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Enron Mail |
With launch next week of this new product we need to be sure we are on the
same page and I've left messages to ensure that we are. The heat is on and your full co-operation is needed to make launch possible and a success. Attached for you info is a restricted list procedure (in draft) we'll be finalising and rolling out in Europe over the next day or two. It will go to all business heads in Europe to ensure that when we get confidential info in about an entity that entity is notified to legal and the entity placed on the list. We then stop trading online in that entity. As you already have a restricted list process in the US you may well not need anything new, but this may help if need be. Sullivan & Cromwell have drafted a separate and distinct confidentiality procedure which you have already seen. It is intended just for the credit trading group and Bryan and I will make sure his group (on both sides of the pond) is up to speed with the procedure before launch. In terms of avoiding being sued by reference entities to whom we might have fiduciary duties, we are doing three things: (i) notifying the entities tomorrow about the new product and the fact that we'll be quoting them online. Hopefully this should flush out potential problem cases. (ii) Bryan is calling round all Enrton relationship managers asking whether we have relationships which are arm's length with the ref entities - if there is any doubt about it, we will err on the side of caution and not quote on that ref entity. (iii) we will try to identify whether there are outstanding confidentiality agreements with the entities - (this will certainly not be decisive and I place more store by (i) and (ii) from a practical perspective). Again, if in doubt we will take the ref entity off the list. Finally, on the capacity of counterparties, we have recently received a list of those to be included initially and I know you have too. Most are big, sophisicated players but we will check capacity anyway where need be. We trust you will do likewise, as per Sullivan & Cromwell's advice. John Sherriff will be asking Bryan tomorrow whether this project is all clear on the legal side botth there and in the US and it would be good to be able to give positive soundings. Perhaps then we can speak early tomorrow on this. Many thanks indeed. Paul ---------------------- Forwarded by Paul Simons/LON/ECT on 16/02/2000 19:27 --------------------------- Enron Capital & Trade Resources Corp. From: "WARNA-KULA-SURIYA, Sanjev" <Sanjevwks@SlaughterandMay.com< 16/02/2000 12:11 To: "Paul Simons (E-mail)" <paul.simons@enron.com<, "Edmund Cooper (E-mail)" <edmund.cooper@enron.com< cc: "Petch, Tolek" <Tolek.Petch@SlaughterandMay.com<, "Brown, Gavin" <Gavin.Brown@SlaughterandMay.com< Subject: Confidentiality and Restricted List Procedures SLAUGHTER AND MAY 35 Basinghall Street, London EC2V 5DB TEL: +44 (0) 171 600 1200 FAX: +44 (0) 171 600 0289 This e-mail message is CONFIDENTIAL and may contain legally privileged information. If you are not the intended recipient you should not read, copy, distribute, disclose or otherwise use the information in this e-mail. Please also telephone or fax us immediately and delete the message from your system. E-mail may be susceptible to data corruption, interception and unauthorised amendment, and we do not accept liability for any such corruption, interception or amendment or the consequences thereof. A list of the partners and their professional qualifications is available for inspection at the above address. The partners are either solicitors or registered foreign lawyers. ____________________________________________________________________________ __________ As promised, I attach a draft of the Policies and Procedures Document. Let's have a word about it tomorrow. - CD003678918_4.doc
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