id	sid	tid	token	lemma	pos
fbem-1134	1	1	frontiers	frontier	NOUN
fbem-1134	1	2	in	in	ADP
fbem-1134	1	3	business	business	NOUN
fbem-1134	1	4	,	,	PUNCT
fbem-1134	1	5	economics	economic	NOUN
fbem-1134	1	6	and	and	CCONJ
fbem-1134	1	7	management	management	NOUN
fbem-1134	1	8	issn	issn	PROPN
fbem-1134	1	9	:	:	PUNCT
fbem-1134	1	10	2766	2766	NUM
fbem-1134	1	11	-	-	PUNCT
fbem-1134	1	12	824x	824x	NUM
fbem-1134	1	13	|	|	ADJ
fbem-1134	1	14	vol	vol	NOUN
fbem-1134	1	15	.	.	PROPN
fbem-1134	2	1	4	4	NUM
fbem-1134	2	2	,	,	PUNCT
fbem-1134	2	3	no	no	INTJ
fbem-1134	2	4	.	.	NOUN
fbem-1134	2	5	3	3	NUM
fbem-1134	2	6	,	,	PUNCT
fbem-1134	2	7	2022	2022	NUM
fbem-1134	2	8	52	52	NUM
fbem-1134	2	9	the	the	DET
fbem-1134	2	10	impact	impact	NOUN
fbem-1134	2	11	of	of	ADP
fbem-1134	2	12	multi‐level	multi‐level	NOUN
fbem-1134	2	13	capital	capital	NOUN
fbem-1134	2	14	markets	market	NOUN
fbem-1134	2	15	on	on	ADP
fbem-1134	2	16	the	the	DET
fbem-1134	2	17	business	business	NOUN
fbem-1134	2	18	transformation	transformation	NOUN
fbem-1134	2	19	of	of	ADP
fbem-1134	2	20	small	small	ADJ
fbem-1134	2	21	and	and	CCONJ
fbem-1134	2	22	medium‐sized	medium‐size	VERB
fbem-1134	2	23	investment	investment	NOUN
fbem-1134	2	24	banks	bank	NOUN
fbem-1134	2	25	under	under	ADP
fbem-1134	2	26	the	the	DET
fbem-1134	2	27	beijing	beijing	PROPN
fbem-1134	2	28	stock	stock	PROPN
fbem-1134	2	29	exchange	exchange	PROPN
fbem-1134	2	30	policy	policy	NOUN
fbem-1134	2	31	li’ang	li’ang	PROPN
fbem-1134	2	32	xu	xu	PROPN
fbem-1134	2	33	business	business	PROPN
fbem-1134	2	34	school	school	PROPN
fbem-1134	2	35	,	,	PUNCT
fbem-1134	2	36	university	university	NOUN
fbem-1134	2	37	of	of	ADP
fbem-1134	2	38	shanghai	shanghai	PROPN
fbem-1134	2	39	for	for	ADP
fbem-1134	2	40	science	science	NOUN
fbem-1134	2	41	and	and	CCONJ
fbem-1134	2	42	technology	technology	NOUN
fbem-1134	2	43	,	,	PUNCT
fbem-1134	2	44	shanghai	shanghai	PROPN
fbem-1134	2	45	,	,	PUNCT
fbem-1134	2	46	200030	200030	NUM
fbem-1134	2	47	,	,	PUNCT
fbem-1134	2	48	china	china	PROPN
fbem-1134	2	49	abstract	abstract	PROPN
fbem-1134	2	50	:	:	PUNCT
fbem-1134	2	51	the	the	DET
fbem-1134	2	52	beijing	beijing	PROPN
fbem-1134	2	53	stock	stock	PROPN
fbem-1134	2	54	exchange	exchange	PROPN
fbem-1134	2	55	(	(	PUNCT
fbem-1134	2	56	bse	bse	PROPN
fbem-1134	2	57	)	)	PUNCT
fbem-1134	2	58	was	be	AUX
fbem-1134	2	59	incorporated	incorporate	VERB
fbem-1134	2	60	on	on	ADP
fbem-1134	2	61	3	3	NUM
fbem-1134	2	62	september	september	PROPN
fbem-1134	2	63	2021	2021	NUM
fbem-1134	2	64	as	as	ADP
fbem-1134	2	65	the	the	DET
fbem-1134	2	66	first	first	ADJ
fbem-1134	2	67	corporate	corporate	ADJ
fbem-1134	2	68	stock	stock	NOUN
fbem-1134	2	69	exchange	exchange	NOUN
fbem-1134	2	70	in	in	ADP
fbem-1134	2	71	china	china	PROPN
fbem-1134	2	72	,	,	PUNCT
fbem-1134	2	73	approved	approve	VERB
fbem-1134	2	74	by	by	ADP
fbem-1134	2	75	the	the	DET
fbem-1134	2	76	state	state	PROPN
fbem-1134	2	77	council	council	PROPN
fbem-1134	2	78	and	and	CCONJ
fbem-1134	2	79	supervised	supervise	VERB
fbem-1134	2	80	by	by	ADP
fbem-1134	2	81	the	the	DET
fbem-1134	2	82	china	china	PROPN
fbem-1134	2	83	securities	securities	PROPN
fbem-1134	2	84	regulatory	regulatory	PROPN
fbem-1134	2	85	commission	commission	PROPN
fbem-1134	2	86	.	.	PUNCT
fbem-1134	3	1	the	the	DET
fbem-1134	3	2	bse	bse	NOUN
fbem-1134	3	3	is	be	AUX
fbem-1134	3	4	designed	design	VERB
fbem-1134	3	5	to	to	PART
fbem-1134	3	6	serve	serve	VERB
fbem-1134	3	7	innovative	innovative	ADJ
fbem-1134	3	8	small	small	ADJ
fbem-1134	3	9	and	and	CCONJ
fbem-1134	3	10	medium	medium	ADJ
fbem-1134	3	11	-	-	PUNCT
fbem-1134	3	12	sized	sized	ADJ
fbem-1134	3	13	enterprises	enterprise	NOUN
fbem-1134	3	14	(	(	PUNCT
fbem-1134	3	15	smes	sme	NOUN
fbem-1134	3	16	)	)	PUNCT
fbem-1134	3	17	,	,	PUNCT
fbem-1134	3	18	especially	especially	ADV
fbem-1134	3	19	the	the	DET
fbem-1134	3	20	"	"	PUNCT
fbem-1134	3	21	specialized	specialized	ADJ
fbem-1134	3	22	and	and	CCONJ
fbem-1134	3	23	new	new	ADJ
fbem-1134	3	24	"	"	PUNCT
fbem-1134	3	25	small	small	ADJ
fbem-1134	3	26	giants	giant	NOUN
fbem-1134	3	27	,	,	PUNCT
fbem-1134	3	28	and	and	CCONJ
fbem-1134	3	29	to	to	PART
fbem-1134	3	30	develop	develop	VERB
fbem-1134	3	31	and	and	CCONJ
fbem-1134	3	32	interconnect	interconnect	VERB
fbem-1134	3	33	with	with	ADP
fbem-1134	3	34	the	the	DET
fbem-1134	3	35	shanghai	shanghai	PROPN
fbem-1134	3	36	and	and	CCONJ
fbem-1134	3	37	shenzhen	shenzhen	PROPN
fbem-1134	3	38	stock	stock	PROPN
fbem-1134	3	39	exchanges	exchange	NOUN
fbem-1134	3	40	and	and	CCONJ
fbem-1134	3	41	regional	regional	ADJ
fbem-1134	3	42	equity	equity	NOUN
fbem-1134	3	43	markets	market	NOUN
fbem-1134	3	44	to	to	PART
fbem-1134	3	45	form	form	VERB
fbem-1134	3	46	an	an	DET
fbem-1134	3	47	institutional	institutional	ADJ
fbem-1134	3	48	arrangement	arrangement	NOUN
fbem-1134	3	49	that	that	PRON
fbem-1134	3	50	suits	suit	VERB
fbem-1134	3	51	the	the	DET
fbem-1134	3	52	characteristics	characteristic	NOUN
fbem-1134	3	53	of	of	ADP
fbem-1134	3	54	smes	sme	NOUN
fbem-1134	3	55	and	and	CCONJ
fbem-1134	3	56	to	to	PART
fbem-1134	3	57	explore	explore	VERB
fbem-1134	3	58	the	the	DET
fbem-1134	3	59	path	path	NOUN
fbem-1134	3	60	of	of	ADP
fbem-1134	3	61	financial	financial	ADJ
fbem-1134	3	62	inclusion	inclusion	NOUN
fbem-1134	3	63	through	through	ADP
fbem-1134	3	64	capital	capital	NOUN
fbem-1134	3	65	market	market	NOUN
fbem-1134	3	66	support	support	NOUN
fbem-1134	3	67	for	for	ADP
fbem-1134	3	68	technological	technological	ADJ
fbem-1134	3	69	innovation	innovation	NOUN
fbem-1134	3	70	of	of	ADP
fbem-1134	3	71	smes	sme	NOUN
fbem-1134	3	72	.	.	PUNCT
fbem-1134	4	1	building	build	VERB
fbem-1134	4	2	a	a	DET
fbem-1134	4	3	multi	multi	ADJ
fbem-1134	4	4	-	-	ADJ
fbem-1134	4	5	level	level	ADJ
fbem-1134	4	6	capital	capital	NOUN
fbem-1134	4	7	market	market	NOUN
fbem-1134	4	8	so	so	SCONJ
fbem-1134	4	9	as	as	SCONJ
fbem-1134	4	10	to	to	PART
fbem-1134	4	11	better	well	ADV
fbem-1134	4	12	serve	serve	VERB
fbem-1134	4	13	the	the	DET
fbem-1134	4	14	real	real	ADJ
fbem-1134	4	15	economy	economy	NOUN
fbem-1134	4	16	is	be	AUX
fbem-1134	4	17	an	an	DET
fbem-1134	4	18	important	important	ADJ
fbem-1134	4	19	goal	goal	NOUN
fbem-1134	4	20	in	in	ADP
fbem-1134	4	21	the	the	DET
fbem-1134	4	22	construction	construction	NOUN
fbem-1134	4	23	of	of	ADP
fbem-1134	4	24	china	china	PROPN
fbem-1134	4	25	's	's	PART
fbem-1134	4	26	capital	capital	NOUN
fbem-1134	4	27	market	market	NOUN
fbem-1134	4	28	,	,	PUNCT
fbem-1134	4	29	and	and	CCONJ
fbem-1134	4	30	the	the	DET
fbem-1134	4	31	establishment	establishment	NOUN
fbem-1134	4	32	of	of	ADP
fbem-1134	4	33	the	the	DET
fbem-1134	4	34	bse	bse	NOUN
fbem-1134	4	35	is	be	AUX
fbem-1134	4	36	an	an	DET
fbem-1134	4	37	important	important	ADJ
fbem-1134	4	38	milestone	milestone	NOUN
fbem-1134	4	39	.	.	PUNCT
fbem-1134	5	1	in	in	ADP
fbem-1134	5	2	the	the	DET
fbem-1134	5	3	future	future	NOUN
fbem-1134	5	4	,	,	PUNCT
fbem-1134	5	5	how	how	SCONJ
fbem-1134	5	6	small	small	ADJ
fbem-1134	5	7	and	and	CCONJ
fbem-1134	5	8	medium	medium	ADJ
fbem-1134	5	9	-	-	PUNCT
fbem-1134	5	10	sized	sized	ADJ
fbem-1134	5	11	brokerage	brokerage	NOUN
fbem-1134	5	12	firms	firm	NOUN
fbem-1134	5	13	will	will	AUX
fbem-1134	5	14	make	make	VERB
fbem-1134	5	15	use	use	NOUN
fbem-1134	5	16	of	of	ADP
fbem-1134	5	17	the	the	DET
fbem-1134	5	18	policy	policy	NOUN
fbem-1134	5	19	opening	opening	NOUN
fbem-1134	5	20	brought	bring	VERB
fbem-1134	5	21	by	by	ADP
fbem-1134	5	22	the	the	DET
fbem-1134	5	23	bse	bse	NOUN
fbem-1134	5	24	to	to	PART
fbem-1134	5	25	strengthen	strengthen	VERB
fbem-1134	5	26	the	the	DET
fbem-1134	5	27	expansion	expansion	NOUN
fbem-1134	5	28	of	of	ADP
fbem-1134	5	29	the	the	DET
fbem-1134	5	30	corresponding	corresponding	ADJ
fbem-1134	5	31	business	business	NOUN
fbem-1134	5	32	segments	segment	NOUN
fbem-1134	5	33	has	have	AUX
fbem-1134	5	34	become	become	VERB
fbem-1134	5	35	a	a	DET
fbem-1134	5	36	key	key	ADJ
fbem-1134	5	37	research	research	NOUN
fbem-1134	5	38	direction	direction	NOUN
fbem-1134	5	39	.	.	PUNCT
fbem-1134	6	1	this	this	DET
fbem-1134	6	2	paper	paper	NOUN
fbem-1134	6	3	will	will	AUX
fbem-1134	6	4	focus	focus	VERB
fbem-1134	6	5	on	on	ADP
fbem-1134	6	6	the	the	DET
fbem-1134	6	7	construction	construction	NOUN
fbem-1134	6	8	of	of	ADP
fbem-1134	6	9	china	china	PROPN
fbem-1134	6	10	's	's	PART
fbem-1134	6	11	multi	multi	ADJ
fbem-1134	6	12	-	-	ADJ
fbem-1134	6	13	level	level	ADJ
fbem-1134	6	14	capital	capital	NOUN
fbem-1134	6	15	market	market	NOUN
fbem-1134	6	16	,	,	PUNCT
fbem-1134	6	17	compare	compare	VERB
fbem-1134	6	18	it	it	PRON
fbem-1134	6	19	with	with	ADP
fbem-1134	6	20	the	the	DET
fbem-1134	6	21	establishment	establishment	NOUN
fbem-1134	6	22	of	of	ADP
fbem-1134	6	23	the	the	DET
fbem-1134	6	24	us	us	PROPN
fbem-1134	6	25	capital	capital	NOUN
fbem-1134	6	26	market	market	NOUN
fbem-1134	6	27	,	,	PUNCT
fbem-1134	6	28	study	study	VERB
fbem-1134	6	29	the	the	DET
fbem-1134	6	30	development	development	NOUN
fbem-1134	6	31	path	path	NOUN
fbem-1134	6	32	of	of	ADP
fbem-1134	6	33	china	china	PROPN
fbem-1134	6	34	's	's	PART
fbem-1134	6	35	capital	capital	NOUN
fbem-1134	6	36	market	market	NOUN
fbem-1134	6	37	,	,	PUNCT
fbem-1134	6	38	and	and	CCONJ
fbem-1134	6	39	thus	thus	ADV
fbem-1134	6	40	analyse	analyse	VERB
fbem-1134	6	41	the	the	DET
fbem-1134	6	42	transformation	transformation	NOUN
fbem-1134	6	43	path	path	NOUN
fbem-1134	6	44	of	of	ADP
fbem-1134	6	45	chinese	chinese	ADJ
fbem-1134	6	46	small	small	ADJ
fbem-1134	6	47	and	and	CCONJ
fbem-1134	6	48	medium	medium	ADJ
fbem-1134	6	49	-	-	PUNCT
fbem-1134	6	50	sized	sized	ADJ
fbem-1134	6	51	brokerage	brokerage	NOUN
fbem-1134	6	52	firms	firm	NOUN
fbem-1134	6	53	to	to	PART
fbem-1134	6	54	seize	seize	VERB
fbem-1134	6	55	the	the	DET
fbem-1134	6	56	opportunities	opportunity	NOUN
fbem-1134	6	57	of	of	ADP
fbem-1134	6	58	the	the	DET
fbem-1134	6	59	times	time	NOUN
fbem-1134	6	60	.	.	PUNCT
fbem-1134	7	1	keywords	keyword	NOUN
fbem-1134	7	2	:	:	PUNCT
fbem-1134	7	3	multi	multi	ADJ
fbem-1134	7	4	-	-	ADJ
fbem-1134	7	5	level	level	ADJ
fbem-1134	7	6	capital	capital	NOUN
fbem-1134	7	7	market	market	NOUN
fbem-1134	7	8	,	,	PUNCT
fbem-1134	7	9	nse	nse	NOUN
fbem-1134	7	10	,	,	PUNCT
fbem-1134	7	11	small	small	ADJ
fbem-1134	7	12	and	and	CCONJ
fbem-1134	7	13	medium	medium	ADJ
fbem-1134	7	14	-	-	PUNCT
fbem-1134	7	15	sized	sized	ADJ
fbem-1134	7	16	brokers	broker	NOUN
fbem-1134	7	17	,	,	PUNCT
fbem-1134	7	18	otcbb	otcbb	NOUN
fbem-1134	7	19	,	,	PUNCT
fbem-1134	7	20	transfer	transfer	NOUN
fbem-1134	7	21	mechanism	mechanism	NOUN
fbem-1134	7	22	.	.	PUNCT
fbem-1134	8	1	1	1	X
fbem-1134	8	2	.	.	X
fbem-1134	8	3	introduction	introduction	NOUN
fbem-1134	8	4	to	to	ADP
fbem-1134	8	5	the	the	DET
fbem-1134	8	6	fundamentals	fundamental	NOUN
fbem-1134	8	7	of	of	ADP
fbem-1134	8	8	the	the	DET
fbem-1134	8	9	multi	multi	ADJ
fbem-1134	8	10	-	-	ADJ
fbem-1134	8	11	tiered	tiere	VERB
fbem-1134	8	12	capital	capital	NOUN
fbem-1134	8	13	markets	market	NOUN
fbem-1134	8	14	in	in	ADP
fbem-1134	8	15	the	the	DET
fbem-1134	8	16	us	us	PROPN
fbem-1134	8	17	and	and	CCONJ
fbem-1134	8	18	china	china	PROPN
fbem-1134	8	19	1.1	1.1	NUM
fbem-1134	8	20	.	.	PUNCT
fbem-1134	9	1	multi	multi	ADJ
fbem-1134	9	2	-	-	ADJ
fbem-1134	9	3	level	level	ADJ
fbem-1134	9	4	capital	capital	NOUN
fbem-1134	9	5	markets	market	NOUN
fbem-1134	9	6	in	in	ADP
fbem-1134	9	7	the	the	DET
fbem-1134	9	8	us	us	PROPN
fbem-1134	9	9	and	and	CCONJ
fbem-1134	9	10	china	china	PROPN
fbem-1134	9	11	by	by	ADP
fbem-1134	9	12	board	board	PROPN
fbem-1134	9	13	the	the	DET
fbem-1134	9	14	us	us	PROPN
fbem-1134	9	15	capital	capital	NOUN
fbem-1134	9	16	market	market	NOUN
fbem-1134	9	17	system	system	NOUN
fbem-1134	9	18	is	be	AUX
fbem-1134	9	19	the	the	DET
fbem-1134	9	20	largest	large	ADJ
fbem-1134	9	21	and	and	CCONJ
fbem-1134	9	22	has	have	VERB
fbem-1134	9	23	the	the	DET
fbem-1134	9	24	most	most	ADV
fbem-1134	9	25	complex	complex	ADJ
fbem-1134	9	26	and	and	CCONJ
fbem-1134	9	27	rational	rational	ADJ
fbem-1134	9	28	system	system	NOUN
fbem-1134	9	29	.	.	PUNCT
fbem-1134	10	1	the	the	DET
fbem-1134	10	2	multi	multi	ADJ
fbem-1134	10	3	-	-	ADJ
fbem-1134	10	4	tiered	tiered	ADJ
fbem-1134	10	5	nature	nature	NOUN
fbem-1134	10	6	of	of	ADP
fbem-1134	10	7	the	the	DET
fbem-1134	10	8	us	us	PROPN
fbem-1134	10	9	capital	capital	NOUN
fbem-1134	10	10	markets	market	NOUN
fbem-1134	10	11	is	be	AUX
fbem-1134	10	12	reflected	reflect	VERB
fbem-1134	10	13	in	in	ADP
fbem-1134	10	14	the	the	DET
fbem-1134	10	15	stratification	stratification	NOUN
fbem-1134	10	16	of	of	ADP
fbem-1134	10	17	the	the	DET
fbem-1134	10	18	otc	otc	PROPN
fbem-1134	10	19	and	and	CCONJ
fbem-1134	10	20	otc	otc	PROPN
fbem-1134	10	21	markets	market	NOUN
fbem-1134	10	22	,	,	PUNCT
fbem-1134	10	23	as	as	ADV
fbem-1134	10	24	well	well	ADV
fbem-1134	10	25	as	as	ADP
fbem-1134	10	26	the	the	DET
fbem-1134	10	27	stratification	stratification	NOUN
fbem-1134	10	28	of	of	ADP
fbem-1134	10	29	the	the	DET
fbem-1134	10	30	different	different	ADJ
fbem-1134	10	31	segments	segment	NOUN
fbem-1134	10	32	of	of	ADP
fbem-1134	10	33	the	the	DET
fbem-1134	10	34	exchanges	exchange	NOUN
fbem-1134	10	35	.	.	PUNCT
fbem-1134	11	1	the	the	DET
fbem-1134	11	2	otc	otc	PROPN
fbem-1134	11	3	market	market	NOUN
fbem-1134	11	4	consists	consist	VERB
fbem-1134	11	5	of	of	ADP
fbem-1134	11	6	national	national	ADJ
fbem-1134	11	7	exchanges	exchange	NOUN
fbem-1134	11	8	and	and	CCONJ
fbem-1134	11	9	regional	regional	ADJ
fbem-1134	11	10	exchanges	exchange	NOUN
fbem-1134	11	11	;	;	PUNCT
fbem-1134	11	12	the	the	DET
fbem-1134	11	13	otc	otc	PROPN
fbem-1134	11	14	market	market	NOUN
fbem-1134	11	15	is	be	AUX
fbem-1134	11	16	more	more	ADV
fbem-1134	11	17	diverse	diverse	ADJ
fbem-1134	11	18	,	,	PUNCT
fbem-1134	11	19	divided	divide	VERB
fbem-1134	11	20	into	into	ADP
fbem-1134	11	21	alternative	alternative	ADJ
fbem-1134	11	22	trading	trading	NOUN
fbem-1134	11	23	systems	system	NOUN
fbem-1134	11	24	ats	ats	PROPN
fbem-1134	11	25	,	,	PUNCT
fbem-1134	11	26	otc	otc	PROPN
fbem-1134	11	27	market	market	NOUN
fbem-1134	11	28	otc	otc	PROPN
fbem-1134	11	29	,	,	PUNCT
fbem-1134	11	30	and	and	CCONJ
fbem-1134	11	31	special	special	ADJ
fbem-1134	11	32	otc	otc	PROPN
fbem-1134	11	33	.	.	PUNCT
fbem-1134	12	1	china	china	PROPN
fbem-1134	12	2	's	's	PART
fbem-1134	12	3	capital	capital	NOUN
fbem-1134	12	4	market	market	NOUN
fbem-1134	12	5	has	have	AUX
fbem-1134	12	6	developed	develop	VERB
fbem-1134	12	7	since	since	SCONJ
fbem-1134	12	8	the	the	DET
fbem-1134	12	9	1990s	1990	NOUN
fbem-1134	12	10	and	and	CCONJ
fbem-1134	12	11	is	be	AUX
fbem-1134	12	12	made	make	VERB
fbem-1134	12	13	up	up	ADP
fbem-1134	12	14	of	of	ADP
fbem-1134	12	15	two	two	NUM
fbem-1134	12	16	parts	part	NOUN
fbem-1134	12	17	:	:	PUNCT
fbem-1134	12	18	the	the	DET
fbem-1134	12	19	over	over	ADP
fbem-1134	12	20	-	-	PUNCT
fbem-1134	12	21	the	the	DET
fbem-1134	12	22	-	-	PUNCT
fbem-1134	12	23	counter	counter	NOUN
fbem-1134	12	24	(	(	PUNCT
fbem-1134	12	25	otc	otc	PROPN
fbem-1134	12	26	)	)	PUNCT
fbem-1134	12	27	market	market	NOUN
fbem-1134	12	28	and	and	CCONJ
fbem-1134	12	29	the	the	DET
fbem-1134	12	30	capital	capital	NOUN
fbem-1134	12	31	market	market	NOUN
fbem-1134	12	32	over	over	ADP
fbem-1134	12	33	-	-	PUNCT
fbem-1134	12	34	the	the	DET
fbem-1134	12	35	-	-	PUNCT
fbem-1134	12	36	counter	counter	NOUN
fbem-1134	12	37	(	(	PUNCT
fbem-1134	12	38	otc	otc	ADJ
fbem-1134	12	39	)	)	PUNCT
fbem-1134	12	40	market	market	NOUN
fbem-1134	12	41	.	.	PUNCT
fbem-1134	13	1	the	the	DET
fbem-1134	13	2	main	main	ADJ
fbem-1134	13	3	board	board	NOUN
fbem-1134	13	4	of	of	ADP
fbem-1134	13	5	the	the	DET
fbem-1134	13	6	otc	otc	PROPN
fbem-1134	13	7	market	market	NOUN
fbem-1134	13	8	(	(	PUNCT
fbem-1134	13	9	including	include	VERB
fbem-1134	13	10	the	the	DET
fbem-1134	13	11	small	small	ADJ
fbem-1134	13	12	and	and	CCONJ
fbem-1134	13	13	medium	medium	ADJ
fbem-1134	13	14	-	-	PUNCT
fbem-1134	13	15	sized	sized	ADJ
fbem-1134	13	16	board	board	NOUN
fbem-1134	13	17	)	)	PUNCT
fbem-1134	13	18	,	,	PUNCT
fbem-1134	13	19	the	the	DET
fbem-1134	13	20	science	science	NOUN
fbem-1134	13	21	and	and	CCONJ
fbem-1134	13	22	technology	technology	NOUN
fbem-1134	13	23	innovation	innovation	NOUN
fbem-1134	13	24	board	board	NOUN
fbem-1134	13	25	and	and	CCONJ
fbem-1134	13	26	the	the	DET
fbem-1134	13	27	growth	growth	NOUN
fbem-1134	13	28	enterprise	enterprise	NOUN
fbem-1134	13	29	market	market	NOUN
fbem-1134	13	30	(	(	PUNCT
fbem-1134	13	31	commonly	commonly	ADV
fbem-1134	13	32	known	know	VERB
fbem-1134	13	33	as	as	ADP
fbem-1134	13	34	the	the	DET
fbem-1134	13	35	second	second	ADJ
fbem-1134	13	36	board	board	NOUN
fbem-1134	13	37	)	)	PUNCT
fbem-1134	13	38	,	,	PUNCT
fbem-1134	13	39	and	and	CCONJ
fbem-1134	13	40	the	the	DET
fbem-1134	13	41	national	national	ADJ
fbem-1134	13	42	small	small	ADJ
fbem-1134	13	43	and	and	CCONJ
fbem-1134	13	44	medium	medium	ADJ
fbem-1134	13	45	-	-	PUNCT
fbem-1134	13	46	sized	sized	ADJ
fbem-1134	13	47	enterprise	enterprise	NOUN
fbem-1134	13	48	stock	stock	NOUN
fbem-1134	13	49	transfer	transfer	NOUN
fbem-1134	13	50	system	system	NOUN
fbem-1134	13	51	(	(	PUNCT
fbem-1134	13	52	commonly	commonly	ADV
fbem-1134	13	53	known	know	VERB
fbem-1134	13	54	as	as	ADP
fbem-1134	13	55	the	the	DET
fbem-1134	13	56	new	new	ADJ
fbem-1134	13	57	third	third	ADJ
fbem-1134	13	58	board	board	NOUN
fbem-1134	13	59	)	)	PUNCT
fbem-1134	13	60	,	,	PUNCT
fbem-1134	13	61	the	the	DET
fbem-1134	13	62	regional	regional	ADJ
fbem-1134	13	63	equity	equity	NOUN
fbem-1134	13	64	exchange	exchange	NOUN
fbem-1134	13	65	market	market	NOUN
fbem-1134	13	66	and	and	CCONJ
fbem-1134	13	67	the	the	DET
fbem-1134	13	68	counter	counter	NOUN
fbem-1134	13	69	market	market	NOUN
fbem-1134	13	70	dominated	dominate	VERB
fbem-1134	13	71	by	by	ADP
fbem-1134	13	72	securities	security	NOUN
fbem-1134	13	73	companies	company	NOUN
fbem-1134	13	74	,	,	PUNCT
fbem-1134	13	75	together	together	ADV
fbem-1134	13	76	form	form	VERB
fbem-1134	13	77	the	the	DET
fbem-1134	13	78	multi	multi	ADJ
fbem-1134	13	79	-	-	ADJ
fbem-1134	13	80	level	level	ADJ
fbem-1134	13	81	capital	capital	NOUN
fbem-1134	13	82	market	market	NOUN
fbem-1134	13	83	system	system	NOUN
fbem-1134	13	84	in	in	ADP
fbem-1134	13	85	china	china	PROPN
fbem-1134	13	86	.	.	PUNCT
fbem-1134	14	1	1.2	1.2	NUM
fbem-1134	14	2	.	.	PUNCT
fbem-1134	14	3	comparison	comparison	NOUN
fbem-1134	14	4	of	of	ADP
fbem-1134	14	5	the	the	DET
fbem-1134	14	6	levels	level	NOUN
fbem-1134	14	7	of	of	ADP
fbem-1134	14	8	the	the	DET
fbem-1134	14	9	chinese	chinese	PROPN
fbem-1134	14	10	and	and	CCONJ
fbem-1134	14	11	us	we	PRON
fbem-1134	14	12	multi	multi	ADJ
fbem-1134	14	13	-	-	ADJ
fbem-1134	14	14	level	level	ADJ
fbem-1134	14	15	capital	capital	NOUN
fbem-1134	14	16	markets	market	NOUN
fbem-1134	14	17	1.2.1	1.2.1	NUM
fbem-1134	14	18	.	.	PUNCT
fbem-1134	15	1	multi	multi	ADJ
fbem-1134	15	2	-	-	ADJ
fbem-1134	15	3	tiered	tiere	VERB
fbem-1134	15	4	capital	capital	NOUN
fbem-1134	15	5	market	market	NOUN
fbem-1134	15	6	structure	structure	NOUN
fbem-1134	15	7	in	in	ADP
fbem-1134	15	8	the	the	DET
fbem-1134	15	9	us	us	PROPN
fbem-1134	15	10	tier	tier	NOUN
fbem-1134	15	11	1	1	NUM
fbem-1134	15	12	:	:	PUNCT
fbem-1134	15	13	consists	consist	VERB
fbem-1134	15	14	of	of	ADP
fbem-1134	15	15	the	the	DET
fbem-1134	15	16	new	new	PROPN
fbem-1134	15	17	york	york	PROPN
fbem-1134	15	18	stock	stock	PROPN
fbem-1134	15	19	exchange	exchange	PROPN
fbem-1134	15	20	(	(	PUNCT
fbem-1134	15	21	nyse	nyse	PROPN
fbem-1134	15	22	)	)	PUNCT
fbem-1134	15	23	and	and	CCONJ
fbem-1134	15	24	the	the	DET
fbem-1134	15	25	nasdaq	nasdaq	PROPN
fbem-1134	15	26	global	global	ADJ
fbem-1134	15	27	select	select	ADJ
fbem-1134	15	28	market	market	NOUN
fbem-1134	15	29	(	(	PUNCT
fbem-1134	15	30	nasdaq	nasdaq	PROPN
fbem-1134	15	31	sm	sm	PROPN
fbem-1134	15	32	)	)	PUNCT
fbem-1134	15	33	and	and	CCONJ
fbem-1134	15	34	the	the	DET
fbem-1134	15	35	nasdaq	nasdaq	PROPN
fbem-1134	15	36	global	global	ADJ
fbem-1134	15	37	market	market	NOUN
fbem-1134	15	38	(	(	PUNCT
fbem-1134	15	39	nasdaq	nasdaq	PROPN
fbem-1134	15	40	gm	gm	PROPN
fbem-1134	15	41	i.e.	i.e.	X
fbem-1134	15	42	formerly	formerly	ADV
fbem-1134	15	43	national	national	ADJ
fbem-1134	15	44	market	market	NOUN
fbem-1134	15	45	)	)	PUNCT
fbem-1134	15	46	,	,	PUNCT
fbem-1134	15	47	with	with	ADP
fbem-1134	15	48	higher	high	ADJ
fbem-1134	15	49	listing	listing	NOUN
fbem-1134	15	50	standards	standard	NOUN
fbem-1134	15	51	,	,	PUNCT
fbem-1134	15	52	mainly	mainly	ADV
fbem-1134	15	53	for	for	ADP
fbem-1134	15	54	a	a	DET
fbem-1134	15	55	national	national	ADJ
fbem-1134	15	56	market	market	NOUN
fbem-1134	15	57	for	for	ADP
fbem-1134	15	58	super	super	ADJ
fbem-1134	15	59	multinational	multinational	ADJ
fbem-1134	15	60	corporations	corporation	NOUN
fbem-1134	15	61	.	.	PUNCT
fbem-1134	16	1	the	the	DET
fbem-1134	16	2	nyse	nyse	PROPN
fbem-1134	16	3	became	become	VERB
fbem-1134	16	4	the	the	DET
fbem-1134	16	5	world	world	NOUN
fbem-1134	16	6	's	's	PART
fbem-1134	16	7	largest	large	ADJ
fbem-1134	16	8	exchange	exchange	NOUN
fbem-1134	16	9	in	in	ADP
fbem-1134	16	10	2007	2007	NUM
fbem-1134	16	11	when	when	SCONJ
fbem-1134	16	12	it	it	PRON
fbem-1134	16	13	acquired	acquire	VERB
fbem-1134	16	14	euronext	euronext	PROPN
fbem-1134	16	15	in	in	ADP
fbem-1134	16	16	europe	europe	PROPN
fbem-1134	16	17	,	,	PUNCT
fbem-1134	16	18	and	and	CCONJ
fbem-1134	16	19	in	in	ADP
fbem-1134	16	20	2008	2008	NUM
fbem-1134	16	21	when	when	SCONJ
fbem-1134	16	22	it	it	PRON
fbem-1134	16	23	acquired	acquire	VERB
fbem-1134	16	24	the	the	DET
fbem-1134	16	25	all	all	DET
fbem-1134	16	26	american	american	ADJ
fbem-1134	16	27	stock	stock	PROPN
fbem-1134	16	28	exchange	exchange	PROPN
fbem-1134	16	29	(	(	PUNCT
fbem-1134	16	30	amex	amex	PROPN
fbem-1134	16	31	)	)	PUNCT
fbem-1134	16	32	.	.	PUNCT
fbem-1134	17	1	the	the	DET
fbem-1134	17	2	nasdaq	nasdaq	PROPN
fbem-1134	17	3	market	market	NOUN
fbem-1134	17	4	was	be	AUX
fbem-1134	17	5	further	far	ADV
fbem-1134	17	6	restructured	restructure	VERB
fbem-1134	17	7	into	into	ADP
fbem-1134	17	8	three	three	NUM
fbem-1134	17	9	tiers	tier	NOUN
fbem-1134	17	10	:	:	PUNCT
fbem-1134	17	11	the	the	DET
fbem-1134	17	12	nasdaq	nasdaq	PROPN
fbem-1134	17	13	global	global	ADJ
fbem-1134	17	14	select	select	ADJ
fbem-1134	17	15	market	market	NOUN
fbem-1134	17	16	,	,	PUNCT
fbem-1134	17	17	the	the	DET
fbem-1134	17	18	nasdaq	nasdaq	PROPN
fbem-1134	17	19	national	national	PROPN
fbem-1134	17	20	market	market	NOUN
fbem-1134	17	21	and	and	CCONJ
fbem-1134	17	22	the	the	DET
fbem-1134	17	23	nasdaq	nasdaq	PROPN
fbem-1134	17	24	small	small	ADJ
fbem-1134	17	25	capital	capital	NOUN
fbem-1134	17	26	market	market	NOUN
fbem-1134	17	27	;	;	PUNCT
fbem-1134	17	28	primarily	primarily	ADV
fbem-1134	17	29	to	to	PART
fbem-1134	17	30	create	create	VERB
fbem-1134	17	31	a	a	DET
fbem-1134	17	32	higher	high	ADJ
fbem-1134	17	33	listing	listing	NOUN
fbem-1134	17	34	standard	standard	NOUN
fbem-1134	17	35	within	within	ADP
fbem-1134	17	36	the	the	DET
fbem-1134	17	37	nasdaq	nasdaq	NOUN
fbem-1134	17	38	market	market	NOUN
fbem-1134	17	39	for	for	ADP
fbem-1134	17	40	the	the	DET
fbem-1134	17	41	global	global	ADJ
fbem-1134	17	42	select	select	ADJ
fbem-1134	17	43	market	market	NOUN
fbem-1134	17	44	to	to	PART
fbem-1134	17	45	compete	compete	VERB
fbem-1134	17	46	directly	directly	ADV
fbem-1134	17	47	with	with	ADP
fbem-1134	17	48	the	the	DET
fbem-1134	17	49	new	new	PROPN
fbem-1134	17	50	york	york	PROPN
fbem-1134	17	51	stock	stock	PROPN
fbem-1134	17	52	exchange	exchange	PROPN
fbem-1134	17	53	.	.	PUNCT
fbem-1134	18	1	level	level	NOUN
fbem-1134	18	2	2	2	NUM
fbem-1134	18	3	:	:	PUNCT
fbem-1134	18	4	the	the	DET
fbem-1134	18	5	nasdaq	nasdaq	PROPN
fbem-1134	18	6	small	small	ADJ
fbem-1134	18	7	-	-	PUNCT
fbem-1134	18	8	cap	cap	NOUN
fbem-1134	18	9	market	market	NOUN
fbem-1134	18	10	(	(	PUNCT
fbem-1134	18	11	nasdaq	nasdaq	PROPN
fbem-1134	18	12	-	-	PROPN
fbem-1134	18	13	sc	sc	PROPN
fbem-1134	18	14	)	)	PUNCT
fbem-1134	18	15	is	be	AUX
fbem-1134	18	16	a	a	DET
fbem-1134	18	17	national	national	ADJ
fbem-1134	18	18	marketplace	marketplace	NOUN
fbem-1134	18	19	for	for	ADP
fbem-1134	18	20	us	we	PRON
fbem-1134	18	21	high	high	ADJ
fbem-1134	18	22	-	-	PUNCT
fbem-1134	18	23	tech	tech	NOUN
fbem-1134	18	24	companies	company	NOUN
fbem-1134	18	25	and	and	CCONJ
fbem-1134	18	26	us	we	PRON
fbem-1134	18	27	smes	sme	NOUN
fbem-1134	18	28	.	.	PUNCT
fbem-1134	19	1	commonly	commonly	ADV
fbem-1134	19	2	known	know	VERB
fbem-1134	19	3	as	as	ADP
fbem-1134	19	4	the	the	DET
fbem-1134	19	5	little	little	ADJ
fbem-1134	19	6	board	board	NOUN
fbem-1134	19	7	or	or	CCONJ
fbem-1134	19	8	curb	curb	VERB
fbem-1134	19	9	board	board	NOUN
fbem-1134	19	10	,	,	PUNCT
fbem-1134	19	11	the	the	DET
fbem-1134	19	12	nasdaq	nasdaq	PROPN
fbem-1134	19	13	-	-	PUNCT
fbem-1134	19	14	sc	sc	PROPN
fbem-1134	19	15	is	be	AUX
fbem-1134	19	16	the	the	DET
fbem-1134	19	17	world	world	NOUN
fbem-1134	19	18	's	's	PART
fbem-1134	19	19	largest	large	ADJ
fbem-1134	19	20	exchange	exchange	NOUN
fbem-1134	19	21	for	for	ADP
fbem-1134	19	22	etfs	etfs	PROPN
fbem-1134	19	23	and	and	CCONJ
fbem-1134	19	24	the	the	DET
fbem-1134	19	25	second	second	ADJ
fbem-1134	19	26	largest	large	ADJ
fbem-1134	19	27	exchange	exchange	NOUN
fbem-1134	19	28	for	for	ADP
fbem-1134	19	29	stock	stock	NOUN
fbem-1134	19	30	options	option	NOUN
fbem-1134	19	31	(	(	PUNCT
fbem-1134	19	32	warrants	warrant	NOUN
fbem-1134	19	33	)	)	PUNCT
fbem-1134	19	34	in	in	ADP
fbem-1134	19	35	the	the	DET
fbem-1134	19	36	us	us	PROPN
fbem-1134	19	37	.	.	PUNCT
fbem-1134	20	1	the	the	DET
fbem-1134	20	2	nasdaq	nasdaq	PROPN
fbem-1134	20	3	small	small	ADJ
fbem-1134	20	4	capital	capital	NOUN
fbem-1134	20	5	market	market	NOUN
fbem-1134	20	6	,	,	PUNCT
fbem-1134	20	7	a	a	DET
fbem-1134	20	8	market	market	NOUN
fbem-1134	20	9	dedicated	dedicate	VERB
fbem-1134	20	10	to	to	ADP
fbem-1134	20	11	the	the	DET
fbem-1134	20	12	listing	listing	NOUN
fbem-1134	20	13	of	of	ADP
fbem-1134	20	14	small	small	ADJ
fbem-1134	20	15	and	and	CCONJ
fbem-1134	20	16	medium	medium	ADJ
fbem-1134	20	17	-	-	PUNCT
fbem-1134	20	18	sized	sized	ADJ
fbem-1134	20	19	high	high	ADJ
fbem-1134	20	20	-	-	PUNCT
fbem-1134	20	21	growth	growth	NOUN
fbem-1134	20	22	companies	company	NOUN
fbem-1134	20	23	in	in	ADP
fbem-1134	20	24	the	the	DET
fbem-1134	20	25	united	united	PROPN
fbem-1134	20	26	states	states	PROPN
fbem-1134	20	27	,	,	PUNCT
fbem-1134	20	28	has	have	VERB
fbem-1134	20	29	low	low	ADJ
fbem-1134	20	30	listing	listing	NOUN
fbem-1134	20	31	requirements	requirement	NOUN
fbem-1134	20	32	to	to	PART
fbem-1134	20	33	meet	meet	VERB
fbem-1134	20	34	the	the	DET
fbem-1134	20	35	listing	listing	NOUN
fbem-1134	20	36	requirements	requirement	NOUN
fbem-1134	20	37	of	of	ADP
fbem-1134	20	38	innovative	innovative	ADJ
fbem-1134	20	39	companies	company	NOUN
fbem-1134	20	40	characterised	characterise	VERB
fbem-1134	20	41	by	by	ADP
fbem-1134	20	42	high	high	ADJ
fbem-1134	20	43	risk	risk	NOUN
fbem-1134	20	44	and	and	CCONJ
fbem-1134	20	45	growth	growth	NOUN
fbem-1134	20	46	.	.	PUNCT
fbem-1134	21	1	most	most	ADJ
fbem-1134	21	2	of	of	ADP
fbem-1134	21	3	china	china	PROPN
fbem-1134	21	4	's	's	PART
fbem-1134	21	5	online	online	ADJ
fbem-1134	21	6	technology	technology	NOUN
fbem-1134	21	7	companies	company	NOUN
fbem-1134	21	8	are	be	AUX
fbem-1134	21	9	listed	list	VERB
fbem-1134	21	10	on	on	ADP
fbem-1134	21	11	this	this	DET
fbem-1134	21	12	market	market	NOUN
fbem-1134	21	13	.	.	PUNCT
fbem-1134	22	1	level	level	NOUN
fbem-1134	22	2	3	3	NUM
fbem-1134	22	3	:	:	PUNCT
fbem-1134	22	4	constructed	construct	VERB
fbem-1134	22	5	by	by	ADP
fbem-1134	22	6	regional	regional	ADJ
fbem-1134	22	7	exchanges	exchange	NOUN
fbem-1134	22	8	such	such	ADJ
fbem-1134	22	9	as	as	ADP
fbem-1134	22	10	the	the	DET
fbem-1134	22	11	cincinnati	cincinnati	PROPN
fbem-1134	22	12	stock	stock	PROPN
fbem-1134	22	13	exchange	exchange	PROPN
fbem-1134	22	14	,	,	PUNCT
fbem-1134	22	15	the	the	DET
fbem-1134	22	16	chicago	chicago	PROPN
fbem-1134	22	17	stock	stock	NOUN
fbem-1134	22	18	exchange	exchange	PROPN
fbem-1134	22	19	,	,	PUNCT
fbem-1134	22	20	the	the	DET
fbem-1134	22	21	philadelphia	philadelphia	PROPN
fbem-1134	22	22	exchange	exchange	NOUN
fbem-1134	22	23	,	,	PUNCT
fbem-1134	22	24	the	the	DET
fbem-1134	22	25	boston	boston	PROPN
fbem-1134	22	26	stock	stock	PROPN
fbem-1134	22	27	exchange	exchange	PROPN
fbem-1134	22	28	,	,	PUNCT
fbem-1134	22	29	the	the	DET
fbem-1134	22	30	midwest	midw	ADJ
fbem-1134	22	31	exchange	exchange	PROPN
fbem-1134	22	32	and	and	CCONJ
fbem-1134	22	33	the	the	DET
fbem-1134	22	34	pacific	pacific	PROPN
fbem-1134	22	35	exchange	exchange	PROPN
fbem-1134	22	36	,	,	PUNCT
fbem-1134	22	37	it	it	PRON
fbem-1134	22	38	is	be	AUX
fbem-1134	22	39	a	a	DET
fbem-1134	22	40	market	market	NOUN
fbem-1134	22	41	that	that	PRON
fbem-1134	22	42	primarily	primarily	ADV
fbem-1134	22	43	trades	trade	VERB
fbem-1134	22	44	local	local	ADJ
fbem-1134	22	45	corporate	corporate	ADJ
fbem-1134	22	46	securities	security	NOUN
fbem-1134	22	47	.	.	PUNCT
fbem-1134	23	1	level	level	NOUN
fbem-1134	23	2	4	4	NUM
fbem-1134	23	3	:	:	PUNCT
fbem-1134	23	4	composed	compose	VERB
fbem-1134	23	5	of	of	ADP
fbem-1134	23	6	the	the	DET
fbem-1134	23	7	otcbb	otcbb	NOUN
fbem-1134	23	8	,	,	PUNCT
fbem-1134	23	9	the	the	DET
fbem-1134	23	10	pink	pink	ADJ
fbem-1134	23	11	sheets	sheet	NOUN
fbem-1134	23	12	market	market	NOUN
fbem-1134	23	13	and	and	CCONJ
fbem-1134	23	14	the	the	DET
fbem-1134	23	15	grey	grey	ADJ
fbem-1134	23	16	market	market	NOUN
fbem-1134	23	17	,	,	PUNCT
fbem-1134	23	18	which	which	PRON
fbem-1134	23	19	is	be	AUX
fbem-1134	23	20	part	part	NOUN
fbem-1134	23	21	of	of	ADP
fbem-1134	23	22	the	the	DET
fbem-1134	23	23	third	third	ADJ
fbem-1134	23	24	and	and	CCONJ
fbem-1134	23	25	fourth	fourth	ADJ
fbem-1134	23	26	markets	market	NOUN
fbem-1134	23	27	,	,	PUNCT
fbem-1134	23	28	it	it	PRON
fbem-1134	23	29	is	be	AUX
fbem-1134	23	30	an	an	DET
fbem-1134	23	31	over	over	ADP
fbem-1134	23	32	-	-	PUNCT
fbem-1134	23	33	the	the	DET
fbem-1134	23	34	-	-	PUNCT
fbem-1134	23	35	counter	counter	NOUN
fbem-1134	23	36	market	market	NOUN
fbem-1134	23	37	primarily	primarily	ADV
fbem-1134	23	38	for	for	ADP
fbem-1134	23	39	the	the	DET
fbem-1134	23	40	trading	trading	NOUN
fbem-1134	23	41	of	of	ADP
fbem-1134	23	42	securities	security	NOUN
fbem-1134	23	43	of	of	ADP
fbem-1134	23	44	small	small	ADJ
fbem-1134	23	45	companies	company	NOUN
fbem-1134	23	46	in	in	ADP
fbem-1134	23	47	the	the	DET
fbem-1134	23	48	u.s	u.s	PROPN
fbem-1134	23	49	.	.	PROPN
fbem-1134	24	1	the	the	DET
fbem-1134	24	2	53	53	NUM
fbem-1134	24	3	otcbb	otcbb	NOUN
fbem-1134	24	4	has	have	VERB
fbem-1134	24	5	a	a	DET
fbem-1134	24	6	very	very	ADV
fbem-1134	24	7	low	low	ADJ
fbem-1134	24	8	threshold	threshold	NOUN
fbem-1134	24	9	compared	compare	VERB
fbem-1134	24	10	to	to	ADP
fbem-1134	24	11	other	other	ADJ
fbem-1134	24	12	major	major	ADJ
fbem-1134	24	13	u.s	u.s	PROPN
fbem-1134	24	14	.	.	PROPN
fbem-1134	24	15	stock	stock	NOUN
fbem-1134	24	16	exchanges	exchange	NOUN
fbem-1134	24	17	,	,	PUNCT
fbem-1134	24	18	with	with	ADP
fbem-1134	24	19	essentially	essentially	ADV
fbem-1134	24	20	no	no	DET
fbem-1134	24	21	requirements	requirement	NOUN
fbem-1134	24	22	for	for	ADP
fbem-1134	24	23	companies	company	NOUN
fbem-1134	24	24	in	in	ADP
fbem-1134	24	25	terms	term	NOUN
fbem-1134	24	26	of	of	ADP
fbem-1134	24	27	asset	asset	NOUN
fbem-1134	24	28	size	size	NOUN
fbem-1134	24	29	or	or	CCONJ
