For the purposes of day-to-day supervision of designated FMIs, the bill provides the regulators with information-gathering powers and powers to oversee the rules of those FMIs. For example, changes to the rules of a designated FMI must be approved by the regulators, and the regulators must also require that the rules of the designated FMI be changed. Furthermore, the bill requires designated FMIs to have credible contingency plans for how they will manage risks and continue to provide or promptly restore essential services in the face of operational or financial distress. Detailed requirements for contingency plans can also be set in the standards made by regulators. Under the bill standards, oversight of FMI rules, contingency plans, and supervisory powers will all help lower the risk of a designated FMI failing and ensuring that failures that do occur can be managed with the least amount of disruption.