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⚡IMPACT LEVEL 3 — NOTEWORTHY

Epstein File EFTA02529142: Jes Staley, Peter Mandelson and Privilege (DS11)

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Email exchange dated March 30, 2010, from Jes Staley to Peter Mandelson, containing discussion of asset management regulations, fiduciary banking practices, and client investment protections. The document includes standard confidentiality and legal privilege notices and discusses the profitability and regulatory framework of asset management businesses.

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Excerpt 1
and conditi=ns including on offers for the purchase or sale of securities, accuracy an= completeness of information, viruses, confidentiality, legal **privilege**
Excerpt 2
Fiduciary: **Asset** Management Regulations that protect client investments from other banking activities have proven successful during recent financial crises
Excerpt 3
**Asset** Management is a profitable business entirely suited to fiduciary bank owner=hip with limited capital needs and no risk weighted assets.

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