I had written
<snip>
At least in the past (I don't know if still true), there are cases where the 
ACEE might be what, very loosely, is referred to as encrypted in which case it 
would not be readable as-is. It's not truly encrypted such that you need some 
cryptography to decrypt it, but the intent is that the security product know 
what to do to provide you the "decrypted" info
</snip>

Charles M helped me realize that I was mis-thinking. It's the utoken that can 
be "encrypted", not the ACEE.
Thanks, Charles.

Peter Relson
z/OS Core Technology Design


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