fbem-1134	24	30	financial	financial	ADJ
fbem-1134	24	31	profitability	profitability	NOUN
fbem-1134	24	32	,	,	PUNCT
fbem-1134	24	33	but	but	CCONJ
fbem-1134	24	34	requires	require	VERB
fbem-1134	24	35	companies	company	NOUN
fbem-1134	24	36	to	to	PART
fbem-1134	24	37	maintain	maintain	VERB
fbem-1134	24	38	filings	filing	NOUN
fbem-1134	24	39	with	with	ADP
fbem-1134	24	40	the	the	DET
fbem-1134	24	41	however	however	ADV
fbem-1134	24	42	,	,	PUNCT
fbem-1134	24	43	companies	company	NOUN
fbem-1134	24	44	are	be	AUX
fbem-1134	24	45	required	require	VERB
fbem-1134	24	46	to	to	PART
fbem-1134	24	47	maintain	maintain	VERB
fbem-1134	24	48	filings	filing	NOUN
fbem-1134	24	49	with	with	ADP
fbem-1134	24	50	the	the	DET
fbem-1134	24	51	us	us	PROPN
fbem-1134	24	52	securities	securities	PROPN
fbem-1134	24	53	and	and	CCONJ
fbem-1134	24	54	exchange	exchange	PROPN
fbem-1134	24	55	commission	commission	PROPN
fbem-1134	24	56	(	(	PUNCT
fbem-1134	24	57	sec	sec	PROPN
fbem-1134	24	58	)	)	PUNCT
fbem-1134	24	59	and	and	CCONJ
fbem-1134	24	60	have	have	VERB
fbem-1134	24	61	three	three	NUM
fbem-1134	24	62	or	or	CCONJ
fbem-1134	24	63	more	more	ADJ
fbem-1134	24	64	market	market	NOUN
fbem-1134	24	65	makers	maker	NOUN
fbem-1134	24	66	(	(	PUNCT
fbem-1134	24	67	market	market	NOUN
fbem-1134	24	68	makers	maker	NOUN
fbem-1134	24	69	)	)	PUNCT
fbem-1134	24	70	willing	willing	ADJ
fbem-1134	24	71	to	to	PART
fbem-1134	24	72	make	make	VERB
fbem-1134	24	73	a	a	DET
fbem-1134	24	74	market	market	NOUN
fbem-1134	24	75	in	in	ADP
fbem-1134	24	76	the	the	DET
fbem-1134	24	77	securities	security	NOUN
fbem-1134	24	78	in	in	ADP
fbem-1134	24	79	order	order	NOUN
fbem-1134	24	80	for	for	SCONJ
fbem-1134	24	81	the	the	DET
fbem-1134	24	82	company	company	NOUN
fbem-1134	24	83	's	's	PART
fbem-1134	24	84	securities	security	NOUN
fbem-1134	24	85	to	to	PART
fbem-1134	24	86	be	be	AUX
fbem-1134	24	87	listed	list	VERB
fbem-1134	24	88	and	and	CCONJ
fbem-1134	24	89	traded	trade	VERB
fbem-1134	24	90	on	on	ADP
fbem-1134	24	91	the	the	DET
fbem-1134	24	92	otcbb	otcbb	NOUN
fbem-1134	24	93	.	.	PUNCT
fbem-1134	25	1	1.2.2	1.2.2	X
fbem-1134	25	2	.	.	PUNCT
fbem-1134	26	1	structure	structure	NOUN
fbem-1134	26	2	of	of	ADP
fbem-1134	26	3	china	china	PROPN
fbem-1134	26	4	's	's	PART
fbem-1134	26	5	multi	multi	ADJ
fbem-1134	26	6	-	-	ADJ
fbem-1134	26	7	level	level	ADJ
fbem-1134	26	8	capital	capital	NOUN
fbem-1134	26	9	market	market	NOUN
fbem-1134	26	10	level	level	NOUN
fbem-1134	26	11	1	1	NUM
fbem-1134	26	12	:	:	PUNCT
fbem-1134	26	13	the	the	DET
fbem-1134	26	14	main	main	ADJ
fbem-1134	26	15	board	board	NOUN
fbem-1134	26	16	of	of	ADP
fbem-1134	26	17	the	the	DET
fbem-1134	26	18	sse	sse	NOUN
fbem-1134	26	19	and	and	CCONJ
fbem-1134	26	20	the	the	DET
fbem-1134	26	21	main	main	ADJ
fbem-1134	26	22	board	board	NOUN
fbem-1134	26	23	of	of	ADP
fbem-1134	26	24	the	the	DET
fbem-1134	26	25	szse	szse	NOUN
fbem-1134	26	26	,	,	PUNCT
fbem-1134	26	27	both	both	PRON
fbem-1134	26	28	of	of	ADP
fbem-1134	26	29	which	which	PRON
fbem-1134	26	30	follow	follow	VERB
fbem-1134	26	31	the	the	DET
fbem-1134	26	32	approval	approval	NOUN
fbem-1134	26	33	-	-	PUNCT
fbem-1134	26	34	based	base	VERB
fbem-1134	26	35	vetting	vetting	NOUN
fbem-1134	26	36	approach	approach	NOUN
fbem-1134	26	37	.	.	PUNCT
fbem-1134	27	1	the	the	DET
fbem-1134	27	2	same	same	ADJ
fbem-1134	27	3	conditions	condition	NOUN
fbem-1134	27	4	of	of	ADP
fbem-1134	27	5	issue	issue	NOUN
fbem-1134	27	6	and	and	CCONJ
fbem-1134	27	7	the	the	DET
fbem-1134	27	8	same	same	ADJ
fbem-1134	27	9	vetting	vetting	NOUN
fbem-1134	27	10	channel	channel	NOUN
fbem-1134	27	11	currently	currently	ADV
fbem-1134	27	12	apply	apply	VERB
fbem-1134	27	13	to	to	ADP
fbem-1134	27	14	both	both	PRON
fbem-1134	27	15	.	.	PUNCT
fbem-1134	28	1	if	if	SCONJ
fbem-1134	28	2	an	an	DET
fbem-1134	28	3	issuer	issuer	NOUN
fbem-1134	28	4	chooses	choose	VERB
fbem-1134	28	5	to	to	PART
fbem-1134	28	6	list	list	VERB
fbem-1134	28	7	on	on	ADP
fbem-1134	28	8	the	the	DET
fbem-1134	28	9	sse	sse	NOUN
fbem-1134	28	10	,	,	PUNCT
fbem-1134	28	11	it	it	PRON
fbem-1134	28	12	will	will	AUX
fbem-1134	28	13	be	be	AUX
fbem-1134	28	14	the	the	DET
fbem-1134	28	15	main	main	ADJ
fbem-1134	28	16	board	board	NOUN
fbem-1134	28	17	of	of	ADP
fbem-1134	28	18	the	the	DET
fbem-1134	28	19	sse	sse	NOUN
fbem-1134	28	20	;	;	PUNCT
fbem-1134	28	21	if	if	SCONJ
fbem-1134	28	22	an	an	DET
fbem-1134	28	23	issuer	issuer	NOUN
fbem-1134	28	24	chooses	choose	VERB
fbem-1134	28	25	to	to	PART
fbem-1134	28	26	list	list	VERB
fbem-1134	28	27	on	on	ADP
fbem-1134	28	28	the	the	DET
fbem-1134	28	29	szse	szse	NOUN
fbem-1134	28	30	,	,	PUNCT
fbem-1134	28	31	it	it	PRON
fbem-1134	28	32	will	will	AUX
fbem-1134	28	33	be	be	AUX
fbem-1134	28	34	the	the	DET
fbem-1134	28	35	main	main	ADJ
fbem-1134	28	36	board	board	NOUN
fbem-1134	28	37	of	of	ADP
fbem-1134	28	38	the	the	DET
fbem-1134	28	39	szse	szse	NOUN
fbem-1134	28	40	.	.	PUNCT
fbem-1134	29	1	other	other	ADJ
fbem-1134	29	2	than	than	ADP
fbem-1134	29	3	that	that	PRON
fbem-1134	29	4	,	,	PUNCT
fbem-1134	29	5	there	there	PRON
fbem-1134	29	6	is	be	VERB
fbem-1134	29	7	no	no	DET
fbem-1134	29	8	difference	difference	NOUN
fbem-1134	29	9	.	.	PUNCT
fbem-1134	30	1	level	level	NOUN
fbem-1134	30	2	2	2	NUM
fbem-1134	30	3	:	:	PUNCT
fbem-1134	30	4	the	the	DET
fbem-1134	30	5	science	science	NOUN
fbem-1134	30	6	and	and	CCONJ
fbem-1134	30	7	technology	technology	NOUN
fbem-1134	30	8	innovation	innovation	NOUN
fbem-1134	30	9	board	board	NOUN
fbem-1134	30	10	focuses	focus	VERB
fbem-1134	30	11	on	on	ADP
fbem-1134	30	12	supporting	support	VERB
fbem-1134	30	13	new	new	ADJ
fbem-1134	30	14	industries	industry	NOUN
fbem-1134	30	15	such	such	ADJ
fbem-1134	30	16	as	as	ADP
fbem-1134	30	17	new	new	ADJ
fbem-1134	30	18	generation	generation	NOUN
fbem-1134	30	19	information	information	NOUN
fbem-1134	30	20	technology	technology	NOUN
fbem-1134	30	21	,	,	PUNCT
fbem-1134	30	22	high	high	ADJ
fbem-1134	30	23	-	-	PUNCT
fbem-1134	30	24	end	end	NOUN
fbem-1134	30	25	equipment	equipment	NOUN
fbem-1134	30	26	,	,	PUNCT
fbem-1134	30	27	new	new	ADJ
fbem-1134	30	28	materials	material	NOUN
fbem-1134	30	29	and	and	CCONJ
fbem-1134	30	30	new	new	ADJ
fbem-1134	30	31	energy	energy	NOUN
fbem-1134	30	32	.	.	PUNCT
fbem-1134	31	1	most	most	ADJ
fbem-1134	31	2	of	of	ADP
fbem-1134	31	3	the	the	DET
fbem-1134	31	4	companies	company	NOUN
fbem-1134	31	5	listed	list	VERB
fbem-1134	31	6	on	on	ADP
fbem-1134	31	7	the	the	DET
fbem-1134	31	8	science	science	NOUN
fbem-1134	31	9	and	and	CCONJ
fbem-1134	31	10	technology	technology	NOUN
fbem-1134	31	11	innovation	innovation	NOUN
fbem-1134	31	12	board	board	NOUN
fbem-1134	31	13	are	be	AUX
fbem-1134	31	14	companies	company	NOUN
fbem-1134	31	15	with	with	ADP
fbem-1134	31	16	strong	strong	ADJ
fbem-1134	31	17	science	science	NOUN
fbem-1134	31	18	and	and	CCONJ
fbem-1134	31	19	technology	technology	NOUN
fbem-1134	31	20	innovation	innovation	NOUN
fbem-1134	31	21	capabilities	capability	NOUN
fbem-1134	31	22	.	.	PUNCT
fbem-1134	32	1	these	these	DET
fbem-1134	32	2	companies	company	NOUN
fbem-1134	32	3	generally	generally	ADV
fbem-1134	32	4	master	master	VERB
fbem-1134	32	5	core	core	NOUN
fbem-1134	32	6	technologies	technology	NOUN
fbem-1134	32	7	,	,	PUNCT
fbem-1134	32	8	are	be	AUX
fbem-1134	32	9	in	in	ADP
fbem-1134	32	10	line	line	NOUN
fbem-1134	32	11	with	with	ADP
fbem-1134	32	12	national	national	ADJ
fbem-1134	32	13	strategies	strategy	NOUN
fbem-1134	32	14	and	and	CCONJ
fbem-1134	32	15	have	have	VERB
fbem-1134	32	16	a	a	DET
fbem-1134	32	17	high	high	ADJ
fbem-1134	32	18	degree	degree	NOUN
fbem-1134	32	19	of	of	ADP
fbem-1134	32	20	market	market	NOUN
fbem-1134	32	21	recognition	recognition	NOUN
fbem-1134	32	22	.	.	PUNCT
fbem-1134	33	1	they	they	PRON
fbem-1134	33	2	are	be	AUX
fbem-1134	33	3	represented	represent	VERB
fbem-1134	33	4	by	by	ADP
fbem-1134	33	5	the	the	DET
fbem-1134	33	6	computer	computer	NOUN
fbem-1134	33	7	,	,	PUNCT
fbem-1134	33	8	communication	communication	NOUN
fbem-1134	33	9	and	and	CCONJ
fbem-1134	33	10	other	other	ADJ
fbem-1134	33	11	electronic	electronic	ADJ
fbem-1134	33	12	equipment	equipment	NOUN
fbem-1134	33	13	manufacturing	manufacturing	NOUN
fbem-1134	33	14	industry	industry	NOUN
fbem-1134	33	15	,	,	PUNCT
fbem-1134	33	16	specialised	specialised	ADJ
fbem-1134	33	17	equipment	equipment	NOUN
fbem-1134	33	18	manufacturing	manufacturing	NOUN
fbem-1134	33	19	industry	industry	NOUN
fbem-1134	33	20	,	,	PUNCT
fbem-1134	33	21	and	and	CCONJ
fbem-1134	33	22	software	software	NOUN
fbem-1134	33	23	and	and	CCONJ
fbem-1134	33	24	information	information	NOUN
fbem-1134	33	25	technology	technology	NOUN
fbem-1134	33	26	service	service	NOUN
fbem-1134	33	27	industry	industry	NOUN
fbem-1134	33	28	.	.	PUNCT
fbem-1134	34	1	level	level	NOUN
fbem-1134	34	2	3	3	NUM
fbem-1134	34	3	:	:	PUNCT
fbem-1134	34	4	gem	gem	NOUN
fbem-1134	34	5	mainly	mainly	ADV
fbem-1134	34	6	serves	serve	VERB
fbem-1134	34	7	growth	growth	NOUN
fbem-1134	34	8	-	-	PUNCT
fbem-1134	34	9	oriented	orient	VERB
fbem-1134	34	10	innovative	innovative	ADJ
fbem-1134	34	11	and	and	CCONJ
fbem-1134	34	12	entrepreneurial	entrepreneurial	ADJ
fbem-1134	34	13	enterprises	enterprise	NOUN
fbem-1134	34	14	,	,	PUNCT
fbem-1134	34	15	supporting	support	VERB
fbem-1134	34	16	the	the	DET
fbem-1134	34	17	deep	deep	ADJ
fbem-1134	34	18	integration	integration	NOUN
fbem-1134	34	19	of	of	ADP
fbem-1134	34	20	traditional	traditional	ADJ
fbem-1134	34	21	industries	industry	NOUN
fbem-1134	34	22	with	with	ADP
fbem-1134	34	23	new	new	ADJ
fbem-1134	34	24	technologies	technology	NOUN
fbem-1134	34	25	,	,	PUNCT
fbem-1134	34	26	new	new	ADJ
fbem-1134	34	27	industries	industry	NOUN
fbem-1134	34	28	,	,	PUNCT
fbem-1134	34	29	new	new	ADJ
fbem-1134	34	30	business	business	NOUN
fbem-1134	34	31	models	model	NOUN
fbem-1134	34	32	and	and	CCONJ
fbem-1134	34	33	new	new	ADJ
fbem-1134	34	34	modes	mode	NOUN
fbem-1134	34	35	,	,	PUNCT
fbem-1134	34	36	with	with	ADP
fbem-1134	34	37	more	more	ADJ
fbem-1134	34	38	emphasis	emphasis	NOUN
fbem-1134	34	39	on	on	ADP
fbem-1134	34	40	promoting	promote	VERB
fbem-1134	34	41	innovation	innovation	NOUN
fbem-1134	34	42	and	and	CCONJ
fbem-1134	34	43	upgrading	upgrading	NOUN
fbem-1134	34	44	of	of	ADP
fbem-1134	34	45	traditional	traditional	ADJ
fbem-1134	34	46	industries	industry	NOUN
fbem-1134	34	47	.	.	PUNCT
fbem-1134	35	1	companies	company	NOUN
fbem-1134	35	2	listed	list	VERB
fbem-1134	35	3	on	on	ADP
fbem-1134	35	4	gem	gem	NOUN
fbem-1134	35	5	have	have	VERB
fbem-1134	35	6	a	a	DET
fbem-1134	35	7	strong	strong	ADJ
fbem-1134	35	8	growth	growth	NOUN
fbem-1134	35	9	potential	potential	NOUN
fbem-1134	35	10	,	,	PUNCT
fbem-1134	35	11	and	and	CCONJ
fbem-1134	35	12	enterprises	enterprise	NOUN
fbem-1134	35	13	are	be	AUX
fbem-1134	35	14	mostly	mostly	ADV
fbem-1134	35	15	characterised	characterise	VERB
fbem-1134	35	16	by	by	ADP
fbem-1134	35	17	the	the	DET
fbem-1134	35	18	integration	integration	NOUN
fbem-1134	35	19	of	of	ADP
fbem-1134	35	20	old	old	ADJ
fbem-1134	35	21	and	and	CCONJ
fbem-1134	35	22	new	new	ADJ
fbem-1134	35	23	industries	industry	NOUN
fbem-1134	35	24	.	.	PUNCT
fbem-1134	36	1	table	table	NOUN
fbem-1134	36	2	1	1	NUM
fbem-1134	36	3	.	.	PUNCT
fbem-1134	36	4	comparison	comparison	NOUN
fbem-1134	36	5	of	of	ADP
fbem-1134	36	6	the	the	DET
fbem-1134	36	7	layers	layer	NOUN
fbem-1134	36	8	of	of	ADP
fbem-1134	36	9	the	the	DET
fbem-1134	36	10	chinese	chinese	PROPN
fbem-1134	36	11	and	and	CCONJ
fbem-1134	36	12	us	we	PRON
fbem-1134	36	13	multi	multi	ADJ
fbem-1134	36	14	-	-	ADJ
fbem-1134	36	15	level	level	ADJ
fbem-1134	36	16	capital	capital	NOUN
fbem-1134	36	17	markets	market	NOUN
fbem-1134	36	18	china	china	PROPN
fbem-1134	36	19	service	service	PROPN
fbem-1134	36	20	users	user	NOUN
fbem-1134	36	21	first	first	ADJ
fbem-1134	36	22	level	level	NOUN
fbem-1134	36	23	sse	sse	NOUN
fbem-1134	36	24	(	(	PUNCT
fbem-1134	36	25	1990.11.26	1990.11.26	NUM
fbem-1134	36	26	)	)	PUNCT
fbem-1134	36	27	,	,	PUNCT
fbem-1134	36	28	szse	szse	NOUN
fbem-1134	36	29	(	(	PUNCT
fbem-1134	36	30	1990.12.1	1990.12.1	NUM
fbem-1134	36	31	)	)	PUNCT
fbem-1134	36	32	main	main	ADJ
fbem-1134	36	33	board	board	NOUN
fbem-1134	36	34	established	establish	VERB
fbem-1134	36	35	companies	company	NOUN
fbem-1134	36	36	with	with	ADP
fbem-1134	36	37	a	a	DET
fbem-1134	36	38	traditional	traditional	ADJ
fbem-1134	36	39	bias	bias	NOUN
fbem-1134	36	40	second	second	ADJ
fbem-1134	36	41	level	level	NOUN
fbem-1134	36	42	sme	sme	PROPN
fbem-1134	36	43	board	board	NOUN
fbem-1134	36	44	(	(	PUNCT
fbem-1134	36	45	2004.6.25	2004.6.25	PROPN
fbem-1134	36	46	)	)	PUNCT
fbem-1134	36	47	six	six	NUM
fbem-1134	36	48	types	type	NOUN
fbem-1134	36	49	of	of	ADP
fbem-1134	36	50	high	high	ADJ
fbem-1134	36	51	-	-	PUNCT
fbem-1134	36	52	tech	tech	NOUN
fbem-1134	36	53	industries	industry	NOUN
fbem-1134	36	54	and	and	CCONJ
fbem-1134	36	55	strategic	strategic	ADJ
fbem-1134	36	56	emerging	emerge	VERB
fbem-1134	36	57	industries	industry	NOUN
fbem-1134	36	58	third	third	ADJ
fbem-1134	36	59	level	level	NOUN
fbem-1134	36	60	science	science	NOUN
fbem-1134	36	61	and	and	CCONJ
fbem-1134	36	62	technology	technology	NOUN
fbem-1134	36	63	board	board	NOUN
fbem-1134	36	64	(	(	PUNCT
fbem-1134	36	65	13.6.2019	13.6.2019	NUM
fbem-1134	36	66	)	)	PUNCT
fbem-1134	36	67	companies	company	NOUN
fbem-1134	36	68	with	with	ADP
fbem-1134	36	69	strong	strong	ADJ
fbem-1134	36	70	science	science	NOUN
fbem-1134	36	71	and	and	CCONJ
fbem-1134	36	72	innovation	innovation	NOUN
fbem-1134	36	73	capabilities	capability	NOUN
fbem-1134	36	74	growth	growth	NOUN
fbem-1134	36	75	enterprise	enterprise	NOUN
fbem-1134	36	76	market	market	NOUN
fbem-1134	36	77	(	(	PUNCT
fbem-1134	36	78	2009.10.30	2009.10.30	NUM
fbem-1134	36	79	)	)	PUNCT
fbem-1134	36	80	growing	grow	VERB
fbem-1134	36	81	innovative	innovative	ADJ
fbem-1134	36	82	start	start	NOUN
fbem-1134	36	83	-	-	PUNCT
fbem-1134	36	84	ups	up	NOUN
fbem-1134	36	85	fourth	fourth	ADJ
fbem-1134	36	86	level	level	NOUN
fbem-1134	36	87	nss	nss	NOUN
fbem-1134	36	88	(	(	PUNCT
fbem-1134	36	89	original	original	ADJ
fbem-1134	36	90	version	version	NOUN
fbem-1134	36	91	2006.1.16	2006.1.16	PROPN
fbem-1134	36	92	,	,	PUNCT
fbem-1134	36	93	new	new	ADJ
fbem-1134	36	94	version	version	NOUN
fbem-1134	36	95	2013.1.16	2013.1.16	PROPN
fbem-1134	36	96	,	,	PUNCT
fbem-1134	36	97	the	the	DET
fbem-1134	36	98	difference	difference	NOUN
fbem-1134	36	99	is	be	AUX
fbem-1134	36	100	the	the	DET
fbem-1134	36	101	change	change	NOUN
fbem-1134	36	102	from	from	ADP
fbem-1134	36	103	companies	company	NOUN
fbem-1134	36	104	in	in	ADP
fbem-1134	36	105	four	four	NUM
fbem-1134	36	106	regions	region	NOUN
fbem-1134	36	107	to	to	ADP
fbem-1134	36	108	the	the	DET
fbem-1134	36	109	national	national	PROPN
fbem-1134	36	110	stock	stock	PROPN
fbem-1134	36	111	exchange	exchange	PROPN
fbem-1134	36	112	system	system	NOUN
fbem-1134	36	113	)	)	PUNCT
fbem-1134	36	114	micro	micro	NOUN
fbem-1134	36	115	,	,	PUNCT
fbem-1134	36	116	small	small	ADJ
fbem-1134	36	117	and	and	CCONJ
fbem-1134	36	118	medium	medium	ADJ
fbem-1134	36	119	-	-	PUNCT
fbem-1134	36	120	sized	sized	ADJ
fbem-1134	36	121	hightech	hightech	ADJ
fbem-1134	36	122	enterprises	enterprise	NOUN
fbem-1134	36	123	nationwide	nationwide	ADJ
fbem-1134	36	124	nse	nse	NOUN
fbem-1134	36	125	(	(	PUNCT
fbem-1134	36	126	2021.9.3	2021.9.3	NUM
fbem-1134	36	127	)	)	PUNCT
fbem-1134	36	128	innovative	innovative	ADJ
fbem-1134	36	129	specialized	specialized	ADJ
fbem-1134	36	130	smes	sme	NOUN
fbem-1134	36	131	level	level	NOUN
fbem-1134	36	132	4	4	NUM
fbem-1134	36	133	:	:	PUNCT
fbem-1134	36	134	the	the	DET
fbem-1134	36	135	bse	bse	NOUN
fbem-1134	36	136	maintains	maintain	VERB
fbem-1134	36	137	its	its	PRON
fbem-1134	36	138	market	market	NOUN
fbem-1134	36	139	positioning	positioning	NOUN
fbem-1134	36	140	of	of	ADP
fbem-1134	36	141	serving	serve	VERB
fbem-1134	36	142	innovative	innovative	ADJ
fbem-1134	36	143	smes	sme	NOUN
fbem-1134	36	144	and	and	CCONJ
fbem-1134	36	145	nurturing	nurture	VERB
fbem-1134	36	146	a	a	DET
fbem-1134	36	147	number	number	NOUN
fbem-1134	36	148	of	of	ADP
fbem-1134	36	149	specialized	specialized	ADJ
fbem-1134	36	150	and	and	CCONJ
fbem-1134	36	151	new	new	ADJ
fbem-1134	36	152	smes	sme	NOUN
fbem-1134	36	153	;	;	PUNCT
fbem-1134	36	154	based	base	VERB
fbem-1134	36	155	on	on	ADP
fbem-1134	36	156	the	the	DET
fbem-1134	36	157	select	select	ADJ
fbem-1134	36	158	tier	tier	NOUN
fbem-1134	36	159	,	,	PUNCT
fbem-1134	36	160	bse	bse	PROPN
fbem-1134	36	161	listed	list	VERB
fbem-1134	36	162	companies	company	NOUN
fbem-1134	36	163	are	be	AUX
fbem-1134	36	164	generated	generate	VERB
fbem-1134	36	165	from	from	ADP
fbem-1134	36	166	the	the	DET
fbem-1134	36	167	innovation	innovation	NOUN
fbem-1134	36	168	tier	tier	NOUN
fbem-1134	36	169	,	,	PUNCT
fbem-1134	36	170	maintaining	maintain	VERB
fbem-1134	36	171	a	a	DET
fbem-1134	36	172	"	"	PUNCT
fbem-1134	36	173	tiered	tiere	VERB
fbem-1134	36	174	"	"	PUNCT
fbem-1134	36	175	market	market	NOUN
fbem-1134	36	176	structure	structure	NOUN
fbem-1134	36	177	.	.	PUNCT
fbem-1134	37	1	1.2.3	1.2.3	X
fbem-1134	37	2	.	.	PUNCT
fbem-1134	37	3	registration	registration	NOUN
fbem-1134	37	4	versus	versus	ADP
fbem-1134	37	5	approval	approval	NOUN
fbem-1134	37	6	system	system	NOUN
fbem-1134	37	7	the	the	DET
fbem-1134	37	8	registration	registration	NOUN
fbem-1134	37	9	system	system	NOUN
fbem-1134	37	10	essentially	essentially	ADV
fbem-1134	37	11	means	mean	VERB
fbem-1134	37	12	that	that	SCONJ
fbem-1134	37	13	when	when	SCONJ
fbem-1134	37	14	an	an	DET
fbem-1134	37	15	issuer	issuer	NOUN
fbem-1134	37	16	applies	apply	VERB
fbem-1134	37	17	to	to	PART
fbem-1134	37	18	issue	issue	VERB
fbem-1134	37	19	shares	share	NOUN
fbem-1134	37	20	,	,	PUNCT
fbem-1134	37	21	it	it	PRON
fbem-1134	37	22	must	must	AUX
fbem-1134	37	23	make	make	VERB
fbem-1134	37	24	a	a	DET
fbem-1134	37	25	full	full	ADJ
fbem-1134	37	26	and	and	CCONJ
fbem-1134	37	27	accurate	accurate	ADJ
fbem-1134	37	28	declaration	declaration	NOUN
fbem-1134	37	29	to	to	ADP
fbem-1134	37	30	the	the	DET
fbem-1134	37	31	securities	security	NOUN
fbem-1134	37	32	regulator	regulator	NOUN
fbem-1134	37	33	of	of	ADP
fbem-1134	37	34	all	all	DET
fbem-1134	37	35	information	information	NOUN
fbem-1134	37	36	publicly	publicly	ADV
fbem-1134	37	37	available	available	ADJ
fbem-1134	37	38	under	under	ADP
fbem-1134	37	39	the	the	DET
fbem-1134	37	40	law	law	NOUN
fbem-1134	37	41	.	.	PUNCT
fbem-1134	38	1	the	the	DET
fbem-1134	38	2	role	role	NOUN
fbem-1134	38	3	of	of	ADP
fbem-1134	38	4	the	the	DET
fbem-1134	38	5	securities	security	NOUN
fbem-1134	38	6	regulator	regulator	NOUN
fbem-1134	38	7	is	be	AUX
fbem-1134	38	8	to	to	PART
fbem-1134	38	9	conduct	conduct	VERB
fbem-1134	38	10	a	a	DET
fbem-1134	38	11	formal	formal	ADJ
fbem-1134	38	12	review	review	NOUN
fbem-1134	38	13	of	of	ADP
fbem-1134	38	14	the	the	DET
fbem-1134	38	15	comprehensiveness	comprehensiveness	NOUN
fbem-1134	38	16	,	,	PUNCT
fbem-1134	38	17	accuracy	accuracy	NOUN
fbem-1134	38	18	,	,	PUNCT
fbem-1134	38	19	truthfulness	truthfulness	ADJ
fbem-1134	38	20	and	and	CCONJ
fbem-1134	38	21	timeliness	timeliness	NOUN
fbem-1134	38	22	of	of	ADP
fbem-1134	38	23	the	the	DET
fbem-1134	38	24	filings	filing	NOUN
fbem-1134	38	25	,	,	PUNCT
fbem-1134	38	26	and	and	CCONJ
fbem-1134	38	27	not	not	PART
fbem-1134	38	28	to	to	PART
fbem-1134	38	29	make	make	VERB
fbem-1134	38	30	substantive	substantive	ADJ
fbem-1134	38	31	audits	audits	NOUN
fbem-1134	38	32	or	or	CCONJ
fbem-1134	38	33	value	value	NOUN
fbem-1134	38	34	judgments	judgment	NOUN
fbem-1134	38	35	on	on	ADP
fbem-1134	38	36	the	the	DET
fbem-1134	38	37	issuer	issuer	NOUN
fbem-1134	38	38	's	's	PART
fbem-1134	38	39	qualifications	qualification	NOUN
fbem-1134	38	40	,	,	PUNCT
fbem-1134	38	41	leaving	leave	VERB
fbem-1134	38	42	it	it	PRON
fbem-1134	38	43	to	to	ADP
fbem-1134	38	44	the	the	DET
fbem-1134	38	45	market	market	NOUN
fbem-1134	38	46	to	to	PART
fbem-1134	38	47	determine	determine	VERB
fbem-1134	38	48	the	the	DET
fbem-1134	38	49	merits	merit	NOUN
fbem-1134	38	50	of	of	ADP
fbem-1134	38	51	the	the	DET
fbem-1134	38	52	issuer	issuer	NOUN
fbem-1134	38	53	's	's	PART
fbem-1134	38	54	shares	share	NOUN
fbem-1134	38	55	.	.	PUNCT
fbem-1134	39	1	the	the	DET
fbem-1134	39	2	approval	approval	NOUN
fbem-1134	39	3	system	system	NOUN
fbem-1134	39	4	means	mean	VERB
fbem-1134	39	5	that	that	SCONJ
fbem-1134	39	6	the	the	DET
fbem-1134	39	7	issue	issue	NOUN
fbem-1134	39	8	of	of	ADP
fbem-1134	39	9	securities	security	NOUN
fbem-1134	39	10	must	must	AUX
fbem-1134	39	11	not	not	PART
fbem-1134	39	12	only	only	ADV
fbem-1134	39	13	be	be	AUX
fbem-1134	39	14	conditional	conditional	ADJ
fbem-1134	39	15	on	on	ADP
fbem-1134	39	16	full	full	ADJ
fbem-1134	39	17	disclosure	disclosure	NOUN
fbem-1134	39	18	of	of	ADP
fbem-1134	39	19	the	the	DET
fbem-1134	39	20	true	true	ADJ
fbem-1134	39	21	state	state	NOUN
fbem-1134	39	22	of	of	ADP
fbem-1134	39	23	affairs	affair	NOUN
fbem-1134	39	24	,	,	PUNCT
fbem-1134	39	25	but	but	CCONJ
fbem-1134	39	26	must	must	AUX
fbem-1134	39	27	also	also	ADV
fbem-1134	39	28	meet	meet	VERB
fbem-1134	39	29	certain	certain	ADJ
fbem-1134	39	30	substantive	substantive	ADJ
fbem-1134	39	31	conditions	condition	NOUN
fbem-1134	39	32	suitable	suitable	ADJ
fbem-1134	39	33	for	for	ADP
fbem-1134	39	34	the	the	DET
fbem-1134	39	35	issue	issue	NOUN
fbem-1134	39	36	as	as	SCONJ
fbem-1134	39	37	set	set	VERB
fbem-1134	39	38	by	by	ADP
fbem-1134	39	39	the	the	DET
fbem-1134	39	40	securities	security	NOUN
fbem-1134	39	41	regulatory	regulatory	ADJ
fbem-1134	39	42	authority	authority	NOUN
fbem-1134	39	43	.	.	PUNCT
fbem-1134	40	1	an	an	DET
fbem-1134	40	2	issuing	issue	VERB
fbem-1134	40	3	company	company	NOUN
fbem-1134	40	4	that	that	PRON
fbem-1134	40	5	meets	meet	VERB
fbem-1134	40	6	the	the	DET
fbem-1134	40	7	conditions	condition	NOUN
fbem-1134	40	8	may	may	AUX
fbem-1134	40	9	qualify	qualify	VERB
fbem-1134	40	10	for	for	ADP
fbem-1134	40	11	an	an	DET
fbem-1134	40	12	issue	issue	NOUN
fbem-1134	40	13	and	and	CCONJ
fbem-1134	40	14	issue	issue	VERB
fbem-1134	40	15	securities	security	NOUN
fbem-1134	40	16	on	on	ADP
fbem-1134	40	17	the	the	DET
fbem-1134	40	18	securities	security	NOUN
fbem-1134	40	19	market	market	NOUN
fbem-1134	40	20	only	only	ADV
fbem-1134	40	21	after	after	ADP
fbem-1134	40	22	approval	approval	NOUN
fbem-1134	40	23	by	by	ADP
fbem-1134	40	24	the	the	DET
fbem-1134	40	25	securities	security	NOUN
fbem-1134	40	26	regulatory	regulatory	ADJ
fbem-1134	40	27	authority	authority	NOUN
fbem-1134	40	28	.	.	PUNCT
fbem-1134	41	1	the	the	DET
fbem-1134	41	2	registration	registration	NOUN
fbem-1134	41	3	system	system	NOUN
fbem-1134	41	4	results	result	VERB
fbem-1134	41	5	in	in	ADP
fbem-1134	41	6	lower	low	ADJ
fbem-1134	41	7	costs	cost	NOUN
fbem-1134	41	8	for	for	ADP
fbem-1134	41	9	issuers	issuer	NOUN
fbem-1134	41	10	,	,	PUNCT
fbem-1134	41	11	more	more	ADV
fbem-1134	41	12	efficient	efficient	ADJ
fbem-1134	41	13	listing	listing	NOUN
fbem-1134	41	14	and	and	CCONJ
fbem-1134	41	15	less	less	ADJ
fbem-1134	41	16	drain	drain	NOUN
fbem-1134	41	17	on	on	ADP
fbem-1134	41	18	social	social	ADJ
fbem-1134	41	19	resources	resource	NOUN
fbem-1134	41	20	than	than	ADP
fbem-1134	41	21	the	the	DET
fbem-1134	41	22	approval	approval	NOUN
fbem-1134	41	23	system	system	NOUN
fbem-1134	41	24	,	,	PUNCT
fbem-1134	41	25	and	and	CCONJ
fbem-1134	41	26	allows	allow	VERB
fbem-1134	41	27	the	the	DET
fbem-1134	41	28	capital	capital	NOUN
fbem-1134	41	29	market	market	NOUN
fbem-1134	41	30	to	to	PART
fbem-1134	41	31	quickly	quickly	ADV
fbem-1134	41	32	achieve	achieve	VERB
fbem-1134	41	33	its	its	PRON
fbem-1134	41	34	resource	resource	NOUN
fbem-1134	41	35	allocation	allocation	NOUN
fbem-1134	41	36	function	function	NOUN
fbem-1134	41	37	.	.	PUNCT
fbem-1134	42	1	1.3	1.3	NUM
fbem-1134	42	2	.	.	PUNCT
fbem-1134	42	3	comparison	comparison	NOUN
fbem-1134	42	4	of	of	ADP
fbem-1134	42	5	nss	nss	NOUN
fbem-1134	42	6	and	and	CCONJ
fbem-1134	42	7	otcbb	otcbb	NOUN
fbem-1134	42	8	transfer	transfer	NOUN
fbem-1134	42	9	mechanism	mechanism	NOUN
fbem-1134	42	10	1.3.1	1.3.1	NUM
fbem-1134	42	11	.	.	PUNCT
fbem-1134	42	12	similarities	similarity	NOUN
fbem-1134	42	13	and	and	CCONJ
fbem-1134	42	14	differences	difference	NOUN
fbem-1134	42	15	between	between	ADP
fbem-1134	42	16	the	the	DET
fbem-1134	42	17	nss	nss	NOUN
fbem-1134	42	18	and	and	CCONJ
fbem-1134	42	19	otcbb	otcbb	NOUN
fbem-1134	42	20	china	china	PROPN
fbem-1134	42	21	:	:	PUNCT
fbem-1134	42	22	(	(	PUNCT
fbem-1134	42	23	1	1	X
fbem-1134	42	24	)	)	PUNCT
fbem-1134	42	25	two	two	NUM
fbem-1134	42	26	years	year	NOUN
fbem-1134	42	27	of	of	ADP
fbem-1134	42	28	existence	existence	NOUN
fbem-1134	42	29	(	(	PUNCT
fbem-1134	42	30	the	the	DET
fbem-1134	42	31	conversion	conversion	NOUN
fbem-1134	42	32	of	of	ADP
fbem-1134	42	33	a	a	DET
fbem-1134	42	34	limited	limited	ADJ
fbem-1134	42	35	company	company	NOUN
fbem-1134	42	36	as	as	ADP
fbem-1134	42	37	a	a	DET
fbem-1134	42	38	whole	whole	NOUN
fbem-1134	42	39	may	may	AUX
fbem-1134	42	40	be	be	AUX
fbem-1134	42	41	counted	count	VERB
fbem-1134	42	42	consecutively	consecutively	ADV
fbem-1134	42	43	)	)	PUNCT
fbem-1134	42	44	.	.	PUNCT
fbem-1134	43	1	(	(	PUNCT
fbem-1134	43	2	2	2	X
fbem-1134	43	3	)	)	PUNCT
fbem-1134	43	4	outstanding	outstanding	ADJ
fbem-1134	43	5	main	main	ADJ
fbem-1134	43	6	nss	ns	NOUN
fbem-1134	43	7	-	-	PUNCT
fbem-1134	43	8	listed	list	VERB
fbem-1134	43	9	business	business	NOUN
fbem-1134	43	10	with	with	ADP
fbem-1134	43	11	a	a	DET
fbem-1134	43	12	track	track	NOUN
fbem-1134	43	13	record	record	NOUN
fbem-1134	43	14	of	of	ADP
fbem-1134	43	15	continuous	continuous	ADJ
fbem-1134	43	16	operation	operation	NOUN
fbem-1134	43	17	.	.	PUNCT
fbem-1134	44	1	(	(	PUNCT
fbem-1134	44	2	3	3	X
fbem-1134	44	3	)	)	PUNCT
fbem-1134	44	4	sound	sound	ADJ
fbem-1134	44	5	governance	governance	NOUN
fbem-1134	44	6	structure	structure	NOUN
fbem-1134	44	7	and	and	CCONJ
fbem-1134	44	8	standardized	standardized	ADJ
fbem-1134	44	9	operation	operation	NOUN
fbem-1134	44	10	of	of	ADP
fbem-1134	44	11	nss	nss	NOUN
fbem-1134	44	12	listed	list	VERB
fbem-1134	44	13	companies	company	NOUN
fbem-1134	44	14	.	.	PUNCT
fbem-1134	45	1	(	(	PUNCT
fbem-1134	45	2	4	4	X
fbem-1134	45	3	)	)	PUNCT
fbem-1134	45	4	legal	legal	ADJ
fbem-1134	45	5	compliance	compliance	NOUN
fbem-1134	45	6	in	in	ADP
fbem-1134	45	7	the	the	DET
fbem-1134	45	8	issuance	issuance	NOUN
fbem-1134	45	9	and	and	CCONJ
fbem-1134	45	10	transfer	transfer	NOUN
fbem-1134	45	11	of	of	ADP
fbem-1134	45	12	shares	share	NOUN
fbem-1134	45	13	listed	list	VERB
fbem-1134	45	14	on	on	ADP
fbem-1134	45	15	the	the	DET
fbem-1134	45	16	nss	ns	NOUN
fbem-1134	45	17	.	.	PUNCT
fbem-1134	46	1	(	(	PUNCT
fbem-1134	46	2	5	5	X
fbem-1134	46	3	)	)	PUNCT
fbem-1134	46	4	the	the	DET
fbem-1134	46	5	company	company	NOUN
fbem-1134	46	6	's	's	PART
fbem-1134	46	7	registered	register	VERB
fbem-1134	46	8	address	address	NOUN
fbem-1134	46	9	is	be	AUX
fbem-1134	46	10	in	in	ADP
fbem-1134	46	11	a	a	DET
fbem-1134	46	12	pilot	pilot	NOUN
fbem-1134	46	13	national	national	ADJ
fbem-1134	46	14	54	54	NUM
fbem-1134	46	15	high	high	ADJ
fbem-1134	46	16	-	-	PUNCT
fbem-1134	46	17	tech	tech	NOUN
fbem-1134	46	18	park	park	NOUN
fbem-1134	46	19	.	.	PUNCT
fbem-1134	47	1	(	(	PUNCT
fbem-1134	47	2	6	6	NUM
fbem-1134	47	3	)	)	PUNCT
fbem-1134	47	4	letter	letter	NOUN
fbem-1134	47	5	of	of	ADP
fbem-1134	47	6	confirmation	confirmation	NOUN
fbem-1134	47	7	of	of	ADP
fbem-1134	47	8	eligibility	eligibility	NOUN
fbem-1134	47	9	for	for	ADP
fbem-1134	47	10	listing	list	VERB
fbem-1134	47	11	pilot	pilot	NOUN
fbem-1134	47	12	from	from	ADP
fbem-1134	47	13	local	local	ADJ
fbem-1134	47	14	government	government	NOUN
fbem-1134	47	15	.	.	PUNCT
fbem-1134	48	1	usa	usa	PROPN
fbem-1134	48	2	:	:	PUNCT
fbem-1134	48	3	(	(	PUNCT
fbem-1134	48	4	1	1	X
fbem-1134	48	5	)	)	PUNCT
fbem-1134	48	6	otcbb	otcbb	NOUN
fbem-1134	48	7	has	have	VERB
fbem-1134	48	8	no	no	DET
fbem-1134	48	9	quantitative	quantitative	ADJ
fbem-1134	48	10	requirements	requirement	NOUN
fbem-1134	48	11	for	for	ADP
fbem-1134	48	12	company	company	NOUN
fbem-1134	48	13	listing	list	VERB
fbem-1134	48	14	criteria	criterion	NOUN
fbem-1134	48	15	and	and	CCONJ
fbem-1134	48	16	the	the	DET
fbem-1134	48	17	listing	listing	NOUN
fbem-1134	48	18	process	process	NOUN
fbem-1134	48	19	is	be	AUX
fbem-1134	48	20	simple	simple	ADJ
fbem-1134	48	21	.	.	PUNCT
fbem-1134	49	1	as	as	ADV
fbem-1134	49	2	long	long	ADV
fbem-1134	49	3	as	as	SCONJ
fbem-1134	49	4	financial	financial	ADJ
fbem-1134	49	5	reports	report	NOUN
fbem-1134	49	6	and	and	CCONJ
fbem-1134	49	7	relevant	relevant	ADJ
fbem-1134	49	8	legal	legal	ADJ
fbem-1134	49	9	documents	document	NOUN
fbem-1134	49	10	audited	audit	VERB
fbem-1134	49	11	by	by	ADP
fbem-1134	49	12	qualified	qualified	ADJ
fbem-1134	49	13	auditors	auditor	NOUN
fbem-1134	49	14	are	be	AUX
fbem-1134	49	15	filed	file	VERB
fbem-1134	49	16	with	with	ADP
fbem-1134	49	17	the	the	DET
fbem-1134	49	18	sec	sec	PROPN
fbem-1134	49	19	and	and	CCONJ
fbem-1134	49	20	a	a	DET
fbem-1134	49	21	market	market	NOUN
fbem-1134	49	22	maker	maker	NOUN
fbem-1134	49	23	is	be	AUX
fbem-1134	49	24	available	available	ADJ
fbem-1134	49	25	,	,	PUNCT
fbem-1134	49	26	a	a	DET
fbem-1134	49	27	listing	listing	NOUN
fbem-1134	49	28	can	can	AUX
fbem-1134	49	29	be	be	AUX
fbem-1134	49	30	requested	request	VERB
fbem-1134	49	31	.	.	PUNCT
fbem-1134	50	1	(	(	PUNCT
fbem-1134	50	2	2	2	X
fbem-1134	50	3	)	)	PUNCT
fbem-1134	50	4	the	the	DET
fbem-1134	50	5	market	market	NOUN
fbem-1134	50	6	maker	maker	NOUN
fbem-1134	50	7	system	system	NOUN
fbem-1134	50	8	of	of	ADP
fbem-1134	50	9	the	the	DET
fbem-1134	50	10	us	us	PROPN
fbem-1134	50	11	otcbb	otcbb	NOUN
fbem-1134	50	12	the	the	DET
fbem-1134	50	13	154	154	NUM
fbem-1134	50	14	market	market	NOUN
fbem-1134	50	15	maker	maker	NOUN
fbem-1134	50	16	members	member	NOUN
fbem-1134	50	17	of	of	ADP
fbem-1134	50	18	finra	finra	PROPN
fbem-1134	50	19	(	(	PUNCT
fbem-1134	50	20	formerly	formerly	ADV
fbem-1134	50	21	nasd	nasd	NOUN
fbem-1134	50	22	)	)	PUNCT
fbem-1134	50	23	provide	provide	VERB
fbem-1134	50	24	quotes	quote	NOUN
fbem-1134	50	25	for	for	ADP
fbem-1134	50	26	securities	security	NOUN
fbem-1134	50	27	listed	list	VERB
fbem-1134	50	28	on	on	ADP
fbem-1134	50	29	the	the	DET
fbem-1134	50	30	otcbb	otcbb	NOUN
fbem-1134	50	31	.	.	PUNCT
fbem-1134	51	1	all	all	DET
fbem-1134	51	2	securities	security	NOUN
fbem-1134	51	3	listed	list	VERB
fbem-1134	51	4	on	on	ADP
fbem-1134	51	5	the	the	DET
fbem-1134	51	6	otcbb	otcbb	NOUN
fbem-1134	51	7	are	be	AUX
fbem-1134	51	8	required	require	VERB
fbem-1134	51	9	to	to	PART
fbem-1134	51	10	have	have	VERB
fbem-1134	51	11	at	at	ADV
fbem-1134	51	12	least	least	ADV
fbem-1134	51	13	one	one	NUM
fbem-1134	51	14	market	market	NOUN
fbem-1134	51	15	maker	maker	NOUN
fbem-1134	51	16	quoting	quote	VERB
fbem-1134	51	17	for	for	ADP
fbem-1134	51	18	them	they	PRON
fbem-1134	51	19	,	,	PUNCT
fbem-1134	51	20	otherwise	otherwise	ADV
fbem-1134	51	21	the	the	DET
fbem-1134	51	22	company	company	NOUN
fbem-1134	51	23	's	's	PART
fbem-1134	51	24	listing	listing	NOUN
fbem-1134	51	25	will	will	AUX
fbem-1134	51	26	be	be	AUX
fbem-1134	51	27	revoked	revoke	VERB
fbem-1134	51	28	by	by	ADP
fbem-1134	51	29	the	the	DET
fbem-1134	51	30	otcbb	otcbb	NOUN
fbem-1134	51	31	.	.	PUNCT
fbem-1134	52	1	the	the	DET
fbem-1134	52	2	duties	duty	NOUN
