15	landscape	landscape	NOUN
cblr-14239	160	16	may	may	AUX
cblr-14239	160	17	have	have	VERB
cblr-14239	160	18	adverse	adverse	ADJ
cblr-14239	160	19	effects	effect	NOUN
cblr-14239	160	20	on	on	ADP
cblr-14239	160	21	the	the	DET
cblr-14239	160	22	bid	bid	NOUN
cblr-14239	160	23	-	-	PUNCT
cblr-14239	160	24	ask	ask	NOUN
cblr-14239	160	25	spread	spread	VERB
cblr-14239	160	26	such	such	ADJ
cblr-14239	160	27	that	that	SCONJ
cblr-14239	160	28	market	market	NOUN
cblr-14239	160	29	efficiency	efficiency	NOUN
cblr-14239	160	30	is	be	AUX
cblr-14239	160	31	better	well	ADV
cblr-14239	160	32	served	serve	VERB
cblr-14239	160	33	by	by	ADP
cblr-14239	160	34	another	another	DET
cblr-14239	160	35	cost	cost	NOUN
cblr-14239	160	36	-	-	PUNCT
cblr-14239	160	37	avoider	avoider	NOUN
cblr-14239	160	38	.	.	PUNCT
cblr-14239	161	1	39	39	NUM
cblr-14239	161	2	despite	despite	SCONJ
cblr-14239	161	3	declining	decline	VERB
cblr-14239	161	4	transaction	transaction	NOUN
cblr-14239	161	5	costs	cost	NOUN
cblr-14239	161	6	,	,	PUNCT
cblr-14239	161	7	retail	retail	ADJ
cblr-14239	161	8	investors	investor	NOUN
cblr-14239	161	9	retrenched	retrenched	ADJ
cblr-14239	161	10	from	from	ADP
cblr-14239	161	11	investing	invest	VERB
cblr-14239	161	12	in	in	ADP
cblr-14239	161	13	high	high	ADJ
cblr-14239	161	14	-	-	PUNCT
cblr-14239	161	15	risk	risk	NOUN
cblr-14239	161	16	stocks	stock	NOUN
cblr-14239	161	17	and	and	CCONJ
cblr-14239	161	18	intermediated	intermediate	VERB
cblr-14239	161	19	products	product	NOUN
cblr-14239	161	20	during	during	ADP
cblr-14239	161	21	the	the	DET
cblr-14239	161	22	two	two	NUM
cblr-14239	161	23	decades	decade	NOUN
cblr-14239	161	24	preceding	precede	VERB
cblr-14239	161	25	2014	2014	NUM
cblr-14239	161	26	.	.	PUNCT
cblr-14239	162	1	marcin	marcin	PROPN
cblr-14239	162	2	kacperczyk	kacperczyk	VERB
cblr-14239	162	3	et	et	PROPN
cblr-14239	162	4	al	al	PROPN
cblr-14239	162	5	.	.	PROPN
cblr-14239	162	6	,	,	PUNCT
cblr-14239	162	7	investor	investor	NOUN
cblr-14239	162	8	sophistication	sophistication	NOUN
cblr-14239	162	9	and	and	CCONJ
cblr-14239	162	10	capital	capital	NOUN
cblr-14239	162	11	income	income	NOUN
cblr-14239	162	12	inequality	inequality	NOUN
cblr-14239	162	13	1–2	1–2	NUM
cblr-14239	162	14	(	(	PUNCT
cblr-14239	162	15	nat’l	nat’l	NUM
cblr-14239	162	16	bureau	bureau	PROPN
cblr-14239	162	17	of	of	ADP
cblr-14239	162	18	econ	econ	PROPN
cblr-14239	162	19	.	.	PUNCT
cblr-14239	163	1	rsch	rsch	PROPN
cblr-14239	163	2	.	.	PUNCT
cblr-14239	163	3	,	,	PUNCT
cblr-14239	163	4	working	work	VERB
cblr-14239	163	5	paper	paper	NOUN
cblr-14239	163	6	no	no	INTJ
cblr-14239	163	7	.	.	PROPN
cblr-14239	163	8	20246	20246	NUM
cblr-14239	163	9	,	,	PUNCT
cblr-14239	163	10	2014	2014	NUM
cblr-14239	163	11	)	)	PUNCT
cblr-14239	163	12	.	.	PUNCT
cblr-14239	164	1	40	40	NUM
cblr-14239	165	1	i	i	PRON
cblr-14239	165	2	d.	d.	NOUN
cblr-14239	165	3	at	at	ADP
cblr-14239	165	4	2	2	NUM
cblr-14239	165	5	.	.	PUNCT
cblr-14239	166	1	no	no	INTJ
cblr-14239	166	2	.	.	NOUN
cblr-14239	166	3	2	2	NUM
cblr-14239	166	4	]	]	PUNCT
cblr-14239	166	5	with	with	ADP
cblr-14239	166	6	whom	whom	PRON
cblr-14239	166	7	is	be	AUX
cblr-14239	166	8	your	your	PRON
cblr-14239	166	9	issue	issue	NOUN
cblr-14239	166	10	?	?	PUNCT
cblr-14239	167	1	803	803	NUM
cblr-14239	167	2	are	be	AUX
cblr-14239	167	3	better	well	ADV
cblr-14239	167	4	positioned	position	VERB
cblr-14239	167	5	to	to	PART
cblr-14239	167	6	acquire	acquire	VERB
cblr-14239	167	7	such	such	ADJ
cblr-14239	167	8	information	information	NOUN
cblr-14239	167	9	,	,	PUNCT
cblr-14239	167	10	they	they	PRON
cblr-14239	167	11	are	be	AUX
cblr-14239	167	12	less	less	ADV
cblr-14239	167	13	likely	likely	ADJ
cblr-14239	167	14	to	to	PART
cblr-14239	167	15	be	be	AUX
cblr-14239	167	16	disincentivized	disincentivize	VERB
cblr-14239	167	17	from	from	ADP
cblr-14239	167	18	acquiring	acquire	VERB
cblr-14239	167	19	those	those	DET
cblr-14239	167	20	assets.41	assets.41	ADJ
cblr-14239	167	21	protection	protection	NOUN
cblr-14239	167	22	of	of	ADP
cblr-14239	167	23	these	these	DET
cblr-14239	167	24	retail	retail	ADJ
cblr-14239	167	25	investors	investor	NOUN
cblr-14239	167	26	who	who	PRON
cblr-14239	167	27	are	be	AUX
cblr-14239	167	28	more	more	ADV
cblr-14239	167	29	poorly	poorly	ADV
cblr-14239	167	30	situated	situate	VERB
cblr-14239	167	31	to	to	PART
cblr-14239	167	32	evaluate	evaluate	VERB
cblr-14239	167	33	investment	investment	NOUN
cblr-14239	167	34	opportunities	opportunity	NOUN
cblr-14239	167	35	has	have	AUX
cblr-14239	167	36	resulted	result	VERB
cblr-14239	167	37	in	in	ADP
cblr-14239	167	38	an	an	DET
cblr-14239	167	39	enforcement	enforcement	NOUN
cblr-14239	167	40	policy	policy	NOUN
cblr-14239	167	41	in	in	ADP
cblr-14239	167	42	the	the	DET
cblr-14239	167	43	united	united	PROPN
cblr-14239	167	44	states	states	PROPN
cblr-14239	167	45	described	describe	VERB
cblr-14239	167	46	by	by	ADP
cblr-14239	167	47	critics	critic	NOUN
cblr-14239	167	48	as	as	ADP
cblr-14239	167	49	“	"	PUNCT
cblr-14239	167	50	heavy	heavy	ADJ
cblr-14239	167	51	-	-	PUNCT
cblr-14239	167	52	handed	handed	ADJ
cblr-14239	167	53	.	.	PUNCT
cblr-14239	168	1	”42	”42	NOUN
cblr-14239	168	2	in	in	ADP
cblr-14239	168	3	contrast	contrast	NOUN
cblr-14239	168	4	,	,	PUNCT
cblr-14239	168	5	the	the	DET
cblr-14239	168	6	financial	financial	ADJ
cblr-14239	168	7	services	service	NOUN
cblr-14239	168	8	authority43	authority43	NOUN
cblr-14239	168	9	takes	take	VERB
cblr-14239	168	10	a	a	DET
cblr-14239	168	11	“	"	PUNCT
cblr-14239	168	12	light	light	ADJ
cblr-14239	168	13	-	-	PUNCT
cblr-14239	168	14	touch	touch	NOUN
cblr-14239	168	15	”	"	PUNCT
cblr-14239	168	16	approach	approach	NOUN
cblr-14239	168	17	that	that	PRON
cblr-14239	168	18	relies	rely	VERB
cblr-14239	168	19	on	on	ADP
cblr-14239	168	20	“	"	PUNCT
cblr-14239	168	21	prudential	prudential	ADJ
cblr-14239	168	22	dialog	dialog	NOUN
cblr-14239	168	23	”	"	PUNCT
cblr-14239	168	24	less	less	ADJ
cblr-14239	168	25	than	than	ADP
cblr-14239	168	26	ex	ex	X
cblr-14239	168	27	post	post	NOUN
cblr-14239	168	28	enforcement.44	enforcement.44	NOUN
cblr-14239	168	29	notably	notably	ADV
cblr-14239	168	30	,	,	PUNCT
cblr-14239	168	31	the	the	DET
cblr-14239	168	32	scope	scope	NOUN
cblr-14239	168	33	of	of	ADP
cblr-14239	168	34	the	the	DET
cblr-14239	168	35	retail	retail	ADJ
cblr-14239	168	36	investor	investor	NOUN
cblr-14239	168	37	industry	industry	NOUN
cblr-14239	168	38	in	in	ADP
cblr-14239	168	39	the	the	DET
cblr-14239	168	40	united	united	PROPN
cblr-14239	168	41	states	states	PROPN
cblr-14239	168	42	is	be	AUX
cblr-14239	168	43	much	much	ADV
cblr-14239	168	44	larger	large	ADJ
cblr-14239	168	45	than	than	ADP
cblr-14239	168	46	its	its	PRON
cblr-14239	168	47	counterpart	counterpart	NOUN
cblr-14239	168	48	in	in	ADP
cblr-14239	168	49	the	the	DET
cblr-14239	168	50	united	united	PROPN
cblr-14239	168	51	kingdom.45	kingdom.45	PROPN
cblr-14239	168	52	but	but	CCONJ
cblr-14239	168	53	that	that	DET
cblr-14239	168	54	gap	gap	NOUN
cblr-14239	168	55	is	be	AUX
cblr-14239	168	56	narrowing.46	narrowing.46	NOUN
cblr-14239	168	57	perhaps	perhaps	ADV
cblr-14239	168	58	the	the	DET
cblr-14239	168	59	shifting	shift	VERB
cblr-14239	168	60	composition	composition	NOUN
cblr-14239	168	61	of	of	ADP
cblr-14239	168	62	the	the	DET
cblr-14239	168	63	securities	security	NOUN
cblr-14239	168	64	industry	industry	NOUN
cblr-14239	168	65	demands	demand	VERB
cblr-14239	168	66	a	a	DET
cblr-14239	168	67	shift	shift	NOUN
cblr-14239	168	68	in	in	ADP
cblr-14239	168	69	the	the	DET
cblr-14239	168	70	sec	sec	PROPN
cblr-14239	168	71	’s	’s	PART
cblr-14239	168	72	regulatory	regulatory	ADJ
cblr-14239	168	73	approach.47	approach.47	NOUN
cblr-14239	168	74	this	this	PRON
cblr-14239	168	75	is	be	AUX
cblr-14239	168	76	not	not	PART
cblr-14239	168	77	to	to	PART
cblr-14239	168	78	suggest	suggest	VERB
cblr-14239	168	79	that	that	SCONJ
cblr-14239	168	80	the	the	DET
cblr-14239	168	81	sec	sec	PROPN
cblr-14239	168	82	should	should	AUX
cblr-14239	168	83	dispense	dispense	VERB
cblr-14239	168	84	with	with	ADP
cblr-14239	168	85	protecting	protect	VERB
cblr-14239	168	86	retail	retail	ADJ
cblr-14239	168	87	investors	investor	NOUN
cblr-14239	168	88	simply	simply	ADV
cblr-14239	168	89	because	because	SCONJ
cblr-14239	168	90	they	they	PRON
cblr-14239	168	91	comprise	comprise	VERB
cblr-14239	168	92	a	a	DET
cblr-14239	168	93	smaller	small	ADJ
cblr-14239	168	94	share	share	NOUN
cblr-14239	168	95	of	of	ADP
cblr-14239	168	96	the	the	DET
cblr-14239	168	97	investor	investor	NOUN
cblr-14239	168	98	population	population	NOUN
cblr-14239	168	99	.	.	PUNCT
cblr-14239	169	1	when	when	SCONJ
cblr-14239	169	2	the	the	DET
cblr-14239	169	3	second	second	ADJ
cblr-14239	169	4	circuit	circuit	NOUN
cblr-14239	169	5	concluded	conclude	VERB
cblr-14239	169	6	that	that	SCONJ
cblr-14239	169	7	short	short	ADJ
cblr-14239	169	8	-	-	PUNCT
cblr-14239	169	9	term	term	NOUN
cblr-14239	169	10	loan	loan	NOUN
cblr-14239	169	11	participations	participation	NOUN
cblr-14239	169	12	were	be	AUX
cblr-14239	169	13	not	not	PART
cblr-14239	169	14	securities	security	NOUN
cblr-14239	169	15	because	because	SCONJ
cblr-14239	169	16	parties	party	NOUN
cblr-14239	169	17	were	be	AUX
cblr-14239	169	18	motivated	motivate	VERB
cblr-14239	169	19	by	by	ADP
cblr-14239	169	20	commercial	commercial	ADJ
cblr-14239	169	21	purposes	purpose	NOUN
cblr-14239	169	22	rather	rather	ADV
cblr-14239	169	23	than	than	ADP
cblr-14239	169	24	investment	investment	NOUN
cblr-14239	169	25	in	in	ADP
cblr-14239	169	26	business	business	NOUN
cblr-14239	169	27	enterprises	enterprise	NOUN
cblr-14239	169	28	and	and	CCONJ
cblr-14239	169	29	because	because	SCONJ
cblr-14239	169	30	only	only	ADV
cblr-14239	169	31	sophisticated	sophisticated	ADJ
cblr-14239	169	32	institutional	institutional	ADJ
cblr-14239	169	33	entities	entity	NOUN
cblr-14239	169	34	were	be	AUX
cblr-14239	169	35	41	41	NUM
cblr-14239	169	36	i	i	PRON
cblr-14239	169	37	d.	d.	PROPN
cblr-14239	169	38	at	at	ADP
cblr-14239	169	39	2–3	2–3	PROPN
cblr-14239	169	40	(	(	PUNCT
cblr-14239	169	41	“	"	PUNCT
cblr-14239	169	42	[	[	X
cblr-14239	169	43	u]nsophisticated	u]nsophisticated	ADJ
cblr-14239	169	44	investors	investor	NOUN
cblr-14239	169	45	reduce	reduce	VERB
cblr-14239	169	46	their	their	PRON
cblr-14239	169	47	exposure	exposure	NOUN
cblr-14239	169	48	to	to	ADP
cblr-14239	169	49	assets	asset	NOUN
cblr-14239	169	50	held	hold	VERB
cblr-14239	169	51	by	by	ADP
cblr-14239	169	52	sophisticated	sophisticated	ADJ
cblr-14239	169	53	investors	investor	NOUN
cblr-14239	169	54	because	because	SCONJ
cblr-14239	169	55	,	,	PUNCT
cblr-14239	169	56	through	through	ADP
cblr-14239	169	57	the	the	DET
cblr-14239	169	58	increase	increase	NOUN
cblr-14239	169	59	in	in	ADP
cblr-14239	169	60	prices	price	NOUN
cblr-14239	169	61	,	,	PUNCT
cblr-14239	169	62	they	they	PRON
cblr-14239	169	63	find	find	VERB
cblr-14239	169	64	these	these	DET
cblr-14239	169	65	assets	asset	NOUN
cblr-14239	169	66	less	less	ADV
cblr-14239	169	67	compelling	compelling	ADJ
cblr-14239	169	68	to	to	PART
cblr-14239	169	69	hold	hold	VERB
cblr-14239	169	70	”	"	PUNCT
cblr-14239	169	71	)	)	PUNCT
cblr-14239	169	72	.	.	PUNCT
cblr-14239	170	1	42	42	NUM
cblr-14239	170	2	donald	donald	PROPN
cblr-14239	170	3	c.	c.	PROPN
cblr-14239	170	4	langevoort	langevoort	PROPN
cblr-14239	170	5	,	,	PUNCT
cblr-14239	170	6	the	the	DET
cblr-14239	170	7	sec	sec	PROPN
cblr-14239	170	8	,	,	PUNCT
cblr-14239	170	9	retail	retail	ADJ
cblr-14239	170	10	investors	investor	NOUN
cblr-14239	170	11	,	,	PUNCT
cblr-14239	170	12	and	and	CCONJ
cblr-14239	170	13	the	the	DET
cblr-14239	170	14	institutionalization	institutionalization	NOUN
cblr-14239	170	15	of	of	ADP
cblr-14239	170	16	the	the	DET
cblr-14239	170	17	securities	security	NOUN
cblr-14239	170	18	market	market	NOUN
cblr-14239	170	19	,	,	PUNCT
cblr-14239	170	20	95	95	NUM
cblr-14239	170	21	va	va	NOUN
cblr-14239	170	22	.	.	PUNCT
cblr-14239	170	23	l.	l.	PROPN
cblr-14239	170	24	rev	rev	PROPN
cblr-14239	170	25	.	.	PROPN
cblr-14239	170	26	1025	1025	NUM
cblr-14239	170	27	,	,	PUNCT
cblr-14239	170	28	1032	1032	NUM
cblr-14239	170	29	(	(	PUNCT
cblr-14239	170	30	2009	2009	NUM
cblr-14239	170	31	)	)	PUNCT
cblr-14239	170	32	.	.	PUNCT
cblr-14239	171	1	(	(	PUNCT
cblr-14239	171	2	describing	describe	VERB
cblr-14239	171	3	the	the	DET
cblr-14239	171	4	regulatory	regulatory	ADJ
cblr-14239	171	5	regime	regime	NOUN
cblr-14239	171	6	in	in	ADP
cblr-14239	171	7	the	the	DET
cblr-14239	171	8	united	united	PROPN
cblr-14239	171	9	states	states	PROPN
cblr-14239	171	10	as	as	ADP
cblr-14239	171	11	“	"	PUNCT
cblr-14239	171	12	intrusive	intrusive	ADJ
cblr-14239	171	13	”	"	PUNCT
cblr-14239	171	14	and	and	CCONJ
cblr-14239	171	15	“	"	PUNCT
cblr-14239	171	16	enforcement	enforcement	NOUN
cblr-14239	171	17	dominated	dominate	VERB
cblr-14239	171	18	”	"	PUNCT
cblr-14239	171	19	)	)	PUNCT
cblr-14239	171	20	.	.	PUNCT
cblr-14239	172	1	43	43	NUM
cblr-14239	173	1	the	the	DET
cblr-14239	173	2	financial	financial	ADJ
cblr-14239	173	3	services	service	NOUN
cblr-14239	173	4	authority	authority	NOUN
cblr-14239	173	5	was	be	AUX
cblr-14239	173	6	the	the	DET
cblr-14239	173	7	principal	principal	ADJ
cblr-14239	173	8	regulatory	regulatory	ADJ
cblr-14239	173	9	body	body	NOUN
cblr-14239	173	10	for	for	ADP
cblr-14239	173	11	financial	financial	ADJ
cblr-14239	173	12	services	service	NOUN
cblr-14239	173	13	in	in	ADP
cblr-14239	173	14	the	the	DET
cblr-14239	173	15	united	united	PROPN
cblr-14239	173	16	kingdom	kingdom	PROPN
cblr-14239	173	17	until	until	ADP
cblr-14239	173	18	its	its	PRON
cblr-14239	173	19	abolition	abolition	NOUN
cblr-14239	173	20	in	in	ADP
cblr-14239	173	21	2013	2013	NUM
cblr-14239	173	22	.	.	PUNCT
cblr-14239	174	1	44	44	NUM
cblr-14239	174	2	langevoort	langevoort	NOUN
cblr-14239	174	3	,	,	PUNCT
cblr-14239	174	4	supra	supra	PROPN
cblr-14239	174	5	note	note	NOUN
cblr-14239	174	6	42	42	NUM
cblr-14239	174	7	,	,	PUNCT
cblr-14239	174	8	at	at	ADP
cblr-14239	174	9	1032	1032	NUM
cblr-14239	174	10	.	.	PUNCT
cblr-14239	175	1	45	45	NUM
cblr-14239	175	2	in	in	ADP
cblr-14239	175	3	2006	2006	NUM
cblr-14239	175	4	,	,	PUNCT
cblr-14239	175	5	there	there	PRON
cblr-14239	175	6	were	be	VERB
cblr-14239	175	7	eight	eight	NUM
cblr-14239	175	8	-	-	PUNCT
cblr-14239	175	9	two	two	NUM
cblr-14239	175	10	times	time	NOUN
cblr-14239	175	11	more	more	ADJ
cblr-14239	175	12	individuals	individual	NOUN
cblr-14239	175	13	registered	register	VERB
cblr-14239	175	14	to	to	PART
cblr-14239	175	15	conduct	conduct	VERB
cblr-14239	175	16	customer	customer	NOUN
cblr-14239	175	17	trading	trading	NOUN
cblr-14239	175	18	in	in	ADP
cblr-14239	175	19	the	the	DET
cblr-14239	175	20	united	united	PROPN
cblr-14239	175	21	states	states	PROPN
cblr-14239	175	22	than	than	ADP
cblr-14239	175	23	such	such	ADJ
cblr-14239	175	24	authorized	authorize	VERB
cblr-14239	175	25	individuals	individual	NOUN
cblr-14239	175	26	in	in	ADP
cblr-14239	175	27	the	the	DET
cblr-14239	175	28	united	united	PROPN
cblr-14239	175	29	kingdom	kingdom	PROPN
cblr-14239	175	30	one	one	NUM
cblr-14239	175	31	year	year	NOUN
cblr-14239	175	32	earlier	early	ADV
cblr-14239	175	33	.	.	PUNCT
cblr-14239	176	1	i	i	PRON
cblr-14239	176	2	d.	d.	PROPN
cblr-14239	176	3	at	at	ADP
cblr-14239	176	4	9	9	NUM
cblr-14239	176	5	.	.	PUNCT
cblr-14239	176	6	46	46	NUM
cblr-14239	176	7	see	see	VERB
cblr-14239	176	8	alicia	alicia	PROPN
cblr-14239	176	9	davis	davis	PROPN
cblr-14239	176	10	evans	evans	PROPN
cblr-14239	176	11	,	,	PUNCT
cblr-14239	176	12	a	a	DET
cblr-14239	176	13	requiem	requiem	NOUN
cblr-14239	176	14	for	for	ADP
cblr-14239	176	15	the	the	DET
cblr-14239	176	16	retail	retail	ADJ
cblr-14239	176	17	investor	investor	NOUN
cblr-14239	176	18	?	?	PUNCT
cblr-14239	176	19	,	,	PUNCT
cblr-14239	176	20	95	95	NUM
cblr-14239	176	21	va	va	NOUN
cblr-14239	176	22	.	.	PUNCT
cblr-14239	177	1	l.	l.	PROPN
cblr-14239	177	2	rev	rev	PROPN
cblr-14239	177	3	.	.	PROPN
cblr-14239	177	4	1105	1105	NUM
cblr-14239	177	5	,	,	PUNCT
cblr-14239	177	6	1105	1105	NUM
cblr-14239	177	7	(	(	PUNCT
cblr-14239	177	8	2009	2009	NUM
cblr-14239	177	9	)	)	PUNCT
cblr-14239	177	10	(	(	PUNCT
cblr-14239	177	11	“	"	PUNCT
cblr-14239	177	12	the	the	DET
cblr-14239	177	13	american	american	ADJ
cblr-14239	177	14	retail	retail	ADJ
cblr-14239	177	15	investor	investor	NOUN
cblr-14239	177	16	is	be	AUX
cblr-14239	177	17	dying	die	VERB
cblr-14239	177	18	.	.	PUNCT
cblr-14239	177	19	”	"	PUNCT
cblr-14239	177	20	)	)	PUNCT
cblr-14239	177	21	.	.	PUNCT
cblr-14239	178	1	47	47	NUM
cblr-14239	178	2	some	some	DET
cblr-14239	178	3	academics	academic	NOUN
cblr-14239	178	4	suggest	suggest	VERB
cblr-14239	178	5	that	that	SCONJ
cblr-14239	178	6	securities	security	NOUN
cblr-14239	178	7	regulation	regulation	NOUN
cblr-14239	178	8	should	should	AUX
cblr-14239	178	9	be	be	AUX
cblr-14239	178	10	thought	think	VERB
cblr-14239	178	11	of	of	ADP
cblr-14239	178	12	in	in	ADP
cblr-14239	178	13	terms	term	NOUN
cblr-14239	178	14	of	of	ADP
cblr-14239	178	15	promoting	promote	VERB
cblr-14239	178	16	market	market	NOUN
cblr-14239	178	17	efficiency	efficiency	NOUN
cblr-14239	178	18	instead	instead	ADV
cblr-14239	178	19	of	of	ADP
cblr-14239	178	20	investor	investor	NOUN
cblr-14239	178	21	protection	protection	NOUN
cblr-14239	178	22	if	if	SCONJ
cblr-14239	178	23	it	it	PRON
cblr-14239	178	24	is	be	AUX
cblr-14239	178	25	not	not	PART
cblr-14239	178	26	already	already	ADV
cblr-14239	178	27	.	.	PUNCT
cblr-14239	179	1	see	see	VERB
cblr-14239	179	2	,	,	PUNCT
cblr-14239	179	3	e.g.	e.g.	ADV
cblr-14239	179	4	,	,	PUNCT
cblr-14239	179	5	goshen	goshen	PROPN
cblr-14239	179	6	&	&	CCONJ
cblr-14239	179	7	parchomovsky	parchomovsky	PROPN
cblr-14239	179	8	,	,	PUNCT
cblr-14239	179	9	supra	supra	PROPN
cblr-14239	179	10	note	note	NOUN
cblr-14239	179	11	3	3	NUM
cblr-14239	179	12	,	,	PUNCT
cblr-14239	179	13	at	at	ADP
cblr-14239	179	14	713	713	NUM
cblr-14239	179	15	.	.	PUNCT
cblr-14239	180	1	but	but	CCONJ
cblr-14239	180	2	investor	investor	NOUN
cblr-14239	180	3	protection	protection	NOUN
cblr-14239	180	4	and	and	CCONJ
cblr-14239	180	5	market	market	NOUN
cblr-14239	180	6	efficiency	efficiency	NOUN
cblr-14239	180	7	are	be	AUX
cblr-14239	180	8	not	not	PART
cblr-14239	180	9	mutually	mutually	ADV
cblr-14239	180	10	exclusive	exclusive	ADJ
cblr-14239	180	11	;	;	PUNCT
cblr-14239	180	12	some	some	PRON
cblr-14239	180	13	may	may	AUX
cblr-14239	180	14	even	even	ADV
cblr-14239	180	15	argue	argue	VERB
cblr-14239	180	16	that	that	SCONJ
cblr-14239	180	17	accurate	accurate	ADJ
cblr-14239	180	18	pricing	pricing	NOUN
cblr-14239	180	19	and	and	CCONJ
cblr-14239	180	20	high	high	ADJ
cblr-14239	180	21	liquidity	liquidity	NOUN
cblr-14239	180	22	itself	itself	PRON
cblr-14239	180	23	contributes	contribute	VERB
cblr-14239	180	24	to	to	ADP
cblr-14239	180	25	investor	investor	NOUN
cblr-14239	180	26	protection	protection	NOUN
cblr-14239	180	27	and	and	CCONJ
cblr-14239	180	28	that	that	SCONJ
cblr-14239	180	29	legal	legal	ADJ
cblr-14239	180	30	protections	protection	NOUN
cblr-14239	180	31	may	may	AUX
cblr-14239	180	32	aid	aid	VERB
cblr-14239	180	33	market	market	NOUN
cblr-14239	180	34	efficiency	efficiency	NOUN
cblr-14239	180	35	because	because	SCONJ
cblr-14239	180	36	providing	provide	VERB
cblr-14239	180	37	recourse	recourse	NOUN
cblr-14239	180	38	for	for	ADP
cblr-14239	180	39	fraudulent	fraudulent	ADJ
cblr-14239	180	40	information	information	NOUN
cblr-14239	180	41	reduces	reduce	VERB
cblr-14239	180	42	the	the	DET
cblr-14239	180	43	discount	discount	NOUN
cblr-14239	180	44	applied	apply	VERB
cblr-14239	180	45	in	in	ADP
cblr-14239	180	46	response	response	NOUN
cblr-14239	180	47	to	to	ADP
cblr-14239	180	48	asymmetrical	asymmetrical	ADJ
cblr-14239	180	49	information	information	NOUN
cblr-14239	180	50	.	.	PUNCT
cblr-14239	181	1	804	804	NUM
cblr-14239	181	2	columbia	columbia	PROPN
cblr-14239	181	3	business	business	PROPN
cblr-14239	181	4	law	law	PROPN
cblr-14239	181	5	review	review	NOUN
cblr-14239	181	6	[	[	X
cblr-14239	181	7	vol	vol	NOUN
cblr-14239	181	8	.	.	NOUN
cblr-14239	181	9	2024	2024	NUM
cblr-14239	181	10	solicited,48	solicited,48	VERB
cblr-14239	181	11	retail	retail	ADJ
cblr-14239	181	12	investors	investor	NOUN
cblr-14239	181	13	with	with	ADP
cblr-14239	181	14	large	large	ADJ
cblr-14239	181	15	exposures	exposure	NOUN
cblr-14239	181	16	to	to	ADP
cblr-14239	181	17	the	the	DET
cblr-14239	181	18	loan	loan	NOUN
cblr-14239	181	19	participations	participation	NOUN
cblr-14239	181	20	market	market	NOUN
cblr-14239	181	21	through	through	ADP
cblr-14239	181	22	registered	register	VERB
cblr-14239	181	23	investment	investment	NOUN
cblr-14239	181	24	companies	company	NOUN
cblr-14239	181	25	lost	lose	VERB
cblr-14239	181	26	the	the	DET
cblr-14239	181	27	1933	1933	NUM
cblr-14239	181	28	act	act	NOUN
cblr-14239	181	29	’s	’s	PART
cblr-14239	181	30	protections.49	protections.49	NOUN
cblr-14239	181	31	this	this	DET
cblr-14239	181	32	example	example	NOUN
cblr-14239	181	33	illustrates	illustrate	VERB
cblr-14239	181	34	the	the	DET
cblr-14239	181	35	effects	effect	NOUN
cblr-14239	181	36	that	that	PRON
cblr-14239	181	37	a	a	DET
cblr-14239	181	38	regime	regime	NOUN
cblr-14239	181	39	regulating	regulate	VERB
cblr-14239	181	40	sophisticated	sophisticated	ADJ
cblr-14239	181	41	investors	investor	NOUN
cblr-14239	181	42	can	can	AUX
cblr-14239	181	43	have	have	VERB
cblr-14239	181	44	on	on	ADP
cblr-14239	181	45	retail	retail	ADJ
cblr-14239	181	46	investors	investor	NOUN
cblr-14239	181	47	.	.	PUNCT
cblr-14239	182	1	the	the	DET
cblr-14239	182	2	question	question	NOUN
cblr-14239	182	3	then	then	ADV
cblr-14239	182	4	becomes	become	VERB
cblr-14239	182	5	how	how	SCONJ
cblr-14239	182	6	the	the	DET
cblr-14239	182	7	regulatory	regulatory	ADJ
cblr-14239	182	8	regime	regime	NOUN
cblr-14239	182	9	can	can	AUX
cblr-14239	182	10	be	be	AUX
cblr-14239	182	11	adjusted	adjust	VERB
cblr-14239	182	12	to	to	PART
cblr-14239	182	13	better	well	ADV
cblr-14239	182	14	facilitate	facilitate	VERB
cblr-14239	182	15	mutually	mutually	ADV
cblr-14239	182	16	beneficial	beneficial	ADJ
cblr-14239	182	17	transactions	transaction	NOUN
cblr-14239	182	18	between	between	ADP
cblr-14239	182	19	sophisticated	sophisticated	ADJ
cblr-14239	182	20	actors	actor	NOUN
cblr-14239	182	21	whilst	whilst	SCONJ
cblr-14239	182	22	insulating	insulate	VERB
cblr-14239	182	23	unsophisticated	unsophisticated	ADJ
cblr-14239	182	24	investors	investor	NOUN
cblr-14239	182	25	from	from	ADP
cblr-14239	182	26	adverse	adverse	ADJ
cblr-14239	182	27	externalities	externality	NOUN
cblr-14239	182	28	.	.	PUNCT
cblr-14239	183	1	a	a	DET
cblr-14239	183	2	regulatory	regulatory	ADJ
cblr-14239	183	3	regime	regime	NOUN
cblr-14239	183	4	responsive	responsive	ADJ
cblr-14239	183	5	to	to	ADP
cblr-14239	183	6	the	the	DET
cblr-14239	183	7	trading	trading	NOUN
cblr-14239	183	8	decisions	decision	NOUN
cblr-14239	183	9	of	of	ADP
cblr-14239	183	10	institutional	institutional	ADJ
cblr-14239	183	11	investors	investor	NOUN
cblr-14239	183	12	and	and	CCONJ
cblr-14239	183	13	experienced	experienced	ADJ
cblr-14239	183	14	traders	trader	NOUN
cblr-14239	183	15	is	be	AUX
cblr-14239	183	16	effective	effective	ADJ
cblr-14239	183	17	because	because	SCONJ
cblr-14239	183	18	it	it	PRON
cblr-14239	183	19	best	good	ADJ
cblr-14239	183	20	addresses	address	NOUN
cblr-14239	183	21	parties	party	NOUN
cblr-14239	183	22	whose	whose	DET
cblr-14239	183	23	behavior	behavior	NOUN
cblr-14239	183	24	can	can	AUX
cblr-14239	183	25	be	be	AUX
cblr-14239	183	26	influenced	influence	VERB
cblr-14239	183	27	by	by	ADP
cblr-14239	183	28	policy	policy	NOUN
cblr-14239	183	29	choices.50	choices.50	PROPN
cblr-14239	183	30	antifraud	antifraud	PROPN
cblr-14239	183	31	statutes	statute	NOUN
cblr-14239	183	32	reduce	reduce	VERB
cblr-14239	183	33	verification	verification	NOUN
cblr-14239	183	34	costs	cost	NOUN
cblr-14239	183	35	for	for	ADP
cblr-14239	183	36	information	information	NOUN
cblr-14239	183	37	traders	trader	NOUN
cblr-14239	183	38	because	because	SCONJ
cblr-14239	183	39	relevant	relevant	ADJ
cblr-14239	183	40	information	information	NOUN
cblr-14239	183	41	is	be	AUX
cblr-14239	183	42	most	most	ADV
cblr-14239	183	43	cheaply	cheaply	ADV
cblr-14239	183	44	collected	collect	VERB
cblr-14239	183	45	from	from	ADP
cblr-14239	183	46	the	the	DET
cblr-14239	183	47	issuer	issuer	NOUN
cblr-14239	183	48	and	and	CCONJ
cblr-14239	183	49	that	that	SCONJ
cblr-14239	183	50	information	information	NOUN
cblr-14239	183	51	is	be	AUX
cblr-14239	183	52	made	make	VERB
cblr-14239	183	53	more	more	ADV
cblr-14239	183	54	credible	credible	ADJ
cblr-14239	183	55	when	when	SCONJ
cblr-14239	183	56	legal	legal	ADJ
cblr-14239	183	57	liability	liability	NOUN
cblr-14239	183	58	reduces	reduce	VERB
cblr-14239	183	59	an	an	DET
cblr-14239	183	60	issuer	issuer	NOUN
cblr-14239	183	61	’s	’s	PART
cblr-14239	183	62	incentive	incentive	NOUN
cblr-14239	183	63	to	to	ADP
cblr-14239	183	64	lie.51	lie.51	PROPN
cblr-14239	183	65	the	the	DET
cblr-14239	183	66	protection	protection	NOUN
cblr-14239	183	67	afforded	afford	VERB
cblr-14239	183	68	to	to	ADP
cblr-14239	183	69	institutional	institutional	ADJ
cblr-14239	183	70	investors	investor	NOUN
cblr-14239	183	71	is	be	AUX
cblr-14239	183	72	distributed	distribute	VERB
cblr-14239	183	73	to	to	ADP
cblr-14239	183	74	retail	retail	ADJ
cblr-14239	183	75	investors	investor	NOUN
cblr-14239	183	76	in	in	ADP
cblr-14239	183	77	the	the	DET
cblr-14239	183	78	form	form	NOUN
cblr-14239	183	79	of	of	ADP
cblr-14239	183	80	market	market	NOUN
cblr-14239	183	81	efficiency.52	efficiency.52	PROPN
cblr-14239	183	82	48	48	NUM
cblr-14239	183	83	banco	banco	PROPN
cblr-14239	183	84	espanol	espanol	PROPN
cblr-14239	183	85	de	de	PROPN
cblr-14239	183	86	credito	credito	PROPN
cblr-14239	183	87	v.	v.	PROPN
cblr-14239	183	88	sec	sec	PROPN
cblr-14239	183	89	.	.	PUNCT
cblr-14239	184	1	pac	pac	PROPN
cblr-14239	184	2	.	.	PROPN
cblr-14239	184	3	nat’l	nat’l	PROPN
cblr-14239	184	4	bank	bank	PROPN
cblr-14239	184	5	,	,	PUNCT
cblr-14239	184	6	973	973	NUM
cblr-14239	184	7	f.2d	f.2d	NUM
cblr-14239	184	8	51	51	NUM
cblr-14239	184	9	,	,	PUNCT
cblr-14239	184	10	55	55	NUM
cblr-14239	184	11	(	(	PUNCT
cblr-14239	184	12	2d	2d	NUM
cblr-14239	184	13	cir	cir	NOUN
cblr-14239	184	14	.	.	PROPN
cblr-14239	184	15	1992	1992	NUM
cblr-14239	184	16	)	)	PUNCT
cblr-14239	184	17	.	.	PUNCT
cblr-14239	185	1	49	49	NUM
cblr-14239	185	2	commissioner	commissioner	NOUN
cblr-14239	185	3	caroline	caroline	PROPN
cblr-14239	185	4	a.	a.	PROPN
cblr-14239	185	5	crenshaw	crenshaw	PROPN
cblr-14239	185	6	,	,	PUNCT
cblr-14239	185	7	in	in	ADP
cblr-14239	185	8	-	-	PUNCT
cblr-14239	185	9	securities	security	NOUN
cblr-14239	185	10	:	:	PUNCT
cblr-14239	185	11	what	what	PRON
cblr-14239	185	12	happens	happen	VERB
cblr-14239	185	13	when	when	SCONJ
cblr-14239	185	14	investors	investor	NOUN
cblr-14239	185	15	in	in	ADP
cblr-14239	185	16	an	an	DET
cblr-14239	185	17	important	important	ADJ
cblr-14239	185	18	market	market	NOUN
cblr-14239	185	19	are	be	AUX
cblr-14239	185	20	not	not	PART
cblr-14239	185	21	protected	protect	VERB
cblr-14239	185	22	?	?	PUNCT
cblr-14239	186	1	remarks	remark	NOUN
cblr-14239	186	2	to	to	ADP
cblr-14239	186	3	the	the	DET
cblr-14239	186	4	center	center	NOUN
cblr-14239	186	5	for	for	ADP
cblr-14239	186	6	american	american	ADJ
cblr-14239	186	7	progress	progress	NOUN
cblr-14239	186	8	(	(	PUNCT
cblr-14239	186	9	oct	oct	PROPN
cblr-14239	186	10	.	.	PROPN
cblr-14239	186	11	11	11	NUM
cblr-14239	186	12	,	,	PUNCT
cblr-14239	186	13	2023	2023	NUM
cblr-14239	186	14	)	)	PUNCT
cblr-14239	186	15	(	(	PUNCT
cblr-14239	186	16	transcript	transcript	NOUN
cblr-14239	186	17	available	available	ADJ
cblr-14239	186	18	at	at	ADP
cblr-14239	186	19	https://www.sec.gov/news/speech/crenshaw-remarks-center-american-progress101123	https://www.sec.gov/news/speech/crenshaw-remarks-center-american-progress101123	PROPN
cblr-14239	186	20	[	[	X
cblr-14239	186	21	https://perma.cc/xu49-qlgt	https://perma.cc/xu49-qlgt	X
cblr-14239	186	22	]	]	X
cblr-14239	186	23	)	)	PUNCT
cblr-14239	186	24	.	.	PUNCT
cblr-14239	187	1	commissioner	commissioner	PROPN
cblr-14239	187	2	crenshaw	crenshaw	PROPN
cblr-14239	187	3	acknowledges	acknowledge	VERB
cblr-14239	187	4	that	that	SCONJ
cblr-14239	187	5	the	the	DET
cblr-14239	187	6	funds	fund	NOUN
cblr-14239	187	7	used	use	VERB
cblr-14239	187	8	as	as	ADP
cblr-14239	187	9	investment	investment	NOUN
cblr-14239	187	10	vehicles	vehicle	NOUN
cblr-14239	187	11	for	for	ADP
cblr-14239	187	12	retail	retail	ADJ
cblr-14239	187	13	investors	investor	NOUN
cblr-14239	187	14	are	be	AUX
cblr-14239	187	15	likely	likely	ADV
cblr-14239	187	16	managed	manage	VERB
cblr-14239	187	17	by	by	ADP
cblr-14239	187	18	sophisticated	sophisticated	ADJ
cblr-14239	187	19	fund	fund	NOUN
cblr-14239	187	20	managers	manager	NOUN
cblr-14239	187	21	but	but	CCONJ
cblr-14239	187	22	focuses	focus	VERB
cblr-14239	187	23	on	on	ADP
cblr-14239	187	24	the	the	DET
cblr-14239	187	25	expectation	expectation	NOUN
cblr-14239	187	26	by	by	ADP
cblr-14239	187	27	retail	retail	ADJ
cblr-14239	187	28	investors	investor	NOUN
cblr-14239	187	29	of	of	ADP
cblr-14239	187	30	greater	great	ADJ
cblr-14239	187	31	legal	legal	ADJ
cblr-14239	187	32	protections	protection	NOUN
cblr-14239	187	33	than	than	SCONJ
cblr-14239	187	34	the	the	DET
cblr-14239	187	35	case	case	NOUN
cblr-14239	187	36	law	law	NOUN
cblr-14239	187	37	provides	provide	VERB
cblr-14239	187	38	.	.	PUNCT
cblr-14239	188	1	50	50	NUM
cblr-14239	188	2	of	of	ADP
cblr-14239	188	3	market	market	NOUN
cblr-14239	188	4	participants	participant	NOUN
cblr-14239	188	5	,	,	PUNCT
cblr-14239	188	6	information	information	NOUN
cblr-14239	188	7	traders	trader	NOUN
cblr-14239	188	8	,	,	PUNCT
cblr-14239	188	9	or	or	CCONJ
cblr-14239	188	10	traders	trader	NOUN
cblr-14239	188	11	who	who	PRON
cblr-14239	188	12	gather	gather	VERB
cblr-14239	188	13	and	and	CCONJ
cblr-14239	188	14	analyze	analyze	VERB
cblr-14239	188	15	information	information	NOUN
cblr-14239	188	16	on	on	ADP
cblr-14239	188	17	which	which	PRON
cblr-14239	188	18	to	to	PART
cblr-14239	188	19	base	base	VERB
cblr-14239	188	20	investment	investment	NOUN
cblr-14239	188	21	decisions	decision	NOUN
cblr-14239	188	22	,	,	PUNCT
cblr-14239	188	23	are	be	AUX
cblr-14239	188	24	best	well	ADV
cblr-14239	188	25	suited	suit	VERB
cblr-14239	188	26	for	for	ADP
cblr-14239	188	27	regulation	regulation	NOUN
cblr-14239	188	28	.	.	PUNCT
cblr-14239	189	1	the	the	DET
cblr-14239	189	2	behaviors	behavior	NOUN
cblr-14239	189	3	of	of	ADP
cblr-14239	189	4	liquidity	liquidity	NOUN
cblr-14239	189	5	traders	trader	NOUN
cblr-14239	189	6	—	—	PUNCT
cblr-14239	189	7	traders	trader	NOUN
cblr-14239	189	8	who	who	PRON
cblr-14239	189	9	base	base	VERB
cblr-14239	189	10	investment	investment	NOUN
cblr-14239	189	11	decisions	decision	NOUN
cblr-14239	189	12	on	on	ADP
cblr-14239	189	13	concerns	concern	NOUN
cblr-14239	189	14	for	for	ADP
cblr-14239	189	15	consumption	consumption	NOUN
cblr-14239	189	16	and	and	CCONJ
cblr-14239	189	17	savings	saving	NOUN
cblr-14239	189	18	allocation	allocation	NOUN
cblr-14239	189	19	—	—	PUNCT
cblr-14239	189	20	and	and	CCONJ
cblr-14239	189	21	noise	noise	NOUN
cblr-14239	189	22	traders	trader	NOUN
cblr-14239	189	23	—	—	PUNCT
cblr-14239	189	24	traders	trader	NOUN
cblr-14239	189	25	who	who	PRON
cblr-14239	189	26	buy	buy	VERB
cblr-14239	189	27	or	or	CCONJ
cblr-14239	189	28	sell	sell	VERB
cblr-14239	189	29	investments	investment	NOUN
cblr-14239	189	30	irrationally	irrationally	ADV
cblr-14239	189	31	or	or	CCONJ
cblr-14239	189	32	because	because	SCONJ
cblr-14239	189	33	of	of	ADP
cblr-14239	189	34	inefficiently	inefficiently	ADV
cblr-14239	189	35	collected	collect	VERB
cblr-14239	189	36	information	information	NOUN
cblr-14239	189	37	—	—	PUNCT
cblr-14239	189	38	cannot	cannot	ADV
cblr-14239	189	39	be	be	AUX
cblr-14239	189	40	captured	capture	VERB
cblr-14239	189	41	by	by	ADP
cblr-14239	189	42	a	a	DET
cblr-14239	189	43	regulatory	regulatory	ADJ
cblr-14239	189	44	scheme	scheme	NOUN
cblr-14239	189	45	with	with	ADP
cblr-14239	189	46	a	a	DET
cblr-14239	189	47	focus	focus	NOUN
cblr-14239	189	48	on	on	ADP
cblr-14239	189	49	disclosure	disclosure	NOUN
cblr-14239	189	50	because	because	SCONJ
cblr-14239	189	51	the	the	DET
cblr-14239	189	52	information	information	NOUN
cblr-14239	189	53	being	be	AUX
cblr-14239	189	54	regulated	regulate	VERB
cblr-14239	189	55	is	be	AUX
cblr-14239	189	56	not	not	PART
cblr-14239	189	57	influencing	influence	VERB
cblr-14239	189	58	those	those	DET
cblr-14239	189	59	investors	investor	NOUN
cblr-14239	189	60	’	'	PUNCT
cblr-14239	189	61	decisions	decision	NOUN
cblr-14239	189	62	.	.	PUNCT
cblr-14239	190	1	goshen	goshen	PROPN
cblr-14239	190	2	&	&	CCONJ
cblr-14239	190	3	parchomovsky	parchomovsky	PROPN
cblr-14239	190	4	,	,	PUNCT
cblr-14239	190	5	supra	supra	PROPN
cblr-14239	190	6	note	note	NOUN
cblr-14239	190	7	3	3	NUM
cblr-14239	190	8	,	,	PUNCT
cblr-14239	190	9	at	at	ADP
cblr-14239	190	10	732	732	NUM
cblr-14239	190	11	.	.	PUNCT
cblr-14239	191	1	51	51	NUM
cblr-14239	192	1	i	i	PRON
cblr-14239	192	2	d.	d.	PROPN
cblr-14239	192	3	at	at	ADP
cblr-14239	192	4	741–42	741–42	PROPN
cblr-14239	192	5	.	.	PROPN
cblr-14239	193	1	52	52	NUM
cblr-14239	194	1	i	i	PRON
cblr-14239	194	2	d.	d.	NOUN
cblr-14239	194	3	at	at	ADP
cblr-14239	194	4	743	743	NUM
cblr-14239	194	5	(	(	PUNCT
cblr-14239	194	6	“	"	PUNCT
cblr-14239	194	7	[	[	X
cblr-14239	194	8	r]estrictions	r]estriction	NOUN
cblr-14239	194	9	on	on	ADP
cblr-14239	194	10	fraud	fraud	NOUN
cblr-14239	194	11	and	and	CCONJ
cblr-14239	194	12	manipulation	manipulation	NOUN
cblr-14239	194	13	also	also	ADV
cblr-14239	194	14	improve	improve	VERB
cblr-14239	194	15	liquidity	liquidity	NOUN
cblr-14239	194	16	,	,	PUNCT
cblr-14239	194	17	benefiting	benefit	VERB
cblr-14239	194	18	liquidity	liquidity	NOUN
cblr-14239	194	19	traders	trader	NOUN
cblr-14239	194	20	.	.	PUNCT
cblr-14239	195	1	restrictions	restriction	NOUN
cblr-14239	195	2	on	on	ADP
cblr-14239	195	3	fraud	fraud	NOUN
cblr-14239	195	4	and	and	CCONJ
cblr-14239	195	5	manipulation	manipulation	NOUN
cblr-14239	195	6	reduce	reduce	VERB
cblr-14239	195	7	the	the	DET
cblr-14239	195	8	frequency	frequency	NOUN
cblr-14239	195	9	of	of	ADP
cblr-14239	195	10	misstatements	misstatement	NOUN
cblr-14239	195	11	and	and	CCONJ
cblr-14239	195	12	consequently	consequently	ADV
cblr-14239	195	13	lower	low	ADJ
cblr-14239	195	14	the	the	DET
cblr-14239	195	15	risk	risk	NOUN
cblr-14239	195	16	of	of	ADP
cblr-14239	195	17	asymmetric	asymmetric	ADJ
cblr-14239	195	18	information	information	NOUN
cblr-14239	195	19	no	no	INTJ
cblr-14239	195	20	.	.	NOUN
cblr-14239	195	21	2	2	NUM
cblr-14239	195	22	]	]	PUNCT
cblr-14239	195	23	with	with	ADP
cblr-14239	195	24	whom	whom	PRON
cblr-14239	195	25	is	be	AUX
cblr-14239	195	26	your	your	PRON
cblr-14239	195	27	issue	issue	NOUN
cblr-14239	195	28	?	?	PUNCT
cblr-14239	196	1	805	805	NUM
cblr-14239	197	1	the	the	DET
cblr-14239	197	2	deterrent	deterrent	NOUN
cblr-14239	197	3	effect	effect	NOUN
cblr-14239	197	4	of	of	ADP
cblr-14239	197	5	antifraud	antifraud	PROPN
cblr-14239	197	6	statutes	statute	NOUN
cblr-14239	197	7	,	,	PUNCT
cblr-14239	197	8	though	though	ADV
cblr-14239	197	9	,	,	PUNCT
cblr-14239	197	10	is	be	AUX
cblr-14239	197	11	arguably	arguably	ADV
cblr-14239	197	12	not	not	PART
cblr-14239	197	13	the	the	DET
cblr-14239	197	14	sole	sole	ADJ
cblr-14239	197	15	role	role	NOUN
cblr-14239	197	16	of	of	ADP
cblr-14239	197	17	such	such	ADJ
cblr-14239	197	18	provisions	provision	NOUN
cblr-14239	197	19	.	.	PUNCT
cblr-14239	198	1	indeed	indeed	ADV
cblr-14239	198	2	,	,	PUNCT
cblr-14239	198	3	criminal	criminal	ADJ
cblr-14239	198	4	liability	liability	NOUN
cblr-14239	198	5	does	do	AUX
cblr-14239	198	6	deter	deter	VERB
cblr-14239	198	7	fraud	fraud	NOUN
cblr-14239	198	8	through	through	ADP
cblr-14239	198	9	intentional	intentional	ADJ
cblr-14239	198	10	statements.53	statements.53	NOUN
cblr-14239	198	11	but	but	CCONJ
cblr-14239	198	12	section	section	NOUN
cblr-14239	198	13	12(a)(2	12(a)(2	NUM
cblr-14239	198	14	)	)	PUNCT
cblr-14239	198	15	has	have	VERB
cblr-14239	198	16	both	both	CCONJ
cblr-14239	198	17	a	a	DET
cblr-14239	198	18	criminal	criminal	ADJ
cblr-14239	198	19	and	and	CCONJ
cblr-14239	198	20	civil	civil	ADJ
