|
|
Enron Mail |
It turns out that quite a bit has been happening without us so we may be
inundated with information over the next day or so. Let me know if the message below does not come through in color since it will be difficult to decipher. Louise is quite anxious to finalize the ETA, PA and Read-only PA and I explained that we were still waiting for the proposed changes from London. Knowing Louise I have a feeling we may see that stuff soon. Since we seem to be a bit behind schedule, Louise agreed that an all-hands legal meeting next week might be premature and she is contacting the London team to discuss scheduling. I'll let you know as soon as I have anything more to report on the calendar. Mark ---------------------- Forwarded by Mark - ECT Legal Taylor/HOU/ECT on 07/13/99 11:51 AM --------------------------- Louise Kitchen 07/13/99 11:00 AM To: Mark - ECT Legal Taylor/HOU/ECT@ECT cc: Subject: Registration Process Questions You may want to forward this to Sullivan and Cromwell ---------------------- Forwarded by Louise Kitchen/LON/ECT on 07/13/99 05:02 PM --------------------------- Louise Kitchen 07/05/99 06:23 PM To: Elena Kapralova/LON/ECTRobert Campbell/LON/ECT@ECT, Rahil Jafry/LON/ECT@ECT, David Port/LON/ECT@ECT, Mark Dilworth/LON/ECT@ECT, Paul Goddard/LON/ECT@ECT, Justin Boyd/LON/ECT@ECT, Janine Juggins/LON/ECT@ECT, Mark - ECT Legal Taylor/HOU/ECT@ECT, Jay Webb/HOU/ECT@ECT, Robert Campbell/LON/ECT@ECT, Timothy.Hughes@cliffordchance.com, Andrew.Wilkinson@cliffordchance.com, Scott Sefton/LON/ECT@ECT, Edmund Cooper/LON/ECT@ECT, David G Mally/HOU/ECT@ECT cc: Subject: Registration Process Questions Let's be clear about all of the confusion which took place last week on how to register, this is what we are doing. Any comments or problems please reply. I have tried to address everyone's points (see end of email). 1. Current Customers We are going to pre-register a large number of customers prior to the launch. These customers will not receive any documentation from us apart from the one page application form (Password Application) and a nice glossy marketing brochure. They will not be asked to fill in any form of registration documentation. All of the approvals should be done internally as we already trade with these people. Procedure 1. A list of customers to be pre-registered is compiled. 2. Sign off on the list is obtained from Tax, Credit, Legal etc. 3. The customer receives from Enron a Password Application Form (postal) and a marketing brochure (this will be very glossy with only high level details nothing specific to the customer but will outline the registration process (to include whether to send to UK os US office). The PA will be specific to each country and therefore we should be able to send out the specific PA to each counterparty. 4. The customer signs the document (Password Application) and returns to Enron. 5. Enron dispatches the System Administrator password and login. 6. The customer logs in and the immediately is greeted with the ETA (as loaded for the specific counterparty profile which will be based on the country of origin of the customer). The ETA must be printable and the customer will scroll through the document to the end where he has the choice of either "I accept" or "I do not accept" (with no default on enter). This ETA must be printable. 7. The customer then enters the site and transacts. If the customer is transacting under a master then the GTC for a particular product will not need to be accepted, if the customer is dealing without a master then any person using the administrator password or any of its subsidiary passwords can accept the GTC (it only needs to be accepted once by any one person under this SA password). The system will need to be loaded with the information as to whether a counterparty requires GTC or not for each commodity/product type. Elena's questions Q: Will PA be available as well as ETA for viewing and printing in the "House"? No only in the garden. PA and ETA for all jurisdictions will be available and printable in the garden (drop down box would be my suggestion). 2. New Customers There are two alternative routes possible. Procedure 1: Off Line Registration Potential Customer will e-mail, phone to express their willingness to trade online, i.e. get the ID and Password Enron will mail Registration Pack to the Potential Customer with PA for appropriate jurisdiction. Customer will fill in Registration Form, sign PA and mail it back to Enron If the customer is approved for Online Trading by Enron, it will receive the system administrator login and password. The customer logs in and the immediately is greeted with the ETA (as loaded for the specific counterparty profile which will be based on the country of origin of the customer). The ETA must be printable and the customer will scroll through the document to the end where he has the choice of either "I accept" or "I do not accept" (with no default on enter). This ETA must be printable. The customer then enters the site and transacts.The customer is transacting GTCs for all products and any person using the administrator password or any of its subsidiary passwords can accept the GTC (it only needs to be accepted once by any one person under this SA password). Procedure Two: Partial OnLine Registration Registration Pack including PAs for all jurisdictions will be available in the Garden Customer has to chose (drop down box) which jurisdiction he is in, print out appropriate Registration Form and PA, fill in Registration Form, sign PA and mail it to Enron Customer will fill in Registration Form, sign PA and mail it back to Enron If the customer is approved for Online Trading by Enron, it will receive the system administrator login and password. The customer logs in and the immediately is greeted with the ETA (as loaded for the specific counterparty profile which will be based on the country of origin of the customer). The ETA must be printable and the customer will scroll through the document to the end where he has the choice of either "I accept" or "I do not accept" (with no default on enter). This ETA must be printable. The customer then enters the site and transacts.The customer is transacting GTCs for all products and any person using the administrator password or any of its subsidiary passwords can accept the GTC (it only needs to be accepted once by any one person under this SA password). The Registration Form is currently in draft form and I attach below but clearly Janine may want to add more on her side. Elena's questions Q: 1) Alternative 1 or 2? Both 2) In the Garden there must be a sentence (to be drafted by CC) to inform potential customers that there request for access may not be granted. YES - In the garden there must be a phrase that any