fbem-1134	52	3	of	of	ADP
fbem-1134	52	4	a	a	DET
fbem-1134	52	5	market	market	NOUN
fbem-1134	52	6	maker	maker	NOUN
fbem-1134	52	7	are	be	AUX
fbem-1134	52	8	:	:	PUNCT
fbem-1134	52	9	(	(	PUNCT
fbem-1134	52	10	1	1	X
fbem-1134	52	11	)	)	PUNCT
fbem-1134	52	12	to	to	PART
fbem-1134	52	13	cause	cause	VERB
fbem-1134	52	14	the	the	DET
fbem-1134	52	15	listed	list	VERB
fbem-1134	52	16	company	company	NOUN
fbem-1134	52	17	to	to	PART
fbem-1134	52	18	maintain	maintain	VERB
fbem-1134	52	19	required	required	ADJ
fbem-1134	52	20	business	business	NOUN
fbem-1134	52	21	records	record	NOUN
fbem-1134	52	22	and	and	CCONJ
fbem-1134	52	23	comply	comply	VERB
fbem-1134	52	24	with	with	ADP
fbem-1134	52	25	specified	specified	ADJ
fbem-1134	52	26	financial	financial	ADJ
fbem-1134	52	27	reporting	reporting	NOUN
fbem-1134	52	28	compliance	compliance	NOUN
fbem-1134	52	29	requirements	requirement	NOUN
fbem-1134	52	30	;	;	PUNCT
fbem-1134	52	31	(	(	PUNCT
fbem-1134	52	32	2	2	X
fbem-1134	52	33	)	)	PUNCT
fbem-1134	52	34	to	to	PART
fbem-1134	52	35	host	host	NOUN
fbem-1134	52	36	trading	trading	NOUN
fbem-1134	52	37	information	information	NOUN
fbem-1134	52	38	for	for	ADP
fbem-1134	52	39	both	both	DET
fbem-1134	52	40	bids	bid	NOUN
fbem-1134	52	41	and	and	CCONJ
fbem-1134	52	42	offers	offer	VERB
fbem-1134	52	43	on	on	ADP
fbem-1134	52	44	an	an	DET
fbem-1134	52	45	ongoing	ongoing	ADJ
fbem-1134	52	46	basis	basis	NOUN
fbem-1134	52	47	and	and	CCONJ
fbem-1134	52	48	to	to	PART
fbem-1134	52	49	execute	execute	VERB
fbem-1134	52	50	as	as	ADV
fbem-1134	52	51	directed	direct	VERB
fbem-1134	52	52	at	at	ADP
fbem-1134	52	53	the	the	DET
fbem-1134	52	54	best	good	ADJ
fbem-1134	52	55	price	price	NOUN
fbem-1134	52	56	;	;	PUNCT
fbem-1134	52	57	(	(	PUNCT
fbem-1134	52	58	3	3	X
fbem-1134	52	59	)	)	PUNCT
fbem-1134	52	60	to	to	PART
fbem-1134	52	61	publish	publish	VERB
fbem-1134	52	62	valid	valid	ADJ
fbem-1134	52	63	bids	bid	NOUN
fbem-1134	52	64	and	and	CCONJ
fbem-1134	52	65	offers	offer	NOUN
fbem-1134	52	66	for	for	ADP
fbem-1134	52	67	both	both	DET
fbem-1134	52	68	bids	bid	NOUN
fbem-1134	52	69	and	and	CCONJ
fbem-1134	52	70	offers	offer	NOUN
fbem-1134	52	71	;	;	PUNCT
fbem-1134	52	72	and	and	CCONJ
fbem-1134	52	73	(	(	PUNCT
fbem-1134	52	74	4	4	X
fbem-1134	52	75	)	)	PUNCT
fbem-1134	52	76	within	within	ADP
fbem-1134	52	77	90	90	NUM
fbem-1134	52	78	seconds	second	NOUN
fbem-1134	52	79	of	of	ADP
fbem-1134	52	80	each	each	DET
fbem-1134	52	81	transaction	transaction	NOUN
fbem-1134	52	82	,	,	PUNCT
fbem-1134	52	83	the	the	DET
fbem-1134	52	84	relevant	relevant	ADJ
fbem-1134	52	85	market	market	NOUN
fbem-1134	52	86	maker	maker	NOUN
fbem-1134	52	87	is	be	AUX
fbem-1134	52	88	required	require	VERB
fbem-1134	52	89	to	to	PART
fbem-1134	52	90	publicly	publicly	ADV
fbem-1134	52	91	disclose	disclose	VERB
fbem-1134	52	92	to	to	ADP
fbem-1134	52	93	the	the	DET
fbem-1134	52	94	market	market	NOUN
fbem-1134	52	95	the	the	DET
fbem-1134	52	96	valid	valid	ADJ
fbem-1134	52	97	bid	bid	NOUN
fbem-1134	52	98	price	price	NOUN
fbem-1134	52	99	,	,	PUNCT
fbem-1134	52	100	ask	ask	VERB
fbem-1134	52	101	price	price	NOUN
fbem-1134	52	102	,	,	PUNCT
fbem-1134	52	103	buy	buy	VERB
fbem-1134	52	104	and	and	CCONJ
fbem-1134	52	105	sell	sell	VERB
fbem-1134	52	106	quantity	quantity	NOUN
fbem-1134	52	107	of	of	ADP
fbem-1134	52	108	a	a	DET
fbem-1134	52	109	security	security	NOUN
fbem-1134	52	110	(	(	PUNCT
fbem-1134	52	111	4	4	NUM
fbem-1134	52	112	)	)	PUNCT
fbem-1134	52	113	within	within	ADP
fbem-1134	52	114	90	90	NUM
fbem-1134	52	115	seconds	second	NOUN
fbem-1134	52	116	of	of	ADP
fbem-1134	52	117	each	each	DET
fbem-1134	52	118	transaction	transaction	NOUN
fbem-1134	52	119	,	,	PUNCT
fbem-1134	52	120	the	the	DET
fbem-1134	52	121	relevant	relevant	ADJ
fbem-1134	52	122	market	market	NOUN
fbem-1134	52	123	maker	maker	NOUN
fbem-1134	52	124	is	be	AUX
fbem-1134	52	125	required	require	VERB
fbem-1134	52	126	to	to	PART
fbem-1134	52	127	publicly	publicly	ADV
fbem-1134	52	128	disclose	disclose	VERB
fbem-1134	52	129	to	to	ADP
fbem-1134	52	130	the	the	DET
fbem-1134	52	131	market	market	NOUN
fbem-1134	52	132	the	the	DET
fbem-1134	52	133	valid	valid	ADJ
fbem-1134	52	134	bid	bid	NOUN
fbem-1134	52	135	price	price	NOUN
fbem-1134	52	136	,	,	PUNCT
fbem-1134	52	137	ask	ask	VERB
fbem-1134	52	138	price	price	NOUN
fbem-1134	52	139	,	,	PUNCT
fbem-1134	52	140	buy	buy	VERB
fbem-1134	52	141	and	and	CCONJ
fbem-1134	52	142	sell	sell	VERB
fbem-1134	52	143	quantity	quantity	NOUN
fbem-1134	52	144	of	of	ADP
fbem-1134	52	145	a	a	DET
fbem-1134	52	146	security	security	NOUN
fbem-1134	52	147	.	.	PUNCT
fbem-1134	53	1	1.3.2	1.3.2	X
fbem-1134	53	2	.	.	PUNCT
fbem-1134	54	1	the	the	DET
fbem-1134	54	2	transfer	transfer	NOUN
fbem-1134	54	3	mechanism	mechanism	NOUN
fbem-1134	54	4	and	and	CCONJ
fbem-1134	54	5	its	its	PRON
fbem-1134	54	6	importance	importance	NOUN
fbem-1134	54	7	the	the	DET
fbem-1134	54	8	new	new	ADJ
fbem-1134	54	9	third	third	ADJ
fbem-1134	54	10	board	board	NOUN
fbem-1134	54	11	market	market	NOUN
fbem-1134	54	12	currently	currently	ADV
fbem-1134	54	13	under	under	ADP
fbem-1134	54	14	construction	construction	NOUN
fbem-1134	54	15	in	in	ADP
fbem-1134	54	16	china	china	PROPN
fbem-1134	54	17	already	already	ADV
fbem-1134	54	18	has	have	VERB
fbem-1134	54	19	functions	function	NOUN
fbem-1134	54	20	similar	similar	ADJ
fbem-1134	54	21	to	to	ADP
fbem-1134	54	22	those	those	PRON
fbem-1134	54	23	of	of	ADP
fbem-1134	54	24	the	the	DET
fbem-1134	54	25	otcbb	otcbb	NOUN
fbem-1134	54	26	market	market	NOUN
fbem-1134	54	27	in	in	ADP
fbem-1134	54	28	the	the	DET
fbem-1134	54	29	united	united	PROPN
fbem-1134	54	30	states	states	PROPN
fbem-1134	54	31	,	,	PUNCT
fbem-1134	54	32	and	and	CCONJ
fbem-1134	54	33	a	a	DET
fbem-1134	54	34	"	"	PUNCT
fbem-1134	54	35	transfer	transfer	NOUN
fbem-1134	54	36	system	system	NOUN
fbem-1134	54	37	"	"	PUNCT
fbem-1134	54	38	has	have	AUX
fbem-1134	54	39	been	be	AUX
fbem-1134	54	40	contemplated	contemplate	VERB
fbem-1134	54	41	,	,	PUNCT
fbem-1134	54	42	i.e.	i.e.	X
fbem-1134	54	43	a	a	DET
fbem-1134	54	44	system	system	NOUN
fbem-1134	54	45	for	for	ADP
fbem-1134	54	46	the	the	DET
fbem-1134	54	47	"	"	PUNCT
fbem-1134	54	48	elimination	elimination	NOUN
fbem-1134	54	49	of	of	ADP
fbem-1134	54	50	winners	winner	NOUN
fbem-1134	54	51	and	and	CCONJ
fbem-1134	54	52	losers	loser	NOUN
fbem-1134	54	53	"	"	PUNCT
fbem-1134	54	54	of	of	ADP
fbem-1134	54	55	enterprises	enterprise	NOUN
fbem-1134	54	56	between	between	ADP
fbem-1134	54	57	different	different	ADJ
fbem-1134	54	58	levels	level	NOUN
fbem-1134	54	59	of	of	ADP
fbem-1134	54	60	the	the	DET
fbem-1134	54	61	securities	security	NOUN
fbem-1134	54	62	market	market	NOUN
fbem-1134	54	63	.	.	PUNCT
fbem-1134	55	1	the	the	DET
fbem-1134	55	2	transfer	transfer	NOUN
fbem-1134	55	3	board	board	NOUN
fbem-1134	55	4	system	system	NOUN
fbem-1134	55	5	of	of	ADP
fbem-1134	55	6	the	the	DET
fbem-1134	55	7	new	new	ADJ
fbem-1134	55	8	third	third	ADJ
fbem-1134	55	9	board	board	NOUN
fbem-1134	55	10	(	(	PUNCT
fbem-1134	55	11	ntsb	ntsb	PROPN
fbem-1134	55	12	)	)	PUNCT
fbem-1134	55	13	in	in	ADP
fbem-1134	55	14	china	china	PROPN
fbem-1134	55	15	refers	refer	VERB
fbem-1134	55	16	to	to	ADP
fbem-1134	55	17	the	the	DET
fbem-1134	55	18	mechanism	mechanism	NOUN
fbem-1134	55	19	of	of	ADP
fbem-1134	55	20	"	"	PUNCT
fbem-1134	55	21	moving	move	VERB
fbem-1134	55	22	"	"	PUNCT
fbem-1134	55	23	ntsb	ntsb	NOUN
fbem-1134	55	24	-	-	PUNCT
fbem-1134	55	25	listed	list	VERB
fbem-1134	55	26	companies	company	NOUN
fbem-1134	55	27	up	up	ADV
fbem-1134	55	28	and	and	CCONJ
fbem-1134	55	29	down	down	ADV
fbem-1134	55	30	through	through	ADP
fbem-1134	55	31	the	the	DET
fbem-1134	55	32	different	different	ADJ
fbem-1134	55	33	tiers	tier	NOUN
fbem-1134	55	34	of	of	ADP
fbem-1134	55	35	the	the	DET
fbem-1134	55	36	securities	security	NOUN
fbem-1134	55	37	market	market	NOUN
fbem-1134	55	38	.	.	PUNCT
fbem-1134	56	1	the	the	DET
fbem-1134	56	2	current	current	ADJ
fbem-1134	56	3	design	design	NOUN
fbem-1134	56	4	in	in	ADP
fbem-1134	56	5	china	china	PROPN
fbem-1134	56	6	is	be	AUX
fbem-1134	56	7	not	not	PART
fbem-1134	56	8	exactly	exactly	ADV
fbem-1134	56	9	the	the	DET
fbem-1134	56	10	same	same	ADJ
fbem-1134	56	11	as	as	ADP
fbem-1134	56	12	the	the	DET
fbem-1134	56	13	us	us	PROPN
fbem-1134	56	14	otcbb	otcbb	PROPN
fbem-1134	56	15	market	market	NOUN
fbem-1134	56	16	's	's	PART
fbem-1134	56	17	"	"	PUNCT
fbem-1134	56	18	lift	lift	NOUN
fbem-1134	56	19	board	board	NOUN
fbem-1134	56	20	"	"	PUNCT
fbem-1134	56	21	system	system	NOUN
fbem-1134	56	22	,	,	PUNCT
fbem-1134	56	23	and	and	CCONJ
fbem-1134	56	24	there	there	PRON
fbem-1134	56	25	is	be	VERB
fbem-1134	56	26	no	no	DET
fbem-1134	56	27	real	real	ADJ
fbem-1134	56	28	"	"	PUNCT
fbem-1134	56	29	transfer	transfer	NOUN
fbem-1134	56	30	board	board	NOUN
fbem-1134	56	31	lift	lift	PROPN
fbem-1134	56	32	board	board	NOUN
fbem-1134	56	33	"	"	PUNCT
fbem-1134	56	34	system	system	NOUN
fbem-1134	56	35	.	.	PUNCT
fbem-1134	57	1	both	both	DET
fbem-1134	57	2	listed	list	VERB
fbem-1134	57	3	and	and	CCONJ
fbem-1134	57	4	non	non	ADJ
fbem-1134	57	5	-	-	ADJ
fbem-1134	57	6	listed	listed	ADJ
fbem-1134	57	7	companies	company	NOUN
fbem-1134	57	8	on	on	ADP
fbem-1134	57	9	the	the	DET
fbem-1134	57	10	third	third	ADJ
fbem-1134	57	11	board	board	NOUN
fbem-1134	57	12	are	be	AUX
fbem-1134	57	13	required	require	VERB
fbem-1134	57	14	to	to	PART
fbem-1134	57	15	go	go	VERB
fbem-1134	57	16	through	through	ADP
fbem-1134	57	17	an	an	DET
fbem-1134	57	18	initial	initial	ADJ
fbem-1134	57	19	public	public	ADJ
fbem-1134	57	20	offering	offering	NOUN
fbem-1134	57	21	process	process	NOUN
fbem-1134	57	22	before	before	SCONJ
fbem-1134	57	23	they	they	PRON
fbem-1134	57	24	can	can	AUX
fbem-1134	57	25	be	be	AUX
fbem-1134	57	26	listed	list	VERB
fbem-1134	57	27	on	on	ADP
fbem-1134	57	28	the	the	DET
fbem-1134	57	29	relevant	relevant	ADJ
fbem-1134	57	30	segment	segment	NOUN
fbem-1134	57	31	of	of	ADP
fbem-1134	57	32	the	the	DET
fbem-1134	57	33	on	on	ADP
fbem-1134	57	34	-	-	PUNCT
fbem-1134	57	35	market	market	NOUN
fbem-1134	57	36	capital	capital	NOUN
fbem-1134	57	37	market	market	NOUN
fbem-1134	57	38	.	.	PUNCT
fbem-1134	58	1	in	in	ADP
fbem-1134	58	2	other	other	ADJ
fbem-1134	58	3	words	word	NOUN
fbem-1134	58	4	,	,	PUNCT
fbem-1134	58	5	nse	nse	NOUN
fbem-1134	58	6	companies	company	NOUN
fbem-1134	58	7	can	can	AUX
fbem-1134	58	8	only	only	ADV
fbem-1134	58	9	be	be	AUX
fbem-1134	58	10	upgraded	upgrade	VERB
fbem-1134	58	11	to	to	ADP
fbem-1134	58	12	the	the	DET
fbem-1134	58	13	main	main	ADJ
fbem-1134	58	14	board	board	NOUN
fbem-1134	58	15	by	by	ADP
fbem-1134	58	16	way	way	NOUN
fbem-1134	58	17	of	of	ADP
fbem-1134	58	18	an	an	DET
fbem-1134	58	19	ipo	ipo	NOUN
fbem-1134	58	20	in	in	ADP
fbem-1134	58	21	accordance	accordance	NOUN
fbem-1134	58	22	with	with	ADP
fbem-1134	58	23	the	the	DET
fbem-1134	58	24	standards	standard	NOUN
fbem-1134	58	25	and	and	CCONJ
fbem-1134	58	26	review	review	NOUN
fbem-1134	58	27	process	process	NOUN
fbem-1134	58	28	for	for	ADP
fbem-1134	58	29	ipos	ipos	NOUN
fbem-1134	58	30	.	.	PUNCT
fbem-1134	59	1	although	although	SCONJ
fbem-1134	59	2	it	it	PRON
fbem-1134	59	3	is	be	AUX
fbem-1134	59	4	more	more	ADV
fbem-1134	59	5	difficult	difficult	ADJ
fbem-1134	59	6	to	to	PART
fbem-1134	59	7	transfer	transfer	VERB
fbem-1134	59	8	listed	list	VERB
fbem-1134	59	9	companies	company	NOUN
fbem-1134	59	10	to	to	ADP
fbem-1134	59	11	the	the	DET
fbem-1134	59	12	third	third	ADJ
fbem-1134	59	13	board	board	NOUN
fbem-1134	59	14	than	than	ADP
fbem-1134	59	15	in	in	ADP
fbem-1134	59	16	the	the	DET
fbem-1134	59	17	united	united	PROPN
fbem-1134	59	18	states	states	PROPN
fbem-1134	59	19	,	,	PUNCT
fbem-1134	59	20	we	we	PRON
fbem-1134	59	21	have	have	AUX
fbem-1134	59	22	taken	take	VERB
fbem-1134	59	23	a	a	DET
fbem-1134	59	24	significant	significant	ADJ
fbem-1134	59	25	step	step	NOUN
fbem-1134	59	26	forward	forward	ADV
fbem-1134	59	27	by	by	ADP
fbem-1134	59	28	learning	learn	VERB
fbem-1134	59	29	from	from	ADP
fbem-1134	59	30	it	it	PRON
fbem-1134	59	31	.	.	PUNCT
fbem-1134	60	1	the	the	DET
fbem-1134	60	2	"	"	PUNCT
fbem-1134	60	3	transfer	transfer	NOUN
fbem-1134	60	4	and	and	CCONJ
fbem-1134	60	5	lift	lift	NOUN
fbem-1134	60	6	system	system	NOUN
fbem-1134	60	7	"	"	PUNCT
fbem-1134	60	8	is	be	AUX
fbem-1134	60	9	the	the	DET
fbem-1134	60	10	link	link	NOUN
fbem-1134	60	11	between	between	ADP
fbem-1134	60	12	the	the	DET
fbem-1134	60	13	various	various	ADJ
fbem-1134	60	14	levels	level	NOUN
fbem-1134	60	15	of	of	ADP
fbem-1134	60	16	the	the	DET
fbem-1134	60	17	multilevel	multilevel	ADJ
fbem-1134	60	18	capital	capital	NOUN
fbem-1134	60	19	market	market	NOUN
fbem-1134	60	20	structure	structure	NOUN
fbem-1134	60	21	,	,	PUNCT
fbem-1134	60	22	and	and	CCONJ
fbem-1134	60	23	is	be	AUX
fbem-1134	60	24	an	an	DET
fbem-1134	60	25	indispensable	indispensable	ADJ
fbem-1134	60	26	link	link	NOUN
fbem-1134	60	27	in	in	ADP
fbem-1134	60	28	the	the	DET
fbem-1134	60	29	capital	capital	NOUN
fbem-1134	60	30	market	market	NOUN
fbem-1134	60	31	.	.	PUNCT
fbem-1134	61	1	whether	whether	SCONJ
fbem-1134	61	2	it	it	PRON
fbem-1134	61	3	is	be	AUX
fbem-1134	61	4	building	build	VERB
fbem-1134	61	5	a	a	DET
fbem-1134	61	6	multi	multi	ADJ
fbem-1134	61	7	-	-	ADJ
fbem-1134	61	8	level	level	ADJ
fbem-1134	61	9	capital	capital	NOUN
fbem-1134	61	10	market	market	NOUN
fbem-1134	61	11	or	or	CCONJ
fbem-1134	61	12	improving	improve	VERB
fbem-1134	61	13	a	a	DET
fbem-1134	61	14	more	more	ADV
fbem-1134	61	15	mature	mature	ADJ
fbem-1134	61	16	financial	financial	ADJ
fbem-1134	61	17	market	market	NOUN
fbem-1134	61	18	system	system	NOUN
fbem-1134	61	19	,	,	PUNCT
fbem-1134	61	20	it	it	PRON
fbem-1134	61	21	is	be	AUX
fbem-1134	61	22	inevitable	inevitable	ADJ
fbem-1134	61	23	that	that	SCONJ
fbem-1134	61	24	the	the	DET
fbem-1134	61	25	important	important	ADJ
fbem-1134	61	26	issue	issue	NOUN
fbem-1134	61	27	of	of	ADP
fbem-1134	61	28	building	build	VERB
fbem-1134	61	29	a	a	DET
fbem-1134	61	30	capital	capital	NOUN
fbem-1134	61	31	market	market	NOUN
fbem-1134	61	32	transfer	transfer	NOUN
fbem-1134	61	33	system	system	NOUN
fbem-1134	61	34	will	will	AUX
fbem-1134	61	35	be	be	AUX
fbem-1134	61	36	involved	involve	VERB
fbem-1134	61	37	.	.	PUNCT
fbem-1134	62	1	at	at	ADP
fbem-1134	62	2	present	present	ADJ
fbem-1134	62	3	,	,	PUNCT
fbem-1134	62	4	china	china	PROPN
fbem-1134	62	5	's	's	PART
fbem-1134	62	6	multi	multi	ADJ
fbem-1134	62	7	-	-	ADJ
fbem-1134	62	8	level	level	ADJ
fbem-1134	62	9	capital	capital	NOUN
fbem-1134	62	10	market	market	NOUN
fbem-1134	62	11	system	system	NOUN
fbem-1134	62	12	has	have	AUX
fbem-1134	62	13	been	be	AUX
fbem-1134	62	14	initially	initially	ADV
fbem-1134	62	15	constructed	construct	VERB
fbem-1134	62	16	,	,	PUNCT
fbem-1134	62	17	but	but	CCONJ
fbem-1134	62	18	there	there	PRON
fbem-1134	62	19	is	be	VERB
fbem-1134	62	20	a	a	DET
fbem-1134	62	21	lack	lack	NOUN
fbem-1134	62	22	of	of	ADP
fbem-1134	62	23	organic	organic	ADJ
fbem-1134	62	24	integration	integration	NOUN
fbem-1134	62	25	between	between	ADP
fbem-1134	62	26	each	each	DET
fbem-1134	62	27	other	other	ADJ
fbem-1134	62	28	,	,	PUNCT
fbem-1134	62	29	a	a	DET
fbem-1134	62	30	bridge	bridge	NOUN
fbem-1134	62	31	between	between	ADP
fbem-1134	62	32	different	different	ADJ
fbem-1134	62	33	levels	level	NOUN
fbem-1134	62	34	of	of	ADP
fbem-1134	62	35	capital	capital	NOUN
fbem-1134	62	36	markets	market	NOUN
fbem-1134	62	37	has	have	AUX
fbem-1134	62	38	not	not	PART
fbem-1134	62	39	yet	yet	ADV
fbem-1134	62	40	been	be	AUX
fbem-1134	62	41	built	build	VERB
fbem-1134	62	42	to	to	PART
fbem-1134	62	43	connect	connect	VERB
fbem-1134	62	44	them	they	PRON
fbem-1134	62	45	,	,	PUNCT
fbem-1134	62	46	and	and	CCONJ
fbem-1134	62	47	there	there	PRON
fbem-1134	62	48	is	be	VERB
fbem-1134	62	49	a	a	DET
fbem-1134	62	50	lack	lack	NOUN
fbem-1134	62	51	of	of	ADP
fbem-1134	62	52	a	a	DET
fbem-1134	62	53	perfect	perfect	ADJ
fbem-1134	62	54	transfer	transfer	NOUN
fbem-1134	62	55	board	board	NOUN
fbem-1134	62	56	lift	lift	NOUN
fbem-1134	62	57	system	system	NOUN
fbem-1134	62	58	.	.	PUNCT
fbem-1134	63	1	this	this	PRON
fbem-1134	63	2	is	be	AUX
fbem-1134	63	3	a	a	DET
fbem-1134	63	4	key	key	ADJ
fbem-1134	63	5	area	area	NOUN
fbem-1134	63	6	for	for	SCONJ
fbem-1134	63	7	us	we	PRON
fbem-1134	63	8	to	to	PART
fbem-1134	63	9	learn	learn	VERB
fbem-1134	63	10	from	from	ADP
fbem-1134	63	11	the	the	DET
fbem-1134	63	12	us	us	PROPN
fbem-1134	63	13	multi	multi	ADJ
fbem-1134	63	14	-	-	ADJ
fbem-1134	63	15	level	level	ADJ
fbem-1134	63	16	capital	capital	NOUN
fbem-1134	63	17	market	market	NOUN
fbem-1134	63	18	.	.	PUNCT
fbem-1134	64	1	1.3.3	1.3.3	X
fbem-1134	64	2	.	.	X
fbem-1134	64	3	comparison	comparison	NOUN
fbem-1134	64	4	of	of	ADP
fbem-1134	64	5	regulatory	regulatory	ADJ
fbem-1134	64	6	mechanisms	mechanism	NOUN
fbem-1134	64	7	china	china	PROPN
fbem-1134	64	8	:	:	PUNCT
fbem-1134	64	9	under	under	ADP
fbem-1134	64	10	the	the	DET
fbem-1134	64	11	overall	overall	ADJ
fbem-1134	64	12	plan	plan	NOUN
fbem-1134	64	13	of	of	ADP
fbem-1134	64	14	market	market	NOUN
fbem-1134	64	15	priority	priority	NOUN
fbem-1134	64	16	and	and	CCONJ
fbem-1134	64	17	social	social	ADJ
fbem-1134	64	18	autonomy	autonomy	NOUN
fbem-1134	64	19	,	,	PUNCT
fbem-1134	64	20	the	the	DET
fbem-1134	64	21	national	national	ADJ
fbem-1134	64	22	stock	stock	NOUN
fbem-1134	64	23	transfer	transfer	NOUN
fbem-1134	64	24	system	system	NOUN
fbem-1134	64	25	corporation	corporation	NOUN
fbem-1134	64	26	is	be	AUX
fbem-1134	64	27	authorised	authorise	VERB
fbem-1134	64	28	to	to	PART
fbem-1134	64	29	set	set	VERB
fbem-1134	64	30	its	its	PRON
fbem-1134	64	31	own	own	ADJ
fbem-1134	64	32	operational	operational	ADJ
fbem-1134	64	33	guidelines	guideline	NOUN
fbem-1134	64	34	on	on	ADP
fbem-1134	64	35	transfer	transfer	NOUN
fbem-1134	64	36	methods	method	NOUN
fbem-1134	64	37	,	,	PUNCT
fbem-1134	64	38	listing	list	VERB
fbem-1134	64	39	conditions	condition	NOUN
fbem-1134	64	40	,	,	PUNCT
fbem-1134	64	41	management	management	NOUN
fbem-1134	64	42	of	of	ADP
fbem-1134	64	43	sponsor	sponsor	NOUN
fbem-1134	64	44	brokers	broker	NOUN
fbem-1134	64	45	,	,	PUNCT
fbem-1134	64	46	etc	etc	X
fbem-1134	64	47	.	.	PROPN
fbem-1134	64	48	united	united	PROPN
fbem-1134	64	49	states	states	PROPN
fbem-1134	64	50	:	:	PUNCT
fbem-1134	64	51	(	(	PUNCT
fbem-1134	64	52	1)finra	1)finra	NUM
fbem-1134	64	53	regulation	regulation	NOUN
fbem-1134	64	54	.	.	PUNCT
fbem-1134	65	1	the	the	DET
fbem-1134	65	2	otcbb	otcbb	PROPN
fbem-1134	65	3	is	be	AUX
fbem-1134	65	4	currently	currently	ADV
fbem-1134	65	5	regulated	regulate	VERB
fbem-1134	65	6	by	by	ADP
fbem-1134	65	7	finra	finra	PROPN
fbem-1134	65	8	,	,	PUNCT
fbem-1134	65	9	which	which	PRON
fbem-1134	65	10	was	be	AUX
fbem-1134	65	11	created	create	VERB
fbem-1134	65	12	in	in	ADP
fbem-1134	65	13	july	july	PROPN
fbem-1134	65	14	2007	2007	NUM
fbem-1134	65	15	through	through	ADP
fbem-1134	65	16	the	the	DET
fbem-1134	65	17	consolidation	consolidation	NOUN
fbem-1134	65	18	of	of	ADP
fbem-1134	65	19	the	the	DET
fbem-1134	65	20	regulatory	regulatory	ADJ
fbem-1134	65	21	,	,	PUNCT
fbem-1134	65	22	enforcement	enforcement	NOUN
fbem-1134	65	23	and	and	CCONJ
fbem-1134	65	24	arbitration	arbitration	NOUN
fbem-1134	65	25	arms	arm	NOUN
fbem-1134	65	26	of	of	ADP
fbem-1134	65	27	nasd	nasd	NOUN
fbem-1134	65	28	and	and	CCONJ
fbem-1134	65	29	the	the	DET
fbem-1134	65	30	new	new	PROPN
fbem-1134	65	31	york	york	PROPN
fbem-1134	65	32	stock	stock	PROPN
fbem-1134	65	33	exchange	exchange	PROPN
fbem-1134	65	34	.	.	PUNCT
fbem-1134	66	1	"	"	PUNCT
fbem-1134	66	2	finra	finra	NOUN
fbem-1134	66	3	regulates	regulate	VERB
fbem-1134	66	4	nearly	nearly	ADV
fbem-1134	66	5	4,800	4,800	NUM
fbem-1134	66	6	brokerage	brokerage	NOUN
fbem-1134	66	7	firms	firm	NOUN
fbem-1134	66	8	,	,	PUNCT
fbem-1134	66	9	approximately	approximately	ADV
fbem-1134	66	10	172,000	172,000	NUM
fbem-1134	66	11	branches	branch	NOUN
fbem-1134	66	12	and	and	CCONJ
fbem-1134	66	13	approximately	approximately	ADV
fbem-1134	66	14	646,000	646,000	NUM
fbem-1134	66	15	registered	register	VERB
fbem-1134	66	16	securities	security	NOUN
fbem-1134	66	17	representatives	representative	NOUN
fbem-1134	66	18	.	.	PUNCT
fbem-1134	67	1	under	under	ADP
fbem-1134	67	2	contract	contract	NOUN
fbem-1134	67	3	,	,	PUNCT
fbem-1134	67	4	finra	finra	PROPN
fbem-1134	67	5	also	also	ADV
fbem-1134	67	6	regulates	regulate	VERB
fbem-1134	67	7	the	the	DET
fbem-1134	67	8	markets	market	NOUN
fbem-1134	67	9	of	of	ADP
fbem-1134	67	10	the	the	DET
fbem-1134	67	11	nasdaq	nasdaq	PROPN
fbem-1134	67	12	market	market	NOUN
fbem-1134	67	13	,	,	PUNCT
fbem-1134	67	14	the	the	DET
fbem-1134	67	15	national	national	PROPN
fbem-1134	67	16	stock	stock	PROPN
fbem-1134	67	17	exchange	exchange	PROPN
fbem-1134	67	18	,	,	PUNCT
fbem-1134	67	19	the	the	DET
fbem-1134	67	20	pacific	pacific	PROPN
fbem-1134	67	21	stock	stock	PROPN
fbem-1134	67	22	exchange	exchange	PROPN
fbem-1134	67	23	and	and	CCONJ
fbem-1134	67	24	the	the	DET
fbem-1134	67	25	chicago	chicago	PROPN
fbem-1134	67	26	climate	climate	NOUN
fbem-1134	67	27	exchange	exchange	NOUN
fbem-1134	67	28	.	.	PUNCT
fbem-1134	68	1	(	(	PUNCT
fbem-1134	68	2	2)regulation	2)regulation	NUM
fbem-1134	68	3	by	by	ADP
fbem-1134	68	4	the	the	DET
fbem-1134	68	5	sec	sec	PROPN
fbem-1134	68	6	.	.	PUNCT
fbem-1134	69	1	otcbb	otcbb	PROPN
fbem-1134	69	2	issuers	issuer	NOUN
fbem-1134	69	3	of	of	ADP
fbem-1134	69	4	securities	security	NOUN
fbem-1134	69	5	must	must	AUX
fbem-1134	69	6	register	register	VERB
fbem-1134	69	7	with	with	ADP
fbem-1134	69	8	the	the	DET
fbem-1134	69	9	sec	sec	PROPN
fbem-1134	69	10	.	.	PUNCT
fbem-1134	70	1	issuers	issuer	NOUN
fbem-1134	70	2	of	of	ADP
fbem-1134	70	3	securities	security	NOUN
fbem-1134	70	4	created	create	VERB
fbem-1134	70	5	under	under	ADP
fbem-1134	70	6	the	the	DET
fbem-1134	70	7	securities	security	NOUN
fbem-1134	70	8	act	act	NOUN
fbem-1134	70	9	can	can	AUX
fbem-1134	70	10	not	not	PART
fbem-1134	70	11	list	list	VERB
fbem-1134	70	12	on	on	ADP
fbem-1134	70	13	the	the	DET
fbem-1134	70	14	otcbb	otcbb	NOUN
fbem-1134	70	15	until	until	SCONJ
fbem-1134	70	16	any	any	DET
fbem-1134	70	17	interpretive	interpretive	ADJ
fbem-1134	70	18	issues	issue	NOUN
fbem-1134	70	19	with	with	ADP
fbem-1134	70	20	the	the	DET
fbem-1134	70	21	sec	sec	PROPN
fbem-1134	70	22	have	have	AUX
fbem-1134	70	23	been	be	AUX
fbem-1134	70	24	explained	explain	VERB
fbem-1134	70	25	and	and	CCONJ
fbem-1134	70	26	their	their	PRON
fbem-1134	70	27	registration	registration	NOUN
fbem-1134	70	28	documents	document	NOUN
fbem-1134	70	29	have	have	AUX
fbem-1134	70	30	become	become	VERB
fbem-1134	70	31	effective	effective	ADJ
fbem-1134	70	32	.	.	PUNCT
fbem-1134	71	1	issuers	issuer	NOUN
fbem-1134	71	2	that	that	PRON
fbem-1134	71	3	file	file	VERB
fbem-1134	71	4	electronically	electronically	ADV
fbem-1134	71	5	with	with	ADP
fbem-1134	71	6	the	the	DET
fbem-1134	71	7	sec	sec	PROPN
fbem-1134	71	8	through	through	ADP
fbem-1134	71	9	edgar	edgar	NOUN
fbem-1134	71	10	are	be	AUX
fbem-1134	71	11	no	no	ADV
fbem-1134	71	12	longer	long	ADV
fbem-1134	71	13	required	require	VERB
fbem-1134	71	14	to	to	PART
fbem-1134	71	15	provide	provide	VERB
fbem-1134	71	16	a	a	DET
fbem-1134	71	17	copy	copy	NOUN
fbem-1134	71	18	of	of	ADP
fbem-1134	71	19	the	the	DET
fbem-1134	71	20	report	report	NOUN
fbem-1134	71	21	to	to	ADP
fbem-1134	71	22	finra	finra	PROPN
fbem-1134	71	23	.	.	PUNCT
fbem-1134	72	1	2	2	X
fbem-1134	72	2	.	.	X
fbem-1134	72	3	a	a	DET
fbem-1134	72	4	comparison	comparison	NOUN
fbem-1134	72	5	of	of	ADP
fbem-1134	72	6	the	the	DET
fbem-1134	72	7	regulatory	regulatory	ADJ
fbem-1134	72	8	mechanisms	mechanism	NOUN
fbem-1134	72	9	of	of	ADP
fbem-1134	72	10	the	the	DET
fbem-1134	72	11	multi	multi	ADJ
fbem-1134	72	12	-	-	ADJ
fbem-1134	72	13	level	level	ADJ
fbem-1134	72	14	capital	capital	NOUN
fbem-1134	72	15	markets	market	NOUN
fbem-1134	72	16	in	in	ADP
fbem-1134	72	17	the	the	DET
fbem-1134	72	18	us	us	PROPN
fbem-1134	72	19	and	and	CCONJ
fbem-1134	72	20	china	china	PROPN
fbem-1134	72	21	2.1	2.1	NUM
fbem-1134	72	22	.	.	PUNCT
fbem-1134	73	1	advantages	advantage	NOUN
fbem-1134	73	2	and	and	CCONJ
fbem-1134	73	3	disadvantages	disadvantage	NOUN
fbem-1134	73	4	of	of	ADP
fbem-1134	73	5	the	the	DET
fbem-1134	73	6	us	us	PROPN
fbem-1134	73	7	regulatory	regulatory	ADJ
fbem-1134	73	8	model	model	NOUN
fbem-1134	73	9	2.1.1	2.1.1	NUM
fbem-1134	73	10	.	.	PUNCT
fbem-1134	74	1	the	the	DET
fbem-1134	74	2	overall	overall	ADJ
fbem-1134	74	3	strength	strength	NOUN
fbem-1134	74	4	of	of	ADP
fbem-1134	74	5	the	the	DET
fbem-1134	74	6	post	post	NOUN
fbem-1134	74	7	-	-	NOUN
fbem-1134	74	8	depression	depression	ADJ
fbem-1134	74	9	us	us	PROPN
fbem-1134	74	10	securities	security	NOUN
fbem-1134	74	11	regulatory	regulatory	ADJ
fbem-1134	74	12	model	model	NOUN
fbem-1134	74	13	the	the	DET
fbem-1134	74	14	us	us	PROPN
fbem-1134	74	15	securities	securities	PROPN
fbem-1134	74	16	and	and	CCONJ
fbem-1134	74	17	exchange	exchange	PROPN
fbem-1134	74	18	commission	commission	PROPN
fbem-1134	74	19	(	(	PUNCT
fbem-1134	74	20	sec	sec	PROPN
fbem-1134	74	21	)	)	PUNCT
fbem-1134	74	22	is	be	AUX
fbem-1134	74	23	known	know	VERB
fbem-1134	74	24	worldwide	worldwide	ADV
fbem-1134	74	25	for	for	ADP
fbem-1134	74	26	its	its	PRON
fbem-1134	74	27	high	high	ADJ
fbem-1134	74	28	degree	degree	NOUN
fbem-1134	74	29	of	of	ADP
fbem-1134	74	30	independence	independence	NOUN
fbem-1134	74	31	,	,	PUNCT
fbem-1134	74	32	with	with	ADP
fbem-1134	74	33	the	the	DET
fbem-1134	74	34	sec	sec	PROPN
fbem-1134	74	35	operating	operate	VERB
fbem-1134	74	36	on	on	ADP
fbem-1134	74	37	a	a	DET
fbem-1134	74	38	commission	commission	NOUN
fbem-1134	74	39	basis	basis	NOUN
fbem-1134	74	40	,	,	PUNCT
fbem-1134	74	41	independent	independent	ADJ
fbem-1134	74	42	of	of	ADP
fbem-1134	74	43	the	the	DET
fbem-1134	74	44	traditional	traditional	ADJ
fbem-1134	74	45	legislative	legislative	ADJ
fbem-1134	74	46	,	,	PUNCT
fbem-1134	74	47	judicial	judicial	ADJ
fbem-1134	74	48	and	and	CCONJ
fbem-1134	74	49	executive	executive	ADJ
fbem-1134	74	50	powers	power	NOUN
fbem-1134	74	51	.	.	PUNCT
fbem-1134	75	1	in	in	ADP
fbem-1134	75	2	terms	term	NOUN
fbem-1134	75	3	of	of	ADP
fbem-1134	75	4	personnel	personnel	NOUN
fbem-1134	75	5	independence	independence	NOUN
fbem-1134	75	6	,	,	PUNCT
fbem-1134	75	7	the	the	DET
fbem-1134	75	8	sec	sec	PROPN
fbem-1134	75	9	's	's	PART
fbem-1134	75	10	commissioners	commissioner	NOUN
fbem-1134	75	11	are	be	AUX
fbem-1134	75	12	nominated	nominate	VERB
fbem-1134	75	13	by	by	ADP
fbem-1134	75	14	the	the	DET
fbem-1134	75	15	president	president	NOUN
fbem-1134	75	16	and	and	CCONJ
fbem-1134	75	17	approved	approve	VERB
fbem-1134	75	18	by	by	ADP
fbem-1134	75	19	congress	congress	PROPN
fbem-1134	75	20	.	.	PUNCT
fbem-1134	76	1	terms	term	NOUN
fbem-1134	76	2	of	of	ADP
fbem-1134	76	3	office	office	NOUN
fbem-1134	76	4	are	be	AUX
fbem-1134	76	5	staggered	stagger	VERB
fbem-1134	76	6	and	and	CCONJ
fbem-1134	76	7	do	do	AUX
fbem-1134	76	8	not	not	PART
fbem-1134	76	9	coincide	coincide	VERB
fbem-1134	76	10	with	with	ADP
fbem-1134	76	11	the	the	DET
fbem-1134	76	12	presidential	presidential	ADJ
fbem-1134	76	13	term	term	NOUN
fbem-1134	76	14	,	,	PUNCT
fbem-1134	76	15	and	and	CCONJ
fbem-1134	76	16	commissioners	commissioner	NOUN
fbem-1134	76	17	are	be	AUX
fbem-1134	76	18	not	not	PART
fbem-1134	76	19	allowed	allow	VERB
fbem-1134	76	20	to	to	PART
fbem-1134	76	21	hold	hold	VERB
fbem-1134	76	22	other	other	ADJ
fbem-1134	76	23	offices	office	NOUN
fbem-1134	76	24	or	or	CCONJ
fbem-1134	76	25	engage	engage	VERB
fbem-1134	76	26	in	in	ADP
fbem-1134	76	27	securities	security	NOUN
fbem-1134	76	28	-	-	PUNCT
fbem-1134	76	29	related	relate	VERB
fbem-1134	76	30	activities	activity	NOUN
fbem-1134	76	31	.	.	PUNCT
fbem-1134	77	1	in	in	ADP
fbem-1134	77	2	terms	term	NOUN
fbem-1134	77	3	of	of	ADP
fbem-1134	77	4	financial	financial	ADJ
fbem-1134	77	5	independence	independence	NOUN
fbem-1134	77	6	,	,	PUNCT
fbem-1134	77	7	the	the	DET
fbem-1134	77	8	sec	sec	PROPN
fbem-1134	77	9	has	have	VERB
fbem-1134	77	10	an	an	DET
fbem-1134	77	11	independent	independent	ADJ
fbem-1134	77	12	budget	budget	NOUN
fbem-1134	77	13	,	,	PUNCT
fbem-1134	77	14	which	which	PRON
fbem-1134	77	15	is	be	AUX
fbem-1134	77	16	submitted	submit	VERB
fbem-1134	77	17	by	by	ADP
fbem-1134	77	18	the	the	DET
fbem-1134	77	19	president	president	PROPN
fbem-1134	77	20	to	to	ADP
fbem-1134	77	21	congress	congress	PROPN
fbem-1134	77	22	for	for	ADP
fbem-1134	77	23	appropriation	appropriation	NOUN
fbem-1134	77	24	.	.	PUNCT
fbem-1134	78	1	in	in	ADP
fbem-1134	78	2	terms	term	NOUN
fbem-1134	78	3	of	of	ADP
fbem-1134	78	4	regulatory	regulatory	ADJ
fbem-1134	78	5	independence	independence	NOUN
fbem-1134	78	6	,	,	PUNCT
fbem-1134	78	7	the	the	DET
fbem-1134	78	8	sec	sec	PROPN
fbem-1134	78	9	enjoys	enjoy	VERB
fbem-1134	78	10	quasi	quasi	ADJ
fbem-1134	78	11	-	-	ADJ
fbem-1134	78	12	legislative	legislative	ADJ
fbem-1134	78	13	and	and	CCONJ
fbem-1134	78	14	quasi	quasi	ADJ
fbem-1134	78	15	-	-	ADJ
fbem-1134	78	16	judicial	judicial	ADJ
fbem-1134	78	17	powers	power	NOUN
fbem-1134	78	18	,	,	PUNCT
fbem-1134	78	19	and	and	CCONJ
fbem-1134	78	20	the	the	DET
fbem-1134	78	21	sec	sec	PROPN
fbem-1134	78	22	enjoys	enjoy	VERB
fbem-1134	78	23	very	very	ADV
fbem-1134	78	24	broad	broad	ADJ
fbem-1134	78	25	powers	power	NOUN
fbem-1134	78	26	in	in	ADP
fbem-1134	78	27	addition	addition	NOUN
fbem-1134	78	28	to	to	ADP
fbem-1134	78	29	being	be	AUX
fbem-1134	78	30	subject	subject	ADJ
fbem-1134	78	31	to	to	ADP
fbem-1134	78	32	the	the	DET
fbem-1134	78	33	administrative	administrative	ADJ
fbem-1134	78	34	procedure	procedure	NOUN
fbem-1134	78	35	act	act	NOUN
fbem-1134	78	36	and	and	CCONJ
fbem-1134	78	37	the	the	DET
fbem-1134	78	38	us	us	PROPN
fbem-1134	78	39	office	office	NOUN
fbem-1134	78	40	of	of	ADP
fbem-1134	78	41	administration	administration	NOUN
fbem-1134	78	42	and	and	CCONJ
fbem-1134	78	43	budget	budget	NOUN
fbem-1134	78	44	(	(	PUNCT
fbem-1134	78	45	omb	omb	NOUN
fbem-1134	78	46	)	)	PUNCT
fbem-1134	78	47	and	and	CCONJ
fbem-1134	78	48	the	the	DET
fbem-1134	78	49	office	office	NOUN
fbem-1134	78	50	of	of	ADP
fbem-1134	78	51	information	information	NOUN
fbem-1134	78	52	and	and	CCONJ
fbem-1134	78	53	regulatory	regulatory	ADJ
fbem-1134	78	54	affairs	affair	NOUN
fbem-1134	78	55	(	(	PUNCT
fbem-1134	78	56	oira	oira	PROPN
fbem-1134	78	57	)	)	PUNCT
fbem-1134	78	58	for	for	ADP
fbem-1134	78	59	its	its	PRON
fbem-1134	78	60	activities	activity	NOUN
fbem-1134	78	61	.	.	PUNCT
fbem-1134	79	1	the	the	DET
fbem-1134	79	2	sec	sec	PROPN
fbem-1134	79	3	in	in	ADP
fbem-1134	79	4	the	the	DET
fbem-1134	79	5	us	us	PROPN
fbem-1134	79	6	enjoys	enjoy	VERB
fbem-1134	79	7	quasi	quasi	ADJ
fbem-1134	79	8	-	-	ADJ
fbem-1134	79	9	legislative	legislative	ADJ
fbem-1134	79	10	and	and	CCONJ
fbem-1134	79	11	quasijudicial	quasijudicial	ADJ
fbem-1134	79	12	powers	power	NOUN
fbem-1134	79	13	.	.	PUNCT
fbem-1134	80	1	as	as	ADP
fbem-1134	80	2	a	a	DET
fbem-1134	80	3	specialised	specialised	ADJ
fbem-1134	80	4	authority	authority	NOUN
fbem-1134	80	5	,	,	PUNCT
fbem-1134	80	6	the	the	DET
fbem-1134	80	7	sec	sec	PROPN
fbem-1134	80	8	has	have	AUX
fbem-1134	80	9	enacted	enact	VERB
fbem-1134	80	10	a	a	DET
fbem-1134	80	11	number	number	NOUN
fbem-1134	80	12	of	of	ADP
fbem-1134	80	13	effective	effective	ADJ
fbem-1134	80	14	laws	law	NOUN
fbem-1134	80	15	and	and	CCONJ
