id sid tid token lemma pos cblr-1747 1 1 tepe tepe NOUN cblr-1747 1 2 – – PUNCT cblr-1747 1 3 final final ADJ cblr-1747 1 4 broker broker NOUN cblr-1747 1 5 - - PUNCT cblr-1747 1 6 dealer dealer NOUN cblr-1747 1 7 use use NOUN cblr-1747 1 8 of of ADP cblr-1747 1 9 “ " PUNCT cblr-1747 1 10 idle idle ADJ cblr-1747 1 11 ” " PUNCT cblr-1747 1 12 customer customer NOUN cblr-1747 1 13 assets asset NOUN cblr-1747 1 14 : : PUNCT cblr-1747 1 15 customer customer NOUN cblr-1747 1 16 protection protection NOUN cblr-1747 1 17 with with ADP cblr-1747 1 18 sweep sweep NOUN cblr-1747 1 19 programs program NOUN cblr-1747 1 20 and and CCONJ cblr-1747 1 21 securities security NOUN cblr-1747 1 22 lending lending NOUN cblr-1747 1 23 george george PROPN cblr-1747 1 24 tepe∗ tepe∗ PROPN cblr-1747 1 25 equity equity NOUN cblr-1747 1 26 investors investor NOUN cblr-1747 1 27 , , PUNCT cblr-1747 1 28 whether whether SCONJ cblr-1747 1 29 hedge hedge NOUN cblr-1747 1 30 funds fund NOUN cblr-1747 1 31 or or CCONJ cblr-1747 1 32 retail retail ADJ cblr-1747 1 33 investors investor NOUN cblr-1747 1 34 , , PUNCT cblr-1747 1 35 must must AUX cblr-1747 1 36 trade trade VERB cblr-1747 1 37 stocks stock NOUN cblr-1747 1 38 through through ADP cblr-1747 1 39 broker broker NOUN cblr-1747 1 40 - - PUNCT cblr-1747 1 41 dealers dealer NOUN cblr-1747 1 42 , , PUNCT cblr-1747 1 43 and and CCONJ cblr-1747 1 44 when when SCONJ cblr-1747 1 45 these these DET cblr-1747 1 46 investors investor NOUN cblr-1747 1 47 are be AUX cblr-1747 1 48 not not PART cblr-1747 1 49 actively actively ADV cblr-1747 1 50 trading trade VERB cblr-1747 1 51 , , PUNCT cblr-1747 1 52 their their PRON cblr-1747 1 53 securities security NOUN cblr-1747 1 54 and and CCONJ cblr-1747 1 55 uninvested uninvested ADJ cblr-1747 1 56 cash cash NOUN cblr-1747 1 57 remain remain VERB cblr-1747 1 58 with with ADP cblr-1747 1 59 their their PRON cblr-1747 1 60 broker broker NOUN cblr-1747 1 61 - - PUNCT cblr-1747 1 62 dealer dealer NOUN cblr-1747 1 63 . . PUNCT cblr-1747 2 1 what what PRON cblr-1747 2 2 broker broker NOUN cblr-1747 2 3 - - PUNCT cblr-1747 2 4 dealers dealer NOUN cblr-1747 2 5 do do AUX cblr-1747 2 6 with with ADP cblr-1747 2 7 these these DET cblr-1747 2 8 “ " PUNCT cblr-1747 2 9 idle idle ADJ cblr-1747 2 10 ” " PUNCT cblr-1747 2 11 customer customer NOUN cblr-1747 2 12 assets asset NOUN cblr-1747 2 13 is be AUX cblr-1747 2 14 a a DET cblr-1747 2 15 vast vast ADJ cblr-1747 2 16 and and CCONJ cblr-1747 2 17 largely largely ADV cblr-1747 2 18 unexamined unexamined ADJ cblr-1747 2 19 business business NOUN cblr-1747 2 20 that that PRON cblr-1747 2 21 is be AUX cblr-1747 2 22 a a DET cblr-1747 2 23 key key ADJ cblr-1747 2 24 source source NOUN cblr-1747 2 25 of of ADP cblr-1747 2 26 revenue revenue NOUN cblr-1747 2 27 for for ADP cblr-1747 2 28 broker broker NOUN cblr-1747 2 29 - - PUNCT cblr-1747 2 30 dealers dealer NOUN cblr-1747 2 31 . . PUNCT cblr-1747 3 1 this this DET cblr-1747 3 2 note note NOUN cblr-1747 3 3 provides provide VERB cblr-1747 3 4 the the DET cblr-1747 3 5 first first ADJ cblr-1747 3 6 comprehensive comprehensive ADJ cblr-1747 3 7 examination examination NOUN cblr-1747 3 8 of of ADP cblr-1747 3 9 the the DET cblr-1747 3 10 trade trade NOUN cblr-1747 3 11 - - PUNCT cblr-1747 3 12 offs off NOUN cblr-1747 3 13 in in ADP cblr-1747 3 14 regulating regulate VERB cblr-1747 3 15 broker broker NOUN cblr-1747 3 16 - - PUNCT cblr-1747 3 17 dealer dealer NOUN cblr-1747 3 18 use use NOUN cblr-1747 3 19 of of ADP cblr-1747 3 20 idle idle ADJ cblr-1747 3 21 customer customer NOUN cblr-1747 3 22 assets asset NOUN cblr-1747 3 23 through through ADP cblr-1747 3 24 case case NOUN cblr-1747 3 25 studies study NOUN cblr-1747 3 26 of of ADP cblr-1747 3 27 broker broker NOUN cblr-1747 3 28 - - PUNCT cblr-1747 3 29 dealer dealer NOUN cblr-1747 3 30 sweeps sweep NOUN cblr-1747 3 31 of of ADP cblr-1747 3 32 uninvested uninvested ADJ cblr-1747 3 33 customer customer NOUN cblr-1747 3 34 cash cash NOUN cblr-1747 3 35 , , PUNCT cblr-1747 3 36 brokerdealer brokerdealer NOUN cblr-1747 3 37 lending lending NOUN cblr-1747 3 38 of of ADP cblr-1747 3 39 customer customer NOUN cblr-1747 3 40 margin margin NOUN cblr-1747 3 41 securities security NOUN cblr-1747 3 42 , , PUNCT cblr-1747 3 43 and and CCONJ cblr-1747 3 44 the the DET cblr-1747 3 45 effect effect NOUN cblr-1747 3 46 of of ADP cblr-1747 3 47 securities security NOUN cblr-1747 3 48 lending lending NOUN cblr-1747 3 49 on on ADP cblr-1747 3 50 customers customer NOUN cblr-1747 3 51 ’ ' PUNCT cblr-1747 3 52 shareholder shareholder NOUN cblr-1747 3 53 votes vote NOUN cblr-1747 3 54 . . PUNCT cblr-1747 4 1 on on ADP cblr-1747 4 2 one one NUM cblr-1747 4 3 hand hand NOUN cblr-1747 4 4 , , PUNCT cblr-1747 4 5 broker broker NOUN cblr-1747 4 6 - - PUNCT cblr-1747 4 7 dealer dealer NOUN cblr-1747 4 8 use use NOUN cblr-1747 4 9 of of ADP cblr-1747 4 10 idle idle ADJ cblr-1747 4 11 customer customer NOUN cblr-1747 4 12 assets asset NOUN cblr-1747 4 13 potentially potentially ADV cblr-1747 4 14 increases increase VERB cblr-1747 4 15 agency agency NOUN cblr-1747 4 16 costs cost NOUN cblr-1747 4 17 and and CCONJ cblr-1747 4 18 systemic systemic ADJ cblr-1747 4 19 risk risk NOUN cblr-1747 4 20 by by ADP cblr-1747 4 21 increasing increase VERB cblr-1747 4 22 broker broker NOUN cblr-1747 4 23 - - PUNCT cblr-1747 4 24 dealer dealer NOUN cblr-1747 4 25 interconnectedness interconnectedness NOUN cblr-1747 4 26 and and CCONJ cblr-1747 4 27 allowing allow VERB cblr-1747 4 28 broker broker NOUN cblr-1747 4 29 - - PUNCT cblr-1747 4 30 dealers dealer NOUN cblr-1747 4 31 to to PART cblr-1747 4 32 profit profit VERB cblr-1747 4 33 off off ADP cblr-1747 4 34 customer customer NOUN cblr-1747 4 35 assets asset NOUN cblr-1747 4 36 . . PUNCT cblr-1747 5 1 on on ADP cblr-1747 5 2 the the DET cblr-1747 5 3 other other ADJ cblr-1747 5 4 hand hand NOUN cblr-1747 5 5 , , PUNCT cblr-1747 5 6 proper proper ADJ cblr-1747 5 7 use use NOUN cblr-1747 5 8 of of ADP cblr-1747 5 9 idle idle ADJ cblr-1747 5 10 assets asset NOUN cblr-1747 5 11 can can AUX cblr-1747 5 12 generate generate VERB cblr-1747 5 13 positive positive ADJ cblr-1747 5 14 outcomes outcome NOUN cblr-1747 5 15 for for ADP cblr-1747 5 16 customers customer NOUN cblr-1747 5 17 through through ADP cblr-1747 5 18 higher high ADJ cblr-1747 5 19 returns return NOUN cblr-1747 5 20 and and CCONJ cblr-1747 5 21 positive positive ADJ cblr-1747 5 22 social social ADJ cblr-1747 5 23 benefits benefit NOUN cblr-1747 5 24 for for ADP cblr-1747 5 25 the the DET cblr-1747 5 26 general general ADJ cblr-1747 5 27 market market NOUN cblr-1747 5 28 . . PUNCT cblr-1747 6 1 this this DET cblr-1747 6 2 note note NOUN cblr-1747 6 3 proposes propose VERB cblr-1747 6 4 and and CCONJ cblr-1747 6 5 examines examine VERB cblr-1747 6 6 potential potential ADJ cblr-1747 6 7 reforms reform NOUN cblr-1747 6 8 like like ADP cblr-1747 6 9 increased increase VERB cblr-1747 6 10 disclosure disclosure NOUN cblr-1747 6 11 and and CCONJ cblr-1747 6 12 ∗ ∗ NOUN cblr-1747 6 13 j.d j.d PROPN cblr-1747 6 14 . . PROPN cblr-1747 6 15 candidate candidate PROPN cblr-1747 6 16 2017 2017 NUM cblr-1747 6 17 , , PUNCT cblr-1747 6 18 columbia columbia PROPN cblr-1747 6 19 law law PROPN cblr-1747 6 20 school school NOUN cblr-1747 6 21 ; ; PUNCT cblr-1747 6 22 b.a b.a PROPN cblr-1747 6 23 . . PROPN cblr-1747 6 24 2014 2014 NUM cblr-1747 6 25 , , PUNCT cblr-1747 6 26 amherst amherst PROPN cblr-1747 6 27 college college PROPN cblr-1747 6 28 . . PUNCT cblr-1747 7 1 the the DET cblr-1747 7 2 author author NOUN cblr-1747 7 3 would would AUX cblr-1747 7 4 like like VERB cblr-1747 7 5 to to PART cblr-1747 7 6 thank thank VERB cblr-1747 7 7 professor professor PROPN cblr-1747 7 8 gabriel gabriel PROPN cblr-1747 7 9 rauterberg rauterberg PROPN cblr-1747 7 10 for for ADP cblr-1747 7 11 his his PRON cblr-1747 7 12 invaluable invaluable ADJ cblr-1747 7 13 guidance guidance NOUN cblr-1747 7 14 and and CCONJ cblr-1747 7 15 feedback feedback NOUN cblr-1747 7 16 . . PUNCT cblr-1747 8 1 he he PRON cblr-1747 8 2 would would AUX cblr-1747 8 3 also also ADV cblr-1747 8 4 like like VERB cblr-1747 8 5 to to PART cblr-1747 8 6 thank thank VERB cblr-1747 8 7 the the DET cblr-1747 8 8 office office NOUN cblr-1747 8 9 of of ADP cblr-1747 8 10 financial financial ADJ cblr-1747 8 11 responsibility responsibility NOUN cblr-1747 8 12 in in ADP cblr-1747 8 13 the the DET cblr-1747 8 14 division division NOUN cblr-1747 8 15 of of ADP cblr-1747 8 16 trading trading NOUN cblr-1747 8 17 and and CCONJ cblr-1747 8 18 markets market NOUN cblr-1747 8 19 at at ADP cblr-1747 8 20 the the DET cblr-1747 8 21 securities securities PROPN cblr-1747 8 22 and and CCONJ cblr-1747 8 23 exchange exchange PROPN cblr-1747 8 24 commission commission PROPN cblr-1747 8 25 , , PUNCT cblr-1747 8 26 and and CCONJ cblr-1747 8 27 especially especially ADV cblr-1747 8 28 mark mark PROPN cblr-1747 8 29 attar attar PROPN cblr-1747 8 30 , , PUNCT cblr-1747 8 31 for for ADP cblr-1747 8 32 the the DET cblr-1747 8 33 internship internship NOUN cblr-1747 8 34 and and CCONJ cblr-1747 8 35 education education NOUN cblr-1747 8 36 that that PRON cblr-1747 8 37 inspired inspire VERB cblr-1747 8 38 this this DET cblr-1747 8 39 note note NOUN cblr-1747 8 40 . . PUNCT cblr-1747 9 1 finally finally ADV cblr-1747 9 2 , , PUNCT cblr-1747 9 3 the the DET cblr-1747 9 4 author author NOUN cblr-1747 9 5 is be AUX cblr-1747 9 6 grateful grateful ADJ cblr-1747 9 7 to to PART cblr-1747 9 8 chloe chloe VERB cblr-1747 9 9 mckenzie mckenzie PROPN cblr-1747 9 10 for for ADP cblr-1747 9 11 her her PRON cblr-1747 9 12 unwavering unwavering ADJ cblr-1747 9 13 support support NOUN cblr-1747 9 14 and and CCONJ cblr-1747 9 15 the the DET cblr-1747 9 16 editorial editorial ADJ cblr-1747 9 17 staff staff NOUN cblr-1747 9 18 of of ADP cblr-1747 9 19 the the DET cblr-1747 9 20 columbia columbia PROPN cblr-1747 9 21 business business PROPN cblr-1747 9 22 law law PROPN cblr-1747 9 23 review review NOUN cblr-1747 9 24 for for ADP cblr-1747 9 25 their their PRON cblr-1747 9 26 assistance assistance NOUN cblr-1747 9 27 in in ADP cblr-1747 9 28 preparing prepare VERB cblr-1747 9 29 this this DET cblr-1747 9 30 note note NOUN cblr-1747 9 31 for for ADP cblr-1747 9 32 publication publication NOUN cblr-1747 9 33 . . PUNCT cblr-1747 10 1 tepe tepe NOUN cblr-1747 10 2 – – PUNCT cblr-1747 10 3 final final ADJ cblr-1747 10 4 824 824 NUM cblr-1747 10 5 columbia columbia PROPN cblr-1747 10 6 business business NOUN cblr-1747 10 7 law law PROPN cblr-1747 10 8 review review NOUN cblr-1747 11 1 [ [ X cblr-1747 11 2 vol vol NOUN cblr-1747 11 3 . . PUNCT cblr-1747 11 4 2016 2016 NUM cblr-1747 11 5 reporting reporting NOUN cblr-1747 11 6 requirements requirement NOUN cblr-1747 11 7 that that PRON cblr-1747 11 8 provide provide VERB cblr-1747 11 9 better well ADJ cblr-1747 11 10 protection protection NOUN cblr-1747 11 11 for for ADP cblr-1747 11 12 broker broker NOUN cblr-1747 11 13 - - PUNCT cblr-1747 11 14 dealer dealer NOUN cblr-1747 11 15 customers customer NOUN cblr-1747 11 16 . . PUNCT cblr-1747 12 1 i. i. PROPN cblr-1747 12 2             SPACE cblr-1747 12 3 introduction introduction NOUN cblr-1747 12 4 .................................................................. .................................................................. PUNCT cblr-1747 12 5 825 825 NUM cblr-1747 12 6     SPACE cblr-1747 12 7 ii ii NOUN cblr-1747 12 8 . . PUNCT cblr-1747 12 9     SPACE cblr-1747 12 10 background background NOUN cblr-1747 12 11 : : PUNCT cblr-1747 12 12 customer customer NOUN cblr-1747 12 13 protection protection NOUN cblr-1747 12 14 rule rule NOUN cblr-1747 12 15 , , PUNCT cblr-1747 12 16 sweep sweep NOUN cblr-1747 12 17 programs program NOUN cblr-1747 12 18 , , PUNCT cblr-1747 12 19 securities security NOUN cblr-1747 12 20 lending lending NOUN cblr-1747 12 21 , , PUNCT cblr-1747 12 22 and and CCONJ cblr-1747 12 23 customer customer NOUN cblr-1747 12 24 shareholder shareholder NOUN cblr-1747 12 25 rights right NOUN cblr-1747 12 26 ..................................................... ..................................................... PUNCT cblr-1747 13 1 827 827 NUM cblr-1747 13 2     SPACE cblr-1747 13 3 a. a. NOUN cblr-1747 13 4     SPACE cblr-1747 13 5 adoption adoption NOUN cblr-1747 13 6 of of ADP cblr-1747 13 7 rule rule NOUN cblr-1747 13 8 15c3 15c3 NUM cblr-1747 13 9 - - SYM cblr-1747 13 10 3 3 NUM cblr-1747 13 11 — — PUNCT cblr-1747 13 12 policy policy NOUN cblr-1747 13 13 aims aim VERB cblr-1747 13 14 ................ ................ PUNCT cblr-1747 13 15 828 828 NUM cblr-1747 13 16     SPACE cblr-1747 13 17 b. b. NOUN cblr-1747 13 18     SPACE cblr-1747 13 19 “ " PUNCT cblr-1747 13 20 idle idle ADJ cblr-1747 13 21 ” " PUNCT cblr-1747 13 22 customer customer NOUN cblr-1747 13 23 cash cash NOUN cblr-1747 13 24 — — PUNCT cblr-1747 13 25 sweep sweep NOUN cblr-1747 13 26 programs program NOUN cblr-1747 13 27 ........... ........... PUNCT cblr-1747 13 28 830 830 NUM cblr-1747 13 29     SPACE cblr-1747 13 30 c. c. NOUN cblr-1747 13 31     SPACE cblr-1747 13 32 “ " PUNCT cblr-1747 13 33 idle idle ADJ cblr-1747 13 34 ” " PUNCT cblr-1747 13 35 customer customer NOUN cblr-1747 13 36 securities security NOUN cblr-1747 13 37 — — PUNCT cblr-1747 13 38 securities security NOUN cblr-1747 13 39 lending lending NOUN cblr-1747 13 40 ................................................................. ................................................................. PUNCT cblr-1747 13 41 836 836 NUM cblr-1747 13 42     SPACE cblr-1747 13 43 d. d. NOUN cblr-1747 13 44     SPACE cblr-1747 13 45 “ " PUNCT cblr-1747 13 46 idle idle ADJ cblr-1747 13 47 ” " PUNCT cblr-1747 13 48 customer customer NOUN cblr-1747 13 49 shareholder shareholder NOUN cblr-1747 13 50 rights right NOUN cblr-1747 13 51 ................... ................... PUNCT cblr-1747 13 52 845 845 NUM cblr-1747 13 53     SPACE cblr-1747 13 54 iii iii NOUN cblr-1747 13 55 . . PUNCT cblr-1747 13 56     SPACE cblr-1747 13 57 issues issue NOUN cblr-1747 13 58 with with ADP cblr-1747 13 59 broker broker NOUN cblr-1747 13 60 - - PUNCT cblr-1747 13 61 dealer dealer NOUN cblr-1747 13 62 use use NOUN cblr-1747 13 63 of of ADP cblr-1747 13 64 idle idle ADJ cblr-1747 13 65 customer customer NOUN cblr-1747 13 66 assets asset NOUN cblr-1747 13 67 : : PUNCT cblr-1747 13 68 agency agency NOUN cblr-1747 13 69 problems problem NOUN cblr-1747 13 70 and and CCONJ cblr-1747 13 71 systemic systemic ADJ cblr-1747 13 72 risk risk NOUN cblr-1747 13 73 ............ ............ PUNCT cblr-1747 13 74 848 848 NUM cblr-1747 13 75     SPACE cblr-1747 13 76 a. a. NOUN cblr-1747 13 77     SPACE cblr-1747 13 78 sweep sweep NOUN cblr-1747 13 79 programs program NOUN cblr-1747 13 80 — — PUNCT cblr-1747 13 81 benefits benefit NOUN cblr-1747 13 82 and and CCONJ cblr-1747 13 83 costs cost NOUN cblr-1747 13 84 ................ ................ PUNCT cblr-1747 13 85 849 849 NUM cblr-1747 13 86     SPACE cblr-1747 13 87 1 1 NUM cblr-1747 13 88 . . PUNCT cblr-1747 13 89     SPACE cblr-1747 14 1 sweep sweep VERB cblr-1747 14 2 program program NOUN cblr-1747 14 3 benefits benefit NOUN cblr-1747 14 4 — — PUNCT cblr-1747 14 5 increased increase VERB cblr-1747 14 6 returns return NOUN cblr-1747 14 7 and and CCONJ cblr-1747 14 8 effects effect NOUN cblr-1747 14 9 on on ADP cblr-1747 14 10 market market NOUN cblr-1747 14 11 liquidity liquidity NOUN cblr-1747 14 12 ...... ...... PUNCT cblr-1747 14 13 849 849 NUM cblr-1747 14 14     SPACE cblr-1747 14 15 2 2 NUM cblr-1747 14 16 . . PUNCT cblr-1747 14 17     SPACE cblr-1747 14 18 sweep sweep VERB cblr-1747 14 19 program program NOUN cblr-1747 14 20 agency agency NOUN cblr-1747 14 21 problems problem NOUN cblr-1747 14 22 .................. .................. PUNCT cblr-1747 15 1 851 851 NUM cblr-1747 15 2     SPACE cblr-1747 15 3 3 3 NUM cblr-1747 15 4 . . PUNCT cblr-1747 15 5     SPACE cblr-1747 15 6 sweep sweep VERB cblr-1747 15 7 program program NOUN cblr-1747 15 8 systemic systemic ADJ cblr-1747 15 9 risks risk NOUN cblr-1747 15 10 ..................... ..................... PUNCT cblr-1747 15 11 855 855 NUM cblr-1747 15 12     SPACE cblr-1747 15 13 b. b. PROPN cblr-1747 15 14     SPACE cblr-1747 15 15 lending lend VERB cblr-1747 15 16 customer customer NOUN cblr-1747 15 17 margin margin NOUN cblr-1747 15 18 securities security NOUN cblr-1747 15 19 — — PUNCT cblr-1747 15 20 benefits benefit NOUN cblr-1747 15 21 and and CCONJ cblr-1747 15 22 costs cost NOUN cblr-1747 15 23 ............................................... ............................................... PUNCT cblr-1747 15 24 858 858 NUM cblr-1747 15 25     SPACE cblr-1747 15 26 1 1 NUM cblr-1747 15 27 . . PUNCT cblr-1747 15 28     SPACE cblr-1747 15 29 securities security NOUN cblr-1747 15 30 lending lending NOUN cblr-1747 15 31 necessary necessary ADJ cblr-1747 15 32 for for ADP cblr-1747 15 33 key key ADJ cblr-1747 15 34 market market NOUN cblr-1747 15 35 functions function NOUN cblr-1747 15 36 ............................................ ............................................ PUNCT cblr-1747 15 37 859 859 NUM cblr-1747 15 38     SPACE cblr-1747 15 39 2 2 NUM cblr-1747 15 40 . . PUNCT cblr-1747 15 41     SPACE cblr-1747 15 42 securities security NOUN cblr-1747 15 43 lending lending NOUN cblr-1747 15 44 counterparty counterparty NOUN cblr-1747 15 45 risks risk NOUN cblr-1747 15 46 and and CCONJ cblr-1747 15 47 customer customer NOUN cblr-1747 15 48 compensation compensation NOUN cblr-1747 15 49 ................................ ................................ PUNCT cblr-1747 15 50 860 860 NUM cblr-1747 15 51     SPACE cblr-1747 15 52 3 3 NUM cblr-1747 15 53 . . PUNCT cblr-1747 15 54     SPACE cblr-1747 15 55 securities security NOUN cblr-1747 15 56 lending lend VERB cblr-1747 15 57 systemic systemic ADJ cblr-1747 15 58 risks risk NOUN cblr-1747 15 59 ................ ................ PUNCT cblr-1747 15 60 863 863 NUM cblr-1747 15 61     SPACE cblr-1747 15 62 4 4 NUM cblr-1747 15 63 . . PUNCT cblr-1747 15 64     SPACE cblr-1747 15 65 loss loss NOUN cblr-1747 15 66 of of ADP cblr-1747 15 67 shareholder shareholder NOUN cblr-1747 15 68 votes vote NOUN cblr-1747 15 69 .............................. .............................. PUNCT cblr-1747 15 70 865 865 NUM cblr-1747 15 71     SPACE cblr-1747 15 72 iv iv NUM cblr-1747 15 73 . . PUNCT cblr-1747 15 74     SPACE cblr-1747 15 75 recommendations recommendation NOUN cblr-1747 15 76 ........................................................ ........................................................ PUNCT cblr-1747 15 77 868 868 NUM cblr-1747 15 78     SPACE cblr-1747 15 79 a. a. AUX cblr-1747 15 80     SPACE cblr-1747 15 81 addressing address VERB cblr-1747 15 82 sweep sweep NOUN cblr-1747 15 83 program program NOUN cblr-1747 15 84 systemic systemic ADJ cblr-1747 15 85 risks risk NOUN cblr-1747 15 86 — — PUNCT cblr-1747 15 87 sweep sweep NOUN cblr-1747 15 88 program program NOUN cblr-1747 15 89 reporting reporting NOUN cblr-1747 15 90 requirements requirement NOUN cblr-1747 15 91 .......... .......... PUNCT cblr-1747 15 92 868 868 NUM cblr-1747 15 93     SPACE cblr-1747 15 94 b. b. NOUN cblr-1747 15 95     SPACE cblr-1747 15 96 reducing reduce VERB cblr-1747 15 97 sweep sweep NOUN cblr-1747 15 98 program program NOUN cblr-1747 15 99 agency agency NOUN cblr-1747 15 100 problems problem NOUN cblr-1747 15 101 — — PUNCT cblr-1747 15 102 disclosure disclosure NOUN cblr-1747 15 103 of of ADP cblr-1747 15 104 compensation compensation NOUN cblr-1747 15 105 and and CCONJ cblr-1747 15 106 cap cap NOUN cblr-1747 15 107 on on ADP cblr-1747 15 108 broker broker NOUN cblr-1747 15 109 - - PUNCT cblr-1747 15 110 dealer dealer NOUN cblr-1747 15 111 fees fee NOUN cblr-1747 15 112 .............................................. .............................................. PUNCT cblr-1747 15 113 869 869 NUM cblr-1747 15 114     SPACE cblr-1747 15 115 c. c. NOUN cblr-1747 15 116     SPACE cblr-1747 15 117 addressing address VERB cblr-1747 15 118 securities security NOUN cblr-1747 15 119 lending lending NOUN cblr-1747 15 120 counterparty counterparty NOUN cblr-1747 15 121 and and CCONJ cblr-1747 15 122 systemic systemic ADJ cblr-1747 15 123 risks risk NOUN cblr-1747 15 124 — — PUNCT cblr-1747 15 125 disclosure disclosure NOUN cblr-1747 15 126 and and CCONJ cblr-1747 15 127 collateral collateral ADJ cblr-1747 15 128 requirements requirement NOUN cblr-1747 15 129 ....................................................... ....................................................... PUNCT cblr-1747 15 130 871 871 NUM cblr-1747 15 131     SPACE cblr-1747 15 132 d. d. NOUN cblr-1747 15 133     SPACE cblr-1747 15 134 standardization standardization NOUN cblr-1747 15 135 for for ADP cblr-1747 15 136 reconciling reconcile VERB cblr-1747 15 137 corporate corporate ADJ cblr-1747 15 138 votes vote NOUN cblr-1747 15 139 ..................................................................... ..................................................................... PUNCT cblr-1747 15 140 873 873 NUM cblr-1747 15 141     SPACE cblr-1747 15 142 v. v. ADP cblr-1747 15 143     SPACE cblr-1747 15 144 conclusion conclusion NOUN cblr-1747 15 145 ..................................................................... ..................................................................... PUNCT cblr-1747 15 146 875 875 NUM cblr-1747 15 147     SPACE cblr-1747 15 148 tepe tepe NOUN cblr-1747 15 149 – – PUNCT cblr-1747 15 150 final final ADJ cblr-1747 15 151 no no NOUN cblr-1747 15 152 . . PUNCT cblr-1747 16 1 3:823 3:823 NUM cblr-1747 16 2 ] ] X cblr-1747 16 3 broker broker NOUN cblr-1747 16 4 - - PUNCT cblr-1747 16 5 dealer dealer NOUN cblr-1747 16 6 “ " PUNCT cblr-1747 16 7 idle idle ADJ cblr-1747 16 8 ” " PUNCT cblr-1747 16 9 customer customer NOUN cblr-1747 16 10 assets asset NOUN cblr-1747 16 11 825 825 NUM cblr-1747 16 12 i. i. PROPN cblr-1747 16 13 introduction introduction PROPN cblr-1747 16 14 equity equity NOUN cblr-1747 16 15 investors investor NOUN cblr-1747 16 16 , , PUNCT cblr-1747 16 17 whether whether SCONJ cblr-1747 16 18 hedge hedge NOUN cblr-1747 16 19 funds fund NOUN cblr-1747 16 20 or or CCONJ cblr-1747 16 21 retail retail ADJ cblr-1747 16 22 investors investor NOUN cblr-1747 16 23 , , PUNCT cblr-1747 16 24 must must AUX cblr-1747 16 25 trade trade VERB cblr-1747 16 26 stocks stock NOUN cblr-1747 16 27 through through ADP cblr-1747 16 28 broker broker NOUN cblr-1747 16 29 - - PUNCT cblr-1747 16 30 dealers dealer NOUN cblr-1747 16 31 , , PUNCT cblr-1747 16 32 and and CCONJ cblr-1747 16 33 when when SCONJ cblr-1747 16 34 these these DET cblr-1747 16 35 investors investor NOUN cblr-1747 16 36 are be AUX cblr-1747 16 37 not not PART cblr-1747 16 38 actively actively ADV cblr-1747 16 39 trading trade VERB cblr-1747 16 40 , , PUNCT cblr-1747 16 41 their their PRON cblr-1747 16 42 securities security NOUN cblr-1747 16 43 and and CCONJ cblr-1747 16 44 uninvested uninvested ADJ cblr-1747 16 45 cash cash NOUN cblr-1747 16 46 remain remain VERB cblr-1747 16 47 with with ADP cblr-1747 16 48 their their PRON cblr-1747 16 49 broker broker NOUN cblr-1747 16 50 - - PUNCT cblr-1747 16 51 dealer dealer NOUN cblr-1747 16 52 . . PUNCT cblr-1747 17 1 what what PRON cblr-1747 17 2 broker broker NOUN cblr-1747 17 3 - - PUNCT cblr-1747 17 4 dealers dealer NOUN cblr-1747 17 5 do do AUX cblr-1747 17 6 with with ADP cblr-1747 17 7 these these DET cblr-1747 17 8 “ " PUNCT cblr-1747 17 9 idle idle ADJ cblr-1747 17 10 ” " PUNCT cblr-1747 17 11 customer customer NOUN cblr-1747 17 12 assets asset NOUN cblr-1747 17 13 is be AUX cblr-1747 17 14 a a DET cblr-1747 17 15 vast vast ADJ cblr-1747 17 16 and and CCONJ cblr-1747 17 17 largely largely ADV cblr-1747 17 18 unexamined unexamined ADJ cblr-1747 17 19 business business NOUN cblr-1747 17 20 that that PRON cblr-1747 17 21 is be AUX cblr-1747 17 22 a a DET cblr-1747 17 23 key key ADJ cblr-1747 17 24 source source NOUN cblr-1747 17 25 of of ADP cblr-1747 17 26 revenue revenue NOUN cblr-1747 17 27 for for ADP cblr-1747 17 28 broker broker NOUN cblr-1747 17 29 - - PUNCT cblr-1747 17 30 dealers dealer NOUN cblr-1747 17 31 . . PUNCT cblr-1747 18 1 this this DET cblr-1747 18 2 note note NOUN cblr-1747 18 3 provides provide VERB cblr-1747 18 4 the the DET cblr-1747 18 5 first first ADJ cblr-1747 18 6 comprehensive comprehensive ADJ cblr-1747 18 7 examination examination NOUN cblr-1747 18 8 of of ADP cblr-1747 18 9 the the DET cblr-1747 18 10 trade trade NOUN cblr-1747 18 11 - - PUNCT cblr-1747 18 12 offs off NOUN cblr-1747 18 13 in in ADP cblr-1747 18 14 regulating regulate VERB cblr-1747 18 15 broker broker NOUN cblr-1747 18 16 - - PUNCT cblr-1747 18 17 dealers dealer NOUN cblr-1747 18 18 ’ ' PUNCT cblr-1747 18 19 use use NOUN cblr-1747 18 20 of of ADP cblr-1747 18 21 idle idle ADJ cblr-1747 18 22 customer customer NOUN cblr-1747 18 23 assets asset NOUN cblr-1747 18 24 . . PUNCT cblr-1747 19 1 specifically specifically ADV cblr-1747 19 2 , , PUNCT cblr-1747 19 3 this this DET cblr-1747 19 4 note note NOUN cblr-1747 19 5 will will AUX cblr-1747 19 6 discuss discuss VERB cblr-1747 19 7 broker broker NOUN cblr-1747 19 8 - - PUNCT cblr-1747 19 9 dealer dealer NOUN cblr-1747 19 10 sweeps sweep NOUN cblr-1747 19 11 of of ADP cblr-1747 19 12 uninvested uninvested ADJ cblr-1747 19 13 customer customer NOUN cblr-1747 19 14 cash cash NOUN cblr-1747 19 15 , , PUNCT cblr-1747 19 16 broker broker NOUN cblr-1747 19 17 - - PUNCT cblr-1747 19 18 dealer dealer NOUN cblr-1747 19 19 lending lending NOUN cblr-1747 19 20 of of ADP cblr-1747 19 21 customer customer NOUN cblr-1747 19 22 margin margin NOUN cblr-1747 19 23 securities security NOUN cblr-1747 19 24 , , PUNCT cblr-1747 19 25 and and CCONJ cblr-1747 19 26 the the DET cblr-1747 19 27 effect effect NOUN cblr-1747 19 28 of of ADP cblr-1747 19 29 securities security NOUN cblr-1747 19 30 lending lending NOUN cblr-1747 19 31 on on ADP cblr-1747 19 32 customers customer NOUN cblr-1747 19 33 ’ ' PUNCT cblr-1747 19 34 shareholder shareholder NOUN cblr-1747 19 35 votes vote NOUN cblr-1747 19 36 . . PUNCT cblr-1747 20 1 broker broker NOUN cblr-1747 20 2 - - PUNCT cblr-1747 20 3 dealers dealer NOUN cblr-1747 20 4 ’ ’ PART cblr-1747 20 5 ability ability NOUN cblr-1747 20 6 to to PART cblr-1747 20 7 profit profit VERB cblr-1747 20 8 from from ADP cblr-1747 20 9 idle idle ADJ cblr-1747 20 10 customer customer NOUN cblr-1747 20 11 assets asset NOUN cblr-1747 20 12 conflicts conflict NOUN cblr-1747 20 13 with with ADP cblr-1747 20 14 the the DET cblr-1747 20 15 original original ADJ cblr-1747 20 16 intent intent NOUN cblr-1747 20 17 of of ADP cblr-1747 20 18 securities security NOUN cblr-1747 20 19 and and CCONJ cblr-1747 20 20 exchange exchange PROPN cblr-1747 20 21 commission commission PROPN cblr-1747 20 22 ( ( PUNCT cblr-1747 20 23 “ " PUNCT cblr-1747 20 24 sec sec PROPN cblr-1747 20 25 ” " PUNCT cblr-1747 20 26 ) ) PUNCT cblr-1747 20 27 customer customer NOUN cblr-1747 20 28 protection protection NOUN cblr-1747 20 29 regulation regulation NOUN cblr-1747 20 30 , , PUNCT cblr-1747 20 31 namely namely ADV cblr-1747 20 32 “ " PUNCT cblr-1747 20 33 forbidding forbid VERB cblr-1747 20 34 brokers broker NOUN cblr-1747 20 35 and and CCONJ cblr-1747 20 36 dealers dealer NOUN cblr-1747 20 37 from from ADP cblr-1747 20 38 using use VERB cblr-1747 20 39 customer customer NOUN cblr-1747 20 40 assets asset NOUN cblr-1747 20 41 to to PART cblr-1747 20 42 finance finance VERB cblr-1747 20 43 any any DET cblr-1747 20 44 part part NOUN cblr-1747 20 45 of of ADP cblr-1747 20 46 their their PRON cblr-1747 20 47 businesses business NOUN cblr-1747 20 48 unrelated unrelated ADJ cblr-1747 20 49 to to ADP cblr-1747 20 50 servicing service VERB cblr-1747 20 51 securities security NOUN cblr-1747 20 52 customers customer NOUN cblr-1747 20 53 . . PUNCT cblr-1747 21 1 ”1 ”1 VERB cblr-1747 21 2 with with ADP cblr-1747 21 3 sweep sweep NOUN cblr-1747 21 4 programs program NOUN cblr-1747 21 5 , , PUNCT cblr-1747 21 6 broker broker NOUN cblr-1747 21 7 - - PUNCT cblr-1747 21 8 dealers dealer NOUN cblr-1747 21 9 sweep sweep VERB cblr-1747 21 10 uninvested uninvested ADJ cblr-1747 21 11 customer customer NOUN cblr-1747 21 12 cash cash NOUN cblr-1747 21 13 into into ADP cblr-1747 21 14 a a DET cblr-1747 21 15 bank bank NOUN cblr-1747 21 16 or or CCONJ cblr-1747 21 17 money money NOUN cblr-1747 21 18 market market NOUN cblr-1747 21 19 fund fund NOUN cblr-1747 21 20 , , PUNCT cblr-1747 21 21 allowing allow VERB cblr-1747 21 22 the the DET cblr-1747 21 23 broker broker NOUN cblr-1747 21 24 - - PUNCT cblr-1747 21 25 dealer dealer NOUN cblr-1747 21 26 and and CCONJ cblr-1747 21 27 the the DET cblr-1747 21 28 sweep sweep NOUN cblr-1747 21 29 counterparty counterparty NOUN cblr-1747 21 30 to to PART cblr-1747 21 31 invest invest VERB cblr-1747 21 32 and and CCONJ cblr-1747 21 33 profit profit NOUN cblr-1747 21 34 from from ADP cblr-1747 21 35 customers customer NOUN cblr-1747 21 36 ’ ' PUNCT cblr-1747 21 37 cash.2 cash.2 PROPN cblr-1747 21 38 with with ADP cblr-1747 21 39 lending lending NOUN cblr-1747 21 40 of of ADP cblr-1747 21 41 customer customer NOUN cblr-1747 21 42 margin margin NOUN cblr-1747 21 43 securities security NOUN cblr-1747 21 44 , , PUNCT cblr-1747 21 45 broker broker NOUN cblr-1747 21 46 - - PUNCT cblr-1747 21 47 dealers dealer NOUN cblr-1747 21 48 lend lend VERB cblr-1747 21 49 securities security NOUN cblr-1747 21 50 owned own VERB cblr-1747 21 51 by by ADP cblr-1747 21 52 customers customer NOUN cblr-1747 21 53 in in ADP cblr-1747 21 54 exchange exchange NOUN cblr-1747 21 55 for for ADP cblr-1747 21 56 a a DET cblr-1747 21 57 fee fee NOUN cblr-1747 21 58 paid pay VERB cblr-1747 21 59 only only ADV cblr-1747 21 60 to to ADP cblr-1747 21 61 the the DET cblr-1747 21 62 broker broker NOUN cblr-1747 21 63 - - PUNCT cblr-1747 21 64 dealer.3 dealer.3 NOUN cblr-1747 21 65 surprisingly surprisingly ADV cblr-1747 21 66 , , PUNCT cblr-1747 21 67 customers customer NOUN cblr-1747 21 68 may may AUX cblr-1747 21 69 not not PART cblr-1747 21 70 know know VERB cblr-1747 21 71 if if SCONJ cblr-1747 21 72 and and CCONJ cblr-1747 21 73 when when SCONJ cblr-1747 21 74 their their PRON cblr-1747 21 75 margin margin NOUN cblr-1747 21 76 securities security NOUN cblr-1747 21 77 are be AUX cblr-1747 21 78 lent lend VERB cblr-1747 21 79 , , PUNCT cblr-1747 21 80 and and CCONJ cblr-1747 21 81 , , PUNCT cblr-1747 21 82 even even ADV cblr-1747 21 83 more more ADV cblr-1747 21 84 surprisingly surprisingly ADV cblr-1747 21 85 , , PUNCT cblr-1747 21 86 a a DET cblr-1747 21 87 broker broker NOUN cblr-1747 21 88 - - PUNCT cblr-1747 21 89 dealer dealer NOUN cblr-1747 21 90 may may AUX cblr-1747 21 91 not not PART cblr-1747 21 92 know know VERB cblr-1747 21 93 which which DET cblr-1747 21 94 customer customer NOUN cblr-1747 21 95 ’s ’s PART cblr-1747 21 96 securities security NOUN cblr-1747 21 97 it it PRON cblr-1747 21 98 has have VERB cblr-1747 21 99 lent.4 lent.4 PROPN cblr-1747 21 100 with with ADP cblr-1747 21 101 the the DET cblr-1747 21 102 securities security NOUN cblr-1747 21 103 lending lending NOUN cblr-1747 21 104 market market NOUN cblr-1747 21 105 1 1 NUM cblr-1747 21 106 net net ADJ cblr-1747 21 107 capital capital NOUN cblr-1747 21 108 requirements requirement NOUN cblr-1747 21 109 for for ADP cblr-1747 21 110 brokers broker NOUN cblr-1747 21 111 and and CCONJ cblr-1747 21 112 dealers dealer NOUN cblr-1747 21 113 , , PUNCT cblr-1747 21 114 50 50 NUM cblr-1747 21 115 fed feed VERB cblr-1747 21 116 . . PUNCT cblr-1747 22 1 reg reg PROPN cblr-1747 22 2 . . PROPN cblr-1747 22 3 2690 2690 NUM cblr-1747 22 4 , , PUNCT cblr-1747 22 5 2690 2690 NUM cblr-1747 22 6 ( ( PUNCT cblr-1747 22 7 jan jan PROPN cblr-1747 22 8 . . PROPN cblr-1747 22 9 18 18 NUM cblr-1747 22 10 , , PUNCT cblr-1747 22 11 1985 1985 NUM cblr-1747 22 12 ) ) PUNCT cblr-1747 22 13 ( ( PUNCT cblr-1747 22 14 to to PART cblr-1747 22 15 be be AUX cblr-1747 22 16 codified codify VERB cblr-1747 22 17 at at ADP cblr-1747 22 18 17 17 NUM cblr-1747 22 19 c.f.r c.f.r NOUN cblr-1747 22 20 . . PUNCT cblr-1747 23 1 pt pt PROPN cblr-1747 23 2 . . PROPN cblr-1747 23 3 240 240 NUM cblr-1747 23 4 ) ) PUNCT cblr-1747 23 5 . . PUNCT cblr-1747 24 1 2 2 NUM cblr-1747 24 2 see see VERB cblr-1747 24 3 infra infra NOUN cblr-1747 24 4 section section NOUN cblr-1747 24 5 ii.b ii.b NOUN cblr-1747 24 6 . . PUNCT cblr-1747 25 1 3 3 NUM cblr-1747 25 2 see see VERB cblr-1747 25 3 infra infra NOUN cblr-1747 25 4 section section NOUN cblr-1747 25 5 ii.c ii.c VERB cblr-1747 25 6 . . PUNCT cblr-1747 26 1 4 4 NUM cblr-1747 26 2 i i PROPN cblr-1747 26 3 d. d. PROPN cblr-1747 26 4 tepe tepe PROPN cblr-1747 26 5 – – PUNCT cblr-1747 26 6 final final ADJ cblr-1747 26 7 826 826 NUM cblr-1747 26 8 columbia columbia PROPN cblr-1747 26 9 business business NOUN cblr-1747 26 10 law law PROPN cblr-1747 26 11 review review NOUN cblr-1747 27 1 [ [ X cblr-1747 27 2 vol vol NOUN cblr-1747 27 3 . . NOUN cblr-1747 27 4 2016 2016 NUM cblr-1747 27 5 totaling total VERB cblr-1747 27 6 roughly roughly ADV cblr-1747 27 7 $ $ SYM cblr-1747 27 8 1.9 1.9 NUM cblr-1747 27 9 trillion,5 trillion,5 NUM cblr-1747 27 10 such such ADJ cblr-1747 27 11 broker broker NOUN cblr-1747 27 12 - - PUNCT cblr-1747 27 13 dealer dealer NOUN cblr-1747 27 14 practices practice NOUN cblr-1747 27 15 have have VERB cblr-1747 27 16 large large ADJ cblr-1747 27 17 ramifications ramification NOUN cblr-1747 27 18 for for ADP cblr-1747 27 19 the the DET cblr-1747 27 20 financial financial ADJ cblr-1747 27 21 sector sector NOUN cblr-1747 27 22 . . PUNCT cblr-1747 28 1 in in ADP cblr-1747 28 2 addition addition NOUN cblr-1747 28 3 , , PUNCT cblr-1747 28 4 customers customer NOUN cblr-1747 28 5 whose whose DET cblr-1747 28 6 securities security NOUN cblr-1747 28 7 have have AUX cblr-1747 28 8 been be AUX cblr-1747 28 9 lent lend VERB cblr-1747 28 10 by by ADP cblr-1747 28 11 their their PRON cblr-1747 28 12 brokerdealer brokerdealer NOUN cblr-1747 28 13 no no ADV cblr-1747 28 14 longer long ADV cblr-1747 28 15 have have VERB cblr-1747 28 16 their their PRON cblr-1747 28 17 shareholder shareholder NOUN cblr-1747 28 18 voting voting NOUN cblr-1747 28 19 rights right NOUN cblr-1747 28 20 and and CCONJ cblr-1747 28 21 could could AUX cblr-1747 28 22 have have VERB cblr-1747 28 23 their their PRON cblr-1747 28 24 proxy proxy ADJ cblr-1747 28 25 votes vote NOUN cblr-1747 28 26 cancelled cancel VERB cblr-1747 28 27 by by ADP cblr-1747 28 28 their their PRON cblr-1747 28 29 broker broker NOUN cblr-1747 28 30 - - PUNCT cblr-1747 28 31 dealer dealer NOUN cblr-1747 28 32 without without ADP cblr-1747 28 33 their their PRON cblr-1747 28 34 knowledge.6 knowledge.6 PROPN cblr-1747 28 35 how how SCONJ cblr-1747 28 36 broker broker NOUN cblr-1747 28 37 - - PUNCT cblr-1747 28 38 dealers dealer NOUN cblr-1747 28 39 count count VERB cblr-1747 28 40 customer customer NOUN cblr-1747 28 41 shareholder shareholder NOUN cblr-1747 28 42 votes vote NOUN cblr-1747 28 43 implicates implicate VERB cblr-1747 28 44 larger large ADJ cblr-1747 28 45 debates debate NOUN cblr-1747 28 46 about about ADP cblr-1747 28 47 the the DET cblr-1747 28 48 importance importance NOUN cblr-1747 28 49 of of ADP cblr-1747 28 50 shareholder shareholder NOUN cblr-1747 28 51 voting,7 voting,7 NOUN cblr-1747 28 52 and and CCONJ cblr-1747 28 53 previous previous ADJ cblr-1747 28 54 authors author NOUN cblr-1747 28 55 have have AUX cblr-1747 28 56 examined examine VERB cblr-1747 28 57 broker broker NOUN cblr-1747 28 58 - - PUNCT cblr-1747 28 59 dealer dealer NOUN cblr-1747 28 60 lending lending NOUN cblr-1747 28 61 of of ADP cblr-1747 28 62 customer customer NOUN cblr-1747 28 63 securities security NOUN cblr-1747 28 64 from from ADP cblr-1747 28 65 the the DET cblr-1747 28 66 perspective perspective NOUN cblr-1747 28 67 of of ADP cblr-1747 28 68 corporate corporate ADJ cblr-1747 28 69 voting.8 voting.8 PROPN cblr-1747 28 70 however however ADV cblr-1747 28 71 , , PUNCT cblr-1747 28 72 no no DET cblr-1747 28 73 article article NOUN cblr-1747 28 74 has have AUX cblr-1747 28 75 examined examine VERB cblr-1747 28 76 canceling cancel VERB cblr-1747 28 77 shareholder shareholder NOUN cblr-1747 28 78 votes vote NOUN cblr-1747 28 79 through through ADP cblr-1747 28 80 the the DET cblr-1747 28 81 lens lens NOUN cblr-1747 28 82 of of ADP cblr-1747 28 83 broker broker NOUN cblr-1747 28 84 - - PUNCT cblr-1747 28 85 dealer dealer NOUN cblr-1747 28 86 customer customer NOUN cblr-1747 28 87 protection protection NOUN cblr-1747 28 88 . . PUNCT cblr-1747 29 1 broker broker NOUN cblr-1747 29 2 - - PUNCT cblr-1747 29 3 dealer dealer NOUN cblr-1747 29 4 use use NOUN cblr-1747 29 5 of of ADP cblr-1747 29 6 idle idle ADJ cblr-1747 29 7 customer customer NOUN cblr-1747 29 8 assets asset NOUN cblr-1747 29 9 raises raise VERB cblr-1747 29 10 serious serious ADJ cblr-1747 29 11 questions question NOUN cblr-1747 29 12 about about ADP cblr-1747 29 13 the the DET cblr-1747 29 14 adequacy adequacy NOUN cblr-1747 29 15 of of ADP cblr-1747 29 16 current current ADJ cblr-1747 29 17 customer customer NOUN cblr-1747 29 18 protection protection NOUN cblr-1747 29 19 regulations regulation NOUN cblr-1747 29 20 . . PUNCT cblr-1747 30 1 although although SCONJ cblr-1747 30 2 customers customer NOUN cblr-1747 30 3 can can AUX cblr-1747 30 4 share share VERB cblr-1747 30 5 in in ADP cblr-1747 30 6 the the DET cblr-1747 30 7 returns return NOUN cblr-1747 30 8 from from ADP cblr-1747 30 9 their their PRON cblr-1747 30 10 idle idle ADJ cblr-1747 30 11 assets asset NOUN cblr-1747 30 12 , , PUNCT cblr-1747 30 13 the the DET cblr-1747 30 14 fact fact NOUN cblr-1747 30 15 that that SCONJ cblr-1747 30 16 broker broker NOUN cblr-1747 30 17 - - PUNCT cblr-1747 30 18 dealers dealer NOUN cblr-1747 30 19 and and CCONJ cblr-1747 30 20 their their PRON cblr-1747 30 21 affiliates affiliate NOUN cblr-1747 30 22 retain retain VERB cblr-1747 30 23 a a DET cblr-1747 30 24 significant significant ADJ cblr-1747 30 25 portion portion NOUN cblr-1747 30 26 of of ADP cblr-1747 30 27 the the DET cblr-1747 30 28 profits profit NOUN cblr-1747 30 29 means mean VERB cblr-1747 30 30 that that SCONJ cblr-1747 30 31 broker broker NOUN cblr-1747 30 32 - - PUNCT cblr-1747 30 33 dealer dealer NOUN cblr-1747 30 34 use use NOUN cblr-1747 30 35 of of ADP cblr-1747 30 36 idle idle ADJ cblr-1747 30 37 customer customer NOUN cblr-1747 30 38 assets asset NOUN cblr-1747 30 39 creates create VERB cblr-1747 30 40 an an DET cblr-1747 30 41 agency agency NOUN cblr-1747 30 42 problem problem NOUN cblr-1747 30 43 in in ADP cblr-1747 30 44 which which PRON cblr-1747 30 45 broker broker NOUN cblr-1747 30 46 - - PUNCT cblr-1747 30 47 dealers dealer NOUN cblr-1747 30 48 may may AUX cblr-1747 30 49 serve serve VERB cblr-1747 30 50 their their PRON cblr-1747 30 51 own own ADJ cblr-1747 30 52 interests interest NOUN cblr-1747 30 53 , , PUNCT cblr-1747 30 54 rather rather ADV cblr-1747 30 55 than than ADP cblr-1747 30 56 those those PRON cblr-1747 30 57 of of ADP cblr-1747 30 58 their their PRON cblr-1747 30 59 customers.9 customers.9 PROPN cblr-1747 30 60 moreover moreover ADV cblr-1747 30 61 , , PUNCT cblr-1747 30 62 broker broker NOUN cblr-1747 30 63 - - PUNCT cblr-1747 30 64 dealer dealer NOUN cblr-1747 30 65 use use NOUN cblr-1747 30 66 of of ADP cblr-1747 30 67 idle idle ADJ cblr-1747 30 68 customer customer NOUN cblr-1747 30 69 assets asset NOUN cblr-1747 30 70 increases increase VERB cblr-1747 30 71 the the DET cblr-1747 30 72 5 5 NUM cblr-1747 30 73 fin fin NOUN cblr-1747 30 74 . . PUNCT cblr-1747 31 1 stability stability NOUN cblr-1747 31 2 oversight oversight PROPN cblr-1747 31 3 council council PROPN cblr-1747 31 4 , , PUNCT cblr-1747 31 5 2015 2015 NUM cblr-1747 31 6 annual annual ADJ cblr-1747 31 7 report report NOUN cblr-1747 31 8 56 56 NUM cblr-1747 31 9 ( ( PUNCT cblr-1747 31 10 2015 2015 NUM cblr-1747 31 11 ) ) PUNCT cblr-1747 31 12 . . PUNCT cblr-1747 32 1 6 6 NUM cblr-1747 32 2 see see NOUN cblr-1747 32 3 infra infra NOUN cblr-1747 32 4 section section NOUN cblr-1747 32 5 ii.d ii.d PRON cblr-1747 32 6 . . PUNCT cblr-1747 33 1 7 7 NUM cblr-1747 33 2 see see VERB cblr-1747 33 3 , , PUNCT cblr-1747 33 4 e.g. e.g. ADV cblr-1747 33 5 , , PUNCT cblr-1747 33 6 stephen stephen PROPN cblr-1747 33 7 m. m. PROPN cblr-1747 33 8 bainbridge bainbridge PROPN cblr-1747 33 9 , , PUNCT cblr-1747 33 10 the the DET cblr-1747 33 11 case case NOUN cblr-1747 33 12 for for ADP cblr-1747 33 13 limited limited ADJ cblr-1747 33 14 shareholder shareholder NOUN cblr-1747 33 15 voting voting NOUN cblr-1747 33 16 rights right NOUN cblr-1747 33 17 , , PUNCT cblr-1747 33 18 53 53 NUM cblr-1747 33 19 ucla ucla PROPN cblr-1747 33 20 l. l. PROPN cblr-1747 33 21 rev rev PROPN cblr-1747 33 22 . . PROPN cblr-1747 33 23 601 601 NUM cblr-1747 33 24 ( ( PUNCT cblr-1747 33 25 2006 2006 NUM cblr-1747 33 26 ) ) PUNCT cblr-1747 33 27 ; ; PUNCT cblr-1747 33 28 stephen stephen PROPN cblr-1747 33 29 m. m. PROPN cblr-1747 33 30 bainbridge bainbridge PROPN cblr-1747 33 31 , , PUNCT cblr-1747 33 32 director director NOUN cblr-1747 33 33 primacy primacy NOUN cblr-1747 33 34 and and CCONJ cblr-1747 33 35 shareholder shareholder NOUN cblr-1747 33 36 disempowerment disempowerment NOUN cblr-1747 33 37 , , PUNCT cblr-1747 33 38 119 119 NUM cblr-1747 33 39 harv harv NOUN cblr-1747 33 40 . . PUNCT cblr-1747 34 1 l. l. PROPN cblr-1747 34 2 rev rev PROPN cblr-1747 34 3 . . PROPN cblr-1747 34 4 1735 1735 NUM cblr-1747 34 5 ( ( PUNCT cblr-1747 34 6 2006 2006 NUM cblr-1747 34 7 ) ) PUNCT cblr-1747 34 8 ; ; PUNCT cblr-1747 34 9 lucian lucian PROPN cblr-1747 34 10 arye arye PROPN cblr-1747 34 11 bebchuk bebchuk PROPN cblr-1747 34 12 , , PUNCT cblr-1747 34 13 the the DET cblr-1747 34 14 case case NOUN cblr-1747 34 15 against against ADP cblr-1747 34 16 board board NOUN cblr-1747 34 17 veto veto NOUN cblr-1747 34 18 in in ADP cblr-1747 34 19 corporate corporate ADJ cblr-1747 34 20 takeovers takeover NOUN cblr-1747 34 21 , , PUNCT cblr-1747 34 22 69 69 NUM cblr-1747 34 23 u. u. NOUN cblr-1747 34 24 chi chi PROPN cblr-1747 34 25 . . PUNCT cblr-1747 35 1 l. l. PROPN cblr-1747 35 2 rev rev PROPN cblr-1747 35 3 . . PROPN cblr-1747 36 1 973 973 NUM cblr-1747 36 2 ( ( PUNCT cblr-1747 36 3 2002 2002 NUM cblr-1747 36 4 ) ) PUNCT cblr-1747 36 5 ; ; PUNCT cblr-1747 36 6 lucian lucian PROPN cblr-1747 36 7 arye arye PROPN cblr-1747 36 8 bebchuk bebchuk PROPN cblr-1747 36 9 , , PUNCT cblr-1747 36 10 the the DET cblr-1747 36 11 case case NOUN cblr-1747 36 12 for for ADP cblr-1747 36 13 increasing increase VERB cblr-1747 36 14 shareholder shareholder NOUN cblr-1747 36 15 power power NOUN cblr-1747 36 16 , , PUNCT cblr-1747 36 17 118 118 NUM cblr-1747 36 18 harv harv NOUN cblr-1747 36 19 . . PUNCT cblr-1747 37 1 l. l. PROPN cblr-1747 37 2 rev rev PROPN cblr-1747 37 3 . . PROPN cblr-1747 37 4 833 833 NUM cblr-1747 37 5 ( ( PUNCT cblr-1747 37 6 2005 2005 NUM cblr-1747 37 7 ) ) PUNCT cblr-1747 37 8 . . PUNCT cblr-1747 38 1 8 8 NUM cblr-1747 38 2 see see VERB cblr-1747 38 3 , , PUNCT cblr-1747 38 4 e.g. e.g. ADV cblr-1747 38 5 , , PUNCT cblr-1747 38 6 marcel marcel PROPN cblr-1747 38 7 kahan kahan PROPN cblr-1747 38 8 & & CCONJ cblr-1747 38 9 edward edward PROPN cblr-1747 38 10 rock rock PROPN cblr-1747 38 11 , , PUNCT cblr-1747 38 12 the the DET cblr-1747 38 13 hanging hang VERB cblr-1747 38 14 chads chad NOUN cblr-1747 38 15 of of ADP cblr-1747 38 16 corporate corporate ADJ cblr-1747 38 17 voting voting NOUN cblr-1747 38 18 , , PUNCT cblr-1747 38 19 96 96 NUM cblr-1747 38 20 geo geo PROPN cblr-1747 38 21 . . PUNCT cblr-1747 38 22 l.j l.j PROPN cblr-1747 38 23 . . PROPN cblr-1747 38 24 1227 1227 NUM cblr-1747 38 25 , , PUNCT cblr-1747 38 26 1258 1258 NUM cblr-1747 38 27 ( ( PUNCT cblr-1747 38 28 2008 2008 NUM cblr-1747 38 29 ) ) PUNCT cblr-1747 38 30 . . PUNCT cblr-1747 39 1 9 9 NUM cblr-1747 39 2 an an DET cblr-1747 39 3 agency agency NOUN cblr-1747 39 4 problem problem NOUN cblr-1747 39 5 occurs occur VERB cblr-1747 39 6 when when SCONJ cblr-1747 39 7 an an DET cblr-1747 39 8 agent agent NOUN cblr-1747 39 9 working work VERB cblr-1747 39 10 on on ADP cblr-1747 39 11 behalf behalf NOUN cblr-1747 39 12 of of ADP cblr-1747 39 13 a a DET cblr-1747 39 14 principal principal NOUN cblr-1747 39 15 fails fail VERB cblr-1747 39 16 to to PART cblr-1747 39 17 maximize maximize VERB cblr-1747 39 18 the the DET cblr-1747 39 19 welfare welfare NOUN cblr-1747 39 20 of of ADP cblr-1747 39 21 the the DET cblr-1747 39 22 principal principal NOUN cblr-1747 39 23 . . PUNCT cblr-1747 40 1 the the DET cblr-1747 40 2 costs cost NOUN cblr-1747 40 3 to to ADP cblr-1747 40 4 the the DET cblr-1747 40 5 principal principal NOUN cblr-1747 40 6 associated associate VERB cblr-1747 40 7 with with ADP cblr-1747 40 8 the the DET cblr-1747 40 9 agency agency NOUN cblr-1747 40 10 problem problem NOUN cblr-1747 40 11 include include VERB cblr-1747 40 12 monitoring monitoring NOUN cblr-1747 40 13 and and CCONJ cblr-1747 40 14 bonding bonding NOUN cblr-1747 40 15 expenditures expenditure NOUN cblr-1747 40 16 used use VERB cblr-1747 40 17 to to PART cblr-1747 40 18 align align VERB cblr-1747 40 19 the the DET cblr-1747 40 20 incentives incentive NOUN cblr-1747 40 21 of of ADP cblr-1747 40 22 the the DET cblr-1747 40 23 agent agent NOUN cblr-1747 40 24 and and CCONJ cblr-1747 40 25 principal principal NOUN cblr-1747 40 26 , , PUNCT cblr-1747 40 27 and and CCONJ cblr-1747 40 28 the the DET cblr-1747 40 29 residual residual ADJ cblr-1747 40 30 loss loss NOUN cblr-1747 40 31 caused cause VERB cblr-1747 40 32 by by ADP cblr-1747 40 33 the the DET cblr-1747 40 34 divergence divergence NOUN cblr-1747 40 35 between between ADP cblr-1747 40 36 the the DET cblr-1747 40 37 agent agent NOUN cblr-1747 40 38 ’s ’s PART cblr-1747 40 39 decisions decision NOUN cblr-1747 40 40 and and CCONJ cblr-1747 40 41 the the DET cblr-1747 40 42 decisions decision NOUN cblr-1747 40 43 that that PRON cblr-1747 40 44 would would AUX cblr-1747 40 45 maximize maximize VERB cblr-1747 40 46 the the DET cblr-1747 40 47 welfare welfare NOUN cblr-1747 40 48 of of ADP cblr-1747 40 49 the the DET cblr-1747 40 50 principal principal NOUN cblr-1747 40 51 . . PUNCT cblr-1747 41 1 see see VERB cblr-1747 41 2 michael michael PROPN cblr-1747 41 3 c. c. PROPN cblr-1747 41 4 jensen jensen PROPN cblr-1747 41 5 & & CCONJ cblr-1747 41 6 william william PROPN cblr-1747 41 7 h. h. PROPN cblr-1747 41 8 meckling meckling PROPN cblr-1747 41 9 , , PUNCT cblr-1747 41 10 theory theory NOUN cblr-1747 41 11 of of ADP cblr-1747 41 12 the the DET cblr-1747 41 13 firm firm NOUN cblr-1747 41 14 : : PUNCT cblr-1747 41 15 managerial managerial ADJ cblr-1747 41 16 behavior behavior NOUN cblr-1747 41 17 , , PUNCT cblr-1747 41 18 agency agency NOUN cblr-1747 41 19 costs cost NOUN cblr-1747 41 20 and and CCONJ cblr-1747 41 21 ownership ownership NOUN cblr-1747 41 22 structure structure NOUN cblr-1747 41 23 , , PUNCT cblr-1747 41 24 3 3 NUM cblr-1747 41 25 j. j. PROPN cblr-1747 41 26 fin fin PROPN cblr-1747 41 27 . . PUNCT cblr-1747 41 28 econ econ PROPN cblr-1747 41 29 . . PUNCT cblr-1747 42 1 305 305 NUM cblr-1747 42 2 , , PUNCT cblr-1747 42 3 308 308 NUM cblr-1747 42 4 ( ( PUNCT cblr-1747 42 5 1976 1976 NUM cblr-1747 42 6 ) ) PUNCT cblr-1747 42 7 . . PUNCT cblr-1747 43 1 tepe tepe NOUN cblr-1747 43 2 – – PUNCT cblr-1747 43 3 final final ADJ cblr-1747 43 4 no no NOUN cblr-1747 43 5 . . PUNCT cblr-1747 44 1 3:823 3:823 NUM cblr-1747 44 2 ] ] X cblr-1747 44 3 broker broker NOUN cblr-1747 44 4 - - PUNCT cblr-1747 44 5 dealer dealer NOUN cblr-1747 44 6 “ " PUNCT cblr-1747 44 7 idle idle ADJ cblr-1747 44 8 ” " PUNCT cblr-1747 44 9 customer customer NOUN cblr-1747 44 10 assets asset NOUN cblr-1747 44 11 827 827 NUM cblr-1747 44 12 interconnectedness interconnectedness NOUN cblr-1747 44 13 of of ADP cblr-1747 44 14 broker broker NOUN cblr-1747 44 15 - - PUNCT cblr-1747 44 16 dealers dealer NOUN cblr-1747 44 17 and and CCONJ cblr-1747 44 18 therefore therefore ADV cblr-1747 44 19 may may AUX cblr-1747 44 20 increase increase VERB cblr-1747 44 21 systemic systemic ADJ cblr-1747 44 22 risk risk NOUN cblr-1747 44 23 . . PUNCT cblr-1747 45 1 this this DET cblr-1747 45 2 note note NOUN cblr-1747 45 3 argues argue VERB cblr-1747 45 4 that that SCONJ cblr-1747 45 5 the the DET cblr-1747 45 6 sec sec PROPN cblr-1747 45 7 should should AUX cblr-1747 45 8 require require VERB cblr-1747 45 9 increased increase VERB cblr-1747 45 10 disclosures disclosure NOUN cblr-1747 45 11 by by ADP cblr-1747 45 12 broker broker NOUN cblr-1747 45 13 - - PUNCT cblr-1747 45 14 dealers dealer NOUN cblr-1747 45 15 to to PART cblr-1747 45 16 allow allow VERB cblr-1747 45 17 customers customer NOUN cblr-1747 45 18 to to PART cblr-1747 45 19 know know VERB cblr-1747 45 20 when when SCONJ cblr-1747 45 21 their their PRON cblr-1747 45 22 idle idle ADJ cblr-1747 45 23 assets asset NOUN cblr-1747 45 24 are be AUX cblr-1747 45 25 used use VERB cblr-1747 45 26 by by ADP cblr-1747 45 27 their their PRON cblr-1747 45 28 broker broker NOUN cblr-1747 45 29 - - PUNCT cblr-1747 45 30 dealer dealer NOUN cblr-1747 45 31 and and CCONJ cblr-1747 45 32 to to PART cblr-1747 45 33 better well ADV cblr-1747 45 34 understand understand VERB cblr-1747 45 35 the the DET cblr-1747 45 36 possible possible ADJ cblr-1747 45 37 agency agency NOUN cblr-1747 45 38 costs cost NOUN cblr-1747 45 39 associated associate VERB cblr-1747 45 40 with with ADP cblr-1747 45 41 broker broker NOUN cblr-1747 45 42 - - PUNCT cblr-1747 45 43 dealer dealer NOUN cblr-1747 45 44 use use NOUN cblr-1747 45 45 of of ADP cblr-1747 45 46 their their PRON cblr-1747 45 47 idle idle ADJ cblr-1747 45 48 assets asset NOUN cblr-1747 45 49 . . PUNCT cblr-1747 46 1 increased increase VERB cblr-1747 46 2 disclosure disclosure NOUN cblr-1747 46 3 should should AUX cblr-1747 46 4 also also ADV cblr-1747 46 5 facilitate facilitate VERB cblr-1747 46 6 a a DET cblr-1747 46 7 betterinformed betterinformed ADJ cblr-1747 46 8 market market NOUN cblr-1747 46 9 solution solution NOUN cblr-1747 46 10 to to ADP cblr-1747 46 11 the the DET cblr-1747 46 12 agency agency NOUN cblr-1747 46 13 costs cost NOUN cblr-1747 46 14 associated associate VERB cblr-1747 46 15 with with ADP cblr-1747 46 16 these these DET cblr-1747 46 17 transactions transaction NOUN cblr-1747 46 18 by by ADP cblr-1747 46 19 allowing allow VERB cblr-1747 46 20 customers customer NOUN cblr-1747 46 21 to to PART cblr-1747 46 22 potentially potentially ADV cblr-1747 46 23 demand demand VERB cblr-1747 46 24 a a DET cblr-1747 46 25 larger large ADJ cblr-1747 46 26 share share NOUN cblr-1747 46 27 of of ADP cblr-1747 46 28 the the DET cblr-1747 46 29 revenue revenue NOUN cblr-1747 46 30 created create VERB cblr-1747 46 31 by by ADP cblr-1747 46 32 the the DET cblr-1747 46 33 use use NOUN cblr-1747 46 34 of of ADP cblr-1747 46 35 their their PRON cblr-1747 46 36 assets asset NOUN cblr-1747 46 37 or or CCONJ cblr-1747 46 38 to to PART cblr-1747 46 39 opt opt VERB cblr-1747 46 40 out out ADP cblr-1747 46 41 of of ADP cblr-1747 46 42 these these DET cblr-1747 46 43 arrangements arrangement NOUN cblr-1747 46 44 entirely entirely ADV cblr-1747 46 45 . . PUNCT cblr-1747 47 1 this this DET cblr-1747 47 2 note note NOUN cblr-1747 47 3 also also ADV cblr-1747 47 4 argues argue VERB cblr-1747 47 5 that that SCONJ cblr-1747 47 6 the the DET cblr-1747 47 7 sec sec PROPN cblr-1747 47 8 should should AUX cblr-1747 47 9 collect collect VERB cblr-1747 47 10 data datum NOUN cblr-1747 47 11 on on ADP cblr-1747 47 12 these these DET cblr-1747 47 13 transactions transaction NOUN cblr-1747 47 14 in in ADP cblr-1747 47 15 order order NOUN cblr-1747 47 16 to to PART cblr-1747 47 17 better well ADV cblr-1747 47 18 understand understand VERB cblr-1747 47 19 their their PRON cblr-1747 47 20 systemic systemic ADJ cblr-1747 47 21 risks risk NOUN cblr-1747 47 22 . . PUNCT cblr-1747 48 1 finally finally ADV cblr-1747 48 2 , , PUNCT cblr-1747 48 3 this this DET cblr-1747 48 4 note note NOUN cblr-1747 48 5 explores explore VERB cblr-1747 48 6 whether whether SCONJ cblr-1747 48 7 more more ADJ cblr-1747 48 8 invasive invasive ADJ cblr-1747 48 9 regulations regulation NOUN cblr-1747 48 10 like like ADP cblr-1747 48 11 caps cap NOUN cblr-1747 48 12 on on ADP cblr-1747 48 13 fees fee NOUN cblr-1747 48 14 and and CCONJ cblr-1747 48 15 bans ban NOUN cblr-1747 48 16 on on ADP cblr-1747 48 17 canceling cancel VERB cblr-1747 48 18 customer customer NOUN cblr-1747 48 19 proxy proxy NOUN cblr-1747 48 20 votes vote NOUN cblr-1747 48 21 may may AUX cblr-1747 48 22 be be AUX cblr-1747 48 23 necessary necessary ADJ cblr-1747 48 24 . . PUNCT cblr-1747 49 1 part part NOUN cblr-1747 49 2 ii ii PROPN cblr-1747 49 3 of of ADP cblr-1747 49 4 this this DET cblr-1747 49 5 note note NOUN cblr-1747 49 6 provides provide VERB cblr-1747 49 7 an an DET cblr-1747 49 8 overview overview NOUN cblr-1747 49 9 of of ADP cblr-1747 49 10 the the DET cblr-1747 49 11 current current ADJ cblr-1747 49 12 regulatory regulatory ADJ cblr-1747 49 13 environment environment NOUN cblr-1747 49 14 surrounding surround VERB cblr-1747 49 15 broker broker NOUN cblr-1747 49 16 - - PUNCT cblr-1747 49 17 dealer dealer NOUN cblr-1747 49 18 sweep sweep NOUN cblr-1747 49 19 programs program NOUN cblr-1747 49 20 and and CCONJ cblr-1747 49 21 securities security NOUN cblr-1747 49 22 lending lending NOUN cblr-1747 49 23 . . PUNCT cblr-1747 50 1 specifically specifically ADV cblr-1747 50 2 , , PUNCT cblr-1747 50 3 part part PROPN cblr-1747 50 4 ii ii PROPN cblr-1747 50 5 reviews review VERB cblr-1747 50 6 the the DET cblr-1747 50 7 sec sec PROPN cblr-1747 50 8 customer customer NOUN cblr-1747 50 9 protection protection NOUN cblr-1747 50 10 rule rule NOUN cblr-1747 50 11 , , PUNCT cblr-1747 50 12 financial financial ADJ cblr-1747 50 13 industry industry NOUN cblr-1747 50 14 regulatory regulatory ADJ cblr-1747 50 15 authority authority NOUN cblr-1747 50 16 ’s ’s PART cblr-1747 50 17 ( ( PUNCT cblr-1747 50 18 “ " PUNCT cblr-1747 50 19 finra finra NOUN cblr-1747 50 20 ” " PUNCT cblr-1747 50 21 ) ) PUNCT cblr-1747 50 22 proposed propose VERB cblr-1747 50 23 rules rule NOUN cblr-1747 50 24 regarding regard VERB cblr-1747 50 25 sweep sweep NOUN cblr-1747 50 26 program program NOUN cblr-1747 50 27 disclosures disclosure NOUN cblr-1747 50 28 , , PUNCT cblr-1747 50 29 federal federal PROPN cblr-1747 50 30 reserve reserve PROPN cblr-1747 50 31 and and CCONJ cblr-1747 50 32 finra finra PROPN cblr-1747 50 33 regulations regulation NOUN cblr-1747 50 34 on on ADP cblr-1747 50 35 securities security NOUN cblr-1747 50 36 lending lending NOUN cblr-1747 50 37 , , PUNCT cblr-1747 50 38 rules rule VERB cblr-1747 50 39 about about ADP cblr-1747 50 40 the the DET cblr-1747 50 41 proxy proxy ADJ cblr-1747 50 42 voting voting NOUN cblr-1747 50 43 system system NOUN cblr-1747 50 44 , , PUNCT cblr-1747 50 45 and and CCONJ cblr-1747 50 46 current current ADJ cblr-1747 50 47 broker broker NOUN cblr-1747 50 48 - - PUNCT cblr-1747 50 49 dealer dealer NOUN cblr-1747 50 50 disclosures disclosure NOUN cblr-1747 50 51 and and CCONJ cblr-1747 50 52 corporate corporate ADJ cblr-1747 50 53 vote vote NOUN cblr-1747 50 54 reconciliation reconciliation NOUN cblr-1747 50 55 practices practice NOUN cblr-1747 50 56 . . PUNCT cblr-1747 51 1 part part NOUN cblr-1747 51 2 iii iii NUM cblr-1747 51 3 identifies identifie NOUN cblr-1747 51 4 and and CCONJ cblr-1747 51 5 describes describe VERB cblr-1747 51 6 potential potential ADJ cblr-1747 51 7 agency agency NOUN cblr-1747 51 8 costs cost NOUN cblr-1747 51 9 and and CCONJ cblr-1747 51 10 systemic systemic ADJ cblr-1747 51 11 risks risk NOUN cblr-1747 51 12 associated associate VERB cblr-1747 51 13 with with ADP cblr-1747 51 14 broker broker NOUN cblr-1747 51 15 - - PUNCT cblr-1747 51 16 dealer dealer NOUN cblr-1747 51 17 use use NOUN cblr-1747 51 18 of of ADP cblr-1747 51 19 idle idle ADJ cblr-1747 51 20 customer customer NOUN cblr-1747 51 21 assets asset NOUN cblr-1747 51 22 . . PUNCT cblr-1747 52 1 part part NOUN cblr-1747 52 2 iv iv NUM cblr-1747 52 3 presents present VERB cblr-1747 52 4 potential potential ADJ cblr-1747 52 5 solutions solution NOUN cblr-1747 52 6 to to ADP cblr-1747 52 7 the the DET cblr-1747 52 8 agency agency NOUN cblr-1747 52 9 costs cost NOUN cblr-1747 52 10 and and CCONJ cblr-1747 52 11 systemic systemic ADJ cblr-1747 52 12 risks risk NOUN cblr-1747 52 13 associated associate VERB cblr-1747 52 14 with with ADP cblr-1747 52 15 broker broker NOUN cblr-1747 52 16 - - PUNCT cblr-1747 52 17 dealer dealer NOUN cblr-1747 52 18 sweep sweep NOUN cblr-1747 52 19 programs program NOUN cblr-1747 52 20 and and CCONJ cblr-1747 52 21 securities security NOUN cblr-1747 52 22 lending lending NOUN cblr-1747 52 23 . . PUNCT cblr-1747 53 1 part part NOUN cblr-1747 53 2 v v ADP cblr-1747 53 3 offers offer VERB cblr-1747 53 4 concluding conclude VERB cblr-1747 53 5 remarks remark NOUN cblr-1747 53 6 . . PUNCT cblr-1747 54 1 ii ii PROPN cblr-1747 54 2 . . PUNCT cblr-1747 55 1 background background NOUN cblr-1747 55 2 : : PUNCT cblr-1747 55 3 customer customer NOUN cblr-1747 55 4 protection protection NOUN cblr-1747 55 5 rule rule NOUN cblr-1747 55 6 , , PUNCT cblr-1747 55 7 sweep sweep NOUN cblr-1747 55 8 programs program NOUN cblr-1747 55 9 , , PUNCT cblr-1747 55 10 securities security NOUN cblr-1747 55 11 lending lending NOUN cblr-1747 55 12 , , PUNCT cblr-1747 55 13 and and CCONJ cblr-1747 55 14 customer customer NOUN cblr-1747 55 15 shareholder shareholder NOUN cblr-1747 55 16 rights right NOUN cblr-1747 55 17 broker broker NOUN cblr-1747 55 18 - - PUNCT cblr-1747 55 19 dealer dealer NOUN cblr-1747 55 20 customers customer NOUN cblr-1747 55 21 are be AUX cblr-1747 55 22 protected protect VERB cblr-1747 55 23 by by ADP cblr-1747 55 24 a a DET cblr-1747 55 25 myriad myriad NOUN cblr-1747 55 26 of of ADP cblr-1747 55 27 regulation regulation NOUN cblr-1747 55 28 dating date VERB cblr-1747 55 29 back back ADV cblr-1747 55 30 to to ADP cblr-1747 55 31 the the DET cblr-1747 55 32 1970s 1970 NOUN cblr-1747 55 33 . . PUNCT cblr-1747 56 1 this this DET cblr-1747 56 2 part part NOUN cblr-1747 56 3 examines examine VERB cblr-1747 56 4 how how SCONJ cblr-1747 56 5 customer customer NOUN cblr-1747 56 6 assets asset NOUN cblr-1747 56 7 are be AUX cblr-1747 56 8 currently currently ADV cblr-1747 56 9 protected protect VERB cblr-1747 56 10 by by ADP cblr-1747 56 11 presenting present VERB cblr-1747 56 12 the the DET cblr-1747 56 13 current current ADJ cblr-1747 56 14 regulatory regulatory ADJ cblr-1747 56 15 requirements requirement NOUN cblr-1747 56 16 regarding regard VERB cblr-1747 56 17 broker broker NOUN cblr-1747 56 18 - - PUNCT cblr-1747 56 19 dealer dealer NOUN cblr-1747 56 20 use use NOUN cblr-1747 56 21 tepe tepe NOUN cblr-1747 56 22 – – PUNCT cblr-1747 57 1 final final ADJ cblr-1747 57 2 828 828 NUM cblr-1747 57 3 columbia columbia PROPN cblr-1747 57 4 business business NOUN cblr-1747 57 5 law law PROPN cblr-1747 57 6 review review NOUN cblr-1747 57 7 [ [ X cblr-1747 57 8 vol vol NOUN cblr-1747 57 9 . . NOUN cblr-1747 57 10 2016 2016 NUM cblr-1747 57 11 of of ADP cblr-1747 57 12 customer customer NOUN cblr-1747 57 13 assets asset NOUN cblr-1747 57 14 . . PUNCT cblr-1747 58 1 section section NOUN cblr-1747 58 2 ii.a ii.a PROPN cblr-1747 58 3 will will AUX cblr-1747 58 4 provide provide VERB cblr-1747 58 5 a a DET cblr-1747 58 6 brief brief ADJ cblr-1747 58 7 description description NOUN cblr-1747 58 8 of of ADP cblr-1747 58 9 the the DET cblr-1747 58 10 policy policy NOUN cblr-1747 58 11 aims aim VERB cblr-1747 58 12 underlying underlie VERB cblr-1747 58 13 the the DET cblr-1747 58 14 adoption adoption NOUN cblr-1747 58 15 of of ADP cblr-1747 58 16 the the DET cblr-1747 58 17 sec sec PROPN cblr-1747 58 18 customer customer NOUN cblr-1747 58 19 protection protection NOUN cblr-1747 58 20 rule rule NOUN cblr-1747 58 21 . . PUNCT cblr-1747 59 1 section section NOUN cblr-1747 59 2 ii.b ii.b PROPN cblr-1747 59 3 will will AUX cblr-1747 59 4 explain explain VERB cblr-1747 59 5 broker broker NOUN cblr-1747 59 6 - - PUNCT cblr-1747 59 7 dealer dealer NOUN cblr-1747 59 8 sweep sweep NOUN cblr-1747 59 9 programs program NOUN cblr-1747 59 10 and and CCONJ cblr-1747 59 11 associated associate VERB cblr-1747 59 12 sec sec PROPN cblr-1747 59 13 and and CCONJ cblr-1747 59 14 finra finra PROPN cblr-1747 59 15 regulations regulation NOUN cblr-1747 59 16 . . PUNCT cblr-1747 60 1 section section NOUN cblr-1747 60 2 ii.c ii.c VERB cblr-1747 60 3 will will AUX cblr-1747 60 4 provide provide VERB cblr-1747 60 5 an an DET cblr-1747 60 6 overview overview NOUN cblr-1747 60 7 of of ADP cblr-1747 60 8 broker broker NOUN cblr-1747 60 9 - - PUNCT cblr-1747 60 10 dealer dealer NOUN cblr-1747 60 11 lending lending NOUN cblr-1747 60 12 of of ADP cblr-1747 60 13 customer customer NOUN cblr-1747 60 14 securities security NOUN cblr-1747 60 15 and and CCONJ cblr-1747 60 16 associated associate VERB cblr-1747 60 17 federal federal PROPN cblr-1747 60 18 reserve reserve PROPN cblr-1747 60 19 , , PUNCT cblr-1747 60 20 sec sec PROPN cblr-1747 60 21 , , PUNCT cblr-1747 60 22 and and CCONJ cblr-1747 60 23 finra finra PROPN cblr-1747 60 24 regulations regulation NOUN cblr-1747 60 25 . . PUNCT cblr-1747 61 1 finally finally ADV cblr-1747 61 2 , , PUNCT cblr-1747 61 3 section section NOUN cblr-1747 61 4 ii.d ii.d PRON cblr-1747 61 5 will will AUX cblr-1747 61 6 briefly briefly ADV cblr-1747 61 7 describe describe VERB cblr-1747 61 8 the the DET cblr-1747 61 9 effects effect NOUN cblr-1747 61 10 on on ADP cblr-1747 61 11 customer customer NOUN cblr-1747 61 12 shareholder shareholder NOUN cblr-1747 61 13 rights right NOUN cblr-1747 61 14 when when SCONJ cblr-1747 61 15 broker broker NOUN cblr-1747 61 16 - - PUNCT cblr-1747 61 17 dealers dealer NOUN cblr-1747 61 18 lend lend VERB cblr-1747 61 19 customer customer NOUN cblr-1747 61 20 securities security NOUN cblr-1747 61 21 . . PUNCT cblr-1747 62 1 a. a. NOUN cblr-1747 62 2 adoption adoption NOUN cblr-1747 62 3 of of ADP cblr-1747 62 4 rule rule NOUN cblr-1747 62 5 15c3 15c3 NUM cblr-1747 62 6 - - SYM cblr-1747 62 7 3 3 NUM cblr-1747 62 8 — — PUNCT cblr-1747 62 9 policy policy NOUN cblr-1747 62 10 aims aim VERB cblr-1747 62 11 sec sec PROPN cblr-1747 62 12 rule rule NOUN cblr-1747 62 13 15c3 15c3 NUM cblr-1747 62 14 - - SYM cblr-1747 62 15 3 3 NUM cblr-1747 62 16 , , PUNCT cblr-1747 62 17 otherwise otherwise ADV cblr-1747 62 18 known know VERB cblr-1747 62 19 as as ADP cblr-1747 62 20 the the DET cblr-1747 62 21 customer customer NOUN cblr-1747 62 22 protection protection NOUN cblr-1747 62 23 rule rule NOUN cblr-1747 62 24 , , PUNCT cblr-1747 62 25 is be AUX cblr-1747 62 26 the the DET cblr-1747 62 27 main main ADJ cblr-1747 62 28 regulatory regulatory ADJ cblr-1747 62 29 provision provision NOUN cblr-1747 62 30 that that PRON cblr-1747 62 31 governs govern VERB cblr-1747 62 32 the the DET cblr-1747 62 33 relationship relationship NOUN cblr-1747 62 34 between between ADP cblr-1747 62 35 a a DET cblr-1747 62 36 broker broker NOUN cblr-1747 62 37 - - PUNCT cblr-1747 62 38 dealer dealer NOUN cblr-1747 62 39 and and CCONJ cblr-1747 62 40 its its PRON cblr-1747 62 41 customers.10 customers.10 NOUN cblr-1747 62 42 the the DET cblr-1747 62 43 key key ADJ cblr-1747 62 44 components component NOUN cblr-1747 62 45 of of ADP cblr-1747 62 46 the the DET cblr-1747 62 47 customer customer NOUN cblr-1747 62 48 protection protection NOUN cblr-1747 62 49 rule rule NOUN cblr-1747 62 50 are be AUX cblr-1747 62 51 segregation segregation NOUN cblr-1747 62 52 of of ADP cblr-1747 62 53 customer customer NOUN cblr-1747 62 54 cash cash NOUN cblr-1747 62 55 and and CCONJ cblr-1747 62 56 the the DET cblr-1747 62 57 requirement requirement NOUN cblr-1747 62 58 that that SCONJ cblr-1747 62 59 broker broker NOUN cblr-1747 62 60 - - PUNCT cblr-1747 62 61 dealers dealer NOUN cblr-1747 62 62 have have AUX cblr-1747 62 63 possession possession NOUN cblr-1747 62 64 and and CCONJ cblr-1747 62 65 control control NOUN cblr-1747 62 66 of of ADP cblr-1747 62 67 customer customer NOUN cblr-1747 62 68 securities.11 securities.11 VERB cblr-1747 62 69 the the DET cblr-1747 62 70 sec sec PROPN cblr-1747 62 71 adopted adopt VERB cblr-1747 62 72 rule rule NOUN cblr-1747 62 73 15c3 15c3 NUM cblr-1747 62 74 - - SYM cblr-1747 62 75 3 3 NUM cblr-1747 62 76 in in ADP cblr-1747 62 77 1972 1972 NUM cblr-1747 62 78 as as ADP cblr-1747 62 79 part part NOUN cblr-1747 62 80 of of ADP cblr-1747 62 81 the the DET cblr-1747 62 82 regulatory regulatory ADJ cblr-1747 62 83 response response NOUN cblr-1747 62 84 to to ADP cblr-1747 62 85 the the DET cblr-1747 62 86 paperwork paperwork NOUN cblr-1747 62 87 crisis crisis NOUN cblr-1747 62 88 of of ADP cblr-1747 62 89 the the DET cblr-1747 62 90 late late ADJ cblr-1747 62 91 1960s.12 1960s.12 NUM cblr-1747 62 92 the the DET cblr-1747 62 93 rule rule NOUN cblr-1747 62 94 was be AUX cblr-1747 62 95 based base VERB cblr-1747 62 96 on on ADP cblr-1747 62 97 an an DET cblr-1747 62 98 amendment amendment NOUN cblr-1747 62 99 to to ADP cblr-1747 62 100 the the DET cblr-1747 62 101 10 10 NUM cblr-1747 62 102 17 17 NUM cblr-1747 62 103 c.f.r c.f.r NOUN cblr-1747 62 104 . . PUNCT cblr-1747 63 1 § § PROPN cblr-1747 63 2 240.15c3 240.15c3 PROPN cblr-1747 63 3 - - SYM cblr-1747 63 4 3 3 NUM cblr-1747 63 5 ( ( PUNCT cblr-1747 63 6 2015 2015 NUM cblr-1747 63 7 ) ) PUNCT cblr-1747 63 8 . . PUNCT cblr-1747 64 1 11 11 NUM cblr-1747 65 1 i i PRON cblr-1747 65 2 d. d. PROPN cblr-1747 65 3 12 12 NUM cblr-1747 65 4 broker broker NOUN cblr-1747 65 5 - - PUNCT cblr-1747 65 6 dealers dealer NOUN cblr-1747 65 7 ; ; PUNCT cblr-1747 65 8 maintenance maintenance NOUN cblr-1747 65 9 of of ADP cblr-1747 65 10 certain certain ADJ cblr-1747 65 11 basic basic ADJ cblr-1747 65 12 reserves reserve NOUN cblr-1747 65 13 , , PUNCT cblr-1747 65 14 37 37 NUM cblr-1747 65 15 fed feed VERB cblr-1747 65 16 . . PUNCT cblr-1747 66 1 reg reg PROPN cblr-1747 66 2 . . PROPN cblr-1747 66 3 25,224 25,224 NUM cblr-1747 66 4 , , PUNCT cblr-1747 66 5 25,224–25 25,224–25 NUM cblr-1747 66 6 ( ( PUNCT cblr-1747 66 7 nov nov PROPN cblr-1747 66 8 . . PROPN cblr-1747 66 9 29 29 NUM cblr-1747 66 10 , , PUNCT cblr-1747 66 11 1972 1972 NUM cblr-1747 66 12 ) ) PUNCT cblr-1747 66 13 ( ( PUNCT cblr-1747 66 14 to to PART cblr-1747 66 15 be be AUX cblr-1747 66 16 codified codify VERB cblr-1747 66 17 at at ADP cblr-1747 66 18 17 17 NUM cblr-1747 66 19 c.f.r c.f.r NOUN cblr-1747 66 20 . . PUNCT cblr-1747 67 1 pt pt PROPN cblr-1747 67 2 . . PROPN cblr-1747 67 3 240 240 NUM cblr-1747 67 4 ) ) PUNCT cblr-1747 67 5 ; ; PUNCT cblr-1747 68 1 jerry jerry PROPN cblr-1747 68 2 w. w. PROPN cblr-1747 68 3 markham markham PROPN cblr-1747 68 4 , , PUNCT cblr-1747 68 5 custodial custodial ADJ cblr-1747 68 6 requirements requirement NOUN cblr-1747 68 7 for for ADP cblr-1747 68 8 customer customer NOUN cblr-1747 68 9 funds fund NOUN cblr-1747 68 10 , , PUNCT cblr-1747 68 11 8 8 NUM cblr-1747 68 12 brook brook NOUN cblr-1747 68 13 . . PUNCT cblr-1747 69 1 j. j. PROPN cblr-1747 69 2 corp corp PROPN cblr-1747 69 3 . . PROPN cblr-1747 69 4 fin fin PROPN cblr-1747 69 5 . . PUNCT cblr-1747 69 6 & & CCONJ cblr-1747 69 7 com com PROPN cblr-1747 69 8 . . PROPN cblr-1747 69 9 l. l. PROPN cblr-1747 69 10 92 92 NUM cblr-1747 69 11 , , PUNCT cblr-1747 69 12 100 100 NUM cblr-1747 69 13 ( ( PUNCT cblr-1747 69 14 2013 2013 NUM cblr-1747 69 15 ) ) PUNCT cblr-1747 69 16 . . PUNCT cblr-1747 70 1 with with ADP cblr-1747 70 2 increasing increase VERB cblr-1747 70 3 trading trading NOUN cblr-1747 70 4 volume volume NOUN cblr-1747 70 5 in in ADP cblr-1747 70 6 the the DET cblr-1747 70 7 1960s 1960 NOUN cblr-1747 70 8 , , PUNCT cblr-1747 70 9 broker broker NOUN cblr-1747 70 10 - - PUNCT cblr-1747 70 11 dealers dealer NOUN cblr-1747 70 12 were be AUX cblr-1747 70 13 unable unable ADJ cblr-1747 70 14 to to PART cblr-1747 70 15 keep keep VERB cblr-1747 70 16 up up ADP cblr-1747 70 17 with with ADP cblr-1747 70 18 the the DET cblr-1747 70 19 physical physical ADJ cblr-1747 70 20 exchange exchange NOUN cblr-1747 70 21 of of ADP cblr-1747 70 22 paper paper NOUN cblr-1747 70 23 stock stock NOUN cblr-1747 70 24 certificates certificate NOUN cblr-1747 70 25 , , PUNCT cblr-1747 70 26 which which PRON cblr-1747 70 27 led lead VERB cblr-1747 70 28 to to ADP cblr-1747 70 29 a a DET cblr-1747 70 30 sharp sharp ADJ cblr-1747 70 31 decrease decrease NOUN cblr-1747 70 32 in in ADP cblr-1747 70 33 trading trading NOUN cblr-1747 70 34 volume volume NOUN cblr-1747 70 35 and and CCONJ cblr-1747 70 36 stock stock NOUN cblr-1747 70 37 prices price NOUN cblr-1747 70 38 . . PUNCT cblr-1747 71 1 see see VERB cblr-1747 71 2 neal neal PROPN cblr-1747 71 3 l. l. PROPN cblr-1747 71 4 wolkoff wolkoff PROPN cblr-1747 71 5 & & CCONJ cblr-1747 71 6 jason jason PROPN cblr-1747 71 7 b. b. PROPN cblr-1747 71 8 werner werner PROPN cblr-1747 71 9 , , PUNCT cblr-1747 71 10 the the DET cblr-1747 71 11 history history NOUN cblr-1747 71 12 of of ADP cblr-1747 71 13 regulation regulation NOUN cblr-1747 71 14 of of ADP cblr-1747 71 15 clearing clearing NOUN cblr-1747 71 16 in in ADP cblr-1747 71 17 the the DET cblr-1747 71 18 securities security NOUN cblr-1747 71 19 and and CCONJ cblr-1747 71 20 futures future NOUN cblr-1747 71 21 markets market NOUN cblr-1747 71 22 , , PUNCT cblr-1747 71 23 and and CCONJ cblr-1747 71 24 its its PRON cblr-1747 71 25 impact impact NOUN cblr-1747 71 26 on on ADP cblr-1747 71 27 competition competition NOUN cblr-1747 71 28 , , PUNCT cblr-1747 71 29 30 30 NUM cblr-1747 71 30 rev rev X cblr-1747 71 31 . . PUNCT cblr-1747 71 32 banking banking NOUN cblr-1747 71 33 & & CCONJ cblr-1747 71 34 fin fin PROPN cblr-1747 71 35 . . PUNCT cblr-1747 72 1 l. l. PROPN cblr-1747 72 2 313 313 NUM cblr-1747 72 3 , , PUNCT cblr-1747 72 4 317–18 317–18 NUM cblr-1747 72 5 ( ( PUNCT cblr-1747 72 6 2010 2010 NUM cblr-1747 72 7 ) ) PUNCT cblr-1747 72 8 . . PUNCT cblr-1747 73 1 after after ADP cblr-1747 73 2 the the DET cblr-1747 73 3 paperwork paperwork NOUN cblr-1747 73 4 crisis crisis NOUN cblr-1747 73 5 and and CCONJ cblr-1747 73 6 the the DET cblr-1747 73 7 ensuing ensue VERB cblr-1747 73 8 failure failure NOUN cblr-1747 73 9 and and CCONJ cblr-1747 73 10 prolonged prolonged ADJ cblr-1747 73 11 bankruptcies bankruptcy NOUN cblr-1747 73 12 of of ADP cblr-1747 73 13 many many ADJ cblr-1747 73 14 broker broker NOUN cblr-1747 73 15 - - PUNCT cblr-1747 73 16 dealers dealer NOUN cblr-1747 73 17 , , PUNCT cblr-1747 73 18 congress congress PROPN cblr-1747 73 19 enacted enact VERB cblr-1747 73 20 the the DET cblr-1747 73 21 securities security NOUN cblr-1747 73 22 investor investor NOUN cblr-1747 73 23 protection protection PROPN cblr-1747 73 24 act act NOUN cblr-1747 73 25 of of ADP cblr-1747 73 26 1970 1970 NUM cblr-1747 73 27 to to PART cblr-1747 73 28 increase increase VERB cblr-1747 73 29 the the DET cblr-1747 73 30 protection protection NOUN cblr-1747 73 31 for for ADP cblr-1747 73 32 customer customer NOUN cblr-1747 73 33 assets asset NOUN cblr-1747 73 34 held hold VERB cblr-1747 73 35 by by ADP cblr-1747 73 36 a a DET cblr-1747 73 37 broker broker NOUN cblr-1747 73 38 - - PUNCT cblr-1747 73 39 dealer dealer NOUN cblr-1747 73 40 . . PUNCT cblr-1747 74 1 see see VERB cblr-1747 74 2 what what PRON cblr-1747 74 3 sipc sipc NOUN cblr-1747 74 4 protects protect VERB cblr-1747 74 5 , , PUNCT cblr-1747 74 6 sec sec PROPN cblr-1747 74 7 . . PUNCT cblr-1747 74 8 inv inv PROPN cblr-1747 74 9 . . PUNCT cblr-1747 75 1 protection protection PROPN cblr-1747 75 2 corp corp PROPN cblr-1747 75 3 . . PROPN cblr-1747 75 4 , , PUNCT cblr-1747 75 5 http://www.sipc.org/for-investors/what-sipc-protects http://www.sipc.org/for-investors/what-sipc-protect NOUN cblr-1747 75 6 [ [ X cblr-1747 75 7 https://perma.cc/7vgn-69mv https://perma.cc/7vgn-69mv X cblr-1747 75 8 ] ] X cblr-1747 75 9 ( ( PUNCT cblr-1747 75 10 last last ADV cblr-1747 75 11 visited visit VERB cblr-1747 75 12 jan jan PROPN cblr-1747 75 13 . . PROPN cblr-1747 75 14 31 31 NUM cblr-1747 75 15 , , PUNCT cblr-1747 75 16 2017 2017 NUM cblr-1747 75 17 ) ) PUNCT cblr-1747 75 18 . . PUNCT cblr-1747 76 1 based base VERB cblr-1747 76 2 on on ADP cblr-1747 76 3 this this DET cblr-1747 76 4 general general ADJ cblr-1747 76 5 congressional congressional ADJ cblr-1747 76 6 directive directive NOUN cblr-1747 76 7 to to PART cblr-1747 76 8 increase increase VERB cblr-1747 76 9 broker broker NOUN cblr-1747 76 10 - - PUNCT cblr-1747 76 11 dealer dealer NOUN cblr-1747 76 12 customer customer NOUN cblr-1747 76 13 tepe tepe NOUN cblr-1747 76 14 – – PUNCT cblr-1747 76 15 final final ADJ cblr-1747 76 16 no no NOUN cblr-1747 76 17 . . PUNCT cblr-1747 77 1 3:823 3:823 NUM cblr-1747 77 2 ] ] X cblr-1747 77 3 broker broker NOUN cblr-1747 77 4 - - PUNCT cblr-1747 77 5 dealer dealer NOUN cblr-1747 77 6 “ " PUNCT cblr-1747 77 7 idle idle ADJ cblr-1747 77 8 ” " PUNCT cblr-1747 77 9 customer customer NOUN cblr-1747 77 10 assets asset NOUN cblr-1747 77 11 829 829 NUM cblr-1747 77 12 securities security NOUN cblr-1747 77 13 exchange exchange PROPN cblr-1747 77 14 act act NOUN cblr-1747 77 15 of of ADP cblr-1747 77 16 1934 1934 NUM cblr-1747 77 17 , , PUNCT cblr-1747 77 18 which which PRON cblr-1747 77 19 directed direct VERB cblr-1747 77 20 the the DET cblr-1747 77 21 sec sec PROPN cblr-1747 77 22 to to PART cblr-1747 77 23 adopt adopt VERB cblr-1747 77 24 safeguards safeguard NOUN cblr-1747 77 25 respecting respect VERB cblr-1747 77 26 the the DET cblr-1747 77 27 financial financial ADJ cblr-1747 77 28 responsibility responsibility NOUN cblr-1747 77 29 of of ADP cblr-1747 77 30 brokers broker NOUN cblr-1747 77 31 and and CCONJ cblr-1747 77 32 dealers dealer NOUN cblr-1747 77 33 concerning concern VERB cblr-1747 77 34 customer customer NOUN cblr-1747 77 35 assets.13 assets.13 PROPN cblr-1747 77 36 rule rule NOUN cblr-1747 77 37 15c33 15c33 NUM cblr-1747 77 38 is be AUX cblr-1747 77 39 designed design VERB cblr-1747 77 40 “ " PUNCT cblr-1747 77 41 to to PART cblr-1747 77 42 give give VERB cblr-1747 77 43 more more ADJ cblr-1747 77 44 specific specific ADJ cblr-1747 77 45 protection protection NOUN cblr-1747 77 46 to to ADP cblr-1747 77 47 customer customer NOUN cblr-1747 77 48 funds fund NOUN cblr-1747 77 49 and and CCONJ cblr-1747 77 50 securities security NOUN cblr-1747 77 51 , , PUNCT cblr-1747 77 52 in in ADP cblr-1747 77 53 effect effect NOUN cblr-1747 77 54 forbidding forbid VERB cblr-1747 77 55 brokers broker NOUN cblr-1747 77 56 and and CCONJ cblr-1747 77 57 dealers dealer NOUN cblr-1747 77 58 from from ADP cblr-1747 77 59 using use VERB cblr-1747 77 60 customer customer NOUN cblr-1747 77 61 assets asset NOUN cblr-1747 77 62 to to PART cblr-1747 77 63 finance finance VERB cblr-1747 77 64 any any DET cblr-1747 77 65 part part NOUN cblr-1747 77 66 of of ADP cblr-1747 77 67 their their PRON cblr-1747 77 68 businesses business NOUN cblr-1747 77 69 unrelated unrelated ADJ cblr-1747 77 70 to to ADP cblr-1747 77 71 servicing service VERB cblr-1747 77 72 securities security NOUN cblr-1747 77 73 customers customer NOUN cblr-1747 77 74 . . PUNCT cblr-1747 78 1 ”14 ”14 VERB cblr-1747 78 2 in in ADP cblr-1747 78 3 other other ADJ cblr-1747 78 4 words word NOUN cblr-1747 78 5 , , PUNCT cblr-1747 78 6 sec sec PROPN cblr-1747 78 7 regulation regulation NOUN cblr-1747 78 8 separates separate VERB cblr-1747 78 9 customer customer NOUN cblr-1747 78 10 assets asset NOUN cblr-1747 78 11 from from ADP cblr-1747 78 12 broker broker NOUN cblr-1747 78 13 - - PUNCT cblr-1747 78 14 dealers dealer NOUN cblr-1747 78 15 ’ ’ PART cblr-1747 78 16 proprietary proprietary ADJ cblr-1747 78 17 trading trading NOUN cblr-1747 78 18 and and CCONJ cblr-1747 78 19 quickly quickly ADV cblr-1747 78 20 returns return VERB cblr-1747 78 21 customer customer NOUN cblr-1747 78 22 assets asset NOUN cblr-1747 78 23 should should AUX cblr-1747 78 24 the the DET cblr-1747 78 25 broker broker NOUN cblr-1747 78 26 - - PUNCT cblr-1747 78 27 dealer dealer NOUN cblr-1747 78 28 fail.15 fail.15 NOUN cblr-1747 78 29 moreover moreover ADV cblr-1747 78 30 , , PUNCT cblr-1747 78 31 protection protection NOUN cblr-1747 78 32 , , PUNCT cblr-1747 78 33 the the DET cblr-1747 78 34 sec sec PROPN cblr-1747 78 35 adopted adopt VERB cblr-1747 78 36 rule rule NOUN cblr-1747 78 37 15c3 15c3 NUM cblr-1747 78 38 - - SYM cblr-1747 78 39 3 3 NUM cblr-1747 78 40 in in ADP cblr-1747 78 41 1972 1972 NUM cblr-1747 78 42 . . PUNCT cblr-1747 79 1 net net ADJ cblr-1747 79 2 capital capital NOUN cblr-1747 79 3 requirements requirement NOUN cblr-1747 79 4 for for ADP cblr-1747 79 5 brokers broker NOUN cblr-1747 79 6 and and CCONJ cblr-1747 79 7 dealers dealer NOUN cblr-1747 79 8 , , PUNCT cblr-1747 79 9 50 50 NUM cblr-1747 79 10 fed feed VERB cblr-1747 79 11 . . PUNCT cblr-1747 80 1 reg reg PROPN cblr-1747 80 2 . . PROPN cblr-1747 80 3 2690 2690 NUM cblr-1747 80 4 , , PUNCT cblr-1747 80 5 2690 2690 NUM cblr-1747 80 6 ( ( PUNCT cblr-1747 80 7 jan jan PROPN cblr-1747 80 8 . . PROPN cblr-1747 80 9 18 18 NUM cblr-1747 80 10 , , PUNCT cblr-1747 80 11 1985 1985 NUM cblr-1747 80 12 ) ) PUNCT cblr-1747 80 13 ( ( PUNCT cblr-1747 80 14 to to PART cblr-1747 80 15 be be AUX cblr-1747 80 16 codified codify VERB cblr-1747 80 17 at at ADP cblr-1747 80 18 17 17 NUM cblr-1747 80 19 c.f.r c.f.r NOUN cblr-1747 80 20 . . PUNCT cblr-1747 81 1 pt pt PROPN cblr-1747 81 2 . . PROPN cblr-1747 81 3 240 240 NUM cblr-1747 81 4 ) ) PUNCT cblr-1747 81 5 ; ; PUNCT cblr-1747 81 6 see see VERB cblr-1747 81 7 also also ADV cblr-1747 81 8 reserves reserve NOUN cblr-1747 81 9 and and CCONJ cblr-1747 81 10 related related ADJ cblr-1747 81 11 measures measure NOUN cblr-1747 81 12 respecting respect VERB cblr-1747 81 13 the the DET cblr-1747 81 14 financial financial ADJ cblr-1747 81 15 responsibility responsibility NOUN cblr-1747 81 16 of of ADP cblr-1747 81 17 brokers broker NOUN cblr-1747 81 18 and and CCONJ cblr-1747 81 19 dealers dealer NOUN cblr-1747 81 20 , , PUNCT cblr-1747 81 21 36 36 NUM cblr-1747 81 22 fed feed VERB cblr-1747 81 23 . . PUNCT cblr-1747 82 1 reg reg PROPN cblr-1747 82 2 . . PUNCT cblr-1747 83 1 22,312 22,312 NUM cblr-1747 83 2 , , PUNCT cblr-1747 83 3 22,312 22,312 NUM cblr-1747 83 4 ( ( PUNCT cblr-1747 83 5 nov nov PROPN cblr-1747 83 6 . . PROPN cblr-1747 83 7 24 24 NUM cblr-1747 83 8 , , PUNCT cblr-1747 83 9 1971 1971 NUM cblr-1747 83 10 ) ) PUNCT cblr-1747 83 11 ( ( PUNCT cblr-1747 83 12 codified codify VERB cblr-1747 83 13 at at ADP cblr-1747 83 14 17 17 NUM cblr-1747 83 15 c.f.r c.f.r NOUN cblr-1747 83 16 . . PUNCT cblr-1747 84 1 pt pt PROPN cblr-1747 84 2 . . PROPN cblr-1747 84 3 240 240 NUM cblr-1747 84 4 ) ) PUNCT cblr-1747 84 5 . . PUNCT cblr-1747 85 1 13 13 NUM cblr-1747 85 2 congress congress PROPN cblr-1747 85 3 and and CCONJ cblr-1747 85 4 the the DET cblr-1747 85 5 sec sec PROPN cblr-1747 85 6 determined determine VERB cblr-1747 85 7 that that SCONJ cblr-1747 85 8 customer customer NOUN cblr-1747 85 9 protection protection NOUN cblr-1747 85 10 regulations regulation NOUN cblr-1747 85 11 were be AUX cblr-1747 85 12 necessary necessary ADJ cblr-1747 85 13 for for ADP cblr-1747 85 14 “ " PUNCT cblr-1747 85 15 safeguarding safeguard VERB cblr-1747 85 16 the the DET cblr-1747 85 17 handling handling NOUN cblr-1747 85 18 of of ADP cblr-1747 85 19 customer customer NOUN cblr-1747 85 20 property property NOUN cblr-1747 85 21 ” " PUNCT cblr-1747 85 22 and and CCONJ cblr-1747 85 23 “ " PUNCT cblr-1747 85 24 to to PART cblr-1747 85 25 furnish furnish VERB cblr-1747 85 26 the the DET cblr-1747 85 27 protection protection NOUN cblr-1747 85 28 for for ADP cblr-1747 85 29 the the DET cblr-1747 85 30 integrity integrity NOUN cblr-1747 85 31 of of ADP cblr-1747 85 32 customer customer NOUN cblr-1747 85 33 funds fund NOUN cblr-1747 85 34 and and CCONJ cblr-1747 85 35 securities security NOUN cblr-1747 85 36 . . PUNCT cblr-1747 85 37 ” " PUNCT cblr-1747 86 1 reserves reserve NOUN cblr-1747 86 2 and and CCONJ cblr-1747 86 3 related related ADJ cblr-1747 86 4 measures measure NOUN cblr-1747 86 5 respecting respect VERB cblr-1747 86 6 the the DET cblr-1747 86 7 financial financial ADJ cblr-1747 86 8 responsibility responsibility NOUN cblr-1747 86 9 of of ADP cblr-1747 86 10 brokers broker NOUN cblr-1747 86 11 and and CCONJ cblr-1747 86 12 dealers dealer NOUN cblr-1747 86 13 , , PUNCT cblr-1747 86 14 36 36 NUM cblr-1747 86 15 fed feed VERB cblr-1747 86 16 . . PUNCT cblr-1747 87 1 reg reg PROPN cblr-1747 87 2 . . PUNCT cblr-1747 88 1 at at ADP cblr-1747 88 2 22,312 22,312 NUM cblr-1747 88 3 ; ; PUNCT cblr-1747 88 4 brokerdealers brokerdealer NOUN cblr-1747 88 5 ; ; PUNCT cblr-1747 88 6 maintenance maintenance NOUN cblr-1747 88 7 of of ADP cblr-1747 88 8 certain certain ADJ cblr-1747 88 9 basic basic ADJ cblr-1747 88 10 reserves reserve NOUN cblr-1747 88 11 , , PUNCT cblr-1747 88 12 37 37 NUM cblr-1747 88 13 fed feed VERB cblr-1747 88 14 . . PUNCT cblr-1747 89 1 reg reg PROPN cblr-1747 89 2 . . PUNCT cblr-1747 90 1 at at ADP cblr-1747 90 2 25,224 25,224 NUM cblr-1747 90 3 ; ; PUNCT cblr-1747 90 4 see see VERB cblr-1747 90 5 securities security NOUN cblr-1747 90 6 exchange exchange PROPN cblr-1747 90 7 act act NOUN cblr-1747 90 8 of of ADP cblr-1747 90 9 1934 1934 NUM cblr-1747 90 10 § § PROPN cblr-1747 90 11 15(c)(3 15(c)(3 NUM cblr-1747 90 12 ) ) PUNCT cblr-1747 90 13 , , PUNCT cblr-1747 90 14 15 15 NUM cblr-1747 90 15 u.s.c u.s.c ADJ cblr-1747 90 16 . . PUNCT cblr-1747 91 1 § § PROPN cblr-1747 91 2 78o(c)(3 78o(c)(3 PROPN cblr-1747 91 3 ) ) PUNCT cblr-1747 91 4 ( ( PUNCT cblr-1747 91 5 2012 2012 NUM cblr-1747 91 6 ) ) PUNCT cblr-1747 91 7 . . PUNCT cblr-1747 92 1 14 14 NUM cblr-1747 92 2 net net ADJ cblr-1747 92 3 capital capital NOUN cblr-1747 92 4 requirements requirement NOUN cblr-1747 92 5 for for ADP cblr-1747 92 6 brokers broker NOUN cblr-1747 92 7 and and CCONJ cblr-1747 92 8 dealers dealer NOUN cblr-1747 92 9 , , PUNCT cblr-1747 92 10 50 50 NUM cblr-1747 92 11 fed feed VERB cblr-1747 92 12 . . PUNCT cblr-1747 93 1 reg reg PROPN cblr-1747 93 2 . . PUNCT cblr-1747 94 1 at at ADP cblr-1747 94 2 2690 2690 NUM cblr-1747 94 3 ; ; PUNCT cblr-1747 94 4 see see VERB cblr-1747 94 5 also also ADV cblr-1747 94 6 broker broker NOUN cblr-1747 94 7 - - PUNCT cblr-1747 94 8 dealers dealer NOUN cblr-1747 94 9 ; ; PUNCT cblr-1747 94 10 maintenance maintenance NOUN cblr-1747 94 11 of of ADP cblr-1747 94 12 certain certain ADJ cblr-1747 94 13 basic basic ADJ cblr-1747 94 14 reserves reserve NOUN cblr-1747 94 15 , , PUNCT cblr-1747 94 16 37 37 NUM cblr-1747 94 17 fed feed VERB cblr-1747 94 18 . . PUNCT cblr-1747 95 1 reg reg PROPN cblr-1747 95 2 . . PUNCT cblr-1747 96 1 at at ADP cblr-1747 96 2 25,224 25,224 NUM cblr-1747 96 3 . . PUNCT cblr-1747 97 1 15 15 NUM cblr-1747 97 2 see see VERB cblr-1747 97 3 customer customer NOUN cblr-1747 97 4 protection protection NOUN cblr-1747 97 5 rule rule NOUN cblr-1747 97 6 , , PUNCT cblr-1747 97 7 50 50 NUM cblr-1747 97 8 fed feed VERB cblr-1747 97 9 . . PUNCT cblr-1747 98 1 reg reg PROPN cblr-1747 98 2 . . PROPN cblr-1747 99 1 11,896 11,896 NUM cblr-1747 99 2 , , PUNCT cblr-1747 99 3 11,897 11,897 NUM cblr-1747 99 4 ( ( PUNCT cblr-1747 99 5 mar mar PROPN cblr-1747 99 6 . . PROPN cblr-1747 99 7 26 26 NUM cblr-1747 99 8 , , PUNCT cblr-1747 99 9 1985 1985 NUM cblr-1747 99 10 ) ) PUNCT cblr-1747 99 11 ( ( PUNCT cblr-1747 99 12 to to PART cblr-1747 99 13 be be AUX cblr-1747 99 14 codified codify VERB cblr-1747 99 15 at at ADP cblr-1747 99 16 17 17 NUM cblr-1747 99 17 c.f.r c.f.r NOUN cblr-1747 99 18 . . PUNCT cblr-1747 100 1 pt pt PROPN cblr-1747 100 2 . . PROPN cblr-1747 100 3 240 240 NUM cblr-1747 100 4 ) ) PUNCT cblr-1747 100 5 ( ( PUNCT cblr-1747 100 6 “ " PUNCT cblr-1747 100 7 rule rule VERB cblr-1747 100 8 15c3 15c3 NUM cblr-1747 100 9 - - SYM cblr-1747 100 10 3 3 NUM cblr-1747 100 11 was be AUX cblr-1747 100 12 designed design VERB cblr-1747 100 13 to to PART cblr-1747 100 14 assure assure VERB cblr-1747 100 15 that that SCONJ cblr-1747 100 16 customers customer NOUN cblr-1747 100 17 ' ' PART cblr-1747 100 18 funds fund NOUN cblr-1747 100 19 ( ( PUNCT cblr-1747 100 20 as as ADV cblr-1747 100 21 well well ADV cblr-1747 100 22 as as ADP cblr-1747 100 23 securities security NOUN cblr-1747 100 24 ) ) PUNCT cblr-1747 100 25 held hold VERB cblr-1747 100 26 by by ADP cblr-1747 100 27 broker broker NOUN cblr-1747 100 28 - - PUNCT cblr-1747 100 29 dealers dealer NOUN cblr-1747 100 30 are be AUX cblr-1747 100 31 protected protect VERB cblr-1747 100 32 against against ADP cblr-1747 100 33 broker broker NOUN cblr-1747 100 34 - - PUNCT cblr-1747 100 35 dealer dealer NOUN cblr-1747 100 36 misuse misuse NOUN cblr-1747 100 37 or or CCONJ cblr-1747 100 38 insolvency insolvency NOUN cblr-1747 100 39 . . PUNCT cblr-1747 100 40 ” " PUNCT cblr-1747 100 41 ) ) PUNCT cblr-1747 100 42 ; ; PUNCT cblr-1747 100 43 amendments amendment NOUN cblr-1747 100 44 to to ADP cblr-1747 100 45 financial financial ADJ cblr-1747 100 46 responsibility responsibility NOUN cblr-1747 100 47 rules rule NOUN cblr-1747 100 48 for for ADP cblr-1747 100 49 broker broker NOUN cblr-1747 100 50 - - PUNCT cblr-1747 100 51 dealers dealer NOUN cblr-1747 100 52 , , PUNCT cblr-1747 100 53 72 72 NUM cblr-1747 100 54 fed feed VERB cblr-1747 100 55 . . PUNCT cblr-1747 101 1 reg reg PROPN cblr-1747 101 2 . . PROPN cblr-1747 101 3 12,862 12,862 NUM cblr-1747 101 4 , , PUNCT cblr-1747 101 5 12,862 12,862 NUM cblr-1747 101 6 ( ( PUNCT cblr-1747 101 7 mar mar PROPN cblr-1747 101 8 . . PROPN cblr-1747 101 9 19 19 NUM cblr-1747 101 10 , , PUNCT cblr-1747 101 11 2007 2007 NUM cblr-1747 101 12 ) ) PUNCT cblr-1747 101 13 ( ( PUNCT cblr-1747 101 14 to to PART cblr-1747 101 15 be be AUX cblr-1747 101 16 codified codify VERB cblr-1747 101 17 at at ADP cblr-1747 101 18 17 17 NUM cblr-1747 101 19 c.f.r c.f.r NOUN cblr-1747 101 20 . . PUNCT cblr-1747 102 1 pt pt PROPN cblr-1747 102 2 . . PROPN cblr-1747 102 3 240 240 NUM cblr-1747 102 4 ) ) PUNCT cblr-1747 102 5 ( ( PUNCT cblr-1747 102 6 “ " PUNCT cblr-1747 102 7 the the DET cblr-1747 102 8 intent intent NOUN cblr-1747 102 9 of of ADP cblr-1747 102 10 the the DET cblr-1747 102 11 [ [ X cblr-1747 102 12 customer customer NOUN cblr-1747 102 13 protection protection NOUN cblr-1747 102 14 ] ] PUNCT cblr-1747 102 15 rule rule NOUN cblr-1747 102 16 is be AUX cblr-1747 102 17 to to PART cblr-1747 102 18 require require VERB cblr-1747 102 19 a a DET cblr-1747 102 20 broker broker NOUN cblr-1747 102 21 - - PUNCT cblr-1747 102 22 dealer dealer NOUN cblr-1747 102 23 to to PART cblr-1747 102 24 hold hold VERB cblr-1747 102 25 customer customer NOUN cblr-1747 102 26 assets asset NOUN cblr-1747 102 27 in in ADP cblr-1747 102 28 a a DET cblr-1747 102 29 manner manner NOUN cblr-1747 102 30 that that PRON cblr-1747 102 31 enables enable VERB cblr-1747 102 32 their their PRON cblr-1747 102 33 prompt prompt ADJ cblr-1747 102 34 return return NOUN cblr-1747 102 35 in in ADP cblr-1747 102 36 the the DET cblr-1747 102 37 event event NOUN cblr-1747 102 38 of of ADP cblr-1747 102 39 an an DET cblr-1747 102 40 insolvency insolvency NOUN cblr-1747 102 41 , , PUNCT cblr-1747 102 42 which which PRON cblr-1747 102 43 , , PUNCT cblr-1747 102 44 in in ADP cblr-1747 102 45 turn turn NOUN cblr-1747 102 46 , , PUNCT cblr-1747 102 47 increases increase VERB cblr-1747 102 48 the the DET cblr-1747 102 49 ability ability NOUN cblr-1747 102 50 of of ADP cblr-1747 102 51 the the DET cblr-1747 102 52 firm firm NOUN cblr-1747 102 53 to to PART cblr-1747 102 54 wind wind VERB cblr-1747 102 55 down down ADP cblr-1747 102 56 in in ADP cblr-1747 102 57 an an DET cblr-1747 102 58 orderly orderly ADJ cblr-1747 102 59 self self NOUN cblr-1747 102 60 - - PUNCT cblr-1747 102 61 liquidation liquidation NOUN cblr-1747 102 62 and and CCONJ cblr-1747 102 63 , , PUNCT cblr-1747 102 64 thereby thereby ADV cblr-1747 102 65 avoid avoid VERB cblr-1747 102 66 the the DET cblr-1747 102 67 need need NOUN cblr-1747 102 68 for for ADP cblr-1747 102 69 a a DET cblr-1747 102 70 proceeding proceeding NOUN cblr-1747 102 71 under under ADP cblr-1747 102 72 the the DET cblr-1747 102 73 securities security NOUN cblr-1747 102 74 investor investor PROPN cblr-1747 102 75 protection protection PROPN cblr-1747 102 76 act act NOUN cblr-1747 102 77 of of ADP cblr-1747 102 78 1970 1970 NUM