  The results of the mathematical theory of asymptotic operation developed in
hep-th/9612037 are applied to problems of immediate physical interest. First,
the problem of UV renormalizationis analyzed from the viewpoint of asymptotic
behaviour of integrands in momentum representation. A new prescription for UV
renormalization in momentum space representation is presented (generalized
minimal subtraction scheme); it ensures UV convergence of renormalized diagrams
by construction, makes no use of special (e.g. dimensional) regularizations,
and comprizes massless renormalization schemes (including the MS scheme). Then
we present formal regularization-independent proofs of general formulae for
Euclidean asymptotic expansions of renormalized Feynman diagrams (inlcuding
short-distance OPE, heavy mass expansions and mixed asymptotic regimes etc.)
derived earlier in the context of dimensional regularization. This result,
together with the new variant of UV renormalization, demonstrates the power of
the new techniques based on a systematic use of the theory of distributions and
establishes the method of As-operation as a comprehensive full-fledged---and
inherently more powerful---alternative to the BPHZ approach.
