Do we have an outside counsel memorandum, or will we have an internal one 
soon, that we can send to Martin (as well as the other non-US swap lawyers)?
----- Forwarded by Tana Jones/HOU/ECT on 03/21/2001 12:25 PM -----

	Elizabeth Sager
	03/21/2001 11:58 AM
		 
		 To: Tana Jones/HOU/ECT@ECT
		 cc: 
		 Subject: Commodity Futures Modernization Act

can you help Martin w this

thanks
----- Forwarded by Elizabeth Sager/HOU/ECT on 03/21/2001 11:57 AM -----

	Martin Rosell
	03/18/2001 09:58 AM
		 
		 To: Elizabeth Sager/HOU/ECT@ECT
		 cc: 
		 Subject: Commodity Futures Modernization Act

Elisabeth:

I read an article in a law magazine about the captioned Act and it was, among 
other things, stated therein that CFTC under the Act had been deprived of its 
jurisdiction over swaps (other than those related to agricultural products) 
made by eligible contracts participants.  Since the Oslo office trades 
through ECTRIC, I wonder whether this new piece of legislation has an impact 
on our standard reps relating to the "trade options exemption" and as to the 
parties being "eligible swap participants" (are they still required)?  Is 
there any internal memo yet prepared on the Act and its implications?

Martin