Martin:

How are things going?

In response to your question, there is no internal memo but we do have copies 
of external lawfirm memoranda.  Yes, ENA has changed its ISDA Schedule form 
to provide for the "eligible contract participant" rep and line of business.  
I'll verify with Susan Bailey as to whether these changes have been subnitted 
to ECTRIC.  

Rather than bombard you with lots of paper, please let me know what you would 
lilke to see regarding the new legislation.  Please note that the act is very 
broad, extremely confusing (even to CFTC "know-it alls") and addresses many 
types of derivatives (ag, equity, etc.) with some specificity.

Will you be in San Antonio?

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com



	Martin Rosell
	03/27/2001 08:57 AM
		 
		 To: Sara Shackleton/HOU/ECT@ECT
		 cc: 
		 Subject: Commodity Futures Modernization Act

Hi Sara

Can you shed any light on the issues below?

Martin
---------------------- Forwarded by Martin Rosell/OSL/ECT on 27/03/2001 16:56 
---------------------------


Martin Rosell
18/03/2001 16:58
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