cblr-1747 102 79 ( ( PUNCT cblr-1747 102 80 ‘ ' PUNCT cblr-1747 102 81 sipa sipa NOUN cblr-1747 102 82 ’ ' PUNCT cblr-1747 102 83 ) ) PUNCT cblr-1747 102 84 . . PUNCT cblr-1747 102 85 ” " PUNCT cblr-1747 102 86 ) ) PUNCT cblr-1747 102 87 ; ; PUNCT cblr-1747 102 88 amendments amendment NOUN cblr-1747 102 89 to to ADP cblr-1747 102 90 financial financial ADJ cblr-1747 102 91 responsibility responsibility NOUN cblr-1747 102 92 rules rule NOUN cblr-1747 102 93 for for ADP cblr-1747 102 94 broker broker NOUN cblr-1747 102 95 - - PUNCT cblr-1747 102 96 dealers dealer NOUN cblr-1747 102 97 , , PUNCT cblr-1747 102 98 a a DET cblr-1747 102 99 small small ADJ cblr-1747 102 100 entity entity NOUN cblr-1747 102 101 compliance compliance NOUN cblr-1747 102 102 guide guide NOUN cblr-1747 102 103 , , PUNCT cblr-1747 102 104 sec sec PROPN cblr-1747 102 105 , , PUNCT cblr-1747 102 106 https://www.sec.gov/info/smallbus/secg/bdfinancial-resp-secg.htm#p9_41 https://www.sec.gov/info/smallbus/secg/bdfinancial-resp-secg.htm#p9_41 PUNCT cblr-1747 102 107 [ [ X cblr-1747 102 108 https://perma.cc/ev4e-a4nu https://perma.cc/ev4e-a4nu X cblr-1747 102 109 ] ] X cblr-1747 102 110 ( ( PUNCT cblr-1747 102 111 last last ADJ cblr-1747 102 112 modified modify VERB cblr-1747 102 113 oct oct PROPN cblr-1747 102 114 . . PROPN cblr-1747 102 115 21 21 NUM cblr-1747 102 116 , , PUNCT cblr-1747 102 117 2013 2013 NUM cblr-1747 102 118 ) ) PUNCT cblr-1747 103 1 [ [ X cblr-1747 103 2 hereinafter hereinafter VERB cblr-1747 103 3 a a DET cblr-1747 103 4 small small ADJ cblr-1747 103 5 entity entity NOUN cblr-1747 103 6 compliance compliance NOUN cblr-1747 103 7 guide guide NOUN cblr-1747 103 8 ] ] PUNCT cblr-1747 103 9 ( ( PUNCT cblr-1747 103 10 “ " PUNCT cblr-1747 103 11 rule rule VERB cblr-1747 103 12 15c3 15c3 NUM cblr-1747 103 13 - - SYM cblr-1747 103 14 3 3 NUM cblr-1747 103 15 essentially essentially ADV cblr-1747 103 16 requires require VERB cblr-1747 103 17 a a DET cblr-1747 103 18 broker broker NOUN cblr-1747 103 19 - - PUNCT cblr-1747 103 20 dealer dealer NOUN cblr-1747 103 21 that that PRON cblr-1747 103 22 maintains maintain VERB cblr-1747 103 23 custody custody NOUN cblr-1747 103 24 of of ADP cblr-1747 103 25 customer customer NOUN cblr-1747 103 26 securities security NOUN cblr-1747 103 27 and and CCONJ cblr-1747 103 28 cash cash NOUN cblr-1747 103 29 to to PART cblr-1747 103 30 segregate segregate VERB cblr-1747 103 31 such such ADJ cblr-1747 103 32 securities security NOUN cblr-1747 103 33 and and CCONJ cblr-1747 103 34 cash cash NOUN cblr-1747 103 35 from from ADP cblr-1747 103 36 tepe tepe NOUN cblr-1747 103 37 – – PUNCT cblr-1747 104 1 final final ADJ cblr-1747 104 2 830 830 NUM cblr-1747 104 3 columbia columbia PROPN cblr-1747 104 4 business business NOUN cblr-1747 104 5 law law PROPN cblr-1747 104 6 review review NOUN cblr-1747 104 7 [ [ X cblr-1747 104 8 vol vol NOUN cblr-1747 104 9 . . NOUN cblr-1747 104 10 2016 2016 NUM cblr-1747 104 11 the the DET cblr-1747 104 12 first first ADJ cblr-1747 104 13 goal goal NOUN cblr-1747 104 14 stated state VERB cblr-1747 104 15 by by ADP cblr-1747 104 16 the the DET cblr-1747 104 17 sec sec PROPN cblr-1747 104 18 in in ADP cblr-1747 104 19 the the DET cblr-1747 104 20 15c3 15c3 NUM cblr-1747 104 21 - - SYM cblr-1747 104 22 3 3 NUM cblr-1747 104 23 adopting adopting NOUN cblr-1747 104 24 release release NOUN cblr-1747 104 25 was be AUX cblr-1747 104 26 : : PUNCT cblr-1747 104 27 to to PART cblr-1747 104 28 insure insure VERB cblr-1747 104 29 that that SCONJ cblr-1747 104 30 customers customer NOUN cblr-1747 104 31 ’ ' PUNCT cblr-1747 104 32 funds fund NOUN cblr-1747 104 33 held hold VERB cblr-1747 104 34 by by ADP cblr-1747 104 35 a a DET cblr-1747 104 36 brokerdealer brokerdealer NOUN cblr-1747 104 37 . . PUNCT cblr-1747 104 38 . . PUNCT cblr-1747 105 1 . . PUNCT cblr-1747 106 1 and and CCONJ cblr-1747 106 2 the the DET cblr-1747 106 3 cash cash NOUN cblr-1747 106 4 which which PRON cblr-1747 106 5 is be AUX cblr-1747 106 6 realized realize VERB cblr-1747 106 7 through through ADP cblr-1747 106 8 the the DET cblr-1747 106 9 lending lending NOUN cblr-1747 106 10 , , PUNCT cblr-1747 106 11 hypothecation hypothecation NOUN cblr-1747 106 12 and and CCONJ cblr-1747 106 13 other other ADJ cblr-1747 106 14 permissible permissible ADJ cblr-1747 106 15 uses use NOUN cblr-1747 106 16 of of ADP cblr-1747 106 17 customers customer NOUN cblr-1747 106 18 ’ ' PUNCT cblr-1747 106 19 securities security NOUN cblr-1747 106 20 are be AUX cblr-1747 106 21 deployed deploy VERB cblr-1747 106 22 in in ADP cblr-1747 106 23 safe safe ADJ cblr-1747 106 24 areas area NOUN cblr-1747 106 25 of of ADP cblr-1747 106 26 the the DET cblr-1747 106 27 broker broker NOUN cblr-1747 106 28 - - PUNCT cblr-1747 106 29 dealer dealer NOUN cblr-1747 106 30 ’s ’s PART cblr-1747 106 31 business business NOUN cblr-1747 106 32 related relate VERB cblr-1747 106 33 to to ADP cblr-1747 106 34 servicing service VERB cblr-1747 106 35 his his PRON cblr-1747 106 36 customers customer NOUN cblr-1747 106 37 , , PUNCT cblr-1747 106 38 or or CCONJ cblr-1747 106 39 to to ADP cblr-1747 106 40 the the DET cblr-1747 106 41 extent extent NOUN cblr-1747 106 42 that that SCONJ cblr-1747 106 43 the the DET cblr-1747 106 44 funds fund NOUN cblr-1747 106 45 are be AUX cblr-1747 106 46 not not PART cblr-1747 106 47 deployed deploy VERB cblr-1747 106 48 in in ADP cblr-1747 106 49 these these DET cblr-1747 106 50 limited limited ADJ cblr-1747 106 51 areas area NOUN cblr-1747 106 52 , , PUNCT cblr-1747 106 53 that that SCONJ cblr-1747 106 54 they they PRON cblr-1747 106 55 be be AUX cblr-1747 106 56 deposited deposit VERB cblr-1747 106 57 in in ADP cblr-1747 106 58 a a DET cblr-1747 106 59 reserve reserve NOUN cblr-1747 106 60 bank bank PROPN cblr-1747 106 61 account.16 account.16 PROPN cblr-1747 106 62 put put VERB cblr-1747 106 63 simply simply ADV cblr-1747 106 64 , , PUNCT cblr-1747 106 65 either either CCONJ cblr-1747 106 66 broker broker NOUN cblr-1747 106 67 - - PUNCT cblr-1747 106 68 dealers dealer NOUN cblr-1747 106 69 should should AUX cblr-1747 106 70 use use VERB cblr-1747 106 71 the the DET cblr-1747 106 72 profits profit NOUN cblr-1747 106 73 from from ADP cblr-1747 106 74 idle idle ADJ cblr-1747 106 75 customer customer NOUN cblr-1747 106 76 assets asset NOUN cblr-1747 106 77 , , PUNCT cblr-1747 106 78 for for ADP cblr-1747 106 79 instance instance NOUN cblr-1747 106 80 through through ADP cblr-1747 106 81 the the DET cblr-1747 106 82 lending lending NOUN cblr-1747 106 83 of of ADP cblr-1747 106 84 customer customer NOUN cblr-1747 106 85 securities security NOUN cblr-1747 106 86 , , PUNCT cblr-1747 106 87 to to PART cblr-1747 106 88 cover cover VERB cblr-1747 106 89 the the DET cblr-1747 106 90 cost cost NOUN cblr-1747 106 91 of of ADP cblr-1747 106 92 servicing service VERB cblr-1747 106 93 the the DET cblr-1747 106 94 customer customer NOUN cblr-1747 106 95 , , PUNCT cblr-1747 106 96 or or CCONJ cblr-1747 106 97 broker broker NOUN cblr-1747 106 98 - - PUNCT cblr-1747 106 99 dealers dealer NOUN cblr-1747 106 100 should should AUX cblr-1747 106 101 return return VERB cblr-1747 106 102 that that DET cblr-1747 106 103 money money NOUN cblr-1747 106 104 to to ADP cblr-1747 106 105 their their PRON cblr-1747 106 106 customers customer NOUN cblr-1747 106 107 . . PUNCT cblr-1747 107 1 b. b. PROPN cblr-1747 107 2 “ " PUNCT cblr-1747 107 3 idle idle ADJ cblr-1747 107 4 ” " PUNCT cblr-1747 107 5 customer customer NOUN cblr-1747 107 6 cash cash NOUN cblr-1747 107 7 — — PUNCT cblr-1747 107 8 sweep sweep NOUN cblr-1747 107 9 programs program NOUN cblr-1747 107 10 the the DET cblr-1747 107 11 main main ADJ cblr-1747 107 12 protection protection NOUN cblr-1747 107 13 for for ADP cblr-1747 107 14 customer customer NOUN cblr-1747 107 15 cash cash NOUN cblr-1747 107 16 held hold VERB cblr-1747 107 17 by by ADP cblr-1747 107 18 brokerdealers brokerdealer NOUN cblr-1747 107 19 is be AUX cblr-1747 107 20 sec sec PROPN cblr-1747 107 21 rule rule NOUN cblr-1747 107 22 15c3 15c3 NUM cblr-1747 107 23 - - PUNCT cblr-1747 107 24 3(e 3(e NUM cblr-1747 107 25 ) ) PUNCT cblr-1747 107 26 , , PUNCT cblr-1747 107 27 which which PRON cblr-1747 107 28 requires require VERB cblr-1747 107 29 that that SCONJ cblr-1747 107 30 brokerdealers brokerdealer NOUN cblr-1747 107 31 place place VERB cblr-1747 107 32 all all DET cblr-1747 107 33 customer customer NOUN cblr-1747 107 34 cash cash NOUN cblr-1747 107 35 in in ADP cblr-1747 107 36 a a DET cblr-1747 107 37 separate separate ADJ cblr-1747 107 38 bank bank NOUN cblr-1747 107 39 account account NOUN cblr-1747 107 40 titled title VERB cblr-1747 107 41 the the DET cblr-1747 107 42 “ " PUNCT cblr-1747 107 43 special special ADJ cblr-1747 107 44 reserve reserve PROPN cblr-1747 107 45 bank bank PROPN cblr-1747 107 46 account account VERB cblr-1747 107 47 for for ADP cblr-1747 107 48 the the DET cblr-1747 107 49 exclusive exclusive ADJ cblr-1747 107 50 benefit benefit NOUN cblr-1747 107 51 of of ADP cblr-1747 107 52 customers customer NOUN cblr-1747 107 53 ” " PUNCT cblr-1747 107 54 ( ( PUNCT cblr-1747 107 55 “ " PUNCT cblr-1747 107 56 special special ADJ cblr-1747 107 57 reserve reserve NOUN cblr-1747 107 58 account”).17 account”).17 NOUN cblr-1747 107 59 to to PART cblr-1747 107 60 further far ADV cblr-1747 107 61 reduce reduce VERB cblr-1747 107 62 the the DET cblr-1747 107 63 risk risk NOUN cblr-1747 107 64 to to ADP cblr-1747 107 65 this this DET cblr-1747 107 66 customer customer NOUN cblr-1747 107 67 cash cash NOUN cblr-1747 107 68 , , PUNCT cblr-1747 107 69 the the DET cblr-1747 107 70 sec sec PROPN cblr-1747 107 71 limits limit VERB cblr-1747 107 72 the the DET cblr-1747 107 73 investment investment NOUN cblr-1747 107 74 of of ADP cblr-1747 107 75 funds fund NOUN cblr-1747 107 76 in in ADP cblr-1747 107 77 the the DET cblr-1747 107 78 special special PROPN cblr-1747 107 79 reserve reserve PROPN cblr-1747 107 80 account account NOUN cblr-1747 107 81 to to ADP cblr-1747 107 82 treasuries.18 treasuries.18 NOUN cblr-1747 107 83 by by ADP cblr-1747 107 84 segregating segregate VERB cblr-1747 107 85 customer customer NOUN cblr-1747 107 86 cash cash NOUN cblr-1747 107 87 into into ADP cblr-1747 107 88 these these DET cblr-1747 107 89 special special ADJ cblr-1747 107 90 reserve reserve NOUN cblr-1747 107 91 accounts account NOUN cblr-1747 107 92 and and CCONJ cblr-1747 107 93 limiting limit VERB cblr-1747 107 94 the the DET cblr-1747 107 95 investment investment NOUN cblr-1747 107 96 of of ADP cblr-1747 107 97 this this DET cblr-1747 107 98 cash cash NOUN cblr-1747 107 99 , , PUNCT cblr-1747 107 100 the the DET cblr-1747 107 101 rule rule NOUN cblr-1747 107 102 bars bar VERB cblr-1747 107 103 broker broker NOUN cblr-1747 107 104 - - PUNCT cblr-1747 107 105 dealers dealer NOUN cblr-1747 107 106 from from ADP cblr-1747 107 107 using use VERB cblr-1747 107 108 customer customer NOUN cblr-1747 107 109 cash cash NOUN cblr-1747 107 110 to to PART cblr-1747 107 111 finance finance VERB cblr-1747 107 112 their their PRON cblr-1747 107 113 proprietary proprietary ADJ cblr-1747 107 114 business business NOUN cblr-1747 107 115 , , PUNCT cblr-1747 107 116 and and CCONJ cblr-1747 107 117 the the DET cblr-1747 107 118 securities security NOUN cblr-1747 107 119 investor investor NOUN cblr-1747 107 120 protection protection NOUN cblr-1747 107 121 corporation corporation NOUN cblr-1747 107 122 ( ( PUNCT cblr-1747 107 123 “ " PUNCT cblr-1747 107 124 sipc sipc NOUN cblr-1747 107 125 ” " PUNCT cblr-1747 107 126 ) ) PUNCT cblr-1747 107 127 or or CCONJ cblr-1747 107 128 a a DET cblr-1747 107 129 bankruptcy bankruptcy NOUN cblr-1747 107 130 the the DET cblr-1747 107 131 broker broker NOUN cblr-1747 107 132 - - PUNCT cblr-1747 107 133 dealer dealer NOUN cblr-1747 107 134 ’s ’s PART cblr-1747 107 135 proprietary proprietary ADJ cblr-1747 107 136 activities activity NOUN cblr-1747 107 137 . . PUNCT cblr-1747 108 1 by by ADP cblr-1747 108 2 segregating segregate VERB cblr-1747 108 3 customer customer NOUN cblr-1747 108 4 securities security NOUN cblr-1747 108 5 and and CCONJ cblr-1747 108 6 cash cash NOUN cblr-1747 108 7 from from ADP cblr-1747 108 8 a a DET cblr-1747 108 9 firm firm NOUN cblr-1747 108 10 ’s ’s PART cblr-1747 108 11 proprietary proprietary ADJ cblr-1747 108 12 business business NOUN cblr-1747 108 13 activities activity NOUN cblr-1747 108 14 , , PUNCT cblr-1747 108 15 the the DET cblr-1747 108 16 rule rule NOUN cblr-1747 108 17 increases increase VERB cblr-1747 108 18 the the DET cblr-1747 108 19 likelihood likelihood NOUN cblr-1747 108 20 that that SCONJ cblr-1747 108 21 customer customer NOUN cblr-1747 108 22 assets asset NOUN cblr-1747 108 23 will will AUX cblr-1747 108 24 be be AUX cblr-1747 108 25 readily readily ADV cblr-1747 108 26 available available ADJ cblr-1747 108 27 to to PART cblr-1747 108 28 be be AUX cblr-1747 108 29 returned return VERB cblr-1747 108 30 to to ADP cblr-1747 108 31 customers customer NOUN cblr-1747 108 32 if if SCONJ cblr-1747 108 33 a a DET cblr-1747 108 34 broker broker NOUN cblr-1747 108 35 - - PUNCT cblr-1747 108 36 dealer dealer NOUN cblr-1747 108 37 fails fail VERB cblr-1747 108 38 . . PUNCT cblr-1747 108 39 ” " PUNCT cblr-1747 108 40 ) ) PUNCT cblr-1747 108 41 . . PUNCT cblr-1747 109 1 16 16 NUM cblr-1747 109 2 broker broker NOUN cblr-1747 109 3 - - PUNCT cblr-1747 109 4 dealers dealer NOUN cblr-1747 109 5 ; ; PUNCT cblr-1747 109 6 maintenance maintenance NOUN cblr-1747 109 7 of of ADP cblr-1747 109 8 certain certain ADJ cblr-1747 109 9 basic basic ADJ cblr-1747 109 10 reserves reserve NOUN cblr-1747 109 11 , , PUNCT cblr-1747 109 12 37 37 NUM cblr-1747 109 13 fed feed VERB cblr-1747 109 14 . . PUNCT cblr-1747 110 1 reg reg PROPN cblr-1747 110 2 . . PUNCT cblr-1747 111 1 at at ADP cblr-1747 111 2 25,224 25,224 NUM cblr-1747 111 3 . . PUNCT cblr-1747 112 1 17 17 NUM cblr-1747 112 2 17 17 NUM cblr-1747 112 3 c.f.r c.f.r NOUN cblr-1747 112 4 . . PUNCT cblr-1747 113 1 § § PROPN cblr-1747 113 2 240.15c3 240.15c3 NUM cblr-1747 113 3 - - NOUN cblr-1747 113 4 3(e 3(e NUM cblr-1747 113 5 ) ) PUNCT cblr-1747 113 6 ( ( PUNCT cblr-1747 113 7 2015 2015 NUM cblr-1747 113 8 ) ) PUNCT cblr-1747 113 9 . . PUNCT cblr-1747 114 1 18 18 NUM cblr-1747 114 2 17 17 NUM cblr-1747 114 3 c.f.r c.f.r NOUN cblr-1747 114 4 . . PUNCT cblr-1747 115 1 § § PROPN cblr-1747 115 2 240.15c3 240.15c3 PROPN cblr-1747 115 3 - - PROPN cblr-1747 115 4 3(e)(1 3(e)(1 NUM cblr-1747 115 5 ) ) PUNCT cblr-1747 115 6 ; ; PUNCT cblr-1747 115 7 17 17 NUM cblr-1747 115 8 c.f.r c.f.r NOUN cblr-1747 115 9 . . PUNCT cblr-1747 116 1 § § PROPN cblr-1747 117 1 240.15c3 240.15c3 PROPN cblr-1747 117 2 - - PROPN cblr-1747 117 3 3(a)(6 3(a)(6 NUM cblr-1747 117 4 ) ) PUNCT cblr-1747 117 5 ( ( PUNCT cblr-1747 117 6 2015 2015 NUM cblr-1747 117 7 ) ) PUNCT cblr-1747 117 8 ( ( PUNCT cblr-1747 117 9 definition definition NOUN cblr-1747 117 10 of of ADP cblr-1747 117 11 “ " PUNCT cblr-1747 117 12 qualified qualified ADJ cblr-1747 117 13 security security NOUN cblr-1747 117 14 ” " PUNCT cblr-1747 117 15 ) ) PUNCT cblr-1747 117 16 . . PUNCT cblr-1747 118 1 tepe tepe NOUN cblr-1747 118 2 – – PUNCT cblr-1747 118 3 final final ADJ cblr-1747 118 4 no no NOUN cblr-1747 118 5 . . PUNCT cblr-1747 119 1 3:823 3:823 NUM cblr-1747 119 2 ] ] X cblr-1747 119 3 broker broker NOUN cblr-1747 119 4 - - PUNCT cblr-1747 119 5 dealer dealer NOUN cblr-1747 119 6 “ " PUNCT cblr-1747 119 7 idle idle ADJ cblr-1747 119 8 ” " PUNCT cblr-1747 119 9 customer customer NOUN cblr-1747 119 10 assets asset NOUN cblr-1747 119 11 831 831 NUM cblr-1747 119 12 court court NOUN cblr-1747 119 13 can can AUX cblr-1747 119 14 quickly quickly ADV cblr-1747 119 15 return return VERB cblr-1747 119 16 customer customer NOUN cblr-1747 119 17 cash cash NOUN cblr-1747 119 18 in in ADP cblr-1747 119 19 the the DET cblr-1747 119 20 case case NOUN cblr-1747 119 21 of of ADP cblr-1747 119 22 a a DET cblr-1747 119 23 broker broker NOUN cblr-1747 119 24 - - PUNCT cblr-1747 119 25 dealer dealer NOUN cblr-1747 119 26 failure.19 failure.19 NOUN cblr-1747 119 27 broker broker NOUN cblr-1747 119 28 - - PUNCT cblr-1747 119 29 dealers dealer NOUN cblr-1747 119 30 can can AUX cblr-1747 119 31 circumvent circumvent VERB cblr-1747 119 32 the the DET cblr-1747 119 33 requirement requirement NOUN cblr-1747 119 34 to to PART cblr-1747 119 35 place place VERB cblr-1747 119 36 customer customer NOUN cblr-1747 119 37 funds fund NOUN cblr-1747 119 38 into into ADP cblr-1747 119 39 a a DET cblr-1747 119 40 special special ADJ cblr-1747 119 41 reserve reserve NOUN cblr-1747 119 42 account account NOUN cblr-1747 119 43 by by ADP cblr-1747 119 44 sweeping sweep VERB cblr-1747 119 45 customer customer NOUN cblr-1747 119 46 cash cash NOUN cblr-1747 119 47 off off ADP cblr-1747 119 48 their their PRON cblr-1747 119 49 books book NOUN cblr-1747 119 50 and and CCONJ cblr-1747 119 51 depositing deposit VERB cblr-1747 119 52 the the DET cblr-1747 119 53 funds fund NOUN cblr-1747 119 54 into into ADP cblr-1747 119 55 either either CCONJ cblr-1747 119 56 a a DET cblr-1747 119 57 bank bank NOUN cblr-1747 119 58 or or CCONJ cblr-1747 119 59 a a DET cblr-1747 119 60 money money NOUN cblr-1747 119 61 market market NOUN cblr-1747 119 62 fund.20 fund.20 PROPN cblr-1747 119 63 rule rule VERB cblr-1747 119 64 15c3 15c3 NUM cblr-1747 119 65 - - PUNCT cblr-1747 119 66 3(e 3(e NUM cblr-1747 119 67 ) ) PUNCT cblr-1747 119 68 no no ADV cblr-1747 119 69 longer long ADV cblr-1747 119 70 applies apply VERB cblr-1747 119 71 because because SCONJ cblr-1747 119 72 the the DET cblr-1747 119 73 broker broker NOUN cblr-1747 119 74 - - PUNCT cblr-1747 119 75 dealer dealer NOUN cblr-1747 119 76 no no ADV cblr-1747 119 77 longer long ADV cblr-1747 119 78 holds hold VERB cblr-1747 119 79 the the DET cblr-1747 119 80 cash cash NOUN cblr-1747 119 81 on on ADP cblr-1747 119 82 its its PRON cblr-1747 119 83 books.21 books.21 NOUN cblr-1747 119 84 rather rather ADV cblr-1747 119 85 than than ADP cblr-1747 119 86 holding hold VERB cblr-1747 119 87 customer customer NOUN cblr-1747 119 88 funds fund NOUN cblr-1747 119 89 in in ADP cblr-1747 119 90 19 19 NUM cblr-1747 119 91 the the DET cblr-1747 119 92 special special ADJ cblr-1747 119 93 reserve reserve NOUN cblr-1747 119 94 account account NOUN cblr-1747 119 95 was be AUX cblr-1747 119 96 designed design VERB cblr-1747 119 97 “ " PUNCT cblr-1747 119 98 in in ADP cblr-1747 119 99 the the DET cblr-1747 119 100 nature nature NOUN cblr-1747 119 101 of of ADP cblr-1747 119 102 a a DET cblr-1747 119 103 trust trust NOUN cblr-1747 119 104 fund fund NOUN cblr-1747 119 105 ” " PUNCT cblr-1747 119 106 and and CCONJ cblr-1747 119 107 “ " PUNCT cblr-1747 119 108 to to PART cblr-1747 119 109 protect protect VERB cblr-1747 119 110 the the DET cblr-1747 119 111 integrity integrity NOUN cblr-1747 119 112 of of ADP cblr-1747 119 113 customer customer NOUN cblr-1747 119 114 - - PUNCT cblr-1747 119 115 generated generate VERB cblr-1747 119 116 funds fund NOUN cblr-1747 119 117 by by ADP cblr-1747 119 118 insulating insulate VERB cblr-1747 119 119 them they PRON cblr-1747 119 120 against against ADP cblr-1747 119 121 inroads inroad NOUN cblr-1747 119 122 from from ADP cblr-1747 119 123 the the DET cblr-1747 119 124 broker broker NOUN cblr-1747 119 125 - - PUNCT cblr-1747 119 126 dealer dealer NOUN cblr-1747 119 127 ’s ’s PART cblr-1747 119 128 firm firm ADJ cblr-1747 119 129 activities activity NOUN cblr-1747 119 130 , , PUNCT cblr-1747 119 131 whether whether SCONJ cblr-1747 119 132 they they PRON cblr-1747 119 133 be be VERB cblr-1747 119 134 underwriting underwriting NOUN cblr-1747 119 135 , , PUNCT cblr-1747 119 136 market market NOUN cblr-1747 119 137 making making NOUN cblr-1747 119 138 , , PUNCT cblr-1747 119 139 other other ADJ cblr-1747 119 140 trading trading NOUN cblr-1747 119 141 , , PUNCT cblr-1747 119 142 investing investing NOUN cblr-1747 119 143 or or CCONJ cblr-1747 119 144 mere mere ADJ cblr-1747 119 145 speculation speculation NOUN cblr-1747 119 146 in in ADP cblr-1747 119 147 securities security NOUN cblr-1747 119 148 , , PUNCT cblr-1747 119 149 meeting meet VERB cblr-1747 119 150 overhead overhead ADV cblr-1747 119 151 or or CCONJ cblr-1747 119 152 of of ADP cblr-1747 119 153 any any DET cblr-1747 119 154 other other ADJ cblr-1747 119 155 nature nature NOUN cblr-1747 119 156 whatever whatever PRON cblr-1747 119 157 . . PUNCT cblr-1747 119 158 ” " PUNCT cblr-1747 119 159 reserves reserve NOUN cblr-1747 119 160 and and CCONJ cblr-1747 119 161 related related ADJ cblr-1747 119 162 measures measure NOUN cblr-1747 119 163 respecting respect VERB cblr-1747 119 164 the the DET cblr-1747 119 165 financial financial ADJ cblr-1747 119 166 responsibility responsibility NOUN cblr-1747 119 167 of of ADP cblr-1747 119 168 brokers broker NOUN cblr-1747 119 169 and and CCONJ cblr-1747 119 170 dealers dealer NOUN cblr-1747 119 171 , , PUNCT cblr-1747 119 172 36 36 NUM cblr-1747 119 173 fed feed VERB cblr-1747 119 174 . . PUNCT cblr-1747 120 1 reg reg PROPN cblr-1747 120 2 . . PUNCT cblr-1747 121 1 22,312 22,312 NUM cblr-1747 121 2 , , PUNCT cblr-1747 121 3 22,312 22,312 NUM cblr-1747 121 4 ( ( PUNCT cblr-1747 121 5 nov nov PROPN cblr-1747 121 6 . . PROPN cblr-1747 121 7 24 24 NUM cblr-1747 121 8 , , PUNCT cblr-1747 121 9 1971 1971 NUM cblr-1747 121 10 ) ) PUNCT cblr-1747 121 11 ( ( PUNCT cblr-1747 121 12 codified codify VERB cblr-1747 121 13 at at ADP cblr-1747 121 14 17 17 NUM cblr-1747 121 15 c.f.r c.f.r NOUN cblr-1747 121 16 . . PUNCT cblr-1747 122 1 pt pt PROPN cblr-1747 122 2 . . PROPN cblr-1747 122 3 240 240 NUM cblr-1747 122 4 ) ) PUNCT cblr-1747 122 5 . . PUNCT cblr-1747 123 1 see see VERB cblr-1747 123 2 also also ADV cblr-1747 123 3 customer customer NOUN cblr-1747 123 4 protection protection NOUN cblr-1747 123 5 rule rule NOUN cblr-1747 123 6 , , PUNCT cblr-1747 123 7 50 50 NUM cblr-1747 123 8 fed feed VERB cblr-1747 123 9 . . PUNCT cblr-1747 124 1 reg reg PROPN cblr-1747 124 2 . . PUNCT cblr-1747 125 1 at at ADP cblr-1747 125 2 11,897 11,897 NUM cblr-1747 125 3 ( ( PUNCT cblr-1747 125 4 “ " PUNCT cblr-1747 125 5 rule rule VERB cblr-1747 125 6 15c3 15c3 NUM cblr-1747 125 7 - - SYM cblr-1747 125 8 3 3 NUM cblr-1747 125 9 was be AUX cblr-1747 125 10 designed design VERB cblr-1747 125 11 to to PART cblr-1747 125 12 assure assure VERB cblr-1747 125 13 that that SCONJ cblr-1747 125 14 customers customer NOUN cblr-1747 125 15 ’ ' PUNCT cblr-1747 125 16 funds fund NOUN cblr-1747 125 17 ( ( PUNCT cblr-1747 125 18 as as ADV cblr-1747 125 19 well well ADV cblr-1747 125 20 as as ADP cblr-1747 125 21 securities security NOUN cblr-1747 125 22 ) ) PUNCT cblr-1747 125 23 held hold VERB cblr-1747 125 24 by by ADP cblr-1747 125 25 broker broker NOUN cblr-1747 125 26 - - PUNCT cblr-1747 125 27 dealers dealer NOUN cblr-1747 125 28 are be AUX cblr-1747 125 29 protected protect VERB cblr-1747 125 30 against against ADP cblr-1747 125 31 broker broker NOUN cblr-1747 125 32 - - PUNCT cblr-1747 125 33 dealer dealer NOUN cblr-1747 125 34 misuse misuse NOUN cblr-1747 125 35 or or CCONJ cblr-1747 125 36 insolvency insolvency NOUN cblr-1747 125 37 . . PUNCT cblr-1747 125 38 ” " PUNCT cblr-1747 125 39 ) ) PUNCT cblr-1747 125 40 ; ; PUNCT cblr-1747 125 41 amendments amendment NOUN cblr-1747 125 42 to to ADP cblr-1747 125 43 financial financial ADJ cblr-1747 125 44 responsibility responsibility NOUN cblr-1747 125 45 rules rule NOUN cblr-1747 125 46 for for ADP cblr-1747 125 47 broker broker NOUN cblr-1747 125 48 - - PUNCT cblr-1747 125 49 dealers dealer NOUN cblr-1747 125 50 , , PUNCT cblr-1747 125 51 72 72 NUM cblr-1747 125 52 fed feed VERB cblr-1747 125 53 . . PUNCT cblr-1747 126 1 reg reg PROPN cblr-1747 126 2 . . PUNCT cblr-1747 127 1 at at ADP cblr-1747 127 2 12,862 12,862 NUM cblr-1747 127 3 ( ( PUNCT cblr-1747 127 4 “ " PUNCT cblr-1747 127 5 the the DET cblr-1747 127 6 intent intent NOUN cblr-1747 127 7 of of ADP cblr-1747 127 8 the the DET cblr-1747 127 9 [ [ X cblr-1747 127 10 customer customer NOUN cblr-1747 127 11 protection protection NOUN cblr-1747 127 12 ] ] PUNCT cblr-1747 127 13 rule rule NOUN cblr-1747 127 14 is be AUX cblr-1747 127 15 to to PART cblr-1747 127 16 require require VERB cblr-1747 127 17 a a DET cblr-1747 127 18 broker broker NOUN cblr-1747 127 19 - - PUNCT cblr-1747 127 20 dealer dealer NOUN cblr-1747 127 21 to to PART cblr-1747 127 22 hold hold VERB cblr-1747 127 23 customer customer NOUN cblr-1747 127 24 assets asset NOUN cblr-1747 127 25 in in ADP cblr-1747 127 26 a a DET cblr-1747 127 27 manner manner NOUN cblr-1747 127 28 that that PRON cblr-1747 127 29 enables enable VERB cblr-1747 127 30 their their PRON cblr-1747 127 31 prompt prompt ADJ cblr-1747 127 32 return return NOUN cblr-1747 127 33 in in ADP cblr-1747 127 34 the the DET cblr-1747 127 35 event event NOUN cblr-1747 127 36 of of ADP cblr-1747 127 37 an an DET cblr-1747 127 38 insolvency insolvency NOUN cblr-1747 127 39 , , PUNCT cblr-1747 127 40 which which PRON cblr-1747 127 41 , , PUNCT cblr-1747 127 42 in in ADP cblr-1747 127 43 turn turn NOUN cblr-1747 127 44 , , PUNCT cblr-1747 127 45 increases increase VERB cblr-1747 127 46 the the DET cblr-1747 127 47 ability ability NOUN cblr-1747 127 48 of of ADP cblr-1747 127 49 the the DET cblr-1747 127 50 firm firm NOUN cblr-1747 127 51 to to PART cblr-1747 127 52 wind wind VERB cblr-1747 127 53 down down ADP cblr-1747 127 54 in in ADP cblr-1747 127 55 an an DET cblr-1747 127 56 orderly orderly ADJ cblr-1747 127 57 self self NOUN cblr-1747 127 58 - - PUNCT cblr-1747 127 59 liquidation liquidation NOUN cblr-1747 127 60 and and CCONJ cblr-1747 127 61 , , PUNCT cblr-1747 127 62 thereby thereby ADV cblr-1747 127 63 avoid avoid VERB cblr-1747 127 64 the the DET cblr-1747 127 65 need need NOUN cblr-1747 127 66 for for ADP cblr-1747 127 67 a a DET cblr-1747 127 68 proceeding proceeding NOUN cblr-1747 127 69 under under ADP cblr-1747 127 70 the the DET cblr-1747 127 71 securities security NOUN cblr-1747 127 72 investor investor PROPN cblr-1747 127 73 protection protection PROPN cblr-1747 127 74 act act NOUN cblr-1747 127 75 of of ADP cblr-1747 127 76 1970 1970 NUM cblr-1747 127 77 ( ( PUNCT cblr-1747 127 78 ‘ ' PUNCT cblr-1747 127 79 sipa sipa NOUN cblr-1747 127 80 ’ ' PUNCT cblr-1747 127 81 ) ) PUNCT cblr-1747 127 82 . . PUNCT cblr-1747 127 83 ” " PUNCT cblr-1747 127 84 ) ) PUNCT cblr-1747 127 85 ; ; PUNCT cblr-1747 127 86 a a DET cblr-1747 127 87 small small ADJ cblr-1747 127 88 entity entity NOUN cblr-1747 127 89 compliance compliance NOUN cblr-1747 127 90 guide guide NOUN cblr-1747 127 91 , , PUNCT cblr-1747 127 92 supra supra PROPN cblr-1747 127 93 note note PROPN cblr-1747 127 94 15 15 NUM cblr-1747 127 95 ( ( PUNCT cblr-1747 127 96 “ " PUNCT cblr-1747 127 97 rule rule VERB cblr-1747 127 98 15c3 15c3 NUM cblr-1747 127 99 - - SYM cblr-1747 127 100 3 3 NUM cblr-1747 127 101 essentially essentially ADV cblr-1747 127 102 requires require VERB cblr-1747 127 103 a a DET cblr-1747 127 104 broker broker NOUN cblr-1747 127 105 - - PUNCT cblr-1747 127 106 dealer dealer NOUN cblr-1747 127 107 that that PRON cblr-1747 127 108 maintains maintain VERB cblr-1747 127 109 custody custody NOUN cblr-1747 127 110 of of ADP cblr-1747 127 111 customer customer NOUN cblr-1747 127 112 securities security NOUN cblr-1747 127 113 and and CCONJ cblr-1747 127 114 cash cash NOUN cblr-1747 127 115 to to PART cblr-1747 127 116 segregate segregate VERB cblr-1747 127 117 such such ADJ cblr-1747 127 118 securities security NOUN cblr-1747 127 119 and and CCONJ cblr-1747 127 120 cash cash NOUN cblr-1747 127 121 from from ADP cblr-1747 127 122 the the DET cblr-1747 127 123 brokerdealer brokerdealer NOUN cblr-1747 127 124 ’s ’s PART cblr-1747 127 125 proprietary proprietary ADJ cblr-1747 127 126 activities activity NOUN cblr-1747 127 127 . . PUNCT cblr-1747 128 1 by by ADP cblr-1747 128 2 segregating segregate VERB cblr-1747 128 3 customer customer NOUN cblr-1747 128 4 securities security NOUN cblr-1747 128 5 and and CCONJ cblr-1747 128 6 cash cash NOUN cblr-1747 128 7 from from ADP cblr-1747 128 8 a a DET cblr-1747 128 9 firm firm NOUN cblr-1747 128 10 ’s ’s PART cblr-1747 128 11 proprietary proprietary ADJ cblr-1747 128 12 business business NOUN cblr-1747 128 13 activities activity NOUN cblr-1747 128 14 , , PUNCT cblr-1747 128 15 the the DET cblr-1747 128 16 rule rule NOUN cblr-1747 128 17 increases increase VERB cblr-1747 128 18 the the DET cblr-1747 128 19 likelihood likelihood NOUN cblr-1747 128 20 that that SCONJ cblr-1747 128 21 customer customer NOUN cblr-1747 128 22 assets asset NOUN cblr-1747 128 23 will will AUX cblr-1747 128 24 be be AUX cblr-1747 128 25 readily readily ADV cblr-1747 128 26 available available ADJ cblr-1747 128 27 to to PART cblr-1747 128 28 be be AUX cblr-1747 128 29 returned return VERB cblr-1747 128 30 to to ADP cblr-1747 128 31 customers customer NOUN cblr-1747 128 32 if if SCONJ cblr-1747 128 33 a a DET cblr-1747 128 34 broker broker NOUN cblr-1747 128 35 - - PUNCT cblr-1747 128 36 dealer dealer NOUN cblr-1747 128 37 fails fail VERB cblr-1747 128 38 . . PUNCT cblr-1747 128 39 ” " PUNCT cblr-1747 128 40 ) ) PUNCT cblr-1747 128 41 ; ; PUNCT cblr-1747 128 42 see see VERB cblr-1747 128 43 also also ADV cblr-1747 128 44 net net ADJ cblr-1747 128 45 capital capital NOUN cblr-1747 128 46 requirements requirement NOUN cblr-1747 128 47 for for ADP cblr-1747 128 48 brokers broker NOUN cblr-1747 128 49 and and CCONJ cblr-1747 128 50 dealers dealer NOUN cblr-1747 128 51 , , PUNCT cblr-1747 128 52 50 50 NUM cblr-1747 128 53 fed feed VERB cblr-1747 128 54 . . PUNCT cblr-1747 129 1 reg reg PROPN cblr-1747 129 2 . . PUNCT cblr-1747 130 1 at at ADP cblr-1747 130 2 2690 2690 NUM cblr-1747 130 3 ; ; PUNCT cblr-1747 130 4 broker broker NOUN cblr-1747 130 5 - - PUNCT cblr-1747 130 6 dealers dealer NOUN cblr-1747 130 7 ; ; PUNCT cblr-1747 130 8 maintenance maintenance NOUN cblr-1747 130 9 of of ADP cblr-1747 130 10 certain certain ADJ cblr-1747 130 11 basic basic ADJ cblr-1747 130 12 reserves reserve NOUN cblr-1747 130 13 , , PUNCT cblr-1747 130 14 37 37 NUM cblr-1747 130 15 fed feed VERB cblr-1747 130 16 . . PUNCT cblr-1747 131 1 reg reg PROPN cblr-1747 131 2 . . PUNCT cblr-1747 132 1 at at ADP cblr-1747 132 2 25,225–26 25,225–26 NUM cblr-1747 132 3 . . PUNCT cblr-1747 132 4 20 20 NUM cblr-1747 132 5 17 17 NUM cblr-1747 132 6 c.f.r c.f.r NOUN cblr-1747 132 7 . . PUNCT cblr-1747 133 1 § § PROPN cblr-1747 133 2 240.15c3 240.15c3 PROPN cblr-1747 133 3 - - NOUN cblr-1747 133 4 3(a)(17 3(a)(17 NUM cblr-1747 133 5 ) ) PUNCT cblr-1747 133 6 ( ( PUNCT cblr-1747 133 7 2015 2015 NUM cblr-1747 133 8 ) ) PUNCT cblr-1747 133 9 ; ; PUNCT cblr-1747 133 10 17 17 NUM cblr-1747 133 11 c.f.r c.f.r NOUN cblr-1747 133 12 . . PUNCT cblr-1747 134 1 § § PROPN cblr-1747 134 2 240.15c3 240.15c3 PROPN cblr-1747 134 3 - - NOUN cblr-1747 134 4 3(j)(2)(ii 3(j)(2)(ii NUM cblr-1747 134 5 ) ) PUNCT cblr-1747 134 6 ( ( PUNCT cblr-1747 134 7 2015 2015 NUM cblr-1747 134 8 ) ) PUNCT cblr-1747 134 9 . . PUNCT cblr-1747 135 1 21 21 NUM cblr-1747 135 2 17 17 NUM cblr-1747 135 3 c.f.r c.f.r NOUN cblr-1747 135 4 . . 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PUNCT cblr-1747 137 1 § § PROPN cblr-1747 138 1 240.15c3 240.15c3 PROPN cblr-1747 138 2 - - PROPN cblr-1747 138 3 3(e)(1 3(e)(1 NUM cblr-1747 138 4 ) ) PUNCT cblr-1747 138 5 ( ( PUNCT cblr-1747 138 6 2015 2015 NUM cblr-1747 138 7 ) ) PUNCT cblr-1747 138 8 ( ( PUNCT cblr-1747 138 9 referencing reference VERB cblr-1747 138 10 exhibit exhibit VERB cblr-1747 138 11 a a PRON cblr-1747 138 12 as as ADP cblr-1747 138 13 the the DET cblr-1747 138 14 computation computation NOUN cblr-1747 138 15 of of ADP cblr-1747 138 16 the the DET cblr-1747 138 17 amount amount NOUN cblr-1747 138 18 required require VERB cblr-1747 138 19 to to PART cblr-1747 138 20 be be AUX cblr-1747 138 21 deposited deposit VERB cblr-1747 138 22 into into ADP cblr-1747 138 23 a a DET cblr-1747 138 24 special special ADJ cblr-1747 138 25 reserve reserve NOUN cblr-1747 138 26 account account PROPN cblr-1747 138 27 ) ) PUNCT cblr-1747 138 28 ; ; PUNCT cblr-1747 138 29 17 17 NUM cblr-1747 138 30 c.f.r c.f.r NOUN cblr-1747 138 31 . . PUNCT cblr-1747 139 1 § § PROPN cblr-1747 139 2 240.15c3 240.15c3 NUM cblr-1747 139 3 - - NOUN cblr-1747 139 4 3(a 3(a NUM cblr-1747 139 5 ) ) PUNCT cblr-1747 139 6 ( ( PUNCT cblr-1747 139 7 requiring require VERB cblr-1747 139 8 counting counting NOUN cblr-1747 139 9 as as ADP cblr-1747 139 10 a a DET cblr-1747 139 11 credit credit NOUN cblr-1747 139 12 free free ADJ cblr-1747 139 13 credit credit NOUN cblr-1747 139 14 balances balance NOUN cblr-1747 139 15 in in ADP cblr-1747 139 16 the the DET cblr-1747 139 17 customers customer NOUN cblr-1747 139 18 ’ ' PUNCT cblr-1747 139 19 tepe tepe NOUN cblr-1747 139 20 – – PUNCT cblr-1747 139 21 final final ADJ cblr-1747 139 22 832 832 NUM cblr-1747 139 23 columbia columbia PROPN cblr-1747 139 24 business business NOUN cblr-1747 139 25 law law PROPN cblr-1747 139 26 review review NOUN cblr-1747 139 27 [ [ X cblr-1747 139 28 vol vol NOUN cblr-1747 139 29 . . NOUN cblr-1747 139 30 2016 2016 NUM cblr-1747 139 31 cash cash NOUN cblr-1747 139 32 or or CCONJ cblr-1747 139 33 treasuries treasury NOUN cblr-1747 139 34 , , PUNCT cblr-1747 139 35 these these DET cblr-1747 139 36 sweep sweep NOUN cblr-1747 139 37 programs program NOUN cblr-1747 139 38 allow allow VERB cblr-1747 139 39 counterparty counterparty NOUN cblr-1747 139 40 banks bank NOUN cblr-1747 139 41 and and CCONJ cblr-1747 139 42 money money NOUN cblr-1747 139 43 market market NOUN cblr-1747 139 44 funds fund NOUN cblr-1747 139 45 to to PART cblr-1747 139 46 invest invest VERB cblr-1747 139 47 customer customer NOUN cblr-1747 139 48 cash cash NOUN cblr-1747 139 49 in in ADP cblr-1747 139 50 riskier risky ADJ cblr-1747 139 51 assets asset NOUN cblr-1747 139 52 for for ADP cblr-1747 139 53 a a DET cblr-1747 139 54 higher high ADJ cblr-1747 139 55 return return NOUN cblr-1747 139 56 , , PUNCT cblr-1747 139 57 and and CCONJ cblr-1747 139 58 broker broker NOUN cblr-1747 139 59 - - PUNCT cblr-1747 139 60 dealers dealer NOUN cblr-1747 139 61 share share VERB cblr-1747 139 62 in in ADP cblr-1747 139 63 these these DET cblr-1747 139 64 profits profit NOUN cblr-1747 139 65 by by ADP cblr-1747 139 66 collecting collect VERB cblr-1747 139 67 fees fee NOUN cblr-1747 139 68 from from ADP cblr-1747 139 69 sweep sweep NOUN cblr-1747 139 70 counterparties.22 counterparties.22 NOUN cblr-1747 139 71 the the DET cblr-1747 139 72 widespread widespread ADJ cblr-1747 139 73 use use NOUN cblr-1747 139 74 of of ADP cblr-1747 139 75 broker broker NOUN cblr-1747 139 76 - - PUNCT cblr-1747 139 77 dealer dealer NOUN cblr-1747 139 78 sweep sweep NOUN cblr-1747 139 79 programs program NOUN cblr-1747 139 80 led lead VERB cblr-1747 139 81 the the DET cblr-1747 139 82 sec sec PROPN cblr-1747 139 83 to to PART cblr-1747 139 84 adopt adopt VERB cblr-1747 139 85 customer customer NOUN cblr-1747 139 86 protection protection NOUN cblr-1747 139 87 requirements requirement NOUN cblr-1747 139 88 in in ADP cblr-1747 139 89 2013.23 2013.23 NUM cblr-1747 139 90 rule rule NOUN cblr-1747 139 91 15c3 15c3 NUM cblr-1747 139 92 - - SYM cblr-1747 139 93 3 3 NUM cblr-1747 139 94 now now ADV cblr-1747 139 95 requires require VERB cblr-1747 139 96 that that SCONJ cblr-1747 139 97 broker broker NOUN cblr-1747 139 98 - - PUNCT cblr-1747 139 99 dealers dealer NOUN cblr-1747 139 100 get get VERB cblr-1747 139 101 affirmative affirmative ADJ cblr-1747 139 102 consent consent NOUN cblr-1747 139 103 from from ADP cblr-1747 139 104 a a DET cblr-1747 139 105 customer customer NOUN cblr-1747 139 106 before before ADP cblr-1747 139 107 sweeping sweep VERB cblr-1747 139 108 their their PRON cblr-1747 139 109 cash.24 cash.24 NOUN cblr-1747 139 110 prior prior ADV cblr-1747 139 111 to to ADP cblr-1747 139 112 receiving receive VERB cblr-1747 139 113 affirmative affirmative ADJ cblr-1747 139 114 consent consent NOUN cblr-1747 139 115 , , PUNCT cblr-1747 139 116 broker broker NOUN cblr-1747 139 117 - - PUNCT cblr-1747 139 118 dealers dealer NOUN cblr-1747 139 119 must must AUX cblr-1747 139 120 make make VERB cblr-1747 139 121 several several ADJ cblr-1747 139 122 disclosures disclosure NOUN cblr-1747 139 123 to to ADP cblr-1747 139 124 customers customer NOUN cblr-1747 139 125 . . PUNCT cblr-1747 140 1 specifically specifically ADV cblr-1747 140 2 , , PUNCT cblr-1747 140 3 broker broker NOUN cblr-1747 140 4 - - PUNCT cblr-1747 140 5 dealers dealer NOUN cblr-1747 140 6 must must AUX cblr-1747 140 7 relay relay VERB cblr-1747 140 8 the the DET cblr-1747 140 9 general general ADJ cblr-1747 140 10 terms term NOUN cblr-1747 140 11 and and CCONJ cblr-1747 140 12 conditions condition NOUN cblr-1747 140 13 of of ADP cblr-1747 140 14 the the DET cblr-1747 140 15 products product NOUN cblr-1747 140 16 available available ADJ cblr-1747 140 17 through through ADP cblr-1747 140 18 the the DET cblr-1747 140 19 sweep sweep NOUN cblr-1747 140 20 program program NOUN cblr-1747 140 21 as as ADV cblr-1747 140 22 well well ADV cblr-1747 140 23 as as ADP cblr-1747 140 24 the the DET cblr-1747 140 25 fact fact NOUN cblr-1747 140 26 that that SCONJ cblr-1747 140 27 the the DET cblr-1747 140 28 broker broker NOUN cblr-1747 140 29 - - PUNCT cblr-1747 140 30 dealer dealer NOUN cblr-1747 140 31 maintains maintain VERB cblr-1747 140 32 the the DET cblr-1747 140 33 option option NOUN cblr-1747 140 34 to to PART cblr-1747 140 35 change change VERB cblr-1747 140 36 the the DET cblr-1747 140 37 products product NOUN cblr-1747 140 38 available.25 available.25 NOUN cblr-1747 140 39 in in ADP cblr-1747 140 40 exchange exchange NOUN cblr-1747 140 41 for for ADP cblr-1747 140 42 sweeping sweep VERB cblr-1747 140 43 their their PRON cblr-1747 140 44 cash cash NOUN cblr-1747 140 45 , , PUNCT cblr-1747 140 46 customers customer NOUN cblr-1747 140 47 receive receive VERB cblr-1747 140 48 a a DET cblr-1747 140 49 few few ADJ cblr-1747 140 50 basis basis NOUN cblr-1747 140 51 points point NOUN cblr-1747 140 52 of of ADP cblr-1747 140 53 return26 return26 NOUN cblr-1747 140 54 security security NOUN cblr-1747 140 55 accounts account NOUN cblr-1747 140 56 and and CCONJ cblr-1747 140 57 no no ADV cblr-1747 140 58 longer long ADV cblr-1747 140 59 treating treat VERB cblr-1747 140 60 swept sweep VERB cblr-1747 140 61 funds fund NOUN cblr-1747 140 62 as as ADP cblr-1747 140 63 free free ADJ cblr-1747 140 64 credit credit NOUN cblr-1747 140 65 balances balance NOUN cblr-1747 140 66 in in ADP cblr-1747 140 67 the the DET cblr-1747 140 68 customers customer NOUN cblr-1747 140 69 ’ ’ PART cblr-1747 140 70 security security NOUN cblr-1747 140 71 account account NOUN cblr-1747 140 72 ) ) PUNCT cblr-1747 140 73 . . PUNCT cblr-1747 141 1 22 22 NUM cblr-1747 141 2 17 17 NUM cblr-1747 141 3 c.f.r c.f.r NOUN cblr-1747 141 4 . . PUNCT cblr-1747 142 1 § § PROPN cblr-1747 142 2 240.15c3 240.15c3 PROPN cblr-1747 142 3 - - PROPN cblr-1747 142 4 3(e)(1 3(e)(1 NUM cblr-1747 142 5 ) ) PUNCT cblr-1747 143 1 ; ; PUNCT cblr-1747 143 2 see see VERB cblr-1747 143 3 sec sec PROPN cblr-1747 143 4 office office NOUN cblr-1747 143 5 of of ADP cblr-1747 143 6 investor investor NOUN cblr-1747 143 7 education education NOUN cblr-1747 143 8 and and CCONJ cblr-1747 143 9 advocacy advocacy NOUN cblr-1747 143 10 , , PUNCT cblr-1747 143 11 investor investor NOUN cblr-1747 143 12 bulletin bulletin NOUN cblr-1747 143 13 : : PUNCT cblr-1747 143 14 bank bank NOUN cblr-1747 143 15 sweep sweep NOUN cblr-1747 143 16 programs program NOUN cblr-1747 143 17 , , PUNCT cblr-1747 143 18 investor.gov investor.gov PROPN cblr-1747 143 19 ( ( PUNCT cblr-1747 143 20 june june PROPN cblr-1747 143 21 5 5 NUM cblr-1747 143 22 , , PUNCT cblr-1747 143 23 2014 2014 NUM cblr-1747 143 24 ) ) PUNCT cblr-1747 143 25 , , PUNCT cblr-1747 143 26 http://investor.gov/news-alerts/investor-bulletins/investorbulletin-bank-sweep-programs http://investor.gov/news-alerts/investor-bulletins/investorbulletin-bank-sweep-program VERB cblr-1747 143 27 [ [ X cblr-1747 143 28 https://perma.cc/8ws8-k446 https://perma.cc/8ws8-k446 X cblr-1747 143 29 ] ] X cblr-1747 143 30 [ [ X cblr-1747 143 31 hereinafter hereinafter NOUN cblr-1747 143 32 sec sec PROPN cblr-1747 143 33 , , PUNCT cblr-1747 143 34 investor investor NOUN cblr-1747 143 35 bulletin bulletin NOUN cblr-1747 143 36 ] ] PUNCT cblr-1747 143 37 ( ( PUNCT cblr-1747 143 38 “ " PUNCT cblr-1747 143 39 most most ADJ cblr-1747 143 40 broker broker NOUN cblr-1747 143 41 - - PUNCT cblr-1747 143 42 dealers dealer NOUN cblr-1747 143 43 keep keep VERB cblr-1747 143 44 a a DET cblr-1747 143 45 portion portion NOUN cblr-1747 143 46 of of ADP cblr-1747 143 47 the the DET cblr-1747 143 48 interest interest NOUN cblr-1747 143 49 paid pay VERB cblr-1747 143 50 by by ADP cblr-1747 143 51 the the DET cblr-1747 143 52 bank(s bank(s PROPN cblr-1747 143 53 ) ) PUNCT cblr-1747 143 54 as as ADP cblr-1747 143 55 a a DET cblr-1747 143 56 fee fee NOUN cblr-1747 143 57 for for ADP cblr-1747 143 58 providing provide VERB cblr-1747 143 59 bank bank NOUN cblr-1747 143 60 sweep sweep NOUN cblr-1747 143 61 services service NOUN cblr-1747 143 62 . . PUNCT cblr-1747 143 63 ” " PUNCT cblr-1747 143 64 ) ) PUNCT cblr-1747 143 65 . . PUNCT cblr-1747 144 1 23 23 NUM cblr-1747 144 2 financial financial ADJ cblr-1747 144 3 responsibility responsibility NOUN cblr-1747 144 4 rules rule NOUN cblr-1747 144 5 for for ADP cblr-1747 144 6 broker broker NOUN cblr-1747 144 7 - - PUNCT cblr-1747 144 8 dealers dealer NOUN cblr-1747 144 9 , , PUNCT cblr-1747 144 10 78 78 NUM cblr-1747 144 11 fed feed VERB cblr-1747 144 12 . . PUNCT cblr-1747 145 1 reg reg PROPN cblr-1747 145 2 . . PUNCT cblr-1747 146 1 51,824 51,824 NUM cblr-1747 146 2 , , PUNCT cblr-1747 146 3 51,839–42 51,839–42 PROPN cblr-1747 146 4 ( ( PUNCT cblr-1747 146 5 aug aug PROPN cblr-1747 146 6 . . PROPN cblr-1747 146 7 21 21 NUM cblr-1747 146 8 , , PUNCT cblr-1747 146 9 2013 2013 NUM cblr-1747 146 10 ) ) PUNCT cblr-1747 146 11 ( ( PUNCT cblr-1747 146 12 to to PART cblr-1747 146 13 be be AUX cblr-1747 146 14 codified codify VERB cblr-1747 146 15 at at ADP cblr-1747 146 16 17 17 NUM cblr-1747 146 17 c.f.r c.f.r NOUN cblr-1747 146 18 . . PUNCT cblr-1747 147 1 pt pt PROPN cblr-1747 147 2 . . PROPN cblr-1747 147 3 240 240 NUM cblr-1747 147 4 ) ) PUNCT cblr-1747 147 5 . . PUNCT cblr-1747 148 1 24 24 NUM cblr-1747 148 2 17 17 NUM cblr-1747 148 3 c.f.r c.f.r NOUN cblr-1747 148 4 . . PUNCT cblr-1747 149 1 § § PROPN cblr-1747 149 2 240.15c3 240.15c3 PROPN cblr-1747 149 3 - - PUNCT cblr-1747 149 4 3(j)(2)(ii)(a 3(j)(2)(ii)(a NUM cblr-1747 149 5 ) ) PUNCT cblr-1747 149 6 ; ; PUNCT cblr-1747 149 7 financial financial ADJ cblr-1747 149 8 responsibility responsibility NOUN cblr-1747 149 9 rules rule VERB cblr-1747 149 10 for for ADP cblr-1747 149 11 broker broker NOUN cblr-1747 149 12 - - PUNCT cblr-1747 149 13 dealers dealer NOUN cblr-1747 149 14 , , PUNCT cblr-1747 149 15 78 78 NUM cblr-1747 149 16 fed feed VERB cblr-1747 149 17 . . PUNCT cblr-1747 150 1 reg reg PROPN cblr-1747 150 2 . . PUNCT cblr-1747 151 1 at at ADP cblr-1747 151 2 51,839–42 51,839–42 PROPN cblr-1747 151 3 . . PUNCT cblr-1747 152 1 the the DET cblr-1747 152 2 sec sec PROPN cblr-1747 152 3 gave give VERB cblr-1747 152 4 temporary temporary ADJ cblr-1747 152 5 relief relief NOUN cblr-1747 152 6 from from ADP cblr-1747 152 7 enforcement enforcement NOUN cblr-1747 152 8 of of ADP cblr-1747 152 9 this this DET cblr-1747 152 10 requirement requirement NOUN cblr-1747 152 11 as as ADV cblr-1747 152 12 long long ADV cblr-1747 152 13 as as SCONJ cblr-1747 152 14 a a DET cblr-1747 152 15 customer customer NOUN cblr-1747 152 16 specifically specifically ADV cblr-1747 152 17 consented consent VERB cblr-1747 152 18 to to ADP cblr-1747 152 19 sweeping sweep VERB cblr-1747 152 20 their their PRON cblr-1747 152 21 cash cash NOUN cblr-1747 152 22 and and CCONJ cblr-1747 152 23 the the DET cblr-1747 152 24 broker broker NOUN cblr-1747 152 25 - - PUNCT cblr-1747 152 26 dealer dealer NOUN cblr-1747 152 27 received receive VERB cblr-1747 152 28 affirmative affirmative ADJ cblr-1747 152 29 written write VERB cblr-1747 152 30 consent consent NOUN cblr-1747 152 31 within within ADP cblr-1747 152 32 ninety ninety NUM cblr-1747 152 33 days day NOUN cblr-1747 152 34 . . PUNCT cblr-1747 153 1 securities security NOUN cblr-1747 153 2 industry industry NOUN cblr-1747 153 3 and and CCONJ cblr-1747 153 4 financial financial ADJ cblr-1747 153 5 markets market NOUN cblr-1747 153 6 association association NOUN cblr-1747 153 7 ( ( PUNCT cblr-1747 153 8 “ " PUNCT cblr-1747 153 9 sifma sifma NOUN cblr-1747 153 10 ” " PUNCT cblr-1747 153 11 ) ) PUNCT cblr-1747 153 12 , , PUNCT cblr-1747 153 13 sec sec PROPN cblr-1747 153 14 no no DET cblr-1747 153 15 - - PUNCT cblr-1747 153 16 action action NOUN cblr-1747 153 17 letter letter NOUN cblr-1747 153 18 , , PUNCT cblr-1747 153 19 2014 2014 NUM cblr-1747 153 20 wl wl X cblr-1747 153 21 767976 767976 NUM cblr-1747 153 22 ( ( PUNCT cblr-1747 153 23 feb feb PROPN cblr-1747 153 24 . . PROPN cblr-1747 153 25 26 26 NUM cblr-1747 153 26 , , PUNCT cblr-1747 153 27 2014 2014 NUM cblr-1747 153 28 ) ) PUNCT cblr-1747 153 29 . . PUNCT cblr-1747 154 1 this this DET cblr-1747 154 2 temporary temporary ADJ cblr-1747 154 3 relief relief NOUN cblr-1747 154 4 was be AUX cblr-1747 154 5 originally originally ADV cblr-1747 154 6 granted grant VERB cblr-1747 154 7 from from ADP cblr-1747 154 8 march march PROPN cblr-1747 154 9 3 3 NUM cblr-1747 154 10 , , PUNCT cblr-1747 154 11 2014 2014 NUM cblr-1747 154 12 through through ADP cblr-1747 154 13 march march PROPN cblr-1747 154 14 3 3 NUM cblr-1747 154 15 , , PUNCT cblr-1747 154 16 2015 2015 NUM cblr-1747 154 17 . . PUNCT cblr-1747 155 1 i i PRON cblr-1747 155 2 d. d. VERB cblr-1747 155 3 this this DET cblr-1747 155 4 temporary temporary ADJ cblr-1747 155 5 relief relief NOUN cblr-1747 155 6 was be AUX cblr-1747 155 7 subsequently subsequently ADV cblr-1747 155 8 extended extend VERB cblr-1747 155 9 until until ADP cblr-1747 155 10 september september PROPN cblr-1747 155 11 30 30 NUM cblr-1747 155 12 , , PUNCT cblr-1747 155 13 2015 2015 NUM cblr-1747 155 14 . . PUNCT cblr-1747 156 1 securities security NOUN cblr-1747 156 2 industry industry NOUN cblr-1747 156 3 and and CCONJ cblr-1747 156 4 financial financial ADJ cblr-1747 156 5 markets market NOUN cblr-1747 156 6 association association NOUN cblr-1747 156 7 ( ( PUNCT cblr-1747 156 8 “ " PUNCT cblr-1747 156 9 sifma sifma NOUN cblr-1747 156 10 ” " PUNCT cblr-1747 156 11 ) ) PUNCT cblr-1747 156 12 , , PUNCT cblr-1747 156 13 sec sec PROPN cblr-1747 156 14 no no DET cblr-1747 156 15 - - PUNCT cblr-1747 156 16 action action NOUN cblr-1747 156 17 letter letter NOUN cblr-1747 156 18 , , PUNCT cblr-1747 156 19 2015 2015 NUM cblr-1747 156 20 wl wl NOUN cblr-1747 156 21 496395 496395 NUM cblr-1747 156 22 ( ( PUNCT cblr-1747 156 23 feb feb X cblr-1747 156 24 . . PROPN cblr-1747 156 25 5 5 NUM cblr-1747 156 26 , , PUNCT cblr-1747 156 27 2015 2015 NUM cblr-1747 156 28 ) ) PUNCT cblr-1747 156 29 . . PUNCT cblr-1747 157 1 25 25 NUM cblr-1747 157 2 17 17 NUM cblr-1747 157 3 c.f.r c.f.r NOUN cblr-1747 157 4 . . PUNCT cblr-1747 158 1 § § PROPN cblr-1747 158 2 240.15c3 240.15c3 PROPN cblr-1747 158 3 - - NOUN cblr-1747 158 4 3(j)(2)(ii)(a 3(j)(2)(ii)(a NUM cblr-1747 158 5 ) ) PUNCT cblr-1747 158 6 . . PUNCT cblr-1747 159 1 26 26 NUM cblr-1747 159 2 for for ADP cblr-1747 159 3 example example NOUN cblr-1747 159 4 , , PUNCT cblr-1747 159 5 on on ADP cblr-1747 159 6 january january PROPN cblr-1747 159 7 27 27 NUM cblr-1747 159 8 , , PUNCT cblr-1747 159 9 2017 2017 NUM cblr-1747 159 10 , , PUNCT cblr-1747 159 11 the the DET cblr-1747 159 12 annual annual ADJ cblr-1747 159 13 percentage percentage NOUN cblr-1747 159 14 yield yield NOUN cblr-1747 159 15 paid pay VERB cblr-1747 159 16 by by ADP cblr-1747 159 17 fidelity fidelity PROPN cblr-1747 159 18 on on ADP cblr-1747 159 19 funds fund NOUN cblr-1747 159 20 swept sweep VERB cblr-1747 159 21 into into ADP cblr-1747 159 22 a a DET cblr-1747 159 23 bank bank NOUN cblr-1747 159 24 was be AUX cblr-1747 159 25 0.07 0.07 NUM cblr-1747 159 26 % % NOUN cblr-1747 159 27 , , PUNCT cblr-1747 159 28 and and CCONJ cblr-1747 159 29 the the DET cblr-1747 159 30 7 7 NUM cblr-1747 159 31 - - PUNCT cblr-1747 159 32 day day NOUN cblr-1747 159 33 yield yield NOUN cblr-1747 159 34 on on ADP cblr-1747 159 35 funds fund NOUN cblr-1747 159 36 swept sweep VERB cblr-1747 159 37 into into ADP cblr-1747 159 38 a a DET cblr-1747 159 39 government government NOUN cblr-1747 159 40 money money NOUN cblr-1747 159 41 market market NOUN cblr-1747 159 42 fund fund NOUN cblr-1747 159 43 was be AUX cblr-1747 159 44 0.19 0.19 NUM cblr-1747 159 45 % % NOUN cblr-1747 159 46 . . PUNCT cblr-1747 160 1 interest interest NOUN cblr-1747 160 2 tepe tepe NOUN cblr-1747 160 3 – – PUNCT cblr-1747 160 4 final final ADJ cblr-1747 160 5 no no NOUN cblr-1747 160 6 . . PUNCT cblr-1747 161 1 3:823 3:823 NUM cblr-1747 161 2 ] ] X cblr-1747 161 3 broker broker NOUN cblr-1747 161 4 - - PUNCT cblr-1747 161 5 dealer dealer NOUN cblr-1747 161 6 “ " PUNCT cblr-1747 161 7 idle idle ADJ cblr-1747 161 8 ” " PUNCT cblr-1747 161 9 customer customer NOUN cblr-1747 161 10 assets asset NOUN cblr-1747 161 11 833 833 NUM cblr-1747 161 12 and and CCONJ cblr-1747 161 13 federal federal ADJ cblr-1747 161 14 deposit deposit NOUN cblr-1747 161 15 insurance insurance NOUN cblr-1747 161 16 corporation corporation NOUN cblr-1747 161 17 ( ( PUNCT cblr-1747 161 18 “ " PUNCT cblr-1747 161 19 fdic fdic ADJ cblr-1747 161 20 ” " PUNCT cblr-1747 161 21 ) ) PUNCT cblr-1747 161 22 protection protection NOUN cblr-1747 161 23 for for ADP cblr-1747 161 24 funds fund NOUN cblr-1747 161 25 swept sweep VERB cblr-1747 161 26 into into ADP cblr-1747 161 27 a a DET cblr-1747 161 28 bank.27 bank.27 PROPN cblr-1747 161 29 additionally additionally ADV cblr-1747 161 30 , , PUNCT cblr-1747 161 31 these these DET cblr-1747 161 32 sweeps sweep NOUN cblr-1747 161 33 can can AUX cblr-1747 161 34 be be AUX cblr-1747 161 35 returned return VERB cblr-1747 161 36 to to ADP cblr-1747 161 37 the the DET cblr-1747 161 38 broker broker NOUN cblr-1747 161 39 - - PUNCT cblr-1747 161 40 dealer dealer NOUN cblr-1747 161 41 on on ADP cblr-1747 161 42 demand demand NOUN cblr-1747 161 43 by by ADP cblr-1747 161 44 customers customer NOUN cblr-1747 161 45 subject subject ADJ cblr-1747 161 46 to to ADP cblr-1747 161 47 any any DET cblr-1747 161 48 restrictions restriction NOUN cblr-1747 161 49 on on ADP cblr-1747 161 50 withdrawal withdrawal NOUN cblr-1747 161 51 by by ADP cblr-1747 161 52 the the DET cblr-1747 161 53 bank bank NOUN cblr-1747 161 54 or or CCONJ cblr-1747 161 55 money money NOUN cblr-1747 161 56 market market NOUN cblr-1747 161 57 fund.28 fund.28 NOUN cblr-1747 161 58 upon upon SCONJ cblr-1747 161 59 sweeping sweeping ADJ cblr-1747 161 60 customer customer NOUN cblr-1747 161 61 funds fund NOUN cblr-1747 161 62 , , PUNCT cblr-1747 161 63 the the DET cblr-1747 161 64 broker broker NOUN cblr-1747 161 65 - - PUNCT cblr-1747 161 66 dealer dealer NOUN cblr-1747 161 67 must must AUX cblr-1747 161 68 make make VERB cblr-1747 161 69 quarterly quarterly ADJ cblr-1747 161 70 disclosures disclosure NOUN cblr-1747 161 71 regarding regard VERB cblr-1747 161 72 the the DET cblr-1747 161 73 balance balance NOUN cblr-1747 161 74 in in ADP cblr-1747 161 75 the the DET cblr-1747 161 76 bank bank NOUN cblr-1747 161 77 deposit deposit NOUN cblr-1747 161 78 account account NOUN cblr-1747 161 79 or or CCONJ cblr-1747 161 80 the the DET cblr-1747 161 81 amount amount NOUN cblr-1747 161 82 of of ADP cblr-1747 161 83 shares share NOUN cblr-1747 161 84 held hold VERB cblr-1747 161 85 in in ADP cblr-1747 161 86 the the DET cblr-1747 161 87 money money NOUN cblr-1747 161 88 market market NOUN cblr-1747 161 89 fund fund NOUN cblr-1747 161 90 and and CCONJ cblr-1747 161 91 must must AUX cblr-1747 161 92 state state VERB cblr-1747 161 93 that that SCONJ cblr-1747 161 94 the the DET cblr-1747 161 95 customer customer NOUN cblr-1747 161 96 can can AUX cblr-1747 161 97 liquidate liquidate VERB cblr-1747 161 98 the the DET cblr-1747 161 99 balance balance NOUN cblr-1747 161 100 or or CCONJ cblr-1747 161 101 shares share NOUN cblr-1747 161 102 on on ADP cblr-1747 161 103 demand.29 demand.29 NOUN cblr-1747 161 104 in in ADP cblr-1747 161 105 short short ADJ cblr-1747 161 106 , , PUNCT cblr-1747 161 107 current current ADJ cblr-1747 161 108 sec sec PROPN cblr-1747 161 109 rules rule NOUN cblr-1747 161 110 regarding regard VERB cblr-1747 161 111 sweep sweep NOUN cblr-1747 161 112 programs program NOUN cblr-1747 161 113 protect protect VERB cblr-1747 161 114 customers customer NOUN cblr-1747 161 115 by by ADP cblr-1747 161 116 ensuring ensure VERB cblr-1747 161 117 that that SCONJ cblr-1747 161 118 they they PRON cblr-1747 161 119 are be AUX cblr-1747 161 120 rate rate NOUN cblr-1747 161 121 for for ADP cblr-1747 161 122 the the DET cblr-1747 161 123 fidelity fidelity PROPN cblr-1747 161 124 cash cash NOUN cblr-1747 161 125 management management NOUN cblr-1747 161 126 account account NOUN cblr-1747 161 127 , , PUNCT cblr-1747 161 128 fidelity fidelity PROPN cblr-1747 161 129 investments investment NOUN cblr-1747 161 130 , , PUNCT cblr-1747 161 131 fidelity.com/fcmacorerates fidelity.com/fcmacorerate VERB cblr-1747 162 1 [ [ X cblr-1747 162 2 https://perma.cc/ss4m-dve9 https://perma.cc/ss4m-dve9 X cblr-1747 162 3 ] ] X cblr-1747 162 4 ( ( PUNCT cblr-1747 162 5 last last ADV cblr-1747 162 6 visited visit VERB cblr-1747 162 7 jan jan PROPN cblr-1747 162 8 . . PROPN cblr-1747 162 9 27 27 NUM cblr-1747 162 10 , , PUNCT cblr-1747 162 11 2017 2017 NUM cblr-1747 162 12 ) ) PUNCT cblr-1747 162 13 . . PUNCT cblr-1747 163 1 27 27 NUM cblr-1747 163 2 see see VERB cblr-1747 163 3 sec sec PROPN cblr-1747 163 4 , , PUNCT cblr-1747 163 5 investor investor NOUN cblr-1747 163 6 bulletin bulletin NOUN cblr-1747 163 7 , , PUNCT cblr-1747 163 8 supra supra PROPN cblr-1747 163 9 note note NOUN cblr-1747 163 10 22 22 NUM cblr-1747 163 11 ( ( PUNCT cblr-1747 163 12 “ " PUNCT cblr-1747 163 13 cash cash NOUN cblr-1747 163 14 swept sweep VERB cblr-1747 163 15 into into ADP cblr-1747 163 16 deposit deposit NOUN cblr-1747 163 17 accounts account NOUN cblr-1747 163 18 through through ADP cblr-1747 163 19 bank bank NOUN cblr-1747 163 20 sweep sweep NOUN cblr-1747 163 21 programs program NOUN cblr-1747 163 22 is be AUX cblr-1747 163 23 covered cover VERB cblr-1747 163 24 by by ADP cblr-1747 163 25 fdic fdic PROPN cblr-1747 163 26 insurance insurance PROPN cblr-1747 163 27 up up ADP cblr-1747 163 28 to to ADP cblr-1747 163 29 the the DET cblr-1747 163 30 $ $ SYM cblr-1747 163 31 250,000 250,000 NUM cblr-1747 163 32 limit limit NOUN cblr-1747 163 33 per per ADP cblr-1747 163 34 customer customer NOUN cblr-1747 163 35 at at ADP cblr-1747 163 36 each each DET cblr-1747 163 37 fdic fdic PROPN cblr-1747 163 38 - - PUNCT cblr-1747 163 39 insured insure VERB cblr-1747 163 40 bank bank NOUN cblr-1747 163 41 that that PRON cblr-1747 163 42 participates participate VERB cblr-1747 163 43 in in ADP cblr-1747 163 44 the the DET cblr-1747 163 45 bank bank NOUN cblr-1747 163 46 sweep sweep NOUN cblr-1747 163 47 program program NOUN cblr-1747 163 48 . . PUNCT cblr-1747 163 49 ” " PUNCT cblr-1747 163 50 ) ) PUNCT cblr-1747 163 51 . . PUNCT cblr-1747 164 1 28 28 NUM cblr-1747 164 2 withdrawals withdrawal NOUN cblr-1747 164 3 could could AUX cblr-1747 164 4 be be AUX cblr-1747 164 5 barred bar VERB cblr-1747 164 6 after after ADP cblr-1747 164 7 a a DET cblr-1747 164 8 failure failure NOUN cblr-1747 164 9 of of ADP cblr-1747 164 10 the the DET cblr-1747 164 11 bank bank NOUN cblr-1747 164 12 money money NOUN cblr-1747 164 13 market market NOUN cblr-1747 164 14 fund fund NOUN cblr-1747 164 15 . . PUNCT cblr-1747 165 1 in in ADP cblr-1747 165 2 addition addition NOUN cblr-1747 165 3 , , PUNCT cblr-1747 165 4 based base VERB cblr-1747 165 5 on on ADP cblr-1747 165 6 the the DET cblr-1747 165 7 recent recent ADJ cblr-1747 165 8 sec sec PROPN cblr-1747 165 9 money money NOUN cblr-1747 165 10 market market NOUN cblr-1747 165 11 fund fund NOUN cblr-1747 165 12 reform reform NOUN cblr-1747 165 13 , , PUNCT cblr-1747 165 14 money money NOUN cblr-1747 165 15 market market NOUN cblr-1747 165 16 funds fund NOUN cblr-1747 165 17 can can AUX cblr-1747 165 18 bar bar VERB cblr-1747 165 19 redemptions redemption NOUN cblr-1747 165 20 or or CCONJ cblr-1747 165 21 place place VERB cblr-1747 165 22 a a DET cblr-1747 165 23 fee fee NOUN cblr-1747 165 24 on on ADP cblr-1747 165 25 redemptions redemption NOUN cblr-1747 165 26 in in ADP cblr-1747 165 27 times time NOUN cblr-1747 165 28 of of ADP cblr-1747 165 29 stress stress NOUN cblr-1747 165 30 . . PUNCT cblr-1747 166 1 see see VERB cblr-1747 166 2 frequently frequently ADV cblr-1747 166 3 asked ask VERB cblr-1747 166 4 questions question NOUN cblr-1747 166 5 concerning concern VERB cblr-1747 166 6 the the DET cblr-1747 166 7 amendments amendment NOUN cblr-1747 166 8 to to ADP cblr-1747 166 9 certain certain ADJ cblr-1747 166 10 broker broker NOUN cblr-1747 166 11 - - PUNCT cblr-1747 166 12 dealer dealer NOUN cblr-1747 166 13 financial financial ADJ cblr-1747 166 14 responsibility responsibility NOUN cblr-1747 166 15 rules rule VERB cblr-1747 166 16 sec sec PROPN cblr-1747 166 17 , , PUNCT cblr-1747 166 18 https://www.sec.gov/divisions/marketreg/amendments-to-brokerdealer-financial-responsibility-rule-faq.htm https://www.sec.gov/divisions/marketreg/amendments-to-brokerdealer-financial-responsibility-rule-faq.htm PROPN cblr-1747 167 1 [ [ X cblr-1747 167 2 https://perma.cc/359l-mjut https://perma.cc/359l-mjut X cblr-1747 167 3 ] ] X cblr-1747 167 4 ( ( PUNCT cblr-1747 167 5 last last ADJ cblr-1747 167 6 modified modify VERB cblr-1747 167 7 mar mar PROPN cblr-1747 167 8 . . PROPN cblr-1747 167 9 6 6 NUM cblr-1747 167 10 , , PUNCT cblr-1747 167 11 2014 2014 NUM cblr-1747 167 12 ) ) PUNCT cblr-1747 168 1 [ [ X cblr-1747 168 2 hereinafter hereinafter NOUN cblr-1747 168 3 sec sec PROPN cblr-1747 168 4 faq faq NOUN cblr-1747 168 5 concerning concern VERB cblr-1747 168 6 amendments amendment NOUN cblr-1747 168 7 ] ] PUNCT cblr-1747 168 8 . . PUNCT cblr-1747 169 1 ( ( PUNCT cblr-1747 169 2 “ " PUNCT cblr-1747 169 3 a a DET cblr-1747 169 4 broker broker NOUN cblr-1747 169 5 - - PUNCT cblr-1747 169 6 dealer dealer NOUN cblr-1747 169 7 that that PRON cblr-1747 169 8 sweeps sweep VERB cblr-1747 169 9 a a DET cblr-1747 169 10 customer customer NOUN cblr-1747 169 11 ’s ’s PART cblr-1747 169 12 free free ADJ cblr-1747 169 13 credit credit NOUN cblr-1747 169 14 balances balance NOUN cblr-1747 169 15 to to ADP cblr-1747 169 16 a a DET cblr-1747 169 17 money money NOUN cblr-1747 169 18 market market NOUN cblr-1747 169 19 mutual mutual ADJ cblr-1747 169 20 fund fund NOUN cblr-1747 169 21 must must AUX cblr-1747 169 22 instruct instruct VERB cblr-1747 169 23 the the DET cblr-1747 169 24 fund fund NOUN cblr-1747 169 25 to to PART cblr-1747 169 26 redeem redeem VERB cblr-1747 169 27 the the DET cblr-1747 169 28 customer customer NOUN cblr-1747 169 29 ’s ’s PART cblr-1747 169 30 investment investment NOUN cblr-1747 169 31 when when SCONJ cblr-1747 169 32 ordered order VERB cblr-1747 169 33 to to PART cblr-1747 169 34 do do VERB cblr-1747 169 35 so so ADV cblr-1747 169 36 by by ADP cblr-1747 169 37 the the DET cblr-1747 169 38 customer customer NOUN cblr-1747 169 39 and and CCONJ cblr-1747 169 40 , , PUNCT cblr-1747 169 41 when when SCONJ cblr-1747 169 42 the the DET cblr-1747 169 43 broker broker NOUN cblr-1747 169 44 - - PUNCT cblr-1747 169 45 dealer dealer NOUN cblr-1747 169 46 receives receive VERB cblr-1747 169 47 the the DET cblr-1747 169 48 proceeds proceed NOUN cblr-1747 169 49 , , PUNCT cblr-1747 169 50 return return VERB cblr-1747 169 51 them they PRON cblr-1747 169 52 to to ADP cblr-1747 169 53 the the DET cblr-1747 169 54 customer customer NOUN cblr-1747 169 55 ’s ’s PART cblr-1747 169 56 account account NOUN cblr-1747 169 57 or or CCONJ cblr-1747 169 58 remit remit VERB cblr-1747 169 59 them they PRON cblr-1747 169 60 to to ADP cblr-1747 169 61 the the DET cblr-1747 169 62 customer customer NOUN cblr-1747 169 63 . . PUNCT cblr-1747 170 1 the the DET cblr-1747 170 2 redemption redemption NOUN cblr-1747 170 3 itself itself PRON cblr-1747 170 4 , , PUNCT cblr-1747 170 5 however however ADV cblr-1747 170 6 , , PUNCT cblr-1747 170 7 is be AUX cblr-1747 170 8 subject subject ADJ cblr-1747 170 9 to to ADP cblr-1747 170 10 the the DET cblr-1747 170 11 terms term NOUN cblr-1747 170 12 and and CCONJ cblr-1747 170 13 conditions condition NOUN cblr-1747 170 14 of of ADP cblr-1747 170 15 the the DET cblr-1747 170 16 money money NOUN cblr-1747 170 17 market market NOUN cblr-1747 170 18 mutual mutual ADJ cblr-1747 170 19 fund fund NOUN cblr-1747 170 20 and and CCONJ cblr-1747 170 21 to to ADP cblr-1747 170 22 applicable applicable ADJ cblr-1747 170 23 law law NOUN cblr-1747 170 24 and and CCONJ cblr-1747 170 25 regulation regulation NOUN cblr-1747 170 26 . . PUNCT cblr-1747 170 27 ” " PUNCT cblr-1747 170 28 ) ) PUNCT cblr-1747 170 29 ; ; PUNCT cblr-1747 170 30 money money NOUN cblr-1747 170 31 market market NOUN cblr-1747 170 32 fund fund NOUN cblr-1747 170 33 reform reform NOUN cblr-1747 170 34 ; ; PUNCT cblr-1747 170 35 amendments amendment NOUN cblr-1747 170 36 to to PART cblr-1747 170 37 form form VERB cblr-1747 170 38 pf pf PROPN cblr-1747 170 39 , , PUNCT cblr-1747 170 40 79 79 NUM cblr-1747 170 41 fed feed VERB cblr-1747 170 42 . . PUNCT cblr-1747 171 1 reg reg PROPN cblr-1747 171 2 . . PROPN cblr-1747 172 1 47,736 47,736 NUM cblr-1747 172 2 , , PUNCT cblr-1747 172 3 47,736 47,736 NUM cblr-1747 172 4 ( ( PUNCT cblr-1747 172 5 aug aug PROPN cblr-1747 172 6 . . PROPN cblr-1747 172 7 14 14 NUM cblr-1747 172 8 , , PUNCT cblr-1747 172 9 2014 2014 NUM cblr-1747 172 10 ) ) PUNCT cblr-1747 172 11 . . PUNCT cblr-1747 173 1 ( ( PUNCT cblr-1747 173 2 to to PART cblr-1747 173 3 be be AUX cblr-1747 173 4 codified codify VERB cblr-1747 173 5 at at ADP cblr-1747 173 6 17 17 NUM cblr-1747 173 7 c.f.r c.f.r NOUN cblr-1747 173 8 . . PUNCT cblr-1747 174 1 pts pts PROPN cblr-1747 174 2 . . PROPN cblr-1747 174 3 230 230 NUM cblr-1747 174 4 , , PUNCT cblr-1747 174 5 239 239 NUM cblr-1747 174 6 ) ) PUNCT cblr-1747 174 7 . . PUNCT cblr-1747 175 1 29 29 NUM cblr-1747 175 2 17 17 NUM cblr-1747 175 3 c.f.r c.f.r NOUN cblr-1747 175 4 . . PUNCT cblr-1747 176 1 § § PROPN cblr-1747 176 2 240.15c3 240.15c3 PROPN cblr-1747 176 3 - - PROPN cblr-1747 176 4 3(j)(2)(ii)(b 3(j)(2)(ii)(b NUM cblr-1747 176 5 ) ) PUNCT cblr-1747 176 6 ( ( PUNCT cblr-1747 176 7 2015 2015 NUM cblr-1747 176 8 ) ) PUNCT cblr-1747 176 9 . . PUNCT cblr-1747 177 1 in in ADP cblr-1747 177 2 addition addition NOUN cblr-1747 177 3 , , PUNCT cblr-1747 177 4 the the DET cblr-1747 177 5 brokerdealer brokerdealer NOUN cblr-1747 177 6 must must AUX cblr-1747 177 7 give give VERB cblr-1747 177 8 thirty thirty NUM cblr-1747 177 9 days day NOUN cblr-1747 177 10 notice notice NOUN cblr-1747 177 11 before before ADP cblr-1747 177 12 changing change VERB cblr-1747 177 13 the the DET cblr-1747 177 14 terms term NOUN cblr-1747 177 15 and and CCONJ cblr-1747 177 16 conditions condition NOUN cblr-1747 177 17 of of ADP cblr-1747 177 18 the the DET cblr-1747 177 19 sweep sweep NOUN cblr-1747 177 20 program program NOUN cblr-1747 177 21 , , PUNCT cblr-1747 177 22 changing change VERB cblr-1747 177 23 the the DET cblr-1747 177 24 terms term NOUN cblr-1747 177 25 and and CCONJ cblr-1747 177 26 conditions condition NOUN cblr-1747 177 27 of of ADP cblr-1747 177 28 products product NOUN cblr-1747 177 29 currently currently ADV cblr-1747 177 30 available available ADJ cblr-1747 177 31 through through ADP cblr-1747 177 32 the the DET cblr-1747 177 33 sweep sweep NOUN cblr-1747 177 34 program program NOUN cblr-1747 177 35 , , PUNCT cblr-1747 177 36 changing change VERB cblr-1747 177 37 the the DET cblr-1747 177 38 products product NOUN cblr-1747 177 39 available available ADJ cblr-1747 177 40 through through ADP cblr-1747 177 41 the the DET cblr-1747 177 42 sweep sweep NOUN cblr-1747 177 43 program program NOUN cblr-1747 177 44 , , PUNCT cblr-1747 177 45 or or CCONJ cblr-1747 177 46 changing change VERB cblr-1747 177 47 the the DET cblr-1747 177 48 customer customer NOUN cblr-1747 177 49 ’s ’s PART cblr-1747 177 50 investment investment NOUN cblr-1747 177 51 through through ADP cblr-1747 177 52 the the DET cblr-1747 177 53 sweep sweep NOUN cblr-1747 177 54 program program NOUN cblr-1747 177 55 . . PUNCT cblr-1747 178 1 see see VERB cblr-1747 178 2 sec sec PROPN cblr-1747 178 3 faq faq NOUN cblr-1747 178 4 concerning concern VERB cblr-1747 178 5 amendments amendment NOUN cblr-1747 178 6 , , PUNCT cblr-1747 178 7 supra supra PROPN cblr-1747 178 8 note note NOUN cblr-1747 178 9 28 28 NUM cblr-1747 178 10 . . PUNCT cblr-1747 178 11 tepe tepe NOUN cblr-1747 178 12 – – PUNCT cblr-1747 178 13 final final ADJ cblr-1747 178 14 834 834 NUM cblr-1747 178 15 columbia columbia PROPN cblr-1747 178 16 business business NOUN cblr-1747 178 17 law law PROPN cblr-1747 178 18 review review NOUN cblr-1747 179 1 [ [ X cblr-1747 179 2 vol vol NOUN cblr-1747 179 3 . . PUNCT cblr-1747 179 4 2016 2016 NUM cblr-1747 179 5 informed inform VERB cblr-1747 179 6 about about ADP cblr-1747 179 7 the the DET cblr-1747 179 8 sweep sweep NOUN cblr-1747 179 9 program program NOUN cblr-1747 179 10 before before SCONJ cblr-1747 179 11 their their PRON cblr-1747 179 12 funds fund NOUN cblr-1747 179 13 are be AUX cblr-1747 179 14 swept sweep VERB cblr-1747 179 15 . . PUNCT cblr-1747 180 1 although although SCONJ cblr-1747 180 2 finra finra PROPN cblr-1747 180 3 has have AUX cblr-1747 180 4 not not PART cblr-1747 180 5 finalized finalize VERB cblr-1747 180 6 its its PRON cblr-1747 180 7 rules rule NOUN cblr-1747 180 8 regarding regard VERB cblr-1747 180 9 broker broker NOUN cblr-1747 180 10 - - PUNCT cblr-1747 180 11 dealer dealer NOUN cblr-1747 180 12 sweep sweep NOUN cblr-1747 180 13 programs program NOUN cblr-1747 180 14 , , PUNCT cblr-1747 180 15 in in ADP cblr-1747 180 16 june june PROPN cblr-1747 180 17 of of ADP cblr-1747 180 18 2015 2015 NUM cblr-1747 180 19 it it PRON cblr-1747 180 20 announced announce VERB cblr-1747 180 21 proposed propose VERB cblr-1747 180 22 rule rule NOUN cblr-1747 180 23 changes change NOUN cblr-1747 180 24 that that PRON cblr-1747 180 25 would would AUX cblr-1747 180 26 supplement supplement VERB cblr-1747 180 27 the the DET cblr-1747 180 28 current current ADJ cblr-1747 180 29 requirements requirement NOUN cblr-1747 180 30 for for ADP cblr-1747 180 31 broker broker NOUN cblr-1747 180 32 - - PUNCT cblr-1747 180 33 dealers.30 dealers.30 NOUN cblr-1747 180 34 as as SCONJ cblr-1747 180 35 proposed propose VERB cblr-1747 180 36 , , PUNCT cblr-1747 180 37 all all DET cblr-1747 180 38 future future ADJ cblr-1747 180 39 letters letter NOUN cblr-1747 180 40 to to ADP cblr-1747 180 41 customers customer NOUN cblr-1747 180 42 regarding regard VERB cblr-1747 180 43 transferring transfer VERB cblr-1747 180 44 customer customer NOUN cblr-1747 180 45 funds fund NOUN cblr-1747 180 46 into into ADP cblr-1747 180 47 a a DET cblr-1747 180 48 sweep sweep NOUN cblr-1747 180 49 program program NOUN cblr-1747 180 50 or or CCONJ cblr-1747 180 51 between between ADP cblr-1747 180 52 products product NOUN cblr-1747 180 53 in in ADP cblr-1747 180 54 a a DET cblr-1747 180 55 sweep sweep NOUN cblr-1747 180 56 program program NOUN cblr-1747 180 57 would would AUX cblr-1747 180 58 have have VERB cblr-1747 180 59 to to PART cblr-1747 180 60 include include VERB cblr-1747 180 61 the the DET cblr-1747 180 62 current current ADJ cblr-1747 180 63 interest interest NOUN cblr-1747 180 64 rates rate NOUN cblr-1747 180 65 applicable applicable ADJ cblr-1747 180 66 to to ADP cblr-1747 180 67 the the DET cblr-1747 180 68 sweep sweep NOUN cblr-1747 180 69 program program NOUN cblr-1747 180 70 , , PUNCT cblr-1747 180 71 the the DET cblr-1747 180 72 manner manner NOUN cblr-1747 180 73 by by ADP cblr-1747 180 74 which which PRON cblr-1747 180 75 future future ADJ cblr-1747 180 76 interest interest NOUN cblr-1747 180 77 rates rate NOUN cblr-1747 180 78 will will AUX cblr-1747 180 79 be be AUX cblr-1747 180 80 determined determine VERB cblr-1747 180 81 , , PUNCT cblr-1747 180 82 and and CCONJ cblr-1747 180 83 the the DET cblr-1747 180 84 nature nature NOUN cblr-1747 180 85 as as ADV cblr-1747 180 86 well well ADV cblr-1747 180 87 as as ADP cblr-1747 180 88 the the DET cblr-1747 180 89 extent extent NOUN cblr-1747 180 90 of of ADP cblr-1747 180 91 spic spic NOUN cblr-1747 180 92 and and CCONJ cblr-1747 180 93 fdic fdic PROPN cblr-1747 180 94 insurance insurance PROPN cblr-1747 180 95 available.31 available.31 VERB cblr-1747 180 96 moreover moreover ADV cblr-1747 180 97 , , PUNCT cblr-1747 180 98 these these DET cblr-1747 180 99 letters letter NOUN cblr-1747 180 100 would would AUX cblr-1747 180 101 be be AUX cblr-1747 180 102 required require VERB cblr-1747 180 103 to to PART cblr-1747 180 104 state state VERB cblr-1747 180 105 the the DET cblr-1747 180 106 entity entity NOUN cblr-1747 180 107 that that PRON cblr-1747 180 108 the the DET cblr-1747 180 109 customer customer NOUN cblr-1747 180 110 should should AUX cblr-1747 180 111 contact contact VERB cblr-1747 180 112 should should AUX cblr-1747 180 113 the the DET cblr-1747 180 114 customer customer NOUN cblr-1747 180 115 wish wish VERB cblr-1747 180 116 to to PART cblr-1747 180 117 gain gain VERB cblr-1747 180 118 access access NOUN cblr-1747 180 119 to to ADP cblr-1747 180 120 his his PRON cblr-1747 180 121 or or CCONJ cblr-1747 180 122 her her PRON cblr-1747 180 123 funds fund NOUN cblr-1747 180 124 and and CCONJ cblr-1747 180 125 any any DET cblr-1747 180 126 conflicts conflict NOUN cblr-1747 180 127 of of ADP cblr-1747 180 128 interest interest NOUN cblr-1747 180 129 relating relate VERB cblr-1747 180 130 to to ADP cblr-1747 180 131 the the DET cblr-1747 180 132 sweep sweep NOUN cblr-1747 180 133 program program NOUN cblr-1747 180 134 , , PUNCT cblr-1747 180 135 including include VERB cblr-1747 180 136 whether whether SCONJ cblr-1747 180 137 the the DET cblr-1747 180 138 brokerdealer brokerdealer NOUN cblr-1747 180 139 receives receive VERB cblr-1747 180 140 compensation compensation NOUN cblr-1747 180 141 or or CCONJ cblr-1747 180 142 other other ADJ cblr-1747 180 143 benefits benefit NOUN cblr-1747 180 144 for for ADP cblr-1747 180 145 customer customer NOUN cblr-1747 180 146 balances balance NOUN cblr-1747 180 147 held hold VERB cblr-1747 180 148 at at ADP cblr-1747 180 149 a a DET cblr-1747 180 150 bank bank NOUN cblr-1747 180 151 or or CCONJ cblr-1747 180 152 money money NOUN cblr-1747 180 153 market market NOUN cblr-1747 180 154 fund.32 fund.32 VERB cblr-1747 180 155 a a DET cblr-1747 180 156 brokerdealer brokerdealer NOUN cblr-1747 180 157 would would AUX cblr-1747 180 158 also also ADV cblr-1747 180 159 have have VERB cblr-1747 180 160 to to PART cblr-1747 180 161 post post VERB cblr-1747 180 162 on on ADP cblr-1747 180 163 its its PRON cblr-1747 180 164 website website NOUN cblr-1747 180 165 the the DET cblr-1747 180 166 applicable applicable ADJ cblr-1747 180 167 bank bank NOUN cblr-1747 180 168 and and CCONJ cblr-1747 180 169 money money NOUN cblr-1747 180 170 market market NOUN cblr-1747 180 171 fund fund NOUN cblr-1747 180 172 interest interest NOUN cblr-1747 180 173 rates rate NOUN cblr-1747 180 174 and and CCONJ cblr-1747 180 175 information information NOUN cblr-1747 180 176 regarding regard VERB cblr-1747 180 177 any any DET cblr-1747 180 178 conflicts conflict NOUN cblr-1747 180 179 of of ADP cblr-1747 180 180 interest interest NOUN cblr-1747 180 181 relating relate VERB cblr-1747 180 182 to to ADP cblr-1747 180 183 its its PRON cblr-1747 180 184 sweep sweep NOUN cblr-1747 180 185 30 30 NUM cblr-1747 180 186 see see VERB cblr-1747 180 187 finra finra NOUN cblr-1747 180 188 , , PUNCT cblr-1747 180 189 regulatory regulatory ADJ cblr-1747 180 190 notice notice NOUN cblr-1747 180 191 15 15 NUM cblr-1747 180 192 - - SYM cblr-1747 180 193 22 22 NUM cblr-1747 180 194 , , PUNCT cblr-1747 180 195 discretionary discretionary ADJ cblr-1747 180 196 accounts account NOUN cblr-1747 180 197 and and CCONJ cblr-1747 180 198 transactions transaction NOUN cblr-1747 180 199 ( ( PUNCT cblr-1747 180 200 2015 2015 NUM cblr-1747 180 201 ) ) PUNCT cblr-1747 180 202 , , PUNCT cblr-1747 180 203 http://www.finra.org/sites/default/files/notice_doc_file_ref/regulatory_noti http://www.finra.org/sites/default/files/notice_doc_file_ref/regulatory_noti PROPN cblr-1747 180 204 ce_15-22.pdf ce_15-22.pdf PROPN cblr-1747 181 1 [ [ X cblr-1747 181 2 https://perma.cc/5ask-z8f3 https://perma.cc/5ask-z8f3 X cblr-1747 181 3 ] ] X cblr-1747 181 4 . . PUNCT cblr-1747 182 1 31 31 NUM cblr-1747 183 1 i i PRON cblr-1747 183 2 d. d. NOUN cblr-1747 183 3 at at ADP cblr-1747 183 4 30–31 30–31 NUM cblr-1747 183 5 ( ( PUNCT cblr-1747 183 6 see see VERB cblr-1747 183 7 proposed propose VERB cblr-1747 183 8 finra finra NOUN cblr-1747 183 9 rule rule NOUN cblr-1747 183 10 3260(c)(1)(e)(iv 3260(c)(1)(e)(iv NUM cblr-1747 183 11 ) ) PUNCT cblr-1747 183 12 ) ) PUNCT cblr-1747 183 13 . . PUNCT cblr-1747 184 1 32 32 NUM cblr-1747 185 1 i i PRON cblr-1747 185 2 d. d. VERB cblr-1747 185 3 in in ADP cblr-1747 185 4 addition addition NOUN cblr-1747 185 5 , , PUNCT cblr-1747 185 6 in in ADP cblr-1747 185 7 the the DET cblr-1747 185 8 letters letter NOUN cblr-1747 185 9 required require VERB cblr-1747 185 10 when when SCONJ cblr-1747 185 11 a a DET cblr-1747 185 12 broker broker NOUN cblr-1747 185 13 - - PUNCT cblr-1747 185 14 dealer dealer NOUN cblr-1747 185 15 changes change NOUN cblr-1747 185 16 terms term NOUN cblr-1747 185 17 or or CCONJ cblr-1747 185 18 products product NOUN cblr-1747 185 19 of of ADP cblr-1747 185 20 their their PRON cblr-1747 185 21 sweep sweep NOUN cblr-1747 185 22 program program NOUN cblr-1747 185 23 , , PUNCT cblr-1747 185 24 broker broker NOUN cblr-1747 185 25 - - PUNCT cblr-1747 185 26 dealers dealer NOUN cblr-1747 185 27 would would AUX cblr-1747 185 28 be be AUX cblr-1747 185 29 required require VERB cblr-1747 185 30 to to PART cblr-1747 185 31 describe describe VERB cblr-1747 185 32 the the DET cblr-1747 185 33 options option NOUN cblr-1747 185 34 available available ADJ cblr-1747 185 35 to to ADP cblr-1747 185 36 the the DET cblr-1747 185 37 customer customer NOUN cblr-1747 185 38 if if SCONJ cblr-1747 185 39 the the DET cblr-1747 185 40 customer customer NOUN cblr-1747 185 41 does do AUX cblr-1747 185 42 not not PART cblr-1747 185 43 accept accept VERB cblr-1747 185 44 the the DET cblr-1747 185 45 new new ADJ cblr-1747 185 46 terms term NOUN cblr-1747 185 47 or or CCONJ cblr-1747 185 48 products product NOUN cblr-1747 185 49 . . PUNCT cblr-1747 186 1 i i PRON cblr-1747 186 2 d. d. PROPN cblr-1747 186 3 at at ADP cblr-1747 186 4 30 30 NUM cblr-1747 186 5 ( ( PUNCT cblr-1747 186 6 see see VERB cblr-1747 186 7 proposed propose VERB cblr-1747 186 8 finra finra PROPN cblr-1747 186 9 rule rule NOUN cblr-1747 186 10 3260(c)(1)(e)(i 3260(c)(1)(e)(i NUM cblr-1747 186 11 ) ) PUNCT cblr-1747 186 12 ) ) PUNCT cblr-1747 186 13 . . PUNCT cblr-1747 187 1 in in ADP cblr-1747 187 2 letters letter NOUN cblr-1747 187 3 to to ADP cblr-1747 187 4 customers customer NOUN cblr-1747 187 5 regarding regard VERB cblr-1747 187 6 the the DET cblr-1747 187 7 transfer transfer NOUN cblr-1747 187 8 of of ADP cblr-1747 187 9 the the DET cblr-1747 187 10 customer customer NOUN cblr-1747 187 11 ’s ’s PART cblr-1747 187 12 beneficial beneficial ADJ cblr-1747 187 13 interest interest NOUN cblr-1747 187 14 from from ADP cblr-1747 187 15 one one NUM cblr-1747 187 16 money money NOUN cblr-1747 187 17 market market NOUN cblr-1747 187 18 fund fund NOUN cblr-1747 187 19 to to ADP cblr-1747 187 20 another another DET cblr-1747 187 21 money money NOUN cblr-1747 187 22 market market NOUN cblr-1747 187 23 fund fund NOUN cblr-1747 187 24 , , PUNCT cblr-1747 187 25 the the DET cblr-1747 187 26 broker broker NOUN cblr-1747 187 27 - - PUNCT cblr-1747 187 28 dealer dealer NOUN cblr-1747 187 29 must must AUX cblr-1747 187 30 include include VERB cblr-1747 187 31 a a DET cblr-1747 187 32 tabular tabular ADJ cblr-1747 187 33 comparison comparison NOUN cblr-1747 187 34 of of ADP cblr-1747 187 35 the the DET cblr-1747 187 36 nature nature NOUN cblr-1747 187 37 and and CCONJ cblr-1747 187 38 amount amount NOUN cblr-1747 187 39 of of ADP cblr-1747 187 40 the the DET cblr-1747 187 41 fees fee NOUN cblr-1747 187 42 charged charge VERB cblr-1747 187 43 by by ADP cblr-1747 187 44 each each DET cblr-1747 187 45 money money NOUN cblr-1747 187 46 market market NOUN cblr-1747 187 47 fund fund NOUN cblr-1747 187 48 , , PUNCT cblr-1747 187 49 a a DET cblr-1747 187 50 comparative comparative ADJ cblr-1747 187 51 description description NOUN cblr-1747 187 52 of of ADP cblr-1747 187 53 the the DET cblr-1747 187 54 investment investment NOUN cblr-1747 187 55 objectives objective NOUN cblr-1747 187 56 of of ADP cblr-1747 187 57 the the DET cblr-1747 187 58 fund fund NOUN cblr-1747 187 59 and and CCONJ cblr-1747 187 60 a a DET cblr-1747 187 61 prospectus prospectus NOUN cblr-1747 187 62 of of ADP cblr-1747 187 63 the the DET cblr-1747 187 64 money money NOUN cblr-1747 187 65 market market NOUN cblr-1747 187 66 fund fund NOUN cblr-1747 187 67 to to PART cblr-1747 187 68 be be AUX cblr-1747 187 69 purchased purchase VERB cblr-1747 187 70 . . PUNCT cblr-1747 188 1 i i PRON cblr-1747 188 2 d. d. PROPN cblr-1747 188 3 the the DET cblr-1747 188 4 proposed propose VERB cblr-1747 188 5 finra finra NOUN cblr-1747 188 6 rule rule NOUN cblr-1747 188 7 also also ADV cblr-1747 188 8 requires require VERB cblr-1747 188 9 that that SCONJ cblr-1747 188 10 broker broker NOUN cblr-1747 188 11 - - PUNCT cblr-1747 188 12 dealers dealer NOUN cblr-1747 188 13 maintain maintain VERB cblr-1747 188 14 detailed detailed ADJ cblr-1747 188 15 individual individual ADJ cblr-1747 188 16 customer customer NOUN cblr-1747 188 17 balances balance NOUN cblr-1747 188 18 on on ADP cblr-1747 188 19 their their PRON cblr-1747 188 20 books book NOUN cblr-1747 188 21 and and CCONJ cblr-1747 188 22 records record NOUN cblr-1747 188 23 for for ADP cblr-1747 188 24 customer customer NOUN cblr-1747 188 25 balances balance NOUN cblr-1747 188 26 swept sweep VERB cblr-1747 188 27 into into ADP cblr-1747 188 28 a a DET cblr-1747 188 29 bank bank NOUN cblr-1747 188 30 on on ADP cblr-1747 188 31 an an DET cblr-1747 188 32 omnibus omnibus ADJ cblr-1747 188 33 basis basis NOUN cblr-1747 188 34 . . 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PUNCT cblr-1747 191 1 3:823 3:823 NUM cblr-1747 191 2 ] ] X cblr-1747 191 3 broker broker NOUN cblr-1747 191 4 - - PUNCT cblr-1747 191 5 dealer dealer NOUN cblr-1747 191 6 “ " PUNCT cblr-1747 191 7 idle idle ADJ cblr-1747 191 8 ” " PUNCT cblr-1747 191 9 customer customer NOUN cblr-1747 191 10 assets asset NOUN cblr-1747 191 11 835 835 NUM cblr-1747 191 12 program.33 program.33 NOUN cblr-1747 191 13 these these DET cblr-1747 191 14 proposed propose VERB cblr-1747 191 15 rules rule NOUN cblr-1747 191 16 would would AUX cblr-1747 191 17 strengthen strengthen VERB cblr-1747 191 18 the the DET cblr-1747 191 19 existing exist VERB cblr-1747 191 20 sec sec PROPN cblr-1747 191 21 customer customer NOUN cblr-1747 191 22 protection protection NOUN cblr-1747 191 23 requirements requirement NOUN cblr-1747 191 24 by by ADP cblr-1747 191 25 requiring require VERB cblr-1747 191 26 that that SCONJ cblr-1747 191 27 the the DET cblr-1747 191 28 customers customer NOUN cblr-1747 191 29 know know VERB cblr-1747 191 30 the the DET cblr-1747 191 31 most most ADV cblr-1747 191 32 important important ADJ cblr-1747 191 33 terms term NOUN cblr-1747 191 34 of of ADP cblr-1747 191 35 the the DET cblr-1747 191 36 sweep sweep NOUN cblr-1747 191 37 products product NOUN cblr-1747 191 38 , , PUNCT cblr-1747 191 39 namely namely ADV cblr-1747 191 40 the the DET cblr-1747 191 41 interest interest NOUN cblr-1747 191 42 rate rate NOUN cblr-1747 191 43 and and CCONJ cblr-1747 191 44 the the DET cblr-1747 191 45 sweep sweep NOUN cblr-1747 191 46 counterparty.34 counterparty.34 NOUN cblr-1747 191 47 however however ADV cblr-1747 191 48 , , PUNCT cblr-1747 191 49 the the DET cblr-1747 191 50 proposed propose VERB cblr-1747 191 51 finra finra NOUN cblr-1747 191 52 rules rule NOUN cblr-1747 191 53 would would AUX cblr-1747 191 54 not not PART cblr-1747 191 55 require require VERB cblr-1747 191 56 the the DET cblr-1747 191 57 broker broker NOUN cblr-1747 191 58 - - PUNCT cblr-1747 191 59 dealer dealer NOUN cblr-1747 191 60 to to PART cblr-1747 191 61 disclose disclose VERB cblr-1747 191 62 a a DET cblr-1747 191 63 compensation compensation NOUN cblr-1747 191 64 figure figure NOUN cblr-1747 191 65 that that PRON cblr-1747 191 66 is be AUX cblr-1747 191 67 segmented segment VERB cblr-1747 191 68 by by ADP cblr-1747 191 69 each each DET cblr-1747 191 70 sweep sweep NOUN cblr-1747 191 71 product product NOUN cblr-1747 191 72 or or CCONJ cblr-1747 191 73 counterparty.35 counterparty.35 PROPN cblr-1747 191 74 one one NUM cblr-1747 191 75 criticism criticism NOUN cblr-1747 191 76 is be AUX cblr-1747 191 77 that that SCONJ cblr-1747 191 78 merely merely ADV cblr-1747 191 79 providing provide VERB cblr-1747 191 80 the the DET cblr-1747 191 81 customer customer NOUN cblr-1747 191 82 with with ADP cblr-1747 191 83 a a DET cblr-1747 191 84 consolidated consolidated ADJ cblr-1747 191 85 compensation compensation NOUN cblr-1747 191 86 figure figure NOUN cblr-1747 191 87 is be AUX cblr-1747 191 88 insufficient insufficient ADJ cblr-1747 191 89 to to PART cblr-1747 191 90 enable enable VERB cblr-1747 191 91 the the DET cblr-1747 191 92 customer customer NOUN cblr-1747 191 93 to to PART cblr-1747 191 94 understand understand VERB cblr-1747 191 95 the the DET cblr-1747 191 96 full full ADJ cblr-1747 191 97 conflict conflict NOUN cblr-1747 191 98 of of ADP cblr-1747 191 99 interest interest NOUN cblr-1747 191 100 of of ADP cblr-1747 191 101 a a DET cblr-1747 191 102 broker broker NOUN cblr-1747 191 103 - - PUNCT cblr-1747 191 104 dealer dealer NOUN cblr-1747 191 105 because because SCONJ cblr-1747 191 106 the the DET cblr-1747 191 107 customer customer NOUN cblr-1747 191 108 can can AUX cblr-1747 191 109 not not PART cblr-1747 191 110 determine determine VERB cblr-1747 191 111 what what PRON cblr-1747 191 112 products product NOUN cblr-1747 191 113 were be AUX cblr-1747 191 114 most most ADV cblr-1747 191 115 lucrative lucrative ADJ cblr-1747 191 116 for for ADP cblr-1747 191 117 the the DET cblr-1747 191 118 broker broker NOUN cblr-1747 191 119 - - PUNCT cblr-1747 191 120 dealer dealer NOUN cblr-1747 191 121 . . PUNCT cblr-1747 192 1 customer customer NOUN cblr-1747 192 2 protection protection NOUN cblr-1747 192 3 with with ADP cblr-1747 192 4 sweep sweep NOUN cblr-1747 192 5 programs program NOUN cblr-1747 192 6 is be AUX cblr-1747 192 7 incredibly incredibly ADV cblr-1747 192 8 important important ADJ cblr-1747 192 9 because because SCONJ cblr-1747 192 10 broker broker NOUN cblr-1747 192 11 - - PUNCT cblr-1747 192 12 dealers dealer NOUN cblr-1747 192 13 often often ADV cblr-1747 192 14 present present VERB cblr-1747 192 15 these these DET cblr-1747 192 16 programs program NOUN cblr-1747 192 17 to to ADP cblr-1747 192 18 customers customer NOUN cblr-1747 192 19 as as ADP cblr-1747 192 20 the the DET cblr-1747 192 21 default default NOUN cblr-1747 192 22 option option NOUN cblr-1747 192 23 for for ADP cblr-1747 192 24 managing manage VERB cblr-1747 192 25 uninvested uninvested ADJ cblr-1747 192 26 cash.36 cash.36 NOUN cblr-1747 192 27 although although SCONJ cblr-1747 192 28 these these DET cblr-1747 192 29 sweep sweep NOUN cblr-1747 192 30 programs program NOUN cblr-1747 192 31 have have AUX cblr-1747 192 32 grown grow VERB cblr-1747 192 33 in in ADP cblr-1747 192 34 size size NOUN cblr-1747 192 35 and and CCONJ cblr-1747 192 36 importance importance NOUN cblr-1747 192 37 over over ADP cblr-1747 192 38 the the DET cblr-1747 192 39 past past ADJ cblr-1747 192 40 decade decade NOUN cblr-1747 192 41 , , PUNCT cblr-1747 192 42 the the DET cblr-1747 192 43 size size NOUN cblr-1747 192 44 of of ADP cblr-1747 192 45 the the DET cblr-1747 192 46 broker broker NOUN cblr-1747 192 47 - - PUNCT cblr-1747 192 48 dealer dealer NOUN cblr-1747 192 49 sweep sweep NOUN cblr-1747 192 50 market market NOUN cblr-1747 192 51 is be AUX cblr-1747 192 52 unknown unknown ADJ cblr-1747 192 53 because because SCONJ cblr-1747 192 54 the the DET cblr-1747 192 55 sec sec PROPN cblr-1747 192 56 does do AUX cblr-1747 192 57 not not PART cblr-1747 192 58 require require VERB cblr-1747 192 59 broker broker NOUN cblr-1747 192 60 - - PUNCT cblr-1747 192 61 dealers dealer NOUN cblr-1747 192 62 to to PART cblr-1747 192 63 report report VERB cblr-1747 192 64 the the DET cblr-1747 192 65 size size NOUN cblr-1747 192 66 of of ADP cblr-1747 192 67 their their PRON cblr-1747 192 68 sweep sweep NOUN cblr-1747 192 69 programs program NOUN cblr-1747 192 70 , , PUNCT cblr-1747 192 71 the the DET cblr-1747 192 72 counterparties counterpartie NOUN cblr-1747 192 73 involved involve VERB cblr-1747 192 74 in in ADP cblr-1747 192 75 their their PRON cblr-1747 192 76 sweep sweep NOUN cblr-1747 192 77 programs program NOUN cblr-1747 192 78 or or CCONJ cblr-1747 192 79 the the DET cblr-1747 192 80 amount amount NOUN cblr-1747 192 81 of of ADP cblr-1747 192 82 funds fund NOUN cblr-1747 192 83 swept sweep VERB cblr-1747 192 84 to to ADP cblr-1747 192 85 each each DET cblr-1747 192 86 counterparty.37 counterparty.37 NOUN cblr-1747 192 87 however however ADV cblr-1747 192 88 , , PUNCT cblr-1747 192 89 based base VERB cblr-1747 192 90 on on ADP cblr-1747 192 91 the the DET cblr-1747 192 92 history history NOUN cblr-1747 192 93 of of ADP cblr-1747 192 94 brokerdealer brokerdealer NOUN cblr-1747 192 95 sweep sweep NOUN cblr-1747 192 96 programs program NOUN cblr-1747 192 97 , , PUNCT cblr-1747 192 98 broker broker NOUN cblr-1747 192 99 - - PUNCT cblr-1747 192 100 dealers dealer NOUN cblr-1747 192 101 likely likely ADV cblr-1747 192 102 sweep sweep VERB cblr-1747 192 103 hundreds hundred NOUN cblr-1747 192 104 of of ADP cblr-1747 192 105 billions billion NOUN cblr-1747 192 106 of of ADP cblr-1747 192 107 dollars dollar NOUN cblr-1747 192 108 of of ADP cblr-1747 192 109 customer customer NOUN cblr-1747 192 110 funds fund NOUN cblr-1747 192 111 into into ADP cblr-1747 192 112 affiliated affiliated ADJ cblr-1747 192 113 banks bank NOUN cblr-1747 192 114 and and CCONJ cblr-1747 192 115 money money NOUN cblr-1747 192 116 market market NOUN cblr-1747 192 117 funds.38 funds.38 PROPN cblr-1747 192 118 33 33 NUM cblr-1747 193 1 i i PROPN cblr-1747 193 2 d. d. PROPN cblr-1747 193 3 ( ( PUNCT cblr-1747 193 4 see see VERB cblr-1747 193 5 proposed propose VERB cblr-1747 193 6 rule rule NOUN cblr-1747 193 7 3260(c)(1)(e)(v 3260(c)(1)(e)(v PROPN cblr-1747 193 8 ) ) PUNCT cblr-1747 193 9 ) ) PUNCT cblr-1747 193 10 . . PUNCT cblr-1747 194 1 34 34 NUM cblr-1747 194 2 see see VERB cblr-1747 194 3 i i PRON cblr-1747 194 4 d. d. PROPN cblr-1747 194 5 35 35 NUM cblr-1747 195 1 i i PRON cblr-1747 195 2 d. d. PROPN cblr-1747 195 3 at at ADP cblr-1747 195 4 30–31 30–31 NUM cblr-1747 195 5 ( ( PUNCT cblr-1747 195 6 see see VERB cblr-1747 195 7 proposed propose VERB cblr-1747 195 8 rule rule NOUN cblr-1747 195 9 3260(c)(1)(e)(iv 3260(c)(1)(e)(iv NUM cblr-1747 195 10 ) ) PUNCT cblr-1747 195 11 ) ) PUNCT cblr-1747 195 12 . . PUNCT cblr-1747 196 1 36 36 NUM cblr-1747 196 2 see see VERB cblr-1747 196 3 sec sec PROPN cblr-1747 196 4 , , PUNCT cblr-1747 196 5 investor investor NOUN cblr-1747 196 6 bulletin bulletin NOUN cblr-1747 196 7 , , PUNCT cblr-1747 196 8 supra supra PROPN cblr-1747 196 9 note note NOUN cblr-1747 196 10 22 22 NUM cblr-1747 196 11 ( ( PUNCT cblr-1747 196 12 “ " PUNCT cblr-1747 196 13 many many ADJ cblr-1747 196 14 bank bank NOUN cblr-1747 196 15 sweep sweep NOUN cblr-1747 196 16 programs program NOUN cblr-1747 196 17 are be AUX cblr-1747 196 18 the the DET cblr-1747 196 19 ‘ ' PUNCT cblr-1747 196 20 default default NOUN cblr-1747 196 21 ’ ' PUNCT cblr-1747 196 22 option option NOUN cblr-1747 196 23 for for ADP cblr-1747 196 24 managing manage VERB cblr-1747 196 25 cash cash NOUN cblr-1747 196 26 in in ADP cblr-1747 196 27 a a DET cblr-1747 196 28 brokerage brokerage NOUN cblr-1747 196 29 account account NOUN cblr-1747 196 30 . . PUNCT cblr-1747 196 31 . . PUNCT cblr-1747 196 32 . . 