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Enron Mail |
Netting Legislation Update
House (Financial Services Committee/Toomey) and Senate (Gramm) staff met this afternoon to agree on provisions for a stand-alone netting bill that is likely to be brought-up under a suspension vote in the House next week. This morning Gramm's office indicated that most of the bill looked fine (including the Section 562 modification) except for the 907A provisions, which they believed to be covered in the October 4 SEC-CFTC Rule on "Customer protection, Recordkeeping, Reporting, and Bankruptcy Rules and the Securities Investor Protection Act of 1970 to Accounts Holding Security Futures Products". We are currently vetting this view with the CFTC and SEC. Gramm's staff (Linda Lord/Sarah DuMont) reiterated their concern in this afternoon's meeting. Apologies for the late notice but we have been asked for our views today as to whether we wish to keep the provisions in the underlying bill or if we support dropping the provisions. We would like to schedule a conference call ASAP to receive your views about these provisions. Call Details Phone Number: 888-904-9318 Group Leader: Stacy Carey Password: Bankruptcy Please call Frank or Stacy if you have any questions. Thank you. 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
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