118 STAT. 3863 PUBLIC LAW 108–458—DEC. 17, 2004 consider the views of the Secretary of the Treasury, the Board of Governors of the Federal Reserve System, and the Com- modity Futures Trading Commission, unless such consultation is impracticable in light of the emergency. ‘‘(7) DEFINITIONS.—For purposes of this subsection— ‘‘(A) the term ‘emergency’ means— ‘‘(i) a major market disturbance characterized by or constituting— ‘‘(I) sudden and excessive fluctuations of secu- rities prices generally, or a substantial threat thereof, that threaten fair and orderly markets; or ‘‘(II) a substantial disruption of the safe or efficient operation of the national system for clear- ance and settlement of transactions in securities, or a substantial threat thereof; or ‘‘(ii) a major disturbance that substantially dis- rupts, or threatens to substantially disrupt— ‘‘(I) the functioning of securities markets, investment companies, or any other significant portion or segment of the securities markets; or ‘‘(II) the transmission or processing of securi- ties transactions; and ‘‘(B) notwithstanding section 3(a)(47), the term ‘securi- ties laws’ does not include the Public Utility Holding Com- pany Act of 1935.’’. (d) PARALLEL AUTHORITY OF THE SECRETARY OF THE TREASURY WITH RESPECT TO GOVERNMENT SECURITIES.—Section 15C of the Securities Exchange Act of 1934 (15 U.S.C. 78o–5) is amended by adding at the end the following: ‘‘(h) EMERGENCY AUTHORITY.—The Secretary may, by order, take any action with respect to a matter or action subject to regula- tion by the Secretary under this section, or the rules of the Secretary under this section, involving a government security or a market therein (or significant portion or segment of that market), that the Commission may take under section 12(k)(2) with respect to transactions in securities (other than exempted securities) or a market therein (or significant portion or segment of that market).’’. (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 Comp- troller 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 para- graph (1) shall— (A) examine the efforts to date of private sector finan- cial 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 geo- graphically dispersed manner, including an analysis of the VerDate 11-MAY-2000 13:54 Nov 10, 2005 Jkt 029194 PO 00000 Frm 00397 Fmt 6580 Sfmt 6581 C:\STATUTES\2004\29194PT4.001 APPS10 PsN: 29194PT4
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