id	sid	tid	token	lemma	pos
cblr-8637	1	1	microsoft	microsoft	PROPN
cblr-8637	1	2	word	word	NOUN
cblr-8637	1	3	7	7	NUM
cblr-8637	1	4	.	.	PUNCT
cblr-8637	1	5	greene	greene	PROPN
cblr-8637	1	6	(	(	PUNCT
cblr-8637	1	7	8	8	NUM
cblr-8637	1	8	-	-	SYM
cblr-8637	1	9	21	21	NUM
cblr-8637	1	10	-	-	SYM
cblr-8637	1	11	21	21	NUM
cblr-8637	1	12	1.42pm	1.42pm	NUM
cblr-8637	1	13	)	)	PUNCT
cblr-8637	1	14	greene	greene	PROPN
cblr-8637	1	15	et	et	PROPN
cblr-8637	1	16	al	al	PROPN
cblr-8637	1	17	.	.	PROPN
cblr-8637	2	1	8/21/2021	8/21/2021	NUM
cblr-8637	2	2	1:44	1:44	NUM
cblr-8637	2	3	pm	pm	NOUN
cblr-8637	2	4	the	the	DET
cblr-8637	2	5	need	need	NOUN
cblr-8637	2	6	for	for	ADP
cblr-8637	2	7	a	a	DET
cblr-8637	2	8	comprehensive	comprehensive	ADJ
cblr-8637	2	9	approach	approach	NOUN
cblr-8637	2	10	to	to	ADP
cblr-8637	2	11	capital	capital	NOUN
cblr-8637	2	12	markets	market	NOUN
cblr-8637	2	13	regulation	regulation	PROPN
cblr-8637	2	14	edward	edward	PROPN
cblr-8637	2	15	f.	f.	PROPN
cblr-8637	2	16	greene	greene	PROPN
cblr-8637	2	17	,	,	PUNCT
cblr-8637	2	18	*	*	PROPN
cblr-8637	2	19	evan	evan	PROPN
cblr-8637	2	20	s.	s.	PROPN
cblr-8637	2	21	gabor	gabor	PROPN
cblr-8637	2	22	,	,	PUNCT
cblr-8637	2	23	*	*	PUNCT
cblr-8637	2	24	*	*	PROPN
cblr-8637	2	25	sonia	sonia	PROPN
cblr-8637	2	26	katharanikhan	katharanikhan	PROPN
cblr-8637	2	27	*	*	PROPN
cblr-8637	2	28	*	*	PROPN
cblr-8637	2	29	*	*	PROPN
cblr-8637	2	30	&	&	CCONJ
cblr-8637	2	31	jacqueline	jacqueline	PROPN
cblr-8637	2	32	mijin	mijin	PROPN
cblr-8637	2	33	kang	kang	PROPN
cblr-8637	2	34	*	*	PROPN
cblr-8637	2	35	*	*	PUNCT
cblr-8637	2	36	*	*	PUNCT
cblr-8637	2	37	*	*	PUNCT
cblr-8637	2	38	with	with	ADP
cblr-8637	2	39	the	the	DET
cblr-8637	2	40	adoption	adoption	NOUN
cblr-8637	2	41	of	of	ADP
cblr-8637	2	42	the	the	DET
cblr-8637	2	43	jumpstart	jumpstart	NOUN
cblr-8637	2	44	our	our	PRON
cblr-8637	2	45	business	business	NOUN
cblr-8637	2	46	startups	startup	NOUN
cblr-8637	2	47	act	act	NOUN
cblr-8637	2	48	in	in	ADP
cblr-8637	2	49	2012	2012	NUM
cblr-8637	2	50	,	,	PUNCT
cblr-8637	2	51	congress	congress	PROPN
cblr-8637	2	52	recognized	recognize	VERB
cblr-8637	2	53	the	the	DET
cblr-8637	2	54	need	need	NOUN
cblr-8637	2	55	to	to	PART
cblr-8637	2	56	spur	spur	VERB
cblr-8637	2	57	economic	economic	ADJ
cblr-8637	2	58	growth	growth	NOUN
cblr-8637	2	59	by	by	ADP
cblr-8637	2	60	facilitating	facilitate	VERB
cblr-8637	2	61	access	access	NOUN
cblr-8637	2	62	to	to	ADP
cblr-8637	2	63	the	the	DET
cblr-8637	2	64	public	public	ADJ
cblr-8637	2	65	market	market	NOUN
cblr-8637	2	66	.	.	PUNCT
cblr-8637	3	1	however	however	ADV
cblr-8637	3	2	,	,	PUNCT
cblr-8637	3	3	certain	certain	ADJ
cblr-8637	3	4	pieces	piece	NOUN
cblr-8637	3	5	of	of	ADP
cblr-8637	3	6	that	that	DET
cblr-8637	3	7	act	act	NOUN
cblr-8637	3	8	seem	seem	VERB
cblr-8637	3	9	to	to	PART
cblr-8637	3	10	have	have	AUX
cblr-8637	3	11	created	create	VERB
cblr-8637	3	12	opportunities	opportunity	NOUN
cblr-8637	3	13	for	for	SCONJ
cblr-8637	3	14	companies	company	NOUN
cblr-8637	3	15	to	to	PART
cblr-8637	3	16	stay	stay	VERB
cblr-8637	3	17	private	private	ADJ
cblr-8637	3	18	longer	long	ADV
cblr-8637	3	19	and	and	CCONJ
cblr-8637	3	20	enhanced	enhance	VERB
cblr-8637	3	21	optionality	optionality	NOUN
cblr-8637	3	22	in	in	ADP
cblr-8637	3	23	the	the	DET
cblr-8637	3	24	decision	decision	NOUN
cblr-8637	3	25	to	to	PART
cblr-8637	3	26	go	go	VERB
cblr-8637	3	27	public	public	ADJ
cblr-8637	3	28	.	.	PUNCT
cblr-8637	4	1	now	now	ADV
cblr-8637	4	2	,	,	PUNCT
cblr-8637	4	3	in	in	ADP
cblr-8637	4	4	light	light	NOUN
cblr-8637	4	5	of	of	ADP
cblr-8637	4	6	private	private	ADJ
cblr-8637	4	7	market	market	NOUN
cblr-8637	4	8	expansion	expansion	NOUN
cblr-8637	4	9	,	,	PUNCT
cblr-8637	4	10	and	and	CCONJ
cblr-8637	4	11	as	as	SCONJ
cblr-8637	4	12	the	the	DET
cblr-8637	4	13	steady	steady	ADJ
cblr-8637	4	14	decline	decline	NOUN
cblr-8637	4	15	of	of	ADP
cblr-8637	4	16	publicly	publicly	ADV
cblr-8637	4	17	listed	list	VERB
cblr-8637	4	18	firms	firm	NOUN
cblr-8637	4	19	from	from	ADP
cblr-8637	4	20	the	the	DET
cblr-8637	4	21	late	late	ADJ
cblr-8637	4	22	1990s	1990	NOUN
cblr-8637	4	23	peak	peak	NOUN
cblr-8637	4	24	continues	continue	VERB
cblr-8637	4	25	,	,	PUNCT
cblr-8637	4	26	it	it	PRON
cblr-8637	4	27	is	be	AUX
cblr-8637	4	28	time	time	NOUN
cblr-8637	4	29	for	for	SCONJ
cblr-8637	4	30	congress	congress	PROPN
cblr-8637	4	31	and	and	CCONJ
cblr-8637	4	32	the	the	DET
cblr-8637	4	33	sec	sec	PROPN
cblr-8637	4	34	to	to	PART
cblr-8637	4	35	make	make	VERB
cblr-8637	4	36	a	a	DET
cblr-8637	4	37	comprehensive	comprehensive	ADJ
cblr-8637	4	38	accounting	accounting	NOUN
cblr-8637	4	39	of	of	ADP
cblr-8637	4	40	market	market	NOUN
cblr-8637	4	41	structure	structure	NOUN
cblr-8637	4	42	and	and	CCONJ
cblr-8637	4	43	market	market	NOUN
cblr-8637	4	44	participation	participation	NOUN
cblr-8637	4	45	.	.	PUNCT
cblr-8637	5	1	this	this	DET
cblr-8637	5	2	article	article	NOUN
cblr-8637	5	3	contextualizes	contextualize	VERB
cblr-8637	5	4	changes	change	NOUN
cblr-8637	5	5	to	to	ADP
cblr-8637	5	6	the	the	DET
cblr-8637	5	7	securities	security	NOUN
cblr-8637	5	8	laws	law	NOUN
cblr-8637	5	9	over	over	ADP
cblr-8637	5	10	recent	recent	ADJ
cblr-8637	5	11	years	year	NOUN
cblr-8637	5	12	,	,	PUNCT
cblr-8637	5	13	raises	raise	VERB
cblr-8637	5	14	key	key	ADJ
cblr-8637	5	15	issues	issue	NOUN
cblr-8637	5	16	and	and	CCONJ
cblr-8637	5	17	concerns	concern	NOUN
cblr-8637	5	18	related	relate	VERB
cblr-8637	5	19	to	to	ADP
cblr-8637	5	20	the	the	DET
cblr-8637	5	21	effects	effect	NOUN
cblr-8637	5	22	of	of	ADP
cblr-8637	5	23	private	private	ADJ
cblr-8637	5	24	market	market	NOUN
cblr-8637	5	25	growth	growth	NOUN
cblr-8637	5	26	on	on	ADP
cblr-8637	5	27	the	the	DET
cblr-8637	5	28	public	public	ADJ
cblr-8637	5	29	market	market	NOUN
cblr-8637	5	30	,	,	PUNCT
cblr-8637	5	31	and	and	CCONJ
cblr-8637	5	32	gives	give	VERB
cblr-8637	5	33	recommendations	recommendation	NOUN
cblr-8637	5	34	regarding	regard	VERB
cblr-8637	5	35	how	how	SCONJ
cblr-8637	5	36	the	the	DET
cblr-8637	5	37	sec	sec	PROPN
cblr-8637	5	38	should	should	AUX
cblr-8637	5	39	move	move	VERB
cblr-8637	5	40	forward	forward	ADV
cblr-8637	5	41	in	in	ADP
cblr-8637	5	42	its	its	PRON
cblr-8637	5	43	attempts	attempt	NOUN
cblr-8637	5	44	to	to	PART
cblr-8637	5	45	expand	expand	VERB
cblr-8637	5	46	investor	investor	NOUN
cblr-8637	5	47	eligibility	eligibility	NOUN
cblr-8637	5	48	in	in	ADP
cblr-8637	5	49	the	the	DET
cblr-8637	5	50	private	private	ADJ
cblr-8637	5	51	market	market	NOUN
cblr-8637	5	52	.	.	PUNCT
cblr-8637	6	1	in	in	ADP
cblr-8637	6	2	addition	addition	NOUN
cblr-8637	6	3	,	,	PUNCT
cblr-8637	6	4	it	it	PRON
cblr-8637	6	5	calls	call	VERB
cblr-8637	6	6	for	for	ADP
cblr-8637	6	7	the	the	DET
cblr-8637	6	8	commencement	commencement	NOUN
cblr-8637	6	9	of	of	ADP
cblr-8637	6	10	a	a	DET
cblr-8637	6	11	special	special	ADJ
cblr-8637	6	12	study	study	NOUN
cblr-8637	6	13	to	to	PART
cblr-8637	6	14	examine	examine	VERB
cblr-8637	6	15	the	the	DET
cblr-8637	6	16	structural	structural	ADJ
cblr-8637	6	17	issues	issue	NOUN
cblr-8637	6	18	and	and	CCONJ
cblr-8637	6	19	recent	recent	ADJ
cblr-8637	6	20	changes	change	NOUN
cblr-8637	6	21	in	in	ADP
cblr-8637	6	22	both	both	DET
cblr-8637	6	23	markets	market	NOUN
cblr-8637	6	24	and	and	CCONJ
cblr-8637	6	25	recommend	recommend	VERB
cblr-8637	6	26	coordinated	coordinated	ADJ
cblr-8637	6	27	reforms	reform	NOUN
cblr-8637	6	28	to	to	ADP
cblr-8637	6	29	the	the	DET
cblr-8637	6	30	regulatory	regulatory	PROPN
cblr-8637	6	31	*	*	PUNCT
cblr-8637	6	32	edward	edward	PROPN
cblr-8637	6	33	f.	f.	PROPN
cblr-8637	6	34	greene	greene	PROPN
cblr-8637	6	35	is	be	AUX
cblr-8637	6	36	currently	currently	ADV
cblr-8637	6	37	senior	senior	ADJ
cblr-8637	6	38	counsel	counsel	NOUN
cblr-8637	6	39	and	and	CCONJ
cblr-8637	6	40	was	be	AUX
cblr-8637	6	41	formerly	formerly	ADV
cblr-8637	6	42	a	a	DET
cblr-8637	6	43	partner	partner	NOUN
cblr-8637	6	44	in	in	ADP
cblr-8637	6	45	the	the	DET
cblr-8637	6	46	new	new	PROPN
cblr-8637	6	47	york	york	PROPN
cblr-8637	6	48	office	office	PROPN
cblr-8637	6	49	of	of	ADP
cblr-8637	6	50	cleary	cleary	PROPN
cblr-8637	6	51	gottlieb	gottlieb	PROPN
cblr-8637	6	52	steen	steen	PROPN
cblr-8637	6	53	&	&	CCONJ
cblr-8637	6	54	hamilton	hamilton	PROPN
cblr-8637	6	55	llp	llp	PROPN
cblr-8637	6	56	.	.	PUNCT
cblr-8637	7	1	mr	mr	PROPN
cblr-8637	7	2	.	.	PROPN
cblr-8637	7	3	greene	greene	PROPN
cblr-8637	7	4	is	be	AUX
cblr-8637	7	5	also	also	ADV
cblr-8637	7	6	a	a	DET
cblr-8637	7	7	senior	senior	ADJ
cblr-8637	7	8	research	research	NOUN
cblr-8637	7	9	scholar	scholar	NOUN
cblr-8637	7	10	&	&	CCONJ
cblr-8637	7	11	lecturer	lecturer	PROPN
cblr-8637	7	12	-	-	PUNCT
cblr-8637	7	13	in	in	ADP
cblr-8637	7	14	-	-	PUNCT
cblr-8637	7	15	law	law	NOUN
cblr-8637	7	16	at	at	ADP
cblr-8637	7	17	columbia	columbia	PROPN
cblr-8637	7	18	law	law	PROPN
cblr-8637	7	19	school	school	NOUN
cblr-8637	7	20	,	,	PUNCT
cblr-8637	7	21	and	and	CCONJ
cblr-8637	7	22	a	a	DET
cblr-8637	7	23	co	co	NOUN
cblr-8637	7	24	-	-	NOUN
cblr-8637	7	25	director	director	NOUN
cblr-8637	7	26	of	of	ADP
cblr-8637	7	27	the	the	DET
cblr-8637	7	28	program	program	NOUN
cblr-8637	7	29	in	in	ADP
cblr-8637	7	30	the	the	DET
cblr-8637	7	31	law	law	NOUN
cblr-8637	7	32	and	and	CCONJ
cblr-8637	7	33	economics	economic	NOUN
cblr-8637	7	34	of	of	ADP
cblr-8637	7	35	capital	capital	NOUN
cblr-8637	7	36	markets	market	NOUN
cblr-8637	7	37	at	at	ADP
cblr-8637	7	38	columbia	columbia	PROPN
cblr-8637	7	39	law	law	PROPN
cblr-8637	7	40	school	school	PROPN
cblr-8637	7	41	and	and	CCONJ
cblr-8637	7	42	columbia	columbia	PROPN
cblr-8637	7	43	business	business	NOUN
cblr-8637	7	44	school	school	PROPN
cblr-8637	7	45	.	.	PUNCT
cblr-8637	8	1	mr	mr	PROPN
cblr-8637	8	2	.	.	PROPN
cblr-8637	8	3	greene	greene	PROPN
cblr-8637	8	4	served	serve	VERB
cblr-8637	8	5	as	as	ADP
cblr-8637	8	6	general	general	ADJ
cblr-8637	8	7	counsel	counsel	NOUN
cblr-8637	8	8	of	of	ADP
cblr-8637	8	9	the	the	DET
cblr-8637	8	10	securities	securities	PROPN
cblr-8637	8	11	and	and	CCONJ
cblr-8637	8	12	exchange	exchange	PROPN
cblr-8637	8	13	commission	commission	PROPN
cblr-8637	8	14	from	from	ADP
cblr-8637	8	15	1981	1981	NUM
cblr-8637	8	16	to	to	ADP
cblr-8637	8	17	1982	1982	NUM
cblr-8637	8	18	and	and	CCONJ
cblr-8637	8	19	director	director	NOUN
cblr-8637	8	20	of	of	ADP
cblr-8637	8	21	the	the	DET
cblr-8637	8	22	division	division	NOUN
cblr-8637	8	23	of	of	ADP
cblr-8637	8	24	corporation	corporation	NOUN
cblr-8637	8	25	finance	finance	NOUN
cblr-8637	8	26	from	from	ADP
cblr-8637	8	27	1979	1979	NUM
cblr-8637	8	28	to	to	ADP
cblr-8637	8	29	1981	1981	NUM
cblr-8637	8	30	.	.	PUNCT
cblr-8637	9	1	from	from	ADP
cblr-8637	9	2	2004	2004	NUM
cblr-8637	9	3	to	to	ADP
cblr-8637	9	4	2008	2008	NUM
cblr-8637	9	5	,	,	PUNCT
cblr-8637	9	6	mr	mr	PROPN
cblr-8637	9	7	.	.	PROPN
cblr-8637	9	8	greene	greene	PROPN
cblr-8637	9	9	served	serve	VERB
cblr-8637	9	10	as	as	ADP
cblr-8637	9	11	general	general	ADJ
cblr-8637	9	12	counsel	counsel	NOUN
cblr-8637	9	13	of	of	ADP
cblr-8637	9	14	citigroup	citigroup	PROPN
cblr-8637	9	15	’s	’s	PART
cblr-8637	9	16	institutional	institutional	ADJ
cblr-8637	9	17	clients	client	NOUN
cblr-8637	9	18	group	group	NOUN
cblr-8637	9	19	.	.	PUNCT
cblr-8637	10	1	*	*	PUNCT
cblr-8637	10	2	*	*	PUNCT
cblr-8637	10	3	columbia	columbia	PROPN
cblr-8637	10	4	law	law	PROPN
cblr-8637	10	5	school	school	NOUN
cblr-8637	10	6	,	,	PUNCT
cblr-8637	10	7	j.d	j.d	PROPN
cblr-8637	10	8	.	.	PROPN
cblr-8637	10	9	2020	2020	NUM
cblr-8637	10	10	;	;	PUNCT
cblr-8637	10	11	boston	boston	PROPN
cblr-8637	10	12	college	college	PROPN
cblr-8637	10	13	,	,	PUNCT
cblr-8637	10	14	b.a	b.a	PROPN
cblr-8637	10	15	.	.	PROPN
cblr-8637	10	16	2012	2012	NUM
cblr-8637	10	17	.	.	PUNCT
cblr-8637	11	1	*	*	PUNCT
cblr-8637	11	2	*	*	PUNCT
cblr-8637	11	3	*	*	PROPN
cblr-8637	11	4	columbia	columbia	PROPN
cblr-8637	11	5	law	law	PROPN
cblr-8637	11	6	school	school	NOUN
cblr-8637	11	7	,	,	PUNCT
cblr-8637	11	8	j.d	j.d	PROPN
cblr-8637	11	9	.	.	PROPN
cblr-8637	11	10	2020	2020	NUM
cblr-8637	11	11	;	;	PUNCT
cblr-8637	11	12	carnegie	carnegie	PROPN
cblr-8637	11	13	mellon	mellon	PROPN
cblr-8637	11	14	university	university	PROPN
cblr-8637	11	15	,	,	PUNCT
cblr-8637	11	16	b.s	b.s	PROPN
cblr-8637	11	17	.	.	PROPN
cblr-8637	11	18	2016	2016	NUM
cblr-8637	11	19	.	.	PUNCT
cblr-8637	12	1	*	*	PUNCT
cblr-8637	12	2	*	*	PUNCT
cblr-8637	12	3	*	*	PUNCT
cblr-8637	12	4	*	*	PUNCT
cblr-8637	12	5	harvard	harvard	PROPN
cblr-8637	12	6	law	law	PROPN
cblr-8637	12	7	school	school	NOUN
cblr-8637	12	8	,	,	PUNCT
cblr-8637	12	9	j.d	j.d	PROPN
cblr-8637	12	10	.	.	PROPN
cblr-8637	12	11	2019	2019	NUM
cblr-8637	12	12	;	;	PUNCT
cblr-8637	12	13	university	university	NOUN
cblr-8637	12	14	of	of	ADP
cblr-8637	12	15	california	california	PROPN
cblr-8637	12	16	,	,	PUNCT
cblr-8637	12	17	san	san	PROPN
cblr-8637	12	18	diego	diego	PROPN
cblr-8637	12	19	,	,	PUNCT
cblr-8637	12	20	b.a	b.a	PROPN
cblr-8637	12	21	.	.	PROPN
cblr-8637	12	22	2016	2016	NUM
cblr-8637	12	23	.	.	PUNCT
cblr-8637	13	1	greene	greene	PROPN
cblr-8637	13	2	et	et	PROPN
cblr-8637	13	3	al	al	PROPN
cblr-8637	13	4	.	.	PROPN
cblr-8637	14	1	8/21/2021	8/21/2021	NUM
cblr-8637	14	2	1:44	1:44	NUM
cblr-8637	14	3	pm	pm	NOUN
cblr-8637	14	4	no	no	INTJ
cblr-8637	14	5	.	.	PUNCT
cblr-8637	15	1	2:714	2:714	NUM
cblr-8637	15	2	]	]	X
cblr-8637	15	3	the	the	DET
cblr-8637	15	4	need	need	NOUN
cblr-8637	15	5	for	for	ADP
cblr-8637	15	6	a	a	DET
cblr-8637	15	7	comprehensive	comprehensive	ADJ
cblr-8637	15	8	approach	approach	NOUN
cblr-8637	15	9	715	715	NUM
cblr-8637	15	10	structure	structure	NOUN
cblr-8637	15	11	.	.	PUNCT
cblr-8637	16	1	we	we	PRON
cblr-8637	16	2	believe	believe	VERB
cblr-8637	16	3	that	that	SCONJ
cblr-8637	16	4	a	a	DET
cblr-8637	16	5	more	more	ADV
cblr-8637	16	6	comprehensive	comprehensive	ADJ
cblr-8637	16	7	regulatory	regulatory	ADJ
cblr-8637	16	8	approach	approach	NOUN
cblr-8637	16	9	is	be	AUX
cblr-8637	16	10	needed	need	VERB
cblr-8637	16	11	to	to	PART
cblr-8637	16	12	ensure	ensure	VERB
cblr-8637	16	13	the	the	DET
cblr-8637	16	14	appropriate	appropriate	ADJ
cblr-8637	16	15	expansion	expansion	NOUN
cblr-8637	16	16	of	of	ADP
cblr-8637	16	17	the	the	DET
cblr-8637	16	18	private	private	ADJ
cblr-8637	16	19	market	market	NOUN
cblr-8637	16	20	while	while	SCONJ
cblr-8637	16	21	protecting	protect	VERB
cblr-8637	16	22	the	the	DET
cblr-8637	16	23	public	public	ADJ
cblr-8637	16	24	market	market	NOUN
cblr-8637	16	25	and	and	CCONJ
cblr-8637	16	26	investors	investor	NOUN
cblr-8637	16	27	at	at	ADP
cblr-8637	16	28	large	large	ADJ
cblr-8637	16	29	.	.	PUNCT
cblr-8637	17	1	i.	i.	PROPN
cblr-8637	17	2	introduction	introduction	NOUN
cblr-8637	17	3	...............................................................	...............................................................	PUNCT
cblr-8637	17	4	716	716	NUM
cblr-8637	17	5	ii	ii	NOUN
cblr-8637	17	6	.	.	PUNCT
cblr-8637	18	1	overview	overview	NOUN
cblr-8637	18	2	of	of	ADP
cblr-8637	18	3	capital	capital	NOUN
cblr-8637	18	4	markets	market	NOUN
cblr-8637	18	5	regulation	regulation	NOUN
cblr-8637	18	6	..................	..................	PUNCT
cblr-8637	18	7	720	720	NUM
cblr-8637	18	8	a.	a.	NOUN
cblr-8637	18	9	public	public	ADJ
cblr-8637	18	10	market	market	NOUN
cblr-8637	18	11	regulation	regulation	NOUN
cblr-8637	18	12	...................................	...................................	PUNCT
cblr-8637	18	13	720	720	NUM
cblr-8637	18	14	b.	b.	NOUN
cblr-8637	18	15	private	private	ADJ
cblr-8637	18	16	market	market	NOUN
cblr-8637	18	17	exemptions	exemption	NOUN
cblr-8637	18	18	................................	................................	PUNCT
cblr-8637	18	19	732	732	NUM
cblr-8637	18	20	c.	c.	PROPN
cblr-8637	18	21	sec	sec	PROPN
cblr-8637	18	22	responses	response	NOUN
cblr-8637	18	23	to	to	ADP
cblr-8637	18	24	private	private	ADJ
cblr-8637	18	25	market	market	NOUN
cblr-8637	18	26	growth	growth	NOUN
cblr-8637	18	27	.........	.........	PUNCT
cblr-8637	18	28	742	742	NUM
cblr-8637	18	29	iii	iii	NOUN
cblr-8637	18	30	.	.	PUNCT
cblr-8637	18	31	policy	policy	NOUN
cblr-8637	18	32	factors	factor	NOUN
cblr-8637	18	33	and	and	CCONJ
cblr-8637	18	34	unresponsive	unresponsive	ADJ
cblr-8637	18	35	reforms	reform	NOUN
cblr-8637	18	36	..............	..............	PUNCT
cblr-8637	19	1	749	749	NUM
cblr-8637	19	2	a.	a.	NOUN
cblr-8637	19	3	policy	policy	NOUN
cblr-8637	19	4	factors	factor	NOUN
cblr-8637	19	5	that	that	PRON
cblr-8637	19	6	should	should	AUX
cblr-8637	19	7	drive	drive	VERB
cblr-8637	19	8	regulation	regulation	NOUN
cblr-8637	19	9	....	....	PUNCT
cblr-8637	20	1	749	749	NUM
cblr-8637	20	2	1	1	X
cblr-8637	20	3	.	.	PUNCT
cblr-8637	20	4	benefits	benefit	NOUN
cblr-8637	20	5	of	of	ADP
cblr-8637	20	6	the	the	DET
cblr-8637	20	7	public	public	ADJ
cblr-8637	20	8	market	market	NOUN
cblr-8637	20	9	........................	........................	PUNCT
cblr-8637	21	1	749	749	NUM
cblr-8637	21	2	2	2	X
cblr-8637	21	3	.	.	PUNCT
cblr-8637	21	4	structural	structural	ADJ
cblr-8637	21	5	issues	issue	NOUN
cblr-8637	21	6	with	with	ADP
cblr-8637	21	7	the	the	DET
cblr-8637	21	8	public	public	ADJ
cblr-8637	21	9	market	market	NOUN
cblr-8637	21	10	as	as	ADP
cblr-8637	21	11	deterrents	deterrent	NOUN
cblr-8637	21	12	to	to	ADP
cblr-8637	21	13	entry	entry	NOUN
cblr-8637	21	14	........................................	........................................	PUNCT
cblr-8637	21	15	754	754	NUM
cblr-8637	21	16	3	3	NUM
cblr-8637	21	17	.	.	PUNCT
cblr-8637	21	18	considerations	consideration	NOUN
cblr-8637	21	19	in	in	ADP
cblr-8637	21	20	expanding	expand	VERB
cblr-8637	21	21	access	access	NOUN
cblr-8637	21	22	to	to	ADP
cblr-8637	21	23	the	the	DET
cblr-8637	21	24	private	private	ADJ
cblr-8637	21	25	market	market	NOUN
cblr-8637	21	26	...............................................	...............................................	PUNCT
cblr-8637	22	1	760	760	NUM
cblr-8637	22	2	b.	b.	NOUN
cblr-8637	22	3	piecemeal	piecemeal	ADJ
cblr-8637	22	4	reforms	reform	NOUN
cblr-8637	22	5	have	have	AUX
cblr-8637	22	6	been	be	AUX
cblr-8637	22	7	unresponsive	unresponsive	ADJ
cblr-8637	22	8	to	to	ADP
cblr-8637	22	9	the	the	DET
cblr-8637	22	10	policy	policy	NOUN
cblr-8637	22	11	considerations	consideration	NOUN
cblr-8637	22	12	..........................................	..........................................	PUNCT
cblr-8637	23	1	763	763	NUM
cblr-8637	23	2	iv	iv	NOUN
cblr-8637	23	3	.	.	PUNCT
cblr-8637	23	4	recommendations	recommendation	NOUN
cblr-8637	23	5	and	and	CCONJ
cblr-8637	23	6	perspectives	perspective	NOUN
cblr-8637	23	7	from	from	ADP
cblr-8637	23	8	the	the	DET
cblr-8637	23	9	columbia	columbia	PROPN
cblr-8637	23	10	special	special	ADJ
cblr-8637	23	11	study	study	NOUN
cblr-8637	23	12	.............................................................	.............................................................	PUNCT
cblr-8637	24	1	768	768	NUM
cblr-8637	24	2	a.	a.	NOUN
cblr-8637	24	3	make	make	VERB
cblr-8637	24	4	additional	additional	ADJ
cblr-8637	24	5	amendments	amendment	NOUN
cblr-8637	24	6	to	to	ADP
cblr-8637	24	7	the	the	DET
cblr-8637	24	8	accredited	accredit	VERB
cblr-8637	24	9	investor	investor	NOUN
cblr-8637	24	10	definition	definition	NOUN
cblr-8637	24	11	..............................................	..............................................	PUNCT
cblr-8637	24	12	769	769	NUM
cblr-8637	24	13	b.	b.	PROPN
cblr-8637	24	14	address	address	PROPN
cblr-8637	24	15	structural	structural	ADJ
cblr-8637	24	16	concerns	concern	NOUN
cblr-8637	24	17	related	relate	VERB
cblr-8637	24	18	to	to	ADP
cblr-8637	24	19	the	the	DET
cblr-8637	24	20	public	public	ADJ
cblr-8637	24	21	market	market	NOUN
cblr-8637	24	22	through	through	ADP
cblr-8637	24	23	a	a	DET
cblr-8637	24	24	new	new	ADJ
cblr-8637	24	25	special	special	ADJ
cblr-8637	24	26	study	study	NOUN
cblr-8637	24	27	................	................	PUNCT
cblr-8637	25	1	777	777	NUM
cblr-8637	25	2	1	1	X
cblr-8637	25	3	.	.	PUNCT
cblr-8637	26	1	making	make	VERB
cblr-8637	26	2	public	public	ADJ
cblr-8637	26	3	market	market	NOUN
cblr-8637	26	4	entry	entry	NOUN
cblr-8637	26	5	more	more	ADJ
cblr-8637	26	6	cost	cost	NOUN
cblr-8637	26	7	effective	effective	ADJ
cblr-8637	26	8	..........................................................	..........................................................	PUNCT
cblr-8637	26	9	778	778	NUM
cblr-8637	26	10	i.	i.	NOUN
cblr-8637	26	11	special	special	PROPN
cblr-8637	26	12	purpose	purpose	NOUN
cblr-8637	26	13	acquisition	acquisition	NOUN
cblr-8637	26	14	company	company	NOUN
cblr-8637	26	15	transactions	transaction	NOUN
cblr-8637	26	16	.............................................	.............................................	PUNCT
cblr-8637	26	17	778	778	NUM
cblr-8637	26	18	ii	ii	NOUN
cblr-8637	26	19	.	.	PUNCT
cblr-8637	27	1	direct	direct	ADJ
cblr-8637	27	2	listing	listing	NOUN
cblr-8637	27	3	of	of	ADP
cblr-8637	27	4	securities	security	NOUN
cblr-8637	27	5	to	to	PART
cblr-8637	27	6	respond	respond	VERB
cblr-8637	27	7	to	to	ADP
cblr-8637	27	8	underwriting	underwriting	NOUN
cblr-8637	27	9	costs	cost	NOUN
cblr-8637	27	10	..................................	..................................	PUNCT
cblr-8637	27	11	784	784	NUM
cblr-8637	27	12	iii	iii	NOUN
cblr-8637	27	13	.	.	PUNCT
cblr-8637	28	1	enhance	enhance	NOUN
cblr-8637	28	2	trading	trading	NOUN
cblr-8637	28	3	opportunities	opportunity	NOUN
cblr-8637	28	4	to	to	PART
cblr-8637	28	5	respond	respond	VERB
cblr-8637	28	6	to	to	ADP
cblr-8637	28	7	underpricing	underprice	VERB
cblr-8637	28	8	.........................................	.........................................	PUNCT
cblr-8637	28	9	788	788	NUM
cblr-8637	28	10	2	2	NUM
cblr-8637	28	11	.	.	PUNCT
cblr-8637	28	12	reconsidering	reconsider	VERB
cblr-8637	28	13	the	the	DET
cblr-8637	28	14	disclosure	disclosure	NOUN
cblr-8637	28	15	requirements	requirement	NOUN
cblr-8637	28	16	.	.	PUNCT
cblr-8637	29	1	790	790	NUM
cblr-8637	29	2	3	3	NUM
cblr-8637	29	3	.	.	PUNCT
cblr-8637	29	4	addressing	address	VERB
cblr-8637	29	5	public	public	ADJ
cblr-8637	29	6	market	market	NOUN
cblr-8637	29	7	short	short	ADJ
cblr-8637	29	8	-	-	PUNCT
cblr-8637	29	9	termism	termism	NOUN
cblr-8637	29	10	....	....	PUNCT
cblr-8637	30	1	791	791	NUM
cblr-8637	30	2	4	4	NUM
cblr-8637	30	3	.	.	PUNCT
cblr-8637	30	4	addressing	address	VERB
cblr-8637	30	5	the	the	DET
cblr-8637	30	6	effects	effect	NOUN
cblr-8637	30	7	of	of	ADP
cblr-8637	30	8	new	new	ADJ
cblr-8637	30	9	technology	technology	NOUN
cblr-8637	30	10	....	....	PUNCT
cblr-8637	31	1	792	792	NUM
cblr-8637	31	2	v.	v.	ADP
cblr-8637	31	3	conclusion	conclusion	NOUN
cblr-8637	31	4	..................................................................	..................................................................	PUNCT
cblr-8637	32	1	794	794	NUM
cblr-8637	32	2	greene	greene	PROPN
cblr-8637	32	3	et	et	PROPN
cblr-8637	32	4	al	al	PROPN
cblr-8637	32	5	.	.	PROPN
cblr-8637	32	6	8/21/2021	8/21/2021	NUM
cblr-8637	32	7	1:44	1:44	NUM
cblr-8637	32	8	pm	pm	NOUN
cblr-8637	32	9	716	716	NUM
cblr-8637	32	10	columbia	columbia	PROPN
cblr-8637	32	11	business	business	NOUN
cblr-8637	32	12	law	law	NOUN
cblr-8637	32	13	review	review	NOUN
cblr-8637	32	14	[	[	X
cblr-8637	32	15	vol	vol	NOUN
cblr-8637	32	16	.	.	NOUN
cblr-8637	32	17	2021	2021	NUM
cblr-8637	32	18	i.	i.	NOUN
cblr-8637	32	19	introduction	introduction	NOUN
cblr-8637	32	20	the	the	DET
cblr-8637	32	21	private	private	ADJ
cblr-8637	32	22	securities	security	NOUN
cblr-8637	32	23	market	market	NOUN
cblr-8637	32	24	has	have	AUX
cblr-8637	32	25	experienced	experience	VERB
cblr-8637	32	26	immense	immense	ADJ
cblr-8637	32	27	growth	growth	NOUN
cblr-8637	32	28	over	over	ADP
cblr-8637	32	29	the	the	DET
cblr-8637	32	30	past	past	ADJ
cblr-8637	32	31	decade	decade	NOUN
cblr-8637	32	32	,	,	PUNCT
cblr-8637	32	33	with	with	ADP
cblr-8637	32	34	an	an	DET
cblr-8637	32	35	unprecedented	unprecedented	ADJ
cblr-8637	32	36	amount	amount	NOUN
cblr-8637	32	37	of	of	ADP
cblr-8637	32	38	funds	fund	NOUN
cblr-8637	32	39	becoming	become	VERB
cblr-8637	32	40	available	available	ADJ
cblr-8637	32	41	for	for	ADP
cblr-8637	32	42	private	private	ADJ
cblr-8637	32	43	market	market	NOUN
cblr-8637	32	44	investments	investment	NOUN
cblr-8637	32	45	.	.	PUNCT
cblr-8637	33	1	the	the	DET
cblr-8637	33	2	number	number	NOUN
cblr-8637	33	3	of	of	ADP
cblr-8637	33	4	private	private	ADJ
cblr-8637	33	5	equity	equity	NOUN
cblr-8637	33	6	firms	firm	NOUN
cblr-8637	33	7	doubled	double	VERB
cblr-8637	33	8	during	during	ADP
cblr-8637	33	9	this	this	DET
cblr-8637	33	10	time	time	NOUN
cblr-8637	33	11	,	,	PUNCT
cblr-8637	33	12	and	and	CCONJ
cblr-8637	33	13	private	private	ADJ
cblr-8637	33	14	market	market	NOUN
cblr-8637	33	15	assets	asset	NOUN
cblr-8637	33	16	under	under	ADP
cblr-8637	33	17	management	management	NOUN
cblr-8637	33	18	grew	grow	VERB
cblr-8637	33	19	by	by	ADP
cblr-8637	33	20	170	170	NUM
cblr-8637	33	21	%	%	NOUN
cblr-8637	33	22	(	(	PUNCT
cblr-8637	33	23	$	$	SYM
cblr-8637	33	24	4	4	NUM
cblr-8637	33	25	trillion).1	trillion).1	NOUN
cblr-8637	33	26	the	the	DET
cblr-8637	33	27	rapidly	rapidly	ADV
cblr-8637	33	28	growing	grow	VERB
cblr-8637	33	29	private	private	ADJ
cblr-8637	33	30	market	market	NOUN
cblr-8637	33	31	serves	serve	VERB
cblr-8637	33	32	as	as	ADP
cblr-8637	33	33	an	an	DET
cblr-8637	33	34	effective	effective	ADJ
cblr-8637	33	35	source	source	NOUN
cblr-8637	33	36	of	of	ADP
cblr-8637	33	37	capital	capital	NOUN
cblr-8637	33	38	for	for	ADP
cblr-8637	33	39	smalland	smalland	NOUN
cblr-8637	33	40	medium	medium	ADJ
cblr-8637	33	41	-	-	PUNCT
cblr-8637	33	42	sized	sized	ADJ
cblr-8637	33	43	enterprises	enterprise	NOUN
cblr-8637	33	44	,	,	PUNCT
cblr-8637	33	45	for	for	ADP
cblr-8637	33	46	whom	whom	PRON
cblr-8637	33	47	access	access	NOUN
cblr-8637	33	48	to	to	ADP
cblr-8637	33	49	the	the	DET
cblr-8637	33	50	public	public	ADJ
cblr-8637	33	51	market	market	NOUN
cblr-8637	33	52	may	may	AUX
cblr-8637	33	53	be	be	AUX
cblr-8637	33	54	costprohibitive	costprohibitive	ADJ
cblr-8637	33	55	.	.	PUNCT
cblr-8637	34	1	but	but	CCONJ
cblr-8637	34	2	the	the	DET
cblr-8637	34	3	increased	increase	VERB
cblr-8637	34	4	availability	availability	NOUN
cblr-8637	34	5	of	of	ADP
cblr-8637	34	6	private	private	ADJ
cblr-8637	34	7	capital	capital	NOUN
cblr-8637	34	8	has	have	AUX
cblr-8637	34	9	also	also	ADV
cblr-8637	34	10	enabled	enable	VERB
cblr-8637	34	11	companies	company	NOUN
cblr-8637	34	12	to	to	PART
cblr-8637	34	13	fund	fund	VERB
cblr-8637	34	14	more	more	ADJ
cblr-8637	34	15	rounds	round	NOUN
cblr-8637	34	16	of	of	ADP
cblr-8637	34	17	financing	financing	NOUN
cblr-8637	34	18	before	before	ADP
cblr-8637	34	19	going	go	VERB
cblr-8637	34	20	public	public	ADJ
cblr-8637	34	21	,	,	PUNCT
cblr-8637	34	22	delaying	delay	VERB
cblr-8637	34	23	the	the	DET
cblr-8637	34	24	entry	entry	NOUN
cblr-8637	34	25	of	of	ADP
cblr-8637	34	26	large	large	ADJ
cblr-8637	34	27	private	private	ADJ
cblr-8637	34	28	firms	firm	NOUN
cblr-8637	34	29	into	into	ADP
cblr-8637	34	30	the	the	DET
cblr-8637	34	31	public	public	ADJ
cblr-8637	34	32	market	market	NOUN
cblr-8637	34	33	.	.	PUNCT
cblr-8637	35	1	while	while	SCONJ
cblr-8637	35	2	the	the	DET
cblr-8637	35	3	amount	amount	NOUN
cblr-8637	35	4	invested	invest	VERB
cblr-8637	35	5	in	in	ADP
cblr-8637	35	6	the	the	DET
cblr-8637	35	7	private	private	ADJ
cblr-8637	35	8	market	market	NOUN
cblr-8637	35	9	has	have	AUX
cblr-8637	35	10	grown	grow	VERB
cblr-8637	35	11	,	,	PUNCT
cblr-8637	35	12	non	non	ADJ
cblr-8637	35	13	-	-	ADJ
cblr-8637	35	14	accredited	accredited	ADJ
cblr-8637	35	15	retail	retail	ADJ
cblr-8637	35	16	investors	investor	NOUN
cblr-8637	35	17	have	have	AUX
cblr-8637	35	18	been	be	AUX
cblr-8637	35	19	excluded	exclude	VERB
cblr-8637	35	20	from	from	ADP
cblr-8637	35	21	investment	investment	NOUN
cblr-8637	35	22	opportunities	opportunity	NOUN
cblr-8637	35	23	in	in	ADP
cblr-8637	35	24	this	this	DET
cblr-8637	35	25	market	market	NOUN
cblr-8637	35	26	through	through	ADP
cblr-8637	35	27	regulations	regulation	NOUN
cblr-8637	35	28	developed	develop	VERB
cblr-8637	35	29	to	to	PART
cblr-8637	35	30	promote	promote	VERB
cblr-8637	35	31	investor	investor	NOUN
cblr-8637	35	32	protection	protection	NOUN
cblr-8637	35	33	.	.	PUNCT
cblr-8637	36	1	these	these	DET
cblr-8637	36	2	investors	investor	NOUN
cblr-8637	36	3	are	be	AUX
cblr-8637	36	4	therefore	therefore	ADV
cblr-8637	36	5	limited	limit	VERB
cblr-8637	36	6	to	to	ADP
cblr-8637	36	7	the	the	DET
cblr-8637	36	8	public	public	ADJ
cblr-8637	36	9	market	market	NOUN
cblr-8637	36	10	.	.	PUNCT
cblr-8637	37	1	although	although	SCONJ
cblr-8637	37	2	the	the	DET
cblr-8637	37	3	overall	overall	ADJ
cblr-8637	37	4	size	size	NOUN
cblr-8637	37	5	of	of	ADP
cblr-8637	37	6	the	the	DET
cblr-8637	37	7	public	public	ADJ
cblr-8637	37	8	market	market	NOUN
cblr-8637	37	9	as	as	SCONJ
cblr-8637	37	10	judged	judge	VERB
cblr-8637	37	11	by	by	ADP
cblr-8637	37	12	total	total	ADJ
cblr-8637	37	13	market	market	NOUN
cblr-8637	37	14	capitalization	capitalization	NOUN
cblr-8637	37	15	remains	remain	VERB
cblr-8637	37	16	robust	robust	ADJ
cblr-8637	37	17	and	and	CCONJ
cblr-8637	37	18	has	have	AUX
cblr-8637	37	19	been	be	AUX
cblr-8637	37	20	increasing	increase	VERB
cblr-8637	37	21	over	over	ADP
cblr-8637	37	22	the	the	DET
cblr-8637	37	23	past	past	NOUN
cblr-8637	37	24	decade,2	decade,2	ADP
cblr-8637	37	25	the	the	DET
cblr-8637	37	26	number	number	NOUN
cblr-8637	37	27	of	of	ADP
cblr-8637	37	28	publicly	publicly	ADV
cblr-8637	37	29	listed	list	VERB
cblr-8637	37	30	firms	firm	NOUN
cblr-8637	37	31	has	have	AUX
cblr-8637	37	32	steadily	steadily	ADV
cblr-8637	37	33	declined	decline	VERB
cblr-8637	37	34	—	—	PUNCT
cblr-8637	37	35	from	from	ADP
cblr-8637	37	36	its	its	PRON
cblr-8637	37	37	peak	peak	NOUN
cblr-8637	37	38	of	of	ADP
cblr-8637	37	39	7,322	7,322	NUM
cblr-8637	37	40	in	in	ADP
cblr-8637	37	41	the	the	DET
cblr-8637	37	42	late	late	ADJ
cblr-8637	37	43	1990s	1990	NOUN
cblr-8637	37	44	to	to	ADP
cblr-8637	37	45	3,671	3,671	NUM
cblr-8637	37	46	in	in	ADP
cblr-8637	37	47	2017.3	2017.3	NUM
cblr-8637	37	48	the	the	DET
cblr-8637	37	49	number	number	NOUN
cblr-8637	37	50	of	of	ADP
cblr-8637	37	51	yearly	yearly	ADJ
cblr-8637	37	52	initial	initial	ADJ
cblr-8637	37	53	public	public	ADJ
cblr-8637	37	54	offerings	offering	NOUN
cblr-8637	37	55	(	(	PUNCT
cblr-8637	37	56	ipos	ipos	NOUN
cblr-8637	37	57	)	)	PUNCT
cblr-8637	37	58	has	have	AUX
cblr-8637	37	59	similarly	similarly	ADV
cblr-8637	37	60	decreased	decrease	VERB
cblr-8637	37	61	,	,	PUNCT
cblr-8637	37	62	from	from	ADP
cblr-8637	37	63	486	486	NUM
cblr-8637	37	64	ipos	ipos	NOUN
cblr-8637	37	65	in	in	ADP
cblr-8637	37	66	1999	1999	NUM
cblr-8637	37	67	to	to	ADP
cblr-8637	37	68	only	only	ADV
cblr-8637	37	69	176	176	NUM
cblr-8637	37	70	ipos	ipos	NOUN
cblr-8637	37	71	in	in	ADP
cblr-8637	37	72	2017.4	2017.4	NUM
cblr-8637	37	73	1	1	NUM
cblr-8637	37	74	sara	sara	NOUN
cblr-8637	37	75	bernow	bernow	PROPN
cblr-8637	37	76	et	et	PROPN
cblr-8637	38	1	al	al	PROPN
cblr-8637	38	2	.	.	PROPN
cblr-8637	38	3	,	,	PUNCT
cblr-8637	38	4	mckinsey	mckinsey	PROPN
cblr-8637	38	5	&	&	CCONJ
cblr-8637	38	6	co.	co.	PROPN
cblr-8637	38	7	,	,	PUNCT
cblr-8637	38	8	a	a	DET
cblr-8637	38	9	new	new	ADJ
cblr-8637	38	10	decade	decade	NOUN
cblr-8637	38	11	for	for	ADP
cblr-8637	38	12	private	private	ADJ
cblr-8637	38	13	markets	market	NOUN
cblr-8637	38	14	2	2	NUM
cblr-8637	38	15	(	(	PUNCT
cblr-8637	38	16	2020	2020	NUM
cblr-8637	38	17	)	)	PUNCT
cblr-8637	38	18	,	,	PUNCT
cblr-8637	38	19	https://www.mckinsey.com/~/media/mckinsey/	https://www.mckinsey.com/~/media/mckinsey/	NOUN
cblr-8637	38	20	industries	industry	NOUN
cblr-8637	38	21	/	/	SYM
cblr-8637	38	22	private%20equity%20and%20principal%20investors	private%20equity%20and%20principal%20investor	NOUN
cblr-8637	38	23	/	/	SYM
cblr-8637	38	24	our%20i	our%20i	NOUN
cblr-8637	38	25	nsights	nsight	NOUN
cblr-8637	38	26	/	/	SYM
cblr-8637	38	27	mckinseys%20private%20markets%20annual%20review	mckinseys%20private%20markets%20annual%20review	NOUN
cblr-8637	38	28	/	/	SYM
cblr-8637	38	29	mckins	mckin	NOUN
cblr-8637	38	30	ey-global-private-markets-review-2020-v4.pdf	ey-global-private-markets-review-2020-v4.pdf	NOUN
cblr-8637	39	1	[	[	X
cblr-8637	39	2	https://perma.cc/4tvtrr27	https://perma.cc/4tvtrr27	X
cblr-8637	39	3	]	]	X
cblr-8637	39	4	.	.	PUNCT
cblr-8637	40	1	2	2	NUM
cblr-8637	40	2	total	total	ADJ
cblr-8637	40	3	market	market	NOUN
cblr-8637	40	4	value	value	NOUN
cblr-8637	40	5	of	of	ADP
cblr-8637	40	6	u.s	u.s	PROPN
cblr-8637	40	7	.	.	PROPN
cblr-8637	40	8	stock	stock	NOUN
cblr-8637	40	9	market	market	NOUN
cblr-8637	40	10	,	,	PUNCT
cblr-8637	40	11	siblis	sibli	NOUN
cblr-8637	40	12	rsch	rsch	NOUN
cblr-8637	40	13	.	.	PUNCT
cblr-8637	40	14	,	,	PUNCT
cblr-8637	40	15	https://siblisresearch.com/data/us-stock-market-value/	https://siblisresearch.com/data/us-stock-market-value/	PROPN
cblr-8637	41	1	[	[	X
cblr-8637	41	2	https://perma.cc/36m2-u8g7	https://perma.cc/36m2-u8g7	X
cblr-8637	41	3	]	]	X
cblr-8637	41	4	(	(	PUNCT
cblr-8637	41	5	last	last	ADJ
cblr-8637	41	6	visited	visit	VERB
cblr-8637	41	7	feb	feb	PROPN
cblr-8637	41	8	.	.	PROPN
cblr-8637	41	9	24	24	NUM
cblr-8637	41	10	,	,	PUNCT
cblr-8637	41	11	2021	2021	NUM
cblr-8637	41	12	)	)	PUNCT
cblr-8637	41	13	.	.	PUNCT
cblr-8637	42	1	3	3	NUM
cblr-8637	42	2	jason	jason	PROPN
cblr-8637	42	3	m.	m.	PROPN
cblr-8637	42	4	thomas	thomas	PROPN
cblr-8637	42	5	,	,	PUNCT
cblr-8637	42	6	where	where	SCONJ
cblr-8637	42	7	have	have	AUX
cblr-8637	42	8	all	all	DET
cblr-8637	42	9	the	the	DET
cblr-8637	42	10	public	public	ADJ
cblr-8637	42	11	companies	company	NOUN
cblr-8637	42	12	gone	go	VERB
cblr-8637	42	13	?	?	PUNCT
cblr-8637	42	14	,	,	PUNCT
cblr-8637	42	15	wall	wall	PROPN
cblr-8637	42	16	st	st	PROPN
cblr-8637	42	17	.	.	PROPN
cblr-8637	42	18	j.	j.	PROPN
cblr-8637	42	19	(	(	PUNCT
cblr-8637	42	20	nov	nov	PROPN
cblr-8637	42	21	.	.	PROPN
cblr-8637	42	22	16	16	NUM
cblr-8637	42	23	,	,	PUNCT
cblr-8637	42	24	2017	2017	NUM
cblr-8637	42	25	,	,	PUNCT
cblr-8637	42	26	7:10	7:10	NUM
cblr-8637	42	27	pm	pm	NOUN
cblr-8637	42	28	)	)	PUNCT
cblr-8637	42	29	(	(	PUNCT
cblr-8637	42	30	on	on	ADP
cblr-8637	42	31	file	file	NOUN
cblr-8637	42	32	with	with	ADP
cblr-8637	42	33	the	the	DET
cblr-8637	42	34	columbia	columbia	PROPN
cblr-8637	42	35	business	business	PROPN
cblr-8637	42	36	law	law	PROPN
cblr-8637	42	37	review	review	PROPN
cblr-8637	42	38	)	)	PUNCT
cblr-8637	42	39	,	,	PUNCT
cblr-8637	42	40	https://www.wsj.com/articles/where-have-all-the-publiccompanies-gone-1510869125	https://www.wsj.com/articles/where-have-all-the-publiccompanies-gone-1510869125	NOUN
cblr-8637	42	41	.	.	PUNCT
cblr-8637	42	42	4	4	NUM
cblr-8637	42	43	number	number	NOUN
cblr-8637	42	44	of	of	ADP
cblr-8637	42	45	ipos	ipos	NOUN
cblr-8637	42	46	in	in	ADP
cblr-8637	42	47	the	the	DET
cblr-8637	42	48	united	united	PROPN
cblr-8637	42	49	states	states	PROPN
cblr-8637	42	50	from	from	ADP
cblr-8637	42	51	1999	1999	NUM
cblr-8637	42	52	to	to	ADP
cblr-8637	42	53	2019	2019	NUM
cblr-8637	42	54	,	,	PUNCT
cblr-8637	42	55	statista	statista	NOUN
cblr-8637	42	56	(	(	PUNCT
cblr-8637	42	57	on	on	ADP
cblr-8637	42	58	file	file	NOUN
cblr-8637	42	59	with	with	ADP
cblr-8637	42	60	the	the	DET
cblr-8637	42	61	columbia	columbia	PROPN
cblr-8637	42	62	business	business	PROPN
cblr-8637	42	63	law	law	PROPN
cblr-8637	42	64	review	review	PROPN
cblr-8637	42	65	)	)	PUNCT
cblr-8637	42	66	,	,	PUNCT
cblr-8637	42	67	https://www.statista.com/	https://www.statista.com/	NOUN
cblr-8637	42	68	statistics/270290	statistics/270290	PROPN
cblr-8637	42	69	/	/	SYM
cblr-8637	42	70	number	number	NOUN
cblr-8637	42	71	-	-	PUNCT
cblr-8637	42	72	of	of	ADP
cblr-8637	42	73	-	-	PUNCT
cblr-8637	42	74	ipos	ipos	NOUN
cblr-8637	42	75	-	-	PUNCT
cblr-8637	42	76	in	in	ADP
cblr-8637	42	77	-	-	PUNCT
cblr-8637	42	78	the	the	DET
cblr-8637	42	79	-	-	PUNCT
cblr-8637	42	80	us	us	NOUN
cblr-8637	42	81	-	-	PUNCT
cblr-8637	42	82	since-1999/	since-1999/	NOUN
cblr-8637	42	83	(	(	PUNCT
cblr-8637	42	84	last	last	ADJ
cblr-8637	42	85	visited	visit	VERB
cblr-8637	42	86	may	may	AUX
cblr-8637	42	87	10	10	NUM
cblr-8637	42	88	,	,	PUNCT
cblr-8637	42	89	greene	greene	PROPN
cblr-8637	42	90	et	et	PROPN
cblr-8637	42	91	al	al	PROPN
cblr-8637	42	92	.	.	PROPN
cblr-8637	43	1	8/21/2021	8/21/2021	NUM
cblr-8637	43	2	1:44	1:44	NUM
cblr-8637	43	3	pm	pm	NOUN
cblr-8637	43	4	no	no	INTJ
cblr-8637	43	5	.	.	PUNCT
cblr-8637	44	1	2:714	2:714	NUM
cblr-8637	44	2	]	]	X
cblr-8637	44	3	the	the	DET
cblr-8637	44	4	need	need	NOUN
cblr-8637	44	5	for	for	ADP
cblr-8637	44	6	a	a	DET
cblr-8637	44	7	comprehensive	comprehensive	ADJ
cblr-8637	44	8	approach	approach	NOUN
cblr-8637	44	9	717	717	NUM
cblr-8637	44	10	the	the	DET
cblr-8637	44	11	simultaneous	simultaneous	ADJ
cblr-8637	44	12	growth	growth	NOUN
cblr-8637	44	13	of	of	ADP
cblr-8637	44	14	the	the	DET
cblr-8637	44	15	private	private	ADJ
cblr-8637	44	16	market	market	NOUN
cblr-8637	44	17	and	and	CCONJ
cblr-8637	44	18	decline	decline	NOUN
cblr-8637	44	19	of	of	ADP
cblr-8637	44	20	the	the	DET
cblr-8637	44	21	public	public	ADJ
cblr-8637	44	22	market	market	NOUN
cblr-8637	44	23	present	present	VERB
cblr-8637	44	24	a	a	DET
cblr-8637	44	25	regulatory	regulatory	ADJ
cblr-8637	44	26	dilemma	dilemma	NOUN
cblr-8637	44	27	.	.	PUNCT
cblr-8637	45	1	on	on	ADP
cblr-8637	45	2	one	one	NUM
cblr-8637	45	3	hand	hand	NOUN
cblr-8637	45	4	,	,	PUNCT
cblr-8637	45	5	the	the	DET
cblr-8637	45	6	growing	grow	VERB
cblr-8637	45	7	investment	investment	NOUN
cblr-8637	45	8	opportunities	opportunity	NOUN
cblr-8637	45	9	in	in	ADP
cblr-8637	45	10	the	the	DET
cblr-8637	45	11	private	private	ADJ
cblr-8637	45	12	market	market	NOUN
cblr-8637	45	13	weigh	weigh	VERB
cblr-8637	45	14	in	in	ADP
cblr-8637	45	15	favor	favor	NOUN
cblr-8637	45	16	of	of	ADP
cblr-8637	45	17	expanding	expand	VERB
cblr-8637	45	18	the	the	DET
cblr-8637	45	19	market	market	NOUN
cblr-8637	45	20	to	to	ADP
cblr-8637	45	21	a	a	DET
cblr-8637	45	22	wider	wide	ADJ
cblr-8637	45	23	class	class	NOUN
cblr-8637	45	24	of	of	ADP
cblr-8637	45	25	investors	investor	NOUN
cblr-8637	45	26	.	.	PUNCT
cblr-8637	46	1	on	on	ADP
cblr-8637	46	2	the	the	DET
cblr-8637	46	3	other	other	ADJ
cblr-8637	46	4	hand	hand	NOUN
cblr-8637	46	5	,	,	PUNCT
cblr-8637	46	6	the	the	DET
cblr-8637	46	7	public	public	ADJ
cblr-8637	46	8	market	market	NOUN
cblr-8637	46	9	provides	provide	VERB
cblr-8637	46	10	crucial	crucial	ADJ
cblr-8637	46	11	benefits	benefit	NOUN
cblr-8637	46	12	and	and	CCONJ
cblr-8637	46	13	protections	protection	NOUN
cblr-8637	46	14	for	for	ADP
cblr-8637	46	15	investors	investor	NOUN
cblr-8637	46	16	that	that	PRON
cblr-8637	46	17	can	can	AUX
cblr-8637	46	18	not	not	PART
cblr-8637	46	19	be	be	AUX
cblr-8637	46	20	replicated	replicate	VERB
cblr-8637	46	21	in	in	ADP
cblr-8637	46	22	the	the	DET
cblr-8637	46	23	private	private	ADJ
cblr-8637	46	24	market	market	NOUN
cblr-8637	46	25	without	without	ADP
cblr-8637	46	26	legislation	legislation	NOUN
cblr-8637	46	27	and	and	CCONJ
cblr-8637	46	28	increased	increase	VERB
cblr-8637	46	29	regulation	regulation	NOUN
cblr-8637	46	30	.	.	PUNCT
cblr-8637	47	1	the	the	DET
cblr-8637	47	2	robust	robust	ADJ
cblr-8637	47	3	mandatory	mandatory	ADJ
cblr-8637	47	4	disclosure	disclosure	NOUN
cblr-8637	47	5	and	and	CCONJ
cblr-8637	47	6	liability	liability	NOUN
cblr-8637	47	7	regimes	regime	NOUN
cblr-8637	47	8	in	in	ADP
cblr-8637	47	9	the	the	DET
cblr-8637	47	10	public	public	ADJ
cblr-8637	47	11	market	market	NOUN
cblr-8637	47	12	protect	protect	VERB
cblr-8637	47	13	retail	retail	ADJ
cblr-8637	47	14	investors	investor	NOUN
cblr-8637	47	15	who	who	PRON
cblr-8637	47	16	may	may	AUX
cblr-8637	47	17	lack	lack	VERB
cblr-8637	47	18	the	the	DET
cblr-8637	47	19	expertise	expertise	NOUN
cblr-8637	47	20	to	to	PART
cblr-8637	47	21	analyze	analyze	VERB
cblr-8637	47	22	investments	investment	NOUN
cblr-8637	47	23	.	.	PUNCT
cblr-8637	48	1	conversely	conversely	ADV
cblr-8637	48	2	,	,	PUNCT
cblr-8637	48	3	the	the	DET
cblr-8637	48	4	private	private	ADJ
cblr-8637	48	5	market	market	NOUN
cblr-8637	48	6	,	,	PUNCT
cblr-8637	48	7	with	with	ADP
cblr-8637	48	8	its	its	PRON
cblr-8637	48	9	more	more	ADV
cblr-8637	48	10	relaxed	relaxed	ADJ
cblr-8637	48	11	disclosure	disclosure	NOUN
cblr-8637	48	12	and	and	CCONJ
cblr-8637	48	13	liability	liability	NOUN
cblr-8637	48	14	regimes	regime	NOUN
cblr-8637	48	15	,	,	PUNCT
cblr-8637	48	16	poses	pose	VERB
cblr-8637	48	17	significantly	significantly	ADV
cblr-8637	48	18	more	more	ADJ
cblr-8637	48	19	risk	risk	NOUN
cblr-8637	48	20	for	for	ADP
cblr-8637	48	21	retail	retail	ADJ
cblr-8637	48	22	investors	investor	NOUN
cblr-8637	48	23	.	.	PUNCT
cblr-8637	49	1	these	these	DET
cblr-8637	49	2	considerations	consideration	NOUN
cblr-8637	49	3	weigh	weigh	VERB
cblr-8637	49	4	in	in	ADP
cblr-8637	49	5	favor	favor	NOUN
cblr-8637	49	6	of	of	ADP
cblr-8637	49	7	taking	take	VERB
cblr-8637	49	8	measures	measure	NOUN
cblr-8637	49	9	to	to	PART
cblr-8637	49	10	preserve	preserve	VERB
cblr-8637	49	11	the	the	DET
cblr-8637	49	12	public	public	ADJ
cblr-8637	49	13	market	market	NOUN
cblr-8637	49	14	by	by	ADP
cblr-8637	49	15	increasing	increase	VERB
cblr-8637	49	16	firms	firm	NOUN
cblr-8637	49	17	’	'	PUNCT
cblr-8637	49	18	incentives	incentive	VERB
cblr-8637	49	19	to	to	PART
cblr-8637	49	20	go	go	VERB
cblr-8637	49	21	public	public	ADJ
cblr-8637	49	22	.	.	PUNCT
cblr-8637	50	1	the	the	DET
cblr-8637	50	2	regulatory	regulatory	ADJ
cblr-8637	50	3	response	response	NOUN
cblr-8637	50	4	of	of	ADP
cblr-8637	50	5	congress	congress	PROPN
cblr-8637	50	6	and	and	CCONJ
cblr-8637	50	7	the	the	DET
cblr-8637	50	8	securities	securities	PROPN
cblr-8637	50	9	and	and	CCONJ
cblr-8637	50	10	exchange	exchange	PROPN
cblr-8637	50	11	commission	commission	PROPN
cblr-8637	50	12	(	(	PUNCT
cblr-8637	50	13	“	"	PUNCT
cblr-8637	50	14	sec	sec	PROPN
cblr-8637	50	15	”	"	PUNCT
cblr-8637	50	16	or	or	CCONJ
cblr-8637	50	17	“	"	PUNCT
cblr-8637	50	18	commission	commission	NOUN
cblr-8637	50	19	”	"	PUNCT
cblr-8637	50	20	)	)	PUNCT
cblr-8637	50	21	to	to	ADP
cblr-8637	50	22	this	this	DET
cblr-8637	50	23	dilemma	dilemma	NOUN
cblr-8637	50	24	has	have	AUX
cblr-8637	50	25	been	be	AUX
cblr-8637	50	26	ad	ad	NOUN
cblr-8637	50	27	hoc	hoc	X
cblr-8637	50	28	,	,	PUNCT
cblr-8637	50	29	in	in	SCONJ
cblr-8637	50	30	that	that	SCONJ
cblr-8637	50	31	it	it	PRON
cblr-8637	50	32	has	have	AUX
cblr-8637	50	33	made	make	VERB
cblr-8637	50	34	changes	change	NOUN
cblr-8637	50	35	in	in	ADP
cblr-8637	50	36	access	access	NOUN
cblr-8637	50	37	to	to	ADP
cblr-8637	50	38	each	each	DET
cblr-8637	50	39	market	market	NOUN
cblr-8637	50	40	without	without	ADP
cblr-8637	50	41	assessing	assess	VERB
cblr-8637	50	42	the	the	DET
cblr-8637	50	43	impact	impact	NOUN
cblr-8637	50	44	of	of	ADP
cblr-8637	50	45	such	such	ADJ
cblr-8637	50	46	changes	change	NOUN
cblr-8637	50	47	on	on	ADP
cblr-8637	50	48	the	the	DET
cblr-8637	50	49	other	other	ADJ
cblr-8637	50	50	.	.	PUNCT
cblr-8637	51	1	through	through	ADP
cblr-8637	51	2	the	the	DET
cblr-8637	51	3	2012	2012	NUM
cblr-8637	51	4	jumpstart	jumpstart	NOUN
cblr-8637	51	5	our	our	PRON
cblr-8637	51	6	business	business	NOUN
cblr-8637	51	7	startups	startup	NOUN
cblr-8637	51	8	act	act	NOUN
cblr-8637	51	9	(	(	PUNCT
cblr-8637	51	10	the	the	DET
cblr-8637	51	11	“	"	PUNCT
cblr-8637	51	12	jobs	job	NOUN
cblr-8637	51	13	2021	2021	NUM
cblr-8637	51	14	)	)	PUNCT
cblr-8637	51	15	.	.	PUNCT
cblr-8637	52	1	the	the	DET
cblr-8637	52	2	years	year	NOUN
cblr-8637	52	3	1999	1999	NUM
cblr-8637	52	4	and	and	CCONJ
cblr-8637	52	5	2000	2000	NUM
cblr-8637	52	6	,	,	PUNCT
cblr-8637	52	7	seeing	see	VERB
cblr-8637	52	8	486	486	NUM
cblr-8637	52	9	and	and	CCONJ
cblr-8637	52	10	429	429	NUM
cblr-8637	52	11	ipos	ipos	NOUN
cblr-8637	52	12	respectively	respectively	ADV
cblr-8637	52	13	,	,	PUNCT
cblr-8637	52	14	are	be	AUX
cblr-8637	52	15	likely	likely	ADJ
cblr-8637	52	16	outliers	outlier	NOUN
cblr-8637	52	17	as	as	SCONJ
cblr-8637	52	18	those	those	DET
cblr-8637	52	19	years	year	NOUN
cblr-8637	52	20	coincided	coincide	VERB
cblr-8637	52	21	with	with	ADP
cblr-8637	52	22	the	the	DET
cblr-8637	52	23	“	"	PUNCT
cblr-8637	52	24	internet	internet	NOUN
cblr-8637	52	25	bubble	bubble	NOUN
cblr-8637	52	26	.	.	PUNCT
cblr-8637	52	27	”	"	PUNCT
cblr-8637	53	1	in	in	ADP
cblr-8637	53	2	the	the	DET
cblr-8637	53	3	years	year	NOUN
cblr-8637	53	4	since	since	SCONJ
cblr-8637	53	5	the	the	DET
cblr-8637	53	6	last	last	ADJ
cblr-8637	53	7	financial	financial	ADJ
cblr-8637	53	8	crisis	crisis	NOUN
cblr-8637	53	9	,	,	PUNCT
cblr-8637	53	10	yearly	yearly	ADJ
cblr-8637	53	11	ipos	ipos	NOUN
cblr-8637	53	12	from	from	ADP
cblr-8637	53	13	2010	2010	NUM
cblr-8637	53	14	to	to	ADP
cblr-8637	53	15	2019	2019	NUM
cblr-8637	53	16	in	in	ADP
cblr-8637	53	17	the	the	DET
cblr-8637	53	18	u.s	u.s	PROPN
cblr-8637	53	19	.	.	PROPN
cblr-8637	53	20	have	have	AUX
cblr-8637	53	21	been	be	AUX
cblr-8637	53	22	between	between	ADP
cblr-8637	53	23	a	a	DET
cblr-8637	53	24	low	low	NOUN
cblr-8637	53	25	of	of	ADP
cblr-8637	53	26	100	100	NUM
cblr-8637	53	27	in	in	ADP
cblr-8637	53	28	2016	2016	NUM
cblr-8637	53	29	and	and	CCONJ
cblr-8637	53	30	a	a	DET
cblr-8637	53	31	high	high	NOUN
cblr-8637	53	32	of	of	ADP
cblr-8637	53	33	268	268	NUM
cblr-8637	53	34	in	in	ADP
cblr-8637	53	35	2014	2014	NUM
cblr-8637	53	36	.	.	PUNCT
cblr-8637	54	1	i	i	PRON
cblr-8637	54	2	d.	d.	PROPN
cblr-8637	55	1	but	but	CCONJ
cblr-8637	55	2	there	there	PRON
cblr-8637	55	3	is	be	VERB
cblr-8637	55	4	evidence	evidence	NOUN
cblr-8637	55	5	that	that	SCONJ
cblr-8637	55	6	2020	2020	NUM
cblr-8637	55	7	may	may	AUX
cblr-8637	55	8	be	be	AUX
cblr-8637	55	9	a	a	DET
cblr-8637	55	10	departure	departure	NOUN
cblr-8637	55	11	from	from	ADP
cblr-8637	55	12	this	this	DET
cblr-8637	55	13	trend	trend	NOUN
cblr-8637	55	14	,	,	PUNCT
cblr-8637	55	15	given	give	VERB
cblr-8637	55	16	that	that	SCONJ
cblr-8637	55	17	over	over	ADP
cblr-8637	55	18	235	235	NUM
cblr-8637	55	19	companies	company	NOUN
cblr-8637	55	20	have	have	AUX
cblr-8637	55	21	gone	go	VERB
cblr-8637	55	22	public	public	ADJ
cblr-8637	55	23	this	this	DET
cblr-8637	55	24	year	year	NOUN
cblr-8637	55	25	.	.	PUNCT
cblr-8637	56	1	see	see	VERB
cblr-8637	56	2	corrie	corrie	PROPN
cblr-8637	56	3	driebusch	driebusch	PROPN
cblr-8637	56	4	,	,	PUNCT
cblr-8637	56	5	ipo	ipo	NOUN
cblr-8637	56	6	market	market	NOUN
cblr-8637	56	7	parties	party	NOUN
cblr-8637	56	8	like	like	SCONJ
cblr-8637	56	9	it	it	PRON
cblr-8637	56	10	’s	’	VERB
cblr-8637	56	11	1999	1999	NUM
cblr-8637	56	12	,	,	PUNCT
cblr-8637	57	1	wall	wall	PROPN
cblr-8637	57	2	st	st	PROPN
cblr-8637	57	3	.	.	PROPN
cblr-8637	57	4	j.	j.	PROPN
cblr-8637	57	5	(	(	PUNCT
cblr-8637	57	6	sept	sept	PROPN
cblr-8637	57	7	.	.	PROPN
cblr-8637	57	8	25	25	NUM
cblr-8637	57	9	,	,	PUNCT
cblr-8637	57	10	2020	2020	NUM
cblr-8637	57	11	,	,	PUNCT
cblr-8637	57	12	12:47	12:47	NUM
cblr-8637	57	13	pm	pm	NOUN
cblr-8637	57	14	)	)	PUNCT
cblr-8637	57	15	(	(	PUNCT
cblr-8637	57	16	on	on	ADP
cblr-8637	57	17	file	file	NOUN
cblr-8637	57	18	with	with	ADP
cblr-8637	57	19	the	the	DET
cblr-8637	57	20	columbia	columbia	PROPN
cblr-8637	57	21	business	business	PROPN
cblr-8637	57	22	law	law	PROPN
cblr-8637	57	23	review	review	PROPN
cblr-8637	57	24	)	)	PUNCT
cblr-8637	57	25	,	,	PUNCT
cblr-8637	57	26	https://www.wsj.com/	https://www.wsj.com/	PROPN
cblr-8637	57	27	articles	article	NOUN
cblr-8637	57	28	/	/	SYM
cblr-8637	57	29	ipo	ipo	NOUN
cblr-8637	57	30	-	-	PUNCT
cblr-8637	57	31	market	market	NOUN
cblr-8637	57	32	-	-	PUNCT
cblr-8637	57	33	parties	party	NOUN
cblr-8637	57	34	-	-	PUNCT
cblr-8637	57	35	like	like	ADP
cblr-8637	57	36	-	-	PUNCT
cblr-8637	57	37	its-1999	its-1999	NOUN
cblr-8637	57	38	-	-	PUNCT
cblr-8637	57	39	11601052419	11601052419	NUM
cblr-8637	57	40	.	.	PUNCT
cblr-8637	58	1	over	over	ADP
cblr-8637	58	2	80	80	NUM
cblr-8637	58	3	%	%	NOUN
cblr-8637	58	4	of	of	ADP
cblr-8637	58	5	these	these	DET
cblr-8637	58	6	ipos	ipos	NOUN
cblr-8637	58	7	consisted	consist	VERB
cblr-8637	58	8	of	of	ADP
cblr-8637	58	9	healthcare	healthcare	NOUN
cblr-8637	58	10	companies	company	NOUN
cblr-8637	58	11	,	,	PUNCT
cblr-8637	58	12	technology	technology	NOUN
cblr-8637	58	13	companies	company	NOUN
cblr-8637	58	14	,	,	PUNCT
cblr-8637	58	15	and	and	CCONJ
cblr-8637	58	16	special	special	ADJ
cblr-8637	58	17	purpose	purpose	NOUN
cblr-8637	58	18	acquisition	acquisition	NOUN
cblr-8637	58	19	vehicles	vehicle	NOUN
cblr-8637	58	20	(	(	PUNCT
cblr-8637	58	21	spacs	spac	NOUN
cblr-8637	58	22	)	)	PUNCT
cblr-8637	58	23	.	.	PUNCT
cblr-8637	59	1	i	i	PRON
cblr-8637	59	2	d.	d.	PROPN
cblr-8637	59	3	this	this	DET
cblr-8637	59	4	increase	increase	NOUN
cblr-8637	59	5	has	have	AUX
cblr-8637	59	6	been	be	AUX
cblr-8637	59	7	facilitated	facilitate	VERB
cblr-8637	59	8	by	by	ADP
cblr-8637	59	9	pandemic	pandemic	ADJ
cblr-8637	59	10	-	-	PUNCT
cblr-8637	59	11	induced	induce	VERB
cblr-8637	59	12	market	market	NOUN
cblr-8637	59	13	shifts	shift	NOUN
cblr-8637	59	14	,	,	PUNCT
cblr-8637	59	15	including	include	VERB
cblr-8637	59	16	decreased	decrease	VERB
cblr-8637	59	17	availability	availability	NOUN
cblr-8637	59	18	of	of	ADP
cblr-8637	59	19	private	private	ADJ
cblr-8637	59	20	market	market	NOUN
cblr-8637	59	21	funding	funding	NOUN
cblr-8637	59	22	after	after	ADP
cblr-8637	59	23	shutdowns	shutdown	NOUN
cblr-8637	59	24	,	,	PUNCT
cblr-8637	59	25	an	an	DET
cblr-8637	59	26	influx	influx	NOUN
cblr-8637	59	27	of	of	ADP
cblr-8637	59	28	money	money	NOUN
cblr-8637	59	29	from	from	ADP
cblr-8637	59	30	the	the	DET
cblr-8637	59	31	federal	federal	ADJ
cblr-8637	59	32	government	government	NOUN
cblr-8637	59	33	into	into	ADP
cblr-8637	59	34	the	the	DET
cblr-8637	59	35	markets	market	NOUN
cblr-8637	59	36	,	,	PUNCT
cblr-8637	59	37	the	the	DET
cblr-8637	59	38	growth	growth	NOUN
cblr-8637	59	39	of	of	ADP
cblr-8637	59	40	spacs	spac	NOUN
cblr-8637	59	41	after	after	ADP
cblr-8637	59	42	high	high	ADJ
cblr-8637	59	43	-	-	PUNCT
cblr-8637	59	44	profile	profile	NOUN
cblr-8637	59	45	companies	company	NOUN
cblr-8637	59	46	utilized	utilize	VERB
cblr-8637	59	47	them	they	PRON
cblr-8637	59	48	to	to	PART
cblr-8637	59	49	go	go	VERB
cblr-8637	59	50	public	public	ADJ
cblr-8637	59	51	,	,	PUNCT
cblr-8637	59	52	and	and	CCONJ
cblr-8637	59	53	the	the	DET
cblr-8637	59	54	growth	growth	NOUN
cblr-8637	59	55	of	of	ADP
cblr-8637	59	56	the	the	DET
cblr-8637	59	57	technology	technology	NOUN
cblr-8637	59	58	and	and	CCONJ
cblr-8637	59	59	healthcare	healthcare	NOUN
cblr-8637	59	60	sectors	sector	NOUN
cblr-8637	59	61	.	.	PUNCT
cblr-8637	60	1	see	see	VERB
cblr-8637	60	2	i	i	PRON
cblr-8637	60	3	d.	d.	PROPN
cblr-8637	60	4	for	for	ADP
cblr-8637	60	5	further	further	ADJ
cblr-8637	60	6	discussion	discussion	NOUN
cblr-8637	60	7	of	of	ADP
cblr-8637	60	8	spacs	spac	NOUN
cblr-8637	60	9	,	,	PUNCT
cblr-8637	60	10	see	see	VERB
cblr-8637	60	11	infra	infra	NOUN
cblr-8637	60	12	parts	part	NOUN
cblr-8637	60	13	iii	iii	NOUN
cblr-8637	60	14	and	and	CCONJ
cblr-8637	60	15	iv	iv	X
cblr-8637	60	16	.	.	PUNCT
cblr-8637	61	1	additionally	additionally	ADV
cblr-8637	61	2	,	,	PUNCT
cblr-8637	61	3	as	as	SCONJ
cblr-8637	61	4	the	the	DET
cblr-8637	61	5	number	number	NOUN
cblr-8637	61	6	of	of	ADP
cblr-8637	61	7	ipos	ipos	NOUN
cblr-8637	61	8	has	have	AUX
cblr-8637	61	9	been	be	AUX
cblr-8637	61	10	declining	decline	VERB
cblr-8637	61	11	since	since	SCONJ
cblr-8637	61	12	as	as	ADV
cblr-8637	61	13	early	early	ADV
cblr-8637	61	14	as	as	ADP
cblr-8637	61	15	2000	2000	NUM
cblr-8637	61	16	,	,	PUNCT
cblr-8637	61	17	there	there	PRON
cblr-8637	61	18	is	be	VERB
cblr-8637	61	19	evidence	evidence	NOUN
cblr-8637	61	20	that	that	SCONJ
cblr-8637	61	21	this	this	DET
cblr-8637	61	22	decline	decline	NOUN
cblr-8637	61	23	is	be	AUX
cblr-8637	61	24	driven	drive	VERB
cblr-8637	61	25	at	at	ADP
cblr-8637	61	26	least	least	ADJ
cblr-8637	61	27	in	in	ADP
cblr-8637	61	28	part	part	NOUN
cblr-8637	61	29	by	by	ADP
cblr-8637	61	30	consolidation	consolidation	NOUN
cblr-8637	61	31	and	and	CCONJ
cblr-8637	61	32	economy	economy	NOUN
cblr-8637	61	33	of	of	ADP
cblr-8637	61	34	scale	scale	NOUN
cblr-8637	61	35	,	,	PUNCT
cblr-8637	61	36	apart	apart	ADV
cblr-8637	61	37	from	from	ADP
cblr-8637	61	38	regulatory	regulatory	ADJ
cblr-8637	61	39	changes	change	NOUN
cblr-8637	61	40	.	.	PUNCT
cblr-8637	62	1	see	see	VERB
cblr-8637	62	2	,	,	PUNCT
cblr-8637	62	3	e.g.	e.g.	ADV
cblr-8637	62	4	,	,	PUNCT
cblr-8637	62	5	xiaohui	xiaohui	PROPN
cblr-8637	62	6	gao	gao	PROPN
cblr-8637	62	7	,	,	PUNCT
cblr-8637	62	8	jay	jay	PROPN
cblr-8637	62	9	r.	r.	PROPN
cblr-8637	62	10	ritter	ritter	PROPN
cblr-8637	62	11	&	&	CCONJ
cblr-8637	62	12	zhongyan	zhongyan	PROPN
cblr-8637	62	13	zhu	zhu	PROPN
cblr-8637	62	14	,	,	PUNCT
cblr-8637	62	15	where	where	SCONJ
cblr-8637	62	16	have	have	AUX
cblr-8637	62	17	all	all	DET
cblr-8637	62	18	the	the	DET
cblr-8637	62	19	ipos	ipos	NOUN
cblr-8637	62	20	gone	go	VERB
cblr-8637	62	21	?	?	PUNCT
cblr-8637	62	22	,	,	PUNCT
cblr-8637	62	23	48	48	NUM
cblr-8637	62	24	j.	j.	PROPN
cblr-8637	62	25	fin	fin	PROPN
cblr-8637	62	26	.	.	PUNCT
cblr-8637	62	27	&	&	CCONJ
cblr-8637	62	28	quantitative	quantitative	ADJ
cblr-8637	62	29	analysis	analysis	NOUN
cblr-8637	62	30	1663	1663	NUM
cblr-8637	62	31	,	,	PUNCT
cblr-8637	62	32	1667	1667	NUM
cblr-8637	62	33	(	(	PUNCT
cblr-8637	62	34	2013	2013	NUM
cblr-8637	62	35	)	)	PUNCT
cblr-8637	62	36	.	.	PUNCT
cblr-8637	63	1	greene	greene	PROPN
cblr-8637	63	2	et	et	PROPN
cblr-8637	63	3	al	al	PROPN
cblr-8637	63	4	.	.	PROPN
cblr-8637	64	1	8/21/2021	8/21/2021	NUM
cblr-8637	64	2	1:44	1:44	NUM
cblr-8637	64	3	pm	pm	NOUN
cblr-8637	64	4	718	718	NUM
cblr-8637	64	5	columbia	columbia	PROPN
cblr-8637	64	6	business	business	NOUN
cblr-8637	64	7	law	law	PROPN
cblr-8637	64	8	review	review	NOUN
cblr-8637	64	9	[	[	X
cblr-8637	64	10	vol	vol	NOUN
cblr-8637	64	11	.	.	PUNCT
cblr-8637	64	12	2021	2021	NUM
cblr-8637	64	13	act	act	PROPN
cblr-8637	64	14	”	"	PUNCT
cblr-8637	64	15	)	)	PUNCT
cblr-8637	64	16	and	and	CCONJ
cblr-8637	64	17	subsequent	subsequent	ADJ
cblr-8637	64	18	rules	rule	NOUN
cblr-8637	64	19	and	and	CCONJ
cblr-8637	64	20	amendments	amendment	NOUN
cblr-8637	64	21	,	,	PUNCT
cblr-8637	64	22	congress	congress	PROPN
cblr-8637	64	23	and	and	CCONJ
cblr-8637	64	24	the	the	DET
cblr-8637	64	25	commission	commission	NOUN
cblr-8637	64	26	laid	lay	VERB
cblr-8637	64	27	out	out	ADP
cblr-8637	64	28	a	a	DET
cblr-8637	64	29	framework	framework	NOUN
cblr-8637	64	30	that	that	PRON
cblr-8637	64	31	would	would	AUX
cblr-8637	64	32	,	,	PUNCT
cblr-8637	64	33	in	in	ADP
cblr-8637	64	34	theory	theory	NOUN
cblr-8637	64	35	,	,	PUNCT
cblr-8637	64	36	spur	spur	VERB
cblr-8637	64	37	public	public	ADJ
cblr-8637	64	38	market	market	NOUN
cblr-8637	64	39	participation	participation	NOUN
cblr-8637	64	40	by	by	ADP
cblr-8637	64	41	permitting	permit	VERB
cblr-8637	64	42	confidential	confidential	ADJ
cblr-8637	64	43	filings	filing	NOUN
cblr-8637	64	44	and	and	CCONJ
cblr-8637	64	45	“	"	PUNCT
cblr-8637	64	46	testing	testing	NOUN
cblr-8637	64	47	-	-	PUNCT
cblr-8637	64	48	the	the	DET
cblr-8637	64	49	-	-	PUNCT
cblr-8637	64	50	waters	water	NOUN
cblr-8637	64	51	”	"	PUNCT
cblr-8637	64	52	to	to	PART
cblr-8637	64	53	allow	allow	VERB
cblr-8637	64	54	companies	company	NOUN
cblr-8637	64	55	to	to	PART
cblr-8637	64	56	gauge	gauge	VERB
cblr-8637	64	57	market	market	NOUN
cblr-8637	64	58	interest	interest	NOUN
cblr-8637	64	59	in	in	ADP
cblr-8637	64	60	their	their	PRON
cblr-8637	64	61	offerings	offering	NOUN
cblr-8637	64	62	prior	prior	ADV
cblr-8637	64	63	to	to	ADP
cblr-8637	64	64	incurring	incur	VERB
cblr-8637	64	65	the	the	DET
cblr-8637	64	66	cost	cost	NOUN
cblr-8637	64	67	of	of	ADP
cblr-8637	64	68	preparing	prepare	VERB
cblr-8637	64	69	and	and	CCONJ
cblr-8637	64	70	filing	file	VERB
cblr-8637	64	71	their	their	PRON
cblr-8637	64	72	registration	registration	NOUN
cblr-8637	64	73	statements	statement	NOUN
cblr-8637	64	74	.	.	PUNCT
cblr-8637	65	1	thus	thus	ADV
cblr-8637	65	2	far	far	ADV
cblr-8637	65	3	,	,	PUNCT
cblr-8637	65	4	evidence	evidence	NOUN
cblr-8637	65	5	indicates	indicate	VERB
cblr-8637	65	6	that	that	SCONJ
cblr-8637	65	7	the	the	DET
cblr-8637	65	8	jobs	job	NOUN
cblr-8637	65	9	act	act	NOUN
cblr-8637	65	10	has	have	AUX
cblr-8637	65	11	succeeded	succeed	VERB
cblr-8637	65	12	in	in	ADP
cblr-8637	65	13	attracting	attract	VERB
cblr-8637	65	14	new	new	ADJ
cblr-8637	65	15	entrants	entrant	NOUN
cblr-8637	65	16	to	to	ADP
cblr-8637	65	17	the	the	DET
cblr-8637	65	18	public	public	ADJ
cblr-8637	65	19	market	market	NOUN
cblr-8637	65	20	in	in	ADP
cblr-8637	65	21	certain	certain	ADJ
cblr-8637	65	22	industries	industry	NOUN
cblr-8637	65	23	,	,	PUNCT
cblr-8637	65	24	but	but	CCONJ
cblr-8637	65	25	its	its	PRON
cblr-8637	65	26	overall	overall	ADJ
cblr-8637	65	27	effectiveness	effectiveness	NOUN
cblr-8637	65	28	is	be	AUX
cblr-8637	65	29	less	less	ADJ
cblr-8637	65	30	clear.5	clear.5	PROPN
cblr-8637	65	31	at	at	ADP
cblr-8637	65	32	the	the	DET
cblr-8637	65	33	same	same	ADJ
cblr-8637	65	34	time	time	NOUN
cblr-8637	65	35	,	,	PUNCT
cblr-8637	65	36	recent	recent	ADJ
cblr-8637	65	37	private	private	ADJ
cblr-8637	65	38	market	market	NOUN
cblr-8637	65	39	reforms	reform	NOUN
cblr-8637	65	40	have	have	AUX
cblr-8637	65	41	expanded	expand	VERB
cblr-8637	65	42	the	the	DET
cblr-8637	65	43	scope	scope	NOUN
cblr-8637	65	44	of	of	ADP
cblr-8637	65	45	offering	offer	VERB
cblr-8637	65	46	exemptions	exemption	NOUN
cblr-8637	65	47	and	and	CCONJ
cblr-8637	65	48	the	the	DET
cblr-8637	65	49	pool	pool	NOUN
cblr-8637	65	50	of	of	ADP
cblr-8637	65	51	investors	investor	NOUN
cblr-8637	65	52	eligible	eligible	ADJ
cblr-8637	65	53	to	to	PART
cblr-8637	65	54	participate	participate	VERB
cblr-8637	65	55	in	in	ADP
cblr-8637	65	56	private	private	ADJ
cblr-8637	65	57	offerings.6	offerings.6	NOUN
cblr-8637	65	58	the	the	DET
cblr-8637	65	59	question	question	NOUN
cblr-8637	65	60	remains	remain	VERB
cblr-8637	65	61	whether	whether	SCONJ
cblr-8637	65	62	such	such	DET
cblr-8637	65	63	an	an	DET
cblr-8637	65	64	expansion	expansion	NOUN
cblr-8637	65	65	will	will	AUX
cblr-8637	65	66	be	be	AUX
cblr-8637	65	67	met	meet	VERB
cblr-8637	65	68	with	with	ADP
cblr-8637	65	69	a	a	DET
cblr-8637	65	70	proportionate	proportionate	ADJ
cblr-8637	65	71	increase	increase	NOUN
cblr-8637	65	72	in	in	ADP
cblr-8637	65	73	investor	investor	NOUN
cblr-8637	65	74	protection	protection	NOUN
cblr-8637	65	75	.	.	PUNCT
cblr-8637	66	1	the	the	DET
cblr-8637	66	2	public	public	ADJ
cblr-8637	66	3	and	and	CCONJ
cblr-8637	66	4	private	private	ADJ
cblr-8637	66	5	markets	market	NOUN
cblr-8637	66	6	are	be	AUX
cblr-8637	66	7	interconnected	interconnect	VERB
cblr-8637	66	8	.	.	PUNCT
cblr-8637	67	1	therefore	therefore	ADV
cblr-8637	67	2	,	,	PUNCT
cblr-8637	67	3	addressing	address	VERB
cblr-8637	67	4	the	the	DET
cblr-8637	67	5	dual	dual	ADJ
cblr-8637	67	6	goals	goal	NOUN
cblr-8637	67	7	of	of	ADP
cblr-8637	67	8	appropriately	appropriately	ADV
cblr-8637	67	9	expanding	expand	VERB
cblr-8637	67	10	investors	investor	NOUN
cblr-8637	67	11	’	'	PUNCT
cblr-8637	67	12	access	access	NOUN
cblr-8637	67	13	to	to	ADP
cblr-8637	67	14	the	the	DET
cblr-8637	67	15	private	private	ADJ
cblr-8637	67	16	market	market	NOUN
cblr-8637	67	17	while	while	SCONJ
cblr-8637	67	18	still	still	ADV
cblr-8637	67	19	preserving	preserve	VERB
cblr-8637	67	20	the	the	DET
cblr-8637	67	21	public	public	ADJ
cblr-8637	67	22	market	market	NOUN
cblr-8637	67	23	will	will	AUX
cblr-8637	67	24	require	require	VERB
cblr-8637	67	25	a	a	DET
cblr-8637	67	26	more	more	ADV
cblr-8637	67	27	coordinated	coordinated	ADJ
cblr-8637	67	28	regulatory	regulatory	ADJ
cblr-8637	67	29	approach	approach	NOUN
cblr-8637	67	30	.	.	PUNCT
cblr-8637	68	1	moreover	moreover	ADV
cblr-8637	68	2	,	,	PUNCT
cblr-8637	68	3	public	public	ADJ
cblr-8637	68	4	market	market	NOUN
cblr-8637	68	5	participation	participation	NOUN
cblr-8637	68	6	can	can	AUX
cblr-8637	68	7	not	not	PART
cblr-8637	68	8	be	be	AUX
cblr-8637	68	9	increased	increase	VERB
cblr-8637	68	10	without	without	ADP
cblr-8637	68	11	addressing	address	VERB
cblr-8637	68	12	structural	structural	ADJ
cblr-8637	68	13	issues	issue	NOUN
cblr-8637	68	14	that	that	PRON
cblr-8637	68	15	make	make	VERB
cblr-8637	68	16	it	it	PRON
cblr-8637	68	17	unattractive	unattractive	ADJ
cblr-8637	68	18	to	to	ADP
cblr-8637	68	19	many	many	ADJ
cblr-8637	68	20	smalland	smalland	CCONJ
cblr-8637	68	21	medium	medium	ADJ
cblr-8637	68	22	-	-	PUNCT
cblr-8637	68	23	sized	sized	ADJ
cblr-8637	68	24	enterprises	enterprise	NOUN
cblr-8637	68	25	,	,	PUNCT
cblr-8637	68	26	as	as	ADV
cblr-8637	68	27	well	well	ADV
cblr-8637	68	28	as	as	ADP
cblr-8637	68	29	larger	large	ADJ
cblr-8637	68	30	private	private	ADJ
cblr-8637	68	31	firms	firm	NOUN
cblr-8637	68	32	.	.	PUNCT
cblr-8637	69	1	these	these	DET
cblr-8637	69	2	issues	issue	NOUN
cblr-8637	69	3	remain	remain	AUX
cblr-8637	69	4	largely	largely	ADV
cblr-8637	69	5	unaddressed	unaddresse	VERB
cblr-8637	69	6	by	by	ADP
cblr-8637	69	7	recent	recent	ADJ
cblr-8637	69	8	reforms	reform	NOUN
cblr-8637	69	9	,	,	PUNCT
cblr-8637	69	10	and	and	CCONJ
cblr-8637	69	11	addressing	address	VERB
cblr-8637	69	12	them	they	PRON
cblr-8637	69	13	will	will	AUX
cblr-8637	69	14	require	require	VERB
cblr-8637	69	15	an	an	DET
cblr-8637	69	16	in	in	ADP
cblr-8637	69	17	-	-	PUNCT
cblr-8637	69	18	depth	depth	NOUN
cblr-8637	69	19	study	study	NOUN
cblr-8637	69	20	of	of	ADP
cblr-8637	69	21	the	the	DET
cblr-8637	69	22	capital	capital	NOUN
cblr-8637	69	23	markets	market	NOUN
cblr-8637	69	24	.	.	PUNCT
cblr-8637	70	1	the	the	DET
cblr-8637	70	2	last	last	ADJ
cblr-8637	70	3	such	such	ADJ
cblr-8637	70	4	study	study	NOUN
cblr-8637	70	5	was	be	AUX
cblr-8637	70	6	conducted	conduct	VERB
cblr-8637	70	7	over	over	ADP
cblr-8637	70	8	five	five	NUM
cblr-8637	70	9	decades	decade	NOUN
cblr-8637	70	10	ago	ago	ADV
cblr-8637	70	11	and	and	CCONJ
cblr-8637	70	12	led	lead	VERB
cblr-8637	70	13	to	to	ADP
cblr-8637	70	14	important	important	ADJ
cblr-8637	70	15	and	and	CCONJ
cblr-8637	70	16	effective	effective	ADJ
cblr-8637	70	17	regulatory	regulatory	ADJ
cblr-8637	70	18	reforms.7	reforms.7	NOUN
cblr-8637	70	19	since	since	SCONJ
cblr-8637	70	20	then	then	ADV
cblr-8637	70	21	,	,	PUNCT
cblr-8637	70	22	the	the	DET
cblr-8637	70	23	markets	market	NOUN
cblr-8637	70	24	have	have	AUX
cblr-8637	70	25	changed	change	VERB
cblr-8637	70	26	significantly	significantly	ADV
cblr-8637	70	27	due	due	ADP
cblr-8637	70	28	to	to	PART
cblr-8637	70	29	5	5	NUM
cblr-8637	70	30	see	see	VERB
cblr-8637	70	31	infra	infra	NOUN
cblr-8637	70	32	section	section	NOUN
cblr-8637	70	33	iii.b	iii.b	PROPN
cblr-8637	70	34	.	.	PROPN
cblr-8637	70	35	6	6	NUM
cblr-8637	70	36	see	see	VERB
cblr-8637	70	37	press	press	NOUN
cblr-8637	70	38	release	release	NOUN
cblr-8637	70	39	,	,	PUNCT
cblr-8637	70	40	sec	sec	PROPN
cblr-8637	70	41	,	,	PUNCT
cblr-8637	70	42	sec	sec	PROPN
cblr-8637	70	43	proposes	propose	VERB
cblr-8637	70	44	rule	rule	NOUN
cblr-8637	70	45	changes	change	NOUN
cblr-8637	70	46	to	to	PART
cblr-8637	70	47	harmonize	harmonize	VERB
cblr-8637	70	48	,	,	PUNCT
cblr-8637	70	49	simplify	simplify	ADJ
cblr-8637	70	50	,	,	PUNCT
cblr-8637	70	51	and	and	CCONJ
cblr-8637	70	52	improve	improve	VERB
cblr-8637	70	53	the	the	DET
cblr-8637	70	54	exempt	exempt	ADJ
cblr-8637	70	55	offering	offering	NOUN
cblr-8637	70	56	framework	framework	NOUN
cblr-8637	70	57	(	(	PUNCT
cblr-8637	70	58	mar	mar	PROPN
cblr-8637	70	59	.	.	PROPN
cblr-8637	70	60	4	4	NUM
cblr-8637	70	61	,	,	PUNCT
cblr-8637	70	62	2020	2020	NUM
cblr-8637	70	63	)	)	PUNCT
cblr-8637	70	64	,	,	PUNCT
cblr-8637	71	1	https://www.sec.gov/news/press-release/2020-55	https://www.sec.gov/news/press-release/2020-55	PROPN
cblr-8637	71	2	[	[	X
cblr-8637	71	3	https://perma.cc/hhn3my2p	https://perma.cc/hhn3my2p	X
cblr-8637	71	4	]	]	X
cblr-8637	71	5	;	;	PUNCT
cblr-8637	71	6	see	see	VERB
cblr-8637	71	7	also	also	ADV
cblr-8637	71	8	tom	tom	PROPN
cblr-8637	71	9	zanki	zanki	PROPN
cblr-8637	71	10	,	,	PUNCT
cblr-8637	71	11	sec	sec	PROPN
cblr-8637	71	12	small	small	ADJ
cblr-8637	71	13	biz	biz	NOUN
cblr-8637	71	14	panel	panel	NOUN
cblr-8637	71	15	wants	want	VERB
cblr-8637	71	16	limits	limit	NOUN
cblr-8637	71	17	eased	ease	VERB
cblr-8637	71	18	on	on	ADP
cblr-8637	71	19	private	private	ADJ
cblr-8637	71	20	offerings	offering	NOUN
cblr-8637	71	21	,	,	PUNCT
cblr-8637	71	22	law360	law360	PROPN
cblr-8637	71	23	(	(	PUNCT
cblr-8637	71	24	may	may	PROPN
cblr-8637	71	25	8	8	NUM
cblr-8637	71	26	,	,	PUNCT
cblr-8637	71	27	2020	2020	NUM
cblr-8637	71	28	,	,	PUNCT
cblr-8637	71	29	6:50	6:50	NUM
cblr-8637	71	30	pm	pm	NOUN
cblr-8637	71	31	)	)	PUNCT
cblr-8637	71	32	(	(	PUNCT
cblr-8637	71	33	on	on	ADP
cblr-8637	71	34	file	file	NOUN
cblr-8637	71	35	with	with	ADP
cblr-8637	71	36	the	the	DET
cblr-8637	71	37	columbia	columbia	PROPN
cblr-8637	71	38	business	business	PROPN
cblr-8637	71	39	law	law	PROPN
cblr-8637	71	40	review	review	PROPN
cblr-8637	71	41	)	)	PUNCT
cblr-8637	71	42	,	,	PUNCT
cblr-8637	71	43	https://www.law360.com/articles/1271699/secsmall-biz-panel-wants-limits-eased-on-private-offerings	https://www.law360.com/articles/1271699/secsmall-biz-panel-wants-limits-eased-on-private-offerings	PROPN
cblr-8637	71	44	.	.	PUNCT
cblr-8637	72	1	7	7	NUM
cblr-8637	72	2	the	the	DET
cblr-8637	72	3	new	new	ADJ
cblr-8637	72	4	special	special	ADJ
cblr-8637	72	5	study	study	NOUN
cblr-8637	72	6	of	of	ADP
cblr-8637	72	7	the	the	DET
cblr-8637	72	8	securities	security	NOUN
cblr-8637	72	9	market	market	NOUN
cblr-8637	72	10	,	,	PUNCT
cblr-8637	72	11	columbia	columbia	PROPN
cblr-8637	72	12	l.	l.	PROPN
cblr-8637	72	13	sch	sch	PROPN
cblr-8637	72	14	.	.	PUNCT
cblr-8637	72	15	:	:	PUNCT
cblr-8637	73	1	the	the	DET
cblr-8637	73	2	program	program	NOUN
cblr-8637	73	3	in	in	ADP
cblr-8637	73	4	the	the	DET
cblr-8637	73	5	l.	l.	PROPN
cblr-8637	73	6	&	&	CCONJ
cblr-8637	73	7	econ	econ	PROPN
cblr-8637	73	8	.	.	PUNCT
cblr-8637	73	9	of	of	ADP
cblr-8637	73	10	cap	cap	NOUN
cblr-8637	73	11	.	.	PUNCT
cblr-8637	74	1	mkts	mkts	NOUN
cblr-8637	74	2	.	.	PUNCT
cblr-8637	74	3	,	,	PUNCT
cblr-8637	74	4	https://capitalmarkets.law.columbia.edu/content/new-special-study-securities-markets	https://capitalmarkets.law.columbia.edu/content/new-special-study-securities-market	NOUN
cblr-8637	74	5	[	[	X
cblr-8637	74	6	https://perma.cc/3wmb-rlvd	https://perma.cc/3wmb-rlvd	X
cblr-8637	74	7	]	]	X
cblr-8637	74	8	(	(	PUNCT
cblr-8637	74	9	last	last	ADV
cblr-8637	74	10	visited	visit	VERB
cblr-8637	74	11	feb	feb	PROPN
cblr-8637	74	12	.	.	PROPN
cblr-8637	74	13	24	24	NUM
cblr-8637	74	14	,	,	PUNCT
cblr-8637	74	15	2021	2021	NUM
cblr-8637	74	16	)	)	PUNCT
cblr-8637	74	17	.	.	PUNCT
cblr-8637	75	1	greene	greene	PROPN
cblr-8637	75	2	et	et	PROPN
cblr-8637	75	3	al	al	PROPN
cblr-8637	75	4	.	.	PROPN
cblr-8637	76	1	8/21/2021	8/21/2021	NUM
cblr-8637	76	2	1:44	1:44	NUM
cblr-8637	76	3	pm	pm	NOUN
cblr-8637	76	4	no	no	INTJ
cblr-8637	76	5	.	.	PUNCT
cblr-8637	77	1	2:714	2:714	NUM
cblr-8637	77	2	]	]	X
cblr-8637	77	3	the	the	DET
cblr-8637	77	4	need	need	NOUN
cblr-8637	77	5	for	for	ADP
cblr-8637	77	6	a	a	DET
cblr-8637	77	7	comprehensive	comprehensive	ADJ
cblr-8637	77	8	approach	approach	NOUN
cblr-8637	77	9	719	719	NUM
cblr-8637	77	10	factors	factor	NOUN
cblr-8637	77	11	such	such	ADJ
cblr-8637	77	12	as	as	ADP
cblr-8637	77	13	technological	technological	ADJ
cblr-8637	77	14	development	development	NOUN
cblr-8637	77	15	,	,	PUNCT
cblr-8637	77	16	globalization	globalization	NOUN
cblr-8637	77	17	,	,	PUNCT
cblr-8637	77	18	and	and	CCONJ
cblr-8637	77	19	regulatory	regulatory	ADJ
cblr-8637	77	20	reform	reform	NOUN
cblr-8637	77	21	.	.	PUNCT
cblr-8637	78	1	this	this	DET
cblr-8637	78	2	article	article	NOUN
cblr-8637	78	3	therefore	therefore	ADV
cblr-8637	78	4	recommends	recommend	VERB
cblr-8637	78	5	that	that	SCONJ
cblr-8637	78	6	congress	congress	PROPN
cblr-8637	78	7	and	and	CCONJ
cblr-8637	78	8	the	the	DET
cblr-8637	78	9	commission	commission	NOUN
cblr-8637	78	10	undertake	undertake	VERB
cblr-8637	78	11	a	a	DET
cblr-8637	78	12	comprehensive	comprehensive	ADJ
cblr-8637	78	13	study	study	NOUN
cblr-8637	78	14	to	to	PART
cblr-8637	78	15	explore	explore	VERB
cblr-8637	78	16	regulatory	regulatory	ADJ
cblr-8637	78	17	reforms	reform	NOUN
cblr-8637	78	18	that	that	PRON
cblr-8637	78	19	can	can	AUX
cblr-8637	78	20	address	address	VERB
cblr-8637	78	21	the	the	DET
cblr-8637	78	22	substantive	substantive	ADJ
cblr-8637	78	23	changes	change	NOUN
cblr-8637	78	24	that	that	PRON
cblr-8637	78	25	have	have	AUX
cblr-8637	78	26	occurred	occur	VERB
cblr-8637	78	27	in	in	ADP
cblr-8637	78	28	the	the	DET
cblr-8637	78	29	capital	capital	NOUN
cblr-8637	78	30	markets	market	NOUN
cblr-8637	78	31	.	.	PUNCT
cblr-8637	79	1	in	in	ADP
cblr-8637	79	2	the	the	DET
cblr-8637	79	3	short	short	ADJ
cblr-8637	79	4	term	term	NOUN
cblr-8637	79	5	,	,	PUNCT
cblr-8637	79	6	this	this	DET
cblr-8637	79	7	paper	paper	NOUN
cblr-8637	79	8	recommends	recommend	VERB
cblr-8637	79	9	further	further	ADJ
cblr-8637	79	10	revisions	revision	NOUN
cblr-8637	79	11	to	to	ADP
cblr-8637	79	12	the	the	DET
cblr-8637	79	13	accredited	accredit	VERB
cblr-8637	79	14	investor	investor	NOUN
cblr-8637	79	15	definition	definition	NOUN
cblr-8637	79	16	under	under	ADP
cblr-8637	79	17	rule	rule	NOUN
cblr-8637	79	18	501	501	NUM
cblr-8637	79	19	of	of	ADP
cblr-8637	79	20	regulation	regulation	NOUN
cblr-8637	79	21	d	d	NOUN
cblr-8637	79	22	(	(	PUNCT
cblr-8637	79	23	reg	reg	NOUN
cblr-8637	79	24	d	d	NOUN
cblr-8637	79	25	)	)	PUNCT
cblr-8637	79	26	in	in	ADP
cblr-8637	79	27	order	order	NOUN
cblr-8637	79	28	to	to	PART
cblr-8637	79	29	safely	safely	ADV
cblr-8637	79	30	expand	expand	VERB
cblr-8637	79	31	access	access	NOUN
cblr-8637	79	32	to	to	ADP
cblr-8637	79	33	the	the	DET
cblr-8637	79	34	private	private	ADJ
cblr-8637	79	35	market.8	market.8	PROPN
cblr-8637	79	36	in	in	ADP
cblr-8637	79	37	the	the	DET
cblr-8637	79	38	long	long	ADJ
cblr-8637	79	39	term	term	NOUN
cblr-8637	79	40	,	,	PUNCT
cblr-8637	79	41	this	this	DET
cblr-8637	79	42	paper	paper	NOUN
cblr-8637	79	43	calls	call	VERB
cblr-8637	79	44	for	for	ADP
cblr-8637	79	45	a	a	DET
cblr-8637	79	46	special	special	ADJ
cblr-8637	79	47	study	study	NOUN
cblr-8637	79	48	that	that	PRON
cblr-8637	79	49	examines	examine	VERB
cblr-8637	79	50	how	how	SCONJ
cblr-8637	79	51	to	to	PART
cblr-8637	79	52	address	address	VERB
cblr-8637	79	53	structural	structural	ADJ
cblr-8637	79	54	concerns	concern	NOUN
cblr-8637	79	55	with	with	ADP
cblr-8637	79	56	the	the	DET
cblr-8637	79	57	public	public	ADJ
cblr-8637	79	58	market	market	NOUN
cblr-8637	79	59	in	in	ADP
cblr-8637	79	60	light	light	NOUN
cblr-8637	79	61	of	of	ADP
cblr-8637	79	62	recent	recent	ADJ
cblr-8637	79	63	technological	technological	ADJ
cblr-8637	79	64	innovation	innovation	NOUN
cblr-8637	79	65	and	and	CCONJ
cblr-8637	79	66	identifies	identify	VERB
cblr-8637	79	67	changes	change	NOUN
cblr-8637	79	68	to	to	PART
cblr-8637	79	69	be	be	AUX
cblr-8637	79	70	considered	consider	VERB
cblr-8637	79	71	.	.	PUNCT
cblr-8637	80	1	given	give	VERB
cblr-8637	80	2	the	the	DET
cblr-8637	80	3	need	need	NOUN
cblr-8637	80	4	to	to	PART
cblr-8637	80	5	spur	spur	VERB
cblr-8637	80	6	capital	capital	NOUN
cblr-8637	80	7	growth	growth	NOUN
cblr-8637	80	8	in	in	ADP
cblr-8637	80	9	response	response	NOUN
cblr-8637	80	10	to	to	ADP
cblr-8637	80	11	the	the	DET
cblr-8637	80	12	covid-19	covid-19	PROPN
cblr-8637	80	13	pandemic	pandemic	NOUN
cblr-8637	80	14	,	,	PUNCT
cblr-8637	80	15	the	the	DET
cblr-8637	80	16	time	time	NOUN
cblr-8637	80	17	is	be	AUX
cblr-8637	80	18	ripe	ripe	ADJ
cblr-8637	80	19	for	for	ADP
cblr-8637	80	20	such	such	DET
cblr-8637	80	21	a	a	DET
cblr-8637	80	22	study	study	NOUN
cblr-8637	80	23	.	.	PUNCT
cblr-8637	81	1	in	in	ADP
cblr-8637	81	2	addition	addition	NOUN
cblr-8637	81	3	to	to	ADP
cblr-8637	81	4	the	the	DET
cblr-8637	81	5	issues	issue	NOUN
cblr-8637	81	6	discussed	discuss	VERB
cblr-8637	81	7	in	in	ADP
cblr-8637	81	8	this	this	DET
cblr-8637	81	9	article	article	NOUN
cblr-8637	81	10	,	,	PUNCT
cblr-8637	81	11	the	the	DET
cblr-8637	81	12	study	study	NOUN
cblr-8637	81	13	should	should	AUX
cblr-8637	81	14	consider	consider	VERB
cblr-8637	81	15	how	how	SCONJ
cblr-8637	81	16	to	to	PART
cblr-8637	81	17	ensure	ensure	VERB
cblr-8637	81	18	that	that	SCONJ
cblr-8637	81	19	the	the	DET
cblr-8637	81	20	smalland	smalland	NOUN
cblr-8637	81	21	medium	medium	ADJ
cblr-8637	81	22	-	-	PUNCT
cblr-8637	81	23	sized	sized	ADJ
cblr-8637	81	24	businesses	business	NOUN
cblr-8637	81	25	most	most	ADV
cblr-8637	81	26	affected	affect	VERB
cblr-8637	81	27	by	by	ADP
cblr-8637	81	28	the	the	DET
cblr-8637	81	29	pandemic	pandemic	ADJ
cblr-8637	81	30	can	can	AUX
cblr-8637	81	31	more	more	ADV
cblr-8637	81	32	easily	easily	ADV
cblr-8637	81	33	access	access	NOUN
cblr-8637	81	34	capital	capital	NOUN
cblr-8637	81	35	,	,	PUNCT
cblr-8637	81	36	as	as	ADV
cblr-8637	81	37	well	well	ADV
cblr-8637	81	38	as	as	ADP
cblr-8637	81	39	how	how	SCONJ
cblr-8637	81	40	non	non	ADJ
cblr-8637	81	41	-	-	ADJ
cblr-8637	81	42	accredited	accredited	ADJ
cblr-8637	81	43	investors	investor	NOUN
cblr-8637	81	44	can	can	AUX
cblr-8637	81	45	safely	safely	ADV
cblr-8637	81	46	take	take	VERB
cblr-8637	81	47	part	part	NOUN
cblr-8637	81	48	in	in	ADP
cblr-8637	81	49	the	the	DET
cblr-8637	81	50	economic	economic	ADJ
cblr-8637	81	51	growth	growth	NOUN
cblr-8637	81	52	that	that	PRON
cblr-8637	81	53	will	will	AUX
cblr-8637	81	54	hopefully	hopefully	ADV
cblr-8637	81	55	come	come	VERB
cblr-8637	81	56	after	after	ADP
cblr-8637	81	57	the	the	DET
cblr-8637	81	58	pandemic	pandemic	NOUN
cblr-8637	81	59	.	.	PUNCT
cblr-8637	82	1	this	this	DET
cblr-8637	82	2	article	article	NOUN
cblr-8637	82	3	proceeds	proceed	VERB
cblr-8637	82	4	as	as	SCONJ
cblr-8637	82	5	follows	follow	VERB
cblr-8637	82	6	:	:	PUNCT
cblr-8637	82	7	part	part	NOUN
cblr-8637	82	8	ii	ii	PROPN
cblr-8637	82	9	provides	provide	VERB
cblr-8637	82	10	background	background	NOUN
cblr-8637	82	11	on	on	ADP
cblr-8637	82	12	the	the	DET
cblr-8637	82	13	u.s	u.s	PROPN
cblr-8637	82	14	.	.	PROPN
cblr-8637	82	15	securities	security	NOUN
cblr-8637	82	16	laws	law	NOUN
cblr-8637	82	17	and	and	CCONJ
cblr-8637	82	18	their	their	PRON
cblr-8637	82	19	role	role	NOUN
cblr-8637	82	20	in	in	ADP
cblr-8637	82	21	shaping	shape	VERB
cblr-8637	82	22	public	public	ADJ
cblr-8637	82	23	and	and	CCONJ
cblr-8637	82	24	private	private	ADJ
cblr-8637	82	25	markets	market	NOUN
cblr-8637	82	26	;	;	PUNCT
cblr-8637	82	27	part	part	NOUN
cblr-8637	82	28	iii	iii	NOUN
cblr-8637	82	29	discusses	discuss	VERB
cblr-8637	82	30	the	the	DET
cblr-8637	82	31	policy	policy	NOUN
cblr-8637	82	32	considerations	consideration	NOUN
cblr-8637	82	33	that	that	PRON
cblr-8637	82	34	should	should	AUX
cblr-8637	82	35	drive	drive	VERB
cblr-8637	82	36	regulatory	regulatory	ADJ
cblr-8637	82	37	reform	reform	NOUN
cblr-8637	82	38	,	,	PUNCT
cblr-8637	82	39	including	include	VERB
cblr-8637	82	40	benefits	benefit	NOUN
cblr-8637	82	41	of	of	ADP
cblr-8637	82	42	the	the	DET
cblr-8637	82	43	public	public	ADJ
cblr-8637	82	44	market	market	NOUN
cblr-8637	82	45	,	,	PUNCT
cblr-8637	82	46	structural	structural	ADJ
cblr-8637	82	47	issues	issue	NOUN
cblr-8637	82	48	that	that	PRON
cblr-8637	82	49	may	may	AUX
cblr-8637	82	50	deter	deter	VERB
cblr-8637	82	51	companies	company	NOUN
cblr-8637	82	52	from	from	ADP
cblr-8637	82	53	going	go	VERB
cblr-8637	82	54	public	public	ADJ
cblr-8637	82	55	,	,	PUNCT
cblr-8637	82	56	and	and	CCONJ
cblr-8637	82	57	concerns	concern	NOUN
cblr-8637	82	58	with	with	ADP
cblr-8637	82	59	unchecked	unchecked	ADJ
cblr-8637	82	60	expansion	expansion	NOUN
cblr-8637	82	61	of	of	ADP
cblr-8637	82	62	the	the	DET
cblr-8637	82	63	private	private	ADJ
cblr-8637	82	64	market	market	NOUN
cblr-8637	82	65	;	;	PUNCT
cblr-8637	82	66	finally	finally	ADV
cblr-8637	82	67	,	,	PUNCT
cblr-8637	82	68	part	part	NOUN
cblr-8637	82	69	iv	iv	NUM
cblr-8637	82	70	8	8	NUM
cblr-8637	82	71	until	until	ADP
cblr-8637	82	72	recently	recently	ADV
cblr-8637	82	73	,	,	PUNCT
cblr-8637	82	74	the	the	DET
cblr-8637	82	75	“	"	PUNCT
cblr-8637	82	76	accredited	accredited	ADJ
cblr-8637	82	77	investor	investor	NOUN
cblr-8637	82	78	”	"	PUNCT
cblr-8637	82	79	definition	definition	NOUN
cblr-8637	82	80	for	for	ADP
cblr-8637	82	81	the	the	DET
cblr-8637	82	82	purposes	purpose	NOUN
cblr-8637	82	83	of	of	ADP
cblr-8637	82	84	regulation	regulation	NOUN
cblr-8637	82	85	d	d	PROPN
cblr-8637	82	86	included	include	VERB
cblr-8637	82	87	investment	investment	NOUN
cblr-8637	82	88	companies	company	NOUN
cblr-8637	82	89	,	,	PUNCT
cblr-8637	82	90	private	private	ADJ
cblr-8637	82	91	business	business	NOUN
cblr-8637	82	92	development	development	NOUN
cblr-8637	82	93	companies	company	NOUN
cblr-8637	82	94	,	,	PUNCT
cblr-8637	82	95	directors	director	NOUN
cblr-8637	82	96	,	,	PUNCT
cblr-8637	82	97	executive	executive	ADJ
cblr-8637	82	98	directors	director	NOUN
cblr-8637	82	99	or	or	CCONJ
cblr-8637	82	100	general	general	ADJ
cblr-8637	82	101	partners	partner	NOUN
cblr-8637	82	102	of	of	ADP
cblr-8637	82	103	the	the	DET
cblr-8637	82	104	issuer	issuer	NOUN
cblr-8637	82	105	,	,	PUNCT
cblr-8637	82	106	and	and	CCONJ
cblr-8637	82	107	any	any	DET
cblr-8637	82	108	individuals	individual	NOUN
cblr-8637	82	109	that	that	PRON
cblr-8637	82	110	met	meet	VERB
cblr-8637	82	111	bright	bright	ADJ
cblr-8637	82	112	-	-	PUNCT
cblr-8637	82	113	line	line	NOUN
cblr-8637	82	114	wealth	wealth	NOUN
cblr-8637	82	115	or	or	CCONJ
cblr-8637	82	116	income	income	NOUN
cblr-8637	82	117	requirements	requirement	NOUN
cblr-8637	82	118	.	.	PUNCT
cblr-8637	83	1	17	17	NUM
cblr-8637	83	2	c.f.r	c.f.r	NOUN
cblr-8637	83	3	.	.	PUNCT
cblr-8637	84	1	§	§	PROPN
cblr-8637	84	2	230.501(a	230.501(a	NUM
cblr-8637	84	3	)	)	PUNCT
cblr-8637	84	4	(	(	PUNCT
cblr-8637	84	5	2020	2020	NUM
cblr-8637	84	6	)	)	PUNCT
cblr-8637	84	7	.	.	PUNCT
cblr-8637	85	1	in	in	ADP
cblr-8637	85	2	august	august	PROPN
cblr-8637	85	3	2020	2020	NUM
cblr-8637	85	4	,	,	PUNCT
cblr-8637	85	5	however	however	ADV
cblr-8637	85	6	,	,	PUNCT
cblr-8637	85	7	the	the	DET
cblr-8637	85	8	sec	sec	PROPN
cblr-8637	85	9	amended	amend	VERB
cblr-8637	85	10	the	the	DET
cblr-8637	85	11	definition	definition	NOUN
cblr-8637	85	12	to	to	PART
cblr-8637	85	13	allow	allow	VERB
cblr-8637	85	14	those	those	PRON
cblr-8637	85	15	holding	hold	VERB
cblr-8637	85	16	certain	certain	ADJ
cblr-8637	85	17	professional	professional	ADJ
cblr-8637	85	18	certifications	certification	NOUN
cblr-8637	85	19	to	to	PART
cblr-8637	85	20	qualify	qualify	VERB
cblr-8637	85	21	as	as	ADP
cblr-8637	85	22	accredited	accredit	VERB
cblr-8637	85	23	investors	investor	NOUN
cblr-8637	85	24	.	.	PUNCT
cblr-8637	86	1	accredited	accredit	VERB
cblr-8637	86	2	investor	investor	NOUN
cblr-8637	86	3	definition	definition	NOUN
cblr-8637	86	4	,	,	PUNCT
cblr-8637	86	5	85	85	NUM
cblr-8637	86	6	fed	feed	VERB
cblr-8637	86	7	.	.	PUNCT
cblr-8637	87	1	reg	reg	PROPN
cblr-8637	87	2	.	.	PROPN
cblr-8637	87	3	64,234	64,234	NUM
cblr-8637	87	4	,	,	PUNCT
cblr-8637	87	5	64,237	64,237	NUM
cblr-8637	87	6	(	(	PUNCT
cblr-8637	87	7	oct	oct	PROPN
cblr-8637	87	8	.	.	PROPN
cblr-8637	87	9	9	9	NUM
cblr-8637	87	10	,	,	PUNCT
cblr-8637	87	11	2020	2020	NUM
cblr-8637	87	12	)	)	PUNCT
cblr-8637	88	1	(	(	PUNCT
cblr-8637	88	2	to	to	PART
cblr-8637	88	3	be	be	AUX
cblr-8637	88	4	codified	codify	VERB
cblr-8637	88	5	at	at	ADP
cblr-8637	88	6	17	17	NUM
cblr-8637	88	7	c.f.r	c.f.r	NOUN
cblr-8637	88	8	.	.	PUNCT
cblr-8637	89	1	pts	pts	PROPN
cblr-8637	89	2	.	.	PROPN
cblr-8637	89	3	230	230	NUM
cblr-8637	89	4	,	,	PUNCT
cblr-8637	89	5	240	240	NUM
cblr-8637	89	6	)	)	PUNCT
cblr-8637	89	7	.	.	PUNCT
cblr-8637	90	1	it	it	PRON
cblr-8637	90	2	also	also	ADV
cblr-8637	90	3	qualifies	qualify	VERB
cblr-8637	90	4	directors	director	NOUN
cblr-8637	90	5	,	,	PUNCT
cblr-8637	90	6	senior	senior	ADJ
cblr-8637	90	7	executives	executive	NOUN
cblr-8637	90	8	,	,	PUNCT
cblr-8637	90	9	and	and	CCONJ
cblr-8637	90	10	individuals	individual	NOUN
cblr-8637	90	11	who	who	PRON
cblr-8637	90	12	participate	participate	VERB
cblr-8637	90	13	directly	directly	ADV
cblr-8637	90	14	in	in	ADP
cblr-8637	90	15	investment	investment	NOUN
cblr-8637	90	16	activities	activity	NOUN
cblr-8637	90	17	of	of	ADP
cblr-8637	90	18	private	private	ADJ
cblr-8637	90	19	funds	fund	NOUN
cblr-8637	90	20	(	(	PUNCT
cblr-8637	90	21	knowledgeable	knowledgeable	ADJ
cblr-8637	90	22	employees	employee	NOUN
cblr-8637	90	23	)	)	PUNCT
cblr-8637	90	24	to	to	PART
cblr-8637	90	25	be	be	AUX
cblr-8637	90	26	accredited	accredit	VERB
cblr-8637	90	27	investors	investor	NOUN
cblr-8637	90	28	.	.	PUNCT
cblr-8637	91	1	i	i	PRON
cblr-8637	91	2	d.	d.	PROPN
cblr-8637	91	3	as	as	SCONJ
cblr-8637	91	4	discussed	discuss	VERB
cblr-8637	91	5	infra	infra	NOUN
cblr-8637	91	6	part	part	NOUN
cblr-8637	91	7	iv	iv	ADP
cblr-8637	91	8	,	,	PUNCT
cblr-8637	91	9	we	we	PRON
cblr-8637	91	10	believe	believe	VERB
cblr-8637	91	11	further	further	ADJ
cblr-8637	91	12	changes	change	NOUN
cblr-8637	91	13	are	be	AUX
cblr-8637	91	14	necessary	necessary	ADJ
cblr-8637	91	15	in	in	ADP
cblr-8637	91	16	order	order	NOUN
cblr-8637	91	17	to	to	PART
cblr-8637	91	18	expand	expand	VERB
cblr-8637	91	19	the	the	DET
cblr-8637	91	20	private	private	ADJ
cblr-8637	91	21	market	market	NOUN
cblr-8637	91	22	to	to	ADP
cblr-8637	91	23	more	more	ADJ
cblr-8637	91	24	investors	investor	NOUN
cblr-8637	91	25	while	while	SCONJ
cblr-8637	91	26	preserving	preserve	VERB
cblr-8637	91	27	investor	investor	NOUN
cblr-8637	91	28	protection	protection	NOUN
cblr-8637	91	29	.	.	PUNCT
cblr-8637	92	1	greene	greene	PROPN
cblr-8637	92	2	et	et	PROPN
cblr-8637	92	3	al	al	PROPN
cblr-8637	92	4	.	.	PROPN
cblr-8637	93	1	8/21/2021	8/21/2021	NUM
cblr-8637	93	2	1:44	1:44	NUM
cblr-8637	93	3	pm	pm	NOUN
cblr-8637	93	4	720	720	NUM
cblr-8637	93	5	columbia	columbia	PROPN
cblr-8637	93	6	business	business	NOUN
cblr-8637	93	7	law	law	PROPN
cblr-8637	93	8	review	review	NOUN
cblr-8637	94	1	[	[	X
cblr-8637	94	2	vol	vol	NOUN
cblr-8637	94	3	.	.	PUNCT
cblr-8637	94	4	2021	2021	NUM
cblr-8637	94	5	concludes	conclude	VERB
cblr-8637	94	6	by	by	ADP
cblr-8637	94	7	suggesting	suggest	VERB
cblr-8637	94	8	revisions	revision	NOUN
cblr-8637	94	9	to	to	ADP
cblr-8637	94	10	the	the	DET
cblr-8637	94	11	accredited	accredit	VERB
cblr-8637	94	12	investor	investor	NOUN
cblr-8637	94	13	definition	definition	NOUN
cblr-8637	94	14	to	to	PART
cblr-8637	94	15	address	address	VERB
cblr-8637	94	16	short	short	ADJ
cblr-8637	94	17	-	-	PUNCT
cblr-8637	94	18	term	term	NOUN
cblr-8637	94	19	concerns	concern	NOUN
cblr-8637	94	20	regarding	regard	VERB
cblr-8637	94	21	access	access	NOUN
cblr-8637	94	22	to	to	ADP
cblr-8637	94	23	the	the	DET
cblr-8637	94	24	private	private	ADJ
cblr-8637	94	25	market	market	NOUN
cblr-8637	94	26	and	and	CCONJ
cblr-8637	94	27	calling	call	VERB
cblr-8637	94	28	for	for	SCONJ
cblr-8637	94	29	a	a	DET
cblr-8637	94	30	study	study	NOUN
cblr-8637	94	31	to	to	PART
cblr-8637	94	32	focus	focus	VERB
cblr-8637	94	33	on	on	ADP
cblr-8637	94	34	longerterm	longerterm	NOUN
cblr-8637	94	35	structural	structural	ADJ
cblr-8637	94	36	concerns	concern	NOUN
cblr-8637	94	37	that	that	PRON
cblr-8637	94	38	may	may	AUX
cblr-8637	94	39	be	be	AUX
cblr-8637	94	40	stymying	stymie	VERB
cblr-8637	94	41	public	public	ADJ
cblr-8637	94	42	market	market	NOUN
cblr-8637	94	43	growth	growth	NOUN
cblr-8637	94	44	.	.	PUNCT
cblr-8637	95	1	ii	ii	X
cblr-8637	95	2	.	.	PUNCT
cblr-8637	96	1	overview	overview	NOUN
cblr-8637	96	2	of	of	ADP
cblr-8637	96	3	capital	capital	NOUN
cblr-8637	96	4	markets	market	NOUN
cblr-8637	96	5	regulation	regulation	VERB
cblr-8637	96	6	current	current	ADJ
cblr-8637	96	7	u.s	u.s	PROPN
cblr-8637	96	8	.	.	PROPN
cblr-8637	96	9	securities	security	NOUN
cblr-8637	96	10	law	law	NOUN
cblr-8637	96	11	distinguishes	distinguish	VERB
cblr-8637	96	12	between	between	ADP
cblr-8637	96	13	public	public	ADJ
cblr-8637	96	14	and	and	CCONJ
cblr-8637	96	15	private	private	ADJ
cblr-8637	96	16	offerings	offering	NOUN
cblr-8637	96	17	.	.	PUNCT
cblr-8637	97	1	a	a	DET
cblr-8637	97	2	publicly	publicly	ADV
cblr-8637	97	3	traded	trade	VERB
cblr-8637	97	4	company	company	NOUN
cblr-8637	97	5	must	must	AUX
cblr-8637	97	6	comply	comply	VERB
cblr-8637	97	7	with	with	ADP
cblr-8637	97	8	the	the	DET
cblr-8637	97	9	registration	registration	NOUN
cblr-8637	97	10	and	and	CCONJ
cblr-8637	97	11	disclosure	disclosure	NOUN
cblr-8637	97	12	framework	framework	NOUN
cblr-8637	97	13	established	establish	VERB
cblr-8637	97	14	by	by	ADP
cblr-8637	97	15	the	the	DET
cblr-8637	97	16	securities	security	NOUN
cblr-8637	97	17	act	act	NOUN
cblr-8637	97	18	of	of	ADP
cblr-8637	97	19	1933	1933	NUM
cblr-8637	97	20	(	(	PUNCT
cblr-8637	97	21	the	the	DET
cblr-8637	97	22	“	"	PUNCT
cblr-8637	97	23	securities	security	NOUN
cblr-8637	97	24	act	act	PROPN
cblr-8637	97	25	”	"	PUNCT
cblr-8637	97	26	)	)	PUNCT
cblr-8637	97	27	and	and	CCONJ
cblr-8637	97	28	the	the	DET
cblr-8637	97	29	securities	securities	PROPN
cblr-8637	97	30	exchange	exchange	PROPN
cblr-8637	97	31	act	act	NOUN
cblr-8637	97	32	of	of	ADP
cblr-8637	97	33	1934	1934	NUM
cblr-8637	97	34	(	(	PUNCT
cblr-8637	97	35	the	the	DET
cblr-8637	97	36	“	"	PUNCT
cblr-8637	97	37	exchange	exchange	PROPN
cblr-8637	97	38	act	act	NOUN
cblr-8637	97	39	”	"	PUNCT
cblr-8637	97	40	)	)	PUNCT
cblr-8637	97	41	(	(	PUNCT
cblr-8637	97	42	collectively	collectively	ADV
cblr-8637	97	43	the	the	DET
cblr-8637	97	44	“	"	PUNCT
cblr-8637	97	45	acts	act	NOUN
cblr-8637	97	46	”	"	PUNCT
cblr-8637	97	47	)	)	PUNCT
cblr-8637	97	48	.	.	PUNCT
cblr-8637	98	1	this	this	DET
cblr-8637	98	2	heightened	heighten	VERB
cblr-8637	98	3	disclosure	disclosure	NOUN
cblr-8637	98	4	and	and	CCONJ
cblr-8637	98	5	liability	liability	NOUN
cblr-8637	98	6	regime	regime	NOUN
cblr-8637	98	7	serves	serve	VERB
cblr-8637	98	8	to	to	PART
cblr-8637	98	9	protect	protect	VERB
cblr-8637	98	10	both	both	DET
cblr-8637	98	11	initial	initial	ADJ
cblr-8637	98	12	investors	investor	NOUN
cblr-8637	98	13	when	when	SCONJ
cblr-8637	98	14	companies	company	NOUN
cblr-8637	98	15	seek	seek	VERB
cblr-8637	98	16	to	to	PART
cblr-8637	98	17	raise	raise	VERB
cblr-8637	98	18	money	money	NOUN
cblr-8637	98	19	in	in	ADP
cblr-8637	98	20	offerings	offering	NOUN
cblr-8637	98	21	to	to	ADP
cblr-8637	98	22	the	the	DET
cblr-8637	98	23	general	general	ADJ
cblr-8637	98	24	public	public	NOUN
cblr-8637	98	25	and	and	CCONJ
cblr-8637	98	26	subsequent	subsequent	ADJ
cblr-8637	98	27	investors	investor	NOUN
cblr-8637	98	28	who	who	PRON
cblr-8637	98	29	trade	trade	VERB
cblr-8637	98	30	in	in	ADP
cblr-8637	98	31	public	public	ADJ
cblr-8637	98	32	companies	company	NOUN
cblr-8637	98	33	’	'	PUNCT
cblr-8637	98	34	securities	security	NOUN
cblr-8637	98	35	on	on	ADP
cblr-8637	98	36	national	national	ADJ
cblr-8637	98	37	exchanges	exchange	NOUN
cblr-8637	98	38	.	.	PUNCT
cblr-8637	99	1	recognizing	recognize	VERB
cblr-8637	99	2	the	the	DET
cblr-8637	99	3	need	need	NOUN
cblr-8637	99	4	for	for	SCONJ
cblr-8637	99	5	private	private	ADJ
cblr-8637	99	6	companies	company	NOUN
cblr-8637	99	7	to	to	PART
cblr-8637	99	8	raise	raise	VERB
cblr-8637	99	9	capital	capital	NOUN
cblr-8637	99	10	as	as	ADV
cblr-8637	99	11	well	well	ADV
cblr-8637	99	12	,	,	PUNCT
cblr-8637	99	13	the	the	DET
cblr-8637	99	14	securities	security	NOUN
cblr-8637	99	15	act	act	VERB
cblr-8637	99	16	and	and	CCONJ
cblr-8637	99	17	subsequent	subsequent	ADJ
cblr-8637	99	18	legislation	legislation	NOUN
cblr-8637	99	19	carved	carve	VERB
cblr-8637	99	20	out	out	ADP
cblr-8637	99	21	several	several	ADJ
cblr-8637	99	22	exemptions	exemption	NOUN
cblr-8637	99	23	to	to	PART
cblr-8637	99	24	allow	allow	VERB
cblr-8637	99	25	certain	certain	ADJ
cblr-8637	99	26	individuals	individual	NOUN
cblr-8637	99	27	and	and	CCONJ
cblr-8637	99	28	entities	entity	NOUN
cblr-8637	99	29	to	to	PART
cblr-8637	99	30	invest	invest	VERB
cblr-8637	99	31	in	in	ADP
cblr-8637	99	32	private	private	ADJ
cblr-8637	99	33	offerings	offering	NOUN
cblr-8637	99	34	.	.	PUNCT
cblr-8637	100	1	private	private	ADJ
cblr-8637	100	2	offeringswith	offeringswith	ADP
cblr-8637	100	3	a	a	DET
cblr-8637	100	4	more	more	ADV
cblr-8637	100	5	relaxed	relaxed	ADJ
cblr-8637	100	6	disclosure	disclosure	NOUN
cblr-8637	100	7	and	and	CCONJ
cblr-8637	100	8	liability	liability	NOUN
cblr-8637	100	9	regimeare	regimeare	AUX
cblr-8637	100	10	limited	limit	VERB
cblr-8637	100	11	to	to	ADP
cblr-8637	100	12	a	a	DET
cblr-8637	100	13	narrower	narrow	ADJ
cblr-8637	100	14	category	category	NOUN
cblr-8637	100	15	of	of	ADP
cblr-8637	100	16	sophisticated	sophisticated	ADJ
cblr-8637	100	17	investors	investor	NOUN
cblr-8637	100	18	deemed	deem	VERB
cblr-8637	100	19	to	to	PART
cblr-8637	100	20	be	be	AUX
cblr-8637	100	21	able	able	ADJ
cblr-8637	100	22	to	to	PART
cblr-8637	100	23	fend	fend	VERB
cblr-8637	100	24	for	for	ADP
cblr-8637	100	25	themselves	themselves	PRON
cblr-8637	100	26	.	.	PUNCT
cblr-8637	101	1	this	this	DET
cblr-8637	101	2	part	part	NOUN
cblr-8637	101	3	will	will	AUX
cblr-8637	101	4	give	give	VERB
cblr-8637	101	5	a	a	DET
cblr-8637	101	6	brief	brief	ADJ
cblr-8637	101	7	overview	overview	NOUN
cblr-8637	101	8	of	of	ADP
cblr-8637	101	9	public	public	ADJ
cblr-8637	101	10	market	market	NOUN
cblr-8637	101	11	regulation	regulation	NOUN
cblr-8637	101	12	,	,	PUNCT
cblr-8637	101	13	explain	explain	VERB
cblr-8637	101	14	the	the	DET
cblr-8637	101	15	exemptions	exemption	NOUN
cblr-8637	101	16	that	that	PRON
cblr-8637	101	17	apply	apply	VERB
cblr-8637	101	18	to	to	ADP
cblr-8637	101	19	private	private	ADJ
cblr-8637	101	20	offerings	offering	NOUN
cblr-8637	101	21	and	and	CCONJ
cblr-8637	101	22	helped	help	VERB
cblr-8637	101	23	to	to	PART
cblr-8637	101	24	spur	spur	VERB
cblr-8637	101	25	private	private	ADJ
cblr-8637	101	26	market	market	NOUN
cblr-8637	101	27	growth	growth	NOUN
cblr-8637	101	28	,	,	PUNCT
cblr-8637	101	29	and	and	CCONJ
cblr-8637	101	30	give	give	VERB
cblr-8637	101	31	an	an	DET
cblr-8637	101	32	account	account	NOUN
cblr-8637	101	33	of	of	ADP
cblr-8637	101	34	recent	recent	ADJ
cblr-8637	101	35	reforms	reform	NOUN
cblr-8637	101	36	and	and	CCONJ
cblr-8637	101	37	proposals	proposal	NOUN
cblr-8637	101	38	to	to	PART
cblr-8637	101	39	reform	reform	VERB
cblr-8637	101	40	these	these	DET
cblr-8637	101	41	exemptions	exemption	NOUN
cblr-8637	101	42	.	.	PUNCT
cblr-8637	102	1	a.	a.	NOUN
cblr-8637	102	2	public	public	ADJ
cblr-8637	102	3	market	market	NOUN
cblr-8637	102	4	regulation	regulation	NOUN
cblr-8637	102	5	the	the	DET
cblr-8637	102	6	exchange	exchange	NOUN
cblr-8637	102	7	act	act	NOUN
cblr-8637	102	8	established	establish	VERB
cblr-8637	102	9	the	the	DET
cblr-8637	102	10	sec	sec	PROPN
cblr-8637	102	11	as	as	ADP
cblr-8637	102	12	an	an	DET
cblr-8637	102	13	independent	independent	ADJ
cblr-8637	102	14	federal	federal	ADJ
cblr-8637	102	15	agency	agency	NOUN
cblr-8637	102	16	responsible	responsible	ADJ
cblr-8637	102	17	for	for	ADP
cblr-8637	102	18	protecting	protect	VERB
cblr-8637	102	19	investors	investor	NOUN
cblr-8637	102	20	,	,	PUNCT
cblr-8637	102	21	maintaining	maintain	VERB
cblr-8637	102	22	the	the	DET
cblr-8637	102	23	fair	fair	ADJ
cblr-8637	102	24	and	and	CCONJ
cblr-8637	102	25	orderly	orderly	ADJ
cblr-8637	102	26	functioning	functioning	NOUN
cblr-8637	102	27	of	of	ADP
cblr-8637	102	28	the	the	DET
cblr-8637	102	29	securities	security	NOUN
cblr-8637	102	30	markets	market	NOUN
cblr-8637	102	31	,	,	PUNCT
cblr-8637	102	32	and	and	CCONJ
cblr-8637	102	33	facilitating	facilitate	VERB
cblr-8637	102	34	capital	capital	NOUN
cblr-8637	102	35	formation.9	formation.9	VERB
cblr-8637	102	36	the	the	DET
cblr-8637	102	37	sec	sec	PROPN
cblr-8637	102	38	9	9	NUM
cblr-8637	102	39	securities	security	NOUN
cblr-8637	102	40	exchange	exchange	PROPN
cblr-8637	102	41	act	act	NOUN
cblr-8637	102	42	of	of	ADP
cblr-8637	102	43	1934	1934	NUM
cblr-8637	102	44	(	(	PUNCT
cblr-8637	102	45	exchange	exchange	PROPN
cblr-8637	102	46	act	act	PROPN
cblr-8637	102	47	)	)	PUNCT
cblr-8637	102	48	,	,	PUNCT
cblr-8637	102	49	pub	pub	NOUN
cblr-8637	102	50	.	.	PUNCT
cblr-8637	103	1	l.	l.	PROPN
cblr-8637	103	2	no	no	INTJ
cblr-8637	103	3	.	.	PROPN
cblr-8637	104	1	73	73	NUM
cblr-8637	104	2	-	-	SYM
cblr-8637	104	3	290	290	NUM
cblr-8637	104	4	,	,	PUNCT
cblr-8637	104	5	§	§	PROPN
cblr-8637	104	6	4	4	NUM
cblr-8637	104	7	,	,	PUNCT
cblr-8637	104	8	48	48	NUM
cblr-8637	104	9	stat	stat	NOUN
cblr-8637	104	10	.	.	PUNCT
cblr-8637	105	1	881	881	NUM
cblr-8637	105	2	,	,	PUNCT
cblr-8637	105	3	885	885	NUM
cblr-8637	105	4	(	(	PUNCT
cblr-8637	105	5	codified	codify	VERB
cblr-8637	105	6	as	as	SCONJ
cblr-8637	105	7	amended	amend	VERB
cblr-8637	105	8	at	at	ADP
cblr-8637	105	9	15	15	NUM
cblr-8637	105	10	u.s.c	u.s.c	ADJ
cblr-8637	105	11	.	.	PUNCT
cblr-8637	106	1	§	§	PROPN
cblr-8637	106	2	78d	78d	NUM
cblr-8637	106	3	(	(	PUNCT
cblr-8637	106	4	2019	2019	NUM
cblr-8637	106	5	)	)	PUNCT
cblr-8637	106	6	)	)	PUNCT
cblr-8637	106	7	.	.	PUNCT
cblr-8637	107	1	greene	greene	PROPN
cblr-8637	107	2	et	et	PROPN
cblr-8637	107	3	al	al	PROPN
cblr-8637	107	4	.	.	PROPN
cblr-8637	108	1	8/21/2021	8/21/2021	NUM
cblr-8637	108	2	1:44	1:44	NUM
cblr-8637	108	3	pm	pm	NOUN
cblr-8637	108	4	no	no	INTJ
cblr-8637	108	5	.	.	PUNCT
cblr-8637	109	1	2:714	2:714	NUM
cblr-8637	109	2	]	]	X
cblr-8637	109	3	the	the	DET
cblr-8637	109	4	need	need	NOUN
cblr-8637	109	5	for	for	ADP
cblr-8637	109	6	a	a	DET
cblr-8637	109	7	comprehensive	comprehensive	ADJ
cblr-8637	109	8	approach	approach	NOUN
cblr-8637	109	9	721	721	NUM
cblr-8637	109	10	operates	operate	VERB
cblr-8637	109	11	through	through	ADP
cblr-8637	109	12	an	an	DET
cblr-8637	109	13	extensive	extensive	ADJ
cblr-8637	109	14	disclosure	disclosure	NOUN
cblr-8637	109	15	regime	regime	NOUN
cblr-8637	109	16	,	,	PUNCT
cblr-8637	109	17	the	the	DET
cblr-8637	109	18	creation	creation	NOUN
cblr-8637	109	19	of	of	ADP
cblr-8637	109	20	which	which	PRON
cblr-8637	109	21	was	be	AUX
cblr-8637	109	22	heavily	heavily	ADV
cblr-8637	109	23	influenced	influence	VERB
cblr-8637	109	24	by	by	ADP
cblr-8637	109	25	justice	justice	PROPN
cblr-8637	109	26	louis	louis	PROPN
cblr-8637	109	27	brandeis	brandeis	PROPN
cblr-8637	109	28	’s	’s	PART
cblr-8637	109	29	regulatory	regulatory	ADJ
cblr-8637	109	30	philosophy	philosophy	NOUN
cblr-8637	109	31	that	that	SCONJ
cblr-8637	109	32	“	"	PUNCT
cblr-8637	109	33	[	[	X
cblr-8637	109	34	s]unlight	s]unlight	NOUN
cblr-8637	109	35	is	be	AUX
cblr-8637	109	36	said	say	VERB
cblr-8637	109	37	to	to	PART
cblr-8637	109	38	be	be	AUX
cblr-8637	109	39	the	the	DET
cblr-8637	109	40	best	good	ADJ
cblr-8637	109	41	of	of	ADP
cblr-8637	109	42	disinfectants	disinfectant	NOUN
cblr-8637	109	43	.	.	PUNCT
cblr-8637	110	1	”10	”10	NOUN
cblr-8637	110	2	the	the	DET
cblr-8637	110	3	premise	premise	NOUN
cblr-8637	110	4	of	of	ADP
cblr-8637	110	5	the	the	DET
cblr-8637	110	6	securities	security	NOUN
cblr-8637	110	7	act	act	NOUN
cblr-8637	110	8	was	be	AUX
cblr-8637	110	9	that	that	SCONJ
cblr-8637	110	10	“	"	PUNCT
cblr-8637	110	11	truth	truth	NOUN
cblr-8637	110	12	in	in	ADP
cblr-8637	110	13	securities	security	NOUN
cblr-8637	110	14	”	"	PUNCT
cblr-8637	110	15	would	would	AUX
cblr-8637	110	16	create	create	VERB
cblr-8637	110	17	investor	investor	NOUN
cblr-8637	110	18	confidence	confidence	NOUN
cblr-8637	110	19	in	in	ADP
cblr-8637	110	20	the	the	DET
cblr-8637	110	21	securities	security	NOUN
cblr-8637	110	22	market	market	NOUN
cblr-8637	110	23	following	follow	VERB
cblr-8637	110	24	the	the	DET
cblr-8637	110	25	abuses	abuse	NOUN
cblr-8637	110	26	and	and	CCONJ
cblr-8637	110	27	rampant	rampant	ADJ
cblr-8637	110	28	speculation	speculation	NOUN
cblr-8637	110	29	of	of	ADP
cblr-8637	110	30	the	the	DET
cblr-8637	110	31	interwar	interwar	ADJ
cblr-8637	110	32	era.11	era.11	DET
cblr-8637	110	33	the	the	DET
cblr-8637	110	34	regime	regime	NOUN
cblr-8637	110	35	was	be	AUX
cblr-8637	110	36	built	build	VERB
cblr-8637	110	37	on	on	ADP
cblr-8637	110	38	two	two	NUM
cblr-8637	110	39	basic	basic	ADJ
cblr-8637	110	40	notions	notion	NOUN
cblr-8637	110	41	:	:	PUNCT
cblr-8637	110	42	first	first	ADV
cblr-8637	110	43	,	,	PUNCT
cblr-8637	110	44	companies	company	NOUN
cblr-8637	110	45	would	would	AUX
cblr-8637	110	46	eventually	eventually	ADV
cblr-8637	110	47	have	have	VERB
cblr-8637	110	48	to	to	PART
cblr-8637	110	49	solicit	solicit	VERB
cblr-8637	110	50	money	money	NOUN
cblr-8637	110	51	from	from	ADP
cblr-8637	110	52	the	the	DET
cblr-8637	110	53	general	general	ADJ
cblr-8637	110	54	public	public	NOUN
cblr-8637	110	55	to	to	PART
cblr-8637	110	56	operate	operate	VERB
cblr-8637	110	57	and	and	CCONJ
cblr-8637	110	58	expand	expand	VERB
cblr-8637	110	59	;	;	PUNCT
cblr-8637	110	60	second	second	X
cblr-8637	110	61	,	,	PUNCT
cblr-8637	110	62	the	the	DET
cblr-8637	110	63	full	full	ADJ
cblr-8637	110	64	disclosure	disclosure	NOUN
cblr-8637	110	65	required	require	VERB
cblr-8637	110	66	under	under	ADP
cblr-8637	110	67	the	the	DET
cblr-8637	110	68	acts	act	NOUN
cblr-8637	110	69	would	would	AUX
cblr-8637	110	70	provide	provide	VERB
cblr-8637	110	71	investors	investor	NOUN
cblr-8637	110	72	with	with	ADP
cblr-8637	110	73	sufficient	sufficient	ADJ
cblr-8637	110	74	information	information	NOUN
cblr-8637	110	75	to	to	PART
cblr-8637	110	76	make	make	VERB
cblr-8637	110	77	informed	informed	ADJ
cblr-8637	110	78	investment	investment	NOUN
cblr-8637	110	79	decisions	decision	NOUN
cblr-8637	110	80	without	without	ADP
cblr-8637	110	81	having	have	VERB
cblr-8637	110	82	any	any	DET
cblr-8637	110	83	financial	financial	ADJ
cblr-8637	110	84	expertise	expertise	NOUN
cblr-8637	110	85	or	or	CCONJ
cblr-8637	110	86	prior	prior	ADJ
cblr-8637	110	87	experience.12	experience.12	PROPN
cblr-8637	110	88	10	10	NUM
cblr-8637	110	89	louis	louis	PROPN
cblr-8637	110	90	d.	d.	PROPN
cblr-8637	110	91	brandeis	brandeis	PROPN
cblr-8637	110	92	,	,	PUNCT
cblr-8637	110	93	other	other	ADJ
cblr-8637	110	94	people	people	NOUN
cblr-8637	110	95	’s	’s	PART
cblr-8637	110	96	money	money	NOUN
cblr-8637	110	97	and	and	CCONJ
cblr-8637	110	98	how	how	SCONJ
cblr-8637	110	99	the	the	DET
cblr-8637	110	100	bankers	banker	NOUN
cblr-8637	110	101	use	use	VERB
cblr-8637	110	102	it	it	PRON
cblr-8637	110	103	92	92	NUM
cblr-8637	110	104	(	(	PUNCT
cblr-8637	110	105	frederick	frederick	PROPN
cblr-8637	110	106	a.	a.	PROPN
cblr-8637	110	107	stokes	stokes	PROPN
cblr-8637	110	108	co.	co.	PROPN
cblr-8637	110	109	1914	1914	NUM
cblr-8637	110	110	)	)	PUNCT
cblr-8637	110	111	;	;	PUNCT
cblr-8637	110	112	see	see	VERB
cblr-8637	110	113	also	also	ADV
cblr-8637	110	114	james	james	PROPN
cblr-8637	110	115	d.	d.	PROPN
cblr-8637	110	116	cox	cox	PROPN
cblr-8637	110	117	,	,	PUNCT
cblr-8637	110	118	robert	robert	PROPN
cblr-8637	110	119	w.	w.	PROPN
cblr-8637	110	120	hillman	hillman	PROPN
cblr-8637	110	121	&	&	CCONJ
cblr-8637	110	122	donald	donald	PROPN
cblr-8637	110	123	c.	c.	PROPN
cblr-8637	110	124	langevoort	langevoort	PROPN
cblr-8637	110	125	,	,	PUNCT
cblr-8637	110	126	securities	security	NOUN
cblr-8637	110	127	regulation	regulation	NOUN
cblr-8637	110	128	:	:	PUNCT
cblr-8637	110	129	cases	case	NOUN
cblr-8637	110	130	and	and	CCONJ
cblr-8637	110	131	materials	material	NOUN
cblr-8637	110	132	6	6	NUM
cblr-8637	110	133	(	(	PUNCT
cblr-8637	110	134	8th	8th	ADJ
cblr-8637	110	135	ed	ed	NOUN
cblr-8637	110	136	.	.	PROPN
cblr-8637	110	137	2017	2017	NUM
cblr-8637	110	138	)	)	PUNCT
cblr-8637	110	139	.	.	PUNCT
cblr-8637	111	1	11	11	NUM
cblr-8637	111	2	harold	harold	PROPN
cblr-8637	111	3	s.	s.	PROPN
cblr-8637	111	4	bloomenthal	bloomenthal	PROPN
cblr-8637	111	5	&	&	CCONJ
cblr-8637	111	6	samuel	samuel	PROPN
cblr-8637	111	7	wolff	wolff	PROPN
cblr-8637	111	8	,	,	PUNCT
cblr-8637	111	9	securities	security	NOUN
cblr-8637	111	10	&	&	CCONJ
cblr-8637	111	11	federal	federal	ADJ
cblr-8637	111	12	corporate	corporate	ADJ
cblr-8637	111	13	law	law	NOUN
cblr-8637	111	14	,	,	PUNCT
cblr-8637	111	15	westlaw	westlaw	NOUN
cblr-8637	111	16	(	(	PUNCT
cblr-8637	111	17	database	database	NOUN
cblr-8637	111	18	updated	update	VERB
cblr-8637	111	19	dec	dec	PROPN
cblr-8637	111	20	.	.	PROPN
cblr-8637	111	21	2020	2020	NUM
cblr-8637	111	22	)	)	PUNCT
cblr-8637	111	23	(	(	PUNCT
cblr-8637	111	24	preface	preface	NOUN
cblr-8637	111	25	)	)	PUNCT
cblr-8637	111	26	;	;	PUNCT
cblr-8637	111	27	see	see	VERB
cblr-8637	111	28	also	also	ADV
cblr-8637	111	29	cox	cox	PROPN
cblr-8637	111	30	et	et	PROPN
cblr-8637	111	31	al	al	PROPN
cblr-8637	111	32	.	.	PROPN
cblr-8637	111	33	,	,	PUNCT
cblr-8637	111	34	supra	supra	PROPN
cblr-8637	111	35	note	note	PROPN
cblr-8637	111	36	10	10	NUM
cblr-8637	111	37	,	,	PUNCT
cblr-8637	111	38	at	at	ADP
cblr-8637	111	39	6	6	NUM
cblr-8637	111	40	(	(	PUNCT
cblr-8637	111	41	internal	internal	ADJ
cblr-8637	111	42	quotation	quotation	NOUN
cblr-8637	111	43	marks	mark	NOUN
cblr-8637	111	44	omitted	omit	VERB
cblr-8637	111	45	)	)	PUNCT
cblr-8637	111	46	(	(	PUNCT
cblr-8637	111	47	quoting	quote	VERB
cblr-8637	111	48	h.r	h.r	PROPN
cblr-8637	111	49	.	.	PROPN
cblr-8637	111	50	rep	rep	PROPN
cblr-8637	111	51	.	.	PROPN
cblr-8637	111	52	no	no	INTJ
cblr-8637	111	53	.	.	PUNCT
cblr-8637	112	1	73	73	NUM
cblr-8637	112	2	-	-	SYM
cblr-8637	112	3	85	85	NUM
cblr-8637	112	4	,	,	PUNCT
cblr-8637	112	5	at	at	ADP
cblr-8637	112	6	2	2	NUM
cblr-8637	112	7	(	(	PUNCT
cblr-8637	112	8	1933	1933	NUM
cblr-8637	112	9	)	)	PUNCT
cblr-8637	112	10	)	)	PUNCT
cblr-8637	113	1	(	(	PUNCT
cblr-8637	113	2	“	"	PUNCT
cblr-8637	113	3	alluring	alluring	ADJ
cblr-8637	113	4	promises	promise	NOUN
cblr-8637	113	5	of	of	ADP
cblr-8637	113	6	easy	easy	ADJ
cblr-8637	113	7	wealth	wealth	NOUN
cblr-8637	113	8	were	be	AUX
cblr-8637	113	9	freely	freely	ADV
cblr-8637	113	10	made	make	VERB
cblr-8637	113	11	with	with	ADP
cblr-8637	113	12	little	little	ADJ
cblr-8637	113	13	or	or	CCONJ
cblr-8637	113	14	no	no	PRON
cblr-8637	113	15	attempt	attempt	NOUN
cblr-8637	113	16	to	to	PART
cblr-8637	113	17	bring	bring	VERB
cblr-8637	113	18	to	to	ADP
cblr-8637	113	19	the	the	DET
cblr-8637	113	20	investor	investor	NOUN
cblr-8637	113	21	’s	’s	PART
cblr-8637	113	22	attention	attention	NOUN
cblr-8637	113	23	those	those	DET
cblr-8637	113	24	facts	fact	NOUN
cblr-8637	113	25	essential	essential	ADJ
cblr-8637	113	26	to	to	ADP
cblr-8637	113	27	estimating	estimate	VERB
cblr-8637	113	28	the	the	DET
cblr-8637	113	29	worth	worth	NOUN
cblr-8637	113	30	of	of	ADP
cblr-8637	113	31	any	any	DET
cblr-8637	113	32	security	security	NOUN
cblr-8637	113	33	.	.	PUNCT
cblr-8637	114	1	high	high	ADJ
cblr-8637	114	2	pressure	pressure	NOUN
cblr-8637	114	3	salesmanship	salesmanship	NOUN
cblr-8637	114	4	rather	rather	ADV
cblr-8637	114	5	than	than	ADP
cblr-8637	114	6	careful	careful	ADJ
cblr-8637	114	7	counsel	counsel	NOUN
cblr-8637	114	8	was	be	AUX
cblr-8637	114	9	the	the	DET
cblr-8637	114	10	rule	rule	NOUN
cblr-8637	114	11	in	in	ADP
cblr-8637	114	12	this	this	DET
cblr-8637	114	13	most	most	ADV
cblr-8637	114	14	dangerous	dangerous	ADJ
cblr-8637	114	15	enterprise	enterprise	NOUN
cblr-8637	114	16	.	.	PUNCT
cblr-8637	114	17	”	"	PUNCT
cblr-8637	114	18	)	)	PUNCT
cblr-8637	114	19	.	.	PUNCT
cblr-8637	115	1	12	12	NUM
cblr-8637	115	2	interestingly	interestingly	ADV
cblr-8637	115	3	,	,	PUNCT
cblr-8637	115	4	when	when	SCONJ
cblr-8637	115	5	the	the	DET
cblr-8637	115	6	securities	security	NOUN
cblr-8637	115	7	act	act	NOUN
cblr-8637	115	8	was	be	AUX
cblr-8637	115	9	initially	initially	ADV
cblr-8637	115	10	enacted	enact	VERB
cblr-8637	115	11	,	,	PUNCT
cblr-8637	115	12	commentators	commentator	NOUN
cblr-8637	115	13	pointed	point	VERB
cblr-8637	115	14	out	out	ADP
cblr-8637	115	15	that	that	SCONJ
cblr-8637	115	16	there	there	PRON
cblr-8637	115	17	was	be	VERB
cblr-8637	115	18	a	a	DET
cblr-8637	115	19	logical	logical	ADJ
cblr-8637	115	20	issue	issue	NOUN
cblr-8637	115	21	with	with	ADP
cblr-8637	115	22	this	this	DET
cblr-8637	115	23	underlying	underlying	ADJ
cblr-8637	115	24	policy	policy	NOUN
cblr-8637	115	25	determination	determination	NOUN
cblr-8637	115	26	.	.	PUNCT
cblr-8637	116	1	for	for	ADP
cblr-8637	116	2	example	example	NOUN
cblr-8637	116	3	,	,	PUNCT
cblr-8637	116	4	some	some	PRON
cblr-8637	116	5	“	"	PUNCT
cblr-8637	116	6	questioned	question	VERB
cblr-8637	116	7	whether	whether	SCONJ
cblr-8637	116	8	many	many	ADJ
cblr-8637	116	9	investors	investor	NOUN
cblr-8637	116	10	would	would	AUX
cblr-8637	116	11	benefit	benefit	VERB
cblr-8637	116	12	from	from	ADP
cblr-8637	116	13	the	the	DET
cblr-8637	116	14	[	[	X
cblr-8637	116	15	securities	security	NOUN
cblr-8637	116	16	]	]	PUNCT
cblr-8637	116	17	act	act	PROPN
cblr-8637	116	18	’s	’s	PART
cblr-8637	116	19	disclosure	disclosure	NOUN
cblr-8637	116	20	requirements	requirement	NOUN
cblr-8637	116	21	.	.	PUNCT
cblr-8637	117	1	the	the	DET
cblr-8637	117	2	highly	highly	ADV
cblr-8637	117	3	technical	technical	ADJ
cblr-8637	117	4	information	information	NOUN
cblr-8637	117	5	provided	provide	VERB
cblr-8637	117	6	in	in	ADP
cblr-8637	117	7	registration	registration	NOUN
cblr-8637	117	8	would	would	AUX
cblr-8637	117	9	be	be	AUX
cblr-8637	117	10	‘	'	PUNCT
cblr-8637	117	11	small	small	ADJ
cblr-8637	117	12	comfort	comfort	NOUN
cblr-8637	117	13	’	'	PUNCT
cblr-8637	117	14	to	to	ADP
cblr-8637	117	15	those	those	PRON
cblr-8637	117	16	in	in	ADP
cblr-8637	117	17	need	need	NOUN
cblr-8637	117	18	of	of	ADP
cblr-8637	117	19	investment	investment	NOUN
cblr-8637	117	20	guidance	guidance	NOUN
cblr-8637	117	21	.	.	PUNCT
cblr-8637	118	1	the	the	DET
cblr-8637	118	2	average	average	ADJ
cblr-8637	118	3	investor	investor	NOUN
cblr-8637	118	4	has	have	VERB
cblr-8637	118	5	difficulty	difficulty	NOUN
cblr-8637	118	6	assimilating	assimilate	VERB
cblr-8637	118	7	the	the	DET
cblr-8637	118	8	vast	vast	ADJ
cblr-8637	118	9	amounts	amount	NOUN
cblr-8637	118	10	of	of	ADP
cblr-8637	118	11	information	information	NOUN
cblr-8637	118	12	to	to	PART
cblr-8637	118	13	make	make	VERB
cblr-8637	118	14	an	an	DET
cblr-8637	118	15	informed	informed	ADJ
cblr-8637	118	16	investment	investment	NOUN
cblr-8637	118	17	decision	decision	NOUN
cblr-8637	118	18	.	.	PUNCT
cblr-8637	118	19	”	"	PUNCT
cblr-8637	119	1	elisabeth	elisabeth	PROPN
cblr-8637	119	2	keller	keller	PROPN
cblr-8637	119	3	&	&	CCONJ
cblr-8637	119	4	gregory	gregory	PROPN
cblr-8637	119	5	a.	a.	PROPN
cblr-8637	119	6	gehlmann	gehlmann	PROPN
cblr-8637	119	7	,	,	PUNCT
cblr-8637	119	8	introductory	introductory	ADJ
cblr-8637	119	9	comment	comment	NOUN
cblr-8637	119	10	,	,	PUNCT
cblr-8637	119	11	a	a	DET
cblr-8637	119	12	historical	historical	ADJ
cblr-8637	119	13	introduction	introduction	NOUN
cblr-8637	119	14	to	to	ADP
cblr-8637	119	15	the	the	DET
cblr-8637	119	16	securities	security	NOUN
cblr-8637	119	17	act	act	NOUN
cblr-8637	119	18	of	of	ADP
cblr-8637	119	19	1933	1933	NUM
cblr-8637	119	20	and	and	CCONJ
cblr-8637	119	21	the	the	DET
cblr-8637	119	22	securities	securities	PROPN
cblr-8637	119	23	exchange	exchange	PROPN
cblr-8637	119	24	act	act	NOUN
cblr-8637	119	25	of	of	ADP
cblr-8637	119	26	1943	1943	NUM
cblr-8637	119	27	,	,	PUNCT
cblr-8637	119	28	49	49	NUM
cblr-8637	119	29	ohio	ohio	PROPN
cblr-8637	119	30	st	st	PROPN
cblr-8637	119	31	.	.	PROPN
cblr-8637	119	32	l.j	l.j	PROPN
cblr-8637	119	33	.	.	PROPN
cblr-8637	119	34	329	329	NUM
cblr-8637	119	35	,	,	PUNCT
cblr-8637	119	36	342–43	342–43	NUM
cblr-8637	119	37	(	(	PUNCT
cblr-8637	119	38	1988	1988	NUM
cblr-8637	119	39	)	)	PUNCT
cblr-8637	119	40	(	(	PUNCT
cblr-8637	119	41	footnotes	footnote	NOUN
cblr-8637	119	42	omitted	omit	VERB
cblr-8637	119	43	)	)	PUNCT
cblr-8637	119	44	(	(	PUNCT
cblr-8637	119	45	quoting	quote	VERB
cblr-8637	119	46	william	william	PROPN
cblr-8637	119	47	o.	o.	PROPN
cblr-8637	119	48	douglas	douglas	PROPN
cblr-8637	119	49	&	&	CCONJ
cblr-8637	119	50	george	george	PROPN
cblr-8637	119	51	e.	e.	PROPN
cblr-8637	119	52	bates	bates	PROPN
cblr-8637	119	53	,	,	PUNCT
cblr-8637	119	54	the	the	DET
cblr-8637	119	55	federal	federal	ADJ
cblr-8637	119	56	securities	securities	PROPN
cblr-8637	119	57	act	act	NOUN
cblr-8637	119	58	of	of	ADP
cblr-8637	119	59	1933	1933	NUM
cblr-8637	119	60	,	,	PUNCT
cblr-8637	119	61	43	43	NUM
cblr-8637	119	62	yale	yale	PROPN
cblr-8637	119	63	l.j	l.j	PROPN
cblr-8637	119	64	.	.	PROPN
cblr-8637	119	65	171	171	NUM
cblr-8637	119	66	,	,	PUNCT
cblr-8637	119	67	172	172	NUM
cblr-8637	119	68	(	(	PUNCT
cblr-8637	119	69	1933	1933	NUM
cblr-8637	119	70	)	)	PUNCT
cblr-8637	119	71	)	)	PUNCT
cblr-8637	119	72	.	.	PUNCT
cblr-8637	120	1	as	as	SCONJ
cblr-8637	120	2	the	the	DET
cblr-8637	120	3	efficient	efficient	ADJ
cblr-8637	120	4	market	market	NOUN
cblr-8637	120	5	hypothesis	hypothesis	NOUN
cblr-8637	120	6	developed	develop	VERB
cblr-8637	120	7	,	,	PUNCT
cblr-8637	120	8	however	however	ADV
cblr-8637	120	9	,	,	PUNCT
cblr-8637	120	10	it	it	PRON
cblr-8637	120	11	became	become	VERB
cblr-8637	120	12	evident	evident	ADJ
cblr-8637	120	13	that	that	SCONJ
cblr-8637	120	14	analysts	analyst	NOUN
cblr-8637	120	15	with	with	ADP
cblr-8637	120	16	financial	financial	ADJ
cblr-8637	120	17	expertise	expertise	NOUN
cblr-8637	120	18	would	would	AUX
cblr-8637	120	19	be	be	AUX
cblr-8637	120	20	able	able	ADJ
cblr-8637	120	21	to	to	PART
cblr-8637	120	22	discern	discern	VERB
cblr-8637	120	23	pertinent	pertinent	ADJ
cblr-8637	120	24	information	information	NOUN
cblr-8637	120	25	for	for	ADP
cblr-8637	120	26	the	the	DET
cblr-8637	120	27	registration	registration	NOUN
cblr-8637	120	28	statements	statement	NOUN
cblr-8637	120	29	and	and	CCONJ
cblr-8637	120	30	ongoing	ongoing	ADJ
cblr-8637	120	31	disclosures	disclosure	NOUN
cblr-8637	120	32	in	in	ADP
cblr-8637	120	33	order	order	NOUN
cblr-8637	120	34	to	to	PART
cblr-8637	120	35	ensure	ensure	VERB
cblr-8637	120	36	that	that	SCONJ
cblr-8637	120	37	prices	price	NOUN
cblr-8637	120	38	on	on	ADP
cblr-8637	120	39	market	market	NOUN
cblr-8637	120	40	exchanges	exchange	NOUN
cblr-8637	120	41	were	be	AUX
cblr-8637	120	42	a	a	DET
cblr-8637	120	43	fair	fair	ADJ
cblr-8637	120	44	representation	representation	NOUN
cblr-8637	120	45	of	of	ADP
cblr-8637	120	46	the	the	DET
cblr-8637	120	47	information	information	NOUN
cblr-8637	120	48	available	available	ADJ
cblr-8637	120	49	to	to	ADP
cblr-8637	120	50	the	the	DET
cblr-8637	120	51	public	public	NOUN
cblr-8637	120	52	.	.	PUNCT
cblr-8637	121	1	see	see	VERB
cblr-8637	121	2	infra	infra	NOUN
cblr-8637	121	3	section	section	NOUN
cblr-8637	121	4	iv.a.1	iv.a.1	NOUN
cblr-8637	121	5	.	.	PUNCT
cblr-8637	122	1	greene	greene	PROPN
cblr-8637	122	2	et	et	PROPN
cblr-8637	122	3	al	al	PROPN
cblr-8637	122	4	.	.	PROPN
cblr-8637	123	1	8/21/2021	8/21/2021	NUM
cblr-8637	123	2	1:44	1:44	NUM
cblr-8637	123	3	pm	pm	NOUN
cblr-8637	123	4	722	722	NUM
cblr-8637	123	5	columbia	columbia	PROPN
cblr-8637	123	6	business	business	NOUN
cblr-8637	123	7	law	law	PROPN
cblr-8637	123	8	review	review	NOUN
cblr-8637	123	9	[	[	X
cblr-8637	123	10	vol	vol	NOUN
cblr-8637	123	11	.	.	NOUN
cblr-8637	123	12	2021	2021	NUM
cblr-8637	123	13	under	under	ADP
cblr-8637	123	14	section	section	NOUN
cblr-8637	123	15	5	5	NUM
cblr-8637	123	16	of	of	ADP
cblr-8637	123	17	the	the	DET
cblr-8637	123	18	securities	security	NOUN
cblr-8637	123	19	act	act	PROPN
cblr-8637	123	20	,	,	PUNCT
cblr-8637	123	21	any	any	DET
cblr-8637	123	22	offering	offering	NOUN
cblr-8637	123	23	that	that	PRON
cblr-8637	123	24	is	be	AUX
cblr-8637	123	25	a	a	DET
cblr-8637	123	26	“	"	PUNCT
cblr-8637	123	27	public	public	ADJ
cblr-8637	123	28	offering	offering	NOUN
cblr-8637	123	29	,	,	PUNCT
cblr-8637	123	30	”	"	PUNCT
cblr-8637	123	31	i.e.	i.e.	X
cblr-8637	123	32	,	,	PUNCT
cblr-8637	123	33	one	one	NUM
cblr-8637	123	34	that	that	PRON
cblr-8637	123	35	does	do	AUX
cblr-8637	123	36	not	not	PART
cblr-8637	123	37	qualify	qualify	VERB
cblr-8637	123	38	for	for	ADP
cblr-8637	123	39	an	an	DET
cblr-8637	123	40	exemption	exemption	NOUN
cblr-8637	123	41	,	,	PUNCT
cblr-8637	123	42	must	must	AUX
cblr-8637	123	43	first	first	ADV
cblr-8637	123	44	be	be	AUX
cblr-8637	123	45	registered	register	VERB
cblr-8637	123	46	with	with	ADP
cblr-8637	123	47	the	the	DET
cblr-8637	123	48	sec.13	sec.13	NOUN
cblr-8637	123	49	the	the	DET
cblr-8637	123	50	filed	file	VERB
cblr-8637	123	51	registration	registration	NOUN
cblr-8637	123	52	statement	statement	NOUN
cblr-8637	123	53	,	,	PUNCT
cblr-8637	123	54	along	along	ADP
cblr-8637	123	55	with	with	ADP
cblr-8637	123	56	the	the	DET
cblr-8637	123	57	issuer	issuer	NOUN
cblr-8637	123	58	’s	’s	PART
cblr-8637	123	59	prospectus	prospectus	NOUN
cblr-8637	123	60	,	,	PUNCT
cblr-8637	123	61	are	be	AUX
cblr-8637	123	62	meant	mean	VERB
cblr-8637	123	63	to	to	PART
cblr-8637	123	64	provide	provide	VERB
cblr-8637	123	65	investors	investor	NOUN
cblr-8637	123	66	with	with	ADP
cblr-8637	123	67	full	full	ADJ
cblr-8637	123	68	and	and	CCONJ
cblr-8637	123	69	fair	fair	ADJ
cblr-8637	123	70	disclosure	disclosure	NOUN
cblr-8637	123	71	regarding	regard	VERB
cblr-8637	123	72	the	the	DET
cblr-8637	123	73	securities	security	NOUN
cblr-8637	123	74	being	be	AUX
cblr-8637	123	75	offered.14	offered.14	PRON
cblr-8637	123	76	a	a	DET
cblr-8637	123	77	company	company	NOUN
cblr-8637	123	78	may	may	AUX
cblr-8637	123	79	not	not	PART
cblr-8637	123	80	offer	offer	VERB
cblr-8637	123	81	a	a	DET
cblr-8637	123	82	security	security	NOUN
cblr-8637	123	83	for	for	ADP
cblr-8637	123	84	sale	sale	NOUN
cblr-8637	123	85	until	until	SCONJ
cblr-8637	123	86	it	it	PRON
cblr-8637	123	87	files	file	VERB
cblr-8637	123	88	its	its	PRON
cblr-8637	123	89	registration	registration	NOUN
cblr-8637	123	90	statement	statement	NOUN
cblr-8637	123	91	,	,	PUNCT
cblr-8637	123	92	and	and	CCONJ
cblr-8637	123	93	may	may	AUX
cblr-8637	123	94	not	not	PART
cblr-8637	123	95	close	close	VERB
cblr-8637	123	96	a	a	DET
cblr-8637	123	97	public	public	ADJ
cblr-8637	123	98	offering	offering	NOUN
cblr-8637	123	99	until	until	SCONJ
cblr-8637	123	100	the	the	DET
cblr-8637	123	101	registration	registration	NOUN
cblr-8637	123	102	statement	statement	NOUN
cblr-8637	123	103	is	be	AUX
cblr-8637	123	104	declared	declare	VERB
cblr-8637	123	105	“	"	PUNCT
cblr-8637	123	106	effective	effective	ADJ
cblr-8637	123	107	”	"	PUNCT
cblr-8637	123	108	by	by	ADP
cblr-8637	123	109	the	the	DET
cblr-8637	123	110	sec.15	sec.15	NOUN
cblr-8637	123	111	because	because	SCONJ
cblr-8637	123	112	of	of	ADP
cblr-8637	123	113	the	the	DET
cblr-8637	123	114	initial	initial	ADJ
cblr-8637	123	115	structure	structure	NOUN
cblr-8637	123	116	of	of	ADP
cblr-8637	123	117	the	the	DET
cblr-8637	123	118	securities	security	NOUN
cblr-8637	123	119	act	act	PROPN
cblr-8637	123	120	,	,	PUNCT
cblr-8637	123	121	an	an	DET
cblr-8637	123	122	issuer	issuer	NOUN
cblr-8637	123	123	would	would	AUX
cblr-8637	123	124	usually	usually	ADV
cblr-8637	123	125	meet	meet	VERB
cblr-8637	123	126	and	and	CCONJ
cblr-8637	123	127	hire	hire	VERB
cblr-8637	123	128	an	an	DET
cblr-8637	123	129	underwriter	underwriter	NOUN
cblr-8637	123	130	months	month	NOUN
cblr-8637	123	131	before	before	SCONJ
cblr-8637	123	132	a	a	DET
cblr-8637	123	133	planned	plan	VERB
cblr-8637	123	134	ipo	ipo	NOUN
cblr-8637	123	135	to	to	PART
cblr-8637	123	136	begin	begin	VERB
cblr-8637	123	137	preparing	prepare	VERB
cblr-8637	123	138	for	for	ADP
cblr-8637	123	139	the	the	DET
cblr-8637	123	140	offering.16	offering.16	PROPN
cblr-8637	123	141	the	the	DET
cblr-8637	123	142	typical	typical	ADJ
cblr-8637	123	143	“	"	PUNCT
cblr-8637	123	144	firm	firm	ADJ
cblr-8637	123	145	commitment	commitment	NOUN
cblr-8637	123	146	”	"	PUNCT
cblr-8637	123	147	underwriter	underwriter	NOUN
cblr-8637	123	148	would	would	AUX
cblr-8637	123	149	purchase	purchase	VERB
cblr-8637	123	150	the	the	DET
cblr-8637	123	151	underlying	underlie	VERB
cblr-8637	123	152	security	security	NOUN
cblr-8637	123	153	from	from	ADP
cblr-8637	123	154	the	the	DET
cblr-8637	123	155	issuer	issuer	NOUN
cblr-8637	123	156	for	for	ADP
cblr-8637	123	157	resale	resale	NOUN
cblr-8637	123	158	to	to	ADP
cblr-8637	123	159	the	the	DET
cblr-8637	123	160	public	public	NOUN
cblr-8637	123	161	at	at	ADP
cblr-8637	123	162	a	a	DET
cblr-8637	123	163	specific	specific	ADJ
cblr-8637	123	164	offering	offering	NOUN
cblr-8637	123	165	price.17	price.17	NOUN
cblr-8637	123	166	however	however	ADV
cblr-8637	123	167	,	,	PUNCT
cblr-8637	123	168	neither	neither	CCONJ
cblr-8637	123	169	the	the	DET
cblr-8637	123	170	issuer	issuer	NOUN
cblr-8637	123	171	nor	nor	CCONJ
cblr-8637	123	172	the	the	DET
cblr-8637	123	173	underwriter	underwriter	NOUN
cblr-8637	123	174	could	could	AUX
cblr-8637	123	175	meet	meet	VERB
cblr-8637	123	176	with	with	ADP
cblr-8637	123	177	prospective	prospective	ADJ
cblr-8637	123	178	investors	investor	NOUN
cblr-8637	123	179	until	until	SCONJ
cblr-8637	123	180	the	the	DET
cblr-8637	123	181	registration	registration	NOUN
cblr-8637	123	182	statement	statement	NOUN
cblr-8637	123	183	was	be	AUX
cblr-8637	123	184	filed.18	filed.18	ADJ
cblr-8637	123	185	from	from	ADP
cblr-8637	123	186	the	the	DET
cblr-8637	123	187	time	time	NOUN
cblr-8637	123	188	of	of	ADP
cblr-8637	123	189	the	the	DET
cblr-8637	123	190	decision	decision	NOUN
cblr-8637	123	191	to	to	PART
cblr-8637	123	192	make	make	VERB
cblr-8637	123	193	an	an	DET
cblr-8637	123	194	offering	offering	NOUN
cblr-8637	123	195	(	(	PUNCT
cblr-8637	123	196	the	the	DET
cblr-8637	123	197	pre	pre	ADJ
cblr-8637	123	198	-	-	ADJ
cblr-8637	123	199	filing	filing	ADJ
cblr-8637	123	200	period	period	NOUN
cblr-8637	123	201	)	)	PUNCT
cblr-8637	123	202	to	to	ADP
cblr-8637	123	203	the	the	DET
cblr-8637	123	204	time	time	NOUN
cblr-8637	123	205	the	the	DET
cblr-8637	123	206	registration	registration	NOUN
cblr-8637	123	207	statement	statement	NOUN
cblr-8637	123	208	was	be	AUX
cblr-8637	123	209	declared	declare	VERB
cblr-8637	123	210	effective	effective	ADJ
cblr-8637	123	211	(	(	PUNCT
cblr-8637	123	212	the	the	DET
cblr-8637	123	213	posteffective	posteffective	ADJ
cblr-8637	123	214	period	period	NOUN
cblr-8637	123	215	)	)	PUNCT
cblr-8637	123	216	,	,	PUNCT
cblr-8637	123	217	the	the	DET
cblr-8637	123	218	sec	sec	PROPN
cblr-8637	123	219	imposed	impose	VERB
cblr-8637	123	220	many	many	ADJ
cblr-8637	123	221	restrictions	restriction	NOUN
cblr-8637	123	222	on	on	ADP
cblr-8637	123	223	the	the	DET
cblr-8637	123	224	timing	timing	NOUN
cblr-8637	123	225	and	and	CCONJ
cblr-8637	123	226	types	type	NOUN
cblr-8637	123	227	of	of	ADP
cblr-8637	123	228	communications	communication	NOUN
cblr-8637	123	229	issuers	issuer	NOUN
cblr-8637	123	230	and	and	CCONJ
cblr-8637	123	231	underwriters	underwriter	NOUN
cblr-8637	123	232	could	could	AUX
cblr-8637	123	233	make.19	make.19	NOUN
cblr-8637	123	234	although	although	SCONJ
cblr-8637	123	235	recent	recent	ADJ
cblr-8637	123	236	changes	change	NOUN
cblr-8637	123	237	known	know	VERB
cblr-8637	123	238	as	as	ADP
cblr-8637	123	239	“	"	PUNCT
cblr-8637	123	240	testing	testing	NOUN
cblr-8637	123	241	-	-	PUNCT
cblr-8637	123	242	thewaters	thewater	NOUN
cblr-8637	123	243	”	"	PUNCT
cblr-8637	123	244	have	have	AUX
cblr-8637	123	245	allowed	allow	VERB
cblr-8637	123	246	for	for	ADP
cblr-8637	123	247	broader	broad	ADJ
cblr-8637	123	248	communications	communication	NOUN
cblr-8637	123	249	among	among	ADP
cblr-8637	123	250	issuers	issuer	NOUN
cblr-8637	123	251	,	,	PUNCT
cblr-8637	123	252	underwriters	underwriter	NOUN
cblr-8637	123	253	,	,	PUNCT
cblr-8637	123	254	and	and	CCONJ
cblr-8637	123	255	potential	potential	ADJ
cblr-8637	123	256	purchasers	purchaser	NOUN
cblr-8637	123	257	during	during	ADP
cblr-8637	123	258	the	the	DET
cblr-8637	123	259	pre	pre	NOUN
cblr-8637	123	260	-	-	NOUN
cblr-8637	123	261	filing	filing	NOUN
cblr-8637	123	262	and	and	CCONJ
cblr-8637	123	263	post	post	ADJ
cblr-8637	123	264	-	-	ADJ
cblr-8637	123	265	filing	filing	NOUN
cblr-8637	123	266	/	/	SYM
cblr-8637	123	267	pre	pre	ADJ
cblr-8637	123	268	-	-	ADJ
cblr-8637	123	269	effective	effective	ADJ
cblr-8637	123	270	period	period	NOUN
cblr-8637	123	271	,	,	PUNCT
cblr-8637	123	272	it	it	PRON
cblr-8637	123	273	generally	generally	ADV
cblr-8637	123	274	remains	remain	VERB
cblr-8637	123	275	the	the	DET
cblr-8637	123	276	case	case	NOUN
cblr-8637	123	277	that	that	SCONJ
cblr-8637	123	278	,	,	PUNCT
cblr-8637	123	279	unless	unless	SCONJ
cblr-8637	123	280	an	an	DET
cblr-8637	123	281	exemption	exemption	NOUN
cblr-8637	123	282	applies	apply	VERB
cblr-8637	123	283	,	,	PUNCT
cblr-8637	123	284	an	an	DET
cblr-8637	123	285	issuer	issuer	NOUN
cblr-8637	123	286	and	and	CCONJ
cblr-8637	123	287	underwriter	underwriter	NOUN
cblr-8637	123	288	may	may	AUX
cblr-8637	123	289	not	not	PART
cblr-8637	123	290	offer	offer	VERB
cblr-8637	123	291	to	to	PART
cblr-8637	123	292	sell	sell	VERB
cblr-8637	123	293	a	a	DET
cblr-8637	123	294	security	security	NOUN
cblr-8637	123	295	before	before	ADP
cblr-8637	123	296	filing	file	VERB
cblr-8637	123	297	the	the	DET
cblr-8637	123	298	registration	registration	NOUN
cblr-8637	123	299	statement	statement	NOUN
cblr-8637	123	300	or	or	CCONJ
cblr-8637	123	301	consummate	consummate	VERB
cblr-8637	123	302	the	the	DET
cblr-8637	123	303	offering	offering	NOUN
cblr-8637	123	304	until	until	SCONJ
cblr-8637	123	305	the	the	DET
cblr-8637	123	306	registration	registration	NOUN
cblr-8637	123	307	statement	statement	NOUN
cblr-8637	123	308	is	be	AUX
cblr-8637	123	309	declared	declare	VERB
cblr-8637	123	310	effective.20	effective.20	PROPN
cblr-8637	123	311	the	the	DET
cblr-8637	123	312	result	result	NOUN
cblr-8637	123	313	13	13	NUM
cblr-8637	123	314	see	see	VERB
cblr-8637	123	315	15	15	NUM
cblr-8637	123	316	u.s.c	u.s.c	ADJ
cblr-8637	123	317	.	.	PUNCT
cblr-8637	124	1	§	§	PROPN
cblr-8637	124	2	77e	77e	PROPN
cblr-8637	124	3	(	(	PUNCT
cblr-8637	124	4	2019	2019	NUM
cblr-8637	124	5	)	)	PUNCT
cblr-8637	124	6	.	.	PUNCT
cblr-8637	125	1	14	14	NUM
cblr-8637	125	2	cox	cox	PROPN
cblr-8637	125	3	et	et	PROPN
cblr-8637	125	4	al	al	PROPN
cblr-8637	125	5	.	.	PROPN
cblr-8637	125	6	,	,	PUNCT
cblr-8637	125	7	supra	supra	PROPN
cblr-8637	125	8	note	note	PROPN
cblr-8637	125	9	10	10	NUM
cblr-8637	125	10	,	,	PUNCT
cblr-8637	125	11	at	at	ADP
cblr-8637	125	12	6–7	6–7	NUM
cblr-8637	125	13	.	.	NOUN
cblr-8637	125	14	15	15	NUM
cblr-8637	126	1	i	i	PRON
cblr-8637	126	2	d.	d.	NOUN
cblr-8637	126	3	at	at	ADP
cblr-8637	126	4	7	7	NUM
cblr-8637	126	5	.	.	NUM
cblr-8637	126	6	16	16	NUM
cblr-8637	127	1	i	i	PRON
cblr-8637	127	2	d.	d.	PROPN
cblr-8637	127	3	at	at	ADP
cblr-8637	127	4	108	108	NUM
cblr-8637	127	5	.	.	PUNCT
cblr-8637	128	1	17	17	NUM
cblr-8637	129	1	i	i	PRON
cblr-8637	129	2	d.	d.	PROPN
cblr-8637	129	3	at	at	ADP
cblr-8637	129	4	106	106	NUM
cblr-8637	129	5	.	.	PUNCT
cblr-8637	130	1	18	18	NUM
cblr-8637	130	2	i	i	PRON
cblr-8637	130	3	d.	d.	PROPN
cblr-8637	130	4	at	at	ADP
cblr-8637	130	5	139	139	NUM
cblr-8637	130	6	.	.	PUNCT
cblr-8637	131	1	19	19	NUM
cblr-8637	131	2	see	see	VERB
cblr-8637	131	3	latham	latham	PROPN
cblr-8637	131	4	&	&	CCONJ
cblr-8637	131	5	watkins	watkins	PROPN
cblr-8637	131	6	llp	llp	PROPN
cblr-8637	131	7	,	,	PUNCT
cblr-8637	131	8	us	us	PROPN
cblr-8637	131	9	ipo	ipo	PROPN
cblr-8637	131	10	guide	guide	NOUN
cblr-8637	131	11	15	15	NUM
cblr-8637	131	12	(	(	PUNCT
cblr-8637	131	13	2020	2020	NUM
cblr-8637	131	14	)	)	PUNCT
cblr-8637	131	15	,	,	PUNCT
cblr-8637	131	16	https://www.lw.com/thoughtleadership/lw-us-ipo-guide	https://www.lw.com/thoughtleadership/lw-us-ipo-guide	PROPN
cblr-8637	131	17	[	[	X
cblr-8637	131	18	https://perma.cc/g3ab-r9uu	https://perma.cc/g3ab-r9uu	X
cblr-8637	131	19	]	]	X
cblr-8637	131	20	.	.	PUNCT
cblr-8637	132	1	20	20	NUM
cblr-8637	132	2	see	see	VERB
cblr-8637	132	3	i	i	PRON
cblr-8637	132	4	d.	d.	PROPN
cblr-8637	132	5	at	at	ADP
cblr-8637	132	6	15–16	15–16	PROPN
cblr-8637	132	7	.	.	PUNCT
cblr-8637	133	1	greene	greene	PROPN
cblr-8637	133	2	et	et	PROPN
cblr-8637	133	3	al	al	PROPN
cblr-8637	133	4	.	.	PROPN
cblr-8637	134	1	8/21/2021	8/21/2021	NUM
cblr-8637	134	2	1:44	1:44	NUM
cblr-8637	134	3	pm	pm	NOUN
cblr-8637	134	4	no	no	INTJ
cblr-8637	134	5	.	.	PUNCT
cblr-8637	135	1	2:714	2:714	NUM
cblr-8637	135	2	]	]	X
cblr-8637	135	3	the	the	DET
cblr-8637	135	4	need	need	NOUN
cblr-8637	135	5	for	for	ADP
cblr-8637	135	6	a	a	DET
cblr-8637	135	7	comprehensive	comprehensive	ADJ
cblr-8637	135	8	approach	approach	NOUN
cblr-8637	135	9	723	723	NUM
cblr-8637	135	10	is	be	AUX
cblr-8637	135	11	that	that	SCONJ
cblr-8637	135	12	the	the	DET
cblr-8637	135	13	issuer	issuer	NOUN
cblr-8637	135	14	must	must	AUX
cblr-8637	135	15	incur	incur	VERB
cblr-8637	135	16	the	the	DET
cblr-8637	135	17	significant	significant	ADJ
cblr-8637	135	18	costs	cost	NOUN
cblr-8637	135	19	associated	associate	VERB
cblr-8637	135	20	with	with	ADP
cblr-8637	135	21	preparing	prepare	VERB
cblr-8637	135	22	the	the	DET
cblr-8637	135	23	registration	registration	NOUN
cblr-8637	135	24	statement	statement	NOUN
cblr-8637	135	25	without	without	ADP
cblr-8637	135	26	knowing	know	VERB
cblr-8637	135	27	whether	whether	SCONJ
cblr-8637	135	28	the	the	DET
cblr-8637	135	29	offering	offering	NOUN
cblr-8637	135	30	will	will	AUX
cblr-8637	135	31	be	be	AUX
cblr-8637	135	32	positively	positively	ADV
cblr-8637	135	33	received	receive	VERB
cblr-8637	135	34	by	by	ADP
cblr-8637	135	35	investors	investor	NOUN
cblr-8637	135	36	.	.	PUNCT
cblr-8637	136	1	compliance	compliance	NOUN
cblr-8637	136	2	with	with	ADP
cblr-8637	136	3	the	the	DET
cblr-8637	136	4	strictures	stricture	NOUN
cblr-8637	136	5	of	of	ADP
cblr-8637	136	6	the	the	DET
cblr-8637	136	7	securities	security	NOUN
cblr-8637	136	8	act	act	NOUN
cblr-8637	136	9	is	be	AUX
cblr-8637	136	10	ensured	ensure	VERB
cblr-8637	136	11	through	through	ADP
cblr-8637	136	12	private	private	ADJ
cblr-8637	136	13	and	and	CCONJ
cblr-8637	136	14	public	public	ADJ
cblr-8637	136	15	remedies.21	remedies.21	NOUN
cblr-8637	136	16	a	a	DET
cblr-8637	136	17	private	private	ADJ
cblr-8637	136	18	right	right	NOUN
cblr-8637	136	19	of	of	ADP
cblr-8637	136	20	action	action	NOUN
cblr-8637	136	21	is	be	AUX
cblr-8637	136	22	available	available	ADJ
cblr-8637	136	23	under	under	ADP
cblr-8637	136	24	section	section	NOUN
cblr-8637	136	25	11	11	NUM
cblr-8637	136	26	for	for	ADP
cblr-8637	136	27	materially	materially	ADV
cblr-8637	136	28	false	false	ADJ
cblr-8637	136	29	statements	statement	NOUN
cblr-8637	136	30	in	in	ADP
cblr-8637	136	31	the	the	DET
cblr-8637	136	32	registration	registration	NOUN
cblr-8637	136	33	statement.22	statement.22	NOUN
cblr-8637	136	34	under	under	ADP
cblr-8637	136	35	section	section	NOUN
cblr-8637	136	36	11	11	NUM
cblr-8637	136	37	,	,	PUNCT
cblr-8637	136	38	the	the	DET
cblr-8637	136	39	registrant	registrant	NOUN
cblr-8637	136	40	has	have	VERB
cblr-8637	136	41	absolute	absolute	ADJ
cblr-8637	136	42	liability	liability	NOUN
cblr-8637	136	43	for	for	ADP
cblr-8637	136	44	any	any	DET
cblr-8637	136	45	intentional	intentional	ADJ
cblr-8637	136	46	misstatement	misstatement	NOUN
cblr-8637	136	47	or	or	CCONJ
cblr-8637	136	48	omission	omission	NOUN
cblr-8637	136	49	;	;	PUNCT
cblr-8637	136	50	there	there	PRON
cblr-8637	136	51	is	be	VERB
cblr-8637	136	52	no	no	DET
cblr-8637	136	53	defense.23	defense.23	NOUN
cblr-8637	136	54	in	in	ADP
cblr-8637	136	55	addition	addition	NOUN
cblr-8637	136	56	,	,	PUNCT
cblr-8637	136	57	any	any	DET
cblr-8637	136	58	person	person	NOUN
cblr-8637	136	59	who	who	PRON
cblr-8637	136	60	signs	sign	VERB
cblr-8637	136	61	the	the	DET
cblr-8637	136	62	registration	registration	NOUN
cblr-8637	136	63	statement	statement	NOUN
cblr-8637	136	64	(	(	PUNCT
cblr-8637	136	65	including	include	VERB
cblr-8637	136	66	the	the	DET
cblr-8637	136	67	directors	director	NOUN
cblr-8637	136	68	,	,	PUNCT
cblr-8637	136	69	ceo	ceo	NOUN
cblr-8637	136	70	,	,	PUNCT
cblr-8637	136	71	and	and	CCONJ
cblr-8637	136	72	cfo	cfo	ADJ
cblr-8637	136	73	)	)	PUNCT
cblr-8637	136	74	without	without	ADP
cblr-8637	136	75	conducting	conduct	VERB
cblr-8637	136	76	a	a	DET
cblr-8637	136	77	reasonable	reasonable	ADJ
cblr-8637	136	78	investigation	investigation	NOUN
cblr-8637	136	79	into	into	ADP
cblr-8637	136	80	the	the	DET
cblr-8637	136	81	accuracy	accuracy	NOUN
cblr-8637	136	82	of	of	ADP
cblr-8637	136	83	the	the	DET
cblr-8637	136	84	disclosures	disclosure	NOUN
cblr-8637	136	85	can	can	AUX
cblr-8637	136	86	be	be	AUX
cblr-8637	136	87	held	hold	VERB
cblr-8637	136	88	liable	liable	ADJ
cblr-8637	136	89	for	for	ADP
cblr-8637	136	90	any	any	DET
cblr-8637	136	91	materially	materially	ADV
cblr-8637	136	92	false	false	ADJ
cblr-8637	136	93	statement	statement	NOUN
cblr-8637	136	94	contained	contain	VERB
cblr-8637	136	95	therein.24	therein.24	NOUN
cblr-8637	136	96	section	section	NOUN
cblr-8637	136	97	12	12	NUM
cblr-8637	136	98	imposes	impose	VERB
cblr-8637	136	99	civil	civil	ADJ
cblr-8637	136	100	“	"	PUNCT
cblr-8637	136	101	liability	liability	NOUN
cblr-8637	136	102	on	on	ADP
cblr-8637	136	103	any	any	DET
cblr-8637	136	104	person	person	NOUN
cblr-8637	136	105	who	who	PRON
cblr-8637	136	106	offers	offer	VERB
cblr-8637	136	107	or	or	CCONJ
cblr-8637	136	108	sells	sell	VERB
cblr-8637	136	109	a	a	DET
cblr-8637	136	110	security	security	NOUN
cblr-8637	136	111	by	by	ADP
cblr-8637	136	112	means	mean	NOUN
cblr-8637	136	113	of	of	ADP
cblr-8637	136	114	offering	offer	VERB
cblr-8637	136	115	material	material	NOUN
cblr-8637	136	116	or	or	CCONJ
cblr-8637	136	117	oral	oral	ADJ
cblr-8637	136	118	communication	communication	NOUN
cblr-8637	136	119	that	that	PRON
cblr-8637	136	120	contains	contain	VERB
cblr-8637	136	121	a	a	DET
cblr-8637	136	122	material	material	NOUN
cblr-8637	136	123	misstatement	misstatement	NOUN
cblr-8637	136	124	or	or	CCONJ
cblr-8637	136	125	omission	omission	NOUN
cblr-8637	136	126	.	.	PUNCT
cblr-8637	137	1	”25	”25	ADJ
cblr-8637	137	2	all	all	DET
cblr-8637	137	3	individuals	individual	NOUN
cblr-8637	137	4	involved	involve	VERB
cblr-8637	137	5	in	in	ADP
cblr-8637	137	6	the	the	DET
cblr-8637	137	7	offering	offering	NOUN
cblr-8637	137	8	can	can	AUX
cblr-8637	137	9	also	also	ADV
cblr-8637	137	10	be	be	AUX
cblr-8637	137	11	held	hold	VERB
cblr-8637	137	12	liable	liable	ADJ
cblr-8637	137	13	for	for	ADP
cblr-8637	137	14	misleading	misleading	ADJ
cblr-8637	137	15	or	or	CCONJ
cblr-8637	137	16	inaccurate	inaccurate	ADJ
cblr-8637	137	17	statements	statement	NOUN
cblr-8637	137	18	under	under	ADP
cblr-8637	137	19	the	the	DET
cblr-8637	137	20	general	general	PROPN
cblr-8637	137	21	antifraud	antifraud	PROPN
cblr-8637	137	22	provision	provision	NOUN
cblr-8637	137	23	of	of	ADP
cblr-8637	137	24	the	the	DET
cblr-8637	137	25	exchange	exchange	NOUN
cblr-8637	137	26	act	act	NOUN
cblr-8637	137	27	(	(	PUNCT
cblr-8637	137	28	section	section	NOUN
cblr-8637	137	29	10(b	10(b	NUM
cblr-8637	137	30	)	)	PUNCT
cblr-8637	137	31	and	and	CCONJ
cblr-8637	137	32	rule	rule	VERB
cblr-8637	137	33	10b-5	10b-5	NUM
cblr-8637	137	34	)	)	PUNCT
cblr-8637	137	35	upon	upon	SCONJ
cblr-8637	137	36	a	a	DET
cblr-8637	137	37	showing	showing	NOUN
cblr-8637	137	38	that	that	SCONJ
cblr-8637	137	39	“	"	PUNCT
cblr-8637	137	40	the	the	DET
cblr-8637	137	41	defendant	defendant	NOUN
cblr-8637	137	42	acted	act	VERB
cblr-8637	137	43	recklessly	recklessly	ADV
cblr-8637	137	44	or	or	CCONJ
cblr-8637	137	45	willfully	willfully	ADV
cblr-8637	137	46	and	and	CCONJ
cblr-8637	137	47	that	that	SCONJ
cblr-8637	137	48	the	the	DET
cblr-8637	137	49	plaintiff	plaintiff	NOUN
cblr-8637	137	50	relied	rely	VERB
cblr-8637	137	51	”	"	PUNCT
cblr-8637	137	52	on	on	ADP
cblr-8637	137	53	the	the	DET
cblr-8637	137	54	statements.26	statements.26	PROPN
cblr-8637	137	55	unlike	unlike	ADP
cblr-8637	137	56	the	the	DET
cblr-8637	137	57	securities	security	NOUN
cblr-8637	137	58	act	act	PROPN
cblr-8637	137	59	,	,	PUNCT
cblr-8637	137	60	which	which	PRON
cblr-8637	137	61	only	only	ADV
cblr-8637	137	62	requires	require	VERB
cblr-8637	137	63	disclosure	disclosure	NOUN
cblr-8637	137	64	when	when	SCONJ
cblr-8637	137	65	securities	security	NOUN
cblr-8637	137	66	are	be	AUX
cblr-8637	137	67	issued	issue	VERB
cblr-8637	137	68	,	,	PUNCT
cblr-8637	137	69	the	the	DET
cblr-8637	137	70	exchange	exchange	NOUN
cblr-8637	137	71	act	act	NOUN
cblr-8637	137	72	requires	require	VERB
cblr-8637	137	73	reporting	report	VERB
cblr-8637	137	74	companies	company	NOUN
cblr-8637	137	75	to	to	PART
cblr-8637	137	76	make	make	VERB
cblr-8637	137	77	certain	certain	ADJ
cblr-8637	137	78	ongoing	ongoing	ADJ
cblr-8637	137	79	disclosures.27	disclosures.27	PROPN
cblr-8637	137	80	a	a	DET
cblr-8637	137	81	21	21	NUM
cblr-8637	137	82	cox	cox	X
cblr-8637	137	83	et	et	PROPN
cblr-8637	137	84	al	al	PROPN
cblr-8637	137	85	.	.	PROPN
cblr-8637	137	86	,	,	PUNCT
cblr-8637	137	87	supra	supra	PROPN
cblr-8637	137	88	note	note	PROPN
cblr-8637	137	89	10	10	NUM
cblr-8637	137	90	,	,	PUNCT
cblr-8637	137	91	at	at	ADP
cblr-8637	137	92	7	7	NUM
cblr-8637	137	93	.	.	SYM
cblr-8637	137	94	22	22	NUM
cblr-8637	138	1	i	i	PRON
cblr-8637	138	2	d.	d.	PROPN
cblr-8637	138	3	23	23	NUM
cblr-8637	138	4	see	see	VERB
cblr-8637	138	5	15	15	NUM
cblr-8637	138	6	u.s.c	u.s.c	ADJ
cblr-8637	138	7	.	.	PUNCT
cblr-8637	139	1	§	§	PROPN
cblr-8637	139	2	77k(a)–(c	77k(a)–(c	NUM
cblr-8637	139	3	)	)	PUNCT
cblr-8637	139	4	(	(	PUNCT
cblr-8637	139	5	2019	2019	NUM
cblr-8637	139	6	)	)	PUNCT
cblr-8637	139	7	.	.	PUNCT
cblr-8637	140	1	24	24	NUM
cblr-8637	140	2	adam	adam	PROPN
cblr-8637	140	3	e.	e.	PROPN
cblr-8637	140	4	fleisher	fleisher	PROPN
cblr-8637	140	5	&	&	CCONJ
cblr-8637	140	6	sophie	sophie	PROPN
cblr-8637	140	7	grais	grais	PROPN
cblr-8637	140	8	,	,	PUNCT
cblr-8637	140	9	cleary	cleary	PROPN
cblr-8637	140	10	gottlieb	gottlieb	PROPN
cblr-8637	140	11	,	,	PUNCT
cblr-8637	140	12	going	go	VERB
cblr-8637	140	13	public	public	ADJ
cblr-8637	140	14	:	:	PUNCT
cblr-8637	140	15	a	a	DET
cblr-8637	140	16	guide	guide	NOUN
cblr-8637	140	17	to	to	ADP
cblr-8637	140	18	u.s	u.s	PROPN
cblr-8637	140	19	.	.	PROPN
cblr-8637	140	20	ipos	ipos	PROPN
cblr-8637	140	21	for	for	ADP
cblr-8637	140	22	founders	founder	NOUN
cblr-8637	140	23	,	,	PUNCT
cblr-8637	140	24	officers	officer	NOUN
cblr-8637	140	25	,	,	PUNCT
cblr-8637	140	26	directors	director	NOUN
cblr-8637	140	27	and	and	CCONJ
cblr-8637	140	28	other	other	ADJ
cblr-8637	140	29	market	market	NOUN
cblr-8637	140	30	participants	participant	NOUN
cblr-8637	140	31	19	19	NUM
cblr-8637	140	32	(	(	PUNCT
cblr-8637	140	33	2020	2020	NUM
cblr-8637	140	34	)	)	PUNCT
cblr-8637	140	35	,	,	PUNCT
cblr-8637	140	36	https://www.clearygottlieb.com//media/files/alert-memos-2020/going-public-a-guide-to-us-ipos-forfounders-officers-directors-and-other-market-participants-2020.pdf	https://www.clearygottlieb.com//media/files/alert-memos-2020/going-public-a-guide-to-us-ipos-forfounders-officers-directors-and-other-market-participants-2020.pdf	X
cblr-8637	141	1	[	[	X
cblr-8637	141	2	https://perma.cc/e4by-a2np	https://perma.cc/e4by-a2np	X
cblr-8637	141	3	]	]	X
cblr-8637	141	4	.	.	PUNCT
cblr-8637	142	1	25	25	NUM
cblr-8637	143	1	i	i	PRON
cblr-8637	143	2	d.	d.	PROPN
cblr-8637	143	3	individuals	individual	NOUN
cblr-8637	143	4	that	that	PRON
cblr-8637	143	5	control	control	VERB
cblr-8637	143	6	a	a	DET
cblr-8637	143	7	party	party	NOUN
cblr-8637	143	8	primarily	primarily	ADV
cblr-8637	143	9	liable	liable	ADJ
cblr-8637	143	10	under	under	ADP
cblr-8637	143	11	section	section	NOUN
cblr-8637	143	12	11	11	NUM
cblr-8637	143	13	or	or	CCONJ
cblr-8637	143	14	section	section	NOUN
cblr-8637	143	15	12	12	NUM
cblr-8637	143	16	can	can	AUX
cblr-8637	143	17	be	be	AUX
cblr-8637	143	18	found	find	VERB
cblr-8637	143	19	secondarily	secondarily	ADV
cblr-8637	143	20	liable	liable	ADJ
cblr-8637	143	21	for	for	ADP
cblr-8637	143	22	the	the	DET
cblr-8637	143	23	material	material	NOUN
cblr-8637	143	24	misrepresentations	misrepresentation	NOUN
cblr-8637	143	25	under	under	ADP
cblr-8637	143	26	section	section	NOUN
cblr-8637	143	27	15	15	NUM
cblr-8637	143	28	of	of	ADP
cblr-8637	143	29	the	the	DET
cblr-8637	143	30	securities	security	NOUN
cblr-8637	143	31	act	act	NOUN
cblr-8637	143	32	or	or	CCONJ
cblr-8637	143	33	section	section	NOUN
cblr-8637	143	34	20	20	NUM
cblr-8637	143	35	of	of	ADP
cblr-8637	143	36	the	the	DET
cblr-8637	143	37	exchange	exchange	NOUN
cblr-8637	143	38	act	act	PROPN
cblr-8637	143	39	.	.	PUNCT
cblr-8637	144	1	i	i	PRON
cblr-8637	144	2	d.	d.	PROPN
cblr-8637	144	3	26	26	NUM
cblr-8637	145	1	i	i	PRON
cblr-8637	145	2	d.	d.	PROPN
cblr-8637	145	3	27	27	NUM
cblr-8637	145	4	see	see	VERB
cblr-8637	145	5	3	3	NUM
cblr-8637	145	6	bloomenthal	bloomenthal	NOUN
cblr-8637	145	7	&	&	CCONJ
cblr-8637	145	8	wolff	wolff	PROPN
cblr-8637	145	9	,	,	PUNCT
cblr-8637	145	10	supra	supra	PROPN
cblr-8637	145	11	note	note	PROPN
cblr-8637	145	12	11	11	NUM
cblr-8637	145	13	,	,	PUNCT
cblr-8637	145	14	§	§	PROPN
cblr-8637	145	15	1:60	1:60	NUM
cblr-8637	145	16	.	.	PUNCT
cblr-8637	146	1	greene	greene	PROPN
cblr-8637	146	2	et	et	PROPN
cblr-8637	146	3	al	al	PROPN
cblr-8637	146	4	.	.	PROPN
cblr-8637	147	1	8/21/2021	8/21/2021	NUM
cblr-8637	147	2	1:44	1:44	NUM
cblr-8637	147	3	pm	pm	NOUN
cblr-8637	147	4	724	724	NUM
cblr-8637	147	5	columbia	columbia	PROPN
cblr-8637	147	6	business	business	NOUN
cblr-8637	147	7	law	law	PROPN
cblr-8637	147	8	review	review	NOUN
cblr-8637	148	1	[	[	X
cblr-8637	148	2	vol	vol	NOUN
cblr-8637	148	3	.	.	NOUN
cblr-8637	148	4	2021	2021	NUM
cblr-8637	148	5	company	company	NOUN
cblr-8637	148	6	qualifies	qualify	VERB
cblr-8637	148	7	as	as	ADP
cblr-8637	148	8	a	a	DET
cblr-8637	148	9	“	"	PUNCT
cblr-8637	148	10	reporting	reporting	NOUN
cblr-8637	148	11	company	company	NOUN
cblr-8637	148	12	”	"	PUNCT
cblr-8637	148	13	for	for	ADP
cblr-8637	148	14	purposes	purpose	NOUN
cblr-8637	148	15	of	of	ADP
cblr-8637	148	16	the	the	DET
cblr-8637	148	17	acts	act	NOUN
cblr-8637	148	18	if	if	SCONJ
cblr-8637	148	19	it	it	PRON
cblr-8637	148	20	:	:	PUNCT
cblr-8637	148	21	(	(	PUNCT
cblr-8637	148	22	1	1	X
cblr-8637	148	23	)	)	PUNCT
cblr-8637	148	24	has	have	VERB
cblr-8637	148	25	securities	security	NOUN
cblr-8637	148	26	listed	list	VERB
cblr-8637	148	27	on	on	ADP
cblr-8637	148	28	a	a	DET
cblr-8637	148	29	national	national	ADJ
cblr-8637	148	30	exchange	exchange	NOUN
cblr-8637	148	31	,	,	PUNCT
cblr-8637	148	32	(	(	PUNCT
cblr-8637	148	33	2	2	X
cblr-8637	148	34	)	)	PUNCT
cblr-8637	148	35	has	have	VERB
cblr-8637	148	36	assets	asset	NOUN
cblr-8637	148	37	over	over	ADP
cblr-8637	148	38	$	$	SYM
cblr-8637	148	39	10	10	NUM
cblr-8637	148	40	million	million	NUM
cblr-8637	148	41	and	and	CCONJ
cblr-8637	148	42	at	at	ADV
cblr-8637	148	43	least	least	ADJ
cblr-8637	148	44	2,000	2,000	NUM
cblr-8637	148	45	record	record	NOUN
cblr-8637	148	46	holders	holder	NOUN
cblr-8637	148	47	in	in	ADP
cblr-8637	148	48	a	a	DET
cblr-8637	148	49	class	class	NOUN
cblr-8637	148	50	of	of	ADP
cblr-8637	148	51	equity	equity	NOUN
cblr-8637	148	52	securities	security	NOUN
cblr-8637	148	53	or	or	CCONJ
cblr-8637	148	54	500	500	NUM
cblr-8637	148	55	record	record	NOUN
cblr-8637	148	56	holders	holder	NOUN
cblr-8637	148	57	who	who	PRON
cblr-8637	148	58	are	be	AUX
cblr-8637	148	59	not	not	PART
cblr-8637	148	60	accredited	accredited	ADJ
cblr-8637	148	61	investors	investor	NOUN
cblr-8637	148	62	,	,	PUNCT
cblr-8637	148	63	or	or	CCONJ
cblr-8637	148	64	(	(	PUNCT
cblr-8637	148	65	3	3	X
cblr-8637	148	66	)	)	PUNCT
cblr-8637	148	67	has	have	AUX
cblr-8637	148	68	filed	file	VERB
cblr-8637	148	69	a	a	DET
cblr-8637	148	70	registration	registration	NOUN
cblr-8637	148	71	statement	statement	NOUN
cblr-8637	148	72	under	under	ADP
cblr-8637	148	73	the	the	DET
cblr-8637	148	74	securities	security	NOUN
cblr-8637	148	75	act	act	NOUN
cblr-8637	148	76	which	which	PRON
cblr-8637	148	77	has	have	AUX
cblr-8637	148	78	become	become	VERB
cblr-8637	148	79	effective.28	effective.28	NOUN
cblr-8637	148	80	reporting	reporting	NOUN
cblr-8637	148	81	companies	company	NOUN
cblr-8637	148	82	must	must	AUX
cblr-8637	148	83	comply	comply	VERB
cblr-8637	148	84	with	with	ADP
cblr-8637	148	85	continuing	continue	VERB
cblr-8637	148	86	financial	financial	ADJ
cblr-8637	148	87	disclosure	disclosure	NOUN
cblr-8637	148	88	requirements	requirement	NOUN
cblr-8637	148	89	,	,	PUNCT
cblr-8637	148	90	including	include	VERB
cblr-8637	148	91	annual	annual	ADJ
cblr-8637	148	92	filings	filing	NOUN
cblr-8637	148	93	on	on	ADP
cblr-8637	148	94	form	form	NOUN
cblr-8637	148	95	10	10	NUM
cblr-8637	148	96	-	-	SYM
cblr-8637	148	97	k	k	ADJ
cblr-8637	148	98	,	,	PUNCT
cblr-8637	148	99	quarterly	quarterly	ADJ
cblr-8637	148	100	filings	filing	NOUN
cblr-8637	148	101	on	on	ADP
cblr-8637	148	102	form	form	NOUN
cblr-8637	148	103	10	10	NUM
cblr-8637	148	104	-	-	PUNCT
cblr-8637	148	105	q	q	NOUN
cblr-8637	148	106	,	,	PUNCT
cblr-8637	148	107	and	and	CCONJ
cblr-8637	148	108	periodic	periodic	ADJ
cblr-8637	148	109	filings	filing	NOUN
cblr-8637	148	110	on	on	ADP
cblr-8637	148	111	form	form	NOUN
cblr-8637	148	112	8	8	NUM
cblr-8637	148	113	-	-	SYM
cblr-8637	148	114	k.29	k.29	NOUN
cblr-8637	148	115	as	as	SCONJ
cblr-8637	148	116	these	these	DET
cblr-8637	148	117	ongoing	ongoing	ADJ
cblr-8637	148	118	disclosures	disclosure	NOUN
cblr-8637	148	119	are	be	AUX
cblr-8637	148	120	often	often	ADV
cblr-8637	148	121	incorporated	incorporate	VERB
cblr-8637	148	122	in	in	ADP
cblr-8637	148	123	subsequently	subsequently	ADV
cblr-8637	148	124	filed	file	VERB
cblr-8637	148	125	registration	registration	NOUN
cblr-8637	148	126	statements	statement	NOUN
cblr-8637	148	127	,	,	PUNCT
cblr-8637	148	128	directors	director	NOUN
cblr-8637	148	129	and	and	CCONJ
cblr-8637	148	130	officers	officer	NOUN
cblr-8637	148	131	are	be	AUX
cblr-8637	148	132	exposed	expose	VERB
cblr-8637	148	133	to	to	ADP
cblr-8637	148	134	potential	potential	ADJ
cblr-8637	148	135	liability	liability	NOUN
cblr-8637	148	136	under	under	ADP
cblr-8637	148	137	the	the	DET
cblr-8637	148	138	securities	security	NOUN
cblr-8637	148	139	act	act	NOUN
cblr-8637	148	140	for	for	ADP
cblr-8637	148	141	any	any	DET
cblr-8637	148	142	misrepresentations	misrepresentation	NOUN
cblr-8637	148	143	in	in	ADP
cblr-8637	148	144	these	these	DET
cblr-8637	148	145	periodic	periodic	ADJ
cblr-8637	148	146	filings.30	filings.30	NOUN
cblr-8637	148	147	in	in	ADP
cblr-8637	148	148	addition	addition	NOUN
cblr-8637	148	149	to	to	ADP
cblr-8637	148	150	liability	liability	NOUN
cblr-8637	148	151	through	through	ADP
cblr-8637	148	152	incorporation	incorporation	NOUN
cblr-8637	148	153	of	of	ADP
cblr-8637	148	154	statements	statement	NOUN
cblr-8637	148	155	in	in	ADP
cblr-8637	148	156	securities	security	NOUN
cblr-8637	148	157	act	act	VERB
cblr-8637	148	158	filings	filing	NOUN
cblr-8637	148	159	and	and	CCONJ
cblr-8637	148	160	the	the	DET
cblr-8637	148	161	general	general	PROPN
cblr-8637	148	162	antifraud	antifraud	PROPN
cblr-8637	148	163	provisions	provision	NOUN
cblr-8637	148	164	of	of	ADP
cblr-8637	148	165	section	section	NOUN
cblr-8637	148	166	10(b	10(b	NUM
cblr-8637	148	167	)	)	PUNCT
cblr-8637	148	168	,	,	PUNCT
cblr-8637	148	169	section	section	NOUN
cblr-8637	148	170	18(a	18(a	NUM
cblr-8637	148	171	)	)	PUNCT
cblr-8637	148	172	of	of	ADP
cblr-8637	148	173	the	the	DET
cblr-8637	148	174	exchange	exchange	NOUN
cblr-8637	148	175	act	act	NOUN
cblr-8637	148	176	provides	provide	VERB
cblr-8637	148	177	a	a	DET
cblr-8637	148	178	private	private	ADJ
cblr-8637	148	179	right	right	NOUN
cblr-8637	148	180	of	of	ADP
cblr-8637	148	181	action	action	NOUN
cblr-8637	148	182	against	against	ADP
cblr-8637	148	183	companies	company	NOUN
cblr-8637	148	184	and	and	CCONJ
cblr-8637	148	185	officials	official	NOUN
cblr-8637	148	186	for	for	ADP
cblr-8637	148	187	investors	investor	NOUN
cblr-8637	148	188	who	who	PRON
cblr-8637	148	189	rely	rely	VERB
cblr-8637	148	190	on	on	ADP
cblr-8637	148	191	false	false	ADJ
cblr-8637	148	192	or	or	CCONJ
cblr-8637	148	193	misleading	misleading	ADJ
cblr-8637	148	194	statements	statement	NOUN
cblr-8637	148	195	in	in	ADP
cblr-8637	148	196	reports	report	NOUN
cblr-8637	148	197	filed	file	VERB
cblr-8637	148	198	with	with	ADP
cblr-8637	148	199	the	the	DET
cblr-8637	148	200	sec.31	sec.31	PRON
