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PACIFIC WATCH

Philippines

August 07, 1995| Times Staff and Wire Reports

Regulators' Resignations Sought: President Fidel V. Ramos called on the leader of Asia's oldest securities and exchange commission and four deputies to resign to restore harmony in the feud-racked regulatory body for the country's financial markets. Commissioners have been bickering for months over power and responsibilities, prompting four associates to boycott regular commission meetings, delaying approval of initial public share offerings, licensing of securities, registration of firms and audits, the government said. The U.S. Agency for International Development threatened Friday to terminate a part of a $13-million capital markets grant unless the dispute was settled.

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