OCC 2003-14
OCC BULLETIN	

Subject:      Interagency White Paper on Sound Practices to 
              Strengthen the Resilience of the U.S. Financial 
              System
Description:  Business continuity sound practices developed by the 
              FRB, SEC, and OCC to ensure the continued functioning 
              of critical financial services

Date:         April 8, 2003

TO:  Chief Executive Officers and Directors of National Banks, 
     Department and Division Heads, Examining Personnel, and Other 
     Interested Parties

Today, the Board of Governors of the Federal Reserve System, the 
Office of the Comptroller of the Currency (OCC) and the Securities 
and Exchange Commission, issued the attached Interagency Paper on 
Sound Practices to Strengthen the Resilience of the U.S. Financial 
System.  The Paper, which applies to key financial firms and market 
utilities considered critical to ensure the continued functioning 
of settlement and clearance functions supporting critical financial 
markets, identifies the following four steps necessary to protect 
the U.S. financial system from the systemic effects of a wide-scale 
disruption:

1. Identify clearing and settlement activities in support of 
   critical financial markets.
2. Determine appropriate recovery and resumption objectives for 
   clearing and settlement activities in support of critical markets.
3. Maintain sufficient geographically dispersed resources to meet 
   recovery and resumption objectives.
4. Routinely use or test recovery and resumption arrangements.

The sound practices addressed in the Paper are supported by certain 
expectations regarding time to recovery, geographic diversity, and 
implementation timetables for those firms covered by its terms.  
These expectations will be discussed with the firms involved as part 
of each agency’s ongoing supervisory process.

For more information, call the OCC’s Bank Technology Division at 
(202) 874-5920.



________________________________________________
Ralph E. Sharpe
Deputy Comptroller for Technology



Attachment
[http://www.occ.treas.gov/ftp/bulletin/2003-14a.pdf]