fbem-1134	80	16	regulations	regulation	NOUN
fbem-1134	80	17	and	and	CCONJ
fbem-1134	80	18	relies	rely	VERB
fbem-1134	80	19	on	on	ADP
fbem-1134	80	20	its	its	PRON
fbem-1134	80	21	strong	strong	ADJ
fbem-1134	80	22	enforcement	enforcement	NOUN
fbem-1134	80	23	capabilities	capability	NOUN
fbem-1134	80	24	to	to	PART
fbem-1134	80	25	implement	implement	VERB
fbem-1134	80	26	them	they	PRON
fbem-1134	80	27	quickly	quickly	ADV
fbem-1134	80	28	.	.	PUNCT
fbem-1134	81	1	us	we	PRON
fbem-1134	81	2	securities	security	NOUN
fbem-1134	81	3	regulation	regulation	NOUN
fbem-1134	81	4	has	have	AUX
fbem-1134	81	5	taken	take	VERB
fbem-1134	81	6	shape	shape	NOUN
fbem-1134	81	7	based	base	VERB
fbem-1134	81	8	on	on	ADP
fbem-1134	81	9	the	the	DET
fbem-1134	81	10	federal	federal	PROPN
fbem-1134	81	11	securities	securities	PROPN
fbem-1134	81	12	act	act	NOUN
fbem-1134	81	13	of	of	ADP
fbem-1134	81	14	1933	1933	NUM
fbem-1134	81	15	and	and	CCONJ
fbem-1134	81	16	the	the	DET
fbem-1134	81	17	securities	securities	PROPN
fbem-1134	81	18	exchange	exchange	PROPN
fbem-1134	81	19	act	act	NOUN
fbem-1134	81	20	of	of	ADP
fbem-1134	81	21	1934	1934	NUM
fbem-1134	81	22	,	,	PUNCT
fbem-1134	81	23	with	with	ADP
fbem-1134	81	24	other	other	ADJ
fbem-1134	81	25	laws	law	NOUN
fbem-1134	81	26	such	such	ADJ
fbem-1134	81	27	as	as	ADP
fbem-1134	81	28	the	the	DET
fbem-1134	81	29	public	public	ADJ
fbem-1134	81	30	service	service	NOUN
fbem-1134	81	31	holding	hold	VERB
fbem-1134	81	32	company	company	NOUN
fbem-1134	81	33	act	act	NOUN
fbem-1134	81	34	of	of	ADP
fbem-1134	81	35	1935	1935	NUM
fbem-1134	81	36	,	,	PUNCT
fbem-1134	81	37	the	the	DET
fbem-1134	81	38	trust	trust	NOUN
fbem-1134	81	39	contracts	contract	NOUN
fbem-1134	81	40	act	act	NOUN
fbem-1134	81	41	of	of	ADP
fbem-1134	81	42	1939	1939	NUM
fbem-1134	81	43	,	,	PUNCT
fbem-1134	81	44	the	the	DET
fbem-1134	81	45	investment	investment	NOUN
fbem-1134	81	46	company	company	NOUN
fbem-1134	81	47	act	act	NOUN
fbem-1134	81	48	of	of	ADP
fbem-1134	81	49	1940	1940	NUM
fbem-1134	81	50	,	,	PUNCT
fbem-1134	81	51	the	the	DET
fbem-1134	81	52	investment	investment	NOUN
fbem-1134	81	53	advisers	adviser	NOUN
fbem-1134	81	54	act	act	VERB
fbem-1134	81	55	of	of	ADP
fbem-1134	81	56	1940	1940	NUM
fbem-1134	81	57	,	,	PUNCT
fbem-1134	81	58	the	the	DET
fbem-1134	81	59	securities	security	NOUN
fbem-1134	81	60	investor	investor	PROPN
fbem-1134	81	61	protection	protection	PROPN
fbem-1134	81	62	act	act	NOUN
fbem-1134	81	63	of	of	ADP
fbem-1134	81	64	1970	1970	NUM
fbem-1134	81	65	,	,	PUNCT
fbem-1134	81	66	the	the	DET
fbem-1134	81	67	bankruptcy	bankruptcy	NOUN
fbem-1134	81	68	reform	reform	PROPN
fbem-1134	81	69	act	act	NOUN
fbem-1134	81	70	of	of	ADP
fbem-1134	81	71	1978	1978	NUM
fbem-1134	81	72	,	,	PUNCT
fbem-1134	81	73	the	the	DET
fbem-1134	81	74	the	the	DET
fbem-1134	81	75	insider	insider	NOUN
fbem-1134	81	76	trading	trading	NOUN
fbem-1134	81	77	sanctions	sanction	NOUN
fbem-1134	81	78	act	act	NOUN
fbem-1134	81	79	of	of	ADP
fbem-1134	81	80	1984	1984	NUM
fbem-1134	81	81	is	be	AUX
fbem-1134	81	82	the	the	DET
fbem-1134	81	83	most	most	ADV
fbem-1134	81	84	comprehensive	comprehensive	ADJ
fbem-1134	81	85	body	body	NOUN
fbem-1134	81	86	of	of	ADP
fbem-1134	81	87	law	law	NOUN
fbem-1134	81	88	in	in	ADP
fbem-1134	81	89	the	the	DET
fbem-1134	81	90	world	world	NOUN
fbem-1134	81	91	,	,	PUNCT
fbem-1134	81	92	with	with	ADP
fbem-1134	81	93	appropriate	appropriate	ADJ
fbem-1134	81	94	adjustments	adjustment	NOUN
fbem-1134	81	95	and	and	CCONJ
fbem-1134	81	96	new	new	ADJ
fbem-1134	81	97	dominant	dominant	ADJ
fbem-1134	81	98	laws	law	NOUN
fbem-1134	81	99	enacted	enact	VERB
fbem-1134	81	100	with	with	ADP
fbem-1134	81	101	each	each	DET
fbem-1134	81	102	crisis	crisis	NOUN
fbem-1134	81	103	.	.	PUNCT
fbem-1134	82	1	its	its	PRON
fbem-1134	82	2	special	special	ADJ
fbem-1134	82	3	rotating	rotate	VERB
fbem-1134	82	4	system	system	NOUN
fbem-1134	82	5	of	of	ADP
fbem-1134	82	6	committees	committee	NOUN
fbem-1134	82	7	has	have	AUX
fbem-1134	82	8	led	lead	VERB
fbem-1134	82	9	to	to	ADP
fbem-1134	82	10	a	a	DET
fbem-1134	82	11	more	more	ADV
fbem-1134	82	12	comprehensive	comprehensive	ADJ
fbem-1134	82	13	and	and	CCONJ
fbem-1134	82	14	long	long	ADJ
fbem-1134	82	15	-	-	PUNCT
fbem-1134	82	16	term	term	NOUN
fbem-1134	82	17	view	view	NOUN
fbem-1134	82	18	of	of	ADP
fbem-1134	82	19	the	the	DET
fbem-1134	82	20	legal	legal	ADJ
fbem-1134	82	21	system	system	NOUN
fbem-1134	82	22	and	and	CCONJ
fbem-1134	82	23	a	a	DET
fbem-1134	82	24	55	55	NUM
fbem-1134	82	25	more	more	ADV
fbem-1134	82	26	holistic	holistic	ADJ
fbem-1134	82	27	approach	approach	NOUN
fbem-1134	82	28	.	.	PUNCT
fbem-1134	83	1	the	the	DET
fbem-1134	83	2	us	us	PROPN
fbem-1134	83	3	centralized	centralize	VERB
fbem-1134	83	4	regulatory	regulatory	ADJ
fbem-1134	83	5	model	model	NOUN
fbem-1134	83	6	was	be	AUX
fbem-1134	83	7	not	not	PART
fbem-1134	83	8	established	establish	VERB
fbem-1134	83	9	with	with	ADP
fbem-1134	83	10	the	the	DET
fbem-1134	83	11	intention	intention	NOUN
fbem-1134	83	12	of	of	ADP
fbem-1134	83	13	destroying	destroy	VERB
fbem-1134	83	14	the	the	DET
fbem-1134	83	15	free	free	ADJ
fbem-1134	83	16	market	market	NOUN
fbem-1134	83	17	,	,	PUNCT
fbem-1134	83	18	but	but	CCONJ
fbem-1134	83	19	rather	rather	ADV
fbem-1134	83	20	to	to	PART
fbem-1134	83	21	maintain	maintain	VERB
fbem-1134	83	22	the	the	DET
fbem-1134	83	23	good	good	ADJ
fbem-1134	83	24	order	order	NOUN
fbem-1134	83	25	of	of	ADP
fbem-1134	83	26	the	the	DET
fbem-1134	83	27	free	free	ADJ
fbem-1134	83	28	market	market	NOUN
fbem-1134	83	29	.	.	PUNCT
fbem-1134	84	1	from	from	ADP
fbem-1134	84	2	the	the	DET
fbem-1134	84	3	very	very	ADJ
fbem-1134	84	4	beginning	beginning	NOUN
fbem-1134	84	5	,	,	PUNCT
fbem-1134	84	6	the	the	DET
fbem-1134	84	7	us	us	PROPN
fbem-1134	84	8	securities	security	NOUN
fbem-1134	84	9	regulatory	regulatory	ADJ
fbem-1134	84	10	system	system	NOUN
fbem-1134	84	11	has	have	AUX
fbem-1134	84	12	been	be	AUX
fbem-1134	84	13	transformed	transform	VERB
fbem-1134	84	14	from	from	ADP
fbem-1134	84	15	the	the	DET
fbem-1134	84	16	"	"	PUNCT
fbem-1134	84	17	buyer	buyer	NOUN
fbem-1134	84	18	pays	pay	VERB
fbem-1134	84	19	"	"	PUNCT
fbem-1134	84	20	principle	principle	NOUN
fbem-1134	84	21	to	to	ADP
fbem-1134	84	22	the	the	DET
fbem-1134	84	23	"	"	PUNCT
fbem-1134	84	24	seller	seller	NOUN
fbem-1134	84	25	is	be	AUX
fbem-1134	84	26	responsible	responsible	ADJ
fbem-1134	84	27	"	"	PUNCT
fbem-1134	84	28	principle	principle	NOUN
fbem-1134	84	29	,	,	PUNCT
fbem-1134	84	30	requiring	require	VERB
fbem-1134	84	31	sellers	seller	NOUN
fbem-1134	84	32	to	to	PART
fbem-1134	84	33	make	make	VERB
fbem-1134	84	34	statutory	statutory	ADJ
fbem-1134	84	35	disclosures	disclosure	NOUN
fbem-1134	84	36	to	to	ADP
fbem-1134	84	37	buyers	buyer	NOUN
fbem-1134	84	38	or	or	CCONJ
fbem-1134	84	39	the	the	DET
fbem-1134	84	40	market	market	NOUN
fbem-1134	84	41	for	for	ADP
fbem-1134	84	42	the	the	DET
fbem-1134	84	43	securities	security	NOUN
fbem-1134	84	44	they	they	PRON
fbem-1134	84	45	sell	sell	VERB
fbem-1134	84	46	,	,	PUNCT
fbem-1134	84	47	and	and	CCONJ
fbem-1134	84	48	opposing	oppose	VERB
fbem-1134	84	49	fraud	fraud	NOUN
fbem-1134	84	50	and	and	CCONJ
fbem-1134	84	51	information	information	NOUN
fbem-1134	84	52	asymmetry	asymmetry	NOUN
fbem-1134	84	53	.	.	PUNCT
fbem-1134	85	1	it	it	PRON
fbem-1134	85	2	is	be	AUX
fbem-1134	85	3	hoped	hope	VERB
fbem-1134	85	4	that	that	SCONJ
fbem-1134	85	5	the	the	DET
fbem-1134	85	6	government	government	NOUN
fbem-1134	85	7	will	will	AUX
fbem-1134	85	8	intervene	intervene	VERB
fbem-1134	85	9	in	in	ADP
fbem-1134	85	10	the	the	DET
fbem-1134	85	11	process	process	NOUN
fbem-1134	85	12	of	of	ADP
fbem-1134	85	13	regulating	regulate	VERB
fbem-1134	85	14	the	the	DET
fbem-1134	85	15	disclosure	disclosure	NOUN
fbem-1134	85	16	of	of	ADP
fbem-1134	85	17	information	information	NOUN
fbem-1134	85	18	by	by	ADP
fbem-1134	85	19	market	market	NOUN
fbem-1134	85	20	participants	participant	NOUN
fbem-1134	85	21	to	to	PART
fbem-1134	85	22	avoid	avoid	VERB
fbem-1134	85	23	the	the	DET
fbem-1134	85	24	imbalance	imbalance	NOUN
fbem-1134	85	25	in	in	ADP
fbem-1134	85	26	the	the	DET
fbem-1134	85	27	market	market	NOUN
fbem-1134	85	28	game	game	NOUN
fbem-1134	85	29	caused	cause	VERB
fbem-1134	85	30	by	by	ADP
fbem-1134	85	31	"	"	PUNCT
fbem-1134	85	32	information	information	NOUN
fbem-1134	85	33	asymmetry	asymmetry	NOUN
fbem-1134	85	34	"	"	PUNCT
fbem-1134	85	35	.	.	PUNCT
fbem-1134	86	1	the	the	DET
fbem-1134	86	2	principle	principle	NOUN
fbem-1134	86	3	of	of	ADP
fbem-1134	86	4	disclosure	disclosure	NOUN
fbem-1134	86	5	has	have	AUX
fbem-1134	86	6	always	always	ADV
fbem-1134	86	7	been	be	AUX
fbem-1134	86	8	the	the	DET
fbem-1134	86	9	aim	aim	NOUN
fbem-1134	86	10	of	of	ADP
fbem-1134	86	11	the	the	DET
fbem-1134	86	12	sec	sec	PROPN
fbem-1134	86	13	's	's	PART
fbem-1134	86	14	legislative	legislative	ADJ
fbem-1134	86	15	enforcement	enforcement	NOUN
fbem-1134	86	16	and	and	CCONJ
fbem-1134	86	17	regulation	regulation	NOUN
fbem-1134	86	18	,	,	PUNCT
fbem-1134	86	19	not	not	PART
fbem-1134	86	20	to	to	PART
fbem-1134	86	21	emphasize	emphasize	VERB
fbem-1134	86	22	scrutiny	scrutiny	NOUN
fbem-1134	86	23	but	but	CCONJ
fbem-1134	86	24	disclosure	disclosure	NOUN
fbem-1134	86	25	,	,	PUNCT
fbem-1134	86	26	to	to	PART
fbem-1134	86	27	protect	protect	VERB
fbem-1134	86	28	the	the	DET
fbem-1134	86	29	interests	interest	NOUN
fbem-1134	86	30	of	of	ADP
fbem-1134	86	31	public	public	ADJ
fbem-1134	86	32	investors	investor	NOUN
fbem-1134	86	33	and	and	CCONJ
fbem-1134	86	34	to	to	PART
fbem-1134	86	35	try	try	VERB
fbem-1134	86	36	to	to	PART
fbem-1134	86	37	maintain	maintain	VERB
fbem-1134	86	38	a	a	DET
fbem-1134	86	39	fair	fair	ADJ
fbem-1134	86	40	and	and	CCONJ
fbem-1134	86	41	equitable	equitable	ADJ
fbem-1134	86	42	market	market	NOUN
fbem-1134	86	43	.	.	PUNCT
fbem-1134	87	1	2.1.2	2.1.2	X
fbem-1134	87	2	.	.	PUNCT
fbem-1134	87	3	the	the	DET
fbem-1134	87	4	downside	downside	NOUN
fbem-1134	87	5	of	of	ADP
fbem-1134	87	6	us	us	PROPN
fbem-1134	87	7	regulation	regulation	NOUN
fbem-1134	87	8	in	in	ADP
fbem-1134	87	9	the	the	DET
fbem-1134	87	10	financial	financial	ADJ
fbem-1134	87	11	crisis	crisis	NOUN
fbem-1134	87	12	since	since	SCONJ
fbem-1134	87	13	the	the	DET
fbem-1134	87	14	1980s	1980s	NUM
fbem-1134	87	15	,	,	PUNCT
fbem-1134	87	16	an	an	DET
fbem-1134	87	17	"	"	PUNCT
fbem-1134	87	18	anti	anti	ADJ
fbem-1134	87	19	-	-	ADJ
fbem-1134	87	20	regulatory	regulatory	ADJ
fbem-1134	87	21	"	"	PUNCT
fbem-1134	87	22	mindset	mindset	NOUN
fbem-1134	87	23	has	have	AUX
fbem-1134	87	24	prevailed	prevail	VERB
fbem-1134	87	25	,	,	PUNCT
fbem-1134	87	26	with	with	ADP
fbem-1134	87	27	many	many	ADJ
fbem-1134	87	28	academics	academic	NOUN
fbem-1134	87	29	and	and	CCONJ
fbem-1134	87	30	experts	expert	NOUN
fbem-1134	87	31	advocating	advocate	VERB
fbem-1134	87	32	liberal	liberal	ADJ
fbem-1134	87	33	markets	market	NOUN
fbem-1134	87	34	,	,	PUNCT
fbem-1134	87	35	leading	lead	VERB
fbem-1134	87	36	the	the	DET
fbem-1134	87	37	sec	sec	PROPN
fbem-1134	87	38	to	to	PART
fbem-1134	87	39	relax	relax	VERB
fbem-1134	87	40	its	its	PRON
fbem-1134	87	41	sense	sense	NOUN
fbem-1134	87	42	of	of	ADP
fbem-1134	87	43	regulation	regulation	NOUN
fbem-1134	87	44	under	under	ADP
fbem-1134	87	45	the	the	DET
fbem-1134	87	46	influence	influence	NOUN
fbem-1134	87	47	of	of	ADP
fbem-1134	87	48	this	this	DET
fbem-1134	87	49	mindset	mindset	NOUN
fbem-1134	87	50	,	,	PUNCT
fbem-1134	87	51	placing	place	VERB
fbem-1134	87	52	too	too	ADV
fbem-1134	87	53	much	much	ADJ
fbem-1134	87	54	faith	faith	NOUN
fbem-1134	87	55	in	in	ADP
fbem-1134	87	56	the	the	DET
fbem-1134	87	57	selfregulatory	selfregulatory	ADJ
fbem-1134	87	58	function	function	NOUN
fbem-1134	87	59	of	of	ADP
fbem-1134	87	60	the	the	DET
fbem-1134	87	61	market	market	NOUN
fbem-1134	87	62	,	,	PUNCT
fbem-1134	87	63	lifting	lift	VERB
fbem-1134	87	64	many	many	ADJ
fbem-1134	87	65	initiatives	initiative	NOUN
fbem-1134	87	66	intended	intend	VERB
fbem-1134	87	67	to	to	PART
fbem-1134	87	68	protect	protect	VERB
fbem-1134	87	69	investors	investor	NOUN
fbem-1134	87	70	and	and	CCONJ
fbem-1134	87	71	strengthen	strengthen	VERB
fbem-1134	87	72	the	the	DET
fbem-1134	87	73	market	market	NOUN
fbem-1134	87	74	,	,	PUNCT
fbem-1134	87	75	and	and	CCONJ
fbem-1134	87	76	even	even	ADV
fbem-1134	87	77	abandoning	abandon	VERB
fbem-1134	87	78	its	its	PRON
fbem-1134	87	79	regulatory	regulatory	ADJ
fbem-1134	87	80	position	position	NOUN
fbem-1134	87	81	for	for	ADP
fbem-1134	87	82	a	a	DET
fbem-1134	87	83	time	time	NOUN
fbem-1134	87	84	.	.	PUNCT
fbem-1134	88	1	in	in	ADP
fbem-1134	88	2	2005	2005	NUM
fbem-1134	88	3	,	,	PUNCT
fbem-1134	88	4	then	then	ADV
fbem-1134	88	5	sec	sec	PROPN
fbem-1134	88	6	chairman	chairman	PROPN
fbem-1134	88	7	christopher	christopher	PROPN
fbem-1134	88	8	cox	cox	PROPN
fbem-1134	88	9	,	,	PUNCT
fbem-1134	88	10	speaking	speak	VERB
fbem-1134	88	11	at	at	ADP
fbem-1134	88	12	the	the	DET
fbem-1134	88	13	economist	economist	NOUN
fbem-1134	88	14	's	's	PART
fbem-1134	88	15	club	club	NOUN
fbem-1134	88	16	,	,	PUNCT
fbem-1134	88	17	quoted	quote	VERB
fbem-1134	88	18	then	then	ADV
fbem-1134	88	19	federal	federal	PROPN
fbem-1134	88	20	reserve	reserve	PROPN
fbem-1134	88	21	chairman	chairman	PROPN
fbem-1134	88	22	alan	alan	PROPN
fbem-1134	88	23	greenspan	greenspan	PROPN
fbem-1134	88	24	as	as	ADP
fbem-1134	88	25	saying	say	VERB
fbem-1134	88	26	that	that	SCONJ
fbem-1134	88	27	"	"	PUNCT
fbem-1134	88	28	the	the	DET
fbem-1134	88	29	best	good	ADJ
fbem-1134	88	30	way	way	NOUN
fbem-1134	88	31	to	to	PART
fbem-1134	88	32	protect	protect	VERB
fbem-1134	88	33	investors	investor	NOUN
fbem-1134	88	34	is	be	AUX
fbem-1134	88	35	to	to	PART
fbem-1134	88	36	have	have	VERB
fbem-1134	88	37	a	a	DET
fbem-1134	88	38	thriving	thrive	VERB
fbem-1134	88	39	economy	economy	NOUN
fbem-1134	88	40	and	and	CCONJ
fbem-1134	88	41	stock	stock	NOUN
fbem-1134	88	42	markets	market	NOUN
fbem-1134	88	43	"	"	PUNCT
fbem-1134	88	44	,	,	PUNCT
fbem-1134	88	45	adding	add	VERB
fbem-1134	88	46	that	that	SCONJ
fbem-1134	88	47	"	"	PUNCT
fbem-1134	88	48	all	all	DET
fbem-1134	88	49	the	the	DET
fbem-1134	88	50	sec	sec	PROPN
fbem-1134	88	51	needs	need	VERB
fbem-1134	88	52	to	to	PART
fbem-1134	88	53	do	do	VERB
fbem-1134	88	54	is	be	AUX
fbem-1134	88	55	help	help	VERB
fbem-1134	88	56	create	create	VERB
fbem-1134	88	57	an	an	DET
fbem-1134	88	58	environment	environment	NOUN
fbem-1134	88	59	that	that	PRON
fbem-1134	88	60	promotes	promote	VERB
fbem-1134	88	61	economic	economic	ADJ
fbem-1134	88	62	growth	growth	NOUN
fbem-1134	88	63	"	"	PUNCT
fbem-1134	88	64	.	.	PUNCT
fbem-1134	89	1	is	be	AUX
fbem-1134	89	2	to	to	PART
fbem-1134	89	3	help	help	VERB
fbem-1134	89	4	create	create	VERB
fbem-1134	89	5	an	an	DET
fbem-1134	89	6	environment	environment	NOUN
fbem-1134	89	7	that	that	PRON
fbem-1134	89	8	promotes	promote	VERB
fbem-1134	89	9	economic	economic	ADJ
fbem-1134	89	10	growth	growth	NOUN
fbem-1134	89	11	......	......	PUNCT
fbem-1134	90	1	in	in	ADP
fbem-1134	90	2	other	other	ADJ
fbem-1134	90	3	words	word	NOUN
fbem-1134	90	4	,	,	PUNCT
fbem-1134	90	5	if	if	SCONJ
fbem-1134	90	6	the	the	DET
fbem-1134	90	7	growth	growth	NOUN
fbem-1134	90	8	bubble	bubble	NOUN
fbem-1134	90	9	does	do	AUX
fbem-1134	90	10	n't	not	PART
fbem-1134	90	11	burst	burst	VERB
fbem-1134	90	12	,	,	PUNCT
fbem-1134	90	13	do	do	AUX
fbem-1134	90	14	n't	not	PART
fbem-1134	90	15	fix	fix	VERB
fbem-1134	90	16	it	it	PRON
fbem-1134	90	17	.	.	PUNCT
fbem-1134	90	18	"	"	PUNCT
fbem-1134	91	1	guided	guide	VERB
fbem-1134	91	2	by	by	ADP
fbem-1134	91	3	this	this	DET
fbem-1134	91	4	ideology	ideology	NOUN
fbem-1134	91	5	,	,	PUNCT
fbem-1134	91	6	he	he	PRON
fbem-1134	91	7	took	take	VERB
fbem-1134	91	8	inaction	inaction	NOUN
fbem-1134	91	9	to	to	ADP
fbem-1134	91	10	the	the	DET
fbem-1134	91	11	extreme	extreme	NOUN
fbem-1134	91	12	and	and	CCONJ
fbem-1134	91	13	was	be	AUX
fbem-1134	91	14	blamed	blame	VERB
fbem-1134	91	15	by	by	ADP
fbem-1134	91	16	the	the	DET
fbem-1134	91	17	wall	wall	PROPN
fbem-1134	91	18	street	street	PROPN
fbem-1134	91	19	journal	journal	PROPN
fbem-1134	91	20	for	for	ADP
fbem-1134	91	21	the	the	DET
fbem-1134	91	22	financial	financial	ADJ
fbem-1134	91	23	crisis	crisis	NOUN
fbem-1134	91	24	.	.	PUNCT
fbem-1134	92	1	accounting	accounting	NOUN
fbem-1134	92	2	regulation	regulation	NOUN
fbem-1134	92	3	standards	standard	NOUN
fbem-1134	92	4	were	be	AUX
fbem-1134	92	5	relaxed	relax	VERB
fbem-1134	92	6	.	.	PUNCT
fbem-1134	93	1	in	in	ADP
fbem-1134	93	2	1975	1975	NUM
fbem-1134	93	3	,	,	PUNCT
fbem-1134	93	4	the	the	DET
fbem-1134	93	5	sec	sec	PROPN
fbem-1134	93	6	stipulated	stipulate	VERB
fbem-1134	93	7	that	that	SCONJ
fbem-1134	93	8	the	the	DET
fbem-1134	93	9	net	net	ADJ
fbem-1134	93	10	capital	capital	NOUN
fbem-1134	93	11	ratio	ratio	NOUN
fbem-1134	93	12	of	of	ADP
fbem-1134	93	13	securities	security	NOUN
fbem-1134	93	14	firms	firm	NOUN
fbem-1134	93	15	'	'	PART
fbem-1134	93	16	liabilities	liability	NOUN
fbem-1134	93	17	should	should	AUX
fbem-1134	93	18	not	not	PART
fbem-1134	93	19	exceed	exceed	VERB
fbem-1134	93	20	12	12	NUM
fbem-1134	93	21	times	time	NOUN
fbem-1134	93	22	,	,	PUNCT
fbem-1134	93	23	and	and	CCONJ
fbem-1134	93	24	provided	provide	VERB
fbem-1134	93	25	for	for	ADP
fbem-1134	93	26	valuation	valuation	NOUN
fbem-1134	93	27	discounts	discount	NOUN
fbem-1134	93	28	for	for	ADP
fbem-1134	93	29	different	different	ADJ
fbem-1134	93	30	financial	financial	ADJ
fbem-1134	93	31	products	product	NOUN
fbem-1134	93	32	based	base	VERB
fbem-1134	93	33	on	on	ADP
fbem-1134	93	34	market	market	NOUN
fbem-1134	93	35	measures	measure	NOUN
fbem-1134	93	36	of	of	ADP
fbem-1134	93	37	trading	trading	NOUN
fbem-1134	93	38	gains	gain	NOUN
fbem-1134	93	39	and	and	CCONJ
fbem-1134	93	40	losses	loss	NOUN
fbem-1134	93	41	.	.	PUNCT
fbem-1134	94	1	this	this	DET
fbem-1134	94	2	regulation	regulation	NOUN
fbem-1134	94	3	was	be	AUX
fbem-1134	94	4	strictly	strictly	ADV
fbem-1134	94	5	enforced	enforce	VERB
fbem-1134	94	6	for	for	ADP
fbem-1134	94	7	about	about	ADV
fbem-1134	94	8	30	30	NUM
fbem-1134	94	9	years	year	NOUN
fbem-1134	94	10	.	.	PUNCT
fbem-1134	95	1	however	however	ADV
fbem-1134	95	2	,	,	PUNCT
fbem-1134	95	3	in	in	ADP
fbem-1134	95	4	2004	2004	NUM
fbem-1134	95	5	,	,	PUNCT
fbem-1134	95	6	the	the	DET
fbem-1134	95	7	sec	sec	PROPN
fbem-1134	95	8	deregulated	deregulate	VERB
fbem-1134	95	9	,	,	PUNCT
fbem-1134	95	10	allowing	allow	VERB
fbem-1134	95	11	brokerages	brokerage	NOUN
fbem-1134	95	12	with	with	ADP
fbem-1134	95	13	capital	capital	NOUN
fbem-1134	95	14	of	of	ADP
fbem-1134	95	15	$	$	SYM
fbem-1134	95	16	5	5	NUM
fbem-1134	95	17	billion	billion	NUM
fbem-1134	95	18	or	or	CCONJ
fbem-1134	95	19	more	more	ADJ
fbem-1134	95	20	to	to	PART
fbem-1134	95	21	not	not	PART
fbem-1134	95	22	have	have	VERB
fbem-1134	95	23	to	to	PART
fbem-1134	95	24	pay	pay	VERB
fbem-1134	95	25	valuation	valuation	NOUN
fbem-1134	95	26	discounts	discount	NOUN
fbem-1134	95	27	and	and	CCONJ
fbem-1134	95	28	to	to	PART
fbem-1134	95	29	have	have	VERB
fbem-1134	95	30	debt	debt	NOUN
fbem-1134	95	31	-	-	PUNCT
fbem-1134	95	32	to	to	ADP
fbem-1134	95	33	-	-	PUNCT
fbem-1134	95	34	net	net	ADJ
fbem-1134	95	35	capital	capital	NOUN
fbem-1134	95	36	ratios	ratio	NOUN
fbem-1134	95	37	of	of	ADP
fbem-1134	95	38	up	up	ADP
fbem-1134	95	39	to	to	PART
fbem-1134	95	40	40	40	NUM
fbem-1134	95	41	times	time	NOUN
fbem-1134	95	42	,	,	PUNCT
fbem-1134	95	43	taking	take	VERB
fbem-1134	95	44	many	many	ADJ
fbem-1134	95	45	large	large	ADJ
fbem-1134	95	46	brokerages	brokerage	NOUN
fbem-1134	95	47	out	out	ADP
fbem-1134	95	48	of	of	ADP
fbem-1134	95	49	the	the	DET
fbem-1134	95	50	sec	sec	PROPN
fbem-1134	95	51	's	's	PART
fbem-1134	95	52	control	control	NOUN
fbem-1134	95	53	.	.	PUNCT
fbem-1134	96	1	inadequate	inadequate	ADJ
fbem-1134	96	2	regulation	regulation	NOUN
fbem-1134	96	3	of	of	ADP
fbem-1134	96	4	rating	rating	NOUN
fbem-1134	96	5	agencies	agency	NOUN
fbem-1134	96	6	.	.	PUNCT
fbem-1134	97	1	the	the	DET
fbem-1134	97	2	credit	credit	NOUN
fbem-1134	97	3	rating	rating	NOUN
fbem-1134	97	4	agency	agency	PROPN
fbem-1134	97	5	reform	reform	PROPN
fbem-1134	97	6	act	act	PROPN
fbem-1134	97	7	(	(	PUNCT
fbem-1134	97	8	crara	crara	NOUN
fbem-1134	97	9	)	)	PUNCT
fbem-1134	97	10	provides	provide	VERB
fbem-1134	97	11	the	the	DET
fbem-1134	97	12	sec	sec	PROPN
fbem-1134	97	13	with	with	ADP
fbem-1134	97	14	the	the	DET
fbem-1134	97	15	power	power	NOUN
fbem-1134	97	16	to	to	PART
fbem-1134	97	17	revoke	revoke	VERB
fbem-1134	97	18	or	or	CCONJ
fbem-1134	97	19	suspend	suspend	VERB
fbem-1134	97	20	the	the	DET
fbem-1134	97	21	license	license	NOUN
fbem-1134	97	22	of	of	ADP
fbem-1134	97	23	any	any	DET
fbem-1134	97	24	rating	rating	NOUN
fbem-1134	97	25	agency	agency	NOUN
fbem-1134	97	26	for	for	ADP
fbem-1134	97	27	a	a	DET
fbem-1134	97	28	range	range	NOUN
fbem-1134	97	29	of	of	ADP
fbem-1134	97	30	reasons	reason	NOUN
fbem-1134	97	31	.	.	PUNCT
fbem-1134	98	1	however	however	ADV
fbem-1134	98	2	,	,	PUNCT
fbem-1134	98	3	when	when	SCONJ
fbem-1134	98	4	public	public	ADJ
fbem-1134	98	5	credit	credit	NOUN
fbem-1134	98	6	rating	rating	NOUN
fbem-1134	98	7	agencies	agency	NOUN
fbem-1134	98	8	such	such	ADJ
fbem-1134	98	9	as	as	ADP
fbem-1134	98	10	moody	moody	PROPN
fbem-1134	98	11	's	's	PART
fbem-1134	98	12	,	,	PUNCT
fbem-1134	98	13	s&p	s&p	PROPN
fbem-1134	98	14	and	and	CCONJ
fbem-1134	98	15	fitch	fitch	PROPN
fbem-1134	98	16	international	international	PROPN
fbem-1134	98	17	gave	give	VERB
fbem-1134	98	18	the	the	DET
fbem-1134	98	19	highest	high	ADJ
fbem-1134	98	20	ratings	rating	NOUN
fbem-1134	98	21	(	(	PUNCT
fbem-1134	98	22	e.g.	e.g.	ADV
fbem-1134	98	23	aaa	aaa	NOUN
fbem-1134	98	24	)	)	PUNCT
fbem-1134	98	25	to	to	ADP
fbem-1134	98	26	a	a	DET
fbem-1134	98	27	pool	pool	NOUN
fbem-1134	98	28	of	of	ADP
fbem-1134	98	29	securities	security	NOUN
fbem-1134	98	30	trapped	trap	VERB
fbem-1134	98	31	in	in	ADP
fbem-1134	98	32	$	$	SYM
fbem-1134	98	33	3.2	3.2	NUM
fbem-1134	98	34	trillion	trillion	NUM
fbem-1134	98	35	of	of	ADP
fbem-1134	98	36	non	non	ADJ
fbem-1134	98	37	-	-	ADJ
fbem-1134	98	38	performing	performing	ADJ
fbem-1134	98	39	mortgages	mortgage	NOUN
fbem-1134	98	40	between	between	ADP
fbem-1134	98	41	2002	2002	NUM
fbem-1134	98	42	and	and	CCONJ
fbem-1134	98	43	2007	2007	NUM
fbem-1134	98	44	,	,	PUNCT
fbem-1134	98	45	the	the	DET
fbem-1134	98	46	sec	sec	PROPN
fbem-1134	98	47	failed	fail	VERB
fbem-1134	98	48	to	to	PART
fbem-1134	98	49	step	step	VERB
fbem-1134	98	50	up	up	ADP
fbem-1134	98	51	to	to	ADP
fbem-1134	98	52	the	the	DET
fbem-1134	98	53	plate	plate	NOUN
fbem-1134	98	54	,	,	PUNCT
fbem-1134	98	55	leaving	leave	VERB
fbem-1134	98	56	many	many	ADJ
fbem-1134	98	57	small	small	ADJ
fbem-1134	98	58	and	and	CCONJ
fbem-1134	98	59	medium	medium	ADJ
fbem-1134	98	60	sized	sized	ADJ
fbem-1134	98	61	investors	investor	NOUN
fbem-1134	98	62	to	to	PART
fbem-1134	98	63	trust	trust	VERB
fbem-1134	98	64	the	the	DET
fbem-1134	98	65	ratings	rating	NOUN
fbem-1134	98	66	and	and	CCONJ
fbem-1134	98	67	opinions	opinion	NOUN
fbem-1134	98	68	issued	issue	VERB
fbem-1134	98	69	by	by	ADP
fbem-1134	98	70	credit	credit	NOUN
fbem-1134	98	71	rating	rating	NOUN
fbem-1134	98	72	agencies	agency	NOUN
fbem-1134	98	73	that	that	PRON
fbem-1134	98	74	lacked	lack	VERB
fbem-1134	98	75	oversight	oversight	NOUN
fbem-1134	98	76	.	.	PUNCT
fbem-1134	99	1	as	as	ADP
fbem-1134	99	2	a	a	DET
fbem-1134	99	3	result	result	NOUN
fbem-1134	99	4	,	,	PUNCT
fbem-1134	99	5	many	many	ADJ
fbem-1134	99	6	small	small	ADJ
fbem-1134	99	7	and	and	CCONJ
fbem-1134	99	8	medium	medium	ADJ
fbem-1134	99	9	sized	sized	ADJ
fbem-1134	99	10	investors	investor	NOUN
fbem-1134	99	11	lost	lose	VERB
fbem-1134	99	12	money	money	NOUN
fbem-1134	99	13	by	by	ADP
fbem-1134	99	14	blindly	blindly	ADV
fbem-1134	99	15	buying	buy	VERB
fbem-1134	99	16	complex	complex	ADJ
fbem-1134	99	17	and	and	CCONJ
fbem-1134	99	18	risky	risky	ADJ
fbem-1134	99	19	financial	financial	ADJ
fbem-1134	99	20	products	product	NOUN
fbem-1134	99	21	based	base	VERB
fbem-1134	99	22	on	on	ADP
fbem-1134	99	23	ratings	rating	NOUN
fbem-1134	99	24	and	and	CCONJ
fbem-1134	99	25	opinions	opinion	NOUN
fbem-1134	99	26	issued	issue	VERB
fbem-1134	99	27	by	by	ADP
fbem-1134	99	28	credit	credit	NOUN
fbem-1134	99	29	rating	rating	NOUN
fbem-1134	99	30	agencies	agency	NOUN
fbem-1134	99	31	that	that	PRON
fbem-1134	99	32	lacked	lack	VERB
fbem-1134	99	33	oversight	oversight	NOUN
fbem-1134	99	34	.	.	PUNCT
fbem-1134	100	1	disclosure	disclosure	NOUN
fbem-1134	100	2	of	of	ADP
fbem-1134	100	3	information	information	NOUN
fbem-1134	100	4	in	in	ADP
fbem-1134	100	5	the	the	DET
fbem-1134	100	6	otc	otc	PROPN
fbem-1134	100	7	market	market	NOUN
fbem-1134	100	8	is	be	AUX
fbem-1134	100	9	unclear	unclear	ADJ
fbem-1134	100	10	.	.	PUNCT
fbem-1134	101	1	"	"	PUNCT
fbem-1134	101	2	disclosure	disclosure	NOUN
fbem-1134	101	3	first	first	ADV
fbem-1134	101	4	"	"	PUNCT
fbem-1134	101	5	is	be	AUX
fbem-1134	101	6	an	an	DET
fbem-1134	101	7	important	important	ADJ
fbem-1134	101	8	standard	standard	NOUN
fbem-1134	101	9	of	of	ADP
fbem-1134	101	10	securities	security	NOUN
fbem-1134	101	11	regulation	regulation	NOUN
fbem-1134	101	12	in	in	ADP
fbem-1134	101	13	the	the	DET
fbem-1134	101	14	united	united	PROPN
fbem-1134	101	15	states	states	PROPN
fbem-1134	101	16	.	.	PUNCT
fbem-1134	102	1	it	it	PRON
fbem-1134	102	2	requires	require	VERB
fbem-1134	102	3	securities	security	NOUN
fbem-1134	102	4	firms	firm	NOUN
fbem-1134	102	5	to	to	PART
fbem-1134	102	6	disclose	disclose	VERB
fbem-1134	102	7	as	as	ADV
fbem-1134	102	8	much	much	ADJ
fbem-1134	102	9	material	material	NOUN
fbem-1134	102	10	information	information	NOUN
fbem-1134	102	11	as	as	ADP
fbem-1134	102	12	possible	possible	ADJ
fbem-1134	102	13	in	in	ADP
fbem-1134	102	14	their	their	PRON
fbem-1134	102	15	financial	financial	ADJ
fbem-1134	102	16	statements	statement	NOUN
fbem-1134	102	17	,	,	PUNCT
fbem-1134	102	18	but	but	CCONJ
fbem-1134	102	19	the	the	DET
fbem-1134	102	20	over	over	ADP
fbem-1134	102	21	-	-	PUNCT
fbem-1134	102	22	the	the	DET
fbem-1134	102	23	-	-	PUNCT
fbem-1134	102	24	counter	counter	NOUN
fbem-1134	102	25	market	market	NOUN
fbem-1134	102	26	is	be	AUX
fbem-1134	102	27	a	a	DET
fbem-1134	102	28	different	different	ADJ
fbem-1134	102	29	story	story	NOUN
fbem-1134	102	30	.	.	PUNCT
fbem-1134	103	1	for	for	ADP
fbem-1134	103	2	example	example	NOUN
fbem-1134	103	3	,	,	PUNCT
fbem-1134	103	4	when	when	SCONJ
fbem-1134	103	5	lehman	lehman	PROPN
fbem-1134	103	6	brothers	brother	NOUN
fbem-1134	103	7	went	go	VERB
fbem-1134	103	8	bankrupt	bankrupt	ADJ
fbem-1134	103	9	,	,	PUNCT
fbem-1134	103	10	there	there	PRON
fbem-1134	103	11	were	be	VERB
fbem-1134	103	12	more	more	ADJ
fbem-1134	103	13	than	than	ADP
fbem-1134	103	14	two	two	NUM
fbem-1134	103	15	million	million	NUM
fbem-1134	103	16	interest	interest	NOUN
fbem-1134	103	17	rate	rate	NOUN
fbem-1134	103	18	swaps	swap	NOUN
fbem-1134	103	19	(	(	PUNCT
fbem-1134	103	20	irs	irs	PROPN
fbem-1134	103	21	)	)	PUNCT
fbem-1134	103	22	on	on	ADP
fbem-1134	103	23	its	its	PRON
fbem-1134	103	24	trading	trading	NOUN
fbem-1134	103	25	book	book	NOUN
fbem-1134	103	26	,	,	PUNCT
fbem-1134	103	27	and	and	CCONJ
fbem-1134	103	28	it	it	PRON
fbem-1134	103	29	would	would	AUX
fbem-1134	103	30	have	have	AUX
fbem-1134	103	31	taken	take	VERB
fbem-1134	103	32	at	at	ADV
fbem-1134	103	33	least	least	ADV
fbem-1134	103	34	six	six	NUM
fbem-1134	103	35	months	month	NOUN
fbem-1134	103	36	to	to	PART
fbem-1134	103	37	fully	fully	ADV
fbem-1134	103	38	withdraw	withdraw	VERB
fbem-1134	103	39	all	all	DET
fbem-1134	103	40	the	the	DET
fbem-1134	103	41	financial	financial	ADJ
fbem-1134	103	42	derivatives	derivative	NOUN
fbem-1134	103	43	on	on	ADP
fbem-1134	103	44	its	its	PRON
fbem-1134	103	45	trading	trading	NOUN
fbem-1134	103	46	book	book	NOUN
fbem-1134	103	47	.	.	PUNCT
fbem-1134	104	1	and	and	CCONJ
fbem-1134	104	2	all	all	PRON
fbem-1134	104	3	of	of	ADP
fbem-1134	104	4	this	this	PRON
fbem-1134	104	5	happened	happen	VERB
fbem-1134	104	6	under	under	ADP
fbem-1134	104	7	the	the	DET
fbem-1134	104	8	watchful	watchful	ADJ
fbem-1134	104	9	eye	eye	NOUN
fbem-1134	104	10	of	of	ADP
fbem-1134	104	11	the	the	DET
fbem-1134	104	12	sec	sec	PROPN
fbem-1134	104	13	and	and	CCONJ
fbem-1134	104	14	did	do	AUX
fbem-1134	104	15	not	not	PART
fbem-1134	104	16	surface	surface	VERB
fbem-1134	104	17	until	until	ADP
fbem-1134	104	18	after	after	ADP
fbem-1134	104	19	lehman	lehman	PROPN
fbem-1134	104	20	brothers	brother	NOUN
fbem-1134	104	21	'	'	PART
fbem-1134	104	22	bankruptcy	bankruptcy	NOUN
fbem-1134	104	23	,	,	PUNCT
fbem-1134	104	24	when	when	SCONJ
fbem-1134	104	25	it	it	PRON
fbem-1134	104	26	was	be	AUX
fbem-1134	104	27	too	too	ADV
fbem-1134	104	28	late	late	ADJ
fbem-1134	104	29	.	.	PUNCT
fbem-1134	105	1	2.2	2.2	NUM
fbem-1134	105	2	.	.	PUNCT
fbem-1134	105	3	guidance	guidance	NOUN
fbem-1134	105	4	on	on	ADP
fbem-1134	105	5	the	the	DET
fbem-1134	105	6	regulation	regulation	NOUN
fbem-1134	105	7	of	of	ADP
fbem-1134	105	8	the	the	DET
fbem-1134	105	9	securities	security	NOUN
fbem-1134	105	10	industry	industry	NOUN
fbem-1134	105	11	in	in	ADP
fbem-1134	105	12	china	china	PROPN
fbem-1134	105	13	2.2.1	2.2.1	NUM
fbem-1134	105	14	.	.	PUNCT
fbem-1134	106	1	establishing	establish	VERB
fbem-1134	106	2	the	the	DET
fbem-1134	106	3	concept	concept	NOUN
fbem-1134	106	4	of	of	ADP
fbem-1134	106	5	weaker	weak	ADJ
fbem-1134	106	6	government	government	NOUN
fbem-1134	106	7	regulation	regulation	NOUN
fbem-1134	106	8	china	china	PROPN
fbem-1134	106	9	's	's	PART
fbem-1134	106	10	securities	security	NOUN
fbem-1134	106	11	regulation	regulation	NOUN
fbem-1134	106	12	is	be	AUX
fbem-1134	106	13	not	not	PART
fbem-1134	106	14	as	as	ADV
fbem-1134	106	15	relaxed	relaxed	ADJ
fbem-1134	106	16	as	as	ADP
fbem-1134	106	17	that	that	PRON
fbem-1134	106	18	of	of	ADP
fbem-1134	106	19	developed	develop	VERB
fbem-1134	106	20	countries	country	NOUN
fbem-1134	106	21	in	in	ADP
fbem-1134	106	22	europe	europe	PROPN
fbem-1134	106	23	and	and	CCONJ
fbem-1134	106	24	the	the	DET
fbem-1134	106	25	united	united	PROPN
fbem-1134	106	26	states	states	PROPN
fbem-1134	106	27	,	,	PUNCT
fbem-1134	106	28	and	and	CCONJ
fbem-1134	106	29	requires	require	VERB
fbem-1134	106	30	strict	strict	ADJ
fbem-1134	106	31	control	control	NOUN
fbem-1134	106	32	.	.	PUNCT
fbem-1134	107	1	the	the	DET
fbem-1134	107	2	problem	problem	NOUN
fbem-1134	107	3	is	be	AUX
fbem-1134	107	4	that	that	SCONJ
fbem-1134	107	5	there	there	PRON
fbem-1134	107	6	is	be	VERB
fbem-1134	107	7	a	a	DET
fbem-1134	107	8	lot	lot	NOUN
fbem-1134	107	9	of	of	ADP
fbem-1134	107	10	administrative	administrative	ADJ
fbem-1134	107	11	intervention	intervention	NOUN
fbem-1134	107	12	in	in	ADP
fbem-1134	107	13	china	china	PROPN
fbem-1134	107	14	's	's	PART
fbem-1134	107	15	regulation	regulation	NOUN
fbem-1134	107	16	,	,	PUNCT
fbem-1134	107	17	which	which	PRON
fbem-1134	107	18	does	do	AUX
fbem-1134	107	19	not	not	PART
fbem-1134	107	20	respect	respect	VERB
fbem-1134	107	21	the	the	DET
fbem-1134	107	22	leading	lead	VERB
fbem-1134	107	23	role	role	NOUN
fbem-1134	107	24	of	of	ADP
fbem-1134	107	25	the	the	DET
fbem-1134	107	26	market	market	NOUN
fbem-1134	107	27	in	in	ADP
fbem-1134	107	28	resource	resource	NOUN
fbem-1134	107	29	allocation	allocation	NOUN
fbem-1134	107	30	,	,	PUNCT
fbem-1134	107	31	resulting	result	VERB
