I spoke with Kara Saxon and Margo Topman, Goldman Sachs Legal, 212-902-9982.
Per our conversation ....

Foreign Listed Equity Options are considered Unseasoned securities because 
they are issued on the date purchased and not widely held (from U.S. point of 
view).    GS has reviewed our ability to trade Foreign Listed Equity Options  
vis-a-vis REG S.  Goldman says that we can execute from our London Office 
(not from States) Foreign Listed Equity Options.  We can settle and hold with 
our current account, documentation  and legal structure with Goldman Sachs.   

Margo said that there is some risk but they do not think it is large.  She 
suggested we do a follow-up with our Securities counsel.  
Sheila

Sara, 
Can we run this by someone?  Margo offered herself as a contact if we need 
more infomation.
Thanks. Sheila


---------------------- Forwarded by Sheila Glover/HOU/ECT on 05/24/2001 09:25 
AM ---------------------------
   
	
	
	From:  Sheila Glover                           05/23/2001 02:00 PM
	

To: John Greene/Enron@EUEnronXGate, David J Vitrella/Enron@EnronXGate, Selena 
Gonzalez/Enron@EnronXGate, Gary Hickerson/Enron@EnronXGate
cc: Aneela Charania/HOU/ECT@ECT, Theresa T Brogan/HOU/ECT@ECT, Sara 
Shackleton/HOU/ECT@ECT, Donna Lowry/Enron@EnronXGate, Lance 
Shuler/ENRON@enronxgate 
Subject: Foreign Listed Equity Options

Goldman Sachs has given us the go-ahead to do Foreign Listed Equity Options.  
Kara Saxon at Goldman called me today and will follow-up with an e-mail.  
Goldman Sachs legal has said that we can trade as we currently do as ECT 
Investments, Inc.  This includes the whole European market.  I asked her to 
check on Canadian and Australian.

I will forward Kara's e-mail tomorrow.
Sheila
---------------------- Forwarded by Sheila Glover/HOU/ECT on 05/23/2001 01:53 
PM ---------------------------


"Saxon, Kara" <kara.saxon@gs.com> on 05/23/2001 12:52:28 PM
To: "'Sheila.Glover@enron.com'" <Sheila.Glover@enron.com>
cc:  
Subject: RE: FW: Enron North America

Sheila-

I promise I will send you that email tomorrow am.  I got tied up and I have
to get going.

Kara

-----Original Message-----
From: Sheila.Glover@enron.com [mailto:Sheila.Glover@enron.com]
Sent: Tuesday, May 22, 2001 9:47 AM
To: kara.saxon@gs.com
Cc: John.Greene@enron.com
Subject: RE: FW: Enron North America



Kara,
Thanks for following up on this important ability for us..
Sheila




"Saxon, Kara" <kara.saxon@gs.com> on 05/22/2001 08:32:02 AM

To:   "'Sheila.Glover@enron.com'" <Sheila.Glover@enron.com>
cc:
Subject:  RE: FW: Enron North America

Legal and compliance have made progress.  They have promised to get back to
me by Wednesday or Thursday.  I will give you a call as soon as I get the
good word.

Thanks,
Kara

-----Original Message-----
From: Sheila.Glover@enron.com [mailto:Sheila.Glover@enron.com]
Sent: Friday, May 18, 2001 10:00 AM
To: kara.saxon@gs.com
Subject: RE: FW: Enron North America



Kara,
Any progress on the European Listed Options?
Thanks. Sheila




"Saxon, Kara" <kara.saxon@gs.com> on 05/14/2001 11:34:20 AM

To:   "'Sheila.Glover@enron.com'" <Sheila.Glover@enron.com>
cc:   Theresa.T.Brogan@enron.com
Subject:  RE: FW: Enron North America

Sheila-

I just left you a voicemail.  My 2 follow up questions on the European
listed options are:

What is the title of the person in London who would be making the
investment
decisions doe Enron?

Does Enron have any foreign subsidiaries?

Thanks,
Kara

-----Original Message-----
From: Sheila.Glover@enron.com [mailto:Sheila.Glover@enron.com]
Sent: Wednesday, May 02, 2001 2:34 PM
To: kara.saxon@gs.com
Cc: Theresa.T.Brogan@enron.com
Subject: Re: FW: Enron North America



yes, European listed. sg




"Saxon, Kara" <kara.saxon@gs.com> on 05/02/2001 01:27:45 PM

To:   "'Sheila Glover'" <sheila_glover@enron.com>
cc:
Subject:  FW: Enron North America


Sheila-

You are interested in trading European listed options and not OTC Euro
options - correct?

Thanks,
Kara

> -----Original Message-----
> From:   Anthony, John P
> Sent:   Wednesday, May 02, 2001 1:10 PM
> To:     Saxon, Kara; Bradley, Oonagh; Veasey, Andrew T; Morris, Damian;
> Breckenridge, Jonathan E.
> Cc:     Dunn, Jeremy; Threlfall, Tom; Arens, Joseph; Sibeud, Eugenie B;
> Brogard, Yves-Francois; Oreilly, Cathy; Hobson, Carol
> Subject:     RE: Enron North America
>
> not sure i have all the facts straight here but here are my thoughts-
> 1)  US funds with US investment mgr would not be permitted to have a
> direct relationship with GSI for European Listed Options.
> 2)  They may be able to deal with GSI on an agency basis, but i would
> think the product would be an OTC Euro Option.
>
> Is this any help?  i am cc Legal in London and NY in case they have a
> different view.
>