Bankruptcy Reform Amendments

----- Forwarded by Mark Taylor/HOU/ECT on 02/27/2001 05:39 PM -----

Stacy Carey <SCAREY@ISDA.ORG<
02/26/2001 02:25 PM

To: US REGULATORY COMMITTEE <USREGCOMM@isda.org<
cc:
Subject: Bankruptcy Reform Amendments

Attached is the amendment package forwarded to the hill on Friday afternoon.
Note that unlike earlier versions, which amended the Senate Bill S.220, this
package amends the House Bill H.R.333. It is also a line-by-line mark-up
instead of a hand written mark-up of the actual bill.

House Financial Services Committee staff is working with the Legislative
Counsel of the House of Representatives to put our amendments in draft form.
We will forward the final amendment as soon as it is received. It appears
that our amendments will be offered by Chairman Oxley and will not be
included in the Sensenbrenner amendment.

The House Rules Committee is meeting on the legislation at 2:00 on
Wednesday. A floor vote is expected on Thursday.

I can be reached on 917-543-9622 should you have any questions. Many
thanks. Stacy

-----Original Message-----
From: Geoffrey B Goldman [mailto:ggoldman@cgsh.com]
Sent: Friday, February 23, 2001 3:03 PM
To: greg.zerzan@mail.house.gov
Cc: tom.mcgivern@do.treas.gov; mkrimminger@fdic.gov; jcarley@cftc.gov;
mooneyj@sec.gov; fhampton@bondmarkets.com; scarey@isda.org;
jcohn@cravath.com; Seth GROSSHANDLER; dina.ellis@do.treas.gov
Subject: Revised H.R.333 amendments

Attached is a revised version of the amendment package to H.R.333. We have
included both the annotated and unannotated versions, as well as a
blackline showing changes from yesterday's version. The only changes are
(1) an addition in the definition of master netting agreement on page 334
relating to guarantees and reimbursement obligations in respect of such
agreements, which we understand is acceptable to Mike Krimminger at the
FDIC, (2) the deletion of an incorrect section numbering change on page
351, and (3) the insertion of a revised "placeholder" provision on page 348
relating to rulemaking by the SEC and CFTC to address the treatment of
security futures products and joint securities/futures accounts in the
insolvency context. As we have mentioned, the placeholder is intended to
be replaced by substantive language following further discussions between
the SEC and CFTC (and would presumably be removed if the agencies do not
agree on substantive language). Although we have discussed the substance
of the new placeholder provision with the SEC and CFTC, the SEC has not yet
signed off on the specific language. We understand that although the CFTC
does not "endorse" the placeholder language, it does not object to its
inclusion as a placeholder for this purpose.

Please feel free to call Seth Grosshandler (at 212-225-2542) or me (at
212-225-2234) with any questions or comments regarding the attached.

Geoffrey B. Goldman
Cleary, Gottlieb, Steen & Hamilton
Tel: 212-225-2234
Fax: 212-225-3999
E-mail: ggoldman@cgsh.com

(See attached file: h.r.333amendmentscompare.doc)(See attached file:
h.r.333amendment2-23unannotated.doc)(See attached file:
h.r.333amendment2-23annotated.doc)

- h.r.333amendmentscompare.doc
- h.r.333amendment2-23unannotated.doc
- h.r.333amendment2-23annotated.doc