Capital Adequacy Directive

[Could someone please rewrite this so that it begins with a complete sentence instead of a dictionary-style definition and conforms to the highlighting convention?]

A European directive to establish uniform capital requirements for both banking firms and non-bank securities firms.

The original 93/6/EEC (‘CAD1’) directive was amended by 98/31/EEC (‘CAD2’), to incorporate banks' own estimate of capital using value-at-risk techniques.

Annex 1 models were virtually unchanged by CAD2, so there has been no change in the CAD1 regime.