On February 9, 2022, ISDA submitted a response to HM Treasury’s consultation on the