cblr-8637	148	201	28	28	NUM
cblr-8637	148	202	cox	cox	X
cblr-8637	149	1	et	et	PROPN
cblr-8637	149	2	al	al	PROPN
cblr-8637	149	3	.	.	PROPN
cblr-8637	149	4	,	,	PUNCT
cblr-8637	149	5	supra	supra	PROPN
cblr-8637	149	6	note	note	PROPN
cblr-8637	149	7	10	10	NUM
cblr-8637	149	8	,	,	PUNCT
cblr-8637	149	9	at	at	ADP
cblr-8637	149	10	10	10	NUM
cblr-8637	149	11	.	.	PUNCT
cblr-8637	149	12	29	29	NUM
cblr-8637	149	13	syed	syed	ADJ
cblr-8637	149	14	haq	haq	PROPN
cblr-8637	149	15	,	,	PUNCT
cblr-8637	149	16	comment	comment	NOUN
cblr-8637	149	17	,	,	PUNCT
cblr-8637	149	18	revisiting	revisit	VERB
cblr-8637	149	19	the	the	DET
cblr-8637	149	20	accredited	accredited	ADJ
cblr-8637	149	21	investor	investor	NOUN
cblr-8637	149	22	standard	standard	NOUN
cblr-8637	149	23	,	,	PUNCT
cblr-8637	149	24	59	59	NUM
cblr-8637	149	25	mich	mich	PROPN
cblr-8637	149	26	.	.	PUNCT
cblr-8637	150	1	bus	bus	PROPN
cblr-8637	150	2	.	.	PUNCT
cblr-8637	150	3	&	&	CCONJ
cblr-8637	150	4	entrepreneurial	entrepreneurial	PROPN
cblr-8637	150	5	l.	l.	PROPN
cblr-8637	150	6	rev	rev	PROPN
cblr-8637	150	7	.	.	PROPN
cblr-8637	150	8	59	59	NUM
cblr-8637	150	9	,	,	PUNCT
cblr-8637	150	10	64	64	NUM
cblr-8637	150	11	(	(	PUNCT
cblr-8637	150	12	2015	2015	NUM
cblr-8637	150	13	)	)	PUNCT
cblr-8637	150	14	.	.	PUNCT
cblr-8637	151	1	while	while	SCONJ
cblr-8637	151	2	all	all	DET
cblr-8637	151	3	reporting	report	VERB
cblr-8637	151	4	companies	company	NOUN
cblr-8637	151	5	are	be	AUX
cblr-8637	151	6	generally	generally	ADV
cblr-8637	151	7	required	require	VERB
cblr-8637	151	8	to	to	PART
cblr-8637	151	9	file	file	VERB
cblr-8637	151	10	these	these	DET
cblr-8637	151	11	forms	form	NOUN
cblr-8637	151	12	,	,	PUNCT
cblr-8637	151	13	the	the	DET
cblr-8637	151	14	sec	sec	PROPN
cblr-8637	151	15	has	have	AUX
cblr-8637	151	16	divided	divide	VERB
cblr-8637	151	17	issuers	issuer	NOUN
cblr-8637	151	18	into	into	ADP
cblr-8637	151	19	four	four	NUM
cblr-8637	151	20	categories	category	NOUN
cblr-8637	151	21	:	:	PUNCT
cblr-8637	151	22	large	large	ADJ
cblr-8637	151	23	accelerated	accelerated	ADJ
cblr-8637	151	24	filers	filer	NOUN
cblr-8637	151	25	,	,	PUNCT
cblr-8637	151	26	accelerated	accelerate	VERB
cblr-8637	151	27	filers	filer	NOUN
cblr-8637	151	28	,	,	PUNCT
cblr-8637	151	29	nonaccelerated	nonaccelerate	VERB
cblr-8637	151	30	filers	filer	NOUN
cblr-8637	151	31	,	,	PUNCT
cblr-8637	151	32	and	and	CCONJ
cblr-8637	151	33	smaller	small	ADJ
cblr-8637	151	34	reporting	reporting	NOUN
cblr-8637	151	35	companies	company	NOUN
cblr-8637	151	36	.	.	PUNCT
cblr-8637	152	1	depending	depend	VERB
cblr-8637	152	2	on	on	ADP
cblr-8637	152	3	which	which	DET
cblr-8637	152	4	category	category	NOUN
cblr-8637	152	5	the	the	DET
cblr-8637	152	6	company	company	NOUN
cblr-8637	152	7	falls	fall	VERB
cblr-8637	152	8	into	into	ADP
cblr-8637	152	9	,	,	PUNCT
cblr-8637	152	10	the	the	DET
cblr-8637	152	11	exchange	exchange	NOUN
cblr-8637	152	12	act	act	VERB
cblr-8637	152	13	filings	filing	NOUN
cblr-8637	152	14	and	and	CCONJ
cblr-8637	152	15	filing	filing	NOUN
cblr-8637	152	16	deadlines	deadline	NOUN
cblr-8637	152	17	will	will	AUX
cblr-8637	152	18	vary	vary	VERB
cblr-8637	152	19	.	.	PUNCT
cblr-8637	153	1	morrison	morrison	PROPN
cblr-8637	153	2	&	&	CCONJ
cblr-8637	153	3	foerster	foerster	PROPN
cblr-8637	153	4	llp	llp	PROPN
cblr-8637	153	5	,	,	PUNCT
cblr-8637	153	6	frequently	frequently	ADV
cblr-8637	153	7	asked	ask	VERB
cblr-8637	153	8	questions	question	NOUN
cblr-8637	153	9	about	about	ADP
cblr-8637	153	10	period	period	NOUN
cblr-8637	153	11	reporting	reporting	NOUN
cblr-8637	153	12	requirements	requirement	NOUN
cblr-8637	153	13	for	for	ADP
cblr-8637	153	14	u.s	u.s	PROPN
cblr-8637	153	15	.	.	PROPN
cblr-8637	153	16	issuers	issuer	NOUN
cblr-8637	153	17	—	—	PUNCT
cblr-8637	153	18	overview	overview	VERB
cblr-8637	153	19	2–3	2–3	NUM
cblr-8637	153	20	(	(	PUNCT
cblr-8637	153	21	last	last	ADJ
cblr-8637	153	22	visited	visit	VERB
cblr-8637	153	23	may	may	AUX
cblr-8637	153	24	25	25	NUM
cblr-8637	153	25	,	,	PUNCT
cblr-8637	153	26	2021	2021	NUM
cblr-8637	153	27	)	)	PUNCT
cblr-8637	153	28	,	,	PUNCT
cblr-8637	153	29	https://media2.mofo	https://media2.mofo	NOUN
cblr-8637	153	30	.	.	PUNCT
cblr-8637	153	31	com	com	NOUN
cblr-8637	153	32	/	/	SYM
cblr-8637	153	33	documents	document	NOUN
cblr-8637	153	34	/	/	SYM
cblr-8637	153	35	faq	faq	NOUN
cblr-8637	153	36	-	-	PUNCT
cblr-8637	153	37	periodic	periodic	NOUN
cblr-8637	153	38	-	-	PUNCT
cblr-8637	153	39	reporting	reporting	NOUN
cblr-8637	153	40	-	-	PUNCT
cblr-8637	153	41	requirements	requirement	NOUN
cblr-8637	153	42	-	-	PUNCT
cblr-8637	153	43	for	for	ADP
cblr-8637	153	44	-	-	PUNCT
cblr-8637	153	45	us	us	NOUN
cblr-8637	153	46	-	-	PUNCT
cblr-8637	153	47	issuersoverview.pdf	issuersoverview.pdf	X
cblr-8637	153	48	[	[	X
cblr-8637	153	49	https://perma.cc/twj3-pujy	https://perma.cc/twj3-pujy	X
cblr-8637	153	50	]	]	X
cblr-8637	153	51	.	.	PUNCT
cblr-8637	154	1	30	30	NUM
cblr-8637	154	2	morrison	morrison	PROPN
cblr-8637	154	3	&	&	CCONJ
cblr-8637	154	4	foerster	foerster	PROPN
cblr-8637	154	5	llp	llp	PROPN
cblr-8637	154	6	,	,	PUNCT
cblr-8637	154	7	supra	supra	PROPN
cblr-8637	154	8	note	note	PROPN
cblr-8637	154	9	29	29	NUM
cblr-8637	154	10	,	,	PUNCT
cblr-8637	154	11	at	at	ADP
cblr-8637	154	12	12–13	12–13	NUM
cblr-8637	154	13	.	.	PUNCT
cblr-8637	154	14	31	31	NUM
cblr-8637	155	1	i	i	PRON
cblr-8637	155	2	d.	d.	PROPN
cblr-8637	155	3	at	at	ADP
cblr-8637	155	4	13	13	NUM
cblr-8637	155	5	.	.	PUNCT
cblr-8637	156	1	under	under	ADP
cblr-8637	156	2	exchange	exchange	PROPN
cblr-8637	156	3	act	act	NOUN
cblr-8637	156	4	section	section	NOUN
cblr-8637	156	5	18(a	18(a	NUM
cblr-8637	156	6	)	)	PUNCT
cblr-8637	156	7	,	,	PUNCT
cblr-8637	156	8	an	an	DET
cblr-8637	156	9	individual	individual	NOUN
cblr-8637	156	10	who	who	PRON
cblr-8637	156	11	buys	buy	VERB
cblr-8637	156	12	or	or	CCONJ
cblr-8637	156	13	sells	sell	VERB
cblr-8637	156	14	securities	security	NOUN
cblr-8637	156	15	relying	rely	VERB
cblr-8637	156	16	on	on	ADP
cblr-8637	156	17	a	a	DET
cblr-8637	156	18	false	false	ADJ
cblr-8637	156	19	or	or	CCONJ
cblr-8637	156	20	misleading	misleading	ADJ
cblr-8637	156	21	statement	statement	NOUN
cblr-8637	156	22	in	in	ADP
cblr-8637	156	23	a	a	DET
cblr-8637	156	24	report	report	NOUN
cblr-8637	156	25	filed	file	VERB
cblr-8637	156	26	with	with	ADP
cblr-8637	156	27	the	the	DET
cblr-8637	156	28	sec	sec	PROPN
cblr-8637	156	29	whose	whose	DET
cblr-8637	156	30	prices	price	NOUN
cblr-8637	156	31	were	be	AUX
cblr-8637	156	32	affected	affect	VERB
cblr-8637	156	33	by	by	ADP
cblr-8637	156	34	those	those	DET
cblr-8637	156	35	statements	statement	NOUN
cblr-8637	156	36	has	have	VERB
cblr-8637	156	37	an	an	DET
cblr-8637	156	38	express	express	ADJ
cblr-8637	156	39	private	private	ADJ
cblr-8637	156	40	right	right	NOUN
cblr-8637	156	41	of	of	ADP
cblr-8637	156	42	action	action	NOUN
cblr-8637	156	43	against	against	ADP
cblr-8637	156	44	the	the	DET
cblr-8637	156	45	person	person	NOUN
cblr-8637	156	46	who	who	PRON
cblr-8637	156	47	made	make	VERB
cblr-8637	156	48	the	the	DET
cblr-8637	156	49	statement	statement	NOUN
cblr-8637	156	50	.	.	PUNCT
cblr-8637	157	1	15	15	NUM
cblr-8637	157	2	u.s.c	u.s.c	ADJ
cblr-8637	157	3	.	.	PUNCT
cblr-8637	158	1	§	§	PROPN
cblr-8637	158	2	78r(a	78r(a	NUM
cblr-8637	158	3	)	)	PUNCT
cblr-8637	158	4	(	(	PUNCT
cblr-8637	158	5	2019	2019	NUM
cblr-8637	158	6	)	)	PUNCT
cblr-8637	158	7	.	.	PUNCT
cblr-8637	159	1	this	this	PRON
cblr-8637	159	2	means	mean	VERB
cblr-8637	159	3	that	that	SCONJ
cblr-8637	159	4	any	any	DET
cblr-8637	159	5	insufficient	insufficient	ADJ
cblr-8637	159	6	disclosures	disclosure	NOUN
cblr-8637	159	7	in	in	ADP
cblr-8637	159	8	periodic	periodic	ADJ
cblr-8637	159	9	reports	report	NOUN
cblr-8637	159	10	filed	file	VERB
cblr-8637	159	11	with	with	ADP
cblr-8637	159	12	the	the	DET
cblr-8637	159	13	sec	sec	PROPN
cblr-8637	159	14	(	(	PUNCT
cblr-8637	159	15	other	other	ADJ
cblr-8637	159	16	than	than	ADP
cblr-8637	159	17	results	result	NOUN
cblr-8637	159	18	of	of	ADP
cblr-8637	159	19	operations	operation	NOUN
cblr-8637	159	20	and	and	CCONJ
cblr-8637	159	21	financial	financial	ADJ
cblr-8637	159	22	conditions	condition	NOUN
cblr-8637	159	23	and	and	CCONJ
cblr-8637	159	24	regulation	regulation	NOUN
cblr-8637	159	25	fd	fd	NOUN
cblr-8637	159	26	disclosures	disclosure	NOUN
cblr-8637	159	27	in	in	ADP
cblr-8637	159	28	form	form	NOUN
cblr-8637	159	29	8	8	NUM
cblr-8637	159	30	-	-	PUNCT
cblr-8637	159	31	k	k	NOUN
cblr-8637	159	32	)	)	PUNCT
cblr-8637	159	33	can	can	AUX
cblr-8637	159	34	create	create	VERB
cblr-8637	159	35	a	a	DET
cblr-8637	159	36	private	private	ADJ
cblr-8637	159	37	cause	cause	NOUN
cblr-8637	159	38	of	of	ADP
cblr-8637	159	39	action	action	NOUN
cblr-8637	159	40	against	against	ADP
cblr-8637	159	41	the	the	DET
cblr-8637	159	42	company	company	NOUN
cblr-8637	159	43	and	and	CCONJ
cblr-8637	159	44	its	its	PRON
cblr-8637	159	45	officials	official	NOUN
cblr-8637	159	46	.	.	PUNCT
cblr-8637	160	1	see	see	VERB
cblr-8637	160	2	i	i	PRON
cblr-8637	160	3	d.	d.	PROPN
cblr-8637	160	4	;	;	PUNCT
cblr-8637	160	5	current	current	ADJ
cblr-8637	160	6	report	report	NOUN
cblr-8637	160	7	(	(	PUNCT
cblr-8637	160	8	form	form	NOUN
cblr-8637	160	9	8	8	NUM
cblr-8637	160	10	-	-	PUNCT
cblr-8637	160	11	k	k	NOUN
cblr-8637	160	12	)	)	PUNCT
cblr-8637	160	13	,	,	PUNCT
cblr-8637	160	14	at	at	ADP
cblr-8637	160	15	2	2	NUM
cblr-8637	160	16	(	(	PUNCT
cblr-8637	160	17	2021	2021	NUM
cblr-8637	160	18	)	)	PUNCT
cblr-8637	160	19	,	,	PUNCT
cblr-8637	160	20	https://www.sec.gov/files/form8greene	https://www.sec.gov/files/form8greene	PROPN
cblr-8637	160	21	et	et	PROPN
cblr-8637	160	22	al	al	PROPN
cblr-8637	160	23	.	.	PROPN
cblr-8637	161	1	8/21/2021	8/21/2021	NUM
cblr-8637	161	2	1:44	1:44	NUM
cblr-8637	161	3	pm	pm	NOUN
cblr-8637	161	4	no	no	INTJ
cblr-8637	161	5	.	.	PUNCT
cblr-8637	162	1	2:714	2:714	NUM
cblr-8637	162	2	]	]	X
cblr-8637	162	3	the	the	DET
cblr-8637	162	4	need	need	NOUN
cblr-8637	162	5	for	for	ADP
cblr-8637	162	6	a	a	DET
cblr-8637	162	7	comprehensive	comprehensive	ADJ
cblr-8637	162	8	approach	approach	NOUN
cblr-8637	162	9	725	725	NUM
cblr-8637	162	10	even	even	ADV
cblr-8637	162	11	though	though	SCONJ
cblr-8637	162	12	investors	investor	NOUN
cblr-8637	162	13	seek	seek	VERB
cblr-8637	162	14	similar	similar	ADJ
cblr-8637	162	15	information	information	NOUN
cblr-8637	162	16	in	in	ADP
cblr-8637	162	17	valuing	value	VERB
cblr-8637	162	18	securities	security	NOUN
cblr-8637	162	19	at	at	ADP
cblr-8637	162	20	their	their	PRON
cblr-8637	162	21	issuance	issuance	NOUN
cblr-8637	162	22	and	and	CCONJ
cblr-8637	162	23	in	in	ADP
cblr-8637	162	24	secondary	secondary	ADJ
cblr-8637	162	25	transactions	transaction	NOUN
cblr-8637	162	26	,	,	PUNCT
cblr-8637	162	27	the	the	DET
cblr-8637	162	28	disclosure	disclosure	NOUN
cblr-8637	162	29	obligations	obligation	NOUN
cblr-8637	162	30	promulgated	promulgate	VERB
cblr-8637	162	31	under	under	ADP
cblr-8637	162	32	the	the	DET
cblr-8637	162	33	acts	act	NOUN
cblr-8637	162	34	developed	develop	VERB
cblr-8637	162	35	separately	separately	ADV
cblr-8637	162	36	for	for	ADP
cblr-8637	162	37	much	much	ADJ
cblr-8637	162	38	of	of	ADP
cblr-8637	162	39	the	the	DET
cblr-8637	162	40	fifty	fifty	NUM
cblr-8637	162	41	years	year	NOUN
cblr-8637	162	42	after	after	SCONJ
cblr-8637	162	43	they	they	PRON
cblr-8637	162	44	were	be	AUX
cblr-8637	162	45	enacted.32	enacted.32	VERB
cblr-8637	162	46	however	however	ADV
cblr-8637	162	47	,	,	PUNCT
cblr-8637	162	48	this	this	DET
cblr-8637	162	49	trend	trend	NOUN
cblr-8637	162	50	began	begin	VERB
cblr-8637	162	51	to	to	PART
cblr-8637	162	52	change	change	VERB
cblr-8637	162	53	after	after	SCONJ
cblr-8637	162	54	the	the	DET
cblr-8637	162	55	sec	sec	PROPN
cblr-8637	162	56	implemented	implement	VERB
cblr-8637	162	57	the	the	DET
cblr-8637	162	58	recommendations	recommendation	NOUN
cblr-8637	162	59	of	of	ADP
cblr-8637	162	60	the	the	DET
cblr-8637	162	61	special	special	ADJ
cblr-8637	162	62	study	study	NOUN
cblr-8637	162	63	of	of	ADP
cblr-8637	162	64	the	the	DET
cblr-8637	162	65	securities	security	NOUN
cblr-8637	162	66	markets	market	NOUN
cblr-8637	162	67	,	,	PUNCT
cblr-8637	162	68	a	a	DET
cblr-8637	162	69	comprehensive	comprehensive	ADJ
cblr-8637	162	70	report	report	NOUN
cblr-8637	162	71	headed	head	VERB
cblr-8637	162	72	by	by	ADP
cblr-8637	162	73	milton	milton	PROPN
cblr-8637	162	74	cohen	cohen	PROPN
cblr-8637	162	75	and	and	CCONJ
cblr-8637	162	76	funded	fund	VERB
cblr-8637	162	77	by	by	ADP
cblr-8637	162	78	congress.33	congress.33	NOUN
cblr-8637	162	79	the	the	DET
cblr-8637	162	80	special	special	ADJ
cblr-8637	162	81	study	study	NOUN
cblr-8637	162	82	was	be	AUX
cblr-8637	162	83	independent	independent	ADJ
cblr-8637	162	84	from	from	ADP
cblr-8637	162	85	and	and	CCONJ
cblr-8637	162	86	unaccountable	unaccountable	ADJ
cblr-8637	162	87	to	to	ADP
cblr-8637	162	88	sec	sec	PROPN
cblr-8637	162	89	leadership	leadership	NOUN
cblr-8637	162	90	and	and	CCONJ
cblr-8637	162	91	conducted	conduct	VERB
cblr-8637	162	92	by	by	ADP
cblr-8637	162	93	a	a	DET
cblr-8637	162	94	team	team	NOUN
cblr-8637	162	95	of	of	ADP
cblr-8637	162	96	economists	economist	NOUN
cblr-8637	162	97	,	,	PUNCT
cblr-8637	162	98	lawyers	lawyer	NOUN
cblr-8637	162	99	,	,	PUNCT
cblr-8637	162	100	statisticians	statistician	NOUN
cblr-8637	162	101	,	,	PUNCT
cblr-8637	162	102	and	and	CCONJ
cblr-8637	162	103	financial	financial	ADJ
cblr-8637	162	104	analysts.34	analysts.34	VERB
cblr-8637	162	105	the	the	DET
cblr-8637	162	106	study	study	NOUN
cblr-8637	162	107	made	make	VERB
cblr-8637	162	108	significant	significant	ADJ
cblr-8637	162	109	contributions	contribution	NOUN
cblr-8637	162	110	to	to	ADP
cblr-8637	162	111	securities	security	NOUN
cblr-8637	162	112	regulation	regulation	NOUN
cblr-8637	162	113	by	by	ADP
cblr-8637	162	114	mapping	mapping	NOUN
cblr-8637	162	115	and	and	CCONJ
cblr-8637	162	116	evaluating	evaluate	VERB
cblr-8637	162	117	the	the	DET
cblr-8637	162	118	changes	change	NOUN
cblr-8637	162	119	to	to	ADP
cblr-8637	162	120	capital	capital	NOUN
cblr-8637	162	121	markets	market	NOUN
cblr-8637	162	122	since	since	SCONJ
cblr-8637	162	123	the	the	DET
cblr-8637	162	124	statutes	statute	NOUN
cblr-8637	162	125	were	be	AUX
cblr-8637	162	126	enacted	enact	VERB
cblr-8637	162	127	,	,	PUNCT
cblr-8637	162	128	reviewing	review	VERB
cblr-8637	162	129	the	the	DET
cblr-8637	162	130	structure	structure	NOUN
cblr-8637	162	131	of	of	ADP
cblr-8637	162	132	the	the	DET
cblr-8637	162	133	regulatory	regulatory	ADJ
cblr-8637	162	134	regime	regime	NOUN
cblr-8637	162	135	,	,	PUNCT
cblr-8637	162	136	and	and	CCONJ
cblr-8637	162	137	questioning	question	VERB
cblr-8637	162	138	the	the	DET
cblr-8637	162	139	overall	overall	ADJ
cblr-8637	162	140	institutional	institutional	ADJ
cblr-8637	162	141	design.35	design.35	NOUN
cblr-8637	162	142	the	the	DET
cblr-8637	162	143	full	full	ADJ
cblr-8637	162	144	report	report	NOUN
cblr-8637	162	145	was	be	AUX
cblr-8637	162	146	over	over	ADP
cblr-8637	162	147	3,000	3,000	NUM
cblr-8637	162	148	pages	page	NOUN
cblr-8637	162	149	and	and	CCONJ
cblr-8637	162	150	made	make	VERB
cblr-8637	162	151	over	over	ADP
cblr-8637	162	152	175	175	NUM
cblr-8637	162	153	recommendations	recommendation	NOUN
cblr-8637	162	154	,	,	PUNCT
cblr-8637	162	155	including	include	VERB
cblr-8637	162	156	the	the	DET
cblr-8637	162	157	integration	integration	NOUN
cblr-8637	162	158	of	of	ADP
cblr-8637	162	159	the	the	DET
cblr-8637	162	160	disclosures	disclosure	NOUN
cblr-8637	162	161	required	require	VERB
cblr-8637	162	162	by	by	ADP
cblr-8637	162	163	the	the	DET
cblr-8637	162	164	securities	securities	PROPN
cblr-8637	162	165	and	and	CCONJ
cblr-8637	162	166	exchange	exchange	VERB
cblr-8637	162	167	acts.36	acts.36	NOUN
cblr-8637	162	168	though	though	SCONJ
cblr-8637	162	169	the	the	DET
cblr-8637	162	170	special	special	ADJ
cblr-8637	162	171	study	study	NOUN
cblr-8637	162	172	was	be	AUX
cblr-8637	162	173	submitted	submit	VERB
cblr-8637	162	174	to	to	ADP
cblr-8637	162	175	congress	congress	PROPN
cblr-8637	162	176	in	in	ADP
cblr-8637	162	177	the	the	DET
cblr-8637	162	178	early	early	ADJ
cblr-8637	162	179	1960s	1960	NOUN
cblr-8637	162	180	,	,	PUNCT
cblr-8637	162	181	meaningful	meaningful	ADJ
cblr-8637	162	182	changes	change	NOUN
cblr-8637	162	183	to	to	PART
cblr-8637	162	184	integrate	integrate	VERB
cblr-8637	162	185	the	the	DET
cblr-8637	162	186	disclosure	disclosure	NOUN
cblr-8637	162	187	system	system	NOUN
cblr-8637	162	188	did	do	AUX
cblr-8637	162	189	not	not	PART
cblr-8637	162	190	occur	occur	VERB
cblr-8637	162	191	until	until	ADP
cblr-8637	162	192	the	the	DET
cblr-8637	162	193	1980s	1980	NOUN
cblr-8637	162	194	,	,	PUNCT
cblr-8637	162	195	when	when	SCONJ
cblr-8637	162	196	the	the	DET
cblr-8637	162	197	sec	sec	PROPN
cblr-8637	162	198	adopted	adopt	VERB
cblr-8637	162	199	a	a	DET
cblr-8637	162	200	process	process	NOUN
cblr-8637	162	201	to	to	PART
cblr-8637	162	202	allow	allow	VERB
cblr-8637	162	203	k.pdf	k.pdf	PROPN
cblr-8637	163	1	[	[	X
cblr-8637	163	2	https://perma.cc/e6yu-hwcd	https://perma.cc/e6yu-hwcd	X
cblr-8637	163	3	]	]	X
cblr-8637	163	4	(	(	PUNCT
cblr-8637	163	5	instructing	instruct	VERB
cblr-8637	163	6	reporting	report	VERB
cblr-8637	163	7	companies	company	NOUN
cblr-8637	163	8	on	on	ADP
cblr-8637	163	9	the	the	DET
cblr-8637	163	10	exceptions	exception	NOUN
cblr-8637	163	11	to	to	PART
cblr-8637	163	12	section	section	NOUN
cblr-8637	163	13	18(a	18(a	NUM
cblr-8637	163	14	)	)	PUNCT
cblr-8637	163	15	coverage	coverage	NOUN
cblr-8637	163	16	)	)	PUNCT
cblr-8637	163	17	.	.	PUNCT
cblr-8637	164	1	32	32	NUM
cblr-8637	164	2	a.c	a.c	PROPN
cblr-8637	164	3	.	.	PROPN
cblr-8637	164	4	pritchard	pritchard	PROPN
cblr-8637	164	5	,	,	PUNCT
cblr-8637	164	6	revisiting	revisit	VERB
cblr-8637	164	7	“	"	PUNCT
cblr-8637	164	8	truth	truth	NOUN
cblr-8637	164	9	in	in	ADP
cblr-8637	164	10	securities	security	NOUN
cblr-8637	164	11	”	"	PUNCT
cblr-8637	164	12	revisited	revisit	VERB
cblr-8637	164	13	:	:	PUNCT
cblr-8637	164	14	abolishing	abolish	VERB
cblr-8637	164	15	ipos	ipos	NOUN
cblr-8637	164	16	and	and	CCONJ
cblr-8637	164	17	harnessing	harness	VERB
cblr-8637	164	18	private	private	ADJ
cblr-8637	164	19	markets	market	NOUN
cblr-8637	164	20	in	in	ADP
cblr-8637	164	21	the	the	DET
cblr-8637	164	22	public	public	ADJ
cblr-8637	164	23	good	good	NOUN
cblr-8637	164	24	,	,	PUNCT
cblr-8637	164	25	36	36	NUM
cblr-8637	164	26	seattle	seattle	PROPN
cblr-8637	164	27	u.	u.	PROPN
cblr-8637	164	28	l.	l.	PROPN
cblr-8637	164	29	rev	rev	PROPN
cblr-8637	164	30	.	.	PROPN
cblr-8637	164	31	999	999	NUM
cblr-8637	164	32	,	,	PUNCT
cblr-8637	164	33	999–1000	999–1000	NUM
cblr-8637	164	34	(	(	PUNCT
cblr-8637	164	35	2013	2013	NUM
cblr-8637	164	36	)	)	PUNCT
cblr-8637	164	37	.	.	PUNCT
cblr-8637	165	1	if	if	SCONJ
cblr-8637	165	2	an	an	DET
cblr-8637	165	3	issuer	issuer	NOUN
cblr-8637	165	4	sells	sell	VERB
cblr-8637	165	5	a	a	DET
cblr-8637	165	6	non	non	ADJ
cblr-8637	165	7	-	-	ADJ
cblr-8637	165	8	exempt	exempt	ADJ
cblr-8637	165	9	security	security	NOUN
cblr-8637	165	10	without	without	ADP
cblr-8637	165	11	registering	register	VERB
cblr-8637	165	12	it	it	PRON
cblr-8637	165	13	,	,	PUNCT
cblr-8637	165	14	purchasers	purchaser	NOUN
cblr-8637	165	15	may	may	AUX
cblr-8637	165	16	rescind	rescind	VERB
cblr-8637	165	17	their	their	PRON
cblr-8637	165	18	purchase	purchase	NOUN
cblr-8637	165	19	for	for	ADP
cblr-8637	165	20	a	a	DET
cblr-8637	165	21	full	full	ADJ
cblr-8637	165	22	refund	refund	NOUN
cblr-8637	165	23	.	.	PUNCT
cblr-8637	166	1	15	15	NUM
cblr-8637	166	2	u.s.c	u.s.c	NOUN
cblr-8637	166	3	.	.	PUNCT
cblr-8637	167	1	§	§	PROPN
cblr-8637	167	2	77l(a)(1	77l(a)(1	PROPN
cblr-8637	167	3	)	)	PUNCT
cblr-8637	167	4	.	.	PUNCT
cblr-8637	168	1	33	33	NUM
cblr-8637	168	2	report	report	NOUN
cblr-8637	168	3	of	of	ADP
cblr-8637	168	4	the	the	DET
cblr-8637	168	5	special	special	ADJ
cblr-8637	168	6	study	study	NOUN
cblr-8637	168	7	of	of	ADP
cblr-8637	168	8	the	the	DET
cblr-8637	168	9	securities	security	NOUN
cblr-8637	168	10	markets	market	NOUN
cblr-8637	168	11	of	of	ADP
cblr-8637	168	12	the	the	DET
cblr-8637	168	13	securities	securities	PROPN
cblr-8637	168	14	and	and	CCONJ
cblr-8637	168	15	exchange	exchange	PROPN
cblr-8637	168	16	commission	commission	PROPN
cblr-8637	168	17	,	,	PUNCT
cblr-8637	168	18	h.r	h.r	PROPN
cblr-8637	168	19	.	.	PROPN
cblr-8637	168	20	doc	doc	PROPN
cblr-8637	168	21	.	.	PUNCT
cblr-8637	169	1	no	no	INTJ
cblr-8637	169	2	.	.	NOUN
cblr-8637	170	1	88	88	NUM
cblr-8637	170	2	-	-	SYM
cblr-8637	170	3	95	95	NUM
cblr-8637	170	4	,	,	PUNCT
cblr-8637	170	5	pt	pt	X
cblr-8637	170	6	.	.	NOUN
cblr-8637	170	7	1	1	NUM
cblr-8637	170	8	(	(	PUNCT
cblr-8637	170	9	1963	1963	NUM
cblr-8637	170	10	)	)	PUNCT
cblr-8637	170	11	;	;	PUNCT
cblr-8637	170	12	see	see	VERB
cblr-8637	170	13	also	also	ADV
cblr-8637	170	14	stanley	stanley	PROPN
cblr-8637	170	15	sporkin	sporkin	PROPN
cblr-8637	170	16	,	,	PUNCT
cblr-8637	170	17	commentary	commentary	NOUN
cblr-8637	170	18	,	,	PUNCT
cblr-8637	170	19	a	a	DET
cblr-8637	170	20	call	call	NOUN
cblr-8637	170	21	for	for	ADP
cblr-8637	170	22	a	a	DET
cblr-8637	170	23	new	new	ADJ
cblr-8637	170	24	special	special	ADJ
cblr-8637	170	25	study	study	NOUN
cblr-8637	170	26	of	of	ADP
cblr-8637	170	27	the	the	DET
cblr-8637	170	28	securities	security	NOUN
cblr-8637	170	29	and	and	CCONJ
cblr-8637	170	30	financial	financial	ADJ
cblr-8637	170	31	markets	market	NOUN
cblr-8637	170	32	,	,	PUNCT
cblr-8637	170	33	46	46	NUM
cblr-8637	170	34	md	md	PROPN
cblr-8637	170	35	.	.	PUNCT
cblr-8637	171	1	l.	l.	PROPN
cblr-8637	171	2	rev	rev	PROPN
cblr-8637	171	3	.	.	PROPN
cblr-8637	171	4	915	915	NUM
cblr-8637	171	5	,	,	PUNCT
cblr-8637	171	6	916	916	NUM
cblr-8637	171	7	(	(	PUNCT
cblr-8637	171	8	1987	1987	NUM
cblr-8637	171	9	)	)	PUNCT
cblr-8637	171	10	(	(	PUNCT
cblr-8637	171	11	describing	describe	VERB
cblr-8637	171	12	the	the	DET
cblr-8637	171	13	impact	impact	NOUN
cblr-8637	171	14	of	of	ADP
cblr-8637	171	15	the	the	DET
cblr-8637	171	16	report	report	NOUN
cblr-8637	171	17	)	)	PUNCT
cblr-8637	171	18	.	.	PUNCT
cblr-8637	172	1	34	34	NUM
cblr-8637	172	2	michael	michael	PROPN
cblr-8637	172	3	s.	s.	PROPN
cblr-8637	172	4	piwowar	piwowar	PROPN
cblr-8637	172	5	,	,	PUNCT
cblr-8637	172	6	acting	act	VERB
cblr-8637	172	7	chairman	chairman	NOUN
cblr-8637	172	8	,	,	PUNCT
cblr-8637	172	9	u.s	u.s	PROPN
cblr-8637	172	10	.	.	PROPN
cblr-8637	172	11	sec	sec	PROPN
cblr-8637	172	12	.	.	PROPN
cblr-8637	172	13	&	&	CCONJ
cblr-8637	172	14	exch	exch	PROPN
cblr-8637	172	15	.	.	PUNCT
cblr-8637	173	1	comm’n	comm’n	PROPN
cblr-8637	173	2	,	,	PUNCT
cblr-8637	173	3	new	new	ADJ
cblr-8637	173	4	special	special	ADJ
cblr-8637	173	5	study	study	NOUN
cblr-8637	173	6	of	of	ADP
cblr-8637	173	7	the	the	DET
cblr-8637	173	8	securities	security	NOUN
cblr-8637	173	9	markets	market	NOUN
cblr-8637	173	10	:	:	PUNCT
cblr-8637	173	11	keynote	keynote	ADJ
cblr-8637	173	12	address	address	NOUN
cblr-8637	173	13	(	(	PUNCT
cblr-8637	173	14	mar	mar	PROPN
cblr-8637	173	15	.	.	PROPN
cblr-8637	173	16	23	23	NUM
cblr-8637	173	17	,	,	PUNCT
cblr-8637	173	18	2017	2017	NUM
cblr-8637	173	19	)	)	PUNCT
cblr-8637	173	20	,	,	PUNCT
cblr-8637	173	21	https://www.sec.gov/news/speech/piwowar-keynote-columbiauniversity-032317	https://www.sec.gov/news/speech/piwowar-keynote-columbiauniversity-032317	X
cblr-8637	174	1	[	[	X
cblr-8637	174	2	https://perma.cc/8leu-gmb8	https://perma.cc/8leu-gmb8	ADJ
cblr-8637	174	3	]	]	X
cblr-8637	174	4	.	.	PUNCT
cblr-8637	175	1	35	35	NUM
cblr-8637	175	2	james	james	PROPN
cblr-8637	175	3	d.	d.	PROPN
cblr-8637	175	4	cox	cox	PROPN
cblr-8637	175	5	&	&	CCONJ
cblr-8637	175	6	randall	randall	PROPN
cblr-8637	175	7	s.	s.	PROPN
cblr-8637	175	8	thomas	thomas	PROPN
cblr-8637	175	9	,	,	PUNCT
cblr-8637	175	10	revolving	revolving	NOUN
cblr-8637	175	11	elites	elite	NOUN
cblr-8637	175	12	:	:	PUNCT
cblr-8637	175	13	the	the	DET
cblr-8637	175	14	unexplored	unexplored	ADJ
cblr-8637	175	15	risk	risk	NOUN
cblr-8637	175	16	of	of	ADP
cblr-8637	175	17	capturing	capture	VERB
cblr-8637	175	18	the	the	DET
cblr-8637	175	19	sec	sec	PROPN
cblr-8637	175	20	,	,	PUNCT
cblr-8637	175	21	107	107	NUM
cblr-8637	175	22	geo	geo	PROPN
cblr-8637	175	23	l.j	l.j	PROPN
cblr-8637	175	24	.	.	PROPN
cblr-8637	175	25	845	845	NUM
cblr-8637	175	26	,	,	PUNCT
cblr-8637	175	27	874–75	874–75	PROPN
cblr-8637	175	28	(	(	PUNCT
cblr-8637	175	29	2019	2019	NUM
cblr-8637	175	30	)	)	PUNCT
cblr-8637	175	31	.	.	PUNCT
cblr-8637	176	1	36	36	NUM
cblr-8637	176	2	piwowar	piwowar	NOUN
cblr-8637	176	3	,	,	PUNCT
cblr-8637	176	4	supra	supra	PROPN
cblr-8637	176	5	note	note	PROPN
cblr-8637	176	6	34	34	NUM
cblr-8637	176	7	;	;	PUNCT
cblr-8637	176	8	sporkin	sporkin	X
cblr-8637	176	9	,	,	PUNCT
cblr-8637	176	10	supra	supra	PROPN
cblr-8637	176	11	note	note	NOUN
cblr-8637	176	12	33	33	NUM
cblr-8637	176	13	,	,	PUNCT
cblr-8637	176	14	at	at	ADP
cblr-8637	176	15	916	916	NUM
cblr-8637	176	16	(	(	PUNCT
cblr-8637	176	17	discussing	discuss	VERB
cblr-8637	176	18	the	the	DET
cblr-8637	176	19	special	special	ADJ
cblr-8637	176	20	study	study	NOUN
cblr-8637	176	21	’s	’s	PART
cblr-8637	176	22	influence	influence	NOUN
cblr-8637	176	23	on	on	ADP
cblr-8637	176	24	integration	integration	NOUN
cblr-8637	176	25	)	)	PUNCT
cblr-8637	176	26	.	.	PUNCT
cblr-8637	177	1	greene	greene	PROPN
cblr-8637	177	2	et	et	PROPN
cblr-8637	177	3	al	al	PROPN
cblr-8637	177	4	.	.	PROPN
cblr-8637	178	1	8/21/2021	8/21/2021	NUM
cblr-8637	178	2	1:44	1:44	NUM
cblr-8637	178	3	pm	pm	NOUN
cblr-8637	178	4	726	726	NUM
cblr-8637	178	5	columbia	columbia	PROPN
cblr-8637	178	6	business	business	NOUN
cblr-8637	178	7	law	law	PROPN
cblr-8637	178	8	review	review	NOUN
cblr-8637	178	9	[	[	X
cblr-8637	178	10	vol	vol	NOUN
cblr-8637	178	11	.	.	PUNCT
cblr-8637	178	12	2021	2021	NUM
cblr-8637	178	13	companies	company	NOUN
cblr-8637	178	14	registering	register	VERB
cblr-8637	178	15	securities	security	NOUN
cblr-8637	178	16	under	under	ADP
cblr-8637	178	17	the	the	DET
cblr-8637	178	18	securities	security	NOUN
cblr-8637	178	19	act	act	NOUN
cblr-8637	178	20	to	to	PART
cblr-8637	178	21	fulfill	fulfill	VERB
cblr-8637	178	22	many	many	ADJ
cblr-8637	178	23	of	of	ADP
cblr-8637	178	24	their	their	PRON
cblr-8637	178	25	disclosure	disclosure	NOUN
cblr-8637	178	26	obligations	obligation	NOUN
cblr-8637	178	27	by	by	ADP
cblr-8637	178	28	incorporating	incorporate	VERB
cblr-8637	178	29	their	their	PRON
cblr-8637	178	30	exchange	exchange	NOUN
cblr-8637	178	31	act	act	NOUN
cblr-8637	178	32	filings.37	filings.37	VERB
cblr-8637	178	33	this	this	PRON
cblr-8637	178	34	developed	develop	VERB
cblr-8637	178	35	into	into	ADP
cblr-8637	178	36	the	the	DET
cblr-8637	178	37	adoption	adoption	NOUN
cblr-8637	178	38	of	of	ADP
cblr-8637	178	39	shelf	shelf	NOUN
cblr-8637	178	40	registration38	registration38	NOUN
cblr-8637	178	41	and	and	CCONJ
cblr-8637	178	42	the	the	DET
cblr-8637	178	43	subsequent	subsequent	ADJ
cblr-8637	178	44	2005	2005	NUM
cblr-8637	178	45	adoption	adoption	NOUN
cblr-8637	178	46	of	of	ADP
cblr-8637	178	47	“	"	PUNCT
cblr-8637	178	48	automatic	automatic	ADJ
cblr-8637	178	49	shelf	shelf	NOUN
cblr-8637	178	50	registration	registration	NOUN
cblr-8637	178	51	”	"	PUNCT
cblr-8637	178	52	for	for	ADP
cblr-8637	178	53	well	well	ADV
cblr-8637	178	54	-	-	PUNCT
cblr-8637	178	55	known	know	VERB
cblr-8637	178	56	seasoned	season	VERB
cblr-8637	178	57	issuers.39	issuers.39	NOUN
cblr-8637	178	58	the	the	DET
cblr-8637	178	59	integrated	integrate	VERB
cblr-8637	178	60	disclosure	disclosure	NOUN
cblr-8637	178	61	regime	regime	NOUN
cblr-8637	178	62	,	,	PUNCT
cblr-8637	178	63	including	include	VERB
cblr-8637	178	64	the	the	DET
cblr-8637	178	65	shelf	shelf	NOUN
cblr-8637	178	66	registration	registration	NOUN
cblr-8637	178	67	process	process	NOUN
cblr-8637	178	68	,	,	PUNCT
cblr-8637	178	69	has	have	AUX
cblr-8637	178	70	played	play	VERB
cblr-8637	178	71	an	an	DET
cblr-8637	178	72	important	important	ADJ
cblr-8637	178	73	role	role	NOUN
cblr-8637	178	74	in	in	ADP
cblr-8637	178	75	reducing	reduce	VERB
cblr-8637	178	76	the	the	DET
cblr-8637	178	77	registration	registration	NOUN
cblr-8637	178	78	burdens	burden	NOUN
cblr-8637	178	79	of	of	ADP
cblr-8637	178	80	seasoned	seasoned	ADJ
cblr-8637	178	81	issuers	issuer	NOUN
cblr-8637	178	82	by	by	ADP
cblr-8637	178	83	increasing	increase	VERB
cblr-8637	178	84	the	the	DET
cblr-8637	178	85	efficiency	efficiency	NOUN
cblr-8637	178	86	of	of	ADP
cblr-8637	178	87	offerings	offering	NOUN
cblr-8637	178	88	,	,	PUNCT
cblr-8637	178	89	lowering	lower	VERB
cblr-8637	178	90	the	the	DET
cblr-8637	178	91	costs	cost	NOUN
cblr-8637	178	92	associated	associate	VERB
cblr-8637	178	93	with	with	ADP
cblr-8637	178	94	registering	register	VERB
cblr-8637	178	95	new	new	ADJ
cblr-8637	178	96	issuances	issuance	NOUN
cblr-8637	178	97	of	of	ADP
cblr-8637	178	98	securities	security	NOUN
cblr-8637	178	99	,	,	PUNCT
cblr-8637	178	100	and	and	CCONJ
cblr-8637	178	101	substantially	substantially	ADV
cblr-8637	178	102	reducing	reduce	VERB
cblr-8637	178	103	the	the	DET
cblr-8637	178	104	delay	delay	NOUN
cblr-8637	178	105	between	between	ADP
cblr-8637	178	106	the	the	DET
cblr-8637	178	107	registration	registration	NOUN
cblr-8637	178	108	and	and	CCONJ
cblr-8637	178	109	sale	sale	NOUN
cblr-8637	178	110	of	of	ADP
cblr-8637	178	111	securities.40	securities.40	NOUN
cblr-8637	178	112	for	for	ADP
cblr-8637	178	113	the	the	DET
cblr-8637	178	114	first	first	ADJ
cblr-8637	178	115	seventy	seventy	NUM
cblr-8637	178	116	years	year	NOUN
cblr-8637	178	117	after	after	SCONJ
cblr-8637	178	118	the	the	DET
cblr-8637	178	119	acts	act	NOUN
cblr-8637	178	120	were	be	AUX
cblr-8637	178	121	enacted	enact	VERB
cblr-8637	178	122	,	,	PUNCT
cblr-8637	178	123	the	the	DET
cblr-8637	178	124	focus	focus	NOUN
cblr-8637	178	125	of	of	ADP
cblr-8637	178	126	securities	security	NOUN
cblr-8637	178	127	regulation	regulation	NOUN
cblr-8637	178	128	,	,	PUNCT
cblr-8637	178	129	as	as	SCONJ
cblr-8637	178	130	promulgated	promulgate	VERB
cblr-8637	178	131	by	by	ADP
cblr-8637	178	132	the	the	DET
cblr-8637	178	133	sec	sec	PROPN
cblr-8637	178	134	,	,	PUNCT
cblr-8637	178	135	was	be	AUX
cblr-8637	178	136	on	on	ADP
cblr-8637	178	137	investor	investor	NOUN
cblr-8637	178	138	protection	protection	NOUN
cblr-8637	178	139	through	through	ADP
cblr-8637	178	140	disclosure.41	disclosure.41	PROPN
cblr-8637	178	141	in	in	ADP
cblr-8637	178	142	2002	2002	NUM
cblr-8637	178	143	,	,	PUNCT
cblr-8637	178	144	congress	congress	PROPN
cblr-8637	178	145	deviated	deviate	VERB
cblr-8637	178	146	from	from	ADP
cblr-8637	178	147	this	this	DET
cblr-8637	178	148	historical	historical	ADJ
cblr-8637	178	149	focus	focus	NOUN
cblr-8637	178	150	in	in	ADP
cblr-8637	178	151	response	response	NOUN
cblr-8637	178	152	to	to	ADP
cblr-8637	178	153	the	the	DET
cblr-8637	178	154	highprofile	highprofile	NOUN
cblr-8637	178	155	enron	enron	PROPN
cblr-8637	178	156	and	and	CCONJ
cblr-8637	178	157	worldcom	worldcom	PROPN
cblr-8637	178	158	scandals	scandal	NOUN
cblr-8637	178	159	by	by	ADP
cblr-8637	178	160	passing	pass	VERB
cblr-8637	178	161	the	the	DET
cblr-8637	178	162	sarbanes	sarbane	NOUN
cblr-8637	178	163	-	-	PUNCT
cblr-8637	178	164	oxley	oxley	ADJ
cblr-8637	178	165	act	act	NOUN
cblr-8637	178	166	(	(	PUNCT
cblr-8637	178	167	sox).42	sox).42	X
cblr-8637	178	168	among	among	ADP
cblr-8637	178	169	other	other	ADJ
cblr-8637	178	170	things	thing	NOUN
cblr-8637	178	171	,	,	PUNCT
cblr-8637	178	172	sox	sox	PROPN
cblr-8637	178	173	prescribed	prescribe	VERB
cblr-8637	178	174	regulations	regulation	NOUN
cblr-8637	178	175	related	relate	VERB
cblr-8637	178	176	to	to	ADP
cblr-8637	178	177	corporate	corporate	ADJ
cblr-8637	178	178	governance	governance	NOUN
cblr-8637	178	179	.	.	PUNCT
cblr-8637	179	1	this	this	PRON
cblr-8637	179	2	broadened	broaden	VERB
cblr-8637	179	3	the	the	DET
cblr-8637	179	4	sec	sec	PROPN
cblr-8637	179	5	’s	’s	PART
cblr-8637	179	6	purview	purview	NOUN
cblr-8637	179	7	and	and	CCONJ
cblr-8637	179	8	introduced	introduce	VERB
cblr-8637	179	9	further	far	ADV
cblr-8637	179	10	procedural	procedural	ADJ
cblr-8637	179	11	and	and	CCONJ
cblr-8637	179	12	substantive	substantive	ADJ
cblr-8637	179	13	requirements	requirement	NOUN
cblr-8637	179	14	on	on	ADP
cblr-8637	179	15	public	public	ADJ
cblr-8637	179	16	companies	company	NOUN
cblr-8637	179	17	to	to	PART
cblr-8637	179	18	add	add	VERB
cblr-8637	179	19	safeguards	safeguard	NOUN
cblr-8637	179	20	beyond	beyond	ADP
cblr-8637	179	21	financial	financial	ADJ
cblr-8637	179	22	disclosures.43	disclosures.43	NOUN
cblr-8637	179	23	these	these	DET
cblr-8637	179	24	37	37	NUM
cblr-8637	179	25	cox	cox	X
cblr-8637	179	26	et	et	PROPN
cblr-8637	179	27	al	al	PROPN
cblr-8637	179	28	.	.	PROPN
cblr-8637	179	29	,	,	PUNCT
cblr-8637	179	30	supra	supra	PROPN
cblr-8637	179	31	note	note	PROPN
cblr-8637	179	32	10	10	NUM
cblr-8637	179	33	,	,	PUNCT
cblr-8637	179	34	at	at	ADP
cblr-8637	179	35	11	11	NUM
cblr-8637	179	36	.	.	PUNCT
cblr-8637	180	1	38	38	NUM
cblr-8637	180	2	barbara	barbara	PROPN
cblr-8637	180	3	ann	ann	PROPN
cblr-8637	180	4	banoff	banoff	PROPN
cblr-8637	180	5	,	,	PUNCT
cblr-8637	180	6	regulatory	regulatory	ADJ
cblr-8637	180	7	subsidies	subsidy	NOUN
cblr-8637	180	8	,	,	PUNCT
cblr-8637	180	9	efficient	efficient	ADJ
cblr-8637	180	10	markets	market	NOUN
cblr-8637	180	11	,	,	PUNCT
cblr-8637	180	12	and	and	CCONJ
cblr-8637	180	13	shelf	shelf	NOUN
cblr-8637	180	14	registration	registration	NOUN
cblr-8637	180	15	:	:	PUNCT
cblr-8637	180	16	an	an	DET
cblr-8637	180	17	analysis	analysis	NOUN
cblr-8637	180	18	of	of	ADP
cblr-8637	180	19	rule	rule	NOUN
cblr-8637	180	20	415	415	NUM
cblr-8637	180	21	,	,	PUNCT
cblr-8637	180	22	70	70	NUM
cblr-8637	180	23	va	va	NOUN
cblr-8637	180	24	.	.	PUNCT
cblr-8637	180	25	l.	l.	PROPN
cblr-8637	180	26	rev	rev	PROPN
cblr-8637	180	27	.	.	PROPN
cblr-8637	180	28	135	135	NUM
cblr-8637	180	29	,	,	PUNCT
cblr-8637	180	30	135–36	135–36	NUM
cblr-8637	180	31	(	(	PUNCT
cblr-8637	180	32	1984	1984	NUM
cblr-8637	180	33	)	)	PUNCT
cblr-8637	180	34	.	.	PUNCT
cblr-8637	181	1	shelf	shelf	NOUN
cblr-8637	181	2	registration	registration	NOUN
cblr-8637	181	3	is	be	AUX
cblr-8637	181	4	the	the	DET
cblr-8637	181	5	process	process	NOUN
cblr-8637	181	6	by	by	ADP
cblr-8637	181	7	which	which	PRON
cblr-8637	181	8	eligible	eligible	ADJ
cblr-8637	181	9	issuers	issuer	NOUN
cblr-8637	181	10	are	be	AUX
cblr-8637	181	11	able	able	ADJ
cblr-8637	181	12	to	to	PART
cblr-8637	181	13	file	file	VERB
cblr-8637	181	14	registration	registration	NOUN
cblr-8637	181	15	statement	statement	NOUN
cblr-8637	181	16	for	for	ADP
cblr-8637	181	17	a	a	DET
cblr-8637	181	18	public	public	ADJ
cblr-8637	181	19	offering	offering	NOUN
cblr-8637	181	20	with	with	ADP
cblr-8637	181	21	the	the	DET
cblr-8637	181	22	sec	sec	PROPN
cblr-8637	181	23	with	with	ADP
cblr-8637	181	24	“	"	PUNCT
cblr-8637	181	25	no	no	DET
cblr-8637	181	26	present	present	ADJ
cblr-8637	181	27	intention	intention	NOUN
cblr-8637	181	28	to	to	PART
cblr-8637	181	29	immediately	immediately	ADV
cblr-8637	181	30	sell	sell	VERB
cblr-8637	181	31	all	all	DET
cblr-8637	181	32	the	the	DET
cblr-8637	181	33	securities	security	NOUN
cblr-8637	181	34	being	be	AUX
cblr-8637	181	35	registered	register	VERB
cblr-8637	181	36	,	,	PUNCT
cblr-8637	181	37	”	"	PUNCT
cblr-8637	181	38	allowing	allow	VERB
cblr-8637	181	39	the	the	DET
cblr-8637	181	40	issuer	issuer	NOUN
cblr-8637	181	41	to	to	PART
cblr-8637	181	42	take	take	VERB
cblr-8637	181	43	the	the	DET
cblr-8637	181	44	securities	security	NOUN
cblr-8637	181	45	“	"	PUNCT
cblr-8637	181	46	off	off	ADP
cblr-8637	181	47	the	the	DET
cblr-8637	181	48	shelf	shelf	NOUN
cblr-8637	181	49	”	"	PUNCT
cblr-8637	181	50	when	when	SCONJ
cblr-8637	181	51	they	they	PRON
cblr-8637	181	52	want	want	VERB
cblr-8637	181	53	to	to	PART
cblr-8637	181	54	offer	offer	VERB
cblr-8637	181	55	them	they	PRON
cblr-8637	181	56	to	to	ADP
cblr-8637	181	57	the	the	DET
cblr-8637	181	58	public	public	NOUN
cblr-8637	181	59	.	.	PUNCT
cblr-8637	182	1	lloyd	lloyd	PROPN
cblr-8637	182	2	s.	s.	PROPN
cblr-8637	182	3	harmetz	harmetz	PROPN
cblr-8637	182	4	&	&	CCONJ
cblr-8637	182	5	bradley	bradley	PROPN
cblr-8637	182	6	berman	berman	PROPN
cblr-8637	182	7	,	,	PUNCT
cblr-8637	182	8	morrison	morrison	PROPN
cblr-8637	182	9	&	&	CCONJ
cblr-8637	182	10	foerster	foerster	PROPN
cblr-8637	182	11	llp	llp	PROPN
cblr-8637	182	12	,	,	PUNCT
cblr-8637	182	13	frequently	frequently	ADV
cblr-8637	182	14	asked	ask	VERB
cblr-8637	182	15	questions	question	NOUN
cblr-8637	182	16	about	about	ADP
cblr-8637	182	17	shelf	shelf	NOUN
cblr-8637	182	18	offerings	offering	NOUN
cblr-8637	182	19	1	1	NUM
cblr-8637	182	20	(	(	PUNCT
cblr-8637	182	21	2017	2017	NUM
cblr-8637	182	22	)	)	PUNCT
cblr-8637	182	23	,	,	PUNCT
cblr-8637	182	24	https://media2.mofo.com/documents/faqshelfofferings.pdf	https://media2.mofo.com/documents/faqshelfofferings.pdf	VERB
cblr-8637	183	1	[	[	X
cblr-8637	183	2	https://perma.cc/g2mn-cw46	https://perma.cc/g2mn-cw46	X
cblr-8637	183	3	]	]	X
cblr-8637	183	4	.	.	PUNCT
cblr-8637	184	1	39	39	NUM
cblr-8637	184	2	joseph	joseph	PROPN
cblr-8637	184	3	f.	f.	PROPN
cblr-8637	184	4	morrissey	morrissey	PROPN
cblr-8637	184	5	,	,	PUNCT
cblr-8637	184	6	rhetoric	rhetoric	NOUN
cblr-8637	184	7	and	and	CCONJ
cblr-8637	184	8	reality	reality	NOUN
cblr-8637	184	9	:	:	PUNCT
cblr-8637	184	10	investor	investor	NOUN
cblr-8637	184	11	protection	protection	NOUN
cblr-8637	184	12	and	and	CCONJ
cblr-8637	184	13	the	the	DET
cblr-8637	184	14	securities	security	NOUN
cblr-8637	184	15	regulation	regulation	NOUN
cblr-8637	184	16	reform	reform	NOUN
cblr-8637	184	17	of	of	ADP
cblr-8637	184	18	2005	2005	NUM
cblr-8637	184	19	,	,	PUNCT
cblr-8637	184	20	56	56	NUM
cblr-8637	184	21	cath	cath	NOUN
cblr-8637	184	22	.	.	PUNCT
cblr-8637	185	1	u.	u.	PROPN
cblr-8637	185	2	l.	l.	PROPN
cblr-8637	185	3	rev	rev	PROPN
cblr-8637	185	4	.	.	PROPN
cblr-8637	186	1	561	561	NUM
cblr-8637	186	2	,	,	PUNCT
cblr-8637	186	3	590–91	590–91	NUM
cblr-8637	186	4	(	(	PUNCT
cblr-8637	186	5	2007	2007	NUM
cblr-8637	186	6	)	)	PUNCT
cblr-8637	186	7	.	.	PUNCT
cblr-8637	187	1	40	40	NUM
cblr-8637	187	2	cox	cox	INTJ
cblr-8637	187	3	et	et	PROPN
cblr-8637	187	4	al	al	PROPN
cblr-8637	187	5	.	.	PROPN
cblr-8637	187	6	,	,	PUNCT
cblr-8637	187	7	supra	supra	PROPN
cblr-8637	187	8	note	note	PROPN
cblr-8637	187	9	10	10	NUM
cblr-8637	187	10	,	,	PUNCT
cblr-8637	187	11	at	at	ADP
cblr-8637	187	12	11	11	NUM
cblr-8637	187	13	.	.	PUNCT
cblr-8637	187	14	41	41	NUM
cblr-8637	187	15	see	see	VERB
cblr-8637	187	16	i	i	PRON
cblr-8637	187	17	d.	d.	PROPN
cblr-8637	187	18	at	at	ADP
cblr-8637	187	19	7–12	7–12	PROPN
cblr-8637	187	20	(	(	PUNCT
cblr-8637	187	21	discussing	discuss	VERB
cblr-8637	187	22	the	the	DET
cblr-8637	187	23	disclosure	disclosure	NOUN
cblr-8637	187	24	regime	regime	NOUN
cblr-8637	187	25	)	)	PUNCT
cblr-8637	187	26	.	.	PUNCT
cblr-8637	188	1	42	42	NUM
cblr-8637	189	1	i	i	PRON
cblr-8637	189	2	d.	d.	PROPN
cblr-8637	189	3	at	at	ADP
cblr-8637	189	4	12	12	NUM
cblr-8637	189	5	;	;	PUNCT
cblr-8637	189	6	sarbanes	sarbanes	PROPN
cblr-8637	189	7	-	-	PUNCT
cblr-8637	189	8	oxley	oxley	ADJ
cblr-8637	189	9	act	act	NOUN
cblr-8637	189	10	of	of	ADP
cblr-8637	189	11	2002	2002	NUM
cblr-8637	189	12	,	,	PUNCT
cblr-8637	189	13	pub	pub	NOUN
cblr-8637	189	14	.	.	PUNCT
cblr-8637	190	1	l.	l.	PROPN
cblr-8637	190	2	no	no	INTJ
cblr-8637	190	3	.	.	PUNCT
cblr-8637	191	1	107	107	NUM
cblr-8637	191	2	-	-	SYM
cblr-8637	191	3	204	204	NUM
cblr-8637	191	4	,	,	PUNCT
cblr-8637	191	5	116	116	NUM
cblr-8637	191	6	stat	stat	NOUN
cblr-8637	191	7	.	.	PUNCT
cblr-8637	192	1	745	745	NUM
cblr-8637	192	2	(	(	PUNCT
cblr-8637	192	3	codified	codify	VERB
cblr-8637	192	4	as	as	SCONJ
cblr-8637	192	5	amended	amend	VERB
cblr-8637	192	6	in	in	ADP
cblr-8637	192	7	scattered	scatter	VERB
cblr-8637	192	8	sections	section	NOUN
cblr-8637	192	9	of	of	ADP
cblr-8637	192	10	15	15	NUM
cblr-8637	192	11	u.s.c	u.s.c	ADJ
cblr-8637	192	12	.	.	PUNCT
cblr-8637	192	13	)	)	PUNCT
cblr-8637	192	14	.	.	PUNCT
cblr-8637	193	1	43	43	NUM
cblr-8637	193	2	cox	cox	INTJ
cblr-8637	193	3	et	et	PROPN
cblr-8637	193	4	al	al	PROPN
cblr-8637	193	5	.	.	PROPN
cblr-8637	193	6	,	,	PUNCT
cblr-8637	193	7	supra	supra	PROPN
cblr-8637	193	8	note	note	PROPN
cblr-8637	193	9	10	10	NUM
cblr-8637	193	10	,	,	PUNCT
cblr-8637	193	11	at	at	ADP
cblr-8637	193	12	13	13	NUM
cblr-8637	193	13	.	.	PUNCT
cblr-8637	194	1	greene	greene	PROPN
cblr-8637	194	2	et	et	PROPN
cblr-8637	194	3	al	al	PROPN
cblr-8637	194	4	.	.	PROPN
cblr-8637	195	1	8/21/2021	8/21/2021	NUM
cblr-8637	195	2	1:44	1:44	NUM
cblr-8637	195	3	pm	pm	NOUN
cblr-8637	195	4	no	no	INTJ
cblr-8637	195	5	.	.	PUNCT
cblr-8637	196	1	2:714	2:714	NUM
cblr-8637	196	2	]	]	X
cblr-8637	196	3	the	the	DET
cblr-8637	196	4	need	need	NOUN
cblr-8637	196	5	for	for	ADP
cblr-8637	196	6	a	a	DET
cblr-8637	196	7	comprehensive	comprehensive	ADJ
cblr-8637	196	8	approach	approach	NOUN
cblr-8637	196	9	727	727	NUM
cblr-8637	196	10	features	feature	NOUN
cblr-8637	196	11	apply	apply	VERB
cblr-8637	196	12	to	to	ADP
cblr-8637	196	13	all	all	DET
cblr-8637	196	14	publicly	publicly	ADV
cblr-8637	196	15	traded	trade	VERB
cblr-8637	196	16	companies	company	NOUN
cblr-8637	196	17	and	and	CCONJ
cblr-8637	196	18	include	include	VERB
cblr-8637	196	19	making	make	VERB
cblr-8637	196	20	ceos	ceo	NOUN
cblr-8637	196	21	and	and	CCONJ
cblr-8637	196	22	cfos	cfos	PROPN
cblr-8637	196	23	directly	directly	ADV
cblr-8637	196	24	responsible	responsible	ADJ
cblr-8637	196	25	for	for	ADP
cblr-8637	196	26	the	the	DET
cblr-8637	196	27	accuracy	accuracy	NOUN
cblr-8637	196	28	of	of	ADP
cblr-8637	196	29	financial	financial	ADJ
cblr-8637	196	30	reports	report	NOUN
cblr-8637	196	31	and	and	CCONJ
cblr-8637	196	32	requiring	require	VERB
cblr-8637	196	33	the	the	DET
cblr-8637	196	34	creation	creation	NOUN
cblr-8637	196	35	and	and	CCONJ
cblr-8637	196	36	maintenance	maintenance	NOUN
cblr-8637	196	37	of	of	ADP
cblr-8637	196	38	internal	internal	ADJ
cblr-8637	196	39	controls	control	NOUN
cblr-8637	196	40	,	,	PUNCT
cblr-8637	196	41	formal	formal	ADJ
cblr-8637	196	42	data	datum	NOUN
cblr-8637	196	43	security	security	NOUN
cblr-8637	196	44	policies	policy	NOUN
cblr-8637	196	45	,	,	PUNCT
cblr-8637	196	46	and	and	CCONJ
cblr-8637	196	47	records	record	VERB
cblr-8637	196	48	documenting	document	VERB
cblr-8637	196	49	compliance	compliance	NOUN
cblr-8637	196	50	with	with	ADP
cblr-8637	196	51	,	,	PUNCT
cblr-8637	196	52	and	and	CCONJ
cblr-8637	196	53	continuous	continuous	ADJ
cblr-8637	196	54	monitoring	monitoring	NOUN
cblr-8637	196	55	of	of	ADP
cblr-8637	196	56	,	,	PUNCT
cblr-8637	196	57	sox	sox	PROPN
cblr-8637	196	58	objectives.44	objectives.44	PROPN
cblr-8637	196	59	subsequent	subsequent	ADJ
cblr-8637	196	60	legislation	legislation	NOUN
cblr-8637	196	61	has	have	AUX
cblr-8637	196	62	also	also	ADV
cblr-8637	196	63	imposed	impose	VERB
cblr-8637	196	64	disclosure	disclosure	NOUN
cblr-8637	196	65	requirements	requirement	NOUN
cblr-8637	196	66	that	that	PRON
cblr-8637	196	67	do	do	AUX
cblr-8637	196	68	not	not	PART
cblr-8637	196	69	deal	deal	VERB
cblr-8637	196	70	directly	directly	ADV
cblr-8637	196	71	with	with	ADP
cblr-8637	196	72	investor	investor	NOUN
cblr-8637	196	73	education	education	NOUN
cblr-8637	196	74	or	or	CCONJ
cblr-8637	196	75	protection	protection	NOUN
cblr-8637	196	76	,	,	PUNCT
cblr-8637	196	77	but	but	CCONJ
cblr-8637	196	78	rather	rather	ADV
cblr-8637	196	79	with	with	ADP
cblr-8637	196	80	social	social	ADJ
cblr-8637	196	81	issues	issue	NOUN
cblr-8637	196	82	.	.	PUNCT
cblr-8637	197	1	for	for	ADP
cblr-8637	197	2	example	example	NOUN
cblr-8637	197	3	,	,	PUNCT
cblr-8637	197	4	the	the	DET
cblr-8637	197	5	2010	2010	NUM
cblr-8637	197	6	dodd	dodd	PROPN
cblr-8637	197	7	-	-	PUNCT
cblr-8637	197	8	frank	frank	PROPN
cblr-8637	197	9	act	act	PROPN
cblr-8637	197	10	instructed	instruct	VERB
cblr-8637	197	11	the	the	DET
cblr-8637	197	12	sec	sec	PROPN
cblr-8637	197	13	to	to	PART
cblr-8637	197	14	issue	issue	VERB
cblr-8637	197	15	rules	rule	NOUN
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cblr-8637	197	17	would	would	AUX
cblr-8637	197	18	require	require	VERB
cblr-8637	197	19	“	"	PUNCT
cblr-8637	197	20	issuers	issuer	NOUN
cblr-8637	197	21	that	that	PRON
cblr-8637	197	22	use	use	VERB
cblr-8637	197	23	‘	'	PUNCT
cblr-8637	197	24	conflict	conflict	NOUN
cblr-8637	197	25	minerals	mineral	NOUN
cblr-8637	197	26	’	'	PUNCT
cblr-8637	197	27	to	to	PART
cblr-8637	197	28	disclose	disclose	VERB
cblr-8637	197	29	annually	annually	ADV
cblr-8637	197	30	whether	whether	SCONJ
cblr-8637	197	31	any	any	DET
cblr-8637	197	32	such	such	ADJ
cblr-8637	197	33	minerals	mineral	NOUN
cblr-8637	197	34	originated	originate	VERB
cblr-8637	197	35	in	in	ADP
cblr-8637	197	36	the	the	DET
cblr-8637	197	37	democratic	democratic	PROPN
cblr-8637	197	38	republic	republic	PROPN
cblr-8637	197	39	of	of	ADP
cblr-8637	197	40	congo	congo	PROPN
cblr-8637	197	41	.	.	PUNCT
cblr-8637	197	42	.	.	PUNCT
cblr-8637	198	1	.	.	PUNCT
cblr-8637	199	1	or	or	CCONJ
cblr-8637	199	2	in	in	ADP
cblr-8637	199	3	an	an	DET
cblr-8637	199	4	adjoining	adjoining	ADJ
cblr-8637	199	5	country	country	NOUN
cblr-8637	199	6	.	.	PUNCT
cblr-8637	200	1	”45	”45	PROPN
cblr-8637	200	2	in	in	ADP
cblr-8637	200	3	addition	addition	NOUN
cblr-8637	200	4	,	,	PUNCT
cblr-8637	200	5	dodd	dodd	PROPN
cblr-8637	200	6	-	-	PUNCT
cblr-8637	200	7	frank	frank	PROPN
cblr-8637	200	8	requires	require	VERB
cblr-8637	200	9	certain	certain	ADJ
cblr-8637	200	10	disclosures	disclosure	NOUN
cblr-8637	200	11	related	relate	VERB
cblr-8637	200	12	to	to	ADP
cblr-8637	200	13	executive	executive	ADJ
cblr-8637	200	14	compensation	compensation	NOUN
cblr-8637	200	15	in	in	ADP
cblr-8637	200	16	a	a	DET
cblr-8637	200	17	company	company	NOUN
cblr-8637	200	18	’s	’s	PART
cblr-8637	200	19	annual	annual	ADJ
cblr-8637	200	20	proxy	proxy	ADJ
cblr-8637	200	21	statements	statement	NOUN
cblr-8637	200	22	and	and	CCONJ
cblr-8637	200	23	shareholder	shareholder	NOUN
cblr-8637	200	24	votes	vote	NOUN
cblr-8637	200	25	on	on	ADP
cblr-8637	200	26	certain	certain	ADJ
cblr-8637	200	27	executives	executive	NOUN
cblr-8637	200	28	’	'	PUNCT
cblr-8637	200	29	compensations	compensation	NOUN
cblr-8637	200	30	(	(	PUNCT
cblr-8637	200	31	“	"	PUNCT
cblr-8637	200	32	say	say	VERB
cblr-8637	200	33	-	-	PUNCT
cblr-8637	200	34	on	on	ADP
cblr-8637	200	35	-	-	PUNCT
cblr-8637	200	36	pay”).46	pay”).46	NOUN
cblr-8637	200	37	throughout	throughout	ADP
cblr-8637	200	38	the	the	DET
cblr-8637	200	39	2000s	2000s	NUM
cblr-8637	200	40	,	,	PUNCT
cblr-8637	200	41	stressing	stress	VERB
cblr-8637	200	42	the	the	DET
cblr-8637	200	43	importance	importance	NOUN
cblr-8637	200	44	of	of	ADP
cblr-8637	200	45	social	social	ADJ
cblr-8637	200	46	disclosures	disclosure	NOUN
cblr-8637	200	47	,	,	PUNCT
cblr-8637	200	48	some	some	DET
cblr-8637	200	49	investors	investor	NOUN
cblr-8637	200	50	have	have	AUX
cblr-8637	200	51	called	call	VERB
cblr-8637	200	52	for	for	ADP
cblr-8637	200	53	increased	increase	VERB
cblr-8637	200	54	requirements	requirement	NOUN
cblr-8637	200	55	in	in	ADP
cblr-8637	200	56	the	the	DET
cblr-8637	200	57	area	area	NOUN
cblr-8637	200	58	of	of	ADP
cblr-8637	200	59	environmental	environmental	ADJ
cblr-8637	200	60	,	,	PUNCT
cblr-8637	200	61	social	social	ADJ
cblr-8637	200	62	,	,	PUNCT
cblr-8637	200	63	and	and	CCONJ
cblr-8637	200	64	governance	governance	NOUN
cblr-8637	200	65	(	(	PUNCT
cblr-8637	200	66	esg	esg	PROPN
cblr-8637	200	67	)	)	PUNCT
cblr-8637	200	68	matters.47	matters.47	PROPN
cblr-8637	200	69	within	within	ADP
cblr-8637	200	70	the	the	DET
cblr-8637	200	71	sec	sec	PROPN
cblr-8637	200	72	,	,	PUNCT
cblr-8637	200	73	the	the	DET
cblr-8637	200	74	call	call	NOUN
cblr-8637	200	75	for	for	ADP
cblr-8637	200	76	esg	esg	NOUN
cblr-8637	200	77	-	-	PUNCT
cblr-8637	200	78	related	relate	VERB
cblr-8637	200	79	disclosure	disclosure	NOUN
cblr-8637	200	80	became	become	VERB
cblr-8637	200	81	evident	evident	ADJ
cblr-8637	200	82	in	in	ADP
cblr-8637	200	83	2010	2010	NUM
cblr-8637	200	84	when	when	SCONJ
cblr-8637	200	85	the	the	DET
cblr-8637	200	86	commission	commission	NOUN
cblr-8637	200	87	issued	issue	VERB
cblr-8637	200	88	guidance	guidance	NOUN
cblr-8637	200	89	identifying	identify	VERB
cblr-8637	200	90	areas	area	NOUN
cblr-8637	200	91	in	in	ADP
cblr-8637	200	92	company	company	NOUN
cblr-8637	200	93	reporting	report	VERB
cblr-8637	200	94	that	that	PRON
cblr-8637	200	95	may	may	AUX
cblr-8637	200	96	require	require	VERB
cblr-8637	200	97	44	44	NUM
cblr-8637	200	98	jeff	jeff	NOUN
cblr-8637	200	99	petters	petter	NOUN
cblr-8637	200	100	,	,	PUNCT
cblr-8637	200	101	what	what	PRON
cblr-8637	200	102	is	be	AUX
cblr-8637	200	103	sox	sox	PROPN
cblr-8637	200	104	compliance	compliance	NOUN
cblr-8637	200	105	?	?	PUNCT
cblr-8637	201	1	everything	everything	PRON
cblr-8637	201	2	you	you	PRON
cblr-8637	201	3	need	need	VERB
cblr-8637	201	4	to	to	PART
cblr-8637	201	5	know	know	VERB
cblr-8637	201	6	in	in	ADP
cblr-8637	201	7	2019	2019	NUM
cblr-8637	201	8	,	,	PUNCT
cblr-8637	201	9	varonis	varoni	NOUN
cblr-8637	201	10	,	,	PUNCT
cblr-8637	201	11	https://www.varonis.com/blog/sox-compliance/	https://www.varonis.com/blog/sox-compliance/	X
cblr-8637	201	12	[	[	X
cblr-8637	201	13	https://perma.cc/g5ms-98vx	https://perma.cc/g5ms-98vx	X
cblr-8637	201	14	]	]	X
cblr-8637	201	15	(	(	PUNCT
cblr-8637	201	16	last	last	ADJ
cblr-8637	201	17	updated	update	VERB
cblr-8637	201	18	sept	sept	PROPN
cblr-8637	201	19	.	.	PROPN
cblr-8637	201	20	23	23	NUM
cblr-8637	201	21	,	,	PUNCT
cblr-8637	201	22	2020	2020	NUM
cblr-8637	201	23	)	)	PUNCT
cblr-8637	201	24	.	.	PUNCT
cblr-8637	202	1	45	45	NUM
cblr-8637	202	2	bloomenthal	bloomenthal	ADJ
cblr-8637	202	3	&	&	CCONJ
cblr-8637	202	4	wolff	wolff	PROPN
cblr-8637	202	5	,	,	PUNCT
cblr-8637	202	6	supra	supra	PROPN
cblr-8637	202	7	note	note	PROPN
cblr-8637	202	8	11	11	NUM
cblr-8637	202	9	,	,	PUNCT
cblr-8637	202	10	§	§	PROPN
cblr-8637	202	11	1:479	1:479	NUM
cblr-8637	202	12	(	(	PUNCT
cblr-8637	202	13	citing	cite	VERB
cblr-8637	202	14	specialized	specialized	ADJ
cblr-8637	202	15	disclosure	disclosure	NOUN
cblr-8637	202	16	report	report	NOUN
cblr-8637	202	17	(	(	PUNCT
cblr-8637	202	18	form	form	NOUN
cblr-8637	202	19	sd	sd	NOUN
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cblr-8637	202	21	,	,	PUNCT
cblr-8637	202	22	at	at	ADP
cblr-8637	202	23	2	2	NUM
cblr-8637	202	24	(	(	PUNCT
cblr-8637	202	25	2020	2020	NUM
cblr-8637	202	26	)	)	PUNCT
cblr-8637	202	27	,	,	PUNCT
cblr-8637	202	28	https://www	https://www	PROPN
cblr-8637	202	29	.sec.gov	.sec.gov	NOUN
cblr-8637	202	30	/	/	SYM
cblr-8637	202	31	files	file	NOUN
cblr-8637	202	32	/	/	SYM
cblr-8637	202	33	formsd.pdf	formsd.pdf	X
cblr-8637	202	34	[	[	X
cblr-8637	202	35	https://perma.cc/73pu-pf2	https://perma.cc/73pu-pf2	SYM
cblr-8637	202	36	g	g	NOUN
cblr-8637	202	37	]	]	PUNCT
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cblr-8637	202	39	.	.	PUNCT
cblr-8637	203	1	the	the	DET
cblr-8637	203	2	sec	sec	PROPN
cblr-8637	203	3	promulgated	promulgate	VERB
cblr-8637	203	4	these	these	DET
cblr-8637	203	5	rules	rule	NOUN
cblr-8637	203	6	under	under	ADP
cblr-8637	203	7	section	section	NOUN
cblr-8637	203	8	13(p	13(p	NUM
cblr-8637	203	9	)	)	PUNCT
cblr-8637	203	10	of	of	ADP
cblr-8637	203	11	the	the	DET
cblr-8637	203	12	exchange	exchange	NOUN
cblr-8637	203	13	act	act	PROPN
cblr-8637	203	14	.	.	PUNCT
cblr-8637	204	1	i	i	PRON
cblr-8637	204	2	d.	d.	PROPN
cblr-8637	204	3	46	46	NUM
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cblr-8637	205	4	,	,	PUNCT
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cblr-8637	205	6	of	of	ADP
cblr-8637	205	7	dodd	dodd	PROPN
cblr-8637	205	8	-	-	PUNCT
cblr-8637	205	9	frank	frank	ADJ
cblr-8637	205	10	financial	financial	ADJ
cblr-8637	205	11	regulation	regulation	NOUN
cblr-8637	205	12	legislation	legislation	NOUN
cblr-8637	205	13	,	,	PUNCT
cblr-8637	205	14	harv	harv	PROPN
cblr-8637	205	15	.	.	PUNCT
cblr-8637	206	1	l.	l.	PROPN
cblr-8637	206	2	sch	sch	PROPN
cblr-8637	206	3	.	.	PUNCT
cblr-8637	207	1	f.	f.	PROPN
cblr-8637	207	2	on	on	ADP
cblr-8637	207	3	corp	corp	PROPN
cblr-8637	207	4	.	.	PROPN
cblr-8637	207	5	governance	governance	PROPN
cblr-8637	207	6	(	(	PUNCT
cblr-8637	207	7	july	july	PROPN
cblr-8637	207	8	7	7	NUM
cblr-8637	207	9	,	,	PUNCT
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cblr-8637	207	12	,	,	PUNCT
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cblr-8637	208	1	[	[	X
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cblr-8637	208	4	.	.	PUNCT
cblr-8637	209	1	47	47	NUM
cblr-8637	209	2	see	see	VERB
cblr-8637	209	3	letter	letter	NOUN
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cblr-8637	209	5	cynthia	cynthia	PROPN
cblr-8637	209	6	a.	a.	PROPN
cblr-8637	209	7	williams	williams	PROPN
cblr-8637	209	8	,	,	PUNCT
cblr-8637	209	9	osler	osler	PROPN
cblr-8637	209	10	chair	chair	PROPN
cblr-8637	209	11	in	in	ADP
cblr-8637	209	12	bus	bus	NOUN
cblr-8637	209	13	.	.	PUNCT
cblr-8637	210	1	l.	l.	PROPN
cblr-8637	210	2	,	,	PUNCT
cblr-8637	210	3	york	york	PROPN
cblr-8637	210	4	univ	univ	PROPN
cblr-8637	210	5	.	.	PROPN
cblr-8637	210	6	&	&	CCONJ
cblr-8637	210	7	jill	jill	PROPN
cblr-8637	210	8	e.	e.	PROPN
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cblr-8637	210	10	,	,	PUNCT
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cblr-8637	210	12	a.	a.	PROPN
cblr-8637	210	13	fox	fox	PROPN
cblr-8637	210	14	distinguished	distinguish	VERB
cblr-8637	210	15	professor	professor	NOUN
cblr-8637	210	16	of	of	ADP
cblr-8637	210	17	bus	bus	NOUN
cblr-8637	210	18	.	.	PUNCT
cblr-8637	211	1	l.	l.	PROPN
cblr-8637	211	2	,	,	PUNCT
cblr-8637	211	3	univ	univ	PROPN
cblr-8637	211	4	.	.	PROPN
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cblr-8637	211	7	l.	l.	PROPN
cblr-8637	211	8	sch	sch	PROPN
cblr-8637	211	9	.	.	PROPN
cblr-8637	211	10	,	,	PUNCT
cblr-8637	211	11	to	to	ADP
cblr-8637	211	12	brent	brent	PROPN
cblr-8637	211	13	j.	j.	PROPN
cblr-8637	211	14	fields	fields	PROPN
cblr-8637	211	15	,	,	PUNCT
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cblr-8637	211	17	,	,	PUNCT
cblr-8637	211	18	u.s	u.s	PROPN
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cblr-8637	211	20	sec	sec	PROPN
cblr-8637	211	21	.	.	PROPN
cblr-8637	211	22	&	&	CCONJ
cblr-8637	211	23	exch	exch	PROPN
cblr-8637	211	24	.	.	PUNCT
cblr-8637	212	1	comm’n	comm’n	PRON
cblr-8637	212	2	1	1	NUM
cblr-8637	212	3	(	(	PUNCT
cblr-8637	212	4	oct	oct	PROPN
cblr-8637	212	5	.	.	PROPN
cblr-8637	212	6	1	1	NUM
cblr-8637	212	7	,	,	PUNCT
cblr-8637	212	8	2018	2018	NUM
cblr-8637	212	9	)	)	PUNCT
cblr-8637	212	10	,	,	PUNCT
cblr-8637	212	11	https://www.sec.gov/rules/petitions/2018/petn4-730.pdf	https://www.sec.gov/rules/petitions/2018/petn4-730.pdf	PRON
cblr-8637	212	12	[	[	X
cblr-8637	212	13	https://perma.cc/j2na-xqya	https://perma.cc/j2na-xqya	X
cblr-8637	212	14	]	]	X
cblr-8637	212	15	.	.	PUNCT
cblr-8637	213	1	greene	greene	PROPN
cblr-8637	213	2	et	et	PROPN
cblr-8637	213	3	al	al	PROPN
cblr-8637	213	4	.	.	PROPN
cblr-8637	214	1	8/21/2021	8/21/2021	NUM
cblr-8637	214	2	1:44	1:44	NUM
cblr-8637	214	3	pm	pm	NOUN
cblr-8637	214	4	728	728	NUM
cblr-8637	214	5	columbia	columbia	PROPN
cblr-8637	214	6	business	business	NOUN
cblr-8637	214	7	law	law	PROPN
cblr-8637	214	8	review	review	NOUN
cblr-8637	214	9	[	[	X
cblr-8637	214	10	vol	vol	NOUN
cblr-8637	214	11	.	.	NOUN
cblr-8637	214	12	2021	2021	NUM
cblr-8637	214	13	disclosure	disclosure	NOUN
cblr-8637	214	14	related	relate	VERB
cblr-8637	214	15	to	to	ADP
cblr-8637	214	16	climate	climate	NOUN
cblr-8637	214	17	change.48	change.48	NOUN
cblr-8637	214	18	recently	recently	ADV
cblr-8637	214	19	,	,	PUNCT
cblr-8637	214	20	there	there	PRON
cblr-8637	214	21	have	have	AUX
cblr-8637	214	22	been	be	AUX
cblr-8637	214	23	questions	question	NOUN
cblr-8637	214	24	about	about	ADP
cblr-8637	214	25	whether	whether	SCONJ
cblr-8637	214	26	this	this	DET
cblr-8637	214	27	guidance	guidance	NOUN
cblr-8637	214	28	,	,	PUNCT
cblr-8637	214	29	issued	issue	VERB
cblr-8637	214	30	a	a	DET
cblr-8637	214	31	decade	decade	NOUN
cblr-8637	214	32	ago	ago	ADV
cblr-8637	214	33	,	,	PUNCT
cblr-8637	214	34	satisfies	satisfy	VERB
cblr-8637	214	35	investors	investor	NOUN
cblr-8637	214	36	’	’	PART
cblr-8637	214	37	desires	desire	NOUN
cblr-8637	214	38	for	for	ADP
cblr-8637	214	39	full	full	ADJ
cblr-8637	214	40	disclosure	disclosure	NOUN
cblr-8637	214	41	on	on	ADP
cblr-8637	214	42	environmental	environmental	ADJ
cblr-8637	214	43	issues	issue	NOUN
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cblr-8637	214	47	,	,	PUNCT
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cblr-8637	214	49	sec	sec	PROPN
cblr-8637	214	50	has	have	VERB
cblr-8637	214	51	yet	yet	ADV
cblr-8637	214	52	to	to	PART
cblr-8637	214	53	require	require	VERB
cblr-8637	214	54	more	more	ADV
cblr-8637	214	55	specific	specific	ADJ
cblr-8637	214	56	esg	esg	ADJ
cblr-8637	214	57	-	-	PUNCT
cblr-8637	214	58	focused	focus	VERB
cblr-8637	214	59	disclosures	disclosure	NOUN
cblr-8637	214	60	as	as	ADP
cblr-8637	214	61	of	of	ADP
cblr-8637	214	62	2020	2020	NUM
cblr-8637	214	63	,	,	PUNCT
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cblr-8637	214	65	has	have	AUX
cblr-8637	214	66	indicated	indicate	VERB
cblr-8637	214	67	that	that	SCONJ
cblr-8637	214	68	it	it	PRON
cblr-8637	214	69	will	will	AUX
cblr-8637	214	70	remain	remain	VERB
cblr-8637	214	71	focused	focused	ADJ
cblr-8637	214	72	on	on	ADP
cblr-8637	214	73	disclosures	disclosure	NOUN
cblr-8637	214	74	based	base	VERB
cblr-8637	214	75	on	on	ADP
cblr-8637	214	76	materiality.50	materiality.50	PROPN
cblr-8637	214	77	in	in	ADP
cblr-8637	214	78	addition	addition	NOUN
cblr-8637	214	79	to	to	ADP
cblr-8637	214	80	regulating	regulate	VERB
cblr-8637	214	81	companies	company	NOUN
cblr-8637	214	82	through	through	ADP
cblr-8637	214	83	the	the	DET
cblr-8637	214	84	registration	registration	NOUN
cblr-8637	214	85	requirements	requirement	NOUN
cblr-8637	214	86	of	of	ADP
cblr-8637	214	87	the	the	DET
cblr-8637	214	88	securities	security	NOUN
cblr-8637	214	89	act	act	NOUN
cblr-8637	214	90	and	and	CCONJ
cblr-8637	214	91	reporting	report	VERB
cblr-8637	214	92	companies	company	NOUN
cblr-8637	214	93	through	through	ADP
cblr-8637	214	94	the	the	DET
cblr-8637	214	95	ongoing	ongoing	ADJ
cblr-8637	214	96	disclosure	disclosure	NOUN
cblr-8637	214	97	requirements	requirement	NOUN
cblr-8637	214	98	of	of	ADP
cblr-8637	214	99	the	the	DET
cblr-8637	214	100	exchange	exchange	NOUN
cblr-8637	214	101	act	act	PROPN
cblr-8637	214	102	,	,	PUNCT
cblr-8637	214	103	the	the	DET
cblr-8637	214	104	sec	sec	PROPN
cblr-8637	214	105	has	have	AUX
cblr-8637	214	106	also	also	ADV
cblr-8637	214	107	permitted	permit	VERB
cblr-8637	214	108	limited	limited	ADJ
cblr-8637	214	109	fundraising	fundraise	VERB
cblr-8637	214	110	through	through	ADP
cblr-8637	214	111	regulation	regulation	NOUN
cblr-8637	214	112	a	a	DET
cblr-8637	214	113	(	(	PUNCT
cblr-8637	214	114	reg	reg	NOUN
cblr-8637	214	115	a	a	PRON
cblr-8637	214	116	)	)	PUNCT
cblr-8637	214	117	,	,	PUNCT
cblr-8637	214	118	subsequently	subsequently	ADV
cblr-8637	214	119	amended	amend	VERB
cblr-8637	214	120	in	in	ADP
cblr-8637	214	121	the	the	DET
cblr-8637	214	122	48	48	NUM
cblr-8637	214	123	see	see	NOUN
cblr-8637	214	124	generally	generally	ADV
cblr-8637	214	125	commission	commission	NOUN
cblr-8637	214	126	guidance	guidance	NOUN
cblr-8637	214	127	regarding	regard	VERB
cblr-8637	214	128	disclosure	disclosure	NOUN
cblr-8637	214	129	related	relate	VERB
cblr-8637	214	130	to	to	ADP
cblr-8637	214	131	climate	climate	NOUN
cblr-8637	214	132	change	change	NOUN
cblr-8637	214	133	,	,	PUNCT
cblr-8637	214	134	75	75	NUM
cblr-8637	214	135	fed	feed	VERB
cblr-8637	214	136	.	.	PUNCT
cblr-8637	215	1	reg	reg	NOUN
cblr-8637	215	2	.	.	PUNCT
cblr-8637	216	1	6,290	6,290	NUM
cblr-8637	216	2	(	(	PUNCT
cblr-8637	216	3	feb	feb	X
cblr-8637	216	4	.	.	PROPN
cblr-8637	216	5	8	8	NUM
cblr-8637	216	6	,	,	PUNCT
cblr-8637	216	7	2010	2010	NUM
cblr-8637	216	8	)	)	PUNCT
cblr-8637	216	9	.	.	PUNCT
cblr-8637	217	1	in	in	ADP
cblr-8637	217	2	that	that	DET
cblr-8637	217	3	guidance	guidance	NOUN
cblr-8637	217	4	,	,	PUNCT
cblr-8637	217	5	the	the	DET
cblr-8637	217	6	sec	sec	PROPN
cblr-8637	217	7	noted	note	VERB
cblr-8637	217	8	that	that	SCONJ
cblr-8637	217	9	esg	esg	NOUN
cblr-8637	217	10	-	-	PUNCT
cblr-8637	217	11	related	relate	VERB
cblr-8637	217	12	disclosure	disclosure	NOUN
cblr-8637	217	13	may	may	AUX
cblr-8637	217	14	be	be	AUX
cblr-8637	217	15	required	require	VERB
cblr-8637	217	16	concerning	concern	VERB
cblr-8637	217	17	the	the	DET
cblr-8637	217	18	“	"	PUNCT
cblr-8637	217	19	description	description	NOUN
cblr-8637	217	20	of	of	ADP
cblr-8637	217	21	the	the	DET
cblr-8637	217	22	business	business	NOUN
cblr-8637	217	23	,	,	PUNCT
cblr-8637	217	24	legal	legal	ADJ
cblr-8637	217	25	proceedings	proceeding	NOUN
cblr-8637	217	26	,	,	PUNCT
cblr-8637	217	27	risk	risk	NOUN
cblr-8637	217	28	factors	factor	NOUN
cblr-8637	217	29	,	,	PUNCT
cblr-8637	217	30	and	and	CCONJ
cblr-8637	217	31	[	[	X
cblr-8637	217	32	the	the	DET
cblr-8637	217	33	]	]	X
cblr-8637	217	34	management	management	NOUN
cblr-8637	217	35	’s	’s	PART
cblr-8637	217	36	discussion	discussion	NOUN
cblr-8637	217	37	and	and	CCONJ
cblr-8637	217	38	analysis	analysis	NOUN
cblr-8637	217	39	of	of	ADP
cblr-8637	217	40	financial	financial	ADJ
cblr-8637	217	41	condition	condition	NOUN
cblr-8637	217	42	and	and	CCONJ
cblr-8637	217	43	”	"	PUNCT
cblr-8637	217	44	resulting	result	VERB
cblr-8637	217	45	operations	operation	NOUN
cblr-8637	217	46	.	.	PUNCT
cblr-8637	218	1	press	press	NOUN
cblr-8637	218	2	release	release	NOUN
cblr-8637	218	3	,	,	PUNCT
cblr-8637	218	4	allison	allison	PROPN
cblr-8637	218	5	herren	herren	PROPN
cblr-8637	218	6	lee	lee	PROPN
cblr-8637	218	7	,	,	PUNCT
cblr-8637	218	8	comm’r	comm’r	ADP
cblr-8637	218	9	,	,	PUNCT
cblr-8637	218	10	u.s	u.s	PROPN
cblr-8637	218	11	.	.	PROPN
cblr-8637	218	12	sec	sec	PROPN
cblr-8637	218	13	.	.	PROPN
cblr-8637	218	14	&	&	CCONJ
cblr-8637	218	15	exch	exch	PROPN
cblr-8637	218	16	.	.	PUNCT
cblr-8637	219	1	comm’n	comm’n	PROPN
cblr-8637	219	2	,	,	PUNCT
cblr-8637	219	3	“	"	PUNCT
cblr-8637	219	4	modernizing	modernize	VERB
cblr-8637	219	5	”	"	PUNCT
cblr-8637	219	6	regulation	regulation	NOUN
cblr-8637	219	7	s	s	NOUN
cblr-8637	219	8	-	-	PROPN
cblr-8637	219	9	k	k	NOUN
cblr-8637	219	10	:	:	PUNCT
cblr-8637	219	11	ignoring	ignore	VERB
cblr-8637	219	12	the	the	DET
cblr-8637	219	13	elephant	elephant	NOUN
cblr-8637	219	14	in	in	ADP
cblr-8637	219	15	the	the	DET
cblr-8637	219	16	room	room	NOUN
cblr-8637	219	17	(	(	PUNCT
cblr-8637	219	18	jan	jan	PROPN
cblr-8637	219	19	.	.	PROPN
cblr-8637	219	20	30	30	NUM
cblr-8637	219	21	,	,	PUNCT
cblr-8637	219	22	2020	2020	NUM
cblr-8637	219	23	)	)	PUNCT
cblr-8637	219	24	,	,	PUNCT
cblr-8637	219	25	https://www.sec.gov/news/public-statement/lee-mda-202001-30	https://www.sec.gov/news/public-statement/lee-mda-202001-30	PROPN
cblr-8637	220	1	[	[	X
cblr-8637	220	2	https://perma.cc/8lyp-j9t2	https://perma.cc/8lyp-j9t2	X
cblr-8637	220	3	]	]	X
cblr-8637	220	4	.	.	PUNCT
cblr-8637	221	1	49	49	NUM
cblr-8637	221	2	see	see	VERB
cblr-8637	221	3	lee	lee	PROPN
cblr-8637	221	4	,	,	PUNCT
cblr-8637	221	5	supra	supra	PROPN
cblr-8637	221	6	note	note	PROPN
cblr-8637	221	7	48	48	NUM
cblr-8637	221	8	.	.	PUNCT
cblr-8637	222	1	(	(	PUNCT
cblr-8637	222	2	“	"	PUNCT
cblr-8637	222	3	[	[	X
cblr-8637	222	4	i]nvestors	i]nvestor	NOUN
cblr-8637	222	5	are	be	AUX
cblr-8637	222	6	overwhelmingly	overwhelmingly	ADV
cblr-8637	222	7	telling	tell	VERB
cblr-8637	222	8	us	we	PRON
cblr-8637	222	9	,	,	PUNCT
cblr-8637	222	10	through	through	ADP
cblr-8637	222	11	comment	comment	NOUN
cblr-8637	222	12	letters	letter	NOUN
cblr-8637	222	13	and	and	CCONJ
cblr-8637	222	14	petitions	petition	NOUN
cblr-8637	222	15	for	for	ADP
cblr-8637	222	16	rulemaking	rulemaking	NOUN
cblr-8637	222	17	,	,	PUNCT
cblr-8637	222	18	that	that	SCONJ
cblr-8637	222	19	they	they	PRON
cblr-8637	222	20	need	need	VERB
cblr-8637	222	21	consistent	consistent	ADJ
cblr-8637	222	22	,	,	PUNCT
cblr-8637	222	23	reliable	reliable	ADJ
cblr-8637	222	24	,	,	PUNCT
cblr-8637	222	25	and	and	CCONJ
cblr-8637	222	26	comparable	comparable	ADJ
cblr-8637	222	27	disclosures	disclosure	NOUN
cblr-8637	222	28	of	of	ADP
cblr-8637	222	29	the	the	DET
cblr-8637	222	30	risks	risk	NOUN
cblr-8637	222	31	and	and	CCONJ
cblr-8637	222	32	opportunities	opportunity	NOUN
cblr-8637	222	33	to	to	PART
cblr-8637	222	34	sustainability	sustainability	NOUN
cblr-8637	222	35	measures	measure	NOUN
cblr-8637	222	36	,	,	PUNCT
cblr-8637	222	37	particularly	particularly	ADV
cblr-8637	222	38	climate	climate	NOUN
cblr-8637	222	39	risk	risk	NOUN
cblr-8637	222	40	.	.	PUNCT
cblr-8637	222	41	”	"	PUNCT
cblr-8637	222	42	)	)	PUNCT
cblr-8637	222	43	.	.	PUNCT
cblr-8637	223	1	50	50	NUM
cblr-8637	223	2	donna	donna	NOUN
cblr-8637	223	3	mussio	mussio	PROPN
cblr-8637	223	4	,	,	PUNCT
cblr-8637	223	5	mary	mary	PROPN
cblr-8637	223	6	beth	beth	PROPN
cblr-8637	223	7	houlihan	houlihan	PROPN
cblr-8637	223	8	&	&	CCONJ
cblr-8637	223	9	taylor	taylor	PROPN
cblr-8637	223	10	souter	souter	PROPN
cblr-8637	223	11	,	,	PUNCT
cblr-8637	223	12	to	to	PART
cblr-8637	223	13	lead	lead	VERB
cblr-8637	223	14	or	or	CCONJ
cblr-8637	223	15	not	not	PART
cblr-8637	223	16	to	to	PART
cblr-8637	223	17	lead	lead	VERB
cblr-8637	223	18	:	:	PUNCT
cblr-8637	223	19	contrasting	contrast	VERB
cblr-8637	223	20	recent	recent	ADJ
cblr-8637	223	21	statements	statement	NOUN
cblr-8637	223	22	by	by	ADP
cblr-8637	223	23	sec	sec	PROPN
cblr-8637	223	24	and	and	CCONJ
cblr-8637	223	25	esma	esma	VERB
cblr-8637	223	26	chairs	chair	NOUN
cblr-8637	223	27	on	on	ADP
cblr-8637	223	28	esg	esg	PROPN
cblr-8637	223	29	disclosure	disclosure	NOUN
cblr-8637	223	30	,	,	PUNCT
cblr-8637	223	31	harv	harv	PROPN
cblr-8637	223	32	.	.	PUNCT
cblr-8637	224	1	l.	l.	PROPN
cblr-8637	224	2	sch	sch	PROPN
cblr-8637	224	3	.	.	PUNCT
cblr-8637	225	1	f.	f.	PROPN
cblr-8637	225	2	on	on	ADP
cblr-8637	225	3	corp	corp	PROPN
cblr-8637	225	4	.	.	PROPN
cblr-8637	225	5	governance	governance	PROPN
cblr-8637	225	6	(	(	PUNCT
cblr-8637	225	7	mar	mar	PROPN
cblr-8637	225	8	.	.	PROPN
cblr-8637	225	9	16	16	NUM
cblr-8637	225	10	,	,	PUNCT
cblr-8637	225	11	2020	2020	NUM
cblr-8637	225	12	)	)	PUNCT
cblr-8637	225	13	,	,	PUNCT
cblr-8637	225	14	https://corpgov.law.harvard.edu/2020/03/16/to-lead-or-not-to-leadcontrasting-recent-statements-by-sec-and-esma-chairs-on-esg-disclosure	https://corpgov.law.harvard.edu/2020/03/16/to-lead-or-not-to-leadcontrasting-recent-statements-by-sec-and-esma-chairs-on-esg-disclosure	VERB
cblr-8637	226	1	[	[	X
cblr-8637	226	2	https://perma.cc/ln47-ukkx	https://perma.cc/ln47-ukkx	X
cblr-8637	226	3	]	]	X
cblr-8637	226	4	.	.	PUNCT
cblr-8637	227	1	interestingly	interestingly	ADV
cblr-8637	227	2	,	,	PUNCT
cblr-8637	227	3	outside	outside	ADP
cblr-8637	227	4	of	of	ADP
cblr-8637	227	5	the	the	DET
cblr-8637	227	6	u.s	u.s	PROPN
cblr-8637	227	7	.	.	PROPN
cblr-8637	227	8	public	public	ADJ
cblr-8637	227	9	market	market	NOUN
cblr-8637	227	10	,	,	PUNCT
cblr-8637	227	11	there	there	PRON
cblr-8637	227	12	does	do	AUX
cblr-8637	227	13	seem	seem	VERB
cblr-8637	227	14	to	to	PART
cblr-8637	227	15	be	be	AUX
cblr-8637	227	16	a	a	DET
cblr-8637	227	17	push	push	NOUN
cblr-8637	227	18	for	for	ADP
cblr-8637	227	19	more	more	ADJ
cblr-8637	227	20	esg	esg	NOUN
cblr-8637	227	21	-	-	PUNCT
cblr-8637	227	22	related	relate	VERB
cblr-8637	227	23	disclosures	disclosure	NOUN
cblr-8637	227	24	.	.	PUNCT
cblr-8637	228	1	for	for	ADP
cblr-8637	228	2	example	example	NOUN
cblr-8637	228	3	,	,	PUNCT
cblr-8637	228	4	the	the	DET
cblr-8637	228	5	chair	chair	NOUN
cblr-8637	228	6	of	of	ADP
cblr-8637	228	7	the	the	DET
cblr-8637	228	8	european	european	PROPN
cblr-8637	228	9	securities	securities	PROPN
cblr-8637	228	10	and	and	CCONJ
cblr-8637	228	11	markets	market	NOUN
cblr-8637	228	12	authority	authority	NOUN
cblr-8637	228	13	has	have	AUX
cblr-8637	228	14	“	"	PUNCT
cblr-8637	228	15	indicated	indicate	VERB
cblr-8637	228	16	that	that	SCONJ
cblr-8637	228	17	it	it	PRON
cblr-8637	228	18	is	be	AUX
cblr-8637	228	19	time	time	NOUN
cblr-8637	228	20	for	for	SCONJ
cblr-8637	228	21	the	the	DET
cblr-8637	228	22	public	public	ADJ
cblr-8637	228	23	sector	sector	NOUN
cblr-8637	228	24	to	to	PART
cblr-8637	228	25	step	step	VERB
cblr-8637	228	26	in	in	ADP
cblr-8637	228	27	to	to	PART
cblr-8637	228	28	promote	promote	VERB
cblr-8637	228	29	reliable	reliable	ADJ
cblr-8637	228	30	,	,	PUNCT
cblr-8637	228	31	relevant	relevant	ADJ
cblr-8637	228	32	and	and	CCONJ
cblr-8637	228	33	comparable	comparable	ADJ
cblr-8637	228	34	esg	esg	PROPN
cblr-8637	228	35	information	information	NOUN
cblr-8637	228	36	.	.	PUNCT
cblr-8637	228	37	”	"	PUNCT
cblr-8637	229	1	i	i	PRON
cblr-8637	229	2	d.	d.	PROPN
cblr-8637	229	3	and	and	CCONJ
cblr-8637	229	4	major	major	ADJ
cblr-8637	229	5	private	private	ADJ
cblr-8637	229	6	market	market	NOUN
cblr-8637	229	7	investors	investor	NOUN
cblr-8637	229	8	,	,	PUNCT
cblr-8637	229	9	such	such	ADJ
cblr-8637	229	10	as	as	ADP
cblr-8637	229	11	blackrock	blackrock	NOUN
cblr-8637	229	12	,	,	PUNCT
cblr-8637	229	13	have	have	AUX
cblr-8637	229	14	focused	focus	VERB
cblr-8637	229	15	on	on	ADP
cblr-8637	229	16	esg	esg	PROPN
cblr-8637	229	17	-	-	PUNCT
cblr-8637	229	18	related	relate	VERB
cblr-8637	229	19	issues	issue	NOUN
cblr-8637	229	20	in	in	ADP
cblr-8637	229	21	their	their	PRON
cblr-8637	229	22	portfolio	portfolio	NOUN
cblr-8637	229	23	companies	company	NOUN
cblr-8637	229	24	.	.	PUNCT
cblr-8637	230	1	letter	letter	NOUN
cblr-8637	230	2	from	from	ADP
cblr-8637	230	3	larry	larry	PROPN
cblr-8637	230	4	fink	fink	PROPN
cblr-8637	230	5	,	,	PUNCT
cblr-8637	230	6	chairman	chairman	NOUN
cblr-8637	230	7	&	&	CCONJ
cblr-8637	230	8	ceo	ceo	PROPN
cblr-8637	230	9	,	,	PUNCT
cblr-8637	230	10	blackrock	blackrock	NOUN
cblr-8637	230	11	,	,	PUNCT
cblr-8637	230	12	to	to	ADP
cblr-8637	230	13	ceos	ceos	PROPN
cblr-8637	230	14	(	(	PUNCT
cblr-8637	230	15	2020	2020	NUM
cblr-8637	230	16	)	)	PUNCT
cblr-8637	230	17	,	,	PUNCT
cblr-8637	230	18	https://www.blackrock.com/us/individual/larry-fink-ceoletter	https://www.blackrock.com/us/individual/larry-fink-ceoletter	PROPN
cblr-8637	231	1	[	[	X
cblr-8637	231	2	https://perma.cc/63zs-nvnd	https://perma.cc/63zs-nvnd	X
cblr-8637	231	3	]	]	PUNCT
cblr-8637	231	4	.	.	PUNCT
cblr-8637	232	1	greene	greene	PROPN
cblr-8637	232	2	et	et	PROPN
cblr-8637	232	3	al	al	PROPN
cblr-8637	232	4	.	.	PROPN
cblr-8637	233	1	8/21/2021	8/21/2021	NUM
cblr-8637	233	2	1:44	1:44	NUM
cblr-8637	233	3	pm	pm	NOUN
cblr-8637	233	4	no	no	INTJ
cblr-8637	233	5	.	.	PUNCT
cblr-8637	234	1	2:714	2:714	NUM
cblr-8637	234	2	]	]	X
cblr-8637	234	3	the	the	DET
cblr-8637	234	4	need	need	NOUN
cblr-8637	234	5	for	for	ADP
cblr-8637	234	6	a	a	DET
cblr-8637	234	7	comprehensive	comprehensive	ADJ
cblr-8637	234	8	approach	approach	NOUN
cblr-8637	234	9	729	729	NUM
cblr-8637	234	10	jobs	job	NOUN
cblr-8637	234	11	act	act	VERB
cblr-8637	234	12	to	to	PART
cblr-8637	234	13	form	form	VERB
cblr-8637	234	14	“	"	PUNCT
cblr-8637	234	15	regulation	regulation	NOUN
cblr-8637	234	16	a+	a+	PUNCT
cblr-8637	234	17	”	"	PUNCT
cblr-8637	234	18	(	(	PUNCT
cblr-8637	234	19	reg	reg	PROPN
cblr-8637	234	20	a+)51	a+)51	NOUN
cblr-8637	234	21	and	and	CCONJ
cblr-8637	234	22	regulation	regulation	NOUN
cblr-8637	234	23	crowdfunding	crowdfunding	NOUN
cblr-8637	234	24	.	.	PUNCT
cblr-8637	235	1	both	both	PRON
cblr-8637	235	2	of	of	ADP
cblr-8637	235	3	these	these	DET
cblr-8637	235	4	types	type	NOUN
cblr-8637	235	5	of	of	ADP
cblr-8637	235	6	offerings	offering	NOUN
cblr-8637	235	7	limit	limit	VERB
cblr-8637	235	8	the	the	DET
cblr-8637	235	9	amount	amount	NOUN
cblr-8637	235	10	of	of	ADP
cblr-8637	235	11	capital	capital	NOUN
cblr-8637	235	12	a	a	DET
cblr-8637	235	13	company	company	NOUN
cblr-8637	235	14	can	can	AUX
cblr-8637	235	15	raise	raise	VERB
cblr-8637	235	16	in	in	ADP
cblr-8637	235	17	order	order	NOUN
cblr-8637	235	18	to	to	PART
cblr-8637	235	19	be	be	AUX
cblr-8637	235	20	eligible	eligible	ADJ
cblr-8637	235	21	for	for	ADP
cblr-8637	235	22	reduced	reduced	ADJ
cblr-8637	235	23	registration	registration	NOUN
cblr-8637	235	24	and	and	CCONJ
cblr-8637	235	25	ongoing	ongoing	ADJ
cblr-8637	235	26	disclosure	disclosure	NOUN
cblr-8637	235	27	requirements.52	requirements.52	NOUN
cblr-8637	235	28	reg	reg	NOUN
cblr-8637	235	29	a+	a+	X
cblr-8637	235	30	offerings	offering	NOUN
cblr-8637	235	31	,	,	PUNCT
cblr-8637	235	32	which	which	PRON
cblr-8637	235	33	are	be	AUX
cblr-8637	235	34	sometimes	sometimes	ADV
cblr-8637	235	35	referred	refer	VERB
cblr-8637	235	36	to	to	ADP
cblr-8637	235	37	as	as	ADP
cblr-8637	235	38	miniipos	miniipos	NOUN
cblr-8637	235	39	,	,	PUNCT
cblr-8637	235	40	allow	allow	VERB
cblr-8637	235	41	for	for	ADP
cblr-8637	235	42	two	two	NUM
cblr-8637	235	43	tiers	tier	NOUN
cblr-8637	235	44	of	of	ADP
cblr-8637	235	45	offerings	offering	NOUN
cblr-8637	235	46	in	in	ADP
cblr-8637	235	47	a	a	DET
cblr-8637	235	48	twelve	twelve	NUM
cblr-8637	235	49	-	-	PUNCT
cblr-8637	235	50	month	month	NOUN
cblr-8637	235	51	period	period	NOUN
cblr-8637	235	52	:	:	PUNCT
cblr-8637	235	53	a	a	DET
cblr-8637	235	54	$	$	SYM
cblr-8637	235	55	20	20	NUM
cblr-8637	235	56	million	million	NUM
cblr-8637	235	57	tier	tier	NOUN
cblr-8637	235	58	1	1	NUM
cblr-8637	235	59	offering	offering	NOUN
cblr-8637	235	60	and	and	CCONJ
cblr-8637	235	61	a	a	DET
cblr-8637	235	62	$	$	SYM
cblr-8637	235	63	75	75	NUM
cblr-8637	235	64	million	million	NUM
cblr-8637	235	65	tier	tier	NOUN
cblr-8637	235	66	2	2	NUM
cblr-8637	235	67	offering.53	offering.53	NOUN
cblr-8637	235	68	because	because	SCONJ
cblr-8637	235	69	of	of	ADP
cblr-8637	235	70	these	these	DET
cblr-8637	235	71	size	size	NOUN
cblr-8637	235	72	limits	limit	NOUN
cblr-8637	235	73	,	,	PUNCT
cblr-8637	235	74	reg	reg	NOUN
cblr-8637	235	75	a+	a+	PUNCT
cblr-8637	235	76	offerings	offering	NOUN
cblr-8637	235	77	are	be	AUX
cblr-8637	235	78	mainly	mainly	ADV
cblr-8637	235	79	utilized	utilize	VERB
cblr-8637	235	80	by	by	ADP
cblr-8637	235	81	smalland	smalland	NOUN
cblr-8637	235	82	medium	medium	ADJ
cblr-8637	235	83	-	-	PUNCT
cblr-8637	235	84	sized	sized	ADJ
cblr-8637	235	85	businesses	business	NOUN
cblr-8637	235	86	that	that	PRON
cblr-8637	235	87	are	be	AUX
cblr-8637	235	88	not	not	PART
cblr-8637	235	89	subject	subject	ADJ
cblr-8637	235	90	to	to	ADP
cblr-8637	235	91	the	the	DET
cblr-8637	235	92	exchange	exchange	NOUN
cblr-8637	235	93	act	act	PROPN
cblr-8637	235	94	’s	’s	PART
cblr-8637	235	95	ongoing	ongoing	ADJ
cblr-8637	235	96	reporting	reporting	NOUN
cblr-8637	235	97	requirements.54	requirements.54	PROPN
cblr-8637	235	98	reg	reg	NOUN
cblr-8637	235	99	a+	a+	PUNCT
cblr-8637	235	100	requires	require	VERB
cblr-8637	235	101	filing	file	VERB
cblr-8637	235	102	an	an	DET
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cblr-8637	235	104	statement	statement	NOUN
cblr-8637	235	105	with	with	ADP
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cblr-8637	235	107	sec55	sec55	NOUN
cblr-8637	235	108	but	but	CCONJ
cblr-8637	235	109	imposes	impose	VERB
cblr-8637	235	110	less	less	ADV
cblr-8637	235	111	stringent	stringent	ADJ
cblr-8637	235	112	disclosure	disclosure	NOUN
cblr-8637	235	113	requirements	requirement	NOUN
cblr-8637	235	114	than	than	ADP
cblr-8637	235	115	section	section	NOUN
cblr-8637	235	116	5	5	NUM
cblr-8637	235	117	public	public	ADJ
cblr-8637	235	118	offerings	offering	NOUN
cblr-8637	235	119	.	.	PUNCT
cblr-8637	236	1	reg	reg	NOUN
cblr-8637	236	2	a+	a+	PUNCT
cblr-8637	236	3	offerings	offering	NOUN
cblr-8637	236	4	are	be	AUX
cblr-8637	236	5	still	still	ADV
cblr-8637	236	6	subject	subject	ADJ
cblr-8637	236	7	to	to	ADP
cblr-8637	236	8	some	some	DET
cblr-8637	236	9	ongoing	ongoing	ADJ
cblr-8637	236	10	reporting	reporting	NOUN
cblr-8637	236	11	requirements	requirement	NOUN
cblr-8637	236	12	:	:	PUNCT
cblr-8637	236	13	tier	tier	NOUN
cblr-8637	236	14	1	1	NUM
cblr-8637	236	15	issuers	issuer	NOUN
cblr-8637	236	16	are	be	AUX
cblr-8637	236	17	required	require	VERB
cblr-8637	236	18	to	to	PART
cblr-8637	236	19	file	file	VERB
cblr-8637	236	20	an	an	DET
cblr-8637	236	21	exit	exit	NOUN
cblr-8637	236	22	report	report	NOUN
cblr-8637	236	23	,	,	PUNCT
cblr-8637	236	24	and	and	CCONJ
cblr-8637	236	25	tier	tier	NOUN
cblr-8637	236	26	2	2	NUM
cblr-8637	236	27	issuers	issuer	NOUN
cblr-8637	236	28	must	must	AUX
cblr-8637	236	29	file	file	VERB
cblr-8637	236	30	certain	certain	ADJ
cblr-8637	236	31	annual	annual	ADJ
cblr-8637	236	32	and	and	CCONJ
cblr-8637	236	33	semi	semi	ADJ
cblr-8637	236	34	-	-	ADJ
cblr-8637	236	35	annual	annual	ADJ
cblr-8637	236	36	reports.56	reports.56	NOUN
cblr-8637	236	37	in	in	ADP
cblr-8637	236	38	this	this	DET
cblr-8637	236	39	manner	manner	NOUN
cblr-8637	236	40	,	,	PUNCT
cblr-8637	236	41	reg	reg	NOUN
cblr-8637	236	42	a+	a+	PUNCT
cblr-8637	236	43	“	"	PUNCT
cblr-8637	236	44	mini	mini	NOUN
cblr-8637	236	45	-	-	NOUN
cblr-8637	236	46	ipos	ipos	NOUN
cblr-8637	236	47	”	"	PUNCT
cblr-8637	236	48	protect	protect	VERB
cblr-8637	236	49	investors	investor	NOUN
cblr-8637	236	50	by	by	ADP
cblr-8637	236	51	limiting	limit	VERB
cblr-8637	236	52	the	the	DET
cblr-8637	236	53	size	size	NOUN
cblr-8637	236	54	of	of	ADP
cblr-8637	236	55	the	the	DET
cblr-8637	236	56	offering	offering	NOUN
cblr-8637	236	57	(	(	PUNCT
cblr-8637	236	58	thus	thus	ADV
cblr-8637	236	59	limiting	limit	VERB
cblr-8637	236	60	the	the	DET
cblr-8637	236	61	total	total	ADJ
cblr-8637	236	62	possible	possible	ADJ
cblr-8637	236	63	downside	downside	NOUN
cblr-8637	236	64	51	51	NUM
cblr-8637	236	65	see	see	VERB
cblr-8637	236	66	reg	reg	NOUN
cblr-8637	236	67	a+	a+	PUNCT
cblr-8637	236	68	bombshell	bombshell	NOUN
cblr-8637	236	69	:	:	PUNCT
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cblr-8637	236	71	50	50	NUM
cblr-8637	236	72	m	m	NOUN
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cblr-8637	236	74	crowdfunding	crowdfunding	NOUN
cblr-8637	236	75	under	under	ADP
cblr-8637	236	76	regulation	regulation	NOUN
cblr-8637	236	77	a	a	PRON
cblr-8637	236	78	,	,	PUNCT
cblr-8637	236	79	seedinvest	seedinv	ADJ
cblr-8637	236	80	(	(	PUNCT
cblr-8637	236	81	sept	sept	PROPN
cblr-8637	236	82	.	.	PROPN
cblr-8637	236	83	7	7	NUM
cblr-8637	236	84	,	,	PUNCT
cblr-8637	236	85	2016	2016	NUM
cblr-8637	236	86	)	)	PUNCT
cblr-8637	236	87	,	,	PUNCT
cblr-8637	236	88	https://www.seedinvest.com/blog	https://www.seedinvest.com/blog	PROPN
cblr-8637	236	89	/regulation	/regulation	ADP
cblr-8637	236	90	-	-	PUNCT
cblr-8637	236	91	a	a	DET
cblr-8637	236	92	-	-	PUNCT
cblr-8637	236	93	equity	equity	NOUN
cblr-8637	236	94	-	-	PUNCT
cblr-8637	236	95	crowdfunding	crowdfunding	NOUN
cblr-8637	236	96	-	-	PUNCT
cblr-8637	236	97	rules	rule	NOUN
cblr-8637	236	98	[	[	X
cblr-8637	236	99	https://perma.cc/m835-8tny	https://perma.cc/m835-8tny	X
cblr-8637	236	100	]	]	X
cblr-8637	236	101	.	.	PUNCT
cblr-8637	237	1	52	52	NUM
cblr-8637	237	2	see	see	VERB
cblr-8637	237	3	morgan	morgan	PROPN
cblr-8637	237	4	,	,	PUNCT
cblr-8637	237	5	lewis	lewis	PROPN
cblr-8637	237	6	&	&	CCONJ
cblr-8637	237	7	bockius	bockius	PROPN
cblr-8637	237	8	llp	llp	PROPN
cblr-8637	237	9	,	,	PUNCT
cblr-8637	237	10	sec	sec	PROPN
cblr-8637	237	11	adopts	adopt	VERB
cblr-8637	237	12	final	final	ADJ
cblr-8637	237	13	rules	rule	NOUN
cblr-8637	237	14	on	on	ADP
cblr-8637	237	15	regulation	regulation	NOUN
cblr-8637	237	16	a+	a+	ADP
cblr-8637	237	17	,	,	PUNCT
cblr-8637	237	18	at	at	ADP
cblr-8637	237	19	2–3	2–3	NUM
cblr-8637	237	20	(	(	PUNCT
cblr-8637	237	21	2015	2015	NUM
cblr-8637	237	22	)	)	PUNCT
cblr-8637	237	23	,	,	PUNCT
cblr-8637	237	24	https://www.law.umich.edu/clinical/	https://www.law.umich.edu/clinical/	VERB
cblr-8637	237	25	internationaltransactionclinic	internationaltransactionclinic	ADJ
cblr-8637	237	26	/	/	SYM
cblr-8637	237	27	documents	document	NOUN
cblr-8637	237	28	/	/	SYM
cblr-8637	237	29	may%2011%20conference%20d	may%2011%20conference%20d	PROPN
cblr-8637	237	30	ocs	ocs	PROPN
cblr-8637	237	31	/	/	SYM
cblr-8637	237	32	final%20rules%20on%20regulation%20a+.pdf	final%20rules%20on%20regulation%20a+.pdf	NOUN
cblr-8637	237	33	[	[	X
cblr-8637	237	34	https://perma.cc/3a8g-y9g5	https://perma.cc/3a8g-y9g5	NOUN
cblr-8637	237	35	]	]	X
cblr-8637	237	36	(	(	PUNCT
cblr-8637	237	37	discussing	discuss	VERB
cblr-8637	237	38	reg	reg	NOUN
cblr-8637	237	39	a+	a+	PUNCT
cblr-8637	237	40	)	)	PUNCT
cblr-8637	237	41	;	;	PUNCT
cblr-8637	237	42	17	17	NUM
cblr-8637	237	43	c.f.r	c.f.r	NOUN
cblr-8637	237	44	.	.	PUNCT
cblr-8637	238	1	§	§	PROPN
cblr-8637	238	2	227.100(a)(1	227.100(a)(1	NUM
cblr-8637	238	3	)	)	PUNCT
cblr-8637	238	4	(	(	PUNCT
cblr-8637	238	5	2020	2020	NUM
cblr-8637	238	6	)	)	PUNCT
cblr-8637	238	7	(	(	PUNCT
cblr-8637	238	8	regulation	regulation	NOUN
cblr-8637	238	9	crowdfunding	crowdfunding	NOUN
cblr-8637	238	10	)	)	PUNCT
cblr-8637	238	11	.	.	PUNCT
cblr-8637	239	1	53	53	NUM
cblr-8637	239	2	facilitating	facilitate	VERB
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cblr-8637	239	4	formation	formation	NOUN
cblr-8637	239	5	and	and	CCONJ
cblr-8637	239	6	expanding	expand	VERB
cblr-8637	239	7	investment	investment	NOUN
cblr-8637	239	8	opportunities	opportunity	NOUN
cblr-8637	239	9	by	by	ADP
cblr-8637	239	10	improving	improve	VERB
cblr-8637	239	11	access	access	NOUN
cblr-8637	239	12	to	to	ADP
cblr-8637	239	13	capital	capital	NOUN
cblr-8637	239	14	in	in	ADP
cblr-8637	239	15	private	private	ADJ
cblr-8637	239	16	markets	market	NOUN
cblr-8637	239	17	,	,	PUNCT
cblr-8637	239	18	86	86	NUM
cblr-8637	239	19	fed	feed	VERB
cblr-8637	239	20	.	.	PUNCT
cblr-8637	240	1	reg	reg	PROPN
cblr-8637	240	2	.	.	PUNCT
cblr-8637	241	1	3,496	3,496	NUM
cblr-8637	241	2	,	,	PUNCT
cblr-8637	241	3	3,498	3,498	NUM
cblr-8637	241	4	tbl.1	tbl.1	NOUN
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cblr-8637	241	12	(	(	PUNCT
cblr-8637	241	13	codified	codify	VERB
cblr-8637	241	14	in	in	ADP
cblr-8637	241	15	scattered	scattered	ADJ
cblr-8637	241	16	parts	part	NOUN
cblr-8637	241	17	of	of	ADP
cblr-8637	241	18	17	17	NUM
cblr-8637	241	19	c.f.r	c.f.r	NOUN
cblr-8637	241	20	.	.	PUNCT
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cblr-8637	241	22	.	.	PUNCT
cblr-8637	242	1	previously	previously	ADV
cblr-8637	242	2	,	,	PUNCT
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cblr-8637	242	5	2	2	NUM
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cblr-8637	242	8	$	$	SYM
cblr-8637	242	9	50	50	NUM
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cblr-8637	242	11	.	.	PUNCT
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cblr-8637	243	3	.	.	PUNCT
cblr-8637	244	1	§	§	PROPN
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cblr-8637	244	3	)	)	PUNCT
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cblr-8637	245	1	54	54	NUM
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cblr-8637	245	7	llp	llp	PROPN
cblr-8637	245	8	,	,	PUNCT
cblr-8637	245	9	supra	supra	PROPN
cblr-8637	245	10	note	note	PROPN
cblr-8637	245	11	52	52	NUM
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cblr-8637	245	13	at	at	ADP
cblr-8637	245	14	8	8	NUM
cblr-8637	245	15	(	(	PUNCT
cblr-8637	245	16	noting	note	VERB
cblr-8637	245	17	however	however	ADV
cblr-8637	245	18	,	,	PUNCT
cblr-8637	245	19	that	that	SCONJ
cblr-8637	245	20	such	such	ADJ
cblr-8637	245	21	issuers	issuer	NOUN
cblr-8637	245	22	may	may	AUX
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cblr-8637	245	24	use	use	VERB
cblr-8637	245	25	regulation	regulation	NOUN
cblr-8637	245	26	d	d	NOUN
cblr-8637	245	27	exemptions	exemption	NOUN
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cblr-8637	245	35	sec	sec	PROPN
cblr-8637	245	36	.	.	PROPN
cblr-8637	245	37	&	&	CCONJ
cblr-8637	245	38	exch	exch	PROPN
cblr-8637	245	39	.	.	PUNCT
cblr-8637	246	1	comm’n	comm’n	PROPN
cblr-8637	246	2	,	,	PUNCT
cblr-8637	246	3	report	report	VERB
cblr-8637	246	4	to	to	ADP
cblr-8637	246	5	the	the	DET
cblr-8637	246	6	commission	commission	NOUN
cblr-8637	246	7	:	:	PUNCT
cblr-8637	246	8	regulation	regulation	VERB
cblr-8637	246	9	a	a	DET
cblr-8637	246	10	lookback	lookback	NOUN
cblr-8637	246	11	study	study	NOUN
cblr-8637	246	12	and	and	CCONJ
cblr-8637	246	13	offering	offer	VERB
cblr-8637	246	14	limit	limit	NOUN
cblr-8637	246	15	review	review	NOUN
cblr-8637	246	16	analysis	analysis	NOUN
cblr-8637	246	17	14	14	NUM
cblr-8637	246	18	(	(	PUNCT
cblr-8637	246	19	2020	2020	NUM
cblr-8637	246	20	)	)	PUNCT
cblr-8637	246	21	,	,	PUNCT
cblr-8637	246	22	https://www.sec.gov/files/regulationa-2020.pdf	https://www.sec.gov/files/regulationa-2020.pdf	X
cblr-8637	247	1	[	[	X
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cblr-8637	247	3	]	]	X
cblr-8637	247	4	.	.	PUNCT
cblr-8637	248	1	55	55	NUM
cblr-8637	248	2	see	see	VERB
cblr-8637	248	3	17	17	NUM
cblr-8637	248	4	c.f.r	c.f.r	NOUN
cblr-8637	248	5	.	.	PUNCT
cblr-8637	249	1	§	§	PROPN
cblr-8637	249	2	230.252	230.252	NUM
cblr-8637	249	3	.	.	PUNCT
cblr-8637	250	1	56	56	NUM
cblr-8637	251	1	i	i	PROPN
cblr-8637	251	2	d.	d.	PROPN
cblr-8637	251	3	§	§	PROPN
cblr-8637	251	4	230.257(a)–(b	230.257(a)–(b	PROPN
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cblr-8637	252	1	greene	greene	PROPN
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cblr-8637	253	3	pm	pm	NOUN
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cblr-8637	253	8	review	review	NOUN
cblr-8637	253	9	[	[	X
cblr-8637	253	10	vol	vol	NOUN
cblr-8637	253	11	.	.	NOUN
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cblr-8637	253	18	a	a	DET
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cblr-8637	254	1	unlike	unlike	ADP
cblr-8637	254	2	private	private	ADJ
cblr-8637	254	3	offerings	offering	NOUN
cblr-8637	254	4	,	,	PUNCT
cblr-8637	254	5	discussed	discuss	VERB
cblr-8637	254	6	in	in	ADP
cblr-8637	254	7	section	section	NOUN
cblr-8637	254	8	ii.b	ii.b	PROPN
cblr-8637	254	9	,	,	PUNCT
cblr-8637	254	10	reg	reg	NOUN
cblr-8637	254	11	a+	a+	PUNCT
cblr-8637	254	12	offerings	offering	NOUN
cblr-8637	254	13	are	be	AUX
cblr-8637	254	14	unregistered	unregistered	ADJ
cblr-8637	254	15	public	public	ADJ
cblr-8637	254	16	offerings	offering	NOUN
cblr-8637	254	17	.	.	PUNCT
cblr-8637	255	1	unregistered	unregistered	ADJ
cblr-8637	255	2	public	public	ADJ
cblr-8637	255	3	offerings	offering	NOUN
cblr-8637	255	4	allow	allow	VERB
cblr-8637	255	5	for	for	ADP
cblr-8637	255	6	the	the	DET
cblr-8637	255	7	solicitation	solicitation	NOUN
cblr-8637	255	8	of	of	ADP
cblr-8637	255	9	non	non	ADJ
cblr-8637	255	10	-	-	ADJ
cblr-8637	255	11	accredited	accredited	ADJ
cblr-8637	255	12	investors,57	investors,57	NOUN
cblr-8637	255	13	and	and	CCONJ
cblr-8637	255	14	any	any	DET
cblr-8637	255	15	securities	security	NOUN
cblr-8637	255	16	issued	issue	VERB
cblr-8637	255	17	are	be	AUX
cblr-8637	255	18	not	not	PART
cblr-8637	255	19	“	"	PUNCT
cblr-8637	255	20	restricted	restricted	ADJ
cblr-8637	255	21	securities	security	NOUN
cblr-8637	255	22	”	"	PUNCT
cblr-8637	255	23	under	under	ADP
cblr-8637	255	24	rule	rule	NOUN
cblr-8637	255	25	144.58	144.58	NUM
cblr-8637	255	26	in	in	ADP
cblr-8637	255	27	addition	addition	NOUN
cblr-8637	255	28	to	to	ADP
cblr-8637	255	29	liability	liability	NOUN
cblr-8637	255	30	under	under	ADP
cblr-8637	255	31	the	the	DET
cblr-8637	255	32	general	general	PROPN
cblr-8637	255	33	antifraud	antifraud	PROPN
cblr-8637	255	34	provisions	provision	NOUN
cblr-8637	255	35	of	of	ADP
cblr-8637	255	36	section	section	NOUN
cblr-8637	255	37	10(b	10(b	NUM
cblr-8637	255	38	)	)	PUNCT
cblr-8637	255	39	of	of	ADP
cblr-8637	255	40	the	the	DET
cblr-8637	255	41	exchange	exchange	PROPN
cblr-8637	255	42	act	act	NOUN
cblr-8637	255	43	,	,	PUNCT
cblr-8637	255	44	companies	company	NOUN
cblr-8637	255	45	that	that	PRON
cblr-8637	255	46	complete	complete	VERB
cblr-8637	255	47	a	a	DET
cblr-8637	255	48	reg	reg	NOUN
cblr-8637	255	49	a+	a+	PUNCT
cblr-8637	255	50	offering	offering	NOUN
cblr-8637	255	51	can	can	AUX
cblr-8637	255	52	be	be	AUX
cblr-8637	255	53	found	find	VERB
cblr-8637	255	54	civilly	civilly	ADV
cblr-8637	255	55	liable	liable	ADJ
cblr-8637	255	56	under	under	ADP
cblr-8637	255	57	section	section	NOUN
cblr-8637	255	58	12(a)(2	12(a)(2	NUM
cblr-8637	255	59	)	)	PUNCT
cblr-8637	255	60	of	of	ADP
cblr-8637	255	61	the	the	DET
cblr-8637	255	62	securities	security	NOUN
cblr-8637	255	63	act	act	NOUN
cblr-8637	255	64	for	for	ADP
cblr-8637	255	65	offers	offer	NOUN
cblr-8637	255	66	or	or	CCONJ
cblr-8637	255	67	sales	sale	NOUN
cblr-8637	255	68	made	make	VERB
cblr-8637	255	69	pursuant	pursuant	ADJ
cblr-8637	255	70	to	to	ADP
cblr-8637	255	71	any	any	DET
cblr-8637	255	72	offering	offering	NOUN
cblr-8637	255	73	materials	material	NOUN
cblr-8637	255	74	or	or	CCONJ
cblr-8637	255	75	oral	oral	ADJ
cblr-8637	255	76	communications	communication	NOUN
cblr-8637	255	77	containing	contain	VERB
cblr-8637	255	78	materially	materially	ADV
cblr-8637	255	79	misleading	misleading	ADJ
cblr-8637	255	80	statements	statement	NOUN
cblr-8637	255	81	or	or	CCONJ
cblr-8637	255	82	facts.59	facts.59	NOUN
cblr-8637	255	83	crowdfunding	crowdfunding	NOUN
cblr-8637	255	84	was	be	AUX
cblr-8637	255	85	envisioned	envision	VERB
cblr-8637	255	86	as	as	ADP
cblr-8637	255	87	a	a	DET
cblr-8637	255	88	medium	medium	NOUN
cblr-8637	255	89	through	through	ADP
cblr-8637	255	90	which	which	PRON
cblr-8637	255	91	startup	startup	NOUN
cblr-8637	255	92	companies	company	NOUN
cblr-8637	255	93	could	could	AUX
cblr-8637	255	94	raise	raise	VERB
cblr-8637	255	95	money	money	NOUN
cblr-8637	255	96	without	without	ADP
cblr-8637	255	97	the	the	DET
cblr-8637	255	98	burdens	burden	NOUN
cblr-8637	255	99	of	of	ADP
cblr-8637	255	100	the	the	DET
cblr-8637	255	101	rigorous	rigorous	ADJ
cblr-8637	255	102	disclosure	disclosure	NOUN
cblr-8637	255	103	framework	framework	NOUN
cblr-8637	255	104	.	.	PUNCT
cblr-8637	256	1	the	the	DET
cblr-8637	256	2	jobs	job	NOUN
cblr-8637	256	3	act	act	VERB
cblr-8637	256	4	and	and	CCONJ
cblr-8637	256	5	regulation	regulation	NOUN
cblr-8637	256	6	crowdfunding	crowdfunding	NOUN
cblr-8637	256	7	allow	allow	VERB
cblr-8637	256	8	companies	company	NOUN
cblr-8637	256	9	to	to	PART
cblr-8637	256	10	raise	raise	VERB
cblr-8637	256	11	an	an	DET
cblr-8637	256	12	aggregate	aggregate	ADJ
cblr-8637	256	13	amount	amount	NOUN
cblr-8637	256	14	of	of	ADP
cblr-8637	256	15	$	$	SYM
cblr-8637	256	16	5	5	NUM
cblr-8637	256	17	million	million	NUM
cblr-8637	256	18	over	over	ADP
cblr-8637	256	19	a	a	DET
cblr-8637	256	20	twelve	twelve	NUM
cblr-8637	256	21	-	-	PUNCT
cblr-8637	256	22	month	month	NOUN
cblr-8637	256	23	period60	period60	NOUN
cblr-8637	256	24	and	and	CCONJ
cblr-8637	256	25	place	place	VERB
cblr-8637	256	26	limitations	limitation	NOUN
cblr-8637	256	27	on	on	ADP
cblr-8637	256	28	the	the	DET
cblr-8637	256	29	amount	amount	NOUN
cblr-8637	256	30	each	each	DET
cblr-8637	256	31	investor	investor	NOUN
cblr-8637	256	32	can	can	AUX
cblr-8637	256	33	contribute	contribute	VERB
cblr-8637	256	34	in	in	ADP
cblr-8637	256	35	a	a	DET
cblr-8637	256	36	twelve	twelve	NUM
cblr-8637	256	37	-	-	PUNCT
cblr-8637	256	38	month	month	NOUN
cblr-8637	256	39	period	period	NOUN
cblr-8637	256	40	.	.	PUNCT
cblr-8637	257	1	these	these	DET
cblr-8637	257	2	investor	investor	NOUN
cblr-8637	257	3	restrictions	restriction	NOUN
cblr-8637	257	4	are	be	AUX
cblr-8637	257	5	based	base	VERB
cblr-8637	257	6	on	on	ADP
cblr-8637	257	7	much	much	ADV
cblr-8637	257	8	more	more	ADJ
cblr-8637	257	9	inclusive	inclusive	ADJ
cblr-8637	257	10	income	income	NOUN
cblr-8637	257	11	and	and	CCONJ
cblr-8637	257	12	net	net	ADJ
cblr-8637	257	13	worth	worth	ADJ
cblr-8637	257	14	metrics	metric	NOUN
cblr-8637	257	15	than	than	ADP
cblr-8637	257	16	the	the	DET
cblr-8637	257	17	accredited	accredit	VERB
cblr-8637	257	18	investor	investor	NOUN
cblr-8637	257	19	definition.61	definition.61	NOUN
cblr-8637	257	20	the	the	DET
cblr-8637	257	21	crowdfunding	crowdfunding	NOUN
cblr-8637	257	22	exemption	exemption	NOUN
cblr-8637	257	23	from	from	ADP
cblr-8637	257	24	section	section	NOUN
cblr-8637	257	25	5	5	NUM
cblr-8637	257	26	’s	’s	PART
cblr-8637	257	27	registration	registration	NOUN
cblr-8637	257	28	57	57	NUM
cblr-8637	257	29	there	there	PRON
cblr-8637	257	30	are	be	VERB
cblr-8637	257	31	,	,	PUNCT
cblr-8637	257	32	however	however	ADV
cblr-8637	257	33	,	,	PUNCT
cblr-8637	257	34	certain	certain	ADJ
cblr-8637	257	35	limitations	limitation	NOUN
cblr-8637	257	36	on	on	ADP
cblr-8637	257	37	the	the	DET
cblr-8637	257	38	amount	amount	NOUN
cblr-8637	257	39	of	of	ADP
cblr-8637	257	40	money	money	NOUN
cblr-8637	257	41	a	a	DET
cblr-8637	257	42	non	non	ADJ
cblr-8637	257	43	-	-	ADJ
cblr-8637	257	44	accredited	accredited	ADJ
cblr-8637	257	45	investor	investor	NOUN
cblr-8637	257	46	can	can	AUX
cblr-8637	257	47	invest	invest	VERB
cblr-8637	257	48	in	in	ADP
cblr-8637	257	49	a	a	DET
cblr-8637	257	50	tier	tier	NOUN
cblr-8637	257	51	2	2	NUM
cblr-8637	257	52	offering	offering	NOUN
cblr-8637	257	53	based	base	VERB
cblr-8637	257	54	on	on	ADP
cblr-8637	257	55	the	the	DET
cblr-8637	257	56	investor	investor	NOUN
cblr-8637	257	57	’s	’s	PART
cblr-8637	257	58	net	net	ADJ
cblr-8637	257	59	worth	worth	NOUN
cblr-8637	257	60	.	.	PUNCT
cblr-8637	258	1	see	see	VERB
cblr-8637	258	2	updated	update	VERB
cblr-8637	258	3	investor	investor	NOUN
cblr-8637	258	4	bulletin	bulletin	NOUN
cblr-8637	258	5	:	:	PUNCT
cblr-8637	258	6	regulation	regulation	NOUN
cblr-8637	258	7	a	a	PRON
cblr-8637	258	8	,	,	PUNCT
cblr-8637	258	9	u.s	u.s	PROPN
cblr-8637	258	10	.	.	PROPN
cblr-8637	258	11	sec	sec	PROPN
cblr-8637	258	12	.	.	PROPN
cblr-8637	258	13	&	&	CCONJ
cblr-8637	258	14	exch	exch	PROPN
cblr-8637	258	15	.	.	PUNCT
cblr-8637	259	1	comm’n	comm’n	PROPN
cblr-8637	259	2	(	(	PUNCT
cblr-8637	259	3	may	may	PROPN
cblr-8637	259	4	24	24	NUM
cblr-8637	259	5	,	,	PUNCT
cblr-8637	259	6	2019	2019	NUM
cblr-8637	259	7	)	)	PUNCT
cblr-8637	259	8	,	,	PUNCT
cblr-8637	259	9	https://www.sec.gov/oiea/investor-alertsbulletins/ib_regulationa.html	https://www.sec.gov/oiea/investor-alertsbulletins/ib_regulationa.html	PROPN
cblr-8637	259	10	[	[	X
cblr-8637	259	11	https://perma.cc/8f93-d9w2	https://perma.cc/8f93-d9w2	PROPN
cblr-8637	259	12	]	]	X
cblr-8637	259	13	.	.	PUNCT
cblr-8637	260	1	58	58	NUM
cblr-8637	260	2	morgan	morgan	PROPN
cblr-8637	260	3	,	,	PUNCT
cblr-8637	260	4	lewis	lewis	PROPN
cblr-8637	260	5	&	&	CCONJ
cblr-8637	260	6	bockius	bockius	PROPN
cblr-8637	260	7	llp	llp	PROPN
cblr-8637	260	8	,	,	PUNCT
cblr-8637	260	9	supra	supra	PROPN
cblr-8637	260	10	note	note	PROPN
cblr-8637	260	11	52	52	NUM
cblr-8637	260	12	,	,	PUNCT
cblr-8637	260	13	at	at	ADP
cblr-8637	260	14	2	2	NUM
cblr-8637	260	15	.	.	PUNCT
cblr-8637	260	16	on	on	ADP
cblr-8637	260	17	restricted	restricted	ADJ
cblr-8637	260	18	securities	security	NOUN
cblr-8637	260	19	,	,	PUNCT
cblr-8637	260	20	see	see	VERB
cblr-8637	260	21	infra	infra	NOUN
cblr-8637	260	22	notes	note	VERB
cblr-8637	260	23	93–101	93–101	PROPN
cblr-8637	260	24	and	and	CCONJ
cblr-8637	260	25	accompanying	accompany	VERB
cblr-8637	260	26	text	text	NOUN
cblr-8637	260	27	.	.	PUNCT
cblr-8637	261	1	59	59	NUM
cblr-8637	261	2	morgan	morgan	PROPN
cblr-8637	261	3	,	,	PUNCT
cblr-8637	261	4	lewis	lewis	PROPN
cblr-8637	261	5	&	&	CCONJ
cblr-8637	261	6	bockius	bockius	PROPN
cblr-8637	261	7	llp	llp	PROPN
cblr-8637	261	8	,	,	PUNCT
cblr-8637	261	9	supra	supra	PROPN
cblr-8637	261	10	note	note	VERB
cblr-8637	261	11	52	52	NUM
cblr-8637	261	12	at	at	ADP
cblr-8637	261	13	7	7	NUM
cblr-8637	261	14	.	.	NOUN
cblr-8637	261	15	60	60	NUM
cblr-8637	261	16	facilitating	facilitate	VERB
cblr-8637	261	17	capital	capital	NOUN
cblr-8637	261	18	formation	formation	NOUN
cblr-8637	261	19	and	and	CCONJ
cblr-8637	261	20	expanding	expand	VERB
cblr-8637	261	21	investment	investment	NOUN
cblr-8637	261	22	opportunities	opportunity	NOUN
cblr-8637	261	23	by	by	ADP
cblr-8637	261	24	improving	improve	VERB
cblr-8637	261	25	access	access	NOUN
cblr-8637	261	26	to	to	ADP
cblr-8637	261	27	capital	capital	NOUN
cblr-8637	261	28	in	in	ADP
cblr-8637	261	29	private	private	ADJ
cblr-8637	261	30	markets	market	NOUN
cblr-8637	261	31	,	,	PUNCT
cblr-8637	261	32	86	86	NUM
cblr-8637	261	33	fed	feed	VERB
cblr-8637	261	34	.	.	PUNCT
cblr-8637	262	1	reg	reg	PROPN
cblr-8637	262	2	.	.	PUNCT
cblr-8637	263	1	3,496	3,496	NUM
cblr-8637	263	2	,	,	PUNCT
cblr-8637	263	3	3538	3538	NUM
cblr-8637	263	4	(	(	PUNCT
cblr-8637	263	5	jan.14	jan.14	NOUN
cblr-8637	263	6	,	,	PUNCT
cblr-8637	263	7	2021	2021	NUM
cblr-8637	263	8	)	)	PUNCT
cblr-8637	263	9	(	(	PUNCT
cblr-8637	263	10	codified	codify	VERB
cblr-8637	263	11	in	in	ADP
cblr-8637	263	12	scattered	scattered	ADJ
cblr-8637	263	13	parts	part	NOUN
cblr-8637	263	14	of	of	ADP
cblr-8637	263	15	17	17	NUM
cblr-8637	263	16	c.f.r	c.f.r	NOUN
cblr-8637	263	17	.	.	PUNCT
cblr-8637	263	18	)	)	PUNCT
cblr-8637	263	19	.	.	PUNCT
cblr-8637	264	1	previously	previously	ADV
cblr-8637	264	2	,	,	PUNCT
cblr-8637	264	3	the	the	DET
cblr-8637	264	4	cap	cap	NOUN
cblr-8637	264	5	was	be	AUX
cblr-8637	264	6	$	$	SYM
cblr-8637	264	7	1.07	1.07	NUM
cblr-8637	264	8	million	million	NUM
cblr-8637	264	9	.	.	PUNCT
cblr-8637	265	1	17	17	NUM
cblr-8637	265	2	c.f.r	c.f.r	NOUN
cblr-8637	265	3	.	.	PUNCT
cblr-8637	266	1	§	§	PROPN
cblr-8637	266	2	227.100(a)(1	227.100(a)(1	NUM
cblr-8637	266	3	)	)	PUNCT
cblr-8637	266	4	.	.	PUNCT
cblr-8637	267	1	61	61	NUM
cblr-8637	268	1	i	i	PRON
cblr-8637	268	2	d.	d.	PROPN
cblr-8637	268	3	§	§	PROPN
cblr-8637	268	4	227.100(a)(2	227.100(a)(2	NUM
cblr-8637	268	5	)	)	PUNCT
cblr-8637	268	6	.	.	PUNCT
cblr-8637	269	1	investors	investor	NOUN
cblr-8637	269	2	with	with	ADP
cblr-8637	269	3	a	a	DET
cblr-8637	269	4	net	net	ADJ
cblr-8637	269	5	worth	worth	NOUN
cblr-8637	269	6	or	or	CCONJ
cblr-8637	269	7	annual	annual	ADJ
cblr-8637	269	8	income	income	NOUN
cblr-8637	269	9	of	of	ADP
cblr-8637	269	10	less	less	ADJ
cblr-8637	269	11	than	than	ADP
cblr-8637	269	12	$	$	SYM
cblr-8637	269	13	107,000	107,000	NUM
cblr-8637	269	14	are	be	AUX
cblr-8637	269	15	not	not	PART
cblr-8637	269	16	permitted	permit	VERB
cblr-8637	269	17	to	to	PART
cblr-8637	269	18	invest	invest	VERB
cblr-8637	269	19	more	more	ADJ
cblr-8637	269	20	than	than	ADP
cblr-8637	269	21	the	the	DET
cblr-8637	269	22	greater	great	ADJ
cblr-8637	269	23	of	of	ADP
cblr-8637	269	24	$	$	SYM
cblr-8637	269	25	2,200	2,200	NUM
cblr-8637	269	26	or	or	CCONJ
cblr-8637	269	27	five	five	NUM
cblr-8637	269	28	percent	percent	NOUN
cblr-8637	269	29	of	of	ADP
cblr-8637	269	30	their	their	PRON
cblr-8637	269	31	annual	annual	ADJ
cblr-8637	269	32	income	income	NOUN
cblr-8637	269	33	.	.	PUNCT
cblr-8637	270	1	i	i	PRON
cblr-8637	270	2	d.	d.	PROPN
cblr-8637	270	3	§	§	PROPN
cblr-8637	270	4	227.100(a)(2)(i	227.100(a)(2)(i	NUM
cblr-8637	270	5	)	)	PUNCT
cblr-8637	270	6	.	.	PUNCT
cblr-8637	271	1	investors	investor	NOUN
cblr-8637	271	2	with	with	ADP
cblr-8637	271	3	an	an	DET
cblr-8637	271	4	annual	annual	ADJ
cblr-8637	271	5	income	income	NOUN
cblr-8637	271	6	or	or	CCONJ
cblr-8637	271	7	net	net	ADJ
cblr-8637	271	8	worth	worth	NOUN
cblr-8637	271	9	greater	great	ADJ
cblr-8637	271	10	than	than	ADP
cblr-8637	271	11	or	or	CCONJ
cblr-8637	271	12	equal	equal	ADJ
cblr-8637	271	13	to	to	ADP
cblr-8637	271	14	$	$	SYM
cblr-8637	271	15	107,000	107,000	NUM
cblr-8637	271	16	are	be	AUX
cblr-8637	271	17	not	not	PART
cblr-8637	271	18	permitted	permit	VERB
cblr-8637	271	19	to	to	PART
cblr-8637	271	20	invest	invest	VERB
cblr-8637	271	21	more	more	ADJ
cblr-8637	271	22	than	than	ADP
cblr-8637	271	23	ten	ten	NUM
cblr-8637	271	24	percent	percent	NOUN
cblr-8637	271	25	of	of	ADP
cblr-8637	271	26	the	the	DET
cblr-8637	271	27	lesser	less	ADJ
cblr-8637	271	28	of	of	ADP
cblr-8637	271	29	the	the	DET
cblr-8637	271	30	investor	investor	NOUN
cblr-8637	271	31	’s	’s	PART
cblr-8637	271	32	annual	annual	ADJ
cblr-8637	271	33	income	income	NOUN
cblr-8637	271	34	or	or	CCONJ
cblr-8637	271	35	net	net	ADJ
cblr-8637	271	36	worth	worth	NOUN
cblr-8637	271	37	.	.	PUNCT
cblr-8637	272	1	i	i	PRON
cblr-8637	272	2	d.	d.	PROPN
cblr-8637	272	3	§	§	PROPN
cblr-8637	272	4	227.100(a)(2)(ii	227.100(a)(2)(ii	NUM
cblr-8637	272	5	)	)	PUNCT
cblr-8637	272	6	.	.	PUNCT
cblr-8637	273	1	greene	greene	PROPN
cblr-8637	273	2	et	et	PROPN
cblr-8637	273	3	al	al	PROPN
cblr-8637	273	4	.	.	PROPN
cblr-8637	274	1	8/21/2021	8/21/2021	NUM
cblr-8637	274	2	1:44	1:44	NUM
cblr-8637	274	3	pm	pm	NOUN
cblr-8637	274	4	no	no	INTJ
cblr-8637	274	5	.	.	PUNCT
cblr-8637	275	1	2:714	2:714	NUM
cblr-8637	275	2	]	]	X
cblr-8637	275	3	the	the	DET
cblr-8637	275	4	need	need	NOUN
cblr-8637	275	5	for	for	ADP
cblr-8637	275	6	a	a	DET
cblr-8637	275	7	comprehensive	comprehensive	ADJ
cblr-8637	275	8	approach	approach	NOUN
cblr-8637	275	9	731	731	NUM
cblr-8637	275	10	requirements	requirement	NOUN
cblr-8637	275	11	was	be	AUX
cblr-8637	275	12	meant	mean	VERB
cblr-8637	275	13	to	to	PART
cblr-8637	275	14	provide	provide	VERB
cblr-8637	275	15	an	an	DET
cblr-8637	275	16	efficient	efficient	ADJ
cblr-8637	275	17	and	and	CCONJ
cblr-8637	275	18	open	open	ADJ
cblr-8637	275	19	public	public	ADJ
cblr-8637	275	20	securities	security	NOUN
cblr-8637	275	21	market	market	NOUN
cblr-8637	275	22	by	by	ADP
cblr-8637	275	23	creating	create	VERB
cblr-8637	275	24	a	a	DET
cblr-8637	275	25	low	low	ADJ
cblr-8637	275	26	-	-	PUNCT
cblr-8637	275	27	cost	cost	NOUN
cblr-8637	275	28	method	method	NOUN
cblr-8637	275	29	for	for	ADP
cblr-8637	275	30	raising	raise	VERB
cblr-8637	275	31	capital	capital	NOUN
cblr-8637	275	32	open	open	ADJ
cblr-8637	275	33	to	to	ADP
cblr-8637	275	34	all	all	DET
cblr-8637	275	35	entrepreneurs.62	entrepreneurs.62	NOUN
cblr-8637	275	36	in	in	ADP
cblr-8637	275	37	a	a	DET
cblr-8637	275	38	crowdfunding	crowdfunding	NOUN
cblr-8637	275	39	offering	offering	NOUN
cblr-8637	275	40	,	,	PUNCT
cblr-8637	275	41	the	the	DET
cblr-8637	275	42	issuer	issuer	NOUN
cblr-8637	275	43	conducts	conduct	VERB
cblr-8637	275	44	the	the	DET
cblr-8637	275	45	offering	offering	NOUN
cblr-8637	275	46	through	through	ADP
cblr-8637	275	47	a	a	DET
cblr-8637	275	48	registered	register	VERB
cblr-8637	275	49	broker	broker	NOUN
cblr-8637	275	50	or	or	CCONJ
cblr-8637	275	51	“	"	PUNCT
cblr-8637	275	52	funding	funding	NOUN
cblr-8637	275	53	portal	portal	NOUN
cblr-8637	275	54	,	,	PUNCT
cblr-8637	275	55	”	"	PUNCT
cblr-8637	275	56	which	which	PRON
cblr-8637	275	57	is	be	AUX
cblr-8637	275	58	an	an	DET
cblr-8637	275	59	intermediary	intermediary	NOUN
cblr-8637	275	60	(	(	PUNCT
cblr-8637	275	61	generally	generally	ADV
cblr-8637	275	62	known	know	VERB
cblr-8637	275	63	as	as	ADP
cblr-8637	275	64	a	a	DET
cblr-8637	275	65	crowdfunding	crowdfunding	NOUN
cblr-8637	275	66	platform	platform	NOUN
cblr-8637	275	67	)	)	PUNCT
cblr-8637	275	68	that	that	PRON
cblr-8637	275	69	is	be	AUX
cblr-8637	275	70	involved	involve	VERB
cblr-8637	275	71	in	in	ADP
cblr-8637	275	72	the	the	DET
cblr-8637	275	73	offer	offer	NOUN
cblr-8637	275	74	and	and	CCONJ
cblr-8637	275	75	sale	sale	NOUN
cblr-8637	275	76	of	of	ADP
cblr-8637	275	77	the	the	DET
cblr-8637	275	78	security	security	NOUN
cblr-8637	275	79	.	.	PUNCT
cblr-8637	276	1	the	the	DET
cblr-8637	276	2	portal	portal	NOUN
cblr-8637	276	3	does	do	AUX
cblr-8637	276	4	not	not	PART
cblr-8637	276	5	qualify	qualify	VERB
cblr-8637	276	6	as	as	ADP
cblr-8637	276	7	a	a	DET
cblr-8637	276	8	broker	broker	NOUN
cblr-8637	276	9	because	because	SCONJ
cblr-8637	276	10	it	it	PRON
cblr-8637	276	11	offers	offer	VERB
cblr-8637	276	12	no	no	DET
cblr-8637	276	13	investment	investment	NOUN
cblr-8637	276	14	advice	advice	NOUN
cblr-8637	276	15	,	,	PUNCT
cblr-8637	276	16	but	but	CCONJ
cblr-8637	276	17	it	it	PRON
cblr-8637	276	18	is	be	AUX
cblr-8637	276	19	subject	subject	ADJ
cblr-8637	276	20	to	to	ADP
cblr-8637	276	21	other	other	ADJ
cblr-8637	276	22	limitations.63	limitations.63	NOUN
cblr-8637	276	23	unlike	unlike	ADP
cblr-8637	276	24	a	a	DET
cblr-8637	276	25	security	security	NOUN
cblr-8637	276	26	issued	issue	VERB
cblr-8637	276	27	in	in	ADP
cblr-8637	276	28	a	a	DET
cblr-8637	276	29	public	public	ADJ
cblr-8637	276	30	offering	offering	NOUN
cblr-8637	276	31	,	,	PUNCT
cblr-8637	276	32	a	a	DET
cblr-8637	276	33	security	security	NOUN
cblr-8637	276	34	issued	issue	VERB
cblr-8637	276	35	through	through	ADP
cblr-8637	276	36	regulation	regulation	NOUN
cblr-8637	276	37	crowdfunding	crowdfunding	NOUN
cblr-8637	276	38	is	be	AUX
cblr-8637	276	39	subject	subject	ADJ
cblr-8637	276	40	to	to	ADP
cblr-8637	276	41	resale	resale	NOUN
cblr-8637	276	42	limitations	limitation	NOUN
cblr-8637	276	43	—	—	PUNCT
cblr-8637	276	44	it	it	PRON
cblr-8637	276	45	may	may	AUX
cblr-8637	276	46	not	not	PART
cblr-8637	276	47	be	be	AUX
cblr-8637	276	48	resold	resold	VERB
cblr-8637	276	49	for	for	ADP
cblr-8637	276	50	a	a	DET
cblr-8637	276	51	one	one	NUM
cblr-8637	276	52	-	-	PUNCT
cblr-8637	276	53	year	year	NOUN
cblr-8637	276	54	period	period	NOUN
cblr-8637	276	55	unless	unless	SCONJ
cblr-8637	276	56	it	it	PRON
cblr-8637	276	57	is	be	AUX
cblr-8637	276	58	sold	sell	VERB
cblr-8637	276	59	to	to	ADP
cblr-8637	276	60	the	the	DET
cblr-8637	276	61	issuer	issuer	NOUN
cblr-8637	276	62	,	,	PUNCT
cblr-8637	276	63	an	an	DET
cblr-8637	276	64	accredited	accredited	ADJ
cblr-8637	276	65	investor	investor	NOUN
cblr-8637	276	66	(	(	PUNCT
cblr-8637	276	67	a	a	DET
cblr-8637	276	68	term	term	NOUN
cblr-8637	276	69	to	to	PART
cblr-8637	276	70	be	be	AUX
cblr-8637	276	71	described	describe	VERB
cblr-8637	276	72	further	far	ADV
cblr-8637	276	73	in	in	ADP
cblr-8637	276	74	section	section	NOUN
cblr-8637	276	75	ii.b	ii.b	PROPN
cblr-8637	276	76	)	)	PUNCT
cblr-8637	276	77	,	,	PUNCT
cblr-8637	276	78	a	a	DET
cblr-8637	276	79	family	family	NOUN
cblr-8637	276	80	member	member	NOUN
cblr-8637	276	81	,	,	PUNCT
cblr-8637	276	82	or	or	CCONJ
cblr-8637	276	83	as	as	ADP
cblr-8637	276	84	part	part	NOUN
cblr-8637	276	85	of	of	ADP
cblr-8637	276	86	a	a	DET
cblr-8637	276	87	registered	register	VERB
cblr-8637	276	88	offering.64	offering.64	NOUN
cblr-8637	276	89	section	section	NOUN
cblr-8637	276	90	302(b	302(b	PROPN
cblr-8637	276	91	)	)	PUNCT
cblr-8637	276	92	of	of	ADP
cblr-8637	276	93	the	the	DET
cblr-8637	276	94	jobs	job	NOUN
cblr-8637	276	95	act	act	NOUN
cblr-8637	276	96	provides	provide	VERB
cblr-8637	276	97	an	an	DET
cblr-8637	276	98	express	express	ADJ
cblr-8637	276	99	private	private	ADJ
cblr-8637	276	100	right	right	NOUN
cblr-8637	276	101	of	of	ADP
cblr-8637	276	102	action	action	NOUN
cblr-8637	276	103	against	against	ADP
cblr-8637	276	104	the	the	DET
cblr-8637	276	105	issuer	issuer	NOUN
cblr-8637	276	106	of	of	ADP
cblr-8637	276	107	an	an	DET
cblr-8637	276	108	offering	offering	NOUN
cblr-8637	276	109	made	make	VERB
cblr-8637	276	110	pursuant	pursuant	ADJ
cblr-8637	276	111	to	to	ADP
cblr-8637	276	112	regulation	regulation	NOUN
cblr-8637	276	113	crowdfunding.65	crowdfunding.65	NOUN
cblr-8637	276	114	under	under	ADP
cblr-8637	276	115	this	this	DET
cblr-8637	276	116	private	private	ADJ
cblr-8637	276	117	right	right	NOUN
cblr-8637	276	118	of	of	ADP
cblr-8637	276	119	action	action	NOUN
cblr-8637	276	120	,	,	PUNCT
cblr-8637	276	121	the	the	DET
cblr-8637	276	122	issuer	issuer	NOUN
cblr-8637	276	123	(	(	PUNCT
cblr-8637	276	124	including	include	VERB
cblr-8637	276	125	the	the	DET
cblr-8637	276	126	issuer	issuer	NOUN
cblr-8637	276	127	’s	’s	PART
cblr-8637	276	128	officers	officer	NOUN
cblr-8637	276	129	,	,	PUNCT
cblr-8637	276	130	directors	director	NOUN
cblr-8637	276	131	,	,	PUNCT
cblr-8637	276	132	and	and	CCONJ
cblr-8637	276	133	potentially	potentially	ADV
cblr-8637	276	134	the	the	DET
cblr-8637	276	135	intermediaries	intermediary	NOUN
cblr-8637	276	136	,	,	PUNCT
cblr-8637	276	137	i.e.	i.e.	X
cblr-8637	276	138	,	,	PUNCT
cblr-8637	276	139	funding	funding	NOUN
cblr-8637	276	140	portals)66	portals)66	NOUN
cblr-8637	276	141	can	can	AUX
cblr-8637	276	142	62	62	NUM
cblr-8637	276	143	see	see	VERB
cblr-8637	276	144	andrew	andrew	PROPN
cblr-8637	276	145	a.	a.	PROPN
cblr-8637	276	146	schwartz	schwartz	PROPN
cblr-8637	276	147	,	,	PUNCT
cblr-8637	276	148	the	the	DET
cblr-8637	276	149	gatekeepers	gatekeeper	NOUN
cblr-8637	276	150	of	of	ADP
cblr-8637	276	151	crowdfunding	crowdfunding	NOUN
cblr-8637	276	152	,	,	PUNCT
cblr-8637	276	153	75	75	NUM
cblr-8637	276	154	wash	wash	NOUN
cblr-8637	276	155	.	.	PUNCT
cblr-8637	276	156	&	&	CCONJ
cblr-8637	276	157	lee	lee	PROPN
cblr-8637	276	158	l.	l.	PROPN
cblr-8637	276	159	rev	rev	PROPN
cblr-8637	276	160	885	885	NUM
cblr-8637	276	161	,	,	PUNCT
cblr-8637	276	162	898	898	NUM
cblr-8637	276	163	,	,	PUNCT
cblr-8637	276	164	903	903	NUM
cblr-8637	276	165	(	(	PUNCT
cblr-8637	276	166	2018	2018	NUM
cblr-8637	276	167	)	)	PUNCT
cblr-8637	276	168	.	.	PUNCT
cblr-8637	277	1	while	while	SCONJ
cblr-8637	277	2	inclusivity	inclusivity	NOUN
cblr-8637	277	3	was	be	AUX
cblr-8637	277	4	a	a	DET
cblr-8637	277	5	goal	goal	NOUN
cblr-8637	277	6	of	of	ADP
cblr-8637	277	7	securities	security	NOUN
cblr-8637	277	8	crowdfunding	crowdfunding	NOUN
cblr-8637	277	9	,	,	PUNCT
cblr-8637	277	10	when	when	SCONJ
cblr-8637	277	11	the	the	DET
cblr-8637	277	12	sec	sec	PROPN
cblr-8637	277	13	promulgated	promulgate	VERB
cblr-8637	277	14	crowdfunding	crowdfunde	VERB
cblr-8637	277	15	rules	rule	NOUN
cblr-8637	277	16	in	in	ADP
cblr-8637	277	17	regulation	regulation	NOUN
cblr-8637	277	18	crowdfunding	crowdfunding	NOUN
cblr-8637	277	19	,	,	PUNCT
cblr-8637	277	20	there	there	PRON
cblr-8637	277	21	were	be	VERB
cblr-8637	277	22	some	some	DET
cblr-8637	277	23	limits	limit	NOUN
cblr-8637	277	24	to	to	ADP
cblr-8637	277	25	its	its	PRON
cblr-8637	277	26	inclusivity	inclusivity	NOUN
cblr-8637	277	27	.	.	PUNCT
cblr-8637	278	1	i	i	PRON
cblr-8637	278	2	d.	d.	PROPN
cblr-8637	278	3	at	at	ADP
cblr-8637	278	4	913	913	NUM
cblr-8637	278	5	.	.	PUNCT
cblr-8637	279	1	for	for	ADP
cblr-8637	279	2	example	example	NOUN
cblr-8637	279	3	,	,	PUNCT
cblr-8637	279	4	regulation	regulation	NOUN
cblr-8637	279	5	crowdfunding	crowdfunding	NOUN
cblr-8637	279	6	does	do	AUX
cblr-8637	279	7	allow	allow	VERB
cblr-8637	279	8	crowdfunding	crowdfunding	NOUN
cblr-8637	279	9	platforms	platform	NOUN
cblr-8637	279	10	to	to	AUX
cblr-8637	279	11	“	"	PUNCT
cblr-8637	279	12	screen	screen	VERB
cblr-8637	279	13	and	and	CCONJ
cblr-8637	279	14	reject	reject	VERB
cblr-8637	279	15	companies	company	NOUN
cblr-8637	279	16	they	they	PRON
cblr-8637	279	17	do	do	AUX
cblr-8637	279	18	not	not	PART
cblr-8637	279	19	want	want	VERB
cblr-8637	279	20	to	to	PART
cblr-8637	279	21	list	list	VERB
cblr-8637	279	22	”	"	PUNCT
cblr-8637	279	23	on	on	ADP
cblr-8637	279	24	their	their	PRON
cblr-8637	279	25	sites	site	NOUN
cblr-8637	279	26	.	.	PUNCT
cblr-8637	280	1	i	i	PRON
cblr-8637	280	2	d.	d.	PROPN
cblr-8637	280	3	thus	thus	ADV
cblr-8637	280	4	,	,	PUNCT
cblr-8637	280	5	not	not	PART
cblr-8637	280	6	all	all	DET
cblr-8637	280	7	entrepreneurs	entrepreneur	NOUN
cblr-8637	280	8	who	who	PRON
cblr-8637	280	9	have	have	VERB
cblr-8637	280	10	an	an	DET
cblr-8637	280	11	idea	idea	NOUN
cblr-8637	280	12	can	can	AUX
cblr-8637	280	13	seek	seek	VERB
cblr-8637	280	14	financing	financing	NOUN
cblr-8637	280	15	through	through	ADP
cblr-8637	280	16	the	the	DET
cblr-8637	280	17	crowd	crowd	NOUN
cblr-8637	280	18	.	.	PUNCT
cblr-8637	281	1	see	see	VERB
cblr-8637	281	2	i	i	PRON
cblr-8637	281	3	d.	d.	PROPN
cblr-8637	281	4	at	at	ADP
cblr-8637	281	5	912–13	912–13	NUM
cblr-8637	281	6	.	.	PUNCT
cblr-8637	282	1	63	63	NUM
cblr-8637	282	2	3	3	NUM
cblr-8637	282	3	bloomenthal	bloomenthal	NOUN
cblr-8637	282	4	&	&	CCONJ
cblr-8637	282	5	wolff	wolff	PROPN
cblr-8637	282	6	,	,	PUNCT
cblr-8637	282	7	supra	supra	PROPN
cblr-8637	282	8	note	note	PROPN
cblr-8637	282	9	11	11	NUM
cblr-8637	282	10	,	,	PUNCT
cblr-8637	282	11	§	§	PROPN
cblr-8637	282	12	1:533.02	1:533.02	NUM
cblr-8637	282	13	.	.	PUNCT
cblr-8637	283	1	a	a	DET
cblr-8637	283	2	“	"	PUNCT
cblr-8637	283	3	funding	funding	NOUN
cblr-8637	283	4	portal	portal	NOUN
cblr-8637	283	5	”	"	PUNCT
cblr-8637	283	6	is	be	AUX
cblr-8637	283	7	required	require	VERB
cblr-8637	283	8	to	to	PART
cblr-8637	283	9	register	register	VERB
cblr-8637	283	10	with	with	ADP
cblr-8637	283	11	the	the	DET
cblr-8637	283	12	sec	sec	PROPN
cblr-8637	283	13	on	on	ADP
cblr-8637	283	14	the	the	DET
cblr-8637	283	15	form	form	NOUN
cblr-8637	283	16	funding	funding	NOUN
cblr-8637	283	17	portal	portal	NOUN
cblr-8637	283	18	,	,	PUNCT
cblr-8637	283	19	can	can	AUX
cblr-8637	283	20	not	not	PART
cblr-8637	283	21	offer	offer	VERB
cblr-8637	283	22	investment	investment	NOUN
cblr-8637	283	23	advice	advice	NOUN
cblr-8637	283	24	,	,	PUNCT
cblr-8637	283	25	solicit	solicit	VERB
cblr-8637	283	26	purchases	purchase	NOUN
cblr-8637	283	27	,	,	PUNCT
cblr-8637	283	28	compensate	compensate	VERB
cblr-8637	283	29	employees	employee	NOUN
cblr-8637	283	30	for	for	ADP
cblr-8637	283	31	solicitation	solicitation	NOUN
cblr-8637	283	32	or	or	CCONJ
cblr-8637	283	33	sales	sale	NOUN
cblr-8637	283	34	,	,	PUNCT
cblr-8637	283	35	or	or	CCONJ
cblr-8637	283	36	hold	hold	VERB
cblr-8637	283	37	,	,	PUNCT
cblr-8637	283	38	manage	manage	VERB
cblr-8637	283	39	,	,	PUNCT
cblr-8637	283	40	or	or	CCONJ
cblr-8637	283	41	handle	handle	VERB
cblr-8637	283	42	investor	investor	NOUN
cblr-8637	283	43	securities	security	NOUN
cblr-8637	283	44	.	.	PUNCT
cblr-8637	284	1	registration	registration	NOUN
cblr-8637	284	2	of	of	ADP
cblr-8637	284	3	funding	funding	NOUN
cblr-8637	284	4	portals	portal	NOUN
cblr-8637	284	5	,	,	PUNCT
cblr-8637	284	6	u.s	u.s	PROPN
cblr-8637	284	7	.	.	PROPN
cblr-8637	284	8	sec	sec	PROPN
cblr-8637	284	9	.	.	PROPN
cblr-8637	284	10	&	&	CCONJ
cblr-8637	284	11	exch	exch	PROPN
cblr-8637	284	12	.	.	PUNCT
cblr-8637	285	1	comm’n	comm’n	PROPN
cblr-8637	285	2	,	,	PUNCT
cblr-8637	285	3	https://www.sec.gov/divisions/marketreg/tmcompliance/fpregistrationguide	https://www.sec.gov/divisions/marketreg/tmcompliance/fpregistrationguide	PROPN
cblr-8637	285	4	.htm	.htm	PUNCT
cblr-8637	286	1	[	[	X
cblr-8637	286	2	https://perma.cc/234k-266d	https://perma.cc/234k-266d	NUM
cblr-8637	286	3	]	]	X
cblr-8637	286	4	(	(	PUNCT
cblr-8637	286	5	last	last	ADJ
cblr-8637	286	6	modified	modify	VERB
cblr-8637	286	7	jan	jan	PROPN
cblr-8637	286	8	.	.	PROPN
cblr-8637	286	9	18	18	NUM
cblr-8637	286	10	,	,	PUNCT
cblr-8637	286	11	2017	2017	NUM
cblr-8637	286	12	)	)	PUNCT
cblr-8637	286	13	.	.	PUNCT
cblr-8637	287	1	if	if	SCONJ
cblr-8637	287	2	a	a	DET
cblr-8637	287	3	funding	funding	NOUN
cblr-8637	287	4	portal	portal	NOUN
cblr-8637	287	5	partakes	partake	VERB
cblr-8637	287	6	in	in	ADP
cblr-8637	287	7	any	any	PRON
cblr-8637	287	8	of	of	ADP
cblr-8637	287	9	the	the	DET
cblr-8637	287	10	above	above	ADJ
cblr-8637	287	11	activities	activity	NOUN
cblr-8637	287	12	,	,	PUNCT
cblr-8637	287	13	it	it	PRON
cblr-8637	287	14	must	must	AUX
cblr-8637	287	15	register	register	VERB
cblr-8637	287	16	as	as	ADP
cblr-8637	287	17	a	a	DET
cblr-8637	287	18	broker	broker	NOUN
cblr-8637	287	19	-	-	PUNCT
cblr-8637	287	20	dealer	dealer	NOUN
cblr-8637	287	21	.	.	PUNCT
cblr-8637	288	1	i	i	PRON
cblr-8637	288	2	d.	d.	PROPN
cblr-8637	288	3	64	64	NUM
cblr-8637	288	4	3	3	NUM
cblr-8637	288	5	bloomenthal	bloomenthal	NOUN
cblr-8637	288	6	&	&	CCONJ
cblr-8637	288	7	wolff	wolff	PROPN
cblr-8637	288	8	,	,	PUNCT
cblr-8637	288	9	supra	supra	PROPN
cblr-8637	288	10	note	note	PROPN
cblr-8637	288	11	11	11	NUM
cblr-8637	288	12	,	,	PUNCT
cblr-8637	288	13	§	§	PROPN
cblr-8637	288	14	1:533.02	1:533.02	NUM
cblr-8637	288	15	.	.	PUNCT
cblr-8637	289	1	65	65	NUM
cblr-8637	290	1	i	i	PRON
cblr-8637	290	2	d.	d.	PROPN
cblr-8637	290	3	(	(	PUNCT
cblr-8637	290	4	citing	cite	VERB
cblr-8637	290	5	jumpstart	jumpstart	VERB
cblr-8637	290	6	our	our	PRON
cblr-8637	290	7	business	business	NOUN
cblr-8637	290	8	startups	startup	NOUN
cblr-8637	290	9	act	act	NOUN
cblr-8637	290	10	(	(	PUNCT
cblr-8637	290	11	jobs	job	NOUN
cblr-8637	290	12	act	act	PROPN
cblr-8637	290	13	)	)	PUNCT
cblr-8637	290	14	,	,	PUNCT
cblr-8637	290	15	pub	pub	NOUN
cblr-8637	290	16	.	.	PUNCT
cblr-8637	291	1	l.	l.	PROPN
cblr-8637	291	2	no	no	INTJ
cblr-8637	291	3	.	.	PROPN
cblr-8637	292	1	112	112	NUM
cblr-8637	292	2	-	-	SYM
cblr-8637	292	3	106	106	NUM
cblr-8637	292	4	,	,	PUNCT
cblr-8637	292	5	§	§	PROPN
cblr-8637	292	6	302(b	302(b	PROPN
cblr-8637	292	7	)	)	PUNCT
cblr-8637	292	8	,	,	PUNCT
cblr-8637	292	9	126	126	NUM
cblr-8637	292	10	stat	stat	NOUN
cblr-8637	292	11	.	.	PUNCT
cblr-8637	293	1	306	306	NUM
cblr-8637	293	2	,	,	PUNCT
cblr-8637	293	3	318–19	318–19	NUM
cblr-8637	293	4	(	(	PUNCT
cblr-8637	293	5	2012	2012	NUM
cblr-8637	293	6	)	)	PUNCT
cblr-8637	293	7	)	)	PUNCT
cblr-8637	293	8	.	.	PUNCT
cblr-8637	294	1	66	66	NUM
cblr-8637	294	2	jo	jo	PROPN
cblr-8637	294	3	won	win	VERB
cblr-8637	294	4	,	,	PUNCT
cblr-8637	294	5	jumpstart	jumpstart	NOUN
cblr-8637	294	6	regulation	regulation	NOUN
cblr-8637	294	7	crowdfunding	crowdfunding	NOUN
cblr-8637	294	8	:	:	PUNCT
cblr-8637	294	9	what	what	PRON
cblr-8637	294	10	is	be	AUX
cblr-8637	294	11	wrong	wrong	ADJ
cblr-8637	294	12	and	and	CCONJ
cblr-8637	294	13	how	how	SCONJ
cblr-8637	294	14	to	to	PART
cblr-8637	294	15	fix	fix	VERB
cblr-8637	294	16	it	it	PRON
cblr-8637	294	17	,	,	PUNCT
cblr-8637	294	18	22	22	NUM
cblr-8637	294	19	lewis	lewis	PROPN
cblr-8637	294	20	&	&	CCONJ
cblr-8637	294	21	clark	clark	PROPN
cblr-8637	294	22	l.	l.	PROPN
cblr-8637	294	23	rev	rev	PROPN
cblr-8637	294	24	.	.	PROPN
cblr-8637	294	25	1393	1393	NUM
cblr-8637	294	26	,	,	PUNCT
cblr-8637	294	27	1419	1419	NUM
cblr-8637	294	28	(	(	PUNCT
cblr-8637	294	29	2018	2018	NUM
cblr-8637	294	30	)	)	PUNCT
cblr-8637	294	31	(	(	PUNCT
cblr-8637	294	32	first	first	ADV
cblr-8637	294	33	citing	cite	VERB
cblr-8637	294	34	15	15	NUM
cblr-8637	294	35	greene	greene	PROPN
cblr-8637	294	36	et	et	PROPN
cblr-8637	294	37	al	al	PROPN
cblr-8637	294	38	.	.	PROPN
cblr-8637	295	1	8/21/2021	8/21/2021	NUM
cblr-8637	295	2	1:44	1:44	NUM
cblr-8637	295	3	pm	pm	NOUN
cblr-8637	295	4	732	732	NUM
cblr-8637	295	5	columbia	columbia	PROPN
cblr-8637	295	6	business	business	NOUN
cblr-8637	295	7	law	law	PROPN
cblr-8637	295	8	review	review	NOUN
cblr-8637	295	9	[	[	X
cblr-8637	295	10	vol	vol	NOUN
cblr-8637	295	11	.	.	PUNCT
cblr-8637	295	12	2021	2021	NUM
cblr-8637	295	13	be	be	AUX
cblr-8637	295	14	held	hold	VERB
cblr-8637	295	15	liable	liable	ADJ
cblr-8637	295	16	for	for	ADP
cblr-8637	295	17	any	any	DET
cblr-8637	295	18	untrue	untrue	ADJ
cblr-8637	295	19	or	or	CCONJ
cblr-8637	295	20	misleading	misleading	ADJ
cblr-8637	295	21	statements	statement	NOUN
cblr-8637	295	22	of	of	ADP
cblr-8637	295	23	material	material	ADJ
cblr-8637	295	24	fact	fact	NOUN
cblr-8637	295	25	,	,	PUNCT
cblr-8637	295	26	or	or	CCONJ
cblr-8637	295	27	omissions	omission	NOUN
cblr-8637	295	28	of	of	ADP
cblr-8637	295	29	material	material	ADJ
cblr-8637	295	30	fact	fact	NOUN
cblr-8637	295	31	,	,	PUNCT
cblr-8637	295	32	contained	contain	VERB
cblr-8637	295	33	in	in	ADP
cblr-8637	295	34	written	write	VERB
cblr-8637	295	35	or	or	CCONJ
cblr-8637	295	36	oral	oral	ADJ
cblr-8637	295	37	communications	communication	NOUN
cblr-8637	295	38	in	in	ADP
cblr-8637	295	39	the	the	DET
cblr-8637	295	40	offering	offering	NOUN
cblr-8637	295	41	of	of	ADP
cblr-8637	295	42	the	the	DET
cblr-8637	295	43	security.67	security.67	NOUN
cblr-8637	295	44	while	while	SCONJ
cblr-8637	295	45	both	both	PRON
cblr-8637	295	46	reg	reg	VERB
cblr-8637	295	47	a+	a+	PUNCT
cblr-8637	295	48	and	and	CCONJ
cblr-8637	295	49	regulation	regulation	NOUN
cblr-8637	295	50	crowdfunding	crowdfunding	NOUN
cblr-8637	295	51	offer	offer	NOUN
cblr-8637	295	52	ways	way	NOUN
cblr-8637	295	53	for	for	SCONJ
cblr-8637	295	54	smalland	smalland	NOUN
cblr-8637	295	55	medium	medium	ADJ
cblr-8637	295	56	-	-	PUNCT
cblr-8637	295	57	sized	sized	ADJ
cblr-8637	295	58	businesses	business	NOUN
cblr-8637	295	59	to	to	PART
cblr-8637	295	60	raise	raise	VERB
cblr-8637	295	61	capped	capped	ADJ
cblr-8637	295	62	amounts	amount	NOUN
cblr-8637	295	63	of	of	ADP
cblr-8637	295	64	money	money	NOUN
cblr-8637	295	65	from	from	ADP
cblr-8637	295	66	a	a	DET
cblr-8637	295	67	fairly	fairly	ADV
cblr-8637	295	68	wide	wide	ADJ
cblr-8637	295	69	pool	pool	NOUN
cblr-8637	295	70	of	of	ADP
cblr-8637	295	71	investors	investor	NOUN
cblr-8637	295	72	,	,	PUNCT
cblr-8637	295	73	neither	neither	CCONJ
cblr-8637	295	74	has	have	AUX
cblr-8637	295	75	been	be	AUX
cblr-8637	295	76	utilized	utilize	VERB
cblr-8637	295	77	to	to	ADP
cblr-8637	295	78	a	a	DET
cblr-8637	295	79	large	large	ADJ
cblr-8637	295	80	extent.68	extent.68	PROPN
cblr-8637	295	81	b.	b.	PROPN
cblr-8637	295	82	private	private	ADJ
cblr-8637	295	83	market	market	NOUN
cblr-8637	295	84	exemptions	exemption	NOUN
cblr-8637	295	85	reporting	reporting	NOUN
cblr-8637	295	86	companies	company	NOUN
cblr-8637	295	87	are	be	AUX
cblr-8637	295	88	subject	subject	ADJ
cblr-8637	295	89	to	to	ADP
cblr-8637	295	90	extensive	extensive	ADJ
cblr-8637	295	91	regulations	regulation	NOUN
cblr-8637	295	92	and	and	CCONJ
cblr-8637	295	93	disclosures	disclosure	NOUN
cblr-8637	295	94	,	,	PUNCT
cblr-8637	295	95	but	but	CCONJ
cblr-8637	295	96	the	the	DET
cblr-8637	295	97	securities	security	NOUN
cblr-8637	295	98	act	act	VERB
cblr-8637	295	99	and	and	CCONJ
cblr-8637	295	100	subsequent	subsequent	ADJ
cblr-8637	295	101	legislation	legislation	NOUN
cblr-8637	295	102	carve	carve	VERB
cblr-8637	295	103	out	out	ADP
cblr-8637	295	104	several	several	ADJ
cblr-8637	295	105	exemptions	exemption	NOUN
cblr-8637	295	106	that	that	PRON
cblr-8637	295	107	permit	permit	VERB
cblr-8637	295	108	firms	firm	NOUN
cblr-8637	295	109	to	to	PART
cblr-8637	295	110	raise	raise	VERB
cblr-8637	295	111	capital	capital	NOUN
cblr-8637	295	112	in	in	ADP
cblr-8637	295	113	the	the	DET
cblr-8637	295	114	private	private	ADJ
cblr-8637	295	115	market	market	NOUN
cblr-8637	295	116	without	without	ADP
cblr-8637	295	117	becoming	become	VERB
cblr-8637	295	118	reporting	report	VERB
cblr-8637	295	119	companies	company	NOUN
cblr-8637	295	120	.	.	PUNCT
cblr-8637	296	1	in	in	ADP
cblr-8637	296	2	exchange	exchange	NOUN
cblr-8637	296	3	for	for	ADP
cblr-8637	296	4	a	a	DET
cblr-8637	296	5	more	more	ADV
cblr-8637	296	6	relaxed	relaxed	ADJ
cblr-8637	296	7	disclosure	disclosure	NOUN
cblr-8637	296	8	and	and	CCONJ
cblr-8637	296	9	liability	liability	NOUN
cblr-8637	296	10	regime	regime	NOUN
cblr-8637	296	11	,	,	PUNCT
cblr-8637	296	12	however	however	ADV
cblr-8637	296	13	,	,	PUNCT
cblr-8637	296	14	private	private	ADJ
cblr-8637	296	15	offerings	offering	NOUN
cblr-8637	296	16	were	be	AUX
cblr-8637	296	17	traditionally	traditionally	ADV
cblr-8637	296	18	limited	limit	VERB
cblr-8637	296	19	to	to	ADP
cblr-8637	296	20	a	a	DET
cblr-8637	296	21	narrower	narrow	ADJ
cblr-8637	296	22	base	base	NOUN
cblr-8637	296	23	of	of	ADP
cblr-8637	296	24	“	"	PUNCT
cblr-8637	296	25	sophisticated	sophisticated	ADJ
cblr-8637	296	26	”	"	PUNCT
cblr-8637	296	27	investors	investor	NOUN
cblr-8637	296	28	and	and	CCONJ
cblr-8637	296	29	,	,	PUNCT
cblr-8637	296	30	in	in	ADP
cblr-8637	296	31	certain	certain	ADJ
cblr-8637	296	32	cases	case	NOUN
cblr-8637	296	33	,	,	PUNCT
cblr-8637	296	34	subject	subject	ADJ
cblr-8637	296	35	to	to	ADP
cblr-8637	296	36	restrictions	restriction	NOUN
cblr-8637	296	37	on	on	ADP
cblr-8637	296	38	the	the	DET
cblr-8637	296	39	amount	amount	NOUN
cblr-8637	296	40	of	of	ADP
cblr-8637	296	41	capital	capital	NOUN
cblr-8637	296	42	that	that	PRON
cblr-8637	296	43	could	could	AUX
cblr-8637	296	44	be	be	AUX
cblr-8637	296	45	raised	raise	VERB
cblr-8637	296	46	.	.	PUNCT
cblr-8637	297	1	the	the	DET
cblr-8637	297	2	primary	primary	ADJ
cblr-8637	297	3	exemptions	exemption	NOUN
cblr-8637	297	4	utilized	utilize	VERB
cblr-8637	297	5	by	by	ADP
cblr-8637	297	6	non	non	ADJ
cblr-8637	297	7	-	-	ADJ
cblr-8637	297	8	reporting	reporting	ADJ
cblr-8637	297	9	companies	company	NOUN
cblr-8637	297	10	include	include	VERB
cblr-8637	297	11	those	those	PRON
cblr-8637	297	12	under	under	ADP
cblr-8637	297	13	section	section	NOUN
cblr-8637	297	14	4(a)(2	4(a)(2	NUM
cblr-8637	297	15	)	)	PUNCT
cblr-8637	297	16	of	of	ADP
cblr-8637	297	17	the	the	DET
cblr-8637	297	18	securities	security	NOUN
cblr-8637	297	19	act	act	NOUN
cblr-8637	297	20	—	—	PUNCT
cblr-8637	297	21	most	most	ADV
cblr-8637	297	22	importantly	importantly	ADV
cblr-8637	297	23	,	,	PUNCT
cblr-8637	297	24	regulation	regulation	NOUN
cblr-8637	297	25	d	d	NOUN
cblr-8637	297	26	offerings	offering	NOUN
cblr-8637	297	27	.	.	PUNCT
cblr-8637	298	1	u.s.c	u.s.c	ADJ
cblr-8637	298	2	.	.	PUNCT
cblr-8637	299	1	§	§	PROPN
cblr-8637	299	2	77d-1(c)(2	77d-1(c)(2	PART
cblr-8637	299	3	)	)	PUNCT
cblr-8637	299	4	(	(	PUNCT
cblr-8637	299	5	2018	2018	NUM
cblr-8637	299	6	)	)	PUNCT
cblr-8637	299	7	;	;	PUNCT
cblr-8637	299	8	then	then	ADV
cblr-8637	299	9	citing	cite	VERB
cblr-8637	299	10	i	i	PRON
cblr-8637	299	11	d.	d.	PROPN
cblr-8637	299	12	§	§	PROPN
cblr-8637	299	13	77d-1(c)(1)(a	77d-1(c)(1)(a	NOUN
cblr-8637	299	14	)	)	PUNCT
cblr-8637	299	15	;	;	PUNCT
cblr-8637	299	16	and	and	CCONJ
cblr-8637	299	17	then	then	ADV
cblr-8637	299	18	citing	cite	VERB
cblr-8637	299	19	crowdfunding	crowdfunding	NOUN
cblr-8637	299	20	,	,	PUNCT
cblr-8637	299	21	80	80	NUM
cblr-8637	299	22	fed	feed	VERB
cblr-8637	299	23	.	.	PUNCT
cblr-8637	300	1	reg	reg	PROPN
cblr-8637	300	2	.	.	PROPN
cblr-8637	300	3	71,387	71,387	NUM
cblr-8637	300	4	,	,	PUNCT
cblr-8637	300	5	71,478	71,478	NUM
cblr-8637	300	6	(	(	PUNCT
cblr-8637	300	7	nov	nov	PROPN
cblr-8637	300	8	.	.	PROPN
cblr-8637	300	9	16	16	NUM
cblr-8637	300	10	,	,	PUNCT
cblr-8637	300	11	2015	2015	NUM
cblr-8637	300	12	)	)	PUNCT
cblr-8637	301	1	(	(	PUNCT
cblr-8637	301	2	codified	codify	VERB
cblr-8637	301	3	as	as	SCONJ
cblr-8637	301	4	amended	amend	VERB
cblr-8637	301	5	in	in	ADP
cblr-8637	301	6	scattered	scattered	ADJ
cblr-8637	301	7	parts	part	NOUN
cblr-8637	301	8	of	of	ADP
cblr-8637	301	9	17	17	NUM
cblr-8637	301	10	c.f.r	c.f.r	NOUN
cblr-8637	301	11	.	.	PUNCT
cblr-8637	301	12	)	)	PUNCT
cblr-8637	301	13	)	)	PUNCT
cblr-8637	301	14	.	.	PUNCT
cblr-8637	302	1	regulation	regulation	NOUN
cblr-8637	302	2	crowdfunding	crowdfunde	VERB
cblr-8637	302	3	specifically	specifically	ADV
cblr-8637	302	4	created	create	VERB
cblr-8637	302	5	a	a	DET
cblr-8637	302	6	remedy	remedy	NOUN
cblr-8637	302	7	against	against	ADP
cblr-8637	302	8	issuers	issuer	NOUN
cblr-8637	302	9	,	,	PUNCT
cblr-8637	302	10	and	and	CCONJ
cblr-8637	302	11	the	the	DET
cblr-8637	302	12	sec	sec	PROPN
cblr-8637	302	13	refused	refuse	VERB
cblr-8637	302	14	to	to	PART
cblr-8637	302	15	exempt	exempt	VERB
cblr-8637	302	16	intermediaries	intermediary	NOUN
cblr-8637	302	17	from	from	ADP
cblr-8637	302	18	such	such	ADJ
cblr-8637	302	19	liability	liability	NOUN
cblr-8637	302	20	.	.	PUNCT
cblr-8637	303	1	i	i	PRON
cblr-8637	303	2	d.	d.	PROPN
cblr-8637	303	3	in	in	ADP
cblr-8637	303	4	their	their	PRON
cblr-8637	303	5	final	final	ADJ
cblr-8637	303	6	rules	rule	NOUN
cblr-8637	303	7	on	on	ADP
cblr-8637	303	8	regulation	regulation	NOUN
cblr-8637	303	9	crowdfunding	crowdfunding	NOUN
cblr-8637	303	10	,	,	PUNCT
cblr-8637	303	11	the	the	DET
cblr-8637	303	12	sec	sec	PROPN
cblr-8637	303	13	explained	explain	VERB
cblr-8637	303	14	that	that	SCONJ
cblr-8637	303	15	potential	potential	ADJ
cblr-8637	303	16	liability	liability	NOUN
cblr-8637	303	17	for	for	ADP
cblr-8637	303	18	intermediaries	intermediary	NOUN
cblr-8637	303	19	“	"	PUNCT
cblr-8637	303	20	may	may	AUX
cblr-8637	303	21	encourage	encourage	VERB
cblr-8637	303	22	[	[	X
cblr-8637	303	23	them	they	PRON
cblr-8637	303	24	]	]	PUNCT
cblr-8637	303	25	to	to	PART
cblr-8637	303	26	develop	develop	VERB
cblr-8637	303	27	adequate	adequate	ADJ
cblr-8637	303	28	procedures	procedure	NOUN
cblr-8637	303	29	to	to	PART
cblr-8637	303	30	fully	fully	ADV
cblr-8637	303	31	assess	assess	VERB
cblr-8637	303	32	whether	whether	SCONJ
cblr-8637	303	33	reliance	reliance	NOUN
cblr-8637	303	34	on	on	ADP
cblr-8637	303	35	an	an	DET
cblr-8637	303	36	issuer	issuer	NOUN
cblr-8637	303	37	’s	’s	PART
cblr-8637	303	38	representation	representation	NOUN
cblr-8637	303	39	is	be	AUX
cblr-8637	303	40	reasonable	reasonable	ADJ
cblr-8637	303	41	.	.	PUNCT
cblr-8637	303	42	”	"	PUNCT
cblr-8637	304	1	crowdfunding	crowdfunding	NOUN
cblr-8637	304	2	,	,	PUNCT
cblr-8637	304	3	80	80	NUM
cblr-8637	304	4	fed	feed	VERB
cblr-8637	304	5	.	.	PUNCT
cblr-8637	305	1	reg	reg	PROPN
cblr-8637	305	2	.	.	PUNCT
cblr-8637	306	1	at	at	ADP
cblr-8637	306	2	71,433	71,433	NUM
cblr-8637	306	3	n.643	n.643	NOUN
cblr-8637	306	4	.	.	PUNCT
cblr-8637	307	1	furthermore	furthermore	ADV
cblr-8637	307	2	,	,	PUNCT
cblr-8637	307	3	“	"	PUNCT
cblr-8637	307	4	congress	congress	PROPN
cblr-8637	307	5	provided	provide	VERB
cblr-8637	307	6	a	a	DET
cblr-8637	307	7	defense	defense	NOUN
cblr-8637	307	8	to	to	ADP
cblr-8637	307	9	any	any	DET
cblr-8637	307	10	such	such	ADJ
cblr-8637	307	11	liability	liability	NOUN
cblr-8637	307	12	if	if	SCONJ
cblr-8637	307	13	an	an	DET
cblr-8637	307	14	intermediary	intermediary	NOUN
cblr-8637	307	15	did	do	AUX
cblr-8637	307	16	not	not	PART
cblr-8637	307	17	know	know	VERB
cblr-8637	307	18	,	,	PUNCT
cblr-8637	307	19	and	and	CCONJ
cblr-8637	307	20	in	in	ADP
cblr-8637	307	21	the	the	DET
cblr-8637	307	22	exercise	exercise	NOUN
cblr-8637	307	23	of	of	ADP
cblr-8637	307	24	reasonable	reasonable	ADJ
cblr-8637	307	25	care	care	NOUN
cblr-8637	307	26	could	could	AUX
cblr-8637	307	27	not	not	PART
cblr-8637	307	28	have	have	AUX
cblr-8637	307	29	known	know	VERB
cblr-8637	307	30	,	,	PUNCT
cblr-8637	307	31	of	of	ADP
cblr-8637	307	32	the	the	DET
cblr-8637	307	33	untruth	untruth	NOUN
cblr-8637	307	34	or	or	CCONJ
cblr-8637	307	35	omission	omission	NOUN
cblr-8637	307	36	.	.	PUNCT
cblr-8637	307	37	”	"	PUNCT
cblr-8637	308	1	i	i	PRON
cblr-8637	308	2	d.	d.	NOUN
cblr-8637	308	3	67	67	NUM
cblr-8637	308	4	3	3	NUM
cblr-8637	308	5	bloomenthal	bloomenthal	NOUN
cblr-8637	308	6	&	&	CCONJ
cblr-8637	308	7	wolff	wolff	PROPN
cblr-8637	308	8	,	,	PUNCT
cblr-8637	308	9	supra	supra	PROPN
cblr-8637	308	10	note	note	PROPN
cblr-8637	308	11	11	11	NUM
cblr-8637	308	12	,	,	PUNCT
cblr-8637	308	13	§	§	PROPN
cblr-8637	308	14	1:533.02	1:533.02	NUM
cblr-8637	308	15	(	(	PUNCT
cblr-8637	308	16	citing	cite	VERB
cblr-8637	308	17	jobs	job	NOUN
cblr-8637	308	18	act	act	VERB
cblr-8637	308	19	§	§	PROPN
cblr-8637	308	20	302(b	302(b	PROPN
cblr-8637	308	21	)	)	PUNCT
cblr-8637	308	22	)	)	PUNCT
cblr-8637	308	23	.	.	PUNCT
cblr-8637	309	1	68	68	NUM
cblr-8637	309	2	reg	reg	NOUN
cblr-8637	309	3	a+	a+	PUNCT
cblr-8637	309	4	and	and	CCONJ
cblr-8637	309	5	regulation	regulation	NOUN
cblr-8637	309	6	crowdfunding	crowdfunding	NOUN
cblr-8637	309	7	offerings	offering	NOUN
cblr-8637	309	8	combined	combine	VERB
cblr-8637	309	9	to	to	PART
cblr-8637	309	10	raise	raise	VERB
cblr-8637	309	11	about	about	ADV
cblr-8637	309	12	$	$	SYM
cblr-8637	309	13	1.104	1.104	NUM
cblr-8637	309	14	billion	billion	NUM
cblr-8637	309	15	in	in	ADP
cblr-8637	309	16	2019	2019	NUM
cblr-8637	309	17	compared	compare	VERB
cblr-8637	309	18	to	to	ADP
cblr-8637	309	19	an	an	DET
cblr-8637	309	20	estimated	estimate	VERB
cblr-8637	309	21	$	$	SYM
cblr-8637	309	22	1,492	1,492	NUM
cblr-8637	309	23	billion	billion	NUM
cblr-8637	309	24	raised	raise	VERB
cblr-8637	309	25	using	use	VERB
cblr-8637	309	26	reg	reg	NUM
cblr-8637	309	27	d	d	PROPN
cblr-8637	309	28	’s	’s	PART
cblr-8637	309	29	rule	rule	NOUN
cblr-8637	309	30	506(b	506(b	PROPN
cblr-8637	309	31	)	)	PUNCT
cblr-8637	309	32	exemption	exemption	NOUN
cblr-8637	309	33	.	.	PUNCT
cblr-8637	310	1	facilitating	facilitate	VERB
cblr-8637	310	2	capital	capital	NOUN
cblr-8637	310	3	formation	formation	NOUN
cblr-8637	310	4	and	and	CCONJ
cblr-8637	310	5	expanding	expand	VERB
cblr-8637	310	6	investment	investment	NOUN
cblr-8637	310	7	opportunities	opportunity	NOUN
cblr-8637	310	8	by	by	ADP
cblr-8637	310	9	improving	improve	VERB
cblr-8637	310	10	access	access	NOUN
cblr-8637	310	11	to	to	ADP
cblr-8637	310	12	capital	capital	NOUN
cblr-8637	310	13	in	in	ADP
cblr-8637	310	14	private	private	ADJ
cblr-8637	310	15	markets	market	NOUN
cblr-8637	310	16	,	,	PUNCT
cblr-8637	310	17	85	85	NUM
cblr-8637	310	18	fed	feed	VERB
cblr-8637	310	19	.	.	PUNCT
cblr-8637	311	1	reg	reg	PROPN
cblr-8637	311	2	.	.	PROPN
cblr-8637	312	1	17,956	17,956	NUM
cblr-8637	312	2	,	,	PUNCT
cblr-8637	312	3	17,958	17,958	NUM
cblr-8637	312	4	tbl.1	tbl.1	ADV
cblr-8637	312	5	(	(	PUNCT
cblr-8637	312	6	proposed	propose	VERB
cblr-8637	312	7	mar	mar	PROPN
cblr-8637	312	8	.	.	PROPN
cblr-8637	312	9	31	31	NUM
cblr-8637	312	10	,	,	PUNCT
cblr-8637	312	11	2020	2020	NUM
cblr-8637	312	12	)	)	PUNCT
cblr-8637	312	13	(	(	PUNCT
cblr-8637	312	14	to	to	PART
cblr-8637	312	15	be	be	AUX
cblr-8637	312	16	codified	codify	VERB
cblr-8637	312	17	in	in	ADP
cblr-8637	312	18	scattered	scatter	VERB
cblr-8637	312	19	parts	part	NOUN
cblr-8637	312	20	of	of	ADP
cblr-8637	312	21	17	17	NUM
cblr-8637	312	22	c.f.r	c.f.r	NOUN
cblr-8637	312	23	.	.	PUNCT
cblr-8637	312	24	)	)	PUNCT
cblr-8637	312	25	.	.	PUNCT
cblr-8637	313	1	greene	greene	PROPN
cblr-8637	313	2	et	et	PROPN
cblr-8637	313	3	al	al	PROPN
cblr-8637	313	4	.	.	PROPN
cblr-8637	314	1	8/21/2021	8/21/2021	NUM
cblr-8637	314	2	1:44	1:44	NUM
cblr-8637	314	3	pm	pm	NOUN
cblr-8637	314	4	no	no	INTJ
cblr-8637	314	5	.	.	PUNCT
cblr-8637	315	1	2:714	2:714	NUM
cblr-8637	315	2	]	]	X
cblr-8637	315	3	the	the	DET
cblr-8637	315	4	need	need	NOUN
cblr-8637	315	5	for	for	ADP
cblr-8637	315	6	a	a	DET
cblr-8637	315	7	comprehensive	comprehensive	ADJ
cblr-8637	315	8	approach	approach	NOUN
cblr-8637	315	9	733	733	NUM
cblr-8637	315	10	section	section	NOUN
cblr-8637	315	11	4(a)(2	4(a)(2	NUM
cblr-8637	315	12	)	)	PUNCT
cblr-8637	315	13	of	of	ADP
cblr-8637	315	14	the	the	DET
cblr-8637	315	15	securities	security	NOUN
cblr-8637	315	16	act	act	PROPN
cblr-8637	315	17	exempts	exempt	VERB
cblr-8637	315	18	transactions	transaction	NOUN
cblr-8637	315	19	that	that	PRON
cblr-8637	315	20	do	do	AUX
cblr-8637	315	21	not	not	PART
cblr-8637	315	22	involve	involve	VERB
cblr-8637	315	23	a	a	DET
cblr-8637	315	24	“	"	PUNCT
cblr-8637	315	25	public	public	ADJ
cblr-8637	315	26	offering	offering	NOUN
cblr-8637	315	27	”	"	PUNCT
cblr-8637	315	28	from	from	ADP
cblr-8637	315	29	section	section	NOUN
cblr-8637	315	30	5	5	NUM
cblr-8637	315	31	’s	’s	PART
cblr-8637	315	32	registration	registration	NOUN
cblr-8637	315	33	requirements.69	requirements.69	NOUN
cblr-8637	315	34	congress	congress	PROPN
cblr-8637	315	35	included	include	VERB
cblr-8637	315	36	this	this	DET
cblr-8637	315	37	exemption	exemption	NOUN
cblr-8637	315	38	because	because	SCONJ
cblr-8637	315	39	it	it	PRON
cblr-8637	315	40	determined	determine	VERB
cblr-8637	315	41	that	that	SCONJ
cblr-8637	315	42	it	it	PRON
cblr-8637	315	43	was	be	AUX
cblr-8637	315	44	unnecessary	unnecessary	ADJ
cblr-8637	315	45	to	to	PART
cblr-8637	315	46	impose	impose	VERB
cblr-8637	315	47	such	such	ADJ
cblr-8637	315	48	extensive	extensive	ADJ
cblr-8637	315	49	disclosure	disclosure	NOUN
cblr-8637	315	50	requirements	requirement	NOUN
cblr-8637	315	51	where	where	SCONJ
cblr-8637	315	52	“	"	PUNCT
cblr-8637	315	53	‘	'	PUNCT
cblr-8637	315	54	there	there	PRON
cblr-8637	315	55	[	[	X
cblr-8637	315	56	was	be	AUX
cblr-8637	315	57	]	]	X
cblr-8637	315	58	no	no	DET
cblr-8637	315	59	practical	practical	ADJ
cblr-8637	315	60	need	need	NOUN
cblr-8637	315	61	for	for	ADP
cblr-8637	315	62	[	[	PUNCT
cblr-8637	315	63	their	their	PRON
cblr-8637	315	64	]	]	X
cblr-8637	315	65	application	application	NOUN
cblr-8637	315	66	or	or	CCONJ
cblr-8637	315	67	where	where	SCONJ
cblr-8637	315	68	the	the	DET
cblr-8637	315	69	public	public	ADJ
cblr-8637	315	70	benefits	benefit	NOUN
cblr-8637	315	71	[	[	X
cblr-8637	315	72	were	be	AUX
cblr-8637	315	73	]	]	X
cblr-8637	315	74	too	too	ADV
cblr-8637	315	75	remote	remote	ADJ
cblr-8637	315	76	.	.	PUNCT
cblr-8637	315	77	’”70	’”70	PUNCT
cblr-8637	316	1	while	while	SCONJ
cblr-8637	316	2	congress	congress	PROPN
cblr-8637	316	3	did	do	AUX
cblr-8637	316	4	not	not	PART
cblr-8637	316	5	define	define	VERB
cblr-8637	316	6	the	the	DET
cblr-8637	316	7	term	term	NOUN
cblr-8637	316	8	“	"	PUNCT
cblr-8637	316	9	public	public	ADJ
cblr-8637	316	10	offering	offering	NOUN
cblr-8637	316	11	,	,	PUNCT
cblr-8637	316	12	”	"	PUNCT
cblr-8637	316	13	the	the	DET
cblr-8637	316	14	supreme	supreme	PROPN
cblr-8637	316	15	court	court	PROPN
cblr-8637	316	16	interpreted	interpret	VERB
cblr-8637	316	17	the	the	DET
cblr-8637	316	18	provision	provision	NOUN
cblr-8637	316	19	in	in	ADP
cblr-8637	316	20	the	the	DET
cblr-8637	316	21	seminal	seminal	ADJ
cblr-8637	316	22	case	case	NOUN
cblr-8637	316	23	sec	sec	PROPN
cblr-8637	316	24	v.	v.	PROPN
cblr-8637	316	25	ralston	ralston	PROPN
cblr-8637	316	26	purina	purina	PROPN
cblr-8637	316	27	co.71	co.71	NOUN
cblr-8637	316	28	there	there	ADV
cblr-8637	316	29	,	,	PUNCT
cblr-8637	316	30	the	the	DET
cblr-8637	316	31	court	court	NOUN
cblr-8637	316	32	explained	explain	VERB
cblr-8637	316	33	that	that	SCONJ
cblr-8637	316	34	the	the	DET
cblr-8637	316	35	applicability	applicability	NOUN
cblr-8637	316	36	of	of	ADP
cblr-8637	316	37	section	section	NOUN
cblr-8637	316	38	4(a)(2	4(a)(2	NUM
cblr-8637	316	39	)	)	PUNCT
cblr-8637	316	40	turns	turn	VERB
cblr-8637	316	41	on	on	ADP
cblr-8637	316	42	whether	whether	SCONJ
cblr-8637	316	43	the	the	DET
cblr-8637	316	44	investor	investor	NOUN
cblr-8637	316	45	“	"	PUNCT
cblr-8637	316	46	needs	need	VERB
cblr-8637	316	47	the	the	DET
cblr-8637	316	48	protection	protection	NOUN
cblr-8637	316	49	of	of	ADP
cblr-8637	316	50	the	the	DET
cblr-8637	316	51	act	act	NOUN
cblr-8637	316	52	”	"	PUNCT
cblr-8637	316	53	or	or	CCONJ
cblr-8637	316	54	is	be	AUX
cblr-8637	316	55	“	"	PUNCT
cblr-8637	316	56	shown	show	VERB
cblr-8637	316	57	to	to	PART
cblr-8637	316	58	be	be	AUX
cblr-8637	316	59	able	able	ADJ
cblr-8637	316	60	to	to	PART
cblr-8637	316	61	fend	fend	VERB
cblr-8637	316	62	for	for	ADP
cblr-8637	316	63	themselves	themselves	PRON
cblr-8637	316	64	.	.	PUNCT
cblr-8637	316	65	”	"	PUNCT
cblr-8637	317	1	72	72	NUM
cblr-8637	317	2	in	in	ADP
cblr-8637	317	3	other	other	ADJ
cblr-8637	317	4	words	word	NOUN
cblr-8637	317	5	,	,	PUNCT
cblr-8637	317	6	the	the	DET
cblr-8637	317	7	question	question	NOUN
cblr-8637	317	8	is	be	AUX
cblr-8637	317	9	whether	whether	SCONJ
cblr-8637	317	10	the	the	DET
cblr-8637	317	11	investor	investor	NOUN
cblr-8637	317	12	is	be	AUX
cblr-8637	317	13	sophisticated	sophisticate	VERB
cblr-8637	317	14	.	.	PUNCT
cblr-8637	318	1	the	the	DET
cblr-8637	318	2	sec	sec	PROPN
cblr-8637	318	3	codified	codify	VERB
cblr-8637	318	4	the	the	DET
cblr-8637	318	5	ralston	ralston	PROPN
cblr-8637	318	6	purina	purina	PROPN
cblr-8637	318	7	decision	decision	NOUN
cblr-8637	318	8	in	in	ADP
cblr-8637	318	9	1974	1974	NUM
cblr-8637	318	10	by	by	ADP
cblr-8637	318	11	adopting	adopt	VERB
cblr-8637	318	12	“	"	PUNCT
cblr-8637	318	13	rule	rule	VERB
cblr-8637	318	14	146	146	NUM
cblr-8637	318	15	,	,	PUNCT
cblr-8637	318	16	which	which	PRON
cblr-8637	318	17	required	require	VERB
cblr-8637	318	18	that	that	SCONJ
cblr-8637	318	19	investors	investor	NOUN
cblr-8637	318	20	be	be	AUX
cblr-8637	318	21	financially	financially	ADV
cblr-8637	318	22	sophisticated	sophisticated	ADJ
cblr-8637	318	23	enough	enough	ADV
cblr-8637	318	24	to	to	PART
cblr-8637	318	25	be	be	AUX
cblr-8637	318	26	offered	offer	VERB
cblr-8637	318	27	private	private	ADJ
cblr-8637	318	28	placements	placement	NOUN
cblr-8637	318	29	based	base	VERB
cblr-8637	318	30	on	on	ADP
cblr-8637	318	31	their	their	PRON
cblr-8637	318	32	knowledge	knowledge	NOUN
cblr-8637	318	33	and	and	CCONJ
cblr-8637	318	34	experience	experience	NOUN
cblr-8637	318	35	,	,	PUNCT
cblr-8637	318	36	capability	capability	NOUN
cblr-8637	318	37	of	of	ADP
cblr-8637	318	38	evaluating	evaluate	VERB
cblr-8637	318	39	the	the	DET
cblr-8637	318	40	risks	risk	NOUN
cblr-8637	318	41	and	and	CCONJ
cblr-8637	318	42	merits	merit	NOUN
cblr-8637	318	43	,	,	PUNCT
cblr-8637	318	44	and	and	CCONJ
cblr-8637	318	45	ability	ability	NOUN
cblr-8637	318	46	to	to	PART
cblr-8637	318	47	bear	bear	VERB
cblr-8637	318	48	the	the	DET
cblr-8637	318	49	economic	economic	ADJ
cblr-8637	318	50	risk	risk	NOUN
cblr-8637	318	51	of	of	ADP
cblr-8637	318	52	the	the	DET
cblr-8637	318	53	investment	investment	NOUN
cblr-8637	318	54	.	.	PUNCT
cblr-8637	319	1	”73	”73	PROPN
cblr-8637	319	2	rule	rule	NOUN
cblr-8637	319	3	146	146	NUM
cblr-8637	319	4	created	create	VERB
cblr-8637	319	5	an	an	DET
cblr-8637	319	6	unlimited	unlimited	ADJ
cblr-8637	319	7	exemption	exemption	NOUN
cblr-8637	319	8	from	from	ADP
cblr-8637	319	9	section	section	NOUN
cblr-8637	319	10	5	5	NUM
cblr-8637	319	11	’s	’s	PART
cblr-8637	319	12	registration	registration	NOUN
cblr-8637	319	13	requirements	requirement	NOUN
cblr-8637	319	14	,	,	PUNCT
cblr-8637	319	15	but	but	CCONJ
cblr-8637	319	16	included	include	VERB
cblr-8637	319	17	requirements	requirement	NOUN
cblr-8637	319	18	that	that	SCONJ
cblr-8637	319	19	“	"	PUNCT
cblr-8637	319	20	were	be	AUX
cblr-8637	319	21	so	so	ADV
cblr-8637	319	22	burdensome	burdensome	ADJ
cblr-8637	319	23	and	and	CCONJ
cblr-8637	319	24	expensive	expensive	ADJ
cblr-8637	319	25	that	that	SCONJ
cblr-8637	319	26	the	the	DET
cblr-8637	319	27	exemption	exemption	NOUN
cblr-8637	319	28	was	be	AUX
cblr-8637	319	29	often	often	ADV
cblr-8637	319	30	practically	practically	ADV
cblr-8637	319	31	unavailable	unavailable	ADJ
cblr-8637	319	32	,	,	PUNCT
cblr-8637	319	33	especially	especially	ADV
cblr-8637	319	34	for	for	ADP
cblr-8637	319	35	small	small	ADJ
cblr-8637	319	36	offerings	offering	NOUN
cblr-8637	319	37	by	by	ADP
cblr-8637	319	38	small	small	ADJ
cblr-8637	319	39	issuers	issuer	NOUN
cblr-8637	319	40	.	.	PUNCT
cblr-8637	320	1	”74	”74	PUNCT
cblr-8637	320	2	additionally	additionally	ADV
cblr-8637	320	3	,	,	PUNCT
cblr-8637	320	4	the	the	DET
cblr-8637	320	5	ambiguity	ambiguity	NOUN
cblr-8637	320	6	around	around	ADP
cblr-8637	320	7	whether	whether	SCONJ
cblr-8637	320	8	an	an	DET
cblr-8637	320	9	69	69	NUM
cblr-8637	320	10	15	15	NUM
cblr-8637	320	11	u.s.c	u.s.c	NOUN
cblr-8637	320	12	.	.	PUNCT
cblr-8637	321	1	§	§	PROPN
cblr-8637	321	2	77d(a)(2	77d(a)(2	PROPN
cblr-8637	321	3	)	)	PUNCT
cblr-8637	321	4	(	(	PUNCT
cblr-8637	321	5	2019	2019	NUM
cblr-8637	321	6	)	)	PUNCT
cblr-8637	321	7	.	.	PUNCT
cblr-8637	322	1	70	70	NUM
cblr-8637	322	2	haq	haq	PROPN
cblr-8637	322	3	,	,	PUNCT
cblr-8637	322	4	supra	supra	PROPN
cblr-8637	322	5	note	note	PROPN
cblr-8637	322	6	29	29	NUM
cblr-8637	322	7	,	,	PUNCT
cblr-8637	322	8	at	at	ADP
cblr-8637	322	9	61	61	NUM
cblr-8637	322	10	(	(	PUNCT
cblr-8637	322	11	alteration	alteration	NOUN
cblr-8637	322	12	in	in	ADP
cblr-8637	322	13	original	original	ADJ
cblr-8637	322	14	)	)	PUNCT
cblr-8637	322	15	(	(	PUNCT
cblr-8637	322	16	quoting	quote	VERB
cblr-8637	322	17	h.r	h.r	PROPN
cblr-8637	322	18	.	.	PROPN
cblr-8637	322	19	rep	rep	PROPN
cblr-8637	322	20	.	.	PROPN
cblr-8637	322	21	no	no	INTJ
cblr-8637	322	22	.	.	PUNCT
cblr-8637	322	23	73	73	NUM
cblr-8637	322	24	-	-	SYM
cblr-8637	322	25	85	85	NUM
cblr-8637	322	26	,	,	PUNCT
cblr-8637	322	27	at	at	ADP
cblr-8637	322	28	5	5	NUM
cblr-8637	322	29	(	(	PUNCT
cblr-8637	322	30	1933	1933	NUM
cblr-8637	322	31	)	)	PUNCT
cblr-8637	322	32	)	)	PUNCT
cblr-8637	322	33	.	.	PUNCT
cblr-8637	323	1	71	71	NUM
cblr-8637	323	2	346	346	NUM
cblr-8637	323	3	u.s	u.s	PROPN
cblr-8637	323	4	.	.	PROPN
cblr-8637	323	5	119	119	NUM
cblr-8637	323	6	,	,	PUNCT
cblr-8637	323	7	124–25	124–25	NUM
cblr-8637	323	8	(	(	PUNCT
cblr-8637	323	9	1953	1953	NUM
cblr-8637	323	10	)	)	PUNCT
cblr-8637	323	11	;	;	PUNCT
cblr-8637	323	12	see	see	VERB
cblr-8637	323	13	also	also	ADV
cblr-8637	323	14	haq	haq	PROPN
cblr-8637	323	15	,	,	PUNCT
cblr-8637	323	16	supra	supra	PROPN
cblr-8637	323	17	note	note	PROPN
cblr-8637	323	18	29	29	NUM
cblr-8637	323	19	,	,	PUNCT
cblr-8637	323	20	at	at	ADP
cblr-8637	323	21	61	61	NUM