cblr-14239	198	21	liability	liability	NOUN
cblr-14239	198	22	scheme,54	scheme,54	PRON
cblr-14239	198	23	and	and	CCONJ
cblr-14239	198	24	the	the	DET
cblr-14239	198	25	provision	provision	NOUN
cblr-14239	198	26	at	at	ADP
cblr-14239	198	27	issue	issue	NOUN
cblr-14239	198	28	in	in	ADP
cblr-14239	198	29	pino	pino	NOUN
cblr-14239	198	30	is	be	AUX
cblr-14239	198	31	the	the	DET
cblr-14239	198	32	civil	civil	ADJ
cblr-14239	198	33	liability	liability	NOUN
cblr-14239	198	34	regime.55	regime.55	NOUN
cblr-14239	198	35	civil	civil	ADJ
cblr-14239	198	36	liability	liability	NOUN
cblr-14239	198	37	,	,	PUNCT
cblr-14239	198	38	in	in	ADP
cblr-14239	198	39	addition	addition	NOUN
cblr-14239	198	40	to	to	ADP
cblr-14239	198	41	its	its	PRON
cblr-14239	198	42	prospective	prospective	ADJ
cblr-14239	198	43	deterrent	deterrent	NOUN
cblr-14239	198	44	effect	effect	NOUN
cblr-14239	198	45	,	,	PUNCT
cblr-14239	198	46	offers	offer	VERB
cblr-14239	198	47	defrauded	defraud	VERB
cblr-14239	198	48	plaintiffs	plaintiff	NOUN
cblr-14239	198	49	recompense	recompense	NOUN
cblr-14239	198	50	through	through	ADP
cblr-14239	198	51	damage	damage	NOUN
cblr-14239	198	52	awards	award	NOUN
cblr-14239	198	53	.	.	PUNCT
cblr-14239	199	1	the	the	DET
cblr-14239	199	2	goal	goal	NOUN
cblr-14239	199	3	of	of	ADP
cblr-14239	199	4	compensation	compensation	NOUN
cblr-14239	199	5	remains	remain	VERB
cblr-14239	199	6	market	market	NOUN
cblr-14239	199	7	efficiency	efficiency	NOUN
cblr-14239	199	8	in	in	ADP
cblr-14239	199	9	the	the	DET
cblr-14239	199	10	form	form	NOUN
cblr-14239	199	11	of	of	ADP
cblr-14239	199	12	ex	ex	ADJ
cblr-14239	199	13	post	post	NOUN
cblr-14239	199	14	allocation	allocation	NOUN
cblr-14239	199	15	that	that	PRON
cblr-14239	199	16	does	do	AUX
cblr-14239	199	17	not	not	PART
cblr-14239	199	18	fault	fault	VERB
cblr-14239	199	19	“	"	PUNCT
cblr-14239	199	20	efficient	efficient	ADJ
cblr-14239	199	21	offenses	offense	NOUN
cblr-14239	199	22	.	.	PUNCT
cblr-14239	200	1	”56	”56	VERB
cblr-14239	200	2	in	in	ADP
cblr-14239	200	3	other	other	ADJ
cblr-14239	200	4	words	word	NOUN
cblr-14239	200	5	,	,	PUNCT
cblr-14239	200	6	civil	civil	ADJ
cblr-14239	200	7	liability	liability	NOUN
cblr-14239	200	8	regimes	regime	NOUN
cblr-14239	200	9	compensate	compensate	NOUN
cblr-14239	200	10	for	for	ADP
cblr-14239	200	11	costly	costly	ADJ
cblr-14239	200	12	violations	violation	NOUN
cblr-14239	200	13	but	but	CCONJ
cblr-14239	200	14	do	do	AUX
cblr-14239	200	15	not	not	PART
cblr-14239	200	16	deter	deter	VERB
cblr-14239	200	17	violations	violation	NOUN
cblr-14239	200	18	that	that	PRON
cblr-14239	200	19	otherwise	otherwise	ADV
cblr-14239	200	20	produce	produce	VERB
cblr-14239	200	21	a	a	DET
cblr-14239	200	22	net	net	ADJ
cblr-14239	200	23	-	-	PUNCT
cblr-14239	200	24	benefit	benefit	NOUN
cblr-14239	200	25	.	.	PUNCT
cblr-14239	201	1	a	a	DET
cblr-14239	201	2	strictly	strictly	ADV
cblr-14239	201	3	expansive	expansive	ADJ
cblr-14239	201	4	liability	liability	NOUN
cblr-14239	201	5	regime	regime	NOUN
cblr-14239	201	6	threatens	threaten	VERB
cblr-14239	201	7	the	the	DET
cblr-14239	201	8	“	"	PUNCT
cblr-14239	201	9	efficient	efficient	ADJ
cblr-14239	201	10	offenses	offense	NOUN
cblr-14239	201	11	”	"	PUNCT
cblr-14239	201	12	calculus	calculus	NOUN
cblr-14239	201	13	issuers	issuer	NOUN
cblr-14239	201	14	may	may	AUX
cblr-14239	201	15	conduct	conduct	VERB
cblr-14239	201	16	.	.	PUNCT
cblr-14239	202	1	whilst	whilst	SCONJ
cblr-14239	202	2	information	information	NOUN
cblr-14239	202	3	is	be	AUX
cblr-14239	202	4	often	often	ADV
cblr-14239	202	5	cheapest	cheapest	ADJ
cblr-14239	202	6	when	when	SCONJ
cblr-14239	202	7	collected	collect	VERB
cblr-14239	202	8	from	from	ADP
cblr-14239	202	9	the	the	DET
cblr-14239	202	10	issuer,57	issuer,57	NOUN
cblr-14239	202	11	there	there	PRON
cblr-14239	202	12	is	be	VERB
cblr-14239	202	13	the	the	DET
cblr-14239	202	14	potential	potential	NOUN
cblr-14239	202	15	that	that	SCONJ
cblr-14239	202	16	the	the	DET
cblr-14239	202	17	cost	cost	NOUN
cblr-14239	202	18	of	of	ADP
cblr-14239	202	19	liability	liability	NOUN
cblr-14239	202	20	for	for	ADP
cblr-14239	202	21	unintended	unintended	ADJ
cblr-14239	202	22	omissions58	omissions58	NOUN
cblr-14239	202	23	or	or	CCONJ
cblr-14239	202	24	the	the	DET
cblr-14239	202	25	cost	cost	NOUN
cblr-14239	202	26	of	of	ADP
cblr-14239	202	27	collecting	collect	VERB
cblr-14239	202	28	information	information	NOUN
cblr-14239	202	29	itself	itself	PRON
cblr-14239	202	30	may	may	AUX
cblr-14239	202	31	be	be	AUX
cblr-14239	202	32	for	for	ADP
cblr-14239	202	33	market	market	NOUN
cblr-14239	202	34	makers	maker	NOUN
cblr-14239	202	35	.	.	PUNCT
cblr-14239	203	1	this	this	PRON
cblr-14239	203	2	,	,	PUNCT
cblr-14239	203	3	in	in	ADP
cblr-14239	203	4	turn	turn	NOUN
cblr-14239	203	5	,	,	PUNCT
cblr-14239	203	6	will	will	AUX
cblr-14239	203	7	lead	lead	VERB
cblr-14239	203	8	market	market	NOUN
cblr-14239	203	9	makers	maker	NOUN
cblr-14239	203	10	to	to	PART
cblr-14239	203	11	lower	lower	VERB
cblr-14239	203	12	the	the	DET
cblr-14239	203	13	bid	bid	NOUN
cblr-14239	203	14	-	-	PUNCT
cblr-14239	203	15	ask	ask	NOUN
cblr-14239	203	16	spread	spread	NOUN
cblr-14239	203	17	.	.	PUNCT
cblr-14239	204	1	lower	low	ADJ
cblr-14239	204	2	spreads	spread	NOUN
cblr-14239	204	3	will	will	AUX
cblr-14239	204	4	result	result	VERB
cblr-14239	204	5	in	in	ADP
cblr-14239	204	6	higher	high	ADJ
cblr-14239	204	7	liquidity	liquidity	NOUN
cblr-14239	204	8	,	,	PUNCT
cblr-14239	204	9	lower	low	ADJ
cblr-14239	204	10	cost	cost	NOUN
cblr-14239	204	11	of	of	ADP
cblr-14239	204	12	capital	capital	NOUN
cblr-14239	204	13	,	,	PUNCT
cblr-14239	204	14	and	and	CCONJ
cblr-14239	204	15	improved	improved	ADJ
cblr-14239	204	16	efficiency	efficiency	NOUN
cblr-14239	204	17	.	.	PUNCT
cblr-14239	204	18	"	"	PUNCT
cblr-14239	204	19	)	)	PUNCT
cblr-14239	205	1	(	(	PUNCT
cblr-14239	205	2	footnotes	footnote	NOUN
cblr-14239	205	3	omitted	omit	VERB
cblr-14239	205	4	)	)	PUNCT
cblr-14239	205	5	.	.	PUNCT
cblr-14239	206	1	53	53	NUM
cblr-14239	206	2	i	i	PRON
cblr-14239	206	3	d.	d.	NOUN
cblr-14239	206	4	at	at	ADP
cblr-14239	206	5	741	741	NUM
cblr-14239	206	6	(	(	PUNCT
cblr-14239	206	7	“	"	PUNCT
cblr-14239	206	8	[	[	X
cblr-14239	206	9	d]ue	d]ue	X
cblr-14239	206	10	to	to	ADP
cblr-14239	206	11	the	the	DET
cblr-14239	206	12	probabilistic	probabilistic	ADJ
cblr-14239	206	13	nature	nature	NOUN
cblr-14239	206	14	of	of	ADP
cblr-14239	206	15	detecting	detect	VERB
cblr-14239	206	16	fraud	fraud	NOUN
cblr-14239	206	17	(	(	PUNCT
cblr-14239	206	18	i.e.	i.e.	X
cblr-14239	206	19	,	,	PUNCT
cblr-14239	206	20	the	the	DET
cblr-14239	206	21	probability	probability	NOUN
cblr-14239	206	22	of	of	ADP
cblr-14239	206	23	detection	detection	NOUN
cblr-14239	206	24	is	be	AUX
cblr-14239	206	25	lower	low	ADJ
cblr-14239	206	26	than	than	ADP
cblr-14239	206	27	one	one	NUM
cblr-14239	206	28	)	)	PUNCT
cblr-14239	206	29	,	,	PUNCT
cblr-14239	206	30	criminal	criminal	ADJ
cblr-14239	206	31	liability	liability	NOUN
cblr-14239	206	32	may	may	AUX
cblr-14239	206	33	constitute	constitute	VERB
cblr-14239	206	34	a	a	DET
cblr-14239	206	35	better	well	ADJ
cblr-14239	206	36	deterrent	deterrent	NOUN
cblr-14239	206	37	than	than	ADP
cblr-14239	206	38	civil	civil	ADJ
cblr-14239	206	39	liability	liability	NOUN
cblr-14239	206	40	”	"	PUNCT
cblr-14239	206	41	)	)	PUNCT
cblr-14239	206	42	(	(	PUNCT
cblr-14239	206	43	emphasis	emphasis	NOUN
cblr-14239	206	44	added	add	VERB
cblr-14239	206	45	)	)	PUNCT
cblr-14239	206	46	.	.	PUNCT
cblr-14239	207	1	54	54	NUM
cblr-14239	207	2	see	see	VERB
cblr-14239	207	3	15	15	NUM
cblr-14239	207	4	u.s.c	u.s.c	ADJ
cblr-14239	207	5	.	.	PUNCT
cblr-14239	208	1	§	§	PROPN
cblr-14239	208	2	§	§	NOUN
cblr-14239	208	3	77l(a	77l(a	NUM
cblr-14239	208	4	)	)	PUNCT
cblr-14239	208	5	,	,	PUNCT
cblr-14239	208	6	77t(b	77t(b	NOUN
cblr-14239	208	7	)	)	PUNCT
cblr-14239	208	8	.	.	PUNCT
cblr-14239	209	1	55	55	NUM
cblr-14239	209	2	pino	pino	NOUN
cblr-14239	209	3	v.	v.	ADP
cblr-14239	209	4	cardone	cardone	PROPN
cblr-14239	209	5	capital	capital	PROPN
cblr-14239	209	6	,	,	PUNCT
cblr-14239	209	7	llc	llc	PROPN
cblr-14239	209	8	,	,	PUNCT
cblr-14239	209	9	55	55	NUM
cblr-14239	209	10	f.4th	f.4th	NOUN
cblr-14239	209	11	1253	1253	NUM
cblr-14239	209	12	,	,	PUNCT
cblr-14239	209	13	1257	1257	NUM
cblr-14239	209	14	(	(	PUNCT
cblr-14239	209	15	9th	9th	ADJ
cblr-14239	209	16	cir	cir	NOUN
cblr-14239	209	17	.	.	PUNCT
cblr-14239	209	18	2022	2022	NUM
cblr-14239	209	19	)	)	PUNCT
cblr-14239	209	20	.	.	PUNCT
cblr-14239	210	1	56	56	NUM
cblr-14239	210	2	frank	frank	PROPN
cblr-14239	210	3	h.	h.	PROPN
cblr-14239	210	4	easterbrook	easterbrook	PROPN
cblr-14239	210	5	&	&	CCONJ
cblr-14239	210	6	daniel	daniel	PROPN
cblr-14239	210	7	r.	r.	PROPN
cblr-14239	210	8	fischel	fischel	PROPN
cblr-14239	210	9	,	,	PUNCT
cblr-14239	210	10	optimal	optimal	ADJ
cblr-14239	210	11	damages	damage	NOUN
cblr-14239	210	12	in	in	ADP
cblr-14239	210	13	securities	security	NOUN
cblr-14239	210	14	cases	case	NOUN
cblr-14239	210	15	,	,	PUNCT
cblr-14239	210	16	52	52	NUM
cblr-14239	210	17	u.	u.	NOUN
cblr-14239	210	18	chi	chi	PROPN
cblr-14239	210	19	.	.	PUNCT
cblr-14239	211	1	l.	l.	PROPN
cblr-14239	211	2	rev	rev	PROPN
cblr-14239	211	3	.	.	PROPN
cblr-14239	211	4	611	611	NUM
cblr-14239	211	5	,	,	PUNCT
cblr-14239	211	6	614	614	NUM
cblr-14239	211	7	(	(	PUNCT
cblr-14239	211	8	1985	1985	NUM
cblr-14239	211	9	)	)	PUNCT
cblr-14239	211	10	.	.	PUNCT
cblr-14239	212	1	57	57	NUM
cblr-14239	212	2	see	see	VERB
cblr-14239	212	3	supra	supra	PROPN
cblr-14239	212	4	note	note	PROPN
cblr-14239	212	5	51	51	NUM
cblr-14239	212	6	and	and	CCONJ
cblr-14239	212	7	associated	associated	ADJ
cblr-14239	212	8	text	text	NOUN
cblr-14239	212	9	.	.	PUNCT
cblr-14239	213	1	58	58	NUM
cblr-14239	214	1	whilst	whilst	SCONJ
cblr-14239	214	2	section	section	NOUN
cblr-14239	214	3	12(a)(2	12(a)(2	NUM
cblr-14239	214	4	)	)	PUNCT
cblr-14239	214	5	does	do	AUX
cblr-14239	214	6	not	not	PART
cblr-14239	214	7	require	require	VERB
cblr-14239	214	8	scienter	scienter	NOUN
cblr-14239	214	9	,	,	PUNCT
cblr-14239	214	10	defendants	defendant	NOUN
cblr-14239	214	11	can	can	AUX
cblr-14239	214	12	invoke	invoke	VERB
cblr-14239	214	13	an	an	DET
cblr-14239	214	14	affirmative	affirmative	ADJ
cblr-14239	214	15	defense	defense	NOUN
cblr-14239	214	16	that	that	PRON
cblr-14239	214	17	they	they	PRON
cblr-14239	214	18	exercised	exercise	VERB
cblr-14239	214	19	due	due	ADJ
cblr-14239	214	20	care	care	NOUN
cblr-14239	214	21	and	and	CCONJ
cblr-14239	214	22	did	do	AUX
cblr-14239	214	23	not	not	PART
cblr-14239	214	24	know	know	VERB
cblr-14239	214	25	or	or	CCONJ
cblr-14239	214	26	could	could	AUX
cblr-14239	214	27	not	not	PART
cblr-14239	214	28	have	have	AUX
cblr-14239	214	29	known	know	VERB
cblr-14239	214	30	of	of	ADP
cblr-14239	214	31	the	the	DET
cblr-14239	214	32	fraudulent	fraudulent	ADJ
cblr-14239	214	33	statement	statement	NOUN
cblr-14239	214	34	.	.	PUNCT
cblr-14239	215	1	paul	paul	PROPN
cblr-14239	215	2	vizcarrondo	vizcarrondo	PROPN
cblr-14239	215	3	,	,	PUNCT
cblr-14239	215	4	jr	jr	PROPN
cblr-14239	215	5	.	.	PROPN
cblr-14239	215	6	&	&	CCONJ
cblr-14239	215	7	bradley	bradley	PROPN
cblr-14239	215	8	r.	r.	PROPN
cblr-14239	215	9	wilson	wilson	PROPN
cblr-14239	215	10	,	,	PUNCT
cblr-14239	215	11	wachtell	wachtell	PROPN
cblr-14239	215	12	,	,	PUNCT
cblr-14239	215	13	lipton	lipton	PROPN
cblr-14239	215	14	,	,	PUNCT
cblr-14239	215	15	rosen	rosen	PROPN
cblr-14239	215	16	&	&	CCONJ
cblr-14239	215	17	katz	katz	PROPN
cblr-14239	215	18	,	,	PUNCT
cblr-14239	215	19	liability	liability	NOUN
cblr-14239	215	20	under	under	ADP
cblr-14239	215	21	the	the	DET
cblr-14239	215	22	federal	federal	ADJ
cblr-14239	215	23	securities	security	NOUN
cblr-14239	215	24	laws	law	NOUN
cblr-14239	215	25	,	,	PUNCT
cblr-14239	215	26	at	at	ADP
cblr-14239	215	27	67	67	NUM
cblr-14239	215	28	(	(	PUNCT
cblr-14239	215	29	jan	jan	PROPN
cblr-14239	215	30	.	.	PROPN
cblr-14239	215	31	2021	2021	NUM
cblr-14239	215	32	)	)	PUNCT
cblr-14239	215	33	,	,	PUNCT
cblr-14239	215	34	https://www.wlrk.com/docs/liabilities_under_the_federal_securities_laws_jan_202	https://www.wlrk.com/docs/liabilities_under_the_federal_securities_laws_jan_202	NOUN
cblr-14239	215	35	1.pdf	1.pdf	PROPN
cblr-14239	216	1	[	[	X
cblr-14239	216	2	https://perma.cc/7xhd-frwx	https://perma.cc/7xhd-frwx	PROPN
cblr-14239	216	3	]	]	X
cblr-14239	216	4	.	.	PUNCT
cblr-14239	217	1	but	but	CCONJ
cblr-14239	217	2	this	this	DET
cblr-14239	217	3	affirmative	affirmative	ADJ
cblr-14239	217	4	defense	defense	NOUN
cblr-14239	217	5	does	do	AUX
cblr-14239	217	6	not	not	PART
cblr-14239	217	7	account	account	VERB
cblr-14239	217	8	for	for	ADP
cblr-14239	217	9	when	when	SCONJ
cblr-14239	217	10	a	a	DET
cblr-14239	217	11	materially	materially	ADV
cblr-14239	217	12	negligent	negligent	ADJ
cblr-14239	217	13	misstatement	misstatement	NOUN
cblr-14239	217	14	may	may	AUX
cblr-14239	217	15	still	still	ADV
cblr-14239	217	16	be	be	AUX
cblr-14239	217	17	more	more	ADV
cblr-14239	217	18	efficient	efficient	ADJ
cblr-14239	217	19	than	than	ADP
cblr-14239	217	20	incurring	incur	VERB
cblr-14239	217	21	the	the	DET
cblr-14239	217	22	costs	cost	NOUN
cblr-14239	217	23	of	of	ADP
cblr-14239	217	24	preventing	prevent	VERB
cblr-14239	217	25	such	such	ADJ
cblr-14239	217	26	negligence	negligence	NOUN
cblr-14239	217	27	.	.	PUNCT
cblr-14239	218	1	similarly	similarly	ADV
cblr-14239	218	2	,	,	PUNCT
cblr-14239	218	3	defendants	defendant	NOUN
cblr-14239	218	4	can	can	AUX
cblr-14239	218	5	invoke	invoke	VERB
cblr-14239	218	6	a	a	DET
cblr-14239	218	7	lack	lack	NOUN
cblr-14239	218	8	of	of	ADP
cblr-14239	218	9	loss	loss	NOUN
cblr-14239	218	10	causation	causation	NOUN
cblr-14239	218	11	defense	defense	NOUN
cblr-14239	218	12	,	,	PUNCT
cblr-14239	218	13	see	see	VERB
cblr-14239	218	14	i	i	PRON
cblr-14239	218	15	d.	d.	PROPN
cblr-14239	218	16	because	because	SCONJ
cblr-14239	218	17	“	"	PUNCT
cblr-14239	218	18	efficient	efficient	ADJ
cblr-14239	218	19	offenses	offense	NOUN
cblr-14239	218	20	”	"	PUNCT
cblr-14239	218	21	likely	likely	ADV
cblr-14239	218	22	arise	arise	VERB
cblr-14239	218	23	when	when	SCONJ
cblr-14239	218	24	market	market	NOUN
cblr-14239	218	25	forces	force	NOUN
cblr-14239	218	26	result	result	VERB
cblr-14239	218	27	in	in	ADP
cblr-14239	218	28	profitable	profitable	ADJ
cblr-14239	218	29	misstatements	misstatement	NOUN
cblr-14239	218	30	,	,	PUNCT
cblr-14239	218	31	such	such	DET
cblr-14239	218	32	a	a	DET
cblr-14239	218	33	defense	defense	NOUN
cblr-14239	218	34	may	may	AUX
cblr-14239	218	35	defeat	defeat	VERB
cblr-14239	218	36	a	a	DET
cblr-14239	218	37	12(a)(2	12(a)(2	NUM
cblr-14239	218	38	)	)	PUNCT
cblr-14239	218	39	civil	civil	ADJ
cblr-14239	218	40	claim	claim	NOUN
cblr-14239	218	41	for	for	ADP
cblr-14239	218	42	recovery	recovery	NOUN
cblr-14239	218	43	from	from	ADP
cblr-14239	218	44	such	such	DET
cblr-14239	218	45	an	an	DET
cblr-14239	218	46	“	"	PUNCT
cblr-14239	218	47	efficient	efficient	ADJ
cblr-14239	218	48	offense	offense	NOUN
cblr-14239	218	49	.	.	PUNCT
cblr-14239	218	50	”	"	PUNCT
cblr-14239	219	1	but	but	CCONJ
cblr-14239	219	2	an	an	DET
cblr-14239	219	3	individual	individual	ADJ
cblr-14239	219	4	noise	noise	NOUN
cblr-14239	219	5	trader	trader	NOUN
cblr-14239	219	6	—	—	PUNCT
cblr-14239	219	7	a	a	DET
cblr-14239	219	8	trader	trader	NOUN
cblr-14239	219	9	who	who	PRON
cblr-14239	219	10	buy	buy	VERB
cblr-14239	219	11	or	or	CCONJ
cblr-14239	219	12	sell	sell	VERB
cblr-14239	219	13	investments	investment	NOUN
cblr-14239	219	14	irrationally	irrationally	ADV
cblr-14239	219	15	or	or	CCONJ
cblr-14239	219	16	because	because	SCONJ
cblr-14239	219	17	of	of	ADP
cblr-14239	219	18	inefficiently	inefficiently	ADV
cblr-14239	219	19	collected	collect	VERB
cblr-14239	219	20	information	information	NOUN
cblr-14239	219	21	,	,	PUNCT
cblr-14239	219	22	see	see	VERB
cblr-14239	219	23	goshen	goshen	PROPN
cblr-14239	219	24	&	&	CCONJ
cblr-14239	219	25	parchomovsky	parchomovsky	PROPN
cblr-14239	219	26	,	,	PUNCT
cblr-14239	219	27	supra	supra	PROPN
cblr-14239	219	28	note	note	NOUN
cblr-14239	219	29	3	3	NUM
cblr-14239	219	30	,	,	PUNCT
cblr-14239	219	31	at	at	ADP
cblr-14239	219	32	732	732	NUM
cblr-14239	219	33	—	—	PUNCT
cblr-14239	219	34	may	may	AUX
cblr-14239	219	35	suffer	suffer	VERB
cblr-14239	219	36	losses	loss	NOUN
cblr-14239	219	37	even	even	ADV
cblr-14239	219	38	though	though	SCONJ
cblr-14239	219	39	806	806	NUM
cblr-14239	219	40	columbia	columbia	PROPN
cblr-14239	219	41	business	business	NOUN
cblr-14239	219	42	law	law	PROPN
cblr-14239	219	43	review	review	NOUN
cblr-14239	219	44	[	[	X
cblr-14239	219	45	vol	vol	NOUN
cblr-14239	219	46	.	.	NOUN
cblr-14239	219	47	2024	2024	NUM
cblr-14239	219	48	too	too	ADV
cblr-14239	219	49	costly	costly	ADJ
cblr-14239	219	50	to	to	PART
cblr-14239	219	51	warrant	warrant	VERB
cblr-14239	219	52	the	the	DET
cblr-14239	219	53	offering	offering	NOUN
cblr-14239	219	54	itself	itself	PRON
cblr-14239	219	55	.	.	PUNCT
cblr-14239	220	1	this	this	PRON
cblr-14239	220	2	is	be	AUX
cblr-14239	220	3	especially	especially	ADV
cblr-14239	220	4	true	true	ADJ
cblr-14239	220	5	when	when	SCONJ
cblr-14239	220	6	the	the	DET
cblr-14239	220	7	disclosure	disclosure	NOUN
cblr-14239	220	8	is	be	AUX
cblr-14239	220	9	not	not	PART
cblr-14239	220	10	materially	materially	ADV
cblr-14239	220	11	misleading	misleading	ADJ
cblr-14239	220	12	or	or	CCONJ
cblr-14239	220	13	fraudulent	fraudulent	ADJ
cblr-14239	220	14	for	for	ADP
cblr-14239	220	15	a	a	DET
cblr-14239	220	16	reasonable	reasonable	ADJ
cblr-14239	220	17	institutional	institutional	ADJ
cblr-14239	220	18	investor	investor	NOUN
cblr-14239	220	19	who	who	PRON
cblr-14239	220	20	is	be	AUX
cblr-14239	220	21	targeted	target	VERB
cblr-14239	220	22	by	by	ADP
cblr-14239	220	23	the	the	DET
cblr-14239	220	24	solicitation	solicitation	NOUN
cblr-14239	220	25	but	but	CCONJ
cblr-14239	220	26	may	may	AUX
cblr-14239	220	27	be	be	AUX
cblr-14239	220	28	so	so	ADV
cblr-14239	220	29	for	for	ADP
cblr-14239	220	30	a	a	DET
cblr-14239	220	31	reasonable	reasonable	ADJ
cblr-14239	220	32	retail	retail	ADJ
cblr-14239	220	33	investor	investor	NOUN
cblr-14239	220	34	.	.	PUNCT
cblr-14239	221	1	b.	b.	PROPN
cblr-14239	222	1	the	the	DET
cblr-14239	222	2	judiciary	judiciary	NOUN
cblr-14239	222	3	’s	’s	PART
cblr-14239	222	4	use	use	NOUN
cblr-14239	222	5	of	of	ADP
cblr-14239	222	6	sophistication	sophistication	NOUN
cblr-14239	222	7	standards	standard	NOUN
cblr-14239	222	8	the	the	DET
cblr-14239	222	9	federal	federal	ADJ
cblr-14239	222	10	courts	court	NOUN
cblr-14239	222	11	are	be	AUX
cblr-14239	222	12	no	no	ADV
cblr-14239	222	13	stranger	strange	ADJ
cblr-14239	222	14	to	to	ADP
cblr-14239	222	15	using	use	VERB
cblr-14239	222	16	a	a	DET
cblr-14239	222	17	party	party	NOUN
cblr-14239	222	18	’s	’s	PART
cblr-14239	222	19	sophistication	sophistication	NOUN
cblr-14239	222	20	as	as	ADP
cblr-14239	222	21	a	a	DET
cblr-14239	222	22	metric	metric	NOUN
cblr-14239	222	23	for	for	ADP
cblr-14239	222	24	determining	determine	VERB
cblr-14239	222	25	liability	liability	NOUN
cblr-14239	222	26	.	.	PUNCT
cblr-14239	223	1	in	in	ADP
cblr-14239	223	2	2015	2015	NUM
cblr-14239	223	3	,	,	PUNCT
cblr-14239	223	4	the	the	DET
cblr-14239	223	5	third	third	ADJ
cblr-14239	223	6	circuit	circuit	NOUN
cblr-14239	223	7	held	hold	VERB
cblr-14239	223	8	that	that	SCONJ
cblr-14239	223	9	a	a	DET
cblr-14239	223	10	misstatement	misstatement	NOUN
cblr-14239	223	11	in	in	ADP
cblr-14239	223	12	a	a	DET
cblr-14239	223	13	communication	communication	NOUN
cblr-14239	223	14	from	from	ADP
cblr-14239	223	15	a	a	DET
cblr-14239	223	16	debt	debt	NOUN
cblr-14239	223	17	collector	collector	NOUN
cblr-14239	223	18	must	must	AUX
cblr-14239	223	19	be	be	AUX
cblr-14239	223	20	material	material	ADJ
cblr-14239	223	21	to	to	PART
cblr-14239	223	22	adequately	adequately	ADV
cblr-14239	223	23	comply	comply	VERB
cblr-14239	223	24	with	with	ADP
cblr-14239	223	25	the	the	DET
cblr-14239	223	26	“	"	PUNCT
cblr-14239	223	27	least	least	ADJ
cblr-14239	223	28	sophisticated	sophisticated	ADJ
cblr-14239	223	29	debtor	debtor	NOUN
cblr-14239	223	30	”	"	PUNCT
cblr-14239	223	31	standard	standard	NOUN
cblr-14239	223	32	that	that	PRON
cblr-14239	223	33	has	have	AUX
cblr-14239	223	34	governed	govern	VERB
cblr-14239	223	35	fair	fair	ADJ
cblr-14239	223	36	debt	debt	NOUN
cblr-14239	223	37	collection	collection	NOUN
cblr-14239	223	38	practices	practice	NOUN
cblr-14239	223	39	act	act	VERB
cblr-14239	223	40	claims	claim	NOUN
cblr-14239	223	41	in	in	ADP
cblr-14239	223	42	the	the	DET
cblr-14239	223	43	case	case	NOUN
cblr-14239	223	44	law.59	law.59	VERB
cblr-14239	223	45	the	the	DET
cblr-14239	223	46	least	least	ADV
cblr-14239	223	47	sophisticated	sophisticated	ADJ
cblr-14239	223	48	debtor	debtor	NOUN
cblr-14239	223	49	standard	standard	NOUN
cblr-14239	223	50	requires	require	VERB
cblr-14239	223	51	that	that	SCONJ
cblr-14239	223	52	the	the	DET
cblr-14239	223	53	misstatement	misstatement	NOUN
cblr-14239	223	54	in	in	ADP
cblr-14239	223	55	the	the	DET
cblr-14239	223	56	collection	collection	NOUN
cblr-14239	223	57	notice	notice	NOUN
cblr-14239	223	58	would	would	AUX
cblr-14239	223	59	have	have	AUX
cblr-14239	223	60	confused	confuse	VERB
cblr-14239	223	61	or	or	CCONJ
cblr-14239	223	62	misled	mislead	VERB
cblr-14239	223	63	the	the	DET
cblr-14239	223	64	objective	objective	ADJ
cblr-14239	223	65	least	least	ADV
cblr-14239	223	66	sophisticated	sophisticated	ADJ
cblr-14239	223	67	debtor.60	debtor.60	NOUN
cblr-14239	223	68	such	such	DET
cblr-14239	223	69	a	a	DET
cblr-14239	223	70	standard	standard	ADJ
cblr-14239	223	71	confers	confer	NOUN
cblr-14239	223	72	protection	protection	NOUN
cblr-14239	223	73	on	on	ADP
cblr-14239	223	74	the	the	DET
cblr-14239	223	75	most	most	ADV
cblr-14239	223	76	unsophisticated	unsophisticated	ADJ
cblr-14239	223	77	actors	actor	NOUN
cblr-14239	223	78	in	in	ADP
cblr-14239	223	79	a	a	DET
cblr-14239	223	80	transaction	transaction	NOUN
cblr-14239	223	81	for	for	ADP
cblr-14239	223	82	whom	whom	PRON
cblr-14239	223	83	it	it	PRON
cblr-14239	223	84	would	would	AUX
cblr-14239	223	85	be	be	AUX
cblr-14239	223	86	most	most	ADV
cblr-14239	223	87	costly	costly	ADJ
cblr-14239	223	88	to	to	PART
cblr-14239	223	89	understand	understand	VERB
cblr-14239	223	90	or	or	CCONJ
cblr-14239	223	91	vet	vet	VERB
cblr-14239	223	92	the	the	DET
cblr-14239	223	93	collection	collection	NOUN
cblr-14239	223	94	notices	notice	NOUN
cblr-14239	223	95	.	.	PUNCT
cblr-14239	224	1	most	most	ADJ
cblr-14239	224	2	federal	federal	ADJ
cblr-14239	224	3	appellate	appellate	ADJ
cblr-14239	224	4	courts	court	NOUN
cblr-14239	224	5	have	have	AUX
cblr-14239	224	6	adopted	adopt	VERB
cblr-14239	224	7	the	the	DET
cblr-14239	224	8	“	"	PUNCT
cblr-14239	224	9	least	least	ADJ
cblr-14239	224	10	sophisticated	sophisticated	ADJ
cblr-14239	224	11	debtor	debtor	NOUN
cblr-14239	224	12	”	"	PUNCT
cblr-14239	224	13	standard	standard	NOUN
cblr-14239	224	14	for	for	ADP
cblr-14239	224	15	fdcpa	fdcpa	NOUN
cblr-14239	224	16	claims.61	claims.61	NOUN
cblr-14239	224	17	use	use	NOUN
cblr-14239	224	18	of	of	ADP
cblr-14239	224	19	party	party	NOUN
cblr-14239	224	20	sophistication	sophistication	NOUN
cblr-14239	224	21	in	in	ADP
cblr-14239	224	22	legal	legal	ADJ
cblr-14239	224	23	analysis	analysis	NOUN
cblr-14239	224	24	is	be	AUX
cblr-14239	224	25	not	not	PART
cblr-14239	224	26	limited	limit	VERB
cblr-14239	224	27	to	to	ADP
cblr-14239	224	28	creditor	creditor	NOUN
cblr-14239	224	29	claims	claim	NOUN
cblr-14239	224	30	.	.	PUNCT
cblr-14239	225	1	in	in	ADP
cblr-14239	225	2	tort	tort	NOUN
cblr-14239	225	3	law	law	NOUN
cblr-14239	225	4	,	,	PUNCT
cblr-14239	225	5	the	the	DET
cblr-14239	225	6	economic	economic	ADJ
cblr-14239	225	7	loss	loss	NOUN
cblr-14239	225	8	rule	rule	NOUN
cblr-14239	225	9	is	be	AUX
cblr-14239	225	10	used	use	VERB
cblr-14239	225	11	by	by	ADP
cblr-14239	225	12	courts	court	NOUN
cblr-14239	225	13	to	to	PART
cblr-14239	225	14	limit	limit	VERB
cblr-14239	225	15	recovery	recovery	NOUN
cblr-14239	225	16	by	by	ADP
cblr-14239	225	17	sophisticated	sophisticated	ADJ
cblr-14239	225	18	plaintiffs	plaintiff	NOUN
cblr-14239	225	19	in	in	ADP
cblr-14239	225	20	privity	privity	NOUN
cblr-14239	225	21	with	with	ADP
cblr-14239	225	22	the	the	DET
cblr-14239	225	23	defendant	defendant	NOUN
cblr-14239	225	24	because	because	SCONJ
cblr-14239	225	25	of	of	ADP
cblr-14239	225	26	their	their	PRON
cblr-14239	225	27	presumed	presume	VERB
cblr-14239	225	28	knowledge	knowledge	NOUN
cblr-14239	225	29	and	and	CCONJ
cblr-14239	225	30	experience	experience	NOUN
cblr-14239	225	31	of	of	ADP
cblr-14239	225	32	liabilities	liability	NOUN
cblr-14239	225	33	that	that	PRON
cblr-14239	225	34	should	should	AUX
cblr-14239	225	35	be	be	AUX
cblr-14239	225	36	privately	privately	ADV
cblr-14239	225	37	ordered	order	VERB
cblr-14239	225	38	through	through	ADP
cblr-14239	225	39	contract.62	contract.62	NOUN
cblr-14239	225	40	in	in	ADP
cblr-14239	225	41	contract	contract	NOUN
cblr-14239	225	42	law	law	NOUN
cblr-14239	225	43	,	,	PUNCT
cblr-14239	225	44	standard	standard	ADJ
cblr-14239	225	45	form	form	NOUN
cblr-14239	225	46	contracts	contract	NOUN
cblr-14239	225	47	are	be	AUX
cblr-14239	225	48	not	not	PART
cblr-14239	225	49	binding	bind	VERB
cblr-14239	225	50	when	when	SCONJ
cblr-14239	225	51	the	the	DET
cblr-14239	225	52	terms	term	NOUN
cblr-14239	225	53	exceed	exceed	VERB
cblr-14239	225	54	“	"	PUNCT
cblr-14239	225	55	the	the	DET
cblr-14239	225	56	range	range	NOUN
cblr-14239	225	57	of	of	ADP
cblr-14239	225	58	information	information	NOUN
cblr-14239	225	59	traders	trader	NOUN
cblr-14239	225	60	do	do	VERB
cblr-14239	225	61	not	not	PART
cblr-14239	225	62	and	and	CCONJ
cblr-14239	225	63	can	can	AUX
cblr-14239	225	64	recover	recover	VERB
cblr-14239	225	65	pursuant	pursuant	ADV
cblr-14239	225	66	to	to	ADP
cblr-14239	225	67	12(a)(2	12(a)(2	NUM
cblr-14239	225	68	)	)	PUNCT
cblr-14239	225	69	despite	despite	SCONJ
cblr-14239	225	70	the	the	DET
cblr-14239	225	71	positive	positive	ADJ
cblr-14239	225	72	effect	effect	NOUN
cblr-14239	225	73	on	on	ADP
cblr-14239	225	74	market	market	NOUN
cblr-14239	225	75	efficiency	efficiency	NOUN
cblr-14239	225	76	of	of	ADP
cblr-14239	225	77	the	the	DET
cblr-14239	225	78	violation	violation	NOUN
cblr-14239	225	79	.	.	PUNCT
cblr-14239	226	1	for	for	ADP
cblr-14239	226	2	more	more	ADJ
cblr-14239	226	3	clarity	clarity	NOUN
cblr-14239	226	4	on	on	ADP
cblr-14239	226	5	noise	noise	NOUN
cblr-14239	226	6	traders	trader	NOUN
cblr-14239	226	7	,	,	PUNCT
cblr-14239	226	8	see	see	VERB
cblr-14239	226	9	also	also	ADV
cblr-14239	226	10	j.	j.	PROPN
cblr-14239	226	11	bradford	bradford	PROPN
cblr-14239	226	12	de	de	PROPN
cblr-14239	226	13	long	long	PROPN
cblr-14239	226	14	,	,	PUNCT
cblr-14239	226	15	andrei	andrei	NOUN
cblr-14239	226	16	shleifer	shleifer	PROPN
cblr-14239	226	17	,	,	PUNCT
cblr-14239	226	18	lawrence	lawrence	PROPN
cblr-14239	226	19	h.	h.	PROPN
cblr-14239	226	20	summers	summers	PROPN
cblr-14239	226	21	&	&	CCONJ
cblr-14239	226	22	robert	robert	PROPN
cblr-14239	226	23	j.	j.	PROPN
cblr-14239	226	24	waldmann	waldmann	PROPN
cblr-14239	226	25	,	,	PUNCT
cblr-14239	226	26	noise	noise	NOUN
cblr-14239	226	27	trader	trader	NOUN
cblr-14239	226	28	risk	risk	NOUN
cblr-14239	226	29	in	in	ADP
cblr-14239	226	30	financial	financial	ADJ
cblr-14239	226	31	markets	market	NOUN
cblr-14239	226	32	,	,	PUNCT
cblr-14239	226	33	98	98	NUM
cblr-14239	226	34	j.	j.	PROPN
cblr-14239	226	35	pol	pol	PROPN
cblr-14239	226	36	.	.	PUNCT
cblr-14239	226	37	econ	econ	PROPN
cblr-14239	226	38	.	.	PUNCT
cblr-14239	227	1	703	703	NUM
cblr-14239	227	2	(	(	PUNCT
cblr-14239	227	3	1990	1990	NUM
cblr-14239	227	4	)	)	PUNCT
cblr-14239	227	5	.	.	PUNCT
cblr-14239	228	1	59	59	NUM
cblr-14239	228	2	jensen	jensen	PROPN
cblr-14239	228	3	v.	v.	ADP
cblr-14239	228	4	pressler	pressler	PROPN
cblr-14239	228	5	&	&	CCONJ
cblr-14239	228	6	pressler	pressler	NOUN
cblr-14239	228	7	,	,	PUNCT
cblr-14239	228	8	791	791	NUM
cblr-14239	228	9	f.3d	f.3d	NUM
cblr-14239	228	10	413	413	NUM
cblr-14239	228	11	,	,	PUNCT
cblr-14239	228	12	415	415	NUM
cblr-14239	228	13	(	(	PUNCT
cblr-14239	228	14	3d	3d	NUM
cblr-14239	228	15	cir	cir	NOUN
cblr-14239	228	16	.	.	PROPN
cblr-14239	228	17	2015	2015	NUM
cblr-14239	228	18	)	)	PUNCT
cblr-14239	228	19	.	.	PUNCT
cblr-14239	229	1	60	60	NUM
cblr-14239	230	1	i	i	PRON
cblr-14239	230	2	d.	d.	PROPN
cblr-14239	230	3	at	at	ADP
cblr-14239	230	4	419	419	NUM
cblr-14239	230	5	(	(	PUNCT
cblr-14239	230	6	citing	cite	VERB
cblr-14239	230	7	pollard	pollard	PROPN
cblr-14239	230	8	v.	v.	ADP
cblr-14239	230	9	law	law	PROPN
cblr-14239	230	10	office	office	PROPN
cblr-14239	230	11	of	of	ADP
cblr-14239	230	12	mandy	mandy	PROPN
cblr-14239	230	13	l.	l.	PROPN
cblr-14239	230	14	spaulding	spaulding	PROPN
cblr-14239	230	15	,	,	PUNCT
cblr-14239	230	16	766	766	NUM
cblr-14239	230	17	f.3d	f.3d	NUM
cblr-14239	230	18	98	98	NUM
cblr-14239	230	19	,	,	PUNCT
cblr-14239	230	20	103	103	NUM
cblr-14239	230	21	(	(	PUNCT
cblr-14239	230	22	1st	1st	ADJ
cblr-14239	230	23	cir	cir	NOUN
cblr-14239	230	24	.	.	PROPN
cblr-14239	230	25	2014	2014	NUM
cblr-14239	230	26	)	)	PUNCT
cblr-14239	230	27	)	)	PUNCT
cblr-14239	230	28	.	.	PUNCT
cblr-14239	231	1	61	61	NUM
cblr-14239	232	1	i	i	PRON
cblr-14239	232	2	d.	d.	PROPN
cblr-14239	232	3	n.3	n.3	PROPN
cblr-14239	232	4	(	(	PUNCT
cblr-14239	232	5	explaining	explain	VERB
cblr-14239	232	6	that	that	SCONJ
cblr-14239	232	7	the	the	DET
cblr-14239	232	8	substantive	substantive	ADJ
cblr-14239	232	9	test	test	NOUN
cblr-14239	232	10	is	be	AUX
cblr-14239	232	11	near	near	ADV
cblr-14239	232	12	universally	universally	ADV
cblr-14239	232	13	adopted	adopt	VERB
cblr-14239	232	14	despite	despite	SCONJ
cblr-14239	232	15	courts	court	NOUN
cblr-14239	232	16	of	of	ADP
cblr-14239	232	17	appeals	appeal	NOUN
cblr-14239	232	18	referring	refer	VERB
cblr-14239	232	19	to	to	ADP
cblr-14239	232	20	the	the	DET
cblr-14239	232	21	test	test	NOUN
cblr-14239	232	22	by	by	ADP
cblr-14239	232	23	different	different	ADJ
cblr-14239	232	24	nomenclature	nomenclature	NOUN
cblr-14239	232	25	)	)	PUNCT
cblr-14239	232	26	.	.	PUNCT
cblr-14239	233	1	62	62	NUM
cblr-14239	233	2	meredith	meredith	PROPN
cblr-14239	233	3	r.	r.	PROPN
cblr-14239	233	4	miller	miller	PROPN
cblr-14239	233	5	,	,	PUNCT
cblr-14239	233	6	contract	contract	NOUN
cblr-14239	233	7	law	law	NOUN
cblr-14239	233	8	,	,	PUNCT
cblr-14239	233	9	party	party	NOUN
cblr-14239	233	10	sophistication	sophistication	NOUN
cblr-14239	233	11	,	,	PUNCT
cblr-14239	233	12	and	and	CCONJ
cblr-14239	233	13	the	the	DET
cblr-14239	233	14	new	new	ADJ
cblr-14239	233	15	formalism	formalism	NOUN
cblr-14239	233	16	,	,	PUNCT
cblr-14239	233	17	75	75	NUM
cblr-14239	233	18	mo	mo	PROPN
cblr-14239	233	19	.	.	PROPN
cblr-14239	233	20	l.	l.	PROPN
cblr-14239	233	21	rev	rev	PROPN
cblr-14239	233	22	.	.	PROPN
cblr-14239	233	23	493	493	NUM
cblr-14239	233	24	,	,	PUNCT
cblr-14239	233	25	510–11	510–11	NUM
cblr-14239	233	26	(	(	PUNCT
cblr-14239	233	27	2010	2010	NUM
cblr-14239	233	28	)	)	PUNCT
cblr-14239	233	29	(	(	PUNCT
cblr-14239	233	30	footnotes	footnote	NOUN
cblr-14239	233	31	omitted	omit	VERB
cblr-14239	233	32	)	)	PUNCT
cblr-14239	233	33	.	.	PUNCT
cblr-14239	234	1	no	no	INTJ
cblr-14239	234	2	.	.	NOUN
cblr-14239	234	3	2	2	NUM
cblr-14239	234	4	]	]	PUNCT
cblr-14239	234	5	with	with	ADP
cblr-14239	234	6	whom	whom	PRON
cblr-14239	234	7	is	be	AUX
cblr-14239	234	8	your	your	PRON
cblr-14239	234	9	issue	issue	NOUN
cblr-14239	234	10	?	?	PUNCT
cblr-14239	235	1	807	807	NUM
cblr-14239	235	2	reasonable	reasonable	ADJ
cblr-14239	235	3	expectation;”63	expectation;”63	PROPN
cblr-14239	235	4	the	the	DET
cblr-14239	235	5	sophistication	sophistication	NOUN
cblr-14239	235	6	of	of	ADP
cblr-14239	235	7	a	a	DET
cblr-14239	235	8	contracting	contracting	NOUN
cblr-14239	235	9	party	party	NOUN
cblr-14239	235	10	,	,	PUNCT
cblr-14239	235	11	however	however	ADV
cblr-14239	235	12	,	,	PUNCT
cblr-14239	235	13	may	may	AUX
cblr-14239	235	14	determine	determine	VERB
cblr-14239	235	15	the	the	DET
cblr-14239	235	16	boundaries	boundary	NOUN
cblr-14239	235	17	of	of	ADP
cblr-14239	235	18	that	that	DET
cblr-14239	235	19	range	range	NOUN
cblr-14239	235	20	thereby	thereby	ADV
cblr-14239	235	21	affecting	affect	VERB
cblr-14239	235	22	which	which	PRON
cblr-14239	235	23	standard	standard	ADJ
cblr-14239	235	24	terms	term	NOUN
cblr-14239	235	25	are	be	AUX
cblr-14239	235	26	binding.64	binding.64	ADJ
cblr-14239	235	27	even	even	ADV
cblr-14239	235	28	in	in	ADP
cblr-14239	235	29	securities	security	NOUN
cblr-14239	235	30	litigation	litigation	NOUN
cblr-14239	235	31	,	,	PUNCT
cblr-14239	235	32	courts	court	NOUN
cblr-14239	235	33	have	have	AUX
cblr-14239	235	34	turned	turn	VERB
cblr-14239	235	35	to	to	ADP
cblr-14239	235	36	the	the	DET
cblr-14239	235	37	parties	party	NOUN
cblr-14239	235	38	’	’	PART
cblr-14239	235	39	sophistication	sophistication	NOUN
cblr-14239	235	40	in	in	ADP
cblr-14239	235	41	their	their	PRON
cblr-14239	235	42	analysis	analysis	NOUN
cblr-14239	235	43	and	and	CCONJ
cblr-14239	235	44	application	application	NOUN
cblr-14239	235	45	of	of	ADP
cblr-14239	235	46	relevant	relevant	ADJ
cblr-14239	235	47	law	law	NOUN
cblr-14239	235	48	.	.	PUNCT
cblr-14239	236	1	for	for	ADP
cblr-14239	236	2	example	example	NOUN
cblr-14239	236	3	,	,	PUNCT
cblr-14239	236	4	the	the	DET
cblr-14239	236	5	fourth	fourth	ADJ
cblr-14239	236	6	circuit	circuit	NOUN
cblr-14239	236	7	affirmed	affirm	VERB
cblr-14239	236	8	a	a	DET
cblr-14239	236	9	district	district	NOUN
cblr-14239	236	10	court	court	NOUN
cblr-14239	236	11	’s	’s	PART
cblr-14239	236	12	grant	grant	NOUN
cblr-14239	236	13	of	of	ADP
cblr-14239	236	14	summary	summary	NOUN
cblr-14239	236	15	judgment	judgment	NOUN
cblr-14239	236	16	in	in	ADP
cblr-14239	236	17	favor	favor	NOUN
cblr-14239	236	18	of	of	ADP
cblr-14239	236	19	defendant	defendant	NOUN
cblr-14239	236	20	-	-	PUNCT
cblr-14239	236	21	appellees	appellee	NOUN
cblr-14239	236	22	because	because	SCONJ
cblr-14239	236	23	the	the	DET
cblr-14239	236	24	plaintiff	plaintiff	NOUN
cblr-14239	236	25	-	-	PUNCT
cblr-14239	236	26	appellant	appellant	NOUN
cblr-14239	236	27	who	who	PRON
cblr-14239	236	28	sought	seek	VERB
cblr-14239	236	29	recovery	recovery	NOUN
cblr-14239	236	30	under	under	ADP
cblr-14239	236	31	rule	rule	NOUN
cblr-14239	236	32	10b-565	10b-565	NUM
cblr-14239	236	33	was	be	AUX
cblr-14239	236	34	a	a	DET
cblr-14239	236	35	sophisticated	sophisticated	ADJ
cblr-14239	236	36	investor	investor	NOUN
cblr-14239	236	37	who	who	PRON
cblr-14239	236	38	did	do	AUX
cblr-14239	236	39	not	not	PART
cblr-14239	236	40	justifiably	justifiably	ADV
cblr-14239	236	41	rely	rely	VERB
cblr-14239	236	42	on	on	ADP
cblr-14239	236	43	the	the	DET
cblr-14239	236	44	alleged	allege	VERB
cblr-14239	236	45	material	material	NOUN
cblr-14239	236	46	omission.66	omission.66	SCONJ
cblr-14239	236	47	the	the	DET
cblr-14239	236	48	court	court	NOUN
cblr-14239	236	49	recognized	recognize	VERB
cblr-14239	236	50	the	the	DET
cblr-14239	236	51	bank	bank	NOUN
cblr-14239	236	52	as	as	ADP
cblr-14239	236	53	a	a	DET
cblr-14239	236	54	sophisticated	sophisticated	ADJ
cblr-14239	236	55	actor	actor	NOUN
cblr-14239	236	56	given	give	VERB
cblr-14239	236	57	its	its	PRON
cblr-14239	236	58	agents	agent	NOUN
cblr-14239	236	59	’	'	PUNCT
cblr-14239	236	60	extensive	extensive	ADJ
cblr-14239	236	61	education	education	NOUN
cblr-14239	236	62	and	and	CCONJ
cblr-14239	236	63	experience	experience	NOUN
cblr-14239	236	64	.	.	PUNCT
cblr-14239	237	1	the	the	DET
cblr-14239	237	2	court	court	NOUN
cblr-14239	237	3	thus	thus	ADV
cblr-14239	237	4	reasoned	reason	VERB
cblr-14239	237	5	that	that	SCONJ
cblr-14239	237	6	the	the	DET
cblr-14239	237	7	bank	bank	NOUN
cblr-14239	237	8	would	would	AUX
cblr-14239	237	9	require	require	VERB
cblr-14239	237	10	less	less	ADJ
cblr-14239	237	11	information	information	NOUN
cblr-14239	237	12	to	to	PART
cblr-14239	237	13	“	"	PUNCT
cblr-14239	237	14	call	call	VERB
cblr-14239	237	15	a	a	PRON
cblr-14239	238	1	[	[	X
cblr-14239	238	2	mis-]representation	mis-]representation	NOUN
cblr-14239	238	3	into	into	ADP
cblr-14239	238	4	question	question	NOUN
cblr-14239	238	5	”	"	PUNCT
cblr-14239	238	6	and	and	CCONJ
cblr-14239	238	7	that	that	SCONJ
cblr-14239	238	8	the	the	DET