fbem-1134	107	32	in	in	ADP
fbem-1134	107	33	the	the	DET
fbem-1134	107	34	undesirable	undesirable	ADJ
fbem-1134	107	35	phenomenon	phenomenon	NOUN
fbem-1134	107	36	of	of	ADP
fbem-1134	107	37	a	a	DET
fbem-1134	107	38	"	"	PUNCT
fbem-1134	107	39	policy	policy	NOUN
fbem-1134	107	40	market	market	NOUN
fbem-1134	107	41	"	"	PUNCT
fbem-1134	107	42	.	.	PUNCT
fbem-1134	108	1	the	the	DET
fbem-1134	108	2	reason	reason	NOUN
fbem-1134	108	3	why	why	SCONJ
fbem-1134	108	4	there	there	PRON
fbem-1134	108	5	has	have	AUX
fbem-1134	108	6	not	not	PART
fbem-1134	108	7	been	be	AUX
fbem-1134	108	8	a	a	DET
fbem-1134	108	9	major	major	ADJ
fbem-1134	108	10	financial	financial	ADJ
fbem-1134	108	11	crisis	crisis	NOUN
fbem-1134	108	12	is	be	AUX
fbem-1134	108	13	not	not	PART
fbem-1134	108	14	because	because	SCONJ
fbem-1134	108	15	of	of	ADP
fbem-1134	108	16	how	how	SCONJ
fbem-1134	108	17	tightly	tightly	ADV
fbem-1134	108	18	regulated	regulated	ADJ
fbem-1134	108	19	securities	security	NOUN
fbem-1134	108	20	are	be	AUX
fbem-1134	108	21	or	or	CCONJ
fbem-1134	108	22	how	how	SCONJ
fbem-1134	108	23	well	well	ADV
fbem-1134	108	24	developed	develop	VERB
fbem-1134	108	25	the	the	DET
fbem-1134	108	26	securities	security	NOUN
fbem-1134	108	27	market	market	NOUN
fbem-1134	108	28	is	be	AUX
fbem-1134	108	29	,	,	PUNCT
fbem-1134	108	30	but	but	CCONJ
fbem-1134	108	31	because	because	SCONJ
fbem-1134	108	32	conservative	conservative	ADJ
fbem-1134	108	33	regulation	regulation	NOUN
fbem-1134	108	34	has	have	AUX
fbem-1134	108	35	inhibited	inhibit	VERB
fbem-1134	108	36	all	all	DET
fbem-1134	108	37	kinds	kind	NOUN
fbem-1134	108	38	of	of	ADP
fbem-1134	108	39	financial	financial	ADJ
fbem-1134	108	40	innovation	innovation	NOUN
fbem-1134	108	41	and	and	CCONJ
fbem-1134	108	42	many	many	ADJ
fbem-1134	108	43	financial	financial	ADJ
fbem-1134	108	44	derivatives	derivative	NOUN
fbem-1134	108	45	,	,	PUNCT
fbem-1134	108	46	which	which	PRON
fbem-1134	108	47	are	be	AUX
fbem-1134	108	48	strange	strange	ADJ
fbem-1134	108	49	and	and	CCONJ
fbem-1134	108	50	incomprehensible	incomprehensible	ADJ
fbem-1134	108	51	to	to	ADP
fbem-1134	108	52	the	the	DET
fbem-1134	108	53	chinese	chinese	ADJ
fbem-1134	108	54	people	people	NOUN
fbem-1134	108	55	,	,	PUNCT
fbem-1134	108	56	have	have	AUX
fbem-1134	108	57	not	not	PART
fbem-1134	108	58	flourished	flourish	VERB
fbem-1134	108	59	on	on	ADP
fbem-1134	108	60	chinese	chinese	ADJ
fbem-1134	108	61	soil	soil	NOUN
fbem-1134	108	62	.	.	PUNCT
fbem-1134	109	1	at	at	ADP
fbem-1134	109	2	present	present	ADJ
fbem-1134	109	3	,	,	PUNCT
fbem-1134	109	4	china	china	PROPN
fbem-1134	109	5	is	be	AUX
fbem-1134	109	6	in	in	ADP
fbem-1134	109	7	the	the	DET
fbem-1134	109	8	"	"	PUNCT
fbem-1134	109	9	deep	deep	ADJ
fbem-1134	109	10	water	water	NOUN
fbem-1134	109	11	"	"	PUNCT
fbem-1134	109	12	of	of	ADP
fbem-1134	109	13	reform	reform	NOUN
fbem-1134	109	14	and	and	CCONJ
fbem-1134	109	15	needs	need	VERB
fbem-1134	109	16	to	to	PART
fbem-1134	109	17	further	far	ADV
fbem-1134	109	18	play	play	VERB
fbem-1134	109	19	the	the	DET
fbem-1134	109	20	role	role	NOUN
fbem-1134	109	21	of	of	ADP
fbem-1134	109	22	the	the	DET
fbem-1134	109	23	market	market	NOUN
fbem-1134	109	24	;	;	PUNCT
fbem-1134	109	25	the	the	DET
fbem-1134	109	26	united	united	PROPN
fbem-1134	109	27	states	states	PROPN
fbem-1134	109	28	,	,	PUNCT
fbem-1134	109	29	with	with	ADP
fbem-1134	109	30	its	its	PRON
fbem-1134	109	31	prior	prior	ADJ
fbem-1134	109	32	knowledge	knowledge	NOUN
fbem-1134	109	33	of	of	ADP
fbem-1134	109	34	financial	financial	ADJ
fbem-1134	109	35	derivatives	derivative	NOUN
fbem-1134	109	36	,	,	PUNCT
fbem-1134	109	37	has	have	AUX
fbem-1134	109	38	printed	print	VERB
fbem-1134	109	39	money	money	NOUN
fbem-1134	109	40	to	to	PART
fbem-1134	109	41	dilute	dilute	VERB
fbem-1134	109	42	its	its	PRON
fbem-1134	109	43	debt	debt	NOUN
fbem-1134	109	44	,	,	PUNCT
fbem-1134	109	45	further	far	ADV
fbem-1134	109	46	transferring	transfer	VERB
fbem-1134	109	47	and	and	CCONJ
fbem-1134	109	48	spreading	spread	VERB
fbem-1134	109	49	the	the	DET
fbem-1134	109	50	evils	evil	NOUN
fbem-1134	109	51	of	of	ADP
fbem-1134	109	52	the	the	DET
fbem-1134	109	53	crisis	crisis	NOUN
fbem-1134	109	54	.	.	PUNCT
fbem-1134	110	1	in	in	ADP
fbem-1134	110	2	the	the	DET
fbem-1134	110	3	post	post	ADJ
fbem-1134	110	4	-	-	ADJ
fbem-1134	110	5	crisis	crisis	ADJ
fbem-1134	110	6	era	era	NOUN
fbem-1134	110	7	,	,	PUNCT
fbem-1134	110	8	a	a	DET
fbem-1134	110	9	new	new	ADJ
fbem-1134	110	10	round	round	NOUN
fbem-1134	110	11	of	of	ADP
fbem-1134	110	12	international	international	ADJ
fbem-1134	110	13	cooperation	cooperation	NOUN
fbem-1134	110	14	is	be	AUX
fbem-1134	110	15	becoming	become	VERB
fbem-1134	110	16	more	more	ADV
fbem-1134	110	17	and	and	CCONJ
fbem-1134	110	18	more	more	ADV
fbem-1134	110	19	extensive	extensive	ADJ
fbem-1134	110	20	,	,	PUNCT
fbem-1134	110	21	and	and	CCONJ
fbem-1134	110	22	a	a	DET
fbem-1134	110	23	new	new	ADJ
fbem-1134	110	24	round	round	NOUN
fbem-1134	110	25	of	of	ADP
fbem-1134	110	26	competition	competition	NOUN
fbem-1134	110	27	for	for	ADP
fbem-1134	110	28	interests	interest	NOUN
fbem-1134	110	29	is	be	AUX
fbem-1134	110	30	intensifying	intensify	VERB
fbem-1134	110	31	.	.	PUNCT
fbem-1134	111	1	2.2.2	2.2.2	X
fbem-1134	111	2	.	.	PUNCT
fbem-1134	111	3	establishment	establishment	NOUN
fbem-1134	111	4	of	of	ADP
fbem-1134	111	5	the	the	DET
fbem-1134	111	6	sec	sec	PROPN
fbem-1134	111	7	as	as	ADP
fbem-1134	111	8	a	a	DET
fbem-1134	111	9	reasonable	reasonable	ADJ
fbem-1134	111	10	subject	subject	NOUN
fbem-1134	111	11	the	the	DET
fbem-1134	111	12	shortcomings	shortcoming	NOUN
fbem-1134	111	13	of	of	ADP
fbem-1134	111	14	china	china	PROPN
fbem-1134	111	15	's	's	PART
fbem-1134	111	16	securities	security	NOUN
fbem-1134	111	17	regulation	regulation	NOUN
fbem-1134	111	18	are	be	AUX
fbem-1134	111	19	mainly	mainly	ADV
fbem-1134	111	20	reflected	reflect	VERB
fbem-1134	111	21	in	in	ADP
fbem-1134	111	22	the	the	DET
fbem-1134	111	23	shortcomings	shortcoming	NOUN
fbem-1134	111	24	of	of	ADP
fbem-1134	111	25	the	the	DET
fbem-1134	111	26	supervisory	supervisory	ADJ
fbem-1134	111	27	body	body	NOUN
fbem-1134	111	28	,	,	PUNCT
fbem-1134	111	29	which	which	PRON
fbem-1134	111	30	is	be	AUX
fbem-1134	111	31	a	a	DET
fbem-1134	111	32	historical	historical	ADJ
fbem-1134	111	33	problem	problem	NOUN
fbem-1134	111	34	inherited	inherit	VERB
fbem-1134	111	35	from	from	ADP
fbem-1134	111	36	china	china	PROPN
fbem-1134	111	37	's	's	PART
fbem-1134	111	38	transition	transition	NOUN
fbem-1134	111	39	from	from	ADP
fbem-1134	111	40	a	a	DET
fbem-1134	111	41	planned	plan	VERB
fbem-1134	111	42	economy	economy	NOUN
fbem-1134	111	43	to	to	ADP
fbem-1134	111	44	a	a	DET
fbem-1134	111	45	market	market	NOUN
fbem-1134	111	46	economy	economy	NOUN
fbem-1134	111	47	.	.	PUNCT
fbem-1134	112	1	in	in	ADP
fbem-1134	112	2	this	this	DET
fbem-1134	112	3	regard	regard	NOUN
fbem-1134	112	4	,	,	PUNCT
fbem-1134	112	5	we	we	PRON
fbem-1134	112	6	can	can	AUX
fbem-1134	112	7	learn	learn	VERB
fbem-1134	112	8	from	from	ADP
fbem-1134	112	9	the	the	DET
fbem-1134	112	10	relevant	relevant	ADJ
fbem-1134	112	11	advantages	advantage	NOUN
fbem-1134	112	12	of	of	ADP
fbem-1134	112	13	the	the	DET
fbem-1134	112	14	us	us	PROPN
fbem-1134	112	15	securities	security	NOUN
fbem-1134	112	16	regulation	regulation	NOUN
fbem-1134	112	17	and	and	CCONJ
fbem-1134	112	18	enhance	enhance	VERB
fbem-1134	112	19	the	the	DET
fbem-1134	112	20	independent	independent	ADJ
fbem-1134	112	21	subject	subject	ADJ
fbem-1134	112	22	status	status	NOUN
fbem-1134	112	23	of	of	ADP
fbem-1134	112	24	the	the	DET
fbem-1134	112	25	securities	securities	PROPN
fbem-1134	112	26	regulatory	regulatory	PROPN
fbem-1134	112	27	commission	commission	NOUN
fbem-1134	112	28	.	.	PUNCT
fbem-1134	113	1	1	1	X
fbem-1134	113	2	.	.	X
fbem-1134	113	3	enhance	enhance	VERB
fbem-1134	113	4	the	the	DET
fbem-1134	113	5	independence	independence	NOUN
fbem-1134	113	6	of	of	ADP
fbem-1134	113	7	the	the	DET
fbem-1134	113	8	legal	legal	ADJ
fbem-1134	113	9	status	status	NOUN
fbem-1134	113	10	of	of	ADP
fbem-1134	113	11	the	the	DET
fbem-1134	113	12	sfc	sfc	NOUN
fbem-1134	113	13	.	.	PUNCT
fbem-1134	114	1	in	in	ADP
fbem-1134	114	2	its	its	PRON
fbem-1134	114	3	objectives	objective	NOUN
fbem-1134	114	4	and	and	CCONJ
fbem-1134	114	5	principles	principle	NOUN
fbem-1134	114	6	of	of	ADP
fbem-1134	114	7	securities	security	NOUN
fbem-1134	114	8	regulation	regulation	NOUN
fbem-1134	114	9	,	,	PUNCT
fbem-1134	114	10	the	the	DET
fbem-1134	114	11	international	international	ADJ
fbem-1134	114	12	council	council	PROPN
fbem-1134	114	13	of	of	ADP
fbem-1134	114	14	securities	security	NOUN
fbem-1134	114	15	regulators	regulator	NOUN
fbem-1134	114	16	emphasises	emphasise	VERB
fbem-1134	114	17	that	that	SCONJ
fbem-1134	114	18	regulatory	regulatory	ADJ
fbem-1134	114	19	bodies	body	NOUN
fbem-1134	114	20	should	should	AUX
fbem-1134	114	21	avoid	avoid	VERB
fbem-1134	114	22	interference	interference	NOUN
fbem-1134	114	23	from	from	ADP
fbem-1134	114	24	the	the	DET
fbem-1134	114	25	political	political	ADJ
fbem-1134	114	26	or	or	CCONJ
fbem-1134	114	27	commercial	commercial	ADJ
fbem-1134	114	28	sphere	sphere	NOUN
fbem-1134	114	29	in	in	ADP
fbem-1134	114	30	the	the	DET
fbem-1134	114	31	exercise	exercise	NOUN
fbem-1134	114	32	of	of	ADP
fbem-1134	114	33	their	their	PRON
fbem-1134	114	34	powers	power	NOUN
fbem-1134	114	35	and	and	CCONJ
fbem-1134	114	36	duties	duty	NOUN
fbem-1134	114	37	.	.	PUNCT
fbem-1134	115	1	regulators	regulator	NOUN
fbem-1134	115	2	in	in	ADP
fbem-1134	115	3	major	major	ADJ
fbem-1134	115	4	economies	economy	NOUN
fbem-1134	115	5	such	such	ADJ
fbem-1134	115	6	as	as	ADP
fbem-1134	115	7	the	the	DET
fbem-1134	115	8	us	us	PROPN
fbem-1134	115	9	,	,	PUNCT
fbem-1134	115	10	uk	uk	PROPN
fbem-1134	115	11	,	,	PUNCT
fbem-1134	115	12	france	france	PROPN
fbem-1134	115	13	and	and	CCONJ
fbem-1134	115	14	germany	germany	PROPN
fbem-1134	115	15	are	be	AUX
fbem-1134	115	16	independent	independent	ADJ
fbem-1134	115	17	bodies	body	NOUN
fbem-1134	115	18	,	,	PUNCT
fbem-1134	115	19	and	and	CCONJ
fbem-1134	115	20	even	even	ADV
fbem-1134	115	21	two	two	NUM
fbem-1134	115	22	neighbouring	neighbouring	ADJ
fbem-1134	115	23	countries	country	NOUN
fbem-1134	115	24	,	,	PUNCT
fbem-1134	115	25	japan	japan	PROPN
fbem-1134	115	26	and	and	CCONJ
fbem-1134	115	27	south	south	PROPN
fbem-1134	115	28	korea	korea	PROPN
fbem-1134	115	29	,	,	PUNCT
fbem-1134	115	30	have	have	AUX
fbem-1134	115	31	upgraded	upgrade	VERB
fbem-1134	115	32	the	the	DET
fbem-1134	115	33	independence	independence	NOUN
fbem-1134	115	34	of	of	ADP
fbem-1134	115	35	their	their	PRON
fbem-1134	115	36	regulators	regulator	NOUN
fbem-1134	115	37	,	,	PUNCT
fbem-1134	115	38	which	which	PRON
fbem-1134	115	39	shows	show	VERB
fbem-1134	115	40	that	that	SCONJ
fbem-1134	115	41	the	the	DET
fbem-1134	115	42	trend	trend	NOUN
fbem-1134	115	43	is	be	AUX
fbem-1134	115	44	for	for	SCONJ
fbem-1134	115	45	regulators	regulator	NOUN
fbem-1134	115	46	to	to	PART
fbem-1134	115	47	become	become	VERB
fbem-1134	115	48	independent	independent	ADJ
fbem-1134	115	49	and	and	CCONJ
fbem-1134	115	50	is	be	AUX
fbem-1134	115	51	a	a	DET
fbem-1134	115	52	necessary	necessary	ADJ
fbem-1134	115	53	part	part	NOUN
fbem-1134	115	54	of	of	ADP
fbem-1134	115	55	china	china	PROPN
fbem-1134	115	56	's	's	PART
fbem-1134	115	57	convergence	convergence	NOUN
fbem-1134	115	58	with	with	ADP
fbem-1134	115	59	international	international	ADJ
fbem-1134	115	60	standards	standard	NOUN
fbem-1134	115	61	.	.	PUNCT
fbem-1134	116	1	the	the	DET
fbem-1134	116	2	first	first	ADJ
fbem-1134	116	3	is	be	AUX
fbem-1134	116	4	to	to	PART
fbem-1134	116	5	clearly	clearly	ADV
fbem-1134	116	6	define	define	VERB
fbem-1134	116	7	the	the	DET
fbem-1134	116	8	sfc	sfc	NOUN
fbem-1134	116	9	as	as	ADP
fbem-1134	116	10	the	the	DET
fbem-1134	116	11	only	only	ADV
fbem-1134	116	12	centralised	centralised	ADJ
fbem-1134	116	13	and	and	CCONJ
fbem-1134	116	14	unified	unified	ADJ
fbem-1134	116	15	securities	security	NOUN
fbem-1134	116	16	regulator	regulator	NOUN
fbem-1134	116	17	in	in	ADP
fbem-1134	116	18	china	china	PROPN
fbem-1134	116	19	in	in	ADP
fbem-1134	116	20	the	the	DET
fbem-1134	116	21	securities	security	NOUN
fbem-1134	116	22	law	law	NOUN
fbem-1134	116	23	,	,	PUNCT
fbem-1134	116	24	directly	directly	ADV
fbem-1134	116	25	granting	grant	VERB
fbem-1134	116	26	it	it	PRON
fbem-1134	116	27	regulatory	regulatory	ADJ
fbem-1134	116	28	powers	power	NOUN
fbem-1134	116	29	and	and	CCONJ
fbem-1134	116	30	changing	change	VERB
fbem-1134	116	31	the	the	DET
fbem-1134	116	32	status	status	NOUN
fbem-1134	116	33	quo	quo	NOUN
fbem-1134	116	34	of	of	ADP
fbem-1134	116	35	the	the	DET
fbem-1134	116	36	state	state	NOUN
fbem-1134	116	37	council	council	NOUN
fbem-1134	116	38	's	's	PART
fbem-1134	116	39	indirect	indirect	ADJ
fbem-1134	116	40	delegation	delegation	NOUN
fbem-1134	116	41	of	of	ADP
fbem-1134	116	42	authority	authority	NOUN
fbem-1134	116	43	,	,	PUNCT
fbem-1134	116	44	so	so	SCONJ
fbem-1134	116	45	as	as	SCONJ
fbem-1134	116	46	to	to	PART
fbem-1134	116	47	protect	protect	VERB
fbem-1134	116	48	the	the	DET
fbem-1134	116	49	sfc	sfc	NOUN
fbem-1134	116	50	's	's	PART
fbem-1134	116	51	status	status	NOUN
fbem-1134	116	52	from	from	ADP
fbem-1134	116	53	a	a	DET
fbem-1134	116	54	legal	legal	ADJ
fbem-1134	116	55	perspective	perspective	NOUN
fbem-1134	116	56	;	;	PUNCT
fbem-1134	116	57	the	the	DET
fbem-1134	116	58	second	second	NOUN
fbem-1134	116	59	is	be	AUX
fbem-1134	116	60	to	to	PART
fbem-1134	116	61	free	free	VERB
fbem-1134	116	62	the	the	DET
fbem-1134	116	63	sfc	sfc	NOUN
fbem-1134	116	64	from	from	ADP
fbem-1134	116	65	the	the	DET
fbem-1134	116	66	embarrassing	embarrassing	ADJ
fbem-1134	116	67	situation	situation	NOUN
fbem-1134	116	68	of	of	ADP
fbem-1134	116	69	being	be	AUX
fbem-1134	116	70	an	an	DET
fbem-1134	116	71	institution	institution	NOUN
fbem-1134	116	72	of	of	ADP
fbem-1134	116	73	the	the	DET
fbem-1134	116	74	state	state	NOUN
fbem-1134	116	75	council	council	NOUN
fbem-1134	116	76	but	but	CCONJ
fbem-1134	116	77	actually	actually	ADV
fbem-1134	116	78	exercising	exercise	VERB
fbem-1134	116	79	administrative	administrative	ADJ
fbem-1134	116	80	functions	function	NOUN
fbem-1134	116	81	,	,	PUNCT
fbem-1134	116	82	and	and	CCONJ
fbem-1134	116	83	try	try	VERB
fbem-1134	116	84	to	to	PART
fbem-1134	116	85	develop	develop	VERB
fbem-1134	116	86	it	it	PRON
fbem-1134	116	87	into	into	ADP
fbem-1134	116	88	an	an	DET
fbem-1134	116	89	independent	independent	NOUN
fbem-1134	116	90	the	the	DET
fbem-1134	116	91	second	second	NOUN
fbem-1134	116	92	is	be	AUX
fbem-1134	116	93	to	to	PART
fbem-1134	116	94	free	free	VERB
fbem-1134	116	95	the	the	DET
fbem-1134	116	96	sfc	sfc	NOUN
fbem-1134	116	97	from	from	ADP
fbem-1134	116	98	the	the	DET
fbem-1134	116	99	embarrassing	embarrassing	ADJ
fbem-1134	116	100	situation	situation	NOUN
fbem-1134	116	101	of	of	ADP
fbem-1134	116	102	being	be	AUX
fbem-1134	116	103	an	an	DET
fbem-1134	116	104	institution	institution	NOUN
fbem-1134	116	105	of	of	ADP
fbem-1134	116	106	the	the	DET
fbem-1134	116	107	state	state	NOUN
fbem-1134	116	108	council	council	NOUN
fbem-1134	116	109	but	but	CCONJ
fbem-1134	116	110	actually	actually	ADV
fbem-1134	116	111	exercising	exercise	VERB
fbem-1134	116	112	administrative	administrative	ADJ
fbem-1134	116	113	56	56	NUM
fbem-1134	116	114	functions	function	NOUN
fbem-1134	116	115	,	,	PUNCT
fbem-1134	116	116	and	and	CCONJ
fbem-1134	116	117	to	to	PART
fbem-1134	116	118	try	try	VERB
fbem-1134	116	119	to	to	PART
fbem-1134	116	120	develop	develop	VERB
fbem-1134	116	121	it	it	PRON
fbem-1134	116	122	into	into	ADP
fbem-1134	116	123	an	an	DET
fbem-1134	116	124	independent	independent	ADJ
fbem-1134	116	125	administrative	administrative	ADJ
fbem-1134	116	126	regulatory	regulatory	ADJ
fbem-1134	116	127	body	body	NOUN
fbem-1134	116	128	,	,	PUNCT
fbem-1134	116	129	free	free	ADJ
fbem-1134	116	130	from	from	ADP
fbem-1134	116	131	the	the	DET
fbem-1134	116	132	interference	interference	NOUN
fbem-1134	116	133	of	of	ADP
fbem-1134	116	134	other	other	ADJ
fbem-1134	116	135	administrative	administrative	ADJ
fbem-1134	116	136	organs	organ	NOUN
fbem-1134	116	137	.	.	PUNCT
fbem-1134	117	1	in	in	ADP
fbem-1134	117	2	addition	addition	NOUN
fbem-1134	117	3	,	,	PUNCT
fbem-1134	117	4	consideration	consideration	NOUN
fbem-1134	117	5	could	could	AUX
fbem-1134	117	6	also	also	ADV
fbem-1134	117	7	be	be	AUX
fbem-1134	117	8	given	give	VERB
fbem-1134	117	9	to	to	ADP
fbem-1134	117	10	learning	learn	VERB
fbem-1134	117	11	from	from	ADP
fbem-1134	117	12	the	the	DET
fbem-1134	117	13	us	us	PROPN
fbem-1134	117	14	experience	experience	NOUN
fbem-1134	117	15	and	and	CCONJ
fbem-1134	117	16	adopting	adopt	VERB
fbem-1134	117	17	a	a	DET
fbem-1134	117	18	staggered	staggered	ADJ
fbem-1134	117	19	system	system	NOUN
fbem-1134	117	20	of	of	ADP
fbem-1134	117	21	commissioners	commissioner	NOUN
fbem-1134	117	22	appointed	appoint	VERB
fbem-1134	117	23	from	from	ADP
fbem-1134	117	24	within	within	ADP
fbem-1134	117	25	the	the	DET
fbem-1134	117	26	legal	legal	ADJ
fbem-1134	117	27	and	and	CCONJ
fbem-1134	117	28	regulatory	regulatory	ADJ
fbem-1134	117	29	bodies	body	NOUN
fbem-1134	117	30	.	.	PUNCT
fbem-1134	118	1	2	2	X
fbem-1134	118	2	.	.	X
fbem-1134	118	3	reasonable	reasonable	ADJ
fbem-1134	118	4	provision	provision	NOUN
fbem-1134	118	5	for	for	ADP
fbem-1134	118	6	the	the	DET
fbem-1134	118	7	legal	legal	ADJ
fbem-1134	118	8	powers	power	NOUN
fbem-1134	118	9	of	of	ADP
fbem-1134	118	10	the	the	DET
fbem-1134	118	11	sfc	sfc	NOUN
fbem-1134	118	12	.	.	PUNCT
fbem-1134	119	1	in	in	ADP
fbem-1134	119	2	terms	term	NOUN
fbem-1134	119	3	of	of	ADP
fbem-1134	119	4	legislation	legislation	NOUN
fbem-1134	119	5	,	,	PUNCT
fbem-1134	119	6	the	the	DET
fbem-1134	119	7	legislative	legislative	ADJ
fbem-1134	119	8	function	function	NOUN
fbem-1134	119	9	of	of	ADP
fbem-1134	119	10	the	the	DET
fbem-1134	119	11	sfc	sfc	NOUN
fbem-1134	119	12	will	will	AUX
fbem-1134	119	13	be	be	AUX
fbem-1134	119	14	gradually	gradually	ADV
fbem-1134	119	15	weakened	weaken	VERB
fbem-1134	119	16	.	.	PUNCT
fbem-1134	120	1	in	in	ADP
fbem-1134	120	2	the	the	DET
fbem-1134	120	3	past	past	NOUN
fbem-1134	120	4	,	,	PUNCT
fbem-1134	120	5	the	the	DET
fbem-1134	120	6	sfc	sfc	NOUN
fbem-1134	120	7	has	have	AUX
fbem-1134	120	8	been	be	AUX
fbem-1134	120	9	overwhelmed	overwhelm	VERB
fbem-1134	120	10	with	with	ADP
fbem-1134	120	11	the	the	DET
fbem-1134	120	12	formulation	formulation	NOUN
fbem-1134	120	13	of	of	ADP
fbem-1134	120	14	numerous	numerous	ADJ
fbem-1134	120	15	laws	law	NOUN
fbem-1134	120	16	and	and	CCONJ
fbem-1134	120	17	regulations	regulation	NOUN
fbem-1134	120	18	,	,	PUNCT
fbem-1134	120	19	which	which	PRON
fbem-1134	120	20	has	have	AUX
fbem-1134	120	21	affected	affect	VERB
fbem-1134	120	22	the	the	DET
fbem-1134	120	23	full	full	ADJ
fbem-1134	120	24	exercise	exercise	NOUN
fbem-1134	120	25	of	of	ADP
fbem-1134	120	26	its	its	PRON
fbem-1134	120	27	enforcement	enforcement	NOUN
fbem-1134	120	28	powers	power	NOUN
fbem-1134	120	29	.	.	PUNCT
fbem-1134	121	1	it	it	PRON
fbem-1134	121	2	is	be	AUX
fbem-1134	121	3	advisable	advisable	ADJ
fbem-1134	121	4	to	to	PART
fbem-1134	121	5	first	first	ADV
fbem-1134	121	6	strengthen	strengthen	VERB
fbem-1134	121	7	the	the	DET
fbem-1134	121	8	legislative	legislative	ADJ
fbem-1134	121	9	status	status	NOUN
fbem-1134	121	10	of	of	ADP
fbem-1134	121	11	the	the	DET
fbem-1134	121	12	sfc	sfc	NOUN
fbem-1134	121	13	's	's	PART
fbem-1134	121	14	legal	legal	ADJ
fbem-1134	121	15	department	department	NOUN
fbem-1134	121	16	,	,	PUNCT
fbem-1134	121	17	so	so	SCONJ
fbem-1134	121	18	that	that	SCONJ
fbem-1134	121	19	it	it	PRON
fbem-1134	121	20	can	can	AUX
fbem-1134	121	21	specialise	specialise	VERB
fbem-1134	121	22	in	in	ADP
fbem-1134	121	23	drafting	draft	VERB
fbem-1134	121	24	and	and	CCONJ
fbem-1134	121	25	interpreting	interpret	VERB
fbem-1134	121	26	laws	law	NOUN
fbem-1134	121	27	and	and	CCONJ
fbem-1134	121	28	regulations	regulation	NOUN
fbem-1134	121	29	.	.	PUNCT
fbem-1134	122	1	as	as	SCONJ
fbem-1134	122	2	the	the	DET
fbem-1134	122	3	securities	security	NOUN
fbem-1134	122	4	market	market	NOUN
fbem-1134	122	5	expands	expand	VERB
fbem-1134	122	6	,	,	PUNCT
fbem-1134	122	7	this	this	DET
fbem-1134	122	8	department	department	NOUN
fbem-1134	122	9	could	could	AUX
fbem-1134	122	10	be	be	AUX
fbem-1134	122	11	separated	separate	VERB
fbem-1134	122	12	and	and	CCONJ
fbem-1134	122	13	developed	develop	VERB
fbem-1134	122	14	into	into	ADP
fbem-1134	122	15	a	a	DET
fbem-1134	122	16	special	special	ADJ
fbem-1134	122	17	national	national	ADJ
fbem-1134	122	18	securities	securities	PROPN
fbem-1134	122	19	lawmaking	lawmaking	NOUN
fbem-1134	122	20	committee	committee	NOUN
fbem-1134	122	21	,	,	PUNCT
fbem-1134	122	22	while	while	SCONJ
fbem-1134	122	23	the	the	DET
fbem-1134	122	24	sfc	sfc	NOUN
fbem-1134	122	25	would	would	AUX
fbem-1134	122	26	only	only	ADV
fbem-1134	122	27	be	be	AUX
fbem-1134	122	28	responsible	responsible	ADJ
fbem-1134	122	29	for	for	ADP
fbem-1134	122	30	the	the	DET
fbem-1134	122	31	detailed	detailed	ADJ
fbem-1134	122	32	interpretation	interpretation	NOUN
fbem-1134	122	33	of	of	ADP
fbem-1134	122	34	specific	specific	ADJ
fbem-1134	122	35	provisions	provision	NOUN
fbem-1134	122	36	under	under	ADP
fbem-1134	122	37	the	the	DET
fbem-1134	122	38	framework	framework	NOUN
fbem-1134	122	39	of	of	ADP
fbem-1134	122	40	the	the	DET
fbem-1134	122	41	laws	law	NOUN
fbem-1134	122	42	and	and	CCONJ
fbem-1134	122	43	regulations	regulation	NOUN
fbem-1134	122	44	formulated	formulate	VERB
fbem-1134	122	45	,	,	PUNCT
fbem-1134	122	46	evolving	evolve	VERB
fbem-1134	122	47	into	into	ADP
fbem-1134	122	48	a	a	DET
fbem-1134	122	49	special	special	ADJ
fbem-1134	122	50	enforcement	enforcement	NOUN
fbem-1134	122	51	department	department	NOUN
fbem-1134	122	52	.	.	PUNCT
fbem-1134	123	1	the	the	DET
fbem-1134	123	2	gradual	gradual	ADJ
fbem-1134	123	3	separation	separation	NOUN
fbem-1134	123	4	of	of	ADP
fbem-1134	123	5	the	the	DET
fbem-1134	123	6	legislative	legislative	ADJ
fbem-1134	123	7	and	and	CCONJ
fbem-1134	123	8	enforcement	enforcement	NOUN
fbem-1134	123	9	departments	department	NOUN
fbem-1134	123	10	will	will	AUX
fbem-1134	123	11	help	help	VERB
fbem-1134	123	12	to	to	PART
fbem-1134	123	13	prevent	prevent	VERB
fbem-1134	123	14	the	the	DET
fbem-1134	123	15	shortcomings	shortcoming	NOUN
fbem-1134	123	16	of	of	ADP
fbem-1134	123	17	the	the	DET
fbem-1134	123	18	us	us	PROPN
fbem-1134	123	19	,	,	PUNCT
fbem-1134	123	20	where	where	SCONJ
fbem-1134	123	21	legal	legal	ADJ
fbem-1134	123	22	talent	talent	NOUN
fbem-1134	123	23	is	be	AUX
fbem-1134	123	24	valued	value	VERB
fbem-1134	123	25	over	over	ADP
fbem-1134	123	26	financial	financial	ADJ
fbem-1134	123	27	talent	talent	NOUN
fbem-1134	123	28	,	,	PUNCT
fbem-1134	123	29	and	and	CCONJ
fbem-1134	123	30	the	the	DET
fbem-1134	123	31	sec	sec	PROPN
fbem-1134	123	32	can	can	AUX
fbem-1134	123	33	specialise	specialise	VERB
fbem-1134	123	34	in	in	ADP
fbem-1134	123	35	enforcement	enforcement	NOUN
fbem-1134	123	36	without	without	ADP
fbem-1134	123	37	having	have	VERB
fbem-1134	123	38	to	to	PART
fbem-1134	123	39	dwell	dwell	VERB
fbem-1134	123	40	too	too	ADV
fbem-1134	123	41	much	much	ADV
fbem-1134	123	42	on	on	ADP
fbem-1134	123	43	how	how	SCONJ
fbem-1134	123	44	to	to	PART
fbem-1134	123	45	make	make	VERB
fbem-1134	123	46	the	the	DET
fbem-1134	123	47	legal	legal	ADJ
fbem-1134	123	48	provisions	provision	NOUN
fbem-1134	123	49	exempt	exempt	ADJ
fbem-1134	123	50	from	from	ADP
fbem-1134	123	51	liability	liability	NOUN
fbem-1134	123	52	.	.	PUNCT
fbem-1134	124	1	in	in	ADP
fbem-1134	124	2	terms	term	NOUN
fbem-1134	124	3	of	of	ADP
fbem-1134	124	4	enforcement	enforcement	NOUN
fbem-1134	124	5	,	,	PUNCT
fbem-1134	124	6	more	more	ADJ
fbem-1134	124	7	powers	power	NOUN
fbem-1134	124	8	should	should	AUX
fbem-1134	124	9	be	be	AUX
fbem-1134	124	10	given	give	VERB
fbem-1134	124	11	to	to	ADP
fbem-1134	124	12	the	the	DET
fbem-1134	124	13	sec	sec	PROPN
fbem-1134	124	14	,	,	PUNCT
fbem-1134	124	15	especially	especially	ADV
fbem-1134	124	16	in	in	ADP
fbem-1134	124	17	terms	term	NOUN
fbem-1134	124	18	of	of	ADP
fbem-1134	124	19	investigative	investigative	ADJ
fbem-1134	124	20	powers	power	NOUN
fbem-1134	124	21	.	.	PUNCT
fbem-1134	125	1	in	in	ADP
fbem-1134	125	2	this	this	DET
fbem-1134	125	3	regard	regard	NOUN
fbem-1134	125	4	can	can	AUX
fbem-1134	125	5	be	be	AUX
fbem-1134	125	6	modelled	model	VERB
fbem-1134	125	7	on	on	ADP
fbem-1134	125	8	the	the	DET
fbem-1134	125	9	us	us	PROPN
fbem-1134	125	10	sec	sec	PROPN
fbem-1134	125	11	's	's	PART
fbem-1134	125	12	enforcement	enforcement	NOUN
fbem-1134	125	13	powers	power	NOUN
fbem-1134	125	14	,	,	PUNCT
fbem-1134	125	15	with	with	ADP
fbem-1134	125	16	the	the	DET
fbem-1134	125	17	following	follow	VERB
fbem-1134	125	18	additional	additional	ADJ
fbem-1134	125	19	powers	power	NOUN
fbem-1134	125	20	as	as	ADP
fbem-1134	125	21	appropriate	appropriate	ADJ
fbem-1134	125	22	:	:	PUNCT
fbem-1134	125	23	the	the	DET
fbem-1134	125	24	power	power	NOUN
fbem-1134	125	25	to	to	PART
fbem-1134	125	26	obtain	obtain	VERB
fbem-1134	125	27	evidence	evidence	NOUN
fbem-1134	125	28	at	at	ADP
fbem-1134	125	29	the	the	DET
fbem-1134	125	30	scene	scene	NOUN
fbem-1134	125	31	of	of	ADP
fbem-1134	125	32	a	a	DET
fbem-1134	125	33	violation	violation	NOUN
fbem-1134	125	34	;	;	PUNCT
fbem-1134	125	35	the	the	DET
fbem-1134	125	36	power	power	NOUN
fbem-1134	125	37	to	to	PART
fbem-1134	125	38	investigate	investigate	VERB
fbem-1134	125	39	directly	directly	ADV
fbem-1134	125	40	without	without	ADP
fbem-1134	125	41	notice	notice	NOUN
fbem-1134	125	42	;	;	PUNCT
fbem-1134	125	43	the	the	DET
fbem-1134	125	44	power	power	NOUN
fbem-1134	125	45	to	to	PART
fbem-1134	125	46	summon	summon	ADJ
fbem-1134	125	47	parties	party	NOUN
fbem-1134	125	48	;	;	PUNCT
fbem-1134	125	49	the	the	DET
fbem-1134	125	50	power	power	NOUN
fbem-1134	125	51	to	to	PART
fbem-1134	125	52	apply	apply	VERB
fbem-1134	125	53	for	for	ADP
fbem-1134	125	54	injunctions	injunction	NOUN
fbem-1134	125	55	,	,	PUNCT
fbem-1134	125	56	the	the	DET
fbem-1134	125	57	power	power	NOUN
fbem-1134	125	58	to	to	PART
fbem-1134	125	59	restrict	restrict	VERB
fbem-1134	125	60	the	the	DET
fbem-1134	125	61	transfer	transfer	NOUN
fbem-1134	125	62	of	of	ADP
fbem-1134	125	63	property	property	NOUN
fbem-1134	125	64	,	,	PUNCT
fbem-1134	125	65	the	the	DET
fbem-1134	125	66	power	power	NOUN
fbem-1134	125	67	to	to	PART
fbem-1134	125	68	suspend	suspend	VERB
fbem-1134	125	69	trading	trading	NOUN
fbem-1134	125	70	and	and	CCONJ
fbem-1134	125	71	settlement	settlement	NOUN
fbem-1134	125	72	operations	operation	NOUN
fbem-1134	125	73	;	;	PUNCT
fbem-1134	125	74	the	the	DET
fbem-1134	125	75	power	power	NOUN
fbem-1134	125	76	to	to	PART
fbem-1134	125	77	prosecute	prosecute	VERB
fbem-1134	125	78	directly	directly	ADV
fbem-1134	125	79	;	;	PUNCT
fbem-1134	125	80	the	the	DET
fbem-1134	125	81	power	power	NOUN
fbem-1134	125	82	to	to	PART
fbem-1134	125	83	apply	apply	VERB
fbem-1134	125	84	for	for	ADP
fbem-1134	125	85	injunctions	injunction	NOUN
fbem-1134	125	86	,	,	PUNCT
fbem-1134	125	87	bankruptcy	bankruptcy	NOUN
fbem-1134	125	88	orders	order	NOUN
fbem-1134	125	89	,	,	PUNCT
fbem-1134	125	90	liquidation	liquidation	NOUN
fbem-1134	125	91	orders	order	NOUN
fbem-1134	125	92	,	,	PUNCT
fbem-1134	125	93	enforcement	enforcement	NOUN
fbem-1134	125	94	orders	order	NOUN
fbem-1134	125	95	and	and	CCONJ
fbem-1134	125	96	restitution	restitution	NOUN
fbem-1134	125	97	orders	order	NOUN
fbem-1134	125	98	.	.	PUNCT
fbem-1134	126	1	in	in	ADP
fbem-1134	126	2	addition	addition	NOUN
fbem-1134	126	3	,	,	PUNCT
fbem-1134	126	4	in	in	ADP
fbem-1134	126	5	respect	respect	NOUN
fbem-1134	126	6	of	of	ADP
fbem-1134	126	7	the	the	DET
fbem-1134	126	8	power	power	NOUN
fbem-1134	126	9	to	to	PART
fbem-1134	126	10	impose	impose	VERB
fbem-1134	126	11	penalties	penalty	NOUN
fbem-1134	126	12	,	,	PUNCT
fbem-1134	126	13	the	the	DET
fbem-1134	126	14	power	power	NOUN
fbem-1134	126	15	to	to	PART
fbem-1134	126	16	issue	issue	VERB
fbem-1134	126	17	public	public	ADJ
fbem-1134	126	18	reprimands	reprimand	NOUN
fbem-1134	126	19	should	should	AUX
fbem-1134	126	20	be	be	AUX
fbem-1134	126	21	added	add	VERB
fbem-1134	126	22	to	to	PART
fbem-1134	126	23	achieve	achieve	VERB
fbem-1134	126	24	greater	great	ADJ
fbem-1134	126	25	fairness	fairness	NOUN
fbem-1134	126	26	and	and	CCONJ
fbem-1134	126	27	transparency	transparency	NOUN
fbem-1134	126	28	.	.	PUNCT
fbem-1134	127	1	on	on	ADP
fbem-1134	127	2	the	the	DET
fbem-1134	127	3	issue	issue	NOUN
fbem-1134	127	4	of	of	ADP
fbem-1134	127	5	the	the	DET
fbem-1134	127	6	amount	amount	NOUN
fbem-1134	127	7	of	of	ADP
fbem-1134	127	8	fines	fine	NOUN
fbem-1134	127	9	,	,	PUNCT
fbem-1134	127	10	there	there	PRON
fbem-1134	127	11	should	should	AUX
fbem-1134	127	12	not	not	PART
fbem-1134	127	13	be	be	AUX
fbem-1134	127	14	a	a	DET
fbem-1134	127	15	cap	cap	NOUN
fbem-1134	127	16	set	set	VERB
fbem-1134	127	17	in	in	ADP
fbem-1134	127	18	a	a	DET
fbem-1134	127	19	specific	specific	ADJ
fbem-1134	127	20	number	number	NOUN
fbem-1134	127	21	,	,	PUNCT
fbem-1134	127	22	and	and	CCONJ
fbem-1134	127	23	it	it	PRON
fbem-1134	127	24	is	be	AUX
fbem-1134	127	25	recommended	recommend	VERB
fbem-1134	127	26	that	that	SCONJ
fbem-1134	127	27	it	it	PRON
fbem-1134	127	28	be	be	AUX
fbem-1134	127	29	linked	link	VERB
fbem-1134	127	30	to	to	ADP
fbem-1134	127	31	illegal	illegal	ADJ
fbem-1134	127	32	benefits	benefit	NOUN
fbem-1134	127	33	and	and	CCONJ
fbem-1134	127	34	that	that	SCONJ
fbem-1134	127	35	the	the	DET
fbem-1134	127	36	fines	fine	NOUN
fbem-1134	127	37	be	be	AUX
fbem-1134	127	38	increased	increase	VERB
fbem-1134	127	39	in	in	ADP
fbem-1134	127	40	a	a	DET
fbem-1134	127	41	graded	grade	VERB
fbem-1134	127	42	manner	manner	NOUN
fbem-1134	127	43	.	.	PUNCT
fbem-1134	128	1	2.2.3	2.2.3	X
fbem-1134	128	2	.	.	PUNCT
fbem-1134	128	3	regulatory	regulatory	ADJ
fbem-1134	128	4	readiness	readiness	NOUN
fbem-1134	128	5	for	for	ADP
fbem-1134	128	6	new	new	ADJ
fbem-1134	128	7	market	market	NOUN
fbem-1134	128	8	developments	development	NOUN
fbem-1134	128	9	in	in	ADP
fbem-1134	128	10	the	the	DET
fbem-1134	128	11	post	post	ADJ
fbem-1134	128	12	-	-	ADJ
fbem-1134	128	13	crisis	crisis	ADJ
fbem-1134	128	14	era	era	NOUN
fbem-1134	128	15	,	,	PUNCT
fbem-1134	128	16	the	the	DET
fbem-1134	128	17	chinese	chinese	ADJ
fbem-1134	128	18	financial	financial	ADJ
fbem-1134	128	19	market	market	NOUN
fbem-1134	128	20	will	will	AUX
fbem-1134	128	21	show	show	VERB
fbem-1134	128	22	some	some	DET
fbem-1134	128	23	new	new	ADJ
fbem-1134	128	24	development	development	NOUN
fbem-1134	128	25	trends	trend	NOUN
fbem-1134	128	26	:	:	PUNCT
fbem-1134	128	27	the	the	DET
fbem-1134	128	28	business	business	NOUN
fbem-1134	128	29	model	model	NOUN
fbem-1134	128	30	is	be	AUX
fbem-1134	128	31	increasingly	increasingly	ADV
fbem-1134	128	32	mixed	mix	VERB
fbem-1134	128	33	,	,	PUNCT
fbem-1134	128	34	the	the	DET
fbem-1134	128	35	business	business	NOUN
fbem-1134	128	36	structure	structure	NOUN
fbem-1134	128	37	is	be	AUX
fbem-1134	128	38	gradually	gradually	ADV
fbem-1134	128	39	diversified	diversify	VERB
fbem-1134	128	40	,	,	PUNCT
fbem-1134	128	41	and	and	CCONJ
fbem-1134	128	42	the	the	DET