cblr-8637	323	22	.	.	SYM
cblr-8637	323	23	72	72	NUM
cblr-8637	323	24	ralston	ralston	PROPN
cblr-8637	323	25	purina	purina	NOUN
cblr-8637	323	26	,	,	PUNCT
cblr-8637	323	27	346	346	NUM
cblr-8637	323	28	u.s	u.s	PROPN
cblr-8637	323	29	.	.	PROPN
cblr-8637	323	30	at	at	ADP
cblr-8637	323	31	125	125	NUM
cblr-8637	323	32	;	;	PUNCT
cblr-8637	323	33	see	see	VERB
cblr-8637	323	34	also	also	ADV
cblr-8637	323	35	haq	haq	PROPN
cblr-8637	323	36	,	,	PUNCT
cblr-8637	323	37	supra	supra	PROPN
cblr-8637	323	38	note	note	PROPN
cblr-8637	323	39	29	29	NUM
cblr-8637	323	40	,	,	PUNCT
cblr-8637	323	41	at	at	ADP
cblr-8637	323	42	62	62	NUM
cblr-8637	323	43	.	.	PUNCT
cblr-8637	324	1	73	73	NUM
cblr-8637	324	2	haq	haq	PROPN
cblr-8637	324	3	,	,	PUNCT
cblr-8637	324	4	supra	supra	PROPN
cblr-8637	324	5	note	note	PROPN
cblr-8637	324	6	29	29	NUM
cblr-8637	324	7	,	,	PUNCT
cblr-8637	324	8	at	at	ADP
cblr-8637	324	9	62	62	NUM
cblr-8637	324	10	(	(	PUNCT
cblr-8637	324	11	citing	cite	VERB
cblr-8637	324	12	a.	a.	PROPN
cblr-8637	324	13	nicole	nicole	PROPN
cblr-8637	324	14	clowers	clower	NOUN
cblr-8637	324	15	et	et	PROPN
cblr-8637	324	16	al	al	PROPN
cblr-8637	324	17	.	.	PROPN
cblr-8637	324	18	,	,	PUNCT
cblr-8637	324	19	u.s	u.s	PROPN
cblr-8637	324	20	.	.	PROPN
cblr-8637	324	21	gov’t	gov’t	NOUN
cblr-8637	324	22	accountability	accountability	NOUN
cblr-8637	324	23	off	off	ADP
cblr-8637	324	24	.	.	PUNCT
cblr-8637	324	25	,	,	PUNCT
cblr-8637	324	26	gao-13	gao-13	NOUN
cblr-8637	324	27	-	-	PUNCT
cblr-8637	324	28	640	640	NUM
cblr-8637	324	29	,	,	PUNCT
cblr-8637	324	30	securities	security	NOUN
cblr-8637	324	31	and	and	CCONJ
cblr-8637	324	32	exchange	exchange	PROPN
cblr-8637	324	33	commission	commission	PROPN
cblr-8637	324	34	:	:	PUNCT
cblr-8637	324	35	alternative	alternative	ADJ
cblr-8637	324	36	criteria	criterion	NOUN
cblr-8637	324	37	or	or	CCONJ
cblr-8637	324	38	qualifying	qualify	VERB
cblr-8637	324	39	as	as	ADP
cblr-8637	324	40	an	an	DET
cblr-8637	324	41	accredited	accredited	ADJ
cblr-8637	324	42	investor	investor	NOUN
cblr-8637	324	43	should	should	AUX
cblr-8637	324	44	be	be	AUX
cblr-8637	324	45	considered	consider	VERB
cblr-8637	324	46	8	8	NUM
cblr-8637	324	47	(	(	PUNCT
cblr-8637	324	48	2013	2013	NUM
cblr-8637	324	49	)	)	PUNCT
cblr-8637	324	50	,	,	PUNCT
cblr-8637	324	51	https://www.gao.gov/assets/gao13-640.pdf	https://www.gao.gov/assets/gao13-640.pdf	PROPN
cblr-8637	324	52	[	[	X
cblr-8637	324	53	https://perma.cc/tdv7-8m54	https://perma.cc/tdv7-8m54	X
cblr-8637	324	54	]	]	PUNCT
cblr-8637	324	55	)	)	PUNCT
cblr-8637	324	56	.	.	PUNCT
cblr-8637	325	1	74	74	NUM
cblr-8637	325	2	rutheford	rutheford	NOUN
cblr-8637	325	3	b	b	PROPN
cblr-8637	325	4	campbell	campbell	PROPN
cblr-8637	325	5	,	,	PUNCT
cblr-8637	325	6	jr	jr	PROPN
cblr-8637	325	7	.	.	PROPN
cblr-8637	325	8	,	,	PUNCT
cblr-8637	325	9	the	the	DET
cblr-8637	325	10	wreck	wreck	NOUN
cblr-8637	325	11	of	of	ADP
cblr-8637	325	12	regulation	regulation	NOUN
cblr-8637	325	13	d	d	NOUN
cblr-8637	325	14	:	:	PUNCT
cblr-8637	325	15	the	the	DET
cblr-8637	325	16	unintended	unintended	ADJ
cblr-8637	325	17	(	(	PUNCT
cblr-8637	325	18	and	and	CCONJ
cblr-8637	325	19	bad	bad	ADJ
cblr-8637	325	20	)	)	PUNCT
cblr-8637	325	21	outcomes	outcome	NOUN
cblr-8637	325	22	for	for	ADP
cblr-8637	325	23	the	the	DET
cblr-8637	325	24	sec	sec	PROPN
cblr-8637	325	25	’s	’s	PART
cblr-8637	325	26	crown	crown	NOUN
cblr-8637	325	27	jewel	jewel	PROPN
cblr-8637	325	28	exemptions	exemption	NOUN
cblr-8637	325	29	,	,	PUNCT
cblr-8637	325	30	66	66	NUM
cblr-8637	325	31	bus	bus	NOUN
cblr-8637	325	32	.	.	PUNCT
cblr-8637	326	1	law	law	NOUN
cblr-8637	326	2	.	.	PUNCT
cblr-8637	327	1	919	919	NUM
cblr-8637	327	2	,	,	PUNCT
cblr-8637	327	3	923–24	923–24	NUM
cblr-8637	327	4	(	(	PUNCT
cblr-8637	327	5	2011	2011	NUM
cblr-8637	327	6	)	)	PUNCT
cblr-8637	327	7	.	.	PUNCT
cblr-8637	328	1	greene	greene	PROPN
cblr-8637	328	2	et	et	PROPN
cblr-8637	328	3	al	al	PROPN
cblr-8637	328	4	.	.	PROPN
cblr-8637	329	1	8/21/2021	8/21/2021	NUM
cblr-8637	329	2	1:44	1:44	NUM
cblr-8637	329	3	pm	pm	NOUN
cblr-8637	329	4	734	734	NUM
cblr-8637	329	5	columbia	columbia	PROPN
cblr-8637	329	6	business	business	NOUN
cblr-8637	329	7	law	law	PROPN
cblr-8637	329	8	review	review	NOUN
cblr-8637	329	9	[	[	X
cblr-8637	329	10	vol	vol	NOUN
cblr-8637	329	11	.	.	NOUN
cblr-8637	329	12	2021	2021	NUM
cblr-8637	329	13	investor	investor	NOUN
cblr-8637	329	14	fell	fall	VERB
cblr-8637	329	15	within	within	ADP
cblr-8637	329	16	the	the	DET
cblr-8637	329	17	exemption	exemption	NOUN
cblr-8637	329	18	proved	prove	VERB
cblr-8637	329	19	difficult	difficult	ADJ
cblr-8637	329	20	for	for	ADP
cblr-8637	329	21	issuers	issuer	NOUN
cblr-8637	329	22	to	to	ADP
cblr-8637	329	23	navigate.75	navigate.75	NOUN
cblr-8637	329	24	learning	learn	VERB
cblr-8637	329	25	from	from	ADP
cblr-8637	329	26	its	its	PRON
cblr-8637	329	27	failures	failure	NOUN
cblr-8637	329	28	,	,	PUNCT
cblr-8637	329	29	the	the	DET
cblr-8637	329	30	sec	sec	PROPN
cblr-8637	329	31	replaced	replace	VERB
cblr-8637	329	32	rule	rule	NOUN
cblr-8637	329	33	146	146	NUM
cblr-8637	329	34	and	and	CCONJ
cblr-8637	329	35	similar	similar	ADJ
cblr-8637	329	36	exemptions	exemption	NOUN
cblr-8637	329	37	(	(	PUNCT
cblr-8637	329	38	rule	rule	NOUN
cblr-8637	329	39	240	240	NUM
cblr-8637	329	40	,	,	PUNCT
cblr-8637	329	41	an	an	DET
cblr-8637	329	42	exemption	exemption	NOUN
cblr-8637	329	43	for	for	ADP
cblr-8637	329	44	small	small	ADJ
cblr-8637	329	45	issuers	issuer	NOUN
cblr-8637	329	46	,	,	PUNCT
cblr-8637	329	47	and	and	CCONJ
cblr-8637	329	48	rule	rule	VERB
cblr-8637	329	49	242	242	NUM
cblr-8637	329	50	,	,	PUNCT
cblr-8637	329	51	an	an	DET
cblr-8637	329	52	exemption	exemption	NOUN
cblr-8637	329	53	for	for	ADP
cblr-8637	329	54	offerings	offering	NOUN
cblr-8637	329	55	up	up	ADP
cblr-8637	329	56	to	to	PART
cblr-8637	329	57	$	$	SYM
cblr-8637	329	58	500,000	500,000	NUM
cblr-8637	329	59	)	)	PUNCT
cblr-8637	329	60	with	with	ADP
cblr-8637	329	61	reg	reg	NOUN
cblr-8637	329	62	d	d	NOUN
cblr-8637	329	63	in	in	ADP
cblr-8637	329	64	1982.76	1982.76	NUM
cblr-8637	329	65	reg	reg	NOUN
cblr-8637	329	66	d	d	NOUN
cblr-8637	329	67	introduced	introduce	VERB
cblr-8637	329	68	a	a	DET
cblr-8637	329	69	bright	bright	ADJ
cblr-8637	329	70	-	-	PUNCT
cblr-8637	329	71	line	line	NOUN
cblr-8637	329	72	rule	rule	NOUN
cblr-8637	329	73	clarifying	clarify	VERB
cblr-8637	329	74	which	which	PRON
cblr-8637	329	75	investors	investor	NOUN
cblr-8637	329	76	could	could	AUX
cblr-8637	329	77	participate	participate	VERB
cblr-8637	329	78	(	(	PUNCT
cblr-8637	329	79	“	"	PUNCT
cblr-8637	329	80	accredited	accredited	ADJ
cblr-8637	329	81	investors	investor	NOUN
cblr-8637	329	82	”	"	PUNCT
cblr-8637	329	83	)	)	PUNCT
cblr-8637	329	84	and	and	CCONJ
cblr-8637	329	85	exempted	exempt	VERB
cblr-8637	329	86	offerings	offering	NOUN
cblr-8637	329	87	based	base	VERB
cblr-8637	329	88	on	on	ADP
cblr-8637	329	89	the	the	DET
cblr-8637	329	90	number	number	NOUN
cblr-8637	329	91	of	of	ADP
cblr-8637	329	92	investors	investor	NOUN
cblr-8637	329	93	and	and	CCONJ
cblr-8637	329	94	the	the	DET
cblr-8637	329	95	size	size	NOUN
cblr-8637	329	96	of	of	ADP
cblr-8637	329	97	the	the	DET
cblr-8637	329	98	offering	offering	NOUN
cblr-8637	329	99	.	.	PUNCT
cblr-8637	330	1	reg	reg	PROPN
cblr-8637	330	2	d	d	NOUN
cblr-8637	330	3	now	now	ADV
cblr-8637	330	4	provides	provide	VERB
cblr-8637	330	5	two	two	NUM
cblr-8637	330	6	exemptions	exemption	NOUN
cblr-8637	330	7	from	from	ADP
cblr-8637	330	8	section	section	NOUN
cblr-8637	330	9	5	5	NUM
cblr-8637	330	10	’s	’s	PART
cblr-8637	330	11	registration	registration	NOUN
cblr-8637	330	12	requirement	requirement	NOUN
cblr-8637	330	13	:	:	PUNCT
cblr-8637	330	14	rule	rule	NOUN
cblr-8637	330	15	504	504	NUM
cblr-8637	330	16	,	,	PUNCT
cblr-8637	330	17	which	which	PRON
cblr-8637	330	18	is	be	AUX
cblr-8637	330	19	limited	limit	VERB
cblr-8637	330	20	to	to	ADP
cblr-8637	330	21	offerings	offering	NOUN
cblr-8637	330	22	of	of	ADP
cblr-8637	330	23	$	$	SYM
cblr-8637	330	24	10	10	NUM
cblr-8637	330	25	million,77	million,77	NOUN
cblr-8637	330	26	and	and	CCONJ
cblr-8637	330	27	rule	rule	NOUN
cblr-8637	330	28	506	506	NUM
cblr-8637	330	29	,	,	PUNCT
cblr-8637	330	30	which	which	PRON
cblr-8637	330	31	allows	allow	VERB
cblr-8637	330	32	for	for	SCONJ
cblr-8637	330	33	unlimited	unlimited	ADJ
cblr-8637	330	34	funds	fund	NOUN
cblr-8637	330	35	to	to	PART
cblr-8637	330	36	be	be	AUX
cblr-8637	330	37	raised	raise	VERB
cblr-8637	330	38	,	,	PUNCT
cblr-8637	330	39	but	but	CCONJ
cblr-8637	330	40	(	(	PUNCT
cblr-8637	330	41	1	1	X
cblr-8637	330	42	)	)	PUNCT
cblr-8637	330	43	caps	cap	VERB
cblr-8637	330	44	the	the	DET
cblr-8637	330	45	number	number	NOUN
cblr-8637	330	46	of	of	ADP
cblr-8637	330	47	non	non	ADJ
cblr-8637	330	48	-	-	ADJ
cblr-8637	330	49	accredited	accredited	ADJ
cblr-8637	330	50	purchasers	purchaser	NOUN
cblr-8637	330	51	at	at	ADP
cblr-8637	330	52	thirty	thirty	NUM
cblr-8637	330	53	-	-	PUNCT
cblr-8637	330	54	five	five	NUM
cblr-8637	330	55	when	when	SCONJ
cblr-8637	330	56	no	no	DET
cblr-8637	330	57	general	general	ADJ
cblr-8637	330	58	solicitations	solicitation	NOUN
cblr-8637	330	59	are	be	AUX
cblr-8637	330	60	allowed	allow	VERB
cblr-8637	330	61	(	(	PUNCT
cblr-8637	330	62	rule	rule	VERB
cblr-8637	330	63	506(b	506(b	PROPN
cblr-8637	330	64	)	)	PUNCT
cblr-8637	330	65	)	)	PUNCT
cblr-8637	330	66	or	or	CCONJ
cblr-8637	330	67	(	(	PUNCT
cblr-8637	330	68	2	2	X
cblr-8637	330	69	)	)	PUNCT
cblr-8637	330	70	allows	allow	VERB
cblr-8637	330	71	for	for	ADP
cblr-8637	330	72	general	general	ADJ
cblr-8637	330	73	solicitations	solicitation	NOUN
cblr-8637	330	74	so	so	ADV
cblr-8637	330	75	long	long	ADV
cblr-8637	330	76	as	as	SCONJ
cblr-8637	330	77	the	the	DET
cblr-8637	330	78	issuer	issuer	NOUN
cblr-8637	330	79	takes	take	VERB
cblr-8637	330	80	steps	step	NOUN
cblr-8637	330	81	to	to	PART
cblr-8637	330	82	ensure	ensure	VERB
cblr-8637	330	83	75	75	NUM
cblr-8637	330	84	rutheford	rutheford	PROPN
cblr-8637	330	85	b.	b.	PROPN
cblr-8637	330	86	campbell	campbell	PROPN
cblr-8637	330	87	,	,	PUNCT
cblr-8637	330	88	jr	jr	PROPN
cblr-8637	330	89	.	.	PROPN
cblr-8637	330	90	,	,	PUNCT
cblr-8637	330	91	the	the	DET
cblr-8637	330	92	plight	plight	NOUN
cblr-8637	330	93	of	of	ADP
cblr-8637	330	94	small	small	ADJ
cblr-8637	330	95	issuers	issuer	NOUN
cblr-8637	330	96	under	under	ADP
cblr-8637	330	97	the	the	DET
cblr-8637	330	98	securities	security	NOUN
cblr-8637	330	99	act	act	NOUN
cblr-8637	330	100	of	of	ADP
cblr-8637	330	101	1933	1933	NUM
cblr-8637	330	102	:	:	PUNCT
cblr-8637	330	103	practical	practical	ADJ
cblr-8637	330	104	foreclosure	foreclosure	NOUN
cblr-8637	330	105	from	from	ADP
cblr-8637	330	106	the	the	DET
cblr-8637	330	107	capital	capital	NOUN
cblr-8637	330	108	market	market	NOUN
cblr-8637	330	109	,	,	PUNCT
cblr-8637	330	110	1977	1977	NUM
cblr-8637	330	111	duke	duke	PROPN
cblr-8637	330	112	l.j	l.j	PROPN
cblr-8637	330	113	.	.	PROPN
cblr-8637	330	114	1139	1139	NUM
cblr-8637	330	115	,	,	PUNCT
cblr-8637	330	116	1143–44	1143–44	NUM
cblr-8637	330	117	(	(	PUNCT
cblr-8637	330	118	1977	1977	NUM
cblr-8637	330	119	)	)	PUNCT
cblr-8637	330	120	(	(	PUNCT
cblr-8637	330	121	discussing	discuss	VERB
cblr-8637	330	122	how	how	SCONJ
cblr-8637	330	123	the	the	DET
cblr-8637	330	124	ambiguity	ambiguity	NOUN
cblr-8637	330	125	around	around	ADP
cblr-8637	330	126	when	when	SCONJ
cblr-8637	330	127	a	a	DET
cblr-8637	330	128	purchaser	purchaser	NOUN
cblr-8637	330	129	had	have	VERB
cblr-8637	330	130	“	"	PUNCT
cblr-8637	330	131	access	access	NOUN
cblr-8637	330	132	”	"	PUNCT
cblr-8637	330	133	to	to	ADP
cblr-8637	330	134	information	information	NOUN
cblr-8637	330	135	about	about	ADP
cblr-8637	330	136	the	the	DET
cblr-8637	330	137	issuer	issuer	NOUN
cblr-8637	330	138	and	and	CCONJ
cblr-8637	330	139	when	when	SCONJ
cblr-8637	330	140	a	a	DET
cblr-8637	330	141	purchaser	purchaser	NOUN
cblr-8637	330	142	was	be	AUX
cblr-8637	330	143	sophisticated	sophisticated	ADJ
cblr-8637	330	144	was	be	AUX
cblr-8637	330	145	difficult	difficult	ADJ
cblr-8637	330	146	to	to	PART
cblr-8637	330	147	navigate	navigate	VERB
cblr-8637	330	148	)	)	PUNCT
cblr-8637	330	149	;	;	PUNCT
cblr-8637	330	150	see	see	VERB
cblr-8637	330	151	also	also	ADV
cblr-8637	330	152	transactions	transaction	NOUN
cblr-8637	330	153	by	by	ADP
cblr-8637	330	154	an	an	DET
cblr-8637	330	155	issuer	issuer	NOUN
cblr-8637	330	156	deemed	deem	VERB
cblr-8637	330	157	not	not	PART
cblr-8637	330	158	to	to	PART
cblr-8637	330	159	involve	involve	VERB
cblr-8637	330	160	any	any	DET
cblr-8637	330	161	public	public	ADJ
cblr-8637	330	162	offering	offering	NOUN
cblr-8637	330	163	,	,	PUNCT
cblr-8637	330	164	39	39	NUM
cblr-8637	330	165	fed	feed	VERB
cblr-8637	330	166	.	.	PUNCT
cblr-8637	331	1	reg	reg	PROPN
cblr-8637	331	2	.	.	PROPN
cblr-8637	331	3	15,261	15,261	NUM
cblr-8637	331	4	,	,	PUNCT
cblr-8637	331	5	15,267	15,267	NUM
cblr-8637	331	6	(	(	PUNCT
cblr-8637	331	7	may	may	PROPN
cblr-8637	331	8	2	2	NUM
cblr-8637	331	9	,	,	PUNCT
cblr-8637	331	10	1974	1974	NUM
cblr-8637	331	11	)	)	PUNCT
cblr-8637	332	1	(	(	PUNCT
cblr-8637	332	2	stating	state	VERB
cblr-8637	332	3	that	that	SCONJ
cblr-8637	332	4	the	the	DET
cblr-8637	332	5	issuer	issuer	NOUN
cblr-8637	332	6	can	can	AUX
cblr-8637	332	7	only	only	ADV
cblr-8637	332	8	offer	offer	VERB
cblr-8637	332	9	or	or	CCONJ
cblr-8637	332	10	sell	sell	VERB
cblr-8637	332	11	securities	security	NOUN
cblr-8637	332	12	under	under	ADP
cblr-8637	332	13	the	the	DET
cblr-8637	332	14	rule	rule	NOUN
cblr-8637	332	15	146	146	NUM
cblr-8637	332	16	exemption	exemption	NOUN
cblr-8637	332	17	to	to	ADP
cblr-8637	332	18	persons	person	NOUN
cblr-8637	332	19	that	that	SCONJ
cblr-8637	332	20	the	the	DET
cblr-8637	332	21	issuer	issuer	NOUN
cblr-8637	332	22	“	"	PUNCT
cblr-8637	332	23	ha[s	ha[s	PROPN
cblr-8637	332	24	]	]	PUNCT
cblr-8637	332	25	reasonable	reasonable	ADJ
cblr-8637	332	26	grounds	ground	NOUN
cblr-8637	332	27	to	to	PART
cblr-8637	332	28	believe	believe	VERB
cblr-8637	332	29	and	and	CCONJ
cblr-8637	332	30	shall	shall	AUX
cblr-8637	332	31	believe	believe	VERB
cblr-8637	332	32	”	"	PUNCT
cblr-8637	332	33	that	that	SCONJ
cblr-8637	332	34	the	the	DET
cblr-8637	332	35	offeree	offeree	NOUN
cblr-8637	332	36	has	have	VERB
cblr-8637	332	37	experience	experience	NOUN
cblr-8637	332	38	in	in	ADP
cblr-8637	332	39	financial	financial	ADJ
cblr-8637	332	40	and	and	CCONJ
cblr-8637	332	41	business	business	NOUN
cblr-8637	332	42	matters	matter	NOUN
cblr-8637	332	43	and	and	CCONJ
cblr-8637	332	44	can	can	AUX
cblr-8637	332	45	bear	bear	VERB
cblr-8637	332	46	the	the	DET
cblr-8637	332	47	economic	economic	ADJ
cblr-8637	332	48	risk	risk	NOUN
cblr-8637	332	49	of	of	ADP
cblr-8637	332	50	the	the	DET
cblr-8637	332	51	investment	investment	NOUN
cblr-8637	332	52	.	.	PUNCT
cblr-8637	332	53	)	)	PUNCT
cblr-8637	332	54	,	,	PUNCT
cblr-8637	332	55	repealed	repeal	VERB
cblr-8637	332	56	by	by	ADP
cblr-8637	332	57	revision	revision	NOUN
cblr-8637	332	58	of	of	ADP
cblr-8637	332	59	certain	certain	ADJ
cblr-8637	332	60	exemptions	exemption	NOUN
cblr-8637	332	61	from	from	ADP
cblr-8637	332	62	registration	registration	NOUN
cblr-8637	332	63	for	for	ADP
cblr-8637	332	64	transactions	transaction	NOUN
cblr-8637	332	65	involving	involve	VERB
cblr-8637	332	66	limited	limited	ADJ
cblr-8637	332	67	offers	offer	NOUN
cblr-8637	332	68	and	and	CCONJ
cblr-8637	332	69	sales	sale	NOUN
cblr-8637	332	70	,	,	PUNCT
cblr-8637	332	71	47	47	NUM
cblr-8637	332	72	fed	fed	PROPN
cblr-8637	332	73	.	.	PUNCT
cblr-8637	333	1	reg	reg	PROPN
cblr-8637	333	2	.	.	PUNCT
cblr-8637	334	1	11,251	11,251	NUM
cblr-8637	334	2	(	(	PUNCT
cblr-8637	334	3	mar	mar	PROPN
cblr-8637	334	4	.	.	PROPN
cblr-8637	334	5	16	16	NUM
cblr-8637	334	6	,	,	PUNCT
cblr-8637	334	7	1982	1982	NUM
cblr-8637	334	8	)	)	PUNCT
cblr-8637	334	9	(	(	PUNCT
cblr-8637	334	10	codified	codify	VERB
cblr-8637	334	11	as	as	SCONJ
cblr-8637	334	12	amended	amend	VERB
cblr-8637	334	13	at	at	ADP
cblr-8637	334	14	17	17	NUM
cblr-8637	334	15	c.f.r	c.f.r	NOUN
cblr-8637	334	16	.	.	PUNCT
cblr-8637	335	1	pts	pts	PROPN
cblr-8637	335	2	.	.	PROPN
cblr-8637	335	3	230	230	NUM
cblr-8637	335	4	,	,	PUNCT
cblr-8637	335	5	239	239	NUM
cblr-8637	335	6	)	)	PUNCT
cblr-8637	335	7	.	.	PUNCT
cblr-8637	336	1	76	76	NUM
cblr-8637	336	2	campbell	campbell	PROPN
cblr-8637	336	3	,	,	PUNCT
cblr-8637	336	4	supra	supra	PROPN
cblr-8637	336	5	note	note	NOUN
cblr-8637	336	6	74	74	NUM
cblr-8637	336	7	,	,	PUNCT
cblr-8637	336	8	at	at	ADP
cblr-8637	336	9	924	924	NUM
cblr-8637	336	10	.	.	PUNCT
cblr-8637	336	11	77	77	NUM
cblr-8637	336	12	facilitating	facilitate	VERB
cblr-8637	336	13	capital	capital	NOUN
cblr-8637	336	14	formation	formation	NOUN
cblr-8637	336	15	and	and	CCONJ
cblr-8637	336	16	expanding	expand	VERB
cblr-8637	336	17	investment	investment	NOUN
cblr-8637	336	18	opportunities	opportunity	NOUN
cblr-8637	336	19	by	by	ADP
cblr-8637	336	20	improving	improve	VERB
cblr-8637	336	21	access	access	NOUN
cblr-8637	336	22	to	to	ADP
cblr-8637	336	23	capital	capital	NOUN
cblr-8637	336	24	in	in	ADP
cblr-8637	336	25	private	private	ADJ
cblr-8637	336	26	markets	market	NOUN
cblr-8637	336	27	,	,	PUNCT
cblr-8637	336	28	86	86	NUM
cblr-8637	336	29	fed	feed	VERB
cblr-8637	336	30	.	.	PUNCT
cblr-8637	337	1	reg	reg	PROPN
cblr-8637	337	2	.	.	PUNCT
cblr-8637	338	1	3,496	3,496	NUM
cblr-8637	338	2	,	,	PUNCT
cblr-8637	338	3	3,570	3,570	NUM
cblr-8637	338	4	(	(	PUNCT
cblr-8637	338	5	jan	jan	PROPN
cblr-8637	338	6	.	.	PROPN
cblr-8637	338	7	14	14	NUM
cblr-8637	338	8	,	,	PUNCT
cblr-8637	338	9	2021	2021	NUM
cblr-8637	338	10	)	)	PUNCT
cblr-8637	338	11	(	(	PUNCT
cblr-8637	338	12	to	to	PART
cblr-8637	338	13	be	be	AUX
cblr-8637	338	14	codified	codify	VERB
cblr-8637	338	15	at	at	ADP
cblr-8637	338	16	17	17	NUM
cblr-8637	338	17	c.f.r	c.f.r	NOUN
cblr-8637	338	18	.	.	PUNCT
cblr-8637	339	1	§	§	PROPN
cblr-8637	339	2	230.504	230.504	NUM
cblr-8637	339	3	)	)	PUNCT
cblr-8637	339	4	.	.	PUNCT
cblr-8637	340	1	previously	previously	ADV
cblr-8637	340	2	the	the	DET
cblr-8637	340	3	cap	cap	NOUN
cblr-8637	340	4	was	be	AUX
cblr-8637	340	5	$	$	SYM
cblr-8637	340	6	5	5	NUM
cblr-8637	340	7	million	million	NUM
cblr-8637	340	8	.	.	PUNCT
cblr-8637	341	1	17	17	NUM
cblr-8637	341	2	c.f.r	c.f.r	NOUN
cblr-8637	341	3	.	.	PUNCT
cblr-8637	342	1	§	§	PROPN
cblr-8637	342	2	230.504(b)(2	230.504(b)(2	NUM
cblr-8637	342	3	)	)	PUNCT
cblr-8637	342	4	(	(	PUNCT
cblr-8637	342	5	2020	2020	NUM
cblr-8637	342	6	)	)	PUNCT
cblr-8637	342	7	.	.	PUNCT
cblr-8637	343	1	rule	rule	VERB
cblr-8637	343	2	504	504	NUM
cblr-8637	343	3	offerings	offering	NOUN
cblr-8637	343	4	are	be	AUX
cblr-8637	343	5	exempt	exempt	ADJ
cblr-8637	343	6	pursuant	pursuant	ADJ
cblr-8637	343	7	to	to	ADP
cblr-8637	343	8	section	section	NOUN
cblr-8637	343	9	3(b	3(b	NUM
cblr-8637	343	10	)	)	PUNCT
cblr-8637	343	11	,	,	PUNCT
cblr-8637	343	12	and	and	CCONJ
cblr-8637	343	13	are	be	AUX
cblr-8637	343	14	generally	generally	ADV
cblr-8637	343	15	not	not	PART
cblr-8637	343	16	considered	consider	VERB
cblr-8637	343	17	a	a	DET
cblr-8637	343	18	“	"	PUNCT
cblr-8637	343	19	private	private	ADJ
cblr-8637	343	20	offering	offering	NOUN
cblr-8637	343	21	”	"	PUNCT
cblr-8637	343	22	.	.	PUNCT
cblr-8637	344	1	robert	robert	PROPN
cblr-8637	344	2	b.	b.	PROPN
cblr-8637	344	3	robbins	robbins	PROPN
cblr-8637	344	4	,	,	PUNCT
cblr-8637	344	5	pillsbury	pillsbury	PROPN
cblr-8637	344	6	winthrop	winthrop	PROPN
cblr-8637	344	7	shaw	shaw	PROPN
cblr-8637	344	8	pittman	pittman	PROPN
cblr-8637	344	9	llp	llp	PROPN
cblr-8637	344	10	,	,	PUNCT
cblr-8637	344	11	due	due	ADJ
cblr-8637	344	12	diligence	diligence	NOUN
cblr-8637	344	13	in	in	ADP
cblr-8637	344	14	private	private	ADJ
cblr-8637	344	15	placement	placement	NOUN
cblr-8637	344	16	offerings	offering	NOUN
cblr-8637	344	17	9	9	NUM
cblr-8637	344	18	(	(	PUNCT
cblr-8637	344	19	2013	2013	NUM
cblr-8637	344	20	)	)	PUNCT
cblr-8637	344	21	,	,	PUNCT
cblr-8637	344	22	https://www.pillsburylaw.com/images/content/4/6/v2/468/robbins	https://www.pillsburylaw.com/images/content/4/6/v2/468/robbin	VERB
cblr-8637	344	23	duediligence2013.pdf	duediligence2013.pdf	VERB
cblr-8637	345	1	[	[	X
cblr-8637	345	2	https://perma.cc/r8ql-2ugl	https://perma.cc/r8ql-2ugl	X
cblr-8637	345	3	]	]	PUNCT
cblr-8637	345	4	.	.	PUNCT
cblr-8637	346	1	generally	generally	ADV
cblr-8637	346	2	,	,	PUNCT
cblr-8637	346	3	rule	rule	NOUN
cblr-8637	346	4	504(c	504(c	NOUN
cblr-8637	346	5	)	)	PUNCT
cblr-8637	346	6	offerings	offering	NOUN
cblr-8637	346	7	do	do	AUX
cblr-8637	346	8	not	not	PART
cblr-8637	346	9	permit	permit	VERB
cblr-8637	346	10	general	general	ADJ
cblr-8637	346	11	solicitations	solicitation	NOUN
cblr-8637	346	12	and	and	CCONJ
cblr-8637	346	13	general	general	ADJ
cblr-8637	346	14	advertisements	advertisement	NOUN
cblr-8637	346	15	unless	unless	SCONJ
cblr-8637	346	16	the	the	DET
cblr-8637	346	17	sales	sale	NOUN
cblr-8637	346	18	are	be	AUX
cblr-8637	346	19	only	only	ADV
cblr-8637	346	20	made	make	VERB
cblr-8637	346	21	to	to	PART
cblr-8637	346	22	accredited	accredit	VERB
cblr-8637	346	23	investors	investor	NOUN
cblr-8637	346	24	.	.	PUNCT
cblr-8637	347	1	17	17	NUM
cblr-8637	347	2	c.f.r	c.f.r	NOUN
cblr-8637	347	3	.	.	PUNCT
cblr-8637	347	4	§	§	PROPN
cblr-8637	347	5	230.504(b)(1)(iii	230.504(b)(1)(iii	NUM
cblr-8637	347	6	)	)	PUNCT
cblr-8637	347	7	.	.	PUNCT
cblr-8637	348	1	greene	greene	PROPN
cblr-8637	348	2	et	et	PROPN
cblr-8637	348	3	al	al	PROPN
cblr-8637	348	4	.	.	PROPN
cblr-8637	349	1	8/21/2021	8/21/2021	NUM
cblr-8637	349	2	1:44	1:44	NUM
cblr-8637	349	3	pm	pm	NOUN
cblr-8637	349	4	no	no	INTJ
cblr-8637	349	5	.	.	PUNCT
cblr-8637	350	1	2:714	2:714	NUM
cblr-8637	350	2	]	]	X
cblr-8637	350	3	the	the	DET
cblr-8637	350	4	need	need	NOUN
cblr-8637	350	5	for	for	ADP
cblr-8637	350	6	a	a	DET
cblr-8637	350	7	comprehensive	comprehensive	ADJ
cblr-8637	350	8	approach	approach	NOUN
cblr-8637	350	9	735	735	NUM
cblr-8637	350	10	that	that	SCONJ
cblr-8637	350	11	all	all	DET
cblr-8637	350	12	purchasers	purchaser	NOUN
cblr-8637	350	13	are	be	AUX
cblr-8637	350	14	accredited	accredit	VERB
cblr-8637	350	15	investors	investor	NOUN
cblr-8637	350	16	(	(	PUNCT
cblr-8637	350	17	rule	rule	VERB
cblr-8637	350	18	506(c)).78	506(c)).78	NUM
cblr-8637	350	19	of	of	ADP
cblr-8637	350	20	these	these	DET
cblr-8637	350	21	options	option	NOUN
cblr-8637	350	22	,	,	PUNCT
cblr-8637	350	23	rule	rule	NOUN
cblr-8637	350	24	506(b	506(b	PROPN
cblr-8637	350	25	)	)	PUNCT
cblr-8637	350	26	is	be	AUX
cblr-8637	350	27	far	far	ADV
cblr-8637	350	28	and	and	CCONJ
cblr-8637	350	29	away	away	ADV
cblr-8637	350	30	the	the	DET
cblr-8637	350	31	most	most	ADV
cblr-8637	350	32	utilized	utilize	VERB
cblr-8637	350	33	private	private	ADJ
cblr-8637	350	34	placement	placement	NOUN
cblr-8637	350	35	exemption.79	exemption.79	NOUN
cblr-8637	350	36	until	until	ADP
cblr-8637	350	37	august	august	PROPN
cblr-8637	350	38	2020	2020	NUM
cblr-8637	350	39	,	,	PUNCT
cblr-8637	350	40	reg	reg	PROPN
cblr-8637	350	41	d	d	PROPN
cblr-8637	350	42	“	"	PUNCT
cblr-8637	350	43	accredited	accredited	ADJ
cblr-8637	350	44	investors	investor	NOUN
cblr-8637	350	45	”	"	PUNCT
cblr-8637	350	46	effectively	effectively	ADV
cblr-8637	350	47	only	only	ADV
cblr-8637	350	48	included	include	VERB
cblr-8637	350	49	investment	investment	NOUN
cblr-8637	350	50	companies	company	NOUN
cblr-8637	350	51	,	,	PUNCT
cblr-8637	350	52	private	private	ADJ
cblr-8637	350	53	business	business	NOUN
cblr-8637	350	54	development	development	NOUN
cblr-8637	350	55	companies	company	NOUN
cblr-8637	350	56	,	,	PUNCT
cblr-8637	350	57	directors	director	NOUN
cblr-8637	350	58	,	,	PUNCT
cblr-8637	350	59	executive	executive	ADJ
cblr-8637	350	60	directors	director	NOUN
cblr-8637	350	61	,	,	PUNCT
cblr-8637	350	62	or	or	CCONJ
cblr-8637	350	63	general	general	ADJ
cblr-8637	350	64	partners	partner	NOUN
cblr-8637	350	65	of	of	ADP
cblr-8637	350	66	the	the	DET
cblr-8637	350	67	issuer	issuer	NOUN
cblr-8637	350	68	,	,	PUNCT
cblr-8637	350	69	and	and	CCONJ
cblr-8637	350	70	any	any	DET
cblr-8637	350	71	individuals	individual	NOUN
cblr-8637	350	72	that	that	PRON
cblr-8637	350	73	met	meet	VERB
cblr-8637	350	74	78	78	NUM
cblr-8637	350	75	see	see	NOUN
cblr-8637	350	76	17	17	NUM
cblr-8637	350	77	c.f.r	c.f.r	NOUN
cblr-8637	350	78	.	.	PUNCT
cblr-8637	351	1	§	§	PROPN
cblr-8637	351	2	230.506(a)–(c	230.506(a)–(c	NUM
cblr-8637	351	3	)	)	PUNCT
cblr-8637	351	4	.	.	PUNCT
cblr-8637	352	1	in	in	ADP
cblr-8637	352	2	theory	theory	NOUN
cblr-8637	352	3	,	,	PUNCT
cblr-8637	352	4	the	the	DET
cblr-8637	352	5	sec	sec	PROPN
cblr-8637	352	6	permits	permit	VERB
cblr-8637	352	7	participation	participation	NOUN
cblr-8637	352	8	of	of	ADP
cblr-8637	352	9	non	non	ADJ
cblr-8637	352	10	-	-	ADJ
cblr-8637	352	11	accredited	accredited	ADJ
cblr-8637	352	12	investors	investor	NOUN
cblr-8637	352	13	in	in	ADP
cblr-8637	352	14	a	a	DET
cblr-8637	352	15	rule	rule	NOUN
cblr-8637	352	16	506(b	506(b	NOUN
cblr-8637	352	17	)	)	PUNCT
cblr-8637	352	18	offering	offering	NOUN
cblr-8637	352	19	because	because	SCONJ
cblr-8637	352	20	they	they	PRON
cblr-8637	352	21	are	be	AUX
cblr-8637	352	22	,	,	PUNCT
cblr-8637	352	23	or	or	CCONJ
cblr-8637	352	24	should	should	AUX
cblr-8637	352	25	be	be	AUX
cblr-8637	352	26	,	,	PUNCT
cblr-8637	352	27	protected	protect	VERB
cblr-8637	352	28	by	by	ADP
cblr-8637	352	29	the	the	DET
cblr-8637	352	30	negotiations	negotiation	NOUN
cblr-8637	352	31	of	of	ADP
cblr-8637	352	32	the	the	DET
cblr-8637	352	33	“	"	PUNCT
cblr-8637	352	34	sophisticated	sophisticated	ADJ
cblr-8637	352	35	”	"	PUNCT
cblr-8637	352	36	accredited	accredit	VERB
cblr-8637	352	37	investors	investor	NOUN
cblr-8637	352	38	who	who	PRON
cblr-8637	352	39	bargain	bargain	VERB
cblr-8637	352	40	with	with	ADP
cblr-8637	352	41	the	the	DET
cblr-8637	352	42	issuer	issuer	NOUN
cblr-8637	352	43	for	for	ADP
cblr-8637	352	44	certain	certain	ADJ
cblr-8637	352	45	disclosures	disclosure	NOUN
cblr-8637	352	46	.	.	PUNCT
cblr-8637	353	1	when	when	SCONJ
cblr-8637	353	2	a	a	DET
cblr-8637	353	3	non	non	ADJ
cblr-8637	353	4	-	-	ADJ
cblr-8637	353	5	accredited	accredited	ADJ
cblr-8637	353	6	investor	investor	NOUN
cblr-8637	353	7	purchases	purchase	NOUN
cblr-8637	353	8	a	a	DET
cblr-8637	353	9	security	security	NOUN
cblr-8637	353	10	in	in	ADP
cblr-8637	353	11	a	a	DET
cblr-8637	353	12	rule	rule	NOUN
cblr-8637	353	13	506(b	506(b	PROPN
cblr-8637	353	14	)	)	PUNCT
cblr-8637	353	15	offering	offering	NOUN
cblr-8637	353	16	,	,	PUNCT
cblr-8637	353	17	the	the	DET
cblr-8637	353	18	issuer	issuer	NOUN
cblr-8637	353	19	must	must	AUX
cblr-8637	353	20	provide	provide	VERB
cblr-8637	353	21	that	that	DET
cblr-8637	353	22	purchaser	purchaser	NOUN
cblr-8637	353	23	with	with	ADP
cblr-8637	353	24	a	a	DET
cblr-8637	353	25	description	description	NOUN
cblr-8637	353	26	of	of	ADP
cblr-8637	353	27	all	all	DET
cblr-8637	353	28	information	information	NOUN
cblr-8637	353	29	supplied	supply	VERB
cblr-8637	353	30	to	to	ADP
cblr-8637	353	31	any	any	DET
cblr-8637	353	32	accredited	accredited	ADJ
cblr-8637	353	33	investor	investor	NOUN
cblr-8637	353	34	.	.	PUNCT
cblr-8637	354	1	see	see	VERB
cblr-8637	354	2	i	i	PRON
cblr-8637	354	3	d.	d.	PROPN
cblr-8637	354	4	§	§	PROPN
cblr-8637	354	5	230.502(b)(2)(iv	230.502(b)(2)(iv	NUM
cblr-8637	354	6	)	)	PUNCT
cblr-8637	354	7	.	.	PUNCT
cblr-8637	355	1	although	although	SCONJ
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cblr-8637	356	5	derek	derek	PROPN
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cblr-8637	356	7	,	,	PUNCT
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cblr-8637	356	9	you	you	PRON
cblr-8637	356	10	raise	raise	VERB
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cblr-8637	356	22	,	,	PUNCT
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cblr-8637	356	25	,	,	PUNCT
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cblr-8637	357	4	(	(	PUNCT
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cblr-8637	357	6	visited	visit	VERB
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cblr-8637	357	13	(	(	PUNCT
cblr-8637	357	14	“	"	PUNCT
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cblr-8637	357	23	’	'	PUNCT
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cblr-8637	358	5	worth	worth	ADJ
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cblr-8637	358	10	hoops	hoop	NOUN
cblr-8637	358	11	you	you	PRON
cblr-8637	358	12	have	have	VERB
cblr-8637	358	13	to	to	PART
cblr-8637	358	14	jump	jump	VERB
cblr-8637	358	15	through	through	ADP
cblr-8637	358	16	[	[	X
cblr-8637	358	17	.	.	PUNCT
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cblr-8637	358	19	’	'	PUNCT
cblr-8637	358	20	”	"	PUNCT
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cblr-8637	358	32	take	take	VERB
cblr-8637	358	33	investment	investment	NOUN
cblr-8637	358	34	from	from	ADP
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cblr-8637	358	36	investors	investor	NOUN
cblr-8637	358	37	,	,	PUNCT
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cblr-8637	358	39	startup	startup	PROPN
cblr-8637	358	40	l.	l.	PROPN
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cblr-8637	358	42	(	(	PUNCT
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cblr-8637	358	44	21	21	NUM
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cblr-8637	359	1	[	[	X
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cblr-8637	359	3	]	]	X
cblr-8637	359	4	(	(	PUNCT
cblr-8637	359	5	“	"	PUNCT
cblr-8637	359	6	[	[	X
cblr-8637	359	7	i]f	i]f	NOUN
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cblr-8637	359	9	want	want	VERB
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cblr-8637	359	11	take	take	VERB
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cblr-8637	359	14	even	even	ADV
cblr-8637	359	15	one	one	NUM
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cblr-8637	359	17	-	-	ADJ
cblr-8637	359	18	accredited	accredited	ADJ
cblr-8637	359	19	investor	investor	NOUN
cblr-8637	359	20	,	,	PUNCT
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cblr-8637	359	22	disclosure	disclosure	NOUN
cblr-8637	359	23	obligations	obligation	NOUN
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cblr-8637	359	26	scale	scale	VERB
cblr-8637	359	27	—	—	PUNCT
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cblr-8637	359	29	skyrocket	skyrocket	VERB
cblr-8637	359	30	”	"	PUNCT
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cblr-8637	360	7	include	include	VERB
cblr-8637	360	8	only	only	ADV
cblr-8637	360	9	accredited	accredit	VERB
cblr-8637	360	10	investors	investor	NOUN
cblr-8637	360	11	in	in	ADP
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cblr-8637	360	14	506(b	506(b	PROPN
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cblr-8637	360	23	6	6	NUM
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cblr-8637	360	29	[	[	X
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cblr-8637	360	32	(	(	PUNCT
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cblr-8637	360	34	[	[	X
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cblr-8637	360	41	be	be	AUX
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cblr-8637	360	43	from	from	ADP
cblr-8637	360	44	non	non	ADJ
cblr-8637	360	45	-	-	ADJ
cblr-8637	360	46	accredited	accredited	ADJ
cblr-8637	360	47	investors	investor	NOUN
cblr-8637	360	48	.	.	PUNCT
cblr-8637	360	49	.	.	PUNCT
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cblr-8637	360	53	enough	enough	ADJ
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cblr-8637	360	55	justify	justify	VERB
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cblr-8637	360	61	information	information	NOUN
cblr-8637	360	62	required	require	VERB
cblr-8637	360	63	under	under	ADP
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cblr-8637	360	65	502(b)(2	502(b)(2	NUM
cblr-8637	360	66	)	)	PUNCT
cblr-8637	360	67	.	.	PUNCT
cblr-8637	361	1	in	in	ADP
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cblr-8637	361	3	,	,	PUNCT
cblr-8637	361	4	the	the	DET
cblr-8637	361	5	combined	combined	ADJ
cblr-8637	361	6	legal	legal	ADJ
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cblr-8637	361	8	accounting	accounting	NOUN
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cblr-8637	361	18	$	$	SYM
cblr-8637	361	19	50,000	50,000	NUM
cblr-8637	361	20	.	.	PUNCT
cblr-8637	361	21	”	"	PUNCT
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cblr-8637	361	23	.	.	PUNCT
cblr-8637	362	1	79	79	NUM
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cblr-8637	362	4	$	$	SYM
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cblr-8637	362	9	using	use	VERB
cblr-8637	362	10	reg	reg	NUM
cblr-8637	362	11	d	d	PROPN
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cblr-8637	362	14	506(b	506(b	PROPN
cblr-8637	362	15	)	)	PUNCT
cblr-8637	362	16	exemption	exemption	NOUN
cblr-8637	362	17	in	in	ADP
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cblr-8637	362	19	,	,	PUNCT
cblr-8637	362	20	compared	compare	VERB
cblr-8637	362	21	with	with	ADP
cblr-8637	362	22	an	an	DET
cblr-8637	362	23	estimated	estimate	VERB
cblr-8637	362	24	$	$	SYM
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cblr-8637	362	36	using	use	VERB
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cblr-8637	362	39	,	,	PUNCT
cblr-8637	362	40	$	$	SYM
cblr-8637	362	41	1.042	1.042	NUM
cblr-8637	362	42	billion	billion	NUM
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cblr-8637	362	49	a	a	PRON
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cblr-8637	362	52	$	$	SYM
cblr-8637	362	53	0.062	0.062	NUM
cblr-8637	362	54	billion	billion	NUM
cblr-8637	362	55	raised	raise	VERB
cblr-8637	362	56	using	use	VERB
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cblr-8637	362	59	.	.	PUNCT
cblr-8637	363	1	facilitating	facilitate	VERB
cblr-8637	363	2	capital	capital	NOUN
cblr-8637	363	3	formation	formation	NOUN
cblr-8637	363	4	and	and	CCONJ
cblr-8637	363	5	expanding	expand	VERB
cblr-8637	363	6	investment	investment	NOUN
cblr-8637	363	7	opportunities	opportunity	NOUN
cblr-8637	363	8	by	by	ADP
cblr-8637	363	9	improving	improve	VERB
cblr-8637	363	10	access	access	NOUN
cblr-8637	363	11	to	to	ADP
cblr-8637	363	12	capital	capital	NOUN
cblr-8637	363	13	in	in	ADP
cblr-8637	363	14	private	private	ADJ
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cblr-8637	363	16	,	,	PUNCT
cblr-8637	363	17	85	85	NUM
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cblr-8637	365	2	,	,	PUNCT
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cblr-8637	365	10	,	,	PUNCT
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cblr-8637	365	13	(	(	PUNCT
cblr-8637	365	14	to	to	PART
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cblr-8637	365	16	codified	codify	VERB
cblr-8637	365	17	in	in	ADP
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cblr-8637	365	20	of	of	ADP
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cblr-8637	365	25	.	.	PUNCT
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cblr-8637	367	9	[	[	X
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cblr-8637	367	32	sole	sole	ADJ
cblr-8637	367	33	proxies	proxy	NOUN
cblr-8637	367	34	for	for	ADP
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cblr-8637	367	41	to	to	PART
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cblr-8637	367	51	and	and	CCONJ
cblr-8637	367	52	qualified	qualify	VERB
cblr-8637	367	53	those	those	PRON
cblr-8637	367	54	with	with	ADP
cblr-8637	367	55	(	(	PUNCT
cblr-8637	367	56	1	1	X
cblr-8637	367	57	)	)	PUNCT
cblr-8637	367	58	a	a	DET
cblr-8637	367	59	net	net	ADJ
cblr-8637	367	60	worth	worth	NOUN
cblr-8637	367	61	(	(	PUNCT
cblr-8637	367	62	or	or	CCONJ
cblr-8637	367	63	joint	joint	ADJ
cblr-8637	367	64	net	net	ADJ
cblr-8637	367	65	worth	worth	NOUN
cblr-8637	367	66	with	with	ADP
cblr-8637	367	67	their	their	PRON
cblr-8637	367	68	spouse	spouse	NOUN
cblr-8637	367	69	)	)	PUNCT
cblr-8637	367	70	exceeding	exceed	VERB
cblr-8637	367	71	$	$	SYM
cblr-8637	367	72	1	1	NUM
cblr-8637	367	73	million	million	NUM
cblr-8637	367	74	(	(	PUNCT
cblr-8637	367	75	excluding	exclude	VERB
cblr-8637	367	76	the	the	DET
cblr-8637	367	77	value	value	NOUN
cblr-8637	367	78	of	of	ADP
cblr-8637	367	79	their	their	PRON
cblr-8637	367	80	primary	primary	ADJ
cblr-8637	367	81	residence	residence	NOUN
cblr-8637	367	82	)	)	PUNCT
cblr-8637	367	83	or	or	CCONJ
cblr-8637	367	84	(	(	PUNCT
cblr-8637	367	85	2	2	X
cblr-8637	367	86	)	)	PUNCT
cblr-8637	367	87	an	an	DET
cblr-8637	367	88	individual	individual	ADJ
cblr-8637	367	89	income	income	NOUN
cblr-8637	367	90	for	for	ADP
cblr-8637	367	91	the	the	DET
cblr-8637	367	92	past	past	ADJ
cblr-8637	367	93	two	two	NUM
cblr-8637	367	94	years	year	NOUN
cblr-8637	367	95	of	of	ADP
cblr-8637	367	96	over	over	ADP
cblr-8637	367	97	$	$	SYM
cblr-8637	367	98	200,000	200,000	NUM
cblr-8637	367	99	per	per	ADP
cblr-8637	367	100	year	year	NOUN
cblr-8637	367	101	(	(	PUNCT
cblr-8637	367	102	or	or	CCONJ
cblr-8637	367	103	joint	joint	ADJ
cblr-8637	367	104	income	income	NOUN
cblr-8637	367	105	with	with	ADP
cblr-8637	367	106	their	their	PRON
cblr-8637	367	107	spouse	spouse	NOUN
cblr-8637	367	108	of	of	ADP
cblr-8637	367	109	over	over	ADP
cblr-8637	367	110	$	$	SYM
cblr-8637	367	111	300,000	300,000	NUM
cblr-8637	367	112	per	per	ADP
cblr-8637	367	113	year).81	year).81	PROPN
cblr-8637	367	114	in	in	ADP
cblr-8637	367	115	august	august	PROPN
cblr-8637	367	116	2020	2020	NUM
cblr-8637	367	117	,	,	PUNCT
cblr-8637	367	118	however	however	ADV
cblr-8637	367	119	,	,	PUNCT
cblr-8637	367	120	the	the	DET
cblr-8637	367	121	sec	sec	PROPN
cblr-8637	367	122	amended	amend	VERB
cblr-8637	367	123	the	the	DET
cblr-8637	367	124	accredited	accredited	ADJ
cblr-8637	367	125	investor	investor	NOUN
cblr-8637	367	126	definition	definition	NOUN
cblr-8637	367	127	for	for	ADP
cblr-8637	367	128	the	the	DET
cblr-8637	367	129	first	first	ADJ
cblr-8637	367	130	time	time	NOUN
cblr-8637	367	131	in	in	ADP
cblr-8637	367	132	thirty	thirty	NUM
cblr-8637	367	133	-	-	PUNCT
cblr-8637	367	134	five	five	NUM
cblr-8637	367	135	years.82	years.82	NOUN
cblr-8637	367	136	under	under	ADP
cblr-8637	367	137	the	the	DET
cblr-8637	367	138	new	new	ADJ
cblr-8637	367	139	definition	definition	NOUN
cblr-8637	367	140	,	,	PUNCT
cblr-8637	367	141	the	the	DET
cblr-8637	367	142	sec	sec	PROPN
cblr-8637	367	143	can	can	AUX
cblr-8637	367	144	designate	designate	VERB
cblr-8637	367	145	certain	certain	ADJ
cblr-8637	367	146	professional	professional	ADJ
cblr-8637	367	147	certifications	certification	NOUN
cblr-8637	367	148	to	to	PART
cblr-8637	367	149	qualify	qualify	VERB
cblr-8637	367	150	the	the	DET
cblr-8637	367	151	holders	holder	NOUN
cblr-8637	367	152	of	of	ADP
cblr-8637	367	153	such	such	ADJ
cblr-8637	367	154	certifications	certification	NOUN
cblr-8637	367	155	as	as	SCONJ
cblr-8637	367	156	accredited	accredit	VERB
cblr-8637	367	157	investors.83	investors.83	PROPN
cblr-8637	367	158	it	it	PRON
cblr-8637	367	159	also	also	ADV
cblr-8637	367	160	qualifies	qualify	VERB
cblr-8637	367	161	directors	director	NOUN
cblr-8637	367	162	,	,	PUNCT
cblr-8637	367	163	senior	senior	ADJ
cblr-8637	367	164	executives	executive	NOUN
cblr-8637	367	165	,	,	PUNCT
cblr-8637	367	166	and	and	CCONJ
cblr-8637	367	167	individuals	individual	NOUN
cblr-8637	367	168	who	who	PRON
cblr-8637	367	169	participate	participate	VERB
cblr-8637	367	170	directly	directly	ADV
cblr-8637	367	171	in	in	ADP
cblr-8637	367	172	the	the	DET
cblr-8637	367	173	investment	investment	NOUN
cblr-8637	367	174	activities	activity	NOUN
cblr-8637	367	175	of	of	ADP
cblr-8637	367	176	private	private	ADJ
cblr-8637	367	177	funds	fund	NOUN
cblr-8637	367	178	(	(	PUNCT
cblr-8637	367	179	knowledgeable	knowledgeable	ADJ
cblr-8637	367	180	employees	employee	NOUN
cblr-8637	367	181	)	)	PUNCT
cblr-8637	367	182	as	as	ADP
cblr-8637	367	183	accredited	accredited	ADJ
cblr-8637	367	184	investors	investor	NOUN
cblr-8637	367	185	,	,	PUNCT
cblr-8637	367	186	theorizing	theorize	VERB
cblr-8637	367	187	that	that	SCONJ
cblr-8637	367	188	these	these	DET
cblr-8637	367	189	individuals	individual	NOUN
cblr-8637	367	190	are	be	AUX
cblr-8637	367	191	financially	financially	ADV
cblr-8637	367	192	sophisticated	sophisticated	ADJ
cblr-8637	367	193	regardless	regardless	ADV
cblr-8637	367	194	of	of	ADP
cblr-8637	367	195	their	their	PRON
cblr-8637	367	196	net	net	ADJ
cblr-8637	367	197	worth.84	worth.84	PROPN
cblr-8637	367	198	the	the	DET
cblr-8637	367	199	amendment	amendment	NOUN
cblr-8637	367	200	,	,	PUNCT
cblr-8637	367	201	which	which	PRON
cblr-8637	367	202	went	go	VERB
cblr-8637	367	203	into	into	ADP
cblr-8637	367	204	effect	effect	NOUN
cblr-8637	367	205	in	in	ADP
cblr-8637	367	206	the	the	DET
cblr-8637	367	207	fall	fall	NOUN
cblr-8637	367	208	of	of	ADP
cblr-8637	367	209	2020	2020	NUM
cblr-8637	367	210	,	,	PUNCT
cblr-8637	367	211	is	be	AUX
cblr-8637	367	212	“	"	PUNCT
cblr-8637	367	213	intended	intend	VERB
cblr-8637	367	214	to	to	PART
cblr-8637	367	215	improve	improve	VERB
cblr-8637	367	216	the	the	DET
cblr-8637	367	217	definition	definition	NOUN
cblr-8637	367	218	to	to	PART
cblr-8637	367	219	identify	identify	VERB
cblr-8637	367	220	more	more	ADV
cblr-8637	367	221	effectively	effectively	ADV
cblr-8637	367	222	institutional	institutional	ADJ
cblr-8637	367	223	and	and	CCONJ
cblr-8637	367	224	individual	individual	ADJ
cblr-8637	367	225	investors	investor	NOUN
cblr-8637	367	226	that	that	PRON
cblr-8637	367	227	have	have	VERB
cblr-8637	367	228	the	the	DET
cblr-8637	367	229	knowledge	knowledge	NOUN
cblr-8637	367	230	and	and	CCONJ
cblr-8637	367	231	expertise	expertise	NOUN
cblr-8637	367	232	to	to	PART
cblr-8637	367	233	participate	participate	VERB
cblr-8637	367	234	in	in	ADP
cblr-8637	367	235	private	private	ADJ
cblr-8637	367	236	capital	capital	NOUN
cblr-8637	367	237	markets	market	NOUN
cblr-8637	367	238	without	without	ADP
cblr-8637	367	239	the	the	DET
cblr-8637	367	240	additional	additional	ADJ
cblr-8637	367	241	protections	protection	NOUN
cblr-8637	367	242	of	of	ADP
cblr-8637	367	243	registration	registration	NOUN
cblr-8637	367	244	under	under	ADP
cblr-8637	367	245	the	the	DET
cblr-8637	367	246	securities	security	NOUN
cblr-8637	367	247	act	act	PROPN
cblr-8637	367	248	.	.	PUNCT
cblr-8637	368	1	”85	”85	PROPN
cblr-8637	368	2	80	80	NUM
cblr-8637	368	3	see	see	VERB
cblr-8637	368	4	17	17	NUM
cblr-8637	368	5	c.f.r	c.f.r	NOUN
cblr-8637	368	6	.	.	PUNCT
cblr-8637	369	1	§	§	PROPN
cblr-8637	369	2	230.501(a	230.501(a	NUM
cblr-8637	369	3	)	)	PUNCT
cblr-8637	369	4	.	.	PUNCT
cblr-8637	370	1	81	81	NUM
cblr-8637	371	1	i	i	PROPN
cblr-8637	371	2	d.	d.	PROPN
cblr-8637	371	3	§	§	PROPN
cblr-8637	371	4	230	230	NUM
cblr-8637	371	5	.	.	PUNCT
cblr-8637	371	6	501(a)(5)–(6	501(a)(5)–(6	NUM
cblr-8637	371	7	)	)	PUNCT
cblr-8637	371	8	.	.	PUNCT
cblr-8637	372	1	these	these	DET
cblr-8637	372	2	wealth	wealth	NOUN
cblr-8637	372	3	cutoffs	cutoff	NOUN
cblr-8637	372	4	,	,	PUNCT
cblr-8637	372	5	however	however	ADV
cblr-8637	372	6	,	,	PUNCT
cblr-8637	372	7	have	have	AUX
cblr-8637	372	8	not	not	PART
cblr-8637	372	9	be	be	AUX
cblr-8637	372	10	adjusted	adjust	VERB
cblr-8637	372	11	for	for	ADP
cblr-8637	372	12	inflation	inflation	NOUN
cblr-8637	372	13	.	.	PUNCT
cblr-8637	373	1	elisabeth	elisabeth	PROPN
cblr-8637	373	2	de	de	PROPN
cblr-8637	373	3	fontenay	fontenay	PROPN
cblr-8637	373	4	,	,	PUNCT
cblr-8637	373	5	the	the	DET
cblr-8637	373	6	deregulation	deregulation	NOUN
cblr-8637	373	7	of	of	ADP
cblr-8637	373	8	private	private	ADJ
cblr-8637	373	9	capital	capital	NOUN
cblr-8637	373	10	and	and	CCONJ
cblr-8637	373	11	the	the	DET
cblr-8637	373	12	decline	decline	NOUN
cblr-8637	373	13	of	of	ADP
cblr-8637	373	14	the	the	DET
cblr-8637	373	15	public	public	ADJ
cblr-8637	373	16	company	company	NOUN
cblr-8637	373	17	,	,	PUNCT
cblr-8637	373	18	68	68	NUM
cblr-8637	373	19	hastings	hastings	PROPN
cblr-8637	373	20	l.j	l.j	PROPN
cblr-8637	373	21	.	.	PROPN
cblr-8637	373	22	445	445	NUM
cblr-8637	373	23	,	,	PUNCT
cblr-8637	373	24	467	467	NUM
cblr-8637	373	25	(	(	PUNCT
cblr-8637	373	26	2017	2017	NUM
cblr-8637	373	27	)	)	PUNCT
cblr-8637	373	28	.	.	PUNCT
cblr-8637	374	1	82	82	NUM
cblr-8637	374	2	sullivan	sullivan	PROPN
cblr-8637	374	3	&	&	CCONJ
cblr-8637	374	4	cromwell	cromwell	PROPN
cblr-8637	374	5	llp	llp	PROPN
cblr-8637	374	6	,	,	PUNCT
cblr-8637	374	7	sec	sec	PROPN
cblr-8637	374	8	finalizes	finalizes	PROPN
cblr-8637	374	9	amendments	amendment	NOUN
cblr-8637	374	10	to	to	ADP
cblr-8637	374	11	“	"	PUNCT
cblr-8637	374	12	accredited	accredited	ADJ
cblr-8637	374	13	investor	investor	NOUN
cblr-8637	374	14	”	"	PUNCT
cblr-8637	374	15	definition	definition	NOUN
cblr-8637	374	16	1	1	NUM
cblr-8637	374	17	(	(	PUNCT
cblr-8637	374	18	2020	2020	NUM
cblr-8637	374	19	)	)	PUNCT
cblr-8637	374	20	,	,	PUNCT
cblr-8637	374	21	https://www.sullcrom	https://www.sullcrom	PROPN
cblr-8637	374	22	.com	.com	PROPN
cblr-8637	374	23	/	/	SYM
cblr-8637	374	24	files	file	NOUN
cblr-8637	374	25	/	/	SYM
cblr-8637	374	26	upload	upload	NOUN
cblr-8637	374	27	/	/	SYM
cblr-8637	374	28	sc	sc	NOUN
cblr-8637	374	29	-	-	PUNCT
cblr-8637	374	30	publication	publication	NOUN
cblr-8637	374	31	-	-	PUNCT
cblr-8637	374	32	sec	sec	NOUN
cblr-8637	374	33	-	-	PUNCT
cblr-8637	374	34	finalizes	finalize	NOUN
cblr-8637	374	35	-	-	PUNCT
cblr-8637	374	36	amendments	amendment	NOUN
cblr-8637	374	37	-	-	PUNCT
cblr-8637	374	38	accreditedinvestor	accreditedinvestor	NOUN
cblr-8637	374	39	-	-	PUNCT
cblr-8637	374	40	definition.pdf	definition.pdf	NOUN
cblr-8637	374	41	[	[	X
cblr-8637	374	42	https://perma.cc/244f-hgxw	https://perma.cc/244f-hgxw	X
cblr-8637	374	43	]	]	X
cblr-8637	374	44	;	;	PUNCT
cblr-8637	374	45	see	see	VERB
cblr-8637	374	46	also	also	ADV
cblr-8637	374	47	generally	generally	ADV
cblr-8637	374	48	accredited	accredit	VERB
cblr-8637	374	49	investor	investor	NOUN
cblr-8637	374	50	definition	definition	NOUN
cblr-8637	374	51	,	,	PUNCT
cblr-8637	374	52	85	85	NUM
cblr-8637	374	53	fed	feed	VERB
cblr-8637	374	54	.	.	PUNCT
cblr-8637	375	1	reg	reg	PROPN
cblr-8637	375	2	.	.	PROPN
cblr-8637	376	1	64,234	64,234	NUM
cblr-8637	376	2	(	(	PUNCT
cblr-8637	376	3	oct	oct	PROPN
cblr-8637	376	4	.	.	PROPN
cblr-8637	376	5	9	9	NUM
cblr-8637	376	6	,	,	PUNCT
cblr-8637	376	7	2020	2020	NUM
cblr-8637	376	8	)	)	PUNCT
cblr-8637	376	9	(	(	PUNCT
cblr-8637	376	10	to	to	PART
cblr-8637	376	11	be	be	AUX
cblr-8637	376	12	codified	codify	VERB
cblr-8637	376	13	at	at	ADP
cblr-8637	376	14	17	17	NUM
cblr-8637	376	15	c.f.r	c.f.r	NOUN
cblr-8637	376	16	.	.	PUNCT
cblr-8637	377	1	pts	pts	PROPN
cblr-8637	377	2	.	.	PROPN
cblr-8637	377	3	230	230	NUM
cblr-8637	377	4	,	,	PUNCT
cblr-8637	377	5	240	240	NUM
cblr-8637	377	6	)	)	PUNCT
cblr-8637	377	7	(	(	PUNCT
cblr-8637	377	8	announcing	announce	VERB
cblr-8637	377	9	the	the	DET
cblr-8637	377	10	changes	change	NOUN
cblr-8637	377	11	)	)	PUNCT
cblr-8637	377	12	.	.	PUNCT
cblr-8637	378	1	83	83	NUM
cblr-8637	378	2	sullivan	sullivan	PROPN
cblr-8637	378	3	&	&	CCONJ
cblr-8637	378	4	cromwell	cromwell	PROPN
cblr-8637	378	5	,	,	PUNCT
cblr-8637	378	6	supra	supra	PROPN
cblr-8637	378	7	note	note	PROPN
cblr-8637	378	8	82	82	NUM
cblr-8637	378	9	,	,	PUNCT
cblr-8637	378	10	at	at	ADP
cblr-8637	378	11	2	2	NUM
cblr-8637	378	12	.	.	NUM
cblr-8637	378	13	84	84	NUM
cblr-8637	379	1	i	i	PRON
cblr-8637	379	2	d.	d.	PROPN
cblr-8637	379	3	in	in	ADP
cblr-8637	379	4	addition	addition	NOUN
cblr-8637	379	5	,	,	PUNCT
cblr-8637	379	6	the	the	DET
cblr-8637	379	7	definitional	definitional	ADJ
cblr-8637	379	8	change	change	NOUN
cblr-8637	379	9	expands	expand	VERB
cblr-8637	379	10	the	the	DET
cblr-8637	379	11	list	list	NOUN
cblr-8637	379	12	of	of	ADP
cblr-8637	379	13	entities	entity	NOUN
cblr-8637	379	14	that	that	PRON
cblr-8637	379	15	qualify	qualify	VERB
cblr-8637	379	16	as	as	ADP
cblr-8637	379	17	accredited	accredit	VERB
cblr-8637	379	18	investors	investor	NOUN
cblr-8637	379	19	and	and	CCONJ
cblr-8637	379	20	allows	allow	VERB
cblr-8637	379	21	spousal	spousal	NOUN
cblr-8637	379	22	equivalents	equivalent	NOUN
cblr-8637	379	23	to	to	PART
cblr-8637	379	24	pool	pool	VERB
cblr-8637	379	25	their	their	PRON
cblr-8637	379	26	income	income	NOUN
cblr-8637	379	27	or	or	CCONJ
cblr-8637	379	28	net	net	ADJ
cblr-8637	379	29	worth	worth	NOUN
cblr-8637	379	30	to	to	PART
cblr-8637	379	31	qualify	qualify	VERB
cblr-8637	379	32	as	as	ADP
cblr-8637	379	33	accredited	accredit	VERB
cblr-8637	379	34	investors	investor	NOUN
cblr-8637	379	35	.	.	PUNCT
cblr-8637	380	1	i	i	PRON
cblr-8637	380	2	d.	d.	PROPN
cblr-8637	380	3	at	at	ADP
cblr-8637	380	4	3	3	NUM
cblr-8637	380	5	.	.	NOUN
cblr-8637	380	6	85	85	NUM
cblr-8637	380	7	i	i	PRON
cblr-8637	380	8	d.	d.	PROPN
cblr-8637	380	9	at	at	ADP
cblr-8637	380	10	1–2	1–2	NUM
cblr-8637	380	11	.	.	PUNCT
cblr-8637	381	1	the	the	DET
cblr-8637	381	2	amendment	amendment	NOUN
cblr-8637	381	3	applied	apply	VERB
cblr-8637	381	4	to	to	ADP
cblr-8637	381	5	new	new	ADJ
cblr-8637	381	6	offerings	offering	NOUN
cblr-8637	381	7	starting	start	VERB
cblr-8637	381	8	in	in	ADP
cblr-8637	381	9	early	early	ADJ
cblr-8637	381	10	november	november	PROPN
cblr-8637	381	11	2020	2020	NUM
cblr-8637	381	12	.	.	PUNCT
cblr-8637	382	1	larry	larry	PROPN
cblr-8637	382	2	w.	w.	PROPN
cblr-8637	382	3	nishnick	nishnick	PROPN
cblr-8637	382	4	et	et	PROPN
cblr-8637	382	5	al	al	PROPN
cblr-8637	382	6	.	.	PROPN
cblr-8637	382	7	,	,	PUNCT
cblr-8637	382	8	sec	sec	PROPN
cblr-8637	382	9	adopts	adopt	VERB
cblr-8637	382	10	changes	change	NOUN
cblr-8637	382	11	to	to	ADP
cblr-8637	382	12	greene	greene	PROPN
cblr-8637	382	13	et	et	PROPN
cblr-8637	382	14	al	al	PROPN
cblr-8637	382	15	.	.	PROPN
cblr-8637	383	1	8/21/2021	8/21/2021	NUM
cblr-8637	383	2	1:44	1:44	NUM
cblr-8637	383	3	pm	pm	NOUN
cblr-8637	383	4	no	no	INTJ
cblr-8637	383	5	.	.	PUNCT
cblr-8637	384	1	2:714	2:714	NUM
cblr-8637	384	2	]	]	X
cblr-8637	384	3	the	the	DET
cblr-8637	384	4	need	need	NOUN
cblr-8637	384	5	for	for	ADP
cblr-8637	384	6	a	a	DET
cblr-8637	384	7	comprehensive	comprehensive	ADJ
cblr-8637	384	8	approach	approach	NOUN
cblr-8637	384	9	737	737	NUM
cblr-8637	384	10	though	though	SCONJ
cblr-8637	384	11	rule	rule	VERB
cblr-8637	384	12	506	506	NUM
cblr-8637	384	13	offerings	offering	NOUN
cblr-8637	384	14	are	be	AUX
cblr-8637	384	15	not	not	PART
cblr-8637	384	16	subject	subject	ADJ
cblr-8637	384	17	to	to	ADP
cblr-8637	384	18	section	section	NOUN
cblr-8637	384	19	5	5	NUM
cblr-8637	384	20	’s	’s	PART
cblr-8637	384	21	onerous	onerous	ADJ
cblr-8637	384	22	registration	registration	NOUN
cblr-8637	384	23	requirements	requirement	NOUN
cblr-8637	384	24	,	,	PUNCT
cblr-8637	384	25	reg	reg	NOUN
cblr-8637	384	26	d	d	PROPN
cblr-8637	384	27	private	private	ADJ
cblr-8637	384	28	placement	placement	NOUN
cblr-8637	384	29	issuers	issuer	NOUN
cblr-8637	384	30	must	must	AUX
cblr-8637	384	31	still	still	ADV
cblr-8637	384	32	furnish	furnish	VERB
cblr-8637	384	33	specific	specific	ADJ
cblr-8637	384	34	materials	material	NOUN
cblr-8637	384	35	to	to	ADP
cblr-8637	384	36	non	non	ADJ
cblr-8637	384	37	-	-	ADJ
cblr-8637	384	38	accredited	accredited	ADJ
cblr-8637	384	39	investors	investor	NOUN
cblr-8637	384	40	,	,	PUNCT
cblr-8637	384	41	including	include	VERB
cblr-8637	384	42	certain	certain	ADJ
cblr-8637	384	43	non	non	ADJ
cblr-8637	384	44	-	-	ADJ
cblr-8637	384	45	financial	financial	ADJ
cblr-8637	384	46	and	and	CCONJ
cblr-8637	384	47	financial	financial	ADJ
cblr-8637	384	48	information.86	information.86	NOUN
cblr-8637	384	49	while	while	SCONJ
cblr-8637	384	50	non	non	ADJ
cblr-8637	384	51	-	-	ADJ
cblr-8637	384	52	reporting	reporting	ADJ
cblr-8637	384	53	issuers	issuer	NOUN
cblr-8637	384	54	are	be	AUX
cblr-8637	384	55	not	not	PART
cblr-8637	384	56	required	require	VERB
cblr-8637	384	57	to	to	PART
cblr-8637	384	58	furnish	furnish	VERB
cblr-8637	384	59	any	any	DET
cblr-8637	384	60	specific	specific	ADJ
cblr-8637	384	61	information	information	NOUN
cblr-8637	384	62	to	to	ADP
cblr-8637	384	63	accredited	accredited	ADJ
cblr-8637	384	64	investors	investor	NOUN
cblr-8637	384	65	,	,	PUNCT
cblr-8637	384	66	they	they	PRON
cblr-8637	384	67	typically	typically	ADV
cblr-8637	384	68	do	do	AUX
cblr-8637	384	69	provide	provide	VERB
cblr-8637	384	70	such	such	ADJ
cblr-8637	384	71	investors	investor	NOUN
cblr-8637	384	72	with	with	ADP
cblr-8637	384	73	a	a	DET
cblr-8637	384	74	private	private	ADJ
cblr-8637	384	75	placement	placement	NOUN
cblr-8637	384	76	memorandum	memorandum	NOUN
cblr-8637	384	77	(	(	PUNCT
cblr-8637	384	78	ppm).87	ppm).87	VERB
cblr-8637	384	79	the	the	DET
cblr-8637	384	80	ppm	ppm	NOUN
cblr-8637	384	81	usually	usually	ADV
cblr-8637	384	82	gives	give	VERB
cblr-8637	384	83	a	a	DET
cblr-8637	384	84	description	description	NOUN
cblr-8637	384	85	of	of	ADP
cblr-8637	384	86	the	the	DET
cblr-8637	384	87	issuer	issuer	NOUN
cblr-8637	384	88	and	and	CCONJ
cblr-8637	384	89	the	the	DET
cblr-8637	384	90	securities	security	NOUN
cblr-8637	384	91	being	be	AUX
cblr-8637	384	92	offered.88	offered.88	VERB
cblr-8637	384	93	importantly	importantly	ADV
cblr-8637	384	94	,	,	PUNCT
cblr-8637	384	95	the	the	DET
cblr-8637	384	96	information	information	NOUN
cblr-8637	384	97	provided	provide	VERB
cblr-8637	384	98	is	be	AUX
cblr-8637	384	99	typically	typically	ADV
cblr-8637	384	100	not	not	PART
cblr-8637	384	101	reviewed	review	VERB
cblr-8637	384	102	or	or	CCONJ
cblr-8637	384	103	filed	file	VERB
cblr-8637	384	104	with	with	ADP
cblr-8637	384	105	the	the	DET
cblr-8637	384	106	sec.89	sec.89	NOUN
cblr-8637	384	107	because	because	SCONJ
cblr-8637	384	108	a	a	DET
cblr-8637	384	109	registration	registration	NOUN
cblr-8637	384	110	statement	statement	NOUN
cblr-8637	384	111	and	and	CCONJ
cblr-8637	384	112	prospectus	prospectus	NOUN
cblr-8637	384	113	are	be	AUX
cblr-8637	384	114	not	not	PART
cblr-8637	384	115	filed	file	VERB
cblr-8637	384	116	in	in	ADP
cblr-8637	384	117	a	a	DET
cblr-8637	384	118	reg	reg	NOUN
cblr-8637	384	119	d	d	X
cblr-8637	384	120	private	private	ADJ
cblr-8637	384	121	placement	placement	NOUN
cblr-8637	384	122	under	under	ADP
cblr-8637	384	123	rule	rule	NOUN
cblr-8637	384	124	506	506	NUM
cblr-8637	384	125	,	,	PUNCT
cblr-8637	384	126	such	such	ADJ
cblr-8637	384	127	offerings	offering	NOUN
cblr-8637	384	128	are	be	AUX
cblr-8637	384	129	exempt	exempt	ADJ
cblr-8637	384	130	from	from	ADP
cblr-8637	384	131	sections	section	NOUN
cblr-8637	384	132	11	11	NUM
cblr-8637	384	133	and	and	CCONJ
cblr-8637	384	134	12	12	NUM
cblr-8637	384	135	of	of	ADP
cblr-8637	384	136	the	the	DET
cblr-8637	384	137	securities	security	NOUN
cblr-8637	384	138	act.90	act.90	ADV
cblr-8637	384	139	consequently	consequently	ADV
cblr-8637	384	140	,	,	PUNCT
cblr-8637	384	141	liability	liability	NOUN
cblr-8637	384	142	for	for	ADP
cblr-8637	384	143	material	material	NOUN
cblr-8637	384	144	misrepresentations	misrepresentation	NOUN
cblr-8637	384	145	or	or	CCONJ
cblr-8637	384	146	misleading	mislead	VERB
cblr-8637	384	147	omissions	omission	NOUN
cblr-8637	384	148	made	make	VERB
cblr-8637	384	149	during	during	ADP
cblr-8637	384	150	these	these	DET
cblr-8637	384	151	offerings	offering	NOUN
cblr-8637	384	152	can	can	AUX
cblr-8637	384	153	only	only	ADV
cblr-8637	384	154	be	be	AUX
cblr-8637	384	155	pursued	pursue	VERB
cblr-8637	384	156	under	under	ADP
cblr-8637	384	157	section	section	NOUN
cblr-8637	384	158	10(b	10(b	NUM
cblr-8637	384	159	)	)	PUNCT
cblr-8637	384	160	of	of	ADP
cblr-8637	384	161	the	the	DET
cblr-8637	384	162	exchange	exchange	NOUN
cblr-8637	384	163	act.91	act.91	NOUN
cblr-8637	384	164	as	as	ADP
cblr-8637	384	165	section	section	NOUN
cblr-8637	384	166	10(b	10(b	NUM
cblr-8637	384	167	)	)	PUNCT
cblr-8637	384	168	and	and	CCONJ
cblr-8637	384	169	rule	rule	NOUN
cblr-8637	384	170	10b-5	10b-5	NUM
cblr-8637	384	171	are	be	AUX
cblr-8637	384	172	applicable	applicable	ADJ
cblr-8637	384	173	only	only	ADV
cblr-8637	384	174	for	for	ADP
cblr-8637	384	175	intentional	intentional	ADJ
cblr-8637	384	176	misrepresentations	misrepresentation	NOUN
cblr-8637	384	177	or	or	CCONJ
cblr-8637	384	178	ones	one	NOUN
cblr-8637	384	179	made	make	VERB
cblr-8637	384	180	with	with	ADP
cblr-8637	384	181	“	"	PUNCT
cblr-8637	384	182	reckless	reckless	ADJ
cblr-8637	384	183	disregard	disregard	NOUN
cblr-8637	384	184	for	for	ADP
cblr-8637	384	185	the	the	DET
cblr-8637	384	186	accuracy	accuracy	NOUN
cblr-8637	384	187	of	of	ADP
cblr-8637	384	188	the	the	DET
cblr-8637	384	189	“	"	PUNCT
cblr-8637	384	190	accredited	accredited	ADJ
cblr-8637	384	191	investor	investor	NOUN
cblr-8637	384	192	”	"	PUNCT
cblr-8637	384	193	definition	definition	NOUN
cblr-8637	384	194	,	,	PUNCT
cblr-8637	384	195	dla	dla	NOUN
cblr-8637	384	196	piper	piper	NOUN
cblr-8637	384	197	(	(	PUNCT
cblr-8637	384	198	sept	sept	PROPN
cblr-8637	384	199	.	.	PROPN
cblr-8637	384	200	1	1	NUM
cblr-8637	384	201	,	,	PUNCT
cblr-8637	384	202	2020	2020	NUM
cblr-8637	384	203	)	)	PUNCT
cblr-8637	384	204	,	,	PUNCT
cblr-8637	385	1	https://www.dlapiper.com/en/us/insights/publications/2020/09/sec-adoptschanges-to-accredited-investor-definition/	https://www.dlapiper.com/en/us/insights/publications/2020/09/sec-adoptschanges-to-accredited-investor-definition/	PROPN
cblr-8637	386	1	[	[	X
cblr-8637	386	2	https://perma.cc/642h-lqap	https://perma.cc/642h-lqap	X
cblr-8637	386	3	]	]	X
cblr-8637	386	4	.	.	PUNCT
cblr-8637	387	1	86	86	NUM
cblr-8637	387	2	see	see	VERB
cblr-8637	387	3	17	17	NUM
cblr-8637	387	4	c.f.r	c.f.r	NOUN
cblr-8637	387	5	.	.	PUNCT
cblr-8637	388	1	§	§	PROPN
cblr-8637	388	2	230.502(b)(2	230.502(b)(2	NUM
cblr-8637	388	3	)	)	PUNCT
cblr-8637	388	4	.	.	PUNCT
cblr-8637	389	1	87	87	NUM
cblr-8637	389	2	investor	investor	NOUN
cblr-8637	389	3	bulletin	bulletin	NOUN
cblr-8637	389	4	:	:	PUNCT
cblr-8637	389	5	private	private	ADJ
cblr-8637	389	6	placements	placement	NOUN
cblr-8637	389	7	under	under	ADP
cblr-8637	389	8	regulation	regulation	NOUN
cblr-8637	389	9	d	d	PROPN
cblr-8637	389	10	,	,	PUNCT
cblr-8637	389	11	u.s	u.s	PROPN
cblr-8637	389	12	.	.	PROPN
cblr-8637	389	13	sec	sec	PROPN
cblr-8637	389	14	.	.	PROPN
cblr-8637	389	15	&	&	CCONJ
cblr-8637	389	16	exch	exch	PROPN
cblr-8637	389	17	.	.	PUNCT
cblr-8637	390	1	comm’n	comm’n	PROPN
cblr-8637	390	2	,	,	PUNCT
cblr-8637	390	3	https://www.sec.gov/oiea/investor-alerts-bulletins/	https://www.sec.gov/oiea/investor-alerts-bulletins/	X
cblr-8637	390	4	ib_privateplacements.html	ib_privateplacements.html	PROPN
cblr-8637	391	1	[	[	X
cblr-8637	391	2	https://perma.cc/z5a9-zyg4	https://perma.cc/z5a9-zyg4	X
cblr-8637	391	3	]	]	X
cblr-8637	391	4	(	(	PUNCT
cblr-8637	391	5	last	last	ADJ
cblr-8637	391	6	modified	modify	VERB
cblr-8637	391	7	feb	feb	PROPN
cblr-8637	391	8	.	.	PROPN
cblr-8637	391	9	6	6	NUM
cblr-8637	391	10	,	,	PUNCT
cblr-8637	391	11	2017	2017	NUM
cblr-8637	391	12	)	)	PUNCT
cblr-8637	391	13	.	.	PUNCT
cblr-8637	392	1	88	88	NUM
cblr-8637	393	1	i	i	PRON
cblr-8637	393	2	d.	d.	VERB
cblr-8637	393	3	any	any	DET
cblr-8637	393	4	information	information	NOUN
cblr-8637	393	5	provided	provide	VERB
cblr-8637	393	6	to	to	ADP
cblr-8637	393	7	an	an	DET
cblr-8637	393	8	accredited	accredit	VERB
cblr-8637	393	9	investor	investor	NOUN
cblr-8637	393	10	must	must	AUX
cblr-8637	393	11	also	also	ADV
cblr-8637	393	12	be	be	AUX
cblr-8637	393	13	made	make	VERB
cblr-8637	393	14	available	available	ADJ
cblr-8637	393	15	to	to	ADP
cblr-8637	393	16	any	any	DET
cblr-8637	393	17	non	non	ADJ
cblr-8637	393	18	-	-	ADJ
cblr-8637	393	19	accredited	accredited	ADJ
cblr-8637	393	20	investor	investor	NOUN
cblr-8637	393	21	.	.	PUNCT
cblr-8637	394	1	17	17	NUM
cblr-8637	394	2	c.f.r	c.f.r	NOUN
cblr-8637	394	3	.	.	PUNCT
cblr-8637	395	1	§	§	PROPN
cblr-8637	395	2	230.502(b)(2)(iv	230.502(b)(2)(iv	NUM
cblr-8637	395	3	)	)	PUNCT
cblr-8637	395	4	.	.	PUNCT
cblr-8637	396	1	89	89	NUM
cblr-8637	396	2	investor	investor	NOUN
cblr-8637	396	3	bulletin	bulletin	NOUN
cblr-8637	396	4	:	:	PUNCT
cblr-8637	396	5	private	private	ADJ
cblr-8637	396	6	placements	placement	NOUN
cblr-8637	396	7	under	under	ADP
cblr-8637	396	8	regulation	regulation	NOUN
cblr-8637	396	9	d	d	NOUN
cblr-8637	396	10	,	,	PUNCT
cblr-8637	396	11	supra	supra	PROPN
cblr-8637	396	12	note	note	VERB
cblr-8637	396	13	87	87	NUM
cblr-8637	396	14	.	.	PUNCT
cblr-8637	397	1	the	the	DET
cblr-8637	397	2	issuer	issuer	NOUN
cblr-8637	397	3	does	do	VERB
cblr-8637	397	4	,	,	PUNCT
cblr-8637	397	5	however	however	ADV
cblr-8637	397	6	,	,	PUNCT
cblr-8637	397	7	file	file	NOUN
cblr-8637	397	8	form	form	NOUN
cblr-8637	397	9	d	d	NOUN
cblr-8637	397	10	,	,	PUNCT
cblr-8637	397	11	which	which	DET
cblr-8637	397	12	“	"	PUNCT
cblr-8637	397	13	include[s	include[s	PROPN
cblr-8637	397	14	]	]	PUNCT
cblr-8637	397	15	brief	brief	ADJ
cblr-8637	397	16	information	information	NOUN
cblr-8637	397	17	about	about	ADP
cblr-8637	397	18	the	the	DET
cblr-8637	397	19	issuer	issuer	NOUN
cblr-8637	397	20	,	,	PUNCT
cblr-8637	397	21	its	its	PRON
cblr-8637	397	22	management	management	NOUN
cblr-8637	397	23	and	and	CCONJ
cblr-8637	397	24	promoters	promoter	NOUN
cblr-8637	397	25	,	,	PUNCT
cblr-8637	397	26	and	and	CCONJ
cblr-8637	397	27	the	the	DET
cblr-8637	397	28	offering	offering	NOUN
cblr-8637	397	29	itself	itself	PRON
cblr-8637	397	30	.	.	PUNCT
cblr-8637	397	31	”	"	PUNCT
cblr-8637	398	1	i	i	PRON
cblr-8637	398	2	d.	d.	PROPN
cblr-8637	398	3	90	90	NUM
cblr-8637	398	4	robbins	robbin	NOUN
cblr-8637	398	5	,	,	PUNCT
cblr-8637	398	6	supra	supra	NOUN
cblr-8637	398	7	note	note	NOUN
cblr-8637	398	8	77	77	NUM
cblr-8637	398	9	,	,	PUNCT
cblr-8637	398	10	at	at	ADP
cblr-8637	398	11	2	2	NUM
cblr-8637	398	12	,	,	PUNCT
cblr-8637	398	13	8–10	8–10	NOUN
cblr-8637	398	14	.	.	PUNCT
cblr-8637	399	1	note	note	NOUN
cblr-8637	399	2	,	,	PUNCT
cblr-8637	399	3	however	however	ADV
cblr-8637	399	4	,	,	PUNCT
cblr-8637	399	5	that	that	SCONJ
cblr-8637	399	6	placements	placement	NOUN
cblr-8637	399	7	offered	offer	VERB
cblr-8637	399	8	pursuant	pursuant	ADV
cblr-8637	399	9	to	to	PART
cblr-8637	399	10	rule	rule	VERB
cblr-8637	399	11	504	504	NUM
cblr-8637	399	12	are	be	AUX
cblr-8637	399	13	not	not	PART
cblr-8637	399	14	exempt	exempt	ADJ
cblr-8637	399	15	from	from	ADP
cblr-8637	399	16	section	section	NOUN
cblr-8637	399	17	12	12	NUM
cblr-8637	399	18	liability	liability	NOUN
cblr-8637	399	19	because	because	SCONJ
cblr-8637	399	20	securities	security	NOUN
cblr-8637	399	21	issued	issue	VERB
cblr-8637	399	22	pursuant	pursuant	ADJ
cblr-8637	399	23	to	to	ADP
cblr-8637	399	24	section	section	NOUN
cblr-8637	399	25	3	3	NUM
cblr-8637	399	26	exemptions	exemption	NOUN
cblr-8637	399	27	are	be	AUX
cblr-8637	399	28	specifically	specifically	ADV
cblr-8637	399	29	referred	refer	VERB
cblr-8637	399	30	to	to	ADP
cblr-8637	399	31	in	in	ADP
cblr-8637	399	32	section	section	NOUN
cblr-8637	399	33	12	12	NUM
cblr-8637	399	34	’s	’s	PART
cblr-8637	399	35	liability	liability	NOUN
cblr-8637	399	36	regime	regime	NOUN
cblr-8637	399	37	.	.	PUNCT
cblr-8637	400	1	i	i	PRON
cblr-8637	400	2	d.	d.	PROPN
cblr-8637	400	3	at	at	ADP
cblr-8637	400	4	9	9	NUM
cblr-8637	400	5	;	;	PUNCT
cblr-8637	400	6	see	see	VERB
cblr-8637	400	7	also	also	ADV
cblr-8637	400	8	15	15	NUM
cblr-8637	400	9	u.s.c	u.s.c	ADJ
cblr-8637	400	10	.	.	PUNCT
cblr-8637	401	1	§	§	PROPN
cblr-8637	401	2	77l(a)(2	77l(a)(2	NOUN
cblr-8637	401	3	)	)	PUNCT
cblr-8637	401	4	(	(	PUNCT
cblr-8637	401	5	2019	2019	NUM
cblr-8637	401	6	)	)	PUNCT
cblr-8637	401	7	.	.	PUNCT
cblr-8637	402	1	91	91	NUM
cblr-8637	402	2	robbins	robbin	NOUN
cblr-8637	402	3	,	,	PUNCT
cblr-8637	402	4	supra	supra	NOUN
cblr-8637	402	5	note	note	NOUN
cblr-8637	402	6	77	77	NUM
cblr-8637	402	7	,	,	PUNCT
cblr-8637	402	8	at	at	ADP
cblr-8637	402	9	10	10	NUM
cblr-8637	402	10	.	.	PUNCT
cblr-8637	403	1	greene	greene	PROPN
cblr-8637	403	2	et	et	PROPN
cblr-8637	403	3	al	al	PROPN
cblr-8637	403	4	.	.	PROPN
cblr-8637	404	1	8/21/2021	8/21/2021	NUM
cblr-8637	404	2	1:44	1:44	NUM
cblr-8637	404	3	pm	pm	PROPN
cblr-8637	404	4	738	738	NUM
cblr-8637	404	5	columbia	columbia	PROPN
cblr-8637	404	6	business	business	NOUN
cblr-8637	404	7	law	law	NOUN
cblr-8637	404	8	review	review	NOUN
cblr-8637	404	9	[	[	X
cblr-8637	404	10	vol	vol	NOUN
cblr-8637	404	11	.	.	NOUN
cblr-8637	404	12	2021	2021	NUM
cblr-8637	404	13	disclosures	disclosure	NOUN
cblr-8637	404	14	,	,	PUNCT
cblr-8637	404	15	”	"	PUNCT
cblr-8637	404	16	purchasers	purchaser	NOUN
cblr-8637	404	17	are	be	AUX
cblr-8637	404	18	not	not	PART
cblr-8637	404	19	able	able	ADJ
cblr-8637	404	20	to	to	PART
cblr-8637	404	21	recover	recover	VERB
cblr-8637	404	22	for	for	ADP
cblr-8637	404	23	negligent	negligent	ADJ
cblr-8637	404	24	misstatements	misstatement	NOUN
cblr-8637	404	25	or	or	CCONJ
cblr-8637	404	26	omissions.92	omissions.92	NOUN
cblr-8637	404	27	unlike	unlike	ADP
cblr-8637	404	28	securities	security	NOUN
cblr-8637	404	29	sold	sell	VERB
cblr-8637	404	30	in	in	ADP
cblr-8637	404	31	a	a	DET
cblr-8637	404	32	public	public	ADJ
cblr-8637	404	33	offering	offering	NOUN
cblr-8637	404	34	,	,	PUNCT
cblr-8637	404	35	securities	security	NOUN
cblr-8637	404	36	issued	issue	VERB
cblr-8637	404	37	under	under	ADP
cblr-8637	404	38	reg	reg	NUM
cblr-8637	404	39	d	d	NOUN
cblr-8637	404	40	are	be	AUX
cblr-8637	404	41	“	"	PUNCT
cblr-8637	404	42	restricted	restrict	VERB
cblr-8637	404	43	”	"	PUNCT
cblr-8637	404	44	to	to	PART
cblr-8637	404	45	ensure	ensure	VERB
cblr-8637	404	46	that	that	SCONJ
cblr-8637	404	47	they	they	PRON
cblr-8637	404	48	come	come	VERB
cblr-8637	404	49	to	to	PART
cblr-8637	404	50	rest	rest	VERB
cblr-8637	404	51	instead	instead	ADV
cblr-8637	404	52	of	of	ADP
cblr-8637	404	53	being	be	AUX
cblr-8637	404	54	sold	sell	VERB
cblr-8637	404	55	so	so	ADV
cblr-8637	404	56	quickly	quickly	ADV
cblr-8637	404	57	that	that	SCONJ
cblr-8637	404	58	they	they	PRON
cblr-8637	404	59	are	be	AUX
cblr-8637	404	60	deemed	deem	VERB
cblr-8637	404	61	to	to	PART
cblr-8637	404	62	be	be	AUX
cblr-8637	404	63	part	part	NOUN
cblr-8637	404	64	of	of	ADP
cblr-8637	404	65	a	a	DET
cblr-8637	404	66	public	public	ADJ
cblr-8637	404	67	offering.93	offering.93	NOUN
cblr-8637	404	68	purchasers	purchaser	NOUN
cblr-8637	404	69	in	in	ADP
cblr-8637	404	70	reg	reg	NOUN
cblr-8637	404	71	d	d	NOUN
cblr-8637	404	72	offerings	offering	NOUN
cblr-8637	404	73	must	must	AUX
cblr-8637	404	74	hold	hold	VERB
cblr-8637	404	75	their	their	PRON
cblr-8637	404	76	securities	security	NOUN
cblr-8637	404	77	for	for	ADP
cblr-8637	404	78	at	at	ADV
cblr-8637	404	79	least	least	ADV
cblr-8637	404	80	one	one	NUM
cblr-8637	404	81	year	year	NOUN
cblr-8637	404	82	before	before	ADP
cblr-8637	404	83	selling	sell	VERB
cblr-8637	404	84	unless	unless	SCONJ
cblr-8637	404	85	they	they	PRON
cblr-8637	404	86	can	can	AUX
cblr-8637	404	87	rely	rely	VERB
cblr-8637	404	88	on	on	ADP
cblr-8637	404	89	a	a	DET
cblr-8637	404	90	separate	separate	ADJ
cblr-8637	404	91	exemption.94	exemption.94	NOUN
cblr-8637	404	92	generally	generally	ADV
cblr-8637	404	93	speaking	speak	VERB
cblr-8637	404	94	,	,	PUNCT
cblr-8637	404	95	an	an	DET
cblr-8637	404	96	individual	individual	ADJ
cblr-8637	404	97	holder	holder	NOUN
cblr-8637	404	98	of	of	ADP
cblr-8637	404	99	a	a	DET
cblr-8637	404	100	restricted	restricted	ADJ
cblr-8637	404	101	security	security	NOUN
cblr-8637	404	102	issued	issue	VERB
cblr-8637	404	103	in	in	ADP
cblr-8637	404	104	a	a	DET
cblr-8637	404	105	reg	reg	NOUN
cblr-8637	404	106	d	d	X
cblr-8637	404	107	private	private	ADJ
cblr-8637	404	108	placement	placement	NOUN
cblr-8637	404	109	will	will	AUX
cblr-8637	404	110	rely	rely	VERB
cblr-8637	404	111	on	on	ADP
cblr-8637	404	112	a	a	DET
cblr-8637	404	113	derivation	derivation	NOUN
cblr-8637	404	114	of	of	ADP
cblr-8637	404	115	section	section	NOUN
cblr-8637	404	116	4(a)(1	4(a)(1	NUM
cblr-8637	404	117	)	)	PUNCT
cblr-8637	404	118	’s	’s	PART
cblr-8637	404	119	exemption	exemption	NOUN
cblr-8637	404	120	(	(	PUNCT
cblr-8637	404	121	rule	rule	NOUN
cblr-8637	404	122	144	144	NUM
cblr-8637	404	123	,	,	PUNCT
cblr-8637	404	124	“	"	PUNCT
cblr-8637	404	125	section	section	NOUN
cblr-8637	404	126	4(a)(1½	4(a)(1½	NOUN
cblr-8637	404	127	)	)	PUNCT
cblr-8637	404	128	,	,	PUNCT
cblr-8637	404	129	”	"	PUNCT
cblr-8637	404	130	or	or	CCONJ
cblr-8637	404	131	section	section	NOUN
cblr-8637	404	132	4(a)(7	4(a)(7	NUM
cblr-8637	404	133	)	)	PUNCT
cblr-8637	404	134	)	)	PUNCT
cblr-8637	404	135	with	with	ADP
cblr-8637	404	136	respect	respect	NOUN
cblr-8637	404	137	to	to	ADP
cblr-8637	404	138	resale	resale	NOUN
cblr-8637	404	139	.	.	PUNCT
cblr-8637	405	1	section	section	NOUN
cblr-8637	405	2	4(a)(1	4(a)(1	NUM
cblr-8637	405	3	)	)	PUNCT
cblr-8637	405	4	exempts	exempt	VERB
cblr-8637	405	5	“	"	PUNCT
cblr-8637	405	6	transactions	transaction	NOUN
cblr-8637	405	7	by	by	ADP
cblr-8637	405	8	any	any	DET
cblr-8637	405	9	person	person	NOUN
cblr-8637	405	10	other	other	ADJ
cblr-8637	405	11	than	than	ADP
cblr-8637	405	12	an	an	DET
cblr-8637	405	13	issuer	issuer	NOUN
cblr-8637	405	14	,	,	PUNCT
cblr-8637	405	15	underwriter	underwriter	NOUN
cblr-8637	405	16	,	,	PUNCT
cblr-8637	405	17	or	or	CCONJ
cblr-8637	405	18	dealer	dealer	NOUN
cblr-8637	405	19	”	"	PUNCT
cblr-8637	405	20	from	from	ADP
cblr-8637	405	21	section	section	NOUN
cblr-8637	405	22	5	5	NUM
cblr-8637	405	23	’s	’s	PART
cblr-8637	405	24	registration	registration	NOUN
cblr-8637	405	25	requirements.95	requirements.95	NOUN
cblr-8637	405	26	rule	rule	NOUN
cblr-8637	405	27	144	144	NUM
cblr-8637	405	28	clarifies	clarifie	NOUN
cblr-8637	405	29	section	section	NOUN
cblr-8637	405	30	4(a)(1	4(a)(1	NUM
cblr-8637	405	31	)	)	PUNCT
cblr-8637	405	32	by	by	ADP
cblr-8637	405	33	explaining	explain	VERB
cblr-8637	405	34	that	that	SCONJ
cblr-8637	405	35	an	an	DET
cblr-8637	405	36	individual	individual	NOUN
cblr-8637	405	37	who	who	PRON
cblr-8637	405	38	receives	receive	VERB
cblr-8637	405	39	the	the	DET
cblr-8637	405	40	security	security	NOUN
cblr-8637	405	41	directly	directly	ADV
cblr-8637	405	42	from	from	ADP
cblr-8637	405	43	the	the	DET
cblr-8637	405	44	issuer	issuer	NOUN
cblr-8637	405	45	will	will	AUX
cblr-8637	405	46	not	not	PART
cblr-8637	405	47	be	be	AUX
cblr-8637	405	48	deemed	deem	VERB
cblr-8637	405	49	an	an	DET
cblr-8637	405	50	“	"	PUNCT
cblr-8637	405	51	underwriter	underwriter	NOUN
cblr-8637	405	52	”	"	PUNCT
cblr-8637	405	53	if	if	SCONJ
cblr-8637	405	54	he	he	PRON
cblr-8637	405	55	or	or	CCONJ
cblr-8637	405	56	she	she	PRON
cblr-8637	405	57	holds	hold	VERB
cblr-8637	405	58	the	the	DET
cblr-8637	405	59	security	security	NOUN
cblr-8637	405	60	for	for	ADP
cblr-8637	405	61	one	one	NUM
cblr-8637	405	62	year	year	NOUN
cblr-8637	405	63	,	,	PUNCT
cblr-8637	405	64	after	after	ADP
cblr-8637	405	65	which	which	PRON
cblr-8637	405	66	the	the	DET
cblr-8637	405	67	restricted	restricted	ADJ
cblr-8637	405	68	security	security	NOUN
cblr-8637	405	69	can	can	AUX
cblr-8637	405	70	be	be	AUX
cblr-8637	405	71	sold	sell	VERB
cblr-8637	405	72	to	to	PART
cblr-8637	405	73	anyone.96	anyone.96	VERB
cblr-8637	405	74	“	"	PUNCT
cblr-8637	405	75	section	section	NOUN
cblr-8637	405	76	4(a)(1½)”97	4(a)(1½)”97	NOUN
cblr-8637	405	77	was	be	AUX
cblr-8637	405	78	developed	develop	VERB
cblr-8637	405	79	through	through	ADP
cblr-8637	405	80	case	case	NOUN
cblr-8637	405	81	law	law	NOUN
cblr-8637	405	82	to	to	PART
cblr-8637	405	83	permit	permit	VERB
cblr-8637	405	84	the	the	DET
cblr-8637	405	85	resale	resale	NOUN
cblr-8637	405	86	of	of	ADP
cblr-8637	405	87	restricted	restricted	ADJ
cblr-8637	405	88	securities	security	NOUN
cblr-8637	405	89	to	to	ADP
cblr-8637	405	90	accredited	accredit	VERB
cblr-8637	405	91	investors	investor	NOUN
cblr-8637	405	92	who	who	PRON
cblr-8637	405	93	are	be	AUX
cblr-8637	405	94	acquiring	acquire	VERB
cblr-8637	405	95	the	the	DET
cblr-8637	405	96	security	security	NOUN
cblr-8637	405	97	for	for	ADP
cblr-8637	405	98	investment	investment	NOUN
cblr-8637	405	99	purposes	purpose	NOUN
cblr-8637	405	100	rather	rather	ADV
cblr-8637	405	101	than	than	ADP
cblr-8637	405	102	with	with	ADP
cblr-8637	405	103	the	the	DET
cblr-8637	405	104	intent	intent	NOUN
cblr-8637	405	105	to	to	PART
cblr-8637	405	106	distribute.98	distribute.98	VERB
cblr-8637	405	107	section	section	NOUN
cblr-8637	405	108	4(a)(7	4(a)(7	NUM
cblr-8637	405	109	)	)	PUNCT
cblr-8637	405	110	codifies	codify	VERB
cblr-8637	405	111	parts	part	NOUN
cblr-8637	405	112	of	of	ADP
cblr-8637	405	113	92	92	NUM
cblr-8637	405	114	i	i	PROPN
cblr-8637	405	115	d.	d.	PROPN
cblr-8637	405	116	93	93	NUM
cblr-8637	405	117	see	see	VERB
cblr-8637	405	118	17	17	NUM
cblr-8637	405	119	c.f.r	c.f.r	NOUN
cblr-8637	405	120	.	.	PUNCT
cblr-8637	406	1	§	§	PROPN
cblr-8637	406	2	230.502(d	230.502(d	PROPN
cblr-8637	406	3	)	)	PUNCT
cblr-8637	406	4	;	;	PUNCT
cblr-8637	406	5	investor	investor	NOUN
cblr-8637	406	6	bulletin	bulletin	NOUN
cblr-8637	406	7	:	:	PUNCT
cblr-8637	406	8	private	private	ADJ
cblr-8637	406	9	placements	placement	NOUN
cblr-8637	406	10	under	under	ADP
cblr-8637	406	11	regulation	regulation	NOUN
cblr-8637	406	12	d	d	NOUN
cblr-8637	406	13	,	,	PUNCT
cblr-8637	406	14	supra	supra	PROPN
cblr-8637	406	15	note	note	VERB
cblr-8637	406	16	87	87	NUM
cblr-8637	406	17	;	;	PUNCT
cblr-8637	406	18	see	see	VERB
cblr-8637	406	19	also	also	ADV
cblr-8637	406	20	robert	robert	PROPN
cblr-8637	406	21	b.	b.	PROPN
cblr-8637	406	22	robbins	robbins	PROPN
cblr-8637	406	23	,	,	PUNCT
cblr-8637	406	24	pillsbury	pillsbury	PROPN
cblr-8637	406	25	winthrop	winthrop	PROPN
cblr-8637	406	26	shaw	shaw	PROPN
cblr-8637	406	27	pittman	pittman	PROPN
cblr-8637	406	28	llp	llp	PROPN
cblr-8637	406	29	,	,	PUNCT
cblr-8637	406	30	offers	offer	NOUN
cblr-8637	406	31	,	,	PUNCT
cblr-8637	406	32	sales	sale	NOUN
cblr-8637	406	33	and	and	CCONJ
cblr-8637	406	34	resales	resale	NOUN
cblr-8637	406	35	of	of	ADP
cblr-8637	406	36	securities	security	NOUN
cblr-8637	406	37	under	under	ADP
cblr-8637	406	38	section	section	NOUN
cblr-8637	406	39	4[a](1	4[a](1	PROPN
cblr-8637	406	40	-	-	PUNCT
cblr-8637	406	41	1/2	1/2	NUM
cblr-8637	406	42	)	)	PUNCT
cblr-8637	406	43	and	and	CCONJ
cblr-8637	406	44	rule	rule	VERB
cblr-8637	406	45	144a	144a	PROPN
cblr-8637	406	46	,	,	PUNCT
cblr-8637	406	47	at	at	ADP
cblr-8637	406	48	2–3	2–3	NUM
cblr-8637	406	49	(	(	PUNCT
cblr-8637	406	50	2013	2013	NUM
cblr-8637	406	51	)	)	PUNCT
cblr-8637	406	52	,	,	PUNCT
cblr-8637	406	53	https://www.pillsburylaw.com/images/content/4/8/v2/481/robbinssalesand	https://www.pillsburylaw.com/images/content/4/8/v2/481/robbinssalesand	ADP
cblr-8637	406	54	resalesunder4112andrule144a2013.pdf	resalesunder4112andrule144a2013.pdf	PUNCT
cblr-8637	406	55	[	[	X
cblr-8637	406	56	https://perma.cc/m3d9-3bwq	https://perma.cc/m3d9-3bwq	X
cblr-8637	406	57	]	]	X
cblr-8637	406	58	.	.	PUNCT
cblr-8637	407	1	94	94	NUM
cblr-8637	407	2	17	17	NUM
cblr-8637	407	3	c.f.r	c.f.r	NOUN
cblr-8637	407	4	.	.	PUNCT
cblr-8637	408	1	230.144(d)(1)(ii	230.144(d)(1)(ii	NUM
cblr-8637	408	2	)	)	PUNCT
cblr-8637	408	3	(	(	PUNCT
cblr-8637	408	4	stating	state	VERB
cblr-8637	408	5	the	the	DET
cblr-8637	408	6	general	general	ADJ
cblr-8637	408	7	rule	rule	NOUN
cblr-8637	408	8	for	for	ADP
cblr-8637	408	9	non	non	ADJ
cblr-8637	408	10	-	-	ADJ
cblr-8637	408	11	reporting	reporting	ADJ
cblr-8637	408	12	issuers	issuer	NOUN
cblr-8637	408	13	)	)	PUNCT
cblr-8637	408	14	;	;	PUNCT
cblr-8637	408	15	investor	investor	NOUN
cblr-8637	408	16	bulletin	bulletin	NOUN
cblr-8637	408	17	:	:	PUNCT
cblr-8637	408	18	private	private	ADJ
cblr-8637	408	19	placements	placement	NOUN
cblr-8637	408	20	under	under	ADP
cblr-8637	408	21	regulation	regulation	NOUN
cblr-8637	408	22	d	d	NOUN
cblr-8637	408	23	,	,	PUNCT
cblr-8637	408	24	supra	supra	PROPN
cblr-8637	408	25	note	note	VERB
cblr-8637	408	26	87	87	NUM
cblr-8637	408	27	.	.	PUNCT
cblr-8637	409	1	95	95	NUM
cblr-8637	409	2	15	15	NUM
cblr-8637	409	3	u.s.c	u.s.c	NOUN
cblr-8637	409	4	.	.	PUNCT
cblr-8637	410	1	§	§	PROPN
cblr-8637	410	2	77d(a)(1	77d(a)(1	NOUN
cblr-8637	410	3	)	)	PUNCT
cblr-8637	410	4	.	.	PUNCT
cblr-8637	411	1	96	96	NUM
cblr-8637	411	2	securities	security	NOUN
cblr-8637	411	3	laws	law	NOUN
cblr-8637	411	4	for	for	ADP
cblr-8637	411	5	reselling	resell	VERB
cblr-8637	411	6	shares	share	NOUN
cblr-8637	411	7	:	:	PUNCT
cblr-8637	411	8	how	how	SCONJ
cblr-8637	411	9	section	section	NOUN
cblr-8637	411	10	4(a)(7	4(a)(7	NUM
cblr-8637	411	11	)	)	PUNCT
cblr-8637	411	12	compares	compare	VERB
cblr-8637	411	13	to	to	ADP
cblr-8637	411	14	other	other	ADJ
cblr-8637	411	15	available	available	ADJ
cblr-8637	411	16	securities	security	NOUN
cblr-8637	411	17	exemptions	exemption	NOUN
cblr-8637	411	18	,	,	PUNCT
cblr-8637	411	19	springmeyer	springmeyer	PROPN
cblr-8637	411	20	l.	l.	PROPN
cblr-8637	411	21	,	,	PUNCT
cblr-8637	411	22	http://www.calstartuplawfirm.com/business-lawyer-blog/section-4a7-fastact-resales.php	http://www.calstartuplawfirm.com/business-lawyer-blog/section-4a7-fastact-resales.php	VERB
cblr-8637	412	1	[	[	X
cblr-8637	412	2	https://perma.cc/7gbr-4zyy	https://perma.cc/7gbr-4zyy	X
cblr-8637	412	3	]	]	X
cblr-8637	412	4	(	(	PUNCT
cblr-8637	412	5	last	last	ADJ
cblr-8637	412	6	visited	visit	VERB
cblr-8637	412	7	may	may	PROPN
cblr-8637	412	8	10	10	NUM
cblr-8637	412	9	,	,	PUNCT
cblr-8637	412	10	2021	2021	NUM
cblr-8637	412	11	)	)	PUNCT
cblr-8637	412	12	.	.	PUNCT
cblr-8637	413	1	97	97	NUM
cblr-8637	414	1	this	this	PRON
cblr-8637	414	2	is	be	AUX
cblr-8637	414	3	not	not	PART
cblr-8637	414	4	a	a	DET
cblr-8637	414	5	statutory	statutory	ADJ
cblr-8637	414	6	provision	provision	NOUN
cblr-8637	414	7	or	or	CCONJ
cblr-8637	414	8	a	a	DET
cblr-8637	414	9	codified	codify	VERB
cblr-8637	414	10	rule	rule	NOUN
cblr-8637	414	11	and	and	CCONJ
cblr-8637	414	12	therefore	therefore	ADV
cblr-8637	414	13	is	be	AUX
cblr-8637	414	14	often	often	ADV
cblr-8637	414	15	referred	refer	VERB
cblr-8637	414	16	to	to	ADP
cblr-8637	414	17	with	with	ADP
cblr-8637	414	18	quotation	quotation	NOUN
cblr-8637	414	19	marks	mark	NOUN
cblr-8637	414	20	.	.	PUNCT
cblr-8637	415	1	see	see	VERB
cblr-8637	415	2	i	i	PRON
cblr-8637	415	3	d.	d.	PROPN
cblr-8637	415	4	98	98	NUM
cblr-8637	415	5	bradley	bradley	PROPN
cblr-8637	415	6	berman	berman	PROPN
cblr-8637	415	7	&	&	CCONJ
cblr-8637	415	8	steven	steven	PROPN
cblr-8637	415	9	j	j	PROPN
cblr-8637	415	10	bleiberg	bleiberg	PROPN
cblr-8637	415	11	,	,	PUNCT
cblr-8637	415	12	restricted	restrict	VERB
cblr-8637	415	13	securities	security	NOUN
cblr-8637	415	14	vs.	vs.	ADP
cblr-8637	415	15	control	control	NOUN
cblr-8637	415	16	securities	security	NOUN
cblr-8637	415	17	:	:	PUNCT
cblr-8637	415	18	what	what	PRON
cblr-8637	415	19	are	be	AUX
cblr-8637	415	20	the	the	DET
cblr-8637	415	21	differences	difference	NOUN
cblr-8637	415	22	?	?	PUNCT
cblr-8637	415	23	,	,	PUNCT
cblr-8637	415	24	the	the	DET
cblr-8637	415	25	cls	cls	NOUN
cblr-8637	415	26	blue	blue	ADJ
cblr-8637	415	27	sky	sky	NOUN
cblr-8637	415	28	blog	blog	NOUN
cblr-8637	415	29	(	(	PUNCT
cblr-8637	415	30	jan	jan	PROPN
cblr-8637	415	31	.	.	PROPN
cblr-8637	415	32	greene	greene	PROPN
cblr-8637	415	33	et	et	PROPN
cblr-8637	415	34	al	al	PROPN
cblr-8637	415	35	.	.	PROPN
cblr-8637	416	1	8/21/2021	8/21/2021	NUM
cblr-8637	416	2	1:44	1:44	NUM
cblr-8637	416	3	pm	pm	NOUN
cblr-8637	416	4	no	no	INTJ
cblr-8637	416	5	.	.	PUNCT
cblr-8637	417	1	2:714	2:714	NUM
cblr-8637	417	2	]	]	X
cblr-8637	417	3	the	the	DET
cblr-8637	417	4	need	need	NOUN
cblr-8637	417	5	for	for	ADP
cblr-8637	417	6	a	a	DET
cblr-8637	417	7	comprehensive	comprehensive	ADJ
cblr-8637	417	8	approach	approach	NOUN
cblr-8637	417	9	739	739	NUM
cblr-8637	417	10	“	"	PUNCT
cblr-8637	417	11	section	section	NOUN
cblr-8637	417	12	4(a)(1½	4(a)(1½	NOUN
cblr-8637	417	13	)	)	PUNCT
cblr-8637	417	14	”	"	PUNCT
cblr-8637	417	15	to	to	PART
cblr-8637	417	16	more	more	ADV
cblr-8637	417	17	clearly	clearly	ADV
cblr-8637	417	18	permit	permit	VERB
cblr-8637	417	19	the	the	DET
cblr-8637	417	20	resale	resale	NOUN
cblr-8637	417	21	of	of	ADP
cblr-8637	417	22	restricted	restricted	ADJ
cblr-8637	417	23	securities	security	NOUN
cblr-8637	417	24	to	to	PART
cblr-8637	417	25	accredited	accredit	VERB
cblr-8637	417	26	investors.99	investors.99	PROPN
cblr-8637	417	27	although	although	SCONJ
cblr-8637	417	28	restricted	restricted	ADJ
cblr-8637	417	29	securities	security	NOUN
cblr-8637	417	30	are	be	AUX
cblr-8637	417	31	not	not	PART
cblr-8637	417	32	nearly	nearly	ADV
cblr-8637	417	33	as	as	ADV
cblr-8637	417	34	liquid	liquid	ADJ
cblr-8637	417	35	as	as	ADP
cblr-8637	417	36	public	public	ADJ
cblr-8637	417	37	market	market	NOUN
cblr-8637	417	38	securities	security	NOUN
cblr-8637	417	39	,	,	PUNCT
cblr-8637	417	40	these	these	DET
cblr-8637	417	41	resale	resale	NOUN
cblr-8637	417	42	exemptions	exemption	NOUN
cblr-8637	417	43	provide	provide	VERB
cblr-8637	417	44	multiple	multiple	ADJ
cblr-8637	417	45	avenues	avenue	NOUN
cblr-8637	417	46	for	for	ADP
cblr-8637	417	47	both	both	CCONJ
cblr-8637	417	48	accredited	accredit	VERB
cblr-8637	417	49	investors	investor	NOUN
cblr-8637	417	50	and	and	CCONJ
cblr-8637	417	51	qualified	qualified	ADJ
cblr-8637	417	52	institutional	institutional	ADJ
cblr-8637	417	53	buyers	buyer	NOUN
cblr-8637	417	54	(	(	PUNCT
cblr-8637	417	55	qibs	qib	NOUN
cblr-8637	417	56	)	)	PUNCT
cblr-8637	417	57	to	to	PART
cblr-8637	417	58	liquidate	liquidate	VERB
cblr-8637	417	59	their	their	PRON
cblr-8637	417	60	private	private	ADJ
cblr-8637	417	61	market	market	NOUN
cblr-8637	417	62	investments	investment	NOUN
cblr-8637	417	63	.	.	PUNCT
cblr-8637	418	1	rule	rule	NOUN
cblr-8637	418	2	144a	144a	PROPN
cblr-8637	418	3	is	be	AUX
cblr-8637	418	4	likely	likely	ADJ
cblr-8637	418	5	the	the	DET
cblr-8637	418	6	most	most	ADV
cblr-8637	418	7	significant	significant	ADJ
cblr-8637	418	8	exception	exception	NOUN
cblr-8637	418	9	to	to	ADP
cblr-8637	418	10	the	the	DET
cblr-8637	418	11	resale	resale	NOUN
cblr-8637	418	12	restriction	restriction	NOUN
cblr-8637	418	13	,	,	PUNCT
cblr-8637	418	14	but	but	CCONJ
cblr-8637	418	15	it	it	PRON
cblr-8637	418	16	is	be	AUX
cblr-8637	418	17	only	only	ADV
cblr-8637	418	18	applicable	applicable	ADJ
cblr-8637	418	19	to	to	ADP
cblr-8637	418	20	certain	certain	ADJ
cblr-8637	418	21	entities	entity	NOUN
cblr-8637	418	22	.	.	PUNCT
cblr-8637	419	1	while	while	SCONJ
cblr-8637	419	2	securities	security	NOUN
cblr-8637	419	3	issued	issue	VERB
cblr-8637	419	4	under	under	ADP
cblr-8637	419	5	reg	reg	NUM
cblr-8637	419	6	d	d	NOUN
cblr-8637	419	7	are	be	AUX
cblr-8637	419	8	typically	typically	ADV
cblr-8637	419	9	equity	equity	NOUN
cblr-8637	419	10	securities	security	NOUN
cblr-8637	419	11	,	,	PUNCT
cblr-8637	419	12	rule	rule	VERB
cblr-8637	419	13	144a	144a	ADJ
cblr-8637	419	14	transactions	transaction	NOUN
cblr-8637	419	15	almost	almost	ADV
cblr-8637	419	16	exclusively	exclusively	ADV
cblr-8637	419	17	involve	involve	VERB
cblr-8637	419	18	debt	debt	NOUN
cblr-8637	419	19	securities.100	securities.100	VERB
cblr-8637	419	20	under	under	ADP
cblr-8637	419	21	rule	rule	PROPN
cblr-8637	419	22	144a	144a	PROPN
cblr-8637	419	23	,	,	PUNCT
cblr-8637	419	24	any	any	DET
cblr-8637	419	25	person	person	NOUN
cblr-8637	419	26	other	other	ADJ
cblr-8637	419	27	than	than	ADP
cblr-8637	419	28	the	the	DET
cblr-8637	419	29	issuer	issuer	NOUN
cblr-8637	419	30	or	or	CCONJ
cblr-8637	419	31	a	a	DET
cblr-8637	419	32	dealer	dealer	NOUN
cblr-8637	419	33	may	may	AUX
cblr-8637	419	34	freely	freely	ADV
cblr-8637	419	35	resell	resell	VERB
cblr-8637	419	36	restricted	restrict	VERB
cblr-8637	419	37	securities	security	NOUN
cblr-8637	419	38	to	to	ADP
cblr-8637	419	39	investors	investor	NOUN
cblr-8637	419	40	that	that	SCONJ
cblr-8637	419	41	sellers	seller	NOUN
cblr-8637	419	42	or	or	CCONJ
cblr-8637	419	43	their	their	PRON
cblr-8637	419	44	agents	agent	NOUN
cblr-8637	419	45	reasonably	reasonably	ADV
cblr-8637	419	46	believe	believe	VERB
cblr-8637	419	47	to	to	PART
cblr-8637	419	48	be	be	AUX
cblr-8637	419	49	14	14	NUM
cblr-8637	419	50	,	,	PUNCT
cblr-8637	419	51	2014	2014	NUM
cblr-8637	419	52	)	)	PUNCT
cblr-8637	419	53	,	,	PUNCT
cblr-8637	420	1	https://clsbluesky.law.columbia.edu/2014/01/14/restrictedsecurities-vs-control-securities-what-are-the-differences/	https://clsbluesky.law.columbia.edu/2014/01/14/restrictedsecurities-vs-control-securities-what-are-the-differences/	PROPN
cblr-8637	421	1	[	[	X
cblr-8637	421	2	https://perma.cc/uz7z-c66b	https://perma.cc/uz7z-c66b	X
cblr-8637	421	3	]	]	PUNCT
cblr-8637	421	4	.	.	PUNCT
cblr-8637	422	1	99	99	NUM
cblr-8637	422	2	see	see	VERB
cblr-8637	422	3	15	15	NUM
cblr-8637	422	4	u.s.c	u.s.c	ADJ
cblr-8637	422	5	.	.	PUNCT
cblr-8637	423	1	§	§	PROPN
cblr-8637	423	2	77d(a)(7	77d(a)(7	PROPN
cblr-8637	423	3	)	)	PUNCT
cblr-8637	423	4	.	.	PUNCT
cblr-8637	424	1	the	the	DET
cblr-8637	424	2	new	new	ADJ
cblr-8637	424	3	section	section	NOUN
cblr-8637	424	4	4(a)(7	4(a)(7	NUM
cblr-8637	424	5	)	)	PUNCT
cblr-8637	424	6	exemption	exemption	NOUN
cblr-8637	424	7	provides	provide	VERB
cblr-8637	424	8	private	private	ADJ
cblr-8637	424	9	sellers	seller	NOUN
cblr-8637	424	10	(	(	PUNCT
cblr-8637	424	11	persons	person	NOUN
cblr-8637	424	12	and	and	CCONJ
cblr-8637	424	13	entities	entity	NOUN
cblr-8637	424	14	other	other	ADJ
cblr-8637	424	15	than	than	ADP
cblr-8637	424	16	the	the	DET
cblr-8637	424	17	issuer	issuer	NOUN
cblr-8637	424	18	or	or	CCONJ
cblr-8637	424	19	their	their	PRON
cblr-8637	424	20	subsidiaries	subsidiary	NOUN
cblr-8637	424	21	)	)	PUNCT
cblr-8637	424	22	to	to	PART
cblr-8637	424	23	resell	resell	VERB
cblr-8637	424	24	securities	security	NOUN
cblr-8637	424	25	to	to	ADP
cblr-8637	424	26	accredited	accredit	VERB
cblr-8637	424	27	investors	investor	NOUN
cblr-8637	424	28	.	.	PUNCT
cblr-8637	425	1	sidley	sidley	PROPN
cblr-8637	425	2	austin	austin	PROPN
cblr-8637	425	3	llp	llp	PROPN
cblr-8637	425	4	,	,	PUNCT
cblr-8637	425	5	the	the	DET
cblr-8637	425	6	fast	fast	ADJ
cblr-8637	425	7	act	act	NOUN
cblr-8637	425	8	’s	’s	PART
cblr-8637	425	9	amendments	amendment	NOUN
cblr-8637	425	10	to	to	ADP
cblr-8637	425	11	the	the	DET
cblr-8637	425	12	securities	security	NOUN
cblr-8637	425	13	act	act	PROPN
cblr-8637	425	14	:	:	PUNCT
cblr-8637	425	15	practical	practical	ADJ
cblr-8637	425	16	implications	implication	NOUN
cblr-8637	425	17	for	for	ADP
cblr-8637	425	18	issues	issue	NOUN
cblr-8637	425	19	and	and	CCONJ
cblr-8637	425	20	underwriters	underwriter	NOUN
cblr-8637	425	21	4	4	NUM
cblr-8637	425	22	(	(	PUNCT
cblr-8637	425	23	2016	2016	NUM
cblr-8637	425	24	)	)	PUNCT
cblr-8637	425	25	,	,	PUNCT
cblr-8637	425	26	https://www.sidley.com/~/media/update-pdfs/2016/03/practice-note—thefast-acts-amendments-to-the-securities-act.pdf	https://www.sidley.com/~/media/update-pdfs/2016/03/practice-note—thefast-acts-amendments-to-the-securities-act.pdf	X
cblr-8637	426	1	[	[	X
cblr-8637	426	2	https://perma.cc/4ecaknlu	https://perma.cc/4ecaknlu	NOUN
cblr-8637	426	3	]	]	X
cblr-8637	426	4	.	.	PUNCT
cblr-8637	427	1	the	the	DET
cblr-8637	427	2	theory	theory	NOUN
cblr-8637	427	3	of	of	ADP
cblr-8637	427	4	allowing	allow	VERB
cblr-8637	427	5	these	these	DET
cblr-8637	427	6	private	private	ADJ
cblr-8637	427	7	sales	sale	NOUN
cblr-8637	427	8	,	,	PUNCT
cblr-8637	427	9	like	like	ADP
cblr-8637	427	10	those	those	PRON
cblr-8637	427	11	in	in	ADP
cblr-8637	427	12	the	the	DET
cblr-8637	427	13	uncodified	uncodified	ADJ
cblr-8637	427	14	“	"	PUNCT
cblr-8637	427	15	section	section	NOUN
cblr-8637	427	16	4(a)(1½	4(a)(1½	NOUN
cblr-8637	427	17	)	)	PUNCT
cblr-8637	427	18	”	"	PUNCT
cblr-8637	427	19	exemption	exemption	NOUN
cblr-8637	427	20	,	,	PUNCT
cblr-8637	427	21	is	be	AUX
cblr-8637	427	22	that	that	SCONJ
cblr-8637	427	23	the	the	DET
cblr-8637	427	24	private	private	ADJ
cblr-8637	427	25	nature	nature	NOUN
cblr-8637	427	26	of	of	ADP
cblr-8637	427	27	the	the	DET
cblr-8637	427	28	sale	sale	NOUN
cblr-8637	427	29	means	mean	VERB
cblr-8637	427	30	that	that	SCONJ
cblr-8637	427	31	there	there	PRON
cblr-8637	427	32	is	be	VERB
cblr-8637	427	33	no	no	DET
cblr-8637	427	34	distribution	distribution	NOUN
cblr-8637	427	35	of	of	ADP
cblr-8637	427	36	the	the	DET
cblr-8637	427	37	securities	security	NOUN
cblr-8637	427	38	and	and	CCONJ
cblr-8637	427	39	that	that	SCONJ
cblr-8637	427	40	the	the	DET
cblr-8637	427	41	seller	seller	NOUN
cblr-8637	427	42	is	be	AUX
cblr-8637	427	43	not	not	PART
cblr-8637	427	44	acting	act	VERB
cblr-8637	427	45	as	as	ADP
cblr-8637	427	46	an	an	DET
cblr-8637	427	47	underwriter	underwriter	NOUN
cblr-8637	427	48	.	.	PUNCT
cblr-8637	428	1	i	i	PRON
cblr-8637	428	2	d.	d.	PROPN
cblr-8637	428	3	because	because	SCONJ
cblr-8637	428	4	there	there	PRON
cblr-8637	428	5	is	be	VERB
cblr-8637	428	6	no	no	DET
cblr-8637	428	7	distribution	distribution	NOUN
cblr-8637	428	8	or	or	CCONJ
cblr-8637	428	9	underwriting	underwriting	NOUN
cblr-8637	428	10	,	,	PUNCT
cblr-8637	428	11	the	the	DET
cblr-8637	428	12	sale	sale	NOUN
cblr-8637	428	13	need	need	AUX
cblr-8637	428	14	not	not	PART
cblr-8637	428	15	be	be	AUX
cblr-8637	428	16	registered	register	VERB
cblr-8637	428	17	.	.	PUNCT
cblr-8637	429	1	i	i	PRON
cblr-8637	429	2	d.	d.	PROPN
cblr-8637	429	3	under	under	ADP
cblr-8637	429	4	the	the	DET
cblr-8637	429	5	4(a)(7	4(a)(7	NUM
cblr-8637	429	6	)	)	PUNCT
cblr-8637	429	7	exemption	exemption	NOUN
cblr-8637	429	8	,	,	PUNCT
cblr-8637	429	9	general	general	ADJ
cblr-8637	429	10	solicitation	solicitation	NOUN
cblr-8637	429	11	by	by	ADP
cblr-8637	429	12	the	the	DET
cblr-8637	429	13	seller	seller	NOUN
cblr-8637	429	14	is	be	AUX
cblr-8637	429	15	not	not	PART
cblr-8637	429	16	permitted	permit	VERB
cblr-8637	429	17	,	,	PUNCT
cblr-8637	429	18	and	and	CCONJ
cblr-8637	429	19	if	if	SCONJ
cblr-8637	429	20	the	the	DET
cblr-8637	429	21	securities	security	NOUN
cblr-8637	429	22	were	be	AUX
cblr-8637	429	23	originally	originally	ADV
cblr-8637	429	24	issued	issue	VERB
cblr-8637	429	25	from	from	ADP
cblr-8637	429	26	a	a	DET
cblr-8637	429	27	non	non	ADJ
cblr-8637	429	28	-	-	ADJ
cblr-8637	429	29	reporting	reporting	ADJ
cblr-8637	429	30	company	company	NOUN
cblr-8637	429	31	,	,	PUNCT
cblr-8637	429	32	the	the	DET
cblr-8637	429	33	seller	seller	NOUN
cblr-8637	429	34	“	"	PUNCT
cblr-8637	429	35	must	must	AUX
cblr-8637	429	36	provide	provide	VERB
cblr-8637	429	37	specified	specify	VERB
cblr-8637	429	38	disclosure[s	disclosure[s	PROPN
cblr-8637	429	39	]	]	PUNCT
cblr-8637	429	40	,	,	PUNCT
cblr-8637	429	41	including	include	VERB
cblr-8637	429	42	financial	financial	ADJ
cblr-8637	429	43	information	information	NOUN
cblr-8637	429	44	,	,	PUNCT
cblr-8637	429	45	about	about	ADP
cblr-8637	429	46	the	the	DET
cblr-8637	429	47	company	company	NOUN
cblr-8637	429	48	.	.	PUNCT
cblr-8637	429	49	”	"	PUNCT
cblr-8637	430	1	i	i	PRON
cblr-8637	430	2	d.	d.	PROPN
cblr-8637	430	3	a	a	DET
cblr-8637	430	4	requirement	requirement	NOUN
cblr-8637	430	5	to	to	PART
cblr-8637	430	6	provide	provide	VERB
cblr-8637	430	7	information	information	NOUN
cblr-8637	430	8	about	about	ADP
cblr-8637	430	9	the	the	DET
cblr-8637	430	10	nonreporting	nonreporte	VERB
cblr-8637	430	11	company	company	NOUN
cblr-8637	430	12	differentiates	differentiate	VERB
cblr-8637	430	13	a	a	DET
cblr-8637	430	14	section	section	NOUN
cblr-8637	430	15	4(a)(7	4(a)(7	NUM
cblr-8637	430	16	)	)	PUNCT
cblr-8637	430	17	resale	resale	NOUN
cblr-8637	430	18	from	from	ADP
cblr-8637	430	19	one	one	NUM
cblr-8637	430	20	previously	previously	ADV
cblr-8637	430	21	relying	rely	VERB
cblr-8637	430	22	on	on	ADP
cblr-8637	430	23	“	"	PUNCT
cblr-8637	430	24	section	section	NOUN
cblr-8637	430	25	4(a)(1½	4(a)(1½	NOUN
cblr-8637	430	26	)	)	PUNCT
cblr-8637	430	27	,	,	PUNCT
cblr-8637	430	28	”	"	PUNCT
cblr-8637	430	29	and	and	CCONJ
cblr-8637	430	30	likely	likely	ADV
cblr-8637	430	31	lessens	lessen	VERB
cblr-8637	430	32	its	its	PRON
cblr-8637	430	33	usefulness	usefulness	NOUN
cblr-8637	430	34	because	because	SCONJ
cblr-8637	430	35	“	"	PUNCT
cblr-8637	430	36	the	the	DET
cblr-8637	430	37	company	company	NOUN
cblr-8637	430	38	’s	’s	PART
cblr-8637	430	39	cooperation	cooperation	NOUN
cblr-8637	430	40	will	will	AUX
cblr-8637	430	41	be	be	AUX
cblr-8637	430	42	necessary	necessary	ADJ
cblr-8637	430	43	to	to	PART
cblr-8637	430	44	make	make	VERB
cblr-8637	430	45	the	the	DET
cblr-8637	430	46	exemption	exemption	NOUN
cblr-8637	430	47	available	available	ADJ
cblr-8637	430	48	.	.	PUNCT
cblr-8637	430	49	”	"	PUNCT
cblr-8637	431	1	i	i	PRON
cblr-8637	431	2	d.	d.	PROPN
cblr-8637	431	3	100	100	NUM
cblr-8637	431	4	john	john	PROPN
cblr-8637	431	5	armour	armour	PROPN
cblr-8637	431	6	,	,	PUNCT
cblr-8637	431	7	martin	martin	PROPN
cblr-8637	431	8	bengtzen	bengtzen	PROPN
cblr-8637	431	9	&	&	CCONJ
cblr-8637	431	10	lucas	lucas	PROPN
cblr-8637	431	11	enriques	enriques	PROPN
cblr-8637	431	12	,	,	PUNCT
cblr-8637	431	13	globalization	globalization	NOUN
cblr-8637	431	14	,	,	PUNCT
cblr-8637	431	15	in	in	ADP
cblr-8637	431	16	securities	security	NOUN
cblr-8637	431	17	market	market	NOUN
cblr-8637	431	18	issues	issue	NOUN
cblr-8637	431	19	for	for	ADP
cblr-8637	431	20	the	the	DET
cblr-8637	431	21	21st	21st	ADJ
cblr-8637	431	22	century	century	NOUN
cblr-8637	431	23	385	385	NUM
cblr-8637	431	24	,	,	PUNCT
cblr-8637	431	25	424–25	424–25	NUM
cblr-8637	431	26	(	(	PUNCT
cblr-8637	431	27	merritt	merritt	PROPN
cblr-8637	431	28	b.	b.	PROPN
cblr-8637	432	1	fox	fox	PROPN
cblr-8637	432	2	et	et	PROPN
cblr-8637	432	3	al	al	PROPN
cblr-8637	432	4	.	.	PUNCT
cblr-8637	433	1	eds	eds	PROPN
cblr-8637	433	2	.	.	PROPN
cblr-8637	433	3	,	,	PUNCT
cblr-8637	433	4	2018	2018	NUM
cblr-8637	433	5	)	)	PUNCT
cblr-8637	433	6	.	.	PUNCT
cblr-8637	434	1	greene	greene	PROPN
cblr-8637	434	2	et	et	PROPN
cblr-8637	434	3	al	al	PROPN
cblr-8637	434	4	.	.	PROPN
cblr-8637	435	1	8/21/2021	8/21/2021	NUM
cblr-8637	435	2	1:44	1:44	NUM
cblr-8637	435	3	pm	pm	NOUN
cblr-8637	435	4	740	740	NUM
cblr-8637	435	5	columbia	columbia	PROPN
cblr-8637	435	6	business	business	NOUN
cblr-8637	435	7	law	law	PROPN
cblr-8637	435	8	review	review	NOUN
cblr-8637	435	9	[	[	X
cblr-8637	435	10	vol	vol	NOUN
cblr-8637	435	11	.	.	PUNCT
cblr-8637	435	12	2021	2021	NUM
cblr-8637	436	1	qibs.101	qibs.101	PROPN
cblr-8637	436	2	rule	rule	VERB
cblr-8637	436	3	144a	144a	PROPN
cblr-8637	436	4	allows	allow	VERB
cblr-8637	436	5	dealers	dealer	NOUN
cblr-8637	436	6	or	or	CCONJ
cblr-8637	436	7	investment	investment	NOUN
cblr-8637	436	8	banks	bank	NOUN
cblr-8637	436	9	to	to	PART
cblr-8637	436	10	purchase	purchase	VERB
cblr-8637	436	11	and	and	CCONJ
cblr-8637	436	12	immediately	immediately	ADV
cblr-8637	436	13	resell	resell	VERB
cblr-8637	436	14	blocks	block	NOUN
cblr-8637	436	15	of	of	ADP
cblr-8637	436	16	securities	security	NOUN
cblr-8637	436	17	to	to	ADP
cblr-8637	436	18	qibs	qib	NOUN
cblr-8637	436	19	in	in	ADP
cblr-8637	436	20	“	"	PUNCT
cblr-8637	436	21	underwritten	underwritten	ADJ
cblr-8637	436	22	private	private	ADJ
cblr-8637	436	23	placements	placement	NOUN
cblr-8637	436	24	.	.	PUNCT
cblr-8637	436	25	”102	”102	PROPN
cblr-8637	437	1	while	while	SCONJ
cblr-8637	437	2	an	an	DET
cblr-8637	437	3	issuer	issuer	NOUN
cblr-8637	437	4	can	can	AUX
cblr-8637	437	5	not	not	PART
cblr-8637	437	6	directly	directly	ADV
cblr-8637	437	7	issue	issue	VERB
cblr-8637	437	8	securities	security	NOUN
cblr-8637	437	9	under	under	ADP
cblr-8637	437	10	rule	rule	NOUN
cblr-8637	437	11	144a	144a	PROPN
cblr-8637	437	12	,	,	PUNCT
cblr-8637	437	13	it	it	PRON
cblr-8637	437	14	can	can	AUX
cblr-8637	437	15	sell	sell	VERB
cblr-8637	437	16	securities	security	NOUN
cblr-8637	437	17	to	to	ADP
cblr-8637	437	18	a	a	DET
cblr-8637	437	19	financial	financial	ADJ
cblr-8637	437	20	intermediary	intermediary	NOUN
cblr-8637	437	21	(	(	PUNCT
cblr-8637	437	22	similar	similar	ADJ
cblr-8637	437	23	to	to	ADP
cblr-8637	437	24	an	an	DET
cblr-8637	437	25	underwriter	underwriter	NOUN
cblr-8637	437	26	in	in	ADP
cblr-8637	437	27	an	an	DET
cblr-8637	437	28	traditional	traditional	ADJ
cblr-8637	437	29	ipo	ipo	NOUN
cblr-8637	437	30	)	)	PUNCT
cblr-8637	437	31	who	who	PRON
cblr-8637	437	32	can	can	AUX
cblr-8637	437	33	then	then	ADV
cblr-8637	437	34	“	"	PUNCT
cblr-8637	437	35	resell	resell	VERB
cblr-8637	437	36	them	they	PRON
cblr-8637	437	37	to	to	ADP
cblr-8637	437	38	an	an	DET
cblr-8637	437	39	unlimited	unlimited	ADJ
cblr-8637	437	40	number	number	NOUN
cblr-8637	437	41	of	of	ADP
cblr-8637	437	42	qibs	qib	NOUN
cblr-8637	437	43	.	.	PUNCT
cblr-8637	437	44	”103	”103	PUNCT
cblr-8637	437	45	thus	thus	ADV
cblr-8637	437	46	,	,	PUNCT
cblr-8637	437	47	rule	rule	VERB
cblr-8637	437	48	144a	144a	PROPN
cblr-8637	437	49	facilitates	facilitate	VERB
cblr-8637	437	50	the	the	DET
cblr-8637	437	51	resale	resale	NOUN
cblr-8637	437	52	of	of	ADP
cblr-8637	437	53	unregistered	unregistered	ADJ
cblr-8637	437	54	securities	security	NOUN
cblr-8637	437	55	to	to	PART
cblr-8637	437	56	create	create	VERB
cblr-8637	437	57	“	"	PUNCT
cblr-8637	437	58	an	an	DET
cblr-8637	437	59	institutional	institutional	ADJ
cblr-8637	437	60	trading	trading	NOUN
cblr-8637	437	61	market	market	NOUN
cblr-8637	437	62	for	for	ADP
cblr-8637	437	63	unregistered	unregistered	ADJ
cblr-8637	437	64	securities	security	NOUN
cblr-8637	437	65	.	.	PUNCT
cblr-8637	438	1	”104	”104	PROPN
cblr-8637	438	2	individual	individual	ADJ
cblr-8637	438	3	investors	investor	NOUN
cblr-8637	438	4	—	—	PUNCT
cblr-8637	438	5	even	even	ADV
cblr-8637	438	6	accredited	accredited	ADJ
cblr-8637	438	7	investors	investor	NOUN
cblr-8637	438	8	—	—	PUNCT
cblr-8637	438	9	are	be	AUX
cblr-8637	438	10	not	not	PART
cblr-8637	438	11	permitted	permit	VERB
cblr-8637	438	12	to	to	PART
cblr-8637	438	13	participate	participate	VERB
cblr-8637	438	14	directly	directly	ADV
cblr-8637	438	15	in	in	ADP
cblr-8637	438	16	rule	rule	NOUN
cblr-8637	438	17	144a	144a	ADJ
cblr-8637	438	18	“	"	PUNCT
cblr-8637	438	19	offerings	offering	NOUN
cblr-8637	438	20	”	"	PUNCT
cblr-8637	438	21	;	;	PUNCT
cblr-8637	438	22	they	they	PRON
cblr-8637	438	23	may	may	AUX
cblr-8637	438	24	only	only	ADV
cblr-8637	438	25	participate	participate	VERB
cblr-8637	438	26	indirectly	indirectly	ADV
cblr-8637	438	27	through	through	ADP
cblr-8637	438	28	accounts	account	NOUN
cblr-8637	438	29	with	with	ADP
cblr-8637	438	30	a	a	DET
cblr-8637	438	31	qib.105	qib.105	NOUN
cblr-8637	438	32	in	in	ADP
cblr-8637	438	33	the	the	DET
cblr-8637	438	34	aggregate	aggregate	NOUN
cblr-8637	438	35	,	,	PUNCT
cblr-8637	438	36	by	by	ADP
cblr-8637	438	37	reducing	reduce	VERB
cblr-8637	438	38	holding	hold	VERB
cblr-8637	438	39	periods	period	NOUN
cblr-8637	438	40	and	and	CCONJ
cblr-8637	438	41	transaction	transaction	NOUN
cblr-8637	438	42	costs	cost	NOUN
cblr-8637	438	43	,	,	PUNCT
cblr-8637	438	44	rule	rule	NOUN
cblr-8637	438	45	144a	144a	PROPN
cblr-8637	438	46	has	have	AUX
cblr-8637	438	47	increased	increase	VERB
cblr-8637	438	48	liquidity	liquidity	NOUN
cblr-8637	438	49	,	,	PUNCT
cblr-8637	438	50	efficiency	efficiency	NOUN
cblr-8637	438	51	,	,	PUNCT
cblr-8637	438	52	and	and	CCONJ
cblr-8637	438	53	access	access	NOUN
cblr-8637	438	54	to	to	ADP
cblr-8637	438	55	the	the	DET
cblr-8637	438	56	private	private	ADJ
cblr-8637	438	57	placement	placement	NOUN
cblr-8637	438	58	markets.106	markets.106	NOUN
cblr-8637	438	59	101	101	NUM
cblr-8637	438	60	robert	robert	PROPN
cblr-8637	438	61	b.	b.	PROPN
cblr-8637	438	62	robbins	robbins	PROPN
cblr-8637	438	63	,	,	PUNCT
cblr-8637	438	64	offers	offer	NOUN
cblr-8637	438	65	,	,	PUNCT
cblr-8637	438	66	sales	sale	NOUN
cblr-8637	438	67	and	and	CCONJ
cblr-8637	438	68	resales	resale	NOUN
cblr-8637	438	69	of	of	ADP
cblr-8637	438	70	securities	security	NOUN
cblr-8637	438	71	and	and	CCONJ
cblr-8637	438	72	general	general	ADJ
cblr-8637	438	73	solicitation	solicitation	NOUN
cblr-8637	438	74	under	under	ADP
cblr-8637	438	75	section	section	NOUN
cblr-8637	438	76	4(a)(1	4(a)(1	NUM
cblr-8637	438	77	-	-	PUNCT
cblr-8637	438	78	1/2	1/2	NUM
cblr-8637	438	79	)	)	PUNCT
cblr-8637	438	80	,	,	PUNCT
cblr-8637	438	81	rule	rule	NOUN
cblr-8637	438	82	144a	144a	NUM
cblr-8637	438	83	,	,	PUNCT
cblr-8637	438	84	and	and	CCONJ
cblr-8637	438	85	the	the	DET
cblr-8637	438	86	new	new	ADJ
cblr-8637	438	87	section	section	NOUN
cblr-8637	438	88	4(a)(7	4(a)(7	NUM
cblr-8637	438	89	)	)	PUNCT
cblr-8637	438	90	,	,	PUNCT
cblr-8637	438	91	prac	prac	PROPN
cblr-8637	438	92	.	.	PUNCT
cblr-8637	438	93	law	law	NOUN
cblr-8637	438	94	.	.	PUNCT
cblr-8637	438	95	,	,	PUNCT
cblr-8637	438	96	oct	oct	PROPN
cblr-8637	438	97	.	.	PROPN
cblr-8637	438	98	2016	2016	NUM
cblr-8637	438	99	,	,	PUNCT
cblr-8637	438	100	at	at	ADP
cblr-8637	438	101	49	49	NUM
cblr-8637	438	102	,	,	PUNCT
cblr-8637	438	103	50–52	50–52	NUM
cblr-8637	438	104	.	.	PUNCT
cblr-8637	439	1	a	a	DET
cblr-8637	439	2	qib	qib	NOUN
cblr-8637	439	3	is	be	AUX
cblr-8637	439	4	defined	define	VERB
cblr-8637	439	5	as	as	ADP
cblr-8637	439	6	an	an	DET
cblr-8637	439	7	institution	institution	NOUN
cblr-8637	439	8	with	with	ADP
cblr-8637	439	9	a	a	DET
cblr-8637	439	10	portfolio	portfolio	NOUN
cblr-8637	439	11	of	of	ADP
cblr-8637	439	12	securities	security	NOUN
cblr-8637	439	13	valued	value	VERB
cblr-8637	439	14	(	(	PUNCT
cblr-8637	439	15	at	at	ADP
cblr-8637	439	16	cost	cost	NOUN
cblr-8637	439	17	)	)	PUNCT
cblr-8637	439	18	(	(	PUNCT
cblr-8637	439	19	determined	determine	VERB
cblr-8637	439	20	on	on	ADP
cblr-8637	439	21	a	a	DET
cblr-8637	439	22	fiscal	fiscal	ADJ
cblr-8637	439	23	year	year	NOUN
cblr-8637	439	24	-	-	PUNCT
cblr-8637	439	25	end	end	NOUN
cblr-8637	439	26	basis	basis	NOUN
cblr-8637	439	27	)	)	PUNCT
cblr-8637	439	28	at	at	ADP
cblr-8637	439	29	more	more	ADJ
cblr-8637	439	30	than	than	ADP
cblr-8637	439	31	$	$	SYM
cblr-8637	439	32	100	100	NUM
cblr-8637	439	33	million	million	NUM
cblr-8637	439	34	either	either	CCONJ
cblr-8637	439	35	owned	own	VERB
cblr-8637	439	36	or	or	CCONJ
cblr-8637	439	37	under	under	ADP
cblr-8637	439	38	its	its	PRON
cblr-8637	439	39	management	management	NOUN
cblr-8637	439	40	,	,	PUNCT
cblr-8637	439	41	a	a	DET
cblr-8637	439	42	registered	register	VERB
cblr-8637	439	43	broker	broker	NOUN
cblr-8637	439	44	-	-	PUNCT
cblr-8637	439	45	dealer	dealer	NOUN
cblr-8637	439	46	with	with	ADP
cblr-8637	439	47	at	at	ADV
cblr-8637	439	48	least	least	ADV
cblr-8637	439	49	$	$	SYM
cblr-8637	439	50	10	10	NUM
cblr-8637	439	51	million	million	NUM
cblr-8637	439	52	in	in	ADP
cblr-8637	439	53	securities	security	NOUN
cblr-8637	439	54	owned	own	VERB
cblr-8637	439	55	or	or	CCONJ
cblr-8637	439	56	managed	manage	VERB
cblr-8637	439	57	,	,	PUNCT
cblr-8637	439	58	and	and	CCONJ
cblr-8637	439	59	a	a	DET
cblr-8637	439	60	bank	bank	NOUN
cblr-8637	439	61	or	or	CCONJ
cblr-8637	439	62	savings	saving	NOUN
cblr-8637	439	63	and	and	CCONJ
cblr-8637	439	64	loan	loan	NOUN
cblr-8637	439	65	that	that	PRON
cblr-8637	439	66	both	both	PRON
cblr-8637	439	67	(	(	PUNCT
cblr-8637	439	68	i	i	NOUN
cblr-8637	439	69	)	)	PUNCT
cblr-8637	439	70	owns	own	VERB
cblr-8637	439	71	,	,	PUNCT
cblr-8637	439	72	or	or	CCONJ
cblr-8637	439	73	invests	invest	NOUN
cblr-8637	439	74	on	on	ADP
cblr-8637	439	75	a	a	DET
cblr-8637	439	76	discretionary	discretionary	ADJ
cblr-8637	439	77	basis	basis	NOUN
cblr-8637	439	78	in	in	ADP
cblr-8637	439	79	,	,	PUNCT
cblr-8637	439	80	at	at	ADV
cblr-8637	439	81	least	least	ADV
cblr-8637	439	82	$	$	SYM
cblr-8637	439	83	100	100	NUM
cblr-8637	439	84	million	million	NUM
cblr-8637	439	85	in	in	ADP
cblr-8637	439	86	third	third	ADJ
cblr-8637	439	87	-	-	PUNCT
cblr-8637	439	88	party	party	NOUN
cblr-8637	439	89	securities	security	NOUN
cblr-8637	439	90	and	and	CCONJ
cblr-8637	439	91	(	(	PUNCT
cblr-8637	439	92	ii	ii	NOUN
cblr-8637	439	93	)	)	PUNCT
cblr-8637	439	94	has	have	VERB
cblr-8637	439	95	an	an	DET
cblr-8637	439	96	audited	audit	VERB
cblr-8637	439	97	net	net	ADJ
cblr-8637	439	98	worth	worth	NOUN
cblr-8637	439	99	of	of	ADP
cblr-8637	439	100	at	at	ADV
cblr-8637	439	101	least	least	ADV
cblr-8637	439	102	$	$	SYM
cblr-8637	439	103	25	25	NUM
cblr-8637	439	104	million	million	NUM
cblr-8637	439	105	.	.	PUNCT
cblr-8637	440	1	i	i	PRON
cblr-8637	440	2	d.	d.	PROPN
cblr-8637	440	3	102	102	NUM
cblr-8637	440	4	i	i	PROPN
cblr-8637	440	5	d.	d.	PROPN
cblr-8637	440	6	nasdaq	nasdaq	PROPN
cblr-8637	440	7	operates	operate	VERB
cblr-8637	440	8	a	a	DET
cblr-8637	440	9	web	web	NOUN
cblr-8637	440	10	-	-	PUNCT
cblr-8637	440	11	based	base	VERB
cblr-8637	440	12	platform	platform	NOUN
cblr-8637	440	13	,	,	PUNCT
cblr-8637	440	14	private	private	ADJ
cblr-8637	440	15	offerings	offering	NOUN
cblr-8637	440	16	,	,	PUNCT
cblr-8637	440	17	resales	resale	NOUN
cblr-8637	440	18	,	,	PUNCT
cblr-8637	440	19	and	and	CCONJ
cblr-8637	440	20	trading	trade	VERB
cblr-8637	440	21	through	through	ADP
cblr-8637	440	22	automated	automate	VERB
cblr-8637	440	23	linkages	linkage	NOUN
cblr-8637	440	24	(	(	PUNCT
cblr-8637	440	25	portal	portal	ADJ
cblr-8637	440	26	)	)	PUNCT
cblr-8637	440	27	,	,	PUNCT
cblr-8637	440	28	to	to	PART
cblr-8637	440	29	facilitate	facilitate	VERB
cblr-8637	440	30	private	private	ADJ
cblr-8637	440	31	placements	placement	NOUN
cblr-8637	440	32	and	and	CCONJ
cblr-8637	440	33	the	the	DET
cblr-8637	440	34	resale	resale	NOUN
cblr-8637	440	35	of	of	ADP
cblr-8637	440	36	private	private	ADJ
cblr-8637	440	37	placements	placement	NOUN
cblr-8637	440	38	between	between	ADP
cblr-8637	440	39	qibs	qib	NOUN
cblr-8637	440	40	.	.	PUNCT
cblr-8637	441	1	press	press	NOUN
cblr-8637	441	2	release	release	NOUN
cblr-8637	441	3	,	,	PUNCT
cblr-8637	441	4	nasdaq	nasdaq	PROPN
cblr-8637	441	5	,	,	PUNCT
cblr-8637	441	6	nasdaq	nasdaq	PROPN
cblr-8637	441	7	announces	announce	VERB
cblr-8637	441	8	approval	approval	NOUN
cblr-8637	441	9	of	of	ADP
cblr-8637	441	10	the	the	DET
cblr-8637	441	11	portal	portal	ADJ
cblr-8637	441	12	market	market	NOUN
cblr-8637	441	13	trading	trading	NOUN
cblr-8637	441	14	system	system	NOUN
cblr-8637	441	15	(	(	PUNCT
cblr-8637	441	16	aug	aug	PROPN
cblr-8637	441	17	.	.	PROPN
cblr-8637	441	18	1	1	NUM
cblr-8637	441	19	,	,	PUNCT
cblr-8637	441	20	2007	2007	NUM
cblr-8637	441	21	)	)	PUNCT
cblr-8637	441	22	,	,	PUNCT
cblr-8637	441	23	http://www.nasdaqtrader.com/	http://www.nasdaqtrader.com/	ADJ
cblr-8637	441	24	content	content	NOUN
cblr-8637	441	25	/	/	SYM
cblr-8637	441	26	newsalerts/2007	newsalerts/2007	ADJ
cblr-8637	441	27	/	/	SYM
cblr-8637	441	28	headtraderalerts	headtraderalert	NOUN
cblr-8637	441	29	/	/	SYM
cblr-8637	441	30	hta2007	hta2007	NOUN
cblr-8637	441	31	-	-	PUNCT
cblr-8637	441	32	158.pdf	158.pdf	NUM
cblr-8637	442	1	[	[	X
cblr-8637	442	2	https://perma.cc/5ts7-l9h8	https://perma.cc/5ts7-l9h8	X
cblr-8637	442	3	]	]	X
cblr-8637	442	4	.	.	PUNCT
cblr-8637	443	1	103	103	NUM
cblr-8637	443	2	kathleen	kathleen	PROPN
cblr-8637	443	3	weiss	weiss	PROPN
cblr-8637	443	4	hanley	hanley	PROPN
cblr-8637	443	5	,	,	PUNCT
cblr-8637	443	6	the	the	DET
cblr-8637	443	7	economics	economic	NOUN
cblr-8637	443	8	of	of	ADP
cblr-8637	443	9	primary	primary	ADJ
cblr-8637	443	10	markets	market	NOUN
cblr-8637	443	11	,	,	PUNCT
cblr-8637	443	12	in	in	ADP
cblr-8637	443	13	securities	security	NOUN
cblr-8637	443	14	market	market	NOUN
cblr-8637	443	15	issues	issue	NOUN
cblr-8637	443	16	for	for	ADP
cblr-8637	443	17	the	the	DET
cblr-8637	443	18	21st	21st	ADJ
cblr-8637	443	19	century	century	NOUN
cblr-8637	443	20	,	,	PUNCT
cblr-8637	443	21	supra	supra	PROPN
cblr-8637	443	22	note	note	NOUN
cblr-8637	443	23	100	100	NUM
cblr-8637	443	24	,	,	PUNCT
cblr-8637	443	25	at	at	ADP
cblr-8637	443	26	34	34	NUM
cblr-8637	443	27	,	,	PUNCT
cblr-8637	443	28	91	91	NUM
cblr-8637	443	29	.	.	PUNCT
cblr-8637	444	1	104	104	NUM
cblr-8637	444	2	cox	cox	INTJ
cblr-8637	444	3	et	et	PROPN
cblr-8637	444	4	al	al	PROPN
cblr-8637	444	5	.	.	PROPN
cblr-8637	444	6	,	,	PUNCT
cblr-8637	444	7	supra	supra	PROPN
cblr-8637	444	8	note	note	PROPN
cblr-8637	444	9	10	10	NUM
cblr-8637	444	10	,	,	PUNCT
cblr-8637	444	11	at	at	ADP
cblr-8637	444	12	379	379	NUM
cblr-8637	444	13	.	.	PUNCT
cblr-8637	444	14	105	105	NUM
cblr-8637	444	15	see	see	NOUN
cblr-8637	444	16	robbins	robbin	NOUN
cblr-8637	444	17	,	,	PUNCT
cblr-8637	444	18	supra	supra	PROPN
cblr-8637	444	19	note	note	NOUN
cblr-8637	444	20	101	101	NUM
cblr-8637	444	21	,	,	PUNCT
cblr-8637	444	22	at	at	ADP
cblr-8637	444	23	51	51	NUM
cblr-8637	444	24	(	(	PUNCT
cblr-8637	444	25	“	"	PUNCT
cblr-8637	444	26	securities	security	NOUN
cblr-8637	444	27	eligble	eligble	ADJ
cblr-8637	444	28	for	for	ADP
cblr-8637	444	29	the	the	DET
cblr-8637	444	30	rule	rule	NOUN
cblr-8637	444	31	144a	144a	ADJ
cblr-8637	444	32	safe	safe	ADJ
cblr-8637	444	33	harbor	harbor	NOUN
cblr-8637	444	34	may	may	AUX
cblr-8637	444	35	be	be	AUX
cblr-8637	444	36	offered	offer	VERB
cblr-8637	444	37	or	or	CCONJ
cblr-8637	444	38	sold	sell	VERB
cblr-8637	444	39	only	only	ADV
cblr-8637	444	40	to	to	ADP
cblr-8637	444	41	a	a	DET
cblr-8637	444	42	[	[	X
cblr-8637	444	43	qib	qib	NOUN
cblr-8637	444	44	]	]	PUNCT
cblr-8637	444	45	.	.	PUNCT
cblr-8637	444	46	”	"	PUNCT
cblr-8637	444	47	)	)	PUNCT
cblr-8637	444	48	.	.	PUNCT
cblr-8637	445	1	106	106	NUM
cblr-8637	445	2	robbins	robbin	NOUN
cblr-8637	445	3	,	,	PUNCT
cblr-8637	445	4	supra	supra	NOUN
cblr-8637	445	5	note	note	NOUN
cblr-8637	445	6	101	101	NUM
cblr-8637	445	7	,	,	PUNCT
cblr-8637	445	8	at	at	ADP
cblr-8637	445	9	51	51	NUM
cblr-8637	445	10	.	.	PUNCT
cblr-8637	446	1	greene	greene	PROPN
cblr-8637	446	2	et	et	PROPN
cblr-8637	446	3	al	al	PROPN
cblr-8637	446	4	.	.	PROPN
cblr-8637	447	1	8/21/2021	8/21/2021	NUM
cblr-8637	447	2	1:44	1:44	NUM
cblr-8637	447	3	pm	pm	NOUN
cblr-8637	447	4	no	no	INTJ
cblr-8637	447	5	.	.	PUNCT
cblr-8637	448	1	2:714	2:714	NUM
cblr-8637	448	2	]	]	X
cblr-8637	448	3	the	the	DET
cblr-8637	448	4	need	need	NOUN
cblr-8637	448	5	for	for	ADP
cblr-8637	448	6	a	a	DET
cblr-8637	448	7	comprehensive	comprehensive	ADJ
cblr-8637	448	8	approach	approach	NOUN
cblr-8637	448	9	741	741	NUM
cblr-8637	448	10	domestically	domestically	ADV
cblr-8637	448	11	,	,	PUNCT
cblr-8637	448	12	the	the	DET
cblr-8637	448	13	usefulness	usefulness	NOUN
cblr-8637	448	14	of	of	ADP
cblr-8637	448	15	rule	rule	NOUN
cblr-8637	448	16	144a	144a	PROPN
cblr-8637	448	17	is	be	AUX
cblr-8637	448	18	limited	limit	VERB
cblr-8637	448	19	for	for	SCONJ
cblr-8637	448	20	firms	firm	NOUN
cblr-8637	448	21	attempting	attempt	VERB
cblr-8637	448	22	to	to	PART
cblr-8637	448	23	make	make	VERB
cblr-8637	448	24	an	an	DET
cblr-8637	448	25	exempt	exempt	ADJ
cblr-8637	448	26	offering	offering	NOUN
cblr-8637	448	27	of	of	ADP
cblr-8637	448	28	private	private	ADJ
cblr-8637	448	29	securities	security	NOUN
cblr-8637	448	30	because	because	SCONJ
cblr-8637	448	31	rule	rule	VERB
cblr-8637	448	32	144a	144a	PROPN
cblr-8637	448	33	securities	security	NOUN
cblr-8637	448	34	“	"	PUNCT
cblr-8637	448	35	must	must	AUX
cblr-8637	448	36	not	not	PART
cblr-8637	448	37	be	be	AUX
cblr-8637	448	38	fungible	fungible	ADJ
cblr-8637	448	39	with	with	ADP
cblr-8637	448	40	securities	security	NOUN
cblr-8637	448	41	listed	list	VERB
cblr-8637	448	42	on	on	ADP
cblr-8637	448	43	a	a	DET
cblr-8637	448	44	u.s	u.s	PROPN
cblr-8637	448	45	.	.	PROPN
cblr-8637	448	46	exchange	exchange	PROPN
cblr-8637	448	47	.	.	PUNCT
cblr-8637	448	48	”107	”107	PUNCT
cblr-8637	449	1	thus	thus	ADV
cblr-8637	449	2	,	,	PUNCT
cblr-8637	449	3	u.s	u.s	PROPN
cblr-8637	449	4	.	.	PROPN
cblr-8637	449	5	private	private	ADJ
cblr-8637	449	6	companies	company	NOUN
cblr-8637	449	7	issue	issue	VERB
cblr-8637	449	8	their	their	PRON
cblr-8637	449	9	equity	equity	NOUN
cblr-8637	449	10	securities	security	NOUN
cblr-8637	449	11	in	in	ADP
cblr-8637	449	12	private	private	ADJ
cblr-8637	449	13	placements	placement	NOUN
cblr-8637	449	14	under	under	ADP
cblr-8637	449	15	reg	reg	NUM
cblr-8637	449	16	d	d	NOUN
cblr-8637	449	17	,	,	PUNCT
cblr-8637	449	18	with	with	ADP
cblr-8637	449	19	qibs	qib	NOUN
cblr-8637	449	20	subsequently	subsequently	ADV
cblr-8637	449	21	trading	trade	VERB
cblr-8637	449	22	the	the	DET
cblr-8637	449	23	securities	security	NOUN
cblr-8637	449	24	under	under	ADP
cblr-8637	449	25	rule	rule	NOUN
cblr-8637	449	26	144a.108	144a.108	NUM
cblr-8637	449	27	however	however	ADV
cblr-8637	449	28	,	,	PUNCT
cblr-8637	449	29	foreign	foreign	ADJ
cblr-8637	449	30	issuers	issuer	NOUN
cblr-8637	449	31	are	be	AUX
cblr-8637	449	32	able	able	ADJ
cblr-8637	449	33	to	to	PART
cblr-8637	449	34	utilize	utilize	VERB
cblr-8637	449	35	rule	rule	NOUN
cblr-8637	449	36	144a	144a	PROPN
cblr-8637	449	37	to	to	PART
cblr-8637	449	38	resell	resell	VERB
cblr-8637	449	39	securities	security	NOUN
cblr-8637	449	40	issued	issue	VERB
cblr-8637	449	41	under	under	ADP
cblr-8637	449	42	regulation	regulation	NOUN
cblr-8637	449	43	s	s	PROPN
cblr-8637	449	44	,	,	PUNCT
cblr-8637	449	45	which	which	PRON
cblr-8637	449	46	“	"	PUNCT
cblr-8637	449	47	provides	provide	VERB
cblr-8637	449	48	a	a	DET
cblr-8637	449	49	safe	safe	ADJ
cblr-8637	449	50	harbor	harbor	NOUN
cblr-8637	449	51	.	.	PUNCT
cblr-8637	449	52	.	.	PUNCT
cblr-8637	449	53	.	.	PUNCT
cblr-8637	450	1	for	for	ADP
cblr-8637	450	2	offshore	offshore	ADJ
cblr-8637	450	3	offerings	offering	NOUN
cblr-8637	450	4	where	where	SCONJ
cblr-8637	450	5	the	the	DET
cblr-8637	450	6	sale	sale	NOUN
cblr-8637	450	7	occurs	occur	VERB
cblr-8637	450	8	outside	outside	ADP
cblr-8637	450	9	the	the	DET
cblr-8637	450	10	u.s	u.s	PROPN
cblr-8637	450	11	.	.	PROPN
cblr-8637	450	12	,	,	PUNCT
cblr-8637	450	13	without	without	ADP
cblr-8637	450	14	any	any	DET
cblr-8637	450	15	prior	prior	ADJ
cblr-8637	450	16	directed	directed	ADJ
cblr-8637	450	17	selling	selling	NOUN
cblr-8637	450	18	efforts	effort	NOUN
cblr-8637	450	19	in	in	ADP
cblr-8637	450	20	the	the	DET
cblr-8637	450	21	u.s	u.s	PROPN
cblr-8637	450	22	.	.	PROPN
cblr-8637	450	23	”109	”109	VERB
cblr-8637	450	24	in	in	ADP
cblr-8637	450	25	effect	effect	NOUN
cblr-8637	450	26	,	,	PUNCT
cblr-8637	450	27	by	by	ADP
cblr-8637	450	28	structuring	structure	VERB
cblr-8637	450	29	their	their	PRON
cblr-8637	450	30	offerings	offering	NOUN
cblr-8637	450	31	in	in	ADP
cblr-8637	450	32	accordance	accordance	NOUN
cblr-8637	450	33	with	with	ADP
cblr-8637	450	34	regulation	regulation	NOUN
cblr-8637	450	35	s	s	NOUN
cblr-8637	450	36	,	,	PUNCT
cblr-8637	450	37	foreign	foreign	ADJ
cblr-8637	450	38	issuers	issuer	NOUN
cblr-8637	450	39	can	can	AUX
cblr-8637	450	40	“	"	PUNCT
cblr-8637	450	41	sell	sell	VERB
cblr-8637	450	42	to	to	ADP
cblr-8637	450	43	an	an	DET
cblr-8637	450	44	initial	initial	ADJ
cblr-8637	450	45	purchaser	purchaser	NOUN
cblr-8637	450	46	outside	outside	ADP
cblr-8637	450	47	the	the	DET
cblr-8637	450	48	united	united	PROPN
cblr-8637	450	49	states	states	PROPN
cblr-8637	450	50	.	.	PUNCT
cblr-8637	450	51	.	.	PUNCT
cblr-8637	450	52	.	.	PUNCT
cblr-8637	451	1	even	even	ADV
cblr-8637	451	2	though	though	SCONJ
cblr-8637	451	3	the	the	DET
cblr-8637	451	4	initial	initial	ADJ
cblr-8637	451	5	purchaser	purchaser	NOUN
cblr-8637	451	6	contemplates	contemplate	VERB
cblr-8637	451	7	the	the	DET
cblr-8637	451	8	immediate	immediate	ADJ
cblr-8637	451	9	resale	resale	NOUN
cblr-8637	451	10	to	to	ADP
cblr-8637	451	11	qibs	qib	NOUN
cblr-8637	451	12	in	in	ADP
cblr-8637	451	13	reliance	reliance	NOUN
cblr-8637	451	14	on	on	ADP
cblr-8637	451	15	rule	rule	NOUN
cblr-8637	451	16	144a	144a	PROPN
cblr-8637	451	17	.	.	PUNCT
cblr-8637	451	18	”110	”110	PUNCT
cblr-8637	451	19	thus	thus	ADV
cblr-8637	451	20	,	,	PUNCT
cblr-8637	451	21	a	a	DET
cblr-8637	451	22	foreign	foreign	ADJ
cblr-8637	451	23	issuer	issuer	NOUN
cblr-8637	451	24	may	may	AUX
cblr-8637	451	25	gain	gain	VERB
cblr-8637	451	26	substantial	substantial	ADJ
cblr-8637	451	27	access	access	NOUN
cblr-8637	451	28	to	to	ADP
cblr-8637	451	29	the	the	DET
cblr-8637	451	30	u.s	u.s	PROPN
cblr-8637	451	31	.	.	PROPN
cblr-8637	451	32	market	market	NOUN
cblr-8637	451	33	through	through	ADP
cblr-8637	451	34	144a	144a	ADJ
cblr-8637	451	35	resales	resale	NOUN
cblr-8637	451	36	to	to	ADP
cblr-8637	451	37	qibs	qib	NOUN
cblr-8637	451	38	while	while	SCONJ
cblr-8637	451	39	remaining	remain	VERB
cblr-8637	451	40	exempt	exempt	ADJ
cblr-8637	451	41	from	from	ADP
cblr-8637	451	42	sec	sec	PROPN
cblr-8637	451	43	reporting	reporting	NOUN
cblr-8637	451	44	requirements	requirement	NOUN
cblr-8637	451	45	and	and	CCONJ
cblr-8637	451	46	more	more	ADV
cblr-8637	451	47	stringent	stringent	ADJ
cblr-8637	451	48	liability	liability	NOUN
cblr-8637	451	49	standards	standard	NOUN
cblr-8637	451	50	.	.	PUNCT
cblr-8637	452	1	the	the	DET
cblr-8637	452	2	result	result	NOUN
cblr-8637	452	3	is	be	AUX
cblr-8637	452	4	that	that	SCONJ
cblr-8637	452	5	only	only	ADV
cblr-8637	452	6	107	107	NUM
cblr-8637	452	7	armour	armour	NOUN
cblr-8637	452	8	et	et	PROPN
cblr-8637	452	9	al	al	PROPN
cblr-8637	452	10	.	.	PROPN
cblr-8637	452	11	,	,	PUNCT
cblr-8637	452	12	supra	supra	PROPN
cblr-8637	452	13	note	note	PROPN
cblr-8637	452	14	100	100	NUM
cblr-8637	452	15	,	,	PUNCT
cblr-8637	452	16	at	at	ADP
cblr-8637	452	17	424–25	424–25	NUM
cblr-8637	452	18	.	.	PUNCT
cblr-8637	453	1	rule	rule	NOUN
cblr-8637	453	2	144a	144a	PROPN
cblr-8637	453	3	prevents	prevent	VERB
cblr-8637	453	4	“	"	PUNCT
cblr-8637	453	5	side	side	NOUN
cblr-8637	453	6	by	by	ADP
cblr-8637	453	7	side	side	NOUN
cblr-8637	453	8	”	"	PUNCT
cblr-8637	453	9	sales	sale	NOUN
cblr-8637	453	10	of	of	ADP
cblr-8637	453	11	securities	security	NOUN
cblr-8637	453	12	in	in	ADP
cblr-8637	453	13	the	the	DET
cblr-8637	453	14	public	public	ADJ
cblr-8637	453	15	and	and	CCONJ
cblr-8637	453	16	private	private	ADJ
cblr-8637	453	17	markets	market	NOUN
cblr-8637	453	18	by	by	ADP
cblr-8637	453	19	excluding	exclude	VERB
cblr-8637	453	20	the	the	DET
cblr-8637	453	21	sale	sale	NOUN
cblr-8637	453	22	of	of	ADP
cblr-8637	453	23	(	(	PUNCT
cblr-8637	453	24	i	i	NOUN
cblr-8637	453	25	)	)	PUNCT
cblr-8637	453	26	“	"	PUNCT
cblr-8637	453	27	fungible	fungible	ADJ
cblr-8637	453	28	”	"	PUNCT
cblr-8637	453	29	securities	security	NOUN
cblr-8637	453	30	that	that	PRON
cblr-8637	453	31	,	,	PUNCT
cblr-8637	453	32	when	when	SCONJ
cblr-8637	453	33	originally	originally	ADV
cblr-8637	453	34	issued	issue	VERB
cblr-8637	453	35	,	,	PUNCT
cblr-8637	453	36	were	be	AUX
cblr-8637	453	37	of	of	ADP
cblr-8637	453	38	the	the	DET
cblr-8637	453	39	same	same	ADJ
cblr-8637	453	40	class	class	NOUN
cblr-8637	453	41	as	as	ADP
cblr-8637	453	42	securities	security	NOUN
cblr-8637	453	43	listed	list	VERB
cblr-8637	453	44	on	on	ADP
cblr-8637	453	45	a	a	DET
cblr-8637	453	46	national	national	ADJ
cblr-8637	453	47	securities	security	NOUN
cblr-8637	453	48	exchange	exchange	NOUN
cblr-8637	453	49	or	or	CCONJ
cblr-8637	453	50	quoted	quote	VERB
cblr-8637	453	51	in	in	ADP
cblr-8637	453	52	an	an	DET
cblr-8637	453	53	automated	automate	VERB
cblr-8637	453	54	inter	inter	ADJ
cblr-8637	453	55	-	-	ADJ
cblr-8637	453	56	dealer	dealer	ADJ
cblr-8637	453	57	quotation	quotation	NOUN
cblr-8637	453	58	system	system	NOUN
cblr-8637	453	59	(	(	PUNCT
cblr-8637	453	60	not	not	PART
cblr-8637	453	61	including	include	VERB
cblr-8637	453	62	“	"	PUNCT
cblr-8637	453	63	pink	pink	ADJ
cblr-8637	453	64	sheet	sheet	NOUN
cblr-8637	453	65	”	"	PUNCT
cblr-8637	453	66	quotations	quotation	NOUN
cblr-8637	453	67	)	)	PUNCT
cblr-8637	453	68	or	or	CCONJ
cblr-8637	453	69	(	(	PUNCT
cblr-8637	453	70	ii	ii	NOUN
cblr-8637	453	71	)	)	PUNCT
cblr-8637	453	72	securities	security	NOUN
cblr-8637	453	73	of	of	ADP
cblr-8637	453	74	open	open	ADJ
cblr-8637	453	75	-	-	PUNCT
cblr-8637	453	76	end	end	NOUN
cblr-8637	453	77	investment	investment	NOUN
cblr-8637	453	78	companies	company	NOUN
cblr-8637	453	79	,	,	PUNCT
cblr-8637	453	80	unit	unit	NOUN
cblr-8637	453	81	trusts	trust	NOUN
cblr-8637	453	82	,	,	PUNCT
cblr-8637	453	83	and	and	CCONJ
cblr-8637	453	84	face	face	NOUN
cblr-8637	453	85	-	-	PUNCT
cblr-8637	453	86	amount	amount	NOUN
cblr-8637	453	87	certificate	certificate	NOUN
cblr-8637	453	88	companies	company	NOUN
cblr-8637	453	89	registered	register	VERB
cblr-8637	453	90	or	or	CCONJ
cblr-8637	453	91	required	require	VERB
cblr-8637	453	92	to	to	PART
cblr-8637	453	93	register	register	VERB
cblr-8637	453	94	under	under	ADP
cblr-8637	453	95	the	the	DET
cblr-8637	453	96	investment	investment	NOUN
cblr-8637	453	97	company	company	NOUN
cblr-8637	453	98	act	act	NOUN
cblr-8637	453	99	of	of	ADP
cblr-8637	453	100	1940	1940	NUM
cblr-8637	453	101	.	.	PUNCT
cblr-8637	454	1	eligibility	eligibility	NOUN
cblr-8637	454	2	for	for	ADP
cblr-8637	454	3	resale	resale	NOUN
cblr-8637	454	4	is	be	AUX
cblr-8637	454	5	determined	determine	VERB
cblr-8637	454	6	at	at	ADP
cblr-8637	454	7	the	the	DET
cblr-8637	454	8	time	time	NOUN
cblr-8637	454	9	of	of	ADP
cblr-8637	454	10	issuance	issuance	NOUN
cblr-8637	454	11	,	,	PUNCT
cblr-8637	454	12	thereby	thereby	ADV
cblr-8637	454	13	retaining	retain	VERB
cblr-8637	454	14	the	the	DET
cblr-8637	454	15	eligibility	eligibility	NOUN
cblr-8637	454	16	of	of	ADP
cblr-8637	454	17	securities	security	NOUN
cblr-8637	454	18	privately	privately	ADV
cblr-8637	454	19	placed	place	VERB
cblr-8637	454	20	before	before	SCONJ
cblr-8637	454	21	an	an	DET
cblr-8637	454	22	issuer	issuer	NOUN
cblr-8637	454	23	went	go	VERB
cblr-8637	454	24	public	public	ADJ
cblr-8637	454	25	.	.	PUNCT
cblr-8637	455	1	robbins	robbins	PROPN
cblr-8637	455	2	,	,	PUNCT
cblr-8637	455	3	supra	supra	PROPN
cblr-8637	455	4	note	note	NOUN
cblr-8637	455	5	101	101	NUM
cblr-8637	455	6	,	,	PUNCT
cblr-8637	455	7	at	at	ADP
cblr-8637	455	8	52	52	NUM
cblr-8637	455	9	;	;	PUNCT
cblr-8637	455	10	see	see	VERB
cblr-8637	455	11	also	also	ADV
cblr-8637	455	12	17	17	NUM
cblr-8637	455	13	c.f.r	c.f.r	NOUN
cblr-8637	455	14	.	.	PUNCT
cblr-8637	456	1	§	§	PROPN
cblr-8637	456	2	230.144a(d)(3	230.144a(d)(3	NUM
cblr-8637	456	3	)	)	PUNCT
cblr-8637	456	4	(	(	PUNCT
cblr-8637	456	5	2020	2020	NUM
cblr-8637	456	6	)	)	PUNCT
cblr-8637	456	7	.	.	PUNCT
cblr-8637	457	1	108	108	NUM
cblr-8637	457	2	conversely	conversely	ADV
cblr-8637	457	3	,	,	PUNCT
cblr-8637	457	4	for	for	SCONJ
cblr-8637	457	5	u.s	u.s	PROPN
cblr-8637	457	6	.	.	PROPN
cblr-8637	457	7	issuers	issuer	NOUN
cblr-8637	457	8	rule	rule	VERB
cblr-8637	457	9	144a	144a	ADJ
cblr-8637	457	10	“	"	PUNCT
cblr-8637	457	11	offerings	offering	NOUN
cblr-8637	457	12	”	"	PUNCT
cblr-8637	457	13	are	be	AUX
cblr-8637	457	14	used	use	VERB
cblr-8637	457	15	to	to	PART
cblr-8637	457	16	sell	sell	VERB
cblr-8637	457	17	billions	billion	NOUN
cblr-8637	457	18	of	of	ADP
cblr-8637	457	19	dollars	dollar	NOUN
cblr-8637	457	20	of	of	ADP
cblr-8637	457	21	investment	investment	NOUN
cblr-8637	457	22	grade	grade	NOUN
cblr-8637	457	23	debt	debt	NOUN
cblr-8637	457	24	annually	annually	ADV
cblr-8637	457	25	.	.	PUNCT
cblr-8637	458	1	robbins	robbins	PROPN
cblr-8637	458	2	,	,	PUNCT
cblr-8637	458	3	supra	supra	PROPN
cblr-8637	458	4	note	note	NOUN
cblr-8637	458	5	101	101	NUM
cblr-8637	458	6	,	,	PUNCT
cblr-8637	458	7	at	at	ADP
cblr-8637	458	8	51	51	NUM
cblr-8637	458	9	&	&	CCONJ
cblr-8637	458	10	n.4	n.4	PROPN
cblr-8637	458	11	.	.	PUNCT
cblr-8637	459	1	109	109	NUM
cblr-8637	459	2	armour	armour	NOUN
cblr-8637	459	3	et	et	PROPN
cblr-8637	459	4	al	al	PROPN
cblr-8637	459	5	.	.	PROPN
cblr-8637	459	6	,	,	PUNCT
cblr-8637	459	7	supra	supra	PROPN
cblr-8637	459	8	note	note	PROPN
cblr-8637	459	9	100	100	NUM
cblr-8637	459	10	,	,	PUNCT
cblr-8637	459	11	at	at	ADP
cblr-8637	459	12	425	425	NUM
cblr-8637	459	13	;	;	PUNCT
cblr-8637	459	14	see	see	VERB
cblr-8637	459	15	also	also	ADV
cblr-8637	459	16	17	17	NUM
cblr-8637	459	17	c.f.r	c.f.r	NOUN
cblr-8637	459	18	.	.	PUNCT
cblr-8637	460	1	§	§	PROPN
cblr-8637	460	2	230.903	230.903	NUM
cblr-8637	460	3	.	.	PUNCT
cblr-8637	461	1	110	110	NUM
cblr-8637	461	2	morrison	morrison	PROPN
cblr-8637	461	3	&	&	CCONJ
cblr-8637	461	4	foerster	foerster	PROPN
cblr-8637	461	5	llp	llp	PROPN
cblr-8637	461	6	,	,	PUNCT
cblr-8637	461	7	frequently	frequently	ADV
cblr-8637	461	8	asked	ask	VERB
cblr-8637	461	9	questions	question	NOUN
cblr-8637	461	10	about	about	ADP
cblr-8637	461	11	rule	rule	NOUN
cblr-8637	461	12	144a	144a	PROPN
cblr-8637	461	13	,	,	PUNCT
cblr-8637	461	14	at	at	ADP
cblr-8637	461	15	2	2	NUM
cblr-8637	461	16	(	(	PUNCT
cblr-8637	461	17	2018	2018	NUM
cblr-8637	461	18	)	)	PUNCT
cblr-8637	461	19	,	,	PUNCT
cblr-8637	461	20	https://media2.mofo.com/documents/	https://media2.mofo.com/documents/	NOUN
cblr-8637	461	21	faqrule144a.pdf	faqrule144a.pdf	NOUN
cblr-8637	462	1	[	[	X
cblr-8637	462	2	https://perma.cc/p5am-z9bn	https://perma.cc/p5am-z9bn	X
cblr-8637	462	3	]	]	X
cblr-8637	462	4	.	.	PUNCT
cblr-8637	463	1	greene	greene	PROPN
cblr-8637	463	2	et	et	PROPN
cblr-8637	463	3	al	al	PROPN
cblr-8637	463	4	.	.	PROPN
cblr-8637	464	1	8/21/2021	8/21/2021	NUM
cblr-8637	464	2	1:44	1:44	NUM
cblr-8637	464	3	pm	pm	NOUN
cblr-8637	464	4	742	742	NUM
cblr-8637	464	5	columbia	columbia	PROPN
cblr-8637	464	6	business	business	NOUN
cblr-8637	464	7	law	law	PROPN
cblr-8637	464	8	review	review	NOUN
cblr-8637	464	9	[	[	X
cblr-8637	464	10	vol	vol	NOUN
cblr-8637	464	11	.	.	PUNCT
cblr-8637	464	12	2021	2021	NUM
cblr-8637	464	13	qibs	qib	NOUN
cblr-8637	464	14	,	,	PUNCT
cblr-8637	464	15	and	and	CCONJ
cblr-8637	464	16	not	not	PART
cblr-8637	464	17	accredited	accredit	VERB
cblr-8637	464	18	or	or	CCONJ
cblr-8637	464	19	non	non	ADJ
cblr-8637	464	20	-	-	ADJ
cblr-8637	464	21	accredited	accredited	ADJ
cblr-8637	464	22	investors	investor	NOUN
cblr-8637	464	23	,	,	PUNCT
cblr-8637	464	24	are	be	AUX
cblr-8637	464	25	able	able	ADJ
cblr-8637	464	26	to	to	PART
cblr-8637	464	27	invest	invest	VERB
cblr-8637	464	28	in	in	ADP
cblr-8637	464	29	the	the	DET
cblr-8637	464	30	foreign	foreign	ADJ
cblr-8637	464	31	issuer	issuer	NOUN
cblr-8637	464	32	’s	’s	PART
cblr-8637	464	33	securities	security	NOUN
cblr-8637	464	34	—	—	PUNCT
cblr-8637	464	35	despite	despite	SCONJ
cblr-8637	464	36	the	the	DET
cblr-8637	464	37	fact	fact	NOUN
cblr-8637	464	38	that	that	SCONJ
cblr-8637	464	39	the	the	DET
cblr-8637	464	40	issuer	issuer	NOUN
cblr-8637	464	41	is	be	AUX
cblr-8637	464	42	likely	likely	ADJ
cblr-8637	464	43	a	a	DET
cblr-8637	464	44	reporting	report	VERB
cblr-8637	464	45	company	company	NOUN
cblr-8637	464	46	in	in	ADP
cblr-8637	464	47	its	its	PRON
cblr-8637	464	48	domestic	domestic	ADJ
cblr-8637	464	49	market	market	NOUN
cblr-8637	464	50	.	.	PUNCT
cblr-8637	465	1	c.	c.	PROPN
cblr-8637	465	2	sec	sec	PROPN
cblr-8637	465	3	responses	response	NOUN
cblr-8637	465	4	to	to	ADP
cblr-8637	465	5	private	private	ADJ
cblr-8637	465	6	market	market	NOUN
cblr-8637	465	7	growth	growth	NOUN
cblr-8637	465	8	despite	despite	SCONJ
cblr-8637	465	9	a	a	DET
cblr-8637	465	10	decade	decade	NOUN
cblr-8637	465	11	-	-	PUNCT
cblr-8637	465	12	long	long	ADJ
cblr-8637	465	13	surge	surge	NOUN
cblr-8637	465	14	in	in	ADP
cblr-8637	465	15	the	the	DET
cblr-8637	465	16	public	public	ADJ
cblr-8637	465	17	market	market	NOUN
cblr-8637	465	18	’s	’s	PART
cblr-8637	465	19	market	market	NOUN
cblr-8637	465	20	capitalization	capitalization	NOUN
cblr-8637	465	21	,	,	PUNCT
cblr-8637	465	22	the	the	DET
cblr-8637	465	23	number	number	NOUN
cblr-8637	465	24	of	of	ADP
cblr-8637	465	25	publicly	publicly	ADV
cblr-8637	465	26	traded	trade	VERB
cblr-8637	465	27	companies	company	NOUN
cblr-8637	465	28	and	and	CCONJ
cblr-8637	465	29	ipos	ipos	NOUN
cblr-8637	465	30	in	in	ADP
cblr-8637	465	31	the	the	DET
cblr-8637	465	32	u.s	u.s	PROPN
cblr-8637	465	33	.	.	PROPN
cblr-8637	465	34	has	have	AUX
cblr-8637	465	35	steadily	steadily	ADV
cblr-8637	465	36	declined	decline	VERB
cblr-8637	465	37	since	since	SCONJ
cblr-8637	465	38	the	the	DET
cblr-8637	465	39	late	late	ADJ
cblr-8637	465	40	1990s.111	1990s.111	NUM
cblr-8637	465	41	in	in	ADP
cblr-8637	465	42	1996	1996	NUM
cblr-8637	465	43	,	,	PUNCT
cblr-8637	465	44	there	there	PRON
cblr-8637	465	45	were	be	VERB
cblr-8637	465	46	around	around	ADV
cblr-8637	465	47	8,000	8,000	NUM
cblr-8637	465	48	publicly	publicly	ADV
cblr-8637	465	49	traded	trade	VERB
cblr-8637	465	50	companies	company	NOUN
cblr-8637	465	51	;	;	PUNCT
cblr-8637	465	52	by	by	ADP
cblr-8637	465	53	2015	2015	NUM
cblr-8637	465	54	,	,	PUNCT
cblr-8637	465	55	there	there	PRON
cblr-8637	465	56	were	be	VERB
cblr-8637	465	57	only	only	ADV
cblr-8637	465	58	about	about	ADP
cblr-8637	465	59	4,300.112	4,300.112	NUM
cblr-8637	465	60	in	in	ADP
cblr-8637	465	61	contrast	contrast	NOUN
cblr-8637	465	62	,	,	PUNCT
cblr-8637	465	63	the	the	DET
cblr-8637	465	64	private	private	ADJ
cblr-8637	465	65	market	market	NOUN
cblr-8637	465	66	has	have	AUX
cblr-8637	465	67	seen	see	VERB
cblr-8637	465	68	extraordinary	extraordinary	ADJ
cblr-8637	465	69	growth,113	growth,113	NOUN
cblr-8637	465	70	even	even	ADV
cblr-8637	465	71	surpassing	surpass	VERB
cblr-8637	465	72	the	the	DET
cblr-8637	465	73	public	public	ADJ
cblr-8637	465	74	market	market	NOUN
cblr-8637	465	75	in	in	ADP
cblr-8637	465	76	terms	term	NOUN
cblr-8637	465	77	of	of	ADP
cblr-8637	465	78	total	total	ADJ
cblr-8637	465	79	offering	offering	NOUN
cblr-8637	465	80	size.114	size.114	NOUN
cblr-8637	465	81	in	in	ADP
cblr-8637	465	82	2014	2014	NUM
cblr-8637	465	83	,	,	PUNCT
cblr-8637	465	84	private	private	ADJ
cblr-8637	465	85	market	market	NOUN
cblr-8637	465	86	offerings	offering	NOUN
cblr-8637	465	87	accounted	account	VERB
cblr-8637	465	88	for	for	ADP
cblr-8637	465	89	$	$	SYM
cblr-8637	465	90	2.1	2.1	NUM
cblr-8637	465	91	trillion	trillion	NUM
cblr-8637	465	92	,	,	PUNCT
cblr-8637	465	93	compared	compare	VERB
cblr-8637	465	94	to	to	ADP
cblr-8637	465	95	$	$	SYM
cblr-8637	465	96	1.35	1.35	NUM
cblr-8637	465	97	trillion	trillion	NUM
cblr-8637	465	98	raised	raise	VERB
cblr-8637	465	99	in	in	ADP
cblr-8637	465	100	the	the	DET
cblr-8637	465	101	public	public	ADJ
cblr-8637	465	102	market.115	market.115	NOUN
cblr-8637	465	103	the	the	DET
cblr-8637	465	104	use	use	NOUN
cblr-8637	465	105	of	of	ADP
cblr-8637	465	106	the	the	DET
cblr-8637	465	107	offering	offering	NOUN
cblr-8637	465	108	exemptions	exemption	NOUN
cblr-8637	465	109	discussed	discuss	VERB
cblr-8637	465	110	supra	supra	PROPN
cblr-8637	465	111	part	part	NOUN
cblr-8637	465	112	ii.b	ii.b	NOUN
cblr-8637	465	113	—	—	PUNCT
cblr-8637	465	114	especially	especially	ADV
cblr-8637	465	115	rule	rule	NOUN
cblr-8637	465	116	506(b)—has	506(b)—has	NUM
cblr-8637	465	117	spurred	spur	VERB
cblr-8637	465	118	this	this	DET
cblr-8637	465	119	private	private	ADJ
cblr-8637	465	120	market	market	NOUN
cblr-8637	465	121	expansion	expansion	NOUN
cblr-8637	465	122	.	.	PUNCT
cblr-8637	466	1	the	the	DET
cblr-8637	466	2	private	private	ADJ
cblr-8637	466	3	market	market	NOUN
cblr-8637	466	4	’s	’s	PART
cblr-8637	466	5	growth	growth	NOUN
cblr-8637	466	6	may	may	AUX
cblr-8637	466	7	undermine	undermine	VERB
cblr-8637	466	8	a	a	DET
cblr-8637	466	9	fundamental	fundamental	ADJ
cblr-8637	466	10	assumption	assumption	NOUN
cblr-8637	466	11	on	on	ADP
cblr-8637	466	12	which	which	PRON
cblr-8637	466	13	the	the	DET
cblr-8637	466	14	securities	security	NOUN
cblr-8637	466	15	laws	law	NOUN
cblr-8637	466	16	were	be	AUX
cblr-8637	466	17	based	base	VERB
cblr-8637	466	18	:	:	PUNCT
cblr-8637	466	19	that	that	SCONJ
cblr-8637	466	20	when	when	SCONJ
cblr-8637	466	21	companies	company	NOUN
cblr-8637	466	22	eventually	eventually	ADV
cblr-8637	466	23	need	need	VERB
cblr-8637	466	24	to	to	PART
cblr-8637	466	25	raise	raise	VERB
cblr-8637	466	26	large	large	ADJ
cblr-8637	466	27	amounts	amount	NOUN
cblr-8637	466	28	of	of	ADP
cblr-8637	466	29	money	money	NOUN
cblr-8637	466	30	,	,	PUNCT
cblr-8637	466	31	they	they	PRON
cblr-8637	466	32	will	will	AUX
cblr-8637	466	33	have	have	VERB
cblr-8637	466	34	to	to	PART
cblr-8637	466	35	do	do	VERB
cblr-8637	466	36	so	so	ADV
cblr-8637	466	37	through	through	ADP
cblr-8637	466	38	a	a	DET
cblr-8637	466	39	general	general	ADJ
cblr-8637	466	40	public	public	ADJ
cblr-8637	466	41	offering.116	offering.116	NOUN
cblr-8637	466	42	as	as	SCONJ
cblr-8637	466	43	described	describe	VERB
cblr-8637	466	44	above	above	ADV
cblr-8637	466	45	,	,	PUNCT
cblr-8637	466	46	public	public	ADJ
cblr-8637	466	47	offerings	offering	NOUN
cblr-8637	466	48	subject	subject	VERB
cblr-8637	466	49	companies	company	NOUN
cblr-8637	466	50	to	to	PART
cblr-8637	466	51	enhanced	enhance	VERB
cblr-8637	466	52	disclosure	disclosure	NOUN
cblr-8637	466	53	requirements	requirement	NOUN
cblr-8637	466	54	,	,	PUNCT
cblr-8637	466	55	which	which	PRON
cblr-8637	466	56	promote	promote	VERB
cblr-8637	466	57	efficient	efficient	ADJ
cblr-8637	466	58	markets	market	NOUN
cblr-8637	466	59	through	through	ADP
cblr-8637	466	60	access	access	NOUN
cblr-8637	466	61	to	to	ADP
cblr-8637	466	62	material	material	NOUN
cblr-8637	466	63	information	information	NOUN
cblr-8637	466	64	and	and	CCONJ
cblr-8637	466	65	allow	allow	VERB
cblr-8637	466	66	congress	congress	PROPN
cblr-8637	466	67	and	and	CCONJ
cblr-8637	466	68	the	the	DET
cblr-8637	466	69	sec	sec	PROPN
cblr-8637	466	70	to	to	PART
cblr-8637	466	71	promote	promote	VERB
cblr-8637	466	72	standards	standard	NOUN
cblr-8637	466	73	of	of	ADP
cblr-8637	466	74	corporate	corporate	ADJ
cblr-8637	466	75	governance	governance	NOUN
cblr-8637	466	76	through	through	ADP
cblr-8637	466	77	sox	sox	PROPN
cblr-8637	466	78	111	111	NUM
cblr-8637	466	79	gao	gao	PROPN
cblr-8637	466	80	et	et	PROPN
cblr-8637	466	81	al	al	PROPN
cblr-8637	466	82	.	.	PROPN
cblr-8637	466	83	,	,	PUNCT
cblr-8637	466	84	supra	supra	PROPN
cblr-8637	466	85	note	note	NOUN
cblr-8637	466	86	4	4	NUM
cblr-8637	466	87	,	,	PUNCT
cblr-8637	466	88	at	at	ADP
cblr-8637	466	89	1663	1663	NUM
cblr-8637	466	90	.	.	PUNCT
cblr-8637	467	1	112	112	NUM
cblr-8637	467	2	louise	louise	PROPN
cblr-8637	467	3	lee	lee	PROPN
cblr-8637	467	4	,	,	PUNCT
cblr-8637	467	5	the	the	DET
cblr-8637	467	6	decline	decline	NOUN
cblr-8637	467	7	of	of	ADP
cblr-8637	467	8	the	the	DET
cblr-8637	467	9	ipo	ipo	NOUN
cblr-8637	467	10	,	,	PUNCT
cblr-8637	467	11	stanford	stanford	PROPN
cblr-8637	467	12	graduate	graduate	PROPN
cblr-8637	467	13	sch	sch	PROPN
cblr-8637	467	14	.	.	PROPN
cblr-8637	467	15	of	of	ADP
cblr-8637	467	16	bus	bus	NOUN
cblr-8637	467	17	.	.	PUNCT
cblr-8637	467	18	(	(	PUNCT
cblr-8637	467	19	apr	apr	PROPN
cblr-8637	467	20	.	.	PROPN
cblr-8637	467	21	12	12	NUM
cblr-8637	467	22	,	,	PUNCT
cblr-8637	467	23	2018	2018	NUM
cblr-8637	467	24	)	)	PUNCT
cblr-8637	467	25	,	,	PUNCT
cblr-8637	467	26	https://www.gsb.stanford.edu/insights/decline-ipo	https://www.gsb.stanford.edu/insights/decline-ipo	PROPN
cblr-8637	468	1	[	[	X
cblr-8637	468	2	https://perma.cc/bzs4-k28x	https://perma.cc/bzs4-k28x	X
cblr-8637	468	3	]	]	X
cblr-8637	468	4	.	.	PUNCT
cblr-8637	469	1	113	113	NUM
cblr-8637	469	2	the	the	DET
cblr-8637	469	3	private	private	ADJ
cblr-8637	469	4	market	market	NOUN
cblr-8637	469	5	assets	asset	NOUN
cblr-8637	469	6	under	under	ADP
cblr-8637	469	7	management	management	NOUN
cblr-8637	469	8	has	have	AUX
cblr-8637	469	9	grown	grow	VERB
cblr-8637	469	10	by	by	ADP
cblr-8637	469	11	$	$	SYM
cblr-8637	469	12	4	4	NUM
cblr-8637	469	13	trillion	trillion	NUM
cblr-8637	469	14	in	in	ADP
cblr-8637	469	15	the	the	DET
cblr-8637	469	16	last	last	ADJ
cblr-8637	469	17	decade	decade	NOUN
cblr-8637	469	18	.	.	PUNCT
cblr-8637	470	1	bernow	bernow	VERB
cblr-8637	470	2	et	et	PROPN
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cblr-8637	471	2	.	.	PROPN
cblr-8637	471	3	,	,	PUNCT
cblr-8637	471	4	supra	supra	PROPN
cblr-8637	471	5	note	note	PROPN
cblr-8637	471	6	1	1	NUM
cblr-8637	471	7	,	,	PUNCT
cblr-8637	471	8	at	at	ADP
cblr-8637	471	9	2	2	NUM
cblr-8637	471	10	.	.	NUM
cblr-8637	471	11	114	114	NUM
cblr-8637	471	12	h.r	h.r	PROPN
cblr-8637	471	13	.	.	PROPN
cblr-8637	471	14	rep	rep	PROPN
cblr-8637	471	15	.	.	PROPN
cblr-8637	471	16	no	no	PROPN
cblr-8637	471	17	.	.	NOUN
cblr-8637	471	18	115	115	NUM
cblr-8637	471	19	-	-	SYM
cblr-8637	471	20	375	375	NUM
cblr-8637	471	21	,	,	PUNCT
cblr-8637	471	22	at	at	ADP
cblr-8637	471	23	3	3	NUM
cblr-8637	471	24	(	(	PUNCT
cblr-8637	471	25	2017	2017	NUM
cblr-8637	471	26	)	)	PUNCT
cblr-8637	471	27	.	.	PUNCT
cblr-8637	472	1	115	115	NUM
cblr-8637	473	1	i	i	PRON
cblr-8637	473	2	d.	d.	NOUN
cblr-8637	473	3	of	of	ADP
cblr-8637	473	4	the	the	DET
cblr-8637	473	5	$	$	SYM
cblr-8637	473	6	2.1	2.1	NUM
cblr-8637	473	7	trillion	trillion	NUM
cblr-8637	473	8	raised	raise	VERB
cblr-8637	473	9	in	in	ADP
cblr-8637	473	10	private	private	ADJ
cblr-8637	473	11	offerings	offering	NOUN
cblr-8637	473	12	in	in	ADP
cblr-8637	473	13	2014	2014	NUM
cblr-8637	473	14	,	,	PUNCT
cblr-8637	473	15	$	$	SYM
cblr-8637	473	16	1.3	1.3	NUM
cblr-8637	473	17	trillion	trillion	NUM
cblr-8637	473	18	(	(	PUNCT
cblr-8637	473	19	sixty	sixty	NUM
cblr-8637	473	20	-	-	PUNCT
cblr-8637	473	21	two	two	NUM
cblr-8637	473	22	percent	percent	NOUN
cblr-8637	473	23	)	)	PUNCT
cblr-8637	473	24	was	be	AUX
cblr-8637	473	25	raised	raise	VERB
cblr-8637	473	26	through	through	ADP
cblr-8637	473	27	reg	reg	NOUN
cblr-8637	473	28	d	d	NOUN
cblr-8637	473	29	offerings	offering	NOUN
cblr-8637	473	30	.	.	PUNCT
cblr-8637	474	1	i	i	PRON
cblr-8637	474	2	d.	d.	PROPN
cblr-8637	474	3	116	116	NUM
cblr-8637	474	4	on	on	ADP
cblr-8637	474	5	the	the	DET
cblr-8637	474	6	traditional	traditional	ADJ
cblr-8637	474	7	funding	funding	NOUN
cblr-8637	474	8	process	process	NOUN
cblr-8637	474	9	,	,	PUNCT
cblr-8637	474	10	see	see	VERB
cblr-8637	474	11	infra	infra	NOUN
cblr-8637	474	12	text	text	NOUN
cblr-8637	474	13	accompanying	accompany	VERB
cblr-8637	474	14	notes	note	NOUN
cblr-8637	474	15	202–206	202–206	NUM
cblr-8637	474	16	.	.	PUNCT
cblr-8637	475	1	greene	greene	PROPN
cblr-8637	475	2	et	et	PROPN
cblr-8637	475	3	al	al	PROPN
cblr-8637	475	4	.	.	PROPN
cblr-8637	476	1	8/21/2021	8/21/2021	NUM
cblr-8637	476	2	1:44	1:44	NUM
cblr-8637	476	3	pm	pm	NOUN
cblr-8637	476	4	no	no	INTJ
cblr-8637	476	5	.	.	PUNCT
cblr-8637	477	1	2:714	2:714	NUM
cblr-8637	477	2	]	]	X
cblr-8637	477	3	the	the	DET
cblr-8637	477	4	need	need	NOUN
cblr-8637	477	5	for	for	ADP
cblr-8637	477	6	a	a	DET
cblr-8637	477	7	comprehensive	comprehensive	ADJ
cblr-8637	477	8	approach	approach	NOUN
cblr-8637	477	9	743	743	NUM
cblr-8637	477	10	disclosures.117	disclosures.117	NOUN
cblr-8637	477	11	however	however	ADV
cblr-8637	477	12	,	,	PUNCT
cblr-8637	477	13	with	with	ADP
cblr-8637	477	14	access	access	NOUN
cblr-8637	477	15	to	to	ADP
cblr-8637	477	16	greater	great	ADJ
cblr-8637	477	17	amounts	amount	NOUN
cblr-8637	477	18	of	of	ADP
cblr-8637	477	19	capital	capital	NOUN
cblr-8637	477	20	in	in	ADP
cblr-8637	477	21	the	the	DET
cblr-8637	477	22	private	private	ADJ
cblr-8637	477	23	market	market	NOUN
cblr-8637	477	24	,	,	PUNCT
cblr-8637	477	25	companies	company	NOUN
cblr-8637	477	26	are	be	AUX
cblr-8637	477	27	able	able	ADJ
cblr-8637	477	28	to	to	PART
cblr-8637	477	29	delay	delay	VERB
cblr-8637	477	30	entering	enter	VERB
cblr-8637	477	31	the	the	DET
cblr-8637	477	32	public	public	ADJ
cblr-8637	477	33	market	market	NOUN
cblr-8637	477	34	for	for	ADP
cblr-8637	477	35	longer	long	ADJ
cblr-8637	477	36	periods	period	NOUN
cblr-8637	477	37	of	of	ADP
cblr-8637	477	38	time	time	NOUN
cblr-8637	477	39	.	.	PUNCT
cblr-8637	478	1	additionally	additionally	ADV
cblr-8637	478	2	,	,	PUNCT
cblr-8637	478	3	a	a	DET
cblr-8637	478	4	large	large	ADJ
cblr-8637	478	5	number	number	NOUN
cblr-8637	478	6	of	of	ADP
cblr-8637	478	7	private	private	ADJ
cblr-8637	478	8	firms	firm	NOUN
cblr-8637	478	9	are	be	AUX
cblr-8637	478	10	being	be	AUX
cblr-8637	478	11	acquired	acquire	VERB
cblr-8637	478	12	by	by	ADP
cblr-8637	478	13	other	other	ADJ
cblr-8637	478	14	firms	firm	NOUN
cblr-8637	478	15	instead	instead	ADV
cblr-8637	478	16	of	of	ADP
cblr-8637	478	17	pursuing	pursue	VERB
cblr-8637	478	18	the	the	DET
cblr-8637	478	19	ipo	ipo	PROPN
cblr-8637	478	20	route,118	route,118	ADV
cblr-8637	478	21	further	far	ADV
cblr-8637	478	22	reducing	reduce	VERB
cblr-8637	478	23	the	the	DET
cblr-8637	478	24	number	number	NOUN
cblr-8637	478	25	of	of	ADP
cblr-8637	478	26	public	public	ADJ
cblr-8637	478	27	companies	company	NOUN
cblr-8637	478	28	and	and	CCONJ
cblr-8637	478	29	allowing	allow	VERB
cblr-8637	478	30	acquired	acquire	VERB
cblr-8637	478	31	companies	company	NOUN
cblr-8637	478	32	to	to	PART
cblr-8637	478	33	avoid	avoid	VERB
cblr-8637	478	34	enhanced	enhanced	ADJ
cblr-8637	478	35	disclosures	disclosure	NOUN
cblr-8637	478	36	throughout	throughout	ADP
cblr-8637	478	37	their	their	PRON
cblr-8637	478	38	life	life	NOUN
cblr-8637	478	39	-	-	PUNCT
cblr-8637	478	40	cycles	cycle	NOUN
cblr-8637	478	41	as	as	ADP
cblr-8637	478	42	independent	independent	ADJ
cblr-8637	478	43	companies	company	NOUN
cblr-8637	478	44	.	.	PUNCT
cblr-8637	479	1	these	these	DET
cblr-8637	479	2	market	market	NOUN
cblr-8637	479	3	changes	change	NOUN
cblr-8637	479	4	require	require	VERB
cblr-8637	479	5	responses	response	NOUN
cblr-8637	479	6	from	from	ADP
cblr-8637	479	7	congress	congress	PROPN
cblr-8637	479	8	and	and	CCONJ
cblr-8637	479	9	the	the	DET
cblr-8637	479	10	sec	sec	PROPN
cblr-8637	479	11	to	to	PART
cblr-8637	479	12	help	help	VERB
cblr-8637	479	13	promote	promote	VERB
cblr-8637	479	14	public	public	ADJ
cblr-8637	479	15	market	market	NOUN
cblr-8637	479	16	growth	growth	NOUN
cblr-8637	479	17	.	.	PUNCT
cblr-8637	480	1	the	the	DET
cblr-8637	480	2	regulatory	regulatory	ADJ
cblr-8637	480	3	response	response	NOUN
cblr-8637	480	4	to	to	ADP
cblr-8637	480	5	these	these	DET
cblr-8637	480	6	market	market	NOUN
cblr-8637	480	7	changes	change	NOUN
cblr-8637	480	8	began	begin	VERB
cblr-8637	480	9	in	in	ADP
cblr-8637	480	10	earnest	earnest	ADJ
cblr-8637	480	11	in	in	ADP
cblr-8637	480	12	2012	2012	NUM
cblr-8637	480	13	,	,	PUNCT
cblr-8637	480	14	when	when	SCONJ
cblr-8637	480	15	congress	congress	PROPN
cblr-8637	480	16	introduced	introduce	VERB
cblr-8637	480	17	sweeping	sweeping	ADJ
cblr-8637	480	18	changes	change	NOUN
cblr-8637	480	19	to	to	ADP
cblr-8637	480	20	the	the	DET
cblr-8637	480	21	securities	security	NOUN
cblr-8637	480	22	laws	law	NOUN
cblr-8637	480	23	through	through	ADP
cblr-8637	480	24	the	the	DET
cblr-8637	480	25	jobs	job	NOUN
cblr-8637	480	26	act	act	PROPN
cblr-8637	480	27	.	.	PUNCT
cblr-8637	481	1	the	the	DET
cblr-8637	481	2	jobs	job	NOUN
cblr-8637	481	3	act	act	NOUN
cblr-8637	481	4	implemented	implement	VERB
cblr-8637	481	5	“	"	PUNCT
cblr-8637	481	6	initiatives	initiative	NOUN
cblr-8637	481	7	designed	design	VERB
cblr-8637	481	8	to	to	PART
cblr-8637	481	9	facilitate	facilitate	VERB
cblr-8637	481	10	access	access	NOUN
cblr-8637	481	11	to	to	ADP
cblr-8637	481	12	the	the	DET
cblr-8637	481	13	capital	capital	NOUN
cblr-8637	481	14	markets	market	NOUN
cblr-8637	481	15	while	while	SCONJ
cblr-8637	481	16	lessening	lessen	VERB
cblr-8637	481	17	the	the	DET
cblr-8637	481	18	regulatory	regulatory	ADJ
cblr-8637	481	19	burdens	burden	NOUN
cblr-8637	481	20	of	of	ADP
cblr-8637	481	21	traditional	traditional	ADJ
cblr-8637	481	22	ipos	ipos	NOUN
cblr-8637	481	23	.	.	PUNCT
cblr-8637	482	1	”119	”119	NOUN
cblr-8637	482	2	these	these	DET
cblr-8637	482	3	initiatives	initiative	NOUN
cblr-8637	482	4	were	be	AUX
cblr-8637	482	5	mainly	mainly	ADV
cblr-8637	482	6	aimed	aim	VERB
cblr-8637	482	7	at	at	ADP
cblr-8637	482	8	emerging	emerge	VERB
cblr-8637	482	9	growth	growth	NOUN
cblr-8637	482	10	companies	company	NOUN
cblr-8637	482	11	(	(	PUNCT
cblr-8637	482	12	egcs	egcs	PROPN
cblr-8637	482	13	)	)	PUNCT
cblr-8637	482	14	(	(	PUNCT
cblr-8637	482	15	companies	company	NOUN
cblr-8637	482	16	with	with	ADP
cblr-8637	482	17	annual	annual	ADJ
cblr-8637	482	18	gross	gross	ADJ
cblr-8637	482	19	revenue	revenue	NOUN
cblr-8637	482	20	of	of	ADP
cblr-8637	482	21	less	less	ADJ
cblr-8637	482	22	than	than	ADP
cblr-8637	482	23	$	$	SYM
cblr-8637	482	24	1	1	NUM
cblr-8637	482	25	billion),120	billion),120	ADJ
cblr-8637	482	26	and	and	CCONJ
cblr-8637	482	27	allowed	allow	VERB
cblr-8637	482	28	them	they	PRON
cblr-8637	482	29	to	to	PART
cblr-8637	482	30	:	:	PUNCT
cblr-8637	482	31	(	(	PUNCT
cblr-8637	482	32	1	1	X
cblr-8637	482	33	)	)	PUNCT
cblr-8637	482	34	confidentially	confidentially	ADV
cblr-8637	482	35	file	file	VERB
cblr-8637	482	36	initial	initial	ADJ
cblr-8637	482	37	registration	registration	NOUN
cblr-8637	482	38	statements	statement	NOUN
cblr-8637	482	39	,	,	PUNCT
cblr-8637	482	40	enabling	enable	VERB
cblr-8637	482	41	secrecy	secrecy	NOUN
cblr-8637	482	42	around	around	ADP
cblr-8637	482	43	ipo	ipo	NOUN
cblr-8637	482	44	plans	plan	NOUN
