---------------------- Forwarded by Mark - ECT Legal Taylor/HOU/ECT on 
02/08/99 09:16 AM ---------------------------
   
	Enron Capital & Trade Resources Corp.
	
	From:  Mark E Haedicke                           02/02/99 04:22 PM
	

To: Mark - ECT Legal Taylor/HOU/ECT@ECT
cc:  
Subject: Trading German and Spanish listed equities from Houston - second 
e-mail

This should have sent to you.
---------------------- Forwarded by Mark E Haedicke/HOU/ECT on 02/02/99 04:21 
PM ---------------------------


Mark Elliott
02/02/99 07:46 AM
To: Alan B Aronowitz/HOU/ECT@ECT
cc: Mark E Haedicke/HOU/ECT@ECT, Scott Sefton/LON/ECT@ECT 
Subject: Trading German and Spanish listed equities from Houston - second 
e-mail

Alan,

Further to the last e-mail, I attach for your information a copy of trhe 
Questionnaires which have been sent to our German and Spanish counsel.

Obviously, I did not want to send a copy of this to Jeff Kinneman as I am 
sure that he would not be interested in the Questionnaires - just the results 
of them!!  Hence, this second e-mail.

Kind regards

Mark






---------------------- Forwarded by Mark - ECT Legal Taylor/HOU/ECT on 
02/08/99 09:16 AM ---------------------------


Mark Elliott
02/03/99 05:10 AM
To: Mark E Haedicke/HOU/ECT@ECT
cc: Mark - ECT Legal Taylor/HOU/ECT@ECT, Scott Sefton/LON/ECT@ECT 
Subject: Re: Trading German and Spanish listed equities from Houston - second 
e-mail  

Mark,

Many thanks for your message.  Re your reference to UK laws on Equity 
Trading, I assume that you are referring to the proposed Equity Trading 
facility in London;  I trust that  you also received my detailed e-mail on 
that topic of yesterday evening.  Please note that I have now received a fax 
from Alan Aronowitz with the Houston trading policy (containing Chinese Wall 
information), to which I refer in that e-mail - I shall be considering the 
sufficiency of that policy for UK purposes later today. 

Re your request for advice on the extraterritorial effect of the U.S 
securities' laws, this is a new question which we have been asked to look 
at.  In my view, there will be some extraterritorial effect of such laws on 
the activities.  I have also discussed this issue with Scott Sefton who has 
provided me with a general overview on this, noting particularly the U.S. 
Insider Dealing laws and potential U.S. reporting and disclosure of 
interests' requirements; however, Scott has suggested that we retain external 
U.S. counsel for in-depth advice on this, with which I agree.

If you agree that we should instruct external counsel on this issue, I would 
be more than happy to deal with this from London;  please let me now which 
external counsel you would wish to use.  In my and Scott's views, we should 
use expert  "SEC"-knowledgeable counsel in New York, such as either Cravath, 
Cadwallader, Davis Polk, Cleary's, etc.

Please just let me know - I would be able to instruct external counsel today, 
get an estimate of their time for dealing with the US aspect and report back 
immediately.        

Kind regards

Mark


   
	Enron Capital & Trade Resources Corp.
	
	From:  Mark E Haedicke                           02/02/99 10:32 PM
	

To: Mark Elliott/LON/ECT@ECT, Mark - ECT Legal Taylor/HOU/ECT@ECT
cc:  
Subject: Re: Trading German and Spanish listed equities from Houston - second 
e-mail  

Mark:  We also need to look at the UK laws regarding equity trading and what 
the extraterritiorial reach is of the US sec;urities laws.  Please  copy Mark 
Taylor on this matter as well.  Please give me a time frame on when we will 
have answers to these questions.  Thanks.  Mark Haedicke