|
|
Enron Mail |
Thanks for forwarding the request for no-action letter. I'll review it with
Mark. It seems that the suggested policy should not be problematic for us. We would just want to make sure that nothing in the policy could be construed to prevent Enron from conducting the very activities that are contemplated by the Posting Agreement. Since the only information we should be getting through our relationship with True Quote (absent a board seat) is information from potential EnronOnline counterparties hitting our prices (and it would be the same information, and no more, that we would be receiving if the party were dealing directly with EnronOnline), it seems unlikely that we could ever be in a position to violate a policy that True Quote would adopt. Am I thinking about this correctly? Travis McCullough Enron North America Corp. 1400 Smith Street EB 3817 Houston Texas 77002 Phone: (713) 853-1575 Fax: (713) 646-3490 "Joe Wright" <joe.wright@truequote.com< 11/08/2000 09:38 AM To: <travis.mccullough@enron.com< cc: "Chris Edmonds"@carvey.adgrafix.com, "Dennis Crum"@carvey.adgrafix.com, "Todd Creek"@carvey.adgrafix.com Subject: Material Non-public Information and the CFTC Travis, On further review I believe there is no issue here. True Quote must represent that persons who are 10% or more interest holders, members of the Board of Directors or senior officers of TQ are not subject to the statutory disqualifications from registration listed in the Commodity Exchange Act. You have indicated that in regard to Enron that TQ should be able to make this representation. However, we do not have to make a representation that the same persons will not trade on or disclose material, non-public information. Instead, all TQ has to do in this regard is agree that it will endeavor to prevent and will adopt a policy which prohibits any director, officer, employee or agent who gains access to material, non-public information from trading for such person's account or another account and from disclosing such information if it would be inconsistent with that person's performance of his official duties. In order to comply with what the CFTC is requiring of us we would simply agree to this and adopt such a policy. Let me know what you think; but, I believe we are okay here. Joe Wright
|