Subject: Certificate of Compliance
From: [email-masked]
To: [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked]
Cc: [email-masked], [email-masked], [email-masked], [email-masked]
Date: Wed, 15 Nov 2000 04:13:00 -0800 (PST)

Employee Trading.  No employee of any Enron Business Unit may engage in the 
trading of any Position for the benefit of any party other than an Enron 
Business Unit (whether for their own account or for the account of any third 
party) where such Position relates to (i) any financial instrument, security, 
financial asset or liability which falls within such employee,s 
responsibility at an Enron Business Unit or (ii) any other commodity, 
included in any Commodity Group.

Folks,

In clause (i) above, I think "financial" refers to stock and money markets 
rather than financially settled trades, and so includes equities and debt. 
Clause (ii) refers to all "other" (other than equities and debt) commodities. 
Therefore, one can trade equities and debt so long as one does not trade 
equities or debt for Enron.

Therefore, we can sign this certificate and continue to have positions in 
equities.

Paul or Mark, can we have more clarification on what falls within clause (i) 
and what falls within clause (ii)? Thanks.

Dave