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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 _Dec_2000\Notes Folders\Notes inbox X-Origin: Taylor-M X-FileName: mtaylor.nsf Re: Commoditity Futures Trading Commission: Proposed Rulemaking for a New Regulatory Framework for Multilateral Transaction Execution Facilities, Intermediaries and Clearing Organizations 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 June 8, 2000, the Commodity Futures Trading Commission ("CFTC") approved four releases setting out proposed rules for regulatory reform (the "Proposed Rules"). The Proposed Rules represent a major change in the CFTC's approach to the markets and market participants. They are designed to promote legal certainty and to move the CFTC away from direct regulation and toward a more general oversight role. The Proposed Rules, which seek to codify the CFTC Staff Report entitled A New Regulatory Framework dated February 2000 and also reflect the CFTC's recognition of the increasing convergence of the exchange and over-the-counter markets, as well as the growth of electronic trading, and of the need for a new regulatory scheme to address these developments. The release includes proposals for: ---------------------------------- 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. - CMS10596.pdf
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