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Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: SULLIVAN&CROMWELL@sullcrom.com X-To: Mark.Taylor@enron.com X-cc: X-bcc: X-Folder: \Mark_Taylor_Jun2001\Notes Folders\All documents X-Origin: Taylor-M X-FileName: mtaylor.nsf Re: Commodity Futures Trading Commission: Proposed Rulemaking for a New Regulatory Framework for Trading Facilities Attached is a memorandum from Sullivan & Cromwell concerning the above subject. A summary is also included at the end of the text of this e-mail message. The attached file is in Adobe Acrobat format. We believe most PCs will already have an Acrobat viewer loaded; we can provide free copies if Acrobat is not already loaded, and free copies can also be downloaded from the Adobe Acrobat web site at www.adobe.com. To view or print the memo use your e-mail system's function for opening attachments in their native format. Hard copies can be obtained from Ivy Moreno at S&C in New York, telephone 212-558-3448, e-mail: Morenoi@sullcrom.com. SUMMARY On March 9, 2001, the Commodity Futures Trading Commission (the ''CFTC'') published proposed rules (the ''Proposed Rules'') which are designed to implement certain provisions of the Commodity Futures Modernization Act of 2000 (the ''CFMA''). 66 F.R. 14262. Comments are due on the Proposed Rules by April 9, 2001. As discussed in our Memorandum dated December 21, 2000, the CFMA introduced a tiered approach to regulating boards of trade, establishing separate regulatory regimes for designated contract markets (subject to the highest level of regulatory oversight), derivatives transaction execution facilities (a new category of less regulated markets), and certain exempt markets (subject only to antifraud and anti-manipulation rules). The Proposed Rules implement this tiered approach and reflect the CFTC's new oversight role with respect to markets and market participants, in contrast to the prior system of direct regulation. The Proposed Rules generally track the CFMA closely and also provide guidance for complying with the CFMA's provisions. This memorandum highlights the most significant Proposed Rules applicable to each of these types of markets. ---------------------------------- This e-mail is sent by a law firm and contains information that may be privileged and confidential. If you are not the intended recipient, please delete the e-mail and notify us immediately. - climail.pdf
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