id	sid	tid	token	lemma	pos
cblr-1785	1	1	microsoft	microsoft	PROPN
cblr-1785	1	2	word	word	NOUN
cblr-1785	1	3	5_2014.3_pei_final	5_2014.3_pei_final	PROPN
cblr-1785	1	4	pei	pei	PROPN
cblr-1785	1	5	final	final	ADJ
cblr-1785	1	6	intrastate	intrastate	ADJ
cblr-1785	1	7	crowdfunding	crowdfunding	NOUN
cblr-1785	1	8	matthew	matthew	PROPN
cblr-1785	1	9	a.	a.	PROPN
cblr-1785	1	10	pei	pei	PROPN
cblr-1785	1	11	*	*	PUNCT
cblr-1785	1	12	crowdfunding	crowdfunding	NOUN
cblr-1785	1	13	is	be	AUX
cblr-1785	1	14	the	the	DET
cblr-1785	1	15	practice	practice	NOUN
cblr-1785	1	16	of	of	ADP
cblr-1785	1	17	raising	raise	VERB
cblr-1785	1	18	small	small	ADJ
cblr-1785	1	19	amounts	amount	NOUN
cblr-1785	1	20	of	of	ADP
cblr-1785	1	21	money	money	NOUN
cblr-1785	1	22	from	from	ADP
cblr-1785	1	23	a	a	DET
cblr-1785	1	24	large	large	ADJ
cblr-1785	1	25	number	number	NOUN
cblr-1785	1	26	of	of	ADP
cblr-1785	1	27	people	people	NOUN
cblr-1785	1	28	over	over	ADP
cblr-1785	1	29	the	the	DET
cblr-1785	1	30	internet	internet	NOUN
cblr-1785	1	31	.	.	PUNCT
cblr-1785	2	1	until	until	ADP
cblr-1785	2	2	now	now	ADV
cblr-1785	2	3	,	,	PUNCT
cblr-1785	2	4	businesses	business	NOUN
cblr-1785	2	5	trying	try	VERB
cblr-1785	2	6	to	to	PART
cblr-1785	2	7	raise	raise	VERB
cblr-1785	2	8	capital	capital	NOUN
cblr-1785	2	9	over	over	ADP
cblr-1785	2	10	crowdfunding	crowdfunding	NOUN
cblr-1785	2	11	sites	site	NOUN
cblr-1785	2	12	such	such	ADJ
cblr-1785	2	13	as	as	ADP
cblr-1785	2	14	kickstarter	kickstarter	PROPN
cblr-1785	2	15	have	have	AUX
cblr-1785	2	16	solicited	solicit	VERB
cblr-1785	2	17	contributions	contribution	NOUN
cblr-1785	2	18	by	by	ADP
cblr-1785	2	19	offering	offer	VERB
cblr-1785	2	20	rewards	reward	NOUN
cblr-1785	2	21	instead	instead	ADV
cblr-1785	2	22	of	of	ADP
cblr-1785	2	23	a	a	DET
cblr-1785	2	24	possible	possible	ADJ
cblr-1785	2	25	return	return	NOUN
cblr-1785	2	26	,	,	PUNCT
cblr-1785	2	27	which	which	PRON
cblr-1785	2	28	allows	allow	VERB
cblr-1785	2	29	them	they	PRON
cblr-1785	2	30	to	to	PART
cblr-1785	2	31	avoid	avoid	VERB
cblr-1785	2	32	federal	federal	ADJ
cblr-1785	2	33	securities	security	NOUN
cblr-1785	2	34	laws	law	NOUN
cblr-1785	2	35	.	.	PUNCT
cblr-1785	3	1	however	however	ADV
cblr-1785	3	2	,	,	PUNCT
cblr-1785	3	3	after	after	SCONJ
cblr-1785	3	4	proposed	propose	VERB
cblr-1785	3	5	sec	sec	PROPN
cblr-1785	3	6	rules	rule	NOUN
cblr-1785	3	7	are	be	AUX
cblr-1785	3	8	finalized	finalize	VERB
cblr-1785	3	9	,	,	PUNCT
cblr-1785	3	10	it	it	PRON
cblr-1785	3	11	will	will	AUX
cblr-1785	3	12	be	be	AUX
cblr-1785	3	13	legal	legal	ADJ
cblr-1785	3	14	for	for	SCONJ
cblr-1785	3	15	issuers	issuer	NOUN
cblr-1785	3	16	to	to	PART
cblr-1785	3	17	sell	sell	VERB
cblr-1785	3	18	securitiessuch	securitiessuch	PRON
cblr-1785	3	19	as	as	ADP
cblr-1785	3	20	equities	equity	NOUN
cblr-1785	3	21	and	and	CCONJ
cblr-1785	3	22	interest	interest	NOUN
cblr-1785	3	23	-	-	PUNCT
cblr-1785	3	24	bearing	bearing	NOUN
cblr-1785	3	25	debtover	debtover	ADP
cblr-1785	3	26	crowdfunding	crowdfunding	NOUN
cblr-1785	3	27	platforms	platform	NOUN
cblr-1785	3	28	without	without	ADP
cblr-1785	3	29	incurring	incur	VERB
cblr-1785	3	30	the	the	DET
cblr-1785	3	31	expense	expense	NOUN
cblr-1785	3	32	of	of	ADP
cblr-1785	3	33	registration	registration	NOUN
cblr-1785	3	34	.	.	PUNCT
cblr-1785	4	1	the	the	DET
cblr-1785	4	2	new	new	ADJ
cblr-1785	4	3	federal	federal	ADJ
cblr-1785	4	4	crowdfunding	crowdfunding	NOUN
cblr-1785	4	5	exemption	exemption	NOUN
cblr-1785	4	6	has	have	AUX
cblr-1785	4	7	been	be	AUX
cblr-1785	4	8	the	the	DET
cblr-1785	4	9	subject	subject	NOUN
cblr-1785	4	10	of	of	ADP
cblr-1785	4	11	considerable	considerable	ADJ
cblr-1785	4	12	debate	debate	NOUN
cblr-1785	4	13	and	and	CCONJ
cblr-1785	4	14	anticipation	anticipation	NOUN
cblr-1785	4	15	in	in	ADP
cblr-1785	4	16	both	both	CCONJ
cblr-1785	4	17	the	the	DET
cblr-1785	4	18	media	medium	NOUN
cblr-1785	4	19	and	and	CCONJ
cblr-1785	4	20	scholarly	scholarly	ADJ
cblr-1785	4	21	literature	literature	NOUN
cblr-1785	4	22	.	.	PUNCT
cblr-1785	5	1	however	however	ADV
cblr-1785	5	2	,	,	PUNCT
cblr-1785	5	3	securities	security	NOUN
cblr-1785	5	4	-	-	PUNCT
cblr-1785	5	5	based	base	VERB
cblr-1785	5	6	crowdfunding	crowdfunding	NOUN
cblr-1785	5	7	is	be	AUX
cblr-1785	5	8	already	already	ADV
cblr-1785	5	9	legal	legal	ADJ
cblr-1785	5	10	in	in	ADP
cblr-1785	5	11	several	several	ADJ
cblr-1785	5	12	states	state	NOUN
cblr-1785	5	13	so	so	ADV
cblr-1785	5	14	long	long	ADV
cblr-1785	5	15	as	as	SCONJ
cblr-1785	5	16	the	the	DET
cblr-1785	5	17	issuers	issuer	NOUN
cblr-1785	5	18	offer	offer	VERB
cblr-1785	5	19	and	and	CCONJ
cblr-1785	5	20	sell	sell	VERB
cblr-1785	5	21	securities	security	NOUN
cblr-1785	5	22	only	only	ADV
cblr-1785	5	23	to	to	ADP
cblr-1785	5	24	in	in	ADP
cblr-1785	5	25	-	-	PUNCT
cblr-1785	5	26	state	state	NOUN
cblr-1785	5	27	residents	resident	NOUN
cblr-1785	5	28	.	.	PUNCT
cblr-1785	6	1	this	this	DET
cblr-1785	6	2	note	note	NOUN
cblr-1785	6	3	engages	engage	VERB
cblr-1785	6	4	in	in	ADP
cblr-1785	6	5	the	the	DET
cblr-1785	6	6	first	first	ADJ
cblr-1785	6	7	sustained	sustained	ADJ
cblr-1785	6	8	comparison	comparison	NOUN
cblr-1785	6	9	of	of	ADP
cblr-1785	6	10	the	the	DET
cblr-1785	6	11	state	state	NOUN
cblr-1785	6	12	and	and	CCONJ
cblr-1785	6	13	federal	federal	ADJ
cblr-1785	6	14	exemptions	exemption	NOUN
cblr-1785	6	15	.	.	PUNCT
cblr-1785	7	1	it	it	PRON
cblr-1785	7	2	claims	claim	VERB
cblr-1785	7	3	that	that	SCONJ
cblr-1785	7	4	although	although	SCONJ
cblr-1785	7	5	the	the	DET
cblr-1785	7	6	state	state	NOUN
cblr-1785	7	7	exemptions	exemption	NOUN
cblr-1785	7	8	offer	offer	VERB
cblr-1785	7	9	issuers	issuer	NOUN
cblr-1785	7	10	access	access	NOUN
cblr-1785	7	11	to	to	ADP
cblr-1785	7	12	a	a	DET
cblr-1785	7	13	smaller	small	ADJ
cblr-1785	7	14	pool	pool	NOUN
cblr-1785	7	15	of	of	ADP
cblr-1785	7	16	potential	potential	ADJ
cblr-1785	7	17	investors	investor	NOUN
cblr-1785	7	18	,	,	PUNCT
cblr-1785	7	19	they	they	PRON
cblr-1785	7	20	present	present	VERB
cblr-1785	7	21	a	a	DET
cblr-1785	7	22	viable	viable	ADJ
cblr-1785	7	23	,	,	PUNCT
cblr-1785	7	24	lower	low	ADJ
cblr-1785	7	25	-	-	PUNCT
cblr-1785	7	26	cost	cost	NOUN
cblr-1785	7	27	alternative	alternative	NOUN
cblr-1785	7	28	to	to	ADP
cblr-1785	7	29	the	the	DET
cblr-1785	7	30	federal	federal	ADJ
cblr-1785	7	31	exemption	exemption	NOUN
cblr-1785	7	32	because	because	SCONJ
cblr-1785	7	33	they	they	PRON
cblr-1785	7	34	subject	subject	VERB
cblr-1785	7	35	issuers	issuer	NOUN
cblr-1785	7	36	to	to	ADP
cblr-1785	7	37	significantly	significantly	ADV
cblr-1785	7	38	fewer	few	ADJ
cblr-1785	7	39	regulatory	regulatory	ADJ
cblr-1785	7	40	expenses	expense	NOUN
cblr-1785	7	41	.	.	PUNCT
cblr-1785	8	1	it	it	PRON
cblr-1785	8	2	further	far	ADV
cblr-1785	8	3	claims	claim	VERB
cblr-1785	8	4	that	that	SCONJ
cblr-1785	8	5	in	in	ADP
cblr-1785	8	6	spite	spite	NOUN
cblr-1785	8	7	of	of	ADP
cblr-1785	8	8	their	their	PRON
cblr-1785	8	9	less	less	ADV
cblr-1785	8	10	stringent	stringent	ADJ
cblr-1785	8	11	requirements	requirement	NOUN
cblr-1785	8	12	,	,	PUNCT
cblr-1785	8	13	certain	certain	ADJ
cblr-1785	8	14	features	feature	NOUN
cblr-1785	8	15	of	of	ADP
cblr-1785	8	16	the	the	DET
cblr-1785	8	17	state	state	NOUN
cblr-1785	8	18	exemptions	exemption	NOUN
cblr-1785	8	19	can	can	AUX
cblr-1785	8	20	help	help	VERB
cblr-1785	8	21	to	to	PART
cblr-1785	8	22	promote	promote	VERB
cblr-1785	8	23	investor	investor	NOUN
cblr-1785	8	24	protection	protection	NOUN
cblr-1785	8	25	by	by	ADP
cblr-1785	8	26	encouraging	encourage	VERB
cblr-1785	8	27	the	the	DET
cblr-1785	8	28	participation	participation	NOUN
cblr-1785	8	29	of	of	ADP
cblr-1785	8	30	large	large	ADJ
cblr-1785	8	31	investors	investor	NOUN
cblr-1785	8	32	.	.	PUNCT
cblr-1785	9	1	this	this	DET
cblr-1785	9	2	note	note	NOUN
cblr-1785	9	3	concludes	conclude	VERB
cblr-1785	9	4	by	by	ADP
cblr-1785	9	5	offering	offer	VERB
cblr-1785	9	6	four	four	NUM
cblr-1785	9	7	recommendations	recommendation	NOUN
cblr-1785	9	8	for	for	ADP
cblr-1785	9	9	improving	improve	VERB
cblr-1785	9	10	*	*	PUNCT
cblr-1785	9	11	j.d	j.d	PROPN
cblr-1785	9	12	.	.	PROPN
cblr-1785	9	13	candidate	candidate	NOUN
cblr-1785	9	14	2015	2015	NUM
cblr-1785	9	15	,	,	PUNCT
cblr-1785	9	16	columbia	columbia	PROPN
cblr-1785	9	17	law	law	PROPN
cblr-1785	9	18	school	school	NOUN
cblr-1785	9	19	;	;	PUNCT
cblr-1785	10	1	m.a	m.a	PROPN
cblr-1785	10	2	.	.	PROPN
cblr-1785	10	3	2008	2008	NUM
cblr-1785	10	4	,	,	PUNCT
cblr-1785	10	5	university	university	NOUN
cblr-1785	10	6	of	of	ADP
cblr-1785	10	7	wisconsin	wisconsin	PROPN
cblr-1785	10	8	-	-	PUNCT
cblr-1785	10	9	milwaukee	milwaukee	PROPN
cblr-1785	10	10	;	;	PUNCT
cblr-1785	10	11	a.b	a.b	PROPN
cblr-1785	10	12	.	.	PROPN
cblr-1785	10	13	2005	2005	NUM
cblr-1785	10	14	,	,	PUNCT
cblr-1785	10	15	vassar	vassar	PROPN
cblr-1785	10	16	college	college	PROPN
cblr-1785	10	17	.	.	PUNCT
cblr-1785	11	1	the	the	DET
cblr-1785	11	2	author	author	NOUN
cblr-1785	11	3	would	would	AUX
cblr-1785	11	4	like	like	VERB
cblr-1785	11	5	to	to	PART
cblr-1785	11	6	thank	thank	VERB
cblr-1785	11	7	jason	jason	PROPN
cblr-1785	11	8	w.	w.	PROPN
cblr-1785	11	9	parsont	parsont	PROPN
cblr-1785	11	10	for	for	ADP
cblr-1785	11	11	his	his	PRON
cblr-1785	11	12	extremely	extremely	ADV
cblr-1785	11	13	helpful	helpful	ADJ
cblr-1785	11	14	guidance	guidance	NOUN
cblr-1785	11	15	and	and	CCONJ
cblr-1785	11	16	comments	comment	NOUN
cblr-1785	11	17	.	.	PUNCT
cblr-1785	12	1	the	the	DET
cblr-1785	12	2	analysis	analysis	NOUN
cblr-1785	12	3	here	here	ADV
cblr-1785	12	4	owes	owe	VERB
cblr-1785	12	5	much	much	ADJ
cblr-1785	12	6	to	to	ADP
cblr-1785	12	7	his	his	PRON
cblr-1785	12	8	recent	recent	ADJ
cblr-1785	12	9	article	article	NOUN
cblr-1785	12	10	crowdfunding	crowdfunding	NOUN
cblr-1785	12	11	:	:	PUNCT
cblr-1785	12	12	the	the	DET
cblr-1785	12	13	real	real	ADJ
cblr-1785	12	14	and	and	CCONJ
cblr-1785	12	15	the	the	DET
cblr-1785	12	16	illusory	illusory	ADJ
cblr-1785	12	17	exemption	exemption	NOUN
cblr-1785	12	18	.	.	PUNCT
cblr-1785	13	1	4	4	NUM
cblr-1785	13	2	harv	harv	NOUN
cblr-1785	13	3	.	.	PUNCT
cblr-1785	14	1	bus	bus	NOUN
cblr-1785	14	2	.	.	PUNCT
cblr-1785	15	1	l.	l.	PROPN
cblr-1785	15	2	rev	rev	PROPN
cblr-1785	15	3	.	.	PROPN
cblr-1785	15	4	281	281	NUM
cblr-1785	15	5	(	(	PUNCT
cblr-1785	15	6	2014	2014	NUM
cblr-1785	15	7	)	)	PUNCT
cblr-1785	15	8	.	.	PUNCT
cblr-1785	16	1	additional	additional	ADJ
cblr-1785	16	2	thanks	thank	NOUN
cblr-1785	16	3	to	to	AUX
cblr-1785	16	4	ravi	ravi	VERB
cblr-1785	16	5	bhagat	bhagat	PROPN
cblr-1785	16	6	for	for	ADP
cblr-1785	16	7	his	his	PRON
cblr-1785	16	8	insightful	insightful	ADJ
cblr-1785	16	9	feedback	feedback	NOUN
cblr-1785	16	10	and	and	CCONJ
cblr-1785	16	11	to	to	ADP
cblr-1785	16	12	sarah	sarah	PROPN
cblr-1785	16	13	abrams	abrams	PROPN
cblr-1785	16	14	for	for	ADP
cblr-1785	16	15	her	her	PRON
cblr-1785	16	16	careful	careful	ADJ
cblr-1785	16	17	proofreading	proofreading	NOUN
cblr-1785	16	18	,	,	PUNCT
cblr-1785	16	19	as	as	ADV
cblr-1785	16	20	well	well	ADV
cblr-1785	16	21	as	as	ADP
cblr-1785	16	22	to	to	ADP
cblr-1785	16	23	the	the	DET
cblr-1785	16	24	staff	staff	NOUN
cblr-1785	16	25	and	and	CCONJ
cblr-1785	16	26	editors	editor	NOUN
cblr-1785	16	27	of	of	ADP
cblr-1785	16	28	the	the	DET
cblr-1785	16	29	columbia	columbia	PROPN
cblr-1785	16	30	business	business	PROPN
cblr-1785	16	31	law	law	PROPN
cblr-1785	16	32	review	review	NOUN
cblr-1785	16	33	for	for	ADP
cblr-1785	16	34	their	their	PRON
cblr-1785	16	35	help	help	NOUN
cblr-1785	16	36	in	in	ADP
cblr-1785	16	37	preparing	prepare	VERB
cblr-1785	16	38	this	this	DET
cblr-1785	16	39	note	note	NOUN
cblr-1785	16	40	for	for	ADP
cblr-1785	16	41	publication	publication	NOUN
cblr-1785	16	42	.	.	PUNCT
cblr-1785	17	1	pei	pei	PROPN
cblr-1785	17	2	final	final	ADJ
cblr-1785	17	3	no	no	NOUN
cblr-1785	17	4	.	.	PUNCT
cblr-1785	18	1	3:854	3:854	NUM
cblr-1785	18	2	]	]	X
cblr-1785	18	3	intrastate	intrastate	ADJ
cblr-1785	18	4	crowdfunding	crowdfunde	VERB
cblr-1785	18	5	855	855	NUM
cblr-1785	18	6	both	both	CCONJ
cblr-1785	18	7	the	the	DET
cblr-1785	18	8	state	state	NOUN
cblr-1785	18	9	and	and	CCONJ
cblr-1785	18	10	federal	federal	ADJ
cblr-1785	18	11	laws	law	NOUN
cblr-1785	18	12	,	,	PUNCT
cblr-1785	18	13	in	in	ADP
cblr-1785	18	14	each	each	DET
cblr-1785	18	15	case	case	NOUN
cblr-1785	18	16	urging	urge	VERB
cblr-1785	18	17	that	that	SCONJ
cblr-1785	18	18	the	the	DET
cblr-1785	18	19	exemptions	exemption	NOUN
cblr-1785	18	20	draw	draw	VERB
cblr-1785	18	21	on	on	ADP
cblr-1785	18	22	the	the	DET
cblr-1785	18	23	best	good	ADJ
cblr-1785	18	24	aspects	aspect	NOUN
cblr-1785	18	25	of	of	ADP
cblr-1785	18	26	one	one	NUM
cblr-1785	18	27	another	another	DET
cblr-1785	18	28	.	.	PUNCT
cblr-1785	19	1	i.	i.	PROPN
cblr-1785	19	2	introduction	introduction	NOUN
cblr-1785	19	3	...............................................................	...............................................................	PUNCT
cblr-1785	19	4	856	856	NUM
cblr-1785	19	5	ii	ii	NOUN
cblr-1785	19	6	.	.	PUNCT
cblr-1785	20	1	background	background	NOUN
cblr-1785	20	2	................................................................	................................................................	PUNCT
cblr-1785	21	1	860	860	NUM
cblr-1785	21	2	a.	a.	NOUN
cblr-1785	21	3	crowdfunding	crowdfunding	NOUN
cblr-1785	21	4	......................................................	......................................................	PUNCT
cblr-1785	21	5	860	860	NUM
cblr-1785	21	6	b.	b.	PROPN
cblr-1785	21	7	small	small	PROPN
cblr-1785	21	8	business	business	NOUN
cblr-1785	21	9	capital	capital	NOUN
cblr-1785	21	10	formation	formation	NOUN
cblr-1785	21	11	and	and	CCONJ
cblr-1785	21	12	the	the	DET
cblr-1785	21	13	case	case	NOUN
cblr-1785	21	14	for	for	ADP
cblr-1785	21	15	the	the	DET
cblr-1785	21	16	federal	federal	ADJ
cblr-1785	21	17	crowdfunding	crowdfunding	NOUN
cblr-1785	21	18	exemption	exemption	NOUN
cblr-1785	21	19	.	.	PUNCT
cblr-1785	22	1	862	862	NUM
cblr-1785	22	2	c.	c.	NOUN
cblr-1785	22	3	the	the	DET
cblr-1785	22	4	federal	federal	ADJ
cblr-1785	22	5	exemption	exemption	NOUN
cblr-1785	22	6	.......................................	.......................................	PUNCT
cblr-1785	23	1	866	866	NUM
cblr-1785	23	2	d.	d.	PROPN
cblr-1785	23	3	the	the	DET
cblr-1785	23	4	state	state	NOUN
cblr-1785	23	5	exemptions	exemption	NOUN
cblr-1785	23	6	.........................................	.........................................	PUNCT
cblr-1785	23	7	869	869	NUM
cblr-1785	23	8	iii	iii	NOUN
cblr-1785	23	9	.	.	PUNCT
cblr-1785	24	1	a	a	DET
cblr-1785	24	2	comparison	comparison	NOUN
cblr-1785	24	3	of	of	ADP
cblr-1785	24	4	the	the	DET
cblr-1785	24	5	federal	federal	ADJ
cblr-1785	24	6	and	and	CCONJ
cblr-1785	24	7	state	state	NOUN
cblr-1785	24	8	exemptions	exemption	NOUN
cblr-1785	24	9	................................................................	................................................................	PUNCT
cblr-1785	24	10	876	876	NUM
cblr-1785	24	11	a.	a.	NOUN
cblr-1785	24	12	access	access	NOUN
cblr-1785	24	13	to	to	ADP
cblr-1785	24	14	capital	capital	NOUN
cblr-1785	24	15	:	:	PUNCT
cblr-1785	24	16	eligible	eligible	ADJ
cblr-1785	24	17	investors	investor	NOUN
cblr-1785	24	18	and	and	CCONJ
cblr-1785	24	19	offering	offer	VERB
cblr-1785	24	20	limits	limit	NOUN
cblr-1785	24	21	....................................................	....................................................	PUNCT
cblr-1785	24	22	876	876	NUM
cblr-1785	24	23	b.	b.	PROPN
cblr-1785	24	24	individual	individual	ADJ
cblr-1785	24	25	limits	limit	NOUN
cblr-1785	24	26	.................................................	.................................................	PUNCT
cblr-1785	24	27	881	881	NUM
cblr-1785	24	28	c.	c.	NOUN
cblr-1785	24	29	disclosure	disclosure	NOUN
cblr-1785	24	30	requirements	requirement	NOUN
cblr-1785	24	31	....................................	....................................	PUNCT
cblr-1785	24	32	884	884	NUM
cblr-1785	24	33	d.	d.	PROPN
cblr-1785	24	34	other	other	ADJ
cblr-1785	24	35	elements	element	NOUN
cblr-1785	24	36	:	:	PUNCT
cblr-1785	24	37	intermediaries	intermediary	NOUN
cblr-1785	24	38	,	,	PUNCT
cblr-1785	24	39	advertising	advertising	NOUN
cblr-1785	24	40	,	,	PUNCT
cblr-1785	24	41	and	and	CCONJ
cblr-1785	24	42	resale	resale	NOUN
cblr-1785	24	43	restrictions	restriction	NOUN
cblr-1785	24	44	.......................................	.......................................	PUNCT
cblr-1785	24	45	885	885	NUM
cblr-1785	24	46	e.	e.	PROPN
cblr-1785	24	47	summary	summary	PROPN
cblr-1785	24	48	.............................................................	.............................................................	PUNCT
cblr-1785	24	49	886	886	NUM
cblr-1785	24	50	iv	iv	NOUN
cblr-1785	24	51	.	.	PUNCT
cblr-1785	25	1	recommendations	recommendation	NOUN
cblr-1785	25	2	......................................................	......................................................	PUNCT
cblr-1785	25	3	887	887	NUM
cblr-1785	25	4	a.	a.	NOUN
cblr-1785	25	5	the	the	DET
cblr-1785	25	6	states	state	NOUN
cblr-1785	25	7	should	should	AUX
cblr-1785	25	8	remove	remove	VERB
cblr-1785	25	9	aggregation	aggregation	NOUN
cblr-1785	25	10	requirements	requirement	NOUN
cblr-1785	25	11	for	for	ADP
cblr-1785	25	12	issuers	issuer	NOUN
cblr-1785	25	13	....................................	....................................	PUNCT
cblr-1785	26	1	888	888	NUM
cblr-1785	26	2	b.	b.	PROPN
cblr-1785	26	3	the	the	DET
cblr-1785	26	4	state	state	NOUN
cblr-1785	26	5	exemptions	exemption	NOUN
cblr-1785	26	6	should	should	AUX
cblr-1785	26	7	require	require	VERB
cblr-1785	26	8	issuers	issuer	NOUN
cblr-1785	26	9	to	to	PART
cblr-1785	26	10	use	use	VERB
cblr-1785	26	11	an	an	DET
cblr-1785	26	12	intermediary	intermediary	NOUN
cblr-1785	26	13	.......................................	.......................................	PUNCT
cblr-1785	26	14	889	889	NUM
cblr-1785	26	15	c.	c.	NOUN
cblr-1785	26	16	the	the	DET
cblr-1785	26	17	state	state	NOUN
cblr-1785	26	18	exemptions	exemption	NOUN
cblr-1785	26	19	should	should	AUX
cblr-1785	26	20	include	include	VERB
cblr-1785	26	21	an	an	DET
cblr-1785	26	22	annual	annual	ADJ
cblr-1785	26	23	aggregate	aggregate	ADJ
cblr-1785	26	24	investment	investment	NOUN
cblr-1785	26	25	limit	limit	NOUN
cblr-1785	26	26	for	for	ADP
cblr-1785	26	27	retail	retail	ADJ
cblr-1785	26	28	investors	investor	NOUN
cblr-1785	26	29	..............................................................	..............................................................	PUNCT
cblr-1785	27	1	892	892	NUM
cblr-1785	27	2	d.	d.	PROPN
cblr-1785	27	3	the	the	DET
cblr-1785	27	4	federal	federal	ADJ
cblr-1785	27	5	exemption	exemption	NOUN
cblr-1785	27	6	should	should	AUX
cblr-1785	27	7	encourage	encourage	VERB
cblr-1785	27	8	the	the	DET
cblr-1785	27	9	participation	participation	NOUN
cblr-1785	27	10	of	of	ADP
cblr-1785	27	11	large	large	ADJ
cblr-1785	27	12	investors	investor	NOUN
cblr-1785	27	13	by	by	ADP
cblr-1785	27	14	removing	remove	VERB
cblr-1785	27	15	investment	investment	NOUN
cblr-1785	27	16	limits	limit	NOUN
cblr-1785	27	17	for	for	ADP
cblr-1785	27	18	accredited	accredited	ADJ
cblr-1785	27	19	investors	investor	NOUN
cblr-1785	27	20	.......	.......	PUNCT
cblr-1785	28	1	894	894	NUM
cblr-1785	28	2	v.	v.	ADP
cblr-1785	28	3	conclusion	conclusion	NOUN
cblr-1785	28	4	..................................................................	..................................................................	PUNCT
cblr-1785	28	5	897	897	NUM
cblr-1785	28	6	appendix	appendix	NOUN
cblr-1785	28	7	..............................................................................	..............................................................................	PUNCT
cblr-1785	28	8	898	898	NUM
cblr-1785	28	9	pei	pei	PROPN
cblr-1785	28	10	final	final	ADJ
cblr-1785	28	11	856	856	NUM
cblr-1785	28	12	columbia	columbia	PROPN
cblr-1785	28	13	business	business	NOUN
cblr-1785	28	14	law	law	PROPN
cblr-1785	28	15	review	review	NOUN
cblr-1785	28	16	[	[	X
cblr-1785	28	17	vol	vol	NOUN
cblr-1785	28	18	.	.	PUNCT
cblr-1785	28	19	2014	2014	NUM
cblr-1785	29	1	i.	i.	NOUN
cblr-1785	29	2	introduction	introduction	NOUN
cblr-1785	29	3	on	on	ADP
cblr-1785	29	4	april	april	PROPN
cblr-1785	29	5	5	5	NUM
cblr-1785	29	6	,	,	PUNCT
cblr-1785	29	7	2012	2012	NUM
cblr-1785	29	8	,	,	PUNCT
cblr-1785	29	9	president	president	NOUN
cblr-1785	29	10	obama	obama	PROPN
cblr-1785	29	11	signed	sign	VERB
cblr-1785	29	12	the	the	DET
cblr-1785	29	13	jumpstart	jumpstart	NOUN
cblr-1785	29	14	our	our	PRON
cblr-1785	29	15	business	business	NOUN
cblr-1785	29	16	startups	startup	NOUN
cblr-1785	29	17	act	act	NOUN
cblr-1785	29	18	(	(	PUNCT
cblr-1785	29	19	the	the	DET
cblr-1785	29	20	“	"	PUNCT
cblr-1785	29	21	jobs	job	NOUN
cblr-1785	29	22	act”).1	act”).1	PROPN
cblr-1785	29	23	title	title	NOUN
cblr-1785	29	24	iii	iii	NUM
cblr-1785	29	25	of	of	ADP
cblr-1785	29	26	the	the	DET
cblr-1785	29	27	jobs	job	NOUN
cblr-1785	29	28	act	act	VERB
cblr-1785	29	29	amends	amend	VERB
cblr-1785	29	30	the	the	DET
cblr-1785	29	31	securities	securities	PROPN
cblr-1785	29	32	act	act	NOUN
cblr-1785	29	33	of	of	ADP
cblr-1785	29	34	1933	1933	NUM
cblr-1785	29	35	by	by	ADP
cblr-1785	29	36	adding	add	VERB
cblr-1785	29	37	a	a	DET
cblr-1785	29	38	new	new	ADJ
cblr-1785	29	39	exemption	exemption	NOUN
cblr-1785	29	40	at	at	ADP
cblr-1785	29	41	section	section	NOUN
cblr-1785	29	42	4(a)(6).2	4(a)(6).2	NUM
cblr-1785	29	43	the	the	DET
cblr-1785	29	44	exemption	exemption	NOUN
cblr-1785	29	45	allows	allow	VERB
cblr-1785	29	46	,	,	PUNCT
cblr-1785	29	47	for	for	ADP
cblr-1785	29	48	the	the	DET
cblr-1785	29	49	first	first	ADJ
cblr-1785	29	50	time	time	NOUN
cblr-1785	29	51	,	,	PUNCT
cblr-1785	29	52	start	start	NOUN
cblr-1785	29	53	-	-	PUNCT
cblr-1785	29	54	ups	up	NOUN
cblr-1785	29	55	and	and	CCONJ
cblr-1785	29	56	entrepreneurs	entrepreneur	NOUN
cblr-1785	29	57	to	to	PART
cblr-1785	29	58	raise	raise	VERB
cblr-1785	29	59	capital	capital	NOUN
cblr-1785	29	60	through	through	ADP
cblr-1785	29	61	securities	security	NOUN
cblr-1785	29	62	-	-	PUNCT
cblr-1785	29	63	based	base	VERB
cblr-1785	29	64	crowdfunding	crowdfunding	NOUN
cblr-1785	29	65	.	.	PUNCT
cblr-1785	30	1	following	follow	VERB
cblr-1785	30	2	the	the	DET
cblr-1785	30	3	finalization	finalization	NOUN
cblr-1785	30	4	of	of	ADP
cblr-1785	30	5	securities	security	NOUN
cblr-1785	30	6	and	and	CCONJ
cblr-1785	30	7	exchange	exchange	PROPN
cblr-1785	30	8	commission	commission	PROPN
cblr-1785	30	9	(	(	PUNCT
cblr-1785	30	10	“	"	PUNCT
cblr-1785	30	11	sec	sec	PROPN
cblr-1785	30	12	”	"	PUNCT
cblr-1785	30	13	)	)	PUNCT
cblr-1785	30	14	rules	rule	NOUN
cblr-1785	30	15	,	,	PUNCT
cblr-1785	30	16	it	it	PRON
cblr-1785	30	17	will	will	AUX
cblr-1785	30	18	be	be	AUX
cblr-1785	30	19	legal	legal	ADJ
cblr-1785	30	20	for	for	ADP
cblr-1785	30	21	start	start	NOUN
cblr-1785	30	22	-	-	PUNCT
cblr-1785	30	23	ups	up	NOUN
cblr-1785	30	24	,	,	PUNCT
cblr-1785	30	25	small	small	ADJ
cblr-1785	30	26	businesses	business	NOUN
cblr-1785	30	27	,	,	PUNCT
cblr-1785	30	28	and	and	CCONJ
cblr-1785	30	29	entrepreneurs	entrepreneur	NOUN
cblr-1785	30	30	to	to	PART
cblr-1785	30	31	sell	sell	VERB
cblr-1785	30	32	shares	share	NOUN
cblr-1785	30	33	of	of	ADP
cblr-1785	30	34	their	their	PRON
cblr-1785	30	35	businesses	business	NOUN
cblr-1785	30	36	to	to	ADP
cblr-1785	30	37	retail	retail	ADJ
cblr-1785	30	38	investors	investor	NOUN
cblr-1785	30	39	over	over	ADP
cblr-1785	30	40	approved	approve	VERB
cblr-1785	30	41	crowdfunding	crowdfunding	NOUN
cblr-1785	30	42	portals	portal	NOUN
cblr-1785	30	43	without	without	ADP
cblr-1785	30	44	first	first	ADV
cblr-1785	30	45	registering	register	VERB
cblr-1785	30	46	those	those	DET
cblr-1785	30	47	securities	security	NOUN
cblr-1785	30	48	with	with	ADP
cblr-1785	30	49	the	the	DET
cblr-1785	30	50	commission	commission	NOUN
cblr-1785	30	51	.	.	PUNCT
cblr-1785	31	1	ideally	ideally	ADV
cblr-1785	31	2	,	,	PUNCT
cblr-1785	31	3	the	the	DET
cblr-1785	31	4	new	new	ADJ
cblr-1785	31	5	exemption	exemption	NOUN
cblr-1785	31	6	will	will	AUX
cblr-1785	31	7	“	"	PUNCT
cblr-1785	31	8	democratize	democratize	VERB
cblr-1785	31	9	”	"	PUNCT
cblr-1785	31	10	both	both	DET
cblr-1785	31	11	entrepreneurship	entrepreneurship	NOUN
cblr-1785	31	12	and	and	CCONJ
cblr-1785	31	13	investing.3	investing.3	PROPN
cblr-1785	31	14	on	on	ADP
cblr-1785	31	15	one	one	NUM
cblr-1785	31	16	hand	hand	NOUN
cblr-1785	31	17	,	,	PUNCT
cblr-1785	31	18	it	it	PRON
cblr-1785	31	19	will	will	AUX
cblr-1785	31	20	provide	provide	VERB
cblr-1785	31	21	start	start	NOUN
cblr-1785	31	22	-	-	PUNCT
cblr-1785	31	23	ups	up	NOUN
cblr-1785	31	24	with	with	ADP
cblr-1785	31	25	access	access	NOUN
cblr-1785	31	26	to	to	ADP
cblr-1785	31	27	a	a	DET
cblr-1785	31	28	new	new	ADJ
cblr-1785	31	29	,	,	PUNCT
cblr-1785	31	30	and	and	CCONJ
cblr-1785	31	31	presumably	presumably	ADV
cblr-1785	31	32	needed	need	VERB
cblr-1785	31	33	,	,	PUNCT
cblr-1785	31	34	source	source	NOUN
cblr-1785	31	35	of	of	ADP
cblr-1785	31	36	capital	capital	NOUN
cblr-1785	31	37	without	without	ADP
cblr-1785	31	38	burdening	burden	VERB
cblr-1785	31	39	them	they	PRON
cblr-1785	31	40	with	with	ADP
cblr-1785	31	41	the	the	DET
cblr-1785	31	42	regulatory	regulatory	ADJ
cblr-1785	31	43	expenses	expense	NOUN
cblr-1785	31	44	associated	associate	VERB
cblr-1785	31	45	with	with	ADP
cblr-1785	31	46	traditional	traditional	ADJ
cblr-1785	31	47	sales	sale	NOUN
cblr-1785	31	48	of	of	ADP
cblr-1785	31	49	securities	security	NOUN
cblr-1785	31	50	.	.	PUNCT
cblr-1785	32	1	on	on	ADP
cblr-1785	32	2	the	the	DET
cblr-1785	32	3	other	other	ADJ
cblr-1785	32	4	hand	hand	NOUN
cblr-1785	32	5	,	,	PUNCT
cblr-1785	32	6	retail	retail	ADJ
cblr-1785	32	7	investors	investor	NOUN
cblr-1785	32	8	will	will	AUX
cblr-1785	32	9	be	be	AUX
cblr-1785	32	10	given	give	VERB
cblr-1785	32	11	the	the	DET
cblr-1785	32	12	chance	chance	NOUN
cblr-1785	32	13	to	to	PART
cblr-1785	32	14	invest	invest	VERB
cblr-1785	32	15	in	in	ADP
cblr-1785	32	16	potentially	potentially	ADV
cblr-1785	32	17	lucrative	lucrative	ADJ
cblr-1785	32	18	opportunities	opportunity	NOUN
cblr-1785	32	19	previously	previously	ADV
cblr-1785	32	20	only	only	ADV
cblr-1785	32	21	available	available	ADJ
cblr-1785	32	22	to	to	PART
cblr-1785	32	23	venture	venture	VERB
cblr-1785	32	24	capitalists	capitalist	NOUN
cblr-1785	32	25	,	,	PUNCT
cblr-1785	32	26	angel	angel	NOUN
cblr-1785	32	27	investors	investor	NOUN
cblr-1785	32	28	,	,	PUNCT
cblr-1785	32	29	and	and	CCONJ
cblr-1785	32	30	the	the	DET
cblr-1785	32	31	wealthy	wealthy	ADJ
cblr-1785	32	32	and	and	CCONJ
cblr-1785	32	33	connected	connect	VERB
cblr-1785	32	34	.	.	PUNCT
cblr-1785	33	1	as	as	SCONJ
cblr-1785	33	2	president	president	PROPN
cblr-1785	33	3	obama	obama	PROPN
cblr-1785	33	4	framed	frame	VERB
cblr-1785	33	5	this	this	DET
cblr-1785	33	6	potential	potential	ADJ
cblr-1785	33	7	winwin	winwin	NOUN
cblr-1785	33	8	before	before	ADP
cblr-1785	33	9	signing	sign	VERB
cblr-1785	33	10	the	the	DET
cblr-1785	33	11	bill	bill	NOUN
cblr-1785	33	12	into	into	ADP
cblr-1785	33	13	law	law	NOUN
cblr-1785	33	14	:	:	PUNCT
cblr-1785	34	1	[	[	X
cblr-1785	34	2	b]ecause	b]ecause	NOUN
cblr-1785	34	3	of	of	ADP
cblr-1785	34	4	this	this	DET
cblr-1785	34	5	bill	bill	NOUN
cblr-1785	34	6	,	,	PUNCT
cblr-1785	34	7	start	start	NOUN
cblr-1785	34	8	-	-	PUNCT
cblr-1785	34	9	ups	up	NOUN
cblr-1785	34	10	and	and	CCONJ
cblr-1785	34	11	small	small	ADJ
cblr-1785	34	12	business	business	NOUN
cblr-1785	34	13	will	will	AUX
cblr-1785	34	14	now	now	ADV
cblr-1785	34	15	have	have	VERB
cblr-1785	34	16	access	access	NOUN
cblr-1785	34	17	to	to	ADP
cblr-1785	34	18	a	a	DET
cblr-1785	34	19	big	big	ADJ
cblr-1785	34	20	,	,	PUNCT
cblr-1785	34	21	new	new	ADJ
cblr-1785	34	22	pool	pool	NOUN
cblr-1785	34	23	of	of	ADP
cblr-1785	34	24	potential	potential	ADJ
cblr-1785	34	25	investors	investor	NOUN
cblr-1785	34	26	—	—	PUNCT
cblr-1785	34	27	namely	namely	ADV
cblr-1785	34	28	the	the	DET
cblr-1785	34	29	american	american	ADJ
cblr-1785	34	30	people	people	NOUN
cblr-1785	34	31	.	.	PUNCT
cblr-1785	35	1	for	for	ADP
cblr-1785	35	2	the	the	DET
cblr-1785	35	3	first	first	ADJ
cblr-1785	35	4	time	time	NOUN
cblr-1785	35	5	ordinary	ordinary	ADJ
cblr-1785	35	6	americans	americans	PROPN
cblr-1785	35	7	will	will	AUX
cblr-1785	35	8	be	be	AUX
cblr-1785	35	9	able	able	ADJ
cblr-1785	35	10	to	to	PART
cblr-1785	35	11	go	go	VERB
cblr-1785	35	12	online	online	ADV
cblr-1785	35	13	and	and	CCONJ
cblr-1785	35	14	invest	invest	VERB
cblr-1785	35	15	in	in	ADP
cblr-1785	35	16	entrepreneurs	entrepreneur	NOUN
cblr-1785	35	17	that	that	SCONJ
cblr-1785	35	18	they	they	PRON
cblr-1785	35	19	believe	believe	VERB
cblr-1785	35	20	in.4	in.4	PROPN
cblr-1785	35	21	1	1	NUM
cblr-1785	35	22	jumpstart	jumpstart	VERB
cblr-1785	35	23	our	our	PRON
cblr-1785	35	24	business	business	NOUN
cblr-1785	35	25	startups	startup	NOUN
cblr-1785	35	26	act	act	PROPN
cblr-1785	35	27	,	,	PUNCT
cblr-1785	35	28	pub	pub	NOUN
cblr-1785	35	29	.	.	PUNCT
cblr-1785	36	1	l.	l.	PROPN
cblr-1785	36	2	no	no	INTJ
cblr-1785	36	3	.	.	PROPN
cblr-1785	37	1	112	112	NUM
cblr-1785	37	2	-	-	SYM
cblr-1785	37	3	106	106	NUM
cblr-1785	37	4	,	,	PUNCT
cblr-1785	37	5	126	126	NUM
cblr-1785	37	6	stat	stat	NOUN
cblr-1785	37	7	.	.	PUNCT
cblr-1785	38	1	306	306	NUM
cblr-1785	38	2	(	(	PUNCT
cblr-1785	38	3	2012	2012	NUM
cblr-1785	38	4	)	)	PUNCT
cblr-1785	38	5	(	(	PUNCT
cblr-1785	38	6	codified	codify	VERB
cblr-1785	38	7	in	in	ADP
cblr-1785	38	8	scattered	scatter	VERB
cblr-1785	38	9	sections	section	NOUN
cblr-1785	38	10	of	of	ADP
cblr-1785	38	11	15	15	NUM
cblr-1785	38	12	u.s.c	u.s.c	ADJ
cblr-1785	38	13	.	.	PUNCT
cblr-1785	38	14	)	)	PUNCT
cblr-1785	38	15	.	.	PUNCT
cblr-1785	39	1	2	2	NUM
cblr-1785	39	2	securities	security	NOUN
cblr-1785	39	3	act	act	NOUN
cblr-1785	39	4	of	of	ADP
cblr-1785	39	5	1933	1933	NUM
cblr-1785	39	6	§	§	PROPN
cblr-1785	39	7	4(a)(6	4(a)(6	NUM
cblr-1785	39	8	)	)	PUNCT
cblr-1785	39	9	(	(	PUNCT
cblr-1785	39	10	codified	codify	VERB
cblr-1785	39	11	at	at	ADP
cblr-1785	39	12	15	15	NUM
cblr-1785	39	13	u.s.c	u.s.c	ADJ
cblr-1785	39	14	.	.	PUNCT
cblr-1785	40	1	§	§	PROPN
cblr-1785	40	2	77d(a)(6	77d(a)(6	PROPN
cblr-1785	40	3	)	)	PUNCT
cblr-1785	40	4	(	(	PUNCT
cblr-1785	40	5	2012	2012	NUM
cblr-1785	40	6	)	)	PUNCT
cblr-1785	40	7	)	)	PUNCT
cblr-1785	40	8	.	.	PUNCT
cblr-1785	41	1	3	3	NUM
cblr-1785	41	2	see	see	VERB
cblr-1785	41	3	,	,	PUNCT
cblr-1785	41	4	e.g.	e.g.	ADV
cblr-1785	41	5	,	,	PUNCT
cblr-1785	41	6	andrew	andrew	PROPN
cblr-1785	41	7	a.	a.	PROPN
cblr-1785	41	8	schwartz	schwartz	PROPN
cblr-1785	41	9	,	,	PUNCT
cblr-1785	41	10	crowdfunding	crowdfunde	VERB
cblr-1785	41	11	securities	security	NOUN
cblr-1785	41	12	,	,	PUNCT
cblr-1785	41	13	88	88	NUM
cblr-1785	41	14	notre	notre	PROPN
cblr-1785	41	15	dame	dame	PROPN
cblr-1785	41	16	l.	l.	PROPN
cblr-1785	41	17	rev	rev	PROPN
cblr-1785	41	18	.	.	PROPN
cblr-1785	41	19	1457	1457	NUM
cblr-1785	41	20	,	,	PUNCT
cblr-1785	41	21	1473–76	1473–76	NOUN
cblr-1785	41	22	(	(	PUNCT
cblr-1785	41	23	2013	2013	NUM
cblr-1785	41	24	)	)	PUNCT
cblr-1785	41	25	.	.	PUNCT
cblr-1785	42	1	4	4	NUM
cblr-1785	42	2	barack	barack	PROPN
cblr-1785	42	3	obama	obama	NOUN
cblr-1785	42	4	,	,	PUNCT
cblr-1785	42	5	remarks	remark	NOUN
cblr-1785	42	6	by	by	ADP
cblr-1785	42	7	the	the	DET
cblr-1785	42	8	president	president	PROPN
cblr-1785	42	9	at	at	ADP
cblr-1785	42	10	jobs	job	NOUN
cblr-1785	42	11	act	act	PROPN
cblr-1785	42	12	bill	bill	PROPN
cblr-1785	42	13	signing	signing	NOUN
cblr-1785	42	14	(	(	PUNCT
cblr-1785	42	15	apr	apr	PROPN
cblr-1785	42	16	.	.	PROPN
cblr-1785	42	17	5	5	NUM
cblr-1785	42	18	,	,	PUNCT
cblr-1785	42	19	2012	2012	NUM
cblr-1785	42	20	)	)	PUNCT
cblr-1785	42	21	,	,	PUNCT
cblr-1785	42	22	available	available	ADJ
cblr-1785	42	23	at	at	ADP
cblr-1785	42	24	http://perma.cc/vk6-4tz3	http://perma.cc/vk6-4tz3	PROPN
cblr-1785	42	25	.	.	PUNCT
cblr-1785	43	1	pei	pei	PROPN
cblr-1785	43	2	final	final	ADJ
cblr-1785	43	3	no	no	NOUN
cblr-1785	43	4	.	.	PUNCT
cblr-1785	44	1	3:854	3:854	NUM
cblr-1785	44	2	]	]	X
cblr-1785	44	3	intrastate	intrastate	ADJ
cblr-1785	44	4	crowdfunding	crowdfunde	VERB
cblr-1785	44	5	857	857	NUM
cblr-1785	44	6	ideally	ideally	ADV
cblr-1785	44	7	,	,	PUNCT
cblr-1785	44	8	this	this	DET
cblr-1785	44	9	merging	merging	NOUN
cblr-1785	44	10	of	of	ADP
cblr-1785	44	11	previously	previously	ADV
cblr-1785	44	12	sidelined	sideline	VERB
cblr-1785	44	13	capital	capital	NOUN
cblr-1785	44	14	with	with	ADP
cblr-1785	44	15	new	new	ADJ
cblr-1785	44	16	business	business	NOUN
cblr-1785	44	17	ideas	idea	NOUN
cblr-1785	44	18	will	will	AUX
cblr-1785	44	19	provide	provide	VERB
cblr-1785	44	20	the	the	DET
cblr-1785	44	21	economic	economic	ADJ
cblr-1785	44	22	spark	spark	NOUN
cblr-1785	44	23	contemplated	contemplate	VERB
cblr-1785	44	24	in	in	ADP
cblr-1785	44	25	the	the	DET
cblr-1785	44	26	title	title	NOUN
cblr-1785	44	27	of	of	ADP
cblr-1785	44	28	the	the	DET
cblr-1785	44	29	jobs	job	NOUN
cblr-1785	44	30	act	act	PROPN
cblr-1785	44	31	.	.	PUNCT
cblr-1785	45	1	however	however	ADV
cblr-1785	45	2	,	,	PUNCT
cblr-1785	45	3	although	although	SCONJ
cblr-1785	45	4	the	the	DET
cblr-1785	45	5	sec	sec	PROPN
cblr-1785	45	6	released	release	VERB
cblr-1785	45	7	proposed	propose	VERB
cblr-1785	45	8	rules	rule	NOUN
cblr-1785	45	9	for	for	ADP
cblr-1785	45	10	securities	security	NOUN
cblr-1785	45	11	-	-	PUNCT
cblr-1785	45	12	based	base	VERB
cblr-1785	45	13	crowdfunding	crowdfunding	NOUN
cblr-1785	45	14	on	on	ADP
cblr-1785	45	15	october	october	PROPN
cblr-1785	45	16	23	23	NUM
cblr-1785	45	17	,	,	PUNCT
cblr-1785	45	18	2013	2013	NUM
cblr-1785	45	19	,	,	PUNCT
cblr-1785	45	20	those	those	DET
cblr-1785	45	21	rules	rule	NOUN
cblr-1785	45	22	still	still	ADV
cblr-1785	45	23	have	have	AUX
cblr-1785	45	24	not	not	PART
cblr-1785	45	25	been	be	AUX
cblr-1785	45	26	finalized.5	finalized.5	AUX
cblr-1785	45	27	not	not	PART
cblr-1785	45	28	waiting	wait	VERB
cblr-1785	45	29	on	on	ADP
cblr-1785	45	30	the	the	DET
cblr-1785	45	31	sec	sec	PROPN
cblr-1785	45	32	,	,	PUNCT
cblr-1785	45	33	a	a	DET
cblr-1785	45	34	number	number	NOUN
cblr-1785	45	35	of	of	ADP
cblr-1785	45	36	states	state	NOUN
cblr-1785	45	37	have	have	AUX
cblr-1785	45	38	enacted	enact	VERB
cblr-1785	45	39	their	their	PRON
cblr-1785	45	40	own	own	ADJ
cblr-1785	45	41	crowdfunding	crowdfunding	NOUN
cblr-1785	45	42	exemptions	exemption	NOUN
cblr-1785	45	43	.	.	PUNCT
cblr-1785	46	1	in	in	ADP
cblr-1785	46	2	march	march	PROPN
cblr-1785	46	3	2011	2011	NUM
cblr-1785	46	4	,	,	PUNCT
cblr-1785	46	5	the	the	DET
cblr-1785	46	6	kansas	kansas	PROPN
cblr-1785	46	7	securities	securities	PROPN
cblr-1785	46	8	commission	commission	PROPN
cblr-1785	46	9	adopted	adopt	VERB
cblr-1785	46	10	the	the	DET
cblr-1785	46	11	invest	inv	ADJ
cblr-1785	46	12	kansas	kansas	PROPN
cblr-1785	46	13	exemption	exemption	NOUN
cblr-1785	46	14	,	,	PUNCT
cblr-1785	46	15	and	and	CCONJ
cblr-1785	46	16	georgia	georgia	PROPN
cblr-1785	46	17	’s	’s	PART
cblr-1785	46	18	securities	security	NOUN
cblr-1785	46	19	regulator	regulator	NOUN
cblr-1785	46	20	followed	follow	VERB
cblr-1785	46	21	suit	suit	NOUN
cblr-1785	46	22	with	with	ADP
cblr-1785	46	23	its	its	PRON
cblr-1785	46	24	own	own	ADJ
cblr-1785	46	25	exemption	exemption	NOUN
cblr-1785	46	26	in	in	ADP
cblr-1785	46	27	november	november	PROPN
cblr-1785	46	28	of	of	ADP
cblr-1785	46	29	the	the	DET
cblr-1785	46	30	same	same	ADJ
cblr-1785	46	31	year.6	year.6	NOUN
cblr-1785	46	32	and	and	CCONJ
cblr-1785	46	33	in	in	ADP
cblr-1785	46	34	late	late	ADJ
cblr-1785	46	35	2013	2013	NUM
cblr-1785	46	36	,	,	PUNCT
cblr-1785	46	37	wisconsin	wisconsin	PROPN
cblr-1785	46	38	and	and	CCONJ
cblr-1785	46	39	michigan	michigan	PROPN
cblr-1785	46	40	enacted	enact	VERB
cblr-1785	46	41	legislation	legislation	NOUN
cblr-1785	46	42	creating	create	VERB
cblr-1785	46	43	statutory	statutory	ADJ
cblr-1785	46	44	exemptions	exemption	NOUN
cblr-1785	46	45	in	in	ADP
cblr-1785	46	46	both	both	DET
cblr-1785	46	47	states.7	states.7	NOUN
cblr-1785	46	48	in	in	ADP
cblr-1785	46	49	2014	2014	NUM
cblr-1785	46	50	,	,	PUNCT
cblr-1785	46	51	several	several	ADJ
cblr-1785	46	52	more	more	ADJ
cblr-1785	46	53	states	state	NOUN
cblr-1785	46	54	have	have	AUX
cblr-1785	46	55	passed	pass	VERB
cblr-1785	46	56	exemptions	exemption	NOUN
cblr-1785	46	57	of	of	ADP
cblr-1785	46	58	their	their	PRON
cblr-1785	46	59	own,8	own,8	ADJ
cblr-1785	46	60	while	while	SCONJ
cblr-1785	46	61	still	still	ADV
cblr-1785	46	62	5	5	NUM
cblr-1785	46	63	see	see	VERB
cblr-1785	46	64	crowdfunding	crowdfunding	NOUN
cblr-1785	46	65	,	,	PUNCT
cblr-1785	46	66	sec	sec	PROPN
cblr-1785	46	67	release	release	NOUN
cblr-1785	46	68	nos	nos	PROPN
cblr-1785	46	69	.	.	PROPN
cblr-1785	47	1	33	33	NUM
cblr-1785	47	2	-	-	SYM
cblr-1785	47	3	9470	9470	NUM
cblr-1785	47	4	;	;	PUNCT
cblr-1785	47	5	34	34	NUM
cblr-1785	47	6	-	-	SYM
cblr-1785	47	7	70741	70741	NUM
cblr-1785	47	8	,	,	PUNCT
cblr-1785	47	9	78	78	NUM
cblr-1785	47	10	fed	feed	VERB
cblr-1785	47	11	.	.	PUNCT
cblr-1785	48	1	reg	reg	PROPN
cblr-1785	48	2	.	.	PUNCT
cblr-1785	49	1	66,428	66,428	NUM
cblr-1785	49	2	(	(	PUNCT
cblr-1785	49	3	nov	nov	PROPN
cblr-1785	49	4	.	.	PROPN
cblr-1785	49	5	5	5	NUM
cblr-1785	49	6	,	,	PUNCT
cblr-1785	49	7	2013	2013	NUM
cblr-1785	49	8	)	)	PUNCT
cblr-1785	50	1	[	[	X
cblr-1785	50	2	hereinafter	hereinafter	NOUN
cblr-1785	50	3	sec	sec	PROPN
cblr-1785	50	4	proposed	propose	VERB
cblr-1785	50	5	rules	rule	NOUN
cblr-1785	50	6	]	]	PUNCT
cblr-1785	50	7	.	.	PUNCT
cblr-1785	51	1	early	early	ADV
cblr-1785	51	2	this	this	DET
cblr-1785	51	3	year	year	NOUN
cblr-1785	51	4	,	,	PUNCT
cblr-1785	51	5	sec	sec	PROPN
cblr-1785	51	6	chair	chair	NOUN
cblr-1785	51	7	mary	mary	PROPN
cblr-1785	51	8	jo	jo	PROPN
cblr-1785	51	9	white	white	PROPN
cblr-1785	51	10	called	call	VERB
cblr-1785	51	11	final	final	ADJ
cblr-1785	51	12	implementation	implementation	NOUN
cblr-1785	51	13	of	of	ADP
cblr-1785	51	14	the	the	DET
cblr-1785	51	15	crowdfunding	crowdfunding	NOUN
cblr-1785	51	16	rules	rule	VERB
cblr-1785	51	17	an	an	DET
cblr-1785	51	18	“	"	PUNCT
cblr-1785	51	19	important	important	ADJ
cblr-1785	51	20	priority	priority	NOUN
cblr-1785	51	21	in	in	ADP
cblr-1785	51	22	2014	2014	NUM
cblr-1785	51	23	.	.	PUNCT
cblr-1785	51	24	”	"	PUNCT
cblr-1785	52	1	mary	mary	PROPN
cblr-1785	52	2	jo	jo	PROPN
cblr-1785	52	3	white	white	PROPN
cblr-1785	52	4	,	,	PUNCT
cblr-1785	52	5	chair	chair	NOUN
cblr-1785	52	6	,	,	PUNCT
cblr-1785	52	7	u.s	u.s	PROPN
cblr-1785	52	8	.	.	PROPN
cblr-1785	52	9	sec	sec	PROPN
cblr-1785	52	10	.	.	PROPN
cblr-1785	52	11	&	&	CCONJ
cblr-1785	52	12	exch	exch	PROPN
cblr-1785	52	13	.	.	PUNCT
cblr-1785	53	1	comm’n	comm’n	PROPN
cblr-1785	53	2	,	,	PUNCT
cblr-1785	53	3	keynote	keynote	ADJ
cblr-1785	53	4	address	address	NOUN
cblr-1785	53	5	at	at	ADP
cblr-1785	53	6	the	the	DET
cblr-1785	53	7	41st	41st	ADJ
cblr-1785	53	8	annual	annual	ADJ
cblr-1785	53	9	securities	security	NOUN
cblr-1785	53	10	regulation	regulation	PROPN
cblr-1785	53	11	institute	institute	PROPN
cblr-1785	53	12	:	:	PUNCT
cblr-1785	53	13	the	the	DET
cblr-1785	53	14	sec	sec	PROPN
cblr-1785	53	15	in	in	ADP
cblr-1785	53	16	2014	2014	NUM
cblr-1785	53	17	(	(	PUNCT
cblr-1785	53	18	jan	jan	PROPN
cblr-1785	53	19	.	.	PROPN
cblr-1785	53	20	27	27	NUM
cblr-1785	53	21	,	,	PUNCT
cblr-1785	53	22	2014	2014	NUM
cblr-1785	53	23	)	)	PUNCT
cblr-1785	53	24	,	,	PUNCT
cblr-1785	53	25	http://perma.cc/7nnq-7l4k	http://perma.cc/7nnq-7l4k	X
cblr-1785	53	26	.	.	PUNCT
cblr-1785	54	1	more	more	ADV
cblr-1785	54	2	recently	recently	ADV
cblr-1785	54	3	,	,	PUNCT
cblr-1785	54	4	white	white	PROPN
cblr-1785	54	5	told	tell	VERB
cblr-1785	54	6	an	an	DET
cblr-1785	54	7	audience	audience	NOUN
cblr-1785	54	8	that	that	SCONJ
cblr-1785	54	9	,	,	PUNCT
cblr-1785	54	10	“	"	PUNCT
cblr-1785	54	11	the	the	DET
cblr-1785	54	12	staff	staff	NOUN
cblr-1785	54	13	is	be	AUX
cblr-1785	54	14	in	in	ADP
cblr-1785	54	15	the	the	DET
cblr-1785	54	16	process	process	NOUN
cblr-1785	54	17	of	of	ADP
cblr-1785	54	18	reviewing	review	VERB
cblr-1785	54	19	the	the	DET
cblr-1785	54	20	comments	comment	NOUN
cblr-1785	54	21	and	and	CCONJ
cblr-1785	54	22	developing	develop	VERB
cblr-1785	54	23	recommendations	recommendation	NOUN
cblr-1785	54	24	for	for	ADP
cblr-1785	54	25	final	final	ADJ
cblr-1785	54	26	rules	rule	NOUN
cblr-1785	54	27	for	for	ADP
cblr-1785	54	28	the	the	DET
cblr-1785	54	29	commission	commission	NOUN
cblr-1785	54	30	’s	’s	PART
cblr-1785	54	31	consideration	consideration	NOUN
cblr-1785	54	32	.	.	PUNCT
cblr-1785	54	33	”	"	PUNCT
cblr-1785	55	1	mary	mary	PROPN
cblr-1785	55	2	jo	jo	PROPN
cblr-1785	55	3	white	white	PROPN
cblr-1785	55	4	,	,	PUNCT
cblr-1785	55	5	chair	chair	NOUN
cblr-1785	55	6	,	,	PUNCT
cblr-1785	55	7	u.s	u.s	PROPN
cblr-1785	55	8	.	.	PROPN
cblr-1785	55	9	sec	sec	PROPN
cblr-1785	55	10	.	.	PROPN
cblr-1785	55	11	&	&	CCONJ
cblr-1785	55	12	exch	exch	PROPN
cblr-1785	55	13	.	.	PUNCT
cblr-1785	56	1	comm’n	comm’n	PROPN
cblr-1785	56	2	,	,	PUNCT
cblr-1785	56	3	opening	open	VERB
cblr-1785	56	4	statement	statement	NOUN
cblr-1785	56	5	at	at	ADP
cblr-1785	56	6	investor	investor	NOUN
cblr-1785	56	7	advisory	advisory	ADJ
cblr-1785	56	8	committee	committee	NOUN
cblr-1785	56	9	meeting	meeting	NOUN
cblr-1785	56	10	(	(	PUNCT
cblr-1785	56	11	july	july	PROPN
cblr-1785	56	12	10	10	NUM
cblr-1785	56	13	,	,	PUNCT
cblr-1785	56	14	2014	2014	NUM
cblr-1785	56	15	)	)	PUNCT
cblr-1785	56	16	,	,	PUNCT
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cblr-1785	56	18	m.	m.	NOUN
cblr-1785	56	19	6	6	NUM
cblr-1785	56	20	patrick	patrick	PROPN
cblr-1785	56	21	clark	clark	PROPN
cblr-1785	56	22	,	,	PUNCT
cblr-1785	56	23	kansas	kansas	PROPN
cblr-1785	56	24	and	and	CCONJ
cblr-1785	56	25	georgia	georgia	PROPN
cblr-1785	56	26	beat	beat	VERB
cblr-1785	56	27	the	the	DET
cblr-1785	56	28	sec	sec	PROPN
cblr-1785	56	29	on	on	ADP
cblr-1785	56	30	crowdfunding	crowdfunding	NOUN
cblr-1785	56	31	rules	rule	NOUN
cblr-1785	56	32	.	.	PUNCT
cblr-1785	57	1	now	now	ADV
cblr-1785	57	2	others	other	NOUN
cblr-1785	57	3	are	be	AUX
cblr-1785	57	4	trying	try	VERB
cblr-1785	57	5	,	,	PUNCT
cblr-1785	57	6	bloomberg	bloomberg	PROPN
cblr-1785	57	7	businessweek	businessweek	PROPN
cblr-1785	57	8	(	(	PUNCT
cblr-1785	57	9	june	june	PROPN
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cblr-1785	57	11	,	,	PUNCT
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cblr-1785	57	14	,	,	PUNCT
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cblr-1785	57	16	.	.	PUNCT
cblr-1785	58	1	see	see	VERB
cblr-1785	58	2	ga	ga	PROPN
cblr-1785	58	3	.	.	PROPN
cblr-1785	58	4	comp	comp	PROPN
cblr-1785	58	5	.	.	PUNCT
cblr-1785	59	1	r.	r.	PROPN
cblr-1785	59	2	&	&	CCONJ
cblr-1785	59	3	regs	regs	PROPN
cblr-1785	59	4	.	.	PUNCT
cblr-1785	60	1	590	590	NUM
cblr-1785	60	2	-	-	SYM
cblr-1785	60	3	4	4	NUM
cblr-1785	60	4	-	-	PUNCT
cblr-1785	60	5	2-.08	2-.08	NUM
cblr-1785	60	6	(	(	PUNCT
cblr-1785	60	7	2013	2013	NUM
cblr-1785	60	8	)	)	PUNCT
cblr-1785	60	9	;	;	PUNCT
cblr-1785	60	10	kan	kan	PROPN
cblr-1785	60	11	.	.	PUNCT
cblr-1785	60	12	admin	admin	PROPN
cblr-1785	60	13	.	.	PUNCT
cblr-1785	61	1	regs	regs	PROPN
cblr-1785	61	2	.	.	PUNCT
cblr-1785	62	1	§	§	PROPN
cblr-1785	62	2	81	81	NUM
cblr-1785	62	3	-	-	SYM
cblr-1785	62	4	5	5	NUM
cblr-1785	62	5	-	-	SYM
cblr-1785	62	6	21	21	NUM
cblr-1785	62	7	(	(	PUNCT
cblr-1785	62	8	2014	2014	NUM
cblr-1785	62	9	)	)	PUNCT
cblr-1785	62	10	.	.	PUNCT
cblr-1785	63	1	7	7	NUM
cblr-1785	63	2	see	see	VERB
cblr-1785	63	3	mich	mich	PROPN
cblr-1785	63	4	.	.	PUNCT
cblr-1785	64	1	comp	comp	PROPN
cblr-1785	64	2	.	.	PUNCT
cblr-1785	65	1	laws	law	NOUN
cblr-1785	65	2	ann	ann	PROPN
cblr-1785	65	3	.	.	PUNCT
cblr-1785	66	1	§	§	PROPN
cblr-1785	66	2	451.2202a	451.2202a	PROPN
cblr-1785	66	3	(	(	PUNCT
cblr-1785	66	4	west	west	NOUN
cblr-1785	66	5	2013	2013	NUM
cblr-1785	66	6	)	)	PUNCT
cblr-1785	66	7	;	;	PUNCT
cblr-1785	67	1	wis	wis	PROPN
cblr-1785	67	2	.	.	PUNCT
cblr-1785	67	3	stat	stat	PROPN
cblr-1785	67	4	.	.	PUNCT
cblr-1785	68	1	ann	ann	PROPN
cblr-1785	68	2	.	.	PUNCT
cblr-1785	69	1	§	§	PROPN
cblr-1785	69	2	551.202(26)–(27	551.202(26)–(27	NUM
cblr-1785	69	3	)	)	PUNCT
cblr-1785	69	4	(	(	PUNCT
cblr-1785	69	5	west	west	NOUN
cblr-1785	69	6	2013	2013	NUM
cblr-1785	69	7	)	)	PUNCT
cblr-1785	69	8	.	.	PUNCT
cblr-1785	70	1	8	8	NUM
cblr-1785	70	2	alabama	alabama	PROPN
cblr-1785	70	3	,	,	PUNCT
cblr-1785	70	4	colorado	colorado	PROPN
cblr-1785	70	5	,	,	PUNCT
cblr-1785	70	6	indiana	indiana	PROPN
cblr-1785	70	7	,	,	PUNCT
cblr-1785	70	8	maine	maine	PROPN
cblr-1785	70	9	,	,	PUNCT
cblr-1785	70	10	maryland	maryland	PROPN
cblr-1785	70	11	,	,	PUNCT
cblr-1785	70	12	tennessee	tennessee	PROPN
cblr-1785	70	13	,	,	PUNCT
cblr-1785	70	14	and	and	CCONJ
cblr-1785	70	15	washington	washington	PROPN
cblr-1785	70	16	have	have	AUX
cblr-1785	70	17	all	all	PRON
cblr-1785	70	18	enacted	enact	VERB
cblr-1785	70	19	crowdfunding	crowdfunding	NOUN
cblr-1785	70	20	exemptions	exemption	NOUN
cblr-1785	70	21	in	in	ADP
cblr-1785	70	22	2014	2014	NUM
cblr-1785	70	23	,	,	PUNCT
cblr-1785	70	24	bringing	bring	VERB
cblr-1785	70	25	the	the	DET
cblr-1785	70	26	total	total	ADJ
cblr-1785	70	27	number	number	NOUN
cblr-1785	70	28	of	of	ADP
cblr-1785	70	29	states	state	NOUN
cblr-1785	70	30	with	with	ADP
cblr-1785	70	31	exemptions	exemption	NOUN
cblr-1785	70	32	to	to	ADP
cblr-1785	70	33	12	12	NUM
cblr-1785	70	34	.	.	PUNCT
cblr-1785	71	1	see	see	VERB
cblr-1785	71	2	georgia	georgia	PROPN
cblr-1785	71	3	quinn	quinn	PROPN
cblr-1785	71	4	&	&	CCONJ
cblr-1785	71	5	anthony	anthony	PROPN
cblr-1785	71	6	zeoli	zeoli	PROPN
cblr-1785	71	7	,	,	PUNCT
cblr-1785	71	8	the	the	DET
cblr-1785	71	9	definitive	definitive	ADJ
cblr-1785	71	10	guide	guide	NOUN
cblr-1785	71	11	:	:	PUNCT
cblr-1785	71	12	intrastate	intrastate	ADJ
cblr-1785	71	13	crowdfunding	crowdfunding	NOUN
cblr-1785	71	14	exemptions	exemption	NOUN
cblr-1785	71	15	,	,	PUNCT
cblr-1785	71	16	crowdfund	crowdfund	ADJ
cblr-1785	71	17	insider	insider	NOUN
cblr-1785	71	18	(	(	PUNCT
cblr-1785	71	19	july	july	PROPN
cblr-1785	71	20	15	15	NUM
cblr-1785	71	21	,	,	PUNCT
cblr-1785	71	22	2014	2014	NUM
cblr-1785	71	23	,	,	PUNCT
cblr-1785	71	24	8:28	8:28	NUM
cblr-1785	71	25	am	am	NOUN
cblr-1785	71	26	)	)	PUNCT
cblr-1785	71	27	,	,	PUNCT
cblr-1785	71	28	http://perma.cc/66eq6qdd	http://perma.cc/66eq6qdd	PROPN
cblr-1785	71	29	.	.	PUNCT
cblr-1785	72	1	idaho	idaho	PROPN
cblr-1785	72	2	also	also	ADV
cblr-1785	72	3	permits	permit	VERB
cblr-1785	72	4	issuers	issuer	NOUN
cblr-1785	72	5	to	to	PART
cblr-1785	72	6	engage	engage	VERB
cblr-1785	72	7	in	in	ADP
cblr-1785	72	8	crowdfunding	crowdfunde	VERB
cblr-1785	72	9	on	on	ADP
cblr-1785	72	10	a	a	DET
cblr-1785	72	11	case	case	NOUN
cblr-1785	72	12	-	-	PUNCT
cblr-1785	72	13	bycase	bycase	NOUN
cblr-1785	72	14	basis	basis	NOUN
cblr-1785	72	15	,	,	PUNCT
cblr-1785	72	16	using	use	VERB
cblr-1785	72	17	a	a	DET
cblr-1785	72	18	similar	similar	ADJ
cblr-1785	72	19	set	set	NOUN
cblr-1785	72	20	of	of	ADP
cblr-1785	72	21	requirements	requirement	NOUN
cblr-1785	72	22	to	to	ADP
cblr-1785	72	23	those	those	PRON
cblr-1785	72	24	of	of	ADP
cblr-1785	72	25	the	the	DET
cblr-1785	72	26	other	other	ADJ
cblr-1785	72	27	state	state	NOUN
cblr-1785	72	28	exemptions	exemption	NOUN
cblr-1785	72	29	.	.	PUNCT
cblr-1785	73	1	see	see	VERB
cblr-1785	73	2	treasure	treasure	NOUN
cblr-1785	73	3	valley	valley	NOUN
cblr-1785	73	4	angel	angel	NOUN
cblr-1785	73	5	fund	fund	PROPN
cblr-1785	73	6	,	,	PUNCT
cblr-1785	73	7	idaho	idaho	PROPN
cblr-1785	73	8	dep’t	dep’t	NOUN
cblr-1785	73	9	of	of	ADP
cblr-1785	73	10	fin	fin	PROPN
cblr-1785	73	11	.	.	PUNCT
cblr-1785	74	1	,	,	PUNCT
cblr-1785	74	2	blue	blue	ADJ
cblr-1785	74	3	sky	sky	NOUN
cblr-1785	74	4	l.	l.	PROPN
cblr-1785	74	5	rep	rep	PROPN
cblr-1785	74	6	.	.	PROPN
cblr-1785	74	7	(	(	PUNCT
cblr-1785	74	8	cch	cch	PROPN
cblr-1785	74	9	)	)	PUNCT
cblr-1785	74	10	,	,	PUNCT
cblr-1785	74	11	¶	¶	PROPN
cblr-1785	74	12	21729	21729	NUM
cblr-1785	74	13	(	(	PUNCT
cblr-1785	74	14	jan	jan	PROPN
cblr-1785	74	15	.	.	PROPN
cblr-1785	74	16	20	20	NUM
cblr-1785	74	17	,	,	PUNCT
cblr-1785	74	18	2012	2012	NUM
cblr-1785	74	19	)	)	PUNCT
cblr-1785	74	20	.	.	PUNCT
cblr-1785	75	1	pei	pei	PROPN
cblr-1785	75	2	final	final	ADJ
cblr-1785	75	3	858	858	NUM
cblr-1785	75	4	columbia	columbia	PROPN
cblr-1785	75	5	business	business	NOUN
cblr-1785	75	6	law	law	PROPN
cblr-1785	75	7	review	review	NOUN
cblr-1785	75	8	[	[	X
cblr-1785	75	9	vol	vol	NOUN
cblr-1785	75	10	.	.	PUNCT
cblr-1785	75	11	2014	2014	NUM
cblr-1785	75	12	others	other	NOUN
cblr-1785	75	13	are	be	AUX
cblr-1785	75	14	considering	consider	VERB
cblr-1785	75	15	similar	similar	ADJ
cblr-1785	75	16	legislation.9	legislation.9	PROPN
cblr-1785	75	17	as	as	SCONJ
cblr-1785	75	18	several	several	ADJ
cblr-1785	75	19	members	member	NOUN
cblr-1785	75	20	of	of	ADP
cblr-1785	75	21	congress	congress	PROPN
cblr-1785	75	22	put	put	VERB
cblr-1785	75	23	it	it	PRON
cblr-1785	75	24	in	in	ADP
cblr-1785	75	25	a	a	DET
cblr-1785	75	26	recent	recent	ADJ
cblr-1785	75	27	letter	letter	NOUN
cblr-1785	75	28	to	to	ADP
cblr-1785	75	29	sec	sec	PROPN
cblr-1785	75	30	chair	chair	NOUN
cblr-1785	75	31	mary	mary	PROPN
cblr-1785	75	32	jo	jo	PROPN
cblr-1785	75	33	white	white	PROPN
cblr-1785	75	34	,	,	PUNCT
cblr-1785	75	35	urging	urge	VERB
cblr-1785	75	36	her	she	PRON
cblr-1785	75	37	to	to	PART
cblr-1785	75	38	finish	finish	VERB
cblr-1785	75	39	promulgating	promulgate	VERB
cblr-1785	75	40	federal	federal	ADJ
cblr-1785	75	41	crowdfunding	crowdfunding	NOUN
cblr-1785	75	42	rules	rule	NOUN
cblr-1785	75	43	:	:	PUNCT
cblr-1785	75	44	“	"	PUNCT
cblr-1785	75	45	due	due	ADJ
cblr-1785	75	46	in	in	ADP
cblr-1785	75	47	large	large	ADJ
cblr-1785	75	48	part	part	NOUN
cblr-1785	75	49	to	to	ADP
cblr-1785	75	50	the	the	DET
cblr-1785	75	51	lack	lack	NOUN
cblr-1785	75	52	of	of	ADP
cblr-1785	75	53	finalized	finalized	ADJ
cblr-1785	75	54	federal	federal	ADJ
cblr-1785	75	55	rulemaking	rulemaking	NOUN
cblr-1785	75	56	,	,	PUNCT
cblr-1785	75	57	states	state	NOUN
cblr-1785	75	58	are	be	AUX
cblr-1785	75	59	now	now	ADV
cblr-1785	75	60	leading	lead	VERB
cblr-1785	75	61	the	the	DET
cblr-1785	75	62	way	way	NOUN
cblr-1785	75	63	,	,	PUNCT
cblr-1785	75	64	harnessing	harness	VERB
cblr-1785	75	65	the	the	DET
cblr-1785	75	66	power	power	NOUN
cblr-1785	75	67	of	of	ADP
cblr-1785	75	68	new	new	ADJ
cblr-1785	75	69	technologies	technology	NOUN
cblr-1785	75	70	to	to	PART
cblr-1785	75	71	connect	connect	VERB
cblr-1785	75	72	entrepreneurs	entrepreneur	NOUN
cblr-1785	75	73	with	with	ADP
cblr-1785	75	74	investors	investor	NOUN
cblr-1785	75	75	.	.	PUNCT
cblr-1785	76	1	”10	”10	NOUN
cblr-1785	77	1	but	but	CCONJ
cblr-1785	77	2	so	so	ADV
cblr-1785	77	3	far	far	ADV
cblr-1785	77	4	,	,	PUNCT
cblr-1785	77	5	the	the	DET
cblr-1785	77	6	state	state	NOUN
cblr-1785	77	7	exemptions	exemption	NOUN
cblr-1785	77	8	have	have	AUX
cblr-1785	77	9	been	be	AUX
cblr-1785	77	10	used	use	VERB
cblr-1785	77	11	only	only	ADV
cblr-1785	77	12	sparingly	sparingly	ADV
cblr-1785	77	13	.	.	PUNCT
cblr-1785	78	1	according	accord	VERB
cblr-1785	78	2	to	to	ADP
cblr-1785	78	3	one	one	NUM
cblr-1785	78	4	estimate	estimate	NOUN
cblr-1785	78	5	,	,	PUNCT
cblr-1785	78	6	only	only	ADV
cblr-1785	78	7	about	about	ADV
cblr-1785	78	8	twenty	twenty	NUM
cblr-1785	78	9	companies	company	NOUN
cblr-1785	78	10	have	have	AUX
cblr-1785	78	11	tried	try	VERB
cblr-1785	78	12	to	to	PART
cblr-1785	78	13	use	use	VERB
cblr-1785	78	14	the	the	DET
cblr-1785	78	15	kansas	kansas	PROPN
cblr-1785	78	16	and	and	CCONJ
cblr-1785	78	17	georgia	georgia	PROPN
cblr-1785	78	18	exemptions	exemption	NOUN
cblr-1785	78	19	since	since	SCONJ
cblr-1785	78	20	their	their	PRON
cblr-1785	78	21	adoption	adoption	NOUN
cblr-1785	78	22	in	in	ADP
cblr-1785	78	23	2011.11	2011.11	NUM
cblr-1785	78	24	does	do	AUX
cblr-1785	78	25	this	this	PRON
cblr-1785	78	26	imply	imply	VERB
cblr-1785	78	27	that	that	SCONJ
cblr-1785	78	28	the	the	DET
cblr-1785	78	29	state	state	NOUN
cblr-1785	78	30	exemptions	exemption	NOUN
cblr-1785	78	31	are	be	AUX
cblr-1785	78	32	superfluous	superfluous	ADJ
cblr-1785	78	33	,	,	PUNCT
cblr-1785	78	34	especially	especially	ADV
cblr-1785	78	35	now	now	ADV
cblr-1785	78	36	that	that	SCONJ
cblr-1785	78	37	the	the	DET
cblr-1785	78	38	federal	federal	ADJ
cblr-1785	78	39	rules	rule	NOUN
cblr-1785	78	40	are	be	AUX
cblr-1785	78	41	almost	almost	ADV
cblr-1785	78	42	in	in	ADP
cblr-1785	78	43	effect	effect	NOUN
cblr-1785	78	44	?	?	PUNCT
cblr-1785	78	45	or	or	CCONJ
cblr-1785	78	46	does	do	VERB
cblr-1785	78	47	their	their	PRON
cblr-1785	78	48	underutilization	underutilization	NOUN
cblr-1785	78	49	point	point	NOUN
cblr-1785	78	50	to	to	ADP
cblr-1785	78	51	problems	problem	NOUN
cblr-1785	78	52	for	for	ADP
cblr-1785	78	53	the	the	DET
cblr-1785	78	54	federal	federal	ADJ
cblr-1785	78	55	exemption	exemption	NOUN
cblr-1785	78	56	?	?	PUNCT
cblr-1785	79	1	this	this	DET
cblr-1785	79	2	note	note	NOUN
cblr-1785	79	3	engages	engage	VERB
cblr-1785	79	4	in	in	ADP
cblr-1785	79	5	the	the	DET
cblr-1785	79	6	first	first	ADJ
cblr-1785	79	7	in	in	ADP
cblr-1785	79	8	-	-	PUNCT
cblr-1785	79	9	depth	depth	NOUN
cblr-1785	79	10	comparison	comparison	NOUN
cblr-1785	79	11	of	of	ADP
cblr-1785	79	12	the	the	DET
cblr-1785	79	13	state	state	NOUN
cblr-1785	79	14	and	and	CCONJ
cblr-1785	79	15	federal	federal	ADJ
cblr-1785	79	16	exemptions	exemption	NOUN
cblr-1785	79	17	.	.	PUNCT
cblr-1785	80	1	it	it	PRON
cblr-1785	80	2	argues	argue	VERB
cblr-1785	80	3	that	that	SCONJ
cblr-1785	80	4	,	,	PUNCT
cblr-1785	80	5	in	in	ADP
cblr-1785	80	6	spite	spite	NOUN
cblr-1785	80	7	of	of	ADP
cblr-1785	80	8	the	the	DET
cblr-1785	80	9	impending	impending	ADJ
cblr-1785	80	10	federal	federal	ADJ
cblr-1785	80	11	exemption	exemption	NOUN
cblr-1785	80	12	,	,	PUNCT
cblr-1785	80	13	state	state	NOUN
cblr-1785	80	14	-	-	PUNCT
cblr-1785	80	15	level	level	NOUN
cblr-1785	80	16	crowdfunding	crowdfunding	NOUN
cblr-1785	80	17	exemptions	exemption	NOUN
cblr-1785	80	18	can	can	AUX
cblr-1785	80	19	still	still	ADV
cblr-1785	80	20	play	play	VERB
cblr-1785	80	21	a	a	DET
cblr-1785	80	22	useful	useful	ADJ
cblr-1785	80	23	role	role	NOUN
cblr-1785	80	24	in	in	ADP
cblr-1785	80	25	encouraging	encourage	VERB
cblr-1785	80	26	small	small	ADJ
cblr-1785	80	27	business	business	NOUN
cblr-1785	80	28	capital	capital	NOUN
cblr-1785	80	29	formation	formation	NOUN
cblr-1785	80	30	because	because	SCONJ
cblr-1785	80	31	they	they	PRON
cblr-1785	80	32	impose	impose	VERB
cblr-1785	80	33	significantly	significantly	ADV
cblr-1785	80	34	lower	low	ADJ
cblr-1785	80	35	regulatory	regulatory	ADJ
cblr-1785	80	36	burdens	burden	NOUN
cblr-1785	80	37	on	on	ADP
cblr-1785	80	38	issuers	issuer	NOUN
cblr-1785	80	39	.	.	PUNCT
cblr-1785	81	1	thus	thus	ADV
cblr-1785	81	2	,	,	PUNCT
cblr-1785	81	3	they	they	PRON
cblr-1785	81	4	can	can	AUX
cblr-1785	81	5	provide	provide	VERB
cblr-1785	81	6	a	a	DET
cblr-1785	81	7	lower	low	ADJ
cblr-1785	81	8	-	-	PUNCT
cblr-1785	81	9	cost	cost	NOUN
cblr-1785	81	10	alternative	alternative	NOUN
cblr-1785	81	11	for	for	ADP
cblr-1785	81	12	entrepreneurs	entrepreneur	NOUN
cblr-1785	81	13	seeking	seek	VERB
cblr-1785	81	14	to	to	PART
cblr-1785	81	15	raise	raise	VERB
cblr-1785	81	16	relatively	relatively	ADV
cblr-1785	81	17	small	small	ADJ
cblr-1785	81	18	amounts	amount	NOUN
cblr-1785	81	19	of	of	ADP
cblr-1785	81	20	capital	capital	NOUN
cblr-1785	81	21	.	.	PUNCT
cblr-1785	82	1	this	this	DET
cblr-1785	82	2	note	note	NOUN
cblr-1785	82	3	also	also	ADV
cblr-1785	82	4	argues	argue	VERB
cblr-1785	82	5	that	that	SCONJ
cblr-1785	82	6	,	,	PUNCT
cblr-1785	82	7	although	although	SCONJ
cblr-1785	82	8	the	the	DET
cblr-1785	82	9	state	state	NOUN
cblr-1785	82	10	exemptions	exemption	NOUN
cblr-1785	82	11	are	be	AUX
cblr-1785	82	12	less	less	ADV
cblr-1785	82	13	stringent	stringent	ADJ
cblr-1785	82	14	than	than	ADP
cblr-1785	82	15	their	their	PRON
cblr-1785	82	16	federal	federal	ADJ
cblr-1785	82	17	counterpart	counterpart	NOUN
cblr-1785	82	18	,	,	PUNCT
cblr-1785	82	19	some	some	PRON
cblr-1785	82	20	of	of	ADP
cblr-1785	82	21	their	their	PRON
cblr-1785	82	22	features	feature	NOUN
cblr-1785	82	23	promote	promote	VERB
cblr-1785	82	24	investor	investor	NOUN
cblr-1785	82	25	protection	protection	NOUN
cblr-1785	82	26	by	by	ADP
cblr-1785	82	27	encouraging	encourage	VERB
cblr-1785	82	28	the	the	DET
cblr-1785	82	29	participation	participation	NOUN
cblr-1785	82	30	of	of	ADP
cblr-1785	82	31	larger	large	ADJ
cblr-1785	82	32	and	and	CCONJ
cblr-1785	82	33	more	more	ADV
cblr-1785	82	34	seasoned	seasoned	ADJ
cblr-1785	82	35	investors	investor	NOUN
cblr-1785	82	36	.	.	PUNCT
cblr-1785	83	1	9	9	NUM
cblr-1785	83	2	see	see	VERB
cblr-1785	83	3	,	,	PUNCT
cblr-1785	83	4	e.g.	e.g.	ADV
cblr-1785	83	5	,	,	PUNCT
cblr-1785	83	6	h.b	h.b	PROPN
cblr-1785	83	7	.	.	PROPN
cblr-1785	83	8	680	680	NUM
cblr-1785	83	9	,	,	PUNCT
cblr-1785	83	10	gen	gen	PROPN
cblr-1785	83	11	.	.	PROPN
cblr-1785	83	12	assemb	assemb	NOUN
cblr-1785	83	13	.	.	PUNCT
cblr-1785	84	1	of	of	ADP
cblr-1785	84	2	n.c	n.c	PROPN
cblr-1785	84	3	.	.	PROPN
cblr-1785	84	4	,	,	PUNCT
cblr-1785	84	5	sess	sess	PROPN
cblr-1785	84	6	.	.	PUNCT
cblr-1785	85	1	2013	2013	NUM
cblr-1785	85	2	(	(	PUNCT
cblr-1785	85	3	n.c	n.c	PROPN
cblr-1785	85	4	.	.	PROPN
cblr-1785	85	5	2013	2013	NUM
cblr-1785	85	6	)	)	PUNCT
cblr-1785	85	7	.	.	PUNCT
cblr-1785	86	1	in	in	ADP
cblr-1785	86	2	all	all	PRON
cblr-1785	86	3	,	,	PUNCT
cblr-1785	86	4	fourteen	fourteen	NUM
cblr-1785	86	5	states	state	NOUN
cblr-1785	86	6	(	(	PUNCT
cblr-1785	86	7	alaska	alaska	PROPN
cblr-1785	86	8	,	,	PUNCT
cblr-1785	86	9	arkansas	arkansas	PROPN
cblr-1785	86	10	,	,	PUNCT
cblr-1785	86	11	california	california	PROPN
cblr-1785	86	12	,	,	PUNCT
cblr-1785	86	13	connecticut	connecticut	PROPN
cblr-1785	86	14	,	,	PUNCT
cblr-1785	86	15	florida	florida	PROPN
cblr-1785	86	16	,	,	PUNCT
cblr-1785	86	17	illinois	illinois	PROPN
cblr-1785	86	18	,	,	PUNCT
cblr-1785	86	19	missouri	missouri	PROPN
cblr-1785	86	20	,	,	PUNCT
cblr-1785	86	21	north	north	PROPN
cblr-1785	86	22	carolina	carolina	PROPN
cblr-1785	86	23	,	,	PUNCT
cblr-1785	86	24	new	new	PROPN
cblr-1785	86	25	jersey	jersey	PROPN
cblr-1785	86	26	,	,	PUNCT
cblr-1785	86	27	pennsylvania	pennsylvania	PROPN
cblr-1785	86	28	,	,	PUNCT
cblr-1785	86	29	south	south	PROPN
cblr-1785	86	30	carolina	carolina	PROPN
cblr-1785	86	31	,	,	PUNCT
cblr-1785	86	32	texas	texas	PROPN
cblr-1785	86	33	,	,	PUNCT
cblr-1785	86	34	utah	utah	PROPN
cblr-1785	86	35	,	,	PUNCT
cblr-1785	86	36	and	and	CCONJ
cblr-1785	86	37	virginia	virginia	PROPN
cblr-1785	86	38	)	)	PUNCT
cblr-1785	86	39	are	be	AUX
cblr-1785	86	40	considering	consider	VERB
cblr-1785	86	41	crowdfunding	crowdfunde	VERB
cblr-1785	86	42	legislation	legislation	NOUN
cblr-1785	86	43	.	.	PUNCT
cblr-1785	87	1	anthony	anthony	PROPN
cblr-1785	87	2	j.	j.	PROPN
cblr-1785	87	3	zeoli	zeoli	PROPN
cblr-1785	87	4	&	&	CCONJ
cblr-1785	87	5	georgia	georgia	PROPN
cblr-1785	87	6	p.	p.	PROPN
cblr-1785	87	7	quinn	quinn	PROPN
cblr-1785	87	8	,	,	PUNCT
cblr-1785	87	9	summary	summary	NOUN
cblr-1785	87	10	of	of	ADP
cblr-1785	87	11	enacted	enact	VERB
cblr-1785	87	12	instrastate	instrastate	NOUN
cblr-1785	87	13	crowdfunding	crowdfunding	NOUN
cblr-1785	87	14	exemptions	exemption	NOUN
cblr-1785	87	15	(	(	PUNCT
cblr-1785	87	16	as	as	ADP
cblr-1785	87	17	of	of	ADP
cblr-1785	87	18	july	july	PROPN
cblr-1785	87	19	,	,	PUNCT
cblr-1785	87	20	2014	2014	NUM
cblr-1785	87	21	)	)	PUNCT
cblr-1785	87	22	,	,	PUNCT
cblr-1785	87	23	crowdcheck	crowdcheck	PROPN
cblr-1785	87	24	blog	blog	PROPN
cblr-1785	87	25	(	(	PUNCT
cblr-1785	87	26	july	july	PROPN
cblr-1785	87	27	14	14	NUM
cblr-1785	87	28	,	,	PUNCT
cblr-1785	87	29	2014	2014	NUM
cblr-1785	87	30	)	)	PUNCT
cblr-1785	87	31	,	,	PUNCT
cblr-1785	87	32	http://perma.cc/gq3j-8bjr	http://perma.cc/gq3j-8bjr	PROPN
cblr-1785	87	33	.	.	PUNCT
cblr-1785	88	1	10	10	NUM
cblr-1785	88	2	letter	letter	NOUN
cblr-1785	88	3	from	from	ADP
cblr-1785	88	4	jared	jared	PROPN
cblr-1785	88	5	polis	polis	PROPN
cblr-1785	88	6	,	,	PUNCT
cblr-1785	88	7	u.s	u.s	PROPN
cblr-1785	88	8	.	.	PROPN
cblr-1785	88	9	rep	rep	PROPN
cblr-1785	88	10	.	.	PROPN
cblr-1785	88	11	,	,	PUNCT
cblr-1785	88	12	et	et	PROPN
cblr-1785	88	13	al	al	PROPN
cblr-1785	88	14	.	.	PROPN
cblr-1785	88	15	,	,	PUNCT
cblr-1785	88	16	to	to	ADP
cblr-1785	88	17	mary	mary	PROPN
cblr-1785	88	18	jo	jo	PROPN
cblr-1785	88	19	white	white	PROPN
cblr-1785	88	20	,	,	PUNCT
cblr-1785	88	21	chair	chair	NOUN
cblr-1785	88	22	,	,	PUNCT
cblr-1785	88	23	u.s	u.s	PROPN
cblr-1785	88	24	.	.	PROPN
cblr-1785	88	25	sec	sec	PROPN
cblr-1785	88	26	.	.	PROPN
cblr-1785	88	27	&	&	CCONJ
cblr-1785	88	28	exch	exch	PROPN
cblr-1785	88	29	.	.	PUNCT
cblr-1785	88	30	comm’n	comm’n	PROPN
cblr-1785	88	31	(	(	PUNCT
cblr-1785	88	32	aug	aug	PROPN
cblr-1785	88	33	.	.	PROPN
cblr-1785	88	34	8	8	NUM
cblr-1785	88	35	,	,	PUNCT
cblr-1785	88	36	2014	2014	NUM
cblr-1785	88	37	)	)	PUNCT
cblr-1785	88	38	,	,	PUNCT
cblr-1785	88	39	available	available	ADJ
cblr-1785	88	40	at	at	ADP
cblr-1785	88	41	http://perma.cc/uk8j-69cr	http://perma.cc/uk8j-69cr	NOUN
cblr-1785	88	42	.	.	PUNCT
cblr-1785	89	1	11	11	NUM
cblr-1785	89	2	patrick	patrick	PROPN
cblr-1785	89	3	clark	clark	PROPN
cblr-1785	89	4	,	,	PUNCT
cblr-1785	89	5	state	state	NOUN
cblr-1785	89	6	lawmakers	lawmaker	NOUN
cblr-1785	89	7	are	be	AUX
cblr-1785	89	8	getting	get	VERB
cblr-1785	89	9	on	on	ADP
cblr-1785	89	10	the	the	DET
cblr-1785	89	11	crowdfunding	crowdfunding	NOUN
cblr-1785	89	12	bandwagon	bandwagon	NOUN
cblr-1785	89	13	,	,	PUNCT
cblr-1785	89	14	bloomberg	bloomberg	PROPN
cblr-1785	89	15	businessweek	businessweek	PROPN
cblr-1785	89	16	(	(	PUNCT
cblr-1785	89	17	jan	jan	PROPN
cblr-1785	89	18	.	.	PROPN
cblr-1785	89	19	7	7	NUM
cblr-1785	89	20	,	,	PUNCT
cblr-1785	89	21	2014	2014	NUM
cblr-1785	89	22	)	)	PUNCT
cblr-1785	89	23	,	,	PUNCT
cblr-1785	89	24	http://perma.cc/jg7s-xq6j	http://perma.cc/jg7s-xq6j	X
cblr-1785	89	25	.	.	PUNCT
cblr-1785	90	1	pei	pei	PROPN
cblr-1785	90	2	final	final	ADJ
cblr-1785	90	3	no	no	NOUN
cblr-1785	90	4	.	.	PUNCT
cblr-1785	91	1	3:854	3:854	NUM
cblr-1785	91	2	]	]	X
cblr-1785	91	3	intrastate	intrastate	ADJ
cblr-1785	91	4	crowdfunding	crowdfunde	VERB
cblr-1785	91	5	859	859	NUM
cblr-1785	91	6	however	however	ADV
cblr-1785	91	7	,	,	PUNCT
cblr-1785	91	8	in	in	ADP
cblr-1785	91	9	order	order	NOUN
cblr-1785	91	10	to	to	PART
cblr-1785	91	11	protect	protect	VERB
cblr-1785	91	12	investors	investor	NOUN
cblr-1785	91	13	and	and	CCONJ
cblr-1785	91	14	encourage	encourage	VERB
cblr-1785	91	15	capital	capital	NOUN
cblr-1785	91	16	formation	formation	NOUN
cblr-1785	91	17	,	,	PUNCT
cblr-1785	91	18	both	both	CCONJ
cblr-1785	91	19	the	the	DET
cblr-1785	91	20	state	state	NOUN
cblr-1785	91	21	and	and	CCONJ
cblr-1785	91	22	federal	federal	ADJ
cblr-1785	91	23	exemptions	exemption	NOUN
cblr-1785	91	24	should	should	AUX
cblr-1785	91	25	consider	consider	VERB
cblr-1785	91	26	modifications	modification	NOUN
cblr-1785	91	27	that	that	PRON
cblr-1785	91	28	draw	draw	VERB
cblr-1785	91	29	on	on	ADP
cblr-1785	91	30	the	the	DET
cblr-1785	91	31	best	good	ADJ
cblr-1785	91	32	aspects	aspect	NOUN
cblr-1785	91	33	of	of	ADP
cblr-1785	91	34	each	each	DET
cblr-1785	91	35	other	other	ADJ
cblr-1785	91	36	.	.	PUNCT
cblr-1785	92	1	first	first	ADV
cblr-1785	92	2	,	,	PUNCT
cblr-1785	92	3	the	the	DET
cblr-1785	92	4	states	state	NOUN
cblr-1785	92	5	should	should	AUX
cblr-1785	92	6	eliminate	eliminate	VERB
cblr-1785	92	7	aggregation	aggregation	NOUN
cblr-1785	92	8	requirements	requirement	NOUN
cblr-1785	92	9	for	for	ADP
cblr-1785	92	10	issuers	issuer	NOUN
cblr-1785	92	11	that	that	PRON
cblr-1785	92	12	will	will	AUX
cblr-1785	92	13	deter	deter	VERB
cblr-1785	92	14	utilization	utilization	NOUN
cblr-1785	92	15	of	of	ADP
cblr-1785	92	16	the	the	DET
cblr-1785	92	17	exemptions	exemption	NOUN
cblr-1785	92	18	while	while	SCONJ
cblr-1785	92	19	adding	add	VERB
cblr-1785	92	20	little	little	ADJ
cblr-1785	92	21	in	in	ADP
cblr-1785	92	22	the	the	DET
cblr-1785	92	23	way	way	NOUN
cblr-1785	92	24	of	of	ADP
cblr-1785	92	25	investor	investor	NOUN
cblr-1785	92	26	protection	protection	NOUN
cblr-1785	92	27	.	.	PUNCT
cblr-1785	93	1	second	second	ADJ
cblr-1785	93	2	,	,	PUNCT
cblr-1785	93	3	and	and	CCONJ
cblr-1785	93	4	most	most	ADV
cblr-1785	93	5	significantly	significantly	ADV
cblr-1785	93	6	,	,	PUNCT
cblr-1785	93	7	the	the	DET
cblr-1785	93	8	state	state	NOUN
cblr-1785	93	9	exemptions	exemption	NOUN
cblr-1785	93	10	should	should	AUX
cblr-1785	93	11	,	,	PUNCT
cblr-1785	93	12	like	like	ADP
cblr-1785	93	13	the	the	DET
cblr-1785	93	14	federal	federal	ADJ
cblr-1785	93	15	one	one	NOUN
cblr-1785	93	16	,	,	PUNCT
cblr-1785	93	17	require	require	VERB
cblr-1785	93	18	that	that	SCONJ
cblr-1785	93	19	crowdfunded	crowdfunde	VERB
cblr-1785	93	20	securities	security	NOUN
cblr-1785	93	21	be	be	AUX
cblr-1785	93	22	sold	sell	VERB
cblr-1785	93	23	over	over	ADP
cblr-1785	93	24	registered	register	VERB
cblr-1785	93	25	portals	portal	NOUN
cblr-1785	93	26	that	that	PRON
cblr-1785	93	27	are	be	AUX
cblr-1785	93	28	charged	charge	VERB
cblr-1785	93	29	with	with	ADP
cblr-1785	93	30	vetting	vet	VERB
cblr-1785	93	31	issuers	issuer	NOUN
cblr-1785	93	32	and	and	CCONJ
cblr-1785	93	33	ensuring	ensure	VERB
cblr-1785	93	34	that	that	SCONJ
cblr-1785	93	35	investors	investor	NOUN
cblr-1785	93	36	are	be	AUX
cblr-1785	93	37	appraised	appraise	VERB
cblr-1785	93	38	of	of	ADP
cblr-1785	93	39	risks	risk	NOUN
cblr-1785	93	40	.	.	PUNCT
cblr-1785	94	1	such	such	DET
cblr-1785	94	2	a	a	DET
cblr-1785	94	3	requirement	requirement	NOUN
cblr-1785	94	4	would	would	AUX
cblr-1785	94	5	put	put	VERB
cblr-1785	94	6	the	the	DET
cblr-1785	94	7	regulatory	regulatory	ADJ
cblr-1785	94	8	burdens	burden	NOUN
cblr-1785	94	9	on	on	ADP
cblr-1785	94	10	the	the	DET
cblr-1785	94	11	portals––the	portals––the	DET
cblr-1785	94	12	parties	party	NOUN
cblr-1785	94	13	best	well	ADV
cblr-1785	94	14	able	able	ADJ
cblr-1785	94	15	to	to	PART
cblr-1785	94	16	bear	bear	VERB
cblr-1785	94	17	them––while	them––while	ADV
cblr-1785	94	18	at	at	ADP
cblr-1785	94	19	the	the	DET
cblr-1785	94	20	same	same	ADJ
cblr-1785	94	21	time	time	NOUN
cblr-1785	94	22	not	not	PART
cblr-1785	94	23	discouraging	discourage	VERB
cblr-1785	94	24	issuers	issuer	NOUN
cblr-1785	94	25	from	from	ADP
cblr-1785	94	26	using	use	VERB
cblr-1785	94	27	the	the	DET
cblr-1785	94	28	exemptions	exemption	NOUN
cblr-1785	94	29	and	and	CCONJ
cblr-1785	94	30	adding	add	VERB
cblr-1785	94	31	a	a	DET
cblr-1785	94	32	needed	need	VERB
cblr-1785	94	33	layer	layer	NOUN
cblr-1785	94	34	of	of	ADP
cblr-1785	94	35	investor	investor	NOUN
cblr-1785	94	36	protection	protection	NOUN
cblr-1785	94	37	.	.	PUNCT
cblr-1785	95	1	the	the	DET
cblr-1785	95	2	requirement	requirement	NOUN
cblr-1785	95	3	could	could	AUX
cblr-1785	95	4	also	also	ADV
cblr-1785	95	5	reduce	reduce	VERB
cblr-1785	95	6	some	some	PRON
cblr-1785	95	7	of	of	ADP
cblr-1785	95	8	the	the	DET
cblr-1785	95	9	transaction	transaction	NOUN
cblr-1785	95	10	costs	cost	NOUN
cblr-1785	95	11	for	for	ADP
cblr-1785	95	12	issuers	issuer	NOUN
cblr-1785	95	13	:	:	PUNCT
cblr-1785	95	14	for	for	ADP
cblr-1785	95	15	instance	instance	NOUN
cblr-1785	95	16	,	,	PUNCT
cblr-1785	95	17	the	the	DET
cblr-1785	95	18	portals	portal	NOUN
cblr-1785	95	19	are	be	AUX
cblr-1785	95	20	better	well	ADV
cblr-1785	95	21	situated	situated	ADJ
cblr-1785	95	22	to	to	PART
cblr-1785	95	23	ensure	ensure	VERB
cblr-1785	95	24	that	that	SCONJ
cblr-1785	95	25	offerings	offering	NOUN
cblr-1785	95	26	are	be	AUX
cblr-1785	95	27	made	make	VERB
cblr-1785	95	28	in	in	ADP
cblr-1785	95	29	compliance	compliance	NOUN
cblr-1785	95	30	with	with	ADP
cblr-1785	95	31	sec	sec	PROPN
cblr-1785	95	32	rule	rule	NOUN
cblr-1785	95	33	147	147	NUM
cblr-1785	95	34	,	,	PUNCT
cblr-1785	95	35	which	which	PRON
cblr-1785	95	36	the	the	DET
cblr-1785	95	37	state	state	NOUN
cblr-1785	95	38	exemptions	exemption	NOUN
cblr-1785	95	39	rely	rely	VERB
cblr-1785	95	40	on	on	ADP
cblr-1785	95	41	for	for	ADP
cblr-1785	95	42	purposes	purpose	NOUN
cblr-1785	95	43	of	of	ADP
cblr-1785	95	44	federal	federal	ADJ
cblr-1785	95	45	law	law	NOUN
cblr-1785	95	46	.	.	PUNCT
cblr-1785	96	1	third	third	ADJ
cblr-1785	96	2	,	,	PUNCT
cblr-1785	96	3	to	to	PART
cblr-1785	96	4	enhance	enhance	VERB
cblr-1785	96	5	investor	investor	NOUN
cblr-1785	96	6	protection	protection	NOUN
cblr-1785	96	7	,	,	PUNCT
cblr-1785	96	8	the	the	DET
cblr-1785	96	9	state	state	NOUN
cblr-1785	96	10	exemptions	exemption	NOUN
cblr-1785	96	11	should	should	AUX
cblr-1785	96	12	include	include	VERB
cblr-1785	96	13	an	an	DET
cblr-1785	96	14	annual	annual	ADJ
cblr-1785	96	15	aggregate	aggregate	ADJ
cblr-1785	96	16	investment	investment	NOUN
cblr-1785	96	17	limit	limit	NOUN
cblr-1785	96	18	for	for	ADP
cblr-1785	96	19	retail	retail	ADJ
cblr-1785	96	20	investors	investor	NOUN
cblr-1785	96	21	.	.	PUNCT
cblr-1785	97	1	finally	finally	ADV
cblr-1785	97	2	,	,	PUNCT
cblr-1785	97	3	the	the	DET
cblr-1785	97	4	federal	federal	ADJ
cblr-1785	97	5	exemption	exemption	NOUN
cblr-1785	97	6	should	should	AUX
cblr-1785	97	7	encourage	encourage	VERB
cblr-1785	97	8	the	the	DET
cblr-1785	97	9	participation	participation	NOUN
cblr-1785	97	10	of	of	ADP
cblr-1785	97	11	larger	large	ADJ
cblr-1785	97	12	,	,	PUNCT
cblr-1785	97	13	more	more	ADV
cblr-1785	97	14	sophisticated	sophisticated	ADJ
cblr-1785	97	15	investors	investor	NOUN
cblr-1785	97	16	in	in	ADP
cblr-1785	97	17	crowdfunding	crowdfunding	NOUN
cblr-1785	97	18	offerings	offering	NOUN
cblr-1785	97	19	by	by	ADP
cblr-1785	97	20	following	follow	VERB
cblr-1785	97	21	the	the	DET
cblr-1785	97	22	states	state	NOUN
cblr-1785	97	23	in	in	ADP
cblr-1785	97	24	removing	remove	VERB
cblr-1785	97	25	the	the	DET
cblr-1785	97	26	individual	individual	ADJ
cblr-1785	97	27	investment	investment	NOUN
cblr-1785	97	28	limit	limit	NOUN
cblr-1785	97	29	for	for	ADP
cblr-1785	97	30	accredited	accredited	ADJ
cblr-1785	97	31	investors	investor	NOUN
cblr-1785	97	32	.	.	PUNCT
cblr-1785	98	1	doing	do	VERB
cblr-1785	98	2	so	so	ADV
cblr-1785	98	3	would	would	AUX
cblr-1785	98	4	not	not	PART
cblr-1785	98	5	only	only	ADV
cblr-1785	98	6	expand	expand	VERB
cblr-1785	98	7	the	the	DET
cblr-1785	98	8	pool	pool	NOUN
cblr-1785	98	9	of	of	ADP
cblr-1785	98	10	available	available	ADJ
cblr-1785	98	11	capital	capital	NOUN
cblr-1785	98	12	,	,	PUNCT
cblr-1785	98	13	making	make	VERB
cblr-1785	98	14	the	the	DET
cblr-1785	98	15	exemption	exemption	NOUN
cblr-1785	98	16	more	more	ADV
cblr-1785	98	17	attractive	attractive	ADJ
cblr-1785	98	18	to	to	ADP
cblr-1785	98	19	issuers	issuer	NOUN
cblr-1785	98	20	,	,	PUNCT
cblr-1785	98	21	but	but	CCONJ
cblr-1785	98	22	would	would	AUX
cblr-1785	98	23	also	also	ADV
cblr-1785	98	24	enable	enable	VERB
cblr-1785	98	25	retail	retail	ADJ
cblr-1785	98	26	investors	investor	NOUN
cblr-1785	98	27	to	to	PART
cblr-1785	98	28	piggyback	piggyback	VERB
cblr-1785	98	29	on	on	ADP
cblr-1785	98	30	accredited	accredited	ADJ
cblr-1785	98	31	investors	investor	NOUN
cblr-1785	98	32	’	’	PART
cblr-1785	98	33	diligence	diligence	NOUN
cblr-1785	98	34	,	,	PUNCT
cblr-1785	98	35	pricing	pricing	NOUN
cblr-1785	98	36	,	,	PUNCT
cblr-1785	98	37	and	and	CCONJ
cblr-1785	98	38	monitoring	monitor	VERB
cblr-1785	98	39	work	work	NOUN
cblr-1785	98	40	.	.	PUNCT
cblr-1785	99	1	together	together	ADV
cblr-1785	99	2	,	,	PUNCT
cblr-1785	99	3	these	these	DET
cblr-1785	99	4	recommendations	recommendation	NOUN
cblr-1785	99	5	could	could	AUX
cblr-1785	99	6	improve	improve	VERB
cblr-1785	99	7	the	the	DET
cblr-1785	99	8	usefulness	usefulness	NOUN
cblr-1785	99	9	of	of	ADP
cblr-1785	99	10	the	the	DET
cblr-1785	99	11	state	state	NOUN
cblr-1785	99	12	and	and	CCONJ
cblr-1785	99	13	federal	federal	ADJ
cblr-1785	99	14	exemptions	exemption	NOUN
cblr-1785	99	15	while	while	SCONJ
cblr-1785	99	16	strengthening	strengthen	VERB
cblr-1785	99	17	investor	investor	NOUN
cblr-1785	99	18	protection	protection	NOUN
cblr-1785	99	19	,	,	PUNCT
cblr-1785	99	20	potentially	potentially	ADV
cblr-1785	99	21	enhancing	enhance	VERB
cblr-1785	99	22	the	the	DET
cblr-1785	99	23	legitimacy	legitimacy	NOUN
cblr-1785	99	24	of	of	ADP
cblr-1785	99	25	crowdfunding	crowdfunde	VERB
cblr-1785	99	26	in	in	ADP
cblr-1785	99	27	the	the	DET
cblr-1785	99	28	eyes	eye	NOUN
cblr-1785	99	29	of	of	ADP
cblr-1785	99	30	the	the	DET
cblr-1785	99	31	investing	investing	NOUN
cblr-1785	99	32	public	public	NOUN
cblr-1785	99	33	,	,	PUNCT
cblr-1785	99	34	and	and	CCONJ
cblr-1785	99	35	increasing	increase	VERB
cblr-1785	99	36	interest	interest	NOUN
cblr-1785	99	37	in	in	ADP
cblr-1785	99	38	these	these	DET
cblr-1785	99	39	exemptions	exemption	NOUN
cblr-1785	99	40	.	.	PUNCT
cblr-1785	100	1	part	part	NOUN
cblr-1785	100	2	i	i	PRON
cblr-1785	100	3	of	of	ADP
cblr-1785	100	4	this	this	DET
cblr-1785	100	5	note	note	NOUN
cblr-1785	100	6	provides	provide	VERB
cblr-1785	100	7	a	a	DET
cblr-1785	100	8	brief	brief	ADJ
cblr-1785	100	9	introduction	introduction	NOUN
cblr-1785	100	10	to	to	ADP
cblr-1785	100	11	crowdfunding	crowdfunding	NOUN
cblr-1785	100	12	and	and	CCONJ
cblr-1785	100	13	its	its	PRON
cblr-1785	100	14	current	current	ADJ
cblr-1785	100	15	forms	form	NOUN
cblr-1785	100	16	as	as	ADV
cblr-1785	100	17	well	well	ADV
cblr-1785	100	18	as	as	ADP
cblr-1785	100	19	the	the	DET
cblr-1785	100	20	rationale	rationale	NOUN
cblr-1785	100	21	for	for	ADP
cblr-1785	100	22	a	a	DET
cblr-1785	100	23	crowdfunding	crowdfunding	NOUN
cblr-1785	100	24	exemption	exemption	NOUN
cblr-1785	100	25	.	.	PUNCT
cblr-1785	101	1	it	it	PRON
cblr-1785	101	2	then	then	ADV
cblr-1785	101	3	provides	provide	VERB
cblr-1785	101	4	an	an	DET
cblr-1785	101	5	overview	overview	NOUN
cblr-1785	101	6	of	of	ADP
cblr-1785	101	7	the	the	DET
cblr-1785	101	8	federal	federal	ADJ
cblr-1785	101	9	and	and	CCONJ
cblr-1785	101	10	state	state	NOUN
cblr-1785	101	11	exemptions	exemption	NOUN
cblr-1785	101	12	,	,	PUNCT
cblr-1785	101	13	highlighting	highlight	VERB
cblr-1785	101	14	their	their	PRON
cblr-1785	101	15	most	most	ADV
cblr-1785	101	16	significant	significant	ADJ
cblr-1785	101	17	differences	difference	NOUN
cblr-1785	101	18	.	.	PUNCT
cblr-1785	102	1	part	part	PROPN
cblr-1785	102	2	ii	ii	PROPN
cblr-1785	102	3	provides	provide	VERB
cblr-1785	102	4	a	a	DET
cblr-1785	102	5	more	more	ADJ
cblr-1785	102	6	in	in	ADP
cblr-1785	102	7	-	-	PUNCT
cblr-1785	102	8	depth	depth	NOUN
cblr-1785	103	1	pei	pei	NOUN
cblr-1785	103	2	final	final	ADJ
cblr-1785	103	3	860	860	PROPN
cblr-1785	103	4	columbia	columbia	PROPN
cblr-1785	103	5	business	business	NOUN
cblr-1785	103	6	law	law	PROPN
cblr-1785	103	7	review	review	NOUN
cblr-1785	103	8	[	[	X
cblr-1785	103	9	vol	vol	NOUN
cblr-1785	103	10	.	.	PUNCT
cblr-1785	103	11	2014	2014	NUM
cblr-1785	103	12	comparison	comparison	NOUN
cblr-1785	103	13	of	of	ADP
cblr-1785	103	14	the	the	DET
cblr-1785	103	15	exemptions	exemption	NOUN
cblr-1785	103	16	along	along	ADP
cblr-1785	103	17	several	several	ADJ
cblr-1785	103	18	key	key	ADJ
cblr-1785	103	19	dimensions	dimension	NOUN
cblr-1785	103	20	,	,	PUNCT
cblr-1785	103	21	arguing	argue	VERB
cblr-1785	103	22	that	that	SCONJ
cblr-1785	103	23	the	the	DET
cblr-1785	103	24	state	state	NOUN
cblr-1785	103	25	exemptions	exemption	NOUN
cblr-1785	103	26	can	can	AUX
cblr-1785	103	27	provide	provide	VERB
cblr-1785	103	28	a	a	DET
cblr-1785	103	29	viable	viable	ADJ
cblr-1785	103	30	,	,	PUNCT
cblr-1785	103	31	lower	low	ADJ
cblr-1785	103	32	-	-	PUNCT
cblr-1785	103	33	cost	cost	NOUN
cblr-1785	103	34	alternative	alternative	NOUN
cblr-1785	103	35	.	.	PUNCT
cblr-1785	104	1	part	part	NOUN
cblr-1785	104	2	iii	iii	NOUN
cblr-1785	104	3	makes	make	VERB
cblr-1785	104	4	the	the	DET
cblr-1785	104	5	aforementioned	aforementioned	ADJ
cblr-1785	104	6	recommendations	recommendation	NOUN
cblr-1785	104	7	.	.	PUNCT
cblr-1785	105	1	ii	ii	PROPN
cblr-1785	105	2	.	.	PUNCT
cblr-1785	105	3	background	background	PROPN
cblr-1785	105	4	a.	a.	NOUN
cblr-1785	105	5	crowdfunding	crowdfunding	NOUN
cblr-1785	105	6	defined	define	VERB
cblr-1785	105	7	most	most	ADV
cblr-1785	105	8	broadly	broadly	ADV
cblr-1785	105	9	,	,	PUNCT
cblr-1785	105	10	crowdfunding	crowdfunding	NOUN
cblr-1785	105	11	is	be	AUX
cblr-1785	105	12	the	the	DET
cblr-1785	105	13	process	process	NOUN
cblr-1785	105	14	of	of	ADP
cblr-1785	105	15	raising	raise	VERB
cblr-1785	105	16	money	money	NOUN
cblr-1785	105	17	by	by	ADP
cblr-1785	105	18	soliciting	solicit	VERB
cblr-1785	105	19	small	small	ADJ
cblr-1785	105	20	contributions	contribution	NOUN
cblr-1785	105	21	from	from	ADP
cblr-1785	105	22	a	a	DET
cblr-1785	105	23	large	large	ADJ
cblr-1785	105	24	number	number	NOUN
cblr-1785	105	25	of	of	ADP
cblr-1785	105	26	people.12	people.12	NOUN
cblr-1785	105	27	crowdfunding	crowdfunde	VERB
cblr-1785	105	28	over	over	ADP
cblr-1785	105	29	the	the	DET
cblr-1785	105	30	internet	internet	NOUN
cblr-1785	105	31	is	be	AUX
cblr-1785	105	32	still	still	ADV
cblr-1785	105	33	a	a	DET
cblr-1785	105	34	relatively	relatively	ADV
cblr-1785	105	35	new	new	ADJ
cblr-1785	105	36	development	development	NOUN
cblr-1785	105	37	:	:	PUNCT
cblr-1785	105	38	artistshare	artistshare	NOUN
cblr-1785	105	39	,	,	PUNCT
cblr-1785	105	40	an	an	DET
cblr-1785	105	41	early	early	ADJ
cblr-1785	105	42	online	online	ADJ
cblr-1785	105	43	platform	platform	NOUN
cblr-1785	105	44	,	,	PUNCT
cblr-1785	105	45	was	be	AUX
cblr-1785	105	46	founded	found	VERB
cblr-1785	105	47	in	in	ADP
cblr-1785	105	48	200113	200113	NUM
cblr-1785	105	49	and	and	CCONJ
cblr-1785	105	50	kiva	kiva	PROPN
cblr-1785	105	51	,	,	PUNCT
cblr-1785	105	52	“	"	PUNCT
cblr-1785	105	53	the	the	DET
cblr-1785	105	54	leading	lead	VERB
cblr-1785	105	55	crowdfunding	crowdfunding	NOUN
cblr-1785	105	56	site	site	NOUN
cblr-1785	105	57	today	today	NOUN
cblr-1785	105	58	,	,	PUNCT
cblr-1785	105	59	”	"	PUNCT
cblr-1785	105	60	opened	open	VERB
cblr-1785	105	61	in	in	ADP
cblr-1785	105	62	2005.14	2005.14	NUM
cblr-1785	105	63	internet	internet	NOUN
cblr-1785	105	64	-	-	PUNCT
cblr-1785	105	65	based	base	VERB
cblr-1785	105	66	crowdfunding	crowdfunding	NOUN
cblr-1785	105	67	has	have	AUX
cblr-1785	105	68	grown	grow	VERB
cblr-1785	105	69	dramatically	dramatically	ADV
cblr-1785	105	70	in	in	ADP
cblr-1785	105	71	recent	recent	ADJ
cblr-1785	105	72	years	year	NOUN
cblr-1785	105	73	.	.	PUNCT
cblr-1785	106	1	it	it	PRON
cblr-1785	106	2	has	have	AUX
cblr-1785	106	3	been	be	AUX
cblr-1785	106	4	projected	project	VERB
cblr-1785	106	5	that	that	SCONJ
cblr-1785	106	6	,	,	PUNCT
cblr-1785	106	7	in	in	ADP
cblr-1785	106	8	2013	2013	NUM
cblr-1785	106	9	,	,	PUNCT
cblr-1785	106	10	more	more	ADJ
cblr-1785	106	11	than	than	ADP
cblr-1785	106	12	$	$	SYM
cblr-1785	106	13	5	5	NUM
cblr-1785	106	14	billion	billion	NUM
cblr-1785	106	15	—	—	PUNCT
cblr-1785	106	16	almost	almost	ADV
cblr-1785	106	17	double	double	DET
cblr-1785	106	18	the	the	DET
cblr-1785	106	19	amount	amount	NOUN
cblr-1785	106	20	raised	raise	VERB
cblr-1785	106	21	in	in	ADP
cblr-1785	106	22	2012	2012	NUM
cblr-1785	106	23	—	—	PUNCT
cblr-1785	106	24	would	would	AUX
cblr-1785	106	25	be	be	AUX
cblr-1785	106	26	raised	raise	VERB
cblr-1785	106	27	over	over	ADP
cblr-1785	106	28	crowdfunding	crowdfunde	VERB
cblr-1785	106	29	platforms.15	platforms.15	NOUN
cblr-1785	106	30	the	the	DET
cblr-1785	106	31	major	major	ADJ
cblr-1785	106	32	types	type	NOUN
cblr-1785	106	33	of	of	ADP
cblr-1785	106	34	crowdfunding	crowdfunding	NOUN
cblr-1785	106	35	are	be	AUX
cblr-1785	106	36	typically	typically	ADV
cblr-1785	106	37	categorized	categorize	VERB
cblr-1785	106	38	according	accord	VERB
cblr-1785	106	39	to	to	ADP
cblr-1785	106	40	what	what	PRON
cblr-1785	106	41	the	the	DET
cblr-1785	106	42	investor	investor	NOUN
cblr-1785	106	43	is	be	AUX
cblr-1785	106	44	promised	promise	VERB
cblr-1785	106	45	in	in	ADP
cblr-1785	106	46	return	return	NOUN
cblr-1785	106	47	for	for	ADP
cblr-1785	106	48	her	her	PRON
cblr-1785	106	49	money	money	NOUN
cblr-1785	106	50	.	.	PUNCT
cblr-1785	107	1	in	in	ADP
cblr-1785	107	2	the	the	DET
cblr-1785	107	3	donation	donation	NOUN
cblr-1785	107	4	-	-	PUNCT
cblr-1785	107	5	based	base	VERB
cblr-1785	107	6	model	model	NOUN
cblr-1785	107	7	,	,	PUNCT
cblr-1785	107	8	the	the	DET
cblr-1785	107	9	contribution	contribution	NOUN
cblr-1785	107	10	is	be	AUX
cblr-1785	107	11	a	a	DET
cblr-1785	107	12	straight	straight	ADJ
cblr-1785	107	13	donation	donation	NOUN
cblr-1785	107	14	and	and	CCONJ
cblr-1785	107	15	the	the	DET
cblr-1785	107	16	backer	backer	NOUN
cblr-1785	107	17	receives	receive	VERB
cblr-1785	107	18	nothing	nothing	PRON
cblr-1785	107	19	in	in	ADP
cblr-1785	107	20	return.16	return.16	NOUN
cblr-1785	107	21	in	in	ADP
cblr-1785	107	22	the	the	DET
cblr-1785	107	23	rewards	reward	NOUN
cblr-1785	107	24	-	-	PUNCT
cblr-1785	107	25	based	base	VERB
cblr-1785	107	26	model	model	NOUN
cblr-1785	107	27	,	,	PUNCT
cblr-1785	107	28	the	the	DET
cblr-1785	107	29	contributor	contributor	NOUN
cblr-1785	107	30	receives	receive	VERB
cblr-1785	107	31	something	something	PRON
cblr-1785	107	32	in	in	ADP
cblr-1785	107	33	return	return	NOUN
cblr-1785	107	34	that	that	PRON
cblr-1785	107	35	is	be	AUX
cblr-1785	107	36	often	often	ADV
cblr-1785	107	37	related	relate	VERB
cblr-1785	107	38	to	to	ADP
cblr-1785	107	39	the	the	DET
cblr-1785	107	40	project	project	NOUN
cblr-1785	107	41	seeking	seek	VERB
cblr-1785	107	42	financing	financing	NOUN
cblr-1785	107	43	.	.	PUNCT
cblr-1785	108	1	for	for	ADP
cblr-1785	108	2	example	example	NOUN
cblr-1785	108	3	,	,	PUNCT
cblr-1785	108	4	a	a	DET
cblr-1785	108	5	crowdfunding	crowdfunde	VERB
cblr-1785	108	6	12	12	NUM
cblr-1785	108	7	c.	c.	PROPN
cblr-1785	108	8	steven	steven	PROPN
cblr-1785	108	9	bradford	bradford	PROPN
cblr-1785	108	10	,	,	PUNCT
cblr-1785	108	11	crowdfunding	crowdfunding	NOUN
cblr-1785	108	12	and	and	CCONJ
cblr-1785	108	13	the	the	DET
cblr-1785	108	14	federal	federal	ADJ
cblr-1785	108	15	securities	security	NOUN
cblr-1785	108	16	laws	law	NOUN
cblr-1785	108	17	,	,	PUNCT
cblr-1785	108	18	2012	2012	NUM
cblr-1785	108	19	colum	colum	NOUN
cblr-1785	108	20	.	.	PUNCT
cblr-1785	109	1	bus	bus	NOUN
cblr-1785	109	2	.	.	PUNCT
cblr-1785	110	1	l.	l.	PROPN
cblr-1785	110	2	rev	rev	PROPN
cblr-1785	110	3	.	.	PROPN
cblr-1785	110	4	1	1	NUM
cblr-1785	110	5	,	,	PUNCT
cblr-1785	110	6	10	10	NUM
cblr-1785	110	7	(	(	PUNCT
cblr-1785	110	8	2012	2012	NUM
cblr-1785	110	9	)	)	PUNCT
cblr-1785	110	10	.	.	PUNCT
cblr-1785	111	1	13	13	NUM
cblr-1785	111	2	nate	nate	PROPN
cblr-1785	111	3	chinen	chinen	PROPN
cblr-1785	111	4	,	,	PUNCT
cblr-1785	111	5	blue	blue	ADJ
cblr-1785	111	6	note	note	NOUN
cblr-1785	111	7	to	to	PART
cblr-1785	111	8	partner	partner	VERB
cblr-1785	111	9	with	with	ADP
cblr-1785	111	10	artistshare	artistshare	PROPN
cblr-1785	111	11	,	,	PUNCT
cblr-1785	111	12	n.y	n.y	PROPN
cblr-1785	111	13	.	.	PROPN
cblr-1785	111	14	times	times	PROPN
cblr-1785	111	15	artsbeat	artsbeat	NOUN
cblr-1785	111	16	(	(	PUNCT
cblr-1785	111	17	may	may	PROPN
cblr-1785	111	18	8	8	NUM
cblr-1785	111	19	,	,	PUNCT
cblr-1785	111	20	2013	2013	NUM
cblr-1785	111	21	,	,	PUNCT
cblr-1785	111	22	8:00	8:00	NUM
cblr-1785	111	23	am	am	NOUN
cblr-1785	111	24	)	)	PUNCT
cblr-1785	111	25	,	,	PUNCT
cblr-1785	111	26	http://perma.cc/fs6r-9r7v	http://perma.cc/fs6r-9r7v	PROPN
cblr-1785	111	27	;	;	PUNCT
cblr-1785	111	28	can	can	AUX
cblr-1785	111	29	you	you	PRON
cblr-1785	111	30	spare	spare	VERB
cblr-1785	111	31	a	a	DET
cblr-1785	111	32	quarter	quarter	NOUN
cblr-1785	111	33	?	?	PUNCT
cblr-1785	112	1	crowdfunding	crowdfunde	VERB
cblr-1785	112	2	sites	site	NOUN
cblr-1785	112	3	turn	turn	VERB
cblr-1785	112	4	fans	fan	NOUN
cblr-1785	112	5	into	into	ADP
cblr-1785	112	6	patrons	patron	NOUN
cblr-1785	112	7	of	of	ADP
cblr-1785	112	8	the	the	DET
cblr-1785	112	9	arts	art	NOUN
cblr-1785	112	10	,	,	PUNCT
cblr-1785	112	11	knoweldge@wharton	knoweldge@wharton	PROPN
cblr-1785	112	12	(	(	PUNCT
cblr-1785	112	13	dec	dec	PROPN
cblr-1785	112	14	.	.	PROPN
cblr-1785	112	15	8	8	NUM
cblr-1785	112	16	,	,	PUNCT
cblr-1785	112	17	2010	2010	NUM
cblr-1785	112	18	)	)	PUNCT
cblr-1785	112	19	,	,	PUNCT
cblr-1785	112	20	http://perma.cc/8nhh-67zp	http://perma.cc/8nhh-67zp	PROPN
cblr-1785	112	21	.	.	PROPN
cblr-1785	112	22	14	14	NUM
cblr-1785	112	23	bradford	bradford	NOUN
cblr-1785	112	24	,	,	PUNCT
cblr-1785	112	25	supra	supra	PROPN
cblr-1785	112	26	note	note	PROPN
cblr-1785	112	27	12	12	NUM
cblr-1785	112	28	,	,	PUNCT
cblr-1785	112	29	at	at	ADP
cblr-1785	112	30	11	11	NUM
cblr-1785	112	31	.	.	PUNCT
cblr-1785	113	1	bradford	bradford	PROPN
cblr-1785	113	2	also	also	ADV
cblr-1785	113	3	claims	claim	VERB
cblr-1785	113	4	that	that	SCONJ
cblr-1785	113	5	the	the	DET
cblr-1785	113	6	term	term	NOUN
cblr-1785	113	7	“	"	PUNCT
cblr-1785	113	8	crowdfunding	crowdfunding	NOUN
cblr-1785	113	9	”	"	PUNCT
cblr-1785	113	10	did	do	AUX
cblr-1785	113	11	not	not	PART
cblr-1785	113	12	enter	enter	VERB
cblr-1785	113	13	circulation	circulation	NOUN
cblr-1785	113	14	until	until	ADP
cblr-1785	113	15	2006	2006	NUM
cblr-1785	113	16	.	.	PUNCT
cblr-1785	114	1	i	i	PRON
cblr-1785	114	2	d.	d.	PROPN
cblr-1785	114	3	15	15	NUM
cblr-1785	114	4	patrick	patrick	PROPN
cblr-1785	114	5	clark	clark	PROPN
cblr-1785	114	6	,	,	PUNCT
cblr-1785	114	7	crowdfunders	crowdfunder	NOUN
cblr-1785	114	8	are	be	AUX
cblr-1785	114	9	quietly	quietly	ADV
cblr-1785	114	10	donating	donate	VERB
cblr-1785	114	11	and	and	CCONJ
cblr-1785	114	12	lending	lending	NOUN
cblr-1785	114	13	billions	billion	NOUN
cblr-1785	114	14	,	,	PUNCT
cblr-1785	114	15	bloomberg	bloomberg	PROPN
cblr-1785	114	16	businessweek	businessweek	PROPN
cblr-1785	114	17	(	(	PUNCT
cblr-1785	114	18	apr	apr	PROPN
cblr-1785	114	19	.	.	PROPN
cblr-1785	114	20	8	8	NUM
cblr-1785	114	21	,	,	PUNCT
cblr-1785	114	22	2013),http://perma.cc	2013),http://perma.cc	NUM
cblr-1785	114	23	/	/	SYM
cblr-1785	114	24	uqr2fww9	uqr2fww9	PROPN
cblr-1785	114	25	.	.	PUNCT
cblr-1785	115	1	16	16	NUM
cblr-1785	115	2	political	political	ADJ
cblr-1785	115	3	contributions	contribution	NOUN
cblr-1785	115	4	might	might	AUX
cblr-1785	115	5	be	be	AUX
cblr-1785	115	6	thought	think	VERB
cblr-1785	115	7	of	of	ADP
cblr-1785	115	8	as	as	ADP
cblr-1785	115	9	a	a	DET
cblr-1785	115	10	type	type	NOUN
cblr-1785	115	11	of	of	ADP
cblr-1785	115	12	donationbased	donationbase	VERB
cblr-1785	115	13	crowdfunding	crowdfunding	NOUN
cblr-1785	115	14	.	.	PUNCT
cblr-1785	116	1	of	of	ADP
cblr-1785	116	2	course	course	ADV
cblr-1785	116	3	,	,	PUNCT
cblr-1785	116	4	political	political	ADJ
cblr-1785	116	5	crowdfunding	crowdfunding	NOUN
cblr-1785	116	6	can	can	AUX
cblr-1785	116	7	be	be	AUX
cblr-1785	116	8	and	and	CCONJ
cblr-1785	116	9	is	be	AUX
cblr-1785	116	10	done	do	VERB
cblr-1785	116	11	offline	offline	ADJ
cblr-1785	116	12	as	as	ADV
cblr-1785	116	13	well	well	ADV
cblr-1785	116	14	.	.	PUNCT
cblr-1785	117	1	see	see	VERB
cblr-1785	117	2	tim	tim	PROPN
cblr-1785	117	3	kappel	kappel	PROPN
cblr-1785	117	4	,	,	PUNCT
cblr-1785	117	5	ex	ex	NOUN
cblr-1785	117	6	ante	ante	NOUN
cblr-1785	117	7	crowdfunding	crowdfunding	NOUN
cblr-1785	117	8	and	and	CCONJ
cblr-1785	117	9	the	the	DET
cblr-1785	117	10	recording	recording	NOUN
cblr-1785	117	11	industry	industry	NOUN
cblr-1785	117	12	:	:	PUNCT
cblr-1785	117	13	a	a	DET
cblr-1785	117	14	model	model	NOUN
cblr-1785	117	15	for	for	ADP
cblr-1785	117	16	the	the	DET
cblr-1785	117	17	u.s	u.s	PROPN
cblr-1785	117	18	.	.	PROPN
cblr-1785	117	19	?	?	PUNCT
cblr-1785	118	1	,	,	PUNCT
cblr-1785	118	2	29	29	NUM
cblr-1785	118	3	loy	loy	PROPN
cblr-1785	118	4	.	.	PUNCT
cblr-1785	118	5	l.a	l.a	PROPN
cblr-1785	118	6	.	.	PROPN
cblr-1785	118	7	ent	ent	PROPN
cblr-1785	118	8	.	.	PUNCT
cblr-1785	118	9	l.	l.	PROPN
cblr-1785	118	10	rev	rev	PROPN
cblr-1785	118	11	.	.	PROPN
cblr-1785	118	12	375	375	NUM
cblr-1785	118	13	,	,	PUNCT
cblr-1785	118	14	375	375	NUM
cblr-1785	118	15	(	(	PUNCT
cblr-1785	118	16	2009	2009	NUM
cblr-1785	118	17	)	)	PUNCT
cblr-1785	118	18	.	.	PUNCT
cblr-1785	119	1	pei	pei	PROPN
cblr-1785	119	2	final	final	ADJ
cblr-1785	119	3	no	no	NOUN
cblr-1785	119	4	.	.	PUNCT
cblr-1785	120	1	3:854	3:854	NUM
cblr-1785	120	2	]	]	X
cblr-1785	120	3	intrastate	intrastate	ADJ
cblr-1785	120	4	crowdfunding	crowdfunde	VERB
cblr-1785	120	5	861	861	NUM
cblr-1785	120	6	effort	effort	NOUN
cblr-1785	120	7	to	to	PART
cblr-1785	120	8	finance	finance	VERB
cblr-1785	120	9	a	a	DET
cblr-1785	120	10	movie	movie	NOUN
cblr-1785	120	11	might	might	AUX
cblr-1785	120	12	offer	offer	VERB
cblr-1785	120	13	backers	backer	NOUN
cblr-1785	120	14	“	"	PUNCT
cblr-1785	120	15	patronage	patronage	NOUN
cblr-1785	120	16	perks	perk	NOUN
cblr-1785	120	17	”	"	PUNCT
cblr-1785	120	18	such	such	ADJ
cblr-1785	120	19	as	as	ADP
cblr-1785	120	20	a	a	DET
cblr-1785	120	21	t	t	NOUN
cblr-1785	120	22	-	-	PUNCT
cblr-1785	120	23	shirt	shirt	NOUN
cblr-1785	120	24	,	,	PUNCT
cblr-1785	120	25	a	a	DET
cblr-1785	120	26	signed	sign	VERB
cblr-1785	120	27	copy	copy	NOUN
cblr-1785	120	28	of	of	ADP
cblr-1785	120	29	the	the	DET
cblr-1785	120	30	script	script	NOUN
cblr-1785	120	31	,	,	PUNCT
cblr-1785	120	32	or	or	CCONJ
cblr-1785	120	33	the	the	DET
cblr-1785	120	34	inclusion	inclusion	NOUN
cblr-1785	120	35	of	of	ADP
cblr-1785	120	36	the	the	DET
cblr-1785	120	37	investor	investor	NOUN
