A key aspect is the establishment of a more robust framework for setting minimum capital requirements. The Capital Requirements Regulation (CRR) and Capital Requirements Directive (CRD IV) were agreed in 2013 and revised the capital requirements for banks. The framework provides for a Pillar I Requirement, which is the regulatory minimum amount of capital that banks must hold.
In June 2016, the CPMI and the IOSCO published a document titled Guidance on cyberresilience for financial market infrastructures.2 This document highlights the importance of the safe and efficient operation of FMIs in the maintenance and promotion of not only financial stability, but also economic growth.