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Enron Mail |
Since we're clear on regulation, the choice of entities becomes a tax issue.
We need to identify: which company (new or existing) will be the principal booking entity which company (new or existing) will be the agent (but we shouldn't use EEFT, our SFA entity) whether the same principal entity can be used for both the equity and bond businesses, and as you say, whether the same agent can be used for both businesses Could Janine/Mahesh please opine on these questions (we can meet if necessary to discuss) then we can set up the entity or entities as required. Thanks Paul John Greene 14/09/2000 10:03 To: Paul Simons/LON/ECT@ECT, Janine Juggins/LON/ECT@ECT, Mahesh Lakhani/LON/ECT@ECT, Erica Gut/LON/ECT@ECT cc: Gary Hickerson/HOU/ECT@ECT, Jeff Kinneman/HOU/ECT@ECT, Sheila Glover/HOU/ECT@ECT, Mark Evans/Legal/LON/ECT@ECT, Sara Shackleton/HOU/ECT@ECT, Laurel Adams/HOU/ECT@ECT Subject: Re: Bond & Equity Trading Now that we have the "green light", can we please start the process of setting up the UK entity that will act as agent for this activity. According to Jeff, the bond trading activity will not start right away and, in any case, the volume for this activity will be fairly light. Therefore, I think it would be best if we just set up one agent now and decide on the need for another separate entity at a later date. Thanks and regards, John Paul Simons 13/09/2000 15:16 To: Gary Hickerson/HOU/ECT@ECT, Jeff Kinneman/HOU/ECT@ECT, John Greene/LON/ECT@ECT, Sheila Glover/HOU/ECT@ECT, Janine Juggins/LON/ECT@ECT, Mahesh Lakhani/LON/ECT@ECT, Mark Evans/Legal/LON/ECT@ECT, Andrew Cornfield/LON/ECT@ECT cc: John Sherriff/LON/ECT@ECT, Michael R Brown/LON/ECT@ECT Subject: Bond & Equity Trading I have just received the letter SFA promised us. SFA have accepted our argument that our proprietary bond and equity trading can be carried on in London through an unregulated UK entity. The letter also states that SFA will not be applying their consolidated capital supervision rules to the unregulated entity, which they have the discretion to do. From a regulatory perspective this means we can move ahead at full speed to set up an appropriate Chinese Wall and then begin trading. Best regards Paul
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