cblr-14239	238	9	bank	bank	NOUN
cblr-14239	238	10	’s	’s	PART
cblr-14239	238	11	knowledge	knowledge	NOUN
cblr-14239	238	12	was	be	AUX
cblr-14239	238	13	sufficient	sufficient	ADJ
cblr-14239	238	14	to	to	PART
cblr-14239	238	15	leave	leave	VERB
cblr-14239	238	16	it	it	PRON
cblr-14239	238	17	“	"	PUNCT
cblr-14239	238	18	cognizant	cognizant	ADJ
cblr-14239	238	19	of	of	ADP
cblr-14239	238	20	the	the	DET
cblr-14239	238	21	risk	risk	NOUN
cblr-14239	238	22	.	.	PUNCT
cblr-14239	239	1	”67	”67	PROPN
cblr-14239	239	2	some	some	PRON
cblr-14239	239	3	may	may	AUX
cblr-14239	239	4	contend	contend	VERB
cblr-14239	239	5	that	that	SCONJ
cblr-14239	239	6	investor	investor	NOUN
cblr-14239	239	7	sophistication	sophistication	NOUN
cblr-14239	239	8	is	be	AUX
cblr-14239	239	9	an	an	DET
cblr-14239	239	10	appropriate	appropriate	ADJ
cblr-14239	239	11	consideration	consideration	NOUN
cblr-14239	239	12	when	when	SCONJ
cblr-14239	239	13	evaluating	evaluate	VERB
cblr-14239	239	14	rule	rule	NOUN
cblr-14239	239	15	10b-5	10b-5	NUM
cblr-14239	239	16	claims	claim	NOUN
cblr-14239	239	17	because	because	SCONJ
cblr-14239	239	18	reliance	reliance	NOUN
cblr-14239	239	19	is	be	AUX
cblr-14239	239	20	an	an	DET
cblr-14239	239	21	essential	essential	ADJ
cblr-14239	239	22	element	element	NOUN
cblr-14239	239	23	of	of	ADP
cblr-14239	239	24	such	such	ADJ
cblr-14239	239	25	claims68	claims68	NOUN
cblr-14239	239	26	but	but	CCONJ
cblr-14239	239	27	an	an	DET
cblr-14239	239	28	inappropriate	inappropriate	ADJ
cblr-14239	239	29	consideration	consideration	NOUN
cblr-14239	239	30	for	for	ADP
cblr-14239	239	31	section	section	NOUN
cblr-14239	239	32	12(a)(2	12(a)(2	NUM
cblr-14239	239	33	)	)	PUNCT
cblr-14239	239	34	claims	claim	NOUN
cblr-14239	239	35	because	because	SCONJ
cblr-14239	239	36	the	the	DET
cblr-14239	239	37	securities	security	NOUN
cblr-14239	239	38	act	act	PROPN
cblr-14239	239	39	adopts	adopt	VERB
cblr-14239	239	40	a	a	DET
cblr-14239	239	41	strict	strict	ADJ
cblr-14239	239	42	liability	liability	NOUN
cblr-14239	239	43	regime.69	regime.69	NOUN
cblr-14239	239	44	just	just	ADV
cblr-14239	239	45	because	because	SCONJ
cblr-14239	239	46	courts	court	NOUN
cblr-14239	239	47	have	have	AUX
cblr-14239	239	48	used	use	VERB
cblr-14239	239	49	investor	investor	NOUN
cblr-14239	239	50	sophistication	sophistication	NOUN
cblr-14239	239	51	as	as	ADP
cblr-14239	239	52	a	a	DET
cblr-14239	239	53	factor	factor	NOUN
cblr-14239	239	54	for	for	ADP
cblr-14239	239	55	reliance	reliance	NOUN
cblr-14239	239	56	,	,	PUNCT
cblr-14239	239	57	though	though	ADV
cblr-14239	239	58	,	,	PUNCT
cblr-14239	239	59	does	do	AUX
cblr-14239	239	60	not	not	PART
cblr-14239	239	61	mean	mean	VERB
cblr-14239	239	62	that	that	SCONJ
cblr-14239	239	63	investor	investor	NOUN
cblr-14239	239	64	63	63	NUM
cblr-14239	239	65	restatement	restatement	NOUN
cblr-14239	239	66	(	(	PUNCT
cblr-14239	239	67	second	second	ADJ
cblr-14239	239	68	)	)	PUNCT
cblr-14239	239	69	of	of	ADP
cblr-14239	239	70	contracts	contract	NOUN
cblr-14239	239	71	§	§	PROPN
cblr-14239	239	72	211	211	NUM
cblr-14239	239	73	cmt	cmt	NOUN
cblr-14239	239	74	.	.	PUNCT
cblr-14239	240	1	f.	f.	PROPN
cblr-14239	240	2	(	(	PUNCT
cblr-14239	240	3	am	be	AUX
cblr-14239	240	4	.	.	PUNCT
cblr-14239	241	1	l.	l.	PROPN
cblr-14239	241	2	inst	inst	PROPN
cblr-14239	241	3	.	.	PROPN
cblr-14239	241	4	1981	1981	NUM
cblr-14239	241	5	)	)	PUNCT
cblr-14239	241	6	.	.	PUNCT
cblr-14239	242	1	64	64	NUM
cblr-14239	242	2	see	see	VERB
cblr-14239	242	3	miller	miller	PROPN
cblr-14239	242	4	,	,	PUNCT
cblr-14239	242	5	supra	supra	PROPN
cblr-14239	242	6	note	note	PROPN
cblr-14239	242	7	62	62	NUM
cblr-14239	242	8	,	,	PUNCT
cblr-14239	242	9	at	at	ADP
cblr-14239	242	10	513	513	NUM
cblr-14239	242	11	(	(	PUNCT
cblr-14239	242	12	citing	cite	VERB
cblr-14239	242	13	restatement	restatement	NOUN
cblr-14239	242	14	(	(	PUNCT
cblr-14239	242	15	second	second	ADJ
cblr-14239	242	16	)	)	PUNCT
cblr-14239	242	17	of	of	ADP
cblr-14239	242	18	contracts	contract	NOUN
cblr-14239	242	19	§	§	PROPN
cblr-14239	242	20	211	211	NUM
cblr-14239	242	21	cmt	cmt	NOUN
cblr-14239	242	22	.	.	PUNCT
cblr-14239	243	1	e.	e.	PROPN
cblr-14239	243	2	(	(	PUNCT
cblr-14239	243	3	am	be	AUX
cblr-14239	243	4	.	.	PUNCT
cblr-14239	244	1	l.	l.	PROPN
cblr-14239	244	2	inst	inst	PROPN
cblr-14239	244	3	.	.	PROPN
cblr-14239	244	4	1981	1981	NUM
cblr-14239	244	5	)	)	PUNCT
cblr-14239	244	6	)	)	PUNCT
cblr-14239	244	7	.	.	PUNCT
cblr-14239	245	1	65	65	NUM
cblr-14239	245	2	rule	rule	NOUN
cblr-14239	245	3	10b-5	10b-5	NUM
cblr-14239	245	4	,	,	PUNCT
cblr-14239	245	5	enacted	enact	VERB
cblr-14239	245	6	pursuant	pursuant	ADV
cblr-14239	245	7	to	to	ADP
cblr-14239	245	8	section	section	NOUN
cblr-14239	245	9	10(b	10(b	NUM
cblr-14239	245	10	)	)	PUNCT
cblr-14239	245	11	of	of	ADP
cblr-14239	245	12	the	the	DET
cblr-14239	245	13	exchange	exchange	NOUN
cblr-14239	245	14	act	act	NOUN
cblr-14239	245	15	of	of	ADP
cblr-14239	245	16	1934	1934	NUM
cblr-14239	245	17	,	,	PUNCT
cblr-14239	245	18	imposes	impose	VERB
cblr-14239	245	19	criminal	criminal	ADJ
cblr-14239	245	20	liability	liability	NOUN
cblr-14239	245	21	for	for	ADP
cblr-14239	245	22	fraud	fraud	NOUN
cblr-14239	245	23	and	and	CCONJ
cblr-14239	245	24	material	material	NOUN
cblr-14239	245	25	misstatements	misstatement	NOUN
cblr-14239	245	26	or	or	CCONJ
cblr-14239	245	27	omissions	omission	NOUN
cblr-14239	245	28	in	in	ADP
cblr-14239	245	29	connection	connection	NOUN
cblr-14239	245	30	with	with	ADP
cblr-14239	245	31	the	the	DET
cblr-14239	245	32	sale	sale	NOUN
cblr-14239	245	33	of	of	ADP
cblr-14239	245	34	a	a	DET
cblr-14239	245	35	security	security	NOUN
cblr-14239	245	36	.	.	PUNCT
cblr-14239	246	1	see	see	VERB
cblr-14239	246	2	17	17	NUM
cblr-14239	246	3	c.f.r	c.f.r	NOUN
cblr-14239	246	4	.	.	PUNCT
cblr-14239	247	1	§	§	PROPN
cblr-14239	247	2	240.10b-5	240.10b-5	NUM
cblr-14239	247	3	.	.	PUNCT
cblr-14239	248	1	66	66	NUM
cblr-14239	248	2	banca	banca	PROPN
cblr-14239	248	3	cremi	cremi	PROPN
cblr-14239	248	4	,	,	PUNCT
cblr-14239	248	5	s.a	s.a	PROPN
cblr-14239	248	6	.	.	PROPN
cblr-14239	248	7	v.	v.	PROPN
cblr-14239	248	8	alex	alex	PROPN
cblr-14239	248	9	.	.	PROPN
cblr-14239	248	10	brown	brown	PROPN
cblr-14239	248	11	&	&	CCONJ
cblr-14239	248	12	sons	son	NOUN
cblr-14239	248	13	,	,	PUNCT
cblr-14239	248	14	132	132	NUM
cblr-14239	248	15	f.3d	f.3d	NUM
cblr-14239	248	16	1017	1017	NUM
cblr-14239	248	17	,	,	PUNCT
cblr-14239	248	18	1031	1031	NUM
cblr-14239	248	19	(	(	PUNCT
cblr-14239	248	20	4th	4th	ADJ
cblr-14239	248	21	cir	cir	NOUN
cblr-14239	248	22	.	.	PUNCT
cblr-14239	248	23	1997	1997	NUM
cblr-14239	248	24	)	)	PUNCT
cblr-14239	248	25	.	.	PUNCT
cblr-14239	249	1	67	67	NUM
cblr-14239	250	1	i	i	PRON
cblr-14239	250	2	d.	d.	PROPN
cblr-14239	250	3	(	(	PUNCT
cblr-14239	250	4	citing	cite	VERB
cblr-14239	250	5	teamsters	teamster	NOUN
cblr-14239	250	6	loc	loc	X
cblr-14239	250	7	.	.	PUNCT
cblr-14239	251	1	282	282	NUM
cblr-14239	251	2	pension	pension	NOUN
cblr-14239	251	3	tr	tr	VERB
cblr-14239	251	4	.	.	NOUN
cblr-14239	251	5	fund	fund	PROPN
cblr-14239	251	6	v.	v.	ADP
cblr-14239	251	7	angelos	angelos	PROPN
cblr-14239	251	8	,	,	PUNCT
cblr-14239	251	9	762	762	NUM
cblr-14239	251	10	f.2d	f.2d	ADP
cblr-14239	251	11	522	522	NUM
cblr-14239	251	12	,	,	PUNCT
cblr-14239	251	13	530	530	NUM
cblr-14239	251	14	(	(	PUNCT
cblr-14239	251	15	7th	7th	ADJ
cblr-14239	251	16	cir	cir	NOUN
cblr-14239	251	17	.	.	PUNCT
cblr-14239	251	18	1985	1985	NUM
cblr-14239	251	19	)	)	PUNCT
cblr-14239	251	20	)	)	PUNCT
cblr-14239	251	21	(	(	PUNCT
cblr-14239	251	22	internal	internal	ADJ
cblr-14239	251	23	quotation	quotation	NOUN
cblr-14239	251	24	marks	mark	NOUN
cblr-14239	251	25	omitted	omit	VERB
cblr-14239	251	26	)	)	PUNCT
cblr-14239	251	27	.	.	PUNCT
cblr-14239	252	1	68	68	NUM
cblr-14239	253	1	whilst	whilst	SCONJ
cblr-14239	253	2	reliance	reliance	NOUN
cblr-14239	253	3	is	be	AUX
cblr-14239	253	4	a	a	DET
cblr-14239	253	5	necessary	necessary	ADJ
cblr-14239	253	6	element	element	NOUN
cblr-14239	253	7	for	for	ADP
cblr-14239	253	8	a	a	DET
cblr-14239	253	9	rule	rule	NOUN
cblr-14239	253	10	10b-5	10b-5	NUM
cblr-14239	253	11	claim	claim	NOUN
cblr-14239	253	12	,	,	PUNCT
cblr-14239	253	13	a	a	DET
cblr-14239	253	14	plaintiff	plaintiff	NOUN
cblr-14239	253	15	need	need	AUX
cblr-14239	253	16	not	not	PART
cblr-14239	253	17	plead	plead	VERB
cblr-14239	253	18	individualized	individualized	ADJ
cblr-14239	253	19	reliance	reliance	NOUN
cblr-14239	253	20	and	and	CCONJ
cblr-14239	253	21	instead	instead	ADV
cblr-14239	253	22	can	can	AUX
cblr-14239	253	23	present	present	VERB
cblr-14239	253	24	a	a	DET
cblr-14239	253	25	fraud	fraud	NOUN
cblr-14239	253	26	-	-	PUNCT
cblr-14239	253	27	on	on	ADP
cblr-14239	253	28	-	-	PUNCT
cblr-14239	253	29	the	the	DET
cblr-14239	253	30	-	-	PUNCT
cblr-14239	253	31	market	market	NOUN
cblr-14239	253	32	theory	theory	NOUN
cblr-14239	253	33	by	by	ADP
cblr-14239	253	34	which	which	PRON
cblr-14239	253	35	a	a	DET
cblr-14239	253	36	rebuttable	rebuttable	ADJ
cblr-14239	253	37	presumption	presumption	NOUN
cblr-14239	253	38	of	of	ADP
cblr-14239	253	39	reliance	reliance	NOUN
cblr-14239	253	40	can	can	AUX
cblr-14239	253	41	be	be	AUX
cblr-14239	253	42	plead	plead	NOUN
cblr-14239	253	43	.	.	PUNCT
cblr-14239	254	1	see	see	VERB
cblr-14239	254	2	basic	basic	ADJ
cblr-14239	254	3	,	,	PUNCT
cblr-14239	254	4	inc	inc	PROPN
cblr-14239	254	5	.	.	PROPN
cblr-14239	254	6	v.	v.	PROPN
cblr-14239	254	7	levinson	levinson	PROPN
cblr-14239	254	8	,	,	PUNCT
cblr-14239	254	9	485	485	NUM
cblr-14239	254	10	u.s	u.s	PROPN
cblr-14239	254	11	.	.	PROPN
cblr-14239	254	12	224	224	NUM
cblr-14239	254	13	,	,	PUNCT
cblr-14239	254	14	243	243	NUM
cblr-14239	254	15	(	(	PUNCT
cblr-14239	254	16	1988	1988	NUM
cblr-14239	254	17	)	)	PUNCT
cblr-14239	254	18	.	.	PUNCT
cblr-14239	255	1	69	69	NUM
cblr-14239	255	2	o’hara	o’hara	NOUN
cblr-14239	255	3	,	,	PUNCT
cblr-14239	255	4	supra	supra	NOUN
cblr-14239	255	5	note	note	NOUN
cblr-14239	255	6	21	21	NUM
cblr-14239	255	7	,	,	PUNCT
cblr-14239	255	8	at	at	ADP
cblr-14239	255	9	929	929	NUM
cblr-14239	255	10	(	(	PUNCT
cblr-14239	255	11	“	"	PUNCT
cblr-14239	255	12	in	in	ADP
cblr-14239	255	13	contrast	contrast	NOUN
cblr-14239	255	14	to	to	PART
cblr-14239	255	15	rule	rule	VERB
cblr-14239	255	16	10b-5	10b-5	NUM
cblr-14239	255	17	,	,	PUNCT
cblr-14239	255	18	a	a	DET
cblr-14239	255	19	purchaser	purchaser	NOUN
cblr-14239	255	20	in	in	ADP
cblr-14239	255	21	a	a	DET
cblr-14239	255	22	section	section	NOUN
cblr-14239	255	23	12(2	12(2	NUM
cblr-14239	255	24	)	)	PUNCT
cblr-14239	255	25	action	action	NOUN
cblr-14239	255	26	[	[	X
cblr-14239	255	27	the	the	DET
cblr-14239	255	28	precursor	precursor	NOUN
cblr-14239	255	29	to	to	ADP
cblr-14239	255	30	section	section	NOUN
cblr-14239	255	31	12(a)(2	12(a)(2	NUM
cblr-14239	255	32	)	)	PUNCT
cblr-14239	255	33	,	,	PUNCT
cblr-14239	255	34	see	see	VERB
cblr-14239	255	35	supra	supra	PROPN
cblr-14239	255	36	note	note	PROPN
cblr-14239	255	37	7	7	NUM
cblr-14239	255	38	]	]	PUNCT
cblr-14239	255	39	does	do	AUX
cblr-14239	255	40	not	not	PART
cblr-14239	255	41	have	have	VERB
cblr-14239	255	42	to	to	PART
cblr-14239	255	43	prove	prove	VERB
cblr-14239	255	44	that	that	SCONJ
cblr-14239	255	45	he	he	PRON
cblr-14239	255	46	relied	rely	VERB
cblr-14239	255	47	upon	upon	SCONJ
cblr-14239	255	48	the	the	DET
cblr-14239	255	49	misstatement	misstatement	NOUN
cblr-14239	255	50	or	or	CCONJ
cblr-14239	255	51	omission	omission	NOUN
cblr-14239	255	52	in	in	ADP
cblr-14239	255	53	question	question	NOUN
cblr-14239	255	54	in	in	ADP
cblr-14239	255	55	making	make	VERB
cblr-14239	255	56	his	his	PRON
cblr-14239	255	57	purchase	purchase	NOUN
cblr-14239	255	58	.	.	PUNCT
cblr-14239	255	59	”	"	PUNCT
cblr-14239	255	60	)	)	PUNCT
cblr-14239	255	61	.	.	PUNCT
cblr-14239	256	1	808	808	NUM
cblr-14239	256	2	columbia	columbia	PROPN
cblr-14239	256	3	business	business	NOUN
cblr-14239	256	4	law	law	PROPN
cblr-14239	256	5	review	review	NOUN
cblr-14239	256	6	[	[	X
cblr-14239	256	7	vol	vol	NOUN
cblr-14239	256	8	.	.	NOUN
cblr-14239	256	9	2024	2024	NUM
cblr-14239	256	10	sophistication	sophistication	NOUN
cblr-14239	256	11	is	be	AUX
cblr-14239	256	12	precluded	preclude	VERB
cblr-14239	256	13	from	from	ADP
cblr-14239	256	14	use	use	NOUN
cblr-14239	256	15	in	in	ADP
cblr-14239	256	16	evaluating	evaluate	VERB
cblr-14239	256	17	the	the	DET
cblr-14239	256	18	elements	element	NOUN
cblr-14239	256	19	of	of	ADP
cblr-14239	256	20	different	different	ADJ
cblr-14239	256	21	claims	claim	NOUN
cblr-14239	256	22	.	.	PUNCT
cblr-14239	257	1	with	with	ADP
cblr-14239	257	2	specific	specific	ADJ
cblr-14239	257	3	respect	respect	NOUN
cblr-14239	257	4	to	to	ADP
cblr-14239	257	5	evaluating	evaluate	VERB
cblr-14239	257	6	the	the	DET
cblr-14239	257	7	materiality	materiality	NOUN
cblr-14239	257	8	of	of	ADP
cblr-14239	257	9	an	an	DET
cblr-14239	257	10	omission	omission	NOUN
cblr-14239	257	11	,	,	PUNCT
cblr-14239	257	12	investor	investor	NOUN
cblr-14239	257	13	sophistication	sophistication	NOUN
cblr-14239	257	14	can	can	AUX
cblr-14239	257	15	be	be	AUX
cblr-14239	257	16	quite	quite	ADV
cblr-14239	257	17	informative	informative	ADJ
cblr-14239	257	18	.	.	PUNCT
cblr-14239	258	1	the	the	DET
cblr-14239	258	2	1933	1933	NUM
cblr-14239	258	3	act	act	NOUN
cblr-14239	258	4	defines	define	VERB
cblr-14239	258	5	a	a	DET
cblr-14239	258	6	material	material	NOUN
cblr-14239	258	7	omission	omission	NOUN
cblr-14239	258	8	as	as	ADP
cblr-14239	258	9	the	the	DET
cblr-14239	258	10	failure	failure	NOUN
cblr-14239	258	11	to	to	PART
cblr-14239	258	12	state	state	VERB
cblr-14239	258	13	a	a	DET
cblr-14239	258	14	material	material	ADJ
cblr-14239	258	15	fact	fact	NOUN
cblr-14239	258	16	“	"	PUNCT
cblr-14239	258	17	necessary	necessary	ADJ
cblr-14239	258	18	in	in	ADP
cblr-14239	258	19	order	order	NOUN
cblr-14239	258	20	to	to	PART
cblr-14239	258	21	make	make	VERB
cblr-14239	258	22	the	the	DET
cblr-14239	258	23	statements	statement	NOUN
cblr-14239	258	24	,	,	PUNCT
cblr-14239	258	25	in	in	ADP
cblr-14239	258	26	the	the	DET
cblr-14239	258	27	light	light	NOUN
cblr-14239	258	28	of	of	ADP
cblr-14239	258	29	the	the	DET
cblr-14239	258	30	circumstances	circumstance	NOUN
cblr-14239	258	31	under	under	ADP
cblr-14239	258	32	which	which	PRON
cblr-14239	258	33	they	they	PRON
cblr-14239	258	34	were	be	AUX
cblr-14239	258	35	made	make	VERB
cblr-14239	258	36	,	,	PUNCT
cblr-14239	258	37	not	not	PART
cblr-14239	258	38	misleading	misleading	ADJ
cblr-14239	258	39	.	.	PUNCT
cblr-14239	259	1	”70	”70	PUNCT
cblr-14239	259	2	in	in	ADP
cblr-14239	259	3	some	some	DET
cblr-14239	259	4	cases	case	NOUN
cblr-14239	259	5	,	,	PUNCT
cblr-14239	259	6	an	an	DET
cblr-14239	259	7	omission	omission	NOUN
cblr-14239	259	8	made	make	VERB
cblr-14239	259	9	in	in	ADP
cblr-14239	259	10	a	a	DET
cblr-14239	259	11	representation	representation	NOUN
cblr-14239	259	12	for	for	ADP
cblr-14239	259	13	the	the	DET
cblr-14239	259	14	exclusive	exclusive	ADJ
cblr-14239	259	15	use	use	NOUN
cblr-14239	259	16	of	of	ADP
cblr-14239	259	17	investors	investor	NOUN
cblr-14239	259	18	might	might	AUX
cblr-14239	259	19	be	be	AUX
cblr-14239	259	20	less	less	ADV
cblr-14239	259	21	misleading	misleading	ADJ
cblr-14239	259	22	than	than	ADP
cblr-14239	259	23	an	an	DET
cblr-14239	259	24	omission	omission	NOUN
cblr-14239	259	25	made	make	VERB
cblr-14239	259	26	in	in	ADP
cblr-14239	259	27	a	a	DET
cblr-14239	259	28	representation	representation	NOUN
cblr-14239	259	29	publicly	publicly	ADV
cblr-14239	259	30	and	and	CCONJ
cblr-14239	259	31	widely	widely	ADV
cblr-14239	259	32	disseminated	disseminate	VERB
cblr-14239	259	33	.	.	PUNCT
cblr-14239	260	1	operating	operate	VERB
cblr-14239	260	2	under	under	ADP
cblr-14239	260	3	the	the	DET
cblr-14239	260	4	assumption	assumption	NOUN
cblr-14239	260	5	that	that	SCONJ
cblr-14239	260	6	a	a	DET
cblr-14239	260	7	sophisticated	sophisticated	ADJ
cblr-14239	260	8	investor	investor	NOUN
cblr-14239	260	9	would	would	AUX
cblr-14239	260	10	require	require	VERB
cblr-14239	260	11	less	less	ADJ
cblr-14239	260	12	information	information	NOUN
cblr-14239	260	13	to	to	PART
cblr-14239	260	14	make	make	VERB
cblr-14239	260	15	an	an	DET
cblr-14239	260	16	informed	informed	ADJ
cblr-14239	260	17	investment	investment	NOUN
cblr-14239	260	18	decision,71	decision,71	VERB
cblr-14239	260	19	an	an	DET
cblr-14239	260	20	issuer	issuer	NOUN
cblr-14239	260	21	would	would	AUX
cblr-14239	260	22	not	not	PART
cblr-14239	260	23	need	need	VERB
cblr-14239	260	24	to	to	PART
cblr-14239	260	25	be	be	AUX
cblr-14239	260	26	as	as	ADV
cblr-14239	260	27	detailed	detailed	ADJ
cblr-14239	260	28	in	in	ADP
cblr-14239	260	29	its	its	PRON
cblr-14239	260	30	disclosures	disclosure	NOUN
cblr-14239	260	31	when	when	SCONJ
cblr-14239	260	32	exclusively	exclusively	ADV
cblr-14239	260	33	soliciting	solicit	VERB
cblr-14239	260	34	institutional	institutional	ADJ
cblr-14239	260	35	investors	investor	NOUN
cblr-14239	260	36	to	to	PART
cblr-14239	260	37	satisfactorily	satisfactorily	ADV
cblr-14239	260	38	fulfill	fulfill	VERB
cblr-14239	260	39	its	its	PRON
cblr-14239	260	40	obligations	obligation	NOUN
cblr-14239	260	41	under	under	ADP
cblr-14239	260	42	the	the	DET
cblr-14239	260	43	securities	security	NOUN
cblr-14239	260	44	act	act	PROPN
cblr-14239	260	45	.	.	PUNCT
cblr-14239	261	1	the	the	DET
cblr-14239	261	2	examples	example	NOUN
cblr-14239	261	3	listed	list	VERB
cblr-14239	261	4	above	above	ADV
cblr-14239	261	5	,	,	PUNCT
cblr-14239	261	6	selected	select	VERB
cblr-14239	261	7	from	from	ADP
cblr-14239	261	8	a	a	DET
cblr-14239	261	9	survey	survey	NOUN
cblr-14239	261	10	of	of	ADP
cblr-14239	261	11	creditor	creditor	NOUN
cblr-14239	261	12	,	,	PUNCT
cblr-14239	261	13	tort	tort	NOUN
cblr-14239	261	14	,	,	PUNCT
cblr-14239	261	15	contract	contract	NOUN
cblr-14239	261	16	,	,	PUNCT
cblr-14239	261	17	and	and	CCONJ
cblr-14239	261	18	securities	security	NOUN
cblr-14239	261	19	law	law	NOUN
cblr-14239	261	20	,	,	PUNCT
cblr-14239	261	21	demonstrate	demonstrate	VERB
cblr-14239	261	22	that	that	SCONJ
cblr-14239	261	23	there	there	PRON
cblr-14239	261	24	is	be	VERB
cblr-14239	261	25	precedence	precedence	NOUN
cblr-14239	261	26	for	for	ADP
cblr-14239	261	27	judicially	judicially	ADV
cblr-14239	261	28	imposed	impose	VERB
cblr-14239	261	29	sophistication	sophistication	NOUN
cblr-14239	261	30	standards	standard	NOUN
cblr-14239	261	31	.	.	PUNCT
cblr-14239	262	1	beyond	beyond	ADP
cblr-14239	262	2	case	case	NOUN
cblr-14239	262	3	law	law	NOUN
cblr-14239	262	4	,	,	PUNCT
cblr-14239	262	5	both	both	CCONJ
cblr-14239	262	6	the	the	DET
cblr-14239	262	7	administrative	administrative	ADJ
cblr-14239	262	8	history	history	NOUN
cblr-14239	262	9	and	and	CCONJ
cblr-14239	262	10	the	the	DET
cblr-14239	262	11	practices	practice	NOUN
cblr-14239	262	12	of	of	ADP
cblr-14239	262	13	the	the	DET
cblr-14239	262	14	sec	sec	PROPN
cblr-14239	262	15	in	in	ADP
cblr-14239	262	16	exercising	exercise	VERB
cblr-14239	262	17	its	its	PRON
cblr-14239	262	18	rulemaking	rulemaking	NOUN
cblr-14239	262	19	authority	authority	NOUN
cblr-14239	262	20	provide	provide	VERB
cblr-14239	262	21	even	even	ADV
cblr-14239	262	22	stronger	strong	ADJ
cblr-14239	262	23	buttresses	buttress	NOUN
cblr-14239	262	24	for	for	ADP
cblr-14239	262	25	the	the	DET
cblr-14239	262	26	consideration	consideration	NOUN
cblr-14239	262	27	,	,	PUNCT
cblr-14239	262	28	if	if	SCONJ
cblr-14239	262	29	not	not	PART
cblr-14239	262	30	the	the	DET
cblr-14239	262	31	adoption	adoption	NOUN
cblr-14239	262	32	,	,	PUNCT
cblr-14239	262	33	of	of	ADP
cblr-14239	262	34	a	a	DET
cblr-14239	262	35	sophistication	sophistication	NOUN
cblr-14239	262	36	standard	standard	NOUN
cblr-14239	262	37	.	.	PUNCT
cblr-14239	263	1	c.	c.	PROPN
cblr-14239	263	2	investor	investor	NOUN
cblr-14239	263	3	sophistication	sophistication	NOUN
cblr-14239	263	4	in	in	ADP
cblr-14239	263	5	the	the	DET
cblr-14239	263	6	regulatory	regulatory	ADJ
cblr-14239	263	7	regime	regime	NOUN
cblr-14239	263	8	for	for	ADP
cblr-14239	263	9	securities	security	NOUN
cblr-14239	263	10	investor	investor	NOUN
cblr-14239	263	11	sophistication	sophistication	NOUN
cblr-14239	263	12	is	be	AUX
cblr-14239	263	13	already	already	ADV
cblr-14239	263	14	incorporated	incorporate	VERB
cblr-14239	263	15	into	into	ADP
cblr-14239	263	16	the	the	DET
cblr-14239	263	17	sec	sec	PROPN
cblr-14239	263	18	’s	’s	PART
cblr-14239	263	19	rulemaking	rulemake	VERB
cblr-14239	263	20	regime	regime	NOUN
cblr-14239	263	21	,	,	PUNCT
cblr-14239	263	22	evidenced	evidence	VERB
cblr-14239	263	23	by	by	ADP
cblr-14239	263	24	the	the	DET
cblr-14239	263	25	agency	agency	NOUN
cblr-14239	263	26	’s	’s	PART
cblr-14239	263	27	special	special	ADJ
cblr-14239	263	28	provisions	provision	NOUN
cblr-14239	263	29	for	for	ADP
cblr-14239	263	30	accredited	accredit	VERB
cblr-14239	263	31	investors	investor	NOUN
cblr-14239	263	32	and	and	CCONJ
cblr-14239	263	33	qualified	qualified	ADJ
cblr-14239	263	34	institutional	institutional	ADJ
cblr-14239	263	35	investors	investor	NOUN
cblr-14239	263	36	.	.	PUNCT
cblr-14239	264	1	the	the	DET
cblr-14239	264	2	sec	sec	PROPN
cblr-14239	264	3	has	have	AUX
cblr-14239	264	4	used	use	VERB
cblr-14239	264	5	its	its	PRON
cblr-14239	264	6	rulemaking	rulemaking	NOUN
cblr-14239	264	7	authority	authority	NOUN
cblr-14239	264	8	to	to	PART
cblr-14239	264	9	exempt	exempt	VERB
cblr-14239	264	10	sophisticated	sophisticated	ADJ
cblr-14239	264	11	actors	actor	NOUN
cblr-14239	264	12	from	from	ADP
cblr-14239	264	13	regulatory	regulatory	ADJ
cblr-14239	264	14	requirements	requirement	NOUN
cblr-14239	264	15	because	because	SCONJ
cblr-14239	264	16	of	of	ADP
cblr-14239	264	17	their	their	PRON
cblr-14239	264	18	presumable	presumable	ADJ
cblr-14239	264	19	experience	experience	NOUN
cblr-14239	264	20	in	in	ADP
cblr-14239	264	21	the	the	DET
cblr-14239	264	22	securities	security	NOUN
cblr-14239	264	23	market	market	NOUN
cblr-14239	264	24	.	.	PUNCT
cblr-14239	265	1	under	under	ADP
cblr-14239	265	2	regulation	regulation	NOUN
cblr-14239	265	3	d	d	NOUN
cblr-14239	265	4	,	,	PUNCT
cblr-14239	265	5	rule	rule	VERB
cblr-14239	265	6	506	506	NUM
cblr-14239	265	7	exempts	exempt	NOUN
cblr-14239	265	8	from	from	ADP
cblr-14239	265	9	section	section	NOUN
cblr-14239	265	10	5	5	NUM
cblr-14239	265	11	registration	registration	NOUN
cblr-14239	265	12	70	70	NUM
cblr-14239	265	13	15	15	NUM
cblr-14239	265	14	u.s.c	u.s.c	NOUN
cblr-14239	265	15	.	.	PUNCT
cblr-14239	266	1	77l(a)(2	77l(a)(2	X
cblr-14239	266	2	)	)	PUNCT
cblr-14239	266	3	(	(	PUNCT
cblr-14239	266	4	emphasis	emphasis	NOUN
cblr-14239	266	5	added	add	VERB
cblr-14239	266	6	)	)	PUNCT
cblr-14239	266	7	.	.	PUNCT
cblr-14239	267	1	71	71	NUM
cblr-14239	267	2	see	see	NOUN
cblr-14239	267	3	,	,	PUNCT
cblr-14239	267	4	e.g.	e.g.	ADV
cblr-14239	267	5	,	,	PUNCT
cblr-14239	267	6	banca	banca	PROPN
cblr-14239	267	7	cremi	cremi	PROPN
cblr-14239	267	8	,	,	PUNCT
cblr-14239	267	9	132	132	NUM
cblr-14239	267	10	f.3d	f.3d	NUM
cblr-14239	267	11	at	at	ADP
cblr-14239	267	12	1028–29	1028–29	NUM
cblr-14239	267	13	.	.	PUNCT
cblr-14239	268	1	no	no	INTJ
cblr-14239	268	2	.	.	NOUN
cblr-14239	268	3	2	2	NUM
cblr-14239	268	4	]	]	PUNCT
cblr-14239	268	5	with	with	ADP
cblr-14239	268	6	whom	whom	PRON
cblr-14239	268	7	is	be	AUX
cblr-14239	268	8	your	your	PRON
cblr-14239	268	9	issue	issue	NOUN
cblr-14239	268	10	?	?	PUNCT
cblr-14239	269	1	809	809	NUM
cblr-14239	269	2	requirements72	requirements72	NOUN
cblr-14239	269	3	the	the	DET
cblr-14239	269	4	offer	offer	NOUN
cblr-14239	269	5	and	and	CCONJ
cblr-14239	269	6	sale	sale	NOUN
cblr-14239	269	7	of	of	ADP
cblr-14239	269	8	securities	security	NOUN
cblr-14239	269	9	to	to	ADP
cblr-14239	269	10	“	"	PUNCT
cblr-14239	269	11	accredited	accredited	ADJ
cblr-14239	269	12	investors	investor	NOUN
cblr-14239	269	13	.	.	PUNCT
cblr-14239	270	1	”73	”73	PROPN
cblr-14239	271	1	the	the	DET
cblr-14239	271	2	accredited	accredit	VERB
cblr-14239	271	3	investors	investor	NOUN
cblr-14239	271	4	to	to	PART
cblr-14239	271	5	whom	whom	PRON
cblr-14239	271	6	rule	rule	VERB
cblr-14239	271	7	506	506	NUM
cblr-14239	271	8	refers	refer	NOUN
cblr-14239	271	9	can	can	AUX
cblr-14239	271	10	be	be	AUX
cblr-14239	271	11	used	use	VERB
cblr-14239	271	12	as	as	ADP
cblr-14239	271	13	a	a	DET
cblr-14239	271	14	proxy	proxy	NOUN
cblr-14239	271	15	for	for	ADP
cblr-14239	271	16	sophisticated	sophisticated	ADJ
cblr-14239	271	17	investors	investor	NOUN
cblr-14239	271	18	who	who	PRON
cblr-14239	271	19	have	have	VERB
cblr-14239	271	20	the	the	DET
cblr-14239	271	21	financial	financial	ADJ
cblr-14239	271	22	knowledge	knowledge	NOUN
cblr-14239	271	23	and	and	CCONJ
cblr-14239	271	24	experience	experience	NOUN
cblr-14239	271	25	to	to	PART
cblr-14239	271	26	evaluate	evaluate	VERB
cblr-14239	271	27	investments	investment	NOUN
cblr-14239	271	28	without	without	ADP
cblr-14239	271	29	extensive	extensive	ADJ
cblr-14239	271	30	regulatory	regulatory	ADJ
cblr-14239	271	31	intervention.74	intervention.74	NOUN
cblr-14239	271	32	rule	rule	NOUN
cblr-14239	271	33	144a	144a	PROPN
cblr-14239	271	34	similarly	similarly	ADV
cblr-14239	271	35	exempts	exempt	VERB
cblr-14239	271	36	the	the	DET
cblr-14239	271	37	resale	resale	NOUN
cblr-14239	271	38	of	of	ADP
cblr-14239	271	39	privately	privately	ADV
cblr-14239	271	40	placed	place	VERB
cblr-14239	271	41	securities	security	NOUN
cblr-14239	271	42	to	to	ADP
cblr-14239	271	43	“	"	PUNCT
cblr-14239	271	44	qualified	qualified	ADJ
cblr-14239	271	45	institutional	institutional	ADJ
cblr-14239	271	46	investors	investor	NOUN
cblr-14239	271	47	”	"	PUNCT
cblr-14239	271	48	from	from	ADP
cblr-14239	271	49	section	section	NOUN
cblr-14239	271	50	5	5	NUM
cblr-14239	271	51	registration	registration	NOUN
cblr-14239	271	52	requirements.75	requirements.75	ADJ
cblr-14239	271	53	qualified	qualified	ADJ
cblr-14239	271	54	institutional	institutional	ADJ
cblr-14239	271	55	investors	investor	NOUN
cblr-14239	271	56	,	,	PUNCT
cblr-14239	271	57	as	as	SCONJ
cblr-14239	271	58	defined	define	VERB
cblr-14239	271	59	by	by	ADP
cblr-14239	271	60	rule	rule	NOUN
cblr-14239	271	61	144a	144a	PROPN
cblr-14239	271	62	,	,	PUNCT
cblr-14239	271	63	include	include	VERB
cblr-14239	271	64	investors	investor	NOUN
cblr-14239	271	65	who	who	PRON
cblr-14239	271	66	“	"	PUNCT
cblr-14239	271	67	in	in	ADP
cblr-14239	271	68	the	the	DET
cblr-14239	271	69	aggregate	aggregate	ADJ
cblr-14239	271	70	own	own	ADJ
cblr-14239	271	71	[	[	X
cblr-14239	271	72	]	]	X
cblr-14239	271	73	and	and	CCONJ
cblr-14239	271	74	invest	invest	VERB
cblr-14239	271	75	[	[	X
cblr-14239	271	76	]	]	X
cblr-14239	271	77	on	on	ADP
cblr-14239	271	78	a	a	DET
cblr-14239	271	79	discretionary	discretionary	ADJ
cblr-14239	271	80	basis	basis	NOUN
cblr-14239	271	81	at	at	ADP
cblr-14239	271	82	least	least	ADV
cblr-14239	271	83	$	$	SYM
cblr-14239	271	84	100	100	NUM
cblr-14239	271	85	million	million	NUM
cblr-14239	271	86	in	in	ADP
cblr-14239	271	87	securities	security	NOUN
cblr-14239	271	88	of	of	ADP
cblr-14239	271	89	issuers	issuer	NOUN
cblr-14239	271	90	that	that	PRON
cblr-14239	271	91	are	be	AUX
cblr-14239	271	92	not	not	PART
cblr-14239	271	93	affiliated	affiliate	VERB
cblr-14239	271	94	with	with	ADP
cblr-14239	271	95	the	the	DET
cblr-14239	271	96	entity	entity	NOUN
cblr-14239	271	97	.	.	PUNCT
cblr-14239	272	1	”76	”76	PROPN
cblr-14239	272	2	when	when	SCONJ
cblr-14239	272	3	the	the	DET
cblr-14239	272	4	sec	sec	PROPN
cblr-14239	272	5	first	first	ADV
cblr-14239	272	6	proposed	propose	VERB
cblr-14239	272	7	rule	rule	NOUN
cblr-14239	272	8	144a	144a	PROPN
cblr-14239	272	9	in	in	ADP
cblr-14239	272	10	1988	1988	NUM
cblr-14239	272	11	,	,	PUNCT
cblr-14239	272	12	the	the	DET
cblr-14239	272	13	commission	commission	NOUN
cblr-14239	272	14	announced	announce	VERB
cblr-14239	272	15	that	that	SCONJ
cblr-14239	272	16	it	it	PRON
cblr-14239	272	17	sought	seek	VERB
cblr-14239	272	18	to	to	PART
cblr-14239	272	19	“	"	PUNCT
cblr-14239	272	20	identify	identify	VERB
cblr-14239	272	21	a	a	DET
cblr-14239	272	22	class	class	NOUN
cblr-14239	272	23	of	of	ADP
cblr-14239	272	24	investors	investor	NOUN
cblr-14239	272	25	that	that	PRON
cblr-14239	272	26	can	can	AUX
cblr-14239	272	27	be	be	AUX
cblr-14239	272	28	conclusively	conclusively	ADV
cblr-14239	272	29	assumed	assume	VERB
cblr-14239	272	30	to	to	PART
cblr-14239	272	31	be	be	AUX
cblr-14239	272	32	sophisticated	sophisticated	ADJ
cblr-14239	272	33	and	and	CCONJ
cblr-14239	272	34	in	in	ADP
cblr-14239	272	35	little	little	ADJ
cblr-14239	272	36	need	need	NOUN
cblr-14239	272	37	of	of	ADP
cblr-14239	272	38	protection	protection	NOUN
cblr-14239	272	39	afforded	afford	VERB
cblr-14239	272	40	by	by	ADP
cblr-14239	272	41	the	the	DET
cblr-14239	272	42	securities	securities	PROPN
cblr-14239	272	43	act	act	PROPN
cblr-14239	272	44	’s	’s	PART
cblr-14239	272	45	registration	registration	NOUN
cblr-14239	272	46	provisions	provision	NOUN
cblr-14239	272	47	.	.	PUNCT
cblr-14239	273	1	”77	”77	NOUN
cblr-14239	273	2	using	use	VERB
cblr-14239	273	3	its	its	PRON
cblr-14239	273	4	regulatory	regulatory	ADJ
cblr-14239	273	5	authority	authority	NOUN
cblr-14239	273	6	,	,	PUNCT
cblr-14239	273	7	the	the	DET
cblr-14239	273	8	commission	commission	NOUN
cblr-14239	273	9	expressly	expressly	ADV
cblr-14239	273	10	intended	intend	VERB
cblr-14239	273	11	to	to	PART
cblr-14239	273	12	treat	treat	VERB
cblr-14239	273	13	sophisticated	sophisticated	ADJ
cblr-14239	273	14	investors	investor	NOUN
cblr-14239	273	15	as	as	ADP
cblr-14239	273	16	a	a	DET
cblr-14239	273	17	class	class	NOUN
cblr-14239	273	18	and	and	CCONJ
cblr-14239	273	19	dispense	dispense	VERB
cblr-14239	273	20	with	with	ADP
cblr-14239	273	21	the	the	DET
cblr-14239	273	22	investor	investor	NOUN
cblr-14239	273	23	protection	protection	NOUN
cblr-14239	273	24	offered	offer	VERB
cblr-14239	273	25	by	by	ADP
cblr-14239	273	26	section	section	NOUN
cblr-14239	273	27	5	5	NUM
cblr-14239	273	28	to	to	ADP
cblr-14239	273	29	that	that	DET
cblr-14239	273	30	class	class	NOUN
cblr-14239	273	31	of	of	ADP
cblr-14239	273	32	investors	investor	NOUN
cblr-14239	273	33	.	.	PUNCT
cblr-14239	274	1	prior	prior	ADV
cblr-14239	274	2	to	to	ADP
cblr-14239	274	3	the	the	DET
cblr-14239	274	4	adoption	adoption	NOUN
cblr-14239	274	5	of	of	ADP
cblr-14239	274	6	rules	rule	NOUN
cblr-14239	274	7	506	506	NUM
cblr-14239	274	8	and	and	CCONJ
cblr-14239	274	9	144a	144a	NUM
cblr-14239	274	10	,	,	PUNCT
cblr-14239	274	11	the	the	DET
cblr-14239	274	12	supreme	supreme	PROPN
cblr-14239	274	13	court	court	PROPN
cblr-14239	274	14	provided	provide	VERB
cblr-14239	274	15	a	a	DET
cblr-14239	274	16	similar	similar	ADJ
cblr-14239	274	17	rationale	rationale	NOUN
cblr-14239	274	18	when	when	SCONJ
cblr-14239	274	19	it	it	PRON
cblr-14239	274	20	held	hold	VERB
cblr-14239	274	21	that	that	SCONJ
cblr-14239	274	22	72	72	NUM
cblr-14239	274	23	section	section	NOUN
cblr-14239	274	24	5	5	NUM
cblr-14239	274	25	of	of	ADP
cblr-14239	274	26	the	the	DET
cblr-14239	274	27	securities	security	NOUN
cblr-14239	274	28	act	act	NOUN
cblr-14239	274	29	of	of	ADP
cblr-14239	274	30	1933	1933	NUM
cblr-14239	274	31	requires	require	VERB
cblr-14239	274	32	issuers	issuer	NOUN
cblr-14239	274	33	of	of	ADP
cblr-14239	274	34	securities	security	NOUN
cblr-14239	274	35	to	to	PART
cblr-14239	274	36	file	file	VERB
cblr-14239	274	37	a	a	DET
cblr-14239	274	38	registration	registration	NOUN
cblr-14239	274	39	statement	statement	NOUN
cblr-14239	274	40	prior	prior	ADV
cblr-14239	274	41	to	to	ADP
cblr-14239	274	42	the	the	DET
cblr-14239	274	43	offer	offer	NOUN
cblr-14239	274	44	of	of	ADP
cblr-14239	274	45	a	a	DET
cblr-14239	274	46	security	security	NOUN
cblr-14239	274	47	and	and	CCONJ
cblr-14239	274	48	prohibits	prohibit	VERB
cblr-14239	274	49	the	the	DET
cblr-14239	274	50	sale	sale	NOUN
cblr-14239	274	51	of	of	ADP
cblr-14239	274	52	a	a	DET
cblr-14239	274	53	security	security	NOUN
cblr-14239	274	54	unless	unless	SCONJ
cblr-14239	274	55	a	a	DET
cblr-14239	274	56	registration	registration	NOUN
cblr-14239	274	57	statement	statement	NOUN
cblr-14239	274	58	is	be	AUX
cblr-14239	274	59	effective	effective	ADJ
cblr-14239	274	60	.	.	PUNCT
cblr-14239	275	1	see	see	VERB
cblr-14239	275	2	15	15	NUM
cblr-14239	275	3	u.s.c	u.s.c	ADJ
cblr-14239	275	4	.	.	PUNCT
cblr-14239	276	1	§	§	PROPN
cblr-14239	276	2	77e(a	77e(a	NUM
cblr-14239	276	3	)	)	PUNCT
cblr-14239	276	4	,	,	PUNCT
cblr-14239	276	5	(	(	PUNCT
cblr-14239	276	6	c	c	NOUN
cblr-14239	276	7	)	)	PUNCT
cblr-14239	276	8	.	.	PUNCT
cblr-14239	277	1	73	73	NUM
cblr-14239	277	2	17	17	NUM
cblr-14239	277	3	c.f.r	c.f.r	NOUN
cblr-14239	277	4	.	.	PUNCT
cblr-14239	278	1	§	§	PROPN
cblr-14239	278	2	230.506	230.506	NUM
cblr-14239	278	3	.	.	PUNCT
cblr-14239	279	1	the	the	DET
cblr-14239	279	2	term	term	NOUN
cblr-14239	279	3	“	"	PUNCT
cblr-14239	279	4	accredited	accredited	ADJ
cblr-14239	279	5	investors	investor	NOUN
cblr-14239	279	6	”	"	PUNCT
cblr-14239	279	7	is	be	AUX
cblr-14239	279	8	defined	define	VERB
cblr-14239	279	9	by	by	ADP
cblr-14239	279	10	rule	rule	NOUN
cblr-14239	279	11	501	501	NUM
cblr-14239	279	12	under	under	ADP
cblr-14239	279	13	regulation	regulation	NOUN
cblr-14239	279	14	d	d	NOUN
cblr-14239	279	15	to	to	PART
cblr-14239	279	16	include	include	VERB
cblr-14239	279	17	banks	bank	NOUN
cblr-14239	279	18	,	,	PUNCT
cblr-14239	279	19	broker	broker	NOUN
cblr-14239	279	20	-	-	PUNCT
cblr-14239	279	21	dealers	dealer	NOUN
cblr-14239	279	22	,	,	PUNCT
cblr-14239	279	23	insurance	insurance	NOUN
cblr-14239	279	24	companies	company	NOUN
cblr-14239	279	25	,	,	PUNCT
cblr-14239	279	26	directors	director	NOUN
cblr-14239	279	27	and	and	CCONJ
cblr-14239	279	28	executives	executive	NOUN
cblr-14239	279	29	of	of	ADP
cblr-14239	279	30	issuers	issuer	NOUN
cblr-14239	279	31	,	,	PUNCT
cblr-14239	279	32	and	and	CCONJ
cblr-14239	279	33	high	high	ADJ
cblr-14239	279	34	-	-	PUNCT
cblr-14239	279	35	net	net	NOUN
cblr-14239	279	36	-	-	PUNCT
cblr-14239	279	37	worth	worth	NOUN
cblr-14239	279	38	individuals	individual	NOUN
cblr-14239	279	39	.	.	PUNCT
cblr-14239	280	1	see	see	VERB
cblr-14239	280	2	17	17	NUM
cblr-14239	280	3	c.f.r	c.f.r	NOUN
cblr-14239	280	4	.	.	PUNCT
cblr-14239	281	1	§	§	PROPN
cblr-14239	281	2	230.501(a	230.501(a	NUM
cblr-14239	281	3	)	)	PUNCT
cblr-14239	281	4	.	.	PUNCT
cblr-14239	282	1	74	74	NUM
cblr-14239	282	2	regulation	regulation	NOUN
cblr-14239	282	3	d	d	NOUN
cblr-14239	282	4	revisions	revision	NOUN
cblr-14239	282	5	;	;	PUNCT
cblr-14239	282	6	exemption	exemption	NOUN
cblr-14239	282	7	for	for	ADP
cblr-14239	282	8	certain	certain	ADJ
cblr-14239	282	9	employee	employee	NOUN
cblr-14239	282	10	benefit	benefit	NOUN
cblr-14239	282	11	plans	plan	NOUN
cblr-14239	282	12	,	,	PUNCT
cblr-14239	282	13	securities	security	NOUN
cblr-14239	282	14	act	act	NOUN
cblr-14239	282	15	release	release	VERB
cblr-14239	282	16	no	no	DET
cblr-14239	282	17	.	.	NOUN
cblr-14239	282	18	6683	6683	NUM
cblr-14239	282	19	,	,	PUNCT
cblr-14239	282	20	52	52	NUM
cblr-14239	282	21	fed	feed	VERB
cblr-14239	282	22	.	.	PUNCT
cblr-14239	283	1	reg	reg	PROPN
cblr-14239	283	2	.	.	PUNCT
cblr-14239	283	3	3015	3015	NUM
cblr-14239	283	4	,	,	PUNCT
cblr-14239	283	5	3017	3017	NUM
cblr-14239	283	6	(	(	PUNCT
cblr-14239	283	7	proposed	propose	VERB
cblr-14239	283	8	jan	jan	PROPN
cblr-14239	283	9	.	.	PROPN
cblr-14239	283	10	16	16	NUM
cblr-14239	283	11	,	,	PUNCT
cblr-14239	283	12	1987	1987	NUM
cblr-14239	283	13	)	)	PUNCT
cblr-14239	284	1	(	(	PUNCT
cblr-14239	284	2	to	to	PART
cblr-14239	284	3	be	be	AUX
cblr-14239	284	4	codified	codify	VERB
cblr-14239	284	5	17	17	NUM
cblr-14239	284	6	c.f.r	c.f.r	NOUN
cblr-14239	284	7	.	.	PUNCT
cblr-14239	285	1	pt	pt	PROPN
cblr-14239	285	2	.	.	PROPN
cblr-14239	285	3	230	230	NUM
cblr-14239	285	4	)	)	PUNCT
cblr-14239	285	5	(	(	PUNCT
cblr-14239	285	6	“	"	PUNCT
cblr-14239	285	7	this	this	DET
cblr-14239	285	8	concept	concept	NOUN
cblr-14239	285	9	[	[	X
cblr-14239	285	10	accredited	accredited	ADJ
cblr-14239	285	11	investors	investor	NOUN
cblr-14239	285	12	]	]	PUNCT
cblr-14239	285	13	is	be	AUX
cblr-14239	285	14	intended	intend	VERB
cblr-14239	285	15	to	to	PART
cblr-14239	285	16	encompass	encompass	VERB
cblr-14239	285	17	those	those	DET
cblr-14239	285	18	persons	person	NOUN
cblr-14239	285	19	whose	whose	DET
cblr-14239	285	20	financial	financial	ADJ
cblr-14239	285	21	sophistication	sophistication	NOUN
