I think the answers will be the same for Stockholm - i.e. as long as we are 
not giving advice with respect to futures contracts (valuations or trading 
advice) or handling customer funds there should not be any Commodity Exchange 
Act issues.




Martin Rosell
06/14/99 09:08 AM
To: Mark - ECT Legal Taylor/HOU/ECT@ECT
cc:  
Subject: Commodity Trading Advisor

Mark, the business people posted at ECTRIC's office in Stockholm want to 
offer a Swedish forestry group portfolio management services and advisory 
services.  With reference to our previous conversations on the subject below, 
do you think that this may entail problems under US securities laws?!

Martin
---------------------- Forwarded by Martin Rosell/OSL/ECT on 14/06/99 15:05 
---------------------------


Martin Rosell
28/04/99 16:05
To: Mark - ECT Legal Taylor/HOU/ECT@ECT
cc:  
Subject: Commodity Trading Advisor

Mark:

Did you have any luck with your New York law firm contact.   The other party 
has accepted the contents of the contract and wish to sign on Tuesday next 
week, why it's a bit urgent to flag any US securities law implications 
associated with the relevant transaction.

Martin