Sec. 7803. EMERGENCY SECURITIES RESPONSE ACT OF 2004
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## SEC. 7803 EMERGENCY SECURITIES RESPONSE ACT OF 2004 **[**[15 U.S.C. 78a note](/us/usc/t15/s78a)**]** ###
(a)Short Title This section may be cited as the “Emergency Securities Response Act of 2004”. ###
(b)Extension of Emergency Order Authority of the Securities and Exchange Commission ####
(1)* * * * * * * * * * ###
(e)Joint Report on Implementation of Financial System Resilience Recommendations ####
(1)Report required Not later than April 30, 2006, the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, and the Securities and Exchange Commission shall prepare and submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a joint report on the efforts of the private sector to implement the Interagency Paper on Sound Practices to Strengthen the Resilience of the U.S. Financial System. ####
(2)Contents of report The report required by paragraph
(1)shall— #####
(A)examine the efforts to date of private sector financial services firms covered by the Interagency Paper to implement enhanced business continuity plans; #####
(B)examine the extent to which the implementation of such business continuity plans has been done in a geographically dispersed manner, including an analysis of the extent to which such firms have located their main and backup facilities in separate electrical networks, in different watersheds, in independent transportation systems, and using separate telecommunications centers, and the cost and technological implications of further dispersal; #####
(C)examine the need to cover a larger range of private sector financial services firms that play significant roles in critical financial markets than those covered by the Interagency Paper; and #####
(D)recommend legislative and regulatory changes that will— ######
(i)expedite the effective implementation of the Interagency Paper by all covered financial services entities; and ######
(ii)optimize the effective implementation of business continuity planning by the financial services industry. ####
(3)Confidentiality Any information provided to the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, or the Securities and Exchange Commission for the purposes of the preparation and submission of the report required by paragraph
(1)shall be treated as privileged and confidential. For purposes of section 552 of title 5, United States Code, this subsection shall be considered a statute described in subsection (b)(3)(B) of that section 552. ####
(4)Definition As used in this subsection, the terms “**Interagency Paper on Sound Practices to Strengthen the Resilience of the U.S. Financial System**” and “Interagency Paper” mean the interagency paper prepared by the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, and the Securities and Exchange Commission that was announced in the Federal Register on April 8, 2003. * * * * * * *
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Sec. 7803
EMERGENCY SECURITIES RESPONSE ACT OF 2004
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