cblr-14239	285	22	and	and	CCONJ
cblr-14239	285	23	ability	ability	NOUN
cblr-14239	285	24	to	to	PART
cblr-14239	285	25	sustain	sustain	VERB
cblr-14239	285	26	the	the	DET
cblr-14239	285	27	risk	risk	NOUN
cblr-14239	285	28	of	of	ADP
cblr-14239	285	29	loss	loss	NOUN
cblr-14239	285	30	of	of	ADP
cblr-14239	285	31	investment	investment	NOUN
cblr-14239	285	32	or	or	CCONJ
cblr-14239	285	33	ability	ability	NOUN
cblr-14239	285	34	to	to	PART
cblr-14239	285	35	fend	fend	VERB
cblr-14239	285	36	for	for	ADP
cblr-14239	285	37	themselves	themselves	PRON
cblr-14239	285	38	render	render	VERB
cblr-14239	285	39	the	the	DET
cblr-14239	285	40	protections	protection	NOUN
cblr-14239	285	41	of	of	ADP
cblr-14239	285	42	the	the	DET
cblr-14239	285	43	securities	security	NOUN
cblr-14239	285	44	act	act	PROPN
cblr-14239	285	45	's	's	PART
cblr-14239	285	46	registration	registration	NOUN
cblr-14239	285	47	process	process	NOUN
cblr-14239	285	48	unnecessary	unnecessary	ADJ
cblr-14239	285	49	.	.	PUNCT
cblr-14239	285	50	”	"	PUNCT
cblr-14239	286	1	)	)	PUNCT
cblr-14239	286	2	75	75	NUM
cblr-14239	286	3	17	17	NUM
cblr-14239	286	4	c.f.r	c.f.r	NOUN
cblr-14239	286	5	.	.	PUNCT
cblr-14239	287	1	§	§	PROPN
cblr-14239	287	2	230.144a	230.144a	NUM
cblr-14239	287	3	.	.	PUNCT
cblr-14239	288	1	76	76	NUM
cblr-14239	288	2	17	17	NUM
cblr-14239	288	3	c.f.r	c.f.r	NOUN
cblr-14239	288	4	.	.	PUNCT
cblr-14239	289	1	§	§	PROPN
cblr-14239	289	2	230.144a(a)(1	230.144a(a)(1	NUM
cblr-14239	289	3	)	)	PUNCT
cblr-14239	289	4	.	.	PUNCT
cblr-14239	290	1	77	77	NUM
cblr-14239	290	2	resale	resale	NOUN
cblr-14239	290	3	of	of	ADP
cblr-14239	290	4	restricted	restricted	ADJ
cblr-14239	290	5	securities	security	NOUN
cblr-14239	290	6	;	;	PUNCT
cblr-14239	290	7	changes	change	NOUN
cblr-14239	290	8	to	to	ADP
cblr-14239	290	9	method	method	NOUN
cblr-14239	290	10	of	of	ADP
cblr-14239	290	11	determining	determine	VERB
cblr-14239	290	12	holding	hold	VERB
cblr-14239	290	13	period	period	NOUN
cblr-14239	290	14	of	of	ADP
cblr-14239	290	15	restricted	restricted	ADJ
cblr-14239	290	16	securities	security	NOUN
cblr-14239	290	17	under	under	ADP
cblr-14239	290	18	rules	rule	NOUN
cblr-14239	290	19	144	144	NUM
cblr-14239	290	20	and	and	CCONJ
cblr-14239	290	21	145	145	NUM
cblr-14239	290	22	,	,	PUNCT
cblr-14239	290	23	securities	security	NOUN
cblr-14239	290	24	act	act	NOUN
cblr-14239	290	25	release	release	VERB
cblr-14239	290	26	no	no	NOUN
cblr-14239	290	27	.	.	NOUN
cblr-14239	290	28	33	33	NUM
cblr-14239	290	29	-	-	SYM
cblr-14239	290	30	6806	6806	NUM
cblr-14239	290	31	,	,	PUNCT
cblr-14239	290	32	53	53	NUM
cblr-14239	290	33	fed	feed	VERB
cblr-14239	290	34	.	.	PUNCT
cblr-14239	291	1	reg	reg	PROPN
cblr-14239	291	2	.	.	PUNCT
cblr-14239	292	1	44016	44016	NUM
cblr-14239	292	2	-	-	SYM
cblr-14239	292	3	01	01	NUM
cblr-14239	292	4	,	,	PUNCT
cblr-14239	292	5	44028	44028	NUM
cblr-14239	292	6	(	(	PUNCT
cblr-14239	292	7	proposed	propose	VERB
cblr-14239	292	8	nov	nov	PROPN
cblr-14239	292	9	.	.	PROPN
cblr-14239	292	10	1	1	NUM
cblr-14239	292	11	,	,	PUNCT
cblr-14239	292	12	1988	1988	NUM
cblr-14239	292	13	)	)	PUNCT
cblr-14239	292	14	(	(	PUNCT
cblr-14239	292	15	to	to	PART
cblr-14239	292	16	be	be	AUX
cblr-14239	292	17	codified	codify	VERB
cblr-14239	292	18	at	at	ADP
cblr-14239	292	19	17	17	NUM
cblr-14239	292	20	c.f.r	c.f.r	NOUN
cblr-14239	292	21	.	.	PUNCT
cblr-14239	293	1	pt	pt	PROPN
cblr-14239	293	2	.	.	PROPN
cblr-14239	293	3	230	230	NUM
cblr-14239	293	4	)	)	PUNCT
cblr-14239	293	5	.	.	PUNCT
cblr-14239	294	1	810	810	NUM
cblr-14239	294	2	columbia	columbia	PROPN
cblr-14239	294	3	business	business	NOUN
cblr-14239	294	4	law	law	PROPN
cblr-14239	294	5	review	review	NOUN
cblr-14239	294	6	[	[	X
cblr-14239	294	7	vol	vol	NOUN
cblr-14239	294	8	.	.	NOUN
cblr-14239	294	9	2024	2024	NUM
cblr-14239	294	10	exemptions	exemption	NOUN
cblr-14239	294	11	from	from	ADP
cblr-14239	294	12	the	the	DET
cblr-14239	294	13	securities	security	NOUN
cblr-14239	294	14	act	act	PROPN
cblr-14239	294	15	’s	’s	PART
cblr-14239	294	16	registration	registration	NOUN
cblr-14239	294	17	requirements	requirement	NOUN
cblr-14239	294	18	“	"	PUNCT
cblr-14239	294	19	should	should	AUX
cblr-14239	294	20	turn	turn	VERB
cblr-14239	294	21	on	on	ADP
cblr-14239	294	22	whether	whether	SCONJ
cblr-14239	294	23	the	the	DET
cblr-14239	294	24	particular	particular	ADJ
cblr-14239	294	25	class	class	NOUN
cblr-14239	294	26	of	of	ADP
cblr-14239	294	27	persons	person	NOUN
cblr-14239	294	28	affected	affect	VERB
cblr-14239	294	29	need	need	VERB
cblr-14239	294	30	the	the	DET
cblr-14239	294	31	protection	protection	NOUN
cblr-14239	294	32	of	of	ADP
cblr-14239	294	33	the	the	DET
cblr-14239	294	34	[	[	X
cblr-14239	294	35	1933	1933	NUM
cblr-14239	294	36	]	]	PUNCT
cblr-14239	294	37	act	act	NOUN
cblr-14239	294	38	.	.	PUNCT
cblr-14239	295	1	”78	”78	ADJ
cblr-14239	295	2	investor	investor	NOUN
cblr-14239	295	3	sophistication	sophistication	NOUN
cblr-14239	295	4	as	as	SCONJ
cblr-14239	295	5	adopted	adopt	VERB
cblr-14239	295	6	by	by	ADP
cblr-14239	295	7	rules	rule	NOUN
cblr-14239	295	8	506	506	NUM
cblr-14239	295	9	and	and	CCONJ
cblr-14239	295	10	144a	144a	PROPN
cblr-14239	295	11	offers	offer	VERB
cblr-14239	295	12	a	a	DET
cblr-14239	295	13	useful	useful	ADJ
cblr-14239	295	14	metric	metric	NOUN
cblr-14239	295	15	for	for	ADP
cblr-14239	295	16	determining	determine	VERB
cblr-14239	295	17	when	when	SCONJ
cblr-14239	295	18	a	a	DET
cblr-14239	295	19	class	class	NOUN
cblr-14239	295	20	needs	need	VERB
cblr-14239	295	21	the	the	DET
cblr-14239	295	22	protection	protection	NOUN
cblr-14239	295	23	of	of	ADP
cblr-14239	295	24	the	the	DET
cblr-14239	295	25	securities	security	NOUN
cblr-14239	295	26	act	act	PROPN
cblr-14239	295	27	.	.	PUNCT
cblr-14239	296	1	wealth	wealth	NOUN
cblr-14239	296	2	,	,	PUNCT
cblr-14239	296	3	though	though	ADV
cblr-14239	296	4	,	,	PUNCT
cblr-14239	296	5	is	be	AUX
cblr-14239	296	6	not	not	PART
cblr-14239	296	7	the	the	DET
cblr-14239	296	8	only	only	ADJ
cblr-14239	296	9	proxy	proxy	NOUN
cblr-14239	296	10	for	for	ADP
cblr-14239	296	11	investor	investor	NOUN
cblr-14239	296	12	sophistication	sophistication	NOUN
cblr-14239	296	13	that	that	PRON
cblr-14239	296	14	the	the	DET
cblr-14239	296	15	sec	sec	PROPN
cblr-14239	296	16	has	have	AUX
cblr-14239	296	17	adopted	adopt	VERB
cblr-14239	296	18	.	.	PUNCT
cblr-14239	297	1	in	in	ADP
cblr-14239	297	2	response	response	NOUN
cblr-14239	297	3	to	to	ADP
cblr-14239	297	4	losses	loss	NOUN
cblr-14239	297	5	suffered	suffer	VERB
cblr-14239	297	6	by	by	ADP
cblr-14239	297	7	large	large	ADJ
cblr-14239	297	8	institutional	institutional	ADJ
cblr-14239	297	9	investors	investor	NOUN
cblr-14239	297	10	from	from	ADP
cblr-14239	297	11	1990s	1990	NOUN
cblr-14239	297	12	derivatives	derivative	NOUN
cblr-14239	297	13	investing	invest	VERB
cblr-14239	297	14	and	and	CCONJ
cblr-14239	297	15	from	from	ADP
cblr-14239	297	16	investments	investment	NOUN
cblr-14239	297	17	in	in	ADP
cblr-14239	297	18	collateralized	collateralized	ADJ
cblr-14239	297	19	debt	debt	NOUN
cblr-14239	297	20	obligations	obligation	NOUN
cblr-14239	297	21	backed	back	VERB
cblr-14239	297	22	by	by	ADP
cblr-14239	297	23	subprime	subprime	ADJ
cblr-14239	297	24	mortgages	mortgage	NOUN
cblr-14239	297	25	that	that	PRON
cblr-14239	297	26	defaulted	default	VERB
cblr-14239	297	27	in	in	ADP
cblr-14239	297	28	2008	2008	NUM
cblr-14239	297	29	,	,	PUNCT
cblr-14239	297	30	criticisms	criticism	VERB
cblr-14239	297	31	about	about	ADP
cblr-14239	297	32	the	the	DET
cblr-14239	297	33	insufficiency	insufficiency	NOUN
cblr-14239	297	34	of	of	ADP
cblr-14239	297	35	wealth	wealth	NOUN
cblr-14239	297	36	alone	alone	ADV
cblr-14239	297	37	as	as	ADP
cblr-14239	297	38	a	a	DET
cblr-14239	297	39	metric	metric	NOUN
cblr-14239	297	40	for	for	ADP
cblr-14239	297	41	sophistication	sophistication	NOUN
cblr-14239	297	42	have	have	AUX
cblr-14239	297	43	been	be	AUX
cblr-14239	297	44	raised.79	raised.79	VERB
cblr-14239	297	45	the	the	DET
cblr-14239	297	46	sec	sec	PROPN
cblr-14239	297	47	has	have	AUX
cblr-14239	297	48	addressed	address	VERB
cblr-14239	297	49	these	these	DET
cblr-14239	297	50	criticisms	criticism	NOUN
cblr-14239	297	51	in	in	ADP
cblr-14239	297	52	amending	amend	VERB
cblr-14239	297	53	the	the	DET
cblr-14239	297	54	“	"	PUNCT
cblr-14239	297	55	accredited	accredited	ADJ
cblr-14239	297	56	investor	investor	NOUN
cblr-14239	297	57	”	"	PUNCT
cblr-14239	297	58	definition	definition	NOUN
cblr-14239	297	59	that	that	PRON
cblr-14239	297	60	governs	govern	VERB
cblr-14239	297	61	regulation	regulation	NOUN
cblr-14239	297	62	d	d	NOUN
cblr-14239	297	63	and	and	CCONJ
cblr-14239	297	64	rule	rule	VERB
cblr-14239	297	65	506	506	NUM
cblr-14239	297	66	.	.	PUNCT
cblr-14239	298	1	in	in	ADP
cblr-14239	298	2	its	its	PRON
cblr-14239	298	3	release	release	NOUN
cblr-14239	298	4	related	relate	VERB
cblr-14239	298	5	to	to	ADP
cblr-14239	298	6	the	the	DET
cblr-14239	298	7	2020	2020	NUM
cblr-14239	298	8	amended	amend	VERB
cblr-14239	298	9	definition	definition	NOUN
cblr-14239	298	10	of	of	ADP
cblr-14239	298	11	“	"	PUNCT
cblr-14239	298	12	accredited	accredited	ADJ
cblr-14239	298	13	investor	investor	NOUN
cblr-14239	298	14	,	,	PUNCT
cblr-14239	298	15	”	"	PUNCT
cblr-14239	298	16	the	the	DET
cblr-14239	298	17	commission	commission	NOUN
cblr-14239	298	18	notes	note	VERB
cblr-14239	298	19	that	that	SCONJ
cblr-14239	298	20	membership	membership	NOUN
cblr-14239	298	21	in	in	ADP
cblr-14239	298	22	a	a	DET
cblr-14239	298	23	class	class	NOUN
cblr-14239	298	24	of	of	ADP
cblr-14239	298	25	sophisticated	sophisticated	ADJ
cblr-14239	298	26	investors	investor	NOUN
cblr-14239	298	27	can	can	AUX
cblr-14239	298	28	be	be	AUX
cblr-14239	298	29	demonstrated	demonstrate	VERB
cblr-14239	298	30	in	in	ADP
cblr-14239	298	31	a	a	DET
cblr-14239	298	32	number	number	NOUN
cblr-14239	298	33	of	of	ADP
cblr-14239	298	34	ways	way	NOUN
cblr-14239	298	35	,	,	PUNCT
cblr-14239	298	36	including	include	VERB
cblr-14239	298	37	by	by	ADP
cblr-14239	298	38	one	one	NUM
cblr-14239	298	39	’s	’s	PART
cblr-14239	298	40	ability	ability	NOUN
cblr-14239	298	41	to	to	PART
cblr-14239	298	42	assess	assess	VERB
cblr-14239	298	43	risks	risk	NOUN
cblr-14239	298	44	;	;	PUNCT
cblr-14239	298	45	to	to	PART
cblr-14239	298	46	hedge	hedge	VERB
cblr-14239	298	47	,	,	PUNCT
cblr-14239	298	48	diversify	diversify	VERB
cblr-14239	298	49	,	,	PUNCT
cblr-14239	298	50	or	or	CCONJ
cblr-14239	298	51	otherwise	otherwise	ADV
cblr-14239	298	52	allocate	allocate	VERB
cblr-14239	298	53	such	such	ADJ
cblr-14239	298	54	risks	risk	NOUN
cblr-14239	298	55	;	;	PUNCT
cblr-14239	298	56	and	and	CCONJ
cblr-14239	298	57	to	to	PART
cblr-14239	298	58	acquire	acquire	VERB
cblr-14239	298	59	information	information	NOUN
cblr-14239	298	60	that	that	PRON
cblr-14239	298	61	would	would	AUX
cblr-14239	298	62	inform	inform	VERB
cblr-14239	298	63	an	an	DET
cblr-14239	298	64	investment	investment	NOUN
cblr-14239	298	65	decision.80	decision.80	NOUN
cblr-14239	298	66	in	in	ADP
cblr-14239	298	67	short	short	ADJ
cblr-14239	298	68	,	,	PUNCT
cblr-14239	298	69	the	the	DET
cblr-14239	298	70	sec	sec	PROPN
cblr-14239	298	71	has	have	AUX
cblr-14239	298	72	identified	identify	VERB
cblr-14239	298	73	a	a	DET
cblr-14239	298	74	class	class	NOUN
cblr-14239	298	75	of	of	ADP
cblr-14239	298	76	investors	investor	NOUN
cblr-14239	298	77	who	who	PRON
cblr-14239	298	78	are	be	AUX
cblr-14239	298	79	sufficiently	sufficiently	ADV
cblr-14239	298	80	able	able	ADJ
cblr-14239	298	81	to	to	PART
cblr-14239	298	82	assess	assess	VERB
cblr-14239	298	83	an	an	DET
cblr-14239	298	84	investment	investment	NOUN
cblr-14239	298	85	opportunity	opportunity	NOUN
cblr-14239	298	86	such	such	ADJ
cblr-14239	298	87	that	that	DET
cblr-14239	298	88	private	private	ADJ
cblr-14239	298	89	sale	sale	NOUN
cblr-14239	298	90	to	to	ADP
cblr-14239	298	91	them	they	PRON
cblr-14239	298	92	exempts	exempt	VERB
cblr-14239	298	93	issuers	issuer	NOUN
cblr-14239	298	94	from	from	ADP
cblr-14239	298	95	section	section	NOUN
cblr-14239	298	96	5	5	NUM
cblr-14239	298	97	registration	registration	NOUN
cblr-14239	298	98	requirements	requirement	NOUN
cblr-14239	298	99	.	.	PUNCT
cblr-14239	299	1	78	78	NUM
cblr-14239	299	2	sec	sec	PROPN
cblr-14239	299	3	v.	v.	PROPN
cblr-14239	299	4	ralston	ralston	PROPN
cblr-14239	299	5	purina	purina	PROPN
cblr-14239	299	6	co.	co.	PROPN
cblr-14239	299	7	,	,	PUNCT
cblr-14239	299	8	346	346	NUM
cblr-14239	299	9	u.s	u.s	PROPN
cblr-14239	299	10	.	.	PROPN
cblr-14239	299	11	119	119	NUM
cblr-14239	299	12	,	,	PUNCT
cblr-14239	299	13	125	125	NUM
cblr-14239	299	14	(	(	PUNCT
cblr-14239	299	15	1953	1953	NUM
cblr-14239	299	16	)	)	PUNCT
cblr-14239	299	17	(	(	PUNCT
cblr-14239	299	18	explaining	explain	VERB
cblr-14239	299	19	that	that	SCONJ
cblr-14239	299	20	the	the	DET
cblr-14239	299	21	securities	security	NOUN
cblr-14239	299	22	act	act	NOUN
cblr-14239	299	23	was	be	AUX
cblr-14239	299	24	intended	intend	VERB
cblr-14239	299	25	to	to	PART
cblr-14239	299	26	protect	protect	VERB
cblr-14239	299	27	investors	investor	NOUN
cblr-14239	299	28	by	by	ADP
cblr-14239	299	29	demanding	demand	VERB
cblr-14239	299	30	disclosure	disclosure	NOUN
cblr-14239	299	31	required	require	VERB
cblr-14239	299	32	to	to	PART
cblr-14239	299	33	sufficiently	sufficiently	ADV
cblr-14239	299	34	inform	inform	VERB
cblr-14239	299	35	investors	investor	NOUN
cblr-14239	299	36	prior	prior	ADV
cblr-14239	299	37	to	to	ADP
cblr-14239	299	38	investment	investment	NOUN
cblr-14239	299	39	decisions	decision	NOUN
cblr-14239	299	40	)	)	PUNCT
cblr-14239	299	41	.	.	PUNCT
cblr-14239	300	1	79	79	NUM
cblr-14239	300	2	see	see	VERB
cblr-14239	300	3	generally	generally	ADV
cblr-14239	300	4	greg	greg	PROPN
cblr-14239	300	5	oguss	oguss	ADJ
cblr-14239	300	6	,	,	PUNCT
cblr-14239	300	7	should	should	AUX
cblr-14239	300	8	size	size	VERB
cblr-14239	300	9	or	or	CCONJ
cblr-14239	300	10	wealth	wealth	NOUN
cblr-14239	300	11	equal	equal	ADJ
cblr-14239	300	12	sophistication	sophistication	NOUN
cblr-14239	300	13	in	in	ADP
cblr-14239	300	14	federal	federal	ADJ
cblr-14239	300	15	securities	security	NOUN
cblr-14239	300	16	laws	law	NOUN
cblr-14239	300	17	?	?	PUNCT
cblr-14239	301	1	107	107	NUM
cblr-14239	301	2	nw	nw	PROPN
cblr-14239	301	3	.	.	PUNCT
cblr-14239	301	4	u.	u.	PROPN
cblr-14239	301	5	l.	l.	PROPN
cblr-14239	301	6	rev	rev	PROPN
cblr-14239	301	7	.	.	PROPN
cblr-14239	301	8	285	285	NUM
cblr-14239	301	9	,	,	PUNCT
cblr-14239	301	10	288–89	288–89	NUM
cblr-14239	301	11	(	(	PUNCT
cblr-14239	301	12	2012	2012	NUM
cblr-14239	301	13	)	)	PUNCT
cblr-14239	301	14	(	(	PUNCT
cblr-14239	301	15	citing	cite	VERB
cblr-14239	301	16	john	john	PROPN
cblr-14239	301	17	e.	e.	PROPN
cblr-14239	301	18	girouard	girouard	PROPN
cblr-14239	301	19	,	,	PUNCT
cblr-14239	301	20	the	the	DET
cblr-14239	301	21	sophisticated	sophisticated	ADJ
cblr-14239	301	22	investor	investor	NOUN
cblr-14239	301	23	farce	farce	NOUN
cblr-14239	301	24	,	,	PUNCT
cblr-14239	301	25	forbes	forbes	PROPN
cblr-14239	301	26	(	(	PUNCT
cblr-14239	301	27	mar	mar	PROPN
cblr-14239	301	28	.	.	PROPN
cblr-14239	301	29	24	24	NUM
cblr-14239	301	30	,	,	PUNCT
cblr-14239	301	31	2009	2009	NUM
cblr-14239	301	32	,	,	PUNCT
cblr-14239	301	33	12:30	12:30	NUM
cblr-14239	301	34	pm	pm	NOUN
cblr-14239	301	35	)	)	PUNCT
cblr-14239	301	36	,	,	PUNCT
cblr-14239	301	37	https://www.forbes.com/2009/03/24/accredited-investor-sec-personal-financefinancial-advisor-network-net-worth.html	https://www.forbes.com/2009/03/24/accredited-investor-sec-personal-financefinancial-advisor-network-net-worth.html	X
cblr-14239	302	1	[	[	X
cblr-14239	302	2	https://perma.cc/6ccu-39nl	https://perma.cc/6ccu-39nl	X
cblr-14239	302	3	]	]	X
cblr-14239	302	4	)	)	PUNCT
cblr-14239	302	5	.	.	PUNCT
cblr-14239	303	1	80	80	NUM
cblr-14239	303	2	amending	amend	VERB
cblr-14239	303	3	the	the	DET
cblr-14239	303	4	“	"	PUNCT
cblr-14239	303	5	accredited	accredited	ADJ
cblr-14239	303	6	investor	investor	NOUN
cblr-14239	303	7	”	"	PUNCT
cblr-14239	303	8	definition	definition	NOUN
cblr-14239	303	9	,	,	PUNCT
cblr-14239	303	10	securities	security	NOUN
cblr-14239	303	11	act	act	NOUN
cblr-14239	303	12	release	release	VERB
cblr-14239	303	13	no	no	NOUN
cblr-14239	303	14	.	.	NOUN
cblr-14239	303	15	3310824	3310824	NUM
cblr-14239	303	16	,	,	PUNCT
cblr-14239	303	17	85	85	NUM
cblr-14239	303	18	fed	feed	VERB
cblr-14239	303	19	.	.	PUNCT
cblr-14239	304	1	reg	reg	PROPN
cblr-14239	304	2	.	.	PUNCT
cblr-14239	305	1	64234	64234	NUM
cblr-14239	305	2	,	,	PUNCT
cblr-14239	305	3	64235	64235	NUM
cblr-14239	305	4	(	(	PUNCT
cblr-14239	305	5	proposed	propose	VERB
cblr-14239	305	6	aug	aug	PROPN
cblr-14239	305	7	.	.	PROPN
cblr-14239	305	8	26	26	NUM
cblr-14239	305	9	,	,	PUNCT
cblr-14239	305	10	2020	2020	NUM
cblr-14239	305	11	)	)	PUNCT
cblr-14239	305	12	(	(	PUNCT
cblr-14239	305	13	to	to	PART
cblr-14239	305	14	be	be	AUX
cblr-14239	305	15	codified	codify	VERB
cblr-14239	305	16	at	at	ADP
cblr-14239	305	17	17	17	NUM
cblr-14239	305	18	c.f.r	c.f.r	NOUN
cblr-14239	305	19	.	.	PUNCT
cblr-14239	306	1	pt	pt	PROPN
cblr-14239	306	2	.	.	PROPN
cblr-14239	306	3	230	230	NUM
cblr-14239	306	4	)	)	PUNCT
cblr-14239	306	5	(	(	PUNCT
cblr-14239	306	6	“	"	PUNCT
cblr-14239	306	7	[	[	X
cblr-14239	306	8	w]e	w]e	NOUN
cblr-14239	306	9	do	do	AUX
cblr-14239	306	10	not	not	PART
cblr-14239	306	11	believe	believe	VERB
cblr-14239	306	12	wealth	wealth	NOUN
cblr-14239	306	13	should	should	AUX
cblr-14239	306	14	be	be	AUX
cblr-14239	306	15	the	the	DET
cblr-14239	306	16	sole	sole	ADJ
cblr-14239	306	17	means	mean	NOUN
cblr-14239	306	18	of	of	ADP
cblr-14239	306	19	establishing	establish	VERB
cblr-14239	306	20	financial	financial	ADJ
cblr-14239	306	21	sophistication	sophistication	NOUN
cblr-14239	306	22	of	of	ADP
cblr-14239	306	23	an	an	DET
cblr-14239	306	24	individual	individual	NOUN
cblr-14239	306	25	for	for	ADP
cblr-14239	306	26	purposes	purpose	NOUN
cblr-14239	306	27	of	of	ADP
cblr-14239	306	28	the	the	DET
cblr-14239	306	29	accredited	accredited	ADJ
cblr-14239	306	30	investor	investor	NOUN
cblr-14239	306	31	definition	definition	NOUN
cblr-14239	306	32	.	.	PUNCT
cblr-14239	306	33	”	"	PUNCT
cblr-14239	306	34	)	)	PUNCT
cblr-14239	306	35	.	.	PUNCT
cblr-14239	307	1	no	no	INTJ
cblr-14239	307	2	.	.	NOUN
cblr-14239	307	3	2	2	NUM
cblr-14239	307	4	]	]	PUNCT
cblr-14239	307	5	with	with	ADP
cblr-14239	307	6	whom	whom	PRON
cblr-14239	307	7	is	be	AUX
cblr-14239	307	8	your	your	PRON
cblr-14239	307	9	issue	issue	NOUN
cblr-14239	307	10	?	?	PUNCT
cblr-14239	307	11	811	811	NUM
cblr-14239	307	12	iv	iv	NUM
cblr-14239	307	13	.	.	PUNCT
cblr-14239	308	1	applying	apply	VERB
cblr-14239	308	2	an	an	DET
cblr-14239	308	3	investor	investor	NOUN
cblr-14239	308	4	sophistication	sophistication	NOUN
cblr-14239	308	5	standard	standard	NOUN
cblr-14239	308	6	to	to	ADP
cblr-14239	308	7	§	§	PROPN
cblr-14239	308	8	12(a)(2	12(a)(2	NUM
cblr-14239	308	9	)	)	PUNCT
cblr-14239	308	10	seller	seller	NOUN
cblr-14239	308	11	liability	liability	NOUN
cblr-14239	308	12	a.	a.	NOUN
cblr-14239	308	13	pino	pino	PROPN
cblr-14239	308	14	and	and	CCONJ
cblr-14239	308	15	wilde	wilde	PROPN
cblr-14239	308	16	’s	’s	PART
cblr-14239	308	17	protections	protection	NOUN
cblr-14239	308	18	for	for	ADP
cblr-14239	308	19	retail	retail	ADJ
cblr-14239	308	20	investors	investor	NOUN
cblr-14239	308	21	the	the	DET
cblr-14239	308	22	ninth	ninth	ADJ
cblr-14239	308	23	circuit	circuit	NOUN
cblr-14239	308	24	broadened	broaden	VERB
cblr-14239	308	25	the	the	DET
cblr-14239	308	26	scope	scope	NOUN
cblr-14239	308	27	of	of	ADP
cblr-14239	308	28	section	section	NOUN
cblr-14239	308	29	12(a)(2	12(a)(2	NUM
cblr-14239	308	30	)	)	PUNCT
cblr-14239	308	31	seller	seller	NOUN
cblr-14239	308	32	liability	liability	NOUN
cblr-14239	308	33	in	in	ADP
cblr-14239	308	34	favor	favor	NOUN
cblr-14239	308	35	of	of	ADP
cblr-14239	308	36	greater	great	ADJ
cblr-14239	308	37	investor	investor	NOUN
cblr-14239	308	38	protections	protection	NOUN
cblr-14239	308	39	when	when	SCONJ
cblr-14239	308	40	it	it	PRON
cblr-14239	308	41	discarded	discard	VERB
cblr-14239	308	42	the	the	DET
cblr-14239	308	43	direct	direct	ADJ
cblr-14239	308	44	and	and	CCONJ
cblr-14239	308	45	active	active	ADJ
cblr-14239	308	46	solicitation	solicitation	NOUN
cblr-14239	308	47	requirement	requirement	NOUN
cblr-14239	308	48	historically	historically	ADV
cblr-14239	308	49	used	use	VERB
cblr-14239	308	50	to	to	PART
cblr-14239	308	51	determine	determine	VERB
cblr-14239	308	52	if	if	SCONJ
cblr-14239	308	53	a	a	DET
cblr-14239	308	54	securities	security	NOUN
cblr-14239	308	55	promoter	promoter	NOUN
cblr-14239	308	56	is	be	AUX
cblr-14239	308	57	subject	subject	ADJ
cblr-14239	308	58	to	to	ADP
cblr-14239	308	59	12(a)(2	12(a)(2	NUM
cblr-14239	308	60	)	)	PUNCT
cblr-14239	308	61	liability.81	liability.81	NOUN
cblr-14239	308	62	of	of	ADP
cblr-14239	308	63	express	express	ADJ
cblr-14239	308	64	concern	concern	NOUN
cblr-14239	308	65	to	to	ADP
cblr-14239	308	66	the	the	DET
cblr-14239	308	67	pino	pino	NOUN
cblr-14239	308	68	court	court	NOUN
cblr-14239	308	69	was	be	AUX
cblr-14239	308	70	that	that	SCONJ
cblr-14239	308	71	the	the	DET
cblr-14239	308	72	advertisements	advertisement	NOUN
cblr-14239	308	73	at	at	ADP
cblr-14239	308	74	issue	issue	NOUN
cblr-14239	308	75	—	—	PUNCT
cblr-14239	308	76	instagram	instagram	PROPN
cblr-14239	308	77	and	and	CCONJ
cblr-14239	308	78	youtube	youtube	PROPN
cblr-14239	308	79	communications	communication	NOUN
cblr-14239	308	80	—	—	PUNCT
cblr-14239	308	81	are	be	AUX
cblr-14239	308	82	of	of	ADP
cblr-14239	308	83	the	the	DET
cblr-14239	308	84	type	type	NOUN
cblr-14239	308	85	intended	intend	VERB
cblr-14239	308	86	to	to	PART
cblr-14239	308	87	“	"	PUNCT
cblr-14239	308	88	command	command	VERB
cblr-14239	308	89	attention	attention	NOUN
cblr-14239	308	90	”	"	PUNCT
cblr-14239	308	91	and	and	CCONJ
cblr-14239	308	92	“	"	PUNCT
cblr-14239	308	93	persuade	persuade	VERB
cblr-14239	308	94	investors	investor	NOUN
cblr-14239	308	95	”	"	PUNCT
cblr-14239	308	96	during	during	ADP
cblr-14239	308	97	the	the	DET
cblr-14239	308	98	critical	critical	ADJ
cblr-14239	308	99	first	first	ADJ
cblr-14239	308	100	stage	stage	NOUN
cblr-14239	308	101	when	when	SCONJ
cblr-14239	308	102	a	a	DET
cblr-14239	308	103	buyer	buyer	NOUN
cblr-14239	308	104	becomes	become	VERB
cblr-14239	308	105	involved.82	involved.82	ADJ
cblr-14239	308	106	the	the	DET
cblr-14239	308	107	target	target	NOUN
cblr-14239	308	108	of	of	ADP
cblr-14239	308	109	the	the	DET
cblr-14239	308	110	issuer	issuer	NOUN
cblr-14239	308	111	’s	’s	PART
cblr-14239	308	112	solicitations	solicitation	NOUN
cblr-14239	308	113	were	be	AUX
cblr-14239	308	114	,	,	PUNCT
cblr-14239	308	115	by	by	ADP
cblr-14239	308	116	the	the	DET
cblr-14239	308	117	issuer	issuer	NOUN
cblr-14239	308	118	’s	’s	PART
cblr-14239	308	119	own	own	ADJ
cblr-14239	308	120	account	account	NOUN
cblr-14239	308	121	,	,	PUNCT
cblr-14239	308	122	“	"	PUNCT
cblr-14239	308	123	the	the	DET
cblr-14239	308	124	everyday	everyday	ADJ
cblr-14239	308	125	investor,”83	investor,”83	NOUN
cblr-14239	308	126	meaning	mean	VERB
cblr-14239	308	127	unsophisticated	unsophisticated	ADJ
cblr-14239	308	128	actors	actor	NOUN
cblr-14239	308	129	would	would	AUX
cblr-14239	308	130	be	be	AUX
cblr-14239	308	131	amongst	amongst	ADP
cblr-14239	308	132	the	the	DET
cblr-14239	308	133	communication	communication	NOUN
cblr-14239	308	134	’s	’s	PART
cblr-14239	308	135	recipients	recipient	NOUN
cblr-14239	308	136	.	.	PUNCT
cblr-14239	309	1	the	the	DET
cblr-14239	309	2	investment	investment	NOUN
cblr-14239	309	3	scrutinized	scrutinize	VERB
cblr-14239	309	4	pino	pino	NOUN
cblr-14239	309	5	was	be	AUX
cblr-14239	309	6	an	an	DET
cblr-14239	309	7	investment	investment	NOUN
cblr-14239	309	8	in	in	ADP
cblr-14239	309	9	a	a	DET
cblr-14239	309	10	fund	fund	NOUN
cblr-14239	309	11	subject	subject	NOUN
cblr-14239	309	12	to	to	ADP
cblr-14239	309	13	regulation	regulation	NOUN
cblr-14239	309	14	a	a	PRON
cblr-14239	309	15	of	of	ADP
cblr-14239	309	16	the	the	DET
cblr-14239	309	17	securities	security	NOUN
cblr-14239	309	18	act.84	act.84	ADV
cblr-14239	309	19	regulation	regulation	VERB
cblr-14239	309	20	a	a	PRON
cblr-14239	309	21	is	be	AUX
cblr-14239	309	22	a	a	DET
cblr-14239	309	23	two	two	NUM
cblr-14239	309	24	-	-	PUNCT
cblr-14239	309	25	tiered	tiere	VERB
cblr-14239	309	26	exemption	exemption	NOUN
cblr-14239	309	27	provision,85	provision,85	NOUN
cblr-14239	309	28	and	and	CCONJ
cblr-14239	309	29	considering	consider	VERB
cblr-14239	309	30	cardone	cardone	PROPN
cblr-14239	309	31	’s	’s	PART
cblr-14239	309	32	proposed	propose	VERB
cblr-14239	309	33	capital	capital	NOUN
cblr-14239	309	34	campaign	campaign	NOUN
cblr-14239	309	35	sought	seek	VERB
cblr-14239	309	36	$	$	SYM
cblr-14239	309	37	50	50	NUM
cblr-14239	309	38	million	million	NUM
cblr-14239	309	39	through	through	ADP
cblr-14239	309	40	crowdfunding,86	crowdfunding,86	NOUN
cblr-14239	309	41	the	the	DET
cblr-14239	309	42	funds	fund	NOUN
cblr-14239	309	43	at	at	ADP
cblr-14239	309	44	issue	issue	NOUN
cblr-14239	309	45	would	would	AUX
cblr-14239	309	46	have	have	AUX
cblr-14239	309	47	been	be	AUX
cblr-14239	309	48	subject	subject	ADJ
cblr-14239	309	49	to	to	ADP
cblr-14239	309	50	tier	tier	NOUN
cblr-14239	309	51	2	2	NUM
cblr-14239	309	52	requirements	requirement	NOUN
cblr-14239	309	53	under	under	ADP
cblr-14239	309	54	regulation	regulation	NOUN
cblr-14239	309	55	a.87	a.87	NOUN
cblr-14239	309	56	tier	tier	NOUN
cblr-14239	309	57	2	2	NUM
cblr-14239	309	58	offerings	offering	NOUN
cblr-14239	309	59	subject	subject	VERB
cblr-14239	309	60	the	the	DET
cblr-14239	309	61	offering	offering	NOUN
cblr-14239	309	62	circular	circular	NOUN
cblr-14239	309	63	to	to	PART
cblr-14239	309	64	“	"	PUNCT
cblr-14239	309	65	review	review	VERB
cblr-14239	309	66	and	and	CCONJ
cblr-14239	309	67	qualification	qualification	NOUN
cblr-14239	309	68	by	by	ADP
cblr-14239	309	69	the	the	DET
cblr-14239	309	70	sec	sec	PROPN
cblr-14239	309	71	,	,	PUNCT
cblr-14239	309	72	”	"	PUNCT
cblr-14239	309	73	but	but	CCONJ
cblr-14239	309	74	not	not	PART
cblr-14239	309	75	to	to	ADP
cblr-14239	309	76	such	such	ADJ
cblr-14239	309	77	review	review	NOUN
cblr-14239	309	78	or	or	CCONJ
cblr-14239	309	79	qualification	qualification	NOUN
cblr-14239	309	80	by	by	ADP
cblr-14239	309	81	state	state	NOUN
cblr-14239	309	82	regulators	regulator	NOUN
cblr-14239	309	83	;	;	PUNCT
cblr-14239	309	84	further	far	ADV
cblr-14239	309	85	an	an	DET
cblr-14239	309	86	independent	independent	ADJ
cblr-14239	309	87	81	81	NUM
cblr-14239	309	88	see	see	NOUN
cblr-14239	309	89	supra	supra	PROPN
cblr-14239	309	90	note	note	PROPN
cblr-14239	309	91	22	22	NUM
cblr-14239	309	92	(	(	PUNCT
cblr-14239	309	93	comparing	compare	VERB
cblr-14239	309	94	pino	pino	NOUN
cblr-14239	309	95	v.	v.	ADP
cblr-14239	309	96	cardone	cardone	PROPN
cblr-14239	309	97	capital	capital	PROPN
cblr-14239	309	98	,	,	PUNCT
cblr-14239	309	99	llc	llc	PROPN
cblr-14239	309	100	,	,	PUNCT
cblr-14239	309	101	55	55	NUM
cblr-14239	309	102	f.4th	f.4th	NOUN
cblr-14239	309	103	1253	1253	NUM
cblr-14239	309	104	,	,	PUNCT
cblr-14239	309	105	1259	1259	NUM
cblr-14239	309	106	(	(	PUNCT
cblr-14239	309	107	9th	9th	ADJ
cblr-14239	309	108	cir	cir	NOUN
cblr-14239	309	109	.	.	PUNCT
cblr-14239	309	110	2022	2022	NUM
cblr-14239	309	111	)	)	PUNCT
cblr-14239	309	112	with	with	ADP
cblr-14239	309	113	capri	capri	NOUN
cblr-14239	309	114	v.	v.	ADP
cblr-14239	309	115	murphy	murphy	PROPN
cblr-14239	309	116	,	,	PUNCT
cblr-14239	309	117	856	856	NUM
cblr-14239	309	118	f.2d	f.2d	X
cblr-14239	309	119	473	473	NUM
cblr-14239	309	120	,	,	PUNCT
cblr-14239	309	121	479	479	NUM
cblr-14239	309	122	(	(	PUNCT
cblr-14239	309	123	2d	2d	NUM
cblr-14239	309	124	cir	cir	NOUN
cblr-14239	309	125	.	.	PUNCT
cblr-14239	309	126	1988	1988	NUM
cblr-14239	309	127	)	)	PUNCT
cblr-14239	309	128	,	,	PUNCT
cblr-14239	309	129	and	and	CCONJ
cblr-14239	309	130	craftmatic	craftmatic	PROPN
cblr-14239	309	131	sec	sec	PROPN
cblr-14239	309	132	.	.	PUNCT
cblr-14239	309	133	litig	litig	PROPN
cblr-14239	309	134	.	.	PUNCT
cblr-14239	310	1	v.	v.	ADP
cblr-14239	310	2	kraftsow	kraftsow	PROPN
cblr-14239	310	3	,	,	PUNCT
cblr-14239	310	4	890	890	NUM
cblr-14239	310	5	f.2d	f.2d	ADP
cblr-14239	310	6	628	628	NUM
cblr-14239	310	7	,	,	PUNCT
cblr-14239	310	8	636	636	NUM
cblr-14239	310	9	(	(	PUNCT
cblr-14239	310	10	3d	3d	NUM
cblr-14239	310	11	cir	cir	NOUN
cblr-14239	310	12	.	.	PROPN
cblr-14239	310	13	1989	1989	NUM
cblr-14239	310	14	)	)	PUNCT
cblr-14239	310	15	)	)	PUNCT
cblr-14239	310	16	.	.	PUNCT
cblr-14239	311	1	82	82	NUM
cblr-14239	311	2	pino	pino	NOUN
cblr-14239	311	3	v.	v.	ADP
cblr-14239	311	4	cardone	cardone	PROPN
cblr-14239	311	5	capital	capital	PROPN
cblr-14239	311	6	,	,	PUNCT
cblr-14239	311	7	llc	llc	PROPN
cblr-14239	311	8	,	,	PUNCT
cblr-14239	311	9	55	55	NUM
cblr-14239	311	10	f.4d	f.4d	NUM
cblr-14239	311	11	1253	1253	NUM
cblr-14239	311	12	,	,	PUNCT
cblr-14239	311	13	1260	1260	NUM
cblr-14239	311	14	(	(	PUNCT
cblr-14239	311	15	9th	9th	ADJ
cblr-14239	311	16	cir	cir	NOUN
cblr-14239	311	17	.	.	PUNCT
cblr-14239	311	18	2022	2022	NUM
cblr-14239	311	19	)	)	PUNCT
cblr-14239	311	20	.	.	PUNCT
cblr-14239	312	1	83	83	NUM
cblr-14239	313	1	i	i	PRON
cblr-14239	313	2	d.	d.	PROPN
cblr-14239	313	3	at	at	ADP
cblr-14239	313	4	1256	1256	NUM
cblr-14239	313	5	.	.	PUNCT
cblr-14239	314	1	84	84	NUM
cblr-14239	315	1	i	i	PRON
cblr-14239	315	2	d.	d.	VERB
cblr-14239	315	3	at	at	ADP
cblr-14239	315	4	1255–56	1255–56	NUM
cblr-14239	315	5	.	.	PUNCT
cblr-14239	316	1	85	85	NUM
cblr-14239	316	2	see	see	VERB
cblr-14239	316	3	17	17	NUM
cblr-14239	316	4	c.f.r	c.f.r	NOUN
cblr-14239	316	5	.	.	PUNCT
cblr-14239	317	1	§	§	PROPN
cblr-14239	317	2	230.251(a	230.251(a	PROPN
cblr-14239	317	3	)	)	PUNCT
cblr-14239	317	4	.	.	PUNCT
cblr-14239	318	1	86	86	NUM
cblr-14239	318	2	pino	pino	NOUN
cblr-14239	318	3	,	,	PUNCT
cblr-14239	318	4	55	55	NUM
cblr-14239	318	5	f.4d	f.4d	NOUN
cblr-14239	318	6	at	at	ADP
cblr-14239	318	7	1256	1256	NUM
cblr-14239	318	8	.	.	PUNCT
cblr-14239	319	1	87	87	NUM
cblr-14239	319	2	tier	tier	NOUN
cblr-14239	319	3	1	1	NUM
cblr-14239	319	4	offerings	offering	NOUN
cblr-14239	319	5	are	be	AUX
cblr-14239	319	6	limited	limit	VERB
cblr-14239	319	7	to	to	ADP
cblr-14239	319	8	those	those	PRON
cblr-14239	319	9	that	that	PRON
cblr-14239	319	10	raise	raise	VERB
cblr-14239	319	11	capital	capital	NOUN
cblr-14239	319	12	not	not	PART
cblr-14239	319	13	exceeding	exceed	VERB
cblr-14239	319	14	$	$	SYM
cblr-14239	319	15	20	20	NUM
cblr-14239	319	16	million	million	NUM
cblr-14239	319	17	in	in	ADP
cblr-14239	319	18	the	the	DET
cblr-14239	319	19	first	first	ADJ
cblr-14239	319	20	twelve	twelve	NUM
cblr-14239	319	21	months	month	NOUN
cblr-14239	319	22	.	.	PUNCT
cblr-14239	320	1	17	17	NUM
cblr-14239	320	2	c.f.r	c.f.r	NOUN
cblr-14239	320	3	.	.	PUNCT
cblr-14239	321	1	§	§	PROPN
cblr-14239	321	2	230.251(a)(1	230.251(a)(1	NUM
cblr-14239	321	3	)	)	PUNCT
cblr-14239	321	4	.	.	PUNCT
cblr-14239	322	1	tier	tier	NOUN
cblr-14239	322	2	2	2	NUM
cblr-14239	322	3	offerings	offering	NOUN
cblr-14239	322	4	,	,	PUNCT
cblr-14239	322	5	by	by	ADP
cblr-14239	322	6	contrast	contrast	NOUN
cblr-14239	322	7	,	,	PUNCT
cblr-14239	322	8	are	be	AUX
cblr-14239	322	9	offerings	offering	NOUN
cblr-14239	322	10	that	that	PRON
cblr-14239	322	11	raise	raise	VERB
cblr-14239	322	12	capital	capital	NOUN
cblr-14239	322	13	not	not	PART
cblr-14239	322	14	exceeding	exceed	VERB
cblr-14239	322	15	$	$	SYM
cblr-14239	322	16	75	75	NUM
cblr-14239	322	17	million	million	NUM
cblr-14239	322	18	in	in	ADP
cblr-14239	322	19	the	the	DET
cblr-14239	322	20	first	first	ADJ
cblr-14239	322	21	12	12	NUM
cblr-14239	322	22	months	month	NOUN
cblr-14239	322	23	.	.	PUNCT
cblr-14239	323	1	17	17	NUM
cblr-14239	323	2	c.f.r	c.f.r	NOUN
cblr-14239	323	3	.	.	PUNCT
cblr-14239	324	1	§	§	PROPN
cblr-14239	324	2	230.251(a)(2	230.251(a)(2	NUM
cblr-14239	324	3	)	)	PUNCT
cblr-14239	324	4	.	.	PUNCT
cblr-14239	325	1	812	812	NUM
cblr-14239	325	2	columbia	columbia	PROPN
cblr-14239	325	3	business	business	PROPN
cblr-14239	325	4	law	law	PROPN
cblr-14239	325	5	review	review	NOUN
cblr-14239	325	6	[	[	X
cblr-14239	325	7	vol	vol	NOUN
cblr-14239	325	8	.	.	NOUN
cblr-14239	325	9	2024	2024	NUM
cblr-14239	325	10	accountant	accountant	NOUN
cblr-14239	325	11	must	must	AUX
cblr-14239	325	12	audit	audit	VERB
cblr-14239	325	13	tier	tier	NOUN
cblr-14239	325	14	2	2	NUM
cblr-14239	325	15	offerings	offering	NOUN
cblr-14239	325	16	’	'	PUNCT
cblr-14239	325	17	financial	financial	ADJ
cblr-14239	325	18	statements.88	statements.88	NOUN
cblr-14239	325	19	there	there	PRON
cblr-14239	325	20	are	be	VERB
cblr-14239	325	21	further	further	ADJ
cblr-14239	325	22	limits	limit	NOUN
cblr-14239	325	23	on	on	ADP
cblr-14239	325	24	tier	tier	NOUN
cblr-14239	325	25	2	2	NUM
cblr-14239	325	26	investors	investor	NOUN
cblr-14239	325	27	such	such	ADJ
cblr-14239	325	28	that	that	SCONJ
cblr-14239	325	29	either	either	CCONJ
cblr-14239	325	30	the	the	DET
cblr-14239	325	31	sale	sale	NOUN
cblr-14239	325	32	is	be	AUX
cblr-14239	325	33	limited	limit	VERB
cblr-14239	325	34	to	to	ADP
cblr-14239	325	35	accredited	accredit	VERB
cblr-14239	325	36	investors	investor	NOUN
cblr-14239	325	37	or	or	CCONJ
cblr-14239	325	38	the	the	DET
cblr-14239	325	39	value	value	NOUN
cblr-14239	325	40	that	that	PRON
cblr-14239	325	41	a	a	DET
cblr-14239	325	42	non	non	ADJ
cblr-14239	325	43	-	-	ADJ
cblr-14239	325	44	accredited	accredited	ADJ
cblr-14239	325	45	investor	investor	NOUN
cblr-14239	325	46	is	be	AUX
cblr-14239	325	47	permitted	permit	VERB
cblr-14239	325	48	to	to	PART
cblr-14239	325	49	invest	invest	VERB
cblr-14239	325	50	is	be	AUX
cblr-14239	325	51	capped.89	capped.89	NOUN
cblr-14239	325	52	the	the	DET
cblr-14239	325	53	measures	measure	NOUN
cblr-14239	325	54	of	of	ADP
cblr-14239	325	55	regulation	regulation	NOUN
cblr-14239	326	1	a	a	PRON
cblr-14239	326	2	indicate	indicate	NOUN
cblr-14239	326	3	that	that	SCONJ
cblr-14239	326	4	the	the	DET
cblr-14239	326	5	fund	fund	NOUN
cblr-14239	326	6	at	at	ADP
cblr-14239	326	7	issue	issue	NOUN
cblr-14239	326	8	is	be	AUX
cblr-14239	326	9	a	a	DET
cblr-14239	326	10	riskier	risky	ADJ
cblr-14239	326	11	investment	investment	NOUN
cblr-14239	326	12	for	for	ADP
cblr-14239	326	13	retail	retail	ADJ
cblr-14239	326	14	investors	investor	NOUN
cblr-14239	326	15	.	.	PUNCT
cblr-14239	327	1	yet	yet	ADV
cblr-14239	327	2	,	,	PUNCT
cblr-14239	327	3	regulation	regulation	NOUN
cblr-14239	327	4	a	a	PRON
cblr-14239	327	5	does	do	AUX
cblr-14239	327	6	permit	permit	VERB
cblr-14239	327	7	the	the	DET
cblr-14239	327	8	solicitation	solicitation	NOUN
cblr-14239	327	9	of	of	ADP
cblr-14239	327	10	retail	retail	ADJ
cblr-14239	327	11	investors	investor	NOUN
cblr-14239	327	12	,	,	PUNCT
cblr-14239	327	13	albeit	albeit	SCONJ
cblr-14239	327	14	with	with	ADP
cblr-14239	327	15	specific	specific	ADJ
cblr-14239	327	16	requirements,90	requirements,90	NOUN
cblr-14239	327	17	unlike	unlike	ADP
cblr-14239	327	18	the	the	DET
cblr-14239	327	19	private	private	ADJ
cblr-14239	327	20	placement	placement	NOUN
cblr-14239	327	21	exemptions	exemption	NOUN
cblr-14239	327	22	of	of	ADP
cblr-14239	327	23	rules	rule	NOUN
cblr-14239	327	24	506	506	NUM
cblr-14239	327	25	and	and	CCONJ
cblr-14239	327	26	144a.91	144a.91	NUM
cblr-14239	327	27	cardone	cardone	PROPN
cblr-14239	327	28	capital	capital	NOUN
cblr-14239	327	29	’s	’s	PART
cblr-14239	327	30	decision	decision	NOUN
cblr-14239	327	31	,	,	PUNCT
cblr-14239	327	32	then	then	ADV
cblr-14239	327	33	,	,	PUNCT
cblr-14239	327	34	to	to	PART
cblr-14239	327	35	solicit	solicit	VERB
cblr-14239	327	36	retail	retail	ADJ
cblr-14239	327	37	investors	investor	NOUN
cblr-14239	327	38	on	on	ADP
cblr-14239	327	39	social	social	ADJ
cblr-14239	327	40	media	medium	NOUN
cblr-14239	327	41	platforms	platform	NOUN
cblr-14239	327	42	generate	generate	VERB
cblr-14239	327	43	circumstances	circumstance	NOUN
cblr-14239	327	44	by	by	ADP
cblr-14239	327	45	which	which	DET
cblr-14239	327	46	misstatements	misstatement	NOUN
cblr-14239	327	47	and	and	CCONJ
cblr-14239	327	48	omissions	omission	NOUN
cblr-14239	327	49	are	be	AUX
cblr-14239	327	50	more	more	ADV
cblr-14239	327	51	likely	likely	ADJ
cblr-14239	327	52	to	to	PART
cblr-14239	327	53	be	be	AUX
cblr-14239	327	54	material	material	ADJ
