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They could not use their deposits to speculate in stocks and were no longer allowed to underwrite securities.
Commercial banks were not allowed to underwrite the sales of stocks and bonds, while investment banks could not take in deposits from customers.
They are the first for an America bank since 2003 and will result in the two global giants joining a small group of foreign banks allowed to underwrite in China's domestic markets.
Article 65 of the Securities and Exchange Act (the one that separates commercial and investment banking) has been watered down: in 1993 the long-term credit banks were allowed to underwrite corporate bonds; early the following year the city (commercial) banks were also given the go-ahead.
Arsenal, Manchester United, Tottenham and Liverpool are understood to be ready to argue that wealthy owners should not be allowed to underwrite any losses under Premier League rules either.
They say banks should be allowed to underwrite stocks and bonds, and should be allowed to hedge their bets, saying "small trading positions" probably won't bring down the global economy.
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If speed is Mr. Giuliani's concern, then he should be allowed to help underwrite the cataloguing so that archivists can do the job more quickly.
In 1964, the National Institutes of Health (NIH) developed a grant to underwrite some universities' MD/PhD programmes.
Neither is allowed to sell or underwrite insurance.
They had templates for fabricating documents, cases of Wite-Out for changing names and a method for gaming the automated underwriting system--plugging in income values until they got one that worked and allowed them to underwrite the loan.
Undertakings China made to get into the World Trade Organisation will allow foreigners to underwrite Chinese securities.
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