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PROPN cblr-1747 200 4 clark clark PROPN cblr-1747 200 5 , , PUNCT cblr-1747 200 6 just just ADV cblr-1747 200 7 passing pass VERB cblr-1747 200 8 through through ADP cblr-1747 200 9 : : PUNCT cblr-1747 200 10 a a DET cblr-1747 200 11 history history NOUN cblr-1747 200 12 and and CCONJ cblr-1747 200 13 critical critical ADJ cblr-1747 200 14 analysis analysis NOUN cblr-1747 200 15 of of ADP cblr-1747 200 16 fdic fdic ADJ cblr-1747 200 17 insurance insurance NOUN cblr-1747 200 18 of of ADP cblr-1747 200 19 deposits deposit NOUN cblr-1747 200 20 held hold VERB cblr-1747 200 21 by by ADP cblr-1747 200 22 brokers broker NOUN cblr-1747 200 23 and and CCONJ cblr-1747 200 24 other other ADJ cblr-1747 200 25 tepe tepe NOUN cblr-1747 200 26 – – PUNCT cblr-1747 200 27 final final ADJ cblr-1747 200 28 836 836 NUM cblr-1747 200 29 columbia columbia PROPN cblr-1747 200 30 business business NOUN cblr-1747 200 31 law law PROPN cblr-1747 200 32 review review NOUN cblr-1747 200 33 [ [ X cblr-1747 200 34 vol vol NOUN cblr-1747 200 35 . . NOUN cblr-1747 200 36 2016 2016 NUM cblr-1747 200 37 c. c. NOUN cblr-1747 200 38 “ " PUNCT cblr-1747 200 39 idle idle ADJ cblr-1747 200 40 ” " PUNCT cblr-1747 200 41 customer customer NOUN cblr-1747 200 42 securities security NOUN cblr-1747 200 43 — — PUNCT cblr-1747 200 44 securities security NOUN cblr-1747 200 45 lending lending NOUN cblr-1747 200 46 in in ADP cblr-1747 200 47 addition addition NOUN cblr-1747 200 48 to to ADP cblr-1747 200 49 regulations regulation NOUN cblr-1747 200 50 that that PRON cblr-1747 200 51 protect protect VERB cblr-1747 200 52 customer customer NOUN cblr-1747 200 53 cash cash NOUN cblr-1747 200 54 , , PUNCT cblr-1747 200 55 regulatory regulatory ADJ cblr-1747 200 56 rules rule NOUN cblr-1747 200 57 also also ADV cblr-1747 200 58 protect protect VERB cblr-1747 200 59 customer customer NOUN cblr-1747 200 60 securities security NOUN cblr-1747 200 61 by by ADP cblr-1747 200 62 limiting limit VERB cblr-1747 200 63 which which PRON cblr-1747 200 64 of of ADP cblr-1747 200 65 the the DET cblr-1747 200 66 customer customer NOUN cblr-1747 200 67 ’s ’s PART cblr-1747 200 68 securities security NOUN cblr-1747 200 69 broker broker NOUN cblr-1747 200 70 - - PUNCT cblr-1747 200 71 dealers dealer NOUN cblr-1747 200 72 can can AUX cblr-1747 200 73 lend lend VERB cblr-1747 200 74 and and CCONJ cblr-1747 200 75 under under ADP cblr-1747 200 76 what what PRON cblr-1747 200 77 circumstances circumstance NOUN cblr-1747 200 78 broker broker NOUN cblr-1747 200 79 - - PUNCT cblr-1747 200 80 dealers dealer NOUN cblr-1747 200 81 can can AUX cblr-1747 200 82 lend lend VERB cblr-1747 200 83 those those DET cblr-1747 200 84 securities security NOUN cblr-1747 200 85 . . PUNCT cblr-1747 201 1 generally generally ADV cblr-1747 201 2 , , PUNCT cblr-1747 201 3 securities security NOUN cblr-1747 201 4 lending lending NOUN cblr-1747 201 5 is be AUX cblr-1747 201 6 a a DET cblr-1747 201 7 practice practice NOUN cblr-1747 201 8 whereby whereby SCONJ cblr-1747 201 9 ownership ownership NOUN cblr-1747 201 10 of of ADP cblr-1747 201 11 a a DET cblr-1747 201 12 security security NOUN cblr-1747 201 13 is be AUX cblr-1747 201 14 given give VERB cblr-1747 201 15 to to ADP cblr-1747 201 16 another another PRON cblr-1747 201 17 for for ADP cblr-1747 201 18 a a DET cblr-1747 201 19 set set ADJ cblr-1747 201 20 duration duration NOUN cblr-1747 201 21 or or CCONJ cblr-1747 201 22 until until SCONJ cblr-1747 201 23 demanded demand VERB cblr-1747 201 24 back back ADV cblr-1747 201 25 by by ADP cblr-1747 201 26 the the DET cblr-1747 201 27 lender lender NOUN cblr-1747 201 28 in in ADP cblr-1747 201 29 return return NOUN cblr-1747 201 30 for for ADP cblr-1747 201 31 a a DET cblr-1747 201 32 fee fee NOUN cblr-1747 201 33 given give VERB cblr-1747 201 34 to to ADP cblr-1747 201 35 the the DET cblr-1747 201 36 lender.39 lender.39 NOUN cblr-1747 201 37 all all DET cblr-1747 201 38 rights right NOUN cblr-1747 201 39 associated associate VERB cblr-1747 201 40 with with ADP cblr-1747 201 41 a a DET cblr-1747 201 42 lent lent NOUN cblr-1747 201 43 stock stock NOUN cblr-1747 201 44 , , PUNCT cblr-1747 201 45 like like ADP cblr-1747 201 46 the the DET cblr-1747 201 47 right right NOUN cblr-1747 201 48 to to PART cblr-1747 201 49 vote vote VERB cblr-1747 201 50 or or CCONJ cblr-1747 201 51 receive receive VERB cblr-1747 201 52 a a DET cblr-1747 201 53 dividend dividend NOUN cblr-1747 201 54 , , PUNCT cblr-1747 201 55 pass pass VERB cblr-1747 201 56 to to ADP cblr-1747 201 57 the the DET cblr-1747 201 58 borrower borrower NOUN cblr-1747 201 59 of of ADP cblr-1747 201 60 the the DET cblr-1747 201 61 stock stock NOUN cblr-1747 201 62 , , PUNCT cblr-1747 201 63 although although SCONJ cblr-1747 201 64 borrowers borrower NOUN cblr-1747 201 65 are be AUX cblr-1747 201 66 often often ADV cblr-1747 201 67 contractually contractually ADV cblr-1747 201 68 obligated obligate VERB cblr-1747 201 69 to to PART cblr-1747 201 70 return return VERB cblr-1747 201 71 the the DET cblr-1747 201 72 economic economic ADJ cblr-1747 201 73 benefits benefit NOUN cblr-1747 201 74 to to ADP cblr-1747 201 75 the the DET cblr-1747 201 76 lender.40 lender.40 PROPN cblr-1747 201 77 broker broker NOUN cblr-1747 201 78 - - PUNCT cblr-1747 201 79 dealers dealer NOUN cblr-1747 201 80 are be AUX cblr-1747 201 81 allowed allow VERB cblr-1747 201 82 to to PART cblr-1747 201 83 lend lend VERB cblr-1747 201 84 certain certain ADJ cblr-1747 201 85 customer customer NOUN cblr-1747 201 86 securities security NOUN cblr-1747 201 87 in in ADP cblr-1747 201 88 part part NOUN cblr-1747 201 89 because because SCONJ cblr-1747 201 90 securities security NOUN cblr-1747 201 91 lending lending NOUN cblr-1747 201 92 is be AUX cblr-1747 201 93 key key ADJ cblr-1747 201 94 to to ADP cblr-1747 201 95 many many ADJ cblr-1747 201 96 market market NOUN cblr-1747 201 97 functions function NOUN cblr-1747 201 98 . . PUNCT cblr-1747 202 1 for for ADP cblr-1747 202 2 example example NOUN cblr-1747 202 3 , , PUNCT cblr-1747 202 4 borrowing borrow VERB cblr-1747 202 5 securities security NOUN cblr-1747 202 6 is be AUX cblr-1747 202 7 necessary necessary ADJ cblr-1747 202 8 for for ADP cblr-1747 202 9 short short ADJ cblr-1747 202 10 selling selling NOUN cblr-1747 202 11 because because SCONJ cblr-1747 202 12 it it PRON cblr-1747 202 13 allows allow VERB cblr-1747 202 14 a a DET cblr-1747 202 15 financial financial ADJ cblr-1747 202 16 custodians custodian NOUN cblr-1747 202 17 , , PUNCT cblr-1747 202 18 32 32 NUM cblr-1747 202 19 rev rev X cblr-1747 202 20 . . PUNCT cblr-1747 202 21 banking banking NOUN cblr-1747 202 22 & & CCONJ cblr-1747 202 23 fin fin PROPN cblr-1747 202 24 . . PUNCT cblr-1747 203 1 l. l. PROPN cblr-1747 203 2 99 99 NUM cblr-1747 203 3 , , PUNCT cblr-1747 203 4 103 103 NUM cblr-1747 203 5 ( ( PUNCT cblr-1747 203 6 2012 2012 NUM cblr-1747 203 7 ) ) PUNCT cblr-1747 203 8 . . PUNCT cblr-1747 204 1 within within ADP cblr-1747 204 2 two two NUM cblr-1747 204 3 years year NOUN cblr-1747 204 4 of of ADP cblr-1747 204 5 beginning begin VERB cblr-1747 204 6 its its PRON cblr-1747 204 7 bank bank NOUN cblr-1747 204 8 sweep sweep NOUN cblr-1747 204 9 program program NOUN cblr-1747 204 10 , , PUNCT cblr-1747 204 11 deposits deposit NOUN cblr-1747 204 12 in in ADP cblr-1747 204 13 just just ADV cblr-1747 204 14 one one NUM cblr-1747 204 15 of of ADP cblr-1747 204 16 merrill merrill PROPN cblr-1747 204 17 lynch lynch PROPN cblr-1747 204 18 ’s ’s PART cblr-1747 204 19 two two NUM cblr-1747 204 20 affiliate affiliate NOUN cblr-1747 204 21 banks bank NOUN cblr-1747 204 22 rose rise VERB cblr-1747 204 23 from from ADP cblr-1747 204 24 $ $ SYM cblr-1747 204 25 3.6 3.6 NUM cblr-1747 204 26 billion billion NUM cblr-1747 204 27 to to ADP cblr-1747 204 28 over over ADP cblr-1747 204 29 $ $ SYM cblr-1747 204 30 55 55 NUM cblr-1747 204 31 billion billion NUM cblr-1747 204 32 , , PUNCT cblr-1747 204 33 and and CCONJ cblr-1747 204 34 within within ADP cblr-1747 204 35 six six NUM cblr-1747 204 36 years year NOUN cblr-1747 204 37 , , PUNCT cblr-1747 204 38 merrill merrill PROPN cblr-1747 204 39 lynch lynch PROPN cblr-1747 204 40 ’s ’s PART cblr-1747 204 41 banks bank NOUN cblr-1747 204 42 held hold VERB cblr-1747 204 43 $ $ SYM cblr-1747 204 44 80 80 NUM cblr-1747 204 45 billion billion NUM cblr-1747 204 46 in in ADP cblr-1747 204 47 deposits deposit NOUN cblr-1747 204 48 . . PUNCT cblr-1747 205 1 i i PRON cblr-1747 205 2 d. d. PROPN cblr-1747 205 3 at at ADP cblr-1747 205 4 103 103 NUM cblr-1747 205 5 , , PUNCT cblr-1747 205 6 153 153 NUM cblr-1747 205 7 ; ; PUNCT cblr-1747 205 8 arthur arthur PROPN cblr-1747 205 9 e. e. PROPN cblr-1747 205 10 wilmarth wilmarth PROPN cblr-1747 205 11 , , PUNCT cblr-1747 205 12 jr jr PROPN cblr-1747 205 13 . . PROPN cblr-1747 205 14 , , PUNCT cblr-1747 205 15 wal wal PROPN cblr-1747 205 16 - - PROPN cblr-1747 205 17 mart mart PROPN cblr-1747 205 18 and and CCONJ cblr-1747 205 19 the the DET cblr-1747 205 20 separation separation NOUN cblr-1747 205 21 of of ADP cblr-1747 205 22 banking banking NOUN cblr-1747 205 23 and and CCONJ cblr-1747 205 24 commerce commerce PROPN cblr-1747 205 25 , , PUNCT cblr-1747 205 26 39 39 NUM cblr-1747 205 27 conn conn PROPN cblr-1747 205 28 . . PROPN cblr-1747 206 1 l. l. PROPN cblr-1747 206 2 rev rev PROPN cblr-1747 206 3 . . PROPN cblr-1747 206 4 1539 1539 NUM cblr-1747 206 5 , , PUNCT cblr-1747 206 6 1591 1591 NUM cblr-1747 206 7 ( ( PUNCT cblr-1747 206 8 2007 2007 NUM cblr-1747 206 9 ) ) PUNCT cblr-1747 206 10 . . PUNCT cblr-1747 207 1 within within ADP cblr-1747 207 2 a a DET cblr-1747 207 3 few few ADJ cblr-1747 207 4 years year NOUN cblr-1747 207 5 of of ADP cblr-1747 207 6 merrill merrill PROPN cblr-1747 207 7 lynch lynch PROPN cblr-1747 207 8 introducing introduce VERB cblr-1747 207 9 its its PRON cblr-1747 207 10 bank bank NOUN cblr-1747 207 11 sweep sweep NOUN cblr-1747 207 12 program program NOUN cblr-1747 207 13 , , PUNCT cblr-1747 207 14 lehman lehman PROPN cblr-1747 207 15 brothers brothers PROPN cblr-1747 207 16 , , PUNCT cblr-1747 207 17 smith smith PROPN cblr-1747 207 18 barney barney PROPN cblr-1747 207 19 , , PUNCT cblr-1747 207 20 charles charles PROPN cblr-1747 207 21 schwab schwab PROPN cblr-1747 207 22 , , PUNCT cblr-1747 207 23 ubs ubs PROPN cblr-1747 207 24 , , PUNCT cblr-1747 207 25 e*trade e*trade PROPN cblr-1747 207 26 , , PUNCT cblr-1747 207 27 and and CCONJ cblr-1747 207 28 morgan morgan PROPN cblr-1747 207 29 stanley stanley PROPN cblr-1747 207 30 introduced introduce VERB cblr-1747 207 31 similar similar ADJ cblr-1747 207 32 bank bank NOUN cblr-1747 207 33 sweep sweep NOUN cblr-1747 207 34 programs program NOUN cblr-1747 207 35 . . PUNCT cblr-1747 208 1 clark clark PROPN cblr-1747 208 2 , , PUNCT cblr-1747 208 3 supra supra PROPN cblr-1747 208 4 , , PUNCT cblr-1747 208 5 at at ADP cblr-1747 208 6 153–54 153–54 NOUN cblr-1747 208 7 . . PUNCT cblr-1747 209 1 due due ADP cblr-1747 209 2 to to ADP cblr-1747 209 3 a a DET cblr-1747 209 4 rise rise NOUN cblr-1747 209 5 in in ADP cblr-1747 209 6 the the DET cblr-1747 209 7 use use NOUN cblr-1747 209 8 of of ADP cblr-1747 209 9 sweep sweep NOUN cblr-1747 209 10 programs program NOUN cblr-1747 209 11 in in ADP cblr-1747 209 12 the the DET cblr-1747 209 13 early early ADJ cblr-1747 209 14 2000s 2000s NUM cblr-1747 209 15 , , PUNCT cblr-1747 209 16 a a DET cblr-1747 209 17 2004 2004 NUM cblr-1747 209 18 study study NOUN cblr-1747 209 19 estimated estimate VERB cblr-1747 209 20 that that SCONJ cblr-1747 209 21 $ $ SYM cblr-1747 209 22 350 350 NUM cblr-1747 209 23 billion billion NUM cblr-1747 209 24 was be AUX cblr-1747 209 25 now now ADV cblr-1747 209 26 in in ADP cblr-1747 209 27 fdic fdic ADJ cblr-1747 209 28 - - PUNCT cblr-1747 209 29 insured insure VERB cblr-1747 209 30 deposits deposit NOUN cblr-1747 209 31 that that PRON cblr-1747 209 32 would would AUX cblr-1747 209 33 have have AUX cblr-1747 209 34 otherwise otherwise ADV cblr-1747 209 35 been be AUX cblr-1747 209 36 held hold VERB cblr-1747 209 37 by by ADP cblr-1747 209 38 broker broker NOUN cblr-1747 209 39 - - PUNCT cblr-1747 209 40 dealers dealer NOUN cblr-1747 209 41 in in ADP cblr-1747 209 42 retail retail ADJ cblr-1747 209 43 money money NOUN cblr-1747 209 44 market market NOUN cblr-1747 209 45 funds fund NOUN cblr-1747 209 46 . . PUNCT cblr-1747 210 1 george george PROPN cblr-1747 210 2 pennacchi pennacchi PROPN cblr-1747 210 3 , , PUNCT cblr-1747 210 4 deposit deposit NOUN cblr-1747 210 5 insurance insurance NOUN cblr-1747 210 6 , , PUNCT cblr-1747 210 7 bank bank NOUN cblr-1747 210 8 regulation regulation NOUN cblr-1747 210 9 , , PUNCT cblr-1747 210 10 and and CCONJ cblr-1747 210 11 financial financial ADJ cblr-1747 210 12 system system NOUN cblr-1747 210 13 risks risk NOUN cblr-1747 210 14 , , PUNCT cblr-1747 210 15 53 53 NUM cblr-1747 210 16 j. j. PROPN cblr-1747 210 17 monetary monetary PROPN cblr-1747 210 18 econ econ PROPN cblr-1747 210 19 . . PUNCT cblr-1747 211 1 1 1 NUM cblr-1747 211 2 , , PUNCT cblr-1747 211 3 15 15 NUM cblr-1747 211 4 ( ( PUNCT cblr-1747 211 5 2006 2006 NUM cblr-1747 211 6 ) ) PUNCT cblr-1747 211 7 ( ( PUNCT cblr-1747 211 8 citing cite VERB cblr-1747 211 9 2004 2004 NUM cblr-1747 211 10 study study NOUN cblr-1747 211 11 by by ADP cblr-1747 211 12 crane crane NOUN cblr-1747 211 13 and and CCONJ cblr-1747 211 14 krasner krasner NOUN cblr-1747 211 15 ) ) PUNCT cblr-1747 211 16 . . PUNCT cblr-1747 212 1 39 39 NUM cblr-1747 212 2 see see VERB cblr-1747 212 3 saule saule PROPN cblr-1747 212 4 t. t. PROPN cblr-1747 212 5 omarova omarova PROPN cblr-1747 212 6 , , PUNCT cblr-1747 212 7 from from ADP cblr-1747 212 8 gramm gramm NOUN cblr-1747 212 9 - - PUNCT cblr-1747 212 10 leach leach NOUN cblr-1747 212 11 - - PUNCT cblr-1747 212 12 bliley bliley NOUN cblr-1747 212 13 to to ADP cblr-1747 212 14 dodd dodd PROPN cblr-1747 212 15 - - PUNCT cblr-1747 212 16 frank frank PROPN cblr-1747 212 17 : : PUNCT cblr-1747 212 18 the the DET cblr-1747 212 19 unfulfilled unfulfilled ADJ cblr-1747 212 20 promise promise NOUN cblr-1747 212 21 of of ADP cblr-1747 212 22 section section NOUN cblr-1747 212 23 23a 23a NOUN cblr-1747 212 24 of of ADP cblr-1747 212 25 the the DET cblr-1747 212 26 federal federal PROPN cblr-1747 212 27 reserve reserve PROPN cblr-1747 212 28 act act PROPN cblr-1747 212 29 , , PUNCT cblr-1747 212 30 89 89 NUM cblr-1747 212 31 n.c n.c PROPN cblr-1747 212 32 . . PROPN cblr-1747 212 33 l. l. PROPN cblr-1747 212 34 rev rev PROPN cblr-1747 212 35 . . PROPN cblr-1747 212 36 1683 1683 NUM cblr-1747 212 37 , , PUNCT cblr-1747 212 38 1719 1719 NUM cblr-1747 212 39 ( ( PUNCT cblr-1747 212 40 2011 2011 NUM cblr-1747 212 41 ) ) PUNCT cblr-1747 212 42 ; ; PUNCT cblr-1747 212 43 see see VERB cblr-1747 212 44 also also ADV cblr-1747 212 45 ass’n ass’n NOUN cblr-1747 212 46 of of ADP cblr-1747 212 47 british british ADJ cblr-1747 212 48 insurers insurer NOUN cblr-1747 212 49 et et PROPN cblr-1747 212 50 al al PROPN cblr-1747 212 51 . . PROPN cblr-1747 212 52 , , PUNCT cblr-1747 212 53 securities security NOUN cblr-1747 212 54 lending lending NOUN cblr-1747 212 55 : : PUNCT cblr-1747 212 56 an an DET cblr-1747 212 57 introductory introductory ADJ cblr-1747 212 58 guide guide NOUN cblr-1747 212 59 2 2 NUM cblr-1747 212 60 ( ( PUNCT cblr-1747 212 61 2010 2010 NUM cblr-1747 212 62 ) ) PUNCT cblr-1747 212 63 , , PUNCT cblr-1747 213 1 http://www.bankofengland.co.uk/markets/documents/gilts/sl_intro_green http://www.bankofengland.co.uk/markets/documents/gilts/sl_intro_green X cblr-1747 213 2 _ _ PUNCT cblr-1747 214 1 9_10.pdf 9_10.pdf NUM cblr-1747 215 1 [ [ X cblr-1747 215 2 https://perma.cc/cu83-krkv https://perma.cc/cu83-krkv X cblr-1747 215 3 ] ] PUNCT cblr-1747 215 4 . . PUNCT cblr-1747 216 1 40 40 NUM cblr-1747 216 2 see see VERB cblr-1747 216 3 omarova omarova PROPN cblr-1747 216 4 , , PUNCT cblr-1747 216 5 supra supra PROPN cblr-1747 216 6 note note NOUN cblr-1747 216 7 39 39 NUM cblr-1747 216 8 , , PUNCT cblr-1747 216 9 at at ADP cblr-1747 216 10 1719 1719 NUM cblr-1747 216 11 ; ; PUNCT cblr-1747 216 12 see see VERB cblr-1747 216 13 also also ADV cblr-1747 216 14 ass’n ass’n NOUN cblr-1747 216 15 of of ADP cblr-1747 216 16 british british ADJ cblr-1747 216 17 insurers insurer NOUN cblr-1747 216 18 et et PROPN cblr-1747 216 19 al al PROPN cblr-1747 216 20 . . PROPN cblr-1747 216 21 , , PUNCT cblr-1747 216 22 supra supra PROPN cblr-1747 216 23 note note VERB cblr-1747 216 24 39 39 NUM cblr-1747 216 25 , , PUNCT cblr-1747 216 26 at at ADP cblr-1747 216 27 2 2 NUM cblr-1747 216 28 . . PUNCT cblr-1747 216 29 tepe tepe NOUN cblr-1747 216 30 – – PUNCT cblr-1747 216 31 final final ADJ cblr-1747 216 32 no no NOUN cblr-1747 216 33 . . PUNCT cblr-1747 217 1 3:823 3:823 NUM cblr-1747 217 2 ] ] X cblr-1747 217 3 broker broker NOUN cblr-1747 217 4 - - PUNCT cblr-1747 217 5 dealer dealer NOUN cblr-1747 217 6 “ " PUNCT cblr-1747 217 7 idle idle ADJ cblr-1747 217 8 ” " PUNCT cblr-1747 217 9 customer customer NOUN cblr-1747 217 10 assets asset NOUN cblr-1747 217 11 837 837 NUM cblr-1747 217 12 entity entity NOUN cblr-1747 217 13 to to PART cblr-1747 217 14 borrow borrow VERB cblr-1747 217 15 a a DET cblr-1747 217 16 security security NOUN cblr-1747 217 17 in in ADP cblr-1747 217 18 order order NOUN cblr-1747 217 19 to to PART cblr-1747 217 20 sell sell VERB cblr-1747 217 21 it it PRON cblr-1747 217 22 in in ADP cblr-1747 217 23 the the DET cblr-1747 217 24 market.41 market.41 NOUN cblr-1747 217 25 short short ADJ cblr-1747 217 26 selling selling NOUN cblr-1747 217 27 provides provide VERB cblr-1747 217 28 an an DET cblr-1747 217 29 opportunity opportunity NOUN cblr-1747 217 30 for for SCONJ cblr-1747 217 31 investors investor NOUN cblr-1747 217 32 to to PART cblr-1747 217 33 profit profit VERB cblr-1747 217 34 off off ADP cblr-1747 217 35 of of ADP cblr-1747 217 36 a a DET cblr-1747 217 37 decline decline NOUN cblr-1747 217 38 in in ADP cblr-1747 217 39 the the DET cblr-1747 217 40 price price NOUN cblr-1747 217 41 of of ADP cblr-1747 217 42 a a DET cblr-1747 217 43 security security NOUN cblr-1747 217 44 , , PUNCT cblr-1747 217 45 whether whether SCONJ cblr-1747 217 46 for for ADP cblr-1747 217 47 hedging hedging NOUN cblr-1747 217 48 or or CCONJ cblr-1747 217 49 speculative speculative ADJ cblr-1747 217 50 purposes.42 purposes.42 NOUN cblr-1747 217 51 in in ADP cblr-1747 217 52 addition addition NOUN cblr-1747 217 53 , , PUNCT cblr-1747 217 54 securities security NOUN cblr-1747 217 55 lending lending NOUN cblr-1747 217 56 is be AUX cblr-1747 217 57 closely closely ADV cblr-1747 217 58 tied tie VERB cblr-1747 217 59 to to ADP cblr-1747 217 60 the the DET cblr-1747 217 61 market market NOUN cblr-1747 217 62 for for ADP cblr-1747 217 63 securities security NOUN cblr-1747 217 64 repurchase repurchase NOUN cblr-1747 217 65 agreements agreement NOUN cblr-1747 217 66 ( ( PUNCT cblr-1747 217 67 “ " PUNCT cblr-1747 217 68 repos repos NOUN cblr-1747 217 69 ” " PUNCT cblr-1747 217 70 ) ) PUNCT cblr-1747 217 71 , , PUNCT cblr-1747 217 72 which which PRON cblr-1747 217 73 serve serve VERB cblr-1747 217 74 as as ADP cblr-1747 217 75 the the DET cblr-1747 217 76 main main ADJ cblr-1747 217 77 source source NOUN cblr-1747 217 78 of of ADP cblr-1747 217 79 short short ADJ cblr-1747 217 80 - - PUNCT cblr-1747 217 81 term term NOUN cblr-1747 217 82 financing financing NOUN cblr-1747 217 83 for for ADP cblr-1747 217 84 broker broker NOUN cblr-1747 217 85 - - PUNCT cblr-1747 217 86 dealers.43 dealers.43 NOUN cblr-1747 217 87 with with ADP cblr-1747 217 88 repos repos NOUN cblr-1747 217 89 , , PUNCT cblr-1747 217 90 one one NUM cblr-1747 217 91 party party NOUN cblr-1747 217 92 sells sell VERB cblr-1747 217 93 securities security NOUN cblr-1747 217 94 to to ADP cblr-1747 217 95 another another DET cblr-1747 217 96 party party NOUN cblr-1747 217 97 for for ADP cblr-1747 217 98 cash cash NOUN cblr-1747 217 99 and and CCONJ cblr-1747 217 100 agrees agree VERB cblr-1747 217 101 to to PART cblr-1747 217 102 repurchase repurchase VERB cblr-1747 217 103 the the DET cblr-1747 217 104 same same ADJ cblr-1747 217 105 securities security NOUN cblr-1747 217 106 at at ADP cblr-1747 217 107 a a DET cblr-1747 217 108 future future ADJ cblr-1747 217 109 date date NOUN cblr-1747 217 110 ( ( PUNCT cblr-1747 217 111 usually usually ADV cblr-1747 217 112 the the DET cblr-1747 217 113 following following ADJ cblr-1747 217 114 day day NOUN cblr-1747 217 115 ) ) PUNCT cblr-1747 217 116 for for ADP cblr-1747 217 117 a a DET cblr-1747 217 118 slightly slightly ADV cblr-1747 217 119 higher high ADJ cblr-1747 217 120 price.44 price.44 NOUN cblr-1747 217 121 repos repos NOUN cblr-1747 217 122 are be AUX cblr-1747 217 123 a a DET cblr-1747 217 124 key key ADJ cblr-1747 217 125 41 41 NUM cblr-1747 217 126 see see NOUN cblr-1747 217 127 division division NOUN cblr-1747 217 128 of of ADP cblr-1747 217 129 market market NOUN cblr-1747 217 130 regulation regulation NOUN cblr-1747 217 131 : : PUNCT cblr-1747 217 132 reponses reponse NOUN cblr-1747 217 133 to to ADP cblr-1747 217 134 frequently frequently ADV cblr-1747 217 135 asked ask VERB cblr-1747 217 136 questions question NOUN cblr-1747 217 137 concerning concern VERB cblr-1747 217 138 regulation regulation NOUN cblr-1747 217 139 sho sho NOUN cblr-1747 217 140 , , PUNCT cblr-1747 217 141 sec sec PROPN cblr-1747 217 142 , , PUNCT cblr-1747 217 143 http://www.sec.gov/divisions/marketreg/mrfaqregsho1204.htm http://www.sec.gov/divisions/marketreg/mrfaqregsho1204.htm X cblr-1747 218 1 [ [ X cblr-1747 218 2 https://perma.cc/9bjg-73dh https://perma.cc/9bjg-73dh X cblr-1747 218 3 ] ] X cblr-1747 218 4 ( ( PUNCT cblr-1747 218 5 last last ADJ cblr-1747 218 6 updated update VERB cblr-1747 218 7 oct oct PROPN cblr-1747 218 8 . . PROPN cblr-1747 218 9 15 15 NUM cblr-1747 218 10 , , PUNCT cblr-1747 218 11 2015 2015 NUM cblr-1747 218 12 ) ) PUNCT cblr-1747 219 1 [ [ X cblr-1747 219 2 hereinafter hereinafter NOUN cblr-1747 219 3 sec sec PROPN cblr-1747 219 4 responses response NOUN cblr-1747 219 5 to to ADP cblr-1747 219 6 faq faq NOUN cblr-1747 219 7 concerning concern VERB cblr-1747 219 8 reg reg NOUN cblr-1747 219 9 sho sho NOUN cblr-1747 219 10 ] ] PUNCT cblr-1747 219 11 ( ( PUNCT cblr-1747 219 12 “ " PUNCT cblr-1747 219 13 a a DET cblr-1747 219 14 short short ADJ cblr-1747 219 15 sale sale NOUN cblr-1747 219 16 is be AUX cblr-1747 219 17 the the DET cblr-1747 219 18 sale sale NOUN cblr-1747 219 19 of of ADP cblr-1747 219 20 a a DET cblr-1747 219 21 security security NOUN cblr-1747 219 22 that that PRON cblr-1747 219 23 the the DET cblr-1747 219 24 seller seller NOUN cblr-1747 219 25 does do AUX cblr-1747 219 26 not not PART cblr-1747 219 27 own own VERB cblr-1747 219 28 and and CCONJ cblr-1747 219 29 any any DET cblr-1747 219 30 sale sale NOUN cblr-1747 219 31 that that PRON cblr-1747 219 32 is be AUX cblr-1747 219 33 consummated consummate VERB cblr-1747 219 34 by by ADP cblr-1747 219 35 the the DET cblr-1747 219 36 delivery delivery NOUN cblr-1747 219 37 of of ADP cblr-1747 219 38 a a DET cblr-1747 219 39 security security NOUN cblr-1747 219 40 borrowed borrow VERB cblr-1747 219 41 by by ADP cblr-1747 219 42 , , PUNCT cblr-1747 219 43 or or CCONJ cblr-1747 219 44 for for ADP cblr-1747 219 45 the the DET cblr-1747 219 46 account account NOUN cblr-1747 219 47 of of ADP cblr-1747 219 48 , , PUNCT cblr-1747 219 49 the the DET cblr-1747 219 50 seller seller NOUN cblr-1747 219 51 . . PUNCT cblr-1747 220 1 in in ADP cblr-1747 220 2 order order NOUN cblr-1747 220 3 to to PART cblr-1747 220 4 deliver deliver VERB cblr-1747 220 5 the the DET cblr-1747 220 6 security security NOUN cblr-1747 220 7 to to ADP cblr-1747 220 8 the the DET cblr-1747 220 9 purchaser purchaser NOUN cblr-1747 220 10 , , PUNCT cblr-1747 220 11 the the DET cblr-1747 220 12 short short ADJ cblr-1747 220 13 seller seller NOUN cblr-1747 220 14 will will AUX cblr-1747 220 15 borrow borrow VERB cblr-1747 220 16 the the DET cblr-1747 220 17 security security NOUN cblr-1747 220 18 , , PUNCT cblr-1747 220 19 usually usually ADV cblr-1747 220 20 from from ADP cblr-1747 220 21 a a DET cblr-1747 220 22 broker broker NOUN cblr-1747 220 23 - - PUNCT cblr-1747 220 24 dealer dealer NOUN cblr-1747 220 25 or or CCONJ cblr-1747 220 26 an an DET cblr-1747 220 27 institutional institutional ADJ cblr-1747 220 28 investor investor NOUN cblr-1747 220 29 . . PUNCT cblr-1747 220 30 ” " PUNCT cblr-1747 220 31 ) ) PUNCT cblr-1747 220 32 . . PUNCT cblr-1747 221 1 if if SCONJ cblr-1747 221 2 a a DET cblr-1747 221 3 financial financial ADJ cblr-1747 221 4 entity entity NOUN cblr-1747 221 5 wants want VERB cblr-1747 221 6 to to PART cblr-1747 221 7 sell sell VERB cblr-1747 221 8 a a DET cblr-1747 221 9 stock stock NOUN cblr-1747 221 10 short short ADJ cblr-1747 221 11 and and CCONJ cblr-1747 221 12 does do AUX cblr-1747 221 13 not not PART cblr-1747 221 14 own own VERB cblr-1747 221 15 the the DET cblr-1747 221 16 stock stock NOUN cblr-1747 221 17 currently currently ADV cblr-1747 221 18 , , PUNCT cblr-1747 221 19 the the DET cblr-1747 221 20 entity entity NOUN cblr-1747 221 21 must must AUX cblr-1747 221 22 borrow borrow VERB cblr-1747 221 23 the the DET cblr-1747 221 24 stock stock NOUN cblr-1747 221 25 to to PART cblr-1747 221 26 sell sell VERB cblr-1747 221 27 it it PRON cblr-1747 221 28 now now ADV cblr-1747 221 29 . . PUNCT cblr-1747 222 1 later later ADV cblr-1747 222 2 , , PUNCT cblr-1747 222 3 the the DET cblr-1747 222 4 financial financial ADJ cblr-1747 222 5 entity entity NOUN cblr-1747 222 6 would would AUX cblr-1747 222 7 repurchase repurchase VERB cblr-1747 222 8 the the DET cblr-1747 222 9 stock stock NOUN cblr-1747 222 10 in in ADP cblr-1747 222 11 the the DET cblr-1747 222 12 market market NOUN cblr-1747 222 13 and and CCONJ cblr-1747 222 14 return return VERB cblr-1747 222 15 the the DET cblr-1747 222 16 stock stock NOUN cblr-1747 222 17 to to ADP cblr-1747 222 18 the the DET cblr-1747 222 19 lender lender NOUN cblr-1747 222 20 . . PUNCT cblr-1747 223 1 if if SCONJ cblr-1747 223 2 the the DET cblr-1747 223 3 stock stock NOUN cblr-1747 223 4 price price NOUN cblr-1747 223 5 has have AUX cblr-1747 223 6 decreased decrease VERB cblr-1747 223 7 in in ADP cblr-1747 223 8 the the DET cblr-1747 223 9 interim interim NOUN cblr-1747 223 10 , , PUNCT cblr-1747 223 11 the the DET cblr-1747 223 12 short short ADJ cblr-1747 223 13 seller seller NOUN cblr-1747 223 14 can can AUX cblr-1747 223 15 repurchase repurchase VERB cblr-1747 223 16 the the DET cblr-1747 223 17 stock stock NOUN cblr-1747 223 18 at at ADP cblr-1747 223 19 a a DET cblr-1747 223 20 lower low ADJ cblr-1747 223 21 price price NOUN cblr-1747 223 22 and and CCONJ cblr-1747 223 23 can can AUX cblr-1747 223 24 pocket pocket VERB cblr-1747 223 25 the the DET cblr-1747 223 26 profits profit NOUN cblr-1747 223 27 . . PUNCT cblr-1747 224 1 sec sec PROPN cblr-1747 224 2 regulation regulation NOUN cblr-1747 224 3 sho sho NOUN cblr-1747 224 4 generally generally ADV cblr-1747 224 5 prohibits prohibit VERB cblr-1747 224 6 “ " PUNCT cblr-1747 224 7 naked naked ADJ cblr-1747 224 8 ” " PUNCT cblr-1747 224 9 short short ADJ cblr-1747 224 10 selling selling NOUN cblr-1747 224 11 in in ADP cblr-1747 224 12 which which PRON cblr-1747 224 13 investors investor NOUN cblr-1747 224 14 sell sell VERB cblr-1747 224 15 a a DET cblr-1747 224 16 stock stock NOUN cblr-1747 224 17 short short ADJ cblr-1747 224 18 without without ADP cblr-1747 224 19 borrowing borrow VERB cblr-1747 224 20 the the DET cblr-1747 224 21 security security NOUN cblr-1747 224 22 to to PART cblr-1747 224 23 make make VERB cblr-1747 224 24 delivery delivery NOUN cblr-1747 224 25 . . PUNCT cblr-1747 225 1 see see VERB cblr-1747 225 2 i i PRON cblr-1747 225 3 d. d. PROPN cblr-1747 225 4 ( ( PUNCT cblr-1747 225 5 “ " PUNCT cblr-1747 225 6 a a DET cblr-1747 225 7 ‘ ' PUNCT cblr-1747 225 8 naked naked ADJ cblr-1747 225 9 ’ ' PUNCT cblr-1747 225 10 short short ADJ cblr-1747 225 11 sale sale NOUN cblr-1747 225 12 generally generally ADV cblr-1747 225 13 refers refer VERB cblr-1747 225 14 to to ADP cblr-1747 225 15 selling sell VERB cblr-1747 225 16 short short ADV cblr-1747 225 17 without without ADP cblr-1747 225 18 having having AUX cblr-1747 225 19 borrowed borrow VERB cblr-1747 225 20 the the DET cblr-1747 225 21 securities security NOUN cblr-1747 225 22 to to PART cblr-1747 225 23 make make VERB cblr-1747 225 24 delivery delivery NOUN cblr-1747 225 25 . . PUNCT cblr-1747 225 26 ” " PUNCT cblr-1747 225 27 ) ) PUNCT cblr-1747 225 28 ; ; PUNCT cblr-1747 225 29 17 17 NUM cblr-1747 225 30 c.f.r c.f.r NOUN cblr-1747 225 31 . . PUNCT cblr-1747 226 1 § § PROPN cblr-1747 226 2 242.203(b 242.203(b PROPN cblr-1747 226 3 ) ) PUNCT cblr-1747 226 4 ( ( PUNCT cblr-1747 226 5 2015 2015 NUM cblr-1747 226 6 ) ) PUNCT cblr-1747 226 7 . . PUNCT cblr-1747 227 1 42 42 NUM cblr-1747 227 2 sec sec PROPN cblr-1747 227 3 responses response NOUN cblr-1747 227 4 to to ADP cblr-1747 227 5 faq faq NOUN cblr-1747 227 6 concerning concern VERB cblr-1747 227 7 reg reg NUM cblr-1747 227 8 sho sho NOUN cblr-1747 227 9 , , PUNCT cblr-1747 227 10 supra supra PROPN cblr-1747 227 11 note note NOUN cblr-1747 227 12 41 41 NUM cblr-1747 227 13 ( ( PUNCT cblr-1747 227 14 “ " PUNCT cblr-1747 227 15 in in ADP cblr-1747 227 16 general general ADJ cblr-1747 227 17 , , PUNCT cblr-1747 227 18 short short ADJ cblr-1747 227 19 selling selling NOUN cblr-1747 227 20 is be AUX cblr-1747 227 21 used use VERB cblr-1747 227 22 to to PART cblr-1747 227 23 profit profit VERB cblr-1747 227 24 from from ADP cblr-1747 227 25 an an DET cblr-1747 227 26 expected expect VERB cblr-1747 227 27 downward downward ADJ cblr-1747 227 28 price price NOUN cblr-1747 227 29 movement movement NOUN cblr-1747 227 30 , , PUNCT cblr-1747 227 31 to to PART cblr-1747 227 32 provide provide VERB cblr-1747 227 33 liquidity liquidity NOUN cblr-1747 227 34 in in ADP cblr-1747 227 35 response response NOUN cblr-1747 227 36 to to ADP cblr-1747 227 37 unanticipated unanticipated ADJ cblr-1747 227 38 demand demand NOUN cblr-1747 227 39 , , PUNCT cblr-1747 227 40 or or CCONJ cblr-1747 227 41 to to PART cblr-1747 227 42 hedge hedge VERB cblr-1747 227 43 the the DET cblr-1747 227 44 risk risk NOUN cblr-1747 227 45 of of ADP cblr-1747 227 46 an an DET cblr-1747 227 47 economic economic ADJ cblr-1747 227 48 long long ADJ cblr-1747 227 49 position position NOUN cblr-1747 227 50 in in ADP cblr-1747 227 51 the the DET cblr-1747 227 52 same same ADJ cblr-1747 227 53 security security NOUN cblr-1747 227 54 or or CCONJ cblr-1747 227 55 in in ADP cblr-1747 227 56 a a DET cblr-1747 227 57 related related ADJ cblr-1747 227 58 security security NOUN cblr-1747 227 59 . . PUNCT cblr-1747 227 60 ” " PUNCT cblr-1747 227 61 ) ) PUNCT cblr-1747 227 62 . . PUNCT cblr-1747 228 1 short short ADJ cblr-1747 228 2 selling selling NOUN cblr-1747 228 3 is be AUX cblr-1747 228 4 often often ADV cblr-1747 228 5 a a DET cblr-1747 228 6 key key ADJ cblr-1747 228 7 part part NOUN cblr-1747 228 8 of of ADP cblr-1747 228 9 trading trading NOUN cblr-1747 228 10 strategies strategy NOUN cblr-1747 228 11 and and CCONJ cblr-1747 228 12 a a DET cblr-1747 228 13 derivatives derivative NOUN cblr-1747 228 14 business business NOUN cblr-1747 228 15 . . PUNCT cblr-1747 229 1 for for ADP cblr-1747 229 2 example example NOUN cblr-1747 229 3 , , PUNCT cblr-1747 229 4 bank bank PROPN cblr-1747 229 5 of of ADP cblr-1747 229 6 america america PROPN cblr-1747 229 7 and and CCONJ cblr-1747 229 8 wachovia wachovia PROPN cblr-1747 229 9 bank bank PROPN cblr-1747 229 10 in in ADP cblr-1747 229 11 the the DET cblr-1747 229 12 mid-2000s mid-2000s NOUN cblr-1747 229 13 borrowed borrow VERB cblr-1747 229 14 securities security NOUN cblr-1747 229 15 from from ADP cblr-1747 229 16 affiliated affiliated ADJ cblr-1747 229 17 broker broker NOUN cblr-1747 229 18 - - PUNCT cblr-1747 229 19 dealers dealer NOUN cblr-1747 229 20 in in ADP cblr-1747 229 21 order order NOUN cblr-1747 229 22 to to PART cblr-1747 229 23 facilitate facilitate VERB cblr-1747 229 24 the the DET cblr-1747 229 25 banks bank NOUN cblr-1747 229 26 ’ ’ PART cblr-1747 229 27 derivatives derivative NOUN cblr-1747 229 28 trading trading NOUN cblr-1747 229 29 business business NOUN cblr-1747 229 30 . . PUNCT cblr-1747 230 1 see see VERB cblr-1747 230 2 omarova omarova PROPN cblr-1747 230 3 , , PUNCT cblr-1747 230 4 supra supra PROPN cblr-1747 230 5 note note NOUN cblr-1747 230 6 39 39 NUM cblr-1747 230 7 , , PUNCT cblr-1747 230 8 at at ADP cblr-1747 230 9 1722–23 1722–23 NOUN cblr-1747 230 10 . . PUNCT cblr-1747 231 1 43 43 NUM cblr-1747 231 2 see see VERB cblr-1747 231 3 omarova omarova PROPN cblr-1747 231 4 , , PUNCT cblr-1747 231 5 supra supra PROPN cblr-1747 231 6 note note NOUN cblr-1747 231 7 39 39 NUM cblr-1747 231 8 , , PUNCT cblr-1747 231 9 at at ADP cblr-1747 231 10 1720 1720 NUM cblr-1747 231 11 . . PUNCT cblr-1747 232 1 44 44 NUM cblr-1747 232 2 see see VERB cblr-1747 232 3 i i PRON cblr-1747 232 4 d. d. PROPN cblr-1747 232 5 at at ADP cblr-1747 232 6 n.151 n.151 NUM cblr-1747 232 7 . . PUNCT cblr-1747 233 1 repos repos PROPN cblr-1747 233 2 allow allow VERB cblr-1747 233 3 the the DET cblr-1747 233 4 seller seller NOUN cblr-1747 233 5 of of ADP cblr-1747 233 6 securities security NOUN cblr-1747 233 7 to to PART cblr-1747 233 8 , , PUNCT cblr-1747 233 9 in in ADP cblr-1747 233 10 effect effect NOUN cblr-1747 233 11 , , PUNCT cblr-1747 233 12 borrow borrow VERB cblr-1747 233 13 cash cash NOUN cblr-1747 233 14 from from ADP cblr-1747 233 15 the the DET cblr-1747 233 16 purchaser purchaser NOUN cblr-1747 233 17 of of ADP cblr-1747 233 18 the the DET cblr-1747 233 19 securities security NOUN cblr-1747 233 20 , , PUNCT cblr-1747 233 21 and and CCONJ cblr-1747 233 22 the the DET cblr-1747 233 23 purchaser purchaser NOUN cblr-1747 233 24 of of ADP cblr-1747 233 25 the the DET cblr-1747 233 26 tepe tepe NOUN cblr-1747 233 27 – – PUNCT cblr-1747 233 28 final final ADJ cblr-1747 233 29 838 838 NUM cblr-1747 233 30 columbia columbia PROPN cblr-1747 233 31 business business NOUN cblr-1747 233 32 law law NOUN cblr-1747 233 33 review review NOUN cblr-1747 233 34 [ [ X cblr-1747 233 35 vol vol NOUN cblr-1747 233 36 . . NOUN cblr-1747 233 37 2016 2016 NUM cblr-1747 233 38 source source NOUN cblr-1747 233 39 of of ADP cblr-1747 233 40 short short ADJ cblr-1747 233 41 - - PUNCT cblr-1747 233 42 term term NOUN cblr-1747 233 43 financing financing NOUN cblr-1747 233 44 for for ADP cblr-1747 233 45 broker broker NOUN cblr-1747 233 46 - - PUNCT cblr-1747 233 47 dealers dealer NOUN cblr-1747 233 48 because because SCONJ cblr-1747 233 49 the the DET cblr-1747 233 50 parties party NOUN cblr-1747 233 51 typically typically ADV cblr-1747 233 52 roll roll VERB cblr-1747 233 53 over over ADP cblr-1747 233 54 the the DET cblr-1747 233 55 one one NUM cblr-1747 233 56 - - PUNCT cblr-1747 233 57 day day NOUN cblr-1747 233 58 repos repos NOUN cblr-1747 233 59 to to PART cblr-1747 233 60 craft craft VERB cblr-1747 233 61 longerterm longerterm NOUN cblr-1747 233 62 loans.45 loans.45 VERB cblr-1747 233 63 one one NUM cblr-1747 233 64 rule rule NOUN cblr-1747 233 65 that that PRON cblr-1747 233 66 limits limit VERB cblr-1747 233 67 the the DET cblr-1747 233 68 risk risk NOUN cblr-1747 233 69 to to ADP cblr-1747 233 70 customers customer NOUN cblr-1747 233 71 when when SCONJ cblr-1747 233 72 a a DET cblr-1747 233 73 brokerdealer brokerdealer NOUN cblr-1747 233 74 lends lend VERB cblr-1747 233 75 their their PRON cblr-1747 233 76 securities security NOUN cblr-1747 233 77 is be AUX cblr-1747 233 78 regulation regulation NOUN cblr-1747 233 79 t t NOUN cblr-1747 233 80 ( ( PUNCT cblr-1747 233 81 “ " PUNCT cblr-1747 233 82 reg reg PROPN cblr-1747 233 83 t t PROPN cblr-1747 233 84 ” " PUNCT cblr-1747 233 85 ) ) PUNCT cblr-1747 233 86 . . PUNCT cblr-1747 234 1 reg reg PROPN cblr-1747 234 2 t t PROPN cblr-1747 234 3 limits limit NOUN cblr-1747 234 4 when when SCONJ cblr-1747 234 5 broker broker NOUN cblr-1747 234 6 - - PUNCT cblr-1747 234 7 dealers dealer NOUN cblr-1747 234 8 may may AUX cblr-1747 234 9 borrow borrow VERB cblr-1747 234 10 or or CCONJ cblr-1747 234 11 lend lend VERB cblr-1747 234 12 securities security NOUN cblr-1747 234 13 , , PUNCT cblr-1747 234 14 whether whether SCONJ cblr-1747 234 15 customer customer NOUN cblr-1747 234 16 securities security NOUN cblr-1747 234 17 or or CCONJ cblr-1747 234 18 securities security NOUN cblr-1747 234 19 owned own VERB cblr-1747 234 20 by by ADP cblr-1747 234 21 the the DET cblr-1747 234 22 broker broker NOUN cblr-1747 234 23 - - PUNCT cblr-1747 234 24 dealer.46 dealer.46 NOUN cblr-1747 234 25 reg reg PROPN cblr-1747 234 26 t t PROPN cblr-1747 234 27 states state NOUN cblr-1747 234 28 , , PUNCT cblr-1747 234 29 “ " PUNCT cblr-1747 234 30 [ [ X cblr-1747 234 31 a a DET cblr-1747 234 32 broker broker NOUN cblr-1747 234 33 or or CCONJ cblr-1747 234 34 dealer dealer NOUN cblr-1747 234 35 ] ] PUNCT cblr-1747 234 36 may may AUX cblr-1747 234 37 borrow borrow VERB cblr-1747 234 38 or or CCONJ cblr-1747 234 39 lend lend VERB cblr-1747 234 40 securities security NOUN cblr-1747 234 41 for for ADP cblr-1747 234 42 the the DET cblr-1747 234 43 purpose purpose NOUN cblr-1747 234 44 of of ADP cblr-1747 234 45 making make VERB cblr-1747 234 46 delivery delivery NOUN cblr-1747 234 47 of of ADP cblr-1747 234 48 the the DET cblr-1747 234 49 securities security NOUN cblr-1747 234 50 in in ADP cblr-1747 234 51 the the DET cblr-1747 234 52 case case NOUN cblr-1747 234 53 of of ADP cblr-1747 234 54 short short ADJ cblr-1747 234 55 sales sale NOUN cblr-1747 234 56 , , PUNCT cblr-1747 234 57 failure failure NOUN cblr-1747 234 58 to to PART cblr-1747 234 59 receive receive VERB cblr-1747 234 60 securities security NOUN cblr-1747 234 61 required require VERB cblr-1747 234 62 to to PART cblr-1747 234 63 be be AUX cblr-1747 234 64 delivered deliver VERB cblr-1747 234 65 , , PUNCT cblr-1747 234 66 or or CCONJ cblr-1747 234 67 other other ADJ cblr-1747 234 68 similar similar ADJ cblr-1747 234 69 situations situation NOUN cblr-1747 234 70 . . PUNCT cblr-1747 235 1 ”47 ”47 PROPN cblr-1747 235 2 in in ADP cblr-1747 235 3 other other ADJ cblr-1747 235 4 words word NOUN cblr-1747 235 5 , , PUNCT cblr-1747 235 6 reg reg PROPN cblr-1747 235 7 t t PROPN cblr-1747 235 8 requires require VERB cblr-1747 235 9 that that SCONJ cblr-1747 235 10 the the DET cblr-1747 235 11 borrowing borrowing NOUN cblr-1747 235 12 of of ADP cblr-1747 235 13 equity equity NOUN cblr-1747 235 14 securities security NOUN cblr-1747 235 15 be be AUX cblr-1747 235 16 related relate VERB cblr-1747 235 17 to to ADP cblr-1747 235 18 a a DET cblr-1747 235 19 delivery delivery NOUN cblr-1747 235 20 of of ADP cblr-1747 235 21 securities security NOUN cblr-1747 235 22 , , PUNCT cblr-1747 235 23 in in ADP cblr-1747 235 24 effect effect NOUN cblr-1747 235 25 , , PUNCT cblr-1747 235 26 extends extend VERB cblr-1747 235 27 a a DET cblr-1747 235 28 loan loan NOUN cblr-1747 235 29 collateralized collateralize VERB cblr-1747 235 30 with with ADP cblr-1747 235 31 the the DET cblr-1747 235 32 purchased purchase VERB cblr-1747 235 33 securities security NOUN cblr-1747 235 34 . . PUNCT cblr-1747 236 1 i i PRON cblr-1747 236 2 d. d. PROPN cblr-1747 236 3 45 45 NUM cblr-1747 236 4 see see VERB cblr-1747 236 5 jose jose PROPN cblr-1747 236 6 gabilondo gabilondo NOUN cblr-1747 236 7 , , PUNCT cblr-1747 236 8 leveraged leveraged ADJ cblr-1747 236 9 liquidity liquidity NOUN cblr-1747 236 10 : : PUNCT cblr-1747 236 11 bear bear NOUN cblr-1747 236 12 raids raid NOUN cblr-1747 236 13 and and CCONJ cblr-1747 236 14 junk junk NOUN cblr-1747 236 15 loans loan NOUN cblr-1747 236 16 in in ADP cblr-1747 236 17 the the DET cblr-1747 236 18 new new ADJ cblr-1747 236 19 credit credit NOUN cblr-1747 236 20 market market NOUN cblr-1747 236 21 , , PUNCT cblr-1747 236 22 34 34 NUM cblr-1747 236 23 j. j. PROPN cblr-1747 236 24 corp corp PROPN cblr-1747 236 25 . . PROPN cblr-1747 236 26 l. l. PROPN cblr-1747 236 27 447 447 NUM cblr-1747 236 28 , , PUNCT cblr-1747 236 29 458 458 NUM cblr-1747 236 30 ( ( PUNCT cblr-1747 236 31 2009 2009 NUM cblr-1747 236 32 ) ) PUNCT cblr-1747 236 33 . . PUNCT cblr-1747 237 1 46 46 NUM cblr-1747 238 1 the the DET cblr-1747 238 2 reg reg PROPN cblr-1747 238 3 t t PROPN cblr-1747 238 4 purpose purpose NOUN cblr-1747 238 5 test test NOUN cblr-1747 238 6 only only ADV cblr-1747 238 7 applies apply VERB cblr-1747 238 8 to to ADP cblr-1747 238 9 borrowing borrowing NOUN cblr-1747 238 10 and and CCONJ cblr-1747 238 11 lending lending NOUN cblr-1747 238 12 of of ADP cblr-1747 238 13 equity equity NOUN cblr-1747 238 14 securities security NOUN cblr-1747 238 15 . . PUNCT cblr-1747 239 1 non non ADJ cblr-1747 239 2 - - ADJ cblr-1747 239 3 equity equity ADJ cblr-1747 239 4 securities security NOUN cblr-1747 239 5 are be AUX cblr-1747 239 6 only only ADV cblr-1747 239 7 subject subject ADJ cblr-1747 239 8 to to ADP cblr-1747 239 9 good good ADJ cblr-1747 239 10 faith faith NOUN cblr-1747 239 11 loan loan NOUN cblr-1747 239 12 value value NOUN cblr-1747 239 13 requirements requirement NOUN cblr-1747 239 14 under under ADP cblr-1747 239 15 reg reg NOUN cblr-1747 239 16 t t NOUN cblr-1747 239 17 and and CCONJ cblr-1747 239 18 margin margin NOUN cblr-1747 239 19 requirements requirement NOUN cblr-1747 239 20 adopted adopt VERB cblr-1747 239 21 by by ADP cblr-1747 239 22 self self NOUN cblr-1747 239 23 - - PUNCT cblr-1747 239 24 regulatory regulatory ADJ cblr-1747 239 25 organizations organization NOUN cblr-1747 239 26 . . PUNCT cblr-1747 240 1 see see VERB cblr-1747 240 2 securities security NOUN cblr-1747 240 3 credit credit NOUN cblr-1747 240 4 transactions transaction NOUN cblr-1747 240 5 ; ; PUNCT cblr-1747 240 6 borrowing borrow VERB cblr-1747 240 7 by by ADP cblr-1747 240 8 brokers broker NOUN cblr-1747 240 9 and and CCONJ cblr-1747 240 10 dealers dealer NOUN cblr-1747 240 11 , , PUNCT cblr-1747 240 12 63 63 NUM cblr-1747 240 13 fed feed VERB cblr-1747 240 14 . . PUNCT cblr-1747 241 1 reg reg PROPN cblr-1747 241 2 . . PUNCT cblr-1747 242 1 2806 2806 NUM cblr-1747 242 2 , , PUNCT cblr-1747 242 3 2810–12 2810–12 NUM cblr-1747 242 4 ( ( PUNCT cblr-1747 242 5 jan jan PROPN cblr-1747 242 6 . . PROPN cblr-1747 242 7 16 16 NUM cblr-1747 242 8 , , PUNCT cblr-1747 242 9 1998 1998 NUM cblr-1747 242 10 ) ) PUNCT cblr-1747 242 11 ( ( PUNCT cblr-1747 242 12 “ " PUNCT cblr-1747 242 13 with with ADP cblr-1747 242 14 the the DET cblr-1747 242 15 adoption adoption NOUN cblr-1747 242 16 of of ADP cblr-1747 242 17 the the DET cblr-1747 242 18 good good ADJ cblr-1747 242 19 faith faith NOUN cblr-1747 242 20 account account NOUN cblr-1747 242 21 , , PUNCT cblr-1747 242 22 regulation regulation NOUN cblr-1747 242 23 t t NOUN cblr-1747 242 24 restrictions restriction NOUN cblr-1747 242 25 on on ADP cblr-1747 242 26 the the DET cblr-1747 242 27 borrowing borrowing NOUN cblr-1747 242 28 and and CCONJ cblr-1747 242 29 lending lending NOUN cblr-1747 242 30 of of ADP cblr-1747 242 31 securities security NOUN cblr-1747 242 32 will will AUX cblr-1747 242 33 only only ADV cblr-1747 242 34 apply apply VERB cblr-1747 242 35 to to ADP cblr-1747 242 36 those those DET cblr-1747 242 37 securities security NOUN cblr-1747 242 38 not not PART cblr-1747 242 39 entitled entitle VERB cblr-1747 242 40 to to ADP cblr-1747 242 41 good good ADJ cblr-1747 242 42 faith faith NOUN cblr-1747 242 43 loan loan NOUN cblr-1747 242 44 value value NOUN cblr-1747 242 45 . . PUNCT cblr-1747 242 46 . . PUNCT cblr-1747 242 47 . . PUNCT cblr-1747 242 48 . . PUNCT cblr-1747 243 1 the the DET cblr-1747 243 2 board board NOUN cblr-1747 243 3 proposed propose VERB cblr-1747 243 4 to to PART cblr-1747 243 5 grant grant VERB cblr-1747 243 6 good good ADJ cblr-1747 243 7 faith faith NOUN cblr-1747 243 8 loan loan NOUN cblr-1747 243 9 value value NOUN cblr-1747 243 10 to to ADP cblr-1747 243 11 all all DET cblr-1747 243 12 non non ADJ cblr-1747 243 13 - - ADJ cblr-1747 243 14 equity equity ADJ cblr-1747 243 15 securities security NOUN cblr-1747 243 16 . . PUNCT cblr-1747 243 17 . . PUNCT cblr-1747 243 18 . . PUNCT cblr-1747 243 19 . . PUNCT cblr-1747 244 1 the the DET cblr-1747 244 2 board board NOUN cblr-1747 244 3 is be AUX cblr-1747 244 4 amending amend VERB cblr-1747 244 5 regulation regulation NOUN cblr-1747 244 6 t t NOUN cblr-1747 244 7 as as SCONJ cblr-1747 244 8 proposed propose VERB cblr-1747 244 9 to to PART cblr-1747 244 10 permit permit VERB cblr-1747 244 11 broker broker NOUN cblr-1747 244 12 - - PUNCT cblr-1747 244 13 dealers dealer NOUN cblr-1747 244 14 to to PART cblr-1747 244 15 extend extend VERB cblr-1747 244 16 good good ADJ cblr-1747 244 17 faith faith NOUN cblr-1747 244 18 credit credit NOUN cblr-1747 244 19 against against ADP cblr-1747 244 20 all all DET cblr-1747 244 21 non non ADJ cblr-1747 244 22 - - ADJ cblr-1747 244 23 equity equity ADJ cblr-1747 244 24 securities security NOUN cblr-1747 244 25 . . PUNCT cblr-1747 244 26 ” " PUNCT cblr-1747 244 27 ) ) PUNCT cblr-1747 244 28 ; ; PUNCT cblr-1747 244 29 see see VERB cblr-1747 244 30 also also ADV cblr-1747 244 31 12 12 NUM cblr-1747 244 32 c.f.r c.f.r NOUN cblr-1747 244 33 . . PUNCT cblr-1747 245 1 § § PROPN cblr-1747 245 2 220.6 220.6 NUM cblr-1747 245 3 ( ( PUNCT cblr-1747 245 4 2015 2015 NUM cblr-1747 245 5 ) ) PUNCT cblr-1747 245 6 ; ; PUNCT cblr-1747 245 7 12 12 NUM cblr-1747 245 8 c.f.r c.f.r NOUN cblr-1747 245 9 . . PUNCT cblr-1747 246 1 § § PROPN cblr-1747 246 2 220.12(b 220.12(b NUM cblr-1747 246 3 ) ) PUNCT cblr-1747 246 4 ( ( PUNCT cblr-1747 246 5 2015 2015 NUM cblr-1747 246 6 ) ) PUNCT cblr-1747 246 7 ; ; PUNCT cblr-1747 246 8 finra finra NOUN cblr-1747 246 9 , , PUNCT cblr-1747 246 10 rule rule VERB cblr-1747 246 11 4210 4210 NUM cblr-1747 246 12 ( ( PUNCT cblr-1747 246 13 2010 2010 NUM cblr-1747 246 14 ) ) PUNCT cblr-1747 246 15 , , PUNCT cblr-1747 246 16 https://www.finra.org/sites/default/files/industry/p122203.pdf https://www.finra.org/sites/default/files/industry/p122203.pdf X cblr-1747 247 1 [ [ X cblr-1747 247 2 https://perma.cc/vhy7-g57b https://perma.cc/vhy7-g57b X cblr-1747 247 3 ] ] X cblr-1747 247 4 . . PUNCT cblr-1747 248 1 47 47 NUM cblr-1747 248 2 12 12 NUM cblr-1747 248 3 c.f.r c.f.r NOUN cblr-1747 248 4 . . PUNCT cblr-1747 249 1 § § PROPN cblr-1747 249 2 220.10(a 220.10(a NUM cblr-1747 249 3 ) ) PUNCT cblr-1747 249 4 ( ( PUNCT cblr-1747 249 5 2015 2015 NUM cblr-1747 249 6 ) ) PUNCT cblr-1747 249 7 ; ; PUNCT cblr-1747 249 8 see see VERB cblr-1747 249 9 also also ADV cblr-1747 249 10 12 12 NUM cblr-1747 249 11 c.f.r c.f.r NOUN cblr-1747 249 12 . . PUNCT cblr-1747 250 1 § § PROPN cblr-1747 250 2 220.2 220.2 NUM cblr-1747 250 3 ( ( PUNCT cblr-1747 250 4 2015 2015 NUM cblr-1747 250 5 ) ) PUNCT cblr-1747 250 6 ( ( PUNCT cblr-1747 250 7 defining define VERB cblr-1747 250 8 “ " PUNCT cblr-1747 250 9 creditor creditor NOUN cblr-1747 250 10 ” " PUNCT cblr-1747 250 11 as as ADP cblr-1747 250 12 “ " PUNCT cblr-1747 250 13 any any DET cblr-1747 250 14 broker broker NOUN cblr-1747 250 15 or or CCONJ cblr-1747 250 16 dealer dealer NOUN cblr-1747 250 17 ( ( PUNCT cblr-1747 250 18 as as SCONJ cblr-1747 250 19 defined define VERB cblr-1747 250 20 in in ADP cblr-1747 250 21 sections section NOUN cblr-1747 250 22 3(a)(4 3(a)(4 NUM cblr-1747 250 23 ) ) PUNCT cblr-1747 250 24 and and CCONJ cblr-1747 250 25 3(a)(5 3(a)(5 NUM cblr-1747 250 26 ) ) PUNCT cblr-1747 250 27 of of ADP cblr-1747 250 28 the the DET cblr-1747 250 29 [ [ X cblr-1747 250 30 securities security NOUN cblr-1747 250 31 exchange exchange PROPN cblr-1747 250 32 act act NOUN cblr-1747 250 33 of of ADP cblr-1747 250 34 1934 1934 NUM cblr-1747 250 35 ] ] PUNCT cblr-1747 250 36 ) ) PUNCT cblr-1747 250 37 , , PUNCT cblr-1747 250 38 any any DET cblr-1747 250 39 member member NOUN cblr-1747 250 40 of of ADP cblr-1747 250 41 a a DET cblr-1747 250 42 national national ADJ cblr-1747 250 43 securities security NOUN cblr-1747 250 44 exchange exchange NOUN cblr-1747 250 45 , , PUNCT cblr-1747 250 46 or or CCONJ cblr-1747 250 47 any any DET cblr-1747 250 48 person person NOUN cblr-1747 250 49 associated associate VERB cblr-1747 250 50 with with ADP cblr-1747 250 51 a a DET cblr-1747 250 52 broker broker NOUN cblr-1747 250 53 or or CCONJ cblr-1747 250 54 dealer dealer NOUN cblr-1747 250 55 ( ( PUNCT cblr-1747 250 56 as as SCONJ cblr-1747 250 57 defined define VERB cblr-1747 250 58 in in ADP cblr-1747 250 59 section section NOUN cblr-1747 250 60 3(a)(18 3(a)(18 NUM cblr-1747 250 61 ) ) PUNCT cblr-1747 250 62 of of ADP cblr-1747 250 63 the the DET cblr-1747 250 64 [ [ NOUN cblr-1747 250 65 securities security NOUN cblr-1747 250 66 exchange exchange PROPN cblr-1747 250 67 act act NOUN cblr-1747 250 68 of of ADP cblr-1747 250 69 1934 1934 NUM cblr-1747 250 70 ] ] PUNCT cblr-1747 250 71 ) ) PUNCT cblr-1747 250 72 . . PUNCT cblr-1747 250 73 ” " PUNCT cblr-1747 250 74 ) ) PUNCT cblr-1747 250 75 . . PUNCT cblr-1747 251 1 the the DET cblr-1747 251 2 federal federal PROPN cblr-1747 251 3 reserve reserve PROPN cblr-1747 251 4 board board PROPN cblr-1747 251 5 regulates regulate VERB cblr-1747 251 6 borrowing borrow VERB cblr-1747 251 7 and and CCONJ cblr-1747 251 8 lending lend VERB cblr-1747 251 9 securities security NOUN cblr-1747 251 10 in in ADP cblr-1747 251 11 large large ADJ cblr-1747 251 12 part part NOUN cblr-1747 251 13 to to PART cblr-1747 251 14 prevent prevent VERB cblr-1747 251 15 customers customer NOUN cblr-1747 251 16 from from ADP cblr-1747 251 17 circumventing circumvent VERB cblr-1747 251 18 margin margin NOUN cblr-1747 251 19 requirements requirement NOUN cblr-1747 251 20 by by ADP cblr-1747 251 21 recharacterizing recharacterize VERB cblr-1747 251 22 a a DET cblr-1747 251 23 margin margin NOUN cblr-1747 251 24 loan loan NOUN cblr-1747 251 25 as as ADP cblr-1747 251 26 a a DET cblr-1747 251 27 lending lending NOUN cblr-1747 251 28 of of ADP cblr-1747 251 29 securities security NOUN cblr-1747 251 30 by by ADP cblr-1747 251 31 the the DET cblr-1747 251 32 customer customer NOUN cblr-1747 251 33 to to ADP cblr-1747 251 34 the the DET cblr-1747 251 35 broker broker NOUN cblr-1747 251 36 - - PUNCT cblr-1747 251 37 dealer dealer NOUN cblr-1747 251 38 . . PUNCT cblr-1747 252 1 securities security NOUN cblr-1747 252 2 credit credit NOUN cblr-1747 252 3 transactions transaction NOUN cblr-1747 252 4 ; ; PUNCT cblr-1747 252 5 borrowing borrow VERB cblr-1747 252 6 by by ADP cblr-1747 252 7 brokers broker NOUN cblr-1747 252 8 and and CCONJ cblr-1747 252 9 dealers dealer NOUN cblr-1747 252 10 , , PUNCT cblr-1747 252 11 63 63 NUM cblr-1747 252 12 fed feed VERB cblr-1747 252 13 . . PUNCT cblr-1747 253 1 reg reg PROPN cblr-1747 253 2 . . PUNCT cblr-1747 254 1 at at ADP cblr-1747 254 2 2810 2810 NUM cblr-1747 254 3 . . PUNCT cblr-1747 255 1 tepe tepe NOUN cblr-1747 255 2 – – PUNCT cblr-1747 255 3 final final ADJ cblr-1747 255 4 no no NOUN cblr-1747 255 5 . . PUNCT cblr-1747 256 1 3:823 3:823 NUM cblr-1747 256 2 ] ] X cblr-1747 256 3 broker broker NOUN cblr-1747 256 4 - - PUNCT cblr-1747 256 5 dealer dealer NOUN cblr-1747 256 6 “ " PUNCT cblr-1747 256 7 idle idle ADJ cblr-1747 256 8 ” " PUNCT cblr-1747 256 9 customer customer NOUN cblr-1747 256 10 assets asset NOUN cblr-1747 256 11 839 839 NUM cblr-1747 256 12 equity equity NOUN cblr-1747 256 13 securities security NOUN cblr-1747 256 14 in in ADP cblr-1747 256 15 connection connection NOUN cblr-1747 256 16 to to ADP cblr-1747 256 17 a a DET cblr-1747 256 18 specific specific ADJ cblr-1747 256 19 transaction transaction NOUN cblr-1747 256 20 that that PRON cblr-1747 256 21 has have AUX cblr-1747 256 22 already already ADV cblr-1747 256 23 occurred occur VERB cblr-1747 256 24 or or CCONJ cblr-1747 256 25 is be AUX cblr-1747 256 26 in in ADP cblr-1747 256 27 immediate immediate ADJ cblr-1747 256 28 prospect.48 prospect.48 PROPN cblr-1747 256 29 therefore therefore ADV cblr-1747 256 30 , , PUNCT cblr-1747 256 31 reg reg PROPN cblr-1747 256 32 t t PROPN cblr-1747 256 33 allows allow VERB cblr-1747 256 34 broker broker NOUN cblr-1747 256 35 - - PUNCT cblr-1747 256 36 dealers dealer NOUN cblr-1747 256 37 to to PART cblr-1747 256 38 profit profit VERB cblr-1747 256 39 from from ADP cblr-1747 256 40 lending lend VERB cblr-1747 256 41 customer customer NOUN cblr-1747 256 42 securities security NOUN cblr-1747 256 43 to to ADP cblr-1747 256 44 other other ADJ cblr-1747 256 45 financial financial ADJ cblr-1747 256 46 institutions institution NOUN cblr-1747 256 47 , , PUNCT cblr-1747 256 48 as as ADV cblr-1747 256 49 long long ADV cblr-1747 256 50 as as SCONJ cblr-1747 256 51 that that DET cblr-1747 256 52 financial financial ADJ cblr-1747 256 53 institution institution NOUN cblr-1747 256 54 needs need VERB cblr-1747 256 55 the the DET cblr-1747 256 56 securities security NOUN cblr-1747 256 57 to to PART cblr-1747 256 58 facilitate facilitate VERB cblr-1747 256 59 settlement settlement NOUN cblr-1747 256 60 of of ADP cblr-1747 256 61 a a DET cblr-1747 256 62 transaction transaction NOUN cblr-1747 256 63 . . PUNCT cblr-1747 257 1 beyond beyond ADP cblr-1747 257 2 reg reg NUM cblr-1747 257 3 t t PROPN cblr-1747 257 4 , , PUNCT cblr-1747 257 5 rule rule VERB cblr-1747 257 6 15c3 15c3 NUM cblr-1747 257 7 - - SYM cblr-1747 257 8 3 3 NUM cblr-1747 257 9 and and CCONJ cblr-1747 257 10 associated associate VERB cblr-1747 257 11 finra finra PROPN cblr-1747 257 12 rules rule NOUN cblr-1747 257 13 provide provide VERB cblr-1747 257 14 the the DET cblr-1747 257 15 greatest great ADJ cblr-1747 257 16 protection protection NOUN cblr-1747 257 17 to to ADP cblr-1747 257 18 customer customer NOUN cblr-1747 257 19 securities security NOUN cblr-1747 257 20 by by ADP cblr-1747 257 21 placing place VERB cblr-1747 257 22 strict strict ADJ cblr-1747 257 23 requirements requirement NOUN cblr-1747 257 24 on on ADP cblr-1747 257 25 the the DET cblr-1747 257 26 lending lending NOUN cblr-1747 257 27 of of ADP cblr-1747 257 28 most most ADJ cblr-1747 257 29 customer customer NOUN cblr-1747 257 30 securities security NOUN cblr-1747 257 31 . . PUNCT cblr-1747 258 1 in in ADP cblr-1747 258 2 general general ADJ cblr-1747 258 3 , , PUNCT cblr-1747 258 4 sec sec PROPN cblr-1747 258 5 rule rule NOUN cblr-1747 258 6 15c3 15c3 NUM cblr-1747 258 7 - - SYM cblr-1747 258 8 3 3 NUM cblr-1747 258 9 requires require VERB cblr-1747 258 10 that that SCONJ cblr-1747 258 11 brokerdealers brokerdealer NOUN cblr-1747 258 12 have have VERB cblr-1747 258 13 physical physical ADJ cblr-1747 258 14 possession possession NOUN cblr-1747 258 15 or or CCONJ cblr-1747 258 16 control control NOUN cblr-1747 258 17 of of ADP cblr-1747 258 18 all all DET cblr-1747 258 19 customer customer NOUN cblr-1747 258 20 fully fully ADV cblr-1747 258 21 paid pay VERB cblr-1747 258 22 and and CCONJ cblr-1747 258 23 excess excess ADJ cblr-1747 258 24 margin margin NOUN cblr-1747 258 25 securities.49 securities.49 NOUN cblr-1747 258 26 securities security NOUN cblr-1747 258 27 bought buy VERB cblr-1747 258 28 48 48 NUM cblr-1747 258 29 see see NOUN cblr-1747 258 30 12 12 NUM cblr-1747 258 31 c.f.r c.f.r NOUN cblr-1747 258 32 . . PUNCT cblr-1747 259 1 § § PROPN cblr-1747 259 2 220.103 220.103 NUM cblr-1747 259 3 ( ( PUNCT cblr-1747 259 4 2015 2015 NUM cblr-1747 259 5 ) ) PUNCT cblr-1747 259 6 ( ( PUNCT cblr-1747 259 7 “ " PUNCT cblr-1747 259 8 however however ADV cblr-1747 259 9 , , PUNCT cblr-1747 259 10 the the DET cblr-1747 259 11 borrowing borrowing NOUN cblr-1747 259 12 must must AUX cblr-1747 259 13 be be AUX cblr-1747 259 14 related relate VERB cblr-1747 259 15 to to ADP cblr-1747 259 16 an an DET cblr-1747 259 17 actual actual ADJ cblr-1747 259 18 delivery delivery NOUN cblr-1747 259 19 of of ADP cblr-1747 259 20 the the DET cblr-1747 259 21 type type NOUN cblr-1747 259 22 specified specify VERB cblr-1747 259 23 — — PUNCT cblr-1747 259 24 a a DET cblr-1747 259 25 delivery delivery NOUN cblr-1747 259 26 in in ADP cblr-1747 259 27 connection connection NOUN cblr-1747 259 28 with with ADP cblr-1747 259 29 a a DET cblr-1747 259 30 specific specific ADJ cblr-1747 259 31 transaction transaction NOUN cblr-1747 259 32 that that PRON cblr-1747 259 33 has have AUX cblr-1747 259 34 already already ADV cblr-1747 259 35 occurred occur VERB cblr-1747 259 36 or or CCONJ cblr-1747 259 37 is be AUX cblr-1747 259 38 in in ADP cblr-1747 259 39 immediate immediate ADJ cblr-1747 259 40 prospect prospect NOUN cblr-1747 259 41 . . PUNCT cblr-1747 260 1 the the DET cblr-1747 260 2 provision provision NOUN cblr-1747 260 3 does do AUX cblr-1747 260 4 not not PART cblr-1747 260 5 authorize authorize VERB cblr-1747 260 6 a a DET cblr-1747 260 7 broker broker NOUN cblr-1747 260 8 to to PART cblr-1747 260 9 borrow borrow VERB cblr-1747 260 10 securities security NOUN cblr-1747 260 11 ( ( PUNCT cblr-1747 260 12 or or CCONJ cblr-1747 260 13 make make VERB cblr-1747 260 14 the the DET cblr-1747 260 15 related relate VERB cblr-1747 260 16 deposit deposit NOUN cblr-1747 260 17 ) ) PUNCT cblr-1747 260 18 merely merely ADV cblr-1747 260 19 in in ADP cblr-1747 260 20 order order NOUN cblr-1747 260 21 that that SCONJ cblr-1747 260 22 he he PRON cblr-1747 260 23 or or CCONJ cblr-1747 260 24 some some DET cblr-1747 260 25 other other ADJ cblr-1747 260 26 broker broker NOUN cblr-1747 260 27 may may AUX cblr-1747 260 28 have have AUX cblr-1747 260 29 the the DET cblr-1747 260 30 securities security NOUN cblr-1747 260 31 ‘ ' PUNCT cblr-1747 260 32 on on ADP cblr-1747 260 33 hand hand NOUN cblr-1747 260 34 ’ ' PUNCT cblr-1747 260 35 or or CCONJ cblr-1747 260 36 may may AUX cblr-1747 260 37 anticipate anticipate VERB cblr-1747 260 38 some some DET cblr-1747 260 39 need need NOUN cblr-1747 260 40 that that PRON cblr-1747 260 41 may may AUX cblr-1747 260 42 or or CCONJ cblr-1747 260 43 may may AUX cblr-1747 260 44 not not PART cblr-1747 260 45 arise arise VERB cblr-1747 260 46 in in ADP cblr-1747 260 47 the the DET cblr-1747 260 48 future future NOUN cblr-1747 260 49 . . PUNCT cblr-1747 260 50 ” " PUNCT cblr-1747 260 51 ) ) PUNCT cblr-1747 260 52 . . PUNCT cblr-1747 261 1 broker broker NOUN cblr-1747 261 2 - - PUNCT cblr-1747 261 3 dealers dealer NOUN cblr-1747 261 4 that that PRON cblr-1747 261 5 lend lend VERB cblr-1747 261 6 equity equity NOUN cblr-1747 261 7 securities security NOUN cblr-1747 261 8 to to ADP cblr-1747 261 9 other other ADJ cblr-1747 261 10 financial financial ADJ cblr-1747 261 11 institutions institution NOUN cblr-1747 261 12 do do AUX cblr-1747 261 13 not not PART cblr-1747 261 14 need need VERB cblr-1747 261 15 to to PART cblr-1747 261 16 be be AUX cblr-1747 261 17 a a DET cblr-1747 261 18 party party NOUN cblr-1747 261 19 to to ADP cblr-1747 261 20 the the DET cblr-1747 261 21 transaction transaction NOUN cblr-1747 261 22 for for ADP cblr-1747 261 23 which which PRON cblr-1747 261 24 the the DET cblr-1747 261 25 borrowed borrow VERB cblr-1747 261 26 securities security NOUN cblr-1747 261 27 are be AUX cblr-1747 261 28 used use VERB cblr-1747 261 29 . . PUNCT cblr-1747 262 1 see see VERB cblr-1747 262 2 i i PRON cblr-1747 262 3 d. d. VERB cblr-1747 262 4 some some DET cblr-1747 262 5 situations situation NOUN cblr-1747 262 6 that that PRON cblr-1747 262 7 do do AUX cblr-1747 262 8 not not PART cblr-1747 262 9 comply comply VERB cblr-1747 262 10 with with ADP cblr-1747 262 11 the the DET cblr-1747 262 12 permitted permit VERB cblr-1747 262 13 purpose purpose NOUN cblr-1747 262 14 requirement requirement NOUN cblr-1747 262 15 are be AUX cblr-1747 262 16 borrowing borrow VERB cblr-1747 262 17 equity equity NOUN cblr-1747 262 18 securities security NOUN cblr-1747 262 19 immediately immediately ADV cblr-1747 262 20 prior prior ADV cblr-1747 262 21 to to ADP cblr-1747 262 22 a a DET cblr-1747 262 23 dividend dividend NOUN cblr-1747 262 24 record record NOUN cblr-1747 262 25 date date NOUN cblr-1747 262 26 to to PART cblr-1747 262 27 collect collect VERB cblr-1747 262 28 a a DET cblr-1747 262 29 dividend dividend NOUN cblr-1747 262 30 and and CCONJ cblr-1747 262 31 take take VERB cblr-1747 262 32 advantage advantage NOUN cblr-1747 262 33 of of ADP cblr-1747 262 34 a a DET cblr-1747 262 35 reduced reduce VERB cblr-1747 262 36 price price NOUN cblr-1747 262 37 under under ADP cblr-1747 262 38 a a DET cblr-1747 262 39 dividend dividend NOUN cblr-1747 262 40 reinvestment reinvestment NOUN cblr-1747 262 41 plan plan NOUN cblr-1747 262 42 , , PUNCT cblr-1747 262 43 and and CCONJ cblr-1747 262 44 borrowing borrowing NOUN cblr-1747 262 45 and and CCONJ cblr-1747 262 46 lending lending NOUN cblr-1747 262 47 of of ADP cblr-1747 262 48 equity equity NOUN cblr-1747 262 49 securities security NOUN cblr-1747 262 50 in in ADP cblr-1747 262 51 a a DET cblr-1747 262 52 chain chain NOUN cblr-1747 262 53 of of ADP cblr-1747 262 54 connected connected ADJ cblr-1747 262 55 transactions transaction NOUN cblr-1747 262 56 in in ADP cblr-1747 262 57 which which PRON cblr-1747 262 58 only only ADV cblr-1747 262 59 some some PRON cblr-1747 262 60 of of ADP cblr-1747 262 61 the the DET cblr-1747 262 62 lent lent NOUN cblr-1747 262 63 securities security NOUN cblr-1747 262 64 are be AUX cblr-1747 262 65 used use VERB cblr-1747 262 66 for for ADP cblr-1747 262 67 a a DET cblr-1747 262 68 permitted permit VERB cblr-1747 262 69 purpose purpose NOUN cblr-1747 262 70 . . PUNCT cblr-1747 263 1 see see VERB cblr-1747 263 2 fed fed PROPN cblr-1747 263 3 . . PUNCT cblr-1747 264 1 reserve reserve PROPN cblr-1747 264 2 bd bd PROPN cblr-1747 264 3 . . PROPN cblr-1747 264 4 , , PUNCT cblr-1747 264 5 regulation regulation NOUN cblr-1747 264 6 t t NOUN cblr-1747 264 7 : : PUNCT cblr-1747 264 8 credit credit NOUN cblr-1747 264 9 by by ADP cblr-1747 264 10 brokers broker NOUN cblr-1747 264 11 and and CCONJ cblr-1747 264 12 dealers dealer NOUN cblr-1747 264 13 , , PUNCT cblr-1747 264 14 in in ADP cblr-1747 264 15 federal federal PROPN cblr-1747 264 16 reserve reserve PROPN cblr-1747 264 17 regulatory regulatory PROPN cblr-1747 264 18 service service NOUN cblr-1747 264 19 : : PUNCT cblr-1747 264 20 securities security NOUN cblr-1747 264 21 credit credit NOUN cblr-1747 264 22 transactions transaction NOUN cblr-1747 264 23 § § PROPN cblr-1747 264 24 § § PROPN cblr-1747 264 25 5 5 NUM cblr-1747 264 26 - - SYM cblr-1747 264 27 615.01 615.01 NUM cblr-1747 264 28 , , PUNCT cblr-1747 264 29 5 5 NUM cblr-1747 264 30 - - SYM cblr-1747 264 31 615.12 615.12 NUM cblr-1747 264 32 , , PUNCT cblr-1747 264 33 bk bk PROPN cblr-1747 264 34 . . PUNCT cblr-1747 264 35 compl compl PROPN cblr-1747 264 36 . . PUNCT cblr-1747 265 1 gd gd PROPN cblr-1747 265 2 . . PUNCT cblr-1747 266 1 ( ( PUNCT cblr-1747 266 2 cch cch PROPN cblr-1747 266 3 ) ) PUNCT cblr-1747 266 4 , , PUNCT cblr-1747 266 5 2015 2015 NUM cblr-1747 266 6 wl wl NOUN cblr-1747 266 7 6148948 6148948 NUM cblr-1747 266 8 ( ( PUNCT cblr-1747 266 9 2016 2016 NUM cblr-1747 266 10 ) ) PUNCT cblr-1747 266 11 . . PUNCT cblr-1747 267 1 in in ADP cblr-1747 267 2 addition addition NOUN cblr-1747 267 3 , , PUNCT cblr-1747 267 4 borrowing borrow VERB cblr-1747 267 5 equity equity NOUN cblr-1747 267 6 securities security NOUN cblr-1747 267 7 to to PART cblr-1747 267 8 get get VERB cblr-1747 267 9 more more ADJ cblr-1747 267 10 corporate corporate ADJ cblr-1747 267 11 votes vote NOUN cblr-1747 267 12 would would AUX cblr-1747 267 13 also also ADV cblr-1747 267 14 likely likely ADV cblr-1747 267 15 fail fail VERB cblr-1747 267 16 the the DET cblr-1747 267 17 permitted permit VERB cblr-1747 267 18 purpose purpose NOUN cblr-1747 267 19 requirement requirement NOUN cblr-1747 267 20 . . PUNCT cblr-1747 268 1 sec sec PROPN cblr-1747 268 2 , , PUNCT cblr-1747 268 3 transcript transcript NOUN cblr-1747 268 4 of of ADP cblr-1747 268 5 securities security NOUN cblr-1747 268 6 lending lending NOUN cblr-1747 268 7 and and CCONJ cblr-1747 268 8 short short ADJ cblr-1747 268 9 sale sale NOUN cblr-1747 268 10 roundtable roundtable NOUN cblr-1747 268 11 at at ADP cblr-1747 268 12 200 200 NUM cblr-1747 268 13 ( ( PUNCT cblr-1747 268 14 sept sept PROPN cblr-1747 268 15 . . PROPN cblr-1747 268 16 29 29 NUM cblr-1747 268 17 , , PUNCT cblr-1747 268 18 2009 2009 NUM cblr-1747 268 19 ) ) PUNCT cblr-1747 268 20 , , PUNCT cblr-1747 269 1 https://www.sec.gov/news/openmeetings/2009/roundtable-transcript092909.pdf https://www.sec.gov/news/openmeetings/2009/roundtable-transcript092909.pdf PROPN cblr-1747 269 2 [ [ X cblr-1747 269 3 https://perma.cc/ck4l-gj89 https://perma.cc/ck4l-gj89 SYM cblr-1747 269 4 ] ] X cblr-1747 269 5 ( ( PUNCT cblr-1747 269 6 statement statement NOUN cblr-1747 269 7 of of ADP cblr-1747 269 8 leslie leslie PROPN cblr-1747 269 9 nelson nelson PROPN cblr-1747 269 10 , , PUNCT cblr-1747 269 11 managing managing NOUN cblr-1747 269 12 director director NOUN cblr-1747 269 13 , , PUNCT cblr-1747 269 14 global global ADJ cblr-1747 269 15 securities security NOUN cblr-1747 269 16 lending lending PROPN cblr-1747 269 17 , , PUNCT cblr-1747 269 18 goldman goldman NOUN cblr-1747 269 19 sachs sachs PROPN cblr-1747 269 20 ) ) PUNCT cblr-1747 269 21 ( ( PUNCT cblr-1747 269 22 “ " PUNCT cblr-1747 269 23 and and CCONJ cblr-1747 269 24 i i PRON cblr-1747 269 25 would would AUX cblr-1747 269 26 just just ADV cblr-1747 269 27 add add VERB cblr-1747 269 28 that that SCONJ cblr-1747 269 29 reg reg NOUN cblr-1747 269 30 t t PROPN cblr-1747 269 31 is be AUX cblr-1747 269 32 quite quite ADV cblr-1747 269 33 clear clear ADJ cblr-1747 269 34 in in ADP cblr-1747 269 35 the the DET cblr-1747 269 36 united united PROPN cblr-1747 269 37 states states PROPN cblr-1747 269 38 that that SCONJ cblr-1747 269 39 it it PRON cblr-1747 269 40 is be AUX cblr-1747 269 41 not not PART cblr-1747 269 42 a a DET cblr-1747 269 43 permitted permit VERB cblr-1747 269 44 purpose purpose NOUN cblr-1747 269 45 for for SCONJ cblr-1747 269 46 us we PRON cblr-1747 269 47 to to PART cblr-1747 269 48 borrow borrow VERB cblr-1747 269 49 securities security NOUN cblr-1747 269 50 in in ADP cblr-1747 269 51 order order NOUN cblr-1747 269 52 to to PART cblr-1747 269 53 permit permit VERB cblr-1747 269 54 nonowners nonowner NOUN cblr-1747 269 55 to to PART cblr-1747 269 56 vote vote VERB cblr-1747 269 57 those those DET cblr-1747 269 58 shares share NOUN cblr-1747 269 59 . . PUNCT cblr-1747 269 60 ” " PUNCT cblr-1747 269 61 ) ) PUNCT cblr-1747 269 62 . . PUNCT cblr-1747 270 1 49 49 NUM cblr-1747 270 2 17 17 NUM cblr-1747 270 3 c.f.r c.f.r NOUN cblr-1747 270 4 . . PUNCT cblr-1747 271 1 § § PROPN cblr-1747 272 1 240.15c3 240.15c3 NUM cblr-1747 272 2 - - NOUN cblr-1747 272 3 3(b 3(b NUM cblr-1747 272 4 ) ) PUNCT cblr-1747 272 5 ( ( PUNCT cblr-1747 272 6 2015 2015 NUM cblr-1747 272 7 ) ) PUNCT cblr-1747 272 8 ; ; PUNCT cblr-1747 272 9 17 17 NUM cblr-1747 272 10 c.f.r c.f.r NOUN cblr-1747 272 11 . . PUNCT cblr-1747 273 1 § § PROPN cblr-1747 273 2 240.15c3 240.15c3 PROPN cblr-1747 273 3 - - NOUN cblr-1747 273 4 3(c 3(c NUM cblr-1747 273 5 ) ) PUNCT cblr-1747 273 6 ( ( PUNCT cblr-1747 273 7 2015 2015 NUM cblr-1747 273 8 ) ) PUNCT cblr-1747 273 9 ( ( PUNCT cblr-1747 273 10 defining define VERB cblr-1747 273 11 “ " PUNCT cblr-1747 273 12 control control NOUN cblr-1747 273 13 of of ADP cblr-1747 273 14 securities security NOUN cblr-1747 273 15 ” " PUNCT cblr-1747 273 16 ) ) PUNCT cblr-1747 273 17 ; ; PUNCT cblr-1747 273 18 see see VERB cblr-1747 273 19 also also ADV cblr-1747 273 20 onnig onnig PROPN cblr-1747 273 21 h. h. PROPN cblr-1747 273 22 dombalagian dombalagian PROPN cblr-1747 273 23 , , PUNCT cblr-1747 273 24 substance substance NOUN cblr-1747 273 25 and and CCONJ cblr-1747 273 26 semblance semblance NOUN cblr-1747 273 27 in in ADP cblr-1747 273 28 investor investor NOUN cblr-1747 273 29 protection protection NOUN cblr-1747 273 30 , , PUNCT cblr-1747 273 31 40 40 NUM cblr-1747 273 32 j. j. PROPN cblr-1747 273 33 corp corp PROPN cblr-1747 273 34 . . PROPN cblr-1747 273 35 l. l. PROPN cblr-1747 273 36 599 599 NUM cblr-1747 273 37 , , PUNCT cblr-1747 273 38 607 607 NUM cblr-1747 273 39 – – PUNCT cblr-1747 273 40 tepe tepe NOUN cblr-1747 273 41 – – PUNCT cblr-1747 273 42 final final ADJ cblr-1747 273 43 840 840 NUM cblr-1747 273 44 columbia columbia PROPN cblr-1747 273 45 business business NOUN cblr-1747 273 46 law law PROPN cblr-1747 273 47 review review NOUN cblr-1747 273 48 [ [ X cblr-1747 273 49 vol vol NOUN cblr-1747 273 50 . . NOUN cblr-1747 273 51 2016 2016 NUM cblr-1747 273 52 “ " PUNCT cblr-1747 273 53 on on ADP cblr-1747 273 54 margin margin NOUN cblr-1747 273 55 ” " PUNCT cblr-1747 273 56 are be AUX cblr-1747 273 57 securities security NOUN cblr-1747 273 58 partially partially ADV cblr-1747 273 59 purchased purchase VERB cblr-1747 273 60 with with ADP cblr-1747 273 61 a a DET cblr-1747 273 62 loan loan NOUN cblr-1747 273 63 from from ADP cblr-1747 273 64 a a DET cblr-1747 273 65 broker broker NOUN cblr-1747 273 66 - - PUNCT cblr-1747 273 67 dealer.50 dealer.50 PROPN cblr-1747 273 68 sec sec PROPN cblr-1747 273 69 rules rule NOUN cblr-1747 273 70 define define VERB cblr-1747 273 71 excess excess ADJ cblr-1747 273 72 margin margin NOUN cblr-1747 273 73 securities security NOUN cblr-1747 273 74 as as ADP cblr-1747 273 75 securities security NOUN cblr-1747 273 76 with with ADP cblr-1747 273 77 a a DET cblr-1747 273 78 market market NOUN cblr-1747 273 79 value value NOUN cblr-1747 273 80 greater great ADJ cblr-1747 273 81 than than ADP cblr-1747 273 82 140 140 NUM cblr-1747 273 83 % % NOUN cblr-1747 273 84 of of ADP cblr-1747 273 85 a a DET cblr-1747 273 86 customer customer NOUN cblr-1747 273 87 ’s ’s PART cblr-1747 273 88 debit debit NOUN cblr-1747 273 89 balance balance NOUN cblr-1747 273 90 , , PUNCT cblr-1747 273 91 or or CCONJ cblr-1747 273 92 , , PUNCT cblr-1747 273 93 in in ADP cblr-1747 273 94 other other ADJ cblr-1747 273 95 words word NOUN cblr-1747 273 96 , , PUNCT cblr-1747 273 97 the the DET cblr-1747 273 98 amount amount NOUN cblr-1747 273 99 the the DET cblr-1747 273 100 customer customer NOUN cblr-1747 273 101 owes owe VERB cblr-1747 273 102 the the DET cblr-1747 273 103 broker broker NOUN cblr-1747 273 104 - - PUNCT cblr-1747 273 105 dealer dealer NOUN cblr-1747 273 106 for for ADP cblr-1747 273 107 the the DET cblr-1747 273 108 margin margin NOUN cblr-1747 273 109 loan.51 loan.51 NOUN cblr-1747 273 110 in in ADP cblr-1747 273 111 effect effect NOUN cblr-1747 273 112 , , PUNCT cblr-1747 273 113 the the DET cblr-1747 273 114 sec sec PROPN cblr-1747 273 115 allows allow VERB cblr-1747 273 116 broker broker NOUN cblr-1747 273 117 - - PUNCT cblr-1747 273 118 dealers dealer NOUN cblr-1747 273 119 to to PART cblr-1747 273 120 easily easily ADV cblr-1747 273 121 lend lend VERB cblr-1747 273 122 customer customer NOUN cblr-1747 273 123 securities security NOUN cblr-1747 273 124 up up ADP cblr-1747 273 125 to to PART cblr-1747 273 126 140 140 NUM cblr-1747 273 127 % % NOUN cblr-1747 273 128 of of ADP cblr-1747 273 129 the the DET cblr-1747 273 130 amount amount NOUN cblr-1747 273 131 that that PRON cblr-1747 273 132 the the DET cblr-1747 273 133 customer customer NOUN cblr-1747 273 134 owes owe VERB cblr-1747 273 135 to to ADP cblr-1747 273 136 the the DET cblr-1747 273 137 broker broker NOUN cblr-1747 273 138 - - PUNCT cblr-1747 273 139 dealer dealer NOUN cblr-1747 273 140 on on ADP cblr-1747 273 141 their their PRON cblr-1747 273 142 margin margin NOUN cblr-1747 273 143 loans.52 loans.52 ADV cblr-1747 273 144 the the DET cblr-1747 273 145 sec sec PROPN cblr-1747 273 146 explained explain VERB cblr-1747 273 147 that that SCONJ cblr-1747 273 148 140 140 NUM cblr-1747 273 149 % % NOUN cblr-1747 273 150 was be AUX cblr-1747 273 151 “ " PUNCT cblr-1747 273 152 fair fair ADJ cblr-1747 273 153 and and CCONJ cblr-1747 273 154 reasonable reasonable ADJ cblr-1747 273 155 in in ADP cblr-1747 273 156 light light NOUN cblr-1747 273 157 of of ADP cblr-1747 273 158 the the DET cblr-1747 273 159 indebtedness indebtedness NOUN cblr-1747 273 160 of of ADP cblr-1747 273 161 the the DET cblr-1747 273 162 customer customer NOUN cblr-1747 273 163 on on ADP cblr-1747 273 164 such such ADJ cblr-1747 273 165 securities security NOUN cblr-1747 273 166 . . PUNCT cblr-1747 274 1 ”53 ”53 ADV cblr-1747 274 2 there there PRON cblr-1747 274 3 are be VERB cblr-1747 274 4 strict strict ADJ cblr-1747 274 5 requirements requirement NOUN cblr-1747 274 6 on on ADP cblr-1747 274 7 broker broker NOUN cblr-1747 274 8 - - PUNCT cblr-1747 274 9 dealers dealer NOUN cblr-1747 274 10 who who PRON cblr-1747 274 11 lend lend VERB cblr-1747 274 12 fully fully ADV cblr-1747 274 13 paid pay VERB cblr-1747 274 14 or or CCONJ cblr-1747 274 15 excess excess ADJ cblr-1747 274 16 margin margin NOUN cblr-1747 274 17 securities security NOUN cblr-1747 274 18 from from ADP cblr-1747 274 19 customers customer NOUN cblr-1747 274 20 . . PUNCT cblr-1747 275 1 at at ADP cblr-1747 275 2 or or CCONJ cblr-1747 275 3 before before ADP cblr-1747 275 4 lending lend VERB cblr-1747 275 5 any any DET cblr-1747 275 6 fully fully ADV cblr-1747 275 7 paid pay VERB cblr-1747 275 8 or or CCONJ cblr-1747 275 9 excess excess ADJ cblr-1747 275 10 margin margin NOUN cblr-1747 275 11 securities security NOUN cblr-1747 275 12 , , PUNCT cblr-1747 275 13 the the DET cblr-1747 275 14 broker broker NOUN cblr-1747 275 15 - - PUNCT cblr-1747 275 16 dealer dealer NOUN cblr-1747 275 17 and and CCONJ cblr-1747 275 18 the the DET cblr-1747 275 19 customer customer NOUN cblr-1747 275 20 must must AUX cblr-1747 275 21 enter enter VERB cblr-1747 275 22 into into ADP cblr-1747 275 23 a a DET cblr-1747 275 24 written write VERB cblr-1747 275 25 608 608 NUM cblr-1747 275 26 ( ( PUNCT cblr-1747 275 27 2015 2015 NUM cblr-1747 275 28 ) ) PUNCT cblr-1747 275 29 . . PUNCT cblr-1747 276 1 at at ADP cblr-1747 276 2 the the DET cblr-1747 276 3 same same ADJ cblr-1747 276 4 time time NOUN cblr-1747 276 5 , , PUNCT cblr-1747 276 6 sec sec PROPN cblr-1747 276 7 rules rule NOUN cblr-1747 276 8 do do AUX cblr-1747 276 9 not not PART cblr-1747 276 10 require require VERB cblr-1747 276 11 that that SCONJ cblr-1747 276 12 broker broker NOUN cblr-1747 276 13 - - PUNCT cblr-1747 276 14 dealers dealer NOUN cblr-1747 276 15 have have VERB cblr-1747 276 16 possession possession NOUN cblr-1747 276 17 or or CCONJ cblr-1747 276 18 control control NOUN cblr-1747 276 19 of of ADP cblr-1747 276 20 customer customer NOUN cblr-1747 276 21 margin margin NOUN cblr-1747 276 22 securities security NOUN cblr-1747 276 23 , , PUNCT cblr-1747 276 24 which which PRON cblr-1747 276 25 allows allow VERB cblr-1747 276 26 these these DET cblr-1747 276 27 securities security NOUN cblr-1747 276 28 to to PART cblr-1747 276 29 be be AUX cblr-1747 276 30 lent lend VERB cblr-1747 276 31 . . PUNCT cblr-1747 277 1 i i PRON cblr-1747 277 2 d. d. PROPN cblr-1747 277 3 50 50 NUM cblr-1747 277 4 buying buy VERB cblr-1747 277 5 securities security NOUN cblr-1747 277 6 on on ADP cblr-1747 277 7 margin margin NOUN cblr-1747 277 8 allows allow VERB cblr-1747 277 9 customers customer NOUN cblr-1747 277 10 to to PART cblr-1747 277 11 increase increase VERB cblr-1747 277 12 their their PRON cblr-1747 277 13 leverage leverage NOUN cblr-1747 277 14 and and CCONJ cblr-1747 277 15 make make VERB cblr-1747 277 16 a a DET cblr-1747 277 17 higher high ADJ cblr-1747 277 18 return return NOUN cblr-1747 277 19 ( ( PUNCT cblr-1747 277 20 or or CCONJ cblr-1747 277 21 a a DET cblr-1747 277 22 greater great ADJ cblr-1747 277 23 loss loss NOUN cblr-1747 277 24 ) ) PUNCT cblr-1747 277 25 . . PUNCT cblr-1747 278 1 reg reg PROPN cblr-1747 278 2 t t PROPN cblr-1747 278 3 places place NOUN cblr-1747 278 4 limits limit NOUN cblr-1747 278 5 on on ADP cblr-1747 278 6 the the DET cblr-1747 278 7 amount amount NOUN cblr-1747 278 8 of of ADP cblr-1747 278 9 credit credit NOUN cblr-1747 278 10 that that PRON cblr-1747 278 11 broker broker NOUN cblr-1747 278 12 - - PUNCT cblr-1747 278 13 dealers dealer NOUN cblr-1747 278 14 can can AUX cblr-1747 278 15 extend extend VERB cblr-1747 278 16 to to ADP cblr-1747 278 17 customers customer NOUN cblr-1747 278 18 to to PART cblr-1747 278 19 purchase purchase VERB cblr-1747 278 20 securities security NOUN cblr-1747 278 21 . . PUNCT cblr-1747 279 1 broker broker NOUN cblr-1747 279 2 - - PUNCT cblr-1747 279 3 dealers dealer NOUN cblr-1747 279 4 can can AUX cblr-1747 279 5 lend lend VERB cblr-1747 279 6 at at ADP cblr-1747 279 7 most most ADV cblr-1747 279 8 50 50 NUM cblr-1747 279 9 % % NOUN cblr-1747 279 10 of of ADP cblr-1747 279 11 the the DET cblr-1747 279 12 initial initial ADJ cblr-1747 279 13 market market NOUN cblr-1747 279 14 value value NOUN cblr-1747 279 15 of of ADP cblr-1747 279 16 purchased purchase VERB cblr-1747 279 17 securities security NOUN cblr-1747 279 18 . . PUNCT cblr-1747 280 1 12 12 NUM cblr-1747 280 2 c.f.r c.f.r NOUN cblr-1747 280 3 . . PUNCT cblr-1747 281 1 § § PROPN cblr-1747 281 2 220.12(a 220.12(a NOUN cblr-1747 281 3 ) ) PUNCT cblr-1747 281 4 ( ( PUNCT cblr-1747 281 5 2015 2015 NUM cblr-1747 281 6 ) ) PUNCT cblr-1747 281 7 . . PUNCT cblr-1747 282 1 different different ADJ cblr-1747 282 2 initial initial ADJ cblr-1747 282 3 margin margin NOUN cblr-1747 282 4 requirements requirement NOUN cblr-1747 282 5 apply apply VERB cblr-1747 282 6 to to ADP cblr-1747 282 7 selling sell VERB cblr-1747 282 8 short short ADJ cblr-1747 282 9 . . PUNCT cblr-1747 283 1 12 12 NUM cblr-1747 283 2 c.f.r c.f.r NOUN cblr-1747 283 3 . . PUNCT cblr-1747 284 1 § § PROPN cblr-1747 284 2 220.12(c 220.12(c NUM cblr-1747 284 3 ) ) PUNCT cblr-1747 284 4 ( ( PUNCT cblr-1747 284 5 2015 2015 NUM cblr-1747 284 6 ) ) PUNCT cblr-1747 284 7 . . PUNCT cblr-1747 285 1 once once ADV cblr-1747 285 2 a a DET cblr-1747 285 3 customer customer NOUN cblr-1747 285 4 purchases purchase VERB cblr-1747 285 5 securities security NOUN cblr-1747 285 6 on on ADP cblr-1747 285 7 margin margin NOUN cblr-1747 285 8 , , PUNCT cblr-1747 285 9 the the DET cblr-1747 285 10 value value NOUN cblr-1747 285 11 of of ADP cblr-1747 285 12 the the DET cblr-1747 285 13 equity equity NOUN cblr-1747 285 14 in in ADP cblr-1747 285 15 their their PRON cblr-1747 285 16 account account NOUN cblr-1747 285 17 as as ADP cblr-1747 285 18 a a DET cblr-1747 285 19 percentage percentage NOUN cblr-1747 285 20 of of ADP cblr-1747 285 21 the the DET cblr-1747 285 22 loan loan NOUN cblr-1747 285 23 given give VERB cblr-1747 285 24 by by ADP cblr-1747 285 25 the the DET cblr-1747 285 26 broker broker NOUN cblr-1747 285 27 - - PUNCT cblr-1747 285 28 dealer dealer NOUN cblr-1747 285 29 rises rise NOUN cblr-1747 285 30 and and CCONJ cblr-1747 285 31 falls fall VERB cblr-1747 285 32 with with ADP cblr-1747 285 33 the the DET cblr-1747 285 34 price price NOUN cblr-1747 285 35 of of ADP cblr-1747 285 36 the the DET cblr-1747 285 37 purchased purchase VERB cblr-1747 285 38 securities security NOUN cblr-1747 285 39 . . PUNCT cblr-1747 286 1 finra finra PROPN cblr-1747 286 2 rules rule NOUN cblr-1747 286 3 require require VERB cblr-1747 286 4 that that SCONJ cblr-1747 286 5 customers customer NOUN cblr-1747 286 6 must must AUX cblr-1747 286 7 maintain maintain VERB cblr-1747 286 8 equity equity NOUN cblr-1747 286 9 in in ADP cblr-1747 286 10 their their PRON cblr-1747 286 11 margin margin NOUN cblr-1747 286 12 accounts account NOUN cblr-1747 286 13 of of ADP cblr-1747 286 14 at at ADV cblr-1747 286 15 least least ADV cblr-1747 286 16 25 25 NUM cblr-1747 286 17 % % NOUN cblr-1747 286 18 of of ADP cblr-1747 286 19 the the DET cblr-1747 286 20 current current ADJ cblr-1747 286 21 market market NOUN cblr-1747 286 22 value value NOUN cblr-1747 286 23 of of ADP cblr-1747 286 24 all all DET cblr-1747 286 25 purchased purchase VERB cblr-1747 286 26 securities security NOUN cblr-1747 286 27 . . PUNCT cblr-1747 287 1 finra finra PROPN cblr-1747 287 2 , , PUNCT cblr-1747 287 3 rule rule NOUN cblr-1747 287 4 4210(c 4210(c PROPN cblr-1747 287 5 ) ) PUNCT cblr-1747 287 6 ( ( PUNCT cblr-1747 287 7 2010 2010 NUM cblr-1747 287 8 ) ) PUNCT cblr-1747 287 9 , , PUNCT cblr-1747 287 10 https://www.finra.org/sites/default/files/industry/p122203.pdf https://www.finra.org/sites/default/files/industry/p122203.pdf X cblr-1747 288 1 [ [ X cblr-1747 288 2 https://perma.cc/vhy7-g57b https://perma.cc/vhy7-g57b X cblr-1747 288 3 ] ] X cblr-1747 288 4 . . PUNCT cblr-1747 289 1 51 51 NUM cblr-1747 289 2 17 17 NUM cblr-1747 289 3 c.f.r c.f.r NOUN cblr-1747 289 4 . . PUNCT cblr-1747 290 1 § § PROPN cblr-1747 290 2 240.15c3 240.15c3 PROPN cblr-1747 290 3 - - NOUN cblr-1747 290 4 3(a)(5 3(a)(5 NUM cblr-1747 290 5 ) ) PUNCT cblr-1747 290 6 ( ( PUNCT cblr-1747 290 7 2015 2015 NUM cblr-1747 290 8 ) ) PUNCT cblr-1747 291 1 ; ; PUNCT cblr-1747 291 2 see see VERB cblr-1747 291 3 also also ADV cblr-1747 291 4 u.s u.s PROPN cblr-1747 291 5 . . PROPN cblr-1747 291 6 gen gen PROPN cblr-1747 291 7 . . PROPN cblr-1747 291 8 accounting accounting PROPN cblr-1747 291 9 office office PROPN cblr-1747 291 10 , , PUNCT cblr-1747 291 11 gao-98 gao-98 NOUN cblr-1747 291 12 - - PUNCT cblr-1747 291 13 153 153 NUM cblr-1747 291 14 , , PUNCT cblr-1747 291 15 risk risk NOUN cblr-1747 291 16 - - PUNCT cblr-1747 291 17 based base VERB cblr-1747 291 18 capital capital NOUN cblr-1747 291 19 : : PUNCT cblr-1747 291 20 regulatory regulatory ADJ cblr-1747 291 21 and and CCONJ cblr-1747 291 22 industry industry NOUN cblr-1747 291 23 approaches approach NOUN cblr-1747 291 24 to to ADP cblr-1747 291 25 capital capital NOUN cblr-1747 291 26 and and CCONJ cblr-1747 291 27 risk risk VERB cblr-1747 291 28 137 137 NUM cblr-1747 291 29 n.21 n.21 PROPN cblr-1747 291 30 ( ( PUNCT cblr-1747 291 31 1998 1998 NUM cblr-1747 291 32 ) ) PUNCT cblr-1747 291 33 . . PUNCT cblr-1747 292 1 52 52 NUM cblr-1747 292 2 see see VERB cblr-1747 292 3 dombalagian dombalagian NOUN cblr-1747 292 4 , , PUNCT cblr-1747 292 5 supra supra PROPN cblr-1747 292 6 note note NOUN cblr-1747 292 7 49 49 NUM cblr-1747 292 8 , , PUNCT cblr-1747 292 9 at at ADP cblr-1747 292 10 607 607 NUM cblr-1747 292 11 . . PUNCT cblr-1747 293 1 for for ADP cblr-1747 293 2 example example NOUN cblr-1747 293 3 , , PUNCT cblr-1747 293 4 if if SCONJ cblr-1747 293 5 a a DET cblr-1747 293 6 customer customer NOUN cblr-1747 293 7 bought buy VERB cblr-1747 293 8 $ $ SYM cblr-1747 293 9 200 200 NUM cblr-1747 293 10 on on ADP cblr-1747 293 11 25 25 NUM cblr-1747 293 12 % % NOUN cblr-1747 293 13 margin margin NOUN cblr-1747 293 14 , , PUNCT cblr-1747 293 15 a a DET cblr-1747 293 16 broker broker NOUN cblr-1747 293 17 - - PUNCT cblr-1747 293 18 dealer dealer NOUN cblr-1747 293 19 could could AUX cblr-1747 293 20 lend lend VERB cblr-1747 293 21 up up ADP cblr-1747 293 22 to to PART cblr-1747 293 23 $ $ SYM cblr-1747 293 24 70 70 NUM cblr-1747 293 25 worth worth NOUN cblr-1747 293 26 of of ADP cblr-1747 293 27 securities security NOUN cblr-1747 293 28 ( ( PUNCT cblr-1747 293 29 140 140 NUM cblr-1747 293 30 % % NOUN cblr-1747 293 31 of of ADP cblr-1747 293 32 the the DET cblr-1747 293 33 $ $ SYM cblr-1747 293 34 50 50 NUM cblr-1747 293 35 lent lent NOUN cblr-1747 293 36 to to ADP cblr-1747 293 37 the the DET cblr-1747 293 38 customer customer NOUN cblr-1747 293 39 ) ) PUNCT cblr-1747 293 40 . . PUNCT cblr-1747 294 1 53 53 NUM cblr-1747 294 2 reserves reserve NOUN cblr-1747 294 3 and and CCONJ cblr-1747 294 4 related related ADJ cblr-1747 294 5 measures measure NOUN cblr-1747 294 6 respecting respect VERB cblr-1747 294 7 the the DET cblr-1747 294 8 financial financial ADJ cblr-1747 294 9 responsibility responsibility NOUN cblr-1747 294 10 of of ADP cblr-1747 294 11 brokers broker NOUN cblr-1747 294 12 and and CCONJ cblr-1747 294 13 dealers dealer NOUN cblr-1747 294 14 , , PUNCT cblr-1747 294 15 36 36 NUM cblr-1747 294 16 fed feed VERB cblr-1747 294 17 . . PUNCT cblr-1747 295 1 reg reg PROPN cblr-1747 295 2 . . PUNCT cblr-1747 296 1 22,312 22,312 NUM cblr-1747 296 2 , , PUNCT cblr-1747 296 3 22,313 22,313 NUM cblr-1747 296 4 ( ( PUNCT cblr-1747 296 5 proposed propose VERB cblr-1747 296 6 nov nov PROPN cblr-1747 296 7 . . PROPN cblr-1747 296 8 24 24 NUM cblr-1747 296 9 , , PUNCT cblr-1747 296 10 1971 1971 NUM cblr-1747 296 11 ) ) PUNCT cblr-1747 296 12 ( ( PUNCT cblr-1747 296 13 to to PART cblr-1747 296 14 be be AUX cblr-1747 296 15 codified codify VERB cblr-1747 296 16 at at ADP cblr-1747 296 17 17 17 NUM cblr-1747 296 18 c.f.r c.f.r NOUN cblr-1747 296 19 pt pt PROPN cblr-1747 296 20 . . PROPN cblr-1747 296 21 240 240 NUM cblr-1747 296 22 ) ) PUNCT cblr-1747 296 23 . . PUNCT cblr-1747 297 1 tepe tepe NOUN cblr-1747 297 2 – – PUNCT cblr-1747 297 3 final final ADJ cblr-1747 297 4 no no NOUN cblr-1747 297 5 . . PUNCT cblr-1747 298 1 3:823 3:823 NUM cblr-1747 298 2 ] ] X cblr-1747 298 3 broker broker NOUN cblr-1747 298 4 - - PUNCT cblr-1747 298 5 dealer dealer NOUN cblr-1747 298 6 “ " PUNCT cblr-1747 298 7 idle idle ADJ cblr-1747 298 8 ” " PUNCT cblr-1747 298 9 customer customer NOUN cblr-1747 298 10 assets asset NOUN cblr-1747 298 11 841 841 NUM cblr-1747 298 12 agreement agreement NOUN cblr-1747 298 13 that that PRON cblr-1747 298 14 states state VERB cblr-1747 298 15 the the DET cblr-1747 298 16 basis basis NOUN cblr-1747 298 17 of of ADP cblr-1747 298 18 compensation compensation NOUN cblr-1747 298 19 for for ADP cblr-1747 298 20 the the DET cblr-1747 298 21 lending lending NOUN cblr-1747 298 22 of of ADP cblr-1747 298 23 the the DET cblr-1747 298 24 securities security NOUN cblr-1747 298 25 , , PUNCT cblr-1747 298 26 the the DET cblr-1747 298 27 rights right NOUN cblr-1747 298 28 and and CCONJ cblr-1747 298 29 liabilities liability NOUN cblr-1747 298 30 of of ADP cblr-1747 298 31 the the DET cblr-1747 298 32 parties party NOUN cblr-1747 298 33 as as ADP cblr-1747 298 34 to to ADP cblr-1747 298 35 the the DET cblr-1747 298 36 borrowed borrow VERB cblr-1747 298 37 securities security NOUN cblr-1747 298 38 , , PUNCT cblr-1747 298 39 the the DET cblr-1747 298 40 securities security NOUN cblr-1747 298 41 actually actually ADV cblr-1747 298 42 borrowed borrow VERB cblr-1747 298 43 , , PUNCT cblr-1747 298 44 and and CCONJ cblr-1747 298 45 the the DET cblr-1747 298 46 fact fact NOUN cblr-1747 298 47 that that SCONJ cblr-1747 298 48 sipa sipa NOUN cblr-1747 298 49 may may AUX cblr-1747 298 50 not not PART cblr-1747 298 51 protect protect VERB cblr-1747 298 52 the the DET cblr-1747 298 53 lent lent NOUN cblr-1747 298 54 customer customer NOUN cblr-1747 298 55 securities.54 securities.54 VERB cblr-1747 298 56 in in ADP cblr-1747 298 57 addition addition NOUN cblr-1747 298 58 to to ADP cblr-1747 298 59 these these DET cblr-1747 298 60 disclosures disclosure NOUN cblr-1747 298 61 , , PUNCT cblr-1747 298 62 the the DET cblr-1747 298 63 broker broker NOUN cblr-1747 298 64 - - PUNCT cblr-1747 298 65 dealer dealer NOUN cblr-1747 298 66 must must AUX cblr-1747 298 67 provide provide VERB cblr-1747 298 68 the the DET cblr-1747 298 69 customer customer NOUN cblr-1747 298 70 with with ADP cblr-1747 298 71 collateral collateral NOUN cblr-1747 298 72 of of ADP cblr-1747 298 73 cash cash NOUN cblr-1747 298 74 or or CCONJ cblr-1747 298 75 treasury treasury NOUN cblr-1747 298 76 bonds bond NOUN cblr-1747 298 77 which which PRON cblr-1747 298 78 fully fully ADV cblr-1747 298 79 secures secure VERB cblr-1747 298 80 the the DET cblr-1747 298 81 loan loan NOUN cblr-1747 298 82 of of ADP cblr-1747 298 83 securities security NOUN cblr-1747 298 84 and and CCONJ cblr-1747 298 85 must must AUX cblr-1747 298 86 mark mark VERB cblr-1747 298 87 - - PUNCT cblr-1747 298 88 to to ADP cblr-1747 298 89 - - PUNCT cblr-1747 298 90 market market NOUN cblr-1747 298 91 the the DET cblr-1747 298 92 loaned loan VERB cblr-1747 298 93 securities security NOUN cblr-1747 298 94 at at ADP cblr-1747 298 95 least least ADJ cblr-1747 298 96 daily daily ADJ cblr-1747 298 97 to to PART cblr-1747 298 98 ensure ensure VERB cblr-1747 298 99 that that SCONJ cblr-1747 298 100 the the DET cblr-1747 298 101 loan loan NOUN cblr-1747 298 102 remains remain VERB cblr-1747 298 103 fully fully ADV cblr-1747 298 104 collateralized.55 