cblr-14239	327	55	because	because	SCONJ
cblr-14239	327	56	retail	retail	ADJ
cblr-14239	327	57	investors	investor	NOUN
cblr-14239	327	58	are	be	AUX
cblr-14239	327	59	less	less	ADV
cblr-14239	327	60	skilled	skilled	ADJ
cblr-14239	327	61	at	at	ADP
cblr-14239	327	62	screening	screen	VERB
cblr-14239	327	63	and	and	CCONJ
cblr-14239	327	64	evaluating	evaluate	VERB
cblr-14239	327	65	investment	investment	NOUN
cblr-14239	327	66	opportunities	opportunity	NOUN
cblr-14239	327	67	.	.	PUNCT
cblr-14239	328	1	the	the	DET
cblr-14239	328	2	risk	risk	NOUN
cblr-14239	328	3	avoidance	avoidance	NOUN
cblr-14239	328	4	costs	cost	NOUN
cblr-14239	328	5	for	for	ADP
cblr-14239	328	6	cardone	cardone	NOUN
cblr-14239	328	7	would	would	AUX
cblr-14239	328	8	likely	likely	ADV
cblr-14239	328	9	be	be	AUX
cblr-14239	328	10	trivial	trivial	ADJ
cblr-14239	328	11	as	as	SCONJ
cblr-14239	328	12	the	the	DET
cblr-14239	328	13	firm	firm	NOUN
cblr-14239	328	14	would	would	AUX
cblr-14239	328	15	simply	simply	ADV
cblr-14239	328	16	need	need	VERB
cblr-14239	328	17	to	to	PART
cblr-14239	328	18	ensure	ensure	VERB
cblr-14239	328	19	that	that	SCONJ
cblr-14239	328	20	its	its	PRON
cblr-14239	328	21	statements	statement	NOUN
cblr-14239	328	22	are	be	AUX
cblr-14239	328	23	not	not	PART
cblr-14239	328	24	materially	materially	ADV
cblr-14239	328	25	misleading.92	misleading.92	ADJ
cblr-14239	328	26	further	far	ADV
cblr-14239	328	27	,	,	PUNCT
cblr-14239	328	28	given	give	VERB
cblr-14239	328	29	the	the	DET
cblr-14239	328	30	risk	risk	NOUN
cblr-14239	328	31	of	of	ADP
cblr-14239	328	32	the	the	DET
cblr-14239	328	33	investment	investment	NOUN
cblr-14239	328	34	,	,	PUNCT
cblr-14239	328	35	retail	retail	ADJ
cblr-14239	328	36	investors	investor	NOUN
cblr-14239	328	37	may	may	AUX
cblr-14239	328	38	not	not	PART
cblr-14239	328	39	be	be	AUX
cblr-14239	328	40	able	able	ADJ
cblr-14239	328	41	to	to	PART
cblr-14239	328	42	adequately	adequately	ADV
cblr-14239	328	43	screen	screen	VERB
cblr-14239	328	44	the	the	DET
cblr-14239	328	45	investment	investment	NOUN
cblr-14239	328	46	opportunity	opportunity	NOUN
cblr-14239	328	47	absent	absent	ADJ
cblr-14239	328	48	disclosure	disclosure	NOUN
cblr-14239	328	49	protections	protection	NOUN
cblr-14239	328	50	as	as	SCONJ
cblr-14239	328	51	indicated	indicate	VERB
cblr-14239	328	52	by	by	ADP
cblr-14239	328	53	the	the	DET
cblr-14239	328	54	cap	cap	NOUN
cblr-14239	328	55	on	on	ADP
cblr-14239	328	56	investments	investment	NOUN
cblr-14239	328	57	for	for	ADP
cblr-14239	328	58	retail	retail	ADJ
cblr-14239	328	59	investors	investor	NOUN
cblr-14239	328	60	to	to	PART
cblr-14239	328	61	limit	limit	VERB
cblr-14239	328	62	the	the	DET
cblr-14239	328	63	losses	loss	NOUN
cblr-14239	328	64	sufferable	sufferable	ADJ
cblr-14239	328	65	.	.	PUNCT
cblr-14239	329	1	in	in	ADP
cblr-14239	329	2	this	this	DET
cblr-14239	329	3	event	event	NOUN
cblr-14239	329	4	,	,	PUNCT
cblr-14239	329	5	the	the	DET
cblr-14239	329	6	issuer	issuer	NOUN
cblr-14239	329	7	is	be	AUX
cblr-14239	329	8	likely	likely	ADJ
cblr-14239	329	9	the	the	DET
cblr-14239	329	10	cheapest	cheap	ADJ
cblr-14239	329	11	cost	cost	NOUN
cblr-14239	329	12	avoider	avoider	NOUN
cblr-14239	329	13	,	,	PUNCT
cblr-14239	329	14	and	and	CCONJ
cblr-14239	329	15	a	a	DET
cblr-14239	329	16	broader	broad	ADJ
cblr-14239	329	17	liability	liability	NOUN
cblr-14239	329	18	regime	regime	NOUN
cblr-14239	329	19	for	for	ADP
cblr-14239	329	20	disclosure	disclosure	NOUN
cblr-14239	329	21	is	be	AUX
cblr-14239	329	22	likely	likely	ADJ
cblr-14239	329	23	to	to	PART
cblr-14239	329	24	be	be	AUX
cblr-14239	329	25	beneficial	beneficial	ADJ
cblr-14239	329	26	for	for	ADP
cblr-14239	329	27	its	its	PRON
cblr-14239	329	28	in	in	ADP
cblr-14239	329	29	terrorem	terrorem	ADJ
cblr-14239	329	30	effects.93	effects.93	NOUN
cblr-14239	329	31	according	accord	VERB
cblr-14239	329	32	to	to	ADP
cblr-14239	329	33	goshen	goshen	PROPN
cblr-14239	329	34	&	&	CCONJ
cblr-14239	329	35	parchomovsky	parchomovsky	PROPN
cblr-14239	329	36	,	,	PUNCT
cblr-14239	329	37	securities	security	NOUN
cblr-14239	329	38	regulation	regulation	NOUN
cblr-14239	329	39	need	need	AUX
cblr-14239	329	40	not	not	PART
cblr-14239	329	41	concern	concern	VERB
cblr-14239	329	42	itself	itself	PRON
cblr-14239	329	43	with	with	ADP
cblr-14239	329	44	the	the	DET
cblr-14239	329	45	“	"	PUNCT
cblr-14239	329	46	everyday	everyday	ADJ
cblr-14239	329	47	investor	investor	NOUN
cblr-14239	329	48	”	"	PUNCT
cblr-14239	329	49	that	that	PRON
cblr-14239	329	50	cardone	cardone	PROPN
cblr-14239	329	51	capital	capital	NOUN
cblr-14239	329	52	solicited	solicit	VERB
cblr-14239	329	53	because	because	SCONJ
cblr-14239	329	54	protection	protection	NOUN
cblr-14239	329	55	of	of	ADP
cblr-14239	329	56	information	information	NOUN
cblr-14239	329	57	traders	trader	NOUN
cblr-14239	329	58	is	be	AUX
cblr-14239	329	59	sufficient	sufficient	ADJ
cblr-14239	329	60	to	to	PART
cblr-14239	329	61	achieve	achieve	VERB
cblr-14239	329	62	market	market	NOUN
cblr-14239	329	63	efficiency.94	efficiency.94	NOUN
cblr-14239	329	64	but	but	CCONJ
cblr-14239	329	65	regulation	regulation	NOUN
cblr-14239	329	66	a	a	PRON
cblr-14239	329	67	necessarily	necessarily	ADV
cblr-14239	329	68	identifies	identify	VERB
cblr-14239	329	69	a	a	DET
cblr-14239	329	70	88	88	NUM
cblr-14239	329	71	sec	sec	NOUN
cblr-14239	329	72	.	.	PROPN
cblr-14239	330	1	and	and	CCONJ
cblr-14239	330	2	exch	exch	PROPN
cblr-14239	330	3	.	.	PUNCT
cblr-14239	331	1	comm’n	comm’n	X
cblr-14239	331	2	.	.	PUNCT
cblr-14239	332	1	off	off	ADP
cblr-14239	332	2	.	.	PUNCT
cblr-14239	333	1	of	of	ADP
cblr-14239	333	2	.	.	PUNCT
cblr-14239	334	1	inv	inv	PROPN
cblr-14239	334	2	.	.	PUNCT
cblr-14239	335	1	educ	educ	PROPN
cblr-14239	335	2	.	.	PUNCT
cblr-14239	336	1	and	and	CCONJ
cblr-14239	336	2	advoc	advoc	PROPN
cblr-14239	336	3	.	.	PUNCT
cblr-14239	337	1	,	,	PUNCT
cblr-14239	337	2	updated	update	VERB
cblr-14239	337	3	investor	investor	NOUN
cblr-14239	337	4	bulletin	bulletin	NOUN
cblr-14239	337	5	:	:	PUNCT
cblr-14239	337	6	regulation	regulation	NOUN
cblr-14239	337	7	a	a	PRON
cblr-14239	337	8	(	(	PUNCT
cblr-14239	337	9	apr	apr	NOUN
cblr-14239	337	10	.	.	PROPN
cblr-14239	337	11	14	14	NUM
cblr-14239	337	12	,	,	PUNCT
cblr-14239	337	13	2021	2021	NUM
cblr-14239	337	14	)	)	PUNCT
cblr-14239	337	15	,	,	PUNCT
cblr-14239	337	16	https://www.investor.gov/introductioninvesting/general-resources/news-alerts/alerts-bulletins/investor-bulletins/updated-1	https://www.investor.gov/introductioninvesting/general-resources/news-alerts/alerts-bulletins/investor-bulletins/updated-1	X
cblr-14239	337	17	[	[	X
cblr-14239	337	18	https://perma.cc/ey9d-peac	https://perma.cc/ey9d-peac	X
cblr-14239	337	19	]	]	X
cblr-14239	337	20	.	.	PUNCT
cblr-14239	338	1	89	89	NUM
cblr-14239	338	2	see	see	VERB
cblr-14239	338	3	17	17	NUM
cblr-14239	338	4	c.f.r	c.f.r	NOUN
cblr-14239	338	5	.	.	PUNCT
cblr-14239	339	1	§	§	PROPN
cblr-14239	339	2	230.251(d)(2)(i)(c	230.251(d)(2)(i)(c	NUM
cblr-14239	339	3	)	)	PUNCT
cblr-14239	339	4	.	.	PUNCT
cblr-14239	340	1	90	90	NUM
cblr-14239	341	1	i	i	PRON
cblr-14239	341	2	d.	d.	PROPN
cblr-14239	341	3	91	91	NUM
cblr-14239	341	4	see	see	VERB
cblr-14239	341	5	supra	supra	PROPN
cblr-14239	341	6	part	part	PROPN
cblr-14239	341	7	iii.c	iii.c	PROPN
cblr-14239	341	8	.	.	PUNCT
cblr-14239	341	9	92	92	NUM
cblr-14239	341	10	cf	cf	NOUN
cblr-14239	341	11	.	.	PUNCT
cblr-14239	342	1	15	15	NUM
cblr-14239	342	2	u.s.c	u.s.c	NOUN
cblr-14239	342	3	.	.	PUNCT
cblr-14239	343	1	§	§	PROPN
cblr-14239	343	2	77e(a	77e(a	NUM
cblr-14239	343	3	)	)	PUNCT
cblr-14239	343	4	,	,	PUNCT
cblr-14239	343	5	(	(	PUNCT
cblr-14239	343	6	c	c	X
cblr-14239	343	7	)	)	PUNCT
cblr-14239	343	8	which	which	PRON
cblr-14239	343	9	require	require	VERB
cblr-14239	343	10	affirmative	affirmative	ADJ
cblr-14239	343	11	disclosure	disclosure	NOUN
cblr-14239	343	12	under	under	ADP
cblr-14239	343	13	the	the	DET
cblr-14239	343	14	1933	1933	NUM
cblr-14239	343	15	act	act	PROPN
cblr-14239	343	16	’s	’s	PART
cblr-14239	343	17	registration	registration	NOUN
cblr-14239	343	18	regime	regime	NOUN
cblr-14239	343	19	and	and	CCONJ
cblr-14239	343	20	could	could	AUX
cblr-14239	343	21	result	result	VERB
cblr-14239	343	22	in	in	ADP
cblr-14239	343	23	greater	great	ADJ
cblr-14239	343	24	costs	cost	NOUN
cblr-14239	343	25	to	to	ADP
cblr-14239	343	26	the	the	DET
cblr-14239	343	27	issuer	issuer	NOUN
cblr-14239	343	28	.	.	PUNCT
cblr-14239	344	1	93	93	NUM
cblr-14239	344	2	see	see	VERB
cblr-14239	344	3	douglas	douglas	PROPN
cblr-14239	344	4	&	&	CCONJ
cblr-14239	344	5	bates	bates	PROPN
cblr-14239	344	6	,	,	PUNCT
cblr-14239	344	7	supra	supra	PROPN
cblr-14239	344	8	note	note	NOUN
cblr-14239	344	9	5	5	NUM
cblr-14239	344	10	and	and	CCONJ
cblr-14239	344	11	accompanying	accompany	VERB
cblr-14239	344	12	text	text	NOUN
cblr-14239	344	13	.	.	PUNCT
cblr-14239	345	1	94	94	NUM
cblr-14239	345	2	see	see	VERB
cblr-14239	345	3	goshen	goshen	PROPN
cblr-14239	345	4	&	&	CCONJ
cblr-14239	345	5	parchomovsky	parchomovsky	PROPN
cblr-14239	345	6	,	,	PUNCT
cblr-14239	345	7	supra	supra	PROPN
cblr-14239	345	8	note	note	NOUN
cblr-14239	345	9	3	3	NUM
cblr-14239	345	10	,	,	PUNCT
cblr-14239	345	11	at	at	ADP
cblr-14239	345	12	715	715	NUM
cblr-14239	345	13	.	.	PUNCT
cblr-14239	346	1	no	no	INTJ
cblr-14239	346	2	.	.	NOUN
cblr-14239	346	3	2	2	NUM
cblr-14239	346	4	]	]	PUNCT
cblr-14239	346	5	with	with	ADP
cblr-14239	346	6	whom	whom	PRON
cblr-14239	346	7	is	be	AUX
cblr-14239	346	8	your	your	PRON
cblr-14239	346	9	issue	issue	NOUN
cblr-14239	346	10	?	?	PUNCT
cblr-14239	347	1	813	813	NUM
cblr-14239	347	2	difference	difference	NOUN
cblr-14239	347	3	in	in	ADP
cblr-14239	347	4	trading	trading	NOUN
cblr-14239	347	5	activity	activity	NOUN
cblr-14239	347	6	between	between	ADP
cblr-14239	347	7	sophisticated	sophisticated	ADJ
cblr-14239	347	8	traders	trader	NOUN
cblr-14239	347	9	and	and	CCONJ
cblr-14239	347	10	retail	retail	ADJ
cblr-14239	347	11	investors	investor	NOUN
cblr-14239	347	12	,	,	PUNCT
cblr-14239	347	13	and	and	CCONJ
cblr-14239	347	14	inefficiencies	inefficiency	NOUN
cblr-14239	347	15	can	can	AUX
cblr-14239	347	16	arise	arise	VERB
cblr-14239	347	17	when	when	SCONJ
cblr-14239	347	18	information	information	NOUN
cblr-14239	347	19	traders	trader	NOUN
cblr-14239	347	20	fail	fail	VERB
cblr-14239	347	21	to	to	PART
cblr-14239	347	22	capture	capture	VERB
cblr-14239	347	23	the	the	DET
cblr-14239	347	24	price	price	NOUN
cblr-14239	347	25	-	-	PUNCT
cblr-14239	347	26	value	value	NOUN
cblr-14239	347	27	deviation	deviation	NOUN
cblr-14239	347	28	created	create	VERB
cblr-14239	347	29	when	when	SCONJ
cblr-14239	347	30	noise	noise	NOUN
cblr-14239	347	31	traders	trader	NOUN
cblr-14239	347	32	seek	seek	VERB
cblr-14239	347	33	to	to	PART
cblr-14239	347	34	purchase	purchase	VERB
cblr-14239	347	35	undervalued	undervalue	VERB
cblr-14239	347	36	securities	security	NOUN
cblr-14239	347	37	on	on	ADP
cblr-14239	347	38	the	the	DET
cblr-14239	347	39	basis	basis	NOUN
cblr-14239	347	40	of	of	ADP
cblr-14239	347	41	information	information	NOUN
cblr-14239	347	42	already	already	ADV
cblr-14239	347	43	reflected	reflect	VERB
cblr-14239	347	44	in	in	ADP
cblr-14239	347	45	market	market	NOUN
cblr-14239	347	46	price.95	price.95	NOUN
cblr-14239	347	47	the	the	DET
cblr-14239	347	48	facts	fact	NOUN
cblr-14239	347	49	of	of	ADP
cblr-14239	347	50	pino	pino	NOUN
cblr-14239	347	51	lend	lend	VERB
cblr-14239	347	52	themselves	themselves	PRON
cblr-14239	347	53	to	to	ADP
cblr-14239	347	54	this	this	DET
cblr-14239	347	55	type	type	NOUN
cblr-14239	347	56	of	of	ADP
cblr-14239	347	57	distortion	distortion	NOUN
cblr-14239	347	58	as	as	SCONJ
cblr-14239	347	59	social	social	ADJ
cblr-14239	347	60	media	media	NOUN
cblr-14239	347	61	facilitates	facilitate	VERB
cblr-14239	347	62	the	the	DET
cblr-14239	347	63	proliferation	proliferation	NOUN
cblr-14239	347	64	of	of	ADP
cblr-14239	347	65	information	information	NOUN
cblr-14239	347	66	to	to	ADP
cblr-14239	347	67	inefficient	inefficient	ADJ
cblr-14239	347	68	retail	retail	ADJ
cblr-14239	347	69	investors	investor	NOUN
cblr-14239	347	70	on	on	ADP
cblr-14239	347	71	a	a	DET
cblr-14239	347	72	scale	scale	NOUN
cblr-14239	347	73	unseen	unseen	ADJ
cblr-14239	347	74	in	in	ADP
cblr-14239	347	75	2006	2006	NUM
cblr-14239	347	76	.	.	PUNCT
cblr-14239	348	1	when	when	SCONJ
cblr-14239	348	2	the	the	DET
cblr-14239	348	3	issuer	issuer	NOUN
cblr-14239	348	4	markets	market	NOUN
cblr-14239	348	5	not	not	PART
cblr-14239	348	6	just	just	ADV
cblr-14239	348	7	to	to	ADP
cblr-14239	348	8	sophisticated	sophisticated	ADJ
cblr-14239	348	9	investors	investor	NOUN
cblr-14239	348	10	with	with	ADP
cblr-14239	348	11	investing	invest	VERB
cblr-14239	348	12	knowledge	knowledge	NOUN
cblr-14239	348	13	and	and	CCONJ
cblr-14239	348	14	acumen	acuman	NOUN
cblr-14239	348	15	,	,	PUNCT
cblr-14239	348	16	but	but	CCONJ
cblr-14239	348	17	to	to	ADP
cblr-14239	348	18	retail	retail	ADJ
cblr-14239	348	19	investors	investor	NOUN
cblr-14239	348	20	as	as	ADV
cblr-14239	348	21	well	well	ADV
cblr-14239	348	22	,	,	PUNCT
cblr-14239	348	23	the	the	DET
cblr-14239	348	24	liability	liability	NOUN
cblr-14239	348	25	scheme	scheme	NOUN
cblr-14239	348	26	can	can	AUX
cblr-14239	348	27	be	be	AUX
cblr-14239	348	28	used	use	VERB
cblr-14239	348	29	to	to	PART
cblr-14239	348	30	limit	limit	VERB
cblr-14239	348	31	the	the	DET
cblr-14239	348	32	effects	effect	NOUN
cblr-14239	348	33	of	of	ADP
cblr-14239	348	34	mispricing	misprice	VERB
cblr-14239	348	35	on	on	ADP
cblr-14239	348	36	information	information	NOUN
cblr-14239	348	37	traders	trader	NOUN
cblr-14239	348	38	in	in	ADP
cblr-14239	348	39	addition	addition	NOUN
cblr-14239	348	40	to	to	ADP
cblr-14239	348	41	limiting	limit	VERB
cblr-14239	348	42	the	the	DET
cblr-14239	348	43	potential	potential	ADJ
cblr-14239	348	44	harms	harm	NOUN
cblr-14239	348	45	to	to	ADP
cblr-14239	348	46	retail	retail	ADJ
cblr-14239	348	47	investors	investor	NOUN
cblr-14239	348	48	.	.	PUNCT
cblr-14239	349	1	given	give	VERB
cblr-14239	349	2	that	that	SCONJ
cblr-14239	349	3	an	an	DET
cblr-14239	349	4	issuer	issuer	NOUN
cblr-14239	349	5	is	be	AUX
cblr-14239	349	6	likely	likely	ADJ
cblr-14239	349	7	the	the	DET
cblr-14239	349	8	cheapest	cheap	ADJ
cblr-14239	349	9	cost	cost	NOUN
cblr-14239	349	10	avoider	avoider	NOUN
cblr-14239	349	11	and	and	CCONJ
cblr-14239	349	12	thus	thus	ADV
cblr-14239	349	13	should	should	AUX
cblr-14239	349	14	bear	bear	VERB
cblr-14239	349	15	the	the	DET
cblr-14239	349	16	burden	burden	NOUN
cblr-14239	349	17	of	of	ADP
cblr-14239	349	18	disclosure	disclosure	NOUN
cblr-14239	349	19	,	,	PUNCT
cblr-14239	349	20	section	section	NOUN
cblr-14239	349	21	12(a)(2	12(a)(2	NUM
cblr-14239	349	22	)	)	PUNCT
cblr-14239	349	23	provides	provide	VERB
cblr-14239	349	24	a	a	DET
cblr-14239	349	25	disincentive	disincentive	NOUN
cblr-14239	349	26	that	that	PRON
cblr-14239	349	27	deters	deter	VERB
cblr-14239	349	28	material	material	NOUN
cblr-14239	349	29	misrepresentations	misrepresentation	NOUN
cblr-14239	349	30	or	or	CCONJ
cblr-14239	349	31	omissions	omission	NOUN
cblr-14239	349	32	.	.	PUNCT
cblr-14239	350	1	if	if	SCONJ
cblr-14239	350	2	an	an	DET
cblr-14239	350	3	issuer	issuer	NOUN
cblr-14239	350	4	is	be	AUX
cblr-14239	350	5	aware	aware	ADJ
cblr-14239	350	6	that	that	SCONJ
cblr-14239	350	7	it	it	PRON
cblr-14239	350	8	is	be	AUX
cblr-14239	350	9	subject	subject	ADJ
cblr-14239	350	10	to	to	ADP
cblr-14239	350	11	broad	broad	ADJ
cblr-14239	350	12	liability	liability	NOUN
cblr-14239	350	13	absent	absent	ADJ
cblr-14239	350	14	direct	direct	ADJ
cblr-14239	350	15	solicitation	solicitation	NOUN
cblr-14239	350	16	,	,	PUNCT
cblr-14239	350	17	said	say	VERB
cblr-14239	350	18	issuer	issuer	NOUN
cblr-14239	350	19	would	would	AUX
cblr-14239	350	20	be	be	AUX
cblr-14239	350	21	more	more	ADV
cblr-14239	350	22	cautious	cautious	ADJ
cblr-14239	350	23	in	in	ADP
cblr-14239	350	24	the	the	DET
cblr-14239	350	25	warranties	warranty	NOUN
cblr-14239	350	26	it	it	PRON
cblr-14239	350	27	makes	make	VERB
cblr-14239	350	28	in	in	ADP
cblr-14239	350	29	widely	widely	ADV
cblr-14239	350	30	disseminated	disseminate	VERB
cblr-14239	350	31	communications	communication	NOUN
cblr-14239	350	32	.	.	PUNCT
cblr-14239	351	1	greater	great	ADJ
cblr-14239	351	2	caution	caution	NOUN
cblr-14239	351	3	exercised	exercise	VERB
cblr-14239	351	4	by	by	ADP
cblr-14239	351	5	issuers	issuer	NOUN
cblr-14239	351	6	would	would	AUX
cblr-14239	351	7	prevent	prevent	VERB
cblr-14239	351	8	retail	retail	ADJ
cblr-14239	351	9	investors	investor	NOUN
cblr-14239	351	10	from	from	ADP
cblr-14239	351	11	being	be	AUX
cblr-14239	351	12	erroneously	erroneously	ADV
cblr-14239	351	13	induced	induce	VERB
cblr-14239	351	14	to	to	ADP
cblr-14239	351	15	investment	investment	NOUN
cblr-14239	351	16	,	,	PUNCT
cblr-14239	351	17	and	and	CCONJ
cblr-14239	351	18	if	if	SCONJ
cblr-14239	351	19	there	there	PRON
cblr-14239	351	20	are	be	VERB
cblr-14239	351	21	misrepresentations	misrepresentation	NOUN
cblr-14239	351	22	that	that	PRON
cblr-14239	351	23	advantage	advantage	VERB
cblr-14239	351	24	the	the	DET
cblr-14239	351	25	more	more	ADV
cblr-14239	351	26	sophisticated	sophisticated	ADJ
cblr-14239	351	27	issuers	issuer	NOUN
cblr-14239	351	28	,	,	PUNCT
cblr-14239	351	29	retail	retail	ADJ
cblr-14239	351	30	investors	investor	NOUN
cblr-14239	351	31	would	would	AUX
cblr-14239	351	32	have	have	VERB
cblr-14239	351	33	legal	legal	ADJ
cblr-14239	351	34	recourse	recourse	NOUN
cblr-14239	351	35	should	should	AUX
cblr-14239	351	36	they	they	PRON
cblr-14239	351	37	incur	incur	VERB
cblr-14239	351	38	injury	injury	PROPN
cblr-14239	351	39	.	.	PUNCT
cblr-14239	352	1	wildes	wilde	NOUN
cblr-14239	352	2	similarly	similarly	ADV
cblr-14239	352	3	demonstrates	demonstrate	VERB
cblr-14239	352	4	retail	retail	ADJ
cblr-14239	352	5	investors	investor	NOUN
cblr-14239	352	6	’	'	PUNCT
cblr-14239	352	7	vulnerabilities	vulnerability	NOUN
cblr-14239	352	8	when	when	SCONJ
cblr-14239	352	9	issuers	issuer	NOUN
cblr-14239	352	10	market	market	NOUN
cblr-14239	352	11	securities	security	NOUN
cblr-14239	352	12	on	on	ADP
cblr-14239	352	13	social	social	ADJ
cblr-14239	352	14	media	medium	NOUN
cblr-14239	352	15	.	.	PUNCT
cblr-14239	353	1	the	the	DET
cblr-14239	353	2	defendant	defendant	NOUN
cblr-14239	353	3	made	make	VERB
cblr-14239	353	4	use	use	NOUN
cblr-14239	353	5	of	of	ADP
cblr-14239	353	6	a	a	DET
cblr-14239	353	7	publicly	publicly	ADV
cblr-14239	353	8	accessible	accessible	ADJ
cblr-14239	353	9	website	website	NOUN
cblr-14239	353	10	to	to	PART
cblr-14239	353	11	advertise	advertise	VERB
cblr-14239	353	12	its	its	PRON
cblr-14239	353	13	cryptocurrency	cryptocurrency	NOUN
cblr-14239	353	14	investments	investment	NOUN
cblr-14239	353	15	before	before	ADP
cblr-14239	353	16	the	the	DET
cblr-14239	353	17	cryptocurrency	cryptocurrency	NOUN
cblr-14239	353	18	collapsed.96	collapsed.96	NOUN
cblr-14239	353	19	retail	retail	ADJ
cblr-14239	353	20	investors	investor	NOUN
cblr-14239	353	21	had	have	VERB
cblr-14239	353	22	access	access	NOUN
cblr-14239	353	23	to	to	ADP
cblr-14239	353	24	the	the	DET
cblr-14239	353	25	web	web	NOUN
cblr-14239	353	26	-	-	PUNCT
cblr-14239	353	27	based	base	VERB
cblr-14239	353	28	advertising	advertising	NOUN
cblr-14239	353	29	the	the	DET
cblr-14239	353	30	cryptocurrency	cryptocurrency	NOUN
cblr-14239	353	31	service	service	NOUN
cblr-14239	353	32	promulgated	promulgate	VERB
cblr-14239	353	33	.	.	PUNCT
cblr-14239	354	1	indeed	indeed	ADV
cblr-14239	354	2	,	,	PUNCT
cblr-14239	354	3	cryptocurrency	cryptocurrency	NOUN
cblr-14239	354	4	in	in	ADP
cblr-14239	354	5	particular	particular	ADJ
cblr-14239	354	6	has	have	AUX
cblr-14239	354	7	attracted	attract	VERB
cblr-14239	354	8	the	the	DET
cblr-14239	354	9	attention	attention	NOUN
cblr-14239	354	10	of	of	ADP
cblr-14239	354	11	retail	retail	ADJ
cblr-14239	354	12	investors,97	investors,97	NOUN
cblr-14239	354	13	perhaps	perhaps	ADV
cblr-14239	354	14	because	because	SCONJ
cblr-14239	354	15	95	95	NUM
cblr-14239	354	16	see	see	VERB
cblr-14239	354	17	i	i	PRON
cblr-14239	354	18	d.	d.	PROPN
cblr-14239	354	19	at	at	ADP
cblr-14239	354	20	742	742	NUM
cblr-14239	354	21	.	.	PUNCT
cblr-14239	355	1	96	96	NUM
cblr-14239	355	2	see	see	VERB
cblr-14239	355	3	wildes	wilde	NOUN
cblr-14239	355	4	v.	v.	ADP
cblr-14239	355	5	bitconnect	bitconnect	PROPN
cblr-14239	355	6	int’l	int’l	PROPN
cblr-14239	355	7	plc	plc	PROPN
cblr-14239	355	8	,	,	PUNCT
cblr-14239	355	9	25	25	NUM
cblr-14239	355	10	f.4th	f.4th	PROPN
cblr-14239	355	11	1341	1341	NUM
cblr-14239	355	12	,	,	PUNCT
cblr-14239	355	13	1344	1344	NUM
cblr-14239	355	14	(	(	PUNCT
cblr-14239	355	15	11th	11th	ADJ
cblr-14239	355	16	cir	cir	NOUN
cblr-14239	355	17	.	.	PUNCT
cblr-14239	355	18	2022	2022	NUM
cblr-14239	355	19	)	)	PUNCT
cblr-14239	355	20	.	.	PUNCT
cblr-14239	356	1	97	97	NUM
cblr-14239	356	2	fin	fin	NOUN
cblr-14239	356	3	.	.	PUNCT
cblr-14239	357	1	magnates	magnate	NOUN
cblr-14239	357	2	contributors	contributor	NOUN
cblr-14239	357	3	,	,	PUNCT
cblr-14239	357	4	exploring	explore	VERB
cblr-14239	357	5	the	the	DET
cblr-14239	357	6	surging	surge	VERB
cblr-14239	357	7	interest	interest	NOUN
cblr-14239	357	8	of	of	ADP
cblr-14239	357	9	retail	retail	ADJ
cblr-14239	357	10	investors	investor	NOUN
cblr-14239	357	11	in	in	ADP
cblr-14239	357	12	cryptocurrency	cryptocurrency	NOUN
cblr-14239	357	13	in	in	ADP
cblr-14239	357	14	2023	2023	NUM
cblr-14239	357	15	,	,	PUNCT
cblr-14239	357	16	finance	finance	NOUN
cblr-14239	357	17	magnates	magnate	NOUN
cblr-14239	357	18	(	(	PUNCT
cblr-14239	357	19	sept	sept	PROPN
cblr-14239	357	20	.	.	PROPN
cblr-14239	357	21	5	5	NUM
cblr-14239	357	22	,	,	PUNCT
cblr-14239	357	23	2023	2023	NUM
cblr-14239	357	24	)	)	PUNCT
cblr-14239	357	25	,	,	PUNCT
cblr-14239	357	26	https://www.financemagnates.com/cryptocurrency/education-centre/exploring-the	https://www.financemagnates.com/cryptocurrency/education-centre/exploring-the	DET
cblr-14239	357	27	814	814	NUM
cblr-14239	357	28	columbia	columbia	PROPN
cblr-14239	357	29	business	business	NOUN
cblr-14239	357	30	law	law	NOUN
cblr-14239	357	31	review	review	NOUN
cblr-14239	357	32	[	[	X
cblr-14239	357	33	vol	vol	NOUN
cblr-14239	357	34	.	.	NOUN
cblr-14239	357	35	2024	2024	NUM
cblr-14239	357	36	of	of	ADP
cblr-14239	357	37	retail	retail	ADJ
cblr-14239	357	38	investors	investor	NOUN
cblr-14239	357	39	’	'	PUNCT
cblr-14239	357	40	tendency	tendency	NOUN
cblr-14239	357	41	of	of	ADP
cblr-14239	357	42	incaution	incaution	NOUN
cblr-14239	357	43	towards	towards	ADP
cblr-14239	357	44	speculative	speculative	ADJ
cblr-14239	357	45	investment	investment	NOUN
cblr-14239	357	46	opportunities.98	opportunities.98	ADP
cblr-14239	357	47	the	the	DET
cblr-14239	357	48	accessibility	accessibility	NOUN
cblr-14239	357	49	of	of	ADP
cblr-14239	357	50	these	these	DET
cblr-14239	357	51	advertised	advertise	VERB
cblr-14239	357	52	investment	investment	NOUN
cblr-14239	357	53	opportunities	opportunity	NOUN
cblr-14239	357	54	coupled	couple	VERB
cblr-14239	357	55	with	with	ADP
cblr-14239	357	56	their	their	PRON
cblr-14239	357	57	speculative	speculative	ADJ
cblr-14239	357	58	risk	risk	NOUN
cblr-14239	357	59	may	may	AUX
cblr-14239	357	60	implicate	implicate	VERB
cblr-14239	357	61	the	the	DET
cblr-14239	357	62	investor	investor	NOUN
cblr-14239	357	63	protection	protection	NOUN
cblr-14239	357	64	concerns	concern	NOUN
cblr-14239	357	65	of	of	ADP
cblr-14239	357	66	the	the	DET
cblr-14239	357	67	securities	security	NOUN
cblr-14239	357	68	act	act	VERB
cblr-14239	357	69	more	more	ADJ
cblr-14239	357	70	than	than	ADP
cblr-14239	357	71	a	a	DET
cblr-14239	357	72	private	private	ADJ
cblr-14239	357	73	placement	placement	NOUN
cblr-14239	357	74	with	with	ADP
cblr-14239	357	75	sophisticated	sophisticated	ADJ
cblr-14239	357	76	investors	investor	NOUN
cblr-14239	357	77	would	would	AUX
cblr-14239	357	78	.	.	PUNCT
cblr-14239	358	1	as	as	ADP
cblr-14239	358	2	such	such	ADJ
cblr-14239	358	3	,	,	PUNCT
cblr-14239	358	4	an	an	DET
cblr-14239	358	5	investor	investor	NOUN
cblr-14239	358	6	sophistication	sophistication	NOUN
cblr-14239	358	7	standard	standard	NOUN
cblr-14239	358	8	would	would	AUX
cblr-14239	358	9	offer	offer	VERB
cblr-14239	358	10	expanded	expand	VERB
cblr-14239	358	11	liability	liability	NOUN
cblr-14239	358	12	for	for	ADP
cblr-14239	358	13	this	this	DET
cblr-14239	358	14	greater	great	ADJ
cblr-14239	358	15	interest	interest	NOUN
cblr-14239	358	16	in	in	ADP
cblr-14239	358	17	investor	investor	NOUN
cblr-14239	358	18	protection	protection	NOUN
cblr-14239	358	19	when	when	SCONJ
cblr-14239	358	20	widespread	widespread	ADJ
cblr-14239	358	21	advertisements	advertisement	NOUN
cblr-14239	358	22	induce	induce	VERB
cblr-14239	358	23	investment	investment	NOUN
cblr-14239	358	24	in	in	ADP
cblr-14239	358	25	risky	risky	ADJ
cblr-14239	358	26	endeavors	endeavor	NOUN
cblr-14239	358	27	and	and	CCONJ
cblr-14239	358	28	unsophisticated	unsophisticated	ADJ
cblr-14239	358	29	actors	actor	NOUN
cblr-14239	358	30	do	do	AUX
cblr-14239	358	31	not	not	PART
cblr-14239	358	32	have	have	VERB
cblr-14239	358	33	the	the	DET
cblr-14239	358	34	experience	experience	NOUN
cblr-14239	358	35	or	or	CCONJ
cblr-14239	358	36	knowledge	knowledge	NOUN
cblr-14239	358	37	to	to	PART
cblr-14239	358	38	avoid	avoid	VERB
cblr-14239	358	39	the	the	DET
cblr-14239	358	40	cost	cost	NOUN
cblr-14239	358	41	of	of	ADP
cblr-14239	358	42	that	that	DET
cblr-14239	358	43	risk	risk	NOUN
cblr-14239	358	44	in	in	ADP
cblr-14239	358	45	the	the	DET
cblr-14239	358	46	cheapest	cheap	ADJ
cblr-14239	358	47	manner.99	manner.99	NOUN
cblr-14239	358	48	if	if	SCONJ
cblr-14239	358	49	the	the	DET
cblr-14239	358	50	facts	fact	NOUN
cblr-14239	358	51	of	of	ADP
cblr-14239	358	52	wildes	wilde	NOUN
cblr-14239	358	53	were	be	AUX
cblr-14239	358	54	to	to	PART
cblr-14239	358	55	remain	remain	VERB
cblr-14239	358	56	the	the	DET
cblr-14239	358	57	same	same	ADJ
cblr-14239	358	58	,	,	PUNCT
cblr-14239	358	59	with	with	ADP
cblr-14239	358	60	the	the	DET
cblr-14239	358	61	exception	exception	NOUN
cblr-14239	358	62	that	that	PRON
cblr-14239	358	63	the	the	DET
cblr-14239	358	64	cryptocurrency	cryptocurrency	NOUN
cblr-14239	358	65	investments	investment	NOUN
cblr-14239	358	66	were	be	AUX
cblr-14239	358	67	privately	privately	ADV
cblr-14239	358	68	placed	place	VERB
cblr-14239	358	69	under	under	ADP
cblr-14239	358	70	a	a	DET
cblr-14239	358	71	regulatory	regulatory	ADJ
cblr-14239	358	72	regime	regime	NOUN
cblr-14239	358	73	similar	similar	ADJ
cblr-14239	358	74	to	to	ADP
cblr-14239	358	75	rules	rule	NOUN
cblr-14239	358	76	506	506	NUM
cblr-14239	358	77	and	and	CCONJ
cblr-14239	358	78	144a	144a	NUM
cblr-14239	358	79	,	,	PUNCT
cblr-14239	358	80	the	the	DET
cblr-14239	358	81	liability	liability	NOUN
cblr-14239	358	82	scheme	scheme	NOUN
cblr-14239	358	83	could	could	AUX
cblr-14239	358	84	narrow	narrow	VERB
cblr-14239	358	85	.	.	PUNCT
cblr-14239	359	1	sophisticated	sophisticated	ADJ
cblr-14239	359	2	investors	investor	NOUN
cblr-14239	359	3	possess	possess	VERB
cblr-14239	359	4	more	more	ADJ
cblr-14239	359	5	knowledge	knowledge	NOUN
cblr-14239	359	6	to	to	PART
cblr-14239	359	7	evaluate	evaluate	VERB
cblr-14239	359	8	speculative	speculative	ADJ
cblr-14239	359	9	opportunities	opportunity	NOUN
cblr-14239	359	10	and	and	CCONJ
cblr-14239	359	11	have	have	VERB
cblr-14239	359	12	more	more	ADJ
cblr-14239	359	13	experience	experience	NOUN
cblr-14239	359	14	in	in	ADP
cblr-14239	359	15	speculative	speculative	ADJ
cblr-14239	359	16	investment	investment	NOUN
cblr-14239	359	17	,	,	PUNCT
cblr-14239	359	18	subjecting	subject	VERB
cblr-14239	359	19	them	they	PRON
cblr-14239	359	20	to	to	ADP
cblr-14239	359	21	heightened	heighten	VERB
cblr-14239	359	22	scrutiny	scrutiny	NOUN
cblr-14239	359	23	and	and	CCONJ
cblr-14239	359	24	responsibility	responsibility	NOUN
cblr-14239	359	25	for	for	ADP
cblr-14239	359	26	their	their	PRON
cblr-14239	359	27	investment	investment	NOUN
cblr-14239	359	28	decisions.100	decisions.100	NOUN
cblr-14239	359	29	understanding	understand	VERB
cblr-14239	359	30	the	the	DET
cblr-14239	359	31	investment	investment	NOUN
cblr-14239	359	32	’s	’s	PART
cblr-14239	359	33	riskiness	riskiness	NOUN
cblr-14239	359	34	,	,	PUNCT
cblr-14239	359	35	sophisticated	sophisticated	ADJ
cblr-14239	359	36	investors	investor	NOUN
cblr-14239	359	37	are	be	AUX
cblr-14239	359	38	likely	likely	ADJ
cblr-14239	359	39	the	the	DET
cblr-14239	359	40	cheapest	cheap	ADJ
cblr-14239	359	41	cost	cost	NOUN
cblr-14239	359	42	avoider	avoider	NOUN
cblr-14239	359	43	to	to	PART
cblr-14239	359	44	assume	assume	VERB
cblr-14239	359	45	the	the	DET
cblr-14239	359	46	risk	risk	NOUN
cblr-14239	359	47	and	and	CCONJ
cblr-14239	359	48	conduct	conduct	VERB
cblr-14239	359	49	the	the	DET
cblr-14239	359	50	cost	cost	NOUN
cblr-14239	359	51	-	-	PUNCT
cblr-14239	359	52	benefit	benefit	NOUN
cblr-14239	359	53	analysis	analysis	NOUN
cblr-14239	359	54	of	of	ADP
cblr-14239	359	55	the	the	DET
cblr-14239	359	56	investment	investment	NOUN
cblr-14239	359	57	opportunity.101	opportunity.101	NOUN
cblr-14239	359	58	surging	surge	VERB
cblr-14239	359	59	-	-	PUNCT
cblr-14239	359	60	interest	interest	NOUN
cblr-14239	359	61	-	-	PUNCT
cblr-14239	359	62	of	of	ADP
cblr-14239	359	63	-	-	PUNCT
cblr-14239	359	64	retail	retail	NOUN
cblr-14239	359	65	-	-	PUNCT
cblr-14239	359	66	investors	investor	NOUN
cblr-14239	359	67	-	-	PUNCT
cblr-14239	359	68	in	in	ADP
cblr-14239	359	69	-	-	PUNCT
cblr-14239	359	70	cryptocurrency	cryptocurrency	NOUN
cblr-14239	359	71	-	-	PUNCT
cblr-14239	359	72	in-2023/	in-2023/	NOUN
cblr-14239	359	73	[	[	X
cblr-14239	359	74	https://perma.cc/dl3d-jesn	https://perma.cc/dl3d-jesn	X
cblr-14239	359	75	]	]	X
cblr-14239	359	76	.	.	PUNCT
cblr-14239	360	1	98	98	NUM
cblr-14239	360	2	melisa	melisa	PROPN
cblr-14239	360	3	ozdamar	ozdamar	PROPN
cblr-14239	360	4	et	et	PROPN
cblr-14239	360	5	al	al	PROPN
cblr-14239	360	6	.	.	PROPN
cblr-14239	360	7	,	,	PUNCT
cblr-14239	360	8	retail	retail	NOUN
cblr-14239	360	9	vs	vs	ADP
cblr-14239	360	10	institutional	institutional	ADJ
cblr-14239	360	11	investor	investor	NOUN
cblr-14239	360	12	attention	attention	NOUN
cblr-14239	360	13	in	in	ADP
cblr-14239	360	14	the	the	DET
cblr-14239	360	15	cryptocurrency	cryptocurrency	NOUN
cblr-14239	360	16	market	market	NOUN
cblr-14239	360	17	,	,	PUNCT
cblr-14239	360	18	j.	j.	PROPN
cblr-14239	360	19	int’l	int’l	PROPN
cblr-14239	360	20	fin	fin	PROPN
cblr-14239	360	21	.	.	PUNCT
cblr-14239	361	1	mkts	mkts	NOUN
cblr-14239	361	2	.	.	PUNCT
cblr-14239	361	3	,	,	PUNCT
cblr-14239	361	4	insts	inst	NOUN
cblr-14239	361	5	.	.	PUNCT
cblr-14239	362	1	and	and	CCONJ
cblr-14239	362	2	money	money	NOUN
cblr-14239	362	3	,	,	PUNCT
cblr-14239	362	4	nov	nov	PROPN
cblr-14239	362	5	.	.	PROPN
cblr-14239	362	6	2022	2022	NUM
cblr-14239	362	7	,	,	PUNCT
cblr-14239	362	8	at	at	ADP
cblr-14239	362	9	11	11	NUM
cblr-14239	362	10	(	(	PUNCT
cblr-14239	362	11	suggesting	suggest	VERB
cblr-14239	362	12	that	that	SCONJ
cblr-14239	362	13	retail	retail	ADJ
cblr-14239	362	14	investors	investor	NOUN
cblr-14239	362	15	are	be	AUX
cblr-14239	362	16	less	less	ADV
cblr-14239	362	17	likely	likely	ADJ
cblr-14239	362	18	to	to	PART
cblr-14239	362	19	respond	respond	VERB
cblr-14239	362	20	to	to	ADP
cblr-14239	362	21	speculative	speculative	ADJ
cblr-14239	362	22	risks	risk	NOUN
cblr-14239	362	23	)	)	PUNCT
cblr-14239	362	24	.	.	PUNCT
cblr-14239	363	1	but	but	CCONJ
cblr-14239	363	2	cf	cf	X
cblr-14239	363	3	.	.	PUNCT
cblr-14239	364	1	kacperczyk	kacperczyk	PROPN
cblr-14239	364	2	et	et	PROPN
cblr-14239	364	3	al	al	PROPN
cblr-14239	364	4	.	.	PROPN
cblr-14239	364	5	,	,	PUNCT
cblr-14239	364	6	supra	supra	PROPN
cblr-14239	364	7	note	note	VERB
cblr-14239	364	8	39	39	NUM
cblr-14239	364	9	(	(	PUNCT
cblr-14239	364	10	suggesting	suggest	VERB
cblr-14239	364	11	that	that	SCONJ
cblr-14239	364	12	retail	retail	ADJ
cblr-14239	364	13	investors	investor	NOUN
cblr-14239	364	14	are	be	AUX
cblr-14239	364	15	more	more	ADJ
cblr-14239	364	16	risk	risk	NOUN
cblr-14239	364	17	-	-	PUNCT
cblr-14239	364	18	averse	averse	ADJ
cblr-14239	364	19	)	)	PUNCT
cblr-14239	364	20	.	.	PUNCT
cblr-14239	365	1	99	99	NUM
cblr-14239	365	2	a	a	DET
cblr-14239	365	3	potential	potential	ADJ
cblr-14239	365	4	criticism	criticism	NOUN
cblr-14239	365	5	and	and	CCONJ
cblr-14239	365	6	potential	potential	ADJ
cblr-14239	365	7	rationale	rationale	NOUN
cblr-14239	365	8	for	for	ADP
cblr-14239	365	9	cabining	cabin	VERB
cblr-14239	365	10	expanding	expand	VERB
cblr-14239	365	11	liability	liability	NOUN
cblr-14239	365	12	to	to	ADP
cblr-14239	365	13	mass	mass	ADJ
cblr-14239	365	14	communication	communication	NOUN
cblr-14239	365	15	would	would	AUX
cblr-14239	365	16	be	be	AUX
cblr-14239	365	17	that	that	PRON
cblr-14239	365	18	broad	broad	ADJ
cblr-14239	365	19	standing	standing	NOUN
cblr-14239	365	20	to	to	PART
cblr-14239	365	21	claim	claim	VERB
cblr-14239	365	22	12(a)(2	12(a)(2	NUM
cblr-14239	365	23	)	)	PUNCT
cblr-14239	365	24	liability	liability	NOUN
cblr-14239	365	25	upon	upon	SCONJ
cblr-14239	365	26	the	the	DET
cblr-14239	365	27	identification	identification	NOUN
cblr-14239	365	28	of	of	ADP
cblr-14239	365	29	a	a	DET
cblr-14239	365	30	material	material	ADJ
cblr-14239	365	31	misrepresentation	misrepresentation	NOUN
cblr-14239	365	32	or	or	CCONJ
cblr-14239	365	33	omission	omission	NOUN
cblr-14239	365	34	presents	present	VERB
cblr-14239	365	35	a	a	DET
cblr-14239	365	36	moral	moral	ADJ
cblr-14239	365	37	hazard	hazard	NOUN
cblr-14239	365	38	that	that	PRON
cblr-14239	365	39	encourages	encourage	VERB
cblr-14239	365	40	speculation	speculation	NOUN
cblr-14239	365	41	in	in	ADP
cblr-14239	365	42	risky	risky	ADJ
cblr-14239	365	43	ventures	venture	NOUN
cblr-14239	365	44	.	.	PUNCT
cblr-14239	366	1	100	100	NUM
cblr-14239	366	2	see	see	VERB
cblr-14239	366	3	c.	c.	PROPN
cblr-14239	366	4	edward	edward	PROPN
cblr-14239	366	5	fletcher	fletcher	PROPN
cblr-14239	366	6	,	,	PUNCT
cblr-14239	366	7	iii	iii	PROPN
cblr-14239	366	8	,	,	PUNCT
cblr-14239	366	9	sophisticated	sophisticated	ADJ
cblr-14239	366	10	investors	investor	NOUN
cblr-14239	366	11	under	under	ADP
cblr-14239	366	12	the	the	DET
cblr-14239	366	13	federal	federal	ADJ
cblr-14239	366	14	securities	security	NOUN
cblr-14239	366	15	laws	law	NOUN
cblr-14239	366	16	,	,	PUNCT
cblr-14239	366	17	1988	1988	NUM
cblr-14239	366	18	duke	duke	PROPN
cblr-14239	366	19	l.j	l.j	PROPN
cblr-14239	366	20	.	.	PROPN
cblr-14239	366	21	1081	1081	NUM
cblr-14239	366	22	,	,	PUNCT
cblr-14239	366	23	1089	1089	NUM
cblr-14239	366	24	(	(	PUNCT
cblr-14239	366	25	1988	1988	NUM
cblr-14239	366	26	)	)	PUNCT
cblr-14239	366	27	(	(	PUNCT
cblr-14239	366	28	citing	cite	VERB
cblr-14239	366	29	eichen	eichen	ADV
cblr-14239	366	30	v.	v.	PROPN
cblr-14239	366	31	e.f	e.f	PROPN
cblr-14239	366	32	.	.	PROPN
cblr-14239	366	33	hutton	hutton	PROPN
cblr-14239	366	34	&	&	CCONJ
cblr-14239	366	35	co.	co.	PROPN
cblr-14239	366	36	,	,	PUNCT
cblr-14239	366	37	inc	inc	PROPN
cblr-14239	366	38	.	.	PROPN
cblr-14239	366	39	,	,	PUNCT
cblr-14239	366	40	402	402	NUM
cblr-14239	366	41	f.	f.	PROPN
cblr-14239	366	42	supp	supp	PROPN
cblr-14239	366	43	.	.	PUNCT
cblr-14239	367	1	823	823	NUM
cblr-14239	367	2	,	,	PUNCT
cblr-14239	367	3	830–31	830–31	PROPN
cblr-14239	367	4	(	(	PUNCT
cblr-14239	367	5	s.d	s.d	PROPN
cblr-14239	367	6	.	.	PROPN
cblr-14239	367	7	cal	cal	PROPN
cblr-14239	367	8	.	.	PUNCT
cblr-14239	367	9	1975	1975	NUM
cblr-14239	367	10	)	)	PUNCT
cblr-14239	367	11	)	)	PUNCT
cblr-14239	367	12	.	.	PUNCT
cblr-14239	368	1	101	101	NUM
cblr-14239	368	2	arguably	arguably	ADV
cblr-14239	368	3	a	a	DET
cblr-14239	368	4	retail	retail	ADJ
cblr-14239	368	5	investor	investor	NOUN
cblr-14239	368	6	similarly	similarly	ADV
cblr-14239	368	7	understands	understand	VERB
cblr-14239	368	8	the	the	DET
cblr-14239	368	9	risk	risk	NOUN
cblr-14239	368	10	of	of	ADP
cblr-14239	368	11	a	a	DET
cblr-14239	368	12	speculative	speculative	ADJ
cblr-14239	368	13	investment	investment	NOUN
cblr-14239	368	14	,	,	PUNCT
cblr-14239	368	15	even	even	ADV
cblr-14239	368	16	if	if	SCONJ
cblr-14239	368	17	not	not	PART
cblr-14239	368	18	to	to	ADP
cblr-14239	368	19	the	the	DET
cblr-14239	368	20	same	same	ADJ
cblr-14239	368	21	extent	extent	NOUN
cblr-14239	368	22	as	as	ADP
cblr-14239	368	23	a	a	DET
