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Enron Mail |
Jae-Moo
On the section of Regulatory/Legal Environment, it may be useful to note: 1. There is no official rule or regulation that ex post facto reporting for Commodity Derivatives are acceptable to the Bank of Korea, although your and Korean external lawyer's (Kim & Chang) informal verbal enquiries with the Bank of Korea have suggested they have accepted some 7 or 8 reports since April last year (all from Hyundai Oil). 2. The Bank of Korea take up to two weeks to review the reports and, as Kim & Chang has advised, there remains a possibility that the Bank of Korea may reject the report, although they were not able to advise the grounds on which a report may be rejected. 3. Although, a foreign counterparty need not file a report or seek approval, the Korean counterparty must still do so for the benefit and interest of the foreign counterparty. Kim & Chang advised that where reporting or approval is required but is not made or obtained, the Korean counterparty would not be able to remit its payments under the transaction. This would clearly impact on the settlement of the transaction, in particular shorter term deals since reporting and approval may take several weeks. 4. The Supreme Court of Korea has ruled that a foreign exchange authorization that was originally required should be obtained in order for a foreign party to execute any judgment against the Korean party and remit the proceeds. Regards Matt Jae-Moo Lee@ENRON 08/24/2000 04:58 PM To: Christopher B Hunt/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Joseph P Hirl/AP/ENRON@ENRON, David Forster/Corp/Enron@Enron, John Ambler/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mike Dahlke/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Bruce Lundstrom/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Alan Aronowitz/HOU/ECT@ECT, Mike Brown/ENRON@Gateway, Justin Timothy/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Paul Quilkey/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Raymond Yeow/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, John Viverito/Corp/Enron@Enron, Rousseau Anai/AP/Enron@Enron, John Chismar/SIN/ECT@ECT, Victor Santos/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Li Yin Lim/SIN/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Matthias Lee/SIN/ECT@ECT, David Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jonathan Whitehead/AP/Enron@Enron cc: Michelle Lee/Corp/Enron@Enron, Ann Brown/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT Subject: EOL Korea As many of you are aware, over the past few months we have been investigating whether or not it would make sense to seriously consider an EOL launch in Korea from a market, regulatory and legal perspective. The primary interest has been on reviewing whether or not we could launch existing products in Korea (e.g., products already handled by Singapore EOL) as well as new products (e.g., Seoul weather). This initial work was directed primarily by the Korea team working within the APACHI group. If a launch is to progress much further from this point, however, substantial attention by the EOL team would be required. To facilitate this, the attached presentation summarizes our primary findings to date and some of our thoughts. We would appreciate your taking a look at the attached document. We would like to arrange a conference call for next Thursday (Aug. 31st) at 6:00 pm by Houston time (Friday at 8:00 am by Tokyo time) to discuss the attached document and to solicit thoughts as to next steps. Please let me know whether you will be able to join this call or, if you have a conflict, an alternative time. Your participation will be greatly appreciated. Best regards, Jae-Moo
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