collateralized.55 VERB cblr-1747 298 105 finra finra NOUN cblr-1747 298 106 rules rule NOUN cblr-1747 298 107 also also ADV cblr-1747 298 108 require require VERB cblr-1747 298 109 that that SCONJ cblr-1747 298 110 brokerdealers brokerdealer NOUN cblr-1747 298 111 disclose disclose VERB cblr-1747 298 112 additional additional ADJ cblr-1747 298 113 risks risk NOUN cblr-1747 298 114 and and CCONJ cblr-1747 298 115 financial financial ADJ cblr-1747 298 116 impact impact NOUN cblr-1747 298 117 associated associate VERB cblr-1747 298 118 with with ADP cblr-1747 298 119 the the DET cblr-1747 298 120 customer customer NOUN cblr-1747 298 121 ’s ’s PART cblr-1747 298 122 loan loan NOUN cblr-1747 298 123 of of ADP cblr-1747 298 124 securities security NOUN cblr-1747 298 125 in in ADP cblr-1747 298 126 a a DET cblr-1747 298 127 document document NOUN cblr-1747 298 128 separate separate ADJ cblr-1747 298 129 from from ADP cblr-1747 298 130 the the DET cblr-1747 298 131 general general ADJ cblr-1747 298 132 account account NOUN cblr-1747 298 133 or or CCONJ cblr-1747 298 134 margin margin NOUN cblr-1747 298 135 agreement agreement NOUN cblr-1747 298 136 signed sign VERB cblr-1747 298 137 by by ADP cblr-1747 298 138 the the DET cblr-1747 298 139 customer.56 customer.56 NOUN cblr-1747 298 140 in in ADP cblr-1747 298 141 short short ADJ cblr-1747 298 142 , , PUNCT cblr-1747 298 143 customers customer NOUN cblr-1747 298 144 who who PRON cblr-1747 298 145 lend lend VERB cblr-1747 298 146 their their PRON cblr-1747 298 147 fully fully ADV cblr-1747 298 148 paid pay VERB cblr-1747 298 149 and and CCONJ cblr-1747 298 150 excess excess ADJ cblr-1747 298 151 margin margin NOUN cblr-1747 298 152 securities security NOUN cblr-1747 298 153 know know VERB cblr-1747 298 154 that that SCONJ cblr-1747 298 155 their their PRON cblr-1747 298 156 broker broker NOUN cblr-1747 298 157 - - PUNCT cblr-1747 298 158 dealer dealer NOUN cblr-1747 298 159 has have AUX cblr-1747 298 160 lent lend VERB cblr-1747 298 161 their their PRON cblr-1747 298 162 securities security NOUN cblr-1747 298 163 , , PUNCT cblr-1747 298 164 know know VERB cblr-1747 298 165 which which PRON cblr-1747 298 166 securities security NOUN cblr-1747 298 167 have have AUX cblr-1747 298 168 been be AUX cblr-1747 298 169 lent lend VERB cblr-1747 298 170 , , PUNCT cblr-1747 298 171 know know VERB cblr-1747 298 172 they they PRON cblr-1747 298 173 have have AUX cblr-1747 298 174 lost lose VERB cblr-1747 298 175 their their PRON cblr-1747 298 176 voting voting NOUN cblr-1747 298 177 rights right NOUN cblr-1747 298 178 , , PUNCT cblr-1747 298 179 are be AUX cblr-1747 298 180 fully fully ADV cblr-1747 298 181 collateralized collateralize VERB cblr-1747 298 182 by by ADP cblr-1747 298 183 cash cash NOUN cblr-1747 298 184 or or CCONJ cblr-1747 298 185 treasury treasury NOUN cblr-1747 298 186 bonds bond NOUN cblr-1747 298 187 , , PUNCT cblr-1747 298 188 and and CCONJ cblr-1747 298 189 may may AUX cblr-1747 298 190 be be AUX cblr-1747 298 191 compensated compensate VERB cblr-1747 298 192 for for ADP cblr-1747 298 193 the the DET cblr-1747 298 194 lending lending NOUN cblr-1747 298 195 of of ADP cblr-1747 298 196 their their PRON cblr-1747 298 197 securities security NOUN cblr-1747 298 198 . . PUNCT cblr-1747 299 1 in in ADP cblr-1747 299 2 contrast contrast NOUN cblr-1747 299 3 to to ADP cblr-1747 299 4 the the DET cblr-1747 299 5 requirements requirement NOUN cblr-1747 299 6 for for ADP cblr-1747 299 7 lending lend VERB cblr-1747 299 8 customer customer NOUN cblr-1747 299 9 fully fully ADV cblr-1747 299 10 paid pay VERB cblr-1747 299 11 and and CCONJ cblr-1747 299 12 excess excess ADJ cblr-1747 299 13 margin margin NOUN cblr-1747 299 14 securities security NOUN cblr-1747 299 15 , , PUNCT cblr-1747 299 16 the the DET cblr-1747 299 17 sec sec PROPN cblr-1747 299 18 customer customer NOUN cblr-1747 299 19 protection protection NOUN cblr-1747 299 20 rule rule NOUN cblr-1747 299 21 does do AUX cblr-1747 299 22 not not PART cblr-1747 299 23 set set VERB cblr-1747 299 24 forth forth ADP cblr-1747 299 25 any any DET cblr-1747 299 26 requirements requirement NOUN cblr-1747 299 27 for for ADP cblr-1747 299 28 lending lend VERB cblr-1747 299 29 customer customer NOUN cblr-1747 299 30 margin margin NOUN cblr-1747 299 31 securities.57 securities.57 NOUN cblr-1747 299 32 in in ADP cblr-1747 299 33 addition addition NOUN cblr-1747 299 34 , , PUNCT cblr-1747 299 35 finra finra NOUN cblr-1747 299 36 54 54 NUM cblr-1747 299 37 17 17 NUM cblr-1747 299 38 c.f.r c.f.r NOUN cblr-1747 299 39 . . PUNCT cblr-1747 300 1 § § PROPN cblr-1747 300 2 240.15c3 240.15c3 PROPN cblr-1747 300 3 - - PUNCT cblr-1747 300 4 3(b)(3 3(b)(3 NUM cblr-1747 300 5 ) ) PUNCT cblr-1747 300 6 ( ( PUNCT cblr-1747 300 7 2015 2015 NUM cblr-1747 300 8 ) ) PUNCT cblr-1747 300 9 . . PUNCT cblr-1747 301 1 55 55 NUM cblr-1747 302 1 i i PRON cblr-1747 302 2 d. d. PROPN cblr-1747 302 3 56 56 NUM cblr-1747 302 4 see see VERB cblr-1747 302 5 , , PUNCT cblr-1747 302 6 e.g. e.g. ADV cblr-1747 302 7 , , PUNCT cblr-1747 302 8 sec sec PROPN cblr-1747 302 9 . . PROPN cblr-1747 302 10 indus indus PROPN cblr-1747 302 11 . . PUNCT cblr-1747 302 12 & & CCONJ cblr-1747 302 13 fin fin PROPN cblr-1747 302 14 . . PUNCT cblr-1747 303 1 mkts mkts NOUN cblr-1747 303 2 . . PUNCT cblr-1747 304 1 ass’n ass’n VERB cblr-1747 304 2 , , PUNCT cblr-1747 304 3 important important ADJ cblr-1747 304 4 risk risk NOUN cblr-1747 304 5 disclosures disclosure NOUN cblr-1747 304 6 with with ADP cblr-1747 304 7 respect respect NOUN cblr-1747 304 8 to to ADP cblr-1747 304 9 fully fully ADV cblr-1747 304 10 paid pay VERB cblr-1747 304 11 or or CCONJ cblr-1747 304 12 excess excess ADJ cblr-1747 304 13 margin margin NOUN cblr-1747 304 14 securities security NOUN cblr-1747 304 15 lending lending NOUN cblr-1747 304 16 transactions transaction NOUN cblr-1747 304 17 ( ( PUNCT cblr-1747 304 18 2015 2015 NUM cblr-1747 304 19 ) ) PUNCT cblr-1747 304 20 , , PUNCT cblr-1747 304 21 http://www.sifma.org/services/standardforms-and-documentation/securities-lending/ http://www.sifma.org/services/standardforms-and-documentation/securities-lending/ PROPN cblr-1747 304 22 ( ( PUNCT cblr-1747 304 23 follow follow VERB cblr-1747 304 24 “ " PUNCT cblr-1747 304 25 securities security NOUN cblr-1747 304 26 lending lending NOUN cblr-1747 304 27 customer customer NOUN cblr-1747 304 28 risk risk NOUN cblr-1747 304 29 disclosure disclosure NOUN cblr-1747 304 30 document document NOUN cblr-1747 304 31 ” " PUNCT cblr-1747 304 32 hyperlink hyperlink NOUN cblr-1747 304 33 ) ) PUNCT cblr-1747 305 1 [ [ X cblr-1747 305 2 https://perma.cc/7prmmy9p https://perma.cc/7prmmy9p X cblr-1747 305 3 ] ] X cblr-1747 305 4 . . PUNCT cblr-1747 306 1 these these DET cblr-1747 306 2 additional additional ADJ cblr-1747 306 3 disclosures disclosure NOUN cblr-1747 306 4 include include VERB cblr-1747 306 5 , , PUNCT cblr-1747 306 6 but but CCONJ cblr-1747 306 7 are be AUX cblr-1747 306 8 not not PART cblr-1747 306 9 limited limit VERB cblr-1747 306 10 to to ADP cblr-1747 306 11 , , PUNCT cblr-1747 306 12 the the DET cblr-1747 306 13 loss loss NOUN cblr-1747 306 14 of of ADP cblr-1747 306 15 voting voting NOUN cblr-1747 306 16 rights right NOUN cblr-1747 306 17 , , PUNCT cblr-1747 306 18 risks risk NOUN cblr-1747 306 19 to to ADP cblr-1747 306 20 collateral collateral NOUN cblr-1747 306 21 , , PUNCT cblr-1747 306 22 tax tax NOUN cblr-1747 306 23 implications implication NOUN cblr-1747 306 24 , , PUNCT cblr-1747 306 25 any any DET cblr-1747 306 26 limits limit NOUN cblr-1747 306 27 on on ADP cblr-1747 306 28 customers customer NOUN cblr-1747 306 29 ’ ' PUNCT cblr-1747 306 30 ability ability NOUN cblr-1747 306 31 to to PART cblr-1747 306 32 sell sell VERB cblr-1747 306 33 the the DET cblr-1747 306 34 loaned loan VERB cblr-1747 306 35 securities security NOUN cblr-1747 306 36 or or CCONJ cblr-1747 306 37 liquidate liquidate VERB cblr-1747 306 38 the the DET cblr-1747 306 39 transaction transaction NOUN cblr-1747 306 40 , , PUNCT cblr-1747 306 41 the the DET cblr-1747 306 42 amount amount NOUN cblr-1747 306 43 of of ADP cblr-1747 306 44 compensation compensation NOUN cblr-1747 306 45 received receive VERB cblr-1747 306 46 by by ADP cblr-1747 306 47 the the DET cblr-1747 306 48 broker broker NOUN cblr-1747 306 49 - - PUNCT cblr-1747 306 50 dealer dealer NOUN cblr-1747 306 51 and and CCONJ cblr-1747 306 52 the the DET cblr-1747 306 53 customer customer NOUN cblr-1747 306 54 , , PUNCT cblr-1747 306 55 and and CCONJ cblr-1747 306 56 the the DET cblr-1747 306 57 factors factor NOUN cblr-1747 306 58 that that PRON cblr-1747 306 59 determine determine VERB cblr-1747 306 60 that that DET cblr-1747 306 61 compensation compensation NOUN cblr-1747 306 62 . . PUNCT cblr-1747 307 1 see see VERB cblr-1747 307 2 finra finra PROPN cblr-1747 307 3 , , PUNCT cblr-1747 307 4 rule rule NOUN cblr-1747 307 5 4330(b)(2)(b 4330(b)(2)(b NUM cblr-1747 307 6 ) ) PUNCT cblr-1747 307 7 ( ( PUNCT cblr-1747 307 8 2014 2014 NUM cblr-1747 307 9 ) ) PUNCT cblr-1747 307 10 , , PUNCT cblr-1747 308 1 http://finra.complinet.com/en/display/display_main.html?rbid=2403&eleme http://finra.complinet.com/en/display/display_main.html?rbid=2403&eleme PROPN cblr-1747 308 2 nt_id=11316 nt_id=11316 PROPN cblr-1747 309 1 [ [ X cblr-1747 309 2 https://perma.cc/e23c-sme6 https://perma.cc/e23c-sme6 PROPN cblr-1747 309 3 ] ] PUNCT cblr-1747 309 4 . . PUNCT cblr-1747 310 1 57 57 NUM cblr-1747 310 2 see see VERB cblr-1747 310 3 17 17 NUM cblr-1747 310 4 c.f.r c.f.r NOUN cblr-1747 310 5 . . PUNCT cblr-1747 311 1 § § PROPN cblr-1747 311 2 240.15c3 240.15c3 PROPN cblr-1747 311 3 - - SYM cblr-1747 311 4 3 3 NUM cblr-1747 311 5 ( ( PUNCT cblr-1747 311 6 2015 2015 NUM cblr-1747 311 7 ) ) PUNCT cblr-1747 311 8 . . PUNCT cblr-1747 312 1 tepe tepe NOUN cblr-1747 312 2 – – PUNCT cblr-1747 312 3 final final ADJ cblr-1747 312 4 842 842 NUM cblr-1747 312 5 columbia columbia PROPN cblr-1747 312 6 business business NOUN cblr-1747 312 7 law law PROPN cblr-1747 312 8 review review NOUN cblr-1747 313 1 [ [ X cblr-1747 313 2 vol vol NOUN cblr-1747 313 3 . . PUNCT cblr-1747 313 4 2016 2016 NUM cblr-1747 313 5 has have VERB cblr-1747 313 6 only only ADV cblr-1747 313 7 one one NUM cblr-1747 313 8 requirement requirement NOUN cblr-1747 313 9 for for ADP cblr-1747 313 10 lending lend VERB cblr-1747 313 11 customer customer NOUN cblr-1747 313 12 margin margin NOUN cblr-1747 313 13 securities security NOUN cblr-1747 313 14 , , PUNCT cblr-1747 313 15 namely namely ADV cblr-1747 313 16 that that SCONJ cblr-1747 313 17 , , PUNCT cblr-1747 313 18 “ " PUNCT cblr-1747 313 19 [ [ X cblr-1747 313 20 n]o n]o NOUN cblr-1747 313 21 member member NOUN cblr-1747 313 22 shall shall AUX cblr-1747 313 23 lend lend VERB cblr-1747 313 24 securities security NOUN cblr-1747 313 25 that that PRON cblr-1747 313 26 are be AUX cblr-1747 313 27 held hold VERB cblr-1747 313 28 on on ADP cblr-1747 313 29 margin margin NOUN cblr-1747 313 30 for for ADP cblr-1747 313 31 a a DET cblr-1747 313 32 customer customer NOUN cblr-1747 313 33 and and CCONJ cblr-1747 313 34 that that PRON cblr-1747 313 35 are be AUX cblr-1747 313 36 eligible eligible ADJ cblr-1747 313 37 to to PART cblr-1747 313 38 be be AUX cblr-1747 313 39 pledged pledge VERB cblr-1747 313 40 or or CCONJ cblr-1747 313 41 loaned loan VERB cblr-1747 313 42 , , PUNCT cblr-1747 313 43 unless unless SCONJ cblr-1747 313 44 such such ADJ cblr-1747 313 45 member member NOUN cblr-1747 313 46 shall shall AUX cblr-1747 313 47 first first ADV cblr-1747 313 48 have have AUX cblr-1747 313 49 obtained obtain VERB cblr-1747 313 50 a a DET cblr-1747 313 51 written write VERB cblr-1747 313 52 authorization authorization NOUN cblr-1747 313 53 from from ADP cblr-1747 313 54 such such ADJ cblr-1747 313 55 customer customer NOUN cblr-1747 313 56 permitting permit VERB cblr-1747 313 57 the the DET cblr-1747 313 58 lending lending NOUN cblr-1747 313 59 of of ADP cblr-1747 313 60 such such ADJ cblr-1747 313 61 securities security NOUN cblr-1747 313 62 . . PUNCT cblr-1747 314 1 ”58 ”58 PROPN cblr-1747 314 2 based base VERB cblr-1747 314 3 on on ADP cblr-1747 314 4 a a DET cblr-1747 314 5 finra finra NOUN cblr-1747 314 6 interpretation interpretation NOUN cblr-1747 314 7 of of ADP cblr-1747 314 8 this this DET cblr-1747 314 9 rule rule NOUN cblr-1747 314 10 , , PUNCT cblr-1747 314 11 broker broker NOUN cblr-1747 314 12 - - PUNCT cblr-1747 314 13 dealers dealer NOUN cblr-1747 314 14 can can AUX cblr-1747 314 15 and and CCONJ cblr-1747 314 16 usually usually ADV cblr-1747 314 17 do do AUX cblr-1747 314 18 meet meet VERB cblr-1747 314 19 this this DET cblr-1747 314 20 requirement requirement NOUN cblr-1747 314 21 simply simply ADV cblr-1747 314 22 by by ADP cblr-1747 314 23 including include VERB cblr-1747 314 24 this this DET cblr-1747 314 25 authorization authorization NOUN cblr-1747 314 26 as as ADP cblr-1747 314 27 part part NOUN cblr-1747 314 28 of of ADP cblr-1747 314 29 the the DET cblr-1747 314 30 larger large ADJ cblr-1747 314 31 customer customer NOUN cblr-1747 314 32 account account NOUN cblr-1747 314 33 or or CCONJ cblr-1747 314 34 margin margin VERB cblr-1747 314 35 agreement.59 agreement.59 ADJ cblr-1747 314 36 therefore therefore ADV cblr-1747 314 37 , , PUNCT cblr-1747 314 38 broker broker NOUN cblr-1747 314 39 - - PUNCT cblr-1747 314 40 dealers dealer NOUN cblr-1747 314 41 do do AUX cblr-1747 314 42 not not PART cblr-1747 314 43 need need VERB cblr-1747 314 44 to to ADP cblr-1747 314 45 58 58 NUM cblr-1747 314 46 finra finra NOUN cblr-1747 314 47 , , PUNCT cblr-1747 314 48 rule rule NOUN cblr-1747 314 49 4330(a 4330(a NUM cblr-1747 314 50 ) ) PUNCT cblr-1747 314 51 ( ( PUNCT cblr-1747 314 52 2014 2014 NUM cblr-1747 314 53 ) ) PUNCT cblr-1747 314 54 , , PUNCT cblr-1747 314 55 http://finra.complinet.com/ http://finra.complinet.com/ VERB cblr-1747 314 56 en en X cblr-1747 314 57 / / SYM cblr-1747 314 58 display/ display/ NUM cblr-1747 314 59 display_main.html?rbid=2403&element_id=11316 display_main.html?rbid=2403&element_id=11316 PROPN cblr-1747 314 60 [ [ X cblr-1747 314 61 https://perma.cc/e23csme6 https://perma.cc/e23csme6 NOUN cblr-1747 314 62 ] ] X cblr-1747 314 63 . . PUNCT cblr-1747 315 1 59 59 NUM cblr-1747 315 2 see see VERB cblr-1747 315 3 finra finra NOUN cblr-1747 315 4 , , PUNCT cblr-1747 315 5 rule rule VERB cblr-1747 315 6 4330.02 4330.02 NUM cblr-1747 315 7 ( ( PUNCT cblr-1747 315 8 2014 2014 NUM cblr-1747 315 9 ) ) PUNCT cblr-1747 315 10 , , PUNCT cblr-1747 315 11 http://finra.complinet.com/en/display/ http://finra.complinet.com/en/display/ NOUN cblr-1747 315 12 display_main.html?rbid=2403&element_id=11316 display_main.html?rbid=2403&element_id=11316 PROPN cblr-1747 316 1 [ [ X cblr-1747 316 2 https://perma.cc/e23csme6 https://perma.cc/e23csme6 NOUN cblr-1747 316 3 ] ] X cblr-1747 316 4 ; ; PUNCT cblr-1747 316 5 see see VERB cblr-1747 316 6 , , PUNCT cblr-1747 316 7 e.g. e.g. ADV cblr-1747 316 8 , , PUNCT cblr-1747 316 9 charles charles PROPN cblr-1747 316 10 schwab schwab PROPN cblr-1747 316 11 & & CCONJ cblr-1747 316 12 co. co. PROPN cblr-1747 316 13 , , PUNCT cblr-1747 316 14 schwab schwab VERB cblr-1747 316 15 one one NUM cblr-1747 316 16 account account NOUN cblr-1747 316 17 agreement agreement NOUN cblr-1747 316 18 46 46 NUM cblr-1747 316 19 ( ( PUNCT cblr-1747 316 20 2016 2016 NUM cblr-1747 316 21 ) ) PUNCT cblr-1747 316 22 , , PUNCT cblr-1747 316 23 http://www.schwab.com/public/file/p641707/account_agreement_schwab_one_7.2016_reg18162-16.pdf http://www.schwab.com/public/file/p641707/account_agreement_schwab_one_7.2016_reg18162-16.pdf PROPN cblr-1747 317 1 [ [ X cblr-1747 317 2 https://perma.cc/lte9-2abk https://perma.cc/lte9-2abk X cblr-1747 317 3 ] ] X cblr-1747 317 4 ( ( PUNCT cblr-1747 317 5 “ " PUNCT cblr-1747 317 6 certain certain ADJ cblr-1747 317 7 securities security NOUN cblr-1747 317 8 and and CCONJ cblr-1747 317 9 other other ADJ cblr-1747 317 10 assets asset NOUN cblr-1747 317 11 now now ADV cblr-1747 317 12 or or CCONJ cblr-1747 317 13 hereafter hereafter ADV cblr-1747 317 14 held hold VERB cblr-1747 317 15 in in ADP cblr-1747 317 16 your your PRON cblr-1747 317 17 margin margin NOUN cblr-1747 317 18 and and CCONJ cblr-1747 317 19 short short ADJ cblr-1747 317 20 account account NOUN cblr-1747 317 21 may may AUX cblr-1747 317 22 be be AUX cblr-1747 317 23 pledged pledge VERB cblr-1747 317 24 , , PUNCT cblr-1747 317 25 repledged repledge VERB cblr-1747 317 26 , , PUNCT cblr-1747 317 27 or or CCONJ cblr-1747 317 28 otherwise otherwise ADV cblr-1747 317 29 used use VERB cblr-1747 317 30 . . PUNCT cblr-1747 318 1 in in ADP cblr-1747 318 2 such such ADJ cblr-1747 318 3 event event NOUN cblr-1747 318 4 , , PUNCT cblr-1747 318 5 we we PRON cblr-1747 318 6 may may AUX cblr-1747 318 7 receive receive VERB cblr-1747 318 8 compensation compensation NOUN cblr-1747 318 9 for for ADP cblr-1747 318 10 the the DET cblr-1747 318 11 use use NOUN cblr-1747 318 12 of of ADP cblr-1747 318 13 such such ADJ cblr-1747 318 14 securities security NOUN cblr-1747 318 15 . . PUNCT cblr-1747 319 1 the the DET cblr-1747 319 2 value value NOUN cblr-1747 319 3 of of ADP cblr-1747 319 4 the the DET cblr-1747 319 5 securities security NOUN cblr-1747 319 6 and and CCONJ cblr-1747 319 7 other other ADJ cblr-1747 319 8 property property NOUN cblr-1747 319 9 we we PRON cblr-1747 319 10 pledge pledge VERB cblr-1747 319 11 or or CCONJ cblr-1747 319 12 repledge repledge NOUN cblr-1747 319 13 may may AUX cblr-1747 319 14 be be AUX cblr-1747 319 15 greater great ADJ cblr-1747 319 16 than than ADP cblr-1747 319 17 the the DET cblr-1747 319 18 amount amount NOUN cblr-1747 319 19 you you PRON cblr-1747 319 20 owe owe VERB cblr-1747 319 21 us we PRON cblr-1747 319 22 . . PUNCT cblr-1747 320 1 securities security NOUN cblr-1747 320 2 that that PRON cblr-1747 320 3 are be AUX cblr-1747 320 4 fully fully ADV cblr-1747 320 5 paid pay VERB cblr-1747 320 6 for for ADP cblr-1747 320 7 or or CCONJ cblr-1747 320 8 are be AUX cblr-1747 320 9 deemed deem VERB cblr-1747 320 10 ‘ ' PUNCT cblr-1747 320 11 excess excess ADJ cblr-1747 320 12 margin margin NOUN cblr-1747 320 13 securities security NOUN cblr-1747 320 14 ’ ' PUNCT cblr-1747 320 15 under under ADP cblr-1747 320 16 applicable applicable ADJ cblr-1747 320 17 securities security NOUN cblr-1747 320 18 laws law NOUN cblr-1747 320 19 may may AUX cblr-1747 320 20 not not PART cblr-1747 320 21 be be AUX cblr-1747 320 22 pledged pledge VERB cblr-1747 320 23 , , PUNCT cblr-1747 320 24 repledged repledge VERB cblr-1747 320 25 , , PUNCT cblr-1747 320 26 or or CCONJ cblr-1747 320 27 used use VERB cblr-1747 320 28 unless unless SCONJ cblr-1747 320 29 you you PRON cblr-1747 320 30 have have AUX cblr-1747 320 31 signed sign VERB cblr-1747 320 32 a a DET cblr-1747 320 33 separate separate ADJ cblr-1747 320 34 written write VERB cblr-1747 320 35 agreement agreement NOUN cblr-1747 320 36 that that PRON cblr-1747 320 37 gives give VERB cblr-1747 320 38 us we PRON cblr-1747 320 39 the the DET cblr-1747 320 40 right right NOUN cblr-1747 320 41 to to PART cblr-1747 320 42 do do AUX cblr-1747 320 43 so so ADV cblr-1747 320 44 . . PUNCT cblr-1747 320 45 ” " PUNCT cblr-1747 320 46 ) ) PUNCT cblr-1747 320 47 ; ; PUNCT cblr-1747 320 48 e*trade e*trade VERB cblr-1747 320 49 customer customer NOUN cblr-1747 320 50 agreement agreement NOUN cblr-1747 320 51 , , PUNCT cblr-1747 320 52 e*trade e*trade VERB cblr-1747 320 53 § § PROPN cblr-1747 320 54 9(b 9(b NUM cblr-1747 320 55 ) ) PUNCT cblr-1747 320 56 ( ( PUNCT cblr-1747 320 57 oct oct PROPN cblr-1747 320 58 . . PROPN cblr-1747 320 59 3 3 NUM cblr-1747 320 60 , , PUNCT cblr-1747 320 61 2016 2016 NUM cblr-1747 320 62 ) ) PUNCT cblr-1747 320 63 , , PUNCT cblr-1747 320 64 https://us.etrade.com/e/t/estation/contexthelp?id=1209031000 https://us.etrade.com/e/t/estation/contexthelp?id=1209031000 X cblr-1747 321 1 [ [ X cblr-1747 321 2 https://perma.cc/fm3b-uvbq https://perma.cc/fm3b-uvbq X cblr-1747 321 3 ] ] X cblr-1747 321 4 ( ( PUNCT cblr-1747 321 5 “ " PUNCT cblr-1747 321 6 i i PRON cblr-1747 321 7 authorize authorize VERB cblr-1747 321 8 e*trade e*trade VERB cblr-1747 321 9 to to PART cblr-1747 321 10 lend lend VERB cblr-1747 321 11 either either ADV cblr-1747 321 12 to to ADP cblr-1747 321 13 itself itself PRON cblr-1747 321 14 or or CCONJ cblr-1747 321 15 to to ADP cblr-1747 321 16 others other NOUN cblr-1747 321 17 any any DET cblr-1747 321 18 collateral collateral NOUN cblr-1747 321 19 to to ADP cblr-1747 321 20 the the DET cblr-1747 321 21 extent extent NOUN cblr-1747 321 22 permitted permit VERB cblr-1747 321 23 by by ADP cblr-1747 321 24 applicable applicable ADJ cblr-1747 321 25 laws law NOUN cblr-1747 321 26 . . PUNCT cblr-1747 322 1 i i PRON cblr-1747 322 2 understand understand VERB cblr-1747 322 3 that that SCONJ cblr-1747 322 4 , , PUNCT cblr-1747 322 5 within within ADP cblr-1747 322 6 the the DET cblr-1747 322 7 limitations limitation NOUN cblr-1747 322 8 imposed impose VERB cblr-1747 322 9 by by ADP cblr-1747 322 10 applicable applicable ADJ cblr-1747 322 11 laws law NOUN cblr-1747 322 12 , , PUNCT cblr-1747 322 13 all all PRON cblr-1747 322 14 of of ADP cblr-1747 322 15 my my PRON cblr-1747 322 16 collateral collateral NOUN cblr-1747 322 17 may may AUX cblr-1747 322 18 be be AUX cblr-1747 322 19 pledged pledge VERB cblr-1747 322 20 and and CCONJ cblr-1747 322 21 repledged repledge VERB cblr-1747 322 22 and and CCONJ cblr-1747 322 23 hypothecated hypothecate VERB cblr-1747 322 24 and and CCONJ cblr-1747 322 25 rehypothecated rehypothecate VERB cblr-1747 322 26 or or CCONJ cblr-1747 322 27 otherwise otherwise ADV cblr-1747 322 28 used use VERB cblr-1747 322 29 by by ADP cblr-1747 322 30 e*trade e*trade PROPN cblr-1747 322 31 , , PUNCT cblr-1747 322 32 with with ADP cblr-1747 322 33 all all DET cblr-1747 322 34 the the DET cblr-1747 322 35 attendant attendant ADJ cblr-1747 322 36 rights right NOUN cblr-1747 322 37 of of ADP cblr-1747 322 38 ownership ownership NOUN cblr-1747 322 39 ( ( PUNCT cblr-1747 322 40 including include VERB cblr-1747 322 41 the the DET cblr-1747 322 42 right right NOUN cblr-1747 322 43 to to PART cblr-1747 322 44 vote vote VERB cblr-1747 322 45 the the DET cblr-1747 322 46 securities security NOUN cblr-1747 322 47 ) ) PUNCT cblr-1747 322 48 , , PUNCT cblr-1747 322 49 for for ADP cblr-1747 322 50 the the DET cblr-1747 322 51 sum sum NOUN cblr-1747 322 52 due due ADP cblr-1747 322 53 to to PART cblr-1747 322 54 e*trade e*trade VERB cblr-1747 322 55 , , PUNCT cblr-1747 322 56 or or CCONJ cblr-1747 322 57 for for ADP cblr-1747 322 58 a a DET cblr-1747 322 59 greater great ADJ cblr-1747 322 60 sum sum NOUN cblr-1747 322 61 and and CCONJ cblr-1747 322 62 for for ADP cblr-1747 322 63 a a DET cblr-1747 322 64 period period NOUN cblr-1747 322 65 of of ADP cblr-1747 322 66 time time NOUN cblr-1747 322 67 longer long ADV cblr-1747 322 68 than than ADP cblr-1747 322 69 the the DET cblr-1747 322 70 obligations obligation NOUN cblr-1747 322 71 to to PART cblr-1747 322 72 which which PRON cblr-1747 322 73 such such ADJ cblr-1747 322 74 collateral collateral NOUN cblr-1747 322 75 was be AUX cblr-1747 322 76 pledged pledge VERB cblr-1747 322 77 by by ADP cblr-1747 322 78 you you PRON cblr-1747 322 79 , , PUNCT cblr-1747 322 80 and and CCONJ cblr-1747 322 81 without without ADP cblr-1747 322 82 retaining retain VERB cblr-1747 322 83 in in ADP cblr-1747 322 84 its its PRON cblr-1747 322 85 possession possession NOUN cblr-1747 322 86 and and CCONJ cblr-1747 322 87 control control VERB cblr-1747 322 88 a a DET cblr-1747 322 89 like like ADJ cblr-1747 322 90 amount amount NOUN cblr-1747 322 91 of of ADP cblr-1747 322 92 similar similar ADJ cblr-1747 322 93 collateral collateral NOUN cblr-1747 322 94 and and CCONJ cblr-1747 322 95 ( ( PUNCT cblr-1747 322 96 b b NOUN cblr-1747 322 97 ) ) PUNCT cblr-1747 322 98 to to PART cblr-1747 322 99 use use VERB cblr-1747 322 100 or or CCONJ cblr-1747 322 101 invest invest VERB cblr-1747 322 102 cash cash NOUN cblr-1747 322 103 collateral collateral NOUN cblr-1747 322 104 at at ADP cblr-1747 322 105 its its PRON cblr-1747 322 106 own own ADJ cblr-1747 322 107 risk risk NOUN cblr-1747 322 108 . . PUNCT cblr-1747 323 1 in in ADP cblr-1747 323 2 the the DET cblr-1747 323 3 event event NOUN cblr-1747 323 4 that that PRON cblr-1747 323 5 e*trade e*trade VERB cblr-1747 323 6 pledges pledge NOUN cblr-1747 323 7 , , PUNCT cblr-1747 323 8 repledges repledge NOUN cblr-1747 323 9 , , PUNCT cblr-1747 323 10 hypothecates hypothecate NOUN cblr-1747 323 11 or or CCONJ cblr-1747 323 12 rehypothecates rehypothecate VERB cblr-1747 323 13 any any DET cblr-1747 323 14 collateral collateral NOUN cblr-1747 323 15 , , PUNCT cblr-1747 323 16 e*trade e*trade VERB cblr-1747 323 17 may may AUX cblr-1747 323 18 receive receive VERB cblr-1747 323 19 and and CCONJ cblr-1747 323 20 retain retain VERB cblr-1747 323 21 certain certain ADJ cblr-1747 323 22 benefits benefit NOUN cblr-1747 323 23 to to PART cblr-1747 323 24 which which PRON cblr-1747 323 25 the the DET cblr-1747 323 26 customer customer NOUN cblr-1747 323 27 will will AUX cblr-1747 323 28 not not PART cblr-1747 323 29 be be AUX cblr-1747 323 30 entitled entitle VERB cblr-1747 323 31 . . PUNCT cblr-1747 323 32 . . PUNCT cblr-1747 323 33 . . PUNCT cblr-1747 324 1 . . PUNCT cblr-1747 325 1 in in ADP cblr-1747 325 2 certain certain ADJ cblr-1747 325 3 tepe tepe NOUN cblr-1747 325 4 – – PUNCT cblr-1747 325 5 final final ADJ cblr-1747 325 6 no no NOUN cblr-1747 325 7 . . PUNCT cblr-1747 326 1 3:823 3:823 NUM cblr-1747 326 2 ] ] X cblr-1747 326 3 broker broker NOUN cblr-1747 326 4 - - PUNCT cblr-1747 326 5 dealer dealer NOUN cblr-1747 326 6 “ " PUNCT cblr-1747 326 7 idle idle ADJ cblr-1747 326 8 ” " PUNCT cblr-1747 326 9 customer customer NOUN cblr-1747 326 10 assets asset NOUN cblr-1747 326 11 843 843 NUM cblr-1747 326 12 notify notify VERB cblr-1747 326 13 their their PRON cblr-1747 326 14 customers customer NOUN cblr-1747 326 15 if if SCONJ cblr-1747 326 16 and and CCONJ cblr-1747 326 17 when when SCONJ cblr-1747 326 18 their their PRON cblr-1747 326 19 margin margin NOUN cblr-1747 326 20 securities security NOUN cblr-1747 326 21 are be AUX cblr-1747 326 22 lent lend VERB cblr-1747 326 23 , , PUNCT cblr-1747 326 24 nor nor CCONJ cblr-1747 326 25 do do AUX cblr-1747 326 26 they they PRON cblr-1747 326 27 need need VERB cblr-1747 326 28 to to PART cblr-1747 326 29 disclose disclose VERB cblr-1747 326 30 the the DET cblr-1747 326 31 compensation compensation NOUN cblr-1747 326 32 received receive VERB cblr-1747 326 33 by by ADP cblr-1747 326 34 the the DET cblr-1747 326 35 broker broker NOUN cblr-1747 326 36 - - PUNCT cblr-1747 326 37 dealer dealer NOUN cblr-1747 326 38 for for ADP cblr-1747 326 39 those those DET cblr-1747 326 40 securities security NOUN cblr-1747 326 41 . . PUNCT cblr-1747 327 1 since since SCONJ cblr-1747 327 2 broker broker NOUN cblr-1747 327 3 - - PUNCT cblr-1747 327 4 dealers dealer NOUN cblr-1747 327 5 do do AUX cblr-1747 327 6 not not PART cblr-1747 327 7 need need VERB cblr-1747 327 8 to to PART cblr-1747 327 9 disclose disclose VERB cblr-1747 327 10 when when SCONJ cblr-1747 327 11 they they PRON cblr-1747 327 12 lend lend VERB cblr-1747 327 13 customer customer NOUN cblr-1747 327 14 margin margin NOUN cblr-1747 327 15 securities security NOUN cblr-1747 327 16 , , PUNCT cblr-1747 327 17 broker broker NOUN cblr-1747 327 18 - - PUNCT cblr-1747 327 19 dealers dealer NOUN cblr-1747 327 20 do do AUX cblr-1747 327 21 not not PART cblr-1747 327 22 need need VERB cblr-1747 327 23 to to PART cblr-1747 327 24 track track VERB cblr-1747 327 25 which which DET cblr-1747 327 26 customer customer NOUN cblr-1747 327 27 margin margin NOUN cblr-1747 327 28 securities security NOUN cblr-1747 327 29 they they PRON cblr-1747 327 30 have have AUX cblr-1747 327 31 lent lend VERB cblr-1747 327 32 . . PUNCT cblr-1747 328 1 rather rather ADV cblr-1747 328 2 , , PUNCT cblr-1747 328 3 broker broker NOUN cblr-1747 328 4 - - PUNCT cblr-1747 328 5 dealers dealer NOUN cblr-1747 328 6 hold hold VERB cblr-1747 328 7 and and CCONJ cblr-1747 328 8 lend lend VERB cblr-1747 328 9 these these DET cblr-1747 328 10 customer customer NOUN cblr-1747 328 11 securities security NOUN cblr-1747 328 12 in in ADP cblr-1747 328 13 a a DET cblr-1747 328 14 “ " PUNCT cblr-1747 328 15 fungible fungible ADJ cblr-1747 328 16 bulk bulk NOUN cblr-1747 328 17 . . 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PROPN cblr-1747 330 42 . . PUNCT cblr-1747 330 43 . . PUNCT cblr-1747 330 44 . . 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PUNCT cblr-1747 331 51 . . PUNCT cblr-1747 331 52 . . 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PUNCT cblr-1747 331 137 . . PUNCT cblr-1747 332 1 . . PUNCT cblr-1747 333 1 . . PUNCT cblr-1747 334 1 as as SCONJ cblr-1747 334 2 permitted permit VERB cblr-1747 334 3 by by ADP cblr-1747 334 4 law law NOUN cblr-1747 334 5 , , PUNCT cblr-1747 334 6 we we PRON cblr-1747 334 7 may may AUX cblr-1747 334 8 use use VERB cblr-1747 334 9 certain certain ADJ cblr-1747 334 10 securities security NOUN cblr-1747 334 11 for for ADP cblr-1747 334 12 , , PUNCT cblr-1747 334 13 among among ADP cblr-1747 334 14 other other ADJ cblr-1747 334 15 things thing NOUN cblr-1747 334 16 , , PUNCT cblr-1747 334 17 settling settle VERB cblr-1747 334 18 short short ADJ cblr-1747 334 19 sales sale NOUN cblr-1747 334 20 and and CCONJ cblr-1747 334 21 lending lending NOUN cblr-1747 334 22 securities security NOUN cblr-1747 334 23 for for ADP cblr-1747 334 24 short short ADJ cblr-1747 334 25 sales sale NOUN cblr-1747 334 26 and and CCONJ cblr-1747 334 27 as as ADP cblr-1747 334 28 a a DET cblr-1747 334 29 result result NOUN cblr-1747 334 30 may may AUX cblr-1747 334 31 receive receive VERB cblr-1747 334 32 compensation compensation NOUN cblr-1747 334 33 in in ADP cblr-1747 334 34 connection connection NOUN cblr-1747 334 35 therewith therewith NOUN cblr-1747 334 36 . . 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PUNCT cblr-1747 335 1 for for ADP cblr-1747 335 2 more more ADJ cblr-1747 335 3 examples example NOUN cblr-1747 335 4 of of ADP cblr-1747 335 5 agreements agreement NOUN cblr-1747 335 6 , , PUNCT cblr-1747 335 7 see see VERB cblr-1747 335 8 merrill merrill PROPN cblr-1747 335 9 lynch lynch PROPN cblr-1747 335 10 , , PUNCT cblr-1747 335 11 the the DET cblr-1747 335 12 margin margin NOUN cblr-1747 335 13 lending lending NOUN cblr-1747 335 14 program program NOUN cblr-1747 335 15 client client NOUN cblr-1747 335 16 agreement agreement NOUN cblr-1747 335 17 2 2 NUM cblr-1747 335 18 ( ( PUNCT cblr-1747 335 19 2014 2014 NUM cblr-1747 335 20 ) ) PUNCT cblr-1747 335 21 , , PUNCT cblr-1747 336 1 https://olui2.fs.ml.com/publish/content/application/pdf/gwmol/marginclient https://olui2.fs.ml.com/publish/content/application/pdf/gwmol/marginclient NOUN cblr-1747 336 2 agreement.pdf agreement.pdf X cblr-1747 336 3 [ [ X cblr-1747 336 4 https://perma.cc/3j4x-7jz6 https://perma.cc/3j4x-7jz6 PROPN cblr-1747 336 5 ] ] X cblr-1747 336 6 ; ; PUNCT cblr-1747 336 7 pershing pershe VERB cblr-1747 336 8 advisory advisory ADJ cblr-1747 336 9 solutions solution NOUN cblr-1747 336 10 l.l.c l.l.c NOUN cblr-1747 336 11 . . PUNCT cblr-1747 336 12 , , PUNCT cblr-1747 336 13 terms term NOUN cblr-1747 336 14 and and CCONJ cblr-1747 336 15 conditions condition NOUN cblr-1747 336 16 of of ADP cblr-1747 336 17 your your PRON cblr-1747 336 18 cash cash NOUN cblr-1747 336 19 and and CCONJ cblr-1747 336 20 margin margin NOUN cblr-1747 336 21 accounts account NOUN cblr-1747 336 22 7 7 NUM cblr-1747 336 23 ( ( PUNCT cblr-1747 336 24 2016 2016 NUM cblr-1747 336 25 ) ) PUNCT cblr-1747 336 26 , , PUNCT cblr-1747 336 27 https://www.pershing.com/_globalassets/pdf/disclosures/pas-terms-and-conditions.pdf https://www.pershing.com/_globalassets/pdf/disclosures/pas-terms-and-conditions.pdf X cblr-1747 336 28 [ [ X cblr-1747 336 29 https://perma.cc/hd2k-5qtf https://perma.cc/hd2k-5qtf X cblr-1747 336 30 ] ] X cblr-1747 336 31 ; ; PUNCT cblr-1747 336 32 scottrade scottrade PROPN cblr-1747 336 33 , , PUNCT cblr-1747 336 34 inc inc PROPN cblr-1747 336 35 . . 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PROPN cblr-1747 337 10 , , PUNCT cblr-1747 337 11 client client NOUN cblr-1747 337 12 agreement agreement NOUN cblr-1747 337 13 7 7 NUM cblr-1747 337 14 ( ( PUNCT cblr-1747 337 15 2016 2016 NUM cblr-1747 337 16 ) ) PUNCT cblr-1747 337 17 , , PUNCT cblr-1747 337 18 https://www.tdameritrade.com/retailen_us/resources/pdf/amtd182.pdf https://www.tdameritrade.com/retailen_us/resources/pdf/amtd182.pdf X cblr-1747 338 1 [ [ X cblr-1747 338 2 https://perma.cc/3ay4-ldys https://perma.cc/3ay4-ldys X cblr-1747 338 3 ] ] X cblr-1747 338 4 . . 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NOUN cblr-1747 341 4 2016 2016 NUM cblr-1747 341 5 hold hold VERB cblr-1747 341 6 customer customer NOUN cblr-1747 341 7 securities security NOUN cblr-1747 341 8 in in ADP cblr-1747 341 9 “ " PUNCT cblr-1747 341 10 fungible fungible ADJ cblr-1747 341 11 bulk bulk NOUN cblr-1747 341 12 ” " PUNCT cblr-1747 341 13 is be AUX cblr-1747 341 14 consistent consistent ADJ cblr-1747 341 15 with with ADP cblr-1747 341 16 the the DET cblr-1747 341 17 uniform uniform ADJ cblr-1747 341 18 commercial commercial PROPN cblr-1747 341 19 code code PROPN cblr-1747 341 20 ’s ’s PART cblr-1747 341 21 ( ( PUNCT cblr-1747 341 22 “ " PUNCT cblr-1747 341 23 ucc ucc PROPN cblr-1747 341 24 ” " PUNCT cblr-1747 341 25 ) ) PUNCT cblr-1747 341 26 definition definition NOUN cblr-1747 341 27 of of ADP cblr-1747 341 28 the the DET cblr-1747 341 29 actual actual ADJ cblr-1747 341 30 property property NOUN cblr-1747 341 31 interest interest NOUN cblr-1747 341 32 of of ADP cblr-1747 341 33 broker broker NOUN cblr-1747 341 34 - - PUNCT cblr-1747 341 35 dealer dealer NOUN cblr-1747 341 36 customers customer NOUN cblr-1747 341 37 , , PUNCT cblr-1747 341 38 namely namely ADV cblr-1747 341 39 a a DET cblr-1747 341 40 pro pro ADJ cblr-1747 341 41 rata rata ADJ cblr-1747 341 42 interest interest NOUN cblr-1747 341 43 in in ADP cblr-1747 341 44 all all PRON cblr-1747 341 45 like like ADP cblr-1747 341 46 securities security NOUN cblr-1747 341 47 held hold VERB cblr-1747 341 48 for for ADP cblr-1747 341 49 customers customer NOUN cblr-1747 341 50 by by ADP cblr-1747 341 51 the the DET cblr-1747 341 52 broker broker NOUN cblr-1747 341 53 - - PUNCT cblr-1747 341 54 dealer.61 dealer.61 NOUN cblr-1747 341 55 therefore therefore ADV cblr-1747 341 56 , , PUNCT cblr-1747 341 57 customers customer NOUN cblr-1747 341 58 do do AUX cblr-1747 341 59 not not PART cblr-1747 341 60 in in ADP cblr-1747 341 61 fact fact NOUN cblr-1747 341 62 have have VERB cblr-1747 341 63 a a DET cblr-1747 341 64 property property NOUN cblr-1747 341 65 interest interest NOUN cblr-1747 341 66 in in ADP cblr-1747 341 67 a a DET cblr-1747 341 68 specific specific ADJ cblr-1747 341 69 security security NOUN cblr-1747 341 70 that that PRON cblr-1747 341 71 they they PRON cblr-1747 341 72 purchased purchase VERB cblr-1747 341 73 through through ADP cblr-1747 341 74 their their PRON cblr-1747 341 75 broker broker NOUN cblr-1747 341 76 - - PUNCT cblr-1747 341 77 dealer dealer NOUN cblr-1747 341 78 , , PUNCT cblr-1747 341 79 and and CCONJ cblr-1747 341 80 the the DET cblr-1747 341 81 pooling pooling NOUN cblr-1747 341 82 of of ADP cblr-1747 341 83 all all PRON cblr-1747 341 84 like like ADP cblr-1747 341 85 securities security NOUN cblr-1747 341 86 by by ADP cblr-1747 341 87 a a DET cblr-1747 341 88 broker broker NOUN cblr-1747 341 89 - - PUNCT cblr-1747 341 90 dealer dealer NOUN cblr-1747 341 91 helps help VERB cblr-1747 341 92 explain explain VERB cblr-1747 341 93 why why SCONJ cblr-1747 341 94 brokerdealers brokerdealer NOUN cblr-1747 341 95 can can AUX cblr-1747 341 96 lend lend VERB cblr-1747 341 97 customer customer NOUN cblr-1747 341 98 margin margin NOUN cblr-1747 341 99 securities security NOUN cblr-1747 341 100 without without ADP cblr-1747 341 101 specifically specifically ADV cblr-1747 341 102 identifying identify VERB cblr-1747 341 103 the the DET cblr-1747 341 104 customer customer NOUN cblr-1747 341 105 who who PRON cblr-1747 341 106 is be AUX cblr-1747 341 107 the the DET cblr-1747 341 108 beneficial beneficial ADJ cblr-1747 341 109 owner.62 owner.62 NOUN cblr-1747 341 110 roundtable roundtable NOUN cblr-1747 341 111 ] ] X cblr-1747 341 112 ( ( PUNCT cblr-1747 341 113 “ " PUNCT cblr-1747 341 114 the the DET cblr-1747 341 115 broker broker NOUN cblr-1747 341 116 - - PUNCT cblr-1747 341 117 dealer dealer NOUN cblr-1747 341 118 holds hold VERB cblr-1747 341 119 all all DET cblr-1747 341 120 its its PRON cblr-1747 341 121 shares share NOUN cblr-1747 341 122 in in ADP cblr-1747 341 123 fungible fungible ADJ cblr-1747 341 124 bulk bulk NOUN cblr-1747 341 125 , , PUNCT cblr-1747 341 126 so so SCONJ cblr-1747 341 127 it it PRON cblr-1747 341 128 does do AUX cblr-1747 341 129 not not PART cblr-1747 341 130 match match VERB cblr-1747 341 131 loaned loan VERB cblr-1747 341 132 shares share NOUN cblr-1747 341 133 with with ADP cblr-1747 341 134 any any DET cblr-1747 341 135 particular particular ADJ cblr-1747 341 136 margin margin NOUN cblr-1747 341 137 customer customer NOUN cblr-1747 341 138 . . PUNCT cblr-1747 341 139 ” " PUNCT cblr-1747 341 140 ) ) PUNCT cblr-1747 341 141 . . PUNCT cblr-1747 342 1 61 61 NUM cblr-1747 342 2 see see VERB cblr-1747 342 3 u.c.c u.c.c ADP cblr-1747 342 4 . . PUNCT cblr-1747 343 1 § § PROPN cblr-1747 343 2 8 8 NUM cblr-1747 343 3 - - SYM cblr-1747 343 4 503(c)–(e 503(c)–(e NUM cblr-1747 343 5 ) ) PUNCT cblr-1747 343 6 ( ( PUNCT cblr-1747 343 7 am be AUX cblr-1747 343 8 . . PUNCT cblr-1747 343 9 law law NOUN cblr-1747 343 10 inst inst PROPN cblr-1747 343 11 . . PROPN cblr-1747 343 12 & & CCONJ cblr-1747 343 13 unif unif PROPN cblr-1747 343 14 . . PUNCT cblr-1747 344 1 law law NOUN cblr-1747 344 2 comm’n comm’n NOUN cblr-1747 344 3 2014 2014 NUM cblr-1747 344 4 ) ) PUNCT cblr-1747 344 5 ; ; PUNCT cblr-1747 344 6 kahan kahan PROPN cblr-1747 344 7 & & CCONJ cblr-1747 344 8 rock rock PROPN cblr-1747 344 9 , , PUNCT cblr-1747 344 10 supra supra PROPN cblr-1747 344 11 note note PROPN cblr-1747 344 12 8 8 NUM cblr-1747 344 13 , , PUNCT cblr-1747 344 14 at at ADP cblr-1747 344 15 1242 1242 NUM cblr-1747 344 16 ( ( PUNCT cblr-1747 344 17 “ " PUNCT cblr-1747 344 18 [ [ X cblr-1747 344 19 ucc ucc X cblr-1747 344 20 ] ] X cblr-1747 344 21 section section NOUN cblr-1747 344 22 8 8 NUM cblr-1747 344 23 - - SYM cblr-1747 344 24 503 503 NUM cblr-1747 344 25 makes make VERB cblr-1747 344 26 clear clear ADJ cblr-1747 344 27 that that SCONJ cblr-1747 344 28 the the DET cblr-1747 344 29 interest interest NOUN cblr-1747 344 30 of of ADP cblr-1747 344 31 the the DET cblr-1747 344 32 customers customer NOUN cblr-1747 344 33 who who PRON cblr-1747 344 34 hold hold VERB cblr-1747 344 35 a a DET cblr-1747 344 36 certain certain ADJ cblr-1747 344 37 security security NOUN cblr-1747 344 38 is be AUX cblr-1747 344 39 not not PART cblr-1747 344 40 an an DET cblr-1747 344 41 interest interest NOUN cblr-1747 344 42 in in ADP cblr-1747 344 43 any any DET cblr-1747 344 44 particular particular ADJ cblr-1747 344 45 item item NOUN cblr-1747 344 46 of of ADP cblr-1747 344 47 property property NOUN cblr-1747 344 48 , , PUNCT cblr-1747 344 49 but but CCONJ cblr-1747 344 50 rather rather ADV cblr-1747 344 51 is be AUX cblr-1747 344 52 a a DET cblr-1747 344 53 pro pro ADJ cblr-1747 344 54 rata rata ADJ cblr-1747 344 55 interest interest NOUN cblr-1747 344 56 in in ADP cblr-1747 344 57 all all PRON cblr-1747 344 58 like like ADP cblr-1747 344 59 securities security NOUN cblr-1747 344 60 of of ADP cblr-1747 344 61 the the DET cblr-1747 344 62 intermediary intermediary NOUN cblr-1747 344 63 held hold VERB cblr-1747 344 64 in in ADP cblr-1747 344 65 common common ADJ cblr-1747 344 66 by by ADP cblr-1747 344 67 all all DET cblr-1747 344 68 other other ADJ cblr-1747 344 69 customers customer NOUN cblr-1747 344 70 who who PRON cblr-1747 344 71 own own VERB cblr-1747 344 72 the the DET cblr-1747 344 73 same same ADJ cblr-1747 344 74 security security NOUN cblr-1747 344 75 . . PUNCT cblr-1747 344 76 ” " PUNCT cblr-1747 344 77 ) ) PUNCT cblr-1747 344 78 . . PUNCT cblr-1747 345 1 62 62 NUM cblr-1747 345 2 related relate VERB cblr-1747 345 3 to to ADP cblr-1747 345 4 lending lending NOUN cblr-1747 345 5 of of ADP cblr-1747 345 6 securities security NOUN cblr-1747 345 7 , , PUNCT cblr-1747 345 8 broker broker NOUN cblr-1747 345 9 - - PUNCT cblr-1747 345 10 dealers dealer NOUN cblr-1747 345 11 can can AUX cblr-1747 345 12 use use VERB cblr-1747 345 13 customer customer NOUN cblr-1747 345 14 margin margin NOUN cblr-1747 345 15 securities security NOUN cblr-1747 345 16 as as ADP cblr-1747 345 17 collateral collateral NOUN cblr-1747 345 18 for for ADP cblr-1747 345 19 broker broker NOUN cblr-1747 345 20 - - PUNCT cblr-1747 345 21 dealer dealer NOUN cblr-1747 345 22 borrowing borrowing NOUN cblr-1747 345 23 in in ADP cblr-1747 345 24 a a DET cblr-1747 345 25 process process NOUN cblr-1747 345 26 known know VERB cblr-1747 345 27 as as ADP cblr-1747 345 28 rehypothecation rehypothecation NOUN cblr-1747 345 29 . . PUNCT cblr-1747 346 1 customers customer NOUN cblr-1747 346 2 pledge pledge VERB cblr-1747 346 3 or or CCONJ cblr-1747 346 4 hypothecate hypothecate VERB cblr-1747 346 5 their their PRON cblr-1747 346 6 margin margin NOUN cblr-1747 346 7 securities security NOUN cblr-1747 346 8 as as ADP cblr-1747 346 9 collateral collateral NOUN cblr-1747 346 10 for for ADP cblr-1747 346 11 margin margin NOUN cblr-1747 346 12 loans loan NOUN cblr-1747 346 13 , , PUNCT cblr-1747 346 14 and and CCONJ cblr-1747 346 15 the the DET cblr-1747 346 16 ucc ucc PROPN cblr-1747 346 17 allows allow VERB cblr-1747 346 18 brokerdealers brokerdealer NOUN cblr-1747 346 19 to to PART cblr-1747 346 20 repledge repledge VERB cblr-1747 346 21 this this DET cblr-1747 346 22 collateral collateral NOUN cblr-1747 346 23 as as ADP cblr-1747 346 24 collateral collateral NOUN cblr-1747 346 25 to to ADP cblr-1747 346 26 third third ADJ cblr-1747 346 27 parties party NOUN cblr-1747 346 28 . . PUNCT cblr-1747 347 1 see see VERB cblr-1747 347 2 u.c.c u.c.c ADP cblr-1747 347 3 . . PUNCT cblr-1747 348 1 § § PROPN cblr-1747 348 2 9 9 NUM cblr-1747 348 3 - - SYM cblr-1747 348 4 207(c)(3 207(c)(3 NUM cblr-1747 348 5 ) ) PUNCT cblr-1747 348 6 ( ( PUNCT cblr-1747 348 7 am be AUX cblr-1747 348 8 . . PUNCT cblr-1747 348 9 law law NOUN cblr-1747 348 10 inst inst PROPN cblr-1747 348 11 . . PROPN cblr-1747 348 12 & & CCONJ cblr-1747 348 13 unif unif PROPN cblr-1747 348 14 . . PUNCT cblr-1747 349 1 law law NOUN cblr-1747 349 2 comm’n comm’n NOUN cblr-1747 349 3 2014 2014 NUM cblr-1747 349 4 ) ) PUNCT cblr-1747 349 5 ; ; PUNCT cblr-1747 349 6 kenneth kenneth PROPN cblr-1747 349 7 c. c. PROPN cblr-1747 349 8 kettering kettering PROPN cblr-1747 349 9 , , PUNCT cblr-1747 349 10 repledge repledge PROPN cblr-1747 349 11 deconstructed deconstruct VERB cblr-1747 349 12 , , PUNCT cblr-1747 349 13 61 61 NUM cblr-1747 349 14 u. u. NOUN cblr-1747 349 15 pitt pitt PROPN cblr-1747 349 16 . . PUNCT cblr-1747 350 1 l. l. PROPN cblr-1747 350 2 rev rev PROPN cblr-1747 350 3 . . PROPN cblr-1747 350 4 45 45 NUM cblr-1747 350 5 , , PUNCT cblr-1747 350 6 51 51 NUM cblr-1747 350 7 , , PUNCT cblr-1747 350 8 175 175 NUM cblr-1747 350 9 ( ( PUNCT cblr-1747 350 10 1999 1999 NUM cblr-1747 350 11 ) ) PUNCT cblr-1747 350 12 ( ( PUNCT cblr-1747 350 13 providing provide VERB cblr-1747 350 14 full full ADJ cblr-1747 350 15 history history NOUN cblr-1747 350 16 of of ADP cblr-1747 350 17 ucc ucc PROPN cblr-1747 350 18 and and CCONJ cblr-1747 350 19 regulatory regulatory ADJ cblr-1747 350 20 treatment treatment NOUN cblr-1747 350 21 of of ADP cblr-1747 350 22 repledging repledge VERB cblr-1747 350 23 assets asset NOUN cblr-1747 350 24 , , PUNCT cblr-1747 350 25 including include VERB cblr-1747 350 26 margin margin NOUN cblr-1747 350 27 securities security NOUN cblr-1747 350 28 ) ) PUNCT cblr-1747 350 29 . . PUNCT cblr-1747 351 1 rehypothecation rehypothecation PROPN cblr-1747 351 2 allows allow VERB cblr-1747 351 3 brokerdealers brokerdealer NOUN cblr-1747 351 4 to to PART cblr-1747 351 5 pledge pledge VERB cblr-1747 351 6 margin margin NOUN cblr-1747 351 7 securities security NOUN cblr-1747 351 8 in in ADP cblr-1747 351 9 order order NOUN cblr-1747 351 10 to to PART cblr-1747 351 11 borrow borrow VERB cblr-1747 351 12 money money NOUN cblr-1747 351 13 to to PART cblr-1747 351 14 replenish replenish VERB cblr-1747 351 15 their their PRON cblr-1747 351 16 cash cash NOUN cblr-1747 351 17 supply supply NOUN cblr-1747 351 18 after after ADP cblr-1747 351 19 extending extend VERB cblr-1747 351 20 a a DET cblr-1747 351 21 margin margin NOUN cblr-1747 351 22 loan loan NOUN cblr-1747 351 23 . . PUNCT cblr-1747 352 1 see see VERB cblr-1747 352 2 manmohan manmohan PROPN cblr-1747 352 3 singh singh PROPN cblr-1747 352 4 & & CCONJ cblr-1747 352 5 james james PROPN cblr-1747 352 6 aitken aitken PROPN cblr-1747 352 7 , , PUNCT cblr-1747 352 8 the the DET cblr-1747 352 9 ( ( PUNCT cblr-1747 352 10 sizable sizable ADJ cblr-1747 352 11 ) ) PUNCT cblr-1747 352 12 role role NOUN cblr-1747 352 13 of of ADP cblr-1747 352 14 rehypothecation rehypothecation NOUN cblr-1747 352 15 in in ADP cblr-1747 352 16 the the DET cblr-1747 352 17 shadow shadow NOUN cblr-1747 352 18 banking banking NOUN cblr-1747 352 19 system system NOUN cblr-1747 352 20 3 3 NUM cblr-1747 352 21 ( ( PUNCT cblr-1747 352 22 imf imf PROPN cblr-1747 352 23 working working PROPN cblr-1747 352 24 paper paper NOUN cblr-1747 352 25 no no INTJ cblr-1747 352 26 . . PUNCT cblr-1747 353 1 10/172 10/172 NUM cblr-1747 353 2 , , PUNCT cblr-1747 353 3 july july PROPN cblr-1747 353 4 2010 2010 NUM cblr-1747 353 5 ) ) PUNCT cblr-1747 353 6 ; ; PUNCT cblr-1747 353 7 sec sec PROPN cblr-1747 353 8 , , PUNCT cblr-1747 353 9 transcript transcript NOUN cblr-1747 353 10 of of ADP cblr-1747 353 11 securities security NOUN cblr-1747 353 12 lending lending NOUN cblr-1747 353 13 and and CCONJ cblr-1747 353 14 short short ADJ cblr-1747 353 15 sale sale NOUN cblr-1747 353 16 roundtable roundtable NOUN cblr-1747 353 17 , , PUNCT cblr-1747 353 18 supra supra PROPN cblr-1747 353 19 note note NOUN cblr-1747 353 20 48 48 NUM cblr-1747 353 21 , , PUNCT cblr-1747 353 22 at at ADP cblr-1747 353 23 21 21 NUM cblr-1747 353 24 ( ( PUNCT cblr-1747 353 25 statement statement NOUN cblr-1747 353 26 of of ADP cblr-1747 353 27 irv irv PROPN cblr-1747 353 28 klubeck klubeck PROPN cblr-1747 353 29 , , PUNCT cblr-1747 353 30 managing managing NOUN cblr-1747 353 31 director director NOUN cblr-1747 353 32 , , PUNCT cblr-1747 353 33 pershing pershe VERB cblr-1747 353 34 l.l.c l.l.c NOUN cblr-1747 353 35 . . PUNCT cblr-1747 353 36 ) ) PUNCT cblr-1747 353 37 . . PUNCT cblr-1747 354 1 unlike unlike ADP cblr-1747 354 2 outright outright ADJ cblr-1747 354 3 lending lending NOUN cblr-1747 354 4 of of ADP cblr-1747 354 5 securities security NOUN cblr-1747 354 6 , , PUNCT cblr-1747 354 7 customers customer NOUN cblr-1747 354 8 retain retain VERB cblr-1747 354 9 title title NOUN cblr-1747 354 10 in in ADP cblr-1747 354 11 their their PRON cblr-1747 354 12 margin margin NOUN cblr-1747 354 13 securities security NOUN cblr-1747 354 14 and and CCONJ cblr-1747 354 15 therefore therefore ADV cblr-1747 354 16 their their PRON cblr-1747 354 17 right right NOUN cblr-1747 354 18 to to PART cblr-1747 354 19 vote vote VERB cblr-1747 354 20 as as ADV cblr-1747 354 21 long long ADV cblr-1747 354 22 as as SCONJ cblr-1747 354 23 the the DET cblr-1747 354 24 brokerdealer brokerdealer NOUN cblr-1747 354 25 has have AUX cblr-1747 354 26 not not PART cblr-1747 354 27 defaulted default VERB cblr-1747 354 28 on on ADP cblr-1747 354 29 the the DET cblr-1747 354 30 loan loan NOUN cblr-1747 354 31 to to PART cblr-1747 354 32 which which PRON cblr-1747 354 33 the the DET cblr-1747 354 34 customer customer NOUN cblr-1747 354 35 margin margin NOUN cblr-1747 354 36 securities security NOUN cblr-1747 354 37 are be AUX cblr-1747 354 38 pledged pledge VERB cblr-1747 354 39 as as ADP cblr-1747 354 40 collateral collateral NOUN cblr-1747 354 41 . . PUNCT cblr-1747 355 1 see see VERB cblr-1747 355 2 hypothecate hypothecate NOUN cblr-1747 355 3 , , PUNCT cblr-1747 355 4 black black ADJ cblr-1747 355 5 ’s ’s PART cblr-1747 355 6 law law NOUN cblr-1747 355 7 dictionary dictionary NOUN cblr-1747 355 8 ( ( PUNCT cblr-1747 355 9 10th 10th ADJ cblr-1747 355 10 ed ed NOUN cblr-1747 355 11 . . PROPN cblr-1747 355 12 2014 2014 NUM cblr-1747 355 13 ) ) PUNCT cblr-1747 355 14 . . PUNCT cblr-1747 356 1 although although SCONJ cblr-1747 356 2 rehypothecation rehypothecation NOUN cblr-1747 356 3 presents present NOUN cblr-1747 356 4 agency agency NOUN cblr-1747 356 5 and and CCONJ cblr-1747 356 6 systemic systemic ADJ cblr-1747 356 7 problems problem NOUN cblr-1747 356 8 similar similar ADJ cblr-1747 356 9 to to ADP cblr-1747 356 10 the the DET cblr-1747 356 11 problems problem NOUN cblr-1747 356 12 with with ADP cblr-1747 356 13 other other ADJ cblr-1747 356 14 uses use NOUN cblr-1747 356 15 of of ADP cblr-1747 356 16 idle idle ADJ cblr-1747 356 17 customer customer NOUN cblr-1747 356 18 assets asset NOUN cblr-1747 356 19 described describe VERB cblr-1747 356 20 in in ADP cblr-1747 356 21 this this DET cblr-1747 356 22 note note NOUN cblr-1747 356 23 , , PUNCT cblr-1747 356 24 other other ADJ cblr-1747 356 25 articles article NOUN cblr-1747 356 26 have have AUX cblr-1747 356 27 examined examine VERB cblr-1747 356 28 the the DET cblr-1747 356 29 history history NOUN cblr-1747 356 30 and and CCONJ cblr-1747 356 31 trade trade NOUN cblr-1747 356 32 - - PUNCT cblr-1747 356 33 offs off NOUN cblr-1747 356 34 associated associate VERB cblr-1747 356 35 with with ADP cblr-1747 356 36 rehypothecation rehypothecation NOUN cblr-1747 356 37 , , PUNCT cblr-1747 356 38 therefore therefore ADV cblr-1747 356 39 an an DET cblr-1747 356 40 tepe tepe NOUN cblr-1747 356 41 – – PUNCT cblr-1747 356 42 final final ADJ cblr-1747 356 43 no no NOUN cblr-1747 356 44 . . PUNCT cblr-1747 357 1 3:823 3:823 NUM cblr-1747 357 2 ] ] X cblr-1747 357 3 broker broker NOUN cblr-1747 357 4 - - PUNCT cblr-1747 357 5 dealer dealer NOUN cblr-1747 357 6 “ " PUNCT cblr-1747 357 7 idle idle ADJ cblr-1747 357 8 ” " PUNCT cblr-1747 357 9 customer customer NOUN cblr-1747 357 10 assets asset NOUN cblr-1747 357 11 845 845 NUM cblr-1747 357 12 d. d. PROPN cblr-1747 357 13 “ " PUNCT cblr-1747 357 14 idle idle ADJ cblr-1747 357 15 ” " PUNCT cblr-1747 357 16 customer customer NOUN cblr-1747 357 17 shareholder shareholder NOUN cblr-1747 357 18 rights right NOUN cblr-1747 357 19 broker broker NOUN cblr-1747 357 20 - - PUNCT cblr-1747 357 21 dealers dealer NOUN cblr-1747 357 22 ’ ’ PART cblr-1747 357 23 ability ability NOUN cblr-1747 357 24 to to PART cblr-1747 357 25 lend lend VERB cblr-1747 357 26 customer customer NOUN cblr-1747 357 27 margin margin NOUN cblr-1747 357 28 securities security NOUN cblr-1747 357 29 with with ADP cblr-1747 357 30 less less ADV cblr-1747 357 31 stringent stringent ADJ cblr-1747 357 32 regulatory regulatory ADJ cblr-1747 357 33 requirements requirement NOUN cblr-1747 357 34 has have VERB cblr-1747 357 35 important important ADJ cblr-1747 357 36 implications implication NOUN cblr-1747 357 37 for for ADP cblr-1747 357 38 corporate corporate ADJ cblr-1747 357 39 voting.63 voting.63 ADJ cblr-1747 357 40 first first ADV cblr-1747 357 41 , , PUNCT cblr-1747 357 42 the the DET cblr-1747 357 43 depository depository NOUN cblr-1747 357 44 trust trust PROPN cblr-1747 357 45 company company NOUN cblr-1747 357 46 ( ( PUNCT cblr-1747 357 47 “ " PUNCT cblr-1747 357 48 dtc dtc PROPN cblr-1747 357 49 ” " PUNCT cblr-1747 357 50 ) ) PUNCT cblr-1747 357 51 holds hold VERB cblr-1747 357 52 the the DET cblr-1747 357 53 shares share NOUN cblr-1747 357 54 of of ADP cblr-1747 357 55 all all DET cblr-1747 357 56 brokerdealers brokerdealer NOUN cblr-1747 357 57 as as ADP cblr-1747 357 58 a a DET cblr-1747 357 59 custodian custodian NOUN cblr-1747 357 60 , , PUNCT cblr-1747 357 61 whether whether SCONJ cblr-1747 357 62 the the DET cblr-1747 357 63 broker broker NOUN cblr-1747 357 64 - - PUNCT cblr-1747 357 65 dealer dealer NOUN cblr-1747 357 66 or or CCONJ cblr-1747 357 67 a a DET cblr-1747 357 68 customer customer NOUN cblr-1747 357 69 beneficially beneficially ADV cblr-1747 357 70 owns own VERB cblr-1747 357 71 the the DET cblr-1747 357 72 shares.64 shares.64 PROPN cblr-1747 357 73 the the DET cblr-1747 357 74 dtc dtc PROPN cblr-1747 357 75 is be AUX cblr-1747 357 76 the the DET cblr-1747 357 77 record record ADJ cblr-1747 357 78 owner owner NOUN cblr-1747 357 79 of of ADP cblr-1747 357 80 all all DET cblr-1747 357 81 shares share NOUN cblr-1747 357 82 and and CCONJ cblr-1747 357 83 lists list VERB cblr-1747 357 84 the the DET cblr-1747 357 85 broker broker NOUN cblr-1747 357 86 - - PUNCT cblr-1747 357 87 dealer dealer NOUN cblr-1747 357 88 as as ADP cblr-1747 357 89 the the DET cblr-1747 357 90 owner owner NOUN cblr-1747 357 91 of of ADP cblr-1747 357 92 the the DET cblr-1747 357 93 shares share NOUN cblr-1747 357 94 in in ADP cblr-1747 357 95 the the DET cblr-1747 357 96 dtc dtc NOUN cblr-1747 357 97 ’s ’s PART cblr-1747 357 98 ownership ownership NOUN cblr-1747 357 99 records.65 records.65 NOUN cblr-1747 357 100 under under ADP cblr-1747 357 101 delaware delaware PROPN cblr-1747 357 102 corporate corporate PROPN cblr-1747 357 103 law law NOUN cblr-1747 357 104 , , PUNCT cblr-1747 357 105 the the DET cblr-1747 357 106 entity entity NOUN cblr-1747 357 107 with with ADP cblr-1747 357 108 record record NOUN cblr-1747 357 109 ownership ownership NOUN cblr-1747 357 110 ( ( PUNCT cblr-1747 357 111 the the DET cblr-1747 357 112 dtc dtc NOUN cblr-1747 357 113 ) ) PUNCT cblr-1747 357 114 rather rather ADV cblr-1747 357 115 than than ADP cblr-1747 357 116 the the DET cblr-1747 357 117 beneficial beneficial ADJ cblr-1747 357 118 owner owner NOUN cblr-1747 357 119 ( ( PUNCT cblr-1747 357 120 the the DET cblr-1747 357 121 customer customer NOUN cblr-1747 357 122 ) ) PUNCT cblr-1747 357 123 is be AUX cblr-1747 357 124 entitled entitle VERB cblr-1747 357 125 to to PART cblr-1747 357 126 notice notice VERB cblr-1747 357 127 of of ADP cblr-1747 357 128 corporate corporate ADJ cblr-1747 357 129 votes.66 votes.66 NOUN cblr-1747 357 130 therefore therefore ADV cblr-1747 357 131 , , PUNCT cblr-1747 357 132 when when SCONJ cblr-1747 357 133 an an DET cblr-1747 357 134 issuer issuer NOUN cblr-1747 357 135 holds hold VERB cblr-1747 357 136 a a DET cblr-1747 357 137 shareholder shareholder NOUN cblr-1747 357 138 vote vote NOUN cblr-1747 357 139 , , PUNCT cblr-1747 357 140 the the DET cblr-1747 357 141 issuer issuer NOUN cblr-1747 357 142 contacts contact NOUN cblr-1747 357 143 the the DET cblr-1747 357 144 dtc dtc NOUN cblr-1747 357 145 to to PART cblr-1747 357 146 get get VERB cblr-1747 357 147 a a DET cblr-1747 357 148 list list NOUN cblr-1747 357 149 of of ADP cblr-1747 357 150 participant participant ADJ cblr-1747 357 151 custodians custodian NOUN cblr-1747 357 152 ( ( PUNCT cblr-1747 357 153 i.e. i.e. X cblr-1747 357 154 broker broker NOUN cblr-1747 357 155 - - PUNCT cblr-1747 357 156 dealers dealer NOUN cblr-1747 357 157 ) ) PUNCT cblr-1747 357 158 who who PRON cblr-1747 357 159 hold hold VERB cblr-1747 357 160 shares share NOUN cblr-1747 357 161 of of ADP cblr-1747 357 162 the the DET cblr-1747 357 163 issuer issuer NOUN cblr-1747 357 164 , , PUNCT cblr-1747 357 165 and and CCONJ cblr-1747 357 166 the the DET cblr-1747 357 167 issuer issuer NOUN cblr-1747 357 168 provides provide VERB cblr-1747 357 169 proxy proxy ADJ cblr-1747 357 170 extensive extensive ADJ cblr-1747 357 171 discussion discussion NOUN cblr-1747 357 172 of of ADP cblr-1747 357 173 rehypothecation rehypothecation NOUN cblr-1747 357 174 is be AUX cblr-1747 357 175 beyond beyond ADP cblr-1747 357 176 the the DET cblr-1747 357 177 scope scope NOUN cblr-1747 357 178 of of ADP cblr-1747 357 179 this this DET cblr-1747 357 180 note note NOUN cblr-1747 357 181 . . PUNCT cblr-1747 358 1 see see VERB cblr-1747 358 2 , , PUNCT cblr-1747 358 3 e.g. e.g. ADV cblr-1747 358 4 , , PUNCT cblr-1747 358 5 christian christian PROPN cblr-1747 358 6 a. a. PROPN cblr-1747 358 7 johnson johnson PROPN cblr-1747 358 8 , , PUNCT cblr-1747 358 9 derivatives derivative NOUN cblr-1747 358 10 and and CCONJ cblr-1747 358 11 rehypothecation rehypothecation NOUN cblr-1747 358 12 failure failure NOUN cblr-1747 358 13 : : PUNCT cblr-1747 358 14 it it PRON cblr-1747 358 15 ’s ’ VERB cblr-1747 358 16 3:00 3:00 NUM cblr-1747 358 17 p.m. p.m. NOUN cblr-1747 358 18 , , PUNCT cblr-1747 358 19 do do AUX cblr-1747 358 20 you you PRON cblr-1747 358 21 know know VERB cblr-1747 358 22 where where SCONJ cblr-1747 358 23 your your PRON cblr-1747 358 24 collateral collateral NOUN cblr-1747 358 25 is be AUX cblr-1747 358 26 ? ? PUNCT cblr-1747 358 27 , , PUNCT cblr-1747 358 28 39 39 NUM cblr-1747 358 29 ariz ariz NOUN cblr-1747 358 30 . . PUNCT cblr-1747 359 1 l. l. PROPN cblr-1747 359 2 rev rev PROPN cblr-1747 359 3 . . PROPN cblr-1747 360 1 949 949 NUM cblr-1747 360 2 ( ( PUNCT cblr-1747 360 3 1997 1997 NUM cblr-1747 360 4 ) ) PUNCT cblr-1747 360 5 ; ; PUNCT cblr-1747 360 6 kettering kettering PROPN cblr-1747 360 7 , , PUNCT cblr-1747 360 8 supra supra PROPN cblr-1747 360 9 note note PROPN cblr-1747 360 10 62 62 NUM cblr-1747 360 11 ; ; PUNCT cblr-1747 360 12 singh singh PROPN cblr-1747 360 13 & & CCONJ cblr-1747 360 14 aitken aitken PROPN cblr-1747 360 15 , , PUNCT cblr-1747 360 16 supra supra PROPN cblr-1747 360 17 note note PROPN cblr-1747 360 18 62 62 NUM cblr-1747 360 19 ; ; PUNCT cblr-1747 360 20 mariya mariya PROPN cblr-1747 360 21 deryugina deryugina PROPN cblr-1747 360 22 , , PUNCT cblr-1747 360 23 note note NOUN cblr-1747 360 24 , , PUNCT cblr-1747 360 25 standardization standardization NOUN cblr-1747 360 26 of of ADP cblr-1747 360 27 securities security NOUN cblr-1747 360 28 regulation regulation NOUN cblr-1747 360 29 : : PUNCT cblr-1747 360 30 rehypothecation rehypothecation NOUN cblr-1747 360 31 and and CCONJ cblr-1747 360 32 securities security NOUN cblr-1747 360 33 commingling commingle VERB cblr-1747 360 34 in in ADP cblr-1747 360 35 the the DET cblr-1747 360 36 united united PROPN cblr-1747 360 37 states states PROPN cblr-1747 360 38 and and CCONJ cblr-1747 360 39 the the DET cblr-1747 360 40 united united ADJ cblr-1747 360 41 kingdom kingdom PROPN cblr-1747 360 42 , , PUNCT cblr-1747 360 43 29 29 NUM cblr-1747 360 44 rev rev X cblr-1747 360 45 . . PROPN cblr-1747 360 46 banking banking PROPN cblr-1747 360 47 & & CCONJ cblr-1747 360 48 fin fin PROPN cblr-1747 360 49 . . PUNCT cblr-1747 361 1 l. l. PROPN cblr-1747 361 2 253 253 NUM cblr-1747 361 3 ( ( PUNCT cblr-1747 361 4 2009 2009 NUM cblr-1747 361 5 ) ) PUNCT cblr-1747 361 6 ( ( PUNCT cblr-1747 361 7 although although SCONJ cblr-1747 361 8 overstating overstate VERB cblr-1747 361 9 the the DET cblr-1747 361 10 protection protection NOUN cblr-1747 361 11 afforded afford VERB cblr-1747 361 12 by by ADP cblr-1747 361 13 sec sec PROPN cblr-1747 361 14 rules rule NOUN cblr-1747 361 15 for for ADP cblr-1747 361 16 customer customer NOUN cblr-1747 361 17 securities security NOUN cblr-1747 361 18 ) ) PUNCT cblr-1747 361 19 ; ; PUNCT cblr-1747 361 20 david david PROPN cblr-1747 361 21 andolfatto andolfatto PROPN cblr-1747 361 22 , , PUNCT cblr-1747 361 23 fernando fernando PROPN cblr-1747 361 24 martin martin PROPN cblr-1747 361 25 & & CCONJ cblr-1747 361 26 shengxing shengxe VERB cblr-1747 361 27 zhang zhang PROPN cblr-1747 361 28 , , PUNCT cblr-1747 361 29 rehypothecation rehypothecation PROPN cblr-1747 361 30 and and CCONJ cblr-1747 361 31 liquidity liquidity NOUN cblr-1747 361 32 ( ( PUNCT cblr-1747 361 33 fed fed PROPN cblr-1747 361 34 . . PUNCT cblr-1747 361 35 reserve reserve PROPN cblr-1747 361 36 bank bank PROPN cblr-1747 361 37 of of ADP cblr-1747 361 38 st st PROPN cblr-1747 361 39 . . PROPN cblr-1747 361 40 louis louis PROPN cblr-1747 361 41 working working PROPN cblr-1747 361 42 paper paper NOUN cblr-1747 361 43 2015 2015 NUM cblr-1747 361 44 - - PUNCT cblr-1747 361 45 003b 003b NOUN cblr-1747 361 46 , , PUNCT cblr-1747 361 47 2015 2015 NUM cblr-1747 361 48 ) ) PUNCT cblr-1747 361 49 , , PUNCT cblr-1747 361 50 https://research.stlouisfed.org/wp/2015/2015-003.pdf https://research.stlouisfed.org/wp/2015/2015-003.pdf NOUN cblr-1747 362 1 [ [ X cblr-1747 362 2 https://perma.cc/72tc-ncak https://perma.cc/72tc-ncak X cblr-1747 362 3 ] ] X cblr-1747 362 4 . . PUNCT cblr-1747 363 1 63 63 NUM cblr-1747 363 2 kahan kahan PROPN cblr-1747 363 3 & & CCONJ cblr-1747 363 4 rock rock PROPN cblr-1747 363 5 , , PUNCT cblr-1747 363 6 supra supra PROPN cblr-1747 363 7 note note PROPN cblr-1747 363 8 8 8 NUM cblr-1747 363 9 , , PUNCT cblr-1747 363 10 at at ADP cblr-1747 363 11 1227 1227 NUM cblr-1747 363 12 . . PUNCT cblr-1747 364 1 64 64 NUM cblr-1747 364 2 see see VERB cblr-1747 364 3 i i PRON cblr-1747 364 4 d. d. PROPN cblr-1747 364 5 at at ADP cblr-1747 364 6 1237–38 1237–38 NUM cblr-1747 364 7 ; ; PUNCT cblr-1747 364 8 u.c.c u.c.c ADP cblr-1747 364 9 . . PUNCT cblr-1747 364 10 art art NOUN cblr-1747 364 11 . . PUNCT cblr-1747 365 1 8 8 NUM cblr-1747 365 2 prefatory prefatory ADJ cblr-1747 365 3 note note NOUN cblr-1747 365 4 ( ( PUNCT cblr-1747 365 5 am be AUX cblr-1747 365 6 . . PUNCT cblr-1747 365 7 law law NOUN cblr-1747 365 8 inst inst PROPN cblr-1747 365 9 . . PROPN cblr-1747 365 10 & & CCONJ cblr-1747 365 11 unif unif PROPN cblr-1747 365 12 . . PUNCT cblr-1747 366 1 law law NOUN cblr-1747 366 2 comm’n comm’n NOUN cblr-1747 366 3 2014 2014 NUM cblr-1747 366 4 ) ) PUNCT cblr-1747 366 5 . . PUNCT cblr-1747 367 1 65 65 NUM cblr-1747 367 2 kahan kahan PROPN cblr-1747 367 3 & & CCONJ cblr-1747 367 4 rock rock PROPN cblr-1747 367 5 , , PUNCT cblr-1747 367 6 supra supra PROPN cblr-1747 367 7 note note PROPN cblr-1747 367 8 8 8 NUM cblr-1747 367 9 , , PUNCT cblr-1747 367 10 at at ADP cblr-1747 367 11 1237–38 1237–38 NUM cblr-1747 367 12 ; ; PUNCT cblr-1747 367 13 overview overview NOUN cblr-1747 367 14 , , PUNCT cblr-1747 367 15 dtcc dtcc PROPN cblr-1747 367 16 , , PUNCT cblr-1747 367 17 http://www.dtcc.com/matching-settlement-and-asset-services/issuerservices/how-issuers-work-with-dtc http://www.dtcc.com/matching-settlement-and-asset-services/issuerservices/how-issuers-work-with-dtc PROPN cblr-1747 367 18 [ [ X cblr-1747 367 19 https://perma.cc/6pxx-ywc4 https://perma.cc/6pxx-ywc4 PROPN cblr-1747 367 20 ] ] X cblr-1747 367 21 ( ( PUNCT cblr-1747 367 22 last last ADV cblr-1747 367 23 visited visit VERB cblr-1747 367 24 jan jan PROPN cblr-1747 367 25 . . PROPN cblr-1747 367 26 31 31 NUM cblr-1747 367 27 , , PUNCT cblr-1747 367 28 2017 2017 NUM cblr-1747 367 29 ) ) PUNCT cblr-1747 367 30 . . PUNCT cblr-1747 368 1 66 66 NUM cblr-1747 368 2 see see VERB cblr-1747 368 3 del del PROPN cblr-1747 368 4 . . PROPN cblr-1747 368 5 code code PROPN cblr-1747 368 6 ann ann PROPN cblr-1747 368 7 . . PUNCT cblr-1747 369 1 tit tit PROPN cblr-1747 369 2 . . PROPN cblr-1747 370 1 8 8 NUM cblr-1747 370 2 , , PUNCT cblr-1747 370 3 § § PROPN cblr-1747 370 4 219 219 NUM cblr-1747 370 5 ( ( PUNCT cblr-1747 370 6 2015 2015 NUM cblr-1747 370 7 ) ) PUNCT cblr-1747 370 8 ; ; PUNCT cblr-1747 370 9 kahan kahan PROPN cblr-1747 370 10 & & CCONJ cblr-1747 370 11 rock rock PROPN cblr-1747 370 12 , , PUNCT cblr-1747 370 13 supra supra PROPN cblr-1747 370 14 note note PROPN cblr-1747 370 15 8 8 NUM cblr-1747 370 16 , , PUNCT cblr-1747 370 17 at at ADP cblr-1747 370 18 1233 1233 NUM cblr-1747 370 19 ; ; PUNCT cblr-1747 370 20 see see VERB cblr-1747 370 21 also also ADV cblr-1747 370 22 david david PROPN cblr-1747 370 23 brooks brooks PROPN cblr-1747 370 24 , , PUNCT cblr-1747 370 25 depository depository NOUN cblr-1747 370 26 trust trust NOUN cblr-1747 370 27 company company NOUN cblr-1747 370 28 and and CCONJ cblr-1747 370 29 the the DET cblr-1747 370 30 omnibus omnibus NOUN cblr-1747 370 31 proxy proxy NOUN cblr-1747 370 32 : : PUNCT cblr-1747 370 33 shareholder shareholder NOUN cblr-1747 370 34 voting voting NOUN cblr-1747 370 35 in in ADP cblr-1747 370 36 the the DET cblr-1747 370 37 era era NOUN cblr-1747 370 38 of of ADP cblr-1747 370 39 share share NOUN cblr-1747 370 40 immobilization immobilization NOUN cblr-1747 370 41 , , PUNCT cblr-1747 370 42 56 56 NUM cblr-1747 370 43 s. s. PROPN cblr-1747 370 44 tex tex PROPN cblr-1747 370 45 . . PROPN cblr-1747 370 46 l. l. PROPN cblr-1747 370 47 rev rev PROPN cblr-1747 370 48 . . PROPN cblr-1747 370 49 205 205 NUM cblr-1747 370 50 , , PUNCT cblr-1747 370 51 209–211 209–211 NUM cblr-1747 370 52 ( ( PUNCT cblr-1747 370 53 describing describe VERB cblr-1747 370 54 the the DET cblr-1747 370 55 evolution evolution NOUN cblr-1747 370 56 of of ADP cblr-1747 370 57 the the DET cblr-1747 370 58 indirect indirect ADJ cblr-1747 370 59 holding hold VERB cblr-1747 370 60 system system NOUN cblr-1747 370 61 ) ) PUNCT cblr-1747 370 62 . . PUNCT cblr-1747 371 1 tepe tepe NOUN cblr-1747 371 2 – – PUNCT cblr-1747 371 3 final final ADJ cblr-1747 371 4 846 846 NUM cblr-1747 371 5 columbia columbia PROPN cblr-1747 371 6 business business NOUN cblr-1747 371 7 law law PROPN cblr-1747 371 8 review review NOUN cblr-1747 372 1 [ [ X cblr-1747 372 2 vol vol NOUN cblr-1747 372 3 . . NOUN cblr-1747 372 4 2016 2016 NUM cblr-1747 372 5 materials material NOUN cblr-1747 372 6 to to ADP cblr-1747 372 7 the the DET cblr-1747 372 8 broker broker NOUN cblr-1747 372 9 - - PUNCT cblr-1747 372 10 dealers.67 dealers.67 NOUN cblr-1747 372 11 therefore therefore ADV cblr-1747 372 12 , , PUNCT cblr-1747 372 13 broker broker NOUN cblr-1747 372 14 - - PUNCT cblr-1747 372 15 dealers dealer NOUN cblr-1747 372 16 ultimately ultimately ADV cblr-1747 372 17 are be AUX cblr-1747 372 18 responsible responsible ADJ cblr-1747 372 19 for for ADP cblr-1747 372 20 distributing distribute VERB cblr-1747 372 21 proxy proxy ADJ cblr-1747 372 22 statements statement NOUN cblr-1747 372 23 to to ADP cblr-1747 372 24 their their PRON cblr-1747 372 25 customers customer NOUN cblr-1747 372 26 , , PUNCT cblr-1747 372 27 receiving receive VERB cblr-1747 372 28 their their PRON cblr-1747 372 29 voting voting NOUN cblr-1747 372 30 instructions instruction NOUN cblr-1747 372 31 , , PUNCT cblr-1747 372 32 tabulating tabulate VERB cblr-1747 372 33 those those DET cblr-1747 372 34 votes vote NOUN cblr-1747 372 35 , , PUNCT cblr-1747 372 36 and and CCONJ cblr-1747 372 37 sending send VERB cblr-1747 372 38 those those DET cblr-1747 372 39 votes vote NOUN cblr-1747 372 40 to to ADP cblr-1747 372 41 the the DET cblr-1747 372 42 issuer issuer NOUN cblr-1747 372 43 ’s ’s PART cblr-1747 372 44 tabulator.68 tabulator.68 NOUN cblr-1747 372 45 when when SCONJ cblr-1747 372 46 a a DET cblr-1747 372 47 security security NOUN cblr-1747 372 48 is be AUX cblr-1747 372 49 lent lend VERB cblr-1747 372 50 , , PUNCT cblr-1747 372 51 the the DET cblr-1747 372 52 owner owner NOUN cblr-1747 372 53 loses lose VERB cblr-1747 372 54 the the DET cblr-1747 372 55 right right NOUN cblr-1747 372 56 to to PART cblr-1747 372 57 vote vote VERB cblr-1747 372 58 since since SCONJ cblr-1747 372 59 the the DET cblr-1747 372 60 owner owner NOUN cblr-1747 372 61 no no ADV cblr-1747 372 62 longer long ADV cblr-1747 372 63 has have VERB cblr-1747 372 64 title title NOUN cblr-1747 372 65 to to ADP cblr-1747 372 66 the the DET cblr-1747 372 67 security.69 security.69 NOUN cblr-1747 372 68 when when SCONJ cblr-1747 372 69 a a DET cblr-1747 372 70 broker broker NOUN cblr-1747 372 71 - - PUNCT cblr-1747 372 72 dealer dealer NOUN cblr-1747 372 73 lends lend VERB cblr-1747 372 74 customer customer NOUN cblr-1747 372 75 margin margin NOUN cblr-1747 372 76 securities security NOUN cblr-1747 372 77 , , PUNCT cblr-1747 372 78 the the DET cblr-1747 372 79 shares share NOUN cblr-1747 372 80 are be AUX cblr-1747 372 81 transferred transfer VERB cblr-1747 372 82 out out ADP cblr-1747 372 83 of of ADP cblr-1747 372 84 the the DET cblr-1747 372 85 broker broker NOUN cblr-1747 372 86 - - PUNCT cblr-1747 372 87 dealer dealer NOUN cblr-1747 372 88 ’s ’s PART cblr-1747 372 89 account account NOUN cblr-1747 372 90 at at ADP cblr-1747 372 91 the the DET cblr-1747 372 92 dtc dtc NOUN cblr-1747 372 93 , , PUNCT cblr-1747 372 94 and and CCONJ cblr-1747 372 95 the the DET cblr-1747 372 96 total total ADJ cblr-1747 372 97 votes vote NOUN cblr-1747 372 98 to to PART cblr-1747 372 99 which which PRON cblr-1747 372 100 the the DET cblr-1747 372 101 broker broker NOUN cblr-1747 372 102 - - PUNCT cblr-1747 372 103 dealer dealer NOUN cblr-1747 372 104 and and CCONJ cblr-1747 372 105 its its PRON cblr-1747 372 106 customers customer NOUN cblr-1747 372 107 are be AUX cblr-1747 372 108 entitled entitle VERB cblr-1747 372 109 is be AUX cblr-1747 372 110 decreased.70 decreased.70 VERB cblr-1747 372 111 however however ADV cblr-1747 372 112 , , PUNCT cblr-1747 372 113 as as SCONJ cblr-1747 372 114 described describe VERB cblr-1747 372 115 earlier early ADV cblr-1747 372 116 , , PUNCT cblr-1747 372 117 the the DET cblr-1747 372 118 broker broker NOUN cblr-1747 372 119 - - PUNCT cblr-1747 372 120 dealer dealer NOUN cblr-1747 372 121 does do AUX cblr-1747 372 122 not not PART cblr-1747 372 123 know know VERB cblr-1747 372 124 which which DET cblr-1747 372 125 customer customer NOUN cblr-1747 372 126 ’s ’s PART cblr-1747 372 127 securities security NOUN cblr-1747 372 128 it it PRON cblr-1747 372 129 has have AUX cblr-1747 372 130 lent.71 lent.71 VERB cblr-1747 372 131 therefore therefore ADV cblr-1747 372 132 , , PUNCT cblr-1747 372 133 when when SCONJ cblr-1747 372 134 the the DET cblr-1747 372 135 broker broker NOUN cblr-1747 372 136 - - PUNCT cblr-1747 372 137 dealer dealer NOUN cblr-1747 372 138 receives receive VERB cblr-1747 372 139 voting voting NOUN cblr-1747 372 140 instructions instruction NOUN cblr-1747 372 141 from from ADP cblr-1747 372 142 a a DET cblr-1747 372 143 corporation corporation NOUN cblr-1747 372 144 , , PUNCT cblr-1747 372 145 it it PRON cblr-1747 372 146 often often ADV cblr-1747 372 147 sends send VERB cblr-1747 372 148 proxy proxy NOUN cblr-1747 372 149 materials material NOUN cblr-1747 372 150 to to ADP cblr-1747 372 151 all all PRON cblr-1747 372 152 of of ADP cblr-1747 372 153 its its PRON cblr-1747 372 154 customers customer NOUN cblr-1747 372 155 who who PRON cblr-1747 372 156 own own VERB cblr-1747 372 157 shares share NOUN cblr-1747 372 158 according accord VERB cblr-1747 372 159 to to ADP cblr-1747 372 160 the the DET cblr-1747 372 161 books book NOUN cblr-1747 372 162 and and CCONJ cblr-1747 372 163 records record NOUN cblr-1747 372 164 of of ADP cblr-1747 372 165 the the DET cblr-1747 372 166 broker broker NOUN cblr-1747 372 167 - - PUNCT cblr-1747 372 168 dealer dealer NOUN cblr-1747 372 169 , , PUNCT cblr-1747 372 170 even even ADV cblr-1747 372 171 if if SCONJ cblr-1747 372 172 the the DET cblr-1747 372 173 broker broker NOUN cblr-1747 372 174 - - PUNCT cblr-1747 372 175 dealer dealer NOUN cblr-1747 372 176 has have AUX cblr-1747 372 177 lent lend VERB cblr-1747 372 178 a a DET cblr-1747 372 179 portion portion NOUN cblr-1747 372 180 of of ADP cblr-1747 372 181 customer customer NOUN cblr-1747 372 182 securities.72 securities.72 NOUN cblr-1747 372 183 generally generally ADV cblr-1747 372 184 , , PUNCT cblr-1747 372 185 broker broker NOUN cblr-1747 372 186 - - PUNCT cblr-1747 372 187 dealers dealer NOUN cblr-1747 372 188 rely rely VERB cblr-1747 372 189 on on ADP cblr-1747 372 190 systematic systematic ADJ cblr-1747 372 191 under under NOUN cblr-1747 372 192 - - PUNCT cblr-1747 372 193 voting voting NOUN cblr-1747 372 194 by by ADP cblr-1747 372 195 shareholders shareholder NOUN cblr-1747 372 196 to to PART cblr-1747 372 197 avoid avoid VERB cblr-1747 372 198 the the DET cblr-1747 372 199 problem problem NOUN cblr-1747 372 200 of of ADP cblr-1747 372 201 overvoting.73 overvoting.73 NOUN cblr-1747 372 202 however however ADV cblr-1747 372 203 , , PUNCT cblr-1747 372 204 broker broker NOUN cblr-1747 372 205 - - PUNCT cblr-1747 372 206 dealers dealer NOUN cblr-1747 372 207 risk risk NOUN cblr-1747 372 208 having have VERB cblr-1747 372 209 more more ADJ cblr-1747 372 210 votes vote NOUN cblr-1747 372 211 than than SCONJ cblr-1747 372 212 they they PRON cblr-1747 372 213 are be AUX cblr-1747 372 214 entitled entitle VERB cblr-1747 372 215 and and CCONJ cblr-1747 372 216 therefore therefore ADV cblr-1747 372 217 risk risk VERB cblr-1747 372 218 having have VERB cblr-1747 372 219 all all PRON cblr-1747 372 220 of of ADP cblr-1747 372 221 their their PRON cblr-1747 372 222 67 67 NUM cblr-1747 372 223 see see VERB cblr-1747 372 224 kahan kahan PROPN cblr-1747 372 225 & & CCONJ cblr-1747 372 226 rock rock PROPN cblr-1747 372 227 , , PUNCT cblr-1747 372 228 supra supra PROPN cblr-1747 372 229 note note PROPN cblr-1747 372 230 8 8 NUM cblr-1747 372 231 , , PUNCT cblr-1747 372 232 at at ADP cblr-1747 372 233 1243–48 1243–48 NUM cblr-1747 372 234 . . PUNCT cblr-1747 373 1 68 68 NUM cblr-1747 373 2 see see VERB cblr-1747 373 3 i i PROPN cblr-1747 373 4 d. d. PROPN cblr-1747 373 5 69 69 NUM cblr-1747 373 6 kahan kahan PROPN cblr-1747 373 7 & & CCONJ cblr-1747 373 8 rock rock PROPN cblr-1747 373 9 , , PUNCT cblr-1747 373 10 supra supra PROPN cblr-1747 373 11 note note PROPN cblr-1747 373 12 8 8 NUM cblr-1747 373 13 , , PUNCT cblr-1747 373 14 at at ADP cblr-1747 373 15 1256 1256 NUM cblr-1747 373 16 ; ; PUNCT cblr-1747 373 17 see see VERB cblr-1747 373 18 also also ADV cblr-1747 373 19 sec sec PROPN cblr-1747 373 20 proxy proxy ADJ cblr-1747 373 21 voting voting NOUN cblr-1747 373 22 roundtable roundtable NOUN cblr-1747 373 23 , , PUNCT cblr-1747 373 24 supra supra ADJ cblr-1747 373 25 note note NOUN cblr-1747 373 26 60 60 NUM cblr-1747 373 27 ( ( PUNCT cblr-1747 373 28 “ " PUNCT cblr-1747 373 29 the the DET cblr-1747 373 30 standard standard ADJ cblr-1747 373 31 stock stock NOUN cblr-1747 373 32 loan loan NOUN cblr-1747 373 33 agreement agreement NOUN cblr-1747 373 34 transfers transfer VERB cblr-1747 373 35 the the DET cblr-1747 373 36 right right NOUN cblr-1747 373 37 to to PART cblr-1747 373 38 vote vote VERB cblr-1747 373 39 proxies proxy NOUN cblr-1747 373 40 to to ADP cblr-1747 373 41 the the DET cblr-1747 373 42 borrower borrower NOUN cblr-1747 373 43 . . PUNCT cblr-1747 374 1 if if SCONJ cblr-1747 374 2 the the DET cblr-1747 374 3 broker broker NOUN cblr-1747 374 4 - - PUNCT cblr-1747 374 5 dealer dealer NOUN cblr-1747 374 6 has have AUX cblr-1747 374 7 loaned loan VERB cblr-1747 374 8 shares share NOUN cblr-1747 374 9 in in ADP cblr-1747 374 10 that that DET cblr-1747 374 11 stock stock NOUN cblr-1747 374 12 , , PUNCT cblr-1747 374 13 some some DET cblr-1747 374 14 margin margin NOUN cblr-1747 374 15 customers customer NOUN cblr-1747 374 16 ’ ' PUNCT cblr-1747 374 17 right right NOUN cblr-1747 374 18 to to PART cblr-1747 374 19 vote vote VERB cblr-1747 374 20 their their PRON cblr-1747 374 21 securities security NOUN cblr-1747 374 22 may may AUX cblr-1747 374 23 have have AUX cblr-1747 374 24 been be AUX cblr-1747 374 25 transferred transfer VERB cblr-1747 374 26 to to ADP cblr-1747 374 27 the the DET cblr-1747 374 28 borrower borrower NOUN cblr-1747 374 29 . . PUNCT cblr-1747 374 30 ” " PUNCT cblr-1747 374 31 ) ) PUNCT cblr-1747 374 32 . . PUNCT cblr-1747 375 1 70 70 NUM cblr-1747 375 2 see see VERB cblr-1747 375 3 kahan kahan PROPN cblr-1747 375 4 & & CCONJ cblr-1747 375 5 rock rock PROPN cblr-1747 375 6 , , PUNCT cblr-1747 375 7 supra supra PROPN cblr-1747 375 8 note note PROPN cblr-1747 375 9 8 8 NUM cblr-1747 375 10 , , PUNCT cblr-1747 375 11 at at ADP cblr-1747 375 12 1239 1239 NUM cblr-1747 375 13 . . PUNCT cblr-1747 376 1 71 71 NUM cblr-1747 376 2 see see VERB cblr-1747 376 3 supra supra PROPN cblr-1747 376 4 notes note VERB cblr-1747 376 5 60–62 60–62 NOUN cblr-1747 376 6 and and CCONJ cblr-1747 376 7 accompanying accompany VERB cblr-1747 376 8 text text NOUN cblr-1747 376 9 . . PUNCT cblr-1747 377 1 72 72 NUM cblr-1747 377 2 see see VERB cblr-1747 377 3 kahan kahan PROPN cblr-1747 377 4 & & CCONJ cblr-1747 377 5 rock rock PROPN cblr-1747 377 6 , , PUNCT cblr-1747 377 7 supra supra PROPN cblr-1747 377 8 note note PROPN cblr-1747 377 9 8 8 NUM cblr-1747 377 10 , , PUNCT cblr-1747 377 11 at at ADP cblr-1747 377 12 1259 1259 NUM cblr-1747 377 13 . . PUNCT cblr-1747 378 1 73 73 NUM cblr-1747 378 2 see see VERB cblr-1747 378 3 sec sec PROPN cblr-1747 378 4 proxy proxy ADJ cblr-1747 378 5 voting vote VERB cblr-1747 378 6 roundtable roundtable NOUN cblr-1747 378 7 , , PUNCT cblr-1747 378 8 supra supra ADJ cblr-1747 378 9 note note NOUN cblr-1747 378 10 60 60 NUM cblr-1747 378 11 ( ( PUNCT cblr-1747 378 12 “ " PUNCT cblr-1747 378 13 some some PRON cblr-1747 378 14 send send VERB cblr-1747 378 15 a a DET cblr-1747 378 16 vif vif NOUN cblr-1747 378 17 to to ADP cblr-1747 378 18 all all DET cblr-1747 378 19 customers customer NOUN cblr-1747 378 20 holding hold VERB cblr-1747 378 21 a a DET cblr-1747 378 22 securities security NOUN cblr-1747 378 23 position position NOUN cblr-1747 378 24 in in ADP cblr-1747 378 25 that that DET cblr-1747 378 26 issue issue NOUN cblr-1747 378 27 , , PUNCT cblr-1747 378 28 because because SCONJ cblr-1747 378 29 many many ADJ cblr-1747 378 30 customers customer NOUN cblr-1747 378 31 do do AUX cblr-1747 378 32 not not PART cblr-1747 378 33 respond respond VERB cblr-1747 378 34 . . PUNCT cblr-1747 378 35 . . PUNCT cblr-1747 378 36 . . PUNCT cblr-1747 378 37 . . PUNCT cblr-1747 379 1 most most ADJ cblr-1747 379 2 broker broker NOUN cblr-1747 379 3 - - PUNCT cblr-1747 379 4 dealers dealer NOUN cblr-1747 379 5 take take VERB cblr-1747 379 6 the the DET cblr-1747 379 7 position position NOUN cblr-1747 379 8 that that SCONJ cblr-1747 379 9 the the DET cblr-1747 379 10 practical practical ADJ cblr-1747 379 11 reality reality NOUN cblr-1747 379 12 of of ADP cblr-1747 379 13 any any DET cblr-1747 379 14 imbalance imbalance NOUN cblr-1747 379 15 is be AUX cblr-1747 379 16 relatively relatively ADV cblr-1747 379 17 small small ADJ cblr-1747 379 18 for for ADP cblr-1747 379 19 purposes purpose NOUN cblr-1747 379 20 of of ADP cblr-1747 379 21 voting voting NOUN cblr-1747 379 22 because because SCONJ cblr-1747 379 23 only only ADV cblr-1747 379 24 a a DET cblr-1747 379 25 small small ADJ cblr-1747 379 26 percentage percentage NOUN cblr-1747 379 27 of of ADP cblr-1747 379 28 their their PRON cblr-1747 379 29 retail retail ADJ cblr-1747 379 30 customers customer NOUN cblr-1747 379 31 actually actually ADV cblr-1747 379 32 vote vote VERB cblr-1747 379 33 . . PUNCT cblr-1747 379 34 ” " PUNCT cblr-1747 379 35 ) ) PUNCT cblr-1747 379 36 . . PUNCT cblr-1747 380 1 tepe tepe NOUN cblr-1747 380 2 – – PUNCT cblr-1747 380 3 final final ADJ cblr-1747 380 4 no no NOUN cblr-1747 380 5 . . PUNCT cblr-1747 381 1 3:823 3:823 NUM cblr-1747 381 2 ] ] X cblr-1747 381 3 broker broker NOUN cblr-1747 381 4 - - PUNCT cblr-1747 381 5 dealer dealer NOUN cblr-1747 381 6 “ " PUNCT cblr-1747 381 7 idle idle ADJ cblr-1747 381 8 ” " PUNCT cblr-1747 381 9 customer customer NOUN cblr-1747 381 10 assets asset NOUN cblr-1747 381 11 847 847 NUM cblr-1747 381 12 customers customer NOUN cblr-1747 381 13 ’ ' PUNCT cblr-1747 381 14 votes vote NOUN cblr-1747 381 15 invalidated.74 invalidated.74 NOUN cblr-1747 381 16 in in ADP cblr-1747 381 17 the the DET cblr-1747 381 18 case case NOUN cblr-1747 381 19 of of ADP cblr-1747 381 20 over over ADP cblr-1747 381 21 - - PUNCT cblr-1747 381 22 voting voting NOUN cblr-1747 381 23 , , PUNCT cblr-1747 381 24 the the DET cblr-1747 381 25 broker broker NOUN cblr-1747 381 26 - - PUNCT cblr-1747 381 27 dealer dealer NOUN cblr-1747 381 28 is be AUX cblr-1747 381 29 responsible responsible ADJ cblr-1747 381 30 for for ADP cblr-1747 381 31 reducing reduce VERB cblr-1747 381 32 the the DET cblr-1747 381 33 number number NOUN cblr-1747 381 34 of of ADP cblr-1747 381 35 votes vote NOUN cblr-1747 381 36 , , PUNCT cblr-1747 381 37 thereby thereby ADV cblr-1747 381 38 cancelling cancel VERB cblr-1747 381 39 customer customer NOUN cblr-1747 381 40 votes vote NOUN cblr-1747 381 41 without without ADP cblr-1747 381 42 their their PRON cblr-1747 381 43 knowledge.75 knowledge.75 NOUN cblr-1747 381 44 there there PRON cblr-1747 381 45 is be VERB cblr-1747 381 46 no no DET cblr-1747 381 47 industry industry NOUN cblr-1747 381 48 or or CCONJ cblr-1747 381 49 legally legally ADV cblr-1747 381 50 required require VERB cblr-1747 381 51 standard standard NOUN cblr-1747 381 52 for for ADP cblr-1747 381 53 broker broker NOUN cblr-1747 381 54 - - PUNCT cblr-1747 381 55 dealers dealer NOUN cblr-1747 381 56 to to PART cblr-1747 381 57 reconcile reconcile VERB cblr-1747 381 58 corporate corporate ADJ cblr-1747 381 59 votes vote NOUN cblr-1747 381 60 . . PUNCT cblr-1747 382 1 some some DET cblr-1747 382 2 brokerdealers brokerdealer NOUN cblr-1747 382 3 utilize utilize VERB cblr-1747 382 4 post post ADJ cblr-1747 382 5 - - ADJ cblr-1747 382 6 mailing mailing ADJ cblr-1747 382 7 reconciliation reconciliation NOUN cblr-1747 382 8 , , PUNCT cblr-1747 382 9 where where SCONJ cblr-1747 382 10 the the DET cblr-1747 382 11 brokerdealer brokerdealer NOUN cblr-1747 382 12 reconciles reconcile VERB cblr-1747 382 13 the the DET cblr-1747 382 14 votes vote NOUN cblr-1747 382 15 only only ADV cblr-1747 382 16 if if SCONJ cblr-1747 382 17 it it PRON cblr-1747 382 18 received receive VERB cblr-1747 382 19 more more ADJ cblr-1747 382 20 voting voting NOUN cblr-1747 382 21 instructions instruction NOUN cblr-1747 382 22 than than SCONJ cblr-1747 382 23 it it PRON cblr-1747 382 24 is be AUX cblr-1747 382 25 entitled entitle VERB cblr-1747 382 26 to to ADP cblr-1747 382 27 based base VERB cblr-1747 382 28 on on ADP cblr-1747 382 29 its its PRON cblr-1747 382 30 shares share NOUN cblr-1747 382 31 at at ADP cblr-1747 382 32 the the DET cblr-1747 382 33 dtc.76 dtc.76 PROPN cblr-1747 382 34 with with ADP cblr-1747 382 35 post post ADJ cblr-1747 382 36 - - ADJ cblr-1747 382 37 mailing mailing ADJ cblr-1747 382 38 reconciliation reconciliation NOUN cblr-1747 382 39 , , PUNCT cblr-1747 382 40 some some DET cblr-1747 382 41 broker broker NOUN cblr-1747 382 42 - - PUNCT cblr-1747 382 43 dealers dealer NOUN cblr-1747 382 44 reduce reduce VERB cblr-1747 382 45 the the DET cblr-1747 382 46 number number NOUN cblr-1747 382 47 of of ADP cblr-1747 382 48 votes vote NOUN cblr-1747 382 49 by by ADP cblr-1747 382 50 first first ADV cblr-1747 382 51 reducing reduce VERB cblr-1747 382 52 the the DET cblr-1747 382 53 firm firm NOUN cblr-1747 382 54 ’s ’s PART cblr-1747 382 55 votes vote NOUN cblr-1747 382 56 based base VERB cblr-1747 382 57 on on ADP cblr-1747 382 58 its its PRON cblr-1747 382 59 proprietary proprietary ADJ cblr-1747 382 60 position position NOUN cblr-1747 382 61 , , PUNCT cblr-1747 382 62 while while SCONJ cblr-1747 382 63 some some PRON cblr-1747 382 64 reduce reduce VERB cblr-1747 382 65 all all DET cblr-1747 382 66 customer customer NOUN cblr-1747 382 67 votes vote NOUN cblr-1747 382 68 or or CCONJ cblr-1747 382 69 margin margin VERB cblr-1747 382 70 customer customer NOUN cblr-1747 382 71 votes vote NOUN cblr-1747 382 72 by by ADP cblr-1747 382 73 a a DET cblr-1747 382 74 certain certain ADJ cblr-1747 382 75 percentage percentage NOUN cblr-1747 382 76 or or CCONJ cblr-1747 382 77 based base VERB cblr-1747 382 78 on on ADP cblr-1747 382 79 a a DET cblr-1747 382 80 lottery lottery NOUN cblr-1747 382 81 system.77 system.77 ADJ cblr-1747 382 82 post post ADJ cblr-1747 382 83 - - ADJ cblr-1747 382 84 mailing mailing ADJ cblr-1747 382 85 reconciliation reconciliation NOUN cblr-1747 382 86 allows allow VERB cblr-1747 382 87 over over ADP cblr-1747 382 88 - - PUNCT cblr-1747 382 89 votes vote NOUN cblr-1747 382 90 to to PART cblr-1747 382 91 occur occur VERB cblr-1747 382 92 and and CCONJ cblr-1747 382 93 allows allow VERB cblr-1747 382 94 brokerdealers brokerdealer NOUN cblr-1747 382 95 to to PART cblr-1747 382 96 cancel cancel VERB cblr-1747 382 97 customer customer NOUN cblr-1747 382 98 votes vote NOUN cblr-1747 382 99 without without ADP cblr-1747 382 100 informing inform VERB cblr-1747 382 101 the the DET cblr-1747 382 102 customer.78 customer.78 PROPN cblr-1747 382 103 other other ADJ cblr-1747 382 104 broker broker NOUN cblr-1747 382 105 - - PUNCT cblr-1747 382 106 dealers dealer NOUN cblr-1747 382 107 use use VERB cblr-1747 382 108 a a DET cblr-1747 382 109 pre pre ADJ cblr-1747 382 110 - - ADJ cblr-1747 382 111 mailing mailing ADJ cblr-1747 382 112 reconciliation reconciliation NOUN cblr-1747 382 113 process process NOUN cblr-1747 382 114 where where SCONJ cblr-1747 382 115 the the DET cblr-1747 382 116 broker broker NOUN cblr-1747 382 117 - - PUNCT cblr-1747 382 118 dealer dealer NOUN cblr-1747 382 119 determines determine NOUN cblr-1747 382 120 which which PRON cblr-1747 382 121 customers customer NOUN cblr-1747 382 122 can can AUX cblr-1747 382 123 vote vote VERB cblr-1747 382 124 before before ADP cblr-1747 382 125 sending send VERB cblr-1747 382 126 out out ADP cblr-1747 382 127 voter voter NOUN cblr-1747 382 128 instructions instruction NOUN cblr-1747 382 129 forms.79 forms.79 VERB cblr-1747 382 130 however however ADV cblr-1747 382 131 , , PUNCT cblr-1747 382 132 since since SCONJ cblr-1747 382 133 broker broker NOUN cblr-1747 382 134 - - PUNCT cblr-1747 382 135 dealers dealer NOUN cblr-1747 382 136 do do AUX cblr-1747 382 137 not not PART cblr-1747 382 138 know know VERB cblr-1747 382 139 which which DET cblr-1747 382 140 customers customer NOUN cblr-1747 382 141 ’ ’ PART cblr-1747 382 142 securities security NOUN cblr-1747 382 143 were be AUX cblr-1747 382 144 lent lend VERB cblr-1747 382 145 , , PUNCT cblr-1747 382 146 votes vote NOUN cblr-1747 382 147 are be AUX cblr-1747 382 148 not not PART cblr-1747 382 149 assigned assign VERB cblr-1747 382 150 based base VERB cblr-1747 382 151 on on ADP cblr-1747 382 152 which which DET cblr-1747 382 153 customer customer NOUN cblr-1747 382 154 actually actually ADV cblr-1747 382 155 retained retain VERB cblr-1747 382 156 ownership ownership NOUN cblr-1747 382 157 of of ADP cblr-1747 382 158 their their PRON cblr-1747 382 159 stock stock NOUN cblr-1747 382 160 . . PUNCT cblr-1747 383 1 rather rather ADV cblr-1747 383 2 , , PUNCT cblr-1747 383 3 broker broker NOUN cblr-1747 383 4 - - PUNCT cblr-1747 383 5 dealers dealer NOUN cblr-1747 383 6 often often ADV cblr-1747 383 7 allocate allocate VERB cblr-1747 383 8 votes vote NOUN cblr-1747 383 9 to to ADP cblr-1747 383 10 customers customer NOUN cblr-1747 383 11 with with ADP cblr-1747 383 12 fully fully ADV cblr-1747 383 13 - - PUNCT cblr-1747 383 14 paid pay VERB cblr-1747 383 15 securities security NOUN cblr-1747 383 16 , , PUNCT cblr-1747 383 17 and and CCONJ cblr-1747 383 18 the the DET cblr-1747 383 19 remaining remain VERB cblr-1747 383 20 votes vote NOUN cblr-1747 383 21 are be AUX cblr-1747 383 22 divided divide VERB cblr-1747 383 23 amongst amongst ADP cblr-1747 383 24 margin margin NOUN cblr-1747 383 25 customers customer NOUN cblr-1747 383 26 either either CCONJ cblr-1747 383 27 based base VERB cblr-1747 383 28 on on ADP cblr-1747 383 29 a a DET cblr-1747 383 30 lottery lottery NOUN cblr-1747 383 31 or or CCONJ cblr-1747 383 32 a a DET cblr-1747 383 33 pro pro ADJ cblr-1747 383 34 rata rata NOUN cblr-1747 383 35 method.80 method.80 NOUN cblr-1747 383 36 finally finally ADV cblr-1747 383 37 , , PUNCT cblr-1747 383 38 some some DET cblr-1747 383 39 broker broker NOUN cblr-1747 383 40 - - PUNCT cblr-1747 383 41 dealers dealer NOUN cblr-1747 383 42 use use VERB cblr-1747 383 43 a a DET cblr-1747 383 44 hybrid hybrid ADJ cblr-1747 383 45 method method NOUN cblr-1747 383 46 in in ADP cblr-1747 383 47 which which DET cblr-1747 383 48 margin margin NOUN cblr-1747 383 49 74 74 NUM cblr-1747 383 50 see see VERB cblr-1747 383 51 kahan kahan PROPN cblr-1747 383 52 & & CCONJ cblr-1747 383 53 rock rock PROPN cblr-1747 383 54 , , PUNCT cblr-1747 383 55 supra supra PROPN cblr-1747 383 56 note note PROPN cblr-1747 383 57 8 8 NUM cblr-1747 383 58 , , PUNCT cblr-1747 383 59 at at ADP cblr-1747 383 60 1236 1236 NUM cblr-1747 383 61 , , PUNCT cblr-1747 