( 
  (IP 
    (IP-SBJ 
      (NP-SBJ 
        (-NONE- *PRO*))
                    
      (VP 
        (ADVP 
          (AD 公开))
                    
        (VP 
          (VV 发行)
                    
          (NP-OBJ 
            (NN 证券)))))
                    
    (VP 
      (VV 必须)
                    
      (VP 
        (VV 报经)
                    
        (NP-OBJ 
          (NP 
            (NP-PN 
              (NN 国务院))
                    
            (NP 
              (NN 证券)
                    
              (NN 监督)
                    
              (NN 管理)
                    
              (NN 机构)))
                    
          (CC 或者)
                    
          (NP 
            (CP 
              (WHNP-2 
                (-NONE- *OP*))
                    
              (CP 
                (IP 
                  (NP-SBJ 
                    (NN 国务院))
                    
                  (VP 
                    (VV 授权)
                    
                    (NP-OBJ 
                      (-NONE- *T*-2))))
                    
                (DEC 的)))
                    
            (NP 
              (NN 部门))))
                    
        (IP 
          (NP-SBJ 
            (-NONE- *PRO*))
                    
          (VP 
            (VV 核准)
                    
            (CC 或者)
                    
            (VV 审批)))))))
arg0:  *PRO* 公开 发行 证券