cblr-1785	120	38	’s	’s	PART
cblr-1785	120	39	name	name	NOUN
cblr-1785	120	40	in	in	ADP
cblr-1785	120	41	the	the	DET
cblr-1785	120	42	film	film	NOUN
cblr-1785	120	43	’s	’s	PART
cblr-1785	120	44	credits.17	credits.17	NOUN
cblr-1785	120	45	in	in	ADP
cblr-1785	120	46	the	the	DET
cblr-1785	120	47	pre	pre	ADJ
cblr-1785	120	48	-	-	ADJ
cblr-1785	120	49	purchase	purchase	ADJ
cblr-1785	120	50	model	model	NOUN
cblr-1785	120	51	,	,	PUNCT
cblr-1785	120	52	the	the	DET
cblr-1785	120	53	most	most	ADV
cblr-1785	120	54	common	common	ADJ
cblr-1785	120	55	type	type	NOUN
cblr-1785	120	56	of	of	ADP
cblr-1785	120	57	crowdfunding,18	crowdfunding,18	NOUN
cblr-1785	120	58	the	the	DET
cblr-1785	120	59	contributor	contributor	NOUN
cblr-1785	120	60	is	be	AUX
cblr-1785	120	61	given	give	VERB
cblr-1785	120	62	the	the	DET
cblr-1785	120	63	chance	chance	NOUN
cblr-1785	120	64	to	to	PART
cblr-1785	120	65	purchase	purchase	VERB
cblr-1785	120	66	the	the	DET
cblr-1785	120	67	product	product	NOUN
cblr-1785	120	68	that	that	PRON
cblr-1785	120	69	will	will	AUX
cblr-1785	120	70	be	be	AUX
cblr-1785	120	71	made	make	VERB
cblr-1785	120	72	with	with	ADP
cblr-1785	120	73	the	the	DET
cblr-1785	120	74	proceeds	proceed	NOUN
cblr-1785	120	75	of	of	ADP
cblr-1785	120	76	the	the	DET
cblr-1785	120	77	funding	funding	NOUN
cblr-1785	120	78	campaign	campaign	NOUN
cblr-1785	120	79	in	in	ADP
cblr-1785	120	80	advance	advance	NOUN
cblr-1785	120	81	,	,	PUNCT
cblr-1785	120	82	usually	usually	ADV
cblr-1785	120	83	at	at	ADP
cblr-1785	120	84	a	a	DET
cblr-1785	120	85	discount	discount	NOUN
cblr-1785	120	86	to	to	ADP
cblr-1785	120	87	the	the	DET
cblr-1785	120	88	anticipated	anticipate	VERB
cblr-1785	120	89	retail	retail	ADJ
cblr-1785	120	90	price.19	price.19	NOUN
cblr-1785	120	91	on	on	ADP
cblr-1785	120	92	the	the	DET
cblr-1785	120	93	lending	lending	NOUN
cblr-1785	120	94	-	-	PUNCT
cblr-1785	120	95	based	base	VERB
cblr-1785	120	96	model	model	NOUN
cblr-1785	120	97	,	,	PUNCT
cblr-1785	120	98	the	the	DET
cblr-1785	120	99	contributor	contributor	NOUN
cblr-1785	120	100	receives	receive	VERB
cblr-1785	120	101	the	the	DET
cblr-1785	120	102	return	return	NOUN
cblr-1785	120	103	of	of	ADP
cblr-1785	120	104	his	his	PRON
cblr-1785	120	105	initial	initial	ADJ
cblr-1785	120	106	investment	investment	NOUN
cblr-1785	120	107	,	,	PUNCT
cblr-1785	120	108	sometimes	sometimes	ADV
cblr-1785	120	109	with	with	ADP
cblr-1785	120	110	interest	interest	NOUN
cblr-1785	120	111	.	.	PUNCT
cblr-1785	121	1	finally	finally	ADV
cblr-1785	121	2	,	,	PUNCT
cblr-1785	121	3	in	in	ADP
cblr-1785	121	4	the	the	DET
cblr-1785	121	5	equity	equity	NOUN
cblr-1785	121	6	-	-	PUNCT
cblr-1785	121	7	based	base	VERB
cblr-1785	121	8	model	model	NOUN
cblr-1785	121	9	,	,	PUNCT
cblr-1785	121	10	backers	backer	NOUN
cblr-1785	121	11	are	be	AUX
cblr-1785	121	12	given	give	VERB
cblr-1785	121	13	a	a	DET
cblr-1785	121	14	stake	stake	NOUN
cblr-1785	121	15	in	in	ADP
cblr-1785	121	16	the	the	DET
cblr-1785	121	17	business	business	NOUN
cblr-1785	121	18	in	in	ADP
cblr-1785	121	19	question	question	NOUN
cblr-1785	121	20	and	and	CCONJ
cblr-1785	121	21	are	be	AUX
cblr-1785	121	22	entitled	entitle	VERB
cblr-1785	121	23	to	to	ADP
cblr-1785	121	24	a	a	DET
cblr-1785	121	25	“	"	PUNCT
cblr-1785	121	26	share	share	NOUN
cblr-1785	121	27	of	of	ADP
cblr-1785	121	28	the	the	DET
cblr-1785	121	29	profits	profit	NOUN
cblr-1785	121	30	or	or	CCONJ
cblr-1785	121	31	return	return	NOUN
cblr-1785	121	32	of	of	ADP
cblr-1785	121	33	the	the	DET
cblr-1785	121	34	business	business	NOUN
cblr-1785	121	35	they	they	PRON
cblr-1785	121	36	are	be	AUX
cblr-1785	121	37	helping	help	VERB
cblr-1785	121	38	to	to	PART
cblr-1785	121	39	fund	fund	VERB
cblr-1785	121	40	.	.	PUNCT
cblr-1785	122	1	”20	”20	PROPN
cblr-1785	122	2	both	both	DET
cblr-1785	122	3	the	the	DET
cblr-1785	122	4	equity	equity	NOUN
cblr-1785	122	5	-	-	PUNCT
cblr-1785	122	6	based	base	VERB
cblr-1785	122	7	and	and	CCONJ
cblr-1785	122	8	interest	interest	NOUN
cblr-1785	122	9	-	-	PUNCT
cblr-1785	122	10	bearing	bear	VERB
cblr-1785	122	11	debt	debt	NOUN
cblr-1785	122	12	models	model	NOUN
cblr-1785	122	13	(	(	PUNCT
cblr-1785	122	14	together	together	ADV
cblr-1785	122	15	,	,	PUNCT
cblr-1785	122	16	“	"	PUNCT
cblr-1785	122	17	securities	security	NOUN
cblr-1785	122	18	-	-	PUNCT
cblr-1785	122	19	based	base	VERB
cblr-1785	122	20	crowdfunding	crowdfunding	NOUN
cblr-1785	122	21	”	"	PUNCT
cblr-1785	122	22	)	)	PUNCT
cblr-1785	122	23	take	take	VERB
cblr-1785	122	24	the	the	DET
cblr-1785	122	25	rewards	reward	NOUN
cblr-1785	122	26	concept	concept	NOUN
cblr-1785	122	27	“	"	PUNCT
cblr-1785	122	28	one	one	NUM
cblr-1785	122	29	step	step	NOUN
cblr-1785	122	30	further	far	ADV
cblr-1785	122	31	.	.	PUNCT
cblr-1785	123	1	”21	”21	ADJ
cblr-1785	123	2	for	for	ADP
cblr-1785	123	3	one	one	NUM
cblr-1785	123	4	,	,	PUNCT
cblr-1785	123	5	by	by	ADP
cblr-1785	123	6	offering	offer	VERB
cblr-1785	123	7	the	the	DET
cblr-1785	123	8	backer	backer	NOUN
cblr-1785	123	9	an	an	DET
cblr-1785	123	10	opportunity	opportunity	NOUN
cblr-1785	123	11	for	for	ADP
cblr-1785	123	12	profit	profit	NOUN
cblr-1785	123	13	,	,	PUNCT
cblr-1785	123	14	they	they	PRON
cblr-1785	123	15	provide	provide	VERB
cblr-1785	123	16	an	an	DET
cblr-1785	123	17	additional	additional	ADJ
cblr-1785	123	18	incentive	incentive	NOUN
cblr-1785	123	19	to	to	PART
cblr-1785	123	20	invest	invest	VERB
cblr-1785	123	21	.	.	PUNCT
cblr-1785	124	1	moreover	moreover	ADV
cblr-1785	124	2	,	,	PUNCT
cblr-1785	124	3	they	they	PRON
cblr-1785	124	4	make	make	VERB
cblr-1785	124	5	crowdfunding	crowdfunde	VERB
cblr-1785	124	6	a	a	DET
cblr-1785	124	7	real	real	ADJ
cblr-1785	124	8	option	option	NOUN
cblr-1785	124	9	for	for	ADP
cblr-1785	124	10	businesses	business	NOUN
cblr-1785	124	11	that	that	PRON
cblr-1785	124	12	are	be	AUX
cblr-1785	124	13	not	not	PART
cblr-1785	124	14	well	well	ADV
cblr-1785	124	15	suited	suited	ADJ
cblr-1785	124	16	to	to	PART
cblr-1785	124	17	exploit	exploit	VERB
cblr-1785	124	18	the	the	DET
cblr-1785	124	19	other	other	ADJ
cblr-1785	124	20	popular	popular	ADJ
cblr-1785	124	21	models.22	models.22	NOUN
cblr-1785	124	22	for	for	ADP
cblr-1785	124	23	instance	instance	NOUN
cblr-1785	124	24	,	,	PUNCT
cblr-1785	124	25	a	a	DET
cblr-1785	124	26	contractor	contractor	NOUN
cblr-1785	124	27	in	in	ADP
cblr-1785	124	28	the	the	DET
cblr-1785	124	29	business	business	NOUN
cblr-1785	124	30	of	of	ADP
cblr-1785	124	31	rehabbing	rehabbe	VERB
cblr-1785	124	32	old	old	ADJ
cblr-1785	124	33	apartment	apartment	NOUN
cblr-1785	124	34	complexes	complex	NOUN
cblr-1785	124	35	would	would	AUX
cblr-1785	124	36	be	be	AUX
cblr-1785	124	37	unlikely	unlikely	ADJ
cblr-1785	124	38	to	to	PART
cblr-1785	124	39	attract	attract	VERB
cblr-1785	124	40	investment	investment	NOUN
cblr-1785	124	41	interest	interest	NOUN
cblr-1785	124	42	with	with	ADP
cblr-1785	124	43	free	free	ADJ
cblr-1785	124	44	t	t	NOUN
cblr-1785	124	45	-	-	PUNCT
cblr-1785	124	46	shirts	shirt	NOUN
cblr-1785	124	47	or	or	CCONJ
cblr-1785	124	48	17	17	NUM
cblr-1785	124	49	see	see	VERB
cblr-1785	124	50	i	i	PRON
cblr-1785	124	51	d.	d.	PROPN
cblr-1785	124	52	at	at	ADP
cblr-1785	124	53	376	376	NUM
cblr-1785	124	54	.	.	PUNCT
cblr-1785	125	1	of	of	ADP
cblr-1785	125	2	course	course	NOUN
cblr-1785	125	3	,	,	PUNCT
cblr-1785	125	4	the	the	DET
cblr-1785	125	5	rewards	reward	NOUN
cblr-1785	125	6	need	need	AUX
cblr-1785	125	7	not	not	PART
cblr-1785	125	8	be	be	AUX
cblr-1785	125	9	tied	tie	VERB
cblr-1785	125	10	to	to	ADP
cblr-1785	125	11	the	the	DET
cblr-1785	125	12	project	project	NOUN
cblr-1785	125	13	in	in	ADP
cblr-1785	125	14	question	question	NOUN
cblr-1785	125	15	.	.	PUNCT
cblr-1785	126	1	the	the	DET
cblr-1785	126	2	university	university	PROPN
cblr-1785	126	3	of	of	ADP
cblr-1785	126	4	california	california	PROPN
cblr-1785	126	5	recently	recently	ADV
cblr-1785	126	6	raised	raise	VERB
cblr-1785	126	7	$	$	SYM
cblr-1785	126	8	1.3	1.3	NUM
cblr-1785	126	9	million	million	NUM
cblr-1785	126	10	in	in	ADP
cblr-1785	126	11	scholarship	scholarship	NOUN
cblr-1785	126	12	money	money	NOUN
cblr-1785	126	13	in	in	ADP
cblr-1785	126	14	a	a	DET
cblr-1785	126	15	crowdfunding	crowdfunding	NOUN
cblr-1785	126	16	effort	effort	NOUN
cblr-1785	126	17	that	that	PRON
cblr-1785	126	18	solicited	solicit	VERB
cblr-1785	126	19	contributions	contribution	NOUN
cblr-1785	126	20	by	by	ADP
cblr-1785	126	21	offering	offer	VERB
cblr-1785	126	22	rewards	reward	NOUN
cblr-1785	126	23	such	such	ADJ
cblr-1785	126	24	as	as	ADP
cblr-1785	126	25	car	car	NOUN
cblr-1785	126	26	washes	wash	NOUN
cblr-1785	126	27	by	by	ADP
cblr-1785	126	28	a	a	DET
cblr-1785	126	29	fraternity	fraternity	NOUN
cblr-1785	126	30	house	house	NOUN
cblr-1785	126	31	and	and	CCONJ
cblr-1785	126	32	the	the	DET
cblr-1785	126	33	chance	chance	NOUN
cblr-1785	126	34	to	to	PART
cblr-1785	126	35	receive	receive	VERB
cblr-1785	126	36	a	a	DET
cblr-1785	126	37	private	private	ADJ
cblr-1785	126	38	cooking	cooking	NOUN
cblr-1785	126	39	lesson	lesson	NOUN
cblr-1785	126	40	over	over	ADP
cblr-1785	126	41	skype	skype	NOUN
cblr-1785	126	42	from	from	ADP
cblr-1785	126	43	the	the	DET
cblr-1785	126	44	actress	actress	NOUN
cblr-1785	126	45	teri	teri	PROPN
cblr-1785	126	46	hatcher	hatcher	PROPN
cblr-1785	126	47	.	.	PUNCT
cblr-1785	127	1	one	one	NUM
cblr-1785	127	2	student	student	NOUN
cblr-1785	127	3	was	be	AUX
cblr-1785	127	4	able	able	ADJ
cblr-1785	127	5	to	to	PART
cblr-1785	127	6	raise	raise	VERB
cblr-1785	127	7	$	$	SYM
cblr-1785	127	8	200	200	NUM
cblr-1785	127	9	by	by	ADP
cblr-1785	127	10	promising	promise	VERB
cblr-1785	127	11	to	to	PART
cblr-1785	127	12	wear	wear	VERB
cblr-1785	127	13	a	a	DET
cblr-1785	127	14	costume	costume	ADJ
cblr-1785	127	15	horse	horse	NOUN
cblr-1785	127	16	head	head	NOUN
cblr-1785	127	17	around	around	ADP
cblr-1785	127	18	the	the	DET
cblr-1785	127	19	campus	campus	NOUN
cblr-1785	127	20	of	of	ADP
cblr-1785	127	21	uc	uc	PROPN
cblr-1785	127	22	-	-	PROPN
cblr-1785	127	23	merced	merced	PROPN
cblr-1785	127	24	for	for	ADP
cblr-1785	127	25	a	a	DET
cblr-1785	127	26	week	week	NOUN
cblr-1785	127	27	.	.	PUNCT
cblr-1785	128	1	see	see	VERB
cblr-1785	128	2	larry	larry	PROPN
cblr-1785	128	3	gordon	gordon	PROPN
cblr-1785	128	4	,	,	PUNCT
cblr-1785	128	5	uc	uc	PROPN
cblr-1785	128	6	crowd	crowd	NOUN
cblr-1785	128	7	-	-	PUNCT
cblr-1785	128	8	funding	funding	NOUN
cblr-1785	128	9	effort	effort	NOUN
cblr-1785	128	10	brings	bring	VERB
cblr-1785	128	11	in	in	ADP
cblr-1785	128	12	$	$	SYM
cblr-1785	128	13	1.3	1.3	NUM
cblr-1785	128	14	million	million	NUM
cblr-1785	128	15	—	—	PUNCT
cblr-1785	128	16	and	and	CCONJ
cblr-1785	128	17	some	some	DET
cblr-1785	128	18	fun	fun	NOUN
cblr-1785	128	19	,	,	PUNCT
cblr-1785	128	20	l.a	l.a	PROPN
cblr-1785	128	21	.	.	PROPN
cblr-1785	128	22	times	time	NOUN
cblr-1785	128	23	collections	collection	NOUN
cblr-1785	128	24	(	(	PUNCT
cblr-1785	128	25	nov	nov	PROPN
cblr-1785	128	26	.	.	PROPN
cblr-1785	128	27	6	6	NUM
cblr-1785	128	28	,	,	PUNCT
cblr-1785	128	29	2013	2013	NUM
cblr-1785	128	30	)	)	PUNCT
cblr-1785	128	31	,	,	PUNCT
cblr-1785	128	32	http://perma.cc/8ztr-nju6	http://perma.cc/8ztr-nju6	PROPN
cblr-1785	128	33	.	.	PUNCT
cblr-1785	129	1	18	18	NUM
cblr-1785	129	2	bradford	bradford	NOUN
cblr-1785	129	3	,	,	PUNCT
cblr-1785	129	4	supra	supra	PROPN
cblr-1785	129	5	note	note	PROPN
cblr-1785	129	6	12	12	NUM
cblr-1785	129	7	,	,	PUNCT
cblr-1785	129	8	at	at	ADP
cblr-1785	129	9	16	16	NUM
cblr-1785	129	10	.	.	PUNCT
cblr-1785	129	11	19	19	NUM
cblr-1785	129	12	one	one	NUM
cblr-1785	129	13	of	of	ADP
cblr-1785	129	14	this	this	DET
cblr-1785	129	15	author	author	NOUN
cblr-1785	129	16	’s	’s	PART
cblr-1785	129	17	former	former	ADJ
cblr-1785	129	18	students	student	NOUN
cblr-1785	129	19	invited	invite	VERB
cblr-1785	129	20	this	this	DET
cblr-1785	129	21	author	author	NOUN
cblr-1785	129	22	to	to	PART
cblr-1785	129	23	participate	participate	VERB
cblr-1785	129	24	in	in	ADP
cblr-1785	129	25	a	a	DET
cblr-1785	129	26	crowdfunding	crowdfunding	NOUN
cblr-1785	129	27	campaign	campaign	NOUN
cblr-1785	129	28	and	and	CCONJ
cblr-1785	129	29	pre	pre	NOUN
cblr-1785	129	30	-	-	VERB
cblr-1785	129	31	purchase	purchase	VERB
cblr-1785	129	32	a	a	DET
cblr-1785	129	33	pair	pair	NOUN
cblr-1785	129	34	of	of	ADP
cblr-1785	129	35	bamboo	bamboo	NOUN
cblr-1785	129	36	sunglasses	sunglass	NOUN
cblr-1785	129	37	.	.	PUNCT
cblr-1785	130	1	see	see	VERB
cblr-1785	130	2	waybu	waybu	NOUN
cblr-1785	130	3	sunglasses	sunglass	NOUN
cblr-1785	130	4	—	—	PUNCT
cblr-1785	130	5	join	join	VERB
cblr-1785	130	6	the	the	DET
cblr-1785	130	7	journey	journey	NOUN
cblr-1785	130	8	,	,	PUNCT
cblr-1785	130	9	indiegogo	indiegogo	NOUN
cblr-1785	130	10	,	,	PUNCT
cblr-1785	130	11	http://perma.cc/r5vf-6lqj	http://perma.cc/r5vf-6lqj	PROPN
cblr-1785	130	12	(	(	PUNCT
cblr-1785	130	13	last	last	ADV
cblr-1785	130	14	visited	visit	VERB
cblr-1785	130	15	nov	nov	PROPN
cblr-1785	130	16	.	.	PROPN
cblr-1785	130	17	27	27	NUM
cblr-1785	130	18	,	,	PUNCT
cblr-1785	130	19	2014	2014	NUM
cblr-1785	130	20	)	)	PUNCT
cblr-1785	130	21	.	.	PUNCT
cblr-1785	131	1	20	20	NUM
cblr-1785	131	2	bradford	bradford	NOUN
cblr-1785	131	3	,	,	PUNCT
cblr-1785	131	4	supra	supra	PROPN
cblr-1785	131	5	note	note	PROPN
cblr-1785	131	6	12	12	NUM
cblr-1785	131	7	,	,	PUNCT
cblr-1785	131	8	at	at	ADP
cblr-1785	131	9	24	24	NUM
cblr-1785	131	10	.	.	PUNCT
cblr-1785	131	11	21	21	NUM
cblr-1785	131	12	see	see	VERB
cblr-1785	131	13	schwartz	schwartz	PROPN
cblr-1785	131	14	,	,	PUNCT
cblr-1785	131	15	supra	supra	PROPN
cblr-1785	131	16	note	note	NOUN
cblr-1785	131	17	3	3	NUM
cblr-1785	131	18	,	,	PUNCT
cblr-1785	131	19	at	at	ADP
cblr-1785	131	20	1460	1460	NUM
cblr-1785	131	21	.	.	PUNCT
cblr-1785	132	1	22	22	NUM
cblr-1785	132	2	see	see	VERB
cblr-1785	132	3	jason	jason	PROPN
cblr-1785	132	4	w.	w.	PROPN
cblr-1785	132	5	parsont	parsont	PROPN
cblr-1785	132	6	,	,	PUNCT
cblr-1785	132	7	crowdfunding	crowdfunde	VERB
cblr-1785	132	8	:	:	PUNCT
cblr-1785	132	9	the	the	DET
cblr-1785	132	10	real	real	ADJ
cblr-1785	132	11	and	and	CCONJ
cblr-1785	132	12	the	the	DET
cblr-1785	132	13	illusory	illusory	ADJ
cblr-1785	132	14	exemption	exemption	NOUN
cblr-1785	132	15	,	,	PUNCT
cblr-1785	132	16	4	4	NUM
cblr-1785	132	17	harv	harv	NOUN
cblr-1785	132	18	.	.	PUNCT
cblr-1785	133	1	bus	bus	NOUN
cblr-1785	133	2	.	.	PUNCT
cblr-1785	134	1	l.	l.	PROPN
cblr-1785	134	2	rev	rev	PROPN
cblr-1785	134	3	.	.	PROPN
cblr-1785	134	4	281	281	NUM
cblr-1785	134	5	,	,	PUNCT
cblr-1785	134	6	292–93	292–93	NUM
cblr-1785	134	7	(	(	PUNCT
cblr-1785	134	8	2014	2014	NUM
cblr-1785	134	9	)	)	PUNCT
cblr-1785	134	10	.	.	PUNCT
cblr-1785	135	1	pei	pei	PROPN
cblr-1785	135	2	final	final	ADJ
cblr-1785	135	3	862	862	NUM
cblr-1785	135	4	columbia	columbia	PROPN
cblr-1785	135	5	business	business	NOUN
cblr-1785	135	6	law	law	PROPN
cblr-1785	135	7	review	review	NOUN
cblr-1785	135	8	[	[	X
cblr-1785	135	9	vol	vol	NOUN
cblr-1785	135	10	.	.	PUNCT
cblr-1785	135	11	2014	2014	NUM
cblr-1785	135	12	other	other	ADJ
cblr-1785	135	13	perks	perk	NOUN
cblr-1785	135	14	,	,	PUNCT
cblr-1785	135	15	and	and	CCONJ
cblr-1785	135	16	obviously	obviously	ADV
cblr-1785	135	17	few	few	ADJ
cblr-1785	135	18	would	would	AUX
cblr-1785	135	19	be	be	AUX
cblr-1785	135	20	in	in	ADP
cblr-1785	135	21	a	a	DET
cblr-1785	135	22	position	position	NOUN
cblr-1785	135	23	to	to	PART
cblr-1785	135	24	prepurchase	prepurchase	VERB
cblr-1785	135	25	the	the	DET
cblr-1785	135	26	finished	finish	VERB
cblr-1785	135	27	product.23	product.23	PROPN
cblr-1785	135	28	to	to	PART
cblr-1785	135	29	raise	raise	VERB
cblr-1785	135	30	capital	capital	NOUN
cblr-1785	135	31	through	through	ADP
cblr-1785	135	32	crowdfunding	crowdfunding	NOUN
cblr-1785	135	33	,	,	PUNCT
cblr-1785	135	34	it	it	PRON
cblr-1785	135	35	seems	seem	VERB
cblr-1785	135	36	that	that	SCONJ
cblr-1785	135	37	these	these	DET
cblr-1785	135	38	types	type	NOUN
cblr-1785	135	39	of	of	ADP
cblr-1785	135	40	firms	firm	NOUN
cblr-1785	135	41	must	must	AUX
cblr-1785	135	42	be	be	AUX
cblr-1785	135	43	able	able	ADJ
cblr-1785	135	44	to	to	PART
cblr-1785	135	45	offer	offer	VERB
cblr-1785	135	46	some	some	DET
cblr-1785	135	47	kind	kind	NOUN
cblr-1785	135	48	of	of	ADP
cblr-1785	135	49	return	return	NOUN
cblr-1785	135	50	.	.	PUNCT
cblr-1785	136	1	the	the	DET
cblr-1785	136	2	crowdfunding	crowdfunding	NOUN
cblr-1785	136	3	exemptions	exemption	NOUN
cblr-1785	136	4	seek	seek	VERB
cblr-1785	136	5	to	to	PART
cblr-1785	136	6	make	make	VERB
cblr-1785	136	7	this	this	PRON
cblr-1785	136	8	possible	possible	ADJ
cblr-1785	136	9	.	.	PUNCT
cblr-1785	137	1	b.	b.	PROPN
cblr-1785	137	2	small	small	ADJ
cblr-1785	137	3	business	business	NOUN
cblr-1785	137	4	capital	capital	NOUN
cblr-1785	137	5	formation	formation	NOUN
cblr-1785	137	6	and	and	CCONJ
cblr-1785	137	7	the	the	DET
cblr-1785	137	8	case	case	NOUN
cblr-1785	137	9	for	for	ADP
cblr-1785	137	10	the	the	DET
cblr-1785	137	11	federal	federal	ADJ
cblr-1785	137	12	crowdfunding	crowdfunding	NOUN
cblr-1785	137	13	exemption	exemption	NOUN
cblr-1785	137	14	supporters	supporter	NOUN
cblr-1785	137	15	of	of	ADP
cblr-1785	137	16	securities	security	NOUN
cblr-1785	137	17	-	-	PUNCT
cblr-1785	137	18	based	base	VERB
cblr-1785	137	19	crowdfunding	crowdfunding	NOUN
cblr-1785	137	20	have	have	AUX
cblr-1785	137	21	argued	argue	VERB
cblr-1785	137	22	that	that	SCONJ
cblr-1785	137	23	it	it	PRON
cblr-1785	137	24	can	can	AUX
cblr-1785	137	25	greatly	greatly	ADV
cblr-1785	137	26	increase	increase	VERB
cblr-1785	137	27	access	access	NOUN
cblr-1785	137	28	to	to	ADP
cblr-1785	137	29	capital	capital	NOUN
cblr-1785	137	30	for	for	ADP
cblr-1785	137	31	start	start	NOUN
cblr-1785	137	32	-	-	PUNCT
cblr-1785	137	33	ups	up	NOUN
cblr-1785	137	34	and	and	CCONJ
cblr-1785	137	35	early	early	ADJ
cblr-1785	137	36	-	-	PUNCT
cblr-1785	137	37	stage	stage	NOUN
cblr-1785	137	38	small	small	ADJ
cblr-1785	137	39	businesses.24	businesses.24	NOUN
cblr-1785	137	40	many	many	ADJ
cblr-1785	137	41	argue	argue	VERB
cblr-1785	137	42	that	that	SCONJ
cblr-1785	137	43	such	such	ADJ
cblr-1785	137	44	ventures	venture	NOUN
cblr-1785	137	45	are	be	AUX
cblr-1785	137	46	frequently	frequently	ADV
cblr-1785	137	47	unable	unable	ADJ
cblr-1785	137	48	to	to	PART
cblr-1785	137	49	get	get	VERB
cblr-1785	137	50	the	the	DET
cblr-1785	137	51	money	money	NOUN
cblr-1785	137	52	they	they	PRON
cblr-1785	137	53	need.25	need.25	VERB
cblr-1785	137	54	traditional	traditional	ADJ
cblr-1785	137	55	private	private	ADJ
cblr-1785	137	56	sources	source	NOUN
cblr-1785	137	57	of	of	ADP
cblr-1785	137	58	capital	capital	NOUN
cblr-1785	137	59	such	such	ADJ
cblr-1785	137	60	as	as	ADP
cblr-1785	137	61	banks	bank	NOUN
cblr-1785	137	62	,	,	PUNCT
cblr-1785	137	63	venture	venture	NOUN
cblr-1785	137	64	capitalists	capitalist	NOUN
cblr-1785	137	65	,	,	PUNCT
cblr-1785	137	66	and	and	CCONJ
cblr-1785	137	67	angel	angel	NOUN
cblr-1785	137	68	investors	investor	NOUN
cblr-1785	137	69	are	be	AUX
cblr-1785	137	70	not	not	PART
cblr-1785	137	71	available	available	ADJ
cblr-1785	137	72	to	to	ADP
cblr-1785	137	73	most	most	ADV
cblr-1785	137	74	new	new	ADJ
cblr-1785	137	75	entrepreneurs.26	entrepreneurs.26	NOUN
cblr-1785	137	76	these	these	DET
cblr-1785	137	77	ventures	venture	NOUN
cblr-1785	137	78	often	often	ADV
cblr-1785	137	79	lack	lack	VERB
cblr-1785	137	80	the	the	DET
cblr-1785	137	81	collateral	collateral	NOUN
cblr-1785	137	82	to	to	PART
cblr-1785	137	83	secure	secure	VERB
cblr-1785	137	84	a	a	DET
cblr-1785	137	85	bank	bank	NOUN
cblr-1785	137	86	loan,27	loan,27	NOUN
cblr-1785	137	87	and	and	CCONJ
cblr-1785	137	88	venture	venture	NOUN
cblr-1785	137	89	capitalists	capitalist	NOUN
cblr-1785	137	90	and	and	CCONJ
cblr-1785	137	91	angel	angel	NOUN
cblr-1785	137	92	investors	investor	NOUN
cblr-1785	137	93	tend	tend	VERB
cblr-1785	137	94	to	to	PART
cblr-1785	137	95	focus	focus	VERB
cblr-1785	137	96	on	on	ADP
cblr-1785	137	97	high	high	ADJ
cblr-1785	137	98	-	-	PUNCT
cblr-1785	137	99	growth	growth	NOUN
cblr-1785	137	100	opportunities	opportunity	NOUN
cblr-1785	137	101	in	in	ADP
cblr-1785	137	102	which	which	PRON
cblr-1785	137	103	they	they	PRON
cblr-1785	137	104	can	can	AUX
cblr-1785	137	105	make	make	VERB
cblr-1785	137	106	a	a	DET
cblr-1785	137	107	substantial	substantial	ADJ
cblr-1785	137	108	investment.28	investment.28	NOUN
cblr-1785	137	109	moreover	moreover	ADV
cblr-1785	137	110	,	,	PUNCT
cblr-1785	137	111	23	23	NUM
cblr-1785	137	112	one	one	NUM
cblr-1785	137	113	of	of	ADP
cblr-1785	137	114	the	the	DET
cblr-1785	137	115	first	first	ADJ
cblr-1785	137	116	successful	successful	ADJ
cblr-1785	137	117	campaigns	campaign	NOUN
cblr-1785	137	118	using	use	VERB
cblr-1785	137	119	the	the	DET
cblr-1785	137	120	invest	inv	ADJ
cblr-1785	137	121	georgia	georgia	PROPN
cblr-1785	137	122	exemption	exemption	NOUN
cblr-1785	137	123	was	be	AUX
cblr-1785	137	124	for	for	ADP
cblr-1785	137	125	a	a	DET
cblr-1785	137	126	similar	similar	ADJ
cblr-1785	137	127	project	project	NOUN
cblr-1785	137	128	.	.	PUNCT
cblr-1785	138	1	see	see	VERB
cblr-1785	138	2	clark	clark	PROPN
cblr-1785	138	3	,	,	PUNCT
cblr-1785	138	4	supra	supra	PROPN
cblr-1785	138	5	note	note	PROPN
cblr-1785	138	6	11	11	NUM
cblr-1785	138	7	.	.	SYM
cblr-1785	138	8	24	24	NUM
cblr-1785	138	9	see	see	VERB
cblr-1785	138	10	hearing	hear	VERB
cblr-1785	138	11	on	on	ADP
cblr-1785	138	12	the	the	DET
cblr-1785	138	13	jobs	job	NOUN
cblr-1785	138	14	act	act	NOUN
cblr-1785	138	15	—	—	PUNCT
cblr-1785	138	16	importance	importance	NOUN
cblr-1785	138	17	of	of	ADP
cblr-1785	138	18	effective	effective	ADJ
cblr-1785	138	19	implementation	implementation	NOUN
cblr-1785	138	20	before	before	ADP
cblr-1785	138	21	the	the	DET
cblr-1785	138	22	subcomm	subcomm	NOUN
cblr-1785	138	23	.	.	PUNCT
cblr-1785	139	1	on	on	ADP
cblr-1785	139	2	tarp	tarp	NOUN
cblr-1785	139	3	,	,	PUNCT
cblr-1785	139	4	fin	fin	NOUN
cblr-1785	139	5	.	.	PUNCT
cblr-1785	139	6	servs	servs	PROPN
cblr-1785	139	7	.	.	PUNCT
cblr-1785	139	8	,	,	PUNCT
cblr-1785	139	9	and	and	CCONJ
cblr-1785	139	10	bailouts	bailout	NOUN
cblr-1785	139	11	of	of	ADP
cblr-1785	139	12	pub	pub	NOUN
cblr-1785	139	13	.	.	PUNCT
cblr-1785	140	1	and	and	CCONJ
cblr-1785	140	2	private	private	ADJ
cblr-1785	140	3	programs	program	NOUN
cblr-1785	140	4	of	of	ADP
cblr-1785	140	5	the	the	DET
cblr-1785	140	6	h.	h.	PROPN
cblr-1785	140	7	comm	comm	NOUN
cblr-1785	140	8	.	.	PUNCT
cblr-1785	141	1	on	on	ADP
cblr-1785	141	2	oversight	oversight	NOUN
cblr-1785	141	3	&	&	CCONJ
cblr-1785	141	4	gov’t	gov’t	PROPN
cblr-1785	141	5	reform	reform	NOUN
cblr-1785	141	6	,	,	PUNCT
cblr-1785	141	7	112th	112th	PROPN
cblr-1785	141	8	cong	cong	NOUN
cblr-1785	141	9	.	.	PUNCT
cblr-1785	142	1	43	43	NUM
cblr-1785	142	2	(	(	PUNCT
cblr-1785	142	3	2012	2012	NUM
cblr-1785	142	4	)	)	PUNCT
cblr-1785	142	5	(	(	PUNCT
cblr-1785	142	6	statement	statement	NOUN
cblr-1785	142	7	of	of	ADP
cblr-1785	142	8	c.	c.	PROPN
cblr-1785	142	9	steven	steven	PROPN
cblr-1785	142	10	bradford	bradford	PROPN
cblr-1785	142	11	,	,	PUNCT
cblr-1785	142	12	earl	earl	PROPN
cblr-1785	142	13	dunlop	dunlop	PROPN
cblr-1785	142	14	distinguished	distinguished	ADJ
cblr-1785	142	15	professor	professor	NOUN
cblr-1785	142	16	of	of	ADP
cblr-1785	142	17	law	law	NOUN
cblr-1785	142	18	,	,	PUNCT
cblr-1785	142	19	university	university	PROPN
cblr-1785	142	20	of	of	ADP
cblr-1785	142	21	nebraska	nebraska	PROPN
cblr-1785	142	22	college	college	PROPN
cblr-1785	142	23	of	of	ADP
cblr-1785	142	24	law	law	NOUN
cblr-1785	142	25	)	)	PUNCT
cblr-1785	142	26	(	(	PUNCT
cblr-1785	142	27	“	"	PUNCT
cblr-1785	142	28	i	i	PRON
cblr-1785	142	29	believe	believe	VERB
cblr-1785	142	30	crowdfunding	crowdfunding	NOUN
cblr-1785	142	31	has	have	VERB
cblr-1785	142	32	extraordinary	extraordinary	ADJ
cblr-1785	142	33	promise	promise	NOUN
cblr-1785	142	34	for	for	ADP
cblr-1785	142	35	small	small	ADJ
cblr-1785	142	36	business	business	NOUN
cblr-1785	142	37	capital	capital	NOUN
cblr-1785	142	38	formation	formation	NOUN
cblr-1785	142	39	.	.	PUNCT
cblr-1785	142	40	.	.	PUNCT
cblr-1785	142	41	.	.	PUNCT
cblr-1785	142	42	.	.	PUNCT
cblr-1785	142	43	”	"	PUNCT
cblr-1785	142	44	)	)	PUNCT
cblr-1785	142	45	.	.	PUNCT
cblr-1785	143	1	25	25	NUM
cblr-1785	143	2	bradford	bradford	NOUN
cblr-1785	143	3	cites	cite	VERB
cblr-1785	143	4	estimates	estimate	NOUN
cblr-1785	143	5	that	that	SCONJ
cblr-1785	143	6	the	the	DET
cblr-1785	143	7	financial	financial	ADJ
cblr-1785	143	8	markets	market	NOUN
cblr-1785	143	9	“	"	PUNCT
cblr-1785	143	10	fall	fall	VERB
cblr-1785	143	11	$	$	SYM
cblr-1785	143	12	60	60	NUM
cblr-1785	143	13	billion	billion	NUM
cblr-1785	143	14	short	short	ADJ
cblr-1785	143	15	each	each	DET
cblr-1785	143	16	year	year	NOUN
cblr-1785	143	17	in	in	ADP
cblr-1785	143	18	meeting	meet	VERB
cblr-1785	143	19	the	the	DET
cblr-1785	143	20	demand	demand	NOUN
cblr-1785	143	21	of	of	ADP
cblr-1785	143	22	small	small	ADJ
cblr-1785	143	23	companies	company	NOUN
cblr-1785	143	24	for	for	ADP
cblr-1785	143	25	early	early	ADJ
cblr-1785	143	26	-	-	PUNCT
cblr-1785	143	27	stage	stage	NOUN
cblr-1785	143	28	private	private	ADJ
cblr-1785	143	29	equity	equity	NOUN
cblr-1785	143	30	financing	financing	NOUN
cblr-1785	143	31	.	.	PUNCT
cblr-1785	143	32	”	"	PUNCT
cblr-1785	144	1	bradford	bradford	PROPN
cblr-1785	144	2	,	,	PUNCT
cblr-1785	144	3	supra	supra	PROPN
cblr-1785	144	4	note	note	PROPN
cblr-1785	144	5	12	12	NUM
cblr-1785	144	6	,	,	PUNCT
cblr-1785	144	7	at	at	ADP
cblr-1785	144	8	100	100	NUM
cblr-1785	144	9	(	(	PUNCT
cblr-1785	144	10	internal	internal	ADJ
cblr-1785	144	11	quotation	quotation	NOUN
cblr-1785	144	12	marks	mark	NOUN
cblr-1785	144	13	omitted	omit	VERB
cblr-1785	144	14	)	)	PUNCT
cblr-1785	144	15	.	.	PUNCT
cblr-1785	145	1	but	but	CCONJ
cblr-1785	145	2	see	see	VERB
cblr-1785	145	3	vladimir	vladimir	PROPN
cblr-1785	145	4	ivanov	ivanov	PROPN
cblr-1785	145	5	&	&	CCONJ
cblr-1785	145	6	scott	scott	PROPN
cblr-1785	145	7	bauguess	bauguess	PROPN
cblr-1785	145	8	,	,	PUNCT
cblr-1785	145	9	u.s	u.s	PROPN
cblr-1785	145	10	.	.	PROPN
cblr-1785	145	11	sec	sec	PROPN
cblr-1785	145	12	.	.	PROPN
cblr-1785	145	13	&	&	CCONJ
cblr-1785	145	14	exch	exch	PROPN
cblr-1785	145	15	.	.	PUNCT
cblr-1785	146	1	comm’n	comm’n	PROPN
cblr-1785	146	2	,	,	PUNCT
cblr-1785	146	3	capital	capital	NOUN
cblr-1785	146	4	raising	raising	NOUN
cblr-1785	146	5	in	in	ADP
cblr-1785	146	6	the	the	DET
cblr-1785	146	7	u.s	u.s	PROPN
cblr-1785	146	8	.	.	PROPN
cblr-1785	146	9	:	:	PUNCT
cblr-1785	147	1	an	an	DET
cblr-1785	147	2	analysis	analysis	NOUN
cblr-1785	147	3	of	of	ADP
cblr-1785	147	4	unregistered	unregistered	ADJ
cblr-1785	147	5	offerings	offering	NOUN
cblr-1785	147	6	using	use	VERB
cblr-1785	147	7	the	the	DET
cblr-1785	147	8	regulation	regulation	NOUN
cblr-1785	147	9	d	d	ADP
cblr-1785	147	10	exemption	exemption	NOUN
cblr-1785	147	11	,	,	PUNCT
cblr-1785	147	12	2009	2009	NUM
cblr-1785	147	13	-	-	SYM
cblr-1785	147	14	2012	2012	NUM
cblr-1785	147	15	10	10	NUM
cblr-1785	147	16	(	(	PUNCT
cblr-1785	147	17	2013	2013	NUM
cblr-1785	147	18	)	)	PUNCT
cblr-1785	147	19	(	(	PUNCT
cblr-1785	147	20	arguing	argue	VERB
cblr-1785	147	21	that	that	SCONJ
cblr-1785	147	22	private	private	ADJ
cblr-1785	147	23	offerings	offering	NOUN
cblr-1785	147	24	provide	provide	VERB
cblr-1785	147	25	a	a	DET
cblr-1785	147	26	robust	robust	ADJ
cblr-1785	147	27	source	source	NOUN
cblr-1785	147	28	of	of	ADP
cblr-1785	147	29	capital	capital	NOUN
cblr-1785	147	30	and	and	CCONJ
cblr-1785	147	31	that	that	SCONJ
cblr-1785	147	32	concerns	concern	NOUN
cblr-1785	147	33	about	about	ADP
cblr-1785	147	34	small	small	ADJ
cblr-1785	147	35	business	business	NOUN
cblr-1785	147	36	capital	capital	NOUN
cblr-1785	147	37	formation	formation	NOUN
cblr-1785	147	38	may	may	AUX
cblr-1785	147	39	be	be	AUX
cblr-1785	147	40	overstated	overstate	VERB
cblr-1785	147	41	)	)	PUNCT
cblr-1785	147	42	.	.	PUNCT
cblr-1785	148	1	26	26	NUM
cblr-1785	148	2	see	see	VERB
cblr-1785	148	3	bradford	bradford	NOUN
cblr-1785	148	4	,	,	PUNCT
cblr-1785	148	5	supra	supra	PROPN
cblr-1785	148	6	note	note	PROPN
cblr-1785	148	7	12	12	NUM
cblr-1785	148	8	,	,	PUNCT
cblr-1785	148	9	at	at	ADP
cblr-1785	148	10	101–04	101–04	NUM
cblr-1785	148	11	.	.	PUNCT
cblr-1785	149	1	27	27	NUM
cblr-1785	150	1	i	i	PRON
cblr-1785	150	2	d.	d.	PROPN
cblr-1785	150	3	at	at	ADP
cblr-1785	150	4	102	102	NUM
cblr-1785	150	5	;	;	PUNCT
cblr-1785	150	6	sec	sec	PROPN
cblr-1785	150	7	proposed	propose	VERB
cblr-1785	150	8	rules	rule	NOUN
cblr-1785	150	9	,	,	PUNCT
cblr-1785	150	10	supra	supra	PROPN
cblr-1785	150	11	note	note	NOUN
cblr-1785	150	12	5	5	NUM
cblr-1785	150	13	,	,	PUNCT
cblr-1785	150	14	at	at	ADP
cblr-1785	150	15	328	328	NUM
cblr-1785	150	16	.	.	PUNCT
cblr-1785	151	1	28	28	NUM
cblr-1785	151	2	see	see	VERB
cblr-1785	151	3	bradford	bradford	NOUN
cblr-1785	151	4	,	,	PUNCT
cblr-1785	151	5	supra	supra	PROPN
cblr-1785	151	6	note	note	PROPN
cblr-1785	151	7	12	12	NUM
cblr-1785	151	8	,	,	PUNCT
cblr-1785	151	9	at	at	ADP
cblr-1785	151	10	102–03	102–03	NOUN
cblr-1785	151	11	;	;	PUNCT
cblr-1785	151	12	sec	sec	PROPN
cblr-1785	151	13	proposed	propose	VERB
cblr-1785	151	14	rules	rule	NOUN
cblr-1785	151	15	,	,	PUNCT
cblr-1785	151	16	supra	supra	PROPN
cblr-1785	151	17	note	note	NOUN
cblr-1785	151	18	5	5	NUM
cblr-1785	151	19	,	,	PUNCT
cblr-1785	151	20	at	at	ADP
cblr-1785	151	21	331	331	NUM
cblr-1785	151	22	.	.	PUNCT
cblr-1785	152	1	pei	pei	PROPN
cblr-1785	152	2	final	final	ADJ
cblr-1785	152	3	no	no	NOUN
cblr-1785	152	4	.	.	PUNCT
cblr-1785	153	1	3:854	3:854	NUM
cblr-1785	153	2	]	]	X
cblr-1785	153	3	intrastate	intrastate	ADJ
cblr-1785	153	4	crowdfunding	crowdfunde	VERB
cblr-1785	153	5	863	863	NUM
cblr-1785	153	6	it	it	PRON
cblr-1785	153	7	is	be	AUX
cblr-1785	153	8	often	often	ADV
cblr-1785	153	9	too	too	ADV
cblr-1785	153	10	costly	costly	ADJ
cblr-1785	153	11	for	for	SCONJ
cblr-1785	153	12	new	new	ADJ
cblr-1785	153	13	entrepreneurs	entrepreneur	NOUN
cblr-1785	153	14	to	to	PART
cblr-1785	153	15	seek	seek	VERB
cblr-1785	153	16	out	out	ADP
cblr-1785	153	17	potential	potential	ADJ
cblr-1785	153	18	investors	investor	NOUN
cblr-1785	153	19	beyond	beyond	ADP
cblr-1785	153	20	their	their	PRON
cblr-1785	153	21	friends	friend	NOUN
cblr-1785	153	22	and	and	CCONJ
cblr-1785	153	23	family	family	NOUN
cblr-1785	153	24	.	.	PUNCT
cblr-1785	154	1	high	high	ADJ
cblr-1785	154	2	information	information	NOUN
cblr-1785	154	3	costs	cost	NOUN
cblr-1785	154	4	similarly	similarly	ADV
cblr-1785	154	5	prevent	prevent	VERB
cblr-1785	154	6	potential	potential	ADJ
cblr-1785	154	7	retail	retail	ADJ
cblr-1785	154	8	investors	investor	NOUN
cblr-1785	154	9	from	from	ADP
cblr-1785	154	10	finding	find	VERB
cblr-1785	154	11	new	new	ADJ
cblr-1785	154	12	ideas	idea	NOUN
cblr-1785	154	13	in	in	ADP
cblr-1785	154	14	which	which	PRON
cblr-1785	154	15	to	to	PART
cblr-1785	154	16	invest	invest	VERB
cblr-1785	154	17	their	their	PRON
cblr-1785	154	18	sidelined	sideline	VERB
cblr-1785	154	19	capital.29	capital.29	NOUN
cblr-1785	154	20	thus	thus	ADV
cblr-1785	154	21	,	,	PUNCT
cblr-1785	154	22	many	many	ADJ
cblr-1785	154	23	ideas	idea	NOUN
cblr-1785	154	24	go	go	VERB
cblr-1785	154	25	unfunded	unfunded	ADJ
cblr-1785	154	26	and	and	CCONJ
cblr-1785	154	27	potential	potential	ADJ
cblr-1785	154	28	economic	economic	ADJ
cblr-1785	154	29	growth	growth	NOUN
cblr-1785	154	30	,	,	PUNCT
cblr-1785	154	31	job	job	NOUN
cblr-1785	154	32	creation	creation	NOUN
cblr-1785	154	33	,	,	PUNCT
cblr-1785	154	34	and	and	CCONJ
cblr-1785	154	35	innovation	innovation	NOUN
cblr-1785	154	36	are	be	AUX
cblr-1785	154	37	all	all	PRON
cblr-1785	154	38	left	leave	VERB
cblr-1785	154	39	unrealized.30	unrealized.30	PROPN
cblr-1785	154	40	securities	security	NOUN
cblr-1785	154	41	-	-	PUNCT
cblr-1785	154	42	based	base	VERB
cblr-1785	154	43	crowdfunding	crowdfunding	NOUN
cblr-1785	154	44	has	have	VERB
cblr-1785	154	45	the	the	DET
cblr-1785	154	46	potential	potential	NOUN
cblr-1785	154	47	to	to	PART
cblr-1785	154	48	help	help	VERB
cblr-1785	154	49	close	close	VERB
cblr-1785	154	50	this	this	DET
cblr-1785	154	51	“	"	PUNCT
cblr-1785	154	52	capital	capital	NOUN
cblr-1785	154	53	funding	funding	NOUN
cblr-1785	154	54	gap”31	gap”31	NOUN
cblr-1785	154	55	by	by	ADP
cblr-1785	154	56	connecting	connect	VERB
cblr-1785	154	57	entrepreneurs	entrepreneur	NOUN
cblr-1785	154	58	with	with	ADP
cblr-1785	154	59	large	large	ADJ
cblr-1785	154	60	numbers	number	NOUN
cblr-1785	154	61	of	of	ADP
cblr-1785	154	62	investors	investor	NOUN
cblr-1785	154	63	,	,	PUNCT
cblr-1785	154	64	all	all	PRON
cblr-1785	154	65	capable	capable	ADJ
cblr-1785	154	66	of	of	ADP
cblr-1785	154	67	making	make	VERB
cblr-1785	154	68	a	a	DET
cblr-1785	154	69	small	small	ADJ
cblr-1785	154	70	contribution	contribution	NOUN
cblr-1785	154	71	to	to	ADP
cblr-1785	154	72	the	the	DET
cblr-1785	154	73	venture	venture	NOUN
cblr-1785	154	74	.	.	PUNCT
cblr-1785	155	1	however	however	ADV
cblr-1785	155	2	,	,	PUNCT
cblr-1785	155	3	the	the	DET
cblr-1785	155	4	securities	security	NOUN
cblr-1785	155	5	act	act	NOUN
cblr-1785	155	6	of	of	ADP
cblr-1785	155	7	1933	1933	NUM
cblr-1785	155	8	prohibits	prohibit	VERB
cblr-1785	155	9	the	the	DET
cblr-1785	155	10	offer	offer	NOUN
cblr-1785	155	11	and	and	CCONJ
cblr-1785	155	12	sale	sale	NOUN
cblr-1785	155	13	of	of	ADP
cblr-1785	155	14	securities	security	NOUN
cblr-1785	155	15	that	that	PRON
cblr-1785	155	16	have	have	AUX
cblr-1785	155	17	not	not	PART
cblr-1785	155	18	been	be	AUX
cblr-1785	155	19	registered	register	VERB
cblr-1785	155	20	with	with	ADP
cblr-1785	155	21	the	the	DET
cblr-1785	155	22	sec	sec	PROPN
cblr-1785	155	23	unless	unless	SCONJ
cblr-1785	155	24	there	there	PRON
cblr-1785	155	25	is	be	VERB
cblr-1785	155	26	an	an	DET
cblr-1785	155	27	applicable	applicable	ADJ
cblr-1785	155	28	exemption.32	exemption.32	NOUN
cblr-1785	155	29	since	since	SCONJ
cblr-1785	155	30	equitybased	equitybase	VERB
cblr-1785	155	31	crowdfunding	crowdfunding	NOUN
cblr-1785	155	32	and	and	CCONJ
cblr-1785	155	33	lending	lending	NOUN
cblr-1785	155	34	-	-	PUNCT
cblr-1785	155	35	based	base	VERB
cblr-1785	155	36	crowdfunding	crowdfunding	NOUN
cblr-1785	155	37	(	(	PUNCT
cblr-1785	155	38	where	where	SCONJ
cblr-1785	155	39	the	the	DET
cblr-1785	155	40	investor	investor	NOUN
cblr-1785	155	41	is	be	AUX
cblr-1785	155	42	repaid	repay	VERB
cblr-1785	155	43	with	with	ADP
cblr-1785	155	44	interest	interest	NOUN
cblr-1785	155	45	)	)	PUNCT
cblr-1785	155	46	both	both	PRON
cblr-1785	155	47	involve	involve	VERB
cblr-1785	155	48	an	an	DET
cblr-1785	155	49	expectation	expectation	NOUN
cblr-1785	155	50	of	of	ADP
cblr-1785	155	51	profit	profit	NOUN
cblr-1785	155	52	on	on	ADP
cblr-1785	155	53	part	part	NOUN
cblr-1785	155	54	of	of	ADP
cblr-1785	155	55	the	the	DET
cblr-1785	155	56	backer	backer	NOUN
cblr-1785	155	57	,	,	PUNCT
cblr-1785	155	58	such	such	ADJ
cblr-1785	155	59	investments	investment	NOUN
cblr-1785	155	60	qualify	qualify	VERB
cblr-1785	155	61	as	as	ADP
cblr-1785	155	62	investment	investment	NOUN
cblr-1785	155	63	contracts	contract	NOUN
cblr-1785	155	64	and	and	CCONJ
cblr-1785	155	65	therefore	therefore	ADV
cblr-1785	155	66	as	as	SCONJ
cblr-1785	155	67	securities	security	NOUN
cblr-1785	155	68	under	under	ADP
cblr-1785	155	69	the	the	DET
cblr-1785	155	70	howey	howey	PROPN
cblr-1785	155	71	test.33	test.33	PROPN
cblr-1785	155	72	however	however	ADV
cblr-1785	155	73	,	,	PUNCT
cblr-1785	155	74	the	the	DET
cblr-1785	155	75	costs	cost	NOUN
cblr-1785	155	76	associated	associate	VERB
cblr-1785	155	77	with	with	ADP
cblr-1785	155	78	sec	sec	PROPN
cblr-1785	155	79	registration	registration	NOUN
cblr-1785	155	80	are	be	AUX
cblr-1785	155	81	high	high	ADJ
cblr-1785	155	82	,	,	PUNCT
cblr-1785	155	83	potentially	potentially	ADV
cblr-1785	155	84	running	run	VERB
cblr-1785	155	85	into	into	ADP
cblr-1785	155	86	the	the	DET
cblr-1785	155	87	hundreds	hundred	NOUN
cblr-1785	155	88	of	of	ADP
cblr-1785	155	89	thousands	thousand	NOUN
cblr-1785	155	90	of	of	ADP
cblr-1785	155	91	dollars.34	dollars.34	NOUN
cblr-1785	155	92	given	give	VERB
cblr-1785	155	93	that	that	SCONJ
cblr-1785	155	94	crowdfunding	crowdfunding	NOUN
cblr-1785	155	95	offerings	offering	NOUN
cblr-1785	155	96	are	be	AUX
cblr-1785	155	97	often	often	ADV
cblr-1785	155	98	quite	quite	ADV
cblr-1785	155	99	small,35	small,35	ADJ
cblr-1785	155	100	requiring	require	VERB
cblr-1785	155	101	entrepreneurs	entrepreneur	NOUN
cblr-1785	155	102	to	to	PART
cblr-1785	155	103	register	register	VERB
cblr-1785	155	104	their	their	PRON
cblr-1785	155	105	securities	security	NOUN
cblr-1785	155	106	could	could	AUX
cblr-1785	155	107	completely	completely	ADV
cblr-1785	155	108	wipe	wipe	VERB
cblr-1785	155	109	out	out	ADP
cblr-1785	155	110	their	their	PRON
cblr-1785	155	111	incentive	incentive	NOUN
cblr-1785	155	112	to	to	PART
cblr-1785	155	113	take	take	VERB
cblr-1785	155	114	advantage	advantage	NOUN
cblr-1785	155	115	of	of	ADP
cblr-1785	155	116	securities	security	NOUN
cblr-1785	155	117	-	-	PUNCT
cblr-1785	155	118	based	base	VERB
cblr-1785	155	119	29	29	NUM
cblr-1785	155	120	bradford	bradford	NOUN
cblr-1785	155	121	calls	call	VERB
cblr-1785	155	122	this	this	PRON
cblr-1785	155	123	an	an	DET
cblr-1785	155	124	“	"	PUNCT
cblr-1785	155	125	informational	informational	ADJ
cblr-1785	155	126	inefficiency	inefficiency	NOUN
cblr-1785	155	127	—	—	PUNCT
cblr-1785	155	128	a	a	DET
cblr-1785	155	129	failure	failure	NOUN
cblr-1785	155	130	to	to	PART
cblr-1785	155	131	match	match	VERB
cblr-1785	155	132	potential	potential	ADJ
cblr-1785	155	133	sources	source	NOUN
cblr-1785	155	134	of	of	ADP
cblr-1785	155	135	capital	capital	NOUN
cblr-1785	155	136	with	with	ADP
cblr-1785	155	137	potential	potential	ADJ
cblr-1785	155	138	investment	investment	NOUN
cblr-1785	155	139	opportunities	opportunity	NOUN
cblr-1785	155	140	.	.	PUNCT
cblr-1785	155	141	”	"	PUNCT
cblr-1785	156	1	bradford	bradford	NOUN
cblr-1785	156	2	,	,	PUNCT
cblr-1785	156	3	supra	supra	PROPN
cblr-1785	156	4	note	note	NOUN
cblr-1785	156	5	12	12	NUM
cblr-1785	156	6	at	at	ADP
cblr-1785	156	7	101	101	NUM
cblr-1785	156	8	.	.	PUNCT
cblr-1785	156	9	30	30	NUM
cblr-1785	156	10	bradford	bradford	NOUN
cblr-1785	156	11	,	,	PUNCT
cblr-1785	156	12	supra	supra	PROPN
cblr-1785	156	13	note	note	PROPN
cblr-1785	156	14	12	12	NUM
cblr-1785	156	15	,	,	PUNCT
cblr-1785	156	16	at	at	ADP
cblr-1785	156	17	100	100	NUM
cblr-1785	156	18	.	.	PUNCT
cblr-1785	156	19	31	31	NUM
cblr-1785	157	1	i	i	PRON
cblr-1785	157	2	d.	d.	PROPN
cblr-1785	157	3	32	32	NUM
cblr-1785	157	4	securities	securities	PROPN
cblr-1785	157	5	act	act	NOUN
cblr-1785	157	6	of	of	ADP
cblr-1785	157	7	1933	1933	NUM
cblr-1785	157	8	§	§	PROPN
cblr-1785	157	9	5	5	NUM
cblr-1785	157	10	(	(	PUNCT
cblr-1785	157	11	codified	codify	VERB
cblr-1785	157	12	at	at	ADP
cblr-1785	157	13	15	15	NUM
cblr-1785	157	14	u.s.c	u.s.c	ADJ
cblr-1785	157	15	.	.	PUNCT
cblr-1785	158	1	§	§	PROPN
cblr-1785	158	2	77e	77e	PROPN
cblr-1785	158	3	(	(	PUNCT
cblr-1785	158	4	2012	2012	NUM
cblr-1785	158	5	)	)	PUNCT
cblr-1785	158	6	)	)	PUNCT
cblr-1785	158	7	.	.	PUNCT
cblr-1785	159	1	33	33	NUM
cblr-1785	159	2	s.e.c	s.e.c	NOUN
cblr-1785	159	3	.	.	PUNCT
cblr-1785	160	1	v.	v.	PROPN
cblr-1785	160	2	w.j	w.j	PROPN
cblr-1785	160	3	.	.	PROPN
cblr-1785	160	4	howey	howey	PROPN
cblr-1785	160	5	co.	co.	PROPN
cblr-1785	160	6	,	,	PUNCT
cblr-1785	160	7	328	328	NUM
cblr-1785	160	8	u.s	u.s	PROPN
cblr-1785	160	9	.	.	PROPN
cblr-1785	160	10	293	293	NUM
cblr-1785	160	11	,	,	PUNCT
cblr-1785	160	12	301	301	NUM
cblr-1785	160	13	(	(	PUNCT
cblr-1785	160	14	1946	1946	NUM
cblr-1785	160	15	)	)	PUNCT
cblr-1785	160	16	.	.	PUNCT
cblr-1785	161	1	since	since	SCONJ
cblr-1785	161	2	other	other	ADJ
cblr-1785	161	3	models	model	NOUN
cblr-1785	161	4	of	of	ADP
cblr-1785	161	5	crowdfunding	crowdfunding	NOUN
cblr-1785	161	6	(	(	PUNCT
cblr-1785	161	7	donation	donation	NOUN
cblr-1785	161	8	,	,	PUNCT
cblr-1785	161	9	reward	reward	NOUN
cblr-1785	161	10	,	,	PUNCT
cblr-1785	161	11	pre	pre	ADJ
cblr-1785	161	12	-	-	NOUN
cblr-1785	161	13	purchase	purchase	ADJ
cblr-1785	161	14	,	,	PUNCT
cblr-1785	161	15	and	and	CCONJ
cblr-1785	161	16	no	no	DET
cblr-1785	161	17	-	-	PUNCT
cblr-1785	161	18	interestlending	interestlending	NOUN
cblr-1785	161	19	)	)	PUNCT
cblr-1785	161	20	do	do	AUX
cblr-1785	161	21	not	not	PART
cblr-1785	161	22	involve	involve	VERB
cblr-1785	161	23	an	an	DET
cblr-1785	161	24	expectation	expectation	NOUN
cblr-1785	161	25	of	of	ADP
cblr-1785	161	26	profit	profit	NOUN
cblr-1785	161	27	,	,	PUNCT
cblr-1785	161	28	they	they	PRON
cblr-1785	161	29	do	do	AUX
cblr-1785	161	30	not	not	PART
cblr-1785	161	31	qualify	qualify	VERB
cblr-1785	161	32	as	as	ADP
cblr-1785	161	33	investment	investment	NOUN
cblr-1785	161	34	contracts	contract	NOUN
cblr-1785	161	35	and	and	CCONJ
cblr-1785	161	36	therefore	therefore	ADV
cblr-1785	161	37	do	do	AUX
cblr-1785	161	38	not	not	PART
cblr-1785	161	39	implicate	implicate	VERB
cblr-1785	161	40	the	the	DET
cblr-1785	161	41	federal	federal	ADJ
cblr-1785	161	42	securities	security	NOUN
cblr-1785	161	43	laws	law	NOUN
cblr-1785	161	44	.	.	PUNCT
cblr-1785	162	1	34	34	NUM
cblr-1785	162	2	see	see	VERB
cblr-1785	162	3	bradford	bradford	NOUN
cblr-1785	162	4	,	,	PUNCT
cblr-1785	162	5	supra	supra	PROPN
cblr-1785	162	6	note	note	PROPN
cblr-1785	162	7	12	12	NUM
cblr-1785	162	8	,	,	PUNCT
cblr-1785	162	9	at	at	ADP
cblr-1785	162	10	42	42	NUM
cblr-1785	162	11	;	;	PUNCT
cblr-1785	162	12	schwartz	schwartz	PROPN
cblr-1785	162	13	,	,	PUNCT
cblr-1785	162	14	supra	supra	PROPN
cblr-1785	162	15	note	note	NOUN
cblr-1785	162	16	3	3	NUM
cblr-1785	162	17	,	,	PUNCT
cblr-1785	162	18	at	at	ADP
cblr-1785	162	19	1469	1469	NUM
cblr-1785	162	20	(	(	PUNCT
cblr-1785	162	21	“	"	PUNCT
cblr-1785	162	22	preparation	preparation	NOUN
cblr-1785	162	23	of	of	ADP
cblr-1785	162	24	a	a	DET
cblr-1785	162	25	registration	registration	NOUN
cblr-1785	162	26	statement	statement	NOUN
cblr-1785	162	27	can	can	AUX
cblr-1785	162	28	require	require	VERB
cblr-1785	162	29	over	over	ADP
cblr-1785	162	30	1,200	1,200	NUM
cblr-1785	162	31	hours	hour	NOUN
cblr-1785	162	32	of	of	ADP
cblr-1785	162	33	work	work	NOUN
cblr-1785	162	34	.	.	PUNCT
cblr-1785	162	35	.	.	PUNCT
cblr-1785	162	36	.	.	PUNCT
cblr-1785	162	37	.	.	PUNCT
cblr-1785	162	38	”	"	PUNCT
cblr-1785	162	39	)	)	PUNCT
cblr-1785	162	40	.	.	PUNCT
cblr-1785	163	1	35	35	NUM
cblr-1785	163	2	see	see	VERB
cblr-1785	163	3	bradford	bradford	NOUN
cblr-1785	163	4	,	,	PUNCT
cblr-1785	163	5	supra	supra	PROPN
cblr-1785	163	6	note	note	PROPN
cblr-1785	163	7	12	12	NUM
cblr-1785	163	8	,	,	PUNCT
cblr-1785	163	9	at	at	ADP
cblr-1785	163	10	11	11	NUM
cblr-1785	163	11	(	(	PUNCT
cblr-1785	163	12	“	"	PUNCT
cblr-1785	163	13	crowdfunding	crowdfunde	VERB
cblr-1785	163	14	offerings	offering	NOUN
cblr-1785	163	15	are	be	AUX
cblr-1785	163	16	typically	typically	ADV
cblr-1785	163	17	rather	rather	ADV
cblr-1785	163	18	small	small	ADJ
cblr-1785	163	19	.	.	PUNCT
cblr-1785	164	1	one	one	NUM
cblr-1785	164	2	study	study	NOUN
cblr-1785	164	3	found	find	VERB
cblr-1785	164	4	that	that	SCONJ
cblr-1785	164	5	the	the	DET
cblr-1785	164	6	median	median	ADJ
cblr-1785	164	7	amount	amount	NOUN
cblr-1785	164	8	raised	raise	VERB
cblr-1785	164	9	was	be	AUX
cblr-1785	164	10	only	only	ADV
cblr-1785	164	11	$	$	SYM
cblr-1785	164	12	28,583	28,583	NUM
cblr-1785	164	13	.	.	PUNCT
cblr-1785	164	14	”	"	PUNCT
cblr-1785	164	15	)	)	PUNCT
cblr-1785	164	16	.	.	PUNCT
cblr-1785	165	1	pei	pei	PROPN
cblr-1785	165	2	final	final	ADJ
cblr-1785	165	3	864	864	NUM
cblr-1785	165	4	columbia	columbia	PROPN
cblr-1785	165	5	business	business	NOUN
cblr-1785	165	6	law	law	PROPN
cblr-1785	165	7	review	review	NOUN
cblr-1785	166	1	[	[	X
cblr-1785	166	2	vol	vol	NOUN
cblr-1785	166	3	.	.	PUNCT
cblr-1785	166	4	2014	2014	NUM
cblr-1785	166	5	crowdfunding	crowdfunding	NOUN
cblr-1785	166	6	,	,	PUNCT
cblr-1785	166	7	effectively	effectively	ADV
cblr-1785	166	8	choking	choke	VERB
cblr-1785	166	9	off	off	ADP
cblr-1785	166	10	this	this	DET
cblr-1785	166	11	new	new	ADJ
cblr-1785	166	12	stream	stream	NOUN
cblr-1785	166	13	of	of	ADP
cblr-1785	166	14	capital	capital	NOUN
cblr-1785	166	15	.	.	PUNCT
cblr-1785	167	1	this	this	DET
cblr-1785	167	2	line	line	NOUN
cblr-1785	167	3	of	of	ADP
cblr-1785	167	4	thought	thought	NOUN
cblr-1785	167	5	provided	provide	VERB
cblr-1785	167	6	a	a	DET
cblr-1785	167	7	rationale	rationale	NOUN
cblr-1785	167	8	for	for	ADP
cblr-1785	167	9	exempting	exempt	VERB
cblr-1785	167	10	crowdfunded	crowdfunde	VERB
cblr-1785	167	11	securities	security	NOUN
cblr-1785	167	12	from	from	ADP
cblr-1785	167	13	registration	registration	NOUN
cblr-1785	167	14	requirements	requirement	NOUN
cblr-1785	167	15	.	.	PUNCT
cblr-1785	168	1	nevertheless	nevertheless	ADV
cblr-1785	168	2	,	,	PUNCT
cblr-1785	168	3	freeing	free	VERB
cblr-1785	168	4	issuers	issuer	NOUN
cblr-1785	168	5	from	from	ADP
cblr-1785	168	6	the	the	DET
cblr-1785	168	7	requirements	requirement	NOUN
cblr-1785	168	8	of	of	ADP
cblr-1785	168	9	sec	sec	PROPN
cblr-1785	168	10	registration	registration	NOUN
cblr-1785	168	11	could	could	AUX
cblr-1785	168	12	expose	expose	VERB
cblr-1785	168	13	investors	investor	NOUN
cblr-1785	168	14	to	to	PART
cblr-1785	168	15	fraud	fraud	VERB
cblr-1785	168	16	,	,	PUNCT
cblr-1785	168	17	selfdealing	selfdealing	NOUN
cblr-1785	168	18	,	,	PUNCT
cblr-1785	168	19	and	and	CCONJ
cblr-1785	168	20	investment	investment	NOUN
cblr-1785	168	21	losses	loss	NOUN
cblr-1785	168	22	.	.	PUNCT
cblr-1785	169	1	investing	invest	VERB
cblr-1785	169	2	in	in	ADP
cblr-1785	169	3	start	start	NOUN
cblr-1785	169	4	-	-	PUNCT
cblr-1785	169	5	ups	up	NOUN
cblr-1785	169	6	is	be	AUX
cblr-1785	169	7	already	already	ADV
cblr-1785	169	8	risky.36	risky.36	NOUN
cblr-1785	169	9	even	even	ADV
cblr-1785	169	10	companies	company	NOUN
cblr-1785	169	11	backed	back	VERB
cblr-1785	169	12	by	by	ADP
cblr-1785	169	13	experienced	experienced	ADJ
cblr-1785	169	14	and	and	CCONJ
cblr-1785	169	15	sophisticated	sophisticated	ADJ
cblr-1785	169	16	venture	venture	NOUN
cblr-1785	169	17	capital	capital	NOUN
cblr-1785	169	18	firms	firm	NOUN
cblr-1785	169	19	fail	fail	VERB
cblr-1785	169	20	at	at	ADP
cblr-1785	169	21	a	a	DET
cblr-1785	169	22	surprisingly	surprisingly	ADV
cblr-1785	169	23	high	high	ADJ
cblr-1785	169	24	rateas	rateas	PROPN
cblr-1785	169	25	frequently	frequently	ADV
cblr-1785	169	26	as	as	ADP
cblr-1785	169	27	three	three	NUM
cblr-1785	169	28	-	-	PUNCT
cblr-1785	169	29	quarters	quarter	NOUN
cblr-1785	169	30	of	of	ADP
cblr-1785	169	31	the	the	DET
cblr-1785	169	32	time	time	NOUN
cblr-1785	169	33	,	,	PUNCT
cblr-1785	169	34	according	accord	VERB
cblr-1785	169	35	to	to	ADP
cblr-1785	169	36	a	a	DET
cblr-1785	169	37	recent	recent	ADJ
cblr-1785	169	38	study.37	study.37	NOUN
cblr-1785	169	39	the	the	DET
cblr-1785	169	40	businesses	business	NOUN
cblr-1785	169	41	seeking	seek	VERB
cblr-1785	169	42	to	to	PART
cblr-1785	169	43	raise	raise	VERB
cblr-1785	169	44	capital	capital	NOUN
cblr-1785	169	45	through	through	ADP
cblr-1785	169	46	securities	security	NOUN
cblr-1785	169	47	-	-	PUNCT
cblr-1785	169	48	based	base	VERB
cblr-1785	169	49	crowdfunding	crowdfunding	NOUN
cblr-1785	169	50	would	would	AUX
cblr-1785	169	51	likely	likely	ADV
cblr-1785	169	52	be	be	AUX
cblr-1785	169	53	those	those	PRON
cblr-1785	169	54	that	that	PRON
cblr-1785	169	55	were	be	AUX
cblr-1785	169	56	passed	pass	VERB
cblr-1785	169	57	over	over	ADP
cblr-1785	169	58	by	by	ADP
cblr-1785	169	59	more	more	ADJ
cblr-1785	169	60	traditional	traditional	ADJ
cblr-1785	169	61	sources	source	NOUN
cblr-1785	169	62	of	of	ADP
cblr-1785	169	63	financing	financing	NOUN
cblr-1785	169	64	,	,	PUNCT
cblr-1785	169	65	suggesting	suggest	VERB
cblr-1785	169	66	that	that	SCONJ
cblr-1785	169	67	they	they	PRON
cblr-1785	169	68	might	might	AUX
cblr-1785	169	69	experience	experience	VERB
cblr-1785	169	70	even	even	ADV
cblr-1785	169	71	higher	high	ADJ
cblr-1785	169	72	failure	failure	NOUN
cblr-1785	169	73	rates.38	rates.38	NOUN
cblr-1785	169	74	moreover	moreover	ADV
cblr-1785	169	75	,	,	PUNCT
cblr-1785	169	76	many	many	ADJ
cblr-1785	169	77	investors	investor	NOUN
cblr-1785	169	78	in	in	ADP
cblr-1785	169	79	crowdfunded	crowdfunded	ADJ
cblr-1785	169	80	securities	security	NOUN
cblr-1785	169	81	are	be	AUX
cblr-1785	169	82	likely	likely	ADJ
cblr-1785	169	83	unsophisticated.39	unsophisticated.39	NOUN
cblr-1785	169	84	and	and	CCONJ
cblr-1785	169	85	given	give	VERB
cblr-1785	169	86	the	the	DET
cblr-1785	169	87	small	small	ADJ
cblr-1785	169	88	amounts	amount	NOUN
cblr-1785	169	89	of	of	ADP
cblr-1785	169	90	capital	capital	NOUN
cblr-1785	169	91	that	that	PRON
cblr-1785	169	92	most	most	ADJ
cblr-1785	169	93	retail	retail	ADJ
cblr-1785	169	94	crowdfunding	crowdfunding	NOUN
cblr-1785	169	95	investors	investor	NOUN
cblr-1785	169	96	would	would	AUX
cblr-1785	169	97	contribute	contribute	VERB
cblr-1785	169	98	to	to	ADP
cblr-1785	169	99	a	a	DET
cblr-1785	169	100	given	give	VERB
cblr-1785	169	101	venture	venture	NOUN
cblr-1785	169	102	,	,	PUNCT
cblr-1785	169	103	there	there	PRON
cblr-1785	169	104	is	be	VERB
cblr-1785	169	105	little	little	ADJ
cblr-1785	169	106	incentive	incentive	NOUN
cblr-1785	169	107	for	for	SCONJ
cblr-1785	169	108	any	any	DET
cblr-1785	169	109	36	36	NUM
cblr-1785	169	110	“	"	PUNCT
cblr-1785	169	111	approximately	approximately	ADV
cblr-1785	169	112	80	80	NUM
cblr-1785	169	113	%	%	NOUN
cblr-1785	169	114	of	of	ADP
cblr-1785	169	115	new	new	ADJ
cblr-1785	169	116	businesses	business	NOUN
cblr-1785	169	117	either	either	CCONJ
cblr-1785	169	118	fail	fail	VERB
cblr-1785	169	119	or	or	CCONJ
cblr-1785	169	120	no	no	ADV
cblr-1785	169	121	longer	long	ADV
cblr-1785	169	122	exist	exist	VERB
cblr-1785	169	123	within	within	ADP
cblr-1785	169	124	five	five	NUM
cblr-1785	169	125	to	to	PART
cblr-1785	169	126	seven	seven	NUM
cblr-1785	169	127	years	year	NOUN
cblr-1785	169	128	of	of	ADP
cblr-1785	169	129	formation	formation	NOUN
cblr-1785	169	130	.	.	PUNCT
cblr-1785	169	131	”	"	PUNCT
cblr-1785	170	1	bradford	bradford	NOUN
cblr-1785	170	2	,	,	PUNCT
cblr-1785	170	3	supra	supra	PROPN
cblr-1785	170	4	note	note	PROPN
cblr-1785	170	5	12	12	NUM
cblr-1785	170	6	,	,	PUNCT
cblr-1785	170	7	at	at	ADP
cblr-1785	170	8	108	108	NUM
cblr-1785	170	9	(	(	PUNCT
cblr-1785	170	10	internal	internal	ADJ
cblr-1785	170	11	quotation	quotation	NOUN
cblr-1785	170	12	marks	mark	NOUN
cblr-1785	170	13	omitted	omit	VERB
cblr-1785	170	14	)	)	PUNCT
cblr-1785	170	15	.	.	PUNCT
cblr-1785	171	1	37	37	NUM
cblr-1785	171	2	“	"	PUNCT
cblr-1785	171	3	a	a	DET
cblr-1785	171	4	recent	recent	ADJ
cblr-1785	171	5	study	study	NOUN
cblr-1785	171	6	of	of	ADP
cblr-1785	171	7	more	more	ADJ
cblr-1785	171	8	than	than	ADP
cblr-1785	171	9	2,000	2,000	NUM
cblr-1785	171	10	companies	company	NOUN
cblr-1785	171	11	that	that	PRON
cblr-1785	171	12	received	receive	VERB
cblr-1785	171	13	at	at	ADV
cblr-1785	171	14	least	least	ADV
cblr-1785	171	15	$	$	SYM
cblr-1785	171	16	1	1	NUM
cblr-1785	171	17	million	million	NUM
cblr-1785	171	18	in	in	ADP
cblr-1785	171	19	venture	venture	NOUN
cblr-1785	171	20	funding	funding	NOUN
cblr-1785	171	21	,	,	PUNCT
cblr-1785	171	22	from	from	ADP
cblr-1785	171	23	2004	2004	NUM
cblr-1785	171	24	through	through	ADP
cblr-1785	171	25	2010	2010	NUM
cblr-1785	171	26	,	,	PUNCT
cblr-1785	171	27	finds	find	VERB
cblr-1785	171	28	that	that	SCONJ
cblr-1785	171	29	almost	almost	ADV
cblr-1785	171	30	three	three	NUM
cblr-1785	171	31	-	-	PUNCT
cblr-1785	171	32	quarters	quarter	NOUN
cblr-1785	171	33	of	of	ADP
cblr-1785	171	34	these	these	DET
cblr-1785	171	35	companies	company	NOUN
cblr-1785	171	36	failed	fail	VERB
cblr-1785	171	37	.	.	PUNCT
cblr-1785	171	38	”	"	PUNCT
cblr-1785	172	1	sec	sec	PROPN
cblr-1785	172	2	proposed	propose	VERB
cblr-1785	172	3	rules	rule	NOUN
cblr-1785	172	4	,	,	PUNCT
cblr-1785	172	5	supra	supra	PROPN
cblr-1785	172	6	note	note	NOUN
cblr-1785	172	7	5	5	NUM
cblr-1785	172	8	,	,	PUNCT
cblr-1785	172	9	at	at	ADP
cblr-1785	172	10	335	335	NUM
cblr-1785	172	11	.	.	PUNCT
cblr-1785	173	1	see	see	VERB
cblr-1785	173	2	also	also	ADV
cblr-1785	173	3	bradford	bradford	NOUN
cblr-1785	173	4	,	,	PUNCT
cblr-1785	173	5	supra	supra	PROPN
cblr-1785	173	6	note	note	PROPN
cblr-1785	173	7	12	12	NUM
cblr-1785	173	8	,	,	PUNCT
cblr-1785	173	9	at	at	ADP
cblr-1785	173	10	108	108	NUM
cblr-1785	173	11	(	(	PUNCT
cblr-1785	173	12	noting	note	VERB
cblr-1785	173	13	that	that	SCONJ
cblr-1785	173	14	“	"	PUNCT
cblr-1785	173	15	[	[	X
cblr-1785	173	16	e]ven	e]ven	ADJ
cblr-1785	173	17	the	the	DET
cblr-1785	173	18	small	small	ADJ
cblr-1785	173	19	businesses	business	NOUN
cblr-1785	173	20	selected	select	VERB
cblr-1785	173	21	for	for	ADP
cblr-1785	173	22	investment	investment	NOUN
cblr-1785	173	23	by	by	ADP
cblr-1785	173	24	sophisticated	sophisticated	ADJ
cblr-1785	173	25	venture	venture	NOUN
cblr-1785	173	26	capital	capital	NOUN
cblr-1785	173	27	funds	fund	NOUN
cblr-1785	173	28	are	be	AUX
cblr-1785	173	29	predominantly	predominantly	ADV
cblr-1785	173	30	failures	failure	NOUN
cblr-1785	173	31	.	.	PUNCT
cblr-1785	173	32	”	"	PUNCT
cblr-1785	173	33	)	)	PUNCT
cblr-1785	173	34	.	.	PUNCT
cblr-1785	174	1	38	38	NUM
cblr-1785	174	2	see	see	VERB
cblr-1785	174	3	sec	sec	PROPN
cblr-1785	174	4	proposed	propose	VERB
cblr-1785	174	5	rules	rule	NOUN
cblr-1785	174	6	,	,	PUNCT
cblr-1785	174	7	supra	supra	PROPN
cblr-1785	174	8	note	note	NOUN
cblr-1785	174	9	5	5	NUM
cblr-1785	174	10	,	,	PUNCT
cblr-1785	174	11	at	at	ADP
cblr-1785	174	12	335	335	NUM
cblr-1785	174	13	(	(	PUNCT
cblr-1785	174	14	“	"	PUNCT
cblr-1785	174	15	[	[	X
cblr-1785	174	16	w]e	w]e	NOUN
cblr-1785	174	17	believe	believe	VERB
cblr-1785	174	18	that	that	SCONJ
cblr-1785	174	19	issuers	issuer	NOUN
cblr-1785	174	20	that	that	PRON
cblr-1785	174	21	engage	engage	VERB
cblr-1785	174	22	in	in	ADP
cblr-1785	174	23	securities	security	NOUN
cblr-1785	174	24	-	-	PUNCT
cblr-1785	174	25	based	base	VERB
cblr-1785	174	26	crowdfunding	crowdfunding	NOUN
cblr-1785	174	27	may	may	AUX
cblr-1785	174	28	have	have	VERB
cblr-1785	174	29	higher	high	ADJ
cblr-1785	174	30	failure	failure	NOUN
cblr-1785	174	31	rates	rate	NOUN
cblr-1785	174	32	than	than	ADP
cblr-1785	174	33	those	those	PRON
cblr-1785	174	34	[	[	PUNCT
cblr-1785	174	35	that	that	PRON
cblr-1785	174	36	receive	receive	VERB
cblr-1785	174	37	venture	venture	NOUN
cblr-1785	174	38	-	-	PUNCT
cblr-1785	174	39	capital	capital	NOUN
cblr-1785	174	40	backing	backing	NOUN
cblr-1785	174	41	]	]	PUNCT
cblr-1785	174	42	.	.	PUNCT
cblr-1785	174	43	”	"	PUNCT
cblr-1785	174	44	)	)	PUNCT
cblr-1785	174	45	.	.	PUNCT
cblr-1785	175	1	39	39	NUM
cblr-1785	175	2	see	see	VERB
cblr-1785	175	3	sec	sec	PROPN
cblr-1785	175	4	proposed	propose	VERB
cblr-1785	175	5	rules	rule	NOUN
cblr-1785	175	6	,	,	PUNCT
cblr-1785	175	7	supra	supra	PROPN
cblr-1785	175	8	note	note	NOUN
cblr-1785	175	9	5	5	NUM
cblr-1785	175	10	,	,	PUNCT
cblr-1785	175	11	at	at	ADP
cblr-1785	175	12	341–42	341–42	NUM
cblr-1785	175	13	(	(	PUNCT
cblr-1785	175	14	“	"	PUNCT
cblr-1785	175	15	we	we	PRON
cblr-1785	175	16	believe	believe	VERB
cblr-1785	175	17	that	that	SCONJ
cblr-1785	175	18	many	many	ADJ
cblr-1785	175	19	[	[	X
cblr-1785	175	20	crowdfunding	crowdfunding	NOUN
cblr-1785	175	21	]	]	PUNCT
cblr-1785	175	22	investors	investor	NOUN
cblr-1785	175	23	.	.	PUNCT
cblr-1785	175	24	.	.	PUNCT
cblr-1785	175	25	.	.	PUNCT
cblr-1785	176	1	would	would	AUX
cblr-1785	176	2	likely	likely	ADV
cblr-1785	176	3	be	be	AUX
cblr-1785	176	4	individual	individual	ADJ
cblr-1785	176	5	retail	retail	ADJ
cblr-1785	176	6	investors	investor	NOUN
cblr-1785	176	7	who	who	PRON
cblr-1785	176	8	currently	currently	ADV
cblr-1785	176	9	do	do	AUX
cblr-1785	176	10	not	not	PART
cblr-1785	176	11	have	have	VERB
cblr-1785	176	12	broad	broad	ADJ
cblr-1785	176	13	access	access	NOUN
cblr-1785	176	14	to	to	ADP
cblr-1785	176	15	investor	investor	NOUN
cblr-1785	176	16	opportunities	opportunity	NOUN
cblr-1785	176	17	in	in	ADP
cblr-1785	176	18	early	early	ADJ
cblr-1785	176	19	-	-	PUNCT
cblr-1785	176	20	stage	stage	NOUN
cblr-1785	176	21	ventures	venture	NOUN
cblr-1785	176	22	,	,	PUNCT
cblr-1785	176	23	either	either	CCONJ
cblr-1785	176	24	because	because	SCONJ
cblr-1785	176	25	they	they	PRON
cblr-1785	176	26	do	do	AUX
cblr-1785	176	27	not	not	PART
cblr-1785	176	28	have	have	VERB
cblr-1785	176	29	the	the	DET
cblr-1785	176	30	necessary	necessary	ADJ
cblr-1785	176	31	accreditation	accreditation	NOUN
cblr-1785	176	32	or	or	CCONJ
cblr-1785	176	33	sophistication	sophistication	NOUN
cblr-1785	176	34	to	to	PART
cblr-1785	176	35	invest	invest	VERB
cblr-1785	176	36	in	in	ADP
cblr-1785	176	37	most	most	ADJ
cblr-1785	176	38	private	private	ADJ
cblr-1785	176	39	offerings	offering	NOUN
cblr-1785	176	40	or	or	CCONJ
cblr-1785	176	41	because	because	SCONJ
cblr-1785	176	42	they	they	PRON
cblr-1785	176	43	do	do	AUX
cblr-1785	176	44	not	not	PART
cblr-1785	176	45	have	have	VERB
cblr-1785	176	46	sufficient	sufficient	ADJ
cblr-1785	176	47	funds	fund	NOUN
cblr-1785	176	48	to	to	PART
cblr-1785	176	49	participate	participate	VERB
cblr-1785	176	50	as	as	ADP
cblr-1785	176	51	angel	angel	NOUN
cblr-1785	176	52	investors	investor	NOUN
cblr-1785	176	53	.	.	PUNCT
cblr-1785	176	54	.	.	PUNCT
cblr-1785	176	55	.	.	PUNCT
cblr-1785	177	1	.	.	PUNCT
cblr-1785	178	1	in	in	ADP
cblr-1785	178	2	contrast	contrast	NOUN
cblr-1785	178	3	,	,	PUNCT
cblr-1785	178	4	larger	large	ADJ
cblr-1785	178	5	,	,	PUNCT
cblr-1785	178	6	more	more	ADV
cblr-1785	178	7	sophisticated	sophisticated	ADJ
cblr-1785	178	8	or	or	CCONJ
cblr-1785	178	9	well	well	ADV
cblr-1785	178	10	-	-	PUNCT
cblr-1785	178	11	funded	fund	VERB
cblr-1785	178	12	investors	investor	NOUN
cblr-1785	178	13	may	may	AUX
cblr-1785	178	14	be	be	AUX
cblr-1785	178	15	less	less	ADV
cblr-1785	178	16	likely	likely	ADJ
cblr-1785	178	17	to	to	PART
cblr-1785	178	18	invest	invest	VERB
cblr-1785	178	19	in	in	ADP
cblr-1785	178	20	offerings	offering	NOUN
cblr-1785	178	21	made	make	VERB
cblr-1785	178	22	in	in	ADP
cblr-1785	178	23	reliance	reliance	NOUN
cblr-1785	178	24	on	on	ADP
cblr-1785	178	25	section	section	NOUN
cblr-1785	178	26	4(a)(6	4(a)(6	NUM
cblr-1785	178	27	)	)	PUNCT
cblr-1785	178	28	.	.	PUNCT
cblr-1785	178	29	”	"	PUNCT
cblr-1785	178	30	)	)	PUNCT
cblr-1785	178	31	.	.	PUNCT
cblr-1785	179	1	pei	pei	PROPN
cblr-1785	179	2	final	final	ADJ
cblr-1785	179	3	no	no	NOUN
cblr-1785	179	4	.	.	PUNCT
cblr-1785	180	1	3:854	3:854	NUM
cblr-1785	180	2	]	]	X
cblr-1785	180	3	intrastate	intrastate	ADJ
cblr-1785	180	4	crowdfunding	crowdfunde	VERB
cblr-1785	180	5	865	865	NUM
cblr-1785	180	6	one	one	NUM
cblr-1785	180	7	of	of	ADP
cblr-1785	180	8	them	they	PRON
cblr-1785	180	9	to	to	PART
cblr-1785	180	10	thoroughly	thoroughly	ADV
cblr-1785	180	11	vet	vet	VERB
cblr-1785	180	12	investment	investment	NOUN
cblr-1785	180	13	opportunities.40	opportunities.40	NOUN
cblr-1785	180	14	this	this	DET
cblr-1785	180	15	collective	collective	ADJ
cblr-1785	180	16	action	action	NOUN
cblr-1785	180	17	problem41	problem41	NOUN
cblr-1785	180	18	persists	persist	VERB
cblr-1785	180	19	even	even	ADV
cblr-1785	180	20	after	after	SCONJ
cblr-1785	180	21	the	the	DET
cblr-1785	180	22	investments	investment	NOUN
cblr-1785	180	23	have	have	AUX
cblr-1785	180	24	been	be	AUX
cblr-1785	180	25	made	make	VERB
cblr-1785	180	26	,	,	PUNCT
cblr-1785	180	27	as	as	SCONJ
cblr-1785	180	28	the	the	DET
cblr-1785	180	29	widely	widely	ADV
cblr-1785	180	30	dispersed	disperse	VERB
cblr-1785	180	31	investors	investor	NOUN
cblr-1785	180	32	will	will	AUX
cblr-1785	180	33	also	also	ADV
cblr-1785	180	34	lack	lack	VERB
cblr-1785	180	35	a	a	DET
cblr-1785	180	36	sufficient	sufficient	ADJ
cblr-1785	180	37	motive	motive	NOUN
cblr-1785	180	38	to	to	PART
cblr-1785	180	39	engage	engage	VERB
cblr-1785	180	40	in	in	ADP
cblr-1785	180	41	the	the	DET
cblr-1785	180	42	type	type	NOUN
cblr-1785	180	43	of	of	ADP
cblr-1785	180	44	monitoring	monitor	VERB
cblr-1785	180	45	behavior	behavior	NOUN
cblr-1785	180	46	that	that	PRON
cblr-1785	180	47	could	could	AUX
cblr-1785	180	48	act	act	VERB
cblr-1785	180	49	as	as	ADP
cblr-1785	180	50	a	a	DET
cblr-1785	180	51	check	check	NOUN
cblr-1785	180	52	against	against	ADP
cblr-1785	180	53	fraudulent	fraudulent	ADJ
cblr-1785	180	54	and	and	CCONJ
cblr-1785	180	55	opportunistic	opportunistic	ADJ
cblr-1785	180	56	behavior	behavior	NOUN
cblr-1785	180	57	by	by	ADP
cblr-1785	180	58	the	the	DET
cblr-1785	180	59	issuer	issuer	NOUN
cblr-1785	180	60	.	.	PUNCT
cblr-1785	181	1	when	when	SCONJ
cblr-1785	181	2	added	add	VERB
cblr-1785	181	3	to	to	ADP
cblr-1785	181	4	the	the	DET
cblr-1785	181	5	risks	risk	NOUN
cblr-1785	181	6	already	already	ADV
cblr-1785	181	7	inherent	inherent	ADJ
cblr-1785	181	8	in	in	ADP
cblr-1785	181	9	investing	invest	VERB
cblr-1785	181	10	in	in	ADP
cblr-1785	181	11	earlystage	earlystage	NOUN
cblr-1785	181	12	businesses	business	NOUN
cblr-1785	181	13	,	,	PUNCT
cblr-1785	181	14	these	these	DET
cblr-1785	181	15	factorsthe	factorsthe	DET
cblr-1785	181	16	investors	investor	NOUN
cblr-1785	181	17	’	'	PUNCT
cblr-1785	181	18	lack	lack	NOUN
cblr-1785	181	19	of	of	ADP
cblr-1785	181	20	sophistication	sophistication	NOUN
cblr-1785	181	21	,	,	PUNCT
cblr-1785	181	22	and	and	CCONJ
cblr-1785	181	23	the	the	DET
cblr-1785	181	24	absence	absence	NOUN
cblr-1785	181	25	of	of	ADP
cblr-1785	181	26	strong	strong	ADJ
cblr-1785	181	27	incentives	incentive	NOUN
cblr-1785	181	28	to	to	PART
cblr-1785	181	29	engage	engage	VERB
cblr-1785	181	30	in	in	ADP
cblr-1785	181	31	due	due	ADJ
cblr-1785	181	32	diligence	diligence	NOUN
cblr-1785	181	33	or	or	CCONJ
cblr-1785	181	34	monitoringonly	monitoringonly	ADV
cblr-1785	181	35	seem	seem	VERB
cblr-1785	181	36	to	to	PART
cblr-1785	181	37	magnify	magnify	VERB
cblr-1785	181	38	the	the	DET
cblr-1785	181	39	chances	chance	NOUN
cblr-1785	181	40	of	of	ADP
cblr-1785	181	41	investment	investment	NOUN
cblr-1785	181	42	losses	loss	NOUN
cblr-1785	181	43	,	,	PUNCT
cblr-1785	181	44	fraud	fraud	NOUN
cblr-1785	181	45	,	,	PUNCT
cblr-1785	181	46	and	and	CCONJ
cblr-1785	181	47	self	self	NOUN
cblr-1785	181	48	-	-	PUNCT
cblr-1785	181	49	dealing	dealing	NOUN
cblr-1785	181	50	.	.	PUNCT
cblr-1785	182	1	finally	finally	ADV
cblr-1785	182	2	,	,	PUNCT
cblr-1785	182	3	crowdfunded	crowdfunde	VERB
cblr-1785	182	4	securities	security	NOUN
cblr-1785	182	5	are	be	AUX
cblr-1785	182	6	subject	subject	ADJ
cblr-1785	182	7	to	to	ADP
cblr-1785	182	8	liquidity	liquidity	NOUN
cblr-1785	182	9	risk	risk	NOUN
cblr-1785	182	10	.	.	PUNCT
cblr-1785	183	1	investments	investment	NOUN
cblr-1785	183	2	in	in	ADP
cblr-1785	183	3	start	start	NOUN
cblr-1785	183	4	-	-	PUNCT
cblr-1785	183	5	ups	up	NOUN
cblr-1785	183	6	are	be	AUX
cblr-1785	183	7	not	not	PART
cblr-1785	183	8	traded	trade	VERB
cblr-1785	183	9	on	on	ADP
cblr-1785	183	10	open	open	ADJ
cblr-1785	183	11	exchanges	exchange	NOUN
cblr-1785	183	12	,	,	PUNCT
cblr-1785	183	13	which	which	PRON
cblr-1785	183	14	may	may	AUX
cblr-1785	183	15	create	create	VERB
cblr-1785	183	16	difficulties	difficulty	NOUN
cblr-1785	183	17	if	if	SCONJ
cblr-1785	183	18	investors	investor	NOUN
cblr-1785	183	19	seek	seek	VERB
cblr-1785	183	20	to	to	PART
cblr-1785	183	21	exit	exit	VERB
cblr-1785	183	22	their	their	PRON
cblr-1785	183	23	positions.42	positions.42	NOUN
cblr-1785	183	24	the	the	DET
cblr-1785	183	25	absence	absence	NOUN
cblr-1785	183	26	of	of	ADP
cblr-1785	183	27	a	a	DET
cblr-1785	183	28	liquid	liquid	ADJ
cblr-1785	183	29	secondary	secondary	ADJ
cblr-1785	183	30	market	market	NOUN
cblr-1785	183	31	may	may	AUX
cblr-1785	183	32	also	also	ADV
cblr-1785	183	33	make	make	VERB
cblr-1785	183	34	it	it	PRON
cblr-1785	183	35	more	more	ADV
cblr-1785	183	36	difficult	difficult	ADJ
cblr-1785	183	37	for	for	SCONJ
cblr-1785	183	38	investors	investor	NOUN
cblr-1785	183	39	to	to	PART
cblr-1785	183	40	make	make	VERB
cblr-1785	183	41	informed	informed	ADJ
cblr-1785	183	42	initial	initial	ADJ
cblr-1785	183	43	investment	investment	NOUN
cblr-1785	183	44	decisions.43	decisions.43	NOUN
cblr-1785	183	45	if	if	SCONJ
cblr-1785	183	46	an	an	DET
cblr-1785	183	47	issuer	issuer	NOUN
cblr-1785	183	48	has	have	AUX
cblr-1785	183	49	previously	previously	ADV
cblr-1785	183	50	issued	issue	VERB
cblr-1785	183	51	securities	security	NOUN
cblr-1785	183	52	,	,	PUNCT
cblr-1785	183	53	a	a	DET
cblr-1785	183	54	competitive	competitive	ADJ
cblr-1785	183	55	market	market	NOUN
cblr-1785	183	56	price	price	NOUN
cblr-1785	183	57	for	for	ADP
cblr-1785	183	58	existing	exist	VERB
cblr-1785	183	59	shares	share	NOUN
cblr-1785	183	60	would	would	AUX
cblr-1785	183	61	be	be	AUX
cblr-1785	183	62	a	a	DET
cblr-1785	183	63	valuable	valuable	ADJ
cblr-1785	183	64	piece	piece	NOUN
cblr-1785	183	65	of	of	ADP
cblr-1785	183	66	information	information	NOUN
cblr-1785	183	67	to	to	PART
cblr-1785	183	68	have	have	VERB
cblr-1785	183	69	in	in	ADP
cblr-1785	183	70	deciding	decide	VERB
cblr-1785	183	71	whether	whether	SCONJ
cblr-1785	183	72	to	to	PART
cblr-1785	183	73	invest	invest	VERB
cblr-1785	183	74	in	in	ADP
cblr-1785	183	75	a	a	DET
cblr-1785	183	76	new	new	ADJ
cblr-1785	183	77	offering	offering	NOUN
cblr-1785	183	78	.	.	PUNCT
cblr-1785	184	1	and	and	CCONJ
cblr-1785	184	2	if	if	SCONJ
cblr-1785	184	3	the	the	DET
cblr-1785	184	4	issuer	issuer	NOUN
cblr-1785	184	5	is	be	AUX
cblr-1785	184	6	offering	offer	VERB
cblr-1785	184	7	securities	security	NOUN
cblr-1785	184	8	for	for	ADP
cblr-1785	184	9	the	the	DET
cblr-1785	184	10	first	first	ADJ
cblr-1785	184	11	time	time	NOUN
cblr-1785	184	12	,	,	PUNCT
cblr-1785	184	13	as	as	SCONJ
cblr-1785	184	14	many	many	ADJ
cblr-1785	184	15	crowdfunding	crowdfunding	NOUN
cblr-1785	184	16	issuers	issuer	NOUN
cblr-1785	184	17	would	would	AUX
cblr-1785	184	18	be	be	AUX
cblr-1785	184	19	,	,	PUNCT
cblr-1785	184	20	the	the	DET
cblr-1785	184	21	existence	existence	NOUN
cblr-1785	184	22	of	of	ADP
cblr-1785	184	23	a	a	DET
cblr-1785	184	24	liquid	liquid	ADJ
cblr-1785	184	25	secondary	secondary	ADJ
cblr-1785	184	26	market	market	NOUN
cblr-1785	184	27	could	could	AUX
cblr-1785	184	28	still	still	ADV
cblr-1785	184	29	provide	provide	VERB
cblr-1785	184	30	valuable	valuable	ADJ
cblr-1785	184	31	pricing	pricing	NOUN
cblr-1785	184	32	information	information	NOUN
cblr-1785	184	33	about	about	ADP
cblr-1785	184	34	competitors	competitor	NOUN
cblr-1785	184	35	.	.	PUNCT
cblr-1785	185	1	finally	finally	ADV
cblr-1785	185	2	,	,	PUNCT
cblr-1785	185	3	the	the	DET
cblr-1785	185	4	absence	absence	NOUN
cblr-1785	185	5	of	of	ADP
cblr-1785	185	6	a	a	DET
cblr-1785	185	7	robust	robust	ADJ
cblr-1785	185	8	secondary	secondary	ADJ
cblr-1785	185	9	market	market	NOUN
cblr-1785	185	10	means	mean	VERB
cblr-1785	185	11	that	that	SCONJ
cblr-1785	185	12	investors	investor	NOUN
cblr-1785	185	13	can	can	AUX
cblr-1785	185	14	not	not	PART
cblr-1785	185	15	rely	rely	VERB
cblr-1785	185	16	on	on	ADP
cblr-1785	185	17	the	the	DET
cblr-1785	185	18	market	market	NOUN
cblr-1785	185	19	to	to	PART
cblr-1785	185	20	accurately	accurately	ADV
cblr-1785	185	21	price	price	VERB
cblr-1785	185	22	their	their	PRON
cblr-1785	185	23	holdings	holding	NOUN
cblr-1785	185	24	,	,	PUNCT
cblr-1785	185	25	depriving	deprive	VERB
cblr-1785	185	26	them	they	PRON
cblr-1785	185	27	of	of	ADP
cblr-1785	185	28	one	one	NUM
cblr-1785	185	29	way	way	NOUN
cblr-1785	185	30	to	to	PART
cblr-1785	185	31	monitor	monitor	VERB
cblr-1785	185	32	their	their	PRON
cblr-1785	185	33	investment	investment	NOUN
cblr-1785	185	34	.	.	PUNCT
cblr-1785	186	1	thus	thus	ADV
cblr-1785	186	2	,	,	PUNCT
cblr-1785	186	3	the	the	DET
cblr-1785	186	4	lack	lack	NOUN
cblr-1785	186	5	of	of	ADP
cblr-1785	186	6	liquidity	liquidity	NOUN
cblr-1785	186	7	in	in	ADP
cblr-1785	186	8	crowdfunded	crowdfunde	VERB
cblr-1785	186	9	securities	security	NOUN
cblr-1785	186	10	exacerbates	exacerbate	VERB
cblr-1785	186	11	40	40	NUM
cblr-1785	186	12	see	see	NOUN
cblr-1785	186	13	parsont	parsont	NOUN
cblr-1785	186	14	,	,	PUNCT
cblr-1785	186	15	supra	supra	PROPN
cblr-1785	186	16	note	note	PROPN
cblr-1785	186	17	22	22	NUM
cblr-1785	186	18	,	,	PUNCT
cblr-1785	186	19	at	at	ADP
cblr-1785	186	20	318–19	318–19	NUM
cblr-1785	186	21	.	.	PUNCT
cblr-1785	187	1	41	41	NUM
cblr-1785	187	2	see	see	VERB
cblr-1785	187	3	parsont	parsont	NOUN
cblr-1785	187	4	,	,	PUNCT
cblr-1785	187	5	supra	supra	PROPN
cblr-1785	187	6	note	note	PROPN
cblr-1785	187	7	22	22	NUM
cblr-1785	187	8	,	,	PUNCT
cblr-1785	187	9	at	at	ADP
cblr-1785	187	10	319	319	NUM
cblr-1785	187	11	(	(	PUNCT
cblr-1785	187	12	defining	define	VERB
cblr-1785	187	13	a	a	DET
cblr-1785	187	14	collective	collective	ADJ
cblr-1785	187	15	action	action	NOUN
cblr-1785	187	16	problem	problem	NOUN
cblr-1785	187	17	as	as	ADP
cblr-1785	187	18	“	"	PUNCT
cblr-1785	187	19	a	a	DET
cblr-1785	187	20	situation	situation	NOUN
cblr-1785	187	21	where	where	SCONJ
cblr-1785	187	22	no	no	DET
cblr-1785	187	23	one	one	NOUN
cblr-1785	187	24	in	in	ADP
cblr-1785	187	25	a	a	DET
cblr-1785	187	26	dispersed	disperse	VERB
cblr-1785	187	27	group	group	NOUN
cblr-1785	187	28	has	have	VERB
cblr-1785	187	29	sufficient	sufficient	ADJ
cblr-1785	187	30	incentive	incentive	NOUN
cblr-1785	187	31	to	to	PART
cblr-1785	187	32	act	act	VERB
cblr-1785	187	33	on	on	ADP
cblr-1785	187	34	behalf	behalf	NOUN
cblr-1785	187	35	of	of	ADP
cblr-1785	187	36	the	the	DET
cblr-1785	187	37	group	group	NOUN
cblr-1785	187	38	(	(	PUNCT
cblr-1785	187	39	i.e.	i.e.	X
cblr-1785	187	40	,	,	PUNCT
cblr-1785	187	41	through	through	ADP
cblr-1785	187	42	collective	collective	ADJ
cblr-1785	187	43	action	action	NOUN
cblr-1785	187	44	)	)	PUNCT
cblr-1785	187	45	because	because	SCONJ
cblr-1785	187	46	such	such	ADJ
cblr-1785	187	47	actor	actor	NOUN
cblr-1785	187	48	would	would	AUX
cblr-1785	187	49	have	have	VERB
cblr-1785	187	50	to	to	PART
cblr-1785	187	51	foot	foot	VERB
cblr-1785	187	52	all	all	DET
cblr-1785	187	53	the	the	DET
cblr-1785	187	54	costs	cost	NOUN
cblr-1785	187	55	while	while	SCONJ
cblr-1785	187	56	only	only	ADV
cblr-1785	187	57	receiving	receive	VERB
cblr-1785	187	58	a	a	DET
cblr-1785	187	59	small	small	ADJ
cblr-1785	187	60	share	share	NOUN
cblr-1785	187	61	of	of	ADP
cblr-1785	187	62	the	the	DET
cblr-1785	187	63	benefits	benefit	NOUN
cblr-1785	187	64	”	"	PUNCT
cblr-1785	187	65	)	)	PUNCT
cblr-1785	187	66	.	.	PUNCT
cblr-1785	188	1	42	42	NUM
cblr-1785	188	2	see	see	VERB
cblr-1785	188	3	bradford	bradford	NOUN
cblr-1785	188	4	,	,	PUNCT
cblr-1785	188	5	supra	supra	PROPN
cblr-1785	188	6	note	note	PROPN
cblr-1785	188	7	12	12	NUM
cblr-1785	188	8	,	,	PUNCT
cblr-1785	188	9	at	at	ADP
cblr-1785	188	10	108	108	NUM
cblr-1785	188	11	(	(	PUNCT
cblr-1785	188	12	“	"	PUNCT
cblr-1785	188	13	investors	investor	NOUN
cblr-1785	188	14	in	in	ADP
cblr-1785	188	15	startups	startup	NOUN
cblr-1785	188	16	also	also	ADV
cblr-1785	188	17	face	face	VERB
cblr-1785	188	18	liquidity	liquidity	NOUN
cblr-1785	188	19	risk	risk	NOUN
cblr-1785	188	20	,	,	PUNCT
cblr-1785	188	21	because	because	SCONJ
cblr-1785	188	22	there	there	PRON
cblr-1785	188	23	is	be	VERB
cblr-1785	188	24	no	no	DET
cblr-1785	188	25	ready	ready	ADJ
cblr-1785	188	26	public	public	ADJ
cblr-1785	188	27	market	market	NOUN
cblr-1785	188	28	in	in	ADP
cblr-1785	188	29	which	which	PRON
cblr-1785	188	30	to	to	PART
cblr-1785	188	31	resell	resell	VERB
cblr-1785	188	32	their	their	PRON
cblr-1785	188	33	investments	investment	NOUN
cblr-1785	188	34	.	.	PUNCT
cblr-1785	188	35	”	"	PUNCT
cblr-1785	188	36	)	)	PUNCT
cblr-1785	188	37	.	.	PUNCT
cblr-1785	189	1	43	43	NUM
cblr-1785	189	2	see	see	VERB
cblr-1785	189	3	parsont	parsont	NOUN
cblr-1785	189	4	,	,	PUNCT
cblr-1785	189	5	supra	supra	PROPN
cblr-1785	189	6	note	note	PROPN
cblr-1785	189	7	22	22	NUM
cblr-1785	189	8	,	,	PUNCT
cblr-1785	189	9	at	at	ADP
cblr-1785	189	10	323	323	NUM
cblr-1785	189	11	(	(	PUNCT
cblr-1785	189	12	explaining	explain	VERB
cblr-1785	189	13	that	that	SCONJ
cblr-1785	189	14	“	"	PUNCT
cblr-1785	189	15	retail	retail	ADJ
cblr-1785	189	16	investors	investor	NOUN
cblr-1785	189	17	in	in	ADP
cblr-1785	189	18	[	[	X
cblr-1785	189	19	the	the	DET
cblr-1785	189	20	crowdfunding	crowdfunding	NOUN
cblr-1785	189	21	]	]	PUNCT
cblr-1785	189	22	market	market	NOUN
cblr-1785	189	23	,	,	PUNCT
cblr-1785	189	24	unlike	unlike	ADP
cblr-1785	189	25	the	the	DET
cblr-1785	189	26	public	public	ADJ
cblr-1785	189	27	market	market	NOUN
cblr-1785	189	28	,	,	PUNCT
cblr-1785	189	29	will	will	AUX
cblr-1785	189	30	not	not	PART
cblr-1785	189	31	benefit	benefit	VERB
cblr-1785	189	32	in	in	ADP
cblr-1785	189	33	the	the	DET
cblr-1785	189	34	same	same	ADJ
cblr-1785	189	35	way	way	NOUN
cblr-1785	189	36	from	from	ADP
cblr-1785	189	37	professional	professional	ADJ
cblr-1785	189	38	investors	investor	NOUN
cblr-1785	189	39	’	'	PUNCT
cblr-1785	189	40	competitive	competitive	ADJ
cblr-1785	189	41	pricing	pricing	NOUN
cblr-1785	189	42	work	work	NOUN
cblr-1785	189	43	”	"	PUNCT
cblr-1785	189	44	)	)	PUNCT
cblr-1785	189	45	.	.	PUNCT
cblr-1785	190	1	pei	pei	PROPN
cblr-1785	190	2	final	final	ADJ
cblr-1785	190	3	866	866	PROPN
cblr-1785	190	4	columbia	columbia	PROPN
cblr-1785	190	5	business	business	PROPN
cblr-1785	190	6	law	law	PROPN
cblr-1785	190	7	review	review	NOUN
cblr-1785	190	8	[	[	X
cblr-1785	190	9	vol	vol	NOUN
cblr-1785	190	10	.	.	PUNCT
cblr-1785	190	11	2014	2014	NUM
cblr-1785	190	12	investment	investment	NOUN
cblr-1785	190	13	risk	risk	NOUN
cblr-1785	190	14	both	both	CCONJ
cblr-1785	190	15	before	before	ADP
cblr-1785	190	16	and	and	CCONJ
cblr-1785	190	17	after	after	ADP
cblr-1785	190	18	the	the	DET
cblr-1785	190	19	sale	sale	NOUN
cblr-1785	190	20	.	.	PUNCT
cblr-1785	191	1	first	first	ADV
cblr-1785	191	2	,	,	PUNCT
cblr-1785	191	3	it	it	PRON
cblr-1785	191	4	impedes	impede	VERB
cblr-1785	191	5	accurate	accurate	ADJ
cblr-1785	191	6	pricing	pricing	NOUN
cblr-1785	191	7	of	of	ADP
cblr-1785	191	8	the	the	DET
cblr-1785	191	9	securities	security	NOUN
cblr-1785	191	10	,	,	PUNCT
cblr-1785	191	11	and	and	CCONJ
cblr-1785	191	12	second	second	ADV
cblr-1785	191	13	,	,	PUNCT
cblr-1785	191	14	it	it	PRON
cblr-1785	191	15	threatens	threaten	VERB
cblr-1785	191	16	the	the	DET
cblr-1785	191	17	ability	ability	NOUN
cblr-1785	191	18	of	of	ADP
cblr-1785	191	19	investors	investor	NOUN
cblr-1785	191	20	to	to	PART
cblr-1785	191	21	monitor	monitor	VERB
cblr-1785	191	22	their	their	PRON
cblr-1785	191	23	holdings	holding	NOUN
cblr-1785	191	24	and	and	CCONJ
cblr-1785	191	25	,	,	PUNCT
cblr-1785	191	26	if	if	SCONJ
cblr-1785	191	27	necessary	necessary	ADJ
cblr-1785	191	28	,	,	PUNCT
cblr-1785	191	29	cut	cut	VERB
cblr-1785	191	30	their	their	PRON
cblr-1785	191	31	losses	loss	NOUN
cblr-1785	191	32	by	by	ADP
cblr-1785	191	33	selling	sell	VERB
cblr-1785	191	34	their	their	PRON
cblr-1785	191	35	positions	position	NOUN
cblr-1785	191	36	.	.	PUNCT
cblr-1785	192	1	taken	take	VERB
cblr-1785	192	2	together	together	ADV
cblr-1785	192	3	,	,	PUNCT
cblr-1785	192	4	these	these	DET
cblr-1785	192	5	risks	risk	NOUN
cblr-1785	192	6	provided	provide	VERB
cblr-1785	192	7	a	a	DET
cblr-1785	192	8	rationale	rationale	NOUN
cblr-1785	192	9	to	to	PART
cblr-1785	192	10	build	build	VERB
cblr-1785	192	11	significant	significant	ADJ
cblr-1785	192	12	investor	investor	NOUN
cblr-1785	192	13	protections	protection	NOUN
cblr-1785	192	14	into	into	ADP
cblr-1785	192	15	the	the	DET
cblr-1785	192	16	federal	federal	ADJ
cblr-1785	192	17	crowdfunding	crowdfunding	NOUN
cblr-1785	192	18	exemption	exemption	NOUN
cblr-1785	192	19	.	.	PUNCT
cblr-1785	193	1	for	for	ADP
cblr-1785	193	2	if	if	SCONJ
cblr-1785	193	3	the	the	DET
cblr-1785	193	4	risks	risk	NOUN
cblr-1785	193	5	were	be	AUX
cblr-1785	193	6	realized	realize	VERB
cblr-1785	193	7	,	,	PUNCT
cblr-1785	193	8	investors	investor	NOUN
cblr-1785	193	9	might	might	AUX
cblr-1785	193	10	shy	shy	VERB
cblr-1785	193	11	away	away	ADV
cblr-1785	193	12	from	from	ADP
cblr-1785	193	13	the	the	DET
cblr-1785	193	14	market	market	NOUN
cblr-1785	193	15	for	for	ADP
cblr-1785	193	16	crowdfunded	crowdfunde	VERB
cblr-1785	193	17	securities	security	NOUN
cblr-1785	193	18	,	,	PUNCT
cblr-1785	193	19	impeding	impede	VERB
cblr-1785	193	20	the	the	DET
cblr-1785	193	21	very	very	ADV
cblr-1785	193	22	capital	capital	NOUN
cblr-1785	193	23	formation	formation	NOUN
cblr-1785	193	24	that	that	PRON
cblr-1785	193	25	the	the	DET
cblr-1785	193	26	exemption	exemption	NOUN
cblr-1785	193	27	is	be	AUX
cblr-1785	193	28	meant	mean	VERB
cblr-1785	193	29	to	to	PART
cblr-1785	193	30	foster	foster	VERB
cblr-1785	193	31	.	.	PUNCT
cblr-1785	194	1	c.	c.	PROPN
cblr-1785	195	1	the	the	DET
cblr-1785	195	2	federal	federal	ADJ
cblr-1785	195	3	exemption	exemption	NOUN
cblr-1785	195	4	the	the	DET
cblr-1785	195	5	result	result	NOUN
cblr-1785	195	6	of	of	ADP
cblr-1785	195	7	this	this	DET
cblr-1785	195	8	struggle	struggle	NOUN
cblr-1785	195	9	between	between	ADP
cblr-1785	195	10	investor	investor	NOUN
cblr-1785	195	11	protection	protection	NOUN
cblr-1785	195	12	on	on	ADP
cblr-1785	195	13	the	the	DET
cblr-1785	195	14	one	one	NUM
cblr-1785	195	15	hand	hand	NOUN
cblr-1785	195	16	,	,	PUNCT
cblr-1785	195	17	and	and	CCONJ
cblr-1785	195	18	capital	capital	NOUN
cblr-1785	195	19	formation	formation	NOUN
cblr-1785	195	20	on	on	ADP
cblr-1785	195	21	the	the	DET
cblr-1785	195	22	other	other	ADJ
cblr-1785	195	23	,	,	PUNCT
cblr-1785	195	24	is	be	AUX
cblr-1785	195	25	the	the	DET
cblr-1785	195	26	crowdfunding	crowdfunding	NOUN
cblr-1785	195	27	exemption	exemption	NOUN
cblr-1785	195	28	in	in	ADP
cblr-1785	195	29	title	title	NOUN
cblr-1785	195	30	iii	iii	NUM
cblr-1785	195	31	of	of	ADP
cblr-1785	195	32	the	the	DET
cblr-1785	195	33	jobs	job	NOUN
cblr-1785	195	34	act	act	VERB
cblr-1785	195	35	is.44	is.44	NOUN
cblr-1785	195	36	under	under	ADP
cblr-1785	195	37	the	the	DET
cblr-1785	195	38	new	new	ADJ
cblr-1785	195	39	securities	securities	PROPN
cblr-1785	195	40	act	act	PROPN
cblr-1785	195	41	section	section	PROPN
cblr-1785	195	42	4(a)(6	4(a)(6	NOUN
cblr-1785	195	43	)	)	PUNCT
cblr-1785	195	44	created	create	VERB
cblr-1785	195	45	by	by	ADP
cblr-1785	195	46	title	title	NOUN
cblr-1785	195	47	iii	iii	PROPN
cblr-1785	195	48	,	,	PUNCT
cblr-1785	195	49	an	an	DET
cblr-1785	195	50	issuer	issuer	NOUN
cblr-1785	195	51	may	may	AUX
cblr-1785	195	52	raise	raise	VERB
cblr-1785	195	53	up	up	ADP
cblr-1785	195	54	to	to	PART
cblr-1785	195	55	$	$	SYM
cblr-1785	195	56	1	1	NUM
cblr-1785	195	57	million	million	NUM
cblr-1785	195	58	in	in	ADP
cblr-1785	195	59	reliance	reliance	NOUN
cblr-1785	195	60	on	on	ADP
cblr-1785	195	61	the	the	DET
cblr-1785	195	62	exemption	exemption	NOUN
cblr-1785	195	63	in	in	ADP
cblr-1785	195	64	a	a	DET
cblr-1785	195	65	given	give	VERB
cblr-1785	195	66	year	year	NOUN
cblr-1785	195	67	without	without	ADP
cblr-1785	195	68	filing	file	VERB
cblr-1785	195	69	a	a	DET
cblr-1785	195	70	registration	registration	NOUN
cblr-1785	195	71	statement	statement	NOUN
cblr-1785	195	72	with	with	ADP
cblr-1785	195	73	the	the	DET
cblr-1785	195	74	sec.45	sec.45	NOUN
cblr-1785	195	75	the	the	DET
cblr-1785	195	76	offering	offering	NOUN
cblr-1785	195	77	cap	cap	NOUN
cblr-1785	195	78	is	be	AUX
cblr-1785	195	79	meant	mean	VERB
cblr-1785	195	80	to	to	PART
cblr-1785	195	81	limit	limit	VERB
cblr-1785	195	82	the	the	DET
cblr-1785	195	83	exemption	exemption	NOUN
cblr-1785	195	84	to	to	ADP
cblr-1785	195	85	issuers	issuer	NOUN
cblr-1785	195	86	who	who	PRON
cblr-1785	195	87	would	would	AUX
cblr-1785	195	88	be	be	AUX
cblr-1785	195	89	genuinely	genuinely	ADV
cblr-1785	195	90	deterred	deter	VERB
cblr-1785	195	91	by	by	ADP
cblr-1785	195	92	registration	registration	NOUN
cblr-1785	195	93	requirements	requirement	NOUN
cblr-1785	195	94	.	.	PUNCT
cblr-1785	196	1	the	the	DET
cblr-1785	196	2	exemption	exemption	NOUN
cblr-1785	196	3	also	also	ADV
cblr-1785	196	4	limits	limit	VERB
cblr-1785	196	5	the	the	DET
cblr-1785	196	6	aggregate	aggregate	ADJ
cblr-1785	196	7	amount	amount	NOUN
cblr-1785	196	8	an	an	DET
cblr-1785	196	9	individual	individual	NOUN
cblr-1785	196	10	can	can	AUX
cblr-1785	196	11	invest	invest	VERB
cblr-1785	196	12	in	in	ADP
cblr-1785	196	13	crowdfunded	crowdfunde	VERB
cblr-1785	196	14	securities	security	NOUN
cblr-1785	196	15	in	in	ADP
cblr-1785	196	16	a	a	DET
cblr-1785	196	17	given	give	VERB
cblr-1785	196	18	year	year	NOUN
cblr-1785	196	19	.	.	PUNCT
cblr-1785	197	1	if	if	SCONJ
cblr-1785	197	2	an	an	DET
cblr-1785	197	3	investor	investor	NOUN
cblr-1785	197	4	’s	’s	PART
cblr-1785	197	5	income	income	NOUN
cblr-1785	197	6	or	or	CCONJ
cblr-1785	197	7	net	net	ADJ
cblr-1785	197	8	worth	worth	NOUN
cblr-1785	197	9	is	be	AUX
cblr-1785	197	10	less	less	ADJ
cblr-1785	197	11	than	than	ADP
cblr-1785	197	12	$	$	SYM
cblr-1785	197	13	100,000	100,000	NUM
cblr-1785	197	14	,	,	PUNCT
cblr-1785	197	15	the	the	DET
cblr-1785	197	16	limit	limit	NOUN
cblr-1785	197	17	is	be	AUX
cblr-1785	197	18	the	the	DET
cblr-1785	197	19	greater	great	ADJ
cblr-1785	197	20	of	of	ADP
cblr-1785	197	21	$	$	SYM
cblr-1785	197	22	2,000	2,000	NUM
cblr-1785	197	23	or	or	CCONJ
cblr-1785	197	24	5	5	NUM
cblr-1785	197	25	percent	percent	NOUN
cblr-1785	197	26	of	of	ADP
cblr-1785	197	27	the	the	DET
cblr-1785	197	28	investor	investor	NOUN
cblr-1785	197	29	’s	’s	PART
cblr-1785	197	30	annual	annual	ADJ
cblr-1785	197	31	income	income	NOUN
cblr-1785	197	32	or	or	CCONJ
cblr-1785	197	33	net	net	ADJ
cblr-1785	197	34	worth.46	worth.46	NOUN
cblr-1785	197	35	44	44	NUM
cblr-1785	197	36	see	see	VERB
cblr-1785	197	37	parsont	parsont	NOUN
cblr-1785	197	38	,	,	PUNCT
cblr-1785	197	39	supra	supra	PROPN
cblr-1785	197	40	note	note	PROPN
cblr-1785	197	41	22	22	NUM
cblr-1785	197	42	,	,	PUNCT
cblr-1785	197	43	at	at	ADP
cblr-1785	197	44	294–300	294–300	NUM
cblr-1785	197	45	(	(	PUNCT
cblr-1785	197	46	describing	describe	VERB
cblr-1785	197	47	the	the	DET
cblr-1785	197	48	legislative	legislative	ADJ
cblr-1785	197	49	history	history	NOUN
cblr-1785	197	50	of	of	ADP
cblr-1785	197	51	the	the	DET
cblr-1785	197	52	crowdfunding	crowdfunding	NOUN
cblr-1785	197	53	exemption	exemption	NOUN
cblr-1785	197	54	)	)	PUNCT
cblr-1785	197	55	.	.	PUNCT
cblr-1785	198	1	45	45	NUM
cblr-1785	198	2	15	15	NUM
cblr-1785	198	3	u.s.c	u.s.c	NOUN
cblr-1785	198	4	.	.	PUNCT
cblr-1785	199	1	§	§	PROPN
cblr-1785	199	2	77d(a)(6)(a	77d(a)(6)(a	PROPN
cblr-1785	199	3	)	)	PUNCT
cblr-1785	199	4	(	(	PUNCT
cblr-1785	199	5	2012	2012	NUM
cblr-1785	199	6	)	)	PUNCT
cblr-1785	199	7	.	.	PUNCT
cblr-1785	200	1	46	46	NUM
cblr-1785	200	2	15	15	NUM
cblr-1785	200	3	u.s.c	u.s.c	NOUN
cblr-1785	200	4	.	.	PUNCT
cblr-1785	201	1	§	§	PROPN
cblr-1785	201	2	77d(a)(6)(b)(i	77d(a)(6)(b)(i	NOUN
cblr-1785	201	3	)	)	PUNCT
cblr-1785	201	4	(	(	PUNCT
cblr-1785	201	5	2012	2012	NUM
cblr-1785	201	6	)	)	PUNCT
cblr-1785	201	7	.	.	PUNCT
cblr-1785	202	1	the	the	DET
cblr-1785	202	2	sec	sec	PROPN
cblr-1785	202	3	’s	’s	PART
cblr-1785	202	4	proposed	propose	VERB
cblr-1785	202	5	rules	rule	NOUN
cblr-1785	202	6	alter	alter	VERB
cblr-1785	202	7	this	this	DET
cblr-1785	202	8	formula	formula	NOUN
cblr-1785	202	9	slightly	slightly	ADV
cblr-1785	202	10	in	in	ADP
cblr-1785	202	11	order	order	NOUN
cblr-1785	202	12	to	to	PART
cblr-1785	202	13	remove	remove	VERB
cblr-1785	202	14	the	the	DET
cblr-1785	202	15	ambiguity	ambiguity	NOUN
cblr-1785	202	16	over	over	ADP
cblr-1785	202	17	which	which	DET
cblr-1785	202	18	limit	limit	NOUN
cblr-1785	202	19	would	would	AUX
cblr-1785	202	20	apply	apply	VERB
cblr-1785	202	21	to	to	ADP
cblr-1785	202	22	an	an	DET
cblr-1785	202	23	investor	investor	NOUN
cblr-1785	202	24	that	that	PRON
cblr-1785	202	25	has	have	VERB
cblr-1785	202	26	an	an	DET
cblr-1785	202	27	annual	annual	ADJ
cblr-1785	202	28	income	income	NOUN
cblr-1785	202	29	over	over	ADP
cblr-1785	202	30	$	$	SYM
cblr-1785	202	31	100,000	100,000	NUM
cblr-1785	202	32	and	and	CCONJ
cblr-1785	202	33	a	a	DET
cblr-1785	202	34	net	net	ADJ
cblr-1785	202	35	worth	worth	NOUN
cblr-1785	202	36	below	below	ADP
cblr-1785	202	37	$	$	SYM
cblr-1785	202	38	100,000	100,000	NUM
cblr-1785	202	39	,	,	PUNCT
cblr-1785	202	40	or	or	CCONJ
cblr-1785	202	41	vice	vice	NOUN
cblr-1785	202	42	versa	versa	PROPN
cblr-1785	202	43	sec	sec	PROPN
cblr-1785	202	44	proposed	propose	VERB
cblr-1785	202	45	rules	rule	NOUN
cblr-1785	202	46	,	,	PUNCT
cblr-1785	202	47	supra	supra	PROPN
cblr-1785	202	48	note	note	NOUN
cblr-1785	202	49	5	5	NUM
cblr-1785	202	50	,	,	PUNCT
cblr-1785	202	51	at	at	ADP
cblr-1785	202	52	24	24	NUM
cblr-1785	202	53	.	.	PUNCT
cblr-1785	203	1	“	"	PUNCT
cblr-1785	203	2	under	under	ADP
cblr-1785	203	3	the	the	DET
cblr-1785	203	4	proposed	propose	VERB
cblr-1785	203	5	rules	rule	NOUN
cblr-1785	203	6	.	.	PUNCT
cblr-1785	203	7	.	.	PUNCT
cblr-1785	203	8	.	.	PUNCT
cblr-1785	204	1	if	if	SCONJ
cblr-1785	204	2	both	both	DET
cblr-1785	204	3	annual	annual	ADJ
cblr-1785	204	4	income	income	NOUN
cblr-1785	204	5	and	and	CCONJ
cblr-1785	204	6	net	net	ADJ
cblr-1785	204	7	worth	worth	NOUN
cblr-1785	204	8	are	be	AUX
cblr-1785	204	9	less	less	ADJ
cblr-1785	204	10	than	than	ADP
cblr-1785	204	11	$	$	SYM
cblr-1785	204	12	100,000	100,000	NUM
cblr-1785	204	13	,	,	PUNCT
cblr-1785	204	14	then	then	ADV
cblr-1785	204	15	a	a	DET
cblr-1785	204	16	limit	limit	NOUN
cblr-1785	204	17	of	of	ADP
cblr-1785	204	18	$	$	SYM
cblr-1785	204	19	2,000	2,000	NUM
cblr-1785	204	20	or	or	CCONJ
cblr-1785	204	21	5	5	NUM
cblr-1785	204	22	percent	percent	NOUN
cblr-1785	204	23	of	of	ADP
cblr-1785	204	24	annual	annual	ADJ
cblr-1785	204	25	income	income	NOUN
cblr-1785	204	26	or	or	CCONJ
cblr-1785	204	27	net	net	ADJ
cblr-1785	204	28	worth	worth	NOUN
cblr-1785	204	29	,	,	PUNCT
cblr-1785	204	30	whichever	whichever	PRON
cblr-1785	204	31	is	be	AUX
cblr-1785	204	32	greater	great	ADJ
cblr-1785	204	33	,	,	PUNCT
cblr-1785	204	34	would	would	AUX
cblr-1785	204	35	apply	apply	VERB
cblr-1785	204	36	.	.	PUNCT
cblr-1785	204	37	”	"	PUNCT
cblr-1785	205	1	i	i	PRON
cblr-1785	205	2	d.	d.	PROPN
cblr-1785	205	3	as	as	SCONJ
cblr-1785	205	4	bradford	bradford	PROPN
cblr-1785	205	5	clarifies	clarify	VERB
cblr-1785	205	6	in	in	ADP
cblr-1785	205	7	a	a	DET
cblr-1785	205	8	recent	recent	ADJ
cblr-1785	205	9	article	article	NOUN
cblr-1785	205	10	,	,	PUNCT
cblr-1785	205	11	for	for	ADP
cblr-1785	205	12	investors	investor	NOUN
cblr-1785	205	13	falling	fall	VERB
cblr-1785	205	14	below	below	ADP
cblr-1785	205	15	the	the	DET
cblr-1785	205	16	$	$	SYM
cblr-1785	205	17	100,000	100,000	NUM
cblr-1785	205	18	threshold	threshold	NOUN
cblr-1785	205	19	“	"	PUNCT
cblr-1785	205	20	the	the	DET
cblr-1785	205	21	limit	limit	NOUN
cblr-1785	205	22	is	be	AUX
cblr-1785	205	23	the	the	DET
cblr-1785	205	24	greatest	great	ADJ
cblr-1785	205	25	of	of	ADP
cblr-1785	205	26	three	three	NUM
cblr-1785	205	27	numbers	number	NOUN
cblr-1785	205	28	:	:	PUNCT
cblr-1785	205	29	$	$	SYM
cblr-1785	205	30	2,000	2,000	NUM
cblr-1785	205	31	,	,	PUNCT
cblr-1785	205	32	5	5	NUM
cblr-1785	205	33	percent	percent	NOUN
cblr-1785	205	34	of	of	ADP
cblr-1785	205	35	the	the	DET
cblr-1785	205	36	investor	investor	NOUN
cblr-1785	205	37	’s	’s	PART
cblr-1785	205	38	annual	annual	ADJ
cblr-1785	205	39	income	income	NOUN
cblr-1785	205	40	,	,	PUNCT
cblr-1785	205	41	and	and	CCONJ
cblr-1785	205	42	5	5	NUM
cblr-1785	205	43	percent	percent	NOUN
cblr-1785	205	44	of	of	ADP
cblr-1785	205	45	the	the	DET
cblr-1785	205	46	investor	investor	NOUN
cblr-1785	205	47	’s	’s	PART
cblr-1785	205	48	net	net	ADJ
cblr-1785	205	49	worth	worth	NOUN
cblr-1785	205	50	.	.	PUNCT
cblr-1785	205	51	”	"	PUNCT
cblr-1785	206	1	c.	c.	PROPN
cblr-1785	206	2	steven	steven	PROPN
cblr-1785	206	3	bradford	bradford	PROPN
cblr-1785	206	4	,	,	PUNCT
cblr-1785	206	5	the	the	DET
cblr-1785	206	6	new	new	ADJ
cblr-1785	206	7	federal	federal	ADJ
cblr-1785	206	8	crowdfunding	crowdfunding	NOUN
cblr-1785	206	9	exemption	exemption	NOUN
cblr-1785	206	10	:	:	PUNCT
cblr-1785	206	11	promise	promise	NOUN
cblr-1785	206	12	unfulfilled	unfulfilled	ADJ
cblr-1785	206	13	,	,	PUNCT
cblr-1785	206	14	40	40	NUM
cblr-1785	206	15	sec	sec	PROPN
cblr-1785	206	16	.	.	PUNCT
cblr-1785	207	1	reg	reg	PROPN
cblr-1785	207	2	.	.	PUNCT
cblr-1785	208	1	l.j	l.j	PROPN
cblr-1785	208	2	.	.	PROPN
cblr-1785	208	3	195	195	NUM
cblr-1785	208	4	,	,	PUNCT
cblr-1785	208	5	200	200	NUM
cblr-1785	208	6	(	(	PUNCT
cblr-1785	208	7	2012	2012	NUM
cblr-1785	208	8	)	)	PUNCT
cblr-1785	208	9	.	.	PUNCT
cblr-1785	209	1	pei	pei	PROPN
cblr-1785	209	2	final	final	ADJ
cblr-1785	209	3	no	no	NOUN
cblr-1785	209	4	.	.	PUNCT
cblr-1785	210	1	3:854	3:854	NUM
cblr-1785	210	2	]	]	X
cblr-1785	210	3	intrastate	intrastate	ADJ
cblr-1785	210	4	crowdfunding	crowdfunde	VERB
cblr-1785	210	5	867	867	NUM
cblr-1785	210	6	investors	investor	NOUN
cblr-1785	210	7	with	with	ADP
cblr-1785	210	8	an	an	DET
cblr-1785	210	9	income	income	NOUN
cblr-1785	210	10	or	or	CCONJ
cblr-1785	210	11	net	net	ADJ
cblr-1785	210	12	worth	worth	NOUN
cblr-1785	210	13	over	over	ADP
cblr-1785	210	14	$	$	SYM
cblr-1785	210	15	100,000	100,000	NUM
cblr-1785	210	16	are	be	AUX
cblr-1785	210	17	permitted	permit	VERB
cblr-1785	210	18	to	to	PART
cblr-1785	210	19	invest	invest	VERB
cblr-1785	210	20	up	up	ADP
cblr-1785	210	21	to	to	PART
cblr-1785	210	22	10	10	NUM
cblr-1785	210	23	percent	percent	NOUN
cblr-1785	210	24	of	of	ADP
cblr-1785	210	25	their	their	PRON
cblr-1785	210	26	income	income	NOUN
cblr-1785	210	27	or	or	CCONJ