383 62 1259 1259 NUM cblr-1747 383 63 ; ; PUNCT cblr-1747 383 64 see see VERB cblr-1747 383 65 , , PUNCT cblr-1747 383 66 e.g. e.g. ADV cblr-1747 383 67 , , PUNCT cblr-1747 383 68 seidman seidman PROPN cblr-1747 383 69 & & CCONJ cblr-1747 383 70 assocs assocs PROPN cblr-1747 383 71 . . PUNCT cblr-1747 384 1 v. v. PROPN cblr-1747 384 2 g.a g.a PROPN cblr-1747 384 3 . . PROPN cblr-1747 384 4 fin fin PROPN cblr-1747 384 5 . . PROPN cblr-1747 384 6 , , PUNCT cblr-1747 384 7 inc inc PROPN cblr-1747 384 8 . . PROPN cblr-1747 384 9 , , PUNCT cblr-1747 384 10 837 837 NUM cblr-1747 384 11 a.2d a.2d NUM cblr-1747 384 12 21 21 NUM cblr-1747 384 13 , , PUNCT cblr-1747 384 14 24 24 NUM cblr-1747 384 15 , , PUNCT cblr-1747 384 16 28 28 NUM cblr-1747 384 17 ( ( PUNCT cblr-1747 384 18 del del PROPN cblr-1747 384 19 . . PROPN cblr-1747 384 20 ch ch PROPN cblr-1747 384 21 . . PROPN cblr-1747 384 22 2003 2003 NUM cblr-1747 384 23 ) ) PUNCT cblr-1747 384 24 ( ( PUNCT cblr-1747 384 25 invalidating invalidate VERB cblr-1747 384 26 proxy proxy ADJ cblr-1747 384 27 votes vote NOUN cblr-1747 384 28 of of ADP cblr-1747 384 29 233,376 233,376 NUM cblr-1747 384 30 shares share NOUN cblr-1747 384 31 from from ADP cblr-1747 384 32 the the DET cblr-1747 384 33 bank bank NOUN cblr-1747 384 34 of of ADP cblr-1747 384 35 new new PROPN cblr-1747 384 36 york york PROPN cblr-1747 384 37 due due ADP cblr-1747 384 38 to to ADP cblr-1747 384 39 an an DET cblr-1747 384 40 over over NOUN cblr-1747 384 41 - - PUNCT cblr-1747 384 42 vote vote NOUN cblr-1747 384 43 of of ADP cblr-1747 384 44 824 824 NUM cblr-1747 384 45 ) ) PUNCT cblr-1747 384 46 . . PUNCT cblr-1747 385 1 75 75 NUM cblr-1747 385 2 see see VERB cblr-1747 385 3 sec sec PROPN cblr-1747 385 4 proxy proxy ADJ cblr-1747 385 5 voting vote VERB cblr-1747 385 6 roundtable roundtable NOUN cblr-1747 385 7 , , PUNCT cblr-1747 385 8 supra supra ADJ cblr-1747 385 9 note note NOUN cblr-1747 385 10 60 60 NUM cblr-1747 385 11 ( ( PUNCT cblr-1747 385 12 “ " PUNCT cblr-1747 385 13 if if SCONJ cblr-1747 385 14 there there PRON cblr-1747 385 15 is be VERB cblr-1747 385 16 an an DET cblr-1747 385 17 over over ADP cblr-1747 385 18 - - PUNCT cblr-1747 385 19 vote vote NOUN cblr-1747 385 20 , , PUNCT cblr-1747 385 21 the the DET cblr-1747 385 22 broker broker NOUN cblr-1747 385 23 - - PUNCT cblr-1747 385 24 dealer dealer NOUN cblr-1747 385 25 will will AUX cblr-1747 385 26 have have VERB cblr-1747 385 27 to to PART cblr-1747 385 28 decrease decrease VERB cblr-1747 385 29 the the DET cblr-1747 385 30 customers customer NOUN cblr-1747 385 31 ’ ’ PART cblr-1747 385 32 vote vote NOUN cblr-1747 385 33 but but CCONJ cblr-1747 385 34 the the DET cblr-1747 385 35 customers customer NOUN cblr-1747 385 36 will will AUX cblr-1747 385 37 never never ADV cblr-1747 385 38 know know VERB cblr-1747 385 39 some some PRON cblr-1747 385 40 or or CCONJ cblr-1747 385 41 all all PRON cblr-1747 385 42 of of ADP cblr-1747 385 43 their their PRON cblr-1747 385 44 votes vote NOUN cblr-1747 385 45 did do AUX cblr-1747 385 46 not not PART cblr-1747 385 47 count count VERB cblr-1747 385 48 . . PUNCT cblr-1747 385 49 ” " PUNCT cblr-1747 385 50 ) ) PUNCT cblr-1747 385 51 . . PUNCT cblr-1747 386 1 76 76 NUM cblr-1747 386 2 see see VERB cblr-1747 386 3 sec sec PROPN cblr-1747 386 4 proxy proxy ADJ cblr-1747 386 5 voting vote VERB cblr-1747 386 6 roundtable roundtable NOUN cblr-1747 386 7 , , PUNCT cblr-1747 386 8 supra supra ADJ cblr-1747 386 9 note note NOUN cblr-1747 386 10 60 60 NUM cblr-1747 386 11 . . PUNCT cblr-1747 387 1 77 77 NUM cblr-1747 388 1 i i PRON cblr-1747 388 2 d. d. PROPN cblr-1747 388 3 78 78 NUM cblr-1747 389 1 i i PRON cblr-1747 389 2 d. d. PROPN cblr-1747 389 3 79 79 NUM cblr-1747 390 1 i i PRON cblr-1747 390 2 d. d. PROPN cblr-1747 390 3 80 80 NUM cblr-1747 390 4 i i PROPN cblr-1747 390 5 d. d. PROPN cblr-1747 390 6 tepe tepe PROPN cblr-1747 390 7 – – PUNCT cblr-1747 390 8 final final ADJ cblr-1747 390 9 848 848 NUM cblr-1747 390 10 columbia columbia PROPN cblr-1747 390 11 business business NOUN cblr-1747 390 12 law law PROPN cblr-1747 390 13 review review NOUN cblr-1747 391 1 [ [ X cblr-1747 391 2 vol vol NOUN cblr-1747 391 3 . . NOUN cblr-1747 391 4 2016 2016 NUM cblr-1747 391 5 customers customer NOUN cblr-1747 391 6 can can AUX cblr-1747 391 7 contact contact VERB cblr-1747 391 8 the the DET cblr-1747 391 9 broker broker NOUN cblr-1747 391 10 - - PUNCT cblr-1747 391 11 dealer dealer NOUN cblr-1747 391 12 and and CCONJ cblr-1747 391 13 say say VERB cblr-1747 391 14 they they PRON cblr-1747 391 15 want want VERB cblr-1747 391 16 to to PART cblr-1747 391 17 vote vote VERB cblr-1747 391 18 their their PRON cblr-1747 391 19 shares share NOUN cblr-1747 391 20 , , PUNCT cblr-1747 391 21 and and CCONJ cblr-1747 391 22 those those DET cblr-1747 391 23 customers customer NOUN cblr-1747 391 24 will will AUX cblr-1747 391 25 be be AUX cblr-1747 391 26 assigned assign VERB cblr-1747 391 27 votes vote NOUN cblr-1747 391 28 before before ADP cblr-1747 391 29 other other ADJ cblr-1747 391 30 margin margin NOUN cblr-1747 391 31 customers.81 customers.81 PROPN cblr-1747 391 32 broker broker NOUN cblr-1747 391 33 - - PUNCT cblr-1747 391 34 dealers dealer NOUN cblr-1747 391 35 that that PRON cblr-1747 391 36 use use VERB cblr-1747 391 37 post post ADJ cblr-1747 391 38 - - ADJ cblr-1747 391 39 mailing mail VERB cblr-1747 391 40 reconciliation reconciliation NOUN cblr-1747 391 41 are be AUX cblr-1747 391 42 more more ADV cblr-1747 391 43 likely likely ADJ cblr-1747 391 44 to to PART cblr-1747 391 45 have have VERB cblr-1747 391 46 a a DET cblr-1747 391 47 larger large ADJ cblr-1747 391 48 number number NOUN cblr-1747 391 49 of of ADP cblr-1747 391 50 retail retail ADJ cblr-1747 391 51 clients client NOUN cblr-1747 391 52 and and CCONJ cblr-1747 391 53 contend contend VERB cblr-1747 391 54 that that SCONJ cblr-1747 391 55 the the DET cblr-1747 391 56 system system NOUN cblr-1747 391 57 maximizes maximize VERB cblr-1747 391 58 the the DET cblr-1747 391 59 amount amount NOUN cblr-1747 391 60 of of ADP cblr-1747 391 61 customers customer NOUN cblr-1747 391 62 that that PRON cblr-1747 391 63 can can AUX cblr-1747 391 64 vote.82 vote.82 VERB cblr-1747 391 65 brokerdealers brokerdealer NOUN cblr-1747 391 66 that that PRON cblr-1747 391 67 use use VERB cblr-1747 391 68 pre pre ADJ cblr-1747 391 69 - - ADJ cblr-1747 391 70 mailing mailing ADJ cblr-1747 391 71 reconciliation reconciliation NOUN cblr-1747 391 72 appropriately appropriately ADV cblr-1747 391 73 allocate allocate ADJ cblr-1747 391 74 votes vote NOUN cblr-1747 391 75 to to ADP cblr-1747 391 76 their their PRON cblr-1747 391 77 customers customer NOUN cblr-1747 391 78 , , PUNCT cblr-1747 391 79 provide provide VERB cblr-1747 391 80 additional additional ADJ cblr-1747 391 81 transparency transparency NOUN cblr-1747 391 82 about about ADP cblr-1747 391 83 who who PRON cblr-1747 391 84 can can AUX cblr-1747 391 85 actually actually ADV cblr-1747 391 86 vote vote VERB cblr-1747 391 87 , , PUNCT cblr-1747 391 88 and and CCONJ cblr-1747 391 89 ensure ensure VERB cblr-1747 391 90 that that SCONJ cblr-1747 391 91 votes vote NOUN cblr-1747 391 92 that that PRON cblr-1747 391 93 are be AUX cblr-1747 391 94 cast cast VERB cblr-1747 391 95 are be AUX cblr-1747 391 96 actually actually ADV cblr-1747 391 97 counted.83 counted.83 ADV cblr-1747 391 98 however however ADV cblr-1747 391 99 , , PUNCT cblr-1747 391 100 premailing premaile VERB cblr-1747 391 101 reconciliation reconciliation NOUN cblr-1747 391 102 is be AUX cblr-1747 391 103 relatively relatively ADV cblr-1747 391 104 more more ADV cblr-1747 391 105 expensive expensive ADJ cblr-1747 391 106 and and CCONJ cblr-1747 391 107 does do AUX cblr-1747 391 108 not not PART cblr-1747 391 109 maximize maximize VERB cblr-1747 391 110 the the DET cblr-1747 391 111 number number NOUN cblr-1747 391 112 of of ADP cblr-1747 391 113 customers customer NOUN cblr-1747 391 114 that that PRON cblr-1747 391 115 can can AUX cblr-1747 391 116 vote.84 vote.84 VERB cblr-1747 391 117 the the DET cblr-1747 391 118 lack lack NOUN cblr-1747 391 119 of of ADP cblr-1747 391 120 industry industry NOUN cblr-1747 391 121 or or CCONJ cblr-1747 391 122 legally legally ADV cblr-1747 391 123 mandated mandate VERB cblr-1747 391 124 standards standard NOUN cblr-1747 391 125 for for ADP cblr-1747 391 126 brokerdealers brokerdealer NOUN cblr-1747 391 127 to to PART cblr-1747 391 128 reconcile reconcile VERB cblr-1747 391 129 corporate corporate ADJ cblr-1747 391 130 votes vote NOUN cblr-1747 391 131 gives give VERB cblr-1747 391 132 additional additional ADJ cblr-1747 391 133 discretion discretion NOUN cblr-1747 391 134 and and CCONJ cblr-1747 391 135 power power NOUN cblr-1747 391 136 to to PART cblr-1747 391 137 broker broker NOUN cblr-1747 391 138 - - PUNCT cblr-1747 391 139 dealers dealer NOUN cblr-1747 391 140 over over ADP cblr-1747 391 141 customer customer NOUN cblr-1747 391 142 shareholder shareholder NOUN cblr-1747 391 143 votes vote NOUN cblr-1747 391 144 . . PUNCT cblr-1747 392 1 iii iii X cblr-1747 392 2 . . PUNCT cblr-1747 392 3 issues issue NOUN cblr-1747 392 4 with with ADP cblr-1747 392 5 broker broker NOUN cblr-1747 392 6 - - PUNCT cblr-1747 392 7 dealer dealer NOUN cblr-1747 392 8 use use NOUN cblr-1747 392 9 of of ADP cblr-1747 392 10 idle idle ADJ cblr-1747 392 11 customer customer NOUN cblr-1747 392 12 assets asset NOUN cblr-1747 392 13 : : PUNCT cblr-1747 392 14 agency agency NOUN cblr-1747 392 15 problems problem NOUN cblr-1747 392 16 and and CCONJ cblr-1747 392 17 systemic systemic ADJ cblr-1747 392 18 risk risk NOUN cblr-1747 392 19 broker broker NOUN cblr-1747 392 20 - - PUNCT cblr-1747 392 21 dealer dealer NOUN cblr-1747 392 22 use use NOUN cblr-1747 392 23 of of ADP cblr-1747 392 24 idle idle ADJ cblr-1747 392 25 customer customer NOUN cblr-1747 392 26 assets asset NOUN cblr-1747 392 27 is be AUX cblr-1747 392 28 a a DET cblr-1747 392 29 critical critical ADJ cblr-1747 392 30 component component NOUN cblr-1747 392 31 of of ADP cblr-1747 392 32 the the DET cblr-1747 392 33 broker broker NOUN cblr-1747 392 34 - - PUNCT cblr-1747 392 35 dealer dealer NOUN cblr-1747 392 36 business business NOUN cblr-1747 392 37 today today NOUN cblr-1747 392 38 and and CCONJ cblr-1747 392 39 has have VERB cblr-1747 392 40 advantages advantage NOUN cblr-1747 392 41 and and CCONJ cblr-1747 392 42 disadvantages disadvantage NOUN cblr-1747 392 43 for for ADP cblr-1747 392 44 the the DET cblr-1747 392 45 customer customer NOUN cblr-1747 392 46 . . PUNCT cblr-1747 393 1 while while SCONJ cblr-1747 393 2 the the DET cblr-1747 393 3 benefits benefit NOUN cblr-1747 393 4 of of ADP cblr-1747 393 5 these these DET cblr-1747 393 6 arrangements arrangement NOUN cblr-1747 393 7 are be AUX cblr-1747 393 8 relatively relatively ADV cblr-1747 393 9 well well ADV cblr-1747 393 10 understood understand VERB cblr-1747 393 11 , , PUNCT cblr-1747 393 12 the the DET cblr-1747 393 13 potential potential ADJ cblr-1747 393 14 costs cost NOUN cblr-1747 393 15 are be AUX cblr-1747 393 16 not not PART cblr-1747 393 17 . . PUNCT cblr-1747 394 1 despite despite SCONJ cblr-1747 394 2 the the DET cblr-1747 394 3 original original ADJ cblr-1747 394 4 purpose purpose NOUN cblr-1747 394 5 of of ADP cblr-1747 394 6 the the DET cblr-1747 394 7 sec sec PROPN cblr-1747 394 8 customer customer NOUN cblr-1747 394 9 protection protection NOUN cblr-1747 394 10 rule rule NOUN cblr-1747 394 11 , , PUNCT cblr-1747 394 12 broker broker NOUN cblr-1747 394 13 - - PUNCT cblr-1747 394 14 dealers dealer NOUN cblr-1747 394 15 are be AUX cblr-1747 394 16 not not PART cblr-1747 394 17 forbidden forbid VERB cblr-1747 394 18 from from ADP cblr-1747 394 19 using use VERB cblr-1747 394 20 customer customer NOUN cblr-1747 394 21 assets asset NOUN cblr-1747 394 22 to to PART cblr-1747 394 23 finance finance VERB cblr-1747 394 24 their their PRON cblr-1747 394 25 business business NOUN cblr-1747 394 26 unrelated unrelated ADJ cblr-1747 394 27 to to ADP cblr-1747 394 28 servicing service VERB cblr-1747 394 29 securities security NOUN cblr-1747 394 30 customers.85 customers.85 PROPN cblr-1747 394 31 broker broker NOUN cblr-1747 394 32 - - PUNCT cblr-1747 394 33 dealer dealer NOUN cblr-1747 394 34 profits profit NOUN cblr-1747 394 35 derived derive VERB cblr-1747 394 36 from from ADP cblr-1747 394 37 using use VERB cblr-1747 394 38 idle idle ADJ cblr-1747 394 39 customer customer NOUN cblr-1747 394 40 assets asset NOUN cblr-1747 394 41 create create VERB cblr-1747 394 42 agency agency NOUN cblr-1747 394 43 problems problem NOUN cblr-1747 394 44 , , PUNCT cblr-1747 394 45 and and CCONJ cblr-1747 394 46 the the DET cblr-1747 394 47 increase increase NOUN cblr-1747 394 48 in in ADP cblr-1747 394 49 broker broker NOUN cblr-1747 394 50 - - PUNCT cblr-1747 394 51 dealer dealer NOUN cblr-1747 394 52 interconnectedness interconnectedness NOUN cblr-1747 394 53 potentially potentially ADV cblr-1747 394 54 increases increase VERB cblr-1747 394 55 systemic systemic ADJ cblr-1747 394 56 risk risk NOUN cblr-1747 394 57 . . PUNCT cblr-1747 395 1 section section NOUN cblr-1747 395 2 iii.a iii.a PROPN cblr-1747 395 3 will will AUX cblr-1747 395 4 discuss discuss VERB cblr-1747 395 5 both both DET cblr-1747 395 6 the the DET cblr-1747 395 7 benefits benefit NOUN cblr-1747 395 8 of of ADP cblr-1747 395 9 sweep sweep NOUN cblr-1747 395 10 81 81 NUM cblr-1747 395 11 i i PRON cblr-1747 395 12 d. d. PROPN cblr-1747 395 13 82 82 NUM cblr-1747 396 1 i i PRON cblr-1747 396 2 d. d. PROPN cblr-1747 396 3 83 83 NUM cblr-1747 397 1 i i PRON cblr-1747 397 2 d. d. PROPN cblr-1747 397 3 84 84 NUM cblr-1747 398 1 i i PRON cblr-1747 398 2 d. d. PROPN cblr-1747 398 3 85 85 NUM cblr-1747 398 4 see see VERB cblr-1747 398 5 supra supra PROPN cblr-1747 398 6 sections section NOUN cblr-1747 398 7 ii.a ii.a PROPN cblr-1747 398 8 , , PUNCT cblr-1747 398 9 ii.b ii.b PROPN cblr-1747 398 10 . . PUNCT cblr-1747 398 11 tepe tepe NOUN cblr-1747 398 12 – – PUNCT cblr-1747 398 13 final final ADJ cblr-1747 398 14 no no NOUN cblr-1747 398 15 . . PUNCT cblr-1747 399 1 3:823 3:823 NUM cblr-1747 399 2 ] ] X cblr-1747 399 3 broker broker NOUN cblr-1747 399 4 - - PUNCT cblr-1747 399 5 dealer dealer NOUN cblr-1747 399 6 “ " PUNCT cblr-1747 399 7 idle idle ADJ cblr-1747 399 8 ” " PUNCT cblr-1747 399 9 customer customer NOUN cblr-1747 399 10 assets asset NOUN cblr-1747 399 11 849 849 NUM cblr-1747 399 12 programs program NOUN cblr-1747 399 13 , , PUNCT cblr-1747 399 14 like like ADP cblr-1747 399 15 increased increase VERB cblr-1747 399 16 returns return NOUN cblr-1747 399 17 on on ADP cblr-1747 399 18 customer customer NOUN cblr-1747 399 19 cash cash NOUN cblr-1747 399 20 and and CCONJ cblr-1747 399 21 potential potential ADJ cblr-1747 399 22 effects effect NOUN cblr-1747 399 23 on on ADP cblr-1747 399 24 market market NOUN cblr-1747 399 25 liquidity liquidity NOUN cblr-1747 399 26 , , PUNCT cblr-1747 399 27 and and CCONJ cblr-1747 399 28 the the DET cblr-1747 399 29 costs cost NOUN cblr-1747 399 30 , , PUNCT cblr-1747 399 31 like like ADP cblr-1747 399 32 agency agency NOUN cblr-1747 399 33 problems problem NOUN cblr-1747 399 34 and and CCONJ cblr-1747 399 35 systemic systemic ADJ cblr-1747 399 36 risks risk NOUN cblr-1747 399 37 . . PUNCT cblr-1747 400 1 section section NOUN cblr-1747 400 2 iii.b iii.b PROPN cblr-1747 400 3 will will AUX cblr-1747 400 4 explain explain VERB cblr-1747 400 5 the the DET cblr-1747 400 6 benefits benefit NOUN cblr-1747 400 7 and and CCONJ cblr-1747 400 8 costs cost NOUN cblr-1747 400 9 of of ADP cblr-1747 400 10 lending lend VERB cblr-1747 400 11 customer customer NOUN cblr-1747 400 12 margin margin NOUN cblr-1747 400 13 securities security NOUN cblr-1747 400 14 , , PUNCT cblr-1747 400 15 specifically specifically ADV cblr-1747 400 16 the the DET cblr-1747 400 17 necessity necessity NOUN cblr-1747 400 18 of of ADP cblr-1747 400 19 securities security NOUN cblr-1747 400 20 lending lending NOUN cblr-1747 400 21 for for ADP cblr-1747 400 22 key key ADJ cblr-1747 400 23 market market NOUN cblr-1747 400 24 functions function NOUN cblr-1747 400 25 , , PUNCT cblr-1747 400 26 the the DET cblr-1747 400 27 increased increase VERB cblr-1747 400 28 counterparty counterparty NOUN cblr-1747 400 29 risks risk NOUN cblr-1747 400 30 for for ADP cblr-1747 400 31 customers customer NOUN cblr-1747 400 32 , , PUNCT cblr-1747 400 33 the the DET cblr-1747 400 34 lack lack NOUN cblr-1747 400 35 of of ADP cblr-1747 400 36 direct direct ADJ cblr-1747 400 37 customer customer NOUN cblr-1747 400 38 compensation compensation NOUN cblr-1747 400 39 for for ADP cblr-1747 400 40 the the DET cblr-1747 400 41 lending lending NOUN cblr-1747 400 42 of of ADP cblr-1747 400 43 their their PRON cblr-1747 400 44 securities security NOUN cblr-1747 400 45 , , PUNCT cblr-1747 400 46 potential potential ADJ cblr-1747 400 47 systemic systemic ADJ cblr-1747 400 48 risks risk NOUN cblr-1747 400 49 , , PUNCT cblr-1747 400 50 and and CCONJ cblr-1747 400 51 the the DET cblr-1747 400 52 loss loss NOUN cblr-1747 400 53 of of ADP cblr-1747 400 54 customer customer NOUN cblr-1747 400 55 shareholder shareholder NOUN cblr-1747 400 56 voting voting NOUN cblr-1747 400 57 rights right NOUN cblr-1747 400 58 . . PUNCT cblr-1747 401 1 a. a. NOUN cblr-1747 401 2 sweep sweep PROPN cblr-1747 401 3 programs program NOUN cblr-1747 401 4 — — PUNCT cblr-1747 401 5 benefits benefit NOUN cblr-1747 401 6 and and CCONJ cblr-1747 401 7 costs cost VERB cblr-1747 401 8 broker broker NOUN cblr-1747 401 9 - - PUNCT cblr-1747 401 10 dealer dealer NOUN cblr-1747 401 11 sweep sweep NOUN cblr-1747 401 12 programs program NOUN cblr-1747 401 13 increase increase VERB cblr-1747 401 14 the the DET cblr-1747 401 15 return return NOUN cblr-1747 401 16 to to ADP cblr-1747 401 17 customers customer NOUN cblr-1747 401 18 and and CCONJ cblr-1747 401 19 may may AUX cblr-1747 401 20 increase increase VERB cblr-1747 401 21 equity equity NOUN cblr-1747 401 22 market market NOUN cblr-1747 401 23 liquidity liquidity NOUN cblr-1747 401 24 by by ADP cblr-1747 401 25 encouraging encourage VERB cblr-1747 401 26 additional additional ADJ cblr-1747 401 27 deposits deposit NOUN cblr-1747 401 28 into into ADP cblr-1747 401 29 broker broker NOUN cblr-1747 401 30 - - PUNCT cblr-1747 401 31 dealers dealer NOUN cblr-1747 401 32 . . PUNCT cblr-1747 402 1 however however ADV cblr-1747 402 2 , , PUNCT cblr-1747 402 3 even even ADV cblr-1747 402 4 after after ADP cblr-1747 402 5 the the DET cblr-1747 402 6 recent recent ADJ cblr-1747 402 7 amendments amendment NOUN cblr-1747 402 8 to to PART cblr-1747 402 9 rule rule VERB cblr-1747 402 10 15c3 15c3 NUM cblr-1747 402 11 - - SYM cblr-1747 402 12 3 3 NUM cblr-1747 402 13 that that PRON cblr-1747 402 14 strengthened strengthen VERB cblr-1747 402 15 the the DET cblr-1747 402 16 regulation regulation NOUN cblr-1747 402 17 of of ADP cblr-1747 402 18 broker broker NOUN cblr-1747 402 19 - - PUNCT cblr-1747 402 20 dealer dealer NOUN cblr-1747 402 21 sweep sweep NOUN cblr-1747 402 22 programs,86 programs,86 NOUN cblr-1747 402 23 questions question NOUN cblr-1747 402 24 still still ADV cblr-1747 402 25 remain remain VERB cblr-1747 402 26 about about ADP cblr-1747 402 27 agency agency NOUN cblr-1747 402 28 costs cost NOUN cblr-1747 402 29 and and CCONJ cblr-1747 402 30 systemic systemic ADJ cblr-1747 402 31 risks risk NOUN cblr-1747 402 32 associated associate VERB cblr-1747 402 33 with with ADP cblr-1747 402 34 these these DET cblr-1747 402 35 sweeps sweep NOUN cblr-1747 402 36 . . PUNCT cblr-1747 403 1 these these DET cblr-1747 403 2 amendments amendment NOUN cblr-1747 403 3 did do AUX cblr-1747 403 4 not not PART cblr-1747 403 5 address address VERB cblr-1747 403 6 the the DET cblr-1747 403 7 potential potential ADJ cblr-1747 403 8 conflicts conflict NOUN cblr-1747 403 9 of of ADP cblr-1747 403 10 interest interest NOUN cblr-1747 403 11 of of ADP cblr-1747 403 12 broker broker NOUN cblr-1747 403 13 - - PUNCT cblr-1747 403 14 dealers dealer NOUN cblr-1747 403 15 nor nor CCONJ cblr-1747 403 16 the the DET cblr-1747 403 17 potential potential ADJ cblr-1747 403 18 systemic systemic ADJ cblr-1747 403 19 risks risk NOUN cblr-1747 403 20 associated associate VERB cblr-1747 403 21 with with ADP cblr-1747 403 22 a a DET cblr-1747 403 23 rapid rapid ADJ cblr-1747 403 24 unwinding unwinding NOUN cblr-1747 403 25 of of ADP cblr-1747 403 26 a a DET cblr-1747 403 27 sweep sweep NOUN cblr-1747 403 28 program program NOUN cblr-1747 403 29 . . PUNCT cblr-1747 404 1 1 1 X cblr-1747 404 2 . . X cblr-1747 404 3 sweep sweep NOUN cblr-1747 404 4 program program NOUN cblr-1747 404 5 benefits benefit NOUN cblr-1747 404 6 — — PUNCT cblr-1747 404 7 increased increase VERB cblr-1747 404 8 returns return NOUN cblr-1747 404 9 and and CCONJ cblr-1747 404 10 effects effect NOUN cblr-1747 404 11 on on ADP cblr-1747 404 12 market market NOUN cblr-1747 404 13 liquidity liquidity NOUN cblr-1747 404 14 sweep sweep NOUN cblr-1747 404 15 programs program NOUN cblr-1747 404 16 benefit benefit VERB cblr-1747 404 17 customers customer NOUN cblr-1747 404 18 by by ADP cblr-1747 404 19 increasing increase VERB cblr-1747 404 20 the the DET cblr-1747 404 21 return return NOUN cblr-1747 404 22 on on ADP cblr-1747 404 23 their their PRON cblr-1747 404 24 idle idle ADJ cblr-1747 404 25 cash cash NOUN cblr-1747 404 26 . . PUNCT cblr-1747 405 1 without without ADP cblr-1747 405 2 sweeps sweep NOUN cblr-1747 405 3 into into ADP cblr-1747 405 4 a a DET cblr-1747 405 5 bank bank NOUN cblr-1747 405 6 or or CCONJ cblr-1747 405 7 money money NOUN cblr-1747 405 8 market market NOUN cblr-1747 405 9 fund fund NOUN cblr-1747 405 10 , , PUNCT cblr-1747 405 11 customers customer NOUN cblr-1747 405 12 would would AUX cblr-1747 405 13 likely likely ADV cblr-1747 405 14 have have VERB cblr-1747 405 15 zero zero NUM cblr-1747 405 16 return return NOUN cblr-1747 405 17 on on ADP cblr-1747 405 18 their their PRON cblr-1747 405 19 idle idle ADJ cblr-1747 405 20 cash cash NOUN cblr-1747 405 21 . . PUNCT cblr-1747 406 1 sweep sweep NOUN cblr-1747 406 2 programs program NOUN cblr-1747 406 3 also also ADV cblr-1747 406 4 increase increase VERB cblr-1747 406 5 returns return NOUN cblr-1747 406 6 for for ADP cblr-1747 406 7 broker broker NOUN cblr-1747 406 8 - - PUNCT cblr-1747 406 9 dealers dealer NOUN cblr-1747 406 10 , , PUNCT cblr-1747 406 11 which which PRON cblr-1747 406 12 could could AUX cblr-1747 406 13 be be AUX cblr-1747 406 14 passed pass VERB cblr-1747 406 15 on on ADP cblr-1747 406 16 to to ADP cblr-1747 406 17 customers customer NOUN cblr-1747 406 18 through through ADP cblr-1747 406 19 lower low ADJ cblr-1747 406 20 commissions commission NOUN cblr-1747 406 21 and and CCONJ cblr-1747 406 22 lower low ADJ cblr-1747 406 23 interest interest NOUN cblr-1747 406 24 rates rate NOUN cblr-1747 406 25 on on ADP cblr-1747 406 26 margin margin NOUN cblr-1747 406 27 loans loan NOUN cblr-1747 406 28 . . PUNCT cblr-1747 407 1 in in ADP cblr-1747 407 2 addition addition NOUN cblr-1747 407 3 , , PUNCT cblr-1747 407 4 swept sweep VERB cblr-1747 407 5 cash cash NOUN cblr-1747 407 6 that that PRON cblr-1747 407 7 would would AUX cblr-1747 407 8 otherwise otherwise ADV cblr-1747 407 9 be be AUX cblr-1747 407 10 held hold VERB cblr-1747 407 11 in in ADP cblr-1747 407 12 the the DET cblr-1747 407 13 special special ADJ cblr-1747 407 14 reserve reserve NOUN cblr-1747 407 15 account account NOUN cblr-1747 407 16 increases increase VERB cblr-1747 407 17 the the DET cblr-1747 407 18 amount amount NOUN cblr-1747 407 19 of of ADP cblr-1747 407 20 funds fund NOUN cblr-1747 407 21 invested invest VERB cblr-1747 407 22 by by ADP cblr-1747 407 23 banks bank NOUN cblr-1747 407 24 and and CCONJ cblr-1747 407 25 money money NOUN cblr-1747 407 26 market market NOUN cblr-1747 407 27 funds fund NOUN cblr-1747 407 28 , , PUNCT cblr-1747 407 29 which which PRON cblr-1747 407 30 could could AUX cblr-1747 407 31 decrease decrease VERB cblr-1747 407 32 borrowing borrowing NOUN cblr-1747 407 33 costs cost NOUN cblr-1747 407 34 for for ADP cblr-1747 407 35 bank bank NOUN cblr-1747 407 36 customers customer NOUN cblr-1747 407 37 and and CCONJ cblr-1747 407 38 86 86 NUM cblr-1747 407 39 financial financial ADJ cblr-1747 407 40 responsibility responsibility NOUN cblr-1747 407 41 rules rule NOUN cblr-1747 407 42 for for ADP cblr-1747 407 43 broker broker NOUN cblr-1747 407 44 - - PUNCT cblr-1747 407 45 dealers dealer NOUN cblr-1747 407 46 , , PUNCT cblr-1747 407 47 78 78 NUM cblr-1747 407 48 fed feed VERB cblr-1747 407 49 . . PUNCT cblr-1747 408 1 reg reg PROPN cblr-1747 408 2 . . PUNCT cblr-1747 409 1 51,824 51,824 NUM cblr-1747 409 2 , , PUNCT cblr-1747 409 3 51,839–42 51,839–42 PROPN cblr-1747 409 4 ( ( PUNCT cblr-1747 409 5 aug aug PROPN cblr-1747 409 6 . . PROPN cblr-1747 409 7 21 21 NUM cblr-1747 409 8 , , PUNCT cblr-1747 409 9 2013 2013 NUM cblr-1747 409 10 ) ) PUNCT cblr-1747 409 11 ( ( PUNCT cblr-1747 409 12 to to PART cblr-1747 409 13 be be AUX cblr-1747 409 14 codified codify VERB cblr-1747 409 15 at at ADP cblr-1747 409 16 17 17 NUM cblr-1747 409 17 c.f.r c.f.r NOUN cblr-1747 409 18 . . PUNCT cblr-1747 410 1 pt pt PROPN cblr-1747 410 2 . . PROPN cblr-1747 410 3 240 240 NUM cblr-1747 410 4 ) ) PUNCT cblr-1747 410 5 . . PUNCT cblr-1747 411 1 tepe tepe NOUN cblr-1747 411 2 – – PUNCT cblr-1747 411 3 final final ADJ cblr-1747 411 4 850 850 NUM cblr-1747 411 5 columbia columbia PROPN cblr-1747 411 6 business business NOUN cblr-1747 411 7 law law PROPN cblr-1747 411 8 review review NOUN cblr-1747 412 1 [ [ X cblr-1747 412 2 vol vol NOUN cblr-1747 412 3 . . NOUN cblr-1747 412 4 2016 2016 NUM cblr-1747 412 5 issuers issuer NOUN cblr-1747 412 6 of of ADP cblr-1747 412 7 debt debt NOUN cblr-1747 412 8 held hold VERB cblr-1747 412 9 by by ADP cblr-1747 412 10 money money NOUN cblr-1747 412 11 market market NOUN cblr-1747 412 12 funds fund NOUN cblr-1747 412 13 . . PUNCT cblr-1747 413 1 finally finally ADV cblr-1747 413 2 , , PUNCT cblr-1747 413 3 sweeps sweep VERB cblr-1747 413 4 into into ADP cblr-1747 413 5 a a DET cblr-1747 413 6 bank bank NOUN cblr-1747 413 7 may may AUX cblr-1747 413 8 increase increase VERB cblr-1747 413 9 the the DET cblr-1747 413 10 security security NOUN cblr-1747 413 11 of of ADP cblr-1747 413 12 customer customer NOUN cblr-1747 413 13 cash cash NOUN cblr-1747 413 14 by by ADP cblr-1747 413 15 giving give VERB cblr-1747 413 16 broker broker NOUN cblr-1747 413 17 - - PUNCT cblr-1747 413 18 dealer dealer NOUN cblr-1747 413 19 customers customer NOUN cblr-1747 413 20 access access NOUN cblr-1747 413 21 to to ADP cblr-1747 413 22 fdic fdic ADJ cblr-1747 413 23 insurance.87 insurance.87 PROPN cblr-1747 413 24 sweep sweep NOUN cblr-1747 413 25 programs program NOUN cblr-1747 413 26 could could AUX cblr-1747 413 27 encourage encourage VERB cblr-1747 413 28 additional additional ADJ cblr-1747 413 29 deposits deposit NOUN cblr-1747 413 30 into into ADP cblr-1747 413 31 broker broker NOUN cblr-1747 413 32 - - PUNCT cblr-1747 413 33 dealers dealer NOUN cblr-1747 413 34 , , PUNCT cblr-1747 413 35 which which PRON cblr-1747 413 36 could could AUX cblr-1747 413 37 increase increase VERB cblr-1747 413 38 the the DET cblr-1747 413 39 amount amount NOUN cblr-1747 413 40 invested invest VERB cblr-1747 413 41 in in ADP cblr-1747 413 42 securities security NOUN cblr-1747 413 43 and and CCONJ cblr-1747 413 44 increase increase VERB cblr-1747 413 45 equity equity NOUN cblr-1747 413 46 market market NOUN cblr-1747 413 47 liquidity liquidity NOUN cblr-1747 413 48 . . PUNCT cblr-1747 414 1 sweep sweep NOUN cblr-1747 414 2 programs program NOUN cblr-1747 414 3 could could AUX cblr-1747 414 4 encourage encourage VERB cblr-1747 414 5 increased increase VERB cblr-1747 414 6 deposits deposit NOUN cblr-1747 414 7 in in ADP cblr-1747 414 8 brokerdealers brokerdealer NOUN cblr-1747 414 9 by by ADP cblr-1747 414 10 giving give VERB cblr-1747 414 11 additional additional ADJ cblr-1747 414 12 cash cash NOUN cblr-1747 414 13 management management NOUN cblr-1747 414 14 options option NOUN cblr-1747 414 15 for for ADP cblr-1747 414 16 customers customer NOUN cblr-1747 414 17 and and CCONJ cblr-1747 414 18 giving give VERB cblr-1747 414 19 broker broker NOUN cblr-1747 414 20 - - PUNCT cblr-1747 414 21 dealer dealer NOUN cblr-1747 414 22 customers customer NOUN cblr-1747 414 23 access access NOUN cblr-1747 414 24 to to ADP cblr-1747 414 25 fdic fdic ADJ cblr-1747 414 26 insurance insurance NOUN cblr-1747 414 27 . . PUNCT cblr-1747 415 1 without without ADP cblr-1747 415 2 sweep sweep NOUN cblr-1747 415 3 programs program NOUN cblr-1747 415 4 , , PUNCT cblr-1747 415 5 customers customer NOUN cblr-1747 415 6 who who PRON cblr-1747 415 7 wanted want VERB cblr-1747 415 8 fdic fdic ADJ cblr-1747 415 9 insurance insurance PROPN cblr-1747 415 10 and and CCONJ cblr-1747 415 11 small small ADJ cblr-1747 415 12 returns return NOUN cblr-1747 415 13 on on ADP cblr-1747 415 14 their their PRON cblr-1747 415 15 cash cash NOUN cblr-1747 415 16 pending pende VERB cblr-1747 415 17 equity equity NOUN cblr-1747 415 18 investment investment NOUN cblr-1747 415 19 would would AUX cblr-1747 415 20 need need VERB cblr-1747 415 21 to to PART cblr-1747 415 22 withdraw withdraw VERB cblr-1747 415 23 their their PRON cblr-1747 415 24 idle idle ADJ cblr-1747 415 25 cash cash NOUN cblr-1747 415 26 from from ADP cblr-1747 415 27 their their PRON cblr-1747 415 28 broker broker NOUN cblr-1747 415 29 - - PUNCT cblr-1747 415 30 dealer dealer NOUN cblr-1747 415 31 and and CCONJ cblr-1747 415 32 deposit deposit VERB cblr-1747 415 33 it it PRON cblr-1747 415 34 into into ADP cblr-1747 415 35 a a DET cblr-1747 415 36 bank bank NOUN cblr-1747 415 37 . . PUNCT cblr-1747 416 1 the the DET cblr-1747 416 2 additional additional ADJ cblr-1747 416 3 time time NOUN cblr-1747 416 4 , , PUNCT cblr-1747 416 5 effort effort NOUN cblr-1747 416 6 , , PUNCT cblr-1747 416 7 and and CCONJ cblr-1747 416 8 potential potential ADJ cblr-1747 416 9 monetary monetary ADJ cblr-1747 416 10 costs cost NOUN cblr-1747 416 11 required require VERB cblr-1747 416 12 to to PART cblr-1747 416 13 move move VERB cblr-1747 416 14 funds fund NOUN cblr-1747 416 15 between between ADP cblr-1747 416 16 a a DET cblr-1747 416 17 bank bank NOUN cblr-1747 416 18 and and CCONJ cblr-1747 416 19 broker broker NOUN cblr-1747 416 20 - - PUNCT cblr-1747 416 21 dealer dealer NOUN cblr-1747 416 22 could could AUX cblr-1747 416 23 discourage discourage VERB cblr-1747 416 24 moving move VERB cblr-1747 416 25 these these DET cblr-1747 416 26 funds fund NOUN cblr-1747 416 27 . . PUNCT cblr-1747 417 1 therefore therefore ADV cblr-1747 417 2 , , PUNCT cblr-1747 417 3 without without ADP cblr-1747 417 4 sweep sweep NOUN cblr-1747 417 5 programs program NOUN cblr-1747 417 6 , , PUNCT cblr-1747 417 7 customers customer NOUN cblr-1747 417 8 may may AUX cblr-1747 417 9 deposit deposit VERB cblr-1747 417 10 fewer few ADJ cblr-1747 417 11 funds fund NOUN cblr-1747 417 12 into into ADP cblr-1747 417 13 their their PRON cblr-1747 417 14 broker broker NOUN cblr-1747 417 15 - - PUNCT cblr-1747 417 16 dealer dealer NOUN cblr-1747 417 17 in in ADP cblr-1747 417 18 the the DET cblr-1747 417 19 first first ADJ cblr-1747 417 20 place place NOUN cblr-1747 417 21 , , PUNCT cblr-1747 417 22 and and CCONJ cblr-1747 417 23 customers customer NOUN cblr-1747 417 24 also also ADV cblr-1747 417 25 may may AUX cblr-1747 417 26 be be AUX cblr-1747 417 27 less less ADV cblr-1747 417 28 likely likely ADJ cblr-1747 417 29 to to PART cblr-1747 417 30 redeposit redeposit VERB cblr-1747 417 31 funds fund NOUN cblr-1747 417 32 into into ADP cblr-1747 417 33 their their PRON cblr-1747 417 34 broker broker NOUN cblr-1747 417 35 - - PUNCT cblr-1747 417 36 dealer dealer NOUN cblr-1747 417 37 after after SCONJ cblr-1747 417 38 they they PRON cblr-1747 417 39 remove remove VERB cblr-1747 417 40 them they PRON cblr-1747 417 41 from from ADP cblr-1747 417 42 their their PRON cblr-1747 417 43 bank bank NOUN cblr-1747 417 44 . . PUNCT cblr-1747 418 1 by by ADP cblr-1747 418 2 facilitating facilitate VERB cblr-1747 418 3 quick quick ADJ cblr-1747 418 4 transfers transfer NOUN cblr-1747 418 5 into into ADP cblr-1747 418 6 and and CCONJ cblr-1747 418 7 out out ADP cblr-1747 418 8 of of ADP cblr-1747 418 9 fdic fdic ADJ cblr-1747 418 10 - - PUNCT cblr-1747 418 11 insured insure VERB cblr-1747 418 12 accounts account NOUN cblr-1747 418 13 and and CCONJ cblr-1747 418 14 money money NOUN cblr-1747 418 15 market market NOUN cblr-1747 418 16 funds fund NOUN cblr-1747 418 17 with with ADP cblr-1747 418 18 nearly nearly ADV cblr-1747 418 19 no no PRON cblr-1747 418 20 transaction transaction NOUN cblr-1747 418 21 costs cost NOUN cblr-1747 418 22 , , PUNCT cblr-1747 418 23 sweep sweep NOUN cblr-1747 418 24 programs program NOUN cblr-1747 418 25 give give VERB cblr-1747 418 26 customers customer NOUN cblr-1747 418 27 more more ADJ cblr-1747 418 28 options option NOUN cblr-1747 418 29 to to PART cblr-1747 418 30 quickly quickly ADV cblr-1747 418 31 change change VERB cblr-1747 418 32 investment investment NOUN cblr-1747 418 33 strategies strategy NOUN cblr-1747 418 34 , , PUNCT cblr-1747 418 35 which which PRON cblr-1747 418 36 facilitates facilitate VERB cblr-1747 418 37 increased increase VERB cblr-1747 418 38 deposits deposit NOUN cblr-1747 418 39 with with ADP cblr-1747 418 40 broker broker NOUN cblr-1747 418 41 - - PUNCT cblr-1747 418 42 dealers dealer NOUN cblr-1747 418 43 and and CCONJ cblr-1747 418 44 may may AUX cblr-1747 418 45 in in ADP cblr-1747 418 46 turn turn NOUN cblr-1747 418 47 increase increase VERB cblr-1747 418 48 investment investment NOUN cblr-1747 418 49 in in ADP cblr-1747 418 50 equity equity NOUN cblr-1747 418 51 markets market NOUN cblr-1747 418 52 . . PUNCT cblr-1747 419 1 however however ADV cblr-1747 419 2 , , PUNCT cblr-1747 419 3 sweep sweep NOUN cblr-1747 419 4 programs program NOUN cblr-1747 419 5 could could AUX cblr-1747 419 6 decrease decrease VERB cblr-1747 419 7 the the DET cblr-1747 419 8 amount amount NOUN cblr-1747 419 9 of of ADP cblr-1747 419 10 funds fund NOUN cblr-1747 419 11 invested invest VERB cblr-1747 419 12 in in ADP cblr-1747 419 13 equity equity NOUN cblr-1747 419 14 markets market NOUN cblr-1747 419 15 by by ADP cblr-1747 419 16 slightly slightly ADV cblr-1747 419 17 increasing increase VERB cblr-1747 419 18 returns return NOUN cblr-1747 419 19 on on ADP cblr-1747 419 20 uninvested uninvested ADJ cblr-1747 419 21 cash cash NOUN cblr-1747 419 22 and and CCONJ cblr-1747 419 23 decreasing decrease VERB cblr-1747 419 24 the the DET cblr-1747 419 25 opportunity opportunity NOUN cblr-1747 419 26 cost cost NOUN cblr-1747 419 27 of of ADP cblr-1747 419 28 not not PART cblr-1747 419 29 investing invest VERB cblr-1747 419 30 cash cash NOUN cblr-1747 419 31 in in ADP cblr-1747 419 32 stock stock NOUN cblr-1747 419 33 . . PUNCT cblr-1747 420 1 therefore therefore ADV cblr-1747 420 2 , , PUNCT cblr-1747 420 3 it it PRON cblr-1747 420 4 87 87 NUM cblr-1747 420 5 however however ADV cblr-1747 420 6 , , PUNCT cblr-1747 420 7 it it PRON cblr-1747 420 8 is be AUX cblr-1747 420 9 unclear unclear ADJ cblr-1747 420 10 whether whether SCONJ cblr-1747 420 11 fdic fdic PROPN cblr-1747 420 12 insurance insurance NOUN cblr-1747 420 13 provides provide VERB cblr-1747 420 14 additional additional ADJ cblr-1747 420 15 protection protection NOUN cblr-1747 420 16 compared compare VERB cblr-1747 420 17 to to ADP cblr-1747 420 18 unswept unswept PROPN cblr-1747 420 19 customer customer NOUN cblr-1747 420 20 funds fund NOUN cblr-1747 420 21 , , PUNCT cblr-1747 420 22 which which PRON cblr-1747 420 23 are be AUX cblr-1747 420 24 held hold VERB cblr-1747 420 25 in in ADP cblr-1747 420 26 the the DET cblr-1747 420 27 fully fully ADV cblr-1747 420 28 segregated segregate VERB cblr-1747 420 29 special special ADJ cblr-1747 420 30 reserve reserve NOUN cblr-1747 420 31 account account NOUN cblr-1747 420 32 that that PRON cblr-1747 420 33 holds hold VERB cblr-1747 420 34 only only ADJ cblr-1747 420 35 cash cash NOUN cblr-1747 420 36 or or CCONJ cblr-1747 420 37 treasury treasury NOUN cblr-1747 420 38 bonds bond NOUN cblr-1747 420 39 . . PUNCT cblr-1747 421 1 see see VERB cblr-1747 421 2 supra supra PROPN cblr-1747 421 3 notes note NOUN cblr-1747 421 4 17–18 17–18 NUM cblr-1747 421 5 and and CCONJ cblr-1747 421 6 accompanying accompany VERB cblr-1747 421 7 text text NOUN cblr-1747 421 8 . . PUNCT cblr-1747 422 1 unlike unlike ADP cblr-1747 422 2 fdic fdic PROPN cblr-1747 422 3 insurance insurance NOUN cblr-1747 422 4 , , PUNCT cblr-1747 422 5 the the DET cblr-1747 422 6 protection protection NOUN cblr-1747 422 7 afforded afford VERB cblr-1747 422 8 by by ADP cblr-1747 422 9 the the DET cblr-1747 422 10 special special PROPN cblr-1747 422 11 reserve reserve NOUN cblr-1747 422 12 account account NOUN cblr-1747 422 13 is be AUX cblr-1747 422 14 not not PART cblr-1747 422 15 limited limit VERB cblr-1747 422 16 to to ADP cblr-1747 422 17 $ $ SYM cblr-1747 422 18 250,000 250,000 NUM cblr-1747 422 19 . . PUNCT cblr-1747 423 1 see see VERB cblr-1747 423 2 sec sec PROPN cblr-1747 423 3 , , PUNCT cblr-1747 423 4 investor investor NOUN cblr-1747 423 5 bulletin bulletin NOUN cblr-1747 423 6 , , PUNCT cblr-1747 423 7 supra supra PROPN cblr-1747 423 8 note note NOUN cblr-1747 423 9 22 22 NUM cblr-1747 423 10 ( ( PUNCT cblr-1747 423 11 “ " PUNCT cblr-1747 423 12 cash cash NOUN cblr-1747 423 13 swept sweep VERB cblr-1747 423 14 into into ADP cblr-1747 423 15 deposit deposit NOUN cblr-1747 423 16 accounts account NOUN cblr-1747 423 17 through through ADP cblr-1747 423 18 bank bank NOUN cblr-1747 423 19 sweep sweep NOUN cblr-1747 423 20 programs program NOUN cblr-1747 423 21 is be AUX cblr-1747 423 22 covered cover VERB cblr-1747 423 23 by by ADP cblr-1747 423 24 fdic fdic PROPN cblr-1747 423 25 insurance insurance PROPN cblr-1747 423 26 up up ADP cblr-1747 423 27 to to ADP cblr-1747 423 28 the the DET cblr-1747 423 29 $ $ SYM cblr-1747 423 30 250,000 250,000 NUM cblr-1747 423 31 limit limit NOUN cblr-1747 423 32 per per ADP cblr-1747 423 33 customer customer NOUN cblr-1747 423 34 at at ADP cblr-1747 423 35 each each DET cblr-1747 423 36 fdicinsured fdicinsure VERB cblr-1747 423 37 bank bank NOUN cblr-1747 423 38 that that PRON cblr-1747 423 39 participates participate VERB cblr-1747 423 40 in in ADP cblr-1747 423 41 the the DET cblr-1747 423 42 bank bank NOUN cblr-1747 423 43 sweep sweep NOUN cblr-1747 423 44 program program NOUN cblr-1747 423 45 . . PUNCT cblr-1747 423 46 ” " PUNCT cblr-1747 423 47 ) ) PUNCT cblr-1747 423 48 . . PUNCT cblr-1747 424 1 tepe tepe NOUN cblr-1747 424 2 – – PUNCT cblr-1747 424 3 final final ADJ cblr-1747 424 4 no no NOUN cblr-1747 424 5 . . PUNCT cblr-1747 425 1 3:823 3:823 NUM cblr-1747 425 2 ] ] X cblr-1747 425 3 broker broker NOUN cblr-1747 425 4 - - PUNCT cblr-1747 425 5 dealer dealer NOUN cblr-1747 425 6 “ " PUNCT cblr-1747 425 7 idle idle ADJ cblr-1747 425 8 ” " PUNCT cblr-1747 425 9 customer customer NOUN cblr-1747 425 10 assets asset NOUN cblr-1747 425 11 851 851 NUM cblr-1747 425 12 is be AUX cblr-1747 425 13 unclear unclear ADJ cblr-1747 425 14 whether whether SCONJ cblr-1747 425 15 sweep sweep NOUN cblr-1747 425 16 programs program NOUN cblr-1747 425 17 increase increase VERB cblr-1747 425 18 or or CCONJ cblr-1747 425 19 decrease decrease VERB cblr-1747 425 20 market market NOUN cblr-1747 425 21 liquidity liquidity NOUN cblr-1747 425 22 . . PUNCT cblr-1747 426 1 2 2 X cblr-1747 426 2 . . X cblr-1747 426 3 sweep sweep NOUN cblr-1747 426 4 program program NOUN cblr-1747 426 5 agency agency NOUN cblr-1747 426 6 problems problem NOUN cblr-1747 426 7 an an DET cblr-1747 426 8 agency agency NOUN cblr-1747 426 9 problem problem NOUN cblr-1747 426 10 exists exist VERB cblr-1747 426 11 between between ADP cblr-1747 426 12 customers customer NOUN cblr-1747 426 13 and and CCONJ cblr-1747 426 14 brokerdealers brokerdealer NOUN cblr-1747 426 15 involving involve VERB cblr-1747 426 16 decisions decision NOUN cblr-1747 426 17 about about ADP cblr-1747 426 18 whether whether SCONJ cblr-1747 426 19 and and CCONJ cblr-1747 426 20 where where SCONJ cblr-1747 426 21 to to PART cblr-1747 426 22 sweep sweep VERB cblr-1747 426 23 customer customer NOUN cblr-1747 426 24 cash cash NOUN cblr-1747 426 25 because because SCONJ cblr-1747 426 26 broker broker NOUN cblr-1747 426 27 - - PUNCT cblr-1747 426 28 dealers dealer NOUN cblr-1747 426 29 also also ADV cblr-1747 426 30 profit profit VERB cblr-1747 426 31 from from ADP cblr-1747 426 32 these these DET cblr-1747 426 33 decisions decision NOUN cblr-1747 426 34 . . PUNCT cblr-1747 427 1 broker broker NOUN cblr-1747 427 2 - - PUNCT cblr-1747 427 3 dealers dealer NOUN cblr-1747 427 4 profit profit NOUN cblr-1747 427 5 from from ADP cblr-1747 427 6 these these DET cblr-1747 427 7 decisions decision NOUN cblr-1747 427 8 because because SCONJ cblr-1747 427 9 they they PRON cblr-1747 427 10 are be AUX cblr-1747 427 11 usually usually ADV cblr-1747 427 12 paid pay VERB cblr-1747 427 13 fees fee NOUN cblr-1747 427 14 by by ADP cblr-1747 427 15 banks bank NOUN cblr-1747 427 16 and and CCONJ cblr-1747 427 17 money money NOUN cblr-1747 427 18 market market NOUN cblr-1747 427 19 funds fund NOUN cblr-1747 427 20 to to PART cblr-1747 427 21 sweep sweep VERB cblr-1747 427 22 customer customer NOUN cblr-1747 427 23 cash cash NOUN cblr-1747 427 24 , , PUNCT cblr-1747 427 25 and and CCONJ cblr-1747 427 26 sweeping sweep VERB cblr-1747 427 27 to to ADP cblr-1747 427 28 affiliates affiliate NOUN cblr-1747 427 29 can can AUX cblr-1747 427 30 increase increase VERB cblr-1747 427 31 the the DET cblr-1747 427 32 profit profit NOUN cblr-1747 427 33 of of ADP cblr-1747 427 34 the the DET cblr-1747 427 35 broker broker NOUN cblr-1747 427 36 - - PUNCT cblr-1747 427 37 dealer dealer NOUN cblr-1747 427 38 ’s ’s PART cblr-1747 427 39 holding hold VERB cblr-1747 427 40 company company NOUN cblr-1747 427 41 . . PUNCT cblr-1747 428 1 broker broker NOUN cblr-1747 428 2 - - PUNCT cblr-1747 428 3 dealers dealer NOUN cblr-1747 428 4 have have VERB cblr-1747 428 5 the the DET cblr-1747 428 6 incentive incentive NOUN cblr-1747 428 7 to to PART cblr-1747 428 8 encourage encourage VERB cblr-1747 428 9 customers customer NOUN cblr-1747 428 10 to to PART cblr-1747 428 11 take take VERB cblr-1747 428 12 part part NOUN cblr-1747 428 13 in in ADP cblr-1747 428 14 the the DET cblr-1747 428 15 sweep sweep NOUN cblr-1747 428 16 program program NOUN cblr-1747 428 17 even even ADV cblr-1747 428 18 if if SCONJ cblr-1747 428 19 sweeping sweeping ADJ cblr-1747 428 20 uninvested uninvested ADJ cblr-1747 428 21 cash cash NOUN cblr-1747 428 22 is be AUX cblr-1747 428 23 not not PART cblr-1747 428 24 in in ADP cblr-1747 428 25 the the DET cblr-1747 428 26 best good ADJ cblr-1747 428 27 interest interest NOUN cblr-1747 428 28 of of ADP cblr-1747 428 29 the the DET cblr-1747 428 30 customer customer NOUN cblr-1747 428 31 . . PUNCT cblr-1747 429 1 depending depend VERB cblr-1747 429 2 on on ADP cblr-1747 429 3 a a DET cblr-1747 429 4 customer customer NOUN cblr-1747 429 5 ’s ’s PART cblr-1747 429 6 risk risk NOUN cblr-1747 429 7 aversion aversion NOUN cblr-1747 429 8 , , PUNCT cblr-1747 429 9 the the DET cblr-1747 429 10 few few ADJ cblr-1747 429 11 basis basis NOUN cblr-1747 429 12 point point NOUN cblr-1747 429 13 return return NOUN cblr-1747 429 14 for for ADP cblr-1747 429 15 the the DET cblr-1747 429 16 customer customer NOUN cblr-1747 429 17 may may AUX cblr-1747 429 18 not not PART cblr-1747 429 19 adequately adequately ADV cblr-1747 429 20 compensate compensate VERB cblr-1747 429 21 them they PRON cblr-1747 429 22 for for ADP cblr-1747 429 23 the the DET cblr-1747 429 24 counterparty counterparty NOUN cblr-1747 429 25 risk risk NOUN cblr-1747 429 26 created create VERB cblr-1747 429 27 by by ADP cblr-1747 429 28 sweeping sweep VERB cblr-1747 429 29 the the DET cblr-1747 429 30 cash.88 cash.88 PROPN cblr-1747 429 31 as as SCONJ cblr-1747 429 32 stated state VERB cblr-1747 429 33 previously previously ADV cblr-1747 429 34 , , PUNCT cblr-1747 429 35 sweep sweep NOUN cblr-1747 429 36 programs program NOUN cblr-1747 429 37 are be AUX cblr-1747 429 38 often often ADV cblr-1747 429 39 the the DET cblr-1747 429 40 default default NOUN cblr-1747 429 41 option option NOUN cblr-1747 429 42 given give VERB cblr-1747 429 43 by by ADP cblr-1747 429 44 a a DET cblr-1747 429 45 broker broker NOUN cblr-1747 429 46 - - PUNCT cblr-1747 429 47 dealer dealer NOUN cblr-1747 429 48 for for ADP cblr-1747 429 49 managing manage VERB cblr-1747 429 50 uninvested uninvested ADJ cblr-1747 429 51 customer customer NOUN cblr-1747 429 52 cash cash NOUN cblr-1747 429 53 , , PUNCT cblr-1747 429 54 suggesting suggest VERB cblr-1747 429 55 that that SCONJ cblr-1747 429 56 brokerdealers brokerdealer NOUN cblr-1747 429 57 encourage encourage VERB cblr-1747 429 58 all all DET cblr-1747 429 59 customers customer NOUN cblr-1747 429 60 to to PART cblr-1747 429 61 take take VERB cblr-1747 429 62 part part NOUN cblr-1747 429 63 in in ADP cblr-1747 429 64 the the DET cblr-1747 429 65 sweep sweep NOUN cblr-1747 429 66 program program NOUN cblr-1747 429 67 regardless regardless ADV cblr-1747 429 68 of of ADP cblr-1747 429 69 a a DET cblr-1747 429 70 customer customer NOUN cblr-1747 429 71 ’s ’s PART cblr-1747 429 72 risk risk NOUN cblr-1747 429 73 preferences preference NOUN cblr-1747 429 74 and and CCONJ cblr-1747 429 75 investment investment NOUN cblr-1747 429 76 strategy strategy NOUN cblr-1747 429 77 and and CCONJ cblr-1747 429 78 even even ADV cblr-1747 429 79 if if SCONJ cblr-1747 429 80 the the DET cblr-1747 429 81 sweep sweep NOUN cblr-1747 429 82 program program NOUN cblr-1747 429 83 is be AUX cblr-1747 429 84 not not PART cblr-1747 429 85 in in ADP cblr-1747 429 86 the the DET cblr-1747 429 87 customer customer NOUN cblr-1747 429 88 ’s ’s PART cblr-1747 429 89 best good ADJ cblr-1747 429 90 interest.89 interest.89 NOUN cblr-1747 429 91 the the DET cblr-1747 429 92 default default NOUN cblr-1747 429 93 nature nature NOUN cblr-1747 429 94 of of ADP cblr-1747 429 95 sweep sweep NOUN cblr-1747 429 96 programs program NOUN cblr-1747 429 97 is be AUX cblr-1747 429 98 especially especially ADV cblr-1747 429 99 worrisome worrisome ADJ cblr-1747 429 100 in in ADP cblr-1747 429 101 light light NOUN cblr-1747 429 102 of of ADP cblr-1747 429 103 the the DET cblr-1747 429 104 original original ADJ cblr-1747 429 105 intent intent NOUN cblr-1747 429 106 of of ADP cblr-1747 429 107 rule rule NOUN cblr-1747 429 108 15c3 15c3 NUM cblr-1747 429 109 - - SYM cblr-1747 429 110 3 3 NUM cblr-1747 429 111 to to PART cblr-1747 429 112 forbid forbid VERB cblr-1747 429 113 broker broker NOUN cblr-1747 429 114 - - PUNCT cblr-1747 429 115 dealers dealer NOUN cblr-1747 429 116 from from ADP cblr-1747 429 117 using use VERB cblr-1747 429 118 customer customer NOUN cblr-1747 429 119 cash cash NOUN cblr-1747 429 120 to to PART cblr-1747 429 121 finance finance VERB cblr-1747 429 122 their their PRON cblr-1747 429 123 business.90 business.90 NOUN cblr-1747 429 124 once once SCONJ cblr-1747 429 125 a a DET cblr-1747 429 126 customer customer NOUN cblr-1747 429 127 decides decide VERB cblr-1747 429 128 to to PART cblr-1747 429 129 take take VERB cblr-1747 429 130 part part NOUN cblr-1747 429 131 in in ADP cblr-1747 429 132 a a DET cblr-1747 429 133 sweep sweep NOUN cblr-1747 429 134 program program NOUN cblr-1747 429 135 , , PUNCT cblr-1747 429 136 the the DET cblr-1747 429 137 broker broker NOUN cblr-1747 429 138 - - PUNCT cblr-1747 429 139 dealer dealer NOUN cblr-1747 429 140 has have VERB cblr-1747 429 141 the the DET cblr-1747 429 142 incentive incentive NOUN cblr-1747 429 143 to to PART cblr-1747 429 144 sweep sweep VERB cblr-1747 429 145 the the DET cblr-1747 429 146 customer customer NOUN cblr-1747 429 147 cash cash NOUN cblr-1747 429 148 into into ADP cblr-1747 429 149 the the DET cblr-1747 429 150 bank bank NOUN cblr-1747 429 151 or or CCONJ cblr-1747 429 152 money money NOUN cblr-1747 429 153 market market NOUN cblr-1747 429 154 fund fund NOUN cblr-1747 429 155 that that PRON cblr-1747 429 156 will will AUX cblr-1747 429 157 make make VERB cblr-1747 429 158 the the DET cblr-1747 429 159 88 88 NUM cblr-1747 429 160 this this DET cblr-1747 429 161 problem problem NOUN cblr-1747 429 162 may may AUX cblr-1747 429 163 matter matter VERB cblr-1747 429 164 more more ADJ cblr-1747 429 165 for for ADP cblr-1747 429 166 sweeps sweep NOUN cblr-1747 429 167 into into ADP cblr-1747 429 168 money money NOUN cblr-1747 429 169 market market NOUN cblr-1747 429 170 funds fund NOUN cblr-1747 429 171 because because SCONJ cblr-1747 429 172 customers customer NOUN cblr-1747 429 173 are be AUX cblr-1747 429 174 protected protect VERB cblr-1747 429 175 by by ADP cblr-1747 429 176 fdic fdic PROPN cblr-1747 429 177 insurance insurance NOUN cblr-1747 429 178 when when SCONJ cblr-1747 429 179 they they PRON cblr-1747 429 180 sweep sweep VERB cblr-1747 429 181 their their PRON cblr-1747 429 182 funds fund NOUN cblr-1747 429 183 into into ADP cblr-1747 429 184 a a DET cblr-1747 429 185 bank bank NOUN cblr-1747 429 186 . . PUNCT cblr-1747 430 1 89 89 NUM cblr-1747 430 2 see see VERB cblr-1747 430 3 supra supra PROPN cblr-1747 430 4 note note PROPN cblr-1747 430 5 36 36 NUM cblr-1747 430 6 . . SYM cblr-1747 431 1 90 90 NUM cblr-1747 431 2 see see VERB cblr-1747 431 3 net net ADJ cblr-1747 431 4 capital capital NOUN cblr-1747 431 5 requirements requirement NOUN cblr-1747 431 6 for for ADP cblr-1747 431 7 brokers broker NOUN cblr-1747 431 8 and and CCONJ cblr-1747 431 9 dealers dealer NOUN cblr-1747 431 10 , , PUNCT cblr-1747 431 11 50 50 NUM cblr-1747 431 12 fed feed VERB cblr-1747 431 13 . . PUNCT cblr-1747 432 1 reg reg PROPN cblr-1747 432 2 . . PROPN cblr-1747 432 3 2690 2690 NUM cblr-1747 432 4 , , PUNCT cblr-1747 432 5 2690 2690 NUM cblr-1747 432 6 ( ( PUNCT cblr-1747 432 7 jan jan PROPN cblr-1747 432 8 . . PROPN cblr-1747 432 9 18 18 NUM cblr-1747 432 10 , , PUNCT cblr-1747 432 11 1985 1985 NUM cblr-1747 432 12 ) ) PUNCT cblr-1747 432 13 ( ( PUNCT cblr-1747 432 14 to to PART cblr-1747 432 15 be be AUX cblr-1747 432 16 codified codify VERB cblr-1747 432 17 at at ADP cblr-1747 432 18 17 17 NUM cblr-1747 432 19 c.f.r c.f.r NOUN cblr-1747 432 20 . . PUNCT cblr-1747 433 1 pt pt PROPN cblr-1747 433 2 . . PROPN cblr-1747 433 3 240 240 NUM cblr-1747 433 4 ) ) PUNCT cblr-1747 433 5 ; ; PUNCT cblr-1747 433 6 see see VERB cblr-1747 433 7 also also ADV cblr-1747 433 8 broker broker NOUN cblr-1747 433 9 - - PUNCT cblr-1747 433 10 dealers dealer NOUN cblr-1747 433 11 ; ; PUNCT cblr-1747 433 12 maintenance maintenance NOUN cblr-1747 433 13 of of ADP cblr-1747 433 14 certain certain ADJ cblr-1747 433 15 basic basic ADJ cblr-1747 433 16 reserves reserve NOUN cblr-1747 433 17 , , PUNCT cblr-1747 433 18 37 37 NUM cblr-1747 433 19 fed feed VERB cblr-1747 433 20 . . PUNCT cblr-1747 434 1 reg reg PROPN cblr-1747 434 2 . . PROPN cblr-1747 434 3 25,224 25,224 NUM cblr-1747 434 4 , , PUNCT cblr-1747 434 5 25,224 25,224 NUM cblr-1747 434 6 ( ( PUNCT cblr-1747 434 7 nov nov PROPN cblr-1747 434 8 . . PROPN cblr-1747 434 9 29 29 NUM cblr-1747 434 10 , , PUNCT cblr-1747 434 11 1972 1972 NUM cblr-1747 434 12 ) ) PUNCT cblr-1747 434 13 ( ( PUNCT cblr-1747 434 14 to to PART cblr-1747 434 15 be be AUX cblr-1747 434 16 codified codify VERB cblr-1747 434 17 at at ADP cblr-1747 434 18 17 17 NUM cblr-1747 434 19 c.f.r c.f.r NOUN cblr-1747 434 20 . . PUNCT cblr-1747 435 1 pt pt PROPN cblr-1747 435 2 . . PROPN cblr-1747 435 3 240 240 NUM cblr-1747 435 4 ) ) PUNCT cblr-1747 435 5 . . PUNCT cblr-1747 436 1 tepe tepe NOUN cblr-1747 436 2 – – PUNCT cblr-1747 436 3 final final ADJ cblr-1747 436 4 852 852 NUM cblr-1747 436 5 columbia columbia PROPN cblr-1747 436 6 business business NOUN cblr-1747 436 7 law law PROPN cblr-1747 436 8 review review NOUN cblr-1747 437 1 [ [ X cblr-1747 437 2 vol vol NOUN cblr-1747 437 3 . . PUNCT cblr-1747 437 4 2016 2016 NUM cblr-1747 437 5 largest large ADJ cblr-1747 437 6 return return NOUN cblr-1747 437 7 for for ADP cblr-1747 437 8 the the DET cblr-1747 437 9 broker broker NOUN cblr-1747 437 10 - - PUNCT cblr-1747 437 11 dealer dealer NOUN cblr-1747 437 12 and and CCONJ cblr-1747 437 13 its its PRON cblr-1747 437 14 affiliates affiliate NOUN cblr-1747 437 15 . . PUNCT cblr-1747 438 1 although although SCONJ cblr-1747 438 2 customers customer NOUN cblr-1747 438 3 have have VERB cblr-1747 438 4 the the DET cblr-1747 438 5 authority authority NOUN cblr-1747 438 6 to to PART cblr-1747 438 7 decide decide VERB cblr-1747 438 8 where where SCONJ cblr-1747 438 9 to to PART cblr-1747 438 10 sweep sweep VERB cblr-1747 438 11 their their PRON cblr-1747 438 12 funds fund NOUN cblr-1747 438 13 from from ADP cblr-1747 438 14 the the DET cblr-1747 438 15 options option NOUN cblr-1747 438 16 available available ADJ cblr-1747 438 17 in in ADP cblr-1747 438 18 a a DET cblr-1747 438 19 sweep sweep NOUN cblr-1747 438 20 program program NOUN cblr-1747 438 21 , , PUNCT cblr-1747 438 22 broker broker NOUN cblr-1747 438 23 - - PUNCT cblr-1747 438 24 dealers dealer NOUN cblr-1747 438 25 have have VERB cblr-1747 438 26 the the DET cblr-1747 438 27 power power NOUN cblr-1747 438 28 to to PART cblr-1747 438 29 select select VERB cblr-1747 438 30 which which DET cblr-1747 438 31 bank bank NOUN cblr-1747 438 32 and and CCONJ cblr-1747 438 33 money money NOUN cblr-1747 438 34 market market NOUN cblr-1747 438 35 fund fund NOUN cblr-1747 438 36 products product NOUN cblr-1747 438 37 will will AUX cblr-1747 438 38 be be AUX cblr-1747 438 39 available available ADJ cblr-1747 438 40 to to ADP cblr-1747 438 41 customers customer NOUN cblr-1747 438 42 in in ADP cblr-1747 438 43 the the DET cblr-1747 438 44 sweep sweep NOUN cblr-1747 438 45 program.91 program.91 NOUN cblr-1747 438 46 broker broker NOUN cblr-1747 438 47 - - PUNCT cblr-1747 438 48 dealers dealer NOUN cblr-1747 438 49 could could AUX cblr-1747 438 50 choose choose VERB cblr-1747 438 51 banks bank NOUN cblr-1747 438 52 and and CCONJ cblr-1747 438 53 money money NOUN cblr-1747 438 54 market market NOUN cblr-1747 438 55 funds fund NOUN cblr-1747 438 56 that that PRON cblr-1747 438 57 pay pay VERB cblr-1747 438 58 higher high ADJ cblr-1747 438 59 fees fee NOUN cblr-1747 438 60 to to ADP cblr-1747 438 61 broker broker NOUN cblr-1747 438 62 - - PUNCT cblr-1747 438 63 dealers dealer NOUN cblr-1747 438 64 but but CCONJ cblr-1747 438 65 lower low ADJ cblr-1747 438 66 returns return NOUN cblr-1747 438 67 to to ADP cblr-1747 438 68 customers customer NOUN cblr-1747 438 69 when when SCONJ cblr-1747 438 70 compared compare VERB cblr-1747 438 71 to to ADP cblr-1747 438 72 the the DET cblr-1747 438 73 industry.92 industry.92 NOUN cblr-1747 438 74 moreover moreover ADV cblr-1747 438 75 , , PUNCT cblr-1747 438 76 broker broker NOUN cblr-1747 438 77 - - PUNCT cblr-1747 438 78 dealers dealer NOUN cblr-1747 438 79 could could AUX cblr-1747 438 80 choose choose VERB cblr-1747 438 81 to to PART cblr-1747 438 82 sweep sweep VERB cblr-1747 438 83 into into ADP cblr-1747 438 84 affiliates affiliate NOUN cblr-1747 438 85 in in ADP cblr-1747 438 86 order order NOUN cblr-1747 438 87 to to PART cblr-1747 438 88 maximize maximize VERB cblr-1747 438 89 the the DET cblr-1747 438 90 profit profit NOUN cblr-1747 438 91 for for ADP cblr-1747 438 92 its its PRON cblr-1747 438 93 holding hold VERB cblr-1747 438 94 company company NOUN cblr-1747 438 95 . . PUNCT cblr-1747 439 1 potential potential ADJ cblr-1747 439 2 agency agency NOUN cblr-1747 439 3 problems problem NOUN cblr-1747 439 4 are be AUX cblr-1747 439 5 exacerbated exacerbate VERB cblr-1747 439 6 with with ADP cblr-1747 439 7 sweeps sweep NOUN cblr-1747 439 8 into into ADP cblr-1747 439 9 affiliates affiliate NOUN cblr-1747 439 10 because because SCONJ cblr-1747 439 11 of of ADP cblr-1747 439 12 the the DET cblr-1747 439 13 large large ADJ cblr-1747 439 14 difference difference NOUN cblr-1747 439 15 in in ADP cblr-1747 439 16 return return NOUN cblr-1747 439 17 for for ADP cblr-1747 439 18 the the DET cblr-1747 439 19 broker broker NOUN cblr-1747 439 20 - - PUNCT cblr-1747 439 21 dealer dealer NOUN cblr-1747 439 22 compared compare VERB cblr-1747 439 23 to to ADP cblr-1747 439 24 the the DET cblr-1747 439 25 customer customer NOUN cblr-1747 439 26 . . PUNCT cblr-1747 440 1 the the DET cblr-1747 440 2 broker broker NOUN cblr-1747 440 3 - - PUNCT cblr-1747 440 4 dealer dealer NOUN cblr-1747 440 5 usually usually ADV cblr-1747 440 6 pays pay VERB cblr-1747 440 7 the the DET cblr-1747 440 8 customer customer NOUN cblr-1747 440 9 a a DET cblr-1747 440 10 few few ADJ cblr-1747 440 11 basis basis NOUN cblr-1747 440 12 points point NOUN cblr-1747 440 13 , , PUNCT cblr-1747 440 14 while while SCONJ cblr-1747 440 15 an an DET cblr-1747 440 16 affiliate affiliate NOUN cblr-1747 440 17 bank bank PROPN cblr-1747 440 18 and and CCONJ cblr-1747 440 19 broker broker NOUN cblr-1747 440 20 - - PUNCT cblr-1747 440 21 dealer dealer NOUN cblr-1747 440 22 can can AUX cblr-1747 440 23 split split VERB cblr-1747 440 24 the the DET cblr-1747 440 25 multiple multiple ADJ cblr-1747 440 26 percent percent NOUN cblr-1747 440 27 return return NOUN cblr-1747 440 28 expected expect VERB cblr-1747 440 29 from from ADP cblr-1747 440 30 bank bank PROPN cblr-1747 440 31 loans.93 loans.93 PROPN cblr-1747 440 32 most most ADJ cblr-1747 440 33 counterparties counterpartie NOUN cblr-1747 440 34 in in ADP cblr-1747 440 35 sweep sweep NOUN cblr-1747 440 36 programs program NOUN cblr-1747 440 37 are be AUX cblr-1747 440 38 affiliates affiliate NOUN cblr-1747 440 39 of of ADP cblr-1747 440 40 the the DET cblr-1747 440 41 broker broker NOUN cblr-1747 440 42 - - PUNCT cblr-1747 440 43 dealer dealer NOUN cblr-1747 440 44 , , PUNCT cblr-1747 440 45 suggesting suggest VERB cblr-1747 440 46 that that SCONJ cblr-1747 440 47 broker broker NOUN cblr-1747 440 48 - - PUNCT cblr-1747 440 49 dealers dealer NOUN cblr-1747 440 50 may may AUX cblr-1747 440 51 be be AUX cblr-1747 440 52 selecting select VERB cblr-1747 440 53 these these DET cblr-1747 440 54 counterparties counterpartie NOUN cblr-1747 440 55 based base VERB cblr-1747 440 56 in in ADP cblr-1747 440 57 part part NOUN cblr-1747 440 58 on on ADP cblr-1747 440 59 trying try VERB cblr-1747 440 60 to to PART cblr-1747 440 61 maximize maximize VERB cblr-1747 440 62 profits profit NOUN cblr-1747 440 63 for for ADP cblr-1747 440 64 themselves themselves PRON cblr-1747 440 65 and and CCONJ cblr-1747 440 66 their their PRON cblr-1747 440 67 affiliates.94 affiliates.94 NOUN cblr-1747 440 68 it it PRON cblr-1747 440 69 is be AUX cblr-1747 440 70 91 91 NUM cblr-1747 440 71 17 17 NUM cblr-1747 440 72 c.f.r c.f.r NOUN cblr-1747 440 73 . . PUNCT cblr-1747 441 1 § § PROPN cblr-1747 441 2 240.15c3 240.15c3 PROPN cblr-1747 441 3 - - NOUN cblr-1747 441 4 3(j)(2)(ii)(a)(2 3(j)(2)(ii)(a)(2 NUM cblr-1747 441 5 ) ) PUNCT cblr-1747 441 6 ( ( PUNCT cblr-1747 441 7 2015 2015 NUM cblr-1747 441 8 ) ) PUNCT cblr-1747 441 9 . . PUNCT cblr-1747 442 1 92 92 NUM cblr-1747 442 2 see see NOUN cblr-1747 442 3 , , PUNCT cblr-1747 442 4 e.g. e.g. ADV cblr-1747 442 5 , , PUNCT cblr-1747 442 6 press press NOUN cblr-1747 442 7 v. v. ADP cblr-1747 442 8 quick quick PROPN cblr-1747 442 9 & & CCONJ cblr-1747 442 10 reilly reilly PROPN cblr-1747 442 11 , , PUNCT cblr-1747 442 12 inc inc PROPN cblr-1747 442 13 . . PROPN cblr-1747 442 14 , , PUNCT cblr-1747 442 15 218 218 NUM cblr-1747 442 16 f.3d f.3d NUM cblr-1747 442 17 121 121 NUM cblr-1747 442 18 , , PUNCT cblr-1747 442 19 123–24 123–24 NUM cblr-1747 442 20 ( ( PUNCT cblr-1747 442 21 2d 2d NUM cblr-1747 442 22 cir cir NOUN cblr-1747 442 23 . . 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PROPN cblr-1747 444 8 , , PUNCT cblr-1747 444 9 how how SCONJ cblr-1747 444 10 your your PRON cblr-1747 444 11 assets asset NOUN cblr-1747 444 12 are be AUX cblr-1747 444 13 protected protect VERB cblr-1747 444 14 at at ADP cblr-1747 444 15 schwab schwab NOUN cblr-1747 444 16 ( ( PUNCT cblr-1747 444 17 2010 2010 NUM cblr-1747 444 18 ) ) PUNCT cblr-1747 444 19 , , PUNCT cblr-1747 444 20 https://www.schwab.com/public/file/p4257132/mkt45080int.pdf https://www.schwab.com/public/file/p4257132/mkt45080int.pdf X cblr-1747 444 21 [ [ X cblr-1747 444 22 https://perma.cc/8s7y-jah7 https://perma.cc/8s7y-jah7 X cblr-1747 444 23 ] ] X cblr-1747 444 24 ( ( PUNCT cblr-1747 444 25 “ " PUNCT cblr-1747 444 26 if if SCONJ cblr-1747 444 27 the the DET cblr-1747 444 28 cash cash NOUN cblr-1747 444 29 feature feature NOUN cblr-1747 444 30 in in ADP cblr-1747 444 31 effect effect NOUN cblr-1747 444 32 for for ADP cblr-1747 444 33 your your PRON cblr-1747 444 34 schwab schwab NOUN cblr-1747 444 35 brokerage brokerage NOUN cblr-1747 444 36 account account NOUN cblr-1747 444 37 is be AUX cblr-1747 444 38 the the DET cblr-1747 444 39 bank bank NOUN cblr-1747 444 40 sweep sweep NOUN cblr-1747 444 41 feature feature NOUN cblr-1747 444 42 , , PUNCT cblr-1747 444 43 your your PRON cblr-1747 444 44 cash cash NOUN cblr-1747 444 45 balances balance NOUN cblr-1747 444 46 are be AUX cblr-1747 444 47 automatically automatically ADV cblr-1747 444 48 swept sweep VERB cblr-1747 444 49 to to ADP cblr-1747 444 50 deposits deposit NOUN cblr-1747 444 51 at at ADP cblr-1747 444 52 schwab schwab PROPN cblr-1747 444 53 bank bank PROPN cblr-1747 444 54 and and CCONJ cblr-1747 444 55 are be AUX cblr-1747 444 56 fdic fdic NOUN cblr-1747 444 57 - - PUNCT cblr-1747 444 58 insured insure VERB cblr-1747 444 59 . . PUNCT cblr-1747 444 60 ” " PUNCT cblr-1747 444 61 ) ) PUNCT cblr-1747 444 62 ; ; PUNCT cblr-1747 444 63 schwab schwab NOUN cblr-1747 444 64 money money NOUN cblr-1747 444 65 market market NOUN cblr-1747 444 66 funds fund NOUN cblr-1747 444 67 , , PUNCT cblr-1747 444 68 charles charles PROPN cblr-1747 444 69 schwab schwab PROPN cblr-1747 444 70 , , PUNCT cblr-1747 444 71 http://www.schwab.com/public/schwab/investing/accounts_products/invest http://www.schwab.com/public/schwab/investing/accounts_products/inv ADJ cblr-1747 444 72 ment ment NOUN cblr-1747 444 73 / / SYM cblr-1747 444 74 cds_money_markets cds_money_market NOUN cblr-1747 444 75 / / SYM cblr-1747 444 76 money_market_funds money_market_funds PROPN cblr-1747 445 1 [ [ X cblr-1747 445 2 https://perma.cc/9yrrjxdx https://perma.cc/9yrrjxdx X cblr-1747 445 3 ] ] PUNCT cblr-1747 445 4 , , PUNCT cblr-1747 445 5 ( ( PUNCT cblr-1747 445 6 describing describe VERB cblr-1747 445 7 sweep sweep NOUN cblr-1747 445 8 money money NOUN cblr-1747 445 9 market market NOUN cblr-1747 445 10 funds fund NOUN cblr-1747 445 11 for for ADP cblr-1747 445 12 uninvested uninvested ADJ cblr-1747 445 13 cash cash NOUN cblr-1747 445 14 in in ADP cblr-1747 445 15 a a DET cblr-1747 445 16 customer customer NOUN cblr-1747 445 17 ’s ’s PART cblr-1747 445 18 brokerage brokerage NOUN cblr-1747 445 19 account account NOUN cblr-1747 445 20 and and CCONJ cblr-1747 445 21 linking link VERB cblr-1747 445 22 to to PART cblr-1747 445 23 schwab schwab VERB cblr-1747 445 24 money money NOUN cblr-1747 445 25 market market NOUN cblr-1747 445 26 funds fund NOUN cblr-1747 445 27 monthly monthly ADJ cblr-1747 445 28 performance performance NOUN cblr-1747 445 29 summary summary NOUN cblr-1747 445 30 report report NOUN cblr-1747 445 31 which which PRON cblr-1747 445 32 only only ADV cblr-1747 445 33 lists list VERB cblr-1747 445 34 money money NOUN cblr-1747 445 35 market market NOUN cblr-1747 445 36 funds fund NOUN cblr-1747 445 37 sponsored sponsor VERB cblr-1747 445 38 by by ADP cblr-1747 445 39 schwab schwab PROPN cblr-1747 445 40 ) ) PUNCT cblr-1747 445 41 ; ; PUNCT cblr-1747 446 1 options option NOUN cblr-1747 446 2 for for ADP cblr-1747 446 3 your your PRON cblr-1747 446 4 uninvested uninvested ADJ cblr-1747 446 5 cash cash NOUN cblr-1747 446 6 , , PUNCT cblr-1747 446 7 e*trade e*trade PROPN cblr-1747 446 8 , , PUNCT cblr-1747 446 9 tepe tepe NOUN cblr-1747 446 10 – – PUNCT cblr-1747 446 11 final final ADJ cblr-1747 446 12 no no NOUN cblr-1747 446 13 . . PUNCT cblr-1747 447 1 3:823 3:823 NUM cblr-1747 447 2 ] ] X cblr-1747 447 3 broker broker NOUN cblr-1747 447 4 - - PUNCT cblr-1747 447 5 dealer dealer NOUN cblr-1747 447 6 “ " PUNCT cblr-1747 447 7 idle idle ADJ cblr-1747 447 8 ” " PUNCT cblr-1747 447 9 customer customer NOUN cblr-1747 447 10 assets asset NOUN cblr-1747 447 11 853 853 NUM cblr-1747 447 12 unlikely unlikely ADJ cblr-1747 447 13 that that SCONJ cblr-1747 447 14 affiliate affiliate NOUN cblr-1747 447 15 money money NOUN cblr-1747 447 16 market market NOUN cblr-1747 447 17 funds fund NOUN cblr-1747 447 18 and and CCONJ cblr-1747 447 19 banks bank NOUN cblr-1747 447 20 always always ADV cblr-1747 447 21 give give VERB cblr-1747 447 22 the the DET cblr-1747 447 23 highest high ADJ cblr-1747 447 24 return return NOUN cblr-1747 447 25 to to ADP cblr-1747 447 26 customers customer NOUN cblr-1747 447 27 . . PUNCT cblr-1747 448 1 in in ADP cblr-1747 448 2 addition addition NOUN cblr-1747 448 3 , , PUNCT cblr-1747 448 4 some some DET cblr-1747 448 5 authors author NOUN cblr-1747 448 6 argue argue VERB cblr-1747 448 7 that that SCONJ cblr-1747 448 8 broker broker NOUN cblr-1747 448 9 - - PUNCT cblr-1747 448 10 dealers dealer NOUN cblr-1747 448 11 prefer prefer VERB cblr-1747 448 12 sweeps sweep NOUN cblr-1747 448 13 into into ADP cblr-1747 448 14 affiliate affiliate NOUN cblr-1747 448 15 banks bank NOUN cblr-1747 448 16 over over ADP cblr-1747 448 17 money money NOUN cblr-1747 448 18 market market NOUN cblr-1747 448 19 funds fund NOUN cblr-1747 448 20 because because SCONJ cblr-1747 448 21 fdic fdic ADJ cblr-1747 448 22 - - PUNCT cblr-1747 448 23 insured insure VERB cblr-1747 448 24 deposits deposit NOUN cblr-1747 448 25 pay pay VERB cblr-1747 448 26 lower low ADJ cblr-1747 448 27 interest interest NOUN cblr-1747 448 28 rates rate NOUN cblr-1747 448 29 to to ADP cblr-1747 448 30 customers customer NOUN cblr-1747 448 31 and and CCONJ cblr-1747 448 32 have have VERB cblr-1747 448 33 higher high ADJ cblr-1747 448 34 return return NOUN cblr-1747 448 35 on on ADP cblr-1747 448 36 investment investment NOUN cblr-1747 448 37 compared compare VERB cblr-1747 448 38 to to ADP cblr-1747 448 39 the the DET cblr-1747 448 40 rates rate NOUN cblr-1747 448 41 and and CCONJ cblr-1747 448 42 investment investment NOUN cblr-1747 448 43 spread spread NOUN cblr-1747 448 44 of of ADP cblr-1747 448 45 uninsured uninsured ADJ cblr-1747 448 46 money money NOUN cblr-1747 448 47 market market NOUN cblr-1747 448 48 funds fund NOUN cblr-1747 448 49 , , PUNCT cblr-1747 448 50 allowing allow VERB cblr-1747 448 51 broker broker NOUN cblr-1747 448 52 - - PUNCT cblr-1747 448 53 dealers dealer NOUN cblr-1747 448 54 and and CCONJ cblr-1747 448 55 their their PRON cblr-1747 448 56 affiliated affiliate VERB cblr-1747 448 57 banks bank NOUN cblr-1747 448 58 to to PART cblr-1747 448 59 increase increase VERB cblr-1747 448 60 profits.95 profits.95 NOUN cblr-1747 448 61 in in ADP cblr-1747 448 62 short short ADJ cblr-1747 448 63 , , PUNCT cblr-1747 448 64 the the DET cblr-1747 448 65 potential potential ADJ cblr-1747 448 66 agency agency NOUN cblr-1747 448 67 problem problem NOUN cblr-1747 448 68 of of ADP cblr-1747 448 69 brokerdealers brokerdealer NOUN cblr-1747 448 70 maximizing maximize VERB cblr-1747 448 71 their their PRON cblr-1747 448 72 own own ADJ cblr-1747 448 73 profits profit NOUN cblr-1747 448 74 could could AUX cblr-1747 448 75 cause cause VERB cblr-1747 448 76 customers customer NOUN cblr-1747 448 77 to to PART cblr-1747 448 78 suffer suffer VERB cblr-1747 448 79 the the DET cblr-1747 448 80 agency agency NOUN cblr-1747 448 81 costs cost NOUN cblr-1747 448 82 of of ADP cblr-1747 448 83 sweeping sweep VERB cblr-1747 448 84 their their PRON cblr-1747 448 85 excess excess ADJ cblr-1747 448 86 cash cash NOUN cblr-1747 448 87 when when SCONJ cblr-1747 448 88 sweeping sweep VERB cblr-1747 448 89 may may AUX cblr-1747 448 90 not not PART cblr-1747 448 91 be be AUX cblr-1747 448 92 consistent consistent ADJ cblr-1747 448 93 with with ADP cblr-1747 448 94 their their PRON cblr-1747 448 95 risk risk NOUN cblr-1747 448 96 preferences preference NOUN cblr-1747 448 97 and and CCONJ cblr-1747 448 98 sweeping sweep VERB cblr-1747 448 99 into into ADP cblr-1747 448 100 products product NOUN cblr-1747 448 101 that that PRON cblr-1747 448 102 have have VERB cblr-1747 448 103 higher high ADJ cblr-1747 448 104 risks risk NOUN cblr-1747 448 105 or or CCONJ cblr-1747 448 106 lower low ADJ cblr-1747 448 107 returns return NOUN cblr-1747 448 108 . . 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PUNCT cblr-1747 450 1 https://us.etrade.com/e/t/prospectestation/pricing?id=1907000000 https://us.etrade.com/e/t/prospectestation/pricing?id=1907000000 PRON cblr-1747 451 1 [ [ X cblr-1747 451 2 https://perma.cc/88se-9yrf https://perma.cc/88se-9yrf X cblr-1747 451 3 ] ] X cblr-1747 451 4 ( ( PUNCT cblr-1747 451 5 listing list VERB cblr-1747 451 6 the the DET cblr-1747 451 7 9 9 NUM cblr-1747 451 8 options option NOUN cblr-1747 451 9 for for ADP cblr-1747 451 10 sweeping sweeping ADJ cblr-1747 451 11 customer customer NOUN cblr-1747 451 12 cash cash NOUN cblr-1747 451 13 , , PUNCT cblr-1747 451 14 5 5 NUM cblr-1747 451 15 of of ADP cblr-1747 451 16 which which PRON cblr-1747 451 17 sweep sweep VERB cblr-1747 451 18 into into ADP cblr-1747 451 19 affiliated affiliated ADJ cblr-1747 451 20 entities entity NOUN cblr-1747 451 21 ) ) PUNCT cblr-1747 451 22 ; ; PUNCT cblr-1747 451 23 td td PROPN cblr-1747 451 24 ameritrade ameritrade PROPN cblr-1747 451 25 , , PUNCT cblr-1747 451 26 inc inc PROPN cblr-1747 451 27 . . PROPN cblr-1747 451 28 , , PUNCT cblr-1747 451 29 summary summary NOUN cblr-1747 451 30 of of ADP cblr-1747 451 31 cash cash NOUN cblr-1747 451 32 balance balance NOUN cblr-1747 451 33 programs program NOUN cblr-1747 451 34 1 1 NUM cblr-1747 451 35 ( ( PUNCT cblr-1747 451 36 2016 2016 NUM cblr-1747 451 37 ) ) PUNCT cblr-1747 451 38 , , PUNCT cblr-1747 451 39 https://www.tdameritrade.com/retail-en_us/resources/pdf/tda7002.pdf https://www.tdameritrade.com/retail-en_us/resources/pdf/tda7002.pdf X cblr-1747 451 40 [ [ X cblr-1747 451 41 https://perma.cc/7zcc-hs92 https://perma.cc/7zcc-hs92 X cblr-1747 451 42 ] ] X cblr-1747 451 43 ( ( PUNCT cblr-1747 451 44 “ " PUNCT cblr-1747 451 45 the the DET cblr-1747 451 46 insured insure VERB cblr-1747 451 47 deposit deposit NOUN cblr-1747 451 48 account account NOUN cblr-1747 451 49 serves serve VERB cblr-1747 451 50 as as ADP cblr-1747 451 51 the the DET cblr-1747 451 52 primary primary ADJ cblr-1747 451 53 cash cash NOUN cblr-1747 451 54 sweep sweep NOUN cblr-1747 451 55 vehicle vehicle NOUN cblr-1747 451 56 for for ADP cblr-1747 451 57 earning earn VERB cblr-1747 451 58 income income NOUN cblr-1747 451 59 on on ADP cblr-1747 451 60 cash cash NOUN cblr-1747 451 61 balances balance NOUN cblr-1747 451 62 in in ADP cblr-1747 451 63 td td NOUN cblr-1747 451 64 ameritrade ameritrade NOUN cblr-1747 451 65 brokerage brokerage NOUN cblr-1747 451 66 accounts account NOUN cblr-1747 451 67 and and CCONJ cblr-1747 451 68 is be AUX cblr-1747 451 69 the the DET cblr-1747 451 70 default default NOUN cblr-1747 451 71 cash cash NOUN cblr-1747 451 72 sweep sweep NOUN cblr-1747 451 73 vehicle vehicle NOUN cblr-1747 451 74 unless unless SCONJ cblr-1747 451 75 you you PRON cblr-1747 451 76 make make VERB cblr-1747 451 77 an an DET cblr-1747 451 78 alternate alternate ADJ cblr-1747 451 79 sweep sweep NOUN cblr-1747 451 80 election election NOUN cblr-1747 451 81 . . 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PUNCT cblr-1747 454 2 ” " PUNCT cblr-1747 454 3 ) ) PUNCT cblr-1747 454 4 ; ; PUNCT cblr-1747 454 5 td td PROPN cblr-1747 454 6 ameritrade ameritrade PROPN cblr-1747 454 7 , , PUNCT cblr-1747 454 8 inc inc PROPN cblr-1747 454 9 . . PROPN cblr-1747 454 10 , , PUNCT cblr-1747 454 11 money money NOUN cblr-1747 454 12 market market NOUN cblr-1747 454 13 fund fund NOUN cblr-1747 454 14 sweep sweep NOUN cblr-1747 454 15 request request NOUN cblr-1747 454 16 1 1 NUM cblr-1747 454 17 ( ( PUNCT cblr-1747 454 18 2016 2016 NUM cblr-1747 454 19 ) ) PUNCT cblr-1747 454 20 , , PUNCT cblr-1747 454 21 https://www.tdameritrade.com/retail-en_us/resources/pdf/tda1836.pdf https://www.tdameritrade.com/retail-en_us/resources/pdf/tda1836.pdf NOUN cblr-1747 455 1 [ [ X cblr-1747 455 2 https://perma.cc/dfw2-uhzu https://perma.cc/dfw2-uhzu PROPN cblr-1747 455 3 ] ] X cblr-1747 455 4 ( ( PUNCT cblr-1747 455 5 listing list VERB cblr-1747 455 6 5 5 NUM cblr-1747 455 7 money money NOUN cblr-1747 455 8 market market NOUN cblr-1747 455 9 funds fund NOUN cblr-1747 455 10 sponsored sponsor VERB cblr-1747 455 11 by by ADP cblr-1747 455 12 td td PROPN cblr-1747 455 13 ameritrade ameritrade PROPN cblr-1747 455 14 ) ) PUNCT cblr-1747 455 15 ; ; PUNCT cblr-1747 456 1 merrill merrill PROPN cblr-1747 456 2 lynch lynch PROPN cblr-1747 456 3 , , PUNCT cblr-1747 456 4 understanding understand VERB cblr-1747 456 5 your your PRON cblr-1747 456 6 cash cash NOUN cblr-1747 456 7 sweep sweep NOUN cblr-1747 456 8 options option NOUN cblr-1747 456 9 1 1 NUM cblr-1747 456 10 ( ( PUNCT cblr-1747 456 11 2014 2014 NUM cblr-1747 456 12 ) ) PUNCT cblr-1747 456 13 , , PUNCT cblr-1747 456 14 https://www.mymerrill.com/publish/content/application/pdf/gwmol/cas https://www.mymerrill.com/publish/content/application/pdf/gwmol/cas PROPN cblr-1747 456 15 hsweepsretailedge272564-9-printready.pdf hsweepsretailedge272564-9-printready.pdf PROPN cblr-1747 456 16 [ [ X cblr-1747 456 17 https://perma.cc/tel7mebv https://perma.cc/tel7mebv NOUN cblr-1747 456 18 ] ] X cblr-1747 456 19 ( ( PUNCT cblr-1747 456 20 “ " PUNCT cblr-1747 456 21 this this DET cblr-1747 456 22 cash cash NOUN cblr-1747 456 23 may may AUX cblr-1747 456 24 be be AUX cblr-1747 456 25 automatically automatically ADV cblr-1747 456 26 ‘ ' PUNCT cblr-1747 456 27 swept sweep VERB cblr-1747 456 28 ’ ' PUNCT cblr-1747 456 29 to to PART cblr-1747 456 30 bank bank NOUN cblr-1747 456 31 deposit deposit NOUN cblr-1747 456 32 accounts account NOUN cblr-1747 456 33 with with ADP cblr-1747 456 34 one one NUM cblr-1747 456 35 or or CCONJ cblr-1747 456 36 more more ADJ cblr-1747 456 37 merrill merrill PROPN cblr-1747 456 38 lynch lynch PROPN cblr-1747 456 39 affiliated affiliate VERB cblr-1747 456 40 banks bank NOUN cblr-1747 456 41 : : PUNCT cblr-1747 456 42 bank bank PROPN cblr-1747 456 43 of of ADP cblr-1747 456 44 america america PROPN cblr-1747 456 45 , , PUNCT cblr-1747 456 46 n.a n.a PROPN cblr-1747 456 47 . . PROPN cblr-1747 456 48 ( ( PUNCT cblr-1747 456 49 ‘ ' PUNCT cblr-1747 456 50 bana bana ADJ cblr-1747 456 51 ’ ' PUNCT cblr-1747 456 52 ) ) PUNCT cblr-1747 456 53 , , PUNCT cblr-1747 456 54 bank bank PROPN cblr-1747 456 55 of of ADP cblr-1747 456 56 america america PROPN cblr-1747 456 57 california california PROPN cblr-1747 456 58 , , PUNCT cblr-1747 456 59 n.a n.a PROPN cblr-1747 456 60 . . PROPN cblr-1747 456 61 ( ( PUNCT cblr-1747 456 62 ‘ ' PUNCT cblr-1747 456 63 ba ba VERB cblr-1747 456 64 - - PUNCT cblr-1747 456 65 ca ca NOUN cblr-1747 456 66 ’ ' PUNCT cblr-1747 456 67 ) ) PUNCT cblr-1747 456 68 or or CCONJ cblr-1747 456 69 merrill merrill PROPN cblr-1747 456 70 lynch lynch PROPN cblr-1747 456 71 international international PROPN cblr-1747 456 72 bank bank PROPN cblr-1747 456 73 limited limit VERB cblr-1747 456 74 ( ( PUNCT cblr-1747 456 75 ‘ ' PUNCT cblr-1747 456 76 mlib mlib NOUN cblr-1747 456 77 ’ ' PUNCT cblr-1747 456 78 ) ) PUNCT cblr-1747 456 79 . . PUNCT cblr-1747 456 80 . . PUNCT cblr-1747 456 81 . . PUNCT cblr-1747 456 82 . . PUNCT cblr-1747 456 83 ” " PUNCT cblr-1747 456 84 ) ) PUNCT cblr-1747 456 85 . . PUNCT cblr-1747 457 1 95 95 NUM cblr-1747 457 2 see see VERB cblr-1747 457 3 , , PUNCT cblr-1747 457 4 e.g. e.g. ADV cblr-1747 457 5 , , PUNCT cblr-1747 457 6 wilmarth wilmarth NOUN cblr-1747 457 7 , , PUNCT cblr-1747 457 8 supra supra PROPN cblr-1747 457 9 note note PROPN cblr-1747 457 10 38 38 NUM cblr-1747 457 11 , , PUNCT cblr-1747 457 12 at at ADP cblr-1747 457 13 1591–92 1591–92 NUM cblr-1747 457 14 ; ; PUNCT cblr-1747 457 15 pennacchi pennacchi NOUN cblr-1747 457 16 , , PUNCT cblr-1747 457 17 supra supra PROPN cblr-1747 457 18 note note NOUN cblr-1747 457 19 38 38 NUM cblr-1747 457 20 , , PUNCT cblr-1747 457 21 at at ADP cblr-1747 457 22 15–16 15–16 NUM cblr-1747 457 23 . . PUNCT cblr-1747 458 1 tepe tepe NOUN cblr-1747 458 2 – – PUNCT cblr-1747 458 3 final final ADJ cblr-1747 458 4 854 854 NUM cblr-1747 458 5 columbia columbia PROPN cblr-1747 458 6 business business NOUN cblr-1747 458 7 law law PROPN cblr-1747 458 8 review review NOUN cblr-1747 459 1 [ [ X cblr-1747 459 2 vol vol NOUN cblr-1747 459 3 . . PUNCT cblr-1747 459 4 2016 2016 NUM cblr-1747 459 5 proposed propose VERB cblr-1747 459 6 finra finra NOUN cblr-1747 459 7 rules rule NOUN cblr-1747 459 8 would would AUX cblr-1747 459 9 only only ADV cblr-1747 459 10 require require VERB cblr-1747 459 11 broker broker NOUN cblr-1747 459 12 - - PUNCT cblr-1747 459 13 dealers dealer NOUN cblr-1747 459 14 to to PART cblr-1747 459 15 disclose disclose VERB cblr-1747 459 16 whether whether SCONJ cblr-1747 459 17 they they PRON cblr-1747 459 18 received receive VERB cblr-1747 459 19 compensation compensation NOUN cblr-1747 459 20 or or CCONJ cblr-1747 459 21 other other ADJ cblr-1747 459 22 benefits benefit NOUN cblr-1747 459 23 for for ADP cblr-1747 459 24 customer customer NOUN cblr-1747 459 25 balances balance NOUN cblr-1747 459 26 held hold VERB cblr-1747 459 27 at at ADP cblr-1747 459 28 a a DET cblr-1747 459 29 bank bank NOUN cblr-1747 459 30 or or CCONJ cblr-1747 459 31 money money NOUN cblr-1747 459 32 market market NOUN cblr-1747 459 33 fund.96 fund.96 NOUN cblr-1747 459 34 customers customer NOUN cblr-1747 459 35 would would AUX cblr-1747 459 36 likely likely ADV cblr-1747 459 37 need need VERB cblr-1747 459 38 to to PART cblr-1747 459 39 know know VERB cblr-1747 459 40 the the DET cblr-1747 459 41 actual actual ADJ cblr-1747 459 42 fees fee NOUN cblr-1747 459 43 received receive VERB cblr-1747 459 44 by by ADP cblr-1747 459 45 the the DET cblr-1747 459 46 broker broker NOUN cblr-1747 459 47 - - PUNCT cblr-1747 459 48 dealer dealer NOUN cblr-1747 459 49 broken break VERB cblr-1747 459 50 down down ADP cblr-1747 459 51 by by ADP cblr-1747 459 52 product product NOUN cblr-1747 459 53 as as ADV cblr-1747 459 54 well well ADV cblr-1747 459 55 as as ADP cblr-1747 459 56 the the DET cblr-1747 459 57 broker broker NOUN cblr-1747 459 58 - - PUNCT cblr-1747 459 59 dealer dealer NOUN cblr-1747 459 60 fees fee NOUN cblr-1747 459 61 associated associate VERB cblr-1747 459 62 with with ADP cblr-1747 459 63 the the DET cblr-1747 459 64 products product NOUN cblr-1747 459 65 that that PRON cblr-1747 459 66 the the DET cblr-1747 459 67 broker broker NOUN cblr-1747 459 68 - - PUNCT cblr-1747 459 69 dealer dealer NOUN cblr-1747 459 70 chose choose VERB cblr-1747 459 71 not not PART cblr-1747 459 72 to to PART cblr-1747 459 73 include include VERB cblr-1747 459 74 in in ADP cblr-1747 459 75 the the DET cblr-1747 459 76 sweep sweep NOUN cblr-1747 459 77 ; ; PUNCT cblr-1747 459 78 this this PRON cblr-1747 459 79 would would AUX cblr-1747 459 80 help help VERB cblr-1747 459 81 customers customer NOUN cblr-1747 459 82 to to PART cblr-1747 459 83 assess assess VERB cblr-1747 459 84 whether whether SCONJ cblr-1747 459 85 their their PRON cblr-1747 459 86 broker broker NOUN cblr-1747 459 87 - - PUNCT cblr-1747 459 88 dealer dealer NOUN cblr-1747 459 89 was be AUX cblr-1747 459 90 choosing choose VERB cblr-1747 459 91 sweep sweep NOUN cblr-1747 459 92 products product NOUN cblr-1747 459 93 based base VERB cblr-1747 459 94 on on ADP cblr-1747 459 95 brokerdealer brokerdealer NOUN cblr-1747 459 96 fees fee NOUN cblr-1747 459 97 instead instead ADV cblr-1747 459 98 of of ADP cblr-1747 459 99 what what PRON cblr-1747 459 100 would would AUX cblr-1747 459 101 maximize maximize VERB cblr-1747 459 102 the the DET cblr-1747 459 103 return return NOUN cblr-1747 459 104 to to ADP cblr-1747 459 105 customers customer NOUN cblr-1747 459 106 . . PUNCT cblr-1747 460 1 broker broker NOUN cblr-1747 460 2 - - PUNCT cblr-1747 460 3 dealer dealer NOUN cblr-1747 460 4 sweep sweep NOUN cblr-1747 460 5 programs program NOUN cblr-1747 460 6 also also ADV cblr-1747 460 7 raise raise VERB cblr-1747 460 8 questions question NOUN cblr-1747 460 9 about about ADP cblr-1747 460 10 whether whether SCONJ cblr-1747 460 11 customers customer NOUN cblr-1747 460 12 are be AUX cblr-1747 460 13 fully fully ADV cblr-1747 460 14 informed inform VERB cblr-1747 460 15 about about ADP cblr-1747 460 16 the the DET cblr-1747 460 17 risks risk NOUN cblr-1747 460 18 associated associate VERB cblr-1747 460 19 with with ADP cblr-1747 460 20 the the DET cblr-1747 460 21 sweeps sweep NOUN cblr-1747 460 22 . . PUNCT cblr-1747 461 1 the the DET cblr-1747 461 2 onus onus NOUN cblr-1747 461 3 is be AUX cblr-1747 461 4 on on ADP cblr-1747 461 5 the the DET cblr-1747 461 6 customer customer NOUN cblr-1747 461 7 and and CCONJ cblr-1747 461 8 not not PART cblr-1747 461 9 the the DET cblr-1747 461 10 broker broker NOUN cblr-1747 461 11 - - PUNCT cblr-1747 461 12 dealer dealer NOUN cblr-1747 461 13 to to PART cblr-1747 461 14 understand understand VERB cblr-1747 461 15 the the DET cblr-1747 461 16 risks risk NOUN cblr-1747 461 17 associated associate VERB cblr-1747 461 18 with with ADP cblr-1747 461 19 the the DET cblr-1747 461 20 sweep sweep NOUN cblr-1747 461 21 program program NOUN cblr-1747 461 22 . . PUNCT cblr-1747 462 1 an an DET cblr-1747 462 2 sec sec PROPN cblr-1747 462 3 investor investor NOUN cblr-1747 462 4 bulletin bulletin NOUN cblr-1747 462 5 in in ADP cblr-1747 462 6 june june PROPN cblr-1747 462 7 of of ADP cblr-1747 462 8 2014 2014 NUM cblr-1747 462 9 advised advise VERB cblr-1747 462 10 customers customer NOUN cblr-1747 462 11 that that SCONJ cblr-1747 462 12 they they PRON cblr-1747 462 13 should should AUX cblr-1747 462 14 “ " PUNCT cblr-1747 462 15 be be AUX cblr-1747 462 16 aware aware ADJ cblr-1747 462 17 that that SCONJ cblr-1747 462 18 most most ADJ cblr-1747 462 19 broker broker NOUN cblr-1747 462 20 - - PUNCT cblr-1747 462 21 dealers dealer NOUN cblr-1747 462 22 place place VERB cblr-1747 462 23 the the DET cblr-1747 462 24 responsibility responsibility NOUN cblr-1747 462 25 on on ADP cblr-1747 462 26 you you PRON cblr-1747 462 27 to to PART cblr-1747 462 28 monitor monitor VERB cblr-1747 462 29 your your PRON cblr-1747 462 30 cash cash NOUN cblr-1747 462 31 level level NOUN cblr-1747 462 32 so so SCONJ cblr-1747 462 33 that that SCONJ cblr-1747 462 34 you you PRON cblr-1747 462 35 do do AUX cblr-1747 462 36 not not PART cblr-1747 462 37 lose lose VERB cblr-1747 462 38 fdic fdic PROPN cblr-1747 462 39 insurance insurance NOUN cblr-1747 462 40 coverage coverage NOUN cblr-1747 462 41 ” " PUNCT cblr-1747 462 42 by by ADP cblr-1747 462 43 exceeding exceed VERB cblr-1747 462 44 the the DET cblr-1747 462 45 $ $ SYM cblr-1747 462 46 250,000 250,000 NUM cblr-1747 462 47 cap cap NOUN cblr-1747 462 48 on on ADP cblr-1747 462 49 fdic fdic PROPN cblr-1747 462 50 insurance.97 insurance.97 PROPN cblr-1747 462 51 moreover moreover ADV cblr-1747 462 52 , , PUNCT cblr-1747 462 53 an an DET cblr-1747 462 54 sec sec PROPN cblr-1747 462 55 interpretation interpretation NOUN cblr-1747 462 56 of of ADP cblr-1747 462 57 rule rule NOUN cblr-1747 462 58 15c3 15c3 NUM cblr-1747 462 59 - - SYM cblr-1747 462 60 3 3 NUM cblr-1747 462 61 in in ADP cblr-1747 462 62 march march PROPN cblr-1747 462 63 of of ADP cblr-1747 462 64 2014 2014 NUM cblr-1747 462 65 stated state VERB cblr-1747 462 66 that that SCONJ cblr-1747 462 67 although although SCONJ cblr-1747 462 68 a a DET cblr-1747 462 69 broker broker NOUN cblr-1747 462 70 - - PUNCT cblr-1747 462 71 dealer dealer NOUN cblr-1747 462 72 must must AUX cblr-1747 462 73 instruct instruct VERB cblr-1747 462 74 a a DET cblr-1747 462 75 money money NOUN cblr-1747 462 76 market market NOUN cblr-1747 462 77 fund fund NOUN cblr-1747 462 78 to to PART cblr-1747 462 79 redeem redeem VERB cblr-1747 462 80 the the DET cblr-1747 462 81 customer customer NOUN cblr-1747 462 82 ’s ’s PART cblr-1747 462 83 investment investment NOUN cblr-1747 462 84 when when SCONJ cblr-1747 462 85 ordered order VERB cblr-1747 462 86 to to PART cblr-1747 462 87 do do VERB cblr-1747 462 88 so so ADV cblr-1747 462 89 by by ADP cblr-1747 462 90 the the DET cblr-1747 462 91 customer customer NOUN cblr-1747 462 92 , , PUNCT cblr-1747 462 93 such such ADJ cblr-1747 462 94 redemption redemption NOUN cblr-1747 462 95 is be AUX cblr-1747 462 96 “ " PUNCT cblr-1747 462 97 subject subject ADJ cblr-1747 462 98 to to ADP cblr-1747 462 99 the the DET cblr-1747 462 100 terms term NOUN cblr-1747 462 101 and and CCONJ cblr-1747 462 102 conditions condition NOUN cblr-1747 462 103 of of ADP cblr-1747 462 104 the the DET cblr-1747 462 105 money money NOUN cblr-1747 462 106 market market NOUN cblr-1747 462 107 mutual mutual ADJ cblr-1747 462 108 fund fund NOUN cblr-1747 462 109 and and CCONJ cblr-1747 462 110 to to ADP cblr-1747 462 111 applicable applicable ADJ cblr-1747 462 112 law law NOUN cblr-1747 462 113 and and CCONJ cblr-1747 462 114 regulation regulation NOUN cblr-1747 462 115 . . PUNCT cblr-1747 463 1 ”98 ”98 PUNCT cblr-1747 463 2 therefore therefore ADV cblr-1747 463 3 , , PUNCT cblr-1747 463 4 in in ADP cblr-1747 463 5 light light NOUN cblr-1747 463 6 of of ADP cblr-1747 463 7 the the DET cblr-1747 463 8 recent recent ADJ cblr-1747 463 9 sec sec PROPN cblr-1747 463 10 money money NOUN cblr-1747 463 11 market market NOUN cblr-1747 463 12 reforms reform NOUN cblr-1747 463 13 , , PUNCT cblr-1747 463 14 the the DET cblr-1747 463 15 customer customer NOUN cblr-1747 463 16 must must AUX cblr-1747 463 17 also also ADV cblr-1747 463 18 monitor monitor VERB cblr-1747 463 19 the the DET cblr-1747 463 20 terms term NOUN cblr-1747 463 21 of of ADP cblr-1747 463 22 sweep sweep NOUN cblr-1747 463 23 program program NOUN cblr-1747 463 24 money money NOUN cblr-1747 463 25 market market NOUN cblr-1747 463 26 funds fund NOUN cblr-1747 463 27 to to PART cblr-1747 463 28 know know VERB cblr-1747 463 29 if if SCONJ cblr-1747 463 30 the the DET cblr-1747 463 31 funds fund NOUN cblr-1747 463 32 have have VERB cblr-1747 463 33 the the DET cblr-1747 463 34 right right NOUN cblr-1747 463 35 to to PART cblr-1747 463 36 bar bar VERB cblr-1747 463 37 or or CCONJ cblr-1747 463 38 place place VERB cblr-1747 463 39 a a DET cblr-1747 463 40 fee fee NOUN cblr-1747 463 41 on on ADP cblr-1747 463 42 redemptions.99 redemptions.99 NOUN cblr-1747 463 43 it it PRON cblr-1747 463 44 is be AUX cblr-1747 463 45 96 96 NUM cblr-1747 463 46 see see NOUN cblr-1747 463 47 finra finra NOUN cblr-1747 463 48 , , PUNCT cblr-1747 463 49 regulatory regulatory ADJ cblr-1747 463 50 notice notice NOUN cblr-1747 463 51 15 15 NUM cblr-1747 463 52 - - SYM cblr-1747 463 53 22 22 NUM cblr-1747 463 54 , , PUNCT cblr-1747 463 55 discretionary discretionary ADJ cblr-1747 463 56 accounts account NOUN cblr-1747 463 57 and and CCONJ cblr-1747 463 58 transactions transaction NOUN cblr-1747 463 59 , , PUNCT cblr-1747 463 60 supra supra PROPN cblr-1747 463 61 note note NOUN cblr-1747 463 62 30 30 NUM cblr-1747 463 63 , , PUNCT cblr-1747 463 64 at at ADP cblr-1747 463 65 30–31 30–31 NUM cblr-1747 463 66 ( ( PUNCT cblr-1747 463 67 see see VERB cblr-1747 463 68 proposed propose VERB cblr-1747 463 69 rule rule NOUN cblr-1747 463 70 3260(c)(1)(e)(iv 3260(c)(1)(e)(iv NUM cblr-1747 463 71 ) ) PUNCT cblr-1747 463 72 ) ) PUNCT cblr-1747 463 73 . . PUNCT cblr-1747 464 1 97 97 NUM cblr-1747 464 2 sec sec PROPN cblr-1747 464 3 , , PUNCT cblr-1747 464 4 investor investor NOUN cblr-1747 464 5 bulletin bulletin NOUN cblr-1747 464 6 , , PUNCT cblr-1747 464 7 supra supra PROPN cblr-1747 464 8 note note NOUN cblr-1747 464 9 22 22 NUM cblr-1747 464 10 . . PUNCT cblr-1747 465 1 98 98 NUM cblr-1747 466 1 sec sec PROPN cblr-1747 466 2 faq faq NOUN cblr-1747 466 3 concerning concern VERB cblr-1747 466 4 amendments amendment NOUN cblr-1747 466 5 , , PUNCT cblr-1747 466 6 supra supra PROPN cblr-1747 466 7 note note NOUN cblr-1747 466 8 28 28 NUM cblr-1747 466 9 . . PUNCT cblr-1747 467 1 99 99 NUM