fbem-1134	128	43	business	business	NOUN
fbem-1134	128	44	territory	territory	NOUN
fbem-1134	128	45	is	be	AUX
fbem-1134	128	46	increasingly	increasingly	ADV
fbem-1134	128	47	international	international	ADJ
fbem-1134	128	48	.	.	PUNCT
fbem-1134	129	1	this	this	PRON
fbem-1134	129	2	will	will	AUX
fbem-1134	129	3	also	also	ADV
fbem-1134	129	4	place	place	VERB
fbem-1134	129	5	new	new	ADJ
fbem-1134	129	6	demands	demand	NOUN
fbem-1134	129	7	on	on	ADP
fbem-1134	129	8	securities	security	NOUN
fbem-1134	129	9	regulation	regulation	NOUN
fbem-1134	129	10	.	.	PUNCT
fbem-1134	130	1	in	in	ADP
fbem-1134	130	2	view	view	NOUN
fbem-1134	130	3	of	of	ADP
fbem-1134	130	4	the	the	DET
fbem-1134	130	5	series	series	NOUN
fbem-1134	130	6	of	of	ADP
fbem-1134	130	7	problems	problem	NOUN
fbem-1134	130	8	of	of	ADP
fbem-1134	130	9	inadequate	inadequate	ADJ
fbem-1134	130	10	regulation	regulation	NOUN
fbem-1134	130	11	in	in	ADP
fbem-1134	130	12	the	the	DET
fbem-1134	130	13	united	united	PROPN
fbem-1134	130	14	states	states	PROPN
fbem-1134	130	15	under	under	ADP
fbem-1134	130	16	the	the	DET
fbem-1134	130	17	mixed	mixed	ADJ
fbem-1134	130	18	industry	industry	NOUN
fbem-1134	130	19	regulation	regulation	NOUN
fbem-1134	130	20	,	,	PUNCT
fbem-1134	130	21	we	we	PRON
fbem-1134	130	22	should	should	AUX
fbem-1134	130	23	take	take	VERB
fbem-1134	130	24	a	a	DET
fbem-1134	130	25	lesson	lesson	NOUN
fbem-1134	130	26	from	from	ADP
fbem-1134	130	27	this	this	PRON
fbem-1134	130	28	and	and	CCONJ
fbem-1134	130	29	do	do	VERB
fbem-1134	130	30	the	the	DET
fbem-1134	130	31	following	follow	VERB
fbem-1134	130	32	two	two	NUM
fbem-1134	130	33	things	thing	NOUN
fbem-1134	130	34	.	.	PUNCT
fbem-1134	131	1	1	1	X
fbem-1134	131	2	.	.	X
fbem-1134	131	3	strictly	strictly	ADV
fbem-1134	131	4	prevent	prevent	VERB
fbem-1134	131	5	regulatory	regulatory	ADJ
fbem-1134	131	6	loopholes	loophole	NOUN
fbem-1134	131	7	.	.	PUNCT
fbem-1134	132	1	in	in	ADP
fbem-1134	132	2	terms	term	NOUN
fbem-1134	132	3	of	of	ADP
fbem-1134	132	4	accounting	accounting	NOUN
fbem-1134	132	5	standards	standard	NOUN
fbem-1134	132	6	,	,	PUNCT
fbem-1134	132	7	the	the	DET
fbem-1134	132	8	industry	industry	NOUN
fbem-1134	132	9	's	's	PART
fbem-1134	132	10	permissible	permissible	ADJ
fbem-1134	132	11	range	range	NOUN
fbem-1134	132	12	of	of	ADP
fbem-1134	132	13	sensitive	sensitive	ADJ
fbem-1134	132	14	indicators	indicator	NOUN
fbem-1134	132	15	,	,	PUNCT
fbem-1134	132	16	especially	especially	ADV
fbem-1134	132	17	leverage	leverage	NOUN
fbem-1134	132	18	,	,	PUNCT
fbem-1134	132	19	should	should	AUX
fbem-1134	132	20	be	be	AUX
fbem-1134	132	21	reasonably	reasonably	ADV
fbem-1134	132	22	specified	specify	VERB
fbem-1134	132	23	,	,	PUNCT
fbem-1134	132	24	with	with	ADP
fbem-1134	132	25	strict	strict	ADJ
fbem-1134	132	26	limits	limit	NOUN
fbem-1134	132	27	on	on	ADP
fbem-1134	132	28	fluctuations	fluctuation	NOUN
fbem-1134	132	29	.	.	PUNCT
fbem-1134	133	1	the	the	DET
fbem-1134	133	2	regulations	regulation	NOUN
fbem-1134	133	3	on	on	ADP
fbem-1134	133	4	complex	complex	ADJ
fbem-1134	133	5	indicators	indicator	NOUN
fbem-1134	133	6	should	should	AUX
fbem-1134	133	7	be	be	AUX
fbem-1134	133	8	left	leave	VERB
fbem-1134	133	9	to	to	ADP
fbem-1134	133	10	the	the	DET
fbem-1134	133	11	professionals	professional	NOUN
fbem-1134	133	12	of	of	ADP
fbem-1134	133	13	the	the	DET
fbem-1134	133	14	sfc	sfc	NOUN
fbem-1134	133	15	's	's	PART
fbem-1134	133	16	risk	risk	NOUN
fbem-1134	133	17	disposal	disposal	NOUN
fbem-1134	133	18	office	office	NOUN
fbem-1134	133	19	to	to	PART
fbem-1134	133	20	carry	carry	VERB
fbem-1134	133	21	out	out	ADP
fbem-1134	133	22	calculations	calculation	NOUN
fbem-1134	133	23	,	,	PUNCT
fbem-1134	133	24	drafted	draft	VERB
fbem-1134	133	25	by	by	ADP
fbem-1134	133	26	the	the	DET
fbem-1134	133	27	legal	legal	ADJ
fbem-1134	133	28	department	department	NOUN
fbem-1134	133	29	,	,	PUNCT
fbem-1134	133	30	and	and	CCONJ
fbem-1134	133	31	promulgated	promulgate	VERB
fbem-1134	133	32	with	with	ADP
fbem-1134	133	33	relevant	relevant	ADJ
fbem-1134	133	34	regulations	regulation	NOUN
fbem-1134	133	35	and	and	CCONJ
fbem-1134	133	36	rules	rule	NOUN
fbem-1134	133	37	,	,	PUNCT
fbem-1134	133	38	giving	give	VERB
fbem-1134	133	39	them	they	PRON
fbem-1134	133	40	an	an	DET
fbem-1134	133	41	unassailable	unassailable	ADJ
fbem-1134	133	42	status	status	NOUN
fbem-1134	133	43	.	.	PUNCT
fbem-1134	134	1	on	on	ADP
fbem-1134	134	2	the	the	DET
fbem-1134	134	3	disclosure	disclosure	NOUN
fbem-1134	134	4	of	of	ADP
fbem-1134	134	5	accounting	accounting	NOUN
fbem-1134	134	6	information	information	NOUN
fbem-1134	134	7	,	,	PUNCT
fbem-1134	134	8	the	the	DET
fbem-1134	134	9	rules	rule	NOUN
fbem-1134	134	10	of	of	ADP
fbem-1134	134	11	disclosure	disclosure	NOUN
fbem-1134	134	12	should	should	AUX
fbem-1134	134	13	be	be	AUX
fbem-1134	134	14	clarified	clarify	VERB
fbem-1134	134	15	and	and	CCONJ
fbem-1134	134	16	strict	strict	ADJ
fbem-1134	134	17	control	control	NOUN
fbem-1134	134	18	should	should	AUX
fbem-1134	134	19	be	be	AUX
fbem-1134	134	20	imposed	impose	VERB
fbem-1134	134	21	on	on	ADP
fbem-1134	134	22	both	both	DET
fbem-1134	134	23	listed	list	VERB
fbem-1134	134	24	and	and	CCONJ
fbem-1134	134	25	unlisted	unlisted	ADJ
fbem-1134	134	26	companies	company	NOUN
fbem-1134	134	27	alike	alike	ADV
fbem-1134	134	28	.	.	PUNCT
fbem-1134	135	1	the	the	DET
fbem-1134	135	2	powers	power	NOUN
fbem-1134	135	3	of	of	ADP
fbem-1134	135	4	the	the	DET
fbem-1134	135	5	accounting	accounting	NOUN
fbem-1134	135	6	department	department	PROPN
fbem-1134	135	7	of	of	ADP
fbem-1134	135	8	the	the	DET
fbem-1134	135	9	sfc	sfc	NOUN
fbem-1134	135	10	may	may	AUX
fbem-1134	135	11	be	be	AUX
fbem-1134	135	12	appropriately	appropriately	ADV
fbem-1134	135	13	increased	increase	VERB
fbem-1134	135	14	to	to	PART
fbem-1134	135	15	allow	allow	VERB
fbem-1134	135	16	it	it	PRON
fbem-1134	135	17	to	to	PART
fbem-1134	135	18	conduct	conduct	VERB
fbem-1134	135	19	detailed	detailed	ADJ
fbem-1134	135	20	spot	spot	NOUN
fbem-1134	135	21	checks	check	NOUN
fbem-1134	135	22	on	on	ADP
fbem-1134	135	23	the	the	DET
fbem-1134	135	24	financial	financial	ADJ
fbem-1134	135	25	statements	statement	NOUN
fbem-1134	135	26	and	and	CCONJ
fbem-1134	135	27	other	other	ADJ
fbem-1134	135	28	accounting	accounting	NOUN
fbem-1134	135	29	information	information	NOUN
fbem-1134	135	30	of	of	ADP
fbem-1134	135	31	securities	security	NOUN
fbem-1134	135	32	enterprises	enterprise	NOUN
fbem-1134	135	33	at	at	ADP
fbem-1134	135	34	any	any	DET
fbem-1134	135	35	time	time	NOUN
fbem-1134	135	36	and	and	CCONJ
fbem-1134	135	37	to	to	PART
fbem-1134	135	38	allow	allow	VERB
fbem-1134	135	39	it	it	PRON
fbem-1134	135	40	to	to	PART
fbem-1134	135	41	require	require	VERB
fbem-1134	135	42	enterprises	enterprise	NOUN
fbem-1134	135	43	to	to	PART
fbem-1134	135	44	amend	amend	VERB
fbem-1134	135	45	the	the	DET
fbem-1134	135	46	format	format	NOUN
fbem-1134	135	47	of	of	ADP
fbem-1134	135	48	presentation	presentation	NOUN
fbem-1134	135	49	of	of	ADP
fbem-1134	135	50	financial	financial	ADJ
fbem-1134	135	51	information	information	NOUN
fbem-1134	135	52	,	,	PUNCT
fbem-1134	135	53	increase	increase	VERB
fbem-1134	135	54	or	or	CCONJ
fbem-1134	135	55	decrease	decrease	VERB
fbem-1134	135	56	indicators	indicator	NOUN
fbem-1134	135	57	,	,	PUNCT
fbem-1134	135	58	etc	etc	X
fbem-1134	135	59	.	.	X
fbem-1134	136	1	under	under	ADP
fbem-1134	136	2	the	the	DET
fbem-1134	136	3	premise	premise	NOUN
fbem-1134	136	4	of	of	ADP
fbem-1134	136	5	reasonable	reasonable	ADJ
fbem-1134	136	6	interpretation	interpretation	NOUN
fbem-1134	136	7	according	accord	VERB
fbem-1134	136	8	to	to	ADP
fbem-1134	136	9	different	different	ADJ
fbem-1134	136	10	rules	rule	NOUN
fbem-1134	136	11	.	.	PUNCT
fbem-1134	137	1	in	in	ADP
fbem-1134	137	2	terms	term	NOUN
fbem-1134	137	3	of	of	ADP
fbem-1134	137	4	rating	rating	NOUN
fbem-1134	137	5	agencies	agency	NOUN
fbem-1134	137	6	,	,	PUNCT
fbem-1134	137	7	it	it	PRON
fbem-1134	137	8	is	be	AUX
fbem-1134	137	9	imperative	imperative	ADJ
fbem-1134	137	10	to	to	PART
fbem-1134	137	11	properly	properly	ADV
fbem-1134	137	12	guide	guide	VERB
fbem-1134	137	13	the	the	DET
fbem-1134	137	14	improvement	improvement	NOUN
fbem-1134	137	15	and	and	CCONJ
fbem-1134	137	16	development	development	NOUN
fbem-1134	137	17	of	of	ADP
fbem-1134	137	18	credit	credit	NOUN
fbem-1134	137	19	assessment	assessment	NOUN
fbem-1134	137	20	systems	system	NOUN
fbem-1134	137	21	and	and	CCONJ
fbem-1134	137	22	sovereign	sovereign	ADJ
fbem-1134	137	23	credit	credit	NOUN
fbem-1134	137	24	rating	rating	NOUN
fbem-1134	137	25	agencies	agency	NOUN
fbem-1134	137	26	so	so	SCONJ
fbem-1134	137	27	that	that	SCONJ
fbem-1134	137	28	they	they	PRON
fbem-1134	137	29	can	can	AUX
fbem-1134	137	30	establish	establish	VERB
fbem-1134	137	31	credibility	credibility	NOUN
fbem-1134	137	32	themselves	themselves	PRON
fbem-1134	137	33	.	.	PUNCT
fbem-1134	138	1	on	on	ADP
fbem-1134	138	2	the	the	DET
fbem-1134	138	3	one	one	NUM
fbem-1134	138	4	hand	hand	NOUN
fbem-1134	138	5	,	,	PUNCT
fbem-1134	138	6	it	it	PRON
fbem-1134	138	7	is	be	AUX
fbem-1134	138	8	important	important	ADJ
fbem-1134	138	9	to	to	PART
fbem-1134	138	10	increase	increase	VERB
fbem-1134	138	11	the	the	DET
fbem-1134	138	12	transparency	transparency	NOUN
fbem-1134	138	13	of	of	ADP
fbem-1134	138	14	information	information	NOUN
fbem-1134	138	15	on	on	ADP
fbem-1134	138	16	credit	credit	NOUN
fbem-1134	138	17	rating	rating	NOUN
fbem-1134	138	18	agencies	agency	NOUN
fbem-1134	138	19	,	,	PUNCT
fbem-1134	138	20	including	include	VERB
fbem-1134	138	21	information	information	NOUN
fbem-1134	138	22	on	on	ADP
fbem-1134	138	23	their	their	PRON
fbem-1134	138	24	own	own	ADJ
fbem-1134	138	25	operations	operation	NOUN
fbem-1134	138	26	and	and	CCONJ
fbem-1134	138	27	the	the	DET
fbem-1134	138	28	process	process	NOUN
fbem-1134	138	29	of	of	ADP
fbem-1134	138	30	rating	rate	VERB
fbem-1134	138	31	other	other	ADJ
fbem-1134	138	32	companies	company	NOUN
fbem-1134	138	33	,	,	PUNCT
fbem-1134	138	34	so	so	SCONJ
fbem-1134	138	35	as	as	SCONJ
fbem-1134	138	36	to	to	PART
fbem-1134	138	37	be	be	AUX
fbem-1134	138	38	fair	fair	ADJ
fbem-1134	138	39	and	and	CCONJ
fbem-1134	138	40	transparent	transparent	ADJ
fbem-1134	138	41	.	.	PUNCT
fbem-1134	139	1	on	on	ADP
fbem-1134	139	2	the	the	DET
fbem-1134	139	3	other	other	ADJ
fbem-1134	139	4	hand	hand	NOUN
fbem-1134	139	5	,	,	PUNCT
fbem-1134	139	6	we	we	PRON
fbem-1134	139	7	should	should	AUX
fbem-1134	139	8	improve	improve	VERB
fbem-1134	139	9	the	the	DET
fbem-1134	139	10	legal	legal	ADJ
fbem-1134	139	11	regulation	regulation	NOUN
fbem-1134	139	12	of	of	ADP
fbem-1134	139	13	credit	credit	NOUN
fbem-1134	139	14	rating	rating	NOUN
fbem-1134	139	15	agencies	agency	NOUN
fbem-1134	139	16	and	and	CCONJ
fbem-1134	139	17	increase	increase	VERB
fbem-1134	139	18	the	the	DET
fbem-1134	139	19	penalties	penalty	NOUN
fbem-1134	139	20	.	.	PUNCT
fbem-1134	140	1	if	if	SCONJ
fbem-1134	140	2	we	we	PRON
fbem-1134	140	3	find	find	VERB
fbem-1134	140	4	any	any	DET
fbem-1134	140	5	violations	violation	NOUN
fbem-1134	140	6	of	of	ADP
fbem-1134	140	7	the	the	DET
fbem-1134	140	8	law	law	NOUN
fbem-1134	140	9	,	,	PUNCT
fbem-1134	140	10	especially	especially	ADV
fbem-1134	140	11	if	if	SCONJ
fbem-1134	140	12	the	the	DET
fbem-1134	140	13	rating	rating	NOUN
fbem-1134	140	14	agency	agency	NOUN
fbem-1134	140	15	and	and	CCONJ
fbem-1134	140	16	the	the	DET
fbem-1134	140	17	rated	rate	VERB
fbem-1134	140	18	company	company	NOUN
fbem-1134	140	19	are	be	AUX
fbem-1134	140	20	working	work	VERB
fbem-1134	140	21	together	together	ADV
fbem-1134	140	22	in	in	ADP
fbem-1134	140	23	private	private	ADJ
fbem-1134	140	24	,	,	PUNCT
fbem-1134	140	25	we	we	PRON
fbem-1134	140	26	should	should	AUX
fbem-1134	140	27	crack	crack	VERB
fbem-1134	140	28	down	down	ADP
fbem-1134	140	29	on	on	ADP
fbem-1134	140	30	all	all	DET
fbem-1134	140	31	parties	party	NOUN
fbem-1134	140	32	involved	involve	VERB
fbem-1134	140	33	in	in	ADP
fbem-1134	140	34	the	the	DET
fbem-1134	140	35	case	case	NOUN
fbem-1134	140	36	.	.	PUNCT
fbem-1134	141	1	establish	establish	VERB
fbem-1134	141	2	a	a	DET
fbem-1134	141	3	credit	credit	NOUN
fbem-1134	141	4	account	account	NOUN
fbem-1134	141	5	to	to	PART
fbem-1134	141	6	record	record	NOUN
fbem-1134	141	7	credit	credit	NOUN
fbem-1134	141	8	events	event	NOUN
fbem-1134	141	9	of	of	ADP
fbem-1134	141	10	rating	rating	NOUN
fbem-1134	141	11	agencies	agency	NOUN
fbem-1134	141	12	and	and	CCONJ
fbem-1134	141	13	securities	security	NOUN
fbem-1134	141	14	companies	company	NOUN
fbem-1134	141	15	,	,	PUNCT
fbem-1134	141	16	and	and	CCONJ
fbem-1134	141	17	if	if	SCONJ
fbem-1134	141	18	there	there	PRON
fbem-1134	141	19	are	be	VERB
fbem-1134	141	20	any	any	DET
fbem-1134	141	21	violations	violation	NOUN
fbem-1134	141	22	of	of	ADP
fbem-1134	141	23	the	the	DET
fbem-1134	141	24	law	law	NOUN
fbem-1134	141	25	,	,	PUNCT
fbem-1134	141	26	they	they	PRON
fbem-1134	141	27	will	will	AUX
fbem-1134	141	28	be	be	AUX
fbem-1134	141	29	recorded	record	VERB
fbem-1134	141	30	and	and	CCONJ
fbem-1134	141	31	made	make	VERB
fbem-1134	141	32	public	public	ADJ
fbem-1134	141	33	.	.	PUNCT
fbem-1134	142	1	in	in	ADP
fbem-1134	142	2	the	the	DET
fbem-1134	142	3	over	over	ADP
fbem-1134	142	4	-	-	PUNCT
fbem-1134	142	5	the	the	DET
fbem-1134	142	6	-	-	PUNCT
fbem-1134	142	7	counter	counter	NOUN
fbem-1134	142	8	market	market	NOUN
fbem-1134	142	9	,	,	PUNCT
fbem-1134	142	10	a	a	DET
fbem-1134	142	11	focused	focused	ADJ
fbem-1134	142	12	approach	approach	NOUN
fbem-1134	142	13	can	can	AUX
fbem-1134	142	14	be	be	AUX
fbem-1134	142	15	adopted	adopt	VERB
fbem-1134	142	16	to	to	PART
fbem-1134	142	17	prevent	prevent	VERB
fbem-1134	142	18	and	and	CCONJ
fbem-1134	142	19	gradually	gradually	ADV
fbem-1134	142	20	diffuse	diffuse	VERB
fbem-1134	142	21	the	the	DET
fbem-1134	142	22	regulation	regulation	NOUN
fbem-1134	142	23	of	of	ADP
fbem-1134	142	24	large	large	ADJ
fbem-1134	142	25	securities	security	NOUN
fbem-1134	142	26	firms	firm	NOUN
fbem-1134	142	27	that	that	PRON
fbem-1134	142	28	are	be	AUX
fbem-1134	142	29	prone	prone	ADJ
fbem-1134	142	30	to	to	ADP
fbem-1134	142	31	market	market	NOUN
fbem-1134	142	32	turmoil	turmoil	NOUN
fbem-1134	142	33	by	by	ADP
fbem-1134	142	34	strictly	strictly	ADV
fbem-1134	142	35	requiring	require	VERB
fbem-1134	142	36	them	they	PRON
fbem-1134	142	37	to	to	PART
fbem-1134	142	38	regularly	regularly	ADV
fbem-1134	142	39	submit	submit	VERB
fbem-1134	142	40	to	to	ADP
fbem-1134	142	41	the	the	DET
fbem-1134	142	42	sfc	sfc	NOUN
fbem-1134	142	43	reports	report	NOUN
fbem-1134	142	44	on	on	ADP
fbem-1134	142	45	the	the	DET
fbem-1134	142	46	types	type	NOUN
fbem-1134	142	47	and	and	CCONJ
fbem-1134	142	48	numbers	number	NOUN
fbem-1134	142	49	of	of	ADP
fbem-1134	142	50	financial	financial	ADJ
fbem-1134	142	51	derivatives	derivative	NOUN
fbem-1134	142	52	they	they	PRON
fbem-1134	142	53	trade	trade	VERB
fbem-1134	142	54	and	and	CCONJ
fbem-1134	142	55	their	their	PRON
fbem-1134	142	56	internal	internal	ADJ
fbem-1134	142	57	risk	risk	NOUN
fbem-1134	142	58	control	control	NOUN
fbem-1134	142	59	.	.	PUNCT
fbem-1134	143	1	an	an	DET
fbem-1134	143	2	over	over	ADP
fbem-1134	143	3	-	-	PUNCT
fbem-1134	143	4	the	the	DET
fbem-1134	143	5	-	-	PUNCT
fbem-1134	143	6	counter	counter	NOUN
fbem-1134	143	7	(	(	PUNCT
fbem-1134	143	8	otc	otc	PROPN
fbem-1134	143	9	)	)	PUNCT
fbem-1134	143	10	market	market	NOUN
fbem-1134	143	11	supervision	supervision	NOUN
fbem-1134	143	12	department	department	NOUN
fbem-1134	143	13	could	could	AUX
fbem-1134	143	14	be	be	AUX
fbem-1134	143	15	set	set	VERB
fbem-1134	143	16	up	up	ADP
fbem-1134	143	17	to	to	PART
fbem-1134	143	18	collect	collect	VERB
fbem-1134	143	19	,	,	PUNCT
fbem-1134	143	20	collate	collate	ADJ
fbem-1134	143	21	and	and	CCONJ
fbem-1134	143	22	analyse	analyse	NOUN
fbem-1134	143	23	information	information	NOUN
fbem-1134	143	24	,	,	PUNCT
fbem-1134	143	25	which	which	PRON
fbem-1134	143	26	could	could	AUX
fbem-1134	143	27	then	then	ADV
fbem-1134	143	28	be	be	AUX
fbem-1134	143	29	gradually	gradually	ADV
fbem-1134	143	30	spread	spread	VERB
fbem-1134	143	31	to	to	ADP
fbem-1134	143	32	a	a	DET
fbem-1134	143	33	large	large	ADJ
fbem-1134	143	34	number	number	NOUN
fbem-1134	143	35	of	of	ADP
fbem-1134	143	36	small	small	ADJ
fbem-1134	143	37	firms	firm	NOUN
fbem-1134	143	38	after	after	SCONJ
fbem-1134	143	39	a	a	DET
fbem-1134	143	40	certain	certain	ADJ
fbem-1134	143	41	industry	industry	NOUN
fbem-1134	143	42	habit	habit	NOUN
fbem-1134	143	43	has	have	AUX
fbem-1134	143	44	been	be	AUX
fbem-1134	143	45	formed	form	VERB
fbem-1134	143	46	.	.	PUNCT
fbem-1134	144	1	2	2	X
fbem-1134	144	2	.	.	X
fbem-1134	144	3	eliminate	eliminate	VERB
fbem-1134	144	4	the	the	DET
fbem-1134	144	5	talent	talent	NOUN
fbem-1134	144	6	emphasis	emphasis	NOUN
fbem-1134	144	7	bias	bias	NOUN
fbem-1134	144	8	and	and	CCONJ
fbem-1134	144	9	strengthen	strengthen	VERB
fbem-1134	144	10	the	the	DET
fbem-1134	144	11	cultivation	cultivation	NOUN
fbem-1134	144	12	of	of	ADP
fbem-1134	144	13	specialized	specialized	ADJ
fbem-1134	144	14	talents	talent	NOUN
fbem-1134	144	15	.	.	PUNCT
fbem-1134	145	1	the	the	DET
fbem-1134	145	2	us	us	PROPN
fbem-1134	145	3	has	have	AUX
fbem-1134	145	4	fallen	fall	VERB
fbem-1134	145	5	on	on	ADP
fbem-1134	145	6	its	its	PRON
fbem-1134	145	7	face	face	NOUN
fbem-1134	145	8	in	in	ADP
fbem-1134	145	9	an	an	DET
fbem-1134	145	10	era	era	NOUN
fbem-1134	145	11	of	of	ADP
fbem-1134	145	12	increasingly	increasingly	ADV
fbem-1134	145	13	complex	complex	ADJ
fbem-1134	145	14	financial	financial	ADJ
fbem-1134	145	15	markets	market	NOUN
fbem-1134	145	16	because	because	SCONJ
fbem-1134	145	17	of	of	ADP
fbem-1134	145	18	its	its	PRON
fbem-1134	145	19	emphasis	emphasis	NOUN
fbem-1134	145	20	on	on	ADP
fbem-1134	145	21	legal	legal	ADJ
fbem-1134	145	22	talent	talent	NOUN
fbem-1134	145	23	over	over	ADP
fbem-1134	145	24	financial	financial	ADJ
fbem-1134	145	25	talent	talent	NOUN
fbem-1134	145	26	,	,	PUNCT
fbem-1134	145	27	which	which	PRON
fbem-1134	145	28	shows	show	VERB
fbem-1134	145	29	that	that	SCONJ
fbem-1134	145	30	the	the	DET
fbem-1134	145	31	bias	bias	NOUN
fbem-1134	145	32	in	in	ADP
fbem-1134	145	33	the	the	DET
fbem-1134	145	34	strength	strength	NOUN
fbem-1134	145	35	of	of	ADP
fbem-1134	145	36	legal	legal	ADJ
fbem-1134	145	37	and	and	CCONJ
fbem-1134	145	38	financial	financial	ADJ
fbem-1134	145	39	talent	talent	NOUN
fbem-1134	145	40	can	can	AUX
fbem-1134	145	41	have	have	VERB
fbem-1134	145	42	serious	serious	ADJ
fbem-1134	145	43	consequences	consequence	NOUN
fbem-1134	145	44	,	,	PUNCT
fbem-1134	145	45	due	due	ADP
fbem-1134	145	46	to	to	ADP
fbem-1134	145	47	the	the	DET
fbem-1134	145	48	overlap	overlap	NOUN
fbem-1134	145	49	between	between	ADP
fbem-1134	145	50	the	the	DET
fbem-1134	145	51	power	power	NOUN
fbem-1134	145	52	to	to	PART
fbem-1134	145	53	draft	draft	VERB
fbem-1134	145	54	laws	law	NOUN
fbem-1134	145	55	and	and	CCONJ
fbem-1134	145	56	the	the	DET
fbem-1134	145	57	power	power	NOUN
fbem-1134	145	58	to	to	PART
fbem-1134	145	59	enforce	enforce	VERB
fbem-1134	145	60	them	they	PRON
fbem-1134	145	61	.	.	PUNCT
fbem-1134	146	1	if	if	SCONJ
fbem-1134	146	2	the	the	DET
fbem-1134	146	3	two	two	NUM
fbem-1134	146	4	were	be	AUX
fbem-1134	146	5	to	to	PART
fbem-1134	146	6	be	be	AUX
fbem-1134	146	7	separated	separate	VERB
fbem-1134	146	8	,	,	PUNCT
fbem-1134	146	9	with	with	ADP
fbem-1134	146	10	the	the	DET
fbem-1134	146	11	law	law	NOUN
fbem-1134	146	12	drafting	draft	VERB
fbem-1134	146	13	agency	agency	NOUN
fbem-1134	146	14	favouring	favour	VERB
fbem-1134	146	15	legal	legal	ADJ
fbem-1134	146	16	talent	talent	NOUN
fbem-1134	146	17	and	and	CCONJ
fbem-1134	146	18	the	the	DET
fbem-1134	146	19	enforcement	enforcement	NOUN
fbem-1134	146	20	agency	agency	NOUN
fbem-1134	146	21	favouring	favour	VERB
fbem-1134	146	22	financial	financial	ADJ
fbem-1134	146	23	talent	talent	NOUN
fbem-1134	146	24	,	,	PUNCT
fbem-1134	146	25	the	the	DET
fbem-1134	146	26	law	law	NOUN
fbem-1134	146	27	drafting	draft	VERB
fbem-1134	146	28	agency	agency	NOUN
fbem-1134	146	29	would	would	AUX
fbem-1134	146	30	work	work	VERB
fbem-1134	146	31	behind	behind	ADP
fbem-1134	146	32	the	the	DET
fbem-1134	146	33	scenes	scene	NOUN
fbem-1134	146	34	to	to	PART
fbem-1134	146	35	improve	improve	VERB
fbem-1134	146	36	the	the	DET
fbem-1134	146	37	legal	legal	ADJ
fbem-1134	146	38	system	system	NOUN
fbem-1134	146	39	,	,	PUNCT
fbem-1134	146	40	drive	drive	VERB
fbem-1134	146	41	the	the	DET
fbem-1134	146	42	legislative	legislative	ADJ
fbem-1134	146	43	process	process	NOUN
fbem-1134	146	44	and	and	CCONJ
fbem-1134	146	45	regulate	regulate	VERB
fbem-1134	146	46	the	the	DET
fbem-1134	146	47	behaviour	behaviour	NOUN
fbem-1134	146	48	of	of	ADP
fbem-1134	146	49	the	the	DET
fbem-1134	146	50	enforcement	enforcement	NOUN
fbem-1134	146	51	agency	agency	NOUN
fbem-1134	146	52	,	,	PUNCT
fbem-1134	146	53	while	while	SCONJ
fbem-1134	146	54	the	the	DET
fbem-1134	146	55	enforcement	enforcement	NOUN
fbem-1134	146	56	agency	agency	NOUN
fbem-1134	146	57	would	would	AUX
fbem-1134	146	58	be	be	AUX
fbem-1134	146	59	on	on	ADP
fbem-1134	146	60	the	the	DET
fbem-1134	146	61	front	front	ADJ
fbem-1134	146	62	line	line	NOUN
fbem-1134	146	63	,	,	PUNCT
fbem-1134	146	64	maintaining	maintain	VERB
fbem-1134	146	65	great	great	ADJ
fbem-1134	146	66	sensitivity	sensitivity	NOUN
fbem-1134	146	67	and	and	CCONJ
fbem-1134	146	68	expertise	expertise	NOUN
fbem-1134	146	69	to	to	PART
fbem-1134	146	70	see	see	VERB
fbem-1134	146	71	the	the	DET
fbem-1134	146	72	subtle	subtle	ADJ
fbem-1134	146	73	changes	change	NOUN
fbem-1134	146	74	in	in	ADP
fbem-1134	146	75	the	the	DET
fbem-1134	146	76	securities	security	NOUN
fbem-1134	146	77	market	market	NOUN
fbem-1134	146	78	,	,	PUNCT
fbem-1134	146	79	and	and	CCONJ
fbem-1134	146	80	the	the	DET
fbem-1134	146	81	enforcement	enforcement	NOUN
fbem-1134	146	82	agency	agency	NOUN
fbem-1134	146	83	would	would	AUX
fbem-1134	146	84	then	then	ADV
fbem-1134	146	85	feed	feed	VERB
fbem-1134	146	86	back	back	ADV
fbem-1134	146	87	legal	legal	ADJ
fbem-1134	146	88	advice	advice	NOUN
fbem-1134	146	89	to	to	ADP
fbem-1134	146	90	the	the	DET
fbem-1134	146	91	law	law	NOUN
fbem-1134	146	92	drafting	draft	VERB
fbem-1134	146	93	agency	agency	NOUN
fbem-1134	146	94	.	.	PUNCT
fbem-1134	147	1	in	in	ADP
fbem-1134	147	2	the	the	DET
fbem-1134	147	3	post	post	ADJ
fbem-1134	147	4	-	-	ADJ
fbem-1134	147	5	crisis	crisis	ADJ
fbem-1134	147	6	era	era	NOUN
fbem-1134	147	7	,	,	PUNCT
fbem-1134	147	8	the	the	DET
fbem-1134	147	9	securities	security	NOUN
fbem-1134	147	10	market	market	NOUN
fbem-1134	147	11	is	be	AUX
fbem-1134	147	12	operating	operate	VERB
fbem-1134	147	13	more	more	ADV
fbem-1134	147	14	and	and	CCONJ
fbem-1134	147	15	more	more	ADV
fbem-1134	147	16	diversified	diversified	ADJ
fbem-1134	147	17	businesses	business	NOUN
fbem-1134	147	18	,	,	PUNCT
fbem-1134	147	19	financial	financial	ADJ
fbem-1134	147	20	products	product	NOUN
fbem-1134	147	21	are	be	AUX
fbem-1134	147	22	becoming	become	VERB
fbem-1134	147	23	more	more	ADV
fbem-1134	147	24	and	and	CCONJ
fbem-1134	147	25	more	more	ADV
fbem-1134	147	26	complex	complex	ADJ
fbem-1134	147	27	,	,	PUNCT
fbem-1134	147	28	financial	financial	ADJ
fbem-1134	147	29	derivatives	derivative	NOUN
fbem-1134	147	30	are	be	AUX
fbem-1134	147	31	becoming	become	VERB
fbem-1134	147	32	more	more	ADV
fbem-1134	147	33	and	and	CCONJ
fbem-1134	147	34	more	more	ADV
fbem-1134	147	35	numerous	numerous	ADJ
fbem-1134	147	36	,	,	PUNCT
fbem-1134	147	37	and	and	CCONJ
fbem-1134	147	38	the	the	DET
fbem-1134	147	39	phenomenon	phenomenon	NOUN
fbem-1134	147	40	of	of	ADP
fbem-1134	147	41	business	business	NOUN
fbem-1134	147	42	overlap	overlap	NOUN
fbem-1134	147	43	and	and	CCONJ
fbem-1134	147	44	business	business	NOUN
fbem-1134	147	45	competition	competition	NOUN
fbem-1134	147	46	between	between	ADP
fbem-1134	147	47	industries	industry	NOUN
fbem-1134	147	48	is	be	AUX
fbem-1134	147	49	becoming	become	VERB
fbem-1134	147	50	more	more	ADV
fbem-1134	147	51	and	and	CCONJ
fbem-1134	147	52	more	more	ADV
fbem-1134	147	53	obvious	obvious	ADJ
fbem-1134	147	54	,	,	PUNCT
fbem-1134	147	55	which	which	PRON
fbem-1134	147	56	puts	put	VERB
fbem-1134	147	57	forward	forward	ADV
fbem-1134	147	58	higher	high	ADJ
fbem-1134	147	59	requirements	requirement	NOUN
fbem-1134	147	60	for	for	ADP
fbem-1134	147	61	the	the	DET
fbem-1134	147	62	quality	quality	NOUN
fbem-1134	147	63	of	of	ADP
fbem-1134	147	64	regulatory	regulatory	ADJ
fbem-1134	147	65	professionals	professional	NOUN
fbem-1134	147	66	.	.	PUNCT
fbem-1134	148	1	therefore	therefore	ADV
fbem-1134	148	2	,	,	PUNCT
fbem-1134	148	3	the	the	DET
fbem-1134	148	4	cultivation	cultivation	NOUN
fbem-1134	148	5	of	of	ADP
fbem-1134	148	6	talents	talent	NOUN
fbem-1134	148	7	for	for	ADP
fbem-1134	148	8	securities	security	NOUN
fbem-1134	148	9	regulation	regulation	NOUN
fbem-1134	148	10	in	in	ADP
fbem-1134	148	11	china	china	PROPN
fbem-1134	148	12	can	can	AUX
fbem-1134	148	13	not	not	PART
fbem-1134	148	14	be	be	AUX
fbem-1134	148	15	delayed	delay	VERB
fbem-1134	148	16	.	.	PUNCT
fbem-1134	149	1	the	the	DET
fbem-1134	149	2	basic	basic	ADJ
fbem-1134	149	3	methods	method	NOUN
fbem-1134	149	4	include	include	VERB
fbem-1134	149	5	:	:	PUNCT
fbem-1134	149	6	strengthening	strengthen	VERB
fbem-1134	149	7	basic	basic	ADJ
fbem-1134	149	8	education	education	NOUN
fbem-1134	149	9	and	and	CCONJ
fbem-1134	149	10	school	school	NOUN
fbem-1134	149	11	education	education	NOUN
fbem-1134	149	12	in	in	ADP
fbem-1134	149	13	law	law	NOUN
fbem-1134	149	14	and	and	CCONJ
fbem-1134	149	15	finance	finance	NOUN
fbem-1134	149	16	,	,	PUNCT
fbem-1134	149	17	adding	add	VERB
fbem-1134	149	18	contents	content	NOUN
fbem-1134	149	19	such	such	ADJ
fbem-1134	149	20	as	as	ADP
fbem-1134	149	21	comparison	comparison	NOUN
fbem-1134	149	22	of	of	ADP
fbem-1134	149	23	international	international	ADJ
fbem-1134	149	24	and	and	CCONJ
fbem-1134	149	25	domestic	domestic	ADJ
fbem-1134	149	26	status	status	NOUN
fbem-1134	149	27	quo	quo	NOUN
fbem-1134	149	28	;	;	PUNCT
fbem-1134	149	29	carrying	carry	VERB
fbem-1134	149	30	out	out	ADP
fbem-1134	149	31	training	training	NOUN
fbem-1134	149	32	and	and	CCONJ
fbem-1134	149	33	examination	examination	NOUN
fbem-1134	149	34	work	work	NOUN
fbem-1134	149	35	for	for	ADP
fbem-1134	149	36	in	in	ADP
fbem-1134	149	37	-	-	PUNCT
fbem-1134	149	38	service	service	NOUN
fbem-1134	149	39	personnel	personnel	NOUN
fbem-1134	149	40	;	;	PUNCT
fbem-1134	149	41	analysing	analyse	VERB
fbem-1134	149	42	and	and	CCONJ
fbem-1134	149	43	examining	examine	VERB
fbem-1134	149	44	domestic	domestic	ADJ
fbem-1134	149	45	and	and	CCONJ
fbem-1134	149	46	international	international	ADJ
fbem-1134	149	47	securities	security	NOUN
fbem-1134	149	48	regulation	regulation	NOUN
fbem-1134	149	49	cases	case	NOUN
fbem-1134	149	50	.	.	PUNCT
fbem-1134	150	1	it	it	PRON
fbem-1134	150	2	is	be	AUX
fbem-1134	150	3	a	a	DET
fbem-1134	150	4	long	long	ADJ
fbem-1134	150	5	-	-	PUNCT
fbem-1134	150	6	term	term	NOUN
fbem-1134	150	7	and	and	CCONJ
fbem-1134	150	8	arduous	arduous	ADJ
fbem-1134	150	9	task	task	NOUN
fbem-1134	150	10	57	57	NUM
fbem-1134	150	11	to	to	PART
fbem-1134	150	12	strengthen	strengthen	VERB
fbem-1134	150	13	the	the	DET
fbem-1134	150	14	cultivation	cultivation	NOUN
fbem-1134	150	15	of	of	ADP
fbem-1134	150	16	professional	professional	ADJ
fbem-1134	150	17	talents	talent	NOUN
fbem-1134	150	18	.	.	PUNCT
fbem-1134	151	1	only	only	ADV
fbem-1134	151	2	by	by	ADP
fbem-1134	151	3	improving	improve	VERB
fbem-1134	151	4	the	the	DET
fbem-1134	151	5	quality	quality	NOUN
fbem-1134	151	6	of	of	ADP
fbem-1134	151	7	practitioners	practitioner	NOUN
fbem-1134	151	8	can	can	AUX
fbem-1134	151	9	we	we	PRON
fbem-1134	151	10	fundamentally	fundamentally	ADV
fbem-1134	151	11	eliminate	eliminate	VERB
fbem-1134	151	12	problems	problem	NOUN
fbem-1134	151	13	such	such	ADJ
fbem-1134	151	14	as	as	ADP
fbem-1134	151	15	internal	internal	ADJ
fbem-1134	151	16	corruption	corruption	NOUN
fbem-1134	151	17	and	and	CCONJ
fbem-1134	151	18	lack	lack	NOUN
fbem-1134	151	19	of	of	ADP
fbem-1134	151	20	market	market	NOUN
fbem-1134	151	21	sensitivity	sensitivity	NOUN
fbem-1134	151	22	in	in	ADP
fbem-1134	151	23	the	the	DET
fbem-1134	151	24	regulatory	regulatory	ADJ
fbem-1134	151	25	sector	sector	NOUN
fbem-1134	151	26	,	,	PUNCT
fbem-1134	151	27	and	and	CCONJ
fbem-1134	151	28	provide	provide	VERB
fbem-1134	151	29	the	the	DET
fbem-1134	151	30	regulatory	regulatory	ADJ
fbem-1134	151	31	work	work	NOUN
fbem-1134	151	32	with	with	ADP
fbem-1134	151	33	talent	talent	NOUN
fbem-1134	151	34	security	security	NOUN
fbem-1134	151	35	.	.	PUNCT
fbem-1134	152	1	3	3	X
fbem-1134	152	2	.	.	X
fbem-1134	152	3	insights	insight	NOUN
fbem-1134	152	4	from	from	ADP
fbem-1134	152	5	the	the	DET
fbem-1134	152	6	transformation	transformation	NOUN
fbem-1134	152	7	of	of	ADP
fbem-1134	152	8	small	small	ADJ
fbem-1134	152	9	and	and	CCONJ
fbem-1134	152	10	medium	medium	ADJ
fbem-1134	152	11	-	-	PUNCT
fbem-1134	152	12	sized	sized	ADJ
fbem-1134	152	13	chinese	chinese	ADJ
fbem-1134	152	14	brokerages	brokerage	NOUN
fbem-1134	152	15	3.1	3.1	NUM
fbem-1134	152	16	.	.	PUNCT
fbem-1134	153	1	overview	overview	NOUN
fbem-1134	153	2	of	of	ADP
fbem-1134	153	3	the	the	DET
fbem-1134	153	4	stages	stage	NOUN
fbem-1134	153	5	of	of	ADP
fbem-1134	153	6	development	development	NOUN
fbem-1134	153	7	of	of	ADP
fbem-1134	153	8	small	small	ADJ
fbem-1134	153	9	and	and	CCONJ
fbem-1134	153	10	medium	medium	ADJ
fbem-1134	153	11	-	-	PUNCT
fbem-1134	153	12	sized	sized	ADJ
fbem-1134	153	13	domestic	domestic	ADJ
fbem-1134	153	14	brokerage	brokerage	NOUN
fbem-1134	153	15	firms	firm	NOUN
fbem-1134	153	16	3.1.1	3.1.1	NUM
fbem-1134	153	17	.	.	PUNCT
fbem-1134	154	1	analysis	analysis	NOUN
fbem-1134	154	2	of	of	ADP
fbem-1134	154	3	the	the	DET
fbem-1134	154	4	development	development	NOUN
fbem-1134	154	5	of	of	ADP
fbem-1134	154	6	domestic	domestic	ADJ
fbem-1134	154	7	brokerage	brokerage	NOUN
fbem-1134	154	8	firms	firm	NOUN
fbem-1134	154	9	placing	place	VERB
fbem-1134	154	10	the	the	DET
fbem-1134	154	11	opportunities	opportunity	NOUN
fbem-1134	154	12	for	for	ADP
fbem-1134	154	13	the	the	DET
fbem-1134	154	14	development	development	NOUN
fbem-1134	154	15	of	of	ADP
fbem-1134	154	16	the	the	DET
fbem-1134	154	17	securities	security	NOUN
fbem-1134	154	18	industry	industry	NOUN
fbem-1134	154	19	in	in	ADP
fbem-1134	154	20	the	the	DET
fbem-1134	154	21	macro	macro	ADJ
fbem-1134	154	22	context	context	NOUN
fbem-1134	154	23	of	of	ADP
fbem-1134	154	24	the	the	DET
fbem-1134	154	25	shift	shift	NOUN
fbem-1134	154	26	in	in	ADP
fbem-1134	154	27	china	china	PROPN
fbem-1134	154	28	's	's	PART
fbem-1134	154	29	economic	economic	ADJ
fbem-1134	154	30	growth	growth	NOUN
fbem-1134	154	31	dynamics	dynamic	NOUN
fbem-1134	154	32	,	,	PUNCT
fbem-1134	154	33	it	it	PRON
fbem-1134	154	34	is	be	AUX
fbem-1134	154	35	easy	easy	ADJ
fbem-1134	154	36	to	to	PART
fbem-1134	154	37	see	see	VERB
fbem-1134	154	38	that	that	SCONJ
fbem-1134	154	39	the	the	DET
fbem-1134	154	40	deepening	deepen	VERB
fbem-1134	154	41	reform	reform	NOUN
fbem-1134	154	42	of	of	ADP
fbem-1134	154	43	the	the	DET
fbem-1134	154	44	capital	capital	NOUN
fbem-1134	154	45	market	market	NOUN
fbem-1134	154	46	has	have	AUX
fbem-1134	154	47	brought	bring	VERB