cblr-14239	368	24	sophisticated	sophisticated	ADJ
cblr-14239	368	25	investor	investor	NOUN
cblr-14239	368	26	.	.	PUNCT
cblr-14239	369	1	whilst	whilst	SCONJ
cblr-14239	369	2	this	this	PRON
cblr-14239	369	3	provides	provide	VERB
cblr-14239	369	4	some	some	DET
cblr-14239	369	5	rationale	rationale	NOUN
cblr-14239	369	6	for	for	ADP
cblr-14239	369	7	excluding	exclude	VERB
cblr-14239	369	8	speculative	speculative	ADJ
cblr-14239	369	9	investments	investment	NOUN
cblr-14239	369	10	from	from	ADP
cblr-14239	369	11	the	the	DET
cblr-14239	369	12	investor	investor	NOUN
cblr-14239	369	13	no	no	INTJ
cblr-14239	369	14	.	.	NOUN
cblr-14239	370	1	2	2	NUM
cblr-14239	370	2	]	]	PUNCT
cblr-14239	370	3	with	with	ADP
cblr-14239	370	4	whom	whom	PRON
cblr-14239	370	5	is	be	AUX
cblr-14239	370	6	your	your	PRON
cblr-14239	370	7	issue	issue	NOUN
cblr-14239	370	8	?	?	PUNCT
cblr-14239	371	1	815	815	NUM
cblr-14239	372	1	an	an	DET
cblr-14239	372	2	investor	investor	NOUN
cblr-14239	372	3	sophistication	sophistication	NOUN
cblr-14239	372	4	standard	standard	NOUN
cblr-14239	372	5	provides	provide	VERB
cblr-14239	372	6	for	for	ADP
cblr-14239	372	7	a	a	DET
cblr-14239	372	8	nuanced	nuanced	ADJ
cblr-14239	372	9	approach	approach	NOUN
cblr-14239	372	10	to	to	ADP
cblr-14239	372	11	securities	security	NOUN
cblr-14239	372	12	regulation	regulation	NOUN
cblr-14239	372	13	that	that	PRON
cblr-14239	372	14	balances	balance	VERB
cblr-14239	372	15	investor	investor	NOUN
cblr-14239	372	16	protection	protection	NOUN
cblr-14239	372	17	through	through	ADP
cblr-14239	372	18	compensatory	compensatory	ADJ
cblr-14239	372	19	measures	measure	NOUN
cblr-14239	372	20	for	for	ADP
cblr-14239	372	21	loss	loss	NOUN
cblr-14239	372	22	arising	arise	VERB
cblr-14239	372	23	from	from	ADP
cblr-14239	372	24	material	material	ADJ
cblr-14239	372	25	misrepresentations	misrepresentation	NOUN
cblr-14239	372	26	and	and	CCONJ
cblr-14239	372	27	omissions	omission	NOUN
cblr-14239	372	28	with	with	ADP
cblr-14239	372	29	market	market	NOUN
cblr-14239	372	30	efficiency	efficiency	NOUN
cblr-14239	372	31	.	.	PUNCT
cblr-14239	373	1	importantly	importantly	ADV
cblr-14239	373	2	,	,	PUNCT
cblr-14239	373	3	an	an	DET
cblr-14239	373	4	investor	investor	NOUN
cblr-14239	373	5	sophistication	sophistication	NOUN
cblr-14239	373	6	standard	standard	NOUN
cblr-14239	373	7	allocates	allocate	VERB
cblr-14239	373	8	risk	risk	NOUN
cblr-14239	373	9	in	in	ADP
cblr-14239	373	10	a	a	DET
cblr-14239	373	11	way	way	NOUN
cblr-14239	373	12	that	that	PRON
cblr-14239	373	13	optimally	optimally	ADV
cblr-14239	373	14	incentivizes	incentivize	VERB
cblr-14239	373	15	accurate	accurate	ADJ
cblr-14239	373	16	disclosures	disclosure	NOUN
cblr-14239	373	17	and	and	CCONJ
cblr-14239	373	18	minimizes	minimize	VERB
cblr-14239	373	19	the	the	DET
cblr-14239	373	20	cost	cost	NOUN
cblr-14239	373	21	of	of	ADP
cblr-14239	373	22	policing	policing	NOUN
cblr-14239	373	23	misrepresentations	misrepresentation	NOUN
cblr-14239	373	24	,	,	PUNCT
cblr-14239	373	25	whilst	whilst	SCONJ
cblr-14239	373	26	still	still	ADV
cblr-14239	373	27	encouraging	encourage	VERB
cblr-14239	373	28	mutually	mutually	ADV
cblr-14239	373	29	beneficial	beneficial	ADJ
cblr-14239	373	30	transactions	transaction	NOUN
cblr-14239	373	31	.	.	PUNCT
cblr-14239	374	1	b.	b.	PROPN
cblr-14239	374	2	capri	capri	PROPN
cblr-14239	374	3	and	and	CCONJ
cblr-14239	374	4	craftmatic	craftmatic	PROPN
cblr-14239	374	5	’s	’s	PART
cblr-14239	374	6	direct	direct	ADJ
cblr-14239	374	7	solicitation	solicitation	NOUN
cblr-14239	374	8	requirement	requirement	NOUN
cblr-14239	374	9	an	an	DET
cblr-14239	374	10	investor	investor	NOUN
cblr-14239	374	11	sophistication	sophistication	NOUN
cblr-14239	374	12	standard	standard	NOUN
cblr-14239	374	13	is	be	AUX
cblr-14239	374	14	not	not	PART
cblr-14239	374	15	in	in	ADP
cblr-14239	374	16	conflict	conflict	NOUN
cblr-14239	374	17	with	with	ADP
cblr-14239	374	18	the	the	DET
cblr-14239	374	19	direct	direct	ADJ
cblr-14239	374	20	solicitation	solicitation	NOUN
cblr-14239	374	21	requirements	requirement	NOUN
cblr-14239	374	22	detailed	detail	VERB
cblr-14239	374	23	in	in	ADP
cblr-14239	374	24	capri	capri	NOUN
cblr-14239	374	25	and	and	CCONJ
cblr-14239	374	26	craftmatic	craftmatic	NOUN
cblr-14239	374	27	.	.	PUNCT
cblr-14239	375	1	rather	rather	ADV
cblr-14239	375	2	,	,	PUNCT
cblr-14239	375	3	it	it	PRON
cblr-14239	375	4	serves	serve	VERB
cblr-14239	375	5	to	to	PART
cblr-14239	375	6	supplement	supplement	VERB
cblr-14239	375	7	the	the	DET
cblr-14239	375	8	standard	standard	NOUN
cblr-14239	375	9	by	by	ADP
cblr-14239	375	10	applying	apply	VERB
cblr-14239	375	11	a	a	DET
cblr-14239	375	12	direct	direct	ADJ
cblr-14239	375	13	solicitation	solicitation	NOUN
cblr-14239	375	14	test	test	NOUN
cblr-14239	375	15	when	when	SCONJ
cblr-14239	375	16	reasonable	reasonable	ADJ
cblr-14239	375	17	and	and	CCONJ
cblr-14239	375	18	forgoing	forgo	VERB
cblr-14239	375	19	such	such	DET
cblr-14239	375	20	a	a	DET
cblr-14239	375	21	test	test	NOUN
cblr-14239	375	22	when	when	SCONJ
cblr-14239	375	23	prudent	prudent	ADJ
cblr-14239	375	24	.	.	PUNCT
cblr-14239	376	1	the	the	DET
cblr-14239	376	2	facts	fact	NOUN
cblr-14239	376	3	of	of	ADP
cblr-14239	376	4	capri	capri	NOUN
cblr-14239	376	5	are	be	AUX
cblr-14239	376	6	such	such	ADJ
cblr-14239	376	7	that	that	SCONJ
cblr-14239	376	8	a	a	DET
cblr-14239	376	9	direct	direct	ADJ
cblr-14239	376	10	solicitation	solicitation	NOUN
cblr-14239	376	11	test	test	NOUN
cblr-14239	376	12	is	be	AUX
cblr-14239	376	13	reasonable	reasonable	ADJ
cblr-14239	376	14	and	and	CCONJ
cblr-14239	376	15	forgoing	forgo	VERB
cblr-14239	376	16	such	such	DET
cblr-14239	376	17	a	a	DET
cblr-14239	376	18	test	test	NOUN
cblr-14239	376	19	would	would	AUX
cblr-14239	376	20	not	not	PART
cblr-14239	376	21	be	be	AUX
cblr-14239	376	22	prudent	prudent	ADJ
cblr-14239	376	23	.	.	PUNCT
cblr-14239	377	1	in	in	ADP
cblr-14239	377	2	capri	capri	NOUN
cblr-14239	377	3	,	,	PUNCT
cblr-14239	377	4	the	the	DET
cblr-14239	377	5	plaintiffs	plaintiff	NOUN
cblr-14239	377	6	held	hold	VERB
cblr-14239	377	7	a	a	DET
cblr-14239	377	8	forty	forty	NUM
cblr-14239	377	9	-	-	PUNCT
cblr-14239	377	10	five	five	NUM
cblr-14239	377	11	percent	percent	NOUN
cblr-14239	377	12	ownership	ownership	NOUN
cblr-14239	377	13	interest	interest	NOUN
cblr-14239	377	14	in	in	ADP
cblr-14239	377	15	a	a	DET
cblr-14239	377	16	coalmining	coalmine	VERB
cblr-14239	377	17	venture	venture	NOUN
cblr-14239	377	18	of	of	ADP
cblr-14239	377	19	which	which	PRON
cblr-14239	377	20	the	the	DET
cblr-14239	377	21	defendant	defendant	NOUN
cblr-14239	377	22	is	be	AUX
cblr-14239	377	23	a	a	DET
cblr-14239	377	24	general	general	ADJ
cblr-14239	377	25	partner.102	partner.102	NOUN
cblr-14239	377	26	prior	prior	ADV
cblr-14239	377	27	to	to	ADP
cblr-14239	377	28	investing	invest	VERB
cblr-14239	377	29	in	in	ADP
cblr-14239	377	30	the	the	DET
cblr-14239	377	31	coalmining	coalmine	VERB
cblr-14239	377	32	venture	venture	NOUN
cblr-14239	377	33	,	,	PUNCT
cblr-14239	377	34	the	the	DET
cblr-14239	377	35	plaintiffs	plaintiff	NOUN
cblr-14239	377	36	had	have	VERB
cblr-14239	377	37	no	no	DET
cblr-14239	377	38	experience	experience	NOUN
cblr-14239	377	39	in	in	ADP
cblr-14239	377	40	the	the	DET
cblr-14239	377	41	coal	coal	NOUN
cblr-14239	377	42	industry.103	industry.103	NOUN
cblr-14239	377	43	but	but	CCONJ
cblr-14239	377	44	plaintiffs	plaintiff	NOUN
cblr-14239	377	45	were	be	AUX
cblr-14239	377	46	in	in	ADP
cblr-14239	377	47	communication	communication	NOUN
cblr-14239	377	48	with	with	ADP
cblr-14239	377	49	fain	fain	PROPN
cblr-14239	377	50	,	,	PUNCT
cblr-14239	377	51	who	who	PRON
cblr-14239	377	52	owned	own	VERB
cblr-14239	377	53	roughly	roughly	ADV
cblr-14239	377	54	10	10	NUM
cblr-14239	377	55	%	%	NOUN
cblr-14239	377	56	of	of	ADP
cblr-14239	377	57	the	the	DET
cblr-14239	377	58	coalmining	coalmining	NOUN
cblr-14239	377	59	venture,104	venture,104	PUNCT
cblr-14239	378	1	whose	whose	DET
cblr-14239	378	2	sophistication	sophistication	NOUN
cblr-14239	378	3	standard	standard	NOUN
cblr-14239	378	4	proposed	propose	VERB
cblr-14239	378	5	,	,	PUNCT
cblr-14239	378	6	one	one	PRON
cblr-14239	378	7	must	must	AUX
cblr-14239	378	8	acknowledge	acknowledge	VERB
cblr-14239	378	9	that	that	SCONJ
cblr-14239	378	10	even	even	ADV
cblr-14239	378	11	if	if	SCONJ
cblr-14239	378	12	a	a	DET
cblr-14239	378	13	retail	retail	ADJ
cblr-14239	378	14	investor	investor	NOUN
cblr-14239	378	15	recognizes	recognize	VERB
cblr-14239	378	16	the	the	DET
cblr-14239	378	17	greater	great	ADJ
cblr-14239	378	18	risk	risk	NOUN
cblr-14239	378	19	that	that	SCONJ
cblr-14239	378	20	a	a	DET
cblr-14239	378	21	speculative	speculative	ADJ
cblr-14239	378	22	investment	investment	NOUN
cblr-14239	378	23	carries	carry	VERB
cblr-14239	378	24	,	,	PUNCT
cblr-14239	378	25	a	a	DET
cblr-14239	378	26	retail	retail	ADJ
cblr-14239	378	27	investor	investor	NOUN
cblr-14239	378	28	may	may	AUX
cblr-14239	378	29	not	not	PART
cblr-14239	378	30	be	be	AUX
cblr-14239	378	31	equipped	equip	VERB
cblr-14239	378	32	with	with	ADP
cblr-14239	378	33	the	the	DET
cblr-14239	378	34	knowledge	knowledge	NOUN
cblr-14239	378	35	or	or	CCONJ
cblr-14239	378	36	access	access	NOUN
cblr-14239	378	37	to	to	ADP
cblr-14239	378	38	information	information	NOUN
cblr-14239	378	39	to	to	PART
cblr-14239	378	40	conduct	conduct	VERB
cblr-14239	378	41	the	the	DET
cblr-14239	378	42	cost	cost	NOUN
cblr-14239	378	43	-	-	PUNCT
cblr-14239	378	44	benefit	benefit	NOUN
cblr-14239	378	45	analysis	analysis	NOUN
cblr-14239	378	46	and	and	CCONJ
cblr-14239	378	47	carry	carry	VERB
cblr-14239	378	48	the	the	DET
cblr-14239	378	49	cost	cost	NOUN
cblr-14239	378	50	of	of	ADP
cblr-14239	378	51	the	the	DET
cblr-14239	378	52	risk	risk	NOUN
cblr-14239	378	53	most	most	ADV
cblr-14239	378	54	cheaply	cheaply	ADV
cblr-14239	378	55	.	.	PUNCT
cblr-14239	379	1	see	see	VERB
cblr-14239	379	2	calabresi	calabresi	NOUN
cblr-14239	379	3	&	&	CCONJ
cblr-14239	379	4	hirschoff	hirschoff	PROPN
cblr-14239	379	5	,	,	PUNCT
cblr-14239	379	6	supra	supra	PROPN
cblr-14239	379	7	note	note	PROPN
cblr-14239	379	8	37	37	NUM
cblr-14239	379	9	,	,	PUNCT
cblr-14239	379	10	at	at	ADP
cblr-14239	379	11	6	6	NUM
cblr-14239	379	12	,	,	PUNCT
cblr-14239	379	13	for	for	ADP
cblr-14239	379	14	their	their	PRON
cblr-14239	379	15	explanation	explanation	NOUN
cblr-14239	379	16	of	of	ADP
cblr-14239	379	17	the	the	DET
cblr-14239	379	18	court	court	NOUN
cblr-14239	379	19	’s	’s	PART
cblr-14239	379	20	role	role	NOUN
cblr-14239	379	21	in	in	ADP
cblr-14239	379	22	identifying	identify	VERB
cblr-14239	379	23	the	the	DET
cblr-14239	379	24	party	party	NOUN
cblr-14239	379	25	responsible	responsible	ADJ
cblr-14239	379	26	for	for	ADP
cblr-14239	379	27	conducting	conduct	VERB
cblr-14239	379	28	the	the	DET
cblr-14239	379	29	cost	cost	NOUN
cblr-14239	379	30	-	-	PUNCT
cblr-14239	379	31	benefit	benefit	NOUN
cblr-14239	379	32	analysis	analysis	NOUN
cblr-14239	379	33	rather	rather	ADV
cblr-14239	379	34	than	than	ADP
cblr-14239	379	35	probing	probe	VERB
cblr-14239	379	36	the	the	DET
cblr-14239	379	37	merits	merit	NOUN
cblr-14239	379	38	of	of	ADP
cblr-14239	379	39	that	that	DET
cblr-14239	379	40	analysis	analysis	NOUN
cblr-14239	379	41	’s	’s	PART
cblr-14239	379	42	results	result	NOUN
cblr-14239	379	43	.	.	PUNCT
cblr-14239	380	1	102	102	NUM
cblr-14239	380	2	see	see	VERB
cblr-14239	380	3	capri	capri	NOUN
cblr-14239	380	4	v.	v.	ADP
cblr-14239	380	5	murphy	murphy	PROPN
cblr-14239	380	6	,	,	PUNCT
cblr-14239	380	7	856	856	NUM
cblr-14239	380	8	f.2d	f.2d	X
cblr-14239	380	9	473	473	NUM
cblr-14239	380	10	,	,	PUNCT
cblr-14239	380	11	475	475	NUM
cblr-14239	380	12	(	(	PUNCT
cblr-14239	380	13	2d	2d	NUM
cblr-14239	380	14	cir	cir	NOUN
cblr-14239	380	15	.	.	PUNCT
cblr-14239	380	16	1988	1988	NUM
cblr-14239	380	17	)	)	PUNCT
cblr-14239	380	18	.	.	PUNCT
cblr-14239	381	1	103	103	NUM
cblr-14239	382	1	i	i	PRON
cblr-14239	382	2	d.	d.	NOUN
cblr-14239	382	3	at	at	ADP
cblr-14239	382	4	476	476	NUM
cblr-14239	382	5	.	.	PUNCT
cblr-14239	383	1	104	104	NUM
cblr-14239	383	2	fain	fain	PROPN
cblr-14239	383	3	owned	own	VERB
cblr-14239	383	4	all	all	PRON
cblr-14239	383	5	of	of	ADP
cblr-14239	383	6	energy	energy	NOUN
cblr-14239	383	7	resources	resource	NOUN
cblr-14239	383	8	,	,	PUNCT
cblr-14239	383	9	which	which	PRON
cblr-14239	383	10	in	in	ADP
cblr-14239	383	11	turn	turn	NOUN
cblr-14239	383	12	owned	own	VERB
cblr-14239	383	13	one	one	NUM
cblr-14239	383	14	-	-	PUNCT
cblr-14239	383	15	third	third	NOUN
cblr-14239	383	16	of	of	ADP
cblr-14239	383	17	lcg	lcg	PROPN
cblr-14239	383	18	,	,	PUNCT
cblr-14239	383	19	which	which	PRON
cblr-14239	383	20	in	in	ADP
cblr-14239	383	21	turn	turn	NOUN
cblr-14239	383	22	owned	own	VERB
cblr-14239	383	23	two	two	NUM
cblr-14239	383	24	-	-	PUNCT
cblr-14239	383	25	thirds	third	NOUN
cblr-14239	383	26	of	of	ADP
cblr-14239	383	27	greenwich	greenwich	PROPN
cblr-14239	383	28	coal	coal	NOUN
cblr-14239	383	29	company	company	NOUN
cblr-14239	383	30	,	,	PUNCT
cblr-14239	383	31	which	which	PRON
cblr-14239	383	32	in	in	ADP
cblr-14239	383	33	turn	turn	NOUN
cblr-14239	383	34	owned	own	VERB
cblr-14239	383	35	49	49	NUM
cblr-14239	383	36	%	%	NOUN
cblr-14239	383	37	in	in	ADP
cblr-14239	383	38	the	the	DET
cblr-14239	383	39	coalmining	coalmine	VERB
cblr-14239	383	40	venture	venture	NOUN
cblr-14239	383	41	.	.	PUNCT
cblr-14239	384	1	100	100	NUM
cblr-14239	384	2	%	%	NOUN
cblr-14239	384	3	*	*	PUNCT
cblr-14239	384	4	1/3	1/3	NUM
cblr-14239	384	5	*	*	PUNCT
cblr-14239	384	6	2/3	2/3	NUM
cblr-14239	384	7	*	*	SYM
cblr-14239	384	8	49	49	NUM
cblr-14239	384	9	%	%	NOUN
cblr-14239	384	10	is	be	AUX
cblr-14239	384	11	roughly	roughly	ADV
cblr-14239	384	12	10	10	NUM
cblr-14239	384	13	%	%	NOUN
cblr-14239	384	14	.	.	PUNCT
cblr-14239	385	1	see	see	VERB
cblr-14239	385	2	i	i	PRON
cblr-14239	385	3	d.	d.	PROPN
cblr-14239	385	4	at	at	ADP
cblr-14239	385	5	475	475	NUM
cblr-14239	385	6	.	.	PUNCT
cblr-14239	386	1	816	816	NUM
cblr-14239	386	2	columbia	columbia	PROPN
cblr-14239	386	3	business	business	NOUN
cblr-14239	386	4	law	law	PROPN
cblr-14239	386	5	review	review	NOUN
cblr-14239	386	6	[	[	X
cblr-14239	386	7	vol	vol	NOUN
cblr-14239	386	8	.	.	NOUN
cblr-14239	386	9	2024	2024	NUM
cblr-14239	386	10	law	law	NOUN
cblr-14239	386	11	firm	firm	NOUN
cblr-14239	386	12	drafted	draft	VERB
cblr-14239	386	13	the	the	DET
cblr-14239	386	14	prospectus	prospectus	NOUN
cblr-14239	386	15	,	,	PUNCT
cblr-14239	386	16	and	and	CCONJ
cblr-14239	386	17	whose	whose	DET
cblr-14239	386	18	representations	representation	NOUN
cblr-14239	386	19	induced	induce	VERB
cblr-14239	386	20	plaintiffs	plaintiff	NOUN
cblr-14239	386	21	’	'	PUNCT
cblr-14239	386	22	investments.105	investments.105	NOUN
cblr-14239	386	23	the	the	DET
cblr-14239	386	24	plaintiffs	plaintiff	NOUN
cblr-14239	386	25	are	be	AUX
cblr-14239	386	26	clearly	clearly	ADV
cblr-14239	386	27	unsophisticated	unsophisticated	ADJ
cblr-14239	386	28	and	and	CCONJ
cblr-14239	386	29	should	should	AUX
cblr-14239	386	30	be	be	AUX
cblr-14239	386	31	subject	subject	ADJ
cblr-14239	386	32	to	to	ADP
cblr-14239	386	33	a	a	DET
cblr-14239	386	34	broad	broad	ADJ
cblr-14239	386	35	liability	liability	NOUN
cblr-14239	386	36	scheme	scheme	NOUN
cblr-14239	386	37	under	under	ADP
cblr-14239	386	38	the	the	DET
cblr-14239	386	39	investor	investor	NOUN
cblr-14239	386	40	sophistication	sophistication	NOUN
cblr-14239	386	41	standard	standard	NOUN
cblr-14239	386	42	proposed	propose	VERB
cblr-14239	386	43	.	.	PUNCT
cblr-14239	387	1	if	if	SCONJ
cblr-14239	387	2	that	that	PRON
cblr-14239	387	3	were	be	AUX
cblr-14239	387	4	the	the	DET
cblr-14239	387	5	case	case	NOUN
cblr-14239	387	6	,	,	PUNCT
cblr-14239	387	7	the	the	DET
cblr-14239	387	8	plaintiffs	plaintiff	NOUN
cblr-14239	387	9	could	could	AUX
cblr-14239	387	10	easily	easily	ADV
cblr-14239	387	11	satisfy	satisfy	VERB
cblr-14239	387	12	the	the	DET
cblr-14239	387	13	“	"	PUNCT
cblr-14239	387	14	statutory	statutory	ADJ
cblr-14239	387	15	seller	seller	NOUN
cblr-14239	387	16	”	"	PUNCT
cblr-14239	387	17	requirement	requirement	NOUN
cblr-14239	387	18	by	by	ADP
cblr-14239	387	19	pointing	point	VERB
cblr-14239	387	20	to	to	ADP
cblr-14239	387	21	the	the	DET
cblr-14239	387	22	prospectus	prospectus	NOUN
cblr-14239	387	23	that	that	PRON
cblr-14239	387	24	was	be	AUX
cblr-14239	387	25	circulated.106	circulated.106	NOUN
cblr-14239	387	26	further	far	ADV
cblr-14239	387	27	,	,	PUNCT
cblr-14239	387	28	the	the	DET
cblr-14239	387	29	economics	economic	NOUN
cblr-14239	387	30	of	of	ADP
cblr-14239	387	31	this	this	DET
cblr-14239	387	32	regime	regime	NOUN
cblr-14239	387	33	are	be	AUX
cblr-14239	387	34	supported	support	VERB
cblr-14239	387	35	because	because	SCONJ
cblr-14239	387	36	murphy	murphy	PROPN
cblr-14239	387	37	and	and	CCONJ
cblr-14239	387	38	greenwich	greenwich	PROPN
cblr-14239	387	39	coal	coal	PROPN
cblr-14239	387	40	company	company	NOUN
cblr-14239	387	41	,	,	PUNCT
cblr-14239	387	42	as	as	SCONJ
cblr-14239	387	43	general	general	ADJ
cblr-14239	387	44	partners	partner	NOUN
cblr-14239	387	45	,	,	PUNCT
cblr-14239	387	46	are	be	AUX
cblr-14239	387	47	more	more	ADV
cblr-14239	387	48	sophisticated	sophisticated	ADJ
cblr-14239	387	49	and	and	CCONJ
cblr-14239	387	50	more	more	ADV
cblr-14239	387	51	informed	informed	ADJ
cblr-14239	387	52	about	about	ADP
cblr-14239	387	53	the	the	DET
cblr-14239	387	54	operations	operation	NOUN
cblr-14239	387	55	of	of	ADP
cblr-14239	387	56	the	the	DET
cblr-14239	387	57	coalmining	coalmine	VERB
cblr-14239	387	58	ventures	venture	NOUN
cblr-14239	387	59	.	.	PUNCT
cblr-14239	388	1	they	they	PRON
cblr-14239	388	2	are	be	AUX
cblr-14239	388	3	therefore	therefore	ADV
cblr-14239	388	4	better	well	ADV
cblr-14239	388	5	situated	situate	VERB
cblr-14239	388	6	to	to	PART
cblr-14239	388	7	evaluate	evaluate	VERB
cblr-14239	388	8	and	and	CCONJ
cblr-14239	388	9	represent	represent	VERB
cblr-14239	388	10	the	the	DET
cblr-14239	388	11	venture	venture	NOUN
cblr-14239	388	12	’s	’s	PART
cblr-14239	388	13	performance	performance	NOUN
cblr-14239	388	14	accurately	accurately	ADV
cblr-14239	388	15	compared	compare	VERB
cblr-14239	388	16	to	to	ADP
cblr-14239	388	17	the	the	DET
cblr-14239	388	18	plaintiff	plaintiff	NOUN
cblr-14239	388	19	’s	’s	PART
cblr-14239	388	20	position	position	NOUN
cblr-14239	388	21	to	to	PART
cblr-14239	388	22	screen	screen	VERB
cblr-14239	388	23	those	those	DET
cblr-14239	388	24	representation	representation	NOUN
cblr-14239	388	25	with	with	ADP
cblr-14239	388	26	their	their	PRON
cblr-14239	388	27	limited	limited	ADJ
cblr-14239	388	28	prior	prior	ADJ
cblr-14239	388	29	knowledge	knowledge	NOUN
cblr-14239	388	30	of	of	ADP
cblr-14239	388	31	the	the	DET
cblr-14239	388	32	coal	coal	NOUN
cblr-14239	388	33	industry	industry	NOUN
cblr-14239	388	34	.	.	PUNCT
cblr-14239	389	1	because	because	SCONJ
cblr-14239	389	2	the	the	DET
cblr-14239	389	3	issuers	issuer	NOUN
cblr-14239	389	4	are	be	AUX
cblr-14239	389	5	the	the	DET
cblr-14239	389	6	cheapest	cheap	ADJ
cblr-14239	389	7	cost	cost	NOUN
cblr-14239	389	8	avoider	avoider	NOUN
cblr-14239	389	9	,	,	PUNCT
cblr-14239	389	10	then	then	ADV
cblr-14239	389	11	,	,	PUNCT
cblr-14239	389	12	the	the	DET
cblr-14239	389	13	burden	burden	NOUN
cblr-14239	389	14	of	of	ADP
cblr-14239	389	15	the	the	DET
cblr-14239	389	16	risk	risk	NOUN
cblr-14239	389	17	should	should	AUX
cblr-14239	389	18	be	be	AUX
cblr-14239	389	19	allocated	allocate	VERB
cblr-14239	389	20	more	more	ADJ
cblr-14239	389	21	towards	towards	ADP
cblr-14239	389	22	them	they	PRON
cblr-14239	389	23	in	in	ADP
cblr-14239	389	24	the	the	DET
cblr-14239	389	25	form	form	NOUN
cblr-14239	389	26	of	of	ADP
cblr-14239	389	27	risk	risk	NOUN
cblr-14239	389	28	avoidance	avoidance	NOUN
cblr-14239	389	29	measures	measure	NOUN
cblr-14239	389	30	,	,	PUNCT
cblr-14239	389	31	which	which	PRON
cblr-14239	389	32	manifest	manifest	VERB
cblr-14239	389	33	as	as	ADP
cblr-14239	389	34	better	well	ADJ
cblr-14239	389	35	and	and	CCONJ
cblr-14239	389	36	more	more	ADV
cblr-14239	389	37	accurate	accurate	ADJ
cblr-14239	389	38	disclosure	disclosure	NOUN
cblr-14239	389	39	.	.	PUNCT
cblr-14239	390	1	whilst	whilst	SCONJ
cblr-14239	390	2	the	the	DET
cblr-14239	390	3	court	court	NOUN
cblr-14239	390	4	in	in	ADP
cblr-14239	390	5	capri	capri	NOUN
cblr-14239	390	6	adopted	adopt	VERB
cblr-14239	390	7	a	a	DET
cblr-14239	390	8	narrow	narrow	ADJ
cblr-14239	390	9	approach	approach	NOUN
cblr-14239	390	10	that	that	PRON
cblr-14239	390	11	requires	require	VERB
cblr-14239	390	12	“	"	PUNCT
cblr-14239	390	13	actual	actual	ADJ
cblr-14239	390	14	solicitation,”107	solicitation,”107	NOUN
cblr-14239	390	15	it	it	PRON
cblr-14239	390	16	still	still	ADV
cblr-14239	390	17	held	hold	VERB
cblr-14239	390	18	that	that	SCONJ
cblr-14239	390	19	the	the	DET
cblr-14239	390	20	plaintiffs	plaintiff	NOUN
cblr-14239	390	21	have	have	AUX
cblr-14239	390	22	standing	stand	VERB
cblr-14239	390	23	to	to	PART
cblr-14239	390	24	pursue	pursue	VERB
cblr-14239	390	25	a	a	DET
cblr-14239	390	26	claim	claim	NOUN
cblr-14239	390	27	for	for	ADP
cblr-14239	390	28	liability	liability	NOUN
cblr-14239	390	29	because	because	SCONJ
cblr-14239	390	30	of	of	ADP
cblr-14239	390	31	the	the	DET
cblr-14239	390	32	direct	direct	ADJ
cblr-14239	390	33	solicitation	solicitation	NOUN
cblr-14239	390	34	by	by	ADP
cblr-14239	390	35	fain	fain	PROPN
cblr-14239	390	36	at	at	ADP
cblr-14239	390	37	the	the	DET
cblr-14239	390	38	behest	behest	NOUN
cblr-14239	390	39	of	of	ADP
cblr-14239	390	40	murphy.108	murphy.108	NOUN
cblr-14239	390	41	because	because	SCONJ
cblr-14239	390	42	the	the	DET
cblr-14239	390	43	plaintiffs	plaintiff	NOUN
cblr-14239	390	44	had	have	VERB
cblr-14239	390	45	direct	direct	ADJ
cblr-14239	390	46	communication	communication	NOUN
cblr-14239	390	47	with	with	ADP
cblr-14239	390	48	the	the	DET
cblr-14239	390	49	promoter	promoter	NOUN
cblr-14239	390	50	who	who	PRON
cblr-14239	390	51	was	be	AUX
cblr-14239	390	52	an	an	DET
cblr-14239	390	53	agent	agent	NOUN
cblr-14239	390	54	of	of	ADP
cblr-14239	390	55	the	the	DET
cblr-14239	390	56	issuer	issuer	NOUN
cblr-14239	390	57	,	,	PUNCT
cblr-14239	390	58	the	the	DET
cblr-14239	390	59	sophistication	sophistication	NOUN
cblr-14239	390	60	of	of	ADP
cblr-14239	390	61	the	the	DET
cblr-14239	390	62	investors	investor	NOUN
cblr-14239	390	63	would	would	AUX
cblr-14239	390	64	not	not	PART
cblr-14239	390	65	determine	determine	VERB
cblr-14239	390	66	the	the	DET
cblr-14239	390	67	substantive	substantive	ADJ
cblr-14239	390	68	judgment	judgment	NOUN
cblr-14239	390	69	because	because	SCONJ
cblr-14239	390	70	both	both	CCONJ
cblr-14239	390	71	the	the	DET
cblr-14239	390	72	broad	broad	ADJ
cblr-14239	390	73	and	and	CCONJ
cblr-14239	390	74	narrow	narrow	ADJ
cblr-14239	390	75	solicitation	solicitation	NOUN
cblr-14239	390	76	requirements	requirement	NOUN
cblr-14239	390	77	would	would	AUX
cblr-14239	390	78	be	be	AUX
cblr-14239	390	79	met	meet	VERB
cblr-14239	390	80	.	.	PUNCT
cblr-14239	391	1	if	if	SCONJ
cblr-14239	391	2	the	the	DET
cblr-14239	391	3	plaintiffs	plaintiff	NOUN
cblr-14239	391	4	in	in	ADP
cblr-14239	391	5	capri	capri	NOUN
cblr-14239	391	6	had	have	AUX
cblr-14239	391	7	been	be	AUX
cblr-14239	391	8	sophisticated	sophisticated	ADJ
cblr-14239	391	9	investors	investor	NOUN
cblr-14239	391	10	,	,	PUNCT
cblr-14239	391	11	though	though	ADV
cblr-14239	391	12	,	,	PUNCT
cblr-14239	391	13	the	the	DET
cblr-14239	391	14	circulation	circulation	NOUN
cblr-14239	391	15	of	of	ADP
cblr-14239	391	16	the	the	DET
cblr-14239	391	17	prospectus	prospectus	NOUN
cblr-14239	391	18	,	,	PUNCT
cblr-14239	391	19	depending	depend	VERB
cblr-14239	391	20	on	on	ADP
cblr-14239	391	21	how	how	SCONJ
cblr-14239	391	22	widely	widely	ADV
cblr-14239	391	23	it	it	PRON
cblr-14239	391	24	was	be	AUX
cblr-14239	391	25	circulated	circulate	VERB
cblr-14239	391	26	,	,	PUNCT
cblr-14239	391	27	may	may	AUX
cblr-14239	391	28	not	not	PART
cblr-14239	391	29	be	be	AUX
cblr-14239	391	30	sufficient	sufficient	ADJ
cblr-14239	391	31	for	for	ADP
cblr-14239	391	32	the	the	DET
cblr-14239	391	33	narrow	narrow	ADJ
cblr-14239	391	34	seller	seller	NOUN
cblr-14239	391	35	liability	liability	NOUN
cblr-14239	391	36	scheme	scheme	NOUN
cblr-14239	391	37	suggested	suggest	VERB
cblr-14239	391	38	by	by	ADP
cblr-14239	391	39	the	the	DET
cblr-14239	391	40	proposed	propose	VERB
cblr-14239	391	41	investor	investor	NOUN
cblr-14239	391	42	sophistication	sophistication	NOUN
cblr-14239	391	43	standard	standard	NOUN
cblr-14239	391	44	.	.	PUNCT
cblr-14239	392	1	but	but	CCONJ
cblr-14239	392	2	the	the	DET
cblr-14239	392	3	investors	investor	NOUN
cblr-14239	392	4	still	still	ADV
cblr-14239	392	5	would	would	AUX
cblr-14239	392	6	have	have	AUX
cblr-14239	392	7	had	have	VERB
cblr-14239	392	8	direct	direct	ADJ
cblr-14239	392	9	contact	contact	NOUN
cblr-14239	392	10	with	with	ADP
cblr-14239	392	11	fain	fain	PROPN
cblr-14239	392	12	,	,	PUNCT
cblr-14239	392	13	suggestive	suggestive	ADJ
cblr-14239	392	14	of	of	ADP
cblr-14239	392	15	a	a	DET
cblr-14239	392	16	direct	direct	ADJ
cblr-14239	392	17	solicitation	solicitation	NOUN
cblr-14239	392	18	105	105	NUM
cblr-14239	393	1	i	i	PRON
cblr-14239	393	2	d.	d.	PROPN
cblr-14239	393	3	106	106	NUM
cblr-14239	394	1	i	i	PRON
cblr-14239	394	2	d.	d.	PROPN
cblr-14239	394	3	at	at	ADP
cblr-14239	394	4	478	478	NUM
cblr-14239	394	5	.	.	PUNCT
cblr-14239	394	6	107	107	NUM
cblr-14239	395	1	i	i	PRON
cblr-14239	395	2	d.	d.	PROPN
cblr-14239	395	3	at	at	ADP
cblr-14239	395	4	479	479	NUM
cblr-14239	395	5	.	.	PUNCT
cblr-14239	396	1	108	108	NUM
cblr-14239	397	1	i	i	PRON
cblr-14239	397	2	d.	d.	PROPN
cblr-14239	397	3	at	at	ADP
cblr-14239	397	4	478	478	NUM
cblr-14239	397	5	.	.	PUNCT
cblr-14239	398	1	no	no	INTJ
cblr-14239	398	2	.	.	NOUN
cblr-14239	398	3	2	2	NUM
cblr-14239	398	4	]	]	PUNCT
cblr-14239	398	5	with	with	ADP
cblr-14239	398	6	whom	whom	PRON
cblr-14239	398	7	is	be	AUX
cblr-14239	398	8	your	your	PRON
cblr-14239	398	9	issue	issue	NOUN
cblr-14239	398	10	?	?	PUNCT
cblr-14239	399	1	817	817	NUM
cblr-14239	399	2	to	to	PART
cblr-14239	399	3	satisfy	satisfy	VERB
cblr-14239	399	4	the	the	DET
cblr-14239	399	5	narrow	narrow	ADJ
cblr-14239	399	6	standard	standard	NOUN
cblr-14239	399	7	.	.	PUNCT
cblr-14239	400	1	even	even	ADV
cblr-14239	400	2	though	though	SCONJ
cblr-14239	400	3	the	the	DET
cblr-14239	400	4	economics	economic	NOUN
cblr-14239	400	5	suggest	suggest	VERB
cblr-14239	400	6	that	that	SCONJ
cblr-14239	400	7	a	a	DET
cblr-14239	400	8	court	court	NOUN
cblr-14239	400	9	should	should	AUX
cblr-14239	400	10	be	be	AUX
cblr-14239	400	11	less	less	ADV
cblr-14239	400	12	presumptive	presumptive	ADJ
cblr-14239	400	13	to	to	ADP
cblr-14239	400	14	sophisticated	sophisticated	ADJ
cblr-14239	400	15	investors	investor	NOUN
cblr-14239	400	16	,	,	PUNCT
cblr-14239	400	17	these	these	DET
cblr-14239	400	18	plaintiffs	plaintiff	NOUN
cblr-14239	400	19	would	would	AUX
cblr-14239	400	20	have	have	AUX
cblr-14239	400	21	had	have	VERB
cblr-14239	400	22	access	access	NOUN
cblr-14239	400	23	to	to	ADP
cblr-14239	400	24	fain	fain	PROPN
cblr-14239	400	25	,	,	PUNCT
cblr-14239	400	26	the	the	DET
cblr-14239	400	27	drafter	drafter	NOUN
cblr-14239	400	28	of	of	ADP
cblr-14239	400	29	the	the	DET
cblr-14239	400	30	prospectus	prospectus	NOUN
cblr-14239	400	31	,	,	PUNCT
cblr-14239	400	32	to	to	PART
cblr-14239	400	33	screen	screen	VERB
cblr-14239	400	34	the	the	DET
cblr-14239	400	35	investment	investment	NOUN
cblr-14239	400	36	opportunity	opportunity	NOUN
cblr-14239	400	37	.	.	PUNCT
cblr-14239	401	1	whilst	whilst	SCONJ
cblr-14239	401	2	performance	performance	NOUN
cblr-14239	401	3	of	of	ADP
cblr-14239	401	4	a	a	DET
cblr-14239	401	5	service	service	NOUN
cblr-14239	401	6	is	be	AUX
cblr-14239	401	7	not	not	PART
cblr-14239	401	8	sufficient	sufficient	ADJ
cblr-14239	401	9	for	for	SCONJ
cblr-14239	401	10	seller	seller	NOUN
cblr-14239	401	11	liability	liability	NOUN
cblr-14239	401	12	absent	absent	ADJ
cblr-14239	401	13	a	a	DET
cblr-14239	401	14	solicitation	solicitation	NOUN
cblr-14239	401	15	under	under	ADP
cblr-14239	401	16	the	the	DET
cblr-14239	401	17	narrow	narrow	ADJ
cblr-14239	401	18	conceptualization	conceptualization	NOUN
cblr-14239	401	19	of	of	ADP
cblr-14239	401	20	liability,109	liability,109	PROPN
cblr-14239	401	21	fain	fain	PROPN
cblr-14239	401	22	’s	’s	PART
cblr-14239	401	23	active	active	ADJ
cblr-14239	401	24	communications	communication	NOUN
cblr-14239	401	25	with	with	ADP
cblr-14239	401	26	investors	investor	NOUN
cblr-14239	401	27	may	may	AUX
cblr-14239	401	28	be	be	AUX
cblr-14239	401	29	.	.	PUNCT
cblr-14239	402	1	irrespective	irrespective	ADJ
cblr-14239	402	2	,	,	PUNCT
cblr-14239	402	3	the	the	DET
cblr-14239	402	4	accessibility	accessibility	NOUN
cblr-14239	402	5	of	of	ADP
cblr-14239	402	6	fain	fain	PROPN
cblr-14239	402	7	does	do	AUX
cblr-14239	402	8	provide	provide	VERB
cblr-14239	402	9	investors	investor	NOUN
cblr-14239	402	10	with	with	ADP
cblr-14239	402	11	the	the	DET
cblr-14239	402	12	opportunity	opportunity	NOUN
cblr-14239	402	13	to	to	PART
cblr-14239	402	14	scrutinize	scrutinize	VERB
cblr-14239	402	15	the	the	DET
cblr-14239	402	16	investment	investment	NOUN
cblr-14239	402	17	risk	risk	NOUN
cblr-14239	402	18	prior	prior	ADV
cblr-14239	402	19	to	to	ADP
cblr-14239	402	20	making	make	VERB
cblr-14239	402	21	an	an	DET
cblr-14239	402	22	investment	investment	NOUN
cblr-14239	402	23	decision	decision	NOUN
cblr-14239	402	24	.	.	PUNCT
cblr-14239	403	1	with	with	ADP
cblr-14239	403	2	their	their	PRON
cblr-14239	403	3	access	access	NOUN
cblr-14239	403	4	and	and	CCONJ
cblr-14239	403	5	presumed	presume	VERB
cblr-14239	403	6	prior	prior	ADJ
cblr-14239	403	7	knowledge	knowledge	NOUN
cblr-14239	403	8	as	as	ADP
cblr-14239	403	9	sophisticated	sophisticated	ADJ
cblr-14239	403	10	investors	investor	NOUN
cblr-14239	403	11	,	,	PUNCT
cblr-14239	403	12	these	these	DET
cblr-14239	403	13	individuals	individual	NOUN
cblr-14239	403	14	could	could	AUX
cblr-14239	403	15	reasonably	reasonably	ADV
cblr-14239	403	16	and	and	CCONJ
cblr-14239	403	17	costeffectively	costeffectively	ADV
cblr-14239	403	18	evaluate	evaluate	VERB
cblr-14239	403	19	the	the	DET
cblr-14239	403	20	investment	investment	NOUN
cblr-14239	403	21	opportunity	opportunity	NOUN
cblr-14239	403	22	without	without	ADP
cblr-14239	403	23	increasing	increase	VERB
cblr-14239	403	24	the	the	DET
cblr-14239	403	25	issuer	issuer	NOUN
cblr-14239	403	26	’s	’s	PART
cblr-14239	403	27	transaction	transaction	NOUN
cblr-14239	403	28	,	,	PUNCT
cblr-14239	403	29	suggesting	suggest	VERB
cblr-14239	403	30	that	that	SCONJ
cblr-14239	403	31	risk	risk	NOUN
cblr-14239	403	32	allocation	allocation	NOUN
cblr-14239	403	33	is	be	AUX
cblr-14239	403	34	more	more	ADV
cblr-14239	403	35	efficient	efficient	ADJ
cblr-14239	403	36	under	under	ADP
cblr-14239	403	37	a	a	DET
cblr-14239	403	38	limited	limited	ADJ
cblr-14239	403	39	liability	liability	NOUN
cblr-14239	403	40	scheme	scheme	NOUN
cblr-14239	403	41	.	.	PUNCT
cblr-14239	404	1	this	this	DET
cblr-14239	404	2	conclusion	conclusion	NOUN
cblr-14239	404	3	from	from	ADP
cblr-14239	404	4	the	the	DET
cblr-14239	404	5	economic	economic	ADJ
cblr-14239	404	6	analysis	analysis	NOUN
cblr-14239	404	7	aligns	align	VERB
cblr-14239	404	8	with	with	ADP
cblr-14239	404	9	the	the	DET
cblr-14239	404	10	result	result	NOUN
cblr-14239	404	11	of	of	ADP
cblr-14239	404	12	the	the	DET
cblr-14239	404	13	investor	investor	NOUN
cblr-14239	404	14	sophistication	sophistication	NOUN
cblr-14239	404	15	standard	standard	NOUN
cblr-14239	404	16	that	that	SCONJ
cblr-14239	404	17	this	this	DET
cblr-14239	404	18	note	note	NOUN
cblr-14239	404	19	proposes	propose	VERB
cblr-14239	404	20	.	.	PUNCT
cblr-14239	405	1	a	a	DET
cblr-14239	405	2	similar	similar	ADJ
cblr-14239	405	3	analysis	analysis	NOUN
cblr-14239	405	4	can	can	AUX
cblr-14239	405	5	be	be	AUX
cblr-14239	405	6	conducted	conduct	VERB
cblr-14239	405	7	for	for	ADP
cblr-14239	405	8	the	the	DET
cblr-14239	405	9	facts	fact	NOUN
cblr-14239	405	10	of	of	ADP
cblr-14239	405	11	craftmatic	craftmatic	NOUN
cblr-14239	405	12	.	.	PUNCT
cblr-14239	406	1	in	in	ADP
cblr-14239	406	2	that	that	DET
cblr-14239	406	3	case	case	NOUN
cblr-14239	406	4	,	,	PUNCT
cblr-14239	406	5	the	the	DET
cblr-14239	406	6	plaintiff	plaintiff	NOUN
cblr-14239	406	7	class	class	NOUN
cblr-14239	406	8	included	include	VERB
cblr-14239	406	9	all	all	DET
cblr-14239	406	10	persons	person	NOUN
cblr-14239	406	11	who	who	PRON
cblr-14239	406	12	purchased	purchase	VERB
cblr-14239	406	13	common	common	ADJ
cblr-14239	406	14	stock	stock	NOUN
cblr-14239	406	15	of	of	ADP
cblr-14239	406	16	the	the	DET
cblr-14239	406	17	firm	firm	NOUN
cblr-14239	406	18	during	during	ADP
cblr-14239	406	19	the	the	DET
cblr-14239	406	20	three	three	NUM
cblr-14239	406	21	months	month	NOUN
cblr-14239	406	22	following	follow	VERB
cblr-14239	406	23	its	its	PRON
cblr-14239	406	24	ipo.110	ipo.110	NOUN
cblr-14239	406	25	presumably	presumably	ADV
cblr-14239	406	26	the	the	DET
cblr-14239	406	27	class	class	NOUN
cblr-14239	406	28	of	of	ADP
cblr-14239	406	29	people	people	NOUN
cblr-14239	406	30	who	who	PRON
cblr-14239	406	31	purchased	purchase	VERB
cblr-14239	406	32	common	common	ADJ
cblr-14239	406	33	stock	stock	NOUN
cblr-14239	406	34	include	include	VERB
cblr-14239	406	35	retail	retail	ADJ
cblr-14239	406	36	investors	investor	NOUN
cblr-14239	406	37	since	since	SCONJ
cblr-14239	406	38	those	those	DET
cblr-14239	406	39	shares	share	NOUN
cblr-14239	406	40	were	be	AUX
cblr-14239	406	41	publicly	publicly	ADV
cblr-14239	406	42	offered	offer	VERB
cblr-14239	406	43	.	.	PUNCT
cblr-14239	407	1	the	the	DET
cblr-14239	407	2	inclusion	inclusion	NOUN
cblr-14239	407	3	of	of	ADP
cblr-14239	407	4	retail	retail	ADJ
cblr-14239	407	5	investors	investor	NOUN
cblr-14239	407	6	in	in	ADP
cblr-14239	407	7	the	the	DET
cblr-14239	407	8	class	class	NOUN
cblr-14239	407	9	would	would	AUX
cblr-14239	407	10	suggest	suggest	VERB
cblr-14239	407	11	a	a	DET
cblr-14239	407	12	broad	broad	ADJ
cblr-14239	407	13	liability	liability	NOUN
cblr-14239	407	14	rule	rule	NOUN
cblr-14239	407	15	should	should	AUX
cblr-14239	407	16	be	be	AUX
cblr-14239	407	17	applied	apply	VERB
cblr-14239	407	18	if	if	SCONJ
cblr-14239	407	19	an	an	DET
cblr-14239	407	20	investor	investor	NOUN
cblr-14239	407	21	sophistication	sophistication	NOUN
cblr-14239	407	22	standard	standard	NOUN
cblr-14239	407	23	were	be	AUX
cblr-14239	407	24	adopted	adopt	VERB
cblr-14239	407	25	in	in	ADP
cblr-14239	407	26	lieu	lieu	NOUN
cblr-14239	407	27	of	of	ADP
cblr-14239	407	28	the	the	DET
cblr-14239	407	29	narrow	narrow	ADJ
cblr-14239	407	30	rule	rule	NOUN
cblr-14239	407	31	of	of	ADP
cblr-14239	407	32	direct	direct	ADJ
cblr-14239	407	33	and	and	CCONJ
cblr-14239	407	34	active	active	ADJ
cblr-14239	407	35	solicitation	solicitation	NOUN
cblr-14239	407	36	adopted	adopt	VERB
cblr-14239	407	37	by	by	ADP
cblr-14239	407	38	the	the	DET
cblr-14239	407	39	court.111	court.111	NOUN
cblr-14239	407	40	the	the	DET
cblr-14239	407	41	economic	economic	ADJ
cblr-14239	407	42	theory	theory	NOUN
cblr-14239	407	43	underlying	underlie	VERB
cblr-14239	407	44	the	the	DET
cblr-14239	407	45	proposed	propose	VERB
cblr-14239	407	46	investor	investor	NOUN
cblr-14239	407	47	sophistication	sophistication	NOUN
cblr-14239	407	48	standard	standard	NOUN
cblr-14239	407	49	would	would	AUX
cblr-14239	407	50	yield	yield	VERB
cblr-14239	407	51	a	a	DET
cblr-14239	407	52	similar	similar	ADJ
cblr-14239	407	53	result	result	NOUN
cblr-14239	407	54	.	.	PUNCT
cblr-14239	408	1	the	the	DET
cblr-14239	408	2	variety	variety	NOUN
cblr-14239	408	3	of	of	ADP
cblr-14239	408	4	knowledge	knowledge	NOUN
cblr-14239	408	5	and	and	CCONJ
cblr-14239	408	6	experience	experience	NOUN
cblr-14239	408	7	amongst	amongst	ADP
cblr-14239	408	8	the	the	DET
cblr-14239	408	9	retail	retail	ADJ
cblr-14239	408	10	investors	investor	NOUN
cblr-14239	408	11	who	who	PRON
cblr-14239	408	12	purchased	purchase	VERB
cblr-14239	408	13	craftmatic	craftmatic	PROPN
cblr-14239	408	14	’s	’s	PART
cblr-14239	408	15	issued	issue	VERB
cblr-14239	408	16	stock	stock	NOUN
cblr-14239	408	17	makes	make	VERB
cblr-14239	408	18	it	it	PRON
cblr-14239	408	19	incredibly	incredibly	ADV
cblr-14239	408	20	difficult	difficult	ADJ
