In 2013, Many of the regulatory initiatives launched since the financial crisis were coming to fruition. In Europe, the Capital Requirements Directive was finalised alongside the Bank Resolution and Recovery Directive and the launch of a single supervisor for the 17 eurozone nations that is due to carry out an asset quality review and stress test in 2014. The UK introduced legislation to enforce the Independent Commission on Banking's recommendations of ringfencing retail banking. In the US, rules on the liquidity coverage ratio, resolution and liquidation, and the separation of proprietary trading - the Volcker rule - were finalised, and a fresh round of stress-testing launched.
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