Ted,  Question 15 of the annual NYMEX hedge exemptions asks us to describe in  detail:  "the system of internal controls administered in the supervision of  the applican't risk management programs, i.e., describe the risk assessment  policies and procedures in place for evaluation and supervision of risk  management programs, including "stress-testing" for extraordinary price  volatility, and state frequency supervision is conducted."
Attached is the response we have given the NYMEX in prior years.
Are there  any changes in our procedures/control that would necessiate a change in that  language?

Annual NYMEX Hedge Exemptions
Ted, Question <NUMBER> of the annual NYMEX hedge exemptions asks us to describe in detail: "the system of internal controls administered in the supervision of the applican't risk management programs, i.e., describe the risk assessment policies and procedures in place for evaluation and supervision of risk management programs, including "stress-testing" for extraordinary price volatility, and state frequency supervision is conducted."
Attached is the response we have given the NYMEX in prior years.
Are there any changes in our procedures/control that would necessiate a change in that language?
necessiate supervision applican change language risk assessment policies stress asks internal controls volatility state frequency testing extraordinary nymex hedge exemptions prior years