cblr-1747 467 2 money money NOUN cblr-1747 467 3 market market NOUN cblr-1747 467 4 fund fund NOUN cblr-1747 467 5 reform reform NOUN cblr-1747 467 6 ; ; PUNCT cblr-1747 467 7 amendments amendment NOUN cblr-1747 467 8 to to PART cblr-1747 467 9 form form VERB cblr-1747 467 10 pf pf PROPN cblr-1747 467 11 , , PUNCT cblr-1747 467 12 79 79 NUM cblr-1747 467 13 fed feed VERB cblr-1747 467 14 . . PUNCT cblr-1747 468 1 reg reg PROPN cblr-1747 468 2 . . PROPN cblr-1747 469 1 47,736 47,736 NUM cblr-1747 469 2 , , PUNCT cblr-1747 469 3 47,736 47,736 NUM cblr-1747 469 4 . . PUNCT cblr-1747 470 1 ( ( PUNCT cblr-1747 470 2 aug aug PROPN cblr-1747 470 3 . . PROPN cblr-1747 470 4 14 14 NUM cblr-1747 470 5 , , PUNCT cblr-1747 470 6 2014 2014 NUM cblr-1747 470 7 ) ) PUNCT cblr-1747 470 8 ( ( PUNCT cblr-1747 470 9 to to PART cblr-1747 470 10 be be AUX cblr-1747 470 11 codified codify VERB cblr-1747 470 12 at at ADP cblr-1747 470 13 17 17 NUM cblr-1747 470 14 c.f.r c.f.r NOUN cblr-1747 470 15 . . PUNCT cblr-1747 471 1 pts pts PROPN cblr-1747 471 2 . . PROPN cblr-1747 471 3 230 230 NUM cblr-1747 471 4 , , PUNCT cblr-1747 471 5 239 239 NUM cblr-1747 471 6 , , PUNCT cblr-1747 471 7 270 270 NUM cblr-1747 471 8 , , PUNCT cblr-1747 471 9 274 274 NUM cblr-1747 471 10 , , PUNCT cblr-1747 471 11 279 279 NUM cblr-1747 471 12 ) ) PUNCT cblr-1747 471 13 . . PUNCT cblr-1747 472 1 tepe tepe NOUN cblr-1747 472 2 – – PUNCT cblr-1747 472 3 final final ADJ cblr-1747 472 4 no no NOUN cblr-1747 472 5 . . PUNCT cblr-1747 473 1 3:823 3:823 NUM cblr-1747 473 2 ] ] X cblr-1747 473 3 broker broker NOUN cblr-1747 473 4 - - PUNCT cblr-1747 473 5 dealer dealer NOUN cblr-1747 473 6 “ " PUNCT cblr-1747 473 7 idle idle ADJ cblr-1747 473 8 ” " PUNCT cblr-1747 473 9 customer customer NOUN cblr-1747 473 10 assets asset NOUN cblr-1747 473 11 855 855 NUM cblr-1747 473 12 unclear unclear ADJ cblr-1747 473 13 whether whether SCONJ cblr-1747 473 14 the the DET cblr-1747 473 15 broker broker NOUN cblr-1747 473 16 - - PUNCT cblr-1747 473 17 dealer dealer NOUN cblr-1747 473 18 is be AUX cblr-1747 473 19 required require VERB cblr-1747 473 20 to to PART cblr-1747 473 21 give give VERB cblr-1747 473 22 the the DET cblr-1747 473 23 current current ADJ cblr-1747 473 24 terms term NOUN cblr-1747 473 25 of of ADP cblr-1747 473 26 the the DET cblr-1747 473 27 money money NOUN cblr-1747 473 28 market market NOUN cblr-1747 473 29 fund fund NOUN cblr-1747 473 30 to to ADP cblr-1747 473 31 customers customer NOUN cblr-1747 473 32 when when SCONJ cblr-1747 473 33 cash cash NOUN cblr-1747 473 34 is be AUX cblr-1747 473 35 swept.100 swept.100 NUM cblr-1747 473 36 3 3 NUM cblr-1747 473 37 . . PUNCT cblr-1747 473 38 sweep sweep NOUN cblr-1747 473 39 program program NOUN cblr-1747 473 40 systemic systemic ADJ cblr-1747 473 41 risks risk NOUN cblr-1747 473 42 in in ADP cblr-1747 473 43 addition addition NOUN cblr-1747 473 44 to to ADP cblr-1747 473 45 agency agency NOUN cblr-1747 473 46 problems problem NOUN cblr-1747 473 47 , , PUNCT cblr-1747 473 48 there there PRON cblr-1747 473 49 are be VERB cblr-1747 473 50 potential potential ADJ cblr-1747 473 51 systemic systemic ADJ cblr-1747 473 52 risks risk NOUN cblr-1747 473 53 associated associate VERB cblr-1747 473 54 with with ADP cblr-1747 473 55 broker broker NOUN cblr-1747 473 56 - - PUNCT cblr-1747 473 57 dealer dealer NOUN cblr-1747 473 58 sweeps sweep NOUN cblr-1747 473 59 of of ADP cblr-1747 473 60 customer customer NOUN cblr-1747 473 61 cash cash NOUN cblr-1747 473 62 due due ADP cblr-1747 473 63 to to ADP cblr-1747 473 64 the the DET cblr-1747 473 65 increased increase VERB cblr-1747 473 66 interconnectedness interconnectedness NOUN cblr-1747 473 67 between between ADP cblr-1747 473 68 a a PRON cblr-1747 473 69 broker broker NOUN cblr-1747 473 70 - - PUNCT cblr-1747 473 71 dealer dealer NOUN cblr-1747 473 72 and and CCONJ cblr-1747 473 73 sweep sweep VERB cblr-1747 473 74 program program NOUN cblr-1747 473 75 counterparties counterpartie NOUN cblr-1747 473 76 . . PUNCT cblr-1747 474 1 if if SCONJ cblr-1747 474 2 a a DET cblr-1747 474 3 broker broker NOUN cblr-1747 474 4 - - PUNCT cblr-1747 474 5 dealer dealer NOUN cblr-1747 474 6 failed fail VERB cblr-1747 474 7 , , PUNCT cblr-1747 474 8 sipc sipc NOUN cblr-1747 474 9 would would AUX cblr-1747 474 10 immediately immediately ADV cblr-1747 474 11 unwind unwind VERB cblr-1747 474 12 the the DET cblr-1747 474 13 entire entire ADJ cblr-1747 474 14 sweep sweep NOUN cblr-1747 474 15 program program NOUN cblr-1747 474 16 in in ADP cblr-1747 474 17 order order NOUN cblr-1747 474 18 to to PART cblr-1747 474 19 return return VERB cblr-1747 474 20 customer customer NOUN cblr-1747 474 21 cash cash NOUN cblr-1747 474 22 . . PUNCT cblr-1747 475 1 even even ADV cblr-1747 475 2 if if SCONJ cblr-1747 475 3 a a DET cblr-1747 475 4 full full ADJ cblr-1747 475 5 sipc sipc NOUN cblr-1747 475 6 liquidation liquidation NOUN cblr-1747 475 7 was be AUX cblr-1747 475 8 avoided avoid VERB cblr-1747 475 9 and and CCONJ cblr-1747 475 10 a a DET cblr-1747 475 11 different different ADJ cblr-1747 475 12 broker broker NOUN cblr-1747 475 13 - - PUNCT cblr-1747 475 14 dealer dealer NOUN cblr-1747 475 15 purchased purchase VERB cblr-1747 475 16 customer customer NOUN cblr-1747 475 17 accounts account NOUN cblr-1747 475 18 , , PUNCT cblr-1747 475 19 the the DET cblr-1747 475 20 new new ADJ cblr-1747 475 21 brokerdealer brokerdealer NOUN cblr-1747 475 22 would would AUX cblr-1747 475 23 likely likely ADV cblr-1747 475 24 still still ADV cblr-1747 475 25 unwind unwind VERB cblr-1747 475 26 the the DET cblr-1747 475 27 sweep sweep NOUN cblr-1747 475 28 program program NOUN cblr-1747 475 29 in in ADP cblr-1747 475 30 order order NOUN cblr-1747 475 31 to to PART cblr-1747 475 32 sweep sweep VERB cblr-1747 475 33 customer customer NOUN cblr-1747 475 34 cash cash NOUN cblr-1747 475 35 into into ADP cblr-1747 475 36 that that DET cblr-1747 475 37 broker broker NOUN cblr-1747 475 38 - - PUNCT cblr-1747 475 39 dealer dealer NOUN cblr-1747 475 40 ’s ’s PART cblr-1747 475 41 affiliates affiliate NOUN cblr-1747 475 42 and and CCONJ cblr-1747 475 43 other other ADJ cblr-1747 475 44 sweep sweep NOUN cblr-1747 475 45 counterparties counterpartie NOUN cblr-1747 475 46 . . PUNCT cblr-1747 476 1 the the DET cblr-1747 476 2 banks bank NOUN cblr-1747 476 3 and and CCONJ cblr-1747 476 4 money money NOUN cblr-1747 476 5 market market NOUN cblr-1747 476 6 funds fund NOUN cblr-1747 476 7 that that PRON cblr-1747 476 8 are be AUX cblr-1747 476 9 part part NOUN cblr-1747 476 10 of of ADP cblr-1747 476 11 the the DET cblr-1747 476 12 sweep sweep NOUN cblr-1747 476 13 program program NOUN cblr-1747 476 14 would would AUX cblr-1747 476 15 potentially potentially ADV cblr-1747 476 16 lose lose VERB cblr-1747 476 17 tens ten NOUN cblr-1747 476 18 of of ADP cblr-1747 476 19 billions billion NOUN cblr-1747 476 20 of of ADP cblr-1747 476 21 dollars dollar NOUN cblr-1747 476 22 overnight overnight ADV cblr-1747 476 23 . . PUNCT cblr-1747 477 1 in in ADP cblr-1747 477 2 other other ADJ cblr-1747 477 3 words word NOUN cblr-1747 477 4 , , PUNCT cblr-1747 477 5 the the DET cblr-1747 477 6 unwinding unwinding NOUN cblr-1747 477 7 of of ADP cblr-1747 477 8 a a DET cblr-1747 477 9 broker broker NOUN cblr-1747 477 10 - - PUNCT cblr-1747 477 11 dealer dealer NOUN cblr-1747 477 12 sweep sweep NOUN cblr-1747 477 13 program program NOUN cblr-1747 477 14 could could AUX cblr-1747 477 15 act act VERB cblr-1747 477 16 like like ADP cblr-1747 477 17 a a DET cblr-1747 477 18 run run NOUN cblr-1747 477 19 by by ADP cblr-1747 477 20 immediately immediately ADV cblr-1747 477 21 demanding demand VERB cblr-1747 477 22 potentially potentially ADV cblr-1747 477 23 significant significant ADJ cblr-1747 477 24 amounts amount NOUN cblr-1747 477 25 of of ADP cblr-1747 477 26 liquidity.101 liquidity.101 ADJ cblr-1747 477 27 the the DET cblr-1747 477 28 risk risk NOUN cblr-1747 477 29 to to PART cblr-1747 477 30 sweep sweep VERB cblr-1747 477 31 program program NOUN cblr-1747 477 32 counterparties counterpartie NOUN cblr-1747 477 33 is be AUX cblr-1747 477 34 exacerbated exacerbate VERB cblr-1747 477 35 with with ADP cblr-1747 477 36 sweeps sweep NOUN cblr-1747 477 37 to to ADP cblr-1747 477 38 affiliates affiliate NOUN cblr-1747 477 39 because because SCONJ cblr-1747 477 40 affiliated affiliated ADJ cblr-1747 477 41 institutions institution NOUN cblr-1747 477 42 would would AUX cblr-1747 477 43 already already ADV cblr-1747 477 44 suffer suffer VERB cblr-1747 477 45 reputational reputational ADJ cblr-1747 477 46 damage damage NOUN cblr-1747 477 47 caused cause VERB cblr-1747 477 48 by by ADP cblr-1747 477 49 the the DET cblr-1747 477 50 failure failure NOUN cblr-1747 477 51 of of ADP cblr-1747 477 52 their their PRON cblr-1747 477 53 brokerdealer brokerdealer NOUN cblr-1747 477 54 . . PUNCT cblr-1747 478 1 in in ADP cblr-1747 478 2 short short ADJ cblr-1747 478 3 , , PUNCT cblr-1747 478 4 large large ADJ cblr-1747 478 5 broker broker NOUN cblr-1747 478 6 - - PUNCT cblr-1747 478 7 dealer dealer NOUN cblr-1747 478 8 sweep sweep NOUN cblr-1747 478 9 programs program NOUN cblr-1747 478 10 100 100 NUM cblr-1747 478 11 see see VERB cblr-1747 478 12 17 17 NUM cblr-1747 478 13 c.f.r c.f.r NOUN cblr-1747 478 14 . . PUNCT cblr-1747 479 1 § § PROPN cblr-1747 479 2 240.15c3 240.15c3 PROPN cblr-1747 479 3 - - NOUN cblr-1747 479 4 3(j)(2)(ii)(a)(1 3(j)(2)(ii)(a)(1 NUM cblr-1747 479 5 ) ) PUNCT cblr-1747 479 6 ( ( PUNCT cblr-1747 479 7 2015 2015 NUM cblr-1747 479 8 ) ) PUNCT cblr-1747 479 9 ( ( PUNCT cblr-1747 479 10 requiring require VERB cblr-1747 479 11 brokerdealers brokerdealer NOUN cblr-1747 479 12 to to PART cblr-1747 479 13 notify notify VERB cblr-1747 479 14 the the DET cblr-1747 479 15 customer customer NOUN cblr-1747 479 16 of of ADP cblr-1747 479 17 the the DET cblr-1747 479 18 “ " PUNCT cblr-1747 479 19 general general ADJ cblr-1747 479 20 terms term NOUN cblr-1747 479 21 and and CCONJ cblr-1747 479 22 conditions condition NOUN cblr-1747 479 23 of of ADP cblr-1747 479 24 the the DET cblr-1747 479 25 products product NOUN cblr-1747 479 26 available available ADJ cblr-1747 479 27 through through ADP cblr-1747 479 28 the the DET cblr-1747 479 29 sweep sweep NOUN cblr-1747 479 30 program program NOUN cblr-1747 479 31 ” " PUNCT cblr-1747 479 32 prior prior ADV cblr-1747 479 33 to to ADP cblr-1747 479 34 receiving receive VERB cblr-1747 479 35 affirmative affirmative ADJ cblr-1747 479 36 consent consent NOUN cblr-1747 479 37 to to PART cblr-1747 479 38 sweep sweep VERB cblr-1747 479 39 ) ) PUNCT cblr-1747 479 40 . . PUNCT cblr-1747 480 1 101 101 NUM cblr-1747 480 2 in in ADP cblr-1747 480 3 addition addition NOUN cblr-1747 480 4 , , PUNCT cblr-1747 480 5 because because SCONJ cblr-1747 480 6 of of ADP cblr-1747 480 7 the the DET cblr-1747 480 8 risk risk NOUN cblr-1747 480 9 of of ADP cblr-1747 480 10 liquidity liquidity NOUN cblr-1747 480 11 crises crisis NOUN cblr-1747 480 12 , , PUNCT cblr-1747 480 13 money money NOUN cblr-1747 480 14 market market NOUN cblr-1747 480 15 funds fund NOUN cblr-1747 480 16 may may AUX cblr-1747 480 17 bar bar VERB cblr-1747 480 18 redemptions redemption NOUN cblr-1747 480 19 in in ADP cblr-1747 480 20 advance advance NOUN cblr-1747 480 21 of of ADP cblr-1747 480 22 a a DET cblr-1747 480 23 failure failure NOUN cblr-1747 480 24 of of ADP cblr-1747 480 25 a a DET cblr-1747 480 26 broker broker NOUN cblr-1747 480 27 - - PUNCT cblr-1747 480 28 dealer dealer NOUN cblr-1747 480 29 , , PUNCT cblr-1747 480 30 which which PRON cblr-1747 480 31 would would AUX cblr-1747 480 32 slow slow VERB cblr-1747 480 33 the the DET cblr-1747 480 34 return return NOUN cblr-1747 480 35 of of ADP cblr-1747 480 36 customer customer NOUN cblr-1747 480 37 assets asset NOUN cblr-1747 480 38 . . PUNCT cblr-1747 481 1 see see VERB cblr-1747 481 2 money money NOUN cblr-1747 481 3 market market NOUN cblr-1747 481 4 fund fund NOUN cblr-1747 481 5 reform reform NOUN cblr-1747 481 6 ; ; PUNCT cblr-1747 481 7 amendments amendment NOUN cblr-1747 481 8 to to PART cblr-1747 481 9 form form VERB cblr-1747 481 10 pf pf PROPN cblr-1747 481 11 , , PUNCT cblr-1747 481 12 79 79 NUM cblr-1747 481 13 fed feed VERB cblr-1747 481 14 . . PUNCT cblr-1747 482 1 reg reg PROPN cblr-1747 482 2 . . PUNCT cblr-1747 483 1 at at ADP cblr-1747 483 2 47,736 47,736 NUM cblr-1747 483 3 ( ( PUNCT cblr-1747 483 4 “ " PUNCT cblr-1747 483 5 the the DET cblr-1747 483 6 sec sec PROPN cblr-1747 483 7 also also ADV cblr-1747 483 8 is be AUX cblr-1747 483 9 adopting adopt VERB cblr-1747 483 10 amendments amendment NOUN cblr-1747 483 11 that that PRON cblr-1747 483 12 will will AUX cblr-1747 483 13 give give VERB cblr-1747 483 14 the the DET cblr-1747 483 15 boards board NOUN cblr-1747 483 16 of of ADP cblr-1747 483 17 directors director NOUN cblr-1747 483 18 of of ADP cblr-1747 483 19 money money NOUN cblr-1747 483 20 market market NOUN cblr-1747 483 21 funds fund VERB cblr-1747 483 22 new new ADJ cblr-1747 483 23 tools tool NOUN cblr-1747 483 24 to to PART cblr-1747 483 25 stem stem VERB cblr-1747 483 26 heavy heavy ADJ cblr-1747 483 27 redemptions redemption NOUN cblr-1747 483 28 by by ADP cblr-1747 483 29 giving give VERB cblr-1747 483 30 them they PRON cblr-1747 483 31 discretion discretion NOUN cblr-1747 483 32 to to PART cblr-1747 483 33 impose impose VERB cblr-1747 483 34 a a DET cblr-1747 483 35 liquidity liquidity NOUN cblr-1747 483 36 fee fee NOUN cblr-1747 483 37 if if SCONJ cblr-1747 483 38 a a DET cblr-1747 483 39 fund fund NOUN cblr-1747 483 40 ’s ’s PART cblr-1747 483 41 weekly weekly ADJ cblr-1747 483 42 liquidity liquidity NOUN cblr-1747 483 43 level level NOUN cblr-1747 483 44 falls fall VERB cblr-1747 483 45 below below ADP cblr-1747 483 46 the the DET cblr-1747 483 47 required require VERB cblr-1747 483 48 regulatory regulatory ADJ cblr-1747 483 49 threshold threshold NOUN cblr-1747 483 50 , , PUNCT cblr-1747 483 51 and and CCONJ cblr-1747 483 52 giving give VERB cblr-1747 483 53 them they PRON cblr-1747 483 54 discretion discretion NOUN cblr-1747 483 55 to to PART cblr-1747 483 56 suspend suspend VERB cblr-1747 483 57 redemptions redemption NOUN cblr-1747 483 58 temporarily temporarily ADV cblr-1747 483 59 , , PUNCT cblr-1747 483 60 i.e. i.e. X cblr-1747 483 61 , , PUNCT cblr-1747 483 62 to to ADP cblr-1747 483 63 ’ ' PUNCT cblr-1747 483 64 gate gate VERB cblr-1747 483 65 ’ ' PUNCT cblr-1747 483 66 funds fund NOUN cblr-1747 483 67 , , PUNCT cblr-1747 483 68 under under ADP cblr-1747 483 69 the the DET cblr-1747 483 70 same same ADJ cblr-1747 483 71 circumstances circumstance NOUN cblr-1747 483 72 . . PUNCT cblr-1747 483 73 ” " PUNCT cblr-1747 483 74 ) ) PUNCT cblr-1747 483 75 . . PUNCT cblr-1747 484 1 tepe tepe NOUN cblr-1747 484 2 – – PUNCT cblr-1747 484 3 final final ADJ cblr-1747 484 4 856 856 NUM cblr-1747 484 5 columbia columbia PROPN cblr-1747 484 6 business business NOUN cblr-1747 484 7 law law PROPN cblr-1747 484 8 review review NOUN cblr-1747 485 1 [ [ X cblr-1747 485 2 vol vol NOUN cblr-1747 485 3 . . PUNCT cblr-1747 485 4 2016 2016 NUM cblr-1747 485 5 increase increase VERB cblr-1747 485 6 the the DET cblr-1747 485 7 likelihood likelihood NOUN cblr-1747 485 8 that that SCONJ cblr-1747 485 9 other other ADJ cblr-1747 485 10 financial financial ADJ cblr-1747 485 11 institutions institution NOUN cblr-1747 485 12 and and CCONJ cblr-1747 485 13 affiliates affiliate NOUN cblr-1747 485 14 could could AUX cblr-1747 485 15 become become VERB cblr-1747 485 16 illiquid illiquid ADJ cblr-1747 485 17 and and CCONJ cblr-1747 485 18 fail fail VERB cblr-1747 485 19 following follow VERB cblr-1747 485 20 the the DET cblr-1747 485 21 failure failure NOUN cblr-1747 485 22 of of ADP cblr-1747 485 23 a a DET cblr-1747 485 24 broker broker NOUN cblr-1747 485 25 - - PUNCT cblr-1747 485 26 dealer dealer NOUN cblr-1747 485 27 . . PUNCT cblr-1747 486 1 beyond beyond ADP cblr-1747 486 2 situations situation NOUN cblr-1747 486 3 where where SCONJ cblr-1747 486 4 a a DET cblr-1747 486 5 broker broker NOUN cblr-1747 486 6 - - PUNCT cblr-1747 486 7 dealer dealer NOUN cblr-1747 486 8 fails fail VERB cblr-1747 486 9 , , PUNCT cblr-1747 486 10 the the DET cblr-1747 486 11 systemic systemic ADJ cblr-1747 486 12 risk risk NOUN cblr-1747 486 13 of of ADP cblr-1747 486 14 sweep sweep NOUN cblr-1747 486 15 programs program NOUN cblr-1747 486 16 would would AUX cblr-1747 486 17 depend depend VERB cblr-1747 486 18 on on ADP cblr-1747 486 19 whether whether SCONJ cblr-1747 486 20 the the DET cblr-1747 486 21 amount amount NOUN cblr-1747 486 22 of of ADP cblr-1747 486 23 funds fund NOUN cblr-1747 486 24 invested invest VERB cblr-1747 486 25 in in ADP cblr-1747 486 26 a a DET cblr-1747 486 27 sweep sweep NOUN cblr-1747 486 28 program program NOUN cblr-1747 486 29 is be AUX cblr-1747 486 30 procyclical procyclical ADJ cblr-1747 486 31 or or CCONJ cblr-1747 486 32 countercyclical countercyclical ADJ cblr-1747 486 33 . . PUNCT cblr-1747 487 1 if if SCONJ cblr-1747 487 2 the the DET cblr-1747 487 3 amount amount NOUN cblr-1747 487 4 of of ADP cblr-1747 487 5 funds fund NOUN cblr-1747 487 6 swept sweep VERB cblr-1747 487 7 is be AUX cblr-1747 487 8 procyclical procyclical ADJ cblr-1747 487 9 , , PUNCT cblr-1747 487 10 customers customer NOUN cblr-1747 487 11 will will AUX cblr-1747 487 12 withdraw withdraw VERB cblr-1747 487 13 their their PRON cblr-1747 487 14 funds fund NOUN cblr-1747 487 15 from from ADP cblr-1747 487 16 sweep sweep NOUN cblr-1747 487 17 programs program NOUN cblr-1747 487 18 in in ADP cblr-1747 487 19 times time NOUN cblr-1747 487 20 of of ADP cblr-1747 487 21 economic economic ADJ cblr-1747 487 22 stress stress NOUN cblr-1747 487 23 , , PUNCT cblr-1747 487 24 which which PRON cblr-1747 487 25 would would AUX cblr-1747 487 26 decrease decrease VERB cblr-1747 487 27 the the DET cblr-1747 487 28 liquidity liquidity NOUN cblr-1747 487 29 of of ADP cblr-1747 487 30 the the DET cblr-1747 487 31 sweep sweep NOUN cblr-1747 487 32 program program NOUN cblr-1747 487 33 counterparties counterpartie NOUN cblr-1747 487 34 . . PUNCT cblr-1747 488 1 since since SCONJ cblr-1747 488 2 customers customer NOUN cblr-1747 488 3 have have VERB cblr-1747 488 4 the the DET cblr-1747 488 5 ultimate ultimate ADJ cblr-1747 488 6 authority authority NOUN cblr-1747 488 7 to to PART cblr-1747 488 8 decide decide VERB cblr-1747 488 9 if if SCONJ cblr-1747 488 10 and and CCONJ cblr-1747 488 11 where where SCONJ cblr-1747 488 12 to to PART cblr-1747 488 13 sweep sweep VERB cblr-1747 488 14 their their PRON cblr-1747 488 15 funds fund NOUN cblr-1747 488 16 , , PUNCT cblr-1747 488 17 the the DET cblr-1747 488 18 cyclicality cyclicality NOUN cblr-1747 488 19 of of ADP cblr-1747 488 20 sweep sweep NOUN cblr-1747 488 21 programs program NOUN cblr-1747 488 22 would would AUX cblr-1747 488 23 depend depend VERB cblr-1747 488 24 on on ADP cblr-1747 488 25 the the DET cblr-1747 488 26 actions action NOUN cblr-1747 488 27 of of ADP cblr-1747 488 28 broker broker NOUN cblr-1747 488 29 - - PUNCT cblr-1747 488 30 dealer dealer NOUN cblr-1747 488 31 customers customer NOUN cblr-1747 488 32 . . PUNCT cblr-1747 489 1 with with ADP cblr-1747 489 2 regards regard NOUN cblr-1747 489 3 to to ADP cblr-1747 489 4 money money NOUN cblr-1747 489 5 market market NOUN cblr-1747 489 6 funds fund NOUN cblr-1747 489 7 , , PUNCT cblr-1747 489 8 cyclicality cyclicality NOUN cblr-1747 489 9 likely likely ADV cblr-1747 489 10 depends depend VERB cblr-1747 489 11 on on ADP cblr-1747 489 12 whether whether SCONJ cblr-1747 489 13 the the DET cblr-1747 489 14 money money NOUN cblr-1747 489 15 market market NOUN cblr-1747 489 16 fund fund NOUN cblr-1747 489 17 is be AUX cblr-1747 489 18 a a DET cblr-1747 489 19 prime prime ADJ cblr-1747 489 20 fund fund NOUN cblr-1747 489 21 that that PRON cblr-1747 489 22 generally generally ADV cblr-1747 489 23 invests invest VERB cblr-1747 489 24 in in ADP cblr-1747 489 25 either either CCONJ cblr-1747 489 26 short short ADJ cblr-1747 489 27 - - PUNCT cblr-1747 489 28 term term NOUN cblr-1747 489 29 commercial commercial ADJ cblr-1747 489 30 or or CCONJ cblr-1747 489 31 bank bank NOUN cblr-1747 489 32 debt debt NOUN cblr-1747 489 33 or or CCONJ cblr-1747 489 34 a a DET cblr-1747 489 35 government government NOUN cblr-1747 489 36 fund fund NOUN cblr-1747 489 37 that that PRON cblr-1747 489 38 invests invest NOUN cblr-1747 489 39 in in ADP cblr-1747 489 40 u.s u.s PROPN cblr-1747 489 41 . . PROPN cblr-1747 489 42 government government NOUN cblr-1747 489 43 debt.102 debt.102 VERB cblr-1747 489 44 prime prime ADJ cblr-1747 489 45 money money NOUN cblr-1747 489 46 market market NOUN cblr-1747 489 47 funds fund NOUN cblr-1747 489 48 experienced experience VERB cblr-1747 489 49 net net ADJ cblr-1747 489 50 outflows outflow NOUN cblr-1747 489 51 during during ADP cblr-1747 489 52 the the DET cblr-1747 489 53 2008 2008 NUM cblr-1747 489 54 financial financial ADJ cblr-1747 489 55 crisis crisis NOUN cblr-1747 489 56 and and CCONJ cblr-1747 489 57 during during ADP cblr-1747 489 58 the the DET cblr-1747 489 59 2011 2011 NUM cblr-1747 489 60 eurozone eurozone NOUN cblr-1747 489 61 sovereign sovereign ADJ cblr-1747 489 62 debt debt NOUN cblr-1747 489 63 crisis crisis NOUN cblr-1747 489 64 , , PUNCT cblr-1747 489 65 while while SCONJ cblr-1747 489 66 government government NOUN cblr-1747 489 67 money money NOUN cblr-1747 489 68 market market NOUN cblr-1747 489 69 funds fund NOUN cblr-1747 489 70 have have AUX cblr-1747 489 71 historically historically ADV cblr-1747 489 72 experienced experience VERB cblr-1747 489 73 inflows inflow NOUN cblr-1747 489 74 during during ADP cblr-1747 489 75 times time NOUN cblr-1747 489 76 of of ADP cblr-1747 489 77 stress.103 stress.103 PROPN cblr-1747 489 78 therefore therefore ADV cblr-1747 489 79 , , PUNCT cblr-1747 489 80 sweeps sweep VERB cblr-1747 489 81 into into ADP cblr-1747 489 82 prime prime ADJ cblr-1747 489 83 money money NOUN cblr-1747 489 84 market market NOUN cblr-1747 489 85 funds fund NOUN cblr-1747 489 86 would would AUX cblr-1747 489 87 likely likely ADV cblr-1747 489 88 be be AUX cblr-1747 489 89 procyclical procyclical ADJ cblr-1747 489 90 , , PUNCT cblr-1747 489 91 while while SCONJ cblr-1747 489 92 sweeps sweep NOUN cblr-1747 489 93 into into ADP cblr-1747 489 94 government government NOUN cblr-1747 489 95 money money NOUN cblr-1747 489 96 market market NOUN cblr-1747 489 97 funds fund NOUN cblr-1747 489 98 may may AUX cblr-1747 489 99 be be AUX cblr-1747 489 100 countercyclical countercyclical ADJ cblr-1747 489 101 . . PUNCT cblr-1747 490 1 sweeps sweep NOUN cblr-1747 490 2 into into ADP cblr-1747 490 3 a a DET cblr-1747 490 4 bank bank NOUN cblr-1747 490 5 would would AUX cblr-1747 490 6 likely likely ADV cblr-1747 490 7 be be AUX cblr-1747 490 8 countercyclical countercyclical ADJ cblr-1747 490 9 because because SCONJ cblr-1747 490 10 customers customer NOUN cblr-1747 490 11 can can AUX cblr-1747 490 12 get get VERB cblr-1747 490 13 fdic fdic ADJ cblr-1747 490 14 protection protection NOUN cblr-1747 490 15 by by ADP cblr-1747 490 16 sweeping sweep VERB cblr-1747 490 17 their their PRON cblr-1747 490 18 funds fund NOUN cblr-1747 490 19 into into ADP cblr-1747 490 20 a a DET cblr-1747 490 21 bank.104 bank.104 NOUN cblr-1747 490 22 in in ADP cblr-1747 490 23 addition addition NOUN cblr-1747 490 24 to to ADP cblr-1747 490 25 102 102 NUM cblr-1747 490 26 see see VERB cblr-1747 490 27 money money NOUN cblr-1747 490 28 market market NOUN cblr-1747 490 29 fund fund NOUN cblr-1747 490 30 reform reform NOUN cblr-1747 490 31 ; ; PUNCT cblr-1747 490 32 amendments amendment NOUN cblr-1747 490 33 to to PART cblr-1747 490 34 form form VERB cblr-1747 490 35 pf pf PROPN cblr-1747 490 36 , , PUNCT cblr-1747 490 37 78 78 NUM cblr-1747 490 38 fed feed VERB cblr-1747 490 39 . . PUNCT cblr-1747 491 1 reg reg PROPN cblr-1747 491 2 . . PROPN cblr-1747 492 1 36,834 36,834 NUM cblr-1747 492 2 , , PUNCT cblr-1747 492 3 36,836 36,836 NUM cblr-1747 492 4 ( ( PUNCT cblr-1747 492 5 proposed propose VERB cblr-1747 492 6 june june PROPN cblr-1747 492 7 19 19 NUM cblr-1747 492 8 , , PUNCT cblr-1747 492 9 2013 2013 NUM cblr-1747 492 10 ) ) PUNCT cblr-1747 492 11 . . PUNCT cblr-1747 493 1 103 103 NUM cblr-1747 493 2 money money NOUN cblr-1747 493 3 market market NOUN cblr-1747 493 4 fund fund NOUN cblr-1747 493 5 reform reform NOUN cblr-1747 493 6 ; ; PUNCT cblr-1747 493 7 amendments amendment NOUN cblr-1747 493 8 to to PART cblr-1747 493 9 form form VERB cblr-1747 493 10 pf pf PROPN cblr-1747 493 11 , , PUNCT cblr-1747 493 12 79 79 NUM cblr-1747 493 13 fed feed VERB cblr-1747 493 14 . . PUNCT cblr-1747 494 1 reg reg PROPN cblr-1747 494 2 . . PUNCT cblr-1747 495 1 at at ADP cblr-1747 495 2 47,792 47,792 NUM cblr-1747 495 3 ; ; PUNCT cblr-1747 495 4 money money NOUN cblr-1747 495 5 market market NOUN cblr-1747 495 6 fund fund NOUN cblr-1747 495 7 reform reform NOUN cblr-1747 495 8 ; ; PUNCT cblr-1747 495 9 amendments amendment NOUN cblr-1747 495 10 to to PART cblr-1747 495 11 form form VERB cblr-1747 495 12 pf pf PROPN cblr-1747 495 13 , , PUNCT cblr-1747 495 14 78 78 NUM cblr-1747 495 15 fed feed VERB cblr-1747 495 16 . . PUNCT cblr-1747 496 1 reg reg PROPN cblr-1747 496 2 . . PUNCT cblr-1747 497 1 at at ADP cblr-1747 497 2 36,843–45 36,843–45 NUM cblr-1747 497 3 ; ; PUNCT cblr-1747 497 4 see see VERB cblr-1747 497 5 also also ADV cblr-1747 497 6 div div PROPN cblr-1747 497 7 . . PUNCT cblr-1747 498 1 of of ADP cblr-1747 498 2 risk risk NOUN cblr-1747 498 3 , , PUNCT cblr-1747 498 4 strategy strategy NOUN cblr-1747 498 5 , , PUNCT cblr-1747 498 6 & & CCONJ cblr-1747 498 7 fin fin NOUN cblr-1747 498 8 . . PUNCT cblr-1747 499 1 innovation innovation NOUN cblr-1747 499 2 , , PUNCT cblr-1747 499 3 sec sec PROPN cblr-1747 499 4 , , PUNCT cblr-1747 499 5 response response NOUN cblr-1747 499 6 to to ADP cblr-1747 499 7 questions question NOUN cblr-1747 499 8 posed pose VERB cblr-1747 499 9 by by ADP cblr-1747 499 10 commissioners commissioner NOUN cblr-1747 499 11 aguilar aguilar PROPN cblr-1747 499 12 , , PUNCT cblr-1747 499 13 paredes parede NOUN cblr-1747 499 14 , , PUNCT cblr-1747 499 15 and and CCONJ cblr-1747 499 16 gallagher gallagher PROPN cblr-1747 499 17 6–13 6–13 PROPN cblr-1747 499 18 ( ( PUNCT cblr-1747 499 19 2012 2012 NUM cblr-1747 499 20 ) ) PUNCT cblr-1747 499 21 , , PUNCT cblr-1747 499 22 http://www.sec.gov/news/studies/2012/money-market-funds-memo2012.pdf http://www.sec.gov/news/studies/2012/money-market-funds-memo2012.pdf X cblr-1747 500 1 [ [ X cblr-1747 500 2 https://perma.cc/5fma-hwmf https://perma.cc/5fma-hwmf PROPN cblr-1747 500 3 ] ] X cblr-1747 500 4 . . PUNCT cblr-1747 501 1 104 104 NUM cblr-1747 501 2 see see VERB cblr-1747 501 3 sec sec PROPN cblr-1747 501 4 , , PUNCT cblr-1747 501 5 investor investor NOUN cblr-1747 501 6 bulletin bulletin NOUN cblr-1747 501 7 , , PUNCT cblr-1747 501 8 supra supra PROPN cblr-1747 501 9 note note NOUN cblr-1747 501 10 22 22 NUM cblr-1747 501 11 ( ( PUNCT cblr-1747 501 12 “ " PUNCT cblr-1747 501 13 cash cash NOUN cblr-1747 501 14 swept sweep VERB cblr-1747 501 15 into into ADP cblr-1747 501 16 deposit deposit NOUN cblr-1747 501 17 accounts account NOUN cblr-1747 501 18 through through ADP cblr-1747 501 19 bank bank NOUN cblr-1747 501 20 sweep sweep NOUN cblr-1747 501 21 programs program NOUN cblr-1747 501 22 is be AUX cblr-1747 501 23 covered cover VERB cblr-1747 501 24 by by ADP cblr-1747 501 25 fdic fdic PROPN cblr-1747 501 26 tepe tepe NOUN cblr-1747 501 27 – – PUNCT cblr-1747 501 28 final final ADJ cblr-1747 501 29 no no NOUN cblr-1747 501 30 . . PUNCT cblr-1747 502 1 3:823 3:823 NUM cblr-1747 502 2 ] ] X cblr-1747 502 3 broker broker NOUN cblr-1747 502 4 - - PUNCT cblr-1747 502 5 dealer dealer NOUN cblr-1747 502 6 “ " PUNCT cblr-1747 502 7 idle idle ADJ cblr-1747 502 8 ” " PUNCT cblr-1747 502 9 customer customer NOUN cblr-1747 502 10 assets asset NOUN cblr-1747 502 11 857 857 NUM cblr-1747 502 12 choosing choose VERB cblr-1747 502 13 to to PART cblr-1747 502 14 sweep sweep VERB cblr-1747 502 15 funds fund NOUN cblr-1747 502 16 into into ADP cblr-1747 502 17 a a DET cblr-1747 502 18 bank bank NOUN cblr-1747 502 19 rather rather ADV cblr-1747 502 20 than than ADP cblr-1747 502 21 a a DET cblr-1747 502 22 money money NOUN cblr-1747 502 23 market market NOUN cblr-1747 502 24 fund fund NOUN cblr-1747 502 25 , , PUNCT cblr-1747 502 26 customers customer NOUN cblr-1747 502 27 may may AUX cblr-1747 502 28 choose choose VERB cblr-1747 502 29 to to PART cblr-1747 502 30 increase increase VERB cblr-1747 502 31 the the DET cblr-1747 502 32 amount amount NOUN cblr-1747 502 33 of of ADP cblr-1747 502 34 their their PRON cblr-1747 502 35 funds fund NOUN cblr-1747 502 36 swept sweep VERB cblr-1747 502 37 in in ADP cblr-1747 502 38 order order NOUN cblr-1747 502 39 to to PART cblr-1747 502 40 gain gain VERB cblr-1747 502 41 fdic fdic PROPN cblr-1747 502 42 protection protection PROPN cblr-1747 502 43 instead instead ADV cblr-1747 502 44 of of ADP cblr-1747 502 45 less less ADV cblr-1747 502 46 - - PUNCT cblr-1747 502 47 robust robust ADJ cblr-1747 502 48 sipc sipc NOUN cblr-1747 502 49 protection protection NOUN cblr-1747 502 50 . . PUNCT cblr-1747 503 1 therefore therefore ADV cblr-1747 503 2 , , PUNCT cblr-1747 503 3 in in ADP cblr-1747 503 4 times time NOUN cblr-1747 503 5 of of ADP cblr-1747 503 6 financial financial ADJ cblr-1747 503 7 stress stress NOUN cblr-1747 503 8 , , PUNCT cblr-1747 503 9 customers customer NOUN cblr-1747 503 10 may may AUX cblr-1747 503 11 choose choose VERB cblr-1747 503 12 to to PART cblr-1747 503 13 decrease decrease VERB cblr-1747 503 14 the the DET cblr-1747 503 15 amount amount NOUN cblr-1747 503 16 swept sweep VERB cblr-1747 503 17 into into ADP cblr-1747 503 18 prime prime ADJ cblr-1747 503 19 money money NOUN cblr-1747 503 20 market market NOUN cblr-1747 503 21 funds fund NOUN cblr-1747 503 22 and and CCONJ cblr-1747 503 23 instead instead ADV cblr-1747 503 24 choose choose VERB cblr-1747 503 25 to to PART cblr-1747 503 26 sweep sweep VERB cblr-1747 503 27 more more ADJ cblr-1747 503 28 funds fund NOUN cblr-1747 503 29 into into ADP cblr-1747 503 30 banks bank NOUN cblr-1747 503 31 , , PUNCT cblr-1747 503 32 up up ADP cblr-1747 503 33 to to ADP cblr-1747 503 34 the the DET cblr-1747 503 35 maximum maximum ADJ cblr-1747 503 36 amount amount NOUN cblr-1747 503 37 protected protect VERB cblr-1747 503 38 by by ADP cblr-1747 503 39 the the DET cblr-1747 503 40 fdic fdic PROPN cblr-1747 503 41 . . PUNCT cblr-1747 504 1 this this DET cblr-1747 504 2 outcome outcome NOUN cblr-1747 504 3 suggests suggest VERB cblr-1747 504 4 that that SCONJ cblr-1747 504 5 broker broker NOUN cblr-1747 504 6 - - PUNCT cblr-1747 504 7 dealer dealer NOUN cblr-1747 504 8 sweep sweep NOUN cblr-1747 504 9 programs program NOUN cblr-1747 504 10 may may AUX cblr-1747 504 11 decrease decrease VERB cblr-1747 504 12 systemic systemic ADJ cblr-1747 504 13 risk risk NOUN cblr-1747 504 14 for for ADP cblr-1747 504 15 banks bank NOUN cblr-1747 504 16 by by ADP cblr-1747 504 17 encouraging encourage VERB cblr-1747 504 18 capital capital NOUN cblr-1747 504 19 inflows inflow NOUN cblr-1747 504 20 into into ADP cblr-1747 504 21 banks bank NOUN cblr-1747 504 22 during during ADP cblr-1747 504 23 times time NOUN cblr-1747 504 24 of of ADP cblr-1747 504 25 stress stress NOUN cblr-1747 504 26 . . PUNCT cblr-1747 505 1 in in ADP cblr-1747 505 2 addition addition NOUN cblr-1747 505 3 , , PUNCT cblr-1747 505 4 the the DET cblr-1747 505 5 recent recent ADJ cblr-1747 505 6 sec sec PROPN cblr-1747 505 7 money money NOUN cblr-1747 505 8 market market NOUN cblr-1747 505 9 fund fund NOUN cblr-1747 505 10 reforms reform NOUN cblr-1747 505 11 that that PRON cblr-1747 505 12 strengthened strengthen VERB cblr-1747 505 13 regulation regulation NOUN cblr-1747 505 14 on on ADP cblr-1747 505 15 money money NOUN cblr-1747 505 16 market market NOUN cblr-1747 505 17 funds fund NOUN cblr-1747 505 18 could could AUX cblr-1747 505 19 decrease decrease VERB cblr-1747 505 20 the the DET cblr-1747 505 21 incentive incentive NOUN cblr-1747 505 22 for for SCONJ cblr-1747 505 23 customers customer NOUN cblr-1747 505 24 to to PART cblr-1747 505 25 remove remove VERB cblr-1747 505 26 funds fund NOUN cblr-1747 505 27 from from ADP cblr-1747 505 28 prime prime ADJ cblr-1747 505 29 money money NOUN cblr-1747 505 30 market market NOUN cblr-1747 505 31 funds fund NOUN cblr-1747 505 32 in in ADP cblr-1747 505 33 times time NOUN cblr-1747 505 34 of of ADP cblr-1747 505 35 financial financial ADJ cblr-1747 505 36 stress.105 stress.105 PROPN cblr-1747 505 37 however however ADV cblr-1747 505 38 , , PUNCT cblr-1747 505 39 this this DET cblr-1747 505 40 outcome outcome NOUN cblr-1747 505 41 assumes assume VERB cblr-1747 505 42 that that SCONJ cblr-1747 505 43 customers customer NOUN cblr-1747 505 44 understand understand VERB cblr-1747 505 45 the the DET cblr-1747 505 46 regulatory regulatory ADJ cblr-1747 505 47 intricacies intricacy NOUN cblr-1747 505 48 of of ADP cblr-1747 505 49 broker broker NOUN cblr-1747 505 50 - - PUNCT cblr-1747 505 51 dealer dealer NOUN cblr-1747 505 52 sweep sweep NOUN cblr-1747 505 53 programs program NOUN cblr-1747 505 54 . . PUNCT cblr-1747 506 1 specifically specifically ADV cblr-1747 506 2 , , PUNCT cblr-1747 506 3 retail retail ADJ cblr-1747 506 4 customers customer NOUN cblr-1747 506 5 must must AUX cblr-1747 506 6 understand understand VERB cblr-1747 506 7 that that SCONJ cblr-1747 506 8 they they PRON cblr-1747 506 9 gain gain VERB cblr-1747 506 10 fdic fdic ADJ cblr-1747 506 11 protection protection NOUN cblr-1747 506 12 when when SCONJ cblr-1747 506 13 they they PRON cblr-1747 506 14 sweep sweep VERB cblr-1747 506 15 their their PRON cblr-1747 506 16 funds fund NOUN cblr-1747 506 17 into into ADP cblr-1747 506 18 a a DET cblr-1747 506 19 bank bank NOUN cblr-1747 506 20 and and CCONJ cblr-1747 506 21 that that SCONJ cblr-1747 506 22 the the DET cblr-1747 506 23 protection protection NOUN cblr-1747 506 24 would would AUX cblr-1747 506 25 not not PART cblr-1747 506 26 be be AUX cblr-1747 506 27 jeopardized jeopardize VERB cblr-1747 506 28 by by ADP cblr-1747 506 29 a a DET cblr-1747 506 30 failure failure NOUN cblr-1747 506 31 of of ADP cblr-1747 506 32 their their PRON cblr-1747 506 33 broker broker NOUN cblr-1747 506 34 - - PUNCT cblr-1747 506 35 dealer dealer NOUN cblr-1747 506 36 . . PUNCT cblr-1747 507 1 if if SCONJ cblr-1747 507 2 customers customer NOUN cblr-1747 507 3 during during ADP cblr-1747 507 4 times time NOUN cblr-1747 507 5 of of ADP cblr-1747 507 6 financial financial ADJ cblr-1747 507 7 panic panic NOUN cblr-1747 507 8 operate operate VERB cblr-1747 507 9 under under ADP cblr-1747 507 10 the the DET cblr-1747 507 11 belief belief NOUN cblr-1747 507 12 that that SCONJ cblr-1747 507 13 the the DET cblr-1747 507 14 funds fund NOUN cblr-1747 507 15 presented present VERB cblr-1747 507 16 to to ADP cblr-1747 507 17 them they PRON cblr-1747 507 18 on on ADP cblr-1747 507 19 their their PRON cblr-1747 507 20 broker broker NOUN cblr-1747 507 21 - - PUNCT cblr-1747 507 22 dealer dealer NOUN cblr-1747 507 23 statements statement NOUN cblr-1747 507 24 are be AUX cblr-1747 507 25 in in ADP cblr-1747 507 26 fact fact NOUN cblr-1747 507 27 held hold VERB cblr-1747 507 28 by by ADP cblr-1747 507 29 the the DET cblr-1747 507 30 brokerdealer brokerdealer NOUN cblr-1747 507 31 , , PUNCT cblr-1747 507 32 they they PRON cblr-1747 507 33 still still ADV cblr-1747 507 34 may may AUX cblr-1747 507 35 withdraw withdraw VERB cblr-1747 507 36 their their PRON cblr-1747 507 37 funds fund NOUN cblr-1747 507 38 from from ADP cblr-1747 507 39 the the DET cblr-1747 507 40 brokerdealer brokerdealer NOUN cblr-1747 507 41 to to PART cblr-1747 507 42 place place VERB cblr-1747 507 43 them they PRON cblr-1747 507 44 in in ADP cblr-1747 507 45 their their PRON cblr-1747 507 46 normal normal ADJ cblr-1747 507 47 bank bank NOUN cblr-1747 507 48 accounts account NOUN cblr-1747 507 49 or or CCONJ cblr-1747 507 50 , , PUNCT cblr-1747 507 51 in in ADP cblr-1747 507 52 extreme extreme ADJ cblr-1747 507 53 cases case NOUN cblr-1747 507 54 , , PUNCT cblr-1747 507 55 under under ADP cblr-1747 507 56 their their PRON cblr-1747 507 57 mattress mattress NOUN cblr-1747 507 58 . . PUNCT cblr-1747 508 1 moreover moreover ADV cblr-1747 508 2 , , PUNCT cblr-1747 508 3 retail retail ADJ cblr-1747 508 4 customers customer NOUN cblr-1747 508 5 themselves themselves PRON cblr-1747 508 6 may may AUX cblr-1747 508 7 suffer suffer VERB cblr-1747 508 8 from from ADP cblr-1747 508 9 illiquidity illiquidity NOUN cblr-1747 508 10 due due ADP cblr-1747 508 11 to to ADP cblr-1747 508 12 the the DET cblr-1747 508 13 financial financial ADJ cblr-1747 508 14 and and CCONJ cblr-1747 508 15 economic economic ADJ cblr-1747 508 16 downturn downturn NOUN cblr-1747 508 17 and and CCONJ cblr-1747 508 18 may may AUX cblr-1747 508 19 withdraw withdraw VERB cblr-1747 508 20 their their PRON cblr-1747 508 21 funds fund NOUN cblr-1747 508 22 to to PART cblr-1747 508 23 deposit deposit VERB cblr-1747 508 24 them they PRON cblr-1747 508 25 into into ADP cblr-1747 508 26 a a DET cblr-1747 508 27 bank bank NOUN cblr-1747 508 28 so so SCONJ cblr-1747 508 29 that that SCONJ cblr-1747 508 30 they they PRON cblr-1747 508 31 can can AUX cblr-1747 508 32 use use VERB cblr-1747 508 33 a a DET cblr-1747 508 34 debit debit NOUN cblr-1747 508 35 card card NOUN cblr-1747 508 36 or or CCONJ cblr-1747 508 37 checks check NOUN cblr-1747 508 38 to to PART cblr-1747 508 39 pay pay VERB cblr-1747 508 40 everyday everyday ADJ cblr-1747 508 41 expenses expense NOUN cblr-1747 508 42 . . PUNCT cblr-1747 509 1 in in ADP cblr-1747 509 2 that that DET cblr-1747 509 3 scenario scenario NOUN cblr-1747 509 4 , , PUNCT cblr-1747 509 5 sweep sweep NOUN cblr-1747 509 6 programs program NOUN cblr-1747 509 7 would would AUX cblr-1747 509 8 be be AUX cblr-1747 509 9 procyclical procyclical ADJ cblr-1747 509 10 , , PUNCT cblr-1747 509 11 with with ADP cblr-1747 509 12 customers customer NOUN cblr-1747 509 13 withdrawing withdraw VERB cblr-1747 509 14 some some PRON cblr-1747 509 15 or or CCONJ cblr-1747 509 16 all all PRON cblr-1747 509 17 of of ADP cblr-1747 509 18 their their PRON cblr-1747 509 19 funds fund NOUN cblr-1747 509 20 from from ADP cblr-1747 509 21 their their PRON cblr-1747 509 22 broker broker NOUN cblr-1747 509 23 - - PUNCT cblr-1747 509 24 dealer dealer NOUN cblr-1747 509 25 , , PUNCT cblr-1747 509 26 and and CCONJ cblr-1747 509 27 broker broker NOUN cblr-1747 509 28 - - PUNCT cblr-1747 509 29 dealers dealer NOUN cblr-1747 509 30 in in ADP cblr-1747 509 31 turn turn NOUN cblr-1747 509 32 unwinding unwind VERB cblr-1747 509 33 their their PRON cblr-1747 509 34 insurance insurance NOUN cblr-1747 509 35 up up ADP cblr-1747 509 36 to to ADP cblr-1747 509 37 the the DET cblr-1747 509 38 $ $ SYM cblr-1747 509 39 250,000 250,000 NUM cblr-1747 509 40 limit limit NOUN cblr-1747 509 41 per per ADP cblr-1747 509 42 customer customer NOUN cblr-1747 509 43 at at ADP cblr-1747 509 44 each each DET cblr-1747 509 45 fdic fdic PROPN cblr-1747 509 46 - - PUNCT cblr-1747 509 47 insured insure VERB cblr-1747 509 48 bank bank NOUN cblr-1747 509 49 that that PRON cblr-1747 509 50 participates participate VERB cblr-1747 509 51 in in ADP cblr-1747 509 52 the the DET cblr-1747 509 53 bank bank NOUN cblr-1747 509 54 sweep sweep NOUN cblr-1747 509 55 program program NOUN cblr-1747 509 56 . . PUNCT cblr-1747 509 57 ” " PUNCT cblr-1747 509 58 ) ) PUNCT cblr-1747 509 59 . . PUNCT cblr-1747 510 1 105 105 NUM cblr-1747 510 2 see see VERB cblr-1747 510 3 generally generally ADV cblr-1747 510 4 money money NOUN cblr-1747 510 5 market market NOUN cblr-1747 510 6 fund fund NOUN cblr-1747 510 7 reform reform NOUN cblr-1747 510 8 ; ; PUNCT cblr-1747 510 9 amendments amendment NOUN cblr-1747 510 10 to to PART cblr-1747 510 11 form form VERB cblr-1747 510 12 pf pf PROPN cblr-1747 510 13 , , PUNCT cblr-1747 510 14 79 79 NUM cblr-1747 510 15 fed feed VERB cblr-1747 510 16 . . PUNCT cblr-1747 511 1 reg reg PROPN cblr-1747 511 2 . . PROPN cblr-1747 512 1 47,736 47,736 NUM cblr-1747 512 2 , , PUNCT cblr-1747 512 3 47,736 47,736 NUM cblr-1747 512 4 . . PUNCT cblr-1747 513 1 ( ( PUNCT cblr-1747 513 2 aug aug PROPN cblr-1747 513 3 . . PROPN cblr-1747 513 4 14 14 NUM cblr-1747 513 5 , , PUNCT cblr-1747 513 6 2014 2014 NUM cblr-1747 513 7 ) ) PUNCT cblr-1747 513 8 ( ( PUNCT cblr-1747 513 9 to to PART cblr-1747 513 10 be be AUX cblr-1747 513 11 codified codify VERB cblr-1747 513 12 at at ADP cblr-1747 513 13 17 17 NUM cblr-1747 513 14 c.f.r c.f.r NOUN cblr-1747 513 15 . . PUNCT cblr-1747 514 1 pts pts PROPN cblr-1747 514 2 . . PROPN cblr-1747 514 3 230 230 NUM cblr-1747 514 4 , , PUNCT cblr-1747 514 5 239 239 NUM cblr-1747 514 6 , , PUNCT cblr-1747 514 7 270 270 NUM cblr-1747 514 8 , , PUNCT cblr-1747 514 9 274 274 NUM cblr-1747 514 10 , , PUNCT cblr-1747 514 11 279 279 NUM cblr-1747 514 12 ) ) PUNCT cblr-1747 514 13 . . PUNCT cblr-1747 515 1 tepe tepe NOUN cblr-1747 515 2 – – PUNCT cblr-1747 515 3 final final ADJ cblr-1747 515 4 858 858 NUM cblr-1747 515 5 columbia columbia PROPN cblr-1747 515 6 business business NOUN cblr-1747 515 7 law law PROPN cblr-1747 515 8 review review NOUN cblr-1747 515 9 [ [ X cblr-1747 515 10 vol vol NOUN cblr-1747 515 11 . . PUNCT cblr-1747 515 12 2016 2016 NUM cblr-1747 515 13 sweep sweep NOUN cblr-1747 515 14 program program NOUN cblr-1747 515 15 and and CCONJ cblr-1747 515 16 decreasing decrease VERB cblr-1747 515 17 the the DET cblr-1747 515 18 liquidity liquidity NOUN cblr-1747 515 19 of of ADP cblr-1747 515 20 sweep sweep NOUN cblr-1747 515 21 program program NOUN cblr-1747 515 22 counterparties counterpartie NOUN cblr-1747 515 23 . . PUNCT cblr-1747 516 1 the the DET cblr-1747 516 2 sec sec PROPN cblr-1747 516 3 and and CCONJ cblr-1747 516 4 prudential prudential PROPN cblr-1747 516 5 regulators regulator NOUN cblr-1747 516 6 currently currently ADV cblr-1747 516 7 do do AUX cblr-1747 516 8 not not PART cblr-1747 516 9 monitor monitor VERB cblr-1747 516 10 the the DET cblr-1747 516 11 potential potential ADJ cblr-1747 516 12 systemic systemic ADJ cblr-1747 516 13 risks risk NOUN cblr-1747 516 14 associated associate VERB cblr-1747 516 15 with with ADP cblr-1747 516 16 sweep sweep NOUN cblr-1747 516 17 programs program NOUN cblr-1747 516 18 because because SCONJ cblr-1747 516 19 broker broker NOUN cblr-1747 516 20 - - PUNCT cblr-1747 516 21 dealers dealer NOUN cblr-1747 516 22 are be AUX cblr-1747 516 23 not not PART cblr-1747 516 24 required require VERB cblr-1747 516 25 to to PART cblr-1747 516 26 disclose disclose VERB cblr-1747 516 27 the the DET cblr-1747 516 28 size size NOUN cblr-1747 516 29 of of ADP cblr-1747 516 30 or or CCONJ cblr-1747 516 31 the the DET cblr-1747 516 32 counterparties counterpartie NOUN cblr-1747 516 33 associated associate VERB cblr-1747 516 34 with with ADP cblr-1747 516 35 their their PRON cblr-1747 516 36 sweep sweep NOUN cblr-1747 516 37 programs.106 programs.106 NOUN cblr-1747 516 38 without without ADP cblr-1747 516 39 knowing know VERB cblr-1747 516 40 the the DET cblr-1747 516 41 size size NOUN cblr-1747 516 42 of of ADP cblr-1747 516 43 broker broker NOUN cblr-1747 516 44 - - PUNCT cblr-1747 516 45 dealer dealer NOUN cblr-1747 516 46 sweep sweep NOUN cblr-1747 516 47 programs program NOUN cblr-1747 516 48 , , PUNCT cblr-1747 516 49 it it PRON cblr-1747 516 50 is be AUX cblr-1747 516 51 unclear unclear ADJ cblr-1747 516 52 whether whether SCONJ cblr-1747 516 53 sweep sweep NOUN cblr-1747 516 54 programs program NOUN cblr-1747 516 55 are be AUX cblr-1747 516 56 large large ADJ cblr-1747 516 57 enough enough ADV cblr-1747 516 58 to to PART cblr-1747 516 59 cause cause VERB cblr-1747 516 60 liquidity liquidity NOUN cblr-1747 516 61 crises crisis NOUN cblr-1747 516 62 for for ADP cblr-1747 516 63 sweep sweep NOUN cblr-1747 516 64 program program NOUN cblr-1747 516 65 counterparties counterpartie NOUN cblr-1747 516 66 . . PUNCT cblr-1747 517 1 however however ADV cblr-1747 517 2 , , PUNCT cblr-1747 517 3 the the DET cblr-1747 517 4 fact fact NOUN cblr-1747 517 5 that that SCONJ cblr-1747 517 6 broker broker NOUN cblr-1747 517 7 - - PUNCT cblr-1747 517 8 dealers dealer NOUN cblr-1747 517 9 likely likely ADV cblr-1747 517 10 sweep sweep VERB cblr-1747 517 11 hundreds hundred NOUN cblr-1747 517 12 of of ADP cblr-1747 517 13 billions billion NOUN cblr-1747 517 14 of of ADP cblr-1747 517 15 dollars dollar NOUN cblr-1747 517 16 means mean VERB cblr-1747 517 17 that that SCONJ cblr-1747 517 18 liquidity liquidity NOUN cblr-1747 517 19 drains drain VERB cblr-1747 517 20 on on ADP cblr-1747 517 21 sweep sweep NOUN cblr-1747 517 22 program program NOUN cblr-1747 517 23 counterparties counterpartie NOUN cblr-1747 517 24 could could AUX cblr-1747 517 25 be be AUX cblr-1747 517 26 significant.107 significant.107 VERB cblr-1747 517 27 b. b. PROPN cblr-1747 517 28 lending lending NOUN cblr-1747 517 29 customer customer NOUN cblr-1747 517 30 margin margin NOUN cblr-1747 517 31 securities security NOUN cblr-1747 517 32 — — PUNCT cblr-1747 517 33 benefits benefit NOUN cblr-1747 517 34 and and CCONJ cblr-1747 517 35 costs cost NOUN cblr-1747 517 36 like like ADP cblr-1747 517 37 broker broker NOUN cblr-1747 517 38 - - PUNCT cblr-1747 517 39 dealer dealer NOUN cblr-1747 517 40 sweep sweep NOUN cblr-1747 517 41 programs program NOUN cblr-1747 517 42 , , PUNCT cblr-1747 517 43 broker broker NOUN cblr-1747 517 44 - - PUNCT cblr-1747 517 45 dealer dealer NOUN cblr-1747 517 46 lending lending NOUN cblr-1747 517 47 of of ADP cblr-1747 517 48 customer customer NOUN cblr-1747 517 49 margin margin NOUN cblr-1747 517 50 securities security NOUN cblr-1747 517 51 could could AUX cblr-1747 517 52 benefit benefit VERB cblr-1747 517 53 customers customer NOUN cblr-1747 517 54 through through ADP cblr-1747 517 55 lower low ADJ cblr-1747 517 56 borrowing borrowing NOUN cblr-1747 517 57 costs cost NOUN cblr-1747 517 58 , , PUNCT cblr-1747 517 59 but but CCONJ cblr-1747 517 60 may may AUX cblr-1747 517 61 increase increase VERB cblr-1747 517 62 agency agency NOUN cblr-1747 517 63 problems problem NOUN cblr-1747 517 64 and and CCONJ cblr-1747 517 65 systemic systemic ADJ cblr-1747 517 66 risks risk NOUN cblr-1747 517 67 . . PUNCT cblr-1747 518 1 as as SCONJ cblr-1747 518 2 stated state VERB cblr-1747 518 3 previously previously ADV cblr-1747 518 4 , , PUNCT cblr-1747 518 5 securities security NOUN cblr-1747 518 6 lending lending NOUN cblr-1747 518 7 is be AUX cblr-1747 518 8 necessary necessary ADJ cblr-1747 518 9 for for ADP cblr-1747 518 10 key key ADJ cblr-1747 518 11 market market NOUN cblr-1747 518 12 functions function NOUN cblr-1747 518 13 like like ADP cblr-1747 518 14 short short ADJ cblr-1747 518 15 selling selling NOUN cblr-1747 518 16 and and CCONJ cblr-1747 518 17 could could AUX cblr-1747 518 18 benefit benefit VERB cblr-1747 518 19 customers customer NOUN cblr-1747 518 20 if if SCONJ cblr-1747 518 21 broker broker NOUN cblr-1747 518 22 - - PUNCT cblr-1747 518 23 dealers dealer NOUN cblr-1747 518 24 pass pass VERB cblr-1747 518 25 some some PRON cblr-1747 518 26 of of ADP cblr-1747 518 27 the the DET cblr-1747 518 28 profits profit NOUN cblr-1747 518 29 to to ADP cblr-1747 518 30 customers customer NOUN cblr-1747 518 31 through through ADP cblr-1747 518 32 lower low ADJ cblr-1747 518 33 commissions commission NOUN cblr-1747 518 34 and and CCONJ cblr-1747 518 35 lower low ADJ cblr-1747 518 36 interest interest NOUN cblr-1747 518 37 rates rate NOUN cblr-1747 518 38 on on ADP cblr-1747 518 39 margin margin NOUN cblr-1747 518 40 loans loan NOUN cblr-1747 518 41 . . PUNCT cblr-1747 519 1 on on ADP cblr-1747 519 2 the the DET cblr-1747 519 3 other other ADJ cblr-1747 519 4 hand hand NOUN cblr-1747 519 5 , , PUNCT cblr-1747 519 6 lending lend VERB cblr-1747 519 7 margin margin NOUN cblr-1747 519 8 securities security NOUN cblr-1747 519 9 increases increase VERB cblr-1747 519 10 counterparty counterparty NOUN cblr-1747 519 11 risks risk NOUN cblr-1747 519 12 for for ADP cblr-1747 519 13 customers customer NOUN cblr-1747 519 14 , , PUNCT cblr-1747 519 15 and and CCONJ cblr-1747 519 16 securities security NOUN cblr-1747 519 17 lending lending NOUN cblr-1747 519 18 generally generally ADV cblr-1747 519 19 increases increase VERB cblr-1747 519 20 systemic systemic ADJ cblr-1747 519 21 risk.108 risk.108 NOUN cblr-1747 519 22 customers customer NOUN cblr-1747 519 23 do do AUX cblr-1747 519 24 not not PART cblr-1747 519 25 know know VERB cblr-1747 519 26 if if SCONJ cblr-1747 519 27 or or CCONJ cblr-1747 519 28 when when SCONJ cblr-1747 519 29 their their PRON cblr-1747 519 30 margin margin NOUN cblr-1747 519 31 securities security NOUN cblr-1747 519 32 are be AUX cblr-1747 519 33 lent lend VERB cblr-1747 519 34 and and CCONJ cblr-1747 519 35 therefore therefore ADV cblr-1747 519 36 are be AUX cblr-1747 519 37 likely likely ADV cblr-1747 519 38 unable unable ADJ cblr-1747 519 39 to to PART cblr-1747 519 40 negotiate negotiate VERB cblr-1747 519 41 for for ADP cblr-1747 519 42 a a DET cblr-1747 519 43 direct direct ADJ cblr-1747 519 44 share share NOUN cblr-1747 519 45 in in ADP cblr-1747 519 46 the the DET cblr-1747 519 47 proceeds proceed NOUN cblr-1747 519 48 106 106 NUM cblr-1747 519 49 see see NOUN cblr-1747 519 50 supra supra PROPN cblr-1747 519 51 note note PROPN cblr-1747 519 52 37 37 NUM cblr-1747 519 53 and and CCONJ cblr-1747 519 54 accompanying accompany VERB cblr-1747 519 55 text text NOUN cblr-1747 519 56 . . PUNCT cblr-1747 520 1 107 107 NUM cblr-1747 520 2 see see VERB cblr-1747 520 3 supra supra PROPN cblr-1747 520 4 note note NOUN cblr-1747 520 5 38 38 NUM cblr-1747 520 6 and and CCONJ cblr-1747 520 7 accompanying accompany VERB cblr-1747 520 8 text text NOUN cblr-1747 520 9 . . PUNCT cblr-1747 521 1 108 108 NUM cblr-1747 521 2 see see VERB cblr-1747 521 3 office office NOUN cblr-1747 521 4 of of ADP cblr-1747 521 5 fin fin NOUN cblr-1747 521 6 . . PUNCT cblr-1747 522 1 research research NOUN cblr-1747 522 2 , , PUNCT cblr-1747 522 3 asset asset NOUN cblr-1747 522 4 management management NOUN cblr-1747 522 5 and and CCONJ cblr-1747 522 6 financial financial ADJ cblr-1747 522 7 stability stability NOUN cblr-1747 522 8 1 1 NUM cblr-1747 522 9 ( ( PUNCT cblr-1747 522 10 2013 2013 NUM cblr-1747 522 11 ) ) PUNCT cblr-1747 522 12 , , PUNCT cblr-1747 522 13 http://financialresearch.gov/reports/files/ofr_asset_management_and_finan http://financialresearch.gov/reports/files/ofr_asset_management_and_finan NOUN cblr-1747 522 14 cial_stability.pdf cial_stability.pdf NOUN cblr-1747 523 1 [ [ X cblr-1747 523 2 https://perma.cc/3dgu-fsxq https://perma.cc/3dgu-fsxq X cblr-1747 523 3 ] ] X cblr-1747 523 4 ; ; PUNCT cblr-1747 523 5 joshua joshua PROPN cblr-1747 523 6 s. s. PROPN cblr-1747 523 7 wan wan PROPN cblr-1747 523 8 , , PUNCT cblr-1747 523 9 note note VERB cblr-1747 523 10 , , PUNCT cblr-1747 523 11 systemically systemically ADV cblr-1747 523 12 important important ADJ cblr-1747 523 13 asset asset NOUN cblr-1747 523 14 managers manager NOUN cblr-1747 523 15 : : PUNCT cblr-1747 523 16 perspectives perspective NOUN cblr-1747 523 17 on on ADP cblr-1747 523 18 dodd dodd PROPN cblr-1747 523 19 - - PUNCT cblr-1747 523 20 frank frank PROPN cblr-1747 523 21 's 's PART cblr-1747 523 22 systemic systemic ADJ cblr-1747 523 23 designation designation NOUN cblr-1747 523 24 mechanism mechanism NOUN cblr-1747 523 25 , , PUNCT cblr-1747 523 26 116 116 NUM cblr-1747 523 27 colum colum NOUN cblr-1747 523 28 . . PUNCT cblr-1747 524 1 l. l. PROPN cblr-1747 524 2 rev rev PROPN cblr-1747 524 3 . . PROPN cblr-1747 524 4 805 805 NUM cblr-1747 524 5 , , PUNCT cblr-1747 524 6 822 822 NUM cblr-1747 524 7 ( ( PUNCT cblr-1747 524 8 2016 2016 NUM cblr-1747 524 9 ) ) PUNCT cblr-1747 524 10 ; ; PUNCT cblr-1747 524 11 deryugina deryugina PROPN cblr-1747 524 12 , , PUNCT cblr-1747 524 13 supra supra PROPN cblr-1747 524 14 62 62 NUM cblr-1747 524 15 , , PUNCT cblr-1747 524 16 at at ADP cblr-1747 524 17 264 264 NUM cblr-1747 524 18 . . PUNCT cblr-1747 525 1 tepe tepe NOUN cblr-1747 525 2 – – PUNCT cblr-1747 525 3 final final ADJ cblr-1747 525 4 no no NOUN cblr-1747 525 5 . . PUNCT cblr-1747 526 1 3:823 3:823 NUM cblr-1747 526 2 ] ] X cblr-1747 526 3 broker broker NOUN cblr-1747 526 4 - - PUNCT cblr-1747 526 5 dealer dealer NOUN cblr-1747 526 6 “ " PUNCT cblr-1747 526 7 idle idle ADJ cblr-1747 526 8 ” " PUNCT cblr-1747 526 9 customer customer NOUN cblr-1747 526 10 assets asset NOUN cblr-1747 526 11 859 859 NUM cblr-1747 526 12 from from ADP cblr-1747 526 13 their their PRON cblr-1747 526 14 lent lent NOUN cblr-1747 526 15 assets asset NOUN cblr-1747 526 16 and and CCONJ cblr-1747 526 17 do do AUX cblr-1747 526 18 not not PART cblr-1747 526 19 know know VERB cblr-1747 526 20 when when SCONJ cblr-1747 526 21 they they PRON cblr-1747 526 22 no no ADV cblr-1747 526 23 longer long ADV cblr-1747 526 24 have have VERB cblr-1747 526 25 their their PRON cblr-1747 526 26 shareholder shareholder NOUN cblr-1747 526 27 votes vote NOUN cblr-1747 526 28 . . PUNCT cblr-1747 527 1 broker broker NOUN cblr-1747 527 2 - - PUNCT cblr-1747 527 3 dealers dealer NOUN cblr-1747 527 4 have have VERB cblr-1747 527 5 the the DET cblr-1747 527 6 incentive incentive NOUN cblr-1747 527 7 to to PART cblr-1747 527 8 lend lend VERB cblr-1747 527 9 out out ADP cblr-1747 527 10 all all DET cblr-1747 527 11 customer customer NOUN cblr-1747 527 12 margin margin NOUN cblr-1747 527 13 securities security NOUN cblr-1747 527 14 in in ADP cblr-1747 527 15 order order NOUN cblr-1747 527 16 to to PART cblr-1747 527 17 maximize maximize VERB cblr-1747 527 18 their their PRON cblr-1747 527 19 profits profit NOUN cblr-1747 527 20 , , PUNCT cblr-1747 527 21 while while SCONJ cblr-1747 527 22 a a DET cblr-1747 527 23 customer customer NOUN cblr-1747 527 24 may may AUX cblr-1747 527 25 not not PART cblr-1747 527 26 want want VERB cblr-1747 527 27 to to PART cblr-1747 527 28 lend lend VERB cblr-1747 527 29 out out ADP cblr-1747 527 30 all all PRON cblr-1747 527 31 or or CCONJ cblr-1747 527 32 any any PRON cblr-1747 527 33 of of ADP cblr-1747 527 34 their their PRON cblr-1747 527 35 margin margin NOUN cblr-1747 527 36 securities security NOUN cblr-1747 527 37 if if SCONJ cblr-1747 527 38 the the DET cblr-1747 527 39 customer customer NOUN cblr-1747 527 40 is be AUX cblr-1747 527 41 highly highly ADV cblr-1747 527 42 risk risk NOUN cblr-1747 527 43 averse averse ADJ cblr-1747 528 1 or or CCONJ cblr-1747 528 2 if if SCONJ cblr-1747 528 3 they they PRON cblr-1747 528 4 place place VERB cblr-1747 528 5 a a DET cblr-1747 528 6 high high ADJ cblr-1747 528 7 value value NOUN cblr-1747 528 8 on on ADP cblr-1747 528 9 their their PRON cblr-1747 528 10 shareholder shareholder NOUN cblr-1747 528 11 voting voting NOUN cblr-1747 528 12 rights.109 rights.109 VERB cblr-1747 528 13 therefore therefore ADV cblr-1747 528 14 , , PUNCT cblr-1747 528 15 lending lend VERB cblr-1747 528 16 customer customer NOUN cblr-1747 528 17 margin margin NOUN cblr-1747 528 18 securities security NOUN cblr-1747 528 19 could could AUX cblr-1747 528 20 lead lead VERB cblr-1747 528 21 to to ADP cblr-1747 528 22 an an DET cblr-1747 528 23 agency agency NOUN cblr-1747 528 24 problem problem NOUN cblr-1747 528 25 in in ADP cblr-1747 528 26 which which PRON cblr-1747 528 27 broker broker NOUN cblr-1747 528 28 - - PUNCT cblr-1747 528 29 dealers dealer NOUN cblr-1747 528 30 lend lend VERB cblr-1747 528 31 too too ADV cblr-1747 528 32 many many ADJ cblr-1747 528 33 customer customer NOUN cblr-1747 528 34 margin margin NOUN cblr-1747 528 35 securities security NOUN cblr-1747 528 36 , , PUNCT cblr-1747 528 37 which which PRON cblr-1747 528 38 causes cause VERB cblr-1747 528 39 agency agency NOUN cblr-1747 528 40 costs cost NOUN cblr-1747 528 41 of of ADP cblr-1747 528 42 higher high ADJ cblr-1747 528 43 counterparty counterparty NOUN cblr-1747 528 44 risks risk NOUN cblr-1747 528 45 , , PUNCT cblr-1747 528 46 higher high ADJ cblr-1747 528 47 systemic systemic ADJ cblr-1747 528 48 risks risk NOUN cblr-1747 528 49 , , PUNCT cblr-1747 528 50 and and CCONJ cblr-1747 528 51 a a DET cblr-1747 528 52 higher high ADJ cblr-1747 528 53 likelihood likelihood NOUN cblr-1747 528 54 that that SCONJ cblr-1747 528 55 the the DET cblr-1747 528 56 broker broker NOUN cblr-1747 528 57 - - PUNCT cblr-1747 528 58 dealer dealer NOUN cblr-1747 528 59 will will AUX cblr-1747 528 60 cancel cancel VERB cblr-1747 528 61 customer customer NOUN cblr-1747 528 62 votes vote NOUN cblr-1747 528 63 . . PUNCT cblr-1747 529 1 1 1 X cblr-1747 529 2 . . X cblr-1747 529 3 securities security NOUN cblr-1747 529 4 lending lend VERB cblr-1747 529 5 necessary necessary ADJ cblr-1747 529 6 for for ADP cblr-1747 529 7 key key ADJ cblr-1747 529 8 market market NOUN cblr-1747 529 9 functions function NOUN cblr-1747 529 10 broker broker NOUN cblr-1747 529 11 - - PUNCT cblr-1747 529 12 dealer dealer NOUN cblr-1747 529 13 lending lending NOUN cblr-1747 529 14 of of ADP cblr-1747 529 15 customer customer NOUN cblr-1747 529 16 margin margin NOUN cblr-1747 529 17 securities security NOUN cblr-1747 529 18 helps helps AUX cblr-1747 529 19 facilitate facilitate VERB cblr-1747 529 20 market market NOUN cblr-1747 529 21 functions function NOUN cblr-1747 529 22 like like ADP cblr-1747 529 23 short short ADJ cblr-1747 529 24 selling selling NOUN cblr-1747 529 25 by by ADP cblr-1747 529 26 increasing increase VERB cblr-1747 529 27 the the DET cblr-1747 529 28 supply supply NOUN cblr-1747 529 29 of of ADP cblr-1747 529 30 lent lent NOUN cblr-1747 529 31 securities security NOUN cblr-1747 529 32 . . PUNCT cblr-1747 530 1 regulation regulation NOUN cblr-1747 530 2 sho sho NOUN cblr-1747 530 3 requires require VERB cblr-1747 530 4 that that SCONJ cblr-1747 530 5 broker broker NOUN cblr-1747 530 6 - - PUNCT cblr-1747 530 7 dealers dealer NOUN cblr-1747 530 8 borrow borrow VERB cblr-1747 530 9 securities security NOUN cblr-1747 530 10 in in ADP cblr-1747 530 11 order order NOUN cblr-1747 530 12 to to PART cblr-1747 530 13 effect effect VERB cblr-1747 530 14 a a DET cblr-1747 530 15 short short ADJ cblr-1747 530 16 sale sale NOUN cblr-1747 530 17 for for ADP cblr-1747 530 18 itself itself PRON cblr-1747 530 19 or or CCONJ cblr-1747 530 20 a a DET cblr-1747 530 21 customer.110 customer.110 NOUN cblr-1747 530 22 any any DET cblr-1747 530 23 increase increase NOUN cblr-1747 530 24 in in ADP cblr-1747 530 25 regulatory regulatory ADJ cblr-1747 530 26 requirements requirement NOUN cblr-1747 530 27 on on ADP cblr-1747 530 28 broker broker NOUN cblr-1747 530 29 - - PUNCT cblr-1747 530 30 dealer dealer NOUN cblr-1747 530 31 lending lending NOUN cblr-1747 530 32 of of ADP cblr-1747 530 33 customer customer NOUN cblr-1747 530 34 margin margin NOUN cblr-1747 530 35 securities security NOUN cblr-1747 530 36 could could AUX cblr-1747 530 37 decrease decrease VERB cblr-1747 530 38 the the DET cblr-1747 530 39 amount amount NOUN cblr-1747 530 40 of of ADP cblr-1747 530 41 lending lending NOUN cblr-1747 530 42 of of ADP cblr-1747 530 43 customer customer NOUN cblr-1747 530 44 securities security NOUN cblr-1747 530 45 . . PUNCT cblr-1747 531 1 a a DET cblr-1747 531 2 decrease decrease NOUN cblr-1747 531 3 in in ADP cblr-1747 531 4 the the DET cblr-1747 531 5 lending lending NOUN cblr-1747 531 6 of of ADP cblr-1747 531 7 customer customer NOUN cblr-1747 531 8 securities security NOUN cblr-1747 531 9 would would AUX cblr-1747 531 10 increase increase VERB cblr-1747 531 11 the the DET cblr-1747 531 12 cost cost NOUN cblr-1747 531 13 of of ADP cblr-1747 531 14 borrowing borrow VERB cblr-1747 531 15 securities security NOUN cblr-1747 531 16 and and CCONJ cblr-1747 531 17 could could AUX cblr-1747 531 18 increase increase VERB cblr-1747 531 19 the the DET cblr-1747 531 20 cost cost NOUN cblr-1747 531 21 of of ADP cblr-1747 531 22 short short ADJ cblr-1747 531 23 selling selling NOUN cblr-1747 531 24 , , PUNCT cblr-1747 531 25 which which PRON cblr-1747 531 26 in in ADP cblr-1747 531 27 turn turn NOUN cblr-1747 531 28 would would AUX cblr-1747 531 29 hurt hurt VERB cblr-1747 531 30 some some DET cblr-1747 531 31 broker broker NOUN cblr-1747 531 32 - - PUNCT cblr-1747 531 33 dealer dealer NOUN cblr-1747 531 34 customers customer NOUN cblr-1747 531 35 . . PUNCT cblr-1747 532 1 therefore therefore ADV cblr-1747 532 2 , , PUNCT cblr-1747 532 3 the the DET cblr-1747 532 4 ability ability NOUN cblr-1747 532 5 of of ADP cblr-1747 532 6 109 109 NUM cblr-1747 532 7 in in ADP cblr-1747 532 8 a a DET cblr-1747 532 9 perfectly perfectly ADV cblr-1747 532 10 competitive competitive ADJ cblr-1747 532 11 market market NOUN cblr-1747 532 12 in in ADP cblr-1747 532 13 which which PRON cblr-1747 532 14 broker broker NOUN cblr-1747 532 15 - - PUNCT cblr-1747 532 16 dealers dealer NOUN cblr-1747 532 17 compete compete VERB cblr-1747 532 18 for for ADP cblr-1747 532 19 margin margin NOUN cblr-1747 532 20 customers customer NOUN cblr-1747 532 21 based base VERB cblr-1747 532 22 on on ADP cblr-1747 532 23 the the DET cblr-1747 532 24 interest interest NOUN cblr-1747 532 25 rate rate NOUN cblr-1747 532 26 on on ADP cblr-1747 532 27 margin margin NOUN cblr-1747 532 28 loans loan NOUN cblr-1747 532 29 , , PUNCT cblr-1747 532 30 brokerdealers brokerdealer NOUN cblr-1747 532 31 have have VERB cblr-1747 532 32 the the DET cblr-1747 532 33 incentive incentive NOUN cblr-1747 532 34 to to PART cblr-1747 532 35 lend lend VERB cblr-1747 532 36 out out ADP cblr-1747 532 37 all all DET cblr-1747 532 38 margin margin NOUN cblr-1747 532 39 securities security NOUN cblr-1747 532 40 in in ADP cblr-1747 532 41 order order NOUN cblr-1747 532 42 to to PART cblr-1747 532 43 offer offer VERB cblr-1747 532 44 the the DET cblr-1747 532 45 lowest low ADJ cblr-1747 532 46 possible possible ADJ cblr-1747 532 47 interest interest NOUN cblr-1747 532 48 rate rate NOUN cblr-1747 532 49 . . PUNCT cblr-1747 533 1 even even ADV cblr-1747 533 2 in in ADP cblr-1747 533 3 a a DET cblr-1747 533 4 market market NOUN cblr-1747 533 5 that that PRON cblr-1747 533 6 is be AUX cblr-1747 533 7 not not PART cblr-1747 533 8 perfectly perfectly ADV cblr-1747 533 9 competitive competitive ADJ cblr-1747 533 10 , , PUNCT cblr-1747 533 11 broker broker NOUN cblr-1747 533 12 - - PUNCT cblr-1747 533 13 dealers dealer NOUN cblr-1747 533 14 have have VERB cblr-1747 533 15 the the DET cblr-1747 533 16 incentive incentive NOUN cblr-1747 533 17 to to PART cblr-1747 533 18 lend lend VERB cblr-1747 533 19 out out ADP cblr-1747 533 20 all all DET cblr-1747 533 21 customer customer NOUN cblr-1747 533 22 margin margin NOUN cblr-1747 533 23 securities security NOUN cblr-1747 533 24 in in ADP cblr-1747 533 25 order order NOUN cblr-1747 533 26 to to PART cblr-1747 533 27 maximize maximize VERB cblr-1747 533 28 their their PRON cblr-1747 533 29 own own ADJ cblr-1747 533 30 profit profit NOUN cblr-1747 533 31 . . PUNCT cblr-1747 534 1 customers customer NOUN cblr-1747 534 2 can can AUX cblr-1747 534 3 not not PART cblr-1747 534 4 opt opt VERB cblr-1747 534 5 out out ADP cblr-1747 534 6 of of ADP cblr-1747 534 7 having have VERB cblr-1747 534 8 their their PRON cblr-1747 534 9 margin margin NOUN cblr-1747 534 10 securities security NOUN cblr-1747 534 11 lent lend VERB cblr-1747 534 12 and and CCONJ cblr-1747 534 13 may may AUX cblr-1747 534 14 never never ADV cblr-1747 534 15 realize realize VERB cblr-1747 534 16 any any DET cblr-1747 534 17 costs cost NOUN cblr-1747 534 18 of of ADP cblr-1747 534 19 lending lend VERB cblr-1747 534 20 their their PRON cblr-1747 534 21 securities security NOUN cblr-1747 534 22 because because SCONJ cblr-1747 534 23 they they PRON cblr-1747 534 24 still still ADV cblr-1747 534 25 can can AUX cblr-1747 534 26 immediately immediately ADV cblr-1747 534 27 sell sell VERB cblr-1747 534 28 their their PRON cblr-1747 534 29 securities security NOUN cblr-1747 534 30 and and CCONJ cblr-1747 534 31 take take VERB cblr-1747 534 32 part part NOUN cblr-1747 534 33 in in ADP cblr-1747 534 34 shareholder shareholder NOUN cblr-1747 534 35 votes vote NOUN cblr-1747 534 36 . . PUNCT cblr-1747 535 1 therefore therefore ADV cblr-1747 535 2 , , PUNCT cblr-1747 535 3 brokerdealers brokerdealer NOUN cblr-1747 535 4 generally generally ADV cblr-1747 535 5 do do AUX cblr-1747 535 6 not not PART cblr-1747 535 7 need need VERB cblr-1747 535 8 to to PART cblr-1747 535 9 worry worry VERB cblr-1747 535 10 that that SCONJ cblr-1747 535 11 they they PRON cblr-1747 535 12 will will AUX cblr-1747 535 13 lose lose VERB cblr-1747 535 14 customers customer NOUN cblr-1747 535 15 if if SCONJ cblr-1747 535 16 they they PRON cblr-1747 535 17 lend lend VERB cblr-1747 535 18 all all PRON cblr-1747 535 19 of of ADP cblr-1747 535 20 their their PRON cblr-1747 535 21 margin margin NOUN cblr-1747 535 22 securities security NOUN cblr-1747 535 23 . . PUNCT cblr-1747 536 1 110 110 NUM cblr-1747 536 2 17 17 NUM cblr-1747 536 3 c.f.r c.f.r NOUN cblr-1747 536 4 . . PUNCT cblr-1747 537 1 242.203(b 242.203(b NUM cblr-1747 537 2 ) ) PUNCT cblr-1747 537 3 ( ( PUNCT cblr-1747 537 4 2015 2015 NUM cblr-1747 537 5 ) ) PUNCT cblr-1747 537 6 . . PUNCT cblr-1747 538 1 tepe tepe NOUN cblr-1747 538 2 – – PUNCT cblr-1747 538 3 final final ADJ cblr-1747 538 4 860 860 NUM cblr-1747 538 5 columbia columbia PROPN cblr-1747 538 6 business business NOUN cblr-1747 538 7 law law PROPN cblr-1747 538 8 review review NOUN cblr-1747 538 9 [ [ X cblr-1747 538 10 vol vol NOUN cblr-1747 538 11 . . X cblr-1747 538 12 2016 2016 NUM cblr-1747 538 13 broker broker NOUN cblr-1747 538 14 - - PUNCT cblr-1747 538 15 dealers dealer NOUN cblr-1747 538 16 to to PART cblr-1747 538 17 lend lend VERB cblr-1747 538 18 customer customer NOUN cblr-1747 538 19 margin margin NOUN cblr-1747 538 20 securities security NOUN cblr-1747 538 21 increases increase VERB cblr-1747 538 22 the the DET cblr-1747 538 23 liquidity liquidity NOUN cblr-1747 538 24 of of ADP cblr-1747 538 25 the the DET cblr-1747 538 26 securities security NOUN cblr-1747 538 27 lending lending NOUN cblr-1747 538 28 market market NOUN cblr-1747 538 29 and and CCONJ cblr-1747 538 30 decreases decrease VERB cblr-1747 538 31 the the DET cblr-1747 538 32 cost cost NOUN cblr-1747 538 33 of of ADP cblr-1747 538 34 short short ADJ cblr-1747 538 35 selling selling NOUN cblr-1747 538 36 . . PUNCT cblr-1747 539 1 additional additional ADJ cblr-1747 539 2 regulation regulation NOUN cblr-1747 539 3 of of ADP cblr-1747 539 4 lending lend VERB cblr-1747 539 5 customer customer NOUN cblr-1747 539 6 margin margin NOUN cblr-1747 539 7 securities security NOUN cblr-1747 539 8 may may AUX cblr-1747 539 9 not not PART cblr-1747 539 10 be be AUX cblr-1747 539 11 necessary necessary ADJ cblr-1747 539 12 because because SCONJ cblr-1747 539 13 customers customer NOUN cblr-1747 539 14 can can AUX cblr-1747 539 15 opt opt VERB cblr-1747 539 16 into into ADP cblr-1747 539 17 stricter strict ADJ cblr-1747 539 18 requirements requirement NOUN cblr-1747 539 19 on on ADP cblr-1747 539 20 broker broker NOUN cblr-1747 539 21 - - PUNCT cblr-1747 539 22 dealer dealer NOUN cblr-1747 539 23 lending lending NOUN cblr-1747 539 24 of of ADP cblr-1747 539 25 their their PRON cblr-1747 539 26 securities security NOUN cblr-1747 539 27 by by ADP cblr-1747 539 28 not not PART cblr-1747 539 29 using use VERB cblr-1747 539 30 a a DET cblr-1747 539 31 margin margin NOUN cblr-1747 539 32 loan loan NOUN cblr-1747 539 33 and and CCONJ cblr-1747 539 34 instead instead ADV cblr-1747 539 35 holding hold VERB cblr-1747 539 36 only only ADV cblr-1747 539 37 fully fully ADV cblr-1747 539 38 paid pay VERB cblr-1747 539 39 securities security NOUN cblr-1747 539 40 . . PUNCT cblr-1747 540 1 if if SCONJ cblr-1747 540 2 the the DET cblr-1747 540 3 customer customer NOUN cblr-1747 540 4 only only ADV cblr-1747 540 5 held hold VERB cblr-1747 540 6 fully fully ADV cblr-1747 540 7 paid pay VERB cblr-1747 540 8 securities security NOUN cblr-1747 540 9 , , PUNCT cblr-1747 540 10 the the DET cblr-1747 540 11 broker broker NOUN cblr-1747 540 12 - - PUNCT cblr-1747 540 13 dealer dealer NOUN cblr-1747 540 14 would would AUX cblr-1747 540 15 need need VERB cblr-1747 540 16 to to PART cblr-1747 540 17 execute execute VERB cblr-1747 540 18 a a DET cblr-1747 540 19 separate separate ADJ cblr-1747 540 20 written write VERB cblr-1747 540 21 agreement agreement NOUN cblr-1747 540 22 with with ADP cblr-1747 540 23 the the DET cblr-1747 540 24 customer customer NOUN cblr-1747 540 25 if if SCONJ cblr-1747 540 26 it it PRON cblr-1747 540 27 wanted want VERB cblr-1747 540 28 to to PART cblr-1747 540 29 lend lend VERB cblr-1747 540 30 any any PRON cblr-1747 540 31 of of ADP cblr-1747 540 32 the the DET cblr-1747 540 33 customer customer NOUN cblr-1747 540 34 ’s ’s PART cblr-1747 540 35 securities.111 securities.111 PROPN cblr-1747 540 36 however however ADV cblr-1747 540 37 , , PUNCT cblr-1747 540 38 the the DET cblr-1747 540 39 current current ADJ cblr-1747 540 40 paradigm paradigm NOUN cblr-1747 540 41 creates create VERB cblr-1747 540 42 an an DET cblr-1747 540 43 explicit explicit ADJ cblr-1747 540 44 trade trade NOUN cblr-1747 540 45 - - PUNCT cblr-1747 540 46 off off NOUN cblr-1747 540 47 where where SCONJ cblr-1747 540 48 customers customer NOUN cblr-1747 540 49 must must AUX cblr-1747 540 50 exchange exchange VERB cblr-1747 540 51 leverage leverage NOUN cblr-1747 540 52 in in ADP cblr-1747 540 53 order order NOUN cblr-1747 540 54 to to PART cblr-1747 540 55 ensure ensure VERB cblr-1747 540 56 that that SCONJ cblr-1747 540 57 their their PRON cblr-1747 540 58 securities security NOUN cblr-1747 540 59 are be AUX cblr-1747 540 60 always always ADV cblr-1747 540 61 in in ADP cblr-1747 540 62 the the DET cblr-1747 540 63 possession possession NOUN cblr-1747 540 64 and and CCONJ cblr-1747 540 65 control control NOUN cblr-1747 540 66 of of ADP cblr-1747 540 67 their their PRON cblr-1747 540 68 broker broker NOUN cblr-1747 540 69 - - PUNCT cblr-1747 540 70 dealer.112 dealer.112 VERB cblr-1747 540 71 the the DET cblr-1747 540 72 inability inability NOUN cblr-1747 540 73 to to PART cblr-1747 540 74 be be AUX cblr-1747 540 75 leveraged leverage VERB cblr-1747 540 76 and and CCONJ cblr-1747 540 77 simultaneously simultaneously ADV cblr-1747 540 78 retain retain VERB cblr-1747 540 79 constant constant ADJ cblr-1747 540 80 possession possession NOUN cblr-1747 540 81 of of ADP cblr-1747 540 82 securities security NOUN cblr-1747 540 83 and and CCONJ cblr-1747 540 84 shareholder shareholder NOUN cblr-1747 540 85 votes vote NOUN cblr-1747 540 86 is be AUX cblr-1747 540 87 a a DET cblr-1747 540 88 cost cost NOUN cblr-1747 540 89 to to ADP cblr-1747 540 90 customers customer NOUN cblr-1747 540 91 and and CCONJ cblr-1747 540 92 could could AUX cblr-1747 540 93 decrease decrease VERB cblr-1747 540 94 overall overall ADJ cblr-1747 540 95 leverage leverage NOUN cblr-1747 540 96 , , PUNCT cblr-1747 540 97 the the DET cblr-1747 540 98 amount amount NOUN cblr-1747 540 99 of of ADP cblr-1747 540 100 securities security NOUN cblr-1747 540 101 purchased purchase VERB cblr-1747 540 102 , , PUNCT cblr-1747 540 103 and and CCONJ cblr-1747 540 104 equity equity NOUN cblr-1747 540 105 market market NOUN cblr-1747 540 106 liquidity liquidity NOUN cblr-1747 540 107 . . PUNCT cblr-1747 541 1 2 2 X cblr-1747 541 2 . . X cblr-1747 541 3 securities security NOUN cblr-1747 541 4 lending lending NOUN cblr-1747 541 5 counterparty counterparty NOUN cblr-1747 541 6 risks risk NOUN cblr-1747 541 7 and and CCONJ cblr-1747 541 8 customer customer NOUN cblr-1747 541 9 compensation compensation NOUN cblr-1747 541 10 lending lending NOUN cblr-1747 541 11 customer customer NOUN cblr-1747 541 12 margin margin NOUN cblr-1747 541 13 securities security NOUN cblr-1747 541 14 introduces introduce VERB cblr-1747 541 15 new new ADJ cblr-1747 541 16 counterparty counterparty NOUN cblr-1747 541 17 risks risk NOUN cblr-1747 541 18 for for ADP cblr-1747 541 19 customers customer NOUN cblr-1747 541 20 since since SCONJ cblr-1747 541 21 the the DET cblr-1747 541 22 counterparty counterparty NOUN cblr-1747 541 23 that that PRON cblr-1747 541 24 borrowed borrow VERB cblr-1747 541 25 the the DET cblr-1747 541 26 margin margin NOUN cblr-1747 541 27 security security NOUN cblr-1747 541 28 may may AUX cblr-1747 541 29 fail fail VERB cblr-1747 541 30 to to PART cblr-1747 541 31 return return VERB cblr-1747 541 32 the the DET cblr-1747 541 33 customer customer NOUN cblr-1747 541 34 margin margin NOUN cblr-1747 541 35 securities security NOUN cblr-1747 541 36 at at ADP cblr-1747 541 37 the the DET cblr-1747 541 38 end end NOUN cblr-1747 541 39 of of ADP cblr-1747 541 40 the the DET cblr-1747 541 41 loan.113 loan.113 NOUN cblr-1747 541 42 prior prior ADV cblr-1747 541 43 to to ADP cblr-1747 541 44 1998 1998 NUM cblr-1747 541 45 , , PUNCT cblr-1747 541 46 the the DET cblr-1747 541 47 federal federal PROPN cblr-1747 541 48 reserve reserve PROPN cblr-1747 541 49 required require VERB cblr-1747 541 50 that that SCONJ cblr-1747 541 51 broker broker NOUN cblr-1747 541 52 - - PUNCT cblr-1747 541 53 dealers dealer NOUN cblr-1747 541 54 hold hold VERB cblr-1747 541 55 100 100 NUM cblr-1747 541 56 % % NOUN cblr-1747 541 57 collateral collateral NOUN cblr-1747 541 58 against against ADP cblr-1747 541 59 lent lent NOUN cblr-1747 541 60 securities security NOUN cblr-1747 541 61 , , PUNCT cblr-1747 541 62 with with SCONJ cblr-1747 541 63 the the DET cblr-1747 541 64 collateral collateral NOUN cblr-1747 541 65 limited limit VERB cblr-1747 541 66 to to ADP cblr-1747 541 67 cash cash NOUN cblr-1747 541 68 and and CCONJ cblr-1747 541 69 cash cash NOUN cblr-1747 541 70 equivalents.114 equivalents.114 NOUN cblr-1747 541 71 however however ADV cblr-1747 541 72 , , PUNCT cblr-1747 541 73 brokerdealers brokerdealer NOUN cblr-1747 541 74 are be AUX cblr-1747 541 75 no no ADV cblr-1747 541 76 longer long ADV cblr-1747 541 77 required require VERB cblr-1747 541 78 to to PART cblr-1747 541 79 hold hold VERB cblr-1747 541 80 100 100 NUM cblr-1747 541 81 % % NOUN cblr-1747 541 82 collateral collateral NOUN cblr-1747 541 83 against against ADP cblr-1747 541 84 these these DET cblr-1747 541 85 loans loan NOUN cblr-1747 541 86 , , PUNCT cblr-1747 541 87 although although SCONJ cblr-1747 541 88 the the DET cblr-1747 541 89 federal federal PROPN cblr-1747 541 90 reserve reserve PROPN cblr-1747 541 91 explained explain VERB cblr-1747 541 92 , , PUNCT cblr-1747 541 93 111 111 NUM cblr-1747 541 94 see see VERB cblr-1747 541 95 supra supra PROPN cblr-1747 541 96 notes note VERB cblr-1747 541 97 54–56 54–56 NUM cblr-1747 541 98 and and CCONJ cblr-1747 541 99 accompanying accompany VERB cblr-1747 541 100 text text NOUN cblr-1747 541 101 . . PUNCT cblr-1747 542 1 112 112 NUM cblr-1747 542 2 see see VERB cblr-1747 542 3 supra supra PROPN cblr-1747 542 4 note note PROPN cblr-1747 542 5 50 50 NUM cblr-1747 542 6 ( ( PUNCT cblr-1747 542 7 discussing discuss VERB cblr-1747 542 8 how how SCONJ cblr-1747 542 9 purchasing purchase VERB cblr-1747 542 10 securities security NOUN cblr-1747 542 11 on on ADP cblr-1747 542 12 margin margin NOUN cblr-1747 542 13 allows allow VERB cblr-1747 542 14 increased increase VERB cblr-1747 542 15 leverage leverage NOUN cblr-1747 542 16 for for ADP cblr-1747 542 17 the the DET cblr-1747 542 18 customer customer NOUN cblr-1747 542 19 ) ) PUNCT cblr-1747 542 20 . . PUNCT cblr-1747 543 1 113 113 NUM cblr-1747 543 2 see see VERB cblr-1747 543 3 ass'n ass'n PROPN cblr-1747 543 4 of of ADP cblr-1747 543 5 british british ADJ cblr-1747 543 6 insurers insurer NOUN cblr-1747 543 7 et et PROPN cblr-1747 543 8 al al PROPN cblr-1747 543 9 . . PROPN cblr-1747 543 10 , , PUNCT cblr-1747 543 11 supra supra PROPN cblr-1747 543 12 note note VERB cblr-1747 543 13 39 39 NUM cblr-1747 543 14 , , PUNCT cblr-1747 543 15 at at ADP cblr-1747 543 16 4–5 4–5 PROPN cblr-1747 543 17 ( ( PUNCT cblr-1747 543 18 describing describe VERB cblr-1747 543 19 risks risk NOUN cblr-1747 543 20 associated associate VERB cblr-1747 543 21 with with ADP cblr-1747 543 22 securities security NOUN cblr-1747 543 23 lending lending NOUN cblr-1747 543 24 ) ) PUNCT cblr-1747 543 25 . . PUNCT cblr-1747 544 1 114 114 NUM cblr-1747 544 2 securities security NOUN cblr-1747 544 3 credit credit NOUN cblr-1747 544 4 transactions transaction NOUN cblr-1747 544 5 ; ; PUNCT cblr-1747 544 6 borrowing borrow VERB cblr-1747 544 7 by by ADP cblr-1747 544 8 brokers broker NOUN cblr-1747 544 9 and and CCONJ cblr-1747 544 10 dealers dealer NOUN cblr-1747 544 11 , , PUNCT cblr-1747 544 12 63 63 NUM cblr-1747 544 13 fed feed VERB cblr-1747 544 14 . . PUNCT cblr-1747 545 1 reg reg PROPN cblr-1747 545 2 . . PUNCT cblr-1747 546 1 2806 2806 NUM cblr-1747 546 2 , , PUNCT cblr-1747 546 3 2810 2810 NUM cblr-1747 546 4 ( ( PUNCT cblr-1747 546 5 jan jan PROPN cblr-1747 546 6 . . PROPN cblr-1747 546 7 16 16 NUM cblr-1747 546 8 , , PUNCT cblr-1747 546 9 1998 1998 NUM cblr-1747 546 10 ) ) PUNCT cblr-1747 546 11 . . PUNCT cblr-1747 547 1 tepe tepe NOUN cblr-1747 547 2 – – PUNCT cblr-1747 547 3 final final ADJ cblr-1747 547 4 no no NOUN cblr-1747 547 5 . . PUNCT cblr-1747 548 1 3:823 3:823 NUM cblr-1747 548 2 ] ] X cblr-1747 548 3 broker broker NOUN cblr-1747 548 4 - - PUNCT cblr-1747 548 5 dealer dealer NOUN cblr-1747 548 6 “ " PUNCT cblr-1747 548 7 idle idle ADJ cblr-1747 548 8 ” " PUNCT cblr-1747 548 9 customer customer NOUN cblr-1747 548 10 assets asset NOUN cblr-1747 548 11 861 861 NUM cblr-1747 548 12 “ " PUNCT cblr-1747 548 13 the the DET cblr-1747 548 14 board board NOUN cblr-1747 548 15 believes believe VERB cblr-1747 548 16 requiring require VERB cblr-1747 548 17 100 100 NUM cblr-1747 548 18 percent percent NOUN cblr-1747 548 19 liquid liquid ADJ cblr-1747 548 20 collateral collateral NOUN cblr-1747 548 21 is be AUX cblr-1747 548 22 consistent consistent ADJ cblr-1747 548 23 with with ADP cblr-1747 548 24 prudent prudent ADJ cblr-1747 548 25 securities security NOUN cblr-1747 548 26 lending lending NOUN cblr-1747 548 27 practices practice NOUN cblr-1747 548 28 . . PUNCT cblr-1747 548 29 ”115 ”115 PUNCT cblr-1747 548 30 today today NOUN cblr-1747 548 31 , , PUNCT cblr-1747 548 32 the the DET cblr-1747 548 33 sec sec PROPN cblr-1747 548 34 net net ADJ cblr-1747 548 35 capital capital NOUN cblr-1747 548 36 rule rule NOUN cblr-1747 548 37 requires require VERB cblr-1747 548 38 that that SCONJ cblr-1747 548 39 broker broker NOUN cblr-1747 548 40 - - PUNCT cblr-1747 548 41 dealers dealer NOUN cblr-1747 548 42 deduct deduct NOUN cblr-1747 548 43 from from ADP cblr-1747 548 44 net net ADJ cblr-1747 548 45 capital capital NOUN cblr-1747 548 46 the the DET cblr-1747 548 47 market market NOUN cblr-1747 548 48 value value NOUN cblr-1747 548 49 of of ADP cblr-1747 548 50 a a DET cblr-1747 548 51 stock stock NOUN cblr-1747 548 52 loaned loan VERB cblr-1747 548 53 in in ADP cblr-1747 548 54 excess excess NOUN cblr-1747 548 55 of of ADP cblr-1747 548 56 the the DET cblr-1747 548 57 value value NOUN cblr-1747 548 58 of of ADP cblr-1747 548 59 any any DET cblr-1747 548 60 collateral collateral NOUN cblr-1747 549 1 received.116 received.116 VERB cblr-1747 549 2 therefore therefore ADV cblr-1747 549 3 , , PUNCT cblr-1747 549 4 customers customer NOUN cblr-1747 549 5 rely rely VERB cblr-1747 549 6 on on ADP cblr-1747 549 7 any any DET cblr-1747 549 8 collateral collateral NOUN cblr-1747 549 9 received receive VERB cblr-1747 549 10 by by ADP cblr-1747 549 11 their their PRON cblr-1747 549 12 brokerdealer brokerdealer NOUN cblr-1747 549 13 and and CCONJ cblr-1747 549 14 the the DET cblr-1747 549 15 broker broker NOUN cblr-1747 549 16 - - PUNCT cblr-1747 549 17 dealer dealer NOUN cblr-1747 549 18 ’s ’s PART cblr-1747 549 19 net net ADJ cblr-1747 549 20 capital capital NOUN cblr-1747 549 21 to to PART cblr-1747 549 22 reduce reduce VERB cblr-1747 549 23 the the DET cblr-1747 549 24 counterparty counterparty NOUN cblr-1747 549 25 risk risk NOUN cblr-1747 549 26 associated associate VERB cblr-1747 549 27 with with ADP cblr-1747 549 28 the the DET cblr-1747 549 29 lending lending NOUN cblr-1747 549 30 of of ADP cblr-1747 549 31 their their PRON cblr-1747 549 32 margin margin NOUN cblr-1747 549 33 securities security NOUN cblr-1747 549 34 . . PUNCT cblr-1747 550 1 however however ADV cblr-1747 550 2 , , PUNCT cblr-1747 550 3 100 100 NUM cblr-1747 550 4 % % NOUN cblr-1747 550 5 cash cash NOUN cblr-1747 550 6 collateral collateral NOUN cblr-1747 550 7 serves serve VERB cblr-1747 550 8 as as ADP cblr-1747 550 9 better well ADJ cblr-1747 550 10 protection protection NOUN cblr-1747 550 11 than than ADP cblr-1747 550 12 relying rely VERB cblr-1747 550 13 on on ADP cblr-1747 550 14 a a DET cblr-1747 550 15 broker broker NOUN cblr-1747 550 16 - - PUNCT cblr-1747 550 17 dealer dealer NOUN cblr-1747 550 18 ’s ’s PART cblr-1747 550 19 net net ADJ cblr-1747 550 20 capital capital NOUN cblr-1747 550 21 , , PUNCT cblr-1747 550 22 especially especially ADV cblr-1747 550 23 in in ADP cblr-1747 550 24 times time NOUN cblr-1747 550 25 of of ADP cblr-1747 550 26 financial financial ADJ cblr-1747 550 27 stress stress NOUN cblr-1747 550 28 where where SCONJ cblr-1747 550 29 a a DET cblr-1747 550 30 broker broker NOUN cblr-1747 550 31 - - PUNCT cblr-1747 550 32 dealer dealer NOUN cblr-1747 550 33 ’s ’s PART cblr-1747 550 34 net net ADJ cblr-1747 550 35 capital capital NOUN cblr-1747 550 36 is be AUX cblr-1747 550 37 strained strain VERB cblr-1747 550 38 due due ADP cblr-1747 550 39 to to ADP cblr-1747 550 40 financial financial ADJ cblr-1747 550 41 losses loss NOUN cblr-1747 550 42 . . PUNCT cblr-1747 551 1 in in ADP cblr-1747 551 2 extreme extreme ADJ cblr-1747 551 3 financial financial ADJ cblr-1747 551 4 stress stress NOUN cblr-1747 551 5 , , PUNCT cblr-1747 551 6 counterparties counterpartie NOUN cblr-1747 551 7 may may AUX cblr-1747 551 8 not not PART cblr-1747 551 9 be be AUX cblr-1747 551 10 able able ADJ cblr-1747 551 11 to to PART cblr-1747 551 12 return return VERB cblr-1747 551 13 lent lent NOUN cblr-1747 551 14 margin margin NOUN cblr-1747 551 15 securities security NOUN cblr-1747 551 16 , , PUNCT cblr-1747 551 17 and and CCONJ cblr-1747 551 18 broker broker NOUN cblr-1747 551 19 - - PUNCT cblr-1747 551 20 dealers dealer NOUN cblr-1747 551 21 ’ ' PUNCT cblr-1747 551 22 net net ADJ cblr-1747 551 23 capital capital NOUN cblr-1747 551 24 may may AUX cblr-1747 551 25 not not PART cblr-1747 551 26 be be AUX cblr-1747 551 27 able able ADJ cblr-1747 551 28 to to PART cblr-1747 551 29 cover cover VERB cblr-1747 551 30 the the DET cblr-1747 551 31 losses loss NOUN cblr-1747 551 32 to to ADP cblr-1747 551 33 customers customer NOUN cblr-1747 551 34 . . PUNCT cblr-1747 552 1 therefore therefore ADV cblr-1747 552 2 , , PUNCT cblr-1747 552 3 customers customer NOUN cblr-1747 552 4 still still ADV cblr-1747 552 5 bear bear VERB cblr-1747 552 6 some some DET cblr-1747 552 7 counterparty counterparty NOUN cblr-1747 552 8 risk risk NOUN cblr-1747 552 9 . . PUNCT cblr-1747 553 1 customers customer NOUN cblr-1747 553 2 are be AUX cblr-1747 553 3 not not PART cblr-1747 553 4 compensated compensate VERB cblr-1747 553 5 directly directly ADV cblr-1747 553 6 for for ADP cblr-1747 553 7 lending lend VERB cblr-1747 553 8 their their PRON cblr-1747 553 9 margin margin NOUN cblr-1747 553 10 securities security NOUN cblr-1747 553 11 , , PUNCT cblr-1747 553 12 while while SCONJ cblr-1747 553 13 broker broker NOUN cblr-1747 553 14 - - PUNCT cblr-1747 553 15 dealers dealer NOUN cblr-1747 553 16 profit profit VERB cblr-1747 553 17 off off ADP cblr-1747 553 18 these these DET cblr-1747 553 19 loans loan NOUN cblr-1747 553 20 . . PUNCT cblr-1747 554 1 customers customer NOUN cblr-1747 554 2 are be AUX cblr-1747 554 3 likely likely ADV cblr-1747 554 4 unable unable ADJ cblr-1747 554 5 to to PART cblr-1747 554 6 negotiate negotiate VERB cblr-1747 554 7 a a DET cblr-1747 554 8 share share NOUN cblr-1747 554 9 of of ADP cblr-1747 554 10 the the DET cblr-1747 554 11 profits profit NOUN cblr-1747 554 12 derived derive VERB cblr-1747 554 13 from from ADP cblr-1747 554 14 lending lend VERB cblr-1747 554 15 their their PRON cblr-1747 554 16 margin margin NOUN cblr-1747 554 17 securities security NOUN cblr-1747 554 18 because because SCONJ cblr-1747 554 19 they they PRON cblr-1747 554 20 do do AUX cblr-1747 554 21 not not PART cblr-1747 554 22 know know VERB cblr-1747 554 23 how how SCONJ cblr-1747 554 24 often often ADV cblr-1747 554 25 their their PRON cblr-1747 554 26 margin margin NOUN cblr-1747 554 27 securities security NOUN cblr-1747 554 28 are be AUX cblr-1747 554 29 lent.117 lent.117 ADJ cblr-1747 554 30 customer customer NOUN cblr-1747 554 31 statements statement NOUN cblr-1747 554 32 and and CCONJ cblr-1747 554 33 online online ADJ cblr-1747 554 34 account account NOUN cblr-1747 554 35 portals portal NOUN cblr-1747 554 36 do do AUX cblr-1747 554 37 not not PART cblr-1747 554 38 state state VERB cblr-1747 554 39 if if SCONJ cblr-1747 554 40 a a DET cblr-1747 554 41 broker broker NOUN cblr-1747 554 42 - - PUNCT cblr-1747 554 43 dealer dealer NOUN cblr-1747 554 44 has have AUX cblr-1747 554 45 lent lend VERB cblr-1747 554 46 any any DET cblr-1747 554 47 margin margin NOUN cblr-1747 554 48 securities security NOUN cblr-1747 554 49 , , PUNCT cblr-1747 554 50 while while SCONJ cblr-1747 554 51 customers customer NOUN cblr-1747 554 52 retain retain VERB cblr-1747 554 53 the the DET cblr-1747 554 54 ability ability NOUN cblr-1747 554 55 to to PART cblr-1747 554 56 immediately immediately ADV cblr-1747 554 57 sell sell VERB cblr-1747 554 58 all all PRON cblr-1747 554 59 of of ADP cblr-1747 554 60 their their PRON cblr-1747 554 61 margin margin NOUN cblr-1747 554 62 securities security NOUN cblr-1747 554 63 . . PUNCT cblr-1747 555 1 moreover moreover ADV cblr-1747 555 2 , , PUNCT cblr-1747 555 3 customers customer NOUN cblr-1747 555 4 usually usually ADV cblr-1747 555 5 still still ADV cblr-1747 555 6 receive receive VERB cblr-1747 555 7 proxy proxy ADJ cblr-1747 555 8 statements statement NOUN cblr-1747 555 9 as as SCONJ cblr-1747 555 10 if if SCONJ cblr-1747 555 11 the the DET cblr-1747 555 12 broker broker NOUN cblr-1747 555 13 - - PUNCT cblr-1747 555 14 dealer dealer NOUN cblr-1747 555 15 had have VERB cblr-1747 555 16 possession possession NOUN cblr-1747 555 17 and and CCONJ cblr-1747 555 18 control control NOUN cblr-1747 555 19 of of ADP cblr-1747 555 20 their their PRON cblr-1747 555 21 margin margin NOUN cblr-1747 555 22 securities security NOUN cblr-1747 555 23 even even ADV cblr-1747 555 24 if if SCONJ cblr-1747 555 25 the the DET cblr-1747 555 26 broker broker NOUN cblr-1747 555 27 - - PUNCT cblr-1747 555 28 dealer dealer NOUN cblr-1747 555 29 has have AUX cblr-1747 555 30 lent lend VERB cblr-1747 555 31 those those DET cblr-1747 555 32 securities.118 securities.118 NOUN cblr-1747 555 33 therefore therefore ADV cblr-1747 555 34 , , PUNCT cblr-1747 555 35 customers customer NOUN cblr-1747 555 36 may may AUX cblr-1747 555 37 believe believe VERB cblr-1747 555 38 that that SCONJ cblr-1747 555 39 their their PRON cblr-1747 555 40 margin margin NOUN cblr-1747 555 41 securities security NOUN cblr-1747 555 42 are be AUX cblr-1747 555 43 lent lend VERB cblr-1747 555 44 115 115 NUM cblr-1747 555 45 i i PRON cblr-1747 555 46 d. d. PROPN cblr-1747 555 47 116 116 NUM cblr-1747 555 48 17 17 NUM cblr-1747 555 49 c.f.r c.f.r NOUN cblr-1747 555 50 . . PUNCT cblr-1747 556 1 240.15c3 240.15c3 NUM cblr-1747 556 2 - - ADJ cblr-1747 556 3 1(c)(2)(iv)(b 1(c)(2)(iv)(b ADJ cblr-1747 556 4 ) ) PUNCT cblr-1747 556 5 ( ( PUNCT cblr-1747 556 6 2015 2015 NUM cblr-1747 556 7 ) ) PUNCT cblr-1747 556 8 . . PUNCT cblr-1747 557 1 117 117 NUM cblr-1747 557 2 this this DET cblr-1747 557 3 problem problem NOUN cblr-1747 557 4 is be AUX cblr-1747 557 5 exacerbated exacerbate VERB cblr-1747 557 6 by by ADP cblr-1747 557 7 the the DET cblr-1747 557 8 fact fact NOUN cblr-1747 557 9 that that SCONJ cblr-1747 557 10 broker broker NOUN cblr-1747 557 11 - - PUNCT cblr-1747 557 12 dealers dealer NOUN cblr-1747 557 13 do do AUX cblr-1747 557 14 not not PART cblr-1747 557 15 know know VERB cblr-1747 557 16 which which DET cblr-1747 557 17 customer customer NOUN cblr-1747 557 18 ’s ’s PART