cblr-1785	210	28	net	net	ADJ
cblr-1785	210	29	worth	worth	NOUN
cblr-1785	210	30	,	,	PUNCT
cblr-1785	210	31	with	with	ADP
cblr-1785	210	32	a	a	DET
cblr-1785	210	33	hard	hard	ADJ
cblr-1785	210	34	cap	cap	NOUN
cblr-1785	210	35	at	at	ADP
cblr-1785	210	36	$	$	SYM
cblr-1785	210	37	100,000	100,000	NUM
cblr-1785	210	38	per	per	ADP
cblr-1785	210	39	year.47	year.47	NOUN
cblr-1785	210	40	these	these	DET
cblr-1785	210	41	restrictions	restriction	NOUN
cblr-1785	210	42	are	be	AUX
cblr-1785	210	43	meant	mean	VERB
cblr-1785	210	44	to	to	PART
cblr-1785	210	45	limit	limit	VERB
cblr-1785	210	46	investor	investor	NOUN
cblr-1785	210	47	losses	loss	NOUN
cblr-1785	210	48	to	to	ADP
cblr-1785	210	49	an	an	DET
cblr-1785	210	50	amount	amount	NOUN
cblr-1785	210	51	the	the	DET
cblr-1785	210	52	investor	investor	NOUN
cblr-1785	210	53	can	can	AUX
cblr-1785	210	54	afford	afford	VERB
cblr-1785	210	55	to	to	PART
cblr-1785	210	56	lose	lose	VERB
cblr-1785	210	57	.	.	PUNCT
cblr-1785	211	1	in	in	ADP
cblr-1785	211	2	addition	addition	NOUN
cblr-1785	211	3	,	,	PUNCT
cblr-1785	211	4	the	the	DET
cblr-1785	211	5	section	section	NOUN
cblr-1785	211	6	4(a)(6	4(a)(6	NOUN
cblr-1785	211	7	)	)	PUNCT
cblr-1785	211	8	exemption	exemption	NOUN
cblr-1785	211	9	requires	require	VERB
cblr-1785	211	10	that	that	SCONJ
cblr-1785	211	11	the	the	DET
cblr-1785	211	12	securities	security	NOUN
cblr-1785	211	13	be	be	AUX
cblr-1785	211	14	sold	sell	VERB
cblr-1785	211	15	over	over	ADP
cblr-1785	211	16	a	a	DET
cblr-1785	211	17	registered	register	VERB
cblr-1785	211	18	funding	funding	NOUN
cblr-1785	211	19	portal	portal	NOUN
cblr-1785	211	20	or	or	CCONJ
cblr-1785	211	21	through	through	ADP
cblr-1785	211	22	a	a	DET
cblr-1785	211	23	registered	register	VERB
cblr-1785	211	24	broker	broker	NOUN
cblr-1785	211	25	-	-	PUNCT
cblr-1785	211	26	dealer	dealer	NOUN
cblr-1785	211	27	portal.48	portal.48	NOUN
cblr-1785	211	28	both	both	CCONJ
cblr-1785	211	29	the	the	DET
cblr-1785	211	30	issuer	issuer	NOUN
cblr-1785	211	31	and	and	CCONJ
cblr-1785	211	32	the	the	DET
cblr-1785	211	33	portal	portal	NOUN
cblr-1785	211	34	are	be	AUX
cblr-1785	211	35	subject	subject	ADJ
cblr-1785	211	36	to	to	ADP
cblr-1785	211	37	a	a	DET
cblr-1785	211	38	host	host	NOUN
cblr-1785	211	39	of	of	ADP
cblr-1785	211	40	disclosure	disclosure	NOUN
cblr-1785	211	41	requirements	requirement	NOUN
cblr-1785	211	42	designed	design	VERB
cblr-1785	211	43	to	to	PART
cblr-1785	211	44	enhance	enhance	VERB
cblr-1785	211	45	investor	investor	NOUN
cblr-1785	211	46	protection	protection	NOUN
cblr-1785	211	47	.	.	PUNCT
cblr-1785	212	1	an	an	DET
cblr-1785	212	2	issuer	issuer	NOUN
cblr-1785	212	3	must	must	AUX
cblr-1785	212	4	provide	provide	VERB
cblr-1785	212	5	the	the	DET
cblr-1785	212	6	sec	sec	PROPN
cblr-1785	212	7	,	,	PUNCT
cblr-1785	212	8	the	the	DET
cblr-1785	212	9	broker	broker	NOUN
cblr-1785	212	10	or	or	CCONJ
cblr-1785	212	11	portal	portal	ADJ
cblr-1785	212	12	,	,	PUNCT
cblr-1785	212	13	and	and	CCONJ
cblr-1785	212	14	investors	investor	NOUN
cblr-1785	212	15	with	with	ADP
cblr-1785	212	16	its	its	PRON
cblr-1785	212	17	name	name	NOUN
cblr-1785	212	18	,	,	PUNCT
cblr-1785	212	19	address	address	NOUN
cblr-1785	212	20	,	,	PUNCT
cblr-1785	212	21	and	and	CCONJ
cblr-1785	212	22	website	website	NOUN
cblr-1785	212	23	,	,	PUNCT
cblr-1785	212	24	as	as	ADV
cblr-1785	212	25	well	well	ADV
cblr-1785	212	26	as	as	ADP
cblr-1785	212	27	the	the	DET
cblr-1785	212	28	names	name	NOUN
cblr-1785	212	29	of	of	ADP
cblr-1785	212	30	its	its	PRON
cblr-1785	212	31	directors	director	NOUN
cblr-1785	212	32	and	and	CCONJ
cblr-1785	212	33	major	major	ADJ
cblr-1785	212	34	shareholders.49	shareholders.49	PROPN
cblr-1785	212	35	it	it	PRON
cblr-1785	212	36	must	must	AUX
cblr-1785	212	37	also	also	ADV
cblr-1785	212	38	disclose	disclose	VERB
cblr-1785	212	39	details	detail	NOUN
cblr-1785	212	40	about	about	ADP
cblr-1785	212	41	the	the	DET
cblr-1785	212	42	investment	investment	NOUN
cblr-1785	212	43	,	,	PUNCT
cblr-1785	212	44	including	include	VERB
cblr-1785	212	45	a	a	DET
cblr-1785	212	46	description	description	NOUN
cblr-1785	212	47	of	of	ADP
cblr-1785	212	48	the	the	DET
cblr-1785	212	49	issuer	issuer	NOUN
cblr-1785	212	50	’s	’s	PART
cblr-1785	212	51	business	business	NOUN
cblr-1785	212	52	plan	plan	NOUN
cblr-1785	212	53	and	and	CCONJ
cblr-1785	212	54	a	a	DET
cblr-1785	212	55	statement	statement	NOUN
cblr-1785	212	56	of	of	ADP
cblr-1785	212	57	its	its	PRON
cblr-1785	212	58	financial	financial	ADJ
cblr-1785	212	59	condition	condition	NOUN
cblr-1785	212	60	including	include	VERB
cblr-1785	212	61	financial	financial	ADJ
cblr-1785	212	62	statements	statement	NOUN
cblr-1785	212	63	and	and	CCONJ
cblr-1785	212	64	tax	tax	NOUN
cblr-1785	212	65	returns.50	returns.50	PROPN
cblr-1785	212	66	an	an	DET
cblr-1785	212	67	independent	independent	ADJ
cblr-1785	212	68	public	public	ADJ
cblr-1785	212	69	accountant	accountant	NOUN
cblr-1785	212	70	must	must	AUX
cblr-1785	212	71	review	review	VERB
cblr-1785	212	72	the	the	DET
cblr-1785	212	73	financial	financial	ADJ
cblr-1785	212	74	statements	statement	NOUN
cblr-1785	212	75	if	if	SCONJ
cblr-1785	212	76	the	the	DET
cblr-1785	212	77	issuer	issuer	NOUN
cblr-1785	212	78	seeks	seek	VERB
cblr-1785	212	79	to	to	PART
cblr-1785	212	80	raise	raise	VERB
cblr-1785	212	81	between	between	ADP
cblr-1785	212	82	$	$	SYM
cblr-1785	212	83	100,000	100,000	NUM
cblr-1785	212	84	and	and	CCONJ
cblr-1785	212	85	$	$	SYM
cblr-1785	212	86	500,000	500,000	NUM
cblr-1785	212	87	;	;	PUNCT
cblr-1785	212	88	and	and	CCONJ
cblr-1785	212	89	if	if	SCONJ
cblr-1785	212	90	the	the	DET
cblr-1785	212	91	target	target	NOUN
cblr-1785	212	92	offering	offering	NOUN
cblr-1785	212	93	amount	amount	NOUN
cblr-1785	212	94	exceeds	exceed	VERB
cblr-1785	212	95	$	$	SYM
cblr-1785	212	96	500,000	500,000	NUM
cblr-1785	212	97	,	,	PUNCT
cblr-1785	212	98	then	then	ADV
cblr-1785	212	99	audited	audit	VERB
cblr-1785	212	100	financial	financial	ADJ
cblr-1785	212	101	statements	statement	NOUN
cblr-1785	212	102	are	be	AUX
cblr-1785	212	103	required.51	required.51	ADJ
cblr-1785	212	104	the	the	DET
cblr-1785	212	105	issuer	issuer	NOUN
cblr-1785	212	106	must	must	AUX
cblr-1785	212	107	also	also	ADV
cblr-1785	212	108	provide	provide	VERB
cblr-1785	212	109	a	a	DET
cblr-1785	212	110	description	description	NOUN
cblr-1785	212	111	containing	contain	VERB
cblr-1785	212	112	the	the	DET
cblr-1785	212	113	following	follow	VERB
cblr-1785	212	114	information	information	NOUN
cblr-1785	212	115	:	:	PUNCT
cblr-1785	212	116	the	the	DET
cblr-1785	212	117	intended	intend	VERB
cblr-1785	212	118	use	use	NOUN
cblr-1785	212	119	of	of	ADP
cblr-1785	212	120	the	the	DET
cblr-1785	212	121	funds	fund	NOUN
cblr-1785	212	122	raised	raise	VERB
cblr-1785	212	123	,	,	PUNCT
cblr-1785	212	124	its	its	PRON
cblr-1785	212	125	target	target	NOUN
cblr-1785	212	126	offering	offering	NOUN
cblr-1785	212	127	amount	amount	NOUN
cblr-1785	212	128	(	(	PUNCT
cblr-1785	212	129	along	along	ADP
cblr-1785	212	130	with	with	ADP
cblr-1785	212	131	regular	regular	ADJ
cblr-1785	212	132	updates	update	NOUN
cblr-1785	212	133	on	on	ADP
cblr-1785	212	134	fundraising	fundraise	VERB
cblr-1785	212	135	progress	progress	NOUN
cblr-1785	212	136	)	)	PUNCT
cblr-1785	212	137	,	,	PUNCT
cblr-1785	212	138	the	the	DET
cblr-1785	212	139	public	public	ADJ
cblr-1785	212	140	price	price	NOUN
cblr-1785	212	141	of	of	ADP
cblr-1785	212	142	the	the	DET
cblr-1785	212	143	securities	security	NOUN
cblr-1785	212	144	and	and	CCONJ
cblr-1785	212	145	the	the	DET
cblr-1785	212	146	method	method	NOUN
cblr-1785	212	147	used	use	VERB
cblr-1785	212	148	for	for	ADP
cblr-1785	212	149	determining	determine	VERB
cblr-1785	212	150	that	that	DET
cblr-1785	212	151	price	price	NOUN
cblr-1785	212	152	,	,	PUNCT
cblr-1785	212	153	and	and	CCONJ
cblr-1785	212	154	information	information	NOUN
cblr-1785	212	155	about	about	ADP
cblr-1785	212	156	its	its	PRON
cblr-1785	212	157	business	business	NOUN
cblr-1785	212	158	’s	’s	PART
cblr-1785	212	159	ownership	ownership	NOUN
cblr-1785	212	160	and	and	CCONJ
cblr-1785	212	161	capital	capital	NOUN
cblr-1785	212	162	structure.52	structure.52	ADJ
cblr-1785	212	163	issuers	issuer	NOUN
cblr-1785	212	164	are	be	AUX
cblr-1785	212	165	further	far	ADV
cblr-1785	212	166	prohibited	prohibit	VERB
cblr-1785	212	167	from	from	ADP
cblr-1785	212	168	advertising	advertise	VERB
cblr-1785	212	169	their	their	PRON
cblr-1785	212	170	offerings	offering	NOUN
cblr-1785	212	171	,	,	PUNCT
cblr-1785	212	172	except	except	SCONJ
cblr-1785	212	173	for	for	ADP
cblr-1785	212	174	teaser	teaser	NOUN
cblr-1785	212	175	notices	notice	NOUN
cblr-1785	212	176	directing	direct	VERB
cblr-1785	212	177	investors	investor	NOUN
cblr-1785	212	178	to	to	ADP
cblr-1785	212	179	the	the	DET
cblr-1785	212	180	47	47	NUM
cblr-1785	212	181	15	15	NUM
cblr-1785	212	182	u.s.c	u.s.c	NOUN
cblr-1785	212	183	.	.	PUNCT
cblr-1785	213	1	§	§	PROPN
cblr-1785	213	2	77d(a)(6)(b)(ii	77d(a)(6)(b)(ii	NUM
cblr-1785	213	3	)	)	PUNCT
cblr-1785	213	4	(	(	PUNCT
cblr-1785	213	5	2012	2012	NUM
cblr-1785	213	6	)	)	PUNCT
cblr-1785	213	7	.	.	PUNCT
cblr-1785	214	1	the	the	DET
cblr-1785	214	2	sec	sec	PROPN
cblr-1785	214	3	’s	’s	PART
cblr-1785	214	4	proposed	propose	VERB
cblr-1785	214	5	rules	rule	NOUN
cblr-1785	214	6	clarify	clarify	VERB
cblr-1785	214	7	that	that	SCONJ
cblr-1785	214	8	the	the	DET
cblr-1785	214	9	limit	limit	NOUN
cblr-1785	214	10	for	for	ADP
cblr-1785	214	11	investors	investor	NOUN
cblr-1785	214	12	above	above	ADP
cblr-1785	214	13	the	the	DET
cblr-1785	214	14	$	$	SYM
cblr-1785	214	15	100,000	100,000	NUM
cblr-1785	214	16	threshold	threshold	NOUN
cblr-1785	214	17	is	be	AUX
cblr-1785	214	18	the	the	DET
cblr-1785	214	19	greater	great	ADJ
cblr-1785	214	20	of	of	ADP
cblr-1785	214	21	10	10	NUM
cblr-1785	214	22	percent	percent	NOUN
cblr-1785	214	23	of	of	ADP
cblr-1785	214	24	their	their	PRON
cblr-1785	214	25	annual	annual	ADJ
cblr-1785	214	26	income	income	NOUN
cblr-1785	214	27	or	or	CCONJ
cblr-1785	214	28	10	10	NUM
cblr-1785	214	29	percent	percent	NOUN
cblr-1785	214	30	of	of	ADP
cblr-1785	214	31	their	their	PRON
cblr-1785	214	32	net	net	ADJ
cblr-1785	214	33	worth	worth	NOUN
cblr-1785	214	34	.	.	PUNCT
cblr-1785	215	1	see	see	VERB
cblr-1785	215	2	sec	sec	PROPN
cblr-1785	215	3	proposed	propose	VERB
cblr-1785	215	4	rules	rule	NOUN
cblr-1785	215	5	,	,	PUNCT
cblr-1785	215	6	supra	supra	PROPN
cblr-1785	215	7	note	note	NOUN
cblr-1785	215	8	5	5	NUM
cblr-1785	215	9	,	,	PUNCT
cblr-1785	215	10	at	at	ADP
cblr-1785	215	11	24	24	NUM
cblr-1785	215	12	.	.	PUNCT
cblr-1785	216	1	see	see	VERB
cblr-1785	216	2	also	also	ADV
cblr-1785	216	3	bradford	bradford	NOUN
cblr-1785	216	4	,	,	PUNCT
cblr-1785	216	5	supra	supra	PROPN
cblr-1785	216	6	note	note	PROPN
cblr-1785	216	7	46	46	NUM
cblr-1785	216	8	at	at	ADP
cblr-1785	216	9	201	201	NUM
cblr-1785	216	10	(	(	PUNCT
cblr-1785	216	11	discussing	discuss	VERB
cblr-1785	216	12	the	the	DET
cblr-1785	216	13	original	original	ADJ
cblr-1785	216	14	ambiguity	ambiguity	NOUN
cblr-1785	216	15	in	in	ADP
cblr-1785	216	16	the	the	DET
cblr-1785	216	17	jobs	job	NOUN
cblr-1785	216	18	act	act	PROPN
cblr-1785	216	19	)	)	PUNCT
cblr-1785	216	20	.	.	PUNCT
cblr-1785	217	1	48	48	NUM
cblr-1785	217	2	15	15	NUM
cblr-1785	217	3	u.s.c	u.s.c	NOUN
cblr-1785	217	4	.	.	PUNCT
cblr-1785	218	1	§	§	PROPN
cblr-1785	218	2	77d(a)(6)(c	77d(a)(6)(c	PROPN
cblr-1785	218	3	)	)	PUNCT
cblr-1785	218	4	(	(	PUNCT
cblr-1785	218	5	2012	2012	NUM
cblr-1785	218	6	)	)	PUNCT
cblr-1785	218	7	.	.	PUNCT
cblr-1785	219	1	49	49	NUM
cblr-1785	219	2	15	15	NUM
cblr-1785	219	3	u.s.c	u.s.c	NOUN
cblr-1785	219	4	.	.	PUNCT
cblr-1785	220	1	§	§	PROPN
cblr-1785	220	2	77d-1(b)(1)(a)–(b	77d-1(b)(1)(a)–(b	PROPN
cblr-1785	220	3	)	)	PUNCT
cblr-1785	220	4	(	(	PUNCT
cblr-1785	220	5	2012	2012	NUM
cblr-1785	220	6	)	)	PUNCT
cblr-1785	220	7	.	.	PUNCT
cblr-1785	221	1	50	50	NUM
cblr-1785	221	2	15	15	NUM
cblr-1785	221	3	u.s.c	u.s.c	NOUN
cblr-1785	221	4	.	.	PUNCT
cblr-1785	222	1	§	§	PROPN
cblr-1785	222	2	77d-1(b)(1)(c)–(d	77d-1(b)(1)(c)–(d	PROPN
cblr-1785	222	3	)	)	PUNCT
cblr-1785	222	4	(	(	PUNCT
cblr-1785	222	5	2012	2012	NUM
cblr-1785	222	6	)	)	PUNCT
cblr-1785	222	7	.	.	PUNCT
cblr-1785	223	1	51	51	NUM
cblr-1785	223	2	15	15	NUM
cblr-1785	223	3	u.s.c	u.s.c	NOUN
cblr-1785	223	4	.	.	PUNCT
cblr-1785	224	1	§	§	PROPN
cblr-1785	224	2	77d-1(b)(1)(d)(ii)–(iii	77d-1(b)(1)(d)(ii)–(iii	PROPN
cblr-1785	224	3	)	)	PUNCT
cblr-1785	224	4	(	(	PUNCT
cblr-1785	224	5	2012	2012	NUM
cblr-1785	224	6	)	)	PUNCT
cblr-1785	224	7	.	.	PUNCT
cblr-1785	225	1	52	52	NUM
cblr-1785	225	2	15	15	NUM
cblr-1785	225	3	u.s.c	u.s.c	NOUN
cblr-1785	225	4	.	.	PUNCT
cblr-1785	226	1	§	§	PROPN
cblr-1785	226	2	77d-1(b)(1)(e)–(h	77d-1(b)(1)(e)–(h	NUM
cblr-1785	226	3	)	)	PUNCT
cblr-1785	226	4	(	(	PUNCT
cblr-1785	226	5	2012	2012	NUM
cblr-1785	226	6	)	)	PUNCT
cblr-1785	226	7	.	.	PUNCT
cblr-1785	227	1	pei	pei	PROPN
cblr-1785	227	2	final	final	ADJ
cblr-1785	227	3	868	868	NUM
cblr-1785	227	4	columbia	columbia	PROPN
cblr-1785	227	5	business	business	NOUN
cblr-1785	227	6	law	law	NOUN
cblr-1785	227	7	review	review	NOUN
cblr-1785	228	1	[	[	X
cblr-1785	228	2	vol	vol	NOUN
cblr-1785	228	3	.	.	NOUN
cblr-1785	228	4	2014	2014	NUM
cblr-1785	228	5	portal	portal	ADJ
cblr-1785	228	6	or	or	CCONJ
cblr-1785	228	7	broker.53	broker.53	NOUN
cblr-1785	228	8	finally	finally	ADV
cblr-1785	228	9	,	,	PUNCT
cblr-1785	228	10	after	after	SCONJ
cblr-1785	228	11	the	the	DET
cblr-1785	228	12	securities	security	NOUN
cblr-1785	228	13	are	be	AUX
cblr-1785	228	14	sold	sell	VERB
cblr-1785	228	15	,	,	PUNCT
cblr-1785	228	16	issuers	issuer	NOUN
cblr-1785	228	17	must	must	AUX
cblr-1785	228	18	provide	provide	VERB
cblr-1785	228	19	financial	financial	ADJ
cblr-1785	228	20	statements	statement	NOUN
cblr-1785	228	21	and	and	CCONJ
cblr-1785	228	22	reports	report	NOUN
cblr-1785	228	23	containing	contain	VERB
cblr-1785	228	24	operations	operation	NOUN
cblr-1785	228	25	results	result	NOUN
cblr-1785	228	26	to	to	ADP
cblr-1785	228	27	investors	investor	NOUN
cblr-1785	228	28	and	and	CCONJ
cblr-1785	228	29	the	the	DET
cblr-1785	228	30	sec	sec	PROPN
cblr-1785	228	31	at	at	ADV
cblr-1785	228	32	least	least	ADJ
cblr-1785	228	33	once	once	ADV
cblr-1785	228	34	a	a	DET
cblr-1785	228	35	year.54	year.54	NOUN
cblr-1785	228	36	under	under	ADP
cblr-1785	228	37	the	the	DET
cblr-1785	228	38	proposed	propose	VERB
cblr-1785	228	39	rules	rule	NOUN
cblr-1785	228	40	,	,	PUNCT
cblr-1785	228	41	those	those	DET
cblr-1785	228	42	statements	statement	NOUN
cblr-1785	228	43	would	would	AUX
cblr-1785	228	44	also	also	ADV
cblr-1785	228	45	have	have	VERB
cblr-1785	228	46	to	to	PART
cblr-1785	228	47	be	be	AUX
cblr-1785	228	48	reviewed	review	VERB
cblr-1785	228	49	by	by	ADP
cblr-1785	228	50	a	a	DET
cblr-1785	228	51	public	public	ADJ
cblr-1785	228	52	accountant	accountant	NOUN
cblr-1785	228	53	or	or	CCONJ
cblr-1785	228	54	audited	audit	VERB
cblr-1785	228	55	if	if	SCONJ
cblr-1785	228	56	the	the	DET
cblr-1785	228	57	original	original	ADJ
cblr-1785	228	58	statements	statement	NOUN
cblr-1785	228	59	were	be	AUX
cblr-1785	228	60	subject	subject	ADJ
cblr-1785	228	61	to	to	ADP
cblr-1785	228	62	those	those	DET
cblr-1785	228	63	standards.55	standards.55	NOUN
cblr-1785	228	64	the	the	DET
cblr-1785	228	65	federal	federal	ADJ
cblr-1785	228	66	exemption	exemption	NOUN
cblr-1785	228	67	also	also	ADV
cblr-1785	228	68	requires	require	VERB
cblr-1785	228	69	crowdfunding	crowdfunde	VERB
cblr-1785	228	70	sites	site	NOUN
cblr-1785	228	71	to	to	PART
cblr-1785	228	72	take	take	VERB
cblr-1785	228	73	steps	step	NOUN
cblr-1785	228	74	to	to	ADP
cblr-1785	228	75	screen	screen	NOUN
cblr-1785	228	76	-	-	PUNCT
cblr-1785	228	77	out	out	ADP
cblr-1785	228	78	potential	potential	ADJ
cblr-1785	228	79	bad	bad	ADJ
cblr-1785	228	80	actors	actor	NOUN
cblr-1785	228	81	by	by	ADP
cblr-1785	228	82	performing	perform	VERB
cblr-1785	228	83	background	background	NOUN
cblr-1785	228	84	and	and	CCONJ
cblr-1785	228	85	securities	security	NOUN
cblr-1785	228	86	enforcement	enforcement	NOUN
cblr-1785	228	87	checks	check	NOUN
cblr-1785	228	88	on	on	ADP
cblr-1785	228	89	all	all	DET
cblr-1785	228	90	issuers	issuer	NOUN
cblr-1785	228	91	and	and	CCONJ
cblr-1785	228	92	their	their	PRON
cblr-1785	228	93	officers	officer	NOUN
cblr-1785	228	94	and	and	CCONJ
cblr-1785	228	95	major	major	ADJ
cblr-1785	228	96	investors.56	investors.56	ADJ
cblr-1785	228	97	portals	portal	NOUN
cblr-1785	228	98	are	be	AUX
cblr-1785	228	99	required	require	VERB
cblr-1785	228	100	to	to	PART
cblr-1785	228	101	warn	warn	VERB
cblr-1785	228	102	investors	investor	NOUN
cblr-1785	228	103	of	of	ADP
cblr-1785	228	104	risks	risk	NOUN
cblr-1785	228	105	by	by	ADP
cblr-1785	228	106	ensuring	ensure	VERB
cblr-1785	228	107	that	that	SCONJ
cblr-1785	228	108	each	each	DET
cblr-1785	228	109	investor	investor	NOUN
cblr-1785	228	110	reviews	review	VERB
cblr-1785	228	111	investor	investor	NOUN
cblr-1785	228	112	education	education	NOUN
cblr-1785	228	113	materials.57	materials.57	PROPN
cblr-1785	228	114	and	and	CCONJ
cblr-1785	228	115	portals	portal	NOUN
cblr-1785	228	116	must	must	AUX
cblr-1785	228	117	also	also	ADV
cblr-1785	228	118	help	help	VERB
cblr-1785	228	119	mitigate	mitigate	VERB
cblr-1785	228	120	investor	investor	NOUN
cblr-1785	228	121	risk	risk	NOUN
cblr-1785	228	122	by	by	ADP
cblr-1785	228	123	ensuring	ensure	VERB
cblr-1785	228	124	that	that	SCONJ
cblr-1785	228	125	investors	investor	NOUN
cblr-1785	228	126	stay	stay	VERB
cblr-1785	228	127	under	under	ADP
cblr-1785	228	128	the	the	DET
cblr-1785	228	129	individual	individual	ADJ
cblr-1785	228	130	caps.58	caps.58	VERB
cblr-1785	228	131	additional	additional	ADJ
cblr-1785	228	132	regulations	regulation	NOUN
cblr-1785	228	133	imposed	impose	VERB
cblr-1785	228	134	on	on	ADP
cblr-1785	228	135	portals	portal	NOUN
cblr-1785	228	136	include	include	VERB
cblr-1785	228	137	rules	rule	NOUN
cblr-1785	228	138	designed	design	VERB
cblr-1785	228	139	to	to	PART
cblr-1785	228	140	protect	protect	VERB
cblr-1785	228	141	investor	investor	NOUN
cblr-1785	228	142	privacy59	privacy59	NOUN
cblr-1785	228	143	and	and	CCONJ
cblr-1785	228	144	prevent	prevent	VERB
cblr-1785	228	145	conflicts	conflict	NOUN
cblr-1785	228	146	of	of	ADP
cblr-1785	228	147	interest	interest	NOUN
cblr-1785	228	148	:	:	PUNCT
cblr-1785	228	149	portals	portal	NOUN
cblr-1785	228	150	are	be	AUX
cblr-1785	228	151	prohibited	prohibit	VERB
cblr-1785	228	152	from	from	ADP
cblr-1785	228	153	compensating	compensate	VERB
cblr-1785	228	154	issuers	issuer	NOUN
cblr-1785	228	155	,	,	PUNCT
cblr-1785	228	156	and	and	CCONJ
cblr-1785	228	157	their	their	PRON
cblr-1785	228	158	directors	director	NOUN
cblr-1785	228	159	and	and	CCONJ
cblr-1785	228	160	officers	officer	NOUN
cblr-1785	228	161	are	be	AUX
cblr-1785	228	162	banned	ban	VERB
cblr-1785	228	163	from	from	ADP
cblr-1785	228	164	investing	invest	VERB
cblr-1785	228	165	in	in	ADP
cblr-1785	228	166	or	or	CCONJ
cblr-1785	228	167	otherwise	otherwise	ADV
cblr-1785	228	168	53	53	NUM
cblr-1785	228	169	15	15	NUM
cblr-1785	228	170	u.s.c	u.s.c	NOUN
cblr-1785	228	171	.	.	PUNCT
cblr-1785	229	1	§	§	PROPN
cblr-1785	229	2	77d-1(b)(2	77d-1(b)(2	PROPN
cblr-1785	229	3	)	)	PUNCT
cblr-1785	229	4	(	(	PUNCT
cblr-1785	229	5	2012	2012	NUM
cblr-1785	229	6	)	)	PUNCT
cblr-1785	229	7	.	.	PUNCT
cblr-1785	230	1	this	this	DET
cblr-1785	230	2	prohibition	prohibition	NOUN
cblr-1785	230	3	has	have	AUX
cblr-1785	230	4	been	be	AUX
cblr-1785	230	5	relaxed	relax	VERB
cblr-1785	230	6	somewhat	somewhat	ADV
cblr-1785	230	7	in	in	ADP
cblr-1785	230	8	the	the	DET
cblr-1785	230	9	sec	sec	PROPN
cblr-1785	230	10	’s	’s	PART
cblr-1785	230	11	proposed	propose	VERB
cblr-1785	230	12	rules	rule	NOUN
cblr-1785	230	13	.	.	PUNCT
cblr-1785	231	1	according	accord	VERB
cblr-1785	231	2	to	to	ADP
cblr-1785	231	3	the	the	DET
cblr-1785	231	4	proposal	proposal	NOUN
cblr-1785	231	5	,	,	PUNCT
cblr-1785	231	6	notices	notice	VERB
cblr-1785	231	7	advertising	advertise	VERB
cblr-1785	231	8	the	the	DET
cblr-1785	231	9	terms	term	NOUN
cblr-1785	231	10	of	of	ADP
cblr-1785	231	11	an	an	DET
cblr-1785	231	12	offering	offering	NOUN
cblr-1785	231	13	could	could	AUX
cblr-1785	231	14	include	include	VERB
cblr-1785	231	15	limited	limited	ADJ
cblr-1785	231	16	information	information	NOUN
cblr-1785	231	17	concerning	concern	VERB
cblr-1785	231	18	the	the	DET
cblr-1785	231	19	amount	amount	NOUN
cblr-1785	231	20	,	,	PUNCT
cblr-1785	231	21	nature	nature	NOUN
cblr-1785	231	22	,	,	PUNCT
cblr-1785	231	23	and	and	CCONJ
cblr-1785	231	24	price	price	NOUN
cblr-1785	231	25	of	of	ADP
cblr-1785	231	26	the	the	DET
cblr-1785	231	27	offered	offer	VERB
cblr-1785	231	28	securities	security	NOUN
cblr-1785	231	29	.	.	PUNCT
cblr-1785	232	1	see	see	VERB
cblr-1785	232	2	sec	sec	PROPN
cblr-1785	232	3	proposed	propose	VERB
cblr-1785	232	4	rules	rule	NOUN
cblr-1785	232	5	,	,	PUNCT
cblr-1785	232	6	supra	supra	PROPN
cblr-1785	232	7	note	note	NOUN
cblr-1785	232	8	5	5	NUM
cblr-1785	232	9	,	,	PUNCT
cblr-1785	232	10	at	at	ADP
cblr-1785	232	11	109–10	109–10	NUM
cblr-1785	232	12	.	.	PUNCT
cblr-1785	233	1	54	54	NUM
cblr-1785	233	2	15	15	NUM
cblr-1785	233	3	u.s.c	u.s.c	NOUN
cblr-1785	233	4	.	.	PUNCT
cblr-1785	234	1	§	§	PROPN
cblr-1785	234	2	77d-1(b)(4	77d-1(b)(4	PROPN
cblr-1785	234	3	)	)	PUNCT
cblr-1785	234	4	(	(	PUNCT
cblr-1785	234	5	2012	2012	NUM
cblr-1785	234	6	)	)	PUNCT
cblr-1785	234	7	.	.	PUNCT
cblr-1785	235	1	55	55	NUM
cblr-1785	235	2	sec	sec	PROPN
cblr-1785	235	3	proposed	propose	VERB
cblr-1785	235	4	rules	rule	NOUN
cblr-1785	235	5	,	,	PUNCT
cblr-1785	235	6	supra	supra	PROPN
cblr-1785	235	7	note	note	NOUN
cblr-1785	235	8	5	5	NUM
cblr-1785	235	9	,	,	PUNCT
cblr-1785	235	10	at	at	ADP
cblr-1785	235	11	95	95	NUM
cblr-1785	235	12	.	.	PUNCT
cblr-1785	236	1	56	56	NUM
cblr-1785	236	2	15	15	NUM
cblr-1785	236	3	u.s.c	u.s.c	NOUN
cblr-1785	236	4	.	.	PUNCT
cblr-1785	237	1	§	§	PROPN
cblr-1785	237	2	77d-1(a)(5	77d-1(a)(5	NOUN
cblr-1785	237	3	)	)	PUNCT
cblr-1785	237	4	(	(	PUNCT
cblr-1785	237	5	2012	2012	NUM
cblr-1785	237	6	)	)	PUNCT
cblr-1785	237	7	.	.	PUNCT
cblr-1785	238	1	57	57	NUM
cblr-1785	238	2	15	15	NUM
cblr-1785	238	3	u.s.c	u.s.c	NOUN
cblr-1785	238	4	.	.	PUNCT
cblr-1785	239	1	§	§	PROPN
cblr-1785	239	2	77d-1(a)(4	77d-1(a)(4	NOUN
cblr-1785	239	3	)	)	PUNCT
cblr-1785	239	4	(	(	PUNCT
cblr-1785	239	5	2012	2012	NUM
cblr-1785	239	6	)	)	PUNCT
cblr-1785	239	7	.	.	PUNCT
cblr-1785	240	1	58	58	NUM
cblr-1785	240	2	15	15	NUM
cblr-1785	240	3	u.s.c	u.s.c	NOUN
cblr-1785	240	4	.	.	PUNCT
cblr-1785	241	1	§	§	PROPN
cblr-1785	241	2	77d-1(a)(8	77d-1(a)(8	NOUN
cblr-1785	241	3	)	)	PUNCT
cblr-1785	241	4	(	(	PUNCT
cblr-1785	241	5	2012	2012	NUM
cblr-1785	241	6	)	)	PUNCT
cblr-1785	241	7	.	.	PUNCT
cblr-1785	242	1	although	although	SCONJ
cblr-1785	242	2	the	the	DET
cblr-1785	242	3	jobs	job	NOUN
cblr-1785	242	4	act	act	VERB
cblr-1785	242	5	is	be	AUX
cblr-1785	242	6	ambiguous	ambiguous	ADJ
cblr-1785	242	7	on	on	ADP
cblr-1785	242	8	the	the	DET
cblr-1785	242	9	question	question	NOUN
cblr-1785	242	10	of	of	ADP
cblr-1785	242	11	what	what	DET
cblr-1785	242	12	steps	step	NOUN
cblr-1785	242	13	portals	portal	NOUN
cblr-1785	242	14	must	must	AUX
cblr-1785	242	15	take	take	VERB
cblr-1785	242	16	to	to	PART
cblr-1785	242	17	verify	verify	VERB
cblr-1785	242	18	that	that	SCONJ
cblr-1785	242	19	investors	investor	NOUN
cblr-1785	242	20	do	do	AUX
cblr-1785	242	21	not	not	PART
cblr-1785	242	22	exceed	exceed	VERB
cblr-1785	242	23	the	the	DET
cblr-1785	242	24	individual	individual	ADJ
cblr-1785	242	25	investment	investment	NOUN
cblr-1785	242	26	limits	limit	NOUN
cblr-1785	242	27	,	,	PUNCT
cblr-1785	242	28	the	the	DET
cblr-1785	242	29	sec	sec	PROPN
cblr-1785	242	30	’s	’s	PART
cblr-1785	242	31	proposed	propose	VERB
cblr-1785	242	32	rules	rule	NOUN
cblr-1785	242	33	would	would	AUX
cblr-1785	242	34	allow	allow	VERB
cblr-1785	242	35	intermediaries	intermediary	NOUN
cblr-1785	242	36	to	to	PART
cblr-1785	242	37	rely	rely	VERB
cblr-1785	242	38	in	in	ADP
cblr-1785	242	39	good	good	ADJ
cblr-1785	242	40	faith	faith	NOUN
cblr-1785	242	41	on	on	ADP
cblr-1785	242	42	investors	investor	NOUN
cblr-1785	242	43	’	'	PUNCT
cblr-1785	242	44	representations	representation	NOUN
cblr-1785	242	45	that	that	SCONJ
cblr-1785	242	46	they	they	PRON
cblr-1785	242	47	are	be	AUX
cblr-1785	242	48	under	under	ADP
cblr-1785	242	49	the	the	DET
cblr-1785	242	50	applicable	applicable	ADJ
cblr-1785	242	51	cap	cap	NOUN
cblr-1785	242	52	.	.	PUNCT
cblr-1785	243	1	an	an	DET
cblr-1785	243	2	intermediary	intermediary	NOUN
cblr-1785	243	3	may	may	AUX
cblr-1785	243	4	choose	choose	VERB
cblr-1785	243	5	to	to	PART
cblr-1785	243	6	satisfy	satisfy	VERB
cblr-1785	243	7	this	this	DET
cblr-1785	243	8	requirement	requirement	NOUN
cblr-1785	243	9	by	by	ADP
cblr-1785	243	10	providing	provide	VERB
cblr-1785	243	11	a	a	DET
cblr-1785	243	12	function	function	NOUN
cblr-1785	243	13	on	on	ADP
cblr-1785	243	14	its	its	PRON
cblr-1785	243	15	platform	platform	NOUN
cblr-1785	243	16	that	that	PRON
cblr-1785	243	17	prompts	prompt	VERB
cblr-1785	243	18	investors	investor	NOUN
cblr-1785	243	19	to	to	PART
cblr-1785	243	20	enter	enter	VERB
cblr-1785	243	21	amounts	amount	NOUN
cblr-1785	243	22	of	of	ADP
cblr-1785	243	23	their	their	PRON
cblr-1785	243	24	annual	annual	ADJ
cblr-1785	243	25	income	income	NOUN
cblr-1785	243	26	,	,	PUNCT
cblr-1785	243	27	net	net	ADJ
cblr-1785	243	28	worth	worth	NOUN
cblr-1785	243	29	,	,	PUNCT
cblr-1785	243	30	and	and	CCONJ
cblr-1785	243	31	the	the	DET
cblr-1785	243	32	amount	amount	NOUN
cblr-1785	243	33	of	of	ADP
cblr-1785	243	34	total	total	ADJ
cblr-1785	243	35	investments	investment	NOUN
cblr-1785	243	36	made	make	VERB
cblr-1785	243	37	over	over	ADP
cblr-1785	243	38	the	the	DET
cblr-1785	243	39	past	past	ADJ
cblr-1785	243	40	twelve	twelve	NUM
cblr-1785	243	41	months	month	NOUN
cblr-1785	243	42	on	on	ADP
cblr-1785	243	43	all	all	DET
cblr-1785	243	44	intermediaries	intermediary	NOUN
cblr-1785	243	45	’	'	PUNCT
cblr-1785	243	46	platforms	platform	NOUN
cblr-1785	243	47	that	that	PRON
cblr-1785	243	48	would	would	AUX
cblr-1785	243	49	then	then	ADV
cblr-1785	243	50	generate	generate	VERB
cblr-1785	243	51	the	the	DET
cblr-1785	243	52	amount	amount	NOUN
cblr-1785	243	53	of	of	ADP
cblr-1785	243	54	investment	investment	NOUN
cblr-1785	243	55	the	the	DET
cblr-1785	243	56	investor	investor	NOUN
cblr-1785	243	57	would	would	AUX
cblr-1785	243	58	be	be	AUX
cblr-1785	243	59	permitted	permit	VERB
cblr-1785	243	60	to	to	PART
cblr-1785	243	61	make	make	VERB
cblr-1785	243	62	at	at	ADP
cblr-1785	243	63	that	that	DET
cblr-1785	243	64	time	time	NOUN
cblr-1785	243	65	pursuant	pursuant	ADJ
cblr-1785	243	66	to	to	ADP
cblr-1785	243	67	the	the	DET
cblr-1785	243	68	investment	investment	NOUN
cblr-1785	243	69	limitations	limitation	NOUN
cblr-1785	243	70	.	.	PUNCT
cblr-1785	244	1	sec	sec	PROPN
cblr-1785	244	2	proposed	propose	VERB
cblr-1785	244	3	rules	rule	NOUN
cblr-1785	244	4	,	,	PUNCT
cblr-1785	244	5	supra	supra	PROPN
cblr-1785	244	6	note	note	NOUN
cblr-1785	244	7	5	5	NUM
cblr-1785	244	8	,	,	PUNCT
cblr-1785	244	9	at	at	ADP
cblr-1785	244	10	169–70	169–70	NUM
cblr-1785	244	11	.	.	PUNCT
cblr-1785	245	1	59	59	NUM
cblr-1785	245	2	15	15	NUM
cblr-1785	245	3	u.s.c	u.s.c	NOUN
cblr-1785	245	4	.	.	PUNCT
cblr-1785	246	1	§	§	NOUN
cblr-1785	246	2	77d-1(a)(9	77d-1(a)(9	NOUN
cblr-1785	246	3	)	)	PUNCT
cblr-1785	246	4	(	(	PUNCT
cblr-1785	246	5	2012	2012	NUM
cblr-1785	246	6	)	)	PUNCT
cblr-1785	246	7	.	.	PUNCT
cblr-1785	247	1	pei	pei	PROPN
cblr-1785	247	2	final	final	ADJ
cblr-1785	247	3	no	no	NOUN
cblr-1785	247	4	.	.	PUNCT
cblr-1785	248	1	3:854	3:854	NUM
cblr-1785	248	2	]	]	X
cblr-1785	248	3	intrastate	intrastate	ADJ
cblr-1785	248	4	crowdfunding	crowdfunde	VERB
cblr-1785	248	5	869	869	NUM
cblr-1785	248	6	having	have	VERB
cblr-1785	248	7	a	a	DET
cblr-1785	248	8	financial	financial	ADJ
cblr-1785	248	9	stake	stake	NOUN
cblr-1785	248	10	in	in	ADP
cblr-1785	248	11	an	an	DET
cblr-1785	248	12	issuer	issuer	NOUN
cblr-1785	248	13	’s	’s	PART
cblr-1785	248	14	business.60	business.60	NOUN
cblr-1785	248	15	finally	finally	ADV
cblr-1785	248	16	,	,	PUNCT
cblr-1785	248	17	portals	portal	NOUN
cblr-1785	248	18	are	be	AUX
cblr-1785	248	19	prohibited	prohibit	VERB
cblr-1785	248	20	from	from	ADP
cblr-1785	248	21	distributing	distribute	VERB
cblr-1785	248	22	any	any	DET
cblr-1785	248	23	funds	fund	NOUN
cblr-1785	248	24	raised	raise	VERB
cblr-1785	248	25	to	to	ADP
cblr-1785	248	26	an	an	DET
cblr-1785	248	27	issuer	issuer	NOUN
cblr-1785	248	28	before	before	SCONJ
cblr-1785	248	29	the	the	DET
cblr-1785	248	30	target	target	NOUN
cblr-1785	248	31	offering	offering	NOUN
cblr-1785	248	32	amount	amount	NOUN
cblr-1785	248	33	is	be	AUX
cblr-1785	248	34	met.61	met.61	ADV
cblr-1785	248	35	finally	finally	ADV
cblr-1785	248	36	,	,	PUNCT
cblr-1785	248	37	securities	security	NOUN
cblr-1785	248	38	sold	sell	VERB
cblr-1785	248	39	in	in	ADP
cblr-1785	248	40	reliance	reliance	NOUN
cblr-1785	248	41	on	on	ADP
cblr-1785	248	42	the	the	DET
cblr-1785	248	43	federal	federal	ADJ
cblr-1785	248	44	exemption	exemption	NOUN
cblr-1785	248	45	are	be	AUX
cblr-1785	248	46	subject	subject	ADJ
cblr-1785	248	47	to	to	ADP
cblr-1785	248	48	resale	resale	NOUN
cblr-1785	248	49	restrictions	restriction	NOUN
cblr-1785	248	50	.	.	PUNCT
cblr-1785	249	1	purchasers	purchaser	NOUN
cblr-1785	249	2	can	can	AUX
cblr-1785	249	3	not	not	PART
cblr-1785	249	4	sell	sell	VERB
cblr-1785	249	5	their	their	PRON
cblr-1785	249	6	holdings	holding	NOUN
cblr-1785	249	7	for	for	ADP
cblr-1785	249	8	one	one	NUM
cblr-1785	249	9	year	year	NOUN
cblr-1785	249	10	from	from	ADP
cblr-1785	249	11	the	the	DET
cblr-1785	249	12	date	date	NOUN
cblr-1785	249	13	of	of	ADP
cblr-1785	249	14	purchase	purchase	NOUN
cblr-1785	249	15	,	,	PUNCT
cblr-1785	249	16	although	although	SCONJ
cblr-1785	249	17	the	the	DET
cblr-1785	249	18	restriction	restriction	NOUN
cblr-1785	249	19	is	be	AUX
cblr-1785	249	20	relaxed	relax	VERB
cblr-1785	249	21	if	if	SCONJ
cblr-1785	249	22	the	the	DET
cblr-1785	249	23	securities	security	NOUN
cblr-1785	249	24	are	be	AUX
cblr-1785	249	25	transferred	transfer	VERB
cblr-1785	249	26	to	to	ADP
cblr-1785	249	27	the	the	DET
cblr-1785	249	28	issuer	issuer	NOUN
cblr-1785	249	29	,	,	PUNCT
cblr-1785	249	30	an	an	DET
cblr-1785	249	31	accredited	accredited	ADJ
cblr-1785	249	32	investor	investor	NOUN
cblr-1785	249	33	,	,	PUNCT
cblr-1785	249	34	a	a	DET
cblr-1785	249	35	family	family	NOUN
cblr-1785	249	36	member	member	NOUN
cblr-1785	249	37	,	,	PUNCT
cblr-1785	249	38	or	or	CCONJ
cblr-1785	249	39	as	as	ADP
cblr-1785	249	40	part	part	NOUN
cblr-1785	249	41	of	of	ADP
cblr-1785	249	42	a	a	DET
cblr-1785	249	43	registered	register	VERB
cblr-1785	249	44	offering.62	offering.62	NOUN
cblr-1785	249	45	all	all	PRON
cblr-1785	249	46	in	in	ADV
cblr-1785	249	47	all	all	PRON
cblr-1785	249	48	,	,	PUNCT
cblr-1785	249	49	while	while	SCONJ
cblr-1785	249	50	allowing	allow	VERB
cblr-1785	249	51	securities	security	NOUN
cblr-1785	249	52	-	-	PUNCT
cblr-1785	249	53	based	base	VERB
cblr-1785	249	54	crowdfunding	crowdfunding	NOUN
cblr-1785	249	55	,	,	PUNCT
cblr-1785	249	56	the	the	DET
cblr-1785	249	57	federal	federal	ADJ
cblr-1785	249	58	exemption	exemption	NOUN
cblr-1785	249	59	places	place	VERB
cblr-1785	249	60	a	a	DET
cblr-1785	249	61	large	large	ADJ
cblr-1785	249	62	number	number	NOUN
cblr-1785	249	63	of	of	ADP
cblr-1785	249	64	requirements	requirement	NOUN
cblr-1785	249	65	on	on	ADP
cblr-1785	249	66	both	both	DET
cblr-1785	249	67	issuers	issuer	NOUN
cblr-1785	249	68	and	and	CCONJ
cblr-1785	249	69	portals	portal	NOUN
cblr-1785	249	70	.	.	PUNCT
cblr-1785	250	1	some	some	DET
cblr-1785	250	2	aspects	aspect	NOUN
cblr-1785	250	3	of	of	ADP
cblr-1785	250	4	the	the	DET
cblr-1785	250	5	exemption	exemption	NOUN
cblr-1785	250	6	,	,	PUNCT
cblr-1785	250	7	such	such	ADJ
cblr-1785	250	8	as	as	ADP
cblr-1785	250	9	the	the	DET
cblr-1785	250	10	offering	offering	NOUN
cblr-1785	250	11	and	and	CCONJ
cblr-1785	250	12	individual	individual	ADJ
cblr-1785	250	13	investment	investment	NOUN
cblr-1785	250	14	limits	limit	NOUN
cblr-1785	250	15	,	,	PUNCT
cblr-1785	250	16	will	will	AUX
cblr-1785	250	17	likely	likely	ADV
cblr-1785	250	18	serve	serve	VERB
cblr-1785	250	19	to	to	PART
cblr-1785	250	20	help	help	VERB
cblr-1785	250	21	protect	protect	VERB
cblr-1785	250	22	investors	investor	NOUN
cblr-1785	250	23	,	,	PUNCT
cblr-1785	250	24	but	but	CCONJ
cblr-1785	250	25	some	some	DET
cblr-1785	250	26	commentators	commentator	NOUN
cblr-1785	250	27	fear	fear	VERB
cblr-1785	250	28	that	that	SCONJ
cblr-1785	250	29	the	the	DET
cblr-1785	250	30	requirements	requirement	NOUN
cblr-1785	250	31	are	be	AUX
cblr-1785	250	32	still	still	ADV
cblr-1785	250	33	too	too	ADV
cblr-1785	250	34	burdensome	burdensome	ADJ
cblr-1785	250	35	and	and	CCONJ
cblr-1785	250	36	will	will	AUX
cblr-1785	250	37	significantly	significantly	ADV
cblr-1785	250	38	deter	deter	VERB
cblr-1785	250	39	capital	capital	NOUN
cblr-1785	250	40	formation.63	formation.63	PROPN
cblr-1785	250	41	d.	d.	PROPN
cblr-1785	250	42	the	the	DET
cblr-1785	250	43	state	state	NOUN
cblr-1785	250	44	exemptions	exemption	NOUN
cblr-1785	250	45	despite	despite	SCONJ
cblr-1785	250	46	the	the	DET
cblr-1785	250	47	jobs	job	NOUN
cblr-1785	250	48	act	act	PROPN
cblr-1785	250	49	,	,	PUNCT
cblr-1785	250	50	securities	security	NOUN
cblr-1785	250	51	-	-	PUNCT
cblr-1785	250	52	based	base	VERB
cblr-1785	250	53	crowdfunding	crowdfunding	NOUN
cblr-1785	250	54	on	on	ADP
cblr-1785	250	55	a	a	DET
cblr-1785	250	56	national	national	ADJ
cblr-1785	250	57	level	level	NOUN
cblr-1785	250	58	is	be	AUX
cblr-1785	250	59	still	still	ADV
cblr-1785	250	60	not	not	PART
cblr-1785	250	61	legal	legal	ADJ
cblr-1785	250	62	.	.	PUNCT
cblr-1785	251	1	almost	almost	ADV
cblr-1785	251	2	a	a	DET
cblr-1785	251	3	full	full	ADJ
cblr-1785	251	4	year	year	NOUN
cblr-1785	251	5	after	after	ADP
cblr-1785	251	6	the	the	DET
cblr-1785	251	7	deadline	deadline	NOUN
cblr-1785	251	8	to	to	PART
cblr-1785	251	9	issue	issue	VERB
cblr-1785	251	10	crowdfunding	crowdfunding	NOUN
cblr-1785	251	11	rules	rule	NOUN
cblr-1785	251	12	set	set	VERB
cblr-1785	251	13	forward	forward	ADV
cblr-1785	251	14	in	in	ADP
cblr-1785	251	15	the	the	DET
cblr-1785	251	16	act,64	act,64	NOUN
cblr-1785	251	17	the	the	DET
cblr-1785	251	18	sec	sec	PROPN
cblr-1785	251	19	released	release	VERB
cblr-1785	251	20	proposed	propose	VERB
cblr-1785	251	21	rules	rule	NOUN
cblr-1785	251	22	on	on	ADP
cblr-1785	251	23	october	october	PROPN
cblr-1785	251	24	23	23	NUM
cblr-1785	251	25	,	,	PUNCT
cblr-1785	251	26	2013	2013	NUM
cblr-1785	251	27	,	,	PUNCT
cblr-1785	251	28	which	which	PRON
cblr-1785	251	29	were	be	AUX
cblr-1785	251	30	subject	subject	ADJ
cblr-1785	251	31	to	to	ADP
cblr-1785	251	32	a	a	DET
cblr-1785	251	33	90	90	NUM
cblr-1785	251	34	-	-	PUNCT
cblr-1785	251	35	day	day	NOUN
cblr-1785	251	36	public	public	ADJ
cblr-1785	251	37	comment	comment	NOUN
cblr-1785	251	38	period	period	NOUN
cblr-1785	251	39	and	and	CCONJ
cblr-1785	251	40	now	now	ADV
cblr-1785	251	41	await	await	VERB
cblr-1785	251	42	final	final	ADJ
cblr-1785	251	43	implementation.65	implementation.65	NOUN
cblr-1785	251	44	not	not	PART
cblr-1785	251	45	waiting	wait	VERB
cblr-1785	251	46	on	on	ADP
cblr-1785	251	47	the	the	DET
cblr-1785	251	48	sec	sec	PROPN
cblr-1785	251	49	,	,	PUNCT
cblr-1785	251	50	12	12	NUM
cblr-1785	251	51	states	state	NOUN
cblr-1785	251	52	—	—	PUNCT
cblr-1785	251	53	alabama	alabama	PROPN
cblr-1785	251	54	,	,	PUNCT
cblr-1785	251	55	colorado	colorado	PROPN
cblr-1785	251	56	,	,	PUNCT
cblr-1785	251	57	georgia	georgia	PROPN
cblr-1785	251	58	,	,	PUNCT
cblr-1785	251	59	idaho	idaho	PROPN
cblr-1785	251	60	,	,	PUNCT
cblr-1785	251	61	indiana	indiana	PROPN
cblr-1785	251	62	,	,	PUNCT
cblr-1785	251	63	kansas	kansas	PROPN
cblr-1785	251	64	,	,	PUNCT
cblr-1785	251	65	maine	maine	PROPN
cblr-1785	251	66	,	,	PUNCT
cblr-1785	251	67	maryland	maryland	PROPN
cblr-1785	251	68	,	,	PUNCT
cblr-1785	251	69	michigan	michigan	PROPN
cblr-1785	251	70	,	,	PUNCT
cblr-1785	251	71	tennessee	tennessee	PROPN
cblr-1785	251	72	,	,	PUNCT
cblr-1785	251	73	washington	washington	PROPN
cblr-1785	251	74	,	,	PUNCT
cblr-1785	251	75	and	and	CCONJ
cblr-1785	251	76	wisconsin	wisconsin	PROPN
cblr-1785	251	77	—	—	PUNCT
cblr-1785	251	78	recently	recently	ADV
cblr-1785	251	79	adopted	adopt	VERB
cblr-1785	251	80	their	their	PRON
cblr-1785	251	81	own	own	ADJ
cblr-1785	251	82	60	60	NUM
cblr-1785	251	83	15	15	NUM
cblr-1785	251	84	u.s.c	u.s.c	NOUN
cblr-1785	251	85	.	.	PUNCT
cblr-1785	252	1	§	§	PROPN
cblr-1785	252	2	77d-1(a)(10)–(11	77d-1(a)(10)–(11	PROPN
cblr-1785	252	3	)	)	PUNCT
cblr-1785	252	4	(	(	PUNCT
cblr-1785	252	5	2012	2012	NUM
cblr-1785	252	6	)	)	PUNCT
cblr-1785	252	7	.	.	PUNCT
cblr-1785	253	1	61	61	NUM
cblr-1785	253	2	15	15	NUM
cblr-1785	253	3	u.s.c	u.s.c	NOUN
cblr-1785	253	4	.	.	PUNCT
cblr-1785	254	1	§	§	PROPN
cblr-1785	254	2	77d-1(a)(7	77d-1(a)(7	PROPN
cblr-1785	254	3	)	)	PUNCT
cblr-1785	254	4	(	(	PUNCT
cblr-1785	254	5	2012	2012	NUM
cblr-1785	254	6	)	)	PUNCT
cblr-1785	254	7	.	.	PUNCT
cblr-1785	255	1	62	62	NUM
cblr-1785	255	2	15	15	NUM
cblr-1785	255	3	u.s.c	u.s.c	NOUN
cblr-1785	255	4	.	.	PUNCT
cblr-1785	256	1	§	§	PROPN
cblr-1785	256	2	77d-1(e	77d-1(e	NUM
cblr-1785	256	3	)	)	PUNCT
cblr-1785	256	4	(	(	PUNCT
cblr-1785	256	5	2012	2012	NUM
cblr-1785	256	6	)	)	PUNCT
cblr-1785	256	7	;	;	PUNCT
cblr-1785	256	8	sec	sec	PROPN
cblr-1785	256	9	proposed	propose	VERB
cblr-1785	256	10	rules	rule	NOUN
cblr-1785	256	11	,	,	PUNCT
cblr-1785	256	12	supra	supra	PROPN
cblr-1785	256	13	note	note	NOUN
cblr-1785	256	14	5	5	NUM
cblr-1785	256	15	,	,	PUNCT
cblr-1785	256	16	at	at	ADP
cblr-1785	256	17	517	517	NUM
cblr-1785	256	18	.	.	PUNCT
cblr-1785	256	19	63	63	NUM
cblr-1785	256	20	see	see	VERB
cblr-1785	256	21	bradford	bradford	NOUN
cblr-1785	256	22	,	,	PUNCT
cblr-1785	256	23	supra	supra	PROPN
cblr-1785	256	24	note	note	PROPN
cblr-1785	256	25	46	46	NUM
cblr-1785	256	26	,	,	PUNCT
cblr-1785	256	27	at	at	ADP
cblr-1785	256	28	215	215	NUM
cblr-1785	256	29	,	,	PUNCT
cblr-1785	256	30	216–17	216–17	NUM
cblr-1785	256	31	.	.	PUNCT
cblr-1785	257	1	64	64	NUM
cblr-1785	257	2	see	see	VERB
cblr-1785	257	3	jumpstart	jumpstart	VERB
cblr-1785	257	4	our	our	PRON
cblr-1785	257	5	business	business	NOUN
cblr-1785	257	6	startups	startup	NOUN
cblr-1785	257	7	act	act	PROPN
cblr-1785	257	8	,	,	PUNCT
cblr-1785	257	9	pub	pub	NOUN
cblr-1785	257	10	.	.	PUNCT
cblr-1785	258	1	l.	l.	PROPN
cblr-1785	258	2	no	no	INTJ
cblr-1785	258	3	.	.	PROPN
cblr-1785	259	1	112	112	NUM
cblr-1785	259	2	-	-	SYM
cblr-1785	259	3	106	106	NUM
cblr-1785	259	4	,	,	PUNCT
cblr-1785	259	5	126	126	NUM
cblr-1785	259	6	stat	stat	NOUN
cblr-1785	259	7	.	.	PUNCT
cblr-1785	260	1	306	306	NUM
cblr-1785	260	2	(	(	PUNCT
cblr-1785	260	3	2012	2012	NUM
cblr-1785	260	4	)	)	PUNCT
cblr-1785	260	5	(	(	PUNCT
cblr-1785	260	6	codified	codify	VERB
cblr-1785	260	7	in	in	ADP
cblr-1785	260	8	scattered	scatter	VERB
cblr-1785	260	9	sections	section	NOUN
cblr-1785	260	10	of	of	ADP
cblr-1785	260	11	15	15	NUM
cblr-1785	260	12	u.s.c	u.s.c	ADJ
cblr-1785	260	13	.	.	PUNCT
cblr-1785	260	14	)	)	PUNCT
cblr-1785	260	15	..	..	PUNCT
cblr-1785	261	1	the	the	DET
cblr-1785	261	2	act	act	NOUN
cblr-1785	261	3	gave	give	VERB
cblr-1785	261	4	the	the	DET
cblr-1785	261	5	sec	sec	PROPN
cblr-1785	261	6	270	270	NUM
cblr-1785	261	7	days	day	NOUN
cblr-1785	261	8	from	from	ADP
cblr-1785	261	9	the	the	DET
cblr-1785	261	10	enactment	enactment	NOUN
cblr-1785	261	11	of	of	ADP
cblr-1785	261	12	the	the	DET
cblr-1785	261	13	legislation	legislation	NOUN
cblr-1785	261	14	to	to	PART
cblr-1785	261	15	issue	issue	VERB
cblr-1785	261	16	rules	rule	NOUN
cblr-1785	261	17	,	,	PUNCT
cblr-1785	261	18	meaning	mean	VERB
cblr-1785	261	19	that	that	SCONJ
cblr-1785	261	20	the	the	DET
cblr-1785	261	21	original	original	ADJ
cblr-1785	261	22	deadline	deadline	NOUN
cblr-1785	261	23	was	be	AUX
cblr-1785	261	24	december	december	PROPN
cblr-1785	261	25	31	31	NUM
cblr-1785	261	26	,	,	PUNCT
cblr-1785	261	27	2012	2012	NUM
cblr-1785	261	28	.	.	PUNCT
cblr-1785	262	1	65	65	NUM
cblr-1785	262	2	see	see	VERB
cblr-1785	262	3	sec	sec	PROPN
cblr-1785	262	4	proposed	propose	VERB
cblr-1785	262	5	rules	rule	NOUN
cblr-1785	262	6	,	,	PUNCT
cblr-1785	262	7	supra	supra	PROPN
cblr-1785	262	8	note	note	NOUN
cblr-1785	262	9	5	5	NUM
cblr-1785	262	10	;	;	PUNCT
cblr-1785	262	11	press	press	NOUN
cblr-1785	262	12	release	release	NOUN
cblr-1785	262	13	,	,	PUNCT
cblr-1785	262	14	u.s	u.s	PROPN
cblr-1785	262	15	.	.	PROPN
cblr-1785	262	16	sec	sec	PROPN
cblr-1785	262	17	.	.	PROPN
cblr-1785	262	18	&	&	CCONJ
cblr-1785	262	19	exch	exch	PROPN
cblr-1785	262	20	.	.	PUNCT
cblr-1785	263	1	comm’n	comm’n	PROPN
cblr-1785	263	2	,	,	PUNCT
cblr-1785	263	3	sec	sec	PROPN
cblr-1785	263	4	issues	issue	NOUN
cblr-1785	263	5	proposal	proposal	NOUN
cblr-1785	263	6	on	on	ADP
cblr-1785	263	7	crowdfunding	crowdfunde	VERB
cblr-1785	263	8	(	(	PUNCT
cblr-1785	263	9	oct	oct	PROPN
cblr-1785	263	10	.	.	PROPN
cblr-1785	263	11	23	23	NUM
cblr-1785	263	12	,	,	PUNCT
cblr-1785	263	13	2013	2013	NUM
cblr-1785	263	14	)	)	PUNCT
cblr-1785	263	15	,	,	PUNCT
cblr-1785	263	16	http://perma.cc/ls4g-4tzd	http://perma.cc/ls4g-4tzd	X
cblr-1785	263	17	.	.	PUNCT
cblr-1785	264	1	pei	pei	PROPN
cblr-1785	264	2	final	final	ADJ
cblr-1785	264	3	870	870	NUM
cblr-1785	264	4	columbia	columbia	PROPN
cblr-1785	264	5	business	business	NOUN
cblr-1785	264	6	law	law	PROPN
cblr-1785	264	7	review	review	NOUN
cblr-1785	265	1	[	[	X
cblr-1785	265	2	vol	vol	NOUN
cblr-1785	265	3	.	.	PUNCT
cblr-1785	265	4	2014	2014	NUM
cblr-1785	265	5	crowdfunding	crowdfunde	VERB
cblr-1785	265	6	exemptions.66	exemptions.66	NOUN
cblr-1785	265	7	for	for	ADP
cblr-1785	265	8	the	the	DET
cblr-1785	265	9	sake	sake	NOUN
cblr-1785	265	10	of	of	ADP
cblr-1785	265	11	clarity	clarity	NOUN
cblr-1785	265	12	and	and	CCONJ
cblr-1785	265	13	space	space	NOUN
cblr-1785	265	14	,	,	PUNCT
cblr-1785	265	15	the	the	DET
cblr-1785	265	16	analysis	analysis	NOUN
cblr-1785	265	17	below	below	ADV
cblr-1785	265	18	will	will	AUX
cblr-1785	265	19	focus	focus	VERB
cblr-1785	265	20	on	on	ADP
cblr-1785	265	21	four	four	NUM
cblr-1785	265	22	of	of	ADP
cblr-1785	265	23	the	the	DET
cblr-1785	265	24	earliest	early	ADJ
cblr-1785	265	25	exemptions	exemption	NOUN
cblr-1785	265	26	:	:	PUNCT
cblr-1785	266	1	kansas	kansas	PROPN
cblr-1785	266	2	,	,	PUNCT
cblr-1785	266	3	georgia	georgia	PROPN
cblr-1785	266	4	,	,	PUNCT
cblr-1785	266	5	wisconsin	wisconsin	PROPN
cblr-1785	266	6	,	,	PUNCT
cblr-1785	266	7	and	and	CCONJ
cblr-1785	266	8	michigan.67	michigan.67	NOUN
cblr-1785	266	9	nonetheless	nonetheless	ADV
cblr-1785	267	1	,	,	PUNCT
cblr-1785	267	2	the	the	DET
cblr-1785	267	3	state	state	NOUN
cblr-1785	267	4	crowdfunding	crowdfunding	NOUN
cblr-1785	267	5	exemptions	exemption	NOUN
cblr-1785	267	6	share	share	VERB
cblr-1785	267	7	many	many	ADJ
cblr-1785	267	8	structural	structural	ADJ
cblr-1785	267	9	similarities	similarity	NOUN
cblr-1785	267	10	,	,	PUNCT
cblr-1785	267	11	and	and	CCONJ
cblr-1785	267	12	significant	significant	ADJ
cblr-1785	267	13	differences	difference	NOUN
cblr-1785	267	14	in	in	ADP
cblr-1785	267	15	the	the	DET
cblr-1785	267	16	newer	new	ADJ
cblr-1785	267	17	exemptions	exemption	NOUN
cblr-1785	267	18	will	will	AUX
cblr-1785	267	19	be	be	AUX
cblr-1785	267	20	noted	note	VERB
cblr-1785	267	21	throughout	throughout	ADP
cblr-1785	267	22	.	.	PUNCT
cblr-1785	268	1	like	like	ADP
cblr-1785	268	2	title	title	NOUN
cblr-1785	268	3	iii	iii	NUM
cblr-1785	268	4	of	of	ADP
cblr-1785	268	5	the	the	DET
cblr-1785	268	6	jobs	job	NOUN
cblr-1785	268	7	act	act	PROPN
cblr-1785	268	8	,	,	PUNCT
cblr-1785	268	9	the	the	DET
cblr-1785	268	10	kansas	kansas	PROPN
cblr-1785	268	11	,	,	PUNCT
cblr-1785	268	12	georgia	georgia	PROPN
cblr-1785	268	13	,	,	PUNCT
cblr-1785	268	14	wisconsin	wisconsin	PROPN
cblr-1785	268	15	and	and	CCONJ
cblr-1785	268	16	michigan	michigan	PROPN
cblr-1785	268	17	laws	law	NOUN
cblr-1785	268	18	all	all	PRON
cblr-1785	268	19	allow	allow	VERB
cblr-1785	268	20	issuers	issuer	NOUN
cblr-1785	268	21	to	to	PART
cblr-1785	268	22	engage	engage	VERB
cblr-1785	268	23	in	in	ADP
cblr-1785	268	24	securities	security	NOUN
cblr-1785	268	25	-	-	PUNCT
cblr-1785	268	26	based	base	VERB
cblr-1785	268	27	crowdfunding	crowdfunding	NOUN
cblr-1785	268	28	without	without	ADP
cblr-1785	268	29	registering	register	VERB
cblr-1785	268	30	those	those	DET
cblr-1785	268	31	securities	security	NOUN
cblr-1785	268	32	with	with	ADP
cblr-1785	268	33	the	the	DET
cblr-1785	268	34	state	state	NOUN
cblr-1785	268	35	regulator	regulator	NOUN
cblr-1785	268	36	.	.	PUNCT
cblr-1785	269	1	wisconsin	wisconsin	PROPN
cblr-1785	269	2	’s	’s	PART
cblr-1785	269	3	legislation	legislation	NOUN
cblr-1785	269	4	actually	actually	ADV
cblr-1785	269	5	creates	create	VERB
cblr-1785	269	6	two	two	NUM
cblr-1785	269	7	separate	separate	ADJ
cblr-1785	269	8	exemptions	exemption	NOUN
cblr-1785	269	9	at	at	ADP
cblr-1785	269	10	sections	section	NOUN
cblr-1785	269	11	26	26	NUM
cblr-1785	269	12	and	and	CCONJ
cblr-1785	269	13	27	27	NUM
cblr-1785	269	14	of	of	ADP
cblr-1785	269	15	the	the	DET
cblr-1785	269	16	wisconsin	wisconsin	PROPN
cblr-1785	269	17	uniform	uniform	PROPN
cblr-1785	269	18	securities	securities	PROPN
cblr-1785	269	19	law	law	NOUN
cblr-1785	269	20	:	:	PUNCT
cblr-1785	269	21	the	the	DET
cblr-1785	269	22	former	former	ADJ
cblr-1785	269	23	for	for	ADP
cblr-1785	269	24	traditional	traditional	ADJ
cblr-1785	269	25	crowdfunding	crowdfunding	NOUN
cblr-1785	269	26	offerings	offering	NOUN
cblr-1785	269	27	that	that	PRON
cblr-1785	269	28	are	be	AUX
cblr-1785	269	29	advertised	advertise	VERB
cblr-1785	269	30	and	and	CCONJ
cblr-1785	269	31	made	make	VERB
cblr-1785	269	32	via	via	ADP
cblr-1785	269	33	an	an	DET
cblr-1785	269	34	internet	internet	NOUN
cblr-1785	269	35	portal	portal	NOUN
cblr-1785	269	36	,	,	PUNCT
cblr-1785	269	37	and	and	CCONJ
cblr-1785	269	38	the	the	DET
cblr-1785	269	39	latter	latter	ADJ
cblr-1785	269	40	for	for	ADP
cblr-1785	269	41	private	private	ADJ
cblr-1785	269	42	offerings	offering	NOUN
cblr-1785	269	43	that	that	PRON
cblr-1785	269	44	are	be	AUX
cblr-1785	269	45	not	not	PART
cblr-1785	269	46	advertised	advertise	VERB
cblr-1785	269	47	and	and	CCONJ
cblr-1785	269	48	thereby	thereby	ADV
cblr-1785	269	49	freed	free	VERB
cblr-1785	269	50	from	from	ADP
cblr-1785	269	51	the	the	DET
cblr-1785	269	52	intermediary	intermediary	ADJ
cblr-1785	269	53	requirement	requirement	NOUN
cblr-1785	269	54	and	and	CCONJ
cblr-1785	269	55	many	many	ADJ
cblr-1785	269	56	of	of	ADP
cblr-1785	269	57	the	the	DET
cblr-1785	269	58	mandatory	mandatory	ADJ
cblr-1785	269	59	disclosures	disclosure	NOUN
cblr-1785	269	60	.	.	PUNCT
cblr-1785	270	1	the	the	DET
cblr-1785	270	2	state	state	NOUN
cblr-1785	270	3	exemptions	exemption	NOUN
cblr-1785	270	4	all	all	PRON
cblr-1785	270	5	rely	rely	VERB
cblr-1785	270	6	on	on	ADP
cblr-1785	270	7	sec	sec	PROPN
cblr-1785	270	8	rule	rule	NOUN
cblr-1785	270	9	147	147	NUM
cblr-1785	270	10	,	,	PUNCT
cblr-1785	270	11	which	which	PRON
cblr-1785	270	12	excludes	exclude	VERB
cblr-1785	270	13	securities	security	NOUN
cblr-1785	270	14	that	that	PRON
cblr-1785	270	15	are	be	AUX
cblr-1785	270	16	offered	offer	VERB
cblr-1785	270	17	and	and	CCONJ
cblr-1785	270	18	sold	sell	VERB
cblr-1785	270	19	purely	purely	ADV
cblr-1785	270	20	intrastate	intrastate	ADJ
cblr-1785	270	21	from	from	ADP
cblr-1785	270	22	federal	federal	ADJ
cblr-1785	270	23	registration	registration	NOUN
cblr-1785	270	24	requirements.68	requirements.68	NOUN
cblr-1785	270	25	the	the	DET
cblr-1785	270	26	intrastate	intrastate	ADJ
cblr-1785	270	27	safe	safe	ADJ
cblr-1785	270	28	-	-	PUNCT
cblr-1785	270	29	harbor	harbor	NOUN
cblr-1785	270	30	is	be	AUX
cblr-1785	270	31	meant	mean	VERB
cblr-1785	270	32	to	to	PART
cblr-1785	270	33	“	"	PUNCT
cblr-1785	270	34	apply	apply	VERB
cblr-1785	270	35	only	only	ADV
cblr-1785	270	36	to	to	ADP
cblr-1785	270	37	issues	issue	NOUN
cblr-1785	270	38	genuinely	genuinely	ADV
cblr-1785	270	39	local	local	ADJ
cblr-1785	270	40	in	in	ADP
cblr-1785	270	41	character	character	NOUN
cblr-1785	270	42	,	,	PUNCT
cblr-1785	270	43	”	"	PUNCT
cblr-1785	270	44	meaning	mean	VERB
cblr-1785	270	45	that	that	SCONJ
cblr-1785	270	46	both	both	CCONJ
cblr-1785	270	47	the	the	DET
cblr-1785	270	48	issuer	issuer	NOUN
cblr-1785	270	49	and	and	CCONJ
cblr-1785	270	50	all	all	DET
cblr-1785	270	51	the	the	DET
cblr-1785	270	52	investors	investor	NOUN
cblr-1785	270	53	must	must	AUX
cblr-1785	270	54	be	be	AUX
cblr-1785	270	55	residents	resident	NOUN
cblr-1785	270	56	of	of	ADP
cblr-1785	270	57	the	the	DET
cblr-1785	270	58	same	same	ADJ
cblr-1785	270	59	state.69	state.69	NOUN
cblr-1785	270	60	in	in	ADP
cblr-1785	270	61	wisconsin	wisconsin	PROPN
cblr-1785	270	62	and	and	CCONJ
cblr-1785	270	63	michigan	michigan	PROPN
cblr-1785	270	64	,	,	PUNCT
cblr-1785	270	65	issuers	issuer	NOUN
cblr-1785	270	66	must	must	AUX
cblr-1785	270	67	obtain	obtain	VERB
cblr-1785	270	68	evidence	evidence	NOUN
cblr-1785	270	69	,	,	PUNCT
cblr-1785	270	70	such	such	ADJ
cblr-1785	270	71	as	as	ADP
cblr-1785	270	72	a	a	DET
cblr-1785	270	73	driver	driver	NOUN
cblr-1785	270	74	’s	’s	PART
cblr-1785	270	75	license	license	NOUN
cblr-1785	270	76	or	or	CCONJ
cblr-1785	270	77	voter	voter	NOUN
cblr-1785	270	78	registration	registration	NOUN
cblr-1785	270	79	,	,	PUNCT
cblr-1785	270	80	that	that	SCONJ
cblr-1785	270	81	the	the	DET
cblr-1785	270	82	66	66	NUM
cblr-1785	270	83	see	see	VERB
cblr-1785	270	84	georgia	georgia	PROPN
cblr-1785	270	85	quinn	quinn	PROPN
cblr-1785	270	86	&	&	CCONJ
cblr-1785	270	87	anthony	anthony	PROPN
cblr-1785	270	88	zeoli	zeoli	PROPN
cblr-1785	270	89	,	,	PUNCT
cblr-1785	270	90	the	the	DET
cblr-1785	270	91	definitive	definitive	ADJ
cblr-1785	270	92	guide	guide	NOUN
cblr-1785	270	93	:	:	PUNCT
cblr-1785	270	94	intrastate	intrastate	ADJ
cblr-1785	270	95	crowdfunding	crowdfunding	NOUN
cblr-1785	270	96	exemptions	exemption	NOUN
cblr-1785	270	97	,	,	PUNCT
cblr-1785	270	98	crowdfund	crowdfund	ADJ
cblr-1785	270	99	insider	insider	NOUN
cblr-1785	270	100	(	(	PUNCT
cblr-1785	270	101	july	july	PROPN
cblr-1785	270	102	15	15	NUM
cblr-1785	270	103	,	,	PUNCT
cblr-1785	270	104	2014	2014	NUM
cblr-1785	270	105	,	,	PUNCT
cblr-1785	270	106	8:28	8:28	NUM
cblr-1785	270	107	am	am	NOUN
cblr-1785	270	108	)	)	PUNCT
cblr-1785	270	109	,	,	PUNCT
cblr-1785	270	110	http://perma.cc/66eq-6qdd	http://perma.cc/66eq-6qdd	PROPN
cblr-1785	270	111	.	.	PROPN
cblr-1785	270	112	67	67	NUM
cblr-1785	270	113	see	see	VERB
cblr-1785	270	114	mich	mich	PROPN
cblr-1785	270	115	.	.	PUNCT
cblr-1785	271	1	comp	comp	PROPN
cblr-1785	271	2	.	.	PUNCT
cblr-1785	272	1	laws	law	NOUN
cblr-1785	272	2	ann	ann	PROPN
cblr-1785	272	3	.	.	PUNCT
cblr-1785	273	1	§	§	PROPN
cblr-1785	273	2	451.2202a	451.2202a	PROPN
cblr-1785	273	3	(	(	PUNCT
cblr-1785	273	4	west	west	NOUN
cblr-1785	273	5	2013	2013	NUM
cblr-1785	273	6	)	)	PUNCT
cblr-1785	273	7	;	;	PUNCT
cblr-1785	274	1	wis	wis	PROPN
cblr-1785	274	2	.	.	PUNCT
cblr-1785	274	3	stat	stat	PROPN
cblr-1785	274	4	.	.	PUNCT
cblr-1785	275	1	ann	ann	PROPN
cblr-1785	275	2	.	.	PUNCT
cblr-1785	276	1	§	§	PROPN
cblr-1785	276	2	551.202(26)–(27	551.202(26)–(27	NUM
cblr-1785	276	3	)	)	PUNCT
cblr-1785	276	4	(	(	PUNCT
cblr-1785	276	5	west	west	NOUN
cblr-1785	276	6	2013	2013	NUM
cblr-1785	276	7	)	)	PUNCT
cblr-1785	276	8	;	;	PUNCT
cblr-1785	276	9	ga	ga	PROPN
cblr-1785	276	10	.	.	PROPN
cblr-1785	276	11	comp	comp	PROPN
cblr-1785	276	12	.	.	PUNCT
cblr-1785	277	1	r.	r.	PROPN
cblr-1785	277	2	&	&	CCONJ
cblr-1785	277	3	regs	regs	PROPN
cblr-1785	277	4	.	.	PUNCT
cblr-1785	278	1	§	§	PROPN
cblr-1785	278	2	590	590	NUM
cblr-1785	278	3	-	-	SYM
cblr-1785	278	4	4	4	NUM
cblr-1785	278	5	-	-	PUNCT
cblr-1785	278	6	2-.08	2-.08	NUM
cblr-1785	278	7	(	(	PUNCT
cblr-1785	278	8	2013	2013	NUM
cblr-1785	278	9	)	)	PUNCT
cblr-1785	278	10	;	;	PUNCT
cblr-1785	279	1	kan	kan	PROPN
cblr-1785	279	2	.	.	PUNCT
cblr-1785	279	3	admin	admin	PROPN
cblr-1785	279	4	.	.	PUNCT
cblr-1785	279	5	regs	regs	PROPN
cblr-1785	279	6	.	.	PUNCT
cblr-1785	280	1	§	§	PROPN
cblr-1785	280	2	81	81	NUM
cblr-1785	280	3	-	-	SYM
cblr-1785	280	4	5	5	NUM
cblr-1785	280	5	-	-	SYM
cblr-1785	280	6	21	21	NUM
cblr-1785	280	7	(	(	PUNCT
cblr-1785	280	8	2014	2014	NUM
cblr-1785	280	9	)	)	PUNCT
cblr-1785	280	10	.	.	PUNCT
cblr-1785	281	1	68	68	NUM
cblr-1785	281	2	15	15	NUM
cblr-1785	281	3	u.s.c	u.s.c	NOUN
cblr-1785	281	4	.	.	PUNCT
cblr-1785	282	1	§	§	PROPN
cblr-1785	282	2	77c(a)(11	77c(a)(11	NUM
cblr-1785	282	3	)	)	PUNCT
cblr-1785	282	4	(	(	PUNCT
cblr-1785	282	5	2012	2012	NUM
cblr-1785	282	6	)	)	PUNCT
cblr-1785	282	7	;	;	PUNCT
cblr-1785	282	8	17	17	NUM
cblr-1785	282	9	c.f.r	c.f.r	NOUN
cblr-1785	282	10	.	.	PUNCT
cblr-1785	283	1	§	§	PROPN
cblr-1785	283	2	230.147	230.147	NUM
cblr-1785	283	3	(	(	PUNCT
cblr-1785	283	4	2014	2014	NUM
cblr-1785	283	5	)	)	PUNCT
cblr-1785	283	6	.	.	PUNCT
cblr-1785	284	1	the	the	DET
cblr-1785	284	2	newer	new	ADJ
cblr-1785	284	3	exemptions	exemption	NOUN
cblr-1785	284	4	also	also	ADV
cblr-1785	284	5	rely	rely	VERB
cblr-1785	284	6	on	on	ADP
cblr-1785	284	7	rule	rule	NOUN
cblr-1785	284	8	147	147	NUM
cblr-1785	284	9	.	.	PUNCT
cblr-1785	285	1	the	the	DET
cblr-1785	285	2	lone	lone	ADJ
cblr-1785	285	3	exception	exception	NOUN
cblr-1785	285	4	is	be	AUX
cblr-1785	285	5	maine	maine	PROPN
cblr-1785	285	6	,	,	PUNCT
cblr-1785	285	7	which	which	PRON
cblr-1785	285	8	requires	require	VERB
cblr-1785	285	9	that	that	SCONJ
cblr-1785	285	10	offerings	offering	NOUN
cblr-1785	285	11	meet	meet	VERB
cblr-1785	285	12	the	the	DET
cblr-1785	285	13	requirements	requirement	NOUN
cblr-1785	285	14	of	of	ADP
cblr-1785	285	15	rule	rule	NOUN
cblr-1785	285	16	504	504	NUM
cblr-1785	285	17	of	of	ADP
cblr-1785	285	18	regulation	regulation	NOUN
cblr-1785	285	19	d	d	NOUN
cblr-1785	285	20	in	in	ADP
cblr-1785	285	21	order	order	NOUN
cblr-1785	285	22	to	to	PART
cblr-1785	285	23	avoid	avoid	VERB
cblr-1785	285	24	federal	federal	ADJ
cblr-1785	285	25	registration	registration	NOUN
cblr-1785	285	26	requirements	requirement	NOUN
cblr-1785	285	27	.	.	PUNCT
cblr-1785	286	1	see	see	VERB
cblr-1785	286	2	me	i	PRON
cblr-1785	286	3	.	.	PUNCT
cblr-1785	287	1	rev	rev	PROPN
cblr-1785	287	2	.	.	PROPN
cblr-1785	287	3	stat	stat	PROPN
cblr-1785	287	4	.	.	PUNCT
cblr-1785	288	1	ann	ann	PROPN
cblr-1785	288	2	.	.	PUNCT
cblr-1785	289	1	tit	tit	PROPN
cblr-1785	289	2	.	.	PUNCT
cblr-1785	290	1	32	32	NUM
cblr-1785	290	2	,	,	PUNCT
cblr-1785	290	3	§	§	PROPN
cblr-1785	290	4	16304(6	16304(6	PROPN
cblr-1785	290	5	-	-	PUNCT
cblr-1785	290	6	a)(d	a)(d	NUM
cblr-1785	290	7	)	)	PUNCT
cblr-1785	290	8	(	(	PUNCT
cblr-1785	290	9	2014	2014	NUM
cblr-1785	290	10	)	)	PUNCT
cblr-1785	290	11	.	.	PUNCT
cblr-1785	291	1	69	69	NUM
cblr-1785	291	2	17	17	NUM
cblr-1785	291	3	c.f.r	c.f.r	NOUN
cblr-1785	291	4	.	.	PUNCT
cblr-1785	292	1	§	§	PROPN
cblr-1785	292	2	230.147	230.147	NUM
cblr-1785	292	3	(	(	PUNCT
cblr-1785	292	4	2014	2014	NUM
cblr-1785	292	5	)	)	PUNCT
cblr-1785	292	6	.	.	PUNCT
cblr-1785	293	1	issuers	issuer	NOUN
cblr-1785	293	2	must	must	AUX
cblr-1785	293	3	also	also	ADV
cblr-1785	293	4	be	be	AUX
cblr-1785	293	5	“	"	PUNCT
cblr-1785	293	6	doing	do	VERB
cblr-1785	293	7	business	business	NOUN
cblr-1785	293	8	within	within	ADP
cblr-1785	293	9	”	"	PUNCT
cblr-1785	293	10	the	the	DET
cblr-1785	293	11	state	state	NOUN
cblr-1785	293	12	in	in	ADP
cblr-1785	293	13	question	question	NOUN
cblr-1785	293	14	,	,	PUNCT
cblr-1785	293	15	meaning	mean	VERB
cblr-1785	293	16	that	that	SCONJ
cblr-1785	293	17	they	they	PRON
cblr-1785	293	18	must	must	AUX
cblr-1785	293	19	receive	receive	VERB
cblr-1785	293	20	most	most	ADJ
cblr-1785	293	21	of	of	ADP
cblr-1785	293	22	their	their	PRON
cblr-1785	293	23	revenues	revenue	NOUN
cblr-1785	293	24	,	,	PUNCT
cblr-1785	293	25	hold	hold	VERB
cblr-1785	293	26	most	most	ADJ
cblr-1785	293	27	of	of	ADP
cblr-1785	293	28	their	their	PRON
cblr-1785	293	29	assets	asset	NOUN
cblr-1785	293	30	,	,	PUNCT
cblr-1785	293	31	and	and	CCONJ
cblr-1785	293	32	use	use	VERB
cblr-1785	293	33	most	most	ADJ
cblr-1785	293	34	of	of	ADP
cblr-1785	293	35	the	the	DET
cblr-1785	293	36	proceeds	proceed	NOUN
cblr-1785	293	37	of	of	ADP
cblr-1785	293	38	the	the	DET
cblr-1785	293	39	offering	offering	NOUN
cblr-1785	293	40	within	within	ADP
cblr-1785	293	41	the	the	DET
cblr-1785	293	42	state	state	NOUN
cblr-1785	293	43	.	.	PUNCT
cblr-1785	294	1	see	see	VERB
cblr-1785	294	2	i	i	PRON
cblr-1785	294	3	d.	d.	PROPN
cblr-1785	294	4	§	§	PROPN
cblr-1785	294	5	230.147(c	230.147(c	PROPN
cblr-1785	294	6	)	)	PUNCT
cblr-1785	294	7	.	.	PUNCT
cblr-1785	295	1	pei	pei	PROPN
cblr-1785	295	2	final	final	ADJ
cblr-1785	295	3	no	no	NOUN
cblr-1785	295	4	.	.	PUNCT
cblr-1785	296	1	3:854	3:854	NUM
cblr-1785	296	2	]	]	X
cblr-1785	296	3	intrastate	intrastate	ADJ
cblr-1785	296	4	crowdfunding	crowdfunding	NOUN
cblr-1785	296	5	871	871	NUM
cblr-1785	296	6	purchaser	purchaser	NOUN
cblr-1785	296	7	is	be	AUX
cblr-1785	296	8	a	a	DET
cblr-1785	296	9	state	state	NOUN
cblr-1785	296	10	resident.70	resident.70	NOUN
cblr-1785	296	11	the	the	DET
cblr-1785	296	12	kansas	kansas	PROPN
cblr-1785	296	13	and	and	CCONJ
cblr-1785	296	14	georgia	georgia	PROPN
cblr-1785	296	15	exemptions	exemption	NOUN
cblr-1785	296	16	are	be	AUX
cblr-1785	296	17	silent	silent	ADJ
cblr-1785	296	18	on	on	ADP
cblr-1785	296	19	what	what	PRON
cblr-1785	296	20	steps	step	VERB
cblr-1785	296	21	an	an	DET
cblr-1785	296	22	issuer	issuer	NOUN
cblr-1785	296	23	should	should	AUX
cblr-1785	296	24	take	take	VERB
cblr-1785	296	25	to	to	PART
cblr-1785	296	26	ensure	ensure	VERB
cblr-1785	296	27	rule	rule	NOUN
cblr-1785	296	28	147	147	NUM
cblr-1785	296	29	compliance.71	compliance.71	NOUN
cblr-1785	296	30	the	the	DET
cblr-1785	296	31	state	state	NOUN
cblr-1785	296	32	exemptions	exemption	NOUN
cblr-1785	296	33	share	share	VERB
cblr-1785	296	34	several	several	ADJ
cblr-1785	296	35	structural	structural	ADJ
cblr-1785	296	36	features	feature	NOUN
cblr-1785	296	37	with	with	ADP
cblr-1785	296	38	the	the	DET
cblr-1785	296	39	federal	federal	ADJ
cblr-1785	296	40	statute.72	statute.72	NOUN
cblr-1785	296	41	like	like	ADP
cblr-1785	296	42	section	section	NOUN
cblr-1785	296	43	4(a)(6	4(a)(6	PROPN
cblr-1785	296	44	)	)	PUNCT
cblr-1785	296	45	,	,	PUNCT
cblr-1785	296	46	the	the	DET
cblr-1785	296	47	state	state	NOUN
cblr-1785	296	48	exemptions	exemption	NOUN
cblr-1785	296	49	include	include	VERB
cblr-1785	296	50	a	a	DET
cblr-1785	296	51	default	default	NOUN
cblr-1785	296	52	offering	offering	NOUN
cblr-1785	296	53	cap	cap	NOUN
cblr-1785	296	54	of	of	ADP
cblr-1785	296	55	$	$	SYM
cblr-1785	296	56	1	1	NUM
cblr-1785	296	57	million	million	NUM
cblr-1785	296	58	,	,	PUNCT
cblr-1785	296	59	although	although	SCONJ
cblr-1785	296	60	both	both	PRON
cblr-1785	296	61	wisconsin	wisconsin	PROPN
cblr-1785	296	62	and	and	CCONJ
cblr-1785	296	63	michigan	michigan	PROPN
cblr-1785	296	64	increase	increase	VERB
cblr-1785	296	65	the	the	DET
cblr-1785	296	66	ceiling	ceiling	NOUN
cblr-1785	296	67	to	to	ADP
cblr-1785	296	68	$	$	SYM
cblr-1785	296	69	2	2	NUM
cblr-1785	296	70	million	million	NUM
cblr-1785	296	71	if	if	SCONJ
cblr-1785	296	72	the	the	DET
cblr-1785	296	73	issuer	issuer	NOUN
cblr-1785	296	74	has	have	AUX
cblr-1785	296	75	audited	audit	VERB
cblr-1785	296	76	financial	financial	ADJ
cblr-1785	296	77	statements.73	statements.73	NOUN
cblr-1785	296	78	the	the	DET
cblr-1785	296	79	state	state	NOUN
cblr-1785	296	80	exemptions	exemption	NOUN
cblr-1785	296	81	also	also	ADV
cblr-1785	296	82	provide	provide	VERB
cblr-1785	296	83	that	that	SCONJ
cblr-1785	296	84	offers	offer	NOUN
cblr-1785	296	85	and	and	CCONJ
cblr-1785	296	86	sales	sale	NOUN
cblr-1785	296	87	to	to	ADP
cblr-1785	296	88	“	"	PUNCT
cblr-1785	296	89	controlling	control	VERB
cblr-1785	296	90	persons	person	NOUN
cblr-1785	296	91	”	"	PUNCT
cblr-1785	296	92	of	of	ADP
cblr-1785	296	93	the	the	DET
cblr-1785	296	94	issuer	issuer	NOUN
cblr-1785	296	95	,	,	PUNCT
cblr-1785	296	96	which	which	PRON
cblr-1785	296	97	includes	include	VERB
cblr-1785	296	98	officers	officer	NOUN
cblr-1785	296	99	,	,	PUNCT
cblr-1785	296	100	directors	director	NOUN
cblr-1785	296	101	,	,	PUNCT
cblr-1785	296	102	partners	partner	NOUN
cblr-1785	296	103	,	,	PUNCT
cblr-1785	296	104	and	and	CCONJ
cblr-1785	296	105	persons	person	NOUN
cblr-1785	296	106	owning	own	VERB
cblr-1785	296	107	10	10	NUM
cblr-1785	296	108	percent	percent	NOUN
cblr-1785	296	109	or	or	CCONJ
cblr-1785	296	110	more	more	ADJ
cblr-1785	296	111	of	of	ADP
cblr-1785	296	112	the	the	DET
cblr-1785	296	113	outstanding	outstanding	ADJ
cblr-1785	296	114	shares	share	NOUN
cblr-1785	296	115	,	,	PUNCT
cblr-1785	296	116	do	do	AUX
cblr-1785	296	117	not	not	PART
cblr-1785	296	118	count	count	VERB
cblr-1785	296	119	against	against	ADP
cblr-1785	296	120	the	the	DET
cblr-1785	296	121	offering	offering	NOUN
cblr-1785	296	122	cap.74	cap.74	NOUN
cblr-1785	296	123	and	and	CCONJ
cblr-1785	296	124	under	under	ADP
cblr-1785	296	125	wisconsin	wisconsin	PROPN
cblr-1785	296	126	’s	’s	PART
cblr-1785	296	127	exemptions	exemption	NOUN
cblr-1785	296	128	,	,	PUNCT
cblr-1785	296	129	contributions	contribution	NOUN
cblr-1785	296	130	from	from	ADP
cblr-1785	296	131	70	70	NUM
cblr-1785	296	132	mich	mich	PROPN
cblr-1785	296	133	.	.	PUNCT
cblr-1785	297	1	comp	comp	PROPN
cblr-1785	297	2	.	.	PUNCT
cblr-1785	298	1	laws	law	NOUN
cblr-1785	298	2	ann	ann	PROPN
cblr-1785	298	3	.	.	PUNCT
cblr-1785	299	1	§	§	PROPN
cblr-1785	299	2	451.2202a(1)(i)(ii	451.2202a(1)(i)(ii	NUM
cblr-1785	299	3	)	)	PUNCT
cblr-1785	299	4	(	(	PUNCT
cblr-1785	299	5	west	west	NOUN
cblr-1785	299	6	2013	2013	NUM
cblr-1785	299	7	)	)	PUNCT
cblr-1785	299	8	;	;	PUNCT
cblr-1785	299	9	wis	wis	PROPN
cblr-1785	299	10	.	.	PUNCT
cblr-1785	299	11	stat	stat	PROPN
cblr-1785	299	12	.	.	PUNCT
cblr-1785	300	1	ann	ann	PROPN
cblr-1785	300	2	.	.	PUNCT
cblr-1785	301	1	§	§	PROPN
cblr-1785	301	2	551.202(26)(j	551.202(26)(j	PROPN
cblr-1785	301	3	)	)	PUNCT
cblr-1785	301	4	(	(	PUNCT
cblr-1785	301	5	west	west	NOUN
cblr-1785	301	6	2013	2013	NUM
cblr-1785	301	7	)	)	PUNCT
cblr-1785	301	8	.	.	PUNCT
cblr-1785	302	1	some	some	PRON
cblr-1785	302	2	of	of	ADP
cblr-1785	302	3	the	the	DET
cblr-1785	302	4	newer	new	ADJ
cblr-1785	302	5	exemptions	exemption	NOUN
cblr-1785	302	6	also	also	ADV
cblr-1785	302	7	contain	contain	VERB
cblr-1785	302	8	a	a	DET
cblr-1785	302	9	similar	similar	ADJ
cblr-1785	302	10	verification	verification	NOUN
cblr-1785	302	11	requirement	requirement	NOUN
cblr-1785	302	12	.	.	PUNCT
cblr-1785	303	1	see	see	VERB
cblr-1785	303	2	,	,	PUNCT
cblr-1785	304	1	e.g.	e.g.	ADV
cblr-1785	304	2	,	,	PUNCT
cblr-1785	304	3	ala	ala	PROPN
cblr-1785	304	4	.	.	PUNCT
cblr-1785	304	5	code	code	PROPN
cblr-1785	304	6	§	§	PROPN
cblr-1785	304	7	8	8	NUM
cblr-1785	304	8	-	-	PUNCT
cblr-1785	304	9	611(a)(14)(b	611(a)(14)(b	NUM
cblr-1785	304	10	)	)	PUNCT
cblr-1785	304	11	(	(	PUNCT
cblr-1785	304	12	2014	2014	NUM
cblr-1785	304	13	)	)	PUNCT
cblr-1785	304	14	.	.	PUNCT
cblr-1785	305	1	71	71	NUM
cblr-1785	305	2	nonetheless	nonetheless	ADV
cblr-1785	305	3	,	,	PUNCT
cblr-1785	305	4	the	the	DET
cblr-1785	305	5	sec	sec	PROPN
cblr-1785	305	6	has	have	AUX
cblr-1785	305	7	recently	recently	ADV
cblr-1785	305	8	released	release	VERB
cblr-1785	305	9	new	new	ADJ
cblr-1785	305	10	compliance	compliance	NOUN
cblr-1785	305	11	and	and	CCONJ
cblr-1785	305	12	disclosure	disclosure	NOUN
cblr-1785	305	13	interpretations	interpretation	NOUN
cblr-1785	305	14	addressing	address	VERB
cblr-1785	305	15	what	what	PRON
cblr-1785	305	16	steps	step	VERB
cblr-1785	305	17	an	an	DET
cblr-1785	305	18	intrastate	intrastate	ADJ
cblr-1785	305	19	crowdfunding	crowdfunding	NOUN
cblr-1785	305	20	issuer	issuer	NOUN
cblr-1785	305	21	should	should	AUX
cblr-1785	305	22	take	take	VERB
cblr-1785	305	23	to	to	PART
cblr-1785	305	24	comply	comply	VERB
cblr-1785	305	25	with	with	ADP
cblr-1785	305	26	rule	rule	NOUN
cblr-1785	305	27	147	147	NUM
cblr-1785	305	28	.	.	PUNCT
cblr-1785	306	1	the	the	DET
cblr-1785	306	2	interpretations	interpretation	NOUN
cblr-1785	306	3	stress	stress	VERB
cblr-1785	306	4	that	that	SCONJ
cblr-1785	306	5	issuers	issuer	NOUN
cblr-1785	306	6	and	and	CCONJ
cblr-1785	306	7	portals	portal	NOUN
cblr-1785	306	8	must	must	AUX
cblr-1785	306	9	take	take	VERB
cblr-1785	306	10	significant	significant	ADJ
cblr-1785	306	11	measures	measure	NOUN
cblr-1785	306	12	to	to	PART
cblr-1785	306	13	avoid	avoid	VERB
cblr-1785	306	14	offering	offer	VERB
cblr-1785	306	15	securities	security	NOUN
cblr-1785	306	16	to	to	ADP
cblr-1785	306	17	out	out	ADP
cblr-1785	306	18	-	-	PUNCT
cblr-1785	306	19	of	of	ADP
cblr-1785	306	20	-	-	PUNCT
cblr-1785	306	21	state	state	NOUN
cblr-1785	306	22	investors	investor	NOUN
cblr-1785	306	23	.	.	PUNCT
cblr-1785	307	1	see	see	VERB
cblr-1785	307	2	sec	sec	PROPN
cblr-1785	307	3	compliance	compliance	NOUN
cblr-1785	307	4	and	and	CCONJ
cblr-1785	307	5	disclosure	disclosure	NOUN
cblr-1785	307	6	interpretation	interpretation	NOUN
cblr-1785	307	7	,	,	PUNCT
cblr-1785	307	8	questions	question	NOUN
cblr-1785	307	9	141.03–05	141.03–05	NUM
cblr-1785	307	10	(	(	PUNCT
cblr-1785	307	11	apr	apr	NOUN
cblr-1785	307	12	.	.	PROPN
cblr-1785	307	13	10	10	NUM
cblr-1785	307	14	,	,	PUNCT
cblr-1785	307	15	2014	2014	NUM
cblr-1785	307	16	)	)	PUNCT
cblr-1785	307	17	,	,	PUNCT
cblr-1785	307	18	available	available	ADJ
cblr-1785	307	19	at	at	ADP
cblr-1785	307	20	http://perma.cc/7zc5-kgmj	http://perma.cc/7zc5-kgmj	NOUN
cblr-1785	307	21	.	.	PUNCT
cblr-1785	308	1	72	72	NUM
cblr-1785	308	2	see	see	VERB
cblr-1785	308	3	infra	infra	NOUN
cblr-1785	308	4	table	table	NOUN
cblr-1785	308	5	1	1	NUM
cblr-1785	308	6	(	(	PUNCT
cblr-1785	308	7	providing	provide	VERB
cblr-1785	308	8	a	a	DET
cblr-1785	308	9	side	side	NOUN
cblr-1785	308	10	-	-	PUNCT
cblr-1785	308	11	by	by	ADP
cblr-1785	308	12	-	-	PUNCT
cblr-1785	308	13	side	side	NOUN
cblr-1785	308	14	comparison	comparison	NOUN
cblr-1785	308	15	of	of	ADP
cblr-1785	308	16	federal	federal	ADJ
cblr-1785	308	17	,	,	PUNCT
cblr-1785	308	18	kansas	kansas	PROPN
cblr-1785	308	19	,	,	PUNCT
cblr-1785	308	20	georgia	georgia	PROPN
cblr-1785	308	21	,	,	PUNCT
cblr-1785	308	22	wisconsin	wisconsin	PROPN
cblr-1785	308	23	,	,	PUNCT
cblr-1785	308	24	and	and	CCONJ
cblr-1785	308	25	michigan	michigan	PROPN
cblr-1785	308	26	exemptions	exemption	NOUN
cblr-1785	308	27	)	)	PUNCT
cblr-1785	308	28	.	.	PUNCT
cblr-1785	309	1	73	73	NUM
cblr-1785	309	2	mich	mich	PROPN
cblr-1785	309	3	.	.	PUNCT
cblr-1785	310	1	comp	comp	PROPN
cblr-1785	310	2	.	.	PUNCT
cblr-1785	311	1	laws	law	NOUN
cblr-1785	311	2	ann	ann	PROPN
cblr-1785	311	3	.	.	PUNCT
cblr-1785	312	1	§	§	PROPN
cblr-1785	312	2	451.2202a(1)(c)(i)–(ii	451.2202a(1)(c)(i)–(ii	PROPN
cblr-1785	312	3	)	)	PUNCT
cblr-1785	312	4	(	(	PUNCT
cblr-1785	312	5	west	west	NOUN
cblr-1785	312	6	2013	2013	NUM
cblr-1785	312	7	)	)	PUNCT
cblr-1785	312	8	;	;	PUNCT
cblr-1785	312	9	wis	wis	PROPN
cblr-1785	312	10	.	.	PUNCT
cblr-1785	312	11	stat	stat	PROPN
cblr-1785	312	12	.	.	PUNCT
cblr-1785	313	1	ann	ann	PROPN
cblr-1785	313	2	.	.	PUNCT
cblr-1785	314	1	§	§	PROPN
cblr-1785	314	2	§	§	PROPN
cblr-1785	314	3	551.202(26)(c)(1)a	551.202(26)(c)(1)a	NUM
cblr-1785	314	4	–	–	PUNCT
cblr-1785	314	5	b	b	PROPN
cblr-1785	314	6	,	,	PUNCT
cblr-1785	314	7	551.202(27)(c)(1)a	551.202(27)(c)(1)a	NUM
cblr-1785	314	8	–	–	PUNCT
cblr-1785	314	9	b	b	PROPN
cblr-1785	314	10	(	(	PUNCT
cblr-1785	314	11	west	west	NOUN
cblr-1785	314	12	2013	2013	NUM
cblr-1785	314	13	)	)	PUNCT
cblr-1785	314	14	;	;	PUNCT
cblr-1785	314	15	ga	ga	PROPN
cblr-1785	314	16	.	.	PROPN
cblr-1785	314	17	comp	comp	PROPN
cblr-1785	314	18	.	.	PUNCT
cblr-1785	315	1	r.	r.	PROPN
cblr-1785	315	2	&	&	CCONJ
cblr-1785	315	3	regs	regs	PROPN
cblr-1785	315	4	.	.	PUNCT
cblr-1785	316	1	590	590	NUM
cblr-1785	316	2	-	-	SYM
cblr-1785	316	3	4	4	NUM
cblr-1785	316	4	-	-	NUM
cblr-1785	316	5	2-.08(1)(c	2-.08(1)(c	NUM
cblr-1785	316	6	)	)	PUNCT
cblr-1785	316	7	(	(	PUNCT
cblr-1785	316	8	2013	2013	NUM
cblr-1785	316	9	)	)	PUNCT
cblr-1785	316	10	;	;	PUNCT
cblr-1785	317	1	kan	kan	PROPN
cblr-1785	317	2	.	.	PUNCT
cblr-1785	317	3	admin	admin	PROPN
cblr-1785	317	4	.	.	PUNCT
cblr-1785	317	5	regs	regs	PROPN
cblr-1785	317	6	.	.	PUNCT
cblr-1785	318	1	§	§	PROPN
cblr-1785	318	2	81	81	NUM
cblr-1785	318	3	-	-	PUNCT
cblr-1785	318	4	521(a)(3	521(a)(3	NUM
cblr-1785	318	5	)	)	PUNCT
cblr-1785	318	6	(	(	PUNCT
cblr-1785	318	7	2014	2014	NUM
cblr-1785	318	8	)	)	PUNCT
cblr-1785	318	9	.	.	PUNCT
cblr-1785	319	1	indiana	indiana	PROPN
cblr-1785	319	2	also	also	ADV
cblr-1785	319	3	allows	allow	VERB
cblr-1785	319	4	issuers	issuer	NOUN
cblr-1785	319	5	with	with	ADP
cblr-1785	319	6	audited	audit	VERB
cblr-1785	319	7	financial	financial	ADJ
cblr-1785	319	8	to	to	PART
cblr-1785	319	9	raise	raise	VERB
cblr-1785	319	10	up	up	ADP
cblr-1785	319	11	to	to	PART
cblr-1785	319	12	$	$	SYM
cblr-1785	319	13	2	2	NUM
cblr-1785	319	14	million	million	NUM
cblr-1785	319	15	,	,	PUNCT
cblr-1785	319	16	while	while	SCONJ
cblr-1785	319	17	idaho	idaho	PROPN
cblr-1785	319	18	’s	’s	PART
cblr-1785	319	19	exemption	exemption	NOUN
cblr-1785	319	20	places	place	VERB
cblr-1785	319	21	a	a	DET
cblr-1785	319	22	$	$	SYM
cblr-1785	319	23	2	2	NUM
cblr-1785	319	24	-	-	PUNCT
cblr-1785	319	25	million	million	NUM
cblr-1785	319	26	cap	cap	NOUN
cblr-1785	319	27	on	on	ADP
cblr-1785	319	28	all	all	DET
cblr-1785	319	29	issuers	issuer	NOUN
cblr-1785	319	30	.	.	PUNCT
cblr-1785	320	1	see	see	VERB
cblr-1785	320	2	ind	ind	PROPN
cblr-1785	320	3	.	.	PUNCT
cblr-1785	321	1	code	code	PROPN
cblr-1785	321	2	.	.	PUNCT
cblr-1785	322	1	ann	ann	PROPN
cblr-1785	322	2	.	.	PUNCT
cblr-1785	323	1	§	§	PROPN
cblr-1785	323	2	23	23	NUM
cblr-1785	323	3	-	-	SYM
cblr-1785	323	4	19	19	NUM
cblr-1785	323	5	-	-	PUNCT
cblr-1785	323	6	2	2	NUM
cblr-1785	323	7	-	-	PUNCT
cblr-1785	323	8	2(27)(c)(ii	2(27)(c)(ii	NUM
cblr-1785	323	9	)	)	PUNCT
cblr-1785	323	10	(	(	PUNCT
cblr-1785	323	11	west	west	NOUN
cblr-1785	323	12	2014	2014	NUM
cblr-1785	323	13	)	)	PUNCT
cblr-1785	323	14	;	;	PUNCT
cblr-1785	323	15	treasure	treasure	NOUN
cblr-1785	323	16	valley	valley	NOUN
cblr-1785	323	17	angel	angel	NOUN
cblr-1785	323	18	fund	fund	PROPN
cblr-1785	323	19	,	,	PUNCT
cblr-1785	323	20	idaho	idaho	PROPN
cblr-1785	323	21	dep’t	dep’t	NOUN
cblr-1785	323	22	of	of	ADP
cblr-1785	323	23	fin	fin	PROPN
cblr-1785	323	24	.	.	PUNCT
cblr-1785	323	25	,	,	PUNCT
cblr-1785	323	26	blue	blue	ADJ
cblr-1785	323	27	sky	sky	NOUN
cblr-1785	323	28	l.	l.	PROPN
cblr-1785	323	29	rep	rep	PROPN
cblr-1785	323	30	.	.	PROPN
cblr-1785	323	31	(	(	PUNCT
cblr-1785	323	32	cch	cch	PROPN
cblr-1785	323	33	)	)	PUNCT
cblr-1785	323	34	,	,	PUNCT
cblr-1785	323	35	¶	¶	PROPN
cblr-1785	323	36	21729	21729	NUM
cblr-1785	323	37	(	(	PUNCT
cblr-1785	323	38	jan	jan	PROPN
cblr-1785	323	39	.	.	PROPN
cblr-1785	323	40	20	20	NUM
cblr-1785	323	41	,	,	PUNCT
cblr-1785	323	42	2012	2012	NUM
cblr-1785	323	43	)	)	PUNCT
cblr-1785	323	44	.	.	PUNCT
cblr-1785	324	1	74	74	NUM
cblr-1785	324	2	mich	mich	PROPN
cblr-1785	324	3	.	.	PUNCT
cblr-1785	325	1	comp	comp	PROPN
cblr-1785	325	2	.	.	PUNCT
cblr-1785	326	1	laws	law	NOUN
cblr-1785	326	2	ann	ann	PROPN
cblr-1785	326	3	.	.	PUNCT
cblr-1785	327	1	§	§	PROPN
cblr-1785	327	2	451.2202a(4	451.2202a(4	PROPN
cblr-1785	327	3	)	)	PUNCT
cblr-1785	327	4	(	(	PUNCT
cblr-1785	327	5	west	west	NOUN
cblr-1785	327	6	2013	2013	NUM
cblr-1785	327	7	)	)	PUNCT
cblr-1785	327	8	;	;	PUNCT
cblr-1785	328	1	wis	wis	PROPN
cblr-1785	328	2	.	.	PUNCT
cblr-1785	328	3	stat	stat	PROPN
cblr-1785	328	4	.	.	PUNCT
cblr-1785	329	1	ann	ann	PROPN
cblr-1785	329	2	.	.	PUNCT
cblr-1785	330	1	§	§	PROPN
cblr-1785	330	2	§	§	PROPN
cblr-1785	330	3	551.202(26)(c)(2	551.202(26)(c)(2	PROPN
cblr-1785	330	4	)	)	PUNCT
cblr-1785	330	5	,	,	PUNCT
cblr-1785	330	6	551.202(27)(c)(2	551.202(27)(c)(2	NUM
cblr-1785	330	7	)	)	PUNCT
cblr-1785	330	8	(	(	PUNCT
cblr-1785	330	9	west	west	NOUN
cblr-1785	330	10	2013	2013	NUM
cblr-1785	330	11	)	)	PUNCT
cblr-1785	330	12	;	;	PUNCT
cblr-1785	330	13	ga	ga	PROPN
cblr-1785	330	14	.	.	PROPN
cblr-1785	330	15	comp	comp	PROPN
cblr-1785	330	16	.	.	PUNCT
cblr-1785	331	1	r.	r.	PROPN
cblr-1785	331	2	&	&	CCONJ
cblr-1785	331	3	regs	regs	PROPN
cblr-1785	331	4	.	.	PUNCT
cblr-1785	332	1	590	590	NUM
cblr-1785	332	2	-	-	SYM
cblr-1785	332	3	4	4	NUM
cblr-1785	332	4	-	-	SYM
cblr-1785	332	5	2-.08(2)(a)–(b	2-.08(2)(a)–(b	NUM
cblr-1785	332	6	)	)	PUNCT
cblr-1785	332	7	(	(	PUNCT
cblr-1785	332	8	2013	2013	NUM
cblr-1785	332	9	)	)	PUNCT
cblr-1785	332	10	;	;	PUNCT
cblr-1785	333	1	kan	kan	PROPN
cblr-1785	333	2	.	.	PUNCT
cblr-1785	333	3	admin	admin	PROPN
cblr-1785	333	4	.	.	PUNCT
cblr-1785	333	5	regs	regs	PROPN
cblr-1785	333	6	.	.	PUNCT
cblr-1785	334	1	§	§	PROPN
cblr-1785	334	2	81	81	NUM
cblr-1785	334	3	-	-	SYM
cblr-1785	334	4	5	5	NUM
cblr-1785	334	5	-	-	NUM
cblr-1785	334	6	21(a)(9)(b	21(a)(9)(b	NUM
cblr-1785	334	7	)	)	PUNCT
cblr-1785	334	8	(	(	PUNCT
cblr-1785	334	9	2014	2014	NUM
cblr-1785	334	10	)	)	PUNCT
cblr-1785	334	11	.	.	PUNCT
cblr-1785	335	1	unlike	unlike	ADP
cblr-1785	335	2	the	the	DET
cblr-1785	335	3	other	other	ADJ
cblr-1785	335	4	laws	law	NOUN
cblr-1785	335	5	,	,	PUNCT
cblr-1785	335	6	the	the	DET
cblr-1785	335	7	kansas	kansas	PROPN
cblr-1785	335	8	exemption	exemption	NOUN
cblr-1785	335	9	does	do	AUX
cblr-1785	335	10	not	not	PART
cblr-1785	335	11	explicitly	explicitly	ADV
cblr-1785	335	12	list	list	VERB
cblr-1785	335	13	the	the	DET
cblr-1785	335	14	types	type	NOUN
cblr-1785	335	15	of	of	ADP
cblr-1785	335	16	purchasers	purchaser	NOUN
cblr-1785	335	17	who	who	PRON
cblr-1785	335	18	do	do	AUX
cblr-1785	335	19	not	not	PART
cblr-1785	335	20	affect	affect	VERB
cblr-1785	335	21	the	the	DET
cblr-1785	335	22	cap	cap	NOUN
cblr-1785	335	23	.	.	PUNCT
cblr-1785	336	1	however	however	ADV
cblr-1785	336	2	,	,	PUNCT
cblr-1785	336	3	it	it	PRON
cblr-1785	336	4	exempts	exempt	VERB
cblr-1785	336	5	sales	sale	NOUN
cblr-1785	336	6	to	to	ADP
cblr-1785	336	7	a	a	DET
cblr-1785	336	8	“	"	PUNCT
cblr-1785	336	9	controlling	control	VERB
cblr-1785	336	10	person	person	NOUN
cblr-1785	336	11	[	[	X
cblr-1785	336	12	of	of	ADP
cblr-1785	336	13	the	the	DET
cblr-1785	336	14	issuer	issuer	NOUN
cblr-1785	336	15	]	]	PUNCT
cblr-1785	336	16	,	,	PUNCT
cblr-1785	336	17	”	"	PUNCT
cblr-1785	336	18	which	which	PRON
cblr-1785	336	19	is	be	AUX
cblr-1785	336	20	defined	define	VERB
cblr-1785	336	21	as	as	ADP
cblr-1785	336	22	“	"	PUNCT
cblr-1785	336	23	(	(	PUNCT
cblr-1785	336	24	1	1	NUM
cblr-1785	336	25	)	)	PUNCT
cblr-1785	336	26	[	[	X
cblr-1785	336	27	a]n	a]n	NOUN
cblr-1785	336	28	officer	officer	NOUN
cblr-1785	336	29	,	,	PUNCT
cblr-1785	336	30	director	director	NOUN
cblr-1785	336	31	,	,	PUNCT
cblr-1785	336	32	partner	partner	NOUN
cblr-1785	336	33	,	,	PUNCT
cblr-1785	336	34	or	or	CCONJ
cblr-1785	336	35	trustee	trustee	NOUN
cblr-1785	336	36	of	of	ADP
cblr-1785	336	37	an	an	DET
cblr-1785	336	38	individual	individual	NOUN
cblr-1785	336	39	occupying	occupy	VERB
cblr-1785	336	40	similar	similar	ADJ
cblr-1785	336	41	status	status	NOUN
cblr-1785	336	42	or	or	CCONJ
cblr-1785	336	43	performing	perform	VERB
cblr-1785	336	44	similar	similar	ADJ
cblr-1785	336	45	functions	function	NOUN
cblr-1785	336	46	;	;	PUNCT
cblr-1785	336	47	or	or	CCONJ
cblr-1785	336	48	(	(	PUNCT
cblr-1785	336	49	2	2	X
cblr-1785	336	50	)	)	PUNCT
cblr-1785	336	51	a	a	DET
cblr-1785	336	52	person	person	NOUN
cblr-1785	336	53	owning	own	VERB
cblr-1785	336	54	10	10	NUM
cblr-1785	336	55	percent	percent	NOUN
cblr-1785	336	56	pei	pei	PROPN
cblr-1785	336	57	final	final	ADJ
cblr-1785	336	58	872	872	NUM
cblr-1785	336	59	columbia	columbia	PROPN
cblr-1785	336	60	business	business	NOUN
cblr-1785	336	61	law	law	PROPN
cblr-1785	336	62	review	review	NOUN
cblr-1785	337	1	[	[	X
cblr-1785	337	2	vol	vol	NOUN
cblr-1785	337	3	.	.	PUNCT
cblr-1785	337	4	2014	2014	NUM
cblr-1785	337	5	accredited,75	accredited,75	PROPN
cblr-1785	337	6	“	"	PUNCT
cblr-1785	337	7	certified,”76	certified,”76	PROPN
cblr-1785	337	8	and	and	CCONJ
cblr-1785	337	9	institutional	institutional	ADJ
cblr-1785	337	10	investors	investor	NOUN
cblr-1785	337	11	also	also	ADV
cblr-1785	337	12	do	do	AUX
cblr-1785	337	13	not	not	PART
cblr-1785	337	14	count	count	VERB
cblr-1785	337	15	against	against	ADP
cblr-1785	337	16	the	the	DET
cblr-1785	337	17	offering	offering	NOUN
cblr-1785	337	18	cap.77	cap.77	ADV
cblr-1785	337	19	like	like	ADP
cblr-1785	337	20	the	the	DET
cblr-1785	337	21	federal	federal	ADJ
cblr-1785	337	22	exemption	exemption	NOUN
cblr-1785	337	23	,	,	PUNCT
cblr-1785	337	24	the	the	DET
cblr-1785	337	25	state	state	NOUN
cblr-1785	337	26	exemptions	exemption	NOUN
cblr-1785	337	27	also	also	ADV
cblr-1785	337	28	cap	cap	VERB
cblr-1785	337	29	how	how	SCONJ
cblr-1785	337	30	much	much	ADJ
cblr-1785	337	31	a	a	DET
cblr-1785	337	32	non	non	ADJ
cblr-1785	337	33	-	-	ADJ
cblr-1785	337	34	accredited	accredited	ADJ
cblr-1785	337	35	investor	investor	NOUN
cblr-1785	337	36	may	may	AUX
cblr-1785	337	37	invest	invest	VERB
cblr-1785	337	38	in	in	ADP
cblr-1785	337	39	a	a	DET
cblr-1785	337	40	crowdfunding	crowdfunding	NOUN
cblr-1785	337	41	offering	offering	NOUN
cblr-1785	337	42	:	:	PUNCT
cblr-1785	337	43	the	the	DET
cblr-1785	337	44	kansas	kansas	PROPN
cblr-1785	337	45	law	law	NOUN
cblr-1785	337	46	at	at	ADP
cblr-1785	337	47	$	$	SYM
cblr-1785	337	48	5,00078	5,00078	NUM
cblr-1785	337	49	and	and	CCONJ
cblr-1785	337	50	the	the	DET
cblr-1785	337	51	georgia	georgia	PROPN
cblr-1785	337	52	,	,	PUNCT
cblr-1785	337	53	wisconsin	wisconsin	PROPN
cblr-1785	337	54	,	,	PUNCT
cblr-1785	337	55	and	and	CCONJ
cblr-1785	337	56	michigan	michigan	PROPN
cblr-1785	337	57	exemptions	exemption	NOUN
cblr-1785	337	58	at	at	ADP
cblr-1785	337	59	$	$	SYM
cblr-1785	337	60	10,000.79	10,000.79	NUM
cblr-1785	337	61	or	or	CCONJ
cblr-1785	337	62	more	more	ADJ
cblr-1785	337	63	of	of	ADP
cblr-1785	337	64	the	the	DET
cblr-1785	337	65	outstanding	outstanding	ADJ
cblr-1785	337	66	shares	share	NOUN
cblr-1785	337	67	of	of	ADP
cblr-1785	337	68	any	any	DET
cblr-1785	337	69	class	class	NOUN
cblr-1785	337	70	or	or	CCONJ
cblr-1785	337	71	classes	class	NOUN
cblr-1785	337	72	of	of	ADP
cblr-1785	337	73	securities	security	NOUN
cblr-1785	337	74	.	.	PUNCT
cblr-1785	337	75	”	"	PUNCT
cblr-1785	338	1	kan	kan	PROPN
cblr-1785	338	2	.	.	PUNCT
cblr-1785	339	1	admin	admin	PROPN
cblr-1785	339	2	.	.	PUNCT
cblr-1785	340	1	regs	regs	PROPN
cblr-1785	340	2	.	.	PUNCT
cblr-1785	341	1	§	§	PROPN
cblr-1785	341	2	81	81	NUM
cblr-1785	341	3	-	-	PUNCT
cblr-1785	341	4	1	1	NUM
cblr-1785	341	5	-	-	PUNCT
cblr-1785	341	6	1(i	1(i	NUM
cblr-1785	341	7	)	)	PUNCT
cblr-1785	341	8	(	(	PUNCT
cblr-1785	341	9	2014	2014	NUM
cblr-1785	341	10	)	)	PUNCT
cblr-1785	341	11	.	.	PUNCT
cblr-1785	342	1	several	several	ADJ
cblr-1785	342	2	of	of	ADP
cblr-1785	342	3	the	the	DET
cblr-1785	342	4	newer	new	ADJ
cblr-1785	342	5	exemptions	exemption	NOUN
cblr-1785	342	6	(	(	PUNCT
cblr-1785	342	7	alabama	alabama	PROPN
cblr-1785	342	8	,	,	PUNCT
cblr-1785	342	9	idaho	idaho	PROPN
cblr-1785	342	10	,	,	PUNCT
cblr-1785	342	11	indiana	indiana	PROPN
cblr-1785	342	12	,	,	PUNCT
cblr-1785	342	13	and	and	CCONJ
cblr-1785	342	14	tennessee	tennessee	PROPN
cblr-1785	342	15	)	)	PUNCT
cblr-1785	342	16	also	also	ADV
cblr-1785	342	17	include	include	VERB
cblr-1785	342	18	this	this	DET
cblr-1785	342	19	feature	feature	NOUN
cblr-1785	342	20	.	.	PUNCT
cblr-1785	343	1	however	however	ADV
cblr-1785	343	2	,	,	PUNCT
cblr-1785	343	3	it	it	PRON
cblr-1785	343	4	is	be	AUX
cblr-1785	343	5	not	not	PART
cblr-1785	343	6	universalthe	universalthe	DET
cblr-1785	343	7	exemptions	exemption	NOUN
cblr-1785	343	8	in	in	ADP
cblr-1785	343	9	maine	maine	PROPN
cblr-1785	343	10	,	,	PUNCT
cblr-1785	343	11	washington	washington	PROPN
cblr-1785	343	12	,	,	PUNCT
cblr-1785	343	13	maryland	maryland	PROPN
cblr-1785	343	14	,	,	PUNCT
cblr-1785	343	15	and	and	CCONJ
cblr-1785	343	16	colorado	colorado	PROPN
cblr-1785	343	17	do	do	AUX
cblr-1785	343	18	not	not	PART
cblr-1785	343	19	mention	mention	VERB
cblr-1785	343	20	a	a	DET
cblr-1785	343	21	carve	carve	NOUN
cblr-1785	343	22	-	-	PUNCT
cblr-1785	343	23	out	out	NOUN
cblr-1785	343	24	for	for	ADP
cblr-1785	343	25	controlling	control	VERB
cblr-1785	343	26	persons	person	NOUN
cblr-1785	343	27	.	.	PUNCT
cblr-1785	344	1	75	75	NUM
cblr-1785	344	2	accredited	accredit	VERB
cblr-1785	344	3	investors	investor	NOUN
cblr-1785	344	4	include	include	VERB
cblr-1785	344	5	people	people	NOUN
cblr-1785	344	6	who	who	PRON
cblr-1785	344	7	,	,	PUNCT
cblr-1785	344	8	either	either	CCONJ
cblr-1785	344	9	individually	individually	ADV
cblr-1785	344	10	or	or	CCONJ
cblr-1785	344	11	jointly	jointly	ADV
cblr-1785	344	12	with	with	ADP
cblr-1785	344	13	their	their	PRON
cblr-1785	344	14	spouse	spouse	NOUN
cblr-1785	344	15	,	,	PUNCT
cblr-1785	344	16	have	have	VERB
cblr-1785	344	17	a	a	DET
cblr-1785	344	18	net	net	ADJ
cblr-1785	344	19	worth	worth	NOUN
cblr-1785	344	20	(	(	PUNCT
cblr-1785	344	21	not	not	PART
cblr-1785	344	22	including	include	VERB
cblr-1785	344	23	their	their	PRON
cblr-1785	344	24	primary	primary	ADJ
cblr-1785	344	25	residence	residence	NOUN
cblr-1785	344	26	)	)	PUNCT
cblr-1785	344	27	of	of	ADP
cblr-1785	344	28	over	over	ADP
cblr-1785	344	29	$	$	SYM
cblr-1785	344	30	1	1	NUM
cblr-1785	344	31	million	million	NUM
cblr-1785	344	32	or	or	CCONJ
cblr-1785	344	33	who	who	PRON
cblr-1785	344	34	consistently	consistently	ADV
cblr-1785	344	35	earn	earn	VERB
cblr-1785	344	36	more	more	ADJ
cblr-1785	344	37	than	than	ADP
cblr-1785	344	38	$	$	SYM
cblr-1785	344	39	200,000	200,000	NUM
cblr-1785	344	40	per	per	ADP
cblr-1785	344	41	year	year	NOUN
cblr-1785	344	42	individually	individually	ADV
cblr-1785	344	43	,	,	PUNCT
cblr-1785	344	44	or	or	CCONJ
cblr-1785	344	45	$	$	SYM
cblr-1785	344	46	300,000	300,000	NUM
cblr-1785	344	47	jointly	jointly	ADV
cblr-1785	344	48	.	.	PUNCT
cblr-1785	345	1	see	see	VERB
cblr-1785	345	2	17	17	NUM
cblr-1785	345	3	c.f.r	c.f.r	NOUN
cblr-1785	345	4	.	.	PUNCT
cblr-1785	346	1	§	§	PROPN
cblr-1785	346	2	230.501	230.501	NUM
cblr-1785	346	3	(	(	PUNCT
cblr-1785	346	4	2014	2014	NUM
cblr-1785	346	5	)	)	PUNCT
cblr-1785	346	6	.	.	PUNCT
cblr-1785	347	1	76	76	NUM
cblr-1785	347	2	“	"	PUNCT
cblr-1785	347	3	certified	certified	ADJ
cblr-1785	347	4	investors	investor	NOUN
cblr-1785	347	5	”	"	PUNCT
cblr-1785	347	6	are	be	AUX
cblr-1785	347	7	a	a	DET
cblr-1785	347	8	new	new	ADJ
cblr-1785	347	9	category	category	NOUN
cblr-1785	347	10	of	of	ADP
cblr-1785	347	11	investor	investor	NOUN
cblr-1785	347	12	created	create	VERB
cblr-1785	347	13	along	along	ADP
cblr-1785	347	14	with	with	ADP
cblr-1785	347	15	the	the	DET
cblr-1785	347	16	crowdfunding	crowdfunding	NOUN
cblr-1785	347	17	exemptions	exemption	NOUN
cblr-1785	347	18	in	in	ADP
cblr-1785	347	19	wisconsin	wisconsin	PROPN
cblr-1785	347	20	’s	’s	PART
cblr-1785	347	21	case	case	NOUN
cblr-1785	347	22	(	(	PUNCT
cblr-1785	347	23	crowdfunding	crowdfunding	NOUN
cblr-1785	347	24	and	and	CCONJ
cblr-1785	347	25	securities	security	NOUN
cblr-1785	347	26	exemptions	exemption	NOUN
cblr-1785	347	27	)	)	PUNCT
cblr-1785	347	28	for	for	ADP
cblr-1785	347	29	the	the	DET
cblr-1785	347	30	jobs	job	NOUN
cblr-1785	347	31	act	act	PROPN
cblr-1785	347	32	.	.	PUNCT
cblr-1785	348	1	a	a	DET
cblr-1785	348	2	certified	certify	VERB
cblr-1785	348	3	investor	investor	NOUN
cblr-1785	348	4	is	be	AUX
cblr-1785	348	5	a	a	DET
cblr-1785	348	6	wisconsin	wisconsin	NOUN
cblr-1785	348	7	resident	resident	NOUN
cblr-1785	348	8	who	who	PRON
cblr-1785	348	9	either	either	CCONJ
cblr-1785	348	10	has	have	VERB
cblr-1785	348	11	a	a	DET
cblr-1785	348	12	net	net	ADJ
cblr-1785	348	13	worth	worth	NOUN
cblr-1785	348	14	of	of	ADP
cblr-1785	348	15	at	at	ADV
cblr-1785	348	16	least	least	ADV
cblr-1785	348	17	$	$	SYM
cblr-1785	348	18	750,000	750,000	NUM
cblr-1785	348	19	(	(	PUNCT
cblr-1785	348	20	including	include	VERB
cblr-1785	348	21	primary	primary	ADJ
cblr-1785	348	22	residence	residence	NOUN
cblr-1785	348	23	)	)	PUNCT
cblr-1785	348	24	or	or	CCONJ
cblr-1785	348	25	has	have	VERB
cblr-1785	348	26	an	an	DET
cblr-1785	348	27	individual	individual	ADJ
cblr-1785	348	28	income	income	NOUN
cblr-1785	348	29	in	in	ADP
cblr-1785	348	30	excess	excess	NOUN
cblr-1785	348	31	of	of	ADP
cblr-1785	348	32	$	$	SYM
cblr-1785	348	33	100,000	100,000	NUM
cblr-1785	348	34	,	,	PUNCT
cblr-1785	348	35	or	or	CCONJ
cblr-1785	348	36	joint	joint	ADJ
cblr-1785	348	37	income	income	NOUN
cblr-1785	348	38	over	over	ADP
cblr-1785	348	39	$	$	SYM
cblr-1785	348	40	150,000	150,000	NUM
cblr-1785	348	41	,	,	PUNCT
cblr-1785	348	42	for	for	ADP
cblr-1785	348	43	each	each	PRON
cblr-1785	348	44	of	of	ADP
cblr-1785	348	45	the	the	DET
cblr-1785	348	46	previous	previous	ADJ
cblr-1785	348	47	two	two	NUM
cblr-1785	348	48	years	year	NOUN
cblr-1785	348	49	and	and	CCONJ
cblr-1785	348	50	has	have	VERB
cblr-1785	348	51	a	a	DET
cblr-1785	348	52	reasonable	reasonable	ADJ
cblr-1785	348	53	expectation	expectation	NOUN
cblr-1785	348	54	of	of	ADP
cblr-1785	348	55	reaching	reach	VERB
cblr-1785	348	56	that	that	DET
cblr-1785	348	57	same	same	ADJ
cblr-1785	348	58	level	level	NOUN
cblr-1785	348	59	in	in	ADP
cblr-1785	348	60	the	the	DET
cblr-1785	348	61	year	year	NOUN
cblr-1785	348	62	in	in	ADP
cblr-1785	348	63	which	which	PRON
cblr-1785	348	64	the	the	DET
cblr-1785	348	65	securities	security	NOUN
cblr-1785	348	66	are	be	AUX
cblr-1785	348	67	purchased	purchase	VERB
cblr-1785	348	68	.	.	PUNCT
cblr-1785	349	1	wis	wis	PROPN
cblr-1785	349	2	.	.	PUNCT
cblr-1785	350	1	stat	stat	PROPN
cblr-1785	350	2	.	.	PUNCT
cblr-1785	351	1	ann	ann	PROPN
cblr-1785	351	2	.	.	PUNCT
cblr-1785	352	1	§	§	PROPN
cblr-1785	352	2	551.102(4	551.102(4	PROPN
cblr-1785	352	3	m	m	NOUN
cblr-1785	352	4	)	)	PUNCT
cblr-1785	352	5	(	(	PUNCT
cblr-1785	352	6	west	west	NOUN
cblr-1785	352	7	2013	2013	NUM
cblr-1785	352	8	)	)	PUNCT
cblr-1785	352	9	.	.	PUNCT
cblr-1785	353	1	77	77	NUM
cblr-1785	353	2	wis	wis	NOUN
cblr-1785	353	3	.	.	PUNCT
cblr-1785	354	1	stat	stat	PROPN
cblr-1785	354	2	.	.	PUNCT
cblr-1785	355	1	ann	ann	PROPN
cblr-1785	355	2	.	.	PUNCT
cblr-1785	356	1	§	§	PROPN
cblr-1785	356	2	§	§	PROPN
cblr-1785	356	3	551.202(26)(c)(1	551.202(26)(c)(1	NUM
cblr-1785	356	4	)	)	PUNCT
cblr-1785	356	5	,	,	PUNCT
cblr-1785	356	6	551.202(27)(c)(1	551.202(27)(c)(1	NUM
cblr-1785	356	7	)	)	PUNCT
cblr-1785	356	8	(	(	PUNCT
cblr-1785	356	9	west	west	NOUN
cblr-1785	356	10	2013	2013	NUM
cblr-1785	356	11	)	)	PUNCT
cblr-1785	356	12	.	.	PUNCT
cblr-1785	357	1	indiana	indiana	PROPN
cblr-1785	357	2	’s	’s	PART
cblr-1785	357	3	new	new	ADJ
cblr-1785	357	4	exemption	exemption	NOUN
cblr-1785	357	5	also	also	ADV
cblr-1785	357	6	excludes	exclude	VERB
cblr-1785	357	7	sales	sale	NOUN
cblr-1785	357	8	to	to	ADP
cblr-1785	357	9	accredited	accredited	ADJ
cblr-1785	357	10	and	and	CCONJ
cblr-1785	357	11	institutional	institutional	ADJ
cblr-1785	357	12	investors	investor	NOUN
cblr-1785	357	13	from	from	ADP
cblr-1785	357	14	counting	count	VERB
cblr-1785	357	15	against	against	ADP
cblr-1785	357	16	the	the	DET
cblr-1785	357	17	offering	offering	NOUN
cblr-1785	357	18	limit	limit	NOUN
cblr-1785	357	19	.	.	PUNCT
cblr-1785	358	1	ind	ind	NOUN
cblr-1785	358	2	.	.	PUNCT
cblr-1785	358	3	code	code	PROPN
cblr-1785	358	4	.	.	PUNCT
cblr-1785	359	1	ann	ann	PROPN
cblr-1785	359	2	.	.	PUNCT
cblr-1785	360	1	§	§	PROPN
cblr-1785	360	2	23	23	NUM
cblr-1785	360	3	-	-	SYM
cblr-1785	360	4	19	19	NUM
cblr-1785	360	5	-	-	PUNCT
cblr-1785	360	6	2	2	NUM
cblr-1785	360	7	-	-	PUNCT
cblr-1785	360	8	2(27)(c	2(27)(c	NUM
cblr-1785	360	9	)	)	PUNCT
cblr-1785	360	10	(	(	PUNCT
cblr-1785	360	11	west	west	NOUN
cblr-1785	360	12	2014	2014	NUM
cblr-1785	360	13	)	)	PUNCT
cblr-1785	360	14	.	.	PUNCT
cblr-1785	361	1	78	78	NUM
cblr-1785	361	2	kansas	kansa	NOUN
cblr-1785	361	3	originally	originally	ADV
cblr-1785	361	4	set	set	VERB
cblr-1785	361	5	the	the	DET
cblr-1785	361	6	individual	individual	ADJ
cblr-1785	361	7	investment	investment	NOUN
cblr-1785	361	8	cap	cap	NOUN
cblr-1785	361	9	at	at	ADP
cblr-1785	361	10	$	$	SYM
cblr-1785	361	11	1,000	1,000	NUM
cblr-1785	361	12	.	.	PUNCT
cblr-1785	362	1	kan	kan	AUX
cblr-1785	362	2	.	.	PUNCT
cblr-1785	362	3	admin	admin	PROPN
cblr-1785	362	4	.	.	PUNCT
cblr-1785	362	5	regs	regs	PROPN
cblr-1785	362	6	.	.	PUNCT
cblr-1785	363	1	§	§	PROPN
cblr-1785	363	2	81	81	NUM
cblr-1785	363	3	-	-	SYM
cblr-1785	363	4	5	5	NUM
cblr-1785	363	5	-	-	PUNCT
cblr-1785	363	6	21(a)(4	21(a)(4	NUM
cblr-1785	363	7	)	)	PUNCT
cblr-1785	363	8	(	(	PUNCT
cblr-1785	363	9	2014	2014	NUM
cblr-1785	363	10	)	)	PUNCT
cblr-1785	363	11	.	.	PUNCT
cblr-1785	364	1	perhaps	perhaps	ADV
cblr-1785	364	2	because	because	SCONJ
cblr-1785	364	3	of	of	ADP
cblr-1785	364	4	underutilization	underutilization	NOUN
cblr-1785	364	5	,	,	PUNCT
cblr-1785	364	6	the	the	DET
cblr-1785	364	7	invest	inv	ADJ
cblr-1785	364	8	kansas	kansas	PROPN
cblr-1785	364	9	exemption	exemption	NOUN
cblr-1785	364	10	was	be	AUX
cblr-1785	364	11	modified	modify	VERB
cblr-1785	364	12	on	on	ADP
cblr-1785	364	13	june	june	PROPN
cblr-1785	364	14	21	21	NUM
cblr-1785	364	15	,	,	PUNCT