fbem-1134	154	48	a	a	DET
fbem-1134	154	49	new	new	ADJ
fbem-1134	154	50	round	round	NOUN
fbem-1134	154	51	of	of	ADP
fbem-1134	154	52	development	development	NOUN
fbem-1134	154	53	dividends	dividend	NOUN
fbem-1134	154	54	for	for	ADP
fbem-1134	154	55	brokerage	brokerage	NOUN
fbem-1134	154	56	firms	firm	NOUN
fbem-1134	154	57	.	.	PUNCT
fbem-1134	155	1	as	as	SCONJ
fbem-1134	155	2	the	the	DET
fbem-1134	155	3	deepening	deepening	NOUN
fbem-1134	155	4	reform	reform	NOUN
fbem-1134	155	5	of	of	ADP
fbem-1134	155	6	the	the	DET
fbem-1134	155	7	capital	capital	NOUN
fbem-1134	155	8	market	market	NOUN
fbem-1134	155	9	continues	continue	VERB
fbem-1134	155	10	,	,	PUNCT
fbem-1134	155	11	the	the	DET
fbem-1134	155	12	market	market	NOUN
fbem-1134	155	13	needs	need	VERB
fbem-1134	155	14	more	more	ADV
fbem-1134	155	15	competitive	competitive	ADJ
fbem-1134	155	16	brokerage	brokerage	NOUN
fbem-1134	155	17	firms	firm	NOUN
fbem-1134	155	18	and	and	CCONJ
fbem-1134	155	19	the	the	DET
fbem-1134	155	20	structural	structural	ADJ
fbem-1134	155	21	reform	reform	NOUN
fbem-1134	155	22	of	of	ADP
fbem-1134	155	23	the	the	DET
fbem-1134	155	24	financial	financial	ADJ
fbem-1134	155	25	supply	supply	NOUN
fbem-1134	155	26	side	side	NOUN
fbem-1134	155	27	will	will	AUX
fbem-1134	155	28	drive	drive	VERB
fbem-1134	155	29	the	the	DET
fbem-1134	155	30	reshaping	reshaping	NOUN
fbem-1134	155	31	of	of	ADP
fbem-1134	155	32	the	the	DET
fbem-1134	155	33	securities	security	NOUN
fbem-1134	155	34	industry	industry	NOUN
fbem-1134	155	35	landscape	landscape	NOUN
fbem-1134	155	36	.	.	PUNCT
fbem-1134	156	1	however	however	ADV
fbem-1134	156	2	,	,	PUNCT
fbem-1134	156	3	the	the	DET
fbem-1134	156	4	pace	pace	NOUN
fbem-1134	156	5	of	of	ADP
fbem-1134	156	6	capital	capital	NOUN
fbem-1134	156	7	market	market	NOUN
fbem-1134	156	8	reform	reform	NOUN
fbem-1134	156	9	has	have	AUX
fbem-1134	156	10	lagged	lag	VERB
fbem-1134	156	11	behind	behind	ADP
fbem-1134	156	12	the	the	DET
fbem-1134	156	13	new	new	ADJ
fbem-1134	156	14	forms	form	NOUN
fbem-1134	156	15	,	,	PUNCT
fbem-1134	156	16	models	model	NOUN
fbem-1134	156	17	and	and	CCONJ
fbem-1134	156	18	demands	demand	NOUN
fbem-1134	156	19	that	that	PRON
fbem-1134	156	20	have	have	AUX
fbem-1134	156	21	emerged	emerge	VERB
fbem-1134	156	22	in	in	ADP
fbem-1134	156	23	economic	economic	ADJ
fbem-1134	156	24	development	development	NOUN
fbem-1134	156	25	,	,	PUNCT
fbem-1134	156	26	making	make	VERB
fbem-1134	156	27	the	the	DET
fbem-1134	156	28	role	role	NOUN
fbem-1134	156	29	of	of	ADP
fbem-1134	156	30	the	the	DET
fbem-1134	156	31	capital	capital	NOUN
fbem-1134	156	32	market	market	NOUN
fbem-1134	156	33	ineffective	ineffective	ADJ
fbem-1134	156	34	in	in	ADP
fbem-1134	156	35	matching	match	VERB
fbem-1134	156	36	economic	economic	ADJ
fbem-1134	156	37	development	development	NOUN
fbem-1134	156	38	,	,	PUNCT
fbem-1134	156	39	and	and	CCONJ
fbem-1134	156	40	the	the	DET
fbem-1134	156	41	development	development	NOUN
fbem-1134	156	42	of	of	ADP
fbem-1134	156	43	direct	direct	ADJ
fbem-1134	156	44	financing	financing	NOUN
fbem-1134	156	45	has	have	AUX
fbem-1134	156	46	been	be	AUX
fbem-1134	156	47	slow	slow	ADJ
fbem-1134	156	48	.	.	PUNCT
fbem-1134	157	1	3.1.2	3.1.2	X
fbem-1134	157	2	.	.	PUNCT
fbem-1134	157	3	domestic	domestic	ADJ
fbem-1134	157	4	brokerage	brokerage	NOUN
fbem-1134	157	5	development	development	NOUN
fbem-1134	157	6	policy	policy	NOUN
fbem-1134	157	7	guidance	guidance	NOUN
fbem-1134	157	8	process	process	NOUN
fbem-1134	157	9	since	since	SCONJ
fbem-1134	157	10	2018	2018	NUM
fbem-1134	157	11	,	,	PUNCT
fbem-1134	157	12	top	top	ADJ
fbem-1134	157	13	-	-	PUNCT
fbem-1134	157	14	level	level	NOUN
fbem-1134	157	15	design	design	NOUN
fbem-1134	157	16	has	have	AUX
fbem-1134	157	17	drawn	draw	VERB
fbem-1134	157	18	a	a	DET
fbem-1134	157	19	new	new	ADJ
fbem-1134	157	20	blueprint	blueprint	NOUN
fbem-1134	157	21	for	for	ADP
fbem-1134	157	22	capital	capital	NOUN
fbem-1134	157	23	market	market	NOUN
fbem-1134	157	24	development	development	NOUN
fbem-1134	157	25	.	.	PUNCT
fbem-1134	158	1	in	in	ADP
fbem-1134	158	2	november	november	PROPN
fbem-1134	158	3	2018	2018	NUM
fbem-1134	158	4	,	,	PUNCT
fbem-1134	158	5	general	general	ADJ
fbem-1134	158	6	secretary	secretary	NOUN
fbem-1134	158	7	xi	xi	PROPN
fbem-1134	158	8	jinping	jinpe	VERB
fbem-1134	158	9	announced	announce	VERB
fbem-1134	158	10	in	in	ADP
fbem-1134	158	11	shanghai	shanghai	PROPN
fbem-1134	158	12	the	the	DET
fbem-1134	158	13	establishment	establishment	NOUN
fbem-1134	158	14	of	of	ADP
fbem-1134	158	15	the	the	DET
fbem-1134	158	16	science	science	NOUN
fbem-1134	158	17	and	and	CCONJ
fbem-1134	158	18	technology	technology	NOUN
fbem-1134	158	19	innovation	innovation	NOUN
fbem-1134	158	20	board	board	NOUN
fbem-1134	158	21	(	(	PUNCT
fbem-1134	158	22	stib	stib	PROPN
fbem-1134	158	23	)	)	PUNCT
fbem-1134	158	24	,	,	PUNCT
fbem-1134	158	25	starting	start	VERB
fbem-1134	158	26	with	with	ADP
fbem-1134	158	27	the	the	DET
fbem-1134	158	28	launch	launch	NOUN
fbem-1134	158	29	of	of	ADP
fbem-1134	158	30	the	the	DET
fbem-1134	158	31	stib	stib	NOUN
fbem-1134	158	32	and	and	CCONJ
fbem-1134	158	33	the	the	DET
fbem-1134	158	34	pilot	pilot	NOUN
fbem-1134	158	35	registration	registration	NOUN
fbem-1134	158	36	system	system	NOUN
fbem-1134	158	37	,	,	PUNCT
fbem-1134	158	38	a	a	DET
fbem-1134	158	39	new	new	ADJ
fbem-1134	158	40	cycle	cycle	NOUN
fbem-1134	158	41	of	of	ADP
fbem-1134	158	42	capital	capital	NOUN
fbem-1134	158	43	market	market	NOUN
fbem-1134	158	44	reform	reform	NOUN
fbem-1134	158	45	in	in	ADP
fbem-1134	158	46	china	china	PROPN
fbem-1134	158	47	was	be	AUX
fbem-1134	158	48	kicked	kick	VERB
fbem-1134	158	49	off	off	ADP
fbem-1134	158	50	.	.	PUNCT
fbem-1134	159	1	since	since	SCONJ
fbem-1134	159	2	2019	2019	NUM
fbem-1134	159	3	,	,	PUNCT
fbem-1134	159	4	policies	policy	NOUN
fbem-1134	159	5	to	to	PART
fbem-1134	159	6	deepen	deepen	VERB
fbem-1134	159	7	reforms	reform	NOUN
fbem-1134	159	8	in	in	ADP
fbem-1134	159	9	the	the	DET
fbem-1134	159	10	capital	capital	NOUN
fbem-1134	159	11	market	market	NOUN
fbem-1134	159	12	have	have	AUX
fbem-1134	159	13	been	be	AUX
fbem-1134	159	14	introduced	introduce	VERB
fbem-1134	159	15	frequently	frequently	ADV
fbem-1134	159	16	,	,	PUNCT
fbem-1134	159	17	continuously	continuously	ADV
fbem-1134	159	18	raising	raise	VERB
fbem-1134	159	19	expectations	expectation	NOUN
fbem-1134	159	20	for	for	ADP
fbem-1134	159	21	the	the	DET
fbem-1134	159	22	development	development	NOUN
fbem-1134	159	23	of	of	ADP
fbem-1134	159	24	the	the	DET
fbem-1134	159	25	securities	security	NOUN
fbem-1134	159	26	industry	industry	NOUN
fbem-1134	159	27	.	.	PUNCT
fbem-1134	160	1	the	the	DET
fbem-1134	160	2	first	first	ADJ
fbem-1134	160	3	25	25	NUM
fbem-1134	160	4	companies	company	NOUN
fbem-1134	160	5	on	on	ADP
fbem-1134	160	6	the	the	DET
fbem-1134	160	7	stb	stb	NOUN
fbem-1134	160	8	were	be	AUX
fbem-1134	160	9	listed	list	VERB
fbem-1134	160	10	and	and	CCONJ
fbem-1134	160	11	traded	trade	VERB
fbem-1134	160	12	on	on	ADP
fbem-1134	160	13	the	the	DET
fbem-1134	160	14	sse	sse	NOUN
fbem-1134	160	15	.	.	PUNCT
fbem-1134	161	1	compared	compare	VERB
fbem-1134	161	2	with	with	ADP
fbem-1134	161	3	the	the	DET
fbem-1134	161	4	nearly	nearly	ADV
fbem-1134	161	5	10	10	NUM
fbem-1134	161	6	-	-	PUNCT
fbem-1134	161	7	year	year	NOUN
fbem-1134	161	8	gestation	gestation	NOUN
fbem-1134	161	9	period	period	NOUN
fbem-1134	161	10	of	of	ADP
fbem-1134	161	11	the	the	DET
fbem-1134	161	12	gem	gem	NOUN
fbem-1134	161	13	,	,	PUNCT
fbem-1134	161	14	the	the	DET
fbem-1134	161	15	rapid	rapid	ADJ
fbem-1134	161	16	landing	landing	NOUN
fbem-1134	161	17	of	of	ADP
fbem-1134	161	18	the	the	DET
fbem-1134	161	19	stb	stb	NOUN
fbem-1134	161	20	demonstrates	demonstrate	VERB
fbem-1134	161	21	the	the	DET
fbem-1134	161	22	determination	determination	NOUN
fbem-1134	161	23	and	and	CCONJ
fbem-1134	161	24	strength	strength	NOUN
fbem-1134	161	25	of	of	ADP
fbem-1134	161	26	the	the	DET
fbem-1134	161	27	government	government	NOUN
fbem-1134	161	28	's	's	PART
fbem-1134	161	29	reform	reform	NOUN
fbem-1134	161	30	.	.	PUNCT
fbem-1134	162	1	however	however	ADV
fbem-1134	162	2	,	,	PUNCT
fbem-1134	162	3	the	the	DET
fbem-1134	162	4	brokerage	brokerage	NOUN
fbem-1134	162	5	,	,	PUNCT
fbem-1134	162	6	investment	investment	NOUN
fbem-1134	162	7	banking	banking	NOUN
fbem-1134	162	8	and	and	CCONJ
fbem-1134	162	9	capital	capital	NOUN
fbem-1134	162	10	intermediary	intermediary	NOUN
fbem-1134	162	11	businesses	business	NOUN
fbem-1134	162	12	of	of	ADP
fbem-1134	162	13	securities	security	NOUN
fbem-1134	162	14	companies	company	NOUN
fbem-1134	162	15	have	have	AUX
fbem-1134	162	16	not	not	PART
fbem-1134	162	17	yet	yet	ADV
fbem-1134	162	18	been	be	AUX
fbem-1134	162	19	completely	completely	ADV
fbem-1134	162	20	detached	detach	VERB
fbem-1134	162	21	from	from	ADP
fbem-1134	162	22	their	their	PRON
fbem-1134	162	23	"	"	PUNCT
fbem-1134	162	24	channel	channel	NOUN
fbem-1134	162	25	"	"	PUNCT
fbem-1134	162	26	nature	nature	NOUN
fbem-1134	162	27	,	,	PUNCT
fbem-1134	162	28	and	and	CCONJ
fbem-1134	162	29	the	the	DET
fbem-1134	162	30	active	active	ADJ
fbem-1134	162	31	management	management	NOUN
fbem-1134	162	32	scale	scale	NOUN
fbem-1134	162	33	of	of	ADP
fbem-1134	162	34	their	their	PRON
fbem-1134	162	35	capital	capital	NOUN
fbem-1134	162	36	management	management	NOUN
fbem-1134	162	37	business	business	NOUN
fbem-1134	162	38	is	be	AUX
fbem-1134	162	39	small	small	ADJ
fbem-1134	162	40	,	,	PUNCT
fbem-1134	162	41	and	and	CCONJ
fbem-1134	162	42	they	they	PRON
fbem-1134	162	43	are	be	AUX
fbem-1134	162	44	facing	face	VERB
fbem-1134	162	45	competition	competition	NOUN
fbem-1134	162	46	from	from	ADP
fbem-1134	162	47	financial	financial	ADJ
fbem-1134	162	48	institutions	institution	NOUN
fbem-1134	162	49	such	such	ADJ
fbem-1134	162	50	as	as	ADP
fbem-1134	162	51	public	public	ADJ
fbem-1134	162	52	funds	fund	NOUN
fbem-1134	162	53	,	,	PUNCT
fbem-1134	162	54	private	private	ADJ
fbem-1134	162	55	equity	equity	NOUN
fbem-1134	162	56	funds	fund	NOUN
fbem-1134	162	57	and	and	CCONJ
fbem-1134	162	58	bank	bank	NOUN
fbem-1134	162	59	wealth	wealth	NOUN
fbem-1134	162	60	management	management	NOUN
fbem-1134	162	61	subsidiaries	subsidiary	NOUN
fbem-1134	162	62	.	.	PUNCT
fbem-1134	163	1	since	since	SCONJ
fbem-1134	163	2	2020	2020	NUM
fbem-1134	163	3	,	,	PUNCT
fbem-1134	163	4	the	the	DET
fbem-1134	163	5	full	full	ADJ
fbem-1134	163	6	implementation	implementation	NOUN
fbem-1134	163	7	of	of	ADP
fbem-1134	163	8	the	the	DET
fbem-1134	163	9	registration	registration	NOUN
fbem-1134	163	10	system	system	NOUN
fbem-1134	163	11	for	for	ADP
fbem-1134	163	12	equity	equity	NOUN
fbem-1134	163	13	issuance	issuance	NOUN
fbem-1134	163	14	has	have	AUX
fbem-1134	163	15	guided	guide	VERB
fbem-1134	163	16	high	high	ADJ
fbem-1134	163	17	-	-	PUNCT
fbem-1134	163	18	quality	quality	NOUN
fbem-1134	163	19	investment	investment	NOUN
fbem-1134	163	20	banking	banking	NOUN
fbem-1134	163	21	as	as	ADP
fbem-1134	163	22	a	a	DET
fbem-1134	163	23	grip	grip	NOUN
fbem-1134	163	24	to	to	PART
fbem-1134	163	25	improve	improve	VERB
fbem-1134	163	26	the	the	DET
fbem-1134	163	27	direct	direct	ADJ
fbem-1134	163	28	financing	financing	NOUN
fbem-1134	163	29	of	of	ADP
fbem-1134	163	30	society	society	NOUN
fbem-1134	163	31	,	,	PUNCT
fbem-1134	163	32	and	and	CCONJ
fbem-1134	163	33	the	the	DET
fbem-1134	163	34	efficiency	efficiency	NOUN
fbem-1134	163	35	and	and	CCONJ
fbem-1134	163	36	quality	quality	NOUN
fbem-1134	163	37	of	of	ADP
fbem-1134	163	38	direct	direct	ADJ
fbem-1134	163	39	financing	financing	NOUN
fbem-1134	163	40	is	be	AUX
fbem-1134	163	41	of	of	ADP
fbem-1134	163	42	great	great	ADJ
fbem-1134	163	43	significance	significance	NOUN
fbem-1134	163	44	to	to	ADP
fbem-1134	163	45	the	the	DET
fbem-1134	163	46	innovative	innovative	ADJ
fbem-1134	163	47	and	and	CCONJ
fbem-1134	163	48	transformative	transformative	ADJ
fbem-1134	163	49	development	development	NOUN
fbem-1134	163	50	of	of	ADP
fbem-1134	163	51	national	national	ADJ
fbem-1134	163	52	industries	industry	NOUN
fbem-1134	163	53	.	.	PUNCT
fbem-1134	164	1	both	both	CCONJ
fbem-1134	164	2	the	the	DET
fbem-1134	164	3	purpose	purpose	NOUN
fbem-1134	164	4	and	and	CCONJ
fbem-1134	164	5	connotation	connotation	NOUN
fbem-1134	164	6	of	of	ADP
fbem-1134	164	7	the	the	DET
fbem-1134	164	8	national	national	ADJ
fbem-1134	164	9	policy	policy	NOUN
fbem-1134	164	10	guidance	guidance	NOUN
fbem-1134	164	11	are	be	AUX
fbem-1134	164	12	to	to	PART
fbem-1134	164	13	continue	continue	VERB
fbem-1134	164	14	to	to	PART
fbem-1134	164	15	guide	guide	VERB
fbem-1134	164	16	the	the	DET
fbem-1134	164	17	securities	security	NOUN
fbem-1134	164	18	industry	industry	NOUN
fbem-1134	164	19	towards	towards	ADP
fbem-1134	164	20	a	a	DET
fbem-1134	164	21	virtuous	virtuous	ADJ
fbem-1134	164	22	cycle	cycle	NOUN
fbem-1134	164	23	of	of	ADP
fbem-1134	164	24	refining	refine	VERB
fbem-1134	164	25	its	its	PRON
fbem-1134	164	26	business	business	NOUN
fbem-1134	164	27	,	,	PUNCT
fbem-1134	164	28	getting	get	VERB
fbem-1134	164	29	bigger	big	ADJ
fbem-1134	164	30	and	and	CCONJ
fbem-1134	164	31	stronger	strong	ADJ
fbem-1134	164	32	,	,	PUNCT
fbem-1134	164	33	and	and	CCONJ
fbem-1134	164	34	supporting	support	VERB
fbem-1134	164	35	the	the	DET
fbem-1134	164	36	best	good	ADJ
fbem-1134	164	37	and	and	CCONJ
fbem-1134	164	38	limiting	limit	VERB
fbem-1134	164	39	the	the	DET
fbem-1134	164	40	worst	bad	ADJ
fbem-1134	164	41	,	,	PUNCT
fbem-1134	164	42	in	in	ADP
fbem-1134	164	43	order	order	NOUN
fbem-1134	164	44	to	to	PART
fbem-1134	164	45	better	well	ADV
fbem-1134	164	46	serve	serve	VERB
fbem-1134	164	47	the	the	DET
fbem-1134	164	48	development	development	NOUN
fbem-1134	164	49	of	of	ADP
fbem-1134	164	50	the	the	DET
fbem-1134	164	51	real	real	ADJ
fbem-1134	164	52	economy	economy	NOUN
fbem-1134	164	53	.	.	PUNCT
fbem-1134	165	1	the	the	DET
fbem-1134	165	2	current	current	ADJ
fbem-1134	165	3	round	round	NOUN
fbem-1134	165	4	of	of	ADP
fbem-1134	165	5	capital	capital	NOUN
fbem-1134	165	6	market	market	NOUN
fbem-1134	165	7	reform	reform	NOUN
fbem-1134	165	8	has	have	AUX
fbem-1134	165	9	been	be	AUX
fbem-1134	165	10	strong	strong	ADJ
fbem-1134	165	11	,	,	PUNCT
fbem-1134	165	12	prolonged	prolonged	ADJ
fbem-1134	165	13	and	and	CCONJ
fbem-1134	165	14	well	well	ADV
fbem-1134	165	15	received	receive	VERB
fbem-1134	165	16	,	,	PUNCT
fbem-1134	165	17	and	and	CCONJ
fbem-1134	165	18	the	the	DET
fbem-1134	165	19	direct	direct	ADJ
fbem-1134	165	20	financing	financing	NOUN
fbem-1134	165	21	market	market	NOUN
fbem-1134	165	22	has	have	AUX
fbem-1134	165	23	seen	see	VERB
fbem-1134	165	24	unprecedented	unprecedented	ADJ
fbem-1134	165	25	development	development	NOUN
fbem-1134	165	26	,	,	PUNCT
fbem-1134	165	27	as	as	SCONJ
fbem-1134	165	28	can	can	AUX
fbem-1134	165	29	be	be	AUX
fbem-1134	165	30	observed	observe	VERB
fbem-1134	165	31	from	from	ADP
fbem-1134	165	32	the	the	DET
fbem-1134	165	33	reform	reform	NOUN
fbem-1134	165	34	practices	practice	NOUN
fbem-1134	165	35	of	of	ADP
fbem-1134	165	36	the	the	DET
fbem-1134	165	37	past	past	ADJ
fbem-1134	165	38	three	three	NUM
fbem-1134	165	39	years	year	NOUN
fbem-1134	165	40	.	.	PUNCT
fbem-1134	166	1	it	it	PRON
fbem-1134	166	2	is	be	AUX
fbem-1134	166	3	worth	worth	ADJ
fbem-1134	166	4	mentioning	mention	VERB
fbem-1134	166	5	that	that	SCONJ
fbem-1134	166	6	the	the	DET
fbem-1134	166	7	gradual	gradual	ADJ
fbem-1134	166	8	implementation	implementation	NOUN
fbem-1134	166	9	of	of	ADP
fbem-1134	166	10	the	the	DET
fbem-1134	166	11	basic	basic	ADJ
fbem-1134	166	12	system	system	NOUN
fbem-1134	166	13	,	,	PUNCT
fbem-1134	166	14	with	with	ADP
fbem-1134	166	15	the	the	DET
fbem-1134	166	16	"	"	PUNCT
fbem-1134	166	17	registration	registration	NOUN
fbem-1134	166	18	system	system	NOUN
fbem-1134	166	19	"	"	PUNCT
fbem-1134	166	20	as	as	ADP
fbem-1134	166	21	the	the	DET
fbem-1134	166	22	core	core	NOUN
fbem-1134	166	23	,	,	PUNCT
fbem-1134	166	24	marks	mark	VERB
fbem-1134	166	25	an	an	DET
fbem-1134	166	26	inflection	inflection	NOUN
fbem-1134	166	27	point	point	NOUN
fbem-1134	166	28	for	for	ADP
fbem-1134	166	29	the	the	DET
fbem-1134	166	30	transformation	transformation	NOUN
fbem-1134	166	31	of	of	ADP
fbem-1134	166	32	the	the	DET
fbem-1134	166	33	chinese	chinese	ADJ
fbem-1134	166	34	capital	capital	NOUN
fbem-1134	166	35	market	market	NOUN
fbem-1134	166	36	.	.	PUNCT
fbem-1134	167	1	3.1.3	3.1.3	X
fbem-1134	167	2	.	.	PUNCT
fbem-1134	167	3	market	market	NOUN
fbem-1134	167	4	environment	environment	NOUN
fbem-1134	167	5	under	under	ADP
fbem-1134	167	6	china	china	PROPN
fbem-1134	167	7	's	's	PART
fbem-1134	167	8	multi	multi	ADJ
fbem-1134	167	9	-	-	ADJ
fbem-1134	167	10	level	level	ADJ
fbem-1134	167	11	capital	capital	NOUN
fbem-1134	167	12	market	market	NOUN
fbem-1134	167	13	system	system	NOUN
fbem-1134	167	14	the	the	DET
fbem-1134	167	15	central	central	ADJ
fbem-1134	167	16	economic	economic	ADJ
fbem-1134	167	17	work	work	NOUN
fbem-1134	167	18	conference	conference	NOUN
fbem-1134	167	19	held	hold	VERB
fbem-1134	167	20	in	in	ADP
fbem-1134	167	21	december	december	PROPN
fbem-1134	167	22	last	last	ADJ
fbem-1134	167	23	year	year	NOUN
fbem-1134	167	24	proposed	propose	VERB
fbem-1134	167	25	the	the	DET
fbem-1134	167	26	full	full	ADJ
fbem-1134	167	27	implementation	implementation	NOUN
fbem-1134	167	28	of	of	ADP
fbem-1134	167	29	the	the	DET
fbem-1134	167	30	registration	registration	NOUN
fbem-1134	167	31	system	system	NOUN
fbem-1134	167	32	for	for	ADP
fbem-1134	167	33	stock	stock	NOUN
fbem-1134	167	34	issuance	issuance	NOUN
fbem-1134	167	35	.	.	PUNCT
fbem-1134	168	1	at	at	ADP
fbem-1134	168	2	present	present	ADJ
fbem-1134	168	3	,	,	PUNCT
fbem-1134	168	4	a	a	DET
fbem-1134	168	5	multi	multi	ADJ
fbem-1134	168	6	-	-	ADJ
fbem-1134	168	7	level	level	ADJ
fbem-1134	168	8	capital	capital	NOUN
fbem-1134	168	9	market	market	NOUN
fbem-1134	168	10	system	system	NOUN
fbem-1134	168	11	of	of	ADP
fbem-1134	168	12	"	"	PUNCT
fbem-1134	168	13	main	main	ADJ
fbem-1134	168	14	board	board	NOUN
fbem-1134	168	15	+	+	CCONJ
fbem-1134	168	16	growth	growth	NOUN
fbem-1134	168	17	enterprise	enterprise	NOUN
fbem-1134	168	18	board	board	NOUN
fbem-1134	168	19	+	+	CCONJ
fbem-1134	168	20	science	science	NOUN
fbem-1134	168	21	and	and	CCONJ
fbem-1134	168	22	technology	technology	NOUN
fbem-1134	168	23	innovation	innovation	NOUN
fbem-1134	168	24	board	board	NOUN
fbem-1134	168	25	+	+	CCONJ
fbem-1134	168	26	north	north	NOUN
fbem-1134	168	27	exchange	exchange	NOUN
fbem-1134	168	28	+	+	CCONJ
fbem-1134	168	29	regional	regional	ADJ
fbem-1134	168	30	equity	equity	NOUN
fbem-1134	168	31	market	market	NOUN
fbem-1134	168	32	+	+	CCONJ
fbem-1134	168	33	private	private	ADJ
fbem-1134	168	34	equity	equity	NOUN
fbem-1134	168	35	"	"	PUNCT
fbem-1134	168	36	has	have	AUX
fbem-1134	168	37	basically	basically	ADV
fbem-1134	168	38	been	be	AUX
fbem-1134	168	39	formed	form	VERB
fbem-1134	168	40	.	.	PUNCT
fbem-1134	169	1	the	the	DET
fbem-1134	169	2	"	"	PUNCT
fbem-1134	169	3	registration	registration	NOUN
fbem-1134	169	4	system	system	NOUN
fbem-1134	169	5	"	"	PUNCT
fbem-1134	169	6	,	,	PUNCT
fbem-1134	169	7	which	which	PRON
fbem-1134	169	8	will	will	AUX
fbem-1134	169	9	normalise	normalise	VERB
fbem-1134	169	10	the	the	DET
fbem-1134	169	11	supply	supply	NOUN
fbem-1134	169	12	of	of	ADP
fbem-1134	169	13	assets	asset	NOUN
fbem-1134	169	14	in	in	ADP
fbem-1134	169	15	the	the	DET
fbem-1134	169	16	capital	capital	NOUN
fbem-1134	169	17	markets	market	NOUN
fbem-1134	169	18	,	,	PUNCT
fbem-1134	169	19	will	will	AUX
fbem-1134	169	20	bring	bring	VERB
fbem-1134	169	21	about	about	ADV
fbem-1134	169	22	four	four	NUM
fbem-1134	169	23	key	key	ADJ
fbem-1134	169	24	changes	change	NOUN
fbem-1134	169	25	.	.	PUNCT
fbem-1134	170	1	(	(	PUNCT
fbem-1134	170	2	1	1	X
fbem-1134	170	3	)	)	PUNCT
fbem-1134	170	4	changes	change	NOUN
fbem-1134	170	5	in	in	ADP
fbem-1134	170	6	regulatory	regulatory	ADJ
fbem-1134	170	7	thinking	thinking	NOUN
fbem-1134	170	8	and	and	CCONJ
fbem-1134	170	9	behavior	behavior	NOUN
fbem-1134	170	10	:	:	PUNCT
fbem-1134	170	11	regulation	regulation	NOUN
fbem-1134	170	12	will	will	AUX
fbem-1134	170	13	shift	shift	VERB
fbem-1134	170	14	from	from	ADP
fbem-1134	170	15	pampering	pamper	VERB
fbem-1134	170	16	the	the	DET
fbem-1134	170	17	market	market	NOUN
fbem-1134	170	18	to	to	ADP
fbem-1134	170	19	moderate	moderate	ADJ
fbem-1134	170	20	regulation	regulation	NOUN
fbem-1134	170	21	;	;	PUNCT
fbem-1134	170	22	it	it	PRON
fbem-1134	170	23	will	will	AUX
fbem-1134	170	24	shift	shift	VERB
fbem-1134	170	25	from	from	ADP
fbem-1134	170	26	controlling	control	VERB
fbem-1134	170	27	the	the	DET
fbem-1134	170	28	quantity	quantity	NOUN
fbem-1134	170	29	,	,	PUNCT
fbem-1134	170	30	quality	quality	NOUN
fbem-1134	170	31	and	and	CCONJ
fbem-1134	170	32	price	price	NOUN
fbem-1134	170	33	of	of	ADP
fbem-1134	170	34	issue	issue	NOUN
fbem-1134	170	35	supply	supply	NOUN
fbem-1134	170	36	to	to	ADP
fbem-1134	170	37	doing	do	VERB
fbem-1134	170	38	compliance	compliance	NOUN
fbem-1134	170	39	review	review	NOUN
fbem-1134	170	40	and	and	CCONJ
fbem-1134	170	41	relaxing	relax	VERB
fbem-1134	170	42	profitability	profitability	NOUN
fbem-1134	170	43	requirements	requirement	NOUN
fbem-1134	170	44	.	.	PUNCT
fbem-1134	171	1	for	for	ADP
fbem-1134	171	2	example	example	NOUN
fbem-1134	171	3	,	,	PUNCT
fbem-1134	171	4	the	the	DET
fbem-1134	171	5	average	average	ADJ
fbem-1134	171	6	review	review	NOUN
fbem-1134	171	7	cycle	cycle	NOUN
fbem-1134	171	8	of	of	ADP
fbem-1134	171	9	the	the	DET
fbem-1134	171	10	science	science	NOUN
fbem-1134	171	11	and	and	CCONJ
fbem-1134	171	12	technology	technology	NOUN
fbem-1134	171	13	innovation	innovation	NOUN
fbem-1134	171	14	board	board	NOUN
fbem-1134	171	15	is	be	AUX
fbem-1134	171	16	controlled	control	VERB
fbem-1134	171	17	at	at	ADP
fbem-1134	171	18	3	3	NUM
fbem-1134	171	19	-	-	SYM
fbem-1134	171	20	6	6	NUM
fbem-1134	171	21	months	month	NOUN
fbem-1134	171	22	,	,	PUNCT
fbem-1134	171	23	which	which	PRON
fbem-1134	171	24	is	be	AUX
fbem-1134	171	25	significantly	significantly	ADV
fbem-1134	171	26	lower	low	ADJ
fbem-1134	171	27	than	than	ADP
fbem-1134	171	28	the	the	DET
fbem-1134	171	29	review	review	NOUN
fbem-1134	171	30	cycle	cycle	NOUN
fbem-1134	171	31	of	of	ADP
fbem-1134	171	32	a	a	DET
fbem-1134	171	33	-	-	PUNCT
fbem-1134	171	34	share	share	NOUN
fbem-1134	171	35	ipos	ipos	NOUN
fbem-1134	171	36	.	.	PUNCT
fbem-1134	172	1	(	(	PUNCT
fbem-1134	172	2	2	2	X
fbem-1134	172	3	)	)	PUNCT
fbem-1134	172	4	changes	change	NOUN
fbem-1134	172	5	in	in	ADP
fbem-1134	172	6	pricing	pricing	NOUN
fbem-1134	172	7	and	and	CCONJ
fbem-1134	172	8	valuation	valuation	NOUN
fbem-1134	172	9	logic	logic	NOUN
fbem-1134	172	10	:	:	PUNCT
fbem-1134	172	11	secondary	secondary	ADJ
fbem-1134	172	12	market	market	NOUN
fbem-1134	172	13	valuation	valuation	NOUN
fbem-1134	172	14	returns	return	NOUN
fbem-1134	172	15	to	to	ADP
fbem-1134	172	16	fundamentals	fundamental	NOUN
fbem-1134	172	17	,	,	PUNCT
fbem-1134	172	18	market	market	NOUN
fbem-1134	172	19	value	value	NOUN
fbem-1134	172	20	differentiation	differentiation	NOUN
fbem-1134	172	21	accelerates	accelerate	VERB
fbem-1134	172	22	,	,	PUNCT
fbem-1134	172	23	and	and	CCONJ
fbem-1134	172	24	liquidity	liquidity	NOUN
fbem-1134	172	25	of	of	ADP
fbem-1134	172	26	small	small	ADJ
fbem-1134	172	27	cap	cap	NOUN
fbem-1134	172	28	stocks	stock	NOUN
fbem-1134	172	29	is	be	AUX
fbem-1134	172	30	expected	expect	VERB
fbem-1134	172	31	to	to	PART
fbem-1134	172	32	decrease	decrease	VERB
fbem-1134	172	33	.	.	PUNCT
fbem-1134	173	1	at	at	ADP
fbem-1134	173	2	present	present	ADJ
fbem-1134	173	3	,	,	PUNCT
fbem-1134	173	4	the	the	DET
fbem-1134	173	5	number	number	NOUN
fbem-1134	173	6	of	of	ADP
fbem-1134	173	7	breakdowns	breakdown	NOUN
fbem-1134	173	8	in	in	ADP
fbem-1134	173	9	the	the	DET
fbem-1134	173	10	science	science	NOUN
fbem-1134	173	11	and	and	CCONJ
fbem-1134	173	12	technology	technology	NOUN
fbem-1134	173	13	board	board	NOUN
fbem-1134	173	14	has	have	AUX
fbem-1134	173	15	reached	reach	VERB
fbem-1134	173	16	more	more	ADJ
fbem-1134	173	17	than	than	ADP
fbem-1134	173	18	8	8	NUM
fbem-1134	173	19	.	.	PUNCT
fbem-1134	174	1	it	it	PRON
fbem-1134	174	2	is	be	AUX
fbem-1134	174	3	expected	expect	VERB
fbem-1134	174	4	that	that	SCONJ
fbem-1134	174	5	future	future	ADJ
fbem-1134	174	6	breakdowns	breakdown	NOUN
fbem-1134	174	7	in	in	ADP
fbem-1134	174	8	the	the	DET
fbem-1134	174	9	science	science	NOUN
fbem-1134	174	10	and	and	CCONJ
fbem-1134	174	11	technology	technology	NOUN
fbem-1134	174	12	board	board	NOUN
fbem-1134	174	13	will	will	AUX
fbem-1134	174	14	be	be	AUX
fbem-1134	174	15	normalized	normalize	VERB
fbem-1134	174	16	,	,	PUNCT
fbem-1134	174	17	and	and	CCONJ
fbem-1134	174	18	listed	list	VERB
fbem-1134	174	19	companies	company	NOUN
fbem-1134	174	20	will	will	AUX
fbem-1134	174	21	be	be	AUX
fbem-1134	174	22	consolidated	consolidate	VERB
fbem-1134	174	23	and	and	CCONJ
fbem-1134	174	24	differentiated	differentiated	ADJ
fbem-1134	174	25	.	.	PUNCT
fbem-1134	175	1	3	3	X
fbem-1134	175	2	)	)	PUNCT
fbem-1134	175	3	changes	change	NOUN
fbem-1134	175	4	in	in	ADP
fbem-1134	175	5	the	the	DET
fbem-1134	175	6	behavior	behavior	NOUN
fbem-1134	175	7	of	of	ADP
fbem-1134	175	8	listed	list	VERB
fbem-1134	175	9	companies	company	NOUN
fbem-1134	175	10	:	:	PUNCT
fbem-1134	175	11	along	along	ADP
fbem-1134	175	12	with	with	ADP
fbem-1134	175	13	the	the	DET
fbem-1134	175	14	basic	basic	ADJ
fbem-1134	175	15	establishment	establishment	NOUN
fbem-1134	175	16	of	of	ADP
fbem-1134	175	17	a	a	DET
fbem-1134	175	18	multi	multi	ADJ
fbem-1134	175	19	-	-	ADJ
fbem-1134	175	20	level	level	ADJ
fbem-1134	175	21	capital	capital	NOUN
fbem-1134	175	22	market	market	NOUN
fbem-1134	175	23	system	system	NOUN
fbem-1134	175	24	,	,	PUNCT
fbem-1134	175	25	market	market	NOUN
fbem-1134	175	26	valuations	valuation	NOUN
fbem-1134	175	27	have	have	AUX
fbem-1134	175	28	returned	return	VERB
fbem-1134	175	29	to	to	ADP
fbem-1134	175	30	rationality	rationality	NOUN
fbem-1134	175	31	and	and	CCONJ
fbem-1134	175	32	listing	listing	NOUN
fbem-1134	175	33	is	be	AUX
fbem-1134	175	34	no	no	ADV
fbem-1134	175	35	longer	long	ADV
fbem-1134	175	36	blindly	blindly	ADV
fbem-1134	175	37	attractive	attractive	ADJ
fbem-1134	175	38	.	.	PUNCT
fbem-1134	176	1	some	some	DET
fbem-1134	176	2	enterprises	enterprise	NOUN
fbem-1134	176	3	with	with	ADP
fbem-1134	176	4	low	low	ADJ
fbem-1134	176	5	valuation	valuation	NOUN
fbem-1134	176	6	and	and	CCONJ
fbem-1134	176	7	poor	poor	ADJ
fbem-1134	176	8	liquidity	liquidity	NOUN
fbem-1134	176	9	will	will	AUX
fbem-1134	176	10	be	be	AUX
fbem-1134	176	11	acquired	acquire	VERB
fbem-1134	176	12	,	,	PUNCT
fbem-1134	176	13	and	and	CCONJ
fbem-1134	176	14	the	the	DET
fbem-1134	176	15	m&a	m&a	PROPN
fbem-1134	176	16	and	and	CCONJ
fbem-1134	176	17	restructuring	restructuring	NOUN
fbem-1134	176	18	market	market	NOUN
fbem-1134	176	19	is	be	AUX
fbem-1134	176	20	expected	expect	VERB
fbem-1134	176	21	to	to	PART
fbem-1134	176	22	be	be	AUX
fbem-1134	176	23	more	more	ADV
fbem-1134	176	24	active	active	ADJ
fbem-1134	176	25	,	,	PUNCT
fbem-1134	176	26	on	on	ADP
fbem-1134	176	27	par	par	NOUN
fbem-1134	176	28	with	with	ADP
fbem-1134	176	29	mature	mature	ADJ
fbem-1134	176	30	markets	market	NOUN
fbem-1134	176	31	in	in	ADP
fbem-1134	176	32	europe	europe	PROPN
fbem-1134	176	33	and	and	CCONJ
fbem-1134	176	34	the	the	DET
fbem-1134	176	35	us	us	PROPN
fbem-1134	176	36	.	.	PUNCT
fbem-1134	177	1	4	4	X
fbem-1134	177	2	)	)	PUNCT
fbem-1134	177	3	changes	change	NOUN
fbem-1134	177	4	in	in	ADP
fbem-1134	177	5	investor	investor	NOUN
fbem-1134	177	6	structure	structure	NOUN
fbem-1134	177	7	and	and	CCONJ
fbem-1134	177	8	behavior	behavior	NOUN
fbem-1134	177	9	:	:	PUNCT
fbem-1134	177	10	the	the	DET
fbem-1134	177	11	investor	investor	NOUN
fbem-1134	177	12	structure	structure	NOUN
fbem-1134	177	13	will	will	AUX
fbem-1134	177	14	become	become	VERB
fbem-1134	177	15	more	more	ADV
fbem-1134	177	16	institutionalized	institutionalized	ADJ
fbem-1134	177	17	and	and	CCONJ
fbem-1134	177	18	internationalized	internationalized	ADJ
fbem-1134	177	19	,	,	PUNCT
fbem-1134	177	20	and	and	CCONJ
fbem-1134	177	21	investment	investment	NOUN
fbem-1134	177	22	behavior	behavior	NOUN
fbem-1134	177	23	will	will	AUX
fbem-1134	177	24	return	return	VERB
fbem-1134	177	25	to	to	ADP
fbem-1134	177	26	value	value	NOUN
fbem-1134	177	27	investment	investment	NOUN
fbem-1134	177	28	.	.	PUNCT
fbem-1134	178	1	looking	look	VERB
fbem-1134	178	2	ahead	ahead	ADV
fbem-1134	178	3	,	,	PUNCT
fbem-1134	178	4	the	the	DET
fbem-1134	178	5	ipo	ipo	NOUN
fbem-1134	178	6	shutdown	shutdown	NOUN
fbem-1134	178	7	will	will	AUX
fbem-1134	178	8	no	no	ADV
fbem-1134	178	9	longer	long	ADV
fbem-1134	178	10	occur	occur	VERB
fbem-1134	178	11	and	and	CCONJ
fbem-1134	178	12	china	china	PROPN
fbem-1134	178	13	's	's	PART
fbem-1134	178	14	capital	capital	NOUN
fbem-1134	178	15	market	market	NOUN
fbem-1134	178	16	will	will	AUX
fbem-1134	178	17	have	have	AUX
fbem-1134	178	18	made	make	VERB
fbem-1134	178	19	significant	significant	ADJ
fbem-1134	178	20	breakthroughs	breakthrough	NOUN
fbem-1134	178	21	in	in	ADP
fbem-1134	178	22	marketisation	marketisation	NOUN
fbem-1134	178	23	,	,	PUNCT
fbem-1134	178	24	rule	rule	NOUN
fbem-1134	178	25	of	of	ADP
fbem-1134	178	26	law	law	NOUN
fbem-1134	178	27	,	,	PUNCT
fbem-1134	178	28	internationalization	internationalization	NOUN
fbem-1134	178	29	and	and	CCONJ
fbem-1134	178	30	institutionalization	institutionalization	NOUN
fbem-1134	178	31	.	.	PUNCT
fbem-1134	179	1	however	however	ADV
fbem-1134	179	2	,	,	PUNCT
fbem-1134	179	3	compared	compare	VERB
fbem-1134	179	4	to	to	PART
fbem-1134	179	5	mature	mature	VERB
fbem-1134	179	6	capital	capital	NOUN
fbem-1134	179	7	markets	market	NOUN
fbem-1134	179	8	,	,	PUNCT
fbem-1134	179	9	china	china	PROPN
fbem-1134	179	10	's	's	PART
fbem-1134	179	11	capital	capital	NOUN
fbem-1134	179	12	market	market	NOUN
fbem-1134	179	13	reform	reform	NOUN
fbem-1134	179	14	still	still	ADV
fbem-1134	179	15	has	have	VERB
fbem-1134	179	16	a	a	DET
fbem-1134	179	17	long	long	ADJ
fbem-1134	179	18	way	way	NOUN
fbem-1134	179	19	to	to	PART
fbem-1134	179	20	go	go	VERB
fbem-1134	179	21	,	,	PUNCT
fbem-1134	179	22	and	and	CCONJ
fbem-1134	179	23	key	key	ADJ
fbem-1134	179	24	reform	reform	NOUN
fbem-1134	179	25	measures	measure	NOUN
fbem-1134	179	26	,	,	PUNCT
fbem-1134	179	27	including	include	VERB
fbem-1134	179	28	the	the	DET
fbem-1134	179	29	supporting	support	VERB
fbem-1134	179	30	ecology	ecology	NOUN
fbem-1134	179	31	of	of	ADP
fbem-1134	179	32	the	the	DET
fbem-1134	179	33	capital	capital	NOUN
fbem-1134	179	34	market	market	NOUN
fbem-1134	179	35	,	,	PUNCT
fbem-1134	179	36	still	still	ADV
fbem-1134	179	37	need	need	VERB
fbem-1134	179	38	to	to	PART
fbem-1134	179	39	be	be	AUX
fbem-1134	179	40	steadily	steadily	ADV
fbem-1134	179	41	implemented	implement	VERB
fbem-1134	179	42	.	.	PUNCT
fbem-1134	180	1	3.2	3.2	NUM
fbem-1134	180	2	.	.	PUNCT
fbem-1134	181	1	development	development	NOUN
fbem-1134	181	2	opportunities	opportunity	NOUN
fbem-1134	181	3	from	from	ADP
fbem-1134	181	4	the	the	DET
fbem-1134	181	5	east	east	NOUN
fbem-1134	181	6	wind	wind	NOUN
fbem-1134	181	7	of	of	ADP
fbem-1134	181	8	the	the	DET
fbem-1134	181	9	north	north	NOUN
fbem-1134	181	10	exchange	exchange	PROPN