cblr-8637	482	45	until	until	ADP
cblr-8637	482	46	later	later	ADV
cblr-8637	482	47	in	in	ADP
cblr-8637	482	48	the	the	DET
cblr-8637	482	49	process	process	NOUN
cblr-8637	482	50	;	;	PUNCT
cblr-8637	482	51	(	(	PUNCT
cblr-8637	482	52	2	2	X
cblr-8637	482	53	)	)	PUNCT
cblr-8637	482	54	“	"	PUNCT
cblr-8637	482	55	partake	partake	VERB
cblr-8637	482	56	in	in	ADP
cblr-8637	482	57	‘	'	PUNCT
cblr-8637	482	58	test	test	NOUN
cblr-8637	482	59	-	-	PUNCT
cblr-8637	482	60	the	the	DET
cblr-8637	482	61	-	-	PUNCT
cblr-8637	482	62	water	water	NOUN
cblr-8637	482	63	’	'	PUNCT
cblr-8637	482	64	communications	communication	NOUN
cblr-8637	482	65	with	with	ADP
cblr-8637	482	66	certain	certain	ADJ
cblr-8637	482	67	potential	potential	ADJ
cblr-8637	482	68	investors	investor	NOUN
cblr-8637	482	69	”	"	PUNCT
cblr-8637	482	70	;	;	PUNCT
cblr-8637	482	71	(	(	PUNCT
cblr-8637	482	72	3	3	X
cblr-8637	482	73	)	)	PUNCT
cblr-8637	482	74	file	file	NOUN
cblr-8637	482	75	“	"	PUNCT
cblr-8637	482	76	only	only	ADV
cblr-8637	482	77	two	two	NUM
cblr-8637	482	78	years	year	NOUN
cblr-8637	482	79	of	of	ADP
cblr-8637	482	80	audited	audit	VERB
cblr-8637	482	81	financial	financial	ADJ
cblr-8637	482	82	statements	statement	NOUN
cblr-8637	482	83	”	"	PUNCT
cblr-8637	482	84	in	in	ADP
cblr-8637	482	85	their	their	PRON
cblr-8637	482	86	registration	registration	NOUN
cblr-8637	482	87	statements	statement	NOUN
cblr-8637	482	88	rather	rather	ADV
cblr-8637	482	89	than	than	ADP
cblr-8637	482	90	three	three	NUM
cblr-8637	482	91	;	;	PUNCT
cblr-8637	482	92	and	and	CCONJ
cblr-8637	482	93	(	(	PUNCT
cblr-8637	482	94	4	4	X
cblr-8637	482	95	)	)	PUNCT
cblr-8637	482	96	be	be	AUX
cblr-8637	482	97	exempted	exempt	VERB
cblr-8637	482	98	from	from	ADP
cblr-8637	482	99	certain	certain	ADJ
cblr-8637	482	100	corporate	corporate	ADJ
cblr-8637	482	101	governance	governance	NOUN
cblr-8637	482	102	requirements	requirement	NOUN
cblr-8637	482	103	of	of	ADP
cblr-8637	482	104	sox.121	sox.121	NOUN
cblr-8637	482	105	these	these	DET
cblr-8637	482	106	reforms	reform	NOUN
cblr-8637	482	107	were	be	AUX
cblr-8637	482	108	meant	mean	VERB
cblr-8637	482	109	to	to	PART
cblr-8637	482	110	reduce	reduce	VERB
cblr-8637	482	111	the	the	DET
cblr-8637	482	112	burdens	burden	NOUN
cblr-8637	482	113	associated	associate	VERB
cblr-8637	482	114	with	with	ADP
cblr-8637	482	115	going	go	VERB
cblr-8637	482	116	public	public	ADJ
cblr-8637	482	117	,	,	PUNCT
cblr-8637	482	118	including	include	VERB
cblr-8637	482	119	subsequent	subsequent	ADJ
cblr-8637	482	120	reporting	reporting	NOUN
cblr-8637	482	121	requirements	requirement	NOUN
cblr-8637	482	122	.	.	PUNCT
cblr-8637	483	1	in	in	ADP
cblr-8637	483	2	2017	2017	NUM
cblr-8637	483	3	,	,	PUNCT
cblr-8637	483	4	the	the	DET
cblr-8637	483	5	sec	sec	PROPN
cblr-8637	483	6	expanded	expand	VERB
cblr-8637	483	7	on	on	ADP
cblr-8637	483	8	the	the	DET
cblr-8637	483	9	jobs	job	NOUN
cblr-8637	483	10	act	act	VERB
cblr-8637	483	11	to	to	PART
cblr-8637	483	12	allow	allow	VERB
cblr-8637	483	13	“	"	PUNCT
cblr-8637	483	14	all	all	DET
cblr-8637	483	15	companies	company	NOUN
cblr-8637	483	16	to	to	ADP
cblr-8637	483	17	117	117	NUM
cblr-8637	483	18	see	see	NOUN
cblr-8637	483	19	supra	supra	PROPN
cblr-8637	483	20	section	section	PROPN
cblr-8637	483	21	ii.a	ii.a	PROPN
cblr-8637	483	22	.	.	PUNCT
cblr-8637	484	1	118	118	NUM
cblr-8637	484	2	thomas	thomas	PROPN
cblr-8637	484	3	chemmanur	chemmanur	NOUN
cblr-8637	484	4	et	et	PROPN
cblr-8637	484	5	al	al	PROPN
cblr-8637	484	6	.	.	PROPN
cblr-8637	484	7	,	,	PUNCT
cblr-8637	484	8	the	the	DET
cblr-8637	484	9	disappearing	disappear	VERB
cblr-8637	484	10	ipo	ipo	NOUN
cblr-8637	484	11	puzzle	puzzle	NOUN
cblr-8637	484	12	:	:	PUNCT
cblr-8637	484	13	new	new	ADJ
cblr-8637	484	14	insights	insight	NOUN
cblr-8637	484	15	from	from	ADP
cblr-8637	484	16	proprietary	proprietary	ADJ
cblr-8637	484	17	u.s	u.s	PROPN
cblr-8637	484	18	.	.	PROPN
cblr-8637	484	19	census	census	PROPN
cblr-8637	484	20	data	datum	NOUN
cblr-8637	484	21	on	on	ADP
cblr-8637	484	22	private	private	ADJ
cblr-8637	484	23	firms	firm	NOUN
cblr-8637	484	24	1	1	NUM
cblr-8637	484	25	(	(	PUNCT
cblr-8637	484	26	oct	oct	PROPN
cblr-8637	484	27	.	.	NOUN
cblr-8637	484	28	2020	2020	NUM
cblr-8637	484	29	)	)	PUNCT
cblr-8637	484	30	(	(	PUNCT
cblr-8637	484	31	unpublished	unpublished	ADJ
cblr-8637	484	32	manuscript	manuscript	NOUN
cblr-8637	484	33	)	)	PUNCT
cblr-8637	484	34	(	(	PUNCT
cblr-8637	484	35	on	on	ADP
cblr-8637	484	36	file	file	NOUN
cblr-8637	484	37	with	with	ADP
cblr-8637	484	38	the	the	DET
cblr-8637	484	39	columbia	columbia	PROPN
cblr-8637	484	40	business	business	PROPN
cblr-8637	484	41	law	law	PROPN
cblr-8637	484	42	review	review	PROPN
cblr-8637	484	43	)	)	PUNCT
cblr-8637	484	44	,	,	PUNCT
cblr-8637	484	45	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3556993	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3556993	PROPN
cblr-8637	484	46	.	.	PUNCT
cblr-8637	484	47	119	119	NUM
cblr-8637	484	48	1	1	NUM
cblr-8637	484	49	brent	brent	PROPN
cblr-8637	484	50	a.	a.	PROPN
cblr-8637	484	51	olson	olson	PROPN
cblr-8637	484	52	,	,	PUNCT
cblr-8637	484	53	publicly	publicly	ADV
cblr-8637	484	54	traded	trade	VERB
cblr-8637	484	55	corporations	corporation	NOUN
cblr-8637	484	56	handbook	handbook	VERB
cblr-8637	484	57	§	§	PROPN
cblr-8637	484	58	8.46	8.46	NUM
cblr-8637	484	59	,	,	PUNCT
cblr-8637	484	60	westlaw	westlaw	NOUN
cblr-8637	484	61	(	(	PUNCT
cblr-8637	484	62	database	database	PROPN
cblr-8637	484	63	updated	update	VERB
cblr-8637	484	64	oct	oct	PROPN
cblr-8637	484	65	.	.	PROPN
cblr-8637	484	66	2020	2020	NUM
cblr-8637	484	67	)	)	PUNCT
cblr-8637	484	68	.	.	PUNCT
cblr-8637	485	1	120	120	NUM
cblr-8637	485	2	15	15	NUM
cblr-8637	485	3	u.s.c	u.s.c	NOUN
cblr-8637	485	4	.	.	PUNCT
cblr-8637	486	1	§	§	PROPN
cblr-8637	486	2	77b(a)(19	77b(a)(19	NUM
cblr-8637	486	3	)	)	PUNCT
cblr-8637	486	4	(	(	PUNCT
cblr-8637	486	5	2019	2019	NUM
cblr-8637	486	6	)	)	PUNCT
cblr-8637	486	7	.	.	PUNCT
cblr-8637	487	1	121	121	NUM
cblr-8637	487	2	patrick	patrick	PROPN
cblr-8637	487	3	j.	j.	PROPN
cblr-8637	487	4	gallagher	gallagher	PROPN
cblr-8637	487	5	,	,	PUNCT
cblr-8637	487	6	note	note	VERB
cblr-8637	487	7	,	,	PUNCT
cblr-8637	487	8	going	go	VERB
cblr-8637	487	9	public	public	ADJ
cblr-8637	487	10	secretly	secretly	ADV
cblr-8637	487	11	:	:	PUNCT
cblr-8637	487	12	the	the	DET
cblr-8637	487	13	sec	sec	PROPN
cblr-8637	487	14	’s	’s	PART
cblr-8637	487	15	unavailing	unavailing	ADJ
cblr-8637	487	16	effort	effort	NOUN
cblr-8637	487	17	to	to	PART
cblr-8637	487	18	increase	increase	VERB
cblr-8637	487	19	initial	initial	ADJ
cblr-8637	487	20	public	public	ADJ
cblr-8637	487	21	offerings	offering	NOUN
cblr-8637	487	22	through	through	ADP
cblr-8637	487	23	confidential	confidential	ADJ
cblr-8637	487	24	registration	registration	NOUN
cblr-8637	487	25	,	,	PUNCT
cblr-8637	487	26	2019	2019	NUM
cblr-8637	487	27	colum	colum	NOUN
cblr-8637	487	28	.	.	PUNCT
cblr-8637	488	1	bus	bus	NOUN
cblr-8637	488	2	.	.	PUNCT
cblr-8637	489	1	l.	l.	PROPN
cblr-8637	489	2	rev	rev	PROPN
cblr-8637	489	3	.	.	PROPN
cblr-8637	489	4	305	305	NUM
cblr-8637	489	5	,	,	PUNCT
cblr-8637	489	6	322–23	322–23	NOUN
cblr-8637	489	7	;	;	PUNCT
cblr-8637	489	8	1	1	NUM
cblr-8637	489	9	olson	olson	NOUN
cblr-8637	489	10	,	,	PUNCT
cblr-8637	489	11	supra	supra	PROPN
cblr-8637	489	12	note	note	PROPN
cblr-8637	489	13	119	119	NUM
cblr-8637	489	14	,	,	PUNCT
cblr-8637	489	15	§	§	PROPN
cblr-8637	489	16	8.46	8.46	NUM
cblr-8637	489	17	(	(	PUNCT
cblr-8637	489	18	mentioning	mention	VERB
cblr-8637	489	19	the	the	DET
cblr-8637	489	20	sox	sox	PROPN
cblr-8637	489	21	exemption	exemption	NOUN
cblr-8637	489	22	)	)	PUNCT
cblr-8637	489	23	.	.	PUNCT
cblr-8637	490	1	greene	greene	PROPN
cblr-8637	490	2	et	et	PROPN
cblr-8637	490	3	al	al	PROPN
cblr-8637	490	4	.	.	PROPN
cblr-8637	491	1	8/21/2021	8/21/2021	NUM
cblr-8637	491	2	1:44	1:44	NUM
cblr-8637	491	3	pm	pm	NOUN
cblr-8637	491	4	744	744	NUM
cblr-8637	491	5	columbia	columbia	PROPN
cblr-8637	491	6	business	business	NOUN
cblr-8637	491	7	law	law	NOUN
cblr-8637	491	8	review	review	NOUN
cblr-8637	491	9	[	[	X
cblr-8637	491	10	vol	vol	NOUN
cblr-8637	491	11	.	.	NOUN
cblr-8637	491	12	2021	2021	NUM
cblr-8637	491	13	submit	submit	NOUN
cblr-8637	491	14	draft	draft	NOUN
cblr-8637	491	15	registration	registration	NOUN
cblr-8637	491	16	statements	statement	NOUN
cblr-8637	491	17	relating	relate	VERB
cblr-8637	491	18	to	to	ADP
cblr-8637	491	19	initial	initial	ADJ
cblr-8637	491	20	public	public	ADJ
cblr-8637	491	21	offerings	offering	NOUN
cblr-8637	491	22	for	for	ADP
cblr-8637	491	23	review	review	NOUN
cblr-8637	491	24	on	on	ADP
cblr-8637	491	25	a	a	DET
cblr-8637	491	26	non	non	ADJ
cblr-8637	491	27	-	-	ADJ
cblr-8637	491	28	public	public	ADJ
cblr-8637	491	29	basis	basis	NOUN
cblr-8637	491	30	.	.	PUNCT
cblr-8637	491	31	”122	”122	PUNCT
cblr-8637	492	1	the	the	DET
cblr-8637	492	2	rationale	rationale	NOUN
cblr-8637	492	3	behind	behind	ADP
cblr-8637	492	4	the	the	DET
cblr-8637	492	5	confidential	confidential	ADJ
cblr-8637	492	6	filing	filing	NOUN
cblr-8637	492	7	process	process	NOUN
cblr-8637	492	8	was	be	AUX
cblr-8637	492	9	to	to	PART
cblr-8637	492	10	encourage	encourage	VERB
cblr-8637	492	11	more	more	ADJ
cblr-8637	492	12	companies	company	NOUN
cblr-8637	492	13	to	to	PART
cblr-8637	492	14	pursue	pursue	VERB
cblr-8637	492	15	ipos	ipos	NOUN
cblr-8637	492	16	.	.	PUNCT
cblr-8637	493	1	by	by	ADP
cblr-8637	493	2	ensuring	ensure	VERB
cblr-8637	493	3	that	that	SCONJ
cblr-8637	493	4	companies	company	NOUN
cblr-8637	493	5	could	could	AUX
cblr-8637	493	6	file	file	VERB
cblr-8637	493	7	their	their	PRON
cblr-8637	493	8	initial	initial	ADJ
cblr-8637	493	9	registration	registration	NOUN
cblr-8637	493	10	statements	statement	NOUN
cblr-8637	493	11	and	and	CCONJ
cblr-8637	493	12	respond	respond	VERB
cblr-8637	493	13	to	to	ADP
cblr-8637	493	14	sec	sec	PROPN
cblr-8637	493	15	comments	comment	NOUN
cblr-8637	493	16	without	without	ADP
cblr-8637	493	17	alerting	alert	VERB
cblr-8637	493	18	the	the	DET
cblr-8637	493	19	public	public	NOUN
cblr-8637	493	20	or	or	CCONJ
cblr-8637	493	21	their	their	PRON
cblr-8637	493	22	competitors	competitor	NOUN
cblr-8637	493	23	to	to	ADP
cblr-8637	493	24	any	any	DET
cblr-8637	493	25	existing	exist	VERB
cblr-8637	493	26	issues	issue	NOUN
cblr-8637	493	27	,	,	PUNCT
cblr-8637	493	28	the	the	DET
cblr-8637	493	29	process	process	NOUN
cblr-8637	493	30	enabled	enable	VERB
cblr-8637	493	31	companies	company	NOUN
cblr-8637	493	32	to	to	PART
cblr-8637	493	33	withdraw	withdraw	VERB
cblr-8637	493	34	their	their	PRON
cblr-8637	493	35	registration	registration	NOUN
cblr-8637	493	36	statements	statement	NOUN
cblr-8637	493	37	without	without	ADP
cblr-8637	493	38	public	public	ADJ
cblr-8637	493	39	embarrassment.123	embarrassment.123	NOUN
cblr-8637	493	40	in	in	ADP
cblr-8637	493	41	2019	2019	NUM
cblr-8637	493	42	,	,	PUNCT
cblr-8637	493	43	the	the	DET
cblr-8637	493	44	sec	sec	PROPN
cblr-8637	493	45	again	again	ADV
cblr-8637	493	46	expanded	expand	VERB
cblr-8637	493	47	upon	upon	SCONJ
cblr-8637	493	48	the	the	DET
cblr-8637	493	49	jobs	job	NOUN
cblr-8637	493	50	act	act	VERB
cblr-8637	493	51	by	by	ADP
cblr-8637	493	52	adopting	adopt	VERB
cblr-8637	493	53	a	a	DET
cblr-8637	493	54	rule	rule	NOUN
cblr-8637	493	55	permitting	permit	VERB
cblr-8637	493	56	all	all	DET
cblr-8637	493	57	companies	company	NOUN
cblr-8637	493	58	to	to	PART
cblr-8637	493	59	use	use	VERB
cblr-8637	493	60	“	"	PUNCT
cblr-8637	493	61	test	test	NOUN
cblr-8637	493	62	-	-	PUNCT
cblr-8637	493	63	thewaters	thewater	NOUN
cblr-8637	493	64	”	"	PUNCT
cblr-8637	493	65	communications.124	communications.124	NOUN
cblr-8637	493	66	“	"	PUNCT
cblr-8637	493	67	testing	testing	NOUN
cblr-8637	493	68	-	-	PUNCT
cblr-8637	493	69	the	the	DET
cblr-8637	493	70	-	-	PUNCT
cblr-8637	493	71	waters	water	NOUN
cblr-8637	493	72	”	"	PUNCT
cblr-8637	493	73	gives	give	VERB
cblr-8637	493	74	issuers	issuer	NOUN
cblr-8637	493	75	the	the	DET
cblr-8637	493	76	ability	ability	NOUN
cblr-8637	493	77	to	to	PART
cblr-8637	493	78	evaluate	evaluate	VERB
cblr-8637	493	79	market	market	NOUN
cblr-8637	493	80	interest	interest	NOUN
cblr-8637	493	81	in	in	ADP
cblr-8637	493	82	advance	advance	NOUN
cblr-8637	493	83	by	by	ADP
cblr-8637	493	84	allowing	allow	VERB
cblr-8637	493	85	them	they	PRON
cblr-8637	493	86	to	to	PART
cblr-8637	493	87	communicate	communicate	VERB
cblr-8637	493	88	with	with	ADP
cblr-8637	493	89	potential	potential	ADJ
cblr-8637	493	90	investors	investor	NOUN
cblr-8637	493	91	prior	prior	ADV
cblr-8637	493	92	to	to	ADP
cblr-8637	493	93	filing	file	VERB
cblr-8637	493	94	a	a	DET
cblr-8637	493	95	registration	registration	NOUN
cblr-8637	493	96	statement	statement	NOUN
cblr-8637	493	97	so	so	ADV
cblr-8637	493	98	long	long	ADV
cblr-8637	493	99	as	as	SCONJ
cblr-8637	493	100	those	those	DET
cblr-8637	493	101	investors	investor	NOUN
cblr-8637	493	102	are	be	AUX
cblr-8637	493	103	(	(	PUNCT
cblr-8637	493	104	or	or	CCONJ
cblr-8637	493	105	the	the	DET
cblr-8637	493	106	issuer	issuer	NOUN
cblr-8637	493	107	reasonably	reasonably	ADV
cblr-8637	493	108	believes	believe	VERB
cblr-8637	493	109	them	they	PRON
cblr-8637	493	110	to	to	PART
cblr-8637	493	111	be	be	AUX
cblr-8637	493	112	)	)	PUNCT
cblr-8637	493	113	qibs	qib	NOUN
cblr-8637	493	114	or	or	CCONJ
cblr-8637	493	115	institutional	institutional	ADJ
cblr-8637	493	116	accredited	accredit	VERB
cblr-8637	493	117	investors.125	investors.125	NOUN
cblr-8637	493	118	given	give	VERB
cblr-8637	493	119	the	the	DET
cblr-8637	493	120	expansion	expansion	NOUN
cblr-8637	493	121	of	of	ADP
cblr-8637	493	122	confidential	confidential	ADJ
cblr-8637	493	123	registration	registration	NOUN
cblr-8637	493	124	statements	statement	NOUN
cblr-8637	493	125	,	,	PUNCT
cblr-8637	493	126	allowing	allow	VERB
cblr-8637	493	127	all	all	DET
cblr-8637	493	128	companies	company	NOUN
cblr-8637	493	129	to	to	PART
cblr-8637	493	130	“	"	PUNCT
cblr-8637	493	131	test	test	VERB
cblr-8637	493	132	-	-	PUNCT
cblr-8637	493	133	the	the	DET
cblr-8637	493	134	-	-	PUNCT
cblr-8637	493	135	waters	water	NOUN
cblr-8637	493	136	”	"	PUNCT
cblr-8637	493	137	was	be	AUX
cblr-8637	493	138	a	a	DET
cblr-8637	493	139	logical	logical	ADJ
cblr-8637	493	140	step	step	NOUN
cblr-8637	493	141	for	for	SCONJ
cblr-8637	493	142	the	the	DET
cblr-8637	493	143	sec	sec	PROPN
cblr-8637	493	144	to	to	PART
cblr-8637	493	145	take	take	VERB
cblr-8637	493	146	,	,	PUNCT
cblr-8637	493	147	as	as	SCONJ
cblr-8637	493	148	insufficient	insufficient	ADJ
cblr-8637	493	149	market	market	NOUN
cblr-8637	493	150	interest	interest	NOUN
cblr-8637	493	151	would	would	AUX
cblr-8637	493	152	similarly	similarly	ADV
cblr-8637	493	153	discourage	discourage	VERB
cblr-8637	493	154	companies	company	NOUN
cblr-8637	493	155	from	from	ADP
cblr-8637	493	156	moving	move	VERB
cblr-8637	493	157	forward	forward	ADV
cblr-8637	493	158	with	with	ADP
cblr-8637	493	159	an	an	DET
cblr-8637	493	160	ipo.126	ipo.126	NOUN
cblr-8637	493	161	with	with	ADP
cblr-8637	493	162	the	the	DET
cblr-8637	493	163	expansion	expansion	NOUN
cblr-8637	493	164	of	of	ADP
cblr-8637	493	165	“	"	PUNCT
cblr-8637	493	166	testing	testing	NOUN
cblr-8637	493	167	-	-	PUNCT
cblr-8637	493	168	the	the	DET
cblr-8637	493	169	-	-	PUNCT
cblr-8637	493	170	waters	water	NOUN
cblr-8637	493	171	,	,	PUNCT
cblr-8637	493	172	”	"	PUNCT
cblr-8637	493	173	companies	company	NOUN
cblr-8637	493	174	could	could	AUX
cblr-8637	493	175	take	take	VERB
cblr-8637	493	176	full	full	ADJ
cblr-8637	493	177	advantage	advantage	NOUN
cblr-8637	493	178	of	of	ADP
cblr-8637	493	179	the	the	DET
cblr-8637	493	180	optionality	optionality	NOUN
cblr-8637	493	181	provided	provide	VERB
cblr-8637	493	182	by	by	ADP
cblr-8637	493	183	the	the	DET
cblr-8637	493	184	confidential	confidential	ADJ
cblr-8637	493	185	filing	filing	NOUN
cblr-8637	493	186	process	process	NOUN
cblr-8637	493	187	,	,	PUNCT
cblr-8637	493	188	as	as	SCONJ
cblr-8637	493	189	they	they	PRON
cblr-8637	493	190	could	could	AUX
cblr-8637	493	191	begin	begin	VERB
cblr-8637	493	192	book	book	NOUN
cblr-8637	493	193	building	build	VERB
cblr-8637	493	194	earlier	early	ADV
cblr-8637	493	195	in	in	ADP
cblr-8637	493	196	the	the	DET
cblr-8637	493	197	process	process	NOUN
cblr-8637	493	198	and	and	CCONJ
cblr-8637	493	199	withdraw	withdraw	VERB
cblr-8637	493	200	the	the	DET
cblr-8637	493	201	offering	offering	NOUN
cblr-8637	493	202	if	if	SCONJ
cblr-8637	493	203	there	there	PRON
cblr-8637	493	204	were	be	VERB
cblr-8637	493	205	issues	issue	NOUN
cblr-8637	493	206	with	with	ADP
cblr-8637	493	207	122	122	NUM
cblr-8637	493	208	press	press	NOUN
cblr-8637	493	209	release	release	NOUN
cblr-8637	493	210	,	,	PUNCT
cblr-8637	493	211	u.s	u.s	PROPN
cblr-8637	493	212	.	.	PROPN
cblr-8637	493	213	sec	sec	PROPN
cblr-8637	493	214	.	.	PROPN
cblr-8637	493	215	&	&	CCONJ
cblr-8637	493	216	exch	exch	PROPN
cblr-8637	493	217	.	.	PUNCT
cblr-8637	494	1	comm’n	comm’n	PROPN
cblr-8637	494	2	,	,	PUNCT
cblr-8637	494	3	sec	sec	PROPN
cblr-8637	494	4	’s	’s	PART
cblr-8637	494	5	division	division	NOUN
cblr-8637	494	6	of	of	ADP
cblr-8637	494	7	corporation	corporation	NOUN
cblr-8637	494	8	finance	finance	NOUN
cblr-8637	494	9	expands	expand	VERB
cblr-8637	494	10	popular	popular	ADJ
cblr-8637	494	11	jobs	job	NOUN
cblr-8637	494	12	act	act	VERB
cblr-8637	494	13	benefit	benefit	VERB
cblr-8637	494	14	to	to	ADP
cblr-8637	494	15	all	all	DET
cblr-8637	494	16	companies	company	NOUN
cblr-8637	494	17	(	(	PUNCT
cblr-8637	494	18	june	june	PROPN
cblr-8637	494	19	29	29	NUM
cblr-8637	494	20	,	,	PUNCT
cblr-8637	494	21	2017	2017	NUM
cblr-8637	494	22	)	)	PUNCT
cblr-8637	494	23	(	(	PUNCT
cblr-8637	494	24	emphasis	emphasis	NOUN
cblr-8637	494	25	added	add	VERB
cblr-8637	494	26	)	)	PUNCT
cblr-8637	494	27	,	,	PUNCT
cblr-8637	494	28	https://www.sec.gov/news/pressrelease/2017-121	https://www.sec.gov/news/pressrelease/2017-121	PROPN
cblr-8637	495	1	[	[	X
cblr-8637	495	2	https://perma.cc/6zxb-f8r2	https://perma.cc/6zxb-f8r2	X
cblr-8637	495	3	]	]	X
cblr-8637	495	4	.	.	PUNCT
cblr-8637	496	1	123	123	NUM
cblr-8637	496	2	gallagher	gallagher	NOUN
cblr-8637	496	3	,	,	PUNCT
cblr-8637	496	4	supra	supra	PROPN
cblr-8637	496	5	note	note	PROPN
cblr-8637	496	6	121	121	NUM
cblr-8637	496	7	,	,	PUNCT
cblr-8637	496	8	at	at	ADP
cblr-8637	496	9	308	308	NUM
cblr-8637	496	10	,	,	PUNCT
cblr-8637	496	11	322	322	NUM
cblr-8637	496	12	.	.	NOUN
cblr-8637	496	13	124	124	NUM
cblr-8637	496	14	michael	michael	PROPN
cblr-8637	496	15	zeidel	zeidel	PROPN
cblr-8637	496	16	,	,	PUNCT
cblr-8637	496	17	andrew	andrew	PROPN
cblr-8637	496	18	j.	j.	PROPN
cblr-8637	496	19	brady	brady	PROPN
cblr-8637	496	20	&	&	CCONJ
cblr-8637	496	21	ryan	ryan	PROPN
cblr-8637	496	22	j.	j.	PROPN
cblr-8637	496	23	adams	adams	PROPN
cblr-8637	496	24	,	,	PUNCT
cblr-8637	496	25	sec	sec	PROPN
cblr-8637	496	26	expansion	expansion	NOUN
cblr-8637	496	27	of	of	ADP
cblr-8637	496	28	“	"	PUNCT
cblr-8637	496	29	testing	testing	NOUN
cblr-8637	496	30	-	-	PUNCT
cblr-8637	496	31	the	the	DET
cblr-8637	496	32	-	-	PUNCT
cblr-8637	496	33	waters	water	NOUN
cblr-8637	496	34	”	"	PUNCT
cblr-8637	496	35	communications	communication	NOUN
cblr-8637	496	36	to	to	ADP
cblr-8637	496	37	all	all	DET
cblr-8637	496	38	issuers	issuer	NOUN
cblr-8637	496	39	,	,	PUNCT
cblr-8637	496	40	harv	harv	PROPN
cblr-8637	496	41	.	.	PUNCT
cblr-8637	497	1	l.	l.	PROPN
cblr-8637	497	2	sch	sch	PROPN
cblr-8637	497	3	.	.	PUNCT
cblr-8637	498	1	f.	f.	PROPN
cblr-8637	498	2	on	on	ADP
cblr-8637	498	3	corp	corp	PROPN
cblr-8637	498	4	.	.	PROPN
cblr-8637	498	5	governance	governance	PROPN
cblr-8637	498	6	(	(	PUNCT
cblr-8637	498	7	oct	oct	PROPN
cblr-8637	498	8	.	.	PROPN
cblr-8637	498	9	4	4	NUM
cblr-8637	498	10	,	,	PUNCT
cblr-8637	498	11	2019	2019	NUM
cblr-8637	498	12	)	)	PUNCT
cblr-8637	498	13	,	,	PUNCT
cblr-8637	498	14	https://corpgov.law.harvard.edu/2019/	https://corpgov.law.harvard.edu/2019/	PROPN
cblr-8637	498	15	10/04	10/04	NUM
cblr-8637	498	16	/	/	SYM
cblr-8637	498	17	sec	sec	NOUN
cblr-8637	498	18	-	-	PUNCT
cblr-8637	498	19	expansion	expansion	NOUN
cblr-8637	498	20	-	-	PUNCT
cblr-8637	498	21	of	of	ADP
cblr-8637	498	22	-	-	PUNCT
cblr-8637	498	23	testing	testing	NOUN
cblr-8637	498	24	-	-	PUNCT
cblr-8637	498	25	the	the	DET
cblr-8637	498	26	-	-	PUNCT
cblr-8637	498	27	waters	water	NOUN
cblr-8637	498	28	-	-	PUNCT
cblr-8637	498	29	communications	communication	NOUN
cblr-8637	498	30	-	-	PUNCT
cblr-8637	498	31	to	to	ADP
cblr-8637	498	32	-	-	PUNCT
cblr-8637	498	33	all	all	ADV
cblr-8637	498	34	-	-	PUNCT
cblr-8637	498	35	issuers/	issuers/	NUM
cblr-8637	499	1	[	[	X
cblr-8637	499	2	https://perma.cc/2ltx-t5c2	https://perma.cc/2ltx-t5c2	NOUN
cblr-8637	499	3	]	]	X
cblr-8637	499	4	.	.	PUNCT
cblr-8637	500	1	125	125	NUM
cblr-8637	500	2	i	i	NOUN
cblr-8637	500	3	d.	d.	PROPN
cblr-8637	500	4	126	126	NUM
cblr-8637	500	5	see	see	VERB
cblr-8637	500	6	tom	tom	PROPN
cblr-8637	500	7	zanki	zanki	PROPN
cblr-8637	500	8	,	,	PUNCT
cblr-8637	500	9	sec	sec	PROPN
cblr-8637	500	10	’s	’s	PART
cblr-8637	500	11	‘	'	PUNCT
cblr-8637	500	12	test	test	VERB
cblr-8637	500	13	the	the	DET
cblr-8637	500	14	waters	water	NOUN
cblr-8637	500	15	’	'	PUNCT
cblr-8637	500	16	expansion	expansion	NOUN
cblr-8637	500	17	could	could	AUX
cblr-8637	500	18	spur	spur	VERB
cblr-8637	500	19	more	more	ADJ
cblr-8637	500	20	offerings	offering	NOUN
cblr-8637	500	21	,	,	PUNCT
cblr-8637	500	22	law360	law360	PROPN
cblr-8637	500	23	(	(	PUNCT
cblr-8637	500	24	oct	oct	PROPN
cblr-8637	500	25	.	.	PROPN
cblr-8637	500	26	11	11	NUM
cblr-8637	500	27	,	,	PUNCT
cblr-8637	500	28	2019	2019	NUM
cblr-8637	500	29	,	,	PUNCT
cblr-8637	500	30	12:03	12:03	NUM
cblr-8637	500	31	pm	pm	NOUN
cblr-8637	500	32	)	)	PUNCT
cblr-8637	500	33	,	,	PUNCT
cblr-8637	500	34	https://www.cov.com//media/files/corporate/publications/2019/10/secs-test-the-waters-expansioncould-spur-more-offerings.pdf	https://www.cov.com//media/files/corporate/publications/2019/10/secs-test-the-waters-expansioncould-spur-more-offerings.pdf	PROPN
cblr-8637	501	1	[	[	X
cblr-8637	501	2	https://perma.cc/8mty-wlkc	https://perma.cc/8mty-wlkc	X
cblr-8637	501	3	]	]	X
cblr-8637	501	4	.	.	PUNCT
cblr-8637	502	1	greene	greene	PROPN
cblr-8637	502	2	et	et	PROPN
cblr-8637	502	3	al	al	PROPN
cblr-8637	502	4	.	.	PROPN
cblr-8637	503	1	8/21/2021	8/21/2021	NUM
cblr-8637	503	2	1:44	1:44	NUM
cblr-8637	503	3	pm	pm	NOUN
cblr-8637	503	4	no	no	INTJ
cblr-8637	503	5	.	.	PUNCT
cblr-8637	504	1	2:714	2:714	NUM
cblr-8637	504	2	]	]	X
cblr-8637	504	3	the	the	DET
cblr-8637	504	4	need	need	NOUN
cblr-8637	504	5	for	for	ADP
cblr-8637	504	6	a	a	DET
cblr-8637	504	7	comprehensive	comprehensive	ADJ
cblr-8637	504	8	approach	approach	NOUN
cblr-8637	504	9	745	745	NUM
cblr-8637	504	10	either	either	CCONJ
cblr-8637	504	11	the	the	DET
cblr-8637	504	12	registration	registration	NOUN
cblr-8637	504	13	statement	statement	NOUN
cblr-8637	504	14	or	or	CCONJ
cblr-8637	504	15	the	the	DET
cblr-8637	504	16	offering	offering	NOUN
cblr-8637	504	17	being	be	AUX
cblr-8637	504	18	undersubscribed.127	undersubscribed.127	NOUN
cblr-8637	504	19	this	this	DET
cblr-8637	504	20	expansion	expansion	NOUN
cblr-8637	504	21	of	of	ADP
cblr-8637	504	22	“	"	PUNCT
cblr-8637	504	23	testing	testing	NOUN
cblr-8637	504	24	-	-	PUNCT
cblr-8637	504	25	the	the	DET
cblr-8637	504	26	-	-	PUNCT
cblr-8637	504	27	waters	water	NOUN
cblr-8637	504	28	”	"	PUNCT
cblr-8637	504	29	enabled	enable	VERB
cblr-8637	504	30	all	all	DET
cblr-8637	504	31	companies	company	NOUN
cblr-8637	504	32	,	,	PUNCT
cblr-8637	504	33	whether	whether	SCONJ
cblr-8637	504	34	for	for	ADP
cblr-8637	504	35	an	an	DET
cblr-8637	504	36	initial	initial	ADJ
cblr-8637	504	37	offering	offering	NOUN
cblr-8637	504	38	or	or	CCONJ
cblr-8637	504	39	a	a	DET
cblr-8637	504	40	follow	follow	VERB
cblr-8637	504	41	-	-	PUNCT
cblr-8637	504	42	on	on	ADP
cblr-8637	504	43	offering	offering	NOUN
cblr-8637	504	44	,	,	PUNCT
cblr-8637	504	45	“	"	PUNCT
cblr-8637	504	46	to	to	PART
cblr-8637	504	47	gauge	gauge	VERB
cblr-8637	504	48	sentiment	sentiment	NOUN
cblr-8637	504	49	from	from	ADP
cblr-8637	504	50	institutional	institutional	ADJ
cblr-8637	504	51	investors	investor	NOUN
cblr-8637	504	52	regarding	regard	VERB
cblr-8637	504	53	the	the	DET
cblr-8637	504	54	potential	potential	ADJ
cblr-8637	504	55	offering	offering	NOUN
cblr-8637	504	56	”	"	PUNCT
cblr-8637	504	57	and	and	CCONJ
cblr-8637	504	58	“	"	PUNCT
cblr-8637	504	59	gain	gain	VERB
cblr-8637	504	60	a	a	DET
cblr-8637	504	61	better	well	ADJ
cblr-8637	504	62	sense	sense	NOUN
cblr-8637	504	63	of	of	ADP
cblr-8637	504	64	whether	whether	SCONJ
cblr-8637	504	65	the	the	DET
cblr-8637	504	66	market	market	NOUN
cblr-8637	504	67	will	will	AUX
cblr-8637	504	68	support	support	VERB
cblr-8637	504	69	their	their	PRON
cblr-8637	504	70	offerings	offering	NOUN
cblr-8637	504	71	.	.	PUNCT
cblr-8637	504	72	”128	”128	PUNCT
cblr-8637	505	1	therefore	therefore	ADV
cblr-8637	505	2	,	,	PUNCT
cblr-8637	505	3	companies	company	NOUN
cblr-8637	505	4	could	could	AUX
cblr-8637	505	5	assess	assess	VERB
cblr-8637	505	6	whether	whether	SCONJ
cblr-8637	505	7	their	their	PRON
cblr-8637	505	8	offerings	offering	NOUN
cblr-8637	505	9	would	would	AUX
cblr-8637	505	10	be	be	AUX
cblr-8637	505	11	successful	successful	ADJ
cblr-8637	505	12	before	before	ADP
cblr-8637	505	13	incurring	incur	VERB
cblr-8637	505	14	the	the	DET
cblr-8637	505	15	significant	significant	ADJ
cblr-8637	505	16	costs	cost	NOUN
cblr-8637	505	17	associated	associate	VERB
cblr-8637	505	18	with	with	ADP
cblr-8637	505	19	filing	file	VERB
cblr-8637	505	20	a	a	DET
cblr-8637	505	21	registration	registration	NOUN
cblr-8637	505	22	statement.129	statement.129	PROPN
cblr-8637	505	23	although	although	SCONJ
cblr-8637	505	24	confidential	confidential	ADJ
cblr-8637	505	25	filing	filing	NOUN
cblr-8637	505	26	and	and	CCONJ
cblr-8637	505	27	“	"	PUNCT
cblr-8637	505	28	testing	testing	NOUN
cblr-8637	505	29	-	-	PUNCT
cblr-8637	505	30	the	the	DET
cblr-8637	505	31	-	-	PUNCT
cblr-8637	505	32	waters	water	NOUN
cblr-8637	505	33	”	"	PUNCT
cblr-8637	505	34	aimed	aim	VERB
cblr-8637	505	35	to	to	PART
cblr-8637	505	36	promote	promote	VERB
cblr-8637	505	37	ipos	ipos	NOUN
cblr-8637	505	38	,	,	PUNCT
cblr-8637	505	39	other	other	ADJ
cblr-8637	505	40	provisions	provision	NOUN
cblr-8637	505	41	in	in	ADP
cblr-8637	505	42	the	the	DET
cblr-8637	505	43	jobs	job	NOUN
cblr-8637	505	44	act	act	VERB
cblr-8637	505	45	and	and	CCONJ
cblr-8637	505	46	subsequent	subsequent	ADJ
cblr-8637	505	47	proposals	proposal	NOUN
cblr-8637	505	48	likely	likely	ADV
cblr-8637	505	49	encouraged	encourage	VERB
cblr-8637	505	50	private	private	ADJ
cblr-8637	505	51	market	market	NOUN
cblr-8637	505	52	growth	growth	NOUN
cblr-8637	505	53	by	by	ADP
cblr-8637	505	54	loosening	loosen	VERB
cblr-8637	505	55	the	the	DET
cblr-8637	505	56	rules	rule	NOUN
cblr-8637	505	57	around	around	ADP
cblr-8637	505	58	private	private	ADJ
cblr-8637	505	59	offerings	offering	NOUN
cblr-8637	505	60	and	and	CCONJ
cblr-8637	505	61	increasing	increase	VERB
cblr-8637	505	62	the	the	DET
cblr-8637	505	63	number	number	NOUN
cblr-8637	505	64	of	of	ADP
cblr-8637	505	65	investors	investor	NOUN
cblr-8637	505	66	a	a	DET
cblr-8637	505	67	company	company	NOUN
cblr-8637	505	68	can	can	AUX
cblr-8637	505	69	have	have	VERB
cblr-8637	505	70	before	before	ADP
cblr-8637	505	71	being	be	AUX
cblr-8637	505	72	deemed	deem	VERB
cblr-8637	505	73	a	a	DET
cblr-8637	505	74	reporting	report	VERB
cblr-8637	505	75	company	company	NOUN
cblr-8637	505	76	under	under	ADP
cblr-8637	505	77	the	the	DET
cblr-8637	505	78	exchange	exchange	NOUN
cblr-8637	505	79	act.130	act.130	NOUN
cblr-8637	505	80	for	for	ADP
cblr-8637	505	81	example	example	NOUN
cblr-8637	505	82	,	,	PUNCT
cblr-8637	505	83	the	the	DET
cblr-8637	505	84	jobs	job	NOUN
cblr-8637	505	85	act	act	VERB
cblr-8637	505	86	amended	amend	VERB
cblr-8637	505	87	reg	reg	NUM
cblr-8637	505	88	d	d	NOUN
cblr-8637	505	89	to	to	PART
cblr-8637	505	90	permit	permit	VERB
cblr-8637	505	91	general	general	ADJ
cblr-8637	505	92	advertising	advertising	NOUN
cblr-8637	505	93	and	and	CCONJ
cblr-8637	505	94	the	the	DET
cblr-8637	505	95	solicitation	solicitation	NOUN
cblr-8637	505	96	of	of	ADP
cblr-8637	505	97	accredited	accredit	VERB
cblr-8637	505	98	investors	investor	NOUN
cblr-8637	505	99	in	in	ADP
cblr-8637	505	100	rule	rule	NOUN
cblr-8637	505	101	506(c	506(c	PROPN
cblr-8637	505	102	)	)	PUNCT
cblr-8637	505	103	private	private	ADJ
cblr-8637	505	104	placement	placement	NOUN
cblr-8637	505	105	offerings.131	offerings.131	X
cblr-8637	505	106	like	like	ADP
cblr-8637	505	107	“	"	PUNCT
cblr-8637	505	108	testing	test	VERB
cblr-8637	505	109	127	127	NUM
cblr-8637	505	110	see	see	NOUN
cblr-8637	506	1	i	i	PROPN
cblr-8637	506	2	d.	d.	PROPN
cblr-8637	506	3	128	128	NUM
cblr-8637	507	1	i	i	PROPN
cblr-8637	507	2	d.	d.	PROPN
cblr-8637	507	3	129	129	NUM
cblr-8637	507	4	companies	company	NOUN
cblr-8637	507	5	like	like	ADP
cblr-8637	507	6	uber	uber	NOUN
cblr-8637	507	7	and	and	CCONJ
cblr-8637	507	8	lyft	lyft	NOUN
cblr-8637	507	9	had	have	VERB
cblr-8637	507	10	drops	drop	NOUN
cblr-8637	507	11	in	in	ADP
cblr-8637	507	12	share	share	NOUN
cblr-8637	507	13	price	price	NOUN
cblr-8637	507	14	following	follow	VERB
cblr-8637	507	15	their	their	PRON
cblr-8637	507	16	ipos	ipos	NOUN
cblr-8637	507	17	,	,	PUNCT
cblr-8637	507	18	and	and	CCONJ
cblr-8637	507	19	wework	wework	NOUN
cblr-8637	507	20	cancelled	cancel	VERB
cblr-8637	507	21	its	its	PRON
cblr-8637	507	22	ipo	ipo	NOUN
cblr-8637	507	23	in	in	ADP
cblr-8637	507	24	a	a	DET
cblr-8637	507	25	very	very	ADV
cblr-8637	507	26	public	public	ADJ
cblr-8637	507	27	fashion	fashion	NOUN
cblr-8637	507	28	.	.	PUNCT
cblr-8637	508	1	some	some	PRON
cblr-8637	508	2	note	note	VERB
cblr-8637	508	3	that	that	SCONJ
cblr-8637	508	4	if	if	SCONJ
cblr-8637	508	5	“	"	PUNCT
cblr-8637	508	6	testing	testing	NOUN
cblr-8637	508	7	-	-	PUNCT
cblr-8637	508	8	the	the	DET
cblr-8637	508	9	-	-	PUNCT
cblr-8637	508	10	waters	water	NOUN
cblr-8637	508	11	”	"	PUNCT
cblr-8637	508	12	had	have	AUX
cblr-8637	508	13	been	be	AUX
cblr-8637	508	14	in	in	ADP
cblr-8637	508	15	effect	effect	NOUN
cblr-8637	508	16	for	for	ADP
cblr-8637	508	17	non	non	ADJ
cblr-8637	508	18	-	-	ADJ
cblr-8637	508	19	ecgs	ecgs	ADJ
cblr-8637	508	20	,	,	PUNCT
cblr-8637	508	21	such	such	ADJ
cblr-8637	508	22	companies	company	NOUN
cblr-8637	508	23	could	could	AUX
cblr-8637	508	24	have	have	AUX
cblr-8637	508	25	benefited	benefit	VERB
cblr-8637	508	26	from	from	ADP
cblr-8637	508	27	“	"	PUNCT
cblr-8637	508	28	testing	testing	NOUN
cblr-8637	508	29	-	-	PUNCT
cblr-8637	508	30	the	the	DET
cblr-8637	508	31	-	-	PUNCT
cblr-8637	508	32	waters	water	NOUN
cblr-8637	508	33	”	"	PUNCT
cblr-8637	508	34	to	to	ADP
cblr-8637	508	35	either	either	CCONJ
cblr-8637	508	36	more	more	ADV
cblr-8637	508	37	successfully	successfully	ADV
cblr-8637	508	38	price	price	VERB
cblr-8637	508	39	their	their	PRON
cblr-8637	508	40	ipos	ipos	NOUN
cblr-8637	508	41	or	or	CCONJ
cblr-8637	508	42	to	to	PART
cblr-8637	508	43	gauge	gauge	VERB
cblr-8637	508	44	potential	potential	ADJ
cblr-8637	508	45	downfalls	downfall	NOUN
cblr-8637	508	46	of	of	ADP
cblr-8637	508	47	an	an	DET
cblr-8637	508	48	ipo	ipo	NOUN
cblr-8637	508	49	before	before	ADP
cblr-8637	508	50	communicating	communicate	VERB
cblr-8637	508	51	it	it	PRON
cblr-8637	508	52	publicly	publicly	ADV
cblr-8637	508	53	.	.	PUNCT
cblr-8637	509	1	i	i	PRON
cblr-8637	509	2	d.	d.	PROPN
cblr-8637	509	3	130	130	NUM
cblr-8637	509	4	see	see	VERB
cblr-8637	509	5	anna	anna	PROPN
cblr-8637	509	6	t.	t.	PROPN
cblr-8637	509	7	pinedo	pinedo	PROPN
cblr-8637	509	8	&	&	CCONJ
cblr-8637	509	9	david	david	PROPN
cblr-8637	509	10	lynn	lynn	PROPN
cblr-8637	509	11	,	,	PUNCT
cblr-8637	509	12	a	a	DET
cblr-8637	509	13	quick	quick	ADJ
cblr-8637	509	14	guide	guide	NOUN
cblr-8637	509	15	to	to	ADP
cblr-8637	509	16	the	the	DET
cblr-8637	509	17	jobs	job	NOUN
cblr-8637	509	18	act	act	VERB
cblr-8637	509	19	1	1	NUM
cblr-8637	509	20	,	,	PUNCT
cblr-8637	509	21	4	4	NUM
cblr-8637	509	22	tbl.exchange	tbl.exchange	NOUN
cblr-8637	509	23	act	act	NOUN
cblr-8637	509	24	thresholds	threshold	NOUN
cblr-8637	509	25	(	(	PUNCT
cblr-8637	509	26	2012	2012	NUM
cblr-8637	509	27	)	)	PUNCT
cblr-8637	509	28	,	,	PUNCT
cblr-8637	509	29	https://media2.mofo.com	https://media2.mofo.com	X
cblr-8637	509	30	/documents/120416	/documents/120416	PROPN
cblr-8637	509	31	-	-	PUNCT
cblr-8637	509	32	pli	pli	NOUN
cblr-8637	509	33	-	-	PUNCT
cblr-8637	509	34	quick	quick	ADJ
cblr-8637	509	35	-	-	PUNCT
cblr-8637	509	36	guide	guide	NOUN
cblr-8637	509	37	-	-	PUNCT
cblr-8637	509	38	jobs	job	NOUN
cblr-8637	509	39	-	-	PUNCT
cblr-8637	509	40	act.pdf	act.pdf	NOUN
cblr-8637	509	41	[	[	X
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cblr-8637	509	44	.	.	PUNCT
cblr-8637	510	1	in	in	ADP
cblr-8637	510	2	order	order	NOUN
cblr-8637	510	3	to	to	PART
cblr-8637	510	4	be	be	AUX
cblr-8637	510	5	permitted	permit	VERB
cblr-8637	510	6	to	to	PART
cblr-8637	510	7	make	make	VERB
cblr-8637	510	8	general	general	ADJ
cblr-8637	510	9	solicitations	solicitation	NOUN
cblr-8637	510	10	,	,	PUNCT
cblr-8637	510	11	however	however	ADV
cblr-8637	510	12	,	,	PUNCT
cblr-8637	510	13	the	the	DET
cblr-8637	510	14	issuer	issuer	NOUN
cblr-8637	510	15	must	must	AUX
cblr-8637	510	16	verify	verify	VERB
cblr-8637	510	17	that	that	SCONJ
cblr-8637	510	18	purchasers	purchaser	NOUN
cblr-8637	510	19	(	(	PUNCT
cblr-8637	510	20	not	not	PART
cblr-8637	510	21	offerees	offeree	NOUN
cblr-8637	510	22	)	)	PUNCT
cblr-8637	510	23	are	be	AUX
cblr-8637	510	24	all	all	PRON
cblr-8637	510	25	accredited	accredited	ADJ
cblr-8637	510	26	investors	investor	NOUN
cblr-8637	510	27	.	.	PUNCT
cblr-8637	511	1	i	i	PRON
cblr-8637	511	2	d.	d.	PROPN
cblr-8637	511	3	at	at	ADP
cblr-8637	511	4	5	5	NUM
cblr-8637	511	5	.	.	X
cblr-8637	511	6	131	131	NUM
cblr-8637	512	1	i	i	PROPN
cblr-8637	512	2	d.	d.	PROPN
cblr-8637	512	3	;	;	PUNCT
cblr-8637	512	4	see	see	AUX
cblr-8637	512	5	also	also	ADV
cblr-8637	512	6	raffi	raffi	PROPN
cblr-8637	512	7	garnighian	garnighian	PROPN
cblr-8637	512	8	,	,	PUNCT
cblr-8637	512	9	gonzalo	gonzalo	PROPN
cblr-8637	512	10	go	go	PROPN
cblr-8637	512	11	&	&	CCONJ
cblr-8637	512	12	anna	anna	PROPN
cblr-8637	512	13	pinedo	pinedo	PROPN
cblr-8637	512	14	,	,	PUNCT
cblr-8637	512	15	mayer	mayer	PROPN
cblr-8637	512	16	brown	brown	PROPN
cblr-8637	512	17	,	,	PUNCT
cblr-8637	512	18	general	general	ADJ
cblr-8637	512	19	solicitation	solicitation	NOUN
cblr-8637	512	20	and	and	CCONJ
cblr-8637	512	21	general	general	ADJ
cblr-8637	512	22	advertising	advertising	NOUN
cblr-8637	512	23	1	1	NUM
cblr-8637	512	24	(	(	PUNCT
cblr-8637	512	25	2019	2019	NUM
cblr-8637	512	26	)	)	PUNCT
cblr-8637	512	27	,	,	PUNCT
cblr-8637	512	28	https://www.mayerbrown.com/-/media/files/perspectivesevents/publications/2019/08/on-point—general-solicitation.pdf	https://www.mayerbrown.com/-/media/files/perspectivesevents/publications/2019/08/on-point—general-solicitation.pdf	VERB
cblr-8637	512	29	[	[	X
cblr-8637	512	30	https://perma.cc/gku2-wk4s	https://perma.cc/gku2-wk4s	NOUN
cblr-8637	512	31	]	]	X
cblr-8637	512	32	.	.	PUNCT
cblr-8637	513	1	neither	neither	CCONJ
cblr-8637	513	2	the	the	DET
cblr-8637	513	3	commission	commission	NOUN
cblr-8637	513	4	nor	nor	CCONJ
cblr-8637	513	5	the	the	DET
cblr-8637	513	6	jobs	job	NOUN
cblr-8637	513	7	act	act	VERB
cblr-8637	513	8	define	define	VERB
cblr-8637	513	9	what	what	PRON
cblr-8637	513	10	constitutes	constitute	VERB
cblr-8637	513	11	general	general	ADJ
cblr-8637	513	12	solicitation	solicitation	NOUN
cblr-8637	513	13	.	.	PUNCT
cblr-8637	514	1	i	i	PRON
cblr-8637	514	2	d.	d.	PROPN
cblr-8637	514	3	however	however	ADV
cblr-8637	514	4	,	,	PUNCT
cblr-8637	514	5	rule	rule	NOUN
cblr-8637	514	6	502(c	502(c	NOUN
cblr-8637	514	7	)	)	PUNCT
cblr-8637	514	8	provides	provide	VERB
cblr-8637	514	9	that	that	SCONJ
cblr-8637	514	10	the	the	DET
cblr-8637	514	11	following	following	NOUN
cblr-8637	514	12	may	may	AUX
cblr-8637	514	13	constitute	constitute	VERB
cblr-8637	514	14	general	general	ADJ
cblr-8637	514	15	solicitation	solicitation	NOUN
cblr-8637	514	16	:	:	PUNCT
cblr-8637	514	17	“	"	PUNCT
cblr-8637	514	18	(	(	PUNCT
cblr-8637	514	19	1	1	NUM
cblr-8637	514	20	)	)	PUNCT
cblr-8637	514	21	‘	'	PUNCT
cblr-8637	514	22	any	any	DET
cblr-8637	514	23	advertisement	advertisement	NOUN
cblr-8637	514	24	,	,	PUNCT
cblr-8637	514	25	article	article	NOUN
cblr-8637	514	26	,	,	PUNCT
cblr-8637	514	27	notice	notice	NOUN
cblr-8637	514	28	or	or	CCONJ
cblr-8637	514	29	other	other	ADJ
cblr-8637	514	30	communication	communication	NOUN
cblr-8637	514	31	published	publish	VERB
cblr-8637	514	32	in	in	ADP
cblr-8637	514	33	any	any	DET
cblr-8637	514	34	newspaper	newspaper	NOUN
cblr-8637	514	35	,	,	PUNCT
cblr-8637	514	36	magazine	magazine	NOUN
cblr-8637	514	37	,	,	PUNCT
cblr-8637	514	38	or	or	CCONJ
cblr-8637	514	39	similar	similar	ADJ
cblr-8637	514	40	media	medium	NOUN
cblr-8637	514	41	or	or	CCONJ
cblr-8637	514	42	broadcast	broadcast	VERB
cblr-8637	514	43	over	over	ADP
cblr-8637	514	44	television	television	NOUN
cblr-8637	514	45	or	or	CCONJ
cblr-8637	514	46	radio	radio	NOUN
cblr-8637	514	47	’	'	PUNCT
cblr-8637	514	48	greene	greene	PROPN
cblr-8637	514	49	et	et	PROPN
cblr-8637	514	50	al	al	PROPN
cblr-8637	514	51	.	.	PROPN
cblr-8637	515	1	8/21/2021	8/21/2021	NUM
cblr-8637	515	2	1:44	1:44	NUM
cblr-8637	515	3	pm	pm	NOUN
cblr-8637	515	4	746	746	NUM
cblr-8637	515	5	columbia	columbia	PROPN
cblr-8637	515	6	business	business	NOUN
cblr-8637	515	7	law	law	PROPN
cblr-8637	515	8	review	review	NOUN
cblr-8637	515	9	[	[	X
cblr-8637	515	10	vol	vol	NOUN
cblr-8637	515	11	.	.	PUNCT
cblr-8637	515	12	2021	2021	NUM
cblr-8637	515	13	the	the	DET
cblr-8637	515	14	-	-	PUNCT
cblr-8637	515	15	waters	water	NOUN
cblr-8637	515	16	,	,	PUNCT
cblr-8637	515	17	”	"	PUNCT
cblr-8637	515	18	this	this	DET
cblr-8637	515	19	development	development	NOUN
cblr-8637	515	20	allowed	allow	VERB
cblr-8637	515	21	issuers	issuer	NOUN
cblr-8637	515	22	to	to	PART
cblr-8637	515	23	gauge	gauge	VERB
cblr-8637	515	24	interest	interest	NOUN
cblr-8637	515	25	in	in	ADP
cblr-8637	515	26	offerings	offering	NOUN
cblr-8637	515	27	before	before	SCONJ
cblr-8637	515	28	significant	significant	ADJ
cblr-8637	515	29	expenses	expense	NOUN
cblr-8637	515	30	were	be	AUX
cblr-8637	515	31	incurred	incur	VERB
cblr-8637	515	32	,	,	PUNCT
cblr-8637	515	33	a	a	DET
cblr-8637	515	34	feat	feat	NOUN
cblr-8637	515	35	that	that	PRON
cblr-8637	515	36	was	be	AUX
cblr-8637	515	37	not	not	PART
cblr-8637	515	38	previously	previously	ADV
cblr-8637	515	39	possible.132	possible.132	VERB
cblr-8637	515	40	issuers	issuer	NOUN
cblr-8637	515	41	have	have	AUX
cblr-8637	515	42	likely	likely	ADV
cblr-8637	515	43	taken	take	VERB
cblr-8637	515	44	advantage	advantage	NOUN
cblr-8637	515	45	of	of	ADP
cblr-8637	515	46	this	this	DET
cblr-8637	515	47	provision	provision	NOUN
cblr-8637	515	48	by	by	ADP
cblr-8637	515	49	utilizing	utilize	VERB
cblr-8637	515	50	the	the	DET
cblr-8637	515	51	internet	internet	NOUN
cblr-8637	515	52	to	to	PART
cblr-8637	515	53	further	far	ADV
cblr-8637	515	54	expand	expand	VERB
cblr-8637	515	55	their	their	PRON
cblr-8637	515	56	ability	ability	NOUN
cblr-8637	515	57	to	to	PART
cblr-8637	515	58	reach	reach	VERB
cblr-8637	515	59	investors	investor	NOUN
cblr-8637	515	60	and	and	CCONJ
cblr-8637	515	61	gauge	gauge	VERB
cblr-8637	515	62	interest.133	interest.133	PRON
cblr-8637	515	63	after	after	ADP
cblr-8637	515	64	lobbying	lobby	VERB
cblr-8637	515	65	from	from	ADP
cblr-8637	515	66	tech	tech	NOUN
cblr-8637	515	67	companies	company	NOUN
cblr-8637	515	68	,	,	PUNCT
cblr-8637	515	69	the	the	DET
cblr-8637	515	70	jobs	job	NOUN
cblr-8637	515	71	act	act	VERB
cblr-8637	515	72	also	also	ADV
cblr-8637	515	73	increased	increase	VERB
cblr-8637	515	74	the	the	DET
cblr-8637	515	75	cap	cap	NOUN
cblr-8637	515	76	on	on	ADP
cblr-8637	515	77	the	the	DET
cblr-8637	515	78	number	number	NOUN
cblr-8637	515	79	of	of	ADP
cblr-8637	515	80	shareholders	shareholder	NOUN
cblr-8637	515	81	that	that	PRON
cblr-8637	515	82	would	would	AUX
cblr-8637	515	83	automatically	automatically	ADV
cblr-8637	515	84	push	push	VERB
cblr-8637	515	85	an	an	DET
cblr-8637	515	86	issuer	issuer	NOUN
cblr-8637	515	87	into	into	ADP
cblr-8637	515	88	becoming	become	VERB
cblr-8637	515	89	a	a	DET
cblr-8637	515	90	reporting	reporting	NOUN
cblr-8637	515	91	company.134	company.134	NOUN
cblr-8637	515	92	previously	previously	ADV
cblr-8637	515	93	,	,	PUNCT
cblr-8637	515	94	private	private	ADJ
cblr-8637	515	95	companies	company	NOUN
cblr-8637	515	96	with	with	ADP
cblr-8637	515	97	assets	asset	NOUN
cblr-8637	515	98	of	of	ADP
cblr-8637	515	99	over	over	ADP
cblr-8637	515	100	$	$	SYM
cblr-8637	515	101	10	10	NUM
cblr-8637	515	102	million	million	NUM
cblr-8637	515	103	became	become	VERB
cblr-8637	515	104	reporting	report	VERB
cblr-8637	515	105	companies	company	NOUN
cblr-8637	515	106	once	once	SCONJ
cblr-8637	515	107	they	they	PRON
cblr-8637	515	108	had	have	VERB
cblr-8637	515	109	over	over	ADP
cblr-8637	515	110	500	500	NUM
cblr-8637	515	111	shareholders	shareholder	NOUN
cblr-8637	515	112	on	on	ADP
cblr-8637	515	113	record	record	NOUN
cblr-8637	515	114	.	.	PUNCT
cblr-8637	516	1	the	the	DET
cblr-8637	516	2	jobs	job	NOUN
cblr-8637	516	3	act	act	VERB
cblr-8637	516	4	adjusted	adjust	VERB
cblr-8637	516	5	this	this	DET
cblr-8637	516	6	number	number	NOUN
cblr-8637	516	7	upwards	upwards	ADV
cblr-8637	516	8	to	to	ADP
cblr-8637	516	9	2,000	2,000	NUM
cblr-8637	516	10	holders	holder	NOUN
cblr-8637	516	11	of	of	ADP
cblr-8637	516	12	record	record	NOUN
cblr-8637	516	13	or	or	CCONJ
cblr-8637	516	14	500	500	NUM
cblr-8637	516	15	nonaccredited	nonaccredite	VERB
cblr-8637	516	16	investors	investor	NOUN
cblr-8637	516	17	,	,	PUNCT
cblr-8637	516	18	enabling	enable	VERB
cblr-8637	516	19	companies	company	NOUN
cblr-8637	516	20	to	to	PART
cblr-8637	516	21	delay	delay	VERB
cblr-8637	516	22	ipos	ipos	NOUN
cblr-8637	516	23	for	for	ADP
cblr-8637	516	24	longer	long	ADJ
cblr-8637	516	25	periods	period	NOUN
cblr-8637	516	26	of	of	ADP
cblr-8637	516	27	time	time	NOUN
cblr-8637	516	28	before	before	ADP
cblr-8637	516	29	creeping	creep	VERB
cblr-8637	516	30	public.135	public.135	NOUN
cblr-8637	516	31	more	more	ADV
cblr-8637	516	32	recently	recently	ADV
cblr-8637	516	33	,	,	PUNCT
cblr-8637	516	34	on	on	ADP
cblr-8637	516	35	november	november	PROPN
cblr-8637	516	36	2	2	NUM
cblr-8637	516	37	,	,	PUNCT
cblr-8637	516	38	2020	2020	NUM
cblr-8637	516	39	,	,	PUNCT
cblr-8637	516	40	the	the	DET
cblr-8637	516	41	sec	sec	PROPN
cblr-8637	516	42	announced	announce	VERB
cblr-8637	516	43	a	a	DET
cblr-8637	516	44	set	set	NOUN
cblr-8637	516	45	of	of	ADP
cblr-8637	516	46	amendments	amendment	NOUN
cblr-8637	516	47	to	to	PART
cblr-8637	516	48	“	"	PUNCT
cblr-8637	516	49	harmonize	harmonize	VERB
cblr-8637	516	50	,	,	PUNCT
cblr-8637	516	51	simplify	simplify	ADJ
cblr-8637	516	52	,	,	PUNCT
cblr-8637	516	53	and	and	CCONJ
cblr-8637	516	54	improve	improve	VERB
cblr-8637	516	55	the	the	DET
cblr-8637	516	56	multilayer	multilayer	NOUN
cblr-8637	516	57	and	and	CCONJ
cblr-8637	516	58	overly	overly	ADV
cblr-8637	516	59	complex	complex	ADJ
cblr-8637	516	60	exempt	exempt	ADJ
cblr-8637	516	61	offering	offering	NOUN
cblr-8637	516	62	framework	framework	NOUN
cblr-8637	516	63	.	.	PUNCT
cblr-8637	516	64	”136	”136	PUNCT
cblr-8637	517	1	an	an	DET
cblr-8637	517	2	overarching	overarching	ADJ
cblr-8637	517	3	goal	goal	NOUN
cblr-8637	517	4	of	of	ADP
cblr-8637	517	5	the	the	DET
cblr-8637	517	6	proposal	proposal	NOUN
cblr-8637	517	7	,	,	PUNCT
cblr-8637	517	8	since	since	SCONJ
cblr-8637	517	9	adopted	adopt	VERB
cblr-8637	517	10	and	and	CCONJ
cblr-8637	517	11	(	(	PUNCT
cblr-8637	517	12	2	2	NUM
cblr-8637	517	13	)	)	PUNCT
cblr-8637	517	14	‘	'	PUNCT
cblr-8637	517	15	any	any	DET
cblr-8637	517	16	seminar	seminar	NOUN
cblr-8637	517	17	or	or	CCONJ
cblr-8637	517	18	meetings	meeting	NOUN
cblr-8637	517	19	whose	whose	DET
cblr-8637	517	20	attendees	attendee	NOUN
cblr-8637	517	21	have	have	AUX
cblr-8637	517	22	been	be	AUX
cblr-8637	517	23	invited	invite	VERB
cblr-8637	517	24	by	by	ADP
cblr-8637	517	25	any	any	DET
cblr-8637	517	26	general	general	ADJ
cblr-8637	517	27	solicitation	solicitation	NOUN
cblr-8637	517	28	or	or	CCONJ
cblr-8637	517	29	general	general	ADJ
cblr-8637	517	30	advertising	advertising	NOUN
cblr-8637	517	31	.	.	PUNCT
cblr-8637	517	32	’	'	PUNCT
cblr-8637	517	33	”	"	PUNCT
cblr-8637	518	1	i	i	PRON
cblr-8637	518	2	d.	d.	PROPN
cblr-8637	518	3	(	(	PUNCT
cblr-8637	518	4	quoting	quote	VERB
cblr-8637	518	5	17	17	NUM
cblr-8637	518	6	c.f.r	c.f.r	NOUN
cblr-8637	518	7	.	.	PUNCT
cblr-8637	519	1	230.502(c	230.502(c	NUM
cblr-8637	519	2	)	)	PUNCT
cblr-8637	519	3	(	(	PUNCT
cblr-8637	519	4	2019	2019	NUM
cblr-8637	519	5	)	)	PUNCT
cblr-8637	519	6	)	)	PUNCT
cblr-8637	519	7	.	.	PUNCT
cblr-8637	520	1	the	the	DET
cblr-8637	520	2	commission	commission	NOUN
cblr-8637	520	3	has	have	AUX
cblr-8637	520	4	provided	provide	VERB
cblr-8637	520	5	additional	additional	ADJ
cblr-8637	520	6	guidance	guidance	NOUN
cblr-8637	520	7	through	through	ADP
cblr-8637	520	8	no	no	DET
cblr-8637	520	9	-	-	PUNCT
cblr-8637	520	10	action	action	NOUN
cblr-8637	520	11	letters	letter	NOUN
cblr-8637	520	12	over	over	ADP
cblr-8637	520	13	the	the	DET
cblr-8637	520	14	past	past	ADJ
cblr-8637	520	15	40	40	NUM
cblr-8637	520	16	years	year	NOUN
cblr-8637	520	17	.	.	PUNCT
cblr-8637	521	1	i	i	PRON
cblr-8637	521	2	d.	d.	NOUN
cblr-8637	521	3	132	132	NUM
cblr-8637	521	4	cf	cf	NOUN
cblr-8637	521	5	.	.	PUNCT
cblr-8637	522	1	garnighian	garnighian	PROPN
cblr-8637	522	2	et	et	PROPN
cblr-8637	522	3	al	al	PROPN
cblr-8637	522	4	.	.	PROPN
cblr-8637	522	5	,	,	PUNCT
cblr-8637	522	6	supra	supra	PROPN
cblr-8637	522	7	note	note	PROPN
cblr-8637	522	8	131	131	NUM
cblr-8637	522	9	,	,	PUNCT
cblr-8637	522	10	at	at	ADP
cblr-8637	522	11	1	1	NUM
cblr-8637	522	12	(	(	PUNCT
cblr-8637	522	13	describing	describe	VERB
cblr-8637	522	14	the	the	DET
cblr-8637	522	15	capital	capital	NOUN
cblr-8637	522	16	formation	formation	NOUN
cblr-8637	522	17	goals	goal	NOUN
cblr-8637	522	18	of	of	ADP
cblr-8637	522	19	the	the	DET
cblr-8637	522	20	reform	reform	NOUN
cblr-8637	522	21	)	)	PUNCT
cblr-8637	522	22	.	.	PUNCT
cblr-8637	523	1	133	133	NUM
cblr-8637	523	2	see	see	VERB
cblr-8637	523	3	i	i	PRON
cblr-8637	523	4	d.	d.	PROPN
cblr-8637	523	5	at	at	ADP
cblr-8637	523	6	3	3	NUM
cblr-8637	523	7	,	,	PUNCT
cblr-8637	523	8	6–7	6–7	NUM
cblr-8637	523	9	.	.	PUNCT
cblr-8637	524	1	the	the	DET
cblr-8637	524	2	commission	commission	NOUN
cblr-8637	524	3	has	have	AUX
cblr-8637	524	4	confirmed	confirm	VERB
cblr-8637	524	5	that	that	SCONJ
cblr-8637	524	6	electronic	electronic	ADJ
cblr-8637	524	7	media	medium	NOUN
cblr-8637	524	8	may	may	AUX
cblr-8637	524	9	be	be	AUX
cblr-8637	524	10	used	use	VERB
cblr-8637	524	11	to	to	PART
cblr-8637	524	12	gauge	gauge	VERB
cblr-8637	524	13	investor	investor	NOUN
cblr-8637	524	14	suitability	suitability	NOUN
cblr-8637	524	15	before	before	ADP
cblr-8637	524	16	presenting	present	VERB
cblr-8637	524	17	an	an	DET
cblr-8637	524	18	investment	investment	NOUN
cblr-8637	524	19	opportunity	opportunity	NOUN
cblr-8637	524	20	.	.	PUNCT
cblr-8637	525	1	i	i	PRON
cblr-8637	525	2	d.	d.	PROPN
cblr-8637	525	3	at	at	ADP
cblr-8637	525	4	7	7	NUM
cblr-8637	525	5	.	.	NUM
cblr-8637	525	6	134	134	NUM
cblr-8637	525	7	see	see	VERB
cblr-8637	525	8	paul	paul	PROPN
cblr-8637	525	9	sloan	sloan	PROPN
cblr-8637	525	10	,	,	PUNCT
cblr-8637	525	11	three	three	NUM
cblr-8637	525	12	reasons	reason	NOUN
cblr-8637	525	13	facebook	facebook	NOUN
cblr-8637	525	14	has	have	VERB
cblr-8637	525	15	to	to	PART
cblr-8637	525	16	go	go	VERB
cblr-8637	525	17	public	public	ADJ
cblr-8637	525	18	,	,	PUNCT
cblr-8637	525	19	cnet	cnet	PROPN
cblr-8637	525	20	(	(	PUNCT
cblr-8637	525	21	jan	jan	PROPN
cblr-8637	525	22	.	.	PROPN
cblr-8637	525	23	31	31	NUM
cblr-8637	525	24	,	,	PUNCT
cblr-8637	525	25	2012	2012	NUM
cblr-8637	525	26	,	,	PUNCT
cblr-8637	525	27	7:07	7:07	NUM
cblr-8637	525	28	am	am	NOUN
cblr-8637	525	29	)	)	PUNCT
cblr-8637	525	30	,	,	PUNCT
cblr-8637	525	31	https://www.cnet.com/news/three-reasonsfacebook-has-to-go-public/	https://www.cnet.com/news/three-reasonsfacebook-has-to-go-public/	PUNCT
cblr-8637	526	1	[	[	X
cblr-8637	526	2	https://perma.cc/b5n2-jthn	https://perma.cc/b5n2-jthn	NOUN
cblr-8637	526	3	]	]	PUNCT
cblr-8637	526	4	.	.	PUNCT
cblr-8637	527	1	135	135	NUM
cblr-8637	527	2	susan	susan	PROPN
cblr-8637	527	3	beblavi	beblavi	PROPN
cblr-8637	527	4	,	,	PUNCT
cblr-8637	527	5	note	note	VERB
cblr-8637	527	6	,	,	PUNCT
cblr-8637	527	7	jobs	job	NOUN
cblr-8637	527	8	act	act	VERB
cblr-8637	527	9	title	title	NOUN
cblr-8637	527	10	v	v	NOUN
cblr-8637	527	11	:	:	PUNCT
cblr-8637	527	12	raising	raise	VERB
cblr-8637	527	13	threshold	threshold	NOUN
cblr-8637	527	14	for	for	ADP
cblr-8637	527	15	registration	registration	NOUN
cblr-8637	527	16	,	,	PUNCT
cblr-8637	527	17	90	90	NUM
cblr-8637	527	18	denver	denver	PROPN
cblr-8637	527	19	l.	l.	PROPN
cblr-8637	527	20	rev	rev	PROPN
cblr-8637	527	21	.	.	PROPN
cblr-8637	528	1	online	online	PROPN
cblr-8637	528	2	63	63	NUM
cblr-8637	528	3	,	,	PUNCT
cblr-8637	528	4	65–68	65–68	NUM
cblr-8637	528	5	(	(	PUNCT
cblr-8637	528	6	2013	2013	NUM
cblr-8637	528	7	)	)	PUNCT
cblr-8637	528	8	.	.	PUNCT
cblr-8637	529	1	136	136	NUM
cblr-8637	529	2	press	press	NOUN
cblr-8637	529	3	release	release	NOUN
cblr-8637	529	4	,	,	PUNCT
cblr-8637	529	5	u.s	u.s	PROPN
cblr-8637	529	6	.	.	PROPN
cblr-8637	529	7	sec	sec	PROPN
cblr-8637	529	8	.	.	PROPN
cblr-8637	529	9	&	&	CCONJ
cblr-8637	529	10	exch	exch	PROPN
cblr-8637	529	11	.	.	PUNCT
cblr-8637	530	1	comm’n	comm’n	PROPN
cblr-8637	530	2	,	,	PUNCT
cblr-8637	530	3	sec	sec	PROPN
cblr-8637	530	4	harmonizes	harmonize	NOUN
cblr-8637	530	5	and	and	CCONJ
cblr-8637	530	6	improves	improve	VERB
cblr-8637	530	7	“	"	PUNCT
cblr-8637	530	8	patchwork	patchwork	NOUN
cblr-8637	530	9	”	"	PUNCT
cblr-8637	530	10	exempt	exempt	ADJ
cblr-8637	530	11	offering	offering	NOUN
cblr-8637	530	12	framework	framework	NOUN
cblr-8637	530	13	(	(	PUNCT
cblr-8637	530	14	nov	nov	PROPN
cblr-8637	530	15	.	.	PROPN
cblr-8637	530	16	2	2	NUM
cblr-8637	530	17	,	,	PUNCT
cblr-8637	530	18	2020	2020	NUM
cblr-8637	530	19	)	)	PUNCT
cblr-8637	530	20	,	,	PUNCT
cblr-8637	530	21	https://www.sec.gov/news/press-release/2020-273	https://www.sec.gov/news/press-release/2020-273	PROPN
cblr-8637	531	1	[	[	X
cblr-8637	531	2	https://perma.cc/kq9w3t2c	https://perma.cc/kq9w3t2c	X
cblr-8637	531	3	]	]	PUNCT
cblr-8637	531	4	.	.	PUNCT
cblr-8637	532	1	the	the	DET
cblr-8637	532	2	amendments	amendment	NOUN
cblr-8637	532	3	follow	follow	VERB
cblr-8637	532	4	changes	change	NOUN
cblr-8637	532	5	previously	previously	ADV
cblr-8637	532	6	proposed	propose	VERB
cblr-8637	532	7	in	in	ADP
cblr-8637	532	8	march	march	PROPN
cblr-8637	532	9	2020	2020	NUM
cblr-8637	532	10	.	.	PUNCT
cblr-8637	533	1	i	i	PRON
cblr-8637	533	2	d.	d.	PROPN
cblr-8637	533	3	greene	greene	PROPN
cblr-8637	533	4	et	et	PROPN
cblr-8637	533	5	al	al	PROPN
cblr-8637	533	6	.	.	PROPN
cblr-8637	534	1	8/21/2021	8/21/2021	NUM
cblr-8637	534	2	1:44	1:44	NUM
cblr-8637	534	3	pm	pm	NOUN
cblr-8637	534	4	no	no	INTJ
cblr-8637	534	5	.	.	PUNCT
cblr-8637	535	1	2:714	2:714	NUM
cblr-8637	535	2	]	]	X
cblr-8637	535	3	the	the	DET
cblr-8637	535	4	need	need	NOUN
cblr-8637	535	5	for	for	ADP
cblr-8637	535	6	a	a	DET
cblr-8637	535	7	comprehensive	comprehensive	ADJ
cblr-8637	535	8	approach	approach	NOUN
cblr-8637	535	9	747	747	NUM
cblr-8637	535	10	“	"	PUNCT
cblr-8637	535	11	substantially	substantially	ADV
cblr-8637	535	12	as	as	SCONJ
cblr-8637	535	13	proposed,”137	proposed,”137	NOUN
cblr-8637	535	14	is	be	AUX
cblr-8637	535	15	to	to	PART
cblr-8637	535	16	reduce	reduce	VERB
cblr-8637	535	17	the	the	DET
cblr-8637	535	18	complexity	complexity	NOUN
cblr-8637	535	19	of	of	ADP
cblr-8637	535	20	the	the	DET
cblr-8637	535	21	current	current	ADJ
cblr-8637	535	22	framework	framework	NOUN
cblr-8637	535	23	,	,	PUNCT
cblr-8637	535	24	“	"	PUNCT
cblr-8637	535	25	mak[ing	mak[ing	NOUN
cblr-8637	535	26	]	]	PUNCT
cblr-8637	535	27	certain	certain	ADJ
cblr-8637	535	28	unregistered	unregistered	ADJ
cblr-8637	535	29	private	private	ADJ
cblr-8637	535	30	offerings	offering	NOUN
cblr-8637	535	31	.	.	PUNCT
cblr-8637	535	32	.	.	PUNCT
cblr-8637	536	1	.	.	PUNCT
cblr-8637	537	1	more	more	ADV
cblr-8637	537	2	appealing	appealing	ADJ
cblr-8637	537	3	”	"	PUNCT
cblr-8637	537	4	for	for	ADP
cblr-8637	537	5	small	small	ADJ
cblr-8637	537	6	companies.138	companies.138	NOUN
cblr-8637	537	7	this	this	DET
cblr-8637	537	8	proposal	proposal	NOUN
cblr-8637	537	9	raises	raise	VERB
cblr-8637	537	10	the	the	DET
cblr-8637	537	11	amount	amount	NOUN
cblr-8637	537	12	of	of	ADP
cblr-8637	537	13	capital	capital	NOUN
cblr-8637	537	14	a	a	DET
cblr-8637	537	15	company	company	NOUN
cblr-8637	537	16	is	be	AUX
cblr-8637	537	17	permitted	permit	VERB
cblr-8637	537	18	to	to	PART
cblr-8637	537	19	raise	raise	VERB
cblr-8637	537	20	under	under	ADP
cblr-8637	537	21	various	various	ADJ
cblr-8637	537	22	exemptions	exemption	NOUN
cblr-8637	537	23	—	—	PUNCT
cblr-8637	537	24	specifically	specifically	ADV
cblr-8637	537	25	,	,	PUNCT
cblr-8637	537	26	from	from	ADP
cblr-8637	537	27	$	$	SYM
cblr-8637	537	28	5	5	NUM
cblr-8637	537	29	million	million	NUM
cblr-8637	537	30	to	to	PART
cblr-8637	537	31	$	$	SYM
cblr-8637	537	32	10	10	NUM
cblr-8637	537	33	million	million	NUM
cblr-8637	537	34	for	for	ADP
cblr-8637	537	35	rule	rule	NOUN
cblr-8637	537	36	504	504	NUM
cblr-8637	537	37	of	of	ADP
cblr-8637	537	38	reg	reg	NOUN
cblr-8637	537	39	d	d	PROPN
cblr-8637	537	40	,	,	PUNCT
cblr-8637	537	41	from	from	ADP
cblr-8637	537	42	$	$	SYM
cblr-8637	537	43	50	50	NUM
cblr-8637	537	44	million	million	NUM
cblr-8637	537	45	to	to	PART
cblr-8637	537	46	$	$	SYM
cblr-8637	537	47	75	75	NUM
cblr-8637	537	48	million	million	NUM
cblr-8637	537	49	for	for	ADP
cblr-8637	537	50	tier	tier	NOUN
cblr-8637	537	51	2	2	NUM
cblr-8637	537	52	of	of	ADP
cblr-8637	537	53	reg	reg	NOUN
cblr-8637	537	54	a	a	PRON
cblr-8637	537	55	,	,	PUNCT
cblr-8637	537	56	and	and	CCONJ
cblr-8637	537	57	from	from	ADP
cblr-8637	537	58	$	$	SYM
cblr-8637	537	59	1.07	1.07	NUM
cblr-8637	537	60	million	million	NUM
cblr-8637	537	61	to	to	PART
cblr-8637	537	62	$	$	SYM
cblr-8637	537	63	5	5	NUM
cblr-8637	537	64	million	million	NUM
cblr-8637	537	65	for	for	ADP
cblr-8637	537	66	regulation	regulation	NOUN
cblr-8637	537	67	crowdfunding.139	crowdfunding.139	ADJ
cblr-8637	537	68	it	it	PRON
cblr-8637	537	69	also	also	ADV
cblr-8637	537	70	permits	permit	VERB
cblr-8637	537	71	regulation	regulation	NOUN
cblr-8637	537	72	crowdfunding	crowdfunde	VERB
cblr-8637	537	73	issuers	issuer	NOUN
cblr-8637	537	74	to	to	PART
cblr-8637	537	75	“	"	PUNCT
cblr-8637	537	76	test	test	VERB
cblr-8637	537	77	-	-	PUNCT
cblr-8637	537	78	the	the	DET
cblr-8637	537	79	-	-	PUNCT
cblr-8637	537	80	waters	water	NOUN
cblr-8637	537	81	”	"	PUNCT
cblr-8637	537	82	prior	prior	ADV
cblr-8637	537	83	to	to	ADP
cblr-8637	537	84	filing	filing	NOUN
cblr-8637	537	85	with	with	ADP
cblr-8637	537	86	the	the	DET
cblr-8637	537	87	sec140	sec140	PROPN
cblr-8637	537	88	and	and	CCONJ
cblr-8637	537	89	amends	amend	VERB
cblr-8637	537	90	eligibility	eligibility	NOUN
cblr-8637	537	91	restrictions	restriction	NOUN
cblr-8637	537	92	on	on	ADP
cblr-8637	537	93	reg	reg	NOUN
cblr-8637	537	94	a+	a+	PUNCT
cblr-8637	537	95	and	and	CCONJ
cblr-8637	537	96	regulation	regulation	NOUN
cblr-8637	537	97	crowdfunding	crowdfunding	NOUN
cblr-8637	537	98	.	.	PUNCT
cblr-8637	538	1	specifically	specifically	ADV
cblr-8637	538	2	,	,	PUNCT
cblr-8637	538	3	it	it	PRON
cblr-8637	538	4	allows	allow	VERB
cblr-8637	538	5	special	special	ADJ
cblr-8637	538	6	purpose	purpose	NOUN
cblr-8637	538	7	vehicles	vehicle	NOUN
cblr-8637	538	8	to	to	PART
cblr-8637	538	9	be	be	AUX
cblr-8637	538	10	used	use	VERB
cblr-8637	538	11	when	when	SCONJ
cblr-8637	538	12	investing	invest	VERB
cblr-8637	538	13	in	in	ADP
cblr-8637	538	14	regulation	regulation	NOUN
cblr-8637	538	15	crowdfunding	crowdfunde	VERB
cblr-8637	538	16	issuers141	issuers141	PROPN
cblr-8637	538	17	and	and	CCONJ
cblr-8637	538	18	restricts	restrict	VERB
cblr-8637	538	19	companies	company	NOUN
cblr-8637	538	20	that	that	PRON
cblr-8637	538	21	have	have	AUX
cblr-8637	538	22	failed	fail	VERB
cblr-8637	538	23	to	to	PART
cblr-8637	538	24	file	file	VERB
cblr-8637	538	25	section	section	NOUN
cblr-8637	538	26	13	13	NUM
cblr-8637	538	27	or	or	CCONJ
cblr-8637	538	28	15(d	15(d	NUM
cblr-8637	538	29	)	)	PUNCT
cblr-8637	538	30	reports	report	NOUN
cblr-8637	538	31	under	under	ADP
cblr-8637	538	32	the	the	DET
cblr-8637	538	33	exchange	exchange	NOUN
cblr-8637	538	34	act	act	NOUN
cblr-8637	538	35	for	for	ADP
cblr-8637	538	36	two	two	NUM
cblr-8637	538	37	years	year	NOUN
cblr-8637	538	38	from	from	ADP
cblr-8637	538	39	reg	reg	NUM
cblr-8637	538	40	a	a	DET
cblr-8637	538	41	issuances.142	issuances.142	NOUN
cblr-8637	538	42	additionally	additionally	ADV
cblr-8637	538	43	,	,	PUNCT
cblr-8637	538	44	the	the	DET
cblr-8637	538	45	amendments	amendment	NOUN
cblr-8637	538	46	create	create	VERB
cblr-8637	538	47	rule	rule	NOUN
cblr-8637	538	48	241	241	NUM
cblr-8637	538	49	,	,	PUNCT
cblr-8637	538	50	a	a	DET
cblr-8637	538	51	new	new	ADJ
cblr-8637	538	52	exemption	exemption	NOUN
cblr-8637	538	53	permitting	permit	VERB
cblr-8637	538	54	the	the	DET
cblr-8637	538	55	use	use	NOUN
cblr-8637	538	56	of	of	ADP
cblr-8637	538	57	“	"	PUNCT
cblr-8637	538	58	generic	generic	ADJ
cblr-8637	538	59	solicitation	solicitation	NOUN
cblr-8637	538	60	of	of	ADP
cblr-8637	538	61	interest	interest	NOUN
cblr-8637	538	62	materials	material	NOUN
cblr-8637	538	63	”	"	PUNCT
cblr-8637	538	64	about	about	ADP
cblr-8637	538	65	an	an	DET
cblr-8637	538	66	offer	offer	NOUN
cblr-8637	538	67	of	of	ADP
cblr-8637	538	68	securities	security	NOUN
cblr-8637	538	69	to	to	PART
cblr-8637	538	70	allow	allow	VERB
cblr-8637	538	71	an	an	DET
cblr-8637	538	72	issuer	issuer	NOUN
cblr-8637	538	73	to	to	PART
cblr-8637	538	74	gauge	gauge	VERB
cblr-8637	538	75	market	market	NOUN
cblr-8637	538	76	interest	interest	NOUN
cblr-8637	538	77	in	in	ADP
cblr-8637	538	78	its	its	PRON
cblr-8637	538	79	exempt	exempt	ADJ
cblr-8637	538	80	offering	offering	NOUN
cblr-8637	538	81	“	"	PUNCT
cblr-8637	538	82	prior	prior	ADV
cblr-8637	538	83	to	to	ADP
cblr-8637	538	84	incurring	incur	VERB
cblr-8637	538	85	the	the	DET
cblr-8637	538	86	expense	expense	NOUN
cblr-8637	538	87	of	of	ADP
cblr-8637	538	88	preparing	prepare	VERB
cblr-8637	538	89	and	and	CCONJ
cblr-8637	538	90	conducting	conduct	VERB
cblr-8637	538	91	an	an	DET
cblr-8637	538	92	offering	offering	NOUN
cblr-8637	538	93	.	.	PUNCT
cblr-8637	538	94	”143	”143	PUNCT
cblr-8637	538	95	however	however	ADV
cblr-8637	538	96	,	,	PUNCT
cblr-8637	538	97	“	"	PUNCT
cblr-8637	538	98	depending	depend	VERB
cblr-8637	538	99	on	on	ADP
cblr-8637	538	100	the	the	DET
cblr-8637	538	101	method	method	NOUN
cblr-8637	538	102	of	of	ADP
cblr-8637	538	103	137	137	NUM
cblr-8637	538	104	facilitating	facilitate	VERB
cblr-8637	538	105	capital	capital	NOUN
cblr-8637	538	106	formation	formation	NOUN
cblr-8637	538	107	and	and	CCONJ
cblr-8637	538	108	expanding	expand	VERB
cblr-8637	538	109	investment	investment	NOUN
cblr-8637	538	110	opportunities	opportunity	NOUN
cblr-8637	538	111	by	by	ADP
cblr-8637	538	112	improving	improve	VERB
cblr-8637	538	113	access	access	NOUN
cblr-8637	538	114	to	to	ADP
cblr-8637	538	115	capital	capital	NOUN
cblr-8637	538	116	in	in	ADP
cblr-8637	538	117	private	private	ADJ
cblr-8637	538	118	markets	market	NOUN
cblr-8637	538	119	,	,	PUNCT
cblr-8637	538	120	86	86	NUM
cblr-8637	538	121	fed	feed	VERB
cblr-8637	538	122	.	.	PUNCT
cblr-8637	539	1	reg	reg	PROPN
cblr-8637	539	2	.	.	PUNCT
cblr-8637	540	1	3,496	3,496	NUM
cblr-8637	540	2	,	,	PUNCT
cblr-8637	540	3	3521	3521	NUM
cblr-8637	540	4	(	(	PUNCT
cblr-8637	540	5	jan.14	jan.14	NOUN
cblr-8637	540	6	,	,	PUNCT
cblr-8637	540	7	2021	2021	NUM
cblr-8637	540	8	)	)	PUNCT
cblr-8637	540	9	(	(	PUNCT
cblr-8637	540	10	codified	codify	VERB
cblr-8637	540	11	in	in	ADP
cblr-8637	540	12	scattered	scattered	ADJ
cblr-8637	540	13	parts	part	NOUN
cblr-8637	540	14	of	of	ADP
cblr-8637	540	15	17	17	NUM
cblr-8637	540	16	c.f.r	c.f.r	NOUN
cblr-8637	540	17	.	.	PUNCT
cblr-8637	540	18	)	)	PUNCT
cblr-8637	540	19	.	.	PUNCT
cblr-8637	541	1	138	138	NUM
cblr-8637	541	2	zanki	zanki	PROPN
cblr-8637	541	3	,	,	PUNCT
cblr-8637	541	4	supra	supra	PROPN
cblr-8637	541	5	note	note	NOUN
cblr-8637	541	6	6	6	NUM
cblr-8637	541	7	.	.	NOUN
cblr-8637	541	8	139	139	NUM
cblr-8637	541	9	press	press	NOUN
cblr-8637	541	10	release	release	NOUN
cblr-8637	541	11	,	,	PUNCT
cblr-8637	541	12	u.s	u.s	PROPN
cblr-8637	541	13	.	.	PROPN
cblr-8637	541	14	sec	sec	PROPN
cblr-8637	541	15	.	.	PROPN
cblr-8637	541	16	&	&	CCONJ
cblr-8637	541	17	exch	exch	PROPN
cblr-8637	541	18	.	.	PUNCT
cblr-8637	542	1	comm’n	comm’n	PROPN
cblr-8637	542	2	,	,	PUNCT
cblr-8637	542	3	supra	supra	ADJ
cblr-8637	542	4	note	note	NOUN
cblr-8637	542	5	136	136	NUM
cblr-8637	542	6	;	;	PUNCT
cblr-8637	542	7	see	see	AUX
cblr-8637	542	8	also	also	ADV
cblr-8637	542	9	facilitating	facilitate	VERB
cblr-8637	542	10	capital	capital	NOUN
cblr-8637	542	11	formation	formation	NOUN
cblr-8637	542	12	and	and	CCONJ
cblr-8637	542	13	expanding	expand	VERB
cblr-8637	542	14	investment	investment	NOUN
cblr-8637	542	15	opportunities	opportunity	NOUN
cblr-8637	542	16	by	by	ADP
cblr-8637	542	17	improving	improve	VERB
cblr-8637	542	18	access	access	NOUN
cblr-8637	542	19	to	to	ADP
cblr-8637	542	20	capital	capital	NOUN
cblr-8637	542	21	in	in	ADP
cblr-8637	542	22	private	private	ADJ
cblr-8637	542	23	markets	market	NOUN
cblr-8637	542	24	,	,	PUNCT
cblr-8637	542	25	86	86	NUM
cblr-8637	542	26	fed	feed	VERB
cblr-8637	542	27	.	.	PUNCT
cblr-8637	543	1	reg	reg	PROPN
cblr-8637	543	2	.	.	PUNCT
cblr-8637	544	1	at	at	ADP
cblr-8637	544	2	3,498	3,498	NUM
cblr-8637	544	3	tbl.1	tbl.1	PRON
cblr-8637	544	4	.	.	PUNCT
cblr-8637	545	1	140	140	NUM
cblr-8637	545	2	facilitating	facilitate	VERB
cblr-8637	545	3	capital	capital	NOUN
cblr-8637	545	4	formation	formation	NOUN
cblr-8637	545	5	and	and	CCONJ
cblr-8637	545	6	expanding	expand	VERB
cblr-8637	545	7	investment	investment	NOUN
cblr-8637	545	8	opportunities	opportunity	NOUN
cblr-8637	545	9	by	by	ADP
cblr-8637	545	10	improving	improve	VERB
cblr-8637	545	11	access	access	NOUN
cblr-8637	545	12	to	to	ADP
cblr-8637	545	13	capital	capital	NOUN
cblr-8637	545	14	in	in	ADP
cblr-8637	545	15	private	private	ADJ
cblr-8637	545	16	markets	market	NOUN
cblr-8637	545	17	,	,	PUNCT
cblr-8637	545	18	86	86	NUM
cblr-8637	545	19	fed	feed	VERB
cblr-8637	545	20	.	.	PUNCT
cblr-8637	546	1	reg	reg	PROPN
cblr-8637	546	2	.	.	PUNCT
cblr-8637	547	1	at	at	ADP
cblr-8637	547	2	3,523–24	3,523–24	PROPN
cblr-8637	547	3	.	.	PUNCT
cblr-8637	548	1	141	141	NUM
cblr-8637	548	2	i	i	PRON
cblr-8637	548	3	d.	d.	PROPN
cblr-8637	548	4	at	at	ADP
cblr-8637	548	5	3,544	3,544	NUM
cblr-8637	548	6	.	.	PUNCT
cblr-8637	549	1	142	142	NUM
cblr-8637	550	1	i	i	PRON
cblr-8637	550	2	d.	d.	VERB
cblr-8637	550	3	at	at	ADP
cblr-8637	550	4	3,548–49	3,548–49	PROPN
cblr-8637	550	5	.	.	PUNCT
cblr-8637	550	6	143	143	NUM
cblr-8637	550	7	see	see	VERB
cblr-8637	550	8	i	i	PRON
cblr-8637	550	9	d.	d.	PROPN
cblr-8637	550	10	at	at	ADP
cblr-8637	550	11	3,520	3,520	NUM
cblr-8637	550	12	.	.	PUNCT
cblr-8637	551	1	the	the	DET
cblr-8637	551	2	generic	generic	ADJ
cblr-8637	551	3	solicitations	solicitation	NOUN
cblr-8637	551	4	under	under	ADP
cblr-8637	551	5	the	the	DET
cblr-8637	551	6	proposed	propose	VERB
cblr-8637	551	7	rule	rule	NOUN
cblr-8637	551	8	241	241	NUM
cblr-8637	551	9	would	would	AUX
cblr-8637	551	10	be	be	AUX
cblr-8637	551	11	deemed	deem	VERB
cblr-8637	551	12	offers	offer	NOUN
cblr-8637	551	13	to	to	PART
cblr-8637	551	14	sell	sell	VERB
cblr-8637	551	15	a	a	DET
cblr-8637	551	16	security	security	NOUN
cblr-8637	551	17	for	for	ADP
cblr-8637	551	18	the	the	DET
cblr-8637	551	19	purposes	purpose	NOUN
cblr-8637	551	20	of	of	ADP
cblr-8637	551	21	the	the	DET
cblr-8637	551	22	general	general	PROPN
cblr-8637	551	23	antifraud	antifraud	PROPN
cblr-8637	551	24	provisions	provision	NOUN
cblr-8637	551	25	.	.	PUNCT
cblr-8637	552	1	i	i	PRON
cblr-8637	552	2	d.	d.	PROPN
cblr-8637	552	3	at	at	ADP
cblr-8637	552	4	3,521	3,521	NUM
cblr-8637	552	5	.	.	PUNCT
cblr-8637	553	1	any	any	DET
cblr-8637	553	2	materials	material	NOUN
cblr-8637	553	3	an	an	DET
cblr-8637	553	4	issuer	issuer	NOUN
cblr-8637	553	5	sends	send	VERB
cblr-8637	553	6	to	to	ADP
cblr-8637	553	7	potential	potential	ADJ
cblr-8637	553	8	investors	investor	NOUN
cblr-8637	553	9	under	under	ADP
cblr-8637	553	10	the	the	DET
cblr-8637	553	11	new	new	ADJ
cblr-8637	553	12	rule	rule	NOUN
cblr-8637	553	13	would	would	AUX
cblr-8637	553	14	be	be	AUX
cblr-8637	553	15	required	require	VERB
cblr-8637	553	16	to	to	PART
cblr-8637	553	17	include	include	VERB
cblr-8637	553	18	disclaimers	disclaimer	NOUN
cblr-8637	553	19	about	about	ADP
cblr-8637	553	20	the	the	DET
cblr-8637	553	21	limitations	limitation	NOUN
cblr-8637	553	22	of	of	ADP
cblr-8637	553	23	the	the	DET
cblr-8637	553	24	solicitation	solicitation	NOUN
cblr-8637	553	25	.	.	PUNCT
cblr-8637	554	1	i	i	PRON
cblr-8637	554	2	d.	d.	PROPN
cblr-8637	554	3	at	at	ADP
cblr-8637	554	4	3,522	3,522	NUM
cblr-8637	554	5	.	.	PUNCT
cblr-8637	555	1	greene	greene	PROPN
cblr-8637	555	2	et	et	PROPN
cblr-8637	555	3	al	al	PROPN
cblr-8637	555	4	.	.	PROPN
cblr-8637	556	1	8/21/2021	8/21/2021	NUM
cblr-8637	556	2	1:44	1:44	NUM
cblr-8637	556	3	pm	pm	NOUN
cblr-8637	556	4	748	748	NUM
cblr-8637	556	5	columbia	columbia	PROPN
cblr-8637	556	6	business	business	NOUN
cblr-8637	556	7	law	law	PROPN
cblr-8637	556	8	review	review	NOUN
cblr-8637	557	1	[	[	X
cblr-8637	557	2	vol	vol	NOUN
cblr-8637	557	3	.	.	NOUN
cblr-8637	557	4	2021	2021	NUM
cblr-8637	557	5	dissemination	dissemination	NOUN
cblr-8637	557	6	of	of	ADP
cblr-8637	557	7	the	the	DET
cblr-8637	557	8	information	information	NOUN
cblr-8637	557	9	,	,	PUNCT
cblr-8637	557	10	such	such	ADJ
cblr-8637	557	11	offers	offer	NOUN
cblr-8637	557	12	may	may	AUX
cblr-8637	557	13	be	be	AUX
cblr-8637	557	14	considered	consider	VERB
cblr-8637	557	15	a	a	DET
cblr-8637	557	16	general	general	ADJ
cblr-8637	557	17	solicitation	solicitation	NOUN
cblr-8637	557	18	.	.	PUNCT
cblr-8637	558	1	”144	”144	PUNCT
cblr-8637	559	1	if	if	SCONJ
cblr-8637	559	2	the	the	DET
cblr-8637	559	3	issuer	issuer	NOUN
cblr-8637	559	4	’s	’s	PART
cblr-8637	559	5	use	use	NOUN
cblr-8637	559	6	of	of	ADP
cblr-8637	559	7	interest	interest	NOUN
cblr-8637	559	8	materials	material	NOUN
cblr-8637	559	9	is	be	AUX
cblr-8637	559	10	deemed	deem	VERB
cblr-8637	559	11	to	to	PART
cblr-8637	559	12	be	be	AUX
cblr-8637	559	13	a	a	DET
cblr-8637	559	14	general	general	ADJ
cblr-8637	559	15	solicitation	solicitation	NOUN
cblr-8637	559	16	,	,	PUNCT
cblr-8637	559	17	the	the	DET
cblr-8637	559	18	issuer	issuer	NOUN
cblr-8637	559	19	may	may	AUX
cblr-8637	559	20	be	be	AUX
cblr-8637	559	21	foreclosed	foreclose	VERB
cblr-8637	559	22	from	from	ADP
cblr-8637	559	23	ultimately	ultimately	ADV
cblr-8637	559	24	deciding	decide	VERB
cblr-8637	559	25	to	to	PART
cblr-8637	559	26	conduct	conduct	VERB
cblr-8637	559	27	an	an	DET
cblr-8637	559	28	unregistered	unregistered	ADJ
cblr-8637	559	29	offering	offering	NOUN
cblr-8637	559	30	that	that	PRON
cblr-8637	559	31	does	do	AUX
cblr-8637	559	32	not	not	PART
cblr-8637	559	33	permit	permit	VERB
cblr-8637	559	34	general	general	ADJ
cblr-8637	559	35	solicitations	solicitation	NOUN
cblr-8637	559	36	,	,	PUNCT
cblr-8637	559	37	such	such	ADJ
cblr-8637	559	38	as	as	ADP
cblr-8637	559	39	a	a	DET
cblr-8637	559	40	rule	rule	NOUN
cblr-8637	559	41	506(b	506(b	PROPN
cblr-8637	559	42	)	)	PUNCT
cblr-8637	559	43	offering.145	offering.145	NOUN
cblr-8637	559	44	as	as	SCONJ
cblr-8637	559	45	it	it	PRON
cblr-8637	559	46	relates	relate	VERB
cblr-8637	559	47	to	to	PART
cblr-8637	559	48	rule	rule	VERB
cblr-8637	559	49	506(c	506(c	PROPN
cblr-8637	559	50	)	)	PUNCT
cblr-8637	559	51	offerings	offering	NOUN
cblr-8637	559	52	,	,	PUNCT
cblr-8637	559	53	the	the	DET
cblr-8637	559	54	sec	sec	PROPN
cblr-8637	559	55	proposed	propose	VERB
cblr-8637	559	56	allowing	allow	VERB
cblr-8637	559	57	issuers	issuer	NOUN
cblr-8637	559	58	to	to	PART
cblr-8637	559	59	assume	assume	VERB
cblr-8637	559	60	that	that	SCONJ
cblr-8637	559	61	an	an	DET
cblr-8637	559	62	accredited	accredited	ADJ
cblr-8637	559	63	investor	investor	NOUN
cblr-8637	559	64	from	from	ADP
cblr-8637	559	65	a	a	DET
cblr-8637	559	66	previous	previous	ADJ
cblr-8637	559	67	issuance	issuance	NOUN
cblr-8637	559	68	remains	remain	VERB
cblr-8637	559	69	an	an	DET
cblr-8637	559	70	accredited	accredited	ADJ
cblr-8637	559	71	investor	investor	NOUN
cblr-8637	559	72	without	without	ADP
cblr-8637	559	73	taking	take	VERB
cblr-8637	559	74	additional	additional	ADJ
cblr-8637	559	75	steps	step	NOUN
cblr-8637	559	76	to	to	PART
cblr-8637	559	77	verify	verify	VERB
cblr-8637	559	78	their	their	PRON
cblr-8637	559	79	status	status	NOUN
cblr-8637	559	80	so	so	ADV
cblr-8637	559	81	long	long	ADV
cblr-8637	559	82	as	as	SCONJ
cblr-8637	559	83	the	the	DET
cblr-8637	559	84	investor	investor	NOUN
cblr-8637	559	85	submits	submit	VERB
cblr-8637	559	86	a	a	DET
cblr-8637	559	87	writing	writing	NOUN
cblr-8637	559	88	to	to	ADP
cblr-8637	559	89	that	that	DET
cblr-8637	559	90	effect.146	effect.146	NOUN
cblr-8637	559	91	in	in	ADP
cblr-8637	559	92	addition	addition	NOUN
cblr-8637	559	93	to	to	ADP
cblr-8637	559	94	harmonizing	harmonize	VERB
cblr-8637	559	95	the	the	DET
cblr-8637	559	96	exempt	exempt	ADJ
cblr-8637	559	97	offerings	offering	NOUN
cblr-8637	559	98	,	,	PUNCT
cblr-8637	559	99	the	the	DET
cblr-8637	559	100	new	new	ADJ
cblr-8637	559	101	amendments	amendment	NOUN
cblr-8637	559	102	aim	aim	VERB
cblr-8637	559	103	“	"	PUNCT
cblr-8637	559	104	to	to	PART
cblr-8637	559	105	enable	enable	VERB
cblr-8637	559	106	.	.	PUNCT
cblr-8637	559	107	.	.	PUNCT
cblr-8637	559	108	.	.	PUNCT
cblr-8637	560	1	issuers	issuer	NOUN
cblr-8637	560	2	to	to	PART
cblr-8637	560	3	optimize	optimize	VERB
cblr-8637	560	4	their	their	PRON
cblr-8637	560	5	financing	financing	NOUN
cblr-8637	560	6	strategy	strategy	NOUN
cblr-8637	560	7	and	and	CCONJ
cblr-8637	560	8	reduce	reduce	VERB
cblr-8637	560	9	their	their	PRON
cblr-8637	560	10	financing	financing	NOUN
cblr-8637	560	11	costs	cost	NOUN
cblr-8637	560	12	”	"	PUNCT
cblr-8637	560	13	by	by	ADP
cblr-8637	560	14	affording	afford	VERB
cblr-8637	560	15	them	they	PRON
cblr-8637	560	16	increased	increase	VERB
cblr-8637	560	17	flexibility.147	flexibility.147	NOUN
cblr-8637	560	18	it	it	PRON
cblr-8637	560	19	does	do	AUX
cblr-8637	560	20	nothing	nothing	PRON
cblr-8637	560	21	,	,	PUNCT
cblr-8637	560	22	however	however	ADV
cblr-8637	560	23	,	,	PUNCT
cblr-8637	560	24	to	to	PART
cblr-8637	560	25	promote	promote	VERB
cblr-8637	560	26	public	public	ADJ
cblr-8637	560	27	offerings	offering	NOUN
cblr-8637	560	28	.	.	PUNCT
cblr-8637	561	1	144	144	NUM
cblr-8637	562	1	i	i	PRON
cblr-8637	562	2	d.	d.	PROPN
cblr-8637	562	3	at	at	ADP
cblr-8637	562	4	3,521	3,521	NUM
cblr-8637	562	5	.	.	PUNCT
cblr-8637	563	1	145	145	NUM
cblr-8637	564	1	i	i	PRON
cblr-8637	564	2	d.	d.	NOUN
cblr-8637	564	3	at	at	ADP
cblr-8637	564	4	3,522	3,522	NUM
cblr-8637	564	5	.	.	PUNCT
cblr-8637	565	1	thus	thus	ADV
cblr-8637	565	2	,	,	PUNCT
cblr-8637	565	3	if	if	SCONJ
cblr-8637	565	4	an	an	DET
cblr-8637	565	5	issuer	issuer	NOUN
cblr-8637	565	6	uses	use	VERB
cblr-8637	565	7	a	a	DET
cblr-8637	565	8	generic	generic	ADJ
cblr-8637	565	9	indication	indication	NOUN
cblr-8637	565	10	of	of	ADP
cblr-8637	565	11	interest	interest	NOUN
cblr-8637	565	12	solicitation	solicitation	NOUN
cblr-8637	565	13	that	that	PRON
cblr-8637	565	14	is	be	AUX
cblr-8637	565	15	deemed	deem	VERB
cblr-8637	565	16	a	a	DET
cblr-8637	565	17	general	general	ADJ
cblr-8637	565	18	solicitation	solicitation	NOUN
cblr-8637	565	19	but	but	CCONJ
cblr-8637	565	20	subsequently	subsequently	ADV
cblr-8637	565	21	decides	decide	VERB
cblr-8637	565	22	to	to	PART
cblr-8637	565	23	engage	engage	VERB
cblr-8637	565	24	in	in	ADP
cblr-8637	565	25	an	an	DET
cblr-8637	565	26	unregistered	unregistered	ADJ
cblr-8637	565	27	offering	offering	NOUN
cblr-8637	565	28	as	as	SCONJ
cblr-8637	565	29	opposed	oppose	VERB
cblr-8637	565	30	to	to	ADP
cblr-8637	565	31	an	an	DET
cblr-8637	565	32	exempt	exempt	ADJ
cblr-8637	565	33	regulation	regulation	NOUN
cblr-8637	565	34	a	a	DET
cblr-8637	565	35	or	or	CCONJ
cblr-8637	565	36	regulation	regulation	NOUN
cblr-8637	565	37	crowdfunding	crowdfunding	NOUN
cblr-8637	565	38	offering	offering	NOUN
cblr-8637	565	39	,	,	PUNCT
cblr-8637	565	40	that	that	DET
cblr-8637	565	41	issuer	issuer	NOUN
cblr-8637	565	42	’s	’s	PART
cblr-8637	565	43	only	only	ADJ
cblr-8637	565	44	option	option	NOUN
cblr-8637	565	45	may	may	AUX
cblr-8637	565	46	be	be	AUX
cblr-8637	565	47	to	to	PART
cblr-8637	565	48	rely	rely	VERB
cblr-8637	565	49	on	on	ADP
cblr-8637	565	50	rule	rule	NOUN
cblr-8637	565	51	506(c	506(c	PROPN
cblr-8637	565	52	)	)	PUNCT
cblr-8637	565	53	instead	instead	ADV
cblr-8637	565	54	of	of	ADP
cblr-8637	565	55	rule	rule	NOUN
cblr-8637	565	56	506(b	506(b	PROPN
cblr-8637	565	57	)	)	PUNCT
cblr-8637	565	58	,	,	PUNCT
cblr-8637	565	59	which	which	PRON
cblr-8637	565	60	allows	allow	VERB
cblr-8637	565	61	for	for	ADP
cblr-8637	565	62	general	general	ADJ
cblr-8637	565	63	solicitations	solicitation	NOUN
cblr-8637	565	64	but	but	CCONJ
cblr-8637	565	65	requires	require	VERB
cblr-8637	565	66	the	the	DET
cblr-8637	565	67	issuer	issuer	NOUN
cblr-8637	565	68	to	to	PART
cblr-8637	565	69	take	take	VERB
cblr-8637	565	70	the	the	DET
cblr-8637	565	71	extra	extra	ADJ
cblr-8637	565	72	step	step	NOUN
cblr-8637	565	73	of	of	ADP
cblr-8637	565	74	verifying	verify	VERB
cblr-8637	565	75	all	all	DET
cblr-8637	565	76	purchasers	purchaser	NOUN
cblr-8637	565	77	are	be	AUX
cblr-8637	565	78	accredited	accredit	VERB
cblr-8637	565	79	investors	investor	NOUN
cblr-8637	565	80	.	.	PUNCT
cblr-8637	566	1	see	see	VERB
cblr-8637	566	2	supra	supra	PROPN
cblr-8637	566	3	note	note	PROPN
cblr-8637	566	4	78	78	NUM
cblr-8637	566	5	and	and	CCONJ
cblr-8637	566	6	accompanying	accompany	VERB
cblr-8637	566	7	text	text	NOUN
cblr-8637	566	8	(	(	PUNCT
cblr-8637	566	9	discussing	discuss	VERB
cblr-8637	566	10	rule	rule	NOUN
cblr-8637	566	11	506	506	NUM
cblr-8637	566	12	offerings	offering	NOUN
cblr-8637	566	13	)	)	PUNCT
cblr-8637	566	14	.	.	PUNCT
cblr-8637	567	1	in	in	ADP
cblr-8637	567	2	these	these	DET
cblr-8637	567	3	cases	case	NOUN
cblr-8637	567	4	,	,	PUNCT
cblr-8637	567	5	the	the	DET
cblr-8637	567	6	issuer	issuer	NOUN
cblr-8637	567	7	would	would	AUX
cblr-8637	567	8	only	only	ADV
cblr-8637	567	9	be	be	AUX
cblr-8637	567	10	able	able	ADJ
cblr-8637	567	11	to	to	PART
cblr-8637	567	12	rely	rely	VERB
cblr-8637	567	13	on	on	ADP
cblr-8637	567	14	a	a	DET
cblr-8637	567	15	rule	rule	NOUN
cblr-8637	567	16	506(b	506(b	NOUN
cblr-8637	567	17	)	)	PUNCT
cblr-8637	567	18	offering	offer	VERB
cblr-8637	567	19	if	if	SCONJ
cblr-8637	567	20	it	it	PRON
cblr-8637	567	21	has	have	VERB
cblr-8637	567	22	a	a	DET
cblr-8637	567	23	reasonable	reasonable	ADJ
cblr-8637	567	24	belief	belief	NOUN
cblr-8637	567	25	,	,	PUNCT
cblr-8637	567	26	based	base	VERB
cblr-8637	567	27	on	on	ADP
cblr-8637	567	28	the	the	DET
cblr-8637	567	29	facts	fact	NOUN
cblr-8637	567	30	and	and	CCONJ
cblr-8637	567	31	circumstances	circumstance	NOUN
cblr-8637	567	32	,	,	PUNCT
cblr-8637	567	33	with	with	ADP
cblr-8637	567	34	respect	respect	NOUN
cblr-8637	567	35	to	to	ADP
cblr-8637	567	36	each	each	DET
cblr-8637	567	37	purchaser	purchaser	NOUN
cblr-8637	567	38	in	in	ADP
cblr-8637	567	39	the	the	DET
cblr-8637	567	40	exempt	exempt	ADJ
cblr-8637	567	41	offering	offering	NOUN
cblr-8637	567	42	prohibiting	prohibit	VERB
cblr-8637	567	43	general	general	ADJ
cblr-8637	567	44	solicitation	solicitation	NOUN
cblr-8637	567	45	,	,	PUNCT
cblr-8637	567	46	that	that	SCONJ
cblr-8637	567	47	the	the	DET
cblr-8637	567	48	issuer	issuer	NOUN
cblr-8637	567	49	(	(	PUNCT
cblr-8637	567	50	or	or	CCONJ
cblr-8637	567	51	any	any	DET
cblr-8637	567	52	person	person	NOUN
cblr-8637	567	53	acting	act	VERB
cblr-8637	567	54	on	on	ADP
cblr-8637	567	55	the	the	DET
cblr-8637	567	56	issuer	issuer	NOUN
cblr-8637	567	57	’s	’s	PART
cblr-8637	567	58	behalf	behalf	NOUN
cblr-8637	567	59	)	)	PUNCT
cblr-8637	567	60	either	either	CCONJ
cblr-8637	567	61	did	do	AUX
cblr-8637	567	62	not	not	PART
cblr-8637	567	63	solicit	solicit	VERB
cblr-8637	567	64	such	such	ADJ
cblr-8637	567	65	purchaser	purchaser	NOUN
cblr-8637	567	66	through	through	ADP
cblr-8637	567	67	the	the	DET
cblr-8637	567	68	use	use	NOUN
cblr-8637	567	69	of	of	ADP
cblr-8637	567	70	general	general	ADJ
cblr-8637	567	71	solicitation	solicitation	NOUN
cblr-8637	567	72	or	or	CCONJ
cblr-8637	567	73	established	establish	VERB
cblr-8637	567	74	a	a	DET
cblr-8637	567	75	substantive	substantive	ADJ
cblr-8637	567	76	relationship	relationship	NOUN
cblr-8637	567	77	with	with	ADP
cblr-8637	567	78	such	such	ADJ
cblr-8637	567	79	purchaser	purchaser	NOUN
cblr-8637	567	80	prior	prior	ADV
cblr-8637	567	81	to	to	ADP
cblr-8637	567	82	the	the	DET
cblr-8637	567	83	commencement	commencement	NOUN
cblr-8637	567	84	of	of	ADP
cblr-8637	567	85	the	the	DET
cblr-8637	567	86	exempt	exempt	ADJ
cblr-8637	567	87	offering	offering	NOUN
cblr-8637	567	88	prohibiting	prohibit	VERB
cblr-8637	567	89	general	general	ADJ
cblr-8637	567	90	solicitation	solicitation	NOUN
cblr-8637	567	91	.	.	PUNCT
cblr-8637	568	1	facilitating	facilitate	VERB
cblr-8637	568	2	capital	capital	NOUN
cblr-8637	568	3	formation	formation	NOUN
cblr-8637	568	4	and	and	CCONJ
cblr-8637	568	5	expanding	expand	VERB
cblr-8637	568	6	investment	investment	NOUN
cblr-8637	568	7	opportunities	opportunity	NOUN
cblr-8637	568	8	by	by	ADP
cblr-8637	568	9	improving	improve	VERB
cblr-8637	568	10	access	access	NOUN
cblr-8637	568	11	to	to	ADP
cblr-8637	568	12	capital	capital	NOUN
cblr-8637	568	13	in	in	ADP
cblr-8637	568	14	private	private	ADJ
cblr-8637	568	15	markets	market	NOUN
cblr-8637	568	16	,	,	PUNCT
cblr-8637	568	17	86	86	NUM
cblr-8637	568	18	fed	feed	VERB
cblr-8637	568	19	.	.	PUNCT
cblr-8637	569	1	reg	reg	PROPN
cblr-8637	569	2	.	.	PUNCT
cblr-8637	570	1	at	at	ADP
cblr-8637	570	2	3,522	3,522	NUM
cblr-8637	570	3	.	.	PUNCT
cblr-8637	571	1	146	146	NUM
cblr-8637	571	2	facilitating	facilitate	VERB
cblr-8637	571	3	capital	capital	NOUN
cblr-8637	571	4	formation	formation	NOUN
cblr-8637	571	5	and	and	CCONJ
cblr-8637	571	6	expanding	expand	VERB
cblr-8637	571	7	investment	investment	NOUN
cblr-8637	571	8	opportunities	opportunity	NOUN
cblr-8637	571	9	by	by	ADP
cblr-8637	571	10	improving	improve	VERB
cblr-8637	571	11	access	access	NOUN
cblr-8637	571	12	to	to	ADP
cblr-8637	571	13	capital	capital	NOUN
cblr-8637	571	14	in	in	ADP
cblr-8637	571	15	private	private	ADJ
cblr-8637	571	16	markets	market	NOUN
cblr-8637	571	17	,	,	PUNCT
cblr-8637	571	18	86	86	NUM
cblr-8637	571	19	fed	feed	VERB
cblr-8637	571	20	.	.	PUNCT
cblr-8637	572	1	reg	reg	PROPN
cblr-8637	572	2	.	.	PUNCT
cblr-8637	573	1	at	at	ADP
cblr-8637	573	2	3,527	3,527	NUM
cblr-8637	573	3	.	.	PUNCT
cblr-8637	574	1	147	147	NUM
cblr-8637	575	1	i	i	PRON
cblr-8637	575	2	d.	d.	PROPN
cblr-8637	575	3	at	at	ADP
cblr-8637	575	4	3,551	3,551	NUM
cblr-8637	575	5	.	.	PUNCT
cblr-8637	576	1	greene	greene	PROPN
cblr-8637	576	2	et	et	PROPN
cblr-8637	576	3	al	al	PROPN
cblr-8637	576	4	.	.	PROPN
cblr-8637	577	1	8/21/2021	8/21/2021	NUM
cblr-8637	577	2	1:44	1:44	NUM
cblr-8637	577	3	pm	pm	NOUN
cblr-8637	577	4	no	no	INTJ
cblr-8637	577	5	.	.	PUNCT
cblr-8637	578	1	2:714	2:714	NUM
cblr-8637	578	2	]	]	X
cblr-8637	578	3	the	the	DET
cblr-8637	578	4	need	need	NOUN
cblr-8637	578	5	for	for	ADP
cblr-8637	578	6	a	a	DET
cblr-8637	578	7	comprehensive	comprehensive	ADJ
cblr-8637	578	8	approach	approach	NOUN
cblr-8637	578	9	749	749	NUM
cblr-8637	578	10	iii	iii	NOUN
cblr-8637	578	11	.	.	PUNCT
cblr-8637	578	12	policy	policy	NOUN
cblr-8637	578	13	factors	factor	NOUN
cblr-8637	578	14	and	and	CCONJ
cblr-8637	578	15	unresponsive	unresponsive	ADJ
cblr-8637	578	16	reforms	reform	NOUN
cblr-8637	578	17	elements	element	NOUN
cblr-8637	578	18	of	of	ADP
cblr-8637	578	19	the	the	DET
cblr-8637	578	20	jobs	job	NOUN
cblr-8637	578	21	act	act	PROPN
cblr-8637	578	22	,	,	PUNCT
cblr-8637	578	23	subsequent	subsequent	ADJ
cblr-8637	578	24	rules	rule	NOUN
cblr-8637	578	25	,	,	PUNCT
cblr-8637	578	26	and	and	CCONJ
cblr-8637	578	27	recent	recent	ADJ
cblr-8637	578	28	proposals	proposal	NOUN
cblr-8637	578	29	evidence	evidence	NOUN
cblr-8637	578	30	the	the	DET
cblr-8637	578	31	sec	sec	PROPN
cblr-8637	578	32	’s	’s	PART
cblr-8637	578	33	attempts	attempt	NOUN
cblr-8637	578	34	to	to	PART
cblr-8637	578	35	facilitate	facilitate	VERB
cblr-8637	578	36	access	access	NOUN
cblr-8637	578	37	to	to	ADP
cblr-8637	578	38	the	the	DET
cblr-8637	578	39	public	public	ADJ
cblr-8637	578	40	market	market	NOUN
cblr-8637	578	41	.	.	PUNCT
cblr-8637	579	1	in	in	ADP
cblr-8637	579	2	many	many	ADJ
cblr-8637	579	3	instances	instance	NOUN
cblr-8637	579	4	,	,	PUNCT
cblr-8637	579	5	however	however	ADV
cblr-8637	579	6	,	,	PUNCT
cblr-8637	579	7	these	these	DET
cblr-8637	579	8	efforts	effort	NOUN
cblr-8637	579	9	have	have	AUX
cblr-8637	579	10	instead	instead	ADV
cblr-8637	579	11	created	create	VERB
cblr-8637	579	12	greater	great	ADJ
cblr-8637	579	13	optionality	optionality	NOUN
cblr-8637	579	14	for	for	SCONJ
cblr-8637	579	15	companies	company	NOUN
cblr-8637	579	16	to	to	PART
cblr-8637	579	17	stay	stay	VERB
cblr-8637	579	18	in	in	ADP
cblr-8637	579	19	the	the	DET
cblr-8637	579	20	private	private	ADJ
cblr-8637	579	21	market	market	NOUN
cblr-8637	579	22	,	,	PUNCT
cblr-8637	579	23	leading	lead	VERB
cblr-8637	579	24	to	to	ADP
cblr-8637	579	25	increased	increase	VERB
cblr-8637	579	26	growth	growth	NOUN
cblr-8637	579	27	in	in	ADP
cblr-8637	579	28	the	the	DET
cblr-8637	579	29	private	private	ADJ
cblr-8637	579	30	market	market	NOUN
cblr-8637	579	31	.	.	PUNCT
cblr-8637	580	1	the	the	DET
cblr-8637	580	2	rise	rise	NOUN
cblr-8637	580	3	of	of	ADP
cblr-8637	580	4	the	the	DET
cblr-8637	580	5	private	private	ADJ
cblr-8637	580	6	market	market	NOUN
cblr-8637	580	7	and	and	CCONJ
cblr-8637	580	8	shrinkage	shrinkage	NOUN
cblr-8637	580	9	of	of	ADP
cblr-8637	580	10	the	the	DET
cblr-8637	580	11	public	public	ADJ
cblr-8637	580	12	market	market	NOUN
cblr-8637	580	13	have	have	AUX
cblr-8637	580	14	raised	raise	VERB
cblr-8637	580	15	debate	debate	NOUN
cblr-8637	580	16	as	as	ADP
cblr-8637	580	17	to	to	ADP
cblr-8637	580	18	whether	whether	SCONJ
cblr-8637	580	19	the	the	DET
cblr-8637	580	20	private	private	ADJ
cblr-8637	580	21	market	market	NOUN
cblr-8637	580	22	should	should	AUX
cblr-8637	580	23	be	be	AUX
cblr-8637	580	24	expanded	expand	VERB
cblr-8637	580	25	to	to	ADP
cblr-8637	580	26	a	a	DET
cblr-8637	580	27	wider	wide	ADJ
cblr-8637	580	28	class	class	NOUN
cblr-8637	580	29	of	of	ADP
cblr-8637	580	30	investors	investor	NOUN
cblr-8637	580	31	,	,	PUNCT
cblr-8637	580	32	and	and	CCONJ
cblr-8637	580	33	how	how	SCONJ
cblr-8637	580	34	such	such	ADJ
cblr-8637	580	35	expansion	expansion	NOUN
cblr-8637	580	36	would	would	AUX
cblr-8637	580	37	affect	affect	VERB
cblr-8637	580	38	the	the	DET
cblr-8637	580	39	already	already	ADV
cblr-8637	580	40	declining	decline	VERB
cblr-8637	580	41	public	public	ADJ
cblr-8637	580	42	market	market	NOUN
cblr-8637	580	43	.	.	PUNCT
cblr-8637	581	1	by	by	ADP
cblr-8637	581	2	attempting	attempt	VERB
cblr-8637	581	3	to	to	PART
cblr-8637	581	4	address	address	VERB
cblr-8637	581	5	the	the	DET
cblr-8637	581	6	issues	issue	NOUN
cblr-8637	581	7	presented	present	VERB
cblr-8637	581	8	by	by	ADP
cblr-8637	581	9	each	each	DET
cblr-8637	581	10	market	market	NOUN
cblr-8637	581	11	separately	separately	ADV
cblr-8637	581	12	,	,	PUNCT
cblr-8637	581	13	however	however	ADV
cblr-8637	581	14	,	,	PUNCT
cblr-8637	581	15	recent	recent	ADJ
cblr-8637	581	16	reform	reform	NOUN
cblr-8637	581	17	efforts	effort	NOUN
cblr-8637	581	18	appear	appear	VERB
cblr-8637	581	19	to	to	PART
cblr-8637	581	20	have	have	AUX
cblr-8637	581	21	fallen	fall	VERB
cblr-8637	581	22	short	short	ADJ
cblr-8637	581	23	of	of	ADP
cblr-8637	581	24	their	their	PRON
cblr-8637	581	25	goals	goal	NOUN
cblr-8637	581	26	,	,	PUNCT
cblr-8637	581	27	potentially	potentially	ADV
cblr-8637	581	28	working	work	VERB
cblr-8637	581	29	against	against	ADP
cblr-8637	581	30	each	each	DET
cblr-8637	581	31	other	other	ADJ
cblr-8637	581	32	.	.	PUNCT
cblr-8637	582	1	this	this	DET
cblr-8637	582	2	part	part	NOUN
cblr-8637	582	3	examines	examine	VERB
cblr-8637	582	4	some	some	PRON
cblr-8637	582	5	of	of	ADP
cblr-8637	582	6	the	the	DET
cblr-8637	582	7	policy	policy	NOUN
cblr-8637	582	8	considerations	consideration	NOUN
cblr-8637	582	9	for	for	ADP
cblr-8637	582	10	preserving	preserve	VERB
cblr-8637	582	11	the	the	DET
cblr-8637	582	12	public	public	ADJ
cblr-8637	582	13	market	market	NOUN
cblr-8637	582	14	,	,	PUNCT
cblr-8637	582	15	structural	structural	ADJ
cblr-8637	582	16	issues	issue	NOUN
cblr-8637	582	17	with	with	ADP
cblr-8637	582	18	the	the	DET
cblr-8637	582	19	public	public	ADJ
cblr-8637	582	20	market	market	NOUN
cblr-8637	582	21	that	that	PRON
cblr-8637	582	22	have	have	AUX
cblr-8637	582	23	not	not	PART
cblr-8637	582	24	been	be	AUX
cblr-8637	582	25	properly	properly	ADV
cblr-8637	582	26	addressed	address	VERB
cblr-8637	582	27	through	through	ADP
cblr-8637	582	28	recent	recent	ADJ
cblr-8637	582	29	reform	reform	NOUN
cblr-8637	582	30	efforts	effort	NOUN
cblr-8637	582	31	,	,	PUNCT
cblr-8637	582	32	arguments	argument	NOUN
cblr-8637	582	33	for	for	ADP
cblr-8637	582	34	expanding	expand	VERB
cblr-8637	582	35	access	access	NOUN
cblr-8637	582	36	to	to	ADP
cblr-8637	582	37	the	the	DET
cblr-8637	582	38	private	private	ADJ
cblr-8637	582	39	market	market	NOUN
cblr-8637	582	40	,	,	PUNCT
cblr-8637	582	41	and	and	CCONJ
cblr-8637	582	42	the	the	DET
cblr-8637	582	43	effect	effect	NOUN
cblr-8637	582	44	of	of	ADP
cblr-8637	582	45	recent	recent	ADJ
cblr-8637	582	46	and	and	CCONJ
cblr-8637	582	47	proposed	propose	VERB
cblr-8637	582	48	reform	reform	NOUN
cblr-8637	582	49	efforts	effort	NOUN
cblr-8637	582	50	.	.	PUNCT
cblr-8637	583	1	a.	a.	NOUN
cblr-8637	583	2	policy	policy	NOUN
cblr-8637	583	3	factors	factor	NOUN
cblr-8637	583	4	that	that	PRON
cblr-8637	583	5	should	should	AUX
cblr-8637	583	6	drive	drive	VERB
cblr-8637	583	7	regulation	regulation	NOUN
cblr-8637	583	8	1	1	NUM
cblr-8637	583	9	.	.	PUNCT
cblr-8637	583	10	benefits	benefit	NOUN
cblr-8637	583	11	of	of	ADP
cblr-8637	583	12	the	the	DET
cblr-8637	583	13	public	public	ADJ
cblr-8637	583	14	market	market	NOUN
cblr-8637	583	15	the	the	DET
cblr-8637	583	16	public	public	ADJ
cblr-8637	583	17	market	market	NOUN
cblr-8637	583	18	provides	provide	VERB
cblr-8637	583	19	a	a	DET
cblr-8637	583	20	wide	wide	ADJ
cblr-8637	583	21	array	array	NOUN
cblr-8637	583	22	of	of	ADP
cblr-8637	583	23	benefits	benefit	NOUN
cblr-8637	583	24	and	and	CCONJ
cblr-8637	583	25	protections	protection	NOUN
cblr-8637	583	26	that	that	PRON
cblr-8637	583	27	are	be	AUX
cblr-8637	583	28	largely	largely	ADV
cblr-8637	583	29	absent	absent	ADJ
cblr-8637	583	30	from	from	ADP
cblr-8637	583	31	,	,	PUNCT
cblr-8637	583	32	and	and	CCONJ
cblr-8637	583	33	difficult	difficult	ADJ
cblr-8637	583	34	to	to	PART
cblr-8637	583	35	replicate	replicate	VERB
cblr-8637	583	36	in	in	ADP
cblr-8637	583	37	,	,	PUNCT
cblr-8637	583	38	the	the	DET
cblr-8637	583	39	private	private	ADJ
cblr-8637	583	40	market	market	NOUN
cblr-8637	583	41	.	.	PUNCT
cblr-8637	584	1	if	if	SCONJ
cblr-8637	584	2	the	the	DET
cblr-8637	584	3	number	number	NOUN
cblr-8637	584	4	of	of	ADP
cblr-8637	584	5	public	public	ADJ
cblr-8637	584	6	companies	company	NOUN
cblr-8637	584	7	continues	continue	VERB
cblr-8637	584	8	to	to	PART
cblr-8637	584	9	decline	decline	VERB
cblr-8637	584	10	,	,	PUNCT
cblr-8637	584	11	and	and	CCONJ
cblr-8637	584	12	the	the	DET
cblr-8637	584	13	set	set	NOUN
cblr-8637	584	14	of	of	ADP
cblr-8637	584	15	available	available	ADJ
cblr-8637	584	16	public	public	ADJ
cblr-8637	584	17	market	market	NOUN
cblr-8637	584	18	investments	investment	NOUN
cblr-8637	584	19	decreases	decrease	VERB
cblr-8637	584	20	as	as	ADP
cblr-8637	584	21	a	a	DET
cblr-8637	584	22	result	result	NOUN
cblr-8637	584	23	,	,	PUNCT
cblr-8637	584	24	investors	investor	NOUN
cblr-8637	584	25	may	may	AUX
cblr-8637	584	26	be	be	AUX
cblr-8637	584	27	deprived	deprive	VERB
cblr-8637	584	28	of	of	ADP
cblr-8637	584	29	these	these	DET
cblr-8637	584	30	benefits	benefit	NOUN
cblr-8637	584	31	.	.	PUNCT
cblr-8637	585	1	the	the	DET
cblr-8637	585	2	regulatory	regulatory	ADJ
cblr-8637	585	3	scheme	scheme	NOUN
cblr-8637	585	4	in	in	ADP
cblr-8637	585	5	the	the	DET
cblr-8637	585	6	public	public	ADJ
cblr-8637	585	7	market	market	NOUN
cblr-8637	585	8	facilitates	facilitate	VERB
cblr-8637	585	9	transparent	transparent	ADJ
cblr-8637	585	10	and	and	CCONJ
cblr-8637	585	11	efficient	efficient	ADJ
cblr-8637	585	12	securities	security	NOUN
cblr-8637	585	13	pricing	pricing	NOUN
cblr-8637	585	14	.	.	PUNCT
cblr-8637	586	1	companies	company	NOUN
cblr-8637	586	2	that	that	PRON
cblr-8637	586	3	wish	wish	VERB
cblr-8637	586	4	to	to	PART
cblr-8637	586	5	raise	raise	VERB
cblr-8637	586	6	capital	capital	NOUN
cblr-8637	586	7	from	from	ADP
cblr-8637	586	8	the	the	DET
cblr-8637	586	9	general	general	ADJ
cblr-8637	586	10	public	public	NOUN
cblr-8637	586	11	are	be	AUX
cblr-8637	586	12	subject	subject	ADJ
cblr-8637	586	13	to	to	ADP
cblr-8637	586	14	significant	significant	ADJ
cblr-8637	586	15	disclosure	disclosure	NOUN
cblr-8637	586	16	requirements	requirement	NOUN
cblr-8637	586	17	geared	gear	VERB
cblr-8637	586	18	towards	towards	ADP
cblr-8637	586	19	protecting	protect	VERB
cblr-8637	586	20	smaller	small	ADJ
cblr-8637	586	21	and	and	CCONJ
cblr-8637	586	22	unsophisticated	unsophisticated	ADJ
cblr-8637	586	23	investors.148	investors.148	NOUN
cblr-8637	586	24	the	the	DET
cblr-8637	586	25	informational	informational	ADJ
cblr-8637	586	26	efficiency	efficiency	NOUN
cblr-8637	586	27	and	and	CCONJ
cblr-8637	586	28	price	price	NOUN
cblr-8637	586	29	transparency	transparency	NOUN
cblr-8637	586	30	created	create	VERB
cblr-8637	586	31	by	by	ADP
cblr-8637	586	32	the	the	DET
cblr-8637	586	33	mandatory	mandatory	ADJ
cblr-8637	586	34	disclosure	disclosure	NOUN
cblr-8637	586	35	regime	regime	NOUN
cblr-8637	586	36	are	be	AUX
cblr-8637	586	37	148	148	NUM
cblr-8637	586	38	see	see	NOUN
cblr-8637	586	39	supra	supra	PROPN
cblr-8637	586	40	section	section	PROPN
cblr-8637	586	41	ii.a	ii.a	PROPN
cblr-8637	586	42	.	.	PUNCT
cblr-8637	587	1	greene	greene	PROPN
cblr-8637	587	2	et	et	PROPN
cblr-8637	587	3	al	al	PROPN
cblr-8637	587	4	.	.	PROPN
cblr-8637	588	1	8/21/2021	8/21/2021	NUM
cblr-8637	588	2	1:44	1:44	NUM
cblr-8637	588	3	pm	pm	NOUN
cblr-8637	588	4	750	750	NUM
cblr-8637	588	5	columbia	columbia	PROPN
cblr-8637	588	6	business	business	NOUN
cblr-8637	588	7	law	law	NOUN
cblr-8637	588	8	review	review	NOUN
cblr-8637	588	9	[	[	X
cblr-8637	588	10	vol	vol	NOUN
cblr-8637	588	11	.	.	PUNCT
cblr-8637	588	12	2021	2021	NUM
cblr-8637	588	13	further	far	ADV
cblr-8637	588	14	enhanced	enhance	VERB
cblr-8637	588	15	by	by	ADP
cblr-8637	588	16	the	the	DET
cblr-8637	588	17	wide	wide	ADJ
cblr-8637	588	18	range	range	NOUN
cblr-8637	588	19	of	of	ADP
cblr-8637	588	20	public	public	ADJ
cblr-8637	588	21	and	and	CCONJ
cblr-8637	588	22	private	private	ADJ
cblr-8637	588	23	remedies	remedy	NOUN
cblr-8637	588	24	for	for	ADP
cblr-8637	588	25	fraud	fraud	NOUN
cblr-8637	588	26	and	and	CCONJ
cblr-8637	588	27	the	the	DET
cblr-8637	588	28	insider	insider	NOUN
cblr-8637	588	29	trading	trading	NOUN
cblr-8637	588	30	laws.149	laws.149	ADV
cblr-8637	588	31	by	by	ADP
cblr-8637	588	32	standardizing	standardize	VERB
cblr-8637	588	33	information	information	NOUN
cblr-8637	588	34	available	available	ADJ
cblr-8637	588	35	to	to	ADP
cblr-8637	588	36	investors	investor	NOUN
cblr-8637	588	37	,	,	PUNCT
cblr-8637	588	38	this	this	DET
cblr-8637	588	39	oversight	oversight	NOUN
cblr-8637	588	40	and	and	CCONJ
cblr-8637	588	41	mandatory	mandatory	ADJ
cblr-8637	588	42	disclosure	disclosure	NOUN
cblr-8637	588	43	regime	regime	NOUN
cblr-8637	588	44	also	also	ADV
cblr-8637	588	45	plays	play	VERB
cblr-8637	588	46	a	a	DET
cblr-8637	588	47	crucial	crucial	ADJ
cblr-8637	588	48	role	role	NOUN
cblr-8637	588	49	in	in	ADP
cblr-8637	588	50	leveling	level	VERB
cblr-8637	588	51	the	the	DET
cblr-8637	588	52	playing	play	VERB
cblr-8637	588	53	field	field	NOUN
cblr-8637	588	54	for	for	ADP
cblr-8637	588	55	smaller	small	ADJ
cblr-8637	588	56	investors.150	investors.150	NOUN
cblr-8637	588	57	rather	rather	ADV
cblr-8637	588	58	than	than	ADP
cblr-8637	588	59	depending	depend	VERB
cblr-8637	588	60	on	on	ADP
cblr-8637	588	61	individual	individual	ADJ
cblr-8637	588	62	financial	financial	ADJ
cblr-8637	588	63	sophistication	sophistication	NOUN
cblr-8637	588	64	,	,	PUNCT
cblr-8637	588	65	public	public	ADJ
cblr-8637	588	66	market	market	NOUN
cblr-8637	588	67	participants	participant	NOUN
cblr-8637	588	68	can	can	AUX
cblr-8637	588	69	rely	rely	VERB
cblr-8637	588	70	on	on	ADP
cblr-8637	588	71	the	the	DET
cblr-8637	588	72	efficient	efficient	ADJ
cblr-8637	588	73	market	market	NOUN
cblr-8637	588	74	hypothesis	hypothesis	NOUN
cblr-8637	588	75	to	to	PART
cblr-8637	588	76	ensure	ensure	VERB
cblr-8637	588	77	efficient	efficient	ADJ
cblr-8637	588	78	pricing	pricing	NOUN
cblr-8637	588	79	for	for	ADP
cblr-8637	588	80	both	both	CCONJ
cblr-8637	588	81	retail	retail	ADJ
cblr-8637	588	82	and	and	CCONJ
cblr-8637	588	83	sophisticated	sophisticated	ADJ
cblr-8637	588	84	investors.151	investors.151	NOUN
cblr-8637	588	85	under	under	ADP
cblr-8637	588	86	the	the	DET
cblr-8637	588	87	semi	semi	ADJ
cblr-8637	588	88	-	-	ADJ
cblr-8637	588	89	strong	strong	ADJ
cblr-8637	588	90	form	form	NOUN
cblr-8637	588	91	of	of	ADP
cblr-8637	588	92	the	the	DET
cblr-8637	588	93	efficient	efficient	ADJ
cblr-8637	588	94	market	market	NOUN
cblr-8637	588	95	hypothesis	hypothesis	NOUN
cblr-8637	588	96	,	,	PUNCT
cblr-8637	588	97	all	all	DET
cblr-8637	588	98	publicly	publicly	ADV
cblr-8637	588	99	available	available	ADJ
cblr-8637	588	100	information	information	NOUN
cblr-8637	588	101	is	be	AUX
cblr-8637	588	102	nearly	nearly	ADV
cblr-8637	588	103	immediately	immediately	ADV
cblr-8637	588	104	reflected	reflect	VERB
cblr-8637	588	105	in	in	ADP
cblr-8637	588	106	a	a	DET
cblr-8637	588	107	security	security	NOUN
cblr-8637	588	108	’s	’s	PART
cblr-8637	588	109	publicly	publicly	ADV
cblr-8637	588	110	traded	trade	VERB
cblr-8637	588	111	price	price	NOUN
cblr-8637	588	112	as	as	SCONJ
cblr-8637	588	113	investment	investment	NOUN
cblr-8637	588	114	analysts	analyst	NOUN
cblr-8637	588	115	continuously	continuously	ADV
cblr-8637	588	116	evaluate	evaluate	VERB
cblr-8637	588	117	and	and	CCONJ
cblr-8637	588	118	adjust	adjust	VERB
cblr-8637	588	119	prices	price	NOUN
cblr-8637	588	120	to	to	PART
cblr-8637	588	121	reflect	reflect	VERB
cblr-8637	588	122	any	any	DET
cblr-8637	588	123	new	new	ADJ
cblr-8637	588	124	information.152	information.152	NOUN
cblr-8637	588	125	in	in	ADP
cblr-8637	588	126	the	the	DET
cblr-8637	588	127	liquid	liquid	ADJ
cblr-8637	588	128	public	public	ADJ
cblr-8637	588	129	securities	security	NOUN
cblr-8637	588	130	market	market	NOUN
cblr-8637	588	131	,	,	PUNCT
cblr-8637	588	132	individuals	individual	NOUN
cblr-8637	588	133	can	can	AUX
cblr-8637	588	134	feel	feel	VERB
cblr-8637	588	135	confident	confident	ADJ
cblr-8637	588	136	that	that	SCONJ
cblr-8637	588	137	the	the	DET
cblr-8637	588	138	prices	price	NOUN
cblr-8637	588	139	on	on	ADP
cblr-8637	588	140	exchanges	exchange	NOUN
cblr-8637	588	141	fairly	fairly	ADV
cblr-8637	588	142	reflect	reflect	VERB
cblr-8637	588	143	the	the	DET
cblr-8637	588	144	present	present	ADJ
cblr-8637	588	145	value	value	NOUN
cblr-8637	588	146	of	of	ADP
cblr-8637	588	147	expected	expect	VERB
cblr-8637	588	148	future	future	ADJ
cblr-8637	588	149	cash	cash	NOUN
cblr-8637	588	150	flows	flow	NOUN
cblr-8637	588	151	based	base	VERB
cblr-8637	588	152	on	on	ADP
cblr-8637	588	153	the	the	DET
cblr-8637	588	154	significant	significant	ADJ
cblr-8637	588	155	amount	amount	NOUN
cblr-8637	588	156	of	of	ADP
cblr-8637	588	157	publicly	publicly	ADV
cblr-8637	588	158	available	available	ADJ
cblr-8637	588	159	information	information	NOUN
cblr-8637	588	160	without	without	ADP
cblr-8637	588	161	having	have	VERB
cblr-8637	588	162	to	to	PART
cblr-8637	588	163	individually	individually	ADV
cblr-8637	588	164	process	process	VERB
cblr-8637	588	165	new	new	ADJ
cblr-8637	588	166	information	information	NOUN
cblr-8637	588	167	as	as	SCONJ
cblr-8637	588	168	it	it	PRON
cblr-8637	588	169	comes	comes	AUX
cblr-8637	588	170	in.153	in.153	VERB
cblr-8637	588	171	in	in	ADP
cblr-8637	588	172	contrast	contrast	NOUN
cblr-8637	588	173	,	,	PUNCT
cblr-8637	588	174	individuals	individual	NOUN
cblr-8637	588	175	can	can	AUX
cblr-8637	588	176	not	not	PART
cblr-8637	588	177	be	be	AUX
cblr-8637	588	178	certain	certain	ADJ
cblr-8637	588	179	that	that	SCONJ
cblr-8637	588	180	the	the	DET
cblr-8637	588	181	prices	price	NOUN
cblr-8637	588	182	for	for	ADP
cblr-8637	588	183	private	private	ADJ
cblr-8637	588	184	market	market	NOUN
cblr-8637	588	185	securities	security	NOUN
cblr-8637	588	186	are	be	AUX
cblr-8637	588	187	“	"	PUNCT
cblr-8637	588	188	fair	fair	ADJ
cblr-8637	588	189	”	"	PUNCT
cblr-8637	588	190	at	at	ADP
cblr-8637	588	191	any	any	DET
cblr-8637	588	192	given	give	VERB
cblr-8637	588	193	point	point	NOUN
cblr-8637	588	194	because	because	SCONJ
cblr-8637	588	195	the	the	DET
cblr-8637	588	196	lack	lack	NOUN
cblr-8637	588	197	of	of	ADP
cblr-8637	588	198	mandatory	mandatory	ADJ
cblr-8637	588	199	public	public	ADJ
cblr-8637	588	200	disclosures	disclosure	NOUN
cblr-8637	588	201	and	and	CCONJ
cblr-8637	588	202	comparatively	comparatively	ADV
cblr-8637	588	203	illiquid	illiquid	ADJ
cblr-8637	588	204	nature	nature	NOUN
cblr-8637	588	205	of	of	ADP
cblr-8637	588	206	private	private	ADJ
cblr-8637	588	207	market	market	NOUN
cblr-8637	588	208	securities	security	NOUN
cblr-8637	588	209	make	make	VERB
cblr-8637	588	210	it	it	PRON
cblr-8637	588	211	difficult	difficult	ADJ
cblr-8637	588	212	to	to	PART
cblr-8637	588	213	assess	assess	VERB
cblr-8637	588	214	an	an	DET
cblr-8637	588	215	accurate	accurate	ADJ
cblr-8637	588	216	“	"	PUNCT
cblr-8637	588	217	market	market	NOUN
cblr-8637	588	218	price	price	NOUN
cblr-8637	588	219	”	"	PUNCT
cblr-8637	588	220	for	for	ADP
cblr-8637	588	221	such	such	ADJ
cblr-8637	588	222	securities	security	NOUN
cblr-8637	588	223	.	.	PUNCT
cblr-8637	589	1	moreover	moreover	ADV
cblr-8637	589	2	,	,	PUNCT
cblr-8637	589	3	antifraud	antifraud	PROPN
cblr-8637	589	4	protections	protection	NOUN
cblr-8637	589	5	and	and	CCONJ
cblr-8637	589	6	insider	insider	NOUN
cblr-8637	589	7	trading	trading	NOUN
cblr-8637	589	8	laws	law	NOUN
cblr-8637	589	9	are	be	AUX
cblr-8637	589	10	difficult	difficult	ADJ
cblr-8637	589	11	to	to	PART
cblr-8637	589	12	enforce	enforce	VERB
cblr-8637	589	13	outside	outside	ADP
cblr-8637	589	14	the	the	DET
cblr-8637	589	15	public	public	NOUN
cblr-8637	589	16	market.154	market.154	VERB
cblr-8637	589	17	the	the	DET
cblr-8637	589	18	public	public	ADJ
cblr-8637	589	19	market	market	NOUN
cblr-8637	589	20	’s	’s	PART
cblr-8637	589	21	informational	informational	ADJ
cblr-8637	589	22	efficiency	efficiency	NOUN
cblr-8637	589	23	and	and	CCONJ
cblr-8637	589	24	price	price	NOUN
cblr-8637	589	25	transparency	transparency	NOUN
cblr-8637	589	26	are	be	AUX
cblr-8637	589	27	thus	thus	ADV
cblr-8637	589	28	difficult	difficult	ADJ
cblr-8637	589	29	to	to	PART
cblr-8637	589	30	replicate	replicate	VERB
cblr-8637	589	31	in	in	ADP
cblr-8637	589	32	the	the	DET
cblr-8637	589	33	private	private	ADJ
cblr-8637	589	34	market	market	NOUN
cblr-8637	589	35	.	.	PUNCT
cblr-8637	590	1	as	as	ADP
cblr-8637	590	2	a	a	DET
cblr-8637	590	3	result	result	NOUN
cblr-8637	590	4	of	of	ADP
cblr-8637	590	5	these	these	DET
cblr-8637	590	6	characteristics	characteristic	NOUN
cblr-8637	590	7	,	,	PUNCT
cblr-8637	590	8	the	the	DET
cblr-8637	590	9	public	public	ADJ
cblr-8637	590	10	market	market	NOUN
cblr-8637	590	11	149	149	NUM
cblr-8637	590	12	see	see	VERB
cblr-8637	590	13	elisabeth	elisabeth	PROPN
cblr-8637	590	14	d.	d.	PROPN
cblr-8637	590	15	de	de	PROPN
cblr-8637	590	16	fontenay	fontenay	PROPN
cblr-8637	590	17	,	,	PUNCT
cblr-8637	590	18	professor	professor	NOUN
cblr-8637	590	19	of	of	ADP
cblr-8637	590	20	l.	l.	PROPN
cblr-8637	590	21	,	,	PUNCT
cblr-8637	590	22	duke	duke	PROPN
cblr-8637	590	23	univ	univ	PROPN
cblr-8637	590	24	.	.	PUNCT
cblr-8637	591	1	sch	sch	PROPN
cblr-8637	591	2	.	.	PROPN
cblr-8637	591	3	of	of	ADP
cblr-8637	591	4	l.	l.	PROPN
cblr-8637	591	5	,	,	PUNCT
cblr-8637	591	6	et	et	PROPN
cblr-8637	591	7	al	al	PROPN
cblr-8637	591	8	.	.	PROPN
cblr-8637	591	9	,	,	PUNCT
cblr-8637	591	10	comment	comment	NOUN
cblr-8637	591	11	letter	letter	NOUN
cblr-8637	591	12	on	on	ADP
cblr-8637	591	13	concept	concept	NOUN
cblr-8637	591	14	release	release	NOUN
cblr-8637	591	15	on	on	ADP
cblr-8637	591	16	harmonization	harmonization	NOUN
cblr-8637	591	17	of	of	ADP
cblr-8637	591	18	securities	security	NOUN
cblr-8637	591	19	offering	offer	VERB
cblr-8637	591	20	exemptions	exemption	NOUN
cblr-8637	591	21	3–4	3–4	NUM
cblr-8637	591	22	(	(	PUNCT
cblr-8637	591	23	sept	sept	PROPN
cblr-8637	591	24	.	.	PROPN
cblr-8637	591	25	24	24	NUM
cblr-8637	591	26	,	,	PUNCT
cblr-8637	591	27	2019	2019	NUM
cblr-8637	591	28	)	)	PUNCT
cblr-8637	591	29	,	,	PUNCT
cblr-8637	591	30	https://scholar.law.colorado.edu	https://scholar.law.colorado.edu	PROPN
cblr-8637	591	31	/cgi	/cgi	PUNCT
cblr-8637	591	32	/	/	SYM
cblr-8637	591	33	viewcontent.cgi?article=1010&context	viewcontent.cgi?article=1010&context	PROPN
cblr-8637	591	34	=	=	NOUN
cblr-8637	591	35	research	research	NOUN
cblr-8637	591	36	-	-	PUNCT
cblr-8637	591	37	data	data	NOUN
cblr-8637	591	38	[	[	X
cblr-8637	591	39	https://perma.cc/8bcc-fdab	https://perma.cc/8bcc-fdab	NOUN
cblr-8637	591	40	]	]	X
cblr-8637	591	41	.	.	PUNCT
cblr-8637	592	1	150	150	NUM
cblr-8637	592	2	see	see	VERB
cblr-8637	592	3	i	i	PRON
cblr-8637	592	4	d.	d.	PROPN
cblr-8637	592	5	at	at	ADP
cblr-8637	592	6	3	3	NUM
cblr-8637	592	7	.	.	PUNCT
cblr-8637	592	8	151	151	NUM
cblr-8637	592	9	haq	haq	NOUN
cblr-8637	592	10	,	,	PUNCT
cblr-8637	592	11	supra	supra	PROPN
cblr-8637	592	12	note	note	PROPN
cblr-8637	592	13	29	29	NUM
cblr-8637	592	14	,	,	PUNCT
cblr-8637	592	15	at	at	ADP
cblr-8637	592	16	65–66	65–66	NUM
cblr-8637	592	17	.	.	PUNCT
cblr-8637	593	1	152	152	NUM
cblr-8637	594	1	i	i	PRON
cblr-8637	594	2	d.	d.	PROPN
cblr-8637	594	3	at	at	ADP
cblr-8637	594	4	66	66	NUM
cblr-8637	594	5	.	.	PUNCT
cblr-8637	595	1	153	153	NUM
cblr-8637	595	2	see	see	VERB
cblr-8637	595	3	i	i	PROPN
cblr-8637	595	4	d.	d.	PROPN
cblr-8637	595	5	154	154	NUM
cblr-8637	595	6	de	de	X
cblr-8637	595	7	fontenay	fontenay	PROPN
cblr-8637	595	8	et	et	PROPN
cblr-8637	595	9	al	al	PROPN
cblr-8637	595	10	.	.	PROPN
cblr-8637	595	11	,	,	PUNCT
cblr-8637	595	12	supra	supra	PROPN
cblr-8637	595	13	note	note	PROPN
cblr-8637	595	14	149	149	NUM
cblr-8637	595	15	,	,	PUNCT
cblr-8637	595	16	at	at	ADP
cblr-8637	595	17	9	9	NUM
cblr-8637	595	18	.	.	PUNCT
cblr-8637	595	19	greene	greene	PROPN
cblr-8637	595	20	et	et	PROPN
cblr-8637	595	21	al	al	PROPN
cblr-8637	595	22	.	.	PROPN
cblr-8637	596	1	8/21/2021	8/21/2021	NUM
cblr-8637	596	2	1:44	1:44	NUM
cblr-8637	596	3	pm	pm	NOUN
cblr-8637	596	4	no	no	INTJ
cblr-8637	596	5	.	.	PUNCT
cblr-8637	597	1	2:714	2:714	NUM
cblr-8637	597	2	]	]	X
cblr-8637	597	3	the	the	DET
cblr-8637	597	4	need	need	NOUN
cblr-8637	597	5	for	for	ADP
cblr-8637	597	6	a	a	DET
cblr-8637	597	7	comprehensive	comprehensive	ADJ
cblr-8637	597	8	approach	approach	NOUN
cblr-8637	597	9	751	751	NUM
cblr-8637	597	10	often	often	ADV
cblr-8637	597	11	serves	serve	VERB
cblr-8637	597	12	as	as	ADP
cblr-8637	597	13	a	a	DET
cblr-8637	597	14	benchmark	benchmark	NOUN
cblr-8637	597	15	for	for	ADP
cblr-8637	597	16	the	the	DET
cblr-8637	597	17	private	private	ADJ
cblr-8637	597	18	market	market	NOUN
cblr-8637	597	19	.	.	PUNCT
cblr-8637	598	1	for	for	ADP
cblr-8637	598	2	example	example	NOUN
cblr-8637	598	3	,	,	PUNCT
cblr-8637	598	4	the	the	DET
cblr-8637	598	5	private	private	ADJ
cblr-8637	598	6	market	market	NOUN
cblr-8637	598	7	frequently	frequently	ADV
cblr-8637	598	8	relies	rely	VERB
cblr-8637	598	9	on	on	ADP
cblr-8637	598	10	public	public	ADJ
cblr-8637	598	11	market	market	NOUN
cblr-8637	598	12	prices	price	NOUN
cblr-8637	598	13	as	as	SCONJ
cblr-8637	598	14	indicators	indicator	NOUN
cblr-8637	598	15	of	of	ADP
cblr-8637	598	16	fair	fair	ADJ
cblr-8637	598	17	pricing.155	pricing.155	ADJ
cblr-8637	598	18	the	the	DET
cblr-8637	598	19	transparent	transparent	ADJ
cblr-8637	598	20	and	and	CCONJ
cblr-8637	598	21	efficient	efficient	ADJ
cblr-8637	598	22	nature	nature	NOUN
cblr-8637	598	23	of	of	ADP
cblr-8637	598	24	public	public	ADJ
cblr-8637	598	25	market	market	NOUN
cblr-8637	598	26	securities	security	NOUN
cblr-8637	598	27	also	also	ADV
cblr-8637	598	28	enables	enable	VERB
cblr-8637	598	29	them	they	PRON
cblr-8637	598	30	to	to	PART
cblr-8637	598	31	serve	serve	VERB
cblr-8637	598	32	as	as	ADP
cblr-8637	598	33	reliable	reliable	ADJ
cblr-8637	598	34	collateral	collateral	NOUN
cblr-8637	598	35	for	for	ADP
cblr-8637	598	36	other	other	ADJ
cblr-8637	598	37	financial	financial	ADJ
cblr-8637	598	38	transactions.156	transactions.156	PROPN
cblr-8637	598	39	public	public	ADJ
cblr-8637	598	40	market	market	NOUN
cblr-8637	598	41	securities	security	NOUN
cblr-8637	598	42	are	be	AUX
cblr-8637	598	43	also	also	ADV
cblr-8637	598	44	highly	highly	ADV
cblr-8637	598	45	liquid	liquid	ADJ
cblr-8637	598	46	.	.	PUNCT
cblr-8637	599	1	this	this	PRON
cblr-8637	599	2	allows	allow	VERB
cblr-8637	599	3	retail	retail	ADJ
cblr-8637	599	4	investors	investor	NOUN
cblr-8637	599	5	to	to	PART
cblr-8637	599	6	pay	pay	VERB
cblr-8637	599	7	lower	low	ADJ
cblr-8637	599	8	commissions	commission	NOUN
cblr-8637	599	9	,	,	PUNCT
cblr-8637	599	10	to	to	PART
cblr-8637	599	11	acquire	acquire	VERB
cblr-8637	599	12	the	the	DET
cblr-8637	599	13	best	good	ADJ
cblr-8637	599	14	execution	execution	NOUN
cblr-8637	599	15	prices	price	NOUN
cblr-8637	599	16	for	for	ADP
cblr-8637	599	17	their	their	PRON
cblr-8637	599	18	trades	trade	NOUN
cblr-8637	599	19	,	,	PUNCT
cblr-8637	599	20	and	and	CCONJ
cblr-8637	599	21	to	to	PART
cblr-8637	599	22	quickly	quickly	ADV
cblr-8637	599	23	meet	meet	VERB
cblr-8637	599	24	their	their	PRON
cblr-8637	599	25	cash	cash	NOUN
cblr-8637	599	26	needs	need	NOUN
cblr-8637	599	27	by	by	ADP
cblr-8637	599	28	selling	sell	VERB
cblr-8637	599	29	their	their	PRON
cblr-8637	599	30	public	public	ADJ
cblr-8637	599	31	market	market	NOUN
cblr-8637	599	32	investments.157	investments.157	NOUN
cblr-8637	599	33	the	the	DET
cblr-8637	599	34	ease	ease	NOUN
cblr-8637	599	35	of	of	ADP
cblr-8637	599	36	exit	exit	NOUN
cblr-8637	599	37	and	and	CCONJ
cblr-8637	599	38	the	the	DET
cblr-8637	599	39	corporate	corporate	ADJ
cblr-8637	599	40	governance	governance	NOUN
cblr-8637	599	41	procedures	procedure	NOUN
cblr-8637	599	42	in	in	ADP
cblr-8637	599	43	public	public	ADJ
cblr-8637	599	44	companies	company	NOUN
cblr-8637	599	45	also	also	ADV
cblr-8637	599	46	serve	serve	VERB
cblr-8637	599	47	as	as	ADP
cblr-8637	599	48	tools	tool	NOUN
cblr-8637	599	49	for	for	SCONJ
cblr-8637	599	50	investors	investor	NOUN
cblr-8637	599	51	to	to	PART
cblr-8637	599	52	discipline	discipline	VERB
cblr-8637	599	53	underperforming	underperform	VERB
cblr-8637	599	54	or	or	CCONJ
cblr-8637	599	55	mismanaged	mismanage	VERB
cblr-8637	599	56	companies.158	companies.158	NOUN
cblr-8637	599	57	in	in	ADP
cblr-8637	599	58	contrast	contrast	NOUN
cblr-8637	599	59	,	,	PUNCT
cblr-8637	599	60	private	private	ADJ
cblr-8637	599	61	market	market	NOUN
cblr-8637	599	62	securities	security	NOUN
cblr-8637	599	63	are	be	AUX
cblr-8637	599	64	more	more	ADV
cblr-8637	599	65	thinly	thinly	ADV
cblr-8637	599	66	traded	trade	VERB
cblr-8637	599	67	,	,	PUNCT
cblr-8637	599	68	and	and	CCONJ
cblr-8637	599	69	investors	investor	NOUN
cblr-8637	599	70	have	have	VERB
cblr-8637	599	71	difficulty	difficulty	NOUN
cblr-8637	599	72	unwinding	unwind	VERB
cblr-8637	599	73	their	their	PRON
cblr-8637	599	74	positions	position	NOUN
cblr-8637	599	75	—	—	PUNCT
cblr-8637	599	76	in	in	ADP
cblr-8637	599	77	fact	fact	NOUN
cblr-8637	599	78	,	,	PUNCT
cblr-8637	599	79	individuals	individual	NOUN
cblr-8637	599	80	are	be	AUX
cblr-8637	599	81	generally	generally	ADV
cblr-8637	599	82	unable	unable	ADJ
cblr-8637	599	83	to	to	PART
cblr-8637	599	84	trade	trade	VERB
cblr-8637	599	85	many	many	ADJ
cblr-8637	599	86	restricted	restricted	ADJ
cblr-8637	599	87	securities	security	NOUN
cblr-8637	599	88	for	for	ADP
cblr-8637	599	89	at	at	ADV
cblr-8637	599	90	least	least	ADV
cblr-8637	599	91	one	one	NUM
cblr-8637	599	92	year.159	year.159	NOUN
cblr-8637	599	93	this	this	PRON
cblr-8637	599	94	poses	pose	VERB
cblr-8637	599	95	significant	significant	ADJ
cblr-8637	599	96	liquidity	liquidity	NOUN
cblr-8637	599	97	risks	risk	NOUN
cblr-8637	599	98	for	for	ADP
cblr-8637	599	99	retail	retail	ADJ
cblr-8637	599	100	investors	investor	NOUN
cblr-8637	599	101	,	,	PUNCT
cblr-8637	599	102	who	who	PRON
cblr-8637	599	103	are	be	AUX
cblr-8637	599	104	more	more	ADV
cblr-8637	599	105	likely	likely	ADJ
cblr-8637	599	106	to	to	PART
cblr-8637	599	107	“	"	PUNCT
cblr-8637	599	108	have	have	VERB
cblr-8637	599	109	liquidity	liquidity	NOUN
cblr-8637	599	110	needs	need	NOUN
cblr-8637	599	111	that	that	SCONJ
cblr-8637	599	112	institutional	institutional	ADJ
cblr-8637	599	113	investors	investor	NOUN
cblr-8637	599	114	typically	typically	ADV
cblr-8637	599	115	do	do	VERB
cblr-8637	599	116	not	not	PART
cblr-8637	599	117	.	.	PUNCT
cblr-8637	600	1	”160	”160	PROPN
cblr-8637	600	2	additionally	additionally	ADV
cblr-8637	600	3	,	,	PUNCT
cblr-8637	601	1	given	give	VERB
cblr-8637	601	2	the	the	DET
cblr-8637	601	3	lack	lack	NOUN
cblr-8637	601	4	of	of	ADP
cblr-8637	601	5	liquidity	liquidity	NOUN
cblr-8637	601	6	and	and	CCONJ
cblr-8637	601	7	governance	governance	NOUN
cblr-8637	601	8	procedures	procedure	NOUN
cblr-8637	601	9	in	in	ADP
cblr-8637	601	10	the	the	DET
cblr-8637	601	11	private	private	ADJ
cblr-8637	601	12	market	market	NOUN
cblr-8637	601	13	,	,	PUNCT
cblr-8637	601	14	it	it	PRON
cblr-8637	601	15	is	be	AUX
cblr-8637	601	16	generally	generally	ADV
cblr-8637	601	17	the	the	DET
cblr-8637	601	18	case	case	NOUN
cblr-8637	601	19	that	that	SCONJ
cblr-8637	601	20	only	only	ADV
cblr-8637	601	21	investors	investor	NOUN
cblr-8637	601	22	with	with	ADP
cblr-8637	601	23	substantial	substantial	ADJ
cblr-8637	601	24	bargaining	bargaining	NOUN
cblr-8637	601	25	power	power	NOUN
cblr-8637	601	26	and	and	CCONJ
cblr-8637	601	27	financial	financial	ADJ
cblr-8637	601	28	sophistication	sophistication	NOUN
cblr-8637	601	29	are	be	AUX
cblr-8637	601	30	able	able	ADJ
cblr-8637	601	31	to	to	PART
cblr-8637	601	32	discipline	discipline	VERB
cblr-8637	601	33	underperforming	underperform	VERB
cblr-8637	601	34	private	private	ADJ
cblr-8637	601	35	companies.161	companies.161	ADJ
cblr-8637	601	36	in	in	ADP
cblr-8637	601	37	addition	addition	NOUN
cblr-8637	601	38	to	to	ADP
cblr-8637	601	39	eroding	erode	VERB
cblr-8637	601	40	the	the	DET
cblr-8637	601	41	pricing	pricing	NOUN
cblr-8637	601	42	and	and	CCONJ
cblr-8637	601	43	liquidity	liquidity	NOUN
cblr-8637	601	44	benefits	benefit	NOUN
cblr-8637	601	45	of	of	ADP
cblr-8637	601	46	the	the	DET
cblr-8637	601	47	public	public	ADJ
cblr-8637	601	48	market	market	NOUN
cblr-8637	601	49	,	,	PUNCT
cblr-8637	601	50	allowing	allow	VERB
cblr-8637	601	51	the	the	DET
cblr-8637	601	52	size	size	NOUN
cblr-8637	601	53	of	of	ADP
cblr-8637	601	54	the	the	DET
cblr-8637	601	55	public	public	ADJ
cblr-8637	601	56	market	market	NOUN
cblr-8637	601	57	to	to	PART
cblr-8637	601	58	shrink	shrink	VERB
cblr-8637	601	59	significantly	significantly	ADV
cblr-8637	601	60	could	could	AUX
cblr-8637	601	61	decrease	decrease	VERB
cblr-8637	601	62	returns	return	NOUN
cblr-8637	601	63	and	and	CCONJ
cblr-8637	601	64	increase	increase	VERB
cblr-8637	601	65	risk	risk	NOUN
cblr-8637	601	66	for	for	ADP
cblr-8637	601	67	retail	retail	ADJ
cblr-8637	601	68	and	and	CCONJ
cblr-8637	601	69	institutional	institutional	ADJ
cblr-8637	601	70	investors	investor	NOUN
cblr-8637	601	71	alike	alike	ADV
cblr-8637	601	72	.	.	PUNCT
cblr-8637	602	1	first	first	ADV
cblr-8637	602	2	,	,	PUNCT
cblr-8637	602	3	the	the	DET
cblr-8637	602	4	public	public	ADJ
cblr-8637	602	5	market	market	NOUN
cblr-8637	602	6	enables	enable	VERB
cblr-8637	602	7	retail	retail	ADJ
cblr-8637	602	8	investors	investor	NOUN
cblr-8637	602	9	to	to	PART
cblr-8637	602	10	diversify	diversify	VERB
cblr-8637	602	11	and	and	CCONJ
cblr-8637	602	12	therefore	therefore	ADV
cblr-8637	602	13	155	155	NUM
cblr-8637	602	14	i	i	PROPN
cblr-8637	602	15	d.	d.	PROPN
cblr-8637	602	16	at	at	ADP
cblr-8637	602	17	3	3	NUM
cblr-8637	602	18	.	.	NUM
cblr-8637	602	19	156	156	NUM
cblr-8637	603	1	i	i	PRON
cblr-8637	603	2	d.	d.	PROPN
cblr-8637	603	3	157	157	NUM
cblr-8637	603	4	see	see	VERB
cblr-8637	603	5	i	i	PRON
cblr-8637	603	6	d.	d.	PROPN
cblr-8637	603	7	at	at	ADP
cblr-8637	603	8	4	4	NUM
cblr-8637	603	9	.	.	NUM
cblr-8637	603	10	158	158	NUM
cblr-8637	604	1	i	i	PRON
cblr-8637	604	2	d.	d.	VERB
cblr-8637	604	3	the	the	DET
cblr-8637	604	4	corporate	corporate	ADJ
cblr-8637	604	5	governance	governance	NOUN
cblr-8637	604	6	procedures	procedure	NOUN
cblr-8637	604	7	for	for	ADP
cblr-8637	604	8	public	public	ADJ
cblr-8637	604	9	companies	company	NOUN
cblr-8637	604	10	include	include	VERB
cblr-8637	604	11	independent	independent	ADJ
cblr-8637	604	12	audit	audit	NOUN
cblr-8637	604	13	committees	committee	NOUN
cblr-8637	604	14	,	,	PUNCT
cblr-8637	604	15	the	the	DET
cblr-8637	604	16	proxy	proxy	ADJ
cblr-8637	604	17	process	process	NOUN
cblr-8637	604	18	,	,	PUNCT
cblr-8637	604	19	and	and	CCONJ
cblr-8637	604	20	stock	stock	NOUN
cblr-8637	604	21	exchange	exchange	NOUN
cblr-8637	604	22	listing	list	VERB
cblr-8637	604	23	standards	standard	NOUN
cblr-8637	604	24	.	.	PUNCT
cblr-8637	605	1	i	i	PRON
cblr-8637	605	2	d.	d.	PROPN
cblr-8637	605	3	159	159	NUM
cblr-8637	605	4	see	see	VERB
cblr-8637	605	5	supra	supra	ADJ
cblr-8637	605	6	text	text	NOUN
cblr-8637	605	7	accompanying	accompanying	ADJ
cblr-8637	605	8	note	note	NOUN
cblr-8637	605	9	94	94	NUM
cblr-8637	605	10	.	.	NOUN
cblr-8637	605	11	160	160	NUM
cblr-8637	605	12	de	de	PROPN
cblr-8637	605	13	fontenay	fontenay	PROPN
cblr-8637	605	14	et	et	PROPN
cblr-8637	605	15	al	al	PROPN
cblr-8637	605	16	.	.	PROPN
cblr-8637	605	17	,	,	PUNCT
cblr-8637	605	18	supra	supra	PROPN
cblr-8637	605	19	note	note	PROPN
cblr-8637	605	20	149	149	NUM
cblr-8637	605	21	,	,	PUNCT
cblr-8637	605	22	at	at	ADP
cblr-8637	605	23	8	8	NUM
cblr-8637	605	24	.	.	X
cblr-8637	605	25	161	161	NUM
cblr-8637	606	1	i	i	PRON
cblr-8637	606	2	d.	d.	NOUN
cblr-8637	606	3	at	at	ADP
cblr-8637	606	4	9	9	NUM
cblr-8637	606	5	.	.	PUNCT
cblr-8637	606	6	greene	greene	PROPN
cblr-8637	606	7	et	et	PROPN
cblr-8637	606	8	al	al	PROPN
cblr-8637	606	9	.	.	PROPN
cblr-8637	607	1	8/21/2021	8/21/2021	NUM
cblr-8637	607	2	1:44	1:44	NUM
cblr-8637	607	3	pm	pm	NOUN
cblr-8637	607	4	752	752	NUM
cblr-8637	607	5	columbia	columbia	PROPN
cblr-8637	607	6	business	business	NOUN
cblr-8637	607	7	law	law	NOUN
cblr-8637	607	8	review	review	NOUN
cblr-8637	608	1	[	[	X
cblr-8637	608	2	vol	vol	NOUN
cblr-8637	608	3	.	.	PUNCT
cblr-8637	608	4	2021	2021	NUM
cblr-8637	608	5	reduce	reduce	VERB
cblr-8637	608	6	risks	risk	NOUN
cblr-8637	608	7	through	through	ADP
cblr-8637	608	8	index	index	NOUN
cblr-8637	608	9	funds.162	funds.162	NOUN
cblr-8637	608	10	as	as	SCONJ
cblr-8637	608	11	the	the	DET
cblr-8637	608	12	private	private	ADJ
cblr-8637	608	13	market	market	NOUN
cblr-8637	608	14	does	do	AUX
cblr-8637	608	15	not	not	PART
cblr-8637	608	16	provide	provide	VERB
cblr-8637	608	17	meaningful	meaningful	ADJ
cblr-8637	608	18	diversification	diversification	NOUN
cblr-8637	608	19	opportunities	opportunity	NOUN
cblr-8637	608	20	to	to	ADP
cblr-8637	608	21	individual	individual	ADJ
cblr-8637	608	22	investors	investor	NOUN
cblr-8637	608	23	without	without	ADP
cblr-8637	608	24	significant	significant	ADJ
cblr-8637	608	25	funds	fund	NOUN
cblr-8637	608	26	,	,	PUNCT
cblr-8637	608	27	materially	materially	ADV
cblr-8637	608	28	decreasing	decrease	VERB
cblr-8637	608	29	the	the	DET
cblr-8637	608	30	size	size	NOUN
cblr-8637	608	31	of	of	ADP
cblr-8637	608	32	the	the	DET
cblr-8637	608	33	public	public	ADJ
cblr-8637	608	34	market	market	NOUN
cblr-8637	608	35	will	will	AUX
cblr-8637	608	36	increase	increase	VERB
cblr-8637	608	37	risks	risk	NOUN
cblr-8637	608	38	for	for	ADP
cblr-8637	608	39	such	such	ADJ
cblr-8637	608	40	investors.163	investors.163	NOUN
cblr-8637	608	41	the	the	DET
cblr-8637	608	42	public	public	ADJ
cblr-8637	608	43	market	market	NOUN
cblr-8637	608	44	also	also	ADV
cblr-8637	608	45	provides	provide	VERB
cblr-8637	608	46	valuable	valuable	ADJ
cblr-8637	608	47	diversification	diversification	NOUN
cblr-8637	608	48	opportunities	opportunity	NOUN
cblr-8637	608	49	for	for	ADP
cblr-8637	608	50	institutional	institutional	ADJ
cblr-8637	608	51	investors	investor	NOUN
cblr-8637	608	52	with	with	ADP
cblr-8637	608	53	sufficient	sufficient	ADJ
cblr-8637	608	54	capital	capital	NOUN
cblr-8637	608	55	,	,	PUNCT
cblr-8637	608	56	given	give	VERB
cblr-8637	608	57	that	that	DET
cblr-8637	608	58	private	private	ADJ
cblr-8637	608	59	equity	equity	NOUN
cblr-8637	608	60	funds	fund	NOUN
cblr-8637	608	61	,	,	PUNCT
cblr-8637	608	62	whose	whose	DET
cblr-8637	608	63	investments	investment	NOUN
cblr-8637	608	64	are	be	AUX
cblr-8637	608	65	largely	largely	ADV
cblr-8637	608	66	in	in	ADP
cblr-8637	608	67	the	the	DET
cblr-8637	608	68	private	private	ADJ
cblr-8637	608	69	market	market	NOUN
cblr-8637	608	70	,	,	PUNCT
cblr-8637	608	71	are	be	AUX
cblr-8637	608	72	less	less	ADJ
cblr-8637	608	73	than	than	ADP
cblr-8637	608	74	perfectly	perfectly	ADV
cblr-8637	608	75	correlated	correlate	VERB
cblr-8637	608	76	with	with	ADP
cblr-8637	608	77	the	the	DET
cblr-8637	608	78	s&p	s&p	PROPN
cblr-8637	608	79	500.164	500.164	NUM
cblr-8637	608	80	therefore	therefore	ADV
cblr-8637	608	81	,	,	PUNCT
cblr-8637	608	82	shrinking	shrink	VERB
cblr-8637	608	83	the	the	DET
cblr-8637	608	84	number	number	NOUN
cblr-8637	608	85	of	of	ADP
cblr-8637	608	86	firms	firm	NOUN
cblr-8637	608	87	in	in	ADP
cblr-8637	608	88	the	the	DET
cblr-8637	608	89	public	public	ADJ
cblr-8637	608	90	market	market	NOUN
cblr-8637	608	91	arguably	arguably	ADV
cblr-8637	608	92	decreases	decrease	VERB
cblr-8637	608	93	diversification	diversification	NOUN
cblr-8637	608	94	opportunities	opportunity	NOUN
cblr-8637	608	95	for	for	ADP
cblr-8637	608	96	institutional	institutional	ADJ
cblr-8637	608	97	investors	investor	NOUN
cblr-8637	608	98	as	as	ADV
cblr-8637	608	99	well	well	ADV
cblr-8637	608	100	.	.	PUNCT
cblr-8637	609	1	162	162	NUM
cblr-8637	610	1	i	i	PRON
cblr-8637	610	2	d.	d.	PROPN
cblr-8637	610	3	at	at	ADP
cblr-8637	610	4	3	3	NUM
cblr-8637	610	5	.	.	NOUN
cblr-8637	610	6	163	163	NUM
cblr-8637	610	7	see	see	VERB
cblr-8637	610	8	interview	interview	NOUN
cblr-8637	610	9	by	by	ADP
cblr-8637	610	10	the	the	DET
cblr-8637	610	11	columbia	columbia	PROPN
cblr-8637	610	12	program	program	PROPN
cblr-8637	610	13	in	in	ADP
cblr-8637	610	14	l.	l.	PROPN
cblr-8637	610	15	&	&	CCONJ
cblr-8637	610	16	econ	econ	PROPN
cblr-8637	610	17	.	.	PUNCT
cblr-8637	611	1	of	of	ADP
cblr-8637	611	2	cap	cap	NOUN
cblr-8637	611	3	.	.	PUNCT
cblr-8637	612	1	mkts	mkts	NOUN
cblr-8637	612	2	.	.	PUNCT
cblr-8637	613	1	with	with	ADP
cblr-8637	613	2	anonymous	anonymous	ADJ
cblr-8637	613	3	interviewees	interviewee	NOUN
cblr-8637	613	4	(	(	PUNCT
cblr-8637	613	5	2019	2019	NUM
cblr-8637	613	6	)	)	PUNCT
cblr-8637	614	1	[	[	X
cblr-8637	614	2	hereinafter	hereinafter	NOUN
cblr-8637	614	3	special	special	ADJ
cblr-8637	614	4	study	study	NOUN
cblr-8637	614	5	interview	interview	NOUN
cblr-8637	614	6	]	]	X
cblr-8637	614	7	;	;	PUNCT
cblr-8637	614	8	cf	cf	X
cblr-8637	614	9	.	.	PUNCT
cblr-8637	615	1	also	also	PROPN
cblr-8637	615	2	de	de	PROPN
cblr-8637	615	3	fontenay	fontenay	PROPN
cblr-8637	615	4	et	et	PROPN
cblr-8637	615	5	al	al	PROPN
cblr-8637	615	6	.	.	PROPN
cblr-8637	615	7	,	,	PUNCT
cblr-8637	615	8	supra	supra	PROPN
cblr-8637	615	9	note	note	PROPN
cblr-8637	615	10	149	149	NUM
cblr-8637	615	11	,	,	PUNCT
cblr-8637	615	12	at	at	ADP
cblr-8637	615	13	6	6	NUM
cblr-8637	615	14	(	(	PUNCT
cblr-8637	615	15	asserting	assert	VERB
cblr-8637	615	16	that	that	SCONJ
cblr-8637	615	17	high	high	ADJ
cblr-8637	615	18	-	-	PUNCT
cblr-8637	615	19	networth	networth	NOUN
cblr-8637	615	20	investors	investor	NOUN
cblr-8637	615	21	have	have	AUX
cblr-8637	615	22	already	already	ADV
cblr-8637	615	23	flooded	flood	VERB
cblr-8637	615	24	the	the	DET
cblr-8637	615	25	private	private	ADJ
cblr-8637	615	26	markets	market	NOUN
cblr-8637	615	27	and	and	CCONJ
cblr-8637	615	28	that	that	SCONJ
cblr-8637	615	29	the	the	DET
cblr-8637	615	30	remaining	remain	VERB
cblr-8637	615	31	investments	investment	NOUN
cblr-8637	615	32	are	be	AUX
cblr-8637	615	33	ill	ill	ADV
cblr-8637	615	34	-	-	PUNCT
cblr-8637	615	35	suited	suited	ADJ
cblr-8637	615	36	to	to	ADP
cblr-8637	615	37	retail	retail	ADJ
cblr-8637	615	38	investors	investor	NOUN
cblr-8637	615	39	)	)	PUNCT
cblr-8637	615	40	.	.	PUNCT
cblr-8637	616	1	for	for	ADP
cblr-8637	616	2	a	a	DET
cblr-8637	616	3	discussion	discussion	NOUN
cblr-8637	616	4	of	of	ADP
cblr-8637	616	5	the	the	DET
cblr-8637	616	6	interviews	interview	NOUN
cblr-8637	616	7	referenced	reference	VERB
cblr-8637	616	8	in	in	ADP
cblr-8637	616	9	this	this	DET
cblr-8637	616	10	article	article	NOUN
cblr-8637	616	11	,	,	PUNCT
cblr-8637	616	12	see	see	VERB
cblr-8637	616	13	merritt	merritt	PROPN
cblr-8637	616	14	b.	b.	PROPN
cblr-8637	616	15	fox	fox	PROPN
cblr-8637	616	16	et	et	PROPN
cblr-8637	616	17	al	al	PROPN
cblr-8637	616	18	.	.	PROPN
cblr-8637	616	19	,	,	PUNCT
cblr-8637	616	20	distributed	distribute	VERB
cblr-8637	616	21	ledger	ledger	NOUN
cblr-8637	616	22	technology	technology	NOUN
cblr-8637	616	23	and	and	CCONJ
cblr-8637	616	24	the	the	DET
cblr-8637	616	25	securities	security	NOUN
cblr-8637	616	26	markets	market	NOUN
cblr-8637	616	27	of	of	ADP
cblr-8637	616	28	the	the	DET
cblr-8637	616	29	future	future	NOUN
cblr-8637	616	30	:	:	PUNCT
cblr-8637	616	31	a	a	DET
cblr-8637	616	32	stakeholder	stakeholder	NOUN
cblr-8637	616	33	survey	survey	NOUN
cblr-8637	616	34	,	,	PUNCT
cblr-8637	616	35	2021	2021	NUM
cblr-8637	616	36	colum	colum	NOUN
cblr-8637	616	37	.	.	PUNCT
cblr-8637	617	1	bus	bus	NOUN
cblr-8637	617	2	.	.	PUNCT
cblr-8637	618	1	l.	l.	PROPN
cblr-8637	618	2	rev	rev	PROPN
cblr-8637	618	3	.	.	PROPN
cblr-8637	618	4	652	652	NUM
cblr-8637	618	5	.	.	PUNCT
cblr-8637	619	1	defined	define	VERB
cblr-8637	619	2	benefit	benefit	NOUN
cblr-8637	619	3	plans	plan	NOUN
cblr-8637	619	4	,	,	PUNCT
cblr-8637	619	5	i.e.	i.e.	X
cblr-8637	619	6	,	,	PUNCT
cblr-8637	619	7	pension	pension	NOUN
cblr-8637	619	8	plans	plan	NOUN
cblr-8637	619	9	,	,	PUNCT
cblr-8637	619	10	are	be	AUX
cblr-8637	619	11	significant	significant	ADJ
cblr-8637	619	12	investors	investor	NOUN
cblr-8637	619	13	in	in	ADP
cblr-8637	619	14	private	private	ADJ
cblr-8637	619	15	markets	market	NOUN
cblr-8637	619	16	and	and	CCONJ
cblr-8637	619	17	private	private	ADJ
cblr-8637	619	18	funds	fund	NOUN
cblr-8637	619	19	.	.	PUNCT
cblr-8637	620	1	thus	thus	ADV
cblr-8637	620	2	,	,	PUNCT
cblr-8637	620	3	individuals	individual	NOUN
cblr-8637	620	4	who	who	PRON
cblr-8637	620	5	may	may	AUX
cblr-8637	620	6	not	not	PART
cblr-8637	620	7	have	have	VERB
cblr-8637	620	8	the	the	DET
cblr-8637	620	9	benefit	benefit	NOUN
cblr-8637	620	10	to	to	PART
cblr-8637	620	11	invest	invest	VERB
cblr-8637	620	12	in	in	ADP
cblr-8637	620	13	a	a	DET
cblr-8637	620	14	private	private	ADJ
cblr-8637	620	15	placement	placement	NOUN
cblr-8637	620	16	or	or	CCONJ
cblr-8637	620	17	private	private	ADJ
cblr-8637	620	18	fund	fund	NOUN
cblr-8637	620	19	based	base	VERB
cblr-8637	620	20	on	on	ADP
cblr-8637	620	21	their	their	PRON
cblr-8637	620	22	status	status	NOUN
cblr-8637	620	23	as	as	SCONJ
cblr-8637	620	24	accredited	accredit	VERB
cblr-8637	620	25	investors	investor	NOUN
cblr-8637	620	26	can	can	AUX
cblr-8637	620	27	gain	gain	VERB
cblr-8637	620	28	some	some	DET
cblr-8637	620	29	diversification	diversification	NOUN
cblr-8637	620	30	benefit	benefit	NOUN
cblr-8637	620	31	based	base	VERB
cblr-8637	620	32	on	on	ADP
cblr-8637	620	33	their	their	PRON
cblr-8637	620	34	pension	pension	NOUN
cblr-8637	620	35	plans	plan	NOUN
cblr-8637	620	36	.	.	PUNCT
cblr-8637	621	1	however	however	ADV
cblr-8637	621	2	,	,	PUNCT
cblr-8637	621	3	most	most	ADJ
cblr-8637	621	4	retail	retail	ADJ
cblr-8637	621	5	investors	investor	NOUN
cblr-8637	621	6	do	do	AUX
cblr-8637	621	7	not	not	PART
cblr-8637	621	8	gain	gain	VERB
cblr-8637	621	9	this	this	DET
cblr-8637	621	10	diversification	diversification	NOUN
cblr-8637	621	11	benefit	benefit	NOUN
cblr-8637	621	12	through	through	ADP
cblr-8637	621	13	defined	define	VERB
cblr-8637	621	14	contribution	contribution	NOUN
cblr-8637	621	15	plans	plan	NOUN
cblr-8637	621	16	,	,	PUNCT
cblr-8637	621	17	i.e.	i.e.	X
cblr-8637	621	18	,	,	PUNCT
cblr-8637	621	19	401(k	401(k	NOUN
cblr-8637	621	20	)	)	PUNCT
cblr-8637	621	21	plans	plan	NOUN
cblr-8637	621	22	.	.	PUNCT
cblr-8637	622	1	see	see	VERB
cblr-8637	622	2	michael	michael	PROPN
cblr-8637	622	3	doherty	doherty	PROPN
cblr-8637	622	4	,	,	PUNCT
cblr-8637	622	5	partner	partner	NOUN
cblr-8637	622	6	,	,	PUNCT
cblr-8637	622	7	ropes	rope	NOUN
cblr-8637	622	8	&	&	CCONJ
cblr-8637	622	9	gray	gray	PROPN
cblr-8637	622	10	llp	llp	PROPN
cblr-8637	622	11	,	,	PUNCT
cblr-8637	622	12	et	et	PROPN
cblr-8637	622	13	al	al	PROPN
cblr-8637	622	14	.	.	PROPN
cblr-8637	622	15	,	,	PUNCT
cblr-8637	622	16	comment	comment	NOUN
cblr-8637	622	17	letter	letter	NOUN
cblr-8637	622	18	on	on	ADP
cblr-8637	622	19	concept	concept	NOUN
cblr-8637	622	20	release	release	NOUN
cblr-8637	622	21	on	on	ADP
cblr-8637	622	22	harmonization	harmonization	NOUN
cblr-8637	622	23	of	of	ADP
cblr-8637	622	24	securities	security	NOUN
cblr-8637	622	25	offering	offer	VERB
cblr-8637	622	26	exemptions	exemption	NOUN
cblr-8637	622	27	6	6	NUM
cblr-8637	622	28	(	(	PUNCT
cblr-8637	622	29	sept	sept	PROPN
cblr-8637	622	30	.	.	PROPN
cblr-8637	622	31	24	24	NUM
cblr-8637	622	32	,	,	PUNCT
cblr-8637	622	33	2019	2019	NUM
cblr-8637	622	34	)	)	PUNCT
cblr-8637	622	35	,	,	PUNCT
cblr-8637	622	36	https://www.sec.gov/comments/s7-08-19/s70819-6190355192429.pdf	https://www.sec.gov/comments/s7-08-19/s70819-6190355192429.pdf	PROPN
cblr-8637	623	1	[	[	X
cblr-8637	623	2	https://perma.cc/83yq-by3	https://perma.cc/83yq-by3	NOUN
cblr-8637	623	3	m	m	X
cblr-8637	623	4	]	]	X
cblr-8637	623	5	.	.	PUNCT
cblr-8637	624	1	though	though	SCONJ
cblr-8637	624	2	these	these	DET
cblr-8637	624	3	plans	plan	NOUN
cblr-8637	624	4	are	be	AUX
cblr-8637	624	5	not	not	PART
cblr-8637	624	6	prohibited	prohibit	VERB
cblr-8637	624	7	from	from	ADP
cblr-8637	624	8	investing	invest	VERB
cblr-8637	624	9	in	in	ADP
cblr-8637	624	10	private	private	ADJ
cblr-8637	624	11	funds	fund	NOUN
cblr-8637	624	12	,	,	PUNCT
cblr-8637	624	13	the	the	DET
cblr-8637	624	14	actual	actual	ADJ
cblr-8637	624	15	investment	investment	NOUN
cblr-8637	624	16	in	in	ADP
cblr-8637	624	17	private	private	ADJ
cblr-8637	624	18	funds	fund	NOUN
cblr-8637	624	19	is	be	AUX
cblr-8637	624	20	limited	limit	VERB
cblr-8637	624	21	because	because	SCONJ
cblr-8637	624	22	,	,	PUNCT
cblr-8637	624	23	in	in	ADP
cblr-8637	624	24	exercising	exercise	VERB
cblr-8637	624	25	its	its	PRON
cblr-8637	624	26	fiduciary	fiduciary	ADJ
cblr-8637	624	27	duties	duty	NOUN
cblr-8637	624	28	,	,	PUNCT
cblr-8637	624	29	the	the	DET
cblr-8637	624	30	defined	define	VERB
cblr-8637	624	31	contribution	contribution	NOUN
cblr-8637	624	32	plan	plan	NOUN
cblr-8637	624	33	fiduciaries	fiduciary	NOUN
cblr-8637	624	34	must	must	AUX
cblr-8637	624	35	take	take	VERB
cblr-8637	624	36	into	into	ADP
cblr-8637	624	37	account	account	NOUN
cblr-8637	624	38	the	the	DET
cblr-8637	624	39	liquidity	liquidity	NOUN
cblr-8637	624	40	of	of	ADP
cblr-8637	624	41	the	the	DET
cblr-8637	624	42	investments	investment	NOUN
cblr-8637	624	43	.	.	PUNCT
cblr-8637	625	1	see	see	VERB
cblr-8637	625	2	i	i	PRON
cblr-8637	625	3	d.	d.	PROPN
cblr-8637	625	4	at	at	ADP
cblr-8637	625	5	6–7	6–7	NUM
cblr-8637	625	6	.	.	PROPN
cblr-8637	625	7	164	164	NUM
cblr-8637	625	8	de	de	X
cblr-8637	625	9	fontenay	fontenay	PROPN
cblr-8637	625	10	et	et	PROPN
cblr-8637	625	11	al	al	PROPN
cblr-8637	625	12	.	.	PROPN
cblr-8637	625	13	,	,	PUNCT
cblr-8637	625	14	supra	supra	PROPN
cblr-8637	625	15	note	note	PROPN
cblr-8637	625	16	149	149	NUM
cblr-8637	625	17	,	,	PUNCT
cblr-8637	625	18	at	at	ADP
cblr-8637	625	19	11–12	11–12	NUM
cblr-8637	625	20	;	;	PUNCT
cblr-8637	625	21	miriam	miriam	PROPN
cblr-8637	625	22	gottfried	gottfried	PROPN
cblr-8637	625	23	,	,	PUNCT
cblr-8637	625	24	private	private	ADJ
cblr-8637	625	25	-	-	PUNCT
cblr-8637	625	26	equity	equity	NOUN
cblr-8637	625	27	firms	firm	NOUN
cblr-8637	625	28	are	be	AUX
cblr-8637	625	29	raising	raise	VERB
cblr-8637	625	30	bigger	big	ADJ
cblr-8637	625	31	and	and	CCONJ
cblr-8637	625	32	bigger	big	ADJ
cblr-8637	625	33	funds	fund	NOUN
cblr-8637	625	34	.	.	PUNCT
cblr-8637	626	1	they	they	PRON
cblr-8637	626	2	often	often	ADV
cblr-8637	626	3	do	do	AUX
cblr-8637	626	4	n’t	not	PART
cblr-8637	626	5	deliver	deliver	VERB
cblr-8637	626	6	,	,	PUNCT
cblr-8637	627	1	wall	wall	PROPN
cblr-8637	627	2	st	st	PROPN
cblr-8637	627	3	.	.	PROPN
cblr-8637	627	4	j.	j.	PROPN
cblr-8637	627	5	(	(	PUNCT
cblr-8637	627	6	june	june	PROPN
cblr-8637	627	7	18	18	NUM
cblr-8637	627	8	,	,	PUNCT
cblr-8637	627	9	2019	2019	NUM
cblr-8637	627	10	,	,	PUNCT
cblr-8637	627	11	8:00	8:00	NUM
cblr-8637	627	12	am	am	NOUN
cblr-8637	627	13	)	)	PUNCT
cblr-8637	627	14	(	(	PUNCT
cblr-8637	627	15	on	on	ADP
cblr-8637	627	16	file	file	NOUN
cblr-8637	627	17	with	with	ADP
cblr-8637	627	18	the	the	DET
cblr-8637	627	19	columbia	columbia	PROPN
cblr-8637	627	20	business	business	PROPN
cblr-8637	627	21	law	law	PROPN
cblr-8637	627	22	review	review	PROPN
cblr-8637	627	23	)	)	PUNCT
cblr-8637	627	24	,	,	PUNCT
cblr-8637	627	25	https://www.wsj.com/articles/privateequity-firms-are-raising-bigger-and-bigger-funds-they-often-dont-deliver11560859200	https://www.wsj.com/articles/privateequity-firms-are-raising-bigger-and-bigger-funds-they-often-dont-deliver11560859200	PROPN
cblr-8637	627	26	(	(	PUNCT
cblr-8637	627	27	noting	note	VERB
cblr-8637	627	28	that	that	SCONJ
cblr-8637	627	29	private	private	ADJ
cblr-8637	627	30	equity	equity	NOUN
cblr-8637	627	31	funds	fund	NOUN
cblr-8637	627	32	with	with	ADP
cblr-8637	627	33	$	$	SYM
cblr-8637	627	34	10	10	NUM
cblr-8637	627	35	billion	billion	NUM
cblr-8637	627	36	or	or	CCONJ
cblr-8637	627	37	more	more	ADJ
cblr-8637	627	38	have	have	VERB
cblr-8637	627	39	a	a	DET
cblr-8637	627	40	0.62	0.62	NUM
cblr-8637	627	41	correlation	correlation	NOUN
cblr-8637	627	42	with	with	ADP
cblr-8637	627	43	the	the	DET
cblr-8637	627	44	s&p	s&p	PROPN
cblr-8637	627	45	500	500	NUM
cblr-8637	627	46	while	while	SCONJ
cblr-8637	627	47	funds	fund	NOUN
cblr-8637	627	48	with	with	ADP
cblr-8637	627	49	less	less	ADJ
cblr-8637	627	50	than	than	ADP
cblr-8637	627	51	$	$	SYM
cblr-8637	627	52	350	350	NUM
cblr-8637	627	53	million	million	NUM
cblr-8637	627	54	have	have	VERB
cblr-8637	627	55	a	a	DET
cblr-8637	627	56	correlation	correlation	NOUN
cblr-8637	627	57	of	of	ADP
cblr-8637	627	58	just	just	ADV
cblr-8637	627	59	0.38	0.38	NUM
cblr-8637	627	60	)	)	PUNCT
cblr-8637	627	61	.	.	PUNCT
cblr-8637	628	1	greene	greene	PROPN
cblr-8637	628	2	et	et	PROPN
cblr-8637	628	3	al	al	PROPN
cblr-8637	628	4	.	.	PROPN
cblr-8637	629	1	8/21/2021	8/21/2021	NUM
cblr-8637	629	2	1:44	1:44	NUM
cblr-8637	629	3	pm	pm	NOUN
cblr-8637	629	4	no	no	INTJ
cblr-8637	629	5	.	.	PUNCT
cblr-8637	630	1	2:714	2:714	NUM
cblr-8637	630	2	]	]	X
cblr-8637	630	3	the	the	DET
cblr-8637	630	4	need	need	NOUN
cblr-8637	630	5	for	for	ADP
cblr-8637	630	6	a	a	DET
cblr-8637	630	7	comprehensive	comprehensive	ADJ
cblr-8637	630	8	approach	approach	NOUN
cblr-8637	630	9	753	753	NUM
cblr-8637	630	10	second	second	ADJ
cblr-8637	630	11	,	,	PUNCT
cblr-8637	630	12	as	as	SCONJ
cblr-8637	630	13	discussed	discuss	VERB
cblr-8637	630	14	further	far	ADV
cblr-8637	630	15	in	in	ADP
cblr-8637	630	16	section	section	NOUN
cblr-8637	630	17	iii.a.3	iii.a.3	VERB
cblr-8637	630	18	below	below	ADV
cblr-8637	630	19	,	,	PUNCT
cblr-8637	630	20	the	the	DET
cblr-8637	630	21	private	private	ADJ
cblr-8637	630	22	market	market	NOUN
cblr-8637	630	23	offers	offer	VERB
cblr-8637	630	24	high	high	ADJ
cblr-8637	630	25	returns	return	NOUN
cblr-8637	630	26	from	from	ADP
cblr-8637	630	27	companies	company	NOUN
cblr-8637	630	28	’	'	PUNCT
cblr-8637	630	29	earlystage	earlystage	NOUN
cblr-8637	630	30	growth	growth	NOUN
cblr-8637	630	31	,	,	PUNCT
cblr-8637	630	32	and	and	CCONJ
cblr-8637	630	33	retail	retail	ADJ
cblr-8637	630	34	investors	investor	NOUN
cblr-8637	630	35	are	be	AUX
cblr-8637	630	36	currently	currently	ADV
cblr-8637	630	37	excluded	exclude	VERB
cblr-8637	630	38	from	from	ADP
cblr-8637	630	39	these	these	DET
cblr-8637	630	40	returns	return	NOUN
cblr-8637	630	41	.	.	PUNCT
cblr-8637	631	1	however	however	ADV
cblr-8637	631	2	,	,	PUNCT
cblr-8637	631	3	these	these	DET
cblr-8637	631	4	returns	return	NOUN
cblr-8637	631	5	are	be	AUX
cblr-8637	631	6	generally	generally	ADV
cblr-8637	631	7	achieved	achieve	VERB
cblr-8637	631	8	by	by	ADP
cblr-8637	631	9	taking	take	VERB
cblr-8637	631	10	on	on	ADP
cblr-8637	631	11	higher	high	ADJ
cblr-8637	631	12	risk	risk	NOUN
cblr-8637	631	13	and	and	CCONJ
cblr-8637	631	14	are	be	AUX
cblr-8637	631	15	often	often	ADV
cblr-8637	631	16	driven	drive	VERB
cblr-8637	631	17	by	by	ADP
cblr-8637	631	18	the	the	DET
cblr-8637	631	19	operational	operational	ADJ
cblr-8637	631	20	and	and	CCONJ
cblr-8637	631	21	financial	financial	ADJ
cblr-8637	631	22	sophistication	sophistication	NOUN
cblr-8637	631	23	of	of	ADP
cblr-8637	631	24	institutional	institutional	ADJ
cblr-8637	631	25	investors.165	investors.165	PROPN
cblr-8637	631	26	for	for	ADP
cblr-8637	631	27	investors	investor	NOUN
cblr-8637	631	28	who	who	PRON
cblr-8637	631	29	lack	lack	VERB
cblr-8637	631	30	financial	financial	ADJ
cblr-8637	631	31	sophistication	sophistication	NOUN
cblr-8637	631	32	and	and	CCONJ
cblr-8637	631	33	proper	proper	ADJ
cblr-8637	631	34	advice	advice	NOUN
cblr-8637	631	35	,	,	PUNCT
cblr-8637	631	36	the	the	DET
cblr-8637	631	37	risks	risk	NOUN
cblr-8637	631	38	of	of	ADP
cblr-8637	631	39	investing	invest	VERB
cblr-8637	631	40	in	in	ADP
cblr-8637	631	41	private	private	ADJ
cblr-8637	631	42	markets	market	NOUN
cblr-8637	631	43	can	can	AUX
cblr-8637	631	44	be	be	AUX
cblr-8637	631	45	“	"	PUNCT
cblr-8637	631	46	exponentially	exponentially	ADV
cblr-8637	631	47	higher	high	ADJ
cblr-8637	631	48	,	,	PUNCT
cblr-8637	631	49	”	"	PUNCT
cblr-8637	631	50	and	and	CCONJ
cblr-8637	631	51	the	the	DET
cblr-8637	631	52	expected	expect	VERB
cblr-8637	631	53	returns	return	NOUN
cblr-8637	631	54	are	be	AUX
cblr-8637	631	55	significantly	significantly	ADV
cblr-8637	631	56	decreased.166	decreased.166	ADJ
cblr-8637	631	57	finally	finally	ADV
cblr-8637	631	58	,	,	PUNCT
cblr-8637	631	59	the	the	DET
cblr-8637	631	60	lack	lack	NOUN
cblr-8637	631	61	of	of	ADP
cblr-8637	631	62	disclosure	disclosure	NOUN
cblr-8637	631	63	in	in	ADP
cblr-8637	631	64	the	the	DET
cblr-8637	631	65	private	private	ADJ
cblr-8637	631	66	market	market	NOUN
cblr-8637	631	67	likely	likely	ADV
cblr-8637	631	68	affects	affect	VERB
cblr-8637	631	69	retail	retail	ADJ
cblr-8637	631	70	investors	investor	NOUN
cblr-8637	631	71	significantly	significantly	ADV
cblr-8637	631	72	more	more	ADV
cblr-8637	631	73	than	than	ADP
cblr-8637	631	74	institutional	institutional	ADJ
cblr-8637	631	75	investors	investor	NOUN
cblr-8637	631	76	,	,	PUNCT
cblr-8637	631	77	who	who	PRON
cblr-8637	631	78	generally	generally	ADV
cblr-8637	631	79	have	have	VERB
cblr-8637	631	80	the	the	DET
cblr-8637	631	81	financial	financial	ADJ
cblr-8637	631	82	sophistication	sophistication	NOUN
cblr-8637	631	83	and	and	CCONJ
cblr-8637	631	84	bargaining	bargaining	NOUN
cblr-8637	631	85	power	power	NOUN
cblr-8637	631	86	to	to	PART
cblr-8637	631	87	obtain	obtain	VERB
cblr-8637	631	88	necessary	necessary	ADJ
cblr-8637	631	89	information	information	NOUN
cblr-8637	631	90	.	.	PUNCT
cblr-8637	632	1	due	due	ADP
cblr-8637	632	2	to	to	ADP
cblr-8637	632	3	this	this	DET
cblr-8637	632	4	information	information	NOUN
cblr-8637	632	5	asymmetry	asymmetry	NOUN
cblr-8637	632	6	between	between	ADP
cblr-8637	632	7	retail	retail	ADJ
cblr-8637	632	8	and	and	CCONJ
cblr-8637	632	9	institutional	institutional	ADJ
cblr-8637	632	10	investors	investor	NOUN
cblr-8637	632	11	in	in	ADP
cblr-8637	632	12	the	the	DET
cblr-8637	632	13	private	private	ADJ
cblr-8637	632	14	market	market	NOUN
cblr-8637	632	15	,	,	PUNCT
cblr-8637	632	16	allowing	allow	VERB
cblr-8637	632	17	individuals	individual	NOUN
cblr-8637	632	18	—	—	PUNCT
cblr-8637	632	19	even	even	ADV
cblr-8637	632	20	accredited	accredited	ADJ
cblr-8637	632	21	investors	investor	NOUN
cblr-8637	632	22	—	—	PUNCT
cblr-8637	632	23	to	to	PART
cblr-8637	632	24	directly	directly	ADV
cblr-8637	632	25	invest	invest	VERB
cblr-8637	632	26	in	in	ADP
cblr-8637	632	27	the	the	DET
cblr-8637	632	28	private	private	ADJ
cblr-8637	632	29	market	market	NOUN
cblr-8637	632	30	likely	likely	ADV
cblr-8637	632	31	creates	create	VERB
cblr-8637	632	32	a	a	DET
cblr-8637	632	33	“	"	PUNCT
cblr-8637	632	34	lemons	lemon	NOUN
cblr-8637	632	35	”	"	PUNCT
cblr-8637	632	36	problem	problem	NOUN
cblr-8637	632	37	.	.	PUNCT
cblr-8637	633	1	in	in	ADP
cblr-8637	633	2	other	other	ADJ
cblr-8637	633	3	words	word	NOUN
cblr-8637	633	4	,	,	PUNCT
cblr-8637	633	5	the	the	DET
cblr-8637	633	6	worthiest	worthy	ADJ
cblr-8637	633	7	private	private	ADJ
cblr-8637	633	8	market	market	NOUN
cblr-8637	633	9	investments	investment	NOUN
cblr-8637	633	10	would	would	AUX
cblr-8637	633	11	go	go	VERB
cblr-8637	633	12	to	to	ADP
cblr-8637	633	13	institutional	institutional	ADJ
cblr-8637	633	14	investors	investor	NOUN
cblr-8637	633	15	,	,	PUNCT
cblr-8637	633	16	leaving	leave	VERB
cblr-8637	633	17	individual	individual	ADJ
cblr-8637	633	18	investors	investor	NOUN
cblr-8637	633	19	with	with	ADP
cblr-8637	633	20	the	the	DET
cblr-8637	633	21	least	least	ADV
cblr-8637	633	22	promising	promising	ADJ
cblr-8637	633	23	opportunities.167	opportunities.167	VERB
cblr-8637	633	24	because	because	SCONJ
cblr-8637	633	25	these	these	DET
cblr-8637	633	26	investments	investment	NOUN
cblr-8637	633	27	are	be	AUX
cblr-8637	633	28	likely	likely	ADJ
cblr-8637	633	29	to	to	PART
cblr-8637	633	30	be	be	AUX
cblr-8637	633	31	promoted	promote	VERB
cblr-8637	633	32	by	by	ADP
cblr-8637	633	33	unregulated	unregulated	ADJ
cblr-8637	633	34	parties	party	NOUN
cblr-8637	633	35	,	,	PUNCT
cblr-8637	633	36	retail	retail	ADJ
cblr-8637	633	37	investors	investor	NOUN
cblr-8637	633	38	may	may	AUX
cblr-8637	633	39	be	be	AUX
cblr-8637	633	40	offered	offer	VERB
cblr-8637	633	41	opportunities	opportunity	NOUN
cblr-8637	633	42	that	that	PRON
cblr-8637	633	43	do	do	AUX
cblr-8637	633	44	not	not	PART
cblr-8637	633	45	satisfy	satisfy	VERB
cblr-8637	633	46	finra	finra	PROPN
cblr-8637	633	47	’s	’s	PART
cblr-8637	633	48	suitability	suitability	NOUN
cblr-8637	633	49	standard	standard	NOUN
cblr-8637	633	50	or	or	CCONJ
cblr-8637	633	51	regulation	regulation	NOUN
cblr-8637	633	52	best	good	ADJ
cblr-8637	633	53	interest.168	interest.168	NOUN
cblr-8637	633	54	given	give	VERB
cblr-8637	633	55	the	the	DET
cblr-8637	633	56	lack	lack	NOUN
cblr-8637	633	57	of	of	ADP
cblr-8637	633	58	data	datum	NOUN
cblr-8637	633	59	,	,	PUNCT
cblr-8637	633	60	this	this	DET
cblr-8637	633	61	issue	issue	NOUN
cblr-8637	633	62	would	would	AUX
cblr-8637	633	63	prove	prove	VERB
cblr-8637	633	64	difficult	difficult	ADJ
cblr-8637	633	65	to	to	PART
cblr-8637	633	66	resolve	resolve	VERB
cblr-8637	633	67	.	.	PUNCT
cblr-8637	634	1	though	though	SCONJ
cblr-8637	634	2	finra	finra	PROPN
cblr-8637	634	3	requires	require	VERB
cblr-8637	634	4	brokers	broker	NOUN
cblr-8637	634	5	to	to	PART
cblr-8637	634	6	file	file	VERB
cblr-8637	634	7	private	private	ADJ
cblr-8637	634	8	placement	placement	NOUN
cblr-8637	634	9	offerings	offering	NOUN
cblr-8637	634	10	for	for	ADP
cblr-8637	634	11	investments	investment	NOUN
cblr-8637	634	12	offered	offer	VERB
cblr-8637	634	13	to	to	ADP
cblr-8637	634	14	individuals	individual	NOUN
cblr-8637	634	15	,	,	PUNCT
cblr-8637	634	16	such	such	ADJ
cblr-8637	634	17	disclosures	disclosure	NOUN
cblr-8637	634	18	are	be	AUX
cblr-8637	634	19	unlikely	unlikely	ADJ
cblr-8637	634	20	to	to	PART
cblr-8637	634	21	provide	provide	VERB
cblr-8637	634	22	a	a	DET
cblr-8637	634	23	complete	complete	ADJ
cblr-8637	634	24	view	view	NOUN
cblr-8637	634	25	of	of	ADP
cblr-8637	634	26	the	the	DET
cblr-8637	634	27	165	165	NUM
cblr-8637	634	28	see	see	VERB
cblr-8637	634	29	special	special	ADJ
cblr-8637	634	30	study	study	NOUN
cblr-8637	634	31	interview	interview	NOUN
cblr-8637	634	32	,	,	PUNCT
cblr-8637	634	33	supra	supra	PROPN
cblr-8637	634	34	note	note	PROPN
cblr-8637	634	35	163	163	NUM
cblr-8637	634	36	.	.	NUM
cblr-8637	635	1	166	166	NUM
cblr-8637	636	1	i	i	PRON
cblr-8637	636	2	d.	d.	PROPN
cblr-8637	636	3	for	for	ADP
cblr-8637	636	4	a	a	DET
cblr-8637	636	5	discussion	discussion	NOUN
cblr-8637	636	6	of	of	ADP
cblr-8637	636	7	how	how	SCONJ
cblr-8637	636	8	to	to	PART
cblr-8637	636	9	expand	expand	VERB
cblr-8637	636	10	access	access	NOUN
cblr-8637	636	11	to	to	ADP
cblr-8637	636	12	the	the	DET
cblr-8637	636	13	private	private	ADJ
cblr-8637	636	14	market	market	NOUN
cblr-8637	636	15	for	for	ADP
cblr-8637	636	16	retail	retail	ADJ
cblr-8637	636	17	investors	investor	NOUN
cblr-8637	636	18	while	while	SCONJ
cblr-8637	636	19	accounting	account	VERB
cblr-8637	636	20	for	for	ADP
cblr-8637	636	21	the	the	DET
cblr-8637	636	22	lack	lack	NOUN
cblr-8637	636	23	of	of	ADP
cblr-8637	636	24	operational	operational	ADJ
cblr-8637	636	25	and	and	CCONJ
cblr-8637	636	26	financial	financial	ADJ
cblr-8637	636	27	sophistication	sophistication	NOUN
cblr-8637	636	28	of	of	ADP
cblr-8637	636	29	these	these	DET
cblr-8637	636	30	investors	investor	NOUN
cblr-8637	636	31	,	,	PUNCT
cblr-8637	636	32	see	see	VERB
cblr-8637	636	33	infra	infra	NOUN
cblr-8637	636	34	section	section	NOUN
cblr-8637	636	35	iv.b	iv.b	PROPN
cblr-8637	636	36	.	.	PROPN
cblr-8637	637	1	167	167	NUM
cblr-8637	637	2	see	see	VERB
cblr-8637	637	3	de	de	X
cblr-8637	637	4	fontenay	fontenay	NOUN
cblr-8637	637	5	et	et	PROPN
cblr-8637	637	6	al	al	PROPN
cblr-8637	637	7	.	.	PROPN
cblr-8637	637	8	,	,	PUNCT
cblr-8637	637	9	supra	supra	PROPN
cblr-8637	637	10	note	note	PROPN
cblr-8637	637	11	149	149	NUM
cblr-8637	637	12	,	,	PUNCT
cblr-8637	637	13	at	at	ADP
cblr-8637	637	14	6	6	NUM
cblr-8637	637	15	.	.	NUM
cblr-8637	637	16	168	168	NUM
cblr-8637	638	1	i	i	PRON
cblr-8637	638	2	d.	d.	PROPN
cblr-8637	638	3	at	at	ADP
cblr-8637	638	4	7	7	NUM
cblr-8637	638	5	.	.	PUNCT
cblr-8637	639	1	for	for	ADP