cblr-1747 557 19 securities security NOUN cblr-1747 557 20 they they PRON cblr-1747 557 21 have have AUX cblr-1747 557 22 lent lend VERB cblr-1747 557 23 since since SCONJ cblr-1747 557 24 broker broker NOUN cblr-1747 557 25 - - PUNCT cblr-1747 557 26 dealers dealer NOUN cblr-1747 557 27 hold hold VERB cblr-1747 557 28 and and CCONJ cblr-1747 557 29 lend lend VERB cblr-1747 557 30 customer customer NOUN cblr-1747 557 31 margin margin NOUN cblr-1747 557 32 securities security NOUN cblr-1747 557 33 in in ADP cblr-1747 557 34 fungible fungible ADJ cblr-1747 557 35 bulk bulk NOUN cblr-1747 557 36 . . PUNCT cblr-1747 558 1 see see VERB cblr-1747 558 2 supra supra PROPN cblr-1747 558 3 notes note VERB cblr-1747 558 4 58 58 NUM cblr-1747 558 5 – – PUNCT cblr-1747 558 6 62 62 NUM cblr-1747 558 7 and and CCONJ cblr-1747 558 8 accompanying accompany VERB cblr-1747 558 9 text text NOUN cblr-1747 558 10 . . PUNCT cblr-1747 559 1 118 118 NUM cblr-1747 559 2 see see VERB cblr-1747 559 3 supra supra PROPN cblr-1747 559 4 notes note NOUN cblr-1747 559 5 76–78 76–78 NUM cblr-1747 559 6 and and CCONJ cblr-1747 559 7 accompanying accompany VERB cblr-1747 559 8 text text NOUN cblr-1747 559 9 . . PUNCT cblr-1747 560 1 tepe tepe NOUN cblr-1747 560 2 – – PUNCT cblr-1747 560 3 final final ADJ cblr-1747 560 4 862 862 NUM cblr-1747 560 5 columbia columbia PROPN cblr-1747 560 6 business business NOUN cblr-1747 560 7 law law PROPN cblr-1747 560 8 review review NOUN cblr-1747 561 1 [ [ X cblr-1747 561 2 vol vol NOUN cblr-1747 561 3 . . PUNCT cblr-1747 561 4 2016 2016 NUM cblr-1747 561 5 much much ADV cblr-1747 561 6 less less ADV cblr-1747 561 7 frequently frequently ADV cblr-1747 561 8 than than SCONJ cblr-1747 561 9 they they PRON cblr-1747 561 10 are be AUX cblr-1747 561 11 and and CCONJ cblr-1747 561 12 may may AUX cblr-1747 561 13 underestimate underestimate VERB cblr-1747 561 14 the the DET cblr-1747 561 15 costs cost NOUN cblr-1747 561 16 associated associate VERB cblr-1747 561 17 with with ADP cblr-1747 561 18 the the DET cblr-1747 561 19 lending lending NOUN cblr-1747 561 20 of of ADP cblr-1747 561 21 their their PRON cblr-1747 561 22 securities.119 securities.119 ADJ cblr-1747 561 23 customers customer NOUN cblr-1747 561 24 may may AUX cblr-1747 561 25 indirectly indirectly ADV cblr-1747 561 26 profit profit VERB cblr-1747 561 27 from from ADP cblr-1747 561 28 the the DET cblr-1747 561 29 lending lending NOUN cblr-1747 561 30 of of ADP cblr-1747 561 31 their their PRON cblr-1747 561 32 margin margin NOUN cblr-1747 561 33 securities security NOUN cblr-1747 561 34 through through ADP cblr-1747 561 35 lower low ADJ cblr-1747 561 36 commissions commission NOUN cblr-1747 561 37 and and CCONJ cblr-1747 561 38 lower low ADJ cblr-1747 561 39 interest interest NOUN cblr-1747 561 40 rates rate NOUN cblr-1747 561 41 on on ADP cblr-1747 561 42 margin margin NOUN cblr-1747 561 43 loans loan NOUN cblr-1747 561 44 . . PUNCT cblr-1747 562 1 in in ADP cblr-1747 562 2 a a DET cblr-1747 562 3 perfectly perfectly ADV cblr-1747 562 4 competitive competitive ADJ cblr-1747 562 5 market market NOUN cblr-1747 562 6 in in ADP cblr-1747 562 7 which which PRON cblr-1747 562 8 broker broker NOUN cblr-1747 562 9 - - PUNCT cblr-1747 562 10 dealers dealer NOUN cblr-1747 562 11 compete compete VERB cblr-1747 562 12 for for ADP cblr-1747 562 13 margin margin NOUN cblr-1747 562 14 loan loan NOUN cblr-1747 562 15 customers customer NOUN cblr-1747 562 16 largely largely ADV cblr-1747 562 17 based base VERB cblr-1747 562 18 on on ADP cblr-1747 562 19 margin margin NOUN cblr-1747 562 20 loan loan NOUN cblr-1747 562 21 interest interest NOUN cblr-1747 562 22 rates rate NOUN cblr-1747 562 23 , , PUNCT cblr-1747 562 24 broker broker NOUN cblr-1747 562 25 - - PUNCT cblr-1747 562 26 dealers dealer NOUN cblr-1747 562 27 should should AUX cblr-1747 562 28 decrease decrease VERB cblr-1747 562 29 the the DET cblr-1747 562 30 interest interest NOUN cblr-1747 562 31 charged charge VERB cblr-1747 562 32 on on ADP cblr-1747 562 33 margin margin NOUN cblr-1747 562 34 loans loan NOUN cblr-1747 562 35 by by ADP cblr-1747 562 36 the the DET cblr-1747 562 37 amount amount NOUN cblr-1747 562 38 they they PRON cblr-1747 562 39 can can AUX cblr-1747 562 40 profit profit VERB cblr-1747 562 41 from from ADP cblr-1747 562 42 lending lend VERB cblr-1747 562 43 margin margin NOUN cblr-1747 562 44 securities security NOUN cblr-1747 562 45 . . PUNCT cblr-1747 563 1 however however ADV cblr-1747 563 2 , , PUNCT cblr-1747 563 3 broker broker NOUN cblr-1747 563 4 - - PUNCT cblr-1747 563 5 dealers dealer NOUN cblr-1747 563 6 likely likely ADV cblr-1747 563 7 do do AUX cblr-1747 563 8 not not PART cblr-1747 563 9 pass pass VERB cblr-1747 563 10 all all PRON cblr-1747 563 11 of of ADP cblr-1747 563 12 the the DET cblr-1747 563 13 profits profit NOUN cblr-1747 563 14 from from ADP cblr-1747 563 15 lending lend VERB cblr-1747 563 16 margin margin NOUN cblr-1747 563 17 securities security NOUN cblr-1747 563 18 to to ADP cblr-1747 563 19 customers customer NOUN cblr-1747 563 20 in in ADP cblr-1747 563 21 part part NOUN cblr-1747 563 22 because because SCONJ cblr-1747 563 23 customers customer NOUN cblr-1747 563 24 probably probably ADV cblr-1747 563 25 underestimate underestimate VERB cblr-1747 563 26 the the DET cblr-1747 563 27 amount amount NOUN cblr-1747 563 28 that that PRON cblr-1747 563 29 their their PRON cblr-1747 563 30 margin margin NOUN cblr-1747 563 31 securities security NOUN cblr-1747 563 32 are be AUX cblr-1747 563 33 lent lend VERB cblr-1747 563 34 . . PUNCT cblr-1747 564 1 therefore therefore ADV cblr-1747 564 2 , , PUNCT cblr-1747 564 3 customers customer NOUN cblr-1747 564 4 bear bear VERB cblr-1747 564 5 uncompensated uncompensated ADJ cblr-1747 564 6 counterparty counterparty NOUN cblr-1747 564 7 risk risk NOUN cblr-1747 564 8 . . PUNCT cblr-1747 565 1 the the DET cblr-1747 565 2 facts fact NOUN cblr-1747 565 3 that that SCONJ cblr-1747 565 4 customers customer NOUN cblr-1747 565 5 bear bear VERB cblr-1747 565 6 such such ADJ cblr-1747 565 7 risk risk NOUN cblr-1747 565 8 and and CCONJ cblr-1747 565 9 broker broker NOUN cblr-1747 565 10 - - PUNCT cblr-1747 565 11 dealers dealer NOUN cblr-1747 565 12 have have VERB cblr-1747 565 13 the the DET cblr-1747 565 14 incentive incentive NOUN cblr-1747 565 15 to to PART cblr-1747 565 16 lend lend VERB cblr-1747 565 17 all all DET cblr-1747 565 18 customer customer NOUN cblr-1747 565 19 margin margin NOUN cblr-1747 565 20 securities security NOUN cblr-1747 565 21 mean mean VERB cblr-1747 565 22 that that SCONJ cblr-1747 565 23 customers customer NOUN cblr-1747 565 24 may may AUX cblr-1747 565 25 be be AUX cblr-1747 565 26 exposed expose VERB cblr-1747 565 27 to to ADP cblr-1747 565 28 more more ADJ cblr-1747 565 29 counterparty counterparty NOUN cblr-1747 565 30 risk risk NOUN cblr-1747 565 31 than than SCONJ cblr-1747 565 32 they they PRON cblr-1747 565 33 prefer prefer VERB cblr-1747 565 34 . . PUNCT cblr-1747 566 1 moreover moreover ADV cblr-1747 566 2 , , PUNCT cblr-1747 566 3 the the DET cblr-1747 566 4 fact fact NOUN cblr-1747 566 5 that that SCONJ cblr-1747 566 6 broker broker NOUN cblr-1747 566 7 - - PUNCT cblr-1747 566 8 dealers dealer NOUN cblr-1747 566 9 retain retain VERB cblr-1747 566 10 some some DET cblr-1747 566 11 profits profit NOUN cblr-1747 566 12 from from ADP cblr-1747 566 13 lending lend VERB cblr-1747 566 14 customer customer NOUN cblr-1747 566 15 securities security NOUN cblr-1747 566 16 contravenes contravene VERB cblr-1747 566 17 the the DET cblr-1747 566 18 first first ADJ cblr-1747 566 19 stated state VERB cblr-1747 566 20 goal goal NOUN cblr-1747 566 21 of of ADP cblr-1747 566 22 rule rule NOUN cblr-1747 566 23 15c3 15c3 NUM cblr-1747 566 24 - - SYM cblr-1747 566 25 3.120 3.120 NUM cblr-1747 566 26 the the DET cblr-1747 566 27 sec sec PROPN cblr-1747 566 28 specifically specifically ADV cblr-1747 566 29 stated state VERB cblr-1747 566 30 that that SCONJ cblr-1747 566 31 revenue revenue NOUN cblr-1747 566 32 that that PRON cblr-1747 566 33 is be AUX cblr-1747 566 34 realized realize VERB cblr-1747 566 35 through through ADP cblr-1747 566 36 the the DET cblr-1747 566 37 lending lending NOUN cblr-1747 566 38 of of ADP cblr-1747 566 39 customer customer NOUN cblr-1747 566 40 securities security NOUN cblr-1747 566 41 should should AUX cblr-1747 566 42 either either CCONJ cblr-1747 566 43 be be AUX cblr-1747 566 44 used use VERB cblr-1747 566 45 to to PART cblr-1747 566 46 cover cover VERB cblr-1747 566 47 the the DET cblr-1747 566 48 costs cost NOUN cblr-1747 566 49 of of ADP cblr-1747 566 50 servicing service VERB cblr-1747 566 51 customers customer NOUN cblr-1747 566 52 or or CCONJ cblr-1747 566 53 it it PRON cblr-1747 566 54 should should AUX cblr-1747 566 55 be be AUX cblr-1747 566 56 returned return VERB cblr-1747 566 57 to to ADP cblr-1747 566 58 customers customer NOUN cblr-1747 566 59 by by ADP cblr-1747 566 60 depositing deposit VERB cblr-1747 566 61 the the DET cblr-1747 566 62 cash cash NOUN cblr-1747 566 63 in in ADP cblr-1747 566 64 the the DET cblr-1747 566 65 special special ADJ cblr-1747 566 66 reserve reserve NOUN cblr-1747 566 67 account.121 account.121 ADP cblr-1747 566 68 the the DET cblr-1747 566 69 fact fact NOUN cblr-1747 566 70 that that SCONJ cblr-1747 566 71 broker broker NOUN cblr-1747 566 72 - - PUNCT cblr-1747 566 73 dealers dealer NOUN cblr-1747 566 74 profit profit NOUN cblr-1747 566 75 off off ADP cblr-1747 566 76 of of ADP cblr-1747 566 77 lending lend VERB cblr-1747 566 78 customer customer NOUN cblr-1747 566 79 margin margin NOUN cblr-1747 566 80 securities security NOUN cblr-1747 566 81 undermines undermine VERB cblr-1747 566 82 both both CCONJ cblr-1747 566 83 this this DET cblr-1747 566 84 first first ADV cblr-1747 566 85 stated state VERB cblr-1747 566 86 goal goal NOUN cblr-1747 566 87 of of ADP cblr-1747 566 88 rule rule NOUN cblr-1747 566 89 119 119 NUM cblr-1747 566 90 kahan kahan PROPN cblr-1747 566 91 & & CCONJ cblr-1747 566 92 rock rock PROPN cblr-1747 566 93 , , PUNCT cblr-1747 566 94 supra supra PROPN cblr-1747 566 95 note note PROPN cblr-1747 566 96 8 8 NUM cblr-1747 566 97 , , PUNCT cblr-1747 566 98 at at ADP cblr-1747 566 99 1273 1273 NUM cblr-1747 566 100 ( ( PUNCT cblr-1747 566 101 describing describe VERB cblr-1747 566 102 margin margin NOUN cblr-1747 566 103 - - PUNCT cblr-1747 566 104 account account NOUN cblr-1747 566 105 holders holder NOUN cblr-1747 566 106 as as ADP cblr-1747 566 107 “ " PUNCT cblr-1747 566 108 blissfully blissfully ADV cblr-1747 566 109 unaware unaware ADJ cblr-1747 566 110 whether whether SCONJ cblr-1747 566 111 and and CCONJ cblr-1747 566 112 how how SCONJ cblr-1747 566 113 often often ADV cblr-1747 566 114 their their PRON cblr-1747 566 115 shares share NOUN cblr-1747 566 116 are be AUX cblr-1747 566 117 lent lend VERB cblr-1747 566 118 out out ADP cblr-1747 566 119 ” " PUNCT cblr-1747 566 120 ) ) PUNCT cblr-1747 566 121 . . PUNCT cblr-1747 567 1 120 120 NUM cblr-1747 567 2 see see VERB cblr-1747 567 3 supra supra PROPN cblr-1747 567 4 note note NOUN cblr-1747 567 5 16 16 NUM cblr-1747 567 6 and and CCONJ cblr-1747 567 7 accompanying accompany VERB cblr-1747 567 8 text text NOUN cblr-1747 567 9 ( ( PUNCT cblr-1747 567 10 explaining explain VERB cblr-1747 567 11 the the DET cblr-1747 567 12 first first ADJ cblr-1747 567 13 sec sec PROPN cblr-1747 567 14 goal goal NOUN cblr-1747 567 15 in in ADP cblr-1747 567 16 adopting adopt VERB cblr-1747 567 17 rule rule NOUN cblr-1747 567 18 15c3 15c3 NUM cblr-1747 567 19 - - SYM cblr-1747 567 20 3 3 NUM cblr-1747 567 21 as as ADP cblr-1747 567 22 insuring insure VERB cblr-1747 567 23 that that PRON cblr-1747 567 24 , , PUNCT cblr-1747 567 25 “ " PUNCT cblr-1747 567 26 customer customer NOUN cblr-1747 567 27 funds fund NOUN cblr-1747 567 28 held hold VERB cblr-1747 567 29 by by ADP cblr-1747 567 30 a a DET cblr-1747 567 31 broker broker NOUN cblr-1747 567 32 - - PUNCT cblr-1747 567 33 dealer dealer NOUN cblr-1747 567 34 . . PUNCT cblr-1747 567 35 . . PUNCT cblr-1747 567 36 . . PUNCT cblr-1747 568 1 and and CCONJ cblr-1747 568 2 the the DET cblr-1747 568 3 cash cash NOUN cblr-1747 568 4 which which PRON cblr-1747 568 5 is be AUX cblr-1747 568 6 realized realize VERB cblr-1747 568 7 through through ADP cblr-1747 568 8 the the DET cblr-1747 568 9 lending lending NOUN cblr-1747 568 10 , , PUNCT cblr-1747 568 11 hypothecation hypothecation NOUN cblr-1747 568 12 and and CCONJ cblr-1747 568 13 other other ADJ cblr-1747 568 14 permissible permissible ADJ cblr-1747 568 15 uses use NOUN cblr-1747 568 16 of of ADP cblr-1747 568 17 customers customer NOUN cblr-1747 568 18 ’ ' PUNCT cblr-1747 568 19 securities security NOUN cblr-1747 568 20 are be AUX cblr-1747 568 21 deployed deploy VERB cblr-1747 568 22 in in ADP cblr-1747 568 23 safe safe ADJ cblr-1747 568 24 areas area NOUN cblr-1747 568 25 of of ADP cblr-1747 568 26 the the DET cblr-1747 568 27 broker broker NOUN cblr-1747 568 28 - - PUNCT cblr-1747 568 29 dealer dealer NOUN cblr-1747 568 30 ’s ’s PART cblr-1747 568 31 business business NOUN cblr-1747 568 32 related relate VERB cblr-1747 568 33 to to ADP cblr-1747 568 34 servicing service VERB cblr-1747 568 35 his his PRON cblr-1747 568 36 customers customer NOUN cblr-1747 568 37 , , PUNCT cblr-1747 568 38 or or CCONJ cblr-1747 568 39 to to ADP cblr-1747 568 40 the the DET cblr-1747 568 41 extent extent NOUN cblr-1747 568 42 that that SCONJ cblr-1747 568 43 the the DET cblr-1747 568 44 funds fund NOUN cblr-1747 568 45 are be AUX cblr-1747 568 46 not not PART cblr-1747 568 47 deployed deploy VERB cblr-1747 568 48 in in ADP cblr-1747 568 49 these these DET cblr-1747 568 50 limited limited ADJ cblr-1747 568 51 areas area NOUN cblr-1747 568 52 , , PUNCT cblr-1747 568 53 that that SCONJ cblr-1747 568 54 they they PRON cblr-1747 568 55 be be AUX cblr-1747 568 56 deposited deposit VERB cblr-1747 568 57 in in ADP cblr-1747 568 58 a a DET cblr-1747 568 59 reserve reserve PROPN cblr-1747 568 60 bank bank PROPN cblr-1747 568 61 account account NOUN cblr-1747 568 62 . . PUNCT cblr-1747 568 63 ” " PUNCT cblr-1747 568 64 ) ) PUNCT cblr-1747 568 65 . . PUNCT cblr-1747 569 1 121 121 NUM cblr-1747 569 2 i i PROPN cblr-1747 569 3 d. d. PROPN cblr-1747 569 4 tepe tepe PROPN cblr-1747 569 5 – – PUNCT cblr-1747 569 6 final final ADJ cblr-1747 569 7 no no NOUN cblr-1747 569 8 . . PUNCT cblr-1747 570 1 3:823 3:823 NUM cblr-1747 570 2 ] ] X cblr-1747 570 3 broker broker NOUN cblr-1747 570 4 - - PUNCT cblr-1747 570 5 dealer dealer NOUN cblr-1747 570 6 “ " PUNCT cblr-1747 570 7 idle idle ADJ cblr-1747 570 8 ” " PUNCT cblr-1747 570 9 customer customer NOUN cblr-1747 570 10 assets asset NOUN cblr-1747 570 11 863 863 NUM cblr-1747 570 12 15c3 15c3 NUM cblr-1747 570 13 - - SYM cblr-1747 570 14 3 3 NUM cblr-1747 570 15 and and CCONJ cblr-1747 570 16 customer customer NOUN cblr-1747 570 17 protection protection NOUN cblr-1747 570 18 by by ADP cblr-1747 570 19 forcing force VERB cblr-1747 570 20 customers customer NOUN cblr-1747 570 21 to to PART cblr-1747 570 22 bear bear VERB cblr-1747 570 23 uncompensated uncompensated ADJ cblr-1747 570 24 counterparty counterparty NOUN cblr-1747 570 25 risk risk NOUN cblr-1747 570 26 . . PUNCT cblr-1747 571 1 3 3 X cblr-1747 571 2 . . X cblr-1747 571 3 securities security NOUN cblr-1747 571 4 lending lend VERB cblr-1747 571 5 systemic systemic ADJ cblr-1747 571 6 risks risk NOUN cblr-1747 571 7 economic economic ADJ cblr-1747 571 8 literature literature NOUN cblr-1747 571 9 has have AUX cblr-1747 571 10 explored explore VERB cblr-1747 571 11 the the DET cblr-1747 571 12 systemic systemic ADJ cblr-1747 571 13 risks risk NOUN cblr-1747 571 14 associated associate VERB cblr-1747 571 15 with with ADP cblr-1747 571 16 securities security NOUN cblr-1747 571 17 lending lending NOUN cblr-1747 571 18 generally.122 generally.122 PROPN cblr-1747 571 19 securities security NOUN cblr-1747 571 20 lenders lender NOUN cblr-1747 571 21 receive receive VERB cblr-1747 571 22 collateral collateral NOUN cblr-1747 571 23 in in ADP cblr-1747 571 24 exchange exchange NOUN cblr-1747 571 25 for for ADP cblr-1747 571 26 the the DET cblr-1747 571 27 lent lent NOUN cblr-1747 571 28 securities security NOUN cblr-1747 571 29 and and CCONJ cblr-1747 571 30 are be AUX cblr-1747 571 31 allowed allow VERB cblr-1747 571 32 to to PART cblr-1747 571 33 reinvest reinvest VERB cblr-1747 571 34 this this DET cblr-1747 571 35 collateral.123 collateral.123 NOUN cblr-1747 571 36 most most ADJ cblr-1747 571 37 securities security NOUN cblr-1747 571 38 lending lending NOUN cblr-1747 571 39 transactions transaction NOUN cblr-1747 571 40 are be AUX cblr-1747 571 41 “ " PUNCT cblr-1747 571 42 open open ADJ cblr-1747 571 43 , , PUNCT cblr-1747 571 44 ” " PUNCT cblr-1747 571 45 meaning mean VERB cblr-1747 571 46 either either CCONJ cblr-1747 571 47 party party NOUN cblr-1747 571 48 can can AUX cblr-1747 571 49 decide decide VERB cblr-1747 571 50 to to PART cblr-1747 571 51 terminate terminate VERB cblr-1747 571 52 the the DET cblr-1747 571 53 loan loan NOUN cblr-1747 571 54 on on ADP cblr-1747 571 55 demand.124 demand.124 PROPN cblr-1747 571 56 therefore therefore ADV cblr-1747 571 57 , , PUNCT cblr-1747 571 58 reinvestment reinvestment NOUN cblr-1747 571 59 of of ADP cblr-1747 571 60 collateral collateral NOUN cblr-1747 571 61 into into ADP cblr-1747 571 62 longer long ADJ cblr-1747 571 63 - - PUNCT cblr-1747 571 64 term term NOUN cblr-1747 571 65 and and CCONJ cblr-1747 571 66 more more ADJ cblr-1747 571 67 illiquid illiquid ADJ cblr-1747 571 68 assets asset NOUN cblr-1747 571 69 can can AUX cblr-1747 571 70 cause cause VERB cblr-1747 571 71 a a DET cblr-1747 571 72 liquidity liquidity NOUN cblr-1747 571 73 mismatch mismatch NOUN cblr-1747 571 74 that that PRON cblr-1747 571 75 may may AUX cblr-1747 571 76 increase increase VERB cblr-1747 571 77 systemic systemic ADJ cblr-1747 571 78 risk.125 risk.125 VERB cblr-1747 571 79 in in ADP cblr-1747 571 80 times time NOUN cblr-1747 571 81 of of ADP cblr-1747 571 82 financial financial ADJ cblr-1747 571 83 stress stress NOUN cblr-1747 571 84 and and CCONJ cblr-1747 571 85 market market NOUN cblr-1747 571 86 deleveraging deleveraging NOUN cblr-1747 571 87 , , PUNCT cblr-1747 571 88 securities security NOUN cblr-1747 571 89 borrowers borrower NOUN cblr-1747 571 90 will will AUX cblr-1747 571 91 likely likely ADV cblr-1747 571 92 return return VERB cblr-1747 571 93 borrowed borrow VERB cblr-1747 571 94 securities security NOUN cblr-1747 571 95 and and CCONJ cblr-1747 571 96 demand demand VERB cblr-1747 571 97 their their PRON cblr-1747 571 98 cash cash NOUN cblr-1747 571 99 collateral collateral NOUN cblr-1747 571 100 back back ADV cblr-1747 571 101 from from ADP cblr-1747 571 102 the the DET cblr-1747 571 103 lender.126 lender.126 NOUN cblr-1747 571 104 the the DET cblr-1747 571 105 lender lender NOUN cblr-1747 571 106 may may AUX cblr-1747 571 107 be be AUX cblr-1747 571 108 unable unable ADJ cblr-1747 571 109 to to PART cblr-1747 571 110 liquidate liquidate VERB cblr-1747 571 111 the the DET cblr-1747 571 112 invested invest VERB cblr-1747 571 113 collateral collateral NOUN cblr-1747 571 114 for for ADP cblr-1747 571 115 the the DET cblr-1747 571 116 full full ADJ cblr-1747 571 117 amount amount NOUN cblr-1747 571 118 owed owe VERB cblr-1747 571 119 and and CCONJ cblr-1747 571 120 therefore therefore ADV cblr-1747 571 121 would would AUX cblr-1747 571 122 take take VERB cblr-1747 571 123 losses loss NOUN cblr-1747 571 124 in in ADP cblr-1747 571 125 order order NOUN cblr-1747 571 126 to to PART cblr-1747 571 127 return return VERB cblr-1747 571 128 the the DET cblr-1747 571 129 full full ADJ cblr-1747 571 130 amount amount NOUN cblr-1747 571 131 of of ADP cblr-1747 571 132 collateral collateral NOUN cblr-1747 571 133 to to ADP cblr-1747 571 134 the the DET cblr-1747 571 135 borrower.127 borrower.127 NOUN cblr-1747 571 136 decreases decrease VERB cblr-1747 571 137 in in ADP cblr-1747 571 138 the the DET cblr-1747 571 139 value value NOUN cblr-1747 571 140 of of ADP cblr-1747 571 141 the the DET cblr-1747 571 142 assets asset NOUN cblr-1747 571 143 in in ADP cblr-1747 571 144 which which PRON cblr-1747 571 145 the the DET cblr-1747 571 146 lender lender NOUN cblr-1747 571 147 reinvested reinveste VERB cblr-1747 571 148 the the DET cblr-1747 571 149 collateral collateral NOUN cblr-1747 571 150 would would AUX cblr-1747 571 151 122 122 NUM cblr-1747 571 152 see see VERB cblr-1747 571 153 , , PUNCT cblr-1747 571 154 e.g. e.g. ADV cblr-1747 571 155 , , PUNCT cblr-1747 571 156 gary gary PROPN cblr-1747 571 157 gorton gorton PROPN cblr-1747 571 158 & & CCONJ cblr-1747 571 159 andrew andrew PROPN cblr-1747 571 160 metrick metrick PROPN cblr-1747 571 161 , , PUNCT cblr-1747 571 162 securitized securitized ADJ cblr-1747 571 163 banking banking NOUN cblr-1747 571 164 and and CCONJ cblr-1747 571 165 the the DET cblr-1747 571 166 run run NOUN cblr-1747 571 167 on on ADP cblr-1747 571 168 repo repo NOUN cblr-1747 571 169 , , PUNCT cblr-1747 571 170 104 104 NUM cblr-1747 571 171 j. j. PROPN cblr-1747 571 172 fin fin PROPN cblr-1747 571 173 . . PUNCT cblr-1747 571 174 econ econ PROPN cblr-1747 571 175 . . PUNCT cblr-1747 572 1 425 425 NUM cblr-1747 572 2 ( ( PUNCT cblr-1747 572 3 2012 2012 NUM cblr-1747 572 4 ) ) PUNCT cblr-1747 572 5 ; ; PUNCT cblr-1747 573 1 frank frank PROPN cblr-1747 573 2 m. m. PROPN cblr-1747 573 3 keane keane PROPN cblr-1747 573 4 , , PUNCT cblr-1747 573 5 securities security NOUN cblr-1747 573 6 loans loan NOUN cblr-1747 573 7 collateralized collateralize VERB cblr-1747 573 8 by by ADP cblr-1747 573 9 cash cash NOUN cblr-1747 573 10 : : PUNCT cblr-1747 573 11 reinvestment reinvestment NOUN cblr-1747 573 12 risk risk NOUN cblr-1747 573 13 , , PUNCT cblr-1747 573 14 run run VERB cblr-1747 573 15 risk risk NOUN cblr-1747 573 16 , , PUNCT cblr-1747 573 17 and and CCONJ cblr-1747 573 18 incentive incentive NOUN cblr-1747 573 19 issues issue NOUN cblr-1747 573 20 , , PUNCT cblr-1747 573 21 19 19 NUM cblr-1747 573 22 current current ADJ cblr-1747 573 23 issues issue NOUN cblr-1747 573 24 in in ADP cblr-1747 573 25 econ econ PROPN cblr-1747 573 26 . . PUNCT cblr-1747 573 27 & & CCONJ cblr-1747 573 28 fin fin PROPN cblr-1747 573 29 . . PROPN cblr-1747 574 1 1 1 NUM cblr-1747 574 2 ( ( PUNCT cblr-1747 574 3 2013 2013 NUM cblr-1747 574 4 ) ) PUNCT cblr-1747 574 5 ; ; PUNCT cblr-1747 574 6 tobias tobias PROPN cblr-1747 574 7 adrian adrian PROPN cblr-1747 574 8 et et PROPN cblr-1747 574 9 al al PROPN cblr-1747 574 10 . . PROPN cblr-1747 574 11 , , PUNCT cblr-1747 574 12 federal federal PROPN cblr-1747 574 13 reserve reserve PROPN cblr-1747 574 14 bank bank PROPN cblr-1747 574 15 of of ADP cblr-1747 574 16 new new PROPN cblr-1747 574 17 york york PROPN cblr-1747 574 18 staff staff NOUN cblr-1747 574 19 reports report VERB cblr-1747 574 20 , , PUNCT cblr-1747 574 21 repo repo NOUN cblr-1747 574 22 and and CCONJ cblr-1747 574 23 securities security NOUN cblr-1747 574 24 lending lending NOUN cblr-1747 574 25 , , PUNCT cblr-1747 574 26 staff staff NOUN cblr-1747 574 27 report report NOUN cblr-1747 574 28 no no INTJ cblr-1747 574 29 . . PUNCT cblr-1747 575 1 529 529 NUM cblr-1747 575 2 ( ( PUNCT cblr-1747 575 3 2013 2013 NUM cblr-1747 575 4 ) ) PUNCT cblr-1747 575 5 , , PUNCT cblr-1747 575 6 https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr5 https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr5 PROPN cblr-1747 575 7 29.pdf 29.pdf PROPN cblr-1747 575 8 [ [ X cblr-1747 575 9 https://perma.cc/8t44-ncw5 https://perma.cc/8t44-ncw5 X cblr-1747 575 10 ] ] X cblr-1747 575 11 ; ; PUNCT cblr-1747 575 12 tobias tobias PROPN cblr-1747 575 13 adrian adrian PROPN cblr-1747 575 14 & & CCONJ cblr-1747 575 15 adam adam PROPN cblr-1747 575 16 b. b. PROPN cblr-1747 575 17 ashcraft ashcraft PROPN cblr-1747 575 18 , , PUNCT cblr-1747 575 19 fed fed PROPN cblr-1747 575 20 . . PROPN cblr-1747 575 21 reserve reserve PROPN cblr-1747 575 22 bank bank PROPN cblr-1747 575 23 of of ADP cblr-1747 575 24 new new PROPN cblr-1747 575 25 york york PROPN cblr-1747 575 26 , , PUNCT cblr-1747 575 27 shadow shadow NOUN cblr-1747 575 28 banking banking NOUN cblr-1747 575 29 : : PUNCT cblr-1747 575 30 a a DET cblr-1747 575 31 review review NOUN cblr-1747 575 32 of of ADP cblr-1747 575 33 the the DET cblr-1747 575 34 literature literature NOUN cblr-1747 575 35 , , PUNCT cblr-1747 575 36 staff staff NOUN cblr-1747 575 37 report report NOUN cblr-1747 575 38 no no INTJ cblr-1747 575 39 . . PUNCT cblr-1747 576 1 580 580 NUM cblr-1747 576 2 ( ( PUNCT cblr-1747 576 3 2012 2012 NUM cblr-1747 576 4 ) ) PUNCT cblr-1747 576 5 , , PUNCT cblr-1747 576 6 https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr5 https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr5 PROPN cblr-1747 576 7 80.pdf 80.pdf PROPN cblr-1747 576 8 . . PUNCT cblr-1747 577 1 [ [ X cblr-1747 577 2 https://perma.cc/77pt-6fqa https://perma.cc/77pt-6fqa X cblr-1747 577 3 ] ] X cblr-1747 577 4 . . PUNCT cblr-1747 578 1 123 123 NUM cblr-1747 578 2 adrian adrian PROPN cblr-1747 578 3 et et PROPN cblr-1747 578 4 al al PROPN cblr-1747 578 5 . . PROPN cblr-1747 578 6 , , PUNCT cblr-1747 578 7 supra supra PROPN cblr-1747 578 8 note note VERB cblr-1747 578 9 122 122 NUM cblr-1747 578 10 , , PUNCT cblr-1747 578 11 at at ADP cblr-1747 578 12 1 1 NUM cblr-1747 578 13 ; ; PUNCT cblr-1747 578 14 keane keane PROPN cblr-1747 578 15 , , PUNCT cblr-1747 578 16 supra supra PROPN cblr-1747 578 17 note note PROPN cblr-1747 578 18 122 122 NUM cblr-1747 578 19 , , PUNCT cblr-1747 578 20 at at ADP cblr-1747 578 21 2 2 NUM cblr-1747 578 22 . . NUM cblr-1747 579 1 124 124 NUM cblr-1747 579 2 adrian adrian PROPN cblr-1747 579 3 et et PROPN cblr-1747 579 4 al al PROPN cblr-1747 579 5 . . PROPN cblr-1747 579 6 , , PUNCT cblr-1747 579 7 supra supra PROPN cblr-1747 579 8 note note VERB cblr-1747 579 9 122 122 NUM cblr-1747 579 10 , , PUNCT cblr-1747 579 11 at at ADP cblr-1747 579 12 4 4 NUM cblr-1747 579 13 ; ; PUNCT cblr-1747 579 14 keane keane PROPN cblr-1747 579 15 , , PUNCT cblr-1747 579 16 supra supra PROPN cblr-1747 579 17 note note PROPN cblr-1747 579 18 122 122 NUM cblr-1747 579 19 , , PUNCT cblr-1747 579 20 at at ADP cblr-1747 579 21 2 2 NUM cblr-1747 579 22 . . NUM cblr-1747 579 23 125 125 NUM cblr-1747 579 24 adrian adrian PROPN cblr-1747 579 25 et et PROPN cblr-1747 579 26 al al PROPN cblr-1747 579 27 . . PROPN cblr-1747 579 28 , , PUNCT cblr-1747 579 29 supra supra PROPN cblr-1747 579 30 note note VERB cblr-1747 579 31 122 122 NUM cblr-1747 579 32 , , PUNCT cblr-1747 579 33 at at ADP cblr-1747 579 34 10 10 NUM cblr-1747 579 35 . . PUNCT cblr-1747 580 1 however however ADV cblr-1747 580 2 , , PUNCT cblr-1747 580 3 the the DET cblr-1747 580 4 cash cash NOUN cblr-1747 580 5 collateral collateral NOUN cblr-1747 580 6 is be AUX cblr-1747 580 7 usually usually ADV cblr-1747 580 8 placed place VERB cblr-1747 580 9 in in ADP cblr-1747 580 10 liquid liquid NOUN cblr-1747 580 11 and and CCONJ cblr-1747 580 12 safer safe ADJ cblr-1747 580 13 assets asset NOUN cblr-1747 580 14 like like ADP cblr-1747 580 15 money money NOUN cblr-1747 580 16 market market NOUN cblr-1747 580 17 funds fund NOUN cblr-1747 580 18 , , PUNCT cblr-1747 580 19 repos repos NOUN cblr-1747 580 20 , , PUNCT cblr-1747 580 21 or or CCONJ cblr-1747 580 22 deposits deposit NOUN cblr-1747 580 23 . . PUNCT cblr-1747 581 1 keane keane PROPN cblr-1747 581 2 , , PUNCT cblr-1747 581 3 supra supra PROPN cblr-1747 581 4 note note PROPN cblr-1747 581 5 122 122 NUM cblr-1747 581 6 , , PUNCT cblr-1747 581 7 at at ADP cblr-1747 581 8 2 2 NUM cblr-1747 581 9 . . NOUN cblr-1747 581 10 126 126 NUM cblr-1747 581 11 see see VERB cblr-1747 581 12 adrian adrian PROPN cblr-1747 581 13 et et PROPN cblr-1747 581 14 al al PROPN cblr-1747 581 15 . . PROPN cblr-1747 581 16 , , PUNCT cblr-1747 581 17 supra supra PROPN cblr-1747 581 18 note note VERB cblr-1747 581 19 122 122 NUM cblr-1747 581 20 , , PUNCT cblr-1747 581 21 at at ADP cblr-1747 581 22 10–11 10–11 NUM cblr-1747 581 23 . . PUNCT cblr-1747 582 1 127 127 NUM cblr-1747 582 2 see see VERB cblr-1747 582 3 i i PROPN cblr-1747 582 4 d. d. PROPN cblr-1747 582 5 tepe tepe PROPN cblr-1747 582 6 – – PUNCT cblr-1747 582 7 final final ADJ cblr-1747 582 8 864 864 NUM cblr-1747 582 9 columbia columbia PROPN cblr-1747 582 10 business business NOUN cblr-1747 582 11 law law PROPN cblr-1747 582 12 review review NOUN cblr-1747 582 13 [ [ X cblr-1747 582 14 vol vol NOUN cblr-1747 582 15 . . PUNCT cblr-1747 582 16 2016 2016 NUM cblr-1747 582 17 further far ADV cblr-1747 582 18 exacerbate exacerbate VERB cblr-1747 582 19 this this DET cblr-1747 582 20 problem problem NOUN cblr-1747 582 21 . . PUNCT cblr-1747 583 1 such such ADJ cblr-1747 583 2 risks risk NOUN cblr-1747 583 3 would would AUX cblr-1747 583 4 affect affect VERB cblr-1747 583 5 broker broker NOUN cblr-1747 583 6 - - PUNCT cblr-1747 583 7 dealers dealer NOUN cblr-1747 583 8 when when SCONJ cblr-1747 583 9 they they PRON cblr-1747 583 10 lend lend VERB cblr-1747 583 11 customer customer NOUN cblr-1747 583 12 margin margin NOUN cblr-1747 583 13 securities security NOUN cblr-1747 583 14 and and CCONJ cblr-1747 583 15 could could AUX cblr-1747 583 16 increase increase VERB cblr-1747 583 17 risks risk NOUN cblr-1747 583 18 of of ADP cblr-1747 583 19 broker broker NOUN cblr-1747 583 20 - - PUNCT cblr-1747 583 21 dealer dealer NOUN cblr-1747 583 22 failures failure NOUN cblr-1747 583 23 . . PUNCT cblr-1747 584 1 however however ADV cblr-1747 584 2 , , PUNCT cblr-1747 584 3 this this DET cblr-1747 584 4 risk risk NOUN cblr-1747 584 5 is be AUX cblr-1747 584 6 not not PART cblr-1747 584 7 special special ADJ cblr-1747 584 8 to to PART cblr-1747 584 9 margin margin VERB cblr-1747 584 10 securities security NOUN cblr-1747 584 11 lending lending NOUN cblr-1747 584 12 and and CCONJ cblr-1747 584 13 would would AUX cblr-1747 584 14 not not PART cblr-1747 584 15 create create VERB cblr-1747 584 16 additional additional ADJ cblr-1747 584 17 risks risk NOUN cblr-1747 584 18 to to ADP cblr-1747 584 19 customers customer NOUN cblr-1747 584 20 beyond beyond ADP cblr-1747 584 21 giving give VERB cblr-1747 584 22 broker broker NOUN cblr-1747 584 23 - - PUNCT cblr-1747 584 24 dealers dealer NOUN cblr-1747 584 25 additional additional ADJ cblr-1747 584 26 securities security NOUN cblr-1747 584 27 to to PART cblr-1747 584 28 lend lend VERB cblr-1747 584 29 and and CCONJ cblr-1747 584 30 collateral collateral VERB cblr-1747 584 31 to to PART cblr-1747 584 32 reinvest reinvest VERB cblr-1747 584 33 . . PUNCT cblr-1747 585 1 securities security NOUN cblr-1747 585 2 lending lending NOUN cblr-1747 585 3 could could AUX cblr-1747 585 4 also also ADV cblr-1747 585 5 make make VERB cblr-1747 585 6 it it PRON cblr-1747 585 7 harder hard ADJ cblr-1747 585 8 to to PART cblr-1747 585 9 return return VERB cblr-1747 585 10 customer customer NOUN cblr-1747 585 11 assets asset NOUN cblr-1747 585 12 if if SCONJ cblr-1747 585 13 a a DET cblr-1747 585 14 broker broker NOUN cblr-1747 585 15 - - PUNCT cblr-1747 585 16 dealer dealer NOUN cblr-1747 585 17 fails fail VERB cblr-1747 585 18 . . PUNCT cblr-1747 586 1 securities security NOUN cblr-1747 586 2 loans loan NOUN cblr-1747 586 3 for for ADP cblr-1747 586 4 a a DET cblr-1747 586 5 pre pre ADJ cblr-1747 586 6 - - ADJ cblr-1747 586 7 specified specified ADJ cblr-1747 586 8 term term NOUN cblr-1747 586 9 of of ADP cblr-1747 586 10 a a DET cblr-1747 586 11 week week NOUN cblr-1747 586 12 or or CCONJ cblr-1747 586 13 one one NUM cblr-1747 586 14 month month NOUN cblr-1747 586 15 would would AUX cblr-1747 586 16 slow slow VERB cblr-1747 586 17 down down ADP cblr-1747 586 18 the the DET cblr-1747 586 19 return return NOUN cblr-1747 586 20 of of ADP cblr-1747 586 21 customer customer NOUN cblr-1747 586 22 assets asset NOUN cblr-1747 586 23 in in ADP cblr-1747 586 24 a a DET cblr-1747 586 25 sipc sipc NOUN cblr-1747 586 26 liquidation.128 liquidation.128 NOUN cblr-1747 586 27 moreover moreover ADV cblr-1747 586 28 , , PUNCT cblr-1747 586 29 customers customer NOUN cblr-1747 586 30 may may AUX cblr-1747 586 31 be be AUX cblr-1747 586 32 unable unable ADJ cblr-1747 586 33 to to PART cblr-1747 586 34 locate locate VERB cblr-1747 586 35 their their PRON cblr-1747 586 36 securities security NOUN cblr-1747 586 37 after after ADP cblr-1747 586 38 a a DET cblr-1747 586 39 failure failure NOUN cblr-1747 586 40 of of ADP cblr-1747 586 41 a a DET cblr-1747 586 42 broker broker NOUN cblr-1747 586 43 - - PUNCT cblr-1747 586 44 dealer dealer NOUN cblr-1747 586 45 if if SCONJ cblr-1747 586 46 the the DET cblr-1747 586 47 broker broker NOUN cblr-1747 586 48 - - PUNCT cblr-1747 586 49 dealer dealer NOUN cblr-1747 586 50 lent lend VERB cblr-1747 586 51 their their PRON cblr-1747 586 52 securities security NOUN cblr-1747 586 53 and and CCONJ cblr-1747 586 54 kept keep VERB cblr-1747 586 55 poor poor ADJ cblr-1747 586 56 books book NOUN cblr-1747 586 57 and and CCONJ cblr-1747 586 58 records record NOUN cblr-1747 586 59 . . PUNCT cblr-1747 587 1 for for ADP cblr-1747 587 2 example example NOUN cblr-1747 587 3 , , PUNCT cblr-1747 587 4 customers customer NOUN cblr-1747 587 5 of of ADP cblr-1747 587 6 lehman lehman PROPN cblr-1747 587 7 brothers brother NOUN cblr-1747 587 8 in in ADP cblr-1747 587 9 the the DET cblr-1747 587 10 united united PROPN cblr-1747 587 11 kingdom kingdom PROPN cblr-1747 587 12 experienced experience VERB cblr-1747 587 13 significant significant ADJ cblr-1747 587 14 delays delay NOUN cblr-1747 587 15 in in ADP cblr-1747 587 16 receiving receive VERB cblr-1747 587 17 their their PRON cblr-1747 587 18 hypothecated hypothecate VERB cblr-1747 587 19 securities129 securities129 PROPN cblr-1747 587 20 after after SCONJ cblr-1747 587 21 lehman lehman PROPN cblr-1747 587 22 brothers brother NOUN cblr-1747 587 23 declared declare VERB cblr-1747 587 24 bankruptcy bankruptcy NOUN cblr-1747 587 25 due due ADP cblr-1747 587 26 to to ADP cblr-1747 587 27 their their PRON cblr-1747 587 28 inability inability NOUN cblr-1747 587 29 to to PART cblr-1747 587 30 locate locate VERB cblr-1747 587 31 and and CCONJ cblr-1747 587 32 establish establish VERB cblr-1747 587 33 claims claim NOUN cblr-1747 587 34 on on ADP cblr-1747 587 35 their their PRON cblr-1747 587 36 assets.130 assets.130 NOUN cblr-1747 587 37 the the DET cblr-1747 587 38 united united PROPN cblr-1747 587 39 states states PROPN cblr-1747 587 40 has have VERB cblr-1747 587 41 stricter strict ADJ cblr-1747 587 42 requirements requirement NOUN cblr-1747 587 43 on on ADP cblr-1747 587 44 commingling commingle VERB cblr-1747 587 45 of of ADP cblr-1747 587 46 customer customer NOUN cblr-1747 587 47 funds fund NOUN cblr-1747 587 48 when when SCONJ cblr-1747 587 49 hypothecating hypothecate VERB cblr-1747 587 50 , , PUNCT cblr-1747 587 51 which which PRON cblr-1747 587 52 significantly significantly ADV cblr-1747 587 53 decrease decrease VERB cblr-1747 587 54 the the DET cblr-1747 587 55 risk risk NOUN cblr-1747 587 56 that that SCONJ cblr-1747 587 57 customers customer NOUN cblr-1747 587 58 will will AUX cblr-1747 587 59 be be AUX cblr-1747 587 60 unable unable ADJ cblr-1747 587 61 to to PART cblr-1747 587 62 locate locate VERB cblr-1747 587 63 and and CCONJ cblr-1747 587 64 make make VERB cblr-1747 587 65 a a DET cblr-1747 587 66 claim claim NOUN cblr-1747 587 67 on on ADP cblr-1747 587 68 their their PRON cblr-1747 587 69 128 128 NUM cblr-1747 587 70 a a DET cblr-1747 587 71 sipc sipc NOUN cblr-1747 587 72 trustee trustee NOUN cblr-1747 587 73 works work VERB cblr-1747 587 74 to to PART cblr-1747 587 75 restore restore VERB cblr-1747 587 76 securities security NOUN cblr-1747 587 77 and and CCONJ cblr-1747 587 78 cash cash NOUN cblr-1747 587 79 to to ADP cblr-1747 587 80 customers customer NOUN cblr-1747 587 81 “ " PUNCT cblr-1747 587 82 as as ADV cblr-1747 587 83 soon soon ADV cblr-1747 587 84 as as ADP cblr-1747 587 85 possible possible ADJ cblr-1747 587 86 . . PUNCT cblr-1747 587 87 ” " PUNCT cblr-1747 588 1 see see VERB cblr-1747 588 2 how how SCONJ cblr-1747 588 3 a a DET cblr-1747 588 4 liquidation liquidation NOUN cblr-1747 588 5 works work VERB cblr-1747 588 6 , , PUNCT cblr-1747 588 7 sec sec PROPN cblr-1747 588 8 . . PUNCT cblr-1747 588 9 inv inv PROPN cblr-1747 588 10 . . PUNCT cblr-1747 589 1 protection protection PROPN cblr-1747 589 2 corp corp PROPN cblr-1747 589 3 . . PROPN cblr-1747 589 4 , , PUNCT cblr-1747 589 5 http://www.sipc.org/cases-and-claims/how-a-liquidation-works http://www.sipc.org/cases-and-claims/how-a-liquidation-work VERB cblr-1747 589 6 [ [ X cblr-1747 589 7 https://perma.cc/e9h9-ev6n https://perma.cc/e9h9-ev6n X cblr-1747 589 8 ] ] X cblr-1747 589 9 ( ( PUNCT cblr-1747 589 10 last last ADV cblr-1747 589 11 visited visit VERB cblr-1747 589 12 jan jan PROPN cblr-1747 589 13 . . PROPN cblr-1747 589 14 31 31 NUM cblr-1747 589 15 , , PUNCT cblr-1747 589 16 2017 2017 NUM cblr-1747 589 17 ) ) PUNCT cblr-1747 589 18 . . PUNCT cblr-1747 590 1 sipc sipc NOUN cblr-1747 590 2 explains explain VERB cblr-1747 590 3 that that SCONJ cblr-1747 590 4 the the DET cblr-1747 590 5 disorganized disorganized ADJ cblr-1747 590 6 books book NOUN cblr-1747 590 7 and and CCONJ cblr-1747 590 8 records record NOUN cblr-1747 590 9 of of ADP cblr-1747 590 10 the the DET cblr-1747 590 11 broker broker NOUN cblr-1747 590 12 - - PUNCT cblr-1747 590 13 dealer dealer NOUN cblr-1747 590 14 can can AUX cblr-1747 590 15 slow slow VERB cblr-1747 590 16 down down ADP cblr-1747 590 17 the the DET cblr-1747 590 18 process process NOUN cblr-1747 590 19 by by ADP cblr-1747 590 20 weeks week NOUN cblr-1747 590 21 or or CCONJ cblr-1747 590 22 months month NOUN cblr-1747 590 23 . . PUNCT cblr-1747 591 1 lent lent PROPN cblr-1747 591 2 securities security NOUN cblr-1747 591 3 would would AUX cblr-1747 591 4 add add VERB cblr-1747 591 5 additional additional ADJ cblr-1747 591 6 complexity complexity NOUN cblr-1747 591 7 when when SCONJ cblr-1747 591 8 dealing deal VERB cblr-1747 591 9 with with ADP cblr-1747 591 10 poor poor ADJ cblr-1747 591 11 books book NOUN cblr-1747 591 12 and and CCONJ cblr-1747 591 13 records record NOUN cblr-1747 591 14 because because SCONJ cblr-1747 591 15 not not PART cblr-1747 591 16 only only ADV cblr-1747 591 17 would would AUX cblr-1747 591 18 a a DET cblr-1747 591 19 sipc sipc NOUN cblr-1747 591 20 trustee trustee NOUN cblr-1747 591 21 need need VERB cblr-1747 591 22 to to PART cblr-1747 591 23 first first ADV cblr-1747 591 24 identify identify VERB cblr-1747 591 25 where where SCONJ cblr-1747 591 26 the the DET cblr-1747 591 27 customer customer NOUN cblr-1747 591 28 securities security NOUN cblr-1747 591 29 were be AUX cblr-1747 591 30 lent lend VERB cblr-1747 591 31 , , PUNCT cblr-1747 591 32 but but CCONJ cblr-1747 591 33 also also ADV cblr-1747 591 34 it it PRON cblr-1747 591 35 would would AUX cblr-1747 591 36 then then ADV cblr-1747 591 37 need need VERB cblr-1747 591 38 to to PART cblr-1747 591 39 ensure ensure VERB cblr-1747 591 40 that that SCONJ cblr-1747 591 41 the the DET cblr-1747 591 42 counterparty counterparty NOUN cblr-1747 591 43 returned return VERB cblr-1747 591 44 the the DET cblr-1747 591 45 securities security NOUN cblr-1747 591 46 . . PUNCT cblr-1747 592 1 see see VERB cblr-1747 592 2 i i PRON cblr-1747 592 3 d. d. PROPN cblr-1747 592 4 ; ; PUNCT cblr-1747 592 5 cases case NOUN cblr-1747 592 6 & & CCONJ cblr-1747 592 7 claims claim NOUN cblr-1747 592 8 deadlines deadline NOUN cblr-1747 592 9 , , PUNCT cblr-1747 592 10 sec sec PROPN cblr-1747 592 11 . . PUNCT cblr-1747 592 12 inv inv PROPN cblr-1747 592 13 . . PUNCT cblr-1747 593 1 protection protection PROPN cblr-1747 593 2 corp corp PROPN cblr-1747 593 3 . . PROPN cblr-1747 593 4 , , PUNCT cblr-1747 593 5 http://www.sipc.org/cases-andclaims/deadlines http://www.sipc.org/cases-andclaims/deadlines PROPN cblr-1747 593 6 [ [ X cblr-1747 593 7 https://perma.cc/zsp9-vac2 https://perma.cc/zsp9-vac2 X cblr-1747 593 8 ] ] PUNCT cblr-1747 593 9 ( ( PUNCT cblr-1747 593 10 last last ADV cblr-1747 593 11 visited visit VERB cblr-1747 593 12 jan jan PROPN cblr-1747 593 13 . . PROPN cblr-1747 593 14 31 31 NUM cblr-1747 593 15 , , PUNCT cblr-1747 593 16 2017 2017 NUM cblr-1747 593 17 ) ) PUNCT cblr-1747 593 18 . . PUNCT cblr-1747 594 1 129 129 NUM cblr-1747 594 2 hypothecation hypothecation NOUN cblr-1747 594 3 is be AUX cblr-1747 594 4 similar similar ADJ cblr-1747 594 5 to to ADP cblr-1747 594 6 outright outright ADJ cblr-1747 594 7 lending lending NOUN cblr-1747 594 8 , , PUNCT cblr-1747 594 9 except except SCONJ cblr-1747 594 10 a a DET cblr-1747 594 11 brokerdealer brokerdealer NOUN cblr-1747 594 12 pledges pledge VERB cblr-1747 594 13 a a DET cblr-1747 594 14 customer customer NOUN cblr-1747 594 15 security security NOUN cblr-1747 594 16 as as ADP cblr-1747 594 17 collateral collateral NOUN cblr-1747 594 18 for for ADP cblr-1747 594 19 a a DET cblr-1747 594 20 loan loan NOUN cblr-1747 594 21 instead instead ADV cblr-1747 594 22 of of ADP cblr-1747 594 23 lending lend VERB cblr-1747 594 24 the the DET cblr-1747 594 25 security security NOUN cblr-1747 594 26 outright outright ADV cblr-1747 594 27 . . PUNCT cblr-1747 595 1 see see VERB cblr-1747 595 2 supra supra PROPN cblr-1747 595 3 note note VERB cblr-1747 595 4 62 62 NUM cblr-1747 595 5 for for ADP cblr-1747 595 6 a a DET cblr-1747 595 7 definition definition NOUN cblr-1747 595 8 and and CCONJ cblr-1747 595 9 description description NOUN cblr-1747 595 10 of of ADP cblr-1747 595 11 hypothecation hypothecation NOUN cblr-1747 595 12 . . PUNCT cblr-1747 596 1 130 130 NUM cblr-1747 596 2 deryugina deryugina PROPN cblr-1747 596 3 , , PUNCT cblr-1747 596 4 supra supra PROPN cblr-1747 596 5 note note PROPN cblr-1747 596 6 62 62 NUM cblr-1747 596 7 , , PUNCT cblr-1747 596 8 at at ADP cblr-1747 596 9 273–76 273–76 NUM cblr-1747 596 10 . . PUNCT cblr-1747 597 1 tepe tepe NOUN cblr-1747 597 2 – – PUNCT cblr-1747 597 3 final final ADJ cblr-1747 597 4 no no NOUN cblr-1747 597 5 . . PUNCT cblr-1747 598 1 3:823 3:823 NUM cblr-1747 598 2 ] ] X cblr-1747 598 3 broker broker NOUN cblr-1747 598 4 - - PUNCT cblr-1747 598 5 dealer dealer NOUN cblr-1747 598 6 “ " PUNCT cblr-1747 598 7 idle idle ADJ cblr-1747 598 8 ” " PUNCT cblr-1747 598 9 customer customer NOUN cblr-1747 598 10 assets asset NOUN cblr-1747 598 11 865 865 NUM cblr-1747 598 12 assets.131 assets.131 VERB cblr-1747 598 13 however however ADV cblr-1747 598 14 , , PUNCT cblr-1747 598 15 the the DET cblr-1747 598 16 ability ability NOUN cblr-1747 598 17 of of ADP cblr-1747 598 18 broker broker NOUN cblr-1747 598 19 - - PUNCT cblr-1747 598 20 dealers dealer NOUN cblr-1747 598 21 to to PART cblr-1747 598 22 easily easily ADV cblr-1747 598 23 pledge pledge VERB cblr-1747 598 24 or or CCONJ cblr-1747 598 25 lend lend VERB cblr-1747 598 26 customer customer NOUN cblr-1747 598 27 margin margin NOUN cblr-1747 598 28 securities security NOUN cblr-1747 598 29 means mean VERB cblr-1747 598 30 that that SCONJ cblr-1747 598 31 broker broker NOUN cblr-1747 598 32 - - PUNCT cblr-1747 598 33 dealer dealer NOUN cblr-1747 598 34 customers customer NOUN cblr-1747 598 35 could could AUX cblr-1747 598 36 face face VERB cblr-1747 598 37 delays delay NOUN cblr-1747 598 38 in in ADP cblr-1747 598 39 regaining regain VERB cblr-1747 598 40 their their PRON cblr-1747 598 41 margin margin NOUN cblr-1747 598 42 securities security NOUN cblr-1747 598 43 if if SCONJ cblr-1747 598 44 the the DET cblr-1747 598 45 broker broker NOUN cblr-1747 598 46 - - PUNCT cblr-1747 598 47 dealer dealer NOUN cblr-1747 598 48 did do AUX cblr-1747 598 49 not not PART cblr-1747 598 50 maintain maintain VERB cblr-1747 598 51 adequate adequate ADJ cblr-1747 598 52 books book NOUN cblr-1747 598 53 and and CCONJ cblr-1747 598 54 records.132 records.132 PROPN cblr-1747 598 55 4 4 NUM cblr-1747 598 56 . . PUNCT cblr-1747 599 1 loss loss NOUN cblr-1747 599 2 of of ADP cblr-1747 599 3 shareholder shareholder NOUN cblr-1747 599 4 votes vote NOUN cblr-1747 599 5 in in ADP cblr-1747 599 6 addition addition NOUN cblr-1747 599 7 , , PUNCT cblr-1747 599 8 by by ADP cblr-1747 599 9 lending lend VERB cblr-1747 599 10 customer customer NOUN cblr-1747 599 11 margin margin NOUN cblr-1747 599 12 securities security NOUN cblr-1747 599 13 , , PUNCT cblr-1747 599 14 broker broker NOUN cblr-1747 599 15 - - PUNCT cblr-1747 599 16 dealers dealer NOUN cblr-1747 599 17 are be AUX cblr-1747 599 18 taking take VERB cblr-1747 599 19 and and CCONJ cblr-1747 599 20 trading trading NOUN cblr-1747 599 21 customer customer NOUN cblr-1747 599 22 shareholder shareholder NOUN cblr-1747 599 23 votes vote NOUN cblr-1747 599 24 without without ADP cblr-1747 599 25 directly directly ADV cblr-1747 599 26 compensating compensate VERB cblr-1747 599 27 customers customer NOUN cblr-1747 599 28 . . PUNCT cblr-1747 600 1 shareholder shareholder NOUN cblr-1747 600 2 voting voting NOUN cblr-1747 600 3 rights right NOUN cblr-1747 600 4 may may AUX cblr-1747 600 5 have have VERB cblr-1747 600 6 value value NOUN cblr-1747 600 7 to to ADP cblr-1747 600 8 customers customer NOUN cblr-1747 600 9 separate separate ADJ cblr-1747 600 10 from from ADP cblr-1747 600 11 holding hold VERB cblr-1747 600 12 the the DET cblr-1747 600 13 security security NOUN cblr-1747 600 14 for for ADP cblr-1747 600 15 investment investment NOUN cblr-1747 600 16 purposes purpose NOUN cblr-1747 600 17 , , PUNCT cblr-1747 600 18 especially especially ADV cblr-1747 600 19 for for ADP cblr-1747 600 20 activist activist ADJ cblr-1747 600 21 investors investor NOUN cblr-1747 600 22 who who PRON cblr-1747 600 23 may may AUX cblr-1747 600 24 purchase purchase VERB cblr-1747 600 25 or or CCONJ cblr-1747 600 26 borrow borrow VERB cblr-1747 600 27 securities security NOUN cblr-1747 600 28 in in ADP cblr-1747 600 29 order order NOUN cblr-1747 600 30 to to PART cblr-1747 600 31 increase increase VERB cblr-1747 600 32 their their PRON cblr-1747 600 33 number number NOUN cblr-1747 600 34 of of ADP cblr-1747 600 35 votes.133 votes.133 PROPN cblr-1747 600 36 reg reg NUM cblr-1747 600 37 t t PROPN cblr-1747 600 38 bars bar VERB cblr-1747 600 39 brokerdealers brokerdealer NOUN cblr-1747 600 40 from from ADP cblr-1747 600 41 lending lend VERB cblr-1747 600 42 customer customer NOUN cblr-1747 600 43 stocks stock NOUN cblr-1747 600 44 to to ADP cblr-1747 600 45 activist activist ADJ cblr-1747 600 46 investors investor NOUN cblr-1747 600 47 for for ADP cblr-1747 600 48 the the DET cblr-1747 600 49 sole sole ADJ cblr-1747 600 50 purpose purpose NOUN cblr-1747 600 51 of of ADP cblr-1747 600 52 increasing increase VERB cblr-1747 600 53 their their PRON cblr-1747 600 54 number number NOUN cblr-1747 600 55 of of ADP cblr-1747 600 56 votes.134 votes.134 NOUN cblr-1747 600 57 however however ADV cblr-1747 600 58 , , PUNCT cblr-1747 600 59 activist activist ADJ cblr-1747 600 60 investors investor NOUN cblr-1747 600 61 are be AUX cblr-1747 600 62 customers customer NOUN cblr-1747 600 63 of of ADP cblr-1747 600 64 broker broker NOUN cblr-1747 600 65 - - PUNCT cblr-1747 600 66 dealers dealer NOUN cblr-1747 600 67 who who PRON cblr-1747 600 68 would would AUX cblr-1747 600 69 likely likely ADV cblr-1747 600 70 not not PART cblr-1747 600 71 want want VERB cblr-1747 600 72 their their PRON cblr-1747 600 73 votes vote NOUN cblr-1747 600 74 lent lend VERB cblr-1747 600 75 under under ADP cblr-1747 600 76 a a DET cblr-1747 600 77 reg reg NOUN cblr-1747 600 78 t t NOUN cblr-1747 600 79 permitted permit VERB cblr-1747 600 80 purpose.135 purpose.135 NOUN cblr-1747 600 81 as as SCONJ cblr-1747 600 82 explained explain VERB cblr-1747 600 83 previously previously ADV cblr-1747 600 84 , , PUNCT cblr-1747 600 85 brokerdealers brokerdealer NOUN cblr-1747 600 86 rely rely VERB cblr-1747 600 87 on on ADP cblr-1747 600 88 systematic systematic ADJ cblr-1747 600 89 under under NOUN cblr-1747 600 90 - - PUNCT cblr-1747 600 91 voting voting NOUN cblr-1747 600 92 by by ADP cblr-1747 600 93 shareholders shareholder NOUN cblr-1747 600 94 to to PART cblr-1747 600 95 avoid avoid VERB cblr-1747 600 96 the the DET cblr-1747 600 97 problem problem NOUN cblr-1747 600 98 of of ADP cblr-1747 600 99 over over ADP cblr-1747 600 100 - - PUNCT cblr-1747 600 101 voting voting NOUN cblr-1747 600 102 , , PUNCT cblr-1747 600 103 and and CCONJ cblr-1747 600 104 in in ADP cblr-1747 600 105 the the DET cblr-1747 600 106 case case NOUN cblr-1747 600 107 of of ADP cblr-1747 600 108 overvoting overvoting NOUN cblr-1747 600 109 , , PUNCT cblr-1747 600 110 broker broker NOUN cblr-1747 600 111 - - PUNCT cblr-1747 600 112 dealers dealer NOUN cblr-1747 600 113 are be AUX cblr-1747 600 114 responsible responsible ADJ cblr-1747 600 115 for for ADP cblr-1747 600 116 reducing reduce VERB cblr-1747 600 117 the the DET cblr-1747 600 118 number number NOUN cblr-1747 600 119 of of ADP cblr-1747 600 120 votes vote NOUN cblr-1747 600 121 by by ADP cblr-1747 600 122 cancelling cancel VERB cblr-1747 600 123 customer customer NOUN cblr-1747 600 124 votes.136 votes.136 NOUN cblr-1747 600 125 the the DET cblr-1747 600 126 fact fact NOUN cblr-1747 600 127 that that SCONJ cblr-1747 600 128 there there PRON cblr-1747 600 129 is be VERB cblr-1747 600 130 no no DET cblr-1747 600 131 industry industry NOUN cblr-1747 600 132 or or CCONJ cblr-1747 600 133 legally legally ADV cblr-1747 600 134 mandated mandate VERB cblr-1747 600 135 standard standard NOUN cblr-1747 600 136 for for ADP cblr-1747 600 137 broker broker NOUN cblr-1747 600 138 - - PUNCT cblr-1747 600 139 dealers dealer NOUN cblr-1747 600 140 to to PART cblr-1747 600 141 reconcile reconcile VERB cblr-1747 600 142 corporate corporate ADJ cblr-1747 600 143 votes vote NOUN cblr-1747 600 144 adds add VERB cblr-1747 600 145 to to ADP cblr-1747 600 146 the the DET cblr-1747 600 147 complexity complexity NOUN cblr-1747 600 148 and and CCONJ cblr-1747 600 149 confusion confusion NOUN cblr-1747 600 150 about about ADP cblr-1747 600 151 which which PRON cblr-1747 600 152 customers customer NOUN cblr-1747 600 153 are be AUX cblr-1747 600 154 131 131 NUM cblr-1747 600 155 see see VERB cblr-1747 600 156 i i PRON cblr-1747 600 157 d. d. PROPN cblr-1747 600 158 at at ADP cblr-1747 600 159 282 282 NUM cblr-1747 600 160 . . PUNCT cblr-1747 601 1 132 132 NUM cblr-1747 601 2 contra contra PROPN cblr-1747 601 3 i i PROPN cblr-1747 601 4 d. d. PROPN cblr-1747 601 5 at at ADP cblr-1747 601 6 267–68 267–68 NUM cblr-1747 601 7 , , PUNCT cblr-1747 601 8 282 282 NUM cblr-1747 601 9 ( ( PUNCT cblr-1747 601 10 failing fail VERB cblr-1747 601 11 to to PART cblr-1747 601 12 recognize recognize VERB cblr-1747 601 13 that that SCONJ cblr-1747 601 14 broker broker NOUN cblr-1747 601 15 - - PUNCT cblr-1747 601 16 dealers dealer NOUN cblr-1747 601 17 can can AUX cblr-1747 601 18 profit profit VERB cblr-1747 601 19 from from ADP cblr-1747 601 20 lending lend VERB cblr-1747 601 21 and and CCONJ cblr-1747 601 22 rehypothecating rehypothecate VERB cblr-1747 601 23 customer customer NOUN cblr-1747 601 24 margin margin NOUN cblr-1747 601 25 securities security NOUN cblr-1747 601 26 ) ) PUNCT cblr-1747 601 27 . . PUNCT cblr-1747 602 1 133 133 NUM cblr-1747 602 2 onnig onnig PROPN cblr-1747 602 3 h. h. PROPN cblr-1747 602 4 dombalagian dombalagian PROPN cblr-1747 602 5 , , PUNCT cblr-1747 602 6 can can AUX cblr-1747 602 7 borrowing borrow VERB cblr-1747 602 8 shares share NOUN cblr-1747 602 9 vindicate vindicate VERB cblr-1747 602 10 shareholder shareholder NOUN cblr-1747 602 11 primacy primacy NOUN cblr-1747 602 12 ? ? PUNCT cblr-1747 602 13 , , PUNCT cblr-1747 602 14 42 42 NUM cblr-1747 602 15 u.c u.c PROPN cblr-1747 602 16 . . PUNCT cblr-1747 603 1 davis davis PROPN cblr-1747 603 2 l. l. PROPN cblr-1747 603 3 rev rev PROPN cblr-1747 603 4 . . PROPN cblr-1747 603 5 1231 1231 NUM cblr-1747 603 6 , , PUNCT cblr-1747 603 7 1234–35 1234–35 NUM cblr-1747 603 8 ( ( PUNCT cblr-1747 603 9 2009 2009 NUM cblr-1747 603 10 ) ) PUNCT cblr-1747 603 11 ; ; PUNCT cblr-1747 603 12 henry henry PROPN cblr-1747 603 13 t.c t.c PROPN cblr-1747 603 14 . . PROPN cblr-1747 603 15 hu hu PROPN cblr-1747 603 16 & & CCONJ cblr-1747 603 17 bernard bernard PROPN cblr-1747 603 18 black black PROPN cblr-1747 603 19 , , PUNCT cblr-1747 603 20 the the DET cblr-1747 603 21 new new ADJ cblr-1747 603 22 vote vote NOUN cblr-1747 603 23 buying buying NOUN cblr-1747 603 24 : : PUNCT cblr-1747 603 25 empty empty ADJ cblr-1747 603 26 voting voting NOUN cblr-1747 603 27 and and CCONJ cblr-1747 603 28 hidden hide VERB cblr-1747 603 29 ( ( PUNCT cblr-1747 603 30 morphable morphable NUM cblr-1747 603 31 ) ) PUNCT cblr-1747 603 32 ownership ownership NOUN cblr-1747 603 33 , , PUNCT cblr-1747 603 34 79 79 NUM cblr-1747 603 35 s. s. PROPN cblr-1747 603 36 cal cal PROPN cblr-1747 603 37 . . PUNCT cblr-1747 604 1 l. l. PROPN cblr-1747 604 2 rev rev PROPN cblr-1747 604 3 . . PROPN cblr-1747 604 4 811 811 NUM cblr-1747 604 5 , , PUNCT cblr-1747 604 6 816–817 816–817 NUM cblr-1747 604 7 ( ( PUNCT cblr-1747 604 8 2006 2006 NUM cblr-1747 604 9 ) ) PUNCT cblr-1747 604 10 . . PUNCT cblr-1747 605 1 134 134 NUM cblr-1747 605 2 see see NOUN cblr-1747 605 3 discussion discussion NOUN cblr-1747 605 4 supra supra PROPN cblr-1747 605 5 note note PROPN cblr-1747 605 6 48 48 NUM cblr-1747 605 7 . . PUNCT cblr-1747 605 8 135 135 NUM cblr-1747 605 9 see see VERB cblr-1747 605 10 supra supra PROPN cblr-1747 605 11 notes note VERB cblr-1747 605 12 47–48 47–48 NUM cblr-1747 605 13 and and CCONJ cblr-1747 605 14 accompanying accompany VERB cblr-1747 605 15 text text NOUN cblr-1747 605 16 . . PUNCT cblr-1747 606 1 activist activist ADJ cblr-1747 606 2 investors investor NOUN cblr-1747 606 3 highly highly ADV cblr-1747 606 4 value value VERB cblr-1747 606 5 their their PRON cblr-1747 606 6 shareholder shareholder NOUN cblr-1747 606 7 votes vote NOUN cblr-1747 606 8 since since SCONJ cblr-1747 606 9 they they PRON cblr-1747 606 10 want want VERB cblr-1747 606 11 to to PART cblr-1747 606 12 influence influence VERB cblr-1747 606 13 a a DET cblr-1747 606 14 corporation corporation NOUN cblr-1747 606 15 ’s ’s PART cblr-1747 606 16 corporate corporate ADJ cblr-1747 606 17 governance governance NOUN cblr-1747 606 18 and and CCONJ cblr-1747 606 19 decision decision NOUN cblr-1747 606 20 - - PUNCT cblr-1747 606 21 making making NOUN cblr-1747 606 22 . . PUNCT cblr-1747 607 1 136 136 NUM cblr-1747 607 2 see see VERB cblr-1747 607 3 supra supra ADJ cblr-1747 607 4 text text NOUN cblr-1747 607 5 accompanying accompany VERB cblr-1747 607 6 notes note NOUN cblr-1747 607 7 73–75 73–75 PROPN cblr-1747 607 8 . . PUNCT cblr-1747 607 9 tepe tepe NOUN cblr-1747 607 10 – – PUNCT cblr-1747 607 11 final final ADJ cblr-1747 607 12 866 866 PROPN cblr-1747 607 13 columbia columbia PROPN cblr-1747 607 14 business business PROPN cblr-1747 607 15 law law PROPN cblr-1747 607 16 review review NOUN cblr-1747 608 1 [ [ X cblr-1747 608 2 vol vol NOUN cblr-1747 608 3 . . PUNCT cblr-1747 608 4 2016 2016 NUM cblr-1747 608 5 actually actually ADV cblr-1747 608 6 entitled entitle VERB cblr-1747 608 7 to to PART cblr-1747 608 8 vote vote VERB cblr-1747 608 9 . . PUNCT cblr-1747 609 1 under under ADP cblr-1747 609 2 post post ADJ cblr-1747 609 3 - - ADJ cblr-1747 609 4 mailing mailing ADJ cblr-1747 609 5 reconciliation reconciliation NOUN cblr-1747 609 6 , , PUNCT cblr-1747 609 7 pre pre ADJ cblr-1747 609 8 - - ADJ cblr-1747 609 9 mailing mailing ADJ cblr-1747 609 10 reconciliation reconciliation NOUN cblr-1747 609 11 , , PUNCT cblr-1747 609 12 or or CCONJ cblr-1747 609 13 a a DET cblr-1747 609 14 hybrid hybrid ADJ cblr-1747 609 15 system system NOUN cblr-1747 609 16 , , PUNCT cblr-1747 609 17 a a DET cblr-1747 609 18 mismatch mismatch NOUN cblr-1747 609 19 remains remain VERB cblr-1747 609 20 between between ADP cblr-1747 609 21 expectations expectation NOUN cblr-1747 609 22 of of ADP cblr-1747 609 23 customers customer NOUN cblr-1747 609 24 about about ADP cblr-1747 609 25 their their PRON cblr-1747 609 26 right right NOUN cblr-1747 609 27 to to PART cblr-1747 609 28 vote vote VERB cblr-1747 609 29 and and CCONJ cblr-1747 609 30 the the DET cblr-1747 609 31 reality reality NOUN cblr-1747 609 32 of of ADP cblr-1747 609 33 whether whether SCONJ cblr-1747 609 34 they they PRON cblr-1747 609 35 can can AUX cblr-1747 609 36 vote vote VERB cblr-1747 609 37 or or CCONJ cblr-1747 609 38 if if SCONJ cblr-1747 609 39 their their PRON cblr-1747 609 40 vote vote NOUN cblr-1747 609 41 is be AUX cblr-1747 609 42 actually actually ADV cblr-1747 609 43 counted count VERB cblr-1747 609 44 . . PUNCT cblr-1747 610 1 under under ADP cblr-1747 610 2 a a DET cblr-1747 610 3 post post ADJ cblr-1747 610 4 - - ADJ cblr-1747 610 5 mailing mailing ADJ cblr-1747 610 6 reconciliation reconciliation NOUN cblr-1747 610 7 process process NOUN cblr-1747 610 8 , , PUNCT cblr-1747 610 9 customers customer NOUN cblr-1747 610 10 likely likely ADV cblr-1747 610 11 expect expect VERB cblr-1747 610 12 their their PRON cblr-1747 610 13 vote vote NOUN cblr-1747 610 14 will will AUX cblr-1747 610 15 be be AUX cblr-1747 610 16 counted count VERB cblr-1747 610 17 once once SCONJ cblr-1747 610 18 they they PRON cblr-1747 610 19 submit submit VERB cblr-1747 610 20 a a DET cblr-1747 610 21 proxy proxy ADJ cblr-1747 610 22 statement statement NOUN cblr-1747 610 23 , , PUNCT cblr-1747 610 24 yet yet CCONJ cblr-1747 610 25 broker broker NOUN cblr-1747 610 26 - - PUNCT cblr-1747 610 27 dealers dealer NOUN cblr-1747 610 28 can can AUX cblr-1747 610 29 cancel cancel VERB cblr-1747 610 30 those those DET cblr-1747 610 31 votes vote NOUN cblr-1747 610 32 without without ADP cblr-1747 610 33 informing inform VERB cblr-1747 610 34 the the DET cblr-1747 610 35 customer.137 customer.137 NOUN cblr-1747 610 36 with with ADP cblr-1747 610 37 pre pre ADJ cblr-1747 610 38 - - ADJ cblr-1747 610 39 mailing mailing ADJ cblr-1747 610 40 reconciliation reconciliation NOUN cblr-1747 610 41 , , PUNCT cblr-1747 610 42 a a DET cblr-1747 610 43 customer customer NOUN cblr-1747 610 44 may may AUX cblr-1747 610 45 believe believe VERB cblr-1747 610 46 based base VERB cblr-1747 610 47 on on ADP cblr-1747 610 48 their their PRON cblr-1747 610 49 account account NOUN cblr-1747 610 50 statements statement NOUN cblr-1747 610 51 that that SCONJ cblr-1747 610 52 their their PRON cblr-1747 610 53 broker broker NOUN cblr-1747 610 54 - - PUNCT cblr-1747 610 55 dealer dealer NOUN cblr-1747 610 56 has have VERB cblr-1747 610 57 possession possession NOUN cblr-1747 610 58 of of ADP cblr-1747 610 59 their their PRON cblr-1747 610 60 margin margin NOUN cblr-1747 610 61 securities security NOUN cblr-1747 610 62 , , PUNCT cblr-1747 610 63 yet yet CCONJ cblr-1747 610 64 the the DET cblr-1747 610 65 customer customer NOUN cblr-1747 610 66 may may AUX cblr-1747 610 67 never never ADV cblr-1747 610 68 receive receive VERB cblr-1747 610 69 proxy proxy NOUN cblr-1747 610 70 voting vote VERB cblr-1747 610 71 instructions.138 instructions.138 PRON cblr-1747 611 1 the the DET cblr-1747 611 2 lack lack NOUN cblr-1747 611 3 of of ADP cblr-1747 611 4 a a DET cblr-1747 611 5 consistent consistent ADJ cblr-1747 611 6 , , PUNCT cblr-1747 611 7 industry industry NOUN cblr-1747 611 8 - - PUNCT cblr-1747 611 9 wide wide ADJ cblr-1747 611 10 method method NOUN cblr-1747 611 11 to to PART cblr-1747 611 12 reconcile reconcile VERB cblr-1747 611 13 over over ADP cblr-1747 611 14 - - PUNCT cblr-1747 611 15 voting voting NOUN cblr-1747 611 16 situations situation NOUN cblr-1747 611 17 raises raise VERB cblr-1747 611 18 questions question NOUN cblr-1747 611 19 about about ADP cblr-1747 611 20 whether whether SCONJ cblr-1747 611 21 customers customer NOUN cblr-1747 611 22 understand understand VERB cblr-1747 611 23 the the DET cblr-1747 611 24 mechanics mechanic NOUN cblr-1747 611 25 behind behind ADP cblr-1747 611 26 voting vote VERB cblr-1747 611 27 their their PRON cblr-1747 611 28 margin margin NOUN cblr-1747 611 29 securities security NOUN cblr-1747 611 30 and and CCONJ cblr-1747 611 31 how how SCONJ cblr-1747 611 32 their their PRON cblr-1747 611 33 broker broker NOUN cblr-1747 611 34 - - PUNCT cblr-1747 611 35 dealer dealer NOUN cblr-1747 611 36 can can AUX cblr-1747 611 37 take take VERB cblr-1747 611 38 away away ADV cblr-1747 611 39 their their PRON cblr-1747 611 40 voting voting NOUN cblr-1747 611 41 rights right NOUN cblr-1747 611 42 . . PUNCT cblr-1747 612 1 moreover moreover ADV cblr-1747 612 2 , , PUNCT cblr-1747 612 3 questions question NOUN cblr-1747 612 4 remain remain VERB cblr-1747 612 5 about about ADP cblr-1747 612 6 how how SCONJ cblr-1747 612 7 far far ADV cblr-1747 612 8 the the DET cblr-1747 612 9 current current ADJ cblr-1747 612 10 paradigm paradigm NOUN cblr-1747 612 11 has have AUX cblr-1747 612 12 moved move VERB cblr-1747 612 13 away away ADV cblr-1747 612 14 from from ADP cblr-1747 612 15 the the DET cblr-1747 612 16 basic basic ADJ cblr-1747 612 17 principle principle NOUN cblr-1747 612 18 of of ADP cblr-1747 612 19 “ " PUNCT cblr-1747 612 20 one one NUM cblr-1747 612 21 shareholder shareholder NOUN cblr-1747 612 22 , , PUNCT cblr-1747 612 23 one one NUM cblr-1747 612 24 vote vote NOUN cblr-1747 612 25 ” " PUNCT cblr-1747 612 26 because because SCONJ cblr-1747 612 27 customers customer NOUN cblr-1747 612 28 who who PRON cblr-1747 612 29 no no ADV cblr-1747 612 30 longer long ADV cblr-1747 612 31 have have VERB cblr-1747 612 32 title title NOUN cblr-1747 612 33 in in ADP cblr-1747 612 34 their their PRON cblr-1747 612 35 stock stock NOUN cblr-1747 612 36 are be AUX cblr-1747 612 37 allowed allow VERB cblr-1747 612 38 to to PART cblr-1747 612 39 vote vote VERB cblr-1747 612 40 . . PUNCT cblr-1747 613 1 kahan kahan PROPN cblr-1747 613 2 and and CCONJ cblr-1747 613 3 rock rock NOUN cblr-1747 613 4 suggest suggest VERB cblr-1747 613 5 ways way NOUN cblr-1747 613 6 to to PART cblr-1747 613 7 address address VERB cblr-1747 613 8 the the DET cblr-1747 613 9 problems problem NOUN cblr-1747 613 10 of of ADP cblr-1747 613 11 over over ADP cblr-1747 613 12 - - PUNCT cblr-1747 613 13 voting voting NOUN cblr-1747 613 14 and and CCONJ cblr-1747 613 15 determining determine VERB cblr-1747 613 16 which which PRON cblr-1747 613 17 individuals individual NOUN cblr-1747 613 18 are be AUX cblr-1747 613 19 entitled entitle VERB cblr-1747 613 20 to to PART cblr-1747 613 21 vote vote VERB cblr-1747 613 22 . . PUNCT cblr-1747 614 1 they they PRON cblr-1747 614 2 describe describe VERB cblr-1747 614 3 a a DET cblr-1747 614 4 proposal proposal NOUN cblr-1747 614 5 from from ADP cblr-1747 614 6 the the DET cblr-1747 614 7 business business NOUN cblr-1747 614 8 roundtable roundtable ADJ cblr-1747 614 9 to to PART cblr-1747 614 10 remove remove VERB cblr-1747 614 11 brokers broker NOUN cblr-1747 614 12 and and CCONJ cblr-1747 614 13 banks bank NOUN cblr-1747 614 14 from from ADP cblr-1747 614 15 the the DET cblr-1747 614 16 process process NOUN cblr-1747 614 17 of of ADP cblr-1747 614 18 collecting collect VERB cblr-1747 614 19 proxy proxy NOUN cblr-1747 614 20 instructions instruction NOUN cblr-1747 614 21 by by ADP cblr-1747 614 22 having have VERB cblr-1747 614 23 brokers broker NOUN cblr-1747 614 24 and and CCONJ cblr-1747 614 25 banks bank NOUN cblr-1747 614 26 generate generate VERB cblr-1747 614 27 and and CCONJ cblr-1747 614 28 deliver deliver VERB cblr-1747 614 29 lists list NOUN cblr-1747 614 30 of of ADP cblr-1747 614 31 beneficial beneficial ADJ cblr-1747 614 32 owners owner NOUN cblr-1747 614 33 directly directly ADV cblr-1747 614 34 to to ADP cblr-1747 614 35 the the DET cblr-1747 614 36 corporate corporate ADJ cblr-1747 614 37 vote vote NOUN cblr-1747 614 38 tabulator.139 tabulator.139 VERB cblr-1747 614 39 this this DET cblr-1747 614 40 proposal proposal NOUN cblr-1747 614 41 would would AUX cblr-1747 614 42 allow allow VERB cblr-1747 614 43 the the DET cblr-1747 614 44 tabulator tabulator NOUN cblr-1747 614 45 to to PART cblr-1747 614 46 send send VERB cblr-1747 614 47 proxy proxy ADJ cblr-1747 614 48 materials material NOUN cblr-1747 614 49 directly directly ADV cblr-1747 614 50 to to ADP cblr-1747 614 51 beneficial beneficial ADJ cblr-1747 614 52 owners owner NOUN cblr-1747 614 53 who who PRON cblr-1747 614 54 actually actually ADV cblr-1747 614 55 own own VERB cblr-1747 614 56 shares share NOUN cblr-1747 614 57 , , PUNCT cblr-1747 614 58 and and CCONJ cblr-1747 614 59 broker broker NOUN cblr-1747 614 60 - - PUNCT cblr-1747 614 61 dealers dealer NOUN cblr-1747 614 62 would would AUX cblr-1747 614 63 137 137 NUM cblr-1747 614 64 sec sec PROPN cblr-1747 614 65 proxy proxy ADJ cblr-1747 614 66 voting voting NOUN cblr-1747 614 67 roundtable roundtable NOUN cblr-1747 614 68 , , PUNCT cblr-1747 614 69 supra supra ADJ cblr-1747 614 70 note note NOUN cblr-1747 614 71 60 60 NUM cblr-1747 614 72 ( ( PUNCT cblr-1747 614 73 “ " PUNCT cblr-1747 614 74 if if SCONJ cblr-1747 614 75 there there PRON cblr-1747 614 76 is be VERB cblr-1747 614 77 an an DET cblr-1747 614 78 overvote overvote NOUN cblr-1747 614 79 , , PUNCT cblr-1747 614 80 the the DET cblr-1747 614 81 broker broker NOUN cblr-1747 614 82 - - PUNCT cblr-1747 614 83 dealer dealer NOUN cblr-1747 614 84 will will AUX cblr-1747 614 85 have have VERB cblr-1747 614 86 to to PART cblr-1747 614 87 decrease decrease VERB cblr-1747 614 88 the the DET cblr-1747 614 89 customers customer NOUN cblr-1747 614 90 ’ ’ PART cblr-1747 614 91 vote vote NOUN cblr-1747 614 92 but but CCONJ cblr-1747 614 93 the the DET cblr-1747 614 94 customers customer NOUN cblr-1747 614 95 will will AUX cblr-1747 614 96 never never ADV cblr-1747 614 97 know know VERB cblr-1747 614 98 some some PRON cblr-1747 614 99 or or CCONJ cblr-1747 614 100 all all PRON cblr-1747 614 101 of of ADP cblr-1747 614 102 their their PRON cblr-1747 614 103 votes vote NOUN cblr-1747 614 104 did do AUX cblr-1747 614 105 not not PART cblr-1747 614 106 count count VERB cblr-1747 614 107 . . PUNCT cblr-1747 614 108 ” " PUNCT cblr-1747 614 109 ) ) PUNCT cblr-1747 614 110 . . PUNCT cblr-1747 615 1 138 138 NUM cblr-1747 615 2 see see VERB cblr-1747 615 3 supra supra PROPN cblr-1747 615 4 notes note VERB cblr-1747 615 5 79–80 79–80 NOUN cblr-1747 615 6 and and CCONJ cblr-1747 615 7 accompanying accompany VERB cblr-1747 615 8 text text NOUN cblr-1747 615 9 . . PUNCT cblr-1747 616 1 139 139 NUM cblr-1747 616 2 kahan kahan PROPN cblr-1747 616 3 & & CCONJ cblr-1747 616 4 rock rock PROPN cblr-1747 616 5 , , PUNCT cblr-1747 616 6 supra supra PROPN cblr-1747 616 7 note note PROPN cblr-1747 616 8 8 8 NUM cblr-1747 616 9 , , PUNCT cblr-1747 616 10 at at ADP cblr-1747 616 11 1271–72 1271–72 ADJ cblr-1747 616 12 ; ; PUNCT cblr-1747 616 13 bus bus NOUN cblr-1747 616 14 . . PUNCT cblr-1747 617 1 roundtable roundtable ADJ cblr-1747 617 2 , , PUNCT cblr-1747 617 3 request request NOUN cblr-1747 617 4 for for ADP cblr-1747 617 5 rulemaking rulemake VERB cblr-1747 617 6 concerning concern VERB cblr-1747 617 7 shareholder shareholder NOUN cblr-1747 617 8 communications communication NOUN cblr-1747 617 9 , , PUNCT cblr-1747 617 10 petition petition VERB cblr-1747 617 11 4 4 NUM cblr-1747 617 12 - - SYM cblr-1747 617 13 493 493 NUM cblr-1747 617 14 ( ( PUNCT cblr-1747 617 15 apr apr PROPN cblr-1747 617 16 . . PROPN cblr-1747 617 17 12 12 NUM cblr-1747 617 18 , , PUNCT cblr-1747 617 19 2004 2004 NUM cblr-1747 617 20 ) ) PUNCT cblr-1747 617 21 , , PUNCT cblr-1747 617 22 http://www.sec.gov/rules/petitions/petn4493.htm http://www.sec.gov/rules/petitions/petn4493.htm PROPN cblr-1747 618 1 [ [ X cblr-1747 618 2 https://perma.cc/w8fj-3js9 https://perma.cc/w8fj-3js9 PROPN cblr-1747 618 3 ] ] PUNCT cblr-1747 618 4 . . PUNCT cblr-1747 618 5 tepe tepe NOUN cblr-1747 618 6 – – PUNCT cblr-1747 618 7 final final ADJ cblr-1747 618 8 no no NOUN cblr-1747 618 9 . . PUNCT cblr-1747 619 1 3:823 3:823 NUM cblr-1747 619 2 ] ] X cblr-1747 619 3 broker broker NOUN cblr-1747 619 4 - - PUNCT cblr-1747 619 5 dealer dealer NOUN cblr-1747 619 6 “ " PUNCT cblr-1747 619 7 idle idle ADJ cblr-1747 619 8 ” " PUNCT cblr-1747 619 9 customer customer NOUN cblr-1747 619 10 assets asset NOUN cblr-1747 619 11 867 867 NUM cblr-1747 619 12 no no ADV cblr-1747 619 13 longer long ADV cblr-1747 619 14 be be AUX cblr-1747 619 15 able able ADJ cblr-1747 619 16 to to PART cblr-1747 619 17 cancel cancel VERB cblr-1747 619 18 customer customer NOUN cblr-1747 619 19 votes.140 votes.140 ADJ cblr-1747 619 20 customers customer NOUN cblr-1747 619 21 would would AUX cblr-1747 619 22 benefit benefit VERB cblr-1747 619 23 from from ADP cblr-1747 619 24 this this DET cblr-1747 619 25 arrangement arrangement NOUN cblr-1747 619 26 because because SCONJ cblr-1747 619 27 “ " PUNCT cblr-1747 619 28 brokers broker NOUN cblr-1747 619 29 would would AUX cblr-1747 619 30 have have VERB cblr-1747 619 31 to to PART cblr-1747 619 32 identify identify VERB cblr-1747 619 33 which which DET cblr-1747 619 34 shares share NOUN cblr-1747 619 35 have have AUX cblr-1747 619 36 been be AUX cblr-1747 619 37 lent lend VERB cblr-1747 619 38 out out ADP cblr-1747 619 39 . . PUNCT cblr-1747 620 1 this this PRON cblr-1747 620 2 could could AUX cblr-1747 620 3 lead lead VERB cblr-1747 620 4 margin margin NOUN cblr-1747 620 5 - - PUNCT cblr-1747 620 6 account account NOUN cblr-1747 620 7 holders holder NOUN cblr-1747 620 8 ( ( PUNCT cblr-1747 620 9 who who PRON cblr-1747 620 10 at at ADP cblr-1747 620 11 present present ADJ cblr-1747 620 12 are be AUX cblr-1747 620 13 blissfully blissfully ADV cblr-1747 620 14 unaware unaware ADJ cblr-1747 620 15 whether whether SCONJ cblr-1747 620 16 and and CCONJ cblr-1747 620 17 how how SCONJ cblr-1747 620 18 often often ADV cblr-1747 620 19 their their PRON cblr-1747 620 20 shares share NOUN cblr-1747 620 21 are be AUX cblr-1747 620 22 lent lend VERB cblr-1747 620 23 out out ADP cblr-1747 620 24 ) ) PUNCT cblr-1747 620 25 to to PART cblr-1747 620 26 demand demand VERB cblr-1747 620 27 a a DET cblr-1747 620 28 share share NOUN cblr-1747 620 29 of of ADP cblr-1747 620 30 the the DET cblr-1747 620 31 fees fee NOUN cblr-1747 620 32 generated generate VERB cblr-1747 620 33 . . PUNCT cblr-1747 620 34 ”141 ”141 PROPN cblr-1747 621 1 alternatively alternatively ADV cblr-1747 621 2 , , PUNCT cblr-1747 621 3 kahan kahan PROPN cblr-1747 621 4 and and CCONJ cblr-1747 621 5 rock rock NOUN cblr-1747 621 6 suggest suggest VERB cblr-1747 621 7 implementing implement VERB cblr-1747 621 8 a a DET cblr-1747 621 9 direct direct ADJ cblr-1747 621 10 registration registration NOUN cblr-1747 621 11 clearing clearing NOUN cblr-1747 621 12 and and CCONJ cblr-1747 621 13 settlement settlement NOUN cblr-1747 621 14 system system NOUN cblr-1747 621 15 in in ADP cblr-1747 621 16 which which PRON cblr-1747 621 17 current current ADJ cblr-1747 621 18 beneficial beneficial ADJ cblr-1747 621 19 owners owner NOUN cblr-1747 621 20 actually actually ADV cblr-1747 621 21 take take VERB cblr-1747 621 22 and and CCONJ cblr-1747 621 23 hold hold VERB cblr-1747 621 24 title title NOUN cblr-1747 621 25 in in ADP cblr-1747 621 26 securities security NOUN cblr-1747 621 27 in in ADP cblr-1747 621 28 their their PRON cblr-1747 621 29 own own ADJ cblr-1747 621 30 name name NOUN cblr-1747 621 31 , , PUNCT cblr-1747 621 32 allowing allow VERB cblr-1747 621 33 the the DET cblr-1747 621 34 dtc dtc NOUN cblr-1747 621 35 to to PART cblr-1747 621 36 know know VERB cblr-1747 621 37 the the DET cblr-1747 621 38 names name NOUN cblr-1747 621 39 of of ADP cblr-1747 621 40 the the DET cblr-1747 621 41 beneficial beneficial ADJ cblr-1747 621 42 owners.142 owners.142 PRON cblr-1747 621 43 either either PRON cblr-1747 621 44 of of ADP cblr-1747 621 45 these these DET cblr-1747 621 46 reforms reform NOUN cblr-1747 621 47 could could AUX cblr-1747 621 48 alleviate alleviate VERB cblr-1747 621 49 the the DET cblr-1747 621 50 problems problem NOUN cblr-1747 621 51 identified identify VERB cblr-1747 621 52 above above ADV cblr-1747 621 53 by by ADP cblr-1747 621 54 removing remove VERB cblr-1747 621 55 broker broker NOUN cblr-1747 621 56 - - PUNCT cblr-1747 621 57 dealers dealer NOUN cblr-1747 621 58 from from ADP cblr-1747 621 59 the the DET cblr-1747 621 60 role role NOUN cblr-1747 621 61 of of ADP cblr-1747 621 62 counting count VERB cblr-1747 621 63 and and CCONJ cblr-1747 621 64 canceling cancel VERB cblr-1747 621 65 customer customer NOUN cblr-1747 621 66 proxy proxy NOUN cblr-1747 621 67 votes vote NOUN cblr-1747 621 68 and and CCONJ cblr-1747 621 69 by by ADP cblr-1747 621 70 allowing allow VERB cblr-1747 621 71 customers customer NOUN cblr-1747 621 72 to to PART cblr-1747 621 73 know know VERB cblr-1747 621 74 whether whether SCONJ cblr-1747 621 75 their their PRON cblr-1747 621 76 shares share NOUN cblr-1747 621 77 have have AUX cblr-1747 621 78 been be AUX cblr-1747 621 79 lent lend VERB cblr-1747 621 80 . . PUNCT cblr-1747 622 1 however however ADV cblr-1747 622 2 , , PUNCT cblr-1747 622 3 brokerdealers brokerdealer NOUN cblr-1747 622 4 would would AUX cblr-1747 622 5 still still ADV cblr-1747 622 6 be be AUX cblr-1747 622 7 allowed allow VERB cblr-1747 622 8 to to PART cblr-1747 622 9 easily easily ADV cblr-1747 622 10 lend lend VERB cblr-1747 622 11 customer customer NOUN cblr-1747 622 12 margin margin NOUN cblr-1747 622 13 securities security NOUN cblr-1747 622 14 . . PUNCT cblr-1747 623 1 moreover moreover ADV cblr-1747 623 2 , , PUNCT cblr-1747 623 3 such such DET cblr-1747 623 4 a a DET cblr-1747 623 5 complete complete ADJ cblr-1747 623 6 restructuring restructuring NOUN cblr-1747 623 7 of of ADP cblr-1747 623 8 the the DET cblr-1747 623 9 proxy proxy NOUN cblr-1747 623 10 voting voting NOUN cblr-1747 623 11 system system NOUN cblr-1747 623 12 decreases decrease VERB cblr-1747 623 13 the the DET cblr-1747 623 14 likelihood likelihood NOUN cblr-1747 623 15 that that SCONJ cblr-1747 623 16 the the DET cblr-1747 623 17 sec sec PROPN cblr-1747 623 18 would would AUX cblr-1747 623 19 implement implement VERB cblr-1747 623 20 such such ADJ cblr-1747 623 21 reforms.143 reforms.143 NOUN cblr-1747 623 22 140 140 NUM cblr-1747 623 23 kahan kahan PROPN cblr-1747 623 24 & & CCONJ cblr-1747 623 25 rock rock PROPN cblr-1747 623 26 , , PUNCT cblr-1747 623 27 supra supra PROPN cblr-1747 623 28 note note PROPN cblr-1747 623 29 8 8 NUM cblr-1747 623 30 , , PUNCT cblr-1747 623 31 at at ADP cblr-1747 623 32 1272 1272 NUM cblr-1747 623 33 . . PUNCT cblr-1747 624 1 141 141 NUM cblr-1747 624 2 i i PRON cblr-1747 624 3 d. d. PROPN cblr-1747 624 4 at at ADP cblr-1747 624 5 1273 1273 NUM cblr-1747 624 6 . . PUNCT cblr-1747 625 1 142 142 NUM cblr-1747 626 1 i i PRON cblr-1747 626 2 d. d. VERB cblr-1747 626 3 at at ADP cblr-1747 626 4 1273–77 1273–77 NUM cblr-1747 626 5 . . PUNCT cblr-1747 627 1 143 143 NUM cblr-1747 627 2 barrett barrett PROPN cblr-1747 627 3 suggests suggest VERB cblr-1747 627 4 a a DET cblr-1747 627 5 smaller small ADJ cblr-1747 627 6 change change NOUN cblr-1747 627 7 of of ADP cblr-1747 627 8 creating create VERB cblr-1747 627 9 an an DET cblr-1747 627 10 affirmative affirmative ADJ cblr-1747 627 11 duty duty NOUN cblr-1747 627 12 on on ADP cblr-1747 627 13 boards board NOUN cblr-1747 627 14 of of ADP cblr-1747 627 15 directors director NOUN cblr-1747 627 16 to to PART cblr-1747 627 17 ensure ensure VERB cblr-1747 627 18 unimpaired unimpaired ADJ cblr-1747 627 19 effectiveness effectiveness NOUN cblr-1747 627 20 of of ADP cblr-1747 627 21 shareholders shareholder NOUN cblr-1747 627 22 ’ ’ PART cblr-1747 627 23 voting voting NOUN cblr-1747 627 24 power power NOUN cblr-1747 627 25 in in ADP cblr-1747 627 26 any any DET cblr-1747 627 27 corporate corporate ADJ cblr-1747 627 28 election election NOUN cblr-1747 627 29 , , PUNCT cblr-1747 627 30 which which PRON cblr-1747 627 31 would would AUX cblr-1747 627 32 pressure pressure VERB cblr-1747 627 33 the the DET cblr-1747 627 34 securities security NOUN cblr-1747 627 35 industry industry NOUN cblr-1747 627 36 to to PART cblr-1747 627 37 implement implement VERB cblr-1747 627 38 technical technical ADJ cblr-1747 627 39 and and CCONJ cblr-1747 627 40 procedural procedural ADJ cblr-1747 627 41 improvements improvement NOUN cblr-1747 627 42 . . PUNCT cblr-1747 628 1 richard richard PROPN cblr-1747 628 2 w. w. PROPN cblr-1747 628 3 barrett barrett PROPN cblr-1747 628 4 , , PUNCT cblr-1747 628 5 note note NOUN cblr-1747 628 6 , , PUNCT cblr-1747 628 7 elephant elephant NOUN cblr-1747 628 8 in in ADP cblr-1747 628 9 the the DET cblr-1747 628 10 boardroom boardroom NOUN cblr-1747 628 11 ? ? PUNCT cblr-1747 628 12 : : PUNCT cblr-1747 628 13 counting count VERB cblr-1747 628 14 the the DET cblr-1747 628 15 vote vote NOUN cblr-1747 628 16 in in ADP cblr-1747 628 17 corporate corporate ADJ cblr-1747 628 18 elections election NOUN cblr-1747 628 19 , , PUNCT cblr-1747 628 20 44 44 NUM cblr-1747 628 21 val val NOUN cblr-1747 628 22 . . PUNCT cblr-1747 629 1 u. u. PROPN cblr-1747 629 2 l. l. PROPN cblr-1747 629 3 rev rev PROPN cblr-1747 629 4 . . PROPN cblr-1747 629 5 125 125 NUM cblr-1747 629 6 , , PUNCT cblr-1747 629 7 177–79 177–79 PROPN cblr-1747 629 8 ( ( PUNCT cblr-1747 629 9 2009 2009 NUM cblr-1747 629 10 ) ) PUNCT cblr-1747 629 11 . . PUNCT cblr-1747 630 1 moreover moreover ADV cblr-1747 630 2 , , PUNCT cblr-1747 630 3 barrett barrett PROPN cblr-1747 630 4 argues argue VERB cblr-1747 630 5 for for ADP cblr-1747 630 6 stricter strict ADJ cblr-1747 630 7 enforcement enforcement NOUN cblr-1747 630 8 of of ADP cblr-1747 630 9 agency agency NOUN cblr-1747 630 10 duty duty NOUN cblr-1747 630 11 to to PART cblr-1747 630 12 ensure ensure VERB cblr-1747 630 13 that that SCONJ cblr-1747 630 14 broker broker NOUN cblr-1747 630 15 - - PUNCT cblr-1747 630 16 dealers dealer NOUN cblr-1747 630 17 follow follow VERB cblr-1747 630 18 the the DET cblr-1747 630 19 voting voting NOUN cblr-1747 630 20 instructions instruction NOUN cblr-1747 630 21 of of ADP cblr-1747 630 22 their their PRON cblr-1747 630 23 customers customer NOUN cblr-1747 630 24 . . PUNCT cblr-1747 631 1 i i PRON cblr-1747 631 2 d. d. PROPN cblr-1747 631 3 at at ADP cblr-1747 631 4 180 180 NUM cblr-1747 631 5 . . PUNCT cblr-1747 632 1 such such ADJ cblr-1747 632 2 stricter strict ADJ cblr-1747 632 3 enforcement enforcement NOUN cblr-1747 632 4 could could AUX cblr-1747 632 5 allow allow VERB cblr-1747 632 6 courts court NOUN cblr-1747 632 7 to to PART cblr-1747 632 8 ban ban VERB cblr-1747 632 9 broker broker NOUN cblr-1747 632 10 - - PUNCT cblr-1747 632 11 dealers dealer NOUN cblr-1747 632 12 from from ADP cblr-1747 632 13 canceling cancel VERB cblr-1747 632 14 customer customer NOUN cblr-1747 632 15 proxy proxy NOUN cblr-1747 632 16 votes vote NOUN cblr-1747 632 17 , , PUNCT cblr-1747 632 18 which which PRON cblr-1747 632 19 would would AUX cblr-1747 632 20 spur spur VERB cblr-1747 632 21 reform reform NOUN cblr-1747 632 22 . . PUNCT cblr-1747 633 1 unfortunately unfortunately ADV cblr-1747 633 2 , , PUNCT cblr-1747 633 3 such such ADJ cblr-1747 633 4 duties duty NOUN cblr-1747 633 5 still still ADV cblr-1747 633 6 would would AUX cblr-1747 633 7 allow allow VERB cblr-1747 633 8 broker broker NOUN cblr-1747 633 9 - - PUNCT cblr-1747 633 10 dealers dealer NOUN cblr-1747 633 11 to to PART cblr-1747 633 12 easily easily ADV cblr-1747 633 13 lend lend VERB cblr-1747 633 14 customer customer NOUN cblr-1747 633 15 margin margin NOUN cblr-1747 633 16 securities security NOUN cblr-1747 633 17 , , PUNCT cblr-1747 633 18 and and CCONJ cblr-1747 633 19 the the DET cblr-1747 633 20 broad broad ADJ cblr-1747 633 21 acceptance acceptance NOUN cblr-1747 633 22 that that PRON cblr-1747 633 23 broker broker NOUN cblr-1747 633 24 - - PUNCT cblr-1747 633 25 dealers dealer NOUN cblr-1747 633 26 can can AUX cblr-1747 633 27 lend lend VERB cblr-1747 633 28 customer customer NOUN cblr-1747 633 29 securities security NOUN cblr-1747 633 30 and and CCONJ cblr-1747 633 31 cancel cancel VERB cblr-1747 633 32 customer customer NOUN cblr-1747 633 33 proxy proxy NOUN cblr-1747 633 34 votes vote NOUN cblr-1747 633 35 without without ADP cblr-1747 633 36 informing inform VERB cblr-1747 633 37 customers customer NOUN cblr-1747 633 38 decreases decrease VERB cblr-1747 633 39 the the DET cblr-1747 633 40 likelihood likelihood NOUN cblr-1747 633 41 that that SCONJ cblr-1747 633 42 a a DET cblr-1747 633 43 court court NOUN cblr-1747 633 44 would would AUX cblr-1747 633 45 find find VERB cblr-1747 633 46 that that SCONJ cblr-1747 633 47 this this DET cblr-1747 633 48 industry industry NOUN cblr-1747 633 49 practice practice NOUN cblr-1747 633 50 violates violate VERB cblr-1747 633 51 agency agency NOUN cblr-1747 633 52 duties duty NOUN cblr-1747 633 53 . . PUNCT cblr-1747 634 1 tepe tepe NOUN cblr-1747 634 2 – – PUNCT cblr-1747 634 3 final final ADJ cblr-1747 634 4 868 868 NUM cblr-1747 634 5 columbia columbia PROPN cblr-1747 634 6 business business NOUN cblr-1747 634 7 law law NOUN cblr-1747 634 8 review review NOUN cblr-1747 635 1 [ [ X cblr-1747 635 2 vol vol NOUN cblr-1747 635 3 . . NOUN cblr-1747 635 4 2016 2016 NUM cblr-1747 635 5 iv iv NOUN cblr-1747 635 6 . . PUNCT cblr-1747 635 7 recommendations recommendation NOUN cblr-1747 635 8 additional additional ADJ cblr-1747 635 9 regulation regulation NOUN cblr-1747 635 10 is be AUX cblr-1747 635 11 likely likely ADV cblr-1747 635 12 needed need VERB cblr-1747 635 13 to to PART cblr-1747 635 14 reduce reduce VERB cblr-1747 635 15 the the DET cblr-1747 635 16 agency agency NOUN cblr-1747 635 17 costs cost NOUN cblr-1747 635 18 and and CCONJ cblr-1747 635 19 systemic systemic ADJ cblr-1747 635 20 risks risk NOUN cblr-1747 635 21 associated associate VERB cblr-1747 635 22 with with ADP cblr-1747 635 23 brokerdealer brokerdealer NOUN cblr-1747 635 24 use use NOUN cblr-1747 635 25 of of ADP cblr-1747 635 26 idle idle ADJ cblr-1747 635 27 customer customer NOUN cblr-1747 635 28 assets asset NOUN cblr-1747 635 29 . . PUNCT cblr-1747 636 1 at at ADP cblr-1747 636 2 a a DET cblr-1747 636 3 basic basic ADJ cblr-1747 636 4 level level NOUN cblr-1747 636 5 , , PUNCT cblr-1747 636 6 the the DET cblr-1747 636 7 sec sec PROPN cblr-1747 636 8 needs need VERB cblr-1747 636 9 the the DET cblr-1747 636 10 necessary necessary ADJ cblr-1747 636 11 information information NOUN cblr-1747 636 12 about about ADP cblr-1747 636 13 sweep sweep NOUN cblr-1747 636 14 programs program NOUN cblr-1747 636 15 in in ADP cblr-1747 636 16 order order NOUN cblr-1747 636 17 to to PART cblr-1747 636 18 properly properly ADV cblr-1747 636 19 analyze analyze VERB cblr-1747 636 20 potential potential ADJ cblr-1747 636 21 systemic systemic ADJ cblr-1747 636 22 risks risk NOUN cblr-1747 636 23 and and CCONJ cblr-1747 636 24 agency agency NOUN cblr-1747 636 25 costs cost NOUN cblr-1747 636 26 . . PUNCT cblr-1747 637 1 beyond beyond ADP cblr-1747 637 2 proper proper ADJ cblr-1747 637 3 reporting reporting NOUN cblr-1747 637 4 requirements requirement NOUN cblr-1747 637 5 , , PUNCT cblr-1747 637 6 additional additional ADJ cblr-1747 637 7 disclosures disclosure NOUN cblr-1747 637 8 to to ADP cblr-1747 637 9 customers customer NOUN cblr-1747 637 10 about about ADP cblr-1747 637 11 their their PRON cblr-1747 637 12 brokerdealer brokerdealer NOUN cblr-1747 637 13 ’s ’s PART cblr-1747 637 14 profits profit NOUN cblr-1747 637 15 from from ADP cblr-1747 637 16 their their PRON cblr-1747 637 17 idle idle ADJ cblr-1747 637 18 assets asset NOUN cblr-1747 637 19 and and CCONJ cblr-1747 637 20 when when SCONJ cblr-1747 637 21 their their PRON cblr-1747 637 22 securities security NOUN cblr-1747 637 23 are be AUX cblr-1747 637 24 lent lend VERB cblr-1747 637 25 could could AUX cblr-1747 637 26 allow allow VERB cblr-1747 637 27 customers customer NOUN cblr-1747 637 28 to to PART cblr-1747 637 29 better well ADV cblr-1747 637 30 understand understand VERB cblr-1747 637 31 both both DET cblr-1747 637 32 their their PRON cblr-1747 637 33 broker broker NOUN cblr-1747 637 34 - - PUNCT cblr-1747 637 35 dealer dealer NOUN cblr-1747 637 36 ’s ’s PART cblr-1747 637 37 conflicts conflict NOUN cblr-1747 637 38 of of ADP cblr-1747 637 39 interest interest NOUN cblr-1747 637 40 and and CCONJ cblr-1747 637 41 when when SCONJ cblr-1747 637 42 they they PRON cblr-1747 637 43 are be AUX cblr-1747 637 44 actually actually ADV cblr-1747 637 45 entitled entitle VERB cblr-1747 637 46 to to ADP cblr-1747 637 47 a a DET cblr-1747 637 48 shareholder shareholder NOUN cblr-1747 637 49 vote vote NOUN cblr-1747 637 50 . . PUNCT cblr-1747 638 1 increased increase VERB cblr-1747 638 2 disclosures disclosure NOUN cblr-1747 638 3 by by ADP cblr-1747 638 4 broker broker NOUN cblr-1747 638 5 - - PUNCT cblr-1747 638 6 dealers dealer NOUN cblr-1747 638 7 would would AUX cblr-1747 638 8 allow allow VERB cblr-1747 638 9 a a DET cblr-1747 638 10 betterinformed betterinformed ADJ cblr-1747 638 11 negotiation negotiation NOUN cblr-1747 638 12 between between ADP cblr-1747 638 13 customers customer NOUN cblr-1747 638 14 and and CCONJ cblr-1747 638 15 broker broker NOUN cblr-1747 638 16 - - PUNCT cblr-1747 638 17 dealers dealer NOUN cblr-1747 638 18 , , PUNCT cblr-1747 638 19 which which PRON cblr-1747 638 20 could could AUX cblr-1747 638 21 lead lead VERB cblr-1747 638 22 to to ADP cblr-1747 638 23 market market NOUN cblr-1747 638 24 solutions solution NOUN cblr-1747 638 25 to to ADP cblr-1747 638 26 agency agency NOUN cblr-1747 638 27 problems problem NOUN cblr-1747 638 28 . . PUNCT cblr-1747 639 1 finally finally ADV cblr-1747 639 2 , , PUNCT cblr-1747 639 3 more more ADV cblr-1747 639 4 invasive invasive ADJ cblr-1747 639 5 regulations regulation NOUN cblr-1747 639 6 like like ADP cblr-1747 639 7 caps cap NOUN cblr-1747 639 8 on on ADP cblr-1747 639 9 fees fee NOUN cblr-1747 639 10 and and CCONJ cblr-1747 639 11 bans ban NOUN cblr-1747 639 12 on on ADP cblr-1747 639 13 canceling cancel VERB cblr-1747 639 14 customer customer NOUN cblr-1747 639 15 proxy proxy NOUN cblr-1747 639 16 votes vote NOUN cblr-1747 639 17 may may AUX cblr-1747 639 18 be be AUX cblr-1747 639 19 necessary necessary ADJ cblr-1747 639 20 to to PART cblr-1747 639 21 fully fully ADV cblr-1747 639 22 address address VERB cblr-1747 639 23 the the DET cblr-1747 639 24 agency agency NOUN cblr-1747 639 25 problems problem NOUN cblr-1747 639 26 associated associate VERB cblr-1747 639 27 with with ADP cblr-1747 639 28 broker broker NOUN cblr-1747 639 29 - - PUNCT cblr-1747 639 30 dealer dealer NOUN cblr-1747 639 31 use use NOUN cblr-1747 639 32 of of ADP cblr-1747 639 33 idle idle ADJ cblr-1747 639 34 customer customer NOUN cblr-1747 639 35 assets asset NOUN cblr-1747 639 36 . . PUNCT cblr-1747 640 1 section section NOUN cblr-1747 640 2 iv.a iv.a PROPN cblr-1747 640 3 will will AUX cblr-1747 640 4 advocate advocate VERB cblr-1747 640 5 for for ADP cblr-1747 640 6 sweep sweep NOUN cblr-1747 640 7 program program NOUN cblr-1747 640 8 reporting reporting NOUN cblr-1747 640 9 requirements requirement NOUN cblr-1747 640 10 . . PUNCT cblr-1747 641 1 section section NOUN cblr-1747 641 2 iv.b iv.b PROPN cblr-1747 641 3 will will AUX cblr-1747 641 4 discuss discuss VERB cblr-1747 641 5 potential potential ADJ cblr-1747 641 6 reforms reform NOUN cblr-1747 641 7 to to PART cblr-1747 641 8 reduce reduce VERB cblr-1747 641 9 agency agency NOUN cblr-1747 641 10 problems problem NOUN cblr-1747 641 11 with with ADP cblr-1747 641 12 sweep sweep NOUN cblr-1747 641 13 programs program NOUN cblr-1747 641 14 . . PUNCT cblr-1747 642 1 section section NOUN cblr-1747 642 2 iv.c iv.c PROPN cblr-1747 642 3 will will AUX cblr-1747 642 4 examine examine VERB cblr-1747 642 5 increased increase VERB cblr-1747 642 6 disclosure disclosure NOUN cblr-1747 642 7 and and CCONJ cblr-1747 642 8 collateral collateral ADJ cblr-1747 642 9 requirements requirement NOUN cblr-1747 642 10 for for ADP cblr-1747 642 11 margin margin NOUN cblr-1747 642 12 securities security NOUN cblr-1747 642 13 lending lending NOUN cblr-1747 642 14 . . PUNCT cblr-1747 643 1 section section NOUN cblr-1747 643 2 iv.d iv.d PROPN cblr-1747 643 3 will will AUX cblr-1747 643 4 analyze analyze VERB cblr-1747 643 5 different different ADJ cblr-1747 643 6 methods method NOUN cblr-1747 643 7 to to PART cblr-1747 643 8 standardize standardize VERB cblr-1747 643 9 broker broker NOUN cblr-1747 643 10 - - PUNCT cblr-1747 643 11 dealer