FYI. I have not reviewed the attached yet, but wanted to send to you upon my 
receipt. Let's discuss when you get a chance.

Alan
---------------------- Forwarded by Alan Aronowitz/HOU/ECT on 05/02/2000 
11:14 AM ---------------------------


Paul.TYO.Davis@BakerNet.com on 05/02/2000 01:14:37 AM
To: Alan.Aronowitz@enron.com, Nicholas.O'Day@enron.com
cc:  
Subject: Enron Online



Alan/Nick

Please see the attached note which sets out our preliminary analysis of the
regulatory aspects of the proposed Enron Online business.

In due course, bringing the trading activities onshore into Japan is going to
force us to bring some of the regulations into more immediate focus.  At the
moment (apart from the potential p/e problem which Ed is advising on), the 
task
is more to decide:

(a)  how essential is it to preserve the "extra territoriality" second line of
defense; and if it is important,

(b) how far can Enron Japan become involved in the offshore activities without
prejudicing that defense.

I suggest we can regroup on this after Golden Week.

Regards

Paul
 <<EnronMemo16.doc>>
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 - EnronMemo16.doc