cblr-8637	639	2	the	the	DET
cblr-8637	639	3	suitability	suitability	NOUN
cblr-8637	639	4	rule	rule	NOUN
cblr-8637	639	5	,	,	PUNCT
cblr-8637	639	6	see	see	VERB
cblr-8637	639	7	finra	finra	PROPN
cblr-8637	639	8	r.	r.	PROPN
cblr-8637	639	9	2111	2111	PROPN
cblr-8637	639	10	(	(	PUNCT
cblr-8637	640	1	fin	fin	NOUN
cblr-8637	640	2	.	.	PUNCT
cblr-8637	640	3	indus	indus	PROPN
cblr-8637	640	4	.	.	PUNCT
cblr-8637	641	1	regul	regul	NOUN
cblr-8637	641	2	.	.	PUNCT
cblr-8637	642	1	auth	auth	PROPN
cblr-8637	642	2	.	.	PROPN
cblr-8637	642	3	,	,	PUNCT
cblr-8637	642	4	inc	inc	PROPN
cblr-8637	642	5	.	.	PROPN
cblr-8637	642	6	2020	2020	NUM
cblr-8637	642	7	)	)	PUNCT
cblr-8637	642	8	.	.	PUNCT
cblr-8637	643	1	for	for	ADP
cblr-8637	643	2	regulation	regulation	NOUN
cblr-8637	643	3	best	good	ADJ
cblr-8637	643	4	interest	interest	NOUN
cblr-8637	643	5	,	,	PUNCT
cblr-8637	643	6	see	see	VERB
cblr-8637	643	7	17	17	NUM
cblr-8637	643	8	c.f.r	c.f.r	NOUN
cblr-8637	643	9	.	.	PUNCT
cblr-8637	644	1	§	§	PROPN
cblr-8637	644	2	240.15l-1	240.15l-1	NUM
cblr-8637	644	3	(	(	PUNCT
cblr-8637	644	4	2020	2020	NUM
cblr-8637	644	5	)	)	PUNCT
cblr-8637	644	6	.	.	PUNCT
cblr-8637	645	1	greene	greene	PROPN
cblr-8637	645	2	et	et	PROPN
cblr-8637	645	3	al	al	PROPN
cblr-8637	645	4	.	.	PROPN
cblr-8637	646	1	8/21/2021	8/21/2021	NUM
cblr-8637	646	2	1:44	1:44	NUM
cblr-8637	646	3	pm	pm	NOUN
cblr-8637	646	4	754	754	NUM
cblr-8637	646	5	columbia	columbia	PROPN
cblr-8637	646	6	business	business	NOUN
cblr-8637	646	7	law	law	NOUN
cblr-8637	646	8	review	review	NOUN
cblr-8637	646	9	[	[	X
cblr-8637	646	10	vol	vol	NOUN
cblr-8637	646	11	.	.	NOUN
cblr-8637	646	12	2021	2021	NUM
cblr-8637	646	13	nature	nature	NOUN
cblr-8637	646	14	of	of	ADP
cblr-8637	646	15	the	the	DET
cblr-8637	646	16	private	private	ADJ
cblr-8637	646	17	market	market	NOUN
cblr-8637	646	18	investments	investment	NOUN
cblr-8637	646	19	offered	offer	VERB
cblr-8637	646	20	to	to	PART
cblr-8637	646	21	individuals.169	individuals.169	VERB
cblr-8637	646	22	through	through	ADP
cblr-8637	646	23	the	the	DET
cblr-8637	646	24	disclosure	disclosure	NOUN
cblr-8637	646	25	regime	regime	NOUN
cblr-8637	646	26	,	,	PUNCT
cblr-8637	646	27	the	the	DET
cblr-8637	646	28	possibility	possibility	NOUN
cblr-8637	646	29	of	of	ADP
cblr-8637	646	30	enforcement	enforcement	NOUN
cblr-8637	646	31	for	for	ADP
cblr-8637	646	32	failures	failure	NOUN
cblr-8637	646	33	to	to	PART
cblr-8637	646	34	abide	abide	VERB
cblr-8637	646	35	by	by	ADP
cblr-8637	646	36	that	that	DET
cblr-8637	646	37	regime	regime	NOUN
cblr-8637	646	38	,	,	PUNCT
cblr-8637	646	39	and	and	CCONJ
cblr-8637	646	40	the	the	DET
cblr-8637	646	41	reliance	reliance	NOUN
cblr-8637	646	42	on	on	ADP
cblr-8637	646	43	the	the	DET
cblr-8637	646	44	efficient	efficient	ADJ
cblr-8637	646	45	market	market	NOUN
cblr-8637	646	46	hypothesis	hypothesis	NOUN
cblr-8637	646	47	,	,	PUNCT
cblr-8637	646	48	the	the	DET
cblr-8637	646	49	public	public	ADJ
cblr-8637	646	50	market	market	NOUN
cblr-8637	646	51	ensures	ensure	VERB
cblr-8637	646	52	that	that	SCONJ
cblr-8637	646	53	investors	investor	NOUN
cblr-8637	646	54	can	can	AUX
cblr-8637	646	55	be	be	AUX
cblr-8637	646	56	confident	confident	ADJ
cblr-8637	646	57	in	in	ADP
cblr-8637	646	58	the	the	DET
cblr-8637	646	59	accuracy	accuracy	NOUN
cblr-8637	646	60	of	of	ADP
cblr-8637	646	61	securities	security	NOUN
cblr-8637	646	62	prices	price	NOUN
cblr-8637	646	63	,	,	PUNCT
cblr-8637	646	64	limit	limit	VERB
cblr-8637	646	65	their	their	PRON
cblr-8637	646	66	liquidity	liquidity	NOUN
cblr-8637	646	67	risks	risk	NOUN
cblr-8637	646	68	,	,	PUNCT
cblr-8637	646	69	and	and	CCONJ
cblr-8637	646	70	be	be	AUX
cblr-8637	646	71	protected	protect	VERB
cblr-8637	646	72	from	from	ADP
cblr-8637	646	73	mismanaged	mismanage	VERB
cblr-8637	646	74	companies	company	NOUN
cblr-8637	646	75	.	.	PUNCT
cblr-8637	647	1	regulatory	regulatory	ADJ
cblr-8637	647	2	reforms	reform	NOUN
cblr-8637	647	3	that	that	PRON
cblr-8637	647	4	diminish	diminish	VERB
cblr-8637	647	5	the	the	DET
cblr-8637	647	6	public	public	ADJ
cblr-8637	647	7	market	market	NOUN
cblr-8637	647	8	would	would	AUX
cblr-8637	647	9	not	not	PART
cblr-8637	647	10	only	only	ADV
cblr-8637	647	11	erode	erode	VERB
cblr-8637	647	12	these	these	DET
cblr-8637	647	13	crucial	crucial	ADJ
cblr-8637	647	14	protections	protection	NOUN
cblr-8637	647	15	,	,	PUNCT
cblr-8637	647	16	but	but	CCONJ
cblr-8637	647	17	would	would	AUX
cblr-8637	647	18	likely	likely	ADV
cblr-8637	647	19	also	also	ADV
cblr-8637	647	20	adversely	adversely	ADV
cblr-8637	647	21	affect	affect	VERB
cblr-8637	647	22	other	other	ADJ
cblr-8637	647	23	markets.170	markets.170	NOUN
cblr-8637	647	24	consequently	consequently	ADV
cblr-8637	647	25	,	,	PUNCT
cblr-8637	647	26	private	private	ADJ
cblr-8637	647	27	market	market	NOUN
cblr-8637	647	28	reforms	reform	NOUN
cblr-8637	647	29	should	should	AUX
cblr-8637	647	30	take	take	VERB
cblr-8637	647	31	into	into	ADP
cblr-8637	647	32	account	account	NOUN
cblr-8637	647	33	the	the	DET
cblr-8637	647	34	potential	potential	ADJ
cblr-8637	647	35	adverse	adverse	ADJ
cblr-8637	647	36	effects	effect	NOUN
cblr-8637	647	37	on	on	ADP
cblr-8637	647	38	the	the	DET
cblr-8637	647	39	public	public	ADJ
cblr-8637	647	40	market	market	NOUN
cblr-8637	647	41	.	.	PUNCT
cblr-8637	648	1	2	2	X
cblr-8637	648	2	.	.	X
cblr-8637	648	3	structural	structural	ADJ
cblr-8637	648	4	issues	issue	NOUN
cblr-8637	648	5	with	with	ADP
cblr-8637	648	6	the	the	DET
cblr-8637	648	7	public	public	ADJ
cblr-8637	648	8	market	market	NOUN
cblr-8637	648	9	as	as	ADP
cblr-8637	648	10	deterrents	deterrent	NOUN
cblr-8637	648	11	to	to	ADP
cblr-8637	648	12	entry	entry	NOUN
cblr-8637	648	13	despite	despite	SCONJ
cblr-8637	648	14	the	the	DET
cblr-8637	648	15	importance	importance	NOUN
cblr-8637	648	16	of	of	ADP
cblr-8637	648	17	the	the	DET
cblr-8637	648	18	public	public	ADJ
cblr-8637	648	19	market	market	NOUN
cblr-8637	648	20	and	and	CCONJ
cblr-8637	648	21	the	the	DET
cblr-8637	648	22	compelling	compelling	ADJ
cblr-8637	648	23	arguments	argument	NOUN
cblr-8637	648	24	to	to	PART
cblr-8637	648	25	preserve	preserve	VERB
cblr-8637	648	26	it	it	PRON
cblr-8637	648	27	,	,	PUNCT
cblr-8637	648	28	recent	recent	ADJ
cblr-8637	648	29	reforms	reform	NOUN
cblr-8637	648	30	have	have	AUX
cblr-8637	648	31	been	be	AUX
cblr-8637	648	32	unresponsive	unresponsive	ADJ
cblr-8637	648	33	to	to	ADP
cblr-8637	648	34	fundamental	fundamental	ADJ
cblr-8637	648	35	structural	structural	ADJ
cblr-8637	648	36	issues	issue	NOUN
cblr-8637	648	37	with	with	ADP
cblr-8637	648	38	the	the	DET
cblr-8637	648	39	public	public	ADJ
cblr-8637	648	40	market	market	NOUN
cblr-8637	648	41	.	.	PUNCT
cblr-8637	649	1	as	as	SCONJ
cblr-8637	649	2	companies	company	NOUN
cblr-8637	649	3	are	be	AUX
cblr-8637	649	4	able	able	ADJ
cblr-8637	649	5	to	to	PART
cblr-8637	649	6	raise	raise	VERB
cblr-8637	649	7	significant	significant	ADJ
cblr-8637	649	8	funds	fund	NOUN
cblr-8637	649	9	in	in	ADP
cblr-8637	649	10	the	the	DET
cblr-8637	649	11	private	private	ADJ
cblr-8637	649	12	market	market	NOUN
cblr-8637	649	13	,	,	PUNCT
cblr-8637	649	14	these	these	DET
cblr-8637	649	15	structural	structural	ADJ
cblr-8637	649	16	issues	issue	NOUN
cblr-8637	649	17	may	may	AUX
cblr-8637	649	18	deter	deter	VERB
cblr-8637	649	19	them	they	PRON
cblr-8637	649	20	from	from	ADP
cblr-8637	649	21	“	"	PUNCT
cblr-8637	649	22	going	go	VERB
cblr-8637	649	23	public	public	ADJ
cblr-8637	649	24	.	.	PUNCT
cblr-8637	649	25	”	"	PUNCT
cblr-8637	650	1	as	as	SCONJ
cblr-8637	650	2	discussed	discuss	VERB
cblr-8637	650	3	below	below	ADV
cblr-8637	650	4	in	in	ADP
cblr-8637	650	5	part	part	NOUN
cblr-8637	650	6	iv	iv	NUM
cblr-8637	650	7	,	,	PUNCT
cblr-8637	650	8	these	these	DET
cblr-8637	650	9	structural	structural	ADJ
cblr-8637	650	10	concerns	concern	NOUN
cblr-8637	650	11	should	should	AUX
cblr-8637	650	12	be	be	AUX
cblr-8637	650	13	addressed	address	VERB
cblr-8637	650	14	to	to	PART
cblr-8637	650	15	ensure	ensure	VERB
cblr-8637	650	16	the	the	DET
cblr-8637	650	17	preservation	preservation	NOUN
cblr-8637	650	18	of	of	ADP
cblr-8637	650	19	the	the	DET
cblr-8637	650	20	public	public	ADJ
cblr-8637	650	21	market	market	NOUN
cblr-8637	650	22	and	and	CCONJ
cblr-8637	650	23	encourage	encourage	VERB
cblr-8637	650	24	firms	firm	NOUN
cblr-8637	650	25	to	to	PART
cblr-8637	650	26	go	go	VERB
cblr-8637	650	27	public	public	ADJ
cblr-8637	650	28	.	.	PUNCT
cblr-8637	651	1	the	the	DET
cblr-8637	651	2	structural	structural	ADJ
cblr-8637	651	3	issues	issue	NOUN
cblr-8637	651	4	highlighted	highlight	VERB
cblr-8637	651	5	in	in	ADP
cblr-8637	651	6	this	this	DET
cblr-8637	651	7	section	section	NOUN
cblr-8637	651	8	are	be	AUX
cblr-8637	651	9	the	the	DET
cblr-8637	651	10	high	high	ADJ
cblr-8637	651	11	costs	cost	NOUN
cblr-8637	651	12	incurred	incur	VERB
cblr-8637	651	13	by	by	ADP
cblr-8637	651	14	public	public	ADJ
cblr-8637	651	15	companies	company	NOUN
cblr-8637	651	16	and	and	CCONJ
cblr-8637	651	17	the	the	DET
cblr-8637	651	18	pressure	pressure	NOUN
cblr-8637	651	19	to	to	PART
cblr-8637	651	20	focus	focus	VERB
cblr-8637	651	21	on	on	ADP
cblr-8637	651	22	short	short	ADJ
cblr-8637	651	23	-	-	PUNCT
cblr-8637	651	24	term	term	NOUN
cblr-8637	651	25	earnings	earning	NOUN
cblr-8637	651	26	at	at	ADP
cblr-8637	651	27	the	the	DET
cblr-8637	651	28	expense	expense	NOUN
cblr-8637	651	29	of	of	ADP
cblr-8637	651	30	long	long	ADJ
cblr-8637	651	31	-	-	PUNCT
cblr-8637	651	32	term	term	NOUN
cblr-8637	651	33	growth	growth	NOUN
cblr-8637	651	34	.	.	PUNCT
cblr-8637	652	1	169	169	NUM
cblr-8637	652	2	special	special	ADJ
cblr-8637	652	3	study	study	NOUN
cblr-8637	652	4	interview	interview	NOUN
cblr-8637	652	5	,	,	PUNCT
cblr-8637	652	6	supra	supra	PROPN
cblr-8637	652	7	note	note	PROPN
cblr-8637	652	8	163	163	NUM
cblr-8637	652	9	.	.	PUNCT
cblr-8637	653	1	only	only	ADV
cblr-8637	653	2	around	around	ADV
cblr-8637	653	3	one	one	NUM
cblr-8637	653	4	-	-	PUNCT
cblr-8637	653	5	fifth	fifth	NOUN
cblr-8637	653	6	of	of	ADP
cblr-8637	653	7	ppos	ppos	PROPN
cblr-8637	653	8	are	be	AUX
cblr-8637	653	9	offered	offer	VERB
cblr-8637	653	10	through	through	ADP
cblr-8637	653	11	broker	broker	NOUN
cblr-8637	653	12	dealers	dealer	NOUN
cblr-8637	653	13	,	,	PUNCT
cblr-8637	653	14	and	and	CCONJ
cblr-8637	653	15	these	these	PRON
cblr-8637	653	16	tend	tend	VERB
cblr-8637	653	17	to	to	PART
cblr-8637	653	18	be	be	AUX
cblr-8637	653	19	niche	niche	NOUN
cblr-8637	653	20	investments	investment	NOUN
cblr-8637	653	21	.	.	PUNCT
cblr-8637	654	1	see	see	VERB
cblr-8637	654	2	,	,	PUNCT
cblr-8637	654	3	e.g.	e.g.	ADV
cblr-8637	654	4	,	,	PUNCT
cblr-8637	654	5	mary	mary	PROPN
cblr-8637	654	6	m.	m.	PROPN
cblr-8637	654	7	dunbar	dunbar	PROPN
cblr-8637	654	8	,	,	PUNCT
cblr-8637	654	9	dla	dla	NOUN
cblr-8637	654	10	piper	piper	NOUN
cblr-8637	654	11	,	,	PUNCT
cblr-8637	654	12	finra	finra	PROPN
cblr-8637	654	13	issues	issue	NOUN
cblr-8637	654	14	guidance	guidance	VERB
cblr-8637	654	15	on	on	ADP
cblr-8637	654	16	private	private	ADJ
cblr-8637	654	17	placement	placement	NOUN
cblr-8637	654	18	retail	retail	NOUN
cblr-8637	654	19	communications	communication	NOUN
cblr-8637	654	20	2	2	NUM
cblr-8637	654	21	(	(	PUNCT
cblr-8637	654	22	2020	2020	NUM
cblr-8637	654	23	)	)	PUNCT
cblr-8637	654	24	(	(	PUNCT
cblr-8637	654	25	reporting	report	VERB
cblr-8637	654	26	that	that	SCONJ
cblr-8637	654	27	broker	broker	NOUN
cblr-8637	654	28	-	-	PUNCT
cblr-8637	654	29	dealers	dealer	NOUN
cblr-8637	654	30	participate	participate	VERB
cblr-8637	654	31	in	in	ADP
cblr-8637	654	32	roughly	roughly	ADV
cblr-8637	654	33	one	one	NUM
cblr-8637	654	34	-	-	PUNCT
cblr-8637	654	35	fifth	fifth	NOUN
cblr-8637	654	36	of	of	ADP
cblr-8637	654	37	all	all	DET
cblr-8637	654	38	reg	reg	NOUN
cblr-8637	654	39	d	d	NOUN
cblr-8637	654	40	offerings	offering	NOUN
cblr-8637	654	41	)	)	PUNCT
cblr-8637	654	42	,	,	PUNCT
cblr-8637	655	1	http://pdf.dlapiper.com/pdfrenderer.svc/v1/abcpdf9/get	http://pdf.dlapiper.com/pdfrenderer.svc/v1/abcpdf9/get	CCONJ
cblr-8637	655	2	renderedpdfbyurl//finra%20issues%20guidance%20on%20private%20p	renderedpdfbyurl//finra%20issues%20guidance%20on%20private%20p	NOUN
cblr-8637	655	3	lacement%20retail%20communications.pdf/?url	lacement%20retail%20communications.pdf/?url	NOUN
cblr-8637	655	4	=	=	NOUN
cblr-8637	655	5	https://www.dlapiper.com	https://www.dlapiper.com	X
cblr-8637	655	6	:	:	PUNCT
cblr-8637	656	1	443%2fen%2fus%2finsights%2fpublications%2f2020%2f07%2ffinraissues	443%2fen%2fus%2finsights%2fpublications%2f2020%2f07%2ffinraissues	NUM
cblr-8637	656	2	-	-	PUNCT
cblr-8637	656	3	guidance	guidance	NOUN
cblr-8637	656	4	-	-	PUNCT
cblr-8637	656	5	on	on	ADP
cblr-8637	656	6	-	-	PUNCT
cblr-8637	656	7	private	private	ADJ
cblr-8637	656	8	-	-	PUNCT
cblr-8637	656	9	placement	placement	NOUN
cblr-8637	656	10	-	-	PUNCT
cblr-8637	656	11	retail	retail	ADJ
cblr-8637	656	12	-	-	PUNCT
cblr-8637	656	13	communications%2	communications%2	NOUN
cblr-8637	656	14	f%3f%26pdf%3d1&attachment	f%3f%26pdf%3d1&attachment	NOUN
cblr-8637	656	15	=	=	NOUN
cblr-8637	656	16	false	false	ADJ
cblr-8637	656	17	[	[	X
cblr-8637	656	18	https://perma.cc/zhm5-3dvp	https://perma.cc/zhm5-3dvp	X
cblr-8637	656	19	]	]	X
cblr-8637	656	20	.	.	PUNCT
cblr-8637	657	1	170	170	NUM
cblr-8637	657	2	de	de	X
cblr-8637	657	3	fontenay	fontenay	PROPN
cblr-8637	657	4	et	et	PROPN
cblr-8637	657	5	al	al	PROPN
cblr-8637	657	6	.	.	PROPN
cblr-8637	657	7	,	,	PUNCT
cblr-8637	657	8	supra	supra	PROPN
cblr-8637	657	9	note	note	PROPN
cblr-8637	657	10	149	149	NUM
cblr-8637	657	11	,	,	PUNCT
cblr-8637	657	12	at	at	ADP
cblr-8637	657	13	3	3	NUM
cblr-8637	657	14	.	.	PUNCT
cblr-8637	657	15	greene	greene	PROPN
cblr-8637	657	16	et	et	PROPN
cblr-8637	657	17	al	al	PROPN
cblr-8637	657	18	.	.	PROPN
cblr-8637	657	19	8/21/2021	8/21/2021	NUM
cblr-8637	657	20	1:44	1:44	NUM
cblr-8637	657	21	pm	pm	NOUN
cblr-8637	657	22	no	no	INTJ
cblr-8637	657	23	.	.	PUNCT
cblr-8637	658	1	2:714	2:714	NUM
cblr-8637	658	2	]	]	X
cblr-8637	658	3	the	the	DET
cblr-8637	658	4	need	need	NOUN
cblr-8637	658	5	for	for	ADP
cblr-8637	658	6	a	a	DET
cblr-8637	658	7	comprehensive	comprehensive	ADJ
cblr-8637	658	8	approach	approach	NOUN
cblr-8637	658	9	755	755	NUM
cblr-8637	658	10	the	the	DET
cblr-8637	658	11	cost	cost	NOUN
cblr-8637	658	12	of	of	ADP
cblr-8637	658	13	going	go	VERB
cblr-8637	658	14	public	public	ADJ
cblr-8637	658	15	is	be	AUX
cblr-8637	658	16	high	high	ADJ
cblr-8637	658	17	,	,	PUNCT
cblr-8637	658	18	and	and	CCONJ
cblr-8637	658	19	the	the	DET
cblr-8637	658	20	prospect	prospect	NOUN
cblr-8637	658	21	of	of	ADP
cblr-8637	658	22	an	an	DET
cblr-8637	658	23	ipo	ipo	NOUN
cblr-8637	658	24	,	,	PUNCT
cblr-8637	658	25	as	as	SCONJ
cblr-8637	658	26	opposed	oppose	VERB
cblr-8637	658	27	to	to	ADP
cblr-8637	658	28	raising	raise	VERB
cblr-8637	658	29	private	private	ADJ
cblr-8637	658	30	capital	capital	NOUN
cblr-8637	658	31	,	,	PUNCT
cblr-8637	658	32	can	can	AUX
cblr-8637	658	33	be	be	AUX
cblr-8637	658	34	cost	cost	VERB
cblr-8637	658	35	prohibitive.171	prohibitive.171	NOUN
cblr-8637	658	36	in	in	ADP
cblr-8637	658	37	the	the	DET
cblr-8637	658	38	ipo	ipo	NOUN
cblr-8637	658	39	process	process	NOUN
cblr-8637	658	40	,	,	PUNCT
cblr-8637	658	41	for	for	ADP
cblr-8637	658	42	example	example	NOUN
cblr-8637	658	43	,	,	PUNCT
cblr-8637	658	44	a	a	DET
cblr-8637	658	45	company	company	NOUN
cblr-8637	658	46	is	be	AUX
cblr-8637	658	47	required	require	VERB
cblr-8637	658	48	to	to	PART
cblr-8637	658	49	expend	expend	VERB
cblr-8637	658	50	significant	significant	ADJ
cblr-8637	658	51	amounts	amount	NOUN
cblr-8637	658	52	of	of	ADP
cblr-8637	658	53	time	time	NOUN
cblr-8637	658	54	and	and	CCONJ
cblr-8637	658	55	money	money	NOUN
cblr-8637	658	56	in	in	ADP
cblr-8637	658	57	filing	file	VERB
cblr-8637	658	58	its	its	PRON
cblr-8637	658	59	registration	registration	NOUN
cblr-8637	658	60	statement	statement	NOUN
cblr-8637	658	61	.	.	PUNCT
cblr-8637	659	1	in	in	ADP
cblr-8637	659	2	a	a	DET
cblr-8637	659	3	traditional	traditional	ADJ
cblr-8637	659	4	offering	offering	NOUN
cblr-8637	659	5	,	,	PUNCT
cblr-8637	659	6	an	an	DET
cblr-8637	659	7	issuer	issuer	NOUN
cblr-8637	659	8	must	must	AUX
cblr-8637	659	9	hire	hire	VERB
cblr-8637	659	10	an	an	DET
cblr-8637	659	11	underwriter	underwriter	NOUN
cblr-8637	659	12	to	to	PART
cblr-8637	659	13	purchase	purchase	VERB
cblr-8637	659	14	the	the	DET
cblr-8637	659	15	issuer	issuer	NOUN
cblr-8637	659	16	’s	’s	PART
cblr-8637	659	17	securities	security	NOUN
cblr-8637	659	18	at	at	ADP
cblr-8637	659	19	a	a	DET
cblr-8637	659	20	discount172	discount172	NOUN
cblr-8637	659	21	and	and	CCONJ
cblr-8637	659	22	then	then	ADV
cblr-8637	659	23	“	"	PUNCT
cblr-8637	659	24	build	build	VERB
cblr-8637	659	25	the	the	DET
cblr-8637	659	26	book	book	NOUN
cblr-8637	659	27	”	"	PUNCT
cblr-8637	659	28	to	to	PART
cblr-8637	659	29	garner	garner	VERB
cblr-8637	659	30	interest	interest	NOUN
cblr-8637	659	31	for	for	ADP
cblr-8637	659	32	the	the	DET
cblr-8637	659	33	securities	security	NOUN
cblr-8637	659	34	when	when	SCONJ
cblr-8637	659	35	they	they	PRON
cblr-8637	659	36	are	be	AUX
cblr-8637	659	37	sold	sell	VERB
cblr-8637	659	38	from	from	ADP
cblr-8637	659	39	the	the	DET
cblr-8637	659	40	underwriter	underwriter	NOUN
cblr-8637	659	41	to	to	ADP
cblr-8637	659	42	the	the	DET
cblr-8637	659	43	offering	offering	NOUN
cblr-8637	659	44	’s	’s	PART
cblr-8637	659	45	initial	initial	ADJ
cblr-8637	659	46	purchasers.173	purchasers.173	ADJ
cblr-8637	659	47	while	while	SCONJ
cblr-8637	659	48	recent	recent	ADJ
cblr-8637	659	49	reforms174	reforms174	PROPN
cblr-8637	659	50	aim	aim	NOUN
cblr-8637	659	51	to	to	PART
cblr-8637	659	52	reduce	reduce	VERB
cblr-8637	659	53	the	the	DET
cblr-8637	659	54	costs	cost	NOUN
cblr-8637	659	55	of	of	ADP
cblr-8637	659	56	going	go	VERB
cblr-8637	659	57	public	public	ADJ
cblr-8637	659	58	,	,	PUNCT
cblr-8637	659	59	they	they	PRON
cblr-8637	659	60	may	may	AUX
cblr-8637	659	61	only	only	ADV
cblr-8637	659	62	be	be	AUX
cblr-8637	659	63	delaying	delay	VERB
cblr-8637	659	64	these	these	DET
cblr-8637	659	65	costs	cost	NOUN
cblr-8637	659	66	rather	rather	ADV
cblr-8637	659	67	than	than	ADP
cblr-8637	659	68	reducing	reduce	VERB
cblr-8637	659	69	them	they	PRON
cblr-8637	659	70	.	.	PUNCT
cblr-8637	660	1	for	for	ADP
cblr-8637	660	2	example	example	NOUN
cblr-8637	660	3	,	,	PUNCT
cblr-8637	660	4	the	the	DET
cblr-8637	660	5	extension	extension	NOUN
cblr-8637	660	6	of	of	ADP
cblr-8637	660	7	“	"	PUNCT
cblr-8637	660	8	testing	testing	NOUN
cblr-8637	660	9	-	-	PUNCT
cblr-8637	660	10	the	the	DET
cblr-8637	660	11	-	-	PUNCT
cblr-8637	660	12	waters	water	NOUN
cblr-8637	660	13	”	"	PUNCT
cblr-8637	660	14	to	to	ADP
cblr-8637	660	15	all	all	DET
cblr-8637	660	16	issuers	issuer	NOUN
cblr-8637	660	17	does	do	AUX
cblr-8637	660	18	not	not	PART
cblr-8637	660	19	necessarily	necessarily	ADV
cblr-8637	660	20	make	make	VERB
cblr-8637	660	21	it	it	PRON
cblr-8637	660	22	less	less	ADV
cblr-8637	660	23	expensive	expensive	ADJ
cblr-8637	660	24	to	to	PART
cblr-8637	660	25	go	go	VERB
cblr-8637	660	26	public	public	ADJ
cblr-8637	660	27	.	.	PUNCT
cblr-8637	661	1	when	when	SCONJ
cblr-8637	661	2	the	the	DET
cblr-8637	661	3	issuer	issuer	NOUN
cblr-8637	661	4	decides	decide	VERB
cblr-8637	661	5	to	to	PART
cblr-8637	661	6	undertake	undertake	VERB
cblr-8637	661	7	a	a	DET
cblr-8637	661	8	public	public	ADJ
cblr-8637	661	9	offering	offering	NOUN
cblr-8637	661	10	,	,	PUNCT
cblr-8637	661	11	it	it	PRON
cblr-8637	661	12	will	will	AUX
cblr-8637	661	13	still	still	ADV
cblr-8637	661	14	be	be	AUX
cblr-8637	661	15	required	require	VERB
cblr-8637	661	16	to	to	PART
cblr-8637	661	17	pay	pay	VERB
cblr-8637	661	18	the	the	DET
cblr-8637	661	19	legal	legal	ADJ
cblr-8637	661	20	and	and	CCONJ
cblr-8637	661	21	underwriting	underwriting	NOUN
cblr-8637	661	22	fees	fee	NOUN
cblr-8637	661	23	associated	associate	VERB
cblr-8637	661	24	with	with	ADP
cblr-8637	661	25	the	the	DET
cblr-8637	661	26	offering	offering	NOUN
cblr-8637	661	27	.	.	PUNCT
cblr-8637	662	1	thus	thus	ADV
cblr-8637	662	2	,	,	PUNCT
cblr-8637	662	3	the	the	DET
cblr-8637	662	4	reform	reform	NOUN
cblr-8637	662	5	simply	simply	ADV
cblr-8637	662	6	delays	delay	VERB
cblr-8637	662	7	the	the	DET
cblr-8637	662	8	costs	cost	NOUN
cblr-8637	662	9	.	.	PUNCT
cblr-8637	663	1	an	an	DET
cblr-8637	663	2	issuer	issuer	NOUN
cblr-8637	663	3	who	who	PRON
cblr-8637	663	4	realizes	realize	VERB
cblr-8637	663	5	that	that	SCONJ
cblr-8637	663	6	the	the	DET
cblr-8637	663	7	offering	offering	NOUN
cblr-8637	663	8	will	will	AUX
cblr-8637	663	9	not	not	PART
cblr-8637	663	10	be	be	AUX
cblr-8637	663	11	successful	successful	ADJ
cblr-8637	663	12	after	after	SCONJ
cblr-8637	663	13	“	"	PUNCT
cblr-8637	663	14	testing	testing	NOUN
cblr-8637	663	15	-	-	PUNCT
cblr-8637	663	16	the	the	DET
cblr-8637	663	17	-	-	PUNCT
cblr-8637	663	18	waters	water	NOUN
cblr-8637	663	19	”	"	PUNCT
cblr-8637	663	20	will	will	AUX
cblr-8637	663	21	certainly	certainly	ADV
cblr-8637	663	22	save	save	VERB
cblr-8637	663	23	money	money	NOUN
cblr-8637	663	24	in	in	ADP
cblr-8637	663	25	the	the	DET
cblr-8637	663	26	short	short	ADJ
cblr-8637	663	27	term	term	NOUN
cblr-8637	663	28	,	,	PUNCT
cblr-8637	663	29	but	but	CCONJ
cblr-8637	663	30	if	if	SCONJ
cblr-8637	663	31	they	they	PRON
cblr-8637	663	32	eventually	eventually	ADV
cblr-8637	663	33	decide	decide	VERB
cblr-8637	663	34	to	to	PART
cblr-8637	663	35	conduct	conduct	VERB
cblr-8637	663	36	an	an	DET
cblr-8637	663	37	ipo	ipo	NOUN
cblr-8637	663	38	,	,	PUNCT
cblr-8637	663	39	there	there	PRON
cblr-8637	663	40	will	will	AUX
cblr-8637	663	41	still	still	ADV
cblr-8637	663	42	be	be	AUX
cblr-8637	663	43	a	a	DET
cblr-8637	663	44	similar	similar	ADJ
cblr-8637	663	45	outlay	outlay	NOUN
cblr-8637	663	46	.	.	PUNCT
cblr-8637	664	1	this	this	PRON
cblr-8637	664	2	is	be	AUX
cblr-8637	664	3	likely	likely	ADJ
cblr-8637	664	4	an	an	DET
cblr-8637	664	5	important	important	ADJ
cblr-8637	664	6	reason	reason	NOUN
cblr-8637	664	7	why	why	SCONJ
cblr-8637	664	8	the	the	DET
cblr-8637	664	9	reforms	reform	NOUN
cblr-8637	664	10	have	have	AUX
cblr-8637	664	11	not	not	PART
cblr-8637	664	12	resulted	result	VERB
cblr-8637	664	13	in	in	ADP
cblr-8637	664	14	an	an	DET
cblr-8637	664	15	increased	increase	VERB
cblr-8637	664	16	number	number	NOUN
cblr-8637	664	17	of	of	ADP
cblr-8637	664	18	ipos.175	ipos.175	PROPN
cblr-8637	664	19	171	171	NUM
cblr-8637	664	20	if	if	SCONJ
cblr-8637	664	21	the	the	DET
cblr-8637	664	22	benefits	benefit	NOUN
cblr-8637	664	23	of	of	ADP
cblr-8637	664	24	going	go	VERB
cblr-8637	664	25	public	public	ADJ
cblr-8637	664	26	,	,	PUNCT
cblr-8637	664	27	e.g.	e.g.	ADV
cblr-8637	664	28	,	,	PUNCT
cblr-8637	664	29	increased	increase	VERB
cblr-8637	664	30	liquidity	liquidity	NOUN
cblr-8637	664	31	for	for	ADP
cblr-8637	664	32	early	early	ADJ
cblr-8637	664	33	investors	investor	NOUN
cblr-8637	664	34	,	,	PUNCT
cblr-8637	664	35	do	do	AUX
cblr-8637	664	36	not	not	PART
cblr-8637	664	37	outweigh	outweigh	VERB
cblr-8637	664	38	the	the	DET
cblr-8637	664	39	costs	cost	NOUN
cblr-8637	664	40	of	of	ADP
cblr-8637	664	41	the	the	DET
cblr-8637	664	42	registration	registration	NOUN
cblr-8637	664	43	and	and	CCONJ
cblr-8637	664	44	on	on	ADP
cblr-8637	664	45	-	-	PUNCT
cblr-8637	664	46	going	go	VERB
cblr-8637	664	47	disclosure	disclosure	NOUN
cblr-8637	664	48	requirements	requirement	NOUN
cblr-8637	664	49	,	,	PUNCT
cblr-8637	664	50	a	a	DET
cblr-8637	664	51	firm	firm	NOUN
cblr-8637	664	52	may	may	AUX
cblr-8637	664	53	decide	decide	VERB
cblr-8637	664	54	to	to	PART
cblr-8637	664	55	continue	continue	VERB
cblr-8637	664	56	relying	rely	VERB
cblr-8637	664	57	on	on	ADP
cblr-8637	664	58	private	private	ADJ
cblr-8637	664	59	fundraising	fundraising	NOUN
cblr-8637	664	60	.	.	PUNCT
cblr-8637	665	1	172	172	NUM
cblr-8637	665	2	this	this	DET
cblr-8637	665	3	discount	discount	NOUN
cblr-8637	665	4	,	,	PUNCT
cblr-8637	665	5	or	or	CCONJ
cblr-8637	665	6	“	"	PUNCT
cblr-8637	665	7	spread	spread	VERB
cblr-8637	665	8	,	,	PUNCT
cblr-8637	665	9	”	"	PUNCT
cblr-8637	665	10	explicitly	explicitly	ADV
cblr-8637	665	11	paid	pay	VERB
cblr-8637	665	12	to	to	ADP
cblr-8637	665	13	the	the	DET
cblr-8637	665	14	underwriters	underwriter	NOUN
cblr-8637	665	15	is	be	AUX
cblr-8637	665	16	on	on	ADP
cblr-8637	665	17	average	average	ADJ
cblr-8637	665	18	seven	seven	NUM
cblr-8637	665	19	percent	percent	NOUN
cblr-8637	665	20	of	of	ADP
cblr-8637	665	21	the	the	DET
cblr-8637	665	22	total	total	ADJ
cblr-8637	665	23	proceeds	proceed	NOUN
cblr-8637	665	24	of	of	ADP
cblr-8637	665	25	an	an	DET
cblr-8637	665	26	ipo	ipo	NOUN
cblr-8637	665	27	.	.	PUNCT
cblr-8637	666	1	see	see	VERB
cblr-8637	666	2	susan	susan	PROPN
cblr-8637	666	3	chaplinsky	chaplinsky	PROPN
cblr-8637	666	4	,	,	PUNCT
cblr-8637	666	5	kathleen	kathleen	PROPN
cblr-8637	666	6	weiss	weiss	PROPN
cblr-8637	666	7	hanley	hanley	PROPN
cblr-8637	666	8	&	&	CCONJ
cblr-8637	666	9	s.	s.	PROPN
cblr-8637	666	10	katie	katie	PROPN
cblr-8637	666	11	moon	moon	PROPN
cblr-8637	666	12	,	,	PUNCT
cblr-8637	666	13	the	the	DET
cblr-8637	666	14	jobs	job	NOUN
cblr-8637	666	15	act	act	VERB
cblr-8637	666	16	and	and	CCONJ
cblr-8637	666	17	the	the	DET
cblr-8637	666	18	costs	cost	NOUN
cblr-8637	666	19	of	of	ADP
cblr-8637	666	20	going	go	VERB
cblr-8637	666	21	public	public	ADJ
cblr-8637	666	22	,	,	PUNCT
cblr-8637	666	23	55	55	NUM
cblr-8637	666	24	j.	j.	PROPN
cblr-8637	666	25	acct	acct	PROPN
cblr-8637	666	26	.	.	PUNCT
cblr-8637	667	1	rsch	rsch	PROPN
cblr-8637	667	2	.	.	PUNCT
cblr-8637	668	1	795	795	NUM
cblr-8637	668	2	,	,	PUNCT
cblr-8637	668	3	807	807	NUM
cblr-8637	668	4	tbl.2	tbl.2	PROPN
cblr-8637	668	5	(	(	PUNCT
cblr-8637	668	6	2017	2017	NUM
cblr-8637	668	7	)	)	PUNCT
cblr-8637	668	8	.	.	PUNCT
cblr-8637	669	1	this	this	PRON
cblr-8637	669	2	is	be	AUX
cblr-8637	669	3	in	in	ADP
cblr-8637	669	4	addition	addition	NOUN
cblr-8637	669	5	to	to	ADP
cblr-8637	669	6	two	two	NUM
cblr-8637	669	7	percent	percent	NOUN
cblr-8637	669	8	of	of	ADP
cblr-8637	669	9	the	the	DET
cblr-8637	669	10	proceeds	proceed	NOUN
cblr-8637	669	11	paid	pay	VERB
cblr-8637	669	12	to	to	ADP
cblr-8637	669	13	accountants	accountant	NOUN
cblr-8637	669	14	,	,	PUNCT
cblr-8637	669	15	lawyers	lawyer	NOUN
cblr-8637	669	16	,	,	PUNCT
cblr-8637	669	17	and	and	CCONJ
cblr-8637	669	18	other	other	ADJ
cblr-8637	669	19	intermediaries	intermediary	NOUN
cblr-8637	669	20	,	,	PUNCT
cblr-8637	669	21	as	as	ADV
cblr-8637	669	22	well	well	ADV
cblr-8637	669	23	as	as	ADP
cblr-8637	669	24	an	an	DET
cblr-8637	669	25	implicit	implicit	ADJ
cblr-8637	669	26	cost	cost	NOUN
cblr-8637	669	27	of	of	ADP
cblr-8637	669	28	thirteen	thirteen	NUM
cblr-8637	669	29	percent	percent	NOUN
cblr-8637	669	30	to	to	ADP
cblr-8637	669	31	fourteen	fourteen	NUM
cblr-8637	669	32	percent	percent	NOUN
cblr-8637	669	33	of	of	ADP
cblr-8637	669	34	the	the	DET
cblr-8637	669	35	proceeds	proceed	NOUN
cblr-8637	669	36	from	from	ADP
cblr-8637	669	37	underpricing	underprice	VERB
cblr-8637	669	38	(	(	PUNCT
cblr-8637	669	39	underwriters	underwriter	NOUN
cblr-8637	669	40	pricing	price	VERB
cblr-8637	669	41	the	the	DET
cblr-8637	669	42	ipo	ipo	PROPN
cblr-8637	669	43	low	low	NOUN
cblr-8637	669	44	,	,	PUNCT
cblr-8637	669	45	which	which	PRON
cblr-8637	669	46	effectively	effectively	ADV
cblr-8637	669	47	transfers	transfer	VERB
cblr-8637	669	48	part	part	NOUN
cblr-8637	669	49	of	of	ADP
cblr-8637	669	50	the	the	DET
cblr-8637	669	51	proceeds	proceed	NOUN
cblr-8637	669	52	from	from	ADP
cblr-8637	669	53	the	the	DET
cblr-8637	669	54	issuer	issuer	NOUN
cblr-8637	669	55	to	to	ADP
cblr-8637	669	56	a	a	DET
cblr-8637	669	57	group	group	NOUN
cblr-8637	669	58	of	of	ADP
cblr-8637	669	59	institutional	institutional	ADJ
cblr-8637	669	60	investors	investor	NOUN
cblr-8637	669	61	selected	select	VERB
cblr-8637	669	62	by	by	ADP
cblr-8637	669	63	the	the	DET
cblr-8637	669	64	underwriter	underwriter	NOUN
cblr-8637	669	65	)	)	PUNCT
cblr-8637	669	66	.	.	PUNCT
cblr-8637	670	1	i	i	PRON
cblr-8637	670	2	d.	d.	PROPN
cblr-8637	670	3	173	173	NUM
cblr-8637	670	4	see	see	VERB
cblr-8637	670	5	frederick	frederick	PROPN
cblr-8637	670	6	a.	a.	PROPN
cblr-8637	670	7	elmore	elmore	PROPN
cblr-8637	670	8	iv	iv	NOUN
cblr-8637	670	9	,	,	PUNCT
cblr-8637	670	10	when	when	SCONJ
cblr-8637	670	11	,	,	PUNCT
cblr-8637	670	12	as	as	ADP
cblr-8637	670	13	,	,	PUNCT
cblr-8637	670	14	and	and	CCONJ
cblr-8637	670	15	if	if	SCONJ
cblr-8637	670	16	:	:	PUNCT
cblr-8637	670	17	how	how	SCONJ
cblr-8637	670	18	an	an	DET
cblr-8637	670	19	obscure	obscure	ADJ
cblr-8637	670	20	security	security	NOUN
cblr-8637	670	21	could	could	AUX
cblr-8637	670	22	make	make	VERB
cblr-8637	670	23	initial	initial	ADJ
cblr-8637	670	24	public	public	ADJ
cblr-8637	670	25	offerings	offering	NOUN
cblr-8637	670	26	more	more	ADV
cblr-8637	670	27	efficient	efficient	ADJ
cblr-8637	670	28	,	,	PUNCT
cblr-8637	670	29	14	14	NUM
cblr-8637	670	30	va	va	NOUN
cblr-8637	670	31	.	.	PUNCT
cblr-8637	670	32	l.	l.	PROPN
cblr-8637	670	33	&	&	CCONJ
cblr-8637	670	34	bus	bus	PROPN
cblr-8637	670	35	.	.	PUNCT
cblr-8637	671	1	rev	rev	PROPN
cblr-8637	671	2	.	.	PROPN
cblr-8637	671	3	1	1	NUM
cblr-8637	671	4	,	,	PUNCT
cblr-8637	671	5	10	10	NUM
cblr-8637	671	6	(	(	PUNCT
cblr-8637	671	7	2020	2020	NUM
cblr-8637	671	8	)	)	PUNCT
cblr-8637	671	9	.	.	PUNCT
cblr-8637	672	1	174	174	NUM
cblr-8637	672	2	for	for	ADP
cblr-8637	672	3	a	a	DET
cblr-8637	672	4	summary	summary	NOUN
cblr-8637	672	5	of	of	ADP
cblr-8637	672	6	these	these	DET
cblr-8637	672	7	reforms	reform	NOUN
cblr-8637	672	8	,	,	PUNCT
cblr-8637	672	9	see	see	VERB
cblr-8637	672	10	supra	supra	PROPN
cblr-8637	672	11	section	section	NOUN
cblr-8637	672	12	ii.c	ii.c	VERB
cblr-8637	672	13	.	.	PUNCT
cblr-8637	673	1	175	175	NUM
cblr-8637	673	2	for	for	ADP
cblr-8637	673	3	a	a	DET
cblr-8637	673	4	discussion	discussion	NOUN
cblr-8637	673	5	of	of	ADP
cblr-8637	673	6	the	the	DET
cblr-8637	673	7	empirical	empirical	ADJ
cblr-8637	673	8	research	research	NOUN
cblr-8637	673	9	,	,	PUNCT
cblr-8637	673	10	see	see	VERB
cblr-8637	673	11	infra	infra	NOUN
cblr-8637	673	12	notes	note	VERB
cblr-8637	673	13	217–223	217–223	NUM
cblr-8637	673	14	and	and	CCONJ
cblr-8637	673	15	accompanying	accompany	VERB
cblr-8637	673	16	text	text	NOUN
cblr-8637	673	17	.	.	PUNCT
cblr-8637	674	1	greene	greene	PROPN
cblr-8637	674	2	et	et	PROPN
cblr-8637	674	3	al	al	PROPN
cblr-8637	674	4	.	.	PROPN
cblr-8637	675	1	8/21/2021	8/21/2021	NUM
cblr-8637	675	2	1:44	1:44	NUM
cblr-8637	675	3	pm	pm	NOUN
cblr-8637	675	4	756	756	NUM
cblr-8637	675	5	columbia	columbia	PROPN
cblr-8637	675	6	business	business	NOUN
cblr-8637	675	7	law	law	PROPN
cblr-8637	675	8	review	review	NOUN
cblr-8637	675	9	[	[	X
cblr-8637	675	10	vol	vol	NOUN
cblr-8637	675	11	.	.	PUNCT
cblr-8637	675	12	2021	2021	NUM
cblr-8637	675	13	while	while	SCONJ
cblr-8637	675	14	the	the	DET
cblr-8637	675	15	sec	sec	PROPN
cblr-8637	675	16	attempts	attempt	VERB
cblr-8637	675	17	to	to	PART
cblr-8637	675	18	reduce	reduce	VERB
cblr-8637	675	19	the	the	DET
cblr-8637	675	20	costs	cost	NOUN
cblr-8637	675	21	of	of	ADP
cblr-8637	675	22	going	go	VERB
cblr-8637	675	23	public	public	ADJ
cblr-8637	675	24	through	through	ADP
cblr-8637	675	25	reforms	reform	NOUN
cblr-8637	675	26	,	,	PUNCT
cblr-8637	675	27	market	market	NOUN
cblr-8637	675	28	participants	participant	NOUN
cblr-8637	675	29	have	have	AUX
cblr-8637	675	30	resorted	resort	VERB
cblr-8637	675	31	to	to	ADP
cblr-8637	675	32	alternative	alternative	ADJ
cblr-8637	675	33	measures	measure	NOUN
cblr-8637	675	34	to	to	PART
cblr-8637	675	35	address	address	VERB
cblr-8637	675	36	this	this	DET
cblr-8637	675	37	cost	cost	NOUN
cblr-8637	675	38	.	.	PUNCT
cblr-8637	676	1	two	two	NUM
cblr-8637	676	2	recent	recent	ADJ
cblr-8637	676	3	trends	trend	NOUN
cblr-8637	676	4	in	in	ADP
cblr-8637	676	5	the	the	DET
cblr-8637	676	6	public	public	ADJ
cblr-8637	676	7	market	market	NOUN
cblr-8637	676	8	both	both	PRON
cblr-8637	676	9	seek	seek	VERB
cblr-8637	676	10	to	to	PART
cblr-8637	676	11	reduce	reduce	VERB
cblr-8637	676	12	the	the	DET
cblr-8637	676	13	cost	cost	NOUN
cblr-8637	676	14	of	of	ADP
cblr-8637	676	15	going	go	VERB
cblr-8637	676	16	public	public	ADJ
cblr-8637	676	17	:	:	PUNCT
cblr-8637	676	18	direct	direct	ADJ
cblr-8637	676	19	listings	listing	NOUN
cblr-8637	676	20	and	and	CCONJ
cblr-8637	676	21	special	special	ADJ
cblr-8637	676	22	purpose	purpose	NOUN
cblr-8637	676	23	acquisition	acquisition	NOUN
cblr-8637	676	24	companies	company	NOUN
cblr-8637	676	25	(	(	PUNCT
cblr-8637	676	26	spacs	spac	NOUN
cblr-8637	676	27	)	)	PUNCT
cblr-8637	676	28	.	.	PUNCT
cblr-8637	677	1	a	a	DET
cblr-8637	677	2	direct	direct	ADJ
cblr-8637	677	3	listing	listing	NOUN
cblr-8637	677	4	is	be	AUX
cblr-8637	677	5	a	a	DET
cblr-8637	677	6	way	way	NOUN
cblr-8637	677	7	for	for	SCONJ
cblr-8637	677	8	a	a	DET
cblr-8637	677	9	company	company	NOUN
cblr-8637	677	10	to	to	PART
cblr-8637	677	11	go	go	VERB
cblr-8637	677	12	public	public	ADJ
cblr-8637	677	13	“	"	PUNCT
cblr-8637	677	14	without	without	ADP
cblr-8637	677	15	selling	sell	VERB
cblr-8637	677	16	its	its	PRON
cblr-8637	677	17	shares	share	NOUN
cblr-8637	677	18	directly	directly	ADV
cblr-8637	677	19	to	to	ADP
cblr-8637	677	20	the	the	DET
cblr-8637	677	21	public	public	NOUN
cblr-8637	677	22	and	and	CCONJ
cblr-8637	677	23	without	without	ADP
cblr-8637	677	24	the	the	DET
cblr-8637	677	25	traditional	traditional	ADJ
cblr-8637	677	26	underwriting	underwriting	NOUN
cblr-8637	677	27	assistance	assistance	NOUN
cblr-8637	677	28	of	of	ADP
cblr-8637	677	29	investment	investment	NOUN
cblr-8637	677	30	bankers	banker	NOUN
cblr-8637	677	31	.	.	PUNCT
cblr-8637	677	32	”176	”176	PROPN
cblr-8637	678	1	former	former	ADJ
cblr-8637	678	2	unicorns	unicorn	NOUN
cblr-8637	678	3	spotify	spotify	VERB
cblr-8637	678	4	and	and	CCONJ
cblr-8637	678	5	slack	slack	VERB
cblr-8637	678	6	both	both	PRON
cblr-8637	678	7	opted	opt	VERB
cblr-8637	678	8	for	for	ADP
cblr-8637	678	9	direct	direct	ADJ
cblr-8637	678	10	listings	listing	NOUN
cblr-8637	678	11	when	when	SCONJ
cblr-8637	678	12	they	they	PRON
cblr-8637	678	13	publicly	publicly	ADV
cblr-8637	678	14	listed	list	VERB
cblr-8637	678	15	in	in	ADP
cblr-8637	678	16	2018	2018	NUM
cblr-8637	678	17	and	and	CCONJ
cblr-8637	678	18	2019	2019	NUM
cblr-8637	678	19	,	,	PUNCT
cblr-8637	678	20	respectively.177	respectively.177	X
cblr-8637	678	21	unlike	unlike	ADP
cblr-8637	678	22	an	an	DET
cblr-8637	678	23	ipo	ipo	NOUN
cblr-8637	678	24	,	,	PUNCT
cblr-8637	678	25	a	a	DET
cblr-8637	678	26	direct	direct	ADJ
cblr-8637	678	27	listing	listing	NOUN
cblr-8637	678	28	is	be	AUX
cblr-8637	678	29	not	not	PART
cblr-8637	678	30	a	a	DET
cblr-8637	678	31	capital	capital	NOUN
cblr-8637	678	32	raising	raise	VERB
cblr-8637	678	33	event	event	NOUN
cblr-8637	678	34	;	;	PUNCT
cblr-8637	678	35	it	it	PRON
cblr-8637	678	36	is	be	AUX
cblr-8637	678	37	an	an	DET
cblr-8637	678	38	opportunity	opportunity	NOUN
cblr-8637	678	39	for	for	SCONJ
cblr-8637	678	40	existing	exist	VERB
cblr-8637	678	41	employees	employee	NOUN
cblr-8637	678	42	and	and	CCONJ
cblr-8637	678	43	investors	investor	NOUN
cblr-8637	678	44	to	to	PART
cblr-8637	678	45	sell	sell	VERB
cblr-8637	678	46	their	their	PRON
cblr-8637	678	47	stock	stock	NOUN
cblr-8637	678	48	to	to	ADP
cblr-8637	678	49	the	the	DET
cblr-8637	678	50	public.178	public.178	NOUN
cblr-8637	678	51	however	however	ADV
cblr-8637	678	52	,	,	PUNCT
cblr-8637	678	53	as	as	SCONJ
cblr-8637	678	54	discussed	discuss	VERB
cblr-8637	678	55	in	in	ADP
cblr-8637	678	56	section	section	NOUN
cblr-8637	678	57	iv.b.1.ii	iv.b.1.ii	PROPN
cblr-8637	678	58	infra	infra	NOUN
cblr-8637	678	59	,	,	PUNCT
cblr-8637	678	60	the	the	DET
cblr-8637	678	61	sec	sec	PROPN
cblr-8637	678	62	has	have	AUX
cblr-8637	678	63	approved	approve	VERB
cblr-8637	678	64	proposals	proposal	NOUN
cblr-8637	678	65	by	by	ADP
cblr-8637	678	66	the	the	DET
cblr-8637	678	67	new	new	PROPN
cblr-8637	678	68	york	york	PROPN
cblr-8637	678	69	stock	stock	PROPN
cblr-8637	678	70	exchange	exchange	PROPN
cblr-8637	678	71	(	(	PUNCT
cblr-8637	678	72	nyse	nyse	PROPN
cblr-8637	678	73	)	)	PUNCT
cblr-8637	678	74	and	and	CCONJ
cblr-8637	678	75	the	the	DET
cblr-8637	678	76	national	national	PROPN
cblr-8637	678	77	association	association	PROPN
cblr-8637	678	78	of	of	ADP
cblr-8637	678	79	securities	security	NOUN
cblr-8637	678	80	dealers	dealer	NOUN
cblr-8637	678	81	automated	automate	VERB
cblr-8637	678	82	quotations	quotation	NOUN
cblr-8637	678	83	(	(	PUNCT
cblr-8637	678	84	nasdaq	nasdaq	NOUN
cblr-8637	678	85	)	)	PUNCT
cblr-8637	678	86	to	to	PART
cblr-8637	678	87	allow	allow	VERB
cblr-8637	678	88	certain	certain	ADJ
cblr-8637	678	89	companies	company	NOUN
cblr-8637	678	90	to	to	PART
cblr-8637	678	91	simultaneously	simultaneously	ADV
cblr-8637	678	92	conduct	conduct	VERB
cblr-8637	678	93	a	a	DET
cblr-8637	678	94	direct	direct	ADJ
cblr-8637	678	95	listing	listing	NOUN
cblr-8637	678	96	and	and	CCONJ
cblr-8637	678	97	offer	offer	VERB
cblr-8637	678	98	new	new	ADJ
cblr-8637	678	99	stock	stock	NOUN
cblr-8637	678	100	to	to	PART
cblr-8637	678	101	raise	raise	VERB
cblr-8637	678	102	capital	capital	NOUN
cblr-8637	678	103	.	.	PUNCT
cblr-8637	679	1	a	a	DET
cblr-8637	679	2	spac	spac	NOUN
cblr-8637	679	3	is	be	AUX
cblr-8637	679	4	a	a	DET
cblr-8637	679	5	company	company	NOUN
cblr-8637	679	6	formed	form	VERB
cblr-8637	679	7	by	by	ADP
cblr-8637	679	8	a	a	DET
cblr-8637	679	9	sponsor	sponsor	NOUN
cblr-8637	679	10	that	that	PRON
cblr-8637	679	11	raises	raise	VERB
cblr-8637	679	12	capital	capital	NOUN
cblr-8637	679	13	on	on	ADP
cblr-8637	679	14	an	an	DET
cblr-8637	679	15	exchange	exchange	NOUN
cblr-8637	679	16	through	through	ADP
cblr-8637	679	17	an	an	DET
cblr-8637	679	18	ipo	ipo	NOUN
cblr-8637	679	19	in	in	ADP
cblr-8637	679	20	order	order	NOUN
cblr-8637	679	21	to	to	PART
cblr-8637	679	22	acquire	acquire	VERB
cblr-8637	679	23	a	a	DET
cblr-8637	679	24	company	company	NOUN
cblr-8637	679	25	—	—	PUNCT
cblr-8637	679	26	typically	typically	ADV
cblr-8637	679	27	a	a	DET
cblr-8637	679	28	private	private	ADJ
cblr-8637	679	29	company.179	company.179	NOUN
cblr-8637	679	30	if	if	SCONJ
cblr-8637	679	31	the	the	DET
cblr-8637	679	32	“	"	PUNCT
cblr-8637	679	33	blank	blank	ADJ
cblr-8637	679	34	check	check	NOUN
cblr-8637	679	35	company	company	NOUN
cblr-8637	679	36	”	"	PUNCT
cblr-8637	679	37	does	do	AUX
cblr-8637	679	38	not	not	PART
cblr-8637	679	39	make	make	VERB
cblr-8637	679	40	an	an	DET
cblr-8637	679	41	acquisition	acquisition	NOUN
cblr-8637	679	42	within	within	ADP
cblr-8637	679	43	a	a	DET
cblr-8637	679	44	set	set	VERB
cblr-8637	679	45	time	time	NOUN
cblr-8637	679	46	period	period	NOUN
cblr-8637	679	47	after	after	ADP
cblr-8637	679	48	its	its	PRON
cblr-8637	679	49	ipo	ipo	NOUN
cblr-8637	679	50	—	—	PUNCT
cblr-8637	679	51	usually	usually	ADV
cblr-8637	679	52	two	two	NUM
cblr-8637	679	53	years	year	NOUN
cblr-8637	679	54	—	—	PUNCT
cblr-8637	679	55	all	all	DET
cblr-8637	679	56	funds	fund	NOUN
cblr-8637	679	57	raised	raise	VERB
cblr-8637	679	58	are	be	AUX
cblr-8637	679	59	returned	return	VERB
cblr-8637	679	60	the	the	DET
cblr-8637	679	61	investors.180	investors.180	NOUN
cblr-8637	679	62	during	during	ADP
cblr-8637	679	63	that	that	DET
cblr-8637	679	64	two	two	NUM
cblr-8637	679	65	-	-	PUNCT
cblr-8637	679	66	year	year	NOUN
cblr-8637	679	67	period	period	NOUN
cblr-8637	679	68	,	,	PUNCT
cblr-8637	679	69	a	a	DET
cblr-8637	679	70	176	176	NUM
cblr-8637	679	71	the	the	DET
cblr-8637	679	72	rise	rise	NOUN
cblr-8637	679	73	of	of	ADP
cblr-8637	679	74	direct	direct	ADJ
cblr-8637	679	75	listings	listing	NOUN
cblr-8637	679	76	:	:	PUNCT
cblr-8637	679	77	understanding	understand	VERB
cblr-8637	679	78	the	the	DET
cblr-8637	679	79	trend	trend	NOUN
cblr-8637	679	80	,	,	PUNCT
cblr-8637	679	81	separating	separate	VERB
cblr-8637	679	82	fact	fact	NOUN
cblr-8637	679	83	from	from	ADP
cblr-8637	679	84	fiction	fiction	NOUN
cblr-8637	679	85	,	,	PUNCT
cblr-8637	679	86	fenwick	fenwick	PROPN
cblr-8637	679	87	(	(	PUNCT
cblr-8637	679	88	dec	dec	PROPN
cblr-8637	679	89	.	.	PROPN
cblr-8637	679	90	5	5	NUM
cblr-8637	679	91	,	,	PUNCT
cblr-8637	679	92	2019	2019	NUM
cblr-8637	679	93	)	)	PUNCT
cblr-8637	679	94	,	,	PUNCT
cblr-8637	679	95	https://www.fenwick	https://www.fenwick	PROPN
cblr-8637	679	96	.	.	PUNCT
cblr-8637	679	97	com	com	NOUN
cblr-8637	679	98	/	/	SYM
cblr-8637	679	99	insights	insight	NOUN
cblr-8637	679	100	/	/	SYM
cblr-8637	679	101	publications	publication	NOUN
cblr-8637	679	102	/	/	SYM
cblr-8637	679	103	the	the	DET
cblr-8637	679	104	-	-	PUNCT
cblr-8637	679	105	rise	rise	NOUN
cblr-8637	679	106	-	-	PUNCT
cblr-8637	679	107	of	of	ADP
cblr-8637	679	108	-	-	PUNCT
cblr-8637	679	109	direct	direct	ADJ
cblr-8637	679	110	-	-	PUNCT
cblr-8637	679	111	listings	listing	NOUN
cblr-8637	679	112	-	-	PUNCT
cblr-8637	679	113	understanding	understand	VERB
cblr-8637	679	114	-	-	PUNCT
cblr-8637	679	115	thetrend	thetrend	NOUN
cblr-8637	679	116	-	-	PUNCT
cblr-8637	679	117	separating	separate	VERB
cblr-8637	679	118	-	-	PUNCT
cblr-8637	679	119	fact	fact	NOUN
cblr-8637	679	120	-	-	PUNCT
cblr-8637	679	121	from	from	ADP
cblr-8637	679	122	-	-	PUNCT
cblr-8637	679	123	fiction	fiction	NOUN
cblr-8637	679	124	[	[	X
cblr-8637	679	125	https://perma.cc/ra85-xfgz	https://perma.cc/ra85-xfgz	X
cblr-8637	679	126	]	]	X
cblr-8637	679	127	.	.	PUNCT
cblr-8637	680	1	177	177	NUM
cblr-8637	680	2	bob	bob	PROPN
cblr-8637	680	3	pisani	pisani	PROPN
cblr-8637	680	4	,	,	PUNCT
cblr-8637	680	5	slack	slack	VERB
cblr-8637	680	6	going	go	VERB
cblr-8637	680	7	public	public	ADJ
cblr-8637	680	8	in	in	ADP
cblr-8637	680	9	a	a	DET
cblr-8637	680	10	red	red	ADJ
cblr-8637	680	11	-	-	PUNCT
cblr-8637	680	12	hot	hot	ADJ
cblr-8637	680	13	ipo	ipo	NOUN
cblr-8637	680	14	market	market	NOUN
cblr-8637	680	15	,	,	PUNCT
cblr-8637	680	16	with	with	ADP
cblr-8637	680	17	a	a	DET
cblr-8637	680	18	twist	twist	NOUN
cblr-8637	680	19	,	,	PUNCT
cblr-8637	680	20	cnbc	cnbc	PROPN
cblr-8637	680	21	,	,	PUNCT
cblr-8637	680	22	https://www.cnbc.com/2019/06/20/slack-going-public-in-ared-hot-ipo-market-with-a-twist.html	https://www.cnbc.com/2019/06/20/slack-going-public-in-ared-hot-ipo-market-with-a-twist.html	PRON
cblr-8637	681	1	[	[	X
cblr-8637	681	2	https://perma.cc/xnb8-tyea	https://perma.cc/xnb8-tyea	X
cblr-8637	681	3	]	]	PUNCT
cblr-8637	681	4	(	(	PUNCT
cblr-8637	681	5	last	last	ADJ
cblr-8637	681	6	updated	update	VERB
cblr-8637	681	7	july	july	PROPN
cblr-8637	681	8	16	16	NUM
cblr-8637	681	9	,	,	PUNCT
cblr-8637	681	10	2019	2019	NUM
cblr-8637	681	11	,	,	PUNCT
cblr-8637	681	12	3:33	3:33	NUM
cblr-8637	681	13	pm	pm	NOUN
cblr-8637	681	14	)	)	PUNCT
cblr-8637	681	15	.	.	PUNCT
cblr-8637	682	1	178	178	NUM
cblr-8637	682	2	direct	direct	ADJ
cblr-8637	682	3	listing	listing	NOUN
cblr-8637	682	4	,	,	PUNCT
cblr-8637	682	5	corp	corp	PROPN
cblr-8637	682	6	.	.	PROPN
cblr-8637	682	7	fin	fin	PROPN
cblr-8637	682	8	.	.	PUNCT
cblr-8637	682	9	inst	inst	PROPN
cblr-8637	682	10	.	.	PROPN
cblr-8637	682	11	,	,	PUNCT
cblr-8637	682	12	https://corporatefinanceinstitute	https://corporatefinanceinstitute	PUNCT
cblr-8637	682	13	.com	.com	PROPN
cblr-8637	682	14	/	/	SYM
cblr-8637	682	15	resources	resource	NOUN
cblr-8637	682	16	/	/	SYM
cblr-8637	682	17	knowledge	knowledge	NOUN
cblr-8637	682	18	/	/	SYM
cblr-8637	682	19	finance	finance	NOUN
cblr-8637	682	20	/	/	SYM
cblr-8637	682	21	direct	direct	VERB
cblr-8637	682	22	-	-	PUNCT
cblr-8637	682	23	listing/	listing/	NUM
cblr-8637	683	1	[	[	X
cblr-8637	683	2	https://perma.cc/s2lw9jfp	https://perma.cc/s2lw9jfp	PROPN
cblr-8637	683	3	]	]	PUNCT
cblr-8637	683	4	(	(	PUNCT
cblr-8637	683	5	last	last	ADV
cblr-8637	683	6	visited	visit	VERB
cblr-8637	683	7	mar	mar	PROPN
cblr-8637	683	8	.	.	PROPN
cblr-8637	683	9	6	6	NUM
cblr-8637	683	10	,	,	PUNCT
cblr-8637	683	11	2021	2021	NUM
cblr-8637	683	12	)	)	PUNCT
cblr-8637	683	13	.	.	PUNCT
cblr-8637	684	1	179	179	NUM
cblr-8637	684	2	kevin	kevin	PROPN
cblr-8637	684	3	lacroix	lacroix	PROPN
cblr-8637	684	4	,	,	PUNCT
cblr-8637	684	5	rain	rain	NOUN
cblr-8637	684	6	on	on	ADP
cblr-8637	684	7	the	the	DET
cblr-8637	684	8	spac	spac	PROPN
cblr-8637	684	9	parade	parade	NOUN
cblr-8637	684	10	?	?	PUNCT
cblr-8637	684	11	,	,	PUNCT
cblr-8637	684	12	the	the	DET
cblr-8637	684	13	d&o	d&o	NOUN
cblr-8637	684	14	diary	diary	NOUN
cblr-8637	684	15	(	(	PUNCT
cblr-8637	684	16	oct	oct	PROPN
cblr-8637	684	17	.	.	PROPN
cblr-8637	684	18	12	12	NUM
cblr-8637	684	19	,	,	PUNCT
cblr-8637	684	20	2020	2020	NUM
cblr-8637	684	21	)	)	PUNCT
cblr-8637	684	22	,	,	PUNCT
cblr-8637	685	1	https://www.dandodiary.com/2020/10/articles/director-andofficer-liability/rain-on-the-spac-parade/	https://www.dandodiary.com/2020/10/articles/director-andofficer-liability/rain-on-the-spac-parade/	SCONJ
cblr-8637	685	2	[	[	X
cblr-8637	685	3	https://perma.cc/5c6l-zl25	https://perma.cc/5c6l-zl25	NOUN
cblr-8637	685	4	]	]	PUNCT
cblr-8637	685	5	.	.	PUNCT
cblr-8637	686	1	180	180	NUM
cblr-8637	686	2	i	i	PROPN
cblr-8637	686	3	d.	d.	PROPN
cblr-8637	686	4	greene	greene	PROPN
cblr-8637	686	5	et	et	PROPN
cblr-8637	686	6	al	al	PROPN
cblr-8637	686	7	.	.	PROPN
cblr-8637	687	1	8/21/2021	8/21/2021	NUM
cblr-8637	687	2	1:44	1:44	NUM
cblr-8637	687	3	pm	pm	NOUN
cblr-8637	687	4	no	no	INTJ
cblr-8637	687	5	.	.	PUNCT
cblr-8637	688	1	2:714	2:714	NUM
cblr-8637	688	2	]	]	X
cblr-8637	688	3	the	the	DET
cblr-8637	688	4	need	need	NOUN
cblr-8637	688	5	for	for	ADP
cblr-8637	688	6	a	a	DET
cblr-8637	688	7	comprehensive	comprehensive	ADJ
cblr-8637	688	8	approach	approach	NOUN
cblr-8637	688	9	757	757	NUM
cblr-8637	688	10	spac	spac	NOUN
cblr-8637	688	11	will	will	AUX
cblr-8637	688	12	typically	typically	ADV
cblr-8637	688	13	acquire	acquire	VERB
cblr-8637	688	14	a	a	DET
cblr-8637	688	15	private	private	ADJ
cblr-8637	688	16	company	company	NOUN
cblr-8637	688	17	in	in	ADP
cblr-8637	688	18	a	a	DET
cblr-8637	688	19	reverse	reverse	ADJ
cblr-8637	688	20	merger	merger	NOUN
cblr-8637	688	21	where	where	SCONJ
cblr-8637	688	22	the	the	DET
cblr-8637	688	23	surviving	survive	VERB
cblr-8637	688	24	entity	entity	NOUN
cblr-8637	688	25	is	be	AUX
cblr-8637	688	26	the	the	DET
cblr-8637	688	27	formerly	formerly	ADV
cblr-8637	688	28	-	-	PUNCT
cblr-8637	688	29	private	private	ADJ
cblr-8637	688	30	operating	operating	NOUN
cblr-8637	688	31	company	company	NOUN
cblr-8637	688	32	,	,	PUNCT
cblr-8637	688	33	which	which	PRON
cblr-8637	688	34	becomes	becomes	AUX
cblr-8637	688	35	publicly	publicly	ADV
cblr-8637	688	36	traded	trade	VERB
cblr-8637	688	37	through	through	ADP
cblr-8637	688	38	the	the	DET
cblr-8637	688	39	“	"	PUNCT
cblr-8637	688	40	de	de	PROPN
cblr-8637	688	41	-	-	NOUN
cblr-8637	688	42	spac	spac	PROPN
cblr-8637	688	43	”	"	PUNCT
cblr-8637	688	44	transaction.181	transaction.181	PROPN
cblr-8637	688	45	spac	spac	PROPN
cblr-8637	688	46	ipos	ipos	PROPN
cblr-8637	688	47	have	have	AUX
cblr-8637	688	48	become	become	VERB
cblr-8637	688	49	increasingly	increasingly	ADV
cblr-8637	688	50	popular	popular	ADJ
cblr-8637	688	51	recently	recently	ADV
cblr-8637	688	52	,	,	PUNCT
cblr-8637	688	53	with	with	ADP
cblr-8637	688	54	some	some	DET
cblr-8637	688	55	dubbing	dub	VERB
cblr-8637	688	56	2020	2020	NUM
cblr-8637	688	57	the	the	DET
cblr-8637	688	58	“	"	PUNCT
cblr-8637	688	59	year	year	NOUN
cblr-8637	688	60	of	of	ADP
cblr-8637	688	61	the	the	DET
cblr-8637	688	62	spac	spac	PROPN
cblr-8637	688	63	.	.	PUNCT
cblr-8637	689	1	”182	”182	PROPN
cblr-8637	689	2	spacs	spacs	PROPN
cblr-8637	689	3	accounted	account	VERB
cblr-8637	689	4	for	for	ADP
cblr-8637	689	5	sixty	sixty	NUM
cblr-8637	689	6	-	-	PUNCT
cblr-8637	689	7	six	six	NUM
cblr-8637	689	8	percent	percent	NOUN
cblr-8637	689	9	of	of	ADP
cblr-8637	689	10	all	all	DET
cblr-8637	689	11	ipos	ipos	NOUN
cblr-8637	689	12	completed	complete	VERB
cblr-8637	689	13	in	in	ADP
cblr-8637	689	14	2020	2020	NUM
cblr-8637	689	15	as	as	ADP
cblr-8637	689	16	of	of	ADP
cblr-8637	689	17	october.183	october.183	PRON
cblr-8637	689	18	the	the	DET
cblr-8637	689	19	efficacy	efficacy	NOUN
cblr-8637	689	20	of	of	ADP
cblr-8637	689	21	each	each	PRON
cblr-8637	689	22	of	of	ADP
cblr-8637	689	23	these	these	DET
cblr-8637	689	24	trends	trend	NOUN
cblr-8637	689	25	in	in	ADP
cblr-8637	689	26	reducing	reduce	VERB
cblr-8637	689	27	the	the	DET
cblr-8637	689	28	costs	cost	NOUN
cblr-8637	689	29	of	of	ADP
cblr-8637	689	30	going	go	VERB
cblr-8637	689	31	public	public	NOUN
cblr-8637	689	32	is	be	AUX
cblr-8637	689	33	discussed	discuss	VERB
cblr-8637	689	34	in	in	ADP
cblr-8637	689	35	section	section	NOUN
cblr-8637	689	36	iv.b.1	iv.b.1	PROPN
cblr-8637	689	37	.	.	PUNCT
cblr-8637	690	1	in	in	ADP
cblr-8637	690	2	addition	addition	NOUN
cblr-8637	690	3	to	to	ADP
cblr-8637	690	4	the	the	DET
cblr-8637	690	5	significant	significant	ADJ
cblr-8637	690	6	costs	cost	NOUN
cblr-8637	690	7	of	of	ADP
cblr-8637	690	8	going	go	VERB
cblr-8637	690	9	public	public	ADJ
cblr-8637	690	10	,	,	PUNCT
cblr-8637	690	11	the	the	DET
cblr-8637	690	12	costs	cost	NOUN
cblr-8637	690	13	of	of	ADP
cblr-8637	690	14	staying	stay	VERB
cblr-8637	690	15	public	public	NOUN
cblr-8637	690	16	may	may	AUX
cblr-8637	690	17	also	also	ADV
cblr-8637	690	18	serve	serve	VERB
cblr-8637	690	19	as	as	ADP
cblr-8637	690	20	a	a	DET
cblr-8637	690	21	deterrent	deterrent	NOUN
cblr-8637	690	22	.	.	PUNCT
cblr-8637	691	1	reporting	report	VERB
cblr-8637	691	2	companies	company	NOUN
cblr-8637	691	3	face	face	VERB
cblr-8637	691	4	significant	significant	ADJ
cblr-8637	691	5	costs	cost	NOUN
cblr-8637	691	6	through	through	ADP
cblr-8637	691	7	the	the	DET
cblr-8637	691	8	mandatory	mandatory	ADJ
cblr-8637	691	9	disclosure	disclosure	NOUN
cblr-8637	691	10	requirements	requirement	NOUN
cblr-8637	691	11	and	and	CCONJ
cblr-8637	691	12	the	the	DET
cblr-8637	691	13	potential	potential	ADJ
cblr-8637	691	14	threat	threat	NOUN
cblr-8637	691	15	of	of	ADP
cblr-8637	691	16	litigation	litigation	NOUN
cblr-8637	691	17	related	relate	VERB
cblr-8637	691	18	to	to	ADP
cblr-8637	691	19	these	these	DET
cblr-8637	691	20	disclosures	disclosure	NOUN
cblr-8637	691	21	.	.	PUNCT
cblr-8637	692	1	a	a	DET
cblr-8637	692	2	pricewaterhousecoopers	pricewaterhousecoopers	PROPN
cblr-8637	692	3	study	study	NOUN
cblr-8637	692	4	estimated	estimate	VERB
cblr-8637	692	5	the	the	DET
cblr-8637	692	6	average	average	ADJ
cblr-8637	692	7	annual	annual	ADJ
cblr-8637	692	8	cost	cost	NOUN
cblr-8637	692	9	of	of	ADP
cblr-8637	692	10	being	be	AUX
cblr-8637	692	11	public	public	ADJ
cblr-8637	692	12	to	to	PART
cblr-8637	692	13	be	be	AUX
cblr-8637	692	14	between	between	ADP
cblr-8637	692	15	$	$	SYM
cblr-8637	692	16	1	1	NUM
cblr-8637	692	17	million	million	NUM
cblr-8637	692	18	and	and	CCONJ
cblr-8637	692	19	$	$	SYM
cblr-8637	692	20	1.9	1.9	NUM
cblr-8637	692	21	million.184	million.184	NOUN
cblr-8637	692	22	with	with	ADP
cblr-8637	692	23	these	these	DET
cblr-8637	692	24	costs	cost	NOUN
cblr-8637	692	25	,	,	PUNCT
cblr-8637	692	26	companies	company	NOUN
cblr-8637	692	27	may	may	AUX
cblr-8637	692	28	have	have	VERB
cblr-8637	692	29	an	an	DET
cblr-8637	692	30	incentive	incentive	NOUN
cblr-8637	692	31	to	to	PART
cblr-8637	692	32	stay	stay	VERB
cblr-8637	692	33	private.185	private.185	NOUN
cblr-8637	692	34	the	the	DET
cblr-8637	692	35	cost	cost	NOUN
cblr-8637	692	36	of	of	ADP
cblr-8637	692	37	compliance	compliance	NOUN
cblr-8637	692	38	has	have	AUX
cblr-8637	692	39	substantially	substantially	ADV
cblr-8637	692	40	increased	increase	VERB
cblr-8637	692	41	with	with	ADP
cblr-8637	692	42	the	the	DET
cblr-8637	692	43	passage	passage	NOUN
cblr-8637	692	44	of	of	ADP
cblr-8637	692	45	sox	sox	PROPN
cblr-8637	692	46	,	,	PUNCT
cblr-8637	692	47	and	and	CCONJ
cblr-8637	692	48	a	a	DET
cblr-8637	692	49	significant	significant	ADJ
cblr-8637	692	50	proportion	proportion	NOUN
cblr-8637	692	51	of	of	ADP
cblr-8637	692	52	reporting	reporting	NOUN
cblr-8637	692	53	costs	cost	NOUN
cblr-8637	692	54	relate	relate	VERB
cblr-8637	692	55	to	to	ADP
cblr-8637	692	56	compliance	compliance	NOUN
cblr-8637	692	57	with	with	ADP
cblr-8637	692	58	sox	sox	PROPN
cblr-8637	692	59	disclosures	disclosure	NOUN
cblr-8637	692	60	.	.	PUNCT
cblr-8637	693	1	the	the	DET
cblr-8637	693	2	incremental	incremental	ADJ
cblr-8637	693	3	cost	cost	NOUN
cblr-8637	693	4	of	of	ADP
cblr-8637	693	5	sox	sox	PROPN
cblr-8637	693	6	compliance	compliance	NOUN
cblr-8637	693	7	ranges	range	VERB
cblr-8637	693	8	anywhere	anywhere	ADV
cblr-8637	693	9	from	from	ADP
cblr-8637	693	10	under	under	ADP
cblr-8637	693	11	$	$	SYM
cblr-8637	693	12	100,000	100,000	NUM
cblr-8637	693	13	to	to	PART
cblr-8637	693	14	over	over	ADP
cblr-8637	693	15	$	$	SYM
cblr-8637	693	16	2	2	NUM
cblr-8637	693	17	million	million	NUM
cblr-8637	693	18	annually	annually	ADV
cblr-8637	693	19	,	,	PUNCT
cblr-8637	693	20	depending	depend	VERB
cblr-8637	693	21	on	on	ADP
cblr-8637	693	22	the	the	DET
cblr-8637	693	23	size	size	NOUN
cblr-8637	693	24	of	of	ADP
cblr-8637	693	25	the	the	DET
cblr-8637	693	26	181	181	NUM
cblr-8637	693	27	i	i	PROPN
cblr-8637	693	28	d.	d.	PROPN
cblr-8637	693	29	182	182	NUM
cblr-8637	693	30	james	james	PROPN
cblr-8637	693	31	dunne	dunne	PROPN
cblr-8637	693	32	,	,	PUNCT
cblr-8637	693	33	2020	2020	NUM
cblr-8637	693	34	:	:	PUNCT
cblr-8637	693	35	the	the	DET
cblr-8637	693	36	year	year	NOUN
cblr-8637	693	37	of	of	ADP
cblr-8637	693	38	the	the	DET
cblr-8637	693	39	spac	spac	PROPN
cblr-8637	693	40	,	,	PUNCT
cblr-8637	693	41	yahoo	yahoo	PROPN
cblr-8637	693	42	!	!	PROPN
cblr-8637	693	43	:	:	PUNCT
cblr-8637	694	1	ent	ent	PROPN
cblr-8637	694	2	.	.	PUNCT
cblr-8637	695	1	(	(	PUNCT
cblr-8637	695	2	jan	jan	PROPN
cblr-8637	695	3	.	.	PROPN
cblr-8637	695	4	5	5	NUM
cblr-8637	695	5	,	,	PUNCT
cblr-8637	695	6	2021	2021	NUM
cblr-8637	695	7	)	)	PUNCT
cblr-8637	695	8	,	,	PUNCT
cblr-8637	695	9	https://www.yahoo.com/entertainment/2020-spac-194704978.html	https://www.yahoo.com/entertainment/2020-spac-194704978.html	X
cblr-8637	696	1	[	[	X
cblr-8637	696	2	https://perma.cc/p48a-qfr4	https://perma.cc/p48a-qfr4	NOUN
cblr-8637	696	3	]	]	PUNCT
cblr-8637	696	4	;	;	PUNCT
cblr-8637	696	5	see	see	VERB
cblr-8637	696	6	also	also	ADV
cblr-8637	696	7	dave	dave	PROPN
cblr-8637	696	8	michaels	michaels	PROPN
cblr-8637	696	9	&	&	CCONJ
cblr-8637	696	10	alexander	alexander	PROPN
cblr-8637	696	11	osipovich	osipovich	PROPN
cblr-8637	696	12	,	,	PUNCT
cblr-8637	696	13	blank	blank	ADJ
cblr-8637	696	14	-	-	PUNCT
cblr-8637	696	15	check	check	NOUN
cblr-8637	696	16	firms	firm	NOUN
cblr-8637	696	17	offering	offer	VERB
cblr-8637	696	18	ipo	ipo	PROPN
cblr-8637	696	19	alternative	alternative	NOUN
cblr-8637	696	20	are	be	AUX
cblr-8637	696	21	under	under	ADP
cblr-8637	696	22	regulatory	regulatory	ADJ
cblr-8637	696	23	scrutiny	scrutiny	NOUN
cblr-8637	696	24	,	,	PUNCT
cblr-8637	697	1	wall	wall	PROPN
cblr-8637	697	2	st	st	PROPN
cblr-8637	697	3	.	.	PROPN
cblr-8637	697	4	j.	j.	PROPN
cblr-8637	697	5	(	(	PUNCT
cblr-8637	697	6	sept	sept	PROPN
cblr-8637	697	7	.	.	PROPN
cblr-8637	697	8	24	24	NUM
cblr-8637	697	9	,	,	PUNCT
cblr-8637	697	10	2020	2020	NUM
cblr-8637	697	11	,	,	PUNCT
cblr-8637	697	12	4:34	4:34	NUM
cblr-8637	697	13	pm	pm	NOUN
cblr-8637	697	14	)	)	PUNCT
cblr-8637	697	15	(	(	PUNCT
cblr-8637	697	16	on	on	ADP
cblr-8637	697	17	file	file	NOUN
cblr-8637	697	18	with	with	ADP
cblr-8637	697	19	the	the	DET
cblr-8637	697	20	columbia	columbia	PROPN
cblr-8637	697	21	business	business	PROPN
cblr-8637	697	22	law	law	PROPN
cblr-8637	697	23	review	review	PROPN
cblr-8637	697	24	)	)	PUNCT
cblr-8637	697	25	,	,	PUNCT
cblr-8637	697	26	https://www.wsj.com/articles/blankcheck-firms-offering-ipo-alternative-are-under-regulatory-scrutiny11600979237	https://www.wsj.com/articles/blankcheck-firms-offering-ipo-alternative-are-under-regulatory-scrutiny11600979237	PROPN
cblr-8637	697	27	.	.	PROPN
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cblr-8637	697	29	lacroix	lacroix	NOUN
cblr-8637	697	30	,	,	PUNCT
cblr-8637	697	31	supra	supra	PROPN
cblr-8637	697	32	note	note	NOUN
cblr-8637	697	33	179	179	NUM
cblr-8637	697	34	.	.	PUNCT
cblr-8637	698	1	184	184	NUM
cblr-8637	698	2	stephanie	stephanie	NOUN
cblr-8637	698	3	revering	revere	VERB
cblr-8637	698	4	et	et	PROPN
cblr-8637	698	5	al	al	PROPN
cblr-8637	698	6	.	.	PROPN
cblr-8637	698	7	,	,	PUNCT
cblr-8637	698	8	pricewaterhousecoopers	pricewaterhousecooper	NOUN
cblr-8637	698	9	,	,	PUNCT
cblr-8637	698	10	considering	consider	VERB
cblr-8637	698	11	an	an	DET
cblr-8637	698	12	ipo	ipo	NOUN
cblr-8637	698	13	to	to	PART
cblr-8637	698	14	fuel	fuel	VERB
cblr-8637	698	15	your	your	PRON
cblr-8637	698	16	company	company	NOUN
cblr-8637	698	17	’s	’s	PART
cblr-8637	698	18	future	future	NOUN
cblr-8637	698	19	?	?	PUNCT
cblr-8637	698	20	:	:	PUNCT
cblr-8637	698	21	insights	insight	NOUN
cblr-8637	698	22	into	into	ADP
cblr-8637	698	23	the	the	DET
cblr-8637	698	24	costs	cost	NOUN
cblr-8637	698	25	of	of	ADP
cblr-8637	698	26	going	go	VERB
cblr-8637	698	27	public	public	ADJ
cblr-8637	698	28	and	and	CCONJ
cblr-8637	698	29	being	be	AUX
cblr-8637	698	30	public	public	ADJ
cblr-8637	698	31	14	14	NUM
cblr-8637	698	32	(	(	PUNCT
cblr-8637	698	33	2017	2017	NUM
cblr-8637	698	34	)	)	PUNCT
cblr-8637	698	35	,	,	PUNCT
cblr-8637	698	36	https://www.pwc.com/us/en/deals/publications/assets/cost-of-an-ipo.pdf	https://www.pwc.com/us/en/deals/publications/assets/cost-of-an-ipo.pdf	PROPN
cblr-8637	698	37	[	[	X
cblr-8637	698	38	https://perma.cc/nd9v-ktar	https://perma.cc/nd9v-ktar	X
cblr-8637	698	39	]	]	AUX
cblr-8637	698	40	(	(	PUNCT
cblr-8637	698	41	reporting	report	VERB
cblr-8637	698	42	the	the	DET
cblr-8637	698	43	range	range	NOUN
cblr-8637	698	44	offered	offer	VERB
cblr-8637	698	45	by	by	ADP
cblr-8637	698	46	two	two	NUM
cblr-8637	698	47	-	-	PUNCT
cblr-8637	698	48	thirds	third	NOUN
cblr-8637	698	49	of	of	ADP
cblr-8637	698	50	surveyed	survey	VERB
cblr-8637	698	51	cfos	cfos	NOUN
cblr-8637	698	52	)	)	PUNCT
cblr-8637	698	53	.	.	PUNCT
cblr-8637	699	1	185	185	NUM
cblr-8637	699	2	see	see	VERB
cblr-8637	699	3	i	i	PROPN
cblr-8637	699	4	d.	d.	PROPN
cblr-8637	699	5	greene	greene	PROPN
cblr-8637	699	6	et	et	PROPN
cblr-8637	699	7	al	al	PROPN
cblr-8637	699	8	.	.	PROPN
cblr-8637	700	1	8/21/2021	8/21/2021	NUM
cblr-8637	700	2	1:44	1:44	NUM
cblr-8637	700	3	pm	pm	NOUN
cblr-8637	700	4	758	758	NUM
cblr-8637	700	5	columbia	columbia	PROPN
cblr-8637	700	6	business	business	NOUN
cblr-8637	700	7	law	law	NOUN
cblr-8637	700	8	review	review	NOUN
cblr-8637	700	9	[	[	X
cblr-8637	700	10	vol	vol	NOUN
cblr-8637	700	11	.	.	NOUN
cblr-8637	700	12	2021	2021	NUM
cblr-8637	700	13	company.186	company.186	VERB
cblr-8637	700	14	as	as	ADP
cblr-8637	700	15	a	a	DET
cblr-8637	700	16	matter	matter	NOUN
cblr-8637	700	17	of	of	ADP
cblr-8637	700	18	investor	investor	NOUN
cblr-8637	700	19	protection	protection	NOUN
cblr-8637	700	20	,	,	PUNCT
cblr-8637	700	21	sox	sox	PROPN
cblr-8637	700	22	has	have	AUX
cblr-8637	700	23	improved	improve	VERB
cblr-8637	700	24	internal	internal	ADJ
cblr-8637	700	25	controls	control	NOUN
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cblr-8637	700	27	financial	financial	ADJ
cblr-8637	700	28	reporting	reporting	NOUN
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cblr-8637	700	30	and	and	CCONJ
cblr-8637	700	31	some	some	DET
cblr-8637	700	32	organizations	organization	NOUN
cblr-8637	700	33	have	have	AUX
cblr-8637	700	34	recognized	recognize	VERB
cblr-8637	700	35	positive	positive	ADJ
cblr-8637	700	36	effects	effect	NOUN
cblr-8637	700	37	throughout	throughout	ADP
cblr-8637	700	38	their	their	PRON
cblr-8637	700	39	companies	company	NOUN
cblr-8637	700	40	as	as	ADP
cblr-8637	700	41	a	a	DET
cblr-8637	700	42	result.187	result.187	NOUN
cblr-8637	700	43	yet	yet	ADV
cblr-8637	700	44	,	,	PUNCT
cblr-8637	700	45	for	for	ADP
cblr-8637	700	46	private	private	ADJ
cblr-8637	700	47	companies	company	NOUN
cblr-8637	700	48	considering	consider	VERB
cblr-8637	700	49	going	go	VERB
cblr-8637	700	50	public	public	ADJ
cblr-8637	700	51	,	,	PUNCT
cblr-8637	700	52	these	these	DET
cblr-8637	700	53	significant	significant	ADJ
cblr-8637	700	54	costs	cost	NOUN
cblr-8637	700	55	may	may	AUX
cblr-8637	700	56	have	have	VERB
cblr-8637	700	57	a	a	DET
cblr-8637	700	58	deterrent	deterrent	NOUN
cblr-8637	700	59	effect	effect	NOUN
cblr-8637	700	60	.	.	PUNCT
cblr-8637	701	1	some	some	PRON
cblr-8637	701	2	of	of	ADP
cblr-8637	701	3	this	this	DET
cblr-8637	701	4	deterrent	deterrent	NOUN
cblr-8637	701	5	effect	effect	NOUN
cblr-8637	701	6	was	be	AUX
cblr-8637	701	7	likely	likely	ADV
cblr-8637	701	8	mitigated	mitigate	VERB
cblr-8637	701	9	for	for	ADP
cblr-8637	701	10	egcs	egcs	NOUN
cblr-8637	701	11	by	by	ADP
cblr-8637	701	12	the	the	DET
cblr-8637	701	13	exemptions	exemption	NOUN
cblr-8637	701	14	from	from	ADP
cblr-8637	701	15	sox	sox	PROPN
cblr-8637	701	16	disclosures	disclosure	NOUN
cblr-8637	701	17	for	for	ADP
cblr-8637	701	18	egcs	egcs	PROPN
cblr-8637	701	19	promulgated	promulgate	VERB
cblr-8637	701	20	under	under	ADP
cblr-8637	701	21	the	the	DET
cblr-8637	701	22	jobs	job	NOUN
cblr-8637	701	23	act.188	act.188	ADJ
cblr-8637	701	24	in	in	ADP
cblr-8637	701	25	fact	fact	NOUN
cblr-8637	701	26	,	,	PUNCT
cblr-8637	701	27	there	there	PRON
cblr-8637	701	28	is	be	VERB
cblr-8637	701	29	evidence	evidence	NOUN
cblr-8637	701	30	that	that	SCONJ
cblr-8637	701	31	sox	sox	PROPN
cblr-8637	701	32	compliance	compliance	NOUN
cblr-8637	701	33	cost	cost	NOUN
cblr-8637	701	34	is	be	AUX
cblr-8637	701	35	not	not	PART
cblr-8637	701	36	the	the	DET
cblr-8637	701	37	major	major	ADJ
cblr-8637	701	38	cause	cause	NOUN
cblr-8637	701	39	of	of	ADP
cblr-8637	701	40	small	small	ADJ
cblr-8637	701	41	companies	company	NOUN
cblr-8637	701	42	avoiding	avoid	VERB
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cblr-8637	701	44	or	or	CCONJ
cblr-8637	701	45	performing	perform	VERB
cblr-8637	701	46	badly	badly	ADV
cblr-8637	701	47	after	after	ADP
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cblr-8637	701	49	however	however	ADV
cblr-8637	701	50	,	,	PUNCT
cblr-8637	701	51	non	non	ADJ
cblr-8637	701	52	-	-	ADJ
cblr-8637	701	53	egc	egc	ADJ
cblr-8637	701	54	private	private	ADJ
cblr-8637	701	55	companies	company	NOUN
cblr-8637	701	56	,	,	PUNCT
cblr-8637	701	57	like	like	ADP
cblr-8637	701	58	the	the	DET
cblr-8637	701	59	tech	tech	NOUN
cblr-8637	701	60	unicorns	unicorn	NOUN
cblr-8637	701	61	(	(	PUNCT
cblr-8637	701	62	companies	company	NOUN
cblr-8637	701	63	valued	value	VERB
cblr-8637	701	64	over	over	ADP
cblr-8637	701	65	$	$	SYM
cblr-8637	701	66	1	1	NUM
cblr-8637	701	67	billion	billion	NUM
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cblr-8637	701	69	and	and	CCONJ
cblr-8637	701	70	decacorns	decacorn	NOUN
cblr-8637	701	71	(	(	PUNCT
cblr-8637	701	72	companies	company	NOUN
cblr-8637	701	73	valued	value	VERB
cblr-8637	701	74	over	over	ADP
cblr-8637	701	75	$	$	SYM
cblr-8637	701	76	10	10	NUM
cblr-8637	701	77	billion)191	billion)191	NOUN
cblr-8637	701	78	that	that	PRON
cblr-8637	701	79	have	have	AUX
cblr-8637	701	80	remained	remain	VERB
cblr-8637	701	81	private	private	ADJ
cblr-8637	701	82	recently	recently	ADV
cblr-8637	701	83	,	,	PUNCT
cblr-8637	701	84	would	would	AUX
cblr-8637	701	85	immediately	immediately	ADV
cblr-8637	701	86	be	be	AUX
cblr-8637	701	87	subject	subject	ADJ
cblr-8637	701	88	to	to	ADP
cblr-8637	701	89	all	all	PRON
cblr-8637	701	90	of	of	ADP
cblr-8637	701	91	sox	sox	PROPN
cblr-8637	701	92	’s	’s	PART
cblr-8637	701	93	disclosure	disclosure	NOUN
cblr-8637	701	94	requirements	requirement	NOUN
cblr-8637	701	95	upon	upon	SCONJ
cblr-8637	701	96	going	go	VERB
cblr-8637	701	97	public	public	ADJ
cblr-8637	701	98	,	,	PUNCT
cblr-8637	701	99	without	without	ADP
cblr-8637	701	100	the	the	DET
cblr-8637	701	101	assistance	assistance	NOUN
cblr-8637	701	102	of	of	ADP
cblr-8637	701	103	the	the	DET
cblr-8637	701	104	on	on	ADP
cblr-8637	701	105	-	-	PUNCT
cblr-8637	701	106	ramp	ramp	NOUN
cblr-8637	701	107	afforded	afford	VERB
cblr-8637	701	108	to	to	PART
cblr-8637	701	109	egcs	egcs	VERB
cblr-8637	701	110	under	under	ADP
cblr-8637	701	111	the	the	DET
cblr-8637	701	112	jobs	job	NOUN
cblr-8637	701	113	act	act	PROPN
cblr-8637	701	114	.	.	PUNCT
cblr-8637	702	1	another	another	DET
cblr-8637	702	2	important	important	ADJ
cblr-8637	702	3	structural	structural	ADJ
cblr-8637	702	4	factor	factor	NOUN
cblr-8637	702	5	that	that	PRON
cblr-8637	702	6	may	may	AUX
cblr-8637	702	7	be	be	AUX
cblr-8637	702	8	deterring	deter	VERB
cblr-8637	702	9	companies	company	NOUN
cblr-8637	702	10	from	from	ADP
cblr-8637	702	11	going	go	VERB
cblr-8637	702	12	public	public	ADJ
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cblr-8637	703	2	participants	participant	NOUN
cblr-8637	703	3	have	have	AUX
cblr-8637	703	4	commented	comment	VERB
cblr-8637	703	5	that	that	SCONJ
cblr-8637	703	6	the	the	DET
cblr-8637	703	7	public	public	ADJ
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cblr-8637	703	9	rewards	reward	VERB
cblr-8637	703	10	short	short	ADJ
cblr-8637	703	11	-	-	PUNCT
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cblr-8637	703	13	profits	profit	NOUN
cblr-8637	703	14	rather	rather	ADV
cblr-8637	703	15	than	than	ADP
cblr-8637	703	16	long	long	ADJ
cblr-8637	703	17	-	-	PUNCT
cblr-8637	703	18	term	term	NOUN
cblr-8637	703	19	performance	performance	NOUN
cblr-8637	703	20	and	and	CCONJ
cblr-8637	703	21	strategies.192	strategies.192	NOUN
cblr-8637	703	22	186	186	NUM
cblr-8637	703	23	reports	report	NOUN
cblr-8637	703	24	indicate	indicate	VERB
cblr-8637	703	25	that	that	SCONJ
cblr-8637	703	26	about	about	ADV
cblr-8637	703	27	one	one	NUM
cblr-8637	703	28	-	-	PUNCT
cblr-8637	703	29	third	third	NOUN
cblr-8637	703	30	of	of	ADP
cblr-8637	703	31	organizations	organization	NOUN
cblr-8637	703	32	spend	spend	VERB
cblr-8637	703	33	$	$	SYM
cblr-8637	703	34	500,000	500,000	NUM
cblr-8637	703	35	or	or	CCONJ
cblr-8637	703	36	less	less	ADV
cblr-8637	703	37	annually	annually	ADV
cblr-8637	703	38	on	on	ADP
cblr-8637	703	39	sox	sox	PROPN
cblr-8637	703	40	compliance	compliance	NOUN
cblr-8637	703	41	,	,	PUNCT
cblr-8637	703	42	while	while	SCONJ
cblr-8637	703	43	“	"	PUNCT
cblr-8637	703	44	just	just	ADV
cblr-8637	703	45	under	under	ADP
cblr-8637	703	46	half	half	NOUN
cblr-8637	703	47	spend	spend	VERB
cblr-8637	703	48	less	less	ADJ
cblr-8637	703	49	than	than	ADP
cblr-8637	703	50	$	$	SYM
cblr-8637	703	51	1	1	NUM
cblr-8637	703	52	million	million	NUM
cblr-8637	703	53	.	.	PUNCT
cblr-8637	703	54	”	"	PUNCT
cblr-8637	704	1	protiviti	protiviti	VERB
cblr-8637	704	2	,	,	PUNCT
cblr-8637	704	3	understanding	understand	VERB
cblr-8637	704	4	the	the	DET
cblr-8637	704	5	costs	cost	NOUN
cblr-8637	704	6	and	and	CCONJ
cblr-8637	704	7	benefits	benefit	NOUN
cblr-8637	704	8	of	of	ADP
cblr-8637	704	9	sox	sox	PROPN
cblr-8637	704	10	compliance	compliance	NOUN
cblr-8637	704	11	1	1	NUM
cblr-8637	704	12	(	(	PUNCT
cblr-8637	704	13	2016	2016	NUM
cblr-8637	704	14	)	)	PUNCT
cblr-8637	704	15	,	,	PUNCT
cblr-8637	704	16	https://www.protiviti.com/sites/	https://www.protiviti.com/sites/	VERB
cblr-8637	704	17	default	default	NOUN
cblr-8637	704	18	/	/	SYM
cblr-8637	704	19	files	file	NOUN
cblr-8637	704	20	/	/	SYM
cblr-8637	704	21	united_states	united_states	PROPN
cblr-8637	704	22	/	/	SYM
cblr-8637	704	23	insights/2016	insights/2016	PROPN
cblr-8637	704	24	-	-	PUNCT
cblr-8637	704	25	sox	sox	PROPN
cblr-8637	704	26	-	-	PUNCT
cblr-8637	704	27	survey	survey	NOUN
cblr-8637	704	28	-	-	PUNCT
cblr-8637	704	29	protiviti.pdf	protiviti.pdf	X
cblr-8637	704	30	[	[	X
cblr-8637	704	31	https://perma.cc/z9dk-krv3	https://perma.cc/z9dk-krv3	X
cblr-8637	704	32	]	]	PUNCT
cblr-8637	704	33	.	.	PUNCT
cblr-8637	705	1	however	however	ADV
cblr-8637	705	2	,	,	PUNCT
cblr-8637	705	3	“	"	PUNCT
cblr-8637	705	4	[	[	X
cblr-8637	705	5	a	a	X
cblr-8637	705	6	]	]	X
cblr-8637	705	7	significant	significant	ADJ
cblr-8637	705	8	number	number	NOUN
cblr-8637	705	9	of	of	ADP
cblr-8637	705	10	large	large	ADJ
cblr-8637	705	11	companies	company	NOUN
cblr-8637	705	12	”	"	PUNCT
cblr-8637	705	13	spend	spend	VERB
cblr-8637	705	14	over	over	ADP
cblr-8637	705	15	$	$	SYM
cblr-8637	705	16	2	2	NUM
cblr-8637	705	17	million	million	NUM
cblr-8637	705	18	per	per	ADP
cblr-8637	705	19	year	year	NOUN
cblr-8637	705	20	.	.	PUNCT
cblr-8637	706	1	i	i	PRON
cblr-8637	706	2	d.	d.	PROPN
cblr-8637	706	3	187	187	NUM
cblr-8637	707	1	i	i	PRON
cblr-8637	707	2	d.	d.	PROPN
cblr-8637	707	3	at	at	ADP
cblr-8637	707	4	29	29	NUM
cblr-8637	707	5	.	.	PUNCT
cblr-8637	707	6	188	188	NUM
cblr-8637	707	7	on	on	ADP
cblr-8637	707	8	the	the	DET
cblr-8637	707	9	jobs	job	NOUN
cblr-8637	707	10	act	act	NOUN
cblr-8637	707	11	and	and	CCONJ
cblr-8637	707	12	its	its	PRON
cblr-8637	707	13	exemptions	exemption	NOUN
cblr-8637	707	14	,	,	PUNCT
cblr-8637	707	15	see	see	VERB
cblr-8637	707	16	supra	supra	PROPN
cblr-8637	707	17	notes	note	VERB
cblr-8637	707	18	119–121	119–121	NUM
cblr-8637	707	19	and	and	CCONJ
cblr-8637	707	20	accompanying	accompany	VERB
cblr-8637	707	21	text	text	NOUN
cblr-8637	707	22	.	.	PUNCT
cblr-8637	708	1	189	189	NUM
cblr-8637	708	2	see	see	VERB
cblr-8637	708	3	john	john	PROPN
cblr-8637	708	4	c.	c.	PROPN
cblr-8637	708	5	coates	coates	PROPN
cblr-8637	708	6	&	&	CCONJ
cblr-8637	708	7	suraj	suraj	PROPN
cblr-8637	708	8	srinivasan	srinivasan	PROPN
cblr-8637	708	9	,	,	PUNCT
cblr-8637	708	10	sox	sox	PROPN
cblr-8637	708	11	after	after	ADP
cblr-8637	708	12	ten	ten	NUM
cblr-8637	708	13	years	year	NOUN
cblr-8637	708	14	:	:	PUNCT
cblr-8637	708	15	a	a	DET
cblr-8637	708	16	multidisciplinary	multidisciplinary	ADJ
cblr-8637	708	17	review	review	NOUN
cblr-8637	708	18	,	,	PUNCT
cblr-8637	708	19	28	28	NUM
cblr-8637	708	20	acct	acct	NOUN
cblr-8637	708	21	.	.	PUNCT
cblr-8637	709	1	horizons	horizon	NOUN
cblr-8637	709	2	627	627	NUM
cblr-8637	709	3	,	,	PUNCT
cblr-8637	709	4	638	638	NUM
cblr-8637	709	5	(	(	PUNCT
cblr-8637	709	6	2014	2014	NUM
cblr-8637	709	7	)	)	PUNCT
cblr-8637	709	8	.	.	PUNCT
cblr-8637	710	1	190	190	NUM
cblr-8637	710	2	see	see	VERB
cblr-8637	710	3	gao	gao	PROPN
cblr-8637	710	4	et	et	PROPN
cblr-8637	710	5	al	al	PROPN
cblr-8637	710	6	.	.	PROPN
cblr-8637	710	7	,	,	PUNCT
cblr-8637	710	8	supra	supra	PROPN
cblr-8637	710	9	note	note	NOUN
cblr-8637	710	10	4	4	NUM
cblr-8637	710	11	,	,	PUNCT
cblr-8637	710	12	at	at	ADP
cblr-8637	710	13	1690	1690	NUM
cblr-8637	710	14	.	.	PUNCT
cblr-8637	711	1	191	191	NUM
cblr-8637	711	2	begum	begum	PROPN
cblr-8637	711	3	erdogan	erdogan	PROPN
cblr-8637	711	4	et	et	PROPN
cblr-8637	711	5	al	al	PROPN
cblr-8637	711	6	.	.	PROPN
cblr-8637	711	7	,	,	PUNCT
cblr-8637	711	8	grow	grow	VERB
cblr-8637	711	9	fast	fast	ADV
cblr-8637	711	10	or	or	CCONJ
cblr-8637	711	11	die	die	VERB
cblr-8637	711	12	slow	slow	ADJ
cblr-8637	711	13	:	:	PUNCT
cblr-8637	711	14	why	why	SCONJ
cblr-8637	711	15	unicorns	unicorn	NOUN
cblr-8637	711	16	are	be	AUX
cblr-8637	711	17	staying	stay	VERB
cblr-8637	711	18	private	private	ADJ
cblr-8637	711	19	,	,	PUNCT
cblr-8637	711	20	mckinsey	mckinsey	PROPN
cblr-8637	711	21	&	&	CCONJ
cblr-8637	711	22	co.	co.	PROPN
cblr-8637	711	23	(	(	PUNCT
cblr-8637	711	24	may	may	PROPN
cblr-8637	711	25	11	11	NUM
cblr-8637	711	26	,	,	PUNCT
cblr-8637	711	27	2016	2016	NUM
cblr-8637	711	28	)	)	PUNCT
cblr-8637	711	29	,	,	PUNCT
cblr-8637	711	30	https://www.mckinsey.com/industries/technology-media-andtelecommunications/our-insights/grow-fast-or-die-slow-why-unicorns-arestaying-private	https://www.mckinsey.com/industries/technology-media-andtelecommunications/our-insights/grow-fast-or-die-slow-why-unicorns-arestaying-private	VERB
cblr-8637	711	31	[	[	X
cblr-8637	711	32	https://perma.cc/2sl8-nk4x	https://perma.cc/2sl8-nk4x	NOUN
cblr-8637	711	33	]	]	X
cblr-8637	711	34	.	.	PUNCT
cblr-8637	712	1	192	192	NUM
cblr-8637	712	2	see	see	VERB
cblr-8637	712	3	special	special	ADJ
cblr-8637	712	4	study	study	NOUN
cblr-8637	712	5	interview	interview	NOUN
cblr-8637	712	6	,	,	PUNCT
cblr-8637	712	7	supra	supra	PROPN
cblr-8637	712	8	note	note	PROPN
cblr-8637	712	9	163	163	NUM
cblr-8637	712	10	.	.	PUNCT
cblr-8637	713	1	greene	greene	PROPN
cblr-8637	713	2	et	et	PROPN
cblr-8637	713	3	al	al	PROPN
cblr-8637	713	4	.	.	PROPN
cblr-8637	714	1	8/21/2021	8/21/2021	NUM
cblr-8637	714	2	1:44	1:44	NUM
cblr-8637	714	3	pm	pm	NOUN
cblr-8637	714	4	no	no	INTJ
cblr-8637	714	5	.	.	PUNCT
cblr-8637	715	1	2:714	2:714	NUM
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cblr-8637	715	3	the	the	DET
cblr-8637	715	4	need	need	NOUN
cblr-8637	715	5	for	for	ADP
cblr-8637	715	6	a	a	DET
cblr-8637	715	7	comprehensive	comprehensive	ADJ
cblr-8637	715	8	approach	approach	NOUN
cblr-8637	715	9	759	759	NUM
cblr-8637	715	10	this	this	PRON
cblr-8637	715	11	can	can	AUX
cblr-8637	715	12	be	be	AUX
cblr-8637	715	13	particularly	particularly	ADV
cblr-8637	715	14	detrimental	detrimental	ADJ
cblr-8637	715	15	for	for	ADP
cblr-8637	715	16	retail	retail	ADJ
cblr-8637	715	17	investors	investor	NOUN
cblr-8637	715	18	,	,	PUNCT
cblr-8637	715	19	who	who	PRON
cblr-8637	715	20	tend	tend	VERB
cblr-8637	715	21	to	to	PART
cblr-8637	715	22	hold	hold	VERB
cblr-8637	715	23	long	long	ADJ
cblr-8637	715	24	-	-	PUNCT
cblr-8637	715	25	term	term	NOUN
cblr-8637	715	26	positions	position	NOUN
cblr-8637	715	27	through	through	ADP
cblr-8637	715	28	index	index	NOUN
cblr-8637	715	29	funds	fund	NOUN
cblr-8637	715	30	rather	rather	ADV
cblr-8637	715	31	than	than	ADP
cblr-8637	715	32	use	use	VERB
cblr-8637	715	33	short	short	ADJ
cblr-8637	715	34	-	-	PUNCT
cblr-8637	715	35	term	term	NOUN
cblr-8637	715	36	strategies	strategy	NOUN
cblr-8637	715	37	implemented	implement	VERB
cblr-8637	715	38	by	by	ADP
cblr-8637	715	39	algorithmic	algorithmic	ADJ
cblr-8637	715	40	trading.193	trading.193	NOUN
cblr-8637	715	41	this	this	DET
cblr-8637	715	42	focus	focus	NOUN
cblr-8637	715	43	on	on	ADP
cblr-8637	715	44	short	short	ADJ
cblr-8637	715	45	-	-	PUNCT
cblr-8637	715	46	term	term	NOUN
cblr-8637	715	47	profits	profit	NOUN
cblr-8637	715	48	may	may	AUX
cblr-8637	715	49	be	be	AUX
cblr-8637	715	50	driven	drive	VERB
cblr-8637	715	51	by	by	ADP
cblr-8637	715	52	a	a	DET
cblr-8637	715	53	number	number	NOUN
cblr-8637	715	54	of	of	ADP
cblr-8637	715	55	causes	cause	NOUN
cblr-8637	715	56	.	.	PUNCT
cblr-8637	716	1	for	for	ADP
cblr-8637	716	2	one	one	NUM
cblr-8637	716	3	,	,	PUNCT
cblr-8637	716	4	public	public	ADJ
cblr-8637	716	5	companies	company	NOUN
cblr-8637	716	6	that	that	PRON
cblr-8637	716	7	perform	perform	VERB
cblr-8637	716	8	poorly	poorly	ADV
cblr-8637	716	9	in	in	ADP
cblr-8637	716	10	the	the	DET
cblr-8637	716	11	short	short	ADJ
cblr-8637	716	12	term	term	NOUN
cblr-8637	716	13	could	could	AUX
cblr-8637	716	14	be	be	AUX
cblr-8637	716	15	subject	subject	ADJ
cblr-8637	716	16	to	to	ADP
cblr-8637	716	17	attack	attack	NOUN
cblr-8637	716	18	by	by	ADP
cblr-8637	716	19	activist	activist	ADJ
cblr-8637	716	20	investors	investor	NOUN
cblr-8637	716	21	who	who	PRON
cblr-8637	716	22	may	may	AUX
cblr-8637	716	23	prompt	prompt	VERB
cblr-8637	716	24	the	the	DET
cblr-8637	716	25	board	board	NOUN
cblr-8637	716	26	to	to	PART
cblr-8637	716	27	enact	enact	VERB
cblr-8637	716	28	divestitures	divestiture	NOUN
cblr-8637	716	29	or	or	CCONJ
cblr-8637	716	30	implement	implement	VERB
cblr-8637	716	31	cost	cost	NOUN
cblr-8637	716	32	reductions	reduction	NOUN
cblr-8637	716	33	to	to	PART
cblr-8637	716	34	promote	promote	VERB
cblr-8637	716	35	short	short	ADJ
cblr-8637	716	36	-	-	PUNCT
cblr-8637	716	37	term	term	NOUN
cblr-8637	716	38	earnings	earning	NOUN
cblr-8637	716	39	growth.194	growth.194	NOUN
cblr-8637	716	40	second	second	ADV
cblr-8637	716	41	,	,	PUNCT
cblr-8637	716	42	the	the	DET
cblr-8637	716	43	quarterly	quarterly	ADJ
cblr-8637	716	44	reporting	reporting	NOUN
cblr-8637	716	45	system	system	NOUN
cblr-8637	716	46	promulgated	promulgate	VERB
cblr-8637	716	47	under	under	ADP
cblr-8637	716	48	the	the	DET
cblr-8637	716	49	exchange	exchange	NOUN
cblr-8637	716	50	act	act	NOUN
cblr-8637	716	51	may	may	AUX
cblr-8637	716	52	be	be	AUX
cblr-8637	716	53	promoting	promote	VERB
cblr-8637	716	54	short	short	ADJ
cblr-8637	716	55	-	-	PUNCT
cblr-8637	716	56	termism.195	termism.195	NOUN
cblr-8637	716	57	quarterly	quarterly	ADJ
cblr-8637	716	58	reporting	reporting	NOUN
cblr-8637	716	59	likely	likely	ADV
cblr-8637	716	60	adds	add	VERB
cblr-8637	716	61	to	to	PART
cblr-8637	716	62	price	price	NOUN
cblr-8637	716	63	efficiency	efficiency	NOUN
cblr-8637	716	64	by	by	ADP
cblr-8637	716	65	giving	give	VERB
cblr-8637	716	66	the	the	DET
cblr-8637	716	67	market	market	NOUN
cblr-8637	716	68	information	information	NOUN
cblr-8637	716	69	at	at	ADP
cblr-8637	716	70	regular	regular	ADJ
cblr-8637	716	71	intervals	interval	NOUN
cblr-8637	716	72	,	,	PUNCT
cblr-8637	716	73	and	and	CCONJ
cblr-8637	716	74	may	may	AUX
cblr-8637	716	75	aid	aid	VERB
cblr-8637	716	76	in	in	ADP
cblr-8637	716	77	investor	investor	NOUN
cblr-8637	716	78	protection	protection	NOUN
cblr-8637	716	79	by	by	ADP
cblr-8637	716	80	shedding	shed	VERB
cblr-8637	716	81	light	light	NOUN
cblr-8637	716	82	on	on	ADP
cblr-8637	716	83	companies	company	NOUN
cblr-8637	716	84	’	'	PUNCT
cblr-8637	716	85	financial	financial	ADJ
cblr-8637	716	86	health	health	NOUN
cblr-8637	716	87	.	.	PUNCT
cblr-8637	717	1	in	in	ADP
cblr-8637	717	2	fact	fact	NOUN
cblr-8637	717	3	,	,	PUNCT
cblr-8637	717	4	some	some	PRON
cblr-8637	717	5	insist	insist	VERB
cblr-8637	717	6	that	that	SCONJ
cblr-8637	717	7	quarterly	quarterly	ADJ
cblr-8637	717	8	reporting	reporting	NOUN
cblr-8637	717	9	is	be	AUX
cblr-8637	717	10	an	an	DET
cblr-8637	717	11	important	important	ADJ
cblr-8637	717	12	mechanism	mechanism	NOUN
cblr-8637	717	13	for	for	ADP
cblr-8637	717	14	transparency	transparency	NOUN
cblr-8637	717	15	so	so	SCONJ
cblr-8637	717	16	that	that	SCONJ
cblr-8637	717	17	investors	investor	NOUN
cblr-8637	717	18	and	and	CCONJ
cblr-8637	717	19	regulators	regulator	NOUN
cblr-8637	717	20	have	have	VERB
cblr-8637	717	21	access	access	NOUN
cblr-8637	717	22	to	to	ADP
cblr-8637	717	23	the	the	DET
cblr-8637	717	24	information	information	NOUN
cblr-8637	717	25	necessary	necessary	ADJ
cblr-8637	717	26	to	to	PART
cblr-8637	717	27	make	make	VERB
cblr-8637	717	28	investment	investment	NOUN
cblr-8637	717	29	and	and	CCONJ
cblr-8637	717	30	regulatory	regulatory	ADJ
cblr-8637	717	31	decisions.196	decisions.196	PROPN
cblr-8637	717	32	yet	yet	ADV
cblr-8637	717	33	,	,	PUNCT
cblr-8637	717	34	others	other	NOUN
cblr-8637	717	35	argue	argue	VERB
cblr-8637	717	36	that	that	SCONJ
cblr-8637	717	37	the	the	DET
cblr-8637	717	38	pressure	pressure	NOUN
cblr-8637	717	39	to	to	PART
cblr-8637	717	40	meet	meet	VERB
cblr-8637	717	41	short	short	ADJ
cblr-8637	717	42	-	-	PUNCT
cblr-8637	717	43	term	term	NOUN
cblr-8637	717	44	earnings	earning	NOUN
cblr-8637	717	45	estimates	estimate	NOUN
cblr-8637	717	46	under	under	ADP
cblr-8637	717	47	the	the	DET
cblr-8637	717	48	quarterly	quarterly	ADJ
cblr-8637	717	49	reporting	reporting	NOUN
cblr-8637	717	50	system	system	NOUN
cblr-8637	717	51	may	may	AUX
cblr-8637	717	52	be	be	AUX
cblr-8637	717	53	creating	create	VERB
cblr-8637	717	54	a	a	DET
cblr-8637	717	55	“	"	PUNCT
cblr-8637	717	56	lemons	lemon	NOUN
cblr-8637	717	57	”	"	PUNCT
cblr-8637	717	58	problem	problem	NOUN
cblr-8637	717	59	by	by	ADP
cblr-8637	717	60	discouraging	discourage	VERB
cblr-8637	717	61	companies	company	NOUN
cblr-8637	717	62	with	with	ADP
cblr-8637	717	63	longer	long	ADJ
cblr-8637	717	64	-	-	PUNCT
cblr-8637	717	65	term	term	NOUN
cblr-8637	717	66	visions	vision	NOUN
cblr-8637	717	67	from	from	ADP
cblr-8637	717	68	going	go	VERB
cblr-8637	717	69	public	public	ADJ
cblr-8637	717	70	,	,	PUNCT
cblr-8637	717	71	“	"	PUNCT
cblr-8637	717	72	depriving	deprive	VERB
cblr-8637	717	73	the	the	DET
cblr-8637	717	74	economy	economy	NOUN
cblr-8637	717	75	of	of	ADP
cblr-8637	717	76	innovation	innovation	NOUN
cblr-8637	717	77	and	and	CCONJ
cblr-8637	717	78	opportunity	opportunity	NOUN
cblr-8637	717	79	.	.	PUNCT
cblr-8637	718	1	”197	”197	PUNCT
cblr-8637	718	2	with	with	ADP
cblr-8637	718	3	no	no	DET
cblr-8637	718	4	specific	specific	ADJ
cblr-8637	718	5	reporting	reporting	NOUN
cblr-8637	718	6	requirements	requirement	NOUN
cblr-8637	718	7	and	and	CCONJ
cblr-8637	718	8	,	,	PUNCT
cblr-8637	718	9	193	193	NUM
cblr-8637	718	10	see	see	VERB
cblr-8637	718	11	i	i	PROPN
cblr-8637	718	12	d.	d.	PROPN
cblr-8637	718	13	194	194	NUM
cblr-8637	718	14	for	for	ADP
cblr-8637	718	15	a	a	DET
cblr-8637	718	16	discussion	discussion	NOUN
cblr-8637	718	17	of	of	ADP
cblr-8637	718	18	short	short	ADJ
cblr-8637	718	19	-	-	PUNCT
cblr-8637	718	20	termism	termism	NOUN
cblr-8637	718	21	,	,	PUNCT
cblr-8637	718	22	see	see	VERB
cblr-8637	718	23	,	,	PUNCT
cblr-8637	718	24	for	for	ADP
cblr-8637	718	25	example	example	NOUN
cblr-8637	718	26	,	,	PUNCT
cblr-8637	718	27	john	john	PROPN
cblr-8637	718	28	c.	c.	PROPN
cblr-8637	718	29	coffee	coffee	PROPN
cblr-8637	718	30	,	,	PUNCT
cblr-8637	718	31	jr	jr	PROPN
cblr-8637	718	32	.	.	PROPN
cblr-8637	718	33	&	&	CCONJ
cblr-8637	718	34	darius	darius	PROPN
cblr-8637	718	35	palia	palia	PROPN
cblr-8637	718	36	,	,	PUNCT
cblr-8637	718	37	the	the	DET
cblr-8637	718	38	wolf	wolf	NOUN
cblr-8637	718	39	at	at	ADP
cblr-8637	718	40	the	the	DET
cblr-8637	718	41	door	door	NOUN
cblr-8637	718	42	:	:	PUNCT
cblr-8637	718	43	the	the	DET
cblr-8637	718	44	impact	impact	NOUN
cblr-8637	718	45	of	of	ADP
cblr-8637	718	46	hedge	hedge	NOUN
cblr-8637	718	47	fund	fund	NOUN
cblr-8637	718	48	activism	activism	NOUN
cblr-8637	718	49	on	on	ADP
cblr-8637	718	50	corporate	corporate	ADJ
cblr-8637	718	51	governance	governance	NOUN
cblr-8637	718	52	,	,	PUNCT
cblr-8637	718	53	41	41	NUM
cblr-8637	718	54	j.	j.	PROPN
cblr-8637	718	55	corp	corp	PROPN
cblr-8637	718	56	.	.	PROPN
cblr-8637	718	57	l.	l.	PROPN
cblr-8637	718	58	545	545	NUM
cblr-8637	718	59	,	,	PUNCT
cblr-8637	718	60	573–81	573–81	NUM
cblr-8637	718	61	(	(	PUNCT
cblr-8637	718	62	2016	2016	NUM
cblr-8637	718	63	)	)	PUNCT
cblr-8637	718	64	.	.	PUNCT
cblr-8637	719	1	the	the	DET
cblr-8637	719	2	topic	topic	NOUN
cblr-8637	719	3	has	have	AUX
cblr-8637	719	4	attracted	attract	VERB
cblr-8637	719	5	considerable	considerable	ADJ
cblr-8637	719	6	debate	debate	NOUN
cblr-8637	719	7	.	.	PUNCT
cblr-8637	720	1	195	195	NUM
cblr-8637	720	2	see	see	VERB
cblr-8637	720	3	press	press	NOUN
cblr-8637	720	4	release	release	NOUN
cblr-8637	720	5	,	,	PUNCT
cblr-8637	720	6	u.s	u.s	PROPN
cblr-8637	720	7	.	.	PROPN
cblr-8637	720	8	sec	sec	PROPN
cblr-8637	720	9	.	.	PROPN
cblr-8637	720	10	&	&	CCONJ
cblr-8637	720	11	exch	exch	PROPN
cblr-8637	720	12	.	.	PUNCT
cblr-8637	721	1	comm’n	comm’n	PROPN
cblr-8637	721	2	,	,	PUNCT
cblr-8637	721	3	sec	sec	PROPN
cblr-8637	721	4	solicits	solicit	VERB
cblr-8637	721	5	public	public	ADJ
cblr-8637	721	6	comments	comment	NOUN
cblr-8637	721	7	on	on	ADP
cblr-8637	721	8	earnings	earning	NOUN
cblr-8637	721	9	releases	release	NOUN
cblr-8637	721	10	and	and	CCONJ
cblr-8637	721	11	quarterly	quarterly	ADJ
cblr-8637	721	12	reports	report	NOUN
cblr-8637	721	13	(	(	PUNCT
cblr-8637	721	14	dec	dec	PROPN
cblr-8637	721	15	.	.	PROPN
cblr-8637	721	16	18	18	NUM
cblr-8637	721	17	,	,	PUNCT
cblr-8637	721	18	2018	2018	NUM
cblr-8637	721	19	)	)	PUNCT
cblr-8637	721	20	,	,	PUNCT
cblr-8637	721	21	https://www.sec.gov/news/press-release/2018-287	https://www.sec.gov/news/press-release/2018-287	X
cblr-8637	722	1	[	[	X
cblr-8637	722	2	https://perma.cc/fl2ajmzu	https://perma.cc/fl2ajmzu	X
cblr-8637	722	3	]	]	PUNCT
cblr-8637	722	4	.	.	PUNCT
cblr-8637	723	1	196	196	NUM
cblr-8637	723	2	see	see	VERB
cblr-8637	723	3	michael	michael	PROPN
cblr-8637	723	4	posner	posner	PROPN
cblr-8637	723	5	,	,	PUNCT
cblr-8637	723	6	why	why	SCONJ
cblr-8637	723	7	quarterly	quarterly	ADJ
cblr-8637	723	8	reporting	report	VERB
cblr-8637	723	9	from	from	ADP
cblr-8637	723	10	business	business	NOUN
cblr-8637	723	11	makes	make	VERB
cblr-8637	723	12	sense	sense	NOUN
cblr-8637	723	13	,	,	PUNCT
cblr-8637	723	14	forbes	forbes	X
cblr-8637	723	15	(	(	PUNCT
cblr-8637	723	16	aug	aug	PROPN
cblr-8637	723	17	.	.	PROPN
cblr-8637	723	18	17	17	NUM
cblr-8637	723	19	,	,	PUNCT
cblr-8637	723	20	2018	2018	NUM
cblr-8637	723	21	,	,	PUNCT
cblr-8637	723	22	1:46	1:46	NUM
cblr-8637	723	23	pm	pm	NOUN
cblr-8637	723	24	)	)	PUNCT
cblr-8637	723	25	,	,	PUNCT
cblr-8637	723	26	https://www.forbes.com	https://www.forbes.com	X
cblr-8637	723	27	/sites	/sites	PROPN
cblr-8637	723	28	/	/	SYM
cblr-8637	723	29	michaelposner/2018/08/17	michaelposner/2018/08/17	PROPN
cblr-8637	723	30	/	/	SYM
cblr-8637	723	31	why	why	ADV
cblr-8637	723	32	-	-	PUNCT
cblr-8637	723	33	quarterly	quarterly	ADJ
cblr-8637	723	34	-	-	PUNCT
cblr-8637	723	35	reporting	reporting	NOUN
cblr-8637	723	36	-	-	PUNCT
cblr-8637	723	37	from	from	ADP
cblr-8637	723	38	-	-	PUNCT
cblr-8637	723	39	businessmakes	businessmake	NOUN
cblr-8637	723	40	-	-	PUNCT
cblr-8637	723	41	sense/	sense/	NUM
cblr-8637	723	42	[	[	X
cblr-8637	723	43	https://perma.cc/cy74-xnj7	https://perma.cc/cy74-xnj7	PROPN
cblr-8637	723	44	]	]	X
cblr-8637	723	45	.	.	PUNCT
cblr-8637	724	1	197	197	NUM
cblr-8637	724	2	jamie	jamie	PROPN
cblr-8637	724	3	dimon	dimon	PROPN
cblr-8637	724	4	&	&	CCONJ
cblr-8637	724	5	warren	warren	PROPN
cblr-8637	724	6	e.	e.	PROPN
cblr-8637	724	7	buffett	buffett	PROPN
cblr-8637	724	8	,	,	PUNCT
cblr-8637	724	9	short	short	ADJ
cblr-8637	724	10	-	-	PUNCT
cblr-8637	724	11	termism	termism	NOUN
cblr-8637	724	12	is	be	AUX
cblr-8637	724	13	harming	harm	VERB
cblr-8637	724	14	the	the	DET
cblr-8637	724	15	economy	economy	NOUN
cblr-8637	724	16	,	,	PUNCT
cblr-8637	724	17	wall	wall	PROPN
cblr-8637	724	18	st	st	PROPN
cblr-8637	724	19	.	.	PROPN
cblr-8637	724	20	j.	j.	PROPN
cblr-8637	725	1	(	(	PUNCT
cblr-8637	725	2	june	june	PROPN
cblr-8637	725	3	6	6	NUM
cblr-8637	725	4	,	,	PUNCT
cblr-8637	725	5	2018	2018	NUM
cblr-8637	725	6	,	,	PUNCT
cblr-8637	725	7	10:00	10:00	NUM
cblr-8637	725	8	pm	pm	NOUN
cblr-8637	725	9	)	)	PUNCT
cblr-8637	725	10	(	(	PUNCT
cblr-8637	725	11	on	on	ADP
cblr-8637	725	12	file	file	NOUN
cblr-8637	725	13	with	with	ADP
cblr-8637	725	14	the	the	DET
cblr-8637	725	15	columbia	columbia	PROPN
cblr-8637	725	16	business	business	PROPN
cblr-8637	725	17	law	law	PROPN
cblr-8637	725	18	review	review	PROPN
cblr-8637	725	19	)	)	PUNCT
cblr-8637	725	20	,	,	PUNCT
cblr-8637	725	21	https://www.wsj.com/articles/short-termism-isharming-the-economy-1528336801	https://www.wsj.com/articles/short-termism-isharming-the-economy-1528336801	PROPN
cblr-8637	725	22	.	.	PUNCT
cblr-8637	726	1	greene	greene	PROPN
cblr-8637	726	2	et	et	PROPN
cblr-8637	726	3	al	al	PROPN
cblr-8637	726	4	.	.	PROPN
cblr-8637	727	1	8/21/2021	8/21/2021	NUM
cblr-8637	727	2	1:44	1:44	NUM
cblr-8637	727	3	pm	pm	NOUN
cblr-8637	727	4	760	760	NUM
cblr-8637	727	5	columbia	columbia	PROPN
cblr-8637	727	6	business	business	NOUN
cblr-8637	727	7	law	law	PROPN
cblr-8637	727	8	review	review	NOUN
cblr-8637	727	9	[	[	X
cblr-8637	727	10	vol	vol	NOUN
cblr-8637	727	11	.	.	PUNCT
cblr-8637	727	12	2021	2021	NUM
cblr-8637	727	13	therefore	therefore	ADV
cblr-8637	727	14	,	,	PUNCT
cblr-8637	727	15	no	no	DET
cblr-8637	727	16	quarterly	quarterly	ADJ
cblr-8637	727	17	earnings	earning	NOUN
cblr-8637	727	18	pressures	pressure	NOUN
cblr-8637	727	19	,	,	PUNCT
cblr-8637	727	20	private	private	ADJ
cblr-8637	727	21	firms	firm	NOUN
cblr-8637	727	22	may	may	AUX
cblr-8637	727	23	have	have	VERB
cblr-8637	727	24	more	more	ADJ
cblr-8637	727	25	freedom	freedom	NOUN
cblr-8637	727	26	to	to	PART
cblr-8637	727	27	pursue	pursue	VERB
cblr-8637	727	28	their	their	PRON
cblr-8637	727	29	long	long	ADJ
cblr-8637	727	30	-	-	PUNCT
cblr-8637	727	31	term	term	NOUN
cblr-8637	727	32	goals	goal	NOUN
cblr-8637	727	33	and	and	CCONJ
cblr-8637	727	34	idiosyncratic	idiosyncratic	ADJ
cblr-8637	727	35	visions	vision	NOUN
cblr-8637	727	36	.	.	PUNCT
cblr-8637	728	1	additionally	additionally	ADV
cblr-8637	728	2	,	,	PUNCT
cblr-8637	728	3	twenty	twenty	NUM
cblr-8637	728	4	-	-	PUNCT
cblr-8637	728	5	first	first	ADJ
cblr-8637	728	6	century	century	NOUN
cblr-8637	728	7	firms	firm	NOUN
cblr-8637	728	8	may	may	AUX
cblr-8637	728	9	need	need	VERB
cblr-8637	728	10	the	the	DET
cblr-8637	728	11	privacy	privacy	NOUN
cblr-8637	728	12	and	and	CCONJ
cblr-8637	728	13	governance	governance	NOUN
cblr-8637	728	14	flexibility	flexibility	NOUN
cblr-8637	728	15	of	of	ADP
cblr-8637	728	16	private	private	ADJ
cblr-8637	728	17	equity	equity	NOUN
cblr-8637	728	18	markets	market	NOUN
cblr-8637	728	19	to	to	PART
cblr-8637	728	20	be	be	AUX
cblr-8637	728	21	nimble	nimble	ADJ
cblr-8637	728	22	and	and	CCONJ
cblr-8637	728	23	more	more	ADV
cblr-8637	728	24	consistently	consistently	ADV
cblr-8637	728	25	innovative.198	innovative.198	PROPN
cblr-8637	728	26	each	each	PRON
cblr-8637	728	27	of	of	ADP
cblr-8637	728	28	these	these	DET
cblr-8637	728	29	structural	structural	ADJ
cblr-8637	728	30	issues	issue	NOUN
cblr-8637	728	31	may	may	AUX
cblr-8637	728	32	have	have	VERB
cblr-8637	728	33	the	the	DET
cblr-8637	728	34	individual	individual	ADJ
cblr-8637	728	35	or	or	CCONJ
cblr-8637	728	36	aggregate	aggregate	ADJ
cblr-8637	728	37	effect	effect	NOUN
cblr-8637	728	38	of	of	ADP
cblr-8637	728	39	causing	cause	VERB
cblr-8637	728	40	a	a	DET
cblr-8637	728	41	company	company	NOUN
cblr-8637	728	42	to	to	PART
cblr-8637	728	43	raise	raise	VERB
cblr-8637	728	44	money	money	NOUN
cblr-8637	728	45	in	in	ADP
cblr-8637	728	46	the	the	DET
cblr-8637	728	47	private	private	ADJ
cblr-8637	728	48	market	market	NOUN
cblr-8637	728	49	as	as	SCONJ
cblr-8637	728	50	opposed	oppose	VERB
cblr-8637	728	51	to	to	ADP
cblr-8637	728	52	raising	raise	VERB
cblr-8637	728	53	money	money	NOUN
cblr-8637	728	54	through	through	ADP
cblr-8637	728	55	an	an	DET
cblr-8637	728	56	ipo	ipo	NOUN
cblr-8637	728	57	when	when	SCONJ
cblr-8637	728	58	the	the	DET
cblr-8637	728	59	benefits	benefit	NOUN
cblr-8637	728	60	of	of	ADP
cblr-8637	728	61	the	the	DET
cblr-8637	728	62	public	public	ADJ
cblr-8637	728	63	market	market	NOUN
cblr-8637	728	64	(	(	PUNCT
cblr-8637	728	65	i.e.	i.e.	X
cblr-8637	728	66	,	,	PUNCT
cblr-8637	728	67	liquidity	liquidity	NOUN
cblr-8637	728	68	for	for	ADP
cblr-8637	728	69	early	early	ADJ
cblr-8637	728	70	investors	investor	NOUN
cblr-8637	728	71	)	)	PUNCT
cblr-8637	728	72	do	do	AUX
cblr-8637	728	73	not	not	PART
cblr-8637	728	74	outweigh	outweigh	VERB
cblr-8637	728	75	the	the	DET
cblr-8637	728	76	deterring	deterring	NOUN
cblr-8637	728	77	costs	cost	NOUN
cblr-8637	728	78	and	and	CCONJ
cblr-8637	728	79	effects	effect	NOUN
cblr-8637	728	80	of	of	ADP
cblr-8637	728	81	going	go	VERB
cblr-8637	728	82	and	and	CCONJ
cblr-8637	728	83	remaining	remain	VERB
cblr-8637	728	84	public	public	ADJ
cblr-8637	728	85	.	.	PUNCT
cblr-8637	729	1	3	3	X
cblr-8637	729	2	.	.	X
cblr-8637	729	3	considerations	consideration	NOUN
cblr-8637	729	4	in	in	ADP
cblr-8637	729	5	expanding	expand	VERB
cblr-8637	729	6	access	access	NOUN
cblr-8637	729	7	to	to	ADP
cblr-8637	729	8	the	the	DET
cblr-8637	729	9	private	private	ADJ
cblr-8637	729	10	market	market	NOUN
cblr-8637	729	11	although	although	SCONJ
cblr-8637	729	12	the	the	DET
cblr-8637	729	13	public	public	ADJ
cblr-8637	729	14	market	market	NOUN
cblr-8637	729	15	remains	remain	VERB
cblr-8637	729	16	the	the	DET
cblr-8637	729	17	“	"	PUNCT
cblr-8637	729	18	gold	gold	ADJ
cblr-8637	729	19	standard	standard	NOUN
cblr-8637	729	20	”	"	PUNCT
cblr-8637	729	21	for	for	ADP
cblr-8637	729	22	investor	investor	NOUN
cblr-8637	729	23	protection,199	protection,199	ADP
cblr-8637	729	24	the	the	DET
cblr-8637	729	25	private	private	ADJ
cblr-8637	729	26	market	market	NOUN
cblr-8637	729	27	offers	offer	VERB
cblr-8637	729	28	promising	promise	VERB
cblr-8637	729	29	investment	investment	NOUN
cblr-8637	729	30	opportunities	opportunity	NOUN
cblr-8637	729	31	that	that	PRON
cblr-8637	729	32	the	the	DET
cblr-8637	729	33	vast	vast	ADJ
cblr-8637	729	34	majority	majority	NOUN
cblr-8637	729	35	of	of	ADP
cblr-8637	729	36	investors	investor	NOUN
cblr-8637	729	37	are	be	AUX
cblr-8637	729	38	currently	currently	ADV
cblr-8637	729	39	precluded	preclude	VERB
cblr-8637	729	40	from	from	ADP
cblr-8637	729	41	because	because	SCONJ
cblr-8637	729	42	they	they	PRON
cblr-8637	729	43	are	be	AUX
cblr-8637	729	44	non	non	ADJ
cblr-8637	729	45	-	-	ADJ
cblr-8637	729	46	accredited	accredited	ADJ
cblr-8637	729	47	investors.200	investors.200	NOUN
cblr-8637	729	48	while	while	SCONJ
cblr-8637	729	49	it	it	PRON
cblr-8637	729	50	is	be	AUX
cblr-8637	729	51	true	true	ADJ
cblr-8637	729	52	that	that	SCONJ
cblr-8637	729	53	investor	investor	NOUN
cblr-8637	729	54	protection	protection	NOUN
cblr-8637	729	55	must	must	AUX
cblr-8637	729	56	be	be	AUX
cblr-8637	729	57	a	a	DET
cblr-8637	729	58	chief	chief	ADJ
cblr-8637	729	59	concern	concern	NOUN
cblr-8637	729	60	of	of	ADP
cblr-8637	729	61	the	the	DET
cblr-8637	729	62	sec	sec	PROPN
cblr-8637	729	63	,	,	PUNCT
cblr-8637	729	64	allowing	allow	VERB
cblr-8637	729	65	private	private	ADJ
cblr-8637	729	66	companies	company	NOUN
cblr-8637	729	67	to	to	PART
cblr-8637	729	68	grow	grow	VERB
cblr-8637	729	69	into	into	ADP
cblr-8637	729	70	behemoths	behemoth	NOUN
cblr-8637	729	71	without	without	ADP
cblr-8637	729	72	needing	need	VERB
cblr-8637	729	73	to	to	PART
cblr-8637	729	74	access	access	VERB
cblr-8637	729	75	the	the	DET
cblr-8637	729	76	public	public	ADJ
cblr-8637	729	77	capital	capital	NOUN
cblr-8637	729	78	markets	market	NOUN
cblr-8637	729	79	would	would	AUX
cblr-8637	729	80	effectively	effectively	ADV
cblr-8637	729	81	exclude	exclude	VERB
cblr-8637	729	82	non	non	ADJ
cblr-8637	729	83	-	-	ADJ
cblr-8637	729	84	accredited	accredited	ADJ
cblr-8637	729	85	investors	investor	NOUN
cblr-8637	729	86	from	from	ADP
cblr-8637	729	87	participating	participate	VERB
cblr-8637	729	88	directly	directly	ADV
cblr-8637	729	89	in	in	ADP
cblr-8637	729	90	the	the	DET
cblr-8637	729	91	growth	growth	NOUN
cblr-8637	729	92	of	of	ADP
cblr-8637	729	93	the	the	DET
cblr-8637	729	94	most	most	ADV
cblr-8637	729	95	exciting	exciting	ADJ
cblr-8637	729	96	companies	company	NOUN
cblr-8637	729	97	,	,	PUNCT
cblr-8637	729	98	such	such	ADJ
cblr-8637	729	99	as	as	ADP
cblr-8637	729	100	spacex	spacex	NOUN
cblr-8637	729	101	or	or	CCONJ
cblr-8637	729	102	instacart	instacart	ADJ
cblr-8637	729	103	—	—	PUNCT
cblr-8637	729	104	two	two	NUM
cblr-8637	729	105	decacorns	decacorn	NOUN
cblr-8637	729	106	that	that	SCONJ
cblr-8637	729	107	198	198	NUM
cblr-8637	729	108	see	see	VERB
cblr-8637	729	109	jerold	jerold	PROPN
cblr-8637	729	110	l.	l.	PROPN
cblr-8637	729	111	zimmerman	zimmerman	PROPN
cblr-8637	729	112	,	,	PUNCT
cblr-8637	729	113	the	the	DET
cblr-8637	729	114	role	role	NOUN
cblr-8637	729	115	of	of	ADP
cblr-8637	729	116	accounting	account	VERB
cblr-8637	729	117	in	in	ADP
cblr-8637	729	118	the	the	DET
cblr-8637	729	119	twentyfirst	twentyfirst	ADJ
cblr-8637	729	120	century	century	NOUN
cblr-8637	729	121	firm	firm	NOUN
cblr-8637	729	122	,	,	PUNCT
cblr-8637	729	123	acct	acct	NOUN
cblr-8637	729	124	.	.	PUNCT
cblr-8637	729	125	&	&	CCONJ
cblr-8637	729	126	bus	bus	PROPN
cblr-8637	729	127	.	.	PUNCT
cblr-8637	730	1	rsch	rsch	PROPN
cblr-8637	730	2	.	.	PUNCT
cblr-8637	731	1	485	485	NUM
cblr-8637	731	2	,	,	PUNCT
cblr-8637	731	3	499	499	NUM
cblr-8637	731	4	(	(	PUNCT
cblr-8637	731	5	2015	2015	NUM
cblr-8637	731	6	)	)	PUNCT
cblr-8637	731	7	.	.	PUNCT
cblr-8637	732	1	zimmerman	zimmerman	PROPN
cblr-8637	732	2	explains	explain	VERB
cblr-8637	732	3	that	that	SCONJ
cblr-8637	732	4	,	,	PUNCT
cblr-8637	732	5	as	as	SCONJ
cblr-8637	732	6	compared	compare	VERB
cblr-8637	732	7	to	to	ADP
cblr-8637	732	8	nineteenth	nineteenth	ADJ
cblr-8637	732	9	and	and	CCONJ
cblr-8637	732	10	twentieth	twentieth	ADJ
cblr-8637	732	11	century	century	NOUN
cblr-8637	732	12	firms	firm	NOUN
cblr-8637	732	13	,	,	PUNCT
cblr-8637	732	14	which	which	PRON
cblr-8637	732	15	relied	rely	VERB
cblr-8637	732	16	on	on	ADP
cblr-8637	732	17	large	large	ADJ
cblr-8637	732	18	amounts	amount	NOUN
cblr-8637	732	19	of	of	ADP
cblr-8637	732	20	physical	physical	ADJ
cblr-8637	732	21	capital	capital	NOUN
cblr-8637	732	22	funded	fund	VERB
cblr-8637	732	23	in	in	ADP
cblr-8637	732	24	liquid	liquid	ADJ
cblr-8637	732	25	shares	share	NOUN
cblr-8637	732	26	,	,	PUNCT
cblr-8637	732	27	“	"	PUNCT
cblr-8637	732	28	[	[	X
cblr-8637	732	29	t]wenty	t]wenty	ADV
cblr-8637	732	30	-	-	PUNCT
cblr-8637	732	31	first	first	ADJ
cblr-8637	732	32	century	century	NOUN
cblr-8637	732	33	firms	firm	NOUN
cblr-8637	732	34	are	be	AUX
cblr-8637	732	35	.	.	PUNCT
cblr-8637	732	36	.	.	PUNCT
cblr-8637	732	37	.	.	PUNCT
cblr-8637	733	1	more	more	ADJ
cblr-8637	733	2	knowledge	knowledge	NOUN
cblr-8637	733	3	-	-	PUNCT
cblr-8637	733	4	based	base	VERB
cblr-8637	733	5	,	,	PUNCT
cblr-8637	733	6	requiring	require	VERB
cblr-8637	733	7	human	human	ADJ
cblr-8637	733	8	capital	capital	NOUN
cblr-8637	733	9	to	to	PART
cblr-8637	733	10	generate	generate	VERB
cblr-8637	733	11	their	their	PRON
cblr-8637	733	12	intangible	intangible	ADJ
cblr-8637	733	13	assets	asset	NOUN
cblr-8637	733	14	.	.	PUNCT
cblr-8637	733	15	”	"	PUNCT
cblr-8637	734	1	i	i	PRON
cblr-8637	734	2	d.	d.	VERB
cblr-8637	734	3	at	at	ADP
cblr-8637	734	4	487	487	NUM
cblr-8637	734	5	.	.	PUNCT
cblr-8637	735	1	because	because	SCONJ
cblr-8637	735	2	these	these	DET
cblr-8637	735	3	firms	firm	NOUN
cblr-8637	735	4	have	have	VERB
cblr-8637	735	5	fewer	few	ADJ
cblr-8637	735	6	physical	physical	ADJ
cblr-8637	735	7	assets	asset	NOUN
cblr-8637	735	8	to	to	PART
cblr-8637	735	9	use	use	VERB
cblr-8637	735	10	as	as	ADP
cblr-8637	735	11	debt	debt	NOUN
cblr-8637	735	12	collateral	collateral	NOUN
cblr-8637	735	13	,	,	PUNCT
cblr-8637	735	14	they	they	PRON
cblr-8637	735	15	are	be	AUX
cblr-8637	735	16	more	more	ADV
cblr-8637	735	17	likely	likely	ADJ
cblr-8637	735	18	to	to	PART
cblr-8637	735	19	turn	turn	VERB
cblr-8637	735	20	to	to	ADP
cblr-8637	735	21	private	private	ADJ
cblr-8637	735	22	markets	market	NOUN
cblr-8637	735	23	than	than	SCONJ
cblr-8637	735	24	the	the	DET
cblr-8637	735	25	public	public	ADJ
cblr-8637	735	26	market	market	NOUN
cblr-8637	735	27	to	to	PART
cblr-8637	735	28	provide	provide	VERB
cblr-8637	735	29	capital	capital	NOUN
cblr-8637	735	30	.	.	PUNCT
cblr-8637	736	1	i	i	PRON
cblr-8637	736	2	d.	d.	PROPN
cblr-8637	736	3	199	199	NUM
cblr-8637	736	4	de	de	X
cblr-8637	736	5	fontenay	fontenay	PROPN
cblr-8637	736	6	et	et	PROPN
cblr-8637	736	7	al	al	PROPN
cblr-8637	736	8	.	.	PROPN
cblr-8637	736	9	,	,	PUNCT
cblr-8637	736	10	supra	supra	PROPN
cblr-8637	736	11	note	note	PROPN
cblr-8637	736	12	149	149	NUM
cblr-8637	736	13	,	,	PUNCT
cblr-8637	736	14	at	at	ADP
cblr-8637	736	15	2	2	NUM
cblr-8637	736	16	.	.	NOUN
cblr-8637	736	17	200	200	NUM
cblr-8637	736	18	see	see	VERB
cblr-8637	736	19	accredited	accredited	ADJ
cblr-8637	736	20	investor	investor	NOUN
cblr-8637	736	21	definition	definition	NOUN
cblr-8637	736	22	,	,	PUNCT
cblr-8637	736	23	85	85	NUM
cblr-8637	736	24	fed	feed	VERB
cblr-8637	736	25	.	.	PUNCT
cblr-8637	737	1	reg	reg	PROPN
cblr-8637	737	2	.	.	PROPN
cblr-8637	738	1	64,234	64,234	NUM
cblr-8637	738	2	,	,	PUNCT
cblr-8637	738	3	64,272	64,272	NUM
cblr-8637	738	4	(	(	PUNCT
cblr-8637	738	5	oct	oct	PROPN
cblr-8637	738	6	.	.	PROPN
cblr-8637	738	7	9	9	NUM
cblr-8637	738	8	,	,	PUNCT
cblr-8637	738	9	2020	2020	NUM
cblr-8637	738	10	)	)	PUNCT
cblr-8637	738	11	(	(	PUNCT
cblr-8637	738	12	to	to	PART
cblr-8637	738	13	be	be	AUX
cblr-8637	738	14	codified	codify	VERB
cblr-8637	738	15	at	at	ADP
cblr-8637	738	16	17	17	NUM
cblr-8637	738	17	c.f.r	c.f.r	NOUN
cblr-8637	738	18	.	.	PUNCT
cblr-8637	739	1	pts	pts	PROPN
cblr-8637	739	2	.	.	PROPN
cblr-8637	739	3	230	230	NUM
cblr-8637	739	4	,	,	PUNCT
cblr-8637	739	5	240	240	NUM
cblr-8637	739	6	)	)	PUNCT
cblr-8637	739	7	.	.	PUNCT
cblr-8637	740	1	as	as	ADP
cblr-8637	740	2	a	a	DET
cblr-8637	740	3	result	result	NOUN
cblr-8637	740	4	of	of	ADP
cblr-8637	740	5	inflation	inflation	NOUN
cblr-8637	740	6	,	,	PUNCT
cblr-8637	740	7	roughly	roughly	ADV
cblr-8637	740	8	thirteen	thirteen	NUM
cblr-8637	740	9	percent	percent	NOUN
cblr-8637	740	10	of	of	ADP
cblr-8637	740	11	households	household	NOUN
cblr-8637	740	12	in	in	ADP
cblr-8637	740	13	the	the	DET
cblr-8637	740	14	united	united	PROPN
cblr-8637	740	15	states	states	PROPN
cblr-8637	740	16	qualify	qualify	VERB
cblr-8637	740	17	under	under	ADP
cblr-8637	740	18	the	the	DET
cblr-8637	740	19	accredited	accredit	VERB
cblr-8637	740	20	investor	investor	NOUN
cblr-8637	740	21	criteria	criterion	NOUN
cblr-8637	740	22	,	,	PUNCT
cblr-8637	740	23	as	as	SCONJ
cblr-8637	740	24	compared	compare	VERB
cblr-8637	740	25	to	to	ADP
cblr-8637	740	26	two	two	NUM
cblr-8637	740	27	percent	percent	NOUN
cblr-8637	740	28	in	in	ADP
cblr-8637	740	29	1983	1983	NUM
cblr-8637	740	30	.	.	PUNCT
cblr-8637	741	1	i	i	PRON
cblr-8637	741	2	d.	d.	PROPN
cblr-8637	741	3	greene	greene	PROPN
cblr-8637	741	4	et	et	PROPN
cblr-8637	741	5	al	al	PROPN
cblr-8637	741	6	.	.	PROPN
cblr-8637	742	1	8/21/2021	8/21/2021	NUM
cblr-8637	742	2	1:44	1:44	NUM
cblr-8637	742	3	pm	pm	NOUN
cblr-8637	742	4	no	no	INTJ
cblr-8637	742	5	.	.	PUNCT
cblr-8637	743	1	2:714	2:714	NUM
cblr-8637	743	2	]	]	X
cblr-8637	743	3	the	the	DET
cblr-8637	743	4	need	need	NOUN
cblr-8637	743	5	for	for	ADP
cblr-8637	743	6	a	a	DET
cblr-8637	743	7	comprehensive	comprehensive	ADJ
cblr-8637	743	8	approach	approach	NOUN
cblr-8637	743	9	761	761	NUM
cblr-8637	743	10	remain	remain	AUX
cblr-8637	743	11	privately	privately	ADV
cblr-8637	743	12	held.201	held.201	VERB
cblr-8637	743	13	of	of	ADP
cblr-8637	743	14	course	course	NOUN
cblr-8637	743	15	,	,	PUNCT
cblr-8637	743	16	it	it	PRON
cblr-8637	743	17	was	be	AUX
cblr-8637	743	18	not	not	PART
cblr-8637	743	19	always	always	ADV
cblr-8637	743	20	this	this	DET
cblr-8637	743	21	way	way	NOUN
cblr-8637	743	22	.	.	PUNCT
cblr-8637	744	1	the	the	DET
cblr-8637	744	2	traditional	traditional	ADJ
cblr-8637	744	3	growth	growth	NOUN
cblr-8637	744	4	trajectory	trajectory	NOUN
cblr-8637	744	5	of	of	ADP
cblr-8637	744	6	a	a	DET
cblr-8637	744	7	startup	startup	NOUN
cblr-8637	744	8	involved	involve	VERB
cblr-8637	744	9	multiple	multiple	ADJ
cblr-8637	744	10	rounds	round	NOUN
cblr-8637	744	11	of	of	ADP
cblr-8637	744	12	private	private	ADJ
cblr-8637	744	13	financing	financing	NOUN
cblr-8637	744	14	and	and	CCONJ
cblr-8637	744	15	typically	typically	ADV
cblr-8637	744	16	culminated	culminate	VERB
cblr-8637	744	17	in	in	ADP
cblr-8637	744	18	an	an	DET
cblr-8637	744	19	ipo	ipo	NOUN
cblr-8637	744	20	and	and	CCONJ
cblr-8637	744	21	public	public	ADJ
cblr-8637	744	22	listing.202	listing.202	NOUN
cblr-8637	744	23	the	the	DET
cblr-8637	744	24	rounds	round	NOUN
cblr-8637	744	25	of	of	ADP
cblr-8637	744	26	financing	financing	NOUN
cblr-8637	744	27	would	would	AUX
cblr-8637	744	28	include	include	VERB
cblr-8637	744	29	initial	initial	ADJ
cblr-8637	744	30	startup	startup	NOUN
cblr-8637	744	31	money	money	NOUN
cblr-8637	744	32	from	from	ADP
cblr-8637	744	33	friends	friend	NOUN
cblr-8637	744	34	and	and	CCONJ
cblr-8637	744	35	family	family	NOUN
cblr-8637	744	36	,	,	PUNCT
cblr-8637	744	37	additional	additional	ADJ
cblr-8637	744	38	funding	funding	NOUN
cblr-8637	744	39	from	from	ADP
cblr-8637	744	40	angel	angel	NOUN
cblr-8637	744	41	investors	investor	NOUN
cblr-8637	744	42	to	to	PART
cblr-8637	744	43	seed	seed	VERB
cblr-8637	744	44	early	early	ADJ
cblr-8637	744	45	growth	growth	NOUN
cblr-8637	744	46	,	,	PUNCT
cblr-8637	744	47	and	and	CCONJ
cblr-8637	744	48	then	then	ADV
cblr-8637	744	49	a	a	DET
cblr-8637	744	50	series	series	NOUN
cblr-8637	744	51	of	of	ADP
cblr-8637	744	52	venture	venture	NOUN
cblr-8637	744	53	capital	capital	NOUN
cblr-8637	744	54	financing	financing	NOUN
cblr-8637	744	55	to	to	PART
cblr-8637	744	56	fund	fund	VERB
cblr-8637	744	57	growth	growth	NOUN
cblr-8637	744	58	until	until	SCONJ
cblr-8637	744	59	investors	investor	NOUN
cblr-8637	744	60	would	would	AUX
cblr-8637	744	61	be	be	AUX
cblr-8637	744	62	able	able	ADJ
cblr-8637	744	63	to	to	PART
cblr-8637	744	64	liquidate	liquidate	VERB
cblr-8637	744	65	through	through	ADP
cblr-8637	744	66	an	an	DET
cblr-8637	744	67	ipo	ipo	NOUN
cblr-8637	744	68	or	or	CCONJ
cblr-8637	744	69	an	an	DET
cblr-8637	744	70	acquisition	acquisition	NOUN
cblr-8637	744	71	by	by	ADP
cblr-8637	744	72	a	a	DET
cblr-8637	744	73	strategic	strategic	ADJ
cblr-8637	744	74	investor.203	investor.203	ADP
cblr-8637	744	75	the	the	DET
cblr-8637	744	76	time	time	NOUN
cblr-8637	744	77	between	between	ADP
cblr-8637	744	78	a	a	DET
cblr-8637	744	79	venture	venture	NOUN
cblr-8637	744	80	investor	investor	NOUN
cblr-8637	744	81	’s	’s	PART
cblr-8637	744	82	first	first	ADJ
cblr-8637	744	83	investment	investment	NOUN
cblr-8637	744	84	and	and	CCONJ
cblr-8637	744	85	exit	exit	NOUN
cblr-8637	744	86	was	be	AUX
cblr-8637	744	87	typically	typically	ADV
cblr-8637	744	88	seven	seven	NUM
cblr-8637	744	89	years.204	years.204	PROPN
cblr-8637	744	90	this	this	DET
cblr-8637	744	91	seven	seven	NUM
cblr-8637	744	92	-	-	PUNCT
cblr-8637	744	93	year	year	NOUN
cblr-8637	744	94	cycle	cycle	NOUN
cblr-8637	744	95	fits	fit	VERB
cblr-8637	744	96	within	within	ADP
cblr-8637	744	97	the	the	DET
cblr-8637	744	98	timeframe	timeframe	NOUN
cblr-8637	744	99	of	of	ADP
cblr-8637	744	100	most	most	ADJ
cblr-8637	744	101	venture	venture	NOUN
cblr-8637	744	102	capital	capital	NOUN
cblr-8637	744	103	funds	fund	NOUN
cblr-8637	744	104	’	'	PUNCT
cblr-8637	744	105	terms	term	NOUN
cblr-8637	744	106	,	,	PUNCT
cblr-8637	744	107	which	which	PRON
cblr-8637	744	108	are	be	AUX
cblr-8637	744	109	often	often	ADV
cblr-8637	744	110	limited	limit	VERB
cblr-8637	744	111	to	to	ADP
cblr-8637	744	112	ten	ten	NUM
cblr-8637	744	113	years.205	years.205	NOUN
cblr-8637	744	114	after	after	ADP
cblr-8637	744	115	the	the	DET
cblr-8637	744	116	seven	seven	NUM
cblr-8637	744	117	years	year	NOUN
cblr-8637	744	118	of	of	ADP
cblr-8637	744	119	private	private	ADJ
cblr-8637	744	120	market	market	NOUN
cblr-8637	744	121	growth	growth	NOUN
cblr-8637	744	122	,	,	PUNCT
cblr-8637	744	123	and	and	CCONJ
cblr-8637	744	124	upon	upon	SCONJ
cblr-8637	744	125	the	the	DET
cblr-8637	744	126	company	company	NOUN
cblr-8637	744	127	’s	’s	PART
cblr-8637	744	128	entry	entry	NOUN
cblr-8637	744	129	into	into	ADP
cblr-8637	744	130	the	the	DET
cblr-8637	744	131	public	public	ADJ
cblr-8637	744	132	market	market	NOUN
cblr-8637	744	133	,	,	PUNCT
cblr-8637	744	134	the	the	DET
cblr-8637	744	135	traditional	traditional	ADJ
cblr-8637	744	136	retail	retail	ADJ
cblr-8637	744	137	investor	investor	NOUN
cblr-8637	744	138	could	could	AUX
cblr-8637	744	139	participate	participate	VERB
cblr-8637	744	140	in	in	ADP
cblr-8637	744	141	the	the	DET
cblr-8637	744	142	company	company	NOUN
cblr-8637	744	143	’s	’s	PART
cblr-8637	744	144	continued	continue	VERB
cblr-8637	744	145	growth	growth	NOUN
cblr-8637	744	146	through	through	ADP
cblr-8637	744	147	direct	direct	ADJ
cblr-8637	744	148	investment	investment	NOUN
cblr-8637	744	149	in	in	ADP
cblr-8637	744	150	the	the	DET
cblr-8637	744	151	company	company	NOUN
cblr-8637	744	152	’s	’s	PART
cblr-8637	744	153	stock	stock	NOUN
cblr-8637	744	154	or	or	CCONJ
cblr-8637	744	155	through	through	ADP
cblr-8637	744	156	holding	hold	VERB
cblr-8637	744	157	a	a	DET
cblr-8637	744	158	diversified	diversified	ADJ
cblr-8637	744	159	index	index	NOUN
cblr-8637	744	160	fund.206	fund.206	VERB
cblr-8637	744	161	by	by	ADP
cblr-8637	744	162	2014	2014	NUM
cblr-8637	744	163	,	,	PUNCT
cblr-8637	744	164	private	private	ADJ
cblr-8637	744	165	companies	company	NOUN
cblr-8637	744	166	,	,	PUNCT
cblr-8637	744	167	particularly	particularly	ADV
cblr-8637	744	168	technology	technology	NOUN
cblr-8637	744	169	companies	company	NOUN
cblr-8637	744	170	,	,	PUNCT
cblr-8637	744	171	were	be	AUX
cblr-8637	744	172	staying	stay	VERB
cblr-8637	744	173	private	private	ADJ
cblr-8637	744	174	longer	long	ADV
cblr-8637	744	175	.	.	PUNCT
cblr-8637	745	1	on	on	ADP
cblr-8637	745	2	average	average	ADJ
cblr-8637	745	3	,	,	PUNCT
cblr-8637	745	4	these	these	DET
cblr-8637	745	5	firms	firm	NOUN
cblr-8637	745	6	stayed	stay	VERB
cblr-8637	745	7	private	private	ADJ
cblr-8637	745	8	for	for	ADP
cblr-8637	745	9	eleven	eleven	NUM
cblr-8637	745	10	years	year	NOUN
cblr-8637	745	11	,	,	PUNCT
cblr-8637	745	12	and	and	CCONJ
cblr-8637	745	13	private	private	ADJ
cblr-8637	745	14	funding	funding	NOUN
cblr-8637	745	15	was	be	AUX
cblr-8637	745	16	201	201	NUM
cblr-8637	745	17	see	see	VERB
cblr-8637	745	18	the	the	DET
cblr-8637	745	19	complete	complete	ADJ
cblr-8637	745	20	list	list	NOUN
cblr-8637	745	21	of	of	ADP
cblr-8637	745	22	unicorn	unicorn	ADJ
cblr-8637	745	23	companies	company	NOUN
cblr-8637	745	24	,	,	PUNCT
cblr-8637	745	25	cb	cb	PROPN
cblr-8637	745	26	insights	insight	NOUN
cblr-8637	745	27	,	,	PUNCT
cblr-8637	745	28	https://www.cbinsights.com/research-unicorn-companies	https://www.cbinsights.com/research-unicorn-companie	NOUN
cblr-8637	745	29	[	[	X
cblr-8637	745	30	https://perma.cc/7clp-jy82	https://perma.cc/7clp-jy82	PRON
cblr-8637	745	31	]	]	X
cblr-8637	745	32	(	(	PUNCT
cblr-8637	745	33	last	last	ADV
cblr-8637	745	34	visited	visit	VERB
cblr-8637	745	35	mar	mar	PROPN
cblr-8637	745	36	.	.	PROPN
cblr-8637	745	37	2	2	NUM
cblr-8637	745	38	,	,	PUNCT
cblr-8637	745	39	2021	2021	NUM
cblr-8637	745	40	)	)	PUNCT
cblr-8637	745	41	.	.	PUNCT
cblr-8637	746	1	202	202	NUM
cblr-8637	746	2	see	see	VERB
cblr-8637	746	3	seth	seth	PROPN
cblr-8637	746	4	c.	c.	PROPN
cblr-8637	746	5	oranburg	oranburg	PROPN
cblr-8637	746	6	,	,	PUNCT
cblr-8637	746	7	democratizing	democratize	VERB
cblr-8637	746	8	startups	startup	NOUN
cblr-8637	746	9	,	,	PUNCT
cblr-8637	746	10	68	68	NUM
cblr-8637	746	11	rutgers	rutger	NOUN
cblr-8637	746	12	u.	u.	PROPN
cblr-8637	746	13	l.	l.	PROPN
cblr-8637	746	14	rev	rev	PROPN
cblr-8637	746	15	.	.	PROPN
cblr-8637	746	16	1013	1013	NUM
cblr-8637	746	17	,	,	PUNCT
cblr-8637	746	18	1032	1032	NUM
cblr-8637	746	19	(	(	PUNCT
cblr-8637	746	20	2016	2016	NUM
cblr-8637	746	21	)	)	PUNCT
cblr-8637	746	22	.	.	PUNCT
cblr-8637	747	1	203	203	NUM
cblr-8637	747	2	see	see	VERB
cblr-8637	747	3	i	i	PRON
cblr-8637	747	4	d.	d.	PROPN
cblr-8637	747	5	204	204	NUM
cblr-8637	747	6	see	see	VERB
cblr-8637	747	7	i	i	PRON
cblr-8637	747	8	d.	d.	PROPN
cblr-8637	747	9	205	205	NUM
cblr-8637	747	10	see	see	VERB
cblr-8637	747	11	i	i	PRON
cblr-8637	747	12	d.	d.	PROPN
cblr-8637	747	13	206	206	NUM
cblr-8637	747	14	frank	frank	PROPN
cblr-8637	747	15	partnoy	partnoy	NOUN
cblr-8637	747	16	,	,	PUNCT
cblr-8637	747	17	the	the	DET
cblr-8637	747	18	death	death	NOUN
cblr-8637	747	19	of	of	ADP
cblr-8637	747	20	the	the	DET
cblr-8637	747	21	ipo	ipo	NOUN
cblr-8637	747	22	,	,	PUNCT
cblr-8637	747	23	atlantic	atlantic	PROPN
cblr-8637	747	24	(	(	PUNCT
cblr-8637	747	25	nov	nov	PROPN
cblr-8637	747	26	.	.	PROPN
cblr-8637	747	27	2018	2018	NUM
cblr-8637	747	28	)	)	PUNCT
cblr-8637	747	29	,	,	PUNCT
cblr-8637	747	30	https://www.theatlantic.com/magazine/archive/2018/11/privateinequity/570808/	https://www.theatlantic.com/magazine/archive/2018/11/privateinequity/570808/	NOUN
cblr-8637	747	31	[	[	X
cblr-8637	747	32	https://perma.cc/8znl-rv4s	https://perma.cc/8znl-rv4s	X
cblr-8637	747	33	]	]	PUNCT
cblr-8637	747	34	.	.	PUNCT
cblr-8637	748	1	it	it	PRON
cblr-8637	748	2	should	should	AUX
cblr-8637	748	3	be	be	AUX
cblr-8637	748	4	noted	note	VERB
cblr-8637	748	5	that	that	SCONJ
cblr-8637	748	6	retail	retail	ADJ
cblr-8637	748	7	investors	investor	NOUN
cblr-8637	748	8	do	do	AUX
cblr-8637	748	9	have	have	VERB
cblr-8637	748	10	the	the	DET
cblr-8637	748	11	opportunity	opportunity	NOUN
cblr-8637	748	12	to	to	PART
cblr-8637	748	13	invest	invest	VERB
cblr-8637	748	14	in	in	ADP
cblr-8637	748	15	private	private	ADJ
cblr-8637	748	16	companies	company	NOUN
cblr-8637	748	17	through	through	ADP
cblr-8637	748	18	mutual	mutual	ADJ
cblr-8637	748	19	funds	fund	NOUN
cblr-8637	748	20	.	.	PUNCT
cblr-8637	749	1	however	however	ADV
cblr-8637	749	2	,	,	PUNCT
cblr-8637	749	3	under	under	ADP
cblr-8637	749	4	rule	rule	NOUN
cblr-8637	749	5	22e-4	22e-4	NUM
cblr-8637	749	6	of	of	ADP
cblr-8637	749	7	the	the	DET
cblr-8637	749	8	investment	investment	NOUN
cblr-8637	749	9	company	company	NOUN
cblr-8637	749	10	act	act	NOUN
cblr-8637	749	11	of	of	ADP
cblr-8637	749	12	1940	1940	NUM
cblr-8637	749	13	,	,	PUNCT
cblr-8637	749	14	registered	register	VERB
cblr-8637	749	15	open	open	ADV
cblr-8637	749	16	-	-	PUNCT
cblr-8637	749	17	ended	end	VERB
cblr-8637	749	18	investment	investment	NOUN
cblr-8637	749	19	funds	fund	NOUN
cblr-8637	749	20	can	can	AUX
cblr-8637	749	21	only	only	ADV
cblr-8637	749	22	invest	invest	VERB
cblr-8637	749	23	up	up	ADP
cblr-8637	749	24	to	to	PART
cblr-8637	749	25	fifteen	fifteen	NUM
cblr-8637	749	26	percent	percent	NOUN
cblr-8637	749	27	of	of	ADP
cblr-8637	749	28	their	their	PRON
cblr-8637	749	29	assets	asset	NOUN
cblr-8637	749	30	in	in	ADP
cblr-8637	749	31	illiquid	illiquid	ADJ
cblr-8637	749	32	investments	investment	NOUN
cblr-8637	749	33	(	(	PUNCT
cblr-8637	749	34	i.e.	i.e.	X
cblr-8637	749	35	,	,	PUNCT
cblr-8637	749	36	private	private	ADJ
cblr-8637	749	37	investments	investment	NOUN
cblr-8637	749	38	)	)	PUNCT
cblr-8637	749	39	to	to	PART
cblr-8637	749	40	ensure	ensure	VERB
cblr-8637	749	41	funds	fund	NOUN
cblr-8637	749	42	are	be	AUX
cblr-8637	749	43	available	available	ADJ
cblr-8637	749	44	for	for	ADP
cblr-8637	749	45	daily	daily	ADJ
cblr-8637	749	46	redemptions	redemption	NOUN
cblr-8637	749	47	.	.	PUNCT
cblr-8637	750	1	17	17	NUM
cblr-8637	750	2	c.f.r	c.f.r	NOUN
cblr-8637	750	3	.	.	PUNCT
cblr-8637	751	1	§	§	PROPN
cblr-8637	751	2	270.22e-4(b)(1)(iv	270.22e-4(b)(1)(iv	NUM
cblr-8637	751	3	)	)	PUNCT
cblr-8637	751	4	(	(	PUNCT
cblr-8637	751	5	2020	2020	NUM
cblr-8637	751	6	)	)	PUNCT
cblr-8637	751	7	.	.	PUNCT
cblr-8637	752	1	the	the	DET
cblr-8637	752	2	sec	sec	PROPN
cblr-8637	752	3	has	have	AUX
cblr-8637	752	4	also	also	ADV
cblr-8637	752	5	applied	apply	VERB
cblr-8637	752	6	the	the	DET
cblr-8637	752	7	fifteen	fifteen	NUM
cblr-8637	752	8	percent	percent	NOUN
cblr-8637	752	9	limitation	limitation	NOUN
cblr-8637	752	10	to	to	ADP
cblr-8637	752	11	registered	register	VERB
cblr-8637	752	12	closed	closed	ADJ
cblr-8637	752	13	-	-	PUNCT
cblr-8637	752	14	end	end	NOUN
cblr-8637	752	15	funds	fund	NOUN
cblr-8637	752	16	unless	unless	SCONJ
cblr-8637	752	17	the	the	DET
cblr-8637	752	18	fund	fund	NOUN
cblr-8637	752	19	is	be	AUX
cblr-8637	752	20	limited	limit	VERB
cblr-8637	752	21	to	to	ADP
cblr-8637	752	22	accredited	accredit	VERB
cblr-8637	752	23	investors	investor	NOUN
cblr-8637	752	24	.	.	PUNCT
cblr-8637	753	1	see	see	VERB
cblr-8637	753	2	doherty	doherty	PROPN
cblr-8637	753	3	et	et	PROPN
cblr-8637	753	4	al	al	PROPN
cblr-8637	753	5	.	.	PROPN
cblr-8637	753	6	,	,	PUNCT
cblr-8637	753	7	supra	supra	PROPN
cblr-8637	753	8	note	note	PROPN
cblr-8637	753	9	163	163	NUM
cblr-8637	753	10	,	,	PUNCT
cblr-8637	753	11	at	at	ADP
cblr-8637	753	12	9	9	NUM
cblr-8637	753	13	&	&	CCONJ
cblr-8637	753	14	n.54	n.54	PROPN
cblr-8637	753	15	,	,	PUNCT
cblr-8637	753	16	10	10	NUM
cblr-8637	753	17	&	&	CCONJ
cblr-8637	753	18	n.55	n.55	PROPN
cblr-8637	753	19	.	.	PUNCT
cblr-8637	754	1	greene	greene	PROPN
cblr-8637	754	2	et	et	PROPN
cblr-8637	754	3	al	al	PROPN
cblr-8637	754	4	.	.	PROPN
cblr-8637	755	1	8/21/2021	8/21/2021	NUM
cblr-8637	755	2	1:44	1:44	NUM
cblr-8637	755	3	pm	pm	NOUN
cblr-8637	755	4	762	762	NUM
cblr-8637	755	5	columbia	columbia	PROPN
cblr-8637	755	6	business	business	NOUN
cblr-8637	755	7	law	law	PROPN
cblr-8637	755	8	review	review	NOUN
cblr-8637	755	9	[	[	X
cblr-8637	755	10	vol	vol	NOUN
cblr-8637	755	11	.	.	PUNCT
cblr-8637	755	12	2021	2021	NUM
cblr-8637	755	13	producing	produce	VERB
cblr-8637	755	14	an	an	DET
cblr-8637	755	15	increasing	increase	VERB
cblr-8637	755	16	number	number	NOUN
cblr-8637	755	17	of	of	ADP
cblr-8637	755	18	unicorns	unicorn	NOUN
cblr-8637	755	19	and	and	CCONJ
cblr-8637	755	20	decacorns.207	decacorns.207	NOUN
cblr-8637	755	21	with	with	ADP
cblr-8637	755	22	companies	company	NOUN
cblr-8637	755	23	staying	stay	VERB
cblr-8637	755	24	private	private	ADJ
cblr-8637	755	25	longer	long	ADV
cblr-8637	755	26	,	,	PUNCT
cblr-8637	755	27	non	non	ADJ
cblr-8637	755	28	-	-	ADJ
cblr-8637	755	29	accredited	accredited	ADJ
cblr-8637	755	30	investors	investor	NOUN
cblr-8637	755	31	missed	miss	VERB
cblr-8637	755	32	out	out	ADP
cblr-8637	755	33	on	on	ADP
cblr-8637	755	34	the	the	DET
cblr-8637	755	35	fastest	fast	ADJ
cblr-8637	755	36	stages	stage	NOUN
cblr-8637	755	37	of	of	ADP
cblr-8637	755	38	growth.208	growth.208	NOUN
cblr-8637	755	39	in	in	ADP
cblr-8637	755	40	fact	fact	NOUN
cblr-8637	755	41	,	,	PUNCT
cblr-8637	755	42	from	from	ADP
cblr-8637	755	43	2017	2017	NUM
cblr-8637	755	44	to	to	ADP
cblr-8637	755	45	2019	2019	NUM
cblr-8637	755	46	,	,	PUNCT
cblr-8637	755	47	companies	company	NOUN
cblr-8637	755	48	that	that	PRON
cblr-8637	755	49	conducted	conduct	VERB
cblr-8637	755	50	ipos	ipos	NOUN
cblr-8637	755	51	declined	decline	VERB
cblr-8637	755	52	in	in	ADP
cblr-8637	755	53	value	value	NOUN
cblr-8637	755	54	by	by	ADP
cblr-8637	755	55	an	an	DET
cblr-8637	755	56	average	average	NOUN
cblr-8637	755	57	of	of	ADP
cblr-8637	755	58	eight	eight	NUM
cblr-8637	755	59	percent	percent	NOUN
cblr-8637	755	60	,	,	PUNCT
cblr-8637	755	61	whereas	whereas	SCONJ
cblr-8637	755	62	the	the	DET
cblr-8637	755	63	s&p	s&p	PROPN
cblr-8637	755	64	500	500	NUM
cblr-8637	755	65	was	be	AUX
cblr-8637	755	66	up	up	ADV
cblr-8637	755	67	twelve	twelve	NUM
cblr-8637	755	68	percent.209	percent.209	NOUN
cblr-8637	755	69	as	as	SCONJ
cblr-8637	755	70	firms	firm	NOUN
cblr-8637	755	71	stay	stay	VERB
cblr-8637	755	72	private	private	ADJ
cblr-8637	755	73	longer	long	ADV
cblr-8637	755	74	,	,	PUNCT
cblr-8637	755	75	the	the	DET
cblr-8637	755	76	early	early	ADJ
cblr-8637	755	77	stage	stage	NOUN
cblr-8637	755	78	growth	growth	NOUN
cblr-8637	755	79	of	of	ADP
cblr-8637	755	80	such	such	ADJ
cblr-8637	755	81	companies	company	NOUN
cblr-8637	755	82	will	will	AUX
cblr-8637	755	83	increasingly	increasingly	ADV
cblr-8637	755	84	be	be	AUX
cblr-8637	755	85	realized	realize	VERB
cblr-8637	755	86	only	only	ADV
cblr-8637	755	87	by	by	ADP
cblr-8637	755	88	the	the	DET
cblr-8637	755	89	wealthiest	wealthy	ADJ
cblr-8637	755	90	investors	investor	NOUN
cblr-8637	755	91	.	.	PUNCT
cblr-8637	756	1	these	these	DET
cblr-8637	756	2	investors	investor	NOUN
cblr-8637	756	3	can	can	AUX
cblr-8637	756	4	invest	invest	VERB
cblr-8637	756	5	in	in	ADP
cblr-8637	756	6	venture	venture	NOUN
cblr-8637	756	7	funds	fund	NOUN
cblr-8637	756	8	or	or	CCONJ
cblr-8637	756	9	directly	directly	ADV
cblr-8637	756	10	in	in	ADP
cblr-8637	756	11	reg	reg	NOUN
cblr-8637	756	12	d	d	NOUN
cblr-8637	756	13	offerings	offering	NOUN
cblr-8637	756	14	and	and	CCONJ
cblr-8637	756	15	“	"	PUNCT
cblr-8637	756	16	cash	cash	VERB
cblr-8637	756	17	out	out	ADP
cblr-8637	756	18	”	"	PUNCT
cblr-8637	756	19	in	in	ADP
cblr-8637	756	20	highly	highly	ADV
cblr-8637	756	21	-	-	PUNCT
cblr-8637	756	22	valued	value	VERB
cblr-8637	756	23	ipos.210	ipos.210	NOUN
cblr-8637	756	24	delaying	delay	VERB
cblr-8637	756	25	opportunities	opportunity	NOUN
cblr-8637	756	26	for	for	SCONJ
cblr-8637	756	27	retail	retail	ADJ
cblr-8637	756	28	investors	investor	NOUN
cblr-8637	756	29	to	to	PART
cblr-8637	756	30	invest	invest	VERB
cblr-8637	756	31	in	in	ADP
cblr-8637	756	32	high	high	ADJ
cblr-8637	756	33	-	-	PUNCT
cblr-8637	756	34	growth	growth	NOUN
cblr-8637	756	35	private	private	ADJ
cblr-8637	756	36	companies	company	NOUN
cblr-8637	756	37	likely	likely	ADV
cblr-8637	756	38	increases	increase	VERB
cblr-8637	756	39	the	the	DET
cblr-8637	756	40	wealth	wealth	NOUN
cblr-8637	756	41	inequalities	inequality	NOUN
cblr-8637	756	42	that	that	PRON
cblr-8637	756	43	securities	security	NOUN
cblr-8637	756	44	laws	law	NOUN
cblr-8637	756	45	may	may	AUX
cblr-8637	756	46	already	already	ADV
cblr-8637	756	47	be	be	AUX
cblr-8637	756	48	exacerbating.211	exacerbating.211	PROPN
cblr-8637	756	49	non	non	ADJ
cblr-8637	756	50	-	-	ADJ
cblr-8637	756	51	accredited	accredited	ADJ
cblr-8637	756	52	investors	investor	NOUN
cblr-8637	756	53	are	be	AUX
cblr-8637	756	54	unable	unable	ADJ
cblr-8637	756	55	to	to	PART
cblr-8637	756	56	invest	invest	VERB
cblr-8637	756	57	in	in	ADP
cblr-8637	756	58	hedge	hedge	NOUN
cblr-8637	756	59	funds	fund	NOUN
cblr-8637	756	60	,	,	PUNCT
cblr-8637	756	61	private	private	ADJ
cblr-8637	756	62	equity	equity	NOUN
cblr-8637	756	63	funds	fund	NOUN
cblr-8637	756	64	,	,	PUNCT
cblr-8637	756	65	or	or	CCONJ
cblr-8637	756	66	venture	venture	NOUN
cblr-8637	756	67	capital	capital	NOUN
cblr-8637	756	68	funds	fund	NOUN
cblr-8637	756	69	,	,	PUNCT
cblr-8637	756	70	and	and	CCONJ
cblr-8637	756	71	thus	thus	ADV
cblr-8637	756	72	miss	miss	VERB
cblr-8637	756	73	out	out	ADP
cblr-8637	756	74	on	on	ADP
cblr-8637	756	75	the	the	DET
cblr-8637	756	76	opportunity	opportunity	NOUN
cblr-8637	756	77	to	to	PART
cblr-8637	756	78	invest	invest	VERB
cblr-8637	756	79	in	in	ADP
cblr-8637	756	80	vehicles	vehicle	NOUN
cblr-8637	756	81	that	that	PRON
cblr-8637	756	82	can	can	AUX
cblr-8637	756	83	earn	earn	VERB
cblr-8637	756	84	higher	high	ADJ
cblr-8637	756	85	average	average	ADJ
cblr-8637	756	86	returns	return	NOUN
cblr-8637	756	87	when	when	SCONJ
cblr-8637	756	88	compared	compare	VERB
cblr-8637	756	89	to	to	ADP
cblr-8637	756	90	public	public	NOUN
cblr-8637	756	91	equity.212	equity.212	VERB
cblr-8637	756	92	restricting	restrict	VERB
cblr-8637	756	93	non	non	ADJ
cblr-8637	756	94	-	-	ADJ
cblr-8637	756	95	accredited	accredited	ADJ
cblr-8637	756	96	investors	investor	NOUN
cblr-8637	756	97	from	from	ADP
cblr-8637	756	98	investing	invest	VERB
cblr-8637	756	99	in	in	ADP
cblr-8637	756	100	private	private	ADJ
cblr-8637	756	101	placements	placement	NOUN
cblr-8637	756	102	and	and	CCONJ
cblr-8637	756	103	potentially	potentially	ADV
cblr-8637	756	104	high	high	ADJ
cblr-8637	756	105	-	-	PUNCT
cblr-8637	756	106	growth	growth	NOUN
cblr-8637	756	107	vehicles	vehicle	NOUN
cblr-8637	756	108	“	"	PUNCT
cblr-8637	756	109	has	have	AUX
cblr-8637	756	110	permitted	permit	VERB
cblr-8637	756	111	the	the	DET
cblr-8637	756	112	[	[	X
cblr-8637	756	113	]	]	X
cblr-8637	756	114	investing	invest	VERB
cblr-8637	756	115	elite	elite	NOUN
cblr-8637	756	116	to	to	PART
cblr-8637	756	117	become	become	VERB
cblr-8637	756	118	even	even	ADV
cblr-8637	756	119	wealthier	wealthy	ADJ
cblr-8637	756	120	relative	relative	ADJ
cblr-8637	756	121	to	to	ADP
cblr-8637	756	122	the	the	DET
cblr-8637	756	123	middle	middle	ADJ
cblr-8637	756	124	class	class	NOUN
cblr-8637	756	125	.	.	PUNCT
cblr-8637	757	1	”213	”213	NOUN
cblr-8637	757	2	as	as	SCONJ
cblr-8637	757	3	the	the	DET
cblr-8637	757	4	private	private	ADJ
cblr-8637	757	5	market	market	NOUN
cblr-8637	757	6	continues	continue	VERB
cblr-8637	757	7	to	to	PART
cblr-8637	757	8	grow	grow	VERB
cblr-8637	757	9	,	,	PUNCT
cblr-8637	757	10	maintaining	maintain	VERB
cblr-8637	757	11	the	the	DET
cblr-8637	757	12	broad	broad	ADJ
cblr-8637	757	13	207	207	NUM
cblr-8637	757	14	erdogan	erdogan	VERB
cblr-8637	757	15	et	et	PROPN
cblr-8637	757	16	al	al	PROPN
cblr-8637	757	17	.	.	PROPN
cblr-8637	757	18	,	,	PUNCT
cblr-8637	757	19	supra	supra	PROPN
cblr-8637	757	20	note	note	NOUN
cblr-8637	757	21	191	191	NUM
cblr-8637	757	22	.	.	NOUN
cblr-8637	758	1	208	208	NUM
cblr-8637	758	2	see	see	VERB
cblr-8637	758	3	matt	matt	PROPN
cblr-8637	758	4	phillips	phillips	PROPN
cblr-8637	758	5	&	&	CCONJ
cblr-8637	758	6	erin	erin	PROPN
cblr-8637	758	7	griffith	griffith	PROPN
cblr-8637	758	8	,	,	PUNCT
cblr-8637	758	9	in	in	ADP
cblr-8637	758	10	this	this	DET
cblr-8637	758	11	tech	tech	NOUN
cblr-8637	758	12	i.p.o	i.p.o	NOUN
cblr-8637	758	13	.	.	PROPN
cblr-8637	758	14	wave	wave	PROPN
cblr-8637	758	15	,	,	PUNCT
cblr-8637	758	16	big	big	ADJ
cblr-8637	758	17	investors	investor	NOUN
cblr-8637	758	18	grab	grab	VERB
cblr-8637	758	19	more	more	ADJ
cblr-8637	758	20	of	of	ADP
cblr-8637	758	21	the	the	DET
cblr-8637	758	22	gains	gain	NOUN
cblr-8637	758	23	,	,	PUNCT
cblr-8637	758	24	n.y	n.y	PROPN
cblr-8637	758	25	.	.	PROPN
cblr-8637	758	26	times	times	PROPN
cblr-8637	758	27	(	(	PUNCT
cblr-8637	758	28	mar	mar	PROPN
cblr-8637	758	29	.	.	PROPN
cblr-8637	758	30	28	28	NUM
cblr-8637	758	31	,	,	PUNCT
cblr-8637	758	32	2019	2019	NUM
cblr-8637	758	33	)	)	PUNCT
cblr-8637	758	34	,	,	PUNCT
cblr-8637	758	35	https://www.nytimes.com/2019/03/28/business/startups-ipo.html	https://www.nytimes.com/2019/03/28/business/startups-ipo.html	VERB
cblr-8637	759	1	[	[	X
cblr-8637	759	2	https://perma.cc/em2c-kyv8	https://perma.cc/em2c-kyv8	X
cblr-8637	759	3	]	]	X
cblr-8637	759	4	.	.	PUNCT
cblr-8637	760	1	209	209	NUM
cblr-8637	761	1	i	i	PRON
cblr-8637	761	2	d.	d.	PROPN
cblr-8637	761	3	this	this	PRON
cblr-8637	761	4	indicates	indicate	VERB
cblr-8637	761	5	that	that	SCONJ
cblr-8637	761	6	the	the	DET
cblr-8637	761	7	companies	company	NOUN
cblr-8637	761	8	that	that	PRON
cblr-8637	761	9	went	go	VERB
cblr-8637	761	10	public	public	ADJ
cblr-8637	761	11	were	be	AUX
cblr-8637	761	12	overvalued	overvalue	VERB
cblr-8637	761	13	at	at	ADP
cblr-8637	761	14	the	the	DET
cblr-8637	761	15	time	time	NOUN
cblr-8637	761	16	of	of	ADP
cblr-8637	761	17	their	their	PRON
cblr-8637	761	18	public	public	ADJ
cblr-8637	761	19	offerings	offering	NOUN
cblr-8637	761	20	,	,	PUNCT
cblr-8637	761	21	depriving	deprive	VERB
cblr-8637	761	22	retail	retail	ADJ
cblr-8637	761	23	investors	investor	NOUN
cblr-8637	761	24	of	of	ADP
cblr-8637	761	25	the	the	DET
cblr-8637	761	26	benefit	benefit	NOUN
cblr-8637	761	27	of	of	ADP
cblr-8637	761	28	their	their	PRON
cblr-8637	761	29	high	high	ADJ
cblr-8637	761	30	-	-	PUNCT
cblr-8637	761	31	growth	growth	NOUN
cblr-8637	761	32	periods	period	NOUN
cblr-8637	761	33	.	.	PUNCT
cblr-8637	762	1	however	however	ADV
cblr-8637	762	2	,	,	PUNCT
cblr-8637	762	3	the	the	DET
cblr-8637	762	4	statistic	statistic	NOUN
cblr-8637	762	5	should	should	AUX
cblr-8637	762	6	be	be	AUX
cblr-8637	762	7	taken	take	VERB
cblr-8637	762	8	with	with	ADP
cblr-8637	762	9	a	a	DET
cblr-8637	762	10	grain	grain	NOUN
cblr-8637	762	11	of	of	ADP
cblr-8637	762	12	salt	salt	NOUN
cblr-8637	762	13	—	—	PUNCT
cblr-8637	762	14	simply	simply	ADV
cblr-8637	762	15	being	be	AUX
cblr-8637	762	16	on	on	ADP
cblr-8637	762	17	the	the	DET
cblr-8637	762	18	s&p	s&p	PROPN
cblr-8637	762	19	500	500	NUM
cblr-8637	762	20	gives	give	VERB
cblr-8637	762	21	an	an	DET
cblr-8637	762	22	indication	indication	NOUN
cblr-8637	762	23	that	that	SCONJ
cblr-8637	762	24	the	the	DET
cblr-8637	762	25	company	company	NOUN
cblr-8637	762	26	is	be	AUX
cblr-8637	762	27	a	a	DET
cblr-8637	762	28	well	well	ADV
cblr-8637	762	29	-	-	PUNCT
cblr-8637	762	30	performing	perform	VERB
cblr-8637	762	31	company	company	NOUN
cblr-8637	762	32	,	,	PUNCT
cblr-8637	762	33	and	and	CCONJ
cblr-8637	762	34	since	since	SCONJ
cblr-8637	762	35	companies	company	NOUN
cblr-8637	762	36	are	be	AUX
cblr-8637	762	37	added	add	VERB
cblr-8637	762	38	to	to	ADP
cblr-8637	762	39	and	and	CCONJ
cblr-8637	762	40	removed	remove	VERB
cblr-8637	762	41	from	from	ADP
cblr-8637	762	42	the	the	DET
cblr-8637	762	43	s&p	s&p	PROPN
cblr-8637	762	44	500	500	NUM
cblr-8637	762	45	each	each	DET
cblr-8637	762	46	month	month	NOUN
cblr-8637	762	47	,	,	PUNCT
cblr-8637	762	48	using	use	VERB
cblr-8637	762	49	this	this	DET
cblr-8637	762	50	index	index	NOUN
cblr-8637	762	51	as	as	SCONJ
cblr-8637	762	52	a	a	DET
cblr-8637	762	53	baseline	baseline	NOUN
cblr-8637	762	54	can	can	AUX
cblr-8637	762	55	create	create	VERB
cblr-8637	762	56	selection	selection	NOUN
cblr-8637	762	57	bias	bias	NOUN
cblr-8637	762	58	.	.	PUNCT
cblr-8637	763	1	210	210	NUM
cblr-8637	763	2	see	see	VERB
cblr-8637	763	3	partnoy	partnoy	ADJ
cblr-8637	763	4	,	,	PUNCT
cblr-8637	763	5	supra	supra	ADJ
cblr-8637	763	6	note	note	NOUN
cblr-8637	763	7	206	206	NUM
cblr-8637	763	8	.	.	PUNCT
cblr-8637	764	1	211	211	NUM
cblr-8637	764	2	see	see	VERB
cblr-8637	764	3	kevin	kevin	PROPN
cblr-8637	764	4	g.	g.	PROPN
cblr-8637	764	5	bender	bender	PROPN
cblr-8637	764	6	,	,	PUNCT
cblr-8637	764	7	giving	give	VERB
cblr-8637	764	8	the	the	DET
cblr-8637	764	9	average	average	ADJ
cblr-8637	764	10	investor	investor	NOUN
cblr-8637	764	11	the	the	DET
cblr-8637	764	12	keys	key	NOUN
cblr-8637	764	13	to	to	ADP
cblr-8637	764	14	the	the	DET
cblr-8637	764	15	kingdom	kingdom	NOUN
cblr-8637	764	16	:	:	PUNCT
cblr-8637	764	17	how	how	SCONJ
cblr-8637	764	18	the	the	DET
cblr-8637	764	19	federal	federal	ADJ
cblr-8637	764	20	securities	security	NOUN
cblr-8637	764	21	laws	law	NOUN
cblr-8637	764	22	facilitate	facilitate	VERB
cblr-8637	764	23	wealth	wealth	NOUN
cblr-8637	764	24	inequality	inequality	NOUN
cblr-8637	764	25	,	,	PUNCT
cblr-8637	764	26	j.	j.	PROPN
cblr-8637	764	27	bus	bus	PROPN
cblr-8637	764	28	.	.	PROPN
cblr-8637	764	29	&	&	CCONJ
cblr-8637	764	30	sec	sec	PROPN
cblr-8637	764	31	.	.	PROPN
cblr-8637	764	32	l.	l.	PROPN
cblr-8637	764	33	,	,	PUNCT
cblr-8637	764	34	spring	spring	NOUN
cblr-8637	764	35	2016	2016	NUM
cblr-8637	764	36	,	,	PUNCT
cblr-8637	764	37	at	at	ADP
cblr-8637	764	38	1	1	NUM
cblr-8637	764	39	,	,	PUNCT
cblr-8637	764	40	26–28	26–28	NUM
cblr-8637	764	41	.	.	PUNCT
cblr-8637	764	42	212	212	NUM
cblr-8637	764	43	see	see	VERB
cblr-8637	764	44	i	i	PRON
cblr-8637	764	45	d.	d.	PROPN
cblr-8637	764	46	at	at	ADP
cblr-8637	764	47	26	26	NUM
cblr-8637	764	48	.	.	PUNCT
cblr-8637	765	1	213	213	NUM
cblr-8637	766	1	i	i	PRON
cblr-8637	766	2	d.	d.	PROPN
cblr-8637	766	3	at	at	ADP
cblr-8637	766	4	36	36	NUM
cblr-8637	766	5	.	.	PUNCT
cblr-8637	767	1	greene	greene	PROPN
cblr-8637	767	2	et	et	PROPN
cblr-8637	767	3	al	al	PROPN
cblr-8637	767	4	.	.	PROPN
cblr-8637	768	1	8/21/2021	8/21/2021	NUM
cblr-8637	768	2	1:44	1:44	NUM
cblr-8637	768	3	pm	pm	NOUN
cblr-8637	768	4	no	no	INTJ
cblr-8637	768	5	.	.	PUNCT
cblr-8637	769	1	2:714	2:714	NUM
cblr-8637	769	2	]	]	X
cblr-8637	769	3	the	the	DET
cblr-8637	769	4	need	need	NOUN
cblr-8637	769	5	for	for	ADP
cblr-8637	769	6	a	a	DET
cblr-8637	769	7	comprehensive	comprehensive	ADJ
cblr-8637	769	8	approach	approach	NOUN
cblr-8637	769	9	763	763	NUM
cblr-8637	769	10	exclusion	exclusion	NOUN
cblr-8637	769	11	of	of	ADP
cblr-8637	769	12	non	non	ADJ
cblr-8637	769	13	-	-	ADJ
cblr-8637	769	14	accredited	accredited	ADJ
cblr-8637	769	15	investors	investor	NOUN
cblr-8637	769	16	from	from	ADP
cblr-8637	769	17	private	private	ADJ
cblr-8637	769	18	market	market	NOUN
cblr-8637	769	19	opportunities	opportunity	NOUN
cblr-8637	769	20	will	will	AUX
cblr-8637	769	21	likely	likely	ADV
cblr-8637	769	22	exacerbate	exacerbate	VERB
cblr-8637	769	23	this	this	DET
cblr-8637	769	24	effect	effect	NOUN
cblr-8637	769	25	.	.	PUNCT
cblr-8637	770	1	b.	b.	PROPN
cblr-8637	770	2	piecemeal	piecemeal	ADJ
cblr-8637	770	3	reforms	reform	NOUN
cblr-8637	770	4	have	have	AUX
cblr-8637	770	5	been	be	AUX
cblr-8637	770	6	unresponsive	unresponsive	ADJ
cblr-8637	770	7	to	to	ADP
cblr-8637	770	8	the	the	DET
cblr-8637	770	9	policy	policy	NOUN
cblr-8637	770	10	considerations	consideration	NOUN
cblr-8637	770	11	as	as	SCONJ
cblr-8637	770	12	indicated	indicate	VERB
cblr-8637	770	13	by	by	ADP
cblr-8637	770	14	the	the	DET
cblr-8637	770	15	foregoing	forego	VERB
cblr-8637	770	16	discussion	discussion	NOUN
cblr-8637	770	17	,	,	PUNCT
cblr-8637	770	18	the	the	DET
cblr-8637	770	19	public	public	ADJ
cblr-8637	770	20	and	and	CCONJ
cblr-8637	770	21	private	private	ADJ
cblr-8637	770	22	markets	market	NOUN
cblr-8637	770	23	have	have	AUX
cblr-8637	770	24	presented	present	VERB
cblr-8637	770	25	competing	compete	VERB
cblr-8637	770	26	policy	policy	NOUN
cblr-8637	770	27	considerations	consideration	NOUN
cblr-8637	770	28	,	,	PUNCT
cblr-8637	770	29	and	and	CCONJ
cblr-8637	770	30	,	,	PUNCT
cblr-8637	770	31	thus	thus	ADV
cblr-8637	770	32	far	far	ADV
cblr-8637	770	33	,	,	PUNCT
cblr-8637	770	34	regulators	regulator	NOUN
cblr-8637	770	35	have	have	AUX
cblr-8637	770	36	attempted	attempt	VERB
cblr-8637	770	37	to	to	PART
cblr-8637	770	38	address	address	VERB
cblr-8637	770	39	these	these	DET
cblr-8637	770	40	issues	issue	NOUN
cblr-8637	770	41	in	in	ADP
cblr-8637	770	42	an	an	DET
cblr-8637	770	43	ad	ad	X
cblr-8637	770	44	hoc	hoc	X
cblr-8637	770	45	manner	manner	NOUN
cblr-8637	770	46	.	.	PUNCT
cblr-8637	771	1	legislation	legislation	NOUN
cblr-8637	771	2	and	and	CCONJ
cblr-8637	771	3	rulemaking	rulemaking	NOUN
cblr-8637	771	4	over	over	ADP
cblr-8637	771	5	the	the	DET
cblr-8637	771	6	past	past	ADJ
cblr-8637	771	7	decade	decade	NOUN
cblr-8637	771	8	have	have	AUX
cblr-8637	771	9	attempted	attempt	VERB
cblr-8637	771	10	to	to	PART
cblr-8637	771	11	preserve	preserve	VERB
cblr-8637	771	12	the	the	DET
cblr-8637	771	13	public	public	ADJ
cblr-8637	771	14	market	market	NOUN
cblr-8637	771	15	by	by	ADP
cblr-8637	771	16	incentivizing	incentivize	VERB
cblr-8637	771	17	companies	company	NOUN
cblr-8637	771	18	to	to	PART
cblr-8637	771	19	go	go	VERB
cblr-8637	771	20	public	public	ADJ
cblr-8637	771	21	through	through	ADP
cblr-8637	771	22	the	the	DET
cblr-8637	771	23	jobs	job	NOUN
cblr-8637	771	24	act	act	NOUN
cblr-8637	771	25	and	and	CCONJ
cblr-8637	771	26	subsequent	subsequent	ADJ
cblr-8637	771	27	rules.214	rules.214	ADV
cblr-8637	771	28	however	however	ADV
cblr-8637	771	29	,	,	PUNCT
cblr-8637	771	30	evidence	evidence	NOUN
cblr-8637	771	31	indicates	indicate	VERB
cblr-8637	771	32	that	that	SCONJ
cblr-8637	771	33	these	these	DET
cblr-8637	771	34	initiatives	initiative	NOUN
cblr-8637	771	35	were	be	AUX
cblr-8637	771	36	met	meet	VERB
cblr-8637	771	37	with	with	ADP
cblr-8637	771	38	limited	limited	ADJ
cblr-8637	771	39	success	success	NOUN
cblr-8637	771	40	.	.	PUNCT
cblr-8637	772	1	and	and	CCONJ
cblr-8637	772	2	,	,	PUNCT
cblr-8637	772	3	more	more	ADV
cblr-8637	772	4	recently	recently	ADV
cblr-8637	772	5	,	,	PUNCT
cblr-8637	772	6	the	the	DET
cblr-8637	772	7	promising	promising	ADJ
cblr-8637	772	8	early	early	ADJ
cblr-8637	772	9	stage	stage	NOUN
cblr-8637	772	10	growth	growth	NOUN
cblr-8637	772	11	returns	return	NOUN
cblr-8637	772	12	in	in	ADP
cblr-8637	772	13	the	the	DET
cblr-8637	772	14	private	private	ADJ
cblr-8637	772	15	market	market	NOUN
cblr-8637	772	16	have	have	AUX
cblr-8637	772	17	led	lead	VERB
cblr-8637	772	18	to	to	ADP
cblr-8637	772	19	efforts	effort	NOUN
cblr-8637	772	20	to	to	PART
cblr-8637	772	21	expand	expand	VERB
cblr-8637	772	22	the	the	DET
cblr-8637	772	23	exempt	exempt	ADJ
cblr-8637	772	24	offering	offering	NOUN
cblr-8637	772	25	framework.215	framework.215	NOUN
cblr-8637	772	26	in	in	ADP
cblr-8637	772	27	the	the	DET
cblr-8637	772	28	aggregate	aggregate	ADJ
cblr-8637	772	29	,	,	PUNCT
cblr-8637	772	30	public	public	ADJ
cblr-8637	772	31	and	and	CCONJ
cblr-8637	772	32	private	private	ADJ
cblr-8637	772	33	market	market	NOUN
cblr-8637	772	34	reforms	reform	NOUN
cblr-8637	772	35	appear	appear	VERB
cblr-8637	772	36	to	to	PART
cblr-8637	772	37	be	be	AUX
cblr-8637	772	38	increasing	increase	VERB
cblr-8637	772	39	the	the	DET
cblr-8637	772	40	ability	ability	NOUN
cblr-8637	772	41	of	of	ADP
cblr-8637	772	42	firms	firm	NOUN
cblr-8637	772	43	to	to	PART
cblr-8637	772	44	remain	remain	VERB
cblr-8637	772	45	private	private	ADJ
cblr-8637	772	46	without	without	ADP
cblr-8637	772	47	providing	provide	VERB
cblr-8637	772	48	the	the	DET
cblr-8637	772	49	right	right	ADJ
cblr-8637	772	50	balance	balance	NOUN
cblr-8637	772	51	of	of	ADP
cblr-8637	772	52	incentives	incentive	NOUN
cblr-8637	772	53	towards	towards	ADP
cblr-8637	772	54	pushing	push	VERB
cblr-8637	772	55	companies	company	NOUN
cblr-8637	772	56	public	public	ADJ
cblr-8637	772	57	.	.	PUNCT
cblr-8637	773	1	the	the	DET
cblr-8637	773	2	jobs	job	NOUN
cblr-8637	773	3	act	act	VERB
cblr-8637	773	4	aimed	aim	VERB
cblr-8637	773	5	to	to	PART
cblr-8637	773	6	encourage	encourage	VERB
cblr-8637	773	7	egcs	egcs	NOUN
cblr-8637	773	8	towards	towards	ADP
cblr-8637	773	9	the	the	DET
cblr-8637	773	10	public	public	ADJ
cblr-8637	773	11	market	market	NOUN
cblr-8637	773	12	by	by	ADP
cblr-8637	773	13	reducing	reduce	VERB
cblr-8637	773	14	the	the	DET
cblr-8637	773	15	burdens	burden	NOUN
cblr-8637	773	16	around	around	ADP
cblr-8637	773	17	the	the	DET
cblr-8637	773	18	ipo	ipo	NOUN
cblr-8637	773	19	process	process	NOUN
cblr-8637	773	20	and	and	CCONJ
cblr-8637	773	21	scaling	scale	VERB
cblr-8637	773	22	back	back	ADP
cblr-8637	773	23	certain	certain	ADJ
cblr-8637	773	24	ongoing	ongoing	ADJ
cblr-8637	773	25	disclosure	disclosure	NOUN
cblr-8637	773	26	and	and	CCONJ
cblr-8637	773	27	corporate	corporate	ADJ
cblr-8637	773	28	governance	governance	NOUN
cblr-8637	773	29	requirements.216	requirements.216	NOUN
cblr-8637	773	30	however	however	ADV
cblr-8637	773	31	,	,	PUNCT
cblr-8637	773	32	the	the	DET
cblr-8637	773	33	evidence	evidence	NOUN
cblr-8637	773	34	is	be	AUX
cblr-8637	773	35	mixed	mix	VERB
cblr-8637	773	36	as	as	ADP
cblr-8637	773	37	to	to	ADP
cblr-8637	773	38	whether	whether	SCONJ
cblr-8637	773	39	these	these	DET
cblr-8637	773	40	changes	change	NOUN
cblr-8637	773	41	meaningfully	meaningfully	ADV
cblr-8637	773	42	increased	increase	VERB
cblr-8637	773	43	egc	egc	ADJ
cblr-8637	773	44	ipos.217	ipos.217	NOUN
cblr-8637	773	45	in	in	ADP
cblr-8637	773	46	some	some	DET
cblr-8637	773	47	industries	industry	NOUN
cblr-8637	773	48	,	,	PUNCT
cblr-8637	773	49	specifically	specifically	ADV
cblr-8637	773	50	among	among	ADP
cblr-8637	773	51	biotechnology	biotechnology	NOUN
cblr-8637	773	52	firms	firm	NOUN
cblr-8637	773	53	,	,	PUNCT
cblr-8637	773	54	there	there	PRON
cblr-8637	773	55	is	be	VERB
cblr-8637	773	56	evidence	evidence	NOUN
cblr-8637	773	57	that	that	SCONJ
cblr-8637	773	58	the	the	DET
cblr-8637	773	59	jobs	job	NOUN
cblr-8637	773	60	act	act	NOUN
cblr-8637	773	61	has	have	AUX
cblr-8637	773	62	214	214	NUM
cblr-8637	773	63	see	see	NOUN
cblr-8637	773	64	supra	supra	PROPN
cblr-8637	773	65	section	section	NOUN
cblr-8637	773	66	ii.c	ii.c	VERB
cblr-8637	773	67	.	.	PUNCT
cblr-8637	774	1	215	215	NUM
cblr-8637	774	2	see	see	VERB
cblr-8637	774	3	supra	supra	ADJ
cblr-8637	774	4	text	text	NOUN
cblr-8637	774	5	accompanying	accompanying	ADJ
cblr-8637	774	6	notes	note	NOUN
cblr-8637	774	7	136–47	136–47	NUM
cblr-8637	774	8	.	.	PUNCT
cblr-8637	774	9	216	216	NUM
cblr-8637	774	10	see	see	VERB
cblr-8637	774	11	supra	supra	PROPN
cblr-8637	774	12	section	section	NOUN
cblr-8637	774	13	ii.c	ii.c	VERB
cblr-8637	774	14	.	.	PUNCT
cblr-8637	775	1	217	217	NUM
cblr-8637	775	2	gallagher	gallagher	NOUN
cblr-8637	775	3	,	,	PUNCT
cblr-8637	775	4	supra	supra	PROPN
cblr-8637	775	5	note	note	PROPN
cblr-8637	775	6	121	121	NUM
cblr-8637	775	7	,	,	PUNCT
cblr-8637	775	8	at	at	ADP
cblr-8637	775	9	329–30	329–30	NUM
cblr-8637	775	10	.	.	PUNCT
cblr-8637	776	1	for	for	ADP
cblr-8637	776	2	example	example	NOUN
cblr-8637	776	3	,	,	PUNCT
cblr-8637	776	4	one	one	NUM
cblr-8637	776	5	study	study	NOUN
cblr-8637	776	6	found	find	VERB
cblr-8637	776	7	that	that	SCONJ
cblr-8637	776	8	ipo	ipo	NOUN
cblr-8637	776	9	volume	volume	NOUN
cblr-8637	776	10	increased	increase	VERB
cblr-8637	776	11	by	by	ADP
cblr-8637	776	12	fifty	fifty	NUM
cblr-8637	776	13	percent	percent	NOUN
cblr-8637	776	14	in	in	ADP
cblr-8637	776	15	the	the	DET
cblr-8637	776	16	two	two	NUM
cblr-8637	776	17	years	year	NOUN
cblr-8637	776	18	following	follow	VERB
cblr-8637	776	19	the	the	DET
cblr-8637	776	20	jobs	job	NOUN
cblr-8637	776	21	act	act	NOUN
cblr-8637	776	22	,	,	PUNCT
cblr-8637	776	23	but	but	CCONJ
cblr-8637	776	24	another	another	DET
cblr-8637	776	25	study	study	NOUN
cblr-8637	776	26	found	find	VERB
cblr-8637	776	27	that	that	SCONJ
cblr-8637	776	28	the	the	DET
cblr-8637	776	29	number	number	NOUN
cblr-8637	776	30	of	of	ADP
cblr-8637	776	31	ipos	ipos	NOUN
cblr-8637	776	32	by	by	ADP
cblr-8637	776	33	smaller	small	ADJ
cblr-8637	776	34	companies	company	NOUN
cblr-8637	776	35	(	(	PUNCT
cblr-8637	776	36	i.e.	i.e.	X
cblr-8637	776	37	,	,	PUNCT
cblr-8637	776	38	the	the	DET
cblr-8637	776	39	companies	company	NOUN
cblr-8637	776	40	targeted	target	VERB
cblr-8637	776	41	by	by	ADP
cblr-8637	776	42	the	the	DET
cblr-8637	776	43	jobs	job	NOUN
cblr-8637	776	44	act	act	PROPN
cblr-8637	776	45	)	)	PUNCT
cblr-8637	776	46	did	do	AUX
cblr-8637	776	47	not	not	PART
cblr-8637	776	48	significantly	significantly	ADV
cblr-8637	776	49	increase	increase	VERB
cblr-8637	776	50	.	.	PUNCT
cblr-8637	777	1	see	see	VERB
cblr-8637	777	2	i	i	PRON
cblr-8637	777	3	d.	d.	PROPN
cblr-8637	777	4	at	at	ADP
cblr-8637	777	5	327–28	327–28	NUM
cblr-8637	777	6	(	(	PUNCT
cblr-8637	777	7	first	first	ADV
cblr-8637	777	8	citing	cite	VERB
cblr-8637	777	9	michael	michael	PROPN
cblr-8637	777	10	dambra	dambra	PROPN
cblr-8637	777	11	,	,	PUNCT
cblr-8637	777	12	laura	laura	PROPN
cblr-8637	777	13	casares	casares	PROPN
cblr-8637	777	14	field	field	PROPN
cblr-8637	777	15	&	&	CCONJ
cblr-8637	777	16	matthew	matthew	PROPN
cblr-8637	777	17	t.	t.	PROPN
cblr-8637	777	18	gustafson	gustafson	PROPN
cblr-8637	777	19	,	,	PUNCT
cblr-8637	777	20	the	the	DET
cblr-8637	777	21	jobs	job	NOUN
cblr-8637	777	22	act	act	VERB
cblr-8637	777	23	and	and	CCONJ
cblr-8637	777	24	ipo	ipo	PROPN
cblr-8637	777	25	volume	volume	NOUN
cblr-8637	777	26	:	:	PUNCT
cblr-8637	777	27	evidence	evidence	NOUN
cblr-8637	777	28	that	that	SCONJ
cblr-8637	777	29	disclosure	disclosure	NOUN
cblr-8637	777	30	costs	cost	NOUN
cblr-8637	777	31	affect	affect	VERB
cblr-8637	777	32	the	the	DET
cblr-8637	777	33	ipo	ipo	NOUN
cblr-8637	777	34	decision	decision	NOUN
cblr-8637	777	35	,	,	PUNCT
cblr-8637	777	36	116	116	NUM
cblr-8637	777	37	j.	j.	PROPN
cblr-8637	777	38	fin	fin	PROPN
cblr-8637	777	39	.	.	PUNCT
cblr-8637	777	40	econ	econ	PROPN
cblr-8637	777	41	.	.	PUNCT
cblr-8637	778	1	121	121	NUM
cblr-8637	778	2	,	,	PUNCT
cblr-8637	778	3	122	122	NUM
cblr-8637	778	4	(	(	PUNCT
cblr-8637	778	5	2015	2015	NUM
cblr-8637	778	6	)	)	PUNCT
cblr-8637	778	7	;	;	PUNCT
cblr-8637	778	8	and	and	CCONJ
cblr-8637	778	9	then	then	ADV
cblr-8637	778	10	citing	cite	VERB
cblr-8637	778	11	carlos	carlos	PROPN
cblr-8637	778	12	berdejó	berdejó	PROPN
cblr-8637	778	13	,	,	PUNCT
cblr-8637	778	14	going	go	VERB
cblr-8637	778	15	public	public	ADJ
cblr-8637	778	16	after	after	ADP
cblr-8637	778	17	the	the	DET
cblr-8637	778	18	jobs	job	NOUN
cblr-8637	778	19	act	act	PROPN
cblr-8637	778	20	,	,	PUNCT
cblr-8637	778	21	76	76	NUM
cblr-8637	778	22	ohio	ohio	PROPN
cblr-8637	778	23	st	st	PROPN
cblr-8637	778	24	.	.	PROPN
cblr-8637	778	25	l.j	l.j	PROPN
cblr-8637	778	26	.	.	PROPN
cblr-8637	778	27	1	1	NUM
cblr-8637	778	28	,	,	PUNCT
cblr-8637	778	29	35	35	NUM
cblr-8637	778	30	(	(	PUNCT
cblr-8637	778	31	2015	2015	NUM
cblr-8637	778	32	)	)	PUNCT
cblr-8637	778	33	)	)	PUNCT
cblr-8637	778	34	.	.	PUNCT
cblr-8637	779	1	greene	greene	PROPN
cblr-8637	779	2	et	et	PROPN
cblr-8637	779	3	al	al	PROPN
cblr-8637	779	4	.	.	PROPN
cblr-8637	780	1	8/21/2021	8/21/2021	NUM
cblr-8637	780	2	1:44	1:44	NUM
cblr-8637	780	3	pm	pm	NOUN
cblr-8637	780	4	764	764	NUM
cblr-8637	780	5	columbia	columbia	PROPN
cblr-8637	780	6	business	business	NOUN
cblr-8637	780	7	law	law	PROPN
cblr-8637	780	8	review	review	NOUN
cblr-8637	781	1	[	[	X
cblr-8637	781	2	vol	vol	NOUN
cblr-8637	781	3	.	.	PUNCT
cblr-8637	781	4	2021	2021	NUM
cblr-8637	781	5	had	have	VERB
cblr-8637	781	6	a	a	DET
cblr-8637	781	7	meaningful	meaningful	ADJ
cblr-8637	781	8	impact	impact	NOUN
cblr-8637	781	9	on	on	ADP
cblr-8637	781	10	increasing	increase	VERB
cblr-8637	781	11	ipos.218	ipos.218	NOUN
cblr-8637	781	12	a	a	DET
cblr-8637	781	13	recent	recent	ADJ
cblr-8637	781	14	study	study	NOUN
cblr-8637	781	15	found	find	VERB
cblr-8637	781	16	“	"	PUNCT
cblr-8637	781	17	a	a	DET
cblr-8637	781	18	219	219	NUM
cblr-8637	781	19	%	%	NOUN
cblr-8637	781	20	increase	increase	NOUN
cblr-8637	781	21	in	in	ADP
cblr-8637	781	22	biotech	biotech	ADJ
cblr-8637	781	23	ipo	ipo	NOUN
cblr-8637	781	24	volume	volume	NOUN
cblr-8637	781	25	during	during	ADP
cblr-8637	781	26	the	the	DET
cblr-8637	781	27	six	six	NUM
cblr-8637	781	28	-	-	PUNCT
cblr-8637	781	29	year	year	NOUN
cblr-8637	781	30	period	period	NOUN