access may not be granted and that it is solely on our discretion (this is not just for Read Only its for all applications) 3) Should all ETAs and PAs be available and printable in the Garden? CC prefers them to be available...YES 3. Read Only Customers If a customer / counterparty does not respond by signing our PA and therefore has not access to the site and we are very keen for them to be a trading counterparty over the Internet we want a way of showing them what they are missing. So we will be sending them a password and login for read only access. We could also send out to bodies like regulators or brokers etc but that will be up to the traders - any counterparties wanting access like this would apply through th eroute outlined above for new counterparties and we would authorise readonly access. We will no be advertising read only access as available. They will be able to enter the site for a period for time (Enron needs to be capable of setting system limits to the amount of time a customer/counterparty is given read-only access for) unable to transact but view only. Procedure 1. Either, Enron monitors the list of counterparties having registered against the full counterparty list and notes that specific counterparty has not registered. The trading desk with primary trading contact with such counterparty is contacted and asked if they would like to offer read only access for a period of time. or, a trader applies to the Online Product Control group for read only access for one of his customers. 2. The Product Control Group will issue a password/login which will be time dated (only valid for a certain period). 3. The counterparty will login and immediately greeted by a Read Only ETA - these are to be country specific. 4. The counterparty must accept the Read Only ETA online before entering the site where he has been given READ ONLY access. 5. Under this scenario there is only one password and no capability of creating any further passwords (not like a system administrator password). 6. When the password expires they will need a prompt box indicating how they should register to continue seeing prices. Elena's issues 1) Should Read Only ETA be printable and where? YES - should be printable when it appears on screen at login (no need for it to be in the garden) 2) What limitations will be imposed on the Guest User, i.e. one log in session, limited time etc. - This decision has to be made in order for CC to put an appropriate language into the Read Only ETA. Read Only ETAs for all jurisdictions have to be finalised by July 7th. Needs to be flexible although one password has no capability of creating further passwords, but the period of time they are allowed access will depend on each trader. Some customers may be allowed in for one day others for one month. 3) In the Garden there must be a sentence (to be drafted by CC) to inform potential Guest User that his request for Read Only access may not be granted. We will not be advertising this facility and it will therefore not be mentioned in the garden. The only phrase in the garden refers to customers who apply for a password may not get access (see above). 4) Is Read Only ETA accepted online or it should be signed and mailed back to Enron as a hard copy? The latest agreed was that it will be signed off line, but accepting it online should work as well, and seems to be a cleaner way...No this will be signed/clicked online just like the ETAs. Mark's comments System administrator will not be a trader as far as the system is concerned. If they are in reality that is none of our concern. Agreed - we need to change the name of System Administrator to Trader Administrator ETA acceptance process - we have legal confirmation of your comment? I would expect that all users that trade on the system should read and accept it (which I think is where Bob is coming from). Only one person per System Administration Password / Trader Adminstrator password accepts the ETA. Guest only users This concept was raised to us for the first time yesterday - and I have some process queries on it. See above. How do we separate/ identify the applications? See above. What will be the process for upgrading users f they successfully apply for full rights? They need to receive a notice when their password expires which prompts them to follow the application process. 2 other queries - Why do they need an ETA when they will not be allowed to trade electronically? Need a Read Only ETA - see document for further understanding Limitations to be imposed - where is this being coded and who by? There will be a timetable impact. This is not new and therefore isn't Bob's comments 1. Existing Enron Customers (approx 2,000) The first person from the customer's company logging Online has to accept ETA. After that ETA has to be available for viewing and printing for all other users. The first person logging on will always be the Administrator (to set up his users) so how can a probable non-trading user accept ETAs for his traders? Probably will be a trader - change the password to TRADER ADMINISTRATOR PASSWORD/ MASTER TRADING PASSWORD 3. Unknown Customers (currently not trading with Enron) willing to get Trading Access Alternative 1 most closely mirrors what we're doing for our existing customer base and so the procedures will already be in place for EOL Product Control / System Admin to run this. If the marketing pack mailing method is utilised we cut down on extra effort in a number of areas (marketing pack will be signed off by legal, business processes already there, no extra development effort, single point of reference). The marketing pack is a glossy brochure advertising our site within it there will be the registration form, I think we do both alternatives. Tim's comments The process you have described is as I understood things, except that for Guest Users ( also referred to as Read Only Users - Regulators, Lawyers, Brokers, Potential Traders etc). As we discussed on Wednesday and as Andrew mentioned yesterday, I understood the process to be as follows: The Guest will phone or sent e-mail (possibly fill in a form online, that will be automatically e-mailed) to Enron System Administrator. Customers will provide info on their name, e-mail address, mailing address, country of incorporation etc. If Enron approves the customer as a Guest user, the System Administrator will e-mail/fax to the Guest the Read Only ETA. The Guest will execute the Read only ETA in hard copy and return it to Enron (by fax or post). Enron will then issue a Guest ID and Password. The Read Only ETA will be available on the website as a reminder to the Guest. This will not be in hard copy it will be online, see above we are not going to advertise this read only capability. OK? Louise
|