It does not need further bracketing.
(NP (NNP Bill) (CC and) (NNP Ted) ) the following example does need the NML bracket shown: (NP (DT the) (NML (NNPS Securities) (CC and) (NNP Exchange) ) (NNP Commission) ) Otherwise, its implicit structure would be as follows: The erroneous meaning here is the Securities and the Exchange Commission, rather than the correct the Securities Commission and the Exchange Commission.