cblr-8637	781	31	after	after	ADP
cblr-8637	781	32	the	the	DET
cblr-8637	781	33	jobs	job	NOUN
cblr-8637	781	34	act	act	PROPN
cblr-8637	781	35	.	.	PUNCT
cblr-8637	781	36	”219	”219	VERB
cblr-8637	782	1	the	the	DET
cblr-8637	782	2	study	study	NOUN
cblr-8637	782	3	theorizes	theorize	VERB
cblr-8637	782	4	that	that	SCONJ
cblr-8637	782	5	the	the	DET
cblr-8637	782	6	reduced	reduced	ADJ
cblr-8637	782	7	compliance	compliance	NOUN
cblr-8637	782	8	costs	cost	NOUN
cblr-8637	782	9	for	for	ADP
cblr-8637	782	10	egcs	egcs	NOUN
cblr-8637	782	11	under	under	ADP
cblr-8637	782	12	the	the	DET
cblr-8637	782	13	jobs	job	NOUN
cblr-8637	782	14	act	act	NOUN
cblr-8637	782	15	are	be	AUX
cblr-8637	782	16	significantly	significantly	ADV
cblr-8637	782	17	important	important	ADJ
cblr-8637	782	18	for	for	ADP
cblr-8637	782	19	biotech	biotech	ADJ
cblr-8637	782	20	firms	firm	NOUN
cblr-8637	782	21	,	,	PUNCT
cblr-8637	782	22	which	which	PRON
cblr-8637	782	23	must	must	AUX
cblr-8637	782	24	expend	expend	VERB
cblr-8637	782	25	substantial	substantial	ADJ
cblr-8637	782	26	amounts	amount	NOUN
cblr-8637	782	27	on	on	ADP
cblr-8637	782	28	r&d	r&d	NOUN
cblr-8637	782	29	prior	prior	ADV
cblr-8637	782	30	to	to	ADP
cblr-8637	782	31	obtaining	obtain	VERB
cblr-8637	782	32	approval	approval	NOUN
cblr-8637	782	33	from	from	ADP
cblr-8637	782	34	the	the	DET
cblr-8637	782	35	food	food	NOUN
cblr-8637	782	36	and	and	CCONJ
cblr-8637	782	37	drug	drug	NOUN
cblr-8637	782	38	administration.220	administration.220	VERB
cblr-8637	782	39	these	these	DET
cblr-8637	782	40	capital	capital	NOUN
cblr-8637	782	41	-	-	PUNCT
cblr-8637	782	42	related	relate	VERB
cblr-8637	782	43	costs	cost	NOUN
cblr-8637	782	44	in	in	ADP
cblr-8637	782	45	the	the	DET
cblr-8637	782	46	biotech	biotech	ADJ
cblr-8637	782	47	industry	industry	NOUN
cblr-8637	782	48	make	make	VERB
cblr-8637	782	49	the	the	DET
cblr-8637	782	50	firms	firm	NOUN
cblr-8637	782	51	prime	prime	ADJ
cblr-8637	782	52	candidates	candidate	NOUN
cblr-8637	782	53	for	for	ADP
cblr-8637	782	54	ipos	ipos	NOUN
cblr-8637	782	55	.	.	PUNCT
cblr-8637	783	1	with	with	ADP
cblr-8637	783	2	reduced	reduce	VERB
cblr-8637	783	3	post	post	ADJ
cblr-8637	783	4	-	-	ADJ
cblr-8637	783	5	ipo	ipo	ADJ
cblr-8637	783	6	compliance	compliance	NOUN
cblr-8637	783	7	costs	cost	NOUN
cblr-8637	783	8	,	,	PUNCT
cblr-8637	783	9	biotech	biotech	ADJ
cblr-8637	783	10	firms	firm	NOUN
cblr-8637	783	11	are	be	AUX
cblr-8637	783	12	able	able	ADJ
cblr-8637	783	13	to	to	PART
cblr-8637	783	14	raise	raise	VERB
cblr-8637	783	15	more	more	ADJ
cblr-8637	783	16	money	money	NOUN
cblr-8637	783	17	from	from	ADP
cblr-8637	783	18	the	the	DET
cblr-8637	783	19	public	public	ADJ
cblr-8637	783	20	pre	pre	NOUN
cblr-8637	783	21	-	-	NOUN
cblr-8637	783	22	revenue	revenue	NOUN
cblr-8637	783	23	and	and	CCONJ
cblr-8637	783	24	focus	focus	VERB
cblr-8637	783	25	their	their	PRON
cblr-8637	783	26	capital	capital	NOUN
cblr-8637	783	27	on	on	ADP
cblr-8637	783	28	r&d	r&d	NOUN
cblr-8637	783	29	rather	rather	ADV
cblr-8637	783	30	than	than	ADP
cblr-8637	783	31	on	on	ADP
cblr-8637	783	32	the	the	DET
cblr-8637	783	33	heightened	heightened	ADJ
cblr-8637	783	34	disclosure	disclosure	NOUN
cblr-8637	783	35	requirements	requirement	NOUN
cblr-8637	783	36	typically	typically	ADV
cblr-8637	783	37	imposed	impose	VERB
cblr-8637	783	38	on	on	ADP
cblr-8637	783	39	public	public	ADJ
cblr-8637	783	40	companies.221	companies.221	NOUN
cblr-8637	783	41	importantly	importantly	ADV
cblr-8637	783	42	,	,	PUNCT
cblr-8637	783	43	this	this	DET
cblr-8637	783	44	study	study	NOUN
cblr-8637	783	45	found	find	VERB
cblr-8637	783	46	“	"	PUNCT
cblr-8637	783	47	no	no	DET
cblr-8637	783	48	evidence	evidence	NOUN
cblr-8637	783	49	of	of	ADP
cblr-8637	783	50	a	a	DET
cblr-8637	783	51	decline	decline	NOUN
cblr-8637	783	52	in	in	ADP
cblr-8637	783	53	the	the	DET
cblr-8637	783	54	quality	quality	NOUN
cblr-8637	783	55	of	of	ADP
cblr-8637	783	56	”	"	PUNCT
cblr-8637	783	57	biotech	biotech	ADJ
cblr-8637	783	58	firms	firm	NOUN
cblr-8637	783	59	going	go	VERB
cblr-8637	783	60	public.222	public.222	NOUN
cblr-8637	783	61	however	however	ADV
cblr-8637	783	62	,	,	PUNCT
cblr-8637	783	63	studies	study	NOUN
cblr-8637	783	64	focusing	focus	VERB
cblr-8637	783	65	more	more	ADV
cblr-8637	783	66	broadly	broadly	ADV
cblr-8637	783	67	on	on	ADP
cblr-8637	783	68	egcs	egcs	PROPN
cblr-8637	783	69	as	as	ADP
cblr-8637	783	70	a	a	DET
cblr-8637	783	71	whole	whole	NOUN
cblr-8637	783	72	have	have	AUX
cblr-8637	783	73	found	find	VERB
cblr-8637	783	74	less	less	ADV
cblr-8637	783	75	favorable	favorable	ADJ
cblr-8637	783	76	results	result	NOUN
cblr-8637	783	77	with	with	ADP
cblr-8637	783	78	respect	respect	NOUN
cblr-8637	783	79	to	to	ADP
cblr-8637	783	80	the	the	DET
cblr-8637	783	81	quality	quality	NOUN
cblr-8637	783	82	of	of	ADP
cblr-8637	783	83	companies	company	NOUN
cblr-8637	783	84	going	go	VERB
cblr-8637	783	85	public.223	public.223	NOUN
cblr-8637	783	86	while	while	SCONJ
cblr-8637	783	87	some	some	DET
cblr-8637	783	88	recent	recent	ADJ
cblr-8637	783	89	data	datum	NOUN
cblr-8637	783	90	indicate	indicate	VERB
cblr-8637	783	91	that	that	SCONJ
cblr-8637	783	92	the	the	DET
cblr-8637	783	93	jobs	job	NOUN
cblr-8637	783	94	act	act	NOUN
cblr-8637	783	95	has	have	AUX
cblr-8637	783	96	increased	increase	VERB
cblr-8637	783	97	the	the	DET
cblr-8637	783	98	quantity	quantity	NOUN
cblr-8637	783	99	of	of	ADP
cblr-8637	783	100	egc	egc	ADJ
cblr-8637	783	101	ipos	ipos	NOUN
cblr-8637	783	102	,	,	PUNCT
cblr-8637	783	103	it	it	PRON
cblr-8637	783	104	appears	appear	VERB
cblr-8637	783	105	that	that	SCONJ
cblr-8637	783	106	the	the	DET
cblr-8637	783	107	reduced	reduced	ADJ
cblr-8637	783	108	disclosure	disclosure	NOUN
cblr-8637	783	109	requirements	requirement	NOUN
cblr-8637	783	110	may	may	AUX
cblr-8637	783	111	have	have	AUX
cblr-8637	783	112	lowered	lower	VERB
cblr-8637	783	113	the	the	DET
cblr-8637	783	114	quality	quality	NOUN
cblr-8637	783	115	of	of	ADP
cblr-8637	783	116	the	the	DET
cblr-8637	783	117	companies	company	NOUN
cblr-8637	783	118	going	go	VERB
cblr-8637	783	119	public.224	public.224	NUM
cblr-8637	783	120	forty	forty	NUM
cblr-8637	783	121	-	-	PUNCT
cblr-8637	783	122	six	six	NUM
cblr-8637	783	123	percent	percent	NOUN
cblr-8637	783	124	of	of	ADP
cblr-8637	783	125	218	218	NUM
cblr-8637	783	126	see	see	VERB
cblr-8637	783	127	craig	craig	PROPN
cblr-8637	783	128	m.	m.	PROPN
cblr-8637	783	129	lewis	lewis	PROPN
cblr-8637	783	130	&	&	CCONJ
cblr-8637	783	131	joshua	joshua	PROPN
cblr-8637	783	132	t.	t.	PROPN
cblr-8637	783	133	white	white	PROPN
cblr-8637	783	134	,	,	PUNCT
cblr-8637	783	135	deregulating	deregulate	VERB
cblr-8637	783	136	innovation	innovation	NOUN
cblr-8637	783	137	capital	capital	NOUN
cblr-8637	783	138	:	:	PUNCT
cblr-8637	783	139	the	the	DET
cblr-8637	783	140	effects	effect	NOUN
cblr-8637	783	141	of	of	ADP
cblr-8637	783	142	the	the	DET
cblr-8637	783	143	jobs	job	NOUN
cblr-8637	783	144	act	act	VERB
cblr-8637	783	145	on	on	ADP
cblr-8637	783	146	biotech	biotech	ADJ
cblr-8637	783	147	startups	startup	NOUN
cblr-8637	783	148	2	2	NUM
cblr-8637	783	149	(	(	PUNCT
cblr-8637	783	150	aug	aug	PROPN
cblr-8637	783	151	.	.	PROPN
cblr-8637	783	152	21	21	NUM
cblr-8637	783	153	,	,	PUNCT
cblr-8637	783	154	2020	2020	NUM
cblr-8637	783	155	)	)	PUNCT
cblr-8637	783	156	(	(	PUNCT
cblr-8637	783	157	unpublished	unpublished	ADJ
cblr-8637	783	158	manuscript	manuscript	NOUN
cblr-8637	783	159	)	)	PUNCT
cblr-8637	783	160	(	(	PUNCT
cblr-8637	783	161	on	on	ADP
cblr-8637	783	162	file	file	NOUN
cblr-8637	783	163	with	with	ADP
cblr-8637	783	164	the	the	DET
cblr-8637	783	165	columbia	columbia	PROPN
cblr-8637	783	166	business	business	PROPN
cblr-8637	783	167	law	law	PROPN
cblr-8637	783	168	review	review	PROPN
cblr-8637	783	169	)	)	PUNCT
cblr-8637	783	170	,	,	PUNCT
cblr-8637	783	171	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3640852	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3640852	PROPN
cblr-8637	783	172	.	.	PROPN
cblr-8637	784	1	219	219	NUM
cblr-8637	785	1	i	i	PRON
cblr-8637	785	2	d.	d.	PROPN
cblr-8637	785	3	220	220	NUM
cblr-8637	785	4	see	see	VERB
cblr-8637	785	5	i	i	PRON
cblr-8637	785	6	d.	d.	PROPN
cblr-8637	785	7	at	at	ADP
cblr-8637	785	8	2–3	2–3	NUM
cblr-8637	785	9	221	221	NUM
cblr-8637	785	10	see	see	VERB
cblr-8637	785	11	i	i	PROPN
cblr-8637	785	12	d.	d.	PROPN
cblr-8637	785	13	222	222	NUM
cblr-8637	785	14	see	see	VERB
cblr-8637	785	15	i	i	PRON
cblr-8637	785	16	d.	d.	PROPN
cblr-8637	785	17	at	at	ADP
cblr-8637	785	18	33	33	NUM
cblr-8637	785	19	.	.	PUNCT
cblr-8637	785	20	223	223	NUM
cblr-8637	785	21	see	see	VERB
cblr-8637	785	22	the	the	DET
cblr-8637	785	23	jobs	job	NOUN
cblr-8637	785	24	act	act	VERB
cblr-8637	785	25	at	at	ADP
cblr-8637	785	26	five	five	NUM
cblr-8637	785	27	:	:	PUNCT
cblr-8637	785	28	examining	examine	VERB
cblr-8637	785	29	its	its	PRON
cblr-8637	785	30	impact	impact	NOUN
cblr-8637	785	31	and	and	CCONJ
cblr-8637	785	32	ensuring	ensure	VERB
cblr-8637	785	33	the	the	DET
cblr-8637	785	34	competitiveness	competitiveness	NOUN
cblr-8637	785	35	of	of	ADP
cblr-8637	785	36	the	the	DET
cblr-8637	785	37	u.s	u.s	PROPN
cblr-8637	785	38	.	.	PROPN
cblr-8637	785	39	capital	capital	NOUN
cblr-8637	785	40	markets	market	NOUN
cblr-8637	785	41	:	:	PUNCT
cblr-8637	785	42	hearing	hear	VERB
cblr-8637	785	43	on	on	ADP
cblr-8637	785	44	the	the	DET
cblr-8637	785	45	jumpstart	jumpstart	NOUN
cblr-8637	785	46	our	our	PRON
cblr-8637	785	47	business	business	NOUN
cblr-8637	785	48	startups	startup	NOUN
cblr-8637	785	49	act	act	NOUN
cblr-8637	785	50	(	(	PUNCT
cblr-8637	785	51	jobs	job	NOUN
cblr-8637	785	52	act	act	PROPN
cblr-8637	785	53	)	)	PUNCT
cblr-8637	785	54	,	,	PUNCT
cblr-8637	785	55	pub	pub	NOUN
cblr-8637	785	56	.	.	PUNCT
cblr-8637	786	1	l.	l.	PROPN
cblr-8637	786	2	no	no	INTJ
cblr-8637	786	3	.	.	PROPN
cblr-8637	787	1	112	112	NUM
cblr-8637	787	2	-	-	SYM
cblr-8637	787	3	106	106	NUM
cblr-8637	787	4	,	,	PUNCT
cblr-8637	787	5	126	126	NUM
cblr-8637	787	6	stat	stat	NOUN
cblr-8637	787	7	.	.	PUNCT
cblr-8637	788	1	306	306	NUM
cblr-8637	788	2	(	(	PUNCT
cblr-8637	788	3	2012	2012	NUM
cblr-8637	788	4	)	)	PUNCT
cblr-8637	788	5	before	before	ADP
cblr-8637	788	6	the	the	DET
cblr-8637	788	7	h.	h.	PROPN
cblr-8637	788	8	subcomm	subcomm	PROPN
cblr-8637	788	9	.	.	PUNCT
cblr-8637	789	1	on	on	ADP
cblr-8637	789	2	cap	cap	NOUN
cblr-8637	789	3	.	.	PUNCT
cblr-8637	790	1	mkts	mkts	NOUN
cblr-8637	790	2	.	.	PUNCT
cblr-8637	790	3	,	,	PUNCT
cblr-8637	790	4	sec	sec	PROPN
cblr-8637	790	5	.	.	PROPN
cblr-8637	790	6	&	&	CCONJ
cblr-8637	790	7	inv	inv	PROPN
cblr-8637	790	8	.	.	PUNCT
cblr-8637	790	9	of	of	ADP
cblr-8637	790	10	the	the	DET
cblr-8637	790	11	h.	h.	PROPN
cblr-8637	790	12	comm	comm	NOUN
cblr-8637	790	13	.	.	PUNCT
cblr-8637	791	1	on	on	ADP
cblr-8637	791	2	fin	fin	NOUN
cblr-8637	791	3	.	.	PUNCT
cblr-8637	792	1	servs	servs	PROPN
cblr-8637	792	2	.	.	PROPN
cblr-8637	792	3	,	,	PUNCT
cblr-8637	792	4	115th	115th	PROPN
cblr-8637	792	5	cong	cong	NOUN
cblr-8637	792	6	.	.	PROPN
cblr-8637	792	7	8	8	NUM
cblr-8637	792	8	(	(	PUNCT
cblr-8637	792	9	2017	2017	NUM
cblr-8637	792	10	)	)	PUNCT
cblr-8637	793	1	[	[	X
cblr-8637	793	2	hereinafter	hereinafter	NOUN
cblr-8637	793	3	jobs	job	NOUN
cblr-8637	793	4	act	act	AUX
cblr-8637	793	5	hearing	hear	VERB
cblr-8637	793	6	]	]	PUNCT
cblr-8637	793	7	(	(	PUNCT
cblr-8637	793	8	statement	statement	NOUN
cblr-8637	793	9	of	of	ADP
cblr-8637	793	10	andy	andy	PROPN
cblr-8637	793	11	green	green	PROPN
cblr-8637	793	12	,	,	PUNCT
cblr-8637	793	13	managing	managing	NOUN
cblr-8637	793	14	director	director	NOUN
cblr-8637	793	15	of	of	ADP
cblr-8637	793	16	economic	economic	ADJ
cblr-8637	793	17	policy	policy	NOUN
cblr-8637	793	18	,	,	PUNCT
cblr-8637	793	19	ctr	ctr	PROPN
cblr-8637	793	20	.	.	PROPN
cblr-8637	794	1	for	for	ADP
cblr-8637	794	2	am	am	PROPN
cblr-8637	794	3	.	.	PUNCT
cblr-8637	794	4	progress	progress	NOUN
cblr-8637	794	5	)	)	PUNCT
cblr-8637	794	6	.	.	PUNCT
cblr-8637	795	1	224	224	NUM
cblr-8637	795	2	see	see	VERB
cblr-8637	795	3	i	i	PRON
cblr-8637	795	4	d.	d.	PROPN
cblr-8637	795	5	at	at	ADP
cblr-8637	795	6	8–9	8–9	PROPN
cblr-8637	795	7	.	.	PUNCT
cblr-8637	796	1	in	in	ADP
cblr-8637	796	2	a	a	DET
cblr-8637	796	3	version	version	NOUN
cblr-8637	796	4	of	of	ADP
cblr-8637	796	5	his	his	PRON
cblr-8637	796	6	testimony	testimony	NOUN
cblr-8637	796	7	that	that	SCONJ
cblr-8637	796	8	he	he	PRON
cblr-8637	796	9	did	do	AUX
cblr-8637	796	10	not	not	PART
cblr-8637	796	11	deliver	deliver	VERB
cblr-8637	796	12	orally	orally	ADV
cblr-8637	796	13	,	,	PUNCT
cblr-8637	796	14	green	green	PROPN
cblr-8637	796	15	noted	note	VERB
cblr-8637	796	16	that	that	SCONJ
cblr-8637	796	17	eighty	eighty	NUM
cblr-8637	796	18	-	-	PUNCT
cblr-8637	796	19	seven	seven	NUM
cblr-8637	796	20	percent	percent	NOUN
cblr-8637	796	21	of	of	ADP
cblr-8637	796	22	the	the	DET
cblr-8637	796	23	ipos	ipos	NOUN
cblr-8637	796	24	since	since	SCONJ
cblr-8637	796	25	the	the	DET
cblr-8637	796	26	jobs	job	NOUN
cblr-8637	796	27	act	act	NOUN
cblr-8637	796	28	were	be	AUX
cblr-8637	796	29	conducted	conduct	VERB
cblr-8637	796	30	by	by	ADP
cblr-8637	796	31	egc	egc	ADJ
cblr-8637	796	32	filers	filer	NOUN
cblr-8637	796	33	who	who	PRON
cblr-8637	796	34	were	be	AUX
cblr-8637	796	35	able	able	ADJ
cblr-8637	796	36	to	to	PART
cblr-8637	796	37	take	take	VERB
cblr-8637	796	38	advantage	advantage	NOUN
cblr-8637	796	39	of	of	ADP
cblr-8637	796	40	the	the	DET
cblr-8637	796	41	lighter	light	ADJ
cblr-8637	796	42	regulatory	regulatory	ADJ
cblr-8637	796	43	standards	standard	NOUN
cblr-8637	796	44	applicable	applicable	ADJ
cblr-8637	796	45	to	to	ADP
cblr-8637	796	46	those	those	DET
cblr-8637	796	47	companies	company	NOUN
cblr-8637	796	48	.	.	PUNCT
cblr-8637	797	1	andy	andy	PROPN
cblr-8637	797	2	green	green	PROPN
cblr-8637	797	3	,	,	PUNCT
cblr-8637	797	4	ctr	ctr	PROPN
cblr-8637	797	5	.	.	PROPN
cblr-8637	798	1	for	for	ADP
cblr-8637	798	2	am	am	PROPN
cblr-8637	798	3	.	.	PUNCT
cblr-8637	798	4	progress	progress	NOUN
cblr-8637	798	5	,	,	PUNCT
cblr-8637	798	6	the	the	DET
cblr-8637	798	7	jobs	job	NOUN
cblr-8637	798	8	act	act	VERB
cblr-8637	798	9	at	at	ADP
cblr-8637	798	10	five	five	NUM
cblr-8637	798	11	:	:	PUNCT
cblr-8637	798	12	examining	examine	VERB
cblr-8637	798	13	its	its	PRON
cblr-8637	798	14	impact	impact	NOUN
cblr-8637	798	15	and	and	CCONJ
cblr-8637	798	16	greene	greene	PROPN
cblr-8637	798	17	et	et	PROPN
cblr-8637	798	18	al	al	PROPN
cblr-8637	798	19	.	.	PROPN
cblr-8637	799	1	8/21/2021	8/21/2021	NUM
cblr-8637	799	2	1:44	1:44	NUM
cblr-8637	799	3	pm	pm	NOUN
cblr-8637	799	4	no	no	INTJ
cblr-8637	799	5	.	.	PUNCT
cblr-8637	800	1	2:714	2:714	NUM
cblr-8637	800	2	]	]	X
cblr-8637	800	3	the	the	DET
cblr-8637	800	4	need	need	NOUN
cblr-8637	800	5	for	for	ADP
cblr-8637	800	6	a	a	DET
cblr-8637	800	7	comprehensive	comprehensive	ADJ
cblr-8637	800	8	approach	approach	NOUN
cblr-8637	800	9	765	765	NUM
cblr-8637	800	10	egc	egc	ADJ
cblr-8637	800	11	filers	filer	NOUN
cblr-8637	800	12	that	that	PRON
cblr-8637	800	13	provided	provide	VERB
cblr-8637	800	14	management	management	NOUN
cblr-8637	800	15	reports	report	NOUN
cblr-8637	800	16	on	on	ADP
cblr-8637	800	17	internal	internal	ADJ
cblr-8637	800	18	controls	control	NOUN
cblr-8637	800	19	reported	report	VERB
cblr-8637	800	20	material	material	NOUN
cblr-8637	800	21	weaknesses	weakness	NOUN
cblr-8637	800	22	in	in	ADP
cblr-8637	800	23	corporate	corporate	ADJ
cblr-8637	800	24	governance,225	governance,225	PROPN
cblr-8637	800	25	and	and	CCONJ
cblr-8637	800	26	exchange	exchange	NOUN
cblr-8637	800	27	-	-	PUNCT
cblr-8637	800	28	listed	list	VERB
cblr-8637	800	29	egcs	egcs	NOUN
cblr-8637	800	30	reported	report	VERB
cblr-8637	800	31	twice	twice	DET
cblr-8637	800	32	the	the	DET
cblr-8637	800	33	number	number	NOUN
cblr-8637	800	34	of	of	ADP
cblr-8637	800	35	material	material	NOUN
cblr-8637	800	36	control	control	NOUN
cblr-8637	800	37	weaknesses	weakness	NOUN
cblr-8637	800	38	compared	compare	VERB
cblr-8637	800	39	to	to	ADP
cblr-8637	800	40	exchange	exchange	NOUN
cblr-8637	800	41	-	-	PUNCT
cblr-8637	800	42	listed	list	VERB
cblr-8637	800	43	non	non	ADJ
cblr-8637	800	44	-	-	ADJ
cblr-8637	800	45	egcs.226	egcs.226	ADJ
cblr-8637	800	46	“	"	PUNCT
cblr-8637	800	47	this	this	PRON
cblr-8637	800	48	suggests	suggest	VERB
cblr-8637	800	49	that	that	SCONJ
cblr-8637	800	50	the	the	DET
cblr-8637	800	51	jobs	job	NOUN
cblr-8637	800	52	act	act	VERB
cblr-8637	800	53	provisions	provision	NOUN
cblr-8637	800	54	eliminating	eliminate	VERB
cblr-8637	800	55	sarbanes	sarbane	NOUN
cblr-8637	800	56	-	-	PUNCT
cblr-8637	800	57	oxley	oxley	ADJ
cblr-8637	800	58	auditor	auditor	NOUN
cblr-8637	800	59	attestation	attestation	NOUN
cblr-8637	800	60	for	for	ADP
cblr-8637	800	61	egcs	egcs	PROPN
cblr-8637	800	62	is	be	AUX
cblr-8637	800	63	having	have	VERB
cblr-8637	800	64	a	a	DET
cblr-8637	800	65	negative	negative	ADJ
cblr-8637	800	66	impact	impact	NOUN
cblr-8637	800	67	on	on	ADP
cblr-8637	800	68	offering	offer	VERB
cblr-8637	800	69	quality	quality	NOUN
cblr-8637	800	70	.	.	PUNCT
cblr-8637	801	1	”227	”227	PROPN
cblr-8637	801	2	a	a	DET
cblr-8637	801	3	2017	2017	NUM
cblr-8637	801	4	study	study	NOUN
cblr-8637	801	5	found	find	VERB
cblr-8637	801	6	that	that	SCONJ
cblr-8637	801	7	egcs	egcs	PROPN
cblr-8637	801	8	averaged	average	VERB
cblr-8637	801	9	10.6	10.6	NUM
cblr-8637	801	10	%	%	NOUN
cblr-8637	801	11	lower	low	ADJ
cblr-8637	801	12	than	than	ADP
cblr-8637	801	13	non	non	ADJ
cblr-8637	801	14	-	-	ADJ
cblr-8637	801	15	egcs	egcs	ADJ
cblr-8637	801	16	with	with	ADP
cblr-8637	801	17	respect	respect	NOUN
cblr-8637	801	18	to	to	ADP
cblr-8637	801	19	returns	return	NOUN
cblr-8637	801	20	on	on	ADP
cblr-8637	801	21	assets	asset	NOUN
cblr-8637	801	22	prior	prior	ADV
cblr-8637	801	23	to	to	ADP
cblr-8637	801	24	the	the	DET
cblr-8637	801	25	jobs	job	NOUN
cblr-8637	801	26	act	act	PROPN
cblr-8637	801	27	,	,	PUNCT
cblr-8637	801	28	but	but	CCONJ
cblr-8637	801	29	that	that	SCONJ
cblr-8637	801	30	this	this	DET
cblr-8637	801	31	spread	spread	NOUN
cblr-8637	801	32	had	have	AUX
cblr-8637	801	33	increased	increase	VERB
cblr-8637	801	34	to	to	ADP
cblr-8637	801	35	21.8	21.8	NUM
cblr-8637	801	36	%	%	NOUN
cblr-8637	801	37	in	in	ADP
cblr-8637	801	38	the	the	DET
cblr-8637	801	39	first	first	ADJ
cblr-8637	801	40	four	four	NUM
cblr-8637	801	41	years	year	NOUN
cblr-8637	801	42	after	after	SCONJ
cblr-8637	801	43	the	the	DET
cblr-8637	801	44	act	act	NOUN
cblr-8637	801	45	was	be	AUX
cblr-8637	801	46	passed.228	passed.228	PROPN
cblr-8637	801	47	finally	finally	ADV
cblr-8637	801	48	,	,	PUNCT
cblr-8637	801	49	an	an	DET
cblr-8637	801	50	ensuring	ensure	VERB
cblr-8637	801	51	the	the	DET
cblr-8637	801	52	competitiveness	competitiveness	NOUN
cblr-8637	801	53	of	of	ADP
cblr-8637	801	54	the	the	DET
cblr-8637	801	55	u.s	u.s	PROPN
cblr-8637	801	56	.	.	PROPN
cblr-8637	801	57	capital	capital	NOUN
cblr-8637	801	58	markets	market	NOUN
cblr-8637	801	59	:	:	PUNCT
cblr-8637	801	60	testimony	testimony	NOUN
cblr-8637	801	61	before	before	ADP
cblr-8637	801	62	the	the	DET
cblr-8637	801	63	u.s	u.s	PROPN
cblr-8637	801	64	.	.	PROPN
cblr-8637	801	65	house	house	PROPN
cblr-8637	801	66	of	of	ADP
cblr-8637	801	67	representatives	representatives	PROPN
cblr-8637	801	68	subcommittee	subcommittee	NOUN
cblr-8637	801	69	on	on	ADP
cblr-8637	801	70	capital	capital	NOUN
cblr-8637	801	71	markets	market	NOUN
cblr-8637	801	72	,	,	PUNCT
cblr-8637	801	73	securities	security	NOUN
cblr-8637	801	74	and	and	CCONJ
cblr-8637	801	75	investment	investment	NOUN
cblr-8637	801	76	3	3	NUM
cblr-8637	801	77	(	(	PUNCT
cblr-8637	801	78	2017	2017	NUM
cblr-8637	801	79	)	)	PUNCT
cblr-8637	801	80	(	(	PUNCT
cblr-8637	801	81	citing	cite	VERB
cblr-8637	801	82	ey	ey	INTJ
cblr-8637	801	83	,	,	PUNCT
cblr-8637	801	84	update	update	NOUN
cblr-8637	801	85	on	on	ADP
cblr-8637	801	86	emerging	emerge	VERB
cblr-8637	801	87	growth	growth	NOUN
cblr-8637	801	88	companies	company	NOUN
cblr-8637	801	89	and	and	CCONJ
cblr-8637	801	90	the	the	DET
cblr-8637	801	91	jobs	job	NOUN
cblr-8637	801	92	act	act	NOUN
cblr-8637	801	93	(	(	PUNCT
cblr-8637	801	94	2016	2016	NUM
cblr-8637	801	95	)	)	PUNCT
cblr-8637	801	96	,	,	PUNCT
cblr-8637	801	97	http://www.ey.com/publication/vwluassets/ey-update-on-emerginggrowth-companies-and-the-jobs-act-november-2016/$file/ey-update-onemerging-growth-companies-and-the-jobs-act-november-2016.pdf	http://www.ey.com/publication/vwluassets/ey-update-on-emerginggrowth-companies-and-the-jobs-act-november-2016/$file/ey-update-onemerging-growth-companies-and-the-jobs-act-november-2016.pdf	NOUN
cblr-8637	801	98	)	)	PUNCT
cblr-8637	801	99	,	,	PUNCT
cblr-8637	802	1	https://docs.house.gov/meetings/ba/ba16/20170322/105717/hhrg-115ba16-wstate-greena-20170322.pdf	https://docs.house.gov/meetings/ba/ba16/20170322/105717/hhrg-115ba16-wstate-greena-20170322.pdf	PROPN
cblr-8637	802	2	[	[	X
cblr-8637	802	3	https://perma.cc/87v5-xp7x	https://perma.cc/87v5-xp7x	PROPN
cblr-8637	802	4	]	]	PUNCT
cblr-8637	802	5	.	.	PUNCT
cblr-8637	803	1	however	however	ADV
cblr-8637	803	2	,	,	PUNCT
cblr-8637	803	3	the	the	DET
cblr-8637	803	4	egc	egc	NOUN
cblr-8637	803	5	-	-	PUNCT
cblr-8637	803	6	label	label	NOUN
cblr-8637	803	7	is	be	AUX
cblr-8637	803	8	simply	simply	ADV
cblr-8637	803	9	an	an	DET
cblr-8637	803	10	indication	indication	NOUN
cblr-8637	803	11	of	of	ADP
cblr-8637	803	12	size	size	NOUN
cblr-8637	803	13	,	,	PUNCT
cblr-8637	803	14	not	not	PART
cblr-8637	803	15	a	a	DET
cblr-8637	803	16	statement	statement	NOUN
cblr-8637	803	17	on	on	ADP
cblr-8637	803	18	whether	whether	SCONJ
cblr-8637	803	19	the	the	DET
cblr-8637	803	20	firm	firm	NOUN
cblr-8637	803	21	is	be	AUX
cblr-8637	803	22	“	"	PUNCT
cblr-8637	803	23	exciting	exciting	ADJ
cblr-8637	803	24	or	or	CCONJ
cblr-8637	803	25	innovative	innovative	ADJ
cblr-8637	803	26	.	.	PUNCT
cblr-8637	803	27	”	"	PUNCT
cblr-8637	804	1	i	i	PRON
cblr-8637	804	2	d.	d.	PROPN
cblr-8637	804	3	in	in	ADP
cblr-8637	804	4	fact	fact	NOUN
cblr-8637	804	5	,	,	PUNCT
cblr-8637	804	6	a	a	DET
cblr-8637	804	7	plurality	plurality	NOUN
cblr-8637	804	8	of	of	ADP
cblr-8637	804	9	egc	egc	ADJ
cblr-8637	804	10	filers	filer	NOUN
cblr-8637	804	11	by	by	ADP
cblr-8637	804	12	asset	asset	NOUN
cblr-8637	804	13	“	"	PUNCT
cblr-8637	804	14	were	be	AUX
cblr-8637	804	15	real	real	ADJ
cblr-8637	804	16	estate	estate	NOUN
cblr-8637	804	17	investment	investment	NOUN
cblr-8637	804	18	trusts	trust	NOUN
cblr-8637	804	19	,	,	PUNCT
cblr-8637	804	20	state	state	NOUN
cblr-8637	804	21	and	and	CCONJ
cblr-8637	804	22	federallychartered	federallychartered	ADJ
cblr-8637	804	23	commercial	commercial	ADJ
cblr-8637	804	24	and	and	CCONJ
cblr-8637	804	25	savings	saving	NOUN
cblr-8637	804	26	banks	bank	NOUN
cblr-8637	804	27	,	,	PUNCT
cblr-8637	804	28	and	and	CCONJ
cblr-8637	804	29	pharmaceutical	pharmaceutical	NOUN
cblr-8637	804	30	preparations	preparation	NOUN
cblr-8637	804	31	,	,	PUNCT
cblr-8637	804	32	”	"	PUNCT
cblr-8637	804	33	not	not	PART
cblr-8637	804	34	the	the	DET
cblr-8637	804	35	type	type	NOUN
cblr-8637	804	36	of	of	ADP
cblr-8637	804	37	firms	firm	NOUN
cblr-8637	804	38	one	one	PRON
cblr-8637	804	39	would	would	AUX
cblr-8637	804	40	colloquially	colloquially	ADV
cblr-8637	804	41	refer	refer	VERB
cblr-8637	804	42	to	to	ADP
cblr-8637	804	43	as	as	ADP
cblr-8637	804	44	“	"	PUNCT
cblr-8637	804	45	growth	growth	NOUN
cblr-8637	804	46	”	"	PUNCT
cblr-8637	804	47	companies	company	NOUN
cblr-8637	804	48	.	.	PUNCT
cblr-8637	805	1	see	see	VERB
cblr-8637	805	2	i	i	PRON
cblr-8637	805	3	d.	d.	PROPN
cblr-8637	805	4	(	(	PUNCT
cblr-8637	805	5	citing	cite	VERB
cblr-8637	805	6	kevin	kevin	PROPN
cblr-8637	805	7	murphy	murphy	PROPN
cblr-8637	805	8	,	,	PUNCT
cblr-8637	805	9	tosha	tosha	PROPN
cblr-8637	805	10	williams	williams	PROPN
cblr-8637	805	11	&	&	CCONJ
cblr-8637	805	12	harsha	harsha	PROPN
cblr-8637	805	13	samaraweera	samaraweera	PROPN
cblr-8637	805	14	,	,	PUNCT
cblr-8637	805	15	white	white	ADJ
cblr-8637	805	16	paper	paper	NOUN
cblr-8637	805	17	on	on	ADP
cblr-8637	805	18	characteristics	characteristic	NOUN
cblr-8637	805	19	of	of	ADP
cblr-8637	805	20	emerging	emerge	VERB
cblr-8637	805	21	growth	growth	NOUN
cblr-8637	805	22	companies	company	NOUN
cblr-8637	805	23	as	as	ADP
cblr-8637	805	24	of	of	ADP
cblr-8637	805	25	may	may	PROPN
cblr-8637	805	26	15	15	NUM
cblr-8637	805	27	,	,	PUNCT
cblr-8637	805	28	2016	2016	NUM
cblr-8637	805	29	,	,	PUNCT
cblr-8637	805	30	at	at	ADP
cblr-8637	805	31	12	12	NUM
cblr-8637	805	32	(	(	PUNCT
cblr-8637	805	33	2016	2016	NUM
cblr-8637	805	34	)	)	PUNCT
cblr-8637	805	35	,	,	PUNCT
cblr-8637	805	36	https://pcaobus.org/economicandriskanalysis/ora/documents/whitepaper-on-characteristics-of-emerging-growth-companies-may-2016.pdf	https://pcaobus.org/economicandriskanalysis/ora/documents/whitepaper-on-characteristics-of-emerging-growth-companies-may-2016.pdf	NOUN
cblr-8637	805	37	[	[	X
cblr-8637	805	38	https://perma.cc/duv2-stde	https://perma.cc/duv2-stde	PROPN
cblr-8637	805	39	]	]	PUNCT
cblr-8637	805	40	)	)	PUNCT
cblr-8637	805	41	.	.	PUNCT
cblr-8637	806	1	225	225	NUM
cblr-8637	806	2	jobs	job	NOUN
cblr-8637	806	3	act	act	NOUN
cblr-8637	806	4	hearing	hearing	NOUN
cblr-8637	806	5	,	,	PUNCT
cblr-8637	806	6	supra	supra	PROPN
cblr-8637	806	7	note	note	NOUN
cblr-8637	806	8	223	223	NUM
cblr-8637	806	9	,	,	PUNCT
cblr-8637	806	10	at	at	ADP
cblr-8637	806	11	8	8	NUM
cblr-8637	806	12	(	(	PUNCT
cblr-8637	806	13	statement	statement	NOUN
cblr-8637	806	14	of	of	ADP
cblr-8637	806	15	andy	andy	PROPN
cblr-8637	806	16	green	green	PROPN
cblr-8637	806	17	,	,	PUNCT
cblr-8637	806	18	managing	managing	NOUN
cblr-8637	806	19	director	director	NOUN
cblr-8637	806	20	of	of	ADP
cblr-8637	806	21	economic	economic	ADJ
cblr-8637	806	22	policy	policy	NOUN
cblr-8637	806	23	,	,	PUNCT
cblr-8637	806	24	ctr	ctr	PROPN
cblr-8637	806	25	.	.	PROPN
cblr-8637	807	1	for	for	ADP
cblr-8637	807	2	am	am	PROPN
cblr-8637	807	3	.	.	PUNCT
cblr-8637	807	4	progress	progress	NOUN
cblr-8637	807	5	)	)	PUNCT
cblr-8637	807	6	.	.	PUNCT
cblr-8637	808	1	226	226	NUM
cblr-8637	808	2	green	green	ADJ
cblr-8637	808	3	,	,	PUNCT
cblr-8637	808	4	supra	supra	PROPN
cblr-8637	808	5	note	note	NOUN
cblr-8637	808	6	224	224	NUM
cblr-8637	808	7	,	,	PUNCT
cblr-8637	808	8	at	at	ADP
cblr-8637	808	9	4	4	NUM
cblr-8637	808	10	.	.	NOUN
cblr-8637	808	11	227	227	NUM
cblr-8637	809	1	i	i	PRON
cblr-8637	809	2	d.	d.	PROPN
cblr-8637	809	3	228	228	NUM
cblr-8637	809	4	kai	kai	PROPN
cblr-8637	809	5	lu	lu	PROPN
cblr-8637	809	6	,	,	PUNCT
cblr-8637	809	7	the	the	DET
cblr-8637	809	8	jobs	job	NOUN
cblr-8637	809	9	act	act	VERB
cblr-8637	809	10	and	and	CCONJ
cblr-8637	809	11	post	post	VERB
cblr-8637	809	12	ipo	ipo	NOUN
cblr-8637	809	13	performance	performance	NOUN
cblr-8637	809	14	of	of	ADP
cblr-8637	809	15	egc	egc	ADJ
cblr-8637	809	16	firms	firm	NOUN
cblr-8637	809	17	20	20	NUM
cblr-8637	809	18	(	(	PUNCT
cblr-8637	809	19	feb	feb	X
cblr-8637	809	20	.	.	PROPN
cblr-8637	809	21	1	1	NUM
cblr-8637	809	22	,	,	PUNCT
cblr-8637	809	23	2017	2017	NUM
cblr-8637	809	24	)	)	PUNCT
cblr-8637	809	25	(	(	PUNCT
cblr-8637	809	26	unpublished	unpublished	ADJ
cblr-8637	809	27	manuscript	manuscript	NOUN
cblr-8637	809	28	)	)	PUNCT
cblr-8637	809	29	(	(	PUNCT
cblr-8637	809	30	on	on	ADP
cblr-8637	809	31	file	file	NOUN
cblr-8637	809	32	with	with	ADP
cblr-8637	809	33	the	the	DET
cblr-8637	809	34	columbia	columbia	PROPN
cblr-8637	809	35	business	business	PROPN
cblr-8637	809	36	law	law	PROPN
cblr-8637	809	37	review	review	PROPN
cblr-8637	809	38	)	)	PUNCT
cblr-8637	809	39	,	,	PUNCT
cblr-8637	809	40	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=292	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=292	PROPN
cblr-8637	809	41	7722	7722	NUM
cblr-8637	809	42	.	.	PUNCT
cblr-8637	810	1	while	while	SCONJ
cblr-8637	810	2	returns	return	NOUN
cblr-8637	810	3	for	for	ADP
cblr-8637	810	4	egcs	egcs	ADJ
cblr-8637	810	5	post	post	ADJ
cblr-8637	810	6	-	-	ADJ
cblr-8637	810	7	jobs	job	NOUN
cblr-8637	810	8	act	act	NOUN
cblr-8637	810	9	may	may	AUX
cblr-8637	810	10	be	be	AUX
cblr-8637	810	11	lower	low	ADJ
cblr-8637	810	12	than	than	ADP
cblr-8637	810	13	for	for	ADP
cblr-8637	810	14	nonegcs	nonegcs	ADJ
cblr-8637	810	15	,	,	PUNCT
cblr-8637	810	16	it	it	PRON
cblr-8637	810	17	should	should	AUX
cblr-8637	810	18	be	be	AUX
cblr-8637	810	19	noted	note	VERB
cblr-8637	810	20	that	that	SCONJ
cblr-8637	810	21	the	the	DET
cblr-8637	810	22	quality	quality	NOUN
cblr-8637	810	23	of	of	ADP
cblr-8637	810	24	the	the	DET
cblr-8637	810	25	company	company	NOUN
cblr-8637	810	26	may	may	AUX
cblr-8637	810	27	not	not	PART
cblr-8637	810	28	be	be	AUX
cblr-8637	810	29	the	the	DET
cblr-8637	810	30	only	only	ADJ
cblr-8637	810	31	reason	reason	NOUN
cblr-8637	810	32	for	for	ADP
cblr-8637	810	33	this	this	DET
cblr-8637	810	34	discrepancy	discrepancy	NOUN
cblr-8637	810	35	.	.	PUNCT
cblr-8637	811	1	egcs	egcs	PROPN
cblr-8637	811	2	are	be	AUX
cblr-8637	811	3	smaller	small	ADJ
cblr-8637	811	4	and	and	CCONJ
cblr-8637	811	5	newer	new	ADJ
cblr-8637	811	6	than	than	ADP
cblr-8637	811	7	nonegcs	nonegcs	ADJ
cblr-8637	811	8	,	,	PUNCT
cblr-8637	811	9	so	so	SCONJ
cblr-8637	811	10	it	it	PRON
cblr-8637	811	11	may	may	AUX
cblr-8637	811	12	be	be	AUX
cblr-8637	811	13	expected	expect	VERB
cblr-8637	811	14	that	that	SCONJ
cblr-8637	811	15	these	these	DET
cblr-8637	811	16	companies	company	NOUN
cblr-8637	811	17	may	may	AUX
cblr-8637	811	18	not	not	PART
cblr-8637	811	19	perform	perform	VERB
cblr-8637	811	20	as	as	ADV
cblr-8637	811	21	well	well	ADV
cblr-8637	811	22	as	as	ADP
cblr-8637	811	23	larger	large	ADJ
cblr-8637	811	24	and	and	CCONJ
cblr-8637	811	25	more	more	ADV
cblr-8637	811	26	well	well	ADV
cblr-8637	811	27	-	-	PUNCT
cblr-8637	811	28	established	establish	VERB
cblr-8637	811	29	non	non	ADJ
cblr-8637	811	30	-	-	ADJ
cblr-8637	811	31	egc	egc	ADJ
cblr-8637	811	32	filers	filer	NOUN
cblr-8637	811	33	.	.	PUNCT
cblr-8637	812	1	thus	thus	ADV
cblr-8637	812	2	,	,	PUNCT
cblr-8637	812	3	isolating	isolate	VERB
cblr-8637	812	4	the	the	DET
cblr-8637	812	5	greene	greene	PROPN
cblr-8637	812	6	et	et	PROPN
cblr-8637	812	7	al	al	PROPN
cblr-8637	812	8	.	.	PROPN
cblr-8637	813	1	8/21/2021	8/21/2021	NUM
cblr-8637	813	2	1:44	1:44	NUM
cblr-8637	813	3	pm	pm	NOUN
cblr-8637	813	4	766	766	NUM
cblr-8637	813	5	columbia	columbia	PROPN
cblr-8637	813	6	business	business	NOUN
cblr-8637	813	7	law	law	PROPN
cblr-8637	813	8	review	review	NOUN
cblr-8637	813	9	[	[	X
cblr-8637	813	10	vol	vol	NOUN
cblr-8637	813	11	.	.	PUNCT
cblr-8637	814	1	2021	2021	NUM
cblr-8637	814	2	empirical	empirical	ADJ
cblr-8637	814	3	study	study	NOUN
cblr-8637	814	4	conducted	conduct	VERB
cblr-8637	814	5	by	by	ADP
cblr-8637	814	6	chaplinsky	chaplinsky	PROPN
cblr-8637	814	7	,	,	PUNCT
cblr-8637	814	8	hanley	hanley	NOUN
cblr-8637	814	9	,	,	PUNCT
cblr-8637	814	10	and	and	CCONJ
cblr-8637	814	11	moon	moon	NOUN
cblr-8637	814	12	suggests	suggest	VERB
cblr-8637	814	13	that	that	SCONJ
cblr-8637	814	14	while	while	SCONJ
cblr-8637	814	15	the	the	DET
cblr-8637	814	16	jobs	job	NOUN
cblr-8637	814	17	act	act	VERB
cblr-8637	814	18	can	can	AUX
cblr-8637	814	19	reduce	reduce	VERB
cblr-8637	814	20	the	the	DET
cblr-8637	814	21	costs	cost	NOUN
cblr-8637	814	22	of	of	ADP
cblr-8637	814	23	going	go	VERB
cblr-8637	814	24	public	public	ADJ
cblr-8637	814	25	,	,	PUNCT
cblr-8637	814	26	such	such	ADJ
cblr-8637	814	27	reduction	reduction	NOUN
cblr-8637	814	28	may	may	AUX
cblr-8637	814	29	be	be	AUX
cblr-8637	814	30	at	at	ADP
cblr-8637	814	31	the	the	DET
cblr-8637	814	32	expense	expense	NOUN
cblr-8637	814	33	of	of	ADP
cblr-8637	814	34	capital	capital	NOUN
cblr-8637	814	35	formation	formation	NOUN
cblr-8637	814	36	and	and	CCONJ
cblr-8637	814	37	stock	stock	NOUN
cblr-8637	814	38	liquidity.229	liquidity.229	NOUN
cblr-8637	814	39	the	the	DET
cblr-8637	814	40	study	study	NOUN
cblr-8637	814	41	found	find	VERB
cblr-8637	814	42	that	that	SCONJ
cblr-8637	814	43	egc	egc	ADJ
cblr-8637	814	44	issuers	issuer	NOUN
cblr-8637	814	45	faced	face	VERB
cblr-8637	814	46	a	a	DET
cblr-8637	814	47	76	76	NUM
cblr-8637	814	48	%	%	NOUN
cblr-8637	814	49	increase	increase	NOUN
cblr-8637	814	50	in	in	ADP
cblr-8637	814	51	underpricing	underpricing	NOUN
cblr-8637	814	52	compared	compare	VERB
cblr-8637	814	53	to	to	ADP
cblr-8637	814	54	similarly	similarly	ADV
cblr-8637	814	55	-	-	PUNCT
cblr-8637	814	56	sized	sized	ADJ
cblr-8637	814	57	firms	firm	NOUN
cblr-8637	814	58	that	that	PRON
cblr-8637	814	59	underwent	undergo	VERB
cblr-8637	814	60	ipos	ipos	NOUN
cblr-8637	814	61	prior	prior	ADV
cblr-8637	814	62	to	to	ADP
cblr-8637	814	63	the	the	DET
cblr-8637	814	64	jobs	job	NOUN
cblr-8637	814	65	act	act	NOUN
cblr-8637	814	66	,	,	PUNCT
cblr-8637	814	67	and	and	CCONJ
cblr-8637	814	68	concluded	conclude	VERB
cblr-8637	814	69	that	that	SCONJ
cblr-8637	814	70	this	this	PRON
cblr-8637	814	71	was	be	AUX
cblr-8637	814	72	likely	likely	ADJ
cblr-8637	814	73	due	due	ADP
cblr-8637	814	74	to	to	ADP
cblr-8637	814	75	the	the	DET
cblr-8637	814	76	reduced	reduce	VERB
cblr-8637	814	77	amount	amount	NOUN
cblr-8637	814	78	of	of	ADP
cblr-8637	814	79	issuer	issuer	ADJ
cblr-8637	814	80	information	information	NOUN
cblr-8637	814	81	available	available	ADJ
cblr-8637	814	82	to	to	ADP
cblr-8637	814	83	investors	investor	NOUN
cblr-8637	814	84	,	,	PUNCT
cblr-8637	814	85	who	who	PRON
cblr-8637	814	86	are	be	AUX
cblr-8637	814	87	not	not	PART
cblr-8637	814	88	willing	willing	ADJ
cblr-8637	814	89	to	to	PART
cblr-8637	814	90	pay	pay	VERB
cblr-8637	814	91	as	as	ADV
cblr-8637	814	92	much	much	ADJ
cblr-8637	814	93	for	for	ADP
cblr-8637	814	94	stocks	stock	NOUN
cblr-8637	814	95	they	they	PRON
cblr-8637	814	96	can	can	AUX
cblr-8637	814	97	not	not	PART
cblr-8637	814	98	fully	fully	ADV
cblr-8637	814	99	assess.230	assess.230	VERB
cblr-8637	814	100	on	on	ADP
cblr-8637	814	101	average	average	ADJ
cblr-8637	814	102	,	,	PUNCT
cblr-8637	814	103	this	this	DET
cblr-8637	814	104	underpricing	underpricing	NOUN
cblr-8637	814	105	translates	translate	VERB
cblr-8637	814	106	into	into	ADP
cblr-8637	814	107	a	a	DET
cblr-8637	814	108	roughly	roughly	ADJ
cblr-8637	814	109	3	3	NUM
cblr-8637	814	110	%	%	NOUN
cblr-8637	814	111	reduction	reduction	NOUN
cblr-8637	814	112	in	in	ADP
cblr-8637	814	113	post	post	ADJ
cblr-8637	814	114	-	-	ADJ
cblr-8637	814	115	ipo	ipo	ADJ
cblr-8637	814	116	market	market	NOUN
cblr-8637	814	117	value	value	NOUN
cblr-8637	814	118	for	for	ADP
cblr-8637	814	119	egc	egc	ADJ
cblr-8637	814	120	issuers	issuer	NOUN
cblr-8637	814	121	covered	cover	VERB
cblr-8637	814	122	by	by	ADP
cblr-8637	814	123	the	the	DET
cblr-8637	814	124	jobs	job	NOUN
cblr-8637	814	125	act	act	PROPN
cblr-8637	814	126	’s	’s	PART
cblr-8637	814	127	reduced	reduce	VERB
cblr-8637	814	128	disclosure	disclosure	NOUN
cblr-8637	814	129	requirements.231	requirements.231	VERB
cblr-8637	814	130	the	the	DET
cblr-8637	814	131	overall	overall	ADJ
cblr-8637	814	132	effect	effect	NOUN
cblr-8637	814	133	of	of	ADP
cblr-8637	814	134	expanding	expand	VERB
cblr-8637	814	135	the	the	DET
cblr-8637	814	136	confidential	confidential	ADJ
cblr-8637	814	137	filing	filing	NOUN
cblr-8637	814	138	and	and	CCONJ
cblr-8637	814	139	“	"	PUNCT
cblr-8637	814	140	test	test	VERB
cblr-8637	814	141	-	-	PUNCT
cblr-8637	814	142	the	the	DET
cblr-8637	814	143	-	-	PUNCT
cblr-8637	814	144	waters	water	NOUN
cblr-8637	814	145	”	"	PUNCT
cblr-8637	814	146	advantages	advantage	NOUN
cblr-8637	814	147	to	to	ADP
cblr-8637	814	148	non	non	ADJ
cblr-8637	814	149	-	-	ADJ
cblr-8637	814	150	egcs	egcs	ADJ
cblr-8637	814	151	in	in	ADP
cblr-8637	814	152	2017	2017	NUM
cblr-8637	814	153	and	and	CCONJ
cblr-8637	814	154	2019	2019	NUM
cblr-8637	814	155	remains	remain	VERB
cblr-8637	814	156	to	to	PART
cblr-8637	814	157	be	be	AUX
cblr-8637	814	158	seen	see	VERB
cblr-8637	814	159	.	.	PUNCT
cblr-8637	815	1	one	one	NUM
cblr-8637	815	2	study	study	NOUN
cblr-8637	815	3	analyzing	analyze	VERB
cblr-8637	815	4	the	the	DET
cblr-8637	815	5	effects	effect	NOUN
cblr-8637	815	6	of	of	ADP
cblr-8637	815	7	the	the	DET
cblr-8637	815	8	confidential	confidential	ADJ
cblr-8637	815	9	filing	filing	NOUN
cblr-8637	815	10	expansion	expansion	NOUN
cblr-8637	815	11	found	find	VERB
cblr-8637	815	12	that	that	SCONJ
cblr-8637	815	13	neither	neither	CCONJ
cblr-8637	815	14	the	the	DET
cblr-8637	815	15	number	number	NOUN
cblr-8637	815	16	of	of	ADP
cblr-8637	815	17	non	non	ADJ
cblr-8637	815	18	-	-	ADJ
cblr-8637	815	19	egc	egc	ADJ
cblr-8637	815	20	ipos	ipos	NOUN
cblr-8637	815	21	nor	nor	CCONJ
cblr-8637	815	22	the	the	DET
cblr-8637	815	23	proportion	proportion	NOUN
cblr-8637	815	24	of	of	ADP
cblr-8637	815	25	non	non	ADJ
cblr-8637	815	26	-	-	ADJ
cblr-8637	815	27	egc	egc	ADJ
cblr-8637	815	28	ipos	ipos	NOUN
cblr-8637	815	29	in	in	ADP
cblr-8637	815	30	the	the	DET
cblr-8637	815	31	market	market	NOUN
cblr-8637	815	32	increased	increase	VERB
cblr-8637	815	33	in	in	ADP
cblr-8637	815	34	the	the	DET
cblr-8637	815	35	year	year	NOUN
cblr-8637	815	36	following	follow	VERB
cblr-8637	815	37	the	the	DET
cblr-8637	815	38	sec	sec	PROPN
cblr-8637	815	39	’s	’s	PART
cblr-8637	815	40	expansion	expansion	NOUN
cblr-8637	815	41	in	in	ADP
cblr-8637	815	42	2017.232	2017.232	NUM
cblr-8637	815	43	now	now	ADV
cblr-8637	815	44	that	that	SCONJ
cblr-8637	815	45	non	non	ADJ
cblr-8637	815	46	-	-	ADJ
cblr-8637	815	47	egcs	egcs	ADJ
cblr-8637	815	48	are	be	AUX
cblr-8637	815	49	also	also	ADV
cblr-8637	815	50	able	able	ADJ
cblr-8637	815	51	to	to	PART
cblr-8637	815	52	“	"	PUNCT
cblr-8637	815	53	test	test	NOUN
cblr-8637	815	54	-	-	PUNCT
cblr-8637	815	55	thewaters	thewater	NOUN
cblr-8637	815	56	,	,	PUNCT
cblr-8637	815	57	”	"	PUNCT
cblr-8637	815	58	it	it	PRON
cblr-8637	815	59	is	be	AUX
cblr-8637	815	60	possible	possible	ADJ
cblr-8637	815	61	that	that	SCONJ
cblr-8637	815	62	more	more	ADJ
cblr-8637	815	63	of	of	ADP
cblr-8637	815	64	them	they	PRON
cblr-8637	815	65	will	will	AUX
cblr-8637	815	66	begin	begin	VERB
cblr-8637	815	67	the	the	DET
cblr-8637	815	68	ipo	ipo	NOUN
cblr-8637	815	69	process	process	NOUN
cblr-8637	815	70	.	.	PUNCT
cblr-8637	816	1	however	however	ADV
cblr-8637	816	2	,	,	PUNCT
cblr-8637	816	3	given	give	VERB
cblr-8637	816	4	that	that	SCONJ
cblr-8637	816	5	this	this	DET
cblr-8637	816	6	change	change	NOUN
cblr-8637	816	7	only	only	ADV
cblr-8637	816	8	recently	recently	ADV
cblr-8637	816	9	took	take	VERB
cblr-8637	816	10	place	place	NOUN
cblr-8637	816	11	in	in	ADP
cblr-8637	816	12	september	september	PROPN
cblr-8637	816	13	2019	2019	NUM
cblr-8637	816	14	,	,	PUNCT
cblr-8637	816	15	and	and	CCONJ
cblr-8637	816	16	in	in	ADP
cblr-8637	816	17	light	light	NOUN
cblr-8637	816	18	of	of	ADP
cblr-8637	816	19	the	the	DET
cblr-8637	816	20	market	market	NOUN
cblr-8637	816	21	turmoil	turmoil	NOUN
cblr-8637	816	22	during	during	ADP
cblr-8637	816	23	the	the	DET
cblr-8637	816	24	first	first	ADJ
cblr-8637	816	25	half	half	NOUN
cblr-8637	816	26	of	of	ADP
cblr-8637	816	27	2020	2020	NUM
cblr-8637	816	28	,	,	PUNCT
cblr-8637	816	29	the	the	DET
cblr-8637	816	30	impact	impact	NOUN
cblr-8637	816	31	of	of	ADP
cblr-8637	816	32	this	this	DET
cblr-8637	816	33	expansion	expansion	NOUN
cblr-8637	816	34	on	on	ADP
cblr-8637	816	35	public	public	ADJ
cblr-8637	816	36	market	market	NOUN
cblr-8637	816	37	growth	growth	NOUN
cblr-8637	816	38	is	be	AUX
cblr-8637	816	39	still	still	ADV
cblr-8637	816	40	unclear	unclear	ADJ
cblr-8637	816	41	.	.	PUNCT
cblr-8637	817	1	the	the	DET
cblr-8637	817	2	limited	limited	ADJ
cblr-8637	817	3	success	success	NOUN
cblr-8637	817	4	of	of	ADP
cblr-8637	817	5	the	the	DET
cblr-8637	817	6	jobs	job	NOUN
cblr-8637	817	7	act	act	VERB
cblr-8637	817	8	in	in	ADP
cblr-8637	817	9	attracting	attract	VERB
cblr-8637	817	10	firms	firm	NOUN
cblr-8637	817	11	to	to	ADP
cblr-8637	817	12	the	the	DET
cblr-8637	817	13	public	public	ADJ
cblr-8637	817	14	market	market	NOUN
cblr-8637	817	15	can	can	AUX
cblr-8637	817	16	be	be	AUX
cblr-8637	817	17	attributed	attribute	VERB
cblr-8637	817	18	to	to	ADP
cblr-8637	817	19	its	its	PRON
cblr-8637	817	20	failure	failure	NOUN
cblr-8637	817	21	to	to	PART
cblr-8637	817	22	address	address	VERB
cblr-8637	817	23	the	the	DET
cblr-8637	817	24	driving	drive	VERB
cblr-8637	817	25	forces	force	NOUN
cblr-8637	817	26	behind	behind	ADP
cblr-8637	817	27	the	the	DET
cblr-8637	817	28	continuing	continue	VERB
cblr-8637	817	29	decline	decline	NOUN
cblr-8637	817	30	in	in	ADP
cblr-8637	817	31	public	public	ADJ
cblr-8637	817	32	companies	company	NOUN
cblr-8637	817	33	.	.	PUNCT
cblr-8637	818	1	changes	change	NOUN
cblr-8637	818	2	in	in	ADP
cblr-8637	818	3	market	market	NOUN
cblr-8637	818	4	structure	structure	NOUN
cblr-8637	818	5	combined	combine	VERB
cblr-8637	818	6	with	with	ADP
cblr-8637	818	7	regulatory	regulatory	ADJ
cblr-8637	818	8	choices	choice	NOUN
cblr-8637	818	9	in	in	ADP
cblr-8637	818	10	recent	recent	ADJ
cblr-8637	818	11	decades	decade	NOUN
cblr-8637	818	12	have	have	AUX
cblr-8637	818	13	altered	alter	VERB
cblr-8637	818	14	the	the	DET
cblr-8637	818	15	costbenefit	costbenefit	NOUN
cblr-8637	818	16	analysis	analysis	NOUN
cblr-8637	818	17	in	in	ADP
cblr-8637	818	18	the	the	DET
cblr-8637	818	19	decision	decision	NOUN
cblr-8637	818	20	to	to	PART
cblr-8637	818	21	go	go	VERB
cblr-8637	818	22	public	public	ADJ
cblr-8637	818	23	.	.	PUNCT
cblr-8637	819	1	historically	historically	ADV
cblr-8637	819	2	,	,	PUNCT
cblr-8637	819	3	different	different	ADJ
cblr-8637	819	4	disclosure	disclosure	NOUN
cblr-8637	819	5	requirements	requirement	NOUN
cblr-8637	819	6	as	as	SCONJ
cblr-8637	819	7	the	the	DET
cblr-8637	819	8	cause	cause	NOUN
cblr-8637	819	9	of	of	ADP
cblr-8637	819	10	the	the	DET
cblr-8637	819	11	differing	differ	VERB
cblr-8637	819	12	performance	performance	NOUN
cblr-8637	819	13	may	may	AUX
cblr-8637	819	14	be	be	AUX
cblr-8637	819	15	inappropriate	inappropriate	ADJ
cblr-8637	819	16	.	.	PUNCT
cblr-8637	820	1	229	229	NUM
cblr-8637	820	2	see	see	VERB
cblr-8637	820	3	chaplinsky	chaplinsky	PROPN
cblr-8637	820	4	et	et	PROPN
cblr-8637	820	5	al	al	PROPN
cblr-8637	820	6	.	.	PROPN
cblr-8637	820	7	,	,	PUNCT
cblr-8637	820	8	supra	supra	PROPN
cblr-8637	820	9	note	note	PROPN
cblr-8637	820	10	172	172	NUM
cblr-8637	820	11	,	,	PUNCT
cblr-8637	820	12	at	at	ADP
cblr-8637	820	13	799	799	NUM
cblr-8637	820	14	.	.	PUNCT
cblr-8637	821	1	230	230	NUM
cblr-8637	821	2	see	see	VERB
cblr-8637	821	3	i	i	PRON
cblr-8637	821	4	d.	d.	PROPN
cblr-8637	821	5	at	at	ADP
cblr-8637	821	6	797–99	797–99	PROPN
cblr-8637	821	7	.	.	PUNCT
cblr-8637	822	1	egcs	egcs	PROPN
cblr-8637	822	2	may	may	AUX
cblr-8637	822	3	limit	limit	VERB
cblr-8637	822	4	financial	financial	ADJ
cblr-8637	822	5	and	and	CCONJ
cblr-8637	822	6	executive	executive	ADJ
cblr-8637	822	7	compensation	compensation	NOUN
cblr-8637	822	8	disclosures	disclosure	NOUN
cblr-8637	822	9	in	in	ADP
cblr-8637	822	10	the	the	DET
cblr-8637	822	11	ipo	ipo	NOUN
cblr-8637	822	12	filing	filing	NOUN
cblr-8637	822	13	.	.	PUNCT
cblr-8637	823	1	see	see	VERB
cblr-8637	823	2	i	i	PRON
cblr-8637	823	3	d.	d.	PROPN
cblr-8637	823	4	at	at	ADP
cblr-8637	823	5	796–97	796–97	NUM
cblr-8637	823	6	.	.	PUNCT
cblr-8637	824	1	231	231	NUM
cblr-8637	824	2	see	see	VERB
cblr-8637	824	3	i	i	PROPN
cblr-8637	824	4	d.	d.	PROPN
cblr-8637	824	5	at	at	ADP
cblr-8637	824	6	800	800	NUM
cblr-8637	824	7	.	.	PUNCT
cblr-8637	825	1	232	232	NUM
cblr-8637	825	2	see	see	VERB
cblr-8637	825	3	gallagher	gallagher	PROPN
cblr-8637	825	4	,	,	PUNCT
cblr-8637	825	5	supra	supra	PROPN
cblr-8637	825	6	note	note	PROPN
cblr-8637	825	7	121	121	NUM
cblr-8637	825	8	,	,	PUNCT
cblr-8637	825	9	at	at	ADP
cblr-8637	825	10	348	348	NUM
cblr-8637	825	11	tbl.7	tbl.7	PROPN
cblr-8637	825	12	(	(	PUNCT
cblr-8637	825	13	showing	show	VERB
cblr-8637	825	14	similar	similar	ADJ
cblr-8637	825	15	proportions	proportion	NOUN
cblr-8637	825	16	from	from	ADP
cblr-8637	825	17	2015	2015	NUM
cblr-8637	825	18	through	through	ADP
cblr-8637	825	19	2017	2017	NUM
cblr-8637	825	20	)	)	PUNCT
cblr-8637	825	21	.	.	PUNCT
cblr-8637	826	1	greene	greene	PROPN
cblr-8637	826	2	et	et	PROPN
cblr-8637	826	3	al	al	PROPN
cblr-8637	826	4	.	.	PROPN
cblr-8637	827	1	8/21/2021	8/21/2021	NUM
cblr-8637	827	2	1:44	1:44	NUM
cblr-8637	827	3	pm	pm	NOUN
cblr-8637	827	4	no	no	INTJ
cblr-8637	827	5	.	.	PUNCT
cblr-8637	828	1	2:714	2:714	NUM
cblr-8637	828	2	]	]	X
cblr-8637	828	3	the	the	DET
cblr-8637	828	4	need	need	NOUN
cblr-8637	828	5	for	for	ADP
cblr-8637	828	6	a	a	DET
cblr-8637	828	7	comprehensive	comprehensive	ADJ
cblr-8637	828	8	approach	approach	NOUN
cblr-8637	828	9	767	767	NUM
cblr-8637	828	10	companies	company	NOUN
cblr-8637	828	11	bore	bear	VERB
cblr-8637	828	12	the	the	DET
cblr-8637	828	13	cost	cost	NOUN
cblr-8637	828	14	of	of	ADP
cblr-8637	828	15	going	go	VERB
cblr-8637	828	16	public	public	ADJ
cblr-8637	828	17	in	in	ADP
cblr-8637	828	18	exchange	exchange	NOUN
cblr-8637	828	19	for	for	ADP
cblr-8637	828	20	access	access	NOUN
cblr-8637	828	21	to	to	ADP
cblr-8637	828	22	a	a	DET
cblr-8637	828	23	wider	wide	ADJ
cblr-8637	828	24	investor	investor	NOUN
cblr-8637	828	25	base	base	NOUN
cblr-8637	828	26	—	—	PUNCT
cblr-8637	828	27	the	the	DET
cblr-8637	828	28	general	general	ADJ
cblr-8637	828	29	public.233	public.233	NOUN
cblr-8637	828	30	however	however	ADV
cblr-8637	828	31	,	,	PUNCT
cblr-8637	828	32	as	as	SCONJ
cblr-8637	828	33	discussed	discuss	VERB
cblr-8637	828	34	above	above	ADV
cblr-8637	828	35	in	in	ADP
cblr-8637	828	36	section	section	NOUN
cblr-8637	828	37	iii.a.2	iii.a.2	PROPN
cblr-8637	828	38	,	,	PUNCT
cblr-8637	828	39	regulations	regulation	NOUN
cblr-8637	828	40	over	over	ADP
cblr-8637	828	41	the	the	DET
cblr-8637	828	42	years	year	NOUN
cblr-8637	828	43	have	have	AUX
cblr-8637	828	44	markedly	markedly	ADV
cblr-8637	828	45	increased	increase	VERB
cblr-8637	828	46	the	the	DET
cblr-8637	828	47	costs	cost	NOUN
cblr-8637	828	48	of	of	ADP
cblr-8637	828	49	going	go	VERB
cblr-8637	828	50	and	and	CCONJ
cblr-8637	828	51	staying	stay	VERB
cblr-8637	828	52	public	public	ADJ
cblr-8637	828	53	.	.	PUNCT
cblr-8637	829	1	meanwhile	meanwhile	ADV
cblr-8637	829	2	,	,	PUNCT
cblr-8637	829	3	recent	recent	ADJ
cblr-8637	829	4	reforms	reform	NOUN
cblr-8637	829	5	have	have	AUX
cblr-8637	829	6	increased	increase	VERB
cblr-8637	829	7	the	the	DET
cblr-8637	829	8	benefits	benefit	NOUN
cblr-8637	829	9	of	of	ADP
cblr-8637	829	10	staying	stay	VERB
cblr-8637	829	11	private	private	ADJ
cblr-8637	829	12	.	.	PUNCT
cblr-8637	830	1	these	these	DET
cblr-8637	830	2	reforms	reform	NOUN
cblr-8637	830	3	have	have	AUX
cblr-8637	830	4	enabled	enable	VERB
cblr-8637	830	5	companies	company	NOUN
cblr-8637	830	6	to	to	PART
cblr-8637	830	7	stay	stay	VERB
cblr-8637	830	8	private	private	ADJ
cblr-8637	830	9	longer	long	ADV
cblr-8637	830	10	and	and	CCONJ
cblr-8637	830	11	widened	widen	VERB
cblr-8637	830	12	the	the	DET
cblr-8637	830	13	class	class	NOUN
cblr-8637	830	14	of	of	ADP
cblr-8637	830	15	investors	investor	NOUN
cblr-8637	830	16	able	able	ADJ
cblr-8637	830	17	to	to	PART
cblr-8637	830	18	invest	invest	VERB
cblr-8637	830	19	in	in	ADP
cblr-8637	830	20	the	the	DET
cblr-8637	830	21	private	private	ADJ
cblr-8637	830	22	market	market	NOUN
cblr-8637	830	23	,	,	PUNCT
cblr-8637	830	24	thereby	thereby	ADV
cblr-8637	830	25	increasing	increase	VERB
cblr-8637	830	26	the	the	DET
cblr-8637	830	27	amount	amount	NOUN
cblr-8637	830	28	of	of	ADP
cblr-8637	830	29	privately	privately	ADV
cblr-8637	830	30	available	available	ADJ
cblr-8637	830	31	capital.234	capital.234	ADP
cblr-8637	830	32	the	the	DET
cblr-8637	830	33	jobs	job	NOUN
cblr-8637	830	34	act	act	NOUN
cblr-8637	830	35	has	have	AUX
cblr-8637	830	36	permitted	permit	VERB
cblr-8637	830	37	even	even	ADV
cblr-8637	830	38	the	the	DET
cblr-8637	830	39	largest	large	ADJ
cblr-8637	830	40	of	of	ADP
cblr-8637	830	41	companies	company	NOUN
cblr-8637	830	42	to	to	ADP
cblr-8637	830	43	forego	forego	NOUN
cblr-8637	830	44	becoming	become	VERB
cblr-8637	830	45	public	public	ADJ
cblr-8637	830	46	for	for	ADP
cblr-8637	830	47	longer	long	ADJ
cblr-8637	830	48	periods	period	NOUN
cblr-8637	830	49	of	of	ADP
cblr-8637	830	50	time	time	NOUN
cblr-8637	830	51	by	by	ADP
cblr-8637	830	52	increasing	increase	VERB
cblr-8637	830	53	the	the	DET
cblr-8637	830	54	number	number	NOUN
cblr-8637	830	55	of	of	ADP
cblr-8637	830	56	shareholders	shareholder	NOUN
cblr-8637	830	57	on	on	ADP
cblr-8637	830	58	record	record	NOUN
cblr-8637	830	59	a	a	DET
cblr-8637	830	60	company	company	NOUN
cblr-8637	830	61	can	can	AUX
cblr-8637	830	62	have	have	VERB
cblr-8637	830	63	before	before	ADP
cblr-8637	830	64	being	be	AUX
cblr-8637	830	65	deemed	deem	VERB
cblr-8637	830	66	a	a	DET
cblr-8637	830	67	reporting	reporting	NOUN
cblr-8637	830	68	company.235	company.235	PROPN
cblr-8637	830	69	facebook	facebook	NOUN
cblr-8637	830	70	,	,	PUNCT
cblr-8637	830	71	one	one	NUM
cblr-8637	830	72	of	of	ADP
cblr-8637	830	73	the	the	DET
cblr-8637	830	74	companies	company	NOUN
cblr-8637	830	75	that	that	PRON
cblr-8637	830	76	lobbied	lobby	VERB
cblr-8637	830	77	for	for	ADP
cblr-8637	830	78	the	the	DET
cblr-8637	830	79	increase	increase	NOUN
cblr-8637	830	80	,	,	PUNCT
cblr-8637	830	81	serves	serve	VERB
cblr-8637	830	82	as	as	ADP
cblr-8637	830	83	an	an	DET
cblr-8637	830	84	illustrative	illustrative	NOUN
cblr-8637	830	85	example.236	example.236	NUM
cblr-8637	830	86	in	in	ADP
cblr-8637	830	87	2011	2011	NUM
cblr-8637	830	88	,	,	PUNCT
cblr-8637	830	89	facebook	facebook	PROPN
cblr-8637	830	90	reached	reach	VERB
cblr-8637	830	91	the	the	DET
cblr-8637	830	92	previous	previous	ADJ
cblr-8637	830	93	threshold	threshold	NOUN
cblr-8637	830	94	of	of	ADP
cblr-8637	830	95	500	500	NUM
cblr-8637	830	96	shareholders	shareholder	NOUN
cblr-8637	830	97	shortly	shortly	ADV
cblr-8637	830	98	after	after	ADP
cblr-8637	830	99	closing	close	VERB
cblr-8637	830	100	a	a	DET
cblr-8637	830	101	private	private	ADJ
cblr-8637	830	102	round	round	NOUN
cblr-8637	830	103	of	of	ADP
cblr-8637	830	104	financing	financing	NOUN
cblr-8637	830	105	with	with	ADP
cblr-8637	830	106	a	a	DET
cblr-8637	830	107	valuation	valuation	NOUN
cblr-8637	830	108	of	of	ADP
cblr-8637	830	109	$	$	SYM
cblr-8637	830	110	50	50	NUM
cblr-8637	830	111	billion.237	billion.237	NOUN
cblr-8637	830	112	as	as	SCONJ
cblr-8637	830	113	the	the	DET
cblr-8637	830	114	jobs	job	NOUN
cblr-8637	830	115	act	act	NOUN
cblr-8637	830	116	had	have	AUX
cblr-8637	830	117	not	not	PART
cblr-8637	830	118	yet	yet	ADV
cblr-8637	830	119	been	be	AUX
cblr-8637	830	120	signed	sign	VERB
cblr-8637	830	121	into	into	ADP
cblr-8637	830	122	233	233	NUM
cblr-8637	830	123	see	see	NOUN
cblr-8637	830	124	de	de	ADP
cblr-8637	830	125	fontenay	fontenay	NOUN
cblr-8637	830	126	,	,	PUNCT
cblr-8637	830	127	supra	supra	PROPN
cblr-8637	830	128	note	note	PROPN
cblr-8637	830	129	81	81	NUM
cblr-8637	830	130	,	,	PUNCT
cblr-8637	830	131	at	at	ADP
cblr-8637	830	132	466	466	NUM
cblr-8637	830	133	.	.	PUNCT
cblr-8637	831	1	234	234	NUM
cblr-8637	831	2	see	see	VERB
cblr-8637	831	3	supra	supra	ADJ
cblr-8637	831	4	sections	section	NOUN
cblr-8637	831	5	ii.b.–c	ii.b.–c	NOUN
cblr-8637	831	6	.	.	PUNCT
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cblr-8637	832	2	supra	supra	ADJ
cblr-8637	832	3	text	text	NOUN
cblr-8637	832	4	accompanying	accompanying	ADJ
cblr-8637	832	5	notes	note	NOUN
cblr-8637	832	6	134–35	134–35	NUM
cblr-8637	832	7	.	.	PUNCT
cblr-8637	832	8	236	236	NUM
cblr-8637	832	9	see	see	NOUN
cblr-8637	832	10	sloan	sloan	PROPN
cblr-8637	832	11	,	,	PUNCT
cblr-8637	832	12	supra	supra	PROPN
cblr-8637	832	13	note	note	PROPN
cblr-8637	832	14	134	134	NUM
cblr-8637	832	15	.	.	NUM
cblr-8637	832	16	237	237	NUM
cblr-8637	832	17	see	see	VERB
cblr-8637	832	18	i	i	PRON
cblr-8637	832	19	d.	d.	VERB
cblr-8637	832	20	that	that	SCONJ
cblr-8637	832	21	fundraising	fundraising	NOUN
cblr-8637	832	22	drew	draw	VERB
cblr-8637	832	23	much	much	ADJ
cblr-8637	832	24	scrutiny	scrutiny	NOUN
cblr-8637	832	25	from	from	ADP
cblr-8637	832	26	the	the	DET
cblr-8637	832	27	sec	sec	PROPN
cblr-8637	832	28	for	for	ADP
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cblr-8637	832	30	structure	structure	NOUN
cblr-8637	832	31	and	and	CCONJ
cblr-8637	832	32	its	its	PRON
cblr-8637	832	33	potential	potential	ADJ
cblr-8637	832	34	violations	violation	NOUN
cblr-8637	832	35	of	of	ADP
cblr-8637	832	36	solicitation	solicitation	NOUN
cblr-8637	832	37	and	and	CCONJ
cblr-8637	832	38	communication	communication	NOUN
cblr-8637	832	39	rules	rule	NOUN
cblr-8637	832	40	.	.	PUNCT
cblr-8637	833	1	see	see	VERB
cblr-8637	833	2	michael	michael	PROPN
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cblr-8637	833	4	de	de	PROPN
cblr-8637	833	5	la	la	PROPN
cblr-8637	833	6	merced	merced	PROPN
cblr-8637	833	7	,	,	PUNCT
cblr-8637	833	8	facebook	facebook	PROPN
cblr-8637	833	9	completes	complete	VERB
cblr-8637	833	10	$	$	SYM
cblr-8637	833	11	1.5	1.5	NUM
cblr-8637	833	12	billion	billion	NUM
cblr-8637	833	13	fundraising	fundraising	NOUN
cblr-8637	833	14	round	round	NOUN
cblr-8637	833	15	,	,	PUNCT
cblr-8637	833	16	n.y	n.y	PROPN
cblr-8637	833	17	.	.	PROPN
cblr-8637	833	18	times	times	PROPN
cblr-8637	833	19	:	:	PUNCT
cblr-8637	834	1	dealbook	dealbook	VERB
cblr-8637	834	2	(	(	PUNCT
cblr-8637	834	3	jan	jan	PROPN
cblr-8637	834	4	.	.	PROPN
cblr-8637	834	5	21	21	NUM
cblr-8637	834	6	,	,	PUNCT
cblr-8637	834	7	2011	2011	NUM
cblr-8637	834	8	,	,	PUNCT
cblr-8637	834	9	4:50	4:50	NUM
cblr-8637	834	10	pm	pm	NOUN
cblr-8637	834	11	)	)	PUNCT
cblr-8637	834	12	,	,	PUNCT
cblr-8637	834	13	https://dealbook.nytimes.com/2011/01/21/facebook-completes-1-5-billionfundraising-round/	https://dealbook.nytimes.com/2011/01/21/facebook-completes-1-5-billionfundraising-round/	X
cblr-8637	835	1	[	[	X
cblr-8637	835	2	https://perma.cc/rz2p-r7sx	https://perma.cc/rz2p-r7sx	X
cblr-8637	835	3	]	]	PUNCT
cblr-8637	835	4	.	.	PUNCT
cblr-8637	836	1	the	the	DET
cblr-8637	836	2	deal	deal	NOUN
cblr-8637	836	3	was	be	AUX
cblr-8637	836	4	initially	initially	ADV
cblr-8637	836	5	to	to	PART
cblr-8637	836	6	be	be	AUX
cblr-8637	836	7	structured	structure	VERB
cblr-8637	836	8	with	with	ADP
cblr-8637	836	9	goldman	goldman	PROPN
cblr-8637	836	10	sachs	sachs	PROPN
cblr-8637	836	11	investing	invest	VERB
cblr-8637	836	12	$	$	SYM
cblr-8637	836	13	450	450	NUM
cblr-8637	836	14	million	million	NUM
cblr-8637	836	15	of	of	ADP
cblr-8637	836	16	its	its	PRON
cblr-8637	836	17	own	own	ADJ
cblr-8637	836	18	money	money	NOUN
cblr-8637	836	19	as	as	ADP
cblr-8637	836	20	part	part	NOUN
cblr-8637	836	21	of	of	ADP
cblr-8637	836	22	a	a	DET
cblr-8637	836	23	$	$	SYM
cblr-8637	836	24	1.5	1.5	NUM
cblr-8637	836	25	billion	billion	NUM
cblr-8637	836	26	fundraise	fundraise	NOUN
cblr-8637	836	27	from	from	ADP
cblr-8637	836	28	goldman	goldman	NOUN
cblr-8637	836	29	’s	’s	PART
cblr-8637	836	30	clients	client	NOUN
cblr-8637	836	31	who	who	PRON
cblr-8637	836	32	would	would	AUX
cblr-8637	836	33	invest	invest	VERB
cblr-8637	836	34	in	in	ADP
cblr-8637	836	35	a	a	DET
cblr-8637	836	36	special	special	ADJ
cblr-8637	836	37	purpose	purpose	NOUN
cblr-8637	836	38	vehicle	vehicle	NOUN
cblr-8637	836	39	created	create	VERB
cblr-8637	836	40	solely	solely	ADV
cblr-8637	836	41	for	for	ADP
cblr-8637	836	42	the	the	DET
cblr-8637	836	43	purpose	purpose	NOUN
cblr-8637	836	44	of	of	ADP
cblr-8637	836	45	this	this	DET
cblr-8637	836	46	investment	investment	NOUN
cblr-8637	836	47	.	.	PUNCT
cblr-8637	837	1	see	see	VERB
cblr-8637	837	2	the	the	DET
cblr-8637	837	3	goldman	goldman	PROPN
cblr-8637	837	4	sachs	sachs	PROPN
cblr-8637	837	5	facebook	facebook	PROPN
cblr-8637	837	6	deal	deal	PROPN
cblr-8637	837	7	:	:	PUNCT
cblr-8637	837	8	is	be	AUX
cblr-8637	837	9	this	this	DET
cblr-8637	837	10	business	business	NOUN
cblr-8637	837	11	as	as	ADP
cblr-8637	837	12	usual	usual	ADJ
cblr-8637	837	13	?	?	PUNCT
cblr-8637	837	14	,	,	PUNCT
cblr-8637	837	15	knowledge@wharton	knowledge@wharton	PROPN
cblr-8637	837	16	(	(	PUNCT
cblr-8637	837	17	jan	jan	PROPN
cblr-8637	837	18	.	.	PROPN
cblr-8637	837	19	19	19	NUM
cblr-8637	837	20	,	,	PUNCT
cblr-8637	837	21	2011	2011	NUM
cblr-8637	837	22	)	)	PUNCT
cblr-8637	837	23	,	,	PUNCT
cblr-8637	837	24	https://knowledge.wharton.upenn	https://knowledge.wharton.upenn	PROPN
cblr-8637	837	25	.edu	.edu	PROPN
cblr-8637	837	26	/	/	SYM
cblr-8637	837	27	article	article	PROPN
cblr-8637	837	28	/	/	SYM
cblr-8637	837	29	the	the	DET
cblr-8637	837	30	-	-	PUNCT
cblr-8637	837	31	goldman	goldman	NOUN
cblr-8637	837	32	-	-	PUNCT
cblr-8637	837	33	sachs	sachs	PROPN
cblr-8637	837	34	-	-	PUNCT
cblr-8637	837	35	facebook	facebook	NOUN
cblr-8637	837	36	-	-	PUNCT
cblr-8637	837	37	deal	deal	NOUN
cblr-8637	837	38	-	-	PUNCT
cblr-8637	837	39	is	be	AUX
cblr-8637	837	40	-	-	PUNCT
cblr-8637	837	41	this	this	DET
cblr-8637	837	42	-	-	PUNCT
cblr-8637	837	43	business	business	NOUN
cblr-8637	837	44	-	-	PUNCT
cblr-8637	837	45	as	as	ADP
cblr-8637	837	46	-	-	PUNCT
cblr-8637	837	47	usual/	usual/	NOUN
cblr-8637	837	48	[	[	X
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cblr-8637	837	51	.	.	PUNCT
cblr-8637	838	1	this	this	DET
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cblr-8637	838	3	would	would	AUX
cblr-8637	838	4	count	count	VERB
cblr-8637	838	5	as	as	ADP
cblr-8637	838	6	a	a	DET
cblr-8637	838	7	single	single	ADJ
cblr-8637	838	8	investor	investor	NOUN
cblr-8637	838	9	to	to	PART
cblr-8637	838	10	ensure	ensure	VERB
cblr-8637	838	11	that	that	SCONJ
cblr-8637	838	12	facebook	facebook	NOUN
cblr-8637	838	13	would	would	AUX
cblr-8637	838	14	not	not	PART
cblr-8637	838	15	exceed	exceed	VERB
cblr-8637	838	16	the	the	DET
cblr-8637	838	17	499	499	NUM
cblr-8637	838	18	-	-	PUNCT
cblr-8637	838	19	shareholder	shareholder	NOUN
cblr-8637	838	20	limit	limit	NOUN
cblr-8637	838	21	.	.	PUNCT
cblr-8637	839	1	i	i	PRON
cblr-8637	839	2	d.	d.	PROPN
cblr-8637	839	3	according	accord	VERB
cblr-8637	839	4	to	to	ADP
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cblr-8637	839	6	wessels	wessels	PROPN
cblr-8637	839	7	,	,	PUNCT
cblr-8637	839	8	a	a	DET
cblr-8637	839	9	finance	finance	NOUN
cblr-8637	839	10	professor	professor	NOUN
cblr-8637	839	11	at	at	ADP
cblr-8637	839	12	wharton	wharton	PROPN
cblr-8637	839	13	,	,	PUNCT
cblr-8637	839	14	this	this	DET
cblr-8637	839	15	structure	structure	NOUN
cblr-8637	839	16	“	"	PUNCT
cblr-8637	839	17	might	might	AUX
cblr-8637	839	18	follow	follow	VERB
cblr-8637	839	19	the	the	DET
cblr-8637	839	20	letter	letter	NOUN
cblr-8637	839	21	of	of	ADP
cblr-8637	839	22	the	the	DET
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cblr-8637	839	24	but	but	CCONJ
cblr-8637	839	25	it	it	PRON
cblr-8637	839	26	certainly	certainly	ADV
cblr-8637	839	27	does	do	AUX
cblr-8637	839	28	n’t	not	PART
cblr-8637	839	29	follow	follow	VERB
cblr-8637	839	30	the	the	DET
cblr-8637	839	31	spirit	spirit	NOUN
cblr-8637	839	32	of	of	ADP
cblr-8637	839	33	the	the	DET
cblr-8637	839	34	law	law	NOUN
cblr-8637	839	35	.	.	PUNCT
cblr-8637	839	36	”	"	PUNCT
cblr-8637	840	1	i	i	PRON
cblr-8637	840	2	d.	d.	PROPN
cblr-8637	840	3	(	(	PUNCT
cblr-8637	840	4	internal	internal	ADJ
cblr-8637	840	5	quotation	quotation	NOUN
cblr-8637	840	6	marks	mark	NOUN
cblr-8637	840	7	omitted	omit	VERB
cblr-8637	840	8	)	)	PUNCT
cblr-8637	840	9	.	.	PUNCT
cblr-8637	841	1	however	however	ADV
cblr-8637	841	2	,	,	PUNCT
cblr-8637	841	3	because	because	SCONJ
cblr-8637	841	4	news	news	NOUN
cblr-8637	841	5	of	of	ADP
cblr-8637	841	6	the	the	DET
cblr-8637	841	7	fundraise	fundraise	NOUN
cblr-8637	841	8	leaked	leak	VERB
cblr-8637	841	9	and	and	CCONJ
cblr-8637	841	10	created	create	VERB
cblr-8637	841	11	widespread	widespread	ADJ
cblr-8637	841	12	media	medium	NOUN
cblr-8637	841	13	attention	attention	NOUN
cblr-8637	841	14	,	,	PUNCT
cblr-8637	841	15	there	there	PRON
cblr-8637	841	16	was	be	VERB
cblr-8637	841	17	concern	concern	NOUN
cblr-8637	841	18	that	that	SCONJ
cblr-8637	841	19	the	the	DET
cblr-8637	841	20	offering	offering	NOUN
cblr-8637	841	21	would	would	AUX
cblr-8637	841	22	run	run	VERB
cblr-8637	841	23	afoul	afoul	ADV
cblr-8637	841	24	of	of	ADP
cblr-8637	841	25	sec	sec	PROPN
cblr-8637	841	26	communication	communication	NOUN
cblr-8637	841	27	greene	greene	PROPN
cblr-8637	841	28	et	et	PROPN
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cblr-8637	841	30	.	.	PROPN
cblr-8637	842	1	8/21/2021	8/21/2021	NUM
cblr-8637	842	2	1:44	1:44	NUM
cblr-8637	842	3	pm	pm	NOUN
cblr-8637	842	4	768	768	NUM
cblr-8637	842	5	columbia	columbia	PROPN
cblr-8637	842	6	business	business	NOUN
cblr-8637	842	7	law	law	NOUN
cblr-8637	842	8	review	review	NOUN
cblr-8637	842	9	[	[	X
cblr-8637	842	10	vol	vol	NOUN
cblr-8637	842	11	.	.	NOUN
cblr-8637	842	12	2021	2021	NUM
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cblr-8637	842	14	,	,	PUNCT
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cblr-8637	842	16	essentially	essentially	ADV
cblr-8637	842	17	forced	force	VERB
cblr-8637	842	18	the	the	DET
cblr-8637	842	19	tech	tech	NOUN
cblr-8637	842	20	giant	giant	NOUN
cblr-8637	842	21	to	to	PART
cblr-8637	842	22	become	become	VERB
cblr-8637	842	23	a	a	DET
cblr-8637	842	24	reporting	reporting	NOUN
cblr-8637	842	25	company.238	company.238	NOUN
cblr-8637	842	26	had	have	VERB
cblr-8637	842	27	the	the	DET
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cblr-8637	842	32	before	before	ADP
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cblr-8637	842	34	,	,	PUNCT
cblr-8637	842	35	facebook	facebook	PROPN
cblr-8637	842	36	would	would	AUX
cblr-8637	842	37	have	have	AUX
cblr-8637	842	38	been	be	AUX
cblr-8637	842	39	able	able	ADJ
cblr-8637	842	40	to	to	PART
cblr-8637	842	41	delay	delay	VERB
cblr-8637	842	42	its	its	PRON
cblr-8637	842	43	entrance	entrance	NOUN
cblr-8637	842	44	into	into	ADP
cblr-8637	842	45	the	the	DET
cblr-8637	842	46	public	public	ADJ
cblr-8637	842	47	market	market	NOUN
cblr-8637	842	48	until	until	SCONJ
cblr-8637	842	49	the	the	DET
cblr-8637	842	50	number	number	NOUN
cblr-8637	842	51	of	of	ADP
cblr-8637	842	52	its	its	PRON
cblr-8637	842	53	shareholders	shareholder	NOUN
cblr-8637	842	54	had	have	AUX
cblr-8637	842	55	quadrupled	quadruple	VERB
cblr-8637	842	56	in	in	ADP
cblr-8637	842	57	size	size	NOUN
cblr-8637	842	58	.	.	PUNCT
cblr-8637	843	1	moreover	moreover	ADV
cblr-8637	843	2	,	,	PUNCT
cblr-8637	843	3	regulation	regulation	NOUN
cblr-8637	843	4	crowdfunding	crowdfunding	NOUN
cblr-8637	843	5	,	,	PUNCT
cblr-8637	843	6	which	which	PRON
cblr-8637	843	7	in	in	ADP
cblr-8637	843	8	and	and	CCONJ
cblr-8637	843	9	of	of	ADP
cblr-8637	843	10	itself	itself	PRON
cblr-8637	843	11	can	can	AUX
cblr-8637	843	12	be	be	AUX
cblr-8637	843	13	seen	see	VERB
cblr-8637	843	14	as	as	ADP
cblr-8637	843	15	an	an	DET
cblr-8637	843	16	ad	ad	X
cblr-8637	843	17	hoc	hoc	X
cblr-8637	843	18	regulatory	regulatory	ADJ
cblr-8637	843	19	response	response	NOUN
cblr-8637	843	20	to	to	ADP
cblr-8637	843	21	the	the	DET
cblr-8637	843	22	desire	desire	NOUN
cblr-8637	843	23	to	to	PART
cblr-8637	843	24	allow	allow	VERB
cblr-8637	843	25	equity	equity	NOUN
cblr-8637	843	26	investment	investment	NOUN
cblr-8637	843	27	in	in	ADP
cblr-8637	843	28	startup	startup	NOUN
cblr-8637	843	29	firms	firm	NOUN
cblr-8637	843	30	,	,	PUNCT
cblr-8637	843	31	enabled	enable	VERB
cblr-8637	843	32	investors	investor	NOUN
cblr-8637	843	33	below	below	ADP
cblr-8637	843	34	certain	certain	ADJ
cblr-8637	843	35	net	net	ADJ
cblr-8637	843	36	worth	worth	NOUN
cblr-8637	843	37	or	or	CCONJ
cblr-8637	843	38	annual	annual	ADJ
cblr-8637	843	39	income	income	NOUN
cblr-8637	843	40	caps	cap	NOUN
cblr-8637	843	41	to	to	PART
cblr-8637	843	42	make	make	VERB
cblr-8637	843	43	limited	limited	ADJ
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cblr-8637	843	46	significantly	significantly	ADV
cblr-8637	843	47	,	,	PUNCT
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cblr-8637	843	49	will	will	AUX
cblr-8637	843	50	be	be	AUX
cblr-8637	843	51	discussed	discuss	VERB
cblr-8637	843	52	in	in	ADP
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cblr-8637	843	68	indexing	index	VERB
cblr-8637	843	69	the	the	DET
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cblr-8637	843	76	expand	expand	VERB
cblr-8637	843	77	the	the	DET
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cblr-8637	843	83	invest	invest	VERB
cblr-8637	843	84	in	in	ADP
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cblr-8637	843	86	private	private	ADJ
cblr-8637	843	87	market	market	NOUN
cblr-8637	843	88	.	.	PUNCT
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cblr-8637	844	2	,	,	PUNCT
cblr-8637	844	3	the	the	DET
cblr-8637	844	4	commission	commission	NOUN
cblr-8637	844	5	’s	’s	PART
cblr-8637	844	6	new	new	ADJ
cblr-8637	844	7	rules	rule	NOUN
cblr-8637	844	8	,	,	PUNCT
cblr-8637	844	9	finalized	finalize	VERB
cblr-8637	844	10	in	in	ADP
cblr-8637	844	11	january	january	PROPN
cblr-8637	844	12	2021,241	2021,241	NUM
cblr-8637	844	13	increase	increase	VERB
cblr-8637	844	14	the	the	DET
cblr-8637	844	15	amount	amount	NOUN
cblr-8637	844	16	of	of	ADP
cblr-8637	844	17	capital	capital	NOUN
cblr-8637	844	18	that	that	PRON
cblr-8637	844	19	can	can	AUX
cblr-8637	844	20	be	be	AUX
cblr-8637	844	21	raised	raise	VERB
cblr-8637	844	22	across	across	ADP
cblr-8637	844	23	various	various	ADJ
cblr-8637	844	24	exemptions	exemption	NOUN
cblr-8637	844	25	.	.	PUNCT
cblr-8637	845	1	cumulatively	cumulatively	ADV
cblr-8637	845	2	,	,	PUNCT
cblr-8637	845	3	we	we	PRON
cblr-8637	845	4	believe	believe	VERB
cblr-8637	845	5	these	these	DET
cblr-8637	845	6	reforms	reform	NOUN
cblr-8637	845	7	do	do	AUX
cblr-8637	845	8	not	not	PART
cblr-8637	845	9	strike	strike	VERB
cblr-8637	845	10	the	the	DET
cblr-8637	845	11	right	right	ADJ
cblr-8637	845	12	balance	balance	NOUN
cblr-8637	845	13	between	between	ADP
cblr-8637	845	14	encouraging	encourage	VERB
cblr-8637	845	15	public	public	ADJ
cblr-8637	845	16	market	market	NOUN
cblr-8637	845	17	entry	entry	NOUN
cblr-8637	845	18	and	and	CCONJ
cblr-8637	845	19	addressing	address	VERB
cblr-8637	845	20	private	private	ADJ
cblr-8637	845	21	market	market	NOUN
cblr-8637	845	22	growth	growth	NOUN
cblr-8637	845	23	.	.	PUNCT
cblr-8637	846	1	iv	iv	X
cblr-8637	846	2	.	.	PUNCT
cblr-8637	846	3	recommendations	recommendation	NOUN
cblr-8637	846	4	and	and	CCONJ
cblr-8637	846	5	perspectives	perspective	NOUN
cblr-8637	846	6	from	from	ADP
cblr-8637	846	7	the	the	DET
cblr-8637	846	8	columbia	columbia	PROPN
cblr-8637	846	9	special	special	ADJ
cblr-8637	846	10	study	study	NOUN
cblr-8637	846	11	thus	thus	ADV
cblr-8637	846	12	far	far	ADV
cblr-8637	846	13	,	,	PUNCT
cblr-8637	846	14	the	the	DET
cblr-8637	846	15	piecemeal	piecemeal	ADJ
cblr-8637	846	16	reforms	reform	NOUN
cblr-8637	846	17	since	since	SCONJ
cblr-8637	846	18	the	the	DET
cblr-8637	846	19	jobs	job	NOUN
cblr-8637	846	20	act	act	NOUN
cblr-8637	846	21	have	have	AUX
cblr-8637	846	22	failed	fail	VERB
cblr-8637	846	23	to	to	PART
cblr-8637	846	24	meaningfully	meaningfully	ADV
cblr-8637	846	25	increase	increase	VERB
cblr-8637	846	26	the	the	DET
cblr-8637	846	27	number	number	NOUN
cblr-8637	846	28	of	of	ADP
cblr-8637	846	29	firms	firm	NOUN
cblr-8637	846	30	going	go	VERB
cblr-8637	846	31	public	public	ADJ
cblr-8637	846	32	while	while	SCONJ
cblr-8637	846	33	creating	create	VERB
cblr-8637	846	34	even	even	ADV
cblr-8637	846	35	greater	great	ADJ
cblr-8637	846	36	optionality	optionality	NOUN
cblr-8637	846	37	for	for	SCONJ
cblr-8637	846	38	firms	firm	NOUN
cblr-8637	846	39	to	to	PART
cblr-8637	846	40	stay	stay	VERB
cblr-8637	846	41	private	private	ADJ
cblr-8637	846	42	.	.	PUNCT
cblr-8637	847	1	striking	strike	VERB
cblr-8637	847	2	the	the	DET
cblr-8637	847	3	right	right	ADJ
cblr-8637	847	4	balance	balance	NOUN
cblr-8637	847	5	between	between	ADP
cblr-8637	847	6	encouraging	encourage	VERB
cblr-8637	847	7	companies	company	NOUN
cblr-8637	847	8	towards	towards	ADP
cblr-8637	847	9	the	the	DET
cblr-8637	847	10	public	public	ADJ
cblr-8637	847	11	market	market	NOUN
cblr-8637	847	12	and	and	CCONJ
cblr-8637	847	13	expanding	expand	VERB
cblr-8637	847	14	access	access	NOUN
cblr-8637	847	15	to	to	ADP
cblr-8637	847	16	the	the	DET
cblr-8637	847	17	private	private	ADJ
cblr-8637	847	18	market	market	NOUN
cblr-8637	847	19	will	will	AUX
cblr-8637	847	20	require	require	VERB
cblr-8637	847	21	a	a	DET
cblr-8637	847	22	more	more	ADV
cblr-8637	847	23	coordinated	coordinated	ADJ
cblr-8637	847	24	approach	approach	NOUN
cblr-8637	847	25	that	that	PRON
cblr-8637	847	26	considers	consider	VERB
cblr-8637	847	27	the	the	DET
cblr-8637	847	28	impact	impact	NOUN
cblr-8637	847	29	of	of	ADP
cblr-8637	847	30	proposed	propose	VERB
cblr-8637	847	31	changes	change	NOUN
cblr-8637	847	32	to	to	ADP
cblr-8637	847	33	both	both	DET
cblr-8637	847	34	markets	market	NOUN
cblr-8637	847	35	at	at	ADP
cblr-8637	847	36	the	the	DET
cblr-8637	847	37	same	same	ADJ
cblr-8637	847	38	time	time	NOUN
cblr-8637	847	39	.	.	PUNCT
cblr-8637	848	1	part	part	NOUN
cblr-8637	848	2	of	of	ADP
cblr-8637	848	3	this	this	DET
cblr-8637	848	4	approach	approach	NOUN
cblr-8637	848	5	entails	entail	VERB
cblr-8637	848	6	ensuring	ensure	VERB
cblr-8637	848	7	that	that	SCONJ
cblr-8637	848	8	the	the	DET
cblr-8637	848	9	private	private	ADJ
cblr-8637	848	10	market	market	NOUN
cblr-8637	848	11	is	be	AUX
cblr-8637	848	12	only	only	ADV
cblr-8637	848	13	expanded	expand	VERB
cblr-8637	848	14	to	to	ADP
cblr-8637	848	15	investors	investor	NOUN
cblr-8637	848	16	who	who	PRON
cblr-8637	848	17	can	can	AUX
cblr-8637	848	18	prohibitions	prohibition	NOUN
cblr-8637	848	19	.	.	PUNCT
cblr-8637	849	1	i	i	PRON
cblr-8637	849	2	d.	d.	PROPN
cblr-8637	849	3	in	in	ADP
cblr-8637	849	4	the	the	DET
cblr-8637	849	5	end	end	NOUN
cblr-8637	849	6	,	,	PUNCT
cblr-8637	849	7	goldman	goldman	NOUN
cblr-8637	849	8	still	still	ADV
cblr-8637	849	9	invested	invest	VERB
cblr-8637	849	10	its	its	PRON
cblr-8637	849	11	$	$	SYM
cblr-8637	849	12	450	450	NUM
cblr-8637	849	13	million	million	NUM
cblr-8637	849	14	but	but	CCONJ
cblr-8637	849	15	limited	limit	VERB
cblr-8637	849	16	outside	outside	ADJ
cblr-8637	849	17	investment	investment	NOUN
cblr-8637	849	18	to	to	ADP
cblr-8637	849	19	foreigners	foreigner	NOUN
cblr-8637	849	20	to	to	PART
cblr-8637	849	21	ensure	ensure	VERB
cblr-8637	849	22	no	no	DET
cblr-8637	849	23	rules	rule	NOUN
cblr-8637	849	24	were	be	AUX
cblr-8637	849	25	violated	violate	VERB
cblr-8637	849	26	.	.	PUNCT
cblr-8637	850	1	i	i	PRON
cblr-8637	850	2	d.	d.	PROPN
cblr-8637	850	3	238	238	NUM
cblr-8637	850	4	see	see	VERB
cblr-8637	850	5	sloan	sloan	PROPN
cblr-8637	850	6	,	,	PUNCT
cblr-8637	850	7	supra	supra	PROPN
cblr-8637	850	8	note	note	PROPN
cblr-8637	850	9	134	134	NUM
cblr-8637	850	10	.	.	PUNCT
cblr-8637	851	1	239	239	NUM
cblr-8637	851	2	see	see	VERB
cblr-8637	851	3	supra	supra	PROPN
cblr-8637	851	4	notes	note	NOUN
cblr-8637	851	5	60–61	60–61	NUM
cblr-8637	851	6	and	and	CCONJ
cblr-8637	851	7	accompanying	accompany	VERB
cblr-8637	851	8	text	text	NOUN
cblr-8637	851	9	.	.	PUNCT
cblr-8637	852	1	240	240	NUM
cblr-8637	852	2	see	see	VERB
cblr-8637	852	3	supra	supra	PROPN
cblr-8637	852	4	note	note	PROPN
cblr-8637	852	5	8	8	NUM
cblr-8637	852	6	.	.	X
cblr-8637	852	7	241	241	NUM
cblr-8637	852	8	see	see	VERB
cblr-8637	852	9	supra	supra	PROPN
cblr-8637	852	10	notes	note	NOUN
cblr-8637	852	11	136–47	136–47	NUM
cblr-8637	852	12	and	and	CCONJ
cblr-8637	852	13	accompanying	accompany	VERB
cblr-8637	852	14	text	text	NOUN
cblr-8637	852	15	.	.	PUNCT
cblr-8637	853	1	greene	greene	PROPN
cblr-8637	853	2	et	et	PROPN
cblr-8637	853	3	al	al	PROPN
cblr-8637	853	4	.	.	PROPN
cblr-8637	854	1	8/21/2021	8/21/2021	NUM
cblr-8637	854	2	1:44	1:44	NUM
cblr-8637	854	3	pm	pm	NOUN
cblr-8637	854	4	no	no	INTJ
cblr-8637	854	5	.	.	PUNCT
cblr-8637	855	1	2:714	2:714	NUM
cblr-8637	855	2	]	]	X
cblr-8637	855	3	the	the	DET
cblr-8637	855	4	need	need	NOUN
cblr-8637	855	5	for	for	ADP
cblr-8637	855	6	a	a	DET
cblr-8637	855	7	comprehensive	comprehensive	ADJ
cblr-8637	855	8	approach	approach	NOUN
cblr-8637	855	9	769	769	NUM
cblr-8637	855	10	adequately	adequately	ADV
cblr-8637	855	11	protect	protect	VERB
cblr-8637	855	12	themselves	themselves	PRON
cblr-8637	855	13	from	from	ADP
cblr-8637	855	14	the	the	DET
cblr-8637	855	15	risks	risk	NOUN
cblr-8637	855	16	.	.	PUNCT
cblr-8637	856	1	to	to	ADP
cblr-8637	856	2	this	this	DET
cblr-8637	856	3	end	end	NOUN
cblr-8637	856	4	,	,	PUNCT
cblr-8637	856	5	in	in	ADP
cblr-8637	856	6	the	the	DET
cblr-8637	856	7	short	short	ADJ
cblr-8637	856	8	term	term	NOUN
cblr-8637	856	9	,	,	PUNCT
cblr-8637	856	10	we	we	PRON
cblr-8637	856	11	recommend	recommend	VERB
cblr-8637	856	12	indexing	index	VERB
cblr-8637	856	13	the	the	DET
cblr-8637	856	14	accredited	accredited	ADJ
cblr-8637	856	15	investor	investor	NOUN
cblr-8637	856	16	definition	definition	NOUN
cblr-8637	856	17	for	for	ADP
cblr-8637	856	18	inflation	inflation	NOUN
cblr-8637	856	19	and	and	CCONJ
cblr-8637	856	20	amending	amend	VERB
cblr-8637	856	21	it	it	PRON
cblr-8637	856	22	to	to	PART
cblr-8637	856	23	include	include	VERB
cblr-8637	856	24	investors	investor	NOUN
cblr-8637	856	25	that	that	PRON
cblr-8637	856	26	are	be	AUX
cblr-8637	856	27	advised	advise	VERB
cblr-8637	856	28	by	by	ADP
cblr-8637	856	29	fiduciaries	fiduciary	NOUN
cblr-8637	856	30	.	.	PUNCT
cblr-8637	857	1	however	however	ADV
cblr-8637	857	2	,	,	PUNCT
cblr-8637	857	3	remedying	remedy	VERB
cblr-8637	857	4	the	the	DET
cblr-8637	857	5	declining	decline	VERB
cblr-8637	857	6	number	number	NOUN
cblr-8637	857	7	of	of	ADP
cblr-8637	857	8	firms	firm	NOUN
cblr-8637	857	9	in	in	ADP
cblr-8637	857	10	the	the	DET
cblr-8637	857	11	public	public	ADJ
cblr-8637	857	12	market	market	NOUN
cblr-8637	857	13	will	will	AUX
cblr-8637	857	14	require	require	VERB
cblr-8637	857	15	an	an	DET
cblr-8637	857	16	in	in	ADP
cblr-8637	857	17	-	-	PUNCT
cblr-8637	857	18	depth	depth	NOUN
cblr-8637	857	19	examination	examination	NOUN
cblr-8637	857	20	of	of	ADP
cblr-8637	857	21	its	its	PRON
cblr-8637	857	22	structural	structural	ADJ
cblr-8637	857	23	issues	issue	NOUN
cblr-8637	857	24	.	.	PUNCT
cblr-8637	858	1	in	in	ADP
cblr-8637	858	2	light	light	NOUN
cblr-8637	858	3	of	of	ADP
cblr-8637	858	4	the	the	DET
cblr-8637	858	5	significant	significant	ADJ
cblr-8637	858	6	changes	change	NOUN
cblr-8637	858	7	to	to	ADP
cblr-8637	858	8	both	both	DET
cblr-8637	858	9	markets	market	NOUN
cblr-8637	858	10	,	,	PUNCT
cblr-8637	858	11	the	the	DET
cblr-8637	858	12	time	time	NOUN
cblr-8637	858	13	is	be	AUX
cblr-8637	858	14	ripe	ripe	ADJ
cblr-8637	858	15	for	for	ADP
cblr-8637	858	16	a	a	DET
cblr-8637	858	17	comprehensive	comprehensive	ADJ
cblr-8637	858	18	review	review	NOUN
cblr-8637	858	19	of	of	ADP
cblr-8637	858	20	the	the	DET
cblr-8637	858	21	market	market	NOUN
cblr-8637	858	22	structure	structure	NOUN
cblr-8637	858	23	as	as	ADP
cblr-8637	858	24	a	a	DET
cblr-8637	858	25	whole	whole	NOUN
cblr-8637	858	26	.	.	PUNCT
cblr-8637	859	1	due	due	ADP
cblr-8637	859	2	to	to	ADP
cblr-8637	859	3	fundamental	fundamental	ADJ
cblr-8637	859	4	changes	change	NOUN
cblr-8637	859	5	,	,	PUNCT
cblr-8637	859	6	including	include	VERB
cblr-8637	859	7	technological	technological	ADJ
cblr-8637	859	8	development	development	NOUN
cblr-8637	859	9	and	and	CCONJ
cblr-8637	859	10	financial	financial	ADJ
cblr-8637	859	11	innovation	innovation	NOUN
cblr-8637	859	12	,	,	PUNCT
cblr-8637	859	13	the	the	DET
cblr-8637	859	14	markets	market	NOUN
cblr-8637	859	15	of	of	ADP
cblr-8637	859	16	today	today	NOUN
cblr-8637	859	17	differ	differ	VERB
cblr-8637	859	18	dramatically	dramatically	ADV
cblr-8637	859	19	from	from	ADP
cblr-8637	859	20	those	those	PRON
cblr-8637	859	21	of	of	ADP
cblr-8637	859	22	prior	prior	ADJ
cblr-8637	859	23	decades	decade	NOUN
cblr-8637	859	24	.	.	PUNCT
cblr-8637	860	1	in	in	ADP
cblr-8637	860	2	order	order	NOUN
cblr-8637	860	3	to	to	PART
cblr-8637	860	4	effectively	effectively	ADV
cblr-8637	860	5	reform	reform	VERB
cblr-8637	860	6	the	the	DET
cblr-8637	860	7	regulatory	regulatory	ADJ
cblr-8637	860	8	approach	approach	NOUN
cblr-8637	860	9	,	,	PUNCT
cblr-8637	860	10	it	it	PRON
cblr-8637	860	11	is	be	AUX
cblr-8637	860	12	necessary	necessary	ADJ
cblr-8637	860	13	to	to	PART
cblr-8637	860	14	holistically	holistically	ADV
cblr-8637	860	15	examine	examine	VERB
cblr-8637	860	16	the	the	DET
cblr-8637	860	17	drivers	driver	NOUN
cblr-8637	860	18	behind	behind	ADP
cblr-8637	860	19	these	these	DET
cblr-8637	860	20	changes	change	NOUN
cblr-8637	860	21	.	.	PUNCT
cblr-8637	861	1	therefore	therefore	ADV
cblr-8637	861	2	,	,	PUNCT
cblr-8637	861	3	in	in	ADP
cblr-8637	861	4	the	the	DET
cblr-8637	861	5	long	long	ADJ
cblr-8637	861	6	term	term	NOUN
cblr-8637	861	7	we	we	PRON
cblr-8637	861	8	call	call	VERB
cblr-8637	861	9	for	for	ADP
cblr-8637	861	10	the	the	DET
cblr-8637	861	11	funding	funding	NOUN
cblr-8637	861	12	of	of	ADP
cblr-8637	861	13	a	a	DET
cblr-8637	861	14	special	special	ADJ
cblr-8637	861	15	study	study	NOUN
cblr-8637	861	16	as	as	SCONJ
cblr-8637	861	17	advocated	advocate	VERB
cblr-8637	861	18	by	by	ADP
cblr-8637	861	19	the	the	DET
cblr-8637	861	20	chairs	chair	NOUN
cblr-8637	861	21	of	of	ADP
cblr-8637	861	22	the	the	DET
cblr-8637	861	23	law	law	NOUN
cblr-8637	861	24	and	and	CCONJ
cblr-8637	861	25	economics	economic	NOUN
cblr-8637	861	26	program	program	NOUN
cblr-8637	861	27	at	at	ADP
cblr-8637	861	28	columbia	columbia	PROPN
cblr-8637	861	29	university	university	PROPN
cblr-8637	861	30	.	.	PUNCT
cblr-8637	862	1	a.	a.	NOUN
cblr-8637	862	2	make	make	VERB
cblr-8637	862	3	additional	additional	ADJ
cblr-8637	862	4	amendments	amendment	NOUN
cblr-8637	862	5	to	to	ADP
cblr-8637	862	6	the	the	DET
cblr-8637	862	7	accredited	accredit	VERB
cblr-8637	862	8	investor	investor	NOUN
cblr-8637	862	9	definition	definition	NOUN
cblr-8637	862	10	given	give	VERB
cblr-8637	862	11	that	that	SCONJ
cblr-8637	862	12	the	the	DET
cblr-8637	862	13	private	private	ADJ
cblr-8637	862	14	market	market	NOUN
cblr-8637	862	15	can	can	AUX
cblr-8637	862	16	provide	provide	VERB
cblr-8637	862	17	significant	significant	ADJ
cblr-8637	862	18	benefits	benefit	NOUN
cblr-8637	862	19	to	to	ADP
cblr-8637	862	20	knowledgeable	knowledgeable	ADJ
cblr-8637	862	21	investors	investor	NOUN
cblr-8637	862	22	,	,	PUNCT
cblr-8637	862	23	the	the	DET
cblr-8637	862	24	optimal	optimal	ADJ
cblr-8637	862	25	strategy	strategy	NOUN
cblr-8637	862	26	would	would	AUX
cblr-8637	862	27	be	be	AUX
cblr-8637	862	28	to	to	PART
cblr-8637	862	29	expand	expand	VERB
cblr-8637	862	30	the	the	DET
cblr-8637	862	31	private	private	ADJ
cblr-8637	862	32	market	market	NOUN
cblr-8637	862	33	to	to	ADP
cblr-8637	862	34	investors	investor	NOUN
cblr-8637	862	35	that	that	PRON
cblr-8637	862	36	are	be	AUX
cblr-8637	862	37	either	either	CCONJ
cblr-8637	862	38	financially	financially	ADV
cblr-8637	862	39	sophisticated	sophisticated	ADJ
cblr-8637	862	40	or	or	CCONJ
cblr-8637	862	41	properly	properly	ADV
cblr-8637	862	42	advised	advise	VERB
cblr-8637	862	43	.	.	PUNCT
cblr-8637	863	1	the	the	DET
cblr-8637	863	2	accredited	accredited	ADJ
cblr-8637	863	3	investor	investor	NOUN
cblr-8637	863	4	definition	definition	NOUN
cblr-8637	863	5	is	be	AUX
cblr-8637	863	6	perhaps	perhaps	ADV
cblr-8637	863	7	the	the	DET
cblr-8637	863	8	most	most	ADV
cblr-8637	863	9	important	important	ADJ
cblr-8637	863	10	tool	tool	NOUN
cblr-8637	863	11	for	for	ADP
cblr-8637	863	12	achieving	achieve	VERB
cblr-8637	863	13	this	this	DET
cblr-8637	863	14	objective.242	objective.242	NOUN
cblr-8637	863	15	in	in	ADP
cblr-8637	863	16	light	light	NOUN
cblr-8637	863	17	of	of	ADP
cblr-8637	863	18	ralston	ralston	PROPN
cblr-8637	863	19	purina,243	purina,243	PROPN
cblr-8637	863	20	we	we	PRON
cblr-8637	863	21	believe	believe	VERB
cblr-8637	863	22	that	that	SCONJ
cblr-8637	863	23	securities	security	NOUN
cblr-8637	863	24	law	law	NOUN
cblr-8637	863	25	should	should	AUX
cblr-8637	863	26	create	create	VERB
cblr-8637	863	27	a	a	DET
cblr-8637	863	28	sliding	slide	VERB
cblr-8637	863	29	scale	scale	NOUN
cblr-8637	863	30	balancing	balance	VERB
cblr-8637	863	31	the	the	DET
cblr-8637	863	32	sophistication	sophistication	NOUN
cblr-8637	863	33	of	of	ADP
cblr-8637	863	34	the	the	DET
cblr-8637	863	35	investor	investor	NOUN
cblr-8637	863	36	with	with	ADP
cblr-8637	863	37	investor	investor	NOUN
cblr-8637	863	38	protection	protection	NOUN
cblr-8637	863	39	,	,	PUNCT
cblr-8637	863	40	disclosure	disclosure	NOUN
cblr-8637	863	41	,	,	PUNCT
cblr-8637	863	42	and	and	CCONJ
cblr-8637	863	43	liability	liability	NOUN
cblr-8637	863	44	.	.	PUNCT
cblr-8637	864	1	the	the	DET
cblr-8637	864	2	sec	sec	PROPN
cblr-8637	864	3	’s	’s	PART
cblr-8637	864	4	expansion	expansion	NOUN
cblr-8637	864	5	of	of	ADP
cblr-8637	864	6	the	the	DET
cblr-8637	864	7	accredited	accredit	VERB
cblr-8637	864	8	investor	investor	NOUN
cblr-8637	864	9	definition	definition	NOUN
cblr-8637	864	10	moves	move	VERB
cblr-8637	864	11	somewhat	somewhat	ADV
cblr-8637	864	12	in	in	ADP
cblr-8637	864	13	this	this	DET
cblr-8637	864	14	direction	direction	NOUN
cblr-8637	864	15	by	by	ADP
cblr-8637	864	16	expanding	expand	VERB
cblr-8637	864	17	the	the	DET
cblr-8637	864	18	definition	definition	NOUN
cblr-8637	864	19	to	to	PART
cblr-8637	864	20	cover	cover	VERB
cblr-8637	864	21	individuals	individual	NOUN
cblr-8637	864	22	who	who	PRON
cblr-8637	864	23	meet	meet	VERB
cblr-8637	864	24	certain	certain	ADJ
cblr-8637	864	25	certification	certification	NOUN
cblr-8637	864	26	standards.244	standards.244	NOUN
cblr-8637	864	27	242	242	NUM
cblr-8637	864	28	see	see	VERB
cblr-8637	864	29	press	press	NOUN
cblr-8637	864	30	release	release	NOUN
cblr-8637	864	31	,	,	PUNCT
cblr-8637	864	32	allison	allison	PROPN
cblr-8637	864	33	herren	herren	PROPN
cblr-8637	864	34	lee	lee	PROPN
cblr-8637	864	35	,	,	PUNCT
cblr-8637	864	36	comm’r	comm’r	ADP
cblr-8637	864	37	,	,	PUNCT
cblr-8637	864	38	u.s	u.s	PROPN
cblr-8637	864	39	.	.	PROPN
cblr-8637	864	40	sec	sec	PROPN
cblr-8637	864	41	.	.	PROPN
cblr-8637	864	42	&	&	CCONJ
cblr-8637	864	43	exch	exch	PROPN
cblr-8637	864	44	.	.	PUNCT
cblr-8637	865	1	comm’n	comm’n	PROPN
cblr-8637	865	2	&	&	CCONJ
cblr-8637	865	3	caroline	caroline	PROPN
cblr-8637	865	4	crenshaw	crenshaw	PROPN
cblr-8637	865	5	,	,	PUNCT
cblr-8637	865	6	comm’r	comm’r	ADP
cblr-8637	865	7	,	,	PUNCT
cblr-8637	865	8	u.s	u.s	PROPN
cblr-8637	865	9	.	.	PROPN
cblr-8637	865	10	sec	sec	PROPN
cblr-8637	865	11	.	.	PROPN
cblr-8637	865	12	&	&	CCONJ
cblr-8637	865	13	exch	exch	PROPN
cblr-8637	865	14	.	.	PUNCT
cblr-8637	866	1	comm’n	comm’n	PROPN
cblr-8637	866	2	,	,	PUNCT
cblr-8637	866	3	joint	joint	ADJ
cblr-8637	866	4	statement	statement	NOUN
cblr-8637	866	5	on	on	ADP
cblr-8637	866	6	the	the	DET
cblr-8637	866	7	failure	failure	NOUN
cblr-8637	866	8	to	to	PART
cblr-8637	866	9	modernize	modernize	VERB
cblr-8637	866	10	the	the	DET
cblr-8637	866	11	accredited	accredit	VERB
cblr-8637	866	12	investor	investor	NOUN
cblr-8637	866	13	definition	definition	NOUN
cblr-8637	866	14	(	(	PUNCT
cblr-8637	866	15	aug	aug	PROPN
cblr-8637	866	16	.	.	PROPN
cblr-8637	866	17	26	26	NUM
cblr-8637	866	18	,	,	PUNCT
cblr-8637	866	19	2020	2020	NUM
cblr-8637	866	20	)	)	PUNCT
cblr-8637	866	21	,	,	PUNCT
cblr-8637	866	22	https://www.sec.gov/news/public-statement/lee-crenshawaccredited-investor-2020-08-26#_ftn1	https://www.sec.gov/news/public-statement/lee-crenshawaccredited-investor-2020-08-26#_ftn1	PROPN
cblr-8637	867	1	[	[	X
cblr-8637	867	2	https://perma.cc/v97d-ayf6	https://perma.cc/v97d-ayf6	PROPN
cblr-8637	867	3	]	]	PUNCT
cblr-8637	867	4	.	.	PUNCT
cblr-8637	868	1	243	243	NUM
cblr-8637	868	2	sec	sec	PROPN
cblr-8637	868	3	v.	v.	PROPN
cblr-8637	868	4	ralston	ralston	PROPN
cblr-8637	868	5	purina	purina	PROPN
cblr-8637	868	6	co.	co.	PROPN
cblr-8637	868	7	,	,	PUNCT
cblr-8637	868	8	346	346	NUM
cblr-8637	868	9	u.s	u.s	PROPN
cblr-8637	868	10	.	.	PROPN
cblr-8637	868	11	119	119	NUM
cblr-8637	868	12	(	(	PUNCT
cblr-8637	868	13	1953	1953	NUM
cblr-8637	868	14	)	)	PUNCT
cblr-8637	868	15	.	.	PUNCT
cblr-8637	869	1	244	244	NUM
cblr-8637	869	2	accredited	accredit	VERB
cblr-8637	869	3	investor	investor	NOUN
cblr-8637	869	4	definition	definition	NOUN
cblr-8637	869	5	,	,	PUNCT
cblr-8637	869	6	85	85	NUM
cblr-8637	869	7	fed	feed	VERB
cblr-8637	869	8	.	.	PUNCT
cblr-8637	870	1	reg	reg	PROPN
cblr-8637	870	2	.	.	PROPN
cblr-8637	870	3	64,234	64,234	NUM
cblr-8637	870	4	,	,	PUNCT
cblr-8637	870	5	64,241	64,241	NUM
cblr-8637	870	6	(	(	PUNCT
cblr-8637	870	7	oct	oct	PROPN
cblr-8637	870	8	.	.	PROPN
cblr-8637	870	9	9	9	NUM
cblr-8637	870	10	,	,	PUNCT
cblr-8637	870	11	2020	2020	NUM
cblr-8637	870	12	)	)	PUNCT
cblr-8637	870	13	(	(	PUNCT
cblr-8637	870	14	to	to	PART
cblr-8637	870	15	be	be	AUX
cblr-8637	870	16	codified	codify	VERB
cblr-8637	870	17	at	at	ADP
cblr-8637	870	18	17	17	NUM
cblr-8637	870	19	c.f.r	c.f.r	NOUN
cblr-8637	870	20	.	.	PUNCT
cblr-8637	871	1	pts	pts	AUX
cblr-8637	871	2	.	.	PROPN
cblr-8637	871	3	230	230	NUM
cblr-8637	871	4	,	,	PUNCT
cblr-8637	871	5	240	240	NUM
cblr-8637	871	6	)	)	PUNCT
cblr-8637	871	7	greene	greene	PROPN
cblr-8637	871	8	et	et	PROPN
cblr-8637	871	9	al	al	PROPN
cblr-8637	871	10	.	.	PROPN
cblr-8637	871	11	8/21/2021	8/21/2021	NUM
cblr-8637	871	12	1:44	1:44	NUM
cblr-8637	871	13	pm	pm	NOUN
cblr-8637	871	14	770	770	NUM
cblr-8637	871	15	columbia	columbia	PROPN
cblr-8637	871	16	business	business	NOUN
cblr-8637	871	17	law	law	NOUN
cblr-8637	871	18	review	review	NOUN
cblr-8637	872	1	[	[	X
cblr-8637	872	2	vol	vol	NOUN
cblr-8637	872	3	.	.	PUNCT
cblr-8637	872	4	2021	2021	NUM
cblr-8637	872	5	however	however	ADV
cblr-8637	872	6	,	,	PUNCT
cblr-8637	872	7	the	the	DET
cblr-8637	872	8	amendment	amendment	NOUN
cblr-8637	872	9	fails	fail	VERB
cblr-8637	872	10	to	to	PART
cblr-8637	872	11	address	address	VERB
cblr-8637	872	12	some	some	PRON
cblr-8637	872	13	of	of	ADP
cblr-8637	872	14	the	the	DET
cblr-8637	872	15	most	most	ADV
cblr-8637	872	16	pressing	pressing	ADJ
cblr-8637	872	17	issues	issue	NOUN
cblr-8637	872	18	with	with	ADP
cblr-8637	872	19	the	the	DET
cblr-8637	872	20	definition	definition	NOUN
cblr-8637	872	21	.	.	PUNCT
cblr-8637	873	1	namely	namely	ADV
cblr-8637	873	2	,	,	PUNCT
cblr-8637	873	3	the	the	DET
cblr-8637	873	4	amended	amend	VERB
cblr-8637	873	5	definition	definition	NOUN
cblr-8637	873	6	fails	fail	VERB
cblr-8637	873	7	to	to	ADP
cblr-8637	873	8	index	index	NOUN
cblr-8637	873	9	for	for	ADP
cblr-8637	873	10	inflation245	inflation245	PROPN
cblr-8637	873	11	—	—	PUNCT
cblr-8637	873	12	which	which	PRON
cblr-8637	873	13	means	mean	VERB
cblr-8637	873	14	that	that	SCONJ
cblr-8637	873	15	more	more	ADJ
cblr-8637	873	16	individuals	individual	NOUN
cblr-8637	873	17	can	can	AUX
cblr-8637	873	18	qualify	qualify	VERB
cblr-8637	873	19	as	as	ADP
cblr-8637	873	20	accredited	accredit	VERB
cblr-8637	873	21	investors	investor	NOUN
cblr-8637	873	22	each	each	DET
cblr-8637	873	23	year	year	NOUN
cblr-8637	873	24	—	—	PUNCT
cblr-8637	873	25	or	or	CCONJ
cblr-8637	873	26	to	to	PART
cblr-8637	873	27	otherwise	otherwise	ADV
cblr-8637	873	28	protect	protect	VERB
cblr-8637	873	29	the	the	DET
cblr-8637	873	30	most	most	ADV
cblr-8637	873	31	vulnerable	vulnerable	ADJ
cblr-8637	873	32	investors	investor	NOUN
cblr-8637	873	33	.	.	PUNCT
cblr-8637	874	1	to	to	ADP
cblr-8637	874	2	better	well	ADV
cblr-8637	874	3	balance	balance	VERB
cblr-8637	874	4	investor	investor	NOUN
cblr-8637	874	5	protection	protection	NOUN
cblr-8637	874	6	with	with	ADP
cblr-8637	874	7	the	the	DET
cblr-8637	874	8	expansion	expansion	NOUN
cblr-8637	874	9	of	of	ADP
cblr-8637	874	10	access	access	NOUN
cblr-8637	874	11	to	to	ADP
cblr-8637	874	12	the	the	DET
cblr-8637	874	13	private	private	ADJ
cblr-8637	874	14	market	market	NOUN
cblr-8637	874	15	,	,	PUNCT
cblr-8637	874	16	we	we	PRON
cblr-8637	874	17	recommend	recommend	VERB
cblr-8637	874	18	indexing	index	VERB
cblr-8637	874	19	the	the	DET
cblr-8637	874	20	accredited	accredited	ADJ
cblr-8637	874	21	investor	investor	NOUN
cblr-8637	874	22	definition	definition	NOUN
cblr-8637	874	23	for	for	ADP
cblr-8637	874	24	inflation	inflation	NOUN
cblr-8637	874	25	and	and	CCONJ
cblr-8637	874	26	amending	amend	VERB
cblr-8637	874	27	it	it	PRON
cblr-8637	874	28	to	to	PART
cblr-8637	874	29	include	include	VERB
cblr-8637	874	30	investors	investor	NOUN
cblr-8637	874	31	advised	advise	VERB
cblr-8637	874	32	by	by	ADP
cblr-8637	874	33	a	a	DET
cblr-8637	874	34	fiduciary.246	fiduciary.246	PROPN
cblr-8637	874	35	a	a	DET
cblr-8637	874	36	diverse	diverse	ADJ
cblr-8637	874	37	range	range	NOUN
cblr-8637	874	38	of	of	ADP
cblr-8637	874	39	groups	group	NOUN
cblr-8637	874	40	,	,	PUNCT
cblr-8637	874	41	including	include	VERB
cblr-8637	874	42	academics	academic	NOUN
cblr-8637	874	43	,	,	PUNCT
cblr-8637	874	44	regulators	regulator	NOUN
cblr-8637	874	45	,	,	PUNCT
cblr-8637	874	46	investors	investor	NOUN
cblr-8637	874	47	,	,	PUNCT
cblr-8637	874	48	and	and	CCONJ
cblr-8637	874	49	industry	industry	NOUN
cblr-8637	874	50	organizations	organization	NOUN
cblr-8637	874	51	,	,	PUNCT
cblr-8637	874	52	have	have	AUX
cblr-8637	874	53	expressed	express	VERB
cblr-8637	874	54	support	support	NOUN
cblr-8637	874	55	for	for	ADP
cblr-8637	874	56	indexing	index	VERB
cblr-8637	874	57	the	the	DET
cblr-8637	874	58	wealth	wealth	NOUN
cblr-8637	874	59	thresholds	threshold	VERB
cblr-8637	874	60	in	in	ADP
cblr-8637	874	61	the	the	DET
cblr-8637	874	62	accredited	accredit	VERB
cblr-8637	874	63	investor	investor	NOUN
cblr-8637	874	64	definition	definition	NOUN
cblr-8637	874	65	for	for	ADP
cblr-8637	874	66	inflation.247	inflation.247	ADJ
cblr-8637	874	67	indeed	indeed	ADV
cblr-8637	874	68	,	,	PUNCT
cblr-8637	874	69	the	the	DET
cblr-8637	874	70	failure	failure	NOUN
cblr-8637	874	71	to	to	ADP
cblr-8637	874	72	index	index	NOUN
cblr-8637	874	73	for	for	ADP
cblr-8637	874	74	inflation	inflation	NOUN
cblr-8637	874	75	has	have	AUX
cblr-8637	874	76	led	lead	VERB
cblr-8637	874	77	to	to	ADP
cblr-8637	874	78	a	a	DET
cblr-8637	874	79	550	550	NUM
cblr-8637	874	80	%	%	NOUN
cblr-8637	874	81	increase	increase	NOUN
cblr-8637	874	82	in	in	ADP
cblr-8637	874	83	qualifying	qualify	VERB
cblr-8637	874	84	households	household	NOUN
cblr-8637	874	85	since	since	SCONJ
cblr-8637	874	86	1983,248	1983,248	NUM
cblr-8637	874	87	an	an	DET
cblr-8637	874	88	expansion	expansion	NOUN
cblr-8637	874	89	entirely	entirely	ADV
cblr-8637	874	90	unrelated	unrelated	ADJ
cblr-8637	874	91	to	to	ADP
cblr-8637	874	92	investor	investor	NOUN
cblr-8637	874	93	sophistication	sophistication	NOUN
cblr-8637	874	94	.	.	PUNCT
cblr-8637	875	1	the	the	DET
cblr-8637	875	2	commission	commission	NOUN
cblr-8637	875	3	’s	’s	PART
cblr-8637	875	4	rationale	rationale	NOUN
cblr-8637	875	5	for	for	ADP
cblr-8637	875	6	its	its	PRON
cblr-8637	875	7	decision	decision	NOUN
cblr-8637	875	8	is	be	AUX
cblr-8637	875	9	that	that	SCONJ
cblr-8637	875	10	indexing	indexing	NOUN
cblr-8637	875	11	would	would	AUX
cblr-8637	875	12	reduce	reduce	VERB
cblr-8637	875	13	the	the	DET
cblr-8637	875	14	capital	capital	NOUN
cblr-8637	875	15	supply	supply	NOUN
cblr-8637	875	16	in	in	ADP
cblr-8637	875	17	the	the	DET
cblr-8637	875	18	private	private	ADJ
cblr-8637	875	19	market	market	NOUN
cblr-8637	875	20	,	,	PUNCT
cblr-8637	875	21	and	and	CCONJ
cblr-8637	875	22	that	that	SCONJ
cblr-8637	875	23	indexing	indexing	NOUN
cblr-8637	875	24	is	be	AUX
cblr-8637	875	25	unnecessary	unnecessary	ADJ
cblr-8637	875	26	because	because	SCONJ
cblr-8637	875	27	investors	investor	NOUN
cblr-8637	875	28	today	today	NOUN
cblr-8637	875	29	have	have	VERB
cblr-8637	875	30	more	more	ADJ
cblr-8637	875	31	access	access	NOUN
cblr-8637	875	32	to	to	ADP
cblr-8637	875	33	information	information	NOUN
cblr-8637	875	34	due	due	ADP
cblr-8637	875	35	to	to	ADP
cblr-8637	875	36	the	the	DET
cblr-8637	875	37	advent	advent	NOUN
cblr-8637	875	38	of	of	ADP
cblr-8637	875	39	the	the	DET
cblr-8637	875	40	internet.249	internet.249	PROPN
cblr-8637	875	41	however	however	ADV
cblr-8637	875	42	,	,	PUNCT
cblr-8637	875	43	the	the	DET
cblr-8637	875	44	sec	sec	PROPN
cblr-8637	875	45	’s	’s	PART
cblr-8637	875	46	approach	approach	NOUN
cblr-8637	875	47	to	to	ADP
cblr-8637	875	48	regulation	regulation	NOUN
cblr-8637	875	49	crowdfunding	crowdfunding	NOUN
cblr-8637	875	50	investments	investment	NOUN
cblr-8637	875	51	undermines	undermine	VERB
cblr-8637	875	52	this	this	DET
cblr-8637	875	53	rationale	rationale	NOUN
cblr-8637	875	54	.	.	PUNCT
cblr-8637	876	1	crowdfunding	crowdfunde	VERB
cblr-8637	876	2	investors	investor	NOUN
cblr-8637	876	3	tend	tend	VERB
cblr-8637	876	4	to	to	PART
cblr-8637	876	5	have	have	VERB
cblr-8637	876	6	a	a	DET
cblr-8637	876	7	smaller	small	ADJ
cblr-8637	876	8	capital	capital	NOUN
cblr-8637	876	9	supply	supply	NOUN
cblr-8637	876	10	and	and	CCONJ
cblr-8637	876	11	receive	receive	VERB
cblr-8637	876	12	relatively	relatively	ADV
cblr-8637	876	13	limited	limited	ADJ
cblr-8637	876	14	information	information	NOUN
cblr-8637	876	15	,	,	PUNCT
cblr-8637	876	16	but	but	CCONJ
cblr-8637	876	17	both	both	PRON
cblr-8637	876	18	the	the	DET
cblr-8637	876	19	245	245	NUM
cblr-8637	876	20	see	see	VERB
cblr-8637	876	21	i	i	PROPN
cblr-8637	876	22	d.	d.	PROPN
cblr-8637	876	23	at	at	ADP
cblr-8637	876	24	64,254	64,254	NUM
cblr-8637	876	25	.	.	PUNCT
cblr-8637	877	1	246	246	NUM
cblr-8637	877	2	in	in	ADP
cblr-8637	877	3	2017	2017	NUM
cblr-8637	877	4	,	,	PUNCT
cblr-8637	877	5	the	the	DET
cblr-8637	877	6	treasury	treasury	NOUN
cblr-8637	877	7	issued	issue	VERB
cblr-8637	877	8	a	a	DET
cblr-8637	877	9	report	report	NOUN
cblr-8637	877	10	recommending	recommend	VERB
cblr-8637	877	11	broadening	broaden	VERB
cblr-8637	877	12	the	the	DET
cblr-8637	877	13	accredited	accredit	VERB
cblr-8637	877	14	investor	investor	NOUN
cblr-8637	877	15	definition	definition	NOUN
cblr-8637	877	16	to	to	PART
cblr-8637	877	17	include	include	VERB
cblr-8637	877	18	investors	investor	NOUN
cblr-8637	877	19	advised	advise	VERB
cblr-8637	877	20	by	by	ADP
cblr-8637	877	21	a	a	DET
cblr-8637	877	22	fiduciary	fiduciary	NOUN
cblr-8637	877	23	.	.	PUNCT
cblr-8637	878	1	steven	steven	PROPN
cblr-8637	878	2	t.	t.	PROPN
cblr-8637	878	3	mnuchin	mnuchin	PROPN
cblr-8637	878	4	et	et	PROPN
cblr-8637	878	5	al	al	PROPN
cblr-8637	878	6	.	.	PROPN
cblr-8637	878	7	,	,	PUNCT
cblr-8637	878	8	u.s	u.s	PROPN
cblr-8637	878	9	.	.	PROPN
cblr-8637	878	10	dep’t	dep’t	PROPN
cblr-8637	878	11	of	of	ADP
cblr-8637	878	12	treasury	treasury	PROPN
cblr-8637	878	13	,	,	PUNCT
cblr-8637	878	14	a	a	DET
cblr-8637	878	15	financial	financial	ADJ
cblr-8637	878	16	system	system	NOUN
cblr-8637	878	17	that	that	PRON
cblr-8637	878	18	creates	create	VERB
cblr-8637	878	19	economic	economic	ADJ
cblr-8637	878	20	opportunities	opportunity	NOUN
cblr-8637	878	21	:	:	PUNCT
cblr-8637	878	22	capital	capital	NOUN
cblr-8637	878	23	markets	market	NOUN
cblr-8637	878	24	44	44	NUM
cblr-8637	878	25	(	(	PUNCT
cblr-8637	878	26	2017	2017	NUM
cblr-8637	878	27	)	)	PUNCT
cblr-8637	878	28	,	,	PUNCT
cblr-8637	878	29	https://www.treasury.gov/press-center/press-releases/documents/afinancial-system-capital-markets-final-final.pdf	https://www.treasury.gov/press-center/press-releases/documents/afinancial-system-capital-markets-final-final.pdf	X
cblr-8637	879	1	[	[	X
cblr-8637	879	2	https://perma.cc/bh3g22r3	https://perma.cc/bh3g22r3	X
cblr-8637	879	3	]	]	X
cblr-8637	879	4	.	.	PUNCT
cblr-8637	880	1	247	247	NUM
cblr-8637	880	2	press	press	NOUN
cblr-8637	880	3	release	release	NOUN
cblr-8637	880	4	,	,	PUNCT
cblr-8637	880	5	lee	lee	PROPN
cblr-8637	880	6	&	&	CCONJ
cblr-8637	880	7	crenshaw	crenshaw	PROPN
cblr-8637	880	8	,	,	PUNCT
cblr-8637	880	9	supra	supra	PROPN
cblr-8637	880	10	note	note	PROPN
cblr-8637	880	11	242	242	NUM
cblr-8637	880	12	.	.	PUNCT
cblr-8637	880	13	248	248	NUM
cblr-8637	881	1	i	i	PRON
cblr-8637	881	2	d.	d.	PROPN
cblr-8637	881	3	249	249	NUM
cblr-8637	882	1	i	i	PRON
cblr-8637	882	2	d.	d.	PROPN
cblr-8637	882	3	(	(	PUNCT
cblr-8637	882	4	quoting	quote	VERB
cblr-8637	882	5	amending	amend	VERB
cblr-8637	882	6	the	the	DET
cblr-8637	882	7	“	"	PUNCT
cblr-8637	882	8	accredited	accredited	ADJ
cblr-8637	882	9	investor	investor	NOUN
cblr-8637	882	10	”	"	PUNCT
cblr-8637	882	11	definition	definition	NOUN
cblr-8637	882	12	,	,	PUNCT
cblr-8637	882	13	securities	security	NOUN
cblr-8637	882	14	act	act	NOUN
cblr-8637	882	15	release	release	VERB
cblr-8637	882	16	no	no	PRON
cblr-8637	882	17	.	.	NOUN
cblr-8637	882	18	10,824	10,824	NUM
cblr-8637	882	19	,	,	PUNCT
cblr-8637	882	20	at	at	ADP
cblr-8637	882	21	79	79	NUM
cblr-8637	882	22	,	,	PUNCT
cblr-8637	882	23	145	145	NUM
cblr-8637	882	24	(	(	PUNCT
cblr-8637	882	25	aug	aug	PROPN
cblr-8637	882	26	.	.	PROPN
cblr-8637	882	27	26	26	NUM
cblr-8637	882	28	,	,	PUNCT
cblr-8637	882	29	2020	2020	NUM
cblr-8637	882	30	)	)	PUNCT
cblr-8637	882	31	,	,	PUNCT
cblr-8637	883	1	https://www.sec.gov/rules/final/2020/33-10824.pdf	https://www.sec.gov/rules/final/2020/33-10824.pdf	PROPN
cblr-8637	884	1	[	[	X
cblr-8637	884	2	https://perma.cc/h5frqw7b	https://perma.cc/h5frqw7b	X
cblr-8637	884	3	]	]	X
cblr-8637	884	4	)	)	PUNCT
cblr-8637	884	5	.	.	PUNCT
cblr-8637	885	1	the	the	DET
cblr-8637	885	2	sec	sec	PROPN
cblr-8637	885	3	’s	’s	PART
cblr-8637	885	4	justification	justification	NOUN
cblr-8637	885	5	that	that	SCONJ
cblr-8637	885	6	investors	investor	NOUN
cblr-8637	885	7	today	today	NOUN
cblr-8637	885	8	have	have	AUX
cblr-8637	885	9	more	more	ADJ
cblr-8637	885	10	access	access	NOUN
cblr-8637	885	11	to	to	ADP
cblr-8637	885	12	information	information	NOUN
cblr-8637	885	13	due	due	ADP
cblr-8637	885	14	to	to	ADP
cblr-8637	885	15	the	the	DET
cblr-8637	885	16	advent	advent	NOUN
cblr-8637	885	17	of	of	ADP
cblr-8637	885	18	the	the	DET
cblr-8637	885	19	internet	internet	NOUN
cblr-8637	885	20	is	be	AUX
cblr-8637	885	21	weak	weak	ADJ
cblr-8637	885	22	.	.	PUNCT
cblr-8637	886	1	simply	simply	ADV
cblr-8637	886	2	having	have	VERB
cblr-8637	886	3	access	access	NOUN
cblr-8637	886	4	to	to	ADP
cblr-8637	886	5	more	more	ADJ
cblr-8637	886	6	information	information	NOUN
cblr-8637	886	7	on	on	ADP
cblr-8637	886	8	the	the	DET
cblr-8637	886	9	internet	internet	NOUN
cblr-8637	886	10	is	be	AUX
cblr-8637	886	11	irrelevant	irrelevant	ADJ
cblr-8637	886	12	to	to	ADP
cblr-8637	886	13	whether	whether	SCONJ
cblr-8637	886	14	an	an	DET
cblr-8637	886	15	investor	investor	NOUN
cblr-8637	886	16	can	can	AUX
cblr-8637	886	17	“	"	PUNCT
cblr-8637	886	18	fend	fend	VERB
cblr-8637	886	19	for	for	ADP
cblr-8637	886	20	themselves	themselves	PRON
cblr-8637	886	21	”	"	PUNCT
cblr-8637	886	22	or	or	CCONJ
cblr-8637	886	23	is	be	AUX
cblr-8637	886	24	sophisticated	sophisticate	VERB
cblr-8637	886	25	enough	enough	ADV
cblr-8637	886	26	to	to	PART
cblr-8637	886	27	analyze	analyze	VERB
cblr-8637	886	28	the	the	DET
cblr-8637	886	29	sometimeslimited	sometimeslimite	VERB
cblr-8637	886	30	information	information	NOUN
cblr-8637	886	31	publicly	publicly	ADV
cblr-8637	886	32	accessible	accessible	ADJ
cblr-8637	886	33	about	about	ADP
cblr-8637	886	34	private	private	ADJ
cblr-8637	886	35	firms	firm	NOUN
cblr-8637	886	36	.	.	PUNCT
cblr-8637	887	1	i	i	PRON
cblr-8637	887	2	d.	d.	PROPN
cblr-8637	887	3	greene	greene	PROPN
cblr-8637	887	4	et	et	PROPN
cblr-8637	887	5	al	al	PROPN
cblr-8637	887	6	.	.	PROPN
cblr-8637	888	1	8/21/2021	8/21/2021	NUM
cblr-8637	888	2	1:44	1:44	NUM
cblr-8637	888	3	pm	pm	NOUN
cblr-8637	888	4	no	no	INTJ
cblr-8637	888	5	.	.	PUNCT
cblr-8637	889	1	2:714	2:714	NUM
cblr-8637	889	2	]	]	X
cblr-8637	889	3	the	the	DET
cblr-8637	889	4	need	need	NOUN
cblr-8637	889	5	for	for	ADP
cblr-8637	889	6	a	a	DET
cblr-8637	889	7	comprehensive	comprehensive	ADJ
cblr-8637	889	8	approach	approach	NOUN
cblr-8637	889	9	771	771	NUM
cblr-8637	889	10	investment	investment	NOUN
cblr-8637	889	11	limit	limit	NOUN
cblr-8637	889	12	and	and	CCONJ
cblr-8637	889	13	wealth	wealth	NOUN
cblr-8637	889	14	thresholds	threshold	NOUN
cblr-8637	889	15	are	be	AUX
cblr-8637	889	16	adjusted	adjust	VERB
cblr-8637	889	17	for	for	ADP
cblr-8637	889	18	inflation.250	inflation.250	PROPN
cblr-8637	889	19	moreover	moreover	ADV
cblr-8637	889	20	,	,	PUNCT
cblr-8637	889	21	the	the	DET
cblr-8637	889	22	private	private	ADJ
cblr-8637	889	23	market	market	NOUN
cblr-8637	889	24	accounted	account	VERB
cblr-8637	889	25	for	for	ADP
cblr-8637	889	26	seventy	seventy	NUM
cblr-8637	889	27	percent	percent	NOUN
cblr-8637	889	28	of	of	ADP
cblr-8637	889	29	new	new	ADJ
cblr-8637	889	30	capital	capital	NOUN
cblr-8637	889	31	raised	raise	VERB
cblr-8637	889	32	in	in	ADP
cblr-8637	889	33	2019.251	2019.251	NUM
cblr-8637	889	34	therefore	therefore	ADV
cblr-8637	889	35	,	,	PUNCT
cblr-8637	889	36	though	though	SCONJ
cblr-8637	889	37	indexing	indexing	NOUN
cblr-8637	889	38	will	will	AUX
cblr-8637	889	39	likely	likely	ADV
cblr-8637	889	40	have	have	VERB
cblr-8637	889	41	a	a	DET
cblr-8637	889	42	negative	negative	ADJ
cblr-8637	889	43	effect	effect	NOUN
cblr-8637	889	44	on	on	ADP
cblr-8637	889	45	the	the	DET
cblr-8637	889	46	capital	capital	NOUN
cblr-8637	889	47	available	available	ADJ
cblr-8637	889	48	in	in	ADP
cblr-8637	889	49	the	the	DET
cblr-8637	889	50	private	private	ADJ
cblr-8637	889	51	market	market	NOUN
cblr-8637	889	52	,	,	PUNCT
cblr-8637	889	53	this	this	DET
cblr-8637	889	54	concern	concern	NOUN
cblr-8637	889	55	does	do	AUX
cblr-8637	889	56	not	not	PART
cblr-8637	889	57	appear	appear	VERB
cblr-8637	889	58	to	to	PART
cblr-8637	889	59	outweigh	outweigh	VERB
cblr-8637	889	60	the	the	DET
cblr-8637	889	61	need	need	NOUN
cblr-8637	889	62	to	to	PART
cblr-8637	889	63	ensure	ensure	VERB
cblr-8637	889	64	that	that	SCONJ
cblr-8637	889	65	only	only	ADV
cblr-8637	889	66	investors	investor	NOUN
cblr-8637	889	67	who	who	PRON
cblr-8637	889	68	can	can	AUX
cblr-8637	889	69	understand	understand	VERB
cblr-8637	889	70	and	and	CCONJ
cblr-8637	889	71	bear	bear	VERB
cblr-8637	889	72	private	private	ADJ
cblr-8637	889	73	market	market	NOUN
cblr-8637	889	74	risks	risk	NOUN
cblr-8637	889	75	can	can	AUX
cblr-8637	889	76	invest	invest	VERB
cblr-8637	889	77	in	in	ADP
cblr-8637	889	78	it.252	it.252	PROPN
cblr-8637	889	79	additionally	additionally	ADV
cblr-8637	889	80	,	,	PUNCT
cblr-8637	889	81	there	there	PRON
cblr-8637	889	82	remains	remain	VERB
cblr-8637	889	83	a	a	DET
cblr-8637	889	84	dearth	dearth	NOUN
cblr-8637	889	85	of	of	ADP
cblr-8637	889	86	information	information	NOUN
cblr-8637	889	87	on	on	ADP
cblr-8637	889	88	the	the	DET
cblr-8637	889	89	private	private	ADJ
cblr-8637	889	90	market	market	NOUN
cblr-8637	889	91	,	,	PUNCT
cblr-8637	889	92	including	include	VERB
cblr-8637	889	93	how	how	SCONJ
cblr-8637	889	94	many	many	ADJ
cblr-8637	889	95	offerings	offering	NOUN
cblr-8637	889	96	take	take	VERB
cblr-8637	889	97	place	place	NOUN
cblr-8637	889	98	,	,	PUNCT
cblr-8637	889	99	how	how	SCONJ
cblr-8637	889	100	investors	investor	NOUN
cblr-8637	889	101	fare	fare	VERB
cblr-8637	889	102	in	in	ADP
cblr-8637	889	103	terms	term	NOUN
cblr-8637	889	104	of	of	ADP
cblr-8637	889	105	return	return	NOUN
cblr-8637	889	106	on	on	ADP
cblr-8637	889	107	investments	investment	NOUN
cblr-8637	889	108	or	or	CCONJ
cblr-8637	889	109	exposure	exposure	NOUN
cblr-8637	889	110	to	to	ADP
cblr-8637	889	111	fraud	fraud	NOUN
cblr-8637	889	112	,	,	PUNCT
cblr-8637	889	113	what	what	DET
cblr-8637	889	114	proportion	proportion	NOUN
cblr-8637	889	115	of	of	ADP
cblr-8637	889	116	investors	investor	NOUN
cblr-8637	889	117	are	be	AUX
cblr-8637	889	118	individuals	individual	NOUN
cblr-8637	889	119	,	,	PUNCT
cblr-8637	889	120	and	and	CCONJ
cblr-8637	889	121	how	how	SCONJ
cblr-8637	889	122	many	many	ADJ
cblr-8637	889	123	investors	investor	NOUN
cblr-8637	889	124	will	will	AUX
cblr-8637	889	125	be	be	AUX
cblr-8637	889	126	accredited	accredit	VERB
cblr-8637	889	127	as	as	ADP
cblr-8637	889	128	a	a	DET
cblr-8637	889	129	result	result	NOUN
cblr-8637	889	130	of	of	ADP
cblr-8637	889	131	the	the	DET
cblr-8637	889	132	amended	amend	VERB
cblr-8637	889	133	definition.253	definition.253	NOUN
cblr-8637	889	134	this	this	DET
cblr-8637	889	135	information	information	NOUN
cblr-8637	889	136	could	could	AUX
cblr-8637	889	137	help	help	VERB
cblr-8637	889	138	shape	shape	VERB
cblr-8637	889	139	a	a	DET
cblr-8637	889	140	more	more	ADV
cblr-8637	889	141	responsive	responsive	ADJ
cblr-8637	889	142	redefinition	redefinition	NOUN
cblr-8637	889	143	of	of	ADP
cblr-8637	889	144	“	"	PUNCT
cblr-8637	889	145	accredited	accredited	ADJ
cblr-8637	889	146	investor	investor	NOUN
cblr-8637	889	147	.	.	PUNCT
cblr-8637	889	148	”	"	PUNCT
cblr-8637	890	1	the	the	DET
cblr-8637	890	2	recently	recently	ADV
cblr-8637	890	3	amended	amend	VERB
cblr-8637	890	4	definition	definition	NOUN
cblr-8637	890	5	also	also	ADV
cblr-8637	890	6	fails	fail	VERB
cblr-8637	890	7	to	to	PART
cblr-8637	890	8	mitigate	mitigate	VERB
cblr-8637	890	9	the	the	DET
cblr-8637	890	10	number	number	NOUN
cblr-8637	890	11	of	of	ADP
cblr-8637	890	12	investors	investor	NOUN
cblr-8637	890	13	potentially	potentially	ADV
cblr-8637	890	14	exposed	expose	VERB
cblr-8637	890	15	to	to	ADP
cblr-8637	890	16	fraud	fraud	NOUN
cblr-8637	890	17	in	in	ADP
cblr-8637	890	18	the	the	DET
cblr-8637	890	19	private	private	ADJ
cblr-8637	890	20	market.254	market.254	NOUN
cblr-8637	890	21	private	private	ADJ
cblr-8637	890	22	market	market	NOUN
cblr-8637	890	23	investments	investment	NOUN
cblr-8637	890	24	generally	generally	ADV
cblr-8637	890	25	lack	lack	VERB
cblr-8637	890	26	disclosure	disclosure	NOUN
cblr-8637	890	27	and	and	CCONJ
cblr-8637	890	28	liquidity	liquidity	NOUN
cblr-8637	890	29	and	and	CCONJ
cblr-8637	890	30	expose	expose	VERB
cblr-8637	890	31	investors	investor	NOUN
cblr-8637	890	32	to	to	ADP
cblr-8637	890	33	a	a	DET
cblr-8637	890	34	greater	great	ADJ
cblr-8637	890	35	risk	risk	NOUN
cblr-8637	890	36	of	of	ADP
cblr-8637	890	37	fraud.255	fraud.255	NOUN
cblr-8637	890	38	though	though	SCONJ
cblr-8637	890	39	the	the	DET
cblr-8637	890	40	commission	commission	NOUN
cblr-8637	890	41	correctly	correctly	ADV
cblr-8637	890	42	notes	note	VERB
cblr-8637	890	43	that	that	SCONJ
cblr-8637	890	44	the	the	DET
cblr-8637	890	45	250	250	NUM
cblr-8637	890	46	edward	edward	PROPN
cblr-8637	890	47	john	john	PROPN
cblr-8637	890	48	grattan	grattan	PROPN
cblr-8637	890	49	ii	ii	PROPN
cblr-8637	890	50	,	,	PUNCT
cblr-8637	890	51	buchanan	buchanan	PROPN
cblr-8637	890	52	ingersoll	ingersoll	PROPN
cblr-8637	890	53	&	&	CCONJ
cblr-8637	890	54	rooney	rooney	PROPN
cblr-8637	890	55	pc	pc	PROPN
cblr-8637	890	56	,	,	PUNCT
cblr-8637	890	57	the	the	DET
cblr-8637	890	58	sec	sec	PROPN
cblr-8637	890	59	adopts	adopt	VERB
cblr-8637	890	60	inflation	inflation	NOUN
cblr-8637	890	61	adjustments	adjustment	NOUN
cblr-8637	890	62	and	and	CCONJ
cblr-8637	890	63	other	other	ADJ
cblr-8637	890	64	technical	technical	ADJ
cblr-8637	890	65	amendments	amendment	NOUN
cblr-8637	890	66	under	under	ADP
cblr-8637	890	67	the	the	DET
cblr-8637	890	68	jobs	job	NOUN
cblr-8637	890	69	act	act	VERB
cblr-8637	890	70	1	1	NUM
cblr-8637	890	71	(	(	PUNCT
cblr-8637	890	72	2017	2017	NUM
cblr-8637	890	73	)	)	PUNCT
cblr-8637	890	74	,	,	PUNCT
cblr-8637	890	75	https://www.bipc.com/assets/	https://www.bipc.com/assets/	ADP
cblr-8637	890	76	pdfs	pdfs	PROPN
cblr-8637	890	77	/	/	SYM
cblr-8637	890	78	insights	insight	NOUN
cblr-8637	890	79	/	/	SYM
cblr-8637	890	80	the%20sec%20adopts%20inflation%20adjustments%20a	the%20sec%20adopts%20inflation%20adjustments%20a	NOUN
cblr-8637	890	81	nd%20other%20technical%20amendments%20under%20the%20jobs%	nd%20other%20technical%20amendments%20under%20the%20jobs%	NOUN
cblr-8637	890	82	20act.pdf	20act.pdf	NOUN
cblr-8637	891	1	[	[	X
cblr-8637	891	2	https://perma.cc/zl4u-bsjb	https://perma.cc/zl4u-bsjb	X
cblr-8637	891	3	]	]	PUNCT
cblr-8637	891	4	.	.	PUNCT
cblr-8637	892	1	251	251	NUM
cblr-8637	892	2	press	press	NOUN
cblr-8637	892	3	release	release	NOUN
cblr-8637	892	4	,	,	PUNCT
cblr-8637	892	5	lee	lee	PROPN
cblr-8637	892	6	&	&	CCONJ
cblr-8637	892	7	crenshaw	crenshaw	PROPN
cblr-8637	892	8	,	,	PUNCT
cblr-8637	892	9	supra	supra	PROPN
cblr-8637	892	10	note	note	PROPN
cblr-8637	892	11	242	242	NUM
cblr-8637	892	12	(	(	PUNCT
cblr-8637	892	13	citing	cite	VERB
cblr-8637	892	14	amending	amend	VERB
cblr-8637	892	15	the	the	DET
cblr-8637	892	16	“	"	PUNCT
cblr-8637	892	17	accredited	accredited	ADJ
cblr-8637	892	18	investor	investor	NOUN
cblr-8637	892	19	”	"	PUNCT
cblr-8637	892	20	definition	definition	NOUN
cblr-8637	892	21	,	,	PUNCT
cblr-8637	892	22	securities	security	NOUN
cblr-8637	892	23	act	act	NOUN
cblr-8637	892	24	release	release	VERB
cblr-8637	892	25	no	no	PRON
cblr-8637	892	26	.	.	NOUN
cblr-8637	892	27	10,824	10,824	NUM
cblr-8637	892	28	,	,	PUNCT
cblr-8637	892	29	at	at	ADP
cblr-8637	892	30	5	5	NUM
cblr-8637	892	31	)	)	PUNCT
cblr-8637	892	32	.	.	PUNCT
cblr-8637	893	1	252	252	NUM
cblr-8637	893	2	cf	cf	NOUN
cblr-8637	893	3	.	.	PUNCT
cblr-8637	894	1	i	i	PRON
cblr-8637	894	2	d.	d.	PROPN
cblr-8637	894	3	(	(	PUNCT
cblr-8637	894	4	emphasizing	emphasize	VERB
cblr-8637	894	5	the	the	DET
cblr-8637	894	6	importance	importance	NOUN
cblr-8637	894	7	of	of	ADP
cblr-8637	894	8	protecting	protect	VERB
cblr-8637	894	9	unsophisticated	unsophisticated	ADJ
cblr-8637	894	10	investors	investor	NOUN
cblr-8637	894	11	from	from	ADP
cblr-8637	894	12	risks	risk	NOUN
cblr-8637	894	13	in	in	ADP
cblr-8637	894	14	the	the	DET
cblr-8637	894	15	private	private	ADJ
cblr-8637	894	16	market	market	NOUN
cblr-8637	894	17	)	)	PUNCT
cblr-8637	894	18	.	.	PUNCT
cblr-8637	895	1	253	253	NUM
cblr-8637	896	1	i	i	PRON
cblr-8637	896	2	d.	d.	PROPN
cblr-8637	896	3	(	(	PUNCT
cblr-8637	896	4	quoting	quote	VERB
cblr-8637	896	5	amending	amend	VERB
cblr-8637	896	6	the	the	DET
cblr-8637	896	7	“	"	PUNCT
cblr-8637	896	8	accredited	accredited	ADJ
cblr-8637	896	9	investor	investor	NOUN
cblr-8637	896	10	”	"	PUNCT
cblr-8637	896	11	definition	definition	NOUN
cblr-8637	896	12	,	,	PUNCT
cblr-8637	896	13	securities	security	NOUN
cblr-8637	896	14	act	act	NOUN
cblr-8637	896	15	release	release	VERB
cblr-8637	896	16	no	no	PRON
cblr-8637	896	17	.	.	NOUN
cblr-8637	896	18	10,824	10,824	NUM
cblr-8637	896	19	,	,	PUNCT
cblr-8637	896	20	at	at	ADP
cblr-8637	896	21	102	102	NUM
cblr-8637	896	22	,	,	PUNCT
cblr-8637	896	23	104	104	NUM
cblr-8637	896	24	,	,	PUNCT
cblr-8637	896	25	110	110	NUM
cblr-8637	896	26	)	)	PUNCT
cblr-8637	896	27	.	.	PUNCT
cblr-8637	897	1	254	254	NUM
cblr-8637	898	1	i	i	PROPN
cblr-8637	898	2	d.	d.	PROPN
cblr-8637	898	3	255	255	PROPN
cblr-8637	899	1	i	i	PRON
cblr-8637	899	2	d.	d.	PROPN
cblr-8637	899	3	elderly	elderly	ADJ
cblr-8637	899	4	investors	investor	NOUN
cblr-8637	899	5	are	be	AUX
cblr-8637	899	6	particularly	particularly	ADV
cblr-8637	899	7	susceptible	susceptible	ADJ
cblr-8637	899	8	to	to	ADP
cblr-8637	899	9	such	such	ADJ
cblr-8637	899	10	fraud	fraud	NOUN
cblr-8637	899	11	.	.	PUNCT
cblr-8637	900	1	the	the	DET
cblr-8637	900	2	elderly	elderly	ADJ
cblr-8637	900	3	accumulate	accumulate	VERB
cblr-8637	900	4	wealth	wealth	NOUN
cblr-8637	900	5	over	over	ADP
cblr-8637	900	6	time	time	NOUN
cblr-8637	900	7	rather	rather	ADV
cblr-8637	900	8	than	than	ADP
cblr-8637	900	9	due	due	ADJ
cblr-8637	900	10	to	to	ADP
cblr-8637	900	11	financial	financial	ADJ
cblr-8637	900	12	sophistication	sophistication	NOUN
cblr-8637	900	13	,	,	PUNCT
cblr-8637	900	14	and	and	CCONJ
cblr-8637	900	15	wealth	wealth	NOUN
cblr-8637	900	16	is	be	AUX
cblr-8637	900	17	increasingly	increasingly	ADV
cblr-8637	900	18	concentrated	concentrate	VERB
cblr-8637	900	19	in	in	ADP
cblr-8637	900	20	older	old	ADJ
cblr-8637	900	21	households	household	NOUN
cblr-8637	900	22	.	.	PUNCT
cblr-8637	901	1	as	as	ADP
cblr-8637	901	2	a	a	DET
cblr-8637	901	3	result	result	NOUN
cblr-8637	901	4	,	,	PUNCT
cblr-8637	901	5	unregistered	unregistered	ADJ
cblr-8637	901	6	offerings	offering	NOUN
cblr-8637	901	7	are	be	AUX
cblr-8637	901	8	consistently	consistently	ADV
cblr-8637	901	9	used	use	VERB
cblr-8637	901	10	to	to	PART
cblr-8637	901	11	defraud	defraud	VERB
cblr-8637	901	12	elderly	elderly	ADJ
cblr-8637	901	13	investors	investor	NOUN
cblr-8637	901	14	.	.	PUNCT
cblr-8637	902	1	see	see	VERB
cblr-8637	902	2	rachita	rachita	PROPN
cblr-8637	902	3	gullapalli	gullapalli	PROPN
cblr-8637	902	4	,	,	PUNCT
cblr-8637	902	5	misconduct	misconduct	NOUN
cblr-8637	902	6	and	and	CCONJ
cblr-8637	902	7	fraud	fraud	NOUN
cblr-8637	902	8	in	in	ADP
cblr-8637	902	9	unregistered	unregistered	ADJ
cblr-8637	902	10	offerings	offering	NOUN
cblr-8637	902	11	:	:	PUNCT
cblr-8637	902	12	an	an	DET
cblr-8637	902	13	empirical	empirical	ADJ
cblr-8637	902	14	analysis	analysis	NOUN
cblr-8637	902	15	of	of	ADP
cblr-8637	902	16	select	select	ADJ
cblr-8637	902	17	sec	sec	PROPN
cblr-8637	902	18	enforcement	enforcement	NOUN
cblr-8637	902	19	actions	action	NOUN
cblr-8637	902	20	4	4	NUM
cblr-8637	902	21	,	,	PUNCT
cblr-8637	902	22	19	19	NUM
cblr-8637	902	23	(	(	PUNCT
cblr-8637	902	24	2020	2020	NUM
cblr-8637	902	25	)	)	PUNCT
cblr-8637	902	26	,	,	PUNCT
cblr-8637	902	27	https://www.sec.gov/files/misconduct	https://www.sec.gov/files/misconduct	PROPN
cblr-8637	902	28	greene	greene	PROPN
cblr-8637	902	29	et	et	PROPN
cblr-8637	902	30	al	al	PROPN
cblr-8637	902	31	.	.	PROPN
cblr-8637	903	1	8/21/2021	8/21/2021	NUM
cblr-8637	903	2	1:44	1:44	NUM
cblr-8637	903	3	pm	pm	NOUN
cblr-8637	903	4	772	772	NUM
cblr-8637	903	5	columbia	columbia	PROPN
cblr-8637	903	6	business	business	NOUN
cblr-8637	903	7	law	law	PROPN
cblr-8637	903	8	review	review	NOUN
cblr-8637	903	9	[	[	X
cblr-8637	903	10	vol	vol	NOUN
cblr-8637	903	11	.	.	NOUN
cblr-8637	903	12	2021	2021	NUM
cblr-8637	903	13	wealth	wealth	NOUN
cblr-8637	903	14	thresholds	threshold	NOUN
cblr-8637	903	15	in	in	ADP
cblr-8637	903	16	the	the	DET
cblr-8637	903	17	accredited	accredit	VERB
cblr-8637	903	18	investor	investor	NOUN
cblr-8637	903	19	definition	definition	NOUN
cblr-8637	903	20	do	do	AUX
cblr-8637	903	21	not	not	PART
cblr-8637	903	22	directly	directly	ADV
cblr-8637	903	23	contribute	contribute	VERB
cblr-8637	903	24	to	to	ADP
cblr-8637	903	25	such	such	ADJ
cblr-8637	903	26	fraud	fraud	NOUN
cblr-8637	903	27	,	,	PUNCT
cblr-8637	903	28	they	they	PRON
cblr-8637	903	29	can	can	AUX
cblr-8637	903	30	indirectly	indirectly	ADV
cblr-8637	903	31	do	do	VERB
cblr-8637	903	32	so	so	ADV
cblr-8637	903	33	by	by	ADP
cblr-8637	903	34	allowing	allow	VERB
cblr-8637	903	35	more	more	ADV
cblr-8637	903	36	unsophisticated	unsophisticated	ADJ
cblr-8637	903	37	investors	investor	NOUN
cblr-8637	903	38	into	into	ADP
cblr-8637	903	39	the	the	DET
cblr-8637	903	40	private	private	ADJ
cblr-8637	903	41	market.256	market.256	NOUN
cblr-8637	903	42	amending	amend	VERB
cblr-8637	903	43	the	the	DET
cblr-8637	903	44	accredited	accredited	ADJ
cblr-8637	903	45	investor	investor	NOUN
cblr-8637	903	46	definition	definition	NOUN
cblr-8637	903	47	to	to	PART
cblr-8637	903	48	include	include	VERB
cblr-8637	903	49	investors	investor	NOUN
cblr-8637	903	50	guided	guide	VERB
cblr-8637	903	51	by	by	ADP
cblr-8637	903	52	advisers	adviser	NOUN
cblr-8637	903	53	held	hold	VERB
cblr-8637	903	54	to	to	ADP
cblr-8637	903	55	a	a	DET
cblr-8637	903	56	fiduciary	fiduciary	ADJ
cblr-8637	903	57	standard	standard	NOUN
cblr-8637	903	58	will	will	AUX
cblr-8637	903	59	better	well	ADV
cblr-8637	903	60	address	address	VERB
cblr-8637	903	61	this	this	DET
cblr-8637	903	62	risk	risk	NOUN
cblr-8637	903	63	than	than	ADP
cblr-8637	903	64	the	the	DET
cblr-8637	903	65	current	current	NOUN
cblr-8637	903	66	amendment.257	amendment.257	NOUN
cblr-8637	903	67	by	by	ADP
cblr-8637	903	68	requiring	require	VERB
cblr-8637	903	69	that	that	SCONJ
cblr-8637	903	70	private	private	ADJ
cblr-8637	903	71	market	market	NOUN
cblr-8637	903	72	investors	investor	NOUN
cblr-8637	903	73	be	be	AUX
cblr-8637	903	74	advised	advise	VERB
cblr-8637	903	75	by	by	ADP
cblr-8637	903	76	a	a	DET
cblr-8637	903	77	fiduciary	fiduciary	NOUN
cblr-8637	903	78	,	,	PUNCT
cblr-8637	903	79	the	the	DET
cblr-8637	903	80	proposal	proposal	NOUN
cblr-8637	903	81	ensures	ensure	VERB
cblr-8637	903	82	that	that	SCONJ
cblr-8637	903	83	noninstitutional	noninstitutional	ADJ
cblr-8637	903	84	investors	investor	NOUN
cblr-8637	903	85	are	be	AUX
cblr-8637	903	86	—	—	PUNCT
cblr-8637	903	87	at	at	ADP
cblr-8637	903	88	a	a	DET
cblr-8637	903	89	minimum	minimum	NOUN
cblr-8637	903	90	—	—	PUNCT
cblr-8637	903	91	aware	aware	ADJ
cblr-8637	903	92	of	of	ADP
cblr-8637	903	93	the	the	DET
cblr-8637	903	94	unique	unique	ADJ
cblr-8637	903	95	risks	risk	NOUN
cblr-8637	903	96	of	of	ADP
cblr-8637	903	97	the	the	DET
cblr-8637	903	98	private	private	ADJ
cblr-8637	903	99	market	market	NOUN
cblr-8637	903	100	.	.	PUNCT
cblr-8637	904	1	a	a	DET
cblr-8637	904	2	fiduciary	fiduciary	ADJ
cblr-8637	904	3	adviser	adviser	NOUN
cblr-8637	904	4	has	have	VERB
cblr-8637	904	5	a	a	DET
cblr-8637	904	6	legal	legal	ADJ
cblr-8637	904	7	obligation	obligation	NOUN
cblr-8637	904	8	to	to	PART
cblr-8637	904	9	act	act	VERB
cblr-8637	904	10	in	in	ADP
cblr-8637	904	11	the	the	DET
cblr-8637	904	12	client	client	NOUN
cblr-8637	904	13	’s	’s	PART
cblr-8637	904	14	best	good	ADJ
cblr-8637	904	15	interest	interest	NOUN
cblr-8637	904	16	at	at	ADP
cblr-8637	904	17	all	all	DET
cblr-8637	904	18	times.258	times.258	NOUN
cblr-8637	904	19	as	as	ADP
cblr-8637	904	20	such	such	ADJ
cblr-8637	904	21	,	,	PUNCT
cblr-8637	904	22	a	a	DET
cblr-8637	904	23	fiduciary	fiduciary	ADJ
cblr-8637	904	24	investment	investment	NOUN
cblr-8637	904	25	adviser	adviser	NOUN
cblr-8637	904	26	or	or	CCONJ
cblr-8637	904	27	brokerdealer	brokerdealer	NOUN
cblr-8637	904	28	has	have	VERB
cblr-8637	904	29	a	a	DET
cblr-8637	904	30	legal	legal	ADJ
cblr-8637	904	31	obligation	obligation	NOUN
cblr-8637	904	32	to	to	PART
cblr-8637	904	33	recommend	recommend	VERB
cblr-8637	904	34	a	a	DET
cblr-8637	904	35	private	private	ADJ
cblr-8637	904	36	market	market	NOUN
cblr-8637	904	37	investment	investment	NOUN
cblr-8637	904	38	only	only	ADV
cblr-8637	904	39	if	if	SCONJ
cblr-8637	904	40	that	that	DET
cblr-8637	904	41	investment	investment	NOUN
cblr-8637	904	42	is	be	AUX
cblr-8637	904	43	in	in	ADP
cblr-8637	904	44	the	the	DET
cblr-8637	904	45	best	good	ADJ
cblr-8637	904	46	interest	interest	NOUN
cblr-8637	904	47	of	of	ADP
cblr-8637	904	48	the	the	DET
cblr-8637	904	49	client	client	NOUN
cblr-8637	904	50	.	.	PUNCT
cblr-8637	905	1	therefore	therefore	ADV
cblr-8637	905	2	,	,	PUNCT
cblr-8637	905	3	investors	investor	NOUN
cblr-8637	905	4	advised	advise	VERB
cblr-8637	905	5	by	by	ADP
cblr-8637	905	6	qualified	qualified	ADJ
cblr-8637	905	7	fiduciary	fiduciary	ADJ
cblr-8637	905	8	advisers	adviser	NOUN
cblr-8637	905	9	can	can	AUX
cblr-8637	905	10	“	"	PUNCT
cblr-8637	905	11	fend	fend	VERB
cblr-8637	905	12	for	for	ADP
cblr-8637	905	13	themselves	themselves	PRON
cblr-8637	905	14	”	"	PUNCT
cblr-8637	905	15	such	such	ADJ
cblr-8637	905	16	that	that	SCONJ
cblr-8637	905	17	they	they	PRON
cblr-8637	905	18	should	should	AUX
cblr-8637	905	19	have	have	VERB
cblr-8637	905	20	the	the	DET
cblr-8637	905	21	opportunity	opportunity	NOUN
cblr-8637	905	22	to	to	PART
cblr-8637	905	23	invest	invest	VERB
cblr-8637	905	24	in	in	ADP
cblr-8637	905	25	the	the	DET
cblr-8637	905	26	private	private	ADJ
cblr-8637	905	27	market	market	NOUN
cblr-8637	905	28	.	.	PUNCT
cblr-8637	906	1	moreover	moreover	ADV
cblr-8637	906	2	,	,	PUNCT
cblr-8637	906	3	a	a	DET
cblr-8637	906	4	fiduciary	fiduciary	ADJ
cblr-8637	906	5	adviser	adviser	NOUN
cblr-8637	906	6	that	that	PRON
cblr-8637	906	7	fails	fail	VERB
cblr-8637	906	8	in	in	ADP
cblr-8637	906	9	its	its	PRON
cblr-8637	906	10	fiduciary	fiduciary	ADJ
cblr-8637	906	11	responsibility	responsibility	NOUN
cblr-8637	906	12	is	be	AUX
cblr-8637	906	13	liable	liable	ADJ
cblr-8637	906	14	for	for	ADP
cblr-8637	906	15	civil	civil	ADJ
cblr-8637	906	16	damages	damage	NOUN
cblr-8637	906	17	to	to	ADP
cblr-8637	906	18	the	the	DET
cblr-8637	906	19	client.259	client.259	NOUN
cblr-8637	906	20	in	in	ADP
cblr-8637	906	21	addition	addition	NOUN
cblr-8637	906	22	to	to	ADP
cblr-8637	906	23	the	the	DET
cblr-8637	906	24	fiduciary	fiduciary	ADJ
cblr-8637	906	25	duty	duty	NOUN
cblr-8637	906	26	standard	standard	NOUN
cblr-8637	906	27	,	,	PUNCT
cblr-8637	906	28	a	a	DET
cblr-8637	906	29	competitive	competitive	ADJ
cblr-8637	906	30	market	market	NOUN
cblr-8637	906	31	for	for	ADP
cblr-8637	906	32	clients	client	NOUN
cblr-8637	906	33	is	be	AUX
cblr-8637	906	34	expected	expect	VERB
cblr-8637	906	35	to	to	PART
cblr-8637	906	36	increase	increase	VERB
cblr-8637	906	37	the	the	DET
cblr-8637	906	38	standard	standard	NOUN
cblr-8637	906	39	of	of	ADP
cblr-8637	906	40	care	care	NOUN
cblr-8637	906	41	of	of	ADP
cblr-8637	906	42	broker	broker	NOUN
cblr-8637	906	43	-	-	PUNCT
cblr-8637	906	44	dealers	dealer	NOUN
cblr-8637	906	45	and	and	CCONJ
cblr-8637	906	46	investment	investment	NOUN
cblr-8637	906	47	advisers	adviser	NOUN
cblr-8637	906	48	,	,	PUNCT
cblr-8637	906	49	whose	whose	DET
cblr-8637	906	50	business	business	NOUN
cblr-8637	906	51	models	model	NOUN
cblr-8637	906	52	are	be	AUX
cblr-8637	906	53	reliant	reliant	ADJ
cblr-8637	906	54	on	on	ADP
cblr-8637	906	55	reputation	reputation	NOUN
cblr-8637	906	56	and	and	CCONJ
cblr-8637	906	57	continued	continued	ADJ
cblr-8637	906	58	client	client	NOUN
cblr-8637	906	59	patronage	patronage	NOUN
cblr-8637	906	60	.	.	PUNCT
cblr-8637	907	1	thus	thus	ADV
cblr-8637	907	2	,	,	PUNCT
cblr-8637	907	3	market	market	NOUN
cblr-8637	907	4	%	%	NOUN
cblr-8637	907	5	20and%20fraud%20in%20unregistered%20offerings.pdf	20and%20fraud%20in%20unregistered%20offerings.pdf	NUM
cblr-8637	908	1	[	[	X
cblr-8637	908	2	https://perma.cc/5jkd-uwc8	https://perma.cc/5jkd-uwc8	X
cblr-8637	908	3	]	]	PUNCT
cblr-8637	908	4	256	256	NUM
cblr-8637	908	5	press	press	NOUN
cblr-8637	908	6	release	release	NOUN
cblr-8637	908	7	,	,	PUNCT
cblr-8637	908	8	lee	lee	PROPN
cblr-8637	908	9	&	&	CCONJ
cblr-8637	908	10	crenshaw	crenshaw	PROPN
cblr-8637	908	11	,	,	PUNCT
cblr-8637	908	12	supra	supra	PROPN
cblr-8637	908	13	note	note	PROPN
cblr-8637	908	14	242	242	NUM
cblr-8637	908	15	.	.	PUNCT
cblr-8637	908	16	257	257	NUM
cblr-8637	908	17	additionally	additionally	ADV
cblr-8637	908	18	,	,	PUNCT
cblr-8637	908	19	an	an	DET
cblr-8637	908	20	adviser	adviser	NOUN
cblr-8637	908	21	-	-	PUNCT
cblr-8637	908	22	based	base	VERB
cblr-8637	908	23	accredited	accredited	ADJ
cblr-8637	908	24	investor	investor	NOUN
cblr-8637	908	25	definition	definition	NOUN
cblr-8637	908	26	would	would	AUX
cblr-8637	908	27	ensure	ensure	VERB
cblr-8637	908	28	that	that	SCONJ
cblr-8637	908	29	previously	previously	ADV
cblr-8637	908	30	-	-	PUNCT
cblr-8637	908	31	accredited	accredit	VERB
cblr-8637	908	32	investors	investor	NOUN
cblr-8637	908	33	who	who	PRON
cblr-8637	908	34	may	may	AUX
cblr-8637	908	35	no	no	ADV
cblr-8637	908	36	longer	long	ADV
cblr-8637	908	37	qualify	qualify	VERB
cblr-8637	908	38	as	as	ADP
cblr-8637	908	39	accredited	accredit	VERB
cblr-8637	908	40	investors	investor	NOUN
cblr-8637	908	41	based	base	VERB
cblr-8637	908	42	on	on	ADP
cblr-8637	908	43	their	their	PRON
cblr-8637	908	44	net	net	ADJ
cblr-8637	908	45	worth	worth	NOUN
cblr-8637	908	46	after	after	SCONJ
cblr-8637	908	47	the	the	DET
cblr-8637	908	48	net	net	ADJ
cblr-8637	908	49	worth	worth	ADJ
cblr-8637	908	50	threshold	threshold	NOUN
cblr-8637	908	51	is	be	AUX
cblr-8637	908	52	adjusted	adjust	VERB
cblr-8637	908	53	for	for	ADP
cblr-8637	908	54	inflation	inflation	NOUN
cblr-8637	908	55	will	will	AUX
cblr-8637	908	56	be	be	AUX
cblr-8637	908	57	able	able	ADJ
cblr-8637	908	58	to	to	PART
cblr-8637	908	59	continue	continue	VERB
cblr-8637	908	60	to	to	PART
cblr-8637	908	61	invest	invest	VERB
cblr-8637	908	62	in	in	ADP
cblr-8637	908	63	the	the	DET
cblr-8637	908	64	private	private	ADJ
cblr-8637	908	65	market	market	NOUN
cblr-8637	908	66	through	through	ADP
cblr-8637	908	67	an	an	DET
cblr-8637	908	68	adviser	adviser	NOUN
cblr-8637	908	69	.	.	PUNCT
cblr-8637	909	1	258	258	NUM
cblr-8637	909	2	information	information	NOUN
cblr-8637	909	3	for	for	ADP
cblr-8637	909	4	newly	newly	ADV
cblr-8637	909	5	-	-	PUNCT
cblr-8637	909	6	registered	register	VERB
cblr-8637	909	7	investment	investment	NOUN
cblr-8637	909	8	advisers	adviser	NOUN
cblr-8637	909	9	,	,	PUNCT
cblr-8637	909	10	u.s	u.s	PROPN
cblr-8637	909	11	.	.	PROPN
cblr-8637	909	12	sec	sec	PROPN
cblr-8637	909	13	.	.	PROPN
cblr-8637	909	14	&	&	CCONJ
cblr-8637	909	15	exch	exch	PROPN
cblr-8637	909	16	.	.	PUNCT
cblr-8637	909	17	comm’n	comm’n	PROPN
cblr-8637	909	18	(	(	PUNCT
cblr-8637	909	19	nov	nov	PROPN
cblr-8637	909	20	.	.	PROPN
cblr-8637	909	21	23	23	NUM
cblr-8637	909	22	,	,	PUNCT
cblr-8637	909	23	2010	2010	NUM
cblr-8637	909	24	)	)	PUNCT
cblr-8637	909	25	,	,	PUNCT
cblr-8637	909	26	https://www.sec.gov/divisions/	https://www.sec.gov/divisions/	PROPN
cblr-8637	909	27	investment	investment	NOUN
cblr-8637	909	28	/	/	SYM
cblr-8637	909	29	advoverview.htm	advoverview.htm	X
cblr-8637	910	1	[	[	X
cblr-8637	910	2	q9vg-8vfp	q9vg-8vfp	ADP
cblr-8637	910	3	]	]	PUNCT
cblr-8637	910	4	.	.	PUNCT
cblr-8637	911	1	259	259	NUM
cblr-8637	911	2	see	see	VERB
cblr-8637	911	3	jonathan	jonathan	PROPN
cblr-8637	911	4	n.	n.	PROPN
cblr-8637	911	5	eisenberg	eisenberg	PROPN
cblr-8637	911	6	,	,	PUNCT
cblr-8637	911	7	the	the	DET
cblr-8637	911	8	year	year	NOUN
cblr-8637	911	9	in	in	ADP
cblr-8637	911	10	review	review	NOUN
cblr-8637	911	11	:	:	PUNCT
cblr-8637	911	12	sec	sec	PROPN
cblr-8637	911	13	enforcement	enforcement	NOUN
cblr-8637	911	14	actions	action	NOUN
cblr-8637	911	15	against	against	ADP
cblr-8637	911	16	investment	investment	NOUN
cblr-8637	911	17	advisers	adviser	NOUN
cblr-8637	911	18	,	,	PUNCT
cblr-8637	911	19	harv	harv	PROPN
cblr-8637	911	20	.	.	PUNCT
cblr-8637	912	1	l.	l.	PROPN
cblr-8637	912	2	sch	sch	PROPN
cblr-8637	912	3	.	.	PUNCT
cblr-8637	913	1	f.	f.	PROPN
cblr-8637	913	2	on	on	ADP
cblr-8637	913	3	corp	corp	PROPN
cblr-8637	913	4	.	.	PROPN
cblr-8637	913	5	governance	governance	PROPN
cblr-8637	913	6	(	(	PUNCT
cblr-8637	913	7	dec	dec	PROPN
cblr-8637	913	8	.	.	PROPN
cblr-8637	913	9	19	19	NUM
cblr-8637	913	10	,	,	PUNCT
cblr-8637	913	11	2016	2016	NUM
cblr-8637	913	12	)	)	PUNCT
cblr-8637	913	13	,	,	PUNCT
cblr-8637	913	14	https://corpgov.law.harvard.edu	https://corpgov.law.harvard.edu	VERB
cblr-8637	913	15	/2016/12/19	/2016/12/19	PROPN
cblr-8637	913	16	/	/	SYM
cblr-8637	913	17	the	the	DET
cblr-8637	913	18	-	-	PUNCT
cblr-8637	913	19	year	year	NOUN
cblr-8637	913	20	-	-	PUNCT
cblr-8637	913	21	in	in	ADP
cblr-8637	913	22	-	-	PUNCT
cblr-8637	913	23	review	review	NOUN
cblr-8637	913	24	-	-	PUNCT
cblr-8637	913	25	sec	sec	NOUN
cblr-8637	913	26	-	-	PUNCT
cblr-8637	913	27	enforcement	enforcement	NOUN
cblr-8637	913	28	-	-	PUNCT
cblr-8637	913	29	actions	action	NOUN
cblr-8637	913	30	-	-	PUNCT
cblr-8637	913	31	againstinvestment	againstinvestment	ADJ
cblr-8637	913	32	-	-	PUNCT
cblr-8637	913	33	advisers/	advisers/	NOUN
cblr-8637	913	34	[	[	X
cblr-8637	913	35	https://perma.cc/nwd6-zy6f	https://perma.cc/nwd6-zy6f	X
cblr-8637	913	36	]	]	X
cblr-8637	913	37	.	.	PUNCT
cblr-8637	914	1	greene	greene	PROPN
cblr-8637	914	2	et	et	PROPN
cblr-8637	914	3	al	al	PROPN
cblr-8637	914	4	.	.	PROPN
cblr-8637	915	1	8/21/2021	8/21/2021	NUM
cblr-8637	915	2	1:44	1:44	NUM
cblr-8637	915	3	pm	pm	NOUN
cblr-8637	915	4	no	no	INTJ
cblr-8637	915	5	.	.	PUNCT
cblr-8637	916	1	2:714	2:714	NUM
cblr-8637	916	2	]	]	X
cblr-8637	916	3	the	the	DET
cblr-8637	916	4	need	need	NOUN
cblr-8637	916	5	for	for	ADP
cblr-8637	916	6	a	a	DET
cblr-8637	916	7	comprehensive	comprehensive	ADJ
cblr-8637	916	8	approach	approach	NOUN
cblr-8637	916	9	773	773	NUM
cblr-8637	916	10	forces	force	NOUN
cblr-8637	916	11	should	should	AUX
cblr-8637	916	12	supplement	supplement	VERB
cblr-8637	916	13	the	the	DET
cblr-8637	916	14	fiduciary	fiduciary	ADJ
cblr-8637	916	15	duty	duty	NOUN
cblr-8637	916	16	standard	standard	NOUN
cblr-8637	916	17	to	to	PART
cblr-8637	916	18	ensure	ensure	VERB
cblr-8637	916	19	that	that	SCONJ
cblr-8637	916	20	advisers	adviser	NOUN
cblr-8637	916	21	supply	supply	VERB
cblr-8637	916	22	quality	quality	NOUN
cblr-8637	916	23	investment	investment	NOUN
cblr-8637	916	24	advice	advice	NOUN
cblr-8637	916	25	.	.	PUNCT
cblr-8637	917	1	requiring	require	VERB
cblr-8637	917	2	non	non	ADJ
cblr-8637	917	3	-	-	ADJ
cblr-8637	917	4	institution	institution	NOUN
cblr-8637	917	5	-	-	PUNCT
cblr-8637	917	6	based	base	VERB
cblr-8637	917	7	investors	investor	NOUN
cblr-8637	917	8	who	who	PRON
cblr-8637	917	9	do	do	AUX
cblr-8637	917	10	not	not	PART
cblr-8637	917	11	meet	meet	VERB
cblr-8637	917	12	certain	certain	ADJ
cblr-8637	917	13	knowledge	knowledge	NOUN
cblr-8637	917	14	criteria	criterion	NOUN
cblr-8637	917	15	to	to	PART
cblr-8637	917	16	be	be	AUX
cblr-8637	917	17	advised	advise	VERB
cblr-8637	917	18	by	by	ADP
cblr-8637	917	19	a	a	DET
cblr-8637	917	20	fiduciary	fiduciary	ADJ
cblr-8637	917	21	would	would	AUX
cblr-8637	917	22	also	also	ADV
cblr-8637	917	23	mitigate	mitigate	VERB
cblr-8637	917	24	the	the	DET
cblr-8637	917	25	risks	risk	NOUN
cblr-8637	917	26	stemming	stem	VERB
cblr-8637	917	27	from	from	ADP
cblr-8637	917	28	limited	limited	ADJ
cblr-8637	917	29	disclosure	disclosure	NOUN
cblr-8637	917	30	in	in	ADP
cblr-8637	917	31	the	the	DET
cblr-8637	917	32	private	private	ADJ
cblr-8637	917	33	market	market	NOUN
cblr-8637	917	34	.	.	PUNCT
cblr-8637	918	1	many	many	ADJ
cblr-8637	918	2	private	private	ADJ
cblr-8637	918	3	“	"	PUNCT
cblr-8637	918	4	investments	investment	NOUN
cblr-8637	918	5	would	would	AUX
cblr-8637	918	6	be	be	AUX
cblr-8637	918	7	highly	highly	ADV
cblr-8637	918	8	unlikely	unlikely	ADJ
cblr-8637	918	9	to	to	PART
cblr-8637	918	10	meet	meet	VERB
cblr-8637	918	11	finra	finra	PROPN
cblr-8637	918	12	’s	’s	PART
cblr-8637	918	13	‘	'	PUNCT
cblr-8637	918	14	suitability	suitability	NOUN
cblr-8637	918	15	’	'	PUNCT
cblr-8637	918	16	standard	standard	NOUN
cblr-8637	918	17	and	and	CCONJ
cblr-8637	918	18	the	the	DET
cblr-8637	918	19	sec	sec	PROPN
cblr-8637	918	20	’s	’s	PART
cblr-8637	918	21	recently	recently	ADV
cblr-8637	918	22	adopted	adopt	VERB
cblr-8637	918	23	regulation	regulation	NOUN
cblr-8637	918	24	best	good	ADJ
cblr-8637	918	25	interest”—both	interest”—both	NOUN
cblr-8637	918	26	of	of	ADP
cblr-8637	918	27	which	which	PRON
cblr-8637	918	28	are	be	AUX
cblr-8637	918	29	less	less	ADV
cblr-8637	918	30	stringent	stringent	ADJ
cblr-8637	918	31	than	than	ADP
cblr-8637	918	32	the	the	DET
cblr-8637	918	33	fiduciary	fiduciary	ADJ
cblr-8637	918	34	standard.260	standard.260	VERB
cblr-8637	918	35	a	a	DET
cblr-8637	918	36	fiduciary	fiduciary	ADJ
cblr-8637	918	37	adviser	adviser	NOUN
cblr-8637	918	38	would	would	AUX
cblr-8637	918	39	advise	advise	VERB
cblr-8637	918	40	the	the	DET
cblr-8637	918	41	investor	investor	NOUN
cblr-8637	918	42	of	of	ADP
cblr-8637	918	43	these	these	DET
cblr-8637	918	44	risks	risk	NOUN
cblr-8637	918	45	,	,	PUNCT
cblr-8637	918	46	likely	likely	ADV
cblr-8637	918	47	recommend	recommend	VERB
cblr-8637	918	48	against	against	ADP
cblr-8637	918	49	such	such	ADJ
cblr-8637	918	50	risky	risky	ADJ
cblr-8637	918	51	investments	investment	NOUN
cblr-8637	918	52	,	,	PUNCT
cblr-8637	918	53	and	and	CCONJ
cblr-8637	918	54	may	may	AUX
cblr-8637	918	55	even	even	ADV
cblr-8637	918	56	enable	enable	VERB
cblr-8637	918	57	the	the	DET
cblr-8637	918	58	investor	investor	NOUN
cblr-8637	918	59	to	to	PART
cblr-8637	918	60	access	access	VERB
cblr-8637	918	61	the	the	DET
cblr-8637	918	62	more	more	ADV
cblr-8637	918	63	promising	promising	ADJ
cblr-8637	918	64	investments	investment	NOUN
cblr-8637	918	65	available	available	ADJ
cblr-8637	918	66	to	to	ADP
cblr-8637	918	67	institutional	institutional	ADJ
cblr-8637	918	68	investors	investor	NOUN
cblr-8637	918	69	.	.	PUNCT
cblr-8637	919	1	this	this	PRON
cblr-8637	919	2	would	would	AUX
cblr-8637	919	3	likely	likely	ADV
cblr-8637	919	4	mitigate	mitigate	VERB
cblr-8637	919	5	the	the	DET
cblr-8637	919	6	information	information	NOUN
cblr-8637	919	7	asymmetry	asymmetry	NOUN
cblr-8637	919	8	retail	retail	ADJ
cblr-8637	919	9	investors	investor	NOUN
cblr-8637	919	10	currently	currently	ADV
cblr-8637	919	11	face	face	VERB
cblr-8637	919	12	in	in	ADP
cblr-8637	919	13	the	the	DET
cblr-8637	919	14	private	private	ADJ
cblr-8637	919	15	market.261	market.261	NOUN
cblr-8637	919	16	as	as	ADP
cblr-8637	919	17	a	a	DET
cblr-8637	919	18	corollary	corollary	NOUN
cblr-8637	919	19	,	,	PUNCT
cblr-8637	919	20	the	the	DET
cblr-8637	919	21	proposed	propose	VERB
cblr-8637	919	22	definition	definition	NOUN
cblr-8637	919	23	would	would	AUX
cblr-8637	919	24	also	also	ADV
cblr-8637	919	25	limit	limit	VERB
cblr-8637	919	26	the	the	DET
cblr-8637	919	27	risk	risk	NOUN
cblr-8637	919	28	of	of	ADP
cblr-8637	919	29	loss	loss	NOUN
cblr-8637	919	30	retail	retail	ADJ
cblr-8637	919	31	investors	investor	NOUN
cblr-8637	919	32	potentially	potentially	ADV
cblr-8637	919	33	face	face	VERB
cblr-8637	919	34	in	in	ADP
cblr-8637	919	35	the	the	DET
cblr-8637	919	36	private	private	ADJ
cblr-8637	919	37	market	market	NOUN
cblr-8637	919	38	.	.	PUNCT
cblr-8637	920	1	finally	finally	ADV
cblr-8637	920	2	,	,	PUNCT
cblr-8637	920	3	the	the	DET
cblr-8637	920	4	proposed	propose	VERB
cblr-8637	920	5	change	change	NOUN
cblr-8637	920	6	would	would	AUX
cblr-8637	920	7	minimize	minimize	VERB
cblr-8637	920	8	uninformed	uninformed	ADJ
cblr-8637	920	9	investments	investment	NOUN
cblr-8637	920	10	,	,	PUNCT
cblr-8637	920	11	or	or	CCONJ
cblr-8637	920	12	if	if	SCONJ
cblr-8637	920	13	the	the	DET
cblr-8637	920	14	adviser	adviser	NOUN
cblr-8637	920	15	is	be	AUX
cblr-8637	920	16	skilled	skilled	ADJ
cblr-8637	920	17	at	at	ADP
cblr-8637	920	18	fundamental	fundamental	ADJ
cblr-8637	920	19	value	value	NOUN
cblr-8637	920	20	analysis	analysis	NOUN
cblr-8637	920	21	,	,	PUNCT
cblr-8637	920	22	result	result	VERB
cblr-8637	920	23	in	in	ADP
cblr-8637	920	24	more	more	ADV
cblr-8637	920	25	informed	informed	ADJ
cblr-8637	920	26	investments	investment	NOUN
cblr-8637	920	27	.	.	PUNCT
cblr-8637	921	1	this	this	PRON
cblr-8637	921	2	would	would	AUX
cblr-8637	921	3	improve	improve	VERB
cblr-8637	921	4	price	price	NOUN
cblr-8637	921	5	accuracy	accuracy	NOUN
cblr-8637	921	6	,	,	PUNCT
cblr-8637	921	7	which	which	PRON
cblr-8637	921	8	would	would	AUX
cblr-8637	921	9	in	in	ADP
cblr-8637	921	10	turn	turn	NOUN
cblr-8637	921	11	facilitate	facilitate	NOUN
cblr-8637	921	12	capital	capital	NOUN
cblr-8637	921	13	creation	creation	NOUN
cblr-8637	921	14	.	.	PUNCT
cblr-8637	922	1	if	if	SCONJ
cblr-8637	922	2	combined	combine	VERB
cblr-8637	922	3	with	with	ADP
cblr-8637	922	4	measures	measure	NOUN
cblr-8637	922	5	to	to	PART
cblr-8637	922	6	make	make	VERB
cblr-8637	922	7	the	the	DET
cblr-8637	922	8	public	public	ADJ
cblr-8637	922	9	market	market	NOUN
cblr-8637	922	10	more	more	ADV
cblr-8637	922	11	attractive	attractive	ADJ
cblr-8637	922	12	,	,	PUNCT
cblr-8637	922	13	we	we	PRON
cblr-8637	922	14	believe	believe	VERB
cblr-8637	922	15	that	that	SCONJ
cblr-8637	922	16	the	the	DET
cblr-8637	922	17	proposed	propose	VERB
cblr-8637	922	18	amendment	amendment	NOUN
cblr-8637	922	19	would	would	AUX
cblr-8637	922	20	result	result	VERB
cblr-8637	922	21	in	in	ADP
cblr-8637	922	22	more	more	ADV
cblr-8637	922	23	efficient	efficient	ADJ
cblr-8637	922	24	capital	capital	NOUN
cblr-8637	922	25	allocation	allocation	NOUN
cblr-8637	922	26	in	in	ADP
cblr-8637	922	27	the	the	DET
cblr-8637	922	28	private	private	ADJ
cblr-8637	922	29	market	market	NOUN
cblr-8637	922	30	with	with	ADP
cblr-8637	922	31	minimal	minimal	ADJ
cblr-8637	922	32	adverse	adverse	ADJ
cblr-8637	922	33	impacts	impact	NOUN
cblr-8637	922	34	on	on	ADP
cblr-8637	922	35	the	the	DET
cblr-8637	922	36	public	public	ADJ
cblr-8637	922	37	market	market	NOUN
cblr-8637	922	38	.	.	PUNCT
cblr-8637	923	1	when	when	SCONJ
cblr-8637	923	2	expanding	expand	VERB
cblr-8637	923	3	the	the	DET
cblr-8637	923	4	accredited	accredited	ADJ
cblr-8637	923	5	investor	investor	NOUN
cblr-8637	923	6	definition	definition	NOUN
cblr-8637	923	7	,	,	PUNCT
cblr-8637	923	8	the	the	DET
cblr-8637	923	9	sec	sec	PROPN
cblr-8637	923	10	should	should	AUX
cblr-8637	923	11	also	also	ADV
cblr-8637	923	12	consider	consider	VERB
cblr-8637	923	13	adjusting	adjust	VERB
cblr-8637	923	14	the	the	DET
cblr-8637	923	15	liability	liability	NOUN
cblr-8637	923	16	standard	standard	NOUN
cblr-8637	923	17	in	in	ADP
cblr-8637	923	18	the	the	DET
cblr-8637	923	19	private	private	ADJ
cblr-8637	923	20	market	market	NOUN
cblr-8637	923	21	.	.	PUNCT
cblr-8637	924	1	as	as	SCONJ
cblr-8637	924	2	previously	previously	ADV
cblr-8637	924	3	discussed	discuss	VERB
cblr-8637	924	4	,	,	PUNCT
cblr-8637	924	5	the	the	DET
cblr-8637	924	6	liability	liability	NOUN
cblr-8637	924	7	standard	standard	NOUN
cblr-8637	924	8	in	in	ADP
cblr-8637	924	9	the	the	DET
cblr-8637	924	10	private	private	ADJ
cblr-8637	924	11	market	market	NOUN
cblr-8637	924	12	is	be	AUX
cblr-8637	924	13	much	much	ADV
cblr-8637	924	14	lower	low	ADJ
cblr-8637	924	15	than	than	ADP
cblr-8637	924	16	that	that	PRON
cblr-8637	924	17	of	of	ADP
cblr-8637	924	18	the	the	DET
cblr-8637	924	19	public	public	NOUN
cblr-8637	924	20	market.262	market.262	ADP
cblr-8637	924	21	in	in	ADP
cblr-8637	924	22	the	the	DET
cblr-8637	924	23	public	public	ADJ
cblr-8637	924	24	market	market	NOUN
cblr-8637	924	25	,	,	PUNCT
cblr-8637	924	26	directors	director	NOUN
cblr-8637	924	27	and	and	CCONJ
cblr-8637	924	28	officers	officer	NOUN
cblr-8637	924	29	face	face	VERB
cblr-8637	924	30	absolute	absolute	ADJ
cblr-8637	924	31	liability	liability	NOUN
cblr-8637	924	32	for	for	ADP
cblr-8637	924	33	any	any	DET
cblr-8637	924	34	material	material	ADJ
cblr-8637	924	35	misstatements	misstatement	NOUN
cblr-8637	924	36	in	in	ADP
cblr-8637	924	37	their	their	PRON
cblr-8637	924	38	registration	registration	NOUN
cblr-8637	924	39	statements	statement	NOUN
cblr-8637	924	40	or	or	CCONJ
cblr-8637	924	41	ongoing	ongoing	ADJ
cblr-8637	924	42	disclosures	disclosure	NOUN
cblr-8637	924	43	.	.	PUNCT
cblr-8637	925	1	conversely	conversely	ADV
cblr-8637	925	2	,	,	PUNCT
cblr-8637	925	3	private	private	ADJ
cblr-8637	925	4	company	company	NOUN
cblr-8637	925	5	directors	director	NOUN
cblr-8637	925	6	and	and	CCONJ
cblr-8637	925	7	officers	officer	NOUN
cblr-8637	925	8	will	will	AUX
cblr-8637	925	9	only	only	ADV
cblr-8637	925	10	be	be	AUX
cblr-8637	925	11	held	hold	VERB
cblr-8637	925	12	liable	liable	ADJ
cblr-8637	925	13	under	under	ADP
cblr-8637	925	14	the	the	DET
cblr-8637	925	15	general	general	PROPN
cblr-8637	925	16	antifraud	antifraud	PROPN
cblr-8637	925	17	standards	standard	NOUN
cblr-8637	925	18	of	of	ADP
cblr-8637	925	19	the	the	DET
cblr-8637	925	20	exchange	exchange	NOUN
cblr-8637	925	21	act	act	NOUN
cblr-8637	925	22	for	for	ADP
cblr-8637	925	23	reckless	reckless	ADJ
cblr-8637	925	24	misstatements	misstatement	NOUN
cblr-8637	925	25	that	that	PRON
cblr-8637	925	26	investors	investor	NOUN
cblr-8637	925	27	rely	rely	VERB
cblr-8637	925	28	upon	upon	SCONJ
cblr-8637	925	29	.	.	PUNCT
cblr-8637	926	1	while	while	SCONJ
cblr-8637	926	2	it	it	PRON
cblr-8637	926	3	is	be	AUX
cblr-8637	926	4	260	260	NUM
cblr-8637	926	5	de	de	X
cblr-8637	926	6	fontenay	fontenay	PROPN
cblr-8637	926	7	et	et	PROPN
cblr-8637	926	8	al	al	PROPN
cblr-8637	926	9	.	.	PROPN
cblr-8637	926	10	,	,	PUNCT
cblr-8637	926	11	supra	supra	PROPN
cblr-8637	926	12	note	note	PROPN
cblr-8637	926	13	149	149	NUM
cblr-8637	926	14	,	,	PUNCT
cblr-8637	926	15	at	at	ADP
cblr-8637	926	16	7	7	NUM
cblr-8637	926	17	.	.	NOUN
cblr-8637	926	18	261	261	NUM
cblr-8637	926	19	on	on	ADP
cblr-8637	926	20	this	this	DET
cblr-8637	926	21	asymmetry	asymmetry	NOUN
cblr-8637	926	22	,	,	PUNCT
cblr-8637	926	23	see	see	VERB
cblr-8637	926	24	supra	supra	ADJ
cblr-8637	926	25	text	text	NOUN
cblr-8637	926	26	accompanying	accompanying	ADJ
cblr-8637	926	27	notes	note	NOUN
cblr-8637	926	28	167–69	167–69	NUM
cblr-8637	926	29	.	.	PUNCT
cblr-8637	927	1	262	262	NUM
cblr-8637	927	2	for	for	ADP
cblr-8637	927	3	this	this	DET
cblr-8637	927	4	discussion	discussion	NOUN
cblr-8637	927	5	,	,	PUNCT
cblr-8637	927	6	see	see	VERB
cblr-8637	927	7	supra	supra	ADJ
cblr-8637	927	8	text	text	NOUN
cblr-8637	927	9	accompanying	accompanying	ADJ
cblr-8637	927	10	notes	note	NOUN
cblr-8637	927	11	21–26	21–26	ADJ
cblr-8637	927	12	,	,	PUNCT
cblr-8637	927	13	90	90	NUM
cblr-8637	927	14	–	–	SYM
cblr-8637	927	15	92	92	NUM
cblr-8637	927	16	.	.	PUNCT
cblr-8637	928	1	greene	greene	PROPN
cblr-8637	928	2	et	et	PROPN
cblr-8637	928	3	al	al	PROPN
cblr-8637	928	4	.	.	PROPN
cblr-8637	929	1	8/21/2021	8/21/2021	NUM
cblr-8637	929	2	1:44	1:44	NUM
cblr-8637	929	3	pm	pm	NOUN
cblr-8637	929	4	774	774	NUM
cblr-8637	929	5	columbia	columbia	PROPN
cblr-8637	929	6	business	business	NOUN
cblr-8637	929	7	law	law	PROPN
cblr-8637	929	8	review	review	NOUN
cblr-8637	930	1	[	[	X
cblr-8637	930	2	vol	vol	NOUN
cblr-8637	930	3	.	.	PUNCT
cblr-8637	930	4	2021	2021	NUM
cblr-8637	930	5	certainly	certainly	ADV
cblr-8637	930	6	true	true	ADJ
cblr-8637	930	7	that	that	SCONJ
cblr-8637	930	8	companies	company	NOUN
cblr-8637	930	9	have	have	AUX
cblr-8637	930	10	been	be	AUX
cblr-8637	930	11	held	hold	VERB
cblr-8637	930	12	liable	liable	ADJ
cblr-8637	930	13	under	under	ADP
cblr-8637	930	14	this	this	DET
cblr-8637	930	15	standard,263	standard,263	PROPN
cblr-8637	930	16	it	it	PRON
cblr-8637	930	17	is	be	AUX
cblr-8637	930	18	still	still	ADV
cblr-8637	930	19	far	far	ADV
cblr-8637	930	20	less	less	ADV
cblr-8637	930	21	stringent	stringent	ADJ
cblr-8637	930	22	than	than	ADP
cblr-8637	930	23	the	the	DET
cblr-8637	930	24	standard	standard	NOUN
cblr-8637	930	25	to	to	PART
cblr-8637	930	26	which	which	PRON
cblr-8637	930	27	public	public	ADJ
cblr-8637	930	28	companies	company	NOUN
cblr-8637	930	29	are	be	AUX
cblr-8637	930	30	held	hold	VERB
cblr-8637	930	31	.	.	PUNCT
cblr-8637	931	1	therefore	therefore	ADV
cblr-8637	931	2	,	,	PUNCT
cblr-8637	931	3	if	if	SCONJ
cblr-8637	931	4	the	the	DET
cblr-8637	931	5	investor	investor	NOUN
cblr-8637	931	6	pool	pool	NOUN
cblr-8637	931	7	of	of	ADP
cblr-8637	931	8	the	the	DET
cblr-8637	931	9	private	private	ADJ
cblr-8637	931	10	markets	market	NOUN
cblr-8637	931	11	is	be	AUX
cblr-8637	931	12	to	to	PART
cblr-8637	931	13	be	be	AUX
cblr-8637	931	14	expanded	expand	VERB
cblr-8637	931	15	without	without	ADP
cblr-8637	931	16	putting	put	VERB
cblr-8637	931	17	additional	additional	ADJ
cblr-8637	931	18	measures	measure	NOUN
cblr-8637	931	19	of	of	ADP
cblr-8637	931	20	investor	investor	NOUN
cblr-8637	931	21	protection	protection	NOUN
cblr-8637	931	22	in	in	ADP
cblr-8637	931	23	place	place	NOUN
cblr-8637	931	24	,	,	PUNCT
cblr-8637	931	25	the	the	DET
cblr-8637	931	26	commission	commission	NOUN
cblr-8637	931	27	should	should	AUX
cblr-8637	931	28	consider	consider	VERB
cblr-8637	931	29	recommending	recommend	VERB
cblr-8637	931	30	that	that	SCONJ
cblr-8637	931	31	congress	congress	PROPN
cblr-8637	931	32	change	change	VERB
cblr-8637	931	33	the	the	DET
cblr-8637	931	34	liability	liability	NOUN
cblr-8637	931	35	regime	regime	NOUN
cblr-8637	931	36	in	in	ADP
cblr-8637	931	37	the	the	DET
cblr-8637	931	38	private	private	ADJ
cblr-8637	931	39	market	market	NOUN
cblr-8637	931	40	from	from	ADP
cblr-8637	931	41	a	a	DET
cblr-8637	931	42	fraudulence	fraudulence	NOUN
cblr-8637	931	43	standard	standard	NOUN
cblr-8637	931	44	to	to	ADP
cblr-8637	931	45	a	a	DET
cblr-8637	931	46	negligence	negligence	NOUN
cblr-8637	931	47	standard	standard	NOUN
cblr-8637	931	48	in	in	ADP
cblr-8637	931	49	order	order	NOUN
cblr-8637	931	50	to	to	PART
cblr-8637	931	51	better	well	ADV
cblr-8637	931	52	protect	protect	VERB
cblr-8637	931	53	investors	investor	NOUN
cblr-8637	931	54	.	.	PUNCT
cblr-8637	932	1	the	the	DET
cblr-8637	932	2	amendments	amendment	NOUN
cblr-8637	932	3	to	to	ADP
cblr-8637	932	4	the	the	DET
cblr-8637	932	5	accredited	accredit	VERB
cblr-8637	932	6	investor	investor	NOUN