cblr-1785	364	16	2013	2013	NUM
cblr-1785	364	17	by	by	ADP
cblr-1785	364	18	special	special	ADJ
cblr-1785	364	19	order	order	NOUN
cblr-1785	364	20	of	of	ADP
cblr-1785	364	21	the	the	DET
cblr-1785	364	22	securities	security	NOUN
cblr-1785	364	23	commissioner	commissioner	NOUN
cblr-1785	364	24	,	,	PUNCT
cblr-1785	364	25	raising	raise	VERB
cblr-1785	364	26	the	the	DET
cblr-1785	364	27	individual	individual	ADJ
cblr-1785	364	28	limit	limit	NOUN
cblr-1785	364	29	to	to	ADP
cblr-1785	364	30	$	$	SYM
cblr-1785	364	31	5,000	5,000	NUM
cblr-1785	364	32	.	.	PUNCT
cblr-1785	365	1	the	the	DET
cblr-1785	365	2	change	change	NOUN
cblr-1785	365	3	was	be	AUX
cblr-1785	365	4	intended	intend	VERB
cblr-1785	365	5	to	to	PART
cblr-1785	365	6	“	"	PUNCT
cblr-1785	365	7	enhance	enhance	VERB
cblr-1785	365	8	the	the	DET
cblr-1785	365	9	usefulness	usefulness	NOUN
cblr-1785	365	10	of	of	ADP
cblr-1785	365	11	[	[	PUNCT
cblr-1785	365	12	the	the	DET
cblr-1785	365	13	invest	inv	ADJ
cblr-1785	365	14	kansas	kansas	PROPN
cblr-1785	365	15	exemption	exemption	NOUN
cblr-1785	365	16	]	]	PUNCT
cblr-1785	365	17	for	for	SCONJ
cblr-1785	365	18	kansas	kansas	PROPN
cblr-1785	365	19	businesses	business	NOUN
cblr-1785	365	20	to	to	PART
cblr-1785	365	21	raise	raise	VERB
cblr-1785	365	22	capital	capital	NOUN
cblr-1785	365	23	without	without	ADP
cblr-1785	365	24	registration	registration	NOUN
cblr-1785	365	25	.	.	PUNCT
cblr-1785	365	26	”	"	PUNCT
cblr-1785	366	1	joshua	joshua	PROPN
cblr-1785	366	2	a.	a.	PROPN
cblr-1785	366	3	ney	ney	PROPN
cblr-1785	366	4	,	,	PUNCT
cblr-1785	366	5	kan	kan	PROPN
cblr-1785	366	6	.	.	PUNCT
cblr-1785	366	7	office	office	PROPN
cblr-1785	366	8	of	of	ADP
cblr-1785	366	9	the	the	DET
cblr-1785	366	10	sec	sec	PROPN
cblr-1785	366	11	.	.	PUNCT
cblr-1785	367	1	comm’r	comm’r	NOUN
cblr-1785	367	2	,	,	PUNCT
cblr-1785	367	3	special	special	ADJ
cblr-1785	367	4	order	order	NOUN
cblr-1785	367	5	(	(	PUNCT
cblr-1785	367	6	june	june	PROPN
cblr-1785	367	7	21	21	NUM
cblr-1785	367	8	,	,	PUNCT
cblr-1785	367	9	2013	2013	NUM
cblr-1785	367	10	)	)	PUNCT
cblr-1785	367	11	.	.	PUNCT
cblr-1785	368	1	79	79	NUM
cblr-1785	368	2	mich	mich	PROPN
cblr-1785	368	3	.	.	PUNCT
cblr-1785	369	1	comp	comp	PROPN
cblr-1785	369	2	.	.	PUNCT
cblr-1785	370	1	laws	law	NOUN
cblr-1785	370	2	ann	ann	PROPN
cblr-1785	370	3	.	.	PUNCT
cblr-1785	371	1	§	§	PROPN
cblr-1785	371	2	451.2202a(1)(d	451.2202a(1)(d	NUM
cblr-1785	371	3	)	)	PUNCT
cblr-1785	371	4	(	(	PUNCT
cblr-1785	371	5	west	west	NOUN
cblr-1785	371	6	2013	2013	NUM
cblr-1785	371	7	)	)	PUNCT
cblr-1785	371	8	;	;	PUNCT
cblr-1785	371	9	wis	wis	PROPN
cblr-1785	371	10	.	.	PUNCT
cblr-1785	372	1	stat	stat	PROPN
cblr-1785	372	2	.	.	PUNCT
cblr-1785	373	1	ann	ann	PROPN
cblr-1785	373	2	.	.	PUNCT
cblr-1785	374	1	§	§	PROPN
cblr-1785	374	2	551.202(26)(d	551.202(26)(d	PROPN
cblr-1785	374	3	)	)	PUNCT
cblr-1785	374	4	(	(	PUNCT
cblr-1785	374	5	west	west	NOUN
cblr-1785	374	6	2013	2013	NUM
cblr-1785	374	7	)	)	PUNCT
cblr-1785	374	8	;	;	PUNCT
cblr-1785	374	9	ga	ga	PROPN
cblr-1785	374	10	.	.	PROPN
cblr-1785	374	11	comp	comp	PROPN
cblr-1785	374	12	.	.	PUNCT
cblr-1785	375	1	r.	r.	PROPN
cblr-1785	375	2	&	&	CCONJ
cblr-1785	375	3	regs	regs	PROPN
cblr-1785	375	4	.	.	PUNCT
cblr-1785	376	1	590	590	NUM
cblr-1785	376	2	-	-	SYM
cblr-1785	376	3	4	4	NUM
cblr-1785	376	4	-	-	NUM
cblr-1785	376	5	2-.08(1)(d	2-.08(1)(d	NUM
cblr-1785	376	6	)	)	PUNCT
cblr-1785	376	7	(	(	PUNCT
cblr-1785	376	8	2013	2013	NUM
cblr-1785	376	9	)	)	PUNCT
cblr-1785	376	10	.	.	PUNCT
cblr-1785	377	1	the	the	DET
cblr-1785	377	2	newer	new	ADJ
cblr-1785	377	3	state	state	NOUN
cblr-1785	377	4	exemptions	exemption	NOUN
cblr-1785	377	5	are	be	AUX
cblr-1785	377	6	mostly	mostly	ADV
cblr-1785	377	7	within	within	ADP
cblr-1785	377	8	this	this	DET
cblr-1785	377	9	range	range	NOUN
cblr-1785	377	10	,	,	PUNCT
cblr-1785	377	11	with	with	ADP
cblr-1785	377	12	some	some	DET
cblr-1785	377	13	notable	notable	ADJ
cblr-1785	377	14	exceptions	exception	NOUN
cblr-1785	377	15	:	:	PUNCT
cblr-1785	377	16	maryland	maryland	PROPN
cblr-1785	377	17	’s	’s	PART
cblr-1785	377	18	exemption	exemption	NOUN
cblr-1785	377	19	contains	contain	VERB
cblr-1785	377	20	a	a	DET
cblr-1785	377	21	$	$	SYM
cblr-1785	377	22	100	100	NUM
cblr-1785	377	23	limit	limit	NOUN
cblr-1785	377	24	,	,	PUNCT
cblr-1785	377	25	washington	washington	PROPN
cblr-1785	377	26	adopted	adopt	VERB
cblr-1785	377	27	the	the	DET
cblr-1785	377	28	same	same	ADJ
cblr-1785	377	29	formula	formula	NOUN
cblr-1785	377	30	as	as	ADP
cblr-1785	377	31	the	the	DET
cblr-1785	377	32	jobs	job	NOUN
cblr-1785	377	33	act	act	PROPN
cblr-1785	377	34	,	,	PUNCT
cblr-1785	377	35	idaho	idaho	PROPN
cblr-1785	377	36	limits	limit	NOUN
cblr-1785	377	37	nonaccredited	nonaccredite	VERB
cblr-1785	377	38	investors	investor	NOUN
cblr-1785	377	39	to	to	ADP
cblr-1785	377	40	the	the	DET
cblr-1785	377	41	lesser	less	ADJ
cblr-1785	377	42	of	of	ADP
cblr-1785	377	43	$	$	SYM
cblr-1785	377	44	2,500	2,500	NUM
cblr-1785	377	45	or	or	CCONJ
cblr-1785	377	46	10	10	NUM
cblr-1785	377	47	%	%	NOUN
cblr-1785	377	48	of	of	ADP
cblr-1785	377	49	the	the	DET
cblr-1785	377	50	investor	investor	NOUN
cblr-1785	377	51	’s	’s	PART
cblr-1785	377	52	net	net	ADJ
cblr-1785	377	53	pei	pei	PROPN
cblr-1785	377	54	final	final	ADJ
cblr-1785	377	55	no	no	NOUN
cblr-1785	377	56	.	.	PUNCT
cblr-1785	378	1	3:854	3:854	NUM
cblr-1785	378	2	]	]	X
cblr-1785	378	3	intrastate	intrastate	ADJ
cblr-1785	378	4	crowdfunding	crowdfunding	NOUN
cblr-1785	378	5	873	873	NUM
cblr-1785	378	6	however	however	ADV
cblr-1785	378	7	,	,	PUNCT
cblr-1785	378	8	unlike	unlike	ADP
cblr-1785	378	9	under	under	ADP
cblr-1785	378	10	section	section	NOUN
cblr-1785	378	11	4(a)(6	4(a)(6	NUM
cblr-1785	378	12	)	)	PUNCT
cblr-1785	379	1	,	,	PUNCT
cblr-1785	379	2	the	the	DET
cblr-1785	379	3	state	state	NOUN
cblr-1785	379	4	individual	individual	ADJ
cblr-1785	379	5	investment	investment	NOUN
cblr-1785	379	6	limits	limit	NOUN
cblr-1785	379	7	are	be	AUX
cblr-1785	379	8	only	only	ADV
cblr-1785	379	9	per	per	ADP
cblr-1785	379	10	offering	offering	NOUN
cblr-1785	379	11	.	.	PUNCT
cblr-1785	380	1	for	for	ADP
cblr-1785	380	2	example	example	NOUN
cblr-1785	380	3	,	,	PUNCT
cblr-1785	380	4	the	the	DET
cblr-1785	380	5	michigan	michigan	PROPN
cblr-1785	380	6	exemption	exemption	NOUN
cblr-1785	380	7	requires	require	VERB
cblr-1785	380	8	that	that	SCONJ
cblr-1785	380	9	“	"	PUNCT
cblr-1785	380	10	[	[	X
cblr-1785	380	11	t]he	t]he	ADJ
cblr-1785	380	12	issuer	issuer	NOUN
cblr-1785	380	13	has	have	AUX
cblr-1785	380	14	not	not	PART
cblr-1785	380	15	accepted	accept	VERB
cblr-1785	380	16	more	more	ADJ
cblr-1785	380	17	than	than	ADP
cblr-1785	380	18	$	$	SYM
cblr-1785	380	19	10,000	10,000	NUM
cblr-1785	380	20	from	from	ADP
cblr-1785	380	21	any	any	DET
cblr-1785	380	22	single	single	ADJ
cblr-1785	380	23	purchaser	purchaser	NOUN
cblr-1785	380	24	.	.	PUNCT
cblr-1785	380	25	.	.	PUNCT
cblr-1785	381	1	.”80	.”80	PROPN
cblr-1785	382	1	thus	thus	ADV
cblr-1785	382	2	,	,	PUNCT
cblr-1785	382	3	there	there	PRON
cblr-1785	382	4	is	be	VERB
cblr-1785	382	5	no	no	DET
cblr-1785	382	6	limit	limit	NOUN
cblr-1785	382	7	on	on	ADP
cblr-1785	382	8	the	the	DET
cblr-1785	382	9	aggregate	aggregate	ADJ
cblr-1785	382	10	amount	amount	NOUN
cblr-1785	382	11	a	a	DET
cblr-1785	382	12	retail	retail	ADJ
cblr-1785	382	13	investor	investor	NOUN
cblr-1785	382	14	can	can	AUX
cblr-1785	382	15	invest	invest	VERB
cblr-1785	382	16	in	in	ADP
cblr-1785	382	17	intrastate	intrastate	ADJ
cblr-1785	382	18	crowdfunding	crowdfunding	NOUN
cblr-1785	382	19	offerings	offering	NOUN
cblr-1785	382	20	in	in	ADP
cblr-1785	382	21	a	a	DET
cblr-1785	382	22	given	give	VERB
cblr-1785	382	23	year	year	NOUN
cblr-1785	382	24	,	,	PUNCT
cblr-1785	382	25	as	as	ADV
cblr-1785	382	26	long	long	ADV
cblr-1785	382	27	as	as	SCONJ
cblr-1785	382	28	each	each	DET
cblr-1785	382	29	investment	investment	NOUN
cblr-1785	382	30	is	be	AUX
cblr-1785	382	31	within	within	ADP
cblr-1785	382	32	the	the	DET
cblr-1785	382	33	limit––a	limit––a	ADJ
cblr-1785	382	34	michigan	michigan	PROPN
cblr-1785	382	35	resident	resident	NOUN
cblr-1785	382	36	could	could	AUX
cblr-1785	382	37	invest	invest	VERB
cblr-1785	382	38	as	as	ADV
cblr-1785	382	39	much	much	ADV
cblr-1785	382	40	as	as	SCONJ
cblr-1785	382	41	she	she	PRON
cblr-1785	382	42	liked	like	VERB
cblr-1785	382	43	,	,	PUNCT
cblr-1785	382	44	as	as	ADV
cblr-1785	382	45	long	long	ADV
cblr-1785	382	46	as	as	SCONJ
cblr-1785	382	47	each	each	DET
cblr-1785	382	48	discreet	discreet	ADJ
cblr-1785	382	49	purchase	purchase	NOUN
cblr-1785	382	50	was	be	AUX
cblr-1785	382	51	no	no	DET
cblr-1785	382	52	more	more	ADJ
cblr-1785	382	53	than	than	ADP
cblr-1785	382	54	$	$	SYM
cblr-1785	382	55	10,000	10,000	NUM
cblr-1785	382	56	.	.	PUNCT
cblr-1785	383	1	in	in	ADP
cblr-1785	383	2	another	another	DET
cblr-1785	383	3	significant	significant	ADJ
cblr-1785	383	4	departure	departure	NOUN
cblr-1785	383	5	from	from	ADP
cblr-1785	383	6	the	the	DET
cblr-1785	383	7	federal	federal	ADJ
cblr-1785	383	8	law	law	NOUN
cblr-1785	383	9	,	,	PUNCT
cblr-1785	383	10	there	there	PRON
cblr-1785	383	11	is	be	VERB
cblr-1785	383	12	no	no	DET
cblr-1785	383	13	individual	individual	ADJ
cblr-1785	383	14	investment	investment	NOUN
cblr-1785	383	15	limit	limit	NOUN
cblr-1785	383	16	for	for	ADP
cblr-1785	383	17	accredited	accredit	VERB
cblr-1785	383	18	investors	investor	NOUN
cblr-1785	383	19	under	under	ADP
cblr-1785	383	20	the	the	DET
cblr-1785	383	21	state	state	NOUN
cblr-1785	383	22	exemptions.81	exemptions.81	PROPN
cblr-1785	383	23	and	and	CCONJ
cblr-1785	383	24	wisconsin	wisconsin	PROPN
cblr-1785	383	25	’s	’s	PART
cblr-1785	383	26	legislation	legislation	NOUN
cblr-1785	383	27	creates	create	VERB
cblr-1785	383	28	a	a	DET
cblr-1785	383	29	new	new	ADJ
cblr-1785	383	30	,	,	PUNCT
cblr-1785	383	31	more	more	ADV
cblr-1785	383	32	expansive	expansive	ADJ
cblr-1785	383	33	category	category	NOUN
cblr-1785	383	34	of	of	ADP
cblr-1785	383	35	certified	certify	VERB
cblr-1785	383	36	investors,82	investors,82	NOUN
cblr-1785	383	37	for	for	ADP
cblr-1785	383	38	whom	whom	PRON
cblr-1785	383	39	there	there	PRON
cblr-1785	383	40	are	be	VERB
cblr-1785	383	41	also	also	ADV
cblr-1785	383	42	no	no	DET
cblr-1785	383	43	individual	individual	ADJ
cblr-1785	383	44	worth	worth	NOUN
cblr-1785	383	45	,	,	PUNCT
cblr-1785	383	46	and	and	CCONJ
cblr-1785	383	47	colorado	colorado	PROPN
cblr-1785	383	48	’s	’s	PART
cblr-1785	383	49	exemption	exemption	NOUN
cblr-1785	383	50	has	have	VERB
cblr-1785	383	51	no	no	DET
cblr-1785	383	52	individual	individual	ADJ
cblr-1785	383	53	investment	investment	NOUN
cblr-1785	383	54	limit	limit	NOUN
cblr-1785	383	55	.	.	PUNCT
cblr-1785	384	1	see	see	VERB
cblr-1785	384	2	colo	colo	PROPN
cblr-1785	384	3	.	.	PUNCT
cblr-1785	385	1	rev	rev	PROPN
cblr-1785	385	2	.	.	PROPN
cblr-1785	385	3	stat	stat	PROPN
cblr-1785	385	4	.	.	PUNCT
cblr-1785	386	1	ann	ann	PROPN
cblr-1785	386	2	.	.	PUNCT
cblr-1785	387	1	§	§	PROPN
cblr-1785	387	2	11	11	NUM
cblr-1785	387	3	-	-	SYM
cblr-1785	387	4	51	51	NUM
cblr-1785	387	5	-	-	PUNCT
cblr-1785	387	6	304(6	304(6	NUM
cblr-1785	387	7	)	)	PUNCT
cblr-1785	387	8	;	;	PUNCT
cblr-1785	387	9	2014	2014	NUM
cblr-1785	387	10	md	md	PROPN
cblr-1785	387	11	.	.	PUNCT
cblr-1785	387	12	laws	laws	PROPN
cblr-1785	387	13	ch	ch	PROPN
cblr-1785	387	14	.	.	PROPN
cblr-1785	387	15	557	557	NUM
cblr-1785	387	16	(	(	PUNCT
cblr-1785	387	17	s.b	s.b	PROPN
cblr-1785	387	18	.	.	PROPN
cblr-1785	387	19	811	811	NUM
cblr-1785	387	20	)	)	PUNCT
cblr-1785	387	21	;	;	PUNCT
cblr-1785	387	22	treasure	treasure	NOUN
cblr-1785	387	23	valley	valley	NOUN
cblr-1785	387	24	angel	angel	NOUN
cblr-1785	387	25	fund	fund	PROPN
cblr-1785	387	26	,	,	PUNCT
cblr-1785	387	27	idaho	idaho	PROPN
cblr-1785	387	28	dep’t	dep’t	NOUN
cblr-1785	387	29	of	of	ADP
cblr-1785	387	30	fin	fin	PROPN
cblr-1785	387	31	.	.	PUNCT
cblr-1785	387	32	,	,	PUNCT
cblr-1785	387	33	blue	blue	ADJ
cblr-1785	387	34	sky	sky	NOUN
cblr-1785	387	35	l.	l.	PROPN
cblr-1785	387	36	rep	rep	PROPN
cblr-1785	387	37	.	.	PROPN
cblr-1785	387	38	(	(	PUNCT
cblr-1785	387	39	cch	cch	PROPN
cblr-1785	387	40	)	)	PUNCT
cblr-1785	387	41	,	,	PUNCT
cblr-1785	387	42	¶	¶	PROPN
cblr-1785	387	43	21729	21729	NUM
cblr-1785	387	44	(	(	PUNCT
cblr-1785	387	45	jan	jan	PROPN
cblr-1785	387	46	.	.	PROPN
cblr-1785	387	47	20	20	NUM
cblr-1785	387	48	,	,	PUNCT
cblr-1785	387	49	2012	2012	NUM
cblr-1785	387	50	)	)	PUNCT
cblr-1785	387	51	;	;	PUNCT
cblr-1785	387	52	wash	wash	NOUN
cblr-1785	387	53	.	.	PUNCT
cblr-1785	388	1	rev	rev	PROPN
cblr-1785	388	2	.	.	PROPN
cblr-1785	388	3	code	code	PROPN
cblr-1785	388	4	ann	ann	PROPN
cblr-1785	388	5	.	.	PUNCT
cblr-1785	389	1	§	§	PROPN
cblr-1785	389	2	21.20.00001(1)(g	21.20.00001(1)(g	PROPN
cblr-1785	389	3	)	)	PUNCT
cblr-1785	389	4	.	.	PUNCT
cblr-1785	390	1	80	80	NUM
cblr-1785	390	2	mich	mich	PROPN
cblr-1785	390	3	.	.	PUNCT
cblr-1785	391	1	comp	comp	PROPN
cblr-1785	391	2	.	.	PUNCT
cblr-1785	392	1	laws	law	NOUN
cblr-1785	392	2	ann	ann	PROPN
cblr-1785	392	3	.	.	PUNCT
cblr-1785	393	1	§	§	PROPN
cblr-1785	393	2	451.2202a(1)(d	451.2202a(1)(d	NUM
cblr-1785	393	3	)	)	PUNCT
cblr-1785	393	4	(	(	PUNCT
cblr-1785	393	5	west	west	NOUN
cblr-1785	393	6	2013	2013	NUM
cblr-1785	393	7	)	)	PUNCT
cblr-1785	393	8	.	.	PUNCT
cblr-1785	394	1	the	the	DET
cblr-1785	394	2	jobs	job	NOUN
cblr-1785	394	3	act	act	VERB
cblr-1785	394	4	actually	actually	ADV
cblr-1785	394	5	contains	contain	VERB
cblr-1785	394	6	the	the	DET
cblr-1785	394	7	same	same	ADJ
cblr-1785	394	8	structure	structure	NOUN
cblr-1785	394	9	,	,	PUNCT
cblr-1785	394	10	requiring	require	VERB
cblr-1785	394	11	that	that	SCONJ
cblr-1785	394	12	an	an	DET
cblr-1785	394	13	issuer	issuer	NOUN
cblr-1785	394	14	not	not	PART
cblr-1785	394	15	accept	accept	VERB
cblr-1785	394	16	more	more	ADJ
cblr-1785	394	17	than	than	ADP
cblr-1785	394	18	the	the	DET
cblr-1785	394	19	amount	amount	NOUN
cblr-1785	394	20	specified	specify	VERB
cblr-1785	394	21	by	by	ADP
cblr-1785	394	22	the	the	DET
cblr-1785	394	23	formula	formula	NOUN
cblr-1785	394	24	laid	lay	VERB
cblr-1785	394	25	out	out	ADP
cblr-1785	394	26	in	in	ADP
cblr-1785	394	27	§	§	PROPN
cblr-1785	394	28	4(a)(6)(b	4(a)(6)(b	PROPN
cblr-1785	394	29	)	)	PUNCT
cblr-1785	394	30	of	of	ADP
cblr-1785	394	31	the	the	DET
cblr-1785	394	32	securities	securities	PROPN
cblr-1785	394	33	act	act	PROPN
cblr-1785	394	34	.	.	PUNCT
cblr-1785	395	1	15	15	NUM
cblr-1785	395	2	u.s.c	u.s.c	ADJ
cblr-1785	395	3	.	.	PUNCT
cblr-1785	396	1	§	§	PROPN
cblr-1785	396	2	77d(a)(6)(b	77d(a)(6)(b	PROPN
cblr-1785	396	3	)	)	PUNCT
cblr-1785	396	4	.	.	PUNCT
cblr-1785	397	1	thus	thus	ADV
cblr-1785	397	2	,	,	PUNCT
cblr-1785	397	3	by	by	ADP
cblr-1785	397	4	itself	itself	PRON
cblr-1785	397	5	,	,	PUNCT
cblr-1785	397	6	§	§	PROPN
cblr-1785	397	7	4(a)(6)(b	4(a)(6)(b	PROPN
cblr-1785	397	8	)	)	PUNCT
cblr-1785	397	9	creates	create	VERB
cblr-1785	397	10	no	no	DET
cblr-1785	397	11	limit	limit	NOUN
cblr-1785	397	12	on	on	ADP
cblr-1785	397	13	an	an	DET
cblr-1785	397	14	individual	individual	NOUN
cblr-1785	397	15	’s	’s	PART
cblr-1785	397	16	total	total	ADJ
cblr-1785	397	17	crowdfunding	crowdfunding	NOUN
cblr-1785	397	18	purchases	purchase	NOUN
cblr-1785	397	19	.	.	PUNCT
cblr-1785	398	1	but	but	CCONJ
cblr-1785	398	2	the	the	DET
cblr-1785	398	3	annual	annual	ADJ
cblr-1785	398	4	aggregate	aggregate	ADJ
cblr-1785	398	5	investment	investment	NOUN
cblr-1785	398	6	limit	limit	NOUN
cblr-1785	398	7	gets	get	VERB
cblr-1785	398	8	in	in	ADP
cblr-1785	398	9	via	via	ADP
cblr-1785	398	10	§	§	PROPN
cblr-1785	398	11	4a(a)(8	4a(a)(8	NUM
cblr-1785	398	12	)	)	PUNCT
cblr-1785	398	13	,	,	PUNCT
cblr-1785	398	14	which	which	PRON
cblr-1785	398	15	requires	require	VERB
cblr-1785	398	16	intermediaries	intermediary	NOUN
cblr-1785	398	17	to	to	PART
cblr-1785	398	18	“	"	PUNCT
cblr-1785	398	19	make	make	VERB
cblr-1785	398	20	such	such	ADJ
cblr-1785	398	21	efforts	effort	NOUN
cblr-1785	398	22	.	.	PUNCT
cblr-1785	398	23	.	.	PUNCT
cblr-1785	398	24	.	.	PUNCT
cblr-1785	399	1	to	to	PART
cblr-1785	399	2	ensure	ensure	VERB
cblr-1785	399	3	that	that	SCONJ
cblr-1785	399	4	no	no	DET
cblr-1785	399	5	investor	investor	NOUN
cblr-1785	399	6	in	in	ADP
cblr-1785	399	7	a	a	DET
cblr-1785	399	8	12	12	NUM
cblr-1785	399	9	-	-	PUNCT
cblr-1785	399	10	month	month	NOUN
cblr-1785	399	11	period	period	NOUN
cblr-1785	399	12	has	have	AUX
cblr-1785	399	13	purchased	purchase	VERB
cblr-1785	399	14	securities	security	NOUN
cblr-1785	399	15	offered	offer	VERB
cblr-1785	399	16	pursuant	pursuant	NOUN
cblr-1785	399	17	to	to	ADP
cblr-1785	399	18	§	§	PROPN
cblr-1785	399	19	4(6	4(6	NUM
cblr-1785	399	20	)	)	PUNCT
cblr-1785	399	21	that	that	SCONJ
cblr-1785	399	22	,	,	PUNCT
cblr-1785	399	23	in	in	ADP
cblr-1785	399	24	the	the	DET
cblr-1785	399	25	aggregate	aggregate	NOUN
cblr-1785	399	26	,	,	PUNCT
cblr-1785	399	27	from	from	ADP
cblr-1785	399	28	all	all	DET
cblr-1785	399	29	issuers	issuer	NOUN
cblr-1785	399	30	,	,	PUNCT
cblr-1785	399	31	exceed	exceed	VERB
cblr-1785	399	32	the	the	DET
cblr-1785	399	33	investment	investment	NOUN
cblr-1785	399	34	limits	limit	NOUN
cblr-1785	399	35	set	set	VERB
cblr-1785	399	36	forth	forth	ADP
cblr-1785	399	37	in	in	ADP
cblr-1785	399	38	§	§	PROPN
cblr-1785	399	39	4(6)(b	4(6)(b	PROPN
cblr-1785	399	40	)	)	PUNCT
cblr-1785	399	41	.	.	PUNCT
cblr-1785	399	42	”	"	PUNCT
cblr-1785	400	1	15	15	NUM
cblr-1785	400	2	u.s.c	u.s.c	NOUN
cblr-1785	400	3	.	.	PUNCT
cblr-1785	401	1	77d-1(a)(8	77d-1(a)(8	NUM
cblr-1785	401	2	)	)	PUNCT
cblr-1785	402	1	;	;	PUNCT
cblr-1785	402	2	see	see	VERB
cblr-1785	402	3	also	also	ADV
cblr-1785	402	4	bradford	bradford	NOUN
cblr-1785	402	5	,	,	PUNCT
cblr-1785	402	6	supra	supra	PROPN
cblr-1785	402	7	note	note	NOUN
cblr-1785	402	8	46	46	NUM
cblr-1785	402	9	at	at	ADP
cblr-1785	402	10	201–02	201–02	NUM
cblr-1785	402	11	(	(	PUNCT
cblr-1785	402	12	discussing	discuss	VERB
cblr-1785	402	13	the	the	DET
cblr-1785	402	14	aggregate	aggregate	ADJ
cblr-1785	402	15	investment	investment	NOUN
cblr-1785	402	16	limit	limit	NOUN
cblr-1785	402	17	)	)	PUNCT
cblr-1785	402	18	.	.	PUNCT
cblr-1785	403	1	most	most	ADJ
cblr-1785	403	2	of	of	ADP
cblr-1785	403	3	the	the	DET
cblr-1785	403	4	state	state	NOUN
cblr-1785	403	5	exemptions	exemption	NOUN
cblr-1785	403	6	do	do	AUX
cblr-1785	403	7	not	not	PART
cblr-1785	403	8	require	require	VERB
cblr-1785	403	9	issuers	issuer	NOUN
cblr-1785	403	10	to	to	PART
cblr-1785	403	11	use	use	VERB
cblr-1785	403	12	a	a	DET
cblr-1785	403	13	crowdfunding	crowdfunding	NOUN
cblr-1785	403	14	portal	portal	NOUN
cblr-1785	403	15	.	.	PUNCT
cblr-1785	404	1	and	and	CCONJ
cblr-1785	404	2	in	in	ADP
cblr-1785	404	3	the	the	DET
cblr-1785	404	4	states	state	NOUN
cblr-1785	404	5	that	that	PRON
cblr-1785	404	6	do	do	AUX
cblr-1785	404	7	require	require	VERB
cblr-1785	404	8	the	the	DET
cblr-1785	404	9	use	use	NOUN
cblr-1785	404	10	of	of	ADP
cblr-1785	404	11	an	an	DET
cblr-1785	404	12	online	online	ADJ
cblr-1785	404	13	intermediary	intermediary	NOUN
cblr-1785	404	14	,	,	PUNCT
cblr-1785	404	15	the	the	DET
cblr-1785	404	16	statues	statue	NOUN
cblr-1785	404	17	do	do	AUX
cblr-1785	404	18	not	not	PART
cblr-1785	404	19	place	place	VERB
cblr-1785	404	20	a	a	DET
cblr-1785	404	21	similar	similar	ADJ
cblr-1785	404	22	requirement	requirement	NOUN
cblr-1785	404	23	on	on	ADP
cblr-1785	404	24	portals	portal	NOUN
cblr-1785	404	25	that	that	PRON
cblr-1785	404	26	would	would	AUX
cblr-1785	404	27	create	create	VERB
cblr-1785	404	28	an	an	DET
cblr-1785	404	29	annual	annual	ADJ
cblr-1785	404	30	aggregate	aggregate	ADJ
cblr-1785	404	31	limit	limit	NOUN
cblr-1785	404	32	.	.	PUNCT
cblr-1785	405	1	81	81	NUM
cblr-1785	405	2	mich	mich	PROPN
cblr-1785	405	3	.	.	PUNCT
cblr-1785	406	1	comp	comp	PROPN
cblr-1785	406	2	.	.	PUNCT
cblr-1785	407	1	laws	law	NOUN
cblr-1785	407	2	ann	ann	PROPN
cblr-1785	407	3	.	.	PUNCT
cblr-1785	408	1	§	§	PROPN
cblr-1785	408	2	451.2202a(1)(d	451.2202a(1)(d	NUM
cblr-1785	408	3	)	)	PUNCT
cblr-1785	408	4	(	(	PUNCT
cblr-1785	408	5	west	west	NOUN
cblr-1785	408	6	2013	2013	NUM
cblr-1785	408	7	)	)	PUNCT
cblr-1785	408	8	;	;	PUNCT
cblr-1785	408	9	wis	wis	PROPN
cblr-1785	408	10	.	.	PUNCT
cblr-1785	409	1	stat	stat	PROPN
cblr-1785	409	2	.	.	PUNCT
cblr-1785	410	1	ann	ann	PROPN
cblr-1785	410	2	.	.	PUNCT
cblr-1785	411	1	§	§	PROPN
cblr-1785	411	2	551.202(26)(c	551.202(26)(c	PROPN
cblr-1785	411	3	)	)	PUNCT
cblr-1785	411	4	(	(	PUNCT
cblr-1785	411	5	west	west	NOUN
cblr-1785	411	6	2013	2013	NUM
cblr-1785	411	7	)	)	PUNCT
cblr-1785	411	8	;	;	PUNCT
cblr-1785	411	9	ga	ga	PROPN
cblr-1785	411	10	.	.	PROPN
cblr-1785	411	11	comp	comp	PROPN
cblr-1785	411	12	.	.	PUNCT
cblr-1785	412	1	r.	r.	PROPN
cblr-1785	412	2	&	&	CCONJ
cblr-1785	412	3	regs	regs	PROPN
cblr-1785	412	4	.	.	PUNCT
cblr-1785	413	1	590	590	NUM
cblr-1785	413	2	-	-	SYM
cblr-1785	413	3	4	4	NUM
cblr-1785	413	4	-	-	NUM
cblr-1785	413	5	2-.08(1)(d	2-.08(1)(d	NUM
cblr-1785	413	6	)	)	PUNCT
cblr-1785	413	7	(	(	PUNCT
cblr-1785	413	8	2013	2013	NUM
cblr-1785	413	9	)	)	PUNCT
cblr-1785	413	10	;	;	PUNCT
cblr-1785	414	1	kan	kan	PROPN
cblr-1785	414	2	.	.	PUNCT
cblr-1785	414	3	admin	admin	PROPN
cblr-1785	414	4	.	.	PUNCT
cblr-1785	414	5	regs	regs	PROPN
cblr-1785	414	6	.	.	PUNCT
cblr-1785	415	1	§	§	PROPN
cblr-1785	415	2	81	81	NUM
cblr-1785	415	3	-	-	SYM
cblr-1785	415	4	5	5	NUM
cblr-1785	415	5	-	-	PUNCT
cblr-1785	415	6	21(a)(4	21(a)(4	NUM
cblr-1785	415	7	)	)	PUNCT
cblr-1785	415	8	(	(	PUNCT
cblr-1785	415	9	2014	2014	NUM
cblr-1785	415	10	)	)	PUNCT
cblr-1785	415	11	.	.	PUNCT
cblr-1785	416	1	the	the	DET
cblr-1785	416	2	newer	new	ADJ
cblr-1785	416	3	laws	law	NOUN
cblr-1785	416	4	all	all	PRON
cblr-1785	416	5	exclude	exclude	VERB
cblr-1785	416	6	accredited	accredit	VERB
cblr-1785	416	7	investors	investor	NOUN
cblr-1785	416	8	from	from	ADP
cblr-1785	416	9	the	the	DET
cblr-1785	416	10	investment	investment	NOUN
cblr-1785	416	11	limits	limit	NOUN
cblr-1785	416	12	.	.	PUNCT
cblr-1785	417	1	washington	washington	PROPN
cblr-1785	417	2	,	,	PUNCT
cblr-1785	417	3	which	which	PRON
cblr-1785	417	4	applies	apply	VERB
cblr-1785	417	5	the	the	DET
cblr-1785	417	6	same	same	ADJ
cblr-1785	417	7	cap	cap	NOUN
cblr-1785	417	8	to	to	ADP
cblr-1785	417	9	both	both	CCONJ
cblr-1785	417	10	accredited	accredit	VERB
cblr-1785	417	11	and	and	CCONJ
cblr-1785	417	12	non	non	ADJ
cblr-1785	417	13	-	-	ADJ
cblr-1785	417	14	accredited	accredited	ADJ
cblr-1785	417	15	investors	investor	NOUN
cblr-1785	417	16	,	,	PUNCT
cblr-1785	417	17	is	be	AUX
cblr-1785	417	18	the	the	DET
cblr-1785	417	19	lone	lone	ADJ
cblr-1785	417	20	exception	exception	NOUN
cblr-1785	417	21	.	.	PUNCT
cblr-1785	418	1	see	see	VERB
cblr-1785	418	2	wash	wash	NOUN
cblr-1785	418	3	.	.	PUNCT
cblr-1785	419	1	rev	rev	PROPN
cblr-1785	419	2	.	.	PROPN
cblr-1785	419	3	code	code	PROPN
cblr-1785	419	4	ann	ann	PROPN
cblr-1785	419	5	.	.	PUNCT
cblr-1785	420	1	§	§	PROPN
cblr-1785	420	2	21.20.00001(1)(g	21.20.00001(1)(g	PROPN
cblr-1785	420	3	)	)	PUNCT
cblr-1785	420	4	(	(	PUNCT
cblr-1785	420	5	west	west	NOUN
cblr-1785	420	6	2014	2014	NUM
cblr-1785	420	7	)	)	PUNCT
cblr-1785	420	8	.	.	PUNCT
cblr-1785	421	1	82	82	NUM
cblr-1785	421	2	see	see	VERB
cblr-1785	421	3	supra	supra	PROPN
cblr-1785	421	4	note	note	NOUN
cblr-1785	421	5	76	76	NUM
cblr-1785	421	6	.	.	PUNCT
cblr-1785	422	1	pei	pei	PROPN
cblr-1785	422	2	final	final	ADJ
cblr-1785	422	3	874	874	NUM
cblr-1785	422	4	columbia	columbia	PROPN
cblr-1785	422	5	business	business	NOUN
cblr-1785	422	6	law	law	PROPN
cblr-1785	422	7	review	review	NOUN
cblr-1785	423	1	[	[	X
cblr-1785	423	2	vol	vol	NOUN
cblr-1785	423	3	.	.	PUNCT
cblr-1785	423	4	2014	2014	NUM
cblr-1785	423	5	investment	investment	NOUN
cblr-1785	423	6	limits.83	limits.83	ADV
cblr-1785	423	7	similar	similar	ADJ
cblr-1785	423	8	to	to	ADP
cblr-1785	423	9	the	the	DET
cblr-1785	423	10	federal	federal	ADJ
cblr-1785	423	11	requirement	requirement	NOUN
cblr-1785	423	12	placed	place	VERB
cblr-1785	423	13	on	on	ADP
cblr-1785	423	14	portals	portal	NOUN
cblr-1785	423	15	to	to	PART
cblr-1785	423	16	ensure	ensure	VERB
cblr-1785	423	17	that	that	SCONJ
cblr-1785	423	18	investors	investor	NOUN
cblr-1785	423	19	stay	stay	VERB
cblr-1785	423	20	under	under	ADP
cblr-1785	423	21	applicable	applicable	ADJ
cblr-1785	423	22	limits	limit	NOUN
cblr-1785	423	23	,	,	PUNCT
cblr-1785	423	24	issuers	issuer	NOUN
cblr-1785	423	25	in	in	ADP
cblr-1785	423	26	wisconsin	wisconsin	PROPN
cblr-1785	423	27	and	and	CCONJ
cblr-1785	423	28	michigan	michigan	PROPN
cblr-1785	423	29	are	be	AUX
cblr-1785	423	30	tasked	task	VERB
cblr-1785	423	31	with	with	ADP
cblr-1785	423	32	verifying	verifying	NOUN
cblr-1785	423	33	that	that	SCONJ
cblr-1785	423	34	investors	investor	NOUN
cblr-1785	423	35	are	be	AUX
cblr-1785	423	36	accredited	accredit	VERB
cblr-1785	423	37	or	or	CCONJ
cblr-1785	423	38	certified	certify	VERB
cblr-1785	423	39	,	,	PUNCT
cblr-1785	423	40	as	as	ADP
cblr-1785	423	41	applicable.84	applicable.84	ADV
cblr-1785	423	42	the	the	DET
cblr-1785	423	43	state	state	NOUN
cblr-1785	423	44	exemptions	exemption	NOUN
cblr-1785	423	45	also	also	ADV
cblr-1785	423	46	include	include	VERB
cblr-1785	423	47	disclosure	disclosure	NOUN
cblr-1785	423	48	requirements	requirement	NOUN
cblr-1785	423	49	,	,	PUNCT
cblr-1785	423	50	although	although	SCONJ
cblr-1785	423	51	they	they	PRON
cblr-1785	423	52	are	be	AUX
cblr-1785	423	53	generally	generally	ADV
cblr-1785	423	54	less	less	ADV
cblr-1785	423	55	stringent	stringent	ADJ
cblr-1785	423	56	than	than	ADP
cblr-1785	423	57	those	those	PRON
cblr-1785	423	58	in	in	ADP
cblr-1785	423	59	the	the	DET
cblr-1785	423	60	federal	federal	ADJ
cblr-1785	423	61	exemption	exemption	NOUN
cblr-1785	423	62	.	.	PUNCT
cblr-1785	424	1	in	in	ADP
cblr-1785	424	2	kansas	kansas	PROPN
cblr-1785	424	3	and	and	CCONJ
cblr-1785	424	4	georgia	georgia	PROPN
cblr-1785	424	5	,	,	PUNCT
cblr-1785	424	6	issuers	issuer	NOUN
cblr-1785	424	7	need	need	AUX
cblr-1785	424	8	only	only	ADV
cblr-1785	424	9	file	file	VERB
cblr-1785	424	10	a	a	DET
cblr-1785	424	11	short	short	ADJ
cblr-1785	424	12	form	form	NOUN
cblr-1785	424	13	with	with	ADP
cblr-1785	424	14	the	the	DET
cblr-1785	424	15	state	state	NOUN
cblr-1785	424	16	regulator	regulator	NOUN
cblr-1785	424	17	disclosing	disclose	VERB
cblr-1785	424	18	their	their	PRON
cblr-1785	424	19	name	name	NOUN
cblr-1785	424	20	,	,	PUNCT
cblr-1785	424	21	the	the	DET
cblr-1785	424	22	names	name	NOUN
cblr-1785	424	23	of	of	ADP
cblr-1785	424	24	the	the	DET
cblr-1785	424	25	people	people	NOUN
cblr-1785	424	26	involved	involve	VERB
cblr-1785	424	27	in	in	ADP
cblr-1785	424	28	the	the	DET
cblr-1785	424	29	offer	offer	NOUN
cblr-1785	424	30	and	and	CCONJ
cblr-1785	424	31	sale	sale	NOUN
cblr-1785	424	32	of	of	ADP
cblr-1785	424	33	the	the	DET
cblr-1785	424	34	securities	security	NOUN
cblr-1785	424	35	,	,	PUNCT
cblr-1785	424	36	and	and	CCONJ
cblr-1785	424	37	the	the	DET
cblr-1785	424	38	name	name	NOUN
cblr-1785	424	39	of	of	ADP
cblr-1785	424	40	their	their	PRON
cblr-1785	424	41	bank.85	bank.85	NOUN
cblr-1785	424	42	and	and	CCONJ
cblr-1785	424	43	these	these	DET
cblr-1785	424	44	requirements	requirement	NOUN
cblr-1785	424	45	are	be	AUX
cblr-1785	424	46	not	not	PART
cblr-1785	424	47	triggered	trigger	VERB
cblr-1785	424	48	until	until	ADP
cblr-1785	424	49	the	the	DET
cblr-1785	424	50	sale	sale	NOUN
cblr-1785	424	51	of	of	ADP
cblr-1785	424	52	the	the	DET
cblr-1785	424	53	twenty	twenty	NUM
cblr-1785	424	54	-	-	PUNCT
cblr-1785	424	55	fifth	fifth	NOUN
cblr-1785	424	56	security	security	NOUN
cblr-1785	424	57	or	or	CCONJ
cblr-1785	424	58	until	until	SCONJ
cblr-1785	424	59	the	the	DET
cblr-1785	424	60	issuer	issuer	NOUN
cblr-1785	424	61	engages	engage	VERB
cblr-1785	424	62	in	in	ADP
cblr-1785	424	63	general	general	ADJ
cblr-1785	424	64	solicitation	solicitation	NOUN
cblr-1785	424	65	,	,	PUNCT
cblr-1785	424	66	whichever	whichever	PRON
cblr-1785	424	67	comes	come	VERB
cblr-1785	424	68	first.86	first.86	PROPN
cblr-1785	424	69	wisconsin	wisconsin	PROPN
cblr-1785	424	70	and	and	CCONJ
cblr-1785	424	71	michigan	michigan	PROPN
cblr-1785	424	72	require	require	VERB
cblr-1785	424	73	more	more	ADV
cblr-1785	424	74	thorough	thorough	ADJ
cblr-1785	424	75	disclosures	disclosure	NOUN
cblr-1785	424	76	,	,	PUNCT
cblr-1785	424	77	including	include	VERB
cblr-1785	424	78	the	the	DET
cblr-1785	424	79	issuer	issuer	NOUN
cblr-1785	424	80	’s	’s	PART
cblr-1785	424	81	business	business	NOUN
cblr-1785	424	82	plan	plan	NOUN
cblr-1785	424	83	and	and	CCONJ
cblr-1785	424	84	more	more	ADV
cblr-1785	424	85	detailed	detailed	ADJ
cblr-1785	424	86	information	information	NOUN
cblr-1785	424	87	about	about	ADP
cblr-1785	424	88	the	the	DET
cblr-1785	424	89	securities	security	NOUN
cblr-1785	424	90	being	be	AUX
cblr-1785	424	91	offered.87	offered.87	VERB
cblr-1785	424	92	however	however	ADV
cblr-1785	424	93	,	,	PUNCT
cblr-1785	424	94	neither	neither	DET
cblr-1785	424	95	state	state	NOUN
cblr-1785	424	96	requires	require	VERB
cblr-1785	424	97	financial	financial	ADJ
cblr-1785	424	98	statements	statement	NOUN
cblr-1785	424	99	to	to	PART
cblr-1785	424	100	be	be	AUX
cblr-1785	424	101	reviewed	review	VERB
cblr-1785	424	102	by	by	ADP
cblr-1785	424	103	an	an	DET
cblr-1785	424	104	independent	independent	ADJ
cblr-1785	424	105	accountant	accountant	NOUN
cblr-1785	424	106	or	or	CCONJ
cblr-1785	424	107	auditor	auditor	NOUN
cblr-1785	424	108	unless	unless	SCONJ
cblr-1785	424	109	the	the	DET
cblr-1785	424	110	issuer	issuer	NOUN
cblr-1785	424	111	seeks	seek	VERB
cblr-1785	424	112	to	to	PART
cblr-1785	424	113	raise	raise	VERB
cblr-1785	424	114	more	more	ADJ
cblr-1785	424	115	than	than	ADP
cblr-1785	424	116	$	$	SYM
cblr-1785	424	117	1	1	NUM
cblr-1785	424	118	million	million	NUM
cblr-1785	424	119	.	.	PUNCT
cblr-1785	425	1	issuers	issuer	NOUN
cblr-1785	425	2	in	in	ADP
cblr-1785	425	3	all	all	DET
cblr-1785	425	4	states	state	NOUN
cblr-1785	425	5	must	must	AUX
cblr-1785	425	6	also	also	ADV
cblr-1785	425	7	inform	inform	VERB
cblr-1785	425	8	investors	investor	NOUN
cblr-1785	425	9	that	that	SCONJ
cblr-1785	425	10	the	the	DET
cblr-1785	425	11	securities	security	NOUN
cblr-1785	425	12	are	be	AUX
cblr-1785	425	13	unregistered	unregistered	ADJ
cblr-1785	425	14	and	and	CCONJ
cblr-1785	425	15	therefore	therefore	ADV
cblr-1785	425	16	subject	subject	ADJ
cblr-1785	425	17	to	to	ADP
cblr-1785	425	18	resale	resale	NOUN
cblr-1785	425	19	limitations.88	limitations.88	NOUN
cblr-1785	425	20	and	and	CCONJ
cblr-1785	425	21	in	in	ADP
cblr-1785	425	22	wisconsin	wisconsin	PROPN
cblr-1785	425	23	and	and	CCONJ
cblr-1785	425	24	michigan	michigan	PROPN
cblr-1785	425	25	,	,	PUNCT
cblr-1785	425	26	issuers	issuer	NOUN
cblr-1785	425	27	must	must	AUX
cblr-1785	425	28	obtain	obtain	VERB
cblr-1785	425	29	a	a	DET
cblr-1785	425	30	certification	certification	NOUN
cblr-1785	425	31	from	from	ADP
cblr-1785	425	32	each	each	DET
cblr-1785	425	33	purchaser	purchaser	NOUN
cblr-1785	425	34	confirming	confirm	VERB
cblr-1785	425	35	that	that	SCONJ
cblr-1785	425	36	he	he	PRON
cblr-1785	425	37	understands	understand	VERB
cblr-1785	425	38	the	the	DET
cblr-1785	425	39	risky	risky	ADJ
cblr-1785	425	40	,	,	PUNCT
cblr-1785	425	41	speculative	speculative	ADJ
cblr-1785	425	42	nature	nature	NOUN
cblr-1785	425	43	of	of	ADP
cblr-1785	425	44	his	his	PRON
cblr-1785	425	45	investment.89	investment.89	NOUN
cblr-1785	425	46	as	as	ADP
cblr-1785	425	47	the	the	DET
cblr-1785	425	48	above	above	ADJ
cblr-1785	425	49	implies	implie	NOUN
cblr-1785	425	50	,	,	PUNCT
cblr-1785	425	51	issuers	issuer	NOUN
cblr-1785	425	52	(	(	PUNCT
cblr-1785	425	53	except	except	SCONJ
cblr-1785	425	54	for	for	ADP
cblr-1785	425	55	those	those	DET
cblr-1785	425	56	83	83	NUM
cblr-1785	425	57	wis	wis	NOUN
cblr-1785	425	58	.	.	PUNCT
cblr-1785	426	1	stat	stat	PROPN
cblr-1785	426	2	.	.	PUNCT
cblr-1785	427	1	ann	ann	PROPN
cblr-1785	427	2	.	.	PUNCT
cblr-1785	428	1	§	§	PROPN
cblr-1785	428	2	§	§	PROPN
cblr-1785	428	3	551.202(26)(d	551.202(26)(d	PROPN
cblr-1785	428	4	)	)	PUNCT
cblr-1785	428	5	,	,	PUNCT
cblr-1785	429	1	551.202(27)(d	551.202(27)(d	NUM
cblr-1785	429	2	)	)	PUNCT
cblr-1785	429	3	(	(	PUNCT
cblr-1785	429	4	west	west	NOUN
cblr-1785	429	5	2013	2013	NUM
cblr-1785	429	6	)	)	PUNCT
cblr-1785	429	7	.	.	PUNCT
cblr-1785	430	1	84	84	NUM
cblr-1785	430	2	mich	mich	PROPN
cblr-1785	430	3	.	.	PUNCT
cblr-1785	431	1	comp	comp	PROPN
cblr-1785	431	2	.	.	PUNCT
cblr-1785	432	1	laws	law	NOUN
cblr-1785	432	2	ann	ann	PROPN
cblr-1785	432	3	.	.	PUNCT
cblr-1785	433	1	§	§	PROPN
cblr-1785	433	2	451.2202a(1)(i)(ii	451.2202a(1)(i)(ii	NUM
cblr-1785	433	3	)	)	PUNCT
cblr-1785	433	4	(	(	PUNCT
cblr-1785	433	5	west	west	NOUN
cblr-1785	433	6	2013	2013	NUM
cblr-1785	433	7	)	)	PUNCT
cblr-1785	433	8	;	;	PUNCT
cblr-1785	433	9	wis	wis	PROPN
cblr-1785	433	10	.	.	PUNCT
cblr-1785	433	11	stat	stat	PROPN
cblr-1785	433	12	.	.	PUNCT
cblr-1785	434	1	ann	ann	PROPN
cblr-1785	434	2	.	.	PUNCT
cblr-1785	435	1	§	§	PROPN
cblr-1785	435	2	551.202	551.202	NUM
cblr-1785	435	3	(	(	PUNCT
cblr-1785	435	4	26)(j	26)(j	PROPN
cblr-1785	435	5	)	)	PUNCT
cblr-1785	435	6	(	(	PUNCT
cblr-1785	435	7	west	west	NOUN
cblr-1785	435	8	2013	2013	NUM
cblr-1785	435	9	)	)	PUNCT
cblr-1785	435	10	.	.	PUNCT
cblr-1785	436	1	85	85	NUM
cblr-1785	436	2	ga	ga	PROPN
cblr-1785	436	3	.	.	PROPN
cblr-1785	436	4	comp	comp	PROPN
cblr-1785	436	5	.	.	PUNCT
cblr-1785	437	1	r.	r.	PROPN
cblr-1785	437	2	&	&	CCONJ
cblr-1785	437	3	regs	regs	PROPN
cblr-1785	437	4	.	.	PUNCT
cblr-1785	438	1	590	590	NUM
cblr-1785	438	2	-	-	SYM
cblr-1785	438	3	4	4	NUM
cblr-1785	438	4	-	-	NUM
cblr-1785	438	5	2-.08(1)(f	2-.08(1)(f	NUM
cblr-1785	438	6	)	)	PUNCT
cblr-1785	438	7	(	(	PUNCT
cblr-1785	438	8	2013	2013	NUM
cblr-1785	438	9	)	)	PUNCT
cblr-1785	438	10	;	;	PUNCT
cblr-1785	438	11	kan	kan	PROPN
cblr-1785	438	12	.	.	PUNCT
cblr-1785	438	13	admin	admin	PROPN
cblr-1785	438	14	.	.	PUNCT
cblr-1785	438	15	regs	regs	PROPN
cblr-1785	438	16	.	.	PUNCT
cblr-1785	439	1	§	§	PROPN
cblr-1785	439	2	81	81	NUM
cblr-1785	439	3	-	-	PUNCT
cblr-1785	439	4	5	5	NUM
cblr-1785	439	5	-	-	PUNCT
cblr-1785	439	6	21(a)(7	21(a)(7	NUM
cblr-1785	439	7	)	)	PUNCT
cblr-1785	439	8	(	(	PUNCT
cblr-1785	439	9	2014	2014	NUM
cblr-1785	439	10	)	)	PUNCT
cblr-1785	439	11	.	.	PUNCT
cblr-1785	440	1	86	86	NUM
cblr-1785	441	1	i	i	PRON
cblr-1785	441	2	d.	d.	PROPN
cblr-1785	441	3	87	87	NUM
cblr-1785	441	4	mich	mich	PROPN
cblr-1785	441	5	.	.	PUNCT
cblr-1785	442	1	comp	comp	PROPN
cblr-1785	442	2	.	.	PUNCT
cblr-1785	443	1	laws	law	NOUN
cblr-1785	443	2	ann	ann	PROPN
cblr-1785	443	3	.	.	PUNCT
cblr-1785	444	1	§	§	PROPN
cblr-1785	444	2	451.2202a(1)(e	451.2202a(1)(e	PROPN
cblr-1785	444	3	)	)	PUNCT
cblr-1785	444	4	(	(	PUNCT
cblr-1785	444	5	west	west	NOUN
cblr-1785	444	6	2013	2013	NUM
cblr-1785	444	7	)	)	PUNCT
cblr-1785	444	8	;	;	PUNCT
cblr-1785	445	1	wis	wis	PROPN
cblr-1785	445	2	.	.	PUNCT
cblr-1785	445	3	stat	stat	PROPN
cblr-1785	445	4	.	.	PUNCT
cblr-1785	446	1	ann	ann	PROPN
cblr-1785	446	2	.	.	PUNCT
cblr-1785	447	1	§	§	PROPN
cblr-1785	447	2	551.202(26)(f	551.202(26)(f	PROPN
cblr-1785	447	3	)	)	PUNCT
cblr-1785	447	4	(	(	PUNCT
cblr-1785	447	5	west	west	NOUN
cblr-1785	447	6	2013	2013	NUM
cblr-1785	447	7	)	)	PUNCT
cblr-1785	447	8	.	.	PUNCT
cblr-1785	448	1	88	88	NUM
cblr-1785	448	2	mich	mich	PROPN
cblr-1785	448	3	.	.	PUNCT
cblr-1785	449	1	comp	comp	PROPN
cblr-1785	449	2	.	.	PUNCT
cblr-1785	450	1	laws	law	NOUN
cblr-1785	450	2	ann	ann	PROPN
cblr-1785	450	3	.	.	PUNCT
cblr-1785	451	1	§	§	PROPN
cblr-1785	451	2	451.2202a(1)(g	451.2202a(1)(g	PROPN
cblr-1785	451	3	)	)	PUNCT
cblr-1785	451	4	(	(	PUNCT
cblr-1785	451	5	west	west	NOUN
cblr-1785	451	6	2013	2013	NUM
cblr-1785	451	7	)	)	PUNCT
cblr-1785	451	8	;	;	PUNCT
cblr-1785	452	1	wis	wis	PROPN
cblr-1785	452	2	.	.	PUNCT
cblr-1785	452	3	stat	stat	PROPN
cblr-1785	452	4	.	.	PUNCT
cblr-1785	453	1	ann	ann	PROPN
cblr-1785	453	2	.	.	PUNCT
cblr-1785	454	1	§	§	PROPN
cblr-1785	454	2	551.202(26)(h	551.202(26)(h	PROPN
cblr-1785	454	3	)	)	PUNCT
cblr-1785	454	4	(	(	PUNCT
cblr-1785	454	5	west	west	NOUN
cblr-1785	454	6	2013	2013	NUM
cblr-1785	454	7	)	)	PUNCT
cblr-1785	454	8	;	;	PUNCT
cblr-1785	454	9	ga	ga	PROPN
cblr-1785	454	10	.	.	PROPN
cblr-1785	454	11	comp	comp	PROPN
cblr-1785	454	12	.	.	PUNCT
cblr-1785	455	1	r.	r.	PROPN
cblr-1785	455	2	&	&	CCONJ
cblr-1785	455	3	regs	regs	PROPN
cblr-1785	455	4	.	.	PUNCT
cblr-1785	456	1	590	590	NUM
cblr-1785	456	2	-	-	SYM
cblr-1785	456	3	4	4	NUM
cblr-1785	456	4	-	-	PUNCT
cblr-1785	456	5	2-.08(1)(h	2-.08(1)(h	NUM
cblr-1785	456	6	)	)	PUNCT
cblr-1785	456	7	(	(	PUNCT
cblr-1785	456	8	2013	2013	NUM
cblr-1785	456	9	)	)	PUNCT
cblr-1785	456	10	;	;	PUNCT
cblr-1785	457	1	kan	kan	PROPN
cblr-1785	457	2	.	.	PUNCT
cblr-1785	457	3	admin	admin	PROPN
cblr-1785	457	4	.	.	PUNCT
cblr-1785	457	5	regs	regs	PROPN
cblr-1785	457	6	.	.	PUNCT
cblr-1785	458	1	§	§	PROPN
cblr-1785	458	2	81	81	NUM
cblr-1785	458	3	-	-	SYM
cblr-1785	458	4	5	5	NUM
cblr-1785	458	5	-	-	PUNCT
cblr-1785	458	6	21(a)(9	21(a)(9	NUM
cblr-1785	458	7	)	)	PUNCT
cblr-1785	458	8	.	.	PUNCT
cblr-1785	459	1	89	89	NUM
cblr-1785	459	2	mich	mich	PROPN
cblr-1785	459	3	.	.	PUNCT
cblr-1785	460	1	comp	comp	PROPN
cblr-1785	460	2	.	.	PUNCT
cblr-1785	461	1	laws	law	NOUN
cblr-1785	461	2	ann	ann	PROPN
cblr-1785	461	3	.	.	PUNCT
cblr-1785	462	1	§	§	PROPN
cblr-1785	462	2	451.2202a(1)(h	451.2202a(1)(h	NUM
cblr-1785	462	3	)	)	PUNCT
cblr-1785	462	4	(	(	PUNCT
cblr-1785	462	5	west	west	NOUN
cblr-1785	462	6	2013	2013	NUM
cblr-1785	462	7	)	)	PUNCT
cblr-1785	462	8	;	;	PUNCT
cblr-1785	462	9	wis	wis	PROPN
cblr-1785	462	10	.	.	PUNCT
cblr-1785	463	1	stat	stat	PROPN
cblr-1785	463	2	.	.	PUNCT
cblr-1785	464	1	ann	ann	PROPN
cblr-1785	464	2	.	.	PUNCT
cblr-1785	465	1	§	§	PROPN
cblr-1785	465	2	551.202(26)(i	551.202(26)(i	PROPN
cblr-1785	465	3	)	)	PUNCT
cblr-1785	465	4	(	(	PUNCT
cblr-1785	465	5	west	west	NOUN
cblr-1785	465	6	2013	2013	NUM
cblr-1785	465	7	)	)	PUNCT
cblr-1785	465	8	.	.	PUNCT
cblr-1785	466	1	these	these	DET
cblr-1785	466	2	requirements	requirement	NOUN
cblr-1785	466	3	are	be	AUX
cblr-1785	466	4	similar	similar	ADJ
cblr-1785	466	5	to	to	ADP
cblr-1785	466	6	those	those	PRON
cblr-1785	466	7	placed	place	VERB
cblr-1785	466	8	on	on	ADP
cblr-1785	466	9	portals	portal	NOUN
cblr-1785	466	10	under	under	ADP
cblr-1785	466	11	the	the	DET
cblr-1785	466	12	jobs	job	NOUN
cblr-1785	466	13	act	act	PROPN
cblr-1785	466	14	.	.	PUNCT
cblr-1785	467	1	see	see	VERB
cblr-1785	467	2	15	15	NUM
cblr-1785	467	3	u.s.c	u.s.c	ADJ
cblr-1785	467	4	.	.	PUNCT
cblr-1785	468	1	§	§	PROPN
cblr-1785	468	2	77d-1(a)(4)(b	77d-1(a)(4)(b	PROPN
cblr-1785	468	3	)	)	PUNCT
cblr-1785	468	4	.	.	PUNCT
cblr-1785	469	1	pei	pei	PROPN
cblr-1785	469	2	final	final	ADJ
cblr-1785	469	3	no	no	NOUN
cblr-1785	469	4	.	.	PUNCT
cblr-1785	470	1	3:854	3:854	NUM
cblr-1785	470	2	]	]	X
cblr-1785	470	3	intrastate	intrastate	ADJ
cblr-1785	470	4	crowdfunding	crowdfunde	VERB
cblr-1785	470	5	875	875	NUM
cblr-1785	470	6	using	use	VERB
cblr-1785	470	7	wisconsin	wisconsin	PROPN
cblr-1785	470	8	’s	’s	PART
cblr-1785	470	9	section	section	NOUN
cblr-1785	470	10	27	27	NUM
cblr-1785	470	11	exemption	exemption	NOUN
cblr-1785	470	12	)	)	PUNCT
cblr-1785	470	13	are	be	AUX
cblr-1785	470	14	permitted	permit	VERB
cblr-1785	470	15	to	to	PART
cblr-1785	470	16	advertise	advertise	VERB
cblr-1785	470	17	their	their	PRON
cblr-1785	470	18	offerings	offering	NOUN
cblr-1785	470	19	as	as	ADV
cblr-1785	470	20	long	long	ADV
cblr-1785	470	21	as	as	SCONJ
cblr-1785	470	22	they	they	PRON
cblr-1785	470	23	comply	comply	VERB
cblr-1785	470	24	with	with	ADP
cblr-1785	470	25	disclosure	disclosure	NOUN
cblr-1785	470	26	requirements	requirement	NOUN
cblr-1785	470	27	.	.	PUNCT
cblr-1785	471	1	in	in	ADP
cblr-1785	471	2	perhaps	perhaps	ADV
cblr-1785	471	3	their	their	PRON
cblr-1785	471	4	largest	large	ADJ
cblr-1785	471	5	departure	departure	NOUN
cblr-1785	471	6	from	from	ADP
cblr-1785	471	7	section	section	PROPN
cblr-1785	471	8	4(a)(6	4(a)(6	NUM
cblr-1785	471	9	)	)	PUNCT
cblr-1785	471	10	,	,	PUNCT
cblr-1785	471	11	all	all	PRON
cblr-1785	471	12	but	but	SCONJ
cblr-1785	471	13	one	one	NUM
cblr-1785	471	14	of	of	ADP
cblr-1785	471	15	the	the	DET
cblr-1785	471	16	state	state	NOUN
cblr-1785	471	17	exemptions	exemption	NOUN
cblr-1785	471	18	do	do	AUX
cblr-1785	471	19	not	not	PART
cblr-1785	471	20	require	require	VERB
cblr-1785	471	21	issuers	issuer	NOUN
cblr-1785	471	22	to	to	PART
cblr-1785	471	23	use	use	VERB
cblr-1785	471	24	a	a	DET
cblr-1785	471	25	registered	register	VERB
cblr-1785	471	26	portal.90	portal.90	NOUN
cblr-1785	471	27	in	in	ADP
cblr-1785	471	28	fact	fact	NOUN
cblr-1785	471	29	,	,	PUNCT
cblr-1785	471	30	the	the	DET
cblr-1785	471	31	kansas	kansas	PROPN
cblr-1785	471	32	and	and	CCONJ
cblr-1785	471	33	georgia	georgia	PROPN
cblr-1785	471	34	exemptions	exemption	NOUN
cblr-1785	471	35	make	make	VERB
cblr-1785	471	36	no	no	DET
cblr-1785	471	37	mention	mention	NOUN
cblr-1785	471	38	of	of	ADP
cblr-1785	471	39	portals	portal	NOUN
cblr-1785	471	40	whatsoever	whatsoever	ADV
cblr-1785	471	41	.	.	PUNCT
cblr-1785	472	1	their	their	PRON
cblr-1785	472	2	use	use	NOUN
cblr-1785	472	3	is	be	AUX
cblr-1785	472	4	contemplated	contemplate	VERB
cblr-1785	472	5	under	under	ADP
cblr-1785	472	6	the	the	DET
cblr-1785	472	7	michigan	michigan	PROPN
cblr-1785	472	8	statute	statute	PROPN
cblr-1785	472	9	,	,	PUNCT
cblr-1785	472	10	but	but	CCONJ
cblr-1785	472	11	not	not	PART
cblr-1785	472	12	required.91	required.91	VERB
cblr-1785	472	13	in	in	ADP
cblr-1785	472	14	wisconsin	wisconsin	PROPN
cblr-1785	472	15	,	,	PUNCT
cblr-1785	472	16	issuers	issuer	NOUN
cblr-1785	472	17	wishing	wish	VERB
cblr-1785	472	18	to	to	PART
cblr-1785	472	19	use	use	VERB
cblr-1785	472	20	section	section	NOUN
cblr-1785	472	21	26	26	NUM
cblr-1785	472	22	must	must	AUX
cblr-1785	472	23	employ	employ	VERB
cblr-1785	472	24	an	an	DET
cblr-1785	472	25	intermediary,92	intermediary,92	NOUN
cblr-1785	472	26	but	but	CCONJ
cblr-1785	472	27	those	those	PRON
cblr-1785	472	28	willing	willing	ADJ
cblr-1785	472	29	to	to	PART
cblr-1785	472	30	refrain	refrain	VERB
cblr-1785	472	31	from	from	ADP
cblr-1785	472	32	general	general	ADJ
cblr-1785	472	33	solicitation	solicitation	NOUN
cblr-1785	472	34	are	be	AUX
cblr-1785	472	35	not	not	PART
cblr-1785	472	36	required	require	VERB
cblr-1785	472	37	to	to	PART
cblr-1785	472	38	do	do	VERB
cblr-1785	472	39	so.93	so.93	NOUN
cblr-1785	472	40	thus	thus	ADV
cblr-1785	472	41	the	the	DET
cblr-1785	472	42	statutes	statute	NOUN
cblr-1785	472	43	would	would	AUX
cblr-1785	472	44	allow	allow	VERB
cblr-1785	472	45	issuers	issuer	NOUN
cblr-1785	472	46	to	to	PART
cblr-1785	472	47	sell	sell	VERB
cblr-1785	472	48	securities	security	NOUN
cblr-1785	472	49	over	over	ADP
cblr-1785	472	50	their	their	PRON
cblr-1785	472	51	own	own	ADJ
cblr-1785	472	52	platforms,94	platforms,94	NOUN
cblr-1785	472	53	or	or	CCONJ
cblr-1785	472	54	without	without	ADP
cblr-1785	472	55	any	any	DET
cblr-1785	472	56	internet	internet	NOUN
cblr-1785	472	57	intermediary	intermediary	NOUN
cblr-1785	472	58	at	at	ADV
cblr-1785	472	59	all	all	ADV
cblr-1785	472	60	.	.	PUNCT
cblr-1785	473	1	finally	finally	ADV
cblr-1785	473	2	,	,	PUNCT
cblr-1785	473	3	like	like	ADP
cblr-1785	473	4	the	the	DET
cblr-1785	473	5	federal	federal	ADJ
cblr-1785	473	6	rule	rule	NOUN
cblr-1785	473	7	,	,	PUNCT
cblr-1785	473	8	the	the	DET
cblr-1785	473	9	state	state	NOUN
cblr-1785	473	10	-	-	PUNCT
cblr-1785	473	11	level	level	NOUN
cblr-1785	473	12	exemptions	exemption	NOUN
cblr-1785	473	13	also	also	ADV
cblr-1785	473	14	subject	subject	VERB
cblr-1785	473	15	crowdfunded	crowdfunde	VERB
cblr-1785	473	16	securities	security	NOUN
cblr-1785	473	17	to	to	PART
cblr-1785	473	18	resale	resale	NOUN
cblr-1785	473	19	restrictions	restriction	NOUN
cblr-1785	473	20	.	.	PUNCT
cblr-1785	474	1	in	in	ADP
cblr-1785	474	2	kansas	kansas	PROPN
cblr-1785	474	3	,	,	PUNCT
cblr-1785	474	4	securities	security	NOUN
cblr-1785	474	5	can	can	AUX
cblr-1785	474	6	not	not	PART
cblr-1785	474	7	be	be	AUX
cblr-1785	474	8	resold	resold	VERB
cblr-1785	474	9	unless	unless	SCONJ
cblr-1785	474	10	they	they	PRON
cblr-1785	474	11	are	be	AUX
cblr-1785	474	12	registered	register	VERB
cblr-1785	474	13	or	or	CCONJ
cblr-1785	474	14	qualify	qualify	VERB
cblr-1785	474	15	for	for	ADP
cblr-1785	474	16	another	another	DET
cblr-1785	474	17	exemption.95	exemption.95	NOUN
cblr-1785	474	18	georgia	georgia	PROPN
cblr-1785	474	19	,	,	PUNCT
cblr-1785	474	20	wisconsin	wisconsin	PROPN
cblr-1785	474	21	,	,	PUNCT
cblr-1785	474	22	and	and	CCONJ
cblr-1785	474	23	michigan	michigan	PROPN
cblr-1785	474	24	all	all	PRON
cblr-1785	474	25	require	require	VERB
cblr-1785	474	26	that	that	SCONJ
cblr-1785	474	27	investors	investor	NOUN
cblr-1785	474	28	hold	hold	VERB
cblr-1785	474	29	their	their	PRON
cblr-1785	474	30	securities	security	NOUN
cblr-1785	474	31	for	for	ADP
cblr-1785	474	32	the	the	DET
cblr-1785	474	33	length	length	NOUN
cblr-1785	474	34	of	of	ADP
cblr-1785	474	35	time	time	NOUN
cblr-1785	474	36	required	require	VERB
cblr-1785	474	37	by	by	ADP
cblr-1785	474	38	rule	rule	NOUN
cblr-1785	474	39	147,96	147,96	NUM
cblr-1785	474	40	90	90	NUM
cblr-1785	474	41	this	this	DET
cblr-1785	474	42	trend	trend	NOUN
cblr-1785	474	43	has	have	AUX
cblr-1785	474	44	continued	continue	VERB
cblr-1785	474	45	with	with	ADP
cblr-1785	474	46	the	the	DET
cblr-1785	474	47	newer	new	ADJ
cblr-1785	474	48	exemptions	exemption	NOUN
cblr-1785	474	49	enacted	enact	VERB
cblr-1785	474	50	in	in	ADP
cblr-1785	474	51	2014	2014	NUM
cblr-1785	474	52	.	.	PUNCT
cblr-1785	475	1	of	of	ADP
cblr-1785	475	2	those	those	PRON
cblr-1785	475	3	,	,	PUNCT
cblr-1785	475	4	only	only	ADV
cblr-1785	475	5	indiana	indiana	PROPN
cblr-1785	475	6	requires	require	VERB
cblr-1785	475	7	issuers	issuer	NOUN
cblr-1785	475	8	to	to	PART
cblr-1785	475	9	employ	employ	VERB
cblr-1785	475	10	an	an	DET
cblr-1785	475	11	intermediary	intermediary	NOUN
cblr-1785	475	12	.	.	PUNCT
cblr-1785	476	1	ind	ind	PROPN
cblr-1785	476	2	.	.	PUNCT
cblr-1785	477	1	code	code	PROPN
cblr-1785	477	2	.	.	PUNCT
cblr-1785	478	1	ann	ann	PROPN
cblr-1785	478	2	.	.	PUNCT
cblr-1785	479	1	§	§	PROPN
cblr-1785	479	2	23	23	NUM
cblr-1785	479	3	-	-	SYM
cblr-1785	479	4	19	19	NUM
cblr-1785	479	5	-	-	PUNCT
cblr-1785	479	6	2	2	NUM
cblr-1785	479	7	-	-	PUNCT
cblr-1785	479	8	2(27)(o	2(27)(o	NUM
cblr-1785	479	9	)	)	PUNCT
cblr-1785	479	10	(	(	PUNCT
cblr-1785	479	11	west	west	NOUN
cblr-1785	479	12	2014	2014	NUM
cblr-1785	479	13	)	)	PUNCT
cblr-1785	479	14	.	.	PUNCT
cblr-1785	480	1	91	91	NUM
cblr-1785	480	2	mich	mich	PROPN
cblr-1785	480	3	.	.	PUNCT
cblr-1785	481	1	comp	comp	PROPN
cblr-1785	481	2	.	.	PUNCT
cblr-1785	482	1	laws	law	NOUN
cblr-1785	482	2	ann	ann	PROPN
cblr-1785	482	3	.	.	PUNCT
cblr-1785	483	1	§	§	PROPN
cblr-1785	483	2	451.2202a(1)(i	451.2202a(1)(i	NUM
cblr-1785	483	3	)	)	PUNCT
cblr-1785	483	4	(	(	PUNCT
cblr-1785	483	5	west	west	NOUN
cblr-1785	483	6	2013	2013	NUM
cblr-1785	483	7	)	)	PUNCT
cblr-1785	483	8	.	.	PUNCT
cblr-1785	484	1	92	92	NUM
cblr-1785	484	2	wis	wis	NOUN
cblr-1785	484	3	.	.	PUNCT
cblr-1785	485	1	stat	stat	PROPN
cblr-1785	485	2	.	.	PUNCT
cblr-1785	486	1	ann	ann	PROPN
cblr-1785	486	2	.	.	PUNCT
cblr-1785	487	1	§	§	PROPN
cblr-1785	487	2	551.202(26)(e	551.202(26)(e	PROPN
cblr-1785	487	3	)	)	PUNCT
cblr-1785	487	4	(	(	PUNCT
cblr-1785	487	5	west	west	NOUN
cblr-1785	487	6	2013	2013	NUM
cblr-1785	487	7	)	)	PUNCT
cblr-1785	487	8	.	.	PUNCT
cblr-1785	488	1	93	93	NUM
cblr-1785	489	1	i	i	PRON
cblr-1785	489	2	d.	d.	PROPN
cblr-1785	489	3	§	§	PROPN
cblr-1785	489	4	551.202(27	551.202(27	NUM
cblr-1785	489	5	)	)	PUNCT
cblr-1785	489	6	(	(	PUNCT
cblr-1785	489	7	west	west	NOUN
cblr-1785	489	8	2013	2013	NUM
cblr-1785	489	9	)	)	PUNCT
cblr-1785	489	10	.	.	PUNCT
cblr-1785	490	1	94	94	NUM
cblr-1785	490	2	however	however	ADV
cblr-1785	490	3	,	,	PUNCT
cblr-1785	490	4	issuers	issuer	NOUN
cblr-1785	490	5	using	use	VERB
cblr-1785	490	6	their	their	PRON
cblr-1785	490	7	own	own	ADJ
cblr-1785	490	8	websites	website	NOUN
cblr-1785	490	9	or	or	CCONJ
cblr-1785	490	10	social	social	ADJ
cblr-1785	490	11	media	medium	NOUN
cblr-1785	490	12	presence	presence	NOUN
cblr-1785	490	13	to	to	PART
cblr-1785	490	14	offer	offer	VERB
cblr-1785	490	15	and	and	CCONJ
cblr-1785	490	16	sell	sell	VERB
cblr-1785	490	17	securities	security	NOUN
cblr-1785	490	18	in	in	ADP
cblr-1785	490	19	reliance	reliance	NOUN
cblr-1785	490	20	on	on	ADP
cblr-1785	490	21	the	the	DET
cblr-1785	490	22	state	state	NOUN
cblr-1785	490	23	exemptions	exemption	NOUN
cblr-1785	490	24	must	must	AUX
cblr-1785	490	25	be	be	AUX
cblr-1785	490	26	very	very	ADV
cblr-1785	490	27	cautious	cautious	ADJ
cblr-1785	490	28	to	to	PART
cblr-1785	490	29	avoid	avoid	VERB
cblr-1785	490	30	violating	violate	VERB
cblr-1785	490	31	rule	rule	NOUN
cblr-1785	490	32	147	147	NUM
cblr-1785	490	33	.	.	PUNCT
cblr-1785	491	1	as	as	SCONJ
cblr-1785	491	2	the	the	DET
cblr-1785	491	3	sec	sec	PROPN
cblr-1785	491	4	has	have	AUX
cblr-1785	491	5	noted	note	VERB
cblr-1785	491	6	in	in	ADP
cblr-1785	491	7	a	a	DET
cblr-1785	491	8	recent	recent	ADJ
cblr-1785	491	9	compliance	compliance	NOUN
cblr-1785	491	10	and	and	CCONJ
cblr-1785	491	11	disclosure	disclosure	NOUN
cblr-1785	491	12	interpretation	interpretation	NOUN
cblr-1785	491	13	,	,	PUNCT
cblr-1785	491	14	“	"	PUNCT
cblr-1785	491	15	[	[	X
cblr-1785	491	16	i]ssuers	i]ssuer	NOUN
cblr-1785	491	17	generally	generally	ADV
cblr-1785	491	18	use	use	VERB
cblr-1785	491	19	their	their	PRON
cblr-1785	491	20	websites	website	NOUN
cblr-1785	491	21	and	and	CCONJ
cblr-1785	491	22	social	social	ADJ
cblr-1785	491	23	media	medium	NOUN
cblr-1785	491	24	presence	presence	NOUN
cblr-1785	491	25	to	to	PART
cblr-1785	491	26	advertise	advertise	VERB
cblr-1785	491	27	their	their	PRON
cblr-1785	491	28	market	market	NOUN
cblr-1785	491	29	presence	presence	NOUN
cblr-1785	491	30	in	in	ADP
cblr-1785	491	31	a	a	DET
cblr-1785	491	32	broad	broad	ADJ
cblr-1785	491	33	,	,	PUNCT
cblr-1785	491	34	indiscriminate	indiscriminate	ADJ
cblr-1785	491	35	manner	manner	NOUN
cblr-1785	491	36	.	.	PUNCT
cblr-1785	492	1	although	although	SCONJ
cblr-1785	492	2	whether	whether	SCONJ
cblr-1785	492	3	a	a	DET
cblr-1785	492	4	particular	particular	ADJ
cblr-1785	492	5	communication	communication	NOUN
cblr-1785	492	6	is	be	AUX
cblr-1785	492	7	an	an	DET
cblr-1785	492	8	‘	'	PUNCT
cblr-1785	492	9	offer	offer	NOUN
cblr-1785	492	10	’	'	PUNCT
cblr-1785	492	11	of	of	ADP
cblr-1785	492	12	securities	security	NOUN
cblr-1785	492	13	will	will	AUX
cblr-1785	492	14	depend	depend	VERB
cblr-1785	492	15	on	on	ADP
cblr-1785	492	16	all	all	DET
cblr-1785	492	17	the	the	DET
cblr-1785	492	18	facts	fact	NOUN
cblr-1785	492	19	and	and	CCONJ
cblr-1785	492	20	circumstances	circumstance	NOUN
cblr-1785	492	21	,	,	PUNCT
cblr-1785	492	22	using	use	VERB
cblr-1785	492	23	such	such	ADJ
cblr-1785	492	24	established	established	ADJ
cblr-1785	492	25	internet	internet	NOUN
cblr-1785	492	26	presence	presence	NOUN
cblr-1785	492	27	to	to	PART
cblr-1785	492	28	convey	convey	VERB
cblr-1785	492	29	information	information	NOUN
cblr-1785	492	30	about	about	ADP
cblr-1785	492	31	specific	specific	ADJ
cblr-1785	492	32	investment	investment	NOUN
cblr-1785	492	33	opportunities	opportunity	NOUN
cblr-1785	492	34	would	would	AUX
cblr-1785	492	35	likely	likely	ADV
cblr-1785	492	36	involve	involve	VERB
cblr-1785	492	37	offer	offer	NOUN
cblr-1785	492	38	to	to	ADP
cblr-1785	492	39	residents	resident	NOUN
cblr-1785	492	40	outside	outside	ADP
cblr-1785	492	41	the	the	DET
cblr-1785	492	42	particular	particular	ADJ
cblr-1785	492	43	state	state	NOUN
cblr-1785	492	44	in	in	ADP
cblr-1785	492	45	which	which	PRON
cblr-1785	492	46	the	the	DET
cblr-1785	492	47	issuer	issuer	NOUN
cblr-1785	492	48	did	do	VERB
cblr-1785	492	49	business	business	NOUN
cblr-1785	492	50	.	.	PUNCT
cblr-1785	492	51	”	"	PUNCT
cblr-1785	493	1	sec	sec	PROPN
cblr-1785	493	2	compliance	compliance	NOUN
cblr-1785	493	3	and	and	CCONJ
cblr-1785	493	4	disclosure	disclosure	NOUN
cblr-1785	493	5	interpretation	interpretation	NOUN
cblr-1785	493	6	(	(	PUNCT
cblr-1785	493	7	july	july	PROPN
cblr-1785	493	8	3	3	NUM
cblr-1785	493	9	,	,	PUNCT
cblr-1785	493	10	2014	2014	NUM
cblr-1785	493	11	)	)	PUNCT
cblr-1785	493	12	,	,	PUNCT
cblr-1785	493	13	http://perma.cc/5gyq-lkxl	http://perma.cc/5gyq-lkxl	PROPN
cblr-1785	493	14	.	.	PROPN
cblr-1785	493	15	95	95	NUM
cblr-1785	493	16	kan	kan	X
cblr-1785	493	17	.	.	PUNCT
cblr-1785	494	1	admin	admin	PROPN
cblr-1785	494	2	.	.	PUNCT
cblr-1785	495	1	regs	regs	PROPN
cblr-1785	495	2	.	.	PUNCT
cblr-1785	496	1	§	§	PROPN
cblr-1785	496	2	81	81	NUM
cblr-1785	496	3	-	-	SYM
cblr-1785	496	4	5	5	NUM
cblr-1785	496	5	-	-	PUNCT
cblr-1785	496	6	21(a)(9	21(a)(9	NUM
cblr-1785	496	7	)	)	PUNCT
cblr-1785	496	8	(	(	PUNCT
cblr-1785	496	9	2014	2014	NUM
cblr-1785	496	10	)	)	PUNCT
cblr-1785	496	11	.	.	PUNCT
cblr-1785	497	1	96	96	NUM
cblr-1785	497	2	mich	mich	PROPN
cblr-1785	497	3	.	.	PUNCT
cblr-1785	498	1	comp	comp	PROPN
cblr-1785	498	2	.	.	PUNCT
cblr-1785	499	1	laws	law	NOUN
cblr-1785	499	2	ann	ann	PROPN
cblr-1785	499	3	.	.	PUNCT
cblr-1785	500	1	§	§	PROPN
cblr-1785	500	2	451.2202a(1)(g	451.2202a(1)(g	PROPN
cblr-1785	500	3	)	)	PUNCT
cblr-1785	500	4	(	(	PUNCT
cblr-1785	500	5	west	west	NOUN
cblr-1785	500	6	2013	2013	NUM
cblr-1785	500	7	)	)	PUNCT
cblr-1785	500	8	;	;	PUNCT
cblr-1785	501	1	wis	wis	PROPN
cblr-1785	501	2	.	.	PUNCT
cblr-1785	501	3	stat	stat	PROPN
cblr-1785	501	4	.	.	PUNCT
cblr-1785	502	1	ann	ann	PROPN
cblr-1785	502	2	.	.	PUNCT
cblr-1785	503	1	§	§	PROPN
cblr-1785	503	2	551.202	551.202	NUM
cblr-1785	503	3	(	(	PUNCT
cblr-1785	503	4	26)(h	26)(h	NUM
cblr-1785	503	5	)	)	PUNCT
cblr-1785	503	6	(	(	PUNCT
cblr-1785	503	7	west	west	NOUN
cblr-1785	503	8	2013	2013	NUM
cblr-1785	503	9	)	)	PUNCT
cblr-1785	503	10	;	;	PUNCT
cblr-1785	503	11	ga	ga	PROPN
cblr-1785	503	12	.	.	PROPN
cblr-1785	503	13	comp	comp	PROPN
cblr-1785	503	14	.	.	PUNCT
cblr-1785	504	1	r.	r.	PROPN
cblr-1785	504	2	&	&	CCONJ
cblr-1785	504	3	regs	regs	PROPN
cblr-1785	504	4	.	.	PUNCT
cblr-1785	505	1	590	590	NUM
cblr-1785	505	2	-	-	SYM
cblr-1785	505	3	4	4	NUM
cblr-1785	505	4	-	-	PUNCT
cblr-1785	505	5	2-.08(1)(h	2-.08(1)(h	NUM
cblr-1785	505	6	)	)	PUNCT
cblr-1785	505	7	(	(	PUNCT
cblr-1785	505	8	2013	2013	NUM
cblr-1785	505	9	)	)	PUNCT
cblr-1785	505	10	.	.	PUNCT
cblr-1785	506	1	pei	pei	PROPN
cblr-1785	506	2	final	final	ADJ
cblr-1785	506	3	876	876	NUM
cblr-1785	506	4	columbia	columbia	PROPN
cblr-1785	506	5	business	business	NOUN
cblr-1785	506	6	law	law	PROPN
cblr-1785	506	7	review	review	NOUN
cblr-1785	506	8	[	[	X
cblr-1785	506	9	vol	vol	NOUN
cblr-1785	506	10	.	.	PROPN
cblr-1785	506	11	2014	2014	NUM
cblr-1785	506	12	which	which	PRON
cblr-1785	506	13	means	mean	VERB
cblr-1785	506	14	that	that	SCONJ
cblr-1785	506	15	they	they	PRON
cblr-1785	506	16	must	must	AUX
cblr-1785	506	17	hold	hold	VERB
cblr-1785	506	18	the	the	DET
cblr-1785	506	19	securities	security	NOUN
cblr-1785	506	20	for	for	ADP
cblr-1785	506	21	at	at	ADV
cblr-1785	506	22	least	least	ADV
cblr-1785	506	23	nine	nine	NUM
cblr-1785	506	24	months	month	NOUN
cblr-1785	506	25	unless	unless	SCONJ
cblr-1785	506	26	the	the	DET
cblr-1785	506	27	shares	share	NOUN
cblr-1785	506	28	are	be	AUX
cblr-1785	506	29	resold	resold	VERB
cblr-1785	506	30	within	within	ADP
cblr-1785	506	31	the	the	DET
cblr-1785	506	32	state.97	state.97	PROPN
cblr-1785	506	33	iii	iii	PROPN
cblr-1785	506	34	.	.	PUNCT
cblr-1785	507	1	a	a	DET
cblr-1785	507	2	comparison	comparison	NOUN
cblr-1785	507	3	of	of	ADP
cblr-1785	507	4	the	the	DET
cblr-1785	507	5	federal	federal	ADJ
cblr-1785	507	6	and	and	CCONJ
cblr-1785	507	7	state	state	NOUN
cblr-1785	507	8	exemptions	exemption	NOUN
cblr-1785	507	9	this	this	DET
cblr-1785	507	10	section	section	NOUN
cblr-1785	507	11	offers	offer	VERB
cblr-1785	507	12	an	an	DET
cblr-1785	507	13	in	in	ADP
cblr-1785	507	14	-	-	PUNCT
cblr-1785	507	15	depth	depth	NOUN
cblr-1785	507	16	comparison	comparison	NOUN
cblr-1785	507	17	of	of	ADP
cblr-1785	507	18	the	the	DET
cblr-1785	507	19	state	state	NOUN
cblr-1785	507	20	and	and	CCONJ
cblr-1785	507	21	federal	federal	ADJ
cblr-1785	507	22	exemptions	exemption	NOUN
cblr-1785	507	23	along	along	ADP
cblr-1785	507	24	several	several	ADJ
cblr-1785	507	25	key	key	ADJ
cblr-1785	507	26	dimensions	dimension	NOUN
cblr-1785	507	27	.	.	PUNCT
cblr-1785	508	1	the	the	DET
cblr-1785	508	2	analysis	analysis	NOUN
cblr-1785	508	3	will	will	AUX
cblr-1785	508	4	focus	focus	VERB
cblr-1785	508	5	on	on	ADP
cblr-1785	508	6	how	how	SCONJ
cblr-1785	508	7	the	the	DET
cblr-1785	508	8	differences	difference	NOUN
cblr-1785	508	9	impact	impact	VERB
cblr-1785	508	10	both	both	PRON
cblr-1785	508	11	capital	capital	NOUN
cblr-1785	508	12	formation	formation	NOUN
cblr-1785	508	13	and	and	CCONJ
cblr-1785	508	14	investor	investor	NOUN
cblr-1785	508	15	protection	protection	NOUN
cblr-1785	508	16	.	.	PUNCT
cblr-1785	509	1	overall	overall	ADV
cblr-1785	509	2	,	,	PUNCT
cblr-1785	509	3	the	the	DET
cblr-1785	509	4	section	section	NOUN
cblr-1785	509	5	will	will	AUX
cblr-1785	509	6	argue	argue	VERB
cblr-1785	509	7	that	that	SCONJ
cblr-1785	509	8	the	the	DET
cblr-1785	509	9	state	state	NOUN
cblr-1785	509	10	exemptions	exemption	NOUN
cblr-1785	509	11	offer	offer	VERB
cblr-1785	509	12	a	a	DET
cblr-1785	509	13	less	less	ADV
cblr-1785	509	14	expensive	expensive	ADJ
cblr-1785	509	15	alternative	alternative	NOUN
cblr-1785	509	16	to	to	ADP
cblr-1785	509	17	the	the	DET
cblr-1785	509	18	federal	federal	ADJ
cblr-1785	509	19	law	law	NOUN
cblr-1785	509	20	,	,	PUNCT
cblr-1785	509	21	and	and	CCONJ
cblr-1785	509	22	that	that	SCONJ
cblr-1785	509	23	certain	certain	ADJ
cblr-1785	509	24	features	feature	NOUN
cblr-1785	509	25	of	of	ADP
cblr-1785	509	26	the	the	DET
cblr-1785	509	27	exemptions	exemption	NOUN
cblr-1785	509	28	may	may	AUX
cblr-1785	509	29	help	help	VERB
cblr-1785	509	30	to	to	PART
cblr-1785	509	31	address	address	VERB
cblr-1785	509	32	investor	investor	NOUN
cblr-1785	509	33	protection	protection	NOUN
cblr-1785	509	34	concerns	concern	NOUN
cblr-1785	509	35	.	.	PUNCT
cblr-1785	510	1	a.	a.	NOUN
cblr-1785	510	2	access	access	NOUN
cblr-1785	510	3	to	to	ADP
cblr-1785	510	4	capital	capital	NOUN
cblr-1785	510	5	:	:	PUNCT
cblr-1785	510	6	eligible	eligible	ADJ
cblr-1785	510	7	investors	investor	NOUN
cblr-1785	510	8	and	and	CCONJ
cblr-1785	510	9	offering	offer	VERB
cblr-1785	510	10	limits	limit	NOUN
cblr-1785	510	11	from	from	ADP
cblr-1785	510	12	the	the	DET
cblr-1785	510	13	perspective	perspective	NOUN
cblr-1785	510	14	of	of	ADP
cblr-1785	510	15	a	a	DET
cblr-1785	510	16	potential	potential	ADJ
cblr-1785	510	17	issuer	issuer	NOUN
cblr-1785	510	18	,	,	PUNCT
cblr-1785	510	19	the	the	DET
cblr-1785	510	20	single	single	ADJ
cblr-1785	510	21	largest	large	ADJ
cblr-1785	510	22	difference	difference	NOUN
cblr-1785	510	23	between	between	ADP
cblr-1785	510	24	the	the	DET
cblr-1785	510	25	state	state	NOUN
cblr-1785	510	26	and	and	CCONJ
cblr-1785	510	27	federal	federal	ADJ
cblr-1785	510	28	exemptions	exemption	NOUN
cblr-1785	510	29	is	be	AUX
cblr-1785	510	30	that	that	SCONJ
cblr-1785	510	31	the	the	DET
cblr-1785	510	32	former	former	ADJ
cblr-1785	510	33	only	only	ADV
cblr-1785	510	34	give	give	VERB
cblr-1785	510	35	an	an	DET
cblr-1785	510	36	issuer	issuer	ADJ
cblr-1785	510	37	access	access	NOUN
cblr-1785	510	38	to	to	ADP
cblr-1785	510	39	investors	investor	NOUN
cblr-1785	510	40	in	in	ADP
cblr-1785	510	41	its	its	PRON
cblr-1785	510	42	home	home	NOUN
cblr-1785	510	43	state	state	NOUN
cblr-1785	510	44	.	.	PUNCT
cblr-1785	511	1	that	that	PRON
cblr-1785	511	2	is	be	AUX
cblr-1785	511	3	,	,	PUNCT
cblr-1785	511	4	in	in	ADP
cblr-1785	511	5	order	order	NOUN
cblr-1785	511	6	to	to	PART
cblr-1785	511	7	stay	stay	VERB
cblr-1785	511	8	within	within	ADP
cblr-1785	511	9	the	the	DET
cblr-1785	511	10	sec	sec	PROPN
cblr-1785	511	11	rule	rule	NOUN
cblr-1785	511	12	147	147	NUM
cblr-1785	511	13	registration	registration	NOUN
cblr-1785	511	14	exemption	exemption	NOUN
cblr-1785	511	15	,	,	PUNCT
cblr-1785	511	16	all	all	PRON
cblr-1785	511	17	of	of	ADP
cblr-1785	511	18	the	the	DET
cblr-1785	511	19	buyers	buyer	NOUN
cblr-1785	511	20	must	must	AUX
cblr-1785	511	21	be	be	AUX
cblr-1785	511	22	residents	resident	NOUN
cblr-1785	511	23	of	of	ADP
cblr-1785	511	24	that	that	DET
cblr-1785	511	25	state.98	state.98	NOUN
cblr-1785	511	26	this	this	DET
cblr-1785	511	27	restriction	restriction	NOUN
cblr-1785	511	28	would	would	AUX
cblr-1785	511	29	clearly	clearly	ADV
cblr-1785	511	30	present	present	VERB
cblr-1785	511	31	the	the	DET
cblr-1785	511	32	largest	large	ADJ
cblr-1785	511	33	drawback	drawback	NOUN
cblr-1785	511	34	for	for	ADP
cblr-1785	511	35	an	an	DET
cblr-1785	511	36	issuer	issuer	NOUN
cblr-1785	511	37	choosing	choosing	NOUN
cblr-1785	511	38	between	between	ADP
cblr-1785	511	39	the	the	DET
cblr-1785	511	40	state	state	NOUN
cblr-1785	511	41	and	and	CCONJ
cblr-1785	511	42	federal	federal	ADJ
cblr-1785	511	43	exemptions	exemption	NOUN
cblr-1785	511	44	.	.	PUNCT
cblr-1785	512	1	nevertheless	nevertheless	ADV
cblr-1785	512	2	,	,	PUNCT
cblr-1785	512	3	in	in	ADP
cblr-1785	512	4	more	more	ADV
cblr-1785	512	5	populous	populous	ADJ
cblr-1785	512	6	states	state	NOUN
cblr-1785	512	7	,	,	PUNCT
cblr-1785	512	8	issuers	issuer	NOUN
cblr-1785	512	9	would	would	AUX
cblr-1785	512	10	still	still	ADV
cblr-1785	512	11	have	have	VERB
cblr-1785	512	12	access	access	NOUN
cblr-1785	512	13	to	to	ADP
cblr-1785	512	14	a	a	DET
cblr-1785	512	15	fairly	fairly	ADV
cblr-1785	512	16	large	large	ADJ
cblr-1785	512	17	pool	pool	NOUN
cblr-1785	512	18	of	of	ADP
cblr-1785	512	19	potential	potential	ADJ
cblr-1785	512	20	investors	investor	NOUN
cblr-1785	512	21	.	.	PUNCT
cblr-1785	513	1	and	and	CCONJ
cblr-1785	513	2	given	give	VERB
cblr-1785	513	3	the	the	DET
cblr-1785	513	4	relatively	relatively	ADV
cblr-1785	513	5	small	small	ADJ
cblr-1785	513	6	average	average	ADJ
cblr-1785	513	7	size	size	NOUN
cblr-1785	513	8	of	of	ADP
cblr-1785	513	9	crowdfunding	crowdfunde	VERB
cblr-1785	513	10	offerings,99	offerings,99	PROPN
cblr-1785	513	11	and	and	CCONJ
cblr-1785	513	12	the	the	DET
cblr-1785	513	13	fact	fact	NOUN
cblr-1785	513	14	that	that	SCONJ
cblr-1785	513	15	an	an	DET
cblr-1785	513	16	offering	offering	NOUN
cblr-1785	513	17	can	can	AUX
cblr-1785	513	18	not	not	PART
cblr-1785	513	19	exceed	exceed	VERB
cblr-1785	513	20	$	$	SYM
cblr-1785	513	21	2	2	NUM
cblr-1785	513	22	million	million	NUM
cblr-1785	513	23	in	in	ADP
cblr-1785	513	24	any	any	DET
cblr-1785	513	25	case	case	NOUN
cblr-1785	513	26	,	,	PUNCT
cblr-1785	513	27	97	97	NUM
cblr-1785	513	28	17	17	NUM
cblr-1785	513	29	c.f.r	c.f.r	NOUN
cblr-1785	513	30	.	.	PUNCT
cblr-1785	514	1	§	§	PROPN
cblr-1785	514	2	230.147(e	230.147(e	PROPN
cblr-1785	514	3	)	)	PUNCT
cblr-1785	514	4	(	(	PUNCT
cblr-1785	514	5	2014	2014	NUM
cblr-1785	514	6	)	)	PUNCT
cblr-1785	514	7	.	.	PUNCT
cblr-1785	515	1	98	98	NUM
cblr-1785	515	2	again	again	ADV
cblr-1785	515	3	,	,	PUNCT
cblr-1785	515	4	maine	maine	PROPN
cblr-1785	515	5	is	be	AUX
cblr-1785	515	6	the	the	DET
cblr-1785	515	7	lone	lone	ADJ
cblr-1785	515	8	exception	exception	NOUN
cblr-1785	515	9	in	in	ADP
cblr-1785	515	10	not	not	PART
cblr-1785	515	11	requiring	require	VERB
cblr-1785	515	12	issuers	issuer	NOUN
cblr-1785	515	13	to	to	PART
cblr-1785	515	14	satisfy	satisfy	VERB
cblr-1785	515	15	rule	rule	VERB
cblr-1785	515	16	147	147	NUM
cblr-1785	515	17	.	.	PUNCT
cblr-1785	516	1	see	see	VERB
cblr-1785	516	2	supra	supra	PROPN
cblr-1785	516	3	note	note	PROPN
cblr-1785	516	4	68	68	NUM
cblr-1785	516	5	.	.	NUM
cblr-1785	516	6	99	99	NUM
cblr-1785	516	7	according	accord	VERB
cblr-1785	516	8	to	to	ADP
cblr-1785	516	9	the	the	DET
cblr-1785	516	10	sec	sec	PROPN
cblr-1785	516	11	’s	’s	PART
cblr-1785	516	12	proposed	propose	VERB
cblr-1785	516	13	rules	rule	NOUN
cblr-1785	516	14	,	,	PUNCT
cblr-1785	516	15	one	one	NUM
cblr-1785	516	16	crowdfunding	crowdfunde	VERB
cblr-1785	516	17	industry	industry	NOUN
cblr-1785	516	18	report	report	NOUN
cblr-1785	516	19	found	find	VERB
cblr-1785	516	20	that	that	SCONJ
cblr-1785	516	21	the	the	DET
cblr-1785	516	22	average	average	ADJ
cblr-1785	516	23	successful	successful	ADJ
cblr-1785	516	24	project	project	NOUN
cblr-1785	516	25	received	receive	VERB
cblr-1785	516	26	less	less	ADJ
cblr-1785	516	27	than	than	ADP
cblr-1785	516	28	$	$	SYM
cblr-1785	516	29	10,000	10,000	NUM
cblr-1785	516	30	.	.	PUNCT
cblr-1785	517	1	however	however	ADV
cblr-1785	517	2	,	,	PUNCT
cblr-1785	517	3	the	the	DET
cblr-1785	517	4	same	same	ADJ
cblr-1785	517	5	report	report	NOUN
cblr-1785	517	6	also	also	ADV
cblr-1785	517	7	found	find	VERB
cblr-1785	517	8	that	that	SCONJ
cblr-1785	517	9	sixty	sixty	NUM
cblr-1785	517	10	-	-	PUNCT
cblr-1785	517	11	eight	eight	NUM
cblr-1785	517	12	percent	percent	NOUN
cblr-1785	517	13	of	of	ADP
cblr-1785	517	14	securities	security	NOUN
cblr-1785	517	15	-	-	PUNCT
cblr-1785	517	16	based	base	VERB
cblr-1785	517	17	offerings	offering	NOUN
cblr-1785	517	18	exceeded	exceed	VERB
cblr-1785	517	19	$	$	SYM
cblr-1785	517	20	50,000	50,000	NUM
cblr-1785	517	21	.	.	PUNCT
cblr-1785	518	1	nonetheless	nonetheless	ADV
cblr-1785	518	2	,	,	PUNCT
cblr-1785	518	3	that	that	PRON
cblr-1785	518	4	still	still	ADV
cblr-1785	518	5	leaves	leave	VERB
cblr-1785	518	6	a	a	DET
cblr-1785	518	7	large	large	ADJ
cblr-1785	518	8	fraction	fraction	NOUN
cblr-1785	518	9	of	of	ADP
cblr-1785	518	10	securities	security	NOUN
cblr-1785	518	11	-	-	PUNCT
cblr-1785	518	12	based	base	VERB
cblr-1785	518	13	offerings	offering	NOUN
cblr-1785	518	14	that	that	PRON
cblr-1785	518	15	solicit	solicit	VERB
cblr-1785	518	16	only	only	ADV
cblr-1785	518	17	a	a	DET
cblr-1785	518	18	very	very	ADV
cblr-1785	518	19	small	small	ADJ
cblr-1785	518	20	amount	amount	NOUN
cblr-1785	518	21	.	.	PUNCT
cblr-1785	519	1	see	see	VERB
cblr-1785	519	2	sec	sec	PROPN
cblr-1785	519	3	proposed	propose	VERB
cblr-1785	519	4	rules	rule	NOUN
cblr-1785	519	5	,	,	PUNCT
cblr-1785	519	6	supra	supra	PROPN
cblr-1785	519	7	note	note	NOUN
cblr-1785	519	8	5	5	NUM
cblr-1785	519	9	,	,	PUNCT
cblr-1785	519	10	at	at	ADP
cblr-1785	519	11	333	333	NUM
cblr-1785	519	12	.	.	PUNCT
cblr-1785	520	1	see	see	VERB
cblr-1785	520	2	also	also	ADV
cblr-1785	520	3	bradford	bradford	PROPN
cblr-1785	520	4	supra	supra	PROPN
cblr-1785	520	5	note	note	PROPN
cblr-1785	520	6	12	12	NUM
cblr-1785	520	7	,	,	PUNCT
cblr-1785	520	8	at	at	ADP
cblr-1785	520	9	11	11	NUM
cblr-1785	520	10	.	.	PUNCT
cblr-1785	521	1	pei	pei	PROPN
cblr-1785	521	2	final	final	ADJ
cblr-1785	521	3	no	no	NOUN
cblr-1785	521	4	.	.	PUNCT
cblr-1785	522	1	3:854	3:854	NUM
cblr-1785	522	2	]	]	X
cblr-1785	522	3	intrastate	intrastate	ADJ
cblr-1785	522	4	crowdfunding	crowdfunde	VERB
cblr-1785	522	5	877	877	NUM
cblr-1785	522	6	limiting	limit	VERB
cblr-1785	522	7	the	the	DET
cblr-1785	522	8	potential	potential	ADJ
cblr-1785	522	9	investor	investor	NOUN
cblr-1785	522	10	pool	pool	NOUN
cblr-1785	522	11	to	to	ADP
cblr-1785	522	12	the	the	DET
cblr-1785	522	13	residents	resident	NOUN
cblr-1785	522	14	of	of	ADP
cblr-1785	522	15	a	a	DET
cblr-1785	522	16	single	single	ADJ
cblr-1785	522	17	state	state	NOUN
cblr-1785	522	18	may	may	AUX
cblr-1785	522	19	not	not	PART
cblr-1785	522	20	be	be	AUX
cblr-1785	522	21	as	as	ADV
cblr-1785	522	22	serious	serious	ADJ
cblr-1785	522	23	a	a	DET
cblr-1785	522	24	drawback	drawback	NOUN
cblr-1785	522	25	as	as	SCONJ
cblr-1785	522	26	it	it	PRON
cblr-1785	522	27	originally	originally	ADV
cblr-1785	522	28	seems	seem	VERB
cblr-1785	522	29	.	.	PUNCT
cblr-1785	523	1	the	the	DET
cblr-1785	523	2	lack	lack	NOUN
cblr-1785	523	3	of	of	ADP
cblr-1785	523	4	an	an	DET
cblr-1785	523	5	individual	individual	ADJ
cblr-1785	523	6	contribution	contribution	NOUN
cblr-1785	523	7	limit	limit	NOUN
cblr-1785	523	8	for	for	ADP
cblr-1785	523	9	accredited	accredit	VERB
cblr-1785	523	10	investors	investor	NOUN
cblr-1785	523	11	(	(	PUNCT
cblr-1785	523	12	as	as	ADV
cblr-1785	523	13	well	well	ADV
cblr-1785	523	14	as	as	ADP
cblr-1785	523	15	certified	certify	VERB
cblr-1785	523	16	investors	investor	NOUN
cblr-1785	523	17	in	in	ADP
cblr-1785	523	18	wisconsin	wisconsin	PROPN
cblr-1785	523	19	)	)	PUNCT
cblr-1785	523	20	under	under	ADP
cblr-1785	523	21	the	the	DET
cblr-1785	523	22	state	state	NOUN
cblr-1785	523	23	exemptions	exemption	NOUN
cblr-1785	523	24	also	also	ADV
cblr-1785	523	25	expands	expand	VERB
cblr-1785	523	26	the	the	DET
cblr-1785	523	27	pool	pool	NOUN
cblr-1785	523	28	of	of	ADP
cblr-1785	523	29	available	available	ADJ
cblr-1785	523	30	capital	capital	NOUN
cblr-1785	523	31	,	,	PUNCT
cblr-1785	523	32	despite	despite	SCONJ
cblr-1785	523	33	the	the	DET
cblr-1785	523	34	lower	low	ADJ
cblr-1785	523	35	absolute	absolute	ADJ
cblr-1785	523	36	number	number	NOUN
cblr-1785	523	37	of	of	ADP
cblr-1785	523	38	potential	potential	ADJ
cblr-1785	523	39	investors	investor	NOUN
cblr-1785	523	40	.	.	PUNCT
cblr-1785	524	1	the	the	DET
cblr-1785	524	2	absence	absence	NOUN
cblr-1785	524	3	of	of	ADP
cblr-1785	524	4	annual	annual	ADJ
cblr-1785	524	5	aggregate	aggregate	ADJ
cblr-1785	524	6	investment	investment	NOUN
cblr-1785	524	7	limits	limit	NOUN
cblr-1785	524	8	for	for	ADP
cblr-1785	524	9	retail	retail	ADJ
cblr-1785	524	10	investors	investor	NOUN
cblr-1785	524	11	also	also	ADV
cblr-1785	524	12	has	have	VERB
cblr-1785	524	13	the	the	DET
cblr-1785	524	14	same	same	ADJ
cblr-1785	524	15	effect	effect	NOUN
cblr-1785	524	16	,	,	PUNCT
cblr-1785	524	17	since	since	SCONJ
cblr-1785	524	18	an	an	DET
cblr-1785	524	19	investor	investor	NOUN
cblr-1785	524	20	’s	’s	PART
cblr-1785	524	21	contribution	contribution	NOUN
cblr-1785	524	22	to	to	ADP
cblr-1785	524	23	another	another	DET
cblr-1785	524	24	crowdfunding	crowdfunding	NOUN
cblr-1785	524	25	campaign	campaign	NOUN
cblr-1785	524	26	would	would	AUX
cblr-1785	524	27	not	not	PART
cblr-1785	524	28	prevent	prevent	VERB
cblr-1785	524	29	him	he	PRON
cblr-1785	524	30	from	from	ADP
cblr-1785	524	31	investing	invest	VERB
cblr-1785	524	32	up	up	ADP
cblr-1785	524	33	to	to	ADP
cblr-1785	524	34	the	the	DET
cblr-1785	524	35	limit	limit	NOUN
cblr-1785	524	36	in	in	ADP
cblr-1785	524	37	additional	additional	ADJ
cblr-1785	524	38	offerings	offering	NOUN
cblr-1785	524	39	.	.	PUNCT
cblr-1785	525	1	moreover	moreover	ADV
cblr-1785	525	2	,	,	PUNCT
cblr-1785	525	3	certain	certain	ADJ
cblr-1785	525	4	features	feature	NOUN
cblr-1785	525	5	of	of	ADP
cblr-1785	525	6	the	the	DET
cblr-1785	525	7	state	state	NOUN
cblr-1785	525	8	exemptions	exemption	NOUN
cblr-1785	525	9	enable	enable	VERB
cblr-1785	525	10	issuers	issuer	NOUN
cblr-1785	525	11	to	to	PART
cblr-1785	525	12	raise	raise	VERB
cblr-1785	525	13	more	more	ADJ
cblr-1785	525	14	than	than	SCONJ
cblr-1785	525	15	would	would	AUX
cblr-1785	525	16	be	be	AUX
cblr-1785	525	17	possible	possible	ADJ
cblr-1785	525	18	under	under	ADP
cblr-1785	525	19	the	the	DET
cblr-1785	525	20	federal	federal	ADJ
cblr-1785	525	21	exemption	exemption	NOUN
cblr-1785	525	22	.	.	PUNCT
cblr-1785	526	1	most	most	ADV
cblr-1785	526	2	straightforwardly	straightforwardly	ADV
cblr-1785	526	3	,	,	PUNCT
cblr-1785	526	4	the	the	DET
cblr-1785	526	5	wisconsin	wisconsin	PROPN
cblr-1785	526	6	and	and	CCONJ
cblr-1785	526	7	michigan	michigan	PROPN
cblr-1785	526	8	statutes	statute	NOUN
cblr-1785	526	9	allow	allow	VERB
cblr-1785	526	10	a	a	DET
cblr-1785	526	11	company	company	NOUN
cblr-1785	526	12	with	with	ADP
cblr-1785	526	13	audited	audit	VERB
cblr-1785	526	14	financials	financial	NOUN
cblr-1785	526	15	to	to	PART
cblr-1785	526	16	raise	raise	VERB
cblr-1785	526	17	up	up	ADP
cblr-1785	526	18	to	to	PART
cblr-1785	526	19	$	$	SYM
cblr-1785	526	20	2	2	NUM
cblr-1785	526	21	milliondouble	milliondouble	NUM
cblr-1785	526	22	what	what	PRON
cblr-1785	526	23	is	be	AUX
cblr-1785	526	24	allowed	allow	VERB
cblr-1785	526	25	by	by	ADP
cblr-1785	526	26	section	section	NOUN
cblr-1785	526	27	4(a)(6).100	4(a)(6).100	PROPN
cblr-1785	526	28	moreover	moreover	ADV
cblr-1785	526	29	,	,	PUNCT
cblr-1785	526	30	under	under	ADP
cblr-1785	526	31	the	the	DET
cblr-1785	526	32	state	state	NOUN
cblr-1785	526	33	exemptions	exemption	NOUN
cblr-1785	526	34	,	,	PUNCT
cblr-1785	526	35	sales	sale	NOUN
cblr-1785	526	36	to	to	ADP
cblr-1785	526	37	“	"	PUNCT
cblr-1785	526	38	controlling	control	VERB
cblr-1785	526	39	persons”officers	persons”officer	NOUN
cblr-1785	526	40	,	,	PUNCT
cblr-1785	526	41	directors	director	NOUN
cblr-1785	526	42	,	,	PUNCT
cblr-1785	526	43	partners	partner	NOUN
cblr-1785	526	44	,	,	PUNCT
cblr-1785	526	45	trustees	trustee	NOUN
cblr-1785	526	46	,	,	PUNCT
cblr-1785	526	47	or	or	CCONJ
cblr-1785	526	48	persons	person	NOUN
cblr-1785	526	49	owning	own	VERB
cblr-1785	526	50	more	more	ADJ
cblr-1785	526	51	than	than	ADP
cblr-1785	526	52	10	10	NUM
cblr-1785	526	53	percent	percent	NOUN
cblr-1785	526	54	or	or	CCONJ
cblr-1785	526	55	more	more	ADJ
cblr-1785	526	56	of	of	ADP
cblr-1785	526	57	the	the	DET
cblr-1785	526	58	outstanding	outstanding	ADJ
cblr-1785	526	59	sharesdo	sharesdo	NOUN
cblr-1785	526	60	not	not	PART
cblr-1785	526	61	count	count	VERB
cblr-1785	526	62	against	against	ADP
cblr-1785	526	63	the	the	DET
cblr-1785	526	64	offering	offering	NOUN
cblr-1785	526	65	limit.101	limit.101	PRON
cblr-1785	526	66	the	the	DET
cblr-1785	526	67	federal	federal	ADJ
cblr-1785	526	68	exemption	exemption	NOUN
cblr-1785	526	69	contains	contain	VERB
cblr-1785	526	70	no	no	DET
cblr-1785	526	71	comparable	comparable	ADJ
cblr-1785	526	72	carve	carve	NOUN
cblr-1785	526	73	-	-	PUNCT
cblr-1785	526	74	out	out	NOUN
cblr-1785	526	75	.	.	PUNCT
cblr-1785	527	1	therefore	therefore	ADV
cblr-1785	527	2	,	,	PUNCT
cblr-1785	527	3	an	an	DET
cblr-1785	527	4	issuer	issuer	NOUN
cblr-1785	527	5	would	would	AUX
cblr-1785	527	6	potentially	potentially	ADV
cblr-1785	527	7	be	be	AUX
cblr-1785	527	8	able	able	ADJ
cblr-1785	527	9	to	to	PART
cblr-1785	527	10	raise	raise	VERB
cblr-1785	527	11	more	more	ADJ
cblr-1785	527	12	than	than	ADP
cblr-1785	527	13	$	$	SYM
cblr-1785	527	14	1	1	NUM
cblr-1785	527	15	million	million	NUM
cblr-1785	527	16	under	under	ADP
cblr-1785	527	17	the	the	DET
cblr-1785	527	18	state	state	NOUN
cblr-1785	527	19	exemptions	exemption	NOUN
cblr-1785	527	20	by	by	ADP
cblr-1785	527	21	obtaining	obtain	VERB
cblr-1785	527	22	investments	investment	NOUN
cblr-1785	527	23	from	from	ADP
cblr-1785	527	24	these	these	DET
cblr-1785	527	25	sources	source	NOUN
cblr-1785	527	26	.	.	PUNCT
cblr-1785	528	1	the	the	DET
cblr-1785	528	2	wisconsin	wisconsin	PROPN
cblr-1785	528	3	exemption	exemption	NOUN
cblr-1785	528	4	also	also	ADV
cblr-1785	528	5	excludes	exclude	VERB
cblr-1785	528	6	sales	sale	NOUN
cblr-1785	528	7	to	to	AUX
cblr-1785	528	8	accredited	accredit	VERB
cblr-1785	528	9	,	,	PUNCT
cblr-1785	528	10	certified	certified	ADJ
cblr-1785	528	11	,	,	PUNCT
cblr-1785	528	12	and	and	CCONJ
cblr-1785	528	13	institutional	institutional	ADJ
cblr-1785	528	14	investors	investor	NOUN
cblr-1785	528	15	from	from	ADP
cblr-1785	528	16	counting	count	VERB
cblr-1785	528	17	against	against	ADP
cblr-1785	528	18	the	the	DET
cblr-1785	528	19	cap.102	cap.102	NOUN
cblr-1785	528	20	again	again	ADV
cblr-1785	528	21	,	,	PUNCT
cblr-1785	528	22	it	it	PRON
cblr-1785	528	23	becomes	become	VERB
cblr-1785	528	24	more	more	ADV
cblr-1785	528	25	likely	likely	ADJ
cblr-1785	528	26	that	that	SCONJ
cblr-1785	528	27	investors	investor	NOUN
cblr-1785	528	28	can	can	AUX
cblr-1785	528	29	raise	raise	VERB
cblr-1785	528	30	over	over	ADP
cblr-1785	528	31	$	$	SYM
cblr-1785	528	32	1	1	NUM
cblr-1785	528	33	million	million	NUM
cblr-1785	528	34	.	.	PUNCT
cblr-1785	529	1	finally	finally	ADV
cblr-1785	529	2	,	,	PUNCT
cblr-1785	529	3	the	the	DET
cblr-1785	529	4	federal	federal	ADJ
cblr-1785	529	5	exemption	exemption	NOUN
cblr-1785	529	6	prohibits	prohibit	VERB
cblr-1785	529	7	portals	portal	NOUN
cblr-1785	529	8	or	or	CCONJ
cblr-1785	529	9	brokers	broker	NOUN
cblr-1785	529	10	from	from	ADP
cblr-1785	529	11	distributing	distribute	VERB
cblr-1785	529	12	offering	offering	NOUN
cblr-1785	529	13	proceeds	proceed	NOUN
cblr-1785	529	14	to	to	ADP
cblr-1785	529	15	issuers	issuer	NOUN
cblr-1785	529	16	,	,	PUNCT
cblr-1785	529	17	unless	unless	SCONJ
cblr-1785	529	18	the	the	DET
cblr-1785	529	19	capital	capital	NOUN
cblr-1785	529	20	raised	raise	VERB
cblr-1785	529	21	is	be	AUX
cblr-1785	529	22	equal	equal	ADJ
cblr-1785	529	23	to	to	ADP
cblr-1785	529	24	or	or	CCONJ
cblr-1785	529	25	greater	great	ADJ
cblr-1785	529	26	than	than	ADP
cblr-1785	529	27	the	the	DET
cblr-1785	529	28	target	target	NOUN
cblr-1785	529	29	offering	offer	VERB
cblr-1785	529	30	amount.103	amount.103	PROPN
cblr-1785	529	31	clearly	clearly	ADV
cblr-1785	529	32	,	,	PUNCT
cblr-1785	529	33	not	not	PART
cblr-1785	529	34	all	all	DET
cblr-1785	529	35	offerings	offering	NOUN
cblr-1785	529	36	will	will	AUX
cblr-1785	529	37	be	be	AUX
cblr-1785	529	38	100	100	NUM
cblr-1785	529	39	indiana	indiana	PROPN
cblr-1785	529	40	and	and	CCONJ
cblr-1785	529	41	idaho	idaho	PROPN
cblr-1785	529	42	also	also	ADV
cblr-1785	529	43	allow	allow	VERB
cblr-1785	529	44	up	up	ADP
cblr-1785	529	45	to	to	ADP
cblr-1785	529	46	a	a	DET
cblr-1785	529	47	$	$	SYM
cblr-1785	529	48	2	2	NUM
cblr-1785	529	49	million	million	NUM
cblr-1785	529	50	raise	raise	NOUN
cblr-1785	529	51	.	.	PUNCT
cblr-1785	530	1	see	see	VERB
cblr-1785	530	2	supra	supra	PROPN
cblr-1785	530	3	note	note	PROPN
cblr-1785	530	4	73	73	NUM
cblr-1785	530	5	.	.	PUNCT
cblr-1785	531	1	101	101	NUM
cblr-1785	531	2	however	however	ADV
cblr-1785	531	3	,	,	PUNCT
cblr-1785	531	4	some	some	PRON
cblr-1785	531	5	of	of	ADP
cblr-1785	531	6	the	the	DET
cblr-1785	531	7	newer	new	ADJ
cblr-1785	531	8	exemptions	exemption	NOUN
cblr-1785	531	9	do	do	AUX
cblr-1785	531	10	not	not	PART
cblr-1785	531	11	contain	contain	VERB
cblr-1785	531	12	this	this	DET
cblr-1785	531	13	carveout	carveout	NOUN
cblr-1785	531	14	.	.	PUNCT
cblr-1785	532	1	see	see	VERB
cblr-1785	532	2	supra	supra	PROPN
cblr-1785	532	3	note	note	PROPN
cblr-1785	532	4	74	74	NUM
cblr-1785	532	5	.	.	PUNCT
cblr-1785	533	1	102	102	NUM
cblr-1785	533	2	indiana	indiana	PROPN
cblr-1785	533	3	’s	’s	PART
cblr-1785	533	4	new	new	ADJ
cblr-1785	533	5	exemption	exemption	NOUN
cblr-1785	533	6	also	also	ADV
cblr-1785	533	7	excludes	exclude	VERB
cblr-1785	533	8	accredited	accredited	ADJ
cblr-1785	533	9	investors	investor	NOUN
cblr-1785	533	10	.	.	PUNCT
cblr-1785	534	1	see	see	VERB
cblr-1785	534	2	supra	supra	PROPN
cblr-1785	534	3	note	note	PROPN
cblr-1785	534	4	77	77	NUM
cblr-1785	534	5	.	.	PUNCT
cblr-1785	534	6	103	103	NUM
cblr-1785	534	7	15	15	NUM
cblr-1785	534	8	u.s.c	u.s.c	NOUN
cblr-1785	534	9	.	.	PUNCT
cblr-1785	535	1	§	§	PROPN
cblr-1785	535	2	77d-1(a)(7	77d-1(a)(7	PROPN
cblr-1785	535	3	)	)	PUNCT
cblr-1785	535	4	(	(	PUNCT
cblr-1785	535	5	2012	2012	NUM
cblr-1785	535	6	)	)	PUNCT
cblr-1785	535	7	.	.	PUNCT
cblr-1785	536	1	as	as	SCONJ
cblr-1785	536	2	bradford	bradford	PROPN
cblr-1785	536	3	points	point	VERB
cblr-1785	536	4	out	out	ADP
cblr-1785	536	5	,	,	PUNCT
cblr-1785	536	6	there	there	PRON
cblr-1785	536	7	are	be	VERB
cblr-1785	536	8	some	some	DET
cblr-1785	536	9	sensible	sensible	ADJ
cblr-1785	536	10	reasons	reason	NOUN
cblr-1785	536	11	for	for	ADP
cblr-1785	536	12	this	this	DET
cblr-1785	536	13	all	all	ADV
cblr-1785	536	14	-	-	PUNCT
cblr-1785	536	15	or	or	CCONJ
cblr-1785	536	16	-	-	PUNCT
cblr-1785	536	17	nothing	nothing	PRON
cblr-1785	536	18	approach	approach	NOUN
cblr-1785	536	19	.	.	PUNCT
cblr-1785	537	1	first	first	ADV
cblr-1785	537	2	,	,	PUNCT
cblr-1785	537	3	it	it	PRON
cblr-1785	537	4	allows	allow	VERB
cblr-1785	537	5	pei	pei	PROPN
cblr-1785	537	6	final	final	ADJ
cblr-1785	537	7	878	878	PROPN
cblr-1785	537	8	columbia	columbia	PROPN
cblr-1785	537	9	business	business	NOUN
cblr-1785	537	10	law	law	PROPN
cblr-1785	537	11	review	review	NOUN
cblr-1785	538	1	[	[	X
cblr-1785	538	2	vol	vol	NOUN
cblr-1785	538	3	.	.	PUNCT
cblr-1785	538	4	2014	2014	NUM
cblr-1785	538	5	sufficiently	sufficiently	ADV
cblr-1785	538	6	subscribed	subscribe	VERB
cblr-1785	538	7	to	to	PART
cblr-1785	538	8	meet	meet	VERB
cblr-1785	538	9	their	their	PRON
cblr-1785	538	10	targets	target	NOUN
cblr-1785	538	11	,	,	PUNCT
cblr-1785	538	12	meaning	mean	VERB
cblr-1785	538	13	that	that	SCONJ
cblr-1785	538	14	some	some	DET
cblr-1785	538	15	money	money	NOUN
cblr-1785	538	16	will	will	AUX
cblr-1785	538	17	be	be	AUX
cblr-1785	538	18	left	leave	VERB
cblr-1785	538	19	on	on	ADP
cblr-1785	538	20	the	the	DET
cblr-1785	538	21	table	table	NOUN
cblr-1785	538	22	.	.	PUNCT
cblr-1785	539	1	the	the	DET
cblr-1785	539	2	state	state	NOUN
cblr-1785	539	3	exemptions	exemption	NOUN
cblr-1785	539	4	in	in	ADP
cblr-1785	539	5	kansas	kansas	PROPN
cblr-1785	539	6	and	and	CCONJ
cblr-1785	539	7	georgia	georgia	PROPN
cblr-1785	539	8	contain	contain	VERB
cblr-1785	539	9	no	no	DET
cblr-1785	539	10	such	such	ADJ
cblr-1785	539	11	all	all	ADV
cblr-1785	539	12	-	-	PUNCT
cblr-1785	539	13	or	or	CCONJ
cblr-1785	539	14	-	-	PUNCT
cblr-1785	539	15	nothing	nothing	PRON
cblr-1785	539	16	condition	condition	NOUN
cblr-1785	539	17	and	and	CCONJ
cblr-1785	539	18	thus	thus	ADV
cblr-1785	539	19	offer	offer	VERB
cblr-1785	539	20	better	well	ADJ
cblr-1785	539	21	access	access	NOUN
cblr-1785	539	22	to	to	ADP
cblr-1785	539	23	capital	capital	NOUN
cblr-1785	539	24	in	in	ADP
cblr-1785	539	25	this	this	DET
cblr-1785	539	26	respect.104	respect.104	NOUN
cblr-1785	539	27	despite	despite	SCONJ
cblr-1785	539	28	these	these	DET
cblr-1785	539	29	advantages	advantage	NOUN
cblr-1785	539	30	,	,	PUNCT
cblr-1785	539	31	one	one	NUM
cblr-1785	539	32	significant	significant	ADJ
cblr-1785	539	33	drawback	drawback	NOUN
cblr-1785	539	34	of	of	ADP
cblr-1785	539	35	the	the	DET
cblr-1785	539	36	structure	structure	NOUN
cblr-1785	539	37	of	of	ADP
cblr-1785	539	38	the	the	DET
cblr-1785	539	39	state	state	NOUN
cblr-1785	539	40	-	-	PUNCT
cblr-1785	539	41	law	law	NOUN
cblr-1785	539	42	offering	offering	NOUN
cblr-1785	539	43	limits	limit	NOUN
cblr-1785	539	44	is	be	AUX
cblr-1785	539	45	that	that	SCONJ
cblr-1785	539	46	they	they	PRON
cblr-1785	539	47	are	be	AUX
cblr-1785	539	48	impacted	impact	VERB
cblr-1785	539	49	by	by	ADP
cblr-1785	539	50	prior	prior	ADJ
cblr-1785	539	51	sales	sale	NOUN
cblr-1785	539	52	of	of	ADP
cblr-1785	539	53	securities	security	NOUN
cblr-1785	539	54	within	within	ADP
cblr-1785	539	55	the	the	DET
cblr-1785	539	56	preceding	precede	VERB
cblr-1785	539	57	year	year	NOUN
cblr-1785	539	58	.	.	PUNCT
cblr-1785	540	1	the	the	DET
cblr-1785	540	2	language	language	NOUN
cblr-1785	540	3	in	in	ADP
cblr-1785	540	4	the	the	DET
cblr-1785	540	5	georgia	georgia	PROPN
cblr-1785	540	6	exemption	exemption	NOUN
cblr-1785	540	7	is	be	AUX
cblr-1785	540	8	representative	representative	ADJ
cblr-1785	540	9	:	:	PUNCT
cblr-1785	540	10	the	the	DET
cblr-1785	540	11	sum	sum	NOUN
cblr-1785	540	12	of	of	ADP
cblr-1785	540	13	all	all	DET
cblr-1785	540	14	cash	cash	NOUN
cblr-1785	540	15	and	and	CCONJ
cblr-1785	540	16	other	other	ADJ
cblr-1785	540	17	consideration	consideration	NOUN
cblr-1785	540	18	to	to	PART
cblr-1785	540	19	be	be	AUX
cblr-1785	540	20	received	receive	VERB
cblr-1785	540	21	for	for	ADP
cblr-1785	540	22	all	all	DET
cblr-1785	540	23	sales	sale	NOUN
cblr-1785	540	24	of	of	ADP
cblr-1785	540	25	the	the	DET
cblr-1785	540	26	security	security	NOUN
cblr-1785	540	27	in	in	ADP
cblr-1785	540	28	reliance	reliance	NOUN
cblr-1785	540	29	upon	upon	SCONJ
cblr-1785	540	30	this	this	DET
cblr-1785	540	31	exemption	exemption	NOUN
cblr-1785	540	32	shall	shall	AUX
cblr-1785	540	33	not	not	PART
cblr-1785	540	34	exceed	exceed	VERB
cblr-1785	540	35	$	$	SYM
cblr-1785	540	36	1,000,000	1,000,000	NUM
cblr-1785	540	37	,	,	PUNCT
cblr-1785	540	38	less	less	ADJ
cblr-1785	540	39	the	the	DET
cblr-1785	540	40	aggregate	aggregate	ADJ
cblr-1785	540	41	amount	amount	NOUN
cblr-1785	540	42	received	receive	VERB
cblr-1785	540	43	for	for	ADP
cblr-1785	540	44	all	all	DET
cblr-1785	540	45	sales	sale	NOUN
cblr-1785	540	46	of	of	ADP
cblr-1785	540	47	securities	security	NOUN
cblr-1785	540	48	by	by	ADP
cblr-1785	540	49	the	the	DET
cblr-1785	540	50	issuer	issuer	NOUN
cblr-1785	540	51	within	within	ADP
cblr-1785	540	52	the	the	DET
cblr-1785	540	53	12	12	NUM
cblr-1785	540	54	months	month	NOUN
cblr-1785	540	55	before	before	ADP
cblr-1785	540	56	the	the	DET
cblr-1785	540	57	first	first	ADJ
cblr-1785	540	58	offer	offer	NOUN
cblr-1785	540	59	or	or	CCONJ
cblr-1785	540	60	sale	sale	NOUN
cblr-1785	540	61	made	make	VERB
cblr-1785	540	62	in	in	ADP
cblr-1785	540	63	reliance	reliance	NOUN
cblr-1785	540	64	upon	upon	SCONJ
cblr-1785	540	65	this	this	DET
cblr-1785	540	66	exemption.105	exemption.105	NOUN
cblr-1785	540	67	the	the	DET
cblr-1785	540	68	federal	federal	ADJ
cblr-1785	540	69	exemption	exemption	NOUN
cblr-1785	540	70	contains	contain	VERB
cblr-1785	540	71	similar	similar	ADJ
cblr-1785	540	72	language	language	NOUN
cblr-1785	540	73	,	,	PUNCT
cblr-1785	540	74	requiring	require	VERB
cblr-1785	540	75	that	that	SCONJ
cblr-1785	540	76	the	the	DET
cblr-1785	540	77	aggregate	aggregate	ADJ
cblr-1785	540	78	amount	amount	NOUN
cblr-1785	540	79	sold	sell	VERB
cblr-1785	540	80	to	to	ADP
cblr-1785	540	81	all	all	DET
cblr-1785	540	82	investors	investor	NOUN
cblr-1785	540	83	by	by	ADP
cblr-1785	540	84	the	the	DET
cblr-1785	540	85	issuer	issuer	NOUN
cblr-1785	540	86	,	,	PUNCT
cblr-1785	540	87	including	include	VERB
cblr-1785	540	88	any	any	DET
cblr-1785	540	89	amount	amount	NOUN
cblr-1785	540	90	sold	sell	VERB
cblr-1785	540	91	in	in	ADP
cblr-1785	540	92	reliance	reliance	NOUN
cblr-1785	540	93	on	on	ADP
cblr-1785	540	94	the	the	DET
cblr-1785	540	95	exemption	exemption	NOUN
cblr-1785	540	96	provided	provide	VERB
cblr-1785	540	97	under	under	ADP
cblr-1785	540	98	this	this	DET
cblr-1785	540	99	paragraph	paragraph	NOUN
cblr-1785	540	100	during	during	ADP
cblr-1785	540	101	the	the	DET
cblr-1785	540	102	individual	individual	ADJ
cblr-1785	540	103	investors	investor	NOUN
cblr-1785	540	104	to	to	PART
cblr-1785	540	105	harness	harness	VERB
cblr-1785	540	106	the	the	DET
cblr-1785	540	107	wisdom	wisdom	NOUN
cblr-1785	540	108	of	of	ADP
cblr-1785	540	109	the	the	DET
cblr-1785	540	110	crowd	crowd	NOUN
cblr-1785	540	111	because	because	SCONJ
cblr-1785	540	112	one	one	PRON
cblr-1785	540	113	can	can	AUX
cblr-1785	540	114	not	not	PART
cblr-1785	540	115	invest	invest	VERB
cblr-1785	540	116	unless	unless	SCONJ
cblr-1785	540	117	many	many	ADJ
cblr-1785	540	118	other	other	ADJ
cblr-1785	540	119	investors	investor	NOUN
cblr-1785	540	120	are	be	AUX
cblr-1785	540	121	also	also	ADV
cblr-1785	540	122	persuaded	persuade	VERB
cblr-1785	540	123	that	that	SCONJ
cblr-1785	540	124	the	the	DET
cblr-1785	540	125	investment	investment	NOUN
cblr-1785	540	126	is	be	AUX
cblr-1785	540	127	a	a	DET
cblr-1785	540	128	good	good	ADJ
cblr-1785	540	129	one	one	NUM
cblr-1785	540	130	.	.	PUNCT
cblr-1785	541	1	bradford	bradford	PROPN
cblr-1785	541	2	,	,	PUNCT
cblr-1785	541	3	supra	supra	PROPN
cblr-1785	541	4	note	note	PROPN
cblr-1785	541	5	12	12	NUM
cblr-1785	541	6	,	,	PUNCT
cblr-1785	541	7	at	at	ADP
cblr-1785	541	8	140	140	NUM
cblr-1785	541	9	(	(	PUNCT
cblr-1785	541	10	“	"	PUNCT
cblr-1785	541	11	unless	unless	SCONJ
cblr-1785	541	12	the	the	DET
cblr-1785	541	13	entrepreneur	entrepreneur	NOUN
cblr-1785	541	14	can	can	AUX
cblr-1785	541	15	convince	convince	VERB
cblr-1785	541	16	other	other	ADJ
cblr-1785	541	17	,	,	PUNCT
cblr-1785	541	18	more	more	ADV
cblr-1785	541	19	rational	rational	ADJ
cblr-1785	541	20	,	,	PUNCT
cblr-1785	541	21	investors	investor	NOUN
cblr-1785	541	22	to	to	PART
cblr-1785	541	23	participate	participate	VERB
cblr-1785	541	24	,	,	PUNCT
cblr-1785	541	25	the	the	DET
cblr-1785	541	26	foolhardy	foolhardy	NOUN
cblr-1785	541	27	are	be	AUX
cblr-1785	541	28	not	not	PART
cblr-1785	541	29	at	at	ADP
cblr-1785	541	30	risk	risk	NOUN
cblr-1785	541	31	.	.	PUNCT
cblr-1785	541	32	”	"	PUNCT
cblr-1785	541	33	)	)	PUNCT
cblr-1785	541	34	.	.	PUNCT
cblr-1785	542	1	second	second	ADJ
cblr-1785	542	2	,	,	PUNCT
cblr-1785	542	3	the	the	DET
cblr-1785	542	4	all	all	ADV
cblr-1785	542	5	-	-	PUNCT
cblr-1785	542	6	or	or	CCONJ
cblr-1785	542	7	-	-	PUNCT
cblr-1785	542	8	nothing	nothing	PRON
cblr-1785	542	9	approach	approach	NOUN
cblr-1785	542	10	forces	force	NOUN
cblr-1785	542	11	entrepreneurs	entrepreneur	NOUN
cblr-1785	542	12	to	to	PART
cblr-1785	542	13	be	be	AUX
cblr-1785	542	14	realistic	realistic	ADJ
cblr-1785	542	15	in	in	ADP
cblr-1785	542	16	their	their	PRON
cblr-1785	542	17	offerings	offering	NOUN
cblr-1785	542	18	.	.	PUNCT
cblr-1785	543	1	i	i	PRON
cblr-1785	543	2	d.	d.	PROPN
cblr-1785	543	3	(	(	PUNCT
cblr-1785	543	4	“	"	PUNCT
cblr-1785	543	5	since	since	SCONJ
cblr-1785	543	6	overreaching	overreach	VERB
cblr-1785	543	7	could	could	AUX
cblr-1785	543	8	cause	cause	VERB
cblr-1785	543	9	the	the	DET
cblr-1785	543	10	offering	offering	NOUN
cblr-1785	543	11	to	to	PART
cblr-1785	543	12	fail	fail	VERB
cblr-1785	543	13	,	,	PUNCT
cblr-1785	543	14	the	the	DET
cblr-1785	543	15	entrepreneur	entrepreneur	NOUN
cblr-1785	543	16	has	have	VERB
cblr-1785	543	17	an	an	DET
cblr-1785	543	18	incentive	incentive	NOUN