fbem-1134	181	11	3.2.1	3.2.1	NUM
fbem-1134	181	12	.	.	PUNCT
fbem-1134	182	1	policy	policy	NOUN
fbem-1134	182	2	dividend	dividend	NOUN
fbem-1134	182	3	release	release	NOUN
fbem-1134	182	4	leads	lead	VERB
fbem-1134	182	5	to	to	ADP
fbem-1134	182	6	strength	strength	NOUN
fbem-1134	182	7	of	of	ADP
fbem-1134	182	8	head	head	NOUN
fbem-1134	182	9	brokerage	brokerage	NOUN
fbem-1134	182	10	firms	firm	NOUN
fbem-1134	182	11	the	the	DET
fbem-1134	182	12	pilot	pilot	NOUN
fbem-1134	182	13	account	account	NOUN
fbem-1134	182	14	management	management	NOUN
fbem-1134	182	15	business	business	NOUN
fbem-1134	182	16	is	be	AUX
fbem-1134	182	17	expected	expect	VERB
fbem-1134	182	18	to	to	PART
fbem-1134	182	19	enhance	enhance	VERB
fbem-1134	182	20	the	the	DET
fbem-1134	182	21	efficiency	efficiency	NOUN
fbem-1134	182	22	of	of	ADP
fbem-1134	182	23	customer	customer	NOUN
fbem-1134	182	24	transactions	transaction	NOUN
fbem-1134	182	25	to	to	PART
fbem-1134	182	26	achieve	achieve	VERB
fbem-1134	182	27	asset	asset	NOUN
fbem-1134	182	28	transfers	transfer	NOUN
fbem-1134	182	29	,	,	PUNCT
fbem-1134	182	30	reflecting	reflect	VERB
fbem-1134	182	31	the	the	DET
fbem-1134	182	32	regulatory	regulatory	ADJ
fbem-1134	182	33	support	support	NOUN
fbem-1134	182	34	for	for	ADP
fbem-1134	182	35	the	the	DET
fbem-1134	182	36	58	58	NUM
fbem-1134	182	37	development	development	NOUN
fbem-1134	182	38	of	of	ADP
fbem-1134	182	39	brokerage	brokerage	NOUN
fbem-1134	182	40	wealth	wealth	NOUN
fbem-1134	182	41	management	management	NOUN
fbem-1134	182	42	business	business	NOUN
fbem-1134	182	43	.	.	PUNCT
fbem-1134	183	1	in	in	ADP
fbem-1134	183	2	early	early	ADJ
fbem-1134	183	3	april	april	PROPN
fbem-1134	183	4	2021	2021	NUM
fbem-1134	183	5	,	,	PUNCT
fbem-1134	183	6	the	the	DET
fbem-1134	183	7	china	china	PROPN
fbem-1134	183	8	securities	securities	PROPN
fbem-1134	183	9	association	association	PROPN
fbem-1134	183	10	issued	issue	VERB
fbem-1134	183	11	the	the	DET
fbem-1134	183	12	notice	notice	NOUN
fbem-1134	183	13	on	on	ADP
fbem-1134	183	14	the	the	DET
fbem-1134	183	15	pilot	pilot	NOUN
fbem-1134	183	16	assessment	assessment	NOUN
fbem-1134	183	17	of	of	ADP
fbem-1134	183	18	the	the	DET
fbem-1134	183	19	optimization	optimization	NOUN
fbem-1134	183	20	of	of	ADP
fbem-1134	183	21	account	account	NOUN
fbem-1134	183	22	management	management	NOUN
fbem-1134	183	23	functions	function	NOUN
fbem-1134	183	24	of	of	ADP
fbem-1134	183	25	securities	security	NOUN
fbem-1134	183	26	firms	firm	NOUN
fbem-1134	183	27	,	,	PUNCT
fbem-1134	183	28	which	which	PRON
fbem-1134	183	29	clarified	clarify	VERB
fbem-1134	183	30	that	that	SCONJ
fbem-1134	183	31	brokerage	brokerage	NOUN
fbem-1134	183	32	firms	firm	NOUN
fbem-1134	183	33	applying	apply	VERB
fbem-1134	183	34	for	for	ADP
fbem-1134	183	35	the	the	DET
fbem-1134	183	36	pilot	pilot	NOUN
fbem-1134	183	37	should	should	AUX
fbem-1134	183	38	first	first	ADV
fbem-1134	183	39	meet	meet	VERB
fbem-1134	183	40	a	a	DET
fbem-1134	183	41	classification	classification	NOUN
fbem-1134	183	42	rating	rating	NOUN
fbem-1134	183	43	of	of	ADP
fbem-1134	183	44	aa	aa	NOUN
fbem-1134	183	45	in	in	ADP
fbem-1134	183	46	the	the	DET
fbem-1134	183	47	past	past	ADJ
fbem-1134	183	48	year	year	NOUN
fbem-1134	183	49	,	,	PUNCT
fbem-1134	183	50	and	and	CCONJ
fbem-1134	183	51	also	also	ADV
fbem-1134	183	52	bound	bind	VERB
fbem-1134	183	53	brokerage	brokerage	NOUN
fbem-1134	183	54	firms	firm	NOUN
fbem-1134	183	55	that	that	PRON
fbem-1134	183	56	had	have	AUX
fbem-1134	183	57	been	be	AUX
fbem-1134	183	58	penalized	penalize	VERB
fbem-1134	183	59	for	for	ADP
fbem-1134	183	60	compliance	compliance	NOUN
fbem-1134	183	61	and	and	CCONJ
fbem-1134	183	62	risk	risk	NOUN
fbem-1134	183	63	control	control	NOUN
fbem-1134	183	64	in	in	ADP
fbem-1134	183	65	the	the	DET
fbem-1134	183	66	recent	recent	ADJ
fbem-1134	183	67	year	year	NOUN
fbem-1134	183	68	.	.	PUNCT
fbem-1134	184	1	this	this	DET
fbem-1134	184	2	announcement	announcement	NOUN
fbem-1134	184	3	is	be	AUX
fbem-1134	184	4	positive	positive	ADJ
fbem-1134	184	5	feedback	feedback	NOUN
fbem-1134	184	6	to	to	ADP
fbem-1134	184	7	the	the	DET
fbem-1134	184	8	previous	previous	ADJ
fbem-1134	184	9	application	application	NOUN
fbem-1134	184	10	assessment	assessment	NOUN
fbem-1134	184	11	of	of	ADP
fbem-1134	184	12	the	the	DET
fbem-1134	184	13	association	association	NOUN
fbem-1134	184	14	,	,	PUNCT
fbem-1134	184	15	and	and	CCONJ
fbem-1134	184	16	the	the	DET
fbem-1134	184	17	formal	formal	ADJ
fbem-1134	184	18	approval	approval	NOUN
fbem-1134	184	19	of	of	ADP
fbem-1134	184	20	10	10	NUM
fbem-1134	184	21	brokerages	brokerage	NOUN
fbem-1134	184	22	indicates	indicate	VERB
fbem-1134	184	23	that	that	SCONJ
fbem-1134	184	24	account	account	NOUN
fbem-1134	184	25	optimization	optimization	NOUN
fbem-1134	184	26	is	be	AUX
fbem-1134	184	27	steadily	steadily	ADV
fbem-1134	184	28	progressing	progress	VERB
fbem-1134	184	29	.	.	PUNCT
fbem-1134	185	1	with	with	ADP
fbem-1134	185	2	positive	positive	ADJ
fbem-1134	185	3	incentives	incentive	NOUN
fbem-1134	185	4	,	,	PUNCT
fbem-1134	185	5	head	head	NOUN
fbem-1134	185	6	brokerage	brokerage	NOUN
fbem-1134	185	7	firms	firm	NOUN
fbem-1134	185	8	with	with	ADP
fbem-1134	185	9	fund	fund	NOUN
fbem-1134	185	10	investment	investment	NOUN
fbem-1134	185	11	advisors	advisor	NOUN
fbem-1134	185	12	and	and	CCONJ
fbem-1134	185	13	account	account	NOUN
fbem-1134	185	14	management	management	NOUN
fbem-1134	185	15	optimization	optimization	NOUN
fbem-1134	185	16	to	to	PART
fbem-1134	185	17	create	create	VERB
fbem-1134	185	18	a	a	DET
fbem-1134	185	19	closed	close	VERB
fbem-1134	185	20	-	-	PUNCT
fbem-1134	185	21	loop	loop	NOUN
fbem-1134	185	22	account	account	NOUN
fbem-1134	185	23	for	for	ADP
fbem-1134	185	24	wealth	wealth	NOUN
fbem-1134	185	25	management	management	NOUN
fbem-1134	185	26	and	and	CCONJ
fbem-1134	185	27	to	to	PART
fbem-1134	185	28	promote	promote	VERB
fbem-1134	185	29	the	the	DET
fbem-1134	185	30	sustainable	sustainable	ADJ
fbem-1134	185	31	development	development	NOUN
fbem-1134	185	32	of	of	ADP
fbem-1134	185	33	wealth	wealth	NOUN
fbem-1134	185	34	management	management	NOUN
fbem-1134	185	35	business	business	NOUN
fbem-1134	185	36	through	through	ADP
fbem-1134	185	37	asset	asset	NOUN
fbem-1134	185	38	allocation	allocation	NOUN
fbem-1134	185	39	,	,	PUNCT
fbem-1134	185	40	the	the	DET
fbem-1134	185	41	wealth	wealth	NOUN
fbem-1134	185	42	management	management	NOUN
fbem-1134	185	43	business	business	NOUN
fbem-1134	185	44	will	will	AUX
fbem-1134	185	45	become	become	VERB
fbem-1134	185	46	more	more	ADV
fbem-1134	185	47	competitive	competitive	ADJ
fbem-1134	185	48	.	.	PUNCT
fbem-1134	186	1	3.2.2	3.2.2	X
fbem-1134	186	2	.	.	PUNCT
fbem-1134	186	3	regulatory	regulatory	ADJ
fbem-1134	186	4	landing	landing	NOUN
fbem-1134	186	5	accelerates	accelerate	VERB
fbem-1134	186	6	resource	resource	NOUN
fbem-1134	186	7	consolidation	consolidation	NOUN
fbem-1134	186	8	regulatory	regulatory	ADJ
fbem-1134	186	9	landing	landing	NOUN
fbem-1134	186	10	+	+	CCONJ
fbem-1134	186	11	gradual	gradual	ADJ
fbem-1134	186	12	transfer	transfer	NOUN
fbem-1134	186	13	of	of	ADP
fbem-1134	186	14	residents	resident	NOUN
fbem-1134	186	15	'	'	PART
fbem-1134	186	16	assets	asset	NOUN
fbem-1134	186	17	,	,	PUNCT
fbem-1134	186	18	equity	equity	NOUN
fbem-1134	186	19	market	market	NOUN
fbem-1134	186	20	enters	enter	VERB
fbem-1134	186	21	golden	golden	ADJ
fbem-1134	186	22	era	era	NOUN
fbem-1134	186	23	and	and	CCONJ
fbem-1134	186	24	brokerage	brokerage	NOUN
fbem-1134	186	25	wealth	wealth	NOUN
fbem-1134	186	26	management	management	NOUN
fbem-1134	186	27	business	business	NOUN
fbem-1134	186	28	accelerates	accelerate	VERB
fbem-1134	186	29	.	.	PUNCT
fbem-1134	187	1	under	under	ADP
fbem-1134	187	2	the	the	DET
fbem-1134	187	3	influence	influence	NOUN
fbem-1134	187	4	of	of	ADP
fbem-1134	187	5	policies	policy	NOUN
fbem-1134	187	6	such	such	ADJ
fbem-1134	187	7	as	as	ADP
fbem-1134	187	8	"	"	PUNCT
fbem-1134	187	9	no	no	DET
fbem-1134	187	10	speculation	speculation	NOUN
fbem-1134	187	11	in	in	ADP
fbem-1134	187	12	housing	housing	NOUN
fbem-1134	187	13	and	and	CCONJ
fbem-1134	187	14	housing	housing	NOUN
fbem-1134	187	15	"	"	PUNCT
fbem-1134	187	16	and	and	CCONJ
fbem-1134	187	17	"	"	PUNCT
fbem-1134	187	18	breaking	break	VERB
fbem-1134	187	19	the	the	DET
fbem-1134	187	20	rigid	rigid	ADJ
fbem-1134	187	21	exchange	exchange	NOUN
fbem-1134	187	22	rate	rate	NOUN
fbem-1134	187	23	"	"	PUNCT
fbem-1134	187	24	of	of	ADP
fbem-1134	187	25	bank	bank	PROPN
fbem-1134	187	26	wealth	wealth	NOUN
fbem-1134	187	27	management	management	NOUN
fbem-1134	187	28	,	,	PUNCT
fbem-1134	187	29	the	the	DET
fbem-1134	187	30	asset	asset	NOUN
fbem-1134	187	31	allocation	allocation	NOUN
fbem-1134	187	32	of	of	ADP
fbem-1134	187	33	chinese	chinese	ADJ
fbem-1134	187	34	residents	resident	NOUN
fbem-1134	187	35	has	have	AUX
fbem-1134	187	36	gradually	gradually	ADV
fbem-1134	187	37	shifted	shift	VERB
fbem-1134	187	38	to	to	ADP
fbem-1134	187	39	the	the	DET
fbem-1134	187	40	equity	equity	NOUN
fbem-1134	187	41	market	market	NOUN
fbem-1134	187	42	and	and	CCONJ
fbem-1134	187	43	the	the	DET
fbem-1134	187	44	concept	concept	NOUN
fbem-1134	187	45	of	of	ADP
fbem-1134	187	46	wealth	wealth	NOUN
fbem-1134	187	47	management	management	NOUN
fbem-1134	187	48	has	have	AUX
fbem-1134	187	49	been	be	AUX
fbem-1134	187	50	upgraded	upgrade	VERB
fbem-1134	187	51	.	.	PUNCT
fbem-1134	188	1	the	the	DET
fbem-1134	188	2	regulatory	regulatory	ADJ
fbem-1134	188	3	landing	landing	NOUN
fbem-1134	188	4	accelerates	accelerate	VERB
fbem-1134	188	5	the	the	DET
fbem-1134	188	6	integration	integration	NOUN
fbem-1134	188	7	of	of	ADP
fbem-1134	188	8	client	client	NOUN
fbem-1134	188	9	capital	capital	NOUN
fbem-1134	188	10	resources	resource	NOUN
fbem-1134	188	11	and	and	CCONJ
fbem-1134	188	12	improves	improve	VERB
fbem-1134	188	13	the	the	DET
fbem-1134	188	14	business	business	NOUN
fbem-1134	188	15	service	service	NOUN
fbem-1134	188	16	chain	chain	NOUN
fbem-1134	188	17	of	of	ADP
fbem-1134	188	18	brokerages	brokerage	NOUN
fbem-1134	188	19	,	,	PUNCT
fbem-1134	188	20	which	which	PRON
fbem-1134	188	21	is	be	AUX
fbem-1134	188	22	expected	expect	VERB
fbem-1134	188	23	to	to	PART
fbem-1134	188	24	promote	promote	VERB
fbem-1134	188	25	the	the	DET
fbem-1134	188	26	formation	formation	NOUN
fbem-1134	188	27	of	of	ADP
fbem-1134	188	28	a	a	DET
fbem-1134	188	29	client	client	NOUN
fbem-1134	188	30	-	-	PUNCT
fbem-1134	188	31	centric	centric	ADJ
fbem-1134	188	32	wealth	wealth	NOUN
fbem-1134	188	33	management	management	NOUN
fbem-1134	188	34	system	system	NOUN
fbem-1134	188	35	and	and	CCONJ
fbem-1134	188	36	open	open	VERB
fbem-1134	188	37	up	up	ADP
fbem-1134	188	38	new	new	ADJ
fbem-1134	188	39	ideas	idea	NOUN
fbem-1134	188	40	for	for	ADP
fbem-1134	188	41	business	business	NOUN
fbem-1134	188	42	development	development	NOUN
fbem-1134	188	43	.	.	PUNCT
fbem-1134	189	1	3.3	3.3	NUM
fbem-1134	189	2	.	.	PUNCT
fbem-1134	190	1	development	development	NOUN
fbem-1134	190	2	challenges	challenge	NOUN
fbem-1134	190	3	arising	arise	VERB
fbem-1134	190	4	from	from	ADP
fbem-1134	190	5	the	the	DET
fbem-1134	190	6	transformation	transformation	NOUN
fbem-1134	190	7	of	of	ADP
fbem-1134	190	8	capital	capital	NOUN
fbem-1134	190	9	markets	market	NOUN
fbem-1134	190	10	3.3.1	3.3.1	NUM
fbem-1134	190	11	.	.	PUNCT
fbem-1134	191	1	existing	exist	VERB
fbem-1134	191	2	problems	problem	NOUN
fbem-1134	191	3	in	in	ADP
fbem-1134	191	4	the	the	DET
fbem-1134	191	5	market	market	NOUN
fbem-1134	191	6	the	the	DET
fbem-1134	191	7	head	head	NOUN
fbem-1134	191	8	brokerage	brokerage	NOUN
fbem-1134	191	9	firm	firm	NOUN
fbem-1134	191	10	used	use	VERB
fbem-1134	191	11	its	its	PRON
fbem-1134	191	12	scale	scale	NOUN
fbem-1134	191	13	advantage	advantage	NOUN
fbem-1134	191	14	to	to	PART
fbem-1134	191	15	reduce	reduce	VERB
fbem-1134	191	16	operating	operating	NOUN
fbem-1134	191	17	costs	cost	NOUN
fbem-1134	191	18	,	,	PUNCT
fbem-1134	191	19	resulting	result	VERB
fbem-1134	191	20	in	in	ADP
fbem-1134	191	21	a	a	DET
fbem-1134	191	22	higher	high	ADJ
fbem-1134	191	23	rating	rating	NOUN
fbem-1134	191	24	from	from	ADP
fbem-1134	191	25	the	the	DET
fbem-1134	191	26	regulator	regulator	NOUN
fbem-1134	191	27	,	,	PUNCT
fbem-1134	191	28	and	and	CCONJ
fbem-1134	191	29	at	at	ADP
fbem-1134	191	30	the	the	DET
fbem-1134	191	31	same	same	ADJ
fbem-1134	191	32	time	time	NOUN
fbem-1134	191	33	,	,	PUNCT
fbem-1134	191	34	the	the	DET
fbem-1134	191	35	license	license	NOUN
fbem-1134	191	36	was	be	AUX
fbem-1134	191	37	delegated	delegate	VERB
fbem-1134	191	38	at	at	ADP
fbem-1134	191	39	a	a	DET
fbem-1134	191	40	faster	fast	ADJ
fbem-1134	191	41	pace	pace	NOUN
fbem-1134	191	42	,	,	PUNCT
fbem-1134	191	43	making	make	VERB
fbem-1134	191	44	it	it	PRON
fbem-1134	191	45	easy	easy	ADJ
fbem-1134	191	46	to	to	PART
fbem-1134	191	47	lay	lay	VERB
fbem-1134	191	48	out	out	ADP
fbem-1134	191	49	the	the	DET
fbem-1134	191	50	industrial	industrial	ADJ
fbem-1134	191	51	market	market	NOUN
fbem-1134	191	52	in	in	ADP
fbem-1134	191	53	advance	advance	NOUN
fbem-1134	191	54	for	for	ADP
fbem-1134	191	55	comprehensive	comprehensive	ADJ
fbem-1134	191	56	business	business	NOUN
fbem-1134	191	57	development	development	NOUN
fbem-1134	191	58	.	.	PUNCT
fbem-1134	192	1	as	as	ADP
fbem-1134	192	2	a	a	DET
fbem-1134	192	3	small	small	ADJ
fbem-1134	192	4	and	and	CCONJ
fbem-1134	192	5	medium	medium	ADJ
fbem-1134	192	6	-	-	PUNCT
fbem-1134	192	7	sized	sized	ADJ
fbem-1134	192	8	brokerage	brokerage	NOUN
fbem-1134	192	9	firm	firm	NOUN
fbem-1134	192	10	,	,	PUNCT
fbem-1134	192	11	it	it	PRON
fbem-1134	192	12	can	can	AUX
fbem-1134	192	13	not	not	PART
fbem-1134	192	14	match	match	VERB
fbem-1134	192	15	the	the	DET
fbem-1134	192	16	size	size	NOUN
fbem-1134	192	17	of	of	ADP
fbem-1134	192	18	the	the	DET
fbem-1134	192	19	head	head	NOUN
fbem-1134	192	20	brokerage	brokerage	NOUN
fbem-1134	192	21	firm	firm	NOUN
fbem-1134	192	22	in	in	ADP
fbem-1134	192	23	terms	term	NOUN
fbem-1134	192	24	of	of	ADP
fbem-1134	192	25	the	the	DET
fbem-1134	192	26	size	size	NOUN
fbem-1134	192	27	of	of	ADP
fbem-1134	192	28	its	its	PRON
fbem-1134	192	29	stock	stock	NOUN
fbem-1134	192	30	of	of	ADP
fbem-1134	192	31	clients	client	NOUN
fbem-1134	192	32	.	.	PUNCT
fbem-1134	193	1	in	in	ADP
fbem-1134	193	2	addition	addition	NOUN
fbem-1134	193	3	,	,	PUNCT
fbem-1134	193	4	there	there	PRON
fbem-1134	193	5	is	be	VERB
fbem-1134	193	6	a	a	DET
fbem-1134	193	7	certain	certain	ADJ
fbem-1134	193	8	degree	degree	NOUN
fbem-1134	193	9	of	of	ADP
fbem-1134	193	10	difficulty	difficulty	NOUN
fbem-1134	193	11	in	in	ADP
fbem-1134	193	12	cooperating	cooperate	VERB
fbem-1134	193	13	with	with	ADP
fbem-1134	193	14	large	large	ADJ
fbem-1134	193	15	public	public	ADJ
fbem-1134	193	16	funds	fund	NOUN
fbem-1134	193	17	and	and	CCONJ
fbem-1134	193	18	private	private	ADJ
fbem-1134	193	19	equity	equity	NOUN
fbem-1134	193	20	institutions	institution	NOUN
fbem-1134	193	21	in	in	ADP
fbem-1134	193	22	terms	term	NOUN
fbem-1134	193	23	of	of	ADP
fbem-1134	193	24	client	client	NOUN
fbem-1134	193	25	capital	capital	NOUN
fbem-1134	193	26	linkage	linkage	NOUN
fbem-1134	193	27	.	.	PUNCT
fbem-1134	194	1	for	for	ADP
fbem-1134	194	2	example	example	NOUN
fbem-1134	194	3	,	,	PUNCT
fbem-1134	194	4	in	in	ADP
fbem-1134	194	5	the	the	DET
fbem-1134	194	6	context	context	NOUN
fbem-1134	194	7	of	of	ADP
fbem-1134	194	8	the	the	DET
fbem-1134	194	9	latest	late	ADJ
fbem-1134	194	10	policy	policy	NOUN
fbem-1134	194	11	to	to	PART
fbem-1134	194	12	promote	promote	VERB
fbem-1134	194	13	the	the	DET
fbem-1134	194	14	transformation	transformation	NOUN
fbem-1134	194	15	of	of	ADP
fbem-1134	194	16	wealth	wealth	NOUN
fbem-1134	194	17	management	management	NOUN
fbem-1134	194	18	business	business	NOUN
fbem-1134	194	19	will	will	AUX
fbem-1134	194	20	face	face	VERB
fbem-1134	194	21	greater	great	ADJ
fbem-1134	194	22	competition	competition	NOUN
fbem-1134	194	23	,	,	PUNCT
fbem-1134	194	24	the	the	DET
fbem-1134	194	25	business	business	NOUN
fbem-1134	194	26	environment	environment	NOUN
fbem-1134	194	27	is	be	AUX
fbem-1134	194	28	severe	severe	ADJ
fbem-1134	194	29	,	,	PUNCT
fbem-1134	194	30	not	not	PART
fbem-1134	194	31	fully	fully	ADV
fbem-1134	194	32	enjoy	enjoy	VERB
fbem-1134	194	33	the	the	DET
fbem-1134	194	34	policy	policy	NOUN
fbem-1134	194	35	dividends	dividend	NOUN
fbem-1134	194	36	.	.	PUNCT
fbem-1134	195	1	in	in	ADP
fbem-1134	195	2	recent	recent	ADJ
fbem-1134	195	3	years	year	NOUN
fbem-1134	195	4	,	,	PUNCT
fbem-1134	195	5	regulatory	regulatory	ADJ
fbem-1134	195	6	policies	policy	NOUN
fbem-1134	195	7	have	have	AUX
fbem-1134	195	8	continued	continue	VERB
fbem-1134	195	9	to	to	PART
fbem-1134	195	10	be	be	AUX
fbem-1134	195	11	implemented	implement	VERB
fbem-1134	195	12	,	,	PUNCT
fbem-1134	195	13	accelerating	accelerate	VERB
fbem-1134	195	14	the	the	DET
fbem-1134	195	15	consolidation	consolidation	NOUN
fbem-1134	195	16	of	of	ADP
fbem-1134	195	17	client	client	NOUN
fbem-1134	195	18	capital	capital	NOUN
fbem-1134	195	19	resources	resource	NOUN
fbem-1134	195	20	by	by	ADP
fbem-1134	195	21	brokerage	brokerage	NOUN
fbem-1134	195	22	firms	firm	NOUN
fbem-1134	195	23	and	and	CCONJ
fbem-1134	195	24	the	the	DET
fbem-1134	195	25	inclusion	inclusion	NOUN
fbem-1134	195	26	of	of	ADP
fbem-1134	195	27	mergers	merger	NOUN
fbem-1134	195	28	and	and	CCONJ
fbem-1134	195	29	acquisitions	acquisition	NOUN
fbem-1134	195	30	in	in	ADP
fbem-1134	195	31	strategic	strategic	ADJ
fbem-1134	195	32	planning	planning	NOUN
fbem-1134	195	33	by	by	ADP
fbem-1134	195	34	head	head	NOUN
fbem-1134	195	35	brokerage	brokerage	NOUN
fbem-1134	195	36	firms	firm	NOUN
fbem-1134	195	37	,	,	PUNCT
fbem-1134	195	38	resulting	result	VERB
fbem-1134	195	39	in	in	ADP
fbem-1134	195	40	widespread	widespread	ADJ
fbem-1134	195	41	inter	inter	ADJ
fbem-1134	195	42	-	-	ADJ
fbem-1134	195	43	industry	industry	ADJ
fbem-1134	195	44	mergers	merger	NOUN
fbem-1134	195	45	and	and	CCONJ
fbem-1134	195	46	acquisitions	acquisition	NOUN
fbem-1134	195	47	and	and	CCONJ
fbem-1134	195	48	a	a	DET
fbem-1134	195	49	continued	continue	VERB
fbem-1134	195	50	increase	increase	NOUN
fbem-1134	195	51	in	in	ADP
fbem-1134	195	52	industry	industry	NOUN
fbem-1134	195	53	concentration	concentration	NOUN
fbem-1134	195	54	.	.	PUNCT
fbem-1134	196	1	small	small	ADJ
fbem-1134	196	2	and	and	CCONJ
fbem-1134	196	3	medium	medium	ADJ
fbem-1134	196	4	-	-	PUNCT
fbem-1134	196	5	sized	sized	ADJ
fbem-1134	196	6	securities	security	NOUN
fbem-1134	196	7	firms	firm	NOUN
fbem-1134	196	8	have	have	VERB
fbem-1134	196	9	a	a	DET
fbem-1134	196	10	lower	low	ADJ
fbem-1134	196	11	fault	fault	NOUN
fbem-1134	196	12	tolerance	tolerance	NOUN
fbem-1134	196	13	rate	rate	NOUN
fbem-1134	196	14	in	in	ADP
fbem-1134	196	15	the	the	DET
fbem-1134	196	16	market	market	NOUN
fbem-1134	196	17	against	against	ADP
fbem-1134	196	18	the	the	DET
fbem-1134	196	19	backdrop	backdrop	NOUN
fbem-1134	196	20	of	of	ADP
fbem-1134	196	21	inferior	inferior	ADJ
fbem-1134	196	22	client	client	NOUN
fbem-1134	196	23	resources	resource	NOUN
fbem-1134	196	24	and	and	CCONJ
fbem-1134	196	25	market	market	NOUN
fbem-1134	196	26	access	access	NOUN
fbem-1134	196	27	,	,	PUNCT
fbem-1134	196	28	and	and	CCONJ
fbem-1134	196	29	are	be	AUX
fbem-1134	196	30	prone	prone	ADJ
fbem-1134	196	31	to	to	PART
fbem-1134	196	32	breakage	breakage	VERB
fbem-1134	196	33	of	of	ADP
fbem-1134	196	34	their	their	PRON
fbem-1134	196	35	capital	capital	NOUN
fbem-1134	196	36	chains	chain	NOUN
fbem-1134	196	37	due	due	ADJ
fbem-1134	196	38	to	to	ADP
fbem-1134	196	39	careless	careless	ADJ
fbem-1134	196	40	operation	operation	NOUN
fbem-1134	196	41	or	or	CCONJ
fbem-1134	196	42	strategic	strategic	ADJ
fbem-1134	196	43	mistakes	mistake	NOUN
fbem-1134	196	44	,	,	PUNCT
fbem-1134	196	45	making	make	VERB
fbem-1134	196	46	the	the	DET
fbem-1134	196	47	current	current	ADJ
fbem-1134	196	48	independent	independent	ADJ
fbem-1134	196	49	operating	operating	NOUN
fbem-1134	196	50	environment	environment	NOUN
fbem-1134	196	51	quite	quite	ADV
fbem-1134	196	52	severe	severe	ADJ
fbem-1134	196	53	.	.	PUNCT
fbem-1134	197	1	3.3.2	3.3.2	X
fbem-1134	197	2	.	.	PUNCT
fbem-1134	197	3	business	business	NOUN
fbem-1134	197	4	development	development	NOUN
fbem-1134	197	5	challenges	challenge	VERB
fbem-1134	197	6	the	the	DET
fbem-1134	197	7	small	small	ADJ
fbem-1134	197	8	size	size	NOUN
fbem-1134	197	9	of	of	ADP
fbem-1134	197	10	the	the	DET
fbem-1134	197	11	capital	capital	NOUN
fbem-1134	197	12	market	market	NOUN
fbem-1134	197	13	,	,	PUNCT
fbem-1134	197	14	its	its	PRON
fbem-1134	197	15	low	low	ADJ
fbem-1134	197	16	importance	importance	NOUN
fbem-1134	197	17	in	in	ADP
fbem-1134	197	18	the	the	DET
fbem-1134	197	19	financial	financial	ADJ
fbem-1134	197	20	system	system	NOUN
fbem-1134	197	21	and	and	CCONJ
fbem-1134	197	22	excessive	excessive	ADJ
fbem-1134	197	23	regulatory	regulatory	ADJ
fbem-1134	197	24	protection	protection	NOUN
fbem-1134	197	25	,	,	PUNCT
fbem-1134	197	26	such	such	ADJ
fbem-1134	197	27	as	as	ADP
fbem-1134	197	28	the	the	DET
fbem-1134	197	29	suspension	suspension	NOUN
fbem-1134	197	30	of	of	ADP
fbem-1134	197	31	ipos	ipos	NOUN
fbem-1134	197	32	nine	nine	NUM
fbem-1134	197	33	times	time	NOUN
fbem-1134	197	34	in	in	ADP
fbem-1134	197	35	the	the	DET
fbem-1134	197	36	history	history	NOUN
fbem-1134	197	37	of	of	ADP
fbem-1134	197	38	a	a	DET
fbem-1134	197	39	-	-	PUNCT
fbem-1134	197	40	shares	share	NOUN
fbem-1134	197	41	,	,	PUNCT
fbem-1134	197	42	have	have	AUX
fbem-1134	197	43	led	lead	VERB
fbem-1134	197	44	to	to	ADP
fbem-1134	197	45	a	a	DET
fbem-1134	197	46	serious	serious	ADJ
fbem-1134	197	47	imbalance	imbalance	NOUN
fbem-1134	197	48	between	between	ADP
fbem-1134	197	49	supply	supply	NOUN
fbem-1134	197	50	and	and	CCONJ
fbem-1134	197	51	demand	demand	NOUN
fbem-1134	197	52	on	on	ADP
fbem-1134	197	53	the	the	DET
fbem-1134	197	54	asset	asset	NOUN
fbem-1134	197	55	side	side	NOUN
fbem-1134	197	56	and	and	CCONJ
fbem-1134	197	57	the	the	DET
fbem-1134	197	58	capital	capital	NOUN
fbem-1134	197	59	side	side	NOUN
fbem-1134	197	60	.	.	PUNCT
fbem-1134	198	1	the	the	DET
fbem-1134	198	2	small	small	ADJ
fbem-1134	198	3	size	size	NOUN
fbem-1134	198	4	of	of	ADP
fbem-1134	198	5	the	the	DET
fbem-1134	198	6	capital	capital	NOUN
fbem-1134	198	7	market	market	NOUN
fbem-1134	198	8	,	,	PUNCT
fbem-1134	198	9	its	its	PRON
fbem-1134	198	10	low	low	ADJ
fbem-1134	198	11	importance	importance	NOUN
fbem-1134	198	12	in	in	ADP
fbem-1134	198	13	the	the	DET
fbem-1134	198	14	financial	financial	ADJ
fbem-1134	198	15	system	system	NOUN
fbem-1134	198	16	and	and	CCONJ
fbem-1134	198	17	excessive	excessive	ADJ
fbem-1134	198	18	regulatory	regulatory	ADJ
fbem-1134	198	19	protection	protection	NOUN
fbem-1134	198	20	,	,	PUNCT
fbem-1134	198	21	such	such	ADJ
fbem-1134	198	22	as	as	ADP
fbem-1134	198	23	the	the	DET
fbem-1134	198	24	suspension	suspension	NOUN
fbem-1134	198	25	of	of	ADP
fbem-1134	198	26	ipos	ipos	NOUN
fbem-1134	198	27	nine	nine	NUM
fbem-1134	198	28	times	time	NOUN
fbem-1134	198	29	in	in	ADP
fbem-1134	198	30	the	the	DET
fbem-1134	198	31	history	history	NOUN
fbem-1134	198	32	of	of	ADP
fbem-1134	198	33	a	a	DET
fbem-1134	198	34	-	-	PUNCT
fbem-1134	198	35	shares	share	NOUN
fbem-1134	198	36	,	,	PUNCT
fbem-1134	198	37	have	have	AUX
fbem-1134	198	38	led	lead	VERB
fbem-1134	198	39	to	to	ADP
fbem-1134	198	40	a	a	DET
fbem-1134	198	41	serious	serious	ADJ
fbem-1134	198	42	imbalance	imbalance	NOUN
fbem-1134	198	43	between	between	ADP
fbem-1134	198	44	supply	supply	NOUN
fbem-1134	198	45	and	and	CCONJ
fbem-1134	198	46	demand	demand	NOUN
fbem-1134	198	47	on	on	ADP
fbem-1134	198	48	the	the	DET
fbem-1134	198	49	asset	asset	NOUN
fbem-1134	198	50	side	side	NOUN
fbem-1134	198	51	and	and	CCONJ
fbem-1134	198	52	the	the	DET
fbem-1134	198	53	capital	capital	NOUN
fbem-1134	198	54	side	side	NOUN
fbem-1134	198	55	.	.	PUNCT
fbem-1134	199	1	increasing	increase	VERB
fbem-1134	199	2	debt	debt	NOUN
fbem-1134	199	3	leverage	leverage	NOUN
fbem-1134	199	4	with	with	ADP
fbem-1134	199	5	rigid	rigid	ADJ
fbem-1134	199	6	expectations	expectation	NOUN
fbem-1134	199	7	and	and	CCONJ
fbem-1134	199	8	a	a	DET
fbem-1134	199	9	debtto	debtto	ADJ
fbem-1134	199	10	-	-	PUNCT
fbem-1134	199	11	gdp	gdp	NOUN
fbem-1134	199	12	ratio	ratio	NOUN
fbem-1134	199	13	of	of	ADP
fbem-1134	199	14	250	250	NUM
fbem-1134	199	15	%	%	NOUN
fbem-1134	199	16	increase	increase	NOUN
fbem-1134	199	17	systemic	systemic	ADJ
fbem-1134	199	18	risk	risk	NOUN
fbem-1134	199	19	as	as	SCONJ
fbem-1134	199	20	the	the	DET
fbem-1134	199	21	economy	economy	NOUN
fbem-1134	199	22	declines	decline	VERB
fbem-1134	199	23	and	and	CCONJ
fbem-1134	199	24	defaults	default	NOUN
fbem-1134	199	25	rise	rise	VERB
fbem-1134	199	26	.	.	PUNCT
fbem-1134	200	1	references	reference	NOUN
fbem-1134	200	2	[	[	X
fbem-1134	200	3	1	1	X
fbem-1134	200	4	]	]	PUNCT
fbem-1134	200	5	hong	hong	PROPN
fbem-1134	200	6	yanrong	yanrong	PROPN
fbem-1134	200	7	.	.	PUNCT
fbem-1134	201	1	"	"	PUNCT
fbem-1134	201	2	a	a	DET
fbem-1134	201	3	study	study	NOUN
fbem-1134	201	4	of	of	ADP
fbem-1134	201	5	the	the	DET
fbem-1134	201	6	administrative	administrative	ADJ
fbem-1134	201	7	enforcement	enforcement	NOUN
fbem-1134	201	8	mechanism	mechanism	NOUN
fbem-1134	201	9	of	of	ADP
fbem-1134	201	10	the	the	DET
fbem-1134	201	11	u.s	u.s	PROPN
fbem-1134	201	12	.	.	PROPN
fbem-1134	201	13	securities	securities	PROPN
fbem-1134	201	14	and	and	CCONJ
fbem-1134	201	15	exchange	exchange	PROPN
fbem-1134	201	16	commission	commission	PROPN
fbem-1134	201	17	:	:	PUNCT
fbem-1134	201	18	"	"	PUNCT
fbem-1134	201	19	independent	independent	ADJ
fbem-1134	201	20	"	"	PUNCT
fbem-1134	201	21	,	,	PUNCT
fbem-1134	201	22	"	"	PUNCT
fbem-1134	201	23	efficient	efficient	ADJ
fbem-1134	201	24	"	"	PUNCT
fbem-1134	201	25	and	and	CCONJ
fbem-1134	201	26	"	"	PUNCT
fbem-1134	201	27	accountable	accountable	ADJ
fbem-1134	201	28	"	"	PUNCT
fbem-1134	201	29	.	.	PUNCT
fbem-1134	201	30	"	"	PUNCT
fbem-1134	201	31	comparative	comparative	ADJ
fbem-1134	201	32	law	law	NOUN
fbem-1134	201	33	studies	study	NOUN
fbem-1134	201	34	01	01	NUM
fbem-1134	201	35	(	(	PUNCT
fbem-1134	201	36	2009	2009	NUM
fbem-1134	201	37	):	):	PUNCT
fbem-1134	201	38	21	21	NUM
fbem-1134	201	39	-	-	SYM
fbem-1134	201	40	34	34	NUM
fbem-1134	201	41	.	.	PUNCT
fbem-1134	202	1	[	[	X
fbem-1134	202	2	2	2	X
fbem-1134	202	3	]	]	X
fbem-1134	202	4	lv	lv	PROPN
fbem-1134	202	5	jinsong	jinsong	PROPN
fbem-1134	202	6	.	.	PUNCT
fbem-1134	203	1	"	"	PUNCT
fbem-1134	203	2	the	the	DET
fbem-1134	203	3	construction	construction	NOUN
fbem-1134	203	4	of	of	ADP
fbem-1134	203	5	a	a	DET
fbem-1134	203	6	multi	multi	ADJ
fbem-1134	203	7	-	-	ADJ
fbem-1134	203	8	level	level	ADJ
fbem-1134	203	9	capital	capital	NOUN
fbem-1134	203	10	market	market	NOUN
fbem-1134	203	11	system	system	NOUN
fbem-1134	203	12	.	.	PUNCT
fbem-1134	203	13	"	"	PUNCT
fbem-1134	204	1	china	china	PROPN
fbem-1134	204	2	finance	finance	VERB
fbem-1134	204	3	8	8	NUM
fbem-1134	204	4	(	(	PUNCT
fbem-1134	204	5	2015):3	2015):3	NOUN
fbem-1134	204	6	.	.	PUNCT
fbem-1134	205	1	[	[	X
fbem-1134	205	2	3	3	X
fbem-1134	205	3	]	]	X
fbem-1134	205	4	wang	wang	PROPN
fbem-1134	205	5	guogang	guogang	PROPN
fbem-1134	205	6	.	.	PUNCT
fbem-1134	206	1	"	"	PUNCT
fbem-1134	206	2	establishing	establish	VERB
fbem-1134	206	3	and	and	CCONJ
fbem-1134	206	4	improving	improve	VERB
fbem-1134	206	5	a	a	DET
fbem-1134	206	6	multi	multi	ADJ
fbem-1134	206	7	-	-	ADJ
fbem-1134	206	8	level	level	ADJ
fbem-1134	206	9	capital	capital	NOUN
fbem-1134	206	10	market	market	NOUN
fbem-1134	206	11	system	system	NOUN
fbem-1134	206	12	.	.	PUNCT
fbem-1134	206	13	"	"	PUNCT
fbem-1134	207	1	economic	economic	ADJ
fbem-1134	207	2	theory	theory	NOUN
fbem-1134	207	3	and	and	CCONJ
fbem-1134	207	4	economic	economic	ADJ
fbem-1134	207	5	management	management	NOUN
fbem-1134	207	6	3	3	NUM
fbem-1134	207	7	(	(	PUNCT
fbem-1134	207	8	2004	2004	NUM
fbem-1134	207	9	):	):	PUNCT
fbem-1134	207	10	8	8	NUM
fbem-1134	207	11	.	.	PUNCT
fbem-1134	208	1	[	[	X
fbem-1134	208	2	4	4	X
fbem-1134	208	3	]	]	X
fbem-1134	208	4	zeng	zeng	PROPN
fbem-1134	208	5	fanzhen	fanzhen	PROPN
fbem-1134	208	6	.	.	PUNCT
fbem-1134	209	1	research	research	NOUN
fbem-1134	209	2	on	on	ADP
fbem-1134	209	3	china	china	PROPN
fbem-1134	209	4	's	's	PART
fbem-1134	209	5	multi	multi	ADJ
fbem-1134	209	6	-	-	ADJ
fbem-1134	209	7	level	level	ADJ
fbem-1134	209	8	capital	capital	NOUN
fbem-1134	209	9	market	market	NOUN
fbem-1134	209	10	system	system	NOUN
fbem-1134	209	11	and	and	CCONJ
fbem-1134	209	12	its	its	PRON
fbem-1134	209	13	construction	construction	NOUN
fbem-1134	209	14	in	in	ADP
fbem-1134	209	15	the	the	DET
fbem-1134	209	16	context	context	NOUN
fbem-1134	209	17	of	of	ADP
fbem-1134	209	18	internationalization	internationalization	NOUN
fbem-1134	209	19	.	.	PUNCT
fbem-1134	210	1	diss	diss	PROPN
fbem-1134	210	2	.	.	PROPN
fbem-1134	210	3	party	party	PROPN
fbem-1134	210	4	school	school	NOUN
fbem-1134	210	5	of	of	ADP
fbem-1134	210	6	the	the	DET
fbem-1134	210	7	central	central	ADJ
fbem-1134	210	8	committee	committee	NOUN
fbem-1134	210	9	of	of	ADP
fbem-1134	210	10	the	the	DET
fbem-1134	210	11	communist	communist	PROPN
fbem-1134	210	12	party	party	PROPN
fbem-1134	210	13	of	of	ADP
fbem-1134	210	14	china	china	PROPN
fbem-1134	210	15	,	,	PUNCT
fbem-1134	210	16	2012	2012	NUM
fbem-1134	210	17	.	.	PUNCT
fbem-1134	211	1	[	[	X
fbem-1134	211	2	5	5	NUM
fbem-1134	211	3	]	]	PUNCT
fbem-1134	211	4	office	office	NOUN
fbem-1134	211	5	,	,	PUNCT
fbem-1134	211	6	usga	usga	PROPN
fbem-1134	211	7	.	.	PUNCT
fbem-1134	212	1	"	"	PUNCT
fbem-1134	212	2	sec	sec	PROPN
fbem-1134	212	3	conflict	conflict	NOUN
fbem-1134	212	4	minerals	mineral	NOUN
fbem-1134	212	5	rule	rule	NOUN
fbem-1134	212	6	:	:	PUNCT
fbem-1134	212	7	2017	2017	NUM
fbem-1134	212	8	review	review	NOUN
fbem-1134	212	9	of	of	ADP
fbem-1134	212	10	company	company	NOUN
fbem-1134	212	11	disclosures	disclosure	NOUN
fbem-1134	212	12	in	in	ADP
fbem-1134	212	13	response	response	NOUN
fbem-1134	212	14	to	to	ADP
fbem-1134	212	15	the	the	DET
fbem-1134	212	16	u.s	u.s	PROPN
fbem-1134	212	17	.	.	PROPN
fbem-1134	212	18	securities	securities	PROPN
fbem-1134	212	19	and	and	CCONJ
fbem-1134	212	20	exchange	exchange	PROPN
fbem-1134	212	21	commission	commission	NOUN
fbem-1134	212	22	rule	rule	NOUN
fbem-1134	212	23	.	.	PUNCT
fbem-1134	212	24	"(2017	"(2017	NUM
fbem-1134	212	25	)	)	PUNCT
fbem-1134	212	26	.	.	PUNCT
fbem-1134	213	1	[	[	X
fbem-1134	213	2	6	6	NUM
fbem-1134	213	3	]	]	X
fbem-1134	213	4	flood	flood	NOUN
fbem-1134	213	5	,	,	PUNCT
fbem-1134	213	6	j.	j.	PROPN
fbem-1134	213	7	m.	m.	PROPN
fbem-1134	213	8	.	.	PUNCT
fbem-1134	214	1	au	au	PROPN
fbem-1134	214	2	definitions	definition	VERB
fbem-1134	214	3	925	925	NUM
fbem-1134	214	4	filings	filing	NOUN
fbem-1134	214	5	with	with	ADP
fbem-1134	214	6	the	the	DET
fbem-1134	214	7	u.s	u.s	PROPN
fbem-1134	214	8	.	.	PROPN
fbem-1134	214	9	securities	securities	PROPN
fbem-1134	214	10	and	and	CCONJ
fbem-1134	214	11	exchange	exchange	PROPN
fbem-1134	214	12	commission	commission	PROPN
fbem-1134	214	13	under	under	ADP
fbem-1134	214	14	the	the	DET
fbem-1134	214	15	securities	security	NOUN
fbem-1134	214	16	act	act	NOUN
fbem-1134	214	17	of	of	ADP
fbem-1134	214	18	1933	1933	NUM
fbem-1134	214	19	.	.	PUNCT
fbem-1134	215	1	2021	2021	NUM
fbem-1134	215	2	.	.	PUNCT