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Non-Tech : The ENRON Scandal

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To: Mephisto who started this subject	10/7/2002 4:04:11 PM
From: Mephisto	of 5185

SEC To Hold Hearings On Enron Exemption Applications Dow Jones Business News Monday October 7, 3:44 pm ET biz.yahoo.com WASHINGTON -(Dow Jones)- The Securities and Exchange Commission will hold hearings on two applications filed by Enron Corp. that sought exemptions from the provisions of the Public Utility Holding Company Act of 1935. The law gives the SEC extensive supervision of corporate structure and business operations of registered utility holding companies. In 1993, the SEC absolved Enron's units from registering under the act. In a press release Monday, the SEC said a hearing is required to determine whether Enron currently satisfies the statutory criteria for an exemption. A hearing date hasn't been set. If the SEC denies Enron's applications for exemption, the denial may affect certain beneficial treatment Enron receives under the regulations of the Federal Energy Regulatory Commission. Two Enron entities received waivers from the public utility holding company rules. In one case, Enron's Portland General Electric Co. unit in Oregon clearly qualified for an exemption that applies to holding companies that own and operate a utility in a single state. But in late 1993, Enron Power Marketing Inc., Enron's wholesale power-selling unit, successfully argued that it too shouldn't be regulated by the SEC. -Stephen Lee; Dow Jones Newswires; 201-938-5400

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