cblr-1785	543	19	to	to	PART
cblr-1785	543	20	request	request	VERB
cblr-1785	543	21	only	only	ADV
cblr-1785	543	22	the	the	DET
cblr-1785	543	23	true	true	ADJ
cblr-1785	543	24	minimum	minimum	NOUN
cblr-1785	543	25	amount	amount	NOUN
cblr-1785	543	26	needed	need	VERB
cblr-1785	543	27	to	to	PART
cblr-1785	543	28	fund	fund	VERB
cblr-1785	543	29	the	the	DET
cblr-1785	543	30	project	project	NOUN
cblr-1785	543	31	.	.	PUNCT
cblr-1785	543	32	”	"	PUNCT
cblr-1785	543	33	)	)	PUNCT
cblr-1785	543	34	.	.	PUNCT
cblr-1785	544	1	104	104	NUM
cblr-1785	545	1	but	but	CCONJ
cblr-1785	545	2	see	see	VERB
cblr-1785	545	3	the	the	DET
cblr-1785	545	4	michigan	michigan	PROPN
cblr-1785	545	5	and	and	CCONJ
cblr-1785	545	6	wisconsin	wisconsin	PROPN
cblr-1785	545	7	statutes	statute	NOUN
cblr-1785	545	8	,	,	PUNCT
cblr-1785	545	9	which	which	PRON
cblr-1785	545	10	each	each	PRON
cblr-1785	545	11	contain	contain	VERB
cblr-1785	545	12	nearly	nearly	ADV
cblr-1785	545	13	identical	identical	ADJ
cblr-1785	545	14	language	language	NOUN
cblr-1785	545	15	requiring	require	VERB
cblr-1785	545	16	that	that	SCONJ
cblr-1785	545	17	the	the	DET
cblr-1785	545	18	issuer	issuer	NOUN
cblr-1785	545	19	maintain	maintain	VERB
cblr-1785	545	20	an	an	DET
cblr-1785	545	21	escrow	escrow	NOUN
cblr-1785	545	22	account	account	NOUN
cblr-1785	545	23	into	into	ADP
cblr-1785	545	24	which	which	PRON
cblr-1785	545	25	investor	investor	NOUN
cblr-1785	545	26	funds	fund	NOUN
cblr-1785	545	27	are	be	AUX
cblr-1785	545	28	deposited	deposit	VERB
cblr-1785	545	29	and	and	CCONJ
cblr-1785	545	30	held	hold	VERB
cblr-1785	545	31	until	until	SCONJ
cblr-1785	545	32	the	the	DET
cblr-1785	545	33	target	target	NOUN
cblr-1785	545	34	offering	offering	NOUN
cblr-1785	545	35	amount	amount	NOUN
cblr-1785	545	36	is	be	AUX
cblr-1785	545	37	met	meet	VERB
cblr-1785	545	38	or	or	CCONJ
cblr-1785	545	39	exceeded	exceed	VERB
cblr-1785	545	40	.	.	PUNCT
cblr-1785	546	1	mich	mich	PROPN
cblr-1785	546	2	.	.	PUNCT
cblr-1785	547	1	comp	comp	PROPN
cblr-1785	547	2	.	.	PUNCT
cblr-1785	548	1	laws	law	NOUN
cblr-1785	548	2	ann	ann	PROPN
cblr-1785	548	3	.	.	PUNCT
cblr-1785	549	1	§	§	PROPN
cblr-1785	549	2	451.2202a(1)(e)(3	451.2202a(1)(e)(3	PROPN
cblr-1785	549	3	)	)	PUNCT
cblr-1785	549	4	(	(	PUNCT
cblr-1785	549	5	west	west	NOUN
cblr-1785	549	6	2013	2013	NUM
cblr-1785	549	7	)	)	PUNCT
cblr-1785	549	8	;	;	PUNCT
cblr-1785	549	9	wis	wis	PROPN
cblr-1785	549	10	.	.	PUNCT
cblr-1785	549	11	stat	stat	PROPN
cblr-1785	549	12	.	.	PUNCT
cblr-1785	550	1	ann	ann	PROPN
cblr-1785	550	2	.	.	PUNCT
cblr-1785	551	1	§	§	PROPN
cblr-1785	551	2	551.202(26)(f)(3	551.202(26)(f)(3	NUM
cblr-1785	551	3	)	)	PUNCT
cblr-1785	551	4	.	.	PUNCT
cblr-1785	552	1	most	most	ADJ
cblr-1785	552	2	of	of	ADP
cblr-1785	552	3	the	the	DET
cblr-1785	552	4	newer	new	ADJ
cblr-1785	552	5	exemptions	exemption	NOUN
cblr-1785	552	6	also	also	ADV
cblr-1785	552	7	contain	contain	VERB
cblr-1785	552	8	all	all	ADV
cblr-1785	552	9	-	-	PUNCT
cblr-1785	552	10	or	or	CCONJ
cblr-1785	552	11	-	-	PUNCT
cblr-1785	552	12	nothing	nothing	PRON
cblr-1785	552	13	conditions	condition	NOUN
cblr-1785	552	14	.	.	PUNCT
cblr-1785	553	1	they	they	PRON
cblr-1785	553	2	are	be	AUX
cblr-1785	553	3	not	not	PART
cblr-1785	553	4	universal	universal	ADJ
cblr-1785	553	5	,	,	PUNCT
cblr-1785	553	6	however	however	ADV
cblr-1785	553	7	;	;	PUNCT
cblr-1785	553	8	colorado	colorado	PROPN
cblr-1785	553	9	and	and	CCONJ
cblr-1785	553	10	maryland	maryland	PROPN
cblr-1785	553	11	do	do	AUX
cblr-1785	553	12	not	not	PART
cblr-1785	553	13	include	include	VERB
cblr-1785	553	14	such	such	DET
cblr-1785	553	15	a	a	DET
cblr-1785	553	16	condition	condition	NOUN
cblr-1785	553	17	.	.	PUNCT
cblr-1785	554	1	see	see	VERB
cblr-1785	554	2	anthony	anthony	PROPN
cblr-1785	554	3	j.	j.	PROPN
cblr-1785	554	4	zeoli	zeoli	PROPN
cblr-1785	554	5	&	&	CCONJ
cblr-1785	554	6	georgia	georgia	PROPN
cblr-1785	554	7	p.	p.	PROPN
cblr-1785	554	8	quinn	quinn	PROPN
cblr-1785	554	9	,	,	PUNCT
cblr-1785	554	10	summary	summary	NOUN
cblr-1785	554	11	of	of	ADP
cblr-1785	554	12	enacted	enact	VERB
cblr-1785	554	13	intrastate	intrastate	ADJ
cblr-1785	554	14	crowdfunding	crowdfunding	NOUN
cblr-1785	554	15	exemptions	exemption	NOUN
cblr-1785	554	16	,	,	PUNCT
cblr-1785	554	17	crowdcheck	crowdcheck	PROPN
cblr-1785	554	18	blog	blog	NOUN
cblr-1785	554	19	(	(	PUNCT
cblr-1785	554	20	july	july	PROPN
cblr-1785	554	21	14	14	NUM
cblr-1785	554	22	,	,	PUNCT
cblr-1785	554	23	2014	2014	NUM
cblr-1785	554	24	)	)	PUNCT
cblr-1785	554	25	,	,	PUNCT
cblr-1785	554	26	http://perma.cc/gq3j-8bjr	http://perma.cc/gq3j-8bjr	PROPN
cblr-1785	554	27	.	.	PUNCT
cblr-1785	555	1	105	105	NUM
cblr-1785	555	2	ga	ga	PROPN
cblr-1785	555	3	.	.	PROPN
cblr-1785	555	4	comp	comp	PROPN
cblr-1785	555	5	.	.	PUNCT
cblr-1785	556	1	r.	r.	PROPN
cblr-1785	556	2	&	&	CCONJ
cblr-1785	556	3	regs	regs	PROPN
cblr-1785	556	4	.	.	PUNCT
cblr-1785	557	1	590	590	NUM
cblr-1785	557	2	-	-	SYM
cblr-1785	557	3	4	4	NUM
cblr-1785	557	4	-	-	NUM
cblr-1785	557	5	2-.08(1)(c	2-.08(1)(c	NUM
cblr-1785	557	6	)	)	PUNCT
cblr-1785	557	7	(	(	PUNCT
cblr-1785	557	8	2013	2013	NUM
cblr-1785	557	9	)	)	PUNCT
cblr-1785	557	10	(	(	PUNCT
cblr-1785	557	11	emphasis	emphasis	NOUN
cblr-1785	557	12	added	add	VERB
cblr-1785	557	13	)	)	PUNCT
cblr-1785	557	14	.	.	PUNCT
cblr-1785	558	1	pei	pei	PROPN
cblr-1785	558	2	final	final	ADJ
cblr-1785	558	3	no	no	NOUN
cblr-1785	558	4	.	.	PUNCT
cblr-1785	559	1	3:854	3:854	NUM
cblr-1785	559	2	]	]	X
cblr-1785	559	3	intrastate	intrastate	ADJ
cblr-1785	559	4	crowdfunding	crowdfunde	VERB
cblr-1785	559	5	879	879	NUM
cblr-1785	559	6	12	12	NUM
cblr-1785	559	7	-	-	PUNCT
cblr-1785	559	8	month	month	NOUN
cblr-1785	559	9	period	period	NOUN
cblr-1785	559	10	preceding	precede	VERB
cblr-1785	559	11	the	the	DET
cblr-1785	559	12	date	date	NOUN
cblr-1785	559	13	of	of	ADP
cblr-1785	559	14	such	such	ADJ
cblr-1785	559	15	transaction	transaction	NOUN
cblr-1785	559	16	,	,	PUNCT
cblr-1785	559	17	is	be	AUX
cblr-1785	559	18	not	not	PART
cblr-1785	559	19	more	more	ADJ
cblr-1785	559	20	than	than	ADP
cblr-1785	559	21	$	$	SYM
cblr-1785	559	22	1,000,000.106	1,000,000.106	NOUN
cblr-1785	559	23	the	the	DET
cblr-1785	559	24	federal	federal	ADJ
cblr-1785	559	25	statute	statute	NOUN
cblr-1785	559	26	is	be	AUX
cblr-1785	559	27	ambiguous	ambiguous	ADJ
cblr-1785	559	28	as	as	ADP
cblr-1785	559	29	to	to	ADP
cblr-1785	559	30	whether	whether	SCONJ
cblr-1785	559	31	all	all	DET
cblr-1785	559	32	sales	sale	NOUN
cblr-1785	559	33	of	of	ADP
cblr-1785	559	34	securities	security	NOUN
cblr-1785	559	35	,	,	PUNCT
cblr-1785	559	36	or	or	CCONJ
cblr-1785	559	37	only	only	ADV
cblr-1785	559	38	those	those	PRON
cblr-1785	559	39	that	that	PRON
cblr-1785	559	40	rely	rely	VERB
cblr-1785	559	41	on	on	ADP
cblr-1785	559	42	the	the	DET
cblr-1785	559	43	crowdfunding	crowdfunding	NOUN
cblr-1785	559	44	exemption	exemption	NOUN
cblr-1785	559	45	,	,	PUNCT
cblr-1785	559	46	count	count	VERB
cblr-1785	559	47	towards	towards	ADP
cblr-1785	559	48	the	the	DET
cblr-1785	559	49	$	$	SYM
cblr-1785	559	50	1	1	NUM
cblr-1785	559	51	million	million	NUM
cblr-1785	559	52	limit.107	limit.107	NOUN
cblr-1785	559	53	to	to	PART
cblr-1785	559	54	resolve	resolve	VERB
cblr-1785	559	55	this	this	DET
cblr-1785	559	56	confusion	confusion	NOUN
cblr-1785	559	57	and	and	CCONJ
cblr-1785	559	58	to	to	PART
cblr-1785	559	59	further	far	ADV
cblr-1785	559	60	“	"	PUNCT
cblr-1785	559	61	the	the	DET
cblr-1785	559	62	goal	goal	NOUN
cblr-1785	559	63	of	of	ADP
cblr-1785	559	64	alleviating	alleviate	VERB
cblr-1785	559	65	the	the	DET
cblr-1785	559	66	funding	funding	NOUN
cblr-1785	559	67	gap	gap	NOUN
cblr-1785	559	68	faced	face	VERB
cblr-1785	559	69	by	by	ADP
cblr-1785	559	70	startups	startup	NOUN
cblr-1785	559	71	and	and	CCONJ
cblr-1785	559	72	small	small	ADJ
cblr-1785	559	73	businesses	business	NOUN
cblr-1785	559	74	,	,	PUNCT
cblr-1785	559	75	”	"	PUNCT
cblr-1785	559	76	the	the	DET
cblr-1785	559	77	sec	sec	PROPN
cblr-1785	559	78	has	have	AUX
cblr-1785	559	79	proposed	propose	VERB
cblr-1785	559	80	that	that	SCONJ
cblr-1785	559	81	only	only	ADJ
cblr-1785	559	82	capital	capital	NOUN
cblr-1785	559	83	raised	raise	VERB
cblr-1785	559	84	in	in	ADP
cblr-1785	559	85	reliance	reliance	NOUN
cblr-1785	559	86	on	on	ADP
cblr-1785	559	87	the	the	DET
cblr-1785	559	88	crowdfunding	crowdfunding	NOUN
cblr-1785	559	89	exemption	exemption	NOUN
cblr-1785	559	90	should	should	AUX
cblr-1785	559	91	be	be	AUX
cblr-1785	559	92	counted	count	VERB
cblr-1785	559	93	against	against	ADP
cblr-1785	559	94	the	the	DET
cblr-1785	559	95	offering	offering	NOUN
cblr-1785	559	96	limit.108	limit.108	ADV
cblr-1785	559	97	but	but	CCONJ
cblr-1785	559	98	the	the	DET
cblr-1785	559	99	state	state	NOUN
cblr-1785	559	100	exemptions	exemption	NOUN
cblr-1785	559	101	are	be	AUX
cblr-1785	559	102	unambiguous	unambiguous	ADJ
cblr-1785	559	103	—	—	PUNCT
cblr-1785	559	104	they	they	PRON
cblr-1785	559	105	require	require	VERB
cblr-1785	559	106	an	an	DET
cblr-1785	559	107	issuer	issuer	NOUN
cblr-1785	559	108	to	to	PART
cblr-1785	559	109	subtract	subtract	VERB
cblr-1785	559	110	all	all	DET
cblr-1785	559	111	sales	sale	NOUN
cblr-1785	559	112	of	of	ADP
cblr-1785	559	113	securities	security	NOUN
cblr-1785	559	114	made	make	VERB
cblr-1785	559	115	before	before	ADP
cblr-1785	559	116	the	the	DET
cblr-1785	559	117	first	first	ADJ
cblr-1785	559	118	offer	offer	NOUN
cblr-1785	559	119	or	or	CCONJ
cblr-1785	559	120	sale	sale	NOUN
cblr-1785	559	121	made	make	VERB
cblr-1785	559	122	in	in	ADP
cblr-1785	559	123	reliance	reliance	NOUN
cblr-1785	559	124	on	on	ADP
cblr-1785	559	125	the	the	DET
cblr-1785	559	126	crowdfunding	crowdfunding	NOUN
cblr-1785	559	127	exemption	exemption	NOUN
cblr-1785	559	128	.	.	PUNCT
cblr-1785	560	1	thus	thus	ADV
cblr-1785	560	2	,	,	PUNCT
cblr-1785	560	3	it	it	PRON
cblr-1785	560	4	is	be	AUX
cblr-1785	560	5	impossible	impossible	ADJ
cblr-1785	560	6	that	that	SCONJ
cblr-1785	560	7	the	the	DET
cblr-1785	560	8	deducted	deduct	VERB
cblr-1785	560	9	sales	sale	NOUN
cblr-1785	560	10	could	could	AUX
cblr-1785	560	11	include	include	VERB
cblr-1785	560	12	,	,	PUNCT
cblr-1785	560	13	much	much	ADV
cblr-1785	560	14	less	less	ADJ
cblr-1785	560	15	be	be	AUX
cblr-1785	560	16	limited	limit	VERB
cblr-1785	560	17	to	to	ADP
cblr-1785	560	18	,	,	PUNCT
cblr-1785	560	19	other	other	ADJ
cblr-1785	560	20	sales	sale	NOUN
cblr-1785	560	21	made	make	VERB
cblr-1785	560	22	in	in	ADP
cblr-1785	560	23	reliance	reliance	NOUN
cblr-1785	560	24	on	on	ADP
cblr-1785	560	25	the	the	DET
cblr-1785	560	26	crowdfunding	crowdfunding	NOUN
cblr-1785	560	27	exemption	exemption	NOUN
cblr-1785	560	28	.	.	PUNCT
cblr-1785	561	1	plainly	plainly	ADV
cblr-1785	561	2	,	,	PUNCT
cblr-1785	561	3	the	the	DET
cblr-1785	561	4	exemptions	exemption	NOUN
cblr-1785	561	5	require	require	VERB
cblr-1785	561	6	that	that	SCONJ
cblr-1785	561	7	all	all	DET
cblr-1785	561	8	prior	prior	ADJ
cblr-1785	561	9	sales	sale	NOUN
cblr-1785	561	10	be	be	AUX
cblr-1785	561	11	aggregated.109	aggregated.109	VERB
cblr-1785	561	12	this	this	DET
cblr-1785	561	13	requirement	requirement	NOUN
cblr-1785	561	14	could	could	AUX
cblr-1785	561	15	significantly	significantly	ADV
cblr-1785	561	16	limit	limit	VERB
cblr-1785	561	17	the	the	DET
cblr-1785	561	18	usefulness	usefulness	NOUN
cblr-1785	561	19	of	of	ADP
cblr-1785	561	20	the	the	DET
cblr-1785	561	21	exemption	exemption	NOUN
cblr-1785	561	22	to	to	ADP
cblr-1785	561	23	an	an	DET
cblr-1785	561	24	issuer	issuer	NOUN
cblr-1785	561	25	who	who	PRON
cblr-1785	561	26	has	have	AUX
cblr-1785	561	27	already	already	ADV
cblr-1785	561	28	raised	raise	VERB
cblr-1785	561	29	capital	capital	NOUN
cblr-1785	561	30	using	use	VERB
cblr-1785	561	31	other	other	ADJ
cblr-1785	561	32	methods	method	NOUN
cblr-1785	561	33	.	.	PUNCT
cblr-1785	562	1	in	in	ADP
cblr-1785	562	2	sum	sum	NOUN
cblr-1785	562	3	,	,	PUNCT
cblr-1785	562	4	although	although	SCONJ
cblr-1785	562	5	the	the	DET
cblr-1785	562	6	state	state	NOUN
cblr-1785	562	7	exemptions	exemption	NOUN
cblr-1785	562	8	grant	grant	VERB
cblr-1785	562	9	access	access	NOUN
cblr-1785	562	10	to	to	ADP
cblr-1785	562	11	a	a	DET
cblr-1785	562	12	much	much	ADV
cblr-1785	562	13	smaller	small	ADJ
cblr-1785	562	14	pool	pool	NOUN
cblr-1785	562	15	of	of	ADP
cblr-1785	562	16	potential	potential	ADJ
cblr-1785	562	17	investors	investor	NOUN
cblr-1785	562	18	than	than	ADP
cblr-1785	562	19	their	their	PRON
cblr-1785	562	20	federal	federal	ADJ
cblr-1785	562	21	counterpart	counterpart	NOUN
cblr-1785	562	22	,	,	PUNCT
cblr-1785	562	23	they	they	PRON
cblr-1785	562	24	compensate	compensate	VERB
cblr-1785	562	25	in	in	ADP
cblr-1785	562	26	part	part	NOUN
cblr-1785	562	27	by	by	ADP
cblr-1785	562	28	allowing	allow	VERB
cblr-1785	562	29	issuers	issuer	NOUN
cblr-1785	562	30	to	to	PART
cblr-1785	562	31	potentially	potentially	ADV
cblr-1785	562	32	raise	raise	VERB
cblr-1785	562	33	more	more	ADJ
cblr-1785	562	34	money	money	NOUN
cblr-1785	562	35	than	than	SCONJ
cblr-1785	562	36	they	they	PRON
cblr-1785	562	37	could	could	AUX
cblr-1785	562	38	under	under	ADP
cblr-1785	562	39	federal	federal	ADJ
cblr-1785	562	40	law	law	NOUN
cblr-1785	562	41	.	.	PUNCT
cblr-1785	563	1	thus	thus	ADV
cblr-1785	563	2	,	,	PUNCT
cblr-1785	563	3	because	because	SCONJ
cblr-1785	563	4	crowdfunding	crowdfunding	NOUN
cblr-1785	563	5	offerings	offering	NOUN
cblr-1785	563	6	are	be	AUX
cblr-1785	563	7	generally	generally	ADV
cblr-1785	563	8	106	106	NUM
cblr-1785	563	9	15	15	NUM
cblr-1785	563	10	u.s.c	u.s.c	NOUN
cblr-1785	563	11	.	.	PUNCT
cblr-1785	564	1	§	§	PROPN
cblr-1785	564	2	77d(a)(6)(a	77d(a)(6)(a	PROPN
cblr-1785	564	3	)	)	PUNCT
cblr-1785	564	4	(	(	PUNCT
cblr-1785	564	5	2012	2012	NUM
cblr-1785	564	6	)	)	PUNCT
cblr-1785	564	7	.	.	PUNCT
cblr-1785	565	1	107	107	NUM
cblr-1785	565	2	see	see	VERB
cblr-1785	565	3	parsont	parsont	NOUN
cblr-1785	565	4	,	,	PUNCT
cblr-1785	565	5	supra	supra	PROPN
cblr-1785	565	6	note	note	PROPN
cblr-1785	565	7	22	22	NUM
cblr-1785	565	8	,	,	PUNCT
cblr-1785	565	9	at	at	ADP
cblr-1785	565	10	301	301	NUM
cblr-1785	565	11	(	(	PUNCT
cblr-1785	565	12	discussing	discuss	VERB
cblr-1785	565	13	the	the	DET
cblr-1785	565	14	ambiguity	ambiguity	NOUN
cblr-1785	565	15	in	in	ADP
cblr-1785	565	16	the	the	DET
cblr-1785	565	17	federal	federal	ADJ
cblr-1785	565	18	exemption	exemption	NOUN
cblr-1785	565	19	)	)	PUNCT
cblr-1785	565	20	.	.	PUNCT
cblr-1785	566	1	108	108	NUM
cblr-1785	566	2	sec	sec	PROPN
cblr-1785	566	3	proposed	propose	VERB
cblr-1785	566	4	rules	rule	NOUN
cblr-1785	566	5	,	,	PUNCT
cblr-1785	566	6	supra	supra	PROPN
cblr-1785	566	7	note	note	NOUN
cblr-1785	566	8	5	5	NUM
cblr-1785	566	9	,	,	PUNCT
cblr-1785	566	10	at	at	ADP
cblr-1785	566	11	17	17	NUM
cblr-1785	566	12	.	.	PUNCT
cblr-1785	567	1	see	see	VERB
cblr-1785	567	2	also	also	ADV
cblr-1785	567	3	i	i	PROPN
cblr-1785	567	4	d.	d.	PROPN
cblr-1785	567	5	at	at	ADP
cblr-1785	567	6	473–74	473–74	PROPN
cblr-1785	567	7	(	(	PUNCT
cblr-1785	567	8	revising	revise	VERB
cblr-1785	567	9	the	the	DET
cblr-1785	567	10	rule	rule	NOUN
cblr-1785	567	11	to	to	PART
cblr-1785	567	12	read	read	VERB
cblr-1785	567	13	:	:	PUNCT
cblr-1785	567	14	“	"	PUNCT
cblr-1785	567	15	[	[	X
cblr-1785	567	16	t]he	t]he	ADV
cblr-1785	567	17	aggregate	aggregate	ADJ
cblr-1785	567	18	amount	amount	NOUN
cblr-1785	567	19	of	of	ADP
cblr-1785	567	20	securities	security	NOUN
cblr-1785	567	21	sold	sell	VERB
cblr-1785	567	22	to	to	ADP
cblr-1785	567	23	all	all	DET
cblr-1785	567	24	investors	investor	NOUN
cblr-1785	567	25	by	by	ADP
cblr-1785	567	26	the	the	DET
cblr-1785	567	27	issuer	issuer	NOUN
cblr-1785	567	28	in	in	ADP
cblr-1785	567	29	reliance	reliance	NOUN
cblr-1785	567	30	on	on	ADP
cblr-1785	567	31	§	§	PROPN
cblr-1785	567	32	4(a)(6	4(a)(6	PROPN
cblr-1785	567	33	)	)	PUNCT
cblr-1785	567	34	of	of	ADP
cblr-1785	567	35	the	the	DET
cblr-1785	567	36	securities	security	NOUN
cblr-1785	567	37	act	act	NOUN
cblr-1785	567	38	(	(	PUNCT
cblr-1785	567	39	15	15	NUM
cblr-1785	567	40	u.s.c	u.s.c	NOUN
cblr-1785	567	41	.	.	PUNCT
cblr-1785	568	1	77d(a)(6	77d(a)(6	NUM
cblr-1785	568	2	)	)	PUNCT
cblr-1785	568	3	)	)	PUNCT
cblr-1785	569	1	during	during	ADP
cblr-1785	569	2	the	the	DET
cblr-1785	569	3	12	12	NUM
cblr-1785	569	4	-	-	PUNCT
cblr-1785	569	5	month	month	NOUN
cblr-1785	569	6	period	period	NOUN
cblr-1785	569	7	preceding	precede	VERB
cblr-1785	569	8	the	the	DET
cblr-1785	569	9	date	date	NOUN
cblr-1785	569	10	of	of	ADP
cblr-1785	569	11	such	such	ADJ
cblr-1785	569	12	transaction	transaction	NOUN
cblr-1785	569	13	,	,	PUNCT
cblr-1785	569	14	including	include	VERB
cblr-1785	569	15	the	the	DET
cblr-1785	569	16	securities	security	NOUN
cblr-1785	569	17	sold	sell	VERB
cblr-1785	569	18	to	to	ADP
cblr-1785	569	19	such	such	ADJ
cblr-1785	569	20	investor	investor	NOUN
cblr-1785	569	21	in	in	ADP
cblr-1785	569	22	such	such	ADJ
cblr-1785	569	23	transaction	transaction	NOUN
cblr-1785	569	24	,	,	PUNCT
cblr-1785	569	25	shall	shall	AUX
cblr-1785	569	26	not	not	PART
cblr-1785	569	27	exceed	exceed	VERB
cblr-1785	569	28	$	$	SYM
cblr-1785	569	29	1,000,000	1,000,000	NUM
cblr-1785	569	30	”	"	PUNCT
cblr-1785	569	31	)	)	PUNCT
cblr-1785	569	32	.	.	PUNCT
cblr-1785	570	1	109	109	NUM
cblr-1785	570	2	a	a	DET
cblr-1785	570	3	handful	handful	NOUN
cblr-1785	570	4	of	of	ADP
cblr-1785	570	5	the	the	DET
cblr-1785	570	6	new	new	ADJ
cblr-1785	570	7	exemptions	exemption	NOUN
cblr-1785	570	8	—	—	PUNCT
cblr-1785	570	9	washington	washington	PROPN
cblr-1785	570	10	,	,	PUNCT
cblr-1785	570	11	idaho	idaho	PROPN
cblr-1785	570	12	,	,	PUNCT
cblr-1785	570	13	and	and	CCONJ
cblr-1785	570	14	maryland	maryland	NOUN
cblr-1785	570	15	—	—	PUNCT
cblr-1785	570	16	have	have	AUX
cblr-1785	570	17	managed	manage	VERB
cblr-1785	570	18	to	to	PART
cblr-1785	570	19	avoid	avoid	VERB
cblr-1785	570	20	this	this	DET
cblr-1785	570	21	problem	problem	NOUN
cblr-1785	570	22	by	by	ADP
cblr-1785	570	23	adopting	adopt	VERB
cblr-1785	570	24	similar	similar	ADJ
cblr-1785	570	25	language	language	NOUN
cblr-1785	570	26	to	to	ADP
cblr-1785	570	27	that	that	PRON
cblr-1785	570	28	proposed	propose	VERB
cblr-1785	570	29	by	by	ADP
cblr-1785	570	30	the	the	DET
cblr-1785	570	31	sec	sec	PROPN
cblr-1785	570	32	.	.	PROPN
cblr-1785	571	1	for	for	ADP
cblr-1785	571	2	example	example	NOUN
cblr-1785	571	3	,	,	PUNCT
cblr-1785	571	4	washington	washington	PROPN
cblr-1785	571	5	’s	’s	PART
cblr-1785	571	6	exemption	exemption	NOUN
cblr-1785	571	7	requires	require	VERB
cblr-1785	571	8	that	that	SCONJ
cblr-1785	571	9	“	"	PUNCT
cblr-1785	571	10	[	[	X
cblr-1785	571	11	t]he	t]he	ADV
cblr-1785	571	12	aggregate	aggregate	ADJ
cblr-1785	571	13	purchase	purchase	NOUN
cblr-1785	571	14	price	price	NOUN
cblr-1785	571	15	of	of	ADP
cblr-1785	571	16	all	all	DET
cblr-1785	571	17	securities	security	NOUN
cblr-1785	571	18	sold	sell	VERB
cblr-1785	571	19	by	by	ADP
cblr-1785	571	20	an	an	DET
cblr-1785	571	21	issuer	issuer	NOUN
cblr-1785	571	22	pursuant	pursuant	NOUN
cblr-1785	571	23	to	to	ADP
cblr-1785	571	24	the	the	DET
cblr-1785	571	25	exemption	exemption	NOUN
cblr-1785	571	26	provided	provide	VERB
cblr-1785	571	27	by	by	ADP
cblr-1785	571	28	this	this	DET
cblr-1785	571	29	section	section	NOUN
cblr-1785	571	30	does	do	AUX
cblr-1785	571	31	not	not	PART
cblr-1785	571	32	exceed	exceed	VERB
cblr-1785	571	33	one	one	NUM
cblr-1785	571	34	million	million	NUM
cblr-1785	571	35	dollars	dollar	NOUN
cblr-1785	571	36	during	during	ADP
cblr-1785	571	37	any	any	DET
cblr-1785	571	38	twelve	twelve	NUM
cblr-1785	571	39	-	-	PUNCT
cblr-1785	571	40	month	month	NOUN
cblr-1785	571	41	period	period	NOUN
cblr-1785	571	42	.	.	PUNCT
cblr-1785	571	43	”	"	PUNCT
cblr-1785	572	1	wash	wash	NOUN
cblr-1785	572	2	.	.	PUNCT
cblr-1785	573	1	rev	rev	PROPN
cblr-1785	573	2	.	.	PROPN
cblr-1785	573	3	code	code	PROPN
cblr-1785	573	4	§	§	PROPN
cblr-1785	573	5	21.20.880(1)(f	21.20.880(1)(f	NUM
cblr-1785	573	6	)	)	PUNCT
cblr-1785	573	7	(	(	PUNCT
cblr-1785	573	8	2014	2014	NUM
cblr-1785	573	9	)	)	PUNCT
cblr-1785	573	10	.	.	PUNCT
cblr-1785	574	1	pei	pei	PROPN
cblr-1785	574	2	final	final	ADJ
cblr-1785	574	3	880	880	NUM
cblr-1785	574	4	columbia	columbia	PROPN
cblr-1785	574	5	business	business	NOUN
cblr-1785	574	6	law	law	PROPN
cblr-1785	574	7	review	review	NOUN
cblr-1785	575	1	[	[	X
cblr-1785	575	2	vol	vol	NOUN
cblr-1785	575	3	.	.	PUNCT
cblr-1785	575	4	2014	2014	NUM
cblr-1785	575	5	small	small	ADJ
cblr-1785	575	6	and	and	CCONJ
cblr-1785	575	7	subject	subject	ADJ
cblr-1785	575	8	to	to	ADP
cblr-1785	575	9	relatively	relatively	ADV
cblr-1785	575	10	low	low	ADJ
cblr-1785	575	11	offering	offering	NOUN
cblr-1785	575	12	limits	limit	NOUN
cblr-1785	575	13	,	,	PUNCT
cblr-1785	575	14	it	it	PRON
cblr-1785	575	15	seems	seem	VERB
cblr-1785	575	16	that	that	SCONJ
cblr-1785	575	17	the	the	DET
cblr-1785	575	18	state	state	NOUN
cblr-1785	575	19	exemptions	exemption	NOUN
cblr-1785	575	20	could	could	AUX
cblr-1785	575	21	offer	offer	VERB
cblr-1785	575	22	access	access	NOUN
cblr-1785	575	23	to	to	ADP
cblr-1785	575	24	an	an	DET
cblr-1785	575	25	adequately	adequately	ADV
cblr-1785	575	26	large	large	ADJ
cblr-1785	575	27	capital	capital	NOUN
cblr-1785	575	28	market	market	NOUN
cblr-1785	575	29	for	for	ADP
cblr-1785	575	30	many	many	ADJ
cblr-1785	575	31	issuers	issuer	NOUN
cblr-1785	575	32	.	.	PUNCT
cblr-1785	576	1	nevertheless	nevertheless	ADV
cblr-1785	576	2	,	,	PUNCT
cblr-1785	576	3	the	the	DET
cblr-1785	576	4	aggregation	aggregation	NOUN
cblr-1785	576	5	requirement	requirement	NOUN
cblr-1785	576	6	is	be	AUX
cblr-1785	576	7	a	a	DET
cblr-1785	576	8	distinct	distinct	ADJ
cblr-1785	576	9	disadvantage	disadvantage	NOUN
cblr-1785	576	10	for	for	ADP
cblr-1785	576	11	the	the	DET
cblr-1785	576	12	state	state	NOUN
cblr-1785	576	13	exemptions	exemption	NOUN
cblr-1785	576	14	,	,	PUNCT
cblr-1785	576	15	assuming	assume	VERB
cblr-1785	576	16	that	that	SCONJ
cblr-1785	576	17	the	the	DET
cblr-1785	576	18	sec	sec	PROPN
cblr-1785	576	19	’s	’s	PART
cblr-1785	576	20	proposed	propose	VERB
cblr-1785	576	21	aggregation	aggregation	NOUN
cblr-1785	576	22	rule	rule	NOUN
cblr-1785	576	23	is	be	AUX
cblr-1785	576	24	kept	keep	VERB
cblr-1785	576	25	.	.	PUNCT
cblr-1785	577	1	from	from	ADP
cblr-1785	577	2	an	an	DET
cblr-1785	577	3	investor	investor	NOUN
cblr-1785	577	4	protection	protection	NOUN
cblr-1785	577	5	standpoint	standpoint	NOUN
cblr-1785	577	6	,	,	PUNCT
cblr-1785	577	7	there	there	PRON
cblr-1785	577	8	may	may	AUX
cblr-1785	577	9	seem	seem	VERB
cblr-1785	577	10	to	to	PART
cblr-1785	577	11	be	be	AUX
cblr-1785	577	12	little	little	ADJ
cblr-1785	577	13	difference	difference	NOUN
cblr-1785	577	14	between	between	ADP
cblr-1785	577	15	the	the	DET
cblr-1785	577	16	state	state	NOUN
cblr-1785	577	17	and	and	CCONJ
cblr-1785	577	18	federal	federal	ADJ
cblr-1785	577	19	exemptions	exemption	NOUN
cblr-1785	577	20	when	when	SCONJ
cblr-1785	577	21	comparing	compare	VERB
cblr-1785	577	22	the	the	DET
cblr-1785	577	23	offering	offering	NOUN
cblr-1785	577	24	caps	cap	NOUN
cblr-1785	577	25	.	.	PUNCT
cblr-1785	578	1	since	since	SCONJ
cblr-1785	578	2	the	the	DET
cblr-1785	578	3	exemptions	exemption	NOUN
cblr-1785	578	4	(	(	PUNCT
cblr-1785	578	5	excluding	exclude	VERB
cblr-1785	578	6	the	the	DET
cblr-1785	578	7	carve	carve	NOUN
cblr-1785	578	8	-	-	PUNCT
cblr-1785	578	9	out	out	NOUN
cblr-1785	578	10	for	for	ADP
cblr-1785	578	11	companies	company	NOUN
cblr-1785	578	12	with	with	ADP
cblr-1785	578	13	audited	audit	VERB
cblr-1785	578	14	financials	financial	NOUN
cblr-1785	578	15	in	in	ADP
cblr-1785	578	16	wisconsin	wisconsin	PROPN
cblr-1785	578	17	and	and	CCONJ
cblr-1785	578	18	michigan	michigan	PROPN
cblr-1785	578	19	)	)	PUNCT
cblr-1785	578	20	all	all	PRON
cblr-1785	578	21	set	set	VERB
cblr-1785	578	22	the	the	DET
cblr-1785	578	23	same	same	ADJ
cblr-1785	578	24	offering	offering	NOUN
cblr-1785	578	25	limit	limit	NOUN
cblr-1785	578	26	,	,	PUNCT
cblr-1785	578	27	investors	investor	NOUN
cblr-1785	578	28	risk	risk	VERB
cblr-1785	578	29	the	the	DET
cblr-1785	578	30	same	same	ADJ
cblr-1785	578	31	amount	amount	NOUN
cblr-1785	578	32	.	.	PUNCT
cblr-1785	579	1	however	however	ADV
cblr-1785	579	2	,	,	PUNCT
cblr-1785	579	3	some	some	DET
cblr-1785	579	4	features	feature	NOUN
cblr-1785	579	5	of	of	ADP
cblr-1785	579	6	the	the	DET
cblr-1785	579	7	state	state	NOUN
cblr-1785	579	8	offering	offering	NOUN
cblr-1785	579	9	limits	limit	NOUN
cblr-1785	579	10	may	may	AUX
cblr-1785	579	11	have	have	VERB
cblr-1785	579	12	an	an	DET
cblr-1785	579	13	upside	upside	NOUN
cblr-1785	579	14	in	in	ADP
cblr-1785	579	15	terms	term	NOUN
cblr-1785	579	16	of	of	ADP
cblr-1785	579	17	investor	investor	NOUN
cblr-1785	579	18	protection	protection	NOUN
cblr-1785	579	19	.	.	PUNCT
cblr-1785	580	1	the	the	DET
cblr-1785	580	2	fact	fact	NOUN
cblr-1785	580	3	that	that	SCONJ
cblr-1785	580	4	sales	sale	NOUN
cblr-1785	580	5	to	to	ADP
cblr-1785	580	6	controlling	control	VERB
cblr-1785	580	7	persons	person	NOUN
cblr-1785	580	8	do	do	AUX
cblr-1785	580	9	not	not	PART
cblr-1785	580	10	count	count	VERB
cblr-1785	580	11	against	against	ADP
cblr-1785	580	12	the	the	DET
cblr-1785	580	13	offering	offering	NOUN
cblr-1785	580	14	cap	cap	NOUN
cblr-1785	580	15	encourages	encourage	VERB
cblr-1785	580	16	entrepreneurs	entrepreneur	NOUN
cblr-1785	580	17	who	who	PRON
cblr-1785	580	18	use	use	VERB
cblr-1785	580	19	the	the	DET
cblr-1785	580	20	state	state	NOUN
cblr-1785	580	21	exemptions	exemption	NOUN
cblr-1785	580	22	to	to	PART
cblr-1785	580	23	seek	seek	VERB
cblr-1785	580	24	out	out	ADP
cblr-1785	580	25	significant	significant	ADJ
cblr-1785	580	26	investments	investment	NOUN
cblr-1785	580	27	from	from	ADP
cblr-1785	580	28	within	within	ADP
cblr-1785	580	29	their	their	PRON
cblr-1785	580	30	existing	exist	VERB
cblr-1785	580	31	management	management	NOUN
cblr-1785	580	32	.	.	PUNCT
cblr-1785	581	1	doing	do	VERB
cblr-1785	581	2	so	so	ADV
cblr-1785	581	3	gives	give	VERB
cblr-1785	581	4	management	management	NOUN
cblr-1785	581	5	“	"	PUNCT
cblr-1785	581	6	skin	skin	NOUN
cblr-1785	581	7	in	in	ADP
cblr-1785	581	8	the	the	DET
cblr-1785	581	9	game	game	NOUN
cblr-1785	581	10	”	"	PUNCT
cblr-1785	581	11	and	and	CCONJ
cblr-1785	581	12	aligns	align	VERB
cblr-1785	581	13	their	their	PRON
cblr-1785	581	14	incentives	incentive	NOUN
cblr-1785	581	15	with	with	ADP
cblr-1785	581	16	those	those	PRON
cblr-1785	581	17	of	of	ADP
cblr-1785	581	18	investors	investor	NOUN
cblr-1785	581	19	.	.	PUNCT
cblr-1785	582	1	this	this	PRON
cblr-1785	582	2	would	would	AUX
cblr-1785	582	3	help	help	VERB
cblr-1785	582	4	check	check	VERB
cblr-1785	582	5	insiders	insider	NOUN
cblr-1785	582	6	’	'	PUNCT
cblr-1785	582	7	opportunistic	opportunistic	ADJ
cblr-1785	582	8	behavior	behavior	NOUN
cblr-1785	582	9	by	by	ADP
cblr-1785	582	10	essentially	essentially	ADV
cblr-1785	582	11	enlisting	enlist	VERB
cblr-1785	582	12	their	their	PRON
cblr-1785	582	13	self	self	NOUN
cblr-1785	582	14	-	-	PUNCT
cblr-1785	582	15	interest	interest	NOUN
cblr-1785	582	16	in	in	ADP
cblr-1785	582	17	service	service	NOUN
cblr-1785	582	18	of	of	ADP
cblr-1785	582	19	investor	investor	NOUN
cblr-1785	582	20	protection	protection	NOUN
cblr-1785	582	21	.	.	PUNCT
cblr-1785	583	1	the	the	DET
cblr-1785	583	2	carve	carve	NOUN
cblr-1785	583	3	-	-	PUNCT
cblr-1785	583	4	out	out	NOUN
cblr-1785	583	5	for	for	ADP
cblr-1785	583	6	controlling	control	VERB
cblr-1785	583	7	persons	person	NOUN
cblr-1785	583	8	,	,	PUNCT
cblr-1785	583	9	which	which	PRON
cblr-1785	583	10	includes	include	VERB
cblr-1785	583	11	anyone	anyone	PRON
cblr-1785	583	12	owning	own	VERB
cblr-1785	583	13	more	more	ADJ
cblr-1785	583	14	than	than	ADP
cblr-1785	583	15	10	10	NUM
cblr-1785	583	16	percent	percent	NOUN
cblr-1785	583	17	of	of	ADP
cblr-1785	583	18	outstanding	outstanding	ADJ
cblr-1785	583	19	shares	share	NOUN
cblr-1785	583	20	,	,	PUNCT
cblr-1785	583	21	also	also	ADV
cblr-1785	583	22	encourages	encourage	VERB
cblr-1785	583	23	entrepreneurs	entrepreneur	NOUN
cblr-1785	583	24	to	to	PART
cblr-1785	583	25	seek	seek	VERB
cblr-1785	583	26	out	out	ADP
cblr-1785	583	27	large	large	ADJ
cblr-1785	583	28	investors	investor	NOUN
cblr-1785	583	29	who	who	PRON
cblr-1785	583	30	own	own	VERB
cblr-1785	583	31	significant	significant	ADJ
cblr-1785	583	32	stakes	stake	NOUN
cblr-1785	583	33	in	in	ADP
cblr-1785	583	34	their	their	PRON
cblr-1785	583	35	businesses.110	businesses.110	NOUN
cblr-1785	583	36	such	such	ADJ
cblr-1785	583	37	investors	investor	NOUN
cblr-1785	583	38	would	would	AUX
cblr-1785	583	39	have	have	VERB
cblr-1785	583	40	a	a	DET
cblr-1785	583	41	large	large	ADJ
cblr-1785	583	42	incentive	incentive	NOUN
cblr-1785	583	43	,	,	PUNCT
cblr-1785	583	44	which	which	PRON
cblr-1785	583	45	smaller	small	ADJ
cblr-1785	583	46	crowdfunding	crowdfunding	NOUN
cblr-1785	583	47	investors	investor	NOUN
cblr-1785	583	48	presumably	presumably	ADV
cblr-1785	583	49	lack	lack	VERB
cblr-1785	583	50	,	,	PUNCT
cblr-1785	583	51	to	to	PART
cblr-1785	583	52	perform	perform	VERB
cblr-1785	583	53	due	due	ADJ
cblr-1785	583	54	diligence	diligence	NOUN
cblr-1785	583	55	on	on	ADP
cblr-1785	583	56	offerings	offering	NOUN
cblr-1785	583	57	and	and	CCONJ
cblr-1785	583	58	to	to	PART
cblr-1785	583	59	monitor	monitor	VERB
cblr-1785	583	60	the	the	DET
cblr-1785	583	61	issuer	issuer	NOUN
cblr-1785	583	62	after	after	ADP
cblr-1785	583	63	the	the	DET
cblr-1785	583	64	sale	sale	NOUN
cblr-1785	583	65	,	,	PUNCT
cblr-1785	583	66	thereby	thereby	ADV
cblr-1785	583	67	providing	provide	VERB
cblr-1785	583	68	a	a	DET
cblr-1785	583	69	further	further	ADJ
cblr-1785	583	70	check	check	NOUN
cblr-1785	583	71	against	against	ADP
cblr-1785	583	72	fraud	fraud	NOUN
cblr-1785	583	73	and	and	CCONJ
cblr-1785	583	74	opportunistic	opportunistic	ADJ
cblr-1785	583	75	behavior.111	behavior.111	NOUN
cblr-1785	583	76	smaller	small	ADJ
cblr-1785	583	77	investors	investor	NOUN
cblr-1785	584	1	would	would	AUX
cblr-1785	584	2	then	then	ADV
cblr-1785	584	3	110	110	NUM
cblr-1785	584	4	the	the	DET
cblr-1785	584	5	same	same	ADJ
cblr-1785	584	6	point	point	NOUN
cblr-1785	584	7	can	can	AUX
cblr-1785	584	8	be	be	AUX
cblr-1785	584	9	made	make	VERB
cblr-1785	584	10	with	with	ADP
cblr-1785	584	11	respect	respect	NOUN
cblr-1785	584	12	to	to	ADP
cblr-1785	584	13	the	the	DET
cblr-1785	584	14	fact	fact	NOUN
cblr-1785	584	15	that	that	SCONJ
cblr-1785	584	16	the	the	DET
cblr-1785	584	17	indiana	indiana	PROPN
cblr-1785	584	18	and	and	CCONJ
cblr-1785	584	19	wisconsin	wisconsin	PROPN
cblr-1785	584	20	statutes	statute	NOUN
cblr-1785	584	21	do	do	AUX
cblr-1785	584	22	not	not	PART
cblr-1785	584	23	count	count	VERB
cblr-1785	584	24	contributions	contribution	NOUN
cblr-1785	584	25	from	from	ADP
cblr-1785	584	26	accredited	accredited	ADJ
cblr-1785	584	27	and	and	CCONJ
cblr-1785	584	28	institutional	institutional	ADJ
cblr-1785	584	29	investors	investor	NOUN
cblr-1785	584	30	towards	towards	ADP
cblr-1785	584	31	the	the	DET
cblr-1785	584	32	offering	offering	NOUN
cblr-1785	584	33	cap	cap	NOUN
cblr-1785	584	34	.	.	PUNCT
cblr-1785	585	1	ind	ind	PROPN
cblr-1785	585	2	.	.	PUNCT
cblr-1785	585	3	code	code	PROPN
cblr-1785	585	4	.	.	PUNCT
cblr-1785	586	1	ann	ann	PROPN
cblr-1785	586	2	.	.	PUNCT
cblr-1785	587	1	§	§	PROPN
cblr-1785	587	2	2319	2319	NUM
cblr-1785	587	3	-	-	SYM
cblr-1785	587	4	2	2	NUM
cblr-1785	587	5	-	-	PUNCT
cblr-1785	587	6	2(27)(c	2(27)(c	NUM
cblr-1785	587	7	)	)	PUNCT
cblr-1785	587	8	(	(	PUNCT
cblr-1785	587	9	west	west	NOUN
cblr-1785	587	10	2014	2014	NUM
cblr-1785	587	11	)	)	PUNCT
cblr-1785	587	12	;	;	PUNCT
cblr-1785	587	13	wis	wis	PROPN
cblr-1785	587	14	.	.	PUNCT
cblr-1785	587	15	stat	stat	PROPN
cblr-1785	587	16	.	.	PUNCT
cblr-1785	588	1	ann	ann	PROPN
cblr-1785	588	2	.	.	PUNCT
cblr-1785	589	1	§	§	PROPN
cblr-1785	589	2	§	§	PROPN
cblr-1785	589	3	551.202(26)(c)(1	551.202(26)(c)(1	NUM
cblr-1785	589	4	)	)	PUNCT
cblr-1785	589	5	,	,	PUNCT
cblr-1785	589	6	551.202(27)(c)(1	551.202(27)(c)(1	NUM
cblr-1785	589	7	)	)	PUNCT
cblr-1785	589	8	(	(	PUNCT
cblr-1785	589	9	west	west	NOUN
cblr-1785	589	10	2013	2013	NUM
cblr-1785	589	11	)	)	PUNCT
cblr-1785	589	12	.	.	PUNCT
cblr-1785	590	1	111	111	NUM
cblr-1785	590	2	see	see	NOUN
cblr-1785	590	3	parsont	parsont	NOUN
cblr-1785	590	4	,	,	PUNCT
cblr-1785	590	5	supra	supra	PROPN
cblr-1785	590	6	note	note	PROPN
cblr-1785	590	7	22	22	NUM
cblr-1785	590	8	,	,	PUNCT
cblr-1785	590	9	at	at	ADP
cblr-1785	590	10	320	320	NUM
cblr-1785	590	11	,	,	PUNCT
cblr-1785	590	12	323–30	323–30	NUM
cblr-1785	590	13	,	,	PUNCT
cblr-1785	590	14	335	335	NUM
cblr-1785	590	15	(	(	PUNCT
cblr-1785	590	16	arguing	argue	VERB
cblr-1785	590	17	that	that	SCONJ
cblr-1785	590	18	regulators	regulator	NOUN
cblr-1785	590	19	can	can	AUX
cblr-1785	590	20	enhance	enhance	VERB
cblr-1785	590	21	investor	investor	NOUN
cblr-1785	590	22	protection	protection	NOUN
cblr-1785	590	23	in	in	ADP
cblr-1785	590	24	the	the	DET
cblr-1785	590	25	accredited	accredited	ADJ
cblr-1785	590	26	crowdfunding	crowdfunde	VERB
cblr-1785	590	27	context	context	NOUN
cblr-1785	590	28	by	by	ADP
cblr-1785	590	29	encouraging	encourage	VERB
cblr-1785	590	30	the	the	DET
cblr-1785	590	31	participation	participation	NOUN
cblr-1785	590	32	of	of	ADP
cblr-1785	590	33	large	large	ADJ
cblr-1785	590	34	investors	investor	NOUN
cblr-1785	590	35	)	)	PUNCT
cblr-1785	590	36	.	.	PUNCT
cblr-1785	591	1	pei	pei	PROPN
cblr-1785	591	2	final	final	ADJ
cblr-1785	591	3	no	no	NOUN
cblr-1785	591	4	.	.	PUNCT
cblr-1785	592	1	3:854	3:854	NUM
cblr-1785	592	2	]	]	X
cblr-1785	592	3	intrastate	intrastate	ADJ
cblr-1785	592	4	crowdfunding	crowdfunde	VERB
cblr-1785	592	5	881	881	NUM
cblr-1785	592	6	benefit	benefit	NOUN
cblr-1785	592	7	from	from	ADP
cblr-1785	592	8	this	this	DET
cblr-1785	592	9	monitoring	monitoring	NOUN
cblr-1785	592	10	at	at	ADP
cblr-1785	592	11	no	no	DET
cblr-1785	592	12	cost	cost	NOUN
cblr-1785	592	13	to	to	ADP
cblr-1785	592	14	themselves	themselves	PRON
cblr-1785	592	15	.	.	PUNCT
cblr-1785	593	1	and	and	CCONJ
cblr-1785	593	2	they	they	PRON
cblr-1785	593	3	would	would	AUX
cblr-1785	593	4	also	also	ADV
cblr-1785	593	5	benefit	benefit	VERB
cblr-1785	593	6	from	from	ADP
cblr-1785	593	7	large	large	ADJ
cblr-1785	593	8	investors	investor	NOUN
cblr-1785	593	9	’	'	PUNCT
cblr-1785	593	10	up	up	ADP
cblr-1785	593	11	-	-	PUNCT
cblr-1785	593	12	front	front	NOUN
cblr-1785	593	13	diligence	diligence	NOUN
cblr-1785	593	14	and	and	CCONJ
cblr-1785	593	15	pricing	pricing	NOUN
cblr-1785	593	16	work	work	NOUN
cblr-1785	593	17	.	.	PUNCT
cblr-1785	594	1	many	many	ADJ
cblr-1785	594	2	issuers	issuer	NOUN
cblr-1785	594	3	will	will	AUX
cblr-1785	594	4	presumably	presumably	ADV
cblr-1785	594	5	want	want	VERB
cblr-1785	594	6	to	to	PART
cblr-1785	594	7	attract	attract	VERB
cblr-1785	594	8	such	such	ADJ
cblr-1785	594	9	investors	investor	NOUN
cblr-1785	594	10	in	in	ADP
cblr-1785	594	11	order	order	NOUN
cblr-1785	594	12	to	to	PART
cblr-1785	594	13	secure	secure	VERB
cblr-1785	594	14	their	their	PRON
cblr-1785	594	15	financing	financing	NOUN
cblr-1785	594	16	quickly	quickly	ADV
cblr-1785	594	17	and	and	CCONJ
cblr-1785	594	18	to	to	PART
cblr-1785	594	19	reduce	reduce	VERB
cblr-1785	594	20	their	their	PRON
cblr-1785	594	21	transaction	transaction	NOUN
cblr-1785	594	22	costs	cost	NOUN
cblr-1785	594	23	in	in	ADP
cblr-1785	594	24	terms	term	NOUN
cblr-1785	594	25	of	of	ADP
cblr-1785	594	26	required	require	VERB
cblr-1785	594	27	disclosure	disclosure	NOUN
cblr-1785	594	28	and	and	CCONJ
cblr-1785	594	29	investor	investor	NOUN
cblr-1785	594	30	eligibility	eligibility	NOUN
cblr-1785	594	31	verification	verification	NOUN
cblr-1785	594	32	.	.	PUNCT
cblr-1785	595	1	thus	thus	ADV
cblr-1785	595	2	,	,	PUNCT
cblr-1785	595	3	these	these	DET
cblr-1785	595	4	issuers	issuer	NOUN
cblr-1785	595	5	will	will	AUX
cblr-1785	595	6	have	have	VERB
cblr-1785	595	7	an	an	DET
cblr-1785	595	8	incentive	incentive	NOUN
cblr-1785	595	9	to	to	PART
cblr-1785	595	10	negotiate	negotiate	VERB
cblr-1785	595	11	with	with	ADP
cblr-1785	595	12	such	such	ADJ
cblr-1785	595	13	investors	investor	NOUN
cblr-1785	595	14	and	and	CCONJ
cblr-1785	595	15	adjust	adjust	VERB
cblr-1785	595	16	their	their	PRON
cblr-1785	595	17	offering	offering	NOUN
cblr-1785	595	18	price	price	NOUN
cblr-1785	595	19	to	to	ADP
cblr-1785	595	20	an	an	DET
cblr-1785	595	21	attractive	attractive	ADJ
cblr-1785	595	22	level	level	NOUN
cblr-1785	595	23	.	.	PUNCT
cblr-1785	596	1	smaller	small	ADJ
cblr-1785	596	2	investors	investor	NOUN
cblr-1785	596	3	would	would	AUX
cblr-1785	596	4	then	then	ADV
cblr-1785	596	5	benefit	benefit	VERB
cblr-1785	596	6	by	by	ADP
cblr-1785	596	7	receiving	receive	VERB
cblr-1785	596	8	more	more	ADV
cblr-1785	596	9	accurately	accurately	ADV
cblr-1785	596	10	priced	price	VERB
cblr-1785	596	11	securities	security	NOUN
cblr-1785	596	12	,	,	PUNCT
cblr-1785	596	13	again	again	ADV
cblr-1785	596	14	without	without	ADP
cblr-1785	596	15	doing	do	VERB
cblr-1785	596	16	any	any	DET
cblr-1785	596	17	work	work	NOUN
cblr-1785	596	18	themselves	themselves	PRON
cblr-1785	596	19	.	.	PUNCT
cblr-1785	597	1	finally	finally	ADV
cblr-1785	597	2	,	,	PUNCT
cblr-1785	597	3	if	if	SCONJ
cblr-1785	597	4	the	the	DET
cblr-1785	597	5	securities	security	NOUN
cblr-1785	597	6	are	be	AUX
cblr-1785	597	7	sold	sell	VERB
cblr-1785	597	8	over	over	ADP
cblr-1785	597	9	a	a	DET
cblr-1785	597	10	portal	portal	NOUN
cblr-1785	597	11	that	that	PRON
cblr-1785	597	12	provides	provide	VERB
cblr-1785	597	13	communication	communication	NOUN
cblr-1785	597	14	channels	channel	NOUN
cblr-1785	597	15	for	for	SCONJ
cblr-1785	597	16	potential	potential	ADJ
cblr-1785	597	17	investors	investor	NOUN
cblr-1785	597	18	to	to	PART
cblr-1785	597	19	discuss	discuss	VERB
cblr-1785	597	20	offers	offer	NOUN
cblr-1785	597	21	,	,	PUNCT
cblr-1785	597	22	smaller	small	ADJ
cblr-1785	597	23	investors	investor	NOUN
cblr-1785	597	24	could	could	AUX
cblr-1785	597	25	benefit	benefit	VERB
cblr-1785	597	26	from	from	ADP
cblr-1785	597	27	larger	large	ADJ
cblr-1785	597	28	investors	investor	NOUN
cblr-1785	597	29	’	’	PART
cblr-1785	597	30	diligence	diligence	NOUN
cblr-1785	597	31	work	work	NOUN
cblr-1785	597	32	in	in	ADP
cblr-1785	597	33	that	that	DET
cblr-1785	597	34	way	way	NOUN
cblr-1785	597	35	as	as	ADV
cblr-1785	597	36	well	well	ADV
cblr-1785	597	37	;	;	PUNCT
cblr-1785	597	38	that	that	PRON
cblr-1785	597	39	is	is	ADV
cblr-1785	597	40	,	,	PUNCT
cblr-1785	597	41	by	by	ADP
cblr-1785	597	42	relying	rely	VERB
cblr-1785	597	43	on	on	ADP
cblr-1785	597	44	the	the	DET
cblr-1785	597	45	opinions	opinion	NOUN
cblr-1785	597	46	of	of	ADP
cblr-1785	597	47	more	more	ADV
cblr-1785	597	48	sophisticated	sophisticated	ADJ
cblr-1785	597	49	and	and	CCONJ
cblr-1785	597	50	motivated	motivated	ADJ
cblr-1785	597	51	investors	investor	NOUN
cblr-1785	597	52	to	to	PART
cblr-1785	597	53	help	help	VERB
cblr-1785	597	54	screen	screen	VERB
cblr-1785	597	55	opportunities.112	opportunities.112	PROPN
cblr-1785	597	56	b.	b.	PROPN
cblr-1785	597	57	individual	individual	PROPN
cblr-1785	597	58	limits	limit	VERB
cblr-1785	597	59	the	the	DET
cblr-1785	597	60	individual	individual	ADJ
cblr-1785	597	61	investment	investment	NOUN
cblr-1785	597	62	limits	limit	NOUN
cblr-1785	597	63	also	also	ADV
cblr-1785	597	64	present	present	VERB
cblr-1785	597	65	several	several	ADJ
cblr-1785	597	66	significant	significant	ADJ
cblr-1785	597	67	differences	difference	NOUN
cblr-1785	597	68	between	between	ADP
cblr-1785	597	69	the	the	DET
cblr-1785	597	70	state	state	NOUN
cblr-1785	597	71	and	and	CCONJ
cblr-1785	597	72	federal	federal	ADJ
cblr-1785	597	73	exemptions	exemption	NOUN
cblr-1785	597	74	.	.	PUNCT
cblr-1785	598	1	for	for	ADP
cblr-1785	598	2	one	one	NUM
cblr-1785	598	3	,	,	PUNCT
cblr-1785	598	4	the	the	DET
cblr-1785	598	5	state	state	NOUN
cblr-1785	598	6	exemptions	exemption	NOUN
cblr-1785	598	7	allow	allow	VERB
cblr-1785	598	8	much	much	ADV
cblr-1785	598	9	larger	large	ADJ
cblr-1785	598	10	contributions	contribution	NOUN
cblr-1785	598	11	from	from	ADP
cblr-1785	598	12	less	less	ADV
cblr-1785	598	13	wealthy	wealthy	ADJ
cblr-1785	598	14	investors	investor	NOUN
cblr-1785	598	15	.	.	PUNCT
cblr-1785	599	1	under	under	ADP
cblr-1785	599	2	the	the	DET
cblr-1785	599	3	section	section	NOUN
cblr-1785	599	4	4(a)(6	4(a)(6	NUM
cblr-1785	599	5	)	)	PUNCT
cblr-1785	599	6	formula	formula	NOUN
cblr-1785	599	7	,	,	PUNCT
cblr-1785	599	8	an	an	DET
cblr-1785	599	9	investor	investor	NOUN
cblr-1785	599	10	with	with	ADP
cblr-1785	599	11	a	a	DET
cblr-1785	599	12	net	net	ADJ
cblr-1785	599	13	worth	worth	NOUN
cblr-1785	599	14	of	of	ADP
cblr-1785	599	15	$	$	SYM
cblr-1785	599	16	99,999	99,999	NUM
cblr-1785	599	17	and	and	CCONJ
cblr-1785	599	18	an	an	DET
cblr-1785	599	19	annual	annual	ADJ
cblr-1785	599	20	income	income	NOUN
cblr-1785	599	21	of	of	ADP
cblr-1785	599	22	$	$	SYM
cblr-1785	599	23	50,000	50,000	NUM
cblr-1785	599	24	would	would	AUX
cblr-1785	599	25	be	be	AUX
cblr-1785	599	26	permitted	permit	VERB
cblr-1785	599	27	to	to	PART
cblr-1785	599	28	invest	invest	VERB
cblr-1785	599	29	a	a	DET
cblr-1785	599	30	maximum	maximum	NOUN
cblr-1785	599	31	of	of	ADP
cblr-1785	599	32	$	$	SYM
cblr-1785	599	33	4,999.95	4,999.95	NUM
cblr-1785	599	34	(	(	PUNCT
cblr-1785	599	35	5	5	NUM
cblr-1785	599	36	percent	percent	NOUN
cblr-1785	599	37	of	of	ADP
cblr-1785	599	38	her	her	PRON
cblr-1785	599	39	net	net	ADJ
cblr-1785	599	40	worth	worth	NOUN
cblr-1785	599	41	)	)	PUNCT
cblr-1785	599	42	per	per	ADP
cblr-1785	599	43	year	year	NOUN
cblr-1785	599	44	in	in	ADP
cblr-1785	599	45	crowdfunded	crowdfunde	VERB
cblr-1785	599	46	securities.113	securities.113	NOUN
cblr-1785	599	47	under	under	ADP
cblr-1785	599	48	the	the	DET
cblr-1785	599	49	state	state	NOUN
cblr-1785	599	50	regimes	regime	NOUN
cblr-1785	599	51	,	,	PUNCT
cblr-1785	599	52	any	any	DET
cblr-1785	599	53	investor	investor	NOUN
cblr-1785	599	54	,	,	PUNCT
cblr-1785	599	55	including	include	VERB
cblr-1785	599	56	investors	investor	NOUN
cblr-1785	599	57	worth	worth	ADJ
cblr-1785	599	58	much	much	ADV
cblr-1785	599	59	less	less	ADJ
cblr-1785	599	60	,	,	PUNCT
cblr-1785	599	61	could	could	AUX
cblr-1785	599	62	contribute	contribute	VERB
cblr-1785	599	63	more	more	ADJ
cblr-1785	599	64	that	that	SCONJ
cblr-1785	599	65	that$5,000	that$5,000	NOUN
cblr-1785	599	66	in	in	ADP
cblr-1785	599	67	kansas	kansas	PROPN
cblr-1785	599	68	,	,	PUNCT
cblr-1785	599	69	and	and	CCONJ
cblr-1785	599	70	$	$	SYM
cblr-1785	599	71	10,000	10,000	NUM
cblr-1785	599	72	in	in	ADP
cblr-1785	599	73	georgia	georgia	PROPN
cblr-1785	599	74	,	,	PUNCT
cblr-1785	599	75	wisconsin	wisconsin	PROPN
cblr-1785	599	76	,	,	PUNCT
cblr-1785	599	77	and	and	CCONJ
cblr-1785	599	78	michigan	michigan	PROPN
cblr-1785	599	79	.	.	PUNCT
cblr-1785	600	1	moreover	moreover	ADV
cblr-1785	600	2	,	,	PUNCT
cblr-1785	600	3	that	that	SCONJ
cblr-1785	600	4	investment	investment	NOUN
cblr-1785	600	5	would	would	AUX
cblr-1785	600	6	not	not	PART
cblr-1785	600	7	limit	limit	VERB
cblr-1785	600	8	the	the	DET
cblr-1785	600	9	investor	investor	NOUN
cblr-1785	600	10	’s	’s	PART
cblr-1785	600	11	eligibility	eligibility	NOUN
cblr-1785	600	12	to	to	PART
cblr-1785	600	13	contribute	contribute	VERB
cblr-1785	600	14	to	to	ADP
cblr-1785	600	15	subsequent	subsequent	ADJ
cblr-1785	600	16	offerings	offering	NOUN
cblr-1785	600	17	.	.	PUNCT
cblr-1785	601	1	wealthier	wealthy	ADJ
cblr-1785	601	2	investors	investor	NOUN
cblr-1785	601	3	are	be	AUX
cblr-1785	601	4	also	also	ADV
cblr-1785	601	5	provided	provide	VERB
cblr-1785	601	6	more	more	ADJ
cblr-1785	601	7	latitude	latitude	NOUN
cblr-1785	601	8	.	.	PUNCT
cblr-1785	602	1	accredited	accredit	VERB
cblr-1785	602	2	investors	investor	NOUN
cblr-1785	602	3	,	,	PUNCT
cblr-1785	602	4	as	as	ADV
cblr-1785	602	5	well	well	ADV
cblr-1785	602	6	as	as	ADP
cblr-1785	602	7	112	112	NUM
cblr-1785	602	8	see	see	NOUN
cblr-1785	602	9	sec	sec	PROPN
cblr-1785	602	10	proposed	propose	VERB
cblr-1785	602	11	rules	rule	NOUN
cblr-1785	602	12	,	,	PUNCT
cblr-1785	602	13	supra	supra	PROPN
cblr-1785	602	14	note	note	NOUN
cblr-1785	602	15	5	5	NUM
cblr-1785	602	16	,	,	PUNCT
cblr-1785	602	17	at	at	ADP
cblr-1785	602	18	354–55	354–55	PROPN
cblr-1785	602	19	(	(	PUNCT
cblr-1785	602	20	arguing	argue	VERB
cblr-1785	602	21	that	that	SCONJ
cblr-1785	602	22	more	more	ADV
cblr-1785	602	23	experienced	experienced	ADJ
cblr-1785	602	24	and	and	CCONJ
cblr-1785	602	25	knowledgeable	knowledgeable	ADJ
cblr-1785	602	26	investors	investor	NOUN
cblr-1785	602	27	“	"	PUNCT
cblr-1785	602	28	could	could	AUX
cblr-1785	602	29	add	add	VERB
cblr-1785	602	30	value	value	NOUN
cblr-1785	602	31	to	to	ADP
cblr-1785	602	32	the	the	DET
cblr-1785	602	33	discussions	discussion	NOUN
cblr-1785	602	34	taking	take	VERB
cblr-1785	602	35	place	place	NOUN
cblr-1785	602	36	through	through	ADP
cblr-1785	602	37	an	an	DET
cblr-1785	602	38	intermediary	intermediary	NOUN
cblr-1785	602	39	’s	’s	PART
cblr-1785	602	40	communication	communication	NOUN
cblr-1785	602	41	channels	channel	NOUN
cblr-1785	602	42	about	about	ADP
cblr-1785	602	43	a	a	DET
cblr-1785	602	44	potential	potential	ADJ
cblr-1785	602	45	offering	offering	NOUN
cblr-1785	602	46	by	by	ADP
cblr-1785	602	47	providing	provide	VERB
cblr-1785	602	48	their	their	PRON
cblr-1785	602	49	views	view	NOUN
cblr-1785	602	50	on	on	ADP
cblr-1785	602	51	financial	financial	ADJ
cblr-1785	602	52	viability	viability	NOUN
cblr-1785	602	53	”	"	PUNCT
cblr-1785	602	54	)	)	PUNCT
cblr-1785	602	55	.	.	PUNCT
cblr-1785	603	1	113	113	NUM
cblr-1785	603	2	15	15	NUM
cblr-1785	603	3	u.s.c	u.s.c	ADJ
cblr-1785	603	4	.	.	PUNCT
cblr-1785	604	1	§	§	PROPN
cblr-1785	604	2	77d(a)(6)(b)(i	77d(a)(6)(b)(i	NOUN
cblr-1785	604	3	)	)	PUNCT
cblr-1785	604	4	(	(	PUNCT
cblr-1785	604	5	2012	2012	NUM
cblr-1785	604	6	)	)	PUNCT
cblr-1785	604	7	.	.	PUNCT
cblr-1785	605	1	pei	pei	PROPN
cblr-1785	605	2	final	final	ADJ
cblr-1785	605	3	882	882	NUM
cblr-1785	605	4	columbia	columbia	PROPN
cblr-1785	605	5	business	business	NOUN
cblr-1785	605	6	law	law	PROPN
cblr-1785	605	7	review	review	NOUN
cblr-1785	606	1	[	[	X
cblr-1785	606	2	vol	vol	NOUN
cblr-1785	606	3	.	.	PUNCT
cblr-1785	606	4	2014	2014	NUM
cblr-1785	606	5	certified	certify	VERB
cblr-1785	606	6	investors	investor	NOUN
cblr-1785	606	7	in	in	ADP
cblr-1785	606	8	wisconsin	wisconsin	PROPN
cblr-1785	606	9	,	,	PUNCT
cblr-1785	606	10	are	be	AUX
cblr-1785	606	11	not	not	PART
cblr-1785	606	12	subject	subject	ADJ
cblr-1785	606	13	to	to	ADP
cblr-1785	606	14	an	an	DET
cblr-1785	606	15	individual	individual	ADJ
cblr-1785	606	16	limit	limit	NOUN
cblr-1785	606	17	under	under	ADP
cblr-1785	606	18	the	the	DET
cblr-1785	606	19	state	state	NOUN
cblr-1785	606	20	exemptions	exemption	NOUN
cblr-1785	606	21	,	,	PUNCT
cblr-1785	606	22	while	while	SCONJ
cblr-1785	606	23	the	the	DET
cblr-1785	606	24	federal	federal	ADJ
cblr-1785	606	25	law	law	NOUN
cblr-1785	606	26	caps	cap	VERB
cblr-1785	606	27	even	even	ADV
cblr-1785	606	28	the	the	DET
cblr-1785	606	29	wealthiest	wealthy	ADJ
cblr-1785	606	30	at	at	ADP
cblr-1785	606	31	$	$	SYM
cblr-1785	606	32	100,000	100,000	NUM
cblr-1785	606	33	.	.	PUNCT
cblr-1785	607	1	thus	thus	ADV
cblr-1785	607	2	,	,	PUNCT
cblr-1785	607	3	the	the	DET
cblr-1785	607	4	state	state	NOUN
cblr-1785	607	5	exemptions	exemption	NOUN
cblr-1785	607	6	appear	appear	VERB
cblr-1785	607	7	to	to	PART
cblr-1785	607	8	do	do	VERB
cblr-1785	607	9	more	more	ADJ
cblr-1785	607	10	to	to	PART
cblr-1785	607	11	encourage	encourage	VERB
cblr-1785	607	12	capital	capital	NOUN
cblr-1785	607	13	formation	formation	NOUN
cblr-1785	607	14	at	at	ADP
cblr-1785	607	15	both	both	DET
cblr-1785	607	16	ends	end	NOUN
cblr-1785	607	17	of	of	ADP
cblr-1785	607	18	the	the	DET
cblr-1785	607	19	wealth	wealth	NOUN
cblr-1785	607	20	spectrum	spectrum	NOUN
cblr-1785	607	21	.	.	PUNCT
cblr-1785	608	1	moreover	moreover	ADV
cblr-1785	608	2	,	,	PUNCT
cblr-1785	608	3	both	both	CCONJ
cblr-1785	608	4	the	the	DET
cblr-1785	608	5	higher	high	ADJ
cblr-1785	608	6	limits	limit	NOUN
cblr-1785	608	7	for	for	ADP
cblr-1785	608	8	less	less	ADV
cblr-1785	608	9	wealthy	wealthy	ADJ
cblr-1785	608	10	investors	investor	NOUN
cblr-1785	608	11	and	and	CCONJ
cblr-1785	608	12	the	the	DET
cblr-1785	608	13	absence	absence	NOUN
cblr-1785	608	14	of	of	ADP
cblr-1785	608	15	a	a	DET
cblr-1785	608	16	cap	cap	NOUN
cblr-1785	608	17	on	on	ADP
cblr-1785	608	18	accredited	accredit	VERB
cblr-1785	608	19	investors	investor	NOUN
cblr-1785	608	20	could	could	AUX
cblr-1785	608	21	also	also	ADV
cblr-1785	608	22	help	help	VERB
cblr-1785	608	23	to	to	PART
cblr-1785	608	24	reduce	reduce	VERB
cblr-1785	608	25	transaction	transaction	NOUN
cblr-1785	608	26	costs	cost	NOUN
cblr-1785	608	27	for	for	ADP
cblr-1785	608	28	issuers	issuer	NOUN
cblr-1785	608	29	and	and	CCONJ
cblr-1785	608	30	their	their	PRON
cblr-1785	608	31	intermediaries	intermediary	NOUN
cblr-1785	608	32	(	(	PUNCT
cblr-1785	608	33	should	should	AUX
cblr-1785	608	34	they	they	PRON
cblr-1785	608	35	use	use	VERB
cblr-1785	608	36	them	they	PRON
cblr-1785	608	37	)	)	PUNCT
cblr-1785	608	38	,	,	PUNCT
cblr-1785	608	39	since	since	SCONJ
cblr-1785	608	40	the	the	DET
cblr-1785	608	41	offering	offering	NOUN
cblr-1785	608	42	targets	target	NOUN
cblr-1785	608	43	could	could	AUX
cblr-1785	608	44	be	be	AUX
cblr-1785	608	45	met	meet	VERB
cblr-1785	608	46	through	through	ADP
cblr-1785	608	47	fewer	few	ADJ
cblr-1785	608	48	discrete	discrete	ADJ
cblr-1785	608	49	transactions	transaction	NOUN
cblr-1785	608	50	,	,	PUNCT
cblr-1785	608	51	meaning	mean	VERB
cblr-1785	608	52	less	less	ADJ
cblr-1785	608	53	time	time	NOUN
cblr-1785	608	54	and	and	CCONJ
cblr-1785	608	55	money	money	NOUN
cblr-1785	608	56	spent	spend	VERB
cblr-1785	608	57	on	on	ADP
cblr-1785	608	58	disclosures	disclosure	NOUN
cblr-1785	608	59	and	and	CCONJ
cblr-1785	608	60	investor	investor	NOUN
cblr-1785	608	61	eligibility	eligibility	NOUN
cblr-1785	608	62	verification	verification	NOUN
cblr-1785	608	63	.	.	PUNCT
cblr-1785	609	1	despite	despite	SCONJ
cblr-1785	609	2	these	these	DET
cblr-1785	609	3	advantages	advantage	NOUN
cblr-1785	609	4	of	of	ADP
cblr-1785	609	5	the	the	DET
cblr-1785	609	6	state	state	NOUN
cblr-1785	609	7	exemptions	exemption	NOUN
cblr-1785	609	8	,	,	PUNCT
cblr-1785	609	9	there	there	PRON
cblr-1785	609	10	is	be	VERB
cblr-1785	609	11	a	a	DET
cblr-1785	609	12	large	large	ADJ
cblr-1785	609	13	middle	middle	ADJ
cblr-1785	609	14	ground	ground	NOUN
cblr-1785	609	15	of	of	ADP
cblr-1785	609	16	investors	investor	NOUN
cblr-1785	609	17	who	who	PRON
cblr-1785	609	18	are	be	AUX
cblr-1785	609	19	not	not	PART
cblr-1785	609	20	accredited	accredit	VERB
cblr-1785	609	21	but	but	CCONJ
cblr-1785	609	22	who	who	PRON
cblr-1785	609	23	exceed	exceed	VERB
cblr-1785	609	24	the	the	DET
cblr-1785	609	25	$	$	SYM
cblr-1785	609	26	100,000	100,000	NUM
cblr-1785	609	27	federal	federal	ADJ
cblr-1785	609	28	threshold	threshold	NOUN
cblr-1785	609	29	.	.	PUNCT
cblr-1785	610	1	for	for	ADP
cblr-1785	610	2	them	they	PRON
cblr-1785	610	3	,	,	PUNCT
cblr-1785	610	4	the	the	DET
cblr-1785	610	5	federal	federal	ADJ
cblr-1785	610	6	exemption	exemption	NOUN
cblr-1785	610	7	would	would	AUX
cblr-1785	610	8	allow	allow	VERB
cblr-1785	610	9	for	for	ADP
cblr-1785	610	10	larger	large	ADJ
cblr-1785	610	11	investments	investment	NOUN
cblr-1785	610	12	in	in	ADP
cblr-1785	610	13	an	an	DET
cblr-1785	610	14	offering	offering	NOUN
cblr-1785	610	15	than	than	ADP
cblr-1785	610	16	its	its	PRON
cblr-1785	610	17	state	state	NOUN
cblr-1785	610	18	-	-	PUNCT
cblr-1785	610	19	law	law	NOUN
cblr-1785	610	20	counterparts	counterpart	NOUN
cblr-1785	610	21	.	.	PUNCT
cblr-1785	611	1	for	for	ADP
cblr-1785	611	2	example	example	NOUN
cblr-1785	611	3	,	,	PUNCT
cblr-1785	611	4	an	an	DET
cblr-1785	611	5	investor	investor	NOUN
cblr-1785	611	6	making	make	VERB
cblr-1785	611	7	$	$	SYM
cblr-1785	611	8	100,000	100,000	NUM
cblr-1785	611	9	a	a	DET
cblr-1785	611	10	year	year	NOUN
cblr-1785	611	11	with	with	ADP
cblr-1785	611	12	a	a	DET
cblr-1785	611	13	net	net	ADJ
cblr-1785	611	14	worth	worth	NOUN
cblr-1785	611	15	of	of	ADP
cblr-1785	611	16	$	$	SYM
cblr-1785	611	17	500,000	500,000	NUM
cblr-1785	611	18	(	(	PUNCT
cblr-1785	611	19	including	include	VERB
cblr-1785	611	20	primary	primary	ADJ
cblr-1785	611	21	residence	residence	NOUN
cblr-1785	611	22	)	)	PUNCT
cblr-1785	611	23	would	would	AUX
cblr-1785	611	24	be	be	AUX
cblr-1785	611	25	able	able	ADJ
cblr-1785	611	26	to	to	PART
cblr-1785	611	27	invest	invest	VERB
cblr-1785	611	28	up	up	ADP
cblr-1785	611	29	to	to	PART
cblr-1785	611	30	$	$	SYM
cblr-1785	611	31	50,000	50,000	NUM
cblr-1785	611	32	in	in	ADP
cblr-1785	611	33	an	an	DET
cblr-1785	611	34	offering	offering	NOUN
cblr-1785	611	35	under	under	ADP
cblr-1785	611	36	the	the	DET
cblr-1785	611	37	federal	federal	ADJ
cblr-1785	611	38	rule	rule	NOUN
cblr-1785	611	39	,	,	PUNCT
cblr-1785	611	40	while	while	SCONJ
cblr-1785	611	41	being	be	AUX
cblr-1785	611	42	capped	cap	VERB
cblr-1785	611	43	at	at	ADP
cblr-1785	611	44	$	$	SYM
cblr-1785	611	45	5,000	5,000	NUM
cblr-1785	611	46	in	in	ADP
cblr-1785	611	47	kansas	kansas	PROPN
cblr-1785	611	48	and	and	CCONJ
cblr-1785	611	49	$	$	SYM
cblr-1785	611	50	10,000	10,000	NUM
cblr-1785	611	51	in	in	ADP
cblr-1785	611	52	georgia	georgia	PROPN
cblr-1785	611	53	,	,	PUNCT
cblr-1785	611	54	michigan	michigan	PROPN
cblr-1785	611	55	,	,	PUNCT
cblr-1785	611	56	and	and	CCONJ
cblr-1785	611	57	wisconsinand	wisconsinand	PRON
cblr-1785	611	58	this	this	DET
cblr-1785	611	59	calculation	calculation	NOUN
cblr-1785	611	60	accounts	account	VERB
cblr-1785	611	61	for	for	ADP
cblr-1785	611	62	the	the	DET
cblr-1785	611	63	more	more	ADV
cblr-1785	611	64	permissive	permissive	ADJ
cblr-1785	611	65	“	"	PUNCT
cblr-1785	611	66	certified	certified	ADJ
cblr-1785	611	67	investor	investor	NOUN
cblr-1785	611	68	”	"	PUNCT
cblr-1785	611	69	category	category	NOUN
cblr-1785	611	70	.	.	PUNCT
cblr-1785	612	1	thus	thus	ADV
cblr-1785	612	2	,	,	PUNCT
cblr-1785	612	3	neither	neither	CCONJ
cblr-1785	612	4	the	the	DET
cblr-1785	612	5	federal	federal	ADJ
cblr-1785	612	6	nor	nor	CCONJ
cblr-1785	612	7	the	the	DET
cblr-1785	612	8	state	state	NOUN
cblr-1785	612	9	approaches	approach	NOUN
cblr-1785	612	10	to	to	ADP
cblr-1785	612	11	individual	individual	ADJ
cblr-1785	612	12	limits	limit	NOUN
cblr-1785	612	13	seems	seem	VERB
cblr-1785	612	14	to	to	PART
cblr-1785	612	15	have	have	VERB
cblr-1785	612	16	a	a	DET
cblr-1785	612	17	decisive	decisive	ADJ
cblr-1785	612	18	advantage	advantage	NOUN
cblr-1785	612	19	in	in	ADP
cblr-1785	612	20	terms	term	NOUN
cblr-1785	612	21	of	of	ADP
cblr-1785	612	22	capital	capital	NOUN
cblr-1785	612	23	formation	formation	NOUN
cblr-1785	612	24	,	,	PUNCT
cblr-1785	612	25	although	although	SCONJ
cblr-1785	612	26	the	the	DET
cblr-1785	612	27	state	state	NOUN
cblr-1785	612	28	exemptions	exemption	NOUN
cblr-1785	612	29	may	may	AUX
cblr-1785	612	30	have	have	VERB
cblr-1785	612	31	a	a	DET
cblr-1785	612	32	slight	slight	ADJ
cblr-1785	612	33	edge	edge	NOUN
cblr-1785	612	34	since	since	SCONJ
cblr-1785	612	35	they	they	PRON
cblr-1785	612	36	allow	allow	VERB
cblr-1785	612	37	unlimited	unlimited	ADJ
cblr-1785	612	38	contributions	contribution	NOUN
cblr-1785	612	39	from	from	ADP
cblr-1785	612	40	the	the	DET
cblr-1785	612	41	wealthy	wealthy	ADJ
cblr-1785	612	42	and	and	CCONJ
cblr-1785	612	43	do	do	AUX
cblr-1785	612	44	not	not	PART
cblr-1785	612	45	impose	impose	VERB
cblr-1785	612	46	annual	annual	ADJ
cblr-1785	612	47	aggregate	aggregate	NOUN
cblr-1785	612	48	limits	limit	NOUN
cblr-1785	612	49	on	on	ADP
cblr-1785	612	50	retail	retail	ADJ
cblr-1785	612	51	investors	investor	NOUN
cblr-1785	612	52	.	.	PUNCT
cblr-1785	613	1	with	with	ADP
cblr-1785	613	2	respect	respect	NOUN
cblr-1785	613	3	to	to	ADP
cblr-1785	613	4	investor	investor	NOUN
cblr-1785	613	5	protection	protection	NOUN
cblr-1785	613	6	,	,	PUNCT
cblr-1785	613	7	the	the	DET
cblr-1785	613	8	state	state	NOUN
cblr-1785	613	9	limits	limit	NOUN
cblr-1785	613	10	,	,	PUNCT
cblr-1785	613	11	on	on	ADP
cblr-1785	613	12	their	their	PRON
cblr-1785	613	13	face	face	NOUN
cblr-1785	613	14	,	,	PUNCT
cblr-1785	613	15	seem	seem	VERB
cblr-1785	613	16	poorly	poorly	ADV
cblr-1785	613	17	equipped	equip	VERB
cblr-1785	613	18	to	to	PART
cblr-1785	613	19	prevent	prevent	VERB
cblr-1785	613	20	catastrophic	catastrophic	ADJ
cblr-1785	613	21	losses	loss	NOUN
cblr-1785	613	22	.	.	PUNCT
cblr-1785	614	1	in	in	ADP
cblr-1785	614	2	the	the	DET
cblr-1785	614	3	new	new	ADJ
cblr-1785	614	4	federal	federal	ADJ
cblr-1785	614	5	crowdfunding	crowdfunding	NOUN
cblr-1785	614	6	exemption	exemption	NOUN
cblr-1785	614	7	:	:	PUNCT
cblr-1785	614	8	promise	promise	NOUN
cblr-1785	614	9	unfulfilled	unfulfilled	ADJ
cblr-1785	614	10	,	,	PUNCT
cblr-1785	614	11	professor	professor	PROPN
cblr-1785	614	12	c.	c.	PROPN
cblr-1785	614	13	steven	steven	PROPN
cblr-1785	614	14	bradford	bradford	PROPN
cblr-1785	614	15	criticizes	criticize	VERB
cblr-1785	614	16	even	even	ADV
cblr-1785	614	17	the	the	DET
cblr-1785	614	18	less	less	ADV
cblr-1785	614	19	permissive	permissive	ADJ
cblr-1785	614	20	federal	federal	ADJ
cblr-1785	614	21	cap	cap	NOUN
cblr-1785	614	22	as	as	ADP
cblr-1785	614	23	“	"	PUNCT
cblr-1785	614	24	excessive	excessive	ADJ
cblr-1785	614	25	,	,	PUNCT
cblr-1785	614	26	”	"	PUNCT
cblr-1785	614	27	writing	write	VERB
cblr-1785	614	28	that	that	SCONJ
cblr-1785	614	29	$	$	SYM
cblr-1785	614	30	2,000	2,000	NUM
cblr-1785	614	31	is	be	AUX
cblr-1785	614	32	“	"	PUNCT
cblr-1785	614	33	more	more	ADJ
cblr-1785	614	34	than	than	SCONJ
cblr-1785	614	35	some	some	DET
cblr-1785	614	36	people	people	NOUN
cblr-1785	614	37	can	can	AUX
cblr-1785	614	38	afford	afford	VERB
cblr-1785	614	39	to	to	PART
cblr-1785	614	40	lose	lose	VERB
cblr-1785	614	41	”	"	PUNCT
cblr-1785	614	42	and	and	CCONJ
cblr-1785	614	43	that	that	SCONJ
cblr-1785	614	44	“	"	PUNCT
cblr-1785	614	45	it	it	PRON
cblr-1785	614	46	is	be	AUX
cblr-1785	614	47	doubtful	doubtful	ADJ
cblr-1785	614	48	that	that	SCONJ
cblr-1785	614	49	most	most	ADJ
cblr-1785	614	50	people	people	NOUN
cblr-1785	614	51	,	,	PUNCT
cblr-1785	614	52	especially	especially	ADV
cblr-1785	614	53	those	those	PRON
cblr-1785	614	54	in	in	ADP
cblr-1785	614	55	the	the	DET
cblr-1785	614	56	lower	low	ADJ
cblr-1785	614	57	income	income	NOUN
cblr-1785	614	58	categories	category	NOUN
cblr-1785	614	59	,	,	PUNCT
cblr-1785	614	60	have	have	VERB
cblr-1785	614	61	sufficient	sufficient	ADJ
cblr-1785	614	62	free	free	ADJ
cblr-1785	614	63	cash	cash	NOUN
cblr-1785	614	64	flow	flow	NOUN
cblr-1785	614	65	or	or	CCONJ
cblr-1785	614	66	savings	saving	NOUN
cblr-1785	614	67	to	to	PART
cblr-1785	614	68	afford	afford	VERB
cblr-1785	614	69	to	to	PART
cblr-1785	614	70	lose	lose	VERB
cblr-1785	614	71	five	five	NUM
cblr-1785	614	72	or	or	CCONJ
cblr-1785	614	73	ten	ten	NUM
cblr-1785	614	74	percent	percent	NOUN
cblr-1785	614	75	of	of	ADP
cblr-1785	614	76	their	their	PRON
cblr-1785	614	77	net	net	ADJ
cblr-1785	614	78	pei	pei	PROPN
cblr-1785	614	79	final	final	ADJ
cblr-1785	614	80	no	no	NOUN
cblr-1785	614	81	.	.	PUNCT
cblr-1785	615	1	3:854	3:854	NUM
cblr-1785	615	2	]	]	X
cblr-1785	615	3	intrastate	intrastate	ADJ
cblr-1785	615	4	crowdfunding	crowdfunde	VERB
cblr-1785	615	5	883	883	NUM
cblr-1785	615	6	income	income	NOUN
cblr-1785	615	7	.	.	PUNCT
cblr-1785	615	8	”114	”114	PUNCT
cblr-1785	616	1	obviously	obviously	ADV
cblr-1785	616	2	,	,	PUNCT
cblr-1785	616	3	the	the	DET
cblr-1785	616	4	same	same	ADJ
cblr-1785	616	5	objection	objection	NOUN
cblr-1785	616	6	could	could	AUX
cblr-1785	616	7	be	be	AUX
cblr-1785	616	8	leveled	level	VERB
cblr-1785	616	9	at	at	ADP
cblr-1785	616	10	the	the	DET
cblr-1785	616	11	more	more	ADV
cblr-1785	616	12	generous	generous	ADJ
cblr-1785	616	13	state	state	NOUN
cblr-1785	616	14	limits	limit	NOUN
cblr-1785	616	15	,	,	PUNCT
cblr-1785	616	16	especially	especially	ADV
cblr-1785	616	17	because	because	SCONJ
cblr-1785	616	18	the	the	DET
cblr-1785	616	19	state	state	NOUN
cblr-1785	616	20	exemptions	exemption	NOUN
cblr-1785	616	21	place	place	VERB
cblr-1785	616	22	no	no	DET
cblr-1785	616	23	cap	cap	NOUN
cblr-1785	616	24	on	on	ADP
cblr-1785	616	25	the	the	DET
cblr-1785	616	26	aggregate	aggregate	ADJ
cblr-1785	616	27	amount	amount	NOUN
cblr-1785	616	28	a	a	DET
cblr-1785	616	29	retail	retail	ADJ
cblr-1785	616	30	investor	investor	NOUN
cblr-1785	616	31	may	may	AUX
cblr-1785	616	32	invest	invest	VERB
cblr-1785	616	33	in	in	ADP
cblr-1785	616	34	crowdfunded	crowdfunde	VERB
cblr-1785	616	35	securities	security	NOUN
cblr-1785	616	36	.	.	PUNCT
cblr-1785	617	1	in	in	ADP
cblr-1785	617	2	response	response	NOUN
cblr-1785	617	3	,	,	PUNCT
cblr-1785	617	4	it	it	PRON
cblr-1785	617	5	could	could	AUX
cblr-1785	617	6	be	be	AUX
cblr-1785	617	7	argued	argue	VERB
cblr-1785	617	8	that	that	SCONJ
cblr-1785	617	9	given	give	VERB
cblr-1785	617	10	that	that	SCONJ
cblr-1785	617	11	issuers	issuer	NOUN
cblr-1785	617	12	using	use	VERB
cblr-1785	617	13	the	the	DET
cblr-1785	617	14	state	state	NOUN
cblr-1785	617	15	exemptions	exemption	NOUN
cblr-1785	617	16	have	have	AUX
cblr-1785	617	17	access	access	NOUN
cblr-1785	617	18	to	to	ADP
cblr-1785	617	19	a	a	DET
cblr-1785	617	20	smaller	small	ADJ
cblr-1785	617	21	number	number	NOUN
cblr-1785	617	22	of	of	ADP
cblr-1785	617	23	potential	potential	ADJ
cblr-1785	617	24	investors	investor	NOUN
cblr-1785	617	25	,	,	PUNCT
cblr-1785	617	26	it	it	PRON
cblr-1785	617	27	is	be	AUX
cblr-1785	617	28	appropriate	appropriate	ADJ
cblr-1785	617	29	that	that	SCONJ
cblr-1785	617	30	they	they	PRON
cblr-1785	617	31	should	should	AUX
cblr-1785	617	32	be	be	AUX
cblr-1785	617	33	able	able	ADJ
cblr-1785	617	34	to	to	PART
cblr-1785	617	35	accept	accept	VERB
cblr-1785	617	36	more	more	ADJ
cblr-1785	617	37	capital	capital	NOUN
cblr-1785	617	38	from	from	ADP
cblr-1785	617	39	each	each	DET
cblr-1785	617	40	individual	individual	NOUN
cblr-1785	617	41	in	in	ADP
cblr-1785	617	42	order	order	NOUN
cblr-1785	617	43	to	to	PART
cblr-1785	617	44	encourage	encourage	VERB
cblr-1785	617	45	adequate	adequate	ADJ
cblr-1785	617	46	capital	capital	NOUN
cblr-1785	617	47	formation	formation	NOUN
cblr-1785	617	48	.	.	PUNCT
cblr-1785	618	1	proponents	proponent	NOUN
cblr-1785	618	2	might	might	AUX
cblr-1785	618	3	also	also	ADV
cblr-1785	618	4	contend	contend	VERB
cblr-1785	618	5	that	that	SCONJ
cblr-1785	618	6	,	,	PUNCT
cblr-1785	618	7	because	because	SCONJ
cblr-1785	618	8	the	the	DET
cblr-1785	618	9	effects	effect	NOUN
cblr-1785	618	10	of	of	ADP
cblr-1785	618	11	the	the	DET
cblr-1785	618	12	state	state	NOUN
cblr-1785	618	13	exemptions	exemption	NOUN
cblr-1785	618	14	are	be	AUX
cblr-1785	618	15	only	only	ADV
cblr-1785	618	16	felt	feel	VERB
cblr-1785	618	17	within	within	ADP
cblr-1785	618	18	the	the	DET
cblr-1785	618	19	state	state	NOUN
cblr-1785	618	20	in	in	ADP
cblr-1785	618	21	question	question	NOUN
cblr-1785	618	22	,	,	PUNCT
cblr-1785	618	23	a	a	DET
cblr-1785	618	24	higher	high	ADJ
cblr-1785	618	25	level	level	NOUN
cblr-1785	618	26	of	of	ADP
cblr-1785	618	27	risk	risk	NOUN
cblr-1785	618	28	is	be	AUX
cblr-1785	618	29	tolerable	tolerable	ADJ
cblr-1785	618	30	,	,	PUNCT
cblr-1785	618	31	and	and	CCONJ
cblr-1785	618	32	perhaps	perhaps	ADV
cblr-1785	618	33	,	,	PUNCT
cblr-1785	618	34	even	even	ADV
cblr-1785	618	35	beneficial.115	beneficial.115	PROPN
cblr-1785	618	36	after	after	ADV
cblr-1785	618	37	all	all	ADV
cblr-1785	618	38	,	,	PUNCT
cblr-1785	618	39	if	if	SCONJ
cblr-1785	618	40	higher	high	ADJ
cblr-1785	618	41	investment	investment	NOUN
cblr-1785	618	42	limits	limit	NOUN
cblr-1785	618	43	prove	prove	VERB
cblr-1785	618	44	beneficial	beneficial	ADJ
cblr-1785	618	45	at	at	ADP
cblr-1785	618	46	the	the	DET
cblr-1785	618	47	state	state	NOUN
cblr-1785	618	48	level	level	NOUN
cblr-1785	618	49	,	,	PUNCT
cblr-1785	618	50	it	it	PRON
cblr-1785	618	51	might	might	AUX
cblr-1785	618	52	suggest	suggest	VERB
cblr-1785	618	53	that	that	SCONJ
cblr-1785	618	54	the	the	DET
cblr-1785	618	55	federal	federal	ADJ
cblr-1785	618	56	limits	limit	NOUN
cblr-1785	618	57	could	could	AUX
cblr-1785	618	58	be	be	AUX
cblr-1785	618	59	raised	raise	VERB
cblr-1785	618	60	as	as	ADV
cblr-1785	618	61	well	well	ADV
cblr-1785	618	62	.	.	PUNCT
cblr-1785	619	1	of	of	ADP
cblr-1785	619	2	course	course	NOUN
cblr-1785	619	3	,	,	PUNCT
cblr-1785	619	4	this	this	DET
cblr-1785	619	5	rationale	rationale	NOUN
cblr-1785	619	6	would	would	AUX
cblr-1785	619	7	be	be	AUX
cblr-1785	619	8	cold	cold	ADJ
cblr-1785	619	9	comfort	comfort	NOUN
cblr-1785	619	10	to	to	ADP
cblr-1785	619	11	an	an	DET
cblr-1785	619	12	investor	investor	NOUN
cblr-1785	619	13	who	who	PRON
cblr-1785	619	14	has	have	AUX
cblr-1785	619	15	suffered	suffer	VERB
cblr-1785	619	16	a	a	DET
cblr-1785	619	17	crippling	crippling	ADJ
cblr-1785	619	18	loss	loss	NOUN
cblr-1785	619	19	made	make	VERB
cblr-1785	619	20	possible	possible	ADJ
cblr-1785	619	21	by	by	ADP
cblr-1785	619	22	an	an	DET
cblr-1785	619	23	imprudently	imprudently	ADV
cblr-1785	619	24	high	high	ADJ
cblr-1785	619	25	limit	limit	NOUN
cblr-1785	619	26	.	.	PUNCT
cblr-1785	620	1	finally	finally	ADV
cblr-1785	620	2	,	,	PUNCT
cblr-1785	620	3	much	much	ADV
cblr-1785	620	4	as	as	SCONJ
cblr-1785	620	5	was	be	AUX
cblr-1785	620	6	argued	argue	VERB
cblr-1785	620	7	above,116	above,116	ADP
cblr-1785	620	8	the	the	DET
cblr-1785	620	9	absence	absence	NOUN
cblr-1785	620	10	of	of	ADP
cblr-1785	620	11	investment	investment	NOUN
cblr-1785	620	12	limits	limit	NOUN
cblr-1785	620	13	for	for	ADP
cblr-1785	620	14	accredited	accredit	VERB
cblr-1785	620	15	investors	investor	NOUN
cblr-1785	620	16	in	in	ADP
cblr-1785	620	17	the	the	DET
cblr-1785	620	18	state	state	NOUN
cblr-1785	620	19	exemptions	exemption	NOUN
cblr-1785	620	20	encourages	encourage	VERB
cblr-1785	620	21	the	the	DET
cblr-1785	620	22	participation	participation	NOUN
cblr-1785	620	23	of	of	ADP
cblr-1785	620	24	investors	investor	NOUN
cblr-1785	620	25	with	with	ADP
cblr-1785	620	26	large	large	ADJ
cblr-1785	620	27	stakes	stake	NOUN
cblr-1785	620	28	in	in	ADP
cblr-1785	620	29	the	the	DET
cblr-1785	620	30	issuer	issuer	NOUN
cblr-1785	620	31	’s	’s	PART
cblr-1785	620	32	business	business	NOUN
cblr-1785	620	33	.	.	PUNCT
cblr-1785	621	1	issuers	issuer	NOUN
cblr-1785	621	2	seem	seem	VERB
cblr-1785	621	3	to	to	PART
cblr-1785	621	4	have	have	VERB
cblr-1785	621	5	an	an	DET
cblr-1785	621	6	incentive	incentive	NOUN
cblr-1785	621	7	to	to	PART
cblr-1785	621	8	seek	seek	VERB
cblr-1785	621	9	out	out	ADP
cblr-1785	621	10	such	such	ADJ
cblr-1785	621	11	investors	investor	NOUN
cblr-1785	621	12	,	,	PUNCT
cblr-1785	621	13	as	as	SCONJ
cblr-1785	621	14	it	it	PRON
cblr-1785	621	15	would	would	AUX
cblr-1785	621	16	allow	allow	VERB
cblr-1785	621	17	them	they	PRON
cblr-1785	621	18	to	to	PART
cblr-1785	621	19	meet	meet	VERB
cblr-1785	621	20	their	their	PRON
cblr-1785	621	21	financing	financing	NOUN
cblr-1785	621	22	targets	target	NOUN
cblr-1785	621	23	more	more	ADV
cblr-1785	621	24	quickly	quickly	ADV
cblr-1785	621	25	,	,	PUNCT
cblr-1785	621	26	and	and	CCONJ
cblr-1785	621	27	with	with	ADP
cblr-1785	621	28	potentially	potentially	ADV
cblr-1785	621	29	lower	low	ADJ
cblr-1785	621	30	transaction	transaction	NOUN
cblr-1785	621	31	costs	cost	NOUN
cblr-1785	621	32	.	.	PUNCT
cblr-1785	622	1	again	again	ADV
cblr-1785	622	2	,	,	PUNCT
cblr-1785	622	3	large	large	ADJ
cblr-1785	622	4	investors	investor	NOUN
cblr-1785	622	5	would	would	AUX
cblr-1785	622	6	have	have	VERB
cblr-1785	622	7	an	an	DET
cblr-1785	622	8	incentive	incentive	NOUN
cblr-1785	622	9	to	to	PART
cblr-1785	622	10	do	do	AUX
cblr-1785	622	11	up	up	ADP
cblr-1785	622	12	-	-	PUNCT
cblr-1785	622	13	front	front	NOUN
cblr-1785	622	14	diligence	diligence	NOUN
cblr-1785	622	15	and	and	CCONJ
cblr-1785	622	16	pricing	pricing	NOUN
cblr-1785	622	17	work	work	NOUN
cblr-1785	622	18	on	on	ADP
cblr-1785	622	19	offerings	offering	NOUN
cblr-1785	622	20	,	,	PUNCT
cblr-1785	622	21	and	and	CCONJ
cblr-1785	622	22	to	to	PART
cblr-1785	622	23	monitor	monitor	VERB
cblr-1785	622	24	issuers	issuer	NOUN
cblr-1785	622	25	after	after	ADP
cblr-1785	622	26	the	the	DET
cblr-1785	622	27	sale	sale	NOUN
cblr-1785	622	28	,	,	PUNCT
cblr-1785	622	29	providing	provide	VERB
cblr-1785	622	30	downstream	downstream	ADJ
cblr-1785	622	31	benefits	benefit	NOUN
cblr-1785	622	32	to	to	ADP
cblr-1785	622	33	smaller	small	ADJ
cblr-1785	622	34	investors.117	investors.117	ADJ
cblr-1785	622	35	114	114	NUM
cblr-1785	622	36	bradford	bradford	NOUN
cblr-1785	622	37	,	,	PUNCT
cblr-1785	622	38	supra	supra	PROPN
cblr-1785	622	39	note	note	PROPN
cblr-1785	622	40	46	46	NUM
cblr-1785	622	41	,	,	PUNCT
cblr-1785	622	42	at	at	ADP
cblr-1785	622	43	218	218	NUM
cblr-1785	622	44	.	.	PUNCT
cblr-1785	623	1	115	115	NUM
cblr-1785	624	1	this	this	PRON
cblr-1785	624	2	is	be	AUX
cblr-1785	624	3	brandeis	brandeis	NOUN
cblr-1785	624	4	’	'	PUNCT
cblr-1785	624	5	famous	famous	ADJ
cblr-1785	624	6	point	point	NOUN
cblr-1785	624	7	that	that	SCONJ
cblr-1785	624	8	an	an	DET
cblr-1785	624	9	individual	individual	ADJ
cblr-1785	624	10	state	state	NOUN
cblr-1785	624	11	may	may	AUX
cblr-1785	624	12	“	"	PUNCT
cblr-1785	624	13	serve	serve	VERB
cblr-1785	624	14	as	as	ADP
cblr-1785	624	15	a	a	DET
cblr-1785	624	16	laboratory	laboratory	NOUN
cblr-1785	624	17	[	[	X
cblr-1785	624	18	,	,	PUNCT
cblr-1785	624	19	]	]	PUNCT
cblr-1785	624	20	and	and	CCONJ
cblr-1785	624	21	try	try	VERB
cblr-1785	624	22	novel	novel	ADJ
cblr-1785	624	23	social	social	ADJ
cblr-1785	624	24	and	and	CCONJ
cblr-1785	624	25	economic	economic	ADJ
cblr-1785	624	26	experiments	experiment	NOUN
cblr-1785	624	27	without	without	ADP
cblr-1785	624	28	risk	risk	NOUN
cblr-1785	624	29	to	to	ADP
cblr-1785	624	30	the	the	DET
cblr-1785	624	31	rest	rest	NOUN
cblr-1785	624	32	of	of	ADP
cblr-1785	624	33	the	the	DET
cblr-1785	624	34	country	country	NOUN
cblr-1785	624	35	.	.	PUNCT
cblr-1785	624	36	”	"	PUNCT
cblr-1785	625	1	new	new	ADJ
cblr-1785	625	2	state	state	PROPN
cblr-1785	625	3	ice	ice	PROPN
cblr-1785	625	4	co.	co.	PROPN
cblr-1785	625	5	v.	v.	ADP
cblr-1785	625	6	liebman	liebman	PROPN
cblr-1785	625	7	,	,	PUNCT
cblr-1785	625	8	285	285	NUM
cblr-1785	625	9	u.s	u.s	PROPN
cblr-1785	625	10	.	.	PROPN
cblr-1785	625	11	262	262	NUM
cblr-1785	625	12	,	,	PUNCT
cblr-1785	625	13	311	311	NUM
cblr-1785	625	14	(	(	PUNCT
cblr-1785	625	15	1932	1932	NUM
cblr-1785	625	16	)	)	PUNCT
cblr-1785	625	17	;	;	PUNCT
cblr-1785	625	18	see	see	VERB
cblr-1785	625	19	also	also	ADV
cblr-1785	625	20	gregory	gregory	PROPN
cblr-1785	625	21	v.	v.	PROPN
cblr-1785	625	22	ashcroft	ashcroft	PROPN
cblr-1785	625	23	,	,	PUNCT
cblr-1785	625	24	501	501	NUM
cblr-1785	625	25	u.s	u.s	PROPN
cblr-1785	625	26	.	.	PROPN
cblr-1785	625	27	452	452	NUM
cblr-1785	625	28	,	,	PUNCT
cblr-1785	625	29	458	458	NUM
cblr-1785	625	30	(	(	PUNCT
cblr-1785	625	31	1991	1991	NUM
cblr-1785	625	32	)	)	PUNCT
cblr-1785	625	33	(	(	PUNCT
cblr-1785	625	34	observing	observe	VERB
cblr-1785	625	35	that	that	SCONJ
cblr-1785	625	36	one	one	NUM
cblr-1785	625	37	of	of	ADP
cblr-1785	625	38	the	the	DET
cblr-1785	625	39	merits	merit	NOUN
cblr-1785	625	40	of	of	ADP
cblr-1785	625	41	federalism	federalism	NOUN
cblr-1785	625	42	is	be	AUX
cblr-1785	625	43	that	that	SCONJ
cblr-1785	625	44	it	it	PRON
cblr-1785	625	45	“	"	PUNCT
cblr-1785	625	46	allows	allow	VERB
cblr-1785	625	47	for	for	ADP
cblr-1785	625	48	more	more	ADJ
cblr-1785	625	49	innovation	innovation	NOUN
cblr-1785	625	50	and	and	CCONJ
cblr-1785	625	51	experimentation	experimentation	NOUN
cblr-1785	625	52	in	in	ADP
cblr-1785	625	53	government	government	NOUN
cblr-1785	625	54	”	"	PUNCT
cblr-1785	625	55	)	)	PUNCT
cblr-1785	625	56	.	.	PUNCT
cblr-1785	626	1	116	116	NUM
cblr-1785	626	2	see	see	VERB
cblr-1785	626	3	supra	supra	PROPN
cblr-1785	626	4	part	part	PROPN
cblr-1785	626	5	iii.a	iii.a	PROPN
cblr-1785	626	6	.	.	NOUN
cblr-1785	627	1	117	117	NUM
cblr-1785	627	2	parsont	parsont	NOUN
cblr-1785	627	3	makes	make	VERB
cblr-1785	627	4	this	this	DET
cblr-1785	627	5	same	same	ADJ
cblr-1785	627	6	point	point	NOUN
cblr-1785	627	7	with	with	ADP
cblr-1785	627	8	respect	respect	NOUN
cblr-1785	627	9	to	to	ADP
cblr-1785	627	10	“	"	PUNCT
cblr-1785	627	11	accredited	accredited	ADJ
cblr-1785	627	12	crowdfunding	crowdfunding	NOUN
cblr-1785	627	13	”	"	PUNCT
cblr-1785	627	14	:	:	PUNCT
cblr-1785	627	15	“	"	PUNCT
cblr-1785	627	16	[	[	X
cblr-1785	627	17	a]ccredited	a]ccredite	VERB
cblr-1785	627	18	crowdfunding	crowdfunding	NOUN
cblr-1785	627	19	has	have	VERB
cblr-1785	627	20	no	no	DET
cblr-1785	627	21	annual	annual	ADJ
cblr-1785	627	22	investment	investment	NOUN
cblr-1785	627	23	limits	limit	NOUN
cblr-1785	627	24	.	.	PUNCT
cblr-1785	628	1	so	so	ADV
cblr-1785	628	2	some	some	DET
cblr-1785	628	3	deals	deal	NOUN
cblr-1785	628	4	could	could	AUX
cblr-1785	628	5	have	have	VERB
cblr-1785	628	6	investors	investor	NOUN
cblr-1785	628	7	with	with	ADP
cblr-1785	628	8	significant	significant	ADJ
cblr-1785	628	9	skin	skin	NOUN
cblr-1785	628	10	in	in	ADP
cblr-1785	628	11	the	the	DET
cblr-1785	628	12	game	game	NOUN
cblr-1785	628	13	.	.	PUNCT
cblr-1785	629	1	such	such	ADJ
cblr-1785	629	2	large	large	ADJ
cblr-1785	629	3	stakes	stake	NOUN
cblr-1785	629	4	could	could	AUX
cblr-1785	629	5	help	help	VERB
cblr-1785	629	6	overcome	overcome	VERB
cblr-1785	629	7	the	the	DET
cblr-1785	629	8	collective	collective	ADJ
cblr-1785	629	9	action	action	NOUN
cblr-1785	629	10	problem	problem	NOUN
cblr-1785	629	11	and	and	CCONJ
cblr-1785	629	12	thus	thus	ADV
cblr-1785	629	13	prevent	prevent	VERB
cblr-1785	629	14	the	the	DET
cblr-1785	629	15	lemons	lemon	NOUN
cblr-1785	629	16	problem	problem	NOUN
cblr-1785	629	17	by	by	ADP
cblr-1785	629	18	incentivizing	incentivize	VERB
cblr-1785	629	19	some	some	DET
cblr-1785	629	20	investors	investor	NOUN
cblr-1785	629	21	to	to	PART
cblr-1785	629	22	do	do	VERB
cblr-1785	629	23	pei	pei	PROPN
cblr-1785	629	24	final	final	ADJ
cblr-1785	629	25	884	884	NUM
cblr-1785	629	26	columbia	columbia	PROPN
cblr-1785	629	27	business	business	NOUN
cblr-1785	629	28	law	law	PROPN
cblr-1785	629	29	review	review	NOUN
cblr-1785	629	30	[	[	X
cblr-1785	629	31	vol	vol	NOUN
cblr-1785	629	32	.	.	PUNCT
cblr-1785	629	33	2014	2014	NUM
cblr-1785	629	34	ironically	ironically	ADV
cblr-1785	629	35	,	,	PUNCT
cblr-1785	629	36	by	by	ADP
cblr-1785	629	37	limiting	limit	VERB
cblr-1785	629	38	the	the	DET
cblr-1785	629	39	participation	participation	NOUN
cblr-1785	629	40	of	of	ADP
cblr-1785	629	41	large	large	ADJ
cblr-1785	629	42	investors	investor	NOUN
cblr-1785	629	43	with	with	ADP
cblr-1785	629	44	the	the	DET
cblr-1785	629	45	aim	aim	NOUN
cblr-1785	629	46	of	of	ADP
cblr-1785	629	47	promoting	promote	VERB
cblr-1785	629	48	investor	investor	NOUN
cblr-1785	629	49	protection	protection	NOUN
cblr-1785	629	50	,	,	PUNCT
cblr-1785	629	51	the	the	DET
cblr-1785	629	52	federal	federal	ADJ
cblr-1785	629	53	exemption	exemption	NOUN
cblr-1785	629	54	may	may	AUX
cblr-1785	629	55	deny	deny	VERB
cblr-1785	629	56	these	these	DET
cblr-1785	629	57	safeguards	safeguard	NOUN
cblr-1785	629	58	to	to	ADP
cblr-1785	629	59	small	small	ADJ
cblr-1785	629	60	investors	investor	NOUN
cblr-1785	629	61	.	.	PUNCT
cblr-1785	630	1	the	the	DET
cblr-1785	630	2	sec	sec	PROPN
cblr-1785	630	3	proposed	propose	VERB
cblr-1785	630	4	rules	rule	NOUN
cblr-1785	630	5	appear	appear	VERB
cblr-1785	630	6	to	to	PART
cblr-1785	630	7	acknowledge	acknowledge	VERB
cblr-1785	630	8	this	this	PRON
cblr-1785	630	9	:	:	PUNCT
cblr-1785	630	10	“	"	PUNCT
cblr-1785	630	11	limiting	limit	VERB
cblr-1785	630	12	the	the	DET
cblr-1785	630	13	participation	participation	NOUN
cblr-1785	630	14	of	of	ADP
cblr-1785	630	15	[	[	X
cblr-1785	630	16	more	more	ADV
cblr-1785	630	17	experienced	experienced	ADJ
cblr-1785	630	18	and	and	CCONJ
cblr-1785	630	19	knowledgeable	knowledgeable	ADJ
cblr-1785	630	20	]	]	X
cblr-1785	630	21	investors	investor	NOUN
cblr-1785	630	22	would	would	AUX
cblr-1785	630	23	be	be	AUX
cblr-1785	630	24	likely	likely	ADJ
cblr-1785	630	25	to	to	PART
cblr-1785	630	26	negatively	negatively	ADV
cblr-1785	630	27	affect	affect	VERB
cblr-1785	630	28	the	the	DET
cblr-1785	630	29	informational	informational	ADJ
cblr-1785	630	30	efficiency	efficiency	NOUN
cblr-1785	630	31	of	of	ADP
cblr-1785	630	32	the	the	DET
cblr-1785	630	33	securities	security	NOUN
cblr-1785	630	34	-	-	PUNCT
cblr-1785	630	35	based	base	VERB
cblr-1785	630	36	crowdfunding	crowdfunding	NOUN
cblr-1785	630	37	market	market	NOUN
cblr-1785	630	38	,	,	PUNCT
cblr-1785	630	39	because	because	SCONJ
cblr-1785	630	40	sophisticated	sophisticated	ADJ
cblr-1785	630	41	investors	investor	NOUN
cblr-1785	630	42	are	be	AUX
cblr-1785	630	43	better	well	ADJ
cblr-1785	630	44	able	able	ADJ
cblr-1785	630	45	to	to	PART
cblr-1785	630	46	accurately	accurately	ADV
cblr-1785	630	47	price	price	VERB
cblr-1785	630	48	such	such	ADJ
cblr-1785	630	49	offerings	offering	NOUN
cblr-1785	630	50	.	.	PUNCT
cblr-1785	631	1	”118	”118	PROPN
cblr-1785	632	1	c.	c.	PROPN
cblr-1785	632	2	disclosure	disclosure	PROPN
cblr-1785	632	3	requirements	requirement	VERB
cblr-1785	632	4	a	a	DET
cblr-1785	632	5	third	third	ADJ
cblr-1785	632	6	area	area	NOUN
cblr-1785	632	7	of	of	ADP
cblr-1785	632	8	significant	significant	ADJ
cblr-1785	632	9	divergence	divergence	NOUN
cblr-1785	632	10	between	between	ADP
cblr-1785	632	11	the	the	DET
cblr-1785	632	12	state	state	NOUN
cblr-1785	632	13	and	and	CCONJ
cblr-1785	632	14	federal	federal	ADJ
cblr-1785	632	15	crowdfunding	crowdfunding	NOUN
cblr-1785	632	16	laws	law	NOUN
cblr-1785	632	17	is	be	AUX
cblr-1785	632	18	the	the	DET
cblr-1785	632	19	disclosure	disclosure	NOUN
cblr-1785	632	20	requirements	requirement	NOUN
cblr-1785	632	21	placed	place	VERB
cblr-1785	632	22	on	on	ADP
cblr-1785	632	23	issuers	issuer	NOUN
cblr-1785	632	24	and	and	CCONJ
cblr-1785	632	25	intermediaries	intermediary	NOUN
cblr-1785	632	26	.	.	PUNCT
cblr-1785	633	1	as	as	ADP
cblr-1785	633	2	detailed	detailed	ADJ
cblr-1785	633	3	above	above	ADV
cblr-1785	633	4	,	,	PUNCT
cblr-1785	633	5	issuers	issuer	NOUN
cblr-1785	633	6	under	under	ADP
cblr-1785	633	7	the	the	DET
cblr-1785	633	8	federal	federal	ADJ
cblr-1785	633	9	rules	rule	NOUN
cblr-1785	633	10	are	be	AUX
cblr-1785	633	11	subject	subject	ADJ
cblr-1785	633	12	to	to	ADP
cblr-1785	633	13	complex	complex	ADJ
cblr-1785	633	14	financial	financial	ADJ
cblr-1785	633	15	disclosure	disclosure	NOUN
cblr-1785	633	16	requirements	requirement	NOUN
cblr-1785	633	17	that	that	PRON
cblr-1785	633	18	require	require	VERB
cblr-1785	633	19	issuers	issuer	NOUN
cblr-1785	633	20	to	to	PART
cblr-1785	633	21	spend	spend	VERB
cblr-1785	633	22	significantly	significantly	ADV
cblr-1785	633	23	on	on	ADP
cblr-1785	633	24	legal	legal	ADJ
cblr-1785	633	25	fees	fee	NOUN
cblr-1785	633	26	,	,	PUNCT
cblr-1785	633	27	and	and	CCONJ
cblr-1785	633	28	potentially	potentially	ADV
cblr-1785	633	29	on	on	ADP
cblr-1785	633	30	outside	outside	ADJ
cblr-1785	633	31	accountants	accountant	NOUN
cblr-1785	633	32	and	and	CCONJ
cblr-1785	633	33	auditors.119	auditors.119	PROPN
cblr-1785	633	34	the	the	DET
cblr-1785	633	35	sec	sec	PROPN
cblr-1785	633	36	’s	’s	PART
cblr-1785	633	37	proposed	propose	VERB
cblr-1785	633	38	rules	rule	NOUN
cblr-1785	633	39	estimate	estimate	VERB
cblr-1785	633	40	that	that	SCONJ
cblr-1785	633	41	an	an	DET
cblr-1785	633	42	issuer	issuer	NOUN
cblr-1785	633	43	seeking	seek	VERB
cblr-1785	633	44	to	to	PART
cblr-1785	633	45	raise	raise	VERB
cblr-1785	633	46	$	$	SYM
cblr-1785	633	47	1	1	NUM
cblr-1785	633	48	million	million	NUM
cblr-1785	633	49	could	could	AUX
cblr-1785	633	50	incur	incur	VERB
cblr-1785	633	51	as	as	ADV
cblr-1785	633	52	much	much	ADJ
cblr-1785	633	53	as	as	ADP
cblr-1785	633	54	$	$	SYM
cblr-1785	633	55	150,000	150,000	NUM
cblr-1785	633	56	in	in	ADP
cblr-1785	633	57	costs	cost	NOUN
cblr-1785	633	58	,	,	PUNCT
cblr-1785	633	59	while	while	SCONJ
cblr-1785	633	60	a	a	DET
cblr-1785	633	61	$	$	SYM
cblr-1785	633	62	100,000	100,000	NUM
cblr-1785	633	63	offering	offering	NOUN
cblr-1785	633	64	could	could	AUX
cblr-1785	633	65	cost	cost	VERB
cblr-1785	633	66	the	the	DET
cblr-1785	633	67	issuer	issuer	NOUN
cblr-1785	633	68	as	as	ADV
cblr-1785	633	69	much	much	ADJ
cblr-1785	633	70	as	as	ADP
cblr-1785	633	71	$	$	SYM
cblr-1785	633	72	18,560.120	18,560.120	NUM
cblr-1785	633	73	issuers	issuer	NOUN
cblr-1785	633	74	are	be	AUX
cblr-1785	633	75	also	also	ADV
cblr-1785	633	76	required	require	VERB
cblr-1785	633	77	to	to	PART
cblr-1785	633	78	engage	engage	VERB
cblr-1785	633	79	in	in	ADP
cblr-1785	633	80	annual	annual	ADJ
cblr-1785	633	81	post	post	ADJ
cblr-1785	633	82	-	-	ADJ
cblr-1785	633	83	offering	offering	ADJ
cblr-1785	633	84	disclosures	disclosure	NOUN
cblr-1785	633	85	,	,	PUNCT
cblr-1785	633	86	which	which	PRON
cblr-1785	633	87	may	may	AUX
cblr-1785	633	88	also	also	ADV
cblr-1785	633	89	require	require	VERB
cblr-1785	633	90	hiring	hire	VERB
cblr-1785	633	91	outside	outside	ADJ
cblr-1785	633	92	accountants	accountant	NOUN
cblr-1785	633	93	and	and	CCONJ
cblr-1785	633	94	auditors.121	auditors.121	NOUN
cblr-1785	633	95	while	while	SCONJ
cblr-1785	633	96	no	no	DET
cblr-1785	633	97	comparable	comparable	ADJ
cblr-1785	633	98	estimates	estimate	NOUN
cblr-1785	633	99	exist	exist	VERB
cblr-1785	633	100	for	for	ADP
cblr-1785	633	101	the	the	DET
cblr-1785	633	102	state	state	NOUN
cblr-1785	633	103	exemptions	exemption	NOUN
cblr-1785	633	104	,	,	PUNCT
cblr-1785	633	105	it	it	PRON
cblr-1785	633	106	seems	seem	VERB
cblr-1785	633	107	clear	clear	ADJ
cblr-1785	633	108	that	that	SCONJ
cblr-1785	633	109	they	they	PRON
cblr-1785	633	110	would	would	AUX
cblr-1785	633	111	provide	provide	VERB
cblr-1785	633	112	a	a	DET
cblr-1785	633	113	significantly	significantly	ADV
cblr-1785	633	114	less	less	ADV
cblr-1785	633	115	expensive	expensive	ADJ
cblr-1785	633	116	source	source	NOUN
cblr-1785	633	117	of	of	ADP
cblr-1785	633	118	capital	capital	NOUN
cblr-1785	633	119	.	.	PUNCT
cblr-1785	634	1	kansas	kansas	PROPN
cblr-1785	634	2	and	and	CCONJ
cblr-1785	634	3	georgia	georgia	PROPN
cblr-1785	634	4	require	require	VERB
cblr-1785	634	5	only	only	ADV
cblr-1785	634	6	that	that	SCONJ
cblr-1785	634	7	issuers	issuer	NOUN
cblr-1785	634	8	file	file	VERB
cblr-1785	634	9	minimal	minimal	ADJ
cblr-1785	634	10	disclosuresthe	disclosuresthe	PRON
cblr-1785	634	11	relevant	relevant	ADJ
cblr-1785	634	12	forms	form	NOUN
cblr-1785	634	13	are	be	AUX
cblr-1785	634	14	only	only	ADV
cblr-1785	634	15	one	one	NUM
cblr-1785	634	16	and	and	CCONJ
cblr-1785	634	17	three	three	NUM
cblr-1785	634	18	pages	page	NOUN
cblr-1785	634	19	in	in	ADP
cblr-1785	634	20	length	length	NOUN
cblr-1785	634	21	,	,	PUNCT
cblr-1785	634	22	respectively	respectively	ADV
cblr-1785	634	23	,	,	PUNCT
cblr-1785	634	24	and	and	CCONJ
cblr-1785	634	25	could	could	AUX
cblr-1785	634	26	be	be	AUX
cblr-1785	634	27	completed	complete	VERB
cblr-1785	634	28	without	without	ADP
cblr-1785	634	29	the	the	DET
cblr-1785	634	30	the	the	DET
cblr-1785	634	31	necessary	necessary	ADJ
cblr-1785	634	32	due	due	ADJ
cblr-1785	634	33	diligence	diligence	NOUN
cblr-1785	634	34	,	,	PUNCT
cblr-1785	634	35	pricing	pricing	NOUN
cblr-1785	634	36	,	,	PUNCT
cblr-1785	634	37	and	and	CCONJ
cblr-1785	634	38	other	other	ADJ
cblr-1785	634	39	work	work	NOUN
cblr-1785	634	40	on	on	ADP
cblr-1785	634	41	behalf	behalf	NOUN
cblr-1785	634	42	of	of	ADP
cblr-1785	634	43	the	the	DET
cblr-1785	634	44	rest	rest	NOUN
cblr-1785	634	45	of	of	ADP
cblr-1785	634	46	the	the	DET
cblr-1785	634	47	crowd	crowd	NOUN
cblr-1785	634	48	.	.	PUNCT
cblr-1785	634	49	”	"	PUNCT
cblr-1785	635	1	parsont	parsont	PROPN
cblr-1785	635	2	,	,	PUNCT
cblr-1785	635	3	supra	supra	PROPN
cblr-1785	635	4	note	note	PROPN
cblr-1785	635	5	22	22	NUM
cblr-1785	635	6	,	,	PUNCT
cblr-1785	635	7	at	at	ADP
cblr-1785	635	8	320	320	NUM
cblr-1785	635	9	.	.	PUNCT
cblr-1785	636	1	for	for	ADP
cblr-1785	636	2	a	a	DET
cblr-1785	636	3	description	description	NOUN
cblr-1785	636	4	of	of	ADP
cblr-1785	636	5	accredited	accredited	ADJ
cblr-1785	636	6	crowdfunding	crowdfunding	NOUN
cblr-1785	636	7	,	,	PUNCT
cblr-1785	636	8	see	see	VERB
cblr-1785	636	9	infra	infra	NOUN
cblr-1785	636	10	note	note	VERB
cblr-1785	636	11	153	153	NUM
cblr-1785	636	12	and	and	CCONJ
cblr-1785	636	13	accompanying	accompanying	ADJ
cblr-1785	636	14	text	text	NOUN
cblr-1785	636	15	.	.	PUNCT
cblr-1785	637	1	118	118	NUM
cblr-1785	637	2	sec	sec	PROPN
cblr-1785	637	3	proposed	propose	VERB
cblr-1785	637	4	rules	rule	NOUN
cblr-1785	637	5	,	,	PUNCT
cblr-1785	637	6	supra	supra	PROPN
cblr-1785	637	7	note	note	NOUN
cblr-1785	637	8	5	5	NUM
cblr-1785	637	9	,	,	PUNCT
cblr-1785	637	10	at	at	ADP
cblr-1785	637	11	354	354	NUM
cblr-1785	637	12	.	.	PUNCT
cblr-1785	637	13	119	119	NUM
cblr-1785	637	14	bradford	bradford	NOUN
cblr-1785	637	15	,	,	PUNCT
cblr-1785	637	16	supra	supra	PROPN
cblr-1785	637	17	note	note	PROPN
cblr-1785	637	18	46	46	NUM
cblr-1785	637	19	,	,	PUNCT
cblr-1785	637	20	at	at	ADP
cblr-1785	637	21	217	217	NUM
cblr-1785	637	22	(	(	PUNCT
cblr-1785	637	23	“	"	PUNCT
cblr-1785	637	24	[	[	X
cblr-1785	637	25	c]omplicated	c]omplicate	VERB
cblr-1785	637	26	filing	filing	NOUN
cblr-1785	637	27	and	and	CCONJ
cblr-1785	637	28	disclosure	disclosure	NOUN
cblr-1785	637	29	requirements	requirement	NOUN
cblr-1785	637	30	invariably	invariably	ADV
cblr-1785	637	31	demand	demand	VERB
cblr-1785	637	32	lawyers	lawyer	NOUN
cblr-1785	637	33	and	and	CCONJ
cblr-1785	637	34	accountants	accountant	NOUN
cblr-1785	637	35	,	,	PUNCT
cblr-1785	637	36	increasing	increase	VERB
cblr-1785	637	37	the	the	DET
cblr-1785	637	38	expense	expense	NOUN
cblr-1785	637	39	of	of	ADP
cblr-1785	637	40	using	use	VERB
cblr-1785	637	41	the	the	DET
cblr-1785	637	42	exemption	exemption	NOUN
cblr-1785	637	43	.	.	PUNCT
cblr-1785	637	44	”	"	PUNCT
cblr-1785	637	45	)	)	PUNCT
cblr-1785	637	46	.	.	PUNCT
cblr-1785	638	1	120	120	NUM
cblr-1785	638	2	see	see	VERB
cblr-1785	638	3	sec	sec	PROPN
cblr-1785	638	4	proposed	propose	VERB
cblr-1785	638	5	rules	rule	NOUN
cblr-1785	638	6	,	,	PUNCT
cblr-1785	638	7	supra	supra	PROPN
cblr-1785	638	8	note	note	NOUN
cblr-1785	638	9	5	5	NUM
cblr-1785	638	10	,	,	PUNCT
cblr-1785	638	11	at	at	ADP
cblr-1785	638	12	358–59	358–59	NOUN
cblr-1785	638	13	.	.	PUNCT
cblr-1785	639	1	121	121	NUM
cblr-1785	639	2	see	see	VERB
cblr-1785	639	3	i	i	PRON
cblr-1785	639	4	d.	d.	PROPN
cblr-1785	639	5	at	at	ADP
cblr-1785	639	6	95	95	NUM
cblr-1785	639	7	.	.	PUNCT
cblr-1785	640	1	pei	pei	PROPN
cblr-1785	640	2	final	final	ADJ
cblr-1785	640	3	no	no	NOUN
cblr-1785	640	4	.	.	PUNCT
cblr-1785	641	1	3:854	3:854	NUM
cblr-1785	641	2	]	]	X
cblr-1785	641	3	intrastate	intrastate	ADJ
cblr-1785	641	4	crowdfunding	crowdfunding	NOUN
cblr-1785	641	5	885	885	NUM
cblr-1785	641	6	assistance	assistance	NOUN
cblr-1785	641	7	of	of	ADP
cblr-1785	641	8	an	an	DET
cblr-1785	641	9	attorney	attorney	NOUN
cblr-1785	641	10	or	or	CCONJ
cblr-1785	641	11	accountant	accountant	NOUN
cblr-1785	641	12	.	.	PUNCT
cblr-1785	642	1	wisconsin	wisconsin	PROPN
cblr-1785	642	2	and	and	CCONJ
cblr-1785	642	3	michigan	michigan	PROPN
cblr-1785	642	4	require	require	VERB
cblr-1785	642	5	more	more	ADJ
cblr-1785	642	6	disclosure	disclosure	NOUN
cblr-1785	642	7	to	to	ADP
cblr-1785	642	8	both	both	DET
cblr-1785	642	9	investors	investor	NOUN
cblr-1785	642	10	and	and	CCONJ
cblr-1785	642	11	regulators	regulator	NOUN
cblr-1785	642	12	,	,	PUNCT
cblr-1785	642	13	but	but	CCONJ
cblr-1785	642	14	do	do	AUX
cblr-1785	642	15	not	not	PART
cblr-1785	642	16	require	require	VERB
cblr-1785	642	17	accountant	accountant	NOUN
cblr-1785	642	18	reviewed	review	VERB
cblr-1785	642	19	or	or	CCONJ
cblr-1785	642	20	audited	audit	VERB
cblr-1785	642	21	financials	financial	NOUN
cblr-1785	642	22	.	.	PUNCT
cblr-1785	643	1	such	such	ADJ
cblr-1785	643	2	statements	statement	NOUN
cblr-1785	643	3	are	be	AUX
cblr-1785	643	4	,	,	PUNCT
cblr-1785	643	5	according	accord	VERB
cblr-1785	643	6	to	to	ADP
cblr-1785	643	7	the	the	DET
cblr-1785	643	8	sec	sec	PROPN
cblr-1785	643	9	’s	’s	PART
cblr-1785	643	10	estimates	estimate	NOUN
cblr-1785	643	11	,	,	PUNCT
cblr-1785	643	12	the	the	DET
cblr-1785	643	13	second	second	ADV
cblr-1785	643	14	largest	large	ADJ
cblr-1785	643	15	expense	expense	NOUN
cblr-1785	643	16	for	for	ADP
cblr-1785	643	17	an	an	DET
cblr-1785	643	18	issuer	issuer	NOUN
cblr-1785	643	19	complying	comply	VERB
cblr-1785	643	20	with	with	ADP
cblr-1785	643	21	the	the	DET
cblr-1785	643	22	federal	federal	ADJ
cblr-1785	643	23	law	law	NOUN
cblr-1785	643	24	;	;	PUNCT
cblr-1785	643	25	the	the	DET
cblr-1785	643	26	proposed	propose	VERB
cblr-1785	643	27	rules	rule	NOUN
cblr-1785	643	28	estimate	estimate	VERB
cblr-1785	643	29	the	the	DET
cblr-1785	643	30	cost	cost	NOUN
cblr-1785	643	31	for	for	ADP
cblr-1785	643	32	audited	audit	VERB
cblr-1785	643	33	financial	financial	ADJ
cblr-1785	643	34	statements	statement	NOUN
cblr-1785	643	35	to	to	PART
cblr-1785	643	36	be	be	AUX
cblr-1785	643	37	$	$	SYM
cblr-1785	643	38	28,700	28,700	NUM
cblr-1785	643	39	for	for	ADP
cblr-1785	643	40	a	a	DET
cblr-1785	643	41	raise	raise	NOUN
cblr-1785	643	42	of	of	ADP
cblr-1785	643	43	$	$	SYM
cblr-1785	643	44	500,000	500,000	NUM
cblr-1785	643	45	of	of	ADP
cblr-1785	643	46	more.122	more.122	NOUN
cblr-1785	643	47	therefore	therefore	ADV
cblr-1785	643	48	,	,	PUNCT
cblr-1785	643	49	the	the	DET
cblr-1785	643	50	federal	federal	ADJ
cblr-1785	643	51	exemption	exemption	NOUN
cblr-1785	643	52	seems	seem	VERB
cblr-1785	643	53	to	to	PART
cblr-1785	643	54	be	be	AUX
cblr-1785	643	55	much	much	ADV
cblr-1785	643	56	more	more	ADV
cblr-1785	643	57	expensive	expensive	ADJ
cblr-1785	643	58	to	to	PART
cblr-1785	643	59	use	use	VERB
cblr-1785	643	60	than	than	ADP
cblr-1785	643	61	the	the	DET
cblr-1785	643	62	state	state	NOUN
cblr-1785	643	63	exemptions	exemption	NOUN
cblr-1785	643	64	,	,	PUNCT
cblr-1785	643	65	which	which	PRON
cblr-1785	643	66	could	could	AUX
cblr-1785	643	67	chill	chill	VERB
cblr-1785	643	68	capital	capital	NOUN
cblr-1785	643	69	formation	formation	NOUN
cblr-1785	643	70	.	.	PUNCT
cblr-1785	644	1	it	it	PRON
cblr-1785	644	2	is	be	AUX
cblr-1785	644	3	also	also	ADV
cblr-1785	644	4	not	not	PART
cblr-1785	644	5	clear	clear	ADJ
cblr-1785	644	6	whether	whether	SCONJ
cblr-1785	644	7	the	the	DET
cblr-1785	644	8	disclosure	disclosure	NOUN
cblr-1785	644	9	rules	rule	NOUN
cblr-1785	644	10	included	include	VERB
cblr-1785	644	11	in	in	ADP
cblr-1785	644	12	the	the	DET
cblr-1785	644	13	federal	federal	ADJ
cblr-1785	644	14	exemption	exemption	NOUN
cblr-1785	644	15	will	will	AUX
cblr-1785	644	16	enhance	enhance	VERB
cblr-1785	644	17	investor	investor	NOUN
cblr-1785	644	18	protection	protection	NOUN
cblr-1785	644	19	.	.	PUNCT
cblr-1785	645	1	given	give	VERB
cblr-1785	645	2	the	the	DET
cblr-1785	645	3	small	small	ADJ
cblr-1785	645	4	purchases	purchase	NOUN
cblr-1785	645	5	that	that	PRON
cblr-1785	645	6	many	many	ADJ
cblr-1785	645	7	crowdfunding	crowdfunding	NOUN
cblr-1785	645	8	investors	investor	NOUN
cblr-1785	645	9	make	make	VERB
cblr-1785	645	10	,	,	PUNCT
cblr-1785	645	11	they	they	PRON
cblr-1785	645	12	lack	lack	VERB
cblr-1785	645	13	a	a	DET
cblr-1785	645	14	strong	strong	ADJ
cblr-1785	645	15	incentive	incentive	NOUN
cblr-1785	645	16	,	,	PUNCT
cblr-1785	645	17	and	and	CCONJ
cblr-1785	645	18	likely	likely	ADJ
cblr-1785	645	19	the	the	DET
cblr-1785	645	20	sophistication	sophistication	NOUN
cblr-1785	645	21	,	,	PUNCT
cblr-1785	645	22	to	to	PART
cblr-1785	645	23	wade	wade	VERB
cblr-1785	645	24	through	through	ADP
cblr-1785	645	25	the	the	DET
cblr-1785	645	26	complex	complex	ADJ
cblr-1785	645	27	disclosures	disclosure	NOUN
cblr-1785	645	28	required	require	VERB
cblr-1785	645	29	by	by	ADP
cblr-1785	645	30	the	the	DET
cblr-1785	645	31	federal	federal	ADJ
cblr-1785	645	32	law	law	NOUN
cblr-1785	645	33	.	.	PUNCT
cblr-1785	646	1	as	as	SCONJ
cblr-1785	646	2	jason	jason	PROPN
cblr-1785	646	3	w.	w.	PROPN
cblr-1785	646	4	parsont	parsont	PROPN
cblr-1785	646	5	states	state	NOUN
cblr-1785	646	6	in	in	ADP
cblr-1785	646	7	a	a	DET
cblr-1785	646	8	forthcoming	forthcoming	ADJ
cblr-1785	646	9	article	article	NOUN
cblr-1785	646	10	:	:	PUNCT
cblr-1785	646	11	“	"	PUNCT
cblr-1785	646	12	annual	annual	ADJ
cblr-1785	646	13	investment	investment	NOUN
cblr-1785	646	14	limits	limit	NOUN
cblr-1785	646	15	,	,	PUNCT
cblr-1785	646	16	in	in	ADP
cblr-1785	646	17	particular	particular	ADJ
cblr-1785	646	18	,	,	PUNCT
cblr-1785	646	19	will	will	AUX
cblr-1785	646	20	discourage	discourage	VERB
cblr-1785	646	21	retail	retail	ADJ
cblr-1785	646	22	investors	investor	NOUN
cblr-1785	646	23	from	from	ADP
cblr-1785	646	24	using	use	VERB
cblr-1785	646	25	disclosed	disclose	VERB
cblr-1785	646	26	information	information	NOUN
cblr-1785	646	27	to	to	PART
cblr-1785	646	28	make	make	VERB
cblr-1785	646	29	informed	informed	ADJ
cblr-1785	646	30	investment	investment	NOUN
cblr-1785	646	31	decisions	decision	NOUN
cblr-1785	646	32	.	.	PUNCT
cblr-1785	647	1	why	why	SCONJ
cblr-1785	647	2	take	take	VERB
cblr-1785	647	3	the	the	DET
cblr-1785	647	4	time	time	NOUN
cblr-1785	647	5	to	to	PART
cblr-1785	647	6	read	read	VERB
cblr-1785	647	7	disclosure	disclosure	NOUN
cblr-1785	647	8	and	and	CCONJ
cblr-1785	647	9	kick	kick	VERB
cblr-1785	647	10	the	the	DET
cblr-1785	647	11	tires	tire	NOUN
cblr-1785	647	12	when	when	SCONJ
cblr-1785	647	13	doing	do	VERB
cblr-1785	647	14	so	so	ADV
cblr-1785	647	15	would	would	AUX
cblr-1785	647	16	be	be	AUX
cblr-1785	647	17	more	more	ADV
cblr-1785	647	18	costly	costly	ADJ
cblr-1785	647	19	than	than	ADP
cblr-1785	647	20	the	the	DET
cblr-1785	647	21	payment	payment	NOUN
cblr-1785	647	22	to	to	ADP
cblr-1785	647	23	invest?”123	invest?”123	PROPN
cblr-1785	647	24	thus	thus	ADV
cblr-1785	647	25	,	,	PUNCT
cblr-1785	647	26	the	the	DET
cblr-1785	647	27	state	state	NOUN
cblr-1785	647	28	exemptions	exemption	NOUN
cblr-1785	647	29	appear	appear	VERB
cblr-1785	647	30	to	to	PART
cblr-1785	647	31	be	be	AUX
cblr-1785	647	32	much	much	ADV
cblr-1785	647	33	less	less	ADV
cblr-1785	647	34	expensive	expensive	ADJ
cblr-1785	647	35	in	in	ADP
cblr-1785	647	36	terms	term	NOUN
cblr-1785	647	37	of	of	ADP
cblr-1785	647	38	mandatory	mandatory	ADJ
cblr-1785	647	39	disclosure	disclosure	NOUN
cblr-1785	647	40	,	,	PUNCT
cblr-1785	647	41	while	while	SCONJ
cblr-1785	647	42	there	there	PRON
cblr-1785	647	43	may	may	AUX
cblr-1785	647	44	be	be	AUX
cblr-1785	647	45	less	less	ADV
cblr-1785	647	46	downside	downside	ADJ
cblr-1785	647	47	in	in	ADP
cblr-1785	647	48	terms	term	NOUN
cblr-1785	647	49	of	of	ADP
cblr-1785	647	50	investor	investor	NOUN
cblr-1785	647	51	protection	protection	NOUN
cblr-1785	647	52	than	than	SCONJ
cblr-1785	647	53	one	one	PRON
cblr-1785	647	54	would	would	AUX
cblr-1785	647	55	predict	predict	VERB
cblr-1785	647	56	.	.	PUNCT
cblr-1785	648	1	d.	d.	PROPN
cblr-1785	648	2	other	other	ADJ
cblr-1785	648	3	elements	element	NOUN
cblr-1785	648	4	:	:	PUNCT
cblr-1785	648	5	intermediaries	intermediary	NOUN
cblr-1785	648	6	,	,	PUNCT
cblr-1785	648	7	advertising	advertising	NOUN
cblr-1785	648	8	,	,	PUNCT
cblr-1785	648	9	and	and	CCONJ
cblr-1785	648	10	resale	resale	NOUN
cblr-1785	648	11	restrictions	restriction	NOUN
cblr-1785	648	12	unlike	unlike	ADP
cblr-1785	648	13	the	the	DET
cblr-1785	648	14	federal	federal	ADJ
cblr-1785	648	15	law	law	NOUN
cblr-1785	648	16	,	,	PUNCT
cblr-1785	648	17	the	the	DET
cblr-1785	648	18	state	state	NOUN
cblr-1785	648	19	exemptions	exemption	NOUN
cblr-1785	648	20	in	in	ADP
cblr-1785	648	21	kansas	kansas	PROPN
cblr-1785	648	22	,	,	PUNCT
cblr-1785	648	23	georgia	georgia	PROPN
cblr-1785	648	24	,	,	PUNCT
cblr-1785	648	25	and	and	CCONJ
cblr-1785	648	26	michigan	michigan	PROPN
cblr-1785	648	27	do	do	AUX
cblr-1785	648	28	not	not	PART
cblr-1785	648	29	require	require	VERB
cblr-1785	648	30	the	the	DET
cblr-1785	648	31	use	use	NOUN
cblr-1785	648	32	of	of	ADP
cblr-1785	648	33	a	a	DET
cblr-1785	648	34	crowdfunding	crowdfunding	NOUN
cblr-1785	648	35	intermediary	intermediary	NOUN
cblr-1785	648	36	,	,	PUNCT
cblr-1785	648	37	whereas	whereas	SCONJ
cblr-1785	648	38	wisconsin	wisconsin	PROPN
cblr-1785	648	39	’s	’s	PART
cblr-1785	648	40	section	section	NOUN
cblr-1785	648	41	26	26	NUM
cblr-1785	648	42	exemption	exemption	NOUN
cblr-1785	648	43	does	do	VERB
cblr-1785	648	44	(	(	PUNCT
cblr-1785	648	45	but	but	CCONJ
cblr-1785	648	46	not	not	PART
cblr-1785	648	47	section	section	NOUN
cblr-1785	648	48	27	27	NUM
cblr-1785	648	49	)	)	PUNCT
cblr-1785	648	50	.	.	PUNCT
cblr-1785	649	1	the	the	DET
cblr-1785	649	2	sec	sec	PROPN
cblr-1785	649	3	’s	’s	PART
cblr-1785	649	4	proposed	propose	VERB
cblr-1785	649	5	rules	rule	NOUN
cblr-1785	649	6	estimate	estimate	VERB
cblr-1785	649	7	that	that	SCONJ
cblr-1785	649	8	the	the	DET
cblr-1785	649	9	fees	fee	NOUN
cblr-1785	649	10	paid	pay	VERB
cblr-1785	649	11	to	to	ADP
cblr-1785	649	12	an	an	DET
cblr-1785	649	13	intermediary	intermediary	NOUN
cblr-1785	649	14	would	would	AUX
cblr-1785	649	15	be	be	AUX
cblr-1785	649	16	the	the	DET
cblr-1785	649	17	single	single	ADJ
cblr-1785	649	18	greatest	great	ADJ
cblr-1785	649	19	expense	expense	NOUN
cblr-1785	649	20	for	for	ADP
cblr-1785	649	21	an	an	DET
cblr-1785	649	22	issuer	issuer	NOUN
cblr-1785	649	23	using	use	VERB
cblr-1785	649	24	the	the	DET
cblr-1785	649	25	federal	federal	ADJ
cblr-1785	649	26	exemption.124	exemption.124	NOUN
cblr-1785	649	27	thus	thus	ADV
cblr-1785	649	28	,	,	PUNCT
cblr-1785	649	29	as	as	ADP
cblr-1785	649	30	with	with	ADP
cblr-1785	649	31	the	the	DET
cblr-1785	649	32	disclosure	disclosure	NOUN
cblr-1785	649	33	requirements	requirement	NOUN
cblr-1785	649	34	,	,	PUNCT
cblr-1785	649	35	the	the	DET
cblr-1785	649	36	122	122	NUM
cblr-1785	649	37	see	see	VERB
cblr-1785	649	38	i	i	PROPN
cblr-1785	649	39	d.	d.	PROPN
cblr-1785	649	40	at	at	ADP
cblr-1785	649	41	358–59	358–59	NOUN
cblr-1785	649	42	.	.	PUNCT
cblr-1785	650	1	123	123	NUM
cblr-1785	650	2	parsont	parsont	NOUN
cblr-1785	650	3	,	,	PUNCT
cblr-1785	650	4	supra	supra	PROPN
cblr-1785	650	5	note	note	PROPN
cblr-1785	650	6	22	22	NUM
cblr-1785	650	7	,	,	PUNCT
cblr-1785	650	8	at	at	ADP
cblr-1785	650	9	318	318	NUM
cblr-1785	650	10	.	.	PUNCT
cblr-1785	650	11	124	124	NUM
cblr-1785	650	12	see	see	VERB
cblr-1785	650	13	sec	sec	PROPN
cblr-1785	650	14	proposed	propose	VERB
cblr-1785	650	15	rules	rule	NOUN
cblr-1785	650	16	,	,	PUNCT
cblr-1785	650	17	supra	supra	PROPN
cblr-1785	650	18	note	note	NOUN
cblr-1785	650	19	5	5	NUM
cblr-1785	650	20	,	,	PUNCT
cblr-1785	650	21	at	at	ADP
cblr-1785	650	22	358–59	358–59	NOUN
cblr-1785	650	23	.	.	PUNCT
cblr-1785	651	1	pei	pei	PROPN
cblr-1785	651	2	final	final	ADJ
cblr-1785	651	3	886	886	NUM
cblr-1785	651	4	columbia	columbia	PROPN
cblr-1785	651	5	business	business	NOUN
cblr-1785	651	6	law	law	PROPN
cblr-1785	651	7	review	review	NOUN
cblr-1785	652	1	[	[	X
cblr-1785	652	2	vol	vol	NOUN
cblr-1785	652	3	.	.	NOUN
cblr-1785	652	4	2014	2014	NUM
cblr-1785	653	1	state	state	NOUN
cblr-1785	653	2	exemptions	exemption	NOUN
cblr-1785	653	3	also	also	ADV
cblr-1785	653	4	impose	impose	VERB
cblr-1785	653	5	lower	low	ADJ
cblr-1785	653	6	costs	cost	NOUN
cblr-1785	653	7	on	on	ADP
cblr-1785	653	8	issuers	issuer	NOUN
cblr-1785	653	9	in	in	ADP
cblr-1785	653	10	this	this	DET
cblr-1785	653	11	respect	respect	NOUN
cblr-1785	653	12	.	.	PUNCT
cblr-1785	654	1	the	the	DET
cblr-1785	654	2	state	state	NOUN
cblr-1785	654	3	exemptions	exemption	NOUN
cblr-1785	654	4	,	,	PUNCT
cblr-1785	654	5	with	with	ADP
cblr-1785	654	6	the	the	DET
cblr-1785	654	7	exception	exception	NOUN
cblr-1785	654	8	of	of	ADP
cblr-1785	654	9	wisconsin	wisconsin	PROPN
cblr-1785	654	10	section	section	PROPN
cblr-1785	654	11	27	27	NUM
cblr-1785	654	12	,	,	PUNCT
cblr-1785	654	13	also	also	ADV
cblr-1785	654	14	do	do	AUX
cblr-1785	654	15	not	not	PART
cblr-1785	654	16	restrict	restrict	VERB
cblr-1785	654	17	advertising	advertising	NOUN
cblr-1785	654	18	,	,	PUNCT
cblr-1785	654	19	while	while	SCONJ
cblr-1785	654	20	the	the	DET
cblr-1785	654	21	federal	federal	ADJ
cblr-1785	654	22	exemption	exemption	NOUN
cblr-1785	654	23	limits	limit	VERB
cblr-1785	654	24	issuers	issuer	NOUN
cblr-1785	654	25	to	to	ADP
cblr-1785	654	26	notices	notice	NOUN
cblr-1785	654	27	about	about	ADP
cblr-1785	654	28	the	the	DET
cblr-1785	654	29	amount	amount	NOUN
cblr-1785	654	30	,	,	PUNCT
cblr-1785	654	31	nature	nature	NOUN
cblr-1785	654	32	,	,	PUNCT
cblr-1785	654	33	and	and	CCONJ
cblr-1785	654	34	price	price	NOUN
cblr-1785	654	35	of	of	ADP
cblr-1785	654	36	the	the	DET
cblr-1785	654	37	offered	offer	VERB
cblr-1785	654	38	securities	security	NOUN
cblr-1785	654	39	.	.	PUNCT
cblr-1785	655	1	finally	finally	ADV
cblr-1785	655	2	,	,	PUNCT
cblr-1785	655	3	the	the	DET
cblr-1785	655	4	state	state	NOUN
cblr-1785	655	5	and	and	CCONJ
cblr-1785	655	6	federal	federal	ADJ
cblr-1785	655	7	exemptions	exemption	NOUN
cblr-1785	655	8	all	all	PRON
cblr-1785	655	9	impose	impose	VERB
cblr-1785	655	10	resale	resale	NOUN
cblr-1785	655	11	restrictions	restriction	NOUN
cblr-1785	655	12	,	,	PUNCT
cblr-1785	655	13	with	with	ADP
cblr-1785	655	14	most	most	ADJ
cblr-1785	655	15	of	of	ADP
cblr-1785	655	16	the	the	DET
cblr-1785	655	17	state	state	NOUN
cblr-1785	655	18	exemptions	exemption	NOUN
cblr-1785	655	19	(	(	PUNCT
cblr-1785	655	20	with	with	ADP
cblr-1785	655	21	the	the	DET
cblr-1785	655	22	exception	exception	NOUN
cblr-1785	655	23	of	of	ADP
cblr-1785	655	24	kansas	kansas	PROPN
cblr-1785	655	25	)	)	PUNCT
cblr-1785	655	26	allowing	allow	VERB
cblr-1785	655	27	for	for	ADP
cblr-1785	655	28	immediate	immediate	ADJ
cblr-1785	655	29	resale	resale	NOUN
cblr-1785	655	30	within	within	ADP
cblr-1785	655	31	the	the	DET
cblr-1785	655	32	state	state	NOUN
cblr-1785	655	33	and	and	CCONJ
cblr-1785	655	34	unconditional	unconditional	ADJ
cblr-1785	655	35	resale	resale	NOUN
cblr-1785	655	36	after	after	ADP
cblr-1785	655	37	nine	nine	NUM
cblr-1785	655	38	months	month	NOUN
cblr-1785	655	39	(	(	PUNCT
cblr-1785	655	40	three	three	NUM
cblr-1785	655	41	months	month	NOUN
cblr-1785	655	42	sooner	soon	ADV
cblr-1785	655	43	than	than	ADP
cblr-1785	655	44	the	the	DET
cblr-1785	655	45	federal	federal	ADJ
cblr-1785	655	46	law	law	NOUN
cblr-1785	655	47	)	)	PUNCT
cblr-1785	655	48	.	.	PUNCT
cblr-1785	656	1	thus	thus	ADV
cblr-1785	656	2	,	,	PUNCT
cblr-1785	656	3	with	with	ADP
cblr-1785	656	4	respect	respect	NOUN
cblr-1785	656	5	to	to	ADP
cblr-1785	656	6	each	each	PRON
cblr-1785	656	7	of	of	ADP
cblr-1785	656	8	these	these	DET
cblr-1785	656	9	elements	element	NOUN
cblr-1785	656	10	,	,	PUNCT
cblr-1785	656	11	the	the	DET
cblr-1785	656	12	state	state	NOUN
cblr-1785	656	13	exemptions	exemption	NOUN
cblr-1785	656	14	appear	appear	VERB
cblr-1785	656	15	to	to	PART
cblr-1785	656	16	be	be	AUX
cblr-1785	656	17	less	less	ADV
cblr-1785	656	18	costly	costly	ADJ
cblr-1785	656	19	and	and	CCONJ
cblr-1785	656	20	restrictive	restrictive	ADJ
cblr-1785	656	21	(	(	PUNCT
cblr-1785	656	22	or	or	CCONJ
cblr-1785	656	23	at	at	ADP
cblr-1785	656	24	least	least	ADJ
cblr-1785	656	25	not	not	PART
cblr-1785	656	26	more	more	ADV
cblr-1785	656	27	so	so	ADV
cblr-1785	656	28	)	)	PUNCT
cblr-1785	656	29	than	than	ADP
cblr-1785	656	30	their	their	PRON
cblr-1785	656	31	federal	federal	ADJ
cblr-1785	656	32	counterpart	counterpart	NOUN
cblr-1785	656	33	.	.	PUNCT
cblr-1785	657	1	e.	e.	PROPN
cblr-1785	657	2	summary	summary	PROPN
cblr-1785	657	3	in	in	ADP
cblr-1785	657	4	sum	sum	NOUN
cblr-1785	657	5	,	,	PUNCT
cblr-1785	657	6	although	although	SCONJ
cblr-1785	657	7	the	the	DET
cblr-1785	657	8	state	state	NOUN
cblr-1785	657	9	exemptions	exemption	NOUN
cblr-1785	657	10	suffer	suffer	VERB
cblr-1785	657	11	from	from	ADP
cblr-1785	657	12	a	a	DET
cblr-1785	657	13	clear	clear	ADJ
cblr-1785	657	14	disadvantage	disadvantage	NOUN
cblr-1785	657	15	in	in	ADP
cblr-1785	657	16	terms	term	NOUN
cblr-1785	657	17	of	of	ADP
cblr-1785	657	18	access	access	NOUN
cblr-1785	657	19	to	to	ADP
cblr-1785	657	20	eligible	eligible	ADJ
cblr-1785	657	21	investors	investor	NOUN
cblr-1785	657	22	,	,	PUNCT
cblr-1785	657	23	they	they	PRON
cblr-1785	657	24	nevertheless	nevertheless	ADV
cblr-1785	657	25	provide	provide	VERB
cblr-1785	657	26	a	a	DET
cblr-1785	657	27	lower	low	ADJ
cblr-1785	657	28	-	-	PUNCT
cblr-1785	657	29	cost	cost	NOUN
cblr-1785	657	30	option	option	NOUN
cblr-1785	657	31	for	for	ADP
cblr-1785	657	32	issuers	issuer	NOUN
cblr-1785	657	33	than	than	ADP
cblr-1785	657	34	their	their	PRON
cblr-1785	657	35	federal	federal	ADJ
cblr-1785	657	36	counterpart	counterpart	NOUN
cblr-1785	657	37	.	.	PUNCT
cblr-1785	658	1	the	the	DET
cblr-1785	658	2	types	type	NOUN
cblr-1785	658	3	of	of	ADP
cblr-1785	658	4	small	small	ADJ
cblr-1785	658	5	entrepreneurs	entrepreneur	NOUN
cblr-1785	658	6	who	who	PRON
cblr-1785	658	7	are	be	AUX
cblr-1785	658	8	likely	likely	ADJ
cblr-1785	658	9	to	to	PART
cblr-1785	658	10	take	take	VERB
cblr-1785	658	11	advantage	advantage	NOUN
cblr-1785	658	12	of	of	ADP
cblr-1785	658	13	crowdfunding	crowdfunding	NOUN
cblr-1785	658	14	probably	probably	ADV
cblr-1785	658	15	lack	lack	VERB
cblr-1785	658	16	the	the	DET
cblr-1785	658	17	legal	legal	ADJ
cblr-1785	658	18	and	and	CCONJ
cblr-1785	658	19	financial	financial	ADJ
cblr-1785	658	20	sophistication	sophistication	NOUN
cblr-1785	658	21	to	to	PART
cblr-1785	658	22	navigate	navigate	VERB
cblr-1785	658	23	the	the	DET
cblr-1785	658	24	federal	federal	ADJ
cblr-1785	658	25	disclosure	disclosure	NOUN
cblr-1785	658	26	requirements	requirement	NOUN
cblr-1785	658	27	on	on	ADP
cblr-1785	658	28	their	their	PRON
cblr-1785	658	29	own	own	ADJ
cblr-1785	658	30	,	,	PUNCT
cblr-1785	658	31	which	which	PRON
cblr-1785	658	32	would	would	AUX
cblr-1785	658	33	force	force	VERB
cblr-1785	658	34	them	they	PRON
cblr-1785	658	35	to	to	PART
cblr-1785	658	36	spend	spend	VERB
cblr-1785	658	37	scarce	scarce	ADJ
cblr-1785	658	38	funds	fund	NOUN
cblr-1785	658	39	on	on	ADP
cblr-1785	658	40	attorneys	attorney	NOUN
cblr-1785	658	41	and	and	CCONJ
cblr-1785	658	42	possibly	possibly	ADV
cblr-1785	658	43	on	on	ADP
cblr-1785	658	44	accountants	accountant	NOUN
cblr-1785	658	45	and	and	CCONJ
cblr-1785	658	46	auditors	auditor	NOUN
cblr-1785	658	47	as	as	ADV
cblr-1785	658	48	well	well	ADV
cblr-1785	658	49	.	.	PUNCT
cblr-1785	659	1	thus	thus	ADV
cblr-1785	659	2	,	,	PUNCT
cblr-1785	659	3	the	the	DET
cblr-1785	659	4	state	state	NOUN
cblr-1785	659	5	-	-	PUNCT
cblr-1785	659	6	law	law	NOUN
cblr-1785	659	7	exemptions	exemption	NOUN
cblr-1785	659	8	may	may	AUX
cblr-1785	659	9	provide	provide	VERB
cblr-1785	659	10	a	a	DET
cblr-1785	659	11	valuable	valuable	ADJ
cblr-1785	659	12	alternative	alternative	NOUN
cblr-1785	659	13	for	for	ADP
cblr-1785	659	14	raising	raise	VERB
cblr-1785	659	15	capital	capital	NOUN
cblr-1785	659	16	for	for	ADP
cblr-1785	659	17	some	some	DET
cblr-1785	659	18	small	small	ADJ
cblr-1785	659	19	issuers	issuer	NOUN
cblr-1785	659	20	despite	despite	SCONJ
cblr-1785	659	21	the	the	DET
cblr-1785	659	22	availability	availability	NOUN
cblr-1785	659	23	of	of	ADP
cblr-1785	659	24	the	the	DET
cblr-1785	659	25	federal	federal	ADJ
cblr-1785	659	26	option	option	NOUN
cblr-1785	659	27	.	.	PUNCT
cblr-1785	660	1	however	however	ADV
cblr-1785	660	2	,	,	PUNCT
cblr-1785	660	3	the	the	DET
cblr-1785	660	4	less	less	ADV
cblr-1785	660	5	stringent	stringent	ADJ
cblr-1785	660	6	state	state	NOUN
cblr-1785	660	7	requirements	requirement	NOUN
cblr-1785	660	8	raise	raise	VERB
cblr-1785	660	9	legitimate	legitimate	ADJ
cblr-1785	660	10	concerns	concern	NOUN
cblr-1785	660	11	about	about	ADP
cblr-1785	660	12	investor	investor	NOUN
cblr-1785	660	13	protection	protection	NOUN
cblr-1785	660	14	.	.	PUNCT
cblr-1785	661	1	investors	investor	NOUN
cblr-1785	661	2	are	be	AUX
cblr-1785	661	3	allowed	allow	VERB
cblr-1785	661	4	to	to	PART
cblr-1785	661	5	risk	risk	VERB
cblr-1785	661	6	more	more	ADJ
cblr-1785	661	7	of	of	ADP
cblr-1785	661	8	their	their	PRON
cblr-1785	661	9	money	money	NOUN
cblr-1785	661	10	with	with	ADP
cblr-1785	661	11	issuers	issuer	NOUN
cblr-1785	661	12	who	who	PRON
cblr-1785	661	13	are	be	AUX
cblr-1785	661	14	less	less	ADV
cblr-1785	661	15	scrutinized	scrutinize	VERB
cblr-1785	661	16	and	and	CCONJ
cblr-1785	661	17	who	who	PRON
cblr-1785	661	18	are	be	AUX
cblr-1785	661	19	required	require	VERB
cblr-1785	661	20	to	to	PART
cblr-1785	661	21	disclose	disclose	VERB
cblr-1785	661	22	less	less	ADJ
cblr-1785	661	23	.	.	PUNCT
cblr-1785	662	1	it	it	PRON
cblr-1785	662	2	has	have	AUX
cblr-1785	662	3	been	be	AUX
cblr-1785	662	4	argued	argue	VERB
cblr-1785	662	5	that	that	SCONJ
cblr-1785	662	6	some	some	DET
cblr-1785	662	7	aspects	aspect	NOUN
cblr-1785	662	8	of	of	ADP
cblr-1785	662	9	the	the	DET
cblr-1785	662	10	state	state	NOUN
cblr-1785	662	11	exemptions	exemption	NOUN
cblr-1785	662	12	encourage	encourage	VERB
cblr-1785	662	13	the	the	DET
cblr-1785	662	14	participation	participation	NOUN
cblr-1785	662	15	of	of	ADP
cblr-1785	662	16	large	large	ADJ
cblr-1785	662	17	investors	investor	NOUN
cblr-1785	662	18	,	,	PUNCT
cblr-1785	662	19	whose	whose	DET
cblr-1785	662	20	diligence	diligence	NOUN
cblr-1785	662	21	,	,	PUNCT
cblr-1785	662	22	pricing	pricing	NOUN
cblr-1785	662	23	,	,	PUNCT
cblr-1785	662	24	and	and	CCONJ
cblr-1785	662	25	monitoring	monitor	VERB
cblr-1785	662	26	work	work	NOUN
cblr-1785	662	27	may	may	AUX
cblr-1785	662	28	also	also	ADV
cblr-1785	662	29	benefit	benefit	VERB
cblr-1785	662	30	small	small	ADJ
cblr-1785	662	31	investors	investor	NOUN
cblr-1785	662	32	.	.	PUNCT
cblr-1785	663	1	thus	thus	ADV
cblr-1785	663	2	,	,	PUNCT
cblr-1785	663	3	the	the	DET
cblr-1785	663	4	state	state	NOUN
cblr-1785	663	5	exemptions	exemption	NOUN
cblr-1785	663	6	may	may	AUX
cblr-1785	663	7	achieve	achieve	VERB
cblr-1785	663	8	a	a	DET
cblr-1785	663	9	measure	measure	NOUN
cblr-1785	663	10	of	of	ADP
cblr-1785	663	11	investor	investor	NOUN
cblr-1785	663	12	protection	protection	NOUN
cblr-1785	663	13	without	without	ADP
cblr-1785	663	14	placing	place	VERB
cblr-1785	663	15	additional	additional	ADJ
cblr-1785	663	16	regulatory	regulatory	ADJ
cblr-1785	663	17	burdens	burden	NOUN
cblr-1785	663	18	on	on	ADP
cblr-1785	663	19	issuers	issuer	NOUN
cblr-1785	663	20	.	.	PUNCT
cblr-1785	664	1	nonetheless	nonetheless	ADV
cblr-1785	664	2	,	,	PUNCT
cblr-1785	664	3	the	the	DET
cblr-1785	664	4	next	next	ADJ
cblr-1785	664	5	section	section	NOUN
cblr-1785	664	6	suggests	suggest	VERB
cblr-1785	664	7	some	some	DET
cblr-1785	664	8	adjustments	adjustment	NOUN
cblr-1785	664	9	to	to	ADP
cblr-1785	664	10	the	the	DET
cblr-1785	664	11	state	state	NOUN
cblr-1785	664	12	exemptions	exemption	NOUN
cblr-1785	664	13	designed	design	VERB
cblr-1785	664	14	to	to	PART
cblr-1785	664	15	enhance	enhance	VERB
cblr-1785	664	16	investor	investor	NOUN
cblr-1785	664	17	protection	protection	NOUN
cblr-1785	664	18	.	.	PUNCT
cblr-1785	665	1	pei	pei	PROPN
cblr-1785	665	2	final	final	ADJ
cblr-1785	665	3	no	no	NOUN
cblr-1785	665	4	.	.	PUNCT
cblr-1785	666	1	3:854	3:854	NUM
cblr-1785	666	2	]	]	X
cblr-1785	666	3	intrastate	intrastate	ADJ
cblr-1785	666	4	crowdfunding	crowdfunding	NOUN
cblr-1785	666	5	887	887	NUM
cblr-1785	666	6	iv	iv	NOUN
cblr-1785	666	7	.	.	PUNCT
cblr-1785	666	8	recommendations	recommendation	NOUN
cblr-1785	666	9	it	it	PRON
cblr-1785	666	10	is	be	AUX
cblr-1785	666	11	not	not	PART
cblr-1785	666	12	clear	clear	ADJ
cblr-1785	666	13	that	that	SCONJ
cblr-1785	666	14	the	the	DET
cblr-1785	666	15	state	state	NOUN
cblr-1785	666	16	and	and	CCONJ
cblr-1785	666	17	federal	federal	ADJ
cblr-1785	666	18	crowdfunding	crowdfunding	NOUN
cblr-1785	666	19	exemptions	exemption	NOUN
cblr-1785	666	20	need	need	VERB
cblr-1785	666	21	to	to	PART
cblr-1785	666	22	be	be	AUX
cblr-1785	666	23	or	or	CCONJ
cblr-1785	666	24	should	should	AUX
cblr-1785	666	25	be	be	AUX
cblr-1785	666	26	uniform	uniform	ADJ
cblr-1785	666	27	.	.	PUNCT
cblr-1785	667	1	for	for	ADP
cblr-1785	667	2	one	one	NUM
cblr-1785	667	3	,	,	PUNCT
cblr-1785	667	4	there	there	PRON
cblr-1785	667	5	may	may	AUX
cblr-1785	667	6	be	be	AUX
cblr-1785	667	7	some	some	DET
cblr-1785	667	8	benefits	benefit	NOUN
cblr-1785	667	9	to	to	ADP
cblr-1785	667	10	diversity	diversity	NOUN
cblr-1785	667	11	:	:	PUNCT
cblr-1785	667	12	as	as	SCONJ
cblr-1785	667	13	justice	justice	PROPN
cblr-1785	667	14	brandeis	brandeis	PROPN
cblr-1785	667	15	famously	famously	ADV
cblr-1785	667	16	argued	argue	VERB
cblr-1785	667	17	,	,	PUNCT
cblr-1785	667	18	it	it	PRON
cblr-1785	667	19	is	be	AUX
cblr-1785	667	20	one	one	NUM
cblr-1785	667	21	of	of	ADP
cblr-1785	667	22	the	the	DET
cblr-1785	667	23	“	"	PUNCT
cblr-1785	667	24	happy	happy	ADJ
cblr-1785	667	25	accidents	accident	NOUN
cblr-1785	667	26	of	of	ADP
cblr-1785	667	27	the	the	DET
cblr-1785	667	28	federal	federal	ADJ
cblr-1785	667	29	system	system	NOUN
cblr-1785	667	30	”	"	PUNCT
cblr-1785	667	31	that	that	PRON
cblr-1785	667	32	an	an	DET
cblr-1785	667	33	individual	individual	ADJ
cblr-1785	667	34	state	state	NOUN
cblr-1785	667	35	may	may	AUX
cblr-1785	667	36	serve	serve	VERB
cblr-1785	667	37	as	as	ADP
cblr-1785	667	38	a	a	DET
cblr-1785	667	39	“	"	PUNCT
cblr-1785	667	40	laboratory	laboratory	NOUN
cblr-1785	667	41	”	"	PUNCT
cblr-1785	667	42	in	in	ADP
cblr-1785	667	43	which	which	PRON
cblr-1785	667	44	to	to	PART
cblr-1785	667	45	conduct	conduct	VERB
cblr-1785	667	46	a	a	DET
cblr-1785	667	47	low	low	ADJ
cblr-1785	667	48	-	-	PUNCT
cblr-1785	667	49	risk	risk	NOUN
cblr-1785	667	50	test	test	NOUN
cblr-1785	667	51	run	run	NOUN
cblr-1785	667	52	of	of	ADP
cblr-1785	667	53	a	a	DET
cblr-1785	667	54	policy.125	policy.125	NOUN
cblr-1785	667	55	heterogeneity	heterogeneity	NOUN
cblr-1785	667	56	in	in	ADP
cblr-1785	667	57	the	the	DET
cblr-1785	667	58	state	state	NOUN
cblr-1785	667	59	exemptions	exemption	NOUN
cblr-1785	667	60	could	could	AUX
cblr-1785	667	61	lead	lead	VERB
cblr-1785	667	62	to	to	ADP
cblr-1785	667	63	improvements	improvement	NOUN
cblr-1785	667	64	on	on	ADP
cblr-1785	667	65	both	both	CCONJ
cblr-1785	667	66	the	the	DET
cblr-1785	667	67	state	state	NOUN
cblr-1785	667	68	and	and	CCONJ
cblr-1785	667	69	federal	federal	ADJ
cblr-1785	667	70	levels	level	NOUN
cblr-1785	667	71	.	.	PUNCT
cblr-1785	668	1	moreover	moreover	ADV
cblr-1785	668	2	,	,	PUNCT
cblr-1785	668	3	it	it	PRON
cblr-1785	668	4	does	do	AUX
cblr-1785	668	5	not	not	PART
cblr-1785	668	6	seem	seem	VERB
cblr-1785	668	7	that	that	SCONJ
cblr-1785	668	8	uniformity	uniformity	NOUN
cblr-1785	668	9	in	in	ADP
cblr-1785	668	10	the	the	DET
cblr-1785	668	11	state	state	NOUN
cblr-1785	668	12	exemptions	exemption	NOUN
cblr-1785	668	13	would	would	AUX
cblr-1785	668	14	increase	increase	VERB
cblr-1785	668	15	efficiency	efficiency	NOUN
cblr-1785	668	16	.	.	PUNCT
cblr-1785	669	1	to	to	PART
cblr-1785	669	2	meet	meet	VERB
cblr-1785	669	3	the	the	DET
cblr-1785	669	4	requirements	requirement	NOUN
cblr-1785	669	5	of	of	ADP
cblr-1785	669	6	rule	rule	NOUN
cblr-1785	669	7	147	147	NUM
cblr-1785	669	8	,	,	PUNCT
cblr-1785	669	9	an	an	DET
cblr-1785	669	10	issuer	issuer	NOUN
cblr-1785	669	11	must	must	AUX
cblr-1785	669	12	be	be	AUX
cblr-1785	669	13	a	a	DET
cblr-1785	669	14	resident	resident	NOUN
cblr-1785	669	15	of	of	ADP
cblr-1785	669	16	and	and	CCONJ
cblr-1785	669	17	doing	do	VERB
cblr-1785	669	18	business	business	NOUN
cblr-1785	669	19	in	in	ADP
cblr-1785	669	20	the	the	DET
cblr-1785	669	21	state	state	NOUN
cblr-1785	669	22	in	in	ADP
cblr-1785	669	23	question.126	question.126	NOUN
cblr-1785	669	24	in	in	ADP
cblr-1785	669	25	keeping	keep	VERB
cblr-1785	669	26	with	with	ADP
cblr-1785	669	27	the	the	DET
cblr-1785	669	28	“	"	PUNCT
cblr-1785	669	29	genuinely	genuinely	ADV
cblr-1785	669	30	local	local	ADJ
cblr-1785	669	31	”	"	PUNCT
cblr-1785	669	32	nature	nature	NOUN
cblr-1785	669	33	of	of	ADP
cblr-1785	669	34	rule	rule	NOUN
cblr-1785	669	35	147	147	NUM
cblr-1785	669	36	offerings	offering	NOUN
cblr-1785	669	37	,	,	PUNCT
cblr-1785	669	38	this	this	DET
cblr-1785	669	39	second	second	ADJ
cblr-1785	669	40	condition	condition	NOUN
cblr-1785	669	41	requires	require	VERB
cblr-1785	669	42	the	the	DET
cblr-1785	669	43	issuer	issuer	NOUN
cblr-1785	669	44	to	to	PART
cblr-1785	669	45	maintain	maintain	VERB
cblr-1785	669	46	eighty	eighty	NUM
cblr-1785	669	47	percent	percent	NOUN
cblr-1785	669	48	of	of	ADP
cblr-1785	669	49	its	its	PRON
cblr-1785	669	50	assets	asset	NOUN
cblr-1785	669	51	and	and	CCONJ
cblr-1785	669	52	operations	operation	NOUN
cblr-1785	669	53	,	,	PUNCT
cblr-1785	669	54	as	as	ADV
cblr-1785	669	55	well	well	ADV
cblr-1785	669	56	as	as	ADP
cblr-1785	669	57	its	its	PRON
cblr-1785	669	58	principal	principal	ADJ
cblr-1785	669	59	office	office	NOUN
cblr-1785	669	60	,	,	PUNCT
cblr-1785	669	61	in	in	ADP
cblr-1785	669	62	the	the	DET
cblr-1785	669	63	state	state	NOUN
cblr-1785	669	64	in	in	ADP
cblr-1785	669	65	question.127	question.127	NOUN
cblr-1785	669	66	thus	thus	ADV
cblr-1785	669	67	,	,	PUNCT
cblr-1785	669	68	it	it	PRON
cblr-1785	669	69	would	would	AUX
cblr-1785	669	70	be	be	AUX
cblr-1785	669	71	impossible	impossible	ADJ
cblr-1785	669	72	for	for	ADP
cblr-1785	669	73	an	an	DET
cblr-1785	669	74	issuer	issuer	NOUN
cblr-1785	669	75	to	to	PART
cblr-1785	669	76	make	make	VERB
cblr-1785	669	77	rule	rule	NOUN
cblr-1785	669	78	147	147	NUM
cblr-1785	669	79	offerings	offering	NOUN
cblr-1785	669	80	in	in	ADP
cblr-1785	669	81	multiple	multiple	ADJ
cblr-1785	669	82	states	state	NOUN
cblr-1785	669	83	,	,	PUNCT
cblr-1785	669	84	and	and	CCONJ
cblr-1785	669	85	in	in	ADP
cblr-1785	669	86	turn	turn	NOUN
cblr-1785	669	87	to	to	PART
cblr-1785	669	88	take	take	VERB
cblr-1785	669	89	advantage	advantage	NOUN
cblr-1785	669	90	of	of	ADP
cblr-1785	669	91	multiple	multiple	ADJ
cblr-1785	669	92	intrastate	intrastate	ADJ
cblr-1785	669	93	crowdfunding	crowdfunding	NOUN
cblr-1785	669	94	exemptions	exemption	NOUN
cblr-1785	669	95	.	.	PUNCT
cblr-1785	670	1	as	as	ADP
cblr-1785	670	2	a	a	DET
cblr-1785	670	3	result	result	NOUN
cblr-1785	670	4	,	,	PUNCT
cblr-1785	670	5	an	an	DET
cblr-1785	670	6	issuer	issuer	NOUN
cblr-1785	670	7	would	would	AUX
cblr-1785	670	8	not	not	PART
cblr-1785	670	9	benefit	benefit	VERB
cblr-1785	670	10	from	from	ADP
cblr-1785	670	11	decreased	decrease	VERB
cblr-1785	670	12	transaction	transaction	NOUN
cblr-1785	670	13	costs	cost	NOUN
cblr-1785	670	14	created	create	VERB
cblr-1785	670	15	by	by	ADP
cblr-1785	670	16	uniformity	uniformity	NOUN
cblr-1785	670	17	across	across	ADP
cblr-1785	670	18	state	state	NOUN
cblr-1785	670	19	borders	border	NOUN
cblr-1785	670	20	.	.	PUNCT
cblr-1785	671	1	nonetheless	nonetheless	ADV
cblr-1785	671	2	,	,	PUNCT
cblr-1785	671	3	this	this	DET
cblr-1785	671	4	section	section	NOUN
cblr-1785	671	5	recommends	recommend	VERB
cblr-1785	671	6	convergence	convergence	NOUN
cblr-1785	671	7	between	between	ADP
cblr-1785	671	8	the	the	DET
cblr-1785	671	9	state	state	NOUN
cblr-1785	671	10	and	and	CCONJ
cblr-1785	671	11	federal	federal	ADJ
cblr-1785	671	12	exemptions	exemption	NOUN
cblr-1785	671	13	at	at	ADP
cblr-1785	671	14	four	four	NUM
cblr-1785	671	15	points	point	NOUN
cblr-1785	671	16	.	.	PUNCT
cblr-1785	672	1	the	the	DET
cblr-1785	672	2	first	first	ADJ
cblr-1785	672	3	three	three	NUM
cblr-1785	672	4	recommendations	recommendation	NOUN
cblr-1785	672	5	urge	urge	VERB
cblr-1785	672	6	the	the	DET
cblr-1785	672	7	states	state	NOUN
cblr-1785	672	8	to	to	PART
cblr-1785	672	9	adopt	adopt	VERB
cblr-1785	672	10	certain	certain	ADJ
cblr-1785	672	11	features	feature	NOUN
cblr-1785	672	12	of	of	ADP
cblr-1785	672	13	the	the	DET
cblr-1785	672	14	federal	federal	ADJ
cblr-1785	672	15	exemption	exemption	NOUN
cblr-1785	672	16	:	:	PUNCT
cblr-1785	672	17	first	first	ADV
cblr-1785	672	18	by	by	ADP
cblr-1785	672	19	eliminating	eliminate	VERB
cblr-1785	672	20	aggregation	aggregation	NOUN
cblr-1785	672	21	requirements	requirement	NOUN
cblr-1785	672	22	for	for	ADP
cblr-1785	672	23	issuers	issuer	NOUN
cblr-1785	672	24	,	,	PUNCT
cblr-1785	672	25	second	second	ADJ
cblr-1785	672	26	by	by	ADP
cblr-1785	672	27	mandating	mandate	VERB
cblr-1785	672	28	that	that	SCONJ
cblr-1785	672	29	issuers	issuer	NOUN
cblr-1785	672	30	use	use	VERB
cblr-1785	672	31	a	a	DET
cblr-1785	672	32	registered	register	VERB
cblr-1785	672	33	portal	portal	NOUN
cblr-1785	672	34	,	,	PUNCT
cblr-1785	672	35	and	and	CCONJ
cblr-1785	672	36	third	third	ADV
cblr-1785	672	37	by	by	ADP
cblr-1785	672	38	placing	place	VERB
cblr-1785	672	39	an	an	DET
cblr-1785	672	40	annual	annual	ADJ
cblr-1785	672	41	investment	investment	NOUN
cblr-1785	672	42	limit	limit	NOUN
cblr-1785	672	43	on	on	ADP
cblr-1785	672	44	retail	retail	ADJ
cblr-1785	672	45	investors	investor	NOUN
cblr-1785	672	46	.	.	PUNCT
cblr-1785	673	1	the	the	DET
cblr-1785	673	2	fourth	fourth	ADJ
cblr-1785	673	3	recommendation	recommendation	NOUN
cblr-1785	673	4	argues	argue	VERB
cblr-1785	673	5	in	in	ADP
cblr-1785	673	6	the	the	DET
cblr-1785	673	7	reverse	reverse	ADJ
cblr-1785	673	8	direction	direction	NOUN
cblr-1785	673	9	,	,	PUNCT
cblr-1785	673	10	contending	contend	VERB
cblr-1785	673	11	that	that	SCONJ
cblr-1785	673	12	the	the	DET
cblr-1785	673	13	federal	federal	ADJ
cblr-1785	673	14	exemption	exemption	NOUN
cblr-1785	673	15	should	should	AUX
cblr-1785	673	16	mirror	mirror	VERB
cblr-1785	673	17	certain	certain	ADJ
cblr-1785	673	18	state	state	NOUN
cblr-1785	673	19	exemptions	exemption	NOUN
cblr-1785	673	20	in	in	ADP
cblr-1785	673	21	its	its	PRON
cblr-1785	673	22	treatment	treatment	NOUN
cblr-1785	673	23	of	of	ADP
cblr-1785	673	24	accredited	accredited	ADJ
cblr-1785	673	25	investors	investor	NOUN
cblr-1785	673	26	.	.	PUNCT
cblr-1785	674	1	125	125	NUM
cblr-1785	674	2	see	see	NOUN
cblr-1785	674	3	source	source	NOUN
cblr-1785	674	4	cited	cite	VERB
cblr-1785	674	5	supra	supra	PROPN
cblr-1785	674	6	note	note	NOUN
cblr-1785	674	7	115	115	NUM
cblr-1785	674	8	.	.	PUNCT
cblr-1785	675	1	126	126	NUM
cblr-1785	675	2	17	17	NUM
cblr-1785	675	3	c.f.r	c.f.r	NOUN
cblr-1785	675	4	.	.	PUNCT
cblr-1785	676	1	§	§	PROPN
cblr-1785	676	2	230.147(c	230.147(c	PROPN
cblr-1785	676	3	)	)	PUNCT
cblr-1785	676	4	(	(	PUNCT
cblr-1785	676	5	2014	2014	NUM
cblr-1785	676	6	)	)	PUNCT
cblr-1785	676	7	.	.	PUNCT
cblr-1785	677	1	127	127	NUM
cblr-1785	677	2	17	17	NUM
cblr-1785	677	3	c.f.r	c.f.r	NOUN
cblr-1785	677	4	.	.	PUNCT
cblr-1785	678	1	§	§	PROPN
cblr-1785	678	2	230.147(c)(2	230.147(c)(2	NUM
cblr-1785	678	3	)	)	PUNCT
cblr-1785	678	4	(	(	PUNCT
cblr-1785	678	5	2014	2014	NUM
cblr-1785	678	6	)	)	PUNCT
cblr-1785	678	7	.	.	PUNCT
cblr-1785	679	1	pei	pei	PROPN
cblr-1785	679	2	final	final	ADJ
cblr-1785	679	3	888	888	NUM
cblr-1785	679	4	columbia	columbia	PROPN
cblr-1785	679	5	business	business	NOUN
cblr-1785	679	6	law	law	PROPN
cblr-1785	679	7	review	review	NOUN
cblr-1785	679	8	[	[	X
cblr-1785	679	9	vol	vol	NOUN
cblr-1785	679	10	.	.	PUNCT
cblr-1785	679	11	2014	2014	NUM
cblr-1785	680	1	some	some	PRON
cblr-1785	680	2	of	of	ADP
cblr-1785	680	3	the	the	DET
cblr-1785	680	4	recently	recently	ADV
cblr-1785	680	5	enacted	enact	VERB
cblr-1785	680	6	exemptions	exemption	NOUN
cblr-1785	680	7	,	,	PUNCT
cblr-1785	680	8	particularly	particularly	ADV
cblr-1785	680	9	washington	washington	PROPN
cblr-1785	680	10	’s	’s	PART
cblr-1785	680	11	,	,	PUNCT
cblr-1785	680	12	contain	contain	VERB
cblr-1785	680	13	provisions	provision	NOUN
cblr-1785	680	14	that	that	PRON
cblr-1785	680	15	are	be	AUX
cblr-1785	680	16	in	in	ADP
cblr-1785	680	17	line	line	NOUN
cblr-1785	680	18	with	with	ADP
cblr-1785	680	19	these	these	DET
cblr-1785	680	20	recommendations.128	recommendations.128	NOUN
cblr-1785	680	21	however	however	ADV
cblr-1785	680	22	,	,	PUNCT
cblr-1785	680	23	they	they	PRON
cblr-1785	680	24	remain	remain	VERB
cblr-1785	680	25	a	a	DET
cblr-1785	680	26	small	small	ADJ
cblr-1785	680	27	minority	minority	NOUN
cblr-1785	680	28	.	.	PUNCT
cblr-1785	681	1	a.	a.	NOUN
cblr-1785	682	1	the	the	DET
cblr-1785	682	2	states	state	NOUN
cblr-1785	682	3	should	should	AUX
cblr-1785	682	4	remove	remove	VERB
cblr-1785	682	5	aggregation	aggregation	NOUN
cblr-1785	682	6	requirements	requirement	NOUN
cblr-1785	682	7	for	for	ADP
cblr-1785	682	8	issuers	issuer	NOUN
cblr-1785	682	9	as	as	SCONJ
cblr-1785	682	10	discussed	discuss	VERB
cblr-1785	682	11	above	above	ADV
cblr-1785	682	12	,	,	PUNCT
cblr-1785	682	13	access	access	NOUN
cblr-1785	682	14	to	to	ADP
cblr-1785	682	15	capital	capital	NOUN
cblr-1785	682	16	is	be	AUX
cblr-1785	682	17	perhaps	perhaps	ADV
cblr-1785	682	18	the	the	DET
cblr-1785	682	19	largest	large	ADJ
cblr-1785	682	20	barrier	barrier	NOUN
cblr-1785	682	21	to	to	ADP
cblr-1785	682	22	the	the	DET
cblr-1785	682	23	viability	viability	NOUN
cblr-1785	682	24	of	of	ADP
cblr-1785	682	25	the	the	DET
cblr-1785	682	26	state	state	NOUN
cblr-1785	682	27	exemptions	exemption	NOUN
cblr-1785	682	28	.	.	PUNCT
cblr-1785	683	1	because	because	SCONJ
cblr-1785	683	2	they	they	PRON
cblr-1785	683	3	only	only	ADV
cblr-1785	683	4	offer	offer	VERB
cblr-1785	683	5	access	access	NOUN
cblr-1785	683	6	to	to	ADP
cblr-1785	683	7	investors	investor	NOUN
cblr-1785	683	8	in	in	ADP
cblr-1785	683	9	the	the	DET
cblr-1785	683	10	issuer	issuer	NOUN
cblr-1785	683	11	’s	’s	PART
cblr-1785	683	12	home	home	NOUN
cblr-1785	683	13	state	state	NOUN
cblr-1785	683	14	,	,	PUNCT
cblr-1785	683	15	it	it	PRON
cblr-1785	683	16	would	would	AUX
cblr-1785	683	17	be	be	AUX
cblr-1785	683	18	natural	natural	ADJ
cblr-1785	683	19	,	,	PUNCT
cblr-1785	683	20	all	all	PRON
cblr-1785	683	21	else	else	ADV
cblr-1785	683	22	being	be	AUX
cblr-1785	683	23	equal	equal	ADJ
cblr-1785	683	24	,	,	PUNCT
cblr-1785	683	25	for	for	ADP
cblr-1785	683	26	an	an	DET
cblr-1785	683	27	issuer	issuer	NOUN
cblr-1785	683	28	to	to	PART
cblr-1785	683	29	prefer	prefer	VERB
cblr-1785	683	30	the	the	DET
cblr-1785	683	31	federal	federal	ADJ
cblr-1785	683	32	exemption	exemption	NOUN
cblr-1785	683	33	.	.	PUNCT
cblr-1785	684	1	counting	count	VERB
cblr-1785	684	2	all	all	PRON
cblr-1785	684	3	of	of	ADP
cblr-1785	684	4	the	the	DET
cblr-1785	684	5	securities	security	NOUN
cblr-1785	684	6	sold	sell	VERB
cblr-1785	684	7	by	by	ADP
cblr-1785	684	8	the	the	DET
cblr-1785	684	9	issuer	issuer	NOUN
cblr-1785	684	10	in	in	ADP
cblr-1785	684	11	the	the	DET
cblr-1785	684	12	past	past	ADJ
cblr-1785	684	13	twelve	twelve	NUM
cblr-1785	684	14	months	month	NOUN
cblr-1785	684	15	towards	towards	ADP
cblr-1785	684	16	the	the	DET
cblr-1785	684	17	offering	offering	NOUN
cblr-1785	684	18	limit	limit	NOUN
cblr-1785	684	19	adds	add	VERB
cblr-1785	684	20	a	a	DET
cblr-1785	684	21	second	second	ADJ
cblr-1785	684	22	disadvantage	disadvantage	NOUN
cblr-1785	684	23	to	to	ADP
cblr-1785	684	24	the	the	DET
cblr-1785	684	25	state	state	NOUN
cblr-1785	684	26	exemptions	exemption	NOUN
cblr-1785	684	27	vis	vis	X
cblr-1785	684	28	-	-	ADJ
cblr-1785	684	29	à	à	X
cblr-1785	684	30	-	-	PUNCT
cblr-1785	684	31	vis	vis	X
cblr-1785	684	32	the	the	DET
cblr-1785	684	33	federal	federal	ADJ
cblr-1785	684	34	one.129	one.129	NOUN
cblr-1785	684	35	if	if	SCONJ
cblr-1785	684	36	an	an	DET
cblr-1785	684	37	issuer	issuer	NOUN
cblr-1785	684	38	chooses	choose	VERB
cblr-1785	684	39	to	to	PART
cblr-1785	684	40	use	use	VERB
cblr-1785	684	41	a	a	DET
cblr-1785	684	42	state	state	NOUN
cblr-1785	684	43	exemption	exemption	NOUN
cblr-1785	684	44	,	,	PUNCT
cblr-1785	684	45	then	then	ADV
cblr-1785	684	46	it	it	PRON
cblr-1785	684	47	is	be	AUX
cblr-1785	684	48	effectively	effectively	ADV
cblr-1785	684	49	limited	limit	VERB
cblr-1785	684	50	to	to	ADP
cblr-1785	684	51	raising	raise	VERB
cblr-1785	684	52	only	only	ADV
cblr-1785	684	53	$	$	SYM
cblr-1785	684	54	1	1	NUM
cblr-1785	684	55	or	or	CCONJ
cblr-1785	684	56	$	$	SYM
cblr-1785	684	57	2	2	NUM
cblr-1785	684	58	million	million	NUM
cblr-1785	684	59	from	from	ADP
cblr-1785	684	60	all	all	DET
cblr-1785	684	61	sales	sale	NOUN
cblr-1785	684	62	of	of	ADP
cblr-1785	684	63	securities	security	NOUN
cblr-1785	684	64	that	that	PRON
cblr-1785	684	65	yearmaking	yearmake	VERB
cblr-1785	684	66	the	the	DET
cblr-1785	684	67	exemption	exemption	NOUN
cblr-1785	684	68	useful	useful	ADJ
cblr-1785	684	69	to	to	ADP
cblr-1785	684	70	only	only	ADV
cblr-1785	684	71	a	a	DET
cblr-1785	684	72	limited	limited	ADJ
cblr-1785	684	73	group	group	NOUN
cblr-1785	684	74	.	.	PUNCT
cblr-1785	685	1	of	of	ADP
cblr-1785	685	2	course	course	NOUN
cblr-1785	685	3	,	,	PUNCT
cblr-1785	685	4	an	an	DET
cblr-1785	685	5	offering	offering	NOUN
cblr-1785	685	6	limit	limit	NOUN
cblr-1785	685	7	for	for	ADP
cblr-1785	685	8	crowdfunded	crowdfunde	VERB
cblr-1785	685	9	securities	security	NOUN
cblr-1785	685	10	makes	make	VERB
cblr-1785	685	11	sense	sense	NOUN
cblr-1785	685	12	since	since	SCONJ
cblr-1785	685	13	such	such	ADJ
cblr-1785	685	14	securities	security	NOUN
cblr-1785	685	15	involve	involve	VERB
cblr-1785	685	16	risky	risky	ADJ
cblr-1785	685	17	enterprises	enterprise	NOUN
cblr-1785	685	18	that	that	PRON
cblr-1785	685	19	are	be	AUX
cblr-1785	685	20	generally	generally	ADV
cblr-1785	685	21	advertised	advertise	VERB
cblr-1785	685	22	to	to	ADP
cblr-1785	685	23	retail	retail	ADJ
cblr-1785	685	24	investors	investor	NOUN
cblr-1785	685	25	.	.	PUNCT
cblr-1785	686	1	but	but	CCONJ
cblr-1785	686	2	if	if	SCONJ
cblr-1785	686	3	the	the	DET
cblr-1785	686	4	issuer	issuer	NOUN
cblr-1785	686	5	has	have	AUX
cblr-1785	686	6	engaged	engage	VERB
cblr-1785	686	7	in	in	ADP
cblr-1785	686	8	prior	prior	ADJ
cblr-1785	686	9	fundraising	fundraising	NOUN
cblr-1785	686	10	in	in	ADP
cblr-1785	686	11	reliance	reliance	NOUN
cblr-1785	686	12	on	on	ADP
cblr-1785	686	13	other	other	ADJ
cblr-1785	686	14	exemptions	exemption	NOUN
cblr-1785	686	15	,	,	PUNCT
cblr-1785	686	16	then	then	ADV
cblr-1785	686	17	those	those	DET
cblr-1785	686	18	offerings	offering	NOUN
cblr-1785	686	19	would	would	AUX
cblr-1785	686	20	carry	carry	VERB
cblr-1785	686	21	their	their	PRON
cblr-1785	686	22	own	own	ADJ
cblr-1785	686	23	protections	protection	NOUN
cblr-1785	686	24	.	.	PUNCT
cblr-1785	687	1	for	for	ADP
cblr-1785	687	2	example	example	NOUN
cblr-1785	687	3	,	,	PUNCT
cblr-1785	687	4	suppose	suppose	VERB
cblr-1785	687	5	a	a	DET
cblr-1785	687	6	prospective	prospective	ADJ
cblr-1785	687	7	issuer	issuer	NOUN
cblr-1785	687	8	has	have	AUX
cblr-1785	687	9	already	already	ADV
cblr-1785	687	10	sold	sell	VERB
cblr-1785	687	11	$	$	SYM
cblr-1785	687	12	500,000	500,000	NUM
cblr-1785	687	13	in	in	ADP
cblr-1785	687	14	securities	security	NOUN
cblr-1785	687	15	under	under	ADP
cblr-1785	687	16	rule	rule	NOUN
cblr-1785	687	17	506(c	506(c	PROPN
cblr-1785	687	18	)	)	PUNCT
cblr-1785	687	19	,	,	PUNCT
cblr-1785	687	20	meaning	mean	VERB
cblr-1785	687	21	all	all	PRON
cblr-1785	687	22	of	of	ADP
cblr-1785	687	23	the	the	DET
cblr-1785	687	24	sales	sale	NOUN
cblr-1785	687	25	would	would	AUX
cblr-1785	687	26	have	have	AUX
cblr-1785	687	27	had	have	VERB
cblr-1785	687	28	to	to	PART
cblr-1785	687	29	be	be	AUX
cblr-1785	687	30	to	to	ADP
cblr-1785	687	31	accredited	accredit	VERB
cblr-1785	687	32	investors	investor	NOUN
cblr-1785	687	33	,	,	PUNCT
cblr-1785	687	34	who	who	PRON
cblr-1785	687	35	are	be	AUX
cblr-1785	687	36	presumably	presumably	ADV
cblr-1785	687	37	better	well	ADV
cblr-1785	687	38	able	able	ADJ
cblr-1785	687	39	to	to	PART
cblr-1785	687	40	understand	understand	VERB
cblr-1785	687	41	and	and	CCONJ
cblr-1785	687	42	bear	bear	VERB
cblr-1785	687	43	the	the	DET
cblr-1785	687	44	risks	risk	NOUN
cblr-1785	687	45	involved.130	involved.130	VERB
cblr-1785	687	46	the	the	DET
cblr-1785	687	47	rationale	rationale	NOUN
cblr-1785	687	48	for	for	ADP
cblr-1785	687	49	limiting	limit	VERB
cblr-1785	687	50	crowdfunding	crowdfunding	NOUN
cblr-1785	687	51	offerings	offering	NOUN
cblr-1785	687	52	does	do	AUX
cblr-1785	687	53	not	not	PART
cblr-1785	687	54	apply	apply	VERB
cblr-1785	687	55	to	to	ADP
cblr-1785	687	56	these	these	DET
cblr-1785	687	57	506(c	506(c	PROPN
cblr-1785	687	58	)	)	PUNCT
cblr-1785	687	59	sales	sale	NOUN
cblr-1785	687	60	.	.	PUNCT
cblr-1785	688	1	thus	thus	ADV
cblr-1785	688	2	,	,	PUNCT
cblr-1785	688	3	there	there	PRON
cblr-1785	688	4	does	do	AUX
cblr-1785	688	5	not	not	PART
cblr-1785	688	6	seem	seem	VERB
cblr-1785	688	7	to	to	PART
cblr-1785	688	8	be	be	AUX
cblr-1785	688	9	much	much	ADJ
cblr-1785	688	10	reason	reason	NOUN
cblr-1785	688	11	to	to	PART
cblr-1785	688	12	then	then	ADV
cblr-1785	688	13	limit	limit	VERB
cblr-1785	688	14	sales	sale	NOUN
cblr-1785	688	15	to	to	ADP
cblr-1785	688	16	the	the	DET
cblr-1785	688	17	crowd	crowd	NOUN
cblr-1785	688	18	to	to	ADP
cblr-1785	688	19	only	only	ADV
cblr-1785	688	20	$	$	SYM
cblr-1785	688	21	500,000	500,000	NUM
cblr-1785	688	22	because	because	SCONJ
cblr-1785	688	23	of	of	ADP
cblr-1785	688	24	those	those	PRON
cblr-1785	688	25	prior	prior	ADV
cblr-1785	688	26	salesthe	salesthe	DET
cblr-1785	688	27	risk	risk	NOUN
cblr-1785	688	28	has	have	AUX
cblr-1785	688	29	already	already	ADV
cblr-1785	688	30	been	be	AUX
cblr-1785	688	31	contained	contain	VERB
cblr-1785	688	32	by	by	ADP
cblr-1785	688	33	the	the	DET
cblr-1785	688	34	limits	limit	NOUN
cblr-1785	688	35	imposed	impose	VERB
cblr-1785	688	36	on	on	ADP
cblr-1785	688	37	the	the	DET
cblr-1785	688	38	earlier	early	ADJ
cblr-1785	688	39	sale	sale	NOUN
cblr-1785	688	40	.	.	PUNCT
cblr-1785	689	1	to	to	PART
cblr-1785	689	2	encourage	encourage	VERB
cblr-1785	689	3	capital	capital	NOUN
cblr-1785	689	4	formation	formation	NOUN
cblr-1785	689	5	,	,	PUNCT
cblr-1785	689	6	the	the	DET
cblr-1785	689	7	state	state	NOUN
cblr-1785	689	8	exemptions	exemption	NOUN
cblr-1785	689	9	should	should	AUX
cblr-1785	689	10	,	,	PUNCT
cblr-1785	689	11	like	like	ADP
cblr-1785	689	12	the	the	DET
cblr-1785	689	13	proposed	propose	VERB
cblr-1785	689	14	federal	federal	ADJ
cblr-1785	689	15	rule	rule	NOUN
cblr-1785	689	16	,	,	PUNCT
cblr-1785	689	17	only	only	ADV
cblr-1785	689	18	aggregate	aggregate	VERB
cblr-1785	689	19	other	other	ADJ
cblr-1785	689	20	offerings	offering	NOUN
cblr-1785	689	21	made	make	VERB
cblr-1785	689	22	in	in	ADP
cblr-1785	689	23	reliance	reliance	NOUN
cblr-1785	689	24	on	on	ADP
cblr-1785	689	25	the	the	DET
cblr-1785	689	26	128	128	NUM
cblr-1785	689	27	see	see	NOUN
cblr-1785	689	28	wash	wash	NOUN
cblr-1785	689	29	.	.	PUNCT
cblr-1785	690	1	rev	rev	PROPN
cblr-1785	690	2	.	.	PROPN
cblr-1785	690	3	code	code	PROPN
cblr-1785	690	4	ann	ann	PROPN
cblr-1785	690	5	.	.	PUNCT
cblr-1785	691	1	§	§	PROPN
cblr-1785	691	2	21.20.0001	21.20.0001	NUM
cblr-1785	691	3	(	(	PUNCT
cblr-1785	691	4	west	west	NOUN
cblr-1785	691	5	2014	2014	NUM
cblr-1785	691	6	)	)	PUNCT
cblr-1785	691	7	.	.	PUNCT
cblr-1785	692	1	129	129	NUM
cblr-1785	692	2	see	see	VERB
cblr-1785	692	3	supra	supra	PROPN
cblr-1785	692	4	note	note	PROPN
cblr-1785	692	5	105	105	NUM
cblr-1785	692	6	and	and	CCONJ
cblr-1785	692	7	accompanying	accompany	VERB
cblr-1785	692	8	text	text	NOUN
cblr-1785	692	9	(	(	PUNCT
cblr-1785	692	10	discussing	discuss	VERB
cblr-1785	692	11	the	the	DET
cblr-1785	692	12	aggregation	aggregation	NOUN
cblr-1785	692	13	problem	problem	NOUN
cblr-1785	692	14	)	)	PUNCT
cblr-1785	692	15	.	.	PUNCT
cblr-1785	693	1	130	130	NUM
cblr-1785	693	2	17	17	NUM
cblr-1785	693	3	c.f.r	c.f.r	NOUN
cblr-1785	693	4	.	.	PUNCT
cblr-1785	694	1	§	§	PROPN
cblr-1785	694	2	230.506	230.506	NUM
cblr-1785	694	3	(	(	PUNCT
cblr-1785	694	4	2014	2014	NUM
cblr-1785	694	5	)	)	PUNCT
cblr-1785	694	6	.	.	PUNCT
cblr-1785	695	1	pei	pei	PROPN
cblr-1785	695	2	final	final	ADJ
cblr-1785	695	3	no	no	NOUN
cblr-1785	695	4	.	.	PUNCT
cblr-1785	696	1	3:854	3:854	NUM
cblr-1785	696	2	]	]	X
cblr-1785	696	3	intrastate	intrastate	ADJ
cblr-1785	696	4	crowdfunding	crowdfunde	VERB
cblr-1785	696	5	889	889	NUM
cblr-1785	696	6	crowdfunding	crowdfunding	NOUN
cblr-1785	696	7	exemption	exemption	NOUN
cblr-1785	696	8	itself	itself	PRON
cblr-1785	696	9	.	.	PUNCT
cblr-1785	697	1	washington	washington	PROPN
cblr-1785	697	2	’s	’s	PART
cblr-1785	697	3	recently	recently	ADV
cblr-1785	697	4	enacted	enact	VERB
cblr-1785	697	5	exemption	exemption	NOUN
cblr-1785	697	6	contains	contain	VERB
cblr-1785	697	7	language	language	NOUN
cblr-1785	697	8	that	that	PRON
cblr-1785	697	9	does	do	VERB
cblr-1785	697	10	just	just	ADV
cblr-1785	697	11	this	this	PRON
cblr-1785	697	12	,	,	PUNCT
cblr-1785	697	13	requiring	require	VERB
cblr-1785	697	14	that	that	SCONJ
cblr-1785	697	15	“	"	PUNCT
cblr-1785	697	16	the	the	DET
cblr-1785	697	17	aggregate	aggregate	ADJ
cblr-1785	697	18	purchase	purchase	NOUN
cblr-1785	697	19	price	price	NOUN
cblr-1785	697	20	of	of	ADP
cblr-1785	697	21	all	all	DET
cblr-1785	697	22	securities	security	NOUN
cblr-1785	697	23	sold	sell	VERB
cblr-1785	697	24	by	by	ADP
cblr-1785	697	25	an	an	DET
cblr-1785	697	26	issuer	issuer	NOUN
cblr-1785	697	27	pursuant	pursuant	NOUN
cblr-1785	697	28	to	to	ADP
cblr-1785	697	29	the	the	DET
cblr-1785	697	30	exemption	exemption	NOUN
cblr-1785	697	31	provided	provide	VERB
cblr-1785	697	32	by	by	ADP
cblr-1785	697	33	this	this	DET
cblr-1785	697	34	section	section	NOUN
cblr-1785	697	35	does	do	AUX
cblr-1785	697	36	not	not	PART
cblr-1785	697	37	exceed	exceed	VERB
cblr-1785	697	38	one	one	NUM
cblr-1785	697	39	million	million	NUM
cblr-1785	697	40	dollars	dollar	NOUN
cblr-1785	697	41	during	during	ADP
cblr-1785	697	42	any	any	DET
cblr-1785	697	43	twelve	twelve	NUM
cblr-1785	697	44	-	-	PUNCT
cblr-1785	697	45	month	month	NOUN
cblr-1785	697	46	period	period	NOUN
cblr-1785	697	47	.	.	PUNCT
cblr-1785	698	1	”131	”131	PUNCT
cblr-1785	698	2	here	here	ADV
cblr-1785	698	3	it	it	PRON
cblr-1785	698	4	is	be	AUX
cblr-1785	698	5	clear	clear	ADJ
cblr-1785	698	6	that	that	SCONJ
cblr-1785	698	7	only	only	ADV
cblr-1785	698	8	prior	prior	ADV
cblr-1785	698	9	crowdfunding	crowdfunde	VERB
cblr-1785	698	10	sales	sale	NOUN
cblr-1785	698	11	count	count	NOUN
cblr-1785	698	12	against	against	ADP
cblr-1785	698	13	the	the	DET
cblr-1785	698	14	offering	offering	NOUN
cblr-1785	698	15	cap	cap	NOUN
cblr-1785	698	16	.	.	PUNCT
cblr-1785	699	1	other	other	ADJ
cblr-1785	699	2	states	state	NOUN
cblr-1785	699	3	should	should	AUX
cblr-1785	699	4	follow	follow	VERB
cblr-1785	699	5	this	this	DET
cblr-1785	699	6	model	model	NOUN
cblr-1785	699	7	.	.	PUNCT
cblr-1785	700	1	b.	b.	PROPN
cblr-1785	701	1	the	the	DET
cblr-1785	701	2	state	state	NOUN
cblr-1785	701	3	exemptions	exemption	NOUN
cblr-1785	701	4	should	should	AUX
cblr-1785	701	5	require	require	VERB
cblr-1785	701	6	issuers	issuer	NOUN
cblr-1785	701	7	to	to	PART
cblr-1785	701	8	use	use	VERB
cblr-1785	701	9	an	an	DET
cblr-1785	701	10	intermediary	intermediary	NOUN
cblr-1785	701	11	currently	currently	ADV
cblr-1785	701	12	,	,	PUNCT
cblr-1785	701	13	only	only	ADV
cblr-1785	701	14	the	the	DET
cblr-1785	701	15	wisconsin	wisconsin	PROPN
cblr-1785	701	16	and	and	CCONJ
cblr-1785	701	17	indiana	indiana	PROPN
cblr-1785	701	18	exemptions	exemption	NOUN
cblr-1785	701	19	require	require	VERB
cblr-1785	701	20	issuers	issuer	NOUN
cblr-1785	701	21	to	to	PART
cblr-1785	701	22	use	use	VERB
cblr-1785	701	23	an	an	DET
cblr-1785	701	24	internet	internet	NOUN
cblr-1785	701	25	intermediary.132	intermediary.132	NUM
cblr-1785	701	26	however	however	ADV
cblr-1785	701	27	,	,	PUNCT
cblr-1785	701	28	as	as	SCONJ
cblr-1785	701	29	bradford	bradford	PROPN
cblr-1785	701	30	argues	argue	VERB
cblr-1785	701	31	in	in	ADP
cblr-1785	701	32	crowdfunding	crowdfunding	NOUN
cblr-1785	701	33	and	and	CCONJ
cblr-1785	701	34	the	the	DET
cblr-1785	701	35	federal	federal	ADJ
cblr-1785	701	36	securities	security	NOUN
cblr-1785	701	37	laws	law	NOUN
cblr-1785	701	38	,	,	PUNCT
cblr-1785	701	39	there	there	PRON
cblr-1785	701	40	are	be	VERB
cblr-1785	701	41	several	several	ADJ
cblr-1785	701	42	reasons	reason	NOUN
cblr-1785	701	43	why	why	SCONJ
cblr-1785	701	44	portals	portal	NOUN
cblr-1785	701	45	are	be	AUX
cblr-1785	701	46	the	the	DET
cblr-1785	701	47	appropriate	appropriate	ADJ
cblr-1785	701	48	“	"	PUNCT
cblr-1785	701	49	locus	locus	NOUN
cblr-1785	701	50	”	"	PUNCT
cblr-1785	701	51	of	of	ADP
cblr-1785	701	52	regulation.133	regulation.133	NOUN
cblr-1785	701	53	first	first	ADV
cblr-1785	701	54	,	,	PUNCT
cblr-1785	701	55	the	the	DET
cblr-1785	701	56	issuers	issuer	NOUN
cblr-1785	701	57	likely	likely	ADJ
cblr-1785	701	58	to	to	PART
cblr-1785	701	59	use	use	VERB
cblr-1785	701	60	crowdfunding	crowdfunding	NOUN
cblr-1785	701	61	are	be	AUX
cblr-1785	701	62	probably	probably	ADV
cblr-1785	701	63	“	"	PUNCT
cblr-1785	701	64	poorly	poorly	ADV
cblr-1785	701	65	capitalized	capitalize	VERB
cblr-1785	701	66	and	and	CCONJ
cblr-1785	701	67	legally	legally	ADV
cblr-1785	701	68	unsophisticated	unsophisticated	ADJ
cblr-1785	701	69	,	,	PUNCT
cblr-1785	701	70	”	"	PUNCT
cblr-1785	701	71	and	and	CCONJ
cblr-1785	701	72	consequently	consequently	ADV
cblr-1785	701	73	may	may	AUX
cblr-1785	701	74	be	be	AUX
cblr-1785	701	75	deterred	deter	VERB
cblr-1785	701	76	from	from	ADP
cblr-1785	701	77	using	use	VERB
cblr-1785	701	78	the	the	DET
cblr-1785	701	79	exemptions	exemption	NOUN
cblr-1785	701	80	if	if	SCONJ
cblr-1785	701	81	they	they	PRON
cblr-1785	701	82	are	be	AUX
cblr-1785	701	83	left	leave	VERB
cblr-1785	701	84	to	to	PART
cblr-1785	701	85	navigate	navigate	VERB
cblr-1785	701	86	complicated	complicated	ADJ
cblr-1785	701	87	regulations	regulation	NOUN
cblr-1785	701	88	on	on	ADP
cblr-1785	701	89	their	their	PRON
cblr-1785	701	90	own.134	own.134	NOUN
cblr-1785	701	91	crowdfunding	crowdfunding	NOUN
cblr-1785	701	92	sites	site	NOUN
cblr-1785	701	93	,	,	PUNCT
cblr-1785	701	94	however	however	ADV
cblr-1785	701	95	,	,	PUNCT
cblr-1785	701	96	are	be	AUX
cblr-1785	701	97	“	"	PUNCT
cblr-1785	701	98	repeat	repeat	NOUN
cblr-1785	701	99	players	player	NOUN
cblr-1785	701	100	.	.	PUNCT
cblr-1785	701	101	”135	”135	PUNCT
cblr-1785	702	1	they	they	PRON
cblr-1785	702	2	have	have	VERB
cblr-1785	702	3	adequate	adequate	ADJ
cblr-1785	702	4	skin	skin	NOUN
cblr-1785	702	5	in	in	ADP
cblr-1785	702	6	the	the	DET
cblr-1785	702	7	game	game	NOUN
cblr-1785	702	8	,	,	PUNCT
cblr-1785	702	9	in	in	ADP
cblr-1785	702	10	terms	term	NOUN
cblr-1785	702	11	of	of	ADP
cblr-1785	702	12	both	both	CCONJ
cblr-1785	702	13	money	money	NOUN
cblr-1785	702	14	and	and	CCONJ
cblr-1785	702	15	reputation	reputation	NOUN
cblr-1785	702	16	,	,	PUNCT
cblr-1785	702	17	and	and	CCONJ
cblr-1785	702	18	they	they	PRON
cblr-1785	702	19	“	"	PUNCT
cblr-1785	702	20	can	can	AUX
cblr-1785	702	21	spread	spread	VERB
cblr-1785	702	22	any	any	DET
cblr-1785	702	23	regulatory	regulatory	ADJ
cblr-1785	702	24	costs	cost	NOUN
cblr-1785	702	25	over	over	ADP
cblr-1785	702	26	a	a	DET
cblr-1785	702	27	large	large	ADJ
cblr-1785	702	28	number	number	NOUN
cblr-1785	702	29	of	of	ADP
cblr-1785	702	30	offerings	offering	NOUN
cblr-1785	702	31	.	.	PUNCT
cblr-1785	702	32	”136	”136	PUNCT
cblr-1785	703	1	as	as	ADP
cblr-1785	703	2	a	a	DET
cblr-1785	703	3	result	result	NOUN
cblr-1785	703	4	,	,	PUNCT
cblr-1785	703	5	they	they	PRON
cblr-1785	703	6	are	be	AUX
cblr-1785	703	7	less	less	ADV
cblr-1785	703	8	likely	likely	ADJ
cblr-1785	703	9	to	to	PART
cblr-1785	703	10	be	be	AUX
cblr-1785	703	11	deterred	deter	VERB
cblr-1785	703	12	by	by	ADP
cblr-1785	703	13	regulations	regulation	NOUN
cblr-1785	703	14	.	.	PUNCT
cblr-1785	704	1	moreover	moreover	ADV
cblr-1785	704	2	,	,	PUNCT
cblr-1785	704	3	portals	portal	NOUN
cblr-1785	704	4	“	"	PUNCT
cblr-1785	704	5	are	be	AUX
cblr-1785	704	6	more	more	ADV
cblr-1785	704	7	visible	visible	ADJ
cblr-1785	704	8	.	.	PUNCT
cblr-1785	704	9	.	.	PUNCT
cblr-1785	705	1	.	.	PUNCT
cblr-1785	706	1	for	for	ADP
cblr-1785	706	2	regulatory	regulatory	ADJ
cblr-1785	706	3	enforcement	enforcement	NOUN
cblr-1785	706	4	purposes	purpose	NOUN
cblr-1785	706	5	”	"	PUNCT
cblr-1785	706	6	:	:	PUNCT
cblr-1785	706	7	they	they	PRON
cblr-1785	706	8	can	can	AUX
cblr-1785	706	9	ensure	ensure	VERB
cblr-1785	706	10	that	that	SCONJ
cblr-1785	706	11	issuers	issuer	NOUN
cblr-1785	706	12	stay	stay	VERB
cblr-1785	706	13	within	within	ADP
cblr-1785	706	14	offering	offering	NOUN
cblr-1785	706	15	limits	limit	NOUN
cblr-1785	706	16	and	and	CCONJ
cblr-1785	706	17	provide	provide	VERB
cblr-1785	706	18	mandatory	mandatory	ADJ
cblr-1785	706	19	disclosures	disclosure	NOUN
cblr-1785	706	20	,	,	PUNCT
cblr-1785	706	21	and	and	CCONJ
cblr-1785	706	22	that	that	SCONJ
cblr-1785	706	23	investors	investor	NOUN
cblr-1785	706	24	stay	stay	VERB
cblr-1785	706	25	under	under	ADP
cblr-1785	706	26	individual	individual	ADJ
cblr-1785	706	27	investment	investment	NOUN
cblr-1785	706	28	caps.137	caps.137	NOUN
cblr-1785	706	29	regulators	regulator	NOUN
cblr-1785	706	30	can	can	AUX
cblr-1785	706	31	then	then	ADV
cblr-1785	706	32	look	look	VERB
cblr-1785	706	33	to	to	ADP
cblr-1785	706	34	131	131	NUM
cblr-1785	706	35	wash	wash	NOUN
cblr-1785	706	36	.	.	PUNCT
cblr-1785	707	1	rev	rev	PROPN
cblr-1785	707	2	.	.	PROPN
cblr-1785	707	3	code	code	PROPN
cblr-1785	707	4	ann	ann	PROPN
cblr-1785	707	5	.	.	PUNCT
cblr-1785	708	1	§	§	PROPN
cblr-1785	708	2	(	(	PUNCT
cblr-1785	708	3	1)(f	1)(f	NUM
cblr-1785	708	4	)	)	PUNCT
cblr-1785	708	5	(	(	PUNCT
cblr-1785	708	6	west	west	NOUN
cblr-1785	708	7	2014	2014	NUM
cblr-1785	708	8	)	)	PUNCT
cblr-1785	708	9	.	.	PUNCT
cblr-1785	709	1	132	132	NUM
cblr-1785	709	2	ind	ind	NOUN
cblr-1785	709	3	.	.	PUNCT
cblr-1785	709	4	code	code	PROPN
cblr-1785	709	5	.	.	PUNCT
cblr-1785	710	1	ann	ann	PROPN
cblr-1785	710	2	.	.	PUNCT
cblr-1785	711	1	§	§	PROPN
cblr-1785	711	2	23	23	NUM
cblr-1785	711	3	-	-	SYM
cblr-1785	711	4	19	19	NUM
cblr-1785	711	5	-	-	PUNCT
cblr-1785	711	6	2	2	NUM
cblr-1785	711	7	-	-	PUNCT
cblr-1785	711	8	2(27)(o	2(27)(o	NUM
cblr-1785	711	9	)	)	PUNCT
cblr-1785	711	10	(	(	PUNCT
cblr-1785	711	11	west	west	NOUN
cblr-1785	711	12	2014	2014	NUM
cblr-1785	711	13	)	)	PUNCT
cblr-1785	711	14	;	;	PUNCT
cblr-1785	711	15	wis	wis	PROPN
cblr-1785	711	16	.	.	PUNCT
cblr-1785	711	17	stat	stat	PROPN
cblr-1785	711	18	.	.	PUNCT
cblr-1785	712	1	ann	ann	PROPN
cblr-1785	712	2	.	.	PUNCT
cblr-1785	713	1	§	§	PROPN
cblr-1785	713	2	551.202(26)(e	551.202(26)(e	PROPN
cblr-1785	713	3	)	)	PUNCT
cblr-1785	713	4	(	(	PUNCT
cblr-1785	713	5	west	west	NOUN
cblr-1785	713	6	2013	2013	NUM
cblr-1785	713	7	)	)	PUNCT
cblr-1785	713	8	.	.	PUNCT
cblr-1785	714	1	133	133	NUM
cblr-1785	714	2	see	see	VERB
cblr-1785	714	3	bradford	bradford	NOUN
cblr-1785	714	4	,	,	PUNCT
cblr-1785	714	5	supra	supra	PROPN
cblr-1785	714	6	note	note	PROPN
cblr-1785	714	7	12	12	NUM
cblr-1785	714	8	,	,	PUNCT
cblr-1785	714	9	at	at	ADP
cblr-1785	714	10	117–18	117–18	NUM
cblr-1785	714	11	.	.	PUNCT
cblr-1785	715	1	134	134	NUM
cblr-1785	716	1	i	i	PRON
cblr-1785	716	2	d.	d.	NOUN
cblr-1785	716	3	at	at	ADP
cblr-1785	716	4	117	117	NUM
cblr-1785	716	5	.	.	PUNCT
cblr-1785	716	6	135	135	NUM
cblr-1785	717	1	i	i	PRON
cblr-1785	717	2	d.	d.	PROPN
cblr-1785	717	3	136	136	NUM
cblr-1785	718	1	i	i	PRON
cblr-1785	718	2	d.	d.	PROPN
cblr-1785	718	3	137	137	NUM
cblr-1785	719	1	i	i	PROPN
cblr-1785	719	2	d.	d.	PROPN
cblr-1785	719	3	pei	pei	PROPN
cblr-1785	719	4	final	final	ADJ
cblr-1785	719	5	890	890	NUM
cblr-1785	719	6	columbia	columbia	PROPN
cblr-1785	719	7	business	business	NOUN
cblr-1785	719	8	law	law	PROPN
cblr-1785	719	9	review	review	NOUN
cblr-1785	720	1	[	[	X
cblr-1785	720	2	vol	vol	NOUN
cblr-1785	720	3	.	.	PUNCT
cblr-1785	720	4	2014	2014	NUM
cblr-1785	721	1	the	the	DET
cblr-1785	721	2	portals	portal	NOUN
cblr-1785	721	3	to	to	PART
cblr-1785	721	4	ensure	ensure	VERB
cblr-1785	721	5	compliance	compliance	NOUN
cblr-1785	721	6	as	as	SCONJ
cblr-1785	721	7	opposed	oppose	VERB
cblr-1785	721	8	to	to	ADP
cblr-1785	721	9	trying	try	VERB
cblr-1785	721	10	to	to	PART
cblr-1785	721	11	monitor	monitor	VERB
cblr-1785	721	12	the	the	DET
cblr-1785	721	13	offline	offline	ADJ
cblr-1785	721	14	activities	activity	NOUN
cblr-1785	721	15	of	of	ADP
cblr-1785	721	16	many	many	ADJ
cblr-1785	721	17	scattered	scatter	VERB
cblr-1785	721	18	issuers	issuer	NOUN
cblr-1785	721	19	.	.	PUNCT
cblr-1785	722	1	thus	thus	ADV
cblr-1785	722	2	,	,	PUNCT
cblr-1785	722	3	the	the	DET
cblr-1785	722	4	use	use	NOUN
cblr-1785	722	5	of	of	ADP
cblr-1785	722	6	an	an	DET
cblr-1785	722	7	intermediary	intermediary	NOUN
cblr-1785	722	8	has	have	VERB
cblr-1785	722	9	benefits	benefit	NOUN
cblr-1785	722	10	in	in	ADP
cblr-1785	722	11	terms	term	NOUN
cblr-1785	722	12	of	of	ADP
cblr-1785	722	13	both	both	PRON
cblr-1785	722	14	lightening	lighten	VERB
cblr-1785	722	15	the	the	DET
cblr-1785	722	16	regulatory	regulatory	ADJ
cblr-1785	722	17	burdens	burden	NOUN
cblr-1785	722	18	placed	place	VERB
cblr-1785	722	19	on	on	ADP
cblr-1785	722	20	issuers	issuer	NOUN
cblr-1785	722	21	as	as	ADV
cblr-1785	722	22	well	well	ADV
cblr-1785	722	23	as	as	ADP
cblr-1785	722	24	ensuring	ensure	VERB
cblr-1785	722	25	regulatory	regulatory	ADJ
cblr-1785	722	26	compliance	compliance	NOUN
cblr-1785	722	27	,	,	PUNCT
cblr-1785	722	28	which	which	PRON
cblr-1785	722	29	should	should	AUX
cblr-1785	722	30	in	in	ADP
cblr-1785	722	31	turn	turn	NOUN
cblr-1785	722	32	strengthen	strengthen	VERB
cblr-1785	722	33	investor	investor	NOUN
cblr-1785	722	34	protection	protection	NOUN
cblr-1785	722	35	.	.	PUNCT
cblr-1785	723	1	but	but	CCONJ
cblr-1785	723	2	these	these	DET
cblr-1785	723	3	benefits	benefit	NOUN
cblr-1785	723	4	can	can	AUX
cblr-1785	723	5	only	only	ADV
cblr-1785	723	6	be	be	AUX
cblr-1785	723	7	realized	realize	VERB
cblr-1785	723	8	if	if	SCONJ
cblr-1785	723	9	all	all	DET
cblr-1785	723	10	issuers	issuer	NOUN
cblr-1785	723	11	are	be	AUX
cblr-1785	723	12	required	require	VERB
cblr-1785	723	13	to	to	PART
cblr-1785	723	14	use	use	VERB
cblr-1785	723	15	an	an	DET
cblr-1785	723	16	intermediary	intermediary	NOUN
cblr-1785	723	17	.	.	PUNCT
cblr-1785	724	1	suppose	suppose	VERB
cblr-1785	724	2	that	that	SCONJ
cblr-1785	724	3	a	a	DET
cblr-1785	724	4	state	state	NOUN
cblr-1785	724	5	shifted	shift	VERB
cblr-1785	724	6	some	some	DET
cblr-1785	724	7	requirements	requirement	NOUN
cblr-1785	724	8	(	(	PUNCT
cblr-1785	724	9	such	such	ADJ
cblr-1785	724	10	as	as	ADP
cblr-1785	724	11	acquiring	acquire	VERB
cblr-1785	724	12	an	an	DET
cblr-1785	724	13	investor	investor	NOUN
cblr-1785	724	14	’s	’s	PART
cblr-1785	724	15	certification	certification	NOUN
cblr-1785	724	16	that	that	SCONJ
cblr-1785	724	17	he	he	PRON
cblr-1785	724	18	understands	understand	VERB
cblr-1785	724	19	the	the	DET
cblr-1785	724	20	risks	risk	NOUN
cblr-1785	724	21	involved	involve	VERB
cblr-1785	724	22	)	)	PUNCT
cblr-1785	724	23	to	to	ADP
cblr-1785	724	24	crowdfunding	crowdfunde	VERB
cblr-1785	724	25	sites	site	NOUN
cblr-1785	724	26	without	without	ADP
cblr-1785	724	27	also	also	ADV
cblr-1785	724	28	requiring	require	VERB
cblr-1785	724	29	that	that	SCONJ
cblr-1785	724	30	issuers	issuer	NOUN
cblr-1785	724	31	use	use	VERB
cblr-1785	724	32	an	an	DET
cblr-1785	724	33	intermediary	intermediary	NOUN
cblr-1785	724	34	.	.	PUNCT
cblr-1785	725	1	this	this	PRON
cblr-1785	725	2	would	would	AUX
cblr-1785	725	3	incentivize	incentivize	VERB
cblr-1785	725	4	issuers	issuer	NOUN
cblr-1785	725	5	to	to	PART
cblr-1785	725	6	avoid	avoid	VERB
cblr-1785	725	7	both	both	DET
cblr-1785	725	8	regulatory	regulatory	ADJ
cblr-1785	725	9	costs	cost	NOUN
cblr-1785	725	10	and	and	CCONJ
cblr-1785	725	11	the	the	DET
cblr-1785	725	12	issuer	issuer	NOUN
cblr-1785	725	13	’s	’s	PART
cblr-1785	725	14	fee	fee	NOUN
cblr-1785	725	15	by	by	ADP
cblr-1785	725	16	making	make	VERB
cblr-1785	725	17	the	the	DET
cblr-1785	725	18	offering	offering	NOUN
cblr-1785	725	19	offline	offline	NOUN
cblr-1785	725	20	.	.	PUNCT
cblr-1785	726	1	of	of	ADP
cblr-1785	726	2	course	course	ADV
cblr-1785	726	3	,	,	PUNCT
cblr-1785	726	4	requiring	require	VERB
cblr-1785	726	5	the	the	DET
cblr-1785	726	6	use	use	NOUN
cblr-1785	726	7	of	of	ADP
cblr-1785	726	8	an	an	DET
cblr-1785	726	9	intermediary	intermediary	NOUN
cblr-1785	726	10	will	will	AUX
cblr-1785	726	11	likely	likely	ADV
cblr-1785	726	12	add	add	VERB
cblr-1785	726	13	to	to	ADP
cblr-1785	726	14	an	an	DET
cblr-1785	726	15	issuer	issuer	NOUN
cblr-1785	726	16	’s	’s	PART
cblr-1785	726	17	costs	cost	NOUN
cblr-1785	726	18	and	and	CCONJ
cblr-1785	726	19	could	could	AUX
cblr-1785	726	20	deter	deter	VERB
cblr-1785	726	21	capital	capital	NOUN
cblr-1785	726	22	formation	formation	NOUN
cblr-1785	726	23	.	.	PUNCT
cblr-1785	727	1	again	again	ADV
cblr-1785	727	2	,	,	PUNCT
cblr-1785	727	3	payments	payment	NOUN
cblr-1785	727	4	to	to	ADP
cblr-1785	727	5	an	an	DET
cblr-1785	727	6	intermediary	intermediary	NOUN
cblr-1785	727	7	are	be	AUX
cblr-1785	727	8	an	an	DET
cblr-1785	727	9	issuer	issuer	NOUN
cblr-1785	727	10	’s	’s	PART
cblr-1785	727	11	single	single	ADJ
cblr-1785	727	12	largest	large	ADJ
cblr-1785	727	13	expense	expense	NOUN
cblr-1785	727	14	according	accord	VERB
cblr-1785	727	15	to	to	ADP
cblr-1785	727	16	the	the	DET
cblr-1785	727	17	sec	sec	PROPN
cblr-1785	727	18	’s	’s	PART
cblr-1785	727	19	projections.138	projections.138	NOUN
cblr-1785	727	20	nonetheless	nonetheless	ADV
cblr-1785	727	21	,	,	PUNCT
cblr-1785	727	22	although	although	SCONJ
cblr-1785	727	23	mandating	mandate	VERB
cblr-1785	727	24	the	the	DET
cblr-1785	727	25	use	use	NOUN
cblr-1785	727	26	of	of	ADP
cblr-1785	727	27	an	an	DET
cblr-1785	727	28	intermediary	intermediary	NOUN
cblr-1785	727	29	would	would	AUX
cblr-1785	727	30	add	add	VERB
cblr-1785	727	31	some	some	DET
cblr-1785	727	32	costs	cost	NOUN
cblr-1785	727	33	,	,	PUNCT
cblr-1785	727	34	they	they	PRON
cblr-1785	727	35	could	could	AUX
cblr-1785	727	36	be	be	AUX
cblr-1785	727	37	partially	partially	ADV
cblr-1785	727	38	offset	offset	VERB
cblr-1785	727	39	by	by	ADP
cblr-1785	727	40	gains	gain	NOUN
cblr-1785	727	41	in	in	ADP
cblr-1785	727	42	efficiency	efficiency	NOUN
cblr-1785	727	43	.	.	PUNCT
cblr-1785	728	1	for	for	ADP
cblr-1785	728	2	example	example	NOUN
cblr-1785	728	3	,	,	PUNCT
cblr-1785	728	4	portals	portal	NOUN
cblr-1785	728	5	could	could	AUX
cblr-1785	728	6	help	help	VERB
cblr-1785	728	7	ensure	ensure	VERB
cblr-1785	728	8	rule	rule	NOUN
cblr-1785	728	9	147	147	NUM
cblr-1785	728	10	compliance	compliance	NOUN
cblr-1785	728	11	by	by	ADP
cblr-1785	728	12	verifying	verify	VERB
cblr-1785	728	13	that	that	SCONJ
cblr-1785	728	14	all	all	DET
cblr-1785	728	15	offers	offer	NOUN
cblr-1785	728	16	and	and	CCONJ
cblr-1785	728	17	sales	sale	NOUN
cblr-1785	728	18	are	be	AUX
cblr-1785	728	19	made	make	VERB
cblr-1785	728	20	only	only	ADV
cblr-1785	728	21	to	to	ADP
cblr-1785	728	22	state	state	NOUN
cblr-1785	728	23	residents.139	residents.139	NOUN
cblr-1785	728	24	the	the	DET
cblr-1785	728	25	wisconsin	wisconsin	PROPN
cblr-1785	728	26	and	and	CCONJ
cblr-1785	728	27	michigan	michigan	PROPN
cblr-1785	728	28	exemptions	exemption	NOUN
cblr-1785	728	29	,	,	PUNCT
cblr-1785	728	30	as	as	ADV
cblr-1785	728	31	well	well	ADV
cblr-1785	728	32	as	as	ADP
cblr-1785	728	33	several	several	ADJ
cblr-1785	728	34	of	of	ADP
cblr-1785	728	35	the	the	DET
cblr-1785	728	36	newer	new	ADJ
cblr-1785	728	37	laws	law	NOUN
cblr-1785	728	38	,	,	PUNCT
cblr-1785	728	39	require	require	VERB
cblr-1785	728	40	138	138	NUM
cblr-1785	728	41	see	see	NOUN
cblr-1785	728	42	sec	sec	PROPN
cblr-1785	728	43	proposed	propose	VERB
cblr-1785	728	44	rules	rule	NOUN
cblr-1785	728	45	,	,	PUNCT
cblr-1785	728	46	supra	supra	PROPN
cblr-1785	728	47	note	note	NOUN
cblr-1785	728	48	5	5	NUM
cblr-1785	728	49	,	,	PUNCT
cblr-1785	728	50	at	at	ADP
cblr-1785	728	51	358–59	358–59	NOUN
cblr-1785	728	52	.	.	PUNCT
cblr-1785	729	1	139	139	NUM
cblr-1785	729	2	a	a	DET
cblr-1785	729	3	recent	recent	ADJ
cblr-1785	729	4	sec	sec	PROPN
cblr-1785	729	5	compliance	compliance	NOUN
cblr-1785	729	6	and	and	CCONJ
cblr-1785	729	7	disclosure	disclosure	NOUN
cblr-1785	729	8	interpretation	interpretation	NOUN
cblr-1785	729	9	has	have	AUX
cblr-1785	729	10	clarified	clarify	VERB
cblr-1785	729	11	what	what	PRON
cblr-1785	729	12	steps	step	VERB
cblr-1785	729	13	a	a	DET
cblr-1785	729	14	portal	portal	NOUN
cblr-1785	729	15	must	must	AUX
cblr-1785	729	16	take	take	VERB
cblr-1785	729	17	to	to	PART
cblr-1785	729	18	comply	comply	VERB
cblr-1785	729	19	with	with	ADP
cblr-1785	729	20	rule	rule	NOUN
cblr-1785	729	21	147	147	NUM
cblr-1785	729	22	.	.	PUNCT
cblr-1785	730	1	according	accord	VERB
cblr-1785	730	2	to	to	ADP
cblr-1785	730	3	the	the	DET
cblr-1785	730	4	commission	commission	NOUN
cblr-1785	730	5	,	,	PUNCT
cblr-1785	730	6	a	a	DET
cblr-1785	730	7	portal	portal	NOUN
cblr-1785	730	8	must	must	AUX
cblr-1785	730	9	take	take	VERB
cblr-1785	730	10	“	"	PUNCT
cblr-1785	730	11	adequate	adequate	ADJ
cblr-1785	730	12	measures	measure	NOUN
cblr-1785	730	13	”	"	PUNCT
cblr-1785	730	14	to	to	PART
cblr-1785	730	15	avoid	avoid	VERB
cblr-1785	730	16	offering	offer	VERB
cblr-1785	730	17	the	the	DET
cblr-1785	730	18	securities	security	NOUN
cblr-1785	730	19	to	to	ADP
cblr-1785	730	20	investors	investor	NOUN
cblr-1785	730	21	outside	outside	ADP
cblr-1785	730	22	the	the	DET
cblr-1785	730	23	state	state	NOUN
cblr-1785	730	24	in	in	ADP
cblr-1785	730	25	question	question	NOUN
cblr-1785	730	26	.	.	PUNCT
cblr-1785	731	1	such	such	ADJ
cblr-1785	731	2	measures	measure	NOUN
cblr-1785	731	3	would	would	AUX
cblr-1785	731	4	“	"	PUNCT
cblr-1785	731	5	include	include	VERB
cblr-1785	731	6	,	,	PUNCT
cblr-1785	731	7	at	at	ADP
cblr-1785	731	8	a	a	DET
cblr-1785	731	9	minimum	minimum	NOUN
cblr-1785	731	10	,	,	PUNCT
cblr-1785	731	11	disclaimers	disclaimer	NOUN
cblr-1785	731	12	and	and	CCONJ
cblr-1785	731	13	restrictive	restrictive	ADJ
cblr-1785	731	14	legends	legend	NOUN
cblr-1785	731	15	making	make	VERB
cblr-1785	731	16	it	it	PRON
cblr-1785	731	17	clear	clear	ADJ
cblr-1785	731	18	that	that	SCONJ
cblr-1785	731	19	the	the	DET
cblr-1785	731	20	offering	offering	NOUN
cblr-1785	731	21	is	be	AUX
cblr-1785	731	22	limited	limit	VERB
cblr-1785	731	23	to	to	ADP
cblr-1785	731	24	residents	resident	NOUN
cblr-1785	731	25	of	of	ADP
cblr-1785	731	26	the	the	DET
cblr-1785	731	27	relevant	relevant	ADJ
cblr-1785	731	28	state	state	NOUN
cblr-1785	731	29	under	under	ADP
cblr-1785	731	30	applicable	applicable	ADJ
cblr-1785	731	31	law	law	NOUN
cblr-1785	731	32	,	,	PUNCT
cblr-1785	731	33	and	and	CCONJ
cblr-1785	731	34	limiting	limit	VERB
cblr-1785	731	35	access	access	NOUN
cblr-1785	731	36	to	to	ADP
cblr-1785	731	37	information	information	NOUN
cblr-1785	731	38	about	about	ADP
cblr-1785	731	39	specific	specific	ADJ
cblr-1785	731	40	investment	investment	NOUN
cblr-1785	731	41	opportunities	opportunity	NOUN
cblr-1785	731	42	to	to	ADP
cblr-1785	731	43	persons	person	NOUN
cblr-1785	731	44	who	who	PRON
cblr-1785	731	45	confirm	confirm	VERB
cblr-1785	731	46	they	they	PRON
cblr-1785	731	47	are	be	AUX
cblr-1785	731	48	residents	resident	NOUN
cblr-1785	731	49	of	of	ADP
cblr-1785	731	50	the	the	DET
cblr-1785	731	51	relevant	relevant	ADJ
cblr-1785	731	52	state	state	NOUN
cblr-1785	731	53	.	.	PUNCT
cblr-1785	731	54	.	.	PUNCT
cblr-1785	731	55	.	.	PUNCT
cblr-1785	731	56	.	.	PUNCT
cblr-1785	731	57	”	"	PUNCT
cblr-1785	732	1	sec	sec	PROPN
cblr-1785	732	2	compliance	compliance	NOUN
cblr-1785	732	3	and	and	CCONJ
cblr-1785	732	4	disclosure	disclosure	NOUN
cblr-1785	732	5	interpretation	interpretation	NOUN
cblr-1785	732	6	,	,	PUNCT
cblr-1785	732	7	question	question	NOUN
cblr-1785	732	8	141.04	141.04	NUM
cblr-1785	732	9	(	(	PUNCT
cblr-1785	732	10	apr	apr	NOUN
cblr-1785	732	11	.	.	PROPN
cblr-1785	732	12	10	10	NUM
cblr-1785	732	13	,	,	PUNCT
cblr-1785	732	14	2014	2014	NUM
cblr-1785	732	15	)	)	PUNCT
cblr-1785	732	16	,	,	PUNCT
cblr-1785	732	17	available	available	ADJ
cblr-1785	732	18	at	at	ADP
cblr-1785	732	19	http://perma.cc/q787-t4lc	http://perma.cc/q787-t4lc	PROPN
cblr-1785	732	20	.	.	PUNCT
cblr-1785	733	1	although	although	SCONJ
cblr-1785	733	2	this	this	DET
cblr-1785	733	3	interpretation	interpretation	NOUN
cblr-1785	733	4	places	place	VERB
cblr-1785	733	5	burdens	burden	NOUN
cblr-1785	733	6	on	on	ADP
cblr-1785	733	7	portals	portal	NOUN
cblr-1785	733	8	that	that	PRON
cblr-1785	733	9	will	will	AUX
cblr-1785	733	10	likely	likely	ADV
cblr-1785	733	11	increase	increase	VERB
cblr-1785	733	12	costs	cost	NOUN
cblr-1785	733	13	for	for	ADP
cblr-1785	733	14	portals	portal	NOUN
cblr-1785	733	15	and	and	CCONJ
cblr-1785	733	16	their	their	PRON
cblr-1785	733	17	customers	customer	NOUN
cblr-1785	733	18	,	,	PUNCT
cblr-1785	733	19	an	an	DET
cblr-1785	733	20	issuer	issuer	NOUN
cblr-1785	733	21	that	that	PRON
cblr-1785	733	22	did	do	AUX
cblr-1785	733	23	not	not	PART
cblr-1785	733	24	use	use	VERB
cblr-1785	733	25	a	a	DET
cblr-1785	733	26	portal	portal	NOUN
cblr-1785	733	27	would	would	AUX
cblr-1785	733	28	also	also	ADV
cblr-1785	733	29	have	have	VERB
cblr-1785	733	30	to	to	PART
cblr-1785	733	31	avoid	avoid	VERB
cblr-1785	733	32	making	make	VERB
cblr-1785	733	33	offers	offer	NOUN
cblr-1785	733	34	and	and	CCONJ
cblr-1785	733	35	sales	sale	NOUN
cblr-1785	733	36	outside	outside	ADP
cblr-1785	733	37	of	of	ADP
cblr-1785	733	38	their	their	PRON
cblr-1785	733	39	home	home	NOUN
cblr-1785	733	40	state	state	NOUN
cblr-1785	733	41	.	.	PUNCT
cblr-1785	734	1	as	as	SCONJ
cblr-1785	734	2	another	another	DET
cblr-1785	734	3	recent	recent	ADJ
cblr-1785	734	4	compliance	compliance	NOUN
cblr-1785	734	5	and	and	CCONJ
cblr-1785	734	6	disclosure	disclosure	NOUN
cblr-1785	734	7	interpretation	interpretation	NOUN
cblr-1785	734	8	makes	make	VERB
cblr-1785	734	9	clear	clear	ADJ
cblr-1785	734	10	,	,	PUNCT
cblr-1785	734	11	this	this	PRON
cblr-1785	734	12	may	may	AUX
cblr-1785	734	13	be	be	AUX
cblr-1785	734	14	very	very	ADV
cblr-1785	734	15	difficult	difficult	ADJ
cblr-1785	734	16	to	to	PART
cblr-1785	734	17	do	do	VERB
cblr-1785	734	18	using	use	VERB
cblr-1785	734	19	an	an	DET
cblr-1785	734	20	issuer	issuer	NOUN
cblr-1785	734	21	’s	’s	PART
cblr-1785	734	22	existing	exist	VERB
cblr-1785	734	23	website	website	NOUN
cblr-1785	734	24	or	or	CCONJ
cblr-1785	734	25	social	social	ADJ
cblr-1785	734	26	media	medium	NOUN
cblr-1785	734	27	presence	presence	NOUN
cblr-1785	734	28	.	.	PUNCT
cblr-1785	735	1	see	see	VERB
cblr-1785	735	2	supra	supra	PROPN
cblr-1785	735	3	note	note	PROPN
cblr-1785	735	4	94	94	NUM
cblr-1785	735	5	.	.	PUNCT
cblr-1785	736	1	pei	pei	PROPN
cblr-1785	736	2	final	final	ADJ
cblr-1785	736	3	no	no	NOUN
cblr-1785	736	4	.	.	PUNCT
cblr-1785	737	1	3:854	3:854	NUM
cblr-1785	737	2	]	]	X
cblr-1785	737	3	intrastate	intrastate	ADJ
cblr-1785	737	4	crowdfunding	crowdfunde	VERB
cblr-1785	737	5	891	891	NUM
cblr-1785	737	6	issuers	issuer	NOUN
cblr-1785	737	7	to	to	PART
cblr-1785	737	8	collect	collect	VERB
cblr-1785	737	9	evidencesuch	evidencesuch	PROPN
cblr-1785	737	10	as	as	SCONJ
cblr-1785	737	11	state	state	NOUN
cblr-1785	737	12	-	-	PUNCT
cblr-1785	737	13	issued	issue	VERB
cblr-1785	737	14	i	i	PROPN
cblr-1785	737	15	d	d	PROPN
cblr-1785	737	16	,	,	PUNCT
cblr-1785	737	17	voter	voter	NOUN
cblr-1785	737	18	registration	registration	NOUN
cblr-1785	737	19	,	,	PUNCT
cblr-1785	737	20	or	or	CCONJ
cblr-1785	737	21	an	an	DET
cblr-1785	737	22	affidavit	affidavit	NOUN
cblr-1785	737	23	indicating	indicate	VERB
cblr-1785	737	24	property	property	NOUN
cblr-1785	737	25	ownership	ownership	NOUN
cblr-1785	737	26	in	in	ADP
cblr-1785	737	27	the	the	DET
cblr-1785	737	28	statethat	statethat	PROPN
cblr-1785	737	29	the	the	DET
cblr-1785	737	30	purchasers	purchaser	NOUN
cblr-1785	737	31	are	be	AUX
cblr-1785	737	32	state	state	NOUN
cblr-1785	737	33	residents.140	residents.140	PROPN
cblr-1785	737	34	although	although	SCONJ
cblr-1785	737	35	the	the	DET
cblr-1785	737	36	kansas	kansas	PROPN
cblr-1785	737	37	and	and	CCONJ
cblr-1785	737	38	georgia	georgia	PROPN
cblr-1785	737	39	exemptions	exemption	NOUN
cblr-1785	737	40	do	do	AUX
cblr-1785	737	41	not	not	PART
cblr-1785	737	42	affirmatively	affirmatively	ADV
cblr-1785	737	43	require	require	VERB
cblr-1785	737	44	issuers	issuer	NOUN
cblr-1785	737	45	to	to	PART
cblr-1785	737	46	take	take	VERB
cblr-1785	737	47	steps	step	NOUN
cblr-1785	737	48	to	to	PART
cblr-1785	737	49	verify	verify	VERB
cblr-1785	737	50	investor	investor	NOUN
cblr-1785	737	51	eligibility	eligibility	NOUN
cblr-1785	737	52	,	,	PUNCT
cblr-1785	737	53	they	they	PRON
cblr-1785	737	54	both	both	PRON
cblr-1785	737	55	require	require	VERB
cblr-1785	737	56	offerings	offering	NOUN
cblr-1785	737	57	to	to	PART
cblr-1785	737	58	meet	meet	VERB
cblr-1785	737	59	the	the	DET
cblr-1785	737	60	requirements	requirement	NOUN
cblr-1785	737	61	of	of	ADP
cblr-1785	737	62	rule	rule	NOUN
cblr-1785	737	63	147	147	NUM
cblr-1785	737	64	,	,	PUNCT
cblr-1785	737	65	so	so	SCONJ
cblr-1785	737	66	an	an	DET
cblr-1785	737	67	issuer	issuer	NOUN
cblr-1785	737	68	who	who	PRON
cblr-1785	737	69	wants	want	VERB
cblr-1785	737	70	to	to	PART
cblr-1785	737	71	avoid	avoid	VERB
cblr-1785	737	72	blowing	blow	VERB
cblr-1785	737	73	the	the	DET
cblr-1785	737	74	exemption	exemption	NOUN
cblr-1785	737	75	will	will	AUX
cblr-1785	737	76	have	have	VERB
cblr-1785	737	77	to	to	PART
cblr-1785	737	78	do	do	VERB
cblr-1785	737	79	this	this	DET
cblr-1785	737	80	verification	verification	NOUN
cblr-1785	737	81	work	work	NOUN
cblr-1785	737	82	.	.	PUNCT
cblr-1785	738	1	these	these	PRON
cblr-1785	738	2	are	be	AUX
cblr-1785	738	3	costs	cost	NOUN
cblr-1785	738	4	that	that	SCONJ
cblr-1785	738	5	issuers	issuer	NOUN
cblr-1785	738	6	will	will	AUX
cblr-1785	738	7	be	be	AUX
cblr-1785	738	8	forced	force	VERB
cblr-1785	738	9	to	to	PART
cblr-1785	738	10	incur	incur	VERB
cblr-1785	738	11	no	no	ADV
cblr-1785	738	12	matter	matter	ADV
cblr-1785	738	13	what	what	PRON
cblr-1785	738	14	:	:	PUNCT
cblr-1785	738	15	if	if	SCONJ
cblr-1785	738	16	intermediaries	intermediary	NOUN
cblr-1785	738	17	pass	pass	VERB
cblr-1785	738	18	some	some	PRON
cblr-1785	738	19	of	of	ADP
cblr-1785	738	20	the	the	DET
cblr-1785	738	21	costs	cost	NOUN
cblr-1785	738	22	on	on	ADP
cblr-1785	738	23	to	to	ADP
cblr-1785	738	24	the	the	DET
cblr-1785	738	25	issuer	issuer	NOUN
cblr-1785	738	26	,	,	PUNCT
cblr-1785	738	27	that	that	PRON
cblr-1785	738	28	would	would	AUX
cblr-1785	738	29	not	not	PART
cblr-1785	738	30	represent	represent	VERB
cblr-1785	738	31	a	a	DET
cblr-1785	738	32	net	net	ADJ
cblr-1785	738	33	increase	increase	NOUN
cblr-1785	738	34	.	.	PUNCT
cblr-1785	739	1	moreover	moreover	ADV
cblr-1785	739	2	,	,	PUNCT
cblr-1785	739	3	intermediaries	intermediary	NOUN
cblr-1785	739	4	seem	seem	VERB
cblr-1785	739	5	better	well	ADV
cblr-1785	739	6	positioned	position	VERB
cblr-1785	739	7	to	to	PART
cblr-1785	739	8	verify	verify	VERB
cblr-1785	739	9	investor	investor	NOUN
cblr-1785	739	10	eligibility	eligibility	NOUN
cblr-1785	739	11	than	than	ADP
cblr-1785	739	12	issuers	issuer	NOUN
cblr-1785	739	13	by	by	ADP
cblr-1785	739	14	taking	take	VERB
cblr-1785	739	15	advantage	advantage	NOUN
cblr-1785	739	16	of	of	ADP
cblr-1785	739	17	economies	economy	NOUN
cblr-1785	739	18	of	of	ADP
cblr-1785	739	19	scale	scale	NOUN
cblr-1785	739	20	.	.	PUNCT
cblr-1785	740	1	an	an	DET
cblr-1785	740	2	intermediary	intermediary	NOUN
cblr-1785	740	3	could	could	AUX
cblr-1785	740	4	verify	verify	VERB
cblr-1785	740	5	that	that	SCONJ
cblr-1785	740	6	a	a	DET
cblr-1785	740	7	given	give	VERB
cblr-1785	740	8	investor	investor	NOUN
cblr-1785	740	9	is	be	AUX
cblr-1785	740	10	a	a	DET
cblr-1785	740	11	state	state	NOUN
cblr-1785	740	12	resident	resident	NOUN
cblr-1785	740	13	once	once	ADV
cblr-1785	740	14	(	(	PUNCT
cblr-1785	740	15	or	or	CCONJ
cblr-1785	740	16	once	once	ADV
cblr-1785	740	17	per	per	ADP
cblr-1785	740	18	some	some	DET
cblr-1785	740	19	reasonable	reasonable	ADJ
cblr-1785	740	20	interval	interval	NOUN
cblr-1785	740	21	)	)	PUNCT
cblr-1785	740	22	and	and	CCONJ
cblr-1785	740	23	then	then	ADV
cblr-1785	740	24	rely	rely	VERB
cblr-1785	740	25	on	on	ADP
cblr-1785	740	26	that	that	DET
cblr-1785	740	27	verification	verification	NOUN
cblr-1785	740	28	for	for	ADP
cblr-1785	740	29	subsequent	subsequent	ADJ
cblr-1785	740	30	purchases	purchase	NOUN
cblr-1785	740	31	,	,	PUNCT
cblr-1785	740	32	thereby	thereby	ADV
cblr-1785	740	33	avoiding	avoid	VERB
cblr-1785	740	34	duplicative	duplicative	ADJ
cblr-1785	740	35	work	work	NOUN
cblr-1785	740	36	on	on	ADP
cblr-1785	740	37	the	the	DET
cblr-1785	740	38	part	part	NOUN
cblr-1785	740	39	of	of	ADP
cblr-1785	740	40	issuers	issuer	NOUN
cblr-1785	740	41	.	.	PUNCT
cblr-1785	741	1	it	it	PRON
cblr-1785	741	2	could	could	AUX
cblr-1785	741	3	also	also	ADV
cblr-1785	741	4	set	set	VERB
cblr-1785	741	5	up	up	ADP
cblr-1785	741	6	a	a	DET
cblr-1785	741	7	way	way	NOUN
cblr-1785	741	8	for	for	SCONJ
cblr-1785	741	9	purchasers	purchaser	NOUN
cblr-1785	741	10	to	to	PART
cblr-1785	741	11	provide	provide	VERB
cblr-1785	741	12	proof	proof	NOUN
cblr-1785	741	13	of	of	ADP
cblr-1785	741	14	residence	residence	NOUN
cblr-1785	741	15	through	through	ADP
cblr-1785	741	16	their	their	PRON
cblr-1785	741	17	website	website	NOUN
cblr-1785	741	18	.	.	PUNCT
cblr-1785	742	1	there	there	PRON
cblr-1785	742	2	would	would	AUX
cblr-1785	742	3	be	be	AUX
cblr-1785	742	4	some	some	DET
cblr-1785	742	5	upfront	upfront	ADJ
cblr-1785	742	6	costs	cost	NOUN
cblr-1785	742	7	associated	associate	VERB
cblr-1785	742	8	with	with	ADP
cblr-1785	742	9	creating	create	VERB
cblr-1785	742	10	such	such	DET
cblr-1785	742	11	a	a	DET
cblr-1785	742	12	system	system	NOUN
cblr-1785	742	13	,	,	PUNCT
cblr-1785	742	14	but	but	CCONJ
cblr-1785	742	15	those	those	DET
cblr-1785	742	16	costs	cost	NOUN
cblr-1785	742	17	would	would	AUX
cblr-1785	742	18	be	be	AUX
cblr-1785	742	19	spread	spread	VERB
cblr-1785	742	20	out	out	ADP
cblr-1785	742	21	over	over	ADP
cblr-1785	742	22	many	many	ADJ
cblr-1785	742	23	offerings	offering	NOUN
cblr-1785	742	24	.	.	PUNCT
cblr-1785	743	1	such	such	DET
cblr-1785	743	2	a	a	DET
cblr-1785	743	3	system	system	NOUN
cblr-1785	743	4	would	would	AUX
cblr-1785	743	5	almost	almost	ADV
cblr-1785	743	6	certainly	certainly	ADV
cblr-1785	743	7	represent	represent	VERB
cblr-1785	743	8	a	a	DET
cblr-1785	743	9	savings	saving	NOUN
cblr-1785	743	10	over	over	ADP
cblr-1785	743	11	one	one	NUM
cblr-1785	743	12	in	in	ADP
cblr-1785	743	13	which	which	PRON
cblr-1785	743	14	each	each	DET
cblr-1785	743	15	individual	individual	ADJ
cblr-1785	743	16	issuer	issuer	NOUN
cblr-1785	743	17	creates	create	VERB
cblr-1785	743	18	its	its	PRON
cblr-1785	743	19	own	own	ADJ
cblr-1785	743	20	verification	verification	NOUN
cblr-1785	743	21	procedure	procedure	NOUN
cblr-1785	743	22	from	from	ADP
cblr-1785	743	23	scratch	scratch	NOUN
cblr-1785	743	24	.	.	PUNCT
cblr-1785	744	1	the	the	DET
cblr-1785	744	2	issuer	issuer	NOUN
cblr-1785	744	3	and	and	CCONJ
cblr-1785	744	4	portal	portal	NOUN
cblr-1785	744	5	could	could	AUX
cblr-1785	744	6	then	then	ADV
cblr-1785	744	7	split	split	VERB
cblr-1785	744	8	these	these	DET
cblr-1785	744	9	savings	saving	NOUN
cblr-1785	744	10	to	to	ADP
cblr-1785	744	11	their	their	PRON
cblr-1785	744	12	mutual	mutual	ADJ
cblr-1785	744	13	advantage	advantage	NOUN
cblr-1785	744	14	.	.	PUNCT
cblr-1785	745	1	this	this	DET
cblr-1785	745	2	same	same	ADJ
cblr-1785	745	3	argument	argument	NOUN
cblr-1785	745	4	can	can	AUX
cblr-1785	745	5	be	be	AUX
cblr-1785	745	6	made	make	VERB
cblr-1785	745	7	with	with	ADP
cblr-1785	745	8	respect	respect	NOUN
cblr-1785	745	9	to	to	ADP
cblr-1785	745	10	the	the	DET
cblr-1785	745	11	verification	verification	NOUN
cblr-1785	745	12	of	of	ADP
cblr-1785	745	13	an	an	DET
cblr-1785	745	14	investor	investor	NOUN
cblr-1785	745	15	’s	’s	PART
cblr-1785	745	16	accredited	accredit	VERB
cblr-1785	745	17	status.141	status.141	NUM
cblr-1785	745	18	as	as	SCONJ
cblr-1785	745	19	suggested	suggest	VERB
cblr-1785	745	20	in	in	ADP
cblr-1785	745	21	the	the	DET
cblr-1785	745	22	sec	sec	PROPN
cblr-1785	745	23	proposal	proposal	NOUN
cblr-1785	745	24	,	,	PUNCT
cblr-1785	745	25	an	an	DET
cblr-1785	745	26	intermediary	intermediary	NOUN
cblr-1785	745	27	could	could	AUX
cblr-1785	745	28	set	set	VERB
cblr-1785	745	29	up	up	ADP
cblr-1785	745	30	a	a	DET
cblr-1785	745	31	function	function	NOUN
cblr-1785	745	32	on	on	ADP
cblr-1785	745	33	its	its	PRON
cblr-1785	745	34	platform	platform	NOUN
cblr-1785	745	35	through	through	ADP
cblr-1785	745	36	which	which	PRON
cblr-1785	745	37	a	a	DET
cblr-1785	745	38	user	user	NOUN
cblr-1785	745	39	could	could	AUX
cblr-1785	745	40	enter	enter	VERB
cblr-1785	745	41	his	his	PRON
cblr-1785	745	42	income	income	NOUN
cblr-1785	745	43	and	and	CCONJ
cblr-1785	745	44	net	net	ADJ
cblr-1785	745	45	worth	worth	NOUN
cblr-1785	745	46	or	or	CCONJ
cblr-1785	745	47	provide	provide	VERB
cblr-1785	745	48	documentation	documentation	NOUN
cblr-1785	745	49	as	as	ADP
cblr-1785	745	50	required.142	required.142	PRON
cblr-1785	745	51	again	again	ADV
cblr-1785	745	52	,	,	PUNCT
cblr-1785	745	53	the	the	DET
cblr-1785	745	54	intermediary	intermediary	NOUN
cblr-1785	745	55	could	could	AUX
cblr-1785	745	56	spread	spread	VERB
cblr-1785	745	57	the	the	DET
cblr-1785	745	58	costs	cost	NOUN
cblr-1785	745	59	of	of	ADP
cblr-1785	745	60	creating	create	VERB
cblr-1785	745	61	the	the	DET
cblr-1785	745	62	verification	verification	NOUN
cblr-1785	745	63	system	system	NOUN
cblr-1785	745	64	over	over	ADP
cblr-1785	745	65	all	all	DET
cblr-1785	745	66	its	its	PRON
cblr-1785	745	67	offerings	offering	NOUN
cblr-1785	745	68	,	,	PUNCT
cblr-1785	745	69	meaning	mean	VERB
cblr-1785	745	70	the	the	DET
cblr-1785	745	71	140	140	NUM
cblr-1785	745	72	wis	wis	NOUN
cblr-1785	745	73	.	.	PUNCT
cblr-1785	746	1	stat	stat	PROPN
cblr-1785	746	2	.	.	PUNCT
cblr-1785	747	1	ann	ann	PROPN
cblr-1785	747	2	.	.	PUNCT
cblr-1785	748	1	§	§	PROPN
cblr-1785	748	2	551.202(26)(j	551.202(26)(j	PROPN
cblr-1785	748	3	)	)	PUNCT
cblr-1785	748	4	(	(	PUNCT
cblr-1785	748	5	west	west	NOUN
cblr-1785	748	6	2013	2013	NUM
cblr-1785	748	7	)	)	PUNCT
cblr-1785	748	8	;	;	PUNCT
cblr-1785	749	1	mich	mich	PROPN
cblr-1785	749	2	.	.	PUNCT
cblr-1785	749	3	comp	comp	PROPN
cblr-1785	749	4	.	.	PUNCT
cblr-1785	750	1	laws	law	NOUN
cblr-1785	750	2	ann	ann	PROPN
cblr-1785	750	3	.	.	PUNCT
cblr-1785	751	1	§	§	PROPN
cblr-1785	751	2	451.2202a(1)(i)(ii	451.2202a(1)(i)(ii	NUM
cblr-1785	751	3	)	)	PUNCT
cblr-1785	751	4	(	(	PUNCT
cblr-1785	751	5	west	west	NOUN
cblr-1785	751	6	2013	2013	NUM
cblr-1785	751	7	)	)	PUNCT
cblr-1785	751	8	.	.	PUNCT
cblr-1785	752	1	141	141	NUM
cblr-1785	752	2	again	again	ADV
cblr-1785	752	3	,	,	PUNCT
cblr-1785	752	4	wisconsin	wisconsin	PROPN
cblr-1785	752	5	and	and	CCONJ
cblr-1785	752	6	michigan	michigan	PROPN
cblr-1785	752	7	affirmatively	affirmatively	ADV
cblr-1785	752	8	place	place	VERB
cblr-1785	752	9	these	these	DET
cblr-1785	752	10	verification	verification	NOUN
cblr-1785	752	11	burdens	burden	NOUN
cblr-1785	752	12	on	on	ADP
cblr-1785	752	13	the	the	DET
cblr-1785	752	14	issuer	issuer	NOUN
cblr-1785	752	15	while	while	SCONJ
cblr-1785	752	16	kansas	kansas	PROPN
cblr-1785	752	17	and	and	CCONJ
cblr-1785	752	18	georgia	georgia	PROPN
cblr-1785	752	19	are	be	AUX
cblr-1785	752	20	silent	silent	ADJ
cblr-1785	752	21	.	.	PUNCT
cblr-1785	753	1	see	see	VERB
cblr-1785	753	2	mich	mich	PROPN
cblr-1785	753	3	.	.	PUNCT
cblr-1785	754	1	comp	comp	PROPN
cblr-1785	754	2	.	.	PUNCT
cblr-1785	755	1	laws	law	NOUN
cblr-1785	755	2	ann	ann	PROPN
cblr-1785	755	3	.	.	PUNCT
cblr-1785	756	1	§	§	PROPN
cblr-1785	756	2	451.2202a(1)(i)(ii	451.2202a(1)(i)(ii	NUM
cblr-1785	756	3	)	)	PUNCT
cblr-1785	756	4	(	(	PUNCT
cblr-1785	756	5	west	west	NOUN
cblr-1785	756	6	2013	2013	NUM
cblr-1785	756	7	)	)	PUNCT
cblr-1785	756	8	;	;	PUNCT
cblr-1785	756	9	wis	wis	PROPN
cblr-1785	756	10	.	.	PUNCT
cblr-1785	756	11	stat	stat	PROPN
cblr-1785	756	12	.	.	PUNCT
cblr-1785	757	1	ann	ann	PROPN
cblr-1785	757	2	.	.	PUNCT
cblr-1785	758	1	§	§	PROPN
cblr-1785	758	2	551.202(26)(j	551.202(26)(j	PROPN
cblr-1785	758	3	)	)	PUNCT
cblr-1785	758	4	(	(	PUNCT
cblr-1785	758	5	west	west	NOUN
cblr-1785	758	6	2013	2013	NUM
cblr-1785	758	7	)	)	PUNCT
cblr-1785	758	8	.	.	PUNCT
cblr-1785	759	1	142	142	NUM
cblr-1785	759	2	see	see	VERB
cblr-1785	759	3	sec	sec	PROPN
cblr-1785	759	4	proposed	propose	VERB
cblr-1785	759	5	rules	rule	NOUN
cblr-1785	759	6	at	at	ADP
cblr-1785	759	7	169–70	169–70	PROPN
cblr-1785	759	8	supra	supra	PROPN
cblr-1785	759	9	note	note	VERB
cblr-1785	759	10	5	5	NUM
cblr-1785	759	11	.	.	PUNCT
cblr-1785	759	12	pei	pei	PROPN
cblr-1785	759	13	final	final	ADJ
cblr-1785	759	14	892	892	NUM
cblr-1785	759	15	columbia	columbia	PROPN
cblr-1785	759	16	business	business	NOUN
cblr-1785	759	17	law	law	PROPN
cblr-1785	759	18	review	review	NOUN
cblr-1785	760	1	[	[	X
cblr-1785	760	2	vol	vol	NOUN
cblr-1785	760	3	.	.	NOUN
cblr-1785	760	4	2014	2014	NUM
cblr-1785	760	5	cost	cost	NOUN
cblr-1785	760	6	per	per	ADP
cblr-1785	760	7	offering	offering	NOUN
cblr-1785	760	8	would	would	AUX
cblr-1785	760	9	almost	almost	ADV
cblr-1785	760	10	certainly	certainly	ADV
cblr-1785	760	11	be	be	AUX
cblr-1785	760	12	less	less	ADJ
cblr-1785	760	13	than	than	ADP
cblr-1785	760	14	what	what	PRON
cblr-1785	760	15	an	an	DET
cblr-1785	760	16	individual	individual	ADJ
cblr-1785	760	17	issuer	issuer	NOUN
cblr-1785	760	18	could	could	AUX
cblr-1785	760	19	achieve	achieve	VERB
cblr-1785	760	20	.	.	PUNCT
cblr-1785	761	1	and	and	CCONJ
cblr-1785	761	2	the	the	DET
cblr-1785	761	3	same	same	ADJ
cblr-1785	761	4	argument	argument	NOUN
cblr-1785	761	5	could	could	AUX
cblr-1785	761	6	be	be	AUX
cblr-1785	761	7	made	make	VERB
cblr-1785	761	8	for	for	ADP
cblr-1785	761	9	the	the	DET
cblr-1785	761	10	wisconsin	wisconsin	PROPN
cblr-1785	761	11	and	and	CCONJ
cblr-1785	761	12	michigan	michigan	PROPN
cblr-1785	761	13	requirements	requirement	NOUN
cblr-1785	761	14	that	that	SCONJ
cblr-1785	761	15	issuers	issuer	NOUN
cblr-1785	761	16	acquire	acquire	VERB
cblr-1785	761	17	written	write	VERB
cblr-1785	761	18	or	or	CCONJ
cblr-1785	761	19	electronic	electronic	ADJ
cblr-1785	761	20	certification	certification	NOUN
cblr-1785	761	21	that	that	PRON
cblr-1785	761	22	an	an	DET
cblr-1785	761	23	investor	investor	NOUN
cblr-1785	761	24	understands	understand	VERB
cblr-1785	761	25	the	the	DET
cblr-1785	761	26	risky	risky	ADJ
cblr-1785	761	27	and	and	CCONJ
cblr-1785	761	28	speculative	speculative	ADJ
cblr-1785	761	29	nature	nature	NOUN
cblr-1785	761	30	of	of	ADP
cblr-1785	761	31	her	her	PRON
cblr-1785	761	32	investment	investment	NOUN
cblr-1785	761	33	,	,	PUNCT
cblr-1785	761	34	and	and	CCONJ
cblr-1785	761	35	that	that	SCONJ
cblr-1785	761	36	she	she	PRON
cblr-1785	761	37	can	can	AUX
cblr-1785	761	38	afford	afford	VERB
cblr-1785	761	39	a	a	DET
cblr-1785	761	40	total	total	ADJ
cblr-1785	761	41	loss	loss	NOUN
cblr-1785	761	42	.	.	PUNCT
cblr-1785	762	1	in	in	ADP
cblr-1785	762	2	each	each	DET
cblr-1785	762	3	case	case	NOUN
cblr-1785	762	4	,	,	PUNCT
cblr-1785	762	5	requiring	require	VERB
cblr-1785	762	6	that	that	SCONJ
cblr-1785	762	7	the	the	DET
cblr-1785	762	8	offerings	offering	NOUN
cblr-1785	762	9	take	take	VERB
cblr-1785	762	10	place	place	NOUN
cblr-1785	762	11	over	over	ADP
cblr-1785	762	12	a	a	DET
cblr-1785	762	13	registered	register	VERB
cblr-1785	762	14	portal	portal	ADJ
cblr-1785	762	15	shifts	shift	NOUN
cblr-1785	762	16	compliance	compliance	NOUN
cblr-1785	762	17	responsibilities	responsibility	NOUN
cblr-1785	762	18	from	from	ADP
cblr-1785	762	19	issuers	issuer	NOUN
cblr-1785	762	20	to	to	ADP
cblr-1785	762	21	the	the	DET
cblr-1785	762	22	portals	portal	NOUN
cblr-1785	762	23	,	,	PUNCT
cblr-1785	762	24	removing	remove	VERB
cblr-1785	762	25	barriers	barrier	NOUN
cblr-1785	762	26	that	that	PRON
cblr-1785	762	27	could	could	AUX
cblr-1785	762	28	deter	deter	VERB
cblr-1785	762	29	issuers	issuer	NOUN
cblr-1785	762	30	from	from	ADP
cblr-1785	762	31	using	use	VERB
cblr-1785	762	32	the	the	DET
cblr-1785	762	33	exemptions	exemption	NOUN
cblr-1785	762	34	.	.	PUNCT
cblr-1785	763	1	it	it	PRON
cblr-1785	763	2	has	have	AUX
cblr-1785	763	3	been	be	AUX
cblr-1785	763	4	suggested	suggest	VERB
cblr-1785	763	5	that	that	SCONJ
cblr-1785	763	6	intermediaries	intermediary	NOUN
cblr-1785	763	7	could	could	AUX
cblr-1785	763	8	also	also	ADV
cblr-1785	763	9	perform	perform	VERB
cblr-1785	763	10	these	these	DET
cblr-1785	763	11	functions	function	NOUN
cblr-1785	763	12	more	more	ADV
cblr-1785	763	13	efficiently	efficiently	ADV
cblr-1785	763	14	by	by	ADP
cblr-1785	763	15	taking	take	VERB
cblr-1785	763	16	advantage	advantage	NOUN
cblr-1785	763	17	of	of	ADP
cblr-1785	763	18	economies	economy	NOUN
cblr-1785	763	19	of	of	ADP
cblr-1785	763	20	scale	scale	NOUN
cblr-1785	763	21	which	which	PRON
cblr-1785	763	22	,	,	PUNCT
cblr-1785	763	23	in	in	ADP
cblr-1785	763	24	theory	theory	NOUN
cblr-1785	763	25	,	,	PUNCT
cblr-1785	763	26	would	would	AUX
cblr-1785	763	27	allow	allow	VERB
cblr-1785	763	28	them	they	PRON
cblr-1785	763	29	to	to	PART
cblr-1785	763	30	operate	operate	VERB
cblr-1785	763	31	profitably	profitably	ADV
cblr-1785	763	32	while	while	SCONJ
cblr-1785	763	33	still	still	ADV
cblr-1785	763	34	saving	save	VERB
cblr-1785	763	35	money	money	NOUN
cblr-1785	763	36	for	for	ADP
cblr-1785	763	37	issuers	issuer	NOUN
cblr-1785	763	38	.	.	PUNCT
cblr-1785	764	1	finally	finally	ADV
cblr-1785	764	2	,	,	PUNCT
cblr-1785	764	3	the	the	DET
cblr-1785	764	4	use	use	NOUN
cblr-1785	764	5	of	of	ADP
cblr-1785	764	6	an	an	DET
cblr-1785	764	7	intermediary	intermediary	NOUN
cblr-1785	764	8	would	would	AUX
cblr-1785	764	9	likely	likely	ADV
cblr-1785	764	10	enhance	enhance	VERB
cblr-1785	764	11	compliance	compliance	NOUN
cblr-1785	764	12	and	and	CCONJ
cblr-1785	764	13	thereby	thereby	ADV
cblr-1785	764	14	investor	investor	NOUN
cblr-1785	764	15	protection	protection	NOUN
cblr-1785	764	16	,	,	PUNCT
cblr-1785	764	17	a	a	DET
cblr-1785	764	18	welcome	welcome	ADJ
cblr-1785	764	19	result	result	NOUN
cblr-1785	764	20	for	for	ADP
cblr-1785	764	21	the	the	DET
cblr-1785	764	22	more	more	ADV
cblr-1785	764	23	permissive	permissive	ADJ
cblr-1785	764	24	state	state	NOUN
cblr-1785	764	25	exemptions	exemption	NOUN
cblr-1785	764	26	.	.	PUNCT
cblr-1785	765	1	c.	c.	NOUN
cblr-1785	766	1	the	the	DET
cblr-1785	766	2	state	state	NOUN
cblr-1785	766	3	exemptions	exemption	NOUN
cblr-1785	766	4	should	should	AUX
cblr-1785	766	5	include	include	VERB
cblr-1785	766	6	an	an	DET
cblr-1785	766	7	annual	annual	ADJ
cblr-1785	766	8	aggregate	aggregate	ADJ
cblr-1785	766	9	investment	investment	NOUN
cblr-1785	766	10	limit	limit	NOUN
cblr-1785	766	11	for	for	ADP
cblr-1785	766	12	retail	retail	ADJ
cblr-1785	766	13	investors	investor	NOUN
cblr-1785	766	14	given	give	VERB
cblr-1785	766	15	the	the	DET
cblr-1785	766	16	inherent	inherent	ADJ
cblr-1785	766	17	risks	risk	NOUN
cblr-1785	766	18	associated	associate	VERB
cblr-1785	766	19	with	with	ADP
cblr-1785	766	20	investing	invest	VERB
cblr-1785	766	21	in	in	ADP
cblr-1785	766	22	start	start	NOUN
cblr-1785	766	23	-	-	PUNCT
cblr-1785	766	24	ups,143	ups,143	VERB
cblr-1785	766	25	many	many	ADJ
cblr-1785	766	26	investors	investor	NOUN
cblr-1785	766	27	’	'	PUNCT
cblr-1785	766	28	lack	lack	NOUN
cblr-1785	766	29	of	of	ADP
cblr-1785	766	30	sophistication	sophistication	NOUN
cblr-1785	766	31	,	,	PUNCT
cblr-1785	766	32	and	and	CCONJ
cblr-1785	766	33	the	the	DET
cblr-1785	766	34	less	less	ADV
cblr-1785	766	35	regulated	regulated	ADJ
cblr-1785	766	36	nature	nature	NOUN
cblr-1785	766	37	of	of	ADP
cblr-1785	766	38	crowdfunded	crowdfunde	VERB
cblr-1785	766	39	securities	security	NOUN
cblr-1785	766	40	,	,	PUNCT
cblr-1785	766	41	annual	annual	ADJ
cblr-1785	766	42	aggregate	aggregate	ADJ
cblr-1785	766	43	investment	investment	NOUN
cblr-1785	766	44	limits	limit	NOUN
cblr-1785	766	45	for	for	ADP
cblr-1785	766	46	retail	retail	ADJ
cblr-1785	766	47	investors	investor	NOUN
cblr-1785	766	48	seem	seem	VERB
cblr-1785	766	49	“	"	PUNCT
cblr-1785	766	50	sensible	sensible	ADJ
cblr-1785	766	51	.	.	PUNCT
cblr-1785	766	52	”144	”144	PUNCT
cblr-1785	767	1	the	the	DET
cblr-1785	767	2	fact	fact	NOUN
cblr-1785	767	3	that	that	SCONJ
cblr-1785	767	4	the	the	DET
cblr-1785	767	5	state	state	NOUN
cblr-1785	767	6	exemptions	exemption	NOUN
cblr-1785	767	7	limit	limit	VERB
cblr-1785	767	8	how	how	SCONJ
cblr-1785	767	9	much	much	ADJ
cblr-1785	767	10	an	an	DET
cblr-1785	767	11	individual	individual	ADJ
cblr-1785	767	12	retail	retail	ADJ
cblr-1785	767	13	investor	investor	NOUN
cblr-1785	767	14	can	can	AUX
cblr-1785	767	15	invest	invest	VERB
cblr-1785	767	16	in	in	ADP
cblr-1785	767	17	a	a	DET
cblr-1785	767	18	particular	particular	ADJ
cblr-1785	767	19	crowdfunding	crowdfunding	NOUN
cblr-1785	767	20	offering	offering	NOUN
cblr-1785	767	21	demonstrates	demonstrate	VERB
cblr-1785	767	22	that	that	SCONJ
cblr-1785	767	23	the	the	DET
cblr-1785	767	24	states	state	NOUN
cblr-1785	767	25	are	be	AUX
cblr-1785	767	26	concerned	concerned	ADJ
cblr-1785	767	27	about	about	ADP
cblr-1785	767	28	containing	contain	VERB
cblr-1785	767	29	these	these	DET
cblr-1785	767	30	risks	risk	NOUN
cblr-1785	767	31	.	.	PUNCT
cblr-1785	768	1	but	but	CCONJ
cblr-1785	768	2	the	the	DET
cblr-1785	768	3	absence	absence	NOUN
cblr-1785	768	4	of	of	ADP
cblr-1785	768	5	an	an	DET
cblr-1785	768	6	aggregate	aggregate	ADJ
cblr-1785	768	7	limit	limit	NOUN
cblr-1785	768	8	on	on	ADP
cblr-1785	768	9	individual	individual	ADJ
cblr-1785	768	10	investment	investment	NOUN
cblr-1785	768	11	strips	strip	VERB
cblr-1785	768	12	the	the	DET
cblr-1785	768	13	state	state	NOUN
cblr-1785	768	14	caps	cap	NOUN
cblr-1785	768	15	of	of	ADP
cblr-1785	768	16	much	much	ADJ
cblr-1785	768	17	of	of	ADP
cblr-1785	768	18	their	their	PRON
cblr-1785	768	19	protective	protective	ADJ
cblr-1785	768	20	power	power	NOUN
cblr-1785	768	21	;	;	PUNCT
cblr-1785	768	22	there	there	PRON
cblr-1785	768	23	is	be	VERB
cblr-1785	768	24	no	no	DET
cblr-1785	768	25	real	real	ADJ
cblr-1785	768	26	limit	limit	NOUN
cblr-1785	768	27	143	143	PRON
cblr-1785	768	28	see	see	NOUN
cblr-1785	768	29	supra	supra	PROPN
cblr-1785	768	30	note	note	PROPN
cblr-1785	768	31	36	36	NUM
cblr-1785	768	32	and	and	CCONJ
cblr-1785	768	33	accompanying	accompany	VERB
cblr-1785	768	34	text	text	NOUN
cblr-1785	768	35	.	.	PUNCT
cblr-1785	769	1	144	144	NUM
cblr-1785	769	2	bradford	bradford	NOUN
cblr-1785	769	3	,	,	PUNCT
cblr-1785	769	4	supra	supra	PROPN
cblr-1785	769	5	note	note	PROPN
cblr-1785	769	6	12	12	NUM
cblr-1785	769	7	,	,	PUNCT
cblr-1785	769	8	at	at	ADP
cblr-1785	769	9	112	112	NUM
cblr-1785	769	10	.	.	PUNCT
cblr-1785	770	1	see	see	VERB
cblr-1785	770	2	also	also	ADV
cblr-1785	770	3	sec	sec	PROPN
cblr-1785	770	4	proposed	propose	VERB
cblr-1785	770	5	rules	rule	NOUN
cblr-1785	770	6	,	,	PUNCT
cblr-1785	770	7	supra	supra	PROPN
cblr-1785	770	8	note	note	NOUN
cblr-1785	770	9	5	5	NUM
cblr-1785	770	10	,	,	PUNCT
cblr-1785	770	11	at	at	ADP
cblr-1785	770	12	354	354	NUM
cblr-1785	770	13	(	(	PUNCT
cblr-1785	770	14	“	"	PUNCT
cblr-1785	770	15	offerings	offering	NOUN
cblr-1785	770	16	made	make	VERB
cblr-1785	770	17	in	in	ADP
cblr-1785	770	18	reliance	reliance	NOUN
cblr-1785	770	19	on	on	ADP
cblr-1785	770	20	section	section	PROPN
cblr-1785	770	21	4(a)(6	4(a)(6	NUM
cblr-1785	770	22	)	)	PUNCT
cblr-1785	770	23	would	would	AUX
cblr-1785	770	24	not	not	PART
cblr-1785	770	25	be	be	AUX
cblr-1785	770	26	subject	subject	ADJ
cblr-1785	770	27	to	to	ADP
cblr-1785	770	28	review	review	NOUN
cblr-1785	770	29	by	by	ADP
cblr-1785	770	30	commission	commission	NOUN
cblr-1785	770	31	staff	staff	NOUN
cblr-1785	770	32	prior	prior	ADV
cblr-1785	770	33	to	to	ADP
cblr-1785	770	34	the	the	DET
cblr-1785	770	35	sale	sale	NOUN
cblr-1785	770	36	of	of	ADP
cblr-1785	770	37	securities	security	NOUN
cblr-1785	770	38	,	,	PUNCT
cblr-1785	770	39	but	but	CCONJ
cblr-1785	770	40	the	the	DET
cblr-1785	770	41	aggregate	aggregate	ADJ
cblr-1785	770	42	investment	investment	NOUN
cblr-1785	770	43	limits	limit	NOUN
cblr-1785	770	44	would	would	AUX
cblr-1785	770	45	provide	provide	VERB
cblr-1785	770	46	some	some	DET
cblr-1785	770	47	measure	measure	NOUN
cblr-1785	770	48	of	of	ADP
cblr-1785	770	49	protection	protection	NOUN
cblr-1785	770	50	for	for	ADP
cblr-1785	770	51	investors	investor	NOUN
cblr-1785	770	52	.	.	PUNCT
cblr-1785	770	53	”	"	PUNCT
cblr-1785	770	54	)	)	PUNCT
cblr-1785	770	55	.	.	PUNCT
cblr-1785	771	1	pei	pei	PROPN
cblr-1785	771	2	final	final	ADJ
cblr-1785	771	3	no	no	NOUN
cblr-1785	771	4	.	.	PUNCT
cblr-1785	772	1	3:854	3:854	NUM
cblr-1785	772	2	]	]	X
cblr-1785	772	3	intrastate	intrastate	ADJ
cblr-1785	772	4	crowdfunding	crowdfunde	VERB
cblr-1785	772	5	893	893	NUM
cblr-1785	772	6	on	on	ADP
cblr-1785	772	7	how	how	SCONJ
cblr-1785	772	8	much	much	ADJ
cblr-1785	772	9	one	one	NOUN
cblr-1785	772	10	can	can	AUX
cblr-1785	772	11	risk.145	risk.145	VERB
cblr-1785	772	12	of	of	ADP
cblr-1785	772	13	course	course	NOUN
cblr-1785	772	14	,	,	PUNCT
cblr-1785	772	15	retail	retail	ADJ
cblr-1785	772	16	investors	investor	NOUN
cblr-1785	772	17	intent	intent	VERB
cblr-1785	772	18	on	on	ADP
cblr-1785	772	19	investing	invest	VERB
cblr-1785	772	20	heavily	heavily	ADV
cblr-1785	772	21	in	in	ADP
cblr-1785	772	22	crowdfunded	crowdfunde	VERB
cblr-1785	772	23	securities	security	NOUN
cblr-1785	772	24	would	would	AUX
cblr-1785	772	25	have	have	VERB
cblr-1785	772	26	to	to	PART
cblr-1785	772	27	spread	spread	VERB
cblr-1785	772	28	their	their	PRON
cblr-1785	772	29	money	money	NOUN
cblr-1785	772	30	out	out	ADP
cblr-1785	772	31	over	over	ADP
cblr-1785	772	32	several	several	ADJ
cblr-1785	772	33	offerings	offering	NOUN
cblr-1785	772	34	(	(	PUNCT
cblr-1785	772	35	i.e.	i.e.	X
cblr-1785	772	36	,	,	PUNCT
cblr-1785	772	37	by	by	ADP
cblr-1785	772	38	investing	invest	VERB
cblr-1785	772	39	$	$	SYM
cblr-1785	772	40	5,000	5,000	NUM
cblr-1785	772	41	or	or	CCONJ
cblr-1785	772	42	$	$	SYM
cblr-1785	772	43	10,000	10,000	NUM
cblr-1785	772	44	at	at	ADP
cblr-1785	772	45	a	a	DET
cblr-1785	772	46	time	time	NOUN
cblr-1785	772	47	)	)	PUNCT
cblr-1785	772	48	.	.	PUNCT
cblr-1785	773	1	they	they	PRON
cblr-1785	773	2	would	would	AUX
cblr-1785	773	3	be	be	AUX
cblr-1785	773	4	forced	force	VERB
cblr-1785	773	5	to	to	PART
cblr-1785	773	6	diversify	diversify	VERB
cblr-1785	773	7	to	to	ADP
cblr-1785	773	8	some	some	DET
cblr-1785	773	9	extent	extent	NOUN
cblr-1785	773	10	,	,	PUNCT
cblr-1785	773	11	and	and	CCONJ
cblr-1785	773	12	the	the	DET
cblr-1785	773	13	costs	cost	NOUN
cblr-1785	773	14	associated	associate	VERB
cblr-1785	773	15	with	with	ADP
cblr-1785	773	16	identifying	identify	VERB
cblr-1785	773	17	and	and	CCONJ
cblr-1785	773	18	investigating	investigate	VERB
cblr-1785	773	19	each	each	DET
cblr-1785	773	20	offering	offering	NOUN
cblr-1785	773	21	may	may	AUX
cblr-1785	773	22	deter	deter	VERB
cblr-1785	773	23	some	some	PRON
cblr-1785	773	24	from	from	ADP
cblr-1785	773	25	embarking	embark	VERB
cblr-1785	773	26	on	on	ADP
cblr-1785	773	27	such	such	DET
cblr-1785	773	28	a	a	DET
cblr-1785	773	29	strategy	strategy	NOUN
cblr-1785	773	30	.	.	PUNCT
cblr-1785	774	1	nonetheless	nonetheless	ADV
cblr-1785	774	2	,	,	PUNCT
cblr-1785	774	3	the	the	DET
cblr-1785	774	4	potential	potential	ADJ
cblr-1785	774	5	downside	downside	NOUN
cblr-1785	774	6	for	for	ADP
cblr-1785	774	7	such	such	DET
cblr-1785	774	8	an	an	DET
cblr-1785	774	9	individual	individual	NOUN
cblr-1785	774	10	would	would	AUX
cblr-1785	774	11	be	be	AUX
cblr-1785	774	12	limited	limit	VERB
cblr-1785	774	13	only	only	ADV
cblr-1785	774	14	by	by	ADP
cblr-1785	774	15	the	the	DET
cblr-1785	774	16	amount	amount	NOUN
cblr-1785	774	17	she	she	PRON
cblr-1785	774	18	had	have	VERB
cblr-1785	774	19	to	to	PART
cblr-1785	774	20	invest	invest	VERB
cblr-1785	774	21	.	.	PUNCT
cblr-1785	775	1	thus	thus	ADV
cblr-1785	775	2	,	,	PUNCT
cblr-1785	775	3	in	in	ADP
cblr-1785	775	4	order	order	NOUN
cblr-1785	775	5	to	to	PART
cblr-1785	775	6	provide	provide	VERB
cblr-1785	775	7	a	a	DET
cblr-1785	775	8	substantive	substantive	ADJ
cblr-1785	775	9	measure	measure	NOUN
cblr-1785	775	10	of	of	ADP
cblr-1785	775	11	investor	investor	NOUN
cblr-1785	775	12	protection	protection	NOUN
cblr-1785	775	13	,	,	PUNCT
cblr-1785	775	14	the	the	DET
cblr-1785	775	15	state	state	NOUN
cblr-1785	775	16	exemptions	exemption	NOUN
cblr-1785	775	17	should	should	AUX
cblr-1785	775	18	,	,	PUNCT
cblr-1785	775	19	like	like	ADP
cblr-1785	775	20	the	the	DET
cblr-1785	775	21	federal	federal	ADJ
cblr-1785	775	22	exemption	exemption	NOUN
cblr-1785	775	23	,	,	PUNCT
cblr-1785	775	24	adopt	adopt	VERB
cblr-1785	775	25	an	an	DET
cblr-1785	775	26	annual	annual	ADJ
cblr-1785	775	27	aggregate	aggregate	ADJ
cblr-1785	775	28	limit	limit	NOUN
cblr-1785	775	29	on	on	ADP
cblr-1785	775	30	the	the	DET
cblr-1785	775	31	amount	amount	NOUN
cblr-1785	775	32	retail	retail	ADJ
cblr-1785	775	33	investors	investor	NOUN
cblr-1785	775	34	can	can	AUX
cblr-1785	775	35	invest	invest	VERB
cblr-1785	775	36	in	in	ADP
cblr-1785	775	37	crowdfunding	crowdfunding	NOUN
cblr-1785	775	38	offerings	offering	NOUN
cblr-1785	775	39	.	.	PUNCT
cblr-1785	776	1	to	to	PART
cblr-1785	776	2	do	do	VERB
cblr-1785	776	3	this	this	PRON
cblr-1785	776	4	,	,	PUNCT
cblr-1785	776	5	the	the	DET
cblr-1785	776	6	states	state	NOUN
cblr-1785	776	7	could	could	AUX
cblr-1785	776	8	also	also	ADV
cblr-1785	776	9	adopt	adopt	VERB
cblr-1785	776	10	a	a	DET
cblr-1785	776	11	sliding	slide	VERB
cblr-1785	776	12	scale	scale	NOUN
cblr-1785	776	13	based	base	VERB
cblr-1785	776	14	on	on	ADP
cblr-1785	776	15	income	income	NOUN
cblr-1785	776	16	and	and	CCONJ
cblr-1785	776	17	net	net	ADJ
cblr-1785	776	18	worth	worth	NOUN
cblr-1785	776	19	,	,	PUNCT
cblr-1785	776	20	which	which	PRON
cblr-1785	776	21	would	would	AUX
cblr-1785	776	22	actually	actually	ADV
cblr-1785	776	23	increase	increase	VERB
cblr-1785	776	24	the	the	DET
cblr-1785	776	25	amount	amount	NOUN
cblr-1785	776	26	an	an	DET
cblr-1785	776	27	issuer	issuer	NOUN
cblr-1785	776	28	could	could	AUX
cblr-1785	776	29	accept	accept	VERB
cblr-1785	776	30	from	from	ADP
cblr-1785	776	31	many	many	ADJ
cblr-1785	776	32	retail	retail	ADJ
cblr-1785	776	33	investors.146	investors.146	NOUN
cblr-1785	776	34	as	as	ADP
cblr-1785	776	35	under	under	ADP
cblr-1785	776	36	the	the	DET
cblr-1785	776	37	federal	federal	ADJ
cblr-1785	776	38	exemption	exemption	NOUN
cblr-1785	776	39	,	,	PUNCT
cblr-1785	776	40	portals	portal	NOUN
cblr-1785	776	41	could	could	AUX
cblr-1785	776	42	be	be	AUX
cblr-1785	776	43	charged	charge	VERB
cblr-1785	776	44	with	with	ADP
cblr-1785	776	45	enforcing	enforce	VERB
cblr-1785	776	46	the	the	DET
cblr-1785	776	47	limits	limit	NOUN
cblr-1785	776	48	and	and	CCONJ
cblr-1785	776	49	permitted	permit	VERB
cblr-1785	776	50	to	to	PART
cblr-1785	776	51	rely	rely	VERB
cblr-1785	776	52	in	in	ADP
cblr-1785	776	53	good	good	ADJ
cblr-1785	776	54	faith	faith	NOUN
cblr-1785	776	55	upon	upon	SCONJ
cblr-1785	776	56	investors	investor	NOUN
cblr-1785	776	57	’	'	PUNCT
cblr-1785	776	58	disclosure	disclosure	NOUN
cblr-1785	776	59	of	of	ADP
cblr-1785	776	60	their	their	PRON
cblr-1785	776	61	previous	previous	ADJ
cblr-1785	776	62	crowdfunding	crowdfunding	NOUN
cblr-1785	776	63	purchases	purchase	NOUN
cblr-1785	776	64	to	to	PART
cblr-1785	776	65	determine	determine	VERB
cblr-1785	776	66	the	the	DET
cblr-1785	776	67	amount	amount	NOUN
cblr-1785	776	68	an	an	DET
cblr-1785	776	69	investor	investor	NOUN
cblr-1785	776	70	is	be	AUX
cblr-1785	776	71	eligible	eligible	ADJ
cblr-1785	776	72	to	to	ADP
cblr-1785	776	73	invest.147	invest.147	VERB
cblr-1785	776	74	the	the	DET
cblr-1785	776	75	recent	recent	ADJ
cblr-1785	776	76	washington	washington	PROPN
cblr-1785	776	77	legislation	legislation	NOUN
cblr-1785	776	78	is	be	AUX
cblr-1785	776	79	the	the	DET
cblr-1785	776	80	first	first	ADJ
cblr-1785	776	81	state	state	NOUN
cblr-1785	776	82	crowdfunding	crowdfunding	NOUN
cblr-1785	776	83	exemption	exemption	NOUN
cblr-1785	776	84	to	to	PART
cblr-1785	776	85	include	include	VERB
cblr-1785	776	86	language	language	NOUN
cblr-1785	776	87	creating	create	VERB
cblr-1785	776	88	an	an	DET
cblr-1785	776	89	aggregate	aggregate	ADJ
cblr-1785	776	90	limit	limit	NOUN
cblr-1785	776	91	.	.	PUNCT
cblr-1785	777	1	it	it	PRON
cblr-1785	777	2	requires	require	VERB
cblr-1785	777	3	that	that	SCONJ
cblr-1785	777	4	“	"	PUNCT
cblr-1785	777	5	[	[	X
cblr-1785	777	6	t]he	t]he	ADV
cblr-1785	777	7	aggregate	aggregate	ADJ
cblr-1785	777	8	amount	amount	NOUN
cblr-1785	777	9	sold	sell	VERB
cblr-1785	777	10	to	to	ADP
cblr-1785	777	11	any	any	DET
cblr-1785	777	12	investor	investor	NOUN
cblr-1785	777	13	by	by	ADP
cblr-1785	777	14	one	one	NUM
cblr-1785	777	15	or	or	CCONJ
cblr-1785	777	16	more	more	ADJ
cblr-1785	777	17	issuers	issuer	NOUN
cblr-1785	777	18	during	during	ADP
cblr-1785	777	19	the	the	DET
cblr-1785	777	20	twelvemonth	twelvemonth	NOUN
cblr-1785	777	21	period	period	NOUN
cblr-1785	777	22	preceding	precede	VERB
cblr-1785	777	23	the	the	DET
cblr-1785	777	24	date	date	NOUN
cblr-1785	777	25	of	of	ADP
cblr-1785	777	26	the	the	DET
cblr-1785	777	27	sale	sale	NOUN
cblr-1785	777	28	does	do	AUX
cblr-1785	777	29	not	not	PART
cblr-1785	777	30	exceed	exceed	VERB
cblr-1785	777	31	”	"	PUNCT
cblr-1785	777	32	the	the	DET
cblr-1785	777	33	investment	investment	NOUN
cblr-1785	777	34	limits.148	limits.148	NOUN
cblr-1785	777	35	as	as	ADP
cblr-1785	777	36	a	a	DET
cblr-1785	777	37	result	result	NOUN
cblr-1785	777	38	,	,	PUNCT
cblr-1785	777	39	the	the	DET
cblr-1785	777	40	exemption	exemption	NOUN
cblr-1785	777	41	does	do	AUX
cblr-1785	777	42	not	not	PART
cblr-1785	777	43	simply	simply	ADV
cblr-1785	777	44	limit	limit	VERB
cblr-1785	777	45	the	the	DET
cblr-1785	777	46	amount	amount	NOUN
cblr-1785	777	47	of	of	ADP
cblr-1785	777	48	money	money	NOUN
cblr-1785	777	49	a	a	DET
cblr-1785	777	50	single	single	ADJ
cblr-1785	777	51	issuer	issuer	NOUN
cblr-1785	777	52	can	can	AUX
cblr-1785	777	53	accept	accept	VERB
cblr-1785	777	54	from	from	ADP
cblr-1785	777	55	an	an	DET
cblr-1785	777	56	investor	investor	NOUN
cblr-1785	777	57	,	,	PUNCT
cblr-1785	777	58	but	but	CCONJ
cblr-1785	777	59	rather	rather	ADV
cblr-1785	777	60	the	the	DET
cblr-1785	777	61	amount	amount	NOUN
cblr-1785	777	62	that	that	PRON
cblr-1785	777	63	all	all	DET
cblr-1785	777	64	issuers	issuer	NOUN
cblr-1785	777	65	can	can	AUX
cblr-1785	777	66	accept	accept	VERB
cblr-1785	777	67	in	in	ADP
cblr-1785	777	68	a	a	DET
cblr-1785	777	69	given	give	VERB
cblr-1785	777	70	year	year	NOUN
cblr-1785	777	71	,	,	PUNCT
cblr-1785	777	72	creating	create	VERB
cblr-1785	777	73	an	an	DET
cblr-1785	777	74	annual	annual	ADJ
cblr-1785	777	75	aggregate	aggregate	ADJ
cblr-1785	777	76	limit	limit	NOUN
cblr-1785	777	77	on	on	ADP
cblr-1785	777	78	the	the	DET
cblr-1785	777	79	amount	amount	NOUN
cblr-1785	777	80	any	any	DET
cblr-1785	777	81	given	give	VERB
cblr-1785	777	82	investor	investor	NOUN
cblr-1785	777	83	can	can	AUX
cblr-1785	777	84	purchase	purchase	VERB
cblr-1785	777	85	.	.	PUNCT
cblr-1785	778	1	145	145	NUM
cblr-1785	778	2	see	see	VERB
cblr-1785	778	3	,	,	PUNCT
cblr-1785	778	4	e.g.	e.g.	ADV
cblr-1785	778	5	,	,	PUNCT
cblr-1785	778	6	mich	mich	PROPN
cblr-1785	778	7	.	.	PUNCT
cblr-1785	778	8	comp	comp	PROPN
cblr-1785	778	9	.	.	PUNCT
cblr-1785	779	1	laws	law	NOUN
cblr-1785	779	2	ann	ann	PROPN
cblr-1785	779	3	.	.	PUNCT
cblr-1785	780	1	§	§	PROPN
cblr-1785	780	2	451.2202a(1)(d	451.2202a(1)(d	NUM
cblr-1785	780	3	)	)	PUNCT
cblr-1785	780	4	(	(	PUNCT
cblr-1785	780	5	west	west	NOUN
cblr-1785	780	6	2013	2013	NUM
cblr-1785	780	7	)	)	PUNCT
cblr-1785	780	8	;	;	PUNCT
cblr-1785	780	9	see	see	VERB
cblr-1785	780	10	also	also	ADV
cblr-1785	780	11	supra	supra	PROPN
cblr-1785	780	12	note	note	NOUN
cblr-1785	780	13	80	80	NUM
cblr-1785	780	14	and	and	CCONJ
cblr-1785	780	15	accompanying	accompany	VERB
cblr-1785	780	16	text	text	NOUN
cblr-1785	780	17	(	(	PUNCT
cblr-1785	780	18	discussing	discuss	VERB
cblr-1785	780	19	this	this	DET
cblr-1785	780	20	feature	feature	NOUN
cblr-1785	780	21	of	of	ADP
cblr-1785	780	22	the	the	DET
cblr-1785	780	23	state	state	NOUN
cblr-1785	780	24	exemptions	exemption	NOUN
cblr-1785	780	25	)	)	PUNCT
cblr-1785	780	26	.	.	PUNCT
cblr-1785	781	1	146	146	NUM
cblr-1785	781	2	see	see	VERB
cblr-1785	781	3	supra	supra	PROPN
cblr-1785	781	4	part	part	NOUN
cblr-1785	781	5	iii.b	iii.b	X
cblr-1785	781	6	(	(	PUNCT
cblr-1785	781	7	explaining	explain	VERB
cblr-1785	781	8	that	that	SCONJ
cblr-1785	781	9	because	because	SCONJ
cblr-1785	781	10	of	of	ADP
cblr-1785	781	11	the	the	DET
cblr-1785	781	12	sliding	slide	VERB
cblr-1785	781	13	scale	scale	NOUN
cblr-1785	781	14	,	,	PUNCT
cblr-1785	781	15	the	the	DET
cblr-1785	781	16	federal	federal	ADJ
cblr-1785	781	17	exemption	exemption	NOUN
cblr-1785	781	18	is	be	AUX
cblr-1785	781	19	actually	actually	ADV
cblr-1785	781	20	more	more	ADV
cblr-1785	781	21	permissive	permissive	ADJ
cblr-1785	781	22	with	with	ADP
cblr-1785	781	23	respect	respect	NOUN
cblr-1785	781	24	to	to	ADP
cblr-1785	781	25	nonaccredited	nonaccredite	VERB
cblr-1785	781	26	investors	investor	NOUN
cblr-1785	781	27	who	who	PRON
cblr-1785	781	28	earn	earn	VERB
cblr-1785	781	29	or	or	CCONJ
cblr-1785	781	30	are	be	AUX
cblr-1785	781	31	worth	worth	ADJ
cblr-1785	781	32	more	more	ADJ
cblr-1785	781	33	than	than	ADP
cblr-1785	781	34	$	$	SYM
cblr-1785	781	35	100,000	100,000	NUM
cblr-1785	781	36	)	)	PUNCT
cblr-1785	781	37	.	.	PUNCT
cblr-1785	782	1	147	147	NUM
cblr-1785	782	2	see	see	VERB
cblr-1785	782	3	sec	sec	PROPN
cblr-1785	782	4	proposed	propose	VERB
cblr-1785	782	5	rules	rule	NOUN
cblr-1785	782	6	,	,	PUNCT
cblr-1785	782	7	supra	supra	PROPN
cblr-1785	782	8	note	note	NOUN
cblr-1785	782	9	5	5	NUM
cblr-1785	782	10	,	,	PUNCT
cblr-1785	782	11	at	at	ADP
cblr-1785	782	12	169–70	169–70	NUM
cblr-1785	782	13	.	.	PUNCT
cblr-1785	783	1	148	148	NUM
cblr-1785	783	2	wash	wash	NOUN
cblr-1785	783	3	.	.	PUNCT
cblr-1785	784	1	rev	rev	PROPN
cblr-1785	784	2	.	.	PROPN
cblr-1785	784	3	code	code	PROPN
cblr-1785	784	4	ann	ann	PROPN
cblr-1785	784	5	.	.	PUNCT
cblr-1785	785	1	§	§	PROPN
cblr-1785	785	2	21.20.0001(1)(g	21.20.0001(1)(g	PROPN
cblr-1785	785	3	)	)	PUNCT
cblr-1785	785	4	(	(	PUNCT
cblr-1785	785	5	west	west	NOUN
cblr-1785	785	6	2014	2014	NUM
cblr-1785	785	7	)	)	PUNCT
cblr-1785	785	8	(	(	PUNCT
cblr-1785	785	9	emphasis	emphasis	NOUN
cblr-1785	785	10	added	add	VERB
cblr-1785	785	11	)	)	PUNCT
cblr-1785	785	12	.	.	PUNCT
cblr-1785	786	1	pei	pei	PROPN
cblr-1785	786	2	final	final	ADJ
cblr-1785	786	3	894	894	NUM
cblr-1785	786	4	columbia	columbia	PROPN
cblr-1785	786	5	business	business	NOUN
cblr-1785	786	6	law	law	PROPN
cblr-1785	786	7	review	review	NOUN
cblr-1785	786	8	[	[	X
cblr-1785	786	9	vol	vol	NOUN
cblr-1785	786	10	.	.	PUNCT
cblr-1785	786	11	2014	2014	NUM
cblr-1785	787	1	d.	d.	NOUN
cblr-1785	787	2	the	the	DET
cblr-1785	787	3	federal	federal	ADJ
cblr-1785	787	4	exemption	exemption	NOUN
cblr-1785	787	5	should	should	AUX
cblr-1785	787	6	encourage	encourage	VERB
cblr-1785	787	7	the	the	DET
cblr-1785	787	8	participation	participation	NOUN
cblr-1785	787	9	of	of	ADP
cblr-1785	787	10	large	large	ADJ
cblr-1785	787	11	investors	investor	NOUN
cblr-1785	787	12	by	by	ADP
cblr-1785	787	13	removing	remove	VERB
cblr-1785	787	14	investment	investment	NOUN
cblr-1785	787	15	limits	limit	NOUN
cblr-1785	787	16	for	for	ADP
cblr-1785	787	17	accredited	accredit	VERB
cblr-1785	787	18	investors	investor	NOUN
cblr-1785	787	19	this	this	DET
cblr-1785	787	20	note	note	NOUN
cblr-1785	787	21	previously	previously	ADV
cblr-1785	787	22	argued	argue	VERB
cblr-1785	787	23	that	that	SCONJ
cblr-1785	787	24	certain	certain	ADJ
cblr-1785	787	25	features	feature	NOUN
cblr-1785	787	26	of	of	ADP
cblr-1785	787	27	the	the	DET
cblr-1785	787	28	state	state	NOUN
cblr-1785	787	29	exemptions	exemption	NOUN
cblr-1785	787	30	may	may	AUX
cblr-1785	787	31	enhance	enhance	VERB
cblr-1785	787	32	investor	investor	NOUN
cblr-1785	787	33	protection	protection	NOUN
cblr-1785	787	34	by	by	ADP
cblr-1785	787	35	encouraging	encourage	VERB
cblr-1785	787	36	the	the	DET
cblr-1785	787	37	involvement	involvement	NOUN
cblr-1785	787	38	of	of	ADP
cblr-1785	787	39	large	large	ADJ
cblr-1785	787	40	investors.149	investors.149	NOUN
cblr-1785	787	41	the	the	DET
cblr-1785	787	42	fact	fact	NOUN
cblr-1785	787	43	that	that	SCONJ
cblr-1785	787	44	sales	sale	NOUN
cblr-1785	787	45	to	to	ADP
cblr-1785	787	46	large	large	ADJ
cblr-1785	787	47	shareholders	shareholder	NOUN
cblr-1785	787	48	do	do	AUX
cblr-1785	787	49	not	not	PART
cblr-1785	787	50	count	count	VERB
cblr-1785	787	51	towards	towards	ADP
cblr-1785	787	52	the	the	DET
cblr-1785	787	53	offering	offering	NOUN
cblr-1785	787	54	caps	cap	NOUN
cblr-1785	787	55	,	,	PUNCT
cblr-1785	787	56	as	as	ADV
cblr-1785	787	57	well	well	ADV
cblr-1785	787	58	as	as	ADP
cblr-1785	787	59	the	the	DET
cblr-1785	787	60	absence	absence	NOUN
cblr-1785	787	61	of	of	ADP
cblr-1785	787	62	individual	individual	ADJ
cblr-1785	787	63	investment	investment	NOUN
cblr-1785	787	64	limits	limit	NOUN
cblr-1785	787	65	for	for	ADP
cblr-1785	787	66	accredited	accredit	VERB
cblr-1785	787	67	and	and	CCONJ
cblr-1785	787	68	certified	certified	ADJ
cblr-1785	787	69	investors	investor	NOUN
cblr-1785	787	70	,	,	PUNCT
cblr-1785	787	71	permits	permit	VERB
cblr-1785	787	72	wealthy	wealthy	ADJ
cblr-1785	787	73	investors	investor	NOUN
cblr-1785	787	74	to	to	PART
cblr-1785	787	75	take	take	VERB
cblr-1785	787	76	large	large	ADJ
cblr-1785	787	77	stakes	stake	NOUN
cblr-1785	787	78	in	in	ADP
cblr-1785	787	79	crowdfunded	crowdfunde	VERB
cblr-1785	787	80	businesses	business	NOUN
cblr-1785	787	81	.	.	PUNCT
cblr-1785	788	1	again	again	ADV
cblr-1785	788	2	,	,	PUNCT
cblr-1785	788	3	such	such	ADJ
cblr-1785	788	4	investors	investor	NOUN
cblr-1785	788	5	would	would	AUX
cblr-1785	788	6	have	have	VERB
cblr-1785	788	7	sufficient	sufficient	ADJ
cblr-1785	788	8	incentive	incentive	NOUN
cblr-1785	788	9	to	to	PART
cblr-1785	788	10	engage	engage	VERB
cblr-1785	788	11	in	in	ADP
cblr-1785	788	12	diligence	diligence	NOUN
cblr-1785	788	13	,	,	PUNCT
cblr-1785	788	14	pricing	pricing	NOUN
cblr-1785	788	15	,	,	PUNCT
cblr-1785	788	16	and	and	CCONJ
cblr-1785	788	17	monitoring	monitor	VERB
cblr-1785	788	18	work	work	NOUN
cblr-1785	788	19	that	that	PRON
cblr-1785	788	20	would	would	AUX
cblr-1785	788	21	redound	redound	VERB
cblr-1785	788	22	to	to	ADP
cblr-1785	788	23	the	the	DET
cblr-1785	788	24	benefit	benefit	NOUN
cblr-1785	788	25	of	of	ADP
cblr-1785	788	26	smaller	small	ADJ
cblr-1785	788	27	investors	investor	NOUN
cblr-1785	788	28	.	.	PUNCT
cblr-1785	789	1	moreover	moreover	ADV
cblr-1785	789	2	,	,	PUNCT
cblr-1785	789	3	this	this	DET
cblr-1785	789	4	extra	extra	ADJ
cblr-1785	789	5	protection	protection	NOUN
cblr-1785	789	6	to	to	ADP
cblr-1785	789	7	retail	retail	ADJ
cblr-1785	789	8	investors	investor	NOUN
cblr-1785	789	9	comes	come	VERB
cblr-1785	789	10	at	at	ADP
cblr-1785	789	11	no	no	DET
cblr-1785	789	12	additional	additional	ADJ
cblr-1785	789	13	cost	cost	NOUN
cblr-1785	789	14	in	in	ADP
cblr-1785	789	15	terms	term	NOUN
cblr-1785	789	16	of	of	ADP
cblr-1785	789	17	heightened	heightened	ADJ
cblr-1785	789	18	regulatory	regulatory	ADJ
cblr-1785	789	19	burdens	burden	NOUN
cblr-1785	789	20	,	,	PUNCT
cblr-1785	789	21	while	while	SCONJ
cblr-1785	789	22	at	at	ADP
cblr-1785	789	23	the	the	DET
cblr-1785	789	24	same	same	ADJ
cblr-1785	789	25	time	time	NOUN
cblr-1785	789	26	expanding	expand	VERB
cblr-1785	789	27	the	the	DET
cblr-1785	789	28	pool	pool	NOUN
cblr-1785	789	29	of	of	ADP
cblr-1785	789	30	available	available	ADJ
cblr-1785	789	31	capital	capital	NOUN
cblr-1785	789	32	.	.	PUNCT
cblr-1785	790	1	the	the	DET
cblr-1785	790	2	federal	federal	ADJ
cblr-1785	790	3	section	section	PROPN
cblr-1785	790	4	4(a)(6	4(a)(6	NUM
cblr-1785	790	5	)	)	PUNCT
cblr-1785	790	6	exemption	exemption	NOUN
cblr-1785	790	7	should	should	AUX
cblr-1785	790	8	follow	follow	VERB
cblr-1785	790	9	the	the	DET
cblr-1785	790	10	state	state	NOUN
cblr-1785	790	11	exemptions	exemption	NOUN
cblr-1785	790	12	by	by	ADP
cblr-1785	790	13	adopting	adopt	VERB
cblr-1785	790	14	a	a	DET
cblr-1785	790	15	similar	similar	ADJ
cblr-1785	790	16	carve	carve	NOUN
cblr-1785	790	17	-	-	PUNCT
cblr-1785	790	18	out	out	NOUN
cblr-1785	790	19	for	for	ADP
cblr-1785	790	20	accredited	accredited	ADJ
cblr-1785	790	21	investors	investor	NOUN
cblr-1785	790	22	.	.	PUNCT
cblr-1785	791	1	doing	do	VERB
cblr-1785	791	2	so	so	ADV
cblr-1785	791	3	would	would	AUX
cblr-1785	791	4	encourage	encourage	VERB
cblr-1785	791	5	their	their	PRON
cblr-1785	791	6	participation	participation	NOUN
cblr-1785	791	7	in	in	ADP
cblr-1785	791	8	crowdfunding	crowdfunding	NOUN
cblr-1785	791	9	offerings	offering	NOUN
cblr-1785	791	10	and	and	CCONJ
cblr-1785	791	11	it	it	PRON
cblr-1785	791	12	would	would	AUX
cblr-1785	791	13	not	not	PART
cblr-1785	791	14	substantially	substantially	ADV
cblr-1785	791	15	increase	increase	VERB
cblr-1785	791	16	their	their	PRON
cblr-1785	791	17	risk	risk	NOUN
cblr-1785	791	18	.	.	PUNCT
cblr-1785	792	1	crowdfunding	crowdfunde	VERB
cblr-1785	792	2	issuers	issuer	NOUN
cblr-1785	792	3	are	be	AUX
cblr-1785	792	4	already	already	ADV
cblr-1785	792	5	able	able	ADJ
cblr-1785	792	6	to	to	PART
cblr-1785	792	7	raise	raise	VERB
cblr-1785	792	8	unlimited	unlimited	ADJ
cblr-1785	792	9	amounts	amount	NOUN
cblr-1785	792	10	from	from	ADP
cblr-1785	792	11	accredited	accredit	VERB
cblr-1785	792	12	investors	investor	NOUN
cblr-1785	792	13	using	use	VERB
cblr-1785	792	14	the	the	DET
cblr-1785	792	15	new	new	ADJ
cblr-1785	792	16	rule	rule	NOUN
cblr-1785	792	17	506(c	506(c	PROPN
cblr-1785	792	18	)	)	PUNCT
cblr-1785	792	19	exemption	exemption	NOUN
cblr-1785	792	20	in	in	ADP
cblr-1785	792	21	regulation	regulation	NOUN
cblr-1785	792	22	d.150	d.150	ADJ
cblr-1785	792	23	rule	rule	NOUN
cblr-1785	792	24	506(c	506(c	PROPN
cblr-1785	792	25	)	)	PUNCT
cblr-1785	792	26	,	,	PUNCT
cblr-1785	792	27	which	which	PRON
cblr-1785	792	28	was	be	AUX
cblr-1785	792	29	created	create	VERB
cblr-1785	792	30	by	by	ADP
cblr-1785	792	31	section	section	NOUN
cblr-1785	792	32	201(a	201(a	NUM
cblr-1785	792	33	)	)	PUNCT
cblr-1785	792	34	of	of	ADP
cblr-1785	792	35	the	the	DET
cblr-1785	792	36	jobs	job	NOUN
cblr-1785	792	37	act,151	act,151	PROPN
cblr-1785	792	38	allows	allow	VERB
cblr-1785	792	39	issuers	issuer	NOUN
cblr-1785	792	40	to	to	PART
cblr-1785	792	41	raise	raise	VERB
cblr-1785	792	42	capital	capital	NOUN
cblr-1785	792	43	subject	subject	NOUN
cblr-1785	792	44	to	to	ADP
cblr-1785	792	45	no	no	DET
cblr-1785	792	46	offering	offering	NOUN
cblr-1785	792	47	caps	cap	NOUN
cblr-1785	792	48	,	,	PUNCT
cblr-1785	792	49	individual	individual	ADJ
cblr-1785	792	50	investment	investment	NOUN
cblr-1785	792	51	limits	limit	NOUN
cblr-1785	792	52	,	,	PUNCT
cblr-1785	792	53	or	or	CCONJ
cblr-1785	792	54	advertising	advertising	NOUN
cblr-1785	792	55	restrictions	restriction	NOUN
cblr-1785	792	56	,	,	PUNCT
cblr-1785	792	57	provided	provide	VERB
cblr-1785	792	58	that	that	SCONJ
cblr-1785	792	59	all	all	DET
cblr-1785	792	60	investors	investor	NOUN
cblr-1785	792	61	are	be	AUX
cblr-1785	792	62	accredited	accredit	VERB
cblr-1785	792	63	.	.	PUNCT
cblr-1785	793	1	section	section	NOUN
cblr-1785	793	2	201(c	201(c	PROPN
cblr-1785	793	3	)	)	PUNCT
cblr-1785	793	4	of	of	ADP
cblr-1785	793	5	the	the	DET
cblr-1785	793	6	jobs	job	NOUN
cblr-1785	793	7	act	act	NOUN
cblr-1785	793	8	also	also	ADV
cblr-1785	793	9	permits	permit	VERB
cblr-1785	793	10	issuers	issuer	NOUN
cblr-1785	793	11	to	to	PART
cblr-1785	793	12	make	make	VERB
cblr-1785	793	13	rule	rule	NOUN
cblr-1785	793	14	506(c	506(c	PROPN
cblr-1785	793	15	)	)	PUNCT
cblr-1785	793	16	offerings	offering	NOUN
cblr-1785	793	17	over	over	ADP
cblr-1785	793	18	crowdfunding	crowdfunding	NOUN
cblr-1785	793	19	sites	site	NOUN
cblr-1785	793	20	,	,	PUNCT
cblr-1785	793	21	again	again	ADV
cblr-1785	793	22	with	with	ADP
cblr-1785	793	23	no	no	DET
cblr-1785	793	24	limitations	limitation	NOUN
cblr-1785	793	25	on	on	ADP
cblr-1785	793	26	general	general	ADJ
cblr-1785	793	27	solicitation	solicitation	NOUN
cblr-1785	793	28	,	,	PUNCT
cblr-1785	793	29	and	and	CCONJ
cblr-1785	793	30	without	without	ADP
cblr-1785	793	31	exposing	expose	VERB
cblr-1785	793	32	the	the	DET
cblr-1785	793	33	site	site	NOUN
cblr-1785	793	34	to	to	PART
cblr-1785	793	35	broker	broker	NOUN
cblr-1785	793	36	-	-	PUNCT
cblr-1785	793	37	dealing	deal	VERB
cblr-1785	793	38	regulation.152	regulation.152	VERB
cblr-1785	793	39	together	together	ADV
cblr-1785	793	40	,	,	PUNCT
cblr-1785	793	41	these	these	DET
cblr-1785	793	42	provisions	provision	NOUN
cblr-1785	793	43	in	in	ADP
cblr-1785	793	44	the	the	DET
cblr-1785	793	45	jobs	job	NOUN
cblr-1785	793	46	act	act	NOUN
cblr-1785	793	47	create	create	VERB
cblr-1785	793	48	the	the	DET
cblr-1785	793	49	possibility	possibility	NOUN
cblr-1785	793	50	of	of	ADP
cblr-1785	793	51	“	"	PUNCT
cblr-1785	793	52	accredited	accredited	ADJ
cblr-1785	793	53	crowdfunding	crowdfunding	NOUN
cblr-1785	793	54	,	,	PUNCT
cblr-1785	793	55	”	"	PUNCT
cblr-1785	793	56	with	with	ADP
cblr-1785	793	57	considerably	considerably	ADV
cblr-1785	793	58	relaxed	relax	VERB
cblr-1785	793	59	149	149	NUM
cblr-1785	793	60	see	see	VERB
cblr-1785	793	61	supra	supra	PROPN
cblr-1785	793	62	part	part	PROPN
cblr-1785	793	63	iii.a	iii.a	PROPN
cblr-1785	793	64	–	–	PUNCT
cblr-1785	793	65	b.	b.	NOUN
cblr-1785	793	66	150	150	NUM
cblr-1785	793	67	17	17	NUM
cblr-1785	793	68	c.f.r	c.f.r	NOUN
cblr-1785	793	69	.	.	PUNCT
cblr-1785	794	1	§	§	PROPN
cblr-1785	794	2	230.506	230.506	NUM
cblr-1785	794	3	(	(	PUNCT
cblr-1785	794	4	2014	2014	NUM
cblr-1785	794	5	)	)	PUNCT
cblr-1785	794	6	.	.	PUNCT
cblr-1785	795	1	151	151	NUM
cblr-1785	795	2	jumpstart	jumpstart	VERB
cblr-1785	795	3	our	our	PRON
cblr-1785	795	4	business	business	NOUN
cblr-1785	795	5	startups	startup	NOUN
cblr-1785	795	6	act	act	PROPN
cblr-1785	795	7	,	,	PUNCT
cblr-1785	795	8	jobs	job	NOUN
cblr-1785	795	9	act	act	PROPN
cblr-1785	795	10	,	,	PUNCT
cblr-1785	795	11	pub	pub	NOUN
cblr-1785	795	12	.	.	PUNCT
cblr-1785	796	1	l.	l.	PROPN
cblr-1785	796	2	no	no	INTJ
cblr-1785	796	3	.	.	PROPN
cblr-1785	797	1	112106	112106	NUM
cblr-1785	797	2	,	,	PUNCT
cblr-1785	797	3	§	§	NOUN
cblr-1785	797	4	201(a	201(a	NUM
cblr-1785	797	5	)	)	PUNCT
cblr-1785	797	6	126	126	NUM
cblr-1785	797	7	stat	stat	NOUN
cblr-1785	797	8	.	.	PUNCT
cblr-1785	798	1	306	306	NUM
cblr-1785	798	2	(	(	PUNCT
cblr-1785	798	3	2012	2012	NUM
cblr-1785	798	4	)	)	PUNCT
cblr-1785	798	5	(	(	PUNCT
cblr-1785	798	6	codified	codify	VERB
cblr-1785	798	7	at	at	ADP
cblr-1785	798	8	15	15	NUM
cblr-1785	798	9	u.s.c	u.s.c	ADJ
cblr-1785	798	10	.	.	PUNCT
cblr-1785	798	11	77d	77d	NOUN
cblr-1785	798	12	(	(	PUNCT
cblr-1785	798	13	2012	2012	NUM
cblr-1785	798	14	)	)	PUNCT
cblr-1785	798	15	)	)	PUNCT
cblr-1785	798	16	.	.	PUNCT
cblr-1785	799	1	152	152	NUM
cblr-1785	800	1	i	i	PRON
cblr-1785	800	2	d.	d.	PROPN
cblr-1785	800	3	at	at	ADP
cblr-1785	800	4	§	§	PROPN
cblr-1785	800	5	201(c)(codified	201(c)(codifie	VERB
cblr-1785	800	6	as	as	ADP
cblr-1785	800	7	amended	amend	VERB
cblr-1785	800	8	at	at	ADP
cblr-1785	800	9	15	15	NUM
cblr-1785	800	10	u.s.c	u.s.c	ADJ
cblr-1785	800	11	.	.	PUNCT
cblr-1785	801	1	§	§	PROPN
cblr-1785	801	2	77d(b	77d(b	PROPN
cblr-1785	801	3	)	)	PUNCT
cblr-1785	801	4	(	(	PUNCT
cblr-1785	801	5	2012	2012	NUM
cblr-1785	801	6	)	)	PUNCT
cblr-1785	801	7	)	)	PUNCT
cblr-1785	801	8	.	.	PUNCT
cblr-1785	802	1	pei	pei	PROPN
cblr-1785	802	2	final	final	ADJ
cblr-1785	802	3	no	no	NOUN
cblr-1785	802	4	.	.	PUNCT
cblr-1785	803	1	3:854	3:854	NUM
cblr-1785	803	2	]	]	X
cblr-1785	803	3	intrastate	intrastate	ADJ
cblr-1785	803	4	crowdfunding	crowdfunde	VERB
cblr-1785	803	5	895	895	NUM
cblr-1785	803	6	restraints.153	restraints.153	NOUN
cblr-1785	803	7	notably	notably	ADV
cblr-1785	803	8	,	,	PUNCT
cblr-1785	803	9	issuers	issuer	NOUN
cblr-1785	803	10	who	who	PRON
cblr-1785	803	11	choose	choose	VERB
cblr-1785	803	12	this	this	DET
cblr-1785	803	13	route	route	NOUN
cblr-1785	803	14	are	be	AUX
cblr-1785	803	15	not	not	PART
cblr-1785	803	16	subject	subject	ADJ
cblr-1785	803	17	to	to	ADP
cblr-1785	803	18	mandatory	mandatory	ADJ
cblr-1785	803	19	disclosure	disclosure	NOUN
cblr-1785	803	20	or	or	CCONJ
cblr-1785	803	21	intermediary	intermediary	ADJ
cblr-1785	803	22	requirements	requirement	NOUN
cblr-1785	803	23	.	.	PUNCT
cblr-1785	804	1	as	as	SCONJ
cblr-1785	804	2	several	several	ADJ
cblr-1785	804	3	commentators	commentator	NOUN
cblr-1785	804	4	have	have	AUX
cblr-1785	804	5	pointed	point	VERB
cblr-1785	804	6	out	out	ADP
cblr-1785	804	7	,	,	PUNCT
cblr-1785	804	8	the	the	DET
cblr-1785	804	9	most	most	ADV
cblr-1785	804	10	significant	significant	ADJ
cblr-1785	804	11	change	change	NOUN
cblr-1785	804	12	ushered	usher	VERB
cblr-1785	804	13	in	in	ADP
cblr-1785	804	14	by	by	ADP
cblr-1785	804	15	the	the	DET
cblr-1785	804	16	jobs	job	NOUN
cblr-1785	804	17	act	act	NOUN
cblr-1785	804	18	may	may	AUX
cblr-1785	804	19	in	in	ADP
cblr-1785	804	20	fact	fact	NOUN
cblr-1785	804	21	be	be	AUX
cblr-1785	804	22	these	these	DET
cblr-1785	804	23	alterations	alteration	NOUN
cblr-1785	804	24	to	to	ADP
cblr-1785	804	25	regulation	regulation	NOUN
cblr-1785	804	26	d.154	d.154	VERB
cblr-1785	804	27	some	some	PRON
cblr-1785	804	28	have	have	AUX
cblr-1785	804	29	argued	argue	VERB
cblr-1785	804	30	that	that	SCONJ
cblr-1785	804	31	in	in	ADP
cblr-1785	804	32	response	response	NOUN
cblr-1785	804	33	to	to	ADP
cblr-1785	804	34	the	the	DET
cblr-1785	804	35	significantly	significantly	ADV
cblr-1785	804	36	lower	low	ADJ
cblr-1785	804	37	burdens	burden	NOUN
cblr-1785	804	38	imposed	impose	VERB
cblr-1785	804	39	on	on	ADP
cblr-1785	804	40	506(c	506(c	PROPN
cblr-1785	804	41	)	)	PUNCT
cblr-1785	804	42	offerings	offering	NOUN
cblr-1785	804	43	,	,	PUNCT
cblr-1785	804	44	issuers	issuer	NOUN
cblr-1785	804	45	will	will	AUX
cblr-1785	804	46	prefer	prefer	VERB
cblr-1785	804	47	to	to	PART
cblr-1785	804	48	use	use	VERB
cblr-1785	804	49	the	the	DET
cblr-1785	804	50	lower	low	ADJ
cblr-1785	804	51	-	-	PUNCT
cblr-1785	804	52	cost	cost	NOUN
cblr-1785	804	53	accredited	accredit	VERB
cblr-1785	804	54	crowdfunding	crowdfunding	NOUN
cblr-1785	804	55	model	model	NOUN
cblr-1785	804	56	,	,	PUNCT
cblr-1785	804	57	while	while	SCONJ
cblr-1785	804	58	retail	retail	ADJ
cblr-1785	804	59	crowdfunding	crowdfunding	NOUN
cblr-1785	804	60	offerings	offering	NOUN
cblr-1785	804	61	made	make	VERB
cblr-1785	804	62	in	in	ADP
cblr-1785	804	63	reliance	reliance	NOUN
cblr-1785	804	64	on	on	ADP
cblr-1785	804	65	section	section	PROPN
cblr-1785	804	66	4(a)(6	4(a)(6	NUM
cblr-1785	804	67	)	)	PUNCT
cblr-1785	804	68	may	may	AUX
cblr-1785	804	69	be	be	AUX
cblr-1785	804	70	made	make	VERB
cblr-1785	804	71	predominantly	predominantly	ADV
cblr-1785	804	72	by	by	ADP
cblr-1785	804	73	issuers	issuer	NOUN
cblr-1785	804	74	unable	unable	ADJ
cblr-1785	804	75	to	to	PART
cblr-1785	804	76	attract	attract	VERB
cblr-1785	804	77	backing	backing	NOUN
cblr-1785	804	78	from	from	ADP
cblr-1785	804	79	accredited	accredit	VERB
cblr-1785	804	80	investors.155	investors.155	PROPN
cblr-1785	804	81	such	such	DET
cblr-1785	804	82	a	a	DET
cblr-1785	804	83	situation	situation	NOUN
cblr-1785	804	84	could	could	AUX
cblr-1785	804	85	cause	cause	VERB
cblr-1785	804	86	retail	retail	ADJ
cblr-1785	804	87	crowdfunding	crowdfunding	NOUN
cblr-1785	804	88	to	to	PART
cblr-1785	804	89	deteriorate	deteriorate	VERB
cblr-1785	804	90	into	into	ADP
cblr-1785	804	91	a	a	DET
cblr-1785	804	92	“	"	PUNCT
cblr-1785	804	93	market	market	NOUN
cblr-1785	804	94	for	for	ADP
cblr-1785	804	95	lemons,”156	lemons,”156	NOUN
cblr-1785	804	96	chilling	chilling	ADJ
cblr-1785	804	97	investment	investment	NOUN
cblr-1785	804	98	and	and	CCONJ
cblr-1785	804	99	cutting	cut	VERB
cblr-1785	804	100	retail	retail	ADJ
cblr-1785	804	101	investors	investor	NOUN
cblr-1785	804	102	out	out	ADP
cblr-1785	804	103	of	of	ADP
cblr-1785	804	104	the	the	DET
cblr-1785	804	105	best	good	ADJ
cblr-1785	804	106	opportunities	opportunity	NOUN
cblr-1785	804	107	.	.	PUNCT
cblr-1785	805	1	the	the	DET
cblr-1785	805	2	existence	existence	NOUN
cblr-1785	805	3	of	of	ADP
cblr-1785	805	4	the	the	DET
cblr-1785	805	5	more	more	ADV
cblr-1785	805	6	permissive	permissive	ADJ
cblr-1785	805	7	state	state	NOUN
cblr-1785	805	8	crowdfunding	crowdfunding	NOUN
cblr-1785	805	9	exemptions	exemption	NOUN
cblr-1785	805	10	only	only	ADV
cblr-1785	805	11	seems	seem	VERB
cblr-1785	805	12	to	to	PART
cblr-1785	805	13	increase	increase	VERB
cblr-1785	805	14	the	the	DET
cblr-1785	805	15	likelihood	likelihood	NOUN
cblr-1785	805	16	that	that	SCONJ
cblr-1785	805	17	issuers	issuer	NOUN
cblr-1785	805	18	will	will	AUX
cblr-1785	805	19	engage	engage	VERB
cblr-1785	805	20	in	in	ADP
cblr-1785	805	21	regulatory	regulatory	ADJ
cblr-1785	805	22	arbitrage	arbitrage	NOUN
cblr-1785	805	23	.	.	PUNCT
cblr-1785	806	1	to	to	PART
cblr-1785	806	2	help	help	VERB
cblr-1785	806	3	prevent	prevent	VERB
cblr-1785	806	4	such	such	DET
cblr-1785	806	5	a	a	DET
cblr-1785	806	6	result	result	NOUN
cblr-1785	806	7	,	,	PUNCT
cblr-1785	806	8	the	the	DET
cblr-1785	806	9	federal	federal	ADJ
cblr-1785	806	10	exemption	exemption	NOUN
cblr-1785	806	11	should	should	AUX
cblr-1785	806	12	adopt	adopt	VERB
cblr-1785	806	13	the	the	DET
cblr-1785	806	14	treatment	treatment	NOUN
cblr-1785	806	15	of	of	ADP
cblr-1785	806	16	accredited	accredit	VERB
cblr-1785	806	17	investors	investor	NOUN
cblr-1785	806	18	found	find	VERB
cblr-1785	806	19	in	in	ADP
cblr-1785	806	20	153	153	NUM
cblr-1785	806	21	see	see	NOUN
cblr-1785	806	22	parsont	parsont	NOUN
cblr-1785	806	23	,	,	PUNCT
cblr-1785	806	24	supra	supra	PROPN
cblr-1785	806	25	note	note	NOUN
cblr-1785	806	26	22	22	NUM
cblr-1785	806	27	,	,	PUNCT
cblr-1785	806	28	at	at	ADP
cblr-1785	806	29	284	284	NUM
cblr-1785	806	30	n.12	n.12	NOUN
cblr-1785	806	31	(	(	PUNCT
cblr-1785	806	32	defining	define	VERB
cblr-1785	806	33	“	"	PUNCT
cblr-1785	806	34	accredited	accredited	ADJ
cblr-1785	806	35	crowdfunding	crowdfunding	NOUN
cblr-1785	806	36	”	"	PUNCT
cblr-1785	806	37	as	as	ADP
cblr-1785	806	38	“	"	PUNCT
cblr-1785	806	39	rule	rule	VERB
cblr-1785	806	40	506(c	506(c	PROPN
cblr-1785	806	41	)	)	PUNCT
cblr-1785	806	42	offerings	offering	NOUN
cblr-1785	806	43	that	that	PRON
cblr-1785	806	44	are	be	AUX
cblr-1785	806	45	sold	sell	VERB
cblr-1785	806	46	through	through	ADP
cblr-1785	806	47	crowdfunding	crowdfunde	VERB
cblr-1785	806	48	websites	website	NOUN
cblr-1785	806	49	with	with	ADP
cblr-1785	806	50	the	the	DET
cblr-1785	806	51	aid	aid	NOUN
cblr-1785	806	52	of	of	ADP
cblr-1785	806	53	§	§	PROPN
cblr-1785	806	54	201(c	201(c	PROPN
cblr-1785	806	55	)	)	PUNCT
cblr-1785	806	56	of	of	ADP
cblr-1785	806	57	the	the	DET
cblr-1785	806	58	jobs	job	NOUN
cblr-1785	806	59	act	act	PROPN
cblr-1785	806	60	”	"	PUNCT
cblr-1785	806	61	)	)	PUNCT
cblr-1785	806	62	.	.	PUNCT
cblr-1785	807	1	154	154	NUM
cblr-1785	807	2	see	see	VERB
cblr-1785	807	3	,	,	PUNCT
cblr-1785	807	4	e.g.	e.g.	ADV
cblr-1785	807	5	,	,	PUNCT
cblr-1785	807	6	bradford	bradford	NOUN
cblr-1785	807	7	,	,	PUNCT
cblr-1785	807	8	supra	supra	PROPN
cblr-1785	807	9	note	note	PROPN
cblr-1785	807	10	46	46	NUM
cblr-1785	807	11	,	,	PUNCT
cblr-1785	807	12	at	at	ADP
cblr-1785	807	13	222	222	NUM
cblr-1785	807	14	.	.	PUNCT
cblr-1785	807	15	155	155	NUM
cblr-1785	807	16	see	see	NOUN
cblr-1785	807	17	parsont	parsont	NOUN
cblr-1785	807	18	,	,	PUNCT
cblr-1785	807	19	supra	supra	PROPN
cblr-1785	807	20	note	note	PROPN
cblr-1785	807	21	22	22	NUM
cblr-1785	807	22	,	,	PUNCT
cblr-1785	807	23	at	at	ADP
cblr-1785	807	24	317	317	NUM
cblr-1785	807	25	(	(	PUNCT
cblr-1785	807	26	concluding	conclude	VERB
cblr-1785	807	27	after	after	ADP
cblr-1785	807	28	an	an	DET
cblr-1785	807	29	extensive	extensive	ADJ
cblr-1785	807	30	comparison	comparison	NOUN
cblr-1785	807	31	of	of	ADP
cblr-1785	807	32	accredited	accredited	ADJ
cblr-1785	807	33	and	and	CCONJ
cblr-1785	807	34	retail	retail	ADJ
cblr-1785	807	35	crowdfunding	crowdfunding	NOUN
cblr-1785	807	36	that	that	SCONJ
cblr-1785	807	37	“	"	PUNCT
cblr-1785	807	38	accredited	accredited	ADJ
cblr-1785	807	39	crowdfunding	crowdfunding	NOUN
cblr-1785	807	40	will	will	AUX
cblr-1785	807	41	generally	generally	ADV
cblr-1785	807	42	be	be	AUX
cblr-1785	807	43	the	the	DET
cblr-1785	807	44	logical	logical	ADJ
cblr-1785	807	45	choice	choice	NOUN
cblr-1785	807	46	for	for	ADP
cblr-1785	807	47	issuers	issuer	NOUN
cblr-1785	807	48	seeking	seek	VERB
cblr-1785	807	49	to	to	PART
cblr-1785	807	50	crowdfund	crowdfund	VERB
cblr-1785	807	51	”	"	PUNCT
cblr-1785	807	52	)	)	PUNCT
cblr-1785	807	53	;	;	PUNCT
cblr-1785	807	54	the	the	DET
cblr-1785	807	55	jobs	job	NOUN
cblr-1785	807	56	act	act	VERB
cblr-1785	807	57	in	in	ADP
cblr-1785	807	58	action	action	NOUN
cblr-1785	807	59	:	:	PUNCT
cblr-1785	807	60	overseeing	oversee	VERB
cblr-1785	807	61	effective	effective	ADJ
cblr-1785	807	62	implementation	implementation	NOUN
cblr-1785	807	63	that	that	PRON
cblr-1785	807	64	can	can	AUX
cblr-1785	807	65	grow	grow	VERB
cblr-1785	807	66	american	american	ADJ
cblr-1785	807	67	jobs	job	NOUN
cblr-1785	807	68	before	before	ADP
cblr-1785	807	69	the	the	DET
cblr-1785	807	70	subcomm	subcomm	NOUN
cblr-1785	807	71	.	.	PUNCT
cblr-1785	808	1	on	on	ADP
cblr-1785	808	2	tarp	tarp	NOUN
cblr-1785	808	3	,	,	PUNCT
cblr-1785	808	4	fin	fin	NOUN
cblr-1785	808	5	.	.	PUNCT
cblr-1785	808	6	servs	servs	PROPN
cblr-1785	808	7	.	.	PUNCT
cblr-1785	808	8	,	,	PUNCT
cblr-1785	808	9	and	and	CCONJ
cblr-1785	808	10	bailouts	bailout	NOUN
cblr-1785	808	11	of	of	ADP
cblr-1785	808	12	pub	pub	NOUN
cblr-1785	808	13	.	.	PUNCT
cblr-1785	809	1	&	&	CCONJ
cblr-1785	809	2	private	private	ADJ
cblr-1785	809	3	companies	company	NOUN
cblr-1785	809	4	of	of	ADP
cblr-1785	809	5	the	the	DET
cblr-1785	809	6	h.	h.	PROPN
cblr-1785	809	7	comm	comm	NOUN
cblr-1785	809	8	.	.	PUNCT
cblr-1785	810	1	on	on	ADP
cblr-1785	810	2	oversight	oversight	NOUN
cblr-1785	810	3	and	and	CCONJ
cblr-1785	810	4	gov’t	gov’t	NUM
cblr-1785	810	5	reform	reform	NOUN
cblr-1785	810	6	,	,	PUNCT
cblr-1785	810	7	112th	112th	PROPN
cblr-1785	810	8	cong	cong	NOUN
cblr-1785	810	9	.	.	PUNCT
cblr-1785	811	1	44	44	NUM
cblr-1785	811	2	(	(	PUNCT
cblr-1785	811	3	2012	2012	NUM
cblr-1785	811	4	)	)	PUNCT
cblr-1785	811	5	(	(	PUNCT
cblr-1785	811	6	statement	statement	NOUN
cblr-1785	811	7	of	of	ADP
cblr-1785	811	8	john	john	PROPN
cblr-1785	811	9	c.	c.	PROPN
cblr-1785	811	10	coffee	coffee	PROPN
cblr-1785	811	11	,	,	PUNCT
cblr-1785	811	12	jr	jr	PROPN
cblr-1785	811	13	.	.	PROPN
cblr-1785	811	14	,	,	PUNCT
cblr-1785	811	15	professor	professor	NOUN
cblr-1785	811	16	of	of	ADP
cblr-1785	811	17	law	law	NOUN
cblr-1785	811	18	,	,	PUNCT
cblr-1785	811	19	columbia	columbia	PROPN
cblr-1785	811	20	university	university	PROPN
cblr-1785	811	21	law	law	NOUN
cblr-1785	811	22	school	school	NOUN
cblr-1785	811	23	)	)	PUNCT
cblr-1785	811	24	(	(	PUNCT
cblr-1785	811	25	“	"	PUNCT
cblr-1785	811	26	in	in	ADP
cblr-1785	811	27	my	my	PRON
cblr-1785	811	28	judgment	judgment	NOUN
cblr-1785	811	29	,	,	PUNCT
cblr-1785	811	30	new	new	ADJ
cblr-1785	811	31	section	section	NOUN
cblr-1785	811	32	4(6	4(6	NUM
cblr-1785	811	33	)	)	PUNCT
cblr-1785	811	34	of	of	ADP
cblr-1785	811	35	the	the	DET
cblr-1785	811	36	securities	security	NOUN
cblr-1785	811	37	act	act	NOUN
cblr-1785	811	38	of	of	ADP
cblr-1785	811	39	1933	1933	NUM
cblr-1785	811	40	will	will	AUX
cblr-1785	811	41	be	be	AUX
cblr-1785	811	42	much	much	ADV
cblr-1785	811	43	less	less	ADV
cblr-1785	811	44	used	use	VERB
cblr-1785	811	45	than	than	ADP
cblr-1785	811	46	title	title	PROPN
cblr-1785	811	47	ii	ii	PROPN
cblr-1785	811	48	’s	’s	PART
cblr-1785	811	49	liberalized	liberalize	VERB
cblr-1785	811	50	private	private	ADJ
cblr-1785	811	51	placement	placement	NOUN
cblr-1785	811	52	exemption	exemption	NOUN
cblr-1785	811	53	.	.	PUNCT
cblr-1785	811	54	.	.	PUNCT
cblr-1785	811	55	.	.	PUNCT
cblr-1785	811	56	.	.	PUNCT
cblr-1785	811	57	”	"	PUNCT
cblr-1785	811	58	)	)	PUNCT
cblr-1785	811	59	;	;	PUNCT
cblr-1785	811	60	sec	sec	PROPN
cblr-1785	811	61	proposed	propose	VERB
cblr-1785	811	62	rules	rule	NOUN
cblr-1785	811	63	,	,	PUNCT
cblr-1785	811	64	supra	supra	PROPN
cblr-1785	811	65	note	note	NOUN
cblr-1785	811	66	5	5	NUM
cblr-1785	811	67	,	,	PUNCT
cblr-1785	811	68	at	at	ADP
cblr-1785	811	69	342	342	NUM
cblr-1785	811	70	(	(	PUNCT
cblr-1785	811	71	“	"	PUNCT
cblr-1785	811	72	[	[	X
cblr-1785	811	73	i]t	i]t	NOUN
cblr-1785	811	74	is	be	AUX
cblr-1785	811	75	possible	possible	ADJ
cblr-1785	811	76	that	that	SCONJ
cblr-1785	811	77	professional	professional	ADJ
cblr-1785	811	78	investors	investor	NOUN
cblr-1785	811	79	would	would	AUX
cblr-1785	811	80	prefer	prefer	VERB
cblr-1785	811	81	,	,	PUNCT
cblr-1785	811	82	instead	instead	ADV
cblr-1785	811	83	,	,	PUNCT
cblr-1785	811	84	to	to	PART
cblr-1785	811	85	invest	invest	VERB
cblr-1785	811	86	in	in	ADP
cblr-1785	811	87	a	a	DET
cblr-1785	811	88	rule	rule	NOUN
cblr-1785	811	89	506	506	NUM
cblr-1785	811	90	offering	offering	NOUN
cblr-1785	811	91	,	,	PUNCT
cblr-1785	811	92	which	which	PRON
cblr-1785	811	93	is	be	AUX
cblr-1785	811	94	not	not	PART
cblr-1785	811	95	subject	subject	ADJ
cblr-1785	811	96	to	to	ADP
cblr-1785	811	97	the	the	DET
cblr-1785	811	98	investment	investment	NOUN
cblr-1785	811	99	limitations	limitation	NOUN
cblr-1785	811	100	applicable	applicable	ADJ
cblr-1785	811	101	to	to	ADP
cblr-1785	811	102	offerings	offering	NOUN
cblr-1785	811	103	made	make	VERB
cblr-1785	811	104	in	in	ADP
cblr-1785	811	105	reliance	reliance	NOUN
cblr-1785	811	106	on	on	ADP
cblr-1785	811	107	section	section	NOUN
cblr-1785	811	108	4(a)(6	4(a)(6	NUM
cblr-1785	811	109	)	)	PUNCT
cblr-1785	811	110	.	.	PUNCT
cblr-1785	811	111	”	"	PUNCT
cblr-1785	811	112	)	)	PUNCT
cblr-1785	811	113	.	.	PUNCT
cblr-1785	812	1	156	156	NUM
cblr-1785	812	2	parsont	parsont	NOUN
cblr-1785	812	3	,	,	PUNCT
cblr-1785	812	4	supra	supra	PROPN
cblr-1785	812	5	note	note	PROPN
cblr-1785	812	6	22	22	NUM
cblr-1785	812	7	,	,	PUNCT
cblr-1785	812	8	at	at	ADP
cblr-1785	812	9	318	318	NUM
cblr-1785	812	10	.	.	PUNCT
cblr-1785	813	1	pei	pei	PROPN
cblr-1785	813	2	final	final	ADJ
cblr-1785	813	3	896	896	NUM
cblr-1785	813	4	columbia	columbia	PROPN
cblr-1785	813	5	business	business	NOUN
cblr-1785	813	6	law	law	PROPN
cblr-1785	813	7	review	review	NOUN
cblr-1785	814	1	[	[	X
cblr-1785	814	2	vol	vol	NOUN
cblr-1785	814	3	.	.	PUNCT
cblr-1785	814	4	2014	2014	NUM
cblr-1785	815	1	the	the	DET
cblr-1785	815	2	state	state	NOUN
cblr-1785	815	3	exemptions.157	exemptions.157	NOUN
cblr-1785	815	4	that	that	PRON
cblr-1785	815	5	is	be	AUX
cblr-1785	815	6	,	,	PUNCT
cblr-1785	815	7	there	there	PRON
cblr-1785	815	8	should	should	AUX
cblr-1785	815	9	be	be	AUX
cblr-1785	815	10	no	no	DET
cblr-1785	815	11	individual	individual	ADJ
cblr-1785	815	12	investment	investment	NOUN
cblr-1785	815	13	limits	limit	NOUN
cblr-1785	815	14	on	on	ADP
cblr-1785	815	15	accredited	accredited	ADJ
cblr-1785	815	16	investors	investor	NOUN
cblr-1785	815	17	.	.	PUNCT
cblr-1785	816	1	and	and	CCONJ
cblr-1785	816	2	as	as	ADP
cblr-1785	816	3	in	in	ADP
cblr-1785	816	4	the	the	DET
cblr-1785	816	5	wisconsin	wisconsin	PROPN
cblr-1785	816	6	and	and	CCONJ
cblr-1785	816	7	indiana	indiana	PROPN
cblr-1785	816	8	exemptions	exemption	NOUN
cblr-1785	816	9	,	,	PUNCT
cblr-1785	816	10	contributions	contribution	NOUN
cblr-1785	816	11	from	from	ADP
cblr-1785	816	12	accredited	accredited	ADJ
cblr-1785	816	13	investors	investor	NOUN
cblr-1785	816	14	should	should	AUX
cblr-1785	816	15	not	not	PART
cblr-1785	816	16	count	count	VERB
cblr-1785	816	17	towards	towards	ADP
cblr-1785	816	18	the	the	DET
cblr-1785	816	19	$	$	SYM
cblr-1785	816	20	1	1	NUM
cblr-1785	816	21	million	million	NUM
cblr-1785	816	22	offering	offering	NOUN
cblr-1785	816	23	cap.158	cap.158	NOUN
cblr-1785	816	24	there	there	PRON
cblr-1785	816	25	seems	seem	VERB
cblr-1785	816	26	to	to	PART
cblr-1785	816	27	be	be	AUX
cblr-1785	816	28	little	little	ADJ
cblr-1785	816	29	reason	reason	NOUN
cblr-1785	816	30	,	,	PUNCT
cblr-1785	816	31	in	in	ADP
cblr-1785	816	32	terms	term	NOUN
cblr-1785	816	33	of	of	ADP
cblr-1785	816	34	investor	investor	NOUN
cblr-1785	816	35	protection	protection	NOUN
cblr-1785	816	36	,	,	PUNCT
cblr-1785	816	37	to	to	PART
cblr-1785	816	38	limit	limit	VERB
cblr-1785	816	39	accredited	accredited	ADJ
cblr-1785	816	40	investor	investor	NOUN
cblr-1785	816	41	contributions	contribution	NOUN
cblr-1785	816	42	.	.	PUNCT
cblr-1785	817	1	crowdfunding	crowdfunde	VERB
cblr-1785	817	2	issuers	issuer	NOUN
cblr-1785	817	3	are	be	AUX
cblr-1785	817	4	already	already	ADV
cblr-1785	817	5	permitted	permit	VERB
cblr-1785	817	6	to	to	PART
cblr-1785	817	7	raise	raise	VERB
cblr-1785	817	8	unlimited	unlimited	ADJ
cblr-1785	817	9	funds	fund	NOUN
cblr-1785	817	10	from	from	ADP
cblr-1785	817	11	these	these	DET
cblr-1785	817	12	investors	investor	NOUN
cblr-1785	817	13	through	through	ADP
cblr-1785	817	14	505(c	505(c	PROPN
cblr-1785	817	15	)	)	PUNCT
cblr-1785	817	16	offerings	offering	NOUN
cblr-1785	817	17	,	,	PUNCT
cblr-1785	817	18	and	and	CCONJ
cblr-1785	817	19	the	the	DET
cblr-1785	817	20	lack	lack	NOUN
cblr-1785	817	21	of	of	ADP
cblr-1785	817	22	mandatory	mandatory	ADJ
cblr-1785	817	23	disclosures	disclosure	NOUN
cblr-1785	817	24	for	for	ADP
cblr-1785	817	25	such	such	ADJ
cblr-1785	817	26	offerings	offering	NOUN
cblr-1785	817	27	underscores	underscore	VERB
cblr-1785	817	28	lawmakers	lawmaker	NOUN
cblr-1785	817	29	’	’	PART
cblr-1785	817	30	apparent	apparent	ADJ
cblr-1785	817	31	confidence	confidence	NOUN
cblr-1785	817	32	that	that	SCONJ
cblr-1785	817	33	wealthy	wealthy	ADJ
cblr-1785	817	34	investors	investor	NOUN
cblr-1785	817	35	are	be	AUX
cblr-1785	817	36	capable	capable	ADJ
cblr-1785	817	37	of	of	ADP
cblr-1785	817	38	fending	fend	VERB
cblr-1785	817	39	for	for	ADP
cblr-1785	817	40	themselves	themselves	PRON
cblr-1785	817	41	.	.	PUNCT
cblr-1785	818	1	placing	place	VERB
cblr-1785	818	2	investment	investment	NOUN
cblr-1785	818	3	limits	limit	NOUN
cblr-1785	818	4	on	on	ADP
cblr-1785	818	5	accredited	accredit	VERB
cblr-1785	818	6	investors	investor	NOUN
cblr-1785	818	7	in	in	ADP
cblr-1785	818	8	the	the	DET
cblr-1785	818	9	retail	retail	ADJ
cblr-1785	818	10	crowdfunding	crowdfunding	NOUN
cblr-1785	818	11	context	context	NOUN
cblr-1785	818	12	seems	seem	VERB
cblr-1785	818	13	neither	neither	CCONJ
cblr-1785	818	14	consistent	consistent	ADJ
cblr-1785	818	15	nor	nor	CCONJ
cblr-1785	818	16	substantively	substantively	ADV
cblr-1785	818	17	protective	protective	ADJ
cblr-1785	818	18	.	.	PUNCT
cblr-1785	819	1	of	of	ADP
cblr-1785	819	2	course	course	NOUN
cblr-1785	819	3	,	,	PUNCT
cblr-1785	819	4	the	the	DET
cblr-1785	819	5	participation	participation	NOUN
cblr-1785	819	6	of	of	ADP
cblr-1785	819	7	retail	retail	ADJ
cblr-1785	819	8	investors	investor	NOUN
cblr-1785	819	9	in	in	ADP
cblr-1785	819	10	the	the	DET
cblr-1785	819	11	offering	offering	NOUN
cblr-1785	819	12	does	do	AUX
cblr-1785	819	13	present	present	VERB
cblr-1785	819	14	a	a	DET
cblr-1785	819	15	reason	reason	NOUN
cblr-1785	819	16	to	to	PART
cblr-1785	819	17	adopt	adopt	VERB
cblr-1785	819	18	stronger	strong	ADJ
cblr-1785	819	19	protections	protection	NOUN
cblr-1785	819	20	with	with	ADP
cblr-1785	819	21	respect	respect	NOUN
cblr-1785	819	22	to	to	ADP
cblr-1785	819	23	those	those	DET
cblr-1785	819	24	investors	investor	NOUN
cblr-1785	819	25	.	.	PUNCT
cblr-1785	820	1	but	but	CCONJ
cblr-1785	820	2	their	their	PRON
cblr-1785	820	3	presence	presence	NOUN
cblr-1785	820	4	does	do	AUX
cblr-1785	820	5	not	not	PART
cblr-1785	820	6	seem	seem	VERB
cblr-1785	820	7	to	to	PART
cblr-1785	820	8	make	make	VERB
cblr-1785	820	9	the	the	DET
cblr-1785	820	10	offering	offering	NOUN
cblr-1785	820	11	riskier	risky	ADJ
cblr-1785	820	12	for	for	ADP
cblr-1785	820	13	accredited	accredited	ADJ
cblr-1785	820	14	investors	investor	NOUN
cblr-1785	820	15	.	.	PUNCT
cblr-1785	821	1	if	if	SCONJ
cblr-1785	821	2	anything	anything	PRON
cblr-1785	821	3	,	,	PUNCT
cblr-1785	821	4	accredited	accredit	VERB
cblr-1785	821	5	investors	investor	NOUN
cblr-1785	821	6	would	would	AUX
cblr-1785	821	7	benefit	benefit	VERB
cblr-1785	821	8	from	from	ADP
cblr-1785	821	9	free	free	ADJ
cblr-1785	821	10	access	access	NOUN
cblr-1785	821	11	to	to	ADP
cblr-1785	821	12	mandatory	mandatory	ADJ
cblr-1785	821	13	disclosures	disclosure	NOUN
cblr-1785	821	14	that	that	SCONJ
cblr-1785	821	15	they	they	PRON
cblr-1785	821	16	would	would	AUX
cblr-1785	821	17	have	have	AUX
cblr-1785	821	18	previously	previously	ADV
cblr-1785	821	19	had	have	AUX
cblr-1785	821	20	to	to	PART
cblr-1785	821	21	obtain	obtain	VERB
cblr-1785	821	22	on	on	ADP
cblr-1785	821	23	their	their	PRON
cblr-1785	821	24	own	own	ADJ
cblr-1785	821	25	,	,	PUNCT
cblr-1785	821	26	as	as	ADV
cblr-1785	821	27	well	well	ADV
cblr-1785	821	28	as	as	ADP
cblr-1785	821	29	from	from	ADP
cblr-1785	821	30	the	the	DET
cblr-1785	821	31	screening	screening	NOUN
cblr-1785	821	32	efforts	effort	NOUN
cblr-1785	821	33	of	of	ADP
cblr-1785	821	34	funding	funding	NOUN
cblr-1785	821	35	portals	portal	NOUN
cblr-1785	821	36	.	.	PUNCT
cblr-1785	822	1	thus	thus	ADV
cblr-1785	822	2	,	,	PUNCT
cblr-1785	822	3	investing	invest	VERB
cblr-1785	822	4	alongside	alongside	ADP
cblr-1785	822	5	retail	retail	ADJ
cblr-1785	822	6	investors	investor	NOUN
cblr-1785	822	7	may	may	AUX
cblr-1785	822	8	actually	actually	ADV
cblr-1785	822	9	be	be	AUX
cblr-1785	822	10	a	a	DET
cblr-1785	822	11	safer	safe	ADJ
cblr-1785	822	12	option	option	NOUN
cblr-1785	822	13	for	for	ADP
cblr-1785	822	14	accredited	accredited	ADJ
cblr-1785	822	15	investors	investor	NOUN
cblr-1785	822	16	.	.	PUNCT
cblr-1785	823	1	also	also	ADV
cblr-1785	823	2	,	,	PUNCT
cblr-1785	823	3	as	as	SCONJ
cblr-1785	823	4	the	the	DET
cblr-1785	823	5	sec	sec	PROPN
cblr-1785	823	6	has	have	VERB
cblr-1785	823	7	acknowledged,159	acknowledged,159	PROPN
cblr-1785	823	8	the	the	DET
cblr-1785	823	9	presence	presence	NOUN
cblr-1785	823	10	of	of	ADP
cblr-1785	823	11	more	more	ADV
cblr-1785	823	12	experienced	experienced	ADJ
cblr-1785	823	13	and	and	CCONJ
cblr-1785	823	14	knowledgeable	knowledgeable	ADJ
cblr-1785	823	15	investors	investor	NOUN
cblr-1785	823	16	can	can	AUX
cblr-1785	823	17	provide	provide	VERB
cblr-1785	823	18	benefits	benefit	NOUN
cblr-1785	823	19	to	to	ADP
cblr-1785	823	20	retail	retail	ADJ
cblr-1785	823	21	investors	investor	NOUN
cblr-1785	823	22	in	in	ADP
cblr-1785	823	23	the	the	DET
cblr-1785	823	24	form	form	NOUN
cblr-1785	823	25	of	of	ADP
cblr-1785	823	26	more	more	ADV
cblr-1785	823	27	accurately	accurately	ADV
cblr-1785	823	28	priced	price	VERB
cblr-1785	823	29	securities	security	NOUN
cblr-1785	823	30	.	.	PUNCT
cblr-1785	824	1	therefore	therefore	ADV
cblr-1785	824	2	,	,	PUNCT
cblr-1785	824	3	allowing	allow	VERB
cblr-1785	824	4	accredited	accredit	VERB
cblr-1785	824	5	investors	investor	NOUN
cblr-1785	824	6	to	to	PART
cblr-1785	824	7	make	make	VERB
cblr-1785	824	8	unlimited	unlimited	ADJ
cblr-1785	824	9	contributions	contribution	NOUN
cblr-1785	824	10	to	to	ADP
cblr-1785	824	11	section	section	NOUN
cblr-1785	824	12	4(a)(6	4(a)(6	NUM
cblr-1785	824	13	)	)	PUNCT
cblr-1785	824	14	offerings	offering	NOUN
cblr-1785	824	15	,	,	PUNCT
cblr-1785	824	16	while	while	SCONJ
cblr-1785	824	17	not	not	PART
cblr-1785	824	18	counting	count	VERB
cblr-1785	824	19	those	those	DET
cblr-1785	824	20	contributions	contribution	NOUN
cblr-1785	824	21	against	against	ADP
cblr-1785	824	22	the	the	DET
cblr-1785	824	23	offering	offering	NOUN
cblr-1785	824	24	cap	cap	NOUN
cblr-1785	824	25	,	,	PUNCT
cblr-1785	824	26	could	could	AUX
cblr-1785	824	27	potentially	potentially	ADV
cblr-1785	824	28	benefit	benefit	VERB
cblr-1785	824	29	all	all	DET
cblr-1785	824	30	parties	party	NOUN
cblr-1785	824	31	involved	involve	VERB
cblr-1785	824	32	.	.	PUNCT
cblr-1785	825	1	issuers	issuer	NOUN
cblr-1785	825	2	would	would	AUX
cblr-1785	825	3	retain	retain	VERB
cblr-1785	825	4	access	access	NOUN
cblr-1785	825	5	to	to	ADP
cblr-1785	825	6	the	the	DET
cblr-1785	825	7	full	full	ADJ
cblr-1785	825	8	crowd	crowd	NOUN
cblr-1785	825	9	while	while	SCONJ
cblr-1785	825	10	enjoying	enjoy	VERB
cblr-1785	825	11	a	a	DET
cblr-1785	825	12	larger	large	ADJ
cblr-1785	825	13	pool	pool	NOUN
cblr-1785	825	14	of	of	ADP
cblr-1785	825	15	available	available	ADJ
cblr-1785	825	16	capital	capital	NOUN
cblr-1785	825	17	.	.	PUNCT
cblr-1785	826	1	retail	retail	ADJ
cblr-1785	826	2	investors	investor	NOUN
cblr-1785	826	3	would	would	AUX
cblr-1785	826	4	be	be	AUX
cblr-1785	826	5	able	able	ADJ
cblr-1785	826	6	to	to	PART
cblr-1785	826	7	piggyback	piggyback	VERB
cblr-1785	826	8	off	off	ADP
cblr-1785	826	9	of	of	ADP
cblr-1785	826	10	the	the	DET
cblr-1785	826	11	diligence	diligence	NOUN
cblr-1785	826	12	,	,	PUNCT
cblr-1785	826	13	pricing	pricing	NOUN
cblr-1785	826	14	,	,	PUNCT
cblr-1785	826	15	and	and	CCONJ
cblr-1785	826	16	monitoring	monitor	VERB
cblr-1785	826	17	157	157	NUM
cblr-1785	826	18	again	again	ADV
cblr-1785	826	19	,	,	PUNCT
cblr-1785	826	20	washington	washington	PROPN
cblr-1785	826	21	’s	’s	PART
cblr-1785	826	22	is	be	AUX
cblr-1785	826	23	the	the	DET
cblr-1785	826	24	only	only	ADJ
cblr-1785	826	25	state	state	NOUN
cblr-1785	826	26	exemption	exemption	NOUN
cblr-1785	826	27	that	that	PRON
cblr-1785	826	28	limits	limit	VERB
cblr-1785	826	29	accredited	accredited	ADJ
cblr-1785	826	30	investor	investor	NOUN
cblr-1785	826	31	contributions	contribution	NOUN
cblr-1785	826	32	.	.	PUNCT
cblr-1785	827	1	see	see	VERB
cblr-1785	827	2	wash	wash	NOUN
cblr-1785	827	3	.	.	PUNCT
cblr-1785	828	1	rev	rev	PROPN
cblr-1785	828	2	.	.	PROPN
cblr-1785	828	3	code	code	PROPN
cblr-1785	828	4	ann	ann	PROPN
cblr-1785	828	5	.	.	PUNCT
cblr-1785	829	1	§	§	PROPN
cblr-1785	829	2	21.20.0001(1)(g	21.20.0001(1)(g	PROPN
cblr-1785	829	3	)	)	PUNCT
cblr-1785	829	4	(	(	PUNCT
cblr-1785	829	5	west	west	NOUN
cblr-1785	829	6	2014	2014	NUM
cblr-1785	829	7	)	)	PUNCT
cblr-1785	829	8	.	.	PUNCT
cblr-1785	830	1	158	158	NUM
cblr-1785	830	2	see	see	VERB
cblr-1785	830	3	ind	ind	PROPN
cblr-1785	830	4	.	.	PUNCT
cblr-1785	831	1	code	code	PROPN
cblr-1785	831	2	.	.	PUNCT
cblr-1785	832	1	ann	ann	PROPN
cblr-1785	832	2	.	.	PUNCT
cblr-1785	833	1	§	§	PROPN
cblr-1785	833	2	23	23	NUM
cblr-1785	833	3	-	-	SYM
cblr-1785	833	4	19	19	NUM
cblr-1785	833	5	-	-	PUNCT
cblr-1785	833	6	2	2	NUM
cblr-1785	833	7	-	-	PUNCT
cblr-1785	833	8	2(27)(c	2(27)(c	NUM
cblr-1785	833	9	)	)	PUNCT
cblr-1785	833	10	(	(	PUNCT
cblr-1785	833	11	west	west	NOUN
cblr-1785	833	12	2014	2014	NUM
cblr-1785	833	13	)	)	PUNCT
cblr-1785	833	14	;	;	PUNCT
cblr-1785	833	15	wis	wis	PROPN
cblr-1785	833	16	.	.	PUNCT
cblr-1785	833	17	stat	stat	PROPN
cblr-1785	833	18	.	.	PUNCT
cblr-1785	834	1	ann	ann	PROPN
cblr-1785	834	2	.	.	PUNCT
cblr-1785	835	1	§	§	PROPN
cblr-1785	835	2	§	§	PROPN
cblr-1785	835	3	551.202(26)(c)(1	551.202(26)(c)(1	NUM
cblr-1785	835	4	)	)	PUNCT
cblr-1785	835	5	,	,	PUNCT
cblr-1785	835	6	551.202(27)(c)(1	551.202(27)(c)(1	NUM
cblr-1785	835	7	)	)	PUNCT
cblr-1785	835	8	(	(	PUNCT
cblr-1785	835	9	west	west	NOUN
cblr-1785	835	10	2013	2013	NUM
cblr-1785	835	11	)	)	PUNCT
cblr-1785	835	12	.	.	PUNCT
cblr-1785	836	1	159	159	NUM
cblr-1785	836	2	see	see	VERB
cblr-1785	836	3	sec	sec	PROPN
cblr-1785	836	4	proposed	propose	VERB
cblr-1785	836	5	rules	rule	NOUN
cblr-1785	836	6	,	,	PUNCT
cblr-1785	836	7	supra	supra	PROPN
cblr-1785	836	8	note	note	NOUN
cblr-1785	836	9	5	5	NUM
cblr-1785	836	10	,	,	PUNCT
cblr-1785	836	11	at	at	ADP
cblr-1785	836	12	354	354	NUM
cblr-1785	836	13	.	.	PUNCT
cblr-1785	837	1	pei	pei	PROPN
cblr-1785	837	2	final	final	ADJ
cblr-1785	837	3	no	no	NOUN
cblr-1785	837	4	.	.	PUNCT
cblr-1785	838	1	3:854	3:854	NUM
cblr-1785	838	2	]	]	X
cblr-1785	838	3	intrastate	intrastate	ADJ
cblr-1785	838	4	crowdfunding	crowdfunding	NOUN
cblr-1785	838	5	897	897	NUM
cblr-1785	838	6	work	work	NOUN
cblr-1785	838	7	of	of	ADP
cblr-1785	838	8	more	more	ADV
cblr-1785	838	9	seasoned	seasoned	ADJ
cblr-1785	838	10	investors	investor	NOUN
cblr-1785	838	11	.	.	PUNCT
cblr-1785	839	1	finally	finally	ADV
cblr-1785	839	2	,	,	PUNCT
cblr-1785	839	3	accredited	accredit	VERB
cblr-1785	839	4	investors	investor	NOUN
cblr-1785	839	5	would	would	AUX
cblr-1785	839	6	benefit	benefit	VERB
cblr-1785	839	7	from	from	ADP
cblr-1785	839	8	mandatory	mandatory	ADJ
cblr-1785	839	9	disclosures	disclosure	NOUN
cblr-1785	839	10	and	and	CCONJ
cblr-1785	839	11	the	the	DET
cblr-1785	839	12	efforts	effort	NOUN
cblr-1785	839	13	of	of	ADP
cblr-1785	839	14	crowdfunding	crowdfunde	VERB
cblr-1785	839	15	sites	site	NOUN
cblr-1785	839	16	to	to	PART
cblr-1785	839	17	screen	screen	VERB
cblr-1785	839	18	out	out	ADP
cblr-1785	839	19	untrustworthy	untrustworthy	ADJ
cblr-1785	839	20	issuers	issuer	NOUN
cblr-1785	839	21	.	.	PUNCT
cblr-1785	840	1	v.	v.	ADP
cblr-1785	840	2	conclusion	conclusion	NOUN
cblr-1785	840	3	the	the	DET
cblr-1785	840	4	federal	federal	ADJ
cblr-1785	840	5	crowdfunding	crowdfunding	NOUN
cblr-1785	840	6	exemption	exemption	NOUN
cblr-1785	840	7	has	have	AUX
cblr-1785	840	8	received	receive	VERB
cblr-1785	840	9	a	a	DET
cblr-1785	840	10	large	large	ADJ
cblr-1785	840	11	amount	amount	NOUN
cblr-1785	840	12	of	of	ADP
cblr-1785	840	13	attention	attention	NOUN
cblr-1785	840	14	from	from	ADP
cblr-1785	840	15	the	the	DET
cblr-1785	840	16	press	press	NOUN
cblr-1785	840	17	,	,	PUNCT
cblr-1785	840	18	business	business	NOUN
cblr-1785	840	19	community	community	NOUN
cblr-1785	840	20	,	,	PUNCT
cblr-1785	840	21	and	and	CCONJ
cblr-1785	840	22	legal	legal	ADJ
cblr-1785	840	23	scholars	scholar	NOUN
cblr-1785	840	24	.	.	PUNCT
cblr-1785	841	1	the	the	DET
cblr-1785	841	2	state	state	NOUN
cblr-1785	841	3	exemptions	exemption	NOUN
cblr-1785	841	4	,	,	PUNCT
cblr-1785	841	5	although	although	SCONJ
cblr-1785	841	6	they	they	PRON
cblr-1785	841	7	are	be	AUX
cblr-1785	841	8	gaining	gain	VERB
cblr-1785	841	9	momentum	momentum	NOUN
cblr-1785	841	10	in	in	ADP
cblr-1785	841	11	terms	term	NOUN
cblr-1785	841	12	of	of	ADP
cblr-1785	841	13	popularity	popularity	NOUN
cblr-1785	841	14	,	,	PUNCT
cblr-1785	841	15	have	have	AUX
cblr-1785	841	16	received	receive	VERB
cblr-1785	841	17	relatively	relatively	ADV
cblr-1785	841	18	scant	scant	ADJ
cblr-1785	841	19	attention	attention	NOUN
cblr-1785	841	20	from	from	ADP
cblr-1785	841	21	both	both	DET
cblr-1785	841	22	commentators	commentator	NOUN
cblr-1785	841	23	and	and	CCONJ
cblr-1785	841	24	investors	investor	NOUN
cblr-1785	841	25	.	.	PUNCT
cblr-1785	842	1	this	this	DET
cblr-1785	842	2	note	note	NOUN
cblr-1785	842	3	engages	engage	VERB
cblr-1785	842	4	in	in	ADP
cblr-1785	842	5	the	the	DET
cblr-1785	842	6	first	first	ADJ
cblr-1785	842	7	sustained	sustained	ADJ
cblr-1785	842	8	comparison	comparison	NOUN
cblr-1785	842	9	of	of	ADP
cblr-1785	842	10	the	the	DET
cblr-1785	842	11	state	state	NOUN
cblr-1785	842	12	and	and	CCONJ
cblr-1785	842	13	federal	federal	ADJ
cblr-1785	842	14	exemptions	exemption	NOUN
cblr-1785	842	15	,	,	PUNCT
cblr-1785	842	16	and	and	CCONJ
cblr-1785	842	17	thus	thus	ADV
cblr-1785	842	18	attempts	attempt	VERB
cblr-1785	842	19	to	to	PART
cblr-1785	842	20	address	address	VERB
cblr-1785	842	21	the	the	DET
cblr-1785	842	22	first	first	ADJ
cblr-1785	842	23	of	of	ADP
cblr-1785	842	24	these	these	DET
cblr-1785	842	25	deficits	deficit	NOUN
cblr-1785	842	26	.	.	PUNCT
cblr-1785	843	1	by	by	ADP
cblr-1785	843	2	implementing	implement	VERB
cblr-1785	843	3	the	the	DET
cblr-1785	843	4	first	first	ADJ
cblr-1785	843	5	three	three	NUM
cblr-1785	843	6	recommendations	recommendation	NOUN
cblr-1785	843	7	made	make	VERB
cblr-1785	843	8	in	in	ADP
cblr-1785	843	9	part	part	NOUN
cblr-1785	843	10	iv	iv	NUM
cblr-1785	843	11	,	,	PUNCT
cblr-1785	843	12	it	it	PRON
cblr-1785	843	13	has	have	AUX
cblr-1785	843	14	been	be	AUX
cblr-1785	843	15	argued	argue	VERB
cblr-1785	843	16	,	,	PUNCT
cblr-1785	843	17	states	state	NOUN
cblr-1785	843	18	may	may	AUX
cblr-1785	843	19	begin	begin	VERB
cblr-1785	843	20	to	to	PART
cblr-1785	843	21	address	address	VERB
cblr-1785	843	22	the	the	DET
cblr-1785	843	23	second	second	ADJ
cblr-1785	843	24	deficit	deficit	NOUN
cblr-1785	843	25	as	as	ADV
cblr-1785	843	26	well	well	ADV
cblr-1785	843	27	.	.	PUNCT
cblr-1785	844	1	finally	finally	ADV
cblr-1785	844	2	,	,	PUNCT
cblr-1785	844	3	this	this	DET
cblr-1785	844	4	note	note	NOUN
cblr-1785	844	5	has	have	AUX
cblr-1785	844	6	argued	argue	VERB
cblr-1785	844	7	that	that	SCONJ
cblr-1785	844	8	interstate	interstate	ADJ
cblr-1785	844	9	crowdfunding	crowdfunding	NOUN
cblr-1785	844	10	may	may	AUX
cblr-1785	844	11	be	be	AUX
cblr-1785	844	12	able	able	ADJ
cblr-1785	844	13	to	to	PART
cblr-1785	844	14	avoid	avoid	VERB
cblr-1785	844	15	the	the	DET
cblr-1785	844	16	underutilization	underutilization	NOUN
cblr-1785	844	17	that	that	PRON
cblr-1785	844	18	has	have	AUX
cblr-1785	844	19	so	so	ADV
cblr-1785	844	20	far	far	ADV
cblr-1785	844	21	befallen	befall	VERB
cblr-1785	844	22	the	the	DET
cblr-1785	844	23	state	state	NOUN
cblr-1785	844	24	exemptions	exemption	NOUN
cblr-1785	844	25	by	by	ADP
cblr-1785	844	26	removing	remove	VERB
cblr-1785	844	27	individual	individual	ADJ
cblr-1785	844	28	investment	investment	NOUN
cblr-1785	844	29	limits	limit	NOUN
cblr-1785	844	30	for	for	ADP
cblr-1785	844	31	accredited	accredited	ADJ
cblr-1785	844	32	investors	investor	NOUN
cblr-1785	844	33	.	.	PUNCT
cblr-1785	845	1	pei	pei	PROPN
cblr-1785	845	2	final	final	ADJ
cblr-1785	845	3	898	898	NUM
cblr-1785	845	4	columbia	columbia	PROPN
cblr-1785	845	5	business	business	NOUN
cblr-1785	845	6	law	law	PROPN
cblr-1785	845	7	review	review	NOUN
cblr-1785	845	8	[	[	X
cblr-1785	845	9	vol	vol	NOUN
cblr-1785	845	10	.	.	PUNCT
cblr-1785	845	11	2014	2014	NUM
cblr-1785	845	12	appendix	appendix	NOUN
cblr-1785	845	13	table	table	NOUN
cblr-1785	845	14	1	1	NUM
cblr-1785	845	15	:	:	PUNCT
cblr-1785	845	16	comparison	comparison	NOUN
cblr-1785	845	17	of	of	ADP
cblr-1785	845	18	federal	federal	ADJ
cblr-1785	845	19	,	,	PUNCT
cblr-1785	845	20	kansas	kansas	PROPN
cblr-1785	845	21	,	,	PUNCT
cblr-1785	845	22	georgia	georgia	PROPN
cblr-1785	845	23	,	,	PUNCT
cblr-1785	845	24	wisconsin	wisconsin	PROPN
cblr-1785	845	25	,	,	PUNCT
cblr-1785	845	26	and	and	CCONJ
cblr-1785	845	27	michigan	michigan	PROPN
cblr-1785	845	28	exemptions160	exemptions160	PROPN
cblr-1785	845	29	160	160	NUM
cblr-1785	845	30	although	although	SCONJ
cblr-1785	845	31	the	the	DET
cblr-1785	845	32	formats	format	NOUN
cblr-1785	845	33	and	and	CCONJ
cblr-1785	845	34	content	content	NOUN
cblr-1785	845	35	vary	vary	VERB
cblr-1785	845	36	,	,	PUNCT
cblr-1785	845	37	the	the	DET
cblr-1785	845	38	table	table	NOUN
cblr-1785	845	39	here	here	ADV
cblr-1785	845	40	is	be	AUX
cblr-1785	845	41	indebted	indebte	VERB
cblr-1785	845	42	to	to	ADP
cblr-1785	845	43	the	the	DET
cblr-1785	845	44	very	very	ADV
cblr-1785	845	45	useful	useful	ADJ
cblr-1785	845	46	table	table	NOUN
cblr-1785	845	47	provided	provide	VERB
cblr-1785	845	48	by	by	ADP
cblr-1785	845	49	carolyn	carolyn	PROPN
cblr-1785	845	50	meade	meade	PROPN
cblr-1785	845	51	in	in	ADP
cblr-1785	845	52	her	her	PRON
cblr-1785	845	53	article	article	NOUN
cblr-1785	845	54	.	.	PUNCT
cblr-1785	846	1	see	see	VERB
cblr-1785	846	2	carolyn	carolyn	PROPN
cblr-1785	846	3	p.	p.	PROPN
cblr-1785	846	4	meade	meade	PROPN
cblr-1785	846	5	,	,	PUNCT
cblr-1785	846	6	states	states	PROPN
cblr-1785	846	7	pilot	pilot	NOUN
cblr-1785	846	8	crowdfunding	crowdfunding	NOUN
cblr-1785	846	9	initiatives	initiative	NOUN
cblr-1785	846	10	to	to	PART
cblr-1785	846	11	increase	increase	VERB
cblr-1785	846	12	funding	funding	NOUN
cblr-1785	846	13	for	for	ADP
cblr-1785	846	14	small	small	ADJ
cblr-1785	846	15	business	business	NOUN
cblr-1785	846	16	,	,	PUNCT
cblr-1785	846	17	bloomberg	bloomberg	PROPN
cblr-1785	846	18	law	law	NOUN
cblr-1785	846	19	,	,	PUNCT
cblr-1785	846	20	(	(	PUNCT
cblr-1785	846	21	sep	sep	PROPN
cblr-1785	846	22	.	.	PROPN
cblr-1785	846	23	10	10	NUM
cblr-1785	846	24	,	,	PUNCT
cblr-1785	846	25	2014	2014	NUM
cblr-1785	846	26	)	)	PUNCT
cblr-1785	846	27	,	,	PUNCT
cblr-1785	846	28	http://perma.cc/gy4q-b69	http://perma.cc/gy4q-b69	SCONJ
cblr-1785	846	29	m.	m.	NOUN
cblr-1785	846	30	for	for	ADP
cblr-1785	846	31	a	a	DET
cblr-1785	846	32	very	very	ADV
cblr-1785	846	33	detailed	detailed	ADJ
cblr-1785	846	34	chart	chart	NOUN
cblr-1785	846	35	comparing	compare	VERB
cblr-1785	846	36	all	all	PRON
cblr-1785	846	37	of	of	ADP
cblr-1785	846	38	the	the	DET
cblr-1785	846	39	state	state	NOUN
cblr-1785	846	40	crowdfunding	crowdfunding	NOUN
cblr-1785	846	41	exemptions	exemption	NOUN
cblr-1785	846	42	enacted	enact	VERB
cblr-1785	846	43	as	as	ADP
cblr-1785	846	44	of	of	ADP
cblr-1785	846	45	july	july	PROPN
cblr-1785	846	46	,	,	PUNCT
cblr-1785	846	47	2014	2014	NUM
cblr-1785	846	48	,	,	PUNCT
cblr-1785	846	49	see	see	VERB
cblr-1785	846	50	anthony	anthony	PROPN
cblr-1785	846	51	j.	j.	PROPN
cblr-1785	846	52	zeoli	zeoli	PROPN
cblr-1785	846	53	and	and	CCONJ
cblr-1785	846	54	georgia	georgia	PROPN
cblr-1785	846	55	p.	p.	PROPN
cblr-1785	846	56	quinn	quinn	PROPN
cblr-1785	846	57	,	,	PUNCT
cblr-1785	846	58	summary	summary	NOUN
cblr-1785	846	59	of	of	ADP
cblr-1785	846	60	enacted	enact	VERB
cblr-1785	846	61	instrastate	instrastate	NOUN
cblr-1785	846	62	crowdfunding	crowdfunding	NOUN
cblr-1785	846	63	exemptions	exemption	NOUN
cblr-1785	846	64	(	(	PUNCT
cblr-1785	846	65	as	as	ADP
cblr-1785	846	66	of	of	ADP
cblr-1785	846	67	july	july	PROPN
cblr-1785	846	68	,	,	PUNCT
cblr-1785	846	69	2014	2014	NUM
cblr-1785	846	70	)	)	PUNCT
cblr-1785	846	71	,	,	PUNCT
cblr-1785	846	72	crowdcheck	crowdcheck	PROPN
cblr-1785	846	73	blog	blog	PROPN
cblr-1785	846	74	(	(	PUNCT
cblr-1785	846	75	july	july	PROPN
cblr-1785	846	76	14	14	NUM
cblr-1785	846	77	,	,	PUNCT
cblr-1785	846	78	2014	2014	NUM
cblr-1785	846	79	)	)	PUNCT
cblr-1785	846	80	,	,	PUNCT
cblr-1785	846	81	http://perma.cc/gq3j-8bjr	http://perma.cc/gq3j-8bjr	PROPN
cblr-1785	846	82	.	.	PUNCT
cblr-1785	847	1	jobs	job	NOUN
cblr-1785	847	2	act	act	VERB
cblr-1785	847	3	securities	securities	PROPN
cblr-1785	847	4	act	act	NOUN
cblr-1785	847	5	of	of	ADP
cblr-1785	847	6	1933	1933	NUM
cblr-1785	847	7	§	§	PROPN
cblr-1785	847	8	4(a)(6	4(a)(6	NUM
cblr-1785	847	9	)	)	PUNCT
cblr-1785	847	10	(	(	PUNCT
cblr-1785	847	11	codified	codify	VERB
cblr-1785	847	12	in	in	ADP
cblr-1785	847	13	15	15	NUM
cblr-1785	847	14	u.s.c	u.s.c	NOUN
cblr-1785	847	15	.	.	PUNCT
cblr-1785	847	16	)	)	PUNCT
cblr-1785	847	17	invest	invest	VERB
cblr-1785	847	18	kansas	kansas	PROPN
cblr-1785	847	19	exemption	exemption	PROPN
cblr-1785	847	20	kan	kan	PROPN
cblr-1785	847	21	.	.	PUNCT
cblr-1785	848	1	admin	admin	PROPN
cblr-1785	848	2	.	.	PUNCT
cblr-1785	849	1	regs	regs	PROPN
cblr-1785	849	2	.	.	PUNCT
cblr-1785	850	1	§	§	PROPN
cblr-1785	850	2	81	81	NUM
cblr-1785	850	3	-	-	SYM
cblr-1785	850	4	5	5	NUM
cblr-1785	850	5	-	-	SYM
cblr-1785	850	6	21	21	NUM
cblr-1785	850	7	invest	invest	NOUN
cblr-1785	850	8	georgia	georgia	PROPN
cblr-1785	850	9	exemption	exemption	PROPN
cblr-1785	850	10	ga	ga	PROPN
cblr-1785	850	11	.	.	PROPN
cblr-1785	850	12	comp	comp	PROPN
cblr-1785	850	13	.	.	PUNCT
cblr-1785	851	1	r.	r.	PROPN
cblr-1785	851	2	&	&	CCONJ
cblr-1785	851	3	regs	regs	PROPN
cblr-1785	851	4	.	.	PUNCT
cblr-1785	852	1	§	§	PROPN
cblr-1785	852	2	590	590	NUM
cblr-1785	852	3	-	-	PUNCT
cblr-1785	852	4	42-.08	42-.08	NUM
cblr-1785	852	5	case	case	NOUN
cblr-1785	852	6	for	for	ADP
cblr-1785	852	7	jobs	job	NOUN
cblr-1785	852	8	act	act	VERB
cblr-1785	852	9	wis	wis	PROPN
cblr-1785	852	10	.	.	PUNCT
cblr-1785	853	1	stat	stat	PROPN
cblr-1785	853	2	.	.	PUNCT
cblr-1785	854	1	ann	ann	PROPN
cblr-1785	854	2	.	.	PUNCT
cblr-1785	855	1	§	§	PROPN
cblr-1785	855	2	551.202(26	551.202(26	NUM
cblr-1785	855	3	)	)	PUNCT
cblr-1785	855	4	michigan	michigan	PROPN
cblr-1785	855	5	invests	invest	NOUN
cblr-1785	855	6	locally	locally	ADV
cblr-1785	855	7	exemption	exemption	NOUN
cblr-1785	855	8	mich	mich	PROPN
cblr-1785	855	9	.	.	PUNCT
cblr-1785	856	1	comp	comp	PROPN
cblr-1785	856	2	.	.	PUNCT
cblr-1785	857	1	laws	law	NOUN
cblr-1785	857	2	ann	ann	PROPN
cblr-1785	857	3	.	.	PUNCT
cblr-1785	858	1	§	§	PROPN
cblr-1785	858	2	451.2202a	451.2202a	PROPN
cblr-1785	858	3	issuer	issuer	NOUN
cblr-1785	858	4	eligibility	eligibility	NOUN
cblr-1785	858	5	§	§	PROPN
cblr-1785	858	6	77d-1(f	77d-1(f	NUM
cblr-1785	858	7	):	):	PUNCT
cblr-1785	858	8	the	the	DET
cblr-1785	858	9	issuer	issuer	NOUN
cblr-1785	858	10	must	must	AUX
cblr-1785	858	11	be	be	AUX
cblr-1785	858	12	organized	organize	VERB
cblr-1785	858	13	under	under	ADP
cblr-1785	858	14	the	the	DET
cblr-1785	858	15	law	law	NOUN
cblr-1785	858	16	of	of	ADP
cblr-1785	858	17	a	a	DET
cblr-1785	858	18	u.s	u.s	PROPN
cblr-1785	858	19	.	.	PROPN
cblr-1785	858	20	state	state	PROPN
cblr-1785	858	21	.	.	PUNCT
cblr-1785	859	1	issuer	issuer	NOUN
cblr-1785	859	2	may	may	AUX
cblr-1785	859	3	not	not	PART
cblr-1785	859	4	be	be	AUX
cblr-1785	859	5	a	a	DET
cblr-1785	859	6	reporting	report	VERB
cblr-1785	859	7	company	company	NOUN
cblr-1785	859	8	or	or	CCONJ
cblr-1785	859	9	investment	investment	NOUN
cblr-1785	859	10	company	company	NOUN
cblr-1785	859	11	.	.	PUNCT
cblr-1785	860	1	(	(	PUNCT
cblr-1785	860	2	a)(1	a)(1	NUM
cblr-1785	860	3	):	):	PUNCT
cblr-1785	860	4	the	the	DET
cblr-1785	860	5	issuer	issuer	NOUN
cblr-1785	860	6	must	must	AUX
cblr-1785	860	7	be	be	AUX
cblr-1785	860	8	a	a	DET
cblr-1785	860	9	business	business	NOUN
cblr-1785	860	10	or	or	CCONJ
cblr-1785	860	11	organization	organization	NOUN
cblr-1785	860	12	formed	form	VERB
cblr-1785	860	13	under	under	ADP
cblr-1785	860	14	the	the	DET
cblr-1785	860	15	laws	law	NOUN
cblr-1785	860	16	of	of	ADP
cblr-1785	860	17	ks	ks	NOUN
cblr-1785	860	18	and	and	CCONJ
cblr-1785	860	19	registered	register	VERB
cblr-1785	860	20	with	with	ADP
cblr-1785	860	21	the	the	DET
cblr-1785	860	22	secretary	secretary	PROPN
cblr-1785	860	23	of	of	ADP
cblr-1785	860	24	state	state	PROPN
cblr-1785	860	25	.	.	PUNCT
cblr-1785	861	1	(	(	PUNCT
cblr-1785	861	2	1)(a	1)(a	NUM
cblr-1785	861	3	):	):	PUNCT
cblr-1785	861	4	the	the	DET
cblr-1785	861	5	issuer	issuer	NOUN
cblr-1785	861	6	must	must	AUX
cblr-1785	861	7	be	be	AUX
cblr-1785	861	8	a	a	DET
cblr-1785	861	9	for	for	ADP
cblr-1785	861	10	-	-	PUNCT
cblr-1785	861	11	profit	profit	NOUN
cblr-1785	861	12	business	business	NOUN
cblr-1785	861	13	entity	entity	NOUN
cblr-1785	861	14	formed	form	VERB
cblr-1785	861	15	under	under	ADP
cblr-1785	861	16	the	the	DET
cblr-1785	861	17	laws	law	NOUN
cblr-1785	861	18	of	of	ADP
cblr-1785	861	19	ga	ga	PROPN
cblr-1785	861	20	and	and	CCONJ
cblr-1785	861	21	registered	register	VERB
cblr-1785	861	22	with	with	ADP
cblr-1785	861	23	the	the	DET
cblr-1785	861	24	secretary	secretary	PROPN
cblr-1785	861	25	of	of	ADP
cblr-1785	861	26	state	state	PROPN
cblr-1785	861	27	.	.	PUNCT
cblr-1785	862	1	(	(	PUNCT
cblr-1785	862	2	26)(a	26)(a	NOUN
cblr-1785	862	3	):	):	PUNCT
cblr-1785	862	4	the	the	DET
cblr-1785	862	5	issuer	issuer	NOUN
cblr-1785	862	6	of	of	ADP
cblr-1785	862	7	the	the	DET
cblr-1785	862	8	security	security	NOUN
cblr-1785	862	9	is	be	AUX
cblr-1785	862	10	a	a	DET
cblr-1785	862	11	business	business	NOUN
cblr-1785	862	12	entity	entity	NOUN
cblr-1785	862	13	organized	organize	VERB
cblr-1785	862	14	under	under	ADP
cblr-1785	862	15	the	the	DET
cblr-1785	862	16	laws	law	NOUN
cblr-1785	862	17	of	of	ADP
cblr-1785	862	18	wi	wi	PROPN
cblr-1785	862	19	and	and	CCONJ
cblr-1785	862	20	authorized	authorize	VERB
cblr-1785	862	21	to	to	PART
cblr-1785	862	22	do	do	VERB
cblr-1785	862	23	business	business	NOUN
cblr-1785	862	24	in	in	ADP
cblr-1785	862	25	the	the	DET
cblr-1785	862	26	state	state	NOUN
cblr-1785	862	27	.	.	PUNCT
cblr-1785	863	1	(	(	PUNCT
cblr-1785	863	2	1)(a	1)(a	NUM
cblr-1785	863	3	):	):	PUNCT
cblr-1785	863	4	the	the	DET
cblr-1785	863	5	issuer	issuer	NOUN
cblr-1785	863	6	of	of	ADP
cblr-1785	863	7	the	the	DET
cblr-1785	863	8	security	security	NOUN
cblr-1785	863	9	is	be	AUX
cblr-1785	863	10	an	an	DET
cblr-1785	863	11	entity	entity	NOUN
cblr-1785	863	12	that	that	PRON
cblr-1785	863	13	is	be	AUX
cblr-1785	863	14	incorporated	incorporate	VERB
cblr-1785	863	15	or	or	CCONJ
cblr-1785	863	16	organized	organize	VERB
cblr-1785	863	17	under	under	ADP
cblr-1785	863	18	the	the	DET
cblr-1785	863	19	laws	law	NOUN
cblr-1785	863	20	of	of	ADP
cblr-1785	863	21	this	this	DET
cblr-1785	863	22	mi	mi	NOUN
cblr-1785	863	23	and	and	CCONJ
cblr-1785	863	24	is	be	AUX
cblr-1785	863	25	authorized	authorize	VERB
cblr-1785	863	26	to	to	PART
cblr-1785	863	27	do	do	VERB
cblr-1785	863	28	business	business	NOUN
cblr-1785	863	29	in	in	ADP
cblr-1785	863	30	the	the	DET
cblr-1785	863	31	state	state	NOUN
cblr-1785	863	32	.	.	PUNCT
cblr-1785	864	1	n	n	CCONJ
cblr-1785	864	2	/	/	SYM
cblr-1785	864	3	a	a	PRON
cblr-1785	864	4	(	(	PUNCT
cblr-1785	864	5	a)(2	a)(2	NOUN
cblr-1785	864	6	):	):	PUNCT
cblr-1785	864	7	the	the	DET
cblr-1785	864	8	transaction	transaction	NOUN
cblr-1785	864	9	shall	shall	AUX
cblr-1785	864	10	meet	meet	VERB
cblr-1785	864	11	the	the	DET
cblr-1785	864	12	requirements	requirement	NOUN
cblr-1785	864	13	of	of	ADP
cblr-1785	864	14	the	the	DET
cblr-1785	864	15	federal	federal	ADJ
cblr-1785	864	16	exemption	exemption	NOUN
cblr-1785	864	17	for	for	ADP
cblr-1785	864	18	intrastate	intrastate	ADJ
cblr-1785	864	19	offerings	offering	NOUN
cblr-1785	864	20	.	.	PUNCT
cblr-1785	865	1	(	(	PUNCT
cblr-1785	865	2	1)(b	1)(b	NUM
cblr-1785	865	3	):	):	PUNCT
cblr-1785	865	4	the	the	DET
cblr-1785	865	5	transaction	transaction	NOUN
cblr-1785	865	6	shall	shall	AUX
cblr-1785	865	7	meet	meet	VERB
cblr-1785	865	8	the	the	DET
cblr-1785	865	9	requirements	requirement	NOUN
cblr-1785	865	10	of	of	ADP
cblr-1785	865	11	the	the	DET
cblr-1785	865	12	federal	federal	ADJ
cblr-1785	865	13	exemption	exemption	NOUN
cblr-1785	865	14	for	for	ADP
cblr-1785	865	15	intrastate	intrastate	ADJ
cblr-1785	865	16	offerings	offering	NOUN
cblr-1785	865	17	.	.	PUNCT
cblr-1785	866	1	(	(	PUNCT
cblr-1785	866	2	26)(b	26)(b	NUM
cblr-1785	866	3	):	):	PUNCT
cblr-1785	866	4	the	the	DET
cblr-1785	866	5	transaction	transaction	NOUN
cblr-1785	866	6	meets	meet	VERB
cblr-1785	866	7	the	the	DET
cblr-1785	866	8	requirements	requirement	NOUN
cblr-1785	866	9	of	of	ADP
cblr-1785	866	10	the	the	DET
cblr-1785	866	11	federal	federal	ADJ
cblr-1785	866	12	exemption	exemption	NOUN
cblr-1785	866	13	for	for	ADP
cblr-1785	866	14	intrastate	intrastate	ADJ
cblr-1785	866	15	offerings	offering	NOUN
cblr-1785	866	16	.	.	PUNCT
cblr-1785	867	1	(	(	PUNCT
cblr-1785	867	2	1)(b	1)(b	NUM
cblr-1785	867	3	):	):	PUNCT
cblr-1785	867	4	the	the	DET
cblr-1785	867	5	transaction	transaction	NOUN
cblr-1785	867	6	meets	meet	VERB
cblr-1785	867	7	the	the	DET
cblr-1785	867	8	requirements	requirement	NOUN
cblr-1785	867	9	for	for	ADP
cblr-1785	867	10	the	the	DET
cblr-1785	867	11	federal	federal	ADJ
cblr-1785	867	12	exemption	exemption	NOUN
cblr-1785	867	13	for	for	ADP
cblr-1785	867	14	intrastate	intrastate	ADJ
cblr-1785	867	15	offerings	offering	NOUN
cblr-1785	867	16	.	.	PUNCT
cblr-1785	868	1	pei	pei	PROPN
cblr-1785	868	2	final	final	ADJ
cblr-1785	868	3	no	no	NOUN
cblr-1785	868	4	.	.	PUNCT
cblr-1785	869	1	3:854	3:854	NUM
cblr-1785	869	2	]	]	X
cblr-1785	869	3	intrastate	intrastate	ADJ
cblr-1785	869	4	crowdfunding	crowdfunde	VERB
cblr-1785	869	5	899	899	NUM
cblr-1785	869	6	table	table	NOUN
cblr-1785	869	7	1	1	NUM
cblr-1785	869	8	:	:	PUNCT
cblr-1785	869	9	comparison	comparison	NOUN
cblr-1785	869	10	of	of	ADP
cblr-1785	869	11	federal	federal	ADJ
cblr-1785	869	12	,	,	PUNCT
cblr-1785	869	13	kansas	kansas	PROPN
cblr-1785	869	14	,	,	PUNCT
cblr-1785	869	15	georgia	georgia	PROPN
cblr-1785	869	16	,	,	PUNCT
cblr-1785	869	17	wisconsin	wisconsin	PROPN
cblr-1785	869	18	,	,	PUNCT
cblr-1785	869	19	and	and	CCONJ
cblr-1785	869	20	michigan	michigan	PROPN
cblr-1785	869	21	exemptions	exemption	NOUN
cblr-1785	869	22	(	(	PUNCT
cblr-1785	869	23	cont	cont	NOUN
cblr-1785	869	24	.	.	PUNCT
cblr-1785	869	25	)	)	PUNCT
cblr-1785	869	26	jobs	job	NOUN
cblr-1785	869	27	act	act	VERB
cblr-1785	869	28	securities	securities	PROPN
cblr-1785	869	29	act	act	NOUN
cblr-1785	869	30	of	of	ADP
cblr-1785	869	31	1933	1933	NUM
cblr-1785	869	32	§	§	PROPN
cblr-1785	869	33	4(a)(6	4(a)(6	NUM
cblr-1785	869	34	)	)	PUNCT
cblr-1785	869	35	(	(	PUNCT
cblr-1785	869	36	codified	codify	VERB
cblr-1785	869	37	in	in	ADP
cblr-1785	869	38	15	15	NUM
cblr-1785	869	39	u.s.c	u.s.c	NOUN
cblr-1785	869	40	.	.	PUNCT
cblr-1785	869	41	)	)	PUNCT
cblr-1785	869	42	invest	invest	VERB
cblr-1785	869	43	kansas	kansas	PROPN
cblr-1785	869	44	exemption	exemption	PROPN
cblr-1785	869	45	kan	kan	PROPN
cblr-1785	869	46	.	.	PUNCT
cblr-1785	870	1	admin	admin	PROPN
cblr-1785	870	2	.	.	PUNCT
cblr-1785	871	1	regs	regs	PROPN
cblr-1785	871	2	.	.	PUNCT
cblr-1785	872	1	§	§	PROPN
cblr-1785	872	2	81	81	NUM
cblr-1785	872	3	-	-	SYM
cblr-1785	872	4	5	5	NUM
cblr-1785	872	5	-	-	SYM
cblr-1785	872	6	21	21	NUM
cblr-1785	872	7	invest	invest	NOUN
cblr-1785	872	8	georgia	georgia	PROPN
cblr-1785	872	9	exemption	exemption	PROPN
cblr-1785	872	10	ga	ga	PROPN
cblr-1785	872	11	.	.	PROPN
cblr-1785	872	12	comp	comp	PROPN
cblr-1785	872	13	.	.	PUNCT
cblr-1785	873	1	r.	r.	PROPN
cblr-1785	873	2	&	&	CCONJ
cblr-1785	873	3	regs	regs	PROPN
cblr-1785	873	4	.	.	PUNCT
cblr-1785	874	1	§	§	PROPN
cblr-1785	874	2	590	590	NUM
cblr-1785	874	3	-	-	PUNCT
cblr-1785	874	4	42-.08	42-.08	NUM
cblr-1785	874	5	case	case	NOUN
cblr-1785	874	6	for	for	ADP
cblr-1785	874	7	jobs	job	NOUN
cblr-1785	874	8	act	act	VERB
cblr-1785	874	9	wis	wis	PROPN
cblr-1785	874	10	.	.	PUNCT
cblr-1785	875	1	stat	stat	PROPN
cblr-1785	875	2	.	.	PUNCT
cblr-1785	876	1	ann	ann	PROPN
cblr-1785	876	2	.	.	PUNCT
cblr-1785	877	1	§	§	PROPN
cblr-1785	877	2	551.202(26	551.202(26	NUM
cblr-1785	877	3	)	)	PUNCT
cblr-1785	877	4	michigan	michigan	PROPN
cblr-1785	877	5	invests	invest	NOUN
cblr-1785	877	6	locally	locally	ADV
cblr-1785	877	7	exemption	exemption	NOUN
cblr-1785	877	8	mich	mich	PROPN
cblr-1785	877	9	.	.	PUNCT
cblr-1785	878	1	comp	comp	PROPN
cblr-1785	878	2	.	.	PUNCT
cblr-1785	879	1	laws	law	NOUN
cblr-1785	879	2	ann	ann	PROPN
cblr-1785	879	3	.	.	PUNCT
cblr-1785	880	1	§	§	PROPN
cblr-1785	880	2	451.2202a	451.2202a	PROPN
cblr-1785	880	3	deposit	deposit	NOUN
cblr-1785	880	4	and	and	CCONJ
cblr-1785	880	5	release	release	NOUN
cblr-1785	880	6	of	of	ADP
cblr-1785	880	7	funds	fund	NOUN
cblr-1785	880	8	§	§	PROPN
cblr-1785	880	9	77d-1(a)(7	77d-1(a)(7	NOUN
cblr-1785	880	10	):	):	PUNCT
cblr-1785	880	11	intermediary	intermediary	NOUN
cblr-1785	880	12	must	must	AUX
cblr-1785	880	13	ensure	ensure	VERB
cblr-1785	880	14	that	that	SCONJ
cblr-1785	880	15	all	all	PRON
cblr-1785	880	16	offering	offer	VERB
cblr-1785	880	17	proceeds	proceed	NOUN
cblr-1785	880	18	are	be	AUX
cblr-1785	880	19	only	only	ADV
cblr-1785	880	20	provided	provide	VERB
cblr-1785	880	21	to	to	ADP
cblr-1785	880	22	the	the	DET
cblr-1785	880	23	issuer	issuer	NOUN
cblr-1785	880	24	when	when	SCONJ
cblr-1785	880	25	the	the	DET
cblr-1785	880	26	capital	capital	NOUN
cblr-1785	880	27	raised	raise	VERB
cblr-1785	880	28	is	be	AUX
cblr-1785	880	29	equal	equal	ADJ
cblr-1785	880	30	to	to	ADP
cblr-1785	880	31	or	or	CCONJ
cblr-1785	880	32	greater	great	ADJ
cblr-1785	880	33	than	than	ADP
cblr-1785	880	34	the	the	DET
cblr-1785	880	35	target	target	NOUN
cblr-1785	880	36	offering	offering	NOUN
cblr-1785	880	37	amount	amount	NOUN
cblr-1785	880	38	.	.	PUNCT
cblr-1785	881	1	(	(	PUNCT
cblr-1785	881	2	a)(6	a)(6	NUM
cblr-1785	881	3	):	):	PUNCT
cblr-1785	881	4	all	all	DET
cblr-1785	881	5	funds	fund	NOUN
cblr-1785	881	6	received	receive	VERB
cblr-1785	881	7	from	from	ADP
cblr-1785	881	8	investors	investor	NOUN
cblr-1785	881	9	must	must	AUX
cblr-1785	881	10	be	be	AUX
cblr-1785	881	11	deposited	deposit	VERB
cblr-1785	881	12	in	in	ADP
cblr-1785	881	13	a	a	DET
cblr-1785	881	14	bank	bank	NOUN
cblr-1785	881	15	or	or	CCONJ
cblr-1785	881	16	depository	depository	NOUN
cblr-1785	881	17	institution	institution	NOUN
cblr-1785	881	18	authorized	authorize	VERB
cblr-1785	881	19	to	to	PART
cblr-1785	881	20	do	do	VERB
cblr-1785	881	21	business	business	NOUN
cblr-1785	881	22	in	in	ADP
cblr-1785	881	23	ks	ks	NOUN
cblr-1785	881	24	,	,	PUNCT
cblr-1785	881	25	and	and	CCONJ
cblr-1785	881	26	all	all	DET
cblr-1785	881	27	funds	fund	NOUN
cblr-1785	881	28	shall	shall	AUX
cblr-1785	881	29	be	be	AUX
cblr-1785	881	30	used	use	VERB
cblr-1785	881	31	in	in	ADP
cblr-1785	881	32	accordance	accordance	NOUN
cblr-1785	881	33	with	with	ADP
cblr-1785	881	34	representations	representation	NOUN
cblr-1785	881	35	made	make	VERB
cblr-1785	881	36	to	to	ADP
cblr-1785	881	37	investors	investor	NOUN
cblr-1785	881	38	.	.	PUNCT
cblr-1785	882	1	(	(	PUNCT
cblr-1785	882	2	1)(e	1)(e	NUM
cblr-1785	882	3	):	):	PUNCT
cblr-1785	882	4	all	all	DET
cblr-1785	882	5	funds	fund	NOUN
cblr-1785	882	6	received	receive	VERB
cblr-1785	882	7	from	from	ADP
cblr-1785	882	8	investors	investor	NOUN
cblr-1785	882	9	must	must	AUX
cblr-1785	882	10	be	be	AUX
cblr-1785	882	11	deposited	deposit	VERB
cblr-1785	882	12	in	in	ADP
cblr-1785	882	13	a	a	DET
cblr-1785	882	14	bank	bank	NOUN
cblr-1785	882	15	or	or	CCONJ
cblr-1785	882	16	depository	depository	NOUN
cblr-1785	882	17	institution	institution	NOUN
cblr-1785	882	18	authorized	authorize	VERB
cblr-1785	882	19	to	to	PART
cblr-1785	882	20	do	do	VERB
cblr-1785	882	21	business	business	NOUN
cblr-1785	882	22	in	in	ADP
cblr-1785	882	23	ga	ga	PROPN
cblr-1785	882	24	,	,	PUNCT
cblr-1785	882	25	and	and	CCONJ
cblr-1785	882	26	all	all	DET
cblr-1785	882	27	funds	fund	NOUN
cblr-1785	882	28	shall	shall	AUX
cblr-1785	882	29	be	be	AUX
cblr-1785	882	30	used	use	VERB
cblr-1785	882	31	in	in	ADP
cblr-1785	882	32	accordance	accordance	NOUN
cblr-1785	882	33	with	with	ADP
cblr-1785	882	34	representations	representation	NOUN
cblr-1785	882	35	made	make	VERB
cblr-1785	882	36	to	to	ADP
cblr-1785	882	37	investors	investor	NOUN
cblr-1785	882	38	.	.	PUNCT
cblr-1785	883	1	(	(	PUNCT
cblr-1785	883	2	26)(f)3	26)(f)3	NUM
cblr-1785	883	3	;	;	PUNCT
cblr-1785	883	4	(	(	PUNCT
cblr-1785	883	5	26)(k	26)(k	NOUN
cblr-1785	883	6	):	):	PUNCT
cblr-1785	883	7	all	all	DET
cblr-1785	883	8	payments	payment	NOUN
cblr-1785	883	9	for	for	ADP
cblr-1785	883	10	purchases	purchase	NOUN
cblr-1785	883	11	of	of	ADP
cblr-1785	883	12	securities	security	NOUN
cblr-1785	883	13	must	must	AUX
cblr-1785	883	14	be	be	AUX
cblr-1785	883	15	held	hold	VERB
cblr-1785	883	16	in	in	ADP
cblr-1785	883	17	a	a	DET
cblr-1785	883	18	bank	bank	NOUN
cblr-1785	883	19	chartered	charter	VERB
cblr-1785	883	20	in	in	ADP
cblr-1785	883	21	wi	wi	PROPN
cblr-1785	883	22	and	and	CCONJ
cblr-1785	883	23	held	hold	VERB
cblr-1785	883	24	in	in	ADP
cblr-1785	883	25	an	an	DET
cblr-1785	883	26	escrow	escrow	NOUN
cblr-1785	883	27	account	account	NOUN
cblr-1785	883	28	that	that	PRON
cblr-1785	883	29	is	be	AUX
cblr-1785	883	30	released	release	VERB
cblr-1785	883	31	to	to	ADP
cblr-1785	883	32	the	the	DET
cblr-1785	883	33	issuer	issuer	NOUN
cblr-1785	883	34	only	only	ADV
cblr-1785	883	35	when	when	SCONJ
cblr-1785	883	36	the	the	DET
cblr-1785	883	37	capital	capital	NOUN
cblr-1785	883	38	raised	raise	VERB
cblr-1785	883	39	meets	meet	NOUN
cblr-1785	883	40	of	of	ADP
cblr-1785	883	41	exceeds	exceed	NOUN
cblr-1785	883	42	the	the	DET
cblr-1785	883	43	target	target	NOUN
cblr-1785	883	44	offering	offering	NOUN
cblr-1785	883	45	amount	amount	NOUN
cblr-1785	883	46	.	.	PUNCT
cblr-1785	884	1	(	(	PUNCT
cblr-1785	884	2	1)(e)(iii	1)(e)(iii	NUM
cblr-1785	884	3	)	)	PUNCT
cblr-1785	884	4	;	;	PUNCT
cblr-1785	884	5	(	(	PUNCT
cblr-1785	884	6	1)(j	1)(j	NUM
cblr-1785	884	7	):	):	PUNCT
cblr-1785	884	8	purchaser	purchaser	NOUN
cblr-1785	884	9	funds	fund	NOUN
cblr-1785	884	10	will	will	AUX
cblr-1785	884	11	be	be	AUX
cblr-1785	884	12	deposited	deposit	VERB
cblr-1785	884	13	in	in	ADP
cblr-1785	884	14	an	an	DET
cblr-1785	884	15	escrow	escrow	NOUN
cblr-1785	884	16	account	account	NOUN
cblr-1785	884	17	in	in	ADP
cblr-1785	884	18	a	a	DET
cblr-1785	884	19	bank	bank	NOUN
cblr-1785	884	20	or	or	CCONJ
cblr-1785	884	21	other	other	ADJ
cblr-1785	884	22	depository	depository	NOUN
cblr-1785	884	23	institution	institution	NOUN
cblr-1785	884	24	located	locate	VERB
cblr-1785	884	25	in	in	ADP
cblr-1785	884	26	mi	mi	PROPN
cblr-1785	884	27	and	and	CCONJ
cblr-1785	884	28	offering	offer	VERB
cblr-1785	884	29	proceeds	proceed	NOUN
cblr-1785	884	30	will	will	AUX
cblr-1785	884	31	be	be	AUX
cblr-1785	884	32	released	release	VERB
cblr-1785	884	33	to	to	ADP
cblr-1785	884	34	the	the	DET
cblr-1785	884	35	issuer	issuer	NOUN
cblr-1785	884	36	only	only	ADV
cblr-1785	884	37	when	when	SCONJ
cblr-1785	884	38	the	the	DET
cblr-1785	884	39	aggregate	aggregate	ADJ
cblr-1785	884	40	capital	capital	NOUN
cblr-1785	884	41	raised	raise	VERB
cblr-1785	884	42	from	from	ADP
cblr-1785	884	43	all	all	DET
cblr-1785	884	44	purchasers	purchaser	NOUN
cblr-1785	884	45	is	be	AUX
cblr-1785	884	46	equal	equal	ADJ
cblr-1785	884	47	to	to	ADP
cblr-1785	884	48	or	or	CCONJ
cblr-1785	884	49	greater	great	ADJ
cblr-1785	884	50	than	than	ADP
cblr-1785	884	51	the	the	DET
cblr-1785	884	52	minimum	minimum	ADJ
cblr-1785	884	53	target	target	NOUN
cblr-1785	884	54	offering	offering	NOUN
cblr-1785	884	55	amount	amount	NOUN
cblr-1785	884	56	offering	offering	NOUN
cblr-1785	884	57	limit	limit	NOUN
cblr-1785	884	58	§	§	NOUN
cblr-1785	884	59	77d(a)(6)(a	77d(a)(6)(a	NOUN
cblr-1785	884	60	):	):	PUNCT
cblr-1785	884	61	$	$	SYM
cblr-1785	884	62	1	1	NUM
cblr-1785	884	63	million	million	NUM
cblr-1785	884	64	(	(	PUNCT
cblr-1785	884	65	a)(3	a)(3	NOUN
cblr-1785	884	66	)	)	PUNCT
cblr-1785	884	67	;	;	PUNCT
cblr-1785	884	68	(	(	PUNCT
cblr-1785	884	69	b	b	X
cblr-1785	884	70	):	):	PUNCT
cblr-1785	884	71	$	$	SYM
cblr-1785	884	72	1	1	NUM
cblr-1785	884	73	million	million	NUM
cblr-1785	884	74	(	(	PUNCT
cblr-1785	884	75	but	but	CCONJ
cblr-1785	884	76	sales	sale	NOUN
cblr-1785	884	77	to	to	ADP
cblr-1785	884	78	“	"	PUNCT
cblr-1785	884	79	controlling	control	VERB
cblr-1785	884	80	persons	person	NOUN
cblr-1785	884	81	,	,	PUNCT
cblr-1785	884	82	”	"	PUNCT
cblr-1785	884	83	i.e.	i.e.	X
cblr-1785	884	84	,	,	PUNCT
cblr-1785	884	85	officers	officer	NOUN
cblr-1785	884	86	,	,	PUNCT
cblr-1785	884	87	directors	director	NOUN
cblr-1785	884	88	,	,	PUNCT
cblr-1785	884	89	partners	partner	NOUN
cblr-1785	884	90	,	,	PUNCT
cblr-1785	884	91	trustees	trustee	NOUN
cblr-1785	884	92	,	,	PUNCT
cblr-1785	884	93	or	or	CCONJ
cblr-1785	884	94	persons	person	NOUN
cblr-1785	884	95	owning	own	VERB
cblr-1785	884	96	10	10	NUM
cblr-1785	884	97	percent	percent	NOUN
cblr-1785	884	98	or	or	CCONJ
cblr-1785	884	99	more	more	ADJ
cblr-1785	884	100	of	of	ADP
cblr-1785	884	101	the	the	DET
cblr-1785	884	102	outstanding	outstanding	ADJ
cblr-1785	884	103	shares	share	NOUN
cblr-1785	884	104	,	,	PUNCT
cblr-1785	884	105	do	do	AUX
cblr-1785	884	106	not	not	PART
cblr-1785	884	107	count	count	VERB
cblr-1785	884	108	towards	towards	ADP
cblr-1785	884	109	the	the	DET
cblr-1785	884	110	cap	cap	NOUN
cblr-1785	884	111	)	)	PUNCT
cblr-1785	884	112	.	.	PUNCT
cblr-1785	885	1	(	(	PUNCT
cblr-1785	885	2	1)(c	1)(c	NUM
cblr-1785	885	3	)	)	PUNCT
cblr-1785	885	4	;	;	PUNCT
cblr-1785	885	5	(	(	PUNCT
cblr-1785	885	6	2)(a	2)(a	NUM
cblr-1785	885	7	)	)	PUNCT
cblr-1785	885	8	–	–	PUNCT
cblr-1785	885	9	(	(	PUNCT
cblr-1785	885	10	b	b	NOUN
cblr-1785	885	11	):	):	PUNCT
cblr-1785	885	12	$	$	SYM
cblr-1785	885	13	1	1	NUM
cblr-1785	885	14	million	million	NUM
cblr-1785	885	15	(	(	PUNCT
cblr-1785	885	16	but	but	CCONJ
cblr-1785	885	17	sales	sale	NOUN
cblr-1785	885	18	to	to	ADP
cblr-1785	885	19	“	"	PUNCT
cblr-1785	885	20	controlling	control	VERB
cblr-1785	885	21	persons	person	NOUN
cblr-1785	885	22	,	,	PUNCT
cblr-1785	885	23	”	"	PUNCT
cblr-1785	885	24	i.e.	i.e.	X
cblr-1785	885	25	,	,	PUNCT
cblr-1785	885	26	officers	officer	NOUN
cblr-1785	885	27	,	,	PUNCT
cblr-1785	885	28	directors	director	NOUN
cblr-1785	885	29	,	,	PUNCT
cblr-1785	885	30	partners	partner	NOUN
cblr-1785	885	31	,	,	PUNCT
cblr-1785	885	32	trustees	trustee	NOUN
cblr-1785	885	33	,	,	PUNCT
cblr-1785	885	34	or	or	CCONJ
cblr-1785	885	35	persons	person	NOUN
cblr-1785	885	36	owning	own	VERB
cblr-1785	885	37	10	10	NUM
cblr-1785	885	38	percent	percent	NOUN
cblr-1785	885	39	or	or	CCONJ
cblr-1785	885	40	more	more	ADJ
cblr-1785	885	41	of	of	ADP
cblr-1785	885	42	the	the	DET
cblr-1785	885	43	outstanding	outstanding	ADJ
cblr-1785	885	44	shares	share	NOUN
cblr-1785	885	45	,	,	PUNCT
cblr-1785	885	46	do	do	AUX
cblr-1785	885	47	not	not	PART
cblr-1785	885	48	count	count	VERB
cblr-1785	885	49	towards	towards	ADP
cblr-1785	885	50	the	the	DET
cblr-1785	885	51	cap	cap	NOUN
cblr-1785	885	52	)	)	PUNCT
cblr-1785	885	53	.	.	PUNCT
cblr-1785	886	1	(	(	PUNCT
cblr-1785	886	2	26)(c)(1)–(2	26)(c)(1)–(2	NOUN
cblr-1785	886	3	):	):	PUNCT
cblr-1785	886	4	$	$	SYM
cblr-1785	886	5	1	1	NUM
cblr-1785	886	6	million	million	NUM
cblr-1785	886	7	if	if	SCONJ
cblr-1785	886	8	the	the	DET
cblr-1785	886	9	issuer	issuer	NOUN
cblr-1785	886	10	does	do	AUX
cblr-1785	886	11	not	not	PART
cblr-1785	886	12	have	have	AUX
cblr-1785	886	13	audited	audit	VERB
cblr-1785	886	14	financials	financial	NOUN
cblr-1785	886	15	;	;	PUNCT
cblr-1785	886	16	$	$	SYM
cblr-1785	886	17	2	2	NUM
cblr-1785	886	18	million	million	NUM
cblr-1785	886	19	if	if	SCONJ
cblr-1785	886	20	the	the	DET
cblr-1785	886	21	issuer	issuer	NOUN
cblr-1785	886	22	has	have	AUX
cblr-1785	886	23	audited	audit	VERB
cblr-1785	886	24	financials	financial	NOUN
cblr-1785	886	25	.	.	PUNCT
cblr-1785	887	1	sales	sale	NOUN
cblr-1785	887	2	to	to	AUX
cblr-1785	887	3	accredited	accredit	VERB
cblr-1785	887	4	,	,	PUNCT
cblr-1785	887	5	certified	certify	VERB
cblr-1785	887	6	,	,	PUNCT
cblr-1785	887	7	or	or	CCONJ
cblr-1785	887	8	institutional	institutional	ADJ
cblr-1785	887	9	investors	investor	NOUN
cblr-1785	887	10	do	do	AUX
cblr-1785	887	11	not	not	PART
cblr-1785	887	12	count	count	VERB
cblr-1785	887	13	against	against	ADP
cblr-1785	887	14	the	the	DET
cblr-1785	887	15	cap	cap	NOUN
cblr-1785	887	16	,	,	PUNCT
cblr-1785	887	17	nor	nor	CCONJ
cblr-1785	887	18	do	do	VERB
cblr-1785	887	19	sales	sale	NOUN
cblr-1785	887	20	to	to	ADP
cblr-1785	887	21	controlling	control	VERB
cblr-1785	887	22	persons	person	NOUN
cblr-1785	887	23	.	.	PUNCT
cblr-1785	888	1	(	(	PUNCT
cblr-1785	888	2	1)(c)(i)–(ii	1)(c)(i)–(ii	NUM
cblr-1785	888	3	)	)	PUNCT
cblr-1785	888	4	;	;	PUNCT
cblr-1785	888	5	(	(	PUNCT
cblr-1785	888	6	4	4	NUM
cblr-1785	888	7	):	):	PUNCT
cblr-1785	888	8	$	$	SYM
cblr-1785	888	9	1	1	NUM
cblr-1785	888	10	million	million	NUM
cblr-1785	888	11	if	if	SCONJ
cblr-1785	888	12	the	the	DET
cblr-1785	888	13	issuer	issuer	NOUN
cblr-1785	888	14	does	do	AUX
cblr-1785	888	15	not	not	PART
cblr-1785	888	16	have	have	AUX
cblr-1785	888	17	audited	audit	VERB
cblr-1785	888	18	financials	financial	NOUN
cblr-1785	888	19	;	;	PUNCT
cblr-1785	888	20	$	$	SYM
cblr-1785	888	21	2	2	NUM
cblr-1785	888	22	million	million	NUM
cblr-1785	888	23	if	if	SCONJ
cblr-1785	888	24	the	the	DET
cblr-1785	888	25	issuer	issuer	NOUN
cblr-1785	888	26	has	have	AUX
cblr-1785	888	27	audited	audit	VERB
cblr-1785	888	28	financials	financial	NOUN
cblr-1785	888	29	.	.	PUNCT
cblr-1785	889	1	sales	sale	NOUN
cblr-1785	889	2	to	to	ADP
cblr-1785	889	3	controlling	control	VERB
cblr-1785	889	4	persons	person	NOUN
cblr-1785	889	5	do	do	AUX
cblr-1785	889	6	not	not	PART
cblr-1785	889	7	count	count	VERB
cblr-1785	889	8	towards	towards	ADP
cblr-1785	889	9	the	the	DET
cblr-1785	889	10	cap	cap	NOUN
cblr-1785	889	11	.	.	PUNCT
cblr-1785	890	1	pei	pei	PROPN
cblr-1785	890	2	final	final	ADJ
cblr-1785	890	3	900	900	NUM
cblr-1785	890	4	columbia	columbia	PROPN
cblr-1785	890	5	business	business	NOUN
cblr-1785	890	6	law	law	NOUN
cblr-1785	890	7	review	review	NOUN
cblr-1785	891	1	[	[	X
cblr-1785	891	2	vol	vol	NOUN
cblr-1785	891	3	.	.	NOUN
cblr-1785	891	4	2014	2014	NUM
cblr-1785	891	5	table	table	NOUN
cblr-1785	891	6	1	1	NUM
cblr-1785	891	7	:	:	PUNCT
cblr-1785	891	8	comparison	comparison	NOUN
cblr-1785	891	9	of	of	ADP
cblr-1785	891	10	federal	federal	ADJ
cblr-1785	891	11	,	,	PUNCT
cblr-1785	891	12	kansas	kansas	PROPN
cblr-1785	891	13	,	,	PUNCT
cblr-1785	891	14	georgia	georgia	PROPN
cblr-1785	891	15	,	,	PUNCT
cblr-1785	891	16	wisconsin	wisconsin	PROPN
cblr-1785	891	17	,	,	PUNCT
cblr-1785	891	18	and	and	CCONJ
cblr-1785	891	19	michigan	michigan	PROPN
cblr-1785	891	20	exemptions	exemption	NOUN
cblr-1785	891	21	(	(	PUNCT
cblr-1785	891	22	cont	cont	NOUN
cblr-1785	891	23	.	.	PUNCT
cblr-1785	891	24	)	)	PUNCT
cblr-1785	891	25	jobs	job	NOUN
cblr-1785	891	26	act	act	VERB
cblr-1785	891	27	securities	securities	PROPN
cblr-1785	891	28	act	act	NOUN
cblr-1785	891	29	of	of	ADP
cblr-1785	891	30	1933	1933	NUM
cblr-1785	891	31	§	§	PROPN
cblr-1785	891	32	4(a)(6	4(a)(6	NUM
cblr-1785	891	33	)	)	PUNCT
cblr-1785	891	34	(	(	PUNCT
cblr-1785	891	35	codified	codify	VERB
cblr-1785	891	36	in	in	ADP
cblr-1785	891	37	15	15	NUM
cblr-1785	891	38	u.s.c	u.s.c	NOUN
cblr-1785	891	39	.	.	PUNCT
cblr-1785	891	40	)	)	PUNCT
cblr-1785	891	41	invest	invest	VERB
cblr-1785	891	42	kansas	kansas	PROPN
cblr-1785	891	43	exemption	exemption	PROPN
cblr-1785	891	44	kan	kan	PROPN
cblr-1785	891	45	.	.	PUNCT
cblr-1785	892	1	admin	admin	PROPN
cblr-1785	892	2	.	.	PUNCT
cblr-1785	893	1	regs	regs	PROPN
cblr-1785	893	2	.	.	PUNCT
cblr-1785	894	1	§	§	PROPN
cblr-1785	894	2	81	81	NUM
cblr-1785	894	3	-	-	SYM
cblr-1785	894	4	5	5	NUM
cblr-1785	894	5	-	-	SYM
cblr-1785	894	6	21	21	NUM
cblr-1785	894	7	invest	invest	NOUN
cblr-1785	894	8	georgia	georgia	PROPN
cblr-1785	894	9	exemption	exemption	PROPN
cblr-1785	894	10	ga	ga	PROPN
cblr-1785	894	11	.	.	PROPN
cblr-1785	894	12	comp	comp	PROPN
cblr-1785	894	13	.	.	PUNCT
cblr-1785	895	1	r.	r.	PROPN
cblr-1785	895	2	&	&	CCONJ
cblr-1785	895	3	regs	regs	PROPN
cblr-1785	895	4	.	.	PUNCT
cblr-1785	896	1	§	§	PROPN
cblr-1785	896	2	590	590	NUM
cblr-1785	896	3	-	-	PUNCT
cblr-1785	896	4	42-.08	42-.08	NUM
cblr-1785	896	5	case	case	NOUN
cblr-1785	896	6	for	for	ADP
cblr-1785	896	7	jobs	job	NOUN
cblr-1785	896	8	act	act	VERB
cblr-1785	896	9	wis	wis	PROPN
cblr-1785	896	10	.	.	PUNCT
cblr-1785	897	1	stat	stat	PROPN
cblr-1785	897	2	.	.	PUNCT
cblr-1785	898	1	ann	ann	PROPN
cblr-1785	898	2	.	.	PUNCT
cblr-1785	899	1	§	§	PROPN
cblr-1785	899	2	551.202(26	551.202(26	NUM
cblr-1785	899	3	)	)	PUNCT
cblr-1785	899	4	michigan	michigan	PROPN
cblr-1785	899	5	invests	invest	NOUN
cblr-1785	899	6	locally	locally	ADV
cblr-1785	899	7	exemption	exemption	NOUN
cblr-1785	899	8	mich	mich	PROPN
cblr-1785	899	9	.	.	PUNCT
cblr-1785	900	1	comp	comp	PROPN
cblr-1785	900	2	.	.	PUNCT
cblr-1785	901	1	laws	law	NOUN
cblr-1785	901	2	ann	ann	PROPN
cblr-1785	901	3	.	.	PUNCT
cblr-1785	902	1	§	§	PROPN
cblr-1785	902	2	451.2202a	451.2202a	PROPN
cblr-1785	902	3	individual	individual	ADJ
cblr-1785	902	4	investment	investment	NOUN
cblr-1785	902	5	limit	limit	NOUN
cblr-1785	902	6	77d(a)(6)(b	77d(a)(6)(b	NUM
cblr-1785	902	7	):	):	PUNCT
cblr-1785	902	8	the	the	DET
cblr-1785	902	9	greater	great	ADJ
cblr-1785	902	10	of	of	ADP
cblr-1785	902	11	$	$	SYM
cblr-1785	902	12	2,000	2,000	NUM
cblr-1785	902	13	or	or	CCONJ
cblr-1785	902	14	5	5	NUM
cblr-1785	902	15	percent	percent	NOUN
cblr-1785	902	16	of	of	ADP
cblr-1785	902	17	the	the	DET
cblr-1785	902	18	annual	annual	ADJ
cblr-1785	902	19	income	income	NOUN
cblr-1785	902	20	or	or	CCONJ
cblr-1785	902	21	net	net	ADJ
cblr-1785	902	22	worth	worth	NOUN
cblr-1785	902	23	of	of	ADP
cblr-1785	902	24	the	the	DET
cblr-1785	902	25	investor	investor	NOUN
cblr-1785	902	26	,	,	PUNCT
cblr-1785	902	27	if	if	SCONJ
cblr-1785	902	28	either	either	CCONJ
cblr-1785	902	29	the	the	DET
cblr-1785	902	30	annual	annual	ADJ
cblr-1785	902	31	income	income	NOUN
cblr-1785	902	32	or	or	CCONJ
cblr-1785	902	33	the	the	DET
cblr-1785	902	34	net	net	ADJ
cblr-1785	902	35	worth	worth	NOUN
cblr-1785	902	36	of	of	ADP
cblr-1785	902	37	the	the	DET
cblr-1785	902	38	investor	investor	NOUN
cblr-1785	902	39	is	be	AUX
cblr-1785	902	40	less	less	ADJ
cblr-1785	902	41	than	than	ADP
cblr-1785	902	42	$	$	SYM
cblr-1785	902	43	100,000.1	100,000.1	NUM
cblr-1785	902	44	10	10	NUM
cblr-1785	902	45	percent	percent	NOUN
cblr-1785	902	46	of	of	ADP
cblr-1785	902	47	the	the	DET
cblr-1785	902	48	annual	annual	ADJ
cblr-1785	902	49	income	income	NOUN
cblr-1785	902	50	or	or	CCONJ
cblr-1785	902	51	net	net	ADJ
cblr-1785	902	52	worth	worth	NOUN
cblr-1785	902	53	of	of	ADP
cblr-1785	902	54	the	the	DET
cblr-1785	902	55	investor	investor	NOUN
cblr-1785	902	56	,	,	PUNCT
cblr-1785	902	57	if	if	SCONJ
cblr-1785	902	58	the	the	DET
cblr-1785	902	59	investor	investor	NOUN
cblr-1785	902	60	’s	’s	PART
cblr-1785	902	61	income	income	NOUN
cblr-1785	902	62	or	or	CCONJ
cblr-1785	902	63	net	net	ADJ
cblr-1785	902	64	worth	worth	NOUN
cblr-1785	902	65	is	be	AUX
cblr-1785	902	66	greater	great	ADJ
cblr-1785	902	67	than	than	ADP
cblr-1785	902	68	$	$	SYM
cblr-1785	902	69	100,000	100,000	NUM
cblr-1785	902	70	,	,	PUNCT
cblr-1785	902	71	not	not	PART
cblr-1785	902	72	to	to	PART
cblr-1785	902	73	exceed	exceed	VERB
cblr-1785	902	74	$	$	SYM
cblr-1785	902	75	100,000	100,000	NUM
cblr-1785	902	76	.	.	PUNCT
cblr-1785	903	1	(	(	PUNCT
cblr-1785	903	2	a)(4	a)(4	NUM
cblr-1785	903	3	):	):	PUNCT
cblr-1785	903	4	$	$	SYM
cblr-1785	903	5	1,000	1,000	NUM
cblr-1785	903	6	unless	unless	SCONJ
cblr-1785	903	7	the	the	DET
cblr-1785	903	8	purchaser	purchaser	NOUN
cblr-1785	903	9	is	be	AUX
cblr-1785	903	10	an	an	DET
cblr-1785	903	11	accredited	accredited	ADJ
cblr-1785	903	12	investor	investor	NOUN
cblr-1785	903	13	.	.	PUNCT
cblr-1785	904	1	(	(	PUNCT
cblr-1785	904	2	n.b	n.b	PROPN
cblr-1785	904	3	.	.	PROPN
cblr-1785	904	4	limit	limit	PROPN
cblr-1785	904	5	raised	raise	VERB
cblr-1785	904	6	to	to	ADP
cblr-1785	904	7	$	$	SYM
cblr-1785	904	8	5,000	5,000	NUM
cblr-1785	904	9	on	on	ADP
cblr-1785	904	10	june	june	PROPN
cblr-1785	904	11	21	21	NUM
cblr-1785	904	12	,	,	PUNCT
cblr-1785	904	13	2013	2013	NUM
cblr-1785	904	14	by	by	ADP
cblr-1785	904	15	special	special	ADJ
cblr-1785	904	16	order	order	NOUN
cblr-1785	904	17	of	of	ADP
cblr-1785	904	18	the	the	DET
cblr-1785	904	19	securities	security	NOUN
cblr-1785	904	20	commissioner	commissioner	NOUN
cblr-1785	904	21	)	)	PUNCT
cblr-1785	904	22	.	.	PUNCT
cblr-1785	905	1	(	(	PUNCT
cblr-1785	905	2	1)(d	1)(d	NUM
cblr-1785	905	3	):	):	PUNCT
cblr-1785	905	4	$	$	SYM
cblr-1785	905	5	10,000	10,000	NUM
cblr-1785	905	6	,	,	PUNCT
cblr-1785	905	7	unless	unless	SCONJ
cblr-1785	905	8	the	the	DET
cblr-1785	905	9	purchaser	purchaser	NOUN
cblr-1785	905	10	is	be	AUX
cblr-1785	905	11	an	an	DET
cblr-1785	905	12	accredited	accredited	ADJ
cblr-1785	905	13	investor	investor	NOUN
cblr-1785	905	14	.	.	PUNCT
cblr-1785	906	1	(	(	PUNCT
cblr-1785	906	2	26)(d	26)(d	NUM
cblr-1785	906	3	):	):	PUNCT
cblr-1785	906	4	$	$	SYM
cblr-1785	906	5	10,000	10,000	NUM
cblr-1785	906	6	unless	unless	SCONJ
cblr-1785	906	7	the	the	DET
cblr-1785	906	8	purchaser	purchaser	NOUN
cblr-1785	906	9	is	be	AUX
cblr-1785	906	10	an	an	DET
cblr-1785	906	11	accredited	accredited	ADJ
cblr-1785	906	12	or	or	CCONJ
cblr-1785	906	13	certified	certified	ADJ
cblr-1785	906	14	investor	investor	NOUN
cblr-1785	906	15	.	.	PUNCT
cblr-1785	907	1	(	(	PUNCT
cblr-1785	907	2	1)(d	1)(d	NUM
cblr-1785	907	3	):	):	PUNCT
cblr-1785	907	4	$	$	SYM
cblr-1785	907	5	10,000	10,000	NUM
cblr-1785	907	6	unless	unless	SCONJ
cblr-1785	907	7	the	the	DET
cblr-1785	907	8	purchaser	purchaser	NOUN
cblr-1785	907	9	is	be	AUX
cblr-1785	907	10	an	an	DET
cblr-1785	907	11	accredited	accredited	ADJ
cblr-1785	907	12	investor	investor	NOUN
cblr-1785	907	13	.	.	PUNCT
cblr-1785	908	1	intermediary	intermediary	ADJ
cblr-1785	908	2	§	§	PROPN
cblr-1785	908	3	77d	77d	NOUN
cblr-1785	908	4	(	(	PUNCT
cblr-1785	908	5	a)(6)(c	a)(6)(c	NUM
cblr-1785	908	6	):	):	PUNCT
cblr-1785	908	7	the	the	DET
cblr-1785	908	8	transaction	transaction	NOUN
cblr-1785	908	9	must	must	AUX
cblr-1785	908	10	be	be	AUX
cblr-1785	908	11	conducted	conduct	VERB
cblr-1785	908	12	through	through	ADP
cblr-1785	908	13	a	a	DET
cblr-1785	908	14	broker	broker	NOUN
cblr-1785	908	15	or	or	CCONJ
cblr-1785	908	16	funding	funding	NOUN
cblr-1785	908	17	portal	portal	NOUN
cblr-1785	908	18	that	that	PRON
cblr-1785	908	19	complies	comply	VERB
cblr-1785	908	20	with	with	ADP
cblr-1785	908	21	§	§	PROPN
cblr-1785	908	22	77d-1(a	77d-1(a	NUM
cblr-1785	908	23	)	)	PUNCT
cblr-1785	908	24	.	.	PUNCT
cblr-1785	909	1	none	none	NOUN
cblr-1785	909	2	required	require	VERB
cblr-1785	909	3	none	none	NOUN
cblr-1785	909	4	required	require	VERB
cblr-1785	909	5	(	(	PUNCT
cblr-1785	909	6	26)(e	26)(e	NUM
cblr-1785	909	7	):	):	PUNCT
cblr-1785	909	8	the	the	DET
cblr-1785	909	9	offering	offering	NOUN
cblr-1785	909	10	must	must	AUX
cblr-1785	909	11	be	be	AUX
cblr-1785	909	12	made	make	VERB
cblr-1785	909	13	exclusively	exclusively	ADV
cblr-1785	909	14	through	through	ADP
cblr-1785	909	15	one	one	NUM
cblr-1785	909	16	or	or	CCONJ
cblr-1785	909	17	more	more	ADJ
cblr-1785	909	18	internet	internet	NOUN
cblr-1785	909	19	sites	site	NOUN
cblr-1785	909	20	registered	register	VERB
cblr-1785	909	21	with	with	ADP
cblr-1785	909	22	the	the	DET
cblr-1785	909	23	division.1	division.1	PROPN
cblr-1785	909	24	(	(	PUNCT
cblr-1785	909	25	1)(i	1)(i	NUM
cblr-1785	909	26	):	):	PUNCT
cblr-1785	909	27	use	use	NOUN
cblr-1785	909	28	of	of	ADP
cblr-1785	909	29	an	an	DET
cblr-1785	909	30	internet	internet	NOUN
cblr-1785	909	31	website	website	NOUN
cblr-1785	909	32	is	be	AUX
cblr-1785	909	33	permitted	permit	VERB
cblr-1785	909	34	but	but	CCONJ
cblr-1785	909	35	not	not	PART
cblr-1785	909	36	required	require	VERB
cblr-1785	909	37	.	.	PUNCT
cblr-1785	910	1	pei	pei	PROPN
cblr-1785	910	2	final	final	ADJ
cblr-1785	910	3	no	no	NOUN
cblr-1785	910	4	.	.	PUNCT
cblr-1785	911	1	3:854	3:854	NUM
cblr-1785	911	2	]	]	X
cblr-1785	911	3	intrastate	intrastate	ADJ
cblr-1785	911	4	crowdfunding	crowdfunde	VERB
cblr-1785	911	5	901	901	NUM
cblr-1785	911	6	table	table	NOUN
cblr-1785	911	7	1	1	NUM
cblr-1785	911	8	:	:	PUNCT
cblr-1785	911	9	comparison	comparison	NOUN
cblr-1785	911	10	of	of	ADP
cblr-1785	911	11	federal	federal	ADJ
cblr-1785	911	12	,	,	PUNCT
cblr-1785	911	13	kansas	kansas	PROPN
cblr-1785	911	14	,	,	PUNCT
cblr-1785	911	15	georgia	georgia	PROPN
cblr-1785	911	16	,	,	PUNCT
cblr-1785	911	17	wisconsin	wisconsin	PROPN
cblr-1785	911	18	,	,	PUNCT
cblr-1785	911	19	and	and	CCONJ
cblr-1785	911	20	michigan	michigan	PROPN
cblr-1785	911	21	exemptions	exemption	NOUN
cblr-1785	911	22	(	(	PUNCT
cblr-1785	911	23	cont	cont	NOUN
cblr-1785	911	24	.	.	PUNCT
cblr-1785	911	25	)	)	PUNCT
cblr-1785	911	26	jobs	job	NOUN
cblr-1785	911	27	act	act	VERB
cblr-1785	911	28	securities	securities	PROPN
cblr-1785	911	29	act	act	NOUN
cblr-1785	911	30	of	of	ADP
cblr-1785	911	31	1933	1933	NUM
cblr-1785	911	32	§	§	PROPN
cblr-1785	911	33	4(a)(6	4(a)(6	NUM
cblr-1785	911	34	)	)	PUNCT
cblr-1785	911	35	(	(	PUNCT
cblr-1785	911	36	codified	codify	VERB
cblr-1785	911	37	in	in	ADP
cblr-1785	911	38	15	15	NUM
cblr-1785	911	39	u.s.c	u.s.c	NOUN
cblr-1785	911	40	.	.	PUNCT
cblr-1785	911	41	)	)	PUNCT
cblr-1785	911	42	invest	invest	VERB
cblr-1785	911	43	kansas	kansas	PROPN
cblr-1785	911	44	exemption	exemption	PROPN
cblr-1785	911	45	kan	kan	PROPN
cblr-1785	911	46	.	.	PUNCT
cblr-1785	912	1	admin	admin	PROPN
cblr-1785	912	2	.	.	PUNCT
cblr-1785	913	1	regs	regs	PROPN
cblr-1785	913	2	.	.	PUNCT
cblr-1785	914	1	§	§	PROPN
cblr-1785	914	2	81	81	NUM
cblr-1785	914	3	-	-	SYM
cblr-1785	914	4	521	521	NUM
cblr-1785	914	5	invest	inv	ADJ
cblr-1785	914	6	georgia	georgia	PROPN
cblr-1785	914	7	exemption	exemption	PROPN
cblr-1785	914	8	ga	ga	PROPN
cblr-1785	914	9	.	.	PROPN
cblr-1785	914	10	comp	comp	PROPN
cblr-1785	914	11	.	.	PUNCT
cblr-1785	915	1	r.	r.	PROPN
cblr-1785	915	2	&	&	CCONJ
cblr-1785	915	3	regs	regs	PROPN
cblr-1785	915	4	.	.	PUNCT
cblr-1785	916	1	§	§	PROPN
cblr-1785	916	2	5904	5904	NUM
cblr-1785	916	3	-	-	PUNCT
cblr-1785	916	4	2-.08	2-.08	NUM
cblr-1785	916	5	case	case	NOUN
cblr-1785	916	6	for	for	ADP
cblr-1785	916	7	jobs	job	NOUN
cblr-1785	916	8	act	act	VERB
cblr-1785	916	9	wis	wis	PROPN
cblr-1785	916	10	.	.	PUNCT
cblr-1785	917	1	stat	stat	PROPN
cblr-1785	917	2	.	.	PUNCT
cblr-1785	918	1	ann	ann	PROPN
cblr-1785	918	2	.	.	PUNCT
cblr-1785	919	1	§	§	PROPN
cblr-1785	919	2	551.202(26	551.202(26	NUM
cblr-1785	919	3	)	)	PUNCT
cblr-1785	919	4	michigan	michigan	PROPN
cblr-1785	919	5	invests	invest	NOUN
cblr-1785	919	6	locally	locally	ADV
cblr-1785	919	7	exemption	exemption	NOUN
cblr-1785	919	8	mich	mich	PROPN
cblr-1785	919	9	.	.	PUNCT
cblr-1785	920	1	comp	comp	PROPN
cblr-1785	920	2	.	.	PUNCT
cblr-1785	921	1	laws	law	NOUN
cblr-1785	921	2	ann	ann	PROPN
cblr-1785	921	3	.	.	PUNCT
cblr-1785	922	1	§	§	PROPN
cblr-1785	922	2	451.2202a	451.2202a	PROPN
cblr-1785	922	3	notice	notice	NOUN
cblr-1785	922	4	to	to	ADP
cblr-1785	922	5	investors	investor	NOUN
cblr-1785	922	6	§	§	PROPN
cblr-1785	922	7	77d-1(a)(4	77d-1(a)(4	NOUN
cblr-1785	922	8	):	):	PUNCT
cblr-1785	922	9	the	the	DET
cblr-1785	922	10	broker	broker	NOUN
cblr-1785	922	11	or	or	CCONJ
cblr-1785	922	12	portal	portal	NOUN
cblr-1785	922	13	must	must	AUX
cblr-1785	922	14	ensure	ensure	VERB
cblr-1785	922	15	that	that	SCONJ
cblr-1785	922	16	each	each	DET
cblr-1785	922	17	investor	investor	NOUN
cblr-1785	922	18	(	(	PUNCT
cblr-1785	922	19	a	a	X
cblr-1785	922	20	)	)	PUNCT
cblr-1785	922	21	reviews	review	VERB
cblr-1785	922	22	investoreducation	investoreducation	NOUN
cblr-1785	922	23	information	information	NOUN
cblr-1785	922	24	;	;	PUNCT
cblr-1785	922	25	(	(	PUNCT
cblr-1785	922	26	b	b	X
cblr-1785	922	27	)	)	PUNCT
cblr-1785	922	28	affirms	affirm	VERB
cblr-1785	922	29	that	that	SCONJ
cblr-1785	922	30	the	the	DET
cblr-1785	922	31	investor	investor	NOUN
cblr-1785	922	32	understands	understand	VERB
cblr-1785	922	33	that	that	SCONJ
cblr-1785	922	34	he	he	PRON
cblr-1785	922	35	/	/	PUNCT
cblr-1785	923	1	she	she	PRON
cblr-1785	923	2	is	be	AUX
cblr-1785	923	3	risking	risk	VERB
cblr-1785	923	4	loss	loss	NOUN
cblr-1785	923	5	of	of	ADP
cblr-1785	923	6	the	the	DET
cblr-1785	923	7	entire	entire	ADJ
cblr-1785	923	8	investment	investment	NOUN
cblr-1785	923	9	,	,	PUNCT
cblr-1785	923	10	and	and	CCONJ
cblr-1785	923	11	that	that	SCONJ
cblr-1785	923	12	he	he	PRON
cblr-1785	923	13	/	/	PUNCT
cblr-1785	923	14	she	she	PRON
cblr-1785	923	15	can	can	AUX
cblr-1785	923	16	bear	bear	VERB
cblr-1785	923	17	the	the	DET
cblr-1785	923	18	loss	loss	NOUN
cblr-1785	923	19	;	;	PUNCT
cblr-1785	923	20	and	and	CCONJ
cblr-1785	923	21	(	(	PUNCT
cblr-1785	923	22	c	c	X
cblr-1785	923	23	)	)	PUNCT
cblr-1785	923	24	answers	answer	VERB
cblr-1785	923	25	questions	question	NOUN
cblr-1785	923	26	demonstrating	demonstrate	VERB
cblr-1785	923	27	an	an	DET
cblr-1785	923	28	understanding	understanding	NOUN
cblr-1785	923	29	of	of	ADP
cblr-1785	923	30	the	the	DET
cblr-1785	923	31	level	level	NOUN
cblr-1785	923	32	of	of	ADP
cblr-1785	923	33	risk	risk	NOUN
cblr-1785	923	34	generally	generally	ADV
cblr-1785	923	35	applicable	applicable	ADJ
cblr-1785	923	36	to	to	ADP
cblr-1785	923	37	investments	investment	NOUN
cblr-1785	923	38	in	in	ADP
cblr-1785	923	39	startups	startup	NOUN
cblr-1785	923	40	,	,	PUNCT
cblr-1785	923	41	emerging	emerge	VERB
cblr-1785	923	42	businesses	business	NOUN
cblr-1785	923	43	,	,	PUNCT
cblr-1785	923	44	and	and	CCONJ
cblr-1785	923	45	small	small	ADJ
cblr-1785	923	46	issuers	issuer	NOUN
cblr-1785	923	47	;	;	PUNCT
cblr-1785	923	48	an	an	DET
cblr-1785	923	49	understanding	understanding	NOUN
cblr-1785	923	50	of	of	ADP
cblr-1785	923	51	the	the	DET
cblr-1785	923	52	risk	risk	NOUN
cblr-1785	923	53	of	of	ADP
cblr-1785	923	54	illiquidity	illiquidity	NOUN
cblr-1785	923	55	;	;	PUNCT
cblr-1785	923	56	and	and	CCONJ
cblr-1785	923	57	an	an	DET
cblr-1785	923	58	understanding	understanding	NOUN
cblr-1785	923	59	of	of	ADP
cblr-1785	923	60	such	such	ADJ
cblr-1785	923	61	other	other	ADJ
cblr-1785	923	62	matters	matter	NOUN
cblr-1785	923	63	as	as	SCONJ
cblr-1785	923	64	the	the	DET
cblr-1785	923	65	commission	commission	NOUN
cblr-1785	923	66	determines	determine	VERB
cblr-1785	923	67	appropriate	appropriate	ADJ
cblr-1785	923	68	.	.	PUNCT
cblr-1785	924	1	§	§	PROPN
cblr-1785	924	2	77d-1(a)(4	77d-1(a)(4	NOUN
cblr-1785	924	3	)	)	PUNCT
cblr-1785	924	4	(	(	PUNCT
cblr-1785	924	5	a)(9	a)(9	NUM
cblr-1785	924	6	):	):	PUNCT
cblr-1785	924	7	the	the	DET
cblr-1785	924	8	issuer	issuer	NOUN
cblr-1785	924	9	must	must	AUX
cblr-1785	924	10	inform	inform	VERB
cblr-1785	924	11	purchasers	purchaser	NOUN
cblr-1785	924	12	that	that	SCONJ
cblr-1785	924	13	the	the	DET
cblr-1785	924	14	securities	security	NOUN
cblr-1785	924	15	are	be	AUX
cblr-1785	924	16	unregistered	unregistered	ADJ
cblr-1785	924	17	and	and	CCONJ
cblr-1785	924	18	are	be	AUX
cblr-1785	924	19	subject	subject	ADJ
cblr-1785	924	20	to	to	ADP
cblr-1785	924	21	resale	resale	NOUN
cblr-1785	924	22	restrictions	restriction	NOUN
cblr-1785	924	23	.	.	PUNCT
cblr-1785	925	1	(	(	PUNCT
cblr-1785	925	2	1)(h	1)(h	NUM
cblr-1785	925	3	):	):	PUNCT
cblr-1785	925	4	the	the	DET
cblr-1785	925	5	issuer	issuer	NOUN
cblr-1785	925	6	must	must	AUX
cblr-1785	925	7	inform	inform	VERB
cblr-1785	925	8	purchasers	purchaser	NOUN
cblr-1785	925	9	that	that	SCONJ
cblr-1785	925	10	the	the	DET
cblr-1785	925	11	securities	security	NOUN
cblr-1785	925	12	are	be	AUX
cblr-1785	925	13	unregistered	unregistered	ADJ
cblr-1785	925	14	and	and	CCONJ
cblr-1785	925	15	subject	subject	ADJ
cblr-1785	925	16	to	to	ADP
cblr-1785	925	17	resale	resale	NOUN
cblr-1785	925	18	restrictions	restriction	NOUN
cblr-1785	925	19	.	.	PUNCT
cblr-1785	926	1	(	(	PUNCT
cblr-1785	926	2	26)(h	26)(h	NUM
cblr-1785	926	3	):	):	PUNCT
cblr-1785	926	4	the	the	DET
cblr-1785	926	5	issuer	issuer	NOUN
cblr-1785	926	6	must	must	AUX
cblr-1785	926	7	display	display	VERB
cblr-1785	926	8	a	a	DET
cblr-1785	926	9	legend	legend	NOUN
cblr-1785	926	10	on	on	ADP
cblr-1785	926	11	the	the	DET
cblr-1785	926	12	cover	cover	NOUN
cblr-1785	926	13	page	page	NOUN
cblr-1785	926	14	of	of	ADP
cblr-1785	926	15	their	their	PRON
cblr-1785	926	16	disclosure	disclosure	NOUN
cblr-1785	926	17	document	document	NOUN
cblr-1785	926	18	informing	inform	VERB
cblr-1785	926	19	prospective	prospective	ADJ
cblr-1785	926	20	purchasers	purchaser	NOUN
cblr-1785	926	21	that	that	SCONJ
cblr-1785	926	22	the	the	DET
cblr-1785	926	23	securities	security	NOUN
cblr-1785	926	24	are	be	AUX
cblr-1785	926	25	unregistered	unregistered	ADJ
cblr-1785	926	26	and	and	CCONJ
cblr-1785	926	27	subject	subject	ADJ
cblr-1785	926	28	to	to	ADP
cblr-1785	926	29	resale	resale	NOUN
cblr-1785	926	30	restrictions	restriction	NOUN
cblr-1785	926	31	.	.	PUNCT
cblr-1785	927	1	(	(	PUNCT
cblr-1785	927	2	26)(i	26)(i	NUM
cblr-1785	927	3	):	):	PUNCT
cblr-1785	927	4	issuers	issuer	NOUN
cblr-1785	927	5	must	must	AUX
cblr-1785	927	6	require	require	VERB
cblr-1785	927	7	each	each	DET
cblr-1785	927	8	purchaser	purchaser	NOUN
cblr-1785	927	9	to	to	PART
cblr-1785	927	10	certify	certify	VERB
cblr-1785	927	11	that	that	SCONJ
cblr-1785	927	12	they	they	PRON
cblr-1785	927	13	understand	understand	VERB
cblr-1785	927	14	and	and	CCONJ
cblr-1785	927	15	acknowledge	acknowledge	VERB
cblr-1785	927	16	that	that	SCONJ
cblr-1785	927	17	they	they	PRON
cblr-1785	927	18	are	be	AUX
cblr-1785	927	19	investing	invest	VERB
cblr-1785	927	20	in	in	ADP
cblr-1785	927	21	a	a	DET
cblr-1785	927	22	high	high	ADJ
cblr-1785	927	23	-	-	PUNCT
cblr-1785	927	24	risk	risk	NOUN
cblr-1785	927	25	,	,	PUNCT
cblr-1785	927	26	speculative	speculative	ADJ
cblr-1785	927	27	venture	venture	NOUN
cblr-1785	927	28	that	that	PRON
cblr-1785	927	29	may	may	AUX
cblr-1785	927	30	lead	lead	VERB
cblr-1785	927	31	to	to	ADP
cblr-1785	927	32	the	the	DET
cblr-1785	927	33	loss	loss	NOUN
cblr-1785	927	34	of	of	ADP
cblr-1785	927	35	their	their	PRON
cblr-1785	927	36	entire	entire	ADJ
cblr-1785	927	37	investment	investment	NOUN
cblr-1785	927	38	,	,	PUNCT
cblr-1785	927	39	and	and	CCONJ
cblr-1785	927	40	that	that	SCONJ
cblr-1785	927	41	they	they	PRON
cblr-1785	927	42	can	can	AUX
cblr-1785	927	43	afford	afford	VERB
cblr-1785	927	44	this	this	DET
cblr-1785	927	45	loss	loss	NOUN
cblr-1785	927	46	.	.	PUNCT
cblr-1785	928	1	investors	investor	NOUN
cblr-1785	928	2	must	must	AUX
cblr-1785	928	3	also	also	ADV
cblr-1785	928	4	certify	certify	VERB
cblr-1785	928	5	that	that	SCONJ
cblr-1785	928	6	they	they	PRON
cblr-1785	928	7	understand	understand	VERB
cblr-1785	928	8	that	that	SCONJ
cblr-1785	928	9	the	the	DET
cblr-1785	928	10	securities	security	NOUN
cblr-1785	928	11	have	have	AUX
cblr-1785	928	12	not	not	PART
cblr-1785	928	13	been	be	AUX
cblr-1785	928	14	reviewed	review	VERB
cblr-1785	928	15	by	by	ADP
cblr-1785	928	16	any	any	DET
cblr-1785	928	17	regulator	regulator	NOUN
cblr-1785	928	18	,	,	PUNCT
cblr-1785	928	19	are	be	AUX
cblr-1785	928	20	illiquid	illiquid	ADJ
cblr-1785	928	21	,	,	PUNCT
cblr-1785	928	22	and	and	CCONJ
cblr-1785	928	23	subject	subject	ADJ
cblr-1785	928	24	to	to	ADP
cblr-1785	928	25	appropriate	appropriate	ADJ
cblr-1785	928	26	taxes	taxis	NOUN
cblr-1785	928	27	.	.	PUNCT
cblr-1785	929	1	(	(	PUNCT
cblr-1785	929	2	26)(l	26)(l	NOUN
cblr-1785	929	3	):	):	PUNCT
cblr-1785	929	4	the	the	DET
cblr-1785	929	5	issuer	issuer	NOUN
cblr-1785	929	6	must	must	AUX
cblr-1785	929	7	provide	provide	VERB
cblr-1785	929	8	investors	investor	NOUN
cblr-1785	929	9	with	with	ADP
cblr-1785	929	10	the	the	DET
cblr-1785	929	11	disclosure	disclosure	NOUN
cblr-1785	929	12	document	document	NOUN
cblr-1785	929	13	given	give	VERB
cblr-1785	929	14	to	to	ADP
cblr-1785	929	15	the	the	DET
cblr-1785	929	16	administrator	administrator	NOUN
cblr-1785	929	17	under	under	ADP
cblr-1785	929	18	§	§	PROPN
cblr-1785	929	19	(	(	PUNCT
cblr-1785	929	20	26)(f	26)(f	NUM
cblr-1785	929	21	)	)	PUNCT
cblr-1785	929	22	.	.	PUNCT
cblr-1785	930	1	(	(	PUNCT
cblr-1785	930	2	1)(g	1)(g	NUM
cblr-1785	930	3	):	):	PUNCT
cblr-1785	930	4	the	the	DET
cblr-1785	930	5	issuer	issuer	NOUN
cblr-1785	930	6	must	must	AUX
cblr-1785	930	7	display	display	VERB
cblr-1785	930	8	a	a	DET
cblr-1785	930	9	legend	legend	NOUN
cblr-1785	930	10	on	on	ADP
cblr-1785	930	11	the	the	DET
cblr-1785	930	12	cover	cover	NOUN
cblr-1785	930	13	page	page	NOUN
cblr-1785	930	14	of	of	ADP
cblr-1785	930	15	their	their	PRON
cblr-1785	930	16	disclosure	disclosure	NOUN
cblr-1785	930	17	document	document	NOUN
cblr-1785	930	18	informing	inform	VERB
cblr-1785	930	19	prospective	prospective	ADJ
cblr-1785	930	20	purchasers	purchaser	NOUN
cblr-1785	930	21	that	that	SCONJ
cblr-1785	930	22	the	the	DET
cblr-1785	930	23	securities	security	NOUN
cblr-1785	930	24	are	be	AUX
cblr-1785	930	25	unregistered	unregistered	ADJ
cblr-1785	930	26	and	and	CCONJ
cblr-1785	930	27	subject	subject	ADJ
cblr-1785	930	28	to	to	ADP
cblr-1785	930	29	resale	resale	NOUN
cblr-1785	930	30	restrictions	restriction	NOUN
cblr-1785	930	31	.	.	PUNCT
cblr-1785	931	1	(	(	PUNCT
cblr-1785	931	2	1)(h	1)(h	NUM
cblr-1785	931	3	):	):	PUNCT
cblr-1785	931	4	issuers	issuer	NOUN
cblr-1785	931	5	must	must	AUX
cblr-1785	931	6	require	require	VERB
cblr-1785	931	7	each	each	DET
cblr-1785	931	8	purchaser	purchaser	NOUN
cblr-1785	931	9	to	to	PART
cblr-1785	931	10	certify	certify	VERB
cblr-1785	931	11	that	that	SCONJ
cblr-1785	931	12	they	they	PRON
cblr-1785	931	13	understand	understand	VERB
cblr-1785	931	14	and	and	CCONJ
cblr-1785	931	15	acknowledge	acknowledge	VERB
cblr-1785	931	16	that	that	SCONJ
cblr-1785	931	17	they	they	PRON
cblr-1785	931	18	are	be	AUX
cblr-1785	931	19	investing	invest	VERB
cblr-1785	931	20	in	in	ADP
cblr-1785	931	21	a	a	DET
cblr-1785	931	22	high	high	ADJ
cblr-1785	931	23	-	-	PUNCT
cblr-1785	931	24	risk	risk	NOUN
cblr-1785	931	25	,	,	PUNCT
cblr-1785	931	26	speculative	speculative	ADJ
cblr-1785	931	27	venture	venture	NOUN
cblr-1785	931	28	that	that	PRON
cblr-1785	931	29	may	may	AUX
cblr-1785	931	30	lead	lead	VERB
cblr-1785	931	31	to	to	ADP
cblr-1785	931	32	the	the	DET
cblr-1785	931	33	loss	loss	NOUN
cblr-1785	931	34	of	of	ADP
cblr-1785	931	35	their	their	PRON
cblr-1785	931	36	entire	entire	ADJ
cblr-1785	931	37	investment	investment	NOUN
cblr-1785	931	38	,	,	PUNCT
cblr-1785	931	39	and	and	CCONJ
cblr-1785	931	40	that	that	SCONJ
cblr-1785	931	41	they	they	PRON
cblr-1785	931	42	can	can	AUX
cblr-1785	931	43	afford	afford	VERB
cblr-1785	931	44	this	this	DET
cblr-1785	931	45	loss	loss	NOUN
cblr-1785	931	46	.	.	PUNCT
cblr-1785	932	1	investors	investor	NOUN
cblr-1785	932	2	must	must	AUX
cblr-1785	932	3	also	also	ADV
cblr-1785	932	4	certify	certify	VERB
cblr-1785	932	5	that	that	SCONJ
cblr-1785	932	6	they	they	PRON
cblr-1785	932	7	understand	understand	VERB
cblr-1785	932	8	that	that	SCONJ
cblr-1785	932	9	the	the	DET
cblr-1785	932	10	securities	security	NOUN
cblr-1785	932	11	have	have	AUX
cblr-1785	932	12	not	not	PART
cblr-1785	932	13	been	be	AUX
cblr-1785	932	14	reviewed	review	VERB
cblr-1785	932	15	by	by	ADP
cblr-1785	932	16	any	any	DET
cblr-1785	932	17	regulator	regulator	NOUN
cblr-1785	932	18	,	,	PUNCT
cblr-1785	932	19	are	be	AUX
cblr-1785	932	20	illiquid	illiquid	ADJ
cblr-1785	932	21	,	,	PUNCT
cblr-1785	932	22	subject	subject	ADJ
cblr-1785	932	23	to	to	ADP
cblr-1785	932	24	appropriate	appropriate	ADJ
cblr-1785	932	25	taxes	taxis	NOUN
cblr-1785	932	26	,	,	PUNCT
cblr-1785	932	27	and	and	CCONJ
cblr-1785	932	28	that	that	SCONJ
cblr-1785	932	29	they	they	PRON
cblr-1785	932	30	are	be	AUX
cblr-1785	932	31	mi	mi	PROPN
cblr-1785	932	32	residents	resident	NOUN
cblr-1785	932	33	.	.	PUNCT
cblr-1785	933	1	(	(	PUNCT
cblr-1785	933	2	1)(m	1)(m	NUM
cblr-1785	933	3	):	):	PUNCT
cblr-1785	933	4	the	the	DET
cblr-1785	933	5	issuer	issuer	NOUN
cblr-1785	933	6	must	must	AUX
cblr-1785	933	7	provide	provide	VERB
cblr-1785	933	8	investors	investor	NOUN
cblr-1785	933	9	with	with	ADP
cblr-1785	933	10	the	the	DET
cblr-1785	933	11	disclosure	disclosure	NOUN
cblr-1785	933	12	document	document	NOUN
cblr-1785	933	13	given	give	VERB
cblr-1785	933	14	to	to	ADP
cblr-1785	933	15	the	the	DET
cblr-1785	933	16	administrator	administrator	NOUN
cblr-1785	933	17	under	under	ADP
cblr-1785	933	18	§	§	PROPN
cblr-1785	933	19	(	(	PUNCT
cblr-1785	933	20	1)(e)(ii	1)(e)(ii	NUM
cblr-1785	933	21	)	)	PUNCT
cblr-1785	933	22	.	.	PUNCT
cblr-1785	934	1	pei	pei	PROPN
cblr-1785	934	2	final	final	ADJ
cblr-1785	934	3	902	902	NUM
cblr-1785	934	4	columbia	columbia	PROPN
cblr-1785	934	5	business	business	NOUN
cblr-1785	934	6	law	law	PROPN
cblr-1785	934	7	review	review	NOUN
cblr-1785	934	8	[	[	X
cblr-1785	934	9	vol	vol	NOUN
cblr-1785	934	10	.	.	NOUN
cblr-1785	934	11	2014	2014	NUM
cblr-1785	934	12	table	table	NOUN
cblr-1785	934	13	1	1	NUM
cblr-1785	934	14	:	:	PUNCT
cblr-1785	934	15	comparison	comparison	NOUN
cblr-1785	934	16	of	of	ADP
cblr-1785	934	17	federal	federal	ADJ
cblr-1785	934	18	,	,	PUNCT
cblr-1785	934	19	kansas	kansas	PROPN
cblr-1785	934	20	,	,	PUNCT
cblr-1785	934	21	georgia	georgia	PROPN
cblr-1785	934	22	,	,	PUNCT
cblr-1785	934	23	wisconsin	wisconsin	PROPN
cblr-1785	934	24	,	,	PUNCT
cblr-1785	934	25	and	and	CCONJ
cblr-1785	934	26	michigan	michigan	PROPN
cblr-1785	934	27	exemptions	exemption	NOUN
cblr-1785	934	28	(	(	PUNCT
cblr-1785	934	29	cont	cont	NOUN
cblr-1785	934	30	.	.	PUNCT
cblr-1785	934	31	)	)	PUNCT
cblr-1785	935	1	jobs	job	NOUN
cblr-1785	935	2	act	act	VERB
cblr-1785	935	3	securities	securities	PROPN
cblr-1785	935	4	act	act	NOUN
cblr-1785	935	5	of	of	ADP
cblr-1785	935	6	1933	1933	NUM
cblr-1785	935	7	§	§	PROPN
cblr-1785	935	8	4(a)(6	4(a)(6	NUM
cblr-1785	935	9	)	)	PUNCT
cblr-1785	935	10	(	(	PUNCT
cblr-1785	935	11	codified	codify	VERB
cblr-1785	935	12	in	in	ADP
cblr-1785	935	13	15	15	NUM
cblr-1785	935	14	u.s.c	u.s.c	NOUN
cblr-1785	935	15	.	.	PUNCT
cblr-1785	935	16	)	)	PUNCT
cblr-1785	935	17	invest	invest	VERB
cblr-1785	935	18	kansas	kansas	PROPN
cblr-1785	935	19	exemption	exemption	PROPN
cblr-1785	935	20	kan	kan	PROPN
cblr-1785	935	21	.	.	PUNCT
cblr-1785	936	1	admin	admin	PROPN
cblr-1785	936	2	.	.	PUNCT
cblr-1785	937	1	regs	regs	PROPN
cblr-1785	937	2	.	.	PUNCT
cblr-1785	938	1	§	§	PROPN
cblr-1785	938	2	81	81	NUM
cblr-1785	938	3	-	-	SYM
cblr-1785	938	4	5	5	NUM
cblr-1785	938	5	-	-	SYM
cblr-1785	938	6	21	21	NUM
cblr-1785	938	7	invest	invest	NOUN
cblr-1785	938	8	georgia	georgia	PROPN
cblr-1785	938	9	exemption	exemption	PROPN
cblr-1785	938	10	ga	ga	PROPN
cblr-1785	938	11	.	.	PROPN
cblr-1785	938	12	comp	comp	PROPN
cblr-1785	938	13	.	.	PUNCT
cblr-1785	939	1	r.	r.	PROPN
cblr-1785	939	2	&	&	CCONJ
cblr-1785	939	3	regs	regs	PROPN
cblr-1785	939	4	.	.	PUNCT
cblr-1785	940	1	§	§	PROPN
cblr-1785	940	2	590	590	NUM
cblr-1785	940	3	-	-	PUNCT
cblr-1785	940	4	42-.08	42-.08	NUM
cblr-1785	940	5	case	case	NOUN
cblr-1785	940	6	for	for	ADP
cblr-1785	940	7	jobs	job	NOUN
cblr-1785	940	8	act	act	VERB
cblr-1785	940	9	wis	wis	PROPN
cblr-1785	940	10	.	.	PUNCT
cblr-1785	941	1	stat	stat	PROPN
cblr-1785	941	2	.	.	PUNCT
cblr-1785	942	1	ann	ann	PROPN
cblr-1785	942	2	.	.	PUNCT
cblr-1785	943	1	§	§	PROPN
cblr-1785	943	2	551.202(26	551.202(26	NUM
cblr-1785	943	3	)	)	PUNCT
cblr-1785	943	4	michigan	michigan	PROPN
cblr-1785	943	5	invests	invest	NOUN
cblr-1785	943	6	locally	locally	ADV
cblr-1785	943	7	exemption	exemption	NOUN
cblr-1785	943	8	mich	mich	PROPN
cblr-1785	943	9	.	.	PUNCT
cblr-1785	944	1	comp	comp	PROPN
cblr-1785	944	2	.	.	PUNCT
cblr-1785	945	1	laws	law	NOUN
cblr-1785	945	2	ann	ann	PROPN
cblr-1785	945	3	.	.	PUNCT
cblr-1785	946	1	§	§	PROPN
cblr-1785	946	2	451.2202a	451.2202a	PROPN
cblr-1785	946	3	notice	notice	NOUN
cblr-1785	946	4	to	to	ADP
cblr-1785	946	5	regulators	regulator	NOUN
cblr-1785	946	6	§	§	PROPN
cblr-1785	946	7	77d-1(b)(1	77d-1(b)(1	NUM
cblr-1785	946	8	):	):	PUNCT
cblr-1785	946	9	the	the	DET
cblr-1785	946	10	issuer	issuer	NOUN
cblr-1785	946	11	must	must	AUX
cblr-1785	946	12	provide	provide	VERB
cblr-1785	946	13	the	the	DET
cblr-1785	946	14	sec	sec	PROPN
cblr-1785	946	15	,	,	PUNCT
cblr-1785	946	16	the	the	DET
cblr-1785	946	17	broker	broker	NOUN
cblr-1785	946	18	or	or	CCONJ
cblr-1785	946	19	funding	funding	NOUN
cblr-1785	946	20	portal	portal	NOUN
cblr-1785	946	21	,	,	PUNCT
cblr-1785	946	22	and	and	CCONJ
cblr-1785	946	23	investors	investor	NOUN
cblr-1785	946	24	with	with	ADP
cblr-1785	946	25	(	(	PUNCT
cblr-1785	946	26	a	a	X
cblr-1785	946	27	)	)	PUNCT
cblr-1785	946	28	their	their	PRON
cblr-1785	946	29	name	name	NOUN
cblr-1785	946	30	,	,	PUNCT
cblr-1785	946	31	legal	legal	ADJ
cblr-1785	946	32	status	status	NOUN
cblr-1785	946	33	,	,	PUNCT
cblr-1785	946	34	address	address	NOUN
cblr-1785	946	35	,	,	PUNCT
cblr-1785	946	36	and	and	CCONJ
cblr-1785	946	37	website	website	NOUN
cblr-1785	946	38	(	(	PUNCT
cblr-1785	946	39	b	b	NOUN
cblr-1785	946	40	)	)	PUNCT
cblr-1785	946	41	the	the	DET
cblr-1785	946	42	names	name	NOUN
cblr-1785	946	43	of	of	ADP
cblr-1785	946	44	the	the	DET
cblr-1785	946	45	directors	director	NOUN
cblr-1785	946	46	and	and	CCONJ
cblr-1785	946	47	officers	officer	NOUN
cblr-1785	946	48	and	and	CCONJ
cblr-1785	946	49	each	each	DET
cblr-1785	946	50	person	person	NOUN
cblr-1785	946	51	holding	hold	VERB
cblr-1785	946	52	more	more	ADJ
cblr-1785	946	53	than	than	ADP
cblr-1785	946	54	20	20	NUM
cblr-1785	946	55	percent	percent	NOUN
cblr-1785	946	56	of	of	ADP
cblr-1785	946	57	shares	share	NOUN
cblr-1785	946	58	(	(	PUNCT
cblr-1785	946	59	c	c	X
cblr-1785	946	60	)	)	PUNCT
cblr-1785	946	61	a	a	DET
cblr-1785	946	62	description	description	NOUN
cblr-1785	946	63	of	of	ADP
cblr-1785	946	64	their	their	PRON
cblr-1785	946	65	business	business	NOUN
cblr-1785	946	66	and	and	CCONJ
cblr-1785	946	67	anticipated	anticipate	VERB
cblr-1785	946	68	business	business	NOUN
cblr-1785	946	69	plan	plan	NOUN
cblr-1785	946	70	(	(	PUNCT
cblr-1785	946	71	d	d	X
cblr-1785	946	72	)	)	PUNCT
cblr-1785	946	73	a	a	DET
cblr-1785	946	74	description	description	NOUN
cblr-1785	946	75	of	of	ADP
cblr-1785	946	76	financial	financial	ADJ
cblr-1785	946	77	condition	condition	NOUN
cblr-1785	946	78	of	of	ADP
cblr-1785	946	79	the	the	DET
cblr-1785	946	80	issuer	issuer	NOUN
cblr-1785	946	81	,	,	PUNCT
cblr-1785	946	82	including	include	VERB
cblr-1785	946	83	income	income	NOUN
cblr-1785	946	84	tax	tax	NOUN
cblr-1785	946	85	returns	return	NOUN
cblr-1785	946	86	and	and	CCONJ
cblr-1785	946	87	financial	financial	ADJ
cblr-1785	946	88	statements	statement	NOUN
cblr-1785	946	89	,	,	PUNCT
cblr-1785	946	90	which	which	PRON
cblr-1785	946	91	may	may	AUX
cblr-1785	946	92	have	have	VERB
cblr-1785	946	93	to	to	PART
cblr-1785	946	94	be	be	AUX
cblr-1785	946	95	reviewed	review	VERB
cblr-1785	946	96	by	by	ADP
cblr-1785	946	97	an	an	DET
cblr-1785	946	98	independent	independent	ADJ
cblr-1785	946	99	public	public	ADJ
cblr-1785	946	100	accountant	accountant	NOUN
cblr-1785	946	101	or	or	CCONJ
cblr-1785	946	102	audited	audit	VERB
cblr-1785	946	103	,	,	PUNCT
cblr-1785	946	104	depending	depend	VERB
cblr-1785	946	105	on	on	ADP
cblr-1785	946	106	the	the	DET
cblr-1785	946	107	size	size	NOUN
cblr-1785	946	108	of	of	ADP
cblr-1785	946	109	the	the	DET
cblr-1785	946	110	offering	offering	NOUN
cblr-1785	946	111	.	.	PUNCT
cblr-1785	947	1	(	(	PUNCT
cblr-1785	947	2	e	e	X
cblr-1785	947	3	)	)	PUNCT
cblr-1785	947	4	a	a	DET
cblr-1785	947	5	description	description	NOUN
cblr-1785	947	6	of	of	ADP
cblr-1785	947	7	the	the	DET
cblr-1785	947	8	purpose	purpose	NOUN
cblr-1785	947	9	and	and	CCONJ
cblr-1785	947	10	intended	intend	VERB
cblr-1785	947	11	use	use	NOUN
cblr-1785	947	12	of	of	ADP
cblr-1785	947	13	the	the	DET
cblr-1785	947	14	(	(	PUNCT
cblr-1785	947	15	a)(7	a)(7	NUM
cblr-1785	947	16	):	):	PUNCT
cblr-1785	947	17	before	before	ADP
cblr-1785	947	18	the	the	DET
cblr-1785	947	19	use	use	NOUN
cblr-1785	947	20	of	of	ADP
cblr-1785	947	21	any	any	DET
cblr-1785	947	22	general	general	ADJ
cblr-1785	947	23	solicitation	solicitation	NOUN
cblr-1785	947	24	or	or	CCONJ
cblr-1785	947	25	the	the	DET
cblr-1785	947	26	twenty	twenty	NUM
cblr-1785	947	27	-	-	PUNCT
cblr-1785	947	28	fifth	fifth	ADJ
cblr-1785	947	29	sale	sale	NOUN
cblr-1785	947	30	of	of	ADP
cblr-1785	947	31	the	the	DET
cblr-1785	947	32	security	security	NOUN
cblr-1785	947	33	,	,	PUNCT
cblr-1785	947	34	whichever	whichever	PRON
cblr-1785	947	35	occurs	occur	VERB
cblr-1785	947	36	first	first	ADV
cblr-1785	947	37	,	,	PUNCT
cblr-1785	947	38	the	the	DET
cblr-1785	947	39	issuer	issuer	NOUN
cblr-1785	947	40	shall	shall	AUX
cblr-1785	947	41	file	file	VERB
cblr-1785	947	42	a	a	DET
cblr-1785	947	43	notice	notice	NOUN
cblr-1785	947	44	with	with	ADP
cblr-1785	947	45	the	the	DET
cblr-1785	947	46	administrator	administrator	NOUN
cblr-1785	947	47	specifying	specify	VERB
cblr-1785	947	48	the	the	DET
cblr-1785	947	49	names	name	NOUN
cblr-1785	947	50	and	and	CCONJ
cblr-1785	947	51	addresses	address	NOUN
cblr-1785	947	52	of	of	ADP
cblr-1785	947	53	(	(	PUNCT
cblr-1785	947	54	1	1	X
cblr-1785	947	55	)	)	PUNCT
cblr-1785	947	56	the	the	DET
cblr-1785	947	57	issuer	issuer	NOUN
cblr-1785	947	58	,	,	PUNCT
cblr-1785	947	59	(	(	PUNCT
cblr-1785	947	60	2	2	X
cblr-1785	947	61	)	)	PUNCT
cblr-1785	947	62	all	all	DET
cblr-1785	947	63	persons	person	NOUN
cblr-1785	947	64	who	who	PRON
cblr-1785	947	65	will	will	AUX
cblr-1785	947	66	be	be	AUX
cblr-1785	947	67	involved	involve	VERB
cblr-1785	947	68	in	in	ADP
cblr-1785	947	69	the	the	DET
cblr-1785	947	70	offer	offer	NOUN
cblr-1785	947	71	or	or	CCONJ
cblr-1785	947	72	sale	sale	NOUN
cblr-1785	947	73	of	of	ADP
cblr-1785	947	74	securities	security	NOUN
cblr-1785	947	75	on	on	ADP
cblr-1785	947	76	behalf	behalf	NOUN
cblr-1785	947	77	of	of	ADP
cblr-1785	947	78	the	the	DET
cblr-1785	947	79	issuer	issuer	NOUN
cblr-1785	947	80	,	,	PUNCT
cblr-1785	947	81	and	and	CCONJ
cblr-1785	947	82	(	(	PUNCT
cblr-1785	947	83	3	3	X
cblr-1785	947	84	)	)	PUNCT
cblr-1785	947	85	the	the	DET
cblr-1785	947	86	bank	bank	NOUN
cblr-1785	947	87	or	or	CCONJ
cblr-1785	947	88	other	other	ADJ
cblr-1785	947	89	depository	depository	NOUN
cblr-1785	947	90	institution	institution	NOUN
cblr-1785	947	91	in	in	ADP
cblr-1785	947	92	which	which	PRON
cblr-1785	947	93	investor	investor	NOUN
cblr-1785	947	94	funds	fund	NOUN
cblr-1785	947	95	will	will	AUX
cblr-1785	947	96	be	be	AUX
cblr-1785	947	97	deposited	deposit	VERB
cblr-1785	947	98	.	.	PUNCT
cblr-1785	948	1	(	(	PUNCT
cblr-1785	948	2	1)(f	1)(f	NUM
cblr-1785	948	3	):	):	PUNCT
cblr-1785	948	4	before	before	ADP
cblr-1785	948	5	the	the	DET
cblr-1785	948	6	use	use	NOUN
cblr-1785	948	7	of	of	ADP
cblr-1785	948	8	any	any	DET
cblr-1785	948	9	general	general	ADJ
cblr-1785	948	10	solicitation	solicitation	NOUN
cblr-1785	948	11	or	or	CCONJ
cblr-1785	948	12	the	the	DET
cblr-1785	948	13	twenty	twenty	NUM
cblr-1785	948	14	-	-	PUNCT
cblr-1785	948	15	fifth	fifth	ADJ
cblr-1785	948	16	sale	sale	NOUN
cblr-1785	948	17	of	of	ADP
cblr-1785	948	18	the	the	DET
cblr-1785	948	19	security	security	NOUN
cblr-1785	948	20	,	,	PUNCT
cblr-1785	948	21	whichever	whichever	PRON
cblr-1785	948	22	occurs	occur	VERB
cblr-1785	948	23	first	first	ADV
cblr-1785	948	24	,	,	PUNCT
cblr-1785	948	25	the	the	DET
cblr-1785	948	26	issuer	issuer	NOUN
cblr-1785	948	27	shall	shall	AUX
cblr-1785	948	28	file	file	VERB
cblr-1785	948	29	a	a	DET
cblr-1785	948	30	notice	notice	NOUN
cblr-1785	948	31	with	with	ADP
cblr-1785	948	32	the	the	DET
cblr-1785	948	33	commissioner	commissioner	NOUN
cblr-1785	948	34	specifying	specify	VERB
cblr-1785	948	35	the	the	DET
cblr-1785	948	36	names	name	NOUN
cblr-1785	948	37	and	and	CCONJ
cblr-1785	948	38	addresses	address	NOUN
cblr-1785	948	39	of	of	ADP
cblr-1785	948	40	(	(	PUNCT
cblr-1785	948	41	1	1	X
cblr-1785	948	42	)	)	PUNCT
cblr-1785	948	43	the	the	DET
cblr-1785	948	44	issuer	issuer	NOUN
cblr-1785	948	45	,	,	PUNCT
cblr-1785	948	46	(	(	PUNCT
cblr-1785	948	47	2	2	X
cblr-1785	948	48	)	)	PUNCT
cblr-1785	948	49	all	all	DET
cblr-1785	948	50	persons	person	NOUN
cblr-1785	948	51	who	who	PRON
cblr-1785	948	52	will	will	AUX
cblr-1785	948	53	be	be	AUX
cblr-1785	948	54	involved	involve	VERB
cblr-1785	948	55	in	in	ADP
cblr-1785	948	56	the	the	DET
cblr-1785	948	57	offer	offer	NOUN
cblr-1785	948	58	or	or	CCONJ
cblr-1785	948	59	sale	sale	NOUN
cblr-1785	948	60	of	of	ADP
cblr-1785	948	61	securities	security	NOUN
cblr-1785	948	62	on	on	ADP
cblr-1785	948	63	behalf	behalf	NOUN
cblr-1785	948	64	of	of	ADP
cblr-1785	948	65	the	the	DET
cblr-1785	948	66	issuer	issuer	NOUN
cblr-1785	948	67	,	,	PUNCT
cblr-1785	948	68	and	and	CCONJ
cblr-1785	948	69	(	(	PUNCT
cblr-1785	948	70	3	3	X
cblr-1785	948	71	)	)	PUNCT
cblr-1785	948	72	the	the	DET
cblr-1785	948	73	bank	bank	NOUN
cblr-1785	948	74	or	or	CCONJ
cblr-1785	948	75	other	other	ADJ
cblr-1785	948	76	depository	depository	NOUN
cblr-1785	948	77	institution	institution	NOUN
cblr-1785	948	78	in	in	ADP
cblr-1785	948	79	which	which	PRON
cblr-1785	948	80	investor	investor	NOUN
cblr-1785	948	81	funds	fund	NOUN
cblr-1785	948	82	will	will	AUX
cblr-1785	948	83	be	be	AUX
cblr-1785	948	84	deposited	deposit	VERB
cblr-1785	948	85	.	.	PUNCT
cblr-1785	949	1	(	(	PUNCT
cblr-1785	949	2	26)(f	26)(f	NUM
cblr-1785	949	3	):	):	PUNCT
cblr-1785	949	4	not	not	PART
cblr-1785	949	5	less	less	ADJ
cblr-1785	949	6	than	than	ADP
cblr-1785	949	7	10	10	NUM
cblr-1785	949	8	days	day	NOUN
cblr-1785	949	9	prior	prior	ADV
cblr-1785	949	10	to	to	ADP
cblr-1785	949	11	the	the	DET
cblr-1785	949	12	offering	offering	NOUN
cblr-1785	949	13	of	of	ADP
cblr-1785	949	14	securities	security	NOUN
cblr-1785	949	15	in	in	ADP
cblr-1785	949	16	reliance	reliance	NOUN
cblr-1785	949	17	on	on	ADP
cblr-1785	949	18	the	the	DET
cblr-1785	949	19	exemption	exemption	NOUN
cblr-1785	949	20	,	,	PUNCT
cblr-1785	949	21	the	the	DET
cblr-1785	949	22	issuer	issuer	NOUN
cblr-1785	949	23	must	must	AUX
cblr-1785	949	24	file	file	VERB
cblr-1785	949	25	with	with	ADP
cblr-1785	949	26	the	the	DET
cblr-1785	949	27	administrator	administrator	NOUN
cblr-1785	949	28	a	a	DET
cblr-1785	949	29	notice	notice	NOUN
cblr-1785	949	30	of	of	ADP
cblr-1785	949	31	claim	claim	NOUN
cblr-1785	949	32	of	of	ADP
cblr-1785	949	33	exemption	exemption	NOUN
cblr-1785	949	34	from	from	ADP
cblr-1785	949	35	registration	registration	NOUN
cblr-1785	949	36	and	and	CCONJ
cblr-1785	949	37	(	(	PUNCT
cblr-1785	949	38	a	a	X
cblr-1785	949	39	)	)	PUNCT
cblr-1785	949	40	a	a	DET
cblr-1785	949	41	description	description	NOUN
cblr-1785	949	42	of	of	ADP
cblr-1785	949	43	the	the	DET
cblr-1785	949	44	company	company	NOUN
cblr-1785	949	45	and	and	CCONJ
cblr-1785	949	46	its	its	PRON
cblr-1785	949	47	type	type	NOUN
cblr-1785	949	48	of	of	ADP
cblr-1785	949	49	entity	entity	NOUN
cblr-1785	949	50	,	,	PUNCT
cblr-1785	949	51	address	address	NOUN
cblr-1785	949	52	,	,	PUNCT
cblr-1785	949	53	history	history	NOUN
cblr-1785	949	54	,	,	PUNCT
cblr-1785	949	55	business	business	NOUN
cblr-1785	949	56	plan	plan	NOUN
cblr-1785	949	57	and	and	CCONJ
cblr-1785	949	58	intended	intend	VERB
cblr-1785	949	59	use	use	NOUN
cblr-1785	949	60	of	of	ADP
cblr-1785	949	61	the	the	DET
cblr-1785	949	62	proceeds	proceed	NOUN
cblr-1785	949	63	including	include	VERB
cblr-1785	949	64	payments	payment	NOUN
cblr-1785	949	65	to	to	ADP
cblr-1785	949	66	management	management	NOUN
cblr-1785	949	67	(	(	PUNCT
cblr-1785	949	68	b	b	X
cblr-1785	949	69	)	)	PUNCT
cblr-1785	949	70	the	the	DET
cblr-1785	949	71	identity	identity	NOUN
cblr-1785	949	72	of	of	ADP
cblr-1785	949	73	all	all	DET
cblr-1785	949	74	persons	person	NOUN
cblr-1785	949	75	owning	own	VERB
cblr-1785	949	76	more	more	ADJ
cblr-1785	949	77	than	than	ADP
cblr-1785	949	78	10	10	NUM
cblr-1785	949	79	percent	percent	NOUN
cblr-1785	949	80	of	of	ADP
cblr-1785	949	81	any	any	DET
cblr-1785	949	82	class	class	NOUN
cblr-1785	949	83	of	of	ADP
cblr-1785	949	84	securities	security	NOUN
cblr-1785	949	85	of	of	ADP
cblr-1785	949	86	the	the	DET
cblr-1785	949	87	company	company	NOUN
cblr-1785	949	88	(	(	PUNCT
cblr-1785	949	89	c	c	X
cblr-1785	949	90	)	)	PUNCT
cblr-1785	949	91	the	the	DET
cblr-1785	949	92	identities	identity	NOUN
cblr-1785	949	93	of	of	ADP
cblr-1785	949	94	officers	officer	NOUN
cblr-1785	949	95	,	,	PUNCT
cblr-1785	949	96	directors	director	NOUN
cblr-1785	949	97	,	,	PUNCT
cblr-1785	949	98	and	and	CCONJ
cblr-1785	949	99	managers	manager	NOUN
cblr-1785	949	100	,	,	PUNCT
cblr-1785	949	101	including	include	VERB
cblr-1785	949	102	titles	title	NOUN
cblr-1785	949	103	and	and	CCONJ
cblr-1785	949	104	prior	prior	ADJ
cblr-1785	949	105	experience	experience	NOUN
cblr-1785	949	106	(	(	PUNCT
cblr-1785	949	107	d	d	X
cblr-1785	949	108	)	)	PUNCT
cblr-1785	949	109	the	the	DET
cblr-1785	949	110	terms	term	NOUN
cblr-1785	949	111	and	and	CCONJ
cblr-1785	949	112	conditions	condition	NOUN
cblr-1785	949	113	of	of	ADP
cblr-1785	949	114	the	the	DET
cblr-1785	949	115	securities	security	NOUN
cblr-1785	949	116	being	be	AUX
cblr-1785	949	117	offered	offer	VERB
cblr-1785	949	118	(	(	PUNCT
cblr-1785	949	119	e	e	NOUN
cblr-1785	949	120	)	)	PUNCT
cblr-1785	949	121	the	the	DET
cblr-1785	949	122	identity	identity	NOUN
cblr-1785	949	123	of	of	ADP
cblr-1785	949	124	any	any	DET
cblr-1785	949	125	person	person	NOUN
cblr-1785	949	126	(	(	PUNCT
cblr-1785	949	127	1)(e	1)(e	NUM
cblr-1785	949	128	):	):	PUNCT
cblr-1785	949	129	at	at	ADV
cblr-1785	949	130	least	least	ADV
cblr-1785	949	131	10	10	NUM
cblr-1785	949	132	days	day	NOUN
cblr-1785	949	133	before	before	SCONJ
cblr-1785	949	134	an	an	DET
cblr-1785	949	135	offer	offer	NOUN
cblr-1785	949	136	of	of	ADP
cblr-1785	949	137	securities	security	NOUN
cblr-1785	949	138	is	be	AUX
cblr-1785	949	139	made	make	VERB
cblr-1785	949	140	in	in	ADP
cblr-1785	949	141	reliance	reliance	NOUN
cblr-1785	949	142	on	on	ADP
cblr-1785	949	143	the	the	DET
cblr-1785	949	144	exemption	exemption	NOUN
cblr-1785	949	145	,	,	PUNCT
cblr-1785	949	146	the	the	DET
cblr-1785	949	147	issuer	issuer	NOUN
cblr-1785	949	148	must	must	AUX
cblr-1785	949	149	file	file	VERB
cblr-1785	949	150	with	with	ADP
cblr-1785	949	151	the	the	DET
cblr-1785	949	152	administrator	administrator	NOUN
cblr-1785	949	153	a	a	DET
cblr-1785	949	154	notice	notice	NOUN
cblr-1785	949	155	of	of	ADP
cblr-1785	949	156	claim	claim	NOUN
cblr-1785	949	157	of	of	ADP
cblr-1785	949	158	exemption	exemption	NOUN
cblr-1785	949	159	from	from	ADP
cblr-1785	949	160	registration	registration	NOUN
cblr-1785	949	161	and	and	CCONJ
cblr-1785	949	162	(	(	PUNCT
cblr-1785	949	163	a	a	X
cblr-1785	949	164	)	)	PUNCT
cblr-1785	949	165	a	a	DET
cblr-1785	949	166	description	description	NOUN
cblr-1785	949	167	of	of	ADP
cblr-1785	949	168	the	the	DET
cblr-1785	949	169	issuer	issuer	NOUN
cblr-1785	949	170	,	,	PUNCT
cblr-1785	949	171	including	include	VERB
cblr-1785	949	172	its	its	PRON
cblr-1785	949	173	type	type	NOUN
cblr-1785	949	174	of	of	ADP
cblr-1785	949	175	entity	entity	NOUN
cblr-1785	949	176	,	,	PUNCT
cblr-1785	949	177	addresss	addresss	NOUN
cblr-1785	949	178	,	,	PUNCT
cblr-1785	949	179	history	history	NOUN
cblr-1785	949	180	,	,	PUNCT
cblr-1785	949	181	business	business	NOUN
cblr-1785	949	182	plan	plan	NOUN
cblr-1785	949	183	and	and	CCONJ
cblr-1785	949	184	intended	intend	VERB
cblr-1785	949	185	use	use	NOUN
cblr-1785	949	186	of	of	ADP
cblr-1785	949	187	the	the	DET
cblr-1785	949	188	proceeds	proceed	NOUN
cblr-1785	949	189	including	include	VERB
cblr-1785	949	190	payments	payment	NOUN
cblr-1785	949	191	to	to	ADP
cblr-1785	949	192	management	management	NOUN
cblr-1785	949	193	(	(	PUNCT
cblr-1785	949	194	b	b	X
cblr-1785	949	195	)	)	PUNCT
cblr-1785	949	196	the	the	DET
cblr-1785	949	197	identity	identity	NOUN
cblr-1785	949	198	of	of	ADP
cblr-1785	949	199	each	each	DET
cblr-1785	949	200	person	person	NOUN
cblr-1785	949	201	that	that	PRON
cblr-1785	949	202	owns	own	VERB
cblr-1785	949	203	more	more	ADJ
cblr-1785	949	204	that	that	SCONJ
cblr-1785	949	205	10	10	NUM
cblr-1785	949	206	percent	percent	NOUN
cblr-1785	949	207	of	of	ADP
cblr-1785	949	208	any	any	DET
cblr-1785	949	209	class	class	NOUN
cblr-1785	949	210	of	of	ADP
cblr-1785	949	211	securities	security	NOUN
cblr-1785	949	212	of	of	ADP
cblr-1785	949	213	the	the	DET
cblr-1785	949	214	issuer	issuer	NOUN
cblr-1785	949	215	(	(	PUNCT
cblr-1785	949	216	c	c	X
cblr-1785	949	217	)	)	PUNCT
cblr-1785	949	218	the	the	DET
cblr-1785	949	219	identities	identity	NOUN
cblr-1785	949	220	of	of	ADP
cblr-1785	949	221	officers	officer	NOUN
cblr-1785	949	222	,	,	PUNCT
cblr-1785	949	223	directors	director	NOUN
cblr-1785	949	224	,	,	PUNCT
cblr-1785	949	225	and	and	CCONJ
cblr-1785	949	226	managers	manager	NOUN
cblr-1785	949	227	,	,	PUNCT
cblr-1785	949	228	including	include	VERB
cblr-1785	949	229	titles	title	NOUN
cblr-1785	949	230	and	and	CCONJ
cblr-1785	949	231	prior	prior	ADJ
cblr-1785	949	232	experience	experience	NOUN
cblr-1785	949	233	(	(	PUNCT
cblr-1785	949	234	d	d	X
cblr-1785	949	235	)	)	PUNCT
cblr-1785	949	236	the	the	DET
cblr-1785	949	237	terms	term	NOUN
cblr-1785	949	238	and	and	CCONJ
cblr-1785	949	239	conditions	condition	NOUN
cblr-1785	949	240	of	of	ADP
cblr-1785	949	241	the	the	DET
cblr-1785	949	242	securities	security	NOUN
cblr-1785	949	243	being	be	AUX
cblr-1785	949	244	offered	offer	VERB
cblr-1785	949	245	(	(	PUNCT
cblr-1785	949	246	e	e	NOUN
cblr-1785	949	247	)	)	PUNCT
cblr-1785	949	248	the	the	DET
cblr-1785	949	249	pei	pei	PROPN
cblr-1785	949	250	final	final	ADJ
cblr-1785	949	251	no	no	NOUN
cblr-1785	949	252	.	.	PUNCT
cblr-1785	950	1	3:854	3:854	NUM
cblr-1785	950	2	]	]	X
cblr-1785	950	3	intrastate	intrastate	ADJ
cblr-1785	950	4	crowdfunding	crowdfunde	VERB
cblr-1785	950	5	903	903	NUM
cblr-1785	950	6	proceeds	proceed	NOUN
cblr-1785	950	7	(	(	PUNCT
cblr-1785	950	8	f	f	X
cblr-1785	950	9	)	)	PUNCT
cblr-1785	950	10	the	the	DET
cblr-1785	950	11	target	target	NOUN
cblr-1785	950	12	offering	offering	NOUN
cblr-1785	950	13	amount	amount	NOUN
cblr-1785	950	14	,	,	PUNCT
cblr-1785	950	15	the	the	DET
cblr-1785	950	16	deadline	deadline	NOUN
cblr-1785	950	17	to	to	PART
cblr-1785	950	18	meet	meet	VERB
cblr-1785	950	19	the	the	DET
cblr-1785	950	20	target	target	NOUN
cblr-1785	950	21	,	,	PUNCT
cblr-1785	950	22	and	and	CCONJ
cblr-1785	950	23	updates	update	NOUN
cblr-1785	950	24	on	on	ADP
cblr-1785	950	25	the	the	DET
cblr-1785	950	26	progress	progress	NOUN
cblr-1785	950	27	of	of	ADP
cblr-1785	950	28	the	the	DET
cblr-1785	950	29	issuer	issuer	NOUN
cblr-1785	950	30	in	in	ADP
cblr-1785	950	31	meeting	meet	VERB
cblr-1785	950	32	the	the	DET
cblr-1785	950	33	target	target	NOUN
cblr-1785	950	34	(	(	PUNCT
cblr-1785	950	35	g	g	NOUN
cblr-1785	950	36	)	)	PUNCT
cblr-1785	950	37	the	the	DET
cblr-1785	950	38	price	price	NOUN
cblr-1785	950	39	for	for	ADP
cblr-1785	950	40	the	the	DET
cblr-1785	950	41	securities	security	NOUN
cblr-1785	950	42	and	and	CCONJ
cblr-1785	950	43	the	the	DET
cblr-1785	950	44	method	method	NOUN
cblr-1785	950	45	for	for	ADP
cblr-1785	950	46	determining	determine	VERB
cblr-1785	950	47	the	the	DET
cblr-1785	950	48	price	price	NOUN
cblr-1785	950	49	(	(	PUNCT
cblr-1785	950	50	h	h	NOUN
cblr-1785	950	51	)	)	PUNCT
cblr-1785	950	52	a	a	DET
cblr-1785	950	53	description	description	NOUN
cblr-1785	950	54	of	of	ADP
cblr-1785	950	55	the	the	DET
cblr-1785	950	56	ownership	ownership	NOUN
cblr-1785	950	57	and	and	CCONJ
cblr-1785	950	58	capital	capital	NOUN
cblr-1785	950	59	structure	structure	NOUN
cblr-1785	950	60	of	of	ADP
cblr-1785	950	61	the	the	DET
cblr-1785	950	62	issuer	issuer	NOUN
cblr-1785	950	63	who	who	PRON
cblr-1785	950	64	has	have	AUX
cblr-1785	950	65	been	be	AUX
cblr-1785	950	66	or	or	CCONJ
cblr-1785	950	67	will	will	AUX
cblr-1785	950	68	be	be	AUX
cblr-1785	950	69	retained	retain	VERB
cblr-1785	950	70	by	by	ADP
cblr-1785	950	71	the	the	DET
cblr-1785	950	72	issuer	issuer	NOUN
cblr-1785	950	73	to	to	PART
cblr-1785	950	74	assist	assist	VERB
cblr-1785	950	75	in	in	ADP
cblr-1785	950	76	the	the	DET
cblr-1785	950	77	offering	offering	NOUN
cblr-1785	950	78	and	and	CCONJ
cblr-1785	950	79	sale	sale	NOUN
cblr-1785	950	80	of	of	ADP
cblr-1785	950	81	the	the	DET
cblr-1785	950	82	securities	security	NOUN
cblr-1785	950	83	(	(	PUNCT
cblr-1785	950	84	f	f	X
cblr-1785	950	85	)	)	PUNCT
cblr-1785	950	86	for	for	ADP
cblr-1785	950	87	each	each	DET
cblr-1785	950	88	person	person	NOUN
cblr-1785	950	89	identified	identify	VERB
cblr-1785	950	90	under	under	ADP
cblr-1785	950	91	(	(	PUNCT
cblr-1785	950	92	e	e	NOUN
cblr-1785	950	93	)	)	PUNCT
cblr-1785	950	94	,	,	PUNCT
cblr-1785	950	95	a	a	DET
cblr-1785	950	96	description	description	NOUN
cblr-1785	950	97	of	of	ADP
cblr-1785	950	98	their	their	PRON
cblr-1785	950	99	consideration	consideration	NOUN
cblr-1785	950	100	(	(	PUNCT
cblr-1785	950	101	g	g	NOUN
cblr-1785	950	102	)	)	PUNCT
cblr-1785	950	103	a	a	DET
cblr-1785	950	104	description	description	NOUN
cblr-1785	950	105	of	of	ADP
cblr-1785	950	106	any	any	DET
cblr-1785	950	107	litigation	litigation	NOUN
cblr-1785	950	108	,	,	PUNCT
cblr-1785	950	109	legal	legal	ADJ
cblr-1785	950	110	proceedings	proceeding	NOUN
cblr-1785	950	111	,	,	PUNCT
cblr-1785	950	112	or	or	CCONJ
cblr-1785	950	113	pending	pende	VERB
cblr-1785	950	114	regulatory	regulatory	ADJ
cblr-1785	950	115	action	action	NOUN
cblr-1785	950	116	involving	involve	VERB
cblr-1785	950	117	the	the	DET
cblr-1785	950	118	company	company	NOUN
cblr-1785	950	119	(	(	PUNCT
cblr-1785	950	120	h	h	NOUN
cblr-1785	950	121	)	)	PUNCT
cblr-1785	950	122	the	the	DET
cblr-1785	950	123	name	name	NOUN
cblr-1785	950	124	and	and	CCONJ
cblr-1785	950	125	address	address	NOUN
cblr-1785	950	126	of	of	ADP
cblr-1785	950	127	the	the	DET
cblr-1785	950	128	intermediary	intermediary	NOUN
cblr-1785	950	129	(	(	PUNCT
cblr-1785	950	130	i	i	NOUN
cblr-1785	950	131	)	)	PUNCT
cblr-1785	950	132	a	a	DET
cblr-1785	950	133	discussion	discussion	NOUN
cblr-1785	950	134	of	of	ADP
cblr-1785	950	135	significant	significant	ADJ
cblr-1785	950	136	factors	factor	NOUN
cblr-1785	950	137	that	that	PRON
cblr-1785	950	138	make	make	VERB
cblr-1785	950	139	the	the	DET
cblr-1785	950	140	offering	offering	NOUN
cblr-1785	950	141	speculative	speculative	ADJ
cblr-1785	950	142	or	or	CCONJ
cblr-1785	950	143	risky	risky	ADJ
cblr-1785	950	144	.	.	PUNCT
cblr-1785	951	1	identity	identity	NOUN
cblr-1785	951	2	of	of	ADP
cblr-1785	951	3	any	any	DET
cblr-1785	951	4	person	person	NOUN
cblr-1785	951	5	who	who	PRON
cblr-1785	951	6	has	have	AUX
cblr-1785	951	7	been	be	AUX
cblr-1785	951	8	or	or	CCONJ
cblr-1785	951	9	will	will	AUX
cblr-1785	951	10	be	be	AUX
cblr-1785	951	11	retained	retain	VERB
cblr-1785	951	12	by	by	ADP
cblr-1785	951	13	the	the	DET
cblr-1785	951	14	issuer	issuer	NOUN
cblr-1785	951	15	to	to	PART
cblr-1785	951	16	assist	assist	VERB
cblr-1785	951	17	in	in	ADP
cblr-1785	951	18	the	the	DET
cblr-1785	951	19	offering	offering	NOUN
cblr-1785	951	20	and	and	CCONJ
cblr-1785	951	21	sale	sale	NOUN
cblr-1785	951	22	of	of	ADP
cblr-1785	951	23	the	the	DET
cblr-1785	951	24	securities	security	NOUN
cblr-1785	951	25	(	(	PUNCT
cblr-1785	951	26	f	f	X
cblr-1785	951	27	)	)	PUNCT
cblr-1785	951	28	a	a	DET
cblr-1785	951	29	description	description	NOUN
cblr-1785	951	30	of	of	ADP
cblr-1785	951	31	any	any	DET
cblr-1785	951	32	litigation	litigation	NOUN
cblr-1785	951	33	or	or	CCONJ
cblr-1785	951	34	legal	legal	ADJ
cblr-1785	951	35	proceedings	proceeding	NOUN
cblr-1785	951	36	involving	involve	VERB
cblr-1785	951	37	the	the	DET
cblr-1785	951	38	issuer	issuer	NOUN
cblr-1785	951	39	of	of	ADP
cblr-1785	951	40	its	its	PRON
cblr-1785	951	41	management	management	NOUN
cblr-1785	951	42	(	(	PUNCT
cblr-1785	951	43	g	g	NOUN
cblr-1785	951	44	)	)	PUNCT
cblr-1785	951	45	the	the	DET
cblr-1785	951	46	name	name	NOUN
cblr-1785	951	47	and	and	CCONJ
cblr-1785	951	48	address	address	NOUN
cblr-1785	951	49	of	of	ADP
cblr-1785	951	50	any	any	DET
cblr-1785	951	51	website	website	NOUN
cblr-1785	951	52	that	that	SCONJ
cblr-1785	951	53	the	the	DET
cblr-1785	951	54	issuer	issuer	NOUN
cblr-1785	951	55	intends	intend	VERB
cblr-1785	951	56	to	to	PART
cblr-1785	951	57	use	use	VERB
cblr-1785	951	58	in	in	ADP
cblr-1785	951	59	connection	connection	NOUN
cblr-1785	951	60	with	with	ADP
cblr-1785	951	61	the	the	DET
cblr-1785	951	62	offering	offering	NOUN
cblr-1785	951	63	.	.	PUNCT
cblr-1785	952	1	pei	pei	PROPN
cblr-1785	952	2	final	final	ADJ
cblr-1785	952	3	904	904	NUM
cblr-1785	952	4	columbia	columbia	PROPN
cblr-1785	952	5	business	business	NOUN
cblr-1785	952	6	law	law	PROPN
cblr-1785	952	7	review	review	NOUN
cblr-1785	952	8	[	[	X
cblr-1785	952	9	vol	vol	NOUN
cblr-1785	952	10	.	.	NOUN
cblr-1785	952	11	2014	2014	NUM
cblr-1785	952	12	table	table	NOUN
cblr-1785	952	13	1	1	NUM
cblr-1785	952	14	:	:	PUNCT
cblr-1785	952	15	comparison	comparison	NOUN
cblr-1785	952	16	of	of	ADP
cblr-1785	952	17	federal	federal	ADJ
cblr-1785	952	18	,	,	PUNCT
cblr-1785	952	19	kansas	kansas	PROPN
cblr-1785	952	20	,	,	PUNCT
cblr-1785	952	21	georgia	georgia	PROPN
cblr-1785	952	22	,	,	PUNCT
cblr-1785	952	23	wisconsin	wisconsin	PROPN
cblr-1785	952	24	,	,	PUNCT
cblr-1785	952	25	and	and	CCONJ
cblr-1785	952	26	michigan	michigan	PROPN
cblr-1785	952	27	exemptions	exemption	NOUN
cblr-1785	952	28	(	(	PUNCT
cblr-1785	952	29	cont	cont	NOUN
cblr-1785	952	30	.	.	PUNCT
cblr-1785	952	31	)	)	PUNCT
cblr-1785	953	1	jobs	job	NOUN
cblr-1785	953	2	act	act	VERB
cblr-1785	953	3	securities	securities	PROPN
cblr-1785	953	4	act	act	NOUN
cblr-1785	953	5	of	of	ADP
cblr-1785	953	6	1933	1933	NUM
cblr-1785	953	7	§	§	PROPN
cblr-1785	953	8	4(a)(6	4(a)(6	NUM
cblr-1785	953	9	)	)	PUNCT
cblr-1785	953	10	(	(	PUNCT
cblr-1785	953	11	codified	codify	VERB
cblr-1785	953	12	in	in	ADP
cblr-1785	953	13	15	15	NUM
cblr-1785	953	14	u.s.c	u.s.c	NOUN
cblr-1785	953	15	.	.	PUNCT
cblr-1785	953	16	)	)	PUNCT
cblr-1785	953	17	invest	invest	VERB
cblr-1785	953	18	kansas	kansas	PROPN
cblr-1785	953	19	exemption	exemption	PROPN
cblr-1785	953	20	kan	kan	PROPN
cblr-1785	953	21	.	.	PUNCT
cblr-1785	954	1	admin	admin	PROPN
cblr-1785	954	2	.	.	PUNCT
cblr-1785	955	1	regs	regs	PROPN
cblr-1785	955	2	.	.	PUNCT
cblr-1785	956	1	§	§	PROPN
cblr-1785	956	2	81	81	NUM
cblr-1785	956	3	-	-	SYM
cblr-1785	956	4	5	5	NUM
cblr-1785	956	5	-	-	SYM
cblr-1785	956	6	21	21	NUM
cblr-1785	956	7	invest	invest	NOUN
cblr-1785	956	8	georgia	georgia	PROPN
cblr-1785	956	9	exemption	exemption	PROPN
cblr-1785	956	10	ga	ga	PROPN
cblr-1785	956	11	.	.	PROPN
cblr-1785	956	12	comp	comp	PROPN
cblr-1785	956	13	.	.	PUNCT
cblr-1785	957	1	r.	r.	PROPN
cblr-1785	957	2	&	&	CCONJ
cblr-1785	957	3	regs	regs	PROPN
cblr-1785	957	4	.	.	PUNCT
cblr-1785	958	1	§	§	PROPN
cblr-1785	958	2	590	590	NUM
cblr-1785	958	3	-	-	PUNCT
cblr-1785	958	4	42-.08	42-.08	NUM
cblr-1785	958	5	case	case	NOUN
cblr-1785	958	6	for	for	ADP
cblr-1785	958	7	jobs	job	NOUN
cblr-1785	958	8	act	act	VERB
cblr-1785	958	9	wis	wis	PROPN
cblr-1785	958	10	.	.	PUNCT
cblr-1785	959	1	stat	stat	PROPN
cblr-1785	959	2	.	.	PUNCT
cblr-1785	960	1	ann	ann	PROPN
cblr-1785	960	2	.	.	PUNCT
cblr-1785	961	1	§	§	PROPN
cblr-1785	961	2	551.202(26	551.202(26	NUM
cblr-1785	961	3	)	)	PUNCT
cblr-1785	961	4	michigan	michigan	PROPN
cblr-1785	961	5	invests	invest	NOUN
cblr-1785	961	6	locally	locally	ADV
cblr-1785	961	7	exemption	exemption	NOUN
cblr-1785	961	8	mich	mich	PROPN
cblr-1785	961	9	.	.	PUNCT
cblr-1785	962	1	comp	comp	PROPN
cblr-1785	962	2	.	.	PUNCT
cblr-1785	963	1	laws	law	NOUN
cblr-1785	963	2	ann	ann	PROPN
cblr-1785	963	3	.	.	PUNCT
cblr-1785	964	1	§	§	PROPN
cblr-1785	964	2	451.2202a	451.2202a	NUM
cblr-1785	964	3	resale	resale	NOUN
cblr-1785	964	4	restrictions	restriction	NOUN
cblr-1785	964	5	§	§	PROPN
cblr-1785	964	6	77d-1(e	77d-1(e	NUM
cblr-1785	964	7	):	):	PUNCT
cblr-1785	964	8	may	may	AUX
cblr-1785	964	9	not	not	PART
cblr-1785	964	10	be	be	AUX
cblr-1785	964	11	resold	resold	VERB
cblr-1785	964	12	for	for	ADP
cblr-1785	964	13	one	one	NUM
cblr-1785	964	14	year	year	NOUN
cblr-1785	964	15	unless	unless	SCONJ
cblr-1785	964	16	they	they	PRON
cblr-1785	964	17	are	be	AUX
cblr-1785	964	18	transferred	transfer	VERB
cblr-1785	964	19	to	to	ADP
cblr-1785	964	20	(	(	PUNCT
cblr-1785	964	21	a	a	X
cblr-1785	964	22	)	)	PUNCT
cblr-1785	964	23	the	the	DET
cblr-1785	964	24	issuer	issuer	NOUN
cblr-1785	964	25	,	,	PUNCT
cblr-1785	964	26	(	(	PUNCT
cblr-1785	964	27	b	b	X
cblr-1785	964	28	)	)	PUNCT
cblr-1785	964	29	an	an	DET
cblr-1785	964	30	accredited	accredited	ADJ
cblr-1785	964	31	investor	investor	NOUN
cblr-1785	964	32	,	,	PUNCT
cblr-1785	964	33	(	(	PUNCT
cblr-1785	964	34	c	c	X
cblr-1785	964	35	)	)	PUNCT
cblr-1785	964	36	as	as	ADP
cblr-1785	964	37	part	part	NOUN
cblr-1785	964	38	of	of	ADP
cblr-1785	964	39	a	a	DET
cblr-1785	964	40	registered	register	VERB
cblr-1785	964	41	offering	offering	NOUN
cblr-1785	964	42	,	,	PUNCT
cblr-1785	964	43	or	or	CCONJ
cblr-1785	964	44	(	(	PUNCT
cblr-1785	964	45	d	d	X
cblr-1785	964	46	)	)	PUNCT
cblr-1785	964	47	to	to	ADP
cblr-1785	964	48	a	a	DET
cblr-1785	964	49	member	member	NOUN
cblr-1785	964	50	of	of	ADP
cblr-1785	964	51	the	the	DET
cblr-1785	964	52	family	family	NOUN
cblr-1785	964	53	of	of	ADP
cblr-1785	964	54	the	the	DET
cblr-1785	964	55	purchaser	purchaser	NOUN
cblr-1785	964	56	or	or	CCONJ
cblr-1785	964	57	in	in	ADP
cblr-1785	964	58	connection	connection	NOUN
cblr-1785	964	59	with	with	ADP
cblr-1785	964	60	death	death	NOUN
cblr-1785	964	61	or	or	CCONJ
cblr-1785	964	62	divorce	divorce	NOUN
cblr-1785	964	63	.	.	PUNCT
cblr-1785	965	1	(	(	PUNCT
cblr-1785	965	2	a)(9	a)(9	NUM
cblr-1785	965	3	):	):	PUNCT
cblr-1785	965	4	securities	security	NOUN
cblr-1785	965	5	can	can	AUX
cblr-1785	965	6	not	not	PART
cblr-1785	965	7	be	be	AUX
cblr-1785	965	8	resold	resold	VERB
cblr-1785	965	9	unless	unless	SCONJ
cblr-1785	965	10	they	they	PRON
cblr-1785	965	11	are	be	AUX
cblr-1785	965	12	registered	register	VERB
cblr-1785	965	13	or	or	CCONJ
cblr-1785	965	14	qualify	qualify	VERB
cblr-1785	965	15	for	for	ADP
cblr-1785	965	16	an	an	DET
cblr-1785	965	17	exemption	exemption	NOUN
cblr-1785	965	18	from	from	ADP
cblr-1785	965	19	registration	registration	NOUN
cblr-1785	965	20	.	.	PUNCT
cblr-1785	966	1	(	(	PUNCT
cblr-1785	966	2	1)(h	1)(h	NUM
cblr-1785	966	3	):	):	PUNCT
cblr-1785	966	4	securities	security	NOUN
cblr-1785	966	5	are	be	AUX
cblr-1785	966	6	subject	subject	ADJ
cblr-1785	966	7	to	to	ADP
cblr-1785	966	8	resale	resale	NOUN
cblr-1785	966	9	limitations	limitation	NOUN
cblr-1785	966	10	contained	contain	VERB
cblr-1785	966	11	in	in	ADP
cblr-1785	966	12	sec	sec	PROPN
cblr-1785	966	13	rule	rule	NOUN
cblr-1785	966	14	147	147	NUM
cblr-1785	966	15	.	.	PUNCT
cblr-1785	967	1	(	(	PUNCT
cblr-1785	967	2	i.e.	i.e.	X
cblr-1785	967	3	,	,	PUNCT
cblr-1785	967	4	securities	security	NOUN
cblr-1785	967	5	can	can	AUX
cblr-1785	967	6	not	not	PART
cblr-1785	967	7	be	be	AUX
cblr-1785	967	8	resold	resold	VERB
cblr-1785	967	9	for	for	ADP
cblr-1785	967	10	9	9	NUM
cblr-1785	967	11	months	month	NOUN
cblr-1785	967	12	from	from	ADP
cblr-1785	967	13	the	the	DET
cblr-1785	967	14	date	date	NOUN
cblr-1785	967	15	of	of	ADP
cblr-1785	967	16	the	the	DET
cblr-1785	967	17	last	last	ADJ
cblr-1785	967	18	sale	sale	NOUN
cblr-1785	967	19	unless	unless	SCONJ
cblr-1785	967	20	it	it	PRON
cblr-1785	967	21	’s	’	VERB
cblr-1785	967	22	to	to	ADP
cblr-1785	967	23	a	a	DET
cblr-1785	967	24	person	person	NOUN
cblr-1785	967	25	in	in	ADP
cblr-1785	967	26	the	the	DET
cblr-1785	967	27	state	state	NOUN
cblr-1785	967	28	.	.	PUNCT
cblr-1785	968	1	see	see	VERB
cblr-1785	968	2	cfr	cfr	PROPN
cblr-1785	968	3	§	§	PROPN
cblr-1785	968	4	230.147(e	230.147(e	PROPN
cblr-1785	968	5	)	)	PUNCT
cblr-1785	968	6	)	)	PUNCT
cblr-1785	969	1	(	(	PUNCT
cblr-1785	969	2	26)(h	26)(h	NUM
cblr-1785	969	3	):	):	PUNCT
cblr-1785	969	4	securities	security	NOUN
cblr-1785	969	5	are	be	AUX
cblr-1785	969	6	subject	subject	ADJ
cblr-1785	969	7	to	to	ADP
cblr-1785	969	8	resale	resale	NOUN
cblr-1785	969	9	limitations	limitation	NOUN
cblr-1785	969	10	contained	contain	VERB
cblr-1785	969	11	in	in	ADP
cblr-1785	969	12	sec	sec	PROPN
cblr-1785	969	13	rule	rule	NOUN
cblr-1785	969	14	147	147	NUM
cblr-1785	969	15	.	.	PUNCT
cblr-1785	970	1	(	(	PUNCT
cblr-1785	970	2	i.e.	i.e.	X
cblr-1785	970	3	,	,	PUNCT
cblr-1785	970	4	securities	security	NOUN
cblr-1785	970	5	can	can	AUX
cblr-1785	970	6	not	not	PART
cblr-1785	970	7	be	be	AUX
cblr-1785	970	8	resold	resold	VERB
cblr-1785	970	9	for	for	ADP
cblr-1785	970	10	9	9	NUM
cblr-1785	970	11	months	month	NOUN
cblr-1785	970	12	from	from	ADP
cblr-1785	970	13	the	the	DET
cblr-1785	970	14	date	date	NOUN
cblr-1785	970	15	of	of	ADP
cblr-1785	970	16	the	the	DET
cblr-1785	970	17	last	last	ADJ
cblr-1785	970	18	sale	sale	NOUN
cblr-1785	970	19	unless	unless	SCONJ
cblr-1785	970	20	it	it	PRON
cblr-1785	970	21	’s	’	VERB
cblr-1785	970	22	to	to	ADP
cblr-1785	970	23	a	a	DET
cblr-1785	970	24	person	person	NOUN
cblr-1785	970	25	in	in	ADP
cblr-1785	970	26	the	the	DET
cblr-1785	970	27	state	state	NOUN
cblr-1785	970	28	.	.	PUNCT
cblr-1785	971	1	see	see	VERB
cblr-1785	971	2	cfr	cfr	PROPN
cblr-1785	971	3	§	§	PROPN
cblr-1785	971	4	230.147(e	230.147(e	PROPN
cblr-1785	971	5	)	)	PUNCT
cblr-1785	971	6	)	)	PUNCT
cblr-1785	972	1	(	(	PUNCT
cblr-1785	972	2	1)(b)(iii	1)(b)(iii	NUM
cblr-1785	972	3	):	):	PUNCT
cblr-1785	972	4	securities	security	NOUN
cblr-1785	972	5	are	be	AUX
cblr-1785	972	6	subject	subject	ADJ
cblr-1785	972	7	to	to	ADP
cblr-1785	972	8	resale	resale	NOUN
cblr-1785	972	9	limitations	limitation	NOUN
cblr-1785	972	10	contained	contain	VERB
cblr-1785	972	11	in	in	ADP
cblr-1785	972	12	sec	sec	PROPN
cblr-1785	972	13	rule	rule	NOUN
cblr-1785	972	14	147	147	NUM
cblr-1785	972	15	.	.	PUNCT
cblr-1785	973	1	(	(	PUNCT
cblr-1785	973	2	i.e.	i.e.	X
cblr-1785	973	3	,	,	PUNCT
cblr-1785	973	4	securities	security	NOUN
cblr-1785	973	5	can	can	AUX
cblr-1785	973	6	not	not	PART
cblr-1785	973	7	be	be	AUX
cblr-1785	973	8	resold	resold	VERB
cblr-1785	973	9	for	for	ADP
cblr-1785	973	10	9	9	NUM
cblr-1785	973	11	months	month	NOUN
cblr-1785	973	12	from	from	ADP
cblr-1785	973	13	the	the	DET
cblr-1785	973	14	date	date	NOUN
cblr-1785	973	15	of	of	ADP
cblr-1785	973	16	the	the	DET
cblr-1785	973	17	last	last	ADJ
cblr-1785	973	18	sale	sale	NOUN
cblr-1785	973	19	unless	unless	SCONJ
cblr-1785	973	20	it	it	PRON
cblr-1785	973	21	’s	’	VERB
cblr-1785	973	22	to	to	ADP
cblr-1785	973	23	a	a	DET
cblr-1785	973	24	person	person	NOUN
cblr-1785	973	25	in	in	ADP
cblr-1785	973	26	the	the	DET
cblr-1785	973	27	state	state	NOUN
cblr-1785	973	28	.	.	PUNCT
cblr-1785	974	1	see	see	VERB
cblr-1785	974	2	cfr	cfr	PROPN
cblr-1785	974	3	§	§	PROPN
cblr-1785	974	4	230.147(e	230.147(e	PROPN
cblr-1785	974	5	)	)	PUNCT
cblr-1785	974	6	)	)	PUNCT
cblr-1785	975	1	advertising	advertising	NOUN
cblr-1785	975	2	§	§	PROPN
cblr-1785	975	3	77d-1(b)(2	77d-1(b)(2	NOUN
cblr-1785	975	4	):	):	PUNCT
cblr-1785	975	5	the	the	DET
cblr-1785	975	6	issuer	issuer	NOUN
cblr-1785	975	7	may	may	AUX
cblr-1785	975	8	not	not	PART
cblr-1785	975	9	advertise	advertise	VERB
cblr-1785	975	10	the	the	DET
cblr-1785	975	11	terms	term	NOUN
cblr-1785	975	12	of	of	ADP
cblr-1785	975	13	the	the	DET
cblr-1785	975	14	offering	offering	NOUN
cblr-1785	975	15	,	,	PUNCT
cblr-1785	975	16	except	except	SCONJ
cblr-1785	975	17	for	for	ADP
cblr-1785	975	18	notices	notice	NOUN
cblr-1785	975	19	,	,	PUNCT
cblr-1785	975	20	which	which	PRON
cblr-1785	975	21	direct	direct	ADJ
cblr-1785	975	22	investors	investor	NOUN
cblr-1785	975	23	to	to	ADP
cblr-1785	975	24	the	the	DET
cblr-1785	975	25	funding	funding	NOUN
cblr-1785	975	26	portal	portal	NOUN
cblr-1785	975	27	or	or	CCONJ
cblr-1785	975	28	broker.1	broker.1	PROPN
cblr-1785	975	29	(	(	PUNCT
cblr-1785	975	30	a)(7	a)(7	NUM
cblr-1785	975	31	):	):	PUNCT
cblr-1785	975	32	general	general	ADJ
cblr-1785	975	33	solicitation	solicitation	NOUN
cblr-1785	975	34	permitted	permit	VERB
cblr-1785	975	35	as	as	ADV
cblr-1785	975	36	long	long	ADV
cblr-1785	975	37	as	as	SCONJ
cblr-1785	975	38	the	the	DET
cblr-1785	975	39	issuer	issuer	NOUN
cblr-1785	975	40	provides	provide	VERB
cblr-1785	975	41	the	the	DET
cblr-1785	975	42	disclosures	disclosure	NOUN
cblr-1785	975	43	required	require	VERB
cblr-1785	975	44	by	by	ADP
cblr-1785	975	45	§	§	PROPN
cblr-1785	975	46	(	(	PUNCT
cblr-1785	975	47	a)(7	a)(7	NUM
cblr-1785	975	48	)	)	PUNCT
cblr-1785	975	49	.	.	PUNCT
cblr-1785	976	1	(	(	PUNCT
cblr-1785	976	2	1)(f	1)(f	NUM
cblr-1785	976	3	):	):	PUNCT
cblr-1785	976	4	general	general	ADJ
cblr-1785	976	5	solicitation	solicitation	NOUN
cblr-1785	976	6	permitted	permit	VERB
cblr-1785	976	7	as	as	ADV
cblr-1785	976	8	long	long	ADV
cblr-1785	976	9	as	as	SCONJ
cblr-1785	976	10	the	the	DET
cblr-1785	976	11	issuer	issuer	NOUN
cblr-1785	976	12	provides	provide	VERB
cblr-1785	976	13	the	the	DET
cblr-1785	976	14	disclosures	disclosure	NOUN
cblr-1785	976	15	required	require	VERB
cblr-1785	976	16	by	by	ADP
cblr-1785	976	17	§	§	PROPN
cblr-1785	976	18	(	(	PUNCT
cblr-1785	976	19	1)(f	1)(f	NUM
cblr-1785	976	20	)	)	PUNCT
cblr-1785	976	21	not	not	PART
cblr-1785	976	22	affirmatively	affirmatively	ADV
cblr-1785	976	23	mentioned	mention	VERB
cblr-1785	976	24	but	but	CCONJ
cblr-1785	976	25	presumably	presumably	ADV
cblr-1785	976	26	permitted	permit	VERB
cblr-1785	976	27	since	since	SCONJ
cblr-1785	976	28	§	§	PROPN
cblr-1785	976	29	(	(	PUNCT
cblr-1785	976	30	27	27	NUM
cblr-1785	976	31	)	)	PUNCT
cblr-1785	976	32	allows	allow	VERB
cblr-1785	976	33	a	a	DET
cblr-1785	976	34	less	less	ADV
cblr-1785	976	35	regulated	regulated	ADJ
cblr-1785	976	36	version	version	NOUN
cblr-1785	976	37	of	of	ADP
cblr-1785	976	38	intrastate	intrastate	ADJ
cblr-1785	976	39	crowdfunding	crowdfunding	NOUN
cblr-1785	976	40	that	that	PRON
cblr-1785	976	41	prohibits	prohibit	VERB
cblr-1785	976	42	advertising	advertising	NOUN
cblr-1785	976	43	.	.	PUNCT
cblr-1785	977	1	general	general	ADJ
cblr-1785	977	2	solicitation	solicitation	NOUN
cblr-1785	977	3	permitted	permit	VERB
cblr-1785	977	4	after	after	ADP
cblr-1785	977	5	filing	file	VERB
cblr-1785	977	6	with	with	ADP
cblr-1785	977	7	state	state	NOUN
cblr-1785	977	8	.	.	PUNCT
cblr-1785	978	1	pei	pei	PROPN
cblr-1785	978	2	final	final	ADJ
cblr-1785	978	3	no	no	NOUN
cblr-1785	978	4	.	.	PUNCT
cblr-1785	979	1	3:854	3:854	NUM
cblr-1785	979	2	]	]	X
cblr-1785	979	3	intrastate	intrastate	ADJ
cblr-1785	979	4	crowdfunding	crowdfunding	NOUN
cblr-1785	979	5	905	905	NUM
cblr-1785	979	6	table	table	NOUN
cblr-1785	979	7	1	1	NUM
cblr-1785	979	8	:	:	PUNCT
cblr-1785	979	9	comparison	comparison	NOUN
cblr-1785	979	10	of	of	ADP
cblr-1785	979	11	federal	federal	ADJ
cblr-1785	979	12	,	,	PUNCT
cblr-1785	979	13	kansas	kansas	PROPN
cblr-1785	979	14	,	,	PUNCT
cblr-1785	979	15	georgia	georgia	PROPN
cblr-1785	979	16	,	,	PUNCT
cblr-1785	979	17	wisconsin	wisconsin	PROPN
cblr-1785	979	18	,	,	PUNCT
cblr-1785	979	19	and	and	CCONJ
cblr-1785	979	20	michigan	michigan	PROPN
cblr-1785	979	21	exemptions	exemption	NOUN
cblr-1785	979	22	(	(	PUNCT
cblr-1785	979	23	cont	cont	NOUN
cblr-1785	979	24	.	.	PUNCT
cblr-1785	979	25	)	)	PUNCT
cblr-1785	980	1	jobs	job	NOUN
cblr-1785	980	2	act	act	VERB
cblr-1785	980	3	securities	securities	PROPN
cblr-1785	980	4	act	act	NOUN
cblr-1785	980	5	of	of	ADP
cblr-1785	980	6	1933	1933	NUM
cblr-1785	980	7	§	§	PROPN
cblr-1785	980	8	4(a)(6	4(a)(6	NUM
cblr-1785	980	9	)	)	PUNCT
cblr-1785	980	10	(	(	PUNCT
cblr-1785	980	11	codified	codify	VERB
cblr-1785	980	12	in	in	ADP
cblr-1785	980	13	15	15	NUM
cblr-1785	980	14	u.s.c	u.s.c	NOUN
cblr-1785	980	15	.	.	PUNCT
cblr-1785	980	16	)	)	PUNCT
cblr-1785	980	17	invest	invest	VERB
cblr-1785	980	18	kansas	kansas	PROPN
cblr-1785	980	19	exemption	exemption	PROPN
cblr-1785	980	20	kan	kan	PROPN
cblr-1785	980	21	.	.	PUNCT
cblr-1785	981	1	admin	admin	PROPN
cblr-1785	981	2	.	.	PUNCT
cblr-1785	982	1	regs	regs	PROPN
cblr-1785	982	2	.	.	PUNCT
cblr-1785	983	1	§	§	PROPN
cblr-1785	983	2	81	81	NUM
cblr-1785	983	3	-	-	SYM
cblr-1785	983	4	5	5	NUM
cblr-1785	983	5	-	-	SYM
cblr-1785	983	6	21	21	NUM
cblr-1785	983	7	invest	invest	NOUN
cblr-1785	983	8	georgia	georgia	PROPN
cblr-1785	983	9	exemption	exemption	PROPN
cblr-1785	983	10	ga	ga	PROPN
cblr-1785	983	11	.	.	PROPN
cblr-1785	983	12	comp	comp	PROPN
cblr-1785	983	13	.	.	PUNCT
cblr-1785	984	1	r.	r.	PROPN
cblr-1785	984	2	&	&	CCONJ
cblr-1785	984	3	regs	regs	PROPN
cblr-1785	984	4	.	.	PUNCT
cblr-1785	985	1	§	§	PROPN
cblr-1785	985	2	590	590	NUM
cblr-1785	985	3	-	-	PUNCT
cblr-1785	985	4	42-.08	42-.08	NUM
cblr-1785	985	5	case	case	NOUN
cblr-1785	985	6	for	for	ADP
cblr-1785	985	7	jobs	job	NOUN
cblr-1785	985	8	act	act	VERB
cblr-1785	985	9	wis	wis	PROPN
cblr-1785	985	10	.	.	PUNCT
cblr-1785	986	1	stat	stat	PROPN
cblr-1785	986	2	.	.	PUNCT
cblr-1785	987	1	ann	ann	PROPN
cblr-1785	987	2	.	.	PUNCT
cblr-1785	988	1	§	§	PROPN
cblr-1785	988	2	551.202(26	551.202(26	NUM
cblr-1785	988	3	)	)	PUNCT
cblr-1785	988	4	michigan	michigan	PROPN
cblr-1785	988	5	invests	invest	NOUN
cblr-1785	988	6	locally	locally	ADV
cblr-1785	988	7	exemption	exemption	NOUN
cblr-1785	988	8	mich	mich	PROPN
cblr-1785	988	9	.	.	PUNCT
cblr-1785	989	1	comp	comp	PROPN
cblr-1785	989	2	.	.	PUNCT
cblr-1785	990	1	laws	law	NOUN
cblr-1785	990	2	ann	ann	PROPN
cblr-1785	990	3	.	.	PUNCT
cblr-1785	991	1	§	§	PROPN
cblr-1785	991	2	451.2202a	451.2202a	NUM
cblr-1785	991	3	post	post	ADJ
cblr-1785	991	4	-	-	ADJ
cblr-1785	991	5	offering	offering	ADJ
cblr-1785	991	6	reporting	report	VERB
cblr-1785	991	7	§	§	PROPN
cblr-1785	991	8	77d-1(b)(4	77d-1(b)(4	NOUN
cblr-1785	991	9	):	):	PUNCT
cblr-1785	991	10	not	not	PART
cblr-1785	991	11	less	less	ADJ
cblr-1785	991	12	than	than	ADP
cblr-1785	991	13	annually	annually	ADV
cblr-1785	991	14	,	,	PUNCT
cblr-1785	991	15	file	file	NOUN
cblr-1785	991	16	with	with	ADP
cblr-1785	991	17	the	the	DET
cblr-1785	991	18	commission	commission	NOUN
cblr-1785	991	19	and	and	CCONJ
cblr-1785	991	20	provide	provide	VERB
cblr-1785	991	21	to	to	ADP
cblr-1785	991	22	investors	investor	NOUN
cblr-1785	991	23	reports	report	NOUN
cblr-1785	991	24	of	of	ADP
cblr-1785	991	25	the	the	DET
cblr-1785	991	26	results	result	NOUN
cblr-1785	991	27	of	of	ADP
cblr-1785	991	28	operations	operation	NOUN
cblr-1785	991	29	and	and	CCONJ
cblr-1785	991	30	financial	financial	ADJ
cblr-1785	991	31	statements	statement	NOUN
cblr-1785	991	32	of	of	ADP
cblr-1785	991	33	the	the	DET
cblr-1785	991	34	issuer	issuer	NOUN
cblr-1785	991	35	.	.	PUNCT
cblr-1785	992	1	(	(	PUNCT
cblr-1785	992	2	n.b	n.b	PROPN
cblr-1785	992	3	.	.	PROPN
cblr-1785	992	4	issuer	issuer	NOUN
cblr-1785	992	5	must	must	AUX
cblr-1785	992	6	provide	provide	VERB
cblr-1785	992	7	audited	audit	VERB
cblr-1785	992	8	or	or	CCONJ
cblr-1785	992	9	cpa	cpa	PROPN
cblr-1785	992	10	reviewed	review	VERB
cblr-1785	992	11	financials	financial	NOUN
cblr-1785	992	12	if	if	SCONJ
cblr-1785	992	13	they	they	PRON
cblr-1785	992	14	were	be	AUX
cblr-1785	992	15	required	require	VERB
cblr-1785	992	16	to	to	PART
cblr-1785	992	17	do	do	VERB
cblr-1785	992	18	so	so	ADV
cblr-1785	992	19	initially	initially	ADV
cblr-1785	992	20	under	under	ADP
cblr-1785	992	21	§	§	PROPN
cblr-1785	992	22	77d1(b)(1)(d	77d1(b)(1)(d	NUM
cblr-1785	992	23	)	)	PUNCT
cblr-1785	992	24	.	.	PUNCT
cblr-1785	993	1	see	see	VERB
cblr-1785	993	2	sec	sec	PROPN
cblr-1785	993	3	proposed	propose	VERB
cblr-1785	993	4	rules	rule	NOUN
cblr-1785	993	5	,	,	PUNCT
cblr-1785	993	6	supra	supra	PROPN
cblr-1785	993	7	note	note	NOUN
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cblr-1785	993	9	,	,	PUNCT
cblr-1785	993	10	at	at	ADP
cblr-1785	993	11	95	95	NUM
cblr-1785	993	12	.	.	PUNCT
cblr-1785	993	13	)	)	PUNCT
cblr-1785	994	1	not	not	PART
cblr-1785	994	2	mentioned	mention	VERB
cblr-1785	994	3	not	not	PART
cblr-1785	994	4	mentioned	mention	VERB
cblr-1785	994	5	wis	wis	PROPN
cblr-1785	994	6	.	.	PUNCT
cblr-1785	995	1	stat	stat	PROPN
cblr-1785	995	2	.	.	PUNCT
cblr-1785	996	1	ann	ann	PROPN
cblr-1785	996	2	.	.	PUNCT
cblr-1785	997	1	§	§	PROPN
cblr-1785	997	2	551.205(2	551.205(2	NUM
cblr-1785	997	3	):	):	PUNCT
cblr-1785	997	4	for	for	ADP
cblr-1785	997	5	as	as	ADV
cblr-1785	997	6	long	long	ADV
cblr-1785	997	7	as	as	SCONJ
cblr-1785	997	8	securities	security	NOUN
cblr-1785	997	9	issued	issue	VERB
cblr-1785	997	10	under	under	ADP
cblr-1785	997	11	the	the	DET
cblr-1785	997	12	exemption	exemption	NOUN
cblr-1785	997	13	remain	remain	VERB
cblr-1785	997	14	outstanding	outstanding	ADJ
cblr-1785	997	15	,	,	PUNCT
cblr-1785	997	16	issuers	issuer	NOUN
cblr-1785	997	17	must	must	AUX
cblr-1785	997	18	provide	provide	VERB
cblr-1785	997	19	a	a	DET
cblr-1785	997	20	quarterly	quarterly	ADJ
cblr-1785	997	21	report	report	NOUN
cblr-1785	997	22	to	to	ADP
cblr-1785	997	23	investors	investor	NOUN
cblr-1785	997	24	containing	contain	VERB
cblr-1785	997	25	(	(	PUNCT
cblr-1785	997	26	a	a	PRON
cblr-1785	997	27	)	)	PUNCT
cblr-1785	997	28	compensation	compensation	NOUN
cblr-1785	997	29	received	receive	VERB
cblr-1785	997	30	by	by	ADP
cblr-1785	997	31	directors	director	NOUN
cblr-1785	997	32	and	and	CCONJ
cblr-1785	997	33	officers	officer	NOUN
cblr-1785	997	34	and	and	CCONJ
cblr-1785	997	35	(	(	PUNCT
cblr-1785	997	36	b	b	X
cblr-1785	997	37	)	)	PUNCT
cblr-1785	997	38	an	an	DET
cblr-1785	997	39	analysis	analysis	NOUN
cblr-1785	997	40	by	by	ADP
cblr-1785	997	41	management	management	NOUN
cblr-1785	997	42	of	of	ADP
cblr-1785	997	43	the	the	DET
cblr-1785	997	44	issuer	issuer	NOUN
cblr-1785	997	45	of	of	ADP
cblr-1785	997	46	the	the	DET
cblr-1785	997	47	business	business	NOUN
cblr-1785	997	48	operations	operation	NOUN
cblr-1785	997	49	and	and	CCONJ
cblr-1785	997	50	financial	financial	ADJ
cblr-1785	997	51	condition	condition	NOUN
cblr-1785	997	52	of	of	ADP
cblr-1785	997	53	the	the	DET
cblr-1785	997	54	issuer	issuer	NOUN
cblr-1785	997	55	.	.	PUNCT
cblr-1785	998	1	(	(	PUNCT
cblr-1785	998	2	3	3	X
cblr-1785	998	3	)	)	PUNCT
cblr-1785	998	4	for	for	ADP
cblr-1785	998	5	as	as	ADV
cblr-1785	998	6	long	long	ADV
cblr-1785	998	7	as	as	SCONJ
cblr-1785	998	8	securities	security	NOUN
cblr-1785	998	9	issued	issue	VERB
cblr-1785	998	10	under	under	ADP
cblr-1785	998	11	the	the	DET
cblr-1785	998	12	exemption	exemption	NOUN
cblr-1785	998	13	remain	remain	VERB
cblr-1785	998	14	outstanding	outstanding	ADJ
cblr-1785	998	15	,	,	PUNCT
cblr-1785	998	16	issuers	issuer	NOUN
cblr-1785	998	17	must	must	AUX
cblr-1785	998	18	provide	provide	VERB
cblr-1785	998	19	a	a	DET
cblr-1785	998	20	quarterly	quarterly	ADJ
cblr-1785	998	21	report	report	NOUN
cblr-1785	998	22	to	to	ADP
cblr-1785	998	23	investors	investor	NOUN
cblr-1785	998	24	containing	contain	VERB
cblr-1785	998	25	(	(	PUNCT
cblr-1785	998	26	i	i	NOUN
cblr-1785	998	27	)	)	PUNCT
cblr-1785	998	28	compensation	compensation	NOUN
cblr-1785	998	29	received	receive	VERB
cblr-1785	998	30	by	by	ADP
cblr-1785	998	31	directors	director	NOUN
cblr-1785	998	32	and	and	CCONJ
cblr-1785	998	33	officers	officer	NOUN
cblr-1785	998	34	and	and	CCONJ
cblr-1785	998	35	(	(	PUNCT
cblr-1785	998	36	ii	ii	NOUN
cblr-1785	998	37	)	)	PUNCT
cblr-1785	998	38	an	an	DET
cblr-1785	998	39	analysis	analysis	NOUN
cblr-1785	998	40	by	by	ADP
cblr-1785	998	41	management	management	NOUN
cblr-1785	998	42	of	of	ADP
cblr-1785	998	43	the	the	DET
cblr-1785	998	44	issuer	issuer	NOUN
cblr-1785	998	45	of	of	ADP
cblr-1785	998	46	the	the	DET
cblr-1785	998	47	business	business	NOUN
cblr-1785	998	48	operations	operation	NOUN
cblr-1785	998	49	and	and	CCONJ
cblr-1785	998	50	financial	financial	ADJ
cblr-1785	998	51	condition	condition	NOUN
cblr-1785	998	52	of	of	ADP
cblr-1785	998	53	the	the	DET
cblr-1785	998	54	issuer	issuer	NOUN
cblr-1785	998	55	.	.	PUNCT