> 1. No Conference Call this Friday due to ISDA's strategic planning session
> in Tokyo.
>
> 2. Next Conference Call will be held on Thursday, May 24 - Call details to
> follow
>
> 3. Last Week's Conference Call - (for those who were unable to
> participate) focused solely on Sections 23A and 23B
>  - discussed regulatory impacts (application of quantitative limits
> to affiliates given fluctuating value of derivatives, sufficiency of
> policies and procedures under 23B, cross-affiliate netting, etc.)
>  - proposed regulations were published in the Federal Register on
> Friday, May 11
>  - comments due by August 15, 2001
>  - ISDA to retain Sullivan & Cromwell to draft ISDA response
>  - list of questions to assist in formulating our approach will be
> forwarded to the Committee for review
>  - Background Memo from Sullivan & Cromwell will be forwarded in a
> separate e-mail.
>
> 4. The CFTC issued proposed clearing regulations on May 14 implementing
> the Commodity Futures Modernization Act (CFMA).  Comments are due by June
> 13.  I recommend that ISDA plan to comment on the proposal (however brief
> the comments may be) as this is an entirely new regulatory structure.
> Would appreciate the thoughts of others.
>
> 5. Fundraiser for Congresswoman Carolyn Maloney -- For those who are not
> already aware of the Maloney event, the Congresswoman will be hosting a
> small Financial Services dinner (max 15 people) at Barolo Restaurant (223
> Pennsylvania Avenue, SE Washington, D.C.) on Monday, May 21, 2001 at 7:00
> p.m.  Suggested contribution is $1,000.  Please contact Carl Silverberg
> (202) 863-1500 ext. 815 if you are interested in attending.  Are many
> folks already planning to attend??
>
> Comment:  Congresswoman Maloney is a senior Member of the House Financial
> Services Committee and was heavily involved in the CFMA on energy issues.
> I think it is safe to say that she was not sympathetic to the benefits of
> affording regulatory relief to the energy markets at the beginning of the
> debate but after a lot of work (by many of you!) she came around to
> understanding the benefits of innovation and establishing a positive
> regulatory environment.  Industry education was very effective.  The
> restaurant is marginal but continued work with Congresswoman Maloney is
> worthwhile.
>
>
>
>
> Stacy Carey
> Policy Director
> International Swaps and Derivatives Association
> 600 5th Avenue, 27th Floor
> Rockefeller Center
> New York, NY  10020
> (212) 332-1202 ph
> (212) 332-1212 fax
> (917) 543-9622 cell
> scarey@isda.org
>
>