cblr-14239	408	21	to	to	PART
cblr-14239	408	22	assess	assess	VERB
cblr-14239	408	23	what	what	PRON
cblr-14239	408	24	disclosures	disclosure	NOUN
cblr-14239	408	25	and	and	CCONJ
cblr-14239	408	26	omissions	omission	NOUN
cblr-14239	408	27	would	would	AUX
cblr-14239	408	28	be	be	AUX
cblr-14239	408	29	material	material	ADJ
cblr-14239	408	30	.	.	PUNCT
cblr-14239	409	1	it	it	PRON
cblr-14239	409	2	is	be	AUX
cblr-14239	409	3	likely	likely	ADV
cblr-14239	409	4	cheaper	cheap	ADJ
cblr-14239	409	5	and	and	CCONJ
cblr-14239	409	6	more	more	ADV
cblr-14239	409	7	efficient	efficient	ADJ
cblr-14239	409	8	for	for	SCONJ
cblr-14239	409	9	the	the	DET
cblr-14239	409	10	issuer	issuer	NOUN
cblr-14239	409	11	to	to	PART
cblr-14239	409	12	accurately	accurately	ADV
cblr-14239	409	13	disclose	disclose	VERB
cblr-14239	409	14	information	information	NOUN
cblr-14239	409	15	that	that	SCONJ
cblr-14239	409	16	an	an	DET
cblr-14239	409	17	unsophisticated	unsophisticated	ADJ
cblr-14239	409	18	investor	investor	NOUN
cblr-14239	409	19	would	would	AUX
cblr-14239	409	20	109	109	NUM
cblr-14239	409	21	see	see	VERB
cblr-14239	409	22	moore	moore	PROPN
cblr-14239	409	23	v.	v.	PROPN
cblr-14239	409	24	kayport	kayport	PROPN
cblr-14239	409	25	package	package	PROPN
cblr-14239	409	26	express	express	PROPN
cblr-14239	409	27	,	,	PUNCT
cblr-14239	409	28	inc	inc	PROPN
cblr-14239	409	29	.	.	PROPN
cblr-14239	409	30	,	,	PUNCT
cblr-14239	409	31	885	885	NUM
cblr-14239	409	32	f.2d	f.2d	ADP
cblr-14239	409	33	531	531	NUM
cblr-14239	409	34	,	,	PUNCT
cblr-14239	409	35	537	537	NUM
cblr-14239	409	36	(	(	PUNCT
cblr-14239	409	37	9th	9th	ADJ
cblr-14239	409	38	cir	cir	NOUN
cblr-14239	409	39	.	.	PROPN
cblr-14239	409	40	1989	1989	NUM
cblr-14239	409	41	)	)	PUNCT
cblr-14239	409	42	.	.	PUNCT
cblr-14239	410	1	110	110	NUM
cblr-14239	410	2	craftmatic	craftmatic	PROPN
cblr-14239	410	3	sec	sec	PROPN
cblr-14239	410	4	.	.	PUNCT
cblr-14239	410	5	litig	litig	PROPN
cblr-14239	410	6	.	.	PUNCT
cblr-14239	411	1	v.	v.	ADP
cblr-14239	411	2	kraftsow	kraftsow	PROPN
cblr-14239	411	3	,	,	PUNCT
cblr-14239	411	4	890	890	NUM
cblr-14239	411	5	f.2d	f.2d	ADP
cblr-14239	411	6	628	628	NUM
cblr-14239	411	7	,	,	PUNCT
cblr-14239	411	8	630–31	630–31	PROPN
cblr-14239	411	9	(	(	PUNCT
cblr-14239	411	10	3d	3d	PROPN
cblr-14239	411	11	cir	cir	NOUN
cblr-14239	411	12	.	.	PROPN
cblr-14239	411	13	1989	1989	NUM
cblr-14239	411	14	)	)	PUNCT
cblr-14239	411	15	.	.	PUNCT
cblr-14239	412	1	111	111	NUM
cblr-14239	413	1	i	i	PRON
cblr-14239	413	2	d.	d.	NOUN
cblr-14239	413	3	at	at	ADP
cblr-14239	413	4	636	636	NUM
cblr-14239	413	5	.	.	PUNCT
cblr-14239	414	1	818	818	NUM
cblr-14239	414	2	columbia	columbia	PROPN
cblr-14239	414	3	business	business	NOUN
cblr-14239	414	4	law	law	PROPN
cblr-14239	414	5	review	review	NOUN
cblr-14239	414	6	[	[	X
cblr-14239	414	7	vol	vol	NOUN
cblr-14239	414	8	.	.	NOUN
cblr-14239	414	9	2024	2024	NUM
cblr-14239	414	10	find	find	VERB
cblr-14239	414	11	material	material	NOUN
cblr-14239	414	12	.	.	PUNCT
cblr-14239	415	1	this	this	DET
cblr-14239	415	2	risk	risk	NOUN
cblr-14239	415	3	allocation	allocation	NOUN
cblr-14239	415	4	,	,	PUNCT
cblr-14239	415	5	then	then	ADV
cblr-14239	415	6	,	,	PUNCT
cblr-14239	415	7	favors	favor	VERB
cblr-14239	415	8	a	a	DET
cblr-14239	415	9	broad	broad	ADJ
cblr-14239	415	10	liability	liability	NOUN
cblr-14239	415	11	scheme	scheme	NOUN
cblr-14239	415	12	that	that	PRON
cblr-14239	415	13	encourages	encourage	VERB
cblr-14239	415	14	in	in	ADP
cblr-14239	415	15	terrorem	terrorem	ADJ
cblr-14239	415	16	disclosures	disclosure	NOUN
cblr-14239	415	17	that	that	PRON
cblr-14239	415	18	are	be	AUX
cblr-14239	415	19	accurate	accurate	ADJ
cblr-14239	415	20	and	and	CCONJ
cblr-14239	415	21	complete	complete	ADJ
cblr-14239	415	22	.	.	PUNCT
cblr-14239	416	1	if	if	SCONJ
cblr-14239	416	2	the	the	DET
cblr-14239	416	3	offerings	offering	NOUN
cblr-14239	416	4	were	be	AUX
cblr-14239	416	5	privately	privately	ADV
cblr-14239	416	6	placed	place	VERB
cblr-14239	416	7	,	,	PUNCT
cblr-14239	416	8	however	however	ADV
cblr-14239	416	9	,	,	PUNCT
cblr-14239	416	10	investors	investor	NOUN
cblr-14239	416	11	could	could	AUX
cblr-14239	416	12	screen	screen	VERB
cblr-14239	416	13	craftmatic	craftmatic	NOUN
cblr-14239	416	14	and	and	CCONJ
cblr-14239	416	15	its	its	PRON
cblr-14239	416	16	risks	risk	NOUN
cblr-14239	416	17	,	,	PUNCT
cblr-14239	416	18	shifting	shift	VERB
cblr-14239	416	19	the	the	DET
cblr-14239	416	20	risk	risk	NOUN
cblr-14239	416	21	allocation	allocation	NOUN
cblr-14239	416	22	calculus	calculus	NOUN
cblr-14239	416	23	and	and	CCONJ
cblr-14239	416	24	favoring	favor	VERB
cblr-14239	416	25	a	a	DET
cblr-14239	416	26	narrower	narrow	ADJ
cblr-14239	416	27	liability	liability	NOUN
cblr-14239	416	28	scheme	scheme	NOUN
cblr-14239	416	29	that	that	PRON
cblr-14239	416	30	prioritizes	prioritize	VERB
cblr-14239	416	31	efficient	efficient	ADJ
cblr-14239	416	32	transaction	transaction	NOUN
cblr-14239	416	33	over	over	ADP
cblr-14239	416	34	indemnification	indemnification	NOUN
cblr-14239	416	35	.	.	PUNCT
cblr-14239	417	1	this	this	DET
cblr-14239	417	2	flexibility	flexibility	NOUN
cblr-14239	417	3	is	be	AUX
cblr-14239	417	4	the	the	DET
cblr-14239	417	5	benefit	benefit	NOUN
cblr-14239	417	6	of	of	ADP
cblr-14239	417	7	an	an	DET
cblr-14239	417	8	investor	investor	NOUN
cblr-14239	417	9	sophistication	sophistication	NOUN
cblr-14239	417	10	standard	standard	NOUN
cblr-14239	417	11	and	and	CCONJ
cblr-14239	417	12	may	may	AUX
cblr-14239	417	13	become	become	VERB
cblr-14239	417	14	more	more	ADV
cblr-14239	417	15	useful	useful	ADJ
cblr-14239	417	16	as	as	ADP
cblr-14239	417	17	new	new	ADJ
cblr-14239	417	18	technology	technology	NOUN
cblr-14239	417	19	like	like	ADP
cblr-14239	417	20	social	social	ADJ
cblr-14239	417	21	media	medium	NOUN
cblr-14239	417	22	,	,	PUNCT
cblr-14239	417	23	mass	mass	ADJ
cblr-14239	417	24	communications	communication	NOUN
cblr-14239	417	25	platforms	platform	NOUN
cblr-14239	417	26	,	,	PUNCT
cblr-14239	417	27	and	and	CCONJ
cblr-14239	417	28	financial	financial	ADJ
cblr-14239	417	29	technology	technology	NOUN
cblr-14239	417	30	continue	continue	VERB
cblr-14239	417	31	to	to	PART
cblr-14239	417	32	be	be	AUX
cblr-14239	417	33	introduced	introduce	VERB
cblr-14239	417	34	and	and	CCONJ
cblr-14239	417	35	improved	improve	VERB
cblr-14239	417	36	.	.	PUNCT
cblr-14239	418	1	c.	c.	NOUN
cblr-14239	418	2	adopting	adopt	VERB
cblr-14239	418	3	an	an	DET
cblr-14239	418	4	investor	investor	NOUN
cblr-14239	418	5	sophistication	sophistication	NOUN
cblr-14239	418	6	standard	standard	NOUN
cblr-14239	418	7	one	one	NUM
cblr-14239	418	8	critique	critique	NOUN
cblr-14239	418	9	of	of	ADP
cblr-14239	418	10	an	an	DET
cblr-14239	418	11	investor	investor	NOUN
cblr-14239	418	12	sophistication	sophistication	NOUN
cblr-14239	418	13	standard	standard	NOUN
cblr-14239	418	14	is	be	AUX
cblr-14239	418	15	that	that	SCONJ
cblr-14239	418	16	it	it	PRON
cblr-14239	418	17	would	would	AUX
cblr-14239	418	18	result	result	VERB
cblr-14239	418	19	in	in	ADP
cblr-14239	418	20	the	the	DET
cblr-14239	418	21	practical	practical	ADJ
cblr-14239	418	22	adoption	adoption	NOUN
cblr-14239	418	23	of	of	ADP
cblr-14239	418	24	pino	pino	NOUN
cblr-14239	418	25	and	and	CCONJ
cblr-14239	418	26	wilde	wilde	PROPN
cblr-14239	418	27	’s	’s	PART
cblr-14239	418	28	expansive	expansive	ADJ
cblr-14239	418	29	view	view	NOUN
cblr-14239	418	30	of	of	ADP
cblr-14239	418	31	seller	seller	NOUN
cblr-14239	418	32	liability	liability	NOUN
cblr-14239	418	33	.	.	PUNCT
cblr-14239	419	1	under	under	ADP
cblr-14239	419	2	such	such	DET
cblr-14239	419	3	a	a	DET
cblr-14239	419	4	standard	standard	NOUN
cblr-14239	419	5	,	,	PUNCT
cblr-14239	419	6	if	if	SCONJ
cblr-14239	419	7	a	a	DET
cblr-14239	419	8	solicitation	solicitation	NOUN
cblr-14239	419	9	has	have	VERB
cblr-14239	419	10	the	the	DET
cblr-14239	419	11	potential	potential	NOUN
cblr-14239	419	12	to	to	PART
cblr-14239	419	13	reach	reach	VERB
cblr-14239	419	14	an	an	DET
cblr-14239	419	15	unsophisticated	unsophisticated	ADJ
cblr-14239	419	16	retail	retail	ADJ
cblr-14239	419	17	investor	investor	NOUN
cblr-14239	419	18	who	who	PRON
cblr-14239	419	19	would	would	AUX
cblr-14239	419	20	be	be	AUX
cblr-14239	419	21	induced	induce	VERB
cblr-14239	419	22	to	to	PART
cblr-14239	419	23	invest	invest	VERB
cblr-14239	419	24	on	on	ADP
cblr-14239	419	25	account	account	NOUN
cblr-14239	419	26	of	of	ADP
cblr-14239	419	27	said	say	VERB
cblr-14239	419	28	solicitation	solicitation	NOUN
cblr-14239	419	29	,	,	PUNCT
cblr-14239	419	30	section	section	NOUN
cblr-14239	419	31	12(a)(2	12(a)(2	NUM
cblr-14239	419	32	)	)	PUNCT
cblr-14239	419	33	would	would	AUX
cblr-14239	419	34	broadly	broadly	ADV
cblr-14239	419	35	apply	apply	VERB
cblr-14239	419	36	to	to	ADP
cblr-14239	419	37	solicitors	solicitor	NOUN
cblr-14239	419	38	and	and	CCONJ
cblr-14239	419	39	issuers	issuer	NOUN
cblr-14239	419	40	irrespective	irrespective	ADV
cblr-14239	419	41	of	of	ADP
cblr-14239	419	42	whether	whether	SCONJ
cblr-14239	419	43	the	the	DET
cblr-14239	419	44	solicitation	solicitation	NOUN
cblr-14239	419	45	was	be	AUX
cblr-14239	419	46	individually	individually	ADV
cblr-14239	419	47	targeting	target	VERB
cblr-14239	419	48	a	a	DET
cblr-14239	419	49	specific	specific	ADJ
cblr-14239	419	50	investor	investor	NOUN
cblr-14239	419	51	.	.	PUNCT
cblr-14239	420	1	the	the	DET
cblr-14239	420	2	mere	mere	ADJ
cblr-14239	420	3	potential	potential	NOUN
cblr-14239	420	4	that	that	SCONJ
cblr-14239	420	5	a	a	DET
cblr-14239	420	6	retail	retail	ADJ
cblr-14239	420	7	investor	investor	NOUN
cblr-14239	420	8	could	could	AUX
cblr-14239	420	9	access	access	VERB
cblr-14239	420	10	or	or	CCONJ
cblr-14239	420	11	stumble	stumble	VERB
cblr-14239	420	12	across	across	ADP
cblr-14239	420	13	the	the	DET
cblr-14239	420	14	communication	communication	NOUN
cblr-14239	420	15	would	would	AUX
cblr-14239	420	16	seemingly	seemingly	ADV
cblr-14239	420	17	result	result	VERB
cblr-14239	420	18	in	in	ADP
cblr-14239	420	19	a	a	DET
cblr-14239	420	20	low	low	ADJ
cblr-14239	420	21	threshold	threshold	NOUN
cblr-14239	420	22	for	for	ADP
cblr-14239	420	23	the	the	DET
cblr-14239	420	24	expansive	expansive	ADJ
cblr-14239	420	25	liability	liability	NOUN
cblr-14239	420	26	scheme	scheme	NOUN
cblr-14239	420	27	.	.	PUNCT
cblr-14239	421	1	arguably	arguably	ADV
cblr-14239	421	2	,	,	PUNCT
cblr-14239	421	3	the	the	DET
cblr-14239	421	4	everyday	everyday	ADJ
cblr-14239	421	5	investor	investor	NOUN
cblr-14239	421	6	is	be	AUX
cblr-14239	421	7	already	already	ADV
cblr-14239	421	8	protected	protect	VERB
cblr-14239	421	9	because	because	SCONJ
cblr-14239	421	10	markets	market	NOUN
cblr-14239	421	11	are	be	AUX
cblr-14239	421	12	made	make	VERB
cblr-14239	421	13	efficient	efficient	ADJ
cblr-14239	421	14	through	through	ADP
cblr-14239	421	15	the	the	DET
cblr-14239	421	16	protection	protection	NOUN
cblr-14239	421	17	of	of	ADP
cblr-14239	421	18	institutional	institutional	ADJ
cblr-14239	421	19	investors	investor	NOUN
cblr-14239	421	20	and	and	CCONJ
cblr-14239	421	21	information	information	NOUN
cblr-14239	421	22	traders.112	traders.112	PROPN
cblr-14239	421	23	further	far	ADV
cblr-14239	421	24	,	,	PUNCT
cblr-14239	421	25	the	the	DET
cblr-14239	421	26	protection	protection	NOUN
cblr-14239	421	27	of	of	ADP
cblr-14239	421	28	information	information	NOUN
cblr-14239	421	29	traders	trader	NOUN
cblr-14239	421	30	may	may	AUX
cblr-14239	421	31	even	even	ADV
cblr-14239	421	32	require	require	VERB
cblr-14239	421	33	protection	protection	NOUN
cblr-14239	421	34	of	of	ADP
cblr-14239	421	35	retail	retail	ADJ
cblr-14239	421	36	investors	investor	NOUN
cblr-14239	421	37	when	when	SCONJ
cblr-14239	421	38	institutional	institutional	ADJ
cblr-14239	421	39	investors	investor	NOUN
cblr-14239	421	40	would	would	AUX
cblr-14239	421	41	otherwise	otherwise	ADV
cblr-14239	421	42	uncover	uncover	VERB
cblr-14239	421	43	the	the	DET
cblr-14239	421	44	fraud	fraud	NOUN
cblr-14239	421	45	.	.	PUNCT
cblr-14239	422	1	this	this	PRON
cblr-14239	422	2	is	be	AUX
cblr-14239	422	3	because	because	SCONJ
cblr-14239	422	4	“	"	PUNCT
cblr-14239	422	5	even	even	ADV
cblr-14239	422	6	if	if	SCONJ
cblr-14239	422	7	information	information	NOUN
cblr-14239	422	8	traders	trader	NOUN
cblr-14239	422	9	could	could	AUX
cblr-14239	422	10	invest	invest	VERB
cblr-14239	422	11	in	in	ADP
cblr-14239	422	12	precautions	precaution	NOUN
cblr-14239	422	13	and	and	CCONJ
cblr-14239	422	14	discover	discover	VERB
cblr-14239	422	15	the	the	DET
cblr-14239	422	16	misstatement	misstatement	NOUN
cblr-14239	422	17	the	the	DET
cblr-14239	422	18	activities	activity	NOUN
cblr-14239	422	19	of	of	ADP
cblr-14239	422	20	noise	noise	NOUN
cblr-14239	422	21	traders	trader	NOUN
cblr-14239	422	22	who	who	PRON
cblr-14239	422	23	relied	rely	VERB
cblr-14239	422	24	on	on	ADP
cblr-14239	422	25	the	the	DET
cblr-14239	422	26	price	price	NOUN
cblr-14239	422	27	distortion	distortion	NOUN
cblr-14239	422	28	might	might	AUX
cblr-14239	422	29	ultimately	ultimately	ADV
cblr-14239	422	30	prevent	prevent	VERB
cblr-14239	422	31	information	information	NOUN
cblr-14239	422	32	traders	trader	NOUN
cblr-14239	422	33	from	from	ADP
cblr-14239	422	34	capturing	capture	VERB
cblr-14239	422	35	the	the	DET
cblr-14239	422	36	price	price	NOUN
cblr-14239	422	37	-	-	PUNCT
cblr-14239	422	38	value	value	NOUN
cblr-14239	422	39	deviation	deviation	NOUN
cblr-14239	422	40	.	.	PUNCT
cblr-14239	423	1	”113	”113	PROPN
cblr-14239	423	2	112	112	NUM
cblr-14239	423	3	see	see	VERB
cblr-14239	423	4	goshen	goshen	PROPN
cblr-14239	423	5	&	&	CCONJ
cblr-14239	423	6	parchomovsky	parchomovsky	PROPN
cblr-14239	423	7	,	,	PUNCT
cblr-14239	423	8	supra	supra	PROPN
cblr-14239	423	9	note	note	NOUN
cblr-14239	423	10	3	3	NUM
cblr-14239	423	11	,	,	PUNCT
cblr-14239	423	12	at	at	ADP
cblr-14239	423	13	715–16	715–16	NOUN
cblr-14239	423	14	,	,	PUNCT
cblr-14239	423	15	723	723	NUM
cblr-14239	423	16	.	.	NOUN
cblr-14239	423	17	113	113	NUM
cblr-14239	424	1	i	i	PRON
cblr-14239	424	2	d.	d.	PROPN
cblr-14239	424	3	at	at	ADP
cblr-14239	424	4	742	742	NUM
cblr-14239	424	5	.	.	PUNCT
cblr-14239	425	1	no	no	INTJ
cblr-14239	425	2	.	.	NOUN
cblr-14239	425	3	2	2	NUM
cblr-14239	425	4	]	]	PUNCT
cblr-14239	425	5	with	with	ADP
cblr-14239	425	6	whom	whom	PRON
cblr-14239	425	7	is	be	AUX
cblr-14239	425	8	your	your	PRON
cblr-14239	425	9	issue	issue	NOUN
cblr-14239	425	10	?	?	PUNCT
cblr-14239	426	1	819	819	NUM
cblr-14239	426	2	there	there	PRON
cblr-14239	426	3	are	be	VERB
cblr-14239	426	4	circumstances	circumstance	NOUN
cblr-14239	426	5	and	and	CCONJ
cblr-14239	426	6	facts	fact	NOUN
cblr-14239	426	7	,	,	PUNCT
cblr-14239	426	8	however	however	ADV
cblr-14239	426	9	,	,	PUNCT
cblr-14239	426	10	that	that	PRON
cblr-14239	426	11	do	do	AUX
cblr-14239	426	12	not	not	PART
cblr-14239	426	13	warrant	warrant	VERB
cblr-14239	426	14	the	the	DET
cblr-14239	426	15	expansive	expansive	ADJ
cblr-14239	426	16	liability	liability	NOUN
cblr-14239	426	17	scheme	scheme	NOUN
cblr-14239	426	18	that	that	PRON
cblr-14239	426	19	captures	capture	VERB
cblr-14239	426	20	retail	retail	ADJ
cblr-14239	426	21	investors	investor	NOUN
cblr-14239	426	22	,	,	PUNCT
cblr-14239	426	23	even	even	ADV
cblr-14239	426	24	when	when	SCONJ
cblr-14239	426	25	the	the	DET
cblr-14239	426	26	goal	goal	NOUN
cblr-14239	426	27	is	be	AUX
cblr-14239	426	28	to	to	PART
cblr-14239	426	29	protect	protect	VERB
cblr-14239	426	30	information	information	NOUN
cblr-14239	426	31	traders	trader	NOUN
cblr-14239	426	32	.	.	PUNCT
cblr-14239	427	1	rules	rule	NOUN
cblr-14239	427	2	506	506	NUM
cblr-14239	427	3	and	and	CCONJ
cblr-14239	427	4	144a	144a	PROPN
cblr-14239	427	5	provide	provide	VERB
cblr-14239	427	6	for	for	ADP
cblr-14239	427	7	the	the	DET
cblr-14239	427	8	private	private	ADJ
cblr-14239	427	9	placement	placement	NOUN
cblr-14239	427	10	of	of	ADP
cblr-14239	427	11	securities	security	NOUN
cblr-14239	427	12	to	to	ADP
cblr-14239	427	13	“	"	PUNCT
cblr-14239	427	14	accredited	accredited	ADJ
cblr-14239	427	15	investors	investor	NOUN
cblr-14239	427	16	”	"	PUNCT
cblr-14239	427	17	and	and	CCONJ
cblr-14239	427	18	“	"	PUNCT
cblr-14239	427	19	qualified	qualified	ADJ
cblr-14239	427	20	institutional	institutional	ADJ
cblr-14239	427	21	investors	investor	NOUN
cblr-14239	427	22	”	"	PUNCT
cblr-14239	427	23	such	such	ADJ
cblr-14239	427	24	that	that	SCONJ
cblr-14239	427	25	retail	retail	ADJ
cblr-14239	427	26	investors	investor	NOUN
cblr-14239	427	27	are	be	AUX
cblr-14239	427	28	not	not	PART
cblr-14239	427	29	even	even	ADV
cblr-14239	427	30	subject	subject	ADJ
cblr-14239	427	31	to	to	ADP
cblr-14239	427	32	injury	injury	NOUN
cblr-14239	427	33	from	from	ADP
cblr-14239	427	34	material	material	NOUN
cblr-14239	427	35	misrepresentations	misrepresentation	NOUN
cblr-14239	427	36	or	or	CCONJ
cblr-14239	427	37	omissions	omission	NOUN
cblr-14239	427	38	because	because	SCONJ
cblr-14239	427	39	they	they	PRON
cblr-14239	427	40	are	be	AUX
cblr-14239	427	41	not	not	PART
cblr-14239	427	42	authorized	authorize	VERB
cblr-14239	427	43	investors	investor	NOUN
cblr-14239	427	44	under	under	ADP
cblr-14239	427	45	the	the	DET
cblr-14239	427	46	administrative	administrative	ADJ
cblr-14239	427	47	rules.114	rules.114	NOUN
cblr-14239	427	48	whilst	whilst	SCONJ
cblr-14239	427	49	registration	registration	NOUN
cblr-14239	427	50	requirements	requirement	NOUN
cblr-14239	427	51	differ	differ	VERB
cblr-14239	427	52	from	from	ADP
cblr-14239	427	53	antifraud	antifraud	PROPN
cblr-14239	427	54	liability	liability	NOUN
cblr-14239	427	55	because	because	SCONJ
cblr-14239	427	56	“	"	PUNCT
cblr-14239	427	57	accredited	accredited	ADJ
cblr-14239	427	58	investor	investor	NOUN
cblr-14239	427	59	”	"	PUNCT
cblr-14239	427	60	restrictions	restriction	NOUN
cblr-14239	427	61	prevent	prevent	VERB
cblr-14239	427	62	noise	noise	NOUN
cblr-14239	427	63	traders	trader	NOUN
cblr-14239	427	64	from	from	ADP
cblr-14239	427	65	even	even	ADV
cblr-14239	427	66	transacting	transact	VERB
cblr-14239	427	67	in	in	ADP
cblr-14239	427	68	those	those	DET
cblr-14239	427	69	securities	security	NOUN
cblr-14239	427	70	,	,	PUNCT
cblr-14239	427	71	a	a	DET
cblr-14239	427	72	similar	similar	ADJ
cblr-14239	427	73	exclusion	exclusion	NOUN
cblr-14239	427	74	of	of	ADP
cblr-14239	427	75	noise	noise	NOUN
cblr-14239	427	76	traders	trader	NOUN
cblr-14239	427	77	may	may	AUX
cblr-14239	427	78	result	result	VERB
cblr-14239	427	79	from	from	ADP
cblr-14239	427	80	the	the	DET
cblr-14239	427	81	form	form	NOUN
cblr-14239	427	82	of	of	ADP
cblr-14239	427	83	communication	communication	NOUN
cblr-14239	427	84	that	that	PRON
cblr-14239	427	85	an	an	DET
cblr-14239	427	86	issuer	issuer	NOUN
cblr-14239	427	87	uses	use	NOUN
cblr-14239	427	88	.	.	PUNCT
cblr-14239	428	1	not	not	PART
cblr-14239	428	2	all	all	DET
cblr-14239	428	3	forms	form	NOUN
cblr-14239	428	4	of	of	ADP
cblr-14239	428	5	mass	mass	ADJ
cblr-14239	428	6	communication	communication	NOUN
cblr-14239	428	7	are	be	AUX
cblr-14239	428	8	accessible	accessible	ADJ
cblr-14239	428	9	to	to	ADP
cblr-14239	428	10	,	,	PUNCT
cblr-14239	428	11	or	or	CCONJ
cblr-14239	428	12	at	at	ADP
cblr-14239	428	13	least	least	ADJ
cblr-14239	428	14	curated	curate	VERB
cblr-14239	428	15	for	for	ADP
cblr-14239	428	16	,	,	PUNCT
cblr-14239	428	17	an	an	DET
cblr-14239	428	18	audience	audience	NOUN
cblr-14239	428	19	that	that	PRON
cblr-14239	428	20	includes	include	VERB
cblr-14239	428	21	unsophisticated	unsophisticated	ADJ
cblr-14239	428	22	investors	investor	NOUN
cblr-14239	428	23	.	.	PUNCT
cblr-14239	429	1	there	there	PRON
cblr-14239	429	2	are	be	VERB
cblr-14239	429	3	,	,	PUNCT
cblr-14239	429	4	for	for	ADP
cblr-14239	429	5	example	example	NOUN
cblr-14239	429	6	,	,	PUNCT
cblr-14239	429	7	subscription	subscription	NOUN
cblr-14239	429	8	news	news	NOUN
cblr-14239	429	9	services	service	NOUN
cblr-14239	429	10	curated	curate	VERB
cblr-14239	429	11	for	for	ADP
cblr-14239	429	12	institutional	institutional	ADJ
cblr-14239	429	13	investors.115	investors.115	PROPN
cblr-14239	429	14	in	in	ADP
cblr-14239	429	15	these	these	DET
cblr-14239	429	16	circumstances	circumstance	NOUN
cblr-14239	429	17	,	,	PUNCT
cblr-14239	429	18	noise	noise	NOUN
cblr-14239	429	19	traders	trader	NOUN
cblr-14239	429	20	would	would	AUX
cblr-14239	429	21	rarely	rarely	ADV
cblr-14239	429	22	access	access	VERB
cblr-14239	429	23	the	the	DET
cblr-14239	429	24	information	information	NOUN
cblr-14239	429	25	at	at	ADP
cblr-14239	429	26	issue	issue	NOUN
cblr-14239	429	27	,	,	PUNCT
cblr-14239	429	28	and	and	CCONJ
cblr-14239	429	29	the	the	DET
cblr-14239	429	30	issuer	issuer	NOUN
cblr-14239	429	31	could	could	AUX
cblr-14239	429	32	likely	likely	ADV
cblr-14239	429	33	omit	omit	VERB
cblr-14239	429	34	more	more	ADJ
cblr-14239	429	35	information	information	NOUN
cblr-14239	429	36	without	without	ADP
cblr-14239	429	37	the	the	DET
cblr-14239	429	38	risk	risk	NOUN
cblr-14239	429	39	that	that	SCONJ
cblr-14239	429	40	those	those	DET
cblr-14239	429	41	omissions	omission	NOUN
cblr-14239	429	42	are	be	AUX
cblr-14239	429	43	material	material	NOUN
cblr-14239	429	44	.	.	PUNCT
cblr-14239	430	1	efficiency	efficiency	NOUN
cblr-14239	430	2	is	be	AUX
cblr-14239	430	3	harmed	harm	VERB
cblr-14239	430	4	by	by	ADP
cblr-14239	430	5	a	a	DET
cblr-14239	430	6	regime	regime	NOUN
cblr-14239	430	7	that	that	PRON
cblr-14239	430	8	still	still	ADV
cblr-14239	430	9	requires	require	VERB
cblr-14239	430	10	an	an	DET
cblr-14239	430	11	issuer	issuer	NOUN
cblr-14239	430	12	to	to	PART
cblr-14239	430	13	disclose	disclose	VERB
cblr-14239	430	14	as	as	SCONJ
cblr-14239	430	15	if	if	SCONJ
cblr-14239	430	16	the	the	DET
cblr-14239	430	17	risk	risk	NOUN
cblr-14239	430	18	of	of	ADP
cblr-14239	430	19	noise	noise	NOUN
cblr-14239	430	20	traders	trader	NOUN
cblr-14239	430	21	was	be	AUX
cblr-14239	430	22	present	present	ADJ
cblr-14239	430	23	in	in	ADP
cblr-14239	430	24	the	the	DET
cblr-14239	430	25	event	event	NOUN
cblr-14239	430	26	that	that	SCONJ
cblr-14239	430	27	(	(	PUNCT
cblr-14239	430	28	1	1	X
cblr-14239	430	29	)	)	PUNCT
cblr-14239	430	30	information	information	NOUN
cblr-14239	430	31	traders	trader	NOUN
cblr-14239	430	32	can	can	AUX
cblr-14239	430	33	discover	discover	VERB
cblr-14239	430	34	any	any	DET
cblr-14239	430	35	misstatements	misstatement	NOUN
cblr-14239	430	36	without	without	ADP
cblr-14239	430	37	risking	risk	VERB
cblr-14239	430	38	loss	loss	NOUN
cblr-14239	430	39	in	in	ADP
cblr-14239	430	40	the	the	DET
cblr-14239	430	41	price	price	NOUN
cblr-14239	430	42	-	-	PUNCT
cblr-14239	430	43	value	value	NOUN
cblr-14239	430	44	deviation	deviation	NOUN
cblr-14239	430	45	and	and	CCONJ
cblr-14239	430	46	(	(	PUNCT
cblr-14239	430	47	2	2	X
cblr-14239	430	48	)	)	PUNCT
cblr-14239	430	49	the	the	DET
cblr-14239	430	50	costs	cost	NOUN
cblr-14239	430	51	of	of	ADP
cblr-14239	430	52	disclosing	disclose	VERB
cblr-14239	430	53	superfluous	superfluous	ADJ
cblr-14239	430	54	information	information	NOUN
cblr-14239	430	55	either	either	CCONJ
cblr-14239	430	56	casts	cast	VERB
cblr-14239	430	57	a	a	DET
cblr-14239	430	58	premium	premium	NOUN
cblr-14239	430	59	on	on	ADP
cblr-14239	430	60	the	the	DET
cblr-14239	430	61	security	security	NOUN
cblr-14239	430	62	’s	’s	PART
cblr-14239	430	63	price	price	NOUN
cblr-14239	430	64	greater	great	ADJ
cblr-14239	430	65	than	than	ADP
cblr-14239	430	66	the	the	DET
cblr-14239	430	67	costs	cost	NOUN
cblr-14239	430	68	to	to	PART
cblr-14239	430	69	informed	inform	VERB
cblr-14239	430	70	traders	trader	NOUN
cblr-14239	430	71	in	in	ADP
cblr-14239	430	72	the	the	DET
cblr-14239	430	73	form	form	NOUN
cblr-14239	430	74	of	of	ADP
cblr-14239	430	75	precautions	precaution	NOUN
cblr-14239	430	76	to	to	PART
cblr-14239	430	77	discover	discover	VERB
cblr-14239	430	78	the	the	DET
cblr-14239	430	79	misstatement	misstatement	NOUN
cblr-14239	430	80	or	or	CCONJ
cblr-14239	430	81	results	result	NOUN
cblr-14239	430	82	in	in	ADP
cblr-14239	430	83	the	the	DET
cblr-14239	430	84	withdrawal	withdrawal	NOUN
cblr-14239	430	85	of	of	ADP
cblr-14239	430	86	the	the	DET
cblr-14239	430	87	issuer	issuer	NOUN
cblr-14239	430	88	from	from	ADP
cblr-14239	430	89	the	the	DET
cblr-14239	430	90	market	market	NOUN
cblr-14239	430	91	.	.	PUNCT
cblr-14239	431	1	distinguishing	distinguish	VERB
cblr-14239	431	2	between	between	ADP
cblr-14239	431	3	the	the	DET
cblr-14239	431	4	solicitation	solicitation	NOUN
cblr-14239	431	5	of	of	ADP
cblr-14239	431	6	sophisticated	sophisticated	ADJ
cblr-14239	431	7	and	and	CCONJ
cblr-14239	431	8	unsophisticated	unsophisticated	ADJ
cblr-14239	431	9	investors	investor	NOUN
cblr-14239	431	10	would	would	AUX
cblr-14239	431	11	protect	protect	VERB
cblr-14239	431	12	the	the	DET
cblr-14239	431	13	“	"	PUNCT
cblr-14239	431	14	everyday	everyday	ADJ
cblr-14239	431	15	investor	investor	NOUN
cblr-14239	431	16	”	"	PUNCT
cblr-14239	431	17	that	that	PRON
cblr-14239	431	18	cardone	cardone	PROPN
cblr-14239	431	19	capital	capital	NOUN
cblr-14239	431	20	admittedly	admittedly	ADV
cblr-14239	431	21	sought	seek	VERB
cblr-14239	431	22	to	to	PART
cblr-14239	431	23	solicit116	solicit116	PROPN
cblr-14239	431	24	whilst	whilst	SCONJ
cblr-14239	431	25	preserving	preserve	VERB
cblr-14239	431	26	the	the	DET
cblr-14239	431	27	incentives	incentive	NOUN
cblr-14239	431	28	for	for	SCONJ
cblr-14239	431	29	sellers	seller	NOUN
cblr-14239	431	30	to	to	PART
cblr-14239	431	31	target	target	VERB
cblr-14239	431	32	114	114	NUM
cblr-14239	431	33	see	see	NOUN
cblr-14239	431	34	supra	supra	PROPN
cblr-14239	431	35	part	part	PROPN
cblr-14239	431	36	iii.c	iii.c	PROPN
cblr-14239	431	37	.	.	PUNCT
cblr-14239	431	38	115	115	NUM
cblr-14239	431	39	see	see	VERB
cblr-14239	431	40	,	,	PUNCT
cblr-14239	431	41	e.g.	e.g.	ADV
cblr-14239	431	42	,	,	PUNCT
cblr-14239	431	43	nasdaq	nasdaq	PROPN
cblr-14239	431	44	evestment	evestment	NOUN
cblr-14239	431	45	,	,	PUNCT
cblr-14239	431	46	nasdaq	nasdaq	PROPN
cblr-14239	431	47	,	,	PUNCT
cblr-14239	431	48	https://www.nasdaq.com/solutions/investment-intelligence/asset-managers/newsletter	https://www.nasdaq.com/solutions/investment-intelligence/asset-managers/newsletter	VERB
cblr-14239	431	49	[	[	X
cblr-14239	431	50	https://perma.cc/2lct-34gl	https://perma.cc/2lct-34gl	X
cblr-14239	431	51	]	]	X
cblr-14239	431	52	(	(	PUNCT
cblr-14239	431	53	last	last	ADV
cblr-14239	431	54	visited	visit	VERB
cblr-14239	431	55	jan	jan	PROPN
cblr-14239	431	56	.	.	PROPN
cblr-14239	431	57	22	22	NUM
cblr-14239	431	58	,	,	PUNCT
cblr-14239	431	59	2024	2024	NUM
cblr-14239	431	60	)	)	PUNCT
cblr-14239	431	61	(	(	PUNCT
cblr-14239	431	62	“	"	PUNCT
cblr-14239	431	63	get	get	VERB
cblr-14239	431	64	the	the	DET
cblr-14239	431	65	latest	late	ADJ
cblr-14239	431	66	insights	insight	NOUN
cblr-14239	431	67	on	on	ADP
cblr-14239	431	68	the	the	DET
cblr-14239	431	69	news	news	NOUN
cblr-14239	431	70	and	and	CCONJ
cblr-14239	431	71	trends	trend	NOUN
cblr-14239	431	72	affecting	affect	VERB
cblr-14239	431	73	institutional	institutional	ADJ
cblr-14239	431	74	asset	asset	NOUN
cblr-14239	431	75	managers	manager	NOUN
cblr-14239	431	76	,	,	PUNCT
cblr-14239	431	77	bi	bi	NOUN
cblr-14239	431	78	-	-	ADJ
cblr-14239	431	79	weekly	weekly	ADJ
cblr-14239	431	80	on	on	ADP
cblr-14239	431	81	thursdays	thursday	NOUN
cblr-14239	431	82	.	.	PUNCT
cblr-14239	431	83	”	"	PUNCT
cblr-14239	431	84	)	)	PUNCT
cblr-14239	431	85	.	.	PUNCT
cblr-14239	432	1	116	116	NUM
cblr-14239	432	2	pino	pino	NOUN
cblr-14239	432	3	v.	v.	ADP
cblr-14239	432	4	cardone	cardone	PROPN
cblr-14239	432	5	capital	capital	PROPN
cblr-14239	432	6	,	,	PUNCT
cblr-14239	432	7	llc	llc	PROPN
cblr-14239	432	8	,	,	PUNCT
cblr-14239	432	9	55	55	NUM
cblr-14239	432	10	f.4th	f.4th	NOUN
cblr-14239	432	11	1253	1253	NUM
cblr-14239	432	12	,	,	PUNCT
cblr-14239	432	13	1256	1256	NUM
cblr-14239	432	14	(	(	PUNCT
cblr-14239	432	15	9th	9th	ADJ
cblr-14239	432	16	cir	cir	NOUN
cblr-14239	432	17	.	.	PUNCT
cblr-14239	432	18	2022	2022	NUM
cblr-14239	432	19	)	)	PUNCT
cblr-14239	432	20	.	.	PUNCT
cblr-14239	433	1	820	820	NUM
cblr-14239	433	2	columbia	columbia	PROPN
cblr-14239	433	3	business	business	NOUN
cblr-14239	433	4	law	law	PROPN
cblr-14239	433	5	review	review	NOUN
cblr-14239	434	1	[	[	X
cblr-14239	434	2	vol	vol	NOUN
cblr-14239	434	3	.	.	NOUN
cblr-14239	434	4	2024	2024	NUM
cblr-14239	434	5	sophisticated	sophisticated	ADJ
cblr-14239	434	6	institutional	institutional	ADJ
cblr-14239	434	7	investors	investor	NOUN
cblr-14239	434	8	which	which	PRON
cblr-14239	434	9	would	would	AUX
cblr-14239	434	10	be	be	AUX
cblr-14239	434	11	chilled	chill	VERB
cblr-14239	434	12	by	by	ADP
cblr-14239	434	13	a	a	DET
cblr-14239	434	14	uniformly	uniformly	ADV
cblr-14239	434	15	broad	broad	ADJ
cblr-14239	434	16	and	and	CCONJ
cblr-14239	434	17	costly	costly	ADJ
cblr-14239	434	18	liability	liability	NOUN
cblr-14239	434	19	regime	regime	NOUN
cblr-14239	434	20	.	.	PUNCT
cblr-14239	435	1	social	social	ADJ
cblr-14239	435	2	media	medium	NOUN
cblr-14239	435	3	has	have	AUX
cblr-14239	435	4	itself	itself	PRON
cblr-14239	435	5	changed	change	VERB
cblr-14239	435	6	how	how	SCONJ
cblr-14239	435	7	noise	noise	NOUN
cblr-14239	435	8	traders	trader	NOUN
cblr-14239	435	9	directly	directly	ADV
cblr-14239	435	10	and	and	CCONJ
cblr-14239	435	11	indirectly	indirectly	ADV
cblr-14239	435	12	interact	interact	VERB
cblr-14239	435	13	with	with	ADP
cblr-14239	435	14	other	other	ADJ
cblr-14239	435	15	market	market	NOUN
cblr-14239	435	16	participants	participant	NOUN
cblr-14239	435	17	.	.	PUNCT
cblr-14239	436	1	as	as	SCONJ
cblr-14239	436	2	issuers	issuer	NOUN
cblr-14239	436	3	avail	avail	VERB
cblr-14239	436	4	themselves	themselves	PRON
cblr-14239	436	5	of	of	ADP
cblr-14239	436	6	mass	mass	ADJ
cblr-14239	436	7	communications	communication	NOUN
cblr-14239	436	8	to	to	PART
cblr-14239	436	9	advertise	advertise	VERB
cblr-14239	436	10	their	their	PRON
cblr-14239	436	11	securities	security	NOUN
cblr-14239	436	12	,	,	PUNCT
cblr-14239	436	13	more	more	ADJ
cblr-14239	436	14	noise	noise	NOUN
cblr-14239	436	15	traders	trader	NOUN
cblr-14239	436	16	have	have	VERB
cblr-14239	436	17	access	access	NOUN
cblr-14239	436	18	to	to	ADP
cblr-14239	436	19	that	that	DET
cblr-14239	436	20	information	information	NOUN
cblr-14239	436	21	.	.	PUNCT
cblr-14239	437	1	when	when	SCONJ
cblr-14239	437	2	noise	noise	NOUN
cblr-14239	437	3	traders	trader	NOUN
cblr-14239	437	4	irrationally	irrationally	ADV
cblr-14239	437	5	or	or	CCONJ
cblr-14239	437	6	inefficiently	inefficiently	ADV
cblr-14239	437	7	trade	trade	VERB
cblr-14239	437	8	on	on	ADP
cblr-14239	437	9	that	that	DET
cblr-14239	437	10	information	information	NOUN
cblr-14239	437	11	,	,	PUNCT
cblr-14239	437	12	their	their	PRON
cblr-14239	437	13	effects	effect	NOUN
cblr-14239	437	14	on	on	ADP
cblr-14239	437	15	the	the	DET
cblr-14239	437	16	price	price	NOUN
cblr-14239	437	17	-	-	PUNCT
cblr-14239	437	18	value	value	NOUN
cblr-14239	437	19	differential	differential	NOUN
cblr-14239	437	20	can	can	AUX
cblr-14239	437	21	become	become	VERB
cblr-14239	437	22	even	even	ADV
cblr-14239	437	23	more	more	ADV
cblr-14239	437	24	significant	significant	ADJ
cblr-14239	437	25	.	.	PUNCT
cblr-14239	438	1	for	for	ADP
cblr-14239	438	2	that	that	DET
cblr-14239	438	3	reason	reason	NOUN
cblr-14239	438	4	,	,	PUNCT
cblr-14239	438	5	a	a	DET
cblr-14239	438	6	broad	broad	ADJ
cblr-14239	438	7	regime	regime	NOUN
cblr-14239	438	8	may	may	AUX
cblr-14239	438	9	be	be	AUX
cblr-14239	438	10	warranted	warrant	VERB
cblr-14239	438	11	.	.	PUNCT
cblr-14239	439	1	at	at	ADP
cblr-14239	439	2	the	the	DET
cblr-14239	439	3	same	same	ADJ
cblr-14239	439	4	time	time	NOUN
cblr-14239	439	5	,	,	PUNCT
cblr-14239	439	6	though	though	ADV
cblr-14239	439	7	,	,	PUNCT
cblr-14239	439	8	the	the	DET
cblr-14239	439	9	regulatory	regulatory	ADJ
cblr-14239	439	10	regime	regime	NOUN
cblr-14239	439	11	should	should	AUX
cblr-14239	439	12	not	not	PART
cblr-14239	439	13	overcorrect	overcorrect	VERB
cblr-14239	439	14	.	.	PUNCT
cblr-14239	440	1	a	a	DET
cblr-14239	440	2	retail	retail	ADJ
cblr-14239	440	3	investor	investor	NOUN
cblr-14239	440	4	stumbling	stumble	VERB
cblr-14239	440	5	across	across	ADP
cblr-14239	440	6	a	a	DET
cblr-14239	440	7	curated	curate	VERB
cblr-14239	440	8	solicitation	solicitation	NOUN
cblr-14239	440	9	for	for	ADP
cblr-14239	440	10	sophisticated	sophisticated	ADJ
cblr-14239	440	11	investors	investor	NOUN
cblr-14239	440	12	should	should	AUX
cblr-14239	440	13	not	not	PART
cblr-14239	440	14	increase	increase	VERB
cblr-14239	440	15	the	the	DET
cblr-14239	440	16	cost	cost	NOUN
cblr-14239	440	17	of	of	ADP
cblr-14239	440	18	disclosure	disclosure	NOUN
cblr-14239	440	19	to	to	ADP
cblr-14239	440	20	the	the	DET
cblr-14239	440	21	issuer	issuer	NOUN
cblr-14239	440	22	and	and	CCONJ
cblr-14239	440	23	reduce	reduce	VERB
cblr-14239	440	24	the	the	DET
cblr-14239	440	25	benefit	benefit	NOUN
cblr-14239	440	26	of	of	ADP
cblr-14239	440	27	offering	offer	VERB
cblr-14239	440	28	the	the	DET
cblr-14239	440	29	security	security	NOUN
cblr-14239	440	30	in	in	ADP
cblr-14239	440	31	the	the	DET
cblr-14239	440	32	first	first	ADJ
cblr-14239	440	33	place	place	NOUN
cblr-14239	440	34	if	if	SCONJ
cblr-14239	440	35	those	those	DET
cblr-14239	440	36	facts	fact	NOUN
cblr-14239	440	37	did	do	AUX
cblr-14239	440	38	not	not	PART
cblr-14239	440	39	previously	previously	ADV
cblr-14239	440	40	pose	pose	VERB
cblr-14239	440	41	such	such	ADJ
cblr-14239	440	42	risk	risk	NOUN
cblr-14239	440	43	because	because	SCONJ
cblr-14239	440	44	of	of	ADP
cblr-14239	440	45	the	the	DET
cblr-14239	440	46	inefficiency	inefficiency	NOUN
cblr-14239	440	47	introduced	introduce	VERB
cblr-14239	440	48	.	.	PUNCT
cblr-14239	441	1	the	the	DET
cblr-14239	441	2	regulatory	regulatory	ADJ
cblr-14239	441	3	regime	regime	NOUN
cblr-14239	441	4	should	should	AUX
cblr-14239	441	5	capture	capture	VERB
cblr-14239	441	6	the	the	DET
cblr-14239	441	7	injuries	injury	NOUN
cblr-14239	441	8	of	of	ADP
cblr-14239	441	9	retail	retail	ADJ
cblr-14239	441	10	investors	investor	NOUN
cblr-14239	441	11	when	when	SCONJ
cblr-14239	441	12	doing	do	VERB
cblr-14239	441	13	so	so	ADV
cblr-14239	441	14	nets	net	VERB
cblr-14239	441	15	a	a	DET
cblr-14239	441	16	positive	positive	ADJ
cblr-14239	441	17	effect	effect	NOUN
cblr-14239	441	18	on	on	ADP
cblr-14239	441	19	market	market	NOUN
cblr-14239	441	20	efficiency	efficiency	NOUN
cblr-14239	441	21	.	.	PUNCT
cblr-14239	442	1	because	because	SCONJ
cblr-14239	442	2	sophisticated	sophisticated	ADJ
cblr-14239	442	3	investors	investor	NOUN
cblr-14239	442	4	are	be	AUX
cblr-14239	442	5	better	well	ADV
cblr-14239	442	6	positioned	position	VERB
cblr-14239	442	7	to	to	PART
cblr-14239	442	8	evaluate	evaluate	VERB
cblr-14239	442	9	investment	investment	NOUN
cblr-14239	442	10	opportunities	opportunity	NOUN
cblr-14239	442	11	and	and	CCONJ
cblr-14239	442	12	make	make	VERB
cblr-14239	442	13	informed	informed	ADJ
cblr-14239	442	14	investment	investment	NOUN
cblr-14239	442	15	decisions,117	decisions,117	INTJ
cblr-14239	442	16	the	the	DET
cblr-14239	442	17	risk	risk	NOUN
cblr-14239	442	18	allocation	allocation	NOUN
cblr-14239	442	19	may	may	AUX
cblr-14239	442	20	be	be	AUX
cblr-14239	442	21	more	more	ADV
cblr-14239	442	22	efficient	efficient	ADJ
cblr-14239	442	23	if	if	SCONJ
cblr-14239	442	24	shifted	shift	VERB
cblr-14239	442	25	toward	toward	ADP
cblr-14239	442	26	the	the	DET
cblr-14239	442	27	sophisticated	sophisticated	ADJ
cblr-14239	442	28	investors	investor	NOUN
cblr-14239	442	29	when	when	SCONJ
cblr-14239	442	30	they	they	PRON
cblr-14239	442	31	are	be	AUX
cblr-14239	442	32	the	the	DET
cblr-14239	442	33	exclusive	exclusive	ADJ
cblr-14239	442	34	targets	target	NOUN
cblr-14239	442	35	of	of	ADP
cblr-14239	442	36	solicitation	solicitation	NOUN
cblr-14239	442	37	.	.	PUNCT
cblr-14239	443	1	this	this	PRON
cblr-14239	443	2	does	do	AUX
cblr-14239	443	3	not	not	PART
cblr-14239	443	4	exculpate	exculpate	VERB
cblr-14239	443	5	issuers	issuer	NOUN
cblr-14239	443	6	from	from	ADP
cblr-14239	443	7	all	all	DET
cblr-14239	443	8	liability	liability	NOUN
cblr-14239	443	9	.	.	PUNCT
cblr-14239	444	1	rather	rather	ADV
cblr-14239	444	2	,	,	PUNCT
cblr-14239	444	3	a	a	DET
cblr-14239	444	4	different	different	ADJ
cblr-14239	444	5	risk	risk	NOUN
cblr-14239	444	6	allocation	allocation	NOUN
