|
|
Enron Mail |
yours?
---------------------- Forwarded by Mark A Taylor/EFS/EES on 11/02/2000 03:44 PM --------------------------- Michael Guerriero@ENRON 11/02/2000 03:25 PM To: Lynn Aven/NA/Enron@Enron, Mark A Taylor/EFS/EES@EES cc: Subject: ADA Findings To keep you briefed. The local Derivatives company may be easier than we thought. MFG ---------------------- Forwarded by Michael Guerriero/SA/Enron on 11/02/2000 05:28 PM --------------------------- Bernardo Andrews 11/02/2000 04:23 PM To: Michael Guerriero/SA/Enron@Enron, Andrea Calo/SA/Enron@Enron, Jeff Kabel/SA/Enron@Enron cc: Subject: ADA Findings I have met with Gustavo Mengui, one of the most active representatives of ADA today. My findings are the following: ADA is very active and taking a leading role on the NETTING ISSUE. Good news is that they consider that they will be able to pass a law that redifines netting on the bankrupcy law by year end. They assume that they will have "media sanci?n" before mid December. Media sanci?n is basically having approval by one of the chambers (Diputados) and a strong support to going to the Senators Chamber shortly after. We will receive the law project today. The law project was designed by Hector Alegria. Gustavo assumes that they will be available to talking with our legal team upon request. They have received from the Central Bank a request to propose all necessary changes in the regulations so as to have the (interest rate mainly) derivatives market going asap. This shows a fertile ground on this institution for our future conversations. On the CNV's side, he stated that the porject of law (on netting) was actively supported by this body. ACtually, he commented that CNV officials were active speakers when this matter was treated in the commission session at Congress. ADA is working with PWC on the tax issues. ADA and PWC are preparing to present the government officials their proposal for the Ingresos Brutos treatment of derivatives in the City of Buenos Aires (makes me think that we have been talking to the right guys these last days). Gustavo was crystal clear that, although they have been supported and funded by banks, they are a Foundation and they are open to working with Enron. He insisted that he does not expect conflict of interest to arise and that the energy sector is strategical for them, specially considering the recent evolution in financial energy trading. There will be some issues regarding the support ADA will give to the Rofex effort of creating an energy market. The OTC versus the formal exchange issue is to be addressed. ADA is willing to work with us on the future and we might have to do some follow up meetings to get this type of news earlier. My personal opinion is that we might like to go ahead with our conversations with regulators and officials but I doubt whether we should go with ADA or not. There are various pros and cons. Lets talk for 5 minutes, Bernardo
|