He issued a regulation allowing joint ventures with the state oil company, and sent Congress an emergency bill of spending cuts.

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And former Chancellor Alistair Darling will give his thoughts on bank regulation to the Joint Committee on the Draft Financial Services Bill.

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Although local firms are also victims of sudden and arbitrary changes in regulation, foreign joint ventures fear that they are more liable to be made examples of than their local rivals.

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The British Prime Minister, Tony Blair has announced the establishment of a new joint trust fund to help Asian countries improve the regulation of their banking sectors.

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Having some sharing arrangement or joint venture with NASD would potentially reduce the fees member firms pay for regulation and lessen the paperwork.

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