cblr-14239	444	7	when	when	SCONJ
cblr-14239	444	8	the	the	DET
cblr-14239	444	9	relevant	relevant	ADJ
cblr-14239	444	10	market	market	NOUN
cblr-14239	444	11	is	be	AUX
cblr-14239	444	12	composed	compose	VERB
cblr-14239	444	13	exclusively	exclusively	ADV
cblr-14239	444	14	of	of	ADP
cblr-14239	444	15	institutional	institutional	ADJ
cblr-14239	444	16	investors	investor	NOUN
cblr-14239	444	17	simply	simply	ADV
cblr-14239	444	18	applies	apply	VERB
cblr-14239	444	19	the	the	DET
cblr-14239	444	20	same	same	ADJ
cblr-14239	444	21	statutory	statutory	ADJ
cblr-14239	444	22	requirements	requirement	NOUN
cblr-14239	444	23	to	to	ADP
cblr-14239	444	24	“	"	PUNCT
cblr-14239	444	25	the	the	DET
cblr-14239	444	26	light	light	NOUN
cblr-14239	444	27	of	of	ADP
cblr-14239	444	28	the	the	DET
cblr-14239	444	29	[	[	X
cblr-14239	444	30	new	new	ADJ
cblr-14239	444	31	set	set	NOUN
cblr-14239	444	32	of	of	ADP
cblr-14239	444	33	]	]	PUNCT
cblr-14239	444	34	circumstances	circumstance	NOUN
cblr-14239	444	35	under	under	ADP
cblr-14239	444	36	which	which	PRON
cblr-14239	444	37	the	the	DET
cblr-14239	444	38	[	[	X
cblr-14239	444	39	statements	statement	NOUN
cblr-14239	444	40	]	]	PUNCT
cblr-14239	444	41	are	be	AUX
cblr-14239	444	42	made	make	VERB
cblr-14239	444	43	.	.	PUNCT
cblr-14239	444	44	”118	”118	PUNCT
cblr-14239	445	1	as	as	SCONJ
cblr-14239	445	2	the	the	DET
cblr-14239	445	3	market	market	NOUN
cblr-14239	445	4	of	of	ADP
cblr-14239	445	5	investors	investor	NOUN
cblr-14239	445	6	targeted	target	VERB
cblr-14239	445	7	by	by	ADP
cblr-14239	445	8	solicitation	solicitation	NOUN
cblr-14239	445	9	become	become	VERB
cblr-14239	445	10	more	more	ADV
cblr-14239	445	11	sophisticated	sophisticated	ADJ
cblr-14239	445	12	,	,	PUNCT
cblr-14239	445	13	the	the	DET
cblr-14239	445	14	investors	investor	NOUN
cblr-14239	445	15	themselves	themselves	PRON
cblr-14239	445	16	are	be	AUX
cblr-14239	445	17	more	more	ADV
cblr-14239	445	18	adept	adept	ADJ
cblr-14239	445	19	at	at	ADP
cblr-14239	445	20	identifying	identify	VERB
cblr-14239	445	21	suspect	suspect	ADJ
cblr-14239	445	22	investment	investment	NOUN
cblr-14239	445	23	opportunities	opportunity	NOUN
cblr-14239	445	24	and	and	CCONJ
cblr-14239	445	25	making	make	VERB
cblr-14239	445	26	informed	informed	ADJ
cblr-14239	445	27	investment	investment	NOUN
cblr-14239	445	28	decisions	decision	NOUN
cblr-14239	445	29	with	with	ADP
cblr-14239	445	30	fewer	few	ADJ
cblr-14239	445	31	disclosures	disclosure	NOUN
cblr-14239	445	32	by	by	ADP
cblr-14239	445	33	the	the	DET
cblr-14239	445	34	issuer.119	issuer.119	NOUN
cblr-14239	445	35	in	in	ADP
cblr-14239	445	36	fact	fact	NOUN
cblr-14239	445	37	,	,	PUNCT
cblr-14239	445	38	the	the	DET
cblr-14239	445	39	proliferation	proliferation	NOUN
cblr-14239	445	40	of	of	ADP
cblr-14239	445	41	sophisticated	sophisticated	ADJ
cblr-14239	445	42	investors	investor	NOUN
cblr-14239	445	43	117	117	NUM
cblr-14239	445	44	see	see	VERB
cblr-14239	445	45	kacperczyk	kacperczyk	NOUN
cblr-14239	445	46	et	et	PROPN
cblr-14239	445	47	al	al	PROPN
cblr-14239	445	48	.	.	PROPN
cblr-14239	445	49	,	,	PUNCT
cblr-14239	445	50	supra	supra	PROPN
cblr-14239	445	51	notes	note	VERB
cblr-14239	445	52	39–41	39–41	NUM
cblr-14239	445	53	,	,	PUNCT
cblr-14239	445	54	at	at	ADP
cblr-14239	445	55	1	1	NUM
cblr-14239	445	56	.	.	PUNCT
cblr-14239	445	57	118	118	NUM
cblr-14239	445	58	15	15	NUM
cblr-14239	445	59	u.s.c	u.s.c	NOUN
cblr-14239	445	60	.	.	PUNCT
cblr-14239	446	1	77l(a)(2	77l(a)(2	X
cblr-14239	446	2	)	)	PUNCT
cblr-14239	446	3	.	.	PUNCT
cblr-14239	447	1	119	119	NUM
cblr-14239	447	2	a	a	DET
cblr-14239	447	3	potential	potential	ADJ
cblr-14239	447	4	critique	critique	NOUN
cblr-14239	447	5	of	of	ADP
cblr-14239	447	6	this	this	DET
cblr-14239	447	7	argument	argument	NOUN
cblr-14239	447	8	is	be	AUX
cblr-14239	447	9	that	that	SCONJ
cblr-14239	447	10	whilst	whilst	SCONJ
cblr-14239	447	11	sophisticated	sophisticated	ADJ
cblr-14239	447	12	investors	investor	NOUN
cblr-14239	447	13	are	be	AUX
cblr-14239	447	14	adept	adept	ADJ
cblr-14239	447	15	at	at	ADP
cblr-14239	447	16	identifying	identify	VERB
cblr-14239	447	17	suspect	suspect	ADJ
cblr-14239	447	18	investment	investment	NOUN
cblr-14239	447	19	opportunities	opportunity	NOUN
cblr-14239	447	20	,	,	PUNCT
cblr-14239	447	21	sophisticated	sophisticated	ADJ
cblr-14239	447	22	investors	investor	NOUN
cblr-14239	447	23	can	can	AUX
cblr-14239	447	24	only	only	ADV
cblr-14239	447	25	assess	assess	VERB
cblr-14239	447	26	available	available	ADJ
cblr-14239	447	27	information	information	NOUN
cblr-14239	447	28	whether	whether	SCONJ
cblr-14239	447	29	disclosed	disclose	VERB
cblr-14239	447	30	or	or	CCONJ
cblr-14239	447	31	acquired	acquire	VERB
cblr-14239	447	32	through	through	ADP
cblr-14239	447	33	public	public	ADJ
cblr-14239	447	34	sources	source	NOUN
cblr-14239	447	35	.	.	PUNCT
cblr-14239	448	1	as	as	ADP
cblr-14239	448	2	no	no	PRON
cblr-14239	448	3	.	.	NOUN
cblr-14239	448	4	2	2	NUM
cblr-14239	448	5	]	]	PUNCT
cblr-14239	448	6	with	with	ADP
cblr-14239	448	7	whom	whom	PRON
cblr-14239	448	8	is	be	AUX
cblr-14239	448	9	your	your	PRON
cblr-14239	448	10	issue	issue	NOUN
cblr-14239	448	11	?	?	PUNCT
cblr-14239	449	1	821	821	NUM
cblr-14239	449	2	has	have	AUX
cblr-14239	449	3	resulted	result	VERB
cblr-14239	449	4	in	in	ADP
cblr-14239	449	5	courts	court	NOUN
cblr-14239	449	6	adopting	adopt	VERB
cblr-14239	449	7	a	a	DET
cblr-14239	449	8	“	"	PUNCT
cblr-14239	449	9	less	less	ADV
cblr-14239	449	10	presumptive	presumptive	ADJ
cblr-14239	449	11	view	view	NOUN
cblr-14239	449	12	of	of	ADP
cblr-14239	449	13	market	market	NOUN
cblr-14239	449	14	investors	investor	NOUN
cblr-14239	449	15	as	as	ADP
cblr-14239	449	16	unable	unable	ADJ
cblr-14239	449	17	to	to	PART
cblr-14239	449	18	protect	protect	VERB
cblr-14239	449	19	their	their	PRON
cblr-14239	449	20	own	own	ADJ
cblr-14239	449	21	interests	interest	NOUN
cblr-14239	449	22	.	.	PUNCT
cblr-14239	450	1	”120	”120	PUNCT
cblr-14239	450	2	with	with	ADP
cblr-14239	450	3	respect	respect	NOUN
cblr-14239	450	4	to	to	ADP
cblr-14239	450	5	the	the	DET
cblr-14239	450	6	direct	direct	ADJ
cblr-14239	450	7	solicitation	solicitation	NOUN
cblr-14239	450	8	-	-	PUNCT
cblr-14239	450	9	mass	mass	NOUN
cblr-14239	450	10	communication	communication	NOUN
cblr-14239	450	11	distinction	distinction	NOUN
cblr-14239	450	12	that	that	SCONJ
cblr-14239	450	13	the	the	DET
cblr-14239	450	14	circuit	circuit	NOUN
cblr-14239	450	15	split	split	NOUN
cblr-14239	450	16	illustrates	illustrate	VERB
cblr-14239	450	17	,	,	PUNCT
cblr-14239	450	18	an	an	DET
cblr-14239	450	19	investor	investor	NOUN
cblr-14239	450	20	sophistication	sophistication	NOUN
cblr-14239	450	21	standard	standard	NOUN
cblr-14239	450	22	accounts	account	VERB
cblr-14239	450	23	for	for	ADP
cblr-14239	450	24	sophisticated	sophisticated	ADJ
cblr-14239	450	25	investors	investor	NOUN
cblr-14239	450	26	recourses	recourse	NOUN
cblr-14239	450	27	should	should	AUX
cblr-14239	450	28	they	they	PRON
cblr-14239	450	29	encounter	encounter	VERB
cblr-14239	450	30	suspect	suspect	ADJ
cblr-14239	450	31	opportunities	opportunity	NOUN
cblr-14239	450	32	.	.	PUNCT
cblr-14239	451	1	when	when	SCONJ
cblr-14239	451	2	a	a	DET
cblr-14239	451	3	sophisticated	sophisticated	ADJ
cblr-14239	451	4	seller	seller	NOUN
cblr-14239	451	5	identifies	identify	VERB
cblr-14239	451	6	an	an	DET
cblr-14239	451	7	opportunity	opportunity	NOUN
cblr-14239	451	8	as	as	ADP
cblr-14239	451	9	suspect	suspect	ADJ
cblr-14239	451	10	,	,	PUNCT
cblr-14239	451	11	one	one	PRON
cblr-14239	451	12	would	would	AUX
cblr-14239	451	13	attempt	attempt	VERB
cblr-14239	451	14	to	to	PART
cblr-14239	451	15	acquire	acquire	VERB
cblr-14239	451	16	more	more	ADJ
cblr-14239	451	17	information	information	NOUN
cblr-14239	451	18	or	or	CCONJ
cblr-14239	451	19	seek	seek	VERB
cblr-14239	451	20	to	to	PART
cblr-14239	451	21	probe	probe	VERB
cblr-14239	451	22	the	the	DET
cblr-14239	451	23	mass	mass	ADJ
cblr-14239	451	24	communication	communication	NOUN
cblr-14239	451	25	through	through	ADP
cblr-14239	451	26	which	which	PRON
cblr-14239	451	27	the	the	DET
cblr-14239	451	28	representation	representation	NOUN
cblr-14239	451	29	was	be	AUX
cblr-14239	451	30	made	make	VERB
cblr-14239	451	31	.	.	PUNCT
cblr-14239	452	1	such	such	ADJ
cblr-14239	452	2	recourse	recourse	NOUN
cblr-14239	452	3	would	would	AUX
cblr-14239	452	4	likely	likely	ADV
cblr-14239	452	5	either	either	CCONJ
cblr-14239	452	6	further	far	ADV
cblr-14239	452	7	induce	induce	VERB
cblr-14239	452	8	or	or	CCONJ
cblr-14239	452	9	deter	deter	VERB
cblr-14239	452	10	a	a	DET
cblr-14239	452	11	sophisticated	sophisticated	ADJ
cblr-14239	452	12	investor	investor	NOUN
cblr-14239	452	13	from	from	ADP
cblr-14239	452	14	investing	invest	VERB
cblr-14239	452	15	in	in	ADP
cblr-14239	452	16	the	the	DET
cblr-14239	452	17	offering	offering	NOUN
cblr-14239	452	18	or	or	CCONJ
cblr-14239	452	19	would	would	AUX
cblr-14239	452	20	result	result	VERB
cblr-14239	452	21	in	in	ADP
cblr-14239	452	22	a	a	DET
cblr-14239	452	23	series	series	NOUN
cblr-14239	452	24	of	of	ADP
cblr-14239	452	25	engagements	engagement	NOUN
cblr-14239	452	26	between	between	ADP
cblr-14239	452	27	the	the	DET
cblr-14239	452	28	issuer	issuer	NOUN
cblr-14239	452	29	and	and	CCONJ
cblr-14239	452	30	investor	investor	NOUN
cblr-14239	452	31	that	that	PRON
cblr-14239	452	32	more	more	ADV
cblr-14239	452	33	mimic	mimic	VERB
cblr-14239	452	34	a	a	DET
cblr-14239	452	35	direct	direct	ADJ
cblr-14239	452	36	solicitation	solicitation	NOUN
cblr-14239	452	37	.	.	PUNCT
cblr-14239	453	1	adopting	adopt	VERB
cblr-14239	453	2	a	a	DET
cblr-14239	453	3	narrow	narrow	ADJ
cblr-14239	453	4	conception	conception	NOUN
cblr-14239	453	5	of	of	ADP
cblr-14239	453	6	seller	seller	NOUN
cblr-14239	453	7	liability	liability	NOUN
cblr-14239	453	8	with	with	ADP
cblr-14239	453	9	respect	respect	NOUN
cblr-14239	453	10	to	to	ADP
cblr-14239	453	11	the	the	DET
cblr-14239	453	12	degree	degree	NOUN
cblr-14239	453	13	of	of	ADP
cblr-14239	453	14	solicitation	solicitation	NOUN
cblr-14239	453	15	for	for	ADP
cblr-14239	453	16	sophisticated	sophisticated	ADJ
cblr-14239	453	17	investors	investor	NOUN
cblr-14239	453	18	means	mean	VERB
cblr-14239	453	19	that	that	SCONJ
cblr-14239	453	20	either	either	CCONJ
cblr-14239	453	21	the	the	DET
cblr-14239	453	22	investor	investor	NOUN
cblr-14239	453	23	will	will	AUX
cblr-14239	453	24	seek	seek	VERB
cblr-14239	453	25	information	information	NOUN
cblr-14239	453	26	to	to	PART
cblr-14239	453	27	improve	improve	VERB
cblr-14239	453	28	one	one	NUM
cblr-14239	453	29	’s	’s	PART
cblr-14239	453	30	confidence	confidence	NOUN
cblr-14239	453	31	in	in	ADP
cblr-14239	453	32	an	an	DET
cblr-14239	453	33	investment	investment	NOUN
cblr-14239	453	34	absent	absent	ADJ
cblr-14239	453	35	a	a	DET
cblr-14239	453	36	legal	legal	ADJ
cblr-14239	453	37	claim	claim	NOUN
cblr-14239	453	38	under	under	ADP
cblr-14239	453	39	section	section	NOUN
cblr-14239	453	40	12(a)(2	12(a)(2	NUM
cblr-14239	453	41	)	)	PUNCT
cblr-14239	453	42	or	or	CCONJ
cblr-14239	453	43	demand	demand	VERB
cblr-14239	453	44	a	a	DET
cblr-14239	453	45	more	more	ADV
cblr-14239	453	46	direct	direct	ADJ
cblr-14239	453	47	solicitation	solicitation	NOUN
cblr-14239	453	48	process	process	NOUN
cblr-14239	453	49	that	that	PRON
cblr-14239	453	50	provides	provide	VERB
cblr-14239	453	51	the	the	DET
cblr-14239	453	52	investor	investor	NOUN
cblr-14239	453	53	with	with	ADP
cblr-14239	453	54	the	the	DET
cblr-14239	453	55	legal	legal	ADJ
cblr-14239	453	56	safety	safety	NOUN
cblr-14239	453	57	net	net	NOUN
cblr-14239	453	58	of	of	ADP
cblr-14239	453	59	12(a)(2	12(a)(2	NUM
cblr-14239	453	60	)	)	PUNCT
cblr-14239	453	61	.	.	PUNCT
cblr-14239	454	1	retail	retail	ADJ
cblr-14239	454	2	investors	investor	NOUN
cblr-14239	454	3	,	,	PUNCT
cblr-14239	454	4	on	on	ADP
cblr-14239	454	5	the	the	DET
cblr-14239	454	6	other	other	ADJ
cblr-14239	454	7	hand	hand	NOUN
cblr-14239	454	8	,	,	PUNCT
cblr-14239	454	9	do	do	AUX
cblr-14239	454	10	not	not	PART
cblr-14239	454	11	have	have	VERB
cblr-14239	454	12	the	the	DET
cblr-14239	454	13	information	information	NOUN
cblr-14239	454	14	,	,	PUNCT
cblr-14239	454	15	experience	experience	NOUN
cblr-14239	454	16	,	,	PUNCT
cblr-14239	454	17	knowledge	knowledge	NOUN
cblr-14239	454	18	,	,	PUNCT
cblr-14239	454	19	or	or	CCONJ
cblr-14239	454	20	access	access	NOUN
cblr-14239	454	21	of	of	ADP
cblr-14239	454	22	sophisticated	sophisticated	ADJ
cblr-14239	454	23	investors	investor	NOUN
cblr-14239	454	24	to	to	PART
cblr-14239	454	25	best	good	ADJ
cblr-14239	454	26	screen	screen	NOUN
cblr-14239	454	27	investment	investment	NOUN
cblr-14239	454	28	opportunities	opportunity	NOUN
cblr-14239	454	29	.	.	PUNCT
cblr-14239	455	1	as	as	SCONJ
cblr-14239	455	2	new	new	ADJ
cblr-14239	455	3	financial	financial	ADJ
cblr-14239	455	4	technologies	technology	NOUN
cblr-14239	455	5	emerge	emerge	VERB
cblr-14239	455	6	and	and	CCONJ
cblr-14239	455	7	issuers	issuer	NOUN
cblr-14239	455	8	find	find	VERB
cblr-14239	455	9	new	new	ADJ
cblr-14239	455	10	media	medium	NOUN
cblr-14239	455	11	,	,	PUNCT
cblr-14239	455	12	like	like	ADP
cblr-14239	455	13	instagram	instagram	PROPN
cblr-14239	455	14	and	and	CCONJ
cblr-14239	455	15	youtube,121	youtube,121	PROPN
cblr-14239	455	16	to	to	PART
cblr-14239	455	17	promote	promote	VERB
cblr-14239	455	18	their	their	PRON
cblr-14239	455	19	offerings	offering	NOUN
cblr-14239	455	20	,	,	PUNCT
cblr-14239	455	21	retail	retail	ADJ
cblr-14239	455	22	such	such	ADJ
cblr-14239	455	23	,	,	PUNCT
cblr-14239	455	24	a	a	DET
cblr-14239	455	25	material	material	ADJ
cblr-14239	455	26	misrepresentation	misrepresentation	NOUN
cblr-14239	455	27	of	of	ADP
cblr-14239	455	28	a	a	DET
cblr-14239	455	29	fact	fact	NOUN
cblr-14239	455	30	that	that	PRON
cblr-14239	455	31	is	be	AUX
cblr-14239	455	32	not	not	PART
cblr-14239	455	33	public	public	ADJ
cblr-14239	455	34	may	may	AUX
cblr-14239	455	35	lead	lead	VERB
cblr-14239	455	36	even	even	ADV
cblr-14239	455	37	sophisticated	sophisticated	ADJ
cblr-14239	455	38	investors	investor	NOUN
cblr-14239	455	39	astray	astray	ADV
cblr-14239	455	40	in	in	ADP
cblr-14239	455	41	their	their	PRON
cblr-14239	455	42	assessment	assessment	NOUN
cblr-14239	455	43	of	of	ADP
cblr-14239	455	44	risk	risk	NOUN
cblr-14239	455	45	.	.	PUNCT
cblr-14239	456	1	this	this	PRON
cblr-14239	456	2	can	can	AUX
cblr-14239	456	3	be	be	AUX
cblr-14239	456	4	addressed	address	VERB
cblr-14239	456	5	,	,	PUNCT
cblr-14239	456	6	though	though	ADV
cblr-14239	456	7	,	,	PUNCT
cblr-14239	456	8	through	through	ADP
cblr-14239	456	9	the	the	DET
cblr-14239	456	10	materiality	materiality	NOUN
cblr-14239	456	11	requirement	requirement	NOUN
cblr-14239	456	12	of	of	ADP
cblr-14239	456	13	section	section	NOUN
cblr-14239	456	14	12(a)(2	12(a)(2	NUM
cblr-14239	456	15	)	)	PUNCT
cblr-14239	456	16	.	.	PUNCT
cblr-14239	457	1	a	a	DET
cblr-14239	457	2	misstatement	misstatement	NOUN
cblr-14239	457	3	or	or	CCONJ
cblr-14239	457	4	omission	omission	NOUN
cblr-14239	457	5	must	must	AUX
cblr-14239	457	6	be	be	AUX
cblr-14239	457	7	material	material	ADJ
cblr-14239	457	8	;	;	PUNCT
cblr-14239	457	9	how	how	SCONJ
cblr-14239	457	10	materiality	materiality	NOUN
cblr-14239	457	11	is	be	AUX
cblr-14239	457	12	defined	define	VERB
cblr-14239	457	13	can	can	AUX
cblr-14239	457	14	rely	rely	VERB
cblr-14239	457	15	on	on	ADP
cblr-14239	457	16	investor	investor	NOUN
cblr-14239	457	17	sophistication	sophistication	NOUN
cblr-14239	457	18	as	as	SCONJ
cblr-14239	457	19	courts	court	NOUN
cblr-14239	457	20	turn	turn	VERB
cblr-14239	457	21	to	to	ADP
cblr-14239	457	22	the	the	DET
cblr-14239	457	23	“	"	PUNCT
cblr-14239	457	24	reasonable	reasonable	ADJ
cblr-14239	457	25	investor	investor	NOUN
cblr-14239	457	26	”	"	PUNCT
cblr-14239	457	27	to	to	PART
cblr-14239	457	28	determine	determine	VERB
cblr-14239	457	29	what	what	PRON
cblr-14239	457	30	facts	fact	NOUN
cblr-14239	457	31	would	would	AUX
cblr-14239	457	32	affect	affect	VERB
cblr-14239	457	33	an	an	DET
cblr-14239	457	34	investor	investor	NOUN
cblr-14239	457	35	’s	’s	PART
cblr-14239	457	36	decision	decision	NOUN
cblr-14239	457	37	.	.	PUNCT
cblr-14239	458	1	see	see	VERB
cblr-14239	458	2	amanda	amanda	PROPN
cblr-14239	458	3	m.	m.	PROPN
cblr-14239	458	4	rose	rise	VERB
cblr-14239	458	5	,	,	PUNCT
cblr-14239	458	6	the	the	DET
cblr-14239	458	7	“	"	PUNCT
cblr-14239	458	8	reasonable	reasonable	ADJ
cblr-14239	458	9	investor	investor	NOUN
cblr-14239	458	10	of	of	ADP
cblr-14239	458	11	federal	federal	ADJ
cblr-14239	458	12	securities	security	NOUN
cblr-14239	458	13	law	law	NOUN
cblr-14239	458	14	:	:	PUNCT
cblr-14239	458	15	insights	insight	NOUN
cblr-14239	458	16	from	from	ADP
cblr-14239	458	17	tort	tort	NOUN
cblr-14239	458	18	law	law	NOUN
cblr-14239	458	19	’s	’s	PART
cblr-14239	458	20	“	"	PUNCT
cblr-14239	458	21	reasonable	reasonable	ADJ
cblr-14239	458	22	person	person	NOUN
cblr-14239	458	23	”	"	PUNCT
cblr-14239	458	24	&	&	CCONJ
cblr-14239	458	25	suggested	suggest	VERB
cblr-14239	458	26	reforms	reform	NOUN
cblr-14239	458	27	,	,	PUNCT
cblr-14239	458	28	43	43	NUM
cblr-14239	458	29	j.	j.	PROPN
cblr-14239	458	30	corp	corp	PROPN
cblr-14239	458	31	.	.	PROPN
cblr-14239	458	32	l.	l.	PROPN
cblr-14239	458	33	77	77	NUM
cblr-14239	458	34	,	,	PUNCT
cblr-14239	458	35	81	81	NUM
cblr-14239	458	36	(	(	PUNCT
cblr-14239	458	37	2017	2017	NUM
cblr-14239	458	38	)	)	PUNCT
cblr-14239	458	39	.	.	PUNCT
cblr-14239	459	1	a	a	DET
cblr-14239	459	2	reasonable	reasonable	ADJ
cblr-14239	459	3	sophisticated	sophisticated	ADJ
cblr-14239	459	4	investor	investor	NOUN
cblr-14239	459	5	will	will	AUX
cblr-14239	459	6	have	have	VERB
cblr-14239	459	7	a	a	DET
cblr-14239	459	8	much	much	ADV
cblr-14239	459	9	higher	high	ADJ
cblr-14239	459	10	threshold	threshold	NOUN
cblr-14239	459	11	for	for	ADP
cblr-14239	459	12	misstatements	misstatement	NOUN
cblr-14239	459	13	or	or	CCONJ
cblr-14239	459	14	omissions	omission	NOUN
cblr-14239	459	15	than	than	ADP
cblr-14239	459	16	a	a	DET
cblr-14239	459	17	reasonable	reasonable	ADJ
cblr-14239	459	18	retail	retail	ADJ
cblr-14239	459	19	investor	investor	NOUN
cblr-14239	459	20	,	,	PUNCT
cblr-14239	459	21	such	such	ADJ
cblr-14239	459	22	that	that	SCONJ
cblr-14239	459	23	the	the	DET
cblr-14239	459	24	materiality	materiality	NOUN
cblr-14239	459	25	element	element	NOUN
cblr-14239	459	26	incorporates	incorporate	VERB
cblr-14239	459	27	investor	investor	NOUN
cblr-14239	459	28	sophistication	sophistication	NOUN
cblr-14239	459	29	into	into	ADP
cblr-14239	459	30	the	the	DET
cblr-14239	459	31	element	element	NOUN
cblr-14239	459	32	itself	itself	PRON
cblr-14239	459	33	.	.	PUNCT
cblr-14239	460	1	120	120	NUM
cblr-14239	460	2	dale	dale	PROPN
cblr-14239	460	3	a.	a.	NOUN
cblr-14239	460	4	osterle	osterle	NOUN
cblr-14239	460	5	,	,	PUNCT
cblr-14239	460	6	the	the	DET
cblr-14239	460	7	overused	overused	ADJ
cblr-14239	460	8	and	and	CCONJ
cblr-14239	460	9	under	under	ADV
cblr-14239	460	10	-	-	PUNCT
cblr-14239	460	11	defined	define	VERB
cblr-14239	460	12	notion	notion	NOUN
cblr-14239	460	13	of	of	ADP
cblr-14239	460	14	“	"	PUNCT
cblr-14239	460	15	material	material	NOUN
cblr-14239	460	16	in	in	ADP
cblr-14239	460	17	securities	security	NOUN
cblr-14239	460	18	law	law	NOUN
cblr-14239	460	19	,	,	PUNCT
cblr-14239	460	20	14	14	NUM
cblr-14239	460	21	u.	u.	PROPN
cblr-14239	460	22	pa	pa	PROPN
cblr-14239	460	23	.	.	PUNCT
cblr-14239	461	1	j.	j.	PROPN
cblr-14239	461	2	bus	bus	PROPN
cblr-14239	461	3	.	.	PUNCT
cblr-14239	462	1	l.	l.	PROPN
cblr-14239	462	2	167	167	NUM
cblr-14239	462	3	,	,	PUNCT
cblr-14239	462	4	207	207	NUM
cblr-14239	462	5	(	(	PUNCT
cblr-14239	462	6	2011	2011	NUM
cblr-14239	462	7	)	)	PUNCT
cblr-14239	462	8	.	.	PUNCT
cblr-14239	463	1	the	the	DET
cblr-14239	463	2	concern	concern	NOUN
cblr-14239	463	3	with	with	ADP
cblr-14239	463	4	this	this	DET
cblr-14239	463	5	presumption	presumption	NOUN
cblr-14239	463	6	is	be	AUX
cblr-14239	463	7	the	the	DET
cblr-14239	463	8	collateral	collateral	ADJ
cblr-14239	463	9	injury	injury	NOUN
cblr-14239	463	10	retail	retail	ADJ
cblr-14239	463	11	investors	investor	NOUN
cblr-14239	463	12	would	would	AUX
cblr-14239	463	13	suffer	suffer	VERB
cblr-14239	463	14	that	that	PRON
cblr-14239	463	15	may	may	AUX
cblr-14239	463	16	either	either	CCONJ
cblr-14239	463	17	burden	burden	VERB
cblr-14239	463	18	such	such	ADJ
cblr-14239	463	19	investors	investor	NOUN
cblr-14239	463	20	with	with	ADP
cblr-14239	463	21	more	more	ADJ
cblr-14239	463	22	loss	loss	NOUN
cblr-14239	463	23	or	or	CCONJ
cblr-14239	463	24	disincentivize	disincentivize	VERB
cblr-14239	463	25	their	their	PRON
cblr-14239	463	26	participation	participation	NOUN
cblr-14239	463	27	in	in	ADP
cblr-14239	463	28	the	the	DET
cblr-14239	463	29	market	market	NOUN
cblr-14239	463	30	entirely	entirely	ADV
cblr-14239	463	31	.	.	PUNCT
cblr-14239	464	1	121	121	NUM
cblr-14239	464	2	see	see	VERB
cblr-14239	464	3	generally	generally	ADV
cblr-14239	464	4	pino	pino	ADJ
cblr-14239	464	5	v.	v.	ADP
cblr-14239	464	6	cardone	cardone	PROPN
cblr-14239	464	7	capital	capital	PROPN
cblr-14239	464	8	,	,	PUNCT
cblr-14239	464	9	llc	llc	PROPN
cblr-14239	464	10	,	,	PUNCT
cblr-14239	464	11	55	55	NUM
cblr-14239	464	12	f.4th	f.4th	NOUN
cblr-14239	464	13	1253	1253	NUM
cblr-14239	464	14	,	,	PUNCT
cblr-14239	464	15	1256	1256	NUM
cblr-14239	464	16	(	(	PUNCT
cblr-14239	464	17	9th	9th	ADJ
cblr-14239	464	18	cir	cir	NOUN
cblr-14239	464	19	.	.	PUNCT
cblr-14239	464	20	2022	2022	NUM
cblr-14239	464	21	)	)	PUNCT
cblr-14239	464	22	.	.	PUNCT
cblr-14239	465	1	822	822	NUM
cblr-14239	465	2	columbia	columbia	PROPN
cblr-14239	465	3	business	business	NOUN
cblr-14239	465	4	law	law	PROPN
cblr-14239	465	5	review	review	NOUN
cblr-14239	466	1	[	[	X
cblr-14239	466	2	vol	vol	NOUN
cblr-14239	466	3	.	.	NOUN
cblr-14239	466	4	2024	2024	NUM
cblr-14239	466	5	investing	investing	NOUN
cblr-14239	466	6	is	be	AUX
cblr-14239	466	7	promised	promise	VERB
cblr-14239	466	8	to	to	PART
cblr-14239	466	9	become	become	VERB
cblr-14239	466	10	more	more	ADV
cblr-14239	466	11	accessible	accessible	ADJ
cblr-14239	466	12	and	and	CCONJ
cblr-14239	466	13	to	to	PART
cblr-14239	466	14	engage	engage	VERB
cblr-14239	466	15	a	a	DET
cblr-14239	466	16	wider	wide	ADJ
cblr-14239	466	17	audience.122	audience.122	NOUN
cblr-14239	466	18	it	it	PRON
cblr-14239	466	19	thus	thus	ADV
cblr-14239	466	20	is	be	AUX
cblr-14239	466	21	more	more	ADV
cblr-14239	466	22	reasonable	reasonable	ADJ
cblr-14239	466	23	to	to	PART
cblr-14239	466	24	adopt	adopt	VERB
cblr-14239	466	25	a	a	DET
cblr-14239	466	26	broader	broad	ADJ
cblr-14239	466	27	liability	liability	NOUN
cblr-14239	466	28	regime	regime	NOUN
cblr-14239	466	29	for	for	ADP
cblr-14239	466	30	retail	retail	ADJ
cblr-14239	466	31	investors	investor	NOUN
cblr-14239	466	32	because	because	SCONJ
cblr-14239	466	33	they	they	PRON
cblr-14239	466	34	are	be	AUX
cblr-14239	466	35	increasingly	increasingly	ADV
cblr-14239	466	36	induced	induce	VERB
cblr-14239	466	37	to	to	ADP
cblr-14239	466	38	investment	investment	NOUN
cblr-14239	466	39	by	by	ADP
cblr-14239	466	40	these	these	DET
cblr-14239	466	41	indirect	indirect	ADJ
cblr-14239	466	42	,	,	PUNCT
cblr-14239	466	43	impersonal	impersonal	ADJ
cblr-14239	466	44	solicitations	solicitation	NOUN
cblr-14239	466	45	.	.	PUNCT
cblr-14239	467	1	securities	security	NOUN
cblr-14239	467	2	regulation	regulation	NOUN
cblr-14239	467	3	does	do	AUX
cblr-14239	467	4	not	not	PART
cblr-14239	467	5	need	need	VERB
cblr-14239	467	6	to	to	PART
cblr-14239	467	7	be	be	AUX
cblr-14239	467	8	a	a	DET
cblr-14239	467	9	one	one	NUM
cblr-14239	467	10	-	-	PUNCT
cblr-14239	467	11	size	size	NOUN
cblr-14239	467	12	-	-	PUNCT
cblr-14239	467	13	fits	fit	VERB
cblr-14239	467	14	-	-	PUNCT
cblr-14239	467	15	all	all	DET
cblr-14239	467	16	approach	approach	NOUN
cblr-14239	467	17	.	.	PUNCT
cblr-14239	468	1	whilst	whilst	SCONJ
cblr-14239	468	2	a	a	DET
cblr-14239	468	3	universal	universal	ADJ
cblr-14239	468	4	rule	rule	NOUN
cblr-14239	468	5	that	that	PRON
cblr-14239	468	6	defines	define	VERB
cblr-14239	468	7	“	"	PUNCT
cblr-14239	468	8	seller	seller	NOUN
cblr-14239	468	9	liability	liability	NOUN
cblr-14239	468	10	”	"	PUNCT
cblr-14239	468	11	under	under	ADP
cblr-14239	468	12	section	section	NOUN
cblr-14239	468	13	12(a)(2	12(a)(2	NUM
cblr-14239	468	14	)	)	PUNCT
cblr-14239	468	15	may	may	AUX
cblr-14239	468	16	guarantee	guarantee	VERB
cblr-14239	468	17	certainty	certainty	NOUN
cblr-14239	468	18	to	to	ADP
cblr-14239	468	19	issuers	issuer	NOUN
cblr-14239	468	20	and	and	CCONJ
cblr-14239	468	21	investors	investor	NOUN
cblr-14239	468	22	,	,	PUNCT
cblr-14239	468	23	it	it	PRON
cblr-14239	468	24	may	may	AUX
cblr-14239	468	25	not	not	PART
cblr-14239	468	26	most	most	ADV
cblr-14239	468	27	efficiently	efficiently	ADV
cblr-14239	468	28	allocate	allocate	ADJ
cblr-14239	468	29	risks	risk	NOUN
cblr-14239	468	30	or	or	CCONJ
cblr-14239	468	31	identify	identify	VERB
cblr-14239	468	32	the	the	DET
cblr-14239	468	33	cheapest	cheap	ADJ
cblr-14239	468	34	cost	cost	NOUN
cblr-14239	468	35	avoider	avoider	NOUN
cblr-14239	468	36	.	.	PUNCT
cblr-14239	469	1	however	however	ADV
cblr-14239	469	2	,	,	PUNCT
cblr-14239	469	3	a	a	DET
cblr-14239	469	4	fractured	fractured	ADJ
cblr-14239	469	5	approach	approach	NOUN
cblr-14239	469	6	to	to	ADP
cblr-14239	469	7	securities	security	NOUN
cblr-14239	469	8	regulation	regulation	NOUN
cblr-14239	469	9	does	do	AUX
cblr-14239	469	10	contribute	contribute	VERB
cblr-14239	469	11	to	to	ADP
cblr-14239	469	12	uncertainty	uncertainty	NOUN
cblr-14239	469	13	and	and	CCONJ
cblr-14239	469	14	,	,	PUNCT
cblr-14239	469	15	when	when	SCONJ
cblr-14239	469	16	outcome	outcome	NOUN
cblr-14239	469	17	determinative	determinative	ADJ
cblr-14239	469	18	,	,	PUNCT
cblr-14239	469	19	can	can	AUX
cblr-14239	469	20	result	result	VERB
cblr-14239	469	21	in	in	ADP
cblr-14239	469	22	forum	forum	PROPN
cblr-14239	469	23	shopping	shopping	NOUN
cblr-14239	469	24	.	.	PUNCT
cblr-14239	470	1	an	an	DET
cblr-14239	470	2	investor	investor	NOUN
cblr-14239	470	3	sophistication	sophistication	NOUN
cblr-14239	470	4	standard	standard	NOUN
cblr-14239	470	5	allows	allow	VERB
cblr-14239	470	6	for	for	ADP
cblr-14239	470	7	the	the	DET
cblr-14239	470	8	reconciliation	reconciliation	NOUN
cblr-14239	470	9	of	of	ADP
cblr-14239	470	10	broad	broad	ADJ
cblr-14239	470	11	protection	protection	NOUN
cblr-14239	470	12	for	for	ADP
cblr-14239	470	13	retail	retail	ADJ
cblr-14239	470	14	investors	investor	NOUN
cblr-14239	470	15	who	who	PRON
cblr-14239	470	16	do	do	AUX
cblr-14239	470	17	not	not	PART
cblr-14239	470	18	have	have	VERB
cblr-14239	470	19	sufficient	sufficient	ADJ
cblr-14239	470	20	knowledge	knowledge	NOUN
cblr-14239	470	21	or	or	CCONJ
cblr-14239	470	22	experience	experience	NOUN
cblr-14239	470	23	to	to	PART
cblr-14239	470	24	otherwise	otherwise	ADV
cblr-14239	470	25	make	make	VERB
cblr-14239	470	26	informed	informed	ADJ
cblr-14239	470	27	investment	investment	NOUN
cblr-14239	470	28	decisions	decision	NOUN
cblr-14239	470	29	and	and	CCONJ
cblr-14239	470	30	narrows	narrow	VERB
cblr-14239	470	31	protections	protection	NOUN
cblr-14239	470	32	for	for	ADP
cblr-14239	470	33	sophisticated	sophisticated	ADJ
cblr-14239	470	34	investors	investor	NOUN
cblr-14239	470	35	when	when	SCONJ
cblr-14239	470	36	market	market	NOUN
cblr-14239	470	37	efficiency	efficiency	NOUN
cblr-14239	470	38	strives	strive	VERB
cblr-14239	470	39	to	to	PART
cblr-14239	470	40	reduce	reduce	VERB
cblr-14239	470	41	transaction	transaction	NOUN
cblr-14239	470	42	costs	cost	NOUN
cblr-14239	470	43	and	and	CCONJ
cblr-14239	470	44	rely	rely	VERB
cblr-14239	470	45	on	on	ADP
cblr-14239	470	46	experienced	experienced	ADJ
cblr-14239	470	47	investors	investor	NOUN
cblr-14239	470	48	to	to	PART
cblr-14239	470	49	screen	screen	VERB
cblr-14239	470	50	investment	investment	NOUN
cblr-14239	470	51	opportunities	opportunity	NOUN
cblr-14239	470	52	.	.	PUNCT
cblr-14239	471	1	v.	v.	ADP
cblr-14239	471	2	conclusion	conclusion	NOUN
cblr-14239	471	3	in	in	ADP
cblr-14239	471	4	pino	pino	PROPN
cblr-14239	471	5	v.	v.	ADP
cblr-14239	471	6	cardone	cardone	PROPN
cblr-14239	471	7	capital	capital	PROPN
cblr-14239	471	8	,	,	PUNCT
cblr-14239	471	9	llc	llc	PROPN
cblr-14239	471	10	,	,	PUNCT
cblr-14239	471	11	the	the	DET
cblr-14239	471	12	ninth	ninth	ADJ
cblr-14239	471	13	circuit	circuit	NOUN
cblr-14239	471	14	joined	join	VERB
cblr-14239	471	15	the	the	DET
cblr-14239	471	16	eleventh	eleventh	ADJ
cblr-14239	471	17	circuit	circuit	NOUN
cblr-14239	471	18	’s	’s	PART
cblr-14239	471	19	opinion	opinion	NOUN
cblr-14239	471	20	from	from	ADP
cblr-14239	471	21	wildes	wilde	NOUN
cblr-14239	471	22	v.	v.	ADP
cblr-14239	471	23	bitconnect	bitconnect	PROPN
cblr-14239	471	24	international	international	PROPN
cblr-14239	471	25	plc	plc	PROPN
cblr-14239	471	26	in	in	ADP
cblr-14239	471	27	departing	depart	VERB
cblr-14239	471	28	from	from	ADP
cblr-14239	471	29	the	the	DET
cblr-14239	471	30	traditional	traditional	ADJ
cblr-14239	471	31	application	application	NOUN
cblr-14239	471	32	of	of	ADP
cblr-14239	471	33	section	section	NOUN
cblr-14239	471	34	12(a)(2	12(a)(2	NUM
cblr-14239	471	35	)	)	PUNCT
cblr-14239	471	36	seller	seller	NOUN
cblr-14239	471	37	liability	liability	NOUN
cblr-14239	471	38	to	to	ADP
cblr-14239	471	39	mass	mass	NOUN
cblr-14239	471	40	communications	communication	NOUN
cblr-14239	471	41	.	.	PUNCT
cblr-14239	472	1	this	this	DET
cblr-14239	472	2	departure	departure	NOUN
cblr-14239	472	3	introduces	introduce	VERB
cblr-14239	472	4	uncertainty	uncertainty	NOUN
cblr-14239	472	5	for	for	ADP
cblr-14239	472	6	issuers	issuer	NOUN
cblr-14239	472	7	who	who	PRON
cblr-14239	472	8	must	must	AUX
cblr-14239	472	9	now	now	ADV
cblr-14239	472	10	predict	predict	VERB
cblr-14239	472	11	without	without	ADP
cblr-14239	472	12	guarantee	guarantee	NOUN
cblr-14239	472	13	whether	whether	SCONJ
cblr-14239	472	14	all	all	DET
cblr-14239	472	15	communications	communication	NOUN
cblr-14239	472	16	are	be	AUX
cblr-14239	472	17	subject	subject	ADJ
cblr-14239	472	18	to	to	ADP
cblr-14239	472	19	section	section	NOUN
cblr-14239	472	20	12(a)(2	12(a)(2	NUM
cblr-14239	472	21	)	)	PUNCT
cblr-14239	472	22	liability	liability	NOUN
cblr-14239	472	23	or	or	CCONJ
cblr-14239	472	24	just	just	ADV
cblr-14239	472	25	those	those	PRON
cblr-14239	472	26	used	use	VERB
cblr-14239	472	27	to	to	PART
cblr-14239	472	28	actively	actively	ADV
cblr-14239	472	29	solicit	solicit	VERB
cblr-14239	472	30	investors	investor	NOUN
cblr-14239	472	31	.	.	PUNCT
cblr-14239	473	1	greater	great	ADJ
cblr-14239	473	2	uncertainty	uncertainty	NOUN
cblr-14239	473	3	comes	come	VERB
cblr-14239	473	4	at	at	ADP
cblr-14239	473	5	a	a	DET
cblr-14239	473	6	time	time	NOUN
cblr-14239	473	7	when	when	SCONJ
cblr-14239	473	8	social	social	ADJ
cblr-14239	473	9	media	medium	NOUN
cblr-14239	473	10	is	be	AUX
cblr-14239	473	11	increasingly	increasingly	ADV
cblr-14239	473	12	used	use	VERB
cblr-14239	473	13	in	in	ADP
cblr-14239	473	14	commerce	commerce	NOUN
cblr-14239	473	15	and	and	CCONJ
cblr-14239	473	16	trade	trade	NOUN
cblr-14239	473	17	.	.	PUNCT
cblr-14239	474	1	to	to	PART
cblr-14239	474	2	resolve	resolve	VERB
cblr-14239	474	3	this	this	DET
cblr-14239	474	4	uncertainty	uncertainty	NOUN
cblr-14239	474	5	,	,	PUNCT
cblr-14239	474	6	courts	court	NOUN
cblr-14239	474	7	should	should	AUX
cblr-14239	474	8	adopt	adopt	VERB
cblr-14239	474	9	an	an	DET
cblr-14239	474	10	investor	investor	NOUN
cblr-14239	474	11	sophistication	sophistication	NOUN
cblr-14239	474	12	standard	standard	NOUN
cblr-14239	474	13	.	.	PUNCT
cblr-14239	475	1	such	such	DET
cblr-14239	475	2	a	a	DET
cblr-14239	475	3	standard	standard	NOUN
cblr-14239	475	4	has	have	VERB
cblr-14239	475	5	precedent	precedent	NOUN
cblr-14239	475	6	in	in	ADP
cblr-14239	475	7	case	case	NOUN
cblr-14239	475	8	law	law	NOUN
cblr-14239	475	9	and	and	CCONJ
cblr-14239	475	10	is	be	AUX
cblr-14239	475	11	supported	support	VERB
cblr-14239	475	12	by	by	ADP
cblr-14239	475	13	the	the	DET
cblr-14239	475	14	122	122	NUM
cblr-14239	475	15	wildes	wilde	NOUN
cblr-14239	475	16	v.	v.	ADP
cblr-14239	475	17	bitconnect	bitconnect	PROPN
cblr-14239	475	18	int’l	int’l	PROPN
cblr-14239	475	19	plc	plc	PROPN
cblr-14239	475	20	,	,	PUNCT
cblr-14239	475	21	25	25	NUM
cblr-14239	475	22	f.4th	f.4th	PROPN
cblr-14239	475	23	1341	1341	NUM
cblr-14239	475	24	,	,	PUNCT
cblr-14239	475	25	1346	1346	NUM
cblr-14239	475	26	(	(	PUNCT
cblr-14239	475	27	11th	11th	ADJ
cblr-14239	475	28	cir	cir	NOUN
cblr-14239	475	29	.	.	PUNCT
cblr-14239	475	30	2022	2022	NUM
cblr-14239	475	31	)	)	PUNCT
cblr-14239	475	32	;	;	PUNCT
cblr-14239	475	33	see	see	VERB
cblr-14239	475	34	also	also	ADV
cblr-14239	475	35	meaghan	meaghan	PROPN
cblr-14239	475	36	johnson	johnson	PROPN
cblr-14239	475	37	,	,	PUNCT
cblr-14239	475	38	investment	investment	NOUN
cblr-14239	475	39	fintech	fintech	NOUN
cblr-14239	475	40	is	be	AUX
cblr-14239	475	41	set	set	VERB
cblr-14239	475	42	to	to	PART
cblr-14239	475	43	have	have	VERB
cblr-14239	475	44	an	an	DET
cblr-14239	475	45	uber	uber	ADJ
cblr-14239	475	46	moment	moment	NOUN
cblr-14239	475	47	,	,	PUNCT
cblr-14239	475	48	forbes	forbes	PROPN
cblr-14239	475	49	(	(	PUNCT
cblr-14239	475	50	dec	dec	PROPN
cblr-14239	475	51	.	.	PROPN
cblr-14239	475	52	1	1	NUM
cblr-14239	475	53	,	,	PUNCT
cblr-14239	475	54	2023	2023	NUM
cblr-14239	475	55	)	)	PUNCT
cblr-14239	475	56	,	,	PUNCT
cblr-14239	475	57	https://www.forbes.com/sites/meaghanjohnson/	https://www.forbes.com/sites/meaghanjohnson/	PROPN
cblr-14239	475	58	2023/12/01	2023/12/01	NUM
cblr-14239	475	59	/	/	SYM
cblr-14239	475	60	investmentfintech	investmentfintech	NOUN
cblr-14239	475	61	-	-	PUNCT
cblr-14239	475	62	is	be	AUX
cblr-14239	475	63	-	-	PUNCT
cblr-14239	475	64	set	set	NOUN
cblr-14239	475	65	-	-	PUNCT
cblr-14239	475	66	to	to	ADP
cblr-14239	475	67	-	-	PUNCT
cblr-14239	475	68	have	have	AUX
cblr-14239	475	69	-	-	PUNCT
cblr-14239	475	70	an	an	DET
cblr-14239	475	71	-	-	PUNCT
cblr-14239	475	72	uber	uber	NOUN
cblr-14239	475	73	-	-	PUNCT
cblr-14239	475	74	moment/?sh=2aa60bf79416	moment/?sh=2aa60bf79416	NOUN
cblr-14239	476	1	[	[	X
cblr-14239	476	2	https://perma.cc/4nmp27lz	https://perma.cc/4nmp27lz	X
cblr-14239	476	3	]	]	PUNCT
cblr-14239	476	4	.	.	PUNCT
cblr-14239	477	1	no	no	INTJ
cblr-14239	477	2	.	.	NOUN
cblr-14239	477	3	2	2	NUM
cblr-14239	477	4	]	]	PUNCT
cblr-14239	477	5	with	with	ADP
cblr-14239	477	6	whom	whom	PRON
cblr-14239	477	7	is	be	AUX
cblr-14239	477	8	your	your	PRON
cblr-14239	477	9	issue	issue	NOUN
cblr-14239	477	10	?	?	PUNCT
cblr-14239	478	1	823	823	NUM
cblr-14239	478	2	current	current	ADJ
cblr-14239	478	3	statutory	statutory	ADJ
cblr-14239	478	4	regime	regime	NOUN
cblr-14239	478	5	.	.	PUNCT
cblr-14239	479	1	with	with	ADP
cblr-14239	479	2	sufficient	sufficient	ADJ
cblr-14239	479	3	legal	legal	ADJ
cblr-14239	479	4	muster	muster	NOUN
cblr-14239	479	5	,	,	PUNCT
cblr-14239	479	6	the	the	DET
cblr-14239	479	7	use	use	NOUN
cblr-14239	479	8	of	of	ADP
cblr-14239	479	9	investor	investor	NOUN
cblr-14239	479	10	sophistication	sophistication	NOUN
cblr-14239	479	11	can	can	AUX
cblr-14239	479	12	help	help	VERB
cblr-14239	479	13	courts	court	NOUN
cblr-14239	479	14	inform	inform	VERB
cblr-14239	479	15	and	and	CCONJ
cblr-14239	479	16	protect	protect	VERB
cblr-14239	479	17	investors	investor	NOUN
cblr-14239	479	18	to	to	ADP
cblr-14239	479	19	the	the	DET
cblr-14239	479	20	extent	extent	NOUN
cblr-14239	479	21	that	that	SCONJ
cblr-14239	479	22	they	they	PRON
cblr-14239	479	23	can	can	AUX
cblr-14239	479	24	not	not	PART
cblr-14239	479	25	furnish	furnish	VERB
cblr-14239	479	26	such	such	ADJ
cblr-14239	479	27	information	information	NOUN
cblr-14239	479	28	or	or	CCONJ
cblr-14239	479	29	protection	protection	NOUN
cblr-14239	479	30	themselves	themselves	PRON
cblr-14239	479	31	,	,	PUNCT
cblr-14239	479	32	whilst	whilst	SCONJ
cblr-14239	479	33	promoting	promote	VERB
cblr-14239	479	34	mutually	mutually	ADV
cblr-14239	479	35	beneficial	beneficial	ADJ
cblr-14239	479	36	transactions	transaction	NOUN
cblr-14239	479	37	by	by	ADP
cblr-14239	479	38	reducing	reduce	VERB
cblr-14239	479	39	transaction	transaction	NOUN
cblr-14239	479	40	costs	cost	NOUN
cblr-14239	479	41	and	and	CCONJ
cblr-14239	479	42	inefficiencies	inefficiency	NOUN
cblr-14239	479	43	.	.	PUNCT