On July 2, 2013, the Board of Governors of the Fed issued final capital rules for banks implementing both the Basel III Capital Framework and certain additional requirements imposed by the Dodd-Frank Act. On July 17, 2013, the EU's Capital Requirements Directive IV (CRD IV), which transposes Basel III into the EU legal framework, entered into force. While neither the US nor EU regulations follow Basel III to the letter, both sets of regulations move from using capital as the sole prudential reference, to multifaceted regulation and supervision employing capital, liquidity, and leverage ratios as contemplated by Basel III.