dealer NOUN cblr-1747 643 12 reconciliation reconciliation NOUN cblr-1747 643 13 of of ADP cblr-1747 643 14 customer customer NOUN cblr-1747 643 15 shareholder shareholder NOUN cblr-1747 643 16 votes vote NOUN cblr-1747 643 17 and and CCONJ cblr-1747 643 18 ensure ensure VERB cblr-1747 643 19 that that SCONJ cblr-1747 643 20 customers customer NOUN cblr-1747 643 21 know know VERB cblr-1747 643 22 when when SCONJ cblr-1747 643 23 they they PRON cblr-1747 643 24 are be AUX cblr-1747 643 25 entitled entitle VERB cblr-1747 643 26 to to PART cblr-1747 643 27 vote vote VERB cblr-1747 643 28 . . PUNCT cblr-1747 644 1 a. a. NOUN cblr-1747 644 2 addressing address VERB cblr-1747 644 3 sweep sweep NOUN cblr-1747 644 4 program program NOUN cblr-1747 644 5 systemic systemic ADJ cblr-1747 644 6 risks risk NOUN cblr-1747 644 7 — — PUNCT cblr-1747 644 8 sweep sweep NOUN cblr-1747 644 9 program program NOUN cblr-1747 644 10 reporting reporting NOUN cblr-1747 644 11 requirements requirement NOUN cblr-1747 644 12 the the DET cblr-1747 644 13 sec sec PROPN cblr-1747 644 14 should should AUX cblr-1747 644 15 require require VERB cblr-1747 644 16 broker broker NOUN cblr-1747 644 17 - - PUNCT cblr-1747 644 18 dealers dealer NOUN cblr-1747 644 19 to to PART cblr-1747 644 20 report report VERB cblr-1747 644 21 the the DET cblr-1747 644 22 size size NOUN cblr-1747 644 23 of of ADP cblr-1747 644 24 their their PRON cblr-1747 644 25 sweep sweep NOUN cblr-1747 644 26 programs program NOUN cblr-1747 644 27 broken break VERB cblr-1747 644 28 - - PUNCT cblr-1747 644 29 down down NOUN cblr-1747 644 30 by by ADP cblr-1747 644 31 counterparty counterparty NOUN cblr-1747 644 32 . . PUNCT cblr-1747 645 1 this this DET cblr-1747 645 2 data data NOUN cblr-1747 645 3 would would AUX cblr-1747 645 4 allow allow VERB cblr-1747 645 5 the the DET cblr-1747 645 6 sec sec PROPN cblr-1747 645 7 to to PART cblr-1747 645 8 better well ADV cblr-1747 645 9 track track VERB cblr-1747 645 10 the the DET cblr-1747 645 11 counterparty counterparty NOUN cblr-1747 645 12 and and CCONJ cblr-1747 645 13 systemic systemic ADJ cblr-1747 645 14 risks risk NOUN cblr-1747 645 15 associated associate VERB cblr-1747 645 16 with with ADP cblr-1747 645 17 these these DET cblr-1747 645 18 sweep sweep NOUN cblr-1747 645 19 programs program NOUN cblr-1747 645 20 and and CCONJ cblr-1747 645 21 to to PART cblr-1747 645 22 share share VERB cblr-1747 645 23 this this DET cblr-1747 645 24 data datum NOUN cblr-1747 645 25 with with ADP cblr-1747 645 26 other other ADJ cblr-1747 645 27 u.s u.s PROPN cblr-1747 645 28 . . PROPN cblr-1747 645 29 regulators regulator NOUN cblr-1747 645 30 . . PUNCT cblr-1747 646 1 the the DET cblr-1747 646 2 current current ADJ cblr-1747 646 3 lack lack NOUN cblr-1747 646 4 of of ADP cblr-1747 646 5 data datum NOUN cblr-1747 646 6 hinders hinder VERB cblr-1747 646 7 research research NOUN cblr-1747 646 8 into into ADP cblr-1747 646 9 sweep sweep NOUN cblr-1747 646 10 program program NOUN cblr-1747 646 11 systemic systemic ADJ cblr-1747 646 12 risks risk NOUN cblr-1747 646 13 because because SCONJ cblr-1747 646 14 regulators regulator NOUN cblr-1747 646 15 and and CCONJ cblr-1747 646 16 researchers researcher NOUN cblr-1747 646 17 must must AUX cblr-1747 646 18 tepe tepe VERB cblr-1747 646 19 – – PUNCT cblr-1747 646 20 final final ADJ cblr-1747 646 21 no no NOUN cblr-1747 646 22 . . PUNCT cblr-1747 647 1 3:823 3:823 NUM cblr-1747 647 2 ] ] X cblr-1747 647 3 broker broker NOUN cblr-1747 647 4 - - PUNCT cblr-1747 647 5 dealer dealer NOUN cblr-1747 647 6 “ " PUNCT cblr-1747 647 7 idle idle ADJ cblr-1747 647 8 ” " PUNCT cblr-1747 647 9 customer customer NOUN cblr-1747 647 10 assets asset NOUN cblr-1747 647 11 869 869 NUM cblr-1747 647 12 know know VERB cblr-1747 647 13 the the DET cblr-1747 647 14 size size NOUN cblr-1747 647 15 of of ADP cblr-1747 647 16 sweeps sweep NOUN cblr-1747 647 17 to to ADP cblr-1747 647 18 each each DET cblr-1747 647 19 counterparty counterparty NOUN cblr-1747 647 20 in in ADP cblr-1747 647 21 order order NOUN cblr-1747 647 22 to to PART cblr-1747 647 23 conduct conduct VERB cblr-1747 647 24 analysis analysis NOUN cblr-1747 647 25 about about ADP cblr-1747 647 26 whether whether SCONJ cblr-1747 647 27 a a DET cblr-1747 647 28 quick quick ADJ cblr-1747 647 29 unwinding unwinding NOUN cblr-1747 647 30 of of ADP cblr-1747 647 31 these these DET cblr-1747 647 32 sweeps sweep NOUN cblr-1747 647 33 could could AUX cblr-1747 647 34 threaten threaten VERB cblr-1747 647 35 the the DET cblr-1747 647 36 viability viability NOUN cblr-1747 647 37 of of ADP cblr-1747 647 38 each each DET cblr-1747 647 39 counterparty counterparty NOUN cblr-1747 647 40 . . PUNCT cblr-1747 648 1 moreover moreover ADV cblr-1747 648 2 , , PUNCT cblr-1747 648 3 knowing know VERB cblr-1747 648 4 the the DET cblr-1747 648 5 size size NOUN cblr-1747 648 6 of of ADP cblr-1747 648 7 sweeps sweep NOUN cblr-1747 648 8 broken break VERB cblr-1747 648 9 down down ADP cblr-1747 648 10 by by ADP cblr-1747 648 11 counterparty counterparty NOUN cblr-1747 648 12 would would AUX cblr-1747 648 13 help help VERB cblr-1747 648 14 the the DET cblr-1747 648 15 sec sec PROPN cblr-1747 648 16 and and CCONJ cblr-1747 648 17 sipc sipc NOUN cblr-1747 648 18 better well ADV cblr-1747 648 19 understand understand VERB cblr-1747 648 20 where where SCONJ cblr-1747 648 21 customer customer NOUN cblr-1747 648 22 funds fund NOUN cblr-1747 648 23 are be AUX cblr-1747 648 24 held hold VERB cblr-1747 648 25 , , PUNCT cblr-1747 648 26 which which PRON cblr-1747 648 27 in in ADP cblr-1747 648 28 turn turn NOUN cblr-1747 648 29 could could AUX cblr-1747 648 30 help help VERB cblr-1747 648 31 the the DET cblr-1747 648 32 return return NOUN cblr-1747 648 33 of of ADP cblr-1747 648 34 customer customer NOUN cblr-1747 648 35 funds fund NOUN cblr-1747 648 36 more more ADV cblr-1747 648 37 quickly quickly ADV cblr-1747 648 38 after after ADP cblr-1747 648 39 a a DET cblr-1747 648 40 broker broker NOUN cblr-1747 648 41 - - PUNCT cblr-1747 648 42 dealer dealer NOUN cblr-1747 648 43 failure failure NOUN cblr-1747 648 44 . . PUNCT cblr-1747 649 1 broker broker NOUN cblr-1747 649 2 - - PUNCT cblr-1747 649 3 dealers dealer NOUN cblr-1747 649 4 likely likely ADV cblr-1747 649 5 already already ADV cblr-1747 649 6 have have VERB cblr-1747 649 7 this this DET cblr-1747 649 8 sweep sweep NOUN cblr-1747 649 9 information information NOUN cblr-1747 649 10 available available ADJ cblr-1747 649 11 and and CCONJ cblr-1747 649 12 would would AUX cblr-1747 649 13 not not PART cblr-1747 649 14 need need VERB cblr-1747 649 15 to to PART cblr-1747 649 16 report report VERB cblr-1747 649 17 the the DET cblr-1747 649 18 sweeps sweep NOUN cblr-1747 649 19 broken break VERB cblr-1747 649 20 down down ADP cblr-1747 649 21 by by ADP cblr-1747 649 22 customer customer NOUN cblr-1747 649 23 . . PUNCT cblr-1747 650 1 therefore therefore ADV cblr-1747 650 2 , , PUNCT cblr-1747 650 3 this this DET cblr-1747 650 4 reporting reporting NOUN cblr-1747 650 5 requirement requirement NOUN cblr-1747 650 6 would would AUX cblr-1747 650 7 likely likely ADV cblr-1747 650 8 not not PART cblr-1747 650 9 have have VERB cblr-1747 650 10 a a DET cblr-1747 650 11 high high ADJ cblr-1747 650 12 cost cost NOUN cblr-1747 650 13 for for ADP cblr-1747 650 14 broker broker NOUN cblr-1747 650 15 - - PUNCT cblr-1747 650 16 dealers dealer NOUN cblr-1747 650 17 and and CCONJ cblr-1747 650 18 would would AUX cblr-1747 650 19 be be AUX cblr-1747 650 20 very very ADV cblr-1747 650 21 beneficial beneficial ADJ cblr-1747 650 22 for for ADP cblr-1747 650 23 necessary necessary ADJ cblr-1747 650 24 research research NOUN cblr-1747 650 25 into into ADP cblr-1747 650 26 the the DET cblr-1747 650 27 systemic systemic ADJ cblr-1747 650 28 risk risk NOUN cblr-1747 650 29 associated associate VERB cblr-1747 650 30 with with ADP cblr-1747 650 31 sweep sweep NOUN cblr-1747 650 32 programs program NOUN cblr-1747 650 33 . . PUNCT cblr-1747 651 1 b. b. PROPN cblr-1747 651 2 reducing reduce VERB cblr-1747 651 3 sweep sweep NOUN cblr-1747 651 4 program program NOUN cblr-1747 651 5 agency agency NOUN cblr-1747 651 6 problems problem NOUN cblr-1747 651 7 — — PUNCT cblr-1747 651 8 disclosure disclosure NOUN cblr-1747 651 9 of of ADP cblr-1747 651 10 compensation compensation NOUN cblr-1747 651 11 and and CCONJ cblr-1747 651 12 cap cap NOUN cblr-1747 651 13 on on ADP cblr-1747 651 14 brokerdealer brokerdealer NOUN cblr-1747 651 15 fees fee NOUN cblr-1747 651 16 the the DET cblr-1747 651 17 sec sec PROPN cblr-1747 651 18 or or CCONJ cblr-1747 651 19 finra finra PROPN cblr-1747 651 20 should should AUX cblr-1747 651 21 require require VERB cblr-1747 651 22 that that SCONJ cblr-1747 651 23 broker broker NOUN cblr-1747 651 24 - - PUNCT cblr-1747 651 25 dealers dealer NOUN cblr-1747 651 26 disclose disclose VERB cblr-1747 651 27 to to ADP cblr-1747 651 28 customers customer NOUN cblr-1747 651 29 the the DET cblr-1747 651 30 compensation compensation NOUN cblr-1747 651 31 the the DET cblr-1747 651 32 broker broker NOUN cblr-1747 651 33 - - PUNCT cblr-1747 651 34 dealer dealer NOUN cblr-1747 651 35 receives receive VERB cblr-1747 651 36 for for ADP cblr-1747 651 37 each each DET cblr-1747 651 38 product product NOUN cblr-1747 651 39 in in ADP cblr-1747 651 40 a a DET cblr-1747 651 41 sweep sweep NOUN cblr-1747 651 42 program program NOUN cblr-1747 651 43 . . PUNCT cblr-1747 652 1 the the DET cblr-1747 652 2 current current ADJ cblr-1747 652 3 proposed propose VERB cblr-1747 652 4 requirement requirement NOUN cblr-1747 652 5 that that SCONJ cblr-1747 652 6 broker broker NOUN cblr-1747 652 7 - - PUNCT cblr-1747 652 8 dealers dealer NOUN cblr-1747 652 9 only only ADV cblr-1747 652 10 disclose disclose VERB cblr-1747 652 11 whether whether SCONJ cblr-1747 652 12 they they PRON cblr-1747 652 13 received receive VERB cblr-1747 652 14 compensation compensation NOUN cblr-1747 652 15 is be AUX cblr-1747 652 16 likely likely ADV cblr-1747 652 17 insufficient insufficient ADJ cblr-1747 652 18 to to PART cblr-1747 652 19 understand understand VERB cblr-1747 652 20 the the DET cblr-1747 652 21 full full ADJ cblr-1747 652 22 conflict conflict NOUN cblr-1747 652 23 of of ADP cblr-1747 652 24 interest interest NOUN cblr-1747 652 25 of of ADP cblr-1747 652 26 a a DET cblr-1747 652 27 broker broker NOUN cblr-1747 652 28 - - PUNCT cblr-1747 652 29 dealer dealer NOUN cblr-1747 652 30 because because SCONJ cblr-1747 652 31 the the DET cblr-1747 652 32 customer customer NOUN cblr-1747 652 33 would would AUX cblr-1747 652 34 not not PART cblr-1747 652 35 know know VERB cblr-1747 652 36 which which DET cblr-1747 652 37 products product NOUN cblr-1747 652 38 paid pay VERB cblr-1747 652 39 the the DET cblr-1747 652 40 broker broker NOUN cblr-1747 652 41 - - PUNCT cblr-1747 652 42 dealer dealer NOUN cblr-1747 652 43 the the DET cblr-1747 652 44 largest large ADJ cblr-1747 652 45 fees fee NOUN cblr-1747 652 46 for for ADP cblr-1747 652 47 sweeping sweeping ADJ cblr-1747 652 48 customer customer NOUN cblr-1747 652 49 cash.144 cash.144 PROPN cblr-1747 652 50 however however ADV cblr-1747 652 51 , , PUNCT cblr-1747 652 52 the the DET cblr-1747 652 53 broker broker NOUN cblr-1747 652 54 - - PUNCT cblr-1747 652 55 dealer dealer NOUN cblr-1747 652 56 agency agency NOUN cblr-1747 652 57 costs cost NOUN cblr-1747 652 58 arise arise VERB cblr-1747 652 59 through through ADP cblr-1747 652 60 the the DET cblr-1747 652 61 broker broker NOUN cblr-1747 652 62 - - PUNCT cblr-1747 652 63 dealers dealer NOUN cblr-1747 652 64 ’ ’ PART cblr-1747 652 65 choice choice NOUN cblr-1747 652 66 of of ADP cblr-1747 652 67 which which DET cblr-1747 652 68 products product NOUN cblr-1747 652 69 to to PART cblr-1747 652 70 include include VERB cblr-1747 652 71 in in ADP cblr-1747 652 72 a a DET cblr-1747 652 73 sweep sweep NOUN cblr-1747 652 74 program.145 program.145 NOUN cblr-1747 652 75 therefore therefore ADV cblr-1747 652 76 , , PUNCT cblr-1747 652 77 to to PART cblr-1747 652 78 understand understand VERB cblr-1747 652 79 whether whether SCONJ cblr-1747 652 80 their their PRON cblr-1747 652 81 broker broker NOUN cblr-1747 652 82 - - PUNCT cblr-1747 652 83 dealer dealer NOUN cblr-1747 652 84 chose choose VERB cblr-1747 652 85 sweep sweep NOUN cblr-1747 652 86 products product NOUN cblr-1747 652 87 with with ADP cblr-1747 652 88 higher high ADJ cblr-1747 652 89 fees fee NOUN cblr-1747 652 90 and and CCONJ cblr-1747 652 91 lower low ADJ cblr-1747 652 92 returns return NOUN cblr-1747 652 93 , , PUNCT cblr-1747 652 94 customers customer NOUN cblr-1747 652 95 would would AUX cblr-1747 652 96 also also ADV cblr-1747 652 97 need need VERB cblr-1747 652 98 to to PART cblr-1747 652 99 know know VERB cblr-1747 652 100 the the DET cblr-1747 652 101 fees fee NOUN cblr-1747 652 102 and and CCONJ cblr-1747 652 103 returns return NOUN cblr-1747 652 104 on on ADP cblr-1747 652 105 sweep sweep NOUN cblr-1747 652 106 products product NOUN cblr-1747 652 107 not not PART cblr-1747 652 108 included include VERB cblr-1747 652 109 in in ADP cblr-1747 652 110 the the DET cblr-1747 652 111 program program NOUN cblr-1747 652 112 . . PUNCT cblr-1747 653 1 requiring require VERB cblr-1747 653 2 that that SCONJ cblr-1747 653 3 broker broker NOUN cblr-1747 653 4 - - PUNCT cblr-1747 653 5 dealers dealer NOUN cblr-1747 653 6 present present VERB cblr-1747 653 7 customers customer NOUN cblr-1747 653 8 with with ADP cblr-1747 653 9 the the DET cblr-1747 653 10 fees fee NOUN cblr-1747 653 11 and and CCONJ cblr-1747 653 12 returns return NOUN cblr-1747 653 13 on on ADP cblr-1747 653 14 all all DET cblr-1747 653 15 sweep sweep NOUN cblr-1747 653 16 products product NOUN cblr-1747 653 17 in in ADP cblr-1747 653 18 the the DET cblr-1747 653 19 financial financial ADJ cblr-1747 653 20 market market NOUN cblr-1747 653 21 would would AUX cblr-1747 653 22 inundate inundate VERB cblr-1747 653 23 the the DET cblr-1747 653 24 customer customer NOUN cblr-1747 653 25 with with ADP cblr-1747 653 26 144 144 NUM cblr-1747 653 27 see see NOUN cblr-1747 653 28 supra supra PROPN cblr-1747 653 29 notes note NOUN cblr-1747 653 30 31–35 31–35 NUM cblr-1747 653 31 , , PUNCT cblr-1747 653 32 96 96 NUM cblr-1747 653 33 and and CCONJ cblr-1747 653 34 accompanying accompany VERB cblr-1747 653 35 text text NOUN cblr-1747 653 36 . . PUNCT cblr-1747 654 1 145 145 NUM cblr-1747 654 2 see see VERB cblr-1747 654 3 supra supra PROPN cblr-1747 654 4 notes note NOUN cblr-1747 654 5 91–94 91–94 NUM cblr-1747 654 6 and and CCONJ cblr-1747 654 7 accompanying accompany VERB cblr-1747 654 8 text text NOUN cblr-1747 654 9 . . PUNCT cblr-1747 655 1 tepe tepe NOUN cblr-1747 655 2 – – PUNCT cblr-1747 655 3 final final ADJ cblr-1747 655 4 870 870 NUM cblr-1747 655 5 columbia columbia PROPN cblr-1747 655 6 business business NOUN cblr-1747 655 7 law law PROPN cblr-1747 655 8 review review NOUN cblr-1747 656 1 [ [ X cblr-1747 656 2 vol vol NOUN cblr-1747 656 3 . . NOUN cblr-1747 656 4 2016 2016 NUM cblr-1747 656 5 information information NOUN cblr-1747 656 6 . . PUNCT cblr-1747 657 1 it it PRON cblr-1747 657 2 may may AUX cblr-1747 657 3 not not PART cblr-1747 657 4 be be AUX cblr-1747 657 5 worth worth ADJ cblr-1747 657 6 the the DET cblr-1747 657 7 effort effort NOUN cblr-1747 657 8 for for SCONJ cblr-1747 657 9 customers customer NOUN cblr-1747 657 10 to to PART cblr-1747 657 11 parse parse VERB cblr-1747 657 12 through through ADP cblr-1747 657 13 this this DET cblr-1747 657 14 information information NOUN cblr-1747 657 15 in in ADP cblr-1747 657 16 hopes hope NOUN cblr-1747 657 17 of of ADP cblr-1747 657 18 increasing increase VERB cblr-1747 657 19 their their PRON cblr-1747 657 20 return return NOUN cblr-1747 657 21 by by ADP cblr-1747 657 22 only only ADV cblr-1747 657 23 a a DET cblr-1747 657 24 few few ADJ cblr-1747 657 25 basis basis NOUN cblr-1747 657 26 points point NOUN cblr-1747 657 27 . . PUNCT cblr-1747 658 1 moreover moreover ADV cblr-1747 658 2 , , PUNCT cblr-1747 658 3 retail retail ADJ cblr-1747 658 4 customers customer NOUN cblr-1747 658 5 may may AUX cblr-1747 658 6 not not PART cblr-1747 658 7 have have VERB cblr-1747 658 8 the the DET cblr-1747 658 9 bargaining bargaining NOUN cblr-1747 658 10 power power NOUN cblr-1747 658 11 to to PART cblr-1747 658 12 pressure pressure VERB cblr-1747 658 13 the the DET cblr-1747 658 14 brokerdealer brokerdealer NOUN cblr-1747 658 15 to to PART cblr-1747 658 16 include include VERB cblr-1747 658 17 additional additional ADJ cblr-1747 658 18 or or CCONJ cblr-1747 658 19 different different ADJ cblr-1747 658 20 sweep sweep NOUN cblr-1747 658 21 products product NOUN cblr-1747 658 22 that that PRON cblr-1747 658 23 may may AUX cblr-1747 658 24 have have VERB cblr-1747 658 25 a a DET cblr-1747 658 26 higher high ADJ cblr-1747 658 27 return return NOUN cblr-1747 658 28 or or CCONJ cblr-1747 658 29 lower low ADJ cblr-1747 658 30 risk risk NOUN cblr-1747 658 31 . . PUNCT cblr-1747 659 1 alternatively alternatively ADV cblr-1747 659 2 , , PUNCT cblr-1747 659 3 the the DET cblr-1747 659 4 sec sec PROPN cblr-1747 659 5 could could AUX cblr-1747 659 6 require require VERB cblr-1747 659 7 that that SCONJ cblr-1747 659 8 the the DET cblr-1747 659 9 fees fee NOUN cblr-1747 659 10 paid pay VERB cblr-1747 659 11 to to ADP cblr-1747 659 12 broker broker NOUN cblr-1747 659 13 - - PUNCT cblr-1747 659 14 dealers dealer NOUN cblr-1747 659 15 for for ADP cblr-1747 659 16 customer customer NOUN cblr-1747 659 17 sweeps sweep NOUN cblr-1747 659 18 be be AUX cblr-1747 659 19 no no ADV cblr-1747 659 20 greater great ADJ cblr-1747 659 21 than than ADP cblr-1747 659 22 the the DET cblr-1747 659 23 interest interest NOUN cblr-1747 659 24 paid pay VERB cblr-1747 659 25 to to ADP cblr-1747 659 26 customers customer NOUN cblr-1747 659 27 . . PUNCT cblr-1747 660 1 this this DET cblr-1747 660 2 requirement requirement NOUN cblr-1747 660 3 would would AUX cblr-1747 660 4 better well ADV cblr-1747 660 5 align align VERB cblr-1747 660 6 the the DET cblr-1747 660 7 incentives incentive NOUN cblr-1747 660 8 of of ADP cblr-1747 660 9 the the DET cblr-1747 660 10 broker broker NOUN cblr-1747 660 11 - - PUNCT cblr-1747 660 12 dealer dealer NOUN cblr-1747 660 13 with with ADP cblr-1747 660 14 the the DET cblr-1747 660 15 customer customer NOUN cblr-1747 660 16 , , PUNCT cblr-1747 660 17 thereby thereby ADV cblr-1747 660 18 reducing reduce VERB cblr-1747 660 19 agency agency NOUN cblr-1747 660 20 problems problem NOUN cblr-1747 660 21 . . PUNCT cblr-1747 661 1 broker broker NOUN cblr-1747 661 2 - - PUNCT cblr-1747 661 3 dealers dealer NOUN cblr-1747 661 4 would would AUX cblr-1747 661 5 have have VERB cblr-1747 661 6 the the DET cblr-1747 661 7 incentive incentive NOUN cblr-1747 661 8 to to PART cblr-1747 661 9 maximize maximize VERB cblr-1747 661 10 returns return NOUN cblr-1747 661 11 for for ADP cblr-1747 661 12 customers customer NOUN cblr-1747 661 13 in in ADP cblr-1747 661 14 order order NOUN cblr-1747 661 15 to to PART cblr-1747 661 16 maximize maximize VERB cblr-1747 661 17 returns return NOUN cblr-1747 661 18 for for ADP cblr-1747 661 19 themselves themselves PRON cblr-1747 661 20 . . PUNCT cblr-1747 662 1 moreover moreover ADV cblr-1747 662 2 , , PUNCT cblr-1747 662 3 a a DET cblr-1747 662 4 hard hard ADJ cblr-1747 662 5 cap cap NOUN cblr-1747 662 6 may may AUX cblr-1747 662 7 better well ADV cblr-1747 662 8 align align VERB cblr-1747 662 9 with with ADP cblr-1747 662 10 the the DET cblr-1747 662 11 original original ADJ cblr-1747 662 12 aim aim NOUN cblr-1747 662 13 of of ADP cblr-1747 662 14 rule rule NOUN cblr-1747 662 15 15c3 15c3 NUM cblr-1747 662 16 - - SYM cblr-1747 662 17 3 3 NUM cblr-1747 662 18 to to PART cblr-1747 662 19 forbid forbid VERB cblr-1747 662 20 broker broker NOUN cblr-1747 662 21 - - PUNCT cblr-1747 662 22 dealers dealer NOUN cblr-1747 662 23 from from ADP cblr-1747 662 24 using use VERB cblr-1747 662 25 customer customer NOUN cblr-1747 662 26 assets asset NOUN cblr-1747 662 27 to to PART cblr-1747 662 28 finance finance VERB cblr-1747 662 29 their their PRON cblr-1747 662 30 business business NOUN cblr-1747 662 31 unrelated unrelated ADJ cblr-1747 662 32 to to ADP cblr-1747 662 33 servicing service VERB cblr-1747 662 34 customer customer NOUN cblr-1747 662 35 securities security NOUN cblr-1747 662 36 because because SCONJ cblr-1747 662 37 broker broker NOUN cblr-1747 662 38 - - PUNCT cblr-1747 662 39 dealers dealer NOUN cblr-1747 662 40 would would AUX cblr-1747 662 41 not not PART cblr-1747 662 42 be be AUX cblr-1747 662 43 able able ADJ cblr-1747 662 44 to to PART cblr-1747 662 45 retain retain VERB cblr-1747 662 46 outsized outsized ADJ cblr-1747 662 47 profits profit NOUN cblr-1747 662 48 off off ADP cblr-1747 662 49 of of ADP cblr-1747 662 50 customer customer NOUN cblr-1747 662 51 sweeps.146 sweeps.146 PROPN cblr-1747 662 52 however however ADV cblr-1747 662 53 , , PUNCT cblr-1747 662 54 in in ADP cblr-1747 662 55 a a DET cblr-1747 662 56 perfectly perfectly ADV cblr-1747 662 57 competitive competitive ADJ cblr-1747 662 58 market market NOUN cblr-1747 662 59 , , PUNCT cblr-1747 662 60 this this DET cblr-1747 662 61 rule rule NOUN cblr-1747 662 62 may may AUX cblr-1747 662 63 not not PART cblr-1747 662 64 be be AUX cblr-1747 662 65 necessary necessary ADJ cblr-1747 662 66 because because SCONJ cblr-1747 662 67 customers customer NOUN cblr-1747 662 68 would would AUX cblr-1747 662 69 capture capture VERB cblr-1747 662 70 all all DET cblr-1747 662 71 returns return NOUN cblr-1747 662 72 on on ADP cblr-1747 662 73 their their PRON cblr-1747 662 74 assets asset NOUN cblr-1747 662 75 above above ADP cblr-1747 662 76 the the DET cblr-1747 662 77 costs cost NOUN cblr-1747 662 78 of of ADP cblr-1747 662 79 the the DET cblr-1747 662 80 services service NOUN cblr-1747 662 81 provided provide VERB cblr-1747 662 82 by by ADP cblr-1747 662 83 the the DET cblr-1747 662 84 broker broker NOUN cblr-1747 662 85 - - PUNCT cblr-1747 662 86 dealer.147 dealer.147 NOUN cblr-1747 662 87 in in ADP cblr-1747 662 88 addition addition NOUN cblr-1747 662 89 , , PUNCT cblr-1747 662 90 broker broker NOUN cblr-1747 662 91 - - PUNCT cblr-1747 662 92 dealers dealer NOUN cblr-1747 662 93 may may AUX cblr-1747 662 94 still still ADV cblr-1747 662 95 be be AUX cblr-1747 662 96 incentivized incentivize VERB cblr-1747 662 97 to to PART cblr-1747 662 98 sweep sweep VERB cblr-1747 662 99 into into ADP cblr-1747 662 100 riskier risky ADJ cblr-1747 662 101 products product NOUN cblr-1747 662 102 in in ADP cblr-1747 662 103 order order NOUN cblr-1747 662 104 to to PART cblr-1747 662 105 increase increase VERB cblr-1747 662 106 return return NOUN cblr-1747 662 107 since since SCONJ cblr-1747 662 108 the the DET cblr-1747 662 109 customer customer NOUN cblr-1747 662 110 holds hold VERB cblr-1747 662 111 the the DET cblr-1747 662 112 ultimate ultimate ADJ cblr-1747 662 113 counterparty counterparty NOUN cblr-1747 662 114 risk risk NOUN cblr-1747 662 115 . . PUNCT cblr-1747 663 1 nevertheless nevertheless ADV cblr-1747 663 2 , , PUNCT cblr-1747 663 3 extremely extremely ADV cblr-1747 663 4 risk risk VERB cblr-1747 663 5 averse averse ADJ cblr-1747 663 6 customers customer NOUN cblr-1747 663 7 could could AUX cblr-1747 663 8 still still ADV cblr-1747 663 9 choose choose VERB cblr-1747 663 10 to to PART cblr-1747 663 11 not not PART cblr-1747 663 12 sweep sweep VERB cblr-1747 663 13 their their PRON cblr-1747 663 14 idle idle ADJ cblr-1747 663 15 cash cash NOUN cblr-1747 663 16 ; ; PUNCT cblr-1747 663 17 further far ADV cblr-1747 663 18 , , PUNCT cblr-1747 663 19 capping cap VERB cblr-1747 663 20 broker broker NOUN cblr-1747 663 21 - - PUNCT cblr-1747 663 22 dealer dealer NOUN cblr-1747 663 23 fees fee NOUN cblr-1747 663 24 at at ADP cblr-1747 663 25 the the DET cblr-1747 663 26 return return NOUN cblr-1747 663 27 for for ADP cblr-1747 663 28 customers customer NOUN cblr-1747 663 29 would would AUX cblr-1747 663 30 better well ADV cblr-1747 663 31 align align VERB cblr-1747 663 32 the the DET cblr-1747 663 33 incentives incentive NOUN cblr-1747 663 34 of of ADP cblr-1747 663 35 broker broker NOUN cblr-1747 663 36 - - PUNCT cblr-1747 663 37 dealers dealer NOUN cblr-1747 663 38 and and CCONJ cblr-1747 663 39 customers customer NOUN cblr-1747 663 40 . . PUNCT cblr-1747 664 1 sweeps sweep NOUN cblr-1747 664 2 into into ADP cblr-1747 664 3 affiliates affiliate NOUN cblr-1747 664 4 exacerbate exacerbate VERB cblr-1747 664 5 the the DET cblr-1747 664 6 agency agency NOUN cblr-1747 664 7 problem problem NOUN cblr-1747 664 8 and and CCONJ cblr-1747 664 9 could could AUX cblr-1747 664 10 circumvent circumvent VERB cblr-1747 664 11 a a DET cblr-1747 664 12 cap cap NOUN cblr-1747 664 13 on on ADP cblr-1747 664 14 broker broker NOUN cblr-1747 664 15 - - PUNCT cblr-1747 664 16 dealer dealer NOUN cblr-1747 664 17 returns return NOUN cblr-1747 664 18 by by ADP cblr-1747 664 19 allowing allow VERB cblr-1747 664 20 the the DET cblr-1747 664 21 broker broker NOUN cblr-1747 664 22 - - PUNCT cblr-1747 664 23 dealer dealer NOUN cblr-1747 664 24 holding hold VERB cblr-1747 664 25 company company NOUN cblr-1747 664 26 to to PART cblr-1747 664 27 realize realize VERB cblr-1747 664 28 a a DET cblr-1747 664 29 higher high ADJ cblr-1747 664 30 return return NOUN cblr-1747 664 31 than than ADP cblr-1747 664 32 the the DET cblr-1747 664 33 broker broker NOUN cblr-1747 664 34 - - PUNCT cblr-1747 664 35 dealer dealer NOUN cblr-1747 664 36 customers customer NOUN cblr-1747 664 37 . . PUNCT cblr-1747 665 1 the the DET cblr-1747 665 2 sec sec PROPN cblr-1747 665 3 could could AUX cblr-1747 665 4 prohibit prohibit VERB cblr-1747 665 5 sweeps sweep NOUN cblr-1747 665 6 into into ADP cblr-1747 665 7 affiliates affiliate NOUN cblr-1747 665 8 , , PUNCT cblr-1747 665 9 but but CCONJ cblr-1747 665 10 this this PRON cblr-1747 665 11 would would AUX cblr-1747 665 12 likely likely ADV cblr-1747 665 13 be be AUX cblr-1747 665 14 too too ADV cblr-1747 665 15 blunt blunt ADJ cblr-1747 665 16 of of ADP cblr-1747 665 17 a a DET cblr-1747 665 18 regulatory regulatory ADJ cblr-1747 665 19 intervention intervention NOUN cblr-1747 665 20 . . PUNCT cblr-1747 666 1 affiliates affiliate NOUN cblr-1747 666 2 may may AUX cblr-1747 666 3 offer offer VERB cblr-1747 666 4 the the DET cblr-1747 666 5 highest high ADJ cblr-1747 666 6 return return NOUN cblr-1747 666 7 to to ADP cblr-1747 666 8 customers customer NOUN cblr-1747 666 9 because because SCONJ cblr-1747 666 10 the the DET cblr-1747 666 11 entire entire ADJ cblr-1747 666 12 return return NOUN cblr-1747 666 13 off off ADP cblr-1747 666 14 the the DET cblr-1747 666 15 146 146 NUM cblr-1747 666 16 see see NOUN cblr-1747 666 17 supra supra PROPN cblr-1747 666 18 section section PROPN cblr-1747 666 19 ii.a ii.a PROPN cblr-1747 666 20 . . PUNCT cblr-1747 667 1 147 147 NUM cblr-1747 667 2 see see VERB cblr-1747 667 3 supra supra PROPN cblr-1747 667 4 part part PROPN cblr-1747 667 5 i. i. PROPN cblr-1747 667 6 tepe tepe PROPN cblr-1747 667 7 – – PUNCT cblr-1747 667 8 final final ADJ cblr-1747 667 9 no no NOUN cblr-1747 667 10 . . PUNCT cblr-1747 668 1 3:823 3:823 NUM cblr-1747 668 2 ] ] X cblr-1747 668 3 broker broker NOUN cblr-1747 668 4 - - PUNCT cblr-1747 668 5 dealer dealer NOUN cblr-1747 668 6 “ " PUNCT cblr-1747 668 7 idle idle ADJ cblr-1747 668 8 ” " PUNCT cblr-1747 668 9 customer customer NOUN cblr-1747 668 10 assets asset NOUN cblr-1747 668 11 871 871 NUM cblr-1747 668 12 investment investment NOUN cblr-1747 668 13 of of ADP cblr-1747 668 14 customer customer NOUN cblr-1747 668 15 funds fund NOUN cblr-1747 668 16 is be AUX cblr-1747 668 17 retained retain VERB cblr-1747 668 18 within within ADP cblr-1747 668 19 a a DET cblr-1747 668 20 single single ADJ cblr-1747 668 21 financial financial ADJ cblr-1747 668 22 entity entity NOUN cblr-1747 668 23 rather rather ADV cblr-1747 668 24 than than ADP cblr-1747 668 25 split split VERB cblr-1747 668 26 between between ADP cblr-1747 668 27 a a DET cblr-1747 668 28 sweep sweep NOUN cblr-1747 668 29 counterparty counterparty NOUN cblr-1747 668 30 and and CCONJ cblr-1747 668 31 a a DET cblr-1747 668 32 competing compete VERB cblr-1747 668 33 broker broker NOUN cblr-1747 668 34 - - PUNCT cblr-1747 668 35 dealer dealer NOUN cblr-1747 668 36 . . PUNCT cblr-1747 669 1 in in ADP cblr-1747 669 2 addition addition NOUN cblr-1747 669 3 , , PUNCT cblr-1747 669 4 a a DET cblr-1747 669 5 ban ban NOUN cblr-1747 669 6 on on ADP cblr-1747 669 7 sweeps sweep NOUN cblr-1747 669 8 into into ADP cblr-1747 669 9 affiliates affiliate NOUN cblr-1747 669 10 would would AUX cblr-1747 669 11 cause cause VERB cblr-1747 669 12 broker broker NOUN cblr-1747 669 13 - - PUNCT cblr-1747 669 14 dealers dealer NOUN cblr-1747 669 15 to to PART cblr-1747 669 16 become become VERB cblr-1747 669 17 more more ADV cblr-1747 669 18 interconnected interconnected ADJ cblr-1747 669 19 with with ADP cblr-1747 669 20 other other ADJ cblr-1747 669 21 financial financial ADJ cblr-1747 669 22 entities entity NOUN cblr-1747 669 23 , , PUNCT cblr-1747 669 24 spreading spread VERB cblr-1747 669 25 the the DET cblr-1747 669 26 potential potential ADJ cblr-1747 669 27 systemic systemic ADJ cblr-1747 669 28 risks risk NOUN cblr-1747 669 29 of of ADP cblr-1747 669 30 sweep sweep NOUN cblr-1747 669 31 programs program NOUN cblr-1747 669 32 throughout throughout ADP cblr-1747 669 33 the the DET cblr-1747 669 34 financial financial ADJ cblr-1747 669 35 system system NOUN cblr-1747 669 36 . . PUNCT cblr-1747 670 1 finally finally ADV cblr-1747 670 2 , , PUNCT cblr-1747 670 3 this this DET cblr-1747 670 4 prohibition prohibition NOUN cblr-1747 670 5 would would AUX cblr-1747 670 6 limit limit VERB cblr-1747 670 7 the the DET cblr-1747 670 8 investment investment NOUN cblr-1747 670 9 options option NOUN cblr-1747 670 10 of of ADP cblr-1747 670 11 customers customer NOUN cblr-1747 670 12 themselves themselves PRON cblr-1747 670 13 . . PUNCT cblr-1747 671 1 therefore therefore ADV cblr-1747 671 2 , , PUNCT cblr-1747 671 3 the the DET cblr-1747 671 4 sec sec PROPN cblr-1747 671 5 should should AUX cblr-1747 671 6 not not PART cblr-1747 671 7 ban ban VERB cblr-1747 671 8 sweeps sweep NOUN cblr-1747 671 9 into into ADP cblr-1747 671 10 affiliates affiliate NOUN cblr-1747 671 11 . . PUNCT cblr-1747 672 1 c. c. PROPN cblr-1747 672 2 addressing address VERB cblr-1747 672 3 securities security NOUN cblr-1747 672 4 lending lending NOUN cblr-1747 672 5 counterparty counterparty NOUN cblr-1747 672 6 and and CCONJ cblr-1747 672 7 systemic systemic ADJ cblr-1747 672 8 risks risk NOUN cblr-1747 672 9 — — PUNCT cblr-1747 672 10 disclosure disclosure NOUN cblr-1747 672 11 and and CCONJ cblr-1747 672 12 collateral collateral NOUN cblr-1747 672 13 requirements requirement NOUN cblr-1747 672 14 the the DET cblr-1747 672 15 sec sec PROPN cblr-1747 672 16 could could AUX cblr-1747 672 17 mandate mandate VERB cblr-1747 672 18 that that SCONJ cblr-1747 672 19 broker broker NOUN cblr-1747 672 20 - - PUNCT cblr-1747 672 21 dealers dealer NOUN cblr-1747 672 22 disclose disclose VERB cblr-1747 672 23 to to ADP cblr-1747 672 24 customers customer NOUN cblr-1747 672 25 when when SCONJ cblr-1747 672 26 they they PRON cblr-1747 672 27 lend lend VERB cblr-1747 672 28 their their PRON cblr-1747 672 29 margin margin NOUN cblr-1747 672 30 securities security NOUN cblr-1747 672 31 . . PUNCT cblr-1747 673 1 this this DET cblr-1747 673 2 disclosure disclosure NOUN cblr-1747 673 3 requirement requirement NOUN cblr-1747 673 4 would would AUX cblr-1747 673 5 ensure ensure VERB cblr-1747 673 6 that that SCONJ cblr-1747 673 7 customers customer NOUN cblr-1747 673 8 know know VERB cblr-1747 673 9 that that SCONJ cblr-1747 673 10 their their PRON cblr-1747 673 11 securities security NOUN cblr-1747 673 12 are be AUX cblr-1747 673 13 lent lend VERB cblr-1747 673 14 and and CCONJ cblr-1747 673 15 that that SCONJ cblr-1747 673 16 they they PRON cblr-1747 673 17 have have AUX cblr-1747 673 18 lost lose VERB cblr-1747 673 19 their their PRON cblr-1747 673 20 shareholder shareholder NOUN cblr-1747 673 21 voting voting NOUN cblr-1747 673 22 rights right NOUN cblr-1747 673 23 . . PUNCT cblr-1747 674 1 the the DET cblr-1747 674 2 current current ADJ cblr-1747 674 3 disclosures disclosure NOUN cblr-1747 674 4 in in ADP cblr-1747 674 5 margin margin NOUN cblr-1747 674 6 loan loan NOUN cblr-1747 674 7 agreements agreement NOUN cblr-1747 674 8 likely likely ADV cblr-1747 674 9 fail fail VERB cblr-1747 674 10 to to PART cblr-1747 674 11 actually actually ADV cblr-1747 674 12 alert alert VERB cblr-1747 674 13 customers customer NOUN cblr-1747 674 14 that that SCONJ cblr-1747 674 15 broker broker NOUN cblr-1747 674 16 - - PUNCT cblr-1747 674 17 dealers dealer NOUN cblr-1747 674 18 lend lend VERB cblr-1747 674 19 their their PRON cblr-1747 674 20 securities.148 securities.148 NOUN cblr-1747 674 21 this this DET cblr-1747 674 22 new new ADJ cblr-1747 674 23 disclosure disclosure NOUN cblr-1747 674 24 requirement requirement NOUN cblr-1747 674 25 would would AUX cblr-1747 674 26 allow allow VERB cblr-1747 674 27 a a DET cblr-1747 674 28 better well ADV cblr-1747 674 29 - - PUNCT cblr-1747 674 30 informed inform VERB cblr-1747 674 31 market market NOUN cblr-1747 674 32 solution solution NOUN cblr-1747 674 33 in in ADP cblr-1747 674 34 which which PRON cblr-1747 674 35 customers customer NOUN cblr-1747 674 36 who who PRON cblr-1747 674 37 place place VERB cblr-1747 674 38 a a DET cblr-1747 674 39 high high ADJ cblr-1747 674 40 value value NOUN cblr-1747 674 41 on on ADP cblr-1747 674 42 their their PRON cblr-1747 674 43 shareholder shareholder NOUN cblr-1747 674 44 rights right NOUN cblr-1747 674 45 or or CCONJ cblr-1747 674 46 have have VERB cblr-1747 674 47 a a DET cblr-1747 674 48 low low ADJ cblr-1747 674 49 risk risk NOUN cblr-1747 674 50 tolerance tolerance NOUN cblr-1747 674 51 for for ADP cblr-1747 674 52 counterparty counterparty NOUN cblr-1747 674 53 risks risk NOUN cblr-1747 674 54 could could AUX cblr-1747 674 55 negotiate negotiate VERB cblr-1747 674 56 with with ADP cblr-1747 674 57 their their PRON cblr-1747 674 58 broker broker NOUN cblr-1747 674 59 - - PUNCT cblr-1747 674 60 dealer dealer NOUN cblr-1747 674 61 to to PART cblr-1747 674 62 not not PART cblr-1747 674 63 lend lend VERB cblr-1747 674 64 their their PRON cblr-1747 674 65 margin margin NOUN cblr-1747 674 66 securities security NOUN cblr-1747 674 67 . . PUNCT cblr-1747 675 1 broker broker NOUN cblr-1747 675 2 - - PUNCT cblr-1747 675 3 dealers dealer NOUN cblr-1747 675 4 would would AUX cblr-1747 675 5 likely likely ADV cblr-1747 675 6 charge charge VERB cblr-1747 675 7 these these DET cblr-1747 675 8 customers customer NOUN cblr-1747 675 9 a a DET cblr-1747 675 10 higher high ADJ cblr-1747 675 11 interest interest NOUN cblr-1747 675 12 rate rate NOUN cblr-1747 675 13 on on ADP cblr-1747 675 14 their their PRON cblr-1747 675 15 margin margin NOUN cblr-1747 675 16 loan loan NOUN cblr-1747 675 17 , , PUNCT cblr-1747 675 18 but but CCONJ cblr-1747 675 19 giving give VERB cblr-1747 675 20 customers customer NOUN cblr-1747 675 21 the the DET cblr-1747 675 22 information information NOUN cblr-1747 675 23 necessary necessary ADJ cblr-1747 675 24 to to PART cblr-1747 675 25 opt opt VERB cblr-1747 675 26 out out ADP cblr-1747 675 27 of of ADP cblr-1747 675 28 having have VERB cblr-1747 675 29 their their PRON cblr-1747 675 30 margin margin NOUN cblr-1747 675 31 securities security NOUN cblr-1747 675 32 lent lent NOUN cblr-1747 675 33 may may AUX cblr-1747 675 34 better well ADV cblr-1747 675 35 empower empower VERB cblr-1747 675 36 customers customer NOUN cblr-1747 675 37 to to PART cblr-1747 675 38 limit limit VERB cblr-1747 675 39 what what PRON cblr-1747 675 40 broker broker NOUN cblr-1747 675 41 - - PUNCT cblr-1747 675 42 dealers dealer NOUN cblr-1747 675 43 do do VERB cblr-1747 675 44 with with ADP cblr-1747 675 45 their their PRON cblr-1747 675 46 idle idle ADJ cblr-1747 675 47 securities security NOUN cblr-1747 675 48 . . PUNCT cblr-1747 676 1 this this DET cblr-1747 676 2 mandate mandate NOUN cblr-1747 676 3 would would AUX cblr-1747 676 4 result result VERB cblr-1747 676 5 in in ADP cblr-1747 676 6 brokerdealers brokerdealer NOUN cblr-1747 676 7 bearing bear VERB cblr-1747 676 8 the the DET cblr-1747 676 9 higher high ADJ cblr-1747 676 10 administrative administrative ADJ cblr-1747 676 11 and and CCONJ cblr-1747 676 12 compliance compliance NOUN cblr-1747 676 13 costs cost NOUN cblr-1747 676 14 associated associate VERB cblr-1747 676 15 with with ADP cblr-1747 676 16 disclosures disclosure NOUN cblr-1747 676 17 . . PUNCT cblr-1747 677 1 moreover moreover ADV cblr-1747 677 2 , , PUNCT cblr-1747 677 3 broker broker NOUN cblr-1747 677 4 - - PUNCT cblr-1747 677 5 dealers dealer NOUN cblr-1747 677 6 would would AUX cblr-1747 677 7 have have VERB cblr-1747 677 8 to to PART cblr-1747 677 9 identify identify VERB cblr-1747 677 10 which which DET cblr-1747 677 11 customers customer NOUN cblr-1747 677 12 ’ ’ PART cblr-1747 677 13 securities security NOUN cblr-1747 677 14 they they PRON cblr-1747 677 15 have have VERB cblr-1747 677 16 lent.149 lent.149 NOUN cblr-1747 677 17 these these DET cblr-1747 677 18 additional additional ADJ cblr-1747 677 19 costs cost NOUN cblr-1747 677 20 could could AUX cblr-1747 677 21 be be AUX cblr-1747 677 22 passed pass VERB cblr-1747 677 23 on on ADP cblr-1747 677 24 to to ADP cblr-1747 677 25 148 148 NUM cblr-1747 677 26 see see NOUN cblr-1747 677 27 supra supra PROPN cblr-1747 677 28 note note PROPN cblr-1747 677 29 59 59 NUM cblr-1747 677 30 and and CCONJ cblr-1747 677 31 accompanying accompany VERB cblr-1747 677 32 text text NOUN cblr-1747 677 33 . . PUNCT cblr-1747 678 1 149 149 NUM cblr-1747 678 2 see see VERB cblr-1747 678 3 supra supra PROPN cblr-1747 678 4 notes note VERB cblr-1747 678 5 60–62 60–62 NOUN cblr-1747 678 6 and and CCONJ cblr-1747 678 7 accompanying accompany VERB cblr-1747 678 8 text text NOUN cblr-1747 678 9 . . PUNCT cblr-1747 679 1 tepe tepe NOUN cblr-1747 679 2 – – PUNCT cblr-1747 679 3 final final ADJ cblr-1747 679 4 872 872 NUM cblr-1747 679 5 columbia columbia PROPN cblr-1747 679 6 business business NOUN cblr-1747 679 7 law law PROPN cblr-1747 679 8 review review NOUN cblr-1747 680 1 [ [ X cblr-1747 680 2 vol vol NOUN cblr-1747 680 3 . . NOUN cblr-1747 680 4 2016 2016 NUM cblr-1747 680 5 customers customer NOUN cblr-1747 680 6 through through ADP cblr-1747 680 7 higher high ADJ cblr-1747 680 8 commissions commission NOUN cblr-1747 680 9 and and CCONJ cblr-1747 680 10 interest interest NOUN cblr-1747 680 11 rates rate NOUN cblr-1747 680 12 on on ADP cblr-1747 680 13 margin margin NOUN cblr-1747 680 14 loans loan NOUN cblr-1747 680 15 . . PUNCT cblr-1747 681 1 in in ADP cblr-1747 681 2 order order NOUN cblr-1747 681 3 to to PART cblr-1747 681 4 decrease decrease VERB cblr-1747 681 5 systemic systemic ADJ cblr-1747 681 6 risk risk NOUN cblr-1747 681 7 associated associate VERB cblr-1747 681 8 with with ADP cblr-1747 681 9 reinvestment reinvestment NOUN cblr-1747 681 10 of of ADP cblr-1747 681 11 collateral collateral NOUN cblr-1747 681 12 from from ADP cblr-1747 681 13 securities security NOUN cblr-1747 681 14 loans loan NOUN cblr-1747 681 15 , , PUNCT cblr-1747 681 16 the the DET cblr-1747 681 17 sec sec PROPN cblr-1747 681 18 could could AUX cblr-1747 681 19 require require VERB cblr-1747 681 20 100 100 NUM cblr-1747 681 21 % % NOUN cblr-1747 681 22 collateral collateral NOUN cblr-1747 681 23 on on ADP cblr-1747 681 24 loans loan NOUN cblr-1747 681 25 of of ADP cblr-1747 681 26 customers customer NOUN cblr-1747 681 27 ’ ’ PART cblr-1747 681 28 securities security NOUN cblr-1747 681 29 and and CCONJ cblr-1747 681 30 limit limit VERB cblr-1747 681 31 reinvestment reinvestment NOUN cblr-1747 681 32 of of ADP cblr-1747 681 33 this this DET cblr-1747 681 34 collateral collateral NOUN cblr-1747 681 35 into into ADP cblr-1747 681 36 relatively relatively ADV cblr-1747 681 37 safe safe ADJ cblr-1747 681 38 and and CCONJ cblr-1747 681 39 liquid liquid ADJ cblr-1747 681 40 assets asset NOUN cblr-1747 681 41 like like ADP cblr-1747 681 42 treasury treasury NOUN cblr-1747 681 43 bonds bond NOUN cblr-1747 681 44 . . PUNCT cblr-1747 682 1 requiring require VERB cblr-1747 682 2 100 100 NUM cblr-1747 682 3 % % NOUN cblr-1747 682 4 collateral collateral NOUN cblr-1747 682 5 would would AUX cblr-1747 682 6 protect protect VERB cblr-1747 682 7 customers customer NOUN cblr-1747 682 8 more more ADJ cblr-1747 682 9 than than ADP cblr-1747 682 10 the the DET cblr-1747 682 11 current current ADJ cblr-1747 682 12 rule rule NOUN cblr-1747 682 13 , , PUNCT cblr-1747 682 14 which which PRON cblr-1747 682 15 relies rely VERB cblr-1747 682 16 in in ADP cblr-1747 682 17 part part NOUN cblr-1747 682 18 on on ADP cblr-1747 682 19 broker broker NOUN cblr-1747 682 20 - - PUNCT cblr-1747 682 21 dealer dealer NOUN cblr-1747 682 22 net net ADJ cblr-1747 682 23 capital capital NOUN cblr-1747 682 24 for for ADP cblr-1747 682 25 customer customer NOUN cblr-1747 682 26 protection.150 protection.150 PROPN cblr-1747 682 27 customers customer NOUN cblr-1747 682 28 would would AUX cblr-1747 682 29 not not PART cblr-1747 682 30 need need VERB cblr-1747 682 31 to to PART cblr-1747 682 32 worry worry VERB cblr-1747 682 33 that that SCONJ cblr-1747 682 34 a a DET cblr-1747 682 35 failing fail VERB cblr-1747 682 36 broker broker NOUN cblr-1747 682 37 - - PUNCT cblr-1747 682 38 dealer dealer NOUN cblr-1747 682 39 would would AUX cblr-1747 682 40 exhaust exhaust VERB cblr-1747 682 41 its its PRON cblr-1747 682 42 net net ADJ cblr-1747 682 43 capital capital NOUN cblr-1747 682 44 before before SCONJ cblr-1747 682 45 a a DET cblr-1747 682 46 customer customer NOUN cblr-1747 682 47 would would AUX cblr-1747 682 48 be be AUX cblr-1747 682 49 paid pay VERB cblr-1747 682 50 in in ADP cblr-1747 682 51 full full ADJ cblr-1747 682 52 for for ADP cblr-1747 682 53 its its PRON cblr-1747 682 54 lent lent NOUN cblr-1747 682 55 securities security NOUN cblr-1747 682 56 . . PUNCT cblr-1747 683 1 limits limit NOUN cblr-1747 683 2 on on ADP cblr-1747 683 3 where where SCONJ cblr-1747 683 4 collateral collateral NOUN cblr-1747 683 5 could could AUX cblr-1747 683 6 be be AUX cblr-1747 683 7 reinvested reinveste VERB cblr-1747 683 8 would would AUX cblr-1747 683 9 also also ADV cblr-1747 683 10 decrease decrease VERB cblr-1747 683 11 systemic systemic ADJ cblr-1747 683 12 risk risk NOUN cblr-1747 683 13 that that SCONJ cblr-1747 683 14 a a DET cblr-1747 683 15 broker broker NOUN cblr-1747 683 16 - - PUNCT cblr-1747 683 17 dealer dealer NOUN cblr-1747 683 18 could could AUX cblr-1747 683 19 not not PART cblr-1747 683 20 return return VERB cblr-1747 683 21 the the DET cblr-1747 683 22 full full ADJ cblr-1747 683 23 collateral collateral NOUN cblr-1747 683 24 during during ADP cblr-1747 683 25 times time NOUN cblr-1747 683 26 of of ADP cblr-1747 683 27 deleveraging.151 deleveraging.151 PROPN cblr-1747 683 28 broker broker NOUN cblr-1747 683 29 - - PUNCT cblr-1747 683 30 dealers dealer NOUN cblr-1747 683 31 still still ADV cblr-1747 683 32 would would AUX cblr-1747 683 33 be be AUX cblr-1747 683 34 able able ADJ cblr-1747 683 35 to to PART cblr-1747 683 36 profit profit VERB cblr-1747 683 37 from from ADP cblr-1747 683 38 fees fee NOUN cblr-1747 683 39 from from ADP cblr-1747 683 40 lending lend VERB cblr-1747 683 41 customer customer NOUN cblr-1747 683 42 margin margin NOUN cblr-1747 683 43 securities security NOUN cblr-1747 683 44 , , PUNCT cblr-1747 683 45 but but CCONJ cblr-1747 683 46 the the DET cblr-1747 683 47 limit limit NOUN cblr-1747 683 48 on on ADP cblr-1747 683 49 reinvesting reinveste VERB cblr-1747 683 50 collateral collateral NOUN cblr-1747 683 51 could could AUX cblr-1747 683 52 decrease decrease VERB cblr-1747 683 53 broker broker NOUN cblr-1747 683 54 - - PUNCT cblr-1747 683 55 dealer dealer NOUN cblr-1747 683 56 profits profit NOUN cblr-1747 683 57 . . PUNCT cblr-1747 684 1 finally finally ADV cblr-1747 684 2 , , PUNCT cblr-1747 684 3 the the DET cblr-1747 684 4 sec sec PROPN cblr-1747 684 5 could could AUX cblr-1747 684 6 offer offer VERB cblr-1747 684 7 an an DET cblr-1747 684 8 explicit explicit ADJ cblr-1747 684 9 interpretation interpretation NOUN cblr-1747 684 10 of of ADP cblr-1747 684 11 rule rule NOUN cblr-1747 684 12 15c3 15c3 NUM cblr-1747 684 13 - - SYM cblr-1747 684 14 3 3 NUM cblr-1747 684 15 that that PRON cblr-1747 684 16 states state VERB cblr-1747 684 17 that that SCONJ cblr-1747 684 18 broker broker NOUN cblr-1747 684 19 - - PUNCT cblr-1747 684 20 dealers dealer NOUN cblr-1747 684 21 must must AUX cblr-1747 684 22 document document VERB cblr-1747 684 23 and and CCONJ cblr-1747 684 24 prove prove VERB cblr-1747 684 25 that that SCONJ cblr-1747 684 26 the the DET cblr-1747 684 27 fees fee NOUN cblr-1747 684 28 from from ADP cblr-1747 684 29 lending lend VERB cblr-1747 684 30 customer customer NOUN cblr-1747 684 31 securities security NOUN cblr-1747 684 32 are be AUX cblr-1747 684 33 either either ADV cblr-1747 684 34 used use VERB cblr-1747 684 35 to to PART cblr-1747 684 36 cover cover VERB cblr-1747 684 37 the the DET cblr-1747 684 38 cost cost NOUN cblr-1747 684 39 of of ADP cblr-1747 684 40 servicing service VERB cblr-1747 684 41 customer customer NOUN cblr-1747 684 42 securities security NOUN cblr-1747 684 43 or or CCONJ cblr-1747 684 44 are be AUX cblr-1747 684 45 returned return VERB cblr-1747 684 46 to to ADP cblr-1747 684 47 the the DET cblr-1747 684 48 customer customer NOUN cblr-1747 684 49 . . PUNCT cblr-1747 685 1 this this DET cblr-1747 685 2 interpretation interpretation NOUN cblr-1747 685 3 and and CCONJ cblr-1747 685 4 subsequent subsequent ADJ cblr-1747 685 5 enforcement enforcement NOUN cblr-1747 685 6 actions action NOUN cblr-1747 685 7 would would AUX cblr-1747 685 8 be be AUX cblr-1747 685 9 entirely entirely ADV cblr-1747 685 10 consistent consistent ADJ cblr-1747 685 11 with with ADP cblr-1747 685 12 the the DET cblr-1747 685 13 first first ADJ cblr-1747 685 14 stated state VERB cblr-1747 685 15 aim aim NOUN cblr-1747 685 16 of of ADP cblr-1747 685 17 rule rule NOUN cblr-1747 685 18 15c3 15c3 NUM cblr-1747 685 19 - - PUNCT cblr-1747 685 20 3152 3152 NUM cblr-1747 685 21 and and CCONJ cblr-1747 685 22 would would AUX cblr-1747 685 23 minimize minimize VERB cblr-1747 685 24 agency agency NOUN cblr-1747 685 25 problems problem NOUN cblr-1747 685 26 associated associate VERB cblr-1747 685 27 with with ADP cblr-1747 685 28 the the DET cblr-1747 685 29 lending lending NOUN cblr-1747 685 30 of of ADP cblr-1747 685 31 customer customer NOUN cblr-1747 685 32 margin margin NOUN cblr-1747 685 33 securities security NOUN cblr-1747 685 34 by by ADP cblr-1747 685 35 stopping stop VERB cblr-1747 685 36 outsized outsized ADJ cblr-1747 685 37 brokerdealer brokerdealer NOUN cblr-1747 685 38 profits profit NOUN cblr-1747 685 39 . . PUNCT cblr-1747 686 1 150 150 NUM cblr-1747 686 2 see see VERB cblr-1747 686 3 supra supra PROPN cblr-1747 686 4 section section PROPN cblr-1747 686 5 iii.b.2 iii.b.2 PROPN cblr-1747 686 6 . . PUNCT cblr-1747 686 7 151 151 NUM cblr-1747 686 8 see see VERB cblr-1747 686 9 supra supra PROPN cblr-1747 686 10 notes note NOUN cblr-1747 686 11 125–127 125–127 NUM cblr-1747 686 12 and and CCONJ cblr-1747 686 13 accompanying accompany VERB cblr-1747 686 14 text text NOUN cblr-1747 686 15 . . PUNCT cblr-1747 687 1 152 152 NUM cblr-1747 687 2 broker broker NOUN cblr-1747 687 3 - - PUNCT cblr-1747 687 4 dealers dealer NOUN cblr-1747 687 5 ; ; PUNCT cblr-1747 687 6 maintenance maintenance NOUN cblr-1747 687 7 of of ADP cblr-1747 687 8 certain certain ADJ cblr-1747 687 9 basic basic ADJ cblr-1747 687 10 reserves reserve NOUN cblr-1747 687 11 , , PUNCT cblr-1747 687 12 37 37 NUM cblr-1747 687 13 fed feed VERB cblr-1747 687 14 . . PUNCT cblr-1747 688 1 reg reg PROPN cblr-1747 688 2 . . PROPN cblr-1747 688 3 25,224 25,224 NUM cblr-1747 688 4 , , PUNCT cblr-1747 688 5 25,224–25 25,224–25 NUM cblr-1747 688 6 ( ( PUNCT cblr-1747 688 7 nov nov PROPN cblr-1747 688 8 . . PROPN cblr-1747 688 9 29 29 NUM cblr-1747 688 10 , , PUNCT cblr-1747 688 11 1972 1972 NUM cblr-1747 688 12 ) ) PUNCT cblr-1747 688 13 ( ( PUNCT cblr-1747 688 14 to to PART cblr-1747 688 15 be be AUX cblr-1747 688 16 codified codify VERB cblr-1747 688 17 at at ADP cblr-1747 688 18 17 17 NUM cblr-1747 688 19 c.f.r c.f.r NOUN cblr-1747 688 20 . . PUNCT cblr-1747 689 1 pt pt AUX cblr-1747 689 2 . . PROPN cblr-1747 689 3 240 240 NUM cblr-1747 689 4 ) ) PUNCT cblr-1747 689 5 ( ( PUNCT cblr-1747 689 6 “ " PUNCT cblr-1747 689 7 to to PART cblr-1747 689 8 insure insure VERB cblr-1747 689 9 that that SCONJ cblr-1747 689 10 customers customer NOUN cblr-1747 689 11 ’ ' PUNCT cblr-1747 689 12 funds fund NOUN cblr-1747 689 13 held hold VERB cblr-1747 689 14 by by ADP cblr-1747 689 15 a a DET cblr-1747 689 16 broker broker NOUN cblr-1747 689 17 - - PUNCT cblr-1747 689 18 dealer dealer NOUN cblr-1747 689 19 . . PUNCT cblr-1747 689 20 . . PUNCT cblr-1747 690 1 . . PUNCT cblr-1747 691 1 and and CCONJ cblr-1747 691 2 the the DET cblr-1747 691 3 cash cash NOUN cblr-1747 691 4 which which PRON cblr-1747 691 5 is be AUX cblr-1747 691 6 realized realize VERB cblr-1747 691 7 through through ADP cblr-1747 691 8 the the DET cblr-1747 691 9 lending lending NOUN cblr-1747 691 10 , , PUNCT cblr-1747 691 11 hypothecation hypothecation NOUN cblr-1747 691 12 and and CCONJ cblr-1747 691 13 other other ADJ cblr-1747 691 14 permissible permissible ADJ cblr-1747 691 15 uses use NOUN cblr-1747 691 16 of of ADP cblr-1747 691 17 customers customer NOUN cblr-1747 691 18 ’ ' PUNCT cblr-1747 691 19 securities security NOUN cblr-1747 691 20 are be AUX cblr-1747 691 21 deployed deploy VERB cblr-1747 691 22 in in ADP cblr-1747 691 23 safe safe ADJ cblr-1747 691 24 areas area NOUN cblr-1747 691 25 of of ADP cblr-1747 691 26 the the DET cblr-1747 691 27 broker broker NOUN cblr-1747 691 28 - - PUNCT cblr-1747 691 29 dealer dealer NOUN cblr-1747 691 30 ’s ’s PART cblr-1747 691 31 business business NOUN cblr-1747 691 32 related relate VERB cblr-1747 691 33 to to ADP cblr-1747 691 34 servicing service VERB cblr-1747 691 35 his his PRON cblr-1747 691 36 customers customer NOUN cblr-1747 691 37 , , PUNCT cblr-1747 691 38 or or CCONJ cblr-1747 691 39 to to ADP cblr-1747 691 40 the the DET cblr-1747 691 41 extent extent NOUN cblr-1747 691 42 that that SCONJ cblr-1747 691 43 the the DET cblr-1747 691 44 funds fund NOUN cblr-1747 691 45 are be AUX cblr-1747 691 46 not not PART cblr-1747 691 47 deployed deploy VERB cblr-1747 691 48 in in ADP cblr-1747 691 49 these these DET cblr-1747 691 50 limited limited ADJ cblr-1747 691 51 areas area NOUN cblr-1747 691 52 , , PUNCT cblr-1747 691 53 that that SCONJ cblr-1747 691 54 they they PRON cblr-1747 691 55 be be AUX cblr-1747 691 56 deposited deposit VERB cblr-1747 691 57 in in ADP cblr-1747 691 58 a a DET cblr-1747 691 59 reserve reserve PROPN cblr-1747 691 60 bank bank PROPN cblr-1747 691 61 account account NOUN cblr-1747 691 62 . . PUNCT cblr-1747 691 63 ” " PUNCT cblr-1747 691 64 ) ) PUNCT cblr-1747 691 65 . . PUNCT cblr-1747 692 1 tepe tepe NOUN cblr-1747 692 2 – – PUNCT cblr-1747 692 3 final final ADJ cblr-1747 692 4 no no NOUN cblr-1747 692 5 . . PUNCT cblr-1747 693 1 3:823 3:823 NUM cblr-1747 693 2 ] ] X cblr-1747 693 3 broker broker NOUN cblr-1747 693 4 - - PUNCT cblr-1747 693 5 dealer dealer NOUN cblr-1747 693 6 “ " PUNCT cblr-1747 693 7 idle idle ADJ cblr-1747 693 8 ” " PUNCT cblr-1747 693 9 customer customer NOUN cblr-1747 693 10 assets asset NOUN cblr-1747 693 11 873 873 NUM cblr-1747 693 12 d. d. NOUN cblr-1747 693 13 standardization standardization NOUN cblr-1747 693 14 for for ADP cblr-1747 693 15 reconciling reconcile VERB cblr-1747 693 16 corporate corporate ADJ cblr-1747 693 17 votes vote NOUN cblr-1747 693 18 with with ADP cblr-1747 693 19 regards regard NOUN cblr-1747 693 20 to to ADP cblr-1747 693 21 shareholder shareholder NOUN cblr-1747 693 22 votes vote NOUN cblr-1747 693 23 , , PUNCT cblr-1747 693 24 the the DET cblr-1747 693 25 sec sec PROPN cblr-1747 693 26 could could AUX cblr-1747 693 27 mandate mandate VERB cblr-1747 693 28 corporate corporate ADJ cblr-1747 693 29 vote vote NOUN cblr-1747 693 30 reconciliation reconciliation NOUN cblr-1747 693 31 methods method NOUN cblr-1747 693 32 for for ADP cblr-1747 693 33 brokerdealers brokerdealer NOUN cblr-1747 693 34 in in ADP cblr-1747 693 35 order order NOUN cblr-1747 693 36 to to PART cblr-1747 693 37 ensure ensure VERB cblr-1747 693 38 that that SCONJ cblr-1747 693 39 customers customer NOUN cblr-1747 693 40 understand understand VERB cblr-1747 693 41 how how SCONJ cblr-1747 693 42 broker broker NOUN cblr-1747 693 43 - - PUNCT cblr-1747 693 44 dealers dealer NOUN cblr-1747 693 45 can can AUX cblr-1747 693 46 affect affect VERB cblr-1747 693 47 their their PRON cblr-1747 693 48 voting voting NOUN cblr-1747 693 49 rights right NOUN cblr-1747 693 50 . . PUNCT cblr-1747 694 1 shareholder shareholder NOUN cblr-1747 694 2 rights right NOUN cblr-1747 694 3 are be AUX cblr-1747 694 4 too too ADV cblr-1747 694 5 important important ADJ cblr-1747 694 6 for for SCONJ cblr-1747 694 7 broker broker NOUN cblr-1747 694 8 - - PUNCT cblr-1747 694 9 dealers dealer NOUN cblr-1747 694 10 to to PART cblr-1747 694 11 be be AUX cblr-1747 694 12 able able ADJ cblr-1747 694 13 to to PART cblr-1747 694 14 cancel cancel VERB cblr-1747 694 15 customer customer NOUN cblr-1747 694 16 votes vote NOUN cblr-1747 694 17 without without ADP cblr-1747 694 18 informing inform VERB cblr-1747 694 19 customers customer NOUN cblr-1747 694 20 . . PUNCT cblr-1747 695 1 legitimacy legitimacy NOUN cblr-1747 695 2 in in ADP cblr-1747 695 3 any any DET cblr-1747 695 4 democratic democratic ADJ cblr-1747 695 5 institution institution NOUN cblr-1747 695 6 depends depend VERB cblr-1747 695 7 on on ADP cblr-1747 695 8 voters voter NOUN cblr-1747 695 9 believing believe VERB cblr-1747 695 10 that that SCONJ cblr-1747 695 11 their their PRON cblr-1747 695 12 vote vote NOUN cblr-1747 695 13 actually actually ADV cblr-1747 695 14 counts count VERB cblr-1747 695 15 once once SCONJ cblr-1747 695 16 they they PRON cblr-1747 695 17 cast cast VERB cblr-1747 695 18 their their PRON cblr-1747 695 19 ballot ballot NOUN cblr-1747 695 20 . . PUNCT cblr-1747 696 1 currently currently ADV cblr-1747 696 2 , , PUNCT cblr-1747 696 3 margin margin NOUN cblr-1747 696 4 customers customer NOUN cblr-1747 696 5 should should AUX cblr-1747 696 6 not not PART cblr-1747 696 7 have have VERB cblr-1747 696 8 faith faith NOUN cblr-1747 696 9 that that SCONJ cblr-1747 696 10 corporations corporation NOUN cblr-1747 696 11 actually actually ADV cblr-1747 696 12 count count VERB cblr-1747 696 13 their their PRON cblr-1747 696 14 votes vote NOUN cblr-1747 696 15 because because SCONJ cblr-1747 696 16 they they PRON cblr-1747 696 17 can can AUX cblr-1747 696 18 not not PART cblr-1747 696 19 be be AUX cblr-1747 696 20 sure sure ADJ cblr-1747 696 21 that that SCONJ cblr-1747 696 22 their their PRON cblr-1747 696 23 broker broker NOUN cblr-1747 696 24 - - PUNCT cblr-1747 696 25 dealer dealer NOUN cblr-1747 696 26 has have AUX cblr-1747 696 27 not not PART cblr-1747 696 28 canceled cancel VERB cblr-1747 696 29 their their PRON cblr-1747 696 30 vote vote NOUN cblr-1747 696 31 . . PUNCT cblr-1747 697 1 any any DET cblr-1747 697 2 regulatory regulatory ADJ cblr-1747 697 3 intervention intervention NOUN cblr-1747 697 4 should should AUX cblr-1747 697 5 strive strive VERB cblr-1747 697 6 to to PART cblr-1747 697 7 maximize maximize VERB cblr-1747 697 8 the the DET cblr-1747 697 9 number number NOUN cblr-1747 697 10 of of ADP cblr-1747 697 11 customers customer NOUN cblr-1747 697 12 who who PRON cblr-1747 697 13 can can AUX cblr-1747 697 14 vote vote VERB cblr-1747 697 15 while while SCONJ cblr-1747 697 16 ensuring ensure VERB cblr-1747 697 17 transparency transparency NOUN cblr-1747 697 18 about about ADP cblr-1747 697 19 when when SCONJ cblr-1747 697 20 a a DET cblr-1747 697 21 customer customer NOUN cblr-1747 697 22 can can AUX cblr-1747 697 23 actually actually ADV cblr-1747 697 24 vote vote VERB cblr-1747 697 25 and and CCONJ cblr-1747 697 26 have have VERB cblr-1747 697 27 their their PRON cblr-1747 697 28 vote vote NOUN cblr-1747 697 29 counted count VERB cblr-1747 697 30 . . PUNCT cblr-1747 698 1 instead instead ADV cblr-1747 698 2 of of ADP cblr-1747 698 3 explicitly explicitly ADV cblr-1747 698 4 mandating mandate VERB cblr-1747 698 5 vote vote NOUN cblr-1747 698 6 reconciliation reconciliation NOUN cblr-1747 698 7 methods method NOUN cblr-1747 698 8 , , PUNCT cblr-1747 698 9 the the DET cblr-1747 698 10 sec sec PROPN cblr-1747 698 11 could could AUX cblr-1747 698 12 bar bar VERB cblr-1747 698 13 broker broker NOUN cblr-1747 698 14 - - PUNCT cblr-1747 698 15 dealers dealer NOUN cblr-1747 698 16 from from ADP cblr-1747 698 17 canceling cancel VERB cblr-1747 698 18 customer customer NOUN cblr-1747 698 19 votes vote NOUN cblr-1747 698 20 once once SCONJ cblr-1747 698 21 the the DET cblr-1747 698 22 customer customer NOUN cblr-1747 698 23 has have AUX cblr-1747 698 24 submitted submit VERB cblr-1747 698 25 their their PRON cblr-1747 698 26 voting voting NOUN cblr-1747 698 27 instructions instruction NOUN cblr-1747 698 28 . . PUNCT cblr-1747 699 1 this this PRON cblr-1747 699 2 would would AUX cblr-1747 699 3 force force VERB cblr-1747 699 4 broker broker NOUN cblr-1747 699 5 - - PUNCT cblr-1747 699 6 dealers dealer NOUN cblr-1747 699 7 and and CCONJ cblr-1747 699 8 the the DET cblr-1747 699 9 market market NOUN cblr-1747 699 10 to to PART cblr-1747 699 11 determine determine VERB cblr-1747 699 12 the the DET cblr-1747 699 13 most most ADV cblr-1747 699 14 efficient efficient ADJ cblr-1747 699 15 solution solution NOUN cblr-1747 699 16 to to ADP cblr-1747 699 17 the the DET cblr-1747 699 18 problems problem NOUN cblr-1747 699 19 of of ADP cblr-1747 699 20 over over ADP cblr-1747 699 21 - - PUNCT cblr-1747 699 22 voting vote VERB cblr-1747 699 23 and and CCONJ cblr-1747 699 24 canceling cancel VERB cblr-1747 699 25 customer customer NOUN cblr-1747 699 26 votes vote NOUN cblr-1747 699 27 . . PUNCT cblr-1747 700 1 with with ADP cblr-1747 700 2 this this DET cblr-1747 700 3 mandate mandate NOUN cblr-1747 700 4 , , PUNCT cblr-1747 700 5 broker broker NOUN cblr-1747 700 6 - - PUNCT cblr-1747 700 7 dealers dealer NOUN cblr-1747 700 8 would would AUX cblr-1747 700 9 never never ADV cblr-1747 700 10 want want VERB cblr-1747 700 11 over over ADV cblr-1747 700 12 - - PUNCT cblr-1747 700 13 voting voting NOUN cblr-1747 700 14 because because SCONJ cblr-1747 700 15 that that PRON cblr-1747 700 16 would would AUX cblr-1747 700 17 cause cause VERB cblr-1747 700 18 the the DET cblr-1747 700 19 dtc dtc NOUN cblr-1747 700 20 to to PART cblr-1747 700 21 cancel cancel VERB cblr-1747 700 22 all all PRON cblr-1747 700 23 of of ADP cblr-1747 700 24 its its PRON cblr-1747 700 25 customers customer NOUN cblr-1747 700 26 ’ ' PUNCT cblr-1747 700 27 votes vote NOUN cblr-1747 700 28 . . PUNCT cblr-1747 701 1 in in ADP cblr-1747 701 2 effect effect NOUN cblr-1747 701 3 , , PUNCT cblr-1747 701 4 this this DET cblr-1747 701 5 mandate mandate NOUN cblr-1747 701 6 may may AUX cblr-1747 701 7 force force VERB cblr-1747 701 8 brokerdealers brokerdealer NOUN cblr-1747 701 9 to to PART cblr-1747 701 10 do do VERB cblr-1747 701 11 a a DET cblr-1747 701 12 form form NOUN cblr-1747 701 13 of of ADP cblr-1747 701 14 pre pre ADJ cblr-1747 701 15 - - ADJ cblr-1747 701 16 mailing mailing ADJ cblr-1747 701 17 reconciliation reconciliation NOUN cblr-1747 701 18 . . PUNCT cblr-1747 702 1 brokerdealers brokerdealer NOUN cblr-1747 702 2 could could AUX cblr-1747 702 3 allow allow VERB cblr-1747 702 4 some some DET cblr-1747 702 5 over over ADP cblr-1747 702 6 - - PUNCT cblr-1747 702 7 voting voting NOUN cblr-1747 702 8 by by ADP cblr-1747 702 9 customers customer NOUN cblr-1747 702 10 ; ; PUNCT cblr-1747 702 11 however however ADV cblr-1747 702 12 , , PUNCT cblr-1747 702 13 they they PRON cblr-1747 702 14 would would AUX cblr-1747 702 15 be be AUX cblr-1747 702 16 forced force VERB cblr-1747 702 17 to to PART cblr-1747 702 18 cancel cancel VERB cblr-1747 702 19 the the DET cblr-1747 702 20 broker broker NOUN cblr-1747 702 21 - - PUNCT cblr-1747 702 22 dealer dealer NOUN cblr-1747 702 23 ’s ’s PART cblr-1747 702 24 proprietary proprietary ADJ cblr-1747 702 25 votes vote NOUN cblr-1747 702 26 in in ADP cblr-1747 702 27 order order NOUN cblr-1747 702 28 to to PART cblr-1747 702 29 avoid avoid VERB cblr-1747 702 30 having have VERB cblr-1747 702 31 all all PRON cblr-1747 702 32 of of ADP cblr-1747 702 33 their their PRON cblr-1747 702 34 votes vote NOUN cblr-1747 702 35 invalidated invalidated ADJ cblr-1747 702 36 . . PUNCT cblr-1747 703 1 this this DET cblr-1747 703 2 system system NOUN cblr-1747 703 3 would would AUX cblr-1747 703 4 allow allow VERB cblr-1747 703 5 all all DET cblr-1747 703 6 customers customer NOUN cblr-1747 703 7 to to PART cblr-1747 703 8 know know VERB cblr-1747 703 9 whether whether SCONJ cblr-1747 703 10 or or CCONJ cblr-1747 703 11 not not PART cblr-1747 703 12 they they PRON cblr-1747 703 13 are be AUX cblr-1747 703 14 allowed allow VERB cblr-1747 703 15 to to PART cblr-1747 703 16 vote vote VERB cblr-1747 703 17 and and CCONJ cblr-1747 703 18 to to PART cblr-1747 703 19 have have VERB cblr-1747 703 20 confidence confidence NOUN cblr-1747 703 21 that that SCONJ cblr-1747 703 22 their their PRON cblr-1747 703 23 votes vote NOUN cblr-1747 703 24 will will AUX cblr-1747 703 25 count count VERB cblr-1747 703 26 . . PUNCT cblr-1747 704 1 this this DET cblr-1747 704 2 system system NOUN cblr-1747 704 3 , , PUNCT cblr-1747 704 4 however however ADV cblr-1747 704 5 , , PUNCT cblr-1747 704 6 would would AUX cblr-1747 704 7 increase increase VERB cblr-1747 704 8 costs cost NOUN cblr-1747 704 9 on on ADP cblr-1747 704 10 broker broker NOUN cblr-1747 704 11 - - PUNCT cblr-1747 704 12 dealers dealer NOUN cblr-1747 704 13 , , PUNCT cblr-1747 704 14 which which PRON cblr-1747 704 15 in in ADP cblr-1747 704 16 turn turn NOUN cblr-1747 704 17 could could AUX cblr-1747 704 18 be be AUX cblr-1747 704 19 passed pass VERB cblr-1747 704 20 on on ADP cblr-1747 704 21 to to ADP cblr-1747 704 22 customers customer NOUN cblr-1747 704 23 through through ADP cblr-1747 704 24 higher high ADJ cblr-1747 704 25 commissions commission NOUN cblr-1747 704 26 or or CCONJ cblr-1747 704 27 interest interest NOUN cblr-1747 704 28 rates rate NOUN cblr-1747 704 29 on on ADP cblr-1747 704 30 margin margin NOUN cblr-1747 704 31 loans loan NOUN cblr-1747 704 32 . . PUNCT cblr-1747 705 1 in in ADP cblr-1747 705 2 addition addition NOUN cblr-1747 705 3 , , PUNCT cblr-1747 705 4 because because SCONJ cblr-1747 705 5 of of ADP cblr-1747 705 6 systematic systematic ADJ cblr-1747 705 7 undervoting undervoting NOUN cblr-1747 705 8 , , PUNCT cblr-1747 705 9 fewer few ADJ cblr-1747 705 10 votes vote NOUN cblr-1747 705 11 would would AUX cblr-1747 705 12 be be AUX cblr-1747 705 13 transmitted transmit VERB cblr-1747 705 14 to to ADP cblr-1747 705 15 corporations corporation NOUN cblr-1747 705 16 , , PUNCT cblr-1747 705 17 which which PRON cblr-1747 705 18 could could AUX cblr-1747 705 19 hinder hinder VERB cblr-1747 705 20 corporations corporation NOUN cblr-1747 705 21 from from ADP cblr-1747 705 22 gaining gain VERB cblr-1747 705 23 quorum quorum NOUN cblr-1747 705 24 . . PUNCT cblr-1747 706 1 tepe tepe NOUN cblr-1747 706 2 – – PUNCT cblr-1747 706 3 final final ADJ cblr-1747 706 4 874 874 NUM cblr-1747 706 5 columbia columbia PROPN cblr-1747 706 6 business business NOUN cblr-1747 706 7 law law PROPN cblr-1747 706 8 review review NOUN cblr-1747 707 1 [ [ X cblr-1747 707 2 vol vol NOUN cblr-1747 707 3 . . PUNCT cblr-1747 707 4 2016 2016 NUM cblr-1747 707 5 alternatively alternatively ADV cblr-1747 707 6 , , PUNCT cblr-1747 707 7 the the DET cblr-1747 707 8 sec sec PROPN cblr-1747 707 9 could could AUX cblr-1747 707 10 require require VERB cblr-1747 707 11 broker broker NOUN cblr-1747 707 12 - - PUNCT cblr-1747 707 13 dealers dealer NOUN cblr-1747 707 14 to to PART cblr-1747 707 15 inform inform VERB cblr-1747 707 16 their their PRON cblr-1747 707 17 customers customer NOUN cblr-1747 707 18 if if SCONJ cblr-1747 707 19 they they PRON cblr-1747 707 20 cancel cancel VERB cblr-1747 707 21 customer customer NOUN cblr-1747 707 22 votes vote NOUN cblr-1747 707 23 . . PUNCT cblr-1747 708 1 this this DET cblr-1747 708 2 system system NOUN cblr-1747 708 3 would would AUX cblr-1747 708 4 allow allow VERB cblr-1747 708 5 broker broker NOUN cblr-1747 708 6 - - PUNCT cblr-1747 708 7 dealers dealer NOUN cblr-1747 708 8 to to PART cblr-1747 708 9 still still ADV cblr-1747 708 10 choose choose VERB cblr-1747 708 11 either either CCONJ cblr-1747 708 12 postmailing postmaile VERB cblr-1747 708 13 reconciliation reconciliation NOUN cblr-1747 708 14 or or CCONJ cblr-1747 708 15 pre pre ADJ cblr-1747 708 16 - - ADJ cblr-1747 708 17 mailing mailing ADJ cblr-1747 708 18 reconciliation reconciliation NOUN cblr-1747 708 19 . . PUNCT cblr-1747 709 1 the the DET cblr-1747 709 2 costs cost NOUN cblr-1747 709 3 of of ADP cblr-1747 709 4 post post ADJ cblr-1747 709 5 - - ADJ cblr-1747 709 6 mailing mailing ADJ cblr-1747 709 7 reconciliation reconciliation NOUN cblr-1747 709 8 , , PUNCT cblr-1747 709 9 however however ADV cblr-1747 709 10 , , PUNCT cblr-1747 709 11 would would AUX cblr-1747 709 12 increase increase VERB cblr-1747 709 13 due due ADP cblr-1747 709 14 to to ADP cblr-1747 709 15 the the DET cblr-1747 709 16 required require VERB cblr-1747 709 17 disclosure disclosure NOUN cblr-1747 709 18 of of ADP cblr-1747 709 19 a a DET cblr-1747 709 20 cancelled cancel VERB cblr-1747 709 21 vote vote NOUN cblr-1747 709 22 . . PUNCT cblr-1747 710 1 with with ADP cblr-1747 710 2 this this DET cblr-1747 710 3 mandate mandate NOUN cblr-1747 710 4 , , PUNCT cblr-1747 710 5 customers customer NOUN cblr-1747 710 6 would would AUX cblr-1747 710 7 know know VERB cblr-1747 710 8 whether whether SCONJ cblr-1747 710 9 their their PRON cblr-1747 710 10 vote vote NOUN cblr-1747 710 11 was be AUX cblr-1747 710 12 counted count VERB cblr-1747 710 13 and and CCONJ cblr-1747 710 14 would would AUX cblr-1747 710 15 still still ADV cblr-1747 710 16 have have VERB cblr-1747 710 17 the the DET cblr-1747 710 18 information information NOUN cblr-1747 710 19 necessary necessary ADJ cblr-1747 710 20 to to PART cblr-1747 710 21 negotiate negotiate VERB cblr-1747 710 22 an an DET cblr-1747 710 23 agreement agreement NOUN cblr-1747 710 24 with with ADP cblr-1747 710 25 their their PRON cblr-1747 710 26 broker broker NOUN cblr-1747 710 27 - - PUNCT cblr-1747 710 28 dealer dealer NOUN cblr-1747 710 29 not not PART cblr-1747 710 30 to to PART cblr-1747 710 31 lend lend VERB cblr-1747 710 32 their their PRON cblr-1747 710 33 margin margin NOUN cblr-1747 710 34 securities security NOUN cblr-1747 710 35 . . PUNCT cblr-1747 711 1 however however ADV cblr-1747 711 2 , , PUNCT cblr-1747 711 3 if if SCONJ cblr-1747 711 4 customers customer NOUN cblr-1747 711 5 are be AUX cblr-1747 711 6 currently currently ADV cblr-1747 711 7 ignorant ignorant ADJ cblr-1747 711 8 about about ADP cblr-1747 711 9 the the DET cblr-1747 711 10 fact fact NOUN cblr-1747 711 11 that that SCONJ cblr-1747 711 12 their their PRON cblr-1747 711 13 shareholder shareholder NOUN cblr-1747 711 14 votes vote NOUN cblr-1747 711 15 may may AUX cblr-1747 711 16 be be AUX cblr-1747 711 17 canceled cancel VERB cblr-1747 711 18 , , PUNCT cblr-1747 711 19 this this DET cblr-1747 711 20 system system NOUN cblr-1747 711 21 may may AUX cblr-1747 711 22 exacerbate exacerbate VERB cblr-1747 711 23 problems problem NOUN cblr-1747 711 24 with with ADP cblr-1747 711 25 systematic systematic ADJ cblr-1747 711 26 under under NOUN cblr-1747 711 27 - - PUNCT cblr-1747 711 28 voting voting NOUN cblr-1747 711 29 because because SCONJ cblr-1747 711 30 customers customer NOUN cblr-1747 711 31 would would AUX cblr-1747 711 32 know know VERB cblr-1747 711 33 that that SCONJ cblr-1747 711 34 their their PRON cblr-1747 711 35 votes vote NOUN cblr-1747 711 36 may may AUX cblr-1747 711 37 not not PART cblr-1747 711 38 always always ADV cblr-1747 711 39 count count VERB cblr-1747 711 40 , , PUNCT cblr-1747 711 41 thereby thereby ADV cblr-1747 711 42 reducing reduce VERB cblr-1747 711 43 the the DET cblr-1747 711 44 incentive incentive NOUN cblr-1747 711 45 to to PART cblr-1747 711 46 take take VERB cblr-1747 711 47 the the DET cblr-1747 711 48 time time NOUN cblr-1747 711 49 to to PART cblr-1747 711 50 vote vote VERB cblr-1747 711 51 in in ADP cblr-1747 711 52 the the DET cblr-1747 711 53 first first ADJ cblr-1747 711 54 place place NOUN cblr-1747 711 55 . . PUNCT cblr-1747 712 1 nevertheless nevertheless ADV cblr-1747 712 2 , , PUNCT cblr-1747 712 3 this this DET cblr-1747 712 4 mandate mandate NOUN cblr-1747 712 5 is be AUX cblr-1747 712 6 preferable preferable ADJ cblr-1747 712 7 to to ADP cblr-1747 712 8 an an DET cblr-1747 712 9 outright outright ADJ cblr-1747 712 10 ban ban NOUN cblr-1747 712 11 on on ADP cblr-1747 712 12 canceling cancel VERB cblr-1747 712 13 customer customer NOUN cblr-1747 712 14 votes vote NOUN cblr-1747 712 15 because because SCONJ cblr-1747 712 16 this this DET cblr-1747 712 17 system system NOUN cblr-1747 712 18 would would AUX cblr-1747 712 19 not not PART cblr-1747 712 20 force force VERB cblr-1747 712 21 costly costly ADJ cblr-1747 712 22 pre pre ADJ cblr-1747 712 23 - - ADJ cblr-1747 712 24 mailing mailing ADJ cblr-1747 712 25 reconciliation reconciliation NOUN cblr-1747 712 26 , , PUNCT cblr-1747 712 27 would would AUX cblr-1747 712 28 give give VERB cblr-1747 712 29 more more ADJ cblr-1747 712 30 customers customer NOUN cblr-1747 712 31 the the DET cblr-1747 712 32 opportunity opportunity NOUN cblr-1747 712 33 to to PART cblr-1747 712 34 cast cast VERB cblr-1747 712 35 their their PRON cblr-1747 712 36 vote vote NOUN cblr-1747 712 37 , , PUNCT cblr-1747 712 38 and and CCONJ cblr-1747 712 39 would would AUX cblr-1747 712 40 still still ADV cblr-1747 712 41 ensure ensure VERB cblr-1747 712 42 that that SCONJ cblr-1747 712 43 customers customer NOUN cblr-1747 712 44 fully fully ADV cblr-1747 712 45 understand understand VERB cblr-1747 712 46 how how SCONJ cblr-1747 712 47 and and CCONJ cblr-1747 712 48 when when SCONJ cblr-1747 712 49 their their PRON cblr-1747 712 50 voting voting NOUN cblr-1747 712 51 rights right NOUN cblr-1747 712 52 are be AUX cblr-1747 712 53 affected affect VERB cblr-1747 712 54 by by ADP cblr-1747 712 55 the the DET cblr-1747 712 56 lending lending NOUN cblr-1747 712 57 of of ADP cblr-1747 712 58 their their PRON cblr-1747 712 59 margin margin NOUN cblr-1747 712 60 securities security NOUN cblr-1747 712 61 . . PUNCT cblr-1747 713 1 finally finally ADV cblr-1747 713 2 , , PUNCT cblr-1747 713 3 the the DET cblr-1747 713 4 sec sec PROPN cblr-1747 713 5 could could AUX cblr-1747 713 6 apply apply VERB cblr-1747 713 7 the the DET cblr-1747 713 8 stricter strict ADJ cblr-1747 713 9 lending lending NOUN cblr-1747 713 10 requirements requirement NOUN cblr-1747 713 11 on on ADP cblr-1747 713 12 fully fully ADV cblr-1747 713 13 paid pay VERB cblr-1747 713 14 and and CCONJ cblr-1747 713 15 excess excess ADJ cblr-1747 713 16 margin margin NOUN cblr-1747 713 17 securities security NOUN cblr-1747 713 18 to to PART cblr-1747 713 19 margin margin VERB cblr-1747 713 20 securities security NOUN cblr-1747 713 21 , , PUNCT cblr-1747 713 22 thereby thereby ADV cblr-1747 713 23 treating treat VERB cblr-1747 713 24 all all DET cblr-1747 713 25 customer customer NOUN cblr-1747 713 26 securities security NOUN cblr-1747 713 27 the the DET cblr-1747 713 28 same.153 same.153 NOUN cblr-1747 713 29 this this DET cblr-1747 713 30 reform reform NOUN cblr-1747 713 31 would would AUX cblr-1747 713 32 require require VERB cblr-1747 713 33 a a DET cblr-1747 713 34 broker broker NOUN cblr-1747 713 35 - - PUNCT cblr-1747 713 36 dealer dealer NOUN cblr-1747 713 37 to to PART cblr-1747 713 38 always always ADV cblr-1747 713 39 enter enter VERB cblr-1747 713 40 into into ADP cblr-1747 713 41 separate separate ADJ cblr-1747 713 42 agreements agreement NOUN cblr-1747 713 43 with with ADP cblr-1747 713 44 customers customer NOUN cblr-1747 713 45 any any DET cblr-1747 713 46 time time NOUN cblr-1747 713 47 that that PRON cblr-1747 713 48 it it PRON cblr-1747 713 49 wanted want VERB cblr-1747 713 50 to to PART cblr-1747 713 51 lend lend VERB cblr-1747 713 52 a a DET cblr-1747 713 53 customer customer NOUN cblr-1747 713 54 security.154 security.154 NOUN cblr-1747 713 55 getting get VERB cblr-1747 713 56 affirmative affirmative ADJ cblr-1747 713 57 consent consent NOUN cblr-1747 713 58 from from ADP cblr-1747 713 59 customers customer NOUN cblr-1747 713 60 would would AUX cblr-1747 713 61 be be AUX cblr-1747 713 62 costly costly ADJ cblr-1747 713 63 and and CCONJ cblr-1747 713 64 the the DET cblr-1747 713 65 number number NOUN cblr-1747 713 66 of of ADP cblr-1747 713 67 customer customer NOUN cblr-1747 713 68 securities security NOUN cblr-1747 713 69 available available ADJ cblr-1747 713 70 for for ADP cblr-1747 713 71 lending lending NOUN cblr-1747 713 72 would would AUX cblr-1747 713 73 decrease decrease VERB cblr-1747 713 74 . . PUNCT cblr-1747 714 1 this this DET cblr-1747 714 2 reform reform NOUN cblr-1747 714 3 might might AUX cblr-1747 714 4 significantly significantly ADV cblr-1747 714 5 increase increase VERB cblr-1747 714 6 the the DET cblr-1747 714 7 costs cost NOUN cblr-1747 714 8 of of ADP cblr-1747 714 9 margin margin NOUN cblr-1747 714 10 loans loan NOUN cblr-1747 714 11 by by ADP cblr-1747 714 12 removing remove VERB cblr-1747 714 13 a a DET cblr-1747 714 14 key key ADJ cblr-1747 714 15 source source NOUN cblr-1747 714 16 of of ADP cblr-1747 714 17 revenue revenue NOUN cblr-1747 714 18 for for ADP cblr-1747 714 19 broker broker NOUN cblr-1747 714 20 - - PUNCT cblr-1747 714 21 dealers dealer NOUN cblr-1747 714 22 and and CCONJ cblr-1747 714 23 by by ADP cblr-1747 714 24 hindering hinder VERB cblr-1747 714 25 broker broker NOUN cblr-1747 714 26 - - PUNCT cblr-1747 714 27 dealers dealer NOUN cblr-1747 714 28 ’ ’ PART cblr-1747 714 29 ability ability NOUN cblr-1747 714 30 to to PART cblr-1747 714 31 rehypothecate rehypothecate VERB cblr-1747 714 32 and and CCONJ cblr-1747 714 33 replenish replenish VERB cblr-1747 714 34 their their PRON cblr-1747 714 35 cash cash NOUN cblr-1747 714 36 supply supply NOUN cblr-1747 714 37 after after ADP cblr-1747 714 38 giving give VERB cblr-1747 714 39 a a DET cblr-1747 714 40 153 153 NUM cblr-1747 714 41 see see NOUN cblr-1747 714 42 supra supra ADJ cblr-1747 714 43 text text NOUN cblr-1747 714 44 accompanying accompany VERB cblr-1747 714 45 notes note NOUN cblr-1747 714 46 50–62 50–62 NUM cblr-1747 714 47 . . NOUN cblr-1747 714 48 154 154 NUM cblr-1747 715 1 i i PROPN cblr-1747 715 2 d. d. PROPN cblr-1747 715 3 tepe tepe PROPN cblr-1747 715 4 – – PUNCT cblr-1747 715 5 final final ADJ cblr-1747 715 6 no no NOUN cblr-1747 715 7 . . PUNCT cblr-1747 716 1 3:823 3:823 NUM cblr-1747 716 2 ] ] X cblr-1747 716 3 broker broker NOUN cblr-1747 716 4 - - PUNCT cblr-1747 716 5 dealer dealer NOUN cblr-1747 716 6 “ " PUNCT cblr-1747 716 7 idle idle ADJ cblr-1747 716 8 ” " PUNCT cblr-1747 716 9 customer customer NOUN cblr-1747 716 10 assets asset NOUN cblr-1747 716 11 875 875 NUM cblr-1747 716 12 margin margin NOUN cblr-1747 716 13 loan.155 loan.155 VERB cblr-1747 716 14 the the DET cblr-1747 716 15 sec sec PROPN cblr-1747 716 16 would would AUX cblr-1747 716 17 need need VERB cblr-1747 716 18 to to PART cblr-1747 716 19 conduct conduct VERB cblr-1747 716 20 additional additional ADJ cblr-1747 716 21 research research NOUN cblr-1747 716 22 about about ADP cblr-1747 716 23 the the DET cblr-1747 716 24 cost cost NOUN cblr-1747 716 25 of of ADP cblr-1747 716 26 this this DET cblr-1747 716 27 reform reform NOUN cblr-1747 716 28 , , PUNCT cblr-1747 716 29 but but CCONJ cblr-1747 716 30 such such ADJ cblr-1747 716 31 research research NOUN cblr-1747 716 32 could could AUX cblr-1747 716 33 justify justify VERB cblr-1747 716 34 why why SCONJ cblr-1747 716 35 having have VERB cblr-1747 716 36 fewer few ADJ cblr-1747 716 37 requirements requirement NOUN cblr-1747 716 38 on on ADP cblr-1747 716 39 securities security NOUN cblr-1747 716 40 lending lending NOUN cblr-1747 716 41 up up ADP cblr-1747 716 42 to to PART cblr-1747 716 43 140 140 NUM cblr-1747 716 44 % % NOUN cblr-1747 716 45 of of ADP cblr-1747 716 46 a a DET cblr-1747 716 47 margin margin NOUN cblr-1747 716 48 loan loan NOUN cblr-1747 716 49 is be AUX cblr-1747 716 50 “ " PUNCT cblr-1747 716 51 reasonable reasonable ADJ cblr-1747 716 52 . . PUNCT cblr-1747 716 53 ”156 ”156 PROPN cblr-1747 717 1 v. v. ADP cblr-1747 717 2 conclusion conclusion NOUN cblr-1747 717 3 protecting protect VERB cblr-1747 717 4 customer customer NOUN cblr-1747 717 5 assets asset NOUN cblr-1747 717 6 is be AUX cblr-1747 717 7 a a DET cblr-1747 717 8 critical critical ADJ cblr-1747 717 9 component component NOUN cblr-1747 717 10 of of ADP cblr-1747 717 11 sec sec PROPN cblr-1747 717 12 broker broker NOUN cblr-1747 717 13 - - PUNCT cblr-1747 717 14 dealer dealer NOUN cblr-1747 717 15 regulation regulation NOUN cblr-1747 717 16 . . PUNCT cblr-1747 718 1 segregation segregation NOUN cblr-1747 718 2 , , PUNCT cblr-1747 718 3 possession possession NOUN cblr-1747 718 4 , , PUNCT cblr-1747 718 5 and and CCONJ cblr-1747 718 6 control control NOUN cblr-1747 718 7 of of ADP cblr-1747 718 8 customer customer NOUN cblr-1747 718 9 assets asset NOUN cblr-1747 718 10 continue continue VERB cblr-1747 718 11 to to PART cblr-1747 718 12 form form VERB cblr-1747 718 13 the the DET cblr-1747 718 14 basis basis NOUN cblr-1747 718 15 of of ADP cblr-1747 718 16 broker broker NOUN cblr-1747 718 17 - - PUNCT cblr-1747 718 18 dealer dealer NOUN cblr-1747 718 19 customer customer NOUN cblr-1747 718 20 protection protection NOUN cblr-1747 718 21 , , PUNCT cblr-1747 718 22 yet yet CCONJ cblr-1747 718 23 sweep sweep VERB cblr-1747 718 24 programs program NOUN cblr-1747 718 25 and and CCONJ cblr-1747 718 26 securities security NOUN cblr-1747 718 27 lending lending NOUN cblr-1747 718 28 allow allow VERB cblr-1747 718 29 broker broker NOUN cblr-1747 718 30 - - PUNCT cblr-1747 718 31 dealers dealer NOUN cblr-1747 718 32 to to PART cblr-1747 718 33 profit profit VERB cblr-1747 718 34 from from ADP cblr-1747 718 35 no no ADV cblr-1747 718 36 longer long ADV cblr-1747 718 37 segregating segregate VERB cblr-1747 718 38 or or CCONJ cblr-1747 718 39 possessing possess VERB cblr-1747 718 40 idle idle ADJ cblr-1747 718 41 customer customer NOUN cblr-1747 718 42 assets asset NOUN cblr-1747 718 43 . . PUNCT cblr-1747 719 1 the the DET cblr-1747 719 2 ability ability NOUN cblr-1747 719 3 of of ADP cblr-1747 719 4 broker broker NOUN cblr-1747 719 5 - - PUNCT cblr-1747 719 6 dealers dealer NOUN cblr-1747 719 7 to to PART cblr-1747 719 8 profit profit VERB cblr-1747 719 9 from from ADP cblr-1747 719 10 customer customer NOUN cblr-1747 719 11 assets asset NOUN cblr-1747 719 12 goes go VERB cblr-1747 719 13 against against ADP cblr-1747 719 14 the the DET cblr-1747 719 15 original original ADJ cblr-1747 719 16 spirit spirit NOUN cblr-1747 719 17 of of ADP cblr-1747 719 18 the the DET cblr-1747 719 19 customer customer NOUN cblr-1747 719 20 protection protection NOUN cblr-1747 719 21 rule rule NOUN cblr-1747 719 22 and and CCONJ cblr-1747 719 23 is be AUX cblr-1747 719 24 especially especially ADV cblr-1747 719 25 troublesome troublesome ADJ cblr-1747 719 26 when when SCONJ cblr-1747 719 27 these these DET cblr-1747 719 28 uses use NOUN cblr-1747 719 29 of of ADP cblr-1747 719 30 customer customer NOUN cblr-1747 719 31 assets asset NOUN cblr-1747 719 32 take take VERB cblr-1747 719 33 away away ADV cblr-1747 719 34 customer customer NOUN cblr-1747 719 35 rights right NOUN cblr-1747 719 36 and and CCONJ cblr-1747 719 37 increase increase VERB cblr-1747 719 38 the the DET cblr-1747 719 39 risk risk NOUN cblr-1747 719 40 that that SCONJ cblr-1747 719 41 the the DET cblr-1747 719 42 assets asset NOUN cblr-1747 719 43 may may AUX cblr-1747 719 44 not not PART cblr-1747 719 45 be be AUX cblr-1747 719 46 quickly quickly ADV cblr-1747 719 47 returned return VERB cblr-1747 719 48 to to ADP cblr-1747 719 49 the the DET cblr-1747 719 50 customer customer NOUN cblr-1747 719 51 . . PUNCT cblr-1747 720 1 potential potential ADJ cblr-1747 720 2 systemic systemic ADJ cblr-1747 720 3 risks risk NOUN cblr-1747 720 4 associated associate VERB cblr-1747 720 5 with with ADP cblr-1747 720 6 broker broker NOUN cblr-1747 720 7 - - PUNCT cblr-1747 720 8 dealer dealer NOUN cblr-1747 720 9 use use NOUN cblr-1747 720 10 of of ADP cblr-1747 720 11 idle idle ADJ cblr-1747 720 12 customer customer NOUN cblr-1747 720 13 assets asset NOUN cblr-1747 720 14 adds add VERB cblr-1747 720 15 additional additional ADJ cblr-1747 720 16 urgency urgency NOUN cblr-1747 720 17 for for ADP cblr-1747 720 18 continued continue VERB cblr-1747 720 19 sec sec PROPN cblr-1747 720 20 review review NOUN cblr-1747 720 21 of of ADP cblr-1747 720 22 the the DET cblr-1747 720 23 customer customer NOUN cblr-1747 720 24 protection protection NOUN cblr-1747 720 25 rule rule NOUN cblr-1747 720 26 . . PUNCT cblr-1747 721 1 the the DET cblr-1747 721 2 sec sec PROPN cblr-1747 721 3 should should AUX cblr-1747 721 4 keep keep VERB cblr-1747 721 5 in in ADP cblr-1747 721 6 mind mind NOUN cblr-1747 721 7 the the DET cblr-1747 721 8 benefits benefit NOUN cblr-1747 721 9 to to ADP cblr-1747 721 10 customers customer NOUN cblr-1747 721 11 and and CCONJ cblr-1747 721 12 key key ADJ cblr-1747 721 13 market market NOUN cblr-1747 721 14 functions function NOUN cblr-1747 721 15 associated associate VERB cblr-1747 721 16 with with ADP cblr-1747 721 17 sweep sweep NOUN cblr-1747 721 18 programs program NOUN cblr-1747 721 19 and and CCONJ cblr-1747 721 20 securities security NOUN cblr-1747 721 21 lending lending NOUN cblr-1747 721 22 . . PUNCT cblr-1747 722 1 however however ADV cblr-1747 722 2 , , PUNCT cblr-1747 722 3 the the DET cblr-1747 722 4 sec sec PROPN cblr-1747 722 5 must must AUX cblr-1747 722 6 ensure ensure VERB cblr-1747 722 7 that that SCONJ cblr-1747 722 8 customers customer NOUN cblr-1747 722 9 are be AUX cblr-1747 722 10 fully fully ADV cblr-1747 722 11 informed inform VERB cblr-1747 722 12 about about ADP cblr-1747 722 13 the the DET cblr-1747 722 14 location location NOUN cblr-1747 722 15 of of ADP cblr-1747 722 16 their their PRON cblr-1747 722 17 assets asset NOUN cblr-1747 722 18 , , PUNCT cblr-1747 722 19 the the DET cblr-1747 722 20 conflict conflict NOUN cblr-1747 722 21 of of ADP cblr-1747 722 22 interests interest NOUN cblr-1747 722 23 of of ADP cblr-1747 722 24 their their PRON cblr-1747 722 25 broker broker NOUN cblr-1747 722 26 - - PUNCT cblr-1747 722 27 dealers dealer NOUN cblr-1747 722 28 , , PUNCT cblr-1747 722 29 and and CCONJ cblr-1747 722 30 if if SCONJ cblr-1747 722 31 and and CCONJ cblr-1747 722 32 when when SCONJ cblr-1747 722 33 their their PRON cblr-1747 722 34 rights right NOUN cblr-1747 722 35 are be AUX cblr-1747 722 36 affected affect VERB cblr-1747 722 37 . . PUNCT cblr-1747 723 1 increased increase VERB cblr-1747 723 2 disclosure disclosure NOUN cblr-1747 723 3 to to ADP cblr-1747 723 4 customers customer NOUN cblr-1747 723 5 and and CCONJ cblr-1747 723 6 the the DET cblr-1747 723 7 sec sec PROPN cblr-1747 723 8 would would AUX cblr-1747 723 9 allow allow VERB cblr-1747 723 10 a a DET cblr-1747 723 11 better well ADV cblr-1747 723 12 - - PUNCT cblr-1747 723 13 informed inform VERB cblr-1747 723 14 market market NOUN cblr-1747 723 15 solution solution NOUN cblr-1747 723 16 in in ADP cblr-1747 723 17 which which PRON cblr-1747 723 18 customers customer NOUN cblr-1747 723 19 could could AUX cblr-1747 723 20 capture capture VERB cblr-1747 723 21 a a DET cblr-1747 723 22 larger large ADJ cblr-1747 723 23 share share NOUN cblr-1747 723 24 of of ADP cblr-1747 723 25 the the DET cblr-1747 723 26 profit profit NOUN cblr-1747 723 27 derived derive VERB cblr-1747 723 28 from from ADP cblr-1747 723 29 their their PRON cblr-1747 723 30 idle idle ADJ cblr-1747 723 31 assets asset NOUN cblr-1747 723 32 or or CCONJ cblr-1747 723 33 demand demand NOUN cblr-1747 723 34 that that SCONJ cblr-1747 723 35 their their PRON cblr-1747 723 36 idle idle ADJ cblr-1747 723 37 assets asset NOUN cblr-1747 723 38 always always ADV cblr-1747 723 39 remain remain VERB cblr-1747 723 40 with with ADP cblr-1747 723 41 their their PRON cblr-1747 723 42 broker broker NOUN cblr-1747 723 43 - - PUNCT cblr-1747 723 44 dealer dealer NOUN cblr-1747 723 45 . . PUNCT cblr-1747 724 1 confidence confidence NOUN cblr-1747 724 2 in in ADP cblr-1747 724 3 the the DET cblr-1747 724 4 financial financial ADJ cblr-1747 724 5 system system NOUN cblr-1747 724 6 requires require VERB cblr-1747 724 7 that that SCONJ cblr-1747 724 8 customers customer NOUN cblr-1747 724 9 have have VERB cblr-1747 724 10 confidence confidence NOUN cblr-1747 724 11 that that SCONJ cblr-1747 724 12 their their PRON cblr-1747 724 13 broker broker NOUN cblr-1747 724 14 - - PUNCT cblr-1747 724 15 dealer dealer NOUN cblr-1747 724 16 will will AUX cblr-1747 724 17 act act VERB cblr-1747 724 18 responsibly responsibly ADV cblr-1747 724 19 with with ADP cblr-1747 724 20 their their PRON cblr-1747 724 21 assets asset NOUN cblr-1747 724 22 , , PUNCT cblr-1747 724 23 and and CCONJ cblr-1747 724 24 broker broker NOUN cblr-1747 724 25 - - PUNCT cblr-1747 724 26 dealer dealer NOUN cblr-1747 724 27 customers customer NOUN cblr-1747 724 28 may may AUX cblr-1747 724 29 not not PART cblr-1747 724 30 feel feel VERB cblr-1747 724 31 confident confident ADJ cblr-1747 724 32 if if SCONJ cblr-1747 724 33 they they PRON cblr-1747 724 34 fully fully ADV cblr-1747 724 35 understood understand VERB cblr-1747 724 36 the the DET cblr-1747 724 37 many many ADJ cblr-1747 724 38 ways way NOUN cblr-1747 724 39 in in ADP cblr-1747 724 40 which which PRON cblr-1747 724 41 broker broker NOUN cblr-1747 724 42 - - PUNCT cblr-1747 724 43 dealers dealer NOUN cblr-1747 724 44 profit profit VERB cblr-1747 724 45 off off ADP cblr-1747 724 46 their their PRON cblr-1747 724 47 assets asset NOUN cblr-1747 724 48 . . PUNCT cblr-1747 725 1 broker broker NOUN cblr-1747 725 2 - - PUNCT cblr-1747 725 3 dealers dealer NOUN cblr-1747 725 4 will will AUX cblr-1747 725 5 continue continue VERB cblr-1747 725 6 to to PART cblr-1747 725 7 search search VERB cblr-1747 725 8 for for ADP cblr-1747 725 9 new new ADJ cblr-1747 725 10 155 155 NUM cblr-1747 725 11 see see NOUN cblr-1747 725 12 supra supra PROPN cblr-1747 725 13 note note PROPN cblr-1747 725 14 62 62 NUM cblr-1747 725 15 . . PUNCT cblr-1747 726 1 156 156 NUM cblr-1747 726 2 see see VERB cblr-1747 726 3 supra supra PROPN cblr-1747 726 4 note note NOUN cblr-1747 726 5 53 53 NUM cblr-1747 726 6 and and CCONJ cblr-1747 726 7 accompanying accompany VERB cblr-1747 726 8 text text NOUN cblr-1747 726 9 . . PUNCT cblr-1747 727 1 tepe tepe NOUN cblr-1747 727 2 – – PUNCT cblr-1747 727 3 final final ADJ cblr-1747 727 4 876 876 NUM cblr-1747 727 5 columbia columbia PROPN cblr-1747 727 6 business business NOUN cblr-1747 727 7 law law PROPN cblr-1747 727 8 review review NOUN cblr-1747 728 1 [ [ X cblr-1747 728 2 vol vol NOUN cblr-1747 728 3 . . NOUN cblr-1747 728 4 2016 2016 NUM cblr-1747 728 5 sources source NOUN cblr-1747 728 6 of of ADP cblr-1747 728 7 revenues revenue NOUN cblr-1747 728 8 , , PUNCT cblr-1747 728 9 but but CCONJ cblr-1747 728 10 the the DET cblr-1747 728 11 sec sec PROPN cblr-1747 728 12 must must AUX cblr-1747 728 13 ensure ensure VERB cblr-1747 728 14 that that SCONJ cblr-1747 728 15 brokerdealer brokerdealer NOUN cblr-1747 728 16 revenue revenue NOUN cblr-1747 728 17 streams stream NOUN cblr-1747 728 18 do do AUX cblr-1747 728 19 not not PART cblr-1747 728 20 hinder hinder VERB cblr-1747 728 21 the the DET cblr-1747 728 22 protection protection NOUN cblr-1747 728 23 of of ADP cblr-1747 728 24 customer customer NOUN cblr-1747 728 25 assets asset NOUN cblr-1747 728 26 . . PUNCT