cblr-8637	932	7	definition	definition	NOUN
cblr-8637	932	8	proposed	propose	VERB
cblr-8637	932	9	above	above	ADP
cblr-8637	932	10	—	—	PUNCT
cblr-8637	932	11	indexing	index	VERB
cblr-8637	932	12	the	the	DET
cblr-8637	932	13	wealth	wealth	NOUN
cblr-8637	932	14	standard	standard	NOUN
cblr-8637	932	15	for	for	ADP
cblr-8637	932	16	inflation	inflation	NOUN
cblr-8637	932	17	and	and	CCONJ
cblr-8637	932	18	including	include	VERB
cblr-8637	932	19	individual	individual	ADJ
cblr-8637	932	20	investors	investor	NOUN
cblr-8637	932	21	advised	advise	VERB
cblr-8637	932	22	by	by	ADP
cblr-8637	932	23	a	a	DET
cblr-8637	932	24	fiduciary	fiduciary	ADJ
cblr-8637	932	25	—	—	PUNCT
cblr-8637	932	26	could	could	AUX
cblr-8637	932	27	decrease	decrease	VERB
cblr-8637	932	28	the	the	DET
cblr-8637	932	29	number	number	NOUN
cblr-8637	932	30	of	of	ADP
cblr-8637	932	31	individuals	individual	NOUN
cblr-8637	932	32	able	able	ADJ
cblr-8637	932	33	to	to	PART
cblr-8637	932	34	make	make	VERB
cblr-8637	932	35	investments	investment	NOUN
cblr-8637	932	36	in	in	ADP
cblr-8637	932	37	the	the	DET
cblr-8637	932	38	private	private	ADJ
cblr-8637	932	39	market	market	NOUN
cblr-8637	932	40	.	.	PUNCT
cblr-8637	933	1	to	to	PART
cblr-8637	933	2	mitigate	mitigate	VERB
cblr-8637	933	3	the	the	DET
cblr-8637	933	4	effects	effect	NOUN
cblr-8637	933	5	of	of	ADP
cblr-8637	933	6	these	these	DET
cblr-8637	933	7	changes	change	NOUN
cblr-8637	933	8	and	and	CCONJ
cblr-8637	933	9	to	to	PART
cblr-8637	933	10	safely	safely	ADV
cblr-8637	933	11	expand	expand	VERB
cblr-8637	933	12	access	access	NOUN
cblr-8637	933	13	to	to	ADP
cblr-8637	933	14	the	the	DET
cblr-8637	933	15	private	private	ADJ
cblr-8637	933	16	market	market	NOUN
cblr-8637	933	17	for	for	ADP
cblr-8637	933	18	non	non	ADJ
cblr-8637	933	19	-	-	ADJ
cblr-8637	933	20	accredited	accredited	ADJ
cblr-8637	933	21	investors	investor	NOUN
cblr-8637	933	22	,	,	PUNCT
cblr-8637	933	23	the	the	DET
cblr-8637	933	24	sec	sec	PROPN
cblr-8637	933	25	should	should	AUX
cblr-8637	933	26	also	also	ADV
cblr-8637	933	27	consider	consider	VERB
cblr-8637	933	28	allowing	allow	VERB
cblr-8637	933	29	non	non	ADJ
cblr-8637	933	30	-	-	ADJ
cblr-8637	933	31	accredited	accredited	ADJ
cblr-8637	933	32	investors	investor	NOUN
cblr-8637	933	33	to	to	PART
cblr-8637	933	34	invest	invest	VERB
cblr-8637	933	35	in	in	ADP
cblr-8637	933	36	publicly	publicly	ADV
cblr-8637	933	37	traded	trade	VERB
cblr-8637	933	38	funds	fund	NOUN
cblr-8637	933	39	which	which	PRON
cblr-8637	933	40	in	in	ADP
cblr-8637	933	41	turn	turn	NOUN
cblr-8637	933	42	invest	invest	VERB
cblr-8637	933	43	in	in	ADP
cblr-8637	933	44	the	the	DET
cblr-8637	933	45	private	private	ADJ
cblr-8637	933	46	market.264	market.264	NOUN
cblr-8637	933	47	allowing	allow	VERB
cblr-8637	933	48	retail	retail	ADJ
cblr-8637	933	49	investors	investor	NOUN
cblr-8637	933	50	to	to	PART
cblr-8637	933	51	invest	invest	VERB
cblr-8637	933	52	in	in	ADP
cblr-8637	933	53	either	either	CCONJ
cblr-8637	933	54	open	open	ADJ
cblr-8637	933	55	or	or	CCONJ
cblr-8637	933	56	closed	closed	ADJ
cblr-8637	933	57	-	-	PUNCT
cblr-8637	933	58	end	end	NOUN
cblr-8637	933	59	publicly	publicly	ADV
cblr-8637	933	60	traded	trade	VERB
cblr-8637	933	61	mutual	mutual	ADJ
cblr-8637	933	62	funds	fund	NOUN
cblr-8637	933	63	that	that	PRON
cblr-8637	933	64	invest	invest	VERB
cblr-8637	933	65	in	in	ADP
cblr-8637	933	66	the	the	DET
cblr-8637	933	67	private	private	ADJ
cblr-8637	933	68	market	market	NOUN
cblr-8637	933	69	would	would	AUX
cblr-8637	933	70	enhance	enhance	VERB
cblr-8637	933	71	retail	retail	ADJ
cblr-8637	933	72	investors	investor	NOUN
cblr-8637	933	73	’	’	PART
cblr-8637	933	74	diversification	diversification	NOUN
cblr-8637	933	75	opportunities	opportunity	NOUN
cblr-8637	933	76	while	while	SCONJ
cblr-8637	933	77	also	also	ADV
cblr-8637	933	78	ensuring	ensure	VERB
cblr-8637	933	79	investor	investor	NOUN
cblr-8637	933	80	liquidity.265	liquidity.265	NOUN
cblr-8637	933	81	in	in	ADP
cblr-8637	933	82	addition	addition	NOUN
cblr-8637	933	83	,	,	PUNCT
cblr-8637	933	84	employer	employer	NOUN
cblr-8637	933	85	-	-	PUNCT
cblr-8637	933	86	sponsored	sponsor	VERB
cblr-8637	933	87	defined	define	VERB
cblr-8637	933	88	contribution	contribution	NOUN
cblr-8637	933	89	plans	plan	NOUN
cblr-8637	933	90	,	,	PUNCT
cblr-8637	933	91	i.e.	i.e.	X
cblr-8637	933	92	,	,	PUNCT
cblr-8637	933	93	401(k	401(k	NOUN
cblr-8637	933	94	)	)	PUNCT
cblr-8637	933	95	plans	plan	NOUN
cblr-8637	933	96	,	,	PUNCT
cblr-8637	933	97	could	could	AUX
cblr-8637	933	98	be	be	AUX
cblr-8637	933	99	the	the	DET
cblr-8637	933	100	vehicle	vehicle	NOUN
cblr-8637	933	101	non	non	ADJ
cblr-8637	933	102	-	-	ADJ
cblr-8637	933	103	accredited	accredited	ADJ
cblr-8637	933	104	investors	investor	NOUN
cblr-8637	933	105	263	263	NUM
cblr-8637	933	106	see	see	VERB
cblr-8637	933	107	,	,	PUNCT
cblr-8637	933	108	e.g.	e.g.	ADV
cblr-8637	933	109	,	,	PUNCT
cblr-8637	933	110	erika	erika	PROPN
cblr-8637	933	111	l.	l.	PROPN
cblr-8637	933	112	robinson	robinson	PROPN
cblr-8637	933	113	,	,	PUNCT
cblr-8637	933	114	rosemary	rosemary	PROPN
cblr-8637	933	115	g.	g.	PROPN
cblr-8637	933	116	reilly	reilly	PROPN
cblr-8637	933	117	&	&	CCONJ
cblr-8637	933	118	yoon	yoon	PROPN
cblr-8637	933	119	-	-	PUNCT
cblr-8637	933	120	young	young	PROPN
cblr-8637	933	121	lee	lee	PROPN
cblr-8637	933	122	,	,	PUNCT
cblr-8637	933	123	sec	sec	PROPN
cblr-8637	933	124	reaffirms	reaffirm	VERB
cblr-8637	933	125	the	the	DET
cblr-8637	933	126	broad	broad	ADJ
cblr-8637	933	127	reach	reach	NOUN
cblr-8637	933	128	of	of	ADP
cblr-8637	933	129	rule	rule	NOUN
cblr-8637	933	130	10b-5	10b-5	NUM
cblr-8637	933	131	to	to	ADP
cblr-8637	933	132	private	private	ADJ
cblr-8637	933	133	companies	company	NOUN
cblr-8637	933	134	,	,	PUNCT
cblr-8637	933	135	wilmerhale	wilmerhale	PROPN
cblr-8637	933	136	(	(	PUNCT
cblr-8637	933	137	dec	dec	PROPN
cblr-8637	933	138	.	.	PROPN
cblr-8637	933	139	22	22	NUM
cblr-8637	933	140	,	,	PUNCT
cblr-8637	933	141	2011	2011	NUM
cblr-8637	933	142	)	)	PUNCT
cblr-8637	933	143	,	,	PUNCT
cblr-8637	933	144	https://www.wilmerhale.com/en/insights	https://www.wilmerhale.com/en/insight	NOUN
cblr-8637	933	145	/publications	/publication	NOUN
cblr-8637	933	146	/	/	SYM
cblr-8637	933	147	sec	sec	PROPN
cblr-8637	933	148	-	-	PUNCT
cblr-8637	933	149	reaffirms	reaffirm	VERB
cblr-8637	933	150	-	-	PUNCT
cblr-8637	933	151	the	the	DET
cblr-8637	933	152	-	-	PUNCT
cblr-8637	933	153	broad	broad	ADJ
cblr-8637	933	154	-	-	PUNCT
cblr-8637	933	155	reach	reach	NOUN
cblr-8637	933	156	-	-	PUNCT
cblr-8637	933	157	of	of	ADP
cblr-8637	933	158	-	-	PUNCT
cblr-8637	933	159	rule-10b-5	rule-10b-5	NOUN
cblr-8637	933	160	-	-	PUNCT
cblr-8637	933	161	to	to	ADP
cblr-8637	933	162	-	-	PUNCT
cblr-8637	933	163	privatecompanies	privatecompanie	NOUN
cblr-8637	933	164	-	-	PUNCT
cblr-8637	933	165	december-22	december-22	ADJ
cblr-8637	933	166	-	-	NOUN
cblr-8637	933	167	2011	2011	NUM
cblr-8637	933	168	[	[	X
cblr-8637	933	169	https://perma.cc/wuv9-hekw	https://perma.cc/wuv9-hekw	X
cblr-8637	933	170	]	]	PUNCT
cblr-8637	933	171	.	.	PUNCT
cblr-8637	934	1	264	264	NUM
cblr-8637	934	2	see	see	VERB
cblr-8637	934	3	john	john	PROPN
cblr-8637	934	4	finley	finley	PROPN
cblr-8637	934	5	,	,	PUNCT
cblr-8637	934	6	expanding	expand	VERB
cblr-8637	934	7	retail	retail	ADJ
cblr-8637	934	8	access	access	NOUN
cblr-8637	934	9	to	to	ADP
cblr-8637	934	10	private	private	ADJ
cblr-8637	934	11	markets	market	NOUN
cblr-8637	934	12	10	10	NUM
cblr-8637	934	13	(	(	PUNCT
cblr-8637	934	14	nov	nov	PROPN
cblr-8637	934	15	.	.	PROPN
cblr-8637	934	16	2019	2019	NUM
cblr-8637	934	17	)	)	PUNCT
cblr-8637	934	18	,	,	PUNCT
cblr-8637	934	19	https://www.sec.gov/spotlight/sbcfac/expanding-retail-accessto-private-markets-finley.pdf	https://www.sec.gov/spotlight/sbcfac/expanding-retail-accessto-private-markets-finley.pdf	NOUN
cblr-8637	935	1	[	[	X
cblr-8637	935	2	https://perma.cc/2tpk-parr	https://perma.cc/2tpk-parr	X
cblr-8637	935	3	]	]	X
cblr-8637	935	4	.	.	PUNCT
cblr-8637	936	1	265	265	NUM
cblr-8637	936	2	of	of	ADP
cblr-8637	936	3	course	course	NOUN
cblr-8637	936	4	,	,	PUNCT
cblr-8637	936	5	to	to	PART
cblr-8637	936	6	allow	allow	VERB
cblr-8637	936	7	this	this	PRON
cblr-8637	936	8	would	would	AUX
cblr-8637	936	9	require	require	VERB
cblr-8637	936	10	revising	revise	VERB
cblr-8637	936	11	the	the	DET
cblr-8637	936	12	1940	1940	NUM
cblr-8637	936	13	act	act	NOUN
cblr-8637	936	14	limitation	limitation	NOUN
cblr-8637	936	15	on	on	ADP
cblr-8637	936	16	open	open	ADJ
cblr-8637	936	17	-	-	PUNCT
cblr-8637	936	18	end	end	NOUN
cblr-8637	936	19	funds	fund	NOUN
cblr-8637	936	20	’	'	PUNCT
cblr-8637	936	21	ability	ability	NOUN
cblr-8637	936	22	to	to	PART
cblr-8637	936	23	invest	invest	VERB
cblr-8637	936	24	in	in	ADP
cblr-8637	936	25	illiquid	illiquid	ADJ
cblr-8637	936	26	assets	asset	NOUN
cblr-8637	936	27	.	.	PUNCT
cblr-8637	937	1	see	see	VERB
cblr-8637	937	2	doherty	doherty	PROPN
cblr-8637	937	3	et	et	PROPN
cblr-8637	937	4	al	al	PROPN
cblr-8637	937	5	.	.	PROPN
cblr-8637	937	6	,	,	PUNCT
cblr-8637	937	7	supra	supra	PROPN
cblr-8637	937	8	note	note	PROPN
cblr-8637	937	9	163	163	NUM
cblr-8637	937	10	,	,	PUNCT
cblr-8637	937	11	at	at	ADP
cblr-8637	937	12	9	9	NUM
cblr-8637	937	13	&	&	CCONJ
cblr-8637	937	14	n.54	n.54	PROPN
cblr-8637	937	15	,	,	PUNCT
cblr-8637	937	16	10	10	NUM
cblr-8637	937	17	.	.	PUNCT
cblr-8637	938	1	such	such	DET
cblr-8637	938	2	a	a	DET
cblr-8637	938	3	proposal	proposal	NOUN
cblr-8637	938	4	,	,	PUNCT
cblr-8637	938	5	however	however	ADV
cblr-8637	938	6	,	,	PUNCT
cblr-8637	938	7	could	could	AUX
cblr-8637	938	8	create	create	VERB
cblr-8637	938	9	liquidity	liquidity	NOUN
cblr-8637	938	10	problems	problem	NOUN
cblr-8637	938	11	for	for	ADP
cblr-8637	938	12	an	an	DET
cblr-8637	938	13	open	open	ADJ
cblr-8637	938	14	-	-	PUNCT
cblr-8637	938	15	end	end	NOUN
cblr-8637	938	16	fund	fund	NOUN
cblr-8637	938	17	.	.	PUNCT
cblr-8637	939	1	if	if	SCONJ
cblr-8637	939	2	the	the	DET
cblr-8637	939	3	fund	fund	NOUN
cblr-8637	939	4	is	be	AUX
cblr-8637	939	5	invested	invest	VERB
cblr-8637	939	6	in	in	ADP
cblr-8637	939	7	a	a	DET
cblr-8637	939	8	significant	significant	ADJ
cblr-8637	939	9	number	number	NOUN
cblr-8637	939	10	of	of	ADP
cblr-8637	939	11	illiquid	illiquid	ADJ
cblr-8637	939	12	private	private	ADJ
cblr-8637	939	13	companies	company	NOUN
cblr-8637	939	14	and	and	CCONJ
cblr-8637	939	15	there	there	PRON
cblr-8637	939	16	is	be	VERB
cblr-8637	939	17	a	a	DET
cblr-8637	939	18	run	run	NOUN
cblr-8637	939	19	on	on	ADP
cblr-8637	939	20	the	the	DET
cblr-8637	939	21	fund	fund	NOUN
cblr-8637	939	22	,	,	PUNCT
cblr-8637	939	23	there	there	PRON
cblr-8637	939	24	could	could	AUX
cblr-8637	939	25	be	be	AUX
cblr-8637	939	26	an	an	DET
cblr-8637	939	27	issue	issue	NOUN
cblr-8637	939	28	in	in	ADP
cblr-8637	939	29	redemptions	redemption	NOUN
cblr-8637	939	30	.	.	PUNCT
cblr-8637	940	1	i	i	PRON
cblr-8637	940	2	d.	d.	PROPN
cblr-8637	940	3	at	at	ADP
cblr-8637	940	4	9	9	NUM
cblr-8637	940	5	n.54	n.54	NOUN
cblr-8637	940	6	unlike	unlike	ADP
cblr-8637	940	7	a	a	DET
cblr-8637	940	8	mutual	mutual	ADJ
cblr-8637	940	9	fund	fund	NOUN
cblr-8637	940	10	that	that	PRON
cblr-8637	940	11	invests	invest	VERB
cblr-8637	940	12	only	only	ADV
cblr-8637	940	13	in	in	ADP
cblr-8637	940	14	publicly	publicly	ADV
cblr-8637	940	15	traded	trade	VERB
cblr-8637	940	16	securities	security	NOUN
cblr-8637	940	17	that	that	PRON
cblr-8637	940	18	could	could	AUX
cblr-8637	940	19	be	be	AUX
cblr-8637	940	20	offloaded	offload	VERB
cblr-8637	940	21	in	in	ADP
cblr-8637	940	22	the	the	DET
cblr-8637	940	23	market	market	NOUN
cblr-8637	940	24	,	,	PUNCT
cblr-8637	940	25	a	a	DET
cblr-8637	940	26	fund	fund	NOUN
cblr-8637	940	27	invested	invest	VERB
cblr-8637	940	28	in	in	ADP
cblr-8637	940	29	restricted	restricted	ADJ
cblr-8637	940	30	securities	security	NOUN
cblr-8637	940	31	would	would	AUX
cblr-8637	940	32	likely	likely	ADV
cblr-8637	940	33	have	have	VERB
cblr-8637	940	34	to	to	PART
cblr-8637	940	35	sell	sell	VERB
cblr-8637	940	36	those	those	DET
cblr-8637	940	37	securities	security	NOUN
cblr-8637	940	38	in	in	ADP
cblr-8637	940	39	an	an	DET
cblr-8637	940	40	exempted	exempt	VERB
cblr-8637	940	41	resale	resale	NOUN
cblr-8637	940	42	in	in	ADP
cblr-8637	940	43	the	the	DET
cblr-8637	940	44	case	case	NOUN
cblr-8637	940	45	of	of	ADP
cblr-8637	940	46	a	a	DET
cblr-8637	940	47	run	run	NOUN
cblr-8637	940	48	on	on	ADP
cblr-8637	940	49	the	the	DET
cblr-8637	940	50	fund	fund	NOUN
cblr-8637	940	51	.	.	PUNCT
cblr-8637	941	1	greene	greene	PROPN
cblr-8637	941	2	et	et	PROPN
cblr-8637	941	3	al	al	PROPN
cblr-8637	941	4	.	.	PROPN
cblr-8637	942	1	8/21/2021	8/21/2021	NUM
cblr-8637	942	2	1:44	1:44	NUM
cblr-8637	942	3	pm	pm	NOUN
cblr-8637	942	4	no	no	INTJ
cblr-8637	942	5	.	.	PUNCT
cblr-8637	943	1	2:714	2:714	NUM
cblr-8637	943	2	]	]	X
cblr-8637	943	3	the	the	DET
cblr-8637	943	4	need	need	NOUN
cblr-8637	943	5	for	for	ADP
cblr-8637	943	6	a	a	DET
cblr-8637	943	7	comprehensive	comprehensive	ADJ
cblr-8637	943	8	approach	approach	NOUN
cblr-8637	943	9	775	775	NUM
cblr-8637	943	10	utilize	utilize	VERB
cblr-8637	943	11	to	to	PART
cblr-8637	943	12	invest	invest	VERB
cblr-8637	943	13	in	in	ADP
cblr-8637	943	14	the	the	DET
cblr-8637	943	15	private	private	ADJ
cblr-8637	943	16	market	market	NOUN
cblr-8637	943	17	.	.	PUNCT
cblr-8637	944	1	although	although	SCONJ
cblr-8637	944	2	erisa	erisa	NOUN
cblr-8637	944	3	does	do	AUX
cblr-8637	944	4	not	not	PART
cblr-8637	944	5	prohibit	prohibit	VERB
cblr-8637	944	6	defined	define	VERB
cblr-8637	944	7	contribution	contribution	NOUN
cblr-8637	944	8	plans	plan	NOUN
cblr-8637	944	9	from	from	ADP
cblr-8637	944	10	investing	invest	VERB
cblr-8637	944	11	in	in	ADP
cblr-8637	944	12	private	private	ADJ
cblr-8637	944	13	funds	fund	NOUN
cblr-8637	944	14	,	,	PUNCT
cblr-8637	944	15	such	such	ADJ
cblr-8637	944	16	investments	investment	NOUN
cblr-8637	944	17	are	be	AUX
cblr-8637	944	18	not	not	PART
cblr-8637	944	19	prevalent	prevalent	ADJ
cblr-8637	944	20	because	because	SCONJ
cblr-8637	944	21	of	of	ADP
cblr-8637	944	22	the	the	DET
cblr-8637	944	23	limited	limited	ADJ
cblr-8637	944	24	liquidity	liquidity	NOUN
cblr-8637	944	25	of	of	ADP
cblr-8637	944	26	the	the	DET
cblr-8637	944	27	shares	share	NOUN
cblr-8637	944	28	in	in	ADP
cblr-8637	944	29	private	private	ADJ
cblr-8637	944	30	funds	fund	NOUN
cblr-8637	944	31	and	and	CCONJ
cblr-8637	944	32	the	the	DET
cblr-8637	944	33	litigation	litigation	NOUN
cblr-8637	944	34	risk	risk	NOUN
cblr-8637	944	35	that	that	PRON
cblr-8637	944	36	plan	plan	VERB
cblr-8637	944	37	advisers	adviser	NOUN
cblr-8637	944	38	face	face	VERB
cblr-8637	944	39	as	as	ADP
cblr-8637	944	40	fiduciaries.266	fiduciaries.266	NOUN
cblr-8637	944	41	to	to	PART
cblr-8637	944	42	promote	promote	VERB
cblr-8637	944	43	investment	investment	NOUN
cblr-8637	944	44	in	in	ADP
cblr-8637	944	45	private	private	ADJ
cblr-8637	944	46	market	market	NOUN
cblr-8637	944	47	funds	fund	NOUN
cblr-8637	944	48	through	through	ADP
cblr-8637	944	49	401(k	401(k	NOUN
cblr-8637	944	50	)	)	PUNCT
cblr-8637	944	51	plans	plan	NOUN
cblr-8637	944	52	,	,	PUNCT
cblr-8637	944	53	the	the	DET
cblr-8637	944	54	department	department	NOUN
cblr-8637	944	55	of	of	ADP
cblr-8637	944	56	labor	labor	NOUN
cblr-8637	944	57	should	should	AUX
cblr-8637	944	58	(	(	PUNCT
cblr-8637	944	59	1	1	X
cblr-8637	944	60	)	)	PUNCT
cblr-8637	944	61	give	give	VERB
cblr-8637	944	62	clear	clear	ADJ
cblr-8637	944	63	guidance	guidance	NOUN
cblr-8637	944	64	as	as	ADP
cblr-8637	944	65	to	to	ADP
cblr-8637	944	66	the	the	DET
cblr-8637	944	67	totality	totality	NOUN
cblr-8637	944	68	of	of	ADP
cblr-8637	944	69	factors	factor	NOUN
cblr-8637	944	70	a	a	DET
cblr-8637	944	71	fiduciary	fiduciary	NOUN
cblr-8637	944	72	may	may	AUX
cblr-8637	944	73	consider	consider	VERB
cblr-8637	944	74	in	in	ADP
cblr-8637	944	75	making	make	VERB
cblr-8637	944	76	its	its	PRON
cblr-8637	944	77	investment	investment	NOUN
cblr-8637	944	78	decisions	decision	NOUN
cblr-8637	944	79	consistent	consistent	ADJ
cblr-8637	944	80	with	with	ADP
cblr-8637	944	81	its	its	PRON
cblr-8637	944	82	fiduciary	fiduciary	ADJ
cblr-8637	944	83	duties	duty	NOUN
cblr-8637	944	84	and	and	CCONJ
cblr-8637	944	85	(	(	PUNCT
cblr-8637	944	86	2	2	NUM
cblr-8637	944	87	)	)	PUNCT
cblr-8637	944	88	“	"	PUNCT
cblr-8637	944	89	expand	expand	VERB
cblr-8637	944	90	[	[	X
cblr-8637	944	91	]	]	X
cblr-8637	944	92	the	the	DET
cblr-8637	944	93	safe	safe	ADJ
cblr-8637	944	94	harbor	harbor	NOUN
cblr-8637	944	95	[	[	X
cblr-8637	944	96	from	from	ADP
cblr-8637	944	97	litigation	litigation	NOUN
cblr-8637	944	98	]	]	PUNCT
cblr-8637	944	99	for	for	ADP
cblr-8637	944	100	plan	plan	NOUN
cblr-8637	944	101	fiduciaries	fiduciary	NOUN
cblr-8637	944	102	who	who	PRON
cblr-8637	944	103	are	be	AUX
cblr-8637	944	104	making	make	VERB
cblr-8637	944	105	good	good	ADJ
cblr-8637	944	106	faith	faith	NOUN
cblr-8637	944	107	efforts	effort	NOUN
cblr-8637	944	108	,	,	PUNCT
cblr-8637	944	109	well	well	ADV
cblr-8637	944	110	informed	inform	VERB
cblr-8637	944	111	by	by	ADP
cblr-8637	944	112	expertise	expertise	NOUN
cblr-8637	944	113	on	on	ADP
cblr-8637	944	114	long	long	ADJ
cblr-8637	944	115	-	-	PUNCT
cblr-8637	944	116	term	term	NOUN
cblr-8637	944	117	retirement	retirement	NOUN
cblr-8637	944	118	investing	investing	NOUN
cblr-8637	944	119	.	.	PUNCT
cblr-8637	944	120	”267	”267	PUNCT
cblr-8637	944	121	either	either	CCONJ
cblr-8637	944	122	adopting	adopt	VERB
cblr-8637	944	123	a	a	DET
cblr-8637	944	124	fiduciary	fiduciary	ADJ
cblr-8637	944	125	-	-	PUNCT
cblr-8637	944	126	based	base	VERB
cblr-8637	944	127	accredited	accredited	ADJ
cblr-8637	944	128	investor	investor	NOUN
cblr-8637	944	129	definition	definition	NOUN
cblr-8637	944	130	or	or	CCONJ
cblr-8637	944	131	allowing	allow	VERB
cblr-8637	944	132	non	non	ADJ
cblr-8637	944	133	-	-	ADJ
cblr-8637	944	134	accredited	accredited	ADJ
cblr-8637	944	135	investors	investor	NOUN
cblr-8637	944	136	to	to	PART
cblr-8637	944	137	invest	invest	VERB
cblr-8637	944	138	through	through	ADP
cblr-8637	944	139	funds	fund	NOUN
cblr-8637	944	140	would	would	AUX
cblr-8637	944	141	significantly	significantly	ADV
cblr-8637	944	142	decrease	decrease	VERB
cblr-8637	944	143	the	the	DET
cblr-8637	944	144	marginal	marginal	ADJ
cblr-8637	944	145	costs	cost	NOUN
cblr-8637	944	146	of	of	ADP
cblr-8637	944	147	making	make	VERB
cblr-8637	944	148	rule	rule	NOUN
cblr-8637	944	149	506(b	506(b	PROPN
cblr-8637	944	150	)	)	PUNCT
cblr-8637	944	151	offerings	offering	NOUN
cblr-8637	944	152	to	to	ADP
cblr-8637	944	153	non	non	ADJ
cblr-8637	944	154	-	-	ADJ
cblr-8637	944	155	accredited	accredited	ADJ
cblr-8637	944	156	investors	investor	NOUN
cblr-8637	944	157	.	.	PUNCT
cblr-8637	945	1	to	to	PART
cblr-8637	945	2	make	make	VERB
cblr-8637	945	3	rule	rule	NOUN
cblr-8637	945	4	506(b	506(b	PROPN
cblr-8637	945	5	)	)	PUNCT
cblr-8637	945	6	offerings	offering	NOUN
cblr-8637	945	7	to	to	ADP
cblr-8637	945	8	non	non	ADJ
cblr-8637	945	9	-	-	ADJ
cblr-8637	945	10	accredited	accredited	ADJ
cblr-8637	945	11	investors	investor	NOUN
cblr-8637	945	12	,	,	PUNCT
cblr-8637	945	13	issuers	issuer	NOUN
cblr-8637	945	14	currently	currently	ADV
cblr-8637	945	15	must	must	AUX
cblr-8637	945	16	provide	provide	VERB
cblr-8637	945	17	such	such	ADJ
cblr-8637	945	18	investors	investor	NOUN
cblr-8637	945	19	with	with	ADP
cblr-8637	945	20	a	a	DET
cblr-8637	945	21	description	description	NOUN
cblr-8637	945	22	of	of	ADP
cblr-8637	945	23	all	all	DET
cblr-8637	945	24	the	the	DET
cblr-8637	945	25	information	information	NOUN
cblr-8637	945	26	supplied	supply	VERB
cblr-8637	945	27	to	to	ADP
cblr-8637	945	28	any	any	DET
cblr-8637	945	29	accredited	accredit	VERB
cblr-8637	945	30	266	266	NUM
cblr-8637	945	31	see	see	VERB
cblr-8637	945	32	i	i	PRON
cblr-8637	945	33	d.	d.	PROPN
cblr-8637	945	34	at	at	ADP
cblr-8637	945	35	12	12	NUM
cblr-8637	945	36	.	.	PUNCT
cblr-8637	946	1	267	267	NUM
cblr-8637	946	2	i	i	PROPN
cblr-8637	946	3	d.	d.	PROPN
cblr-8637	946	4	at	at	ADP
cblr-8637	946	5	12–13	12–13	NUM
cblr-8637	946	6	.	.	PUNCT
cblr-8637	946	7	of	of	ADP
cblr-8637	946	8	note	note	NOUN
cblr-8637	946	9	,	,	PUNCT
cblr-8637	946	10	on	on	ADP
cblr-8637	946	11	june	june	PROPN
cblr-8637	946	12	3	3	NUM
cblr-8637	946	13	,	,	PUNCT
cblr-8637	946	14	2020	2020	NUM
cblr-8637	946	15	,	,	PUNCT
cblr-8637	946	16	the	the	DET
cblr-8637	946	17	department	department	NOUN
cblr-8637	946	18	of	of	ADP
cblr-8637	946	19	labor	labor	NOUN
cblr-8637	946	20	did	do	AUX
cblr-8637	946	21	issue	issue	VERB
cblr-8637	946	22	some	some	DET
cblr-8637	946	23	guidance	guidance	NOUN
cblr-8637	946	24	on	on	ADP
cblr-8637	946	25	this	this	DET
cblr-8637	946	26	matter	matter	NOUN
cblr-8637	946	27	;	;	PUNCT
cblr-8637	946	28	however	however	ADV
cblr-8637	946	29	,	,	PUNCT
cblr-8637	946	30	while	while	SCONJ
cblr-8637	946	31	the	the	DET
cblr-8637	946	32	guidance	guidance	NOUN
cblr-8637	946	33	may	may	AUX
cblr-8637	946	34	make	make	VERB
cblr-8637	946	35	litigation	litigation	NOUN
cblr-8637	946	36	over	over	ADP
cblr-8637	946	37	an	an	DET
cblr-8637	946	38	investment	investment	NOUN
cblr-8637	946	39	in	in	ADP
cblr-8637	946	40	a	a	DET
cblr-8637	946	41	private	private	ADJ
cblr-8637	946	42	fund	fund	NOUN
cblr-8637	946	43	by	by	ADP
cblr-8637	946	44	a	a	DET
cblr-8637	946	45	401(k	401(k	PROPN
cblr-8637	946	46	)	)	PUNCT
cblr-8637	946	47	fiduciary	fiduciary	ADJ
cblr-8637	946	48	harder	hard	ADV
cblr-8637	946	49	to	to	PART
cblr-8637	946	50	win	win	VERB
cblr-8637	946	51	,	,	PUNCT
cblr-8637	946	52	it	it	PRON
cblr-8637	946	53	does	do	AUX
cblr-8637	946	54	not	not	PART
cblr-8637	946	55	completely	completely	ADV
cblr-8637	946	56	“	"	PUNCT
cblr-8637	946	57	insulate	insulate	VERB
cblr-8637	946	58	[	[	X
cblr-8637	946	59	the	the	DET
cblr-8637	946	60	]	]	PUNCT
cblr-8637	946	61	fiduciaries	fiduciary	NOUN
cblr-8637	946	62	from	from	ADP
cblr-8637	946	63	liability	liability	NOUN
cblr-8637	946	64	.	.	PUNCT
cblr-8637	946	65	”	"	PUNCT
cblr-8637	947	1	see	see	VERB
cblr-8637	947	2	lydia	lydia	PROPN
cblr-8637	947	3	wheeler	wheeler	NOUN
cblr-8637	947	4	,	,	PUNCT
cblr-8637	947	5	private	private	ADJ
cblr-8637	947	6	equity	equity	NOUN
cblr-8637	947	7	options	option	NOUN
cblr-8637	947	8	for	for	ADP
cblr-8637	947	9	401(k)s	401(k)s	PROPN
cblr-8637	947	10	bring	bring	VERB
cblr-8637	947	11	litigation	litigation	NOUN
cblr-8637	947	12	uncertainty	uncertainty	NOUN
cblr-8637	947	13	,	,	PUNCT
cblr-8637	947	14	bloomberg	bloomberg	PROPN
cblr-8637	947	15	:	:	PUNCT
cblr-8637	947	16	l.	l.	PROPN
cblr-8637	947	17	(	(	PUNCT
cblr-8637	947	18	june	june	PROPN
cblr-8637	947	19	4	4	NUM
cblr-8637	947	20	,	,	PUNCT
cblr-8637	947	21	2020	2020	NUM
cblr-8637	947	22	,	,	PUNCT
cblr-8637	947	23	3:54	3:54	NUM
cblr-8637	947	24	pm	pm	NOUN
cblr-8637	947	25	)	)	PUNCT
cblr-8637	947	26	,	,	PUNCT
cblr-8637	947	27	https://news.bloomberglaw.com/employee-benefits/private-equity-optionsfor-401ks-bring-litigation-uncertainty	https://news.bloomberglaw.com/employee-benefits/private-equity-optionsfor-401ks-bring-litigation-uncertainty	NOUN
cblr-8637	948	1	[	[	X
cblr-8637	948	2	https://perma.cc/5ecm-4rgz	https://perma.cc/5ecm-4rgz	X
cblr-8637	948	3	]	]	X
cblr-8637	948	4	.	.	PUNCT
cblr-8637	949	1	that	that	DET
cblr-8637	949	2	guidance	guidance	NOUN
cblr-8637	949	3	letter	letter	NOUN
cblr-8637	949	4	concluded	conclude	VERB
cblr-8637	949	5	that	that	SCONJ
cblr-8637	949	6	a	a	DET
cblr-8637	949	7	fiduciary	fiduciary	ADJ
cblr-8637	949	8	’s	’s	PART
cblr-8637	949	9	duties	duty	NOUN
cblr-8637	949	10	would	would	AUX
cblr-8637	949	11	not	not	PART
cblr-8637	949	12	be	be	AUX
cblr-8637	949	13	violated	violate	VERB
cblr-8637	949	14	“	"	PUNCT
cblr-8637	949	15	solely	solely	ADV
cblr-8637	949	16	because	because	SCONJ
cblr-8637	949	17	the	the	DET
cblr-8637	949	18	fiduciary	fiduciary	ADJ
cblr-8637	949	19	offers	offer	VERB
cblr-8637	949	20	a	a	DET
cblr-8637	949	21	professionally	professionally	ADV
cblr-8637	949	22	managed	manage	VERB
cblr-8637	949	23	asset	asset	NOUN
cblr-8637	949	24	allocation	allocation	NOUN
cblr-8637	949	25	fund	fund	NOUN
cblr-8637	949	26	with	with	ADP
cblr-8637	949	27	a	a	DET
cblr-8637	949	28	private	private	ADJ
cblr-8637	949	29	equity	equity	NOUN
cblr-8637	949	30	component	component	NOUN
cblr-8637	949	31	.	.	PUNCT
cblr-8637	949	32	”	"	PUNCT
cblr-8637	949	33	letter	letter	NOUN
cblr-8637	949	34	from	from	ADP
cblr-8637	949	35	louis	louis	PROPN
cblr-8637	949	36	j.	j.	PROPN
cblr-8637	949	37	campagna	campagna	PROPN
cblr-8637	949	38	,	,	PUNCT
cblr-8637	949	39	chief	chief	NOUN
cblr-8637	949	40	,	,	PUNCT
cblr-8637	949	41	div	div	PROPN
cblr-8637	949	42	.	.	PUNCT
cblr-8637	949	43	of	of	ADP
cblr-8637	949	44	fiduciary	fiduciary	ADJ
cblr-8637	949	45	interpretations	interpretation	NOUN
cblr-8637	949	46	,	,	PUNCT
cblr-8637	949	47	u.s	u.s	PROPN
cblr-8637	949	48	.	.	PROPN
cblr-8637	949	49	dep’t	dep’t	NOUN
cblr-8637	949	50	of	of	ADP
cblr-8637	949	51	lab	lab	NOUN
cblr-8637	949	52	.	.	PUNCT
cblr-8637	949	53	,	,	PUNCT
cblr-8637	949	54	to	to	ADP
cblr-8637	949	55	jon	jon	PROPN
cblr-8637	949	56	w.	w.	PROPN
cblr-8637	949	57	breyfogle	breyfogle	PROPN
cblr-8637	949	58	,	,	PUNCT
cblr-8637	949	59	groom	groom	NOUN
cblr-8637	949	60	law	law	PROPN
cblr-8637	949	61	grp	grp	PROPN
cblr-8637	949	62	.	.	PROPN
cblr-8637	949	63	5	5	NUM
cblr-8637	949	64	(	(	PUNCT
cblr-8637	949	65	june	june	PROPN
cblr-8637	949	66	3	3	NUM
cblr-8637	949	67	,	,	PUNCT
cblr-8637	949	68	2020	2020	NUM
cblr-8637	949	69	)	)	PUNCT
cblr-8637	949	70	,	,	PUNCT
cblr-8637	949	71	https://www.dol.gov/sites/dolgov/files/ebsa/about-ebsa/ouractivities/resource-center/information-letters/06-03-2020.pdf	https://www.dol.gov/sites/dolgov/files/ebsa/about-ebsa/ouractivities/resource-center/information-letters/06-03-2020.pdf	NOUN
cblr-8637	950	1	[	[	X
cblr-8637	950	2	https://perma.cc/zkp8-hx62	https://perma.cc/zkp8-hx62	X
cblr-8637	950	3	]	]	PUNCT
cblr-8637	950	4	.	.	PUNCT
cblr-8637	951	1	but	but	CCONJ
cblr-8637	951	2	it	it	PRON
cblr-8637	951	3	also	also	ADV
cblr-8637	951	4	cautioned	caution	VERB
cblr-8637	951	5	that	that	SCONJ
cblr-8637	951	6	the	the	DET
cblr-8637	951	7	fiduciary	fiduciary	NOUN
cblr-8637	951	8	must	must	AUX
cblr-8637	951	9	still	still	ADV
cblr-8637	951	10	“	"	PUNCT
cblr-8637	951	11	engage	engage	VERB
cblr-8637	951	12	in	in	ADP
cblr-8637	951	13	an	an	DET
cblr-8637	951	14	objective	objective	NOUN
cblr-8637	951	15	,	,	PUNCT
cblr-8637	951	16	thorough	thorough	ADJ
cblr-8637	951	17	,	,	PUNCT
cblr-8637	951	18	and	and	CCONJ
cblr-8637	951	19	analytical	analytical	ADJ
cblr-8637	951	20	process	process	NOUN
cblr-8637	951	21	that	that	PRON
cblr-8637	951	22	compares	compare	VERB
cblr-8637	951	23	the	the	DET
cblr-8637	951	24	asset	asset	NOUN
cblr-8637	951	25	allocation	allocation	NOUN
cblr-8637	951	26	fund	fund	NOUN
cblr-8637	951	27	with	with	ADP
cblr-8637	951	28	appropriate	appropriate	ADJ
cblr-8637	951	29	alternative	alternative	ADJ
cblr-8637	951	30	funds	fund	NOUN
cblr-8637	951	31	that	that	PRON
cblr-8637	951	32	do	do	AUX
cblr-8637	951	33	not	not	PART
cblr-8637	951	34	include	include	VERB
cblr-8637	951	35	a	a	DET
cblr-8637	951	36	private	private	ADJ
cblr-8637	951	37	equity	equity	NOUN
cblr-8637	951	38	component	component	NOUN
cblr-8637	951	39	,	,	PUNCT
cblr-8637	951	40	anticipated	anticipate	VERB
cblr-8637	951	41	opportunities	opportunity	NOUN
cblr-8637	951	42	for	for	ADP
cblr-8637	951	43	investment	investment	NOUN
cblr-8637	951	44	diversification	diversification	NOUN
cblr-8637	951	45	and	and	CCONJ
cblr-8637	951	46	enhanced	enhanced	ADJ
cblr-8637	951	47	investment	investment	NOUN
cblr-8637	951	48	returns	return	NOUN
cblr-8637	951	49	,	,	PUNCT
cblr-8637	951	50	as	as	ADV
cblr-8637	951	51	well	well	ADV
cblr-8637	951	52	as	as	ADP
cblr-8637	951	53	the	the	DET
cblr-8637	951	54	complexities	complexity	NOUN
cblr-8637	951	55	associated	associate	VERB
cblr-8637	951	56	with	with	ADP
cblr-8637	951	57	the	the	DET
cblr-8637	951	58	private	private	ADJ
cblr-8637	951	59	equity	equity	NOUN
cblr-8637	951	60	component	component	NOUN
cblr-8637	951	61	.	.	PUNCT
cblr-8637	951	62	”	"	PUNCT
cblr-8637	952	1	i	i	PRON
cblr-8637	952	2	d.	d.	PROPN
cblr-8637	952	3	at	at	ADP
cblr-8637	952	4	5–6	5–6	PROPN
cblr-8637	952	5	.	.	PUNCT
cblr-8637	953	1	greene	greene	PROPN
cblr-8637	953	2	et	et	PROPN
cblr-8637	953	3	al	al	PROPN
cblr-8637	953	4	.	.	PROPN
cblr-8637	954	1	8/21/2021	8/21/2021	NUM
cblr-8637	954	2	1:44	1:44	NUM
cblr-8637	954	3	pm	pm	NOUN
cblr-8637	954	4	776	776	NUM
cblr-8637	954	5	columbia	columbia	PROPN
cblr-8637	954	6	business	business	NOUN
cblr-8637	954	7	law	law	PROPN
cblr-8637	954	8	review	review	NOUN
cblr-8637	954	9	[	[	X
cblr-8637	954	10	vol	vol	NOUN
cblr-8637	954	11	.	.	PUNCT
cblr-8637	954	12	2021	2021	NUM
cblr-8637	954	13	investor.268	investor.268	VERB
cblr-8637	954	14	the	the	DET
cblr-8637	954	15	marginal	marginal	ADJ
cblr-8637	954	16	costs	cost	NOUN
cblr-8637	954	17	of	of	ADP
cblr-8637	954	18	providing	provide	VERB
cblr-8637	954	19	these	these	DET
cblr-8637	954	20	additional	additional	ADJ
cblr-8637	954	21	disclosures	disclosure	NOUN
cblr-8637	954	22	is	be	AUX
cblr-8637	954	23	high	high	ADJ
cblr-8637	954	24	enough	enough	ADV
cblr-8637	954	25	that	that	SCONJ
cblr-8637	954	26	,	,	PUNCT
cblr-8637	954	27	in	in	ADP
cblr-8637	954	28	practice	practice	NOUN
cblr-8637	954	29	,	,	PUNCT
cblr-8637	954	30	it	it	PRON
cblr-8637	954	31	is	be	AUX
cblr-8637	954	32	generally	generally	ADV
cblr-8637	954	33	inadvisable	inadvisable	ADJ
cblr-8637	954	34	for	for	SCONJ
cblr-8637	954	35	issuers	issuer	NOUN
cblr-8637	954	36	to	to	PART
cblr-8637	954	37	make	make	VERB
cblr-8637	954	38	rule	rule	NOUN
cblr-8637	954	39	506(b	506(b	PROPN
cblr-8637	954	40	)	)	PUNCT
cblr-8637	954	41	offerings	offering	NOUN
cblr-8637	954	42	to	to	PART
cblr-8637	954	43	nonaccredited	nonaccredite	VERB
cblr-8637	954	44	investors.269	investors.269	PROPN
cblr-8637	954	45	however	however	ADV
cblr-8637	954	46	,	,	PUNCT
cblr-8637	954	47	a	a	DET
cblr-8637	954	48	fiduciary	fiduciary	ADJ
cblr-8637	954	49	adviser	adviser	NOUN
cblr-8637	954	50	or	or	CCONJ
cblr-8637	954	51	a	a	DET
cblr-8637	954	52	fund	fund	NOUN
cblr-8637	954	53	could	could	AUX
cblr-8637	954	54	be	be	AUX
cblr-8637	954	55	considered	consider	VERB
cblr-8637	954	56	a	a	DET
cblr-8637	954	57	single	single	ADJ
cblr-8637	954	58	accredited	accredited	ADJ
cblr-8637	954	59	investor	investor	NOUN
cblr-8637	954	60	.	.	PUNCT
cblr-8637	955	1	thus	thus	ADV
cblr-8637	955	2	,	,	PUNCT
cblr-8637	955	3	either	either	CCONJ
cblr-8637	955	4	(	(	PUNCT
cblr-8637	955	5	or	or	CCONJ
cblr-8637	955	6	both	both	PRON
cblr-8637	955	7	)	)	PUNCT
cblr-8637	955	8	solution(s	solution(s	NOUN
cblr-8637	955	9	)	)	PUNCT
cblr-8637	955	10	would	would	AUX
cblr-8637	955	11	make	make	VERB
cblr-8637	955	12	it	it	PRON
cblr-8637	955	13	much	much	ADV
cblr-8637	955	14	more	more	ADJ
cblr-8637	955	15	cost	cost	NOUN
cblr-8637	955	16	-	-	PUNCT
cblr-8637	955	17	effective	effective	ADJ
cblr-8637	955	18	to	to	PART
cblr-8637	955	19	make	make	VERB
cblr-8637	955	20	rule	rule	NOUN
cblr-8637	955	21	506(b	506(b	PROPN
cblr-8637	955	22	)	)	PUNCT
cblr-8637	955	23	offerings	offering	NOUN
cblr-8637	955	24	to	to	ADP
cblr-8637	955	25	non	non	ADJ
cblr-8637	955	26	-	-	ADJ
cblr-8637	955	27	accredited	accredited	ADJ
cblr-8637	955	28	investors	investor	NOUN
cblr-8637	955	29	while	while	SCONJ
cblr-8637	955	30	ensuring	ensure	VERB
cblr-8637	955	31	they	they	PRON
cblr-8637	955	32	are	be	AUX
cblr-8637	955	33	adequately	adequately	ADV
cblr-8637	955	34	protected	protect	VERB
cblr-8637	955	35	.	.	PUNCT
cblr-8637	956	1	the	the	DET
cblr-8637	956	2	sec	sec	PROPN
cblr-8637	956	3	recently	recently	ADV
cblr-8637	956	4	finalized	finalize	VERB
cblr-8637	956	5	regulation	regulation	NOUN
cblr-8637	956	6	best	well	ADV
cblr-8637	956	7	interest––a	interest––a	ADJ
cblr-8637	956	8	new	new	ADJ
cblr-8637	956	9	rule	rule	NOUN
cblr-8637	956	10	for	for	ADP
cblr-8637	956	11	broker	broker	NOUN
cblr-8637	956	12	-	-	PUNCT
cblr-8637	956	13	dealers	dealer	NOUN
cblr-8637	956	14	providing	provide	VERB
cblr-8637	956	15	investment	investment	NOUN
cblr-8637	956	16	advice.270	advice.270	NOUN
cblr-8637	956	17	regulation	regulation	NOUN
cblr-8637	956	18	best	good	ADJ
cblr-8637	956	19	interest	interest	NOUN
cblr-8637	956	20	is	be	AUX
cblr-8637	956	21	a	a	DET
cblr-8637	956	22	new	new	ADJ
cblr-8637	956	23	standard	standard	NOUN
cblr-8637	956	24	of	of	ADP
cblr-8637	956	25	conduct	conduct	NOUN
cblr-8637	956	26	that	that	PRON
cblr-8637	956	27	is	be	AUX
cblr-8637	956	28	higher	high	ADJ
cblr-8637	956	29	than	than	ADP
cblr-8637	956	30	the	the	DET
cblr-8637	956	31	current	current	ADJ
cblr-8637	956	32	suitability	suitability	NOUN
cblr-8637	956	33	standard	standard	NOUN
cblr-8637	956	34	but	but	CCONJ
cblr-8637	956	35	lower	low	ADJ
cblr-8637	956	36	than	than	ADP
cblr-8637	956	37	the	the	DET
cblr-8637	956	38	fiduciary	fiduciary	ADJ
cblr-8637	956	39	duty	duty	NOUN
cblr-8637	956	40	standard	standard	NOUN
cblr-8637	956	41	to	to	PART
cblr-8637	956	42	which	which	PRON
cblr-8637	956	43	investment	investment	NOUN
cblr-8637	956	44	advisers	adviser	NOUN
cblr-8637	956	45	are	be	AUX
cblr-8637	956	46	subject.271	subject.271	NOUN
cblr-8637	956	47	it	it	PRON
cblr-8637	956	48	is	be	AUX
cblr-8637	956	49	unclear	unclear	ADJ
cblr-8637	956	50	how	how	SCONJ
cblr-8637	956	51	regulation	regulation	NOUN
cblr-8637	956	52	best	good	ADJ
cblr-8637	956	53	interest	interest	NOUN
cblr-8637	956	54	will	will	AUX
cblr-8637	956	55	be	be	AUX
cblr-8637	956	56	implemented	implement	VERB
cblr-8637	956	57	in	in	ADP
cblr-8637	956	58	practice	practice	NOUN
cblr-8637	956	59	;	;	PUNCT
cblr-8637	956	60	therefore	therefore	ADV
cblr-8637	956	61	,	,	PUNCT
cblr-8637	956	62	we	we	PRON
cblr-8637	956	63	recommend	recommend	VERB
cblr-8637	956	64	that	that	SCONJ
cblr-8637	956	65	the	the	DET
cblr-8637	956	66	sec	sec	PROPN
cblr-8637	956	67	not	not	PART
cblr-8637	956	68	expand	expand	VERB
cblr-8637	956	69	the	the	DET
cblr-8637	956	70	accredited	accredit	VERB
cblr-8637	956	71	investor	investor	NOUN
cblr-8637	956	72	definition	definition	NOUN
cblr-8637	956	73	to	to	PART
cblr-8637	956	74	include	include	VERB
cblr-8637	956	75	investors	investor	NOUN
cblr-8637	956	76	advised	advise	VERB
cblr-8637	956	77	by	by	ADP
cblr-8637	956	78	broker	broker	NOUN
cblr-8637	956	79	-	-	PUNCT
cblr-8637	956	80	dealers	dealer	NOUN
cblr-8637	956	81	under	under	ADP
cblr-8637	956	82	the	the	DET
cblr-8637	956	83	regulation	regulation	NOUN
cblr-8637	956	84	best	good	ADJ
cblr-8637	956	85	interest	interest	NOUN
cblr-8637	956	86	standard	standard	NOUN
cblr-8637	956	87	at	at	ADP
cblr-8637	956	88	this	this	DET
cblr-8637	956	89	time	time	NOUN
cblr-8637	956	90	.	.	PUNCT
cblr-8637	957	1	despite	despite	SCONJ
cblr-8637	957	2	the	the	DET
cblr-8637	957	3	potential	potential	ADJ
cblr-8637	957	4	benefits	benefit	NOUN
cblr-8637	957	5	,	,	PUNCT
cblr-8637	957	6	adopting	adopt	VERB
cblr-8637	957	7	the	the	DET
cblr-8637	957	8	proposed	propose	VERB
cblr-8637	957	9	changes	change	NOUN
cblr-8637	957	10	to	to	ADP
cblr-8637	957	11	the	the	DET
cblr-8637	957	12	accredited	accredit	VERB
cblr-8637	957	13	investor	investor	NOUN
cblr-8637	957	14	definition	definition	NOUN
cblr-8637	957	15	may	may	AUX
cblr-8637	957	16	enable	enable	VERB
cblr-8637	957	17	private	private	ADJ
cblr-8637	957	18	companies	company	NOUN
cblr-8637	957	19	to	to	PART
cblr-8637	957	20	use	use	VERB
cblr-8637	957	21	the	the	DET
cblr-8637	957	22	definition	definition	NOUN
cblr-8637	957	23	as	as	ADP
cblr-8637	957	24	a	a	DET
cblr-8637	957	25	loophole	loophole	NOUN
cblr-8637	957	26	to	to	PART
cblr-8637	957	27	become	become	VERB
cblr-8637	957	28	de	de	X
cblr-8637	957	29	facto	facto	X
cblr-8637	957	30	public	public	ADJ
cblr-8637	957	31	companies	company	NOUN
cblr-8637	957	32	while	while	SCONJ
cblr-8637	957	33	remaining	remain	VERB
cblr-8637	957	34	private	private	ADJ
cblr-8637	957	35	.	.	PUNCT
cblr-8637	958	1	to	to	PART
cblr-8637	958	2	prevent	prevent	VERB
cblr-8637	958	3	this	this	PRON
cblr-8637	958	4	from	from	ADP
cblr-8637	958	5	occurring	occur	VERB
cblr-8637	958	6	,	,	PUNCT
cblr-8637	958	7	the	the	DET
cblr-8637	958	8	sec	sec	PROPN
cblr-8637	958	9	should	should	AUX
cblr-8637	958	10	review	review	VERB
cblr-8637	958	11	the	the	DET
cblr-8637	958	12	rules	rule	NOUN
cblr-8637	958	13	applicable	applicable	ADJ
cblr-8637	958	14	to	to	ADP
cblr-8637	958	15	platforms	platform	NOUN
cblr-8637	958	16	that	that	SCONJ
cblr-8637	958	17	trade	trade	NOUN
cblr-8637	958	18	securities	security	NOUN
cblr-8637	958	19	issued	issue	VERB
cblr-8637	958	20	in	in	ADP
cblr-8637	958	21	the	the	DET
cblr-8637	958	22	private	private	ADJ
cblr-8637	958	23	market	market	NOUN
cblr-8637	958	24	as	as	ADV
cblr-8637	958	25	well	well	ADV
cblr-8637	958	26	as	as	ADP
cblr-8637	958	27	the	the	DET
cblr-8637	958	28	consequences	consequence	NOUN
cblr-8637	958	29	for	for	ADP
cblr-8637	958	30	private	private	ADJ
cblr-8637	958	31	companies	company	NOUN
cblr-8637	958	32	that	that	PRON
cblr-8637	958	33	wind	wind	VERB
cblr-8637	958	34	up	up	ADP
cblr-8637	958	35	with	with	ADP
cblr-8637	958	36	a	a	DET
cblr-8637	958	37	significant	significant	ADJ
cblr-8637	958	38	number	number	NOUN
cblr-8637	958	39	of	of	ADP
cblr-8637	958	40	shareholders	shareholder	NOUN
cblr-8637	958	41	as	as	ADP
cblr-8637	958	42	a	a	DET
cblr-8637	958	43	result	result	NOUN
cblr-8637	958	44	of	of	ADP
cblr-8637	958	45	market	market	NOUN
cblr-8637	958	46	activity	activity	NOUN
cblr-8637	958	47	.	.	PUNCT
cblr-8637	959	1	to	to	ADP
cblr-8637	959	2	this	this	DET
cblr-8637	959	3	end	end	NOUN
cblr-8637	959	4	,	,	PUNCT
cblr-8637	959	5	we	we	PRON
cblr-8637	959	6	suggest	suggest	VERB
cblr-8637	959	7	that	that	SCONJ
cblr-8637	959	8	the	the	DET
cblr-8637	959	9	sec	sec	PROPN
cblr-8637	959	10	consider	consider	VERB
cblr-8637	959	11	revising	revise	VERB
cblr-8637	959	12	section	section	NOUN
cblr-8637	959	13	12(g	12(g	NUM
cblr-8637	959	14	)	)	PUNCT
cblr-8637	959	15	of	of	ADP
cblr-8637	959	16	the	the	DET
cblr-8637	959	17	exchange	exchange	NOUN
cblr-8637	959	18	act	act	NOUN
cblr-8637	959	19	to	to	PART
cblr-8637	959	20	return	return	VERB
cblr-8637	959	21	to	to	ADP
cblr-8637	959	22	a	a	DET
cblr-8637	959	23	500	500	NUM
cblr-8637	959	24	-	-	PUNCT
cblr-8637	959	25	shareholder	shareholder	NOUN
cblr-8637	959	26	threshold	threshold	NOUN
cblr-8637	959	27	before	before	ADP
cblr-8637	959	28	requiring	require	VERB
cblr-8637	959	29	a	a	DET
cblr-8637	959	30	company	company	NOUN
cblr-8637	959	31	to	to	PART
cblr-8637	959	32	report.272	report.272	VERB
cblr-8637	959	33	268	268	NUM
cblr-8637	959	34	see	see	NOUN
cblr-8637	959	35	supra	supra	PROPN
cblr-8637	959	36	note	note	NOUN
cblr-8637	959	37	78	78	NUM
cblr-8637	959	38	and	and	CCONJ
cblr-8637	959	39	accompanying	accompany	VERB
cblr-8637	959	40	text	text	NOUN
cblr-8637	959	41	.	.	PUNCT
cblr-8637	960	1	269	269	NUM
cblr-8637	960	2	see	see	VERB
cblr-8637	960	3	supra	supra	PROPN
cblr-8637	960	4	note	note	NOUN
cblr-8637	960	5	78	78	NUM
cblr-8637	960	6	.	.	PUNCT
cblr-8637	961	1	270	270	NUM
cblr-8637	961	2	17	17	NUM
cblr-8637	961	3	c.f.r	c.f.r	NOUN
cblr-8637	961	4	.	.	PUNCT
cblr-8637	962	1	§	§	PROPN
cblr-8637	962	2	240.15l-1	240.15l-1	NUM
cblr-8637	962	3	(	(	PUNCT
cblr-8637	962	4	2020	2020	NUM
cblr-8637	962	5	)	)	PUNCT
cblr-8637	962	6	.	.	PUNCT
cblr-8637	963	1	271	271	NUM
cblr-8637	963	2	compare	compare	VERB
cblr-8637	963	3	i	i	PROPN
cblr-8637	963	4	d.	d.	PROPN
cblr-8637	963	5	§	§	PROPN
cblr-8637	963	6	240.15l-1(a	240.15l-1(a	NUM
cblr-8637	963	7	)	)	PUNCT
cblr-8637	963	8	(	(	PUNCT
cblr-8637	963	9	regulation	regulation	NOUN
cblr-8637	963	10	best	good	ADJ
cblr-8637	963	11	interest	interest	NOUN
cblr-8637	963	12	)	)	PUNCT
cblr-8637	963	13	,	,	PUNCT
cblr-8637	963	14	with	with	ADP
cblr-8637	963	15	finra	finra	PROPN
cblr-8637	963	16	r.	r.	PROPN
cblr-8637	963	17	2111(a	2111(a	PROPN
cblr-8637	963	18	)	)	PUNCT
cblr-8637	964	1	(	(	PUNCT
cblr-8637	964	2	fin	fin	NOUN
cblr-8637	964	3	.	.	PUNCT
cblr-8637	964	4	indus	indus	PROPN
cblr-8637	964	5	.	.	PUNCT
cblr-8637	965	1	regul	regul	NOUN
cblr-8637	965	2	.	.	PUNCT
cblr-8637	966	1	auth	auth	PROPN
cblr-8637	966	2	.	.	PROPN
cblr-8637	966	3	,	,	PUNCT
cblr-8637	966	4	inc	inc	PROPN
cblr-8637	966	5	.	.	PROPN
cblr-8637	966	6	2020	2020	NUM
cblr-8637	966	7	)	)	PUNCT
cblr-8637	966	8	(	(	PUNCT
cblr-8637	966	9	suitability	suitability	NOUN
cblr-8637	966	10	)	)	PUNCT
cblr-8637	966	11	,	,	PUNCT
cblr-8637	966	12	and	and	CCONJ
cblr-8637	966	13	information	information	NOUN
cblr-8637	966	14	for	for	ADP
cblr-8637	966	15	newly	newly	ADV
cblr-8637	966	16	-	-	PUNCT
cblr-8637	966	17	registered	register	VERB
cblr-8637	966	18	investment	investment	NOUN
cblr-8637	966	19	advisers	adviser	NOUN
cblr-8637	966	20	,	,	PUNCT
cblr-8637	966	21	supra	supra	PROPN
cblr-8637	966	22	note	note	VERB
cblr-8637	966	23	258	258	NUM
cblr-8637	966	24	(	(	PUNCT
cblr-8637	966	25	fiduciary	fiduciary	ADJ
cblr-8637	966	26	duty	duty	NOUN
cblr-8637	966	27	)	)	PUNCT
cblr-8637	966	28	.	.	PUNCT
cblr-8637	967	1	272	272	NUM
cblr-8637	967	2	for	for	ADP
cblr-8637	967	3	information	information	NOUN
cblr-8637	967	4	on	on	ADP
cblr-8637	967	5	the	the	DET
cblr-8637	967	6	change	change	NOUN
cblr-8637	967	7	from	from	ADP
cblr-8637	967	8	this	this	DET
cblr-8637	967	9	threshold	threshold	NOUN
cblr-8637	967	10	,	,	PUNCT
cblr-8637	967	11	see	see	VERB
cblr-8637	967	12	supra	supra	ADJ
cblr-8637	967	13	text	text	NOUN
cblr-8637	967	14	accompanying	accompanying	ADJ
cblr-8637	967	15	notes	note	NOUN
cblr-8637	967	16	134–36	134–36	NUM
cblr-8637	967	17	.	.	PUNCT
cblr-8637	968	1	greene	greene	PROPN
cblr-8637	968	2	et	et	PROPN
cblr-8637	968	3	al	al	PROPN
cblr-8637	968	4	.	.	PROPN
cblr-8637	969	1	8/21/2021	8/21/2021	NUM
cblr-8637	969	2	1:44	1:44	NUM
cblr-8637	969	3	pm	pm	NOUN
cblr-8637	969	4	no	no	INTJ
cblr-8637	969	5	.	.	PUNCT
cblr-8637	970	1	2:714	2:714	NUM
cblr-8637	970	2	]	]	X
cblr-8637	970	3	the	the	DET
cblr-8637	970	4	need	need	NOUN
cblr-8637	970	5	for	for	ADP
cblr-8637	970	6	a	a	DET
cblr-8637	970	7	comprehensive	comprehensive	ADJ
cblr-8637	970	8	approach	approach	NOUN
cblr-8637	970	9	777	777	NUM
cblr-8637	970	10	b.	b.	PROPN
cblr-8637	970	11	address	address	PROPN
cblr-8637	970	12	structural	structural	ADJ
cblr-8637	970	13	concerns	concern	NOUN
cblr-8637	970	14	related	relate	VERB
cblr-8637	970	15	to	to	ADP
cblr-8637	970	16	the	the	DET
cblr-8637	970	17	public	public	ADJ
cblr-8637	970	18	market	market	NOUN
cblr-8637	970	19	through	through	ADP
cblr-8637	970	20	a	a	DET
cblr-8637	970	21	new	new	ADJ
cblr-8637	970	22	special	special	ADJ
cblr-8637	970	23	study	study	NOUN
cblr-8637	970	24	although	although	SCONJ
cblr-8637	970	25	expanding	expand	VERB
cblr-8637	970	26	the	the	DET
cblr-8637	970	27	private	private	ADJ
cblr-8637	970	28	market	market	NOUN
cblr-8637	970	29	to	to	ADP
cblr-8637	970	30	investors	investor	NOUN
cblr-8637	970	31	through	through	ADP
cblr-8637	970	32	the	the	DET
cblr-8637	970	33	methods	method	NOUN
cblr-8637	970	34	suggested	suggest	VERB
cblr-8637	970	35	above	above	ADV
cblr-8637	970	36	would	would	AUX
cblr-8637	970	37	help	help	VERB
cblr-8637	970	38	protect	protect	VERB
cblr-8637	970	39	retail	retail	ADJ
cblr-8637	970	40	investors	investor	NOUN
cblr-8637	970	41	from	from	ADP
cblr-8637	970	42	the	the	DET
cblr-8637	970	43	risks	risk	NOUN
cblr-8637	970	44	of	of	ADP
cblr-8637	970	45	the	the	DET
cblr-8637	970	46	private	private	ADJ
cblr-8637	970	47	market	market	NOUN
cblr-8637	970	48	,	,	PUNCT
cblr-8637	970	49	it	it	PRON
cblr-8637	970	50	would	would	AUX
cblr-8637	970	51	also	also	ADV
cblr-8637	970	52	make	make	VERB
cblr-8637	970	53	the	the	DET
cblr-8637	970	54	private	private	ADJ
cblr-8637	970	55	market	market	NOUN
cblr-8637	970	56	even	even	ADV
cblr-8637	970	57	more	more	ADV
cblr-8637	970	58	attractive	attractive	ADJ
cblr-8637	970	59	than	than	ADP
cblr-8637	970	60	the	the	DET
cblr-8637	970	61	public	public	ADJ
cblr-8637	970	62	market	market	NOUN
cblr-8637	970	63	as	as	SCONJ
cblr-8637	970	64	it	it	PRON
cblr-8637	970	65	is	be	AUX
cblr-8637	970	66	currently	currently	ADV
cblr-8637	970	67	structured	structure	VERB
cblr-8637	970	68	and	and	CCONJ
cblr-8637	970	69	regulated	regulate	VERB
cblr-8637	970	70	.	.	PUNCT
cblr-8637	971	1	in	in	ADP
cblr-8637	971	2	order	order	NOUN
cblr-8637	971	3	to	to	PART
cblr-8637	971	4	research	research	VERB
cblr-8637	971	5	methods	method	NOUN
cblr-8637	971	6	to	to	PART
cblr-8637	971	7	preserve	preserve	VERB
cblr-8637	971	8	the	the	DET
cblr-8637	971	9	public	public	ADJ
cblr-8637	971	10	market	market	NOUN
cblr-8637	971	11	,	,	PUNCT
cblr-8637	971	12	we	we	PRON
cblr-8637	971	13	support	support	VERB
cblr-8637	971	14	the	the	DET
cblr-8637	971	15	continuation	continuation	NOUN
cblr-8637	971	16	of	of	ADP
cblr-8637	971	17	,	,	PUNCT
cblr-8637	971	18	and	and	CCONJ
cblr-8637	971	19	increased	increase	VERB
cblr-8637	971	20	funding	funding	NOUN
cblr-8637	971	21	for	for	ADP
cblr-8637	971	22	,	,	PUNCT
cblr-8637	971	23	the	the	DET
cblr-8637	971	24	new	new	ADJ
cblr-8637	971	25	special	special	ADJ
cblr-8637	971	26	study	study	NOUN
cblr-8637	971	27	advocated	advocate	VERB
cblr-8637	971	28	by	by	ADP
cblr-8637	971	29	the	the	DET
cblr-8637	971	30	chairs	chair	NOUN
cblr-8637	971	31	of	of	ADP
cblr-8637	971	32	columbia	columbia	PROPN
cblr-8637	971	33	university	university	PROPN
cblr-8637	971	34	’s	’s	PART
cblr-8637	971	35	program	program	NOUN
cblr-8637	971	36	in	in	ADP
cblr-8637	971	37	the	the	DET
cblr-8637	971	38	law	law	NOUN
cblr-8637	971	39	and	and	CCONJ
cblr-8637	971	40	economics	economic	NOUN
cblr-8637	971	41	of	of	ADP
cblr-8637	971	42	capital	capital	NOUN
cblr-8637	971	43	markets	market	NOUN
cblr-8637	971	44	.	.	PUNCT
cblr-8637	972	1	the	the	DET
cblr-8637	972	2	study	study	NOUN
cblr-8637	972	3	,	,	PUNCT
cblr-8637	972	4	which	which	PRON
cblr-8637	972	5	aims	aim	VERB
cblr-8637	972	6	to	to	PART
cblr-8637	972	7	promote	promote	VERB
cblr-8637	972	8	a	a	DET
cblr-8637	972	9	better	well	ADJ
cblr-8637	972	10	understanding	understanding	NOUN
cblr-8637	972	11	of	of	ADP
cblr-8637	972	12	“	"	PUNCT
cblr-8637	972	13	the	the	DET
cblr-8637	972	14	relationships	relationship	NOUN
cblr-8637	972	15	between	between	ADP
cblr-8637	972	16	market	market	NOUN
cblr-8637	972	17	microstructure	microstructure	NOUN
cblr-8637	972	18	and	and	CCONJ
cblr-8637	972	19	regulatory	regulatory	ADJ
cblr-8637	972	20	reform	reform	NOUN
cblr-8637	972	21	,	,	PUNCT
cblr-8637	972	22	”	"	PUNCT
cblr-8637	972	23	will	will	AUX
cblr-8637	972	24	consist	consist	VERB
cblr-8637	972	25	of	of	ADP
cblr-8637	972	26	three	three	NUM
cblr-8637	972	27	stages.273	stages.273	NOUN
cblr-8637	972	28	stage	stage	NOUN
cblr-8637	972	29	i	i	PRON
cblr-8637	972	30	,	,	PUNCT
cblr-8637	972	31	completed	complete	VERB
cblr-8637	972	32	in	in	ADP
cblr-8637	972	33	summer	summer	NOUN
cblr-8637	972	34	2018	2018	NUM
cblr-8637	972	35	,	,	PUNCT
cblr-8637	972	36	culminated	culminate	VERB
cblr-8637	972	37	in	in	ADP
cblr-8637	972	38	a	a	DET
cblr-8637	972	39	book	book	NOUN
cblr-8637	972	40	identifying	identify	VERB
cblr-8637	972	41	the	the	DET
cblr-8637	972	42	most	most	ADV
cblr-8637	972	43	pressing	press	VERB
cblr-8637	972	44	securities	security	NOUN
cblr-8637	972	45	regulation	regulation	NOUN
cblr-8637	972	46	issues	issue	NOUN
cblr-8637	972	47	today	today	NOUN
cblr-8637	972	48	and	and	CCONJ
cblr-8637	972	49	determining	determine	VERB
cblr-8637	972	50	which	which	DET
cblr-8637	972	51	questions	question	NOUN
cblr-8637	972	52	are	be	AUX
cblr-8637	972	53	already	already	ADV
cblr-8637	972	54	answered	answer	VERB
cblr-8637	972	55	by	by	ADP
cblr-8637	972	56	existing	exist	VERB
cblr-8637	972	57	literature	literature	NOUN
cblr-8637	972	58	and	and	CCONJ
cblr-8637	972	59	which	which	PRON
cblr-8637	972	60	require	require	VERB
cblr-8637	972	61	further	further	ADJ
cblr-8637	972	62	empirical	empirical	ADJ
cblr-8637	972	63	research.274	research.274	ADJ
cblr-8637	972	64	stage	stage	NOUN
cblr-8637	972	65	ii	ii	NOUN
cblr-8637	972	66	builds	build	VERB
cblr-8637	972	67	on	on	ADP
cblr-8637	972	68	this	this	DET
cblr-8637	972	69	work	work	NOUN
cblr-8637	972	70	through	through	ADP
cblr-8637	972	71	a	a	DET
cblr-8637	972	72	survey	survey	NOUN
cblr-8637	972	73	of	of	ADP
cblr-8637	972	74	securities	security	NOUN
cblr-8637	972	75	regulators	regulator	NOUN
cblr-8637	972	76	and	and	CCONJ
cblr-8637	972	77	private	private	ADJ
cblr-8637	972	78	actors	actor	NOUN
cblr-8637	972	79	regarding	regard	VERB
cblr-8637	972	80	the	the	DET
cblr-8637	972	81	legal	legal	ADJ
cblr-8637	972	82	and	and	CCONJ
cblr-8637	972	83	economic	economic	ADJ
cblr-8637	972	84	issues	issue	NOUN
cblr-8637	972	85	that	that	PRON
cblr-8637	972	86	“	"	PUNCT
cblr-8637	972	87	are	be	AUX
cblr-8637	972	88	considered	consider	VERB
cblr-8637	972	89	the	the	DET
cblr-8637	972	90	most	most	ADV
cblr-8637	972	91	important	important	ADJ
cblr-8637	972	92	,	,	PUNCT
cblr-8637	972	93	”	"	PUNCT
cblr-8637	972	94	and	and	CCONJ
cblr-8637	972	95	a	a	DET
cblr-8637	972	96	one	one	NUM
cblr-8637	972	97	-	-	PUNCT
cblr-8637	972	98	day	day	NOUN
cblr-8637	972	99	conference	conference	NOUN
cblr-8637	972	100	to	to	PART
cblr-8637	972	101	identify	identify	VERB
cblr-8637	972	102	the	the	DET
cblr-8637	972	103	effects	effect	NOUN
cblr-8637	972	104	of	of	ADP
cblr-8637	972	105	recent	recent	ADJ
cblr-8637	972	106	and	and	CCONJ
cblr-8637	972	107	anticipated	anticipate	VERB
cblr-8637	972	108	technological	technological	ADJ
cblr-8637	972	109	changes.275	changes.275	PROPN
cblr-8637	972	110	stage	stage	PROPN
cblr-8637	972	111	ii	ii	PROPN
cblr-8637	972	112	will	will	AUX
cblr-8637	972	113	culminate	culminate	VERB
cblr-8637	972	114	in	in	ADP
cblr-8637	972	115	a	a	DET
cblr-8637	972	116	prospectus	prospectus	NOUN
cblr-8637	972	117	that	that	PRON
cblr-8637	972	118	“	"	PUNCT
cblr-8637	972	119	outlines	outline	VERB
cblr-8637	972	120	the	the	DET
cblr-8637	972	121	final	final	ADJ
cblr-8637	972	122	study	study	NOUN
cblr-8637	972	123	and	and	CCONJ
cblr-8637	972	124	specifies	specifie	NOUN
cblr-8637	972	125	”	"	PUNCT
cblr-8637	972	126	the	the	DET
cblr-8637	972	127	research	research	NOUN
cblr-8637	972	128	necessary	necessary	ADJ
cblr-8637	972	129	to	to	PART
cblr-8637	972	130	address	address	VERB
cblr-8637	972	131	the	the	DET
cblr-8637	972	132	questions	question	NOUN
cblr-8637	972	133	presented.276	presented.276	PROPN
cblr-8637	972	134	finally	finally	ADV
cblr-8637	972	135	,	,	PUNCT
cblr-8637	972	136	stage	stage	PROPN
cblr-8637	972	137	iii	iii	PROPN
cblr-8637	972	138	,	,	PUNCT
cblr-8637	972	139	set	set	VERB
cblr-8637	972	140	to	to	PART
cblr-8637	972	141	begin	begin	VERB
cblr-8637	972	142	in	in	ADP
cblr-8637	972	143	2021	2021	NUM
cblr-8637	972	144	if	if	SCONJ
cblr-8637	972	145	funding	funding	NOUN
cblr-8637	972	146	is	be	AUX
cblr-8637	972	147	available	available	ADJ
cblr-8637	972	148	,	,	PUNCT
cblr-8637	972	149	will	will	AUX
cblr-8637	972	150	implement	implement	VERB
cblr-8637	972	151	the	the	DET
cblr-8637	972	152	research	research	NOUN
cblr-8637	972	153	identified	identify	VERB
cblr-8637	972	154	in	in	ADP
cblr-8637	972	155	the	the	DET
cblr-8637	972	156	prospectus.277	prospectus.277	NOUN
cblr-8637	972	157	the	the	DET
cblr-8637	972	158	published	publish	VERB
cblr-8637	972	159	report	report	NOUN
cblr-8637	972	160	will	will	AUX
cblr-8637	972	161	be	be	AUX
cblr-8637	972	162	made	make	VERB
cblr-8637	972	163	available	available	ADJ
cblr-8637	972	164	to	to	ADP
cblr-8637	972	165	congress	congress	PROPN
cblr-8637	972	166	,	,	PUNCT
cblr-8637	972	167	relevant	relevant	ADJ
cblr-8637	972	168	regulators	regulator	NOUN
cblr-8637	972	169	,	,	PUNCT
cblr-8637	972	170	and	and	CCONJ
cblr-8637	972	171	the	the	DET
cblr-8637	972	172	general	general	ADJ
cblr-8637	972	173	public.278	public.278	NOUN
cblr-8637	972	174	this	this	DET
cblr-8637	972	175	part	part	NOUN
cblr-8637	972	176	analyzes	analyze	VERB
cblr-8637	972	177	potential	potential	ADJ
cblr-8637	972	178	issues	issue	NOUN
cblr-8637	972	179	that	that	PRON
cblr-8637	972	180	might	might	AUX
cblr-8637	972	181	be	be	AUX
cblr-8637	972	182	further	far	ADV
cblr-8637	972	183	explored	explore	VERB
cblr-8637	972	184	during	during	ADP
cblr-8637	972	185	stage	stage	NOUN
cblr-8637	972	186	iii	iii	NUM
cblr-8637	972	187	of	of	ADP
cblr-8637	972	188	the	the	DET
cblr-8637	972	189	study	study	NOUN
cblr-8637	972	190	,	,	PUNCT
cblr-8637	972	191	many	many	ADJ
cblr-8637	972	192	of	of	ADP
cblr-8637	972	193	which	which	PRON
cblr-8637	972	194	were	be	AUX
cblr-8637	972	195	273	273	NUM
cblr-8637	972	196	the	the	DET
cblr-8637	972	197	new	new	ADJ
cblr-8637	972	198	special	special	ADJ
cblr-8637	972	199	study	study	NOUN
cblr-8637	972	200	of	of	ADP
cblr-8637	972	201	the	the	DET
cblr-8637	972	202	securities	security	NOUN
cblr-8637	972	203	market	market	NOUN
cblr-8637	972	204	,	,	PUNCT
cblr-8637	972	205	supra	supra	PROPN
cblr-8637	972	206	note	note	NOUN
cblr-8637	972	207	7	7	NUM
cblr-8637	972	208	.	.	SYM
cblr-8637	972	209	274	274	NUM
cblr-8637	972	210	see	see	VERB
cblr-8637	972	211	generally	generally	ADV
cblr-8637	972	212	,	,	PUNCT
cblr-8637	972	213	securities	security	NOUN
cblr-8637	972	214	market	market	NOUN
cblr-8637	972	215	issues	issue	NOUN
cblr-8637	972	216	for	for	ADP
cblr-8637	972	217	the	the	DET
cblr-8637	972	218	21st	21st	ADJ
cblr-8637	972	219	century	century	NOUN
cblr-8637	972	220	,	,	PUNCT
cblr-8637	972	221	supra	supra	PROPN
cblr-8637	972	222	note	note	NOUN
cblr-8637	972	223	100	100	NUM
cblr-8637	972	224	.	.	PUNCT
cblr-8637	972	225	275	275	NUM
cblr-8637	973	1	the	the	DET
cblr-8637	973	2	new	new	ADJ
cblr-8637	973	3	special	special	ADJ
cblr-8637	973	4	study	study	NOUN
cblr-8637	973	5	of	of	ADP
cblr-8637	973	6	the	the	DET
cblr-8637	973	7	securities	security	NOUN
cblr-8637	973	8	market	market	NOUN
cblr-8637	973	9	,	,	PUNCT
cblr-8637	973	10	supra	supra	PROPN
cblr-8637	973	11	note	note	NOUN
cblr-8637	973	12	7	7	NUM
cblr-8637	973	13	.	.	SYM
cblr-8637	973	14	276	276	NUM
cblr-8637	974	1	i	i	PRON
cblr-8637	974	2	d.	d.	PROPN
cblr-8637	974	3	277	277	NUM
cblr-8637	975	1	i	i	PRON
cblr-8637	975	2	d.	d.	PROPN
cblr-8637	975	3	278	278	NUM
cblr-8637	976	1	i	i	PROPN
cblr-8637	976	2	d.	d.	PROPN
cblr-8637	976	3	greene	greene	PROPN
cblr-8637	976	4	et	et	PROPN
cblr-8637	976	5	al	al	PROPN
cblr-8637	976	6	.	.	PROPN
cblr-8637	977	1	8/21/2021	8/21/2021	NUM
cblr-8637	977	2	1:44	1:44	NUM
cblr-8637	977	3	pm	pm	NOUN
cblr-8637	977	4	778	778	NUM
cblr-8637	977	5	columbia	columbia	PROPN
cblr-8637	977	6	business	business	NOUN
cblr-8637	977	7	law	law	PROPN
cblr-8637	977	8	review	review	NOUN
cblr-8637	977	9	[	[	X
cblr-8637	977	10	vol	vol	NOUN
cblr-8637	977	11	.	.	PUNCT
cblr-8637	977	12	2021	2021	NUM
cblr-8637	977	13	highlighted	highlight	VERB
cblr-8637	977	14	through	through	ADP
cblr-8637	977	15	the	the	DET
cblr-8637	977	16	stage	stage	NOUN
cblr-8637	977	17	ii	ii	NOUN
cblr-8637	977	18	surveys	survey	NOUN
cblr-8637	977	19	.	.	PUNCT
cblr-8637	978	1	specifically	specifically	ADV
cblr-8637	978	2	,	,	PUNCT
cblr-8637	978	3	areas	area	NOUN
cblr-8637	978	4	commentators	commentator	NOUN
cblr-8637	978	5	suggest	suggest	VERB
cblr-8637	978	6	the	the	DET
cblr-8637	978	7	study	study	NOUN
cblr-8637	978	8	should	should	AUX
cblr-8637	978	9	explore	explore	VERB
cblr-8637	978	10	include	include	VERB
cblr-8637	978	11	how	how	SCONJ
cblr-8637	978	12	to	to	PART
cblr-8637	978	13	:	:	PUNCT
cblr-8637	978	14	(	(	PUNCT
cblr-8637	978	15	1	1	X
cblr-8637	978	16	)	)	PUNCT
cblr-8637	978	17	make	make	VERB
cblr-8637	978	18	the	the	DET
cblr-8637	978	19	process	process	NOUN
cblr-8637	978	20	of	of	ADP
cblr-8637	978	21	going	go	VERB
cblr-8637	978	22	public	public	ADJ
cblr-8637	978	23	more	more	ADJ
cblr-8637	978	24	cost	cost	NOUN
cblr-8637	978	25	effective	effective	ADJ
cblr-8637	978	26	;	;	PUNCT
cblr-8637	978	27	(	(	PUNCT
cblr-8637	978	28	2	2	X
cblr-8637	978	29	)	)	PUNCT
cblr-8637	978	30	reduce	reduce	VERB
cblr-8637	978	31	ongoing	ongoing	ADJ
cblr-8637	978	32	reporting	reporting	NOUN
cblr-8637	978	33	costs	cost	NOUN
cblr-8637	978	34	without	without	ADP
cblr-8637	978	35	reducing	reduce	VERB
cblr-8637	978	36	standards	standard	NOUN
cblr-8637	978	37	of	of	ADP
cblr-8637	978	38	investor	investor	NOUN
cblr-8637	978	39	protection	protection	NOUN
cblr-8637	978	40	;	;	PUNCT
cblr-8637	978	41	(	(	PUNCT
cblr-8637	978	42	3	3	X
cblr-8637	978	43	)	)	PUNCT
cblr-8637	978	44	ensure	ensure	VERB
cblr-8637	978	45	that	that	SCONJ
cblr-8637	978	46	companies	company	NOUN
cblr-8637	978	47	are	be	AUX
cblr-8637	978	48	focused	focus	VERB
cblr-8637	978	49	on	on	ADP
cblr-8637	978	50	long	long	ADJ
cblr-8637	978	51	-	-	PUNCT
cblr-8637	978	52	term	term	NOUN
cblr-8637	978	53	growth	growth	NOUN
cblr-8637	978	54	as	as	SCONJ
cblr-8637	978	55	opposed	oppose	VERB
cblr-8637	978	56	to	to	ADP
cblr-8637	978	57	short	short	ADJ
cblr-8637	978	58	-	-	PUNCT
cblr-8637	978	59	term	term	NOUN
cblr-8637	978	60	earnings	earning	NOUN
cblr-8637	978	61	reporting	reporting	NOUN
cblr-8637	978	62	;	;	PUNCT
cblr-8637	978	63	and	and	CCONJ
cblr-8637	978	64	(	(	PUNCT
cblr-8637	978	65	4	4	X
cblr-8637	978	66	)	)	PUNCT
cblr-8637	978	67	leverage	leverage	NOUN
cblr-8637	978	68	new	new	ADJ
cblr-8637	978	69	technologies	technology	NOUN
cblr-8637	978	70	to	to	PART
cblr-8637	978	71	benefit	benefit	VERB
cblr-8637	978	72	companies	company	NOUN
cblr-8637	978	73	and	and	CCONJ
cblr-8637	978	74	investors	investor	NOUN
cblr-8637	978	75	.	.	PUNCT
cblr-8637	979	1	the	the	DET
cblr-8637	979	2	following	follow	VERB
cblr-8637	979	3	discussion	discussion	NOUN
cblr-8637	979	4	is	be	AUX
cblr-8637	979	5	not	not	PART
cblr-8637	979	6	intended	intend	VERB
cblr-8637	979	7	as	as	ADP
cblr-8637	979	8	an	an	DET
cblr-8637	979	9	exhaustive	exhaustive	ADJ
cblr-8637	979	10	analysis	analysis	NOUN
cblr-8637	979	11	of	of	ADP
cblr-8637	979	12	the	the	DET
cblr-8637	979	13	public	public	ADJ
cblr-8637	979	14	market	market	NOUN
cblr-8637	979	15	’s	’s	PART
cblr-8637	979	16	structural	structural	ADJ
cblr-8637	979	17	issues	issue	NOUN
cblr-8637	979	18	.	.	PUNCT
cblr-8637	980	1	rather	rather	ADV
cblr-8637	980	2	,	,	PUNCT
cblr-8637	980	3	it	it	PRON
cblr-8637	980	4	is	be	AUX
cblr-8637	980	5	intended	intend	VERB
cblr-8637	980	6	to	to	PART
cblr-8637	980	7	illustrate	illustrate	VERB
cblr-8637	980	8	the	the	DET
cblr-8637	980	9	aspects	aspect	NOUN
cblr-8637	980	10	of	of	ADP
cblr-8637	980	11	the	the	DET
cblr-8637	980	12	current	current	ADJ
cblr-8637	980	13	market	market	NOUN
cblr-8637	980	14	environment	environment	NOUN
cblr-8637	980	15	that	that	PRON
cblr-8637	980	16	significantly	significantly	ADV
cblr-8637	980	17	affect	affect	VERB
cblr-8637	980	18	the	the	DET
cblr-8637	980	19	decision	decision	NOUN
cblr-8637	980	20	to	to	PART
cblr-8637	980	21	go	go	VERB
cblr-8637	980	22	public	public	ADJ
cblr-8637	980	23	or	or	CCONJ
cblr-8637	980	24	stay	stay	VERB
cblr-8637	980	25	private	private	ADJ
cblr-8637	980	26	,	,	PUNCT
cblr-8637	980	27	but	but	CCONJ
cblr-8637	980	28	that	that	PRON
cblr-8637	980	29	require	require	VERB
cblr-8637	980	30	further	further	ADJ
cblr-8637	980	31	study	study	NOUN
cblr-8637	980	32	in	in	ADP
cblr-8637	980	33	order	order	NOUN
cblr-8637	980	34	to	to	PART
cblr-8637	980	35	identify	identify	VERB
cblr-8637	980	36	appropriate	appropriate	ADJ
cblr-8637	980	37	regulatory	regulatory	ADJ
cblr-8637	980	38	reforms	reform	NOUN
cblr-8637	980	39	.	.	PUNCT
cblr-8637	981	1	1	1	X
cblr-8637	981	2	.	.	X
cblr-8637	981	3	making	make	VERB
cblr-8637	981	4	public	public	ADJ
cblr-8637	981	5	market	market	NOUN
cblr-8637	981	6	entry	entry	NOUN
cblr-8637	981	7	more	more	ADJ
cblr-8637	981	8	cost	cost	NOUN
cblr-8637	981	9	effective	effective	ADJ
cblr-8637	981	10	the	the	DET
cblr-8637	981	11	cost	cost	NOUN
cblr-8637	981	12	of	of	ADP
cblr-8637	981	13	going	go	VERB
cblr-8637	981	14	public	public	NOUN
cblr-8637	981	15	has	have	AUX
cblr-8637	981	16	been	be	AUX
cblr-8637	981	17	a	a	DET
cblr-8637	981	18	focus	focus	NOUN
cblr-8637	981	19	of	of	ADP
cblr-8637	981	20	the	the	DET
cblr-8637	981	21	sec	sec	PROPN
cblr-8637	981	22	’s	’s	PART
cblr-8637	981	23	recent	recent	ADJ
cblr-8637	981	24	reforms	reform	NOUN
cblr-8637	981	25	,	,	PUNCT
cblr-8637	981	26	yet	yet	CCONJ
cblr-8637	981	27	these	these	DET
cblr-8637	981	28	reforms	reform	NOUN
cblr-8637	981	29	have	have	AUX
cblr-8637	981	30	done	do	VERB
cblr-8637	981	31	little	little	ADJ
cblr-8637	981	32	to	to	PART
cblr-8637	981	33	actually	actually	ADV
cblr-8637	981	34	reduce	reduce	VERB
cblr-8637	981	35	costs.279	costs.279	NOUN
cblr-8637	981	36	to	to	PART
cblr-8637	981	37	further	far	ADV
cblr-8637	981	38	address	address	VERB
cblr-8637	981	39	the	the	DET
cblr-8637	981	40	costs	cost	NOUN
cblr-8637	981	41	issuers	issuer	NOUN
cblr-8637	981	42	face	face	VERB
cblr-8637	981	43	in	in	ADP
cblr-8637	981	44	pursuing	pursue	VERB
cblr-8637	981	45	ipos	ipos	NOUN
cblr-8637	981	46	,	,	PUNCT
cblr-8637	981	47	the	the	DET
cblr-8637	981	48	special	special	ADJ
cblr-8637	981	49	study	study	NOUN
cblr-8637	981	50	should	should	AUX
cblr-8637	981	51	consider	consider	VERB
cblr-8637	981	52	three	three	NUM
cblr-8637	981	53	potential	potential	ADJ
cblr-8637	981	54	changes	change	NOUN
cblr-8637	981	55	to	to	ADP
cblr-8637	981	56	the	the	DET
cblr-8637	981	57	ipo	ipo	NOUN
cblr-8637	981	58	process	process	NOUN
cblr-8637	981	59	,	,	PUNCT
cblr-8637	981	60	each	each	PRON
cblr-8637	981	61	of	of	ADP
cblr-8637	981	62	which	which	PRON
cblr-8637	981	63	aim	aim	VERB
cblr-8637	981	64	to	to	PART
cblr-8637	981	65	reduce	reduce	VERB
cblr-8637	981	66	costs	cost	NOUN
cblr-8637	981	67	and	and	CCONJ
cblr-8637	981	68	ensure	ensure	VERB
cblr-8637	981	69	that	that	SCONJ
cblr-8637	981	70	issuers	issuer	NOUN
cblr-8637	981	71	can	can	AUX
cblr-8637	981	72	use	use	VERB
cblr-8637	981	73	the	the	DET
cblr-8637	981	74	money	money	NOUN
cblr-8637	981	75	raised	raise	VERB
cblr-8637	981	76	in	in	ADP
cblr-8637	981	77	their	their	PRON
cblr-8637	981	78	initial	initial	ADJ
cblr-8637	981	79	offerings	offering	NOUN
cblr-8637	981	80	to	to	PART
cblr-8637	981	81	finance	finance	VERB
cblr-8637	981	82	their	their	PRON
cblr-8637	981	83	growth	growth	NOUN
cblr-8637	981	84	.	.	PUNCT
cblr-8637	982	1	first	first	ADV
cblr-8637	982	2	is	be	AUX
cblr-8637	982	3	the	the	DET
cblr-8637	982	4	trend	trend	NOUN
cblr-8637	982	5	of	of	ADP
cblr-8637	982	6	spac	spac	NOUN
cblr-8637	982	7	transactions	transaction	NOUN
cblr-8637	982	8	;	;	PUNCT
cblr-8637	982	9	second	second	ADV
cblr-8637	982	10	is	be	AUX
cblr-8637	982	11	the	the	DET
cblr-8637	982	12	nyse	nyse	PROPN
cblr-8637	982	13	’s	’s	PART
cblr-8637	982	14	june	june	PROPN
cblr-8637	982	15	2020	2020	NUM
cblr-8637	982	16	proposal	proposal	NOUN
cblr-8637	982	17	to	to	PART
cblr-8637	982	18	modify	modify	VERB
cblr-8637	982	19	the	the	DET
cblr-8637	982	20	provisions	provision	NOUN
cblr-8637	982	21	relating	relate	VERB
cblr-8637	982	22	to	to	ADP
cblr-8637	982	23	direct	direct	ADJ
cblr-8637	982	24	listings	listing	NOUN
cblr-8637	982	25	;	;	PUNCT
cblr-8637	982	26	and	and	CCONJ
cblr-8637	982	27	third	third	ADV
cblr-8637	982	28	is	be	AUX
cblr-8637	982	29	the	the	DET
cblr-8637	982	30	concept	concept	NOUN
cblr-8637	982	31	of	of	ADP
cblr-8637	982	32	permitting	permit	VERB
cblr-8637	982	33	a	a	DET
cblr-8637	982	34	pre	pre	NOUN
cblr-8637	982	35	-	-	NOUN
cblr-8637	982	36	ipo	ipo	ADJ
cblr-8637	982	37	when	when	SCONJ
cblr-8637	982	38	-	-	PUNCT
cblr-8637	982	39	issued	issue	VERB
cblr-8637	982	40	market	market	NOUN
cblr-8637	982	41	to	to	PART
cblr-8637	982	42	help	help	VERB
cblr-8637	982	43	reduce	reduce	VERB
cblr-8637	982	44	ipo	ipo	NOUN
cblr-8637	982	45	underpricing	underpricing	NOUN
cblr-8637	982	46	.	.	PUNCT
cblr-8637	983	1	i.	i.	PROPN
cblr-8637	983	2	special	special	PROPN
cblr-8637	983	3	purpose	purpose	NOUN
cblr-8637	983	4	acquisition	acquisition	NOUN
cblr-8637	983	5	company	company	NOUN
cblr-8637	983	6	transactions	transaction	NOUN
cblr-8637	983	7	as	as	SCONJ
cblr-8637	983	8	previously	previously	ADV
cblr-8637	983	9	explained	explain	VERB
cblr-8637	984	1	,	,	PUNCT
cblr-8637	984	2	a	a	DET
cblr-8637	984	3	spac	spac	NOUN
cblr-8637	984	4	transaction	transaction	NOUN
cblr-8637	984	5	involves	involve	VERB
cblr-8637	984	6	a	a	DET
cblr-8637	984	7	“	"	PUNCT
cblr-8637	984	8	blank	blank	ADJ
cblr-8637	984	9	check	check	NOUN
cblr-8637	984	10	”	"	PUNCT
cblr-8637	984	11	company	company	NOUN
cblr-8637	984	12	acquiring	acquire	VERB
cblr-8637	984	13	a	a	DET
cblr-8637	984	14	private	private	ADJ
cblr-8637	984	15	company	company	NOUN
cblr-8637	984	16	through	through	ADP
cblr-8637	984	17	a	a	DET
cblr-8637	984	18	reverse	reverse	ADJ
cblr-8637	984	19	merger	merger	NOUN
cblr-8637	984	20	to	to	PART
cblr-8637	984	21	effectively	effectively	ADV
cblr-8637	984	22	allow	allow	VERB
cblr-8637	984	23	the	the	DET
cblr-8637	984	24	previously	previously	ADV
cblr-8637	984	25	-	-	PUNCT
cblr-8637	984	26	privatelytraded	privatelytrade	VERB
cblr-8637	984	27	company	company	NOUN
cblr-8637	984	28	to	to	PART
cblr-8637	984	29	“	"	PUNCT
cblr-8637	984	30	go	go	VERB
cblr-8637	984	31	public	public	ADJ
cblr-8637	984	32	”	"	PUNCT
cblr-8637	984	33	without	without	ADP
cblr-8637	984	34	needing	need	VERB
cblr-8637	984	35	to	to	PART
cblr-8637	984	36	go	go	VERB
cblr-8637	984	37	through	through	ADP
cblr-8637	984	38	279	279	NUM
cblr-8637	984	39	see	see	NOUN
cblr-8637	984	40	supra	supra	PROPN
cblr-8637	984	41	section	section	NOUN
cblr-8637	984	42	ii.c	ii.c	NOUN
cblr-8637	984	43	.	.	PUNCT
cblr-8637	985	1	greene	greene	PROPN
cblr-8637	985	2	et	et	PROPN
cblr-8637	985	3	al	al	PROPN
cblr-8637	985	4	.	.	PROPN
cblr-8637	986	1	8/21/2021	8/21/2021	NUM
cblr-8637	986	2	1:44	1:44	NUM
cblr-8637	986	3	pm	pm	NOUN
cblr-8637	986	4	no	no	INTJ
cblr-8637	986	5	.	.	PUNCT
cblr-8637	987	1	2:714	2:714	NUM
cblr-8637	987	2	]	]	X
cblr-8637	987	3	the	the	DET
cblr-8637	987	4	need	need	NOUN
cblr-8637	987	5	for	for	ADP
cblr-8637	987	6	a	a	DET
cblr-8637	987	7	comprehensive	comprehensive	ADJ
cblr-8637	987	8	approach	approach	NOUN
cblr-8637	987	9	779	779	NUM
cblr-8637	987	10	the	the	DET
cblr-8637	987	11	extensive	extensive	ADJ
cblr-8637	987	12	registration	registration	NOUN
cblr-8637	987	13	process	process	NOUN
cblr-8637	987	14	with	with	ADP
cblr-8637	987	15	the	the	DET
cblr-8637	987	16	sec.280	sec.280	NOUN
cblr-8637	987	17	the	the	DET
cblr-8637	987	18	recent	recent	ADJ
cblr-8637	987	19	popularity	popularity	NOUN
cblr-8637	987	20	of	of	ADP
cblr-8637	987	21	spac	spac	NOUN
cblr-8637	987	22	transactions	transaction	NOUN
cblr-8637	987	23	is	be	AUX
cblr-8637	987	24	unprecedented	unprecedented	ADJ
cblr-8637	987	25	:	:	PUNCT
cblr-8637	987	26	in	in	ADP
cblr-8637	987	27	2020	2020	NUM
cblr-8637	987	28	,	,	PUNCT
cblr-8637	987	29	spacs	spac	NOUN
cblr-8637	987	30	raised	raise	VERB
cblr-8637	987	31	as	as	ADV
cblr-8637	987	32	much	much	ADJ
cblr-8637	987	33	money	money	NOUN
cblr-8637	987	34	as	as	SCONJ
cblr-8637	987	35	they	they	PRON
cblr-8637	987	36	had	have	VERB
cblr-8637	987	37	in	in	ADP
cblr-8637	987	38	the	the	DET
cblr-8637	987	39	previous	previous	ADJ
cblr-8637	987	40	decade;281	decade;281	PROPN
cblr-8637	987	41	as	as	ADP
cblr-8637	987	42	of	of	ADP
cblr-8637	987	43	mid	mid	NOUN
cblr-8637	987	44	-	-	NOUN
cblr-8637	987	45	february	february	NOUN
cblr-8637	987	46	2021	2021	NUM
cblr-8637	987	47	,	,	PUNCT
cblr-8637	987	48	there	there	PRON
cblr-8637	987	49	were	be	VERB
cblr-8637	987	50	roughly	roughly	ADV
cblr-8637	987	51	400	400	NUM
cblr-8637	987	52	spacs	spac	NOUN
cblr-8637	987	53	looking	look	VERB
cblr-8637	987	54	to	to	PART
cblr-8637	987	55	make	make	VERB
cblr-8637	987	56	acquisitions;282	acquisitions;282	PROPN
cblr-8637	987	57	and	and	CCONJ
cblr-8637	987	58	as	as	ADP
cblr-8637	987	59	of	of	ADP
cblr-8637	987	60	mid	mid	NOUN
cblr-8637	987	61	-	-	NOUN
cblr-8637	987	62	march	march	NOUN
cblr-8637	987	63	2021	2021	NUM
cblr-8637	987	64	,	,	PUNCT
cblr-8637	987	65	eighty	eighty	NUM
cblr-8637	987	66	percent	percent	NOUN
cblr-8637	987	67	of	of	ADP
cblr-8637	987	68	the	the	DET
cblr-8637	987	69	302	302	NUM
cblr-8637	987	70	ipos	ipos	NOUN
cblr-8637	987	71	that	that	PRON
cblr-8637	987	72	had	have	AUX
cblr-8637	987	73	occurred	occur	VERB
cblr-8637	987	74	in	in	ADP
cblr-8637	987	75	2021	2021	NUM
cblr-8637	987	76	were	be	AUX
cblr-8637	987	77	attributable	attributable	ADJ
cblr-8637	987	78	to	to	ADP
cblr-8637	987	79	spacs.283	spacs.283	NOUN
cblr-8637	987	80	some	some	DET
cblr-8637	987	81	tout	tout	NOUN
cblr-8637	988	1	the	the	DET
cblr-8637	988	2	spac	spac	PROPN
cblr-8637	988	3	ipo	ipo	PROPN
cblr-8637	988	4	as	as	ADP
cblr-8637	988	5	an	an	DET
cblr-8637	988	6	“	"	PUNCT
cblr-8637	988	7	instrument	instrument	NOUN
cblr-8637	988	8	[	[	X
cblr-8637	988	9	]	]	X
cblr-8637	988	10	of	of	ADP
cblr-8637	988	11	financial	financial	ADJ
cblr-8637	988	12	democracy	democracy	NOUN
cblr-8637	988	13	”	"	PUNCT
cblr-8637	988	14	that	that	PRON
cblr-8637	988	15	grants	grant	VERB
cblr-8637	988	16	retail	retail	ADJ
cblr-8637	988	17	investors	investor	NOUN
cblr-8637	988	18	access	access	NOUN
cblr-8637	988	19	to	to	ADP
cblr-8637	988	20	companies	company	NOUN
cblr-8637	988	21	previously	previously	ADV
cblr-8637	988	22	only	only	ADV
cblr-8637	988	23	accessible	accessible	ADJ
cblr-8637	988	24	through	through	ADP
cblr-8637	988	25	private	private	ADJ
cblr-8637	988	26	equity.284	equity.284	PROPN
cblr-8637	988	27	however	however	ADV
cblr-8637	988	28	,	,	PUNCT
cblr-8637	988	29	a	a	DET
cblr-8637	988	30	recent	recent	ADJ
cblr-8637	988	31	study	study	NOUN
cblr-8637	988	32	of	of	ADP
cblr-8637	988	33	fortyseven	fortyseven	PROPN
cblr-8637	988	34	spacs	spac	NOUN
cblr-8637	988	35	occurring	occur	VERB
cblr-8637	988	36	between	between	ADP
cblr-8637	988	37	2017	2017	NUM
cblr-8637	988	38	and	and	CCONJ
cblr-8637	988	39	2019	2019	NUM
cblr-8637	988	40	indicates	indicate	VERB
cblr-8637	988	41	that	that	SCONJ
cblr-8637	988	42	this	this	DET
cblr-8637	988	43	perception	perception	NOUN
cblr-8637	988	44	,	,	PUNCT
cblr-8637	988	45	at	at	ADP
cblr-8637	988	46	least	least	ADJ
cblr-8637	988	47	in	in	ADP
cblr-8637	988	48	the	the	DET
cblr-8637	988	49	current	current	ADJ
cblr-8637	988	50	market	market	NOUN
cblr-8637	988	51	,	,	PUNCT
cblr-8637	988	52	is	be	AUX
cblr-8637	988	53	misunderstood	misunderstood	ADJ
cblr-8637	988	54	.	.	PUNCT
cblr-8637	989	1	that	that	DET
cblr-8637	989	2	study	study	NOUN
cblr-8637	989	3	found	find	VERB
cblr-8637	989	4	that	that	SCONJ
cblr-8637	989	5	spacs	spac	NOUN
cblr-8637	989	6	do	do	AUX
cblr-8637	989	7	not	not	PART
cblr-8637	989	8	provide	provide	VERB
cblr-8637	989	9	“	"	PUNCT
cblr-8637	989	10	‘	'	PUNCT
cblr-8637	989	11	poor	poor	ADJ
cblr-8637	989	12	man	man	NOUN
cblr-8637	989	13	’s	’s	PART
cblr-8637	989	14	private	private	ADJ
cblr-8637	989	15	equity	equity	NOUN
cblr-8637	989	16	’	'	PUNCT
cblr-8637	989	17	to	to	ADP
cblr-8637	989	18	ordinary	ordinary	ADJ
cblr-8637	989	19	investors	investor	NOUN
cblr-8637	989	20	.	.	PUNCT
cblr-8637	989	21	.	.	PUNCT
cblr-8637	989	22	.	.	PUNCT
cblr-8637	989	23	.	.	PUNCT
cblr-8637	990	1	[	[	X
cblr-8637	990	2	spacs	spac	NOUN
cblr-8637	990	3	]	]	PUNCT
cblr-8637	990	4	neither	neither	CCONJ
cblr-8637	990	5	function	function	NOUN
cblr-8637	990	6	like	like	ADP
cblr-8637	990	7	private	private	ADJ
cblr-8637	990	8	equity	equity	NOUN
cblr-8637	990	9	nor	nor	CCONJ
cblr-8637	990	10	service	service	VERB
cblr-8637	990	11	a	a	DET
cblr-8637	990	12	clientele	clientele	NOUN
cblr-8637	990	13	of	of	ADP
cblr-8637	990	14	ordinary	ordinary	ADJ
cblr-8637	990	15	investors	investor	NOUN
cblr-8637	990	16	.	.	PUNCT
cblr-8637	990	17	”285	”285	PUNCT
cblr-8637	991	1	instead	instead	ADV
cblr-8637	991	2	,	,	PUNCT
cblr-8637	991	3	there	there	PRON
cblr-8637	991	4	are	be	VERB
cblr-8637	991	5	typically	typically	ADV
cblr-8637	991	6	two	two	NUM
cblr-8637	991	7	distinct	distinct	ADJ
cblr-8637	991	8	groups	group	NOUN
cblr-8637	991	9	of	of	ADP
cblr-8637	991	10	spac	spac	PROPN
cblr-8637	991	11	investors	investor	NOUN
cblr-8637	991	12	:	:	PUNCT
cblr-8637	991	13	the	the	DET
cblr-8637	991	14	majority	majority	NOUN
cblr-8637	991	15	of	of	ADP
cblr-8637	991	16	pre	pre	ADJ
cblr-8637	991	17	-	-	ADJ
cblr-8637	991	18	merger	merger	ADJ
cblr-8637	991	19	spac	spac	NOUN
cblr-8637	991	20	investors	investor	NOUN
cblr-8637	991	21	are	be	AUX
cblr-8637	991	22	large	large	ADJ
cblr-8637	991	23	funds	fund	NOUN
cblr-8637	991	24	that	that	PRON
cblr-8637	991	25	purchase	purchase	VERB
cblr-8637	991	26	at	at	ADP
cblr-8637	991	27	the	the	DET
cblr-8637	991	28	time	time	NOUN
cblr-8637	991	29	of	of	ADP
cblr-8637	991	30	the	the	DET
cblr-8637	991	31	spac	spac	PROPN
cblr-8637	991	32	ipo	ipo	PROPN
cblr-8637	991	33	and	and	CCONJ
cblr-8637	991	34	redeem	redeem	VERB
cblr-8637	991	35	pre	pre	NOUN
cblr-8637	991	36	-	-	NOUN
cblr-8637	991	37	merger	merger	ADJ
cblr-8637	991	38	,	,	PUNCT
cblr-8637	991	39	and	and	CCONJ
cblr-8637	991	40	then	then	ADV
cblr-8637	991	41	there	there	PRON
cblr-8637	991	42	is	be	VERB
cblr-8637	991	43	a	a	DET
cblr-8637	991	44	group	group	NOUN
cblr-8637	991	45	of	of	ADP
cblr-8637	991	46	investors	investor	NOUN
cblr-8637	991	47	in	in	ADP
cblr-8637	991	48	the	the	DET
cblr-8637	991	49	post	post	ADJ
cblr-8637	991	50	-	-	ADJ
cblr-8637	991	51	merger	merger	ADJ
cblr-8637	991	52	operating	operate	VERB
cblr-8637	991	53	company	company	NOUN
cblr-8637	991	54	who	who	PRON
cblr-8637	991	55	280	280	NUM
cblr-8637	991	56	for	for	ADP
cblr-8637	991	57	the	the	DET
cblr-8637	991	58	earlier	early	ADJ
cblr-8637	991	59	discussion	discussion	NOUN
cblr-8637	991	60	of	of	ADP
cblr-8637	991	61	spacs	spac	NOUN
cblr-8637	991	62	,	,	PUNCT
cblr-8637	991	63	see	see	VERB
cblr-8637	991	64	supra	supra	PROPN
cblr-8637	991	65	notes	note	VERB
cblr-8637	991	66	179–183	179–183	NUM
cblr-8637	991	67	and	and	CCONJ
cblr-8637	991	68	accompanying	accompany	VERB
cblr-8637	991	69	text	text	NOUN
cblr-8637	991	70	.	.	PUNCT
cblr-8637	992	1	281	281	NUM
cblr-8637	992	2	michael	michael	PROPN
cblr-8637	992	3	klausner	klausner	PROPN
cblr-8637	992	4	,	,	PUNCT
cblr-8637	992	5	michael	michael	PROPN
cblr-8637	992	6	ohlrogge	ohlrogge	PROPN
cblr-8637	992	7	&	&	CCONJ
cblr-8637	992	8	emily	emily	PROPN
cblr-8637	992	9	ruan	ruan	PROPN
cblr-8637	992	10	,	,	PUNCT
cblr-8637	992	11	a	a	DET
cblr-8637	992	12	sober	sober	ADJ
cblr-8637	992	13	look	look	NOUN
cblr-8637	992	14	at	at	ADP
cblr-8637	992	15	spacs	spac	NOUN
cblr-8637	992	16	,	,	PUNCT
cblr-8637	992	17	harv	harv	PROPN
cblr-8637	992	18	.	.	PUNCT
cblr-8637	993	1	l.	l.	PROPN
cblr-8637	993	2	sch	sch	PROPN
cblr-8637	993	3	.	.	PUNCT
cblr-8637	994	1	f.	f.	PROPN
cblr-8637	994	2	on	on	ADP
cblr-8637	994	3	corp	corp	PROPN
cblr-8637	994	4	.	.	PROPN
cblr-8637	994	5	governance	governance	PROPN
cblr-8637	994	6	(	(	PUNCT
cblr-8637	994	7	nov	nov	PROPN
cblr-8637	994	8	.	.	PROPN
cblr-8637	994	9	19	19	NUM
cblr-8637	994	10	,	,	PUNCT
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cblr-8637	994	13	,	,	PUNCT
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cblr-8637	994	15	[	[	X
cblr-8637	994	16	https://perma.cc/n4s5-ts65	https://perma.cc/n4s5-ts65	NOUN
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cblr-8637	994	18	.	.	PUNCT
cblr-8637	995	1	282	282	NUM
cblr-8637	995	2	kazi	kazi	PROPN
cblr-8637	995	3	ahmed	ahmed	PROPN
cblr-8637	995	4	,	,	PUNCT
cblr-8637	995	5	special	special	ADJ
cblr-8637	995	6	purpose	purpose	NOUN
cblr-8637	995	7	acquisition	acquisition	NOUN
cblr-8637	995	8	companies	company	NOUN
cblr-8637	995	9	grow	grow	VERB
cblr-8637	995	10	in	in	ADP
cblr-8637	995	11	popularity	popularity	NOUN
cblr-8637	995	12	on	on	ADP
cblr-8637	995	13	wall	wall	PROPN
cblr-8637	995	14	street	street	PROPN
cblr-8637	995	15	during	during	ADP
cblr-8637	995	16	the	the	DET
cblr-8637	995	17	pandemic	pandemic	ADJ
cblr-8637	995	18	,	,	PUNCT
cblr-8637	995	19	ticker	ticker	NOUN
cblr-8637	995	20	(	(	PUNCT
cblr-8637	995	21	feb	feb	PROPN
cblr-8637	995	22	.	.	PROPN
cblr-8637	995	23	19	19	NUM
cblr-8637	995	24	,	,	PUNCT
cblr-8637	995	25	2021	2021	NUM
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cblr-8637	995	27	,	,	PUNCT
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cblr-8637	995	29	[	[	X
cblr-8637	995	30	https://perma.cc/g9t9-3ycb	https://perma.cc/g9t9-3ycb	NOUN
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cblr-8637	995	32	.	.	PUNCT
cblr-8637	996	1	283	283	NUM
cblr-8637	996	2	luisa	luisa	PROPN
cblr-8637	996	3	beltran	beltran	PROPN
cblr-8637	996	4	,	,	PUNCT
cblr-8637	996	5	the	the	DET
cblr-8637	996	6	booming	booming	ADJ
cblr-8637	996	7	ipo	ipo	NOUN
cblr-8637	996	8	market	market	NOUN
cblr-8637	996	9	shows	show	VERB
cblr-8637	996	10	no	no	DET
cblr-8637	996	11	signs	sign	NOUN
cblr-8637	996	12	of	of	ADP
cblr-8637	996	13	slowing	slow	VERB
cblr-8637	996	14	,	,	PUNCT
cblr-8637	996	15	barron	barron	PROPN
cblr-8637	996	16	’s	’s	PART
cblr-8637	996	17	,	,	PUNCT
cblr-8637	996	18	https://www.barrons.com/articles/the-booming-ipomarket-shows-no-signs-of-slowing-what-investors-need-to-know51615546800	https://www.barrons.com/articles/the-booming-ipomarket-shows-no-signs-of-slowing-what-investors-need-to-know51615546800	PROPN
cblr-8637	997	1	[	[	X
cblr-8637	997	2	https://perma.cc/jgk8-wfwp	https://perma.cc/jgk8-wfwp	X
cblr-8637	997	3	]	]	X
cblr-8637	997	4	(	(	PUNCT
cblr-8637	997	5	last	last	ADJ
cblr-8637	997	6	updated	update	VERB
cblr-8637	997	7	mar	mar	PROPN
cblr-8637	997	8	.	.	PROPN
cblr-8637	997	9	15	15	NUM
cblr-8637	997	10	,	,	PUNCT
cblr-8637	997	11	2021	2021	NUM
cblr-8637	997	12	)	)	PUNCT
cblr-8637	997	13	.	.	PUNCT
cblr-8637	998	1	284	284	NUM
cblr-8637	998	2	see	see	VERB
cblr-8637	998	3	michael	michael	PROPN
cblr-8637	998	4	klausner	klausner	PROPN
cblr-8637	998	5	,	,	PUNCT
cblr-8637	998	6	michael	michael	PROPN
cblr-8637	998	7	ohlrogge	ohlrogge	PROPN
cblr-8637	998	8	&	&	CCONJ
cblr-8637	998	9	emily	emily	PROPN
cblr-8637	998	10	ruan	ruan	PROPN
cblr-8637	998	11	,	,	PUNCT
cblr-8637	998	12	a	a	DET
cblr-8637	998	13	sober	sober	ADJ
cblr-8637	998	14	look	look	NOUN
cblr-8637	998	15	at	at	ADP
cblr-8637	998	16	spacs	spac	NOUN
cblr-8637	998	17	,	,	PUNCT
cblr-8637	998	18	yale	yale	PROPN
cblr-8637	998	19	j.	j.	PROPN
cblr-8637	998	20	on	on	ADP
cblr-8637	998	21	regul	regul	NOUN
cblr-8637	998	22	.	.	PUNCT
cblr-8637	999	1	(	(	PUNCT
cblr-8637	999	2	forthcoming	forthcoming	ADJ
cblr-8637	999	3	)	)	PUNCT
cblr-8637	999	4	(	(	PUNCT
cblr-8637	999	5	manuscript	manuscript	NOUN
cblr-8637	999	6	at	at	ADP
cblr-8637	999	7	3	3	NUM
cblr-8637	999	8	,	,	PUNCT
cblr-8637	999	9	13	13	NUM
cblr-8637	999	10	)	)	PUNCT
cblr-8637	999	11	(	(	PUNCT
cblr-8637	999	12	on	on	ADP
cblr-8637	999	13	file	file	NOUN
cblr-8637	999	14	with	with	ADP
cblr-8637	999	15	the	the	DET
cblr-8637	999	16	columbia	columbia	PROPN
cblr-8637	999	17	business	business	PROPN
cblr-8637	999	18	law	law	PROPN
cblr-8637	999	19	review	review	PROPN
cblr-8637	999	20	)	)	PUNCT
cblr-8637	999	21	,	,	PUNCT
cblr-8637	999	22	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3720919	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3720919	PROPN
cblr-8637	999	23	(	(	PUNCT
cblr-8637	999	24	challenging	challenge	VERB
cblr-8637	999	25	this	this	DET
cblr-8637	999	26	idea	idea	NOUN
cblr-8637	999	27	)	)	PUNCT
cblr-8637	999	28	.	.	PUNCT
cblr-8637	1000	1	285	285	NUM
cblr-8637	1001	1	i	i	PRON
cblr-8637	1001	2	d.	d.	PROPN
cblr-8637	1001	3	(	(	PUNCT
cblr-8637	1001	4	manuscript	manuscript	NOUN
cblr-8637	1001	5	at	at	ADP
cblr-8637	1001	6	54	54	NUM
cblr-8637	1001	7	)	)	PUNCT
cblr-8637	1001	8	.	.	PUNCT
cblr-8637	1002	1	greene	greene	PROPN
cblr-8637	1002	2	et	et	PROPN
cblr-8637	1002	3	al	al	PROPN
cblr-8637	1002	4	.	.	PROPN
cblr-8637	1003	1	8/21/2021	8/21/2021	NUM
cblr-8637	1003	2	1:44	1:44	NUM
cblr-8637	1003	3	pm	pm	NOUN
cblr-8637	1003	4	780	780	NUM
cblr-8637	1003	5	columbia	columbia	PROPN
cblr-8637	1003	6	business	business	NOUN
cblr-8637	1003	7	law	law	NOUN
cblr-8637	1003	8	review	review	NOUN
cblr-8637	1003	9	[	[	X
cblr-8637	1003	10	vol	vol	NOUN
cblr-8637	1003	11	.	.	PUNCT
cblr-8637	1003	12	2021	2021	NUM
cblr-8637	1003	13	“	"	PUNCT
cblr-8637	1003	14	bear	bear	VERB
cblr-8637	1003	15	the	the	DET
cblr-8637	1003	16	costs	cost	NOUN
cblr-8637	1003	17	of	of	ADP
cblr-8637	1003	18	the	the	DET
cblr-8637	1003	19	generous	generous	ADJ
cblr-8637	1003	20	deal	deal	NOUN
cblr-8637	1003	21	given	give	VERB
cblr-8637	1003	22	to	to	ADP
cblr-8637	1003	23	ipo	ipo	NOUN
cblr-8637	1003	24	-	-	PUNCT
cblr-8637	1003	25	stage	stage	NOUN
cblr-8637	1003	26	investors	investor	NOUN
cblr-8637	1003	27	.	.	PUNCT
cblr-8637	1004	1	”286	”286	ADJ
cblr-8637	1004	2	with	with	ADP
cblr-8637	1004	3	this	this	DET
cblr-8637	1004	4	understanding	understanding	NOUN
cblr-8637	1004	5	in	in	ADP
cblr-8637	1004	6	mind	mind	NOUN
cblr-8637	1004	7	,	,	PUNCT
cblr-8637	1004	8	and	and	CCONJ
cblr-8637	1004	9	given	give	VERB
cblr-8637	1004	10	such	such	ADJ
cblr-8637	1004	11	unprecedented	unprecedented	ADJ
cblr-8637	1004	12	popularity	popularity	NOUN
cblr-8637	1004	13	,	,	PUNCT
cblr-8637	1004	14	a	a	DET
cblr-8637	1004	15	future	future	ADJ
cblr-8637	1004	16	in	in	ADP
cblr-8637	1004	17	-	-	PUNCT
cblr-8637	1004	18	depth	depth	NOUN
cblr-8637	1004	19	analysis	analysis	NOUN
cblr-8637	1004	20	of	of	ADP
cblr-8637	1004	21	spacs	spac	NOUN
cblr-8637	1004	22	is	be	AUX
cblr-8637	1004	23	warranted	warrant	VERB
cblr-8637	1004	24	to	to	PART
cblr-8637	1004	25	fully	fully	ADV
cblr-8637	1004	26	understand	understand	VERB
cblr-8637	1004	27	whether	whether	SCONJ
cblr-8637	1004	28	the	the	DET
cblr-8637	1004	29	transaction	transaction	NOUN
cblr-8637	1004	30	vehicles	vehicle	NOUN
cblr-8637	1004	31	are	be	AUX
cblr-8637	1004	32	a	a	DET
cblr-8637	1004	33	positive	positive	ADJ
cblr-8637	1004	34	addition	addition	NOUN
cblr-8637	1004	35	to	to	ADP
cblr-8637	1004	36	the	the	DET
cblr-8637	1004	37	public	public	ADJ
cblr-8637	1004	38	market	market	NOUN
cblr-8637	1004	39	.	.	PUNCT
cblr-8637	1005	1	a	a	DET
cblr-8637	1005	2	common	common	ADJ
cblr-8637	1005	3	complaint	complaint	NOUN
cblr-8637	1005	4	of	of	ADP
cblr-8637	1005	5	the	the	DET
cblr-8637	1005	6	traditional	traditional	ADJ
cblr-8637	1005	7	ipo	ipo	NOUN
cblr-8637	1005	8	process	process	NOUN
cblr-8637	1005	9	is	be	AUX
cblr-8637	1005	10	the	the	DET
cblr-8637	1005	11	price	price	NOUN
cblr-8637	1005	12	increase	increase	NOUN
cblr-8637	1005	13	that	that	SCONJ
cblr-8637	1005	14	newly	newly	ADV
cblr-8637	1005	15	-	-	PUNCT
cblr-8637	1005	16	public	public	ADJ
cblr-8637	1005	17	companies	company	NOUN
cblr-8637	1005	18	often	often	ADV
cblr-8637	1005	19	see	see	VERB
cblr-8637	1005	20	right	right	ADV
cblr-8637	1005	21	after	after	SCONJ
cblr-8637	1005	22	their	their	PRON
cblr-8637	1005	23	ipos	ipos	NOUN
cblr-8637	1005	24	and	and	CCONJ
cblr-8637	1005	25	the	the	DET
cblr-8637	1005	26	underwriting	underwriting	NOUN
cblr-8637	1005	27	fee	fee	NOUN
cblr-8637	1005	28	paid	pay	VERB
cblr-8637	1005	29	to	to	ADP
cblr-8637	1005	30	investment	investment	NOUN
cblr-8637	1005	31	banks	bank	NOUN
cblr-8637	1005	32	as	as	ADP
cblr-8637	1005	33	part	part	NOUN
cblr-8637	1005	34	of	of	ADP
cblr-8637	1005	35	the	the	DET
cblr-8637	1005	36	ipo	ipo	NOUN
cblr-8637	1005	37	process.287	process.287	VERB
cblr-8637	1005	38	some	some	DET
cblr-8637	1005	39	claim	claim	NOUN
cblr-8637	1005	40	that	that	SCONJ
cblr-8637	1005	41	spacs	spac	NOUN
cblr-8637	1005	42	respond	respond	VERB
cblr-8637	1005	43	to	to	ADP
cblr-8637	1005	44	both	both	PRON
cblr-8637	1005	45	of	of	ADP
cblr-8637	1005	46	these	these	DET
cblr-8637	1005	47	issues	issue	NOUN
cblr-8637	1005	48	.	.	PUNCT
cblr-8637	1006	1	a	a	DET
cblr-8637	1006	2	significant	significant	ADJ
cblr-8637	1006	3	advantage	advantage	NOUN
cblr-8637	1006	4	for	for	ADP
cblr-8637	1006	5	target	target	NOUN
cblr-8637	1006	6	companies	company	NOUN
cblr-8637	1006	7	in	in	ADP
cblr-8637	1006	8	spac	spac	NOUN
cblr-8637	1006	9	transactions	transaction	NOUN
cblr-8637	1006	10	is	be	AUX
cblr-8637	1006	11	that	that	SCONJ
cblr-8637	1006	12	the	the	DET
cblr-8637	1006	13	target	target	NOUN
cblr-8637	1006	14	knows	know	VERB
cblr-8637	1006	15	the	the	DET
cblr-8637	1006	16	price	price	NOUN
cblr-8637	1006	17	it	it	PRON
cblr-8637	1006	18	will	will	AUX
cblr-8637	1006	19	be	be	AUX
cblr-8637	1006	20	receiving	receive	VERB
cblr-8637	1006	21	in	in	ADP
cblr-8637	1006	22	the	the	DET
cblr-8637	1006	23	transaction	transaction	NOUN
cblr-8637	1006	24	at	at	ADP
cblr-8637	1006	25	the	the	DET
cblr-8637	1006	26	signing	signing	NOUN
cblr-8637	1006	27	of	of	ADP
cblr-8637	1006	28	the	the	DET
cblr-8637	1006	29	merger	merger	NOUN
cblr-8637	1006	30	agreement.288	agreement.288	ADV
cblr-8637	1006	31	conversely	conversely	ADV
cblr-8637	1006	32	,	,	PUNCT
cblr-8637	1006	33	in	in	ADP
cblr-8637	1006	34	a	a	DET
cblr-8637	1006	35	traditional	traditional	ADJ
cblr-8637	1006	36	ipo	ipo	NOUN
cblr-8637	1006	37	,	,	PUNCT
cblr-8637	1006	38	the	the	DET
cblr-8637	1006	39	company	company	NOUN
cblr-8637	1006	40	going	go	VERB
cblr-8637	1006	41	public	public	ADJ
cblr-8637	1006	42	does	do	AUX
cblr-8637	1006	43	not	not	PART
cblr-8637	1006	44	know	know	VERB
cblr-8637	1006	45	what	what	PRON
cblr-8637	1006	46	the	the	DET
cblr-8637	1006	47	price	price	NOUN
cblr-8637	1006	48	per	per	ADP
cblr-8637	1006	49	share	share	NOUN
cblr-8637	1006	50	will	will	AUX
cblr-8637	1006	51	be	be	AUX
cblr-8637	1006	52	until	until	SCONJ
cblr-8637	1006	53	investors	investor	NOUN
cblr-8637	1006	54	weigh	weigh	VERB
cblr-8637	1006	55	in289	in289	PROPN
cblr-8637	1006	56	(	(	PUNCT
cblr-8637	1006	57	an	an	DET
cblr-8637	1006	58	issue	issue	NOUN
cblr-8637	1006	59	that	that	PRON
cblr-8637	1006	60	may	may	AUX
cblr-8637	1006	61	be	be	AUX
cblr-8637	1006	62	partially	partially	ADV
cblr-8637	1006	63	solved	solve	VERB
cblr-8637	1006	64	by	by	ADP
cblr-8637	1006	65	“	"	PUNCT
cblr-8637	1006	66	testing	testing	NOUN
cblr-8637	1006	67	-	-	PUNCT
cblr-8637	1006	68	the	the	DET
cblr-8637	1006	69	-	-	PUNCT
cblr-8637	1006	70	waters	water	NOUN
cblr-8637	1006	71	”	"	PUNCT
cblr-8637	1006	72	communications	communication	NOUN
cblr-8637	1006	73	)	)	PUNCT
cblr-8637	1006	74	.	.	PUNCT
cblr-8637	1007	1	thus	thus	ADV
cblr-8637	1007	2	,	,	PUNCT
cblr-8637	1007	3	spac	spac	PROPN
cblr-8637	1007	4	transactions	transaction	NOUN
cblr-8637	1007	5	may	may	AUX
cblr-8637	1007	6	help	help	VERB
cblr-8637	1007	7	solve	solve	VERB
cblr-8637	1007	8	one	one	NUM
cblr-8637	1007	9	problem	problem	NOUN
cblr-8637	1007	10	with	with	ADP
cblr-8637	1007	11	the	the	DET
cblr-8637	1007	12	traditional	traditional	ADJ
cblr-8637	1007	13	ipo	ipo	NOUN
cblr-8637	1007	14	process	process	NOUN
cblr-8637	1007	15	—	—	PUNCT
cblr-8637	1007	16	price	price	NOUN
cblr-8637	1007	17	discovery	discovery	NOUN
cblr-8637	1007	18	.	.	PUNCT
cblr-8637	1008	1	however	however	ADV
cblr-8637	1008	2	,	,	PUNCT
cblr-8637	1008	3	it	it	PRON
cblr-8637	1008	4	is	be	AUX
cblr-8637	1008	5	not	not	PART
cblr-8637	1008	6	clear	clear	ADJ
cblr-8637	1008	7	whether	whether	SCONJ
cblr-8637	1008	8	this	this	PRON
cblr-8637	1008	9	means	mean	VERB
cblr-8637	1008	10	that	that	SCONJ
cblr-8637	1008	11	the	the	DET
cblr-8637	1008	12	target	target	NOUN
cblr-8637	1008	13	is	be	AUX
cblr-8637	1008	14	receiving	receive	VERB
cblr-8637	1008	15	its	its	PRON
cblr-8637	1008	16	“	"	PUNCT
cblr-8637	1008	17	true	true	ADJ
cblr-8637	1008	18	”	"	PUNCT
cblr-8637	1008	19	market	market	NOUN
cblr-8637	1008	20	value	value	NOUN
cblr-8637	1008	21	.	.	PUNCT
cblr-8637	1009	1	“	"	PUNCT
cblr-8637	1009	2	[	[	X
cblr-8637	1009	3	i]n	i]n	PRON
cblr-8637	1009	4	fact	fact	NOUN
cblr-8637	1009	5	some	some	PRON
cblr-8637	1009	6	of	of	ADP
cblr-8637	1009	7	the	the	DET
cblr-8637	1009	8	high	high	ADJ
cblr-8637	1009	9	-	-	PUNCT
cblr-8637	1009	10	profile	profile	NOUN
cblr-8637	1009	11	recent	recent	ADJ
cblr-8637	1009	12	spacs	spac	NOUN
cblr-8637	1009	13	have	have	AUX
cblr-8637	1009	14	essentially	essentially	ADV
cblr-8637	1009	15	paid	pay	VERB
cblr-8637	1009	16	$	$	SYM
cblr-8637	1009	17	10	10	NUM
cblr-8637	1009	18	a	a	DET
cblr-8637	1009	19	share	share	NOUN
cblr-8637	1009	20	for	for	ADP
cblr-8637	1009	21	companies	company	NOUN
cblr-8637	1009	22	that	that	PRON
cblr-8637	1009	23	immediately	immediately	ADV
cblr-8637	1009	24	traded	trade	VERB
cblr-8637	1009	25	up	up	ADP
cblr-8637	1009	26	to	to	PART
cblr-8637	1009	27	$	$	SYM
cblr-8637	1009	28	20	20	NUM
cblr-8637	1009	29	or	or	CCONJ
cblr-8637	1009	30	$	$	SYM
cblr-8637	1009	31	30	30	NUM
cblr-8637	1009	32	per	per	ADP
cblr-8637	1009	33	share	share	NOUN
cblr-8637	1009	34	,	,	PUNCT
cblr-8637	1009	35	the	the	DET
cblr-8637	1009	36	sort	sort	NOUN
cblr-8637	1009	37	of	of	ADP
cblr-8637	1009	38	embarrassing	embarrass	VERB
cblr-8637	1009	39	ipo	ipo	NOUN
cblr-8637	1009	40	pop	pop	NOUN
cblr-8637	1009	41	that	that	PRON
cblr-8637	1009	42	venture	venture	NOUN
cblr-8637	1009	43	capitalists	capitalist	NOUN
cblr-8637	1009	44	love	love	VERB
cblr-8637	1009	45	to	to	PART
cblr-8637	1009	46	complain	complain	VERB
cblr-8637	1009	47	about	about	ADP
cblr-8637	1009	48	.	.	PUNCT
cblr-8637	1009	49	”290	”290	PROPN
cblr-8637	1009	50	additionally	additionally	ADV
cblr-8637	1009	51	,	,	PUNCT
cblr-8637	1009	52	a	a	DET
cblr-8637	1009	53	spac	spac	NOUN
cblr-8637	1009	54	still	still	ADV
cblr-8637	1009	55	must	must	AUX
cblr-8637	1009	56	pay	pay	VERB
cblr-8637	1009	57	at	at	ADV
cblr-8637	1009	58	least	least	ADV
cblr-8637	1009	59	5.5	5.5	NUM
cblr-8637	1009	60	%	%	NOUN
cblr-8637	1009	61	of	of	ADP
cblr-8637	1009	62	the	the	DET
cblr-8637	1009	63	money	money	NOUN
cblr-8637	1009	64	it	it	PRON
cblr-8637	1009	65	raises	raise	VERB
cblr-8637	1009	66	to	to	ADP
cblr-8637	1009	67	investment	investment	NOUN
cblr-8637	1009	68	banks	bank	NOUN
cblr-8637	1009	69	when	when	SCONJ
cblr-8637	1009	70	it	it	PRON
cblr-8637	1009	71	is	be	AUX
cblr-8637	1009	72	formed	form	VERB
cblr-8637	1009	73	as	as	ADP
cblr-8637	1009	74	a	a	DET
cblr-8637	1009	75	shell	shell	ADJ
cblr-8637	1009	76	company	company	NOUN
cblr-8637	1009	77	,	,	PUNCT
cblr-8637	1009	78	and	and	CCONJ
cblr-8637	1009	79	286	286	NUM
cblr-8637	1009	80	see	see	VERB
cblr-8637	1009	81	i	i	PROPN
cblr-8637	1009	82	d.	d.	PROPN
cblr-8637	1009	83	(	(	PUNCT
cblr-8637	1009	84	manuscript	manuscript	NOUN
cblr-8637	1009	85	at	at	ADP
cblr-8637	1009	86	5	5	NUM
cblr-8637	1009	87	)	)	PUNCT
cblr-8637	1009	88	.	.	PUNCT
cblr-8637	1010	1	287	287	NUM
cblr-8637	1010	2	matt	matt	PROPN
cblr-8637	1010	3	levine	levine	PROPN
cblr-8637	1010	4	,	,	PUNCT
cblr-8637	1010	5	spacs	spac	NOUN
cblr-8637	1010	6	are	be	AUX
cblr-8637	1010	7	n’t	not	PART
cblr-8637	1010	8	cheaper	cheap	ADJ
cblr-8637	1010	9	than	than	ADP
cblr-8637	1010	10	ipos	ipos	NOUN
cblr-8637	1010	11	yet	yet	ADV
cblr-8637	1010	12	,	,	PUNCT
cblr-8637	1010	13	bloomberg	bloomberg	PROPN
cblr-8637	1010	14	:	:	PUNCT
cblr-8637	1010	15	op	op	NOUN
cblr-8637	1010	16	.	.	PUNCT
cblr-8637	1011	1	(	(	PUNCT
cblr-8637	1011	2	july	july	PROPN
cblr-8637	1011	3	27	27	NUM
cblr-8637	1011	4	,	,	PUNCT
cblr-8637	1011	5	2020	2020	NUM
cblr-8637	1011	6	,	,	PUNCT
cblr-8637	1011	7	8:59	8:59	NUM
cblr-8637	1011	8	am	am	NOUN
cblr-8637	1011	9	)	)	PUNCT
cblr-8637	1011	10	,	,	PUNCT
cblr-8637	1011	11	https://www.bloomberg.com/opinion/articles/202007-27/spacs-aren-t-cheaper-than-ipos-yet	https://www.bloomberg.com/opinion/articles/202007-27/spacs-aren-t-cheaper-than-ipos-yet	PROPN
cblr-8637	1012	1	[	[	X
cblr-8637	1012	2	https://perma.cc/227b-drt8	https://perma.cc/227b-drt8	X
cblr-8637	1012	3	]	]	X
cblr-8637	1012	4	.	.	PUNCT
cblr-8637	1013	1	288	288	NUM
cblr-8637	1013	2	matt	matt	PROPN
cblr-8637	1013	3	levine	levine	PROPN
cblr-8637	1013	4	,	,	PUNCT
cblr-8637	1013	5	bill	bill	PROPN
cblr-8637	1013	6	ackman	ackman	PROPN
cblr-8637	1013	7	wants	want	VERB
cblr-8637	1013	8	a	a	DET
cblr-8637	1013	9	mature	mature	ADJ
cblr-8637	1013	10	unicorn	unicorn	NOUN
cblr-8637	1013	11	,	,	PUNCT
cblr-8637	1013	12	bloomberg	bloomberg	PROPN
cblr-8637	1013	13	(	(	PUNCT
cblr-8637	1013	14	june	june	PROPN
cblr-8637	1013	15	23	23	NUM
cblr-8637	1013	16	,	,	PUNCT
cblr-8637	1013	17	2020	2020	NUM
cblr-8637	1013	18	,	,	PUNCT
cblr-8637	1013	19	11:59	11:59	NUM
cblr-8637	1013	20	am	am	NOUN
cblr-8637	1013	21	)	)	PUNCT
cblr-8637	1013	22	,	,	PUNCT
cblr-8637	1013	23	https://www.bloomberg.com/news/	https://www.bloomberg.com/news/	ADP
cblr-8637	1013	24	newsletters/2020	newsletters/2020	PROPN
cblr-8637	1013	25	-	-	PUNCT
cblr-8637	1013	26	06	06	NUM
cblr-8637	1013	27	-	-	PUNCT
cblr-8637	1013	28	23	23	NUM
cblr-8637	1013	29	/	/	SYM
cblr-8637	1013	30	money	money	NOUN
cblr-8637	1013	31	-	-	PUNCT
cblr-8637	1013	32	stuff	stuff	NOUN
cblr-8637	1013	33	-	-	PUNCT
cblr-8637	1013	34	bill	bill	NOUN
cblr-8637	1013	35	-	-	PUNCT
cblr-8637	1013	36	ackman	ackman	NOUN
cblr-8637	1013	37	-	-	PUNCT
cblr-8637	1013	38	wants	want	VERB
cblr-8637	1013	39	-	-	PUNCT
cblr-8637	1013	40	a	a	DET
cblr-8637	1013	41	-	-	PUNCT
cblr-8637	1013	42	matureunicorn?sref=1kjvnqnu	matureunicorn?sref=1kjvnqnu	NOUN
cblr-8637	1013	43	[	[	X
cblr-8637	1013	44	https://perma.cc/3wpb-j5ap	https://perma.cc/3wpb-j5ap	X
cblr-8637	1013	45	]	]	X
cblr-8637	1013	46	.	.	PUNCT
cblr-8637	1014	1	289	289	NUM
cblr-8637	1015	1	i	i	PRON
cblr-8637	1015	2	d.	d.	PROPN
cblr-8637	1015	3	290	290	NUM
cblr-8637	1015	4	levine	levine	PROPN
cblr-8637	1015	5	,	,	PUNCT
cblr-8637	1015	6	supra	supra	PROPN
cblr-8637	1015	7	note	note	VERB
cblr-8637	1015	8	287	287	NUM
cblr-8637	1015	9	(	(	PUNCT
cblr-8637	1015	10	“	"	PUNCT
cblr-8637	1015	11	like	like	ADP
cblr-8637	1015	12	an	an	DET
cblr-8637	1015	13	ipo	ipo	NOUN
cblr-8637	1015	14	,	,	PUNCT
cblr-8637	1015	15	a	a	DET
cblr-8637	1015	16	spac	spac	NOUN
cblr-8637	1015	17	will	will	AUX
cblr-8637	1015	18	acquire	acquire	VERB
cblr-8637	1015	19	its	its	PRON
cblr-8637	1015	20	target	target	NOUN
cblr-8637	1015	21	company	company	NOUN
cblr-8637	1015	22	at	at	ADP
cblr-8637	1015	23	a	a	DET
cblr-8637	1015	24	price	price	NOUN
cblr-8637	1015	25	that	that	PRON
cblr-8637	1015	26	is	be	AUX
cblr-8637	1015	27	probably	probably	ADV
cblr-8637	1015	28	too	too	ADV
cblr-8637	1015	29	low	low	ADJ
cblr-8637	1015	30	;	;	PUNCT
cblr-8637	1015	31	the	the	DET
cblr-8637	1015	32	spac	spac	NOUN
cblr-8637	1015	33	is	be	AUX
cblr-8637	1015	34	in	in	ADP
cblr-8637	1015	35	business	business	NOUN
cblr-8637	1015	36	to	to	PART
cblr-8637	1015	37	get	get	VERB
cblr-8637	1015	38	a	a	DET
cblr-8637	1015	39	good	good	ADJ
cblr-8637	1015	40	deal	deal	NOUN
cblr-8637	1015	41	for	for	ADP
cblr-8637	1015	42	its	its	PRON
cblr-8637	1015	43	shareholders	shareholder	NOUN
cblr-8637	1015	44	,	,	PUNCT
cblr-8637	1015	45	so	so	SCONJ
cblr-8637	1015	46	it	it	PRON
cblr-8637	1015	47	wants	want	VERB
cblr-8637	1015	48	to	to	PART
cblr-8637	1015	49	take	take	VERB
cblr-8637	1015	50	the	the	DET
cblr-8637	1015	51	target	target	NOUN
cblr-8637	1015	52	public	public	NOUN
cblr-8637	1015	53	at	at	ADP
cblr-8637	1015	54	a	a	DET
cblr-8637	1015	55	price	price	NOUN
cblr-8637	1015	56	that	that	PRON
cblr-8637	1015	57	is	be	AUX
cblr-8637	1015	58	below	below	ADP
cblr-8637	1015	59	fair	fair	ADJ
cblr-8637	1015	60	value	value	NOUN
cblr-8637	1015	61	.	.	PUNCT
cblr-8637	1015	62	”	"	PUNCT
cblr-8637	1015	63	)	)	PUNCT
cblr-8637	1015	64	.	.	PUNCT
cblr-8637	1016	1	greene	greene	PROPN
cblr-8637	1016	2	et	et	PROPN
cblr-8637	1016	3	al	al	PROPN
cblr-8637	1016	4	.	.	PROPN
cblr-8637	1017	1	8/21/2021	8/21/2021	NUM
cblr-8637	1017	2	1:44	1:44	NUM
cblr-8637	1017	3	pm	pm	NOUN
cblr-8637	1017	4	no	no	INTJ
cblr-8637	1017	5	.	.	PUNCT
cblr-8637	1018	1	2:714	2:714	NUM
cblr-8637	1018	2	]	]	X
cblr-8637	1018	3	the	the	DET
cblr-8637	1018	4	need	need	NOUN
cblr-8637	1018	5	for	for	ADP
cblr-8637	1018	6	a	a	DET
cblr-8637	1018	7	comprehensive	comprehensive	ADJ
cblr-8637	1018	8	approach	approach	NOUN
cblr-8637	1018	9	781	781	NUM
cblr-8637	1018	10	likely	likely	ADV
cblr-8637	1018	11	will	will	AUX
cblr-8637	1018	12	pay	pay	VERB
cblr-8637	1018	13	additional	additional	ADJ
cblr-8637	1018	14	investment	investment	NOUN
cblr-8637	1018	15	banking	banking	NOUN
cblr-8637	1018	16	fees	fee	NOUN
cblr-8637	1018	17	when	when	SCONJ
cblr-8637	1018	18	it	it	PRON
cblr-8637	1018	19	acquires	acquire	VERB
cblr-8637	1018	20	the	the	DET
cblr-8637	1018	21	target.291	target.291	NOUN
cblr-8637	1018	22	thus	thus	ADV
cblr-8637	1018	23	,	,	PUNCT
cblr-8637	1018	24	it	it	PRON
cblr-8637	1018	25	is	be	AUX
cblr-8637	1018	26	possible	possible	ADJ
cblr-8637	1018	27	that	that	SCONJ
cblr-8637	1018	28	spac	spac	PROPN
cblr-8637	1018	29	acquisitions	acquisition	NOUN
cblr-8637	1018	30	are	be	AUX
cblr-8637	1018	31	at	at	ADV
cblr-8637	1018	32	least	least	ADJ
cblr-8637	1018	33	as	as	ADV
cblr-8637	1018	34	costly	costly	ADJ
cblr-8637	1018	35	as	as	ADP
cblr-8637	1018	36	traditional	traditional	ADJ
cblr-8637	1018	37	ipos	ipos	NOUN
cblr-8637	1018	38	,	,	PUNCT
cblr-8637	1018	39	with	with	ADP
cblr-8637	1018	40	the	the	DET
cblr-8637	1018	41	costs	cost	NOUN
cblr-8637	1018	42	just	just	ADV
cblr-8637	1018	43	being	be	AUX
cblr-8637	1018	44	“	"	PUNCT
cblr-8637	1018	45	better	well	ADV
cblr-8637	1018	46	disguised	disguise	VERB
cblr-8637	1018	47	.	.	PUNCT
cblr-8637	1019	1	”292	”292	PRON
cblr-8637	1019	2	even	even	ADV
cblr-8637	1019	3	if	if	SCONJ
cblr-8637	1019	4	spacs	spac	NOUN
cblr-8637	1019	5	did	do	AUX
cblr-8637	1019	6	resolve	resolve	VERB
cblr-8637	1019	7	the	the	DET
cblr-8637	1019	8	underpricing	underpricing	NOUN
cblr-8637	1019	9	of	of	ADP
cblr-8637	1019	10	ipos	ipos	NOUN
cblr-8637	1019	11	and	and	CCONJ
cblr-8637	1019	12	the	the	DET
cblr-8637	1019	13	high	high	ADJ
cblr-8637	1019	14	underwriting	underwriting	NOUN
cblr-8637	1019	15	cost	cost	NOUN
cblr-8637	1019	16	associated	associate	VERB
cblr-8637	1019	17	with	with	ADP
cblr-8637	1019	18	going	go	VERB
cblr-8637	1019	19	public	public	ADJ
cblr-8637	1019	20	,	,	PUNCT
cblr-8637	1019	21	they	they	PRON
cblr-8637	1019	22	still	still	ADV
cblr-8637	1019	23	raise	raise	VERB
cblr-8637	1019	24	legitimate	legitimate	ADJ
cblr-8637	1019	25	concerns.293	concerns.293	NOUN
cblr-8637	1019	26	commentators	commentator	NOUN
cblr-8637	1019	27	have	have	AUX
cblr-8637	1019	28	observed	observe	VERB
cblr-8637	1019	29	and	and	CCONJ
cblr-8637	1019	30	warned	warn	VERB
cblr-8637	1019	31	that	that	SCONJ
cblr-8637	1019	32	spac	spac	PROPN
cblr-8637	1019	33	transactions	transaction	NOUN
cblr-8637	1019	34	are	be	AUX
cblr-8637	1019	35	ripe	ripe	ADJ
cblr-8637	1019	36	for	for	ADP
cblr-8637	1019	37	potential	potential	ADJ
cblr-8637	1019	38	fraud	fraud	NOUN
cblr-8637	1019	39	and	and	CCONJ
cblr-8637	1019	40	litigation	litigation	NOUN
cblr-8637	1019	41	.	.	PUNCT
cblr-8637	1020	1	as	as	SCONJ
cblr-8637	1020	2	hedge	hedge	NOUN
cblr-8637	1020	3	fund	fund	NOUN
cblr-8637	1020	4	manager	manager	NOUN
cblr-8637	1020	5	gabriel	gabriel	PROPN
cblr-8637	1020	6	grego	grego	PROPN
cblr-8637	1020	7	explained	explain	VERB
cblr-8637	1020	8	,	,	PUNCT
cblr-8637	1020	9	“	"	PUNCT
cblr-8637	1020	10	[	[	X
cblr-8637	1020	11	t]he	t]he	X
cblr-8637	1020	12	[	[	X
cblr-8637	1020	13	spac	spac	X
cblr-8637	1020	14	]	]	PUNCT
cblr-8637	1020	15	structure	structure	NOUN
cblr-8637	1020	16	itself	itself	PRON
cblr-8637	1020	17	seems	seem	VERB
cblr-8637	1020	18	engineered	engineer	VERB
cblr-8637	1020	19	to	to	PART
cblr-8637	1020	20	attract	attract	VERB
cblr-8637	1020	21	fraud	fraud	NOUN
cblr-8637	1020	22	.	.	PUNCT
cblr-8637	1020	23	”294	”294	NOUN
cblr-8637	1021	1	a	a	DET
cblr-8637	1021	2	prime	prime	ADJ
cblr-8637	1021	3	example	example	NOUN
cblr-8637	1021	4	of	of	ADP
cblr-8637	1021	5	such	such	ADJ
cblr-8637	1021	6	fraud	fraud	NOUN
cblr-8637	1021	7	is	be	AUX
cblr-8637	1021	8	akazoo	akazoo	PROPN
cblr-8637	1021	9	,	,	PUNCT
cblr-8637	1021	10	a	a	DET
cblr-8637	1021	11	company	company	NOUN
cblr-8637	1021	12	grego	grego	PROPN
cblr-8637	1021	13	shorted	short	VERB
cblr-8637	1021	14	in	in	ADP
cblr-8637	1021	15	2019.295	2019.295	NUM
cblr-8637	1021	16	akazoo	akazoo	NOUN
cblr-8637	1021	17	was	be	AUX
cblr-8637	1021	18	the	the	DET
cblr-8637	1021	19	operating	operate	VERB
cblr-8637	1021	20	company	company	NOUN
cblr-8637	1021	21	in	in	ADP
cblr-8637	1021	22	a	a	DET
cblr-8637	1021	23	spac	spac	NOUN
cblr-8637	1021	24	merger	merger	NOUN
cblr-8637	1021	25	that	that	PRON
cblr-8637	1021	26	was	be	AUX
cblr-8637	1021	27	found	find	VERB
cblr-8637	1021	28	to	to	PART
cblr-8637	1021	29	have	have	AUX
cblr-8637	1021	30	falsified	falsify	VERB
cblr-8637	1021	31	its	its	PRON
cblr-8637	1021	32	“	"	PUNCT
cblr-8637	1021	33	‘	'	PUNCT
cblr-8637	1021	34	books	book	NOUN
cblr-8637	1021	35	and	and	CCONJ
cblr-8637	1021	36	records	record	NOUN
cblr-8637	1021	37	’	'	PUNCT
cblr-8637	1021	38	,	,	PUNCT
cblr-8637	1021	39	including	include	VERB
cblr-8637	1021	40	the	the	DET
cblr-8637	1021	41	due	due	ADJ
cblr-8637	1021	42	diligence	diligence	NOUN
cblr-8637	1021	43	materials	material	NOUN
cblr-8637	1021	44	”	"	PUNCT
cblr-8637	1021	45	used	use	VERB
cblr-8637	1021	46	by	by	ADP
cblr-8637	1021	47	the	the	DET
cblr-8637	1021	48	spac	spac	PROPN
cblr-8637	1021	49	when	when	SCONJ
cblr-8637	1021	50	negotiating	negotiate	VERB
cblr-8637	1021	51	the	the	DET
cblr-8637	1021	52	deal.296	deal.296	NOUN
cblr-8637	1021	53	the	the	DET
cblr-8637	1021	54	diligence	diligence	NOUN
cblr-8637	1021	55	that	that	SCONJ
cblr-8637	1021	56	the	the	DET
cblr-8637	1021	57	spac	spac	PROPN
cblr-8637	1021	58	and	and	CCONJ
cblr-8637	1021	59	institutional	institutional	ADJ
cblr-8637	1021	60	investors	investor	NOUN
cblr-8637	1021	61	undertake	undertake	VERB
cblr-8637	1021	62	in	in	ADP
cblr-8637	1021	63	the	the	DET
cblr-8637	1021	64	de	de	PROPN
cblr-8637	1021	65	-	-	ADJ
cblr-8637	1021	66	spac	spac	PROPN
cblr-8637	1021	67	transaction	transaction	NOUN
cblr-8637	1021	68	has	have	AUX
cblr-8637	1021	69	caught	catch	VERB
cblr-8637	1021	70	the	the	DET
cblr-8637	1021	71	eye	eye	NOUN
cblr-8637	1021	72	of	of	ADP
cblr-8637	1021	73	shareholder	shareholder	NOUN
cblr-8637	1021	74	litigators	litigator	NOUN
cblr-8637	1021	75	and	and	CCONJ
cblr-8637	1021	76	regulators;297	regulators;297	PROPN
cblr-8637	1021	77	but	but	CCONJ
cblr-8637	1021	78	the	the	DET
cblr-8637	1021	79	291	291	NUM
cblr-8637	1021	80	i	i	NOUN
cblr-8637	1021	81	d.	d.	PROPN
cblr-8637	1021	82	292	292	NUM
cblr-8637	1022	1	i	i	PROPN
cblr-8637	1022	2	d.	d.	PROPN
cblr-8637	1022	3	293	293	NUM
cblr-8637	1022	4	see	see	VERB
cblr-8637	1022	5	,	,	PUNCT
cblr-8637	1022	6	e.g.	e.g.	ADV
cblr-8637	1022	7	,	,	PUNCT
cblr-8637	1022	8	generally	generally	ADV
cblr-8637	1022	9	nicolas	nicolas	PROPN
cblr-8637	1022	10	grabar	grabar	PROPN
cblr-8637	1022	11	,	,	PUNCT
cblr-8637	1022	12	adam	adam	PROPN
cblr-8637	1022	13	brenneman	brenneman	PROPN
cblr-8637	1022	14	&	&	CCONJ
cblr-8637	1022	15	jared	jared	PROPN
cblr-8637	1022	16	gerber	gerber	PROPN
cblr-8637	1022	17	,	,	PUNCT
cblr-8637	1022	18	cleary	cleary	PROPN
cblr-8637	1022	19	gottlieb	gottlieb	PROPN
cblr-8637	1022	20	steen	steen	PROPN
cblr-8637	1022	21	&	&	CCONJ
cblr-8637	1022	22	hamilton	hamilton	PROPN
cblr-8637	1022	23	llp	llp	PROPN
cblr-8637	1022	24	,	,	PUNCT
cblr-8637	1022	25	spac	spac	PROPN
cblr-8637	1022	26	sponsors	sponsor	NOUN
cblr-8637	1022	27	beware	beware	VERB
cblr-8637	1022	28	:	:	PUNCT
cblr-8637	1022	29	the	the	DET
cblr-8637	1022	30	rising	rise	VERB
cblr-8637	1022	31	threat	threat	NOUN
cblr-8637	1022	32	of	of	ADP
cblr-8637	1022	33	securities	security	NOUN
cblr-8637	1022	34	liability	liability	NOUN
cblr-8637	1022	35	(	(	PUNCT
cblr-8637	1022	36	2020	2020	NUM
cblr-8637	1022	37	)	)	PUNCT
cblr-8637	1022	38	,	,	PUNCT
cblr-8637	1022	39	https://www.clearygottlieb.com/-/media/files/alert-memos-2020/spacsponsors-beware—the-rising-threat-of-securities-liability.pdf	https://www.clearygottlieb.com/-/media/files/alert-memos-2020/spacsponsors-beware—the-rising-threat-of-securities-liability.pdf	X
cblr-8637	1023	1	[	[	X
cblr-8637	1023	2	https://perma.cc/7jtc-nseu	https://perma.cc/7jtc-nseu	X
cblr-8637	1023	3	]	]	X
cblr-8637	1023	4	.	.	PUNCT
cblr-8637	1024	1	294	294	NUM
cblr-8637	1024	2	ortenca	ortenca	ADJ
cblr-8637	1024	3	aliaj	aliaj	NOUN
cblr-8637	1024	4	,	,	PUNCT
cblr-8637	1024	5	sujeet	sujeet	PROPN
cblr-8637	1024	6	indap	indap	PROPN
cblr-8637	1024	7	&	&	CCONJ
cblr-8637	1024	8	miles	miles	PROPN
cblr-8637	1024	9	kruppa	kruppa	PROPN
cblr-8637	1024	10	,	,	PUNCT
cblr-8637	1024	11	can	can	AUX
cblr-8637	1024	12	spacs	spac	NOUN
cblr-8637	1024	13	shake	shake	VERB
cblr-8637	1024	14	off	off	ADP
cblr-8637	1024	15	their	their	PRON
cblr-8637	1024	16	bad	bad	ADJ
cblr-8637	1024	17	reputation	reputation	NOUN
cblr-8637	1024	18	?	?	PUNCT
cblr-8637	1024	19	,	,	PUNCT
cblr-8637	1024	20	fin	fin	NOUN
cblr-8637	1024	21	.	.	PUNCT
cblr-8637	1025	1	times	times	PROPN
cblr-8637	1025	2	(	(	PUNCT
cblr-8637	1025	3	aug	aug	PROPN
cblr-8637	1025	4	.	.	PROPN
cblr-8637	1025	5	13	13	NUM
cblr-8637	1025	6	,	,	PUNCT
cblr-8637	1025	7	2020	2020	NUM
cblr-8637	1025	8	)	)	PUNCT
cblr-8637	1025	9	(	(	PUNCT
cblr-8637	1025	10	internal	internal	ADJ
cblr-8637	1025	11	quotation	quotation	NOUN
cblr-8637	1025	12	marks	mark	NOUN
cblr-8637	1025	13	omitted	omit	VERB
cblr-8637	1025	14	)	)	PUNCT
cblr-8637	1025	15	,	,	PUNCT
cblr-8637	1025	16	https://www.ft.com/content/6eb655a2-21f5-4313-b287964a63dd88b3	https://www.ft.com/content/6eb655a2-21f5-4313-b287964a63dd88b3	PUNCT
cblr-8637	1026	1	[	[	X
cblr-8637	1026	2	https://perma.cc/f8w9-btje	https://perma.cc/f8w9-btje	X
cblr-8637	1026	3	]	]	PUNCT
cblr-8637	1026	4	.	.	PUNCT
cblr-8637	1026	5	295	295	NUM
cblr-8637	1027	1	i	i	PRON
cblr-8637	1027	2	d.	d.	PROPN
cblr-8637	1027	3	296	296	NUM
cblr-8637	1027	4	i	i	PRON
cblr-8637	1027	5	d.	d.	PROPN
cblr-8637	1027	6	297	297	NUM
cblr-8637	1027	7	in	in	ADP
cblr-8637	1027	8	an	an	DET
cblr-8637	1027	9	interview	interview	NOUN
cblr-8637	1027	10	with	with	ADP
cblr-8637	1027	11	cnbc	cnbc	PROPN
cblr-8637	1027	12	on	on	ADP
cblr-8637	1027	13	october	october	PROPN
cblr-8637	1027	14	20	20	NUM
cblr-8637	1027	15	,	,	PUNCT
cblr-8637	1027	16	2020	2020	NUM
cblr-8637	1027	17	,	,	PUNCT
cblr-8637	1027	18	when	when	SCONJ
cblr-8637	1027	19	comparing	compare	VERB
cblr-8637	1027	20	de	de	ADJ
cblr-8637	1027	21	-	-	ADJ
cblr-8637	1027	22	spac	spac	NOUN
cblr-8637	1027	23	transactions	transaction	NOUN
cblr-8637	1027	24	with	with	ADP
cblr-8637	1027	25	the	the	DET
cblr-8637	1027	26	traditional	traditional	ADJ
cblr-8637	1027	27	ipo	ipo	NOUN
cblr-8637	1027	28	,	,	PUNCT
cblr-8637	1027	29	sec	sec	PROPN
cblr-8637	1027	30	chairman	chairman	PROPN
cblr-8637	1027	31	jay	jay	PROPN
cblr-8637	1027	32	clayton	clayton	PROPN
cblr-8637	1027	33	noted	note	VERB
cblr-8637	1027	34	that	that	SCONJ
cblr-8637	1027	35	“	"	PUNCT
cblr-8637	1027	36	there	there	PRON
cblr-8637	1027	37	’s	’	VERB
cblr-8637	1027	38	something	something	PRON
cblr-8637	1027	39	that	that	PRON
cblr-8637	1027	40	happens	happen	VERB
cblr-8637	1027	41	in	in	ADP
cblr-8637	1027	42	the	the	DET
cblr-8637	1027	43	ipo	ipo	NOUN
cblr-8637	1027	44	process	process	NOUN
cblr-8637	1027	45	that	that	PRON
cblr-8637	1027	46	does	do	AUX
cblr-8637	1027	47	n’t	not	PART
cblr-8637	1027	48	happen	happen	VERB
cblr-8637	1027	49	as	as	ADV
cblr-8637	1027	50	much	much	ADV
cblr-8637	1027	51	in	in	ADP
cblr-8637	1027	52	the	the	DET
cblr-8637	1027	53	de	de	ADJ
cblr-8637	1027	54	-	-	ADJ
cblr-8637	1027	55	spacing	spacing	ADJ
cblr-8637	1027	56	process	process	NOUN
cblr-8637	1027	57	,	,	PUNCT
cblr-8637	1027	58	and	and	CCONJ
cblr-8637	1027	59	that	that	PRON
cblr-8637	1027	60	is	be	AUX
cblr-8637	1027	61	institutional	institutional	ADJ
cblr-8637	1027	62	investors	investor	NOUN
cblr-8637	1027	63	on	on	ADP
cblr-8637	1027	64	your	your	PRON
cblr-8637	1027	65	traditional	traditional	ADJ
cblr-8637	1027	66	road	road	NOUN
cblr-8637	1027	67	show	show	NOUN
cblr-8637	1027	68	kick	kick	VERB
cblr-8637	1027	69	the	the	DET
cblr-8637	1027	70	tires	tire	NOUN
cblr-8637	1027	71	on	on	ADP
cblr-8637	1027	72	the	the	DET
cblr-8637	1027	73	company	company	NOUN
cblr-8637	1027	74	.	.	PUNCT
cblr-8637	1028	1	that	that	PRON
cblr-8637	1028	2	does	do	AUX
cblr-8637	1028	3	n’t	not	PART
cblr-8637	1028	4	happen	happen	VERB
cblr-8637	1028	5	to	to	ADP
cblr-8637	1028	6	the	the	DET
cblr-8637	1028	7	same	same	ADJ
cblr-8637	1028	8	extent	extent	NOUN
cblr-8637	1028	9	in	in	ADP
cblr-8637	1028	10	the	the	DET
cblr-8637	1028	11	de	de	ADJ
cblr-8637	1028	12	-	-	ADJ
cblr-8637	1028	13	spacing	spacing	ADJ
cblr-8637	1028	14	transaction	transaction	NOUN
cblr-8637	1028	15	.	.	PUNCT
cblr-8637	1028	16	”	"	PUNCT
cblr-8637	1029	1	interview	interview	NOUN
cblr-8637	1029	2	by	by	ADP
cblr-8637	1029	3	bob	bob	PROPN
cblr-8637	1029	4	pisani	pisani	PROPN
cblr-8637	1029	5	with	with	ADP
cblr-8637	1029	6	jay	jay	PROPN
cblr-8637	1029	7	clayton	clayton	PROPN
cblr-8637	1029	8	,	,	PUNCT
cblr-8637	1029	9	chairman	chairman	NOUN
cblr-8637	1029	10	,	,	PUNCT
cblr-8637	1029	11	u.s	u.s	PROPN
cblr-8637	1029	12	.	.	PROPN
cblr-8637	1029	13	sec	sec	PROPN
cblr-8637	1029	14	.	.	PROPN
cblr-8637	1029	15	&	&	CCONJ
cblr-8637	1029	16	exch	exch	PROPN
cblr-8637	1029	17	.	.	PUNCT
cblr-8637	1030	1	comm’n	comm’n	PROPN
cblr-8637	1030	2	,	,	PUNCT
cblr-8637	1030	3	at	at	ADP
cblr-8637	1030	4	the	the	DET
cblr-8637	1030	5	cnbc	cnbc	PROPN
cblr-8637	1030	6	fin	fin	PROPN
cblr-8637	1030	7	.	.	PUNCT
cblr-8637	1031	1	advisor	advisor	NOUN
cblr-8637	1031	2	summit	summit	PROPN
cblr-8637	1031	3	(	(	PUNCT
cblr-8637	1031	4	oct	oct	PROPN
cblr-8637	1031	5	.	.	PROPN
cblr-8637	1031	6	20	20	NUM
cblr-8637	1031	7	,	,	PUNCT
cblr-8637	1031	8	2020	2020	NUM
cblr-8637	1031	9	)	)	PUNCT
cblr-8637	1031	10	,	,	PUNCT
cblr-8637	1031	11	https://www.cnbc.com/2020/10/20/cnbc-transcript-cnbcs-bob-pisanigreene	https://www.cnbc.com/2020/10/20/cnbc-transcript-cnbcs-bob-pisanigreene	NOUN
cblr-8637	1031	12	et	et	PROPN
cblr-8637	1031	13	al	al	PROPN
cblr-8637	1031	14	.	.	PROPN
cblr-8637	1032	1	8/21/2021	8/21/2021	NUM
cblr-8637	1032	2	1:44	1:44	NUM
cblr-8637	1032	3	pm	pm	NOUN
cblr-8637	1032	4	782	782	NUM
cblr-8637	1032	5	columbia	columbia	PROPN
cblr-8637	1032	6	business	business	NOUN
cblr-8637	1032	7	law	law	PROPN
cblr-8637	1032	8	review	review	NOUN
cblr-8637	1033	1	[	[	X
cblr-8637	1033	2	vol	vol	NOUN
cblr-8637	1033	3	.	.	NOUN
cblr-8637	1033	4	2021	2021	NUM
cblr-8637	1033	5	popularity	popularity	NOUN
cblr-8637	1033	6	of	of	ADP
cblr-8637	1033	7	spacs	spac	NOUN
cblr-8637	1033	8	has	have	AUX
cblr-8637	1033	9	also	also	ADV
cblr-8637	1033	10	caught	catch	VERB
cblr-8637	1033	11	the	the	DET
cblr-8637	1033	12	attention	attention	NOUN
cblr-8637	1033	13	of	of	ADP
cblr-8637	1033	14	insurers.298	insurers.298	PRON
cblr-8637	1033	15	the	the	DET
cblr-8637	1033	16	akazoo	akazoo	PROPN
cblr-8637	1033	17	transaction	transaction	NOUN
cblr-8637	1033	18	resulted	result	VERB
cblr-8637	1033	19	in	in	ADP
cblr-8637	1033	20	a	a	DET
cblr-8637	1033	21	securities	security	NOUN
cblr-8637	1033	22	class	class	NOUN
cblr-8637	1033	23	action	action	NOUN
cblr-8637	1033	24	case	case	NOUN
cblr-8637	1033	25	against	against	ADP
cblr-8637	1033	26	the	the	DET
cblr-8637	1033	27	operating	operate	VERB
cblr-8637	1033	28	company	company	NOUN
cblr-8637	1033	29	for	for	ADP
cblr-8637	1033	30	the	the	DET
cblr-8637	1033	31	false	false	ADJ
cblr-8637	1033	32	and	and	CCONJ
cblr-8637	1033	33	misleading	misleading	ADJ
cblr-8637	1033	34	statements	statement	NOUN
cblr-8637	1033	35	that	that	PRON
cblr-8637	1033	36	led	lead	VERB
cblr-8637	1033	37	to	to	ADP
cblr-8637	1033	38	the	the	DET
cblr-8637	1033	39	allegedly	allegedly	ADV
cblr-8637	1033	40	artificially	artificially	ADV
cblr-8637	1033	41	inflated	inflate	VERB
cblr-8637	1033	42	prices.299	prices.299	VERB
cblr-8637	1033	43	some	some	PRON
cblr-8637	1033	44	argue	argue	VERB
cblr-8637	1033	45	,	,	PUNCT
cblr-8637	1033	46	however	however	ADV
cblr-8637	1033	47	,	,	PUNCT
cblr-8637	1033	48	that	that	SCONJ
cblr-8637	1033	49	in	in	ADP
cblr-8637	1033	50	light	light	NOUN
cblr-8637	1033	51	of	of	ADP
cblr-8637	1033	52	the	the	DET
cblr-8637	1033	53	success	success	NOUN
cblr-8637	1033	54	of	of	ADP
cblr-8637	1033	55	highprofile	highprofile	NOUN
cblr-8637	1033	56	de	de	PROPN
cblr-8637	1033	57	-	-	NOUN
cblr-8637	1033	58	spacs	spac	NOUN
cblr-8637	1033	59	(	(	PUNCT
cblr-8637	1033	60	such	such	ADJ
cblr-8637	1033	61	as	as	ADP
cblr-8637	1033	62	draftkings	draftking	NOUN
cblr-8637	1033	63	and	and	CCONJ
cblr-8637	1033	64	nikola	nikola	PROPN
cblr-8637	1033	65	)	)	PUNCT
cblr-8637	1033	66	and	and	CCONJ
cblr-8637	1033	67	the	the	DET
cblr-8637	1033	68	participation	participation	NOUN
cblr-8637	1033	69	of	of	ADP
cblr-8637	1033	70	more	more	ADJ
cblr-8637	1033	71	prominent	prominent	ADJ
cblr-8637	1033	72	investors	investor	NOUN
cblr-8637	1033	73	(	(	PUNCT
cblr-8637	1033	74	such	such	ADJ
cblr-8637	1033	75	as	as	ADP
cblr-8637	1033	76	bill	bill	NOUN
cblr-8637	1033	77	ackman	ackman	NOUN
cblr-8637	1033	78	and	and	CCONJ
cblr-8637	1033	79	billy	billy	ADJ
cblr-8637	1033	80	beane	beane	PROPN
cblr-8637	1033	81	)	)	PUNCT
cblr-8637	1033	82	in	in	ADP
cblr-8637	1033	83	starting	start	VERB
cblr-8637	1033	84	high	high	ADJ
cblr-8637	1033	85	-	-	PUNCT
cblr-8637	1033	86	profile	profile	NOUN
cblr-8637	1033	87	spacs	spac	NOUN
cblr-8637	1033	88	,	,	PUNCT
cblr-8637	1033	89	they	they	PRON
cblr-8637	1033	90	are	be	AUX
cblr-8637	1033	91	no	no	ADV
cblr-8637	1033	92	longer	long	ADV
cblr-8637	1033	93	the	the	DET
cblr-8637	1033	94	“	"	PUNCT
cblr-8637	1033	95	vehicle	vehicle	NOUN
cblr-8637	1033	96	that	that	PRON
cblr-8637	1033	97	shady	shady	ADJ
cblr-8637	1033	98	financiers	financier	NOUN
cblr-8637	1033	99	use	use	VERB
cblr-8637	1033	100	to	to	PART
cblr-8637	1033	101	unload	unload	VERB
cblr-8637	1033	102	dodgy	dodgy	ADJ
cblr-8637	1033	103	businesses	business	NOUN
cblr-8637	1033	104	on	on	ADP
cblr-8637	1033	105	the	the	DET
cblr-8637	1033	106	unsuspecting	unsuspecting	ADJ
cblr-8637	1033	107	masses	masse	NOUN
cblr-8637	1033	108	.	.	PUNCT
cblr-8637	1034	1	”300	”300	PUNCT
cblr-8637	1035	1	nonetheless	nonetheless	ADV
cblr-8637	1035	2	,	,	PUNCT
cblr-8637	1035	3	in	in	ADP
cblr-8637	1035	4	addition	addition	NOUN
cblr-8637	1035	5	to	to	ADP
cblr-8637	1035	6	concerns	concern	NOUN
cblr-8637	1035	7	about	about	ADP
cblr-8637	1035	8	fraud	fraud	NOUN
cblr-8637	1035	9	,	,	PUNCT
cblr-8637	1035	10	spac	spac	PROPN
cblr-8637	1035	11	transactions	transaction	NOUN
cblr-8637	1035	12	will	will	AUX
cblr-8637	1035	13	inevitably	inevitably	ADV
cblr-8637	1035	14	lead	lead	VERB
cblr-8637	1035	15	to	to	ADP
cblr-8637	1035	16	other	other	ADJ
cblr-8637	1035	17	forms	form	NOUN
cblr-8637	1035	18	of	of	ADP
cblr-8637	1035	19	litigation	litigation	NOUN
cblr-8637	1035	20	.	.	PUNCT
cblr-8637	1036	1	for	for	ADP
cblr-8637	1036	2	example	example	NOUN
cblr-8637	1036	3	,	,	PUNCT
cblr-8637	1036	4	the	the	DET
cblr-8637	1036	5	spac	spac	NOUN
cblr-8637	1036	6	can	can	AUX
cblr-8637	1036	7	be	be	AUX
cblr-8637	1036	8	liable	liable	ADJ
cblr-8637	1036	9	for	for	ADP
cblr-8637	1036	10	section	section	NOUN
cblr-8637	1036	11	11	11	NUM
cblr-8637	1036	12	violations	violation	NOUN
cblr-8637	1036	13	in	in	ADP
cblr-8637	1036	14	its	its	PRON
cblr-8637	1036	15	ipo	ipo	NOUN
cblr-8637	1036	16	registration	registration	NOUN
cblr-8637	1036	17	statement	statement	NOUN
cblr-8637	1036	18	as	as	ADV
cblr-8637	1036	19	well	well	ADV
cblr-8637	1036	20	as	as	ADP
cblr-8637	1036	21	liable	liable	ADJ
cblr-8637	1036	22	in	in	ADP
cblr-8637	1036	23	typical	typical	ADJ
cblr-8637	1036	24	interviews	interview	NOUN
cblr-8637	1036	25	-	-	PUNCT
cblr-8637	1036	26	united	unite	VERB
cblr-8637	1036	27	-	-	PUNCT
cblr-8637	1036	28	states	state	NOUN
cblr-8637	1036	29	-	-	PUNCT
cblr-8637	1036	30	securities	security	NOUN
cblr-8637	1036	31	-	-	PUNCT
cblr-8637	1036	32	and	and	CCONJ
cblr-8637	1036	33	-	-	PUNCT
cblr-8637	1036	34	exchange	exchange	NOUN
cblr-8637	1036	35	-	-	PUNCT
cblr-8637	1036	36	commission	commission	NOUN
cblr-8637	1036	37	-	-	PUNCT
cblr-8637	1036	38	chairmanjay	chairmanjay	NOUN
cblr-8637	1036	39	-	-	PUNCT
cblr-8637	1036	40	clayton	clayton	NOUN
cblr-8637	1036	41	-	-	PUNCT
cblr-8637	1036	42	from	from	ADP
cblr-8637	1036	43	-	-	PUNCT
cblr-8637	1036	44	the	the	DET
cblr-8637	1036	45	-	-	PUNCT
cblr-8637	1036	46	cnbc	cnbc	NOUN
cblr-8637	1036	47	-	-	PUNCT
cblr-8637	1036	48	financial	financial	ADJ
cblr-8637	1036	49	-	-	PUNCT
cblr-8637	1036	50	advisor	advisor	NOUN
cblr-8637	1036	51	-	-	PUNCT
cblr-8637	1036	52	summit	summit	NOUN
cblr-8637	1036	53	-	-	PUNCT
cblr-8637	1036	54	today.html	today.html	NUM
cblr-8637	1037	1	[	[	X
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cblr-8637	1037	3	]	]	X
cblr-8637	1037	4	.	.	PUNCT
cblr-8637	1038	1	298	298	NUM
cblr-8637	1038	2	in	in	ADP
cblr-8637	1038	3	march	march	PROPN
cblr-8637	1038	4	2021	2021	NUM
cblr-8637	1038	5	,	,	PUNCT
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cblr-8637	1038	7	launched	launch	VERB
cblr-8637	1038	8	“	"	PUNCT
cblr-8637	1038	9	a	a	DET
cblr-8637	1038	10	directors	director	NOUN
cblr-8637	1038	11	’	'	PUNCT
cblr-8637	1038	12	and	and	CCONJ
cblr-8637	1038	13	officers	officer	NOUN
cblr-8637	1038	14	’	’	PART
cblr-8637	1038	15	product	product	NOUN
cblr-8637	1038	16	suite	suite	NOUN
cblr-8637	1038	17	designed	design	VERB
cblr-8637	1038	18	specifically	specifically	ADV
cblr-8637	1038	19	for	for	ADP
cblr-8637	1038	20	”	"	PUNCT
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cblr-8637	1038	22	.	.	PUNCT
cblr-8637	1039	1	ryan	ryan	PROPN
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cblr-8637	1039	3	,	,	PUNCT
cblr-8637	1039	4	beazley	beazley	PROPN
cblr-8637	1039	5	launches	launch	VERB
cblr-8637	1039	6	d&o	d&o	NOUN
cblr-8637	1039	7	coverage	coverage	NOUN
cblr-8637	1039	8	for	for	ADP
cblr-8637	1039	9	spacs	spac	NOUN
cblr-8637	1039	10	,	,	PUNCT
cblr-8637	1039	11	ins	ins	PROPN
cblr-8637	1039	12	.	.	PUNCT
cblr-8637	1039	13	bus	bus	NOUN
cblr-8637	1039	14	.	.	PUNCT
cblr-8637	1040	1	am	be	AUX
cblr-8637	1040	2	.	.	PUNCT
cblr-8637	1041	1	(	(	PUNCT
cblr-8637	1041	2	mar	mar	PROPN
cblr-8637	1041	3	.	.	PROPN
cblr-8637	1041	4	10	10	NUM
cblr-8637	1041	5	,	,	PUNCT
cblr-8637	1041	6	2021	2021	NUM
cblr-8637	1041	7	)	)	PUNCT
cblr-8637	1041	8	,	,	PUNCT
cblr-8637	1041	9	https://www.insurancebusinessmag.com/us/news/professionalliability/beazley-launches-dando-coverage-for-spacs-248855.aspx	https://www.insurancebusinessmag.com/us/news/professionalliability/beazley-launches-dando-coverage-for-spacs-248855.aspx	NOUN
cblr-8637	1042	1	[	[	X
cblr-8637	1042	2	https://perma.cc/mq4w-upet	https://perma.cc/mq4w-upet	X
cblr-8637	1042	3	]	]	X
cblr-8637	1042	4	.	.	PUNCT
cblr-8637	1043	1	a	a	DET
cblr-8637	1043	2	leader	leader	NOUN
cblr-8637	1043	3	of	of	ADP
cblr-8637	1043	4	the	the	DET
cblr-8637	1043	5	iniative	iniative	NOUN
cblr-8637	1043	6	stated	state	VERB
cblr-8637	1043	7	:	:	PUNCT
cblr-8637	1043	8	“	"	PUNCT
cblr-8637	1043	9	these	these	DET
cblr-8637	1043	10	streamlined	streamline	VERB
cblr-8637	1043	11	produces	produce	NOUN
cblr-8637	1043	12	are	be	AUX
cblr-8637	1043	13	specifically	specifically	ADV
cblr-8637	1043	14	designed	design	VERB
cblr-8637	1043	15	for	for	ADP
cblr-8637	1043	16	spacs	spac	NOUN
cblr-8637	1043	17	and	and	CCONJ
cblr-8637	1043	18	their	their	PRON
cblr-8637	1043	19	officers	officer	NOUN
cblr-8637	1043	20	and	and	CCONJ
cblr-8637	1043	21	directors	director	NOUN
cblr-8637	1043	22	at	at	ADP
cblr-8637	1043	23	a	a	DET
cblr-8637	1043	24	time	time	NOUN
cblr-8637	1043	25	when	when	SCONJ
cblr-8637	1043	26	heightened	heighten	VERB
cblr-8637	1043	27	regulatory	regulatory	ADJ
cblr-8637	1043	28	scrutiny	scrutiny	NOUN
cblr-8637	1043	29	,	,	PUNCT
cblr-8637	1043	30	media	medium	NOUN
cblr-8637	1043	31	attention	attention	NOUN
cblr-8637	1043	32	and	and	CCONJ
cblr-8637	1043	33	an	an	DET
cblr-8637	1043	34	increasingly	increasingly	ADV
cblr-8637	1043	35	active	active	ADJ
cblr-8637	1043	36	plaintiff	plaintiff	NOUN
cblr-8637	1043	37	’s	’s	PART
cblr-8637	1043	38	bar	bar	NOUN
cblr-8637	1043	39	make	make	VERB
cblr-8637	1043	40	it	it	PRON
cblr-8637	1043	41	critical	critical	ADJ
cblr-8637	1043	42	that	that	SCONJ
cblr-8637	1043	43	they	they	PRON
cblr-8637	1043	44	have	have	VERB
cblr-8637	1043	45	appropriate	appropriate	ADJ
cblr-8637	1043	46	coverage	coverage	NOUN
cblr-8637	1043	47	and	and	CCONJ
cblr-8637	1043	48	fully	fully	ADV
cblr-8637	1043	49	understand	understand	VERB
cblr-8637	1043	50	what	what	PRON
cblr-8637	1043	51	that	that	DET
cblr-8637	1043	52	coverage	coverage	NOUN
cblr-8637	1043	53	is	be	AUX
cblr-8637	1043	54	.	.	PUNCT
cblr-8637	1043	55	”	"	PUNCT
cblr-8637	1044	1	i	i	PRON
cblr-8637	1044	2	d.	d.	PROPN
cblr-8637	1044	3	(	(	PUNCT
cblr-8637	1044	4	internal	internal	ADJ
cblr-8637	1044	5	quotation	quotation	NOUN
cblr-8637	1044	6	marks	mark	NOUN
cblr-8637	1044	7	omitted	omit	VERB
cblr-8637	1044	8	)	)	PUNCT
cblr-8637	1044	9	.	.	PUNCT
cblr-8637	1045	1	299	299	NUM
cblr-8637	1045	2	priya	priya	PROPN
cblr-8637	1045	3	cherian	cherian	PROPN
cblr-8637	1045	4	huskins	huskin	NOUN
cblr-8637	1045	5	,	,	PUNCT
cblr-8637	1045	6	why	why	SCONJ
cblr-8637	1045	7	more	more	ADJ
cblr-8637	1045	8	spacs	spac	NOUN
cblr-8637	1045	9	could	could	AUX
cblr-8637	1045	10	lead	lead	VERB
cblr-8637	1045	11	to	to	ADP
cblr-8637	1045	12	more	more	ADJ
cblr-8637	1045	13	litigation	litigation	NOUN
cblr-8637	1045	14	(	(	PUNCT
cblr-8637	1045	15	and	and	CCONJ
cblr-8637	1045	16	how	how	SCONJ
cblr-8637	1045	17	to	to	PART
cblr-8637	1045	18	prepare	prepare	VERB
cblr-8637	1045	19	)	)	PUNCT
cblr-8637	1045	20	,	,	PUNCT
cblr-8637	1045	21	am	be	AUX
cblr-8637	1045	22	.	.	PUNCT
cblr-8637	1046	1	bar	bar	NOUN
cblr-8637	1046	2	ass’n	ass’n	NUM
cblr-8637	1046	3	(	(	PUNCT
cblr-8637	1046	4	june	june	PROPN
cblr-8637	1046	5	25	25	NUM
cblr-8637	1046	6	,	,	PUNCT
cblr-8637	1046	7	2020	2020	NUM
cblr-8637	1046	8	)	)	PUNCT
cblr-8637	1046	9	,	,	PUNCT
cblr-8637	1046	10	https://www.americanbar.org/groups/business_law/publications/blt/2020/0	https://www.americanbar.org/groups/business_law/publications/blt/2020/0	PROPN
cblr-8637	1046	11	7	7	NUM
cblr-8637	1046	12	/	/	SYM
cblr-8637	1046	13	spacs	spac	NOUN
cblr-8637	1046	14	-	-	NUM
cblr-8637	1046	15	litigation/	litigation/	NUM
cblr-8637	1047	1	[	[	X
cblr-8637	1047	2	https://perma.cc/6yes-w586	https://perma.cc/6yes-w586	X
cblr-8637	1047	3	]	]	X
cblr-8637	1047	4	.	.	PUNCT
cblr-8637	1048	1	300	300	NUM
cblr-8637	1048	2	aliaj	aliaj	NOUN
cblr-8637	1048	3	et	et	PROPN
cblr-8637	1048	4	al	al	PROPN
cblr-8637	1048	5	.	.	PROPN
cblr-8637	1048	6	,	,	PUNCT
cblr-8637	1048	7	supra	supra	PROPN
cblr-8637	1048	8	note	note	PROPN
cblr-8637	1048	9	294	294	NUM
cblr-8637	1048	10	.	.	PUNCT
cblr-8637	1049	1	apex	apex	PROPN
cblr-8637	1049	2	clearing	clearing	PROPN
cblr-8637	1049	3	corp	corp	PROPN
cblr-8637	1049	4	.	.	PROPN
cblr-8637	1049	5	,	,	PUNCT
cblr-8637	1049	6	a	a	DET
cblr-8637	1049	7	financial	financial	ADJ
cblr-8637	1049	8	technology	technology	NOUN
cblr-8637	1049	9	firm	firm	NOUN
cblr-8637	1049	10	that	that	PRON
cblr-8637	1049	11	provides	provide	VERB
cblr-8637	1049	12	services	service	NOUN
cblr-8637	1049	13	such	such	ADJ
cblr-8637	1049	14	as	as	ADP
cblr-8637	1049	15	cryptocurrency	cryptocurrency	NOUN
cblr-8637	1049	16	solutions	solution	NOUN
cblr-8637	1049	17	and	and	CCONJ
cblr-8637	1049	18	clearing	clearing	NOUN
cblr-8637	1049	19	,	,	PUNCT
cblr-8637	1049	20	went	go	VERB
cblr-8637	1049	21	public	public	ADJ
cblr-8637	1049	22	with	with	ADP
cblr-8637	1049	23	after	after	ADP
cblr-8637	1049	24	merging	merge	VERB
cblr-8637	1049	25	with	with	ADP
cblr-8637	1049	26	the	the	DET
cblr-8637	1049	27	spac	spac	PROPN
cblr-8637	1049	28	northern	northern	PROPN
cblr-8637	1049	29	star	star	PROPN
cblr-8637	1049	30	investment	investment	PROPN
cblr-8637	1049	31	corp	corp	PROPN
cblr-8637	1049	32	ii	ii	PROPN
cblr-8637	1049	33	,	,	PUNCT
cblr-8637	1049	34	with	with	ADP
cblr-8637	1049	35	the	the	DET
cblr-8637	1049	36	combined	combine	VERB
cblr-8637	1049	37	entity	entity	NOUN
cblr-8637	1049	38	valued	value	VERB
cblr-8637	1049	39	at	at	ADP
cblr-8637	1049	40	$	$	SYM
cblr-8637	1049	41	4.7	4.7	NUM
cblr-8637	1049	42	billion	billion	NUM
cblr-8637	1049	43	.	.	PUNCT
cblr-8637	1050	1	see	see	VERB
cblr-8637	1050	2	apex	apex	NOUN
cblr-8637	1050	3	clearing	clearing	NOUN
cblr-8637	1050	4	to	to	PART
cblr-8637	1050	5	go	go	VERB
cblr-8637	1050	6	public	public	ADJ
cblr-8637	1050	7	via	via	ADP
cblr-8637	1050	8	$	$	SYM
cblr-8637	1050	9	4.7	4.7	NUM
cblr-8637	1050	10	billion	billion	NUM
cblr-8637	1050	11	deal	deal	NOUN
cblr-8637	1050	12	with	with	ADP
cblr-8637	1050	13	ledecky	ledecky	PROPN
cblr-8637	1050	14	’s	’s	PART
cblr-8637	1050	15	spac	spac	PROPN
cblr-8637	1050	16	,	,	PUNCT
cblr-8637	1050	17	reuters	reuters	PROPN
cblr-8637	1050	18	(	(	PUNCT
cblr-8637	1050	19	feb	feb	PROPN
cblr-8637	1050	20	.	.	PROPN
cblr-8637	1050	21	11	11	NUM
cblr-8637	1050	22	,	,	PUNCT
cblr-8637	1050	23	2021	2021	NUM
cblr-8637	1050	24	,	,	PUNCT
cblr-8637	1050	25	7:17	7:17	NUM
cblr-8637	1050	26	am	am	NOUN
cblr-8637	1050	27	)	)	PUNCT
cblr-8637	1050	28	,	,	PUNCT
cblr-8637	1050	29	https://www.reuters.com/article/us-apexclearing-m-a-northern-star-in/apex-clearing-to-go-public-via-4-7-billiondeal-with-ledeckys-spac-iduskbn2am18d	https://www.reuters.com/article/us-apexclearing-m-a-northern-star-in/apex-clearing-to-go-public-via-4-7-billiondeal-with-ledeckys-spac-iduskbn2am18d	PROPN
cblr-8637	1051	1	[	[	X
cblr-8637	1051	2	https://perma.cc/6zhekw6	https://perma.cc/6zhekw6	ADP
cblr-8637	1051	3	t	t	X
cblr-8637	1051	4	]	]	PUNCT
cblr-8637	1051	5	.	.	PUNCT
cblr-8637	1052	1	greene	greene	PROPN
cblr-8637	1052	2	et	et	PROPN
cblr-8637	1052	3	al	al	PROPN
cblr-8637	1052	4	.	.	PROPN
cblr-8637	1053	1	8/21/2021	8/21/2021	NUM
cblr-8637	1053	2	1:44	1:44	NUM
cblr-8637	1053	3	pm	pm	NOUN
cblr-8637	1053	4	no	no	INTJ
cblr-8637	1053	5	.	.	PUNCT
cblr-8637	1054	1	2:714	2:714	NUM
cblr-8637	1054	2	]	]	X
cblr-8637	1054	3	the	the	DET
cblr-8637	1054	4	need	need	NOUN
cblr-8637	1054	5	for	for	ADP
cblr-8637	1054	6	a	a	DET
cblr-8637	1054	7	comprehensive	comprehensive	ADJ
cblr-8637	1054	8	approach	approach	NOUN
cblr-8637	1054	9	783	783	NUM
cblr-8637	1054	10	m&a	m&a	PROPN
cblr-8637	1054	11	suits	suit	NOUN
cblr-8637	1054	12	involving	involve	VERB
cblr-8637	1054	13	allegations	allegation	NOUN
cblr-8637	1054	14	of	of	ADP
cblr-8637	1054	15	deficient	deficient	ADJ
cblr-8637	1054	16	proxy	proxy	ADJ
cblr-8637	1054	17	statements	statement	NOUN
cblr-8637	1054	18	or	or	CCONJ
cblr-8637	1054	19	litigation	litigation	NOUN
cblr-8637	1054	20	against	against	ADP
cblr-8637	1054	21	the	the	DET
cblr-8637	1054	22	operating	operate	VERB
cblr-8637	1054	23	company	company	NOUN
cblr-8637	1054	24	if	if	SCONJ
cblr-8637	1054	25	the	the	DET
cblr-8637	1054	26	target	target	NOUN
cblr-8637	1054	27	company	company	NOUN
cblr-8637	1054	28	performs	perform	VERB
cblr-8637	1054	29	poorly	poorly	ADV
cblr-8637	1054	30	after	after	SCONJ
cblr-8637	1054	31	the	the	DET
cblr-8637	1054	32	transaction	transaction	NOUN
cblr-8637	1054	33	is	be	AUX
cblr-8637	1054	34	finalized.301	finalized.301	NUM
cblr-8637	1054	35	as	as	SCONJ
cblr-8637	1054	36	more	more	ADJ
cblr-8637	1054	37	spac	spac	PROPN
cblr-8637	1054	38	ipos	ipos	PROPN
cblr-8637	1054	39	proceed	proceed	VERB
cblr-8637	1054	40	,	,	PUNCT
cblr-8637	1054	41	more	more	ADJ
cblr-8637	1054	42	litigation	litigation	NOUN
cblr-8637	1054	43	is	be	AUX
cblr-8637	1054	44	inevitable302	inevitable302	PROPN
cblr-8637	1054	45	and	and	CCONJ
cblr-8637	1054	46	in	in	ADP
cblr-8637	1054	47	fact	fact	NOUN
cblr-8637	1054	48	may	may	AUX
cblr-8637	1054	49	be	be	AUX
cblr-8637	1054	50	the	the	DET
cblr-8637	1054	51	rational	rational	ADJ
cblr-8637	1054	52	choice	choice	NOUN
cblr-8637	1054	53	for	for	SCONJ
cblr-8637	1054	54	investors	investor	NOUN
cblr-8637	1054	55	to	to	PART
cblr-8637	1054	56	hedge	hedge	VERB
cblr-8637	1054	57	their	their	PRON
cblr-8637	1054	58	risk	risk	NOUN
cblr-8637	1054	59	in	in	ADP
cblr-8637	1054	60	response	response	NOUN
cblr-8637	1054	61	to	to	ADP
cblr-8637	1054	62	the	the	DET
cblr-8637	1054	63	lesser	less	ADJ
cblr-8637	1054	64	disclosure	disclosure	NOUN
cblr-8637	1054	65	required	require	VERB
cblr-8637	1054	66	in	in	ADP
cblr-8637	1054	67	despac	despac	ADJ
cblr-8637	1054	68	transactions	transaction	NOUN
cblr-8637	1054	69	as	as	SCONJ
cblr-8637	1054	70	compared	compare	VERB
cblr-8637	1054	71	to	to	ADP
cblr-8637	1054	72	traditional	traditional	ADJ
cblr-8637	1054	73	ipos	ipos	NOUN
cblr-8637	1054	74	.	.	PUNCT
cblr-8637	1055	1	relatedly	relatedly	ADV
cblr-8637	1055	2	,	,	PUNCT
cblr-8637	1055	3	some	some	DET
cblr-8637	1055	4	,	,	PUNCT
cblr-8637	1055	5	most	most	ADV
cblr-8637	1055	6	notably	notably	ADV
cblr-8637	1055	7	among	among	ADP
cblr-8637	1055	8	them	they	PRON
cblr-8637	1055	9	acting	act	VERB
cblr-8637	1055	10	director	director	NOUN
cblr-8637	1055	11	of	of	ADP
cblr-8637	1055	12	the	the	DET
cblr-8637	1055	13	sec	sec	PROPN
cblr-8637	1055	14	’s	’s	PART
cblr-8637	1055	15	division	division	NOUN
cblr-8637	1055	16	of	of	ADP
cblr-8637	1055	17	corporation	corporation	NOUN
cblr-8637	1055	18	finance	finance	PROPN
cblr-8637	1055	19	john	john	PROPN
cblr-8637	1055	20	coates	coates	PROPN
cblr-8637	1055	21	,	,	PUNCT
cblr-8637	1055	22	have	have	AUX
cblr-8637	1055	23	also	also	ADV
cblr-8637	1055	24	argued	argue	VERB
cblr-8637	1055	25	that	that	SCONJ
cblr-8637	1055	26	the	the	DET
cblr-8637	1055	27	safe	safe	ADJ
cblr-8637	1055	28	harbor	harbor	NOUN
cblr-8637	1055	29	from	from	ADP
cblr-8637	1055	30	securities	security	NOUN
cblr-8637	1055	31	law	law	NOUN
cblr-8637	1055	32	liability	liability	NOUN
cblr-8637	1055	33	under	under	ADP
cblr-8637	1055	34	the	the	DET
cblr-8637	1055	35	private	private	ADJ
cblr-8637	1055	36	securities	security	NOUN
cblr-8637	1055	37	litigation	litigation	PROPN
cblr-8637	1055	38	reform	reform	PROPN
cblr-8637	1055	39	act	act	PROPN
cblr-8637	1055	40	(	(	PUNCT
cblr-8637	1055	41	pslra	pslra	NOUN
cblr-8637	1055	42	)	)	PUNCT
cblr-8637	1055	43	for	for	ADP
cblr-8637	1055	44	forward	forward	ADV
cblr-8637	1055	45	-	-	PUNCT
cblr-8637	1055	46	looking	look	VERB
cblr-8637	1055	47	statements	statement	NOUN
cblr-8637	1055	48	should	should	AUX
cblr-8637	1055	49	not	not	PART
cblr-8637	1055	50	apply	apply	VERB
cblr-8637	1055	51	to	to	ADP
cblr-8637	1055	52	de	de	X
cblr-8637	1055	53	-	-	VERB
cblr-8637	1055	54	spac	spac	VERB
cblr-8637	1055	55	transactions.303	transactions.303	PROPN
cblr-8637	1055	56	these	these	DET
cblr-8637	1055	57	commentators	commentator	NOUN
cblr-8637	1055	58	reason	reason	VERB
cblr-8637	1055	59	that	that	SCONJ
cblr-8637	1055	60	the	the	DET
cblr-8637	1055	61	safe	safe	ADJ
cblr-8637	1055	62	harbor	harbor	NOUN
cblr-8637	1055	63	does	do	AUX
cblr-8637	1055	64	not	not	PART
cblr-8637	1055	65	apply	apply	VERB
cblr-8637	1055	66	to	to	ADP
cblr-8637	1055	67	traditional	traditional	ADJ
cblr-8637	1055	68	ipos	ipos	NOUN
cblr-8637	1055	69	because	because	SCONJ
cblr-8637	1055	70	it	it	PRON
cblr-8637	1055	71	is	be	AUX
cblr-8637	1055	72	the	the	DET
cblr-8637	1055	73	first	first	ADJ
cblr-8637	1055	74	time	time	NOUN
cblr-8637	1055	75	investors	investor	NOUN
cblr-8637	1055	76	see	see	VERB
cblr-8637	1055	77	the	the	DET
cblr-8637	1055	78	business	business	NOUN
cblr-8637	1055	79	and	and	CCONJ
cblr-8637	1055	80	financial	financial	ADJ
cblr-8637	1055	81	information	information	NOUN
cblr-8637	1055	82	of	of	ADP
cblr-8637	1055	83	the	the	DET
cblr-8637	1055	84	company	company	NOUN
cblr-8637	1055	85	and	and	CCONJ
cblr-8637	1055	86	thus	thus	ADV
cblr-8637	1055	87	,	,	PUNCT
cblr-8637	1055	88	“	"	PUNCT
cblr-8637	1055	89	federal	federal	ADJ
cblr-8637	1055	90	securities	security	NOUN
cblr-8637	1055	91	laws	law	NOUN
cblr-8637	1055	92	are	be	AUX
cblr-8637	1055	93	typically	typically	ADV
cblr-8637	1055	94	most	most	ADV
cblr-8637	1055	95	needed	need	VERB
cblr-8637	1055	96	to	to	PART
cblr-8637	1055	97	overcome	overcome	VERB
cblr-8637	1055	98	the	the	DET
cblr-8637	1055	99	information	information	NOUN
cblr-8637	1055	100	asymmetries	asymmetry	NOUN
cblr-8637	1055	101	.	.	PUNCT
cblr-8637	1056	1	”304	”304	PROPN
cblr-8637	1056	2	although	although	SCONJ
cblr-8637	1056	3	a	a	DET
cblr-8637	1056	4	spac	spac	NOUN
cblr-8637	1056	5	is	be	AUX
cblr-8637	1056	6	already	already	ADV
cblr-8637	1056	7	a	a	DET
cblr-8637	1056	8	public	public	ADJ
cblr-8637	1056	9	company	company	NOUN
cblr-8637	1056	10	,	,	PUNCT
cblr-8637	1056	11	the	the	DET
cblr-8637	1056	12	de	de	PROPN
cblr-8637	1056	13	-	-	ADJ
cblr-8637	1056	14	spac	spac	PROPN
cblr-8637	1056	15	transaction	transaction	NOUN
cblr-8637	1056	16	is	be	AUX
cblr-8637	1056	17	effectively	effectively	ADV
cblr-8637	1056	18	an	an	DET
cblr-8637	1056	19	ipo	ipo	NOUN
cblr-8637	1056	20	of	of	ADP
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cblr-8637	1056	25	and	and	CCONJ
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cblr-8637	1056	27	,	,	PUNCT
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cblr-8637	1056	29	similar	similar	ADJ
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cblr-8637	1056	31	,	,	PUNCT
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cblr-8637	1056	33	pslra	pslra	ADV
cblr-8637	1056	34	safe	safe	ADJ
cblr-8637	1056	35	harbor	harbor	NOUN
cblr-8637	1056	36	should	should	AUX
cblr-8637	1056	37	not	not	PART
cblr-8637	1056	38	apply.305	apply.305	ADV
cblr-8637	1056	39	thus	thus	ADV
cblr-8637	1056	40	,	,	PUNCT
cblr-8637	1056	41	as	as	ADV
cblr-8637	1056	42	currently	currently	ADV
cblr-8637	1056	43	formulated	formulate	VERB
cblr-8637	1056	44	,	,	PUNCT
cblr-8637	1056	45	spacs	spac	NOUN
cblr-8637	1056	46	do	do	AUX
cblr-8637	1056	47	not	not	PART
cblr-8637	1056	48	seem	seem	VERB
cblr-8637	1056	49	to	to	PART
cblr-8637	1056	50	be	be	AUX
cblr-8637	1056	51	a	a	DET
cblr-8637	1056	52	proper	proper	ADJ
cblr-8637	1056	53	structure	structure	NOUN
cblr-8637	1056	54	to	to	PART
cblr-8637	1056	55	increase	increase	VERB
cblr-8637	1056	56	the	the	DET
cblr-8637	1056	57	number	number	NOUN
cblr-8637	1056	58	of	of	ADP
cblr-8637	1056	59	ipos	ipos	NOUN
cblr-8637	1056	60	while	while	SCONJ
cblr-8637	1056	61	protecting	protect	VERB
cblr-8637	1056	62	retail	retail	ADJ
cblr-8637	1056	63	investors	investor	NOUN
cblr-8637	1056	64	.	.	PUNCT
cblr-8637	1057	1	301	301	NUM
cblr-8637	1057	2	huskins	huskin	NOUN
cblr-8637	1057	3	,	,	PUNCT
cblr-8637	1057	4	supra	supra	PROPN
cblr-8637	1057	5	note	note	PROPN
cblr-8637	1057	6	299	299	NUM
cblr-8637	1057	7	.	.	SYM
cblr-8637	1057	8	302	302	NUM
cblr-8637	1058	1	i	i	PROPN
cblr-8637	1058	2	d.	d.	PROPN
cblr-8637	1058	3	303	303	NUM
cblr-8637	1058	4	john	john	PROPN
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cblr-8637	1058	9	.	.	PUNCT
cblr-8637	1058	10	,	,	PUNCT
cblr-8637	1058	11	div	div	PROPN
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cblr-8637	1058	14	corp	corp	PROPN
cblr-8637	1058	15	.	.	PROPN
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cblr-8637	1059	4	,	,	PUNCT
cblr-8637	1059	5	ipos	ipos	NOUN
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cblr-8637	1059	8	risk	risk	NOUN
cblr-8637	1059	9	under	under	ADP
cblr-8637	1059	10	the	the	DET
cblr-8637	1059	11	securities	security	NOUN
cblr-8637	1059	12	laws	law	NOUN
cblr-8637	1059	13	(	(	PUNCT
cblr-8637	1059	14	apr	apr	NOUN
cblr-8637	1059	15	.	.	PROPN
cblr-8637	1059	16	8	8	NUM
cblr-8637	1059	17	,	,	PUNCT
cblr-8637	1059	18	2021	2021	NUM
cblr-8637	1059	19	)	)	PUNCT
cblr-8637	1060	1	,	,	PUNCT
cblr-8637	1060	2	https://www.sec.gov/news/public-statement/spacs-ipos-liabilityrisk-under-securities-laws	https://www.sec.gov/news/public-statement/spacs-ipos-liabilityrisk-under-securities-law	VERB
cblr-8637	1061	1	[	[	X
cblr-8637	1061	2	https://perma.cc/ypx9-w2l3	https://perma.cc/ypx9-w2l3	X
cblr-8637	1061	3	]	]	PUNCT
cblr-8637	1061	4	.	.	PUNCT
cblr-8637	1062	1	304	304	NUM
cblr-8637	1063	1	i	i	PRON
cblr-8637	1063	2	d.	d.	PROPN
cblr-8637	1063	3	305	305	NUM
cblr-8637	1064	1	i	i	PRON
cblr-8637	1064	2	d.	d.	PROPN
cblr-8637	1064	3	while	while	SCONJ
cblr-8637	1064	4	a	a	DET
cblr-8637	1064	5	de	de	X
cblr-8637	1064	6	-	-	NOUN
cblr-8637	1064	7	spac	spac	PROPN
cblr-8637	1064	8	is	be	AUX
cblr-8637	1064	9	not	not	PART
cblr-8637	1064	10	an	an	DET
cblr-8637	1064	11	ipo	ipo	NOUN
cblr-8637	1064	12	in	in	ADP
cblr-8637	1064	13	the	the	DET
cblr-8637	1064	14	traditional	traditional	ADJ
cblr-8637	1064	15	sense	sense	NOUN
cblr-8637	1064	16	and	and	CCONJ
cblr-8637	1064	17	,	,	PUNCT
cblr-8637	1064	18	therefore	therefore	ADV
cblr-8637	1064	19	,	,	PUNCT
cblr-8637	1064	20	ought	ought	AUX
cblr-8637	1064	21	to	to	PART
cblr-8637	1064	22	fall	fall	VERB
cblr-8637	1064	23	within	within	ADP
cblr-8637	1064	24	the	the	DET
cblr-8637	1064	25	plsra	plsra	ADJ
cblr-8637	1064	26	safe	safe	ADJ
cblr-8637	1064	27	harbor	harbor	NOUN
cblr-8637	1064	28	,	,	PUNCT
cblr-8637	1064	29	coates	coates	PROPN
cblr-8637	1064	30	’s	’s	PART
cblr-8637	1064	31	theory	theory	NOUN
cblr-8637	1064	32	rests	rest	VERB
cblr-8637	1064	33	on	on	ADP
cblr-8637	1064	34	the	the	DET
cblr-8637	1064	35	fact	fact	NOUN
cblr-8637	1064	36	that	that	SCONJ
cblr-8637	1064	37	“	"	PUNCT
cblr-8637	1064	38	the	the	DET
cblr-8637	1064	39	despac	despac	ADJ
cblr-8637	1064	40	transaction	transaction	NOUN
cblr-8637	1064	41	is	be	AUX
cblr-8637	1064	42	the	the	DET
cblr-8637	1064	43	true	true	ADJ
cblr-8637	1064	44	introduction	introduction	NOUN
cblr-8637	1064	45	of	of	ADP
cblr-8637	1064	46	the	the	DET
cblr-8637	1064	47	economically	economically	ADV
cblr-8637	1064	48	viable	viable	ADJ
cblr-8637	1064	49	company	company	NOUN
cblr-8637	1064	50	to	to	ADP
cblr-8637	1064	51	the	the	DET
cblr-8637	1064	52	market	market	NOUN
cblr-8637	1064	53	and	and	CCONJ
cblr-8637	1064	54	therefore	therefore	ADV
cblr-8637	1064	55	the	the	DET
cblr-8637	1064	56	safe	safe	ADJ
cblr-8637	1064	57	harbor	harbor	NOUN
cblr-8637	1064	58	should	should	AUX
cblr-8637	1064	59	not	not	PART
cblr-8637	1064	60	apply	apply	VERB
cblr-8637	1064	61	to	to	ADP
cblr-8637	1064	62	statements	statement	NOUN
cblr-8637	1064	63	about	about	ADP
cblr-8637	1064	64	such	such	DET
cblr-8637	1064	65	a	a	DET
cblr-8637	1064	66	transaction	transaction	NOUN
cblr-8637	1064	67	.	.	PUNCT
cblr-8637	1064	68	”	"	PUNCT
cblr-8637	1065	1	corey	corey	PROPN
cblr-8637	1065	2	rogoff	rogoff	PROPN
cblr-8637	1065	3	,	,	PUNCT
cblr-8637	1065	4	sec	sec	PROPN
cblr-8637	1065	5	speaks	speak	VERB
cblr-8637	1065	6	out	out	ADP
cblr-8637	1065	7	on	on	ADP
cblr-8637	1065	8	spacs	spac	NOUN
cblr-8637	1065	9	,	,	PUNCT
cblr-8637	1065	10	highlights	highlight	VERB
cblr-8637	1065	11	legal	legal	ADJ
cblr-8637	1065	12	liability	liability	NOUN
cblr-8637	1065	13	and	and	CCONJ
cblr-8637	1065	14	reporting	report	VERB
cblr-8637	1065	15	risk	risk	NOUN
cblr-8637	1065	16	,	,	PUNCT
cblr-8637	1065	17	jd	jd	PROPN
cblr-8637	1065	18	supra	supra	PROPN
cblr-8637	1065	19	(	(	PUNCT
cblr-8637	1065	20	apr	apr	PROPN
cblr-8637	1065	21	.	.	PROPN
cblr-8637	1065	22	19	19	NUM
cblr-8637	1065	23	,	,	PUNCT
cblr-8637	1065	24	2021	2021	NUM
cblr-8637	1065	25	)	)	PUNCT
cblr-8637	1065	26	,	,	PUNCT
cblr-8637	1065	27	https://www.jdsupra.com/legalnews/sec-speaksout-on-spacs-highlights-9165295/	https://www.jdsupra.com/legalnews/sec-speaksout-on-spacs-highlights-9165295/	PROPN
cblr-8637	1066	1	[	[	X
cblr-8637	1066	2	https://perma.cc/fm3u-29zh	https://perma.cc/fm3u-29zh	X
cblr-8637	1066	3	]	]	X
cblr-8637	1066	4	.	.	PUNCT
cblr-8637	1067	1	the	the	DET
cblr-8637	1067	2	argument	argument	NOUN
cblr-8637	1067	3	is	be	AUX
cblr-8637	1067	4	further	far	ADV
cblr-8637	1067	5	bolstered	bolster	VERB
cblr-8637	1067	6	by	by	ADP
cblr-8637	1067	7	the	the	DET
cblr-8637	1067	8	fact	fact	NOUN
cblr-8637	1067	9	that	that	SCONJ
cblr-8637	1067	10	“	"	PUNCT
cblr-8637	1067	11	the	the	DET
cblr-8637	1067	12	pslra	pslra	NOUN
cblr-8637	1067	13	does	do	AUX
cblr-8637	1067	14	not	not	PART
cblr-8637	1067	15	define	define	VERB
cblr-8637	1067	16	‘	'	PUNCT
cblr-8637	1067	17	ipo	ipo	NOUN
cblr-8637	1067	18	.	.	PUNCT
cblr-8637	1067	19	’	'	PUNCT
cblr-8637	1067	20	”	"	PUNCT
cblr-8637	1068	1	i	i	PROPN
cblr-8637	1068	2	d.	d.	PROPN
cblr-8637	1068	3	greene	greene	PROPN
cblr-8637	1068	4	et	et	PROPN
cblr-8637	1068	5	al	al	PROPN
cblr-8637	1068	6	.	.	PROPN
cblr-8637	1069	1	8/21/2021	8/21/2021	NUM
cblr-8637	1069	2	1:44	1:44	NUM
cblr-8637	1069	3	pm	pm	NOUN
cblr-8637	1069	4	784	784	NUM
cblr-8637	1069	5	columbia	columbia	PROPN
cblr-8637	1069	6	business	business	NOUN
cblr-8637	1069	7	law	law	NOUN
cblr-8637	1069	8	review	review	NOUN
cblr-8637	1069	9	[	[	X
cblr-8637	1069	10	vol	vol	NOUN
cblr-8637	1069	11	.	.	NOUN
cblr-8637	1069	12	2021	2021	NUM
cblr-8637	1069	13	in	in	ADP
cblr-8637	1069	14	light	light	NOUN
cblr-8637	1069	15	of	of	ADP
cblr-8637	1069	16	the	the	DET
cblr-8637	1069	17	uptick	uptick	NOUN
cblr-8637	1069	18	in	in	ADP
cblr-8637	1069	19	spac	spac	PROPN
cblr-8637	1069	20	ipos	ipos	PROPN
cblr-8637	1069	21	,	,	PUNCT
cblr-8637	1069	22	the	the	DET
cblr-8637	1069	23	special	special	ADJ
cblr-8637	1069	24	study	study	NOUN
cblr-8637	1069	25	should	should	AUX
cblr-8637	1069	26	explore	explore	VERB
cblr-8637	1069	27	ways	way	NOUN
cblr-8637	1069	28	that	that	PRON
cblr-8637	1069	29	this	this	DET
cblr-8637	1069	30	alternative	alternative	ADJ
cblr-8637	1069	31	vehicle	vehicle	NOUN
cblr-8637	1069	32	can	can	AUX
cblr-8637	1069	33	be	be	AUX
cblr-8637	1069	34	used	use	VERB
cblr-8637	1069	35	to	to	PART
cblr-8637	1069	36	bring	bring	VERB
cblr-8637	1069	37	private	private	ADJ
cblr-8637	1069	38	companies	company	NOUN
cblr-8637	1069	39	public	public	ADJ
cblr-8637	1069	40	while	while	SCONJ
cblr-8637	1069	41	ensuring	ensure	VERB
cblr-8637	1069	42	that	that	SCONJ
cblr-8637	1069	43	spac	spac	PROPN
cblr-8637	1069	44	investors	investor	NOUN
cblr-8637	1069	45	are	be	AUX
cblr-8637	1069	46	properly	properly	ADV
cblr-8637	1069	47	protected	protect	VERB
cblr-8637	1069	48	.	.	PUNCT
cblr-8637	1070	1	ii	ii	X
cblr-8637	1070	2	.	.	PUNCT
cblr-8637	1071	1	direct	direct	ADJ
cblr-8637	1071	2	listing	listing	NOUN
cblr-8637	1071	3	of	of	ADP
cblr-8637	1071	4	securities	security	NOUN
cblr-8637	1071	5	to	to	PART
cblr-8637	1071	6	respond	respond	VERB
cblr-8637	1071	7	to	to	ADP
cblr-8637	1071	8	underwriting	underwriting	NOUN
cblr-8637	1071	9	costs	cost	NOUN
cblr-8637	1071	10	in	in	ADP
cblr-8637	1071	11	june	june	PROPN
cblr-8637	1071	12	2020	2020	NUM
cblr-8637	1071	13	,	,	PUNCT
cblr-8637	1071	14	the	the	DET
cblr-8637	1071	15	nyse	nyse	PROPN
cblr-8637	1071	16	proposed	propose	VERB
cblr-8637	1071	17	a	a	DET
cblr-8637	1071	18	rule	rule	NOUN
cblr-8637	1071	19	change	change	NOUN
cblr-8637	1071	20	to	to	PART
cblr-8637	1071	21	permit	permit	VERB
cblr-8637	1071	22	a	a	DET
cblr-8637	1071	23	primary	primary	ADJ
cblr-8637	1071	24	offering	offering	NOUN
cblr-8637	1071	25	in	in	ADP
cblr-8637	1071	26	connection	connection	NOUN
cblr-8637	1071	27	with	with	ADP
cblr-8637	1071	28	a	a	DET
cblr-8637	1071	29	direct	direct	ADJ
cblr-8637	1071	30	listing.306	listing.306	NOUN
cblr-8637	1071	31	the	the	DET
cblr-8637	1071	32	proposed	propose	VERB
cblr-8637	1071	33	amendment	amendment	NOUN
cblr-8637	1071	34	would	would	AUX
cblr-8637	1071	35	allow	allow	VERB
cblr-8637	1071	36	a	a	DET
cblr-8637	1071	37	previously	previously	ADV
cblr-8637	1071	38	unlisted	unliste	VERB
cblr-8637	1071	39	company	company	NOUN
cblr-8637	1071	40	to	to	PART
cblr-8637	1071	41	sell	sell	VERB
cblr-8637	1071	42	shares	share	NOUN
cblr-8637	1071	43	in	in	ADP
cblr-8637	1071	44	an	an	DET
cblr-8637	1071	45	open	open	ADJ
cblr-8637	1071	46	auction	auction	NOUN
cblr-8637	1071	47	on	on	ADP
cblr-8637	1071	48	the	the	DET
cblr-8637	1071	49	first	first	ADJ
cblr-8637	1071	50	day	day	NOUN
cblr-8637	1071	51	of	of	ADP
cblr-8637	1071	52	trading	trading	NOUN
cblr-8637	1071	53	after	after	ADP
cblr-8637	1071	54	the	the	DET
cblr-8637	1071	55	effectiveness	effectiveness	NOUN
cblr-8637	1071	56	of	of	ADP
cblr-8637	1071	57	a	a	DET
cblr-8637	1071	58	registration	registration	NOUN
cblr-8637	1071	59	statement	statement	NOUN
cblr-8637	1071	60	in	in	ADP
cblr-8637	1071	61	a	a	DET
cblr-8637	1071	62	primary	primary	ADJ
cblr-8637	1071	63	direct	direct	ADJ
cblr-8637	1071	64	floor	floor	NOUN
cblr-8637	1071	65	listing.307	listing.307	CCONJ
cblr-8637	1071	66	this	this	DET
cblr-8637	1071	67	new	new	ADJ
cblr-8637	1071	68	primary	primary	ADJ
cblr-8637	1071	69	direct	direct	ADJ
cblr-8637	1071	70	floor	floor	NOUN
