Instead, throughout the 1980s the SEC routinely issued exemptions from regulation under the applicable law, the Investment Company Act, for all sorts of structured products with remarkably little analysis.

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"The basis of the legal argument that we will contend is that we don't consider European procurement law to be applicable in the selection of sponsors because they raise money for a school rather than profit from it, " Schools Minister Jim Knight says.

BBC: Today

Another drawback to the law, in the eyes of some, is that it is only applicable for the first year.

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Applicable during times of armed conflict, they form the cornerstone of international humanitarian law, setting rules for the treatment of people who are not participating in the fighting -- civilians, health workers and aid workers -- as well as for the wounded, sick or prisoners of war.

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American sovereignty, an unfettered Navy, and where applicable, customary international law, remain our best tools for ensuring stability in critical ocean pathways like the Strait of Hormuz.

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