cblr-8637	1071	71	listing	list	VERB
cblr-8637	1071	72	option	option	NOUN
cblr-8637	1071	73	would	would	AUX
cblr-8637	1071	74	only	only	ADV
cblr-8637	1071	75	be	be	AUX
cblr-8637	1071	76	available	available	ADJ
cblr-8637	1071	77	to	to	ADP
cblr-8637	1071	78	companies	company	NOUN
cblr-8637	1071	79	with	with	ADP
cblr-8637	1071	80	a	a	DET
cblr-8637	1071	81	market	market	NOUN
cblr-8637	1071	82	value	value	NOUN
cblr-8637	1071	83	of	of	ADP
cblr-8637	1071	84	at	at	ADV
cblr-8637	1071	85	least	least	ADV
cblr-8637	1071	86	$	$	SYM
cblr-8637	1071	87	100	100	NUM
cblr-8637	1071	88	million.308	million.308	ADP
cblr-8637	1071	89	the	the	DET
cblr-8637	1071	90	valuation	valuation	NOUN
cblr-8637	1071	91	metrics	metric	NOUN
cblr-8637	1071	92	proposed	propose	VERB
cblr-8637	1071	93	are	be	AUX
cblr-8637	1071	94	significantly	significantly	ADV
cblr-8637	1071	95	higher	high	ADJ
cblr-8637	1071	96	than	than	ADP
cblr-8637	1071	97	the	the	DET
cblr-8637	1071	98	$	$	SYM
cblr-8637	1071	99	40	40	NUM
cblr-8637	1071	100	million	million	NUM
cblr-8637	1071	101	requirement	requirement	NOUN
cblr-8637	1071	102	for	for	ADP
cblr-8637	1071	103	an	an	DET
cblr-8637	1071	104	underwritten	underwritten	ADJ
cblr-8637	1071	105	ipo.309	ipo.309	NOUN
cblr-8637	1071	106	requiring	require	VERB
cblr-8637	1071	107	a	a	DET
cblr-8637	1071	108	higher	high	ADJ
cblr-8637	1071	109	valuation	valuation	NOUN
cblr-8637	1071	110	for	for	ADP
cblr-8637	1071	111	the	the	DET
cblr-8637	1071	112	primary	primary	ADJ
cblr-8637	1071	113	direct	direct	ADJ
cblr-8637	1071	114	floor	floor	NOUN
cblr-8637	1071	115	listings	listing	NOUN
cblr-8637	1071	116	would	would	AUX
cblr-8637	1071	117	help	help	VERB
cblr-8637	1071	118	in	in	ADP
cblr-8637	1071	119	ensuring	ensure	VERB
cblr-8637	1071	120	there	there	PRON
cblr-8637	1071	121	is	be	VERB
cblr-8637	1071	122	enough	enough	ADJ
cblr-8637	1071	123	stock	stock	NOUN
cblr-8637	1071	124	in	in	ADP
cblr-8637	1071	125	the	the	DET
cblr-8637	1071	126	public	public	ADJ
cblr-8637	1071	127	market	market	NOUN
cblr-8637	1071	128	to	to	PART
cblr-8637	1071	129	allow	allow	VERB
cblr-8637	1071	130	for	for	ADP
cblr-8637	1071	131	liquid	liquid	ADJ
cblr-8637	1071	132	trading	trading	NOUN
cblr-8637	1071	133	after	after	SCONJ
cblr-8637	1071	134	the	the	DET
cblr-8637	1071	135	direct	direct	ADJ
cblr-8637	1071	136	listing	list	VERB
cblr-8637	1071	137	open	open	ADJ
cblr-8637	1071	138	auction	auction	NOUN
cblr-8637	1071	139	process	process	NOUN
cblr-8637	1071	140	is	be	AUX
cblr-8637	1071	141	completed.310	completed.310	PRON
cblr-8637	1071	142	to	to	PART
cblr-8637	1071	143	mitigate	mitigate	VERB
cblr-8637	1071	144	the	the	DET
cblr-8637	1071	145	price	price	NOUN
cblr-8637	1071	146	fluctuation	fluctuation	NOUN
cblr-8637	1071	147	concerns	concern	NOUN
cblr-8637	1071	148	often	often	ADV
cblr-8637	1071	149	associated	associate	VERB
cblr-8637	1071	150	with	with	ADP
cblr-8637	1071	151	traditional	traditional	ADJ
cblr-8637	1071	152	direct	direct	ADJ
cblr-8637	1071	153	listings	listing	NOUN
cblr-8637	1071	154	,	,	PUNCT
cblr-8637	1071	155	the	the	DET
cblr-8637	1071	156	nyse	nyse	PROPN
cblr-8637	1071	157	proposal	proposal	NOUN
cblr-8637	1071	158	also	also	ADV
cblr-8637	1071	159	requires	require	VERB
cblr-8637	1071	160	the	the	DET
cblr-8637	1071	161	shares	share	NOUN
cblr-8637	1071	162	sold	sell	VERB
cblr-8637	1071	163	in	in	ADP
cblr-8637	1071	164	the	the	DET
cblr-8637	1071	165	offering	offering	NOUN
cblr-8637	1071	166	to	to	PART
cblr-8637	1071	167	be	be	AUX
cblr-8637	1071	168	priced	price	VERB
cblr-8637	1071	169	within	within	ADP
cblr-8637	1071	170	a	a	DET
cblr-8637	1071	171	range	range	NOUN
cblr-8637	1071	172	specified	specify	VERB
cblr-8637	1071	173	in	in	ADP
cblr-8637	1071	174	the	the	DET
cblr-8637	1071	175	company	company	NOUN
cblr-8637	1071	176	’s	’s	PART
cblr-8637	1071	177	registration	registration	NOUN
cblr-8637	1071	178	statement.311	statement.311	PROPN
cblr-8637	1071	179	if	if	SCONJ
cblr-8637	1071	180	the	the	DET
cblr-8637	1071	181	offering	offering	NOUN
cblr-8637	1071	182	is	be	AUX
cblr-8637	1071	183	not	not	PART
cblr-8637	1071	184	fully	fully	ADV
cblr-8637	1071	185	satisfied	satisfied	ADJ
cblr-8637	1071	186	,	,	PUNCT
cblr-8637	1071	187	the	the	DET
cblr-8637	1071	188	listing	list	VERB
cblr-8637	1071	189	306	306	NUM
cblr-8637	1071	190	notice	notice	NOUN
cblr-8637	1071	191	of	of	ADP
cblr-8637	1071	192	filing	filing	NOUN
cblr-8637	1071	193	of	of	ADP
cblr-8637	1071	194	proposed	propose	VERB
cblr-8637	1071	195	rule	rule	NOUN
cblr-8637	1071	196	change	change	NOUN
cblr-8637	1071	197	,	,	PUNCT
cblr-8637	1071	198	as	as	SCONJ
cblr-8637	1071	199	modified	modify	VERB
cblr-8637	1071	200	by	by	ADP
cblr-8637	1071	201	amendment	amendment	NOUN
cblr-8637	1071	202	no	no	PROPN
cblr-8637	1071	203	.	.	PROPN
cblr-8637	1071	204	2	2	NUM
cblr-8637	1071	205	,	,	PUNCT
cblr-8637	1071	206	to	to	PART
cblr-8637	1071	207	amend	amend	VERB
cblr-8637	1071	208	chapter	chapter	NOUN
cblr-8637	1071	209	one	one	NUM
cblr-8637	1071	210	of	of	ADP
cblr-8637	1071	211	the	the	DET
cblr-8637	1071	212	listed	list	VERB
cblr-8637	1071	213	company	company	NOUN
cblr-8637	1071	214	manual	manual	NOUN
cblr-8637	1071	215	to	to	PART
cblr-8637	1071	216	modify	modify	VERB
cblr-8637	1071	217	the	the	DET
cblr-8637	1071	218	provisions	provision	NOUN
cblr-8637	1071	219	relating	relate	VERB
cblr-8637	1071	220	to	to	ADP
cblr-8637	1071	221	direct	direct	ADJ
cblr-8637	1071	222	listings	listing	NOUN
cblr-8637	1071	223	,	,	PUNCT
cblr-8637	1071	224	85	85	NUM
cblr-8637	1071	225	fed	feed	VERB
cblr-8637	1071	226	.	.	PUNCT
cblr-8637	1072	1	reg	reg	PROPN
cblr-8637	1072	2	.	.	PROPN
cblr-8637	1072	3	39,246	39,246	NUM
cblr-8637	1072	4	,	,	PUNCT
cblr-8637	1072	5	39,246	39,246	NUM
cblr-8637	1072	6	(	(	PUNCT
cblr-8637	1072	7	june	june	PROPN
cblr-8637	1072	8	30	30	NUM
cblr-8637	1072	9	,	,	PUNCT
cblr-8637	1072	10	2020	2020	NUM
cblr-8637	1072	11	)	)	PUNCT
cblr-8637	1072	12	.	.	PUNCT
cblr-8637	1073	1	307	307	NUM
cblr-8637	1074	1	i	i	PRON
cblr-8637	1074	2	d.	d.	PROPN
cblr-8637	1074	3	at	at	ADP
cblr-8637	1074	4	39,246–47	39,246–47	NUM
cblr-8637	1074	5	.	.	PROPN
cblr-8637	1074	6	308	308	NUM
cblr-8637	1074	7	i	i	PROPN
cblr-8637	1074	8	d.	d.	PROPN
cblr-8637	1074	9	at	at	ADP
cblr-8637	1074	10	39,247	39,247	NUM
cblr-8637	1074	11	.	.	PUNCT
cblr-8637	1075	1	the	the	DET
cblr-8637	1075	2	valuation	valuation	NOUN
cblr-8637	1075	3	would	would	AUX
cblr-8637	1075	4	be	be	AUX
cblr-8637	1075	5	calculated	calculate	VERB
cblr-8637	1075	6	by	by	ADP
cblr-8637	1075	7	an	an	DET
cblr-8637	1075	8	independent	independent	ADJ
cblr-8637	1075	9	valuation	valuation	NOUN
cblr-8637	1075	10	and	and	CCONJ
cblr-8637	1075	11	the	the	DET
cblr-8637	1075	12	most	most	ADV
cblr-8637	1075	13	recent	recent	ADJ
cblr-8637	1075	14	trading	trading	NOUN
cblr-8637	1075	15	price	price	NOUN
cblr-8637	1075	16	of	of	ADP
cblr-8637	1075	17	the	the	DET
cblr-8637	1075	18	issuing	issue	VERB
cblr-8637	1075	19	company	company	NOUN
cblr-8637	1075	20	’s	’s	PART
cblr-8637	1075	21	stock	stock	NOUN
cblr-8637	1075	22	in	in	ADP
cblr-8637	1075	23	a	a	DET
cblr-8637	1075	24	private	private	ADJ
cblr-8637	1075	25	placement	placement	NOUN
cblr-8637	1075	26	market	market	NOUN
cblr-8637	1075	27	.	.	PUNCT
cblr-8637	1076	1	i	i	PRON
cblr-8637	1076	2	d.	d.	PROPN
cblr-8637	1076	3	alternatively	alternatively	ADV
cblr-8637	1076	4	,	,	PUNCT
cblr-8637	1076	5	if	if	SCONJ
cblr-8637	1076	6	there	there	PRON
cblr-8637	1076	7	has	have	AUX
cblr-8637	1076	8	been	be	AUX
cblr-8637	1076	9	no	no	DET
cblr-8637	1076	10	trading	trading	NOUN
cblr-8637	1076	11	in	in	ADP
cblr-8637	1076	12	a	a	DET
cblr-8637	1076	13	private	private	ADJ
cblr-8637	1076	14	placement	placement	NOUN
cblr-8637	1076	15	market	market	NOUN
cblr-8637	1076	16	,	,	PUNCT
cblr-8637	1076	17	a	a	DET
cblr-8637	1076	18	company	company	NOUN
cblr-8637	1076	19	would	would	AUX
cblr-8637	1076	20	have	have	VERB
cblr-8637	1076	21	to	to	PART
cblr-8637	1076	22	show	show	VERB
cblr-8637	1076	23	that	that	SCONJ
cblr-8637	1076	24	the	the	DET
cblr-8637	1076	25	value	value	NOUN
cblr-8637	1076	26	of	of	ADP
cblr-8637	1076	27	its	its	PRON
cblr-8637	1076	28	publicly	publicly	ADV
cblr-8637	1076	29	held	hold	VERB
cblr-8637	1076	30	shares	share	NOUN
cblr-8637	1076	31	equal	equal	ADJ
cblr-8637	1076	32	at	at	ADV
cblr-8637	1076	33	least	least	ADV
cblr-8637	1076	34	$	$	SYM
cblr-8637	1076	35	250	250	NUM
cblr-8637	1076	36	million	million	NUM
cblr-8637	1076	37	.	.	PUNCT
cblr-8637	1077	1	i	i	PRON
cblr-8637	1077	2	d.	d.	PROPN
cblr-8637	1077	3	309	309	NUM
cblr-8637	1078	1	i	i	PRON
cblr-8637	1078	2	d.	d.	PROPN
cblr-8637	1078	3	310	310	NUM
cblr-8637	1079	1	i	i	NOUN
cblr-8637	1079	2	d.	d.	PROPN
cblr-8637	1079	3	311	311	NUM
cblr-8637	1080	1	i	i	PRON
cblr-8637	1080	2	d.	d.	PROPN
cblr-8637	1080	3	at	at	ADP
cblr-8637	1080	4	39,248	39,248	NUM
cblr-8637	1080	5	.	.	PUNCT
cblr-8637	1081	1	greene	greene	PROPN
cblr-8637	1081	2	et	et	PROPN
cblr-8637	1081	3	al	al	PROPN
cblr-8637	1081	4	.	.	PROPN
cblr-8637	1082	1	8/21/2021	8/21/2021	NUM
cblr-8637	1082	2	1:44	1:44	NUM
cblr-8637	1082	3	pm	pm	NOUN
cblr-8637	1082	4	no	no	INTJ
cblr-8637	1082	5	.	.	PUNCT
cblr-8637	1083	1	2:714	2:714	NUM
cblr-8637	1083	2	]	]	X
cblr-8637	1083	3	the	the	DET
cblr-8637	1083	4	need	need	NOUN
cblr-8637	1083	5	for	for	ADP
cblr-8637	1083	6	a	a	DET
cblr-8637	1083	7	comprehensive	comprehensive	ADJ
cblr-8637	1083	8	approach	approach	NOUN
cblr-8637	1083	9	785	785	NUM
cblr-8637	1083	10	auction	auction	NOUN
cblr-8637	1083	11	would	would	AUX
cblr-8637	1083	12	not	not	PART
cblr-8637	1083	13	be	be	AUX
cblr-8637	1083	14	able	able	ADJ
cblr-8637	1083	15	to	to	PART
cblr-8637	1083	16	proceed.312	proceed.312	VERB
cblr-8637	1083	17	on	on	ADP
cblr-8637	1083	18	august	august	PROPN
cblr-8637	1083	19	26	26	NUM
cblr-8637	1083	20	,	,	PUNCT
cblr-8637	1083	21	2020	2020	NUM
cblr-8637	1083	22	,	,	PUNCT
cblr-8637	1083	23	the	the	DET
cblr-8637	1083	24	sec	sec	PROPN
cblr-8637	1083	25	approved	approve	VERB
cblr-8637	1083	26	the	the	DET
cblr-8637	1083	27	nyse	nyse	PROPN
cblr-8637	1083	28	’s	’s	PART
cblr-8637	1083	29	rule	rule	NOUN
cblr-8637	1083	30	change.313	change.313	VERB
cblr-8637	1083	31	the	the	DET
cblr-8637	1083	32	adoption	adoption	NOUN
cblr-8637	1083	33	of	of	ADP
cblr-8637	1083	34	the	the	DET
cblr-8637	1083	35	rule	rule	NOUN
cblr-8637	1083	36	also	also	ADV
cblr-8637	1083	37	indicates	indicate	VERB
cblr-8637	1083	38	that	that	SCONJ
cblr-8637	1083	39	the	the	DET
cblr-8637	1083	40	sec	sec	PROPN
cblr-8637	1083	41	recognizes	recognize	VERB
cblr-8637	1083	42	“	"	PUNCT
cblr-8637	1083	43	that	that	SCONJ
cblr-8637	1083	44	a	a	DET
cblr-8637	1083	45	firm	firm	ADJ
cblr-8637	1083	46	commitment	commitment	NOUN
cblr-8637	1083	47	underwriting	underwriting	NOUN
cblr-8637	1083	48	is	be	AUX
cblr-8637	1083	49	not	not	PART
cblr-8637	1083	50	necessary	necessary	ADJ
cblr-8637	1083	51	to	to	PART
cblr-8637	1083	52	provide	provide	VERB
cblr-8637	1083	53	adequate	adequate	ADJ
cblr-8637	1083	54	investor	investor	NOUN
cblr-8637	1083	55	protection	protection	NOUN
cblr-8637	1083	56	.	.	PUNCT
cblr-8637	1083	57	”314	”314	PUNCT
cblr-8637	1084	1	however	however	ADV
cblr-8637	1084	2	,	,	PUNCT
cblr-8637	1084	3	on	on	ADP
cblr-8637	1084	4	august	august	PROPN
cblr-8637	1084	5	31	31	NUM
cblr-8637	1084	6	,	,	PUNCT
cblr-8637	1084	7	after	after	SCONJ
cblr-8637	1084	8	an	an	DET
cblr-8637	1084	9	industry	industry	NOUN
cblr-8637	1084	10	group	group	NOUN
cblr-8637	1084	11	of	of	ADP
cblr-8637	1084	12	institutional	institutional	ADJ
cblr-8637	1084	13	investors	investor	NOUN
cblr-8637	1084	14	objected	object	VERB
cblr-8637	1084	15	to	to	ADP
cblr-8637	1084	16	the	the	DET
cblr-8637	1084	17	rule	rule	NOUN
cblr-8637	1084	18	,	,	PUNCT
cblr-8637	1084	19	the	the	DET
cblr-8637	1084	20	sec	sec	PROPN
cblr-8637	1084	21	suspended	suspend	VERB
cblr-8637	1084	22	its	its	PRON
cblr-8637	1084	23	approval	approval	NOUN
cblr-8637	1084	24	of	of	ADP
cblr-8637	1084	25	the	the	DET
cblr-8637	1084	26	rule	rule	NOUN
cblr-8637	1084	27	to	to	PART
cblr-8637	1084	28	undergo	undergo	VERB
cblr-8637	1084	29	further	far	ADV
cblr-8637	1084	30	review.315	review.315	VERB
cblr-8637	1084	31	those	those	PRON
cblr-8637	1084	32	who	who	PRON
cblr-8637	1084	33	object	object	VERB
cblr-8637	1084	34	to	to	ADP
cblr-8637	1084	35	the	the	DET
cblr-8637	1084	36	proposal	proposal	NOUN
cblr-8637	1084	37	contend	contend	VERB
cblr-8637	1084	38	that	that	SCONJ
cblr-8637	1084	39	it	it	PRON
cblr-8637	1084	40	offers	offer	VERB
cblr-8637	1084	41	fewer	few	ADJ
cblr-8637	1084	42	legal	legal	ADJ
cblr-8637	1084	43	protections	protection	NOUN
cblr-8637	1084	44	for	for	ADP
cblr-8637	1084	45	investors	investor	NOUN
cblr-8637	1084	46	because	because	SCONJ
cblr-8637	1084	47	of	of	ADP
cblr-8637	1084	48	the	the	DET
cblr-8637	1084	49	difficulty	difficulty	NOUN
cblr-8637	1084	50	the	the	DET
cblr-8637	1084	51	investors	investor	NOUN
cblr-8637	1084	52	may	may	AUX
cblr-8637	1084	53	face	face	VERB
cblr-8637	1084	54	in	in	ADP
cblr-8637	1084	55	tracing	trace	VERB
cblr-8637	1084	56	their	their	PRON
cblr-8637	1084	57	shares	share	NOUN
cblr-8637	1084	58	to	to	ADP
cblr-8637	1084	59	a	a	DET
cblr-8637	1084	60	“	"	PUNCT
cblr-8637	1084	61	misrepresented	misrepresent	VERB
cblr-8637	1084	62	registration	registration	NOUN
cblr-8637	1084	63	statement	statement	NOUN
cblr-8637	1084	64	in	in	ADP
cblr-8637	1084	65	order	order	NOUN
cblr-8637	1084	66	to	to	PART
cblr-8637	1084	67	support	support	VERB
cblr-8637	1084	68	a	a	DET
cblr-8637	1084	69	meritorious	meritorious	ADJ
cblr-8637	1084	70	claim	claim	NOUN
cblr-8637	1084	71	.	.	PUNCT
cblr-8637	1085	1	”316	”316	PUNCT
cblr-8637	1086	1	the	the	DET
cblr-8637	1086	2	opponents	opponent	NOUN
cblr-8637	1086	3	are	be	AUX
cblr-8637	1086	4	also	also	ADV
cblr-8637	1086	5	concerned	concerned	ADJ
cblr-8637	1086	6	that	that	SCONJ
cblr-8637	1086	7	the	the	DET
cblr-8637	1086	8	nyse	nyse	PROPN
cblr-8637	1086	9	has	have	AUX
cblr-8637	1086	10	offered	offer	VERB
cblr-8637	1086	11	no	no	DET
cblr-8637	1086	12	support	support	NOUN
cblr-8637	1086	13	for	for	ADP
cblr-8637	1086	14	its	its	PRON
cblr-8637	1086	15	argument	argument	NOUN
cblr-8637	1086	16	that	that	SCONJ
cblr-8637	1086	17	the	the	DET
cblr-8637	1086	18	offerings	offering	NOUN
cblr-8637	1086	19	will	will	AUX
cblr-8637	1086	20	be	be	AUX
cblr-8637	1086	21	sufficiently	sufficiently	ADV
cblr-8637	1086	22	large	large	ADJ
cblr-8637	1086	23	enough	enough	ADV
cblr-8637	1086	24	to	to	PART
cblr-8637	1086	25	give	give	VERB
cblr-8637	1086	26	investors	investor	NOUN
cblr-8637	1086	27	necessary	necessary	ADJ
cblr-8637	1086	28	liquidity.317	liquidity.317	VERB
cblr-8637	1086	29	underlying	underlie	VERB
cblr-8637	1086	30	the	the	DET
cblr-8637	1086	31	objections	objection	NOUN
cblr-8637	1086	32	may	may	AUX
cblr-8637	1086	33	be	be	AUX
cblr-8637	1086	34	concerns	concern	NOUN
cblr-8637	1086	35	related	relate	VERB
cblr-8637	1086	36	to	to	ADP
cblr-8637	1086	37	the	the	DET
cblr-8637	1086	38	effect	effect	NOUN
cblr-8637	1086	39	that	that	SCONJ
cblr-8637	1086	40	removing	remove	VERB
cblr-8637	1086	41	the	the	DET
cblr-8637	1086	42	traditional	traditional	ADJ
cblr-8637	1086	43	underwriter	underwriter	NOUN
cblr-8637	1086	44	would	would	AUX
cblr-8637	1086	45	have	have	VERB
cblr-8637	1086	46	on	on	ADP
cblr-8637	1086	47	investor	investor	NOUN
cblr-8637	1086	48	protections	protection	NOUN
cblr-8637	1086	49	.	.	PUNCT
cblr-8637	1087	1	in	in	ADP
cblr-8637	1087	2	a	a	DET
cblr-8637	1087	3	traditional	traditional	ADJ
cblr-8637	1087	4	offering	offering	NOUN
cblr-8637	1087	5	,	,	PUNCT
cblr-8637	1087	6	investors	investor	NOUN
cblr-8637	1087	7	can	can	AUX
cblr-8637	1087	8	rely	rely	VERB
cblr-8637	1087	9	on	on	ADP
cblr-8637	1087	10	the	the	DET
cblr-8637	1087	11	underwriter	underwriter	NOUN
cblr-8637	1087	12	to	to	PART
cblr-8637	1087	13	negotiate	negotiate	VERB
cblr-8637	1087	14	the	the	DET
cblr-8637	1087	15	parameters	parameter	NOUN
cblr-8637	1087	16	of	of	ADP
cblr-8637	1087	17	the	the	DET
cblr-8637	1087	18	listing	listing	NOUN
cblr-8637	1087	19	with	with	ADP
cblr-8637	1087	20	the	the	DET
cblr-8637	1087	21	issuer.318	issuer.318	NOUN
cblr-8637	1087	22	however	however	ADV
cblr-8637	1087	23	,	,	PUNCT
cblr-8637	1087	24	a	a	DET
cblr-8637	1087	25	direct	direct	ADJ
cblr-8637	1087	26	listing	listing	NOUN
cblr-8637	1087	27	would	would	AUX
cblr-8637	1087	28	not	not	PART
cblr-8637	1087	29	grant	grant	VERB
cblr-8637	1087	30	these	these	DET
cblr-8637	1087	31	protections	protection	NOUN
cblr-8637	1087	32	.	.	PUNCT
cblr-8637	1088	1	in	in	ADP
cblr-8637	1088	2	a	a	DET
cblr-8637	1088	3	traditional	traditional	ADJ
cblr-8637	1088	4	ipo	ipo	NOUN
cblr-8637	1088	5	,	,	PUNCT
cblr-8637	1088	6	the	the	DET
cblr-8637	1088	7	underwriter	underwriter	NOUN
cblr-8637	1088	8	faces	face	VERB
cblr-8637	1088	9	liability	liability	NOUN
cblr-8637	1088	10	and	and	CCONJ
cblr-8637	1088	11	therefore	therefore	ADV
cblr-8637	1088	12	will	will	AUX
cblr-8637	1088	13	conduct	conduct	VERB
cblr-8637	1088	14	due	due	ADJ
cblr-8637	1088	15	diligence	diligence	NOUN
cblr-8637	1088	16	in	in	ADP
cblr-8637	1088	17	the	the	DET
cblr-8637	1088	18	offering	offering	NOUN
cblr-8637	1088	19	process	process	NOUN
cblr-8637	1088	20	,	,	PUNCT
cblr-8637	1088	21	which	which	PRON
cblr-8637	1088	22	accords	accord	VERB
cblr-8637	1088	23	protection	protection	NOUN
cblr-8637	1088	24	to	to	ADP
cblr-8637	1088	25	the	the	DET
cblr-8637	1088	26	investors	investor	NOUN
cblr-8637	1088	27	.	.	PUNCT
cblr-8637	1089	1	diminishing	diminish	VERB
cblr-8637	1089	2	or	or	CCONJ
cblr-8637	1089	3	312	312	NUM
cblr-8637	1089	4	i	i	PROPN
cblr-8637	1089	5	d.	d.	PROPN
cblr-8637	1089	6	at	at	ADP
cblr-8637	1089	7	39,250	39,250	NUM
cblr-8637	1089	8	.	.	PUNCT
cblr-8637	1090	1	313	313	NUM
cblr-8637	1090	2	davis	davis	PROPN
cblr-8637	1090	3	polk	polk	PROPN
cblr-8637	1090	4	&	&	CCONJ
cblr-8637	1090	5	wardwell	wardwell	PROPN
cblr-8637	1090	6	llp	llp	PROPN
cblr-8637	1090	7	,	,	PUNCT
cblr-8637	1090	8	primary	primary	ADJ
cblr-8637	1090	9	direct	direct	ADJ
cblr-8637	1090	10	listings	listing	NOUN
cblr-8637	1090	11	by	by	ADP
cblr-8637	1090	12	companies	company	NOUN
cblr-8637	1090	13	gain	gain	VERB
cblr-8637	1090	14	momentum	momentum	NOUN
cblr-8637	1090	15	1	1	NUM
cblr-8637	1090	16	(	(	PUNCT
cblr-8637	1090	17	2020	2020	NUM
cblr-8637	1090	18	)	)	PUNCT
cblr-8637	1090	19	,	,	PUNCT
cblr-8637	1090	20	https://www.davispolk.com/sites/	https://www.davispolk.com/sites/	PUNCT
cblr-8637	1090	21	default	default	NOUN
cblr-8637	1090	22	/	/	SYM
cblr-8637	1090	23	files/2020_08_28_direct_listings_by_companies_gain_momentum.p	files/2020_08_28_direct_listings_by_companies_gain_momentum.p	NOUN
cblr-8637	1090	24	df	df	NOUN
cblr-8637	1091	1	[	[	X
cblr-8637	1091	2	https://perma.cc/55h3-dhdx	https://perma.cc/55h3-dhdx	X
cblr-8637	1091	3	]	]	X
cblr-8637	1091	4	.	.	PUNCT
cblr-8637	1092	1	nasdaq	nasdaq	PROPN
cblr-8637	1092	2	also	also	ADV
cblr-8637	1092	3	filed	file	VERB
cblr-8637	1092	4	a	a	DET
cblr-8637	1092	5	similar	similar	ADJ
cblr-8637	1092	6	direct	direct	ADJ
cblr-8637	1092	7	listing	listing	NOUN
cblr-8637	1092	8	rule	rule	NOUN
cblr-8637	1092	9	.	.	PUNCT
cblr-8637	1093	1	i	i	PRON
cblr-8637	1093	2	d.	d.	PROPN
cblr-8637	1093	3	314	314	NUM
cblr-8637	1094	1	i	i	PRON
cblr-8637	1094	2	d.	d.	PROPN
cblr-8637	1094	3	at	at	ADP
cblr-8637	1094	4	2	2	NUM
cblr-8637	1094	5	.	.	NUM
cblr-8637	1094	6	315	315	NUM
cblr-8637	1094	7	morrison	morrison	PROPN
cblr-8637	1094	8	&	&	CCONJ
cblr-8637	1094	9	foerster	foerster	PROPN
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cblr-8637	1094	13	&	&	CCONJ
cblr-8637	1094	14	vc	vc	PROPN
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cblr-8637	1094	17	u.s	u.s	PROPN
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cblr-8637	1094	22	in	in	ADP
cblr-8637	1094	23	flux	flux	NOUN
cblr-8637	1094	24	1	1	NUM
cblr-8637	1094	25	(	(	PUNCT
cblr-8637	1094	26	2020	2020	NUM
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cblr-8637	1094	28	,	,	PUNCT
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cblr-8637	1095	1	[	[	X
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cblr-8637	1095	3	]	]	PUNCT
cblr-8637	1095	4	.	.	PUNCT
cblr-8637	1096	1	316	316	NUM
cblr-8637	1096	2	letter	letter	NOUN
cblr-8637	1096	3	from	from	ADP
cblr-8637	1096	4	jeffrey	jeffrey	PROPN
cblr-8637	1096	5	p.	p.	PROPN
cblr-8637	1096	6	mahoney	mahoney	PROPN
cblr-8637	1096	7	,	,	PUNCT
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cblr-8637	1096	14	of	of	ADP
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cblr-8637	1097	2	.	.	PROPN
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cblr-8637	1097	6	,	,	PUNCT
cblr-8637	1097	7	u.s	u.s	PROPN
cblr-8637	1097	8	.	.	PROPN
cblr-8637	1097	9	sec	sec	PROPN
cblr-8637	1097	10	.	.	PROPN
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cblr-8637	1097	12	exch	exch	PROPN
cblr-8637	1097	13	.	.	PUNCT
cblr-8637	1098	1	comm’n	comm’n	NOUN
cblr-8637	1098	2	3	3	NUM
cblr-8637	1098	3	(	(	PUNCT
cblr-8637	1098	4	july	july	PROPN
cblr-8637	1098	5	16	16	NUM
cblr-8637	1098	6	,	,	PUNCT
cblr-8637	1098	7	2020	2020	NUM
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cblr-8637	1098	9	,	,	PUNCT
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cblr-8637	1099	1	[	[	X
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cblr-8637	1099	3	]	]	PUNCT
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cblr-8637	1100	1	317	317	NUM
cblr-8637	1100	2	i	i	PRON
cblr-8637	1100	3	d.	d.	PROPN
cblr-8637	1100	4	at	at	ADP
cblr-8637	1100	5	5	5	NUM
cblr-8637	1100	6	.	.	NUM
cblr-8637	1100	7	318	318	NUM
cblr-8637	1100	8	morrison	morrison	PROPN
cblr-8637	1100	9	&	&	CCONJ
cblr-8637	1100	10	foerster	foerster	PROPN
cblr-8637	1100	11	llp	llp	PROPN
cblr-8637	1100	12	,	,	PUNCT
cblr-8637	1100	13	supra	supra	PROPN
cblr-8637	1100	14	note	note	PROPN
cblr-8637	1100	15	315	315	NUM
cblr-8637	1100	16	,	,	PUNCT
cblr-8637	1100	17	at	at	ADP
cblr-8637	1100	18	4	4	NUM
cblr-8637	1100	19	.	.	PUNCT
cblr-8637	1100	20	greene	greene	PROPN
cblr-8637	1100	21	et	et	PROPN
cblr-8637	1100	22	al	al	PROPN
cblr-8637	1100	23	.	.	PROPN
cblr-8637	1101	1	8/21/2021	8/21/2021	NUM
cblr-8637	1101	2	1:44	1:44	NUM
cblr-8637	1101	3	pm	pm	NOUN
cblr-8637	1101	4	786	786	NUM
cblr-8637	1101	5	columbia	columbia	PROPN
cblr-8637	1101	6	business	business	NOUN
cblr-8637	1101	7	law	law	PROPN
cblr-8637	1101	8	review	review	NOUN
cblr-8637	1101	9	[	[	X
cblr-8637	1101	10	vol	vol	NOUN
cblr-8637	1101	11	.	.	PUNCT
cblr-8637	1101	12	2021	2021	NUM
cblr-8637	1101	13	eliminating	eliminate	VERB
cblr-8637	1101	14	the	the	DET
cblr-8637	1101	15	role	role	NOUN
cblr-8637	1101	16	of	of	ADP
cblr-8637	1101	17	the	the	DET
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cblr-8637	1101	19	,	,	PUNCT
cblr-8637	1101	20	however	however	ADV
cblr-8637	1101	21	,	,	PUNCT
cblr-8637	1101	22	could	could	AUX
cblr-8637	1101	23	mean	mean	VERB
cblr-8637	1101	24	that	that	SCONJ
cblr-8637	1101	25	investors	investor	NOUN
cblr-8637	1101	26	need	need	VERB
cblr-8637	1101	27	to	to	PART
cblr-8637	1101	28	be	be	AUX
cblr-8637	1101	29	more	more	ADV
cblr-8637	1101	30	directly	directly	ADV
cblr-8637	1101	31	involved	involve	VERB
cblr-8637	1101	32	in	in	ADP
cblr-8637	1101	33	a	a	DET
cblr-8637	1101	34	direct	direct	ADJ
cblr-8637	1101	35	offering	offering	NOUN
cblr-8637	1101	36	process	process	NOUN
cblr-8637	1101	37	to	to	PART
cblr-8637	1101	38	garner	garner	VERB
cblr-8637	1101	39	similar	similar	ADJ
cblr-8637	1101	40	protections.319	protections.319	PROPN
cblr-8637	1101	41	on	on	ADP
cblr-8637	1101	42	december	december	PROPN
cblr-8637	1101	43	22	22	NUM
cblr-8637	1101	44	,	,	PUNCT
cblr-8637	1101	45	2020	2020	NUM
cblr-8637	1101	46	,	,	PUNCT
cblr-8637	1101	47	the	the	DET
cblr-8637	1101	48	sec	sec	PROPN
cblr-8637	1101	49	again	again	ADV
cblr-8637	1101	50	approved	approve	VERB
cblr-8637	1101	51	the	the	DET
cblr-8637	1101	52	nyse	nyse	PROPN
cblr-8637	1101	53	’s	’s	PART
cblr-8637	1101	54	proposed	propose	VERB
cblr-8637	1101	55	direct	direct	ADJ
cblr-8637	1101	56	listing	listing	NOUN
cblr-8637	1101	57	rules.320	rules.320	NOUN
cblr-8637	1101	58	the	the	DET
cblr-8637	1101	59	sec	sec	PROPN
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cblr-8637	1101	61	that	that	SCONJ
cblr-8637	1101	62	the	the	DET
cblr-8637	1101	63	proposal	proposal	NOUN
cblr-8637	1101	64	was	be	AUX
cblr-8637	1101	65	consistent	consistent	ADJ
cblr-8637	1101	66	with	with	ADP
cblr-8637	1101	67	the	the	DET
cblr-8637	1101	68	exchange	exchange	NOUN
cblr-8637	1101	69	act	act	NOUN
cblr-8637	1101	70	despite	despite	SCONJ
cblr-8637	1101	71	the	the	DET
cblr-8637	1101	72	dissent	dissent	NOUN
cblr-8637	1101	73	of	of	ADP
cblr-8637	1101	74	two	two	NUM
cblr-8637	1101	75	commissioners	commissioner	NOUN
cblr-8637	1101	76	who	who	PRON
cblr-8637	1101	77	were	be	AUX
cblr-8637	1101	78	concerned	concern	VERB
cblr-8637	1101	79	that	that	SCONJ
cblr-8637	1101	80	investor	investor	NOUN
cblr-8637	1101	81	protection	protection	NOUN
cblr-8637	1101	82	may	may	AUX
cblr-8637	1101	83	suffer	suffer	VERB
cblr-8637	1101	84	from	from	ADP
cblr-8637	1101	85	,	,	PUNCT
cblr-8637	1101	86	among	among	ADP
cblr-8637	1101	87	other	other	ADJ
cblr-8637	1101	88	things	thing	NOUN
cblr-8637	1101	89	,	,	PUNCT
cblr-8637	1101	90	the	the	DET
cblr-8637	1101	91	“	"	PUNCT
cblr-8637	1101	92	remov[al	remov[al	PROPN
cblr-8637	1101	93	]	]	X
cblr-8637	1102	1	[	[	X
cblr-8637	1102	2	of	of	ADP
cblr-8637	1102	3	]	]	PUNCT
cblr-8637	1102	4	traditional	traditional	ADJ
cblr-8637	1102	5	underwriters	underwriter	NOUN
cblr-8637	1102	6	from	from	ADP
cblr-8637	1102	7	the	the	DET
cblr-8637	1102	8	listing	listing	NOUN
cblr-8637	1102	9	process	process	NOUN
cblr-8637	1102	10	.	.	PUNCT
cblr-8637	1102	11	”321	”321	PUNCT
cblr-8637	1102	12	on	on	ADP
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cblr-8637	1102	14	19	19	NUM
cblr-8637	1102	15	,	,	PUNCT
cblr-8637	1102	16	2021	2021	NUM
cblr-8637	1102	17	,	,	PUNCT
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cblr-8637	1102	19	sec	sec	PROPN
cblr-8637	1102	20	approved	approve	VERB
cblr-8637	1102	21	a	a	DET
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cblr-8637	1102	28	investor	investor	NOUN
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cblr-8637	1102	30	concerns	concern	NOUN
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cblr-8637	1102	32	not	not	PART
cblr-8637	1102	33	unwarranted	unwarranted	ADJ
cblr-8637	1102	34	;	;	PUNCT
cblr-8637	1102	35	however	however	ADV
cblr-8637	1102	36	,	,	PUNCT
cblr-8637	1102	37	because	because	SCONJ
cblr-8637	1102	38	the	the	DET
cblr-8637	1102	39	adoption	adoption	NOUN
cblr-8637	1102	40	of	of	ADP
cblr-8637	1102	41	the	the	DET
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cblr-8637	1102	43	’s	’s	PART
cblr-8637	1102	44	rule	rule	NOUN
cblr-8637	1102	45	may	may	AUX
cblr-8637	1102	46	enable	enable	VERB
cblr-8637	1102	47	relatively	relatively	ADV
cblr-8637	1102	48	large	large	ADJ
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cblr-8637	1102	50	held	hold	VERB
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cblr-8637	1102	52	to	to	PART
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cblr-8637	1102	54	the	the	DET
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cblr-8637	1102	67	,	,	PUNCT
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cblr-8637	1102	69	may	may	AUX
cblr-8637	1102	70	reduce	reduce	VERB
cblr-8637	1102	71	the	the	DET
cblr-8637	1102	72	overall	overall	ADJ
cblr-8637	1102	73	price	price	NOUN
cblr-8637	1102	74	of	of	ADP
cblr-8637	1102	75	going	go	VERB
cblr-8637	1102	76	public	public	ADJ
cblr-8637	1102	77	for	for	ADP
cblr-8637	1102	78	these	these	DET
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cblr-8637	1102	80	.	.	PUNCT
cblr-8637	1103	1	moreover	moreover	ADV
cblr-8637	1103	2	,	,	PUNCT
cblr-8637	1103	3	as	as	ADP
cblr-8637	1103	4	secondary	secondary	ADJ
cblr-8637	1103	5	trading	trading	NOUN
cblr-8637	1103	6	markets	market	NOUN
cblr-8637	1103	7	for	for	ADP
cblr-8637	1103	8	private	private	ADJ
cblr-8637	1103	9	equity	equity	NOUN
cblr-8637	1103	10	develop	develop	VERB
cblr-8637	1103	11	and	and	CCONJ
cblr-8637	1103	12	leverage	leverage	VERB
cblr-8637	1103	13	new	new	ADJ
cblr-8637	1103	14	technology	technology	NOUN
cblr-8637	1103	15	to	to	PART
cblr-8637	1103	16	make	make	VERB
cblr-8637	1103	17	pricing	pricing	NOUN
cblr-8637	1103	18	and	and	CCONJ
cblr-8637	1103	19	trading	trading	NOUN
cblr-8637	1103	20	information	information	NOUN
cblr-8637	1103	21	more	more	ADV
cblr-8637	1103	22	widely	widely	ADV
cblr-8637	1103	23	available	available	ADJ
cblr-8637	1103	24	,	,	PUNCT
cblr-8637	1103	25	private	private	ADJ
cblr-8637	1103	26	market	market	NOUN
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cblr-8637	1103	28	transparency	transparency	NOUN
cblr-8637	1103	29	will	will	AUX
cblr-8637	1103	30	improve.323	improve.323	VERB
cblr-8637	1103	31	as	as	ADP
cblr-8637	1103	32	a	a	DET
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cblr-8637	1103	34	,	,	PUNCT
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cblr-8637	1103	38	potentially	potentially	ADV
cblr-8637	1103	39	be	be	AUX
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cblr-8637	1103	41	to	to	PART
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cblr-8637	1103	43	a	a	DET
cblr-8637	1103	44	better	well	ADJ
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cblr-8637	1103	46	of	of	ADP
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cblr-8637	1103	48	trading	trading	NOUN
cblr-8637	1103	49	price	price	NOUN
cblr-8637	1103	50	and	and	CCONJ
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cblr-8637	1103	52	and	and	CCONJ
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cblr-8637	1103	56	i	i	PROPN
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cblr-8637	1103	72	,	,	PUNCT
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cblr-8637	1103	75	by	by	ADP
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cblr-8637	1103	77	no	no	PROPN
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cblr-8637	1103	79	2	2	NUM
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cblr-8637	1103	82	amend	amend	VERB
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cblr-8637	1103	84	one	one	NUM
cblr-8637	1103	85	of	of	ADP
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cblr-8637	1103	87	listed	list	VERB
cblr-8637	1103	88	company	company	NOUN
cblr-8637	1103	89	manual	manual	NOUN
cblr-8637	1103	90	to	to	PART
cblr-8637	1103	91	modify	modify	VERB
cblr-8637	1103	92	the	the	DET
cblr-8637	1103	93	provisions	provision	NOUN
cblr-8637	1103	94	relating	relate	VERB
cblr-8637	1103	95	to	to	ADP
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cblr-8637	1103	98	,	,	PUNCT
cblr-8637	1103	99	85	85	NUM
cblr-8637	1103	100	fed	feed	VERB
cblr-8637	1103	101	.	.	PUNCT
cblr-8637	1104	1	reg	reg	PROPN
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cblr-8637	1105	2	,	,	PUNCT
cblr-8637	1105	3	85,807	85,807	NUM
cblr-8637	1105	4	(	(	PUNCT
cblr-8637	1105	5	dec	dec	PROPN
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cblr-8637	1105	8	,	,	PUNCT
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cblr-8637	1105	24	,	,	PUNCT
cblr-8637	1105	25	sec	sec	PROPN
cblr-8637	1105	26	again	again	ADV
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cblr-8637	1105	35	l.	l.	PROPN
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cblr-8637	1106	1	(	(	PUNCT
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cblr-8637	1106	5	,	,	PUNCT
cblr-8637	1106	6	2021	2021	NUM
cblr-8637	1106	7	)	)	PUNCT
cblr-8637	1106	8	,	,	PUNCT
cblr-8637	1106	9	https://www.natlawreview.com/article/sec-again-approves-nyse-s-directlisting-rules#:~:text=on%20december%2022%2c%202020%2c%20the	https://www.natlawreview.com/article/sec-again-approves-nyse-s-directlisting-rules#:~:text=on%20december%2022%2c%202020%2c%20the	PRON
cblr-8637	1106	10	,	,	PUNCT
cblr-8637	1106	11	sales%20of%20shares%20by%20existing	sales%20of%20shares%20by%20existing	PROPN
cblr-8637	1107	1	[	[	X
cblr-8637	1107	2	https://perma.cc/r6nl-juh6	https://perma.cc/r6nl-juh6	X
cblr-8637	1107	3	]	]	X
cblr-8637	1107	4	.	.	PUNCT
cblr-8637	1108	1	321	321	NUM
cblr-8637	1108	2	hecht	hecht	PROPN
cblr-8637	1108	3	et	et	PROPN
cblr-8637	1108	4	al	al	PROPN
cblr-8637	1108	5	.	.	PROPN
cblr-8637	1108	6	,	,	PUNCT
cblr-8637	1108	7	supra	supra	PROPN
cblr-8637	1108	8	note	note	PROPN
cblr-8637	1108	9	320	320	NUM
cblr-8637	1108	10	.	.	PUNCT
cblr-8637	1108	11	322	322	NUM
cblr-8637	1108	12	self	self	NOUN
cblr-8637	1108	13	-	-	PUNCT
cblr-8637	1108	14	regulatory	regulatory	ADJ
cblr-8637	1108	15	organizations	organization	NOUN
cblr-8637	1108	16	;	;	PUNCT
cblr-8637	1108	17	the	the	DET
cblr-8637	1108	18	nasdaq	nasdaq	PROPN
cblr-8637	1108	19	stock	stock	PROPN
cblr-8637	1108	20	market	market	PROPN
cblr-8637	1108	21	llc	llc	PROPN
cblr-8637	1108	22	;	;	PUNCT
cblr-8637	1108	23	order	order	VERB
cblr-8637	1108	24	approving	approve	VERB
cblr-8637	1108	25	a	a	DET
cblr-8637	1108	26	proposed	propose	VERB
cblr-8637	1108	27	rule	rule	NOUN
cblr-8637	1108	28	change	change	NOUN
cblr-8637	1108	29	,	,	PUNCT
cblr-8637	1108	30	as	as	SCONJ
cblr-8637	1108	31	modified	modify	VERB
cblr-8637	1108	32	by	by	ADP
cblr-8637	1108	33	amendment	amendment	NOUN
cblr-8637	1108	34	no	no	PROPN
cblr-8637	1108	35	.	.	PROPN
cblr-8637	1108	36	2	2	NUM
cblr-8637	1108	37	,	,	PUNCT
cblr-8637	1108	38	to	to	PART
cblr-8637	1108	39	allow	allow	VERB
cblr-8637	1108	40	companies	company	NOUN
cblr-8637	1108	41	to	to	PART
cblr-8637	1108	42	list	list	VERB
cblr-8637	1108	43	in	in	ADP
cblr-8637	1108	44	connection	connection	NOUN
cblr-8637	1108	45	with	with	ADP
cblr-8637	1108	46	a	a	DET
cblr-8637	1108	47	direct	direct	ADJ
cblr-8637	1108	48	listing	listing	NOUN
cblr-8637	1108	49	with	with	ADP
cblr-8637	1108	50	a	a	DET
cblr-8637	1108	51	primary	primary	ADJ
cblr-8637	1108	52	offering	offering	NOUN
cblr-8637	1108	53	in	in	ADP
cblr-8637	1108	54	which	which	PRON
cblr-8637	1108	55	the	the	DET
cblr-8637	1108	56	company	company	NOUN
cblr-8637	1108	57	will	will	AUX
cblr-8637	1108	58	sell	sell	VERB
cblr-8637	1108	59	shares	share	NOUN
cblr-8637	1108	60	itself	itself	PRON
cblr-8637	1108	61	in	in	ADP
cblr-8637	1108	62	the	the	DET
cblr-8637	1108	63	opening	opening	NOUN
cblr-8637	1108	64	auction	auction	NOUN
cblr-8637	1108	65	on	on	ADP
cblr-8637	1108	66	the	the	DET
cblr-8637	1108	67	first	first	ADJ
cblr-8637	1108	68	day	day	NOUN
cblr-8637	1108	69	of	of	ADP
cblr-8637	1108	70	trading	trading	NOUN
cblr-8637	1108	71	on	on	ADP
cblr-8637	1108	72	nasdaq	nasdaq	PROPN
cblr-8637	1108	73	and	and	CCONJ
cblr-8637	1108	74	to	to	PART
cblr-8637	1108	75	explain	explain	VERB
cblr-8637	1108	76	how	how	SCONJ
cblr-8637	1108	77	the	the	DET
cblr-8637	1108	78	opening	opening	NOUN
cblr-8637	1108	79	transaction	transaction	NOUN
cblr-8637	1108	80	for	for	ADP
cblr-8637	1108	81	such	such	DET
cblr-8637	1108	82	a	a	DET
cblr-8637	1108	83	listing	listing	NOUN
cblr-8637	1108	84	will	will	AUX
cblr-8637	1108	85	be	be	AUX
cblr-8637	1108	86	effected	effect	VERB
cblr-8637	1108	87	,	,	PUNCT
cblr-8637	1108	88	securities	security	NOUN
cblr-8637	1108	89	act	act	NOUN
cblr-8637	1108	90	release	release	VERB
cblr-8637	1108	91	no	no	NOUN
cblr-8637	1108	92	.	.	NOUN
cblr-8637	1108	93	34	34	NUM
cblr-8637	1108	94	-	-	SYM
cblr-8637	1108	95	91947	91947	NUM
cblr-8637	1108	96	(	(	PUNCT
cblr-8637	1108	97	may	may	PROPN
cblr-8637	1108	98	19	19	NUM
cblr-8637	1108	99	,	,	PUNCT
cblr-8637	1108	100	2021	2021	NUM
cblr-8637	1108	101	)	)	PUNCT
cblr-8637	1108	102	.	.	PUNCT
cblr-8637	1109	1	323	323	NUM
cblr-8637	1109	2	special	special	ADJ
cblr-8637	1109	3	study	study	NOUN
cblr-8637	1109	4	interview	interview	NOUN
cblr-8637	1109	5	,	,	PUNCT
cblr-8637	1109	6	supra	supra	PROPN
cblr-8637	1109	7	note	note	PROPN
cblr-8637	1109	8	163	163	NUM
cblr-8637	1109	9	.	.	PUNCT
cblr-8637	1110	1	greene	greene	PROPN
cblr-8637	1110	2	et	et	PROPN
cblr-8637	1110	3	al	al	PROPN
cblr-8637	1110	4	.	.	PROPN
cblr-8637	1111	1	8/21/2021	8/21/2021	NUM
cblr-8637	1111	2	1:44	1:44	NUM
cblr-8637	1111	3	pm	pm	NOUN
cblr-8637	1111	4	no	no	INTJ
cblr-8637	1111	5	.	.	PUNCT
cblr-8637	1112	1	2:714	2:714	NUM
cblr-8637	1112	2	]	]	X
cblr-8637	1112	3	the	the	DET
cblr-8637	1112	4	need	need	NOUN
cblr-8637	1112	5	for	for	ADP
cblr-8637	1112	6	a	a	DET
cblr-8637	1112	7	comprehensive	comprehensive	ADJ
cblr-8637	1112	8	approach	approach	NOUN
cblr-8637	1112	9	787	787	NUM
cblr-8637	1112	10	therefore	therefore	ADV
cblr-8637	1112	11	be	be	AUX
cblr-8637	1112	12	more	more	ADV
cblr-8637	1112	13	comfortable	comfortable	ADJ
cblr-8637	1112	14	becoming	become	VERB
cblr-8637	1112	15	public.324	public.324	NOUN
cblr-8637	1112	16	this	this	PRON
cblr-8637	1112	17	will	will	AUX
cblr-8637	1112	18	facilitate	facilitate	VERB
cblr-8637	1112	19	a	a	DET
cblr-8637	1112	20	more	more	ADV
cblr-8637	1112	21	seamless	seamless	ADJ
cblr-8637	1112	22	transition	transition	NOUN
cblr-8637	1112	23	to	to	ADP
cblr-8637	1112	24	going	go	VERB
cblr-8637	1112	25	public	public	ADJ
cblr-8637	1112	26	through	through	ADP
cblr-8637	1112	27	direct	direct	ADJ
cblr-8637	1112	28	listings.325	listings.325	PROPN
cblr-8637	1112	29	the	the	DET
cblr-8637	1112	30	direct	direct	ADJ
cblr-8637	1112	31	listing	listing	NOUN
cblr-8637	1112	32	rules	rule	NOUN
cblr-8637	1112	33	may	may	AUX
cblr-8637	1112	34	also	also	ADV
cblr-8637	1112	35	offer	offer	VERB
cblr-8637	1112	36	an	an	DET
cblr-8637	1112	37	attractive	attractive	ADJ
cblr-8637	1112	38	alternative	alternative	NOUN
cblr-8637	1112	39	for	for	ADP
cblr-8637	1112	40	certain	certain	ADJ
cblr-8637	1112	41	companies	company	NOUN
cblr-8637	1112	42	as	as	ADP
cblr-8637	1112	43	compared	compare	VERB
cblr-8637	1112	44	to	to	ADP
cblr-8637	1112	45	going	go	VERB
cblr-8637	1112	46	public	public	ADJ
cblr-8637	1112	47	through	through	ADP
cblr-8637	1112	48	a	a	DET
cblr-8637	1112	49	spac.326	spac.326	NOUN
cblr-8637	1112	50	in	in	ADP
cblr-8637	1112	51	early	early	ADJ
cblr-8637	1112	52	2021	2021	NUM
cblr-8637	1112	53	,	,	PUNCT
cblr-8637	1112	54	direct	direct	ADJ
cblr-8637	1112	55	listing	listing	NOUN
cblr-8637	1112	56	was	be	AUX
cblr-8637	1112	57	again	again	ADV
cblr-8637	1112	58	in	in	ADP
cblr-8637	1112	59	the	the	DET
cblr-8637	1112	60	news	news	NOUN
cblr-8637	1112	61	when	when	SCONJ
cblr-8637	1112	62	coinbase	coinbase	PROPN
cblr-8637	1112	63	joined	join	VERB
cblr-8637	1112	64	the	the	DET
cblr-8637	1112	65	likes	like	NOUN
cblr-8637	1112	66	of	of	ADP
cblr-8637	1112	67	spotify	spotify	NOUN
cblr-8637	1112	68	and	and	CCONJ
cblr-8637	1112	69	palantir	palantir	NOUN
cblr-8637	1112	70	in	in	ADP
cblr-8637	1112	71	eschewing	eschew	VERB
cblr-8637	1112	72	the	the	DET
cblr-8637	1112	73	traditional	traditional	ADJ
cblr-8637	1112	74	ipo.327	ipo.327	NOUN
cblr-8637	1112	75	however	however	ADV
cblr-8637	1112	76	,	,	PUNCT
cblr-8637	1112	77	the	the	DET
cblr-8637	1112	78	practical	practical	ADJ
cblr-8637	1112	79	effectiveness	effectiveness	NOUN
cblr-8637	1112	80	of	of	ADP
cblr-8637	1112	81	direct	direct	ADJ
cblr-8637	1112	82	listings	listing	NOUN
cblr-8637	1112	83	remains	remain	VERB
cblr-8637	1112	84	to	to	PART
cblr-8637	1112	85	be	be	AUX
cblr-8637	1112	86	seen.328	seen.328	ADV
cblr-8637	1112	87	as	as	ADV
cblr-8637	1112	88	debate	debate	NOUN
cblr-8637	1112	89	around	around	ADP
cblr-8637	1112	90	the	the	DET
cblr-8637	1112	91	nyse	nyse	PROPN
cblr-8637	1112	92	rule	rule	NOUN
cblr-8637	1112	93	change	change	NOUN
cblr-8637	1112	94	and	and	CCONJ
cblr-8637	1112	95	the	the	DET
cblr-8637	1112	96	corollary	corollary	ADJ
cblr-8637	1112	97	change	change	NOUN
cblr-8637	1112	98	at	at	ADP
cblr-8637	1112	99	nasdaq	nasdaq	PROPN
cblr-8637	1112	100	continues	continue	VERB
cblr-8637	1112	101	,	,	PUNCT
cblr-8637	1112	102	the	the	DET
cblr-8637	1112	103	special	special	ADJ
cblr-8637	1112	104	study	study	NOUN
cblr-8637	1112	105	should	should	AUX
cblr-8637	1112	106	examine	examine	VERB
cblr-8637	1112	107	the	the	DET
cblr-8637	1112	108	effects	effect	NOUN
cblr-8637	1112	109	of	of	ADP
cblr-8637	1112	110	these	these	DET
cblr-8637	1112	111	changes	change	NOUN
cblr-8637	1112	112	and	and	CCONJ
cblr-8637	1112	113	explore	explore	VERB
cblr-8637	1112	114	other	other	ADJ
cblr-8637	1112	115	ways	way	NOUN
cblr-8637	1112	116	through	through	ADP
cblr-8637	1112	117	which	which	PRON
cblr-8637	1112	118	the	the	DET
cblr-8637	1112	119	sec	sec	PROPN
cblr-8637	1112	120	could	could	AUX
cblr-8637	1112	121	reduce	reduce	VERB
cblr-8637	1112	122	costs	cost	NOUN
cblr-8637	1112	123	in	in	ADP
cblr-8637	1112	124	the	the	DET
cblr-8637	1112	125	ipo	ipo	NOUN
cblr-8637	1112	126	process	process	NOUN
cblr-8637	1112	127	without	without	ADP
cblr-8637	1112	128	decreasing	decrease	VERB
cblr-8637	1112	129	investor	investor	NOUN
cblr-8637	1112	130	protection	protection	NOUN
cblr-8637	1112	131	.	.	PUNCT
cblr-8637	1113	1	in	in	ADP
cblr-8637	1113	2	connection	connection	NOUN
cblr-8637	1113	3	with	with	ADP
cblr-8637	1113	4	this	this	PRON
cblr-8637	1113	5	,	,	PUNCT
cblr-8637	1113	6	the	the	DET
cblr-8637	1113	7	special	special	ADJ
cblr-8637	1113	8	study	study	NOUN
cblr-8637	1113	9	should	should	AUX
cblr-8637	1113	10	explore	explore	VERB
cblr-8637	1113	11	the	the	DET
cblr-8637	1113	12	role	role	NOUN
cblr-8637	1113	13	that	that	PRON
cblr-8637	1113	14	intermediaries	intermediary	NOUN
cblr-8637	1113	15	should	should	AUX
cblr-8637	1113	16	play	play	VERB
cblr-8637	1113	17	in	in	ADP
cblr-8637	1113	18	the	the	DET
cblr-8637	1113	19	ipo	ipo	NOUN
cblr-8637	1113	20	and	and	CCONJ
cblr-8637	1113	21	direct	direct	ADJ
cblr-8637	1113	22	listing	listing	NOUN
cblr-8637	1113	23	process	process	NOUN
cblr-8637	1113	24	,	,	PUNCT
cblr-8637	1113	25	as	as	ADV
cblr-8637	1113	26	well	well	ADV
cblr-8637	1113	27	as	as	ADP
cblr-8637	1113	28	the	the	DET
cblr-8637	1113	29	appropriate	appropriate	ADJ
cblr-8637	1113	30	standard	standard	NOUN
cblr-8637	1113	31	of	of	ADP
cblr-8637	1113	32	conduct	conduct	NOUN
cblr-8637	1113	33	that	that	PRON
cblr-8637	1113	34	should	should	AUX
cblr-8637	1113	35	be	be	AUX
cblr-8637	1113	36	applied	apply	VERB
cblr-8637	1113	37	in	in	ADP
cblr-8637	1113	38	each	each	PRON
cblr-8637	1113	39	of	of	ADP
cblr-8637	1113	40	these	these	DET
cblr-8637	1113	41	contexts	contexts	NOUN
cblr-8637	1113	42	.	.	PUNCT
cblr-8637	1114	1	324	324	NUM
cblr-8637	1115	1	i	i	PRON
cblr-8637	1115	2	d.	d.	PROPN
cblr-8637	1115	3	325	325	NUM
cblr-8637	1116	1	i	i	PROPN
cblr-8637	1116	2	d.	d.	PROPN
cblr-8637	1116	3	326	326	NUM
cblr-8637	1116	4	preston	preston	PROPN
cblr-8637	1116	5	brewer	brewer	NOUN
cblr-8637	1116	6	,	,	PUNCT
cblr-8637	1116	7	new	new	ADJ
cblr-8637	1116	8	rules	rule	NOUN
cblr-8637	1116	9	may	may	AUX
cblr-8637	1116	10	help	help	VERB
cblr-8637	1116	11	direct	direct	ADJ
cblr-8637	1116	12	listings	listing	NOUN
cblr-8637	1116	13	snack	snack	VERB
cblr-8637	1116	14	on	on	ADP
cblr-8637	1116	15	spacs	spac	NOUN
cblr-8637	1116	16	,	,	PUNCT
cblr-8637	1116	17	bl	bl	PROPN
cblr-8637	1116	18	(	(	PUNCT
cblr-8637	1116	19	march	march	PROPN
cblr-8637	1116	20	5	5	NUM
cblr-8637	1116	21	,	,	PUNCT
cblr-8637	1116	22	2021	2021	NUM
cblr-8637	1116	23	,	,	PUNCT
cblr-8637	1116	24	4:18	4:18	NUM
cblr-8637	1116	25	am	am	NOUN
cblr-8637	1116	26	)	)	PUNCT
cblr-8637	1116	27	(	(	PUNCT
cblr-8637	1116	28	on	on	ADP
cblr-8637	1116	29	file	file	NOUN
cblr-8637	1116	30	with	with	ADP
cblr-8637	1116	31	the	the	DET
cblr-8637	1116	32	columbia	columbia	PROPN
cblr-8637	1116	33	business	business	PROPN
cblr-8637	1116	34	law	law	PROPN
cblr-8637	1116	35	review	review	PROPN
cblr-8637	1116	36	)	)	PUNCT
cblr-8637	1116	37	,	,	PUNCT
cblr-8637	1116	38	https://news.bloomberglaw.com/capital-markets/analysisnew-rules-may-help-direct-listings-snack-on-spacs	https://news.bloomberglaw.com/capital-markets/analysisnew-rules-may-help-direct-listings-snack-on-spacs	PROPN
cblr-8637	1116	39	.	.	PUNCT
cblr-8637	1117	1	327	327	NUM
cblr-8637	1117	2	taylor	taylor	PROPN
cblr-8637	1117	3	tepper	tepper	PROPN
cblr-8637	1117	4	,	,	PUNCT
cblr-8637	1117	5	coinbase	coinbase	PROPN
cblr-8637	1117	6	ipo	ipo	PROPN
cblr-8637	1117	7	:	:	PUNCT
cblr-8637	1117	8	here	here	ADV
cblr-8637	1117	9	’s	’	VERB
cblr-8637	1117	10	what	what	PRON
cblr-8637	1117	11	you	you	PRON
cblr-8637	1117	12	need	need	VERB
cblr-8637	1117	13	to	to	PART
cblr-8637	1117	14	know	know	VERB
cblr-8637	1117	15	,	,	PUNCT
cblr-8637	1117	16	forbes	forbes	PROPN
cblr-8637	1117	17	:	:	PUNCT
cblr-8637	1117	18	advisor	advisor	PROPN
cblr-8637	1117	19	(	(	PUNCT
cblr-8637	1117	20	apr	apr	PROPN
cblr-8637	1117	21	.	.	PROPN
cblr-8637	1117	22	14	14	NUM
cblr-8637	1117	23	,	,	PUNCT
cblr-8637	1117	24	2021	2021	NUM
cblr-8637	1117	25	,	,	PUNCT
cblr-8637	1117	26	10:20	10:20	NUM
cblr-8637	1117	27	am	am	NOUN
cblr-8637	1117	28	)	)	PUNCT
cblr-8637	1117	29	,	,	PUNCT
cblr-8637	1117	30	https://www.forbes.com/advisor	https://www.forbes.com/advisor	PROPN
cblr-8637	1117	31	/investing	/investing	NOUN
cblr-8637	1117	32	/	/	SYM
cblr-8637	1117	33	coinbase	coinbase	PROPN
cblr-8637	1117	34	-	-	PUNCT
cblr-8637	1117	35	ipo	ipo	NOUN
cblr-8637	1117	36	-	-	PUNCT
cblr-8637	1117	37	direct	direct	VERB
cblr-8637	1117	38	-	-	PUNCT
cblr-8637	1117	39	listing/	listing/	NUM
cblr-8637	1117	40	[	[	X
cblr-8637	1117	41	https://perma.cc/rpr9-batk	https://perma.cc/rpr9-batk	X
cblr-8637	1117	42	]	]	PUNCT
cblr-8637	1117	43	.	.	PUNCT
cblr-8637	1118	1	328	328	NUM
cblr-8637	1118	2	coinbase	coinbase	NOUN
cblr-8637	1118	3	has	have	AUX
cblr-8637	1118	4	been	be	AUX
cblr-8637	1118	5	trading	trade	VERB
cblr-8637	1118	6	downward	downward	ADV
cblr-8637	1118	7	since	since	SCONJ
cblr-8637	1118	8	going	go	VERB
cblr-8637	1118	9	public	public	ADJ
cblr-8637	1118	10	through	through	ADP
cblr-8637	1118	11	a	a	DET
cblr-8637	1118	12	direct	direct	ADJ
cblr-8637	1118	13	listing	listing	NOUN
cblr-8637	1118	14	on	on	ADP
cblr-8637	1118	15	april	april	PROPN
cblr-8637	1118	16	14	14	NUM
cblr-8637	1118	17	,	,	PUNCT
cblr-8637	1118	18	2021	2021	NUM
cblr-8637	1118	19	.	.	PUNCT
cblr-8637	1119	1	see	see	VERB
cblr-8637	1119	2	trefis	trefis	NOUN
cblr-8637	1119	3	team	team	NOUN
cblr-8637	1119	4	&	&	CCONJ
cblr-8637	1119	5	great	great	ADJ
cblr-8637	1119	6	speculations	speculation	NOUN
cblr-8637	1119	7	,	,	PUNCT
cblr-8637	1119	8	what	what	PRON
cblr-8637	1119	9	’s	’s	AUX
cblr-8637	1119	10	happening	happen	VERB
cblr-8637	1119	11	with	with	ADP
cblr-8637	1119	12	coinbase	coinbase	NOUN
cblr-8637	1119	13	stock	stock	NOUN
cblr-8637	1119	14	?	?	PUNCT
cblr-8637	1120	1	(	(	PUNCT
cblr-8637	1120	2	may	may	PROPN
cblr-8637	1120	3	6	6	NUM
cblr-8637	1120	4	,	,	PUNCT
cblr-8637	1120	5	2021	2021	NUM
cblr-8637	1120	6	,	,	PUNCT
cblr-8637	1120	7	10:30	10:30	NUM
cblr-8637	1120	8	am	am	NOUN
cblr-8637	1120	9	)	)	PUNCT
cblr-8637	1120	10	,	,	PUNCT
cblr-8637	1120	11	https://www.forbes.com/sites/greatspeculations/2021/05/06/whatshappening-with-coinbase-stock/?sh=6f374b481901	https://www.forbes.com/sites/greatspeculations/2021/05/06/whatshappening-with-coinbase-stock/?sh=6f374b481901	VERB
cblr-8637	1121	1	[	[	X
cblr-8637	1121	2	https://perma.cc/468eagxw	https://perma.cc/468eagxw	NOUN
cblr-8637	1121	3	]	]	PUNCT
cblr-8637	1121	4	.	.	PUNCT
cblr-8637	1122	1	some	some	PRON
cblr-8637	1122	2	have	have	AUX
cblr-8637	1122	3	argued	argue	VERB
cblr-8637	1122	4	that	that	SCONJ
cblr-8637	1122	5	the	the	DET
cblr-8637	1122	6	decline	decline	NOUN
cblr-8637	1122	7	may	may	AUX
cblr-8637	1122	8	be	be	AUX
cblr-8637	1122	9	partly	partly	ADV
cblr-8637	1122	10	because	because	SCONJ
cblr-8637	1122	11	direct	direct	ADJ
cblr-8637	1122	12	listings	listing	NOUN
cblr-8637	1122	13	,	,	PUNCT
cblr-8637	1122	14	unlike	unlike	ADP
cblr-8637	1122	15	traditional	traditional	ADJ
cblr-8637	1122	16	ipos	ipos	NOUN
cblr-8637	1122	17	,	,	PUNCT
cblr-8637	1122	18	do	do	AUX
cblr-8637	1122	19	not	not	PART
cblr-8637	1122	20	have	have	VERB
cblr-8637	1122	21	lock	lock	NOUN
cblr-8637	1122	22	-	-	PUNCT
cblr-8637	1122	23	up	up	ADP
cblr-8637	1122	24	periods	period	NOUN
cblr-8637	1122	25	and	and	CCONJ
cblr-8637	1122	26	allow	allow	VERB
cblr-8637	1122	27	insiders	insider	NOUN
cblr-8637	1122	28	to	to	PART
cblr-8637	1122	29	sell	sell	VERB
cblr-8637	1122	30	shares	share	NOUN
cblr-8637	1122	31	immediately	immediately	ADV
cblr-8637	1122	32	.	.	PUNCT
cblr-8637	1123	1	see	see	VERB
cblr-8637	1123	2	i	i	PRON
cblr-8637	1123	3	d.	d.	PROPN
cblr-8637	1123	4	similar	similar	ADJ
cblr-8637	1123	5	downward	downward	ADJ
cblr-8637	1123	6	trends	trend	NOUN
cblr-8637	1123	7	were	be	AUX
cblr-8637	1123	8	seen	see	VERB
cblr-8637	1123	9	in	in	ADP
cblr-8637	1123	10	the	the	DET
cblr-8637	1123	11	prices	price	NOUN
cblr-8637	1123	12	of	of	ADP
cblr-8637	1123	13	palantir	palantir	NOUN
cblr-8637	1123	14	and	and	CCONJ
cblr-8637	1123	15	asana	asana	PROPN
cblr-8637	1123	16	,	,	PUNCT
cblr-8637	1123	17	which	which	PRON
cblr-8637	1123	18	also	also	ADV
cblr-8637	1123	19	went	go	VERB
cblr-8637	1123	20	public	public	ADJ
cblr-8637	1123	21	through	through	ADP
cblr-8637	1123	22	direct	direct	ADJ
cblr-8637	1123	23	listings	listing	NOUN
cblr-8637	1123	24	.	.	PUNCT
cblr-8637	1124	1	i	i	PRON
cblr-8637	1124	2	d.	d.	PROPN
cblr-8637	1124	3	greene	greene	PROPN
cblr-8637	1124	4	et	et	PROPN
cblr-8637	1124	5	al	al	PROPN
cblr-8637	1124	6	.	.	PROPN
cblr-8637	1125	1	8/21/2021	8/21/2021	NUM
cblr-8637	1125	2	1:44	1:44	NUM
cblr-8637	1125	3	pm	pm	NOUN
cblr-8637	1125	4	788	788	NUM
cblr-8637	1125	5	columbia	columbia	PROPN
cblr-8637	1125	6	business	business	NOUN
cblr-8637	1125	7	law	law	NOUN
cblr-8637	1125	8	review	review	NOUN
cblr-8637	1125	9	[	[	X
cblr-8637	1125	10	vol	vol	NOUN
cblr-8637	1125	11	.	.	PUNCT
cblr-8637	1125	12	2021	2021	NUM
cblr-8637	1125	13	iii	iii	NOUN
cblr-8637	1125	14	.	.	PUNCT
cblr-8637	1126	1	enhance	enhance	NOUN
cblr-8637	1126	2	trading	trading	NOUN
cblr-8637	1126	3	opportunities	opportunity	NOUN
cblr-8637	1126	4	to	to	PART
cblr-8637	1126	5	respond	respond	VERB
cblr-8637	1126	6	to	to	ADP
cblr-8637	1126	7	underpricing	underprice	VERB
cblr-8637	1126	8	there	there	PRON
cblr-8637	1126	9	is	be	VERB
cblr-8637	1126	10	some	some	DET
cblr-8637	1126	11	empirical	empirical	ADJ
cblr-8637	1126	12	evidence	evidence	NOUN
cblr-8637	1126	13	of	of	ADP
cblr-8637	1126	14	underpricing	underprice	VERB
cblr-8637	1126	15	in	in	ADP
cblr-8637	1126	16	the	the	DET
cblr-8637	1126	17	ipo	ipo	NOUN
cblr-8637	1126	18	markets	market	NOUN
cblr-8637	1126	19	,	,	PUNCT
cblr-8637	1126	20	particularly	particularly	ADV
cblr-8637	1126	21	since	since	SCONJ
cblr-8637	1126	22	the	the	DET
cblr-8637	1126	23	advent	advent	NOUN
cblr-8637	1126	24	of	of	ADP
cblr-8637	1126	25	the	the	DET
cblr-8637	1126	26	jobs	job	NOUN
cblr-8637	1126	27	act.329	act.329	AUX
cblr-8637	1126	28	underpricing	underprice	VERB
cblr-8637	1126	29	in	in	ADP
cblr-8637	1126	30	firm	firm	ADJ
cblr-8637	1126	31	commitment	commitment	NOUN
cblr-8637	1126	32	offerings	offering	NOUN
cblr-8637	1126	33	is	be	AUX
cblr-8637	1126	34	prevalent	prevalent	ADJ
cblr-8637	1126	35	because	because	SCONJ
cblr-8637	1126	36	the	the	DET
cblr-8637	1126	37	underwriter	underwriter	NOUN
cblr-8637	1126	38	’s	’s	PART
cblr-8637	1126	39	incentive	incentive	NOUN
cblr-8637	1126	40	is	be	AUX
cblr-8637	1126	41	to	to	PART
cblr-8637	1126	42	make	make	VERB
cblr-8637	1126	43	sure	sure	ADJ
cblr-8637	1126	44	all	all	DET
cblr-8637	1126	45	shares	share	NOUN
cblr-8637	1126	46	are	be	AUX
cblr-8637	1126	47	sold	sell	VERB
cblr-8637	1126	48	as	as	ADV
cblr-8637	1126	49	quickly	quickly	ADV
cblr-8637	1126	50	as	as	ADP
cblr-8637	1126	51	possible	possible	ADJ
cblr-8637	1126	52	to	to	PART
cblr-8637	1126	53	ensure	ensure	VERB
cblr-8637	1126	54	that	that	SCONJ
cblr-8637	1126	55	it	it	PRON
cblr-8637	1126	56	is	be	AUX
cblr-8637	1126	57	not	not	PART
cblr-8637	1126	58	“	"	PUNCT
cblr-8637	1126	59	stuck	stick	VERB
cblr-8637	1126	60	”	"	PUNCT
cblr-8637	1126	61	with	with	ADP
cblr-8637	1126	62	the	the	DET
cblr-8637	1126	63	shares	share	NOUN
cblr-8637	1126	64	left	leave	VERB
cblr-8637	1126	65	behind	behind	ADV
cblr-8637	1126	66	in	in	ADP
cblr-8637	1126	67	an	an	DET
cblr-8637	1126	68	undersubscribed	undersubscribed	ADJ
cblr-8637	1126	69	offering.330	offering.330	NOUN
cblr-8637	1126	70	when	when	SCONJ
cblr-8637	1126	71	an	an	DET
cblr-8637	1126	72	ipo	ipo	NOUN
cblr-8637	1126	73	is	be	AUX
cblr-8637	1126	74	underpriced	underprice	VERB
cblr-8637	1126	75	,	,	PUNCT
cblr-8637	1126	76	the	the	DET
cblr-8637	1126	77	issuer	issuer	NOUN
cblr-8637	1126	78	raises	raise	VERB
cblr-8637	1126	79	less	less	ADJ
cblr-8637	1126	80	money	money	NOUN
cblr-8637	1126	81	than	than	SCONJ
cblr-8637	1126	82	their	their	PRON
cblr-8637	1126	83	stock	stock	NOUN
cblr-8637	1126	84	may	may	AUX
cblr-8637	1126	85	be	be	AUX
cblr-8637	1126	86	worth	worth	ADJ
cblr-8637	1126	87	,	,	PUNCT
cblr-8637	1126	88	therefore	therefore	ADV
cblr-8637	1126	89	creating	create	VERB
cblr-8637	1126	90	inefficiency	inefficiency	NOUN
cblr-8637	1126	91	in	in	ADP
cblr-8637	1126	92	the	the	DET
cblr-8637	1126	93	fundraising	fundraising	NOUN
cblr-8637	1126	94	process	process	NOUN
cblr-8637	1126	95	.	.	PUNCT
cblr-8637	1127	1	if	if	SCONJ
cblr-8637	1127	2	the	the	DET
cblr-8637	1127	3	sec	sec	PROPN
cblr-8637	1127	4	adopts	adopt	VERB
cblr-8637	1127	5	the	the	DET
cblr-8637	1127	6	nyse	nyse	PROPN
cblr-8637	1127	7	’s	’s	PART
cblr-8637	1127	8	direct	direct	ADJ
cblr-8637	1127	9	listing	listing	NOUN
cblr-8637	1127	10	proposal	proposal	NOUN
cblr-8637	1127	11	,	,	PUNCT
cblr-8637	1127	12	underpricing	underprice	VERB
cblr-8637	1127	13	for	for	ADP
cblr-8637	1127	14	some	some	DET
cblr-8637	1127	15	ipos	ipos	NOUN
cblr-8637	1127	16	will	will	AUX
cblr-8637	1127	17	be	be	AUX
cblr-8637	1127	18	addressed	address	VERB
cblr-8637	1127	19	as	as	SCONJ
cblr-8637	1127	20	issuers	issuer	NOUN
cblr-8637	1127	21	will	will	AUX
cblr-8637	1127	22	not	not	PART
cblr-8637	1127	23	have	have	VERB
cblr-8637	1127	24	to	to	PART
cblr-8637	1127	25	pay	pay	VERB
cblr-8637	1127	26	the	the	DET
cblr-8637	1127	27	four	four	NUM
cblr-8637	1127	28	to	to	PART
cblr-8637	1127	29	seven	seven	NUM
cblr-8637	1127	30	percent	percent	NOUN
cblr-8637	1127	31	underwriting	underwrite	VERB
cblr-8637	1127	32	fee.331	fee.331	ADV
cblr-8637	1127	33	however	however	ADV
cblr-8637	1127	34	,	,	PUNCT
cblr-8637	1127	35	underpricing	underprice	VERB
cblr-8637	1127	36	can	can	AUX
cblr-8637	1127	37	also	also	ADV
cblr-8637	1127	38	be	be	AUX
cblr-8637	1127	39	mitigated	mitigate	VERB
cblr-8637	1127	40	by	by	ADP
cblr-8637	1127	41	improving	improve	VERB
cblr-8637	1127	42	price	price	NOUN
cblr-8637	1127	43	discovery	discovery	NOUN
cblr-8637	1127	44	.	.	PUNCT
cblr-8637	1128	1	“	"	PUNCT
cblr-8637	1128	2	testing	testing	NOUN
cblr-8637	1128	3	-	-	PUNCT
cblr-8637	1128	4	the	the	DET
cblr-8637	1128	5	-	-	PUNCT
cblr-8637	1128	6	waters	water	NOUN
cblr-8637	1128	7	”	"	PUNCT
cblr-8637	1128	8	may	may	AUX
cblr-8637	1128	9	address	address	VERB
cblr-8637	1128	10	some	some	DET
cblr-8637	1128	11	underpricing	underprice	VERB
cblr-8637	1128	12	concerns	concern	NOUN
cblr-8637	1128	13	as	as	ADP
cblr-8637	1128	14	the	the	DET
cblr-8637	1128	15	underwriter	underwriter	NOUN
cblr-8637	1128	16	and	and	CCONJ
cblr-8637	1128	17	issuer	issuer	NOUN
cblr-8637	1128	18	will	will	AUX
cblr-8637	1128	19	be	be	AUX
cblr-8637	1128	20	able	able	ADJ
cblr-8637	1128	21	to	to	PART
cblr-8637	1128	22	gauge	gauge	VERB
cblr-8637	1128	23	market	market	NOUN
cblr-8637	1128	24	interests	interest	NOUN
cblr-8637	1128	25	at	at	ADP
cblr-8637	1128	26	certain	certain	ADJ
cblr-8637	1128	27	prices	price	NOUN
cblr-8637	1128	28	.	.	PUNCT
cblr-8637	1129	1	however	however	ADV
cblr-8637	1129	2	,	,	PUNCT
cblr-8637	1129	3	this	this	PRON
cblr-8637	1129	4	may	may	AUX
cblr-8637	1129	5	not	not	PART
cblr-8637	1129	6	fully	fully	ADV
cblr-8637	1129	7	address	address	VERB
cblr-8637	1129	8	the	the	DET
cblr-8637	1129	9	issue	issue	NOUN
cblr-8637	1129	10	.	.	PUNCT
cblr-8637	1130	1	the	the	DET
cblr-8637	1130	2	fact	fact	NOUN
cblr-8637	1130	3	that	that	SCONJ
cblr-8637	1130	4	new	new	ADJ
cblr-8637	1130	5	ipos	ipos	NOUN
cblr-8637	1130	6	often	often	ADV
cblr-8637	1130	7	see	see	VERB
cblr-8637	1130	8	an	an	DET
cblr-8637	1130	9	immediate	immediate	ADJ
cblr-8637	1130	10	jump	jump	NOUN
cblr-8637	1130	11	in	in	ADP
cblr-8637	1130	12	value	value	NOUN
cblr-8637	1130	13	indicates	indicate	VERB
cblr-8637	1130	14	that	that	SCONJ
cblr-8637	1130	15	testing	testing	NOUN
cblr-8637	1130	16	-	-	PUNCT
cblr-8637	1130	17	thewaters	thewater	NOUN
cblr-8637	1130	18	does	do	AUX
cblr-8637	1130	19	not	not	PART
cblr-8637	1130	20	give	give	VERB
cblr-8637	1130	21	a	a	DET
cblr-8637	1130	22	complete	complete	ADJ
cblr-8637	1130	23	indication	indication	NOUN
cblr-8637	1130	24	of	of	ADP
cblr-8637	1130	25	the	the	DET
cblr-8637	1130	26	highest	high	ADJ
cblr-8637	1130	27	price	price	NOUN
cblr-8637	1130	28	issuers	issuer	NOUN
cblr-8637	1130	29	can	can	AUX
cblr-8637	1130	30	offer	offer	VERB
cblr-8637	1130	31	their	their	PRON
cblr-8637	1130	32	securities	security	NOUN
cblr-8637	1130	33	in	in	ADP
cblr-8637	1130	34	their	their	PRON
cblr-8637	1130	35	ipos	ipos	NOUN
cblr-8637	1130	36	.	.	PUNCT
cblr-8637	1131	1	to	to	PART
cblr-8637	1131	2	respond	respond	VERB
cblr-8637	1131	3	to	to	ADP
cblr-8637	1131	4	this	this	DET
cblr-8637	1131	5	issue	issue	NOUN
cblr-8637	1131	6	,	,	PUNCT
cblr-8637	1131	7	at	at	ADP
cblr-8637	1131	8	least	least	ADJ
cblr-8637	1131	9	one	one	NUM
cblr-8637	1131	10	legal	legal	ADJ
cblr-8637	1131	11	professional	professional	NOUN
cblr-8637	1131	12	has	have	AUX
cblr-8637	1131	13	proposed	propose	VERB
cblr-8637	1131	14	a	a	DET
cblr-8637	1131	15	whenissued	whenissue	VERB
cblr-8637	1131	16	market	market	NOUN
cblr-8637	1131	17	.	.	PUNCT
cblr-8637	1132	1	“	"	PUNCT
cblr-8637	1132	2	[	[	PUNCT
cblr-8637	1132	3	w]hen	w]hen	ADV
cblr-8637	1132	4	-	-	PUNCT
cblr-8637	1132	5	issued	issue	VERB
cblr-8637	1132	6	securities	security	NOUN
cblr-8637	1132	7	are	be	AUX
cblr-8637	1132	8	conditional	conditional	ADJ
cblr-8637	1132	9	contracts	contract	NOUN
cblr-8637	1132	10	for	for	ADP
cblr-8637	1132	11	the	the	DET
cblr-8637	1132	12	delivery	delivery	NOUN
cblr-8637	1132	13	of	of	ADP
cblr-8637	1132	14	a	a	DET
cblr-8637	1132	15	specified	specified	ADJ
cblr-8637	1132	16	underlying	underlie	VERB
cblr-8637	1132	17	security	security	NOUN
cblr-8637	1132	18	when	when	SCONJ
cblr-8637	1132	19	,	,	PUNCT
cblr-8637	1132	20	as	as	ADP
cblr-8637	1132	21	,	,	PUNCT
cblr-8637	1132	22	and	and	CCONJ
cblr-8637	1132	23	if	if	SCONJ
cblr-8637	1132	24	that	that	DET
cblr-8637	1132	25	security	security	NOUN
cblr-8637	1132	26	is	be	AUX
cblr-8637	1132	27	issued	issue	VERB
cblr-8637	1132	28	.	.	PUNCT
cblr-8637	1132	29	”332	”332	PUNCT
cblr-8637	1133	1	if	if	SCONJ
cblr-8637	1133	2	the	the	DET
cblr-8637	1133	3	underlying	underlie	VERB
cblr-8637	1133	4	security	security	NOUN
cblr-8637	1133	5	is	be	AUX
cblr-8637	1133	6	not	not	PART
cblr-8637	1133	7	issued	issue	VERB
cblr-8637	1133	8	on	on	ADP
cblr-8637	1133	9	the	the	DET
cblr-8637	1133	10	specified	specify	VERB
cblr-8637	1133	11	date	date	NOUN
cblr-8637	1133	12	or	or	CCONJ
cblr-8637	1133	13	at	at	ADP
cblr-8637	1133	14	the	the	DET
cblr-8637	1133	15	specified	specified	ADJ
cblr-8637	1133	16	price	price	NOUN
cblr-8637	1133	17	,	,	PUNCT
cblr-8637	1133	18	the	the	DET
cblr-8637	1133	19	when	when	ADV
cblr-8637	1133	20	-	-	PUNCT
cblr-8637	1133	21	issued	issue	VERB
cblr-8637	1133	22	contract	contract	NOUN
cblr-8637	1133	23	is	be	AUX
cblr-8637	1133	24	void.333	void.333	ADP
cblr-8637	1133	25	studies	study	NOUN
cblr-8637	1133	26	of	of	ADP
cblr-8637	1133	27	the	the	DET
cblr-8637	1133	28	german	german	ADJ
cblr-8637	1133	29	when	when	SCONJ
cblr-8637	1133	30	-	-	PUNCT
cblr-8637	1133	31	issued	issue	VERB
cblr-8637	1133	32	market	market	NOUN
cblr-8637	1133	33	have	have	AUX
cblr-8637	1133	34	shown	show	VERB
cblr-8637	1133	35	that	that	SCONJ
cblr-8637	1133	36	the	the	DET
cblr-8637	1133	37	whenissued	whenissue	VERB
cblr-8637	1133	38	market	market	NOUN
cblr-8637	1133	39	“	"	PUNCT
cblr-8637	1133	40	improve[s	improve[s	PROPN
cblr-8637	1133	41	]	]	PUNCT
cblr-8637	1133	42	estimates	estimate	NOUN
cblr-8637	1133	43	of	of	ADP
cblr-8637	1133	44	aggregate	aggregate	ADJ
cblr-8637	1133	45	demand	demand	NOUN
cblr-8637	1133	46	for	for	ADP
cblr-8637	1133	47	primary	primary	ADJ
cblr-8637	1133	48	offerings	offering	NOUN
cblr-8637	1133	49	”	"	PUNCT
cblr-8637	1133	50	and	and	CCONJ
cblr-8637	1133	51	improves	improve	VERB
cblr-8637	1133	52	price	price	NOUN
cblr-8637	1133	53	accuracy.334	accuracy.334	PRON
cblr-8637	1133	54	329	329	NUM
cblr-8637	1133	55	see	see	VERB
cblr-8637	1133	56	,	,	PUNCT
cblr-8637	1133	57	e.g.	e.g.	ADV
cblr-8637	1133	58	,	,	PUNCT
cblr-8637	1133	59	chaplinsky	chaplinsky	VERB
cblr-8637	1133	60	et	et	PROPN
cblr-8637	1133	61	al	al	PROPN
cblr-8637	1133	62	.	.	PROPN
cblr-8637	1133	63	,	,	PUNCT
cblr-8637	1133	64	supra	supra	PROPN
cblr-8637	1133	65	note	note	VERB
cblr-8637	1133	66	172	172	NUM
cblr-8637	1133	67	,	,	PUNCT
cblr-8637	1133	68	at	at	ADP
cblr-8637	1133	69	822–24	822–24	NUM
cblr-8637	1133	70	.	.	PUNCT
cblr-8637	1134	1	330	330	NUM
cblr-8637	1134	2	see	see	VERB
cblr-8637	1134	3	elmore	elmore	NOUN
cblr-8637	1134	4	,	,	PUNCT
cblr-8637	1134	5	supra	supra	PROPN
cblr-8637	1134	6	note	note	PROPN
cblr-8637	1134	7	173	173	NUM
cblr-8637	1134	8	,	,	PUNCT
cblr-8637	1134	9	at	at	ADP
cblr-8637	1134	10	14–15	14–15	NUM
cblr-8637	1134	11	(	(	PUNCT
cblr-8637	1134	12	summarizing	summarize	VERB
cblr-8637	1134	13	explanations	explanation	NOUN
cblr-8637	1134	14	of	of	ADP
cblr-8637	1134	15	underpricing	underprice	VERB
cblr-8637	1134	16	)	)	PUNCT
cblr-8637	1134	17	.	.	PUNCT
cblr-8637	1135	1	331	331	NUM
cblr-8637	1135	2	on	on	ADP
cblr-8637	1135	3	the	the	DET
cblr-8637	1135	4	costs	cost	NOUN
cblr-8637	1135	5	of	of	ADP
cblr-8637	1135	6	an	an	DET
cblr-8637	1135	7	underwritten	underwritten	ADJ
cblr-8637	1135	8	offering	offering	NOUN
cblr-8637	1135	9	,	,	PUNCT
cblr-8637	1135	10	see	see	VERB
cblr-8637	1135	11	supra	supra	PROPN
cblr-8637	1135	12	note	note	PROPN
cblr-8637	1135	13	172	172	NUM
cblr-8637	1135	14	.	.	PUNCT
cblr-8637	1136	1	332	332	NUM
cblr-8637	1136	2	elmore	elmore	NOUN
cblr-8637	1136	3	,	,	PUNCT
cblr-8637	1136	4	supra	supra	PROPN
cblr-8637	1136	5	note	note	PROPN
cblr-8637	1136	6	173	173	NUM
cblr-8637	1136	7	,	,	PUNCT
cblr-8637	1136	8	at	at	ADP
cblr-8637	1136	9	17	17	NUM
cblr-8637	1136	10	.	.	PUNCT
cblr-8637	1137	1	333	333	NUM
cblr-8637	1137	2	i	i	PRON
cblr-8637	1137	3	d.	d.	PROPN
cblr-8637	1137	4	at	at	ADP
cblr-8637	1137	5	17–18	17–18	NUM
cblr-8637	1137	6	.	.	PUNCT
cblr-8637	1138	1	334	334	NUM
cblr-8637	1139	1	i	i	PRON
cblr-8637	1139	2	d.	d.	PROPN
cblr-8637	1139	3	at	at	ADP
cblr-8637	1139	4	33–35	33–35	NUM
cblr-8637	1139	5	.	.	PUNCT
cblr-8637	1140	1	greene	greene	PROPN
cblr-8637	1140	2	et	et	PROPN
cblr-8637	1140	3	al	al	PROPN
cblr-8637	1140	4	.	.	PROPN
cblr-8637	1141	1	8/21/2021	8/21/2021	NUM
cblr-8637	1141	2	1:44	1:44	NUM
cblr-8637	1141	3	pm	pm	NOUN
cblr-8637	1141	4	no	no	INTJ
cblr-8637	1141	5	.	.	PUNCT
cblr-8637	1142	1	2:714	2:714	NUM
cblr-8637	1142	2	]	]	X
cblr-8637	1142	3	the	the	DET
cblr-8637	1142	4	need	need	NOUN
cblr-8637	1142	5	for	for	ADP
cblr-8637	1142	6	a	a	DET
cblr-8637	1142	7	comprehensive	comprehensive	ADJ
cblr-8637	1142	8	approach	approach	NOUN
cblr-8637	1142	9	789	789	NUM
cblr-8637	1142	10	congressional	congressional	ADJ
cblr-8637	1142	11	amendments	amendment	NOUN
cblr-8637	1142	12	to	to	ADP
cblr-8637	1142	13	the	the	DET
cblr-8637	1142	14	securities	security	NOUN
cblr-8637	1142	15	act	act	PROPN
cblr-8637	1142	16	permitting	permit	VERB
cblr-8637	1142	17	a	a	DET
cblr-8637	1142	18	pre	pre	NOUN
cblr-8637	1142	19	-	-	NOUN
cblr-8637	1142	20	ipo	ipo	ADJ
cblr-8637	1142	21	when	when	SCONJ
cblr-8637	1142	22	-	-	PUNCT
cblr-8637	1142	23	issued	issue	VERB
cblr-8637	1142	24	market	market	NOUN
cblr-8637	1142	25	could	could	AUX
cblr-8637	1142	26	make	make	VERB
cblr-8637	1142	27	the	the	DET
cblr-8637	1142	28	book	book	NOUN
cblr-8637	1142	29	building	building	NOUN
cblr-8637	1142	30	process	process	NOUN
cblr-8637	1142	31	—	—	PUNCT
cblr-8637	1142	32	the	the	DET
cblr-8637	1142	33	process	process	NOUN
cblr-8637	1142	34	by	by	ADP
cblr-8637	1142	35	which	which	PRON
cblr-8637	1142	36	the	the	DET
cblr-8637	1142	37	underwriter	underwriter	NOUN
cblr-8637	1142	38	finds	find	VERB
cblr-8637	1142	39	institutional	institutional	ADJ
cblr-8637	1142	40	investors	investor	NOUN
cblr-8637	1142	41	to	to	PART
cblr-8637	1142	42	purchase	purchase	VERB
cblr-8637	1142	43	securities	security	NOUN
cblr-8637	1142	44	in	in	ADP
cblr-8637	1142	45	an	an	DET
cblr-8637	1142	46	ipo	ipo	NOUN
cblr-8637	1142	47	—	—	PUNCT
cblr-8637	1142	48	more	more	ADV
cblr-8637	1142	49	accurate	accurate	ADJ
cblr-8637	1142	50	,	,	PUNCT
cblr-8637	1142	51	reliable	reliable	ADJ
cblr-8637	1142	52	and	and	CCONJ
cblr-8637	1142	53	fair,335	fair,335	ADJ
cblr-8637	1142	54	thus	thus	ADV
cblr-8637	1142	55	reducing	reduce	VERB
cblr-8637	1142	56	uncertainty	uncertainty	NOUN
cblr-8637	1142	57	for	for	ADP
cblr-8637	1142	58	underwriters	underwriter	NOUN
cblr-8637	1142	59	and	and	CCONJ
cblr-8637	1142	60	,	,	PUNCT
cblr-8637	1142	61	theoretically	theoretically	ADV
cblr-8637	1142	62	,	,	PUNCT
cblr-8637	1142	63	allowing	allow	VERB
cblr-8637	1142	64	them	they	PRON
cblr-8637	1142	65	to	to	PART
cblr-8637	1142	66	charge	charge	VERB
cblr-8637	1142	67	a	a	DET
cblr-8637	1142	68	higher	high	ADJ
cblr-8637	1142	69	price	price	NOUN
cblr-8637	1142	70	at	at	ADP
cblr-8637	1142	71	the	the	DET
cblr-8637	1142	72	initial	initial	ADJ
cblr-8637	1142	73	resale	resale	NOUN
cblr-8637	1142	74	.	.	PUNCT
cblr-8637	1143	1	this	this	PRON
cblr-8637	1143	2	would	would	AUX
cblr-8637	1143	3	allow	allow	VERB
cblr-8637	1143	4	issuers	issuer	NOUN
cblr-8637	1143	5	to	to	PART
cblr-8637	1143	6	price	price	VERB
cblr-8637	1143	7	their	their	PRON
cblr-8637	1143	8	ipos	ipos	NOUN
cblr-8637	1143	9	more	more	ADV
cblr-8637	1143	10	efficiently	efficiently	ADV
cblr-8637	1143	11	and	and	CCONJ
cblr-8637	1143	12	receive	receive	VERB
cblr-8637	1143	13	more	more	ADJ
cblr-8637	1143	14	money	money	NOUN
cblr-8637	1143	15	in	in	ADP
cblr-8637	1143	16	the	the	DET
cblr-8637	1143	17	ipo	ipo	NOUN
cblr-8637	1143	18	process	process	NOUN
cblr-8637	1143	19	,	,	PUNCT
cblr-8637	1143	20	making	make	VERB
cblr-8637	1143	21	the	the	DET
cblr-8637	1143	22	overall	overall	ADJ
cblr-8637	1143	23	fundraising	fundraise	VERB
cblr-8637	1143	24	more	more	ADV
cblr-8637	1143	25	efficient	efficient	ADJ
cblr-8637	1143	26	and	and	CCONJ
cblr-8637	1143	27	cost	cost	VERB
cblr-8637	1143	28	effective	effective	ADJ
cblr-8637	1143	29	for	for	ADP
cblr-8637	1143	30	them	they	PRON
cblr-8637	1143	31	.	.	PUNCT
cblr-8637	1144	1	enhancements	enhancement	NOUN
cblr-8637	1144	2	in	in	ADP
cblr-8637	1144	3	price	price	NOUN
cblr-8637	1144	4	discovery	discovery	NOUN
cblr-8637	1144	5	could	could	AUX
cblr-8637	1144	6	also	also	ADV
cblr-8637	1144	7	be	be	AUX
cblr-8637	1144	8	achieved	achieve	VERB
cblr-8637	1144	9	without	without	ADP
cblr-8637	1144	10	the	the	DET
cblr-8637	1144	11	development	development	NOUN
cblr-8637	1144	12	of	of	ADP
cblr-8637	1144	13	a	a	DET
cblr-8637	1144	14	when	when	ADV
cblr-8637	1144	15	-	-	PUNCT
cblr-8637	1144	16	issued	issue	VERB
cblr-8637	1144	17	market	market	NOUN
cblr-8637	1144	18	.	.	PUNCT
cblr-8637	1145	1	as	as	SCONJ
cblr-8637	1145	2	discussed	discuss	VERB
cblr-8637	1145	3	in	in	ADP
cblr-8637	1145	4	section	section	NOUN
cblr-8637	1145	5	ii.b	ii.b	PROPN
cblr-8637	1145	6	,	,	PUNCT
cblr-8637	1145	7	securities	security	NOUN
cblr-8637	1145	8	issued	issue	VERB
cblr-8637	1145	9	in	in	ADP
cblr-8637	1145	10	the	the	DET
cblr-8637	1145	11	private	private	ADJ
cblr-8637	1145	12	market	market	NOUN
cblr-8637	1145	13	are	be	AUX
cblr-8637	1145	14	generally	generally	ADV
cblr-8637	1145	15	restricted	restrict	VERB
cblr-8637	1145	16	.	.	PUNCT
cblr-8637	1146	1	the	the	DET
cblr-8637	1146	2	restrictions	restriction	NOUN
cblr-8637	1146	3	make	make	VERB
cblr-8637	1146	4	it	it	PRON
cblr-8637	1146	5	difficult	difficult	ADJ
cblr-8637	1146	6	to	to	PART
cblr-8637	1146	7	trade	trade	VERB
cblr-8637	1146	8	the	the	DET
cblr-8637	1146	9	securities	security	NOUN
cblr-8637	1146	10	,	,	PUNCT
cblr-8637	1146	11	thus	thus	ADV
cblr-8637	1146	12	making	make	VERB
cblr-8637	1146	13	the	the	DET
cblr-8637	1146	14	secondary	secondary	ADJ
cblr-8637	1146	15	private	private	ADJ
cblr-8637	1146	16	market	market	NOUN
cblr-8637	1146	17	inefficient	inefficient	ADJ
cblr-8637	1146	18	and	and	CCONJ
cblr-8637	1146	19	leading	lead	VERB
cblr-8637	1146	20	to	to	ADP
cblr-8637	1146	21	difficulty	difficulty	NOUN
cblr-8637	1146	22	in	in	ADP
cblr-8637	1146	23	pricing	price	VERB
cblr-8637	1146	24	the	the	DET
cblr-8637	1146	25	securities	security	NOUN
cblr-8637	1146	26	.	.	PUNCT
cblr-8637	1147	1	newly	newly	ADV
cblr-8637	1147	2	emerging	emerge	VERB
cblr-8637	1147	3	companies	company	NOUN
cblr-8637	1147	4	,	,	PUNCT
cblr-8637	1147	5	however	however	ADV
cblr-8637	1147	6	,	,	PUNCT
cblr-8637	1147	7	are	be	AUX
cblr-8637	1147	8	focusing	focus	VERB
cblr-8637	1147	9	on	on	ADP
cblr-8637	1147	10	private	private	ADJ
cblr-8637	1147	11	market	market	NOUN
cblr-8637	1147	12	trading	trading	NOUN
cblr-8637	1147	13	to	to	PART
cblr-8637	1147	14	help	help	VERB
cblr-8637	1147	15	increase	increase	VERB
cblr-8637	1147	16	pre	pre	ADJ
cblr-8637	1147	17	-	-	ADJ
cblr-8637	1147	18	public	public	ADJ
cblr-8637	1147	19	price	price	NOUN
cblr-8637	1147	20	discovery	discovery	NOUN
cblr-8637	1147	21	.	.	PUNCT
cblr-8637	1148	1	one	one	NUM
cblr-8637	1148	2	company	company	NOUN
cblr-8637	1148	3	,	,	PUNCT
cblr-8637	1148	4	clearlist	clearlist	ADJ
cblr-8637	1148	5	,	,	PUNCT
cblr-8637	1148	6	hopes	hope	VERB
cblr-8637	1148	7	to	to	PART
cblr-8637	1148	8	create	create	VERB
cblr-8637	1148	9	a	a	DET
cblr-8637	1148	10	more	more	ADV
cblr-8637	1148	11	efficient	efficient	ADJ
cblr-8637	1148	12	secondary	secondary	ADJ
cblr-8637	1148	13	market	market	NOUN
cblr-8637	1148	14	for	for	ADP
cblr-8637	1148	15	trading	trade	VERB
cblr-8637	1148	16	private	private	ADJ
cblr-8637	1148	17	company	company	NOUN
cblr-8637	1148	18	securities.336	securities.336	VERB
cblr-8637	1148	19	with	with	ADP
cblr-8637	1148	20	a	a	DET
cblr-8637	1148	21	more	more	ADV
cblr-8637	1148	22	efficient	efficient	ADJ
cblr-8637	1148	23	secondary	secondary	ADJ
cblr-8637	1148	24	market	market	NOUN
cblr-8637	1148	25	for	for	ADP
cblr-8637	1148	26	private	private	ADJ
cblr-8637	1148	27	company	company	NOUN
cblr-8637	1148	28	securities	security	NOUN
cblr-8637	1148	29	,	,	PUNCT
cblr-8637	1148	30	“	"	PUNCT
cblr-8637	1148	31	[	[	X
cblr-8637	1148	32	s]econdary	s]econdary	ADP
cblr-8637	1148	33	trades	trade	NOUN
cblr-8637	1148	34	conducted	conduct	VERB
cblr-8637	1148	35	close	close	ADV
cblr-8637	1148	36	to	to	ADP
cblr-8637	1148	37	public	public	ADJ
cblr-8637	1148	38	listings	listing	NOUN
cblr-8637	1148	39	could	could	AUX
cblr-8637	1148	40	help	help	VERB
cblr-8637	1148	41	companies	company	NOUN
cblr-8637	1148	42	get	get	VERB
cblr-8637	1148	43	a	a	DET
cblr-8637	1148	44	better	well	ADJ
cblr-8637	1148	45	understanding	understanding	NOUN
cblr-8637	1148	46	of	of	ADP
cblr-8637	1148	47	their	their	PRON
cblr-8637	1148	48	current	current	ADJ
cblr-8637	1148	49	valuations	valuation	NOUN
cblr-8637	1148	50	.	.	PUNCT
cblr-8637	1149	1	”337	”337	VERB
cblr-8637	1149	2	if	if	SCONJ
cblr-8637	1149	3	a	a	DET
cblr-8637	1149	4	more	more	ADV
cblr-8637	1149	5	liquid	liquid	ADJ
cblr-8637	1149	6	market	market	NOUN
cblr-8637	1149	7	,	,	PUNCT
cblr-8637	1149	8	with	with	ADP
cblr-8637	1149	9	low	low	ADJ
cblr-8637	1149	10	fees	fee	NOUN
cblr-8637	1149	11	,	,	PUNCT
cblr-8637	1149	12	near	near	ADP
cblr-8637	1149	13	-	-	PUNCT
cblr-8637	1149	14	instant	instant	NOUN
cblr-8637	1149	15	clearing	clearing	NOUN
cblr-8637	1149	16	and	and	CCONJ
cblr-8637	1149	17	settling	settling	NOUN
cblr-8637	1149	18	,	,	PUNCT
cblr-8637	1149	19	and	and	CCONJ
cblr-8637	1149	20	transparent	transparent	ADJ
cblr-8637	1149	21	pricing	pricing	NOUN
cblr-8637	1149	22	were	be	AUX
cblr-8637	1149	23	created	create	VERB
cblr-8637	1149	24	for	for	ADP
cblr-8637	1149	25	trading	trade	VERB
cblr-8637	1149	26	private	private	ADJ
cblr-8637	1149	27	securities	security	NOUN
cblr-8637	1149	28	between	between	ADP
cblr-8637	1149	29	early	early	ADJ
cblr-8637	1149	30	investors	investor	NOUN
cblr-8637	1149	31	and	and	CCONJ
cblr-8637	1149	32	accredited	accredit	VERB
cblr-8637	1149	33	investors	investor	NOUN
cblr-8637	1149	34	,	,	PUNCT
cblr-8637	1149	35	companies	company	NOUN
cblr-8637	1149	36	would	would	AUX
cblr-8637	1149	37	have	have	VERB
cblr-8637	1149	38	a	a	DET
cblr-8637	1149	39	more	more	ADV
cblr-8637	1149	40	recent	recent	ADJ
cblr-8637	1149	41	picture	picture	NOUN
cblr-8637	1149	42	of	of	ADP
cblr-8637	1149	43	their	their	PRON
cblr-8637	1149	44	valuation	valuation	NOUN
cblr-8637	1149	45	than	than	ADP
cblr-8637	1149	46	the	the	DET
cblr-8637	1149	47	value	value	NOUN
cblr-8637	1149	48	assigned	assign	VERB
cblr-8637	1149	49	to	to	ADP
cblr-8637	1149	50	them	they	PRON
cblr-8637	1149	51	at	at	ADP
cblr-8637	1149	52	their	their	PRON
cblr-8637	1149	53	previous	previous	ADJ
cblr-8637	1149	54	fundraising	fundraising	NOUN
cblr-8637	1149	55	.	.	PUNCT
cblr-8637	1150	1	this	this	PRON
cblr-8637	1150	2	could	could	AUX
cblr-8637	1150	3	help	help	VERB
cblr-8637	1150	4	to	to	PART
cblr-8637	1150	5	better	well	ADV
cblr-8637	1150	6	price	price	VERB
cblr-8637	1150	7	the	the	DET
cblr-8637	1150	8	companies	company	NOUN
cblr-8637	1150	9	as	as	SCONJ
cblr-8637	1150	10	they	they	PRON
cblr-8637	1150	11	prepare	prepare	VERB
cblr-8637	1150	12	for	for	ADP
cblr-8637	1150	13	a	a	DET
cblr-8637	1150	14	spac	spac	NOUN
cblr-8637	1150	15	acquisition	acquisition	NOUN
cblr-8637	1150	16	or	or	CCONJ
cblr-8637	1150	17	help	help	VERB
cblr-8637	1150	18	to	to	PART
cblr-8637	1150	19	develop	develop	VERB
cblr-8637	1150	20	a	a	DET
cblr-8637	1150	21	reference	reference	NOUN
cblr-8637	1150	22	price	price	NOUN
cblr-8637	1150	23	for	for	ADP
cblr-8637	1150	24	direct	direct	ADJ
cblr-8637	1150	25	listings.338	listings.338	NOUN
cblr-8637	1150	26	of	of	ADP
cblr-8637	1150	27	course	course	NOUN
cblr-8637	1150	28	,	,	PUNCT
cblr-8637	1150	29	a	a	DET
cblr-8637	1150	30	more	more	ADV
cblr-8637	1150	31	liquid	liquid	ADJ
cblr-8637	1150	32	secondary	secondary	ADJ
cblr-8637	1150	33	market	market	NOUN
cblr-8637	1150	34	in	in	ADP
cblr-8637	1150	35	private	private	ADJ
cblr-8637	1150	36	securities	security	NOUN
cblr-8637	1150	37	could	could	AUX
cblr-8637	1150	38	also	also	ADV
cblr-8637	1150	39	come	come	VERB
cblr-8637	1150	40	at	at	ADP
cblr-8637	1150	41	a	a	DET
cblr-8637	1150	42	cost	cost	NOUN
cblr-8637	1150	43	to	to	ADP
cblr-8637	1150	44	the	the	DET
cblr-8637	1150	45	public	public	ADJ
cblr-8637	1150	46	335	335	NUM
cblr-8637	1151	1	i	i	PRON
cblr-8637	1151	2	d.	d.	PROPN
cblr-8637	1151	3	at	at	ADP
cblr-8637	1151	4	18	18	NUM
cblr-8637	1151	5	.	.	PUNCT
cblr-8637	1151	6	336	336	NUM
cblr-8637	1151	7	yuliya	yuliya	NOUN
cblr-8637	1151	8	chernova	chernova	PROPN
cblr-8637	1151	9	,	,	PUNCT
cblr-8637	1151	10	secondary	secondary	ADJ
cblr-8637	1151	11	market	market	NOUN
cblr-8637	1151	12	trading	trading	NOUN
cblr-8637	1151	13	services	service	NOUN
cblr-8637	1151	14	gain	gain	VERB
cblr-8637	1151	15	steam	steam	NOUN
cblr-8637	1151	16	,	,	PUNCT
cblr-8637	1151	17	clearlist	clearlist	NOUN
cblr-8637	1151	18	(	(	PUNCT
cblr-8637	1151	19	oct	oct	PROPN
cblr-8637	1151	20	.	.	PROPN
cblr-8637	1151	21	28	28	NUM
cblr-8637	1151	22	,	,	PUNCT
cblr-8637	1151	23	2020	2020	NUM
cblr-8637	1151	24	)	)	PUNCT
cblr-8637	1151	25	,	,	PUNCT
cblr-8637	1152	1	https://www.clearlist.com/2020/10/28/secondarymarket-trading-services-gain-steam/	https://www.clearlist.com/2020/10/28/secondarymarket-trading-services-gain-steam/	PROPN
cblr-8637	1153	1	[	[	X
cblr-8637	1153	2	https://perma.cc/3d9a-92xw	https://perma.cc/3d9a-92xw	NOUN
cblr-8637	1153	3	]	]	PUNCT
cblr-8637	1153	4	.	.	PUNCT
cblr-8637	1154	1	337	337	NUM
cblr-8637	1155	1	i	i	PRON
cblr-8637	1155	2	d.	d.	PROPN
cblr-8637	1155	3	338	338	NUM
cblr-8637	1155	4	i	i	PROPN
cblr-8637	1155	5	d.	d.	PROPN
cblr-8637	1155	6	greene	greene	PROPN
cblr-8637	1155	7	et	et	PROPN
cblr-8637	1155	8	al	al	PROPN
cblr-8637	1155	9	.	.	PROPN
cblr-8637	1156	1	8/21/2021	8/21/2021	NUM
cblr-8637	1156	2	1:44	1:44	NUM
cblr-8637	1156	3	pm	pm	NOUN
cblr-8637	1156	4	790	790	NUM
cblr-8637	1156	5	columbia	columbia	PROPN
cblr-8637	1156	6	business	business	NOUN
cblr-8637	1156	7	law	law	PROPN
cblr-8637	1156	8	review	review	NOUN
cblr-8637	1156	9	[	[	X
cblr-8637	1156	10	vol	vol	NOUN
cblr-8637	1156	11	.	.	NOUN
cblr-8637	1156	12	2021	2021	NUM
cblr-8637	1156	13	market	market	NOUN
cblr-8637	1156	14	.	.	PUNCT
cblr-8637	1157	1	if	if	SCONJ
cblr-8637	1157	2	early	early	ADJ
cblr-8637	1157	3	investors	investor	NOUN
cblr-8637	1157	4	and	and	CCONJ
cblr-8637	1157	5	employees	employee	NOUN
cblr-8637	1157	6	can	can	AUX
cblr-8637	1157	7	easily	easily	ADV
cblr-8637	1157	8	liquidate	liquidate	VERB
cblr-8637	1157	9	and	and	CCONJ
cblr-8637	1157	10	diversify	diversify	VERB
cblr-8637	1157	11	their	their	PRON
cblr-8637	1157	12	holdings	holding	NOUN
cblr-8637	1157	13	in	in	ADP
cblr-8637	1157	14	private	private	ADJ
cblr-8637	1157	15	companies	company	NOUN
cblr-8637	1157	16	,	,	PUNCT
cblr-8637	1157	17	there	there	PRON
cblr-8637	1157	18	could	could	AUX
cblr-8637	1157	19	be	be	AUX
cblr-8637	1157	20	less	less	ADJ
cblr-8637	1157	21	of	of	ADP
cblr-8637	1157	22	an	an	DET
cblr-8637	1157	23	incentive	incentive	NOUN
cblr-8637	1157	24	for	for	SCONJ
cblr-8637	1157	25	these	these	DET
cblr-8637	1157	26	individuals	individual	NOUN
cblr-8637	1157	27	to	to	PART
cblr-8637	1157	28	push	push	VERB
cblr-8637	1157	29	a	a	DET
cblr-8637	1157	30	private	private	ADJ
cblr-8637	1157	31	company	company	NOUN
cblr-8637	1157	32	public	public	NOUN
cblr-8637	1157	33	.	.	PUNCT
cblr-8637	1158	1	thus	thus	ADV
cblr-8637	1158	2	,	,	PUNCT
cblr-8637	1158	3	the	the	DET
cblr-8637	1158	4	special	special	ADJ
cblr-8637	1158	5	study	study	NOUN
cblr-8637	1158	6	should	should	AUX
cblr-8637	1158	7	consider	consider	VERB
cblr-8637	1158	8	whether	whether	SCONJ
cblr-8637	1158	9	a	a	DET
cblr-8637	1158	10	when	when	ADV
cblr-8637	1158	11	-	-	PUNCT
cblr-8637	1158	12	issued	issue	VERB
cblr-8637	1158	13	market	market	NOUN
cblr-8637	1158	14	or	or	CCONJ
cblr-8637	1158	15	a	a	DET
cblr-8637	1158	16	more	more	ADV
cblr-8637	1158	17	liquid	liquid	ADJ
cblr-8637	1158	18	secondary	secondary	ADJ
cblr-8637	1158	19	trading	trading	NOUN
cblr-8637	1158	20	market	market	NOUN
cblr-8637	1158	21	in	in	ADP
cblr-8637	1158	22	private	private	ADJ
cblr-8637	1158	23	securities	security	NOUN
cblr-8637	1158	24	should	should	AUX
cblr-8637	1158	25	be	be	AUX
cblr-8637	1158	26	developed	develop	VERB
cblr-8637	1158	27	to	to	PART
cblr-8637	1158	28	better	well	ADV
cblr-8637	1158	29	address	address	VERB
cblr-8637	1158	30	the	the	DET
cblr-8637	1158	31	issue	issue	NOUN
cblr-8637	1158	32	of	of	ADP
cblr-8637	1158	33	underpricing	underprice	VERB
cblr-8637	1158	34	,	,	PUNCT
cblr-8637	1158	35	and	and	CCONJ
cblr-8637	1158	36	how	how	SCONJ
cblr-8637	1158	37	the	the	DET
cblr-8637	1158	38	development	development	NOUN
cblr-8637	1158	39	of	of	ADP
cblr-8637	1158	40	these	these	DET
cblr-8637	1158	41	markets	market	NOUN
cblr-8637	1158	42	could	could	AUX
cblr-8637	1158	43	affect	affect	VERB
cblr-8637	1158	44	the	the	DET
cblr-8637	1158	45	public	public	ADJ
cblr-8637	1158	46	market.339	market.339	PROPN
cblr-8637	1158	47	2	2	NUM
cblr-8637	1158	48	.	.	PUNCT
cblr-8637	1158	49	reconsidering	reconsider	VERB
cblr-8637	1158	50	the	the	DET
cblr-8637	1158	51	disclosure	disclosure	NOUN
cblr-8637	1158	52	requirements	requirement	NOUN
cblr-8637	1158	53	section	section	NOUN
cblr-8637	1158	54	iii.c	iii.c	PROPN
cblr-8637	1158	55	discussed	discuss	VERB
cblr-8637	1158	56	ongoing	ongoing	ADJ
cblr-8637	1158	57	costs	cost	NOUN
cblr-8637	1158	58	related	relate	VERB
cblr-8637	1158	59	to	to	ADP
cblr-8637	1158	60	disclosures	disclosure	NOUN
cblr-8637	1158	61	as	as	ADP
cblr-8637	1158	62	a	a	DET
cblr-8637	1158	63	structural	structural	ADJ
cblr-8637	1158	64	concern	concern	NOUN
cblr-8637	1158	65	in	in	ADP
cblr-8637	1158	66	the	the	DET
cblr-8637	1158	67	public	public	ADJ
cblr-8637	1158	68	market	market	NOUN
cblr-8637	1158	69	that	that	PRON
cblr-8637	1158	70	may	may	AUX
cblr-8637	1158	71	deter	deter	VERB
cblr-8637	1158	72	private	private	ADJ
cblr-8637	1158	73	firms	firm	NOUN
cblr-8637	1158	74	from	from	ADP
cblr-8637	1158	75	going	go	VERB
cblr-8637	1158	76	public	public	ADJ
cblr-8637	1158	77	.	.	PUNCT
cblr-8637	1159	1	thus	thus	ADV
cblr-8637	1159	2	far	far	ADV
cblr-8637	1159	3	,	,	PUNCT
cblr-8637	1159	4	the	the	DET
cblr-8637	1159	5	debate	debate	NOUN
cblr-8637	1159	6	on	on	ADP
cblr-8637	1159	7	public	public	ADJ
cblr-8637	1159	8	company	company	NOUN
cblr-8637	1159	9	disclosure	disclosure	NOUN
cblr-8637	1159	10	requirements	requirement	NOUN
cblr-8637	1159	11	has	have	AUX
cblr-8637	1159	12	focused	focus	VERB
cblr-8637	1159	13	on	on	ADP
cblr-8637	1159	14	whether	whether	SCONJ
cblr-8637	1159	15	or	or	CCONJ
cblr-8637	1159	16	not	not	PART
cblr-8637	1159	17	such	such	ADJ
cblr-8637	1159	18	requirements	requirement	NOUN
cblr-8637	1159	19	directly	directly	ADV
cblr-8637	1159	20	deter	deter	VERB
cblr-8637	1159	21	companies	company	NOUN
cblr-8637	1159	22	from	from	ADP
cblr-8637	1159	23	going	go	VERB
cblr-8637	1159	24	public	public	ADJ
cblr-8637	1159	25	.	.	PUNCT
cblr-8637	1160	1	proponents	proponent	NOUN
cblr-8637	1160	2	of	of	ADP
cblr-8637	1160	3	the	the	DET
cblr-8637	1160	4	disclosure	disclosure	NOUN
cblr-8637	1160	5	requirements	requirement	NOUN
cblr-8637	1160	6	often	often	ADV
cblr-8637	1160	7	point	point	VERB
cblr-8637	1160	8	to	to	ADP
cblr-8637	1160	9	the	the	DET
cblr-8637	1160	10	lack	lack	NOUN
cblr-8637	1160	11	of	of	ADP
cblr-8637	1160	12	empirical	empirical	ADJ
cblr-8637	1160	13	evidence	evidence	NOUN
cblr-8637	1160	14	that	that	SCONJ
cblr-8637	1160	15	these	these	DET
cblr-8637	1160	16	requirements	requirement	NOUN
cblr-8637	1160	17	actually	actually	ADV
cblr-8637	1160	18	make	make	VERB
cblr-8637	1160	19	a	a	DET
cblr-8637	1160	20	meaningful	meaningful	ADJ
cblr-8637	1160	21	difference	difference	NOUN
cblr-8637	1160	22	in	in	ADP
cblr-8637	1160	23	the	the	DET
cblr-8637	1160	24	decision	decision	NOUN
cblr-8637	1160	25	to	to	PART
cblr-8637	1160	26	go	go	VERB
cblr-8637	1160	27	public.340	public.340	PRON
cblr-8637	1160	28	however	however	ADV
cblr-8637	1160	29	,	,	PUNCT
cblr-8637	1160	30	narrowing	narrow	VERB
cblr-8637	1160	31	disclosure	disclosure	NOUN
cblr-8637	1160	32	requirements	requirement	NOUN
cblr-8637	1160	33	can	can	AUX
cblr-8637	1160	34	potentially	potentially	ADV
cblr-8637	1160	35	mitigate	mitigate	VERB
cblr-8637	1160	36	another	another	DET
cblr-8637	1160	37	major	major	ADJ
cblr-8637	1160	38	deterrent	deterrent	NOUN
cblr-8637	1160	39	of	of	ADP
cblr-8637	1160	40	going	go	VERB
cblr-8637	1160	41	public	public	ADJ
cblr-8637	1160	42	,	,	PUNCT
cblr-8637	1160	43	namely	namely	ADV
cblr-8637	1160	44	litigation	litigation	NOUN
cblr-8637	1160	45	costs	cost	NOUN
cblr-8637	1160	46	and	and	CCONJ
cblr-8637	1160	47	exposure	exposure	NOUN
cblr-8637	1160	48	.	.	PUNCT
cblr-8637	1161	1	though	though	SCONJ
cblr-8637	1161	2	private	private	ADJ
cblr-8637	1161	3	companies	company	NOUN
cblr-8637	1161	4	are	be	AUX
cblr-8637	1161	5	not	not	PART
cblr-8637	1161	6	free	free	ADJ
cblr-8637	1161	7	of	of	ADP
cblr-8637	1161	8	litigation	litigation	NOUN
cblr-8637	1161	9	risks	risk	NOUN
cblr-8637	1161	10	,	,	PUNCT
cblr-8637	1161	11	the	the	DET
cblr-8637	1161	12	probability	probability	NOUN
cblr-8637	1161	13	and	and	CCONJ
cblr-8637	1161	14	cost	cost	NOUN
cblr-8637	1161	15	of	of	ADP
cblr-8637	1161	16	potential	potential	ADJ
cblr-8637	1161	17	litigation	litigation	NOUN
cblr-8637	1161	18	are	be	AUX
cblr-8637	1161	19	much	much	ADV
cblr-8637	1161	20	higher	high	ADJ
cblr-8637	1161	21	in	in	ADP
cblr-8637	1161	22	the	the	DET
cblr-8637	1161	23	public	public	ADJ
cblr-8637	1161	24	market	market	NOUN
cblr-8637	1161	25	because	because	SCONJ
cblr-8637	1161	26	of	of	ADP
cblr-8637	1161	27	the	the	DET
cblr-8637	1161	28	potential	potential	NOUN
cblr-8637	1161	29	for	for	ADP
cblr-8637	1161	30	class	class	NOUN
cblr-8637	1161	31	action	action	NOUN
cblr-8637	1161	32	suits	suit	NOUN
cblr-8637	1161	33	and	and	CCONJ
cblr-8637	1161	34	the	the	DET
cblr-8637	1161	35	numerous	numerous	ADJ
cblr-8637	1161	36	disclosure	disclosure	NOUN
cblr-8637	1161	37	requirements	requirement	NOUN
cblr-8637	1161	38	that	that	PRON
cblr-8637	1161	39	may	may	AUX
cblr-8637	1161	40	give	give	VERB
cblr-8637	1161	41	rise	rise	NOUN
cblr-8637	1161	42	to	to	ADP
cblr-8637	1161	43	suits.341	suits.341	VERB
cblr-8637	1161	44	the	the	DET
cblr-8637	1161	45	wide	wide	ADJ
cblr-8637	1161	46	breadth	breadth	NOUN
cblr-8637	1161	47	of	of	ADP
cblr-8637	1161	48	disclosure	disclosure	NOUN
cblr-8637	1161	49	requirements	requirement	NOUN
cblr-8637	1161	50	not	not	PART
cblr-8637	1161	51	only	only	ADV
cblr-8637	1161	52	339	339	NUM
cblr-8637	1161	53	of	of	ADP
cblr-8637	1161	54	course	course	NOUN
cblr-8637	1161	55	,	,	PUNCT
cblr-8637	1161	56	there	there	PRON
cblr-8637	1161	57	are	be	VERB
cblr-8637	1161	58	many	many	ADJ
cblr-8637	1161	59	other	other	ADJ
cblr-8637	1161	60	structural	structural	ADJ
cblr-8637	1161	61	issues	issue	NOUN
cblr-8637	1161	62	with	with	ADP
cblr-8637	1161	63	the	the	DET
cblr-8637	1161	64	public	public	ADJ
cblr-8637	1161	65	market	market	NOUN
cblr-8637	1161	66	that	that	PRON
cblr-8637	1161	67	may	may	AUX
cblr-8637	1161	68	result	result	VERB
cblr-8637	1161	69	in	in	ADP
cblr-8637	1161	70	underpricing	underprice	VERB
cblr-8637	1161	71	aside	aside	ADV
cblr-8637	1161	72	from	from	ADP
cblr-8637	1161	73	the	the	DET
cblr-8637	1161	74	role	role	NOUN
cblr-8637	1161	75	of	of	ADP
cblr-8637	1161	76	the	the	DET
cblr-8637	1161	77	underwriter	underwriter	NOUN
cblr-8637	1161	78	in	in	ADP
cblr-8637	1161	79	pricing	price	VERB
cblr-8637	1161	80	the	the	DET
cblr-8637	1161	81	security	security	NOUN
cblr-8637	1161	82	to	to	PART
cblr-8637	1161	83	ensure	ensure	VERB
cblr-8637	1161	84	they	they	PRON
cblr-8637	1161	85	are	be	AUX
cblr-8637	1161	86	not	not	PART
cblr-8637	1161	87	“	"	PUNCT
cblr-8637	1161	88	stuck	stick	VERB
cblr-8637	1161	89	”	"	PUNCT
cblr-8637	1161	90	with	with	ADP
cblr-8637	1161	91	it	it	PRON
cblr-8637	1161	92	in	in	ADP
cblr-8637	1161	93	an	an	DET
cblr-8637	1161	94	undersubscribed	undersubscribed	ADJ
cblr-8637	1161	95	offering	offering	NOUN
cblr-8637	1161	96	.	.	PUNCT
cblr-8637	1162	1	for	for	ADP
cblr-8637	1162	2	example	example	NOUN
cblr-8637	1162	3	,	,	PUNCT
cblr-8637	1162	4	an	an	DET
cblr-8637	1162	5	underwriter	underwriter	NOUN
cblr-8637	1162	6	may	may	AUX
cblr-8637	1162	7	attempt	attempt	VERB
cblr-8637	1162	8	to	to	PART
cblr-8637	1162	9	compensate	compensate	VERB
cblr-8637	1162	10	institutional	institutional	ADJ
cblr-8637	1162	11	investors	investor	NOUN
cblr-8637	1162	12	for	for	ADP
cblr-8637	1162	13	information	information	NOUN
cblr-8637	1162	14	production	production	NOUN
cblr-8637	1162	15	.	.	PUNCT
cblr-8637	1163	1	thus	thus	ADV
cblr-8637	1163	2	,	,	PUNCT
cblr-8637	1163	3	the	the	DET
cblr-8637	1163	4	special	special	ADJ
cblr-8637	1163	5	study	study	NOUN
cblr-8637	1163	6	should	should	AUX
cblr-8637	1163	7	take	take	VERB
cblr-8637	1163	8	a	a	DET
cblr-8637	1163	9	comprehensive	comprehensive	ADJ
cblr-8637	1163	10	approach	approach	NOUN
cblr-8637	1163	11	to	to	ADP
cblr-8637	1163	12	addressing	address	VERB
cblr-8637	1163	13	the	the	DET
cblr-8637	1163	14	issue	issue	NOUN
cblr-8637	1163	15	of	of	ADP
cblr-8637	1163	16	underpricing	underprice	VERB
cblr-8637	1163	17	,	,	PUNCT
cblr-8637	1163	18	considering	consider	VERB
cblr-8637	1163	19	the	the	DET
cblr-8637	1163	20	possible	possible	ADJ
cblr-8637	1163	21	causes	cause	NOUN
cblr-8637	1163	22	and	and	CCONJ
cblr-8637	1163	23	solutions	solution	NOUN
cblr-8637	1163	24	that	that	PRON
cblr-8637	1163	25	may	may	AUX
cblr-8637	1163	26	be	be	AUX
cblr-8637	1163	27	tailored	tailor	VERB
cblr-8637	1163	28	to	to	ADP
cblr-8637	1163	29	certain	certain	ADJ
cblr-8637	1163	30	issuers	issuer	NOUN
cblr-8637	1163	31	to	to	PART
cblr-8637	1163	32	ensure	ensure	VERB
cblr-8637	1163	33	that	that	SCONJ
cblr-8637	1163	34	ipo	ipo	NOUN
cblr-8637	1163	35	prices	price	NOUN
cblr-8637	1163	36	fairly	fairly	ADV
cblr-8637	1163	37	and	and	CCONJ
cblr-8637	1163	38	accurately	accurately	ADV
cblr-8637	1163	39	reflect	reflect	VERB
cblr-8637	1163	40	the	the	DET
cblr-8637	1163	41	market	market	NOUN
cblr-8637	1163	42	’s	’s	PART
cblr-8637	1163	43	view	view	NOUN
cblr-8637	1163	44	of	of	ADP
cblr-8637	1163	45	the	the	DET
cblr-8637	1163	46	issuer	issuer	NOUN
cblr-8637	1163	47	.	.	PUNCT
cblr-8637	1164	1	340	340	NUM
cblr-8637	1164	2	for	for	ADP
cblr-8637	1164	3	an	an	DET
cblr-8637	1164	4	example	example	NOUN
cblr-8637	1164	5	of	of	ADP
cblr-8637	1164	6	the	the	DET
cblr-8637	1164	7	ambiguous	ambiguous	ADJ
cblr-8637	1164	8	evidence	evidence	NOUN
cblr-8637	1164	9	,	,	PUNCT
cblr-8637	1164	10	see	see	VERB
cblr-8637	1164	11	supra	supra	ADJ
cblr-8637	1164	12	text	text	NOUN
cblr-8637	1164	13	accompanying	accompanying	ADJ
cblr-8637	1164	14	notes	note	NOUN
cblr-8637	1164	15	216–23	216–23	NUM
cblr-8637	1164	16	(	(	PUNCT
cblr-8637	1164	17	discussing	discuss	VERB
cblr-8637	1164	18	the	the	DET
cblr-8637	1164	19	jobs	job	NOUN
cblr-8637	1164	20	act	act	PROPN
cblr-8637	1164	21	)	)	PUNCT
cblr-8637	1164	22	.	.	PUNCT
cblr-8637	1165	1	341	341	NUM
cblr-8637	1165	2	special	special	ADJ
cblr-8637	1165	3	study	study	NOUN
cblr-8637	1165	4	interview	interview	NOUN
cblr-8637	1165	5	,	,	PUNCT
cblr-8637	1165	6	supra	supra	PROPN
cblr-8637	1165	7	note	note	PROPN
cblr-8637	1165	8	163	163	NUM
cblr-8637	1165	9	.	.	PUNCT
cblr-8637	1166	1	greene	greene	PROPN
cblr-8637	1166	2	et	et	PROPN
cblr-8637	1166	3	al	al	PROPN
cblr-8637	1166	4	.	.	PROPN
cblr-8637	1167	1	8/21/2021	8/21/2021	NUM
cblr-8637	1167	2	1:44	1:44	NUM
cblr-8637	1167	3	pm	pm	NOUN
cblr-8637	1167	4	no	no	INTJ
cblr-8637	1167	5	.	.	PUNCT
cblr-8637	1168	1	2:714	2:714	NUM
cblr-8637	1168	2	]	]	X
cblr-8637	1168	3	the	the	DET
cblr-8637	1168	4	need	need	NOUN
cblr-8637	1168	5	for	for	ADP
cblr-8637	1168	6	a	a	DET
cblr-8637	1168	7	comprehensive	comprehensive	ADJ
cblr-8637	1168	8	approach	approach	NOUN
cblr-8637	1168	9	791	791	NUM
cblr-8637	1168	10	increases	increase	VERB
cblr-8637	1168	11	the	the	DET
cblr-8637	1168	12	expected	expect	VERB
cblr-8637	1168	13	costs	cost	NOUN
cblr-8637	1168	14	of	of	ADP
cblr-8637	1168	15	litigation	litigation	NOUN
cblr-8637	1168	16	,	,	PUNCT
cblr-8637	1168	17	but	but	CCONJ
cblr-8637	1168	18	also	also	ADV
cblr-8637	1168	19	decreases	decrease	VERB
cblr-8637	1168	20	a	a	DET
cblr-8637	1168	21	public	public	ADJ
cblr-8637	1168	22	company	company	NOUN
cblr-8637	1168	23	’s	’s	PART
cblr-8637	1168	24	ability	ability	NOUN
cblr-8637	1168	25	to	to	PART
cblr-8637	1168	26	predict	predict	VERB
cblr-8637	1168	27	sources	source	NOUN
cblr-8637	1168	28	of	of	ADP
cblr-8637	1168	29	litigation	litigation	NOUN
cblr-8637	1168	30	.	.	PUNCT
cblr-8637	1169	1	litigation	litigation	NOUN
cblr-8637	1169	2	exposure	exposure	NOUN
cblr-8637	1169	3	likely	likely	ADV
cblr-8637	1169	4	serves	serve	VERB
cblr-8637	1169	5	as	as	ADP
cblr-8637	1169	6	a	a	DET
cblr-8637	1169	7	particularly	particularly	ADV
cblr-8637	1169	8	poignant	poignant	ADJ
cblr-8637	1169	9	deterrent	deterrent	NOUN
cblr-8637	1169	10	for	for	ADP
cblr-8637	1169	11	smaller	small	ADJ
cblr-8637	1169	12	companies	company	NOUN
cblr-8637	1169	13	and	and	CCONJ
cblr-8637	1169	14	foreign	foreign	ADJ
cblr-8637	1169	15	issuers.342	issuers.342	NOUN
cblr-8637	1169	16	though	though	SCONJ
cblr-8637	1169	17	the	the	DET
cblr-8637	1169	18	sec	sec	PROPN
cblr-8637	1169	19	can	can	AUX
cblr-8637	1169	20	not	not	PART
cblr-8637	1169	21	directly	directly	ADV
cblr-8637	1169	22	control	control	VERB
cblr-8637	1169	23	the	the	DET
cblr-8637	1169	24	litigation	litigation	NOUN
cblr-8637	1169	25	public	public	ADJ
cblr-8637	1169	26	companies	company	NOUN
cblr-8637	1169	27	face	face	VERB
cblr-8637	1169	28	,	,	PUNCT
cblr-8637	1169	29	it	it	PRON
cblr-8637	1169	30	can	can	AUX
cblr-8637	1169	31	potentially	potentially	ADV
cblr-8637	1169	32	decrease	decrease	VERB
cblr-8637	1169	33	the	the	DET
cblr-8637	1169	34	sources	source	NOUN
cblr-8637	1169	35	of	of	ADP
cblr-8637	1169	36	litigation	litigation	NOUN
cblr-8637	1169	37	by	by	ADP
cblr-8637	1169	38	removing	remove	VERB
cblr-8637	1169	39	or	or	CCONJ
cblr-8637	1169	40	refining	refine	VERB
cblr-8637	1169	41	disclosure	disclosure	NOUN
cblr-8637	1169	42	requirements	requirement	NOUN
cblr-8637	1169	43	that	that	PRON
cblr-8637	1169	44	are	be	AUX
cblr-8637	1169	45	not	not	PART
cblr-8637	1169	46	significantly	significantly	ADV
cblr-8637	1169	47	related	relate	VERB
cblr-8637	1169	48	to	to	ADP
cblr-8637	1169	49	the	the	DET
cblr-8637	1169	50	company	company	NOUN
cblr-8637	1169	51	or	or	CCONJ
cblr-8637	1169	52	investor	investor	NOUN
cblr-8637	1169	53	protection	protection	NOUN
cblr-8637	1169	54	.	.	PUNCT
cblr-8637	1170	1	for	for	ADP
cblr-8637	1170	2	example	example	NOUN
cblr-8637	1170	3	,	,	PUNCT
cblr-8637	1170	4	esg	esg	PROPN
cblr-8637	1170	5	disclosure	disclosure	NOUN
cblr-8637	1170	6	requirements	requirement	NOUN
cblr-8637	1170	7	could	could	AUX
cblr-8637	1170	8	be	be	AUX
cblr-8637	1170	9	adapted	adapt	VERB
cblr-8637	1170	10	to	to	PART
cblr-8637	1170	11	account	account	VERB
cblr-8637	1170	12	for	for	ADP
cblr-8637	1170	13	the	the	DET
cblr-8637	1170	14	material	material	NOUN
cblr-8637	1170	15	issues	issue	NOUN
cblr-8637	1170	16	present	present	ADJ
cblr-8637	1170	17	in	in	ADP
cblr-8637	1170	18	each	each	DET
cblr-8637	1170	19	industry	industry	NOUN
cblr-8637	1170	20	(	(	PUNCT
cblr-8637	1170	21	or	or	CCONJ
cblr-8637	1170	22	type	type	NOUN
cblr-8637	1170	23	of	of	ADP
cblr-8637	1170	24	industry	industry	NOUN
cblr-8637	1170	25	)	)	PUNCT
cblr-8637	1170	26	rather	rather	ADV
cblr-8637	1170	27	than	than	ADP
cblr-8637	1170	28	taking	take	VERB
cblr-8637	1170	29	a	a	DET
cblr-8637	1170	30	“	"	PUNCT
cblr-8637	1170	31	one	one	NUM
cblr-8637	1170	32	size	size	NOUN
cblr-8637	1170	33	fits	fit	VERB
cblr-8637	1170	34	all	all	DET
cblr-8637	1170	35	”	"	PUNCT
cblr-8637	1170	36	approach	approach	NOUN
cblr-8637	1170	37	.	.	PUNCT
cblr-8637	1171	1	such	such	DET
cblr-8637	1171	2	an	an	DET
cblr-8637	1171	3	approach	approach	NOUN
cblr-8637	1171	4	could	could	AUX
cblr-8637	1171	5	better	well	ADV
cblr-8637	1171	6	target	target	VERB
cblr-8637	1171	7	the	the	DET
cblr-8637	1171	8	esg	esg	NOUN
cblr-8637	1171	9	disclosures	disclosure	NOUN
cblr-8637	1171	10	that	that	SCONJ
cblr-8637	1171	11	investors	investor	NOUN
cblr-8637	1171	12	are	be	AUX
cblr-8637	1171	13	actually	actually	ADV
cblr-8637	1171	14	interested	interested	ADJ
cblr-8637	1171	15	in	in	ADP
cblr-8637	1171	16	while	while	SCONJ
cblr-8637	1171	17	removing	remove	VERB
cblr-8637	1171	18	superfluous	superfluous	ADJ
cblr-8637	1171	19	ones	one	NOUN
cblr-8637	1171	20	.	.	PUNCT
cblr-8637	1172	1	the	the	DET
cblr-8637	1172	2	special	special	ADJ
cblr-8637	1172	3	study	study	NOUN
cblr-8637	1172	4	should	should	AUX
cblr-8637	1172	5	undertake	undertake	VERB
cblr-8637	1172	6	a	a	DET
cblr-8637	1172	7	review	review	NOUN
cblr-8637	1172	8	of	of	ADP
cblr-8637	1172	9	the	the	DET
cblr-8637	1172	10	costs	cost	NOUN
cblr-8637	1172	11	and	and	CCONJ
cblr-8637	1172	12	benefits	benefit	NOUN
cblr-8637	1172	13	of	of	ADP
cblr-8637	1172	14	disclosure	disclosure	NOUN
cblr-8637	1172	15	requirements	requirement	NOUN
cblr-8637	1172	16	,	,	PUNCT
cblr-8637	1172	17	and	and	CCONJ
cblr-8637	1172	18	potentially	potentially	ADV
cblr-8637	1172	19	suggest	suggest	VERB
cblr-8637	1172	20	reforms	reform	NOUN
cblr-8637	1172	21	to	to	PART
cblr-8637	1172	22	refine	refine	VERB
cblr-8637	1172	23	disclosure	disclosure	NOUN
cblr-8637	1172	24	requirements	requirement	NOUN
cblr-8637	1172	25	.	.	PUNCT
cblr-8637	1173	1	the	the	DET
cblr-8637	1173	2	study	study	NOUN
cblr-8637	1173	3	could	could	AUX
cblr-8637	1173	4	also	also	ADV
cblr-8637	1173	5	analyze	analyze	VERB
cblr-8637	1173	6	the	the	DET
cblr-8637	1173	7	effect	effect	NOUN
cblr-8637	1173	8	of	of	ADP
cblr-8637	1173	9	the	the	DET
cblr-8637	1173	10	increased	increase	VERB
cblr-8637	1173	11	pressure	pressure	NOUN
cblr-8637	1173	12	on	on	ADP
cblr-8637	1173	13	public	public	ADJ
cblr-8637	1173	14	companies	company	NOUN
cblr-8637	1173	15	to	to	PART
cblr-8637	1173	16	address	address	VERB
cblr-8637	1173	17	social	social	ADJ
cblr-8637	1173	18	issues	issue	NOUN
cblr-8637	1173	19	on	on	ADP
cblr-8637	1173	20	the	the	DET
cblr-8637	1173	21	decision	decision	NOUN
cblr-8637	1173	22	to	to	PART
cblr-8637	1173	23	go	go	VERB
cblr-8637	1173	24	public	public	ADJ
cblr-8637	1173	25	.	.	PUNCT
cblr-8637	1174	1	3	3	X
cblr-8637	1174	2	.	.	X
cblr-8637	1174	3	addressing	address	VERB
cblr-8637	1174	4	public	public	ADJ
cblr-8637	1174	5	market	market	NOUN
cblr-8637	1174	6	short	short	ADJ
cblr-8637	1174	7	-	-	PUNCT
cblr-8637	1174	8	termism	termism	NOUN
cblr-8637	1174	9	though	though	SCONJ
cblr-8637	1174	10	there	there	PRON
cblr-8637	1174	11	are	be	VERB
cblr-8637	1174	12	certainly	certainly	ADV
cblr-8637	1174	13	price	price	NOUN
cblr-8637	1174	14	efficiency	efficiency	NOUN
cblr-8637	1174	15	arguments	argument	NOUN
cblr-8637	1174	16	in	in	ADP
cblr-8637	1174	17	support	support	NOUN
cblr-8637	1174	18	of	of	ADP
cblr-8637	1174	19	the	the	DET
cblr-8637	1174	20	quarterly	quarterly	ADJ
cblr-8637	1174	21	reporting	reporting	NOUN
cblr-8637	1174	22	system	system	NOUN
cblr-8637	1174	23	,	,	PUNCT
cblr-8637	1174	24	further	further	ADJ
cblr-8637	1174	25	research	research	NOUN
cblr-8637	1174	26	should	should	AUX
cblr-8637	1174	27	be	be	AUX
cblr-8637	1174	28	conducted	conduct	VERB
cblr-8637	1174	29	as	as	ADP
cblr-8637	1174	30	to	to	ADP
cblr-8637	1174	31	whether	whether	SCONJ
cblr-8637	1174	32	this	this	DET
cblr-8637	1174	33	system	system	NOUN
cblr-8637	1174	34	does	do	AUX
cblr-8637	1174	35	in	in	ADP
cblr-8637	1174	36	fact	fact	NOUN
cblr-8637	1174	37	have	have	AUX
cblr-8637	1174	38	a	a	DET
cblr-8637	1174	39	positive	positive	ADJ
cblr-8637	1174	40	effect	effect	NOUN
cblr-8637	1174	41	on	on	ADP
cblr-8637	1174	42	efficiency	efficiency	NOUN
cblr-8637	1174	43	,	,	PUNCT
cblr-8637	1174	44	and	and	CCONJ
cblr-8637	1174	45	whether	whether	SCONJ
cblr-8637	1174	46	that	that	DET
cblr-8637	1174	47	effect	effect	NOUN
cblr-8637	1174	48	may	may	AUX
cblr-8637	1174	49	be	be	AUX
cblr-8637	1174	50	outweighed	outweigh	VERB
cblr-8637	1174	51	by	by	ADP
cblr-8637	1174	52	the	the	DET
cblr-8637	1174	53	deterrence	deterrence	NOUN
cblr-8637	1174	54	of	of	ADP
cblr-8637	1174	55	long	long	ADJ
cblr-8637	1174	56	-	-	PUNCT
cblr-8637	1174	57	term	term	NOUN
cblr-8637	1174	58	investments	investment	NOUN
cblr-8637	1174	59	.	.	PUNCT
cblr-8637	1175	1	in	in	ADP
cblr-8637	1175	2	2018	2018	NUM
cblr-8637	1175	3	,	,	PUNCT
cblr-8637	1175	4	the	the	DET
cblr-8637	1175	5	sec	sec	PROPN
cblr-8637	1175	6	,	,	PUNCT
cblr-8637	1175	7	possibly	possibly	ADV
cblr-8637	1175	8	driven	drive	VERB
cblr-8637	1175	9	by	by	ADP
cblr-8637	1175	10	president	president	NOUN
cblr-8637	1175	11	trump	trump	VERB
cblr-8637	1175	12	tweeting	tweet	VERB
cblr-8637	1175	13	in	in	ADP
cblr-8637	1175	14	favor	favor	NOUN
cblr-8637	1175	15	of	of	ADP
cblr-8637	1175	16	an	an	DET
cblr-8637	1175	17	end	end	NOUN
cblr-8637	1175	18	to	to	ADP
cblr-8637	1175	19	quarterly	quarterly	ADJ
cblr-8637	1175	20	reporting	reporting	NOUN
cblr-8637	1175	21	,	,	PUNCT
cblr-8637	1175	22	issued	issue	VERB
cblr-8637	1175	23	a	a	DET
cblr-8637	1175	24	request	request	NOUN
cblr-8637	1175	25	for	for	ADP
cblr-8637	1175	26	comment	comment	NOUN
cblr-8637	1175	27	on	on	ADP
cblr-8637	1175	28	how	how	SCONJ
cblr-8637	1175	29	quarterly	quarterly	ADJ
cblr-8637	1175	30	reporting	reporting	NOUN
cblr-8637	1175	31	may	may	AUX
cblr-8637	1175	32	be	be	AUX
cblr-8637	1175	33	driving	drive	VERB
cblr-8637	1175	34	short	short	ADJ
cblr-8637	1175	35	-	-	PUNCT
cblr-8637	1175	36	termism	termism	NOUN
cblr-8637	1175	37	in	in	ADP
cblr-8637	1175	38	the	the	DET
cblr-8637	1175	39	public	public	ADJ
cblr-8637	1175	40	market.343	market.343	NOUN
cblr-8637	1175	41	in	in	ADP
cblr-8637	1175	42	furtherance	furtherance	NOUN
cblr-8637	1175	43	of	of	ADP
cblr-8637	1175	44	the	the	DET
cblr-8637	1175	45	sec	sec	PROPN
cblr-8637	1175	46	’s	’s	PART
cblr-8637	1175	47	concept	concept	NOUN
cblr-8637	1175	48	release	release	NOUN
cblr-8637	1175	49	on	on	ADP
cblr-8637	1175	50	the	the	DET
cblr-8637	1175	51	issue	issue	NOUN
cblr-8637	1175	52	,	,	PUNCT
cblr-8637	1175	53	we	we	PRON
cblr-8637	1175	54	suggest	suggest	VERB
cblr-8637	1175	55	that	that	SCONJ
cblr-8637	1175	56	the	the	DET
cblr-8637	1175	57	special	special	ADJ
cblr-8637	1175	58	study	study	NOUN
cblr-8637	1175	59	explore	explore	VERB
cblr-8637	1175	60	the	the	DET
cblr-8637	1175	61	issue	issue	NOUN
cblr-8637	1175	62	of	of	ADP
cblr-8637	1175	63	shorttermism	shorttermism	NOUN
cblr-8637	1175	64	in	in	ADP
cblr-8637	1175	65	public	public	ADJ
cblr-8637	1175	66	markets	market	NOUN
cblr-8637	1175	67	to	to	PART
cblr-8637	1175	68	better	well	ADV
cblr-8637	1175	69	understand	understand	VERB
cblr-8637	1175	70	whether	whether	SCONJ
cblr-8637	1175	71	quarterly	quarterly	ADJ
cblr-8637	1175	72	reporting	reporting	NOUN
cblr-8637	1175	73	may	may	AUX
cblr-8637	1175	74	be	be	AUX
cblr-8637	1175	75	driving	drive	VERB
cblr-8637	1175	76	management	management	NOUN
cblr-8637	1175	77	decisions	decision	NOUN
cblr-8637	1175	78	towards	towards	ADP
cblr-8637	1175	79	short	short	ADJ
cblr-8637	1175	80	-	-	PUNCT
cblr-8637	1175	81	term	term	NOUN
cblr-8637	1175	82	benefits	benefit	NOUN
cblr-8637	1175	83	rather	rather	ADV
cblr-8637	1175	84	than	than	ADP
cblr-8637	1175	85	long	long	ADJ
cblr-8637	1175	86	-	-	PUNCT
cblr-8637	1175	87	term	term	NOUN
cblr-8637	1175	88	growth	growth	NOUN
cblr-8637	1175	89	.	.	PUNCT
cblr-8637	1176	1	in	in	ADP
cblr-8637	1176	2	342	342	NUM
cblr-8637	1176	3	i	i	PROPN
cblr-8637	1176	4	d.	d.	PROPN
cblr-8637	1176	5	(	(	PUNCT
cblr-8637	1176	6	observing	observe	VERB
cblr-8637	1176	7	that	that	SCONJ
cblr-8637	1176	8	litigation	litigation	NOUN
cblr-8637	1176	9	exposure	exposure	NOUN
cblr-8637	1176	10	may	may	AUX
cblr-8637	1176	11	be	be	AUX
cblr-8637	1176	12	among	among	ADP
cblr-8637	1176	13	the	the	DET
cblr-8637	1176	14	biggest	big	ADJ
cblr-8637	1176	15	deterrents	deterrent	NOUN
cblr-8637	1176	16	for	for	ADP
cblr-8637	1176	17	foreign	foreign	ADJ
cblr-8637	1176	18	investors	investor	NOUN
cblr-8637	1176	19	)	)	PUNCT
cblr-8637	1176	20	.	.	PUNCT
cblr-8637	1177	1	343	343	NUM
cblr-8637	1177	2	see	see	VERB
cblr-8637	1177	3	press	press	NOUN
cblr-8637	1177	4	release	release	NOUN
cblr-8637	1177	5	,	,	PUNCT
cblr-8637	1177	6	u.s	u.s	PROPN
cblr-8637	1177	7	.	.	PROPN
cblr-8637	1177	8	sec	sec	PROPN
cblr-8637	1177	9	.	.	PROPN
cblr-8637	1177	10	&	&	CCONJ
cblr-8637	1177	11	exch	exch	PROPN
cblr-8637	1177	12	.	.	PUNCT
cblr-8637	1178	1	comm’n	comm’n	PROPN
cblr-8637	1178	2	,	,	PUNCT
cblr-8637	1178	3	supra	supra	PROPN
cblr-8637	1178	4	note	note	NOUN
cblr-8637	1178	5	195	195	NUM
cblr-8637	1178	6	.	.	PUNCT
cblr-8637	1178	7	greene	greene	PROPN
cblr-8637	1178	8	et	et	PROPN
cblr-8637	1178	9	al	al	PROPN
cblr-8637	1179	1	.	.	PROPN
cblr-8637	1180	1	8/21/2021	8/21/2021	NUM
cblr-8637	1180	2	1:44	1:44	NUM
cblr-8637	1180	3	pm	pm	NOUN
cblr-8637	1180	4	792	792	NUM
cblr-8637	1180	5	columbia	columbia	PROPN
cblr-8637	1180	6	business	business	NOUN
cblr-8637	1180	7	law	law	PROPN
cblr-8637	1180	8	review	review	NOUN
cblr-8637	1180	9	[	[	X
cblr-8637	1180	10	vol	vol	NOUN
cblr-8637	1180	11	.	.	NOUN
cblr-8637	1180	12	2021	2021	NUM
cblr-8637	1180	13	relation	relation	NOUN
cblr-8637	1180	14	to	to	ADP
cblr-8637	1180	15	this	this	DET
cblr-8637	1180	16	research	research	NOUN
cblr-8637	1180	17	,	,	PUNCT
cblr-8637	1180	18	the	the	DET
cblr-8637	1180	19	special	special	ADJ
cblr-8637	1180	20	study	study	NOUN
cblr-8637	1180	21	should	should	AUX
cblr-8637	1180	22	consider	consider	VERB
cblr-8637	1180	23	whether	whether	SCONJ
cblr-8637	1180	24	there	there	PRON
cblr-8637	1180	25	are	be	VERB
cblr-8637	1180	26	alternatives	alternative	NOUN
cblr-8637	1180	27	to	to	ADP
cblr-8637	1180	28	the	the	DET
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cblr-8637	1180	30	reporting	reporting	NOUN
cblr-8637	1180	31	system	system	NOUN
cblr-8637	1180	32	that	that	PRON
cblr-8637	1180	33	allow	allow	VERB
cblr-8637	1180	34	for	for	ADP
cblr-8637	1180	35	price	price	NOUN
cblr-8637	1180	36	and	and	CCONJ
cblr-8637	1180	37	information	information	NOUN
cblr-8637	1180	38	efficiency	efficiency	NOUN
cblr-8637	1180	39	without	without	ADP
cblr-8637	1180	40	deterring	deter	VERB
cblr-8637	1180	41	long	long	ADJ
cblr-8637	1180	42	-	-	PUNCT
cblr-8637	1180	43	term	term	NOUN
cblr-8637	1180	44	investment.344	investment.344	NOUN
cblr-8637	1180	45	4	4	NUM
cblr-8637	1180	46	.	.	PUNCT
cblr-8637	1180	47	addressing	address	VERB
cblr-8637	1180	48	the	the	DET
cblr-8637	1180	49	effects	effect	NOUN
cblr-8637	1180	50	of	of	ADP
cblr-8637	1180	51	new	new	ADJ
cblr-8637	1180	52	technology	technology	NOUN
cblr-8637	1180	53	though	though	SCONJ
cblr-8637	1180	54	not	not	PART
cblr-8637	1180	55	directly	directly	ADV
cblr-8637	1180	56	addressed	address	VERB
cblr-8637	1180	57	in	in	ADP
cblr-8637	1180	58	this	this	DET
cblr-8637	1180	59	paper	paper	NOUN
cblr-8637	1180	60	,	,	PUNCT
cblr-8637	1180	61	new	new	ADJ
cblr-8637	1180	62	technologies	technology	NOUN
cblr-8637	1180	63	,	,	PUNCT
cblr-8637	1180	64	including	include	VERB
cblr-8637	1180	65	but	but	CCONJ
cblr-8637	1180	66	not	not	PART
cblr-8637	1180	67	limited	limit	VERB
cblr-8637	1180	68	to	to	ADP
cblr-8637	1180	69	distributed	distribute	VERB
cblr-8637	1180	70	ledger	ledger	NOUN
cblr-8637	1180	71	technology	technology	NOUN
cblr-8637	1180	72	and	and	CCONJ
cblr-8637	1180	73	algorithmic	algorithmic	ADJ
cblr-8637	1180	74	trading	trading	NOUN
cblr-8637	1180	75	,	,	PUNCT
cblr-8637	1180	76	are	be	AUX
cblr-8637	1180	77	raising	raise	VERB
cblr-8637	1180	78	important	important	ADJ
cblr-8637	1180	79	issues	issue	NOUN
cblr-8637	1180	80	related	relate	VERB
cblr-8637	1180	81	to	to	ADP
cblr-8637	1180	82	the	the	DET
cblr-8637	1180	83	securities	security	NOUN
cblr-8637	1180	84	market	market	NOUN
cblr-8637	1180	85	and	and	CCONJ
cblr-8637	1180	86	its	its	PRON
cblr-8637	1180	87	regulation	regulation	NOUN
cblr-8637	1180	88	.	.	PUNCT
cblr-8637	1181	1	the	the	DET
cblr-8637	1181	2	potential	potential	ADJ
cblr-8637	1181	3	benefits	benefit	NOUN
cblr-8637	1181	4	of	of	ADP
cblr-8637	1181	5	these	these	DET
cblr-8637	1181	6	technologies	technology	NOUN
cblr-8637	1181	7	include	include	VERB
cblr-8637	1181	8	improved	improve	VERB
cblr-8637	1181	9	liquidity	liquidity	NOUN
cblr-8637	1181	10	,	,	PUNCT
cblr-8637	1181	11	pricing	pricing	NOUN
cblr-8637	1181	12	efficiency	efficiency	NOUN
cblr-8637	1181	13	,	,	PUNCT
cblr-8637	1181	14	and	and	CCONJ
cblr-8637	1181	15	access	access	NOUN
cblr-8637	1181	16	to	to	ADP
cblr-8637	1181	17	information	information	NOUN
cblr-8637	1181	18	.	.	PUNCT
cblr-8637	1182	1	distributed	distribute	VERB
cblr-8637	1182	2	technology	technology	NOUN
cblr-8637	1182	3	could	could	AUX
cblr-8637	1182	4	enhance	enhance	VERB
cblr-8637	1182	5	liquidity	liquidity	NOUN
cblr-8637	1182	6	in	in	ADP
cblr-8637	1182	7	both	both	CCONJ
cblr-8637	1182	8	the	the	DET
cblr-8637	1182	9	public	public	NOUN
cblr-8637	1182	10	and	and	CCONJ
cblr-8637	1182	11	the	the	DET
cblr-8637	1182	12	private	private	ADJ
cblr-8637	1182	13	markets	market	NOUN
cblr-8637	1182	14	by	by	ADP
cblr-8637	1182	15	lowering	lower	VERB
cblr-8637	1182	16	the	the	DET
cblr-8637	1182	17	costs	cost	NOUN
cblr-8637	1182	18	of	of	ADP
cblr-8637	1182	19	clearing	clearing	NOUN
cblr-8637	1182	20	and	and	CCONJ
cblr-8637	1182	21	settling.345	settling.345	VERB
cblr-8637	1182	22	the	the	DET
cblr-8637	1182	23	technology	technology	NOUN
cblr-8637	1182	24	could	could	AUX
cblr-8637	1182	25	also	also	ADV
cblr-8637	1182	26	help	help	VERB
cblr-8637	1182	27	persuade	persuade	VERB
cblr-8637	1182	28	companies	company	NOUN
cblr-8637	1182	29	to	to	PART
cblr-8637	1182	30	go	go	VERB
cblr-8637	1182	31	public	public	ADJ
cblr-8637	1182	32	by	by	ADP
cblr-8637	1182	33	reducing	reduce	VERB
cblr-8637	1182	34	costs	cost	NOUN
cblr-8637	1182	35	associated	associate	VERB
cblr-8637	1182	36	with	with	ADP
cblr-8637	1182	37	being	be	AUX
cblr-8637	1182	38	public	public	ADJ
cblr-8637	1182	39	by	by	ADP
cblr-8637	1182	40	,	,	PUNCT
cblr-8637	1182	41	for	for	ADP
cblr-8637	1182	42	example	example	NOUN
cblr-8637	1182	43	,	,	PUNCT
cblr-8637	1182	44	decreasing	decrease	VERB
cblr-8637	1182	45	costs	cost	NOUN
cblr-8637	1182	46	associated	associate	VERB
cblr-8637	1182	47	with	with	ADP
cblr-8637	1182	48	dividend	dividend	NOUN
cblr-8637	1182	49	distributions.346	distributions.346	VERB
cblr-8637	1182	50	additionally	additionally	ADV
cblr-8637	1182	51	,	,	PUNCT
cblr-8637	1182	52	distributed	distribute	VERB
cblr-8637	1182	53	ledger	ledger	NOUN
cblr-8637	1182	54	technology	technology	NOUN
cblr-8637	1182	55	could	could	AUX
cblr-8637	1182	56	enhance	enhance	VERB
cblr-8637	1182	57	pricing	pricing	NOUN
cblr-8637	1182	58	efficiency	efficiency	NOUN
cblr-8637	1182	59	by	by	ADP
cblr-8637	1182	60	allowing	allow	VERB
cblr-8637	1182	61	securities	security	NOUN
cblr-8637	1182	62	analysts	analyst	NOUN
cblr-8637	1182	63	continual	continual	ADJ
cblr-8637	1182	64	and	and	CCONJ
cblr-8637	1182	65	nearly	nearly	ADV
cblr-8637	1182	66	instantaneous	instantaneous	ADJ
cblr-8637	1182	67	access	access	NOUN
cblr-8637	1182	68	to	to	ADP
cblr-8637	1182	69	raw	raw	ADJ
cblr-8637	1182	70	data	datum	NOUN
cblr-8637	1182	71	from	from	ADP
cblr-8637	1182	72	issuers	issuer	NOUN
cblr-8637	1182	73	,	,	PUNCT
cblr-8637	1182	74	potentially	potentially	ADV
cblr-8637	1182	75	without	without	ADP
cblr-8637	1182	76	costing	cost	VERB
cblr-8637	1182	77	a	a	DET
cblr-8637	1182	78	great	great	ADJ
cblr-8637	1182	79	price.347	price.347	NOUN
cblr-8637	1182	80	like	like	ADP
cblr-8637	1182	81	distributed	distribute	VERB
cblr-8637	1182	82	ledger	ledger	NOUN
cblr-8637	1182	83	technology	technology	NOUN
cblr-8637	1182	84	,	,	PUNCT
cblr-8637	1182	85	algorithmic	algorithmic	ADJ
cblr-8637	1182	86	trading	trading	NOUN
cblr-8637	1182	87	and	and	CCONJ
cblr-8637	1182	88	high	high	ADJ
cblr-8637	1182	89	frequency	frequency	NOUN
cblr-8637	1182	90	trading	trading	NOUN
cblr-8637	1182	91	(	(	PUNCT
cblr-8637	1182	92	hft	hft	NOUN
cblr-8637	1182	93	)	)	PUNCT
cblr-8637	1182	94	also	also	ADV
cblr-8637	1182	95	potentially	potentially	ADV
cblr-8637	1182	96	enhance	enhance	VERB
cblr-8637	1182	97	liquidity	liquidity	NOUN
cblr-8637	1182	98	.	.	PUNCT
cblr-8637	1183	1	hft	hft	PROPN
cblr-8637	1183	2	traders	trader	NOUN
cblr-8637	1183	3	are	be	AUX
cblr-8637	1183	4	able	able	ADJ
cblr-8637	1183	5	to	to	PART
cblr-8637	1183	6	react	react	VERB
cblr-8637	1183	7	faster	fast	ADV
cblr-8637	1183	8	to	to	ADP
cblr-8637	1183	9	orders	order	NOUN
cblr-8637	1183	10	that	that	SCONJ
cblr-8637	1183	11	344	344	NUM
cblr-8637	1183	12	for	for	ADP
cblr-8637	1183	13	example	example	NOUN
cblr-8637	1183	14	,	,	PUNCT
cblr-8637	1183	15	the	the	DET
cblr-8637	1183	16	sec	sec	PROPN
cblr-8637	1183	17	could	could	AUX
cblr-8637	1183	18	determine	determine	VERB
cblr-8637	1183	19	whether	whether	SCONJ
cblr-8637	1183	20	to	to	PART
cblr-8637	1183	21	mimic	mimic	VERB
cblr-8637	1183	22	the	the	DET
cblr-8637	1183	23	european	european	PROPN
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cblr-8637	1183	25	,	,	PUNCT
cblr-8637	1183	26	which	which	PRON
cblr-8637	1183	27	only	only	ADV
cblr-8637	1183	28	requires	require	VERB
cblr-8637	1183	29	semi	semi	ADJ
cblr-8637	1183	30	-	-	ADJ
cblr-8637	1183	31	annual	annual	ADJ
cblr-8637	1183	32	reporting	reporting	NOUN
cblr-8637	1183	33	.	.	PUNCT
cblr-8637	1184	1	see	see	VERB
cblr-8637	1184	2	trump	trump	NOUN
cblr-8637	1184	3	’s	’s	PART
cblr-8637	1184	4	pitch	pitch	NOUN
cblr-8637	1184	5	to	to	PART
cblr-8637	1184	6	end	end	VERB
cblr-8637	1184	7	quarterly	quarterly	ADJ
cblr-8637	1184	8	reports	report	NOUN
cblr-8637	1184	9	would	would	AUX
cblr-8637	1184	10	follow	follow	VERB
cblr-8637	1184	11	eu	eu	PROPN
cblr-8637	1184	12	,	,	PUNCT
cblr-8637	1184	13	australia	australia	PROPN
cblr-8637	1184	14	,	,	PUNCT
cblr-8637	1184	15	reuters	reuter	NOUN
cblr-8637	1184	16	,	,	PUNCT
cblr-8637	1184	17	https://www.reuters.com/article/us-usa-sec-trump-factbox/trumps-pitch-toend-quarterly-reports-would-follow-eu-australia-iduskcn1l51zn	https://www.reuters.com/article/us-usa-sec-trump-factbox/trumps-pitch-toend-quarterly-reports-would-follow-eu-australia-iduskcn1l51zn	NOUN
cblr-8637	1185	1	[	[	X
cblr-8637	1185	2	https://perma.cc/7qvm-9kq6	https://perma.cc/7qvm-9kq6	X
cblr-8637	1185	3	]	]	X
cblr-8637	1185	4	(	(	PUNCT
cblr-8637	1185	5	last	last	ADJ
cblr-8637	1185	6	updated	update	VERB
cblr-8637	1185	7	aug	aug	PROPN
cblr-8637	1185	8	.	.	PROPN
cblr-8637	1185	9	20	20	NUM
cblr-8637	1185	10	,	,	PUNCT
cblr-8637	1185	11	2018	2018	NUM
cblr-8637	1185	12	,	,	PUNCT
cblr-8637	1185	13	3:53	3:53	NUM
cblr-8637	1185	14	pm	pm	NOUN
cblr-8637	1185	15	)	)	PUNCT
cblr-8637	1185	16	.	.	PUNCT
cblr-8637	1186	1	345	345	NUM
cblr-8637	1186	2	columbia	columbia	PROPN
cblr-8637	1186	3	-	-	PUNCT
cblr-8637	1186	4	ibm	ibm	PROPN
cblr-8637	1186	5	ctr	ctr	PROPN
cblr-8637	1186	6	.	.	PUNCT
cblr-8637	1187	1	for	for	ADP
cblr-8637	1187	2	blockchain	blockchain	PROPN
cblr-8637	1187	3	&	&	CCONJ
cblr-8637	1187	4	data	data	PROPN
cblr-8637	1187	5	transparency	transparency	NOUN
cblr-8637	1187	6	,	,	PUNCT
cblr-8637	1187	7	stakeholder	stakeholder	NOUN
cblr-8637	1187	8	survey	survey	NOUN
cblr-8637	1187	9	preliminary	preliminary	ADJ
cblr-8637	1187	10	white	white	PROPN
cblr-8637	1187	11	paper	paper	PROPN
cblr-8637	1187	12	18	18	NUM
cblr-8637	1187	13	(	(	PUNCT
cblr-8637	1187	14	2020	2020	NUM
cblr-8637	1187	15	)	)	PUNCT
cblr-8637	1187	16	,	,	PUNCT
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cblr-8637	1187	18	20in%20the%20law%20and%20economics%20of%20capital%20markets	20in%20the%20law%20and%20economics%20of%20capital%20markets	NUM
cblr-8637	1187	19	%	%	NOUN
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cblr-8637	1188	4	.	.	PUNCT
cblr-8637	1189	1	346	346	NUM
cblr-8637	1189	2	i	i	PRON
cblr-8637	1189	3	d.	d.	NOUN
cblr-8637	1189	4	at	at	ADP
cblr-8637	1189	5	19	19	NUM
cblr-8637	1189	6	.	.	PUNCT
cblr-8637	1189	7	347	347	NUM
cblr-8637	1190	1	i	i	PRON
cblr-8637	1190	2	d.	d.	PROPN
cblr-8637	1190	3	at	at	ADP
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cblr-8637	1190	5	.	.	PUNCT
cblr-8637	1191	1	greene	greene	PROPN
cblr-8637	1191	2	et	et	PROPN
cblr-8637	1191	3	al	al	PROPN
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cblr-8637	1192	1	8/21/2021	8/21/2021	NUM
cblr-8637	1192	2	1:44	1:44	NUM
cblr-8637	1192	3	pm	pm	NOUN
cblr-8637	1192	4	no	no	INTJ
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cblr-8637	1193	3	the	the	DET
cblr-8637	1193	4	need	need	NOUN
cblr-8637	1193	5	for	for	ADP
cblr-8637	1193	6	a	a	DET
cblr-8637	1193	7	comprehensive	comprehensive	ADJ
cblr-8637	1193	8	approach	approach	NOUN
cblr-8637	1193	9	793	793	NUM
cblr-8637	1193	10	have	have	AUX
cblr-8637	1193	11	not	not	PART
cblr-8637	1193	12	been	be	AUX
cblr-8637	1193	13	updated	update	VERB
cblr-8637	1193	14	for	for	ADP
cblr-8637	1193	15	market	market	NOUN
cblr-8637	1193	16	movements	movement	NOUN
cblr-8637	1193	17	,	,	PUNCT
cblr-8637	1193	18	resulting	result	VERB
cblr-8637	1193	19	in	in	ADP
cblr-8637	1193	20	“	"	PUNCT
cblr-8637	1193	21	adverse	adverse	ADJ
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cblr-8637	1193	27	market	market	NOUN
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cblr-8637	1193	31	passive	passive	ADJ
cblr-8637	1193	32	market	market	NOUN
cblr-8637	1193	33	makers	maker	NOUN
cblr-8637	1193	34	that	that	PRON
cblr-8637	1193	35	often	often	ADV
cblr-8637	1193	36	attempt	attempt	VERB
cblr-8637	1193	37	to	to	PART
cblr-8637	1193	38	mitigate	mitigate	VERB
cblr-8637	1193	39	these	these	DET
cblr-8637	1193	40	costs	cost	NOUN
cblr-8637	1193	41	by	by	ADP
cblr-8637	1193	42	widening	widen	VERB
cblr-8637	1193	43	bid	bid	NOUN
cblr-8637	1193	44	-	-	PUNCT
cblr-8637	1193	45	ask	ask	VERB
cblr-8637	1193	46	spreads.348	spreads.348	NOUN
cblr-8637	1193	47	through	through	ADP
cblr-8637	1193	48	increased	increase	VERB
cblr-8637	1193	49	speed	speed	NOUN
cblr-8637	1193	50	and	and	CCONJ
cblr-8637	1193	51	monitoring	monitoring	NOUN
cblr-8637	1193	52	ability	ability	NOUN
cblr-8637	1193	53	,	,	PUNCT
cblr-8637	1193	54	hft	hft	ADJ
cblr-8637	1193	55	market	market	NOUN
cblr-8637	1193	56	makers	maker	NOUN
cblr-8637	1193	57	can	can	AUX
cblr-8637	1193	58	reduce	reduce	VERB
cblr-8637	1193	59	these	these	DET
cblr-8637	1193	60	adverse	adverse	ADJ
cblr-8637	1193	61	selection	selection	NOUN
cblr-8637	1193	62	costs	cost	NOUN
cblr-8637	1193	63	and	and	CCONJ
cblr-8637	1193	64	promote	promote	VERB
cblr-8637	1193	65	liquidity	liquidity	NOUN
cblr-8637	1193	66	by	by	ADP
cblr-8637	1193	67	narrowing	narrow	VERB
cblr-8637	1193	68	bid	bid	NOUN
cblr-8637	1193	69	-	-	PUNCT
cblr-8637	1193	70	ask	ask	NOUN
cblr-8637	1193	71	spreads	spread	NOUN
cblr-8637	1193	72	.	.	PUNCT
cblr-8637	1194	1	while	while	SCONJ
cblr-8637	1194	2	new	new	ADJ
cblr-8637	1194	3	technologies	technology	NOUN
cblr-8637	1194	4	can	can	AUX
cblr-8637	1194	5	be	be	AUX
cblr-8637	1194	6	beneficial	beneficial	ADJ
cblr-8637	1194	7	to	to	ADP
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cblr-8637	1194	9	markets	market	NOUN
cblr-8637	1194	10	,	,	PUNCT
cblr-8637	1194	11	they	they	PRON
cblr-8637	1194	12	carry	carry	VERB
cblr-8637	1194	13	potential	potential	ADJ
cblr-8637	1194	14	risks	risk	NOUN
cblr-8637	1194	15	that	that	PRON
cblr-8637	1194	16	should	should	AUX
cblr-8637	1194	17	be	be	AUX
cblr-8637	1194	18	studied	study	VERB
cblr-8637	1194	19	and	and	CCONJ
cblr-8637	1194	20	ultimately	ultimately	ADV
cblr-8637	1194	21	addressed	address	VERB
cblr-8637	1194	22	.	.	PUNCT
cblr-8637	1195	1	for	for	ADP
cblr-8637	1195	2	example	example	NOUN
cblr-8637	1195	3	,	,	PUNCT
cblr-8637	1195	4	although	although	SCONJ
cblr-8637	1195	5	hft	hft	PROPN
cblr-8637	1195	6	and	and	CCONJ
cblr-8637	1195	7	algorithmic	algorithmic	ADJ
cblr-8637	1195	8	trading	trading	NOUN
cblr-8637	1195	9	can	can	AUX
cblr-8637	1195	10	enhance	enhance	VERB
cblr-8637	1195	11	liquidity	liquidity	NOUN
cblr-8637	1195	12	,	,	PUNCT
cblr-8637	1195	13	they	they	PRON
cblr-8637	1195	14	are	be	AUX
cblr-8637	1195	15	not	not	PART
cblr-8637	1195	16	obligated	obligate	VERB
cblr-8637	1195	17	to	to	PART
cblr-8637	1195	18	provide	provide	VERB
cblr-8637	1195	19	liquidity	liquidity	NOUN
cblr-8637	1195	20	and	and	CCONJ
cblr-8637	1195	21	may	may	AUX
cblr-8637	1195	22	consequently	consequently	ADV
cblr-8637	1195	23	scale	scale	VERB
cblr-8637	1195	24	back	back	ADV
cblr-8637	1195	25	from	from	ADP
cblr-8637	1195	26	doing	do	VERB
cblr-8637	1195	27	so	so	ADV
cblr-8637	1195	28	during	during	ADP
cblr-8637	1195	29	times	time	NOUN
cblr-8637	1195	30	of	of	ADP
cblr-8637	1195	31	market	market	NOUN
cblr-8637	1195	32	turbulence.349	turbulence.349	ADV
cblr-8637	1195	33	additionally	additionally	ADV
cblr-8637	1195	34	,	,	PUNCT
cblr-8637	1195	35	the	the	DET
cblr-8637	1195	36	effect	effect	NOUN
cblr-8637	1195	37	of	of	ADP
cblr-8637	1195	38	such	such	ADJ
cblr-8637	1195	39	technologies	technology	NOUN
cblr-8637	1195	40	on	on	ADP
cblr-8637	1195	41	investors	investor	NOUN
cblr-8637	1195	42	,	,	PUNCT
cblr-8637	1195	43	especially	especially	ADV
cblr-8637	1195	44	retail	retail	ADJ
cblr-8637	1195	45	investors	investor	NOUN
cblr-8637	1195	46	,	,	PUNCT
cblr-8637	1195	47	is	be	AUX
cblr-8637	1195	48	uncertain	uncertain	ADJ
cblr-8637	1195	49	.	.	PUNCT
cblr-8637	1196	1	on	on	ADP
cblr-8637	1196	2	one	one	NUM
cblr-8637	1196	3	hand	hand	NOUN
cblr-8637	1196	4	,	,	PUNCT
cblr-8637	1196	5	these	these	DET
cblr-8637	1196	6	technologies	technology	NOUN
cblr-8637	1196	7	may	may	AUX
cblr-8637	1196	8	enable	enable	VERB
cblr-8637	1196	9	faster	fast	ADV
cblr-8637	1196	10	and	and	CCONJ
cblr-8637	1196	11	freer	free	ADJ
cblr-8637	1196	12	access	access	NOUN
cblr-8637	1196	13	to	to	ADP
cblr-8637	1196	14	information	information	NOUN
cblr-8637	1196	15	that	that	SCONJ
cblr-8637	1196	16	retail	retail	ADJ
cblr-8637	1196	17	investors	investor	NOUN
cblr-8637	1196	18	can	can	AUX
cblr-8637	1196	19	capitalize	capitalize	VERB
cblr-8637	1196	20	upon	upon	SCONJ
cblr-8637	1196	21	.	.	PUNCT
cblr-8637	1197	1	on	on	ADP
cblr-8637	1197	2	the	the	DET
cblr-8637	1197	3	other	other	ADJ
cblr-8637	1197	4	hand	hand	NOUN
cblr-8637	1197	5	,	,	PUNCT
cblr-8637	1197	6	increased	increase	VERB
cblr-8637	1197	7	technology	technology	NOUN
cblr-8637	1197	8	in	in	ADP
cblr-8637	1197	9	the	the	DET
cblr-8637	1197	10	exchanges	exchange	NOUN
cblr-8637	1197	11	could	could	AUX
cblr-8637	1197	12	further	far	ADV
cblr-8637	1197	13	exacerbate	exacerbate	VERB
cblr-8637	1197	14	the	the	DET
cblr-8637	1197	15	disadvantage	disadvantage	NOUN
cblr-8637	1197	16	retail	retail	ADJ
cblr-8637	1197	17	investors	investor	NOUN
cblr-8637	1197	18	already	already	ADV
cblr-8637	1197	19	find	find	VERB
cblr-8637	1197	20	themselves	themselves	PRON
cblr-8637	1197	21	in.350	in.350	PROPN
cblr-8637	1197	22	at	at	ADP
cblr-8637	1197	23	the	the	DET
cblr-8637	1197	24	same	same	ADJ
cblr-8637	1197	25	time	time	NOUN
cblr-8637	1197	26	,	,	PUNCT
cblr-8637	1197	27	distributed	distribute	VERB
cblr-8637	1197	28	ledger	ledger	NOUN
cblr-8637	1197	29	technology	technology	NOUN
cblr-8637	1197	30	could	could	AUX
cblr-8637	1197	31	further	far	ADV
cblr-8637	1197	32	enhance	enhance	VERB
cblr-8637	1197	33	ai	ai	VERB
cblr-8637	1197	34	-	-	PUNCT
cblr-8637	1197	35	based	base	VERB
cblr-8637	1197	36	investing	investing	NOUN
cblr-8637	1197	37	,	,	PUNCT
cblr-8637	1197	38	thus	thus	ADV
cblr-8637	1197	39	reducing	reduce	VERB
cblr-8637	1197	40	costs	cost	NOUN
cblr-8637	1197	41	of	of	ADP
cblr-8637	1197	42	trading	trading	NOUN
cblr-8637	1197	43	for	for	ADP
cblr-8637	1197	44	retail	retail	ADJ
cblr-8637	1197	45	investors	investor	NOUN
cblr-8637	1197	46	.	.	PUNCT
cblr-8637	1198	1	as	as	ADP
cblr-8637	1198	2	a	a	DET
cblr-8637	1198	3	result	result	NOUN
cblr-8637	1198	4	,	,	PUNCT
cblr-8637	1198	5	investing	invest	VERB
cblr-8637	1198	6	in	in	ADP
cblr-8637	1198	7	exchange	exchange	NOUN
cblr-8637	1198	8	-	-	PUNCT
cblr-8637	1198	9	traded	trade	VERB
cblr-8637	1198	10	funds	fund	NOUN
cblr-8637	1198	11	would	would	AUX
cblr-8637	1198	12	no	no	ADV
cblr-8637	1198	13	longer	long	ADV
cblr-8637	1198	14	be	be	AUX
cblr-8637	1198	15	necessary	necessary	ADJ
cblr-8637	1198	16	:	:	PUNCT
cblr-8637	1198	17	ai	ai	ADJ
cblr-8637	1198	18	-	-	PUNCT
cblr-8637	1198	19	based	base	VERB
cblr-8637	1198	20	robo	robo	NOUN
cblr-8637	1198	21	-	-	PUNCT
cblr-8637	1198	22	investing	investing	NOUN
cblr-8637	1198	23	could	could	AUX
cblr-8637	1198	24	guide	guide	VERB
cblr-8637	1198	25	purchases	purchase	NOUN
cblr-8637	1198	26	.	.	PUNCT
cblr-8637	1199	1	to	to	PART
cblr-8637	1199	2	address	address	VERB
cblr-8637	1199	3	the	the	DET
cblr-8637	1199	4	manner	manner	NOUN
cblr-8637	1199	5	in	in	ADP
cblr-8637	1199	6	which	which	PRON
cblr-8637	1199	7	new	new	ADJ
cblr-8637	1199	8	technologies	technology	NOUN
cblr-8637	1199	9	could	could	AUX
cblr-8637	1199	10	affect	affect	VERB
cblr-8637	1199	11	the	the	DET
cblr-8637	1199	12	public	public	ADJ
cblr-8637	1199	13	market	market	NOUN
cblr-8637	1199	14	and	and	CCONJ
cblr-8637	1199	15	investors	investor	NOUN
cblr-8637	1199	16	,	,	PUNCT
cblr-8637	1199	17	we	we	PRON
cblr-8637	1199	18	suggest	suggest	VERB
cblr-8637	1199	19	that	that	SCONJ
cblr-8637	1199	20	the	the	DET
cblr-8637	1199	21	special	special	ADJ
cblr-8637	1199	22	study	study	NOUN
cblr-8637	1199	23	should	should	AUX
cblr-8637	1199	24	further	far	ADV
cblr-8637	1199	25	explore	explore	VERB
cblr-8637	1199	26	the	the	DET
cblr-8637	1199	27	role	role	NOUN
cblr-8637	1199	28	of	of	ADP
cblr-8637	1199	29	distributed	distribute	VERB
cblr-8637	1199	30	ledger	ledger	NOUN
cblr-8637	1199	31	technology	technology	NOUN
cblr-8637	1199	32	and	and	CCONJ
cblr-8637	1199	33	algorithmic	algorithmic	ADJ
cblr-8637	1199	34	trading	trading	NOUN
cblr-8637	1199	35	in	in	ADP
cblr-8637	1199	36	securities	security	NOUN
cblr-8637	1199	37	regulation	regulation	NOUN
cblr-8637	1199	38	.	.	PUNCT
cblr-8637	1200	1	the	the	DET
cblr-8637	1200	2	study	study	NOUN
cblr-8637	1200	3	should	should	AUX
cblr-8637	1200	4	also	also	ADV
cblr-8637	1200	5	explore	explore	VERB
cblr-8637	1200	6	solutions	solution	NOUN
cblr-8637	1200	7	recently	recently	ADV
cblr-8637	1200	8	discussed	discuss	VERB
cblr-8637	1200	9	by	by	ADP
cblr-8637	1200	10	the	the	DET
cblr-8637	1200	11	commission	commission	NOUN
cblr-8637	1200	12	,	,	PUNCT
cblr-8637	1200	13	including	include	VERB
cblr-8637	1200	14	imposing	impose	VERB
cblr-8637	1200	15	making	making	NOUN
cblr-8637	1200	16	and	and	CCONJ
cblr-8637	1200	17	348	348	NUM
cblr-8637	1200	18	u.s	u.s	PROPN
cblr-8637	1200	19	.	.	PROPN
cblr-8637	1200	20	sec	sec	PROPN
cblr-8637	1200	21	.	.	PROPN
cblr-8637	1200	22	&	&	CCONJ
cblr-8637	1200	23	exch	exch	PROPN
cblr-8637	1200	24	.	.	PUNCT
cblr-8637	1201	1	comm’n	comm’n	PROPN
cblr-8637	1201	2	,	,	PUNCT
cblr-8637	1201	3	staff	staff	NOUN
cblr-8637	1201	4	report	report	NOUN
cblr-8637	1201	5	on	on	ADP
cblr-8637	1201	6	algorithmic	algorithmic	ADJ
cblr-8637	1201	7	trading	trading	NOUN
cblr-8637	1201	8	in	in	ADP
cblr-8637	1201	9	u.s	u.s	PROPN
cblr-8637	1201	10	.	.	PROPN
cblr-8637	1201	11	capital	capital	NOUN
cblr-8637	1201	12	markets	market	NOUN
cblr-8637	1201	13	70	70	NUM
cblr-8637	1201	14	,	,	PUNCT
cblr-8637	1201	15	71	71	NUM
cblr-8637	1201	16	&	&	CCONJ
cblr-8637	1201	17	n.278	n.278	PROPN
cblr-8637	1201	18	(	(	PUNCT
cblr-8637	1201	19	2020	2020	NUM
cblr-8637	1201	20	)	)	PUNCT
cblr-8637	1201	21	,	,	PUNCT
cblr-8637	1201	22	https://www.sec.gov/	https://www.sec.gov/	VERB
cblr-8637	1201	23	files	file	NOUN
cblr-8637	1201	24	/	/	SYM
cblr-8637	1201	25	algo_trading_report_2020.pdf	algo_trading_report_2020.pdf	NOUN
cblr-8637	1201	26	[	[	X
cblr-8637	1201	27	https://perma.cc/s9kq-wwqt	https://perma.cc/s9kq-wwqt	NOUN
cblr-8637	1201	28	]	]	X
cblr-8637	1201	29	.	.	PUNCT
cblr-8637	1202	1	349	349	NUM
cblr-8637	1203	1	i	i	PRON
cblr-8637	1203	2	d.	d.	VERB
cblr-8637	1203	3	at	at	ADP
cblr-8637	1203	4	72–73	72–73	PROPN
cblr-8637	1203	5	.	.	PUNCT
cblr-8637	1204	1	350	350	NUM
cblr-8637	1204	2	because	because	SCONJ
cblr-8637	1204	3	hft	hft	NOUN
cblr-8637	1204	4	companies	company	NOUN
cblr-8637	1204	5	and	and	CCONJ
cblr-8637	1204	6	algorithmic	algorithmic	ADJ
cblr-8637	1204	7	traders	trader	NOUN
cblr-8637	1204	8	can	can	AUX
cblr-8637	1204	9	take	take	VERB
cblr-8637	1204	10	advantage	advantage	NOUN
cblr-8637	1204	11	of	of	ADP
cblr-8637	1204	12	this	this	DET
cblr-8637	1204	13	information	information	NOUN
cblr-8637	1204	14	long	long	ADV
cblr-8637	1204	15	before	before	SCONJ
cblr-8637	1204	16	a	a	DET
cblr-8637	1204	17	typical	typical	ADJ
cblr-8637	1204	18	retail	retail	ADJ
cblr-8637	1204	19	investor	investor	NOUN
cblr-8637	1204	20	(	(	PUNCT
cblr-8637	1204	21	especially	especially	ADV
cblr-8637	1204	22	one	one	NUM
cblr-8637	1204	23	who	who	PRON
cblr-8637	1204	24	invests	invest	VERB
cblr-8637	1204	25	through	through	ADP
cblr-8637	1204	26	an	an	DET
cblr-8637	1204	27	adviser	adviser	NOUN
cblr-8637	1204	28	-	-	PUNCT
cblr-8637	1204	29	managed	manage	VERB
cblr-8637	1204	30	fund	fund	NOUN
cblr-8637	1204	31	,	,	PUNCT
cblr-8637	1204	32	such	such	ADJ
cblr-8637	1204	33	as	as	ADP
cblr-8637	1204	34	a	a	DET
cblr-8637	1204	35	closed	closed	ADJ
cblr-8637	1204	36	-	-	PUNCT
cblr-8637	1204	37	end	end	NOUN
cblr-8637	1204	38	mutual	mutual	ADJ
cblr-8637	1204	39	fund	fund	NOUN
cblr-8637	1204	40	)	)	PUNCT
cblr-8637	1204	41	can	can	AUX
cblr-8637	1204	42	trade	trade	VERB
cblr-8637	1204	43	on	on	ADP
cblr-8637	1204	44	it	it	PRON
cblr-8637	1204	45	,	,	PUNCT
cblr-8637	1204	46	retail	retail	ADJ
cblr-8637	1204	47	investors	investor	NOUN
cblr-8637	1204	48	have	have	VERB
cblr-8637	1204	49	a	a	DET
cblr-8637	1204	50	speed	speed	NOUN
cblr-8637	1204	51	to	to	ADP
cblr-8637	1204	52	information	information	NOUN
cblr-8637	1204	53	disadvantage	disadvantage	NOUN
cblr-8637	1204	54	.	.	PUNCT
cblr-8637	1205	1	greene	greene	PROPN
cblr-8637	1205	2	et	et	PROPN
cblr-8637	1205	3	al	al	PROPN
cblr-8637	1205	4	.	.	PROPN
cblr-8637	1206	1	8/21/2021	8/21/2021	NUM
cblr-8637	1206	2	1:44	1:44	NUM
cblr-8637	1206	3	pm	pm	NOUN
cblr-8637	1206	4	794	794	NUM
cblr-8637	1206	5	columbia	columbia	PROPN
cblr-8637	1206	6	business	business	NOUN
cblr-8637	1206	7	law	law	PROPN
cblr-8637	1206	8	review	review	NOUN
cblr-8637	1206	9	[	[	X
cblr-8637	1206	10	vol	vol	NOUN
cblr-8637	1206	11	.	.	PUNCT
cblr-8637	1206	12	2021	2021	NUM
cblr-8637	1207	1	quoting	quote	VERB
cblr-8637	1207	2	obligations	obligation	NOUN
cblr-8637	1207	3	on	on	ADP
cblr-8637	1207	4	hfts	hft	NOUN
cblr-8637	1207	5	to	to	PART
cblr-8637	1207	6	reduce	reduce	VERB
cblr-8637	1207	7	the	the	DET
cblr-8637	1207	8	risk	risk	NOUN
cblr-8637	1207	9	of	of	ADP
cblr-8637	1207	10	reduced	reduce	VERB
cblr-8637	1207	11	liquidity	liquidity	NOUN
cblr-8637	1207	12	during	during	ADP
cblr-8637	1207	13	market	market	NOUN
cblr-8637	1207	14	turmoil,351	turmoil,351	NOUN
cblr-8637	1207	15	and	and	CCONJ
cblr-8637	1207	16	examinations	examination	NOUN
cblr-8637	1207	17	of	of	ADP
cblr-8637	1207	18	firms	firm	NOUN
cblr-8637	1207	19	’	'	PUNCT
cblr-8637	1207	20	controls	control	NOUN
cblr-8637	1207	21	related	relate	VERB
cblr-8637	1207	22	to	to	ADP
cblr-8637	1207	23	automated	automate	VERB
cblr-8637	1207	24	trading	trading	NOUN
cblr-8637	1207	25	procedures	procedure	NOUN
cblr-8637	1207	26	.	.	PUNCT
cblr-8637	1208	1	in	in	ADP
cblr-8637	1208	2	addition	addition	NOUN
cblr-8637	1208	3	to	to	ADP
cblr-8637	1208	4	exploring	explore	VERB
cblr-8637	1208	5	the	the	DET
cblr-8637	1208	6	effects	effect	NOUN
cblr-8637	1208	7	of	of	ADP
cblr-8637	1208	8	recent	recent	ADJ
cblr-8637	1208	9	technologies	technology	NOUN
cblr-8637	1208	10	,	,	PUNCT
cblr-8637	1208	11	the	the	DET
cblr-8637	1208	12	study	study	NOUN
cblr-8637	1208	13	should	should	AUX
cblr-8637	1208	14	explore	explore	VERB
cblr-8637	1208	15	the	the	DET
cblr-8637	1208	16	potential	potential	NOUN
cblr-8637	1208	17	of	of	ADP
cblr-8637	1208	18	moving	move	VERB
cblr-8637	1208	19	all	all	PRON
cblr-8637	1208	20	or	or	CCONJ
cblr-8637	1208	21	a	a	DET
cblr-8637	1208	22	significant	significant	ADJ
cblr-8637	1208	23	part	part	NOUN
cblr-8637	1208	24	of	of	ADP
cblr-8637	1208	25	the	the	DET
cblr-8637	1208	26	ipo	ipo	NOUN
cblr-8637	1208	27	process	process	NOUN
cblr-8637	1208	28	online	online	ADV
cblr-8637	1208	29	.	.	PUNCT
cblr-8637	1209	1	making	make	VERB
cblr-8637	1209	2	registration	registration	NOUN
cblr-8637	1209	3	statements	statement	NOUN
cblr-8637	1209	4	and	and	CCONJ
cblr-8637	1209	5	prospectuses	prospectus	NOUN
cblr-8637	1209	6	available	available	ADJ
cblr-8637	1209	7	online	online	ADV
cblr-8637	1209	8	would	would	AUX
cblr-8637	1209	9	enhance	enhance	VERB
cblr-8637	1209	10	access	access	NOUN
cblr-8637	1209	11	to	to	ADP
cblr-8637	1209	12	information	information	NOUN
cblr-8637	1209	13	and	and	CCONJ
cblr-8637	1209	14	decrease	decrease	VERB
cblr-8637	1209	15	the	the	DET
cblr-8637	1209	16	cost	cost	NOUN
cblr-8637	1209	17	of	of	ADP
cblr-8637	1209	18	its	its	PRON
cblr-8637	1209	19	dissemination	dissemination	NOUN
cblr-8637	1209	20	.	.	PUNCT
cblr-8637	1210	1	among	among	ADP
cblr-8637	1210	2	other	other	ADJ
cblr-8637	1210	3	efficiency	efficiency	NOUN
cblr-8637	1210	4	enhancements	enhancement	NOUN
cblr-8637	1210	5	,	,	PUNCT
cblr-8637	1210	6	companies	company	NOUN
cblr-8637	1210	7	engaging	engage	VERB
cblr-8637	1210	8	in	in	ADP
cblr-8637	1210	9	the	the	DET
cblr-8637	1210	10	ipo	ipo	NOUN
cblr-8637	1210	11	process	process	NOUN
cblr-8637	1210	12	would	would	AUX
cblr-8637	1210	13	not	not	PART
cblr-8637	1210	14	have	have	VERB
cblr-8637	1210	15	to	to	PART
cblr-8637	1210	16	wait	wait	VERB
cblr-8637	1210	17	until	until	SCONJ
cblr-8637	1210	18	prospectuses	prospectus	NOUN
cblr-8637	1210	19	are	be	AUX
cblr-8637	1210	20	mailed	mail	VERB
cblr-8637	1210	21	to	to	ADP
cblr-8637	1210	22	prospective	prospective	ADJ
cblr-8637	1210	23	investors	investor	NOUN
cblr-8637	1210	24	to	to	PART
cblr-8637	1210	25	make	make	VERB
cblr-8637	1210	26	an	an	DET
cblr-8637	1210	27	offering	offering	NOUN
cblr-8637	1210	28	.	.	PUNCT
cblr-8637	1211	1	additionally	additionally	ADV
cblr-8637	1211	2	,	,	PUNCT
cblr-8637	1211	3	an	an	DET
cblr-8637	1211	4	online	online	ADJ
cblr-8637	1211	5	system	system	NOUN
cblr-8637	1211	6	under	under	ADP
cblr-8637	1211	7	which	which	PRON
cblr-8637	1211	8	investors	investor	NOUN
cblr-8637	1211	9	can	can	AUX
cblr-8637	1211	10	register	register	VERB
cblr-8637	1211	11	as	as	SCONJ
cblr-8637	1211	12	accredited	accredit	VERB
cblr-8637	1211	13	investors	investor	NOUN
cblr-8637	1211	14	would	would	AUX
cblr-8637	1211	15	decrease	decrease	VERB
cblr-8637	1211	16	the	the	DET
cblr-8637	1211	17	cost	cost	NOUN
cblr-8637	1211	18	and	and	CCONJ
cblr-8637	1211	19	time	time	NOUN
cblr-8637	1211	20	spent	spend	VERB
cblr-8637	1211	21	verifying	verify	VERB
cblr-8637	1211	22	accredited	accredit	VERB
cblr-8637	1211	23	investor	investor	NOUN
cblr-8637	1211	24	status	status	NOUN
cblr-8637	1211	25	.	.	PUNCT
cblr-8637	1212	1	the	the	DET
cblr-8637	1212	2	study	study	NOUN
cblr-8637	1212	3	might	might	AUX
cblr-8637	1212	4	conduct	conduct	VERB
cblr-8637	1212	5	a	a	DET
cblr-8637	1212	6	survey	survey	NOUN
cblr-8637	1212	7	of	of	ADP
cblr-8637	1212	8	companies	company	NOUN
cblr-8637	1212	9	that	that	PRON
cblr-8637	1212	10	have	have	AUX
cblr-8637	1212	11	already	already	ADV
cblr-8637	1212	12	implemented	implement	VERB
cblr-8637	1212	13	such	such	ADJ
cblr-8637	1212	14	portals	portal	NOUN
cblr-8637	1212	15	and	and	CCONJ
cblr-8637	1212	16	compare	compare	VERB
cblr-8637	1212	17	their	their	PRON
cblr-8637	1212	18	marginal	marginal	ADJ
cblr-8637	1212	19	costs	cost	NOUN
cblr-8637	1212	20	of	of	ADP
cblr-8637	1212	21	making	make	VERB
cblr-8637	1212	22	rule	rule	NOUN
cblr-8637	1212	23	506(b	506(b	PROPN
cblr-8637	1212	24	)	)	PUNCT
cblr-8637	1212	25	offerings	offering	NOUN
cblr-8637	1212	26	to	to	PART
cblr-8637	1212	27	nonaccredited	nonaccredite	VERB
cblr-8637	1212	28	investors	investor	NOUN
cblr-8637	1212	29	to	to	ADP
cblr-8637	1212	30	the	the	DET
cblr-8637	1212	31	costs	cost	NOUN
cblr-8637	1212	32	for	for	ADP
cblr-8637	1212	33	companies	company	NOUN
cblr-8637	1212	34	that	that	PRON
cblr-8637	1212	35	have	have	AUX
cblr-8637	1212	36	not	not	PART
cblr-8637	1212	37	yet	yet	ADV
cblr-8637	1212	38	implemented	implement	VERB
cblr-8637	1212	39	such	such	DET
cblr-8637	1212	40	a	a	DET
cblr-8637	1212	41	portal.352	portal.352	NOUN
cblr-8637	1212	42	v.	v.	ADP
cblr-8637	1212	43	conclusion	conclusion	NOUN
cblr-8637	1212	44	the	the	DET
cblr-8637	1212	45	expansion	expansion	NOUN
cblr-8637	1212	46	of	of	ADP
cblr-8637	1212	47	the	the	DET
cblr-8637	1212	48	private	private	ADJ
cblr-8637	1212	49	market	market	NOUN
cblr-8637	1212	50	and	and	CCONJ
cblr-8637	1212	51	reduction	reduction	NOUN
cblr-8637	1212	52	of	of	ADP
cblr-8637	1212	53	new	new	ADJ
cblr-8637	1212	54	entrants	entrant	NOUN
cblr-8637	1212	55	into	into	ADP
cblr-8637	1212	56	the	the	DET
cblr-8637	1212	57	public	public	ADJ
cblr-8637	1212	58	market	market	NOUN
cblr-8637	1212	59	requires	require	VERB
cblr-8637	1212	60	close	close	ADJ
cblr-8637	1212	61	attention	attention	NOUN
cblr-8637	1212	62	and	and	CCONJ
cblr-8637	1212	63	scrutiny	scrutiny	NOUN
cblr-8637	1212	64	from	from	ADP
cblr-8637	1212	65	regulators	regulator	NOUN
cblr-8637	1212	66	.	.	PUNCT
cblr-8637	1213	1	the	the	DET
cblr-8637	1213	2	public	public	ADJ
cblr-8637	1213	3	market	market	NOUN
cblr-8637	1213	4	remains	remain	VERB
cblr-8637	1213	5	the	the	DET
cblr-8637	1213	6	“	"	PUNCT
cblr-8637	1213	7	gold	gold	ADJ
cblr-8637	1213	8	standard	standard	NOUN
cblr-8637	1213	9	”	"	PUNCT
cblr-8637	1213	10	for	for	ADP
cblr-8637	1213	11	investor	investor	NOUN
cblr-8637	1213	12	protection	protection	NOUN
cblr-8637	1213	13	,	,	PUNCT
cblr-8637	1213	14	and	and	CCONJ
cblr-8637	1213	15	regulators	regulator	NOUN
cblr-8637	1213	16	must	must	AUX
cblr-8637	1213	17	continue	continue	VERB
cblr-8637	1213	18	to	to	PART
cblr-8637	1213	19	consider	consider	VERB
cblr-8637	1213	20	the	the	DET
cblr-8637	1213	21	structural	structural	ADJ
cblr-8637	1213	22	reasons	reason	NOUN
cblr-8637	1213	23	for	for	ADP
cblr-8637	1213	24	the	the	DET
cblr-8637	1213	25	decline	decline	NOUN
cblr-8637	1213	26	in	in	ADP
cblr-8637	1213	27	new	new	ADJ
cblr-8637	1213	28	entrants	entrant	NOUN
cblr-8637	1213	29	to	to	ADP
cblr-8637	1213	30	the	the	DET
cblr-8637	1213	31	market	market	NOUN
cblr-8637	1213	32	.	.	PUNCT
cblr-8637	1214	1	however	however	ADV
cblr-8637	1214	2	,	,	PUNCT
cblr-8637	1214	3	as	as	SCONJ
cblr-8637	1214	4	wealth	wealth	NOUN
cblr-8637	1214	5	accumulates	accumulate	VERB
cblr-8637	1214	6	in	in	ADP
cblr-8637	1214	7	the	the	DET
cblr-8637	1214	8	private	private	ADJ
cblr-8637	1214	9	market	market	NOUN
cblr-8637	1214	10	,	,	PUNCT
cblr-8637	1214	11	it	it	PRON
cblr-8637	1214	12	is	be	AUX
cblr-8637	1214	13	also	also	ADV
cblr-8637	1214	14	important	important	ADJ
cblr-8637	1214	15	to	to	PART
cblr-8637	1214	16	ensure	ensure	VERB
cblr-8637	1214	17	that	that	SCONJ
cblr-8637	1214	18	all	all	DET
cblr-8637	1214	19	investors	investor	NOUN
cblr-8637	1214	20	who	who	PRON
cblr-8637	1214	21	wish	wish	VERB
cblr-8637	1214	22	to	to	PART
cblr-8637	1214	23	participate	participate	VERB
cblr-8637	1214	24	in	in	ADP
cblr-8637	1214	25	that	that	DET
cblr-8637	1214	26	market	market	NOUN
cblr-8637	1214	27	are	be	AUX
cblr-8637	1214	28	able	able	ADJ
cblr-8637	1214	29	to	to	PART
cblr-8637	1214	30	so	so	ADV
cblr-8637	1214	31	long	long	ADV
cblr-8637	1214	32	as	as	SCONJ
cblr-8637	1214	33	they	they	PRON
cblr-8637	1214	34	are	be	AUX
cblr-8637	1214	35	properly	properly	ADV
cblr-8637	1214	36	protected	protect	VERB
cblr-8637	1214	37	.	.	PUNCT
cblr-8637	1215	1	this	this	DET
cblr-8637	1215	2	article	article	NOUN
cblr-8637	1215	3	has	have	AUX
cblr-8637	1215	4	examined	examine	VERB
cblr-8637	1215	5	the	the	DET
cblr-8637	1215	6	history	history	NOUN
cblr-8637	1215	7	of	of	ADP
cblr-8637	1215	8	u.s	u.s	PROPN
cblr-8637	1215	9	.	.	PROPN
cblr-8637	1215	10	securities	security	NOUN
cblr-8637	1215	11	market	market	NOUN
cblr-8637	1215	12	regulation	regulation	NOUN
cblr-8637	1215	13	and	and	CCONJ
cblr-8637	1215	14	the	the	DET
cblr-8637	1215	15	current	current	ADJ
cblr-8637	1215	16	issues	issue	NOUN
cblr-8637	1215	17	facing	face	VERB
cblr-8637	1215	18	the	the	DET
cblr-8637	1215	19	markets	market	NOUN
cblr-8637	1215	20	in	in	ADP
cblr-8637	1215	21	order	order	NOUN
cblr-8637	1215	22	to	to	PART
cblr-8637	1215	23	propose	propose	VERB
cblr-8637	1215	24	recommendations	recommendation	NOUN
cblr-8637	1215	25	not	not	PART
cblr-8637	1215	26	only	only	ADV
cblr-8637	1215	27	for	for	ADP
cblr-8637	1215	28	short	short	ADJ
cblr-8637	1215	29	-	-	PUNCT
cblr-8637	1215	30	term	term	NOUN
cblr-8637	1215	31	351	351	NUM
cblr-8637	1215	32	see	see	NOUN
cblr-8637	1215	33	supra	supra	PROPN
cblr-8637	1215	34	note	note	NOUN
cblr-8637	1215	35	348	348	NUM
cblr-8637	1215	36	at	at	ADP
cblr-8637	1215	37	72–73	72–73	NUM
cblr-8637	1215	38	.	.	PUNCT
cblr-8637	1216	1	352	352	NUM
cblr-8637	1216	2	at	at	ADV
cblr-8637	1216	3	least	least	ADV
cblr-8637	1216	4	one	one	NUM
cblr-8637	1216	5	company	company	NOUN
cblr-8637	1216	6	,	,	PUNCT
cblr-8637	1216	7	equityzen	equityzen	PROPN
cblr-8637	1216	8	,	,	PUNCT
cblr-8637	1216	9	has	have	AUX
cblr-8637	1216	10	implemented	implement	VERB
cblr-8637	1216	11	a	a	DET
cblr-8637	1216	12	portal	portal	NOUN
cblr-8637	1216	13	where	where	SCONJ
cblr-8637	1216	14	investors	investor	NOUN
cblr-8637	1216	15	can	can	AUX
cblr-8637	1216	16	sign	sign	VERB
cblr-8637	1216	17	up	up	ADP
cblr-8637	1216	18	and	and	CCONJ
cblr-8637	1216	19	verify	verify	VERB
cblr-8637	1216	20	accredited	accredited	ADJ
cblr-8637	1216	21	investor	investor	NOUN
cblr-8637	1216	22	status	status	NOUN
cblr-8637	1216	23	.	.	PUNCT
cblr-8637	1217	1	investor	investor	NOUN
cblr-8637	1217	2	page	page	NOUN
cblr-8637	1217	3	,	,	PUNCT
cblr-8637	1217	4	equityzen	equityzen	PROPN
cblr-8637	1217	5	,	,	PUNCT
cblr-8637	1217	6	https://equityzen.com/investor/	https://equityzen.com/investor/	PROPN
cblr-8637	1218	1	[	[	X
cblr-8637	1218	2	https://perma.cc/g3bv-rpv2	https://perma.cc/g3bv-rpv2	X
cblr-8637	1218	3	]	]	X
cblr-8637	1218	4	(	(	PUNCT
cblr-8637	1218	5	last	last	ADJ
cblr-8637	1218	6	visited	visit	VERB
cblr-8637	1218	7	may	may	PROPN
cblr-8637	1218	8	12	12	NUM
cblr-8637	1218	9	,	,	PUNCT
cblr-8637	1218	10	2021	2021	NUM
cblr-8637	1218	11	)	)	PUNCT
cblr-8637	1218	12	.	.	PUNCT
cblr-8637	1219	1	greene	greene	PROPN
cblr-8637	1219	2	et	et	PROPN
cblr-8637	1219	3	al	al	PROPN
cblr-8637	1219	4	.	.	PROPN
cblr-8637	1220	1	8/21/2021	8/21/2021	NUM
cblr-8637	1220	2	1:44	1:44	NUM
cblr-8637	1220	3	pm	pm	NOUN
cblr-8637	1220	4	no	no	INTJ
cblr-8637	1220	5	.	.	PUNCT
cblr-8637	1221	1	2:714	2:714	NUM
cblr-8637	1221	2	]	]	X
cblr-8637	1221	3	the	the	DET
cblr-8637	1221	4	need	need	NOUN
cblr-8637	1221	5	for	for	ADP
cblr-8637	1221	6	a	a	DET
cblr-8637	1221	7	comprehensive	comprehensive	ADJ
cblr-8637	1221	8	approach	approach	NOUN
cblr-8637	1221	9	795	795	NUM
cblr-8637	1221	10	solutions	solution	NOUN
cblr-8637	1221	11	that	that	PRON
cblr-8637	1221	12	the	the	DET
cblr-8637	1221	13	sec	sec	PROPN
cblr-8637	1221	14	can	can	AUX
cblr-8637	1221	15	adopt	adopt	VERB
cblr-8637	1221	16	to	to	PART
cblr-8637	1221	17	safely	safely	ADV
cblr-8637	1221	18	enhance	enhance	VERB
cblr-8637	1221	19	investor	investor	NOUN
cblr-8637	1221	20	participation	participation	NOUN
cblr-8637	1221	21	in	in	ADP
cblr-8637	1221	22	the	the	DET
cblr-8637	1221	23	private	private	ADJ
cblr-8637	1221	24	market	market	NOUN
cblr-8637	1221	25	,	,	PUNCT
cblr-8637	1221	26	but	but	CCONJ
cblr-8637	1221	27	also	also	ADV
cblr-8637	1221	28	for	for	ADP
cblr-8637	1221	29	long	long	ADJ
cblr-8637	1221	30	-	-	PUNCT
cblr-8637	1221	31	term	term	NOUN
cblr-8637	1221	32	solutions	solution	NOUN
cblr-8637	1221	33	to	to	PART
cblr-8637	1221	34	address	address	VERB
cblr-8637	1221	35	structural	structural	ADJ
cblr-8637	1221	36	concerns	concern	NOUN
cblr-8637	1221	37	in	in	ADP
cblr-8637	1221	38	the	the	DET
cblr-8637	1221	39	public	public	ADJ
cblr-8637	1221	40	and	and	CCONJ
cblr-8637	1221	41	private	private	ADJ
cblr-8637	1221	42	markets	market	NOUN
cblr-8637	1221	43	.	.	PUNCT
cblr-8637	1222	1	this	this	DET
cblr-8637	1222	2	paper	paper	NOUN
cblr-8637	1222	3	,	,	PUNCT
cblr-8637	1222	4	however	however	ADV
cblr-8637	1222	5	,	,	PUNCT
cblr-8637	1222	6	is	be	AUX
cblr-8637	1222	7	only	only	ADV
cblr-8637	1222	8	a	a	DET
cblr-8637	1222	9	beginning	beginning	NOUN
cblr-8637	1222	10	.	.	PUNCT
cblr-8637	1223	1	the	the	DET
cblr-8637	1223	2	next	next	ADJ
cblr-8637	1223	3	crucial	crucial	ADJ
cblr-8637	1223	4	step	step	NOUN
cblr-8637	1223	5	is	be	AUX
cblr-8637	1223	6	to	to	PART
cblr-8637	1223	7	commence	commence	VERB
cblr-8637	1223	8	a	a	DET
cblr-8637	1223	9	meaningful	meaningful	ADJ
cblr-8637	1223	10	study	study	NOUN
cblr-8637	1223	11	to	to	PART
cblr-8637	1223	12	address	address	VERB
cblr-8637	1223	13	the	the	DET
cblr-8637	1223	14	concerns	concern	NOUN
cblr-8637	1223	15	raised	raise	VERB
cblr-8637	1223	16	here	here	ADV
cblr-8637	1223	17	relating	relate	VERB
cblr-8637	1223	18	to	to	ADP
cblr-8637	1223	19	the	the	DET
cblr-8637	1223	20	structural	structural	ADJ
cblr-8637	1223	21	deficiencies	deficiency	NOUN
cblr-8637	1223	22	of	of	ADP
cblr-8637	1223	23	the	the	DET
cblr-8637	1223	24	public	public	ADJ
cblr-8637	1223	25	market	market	NOUN
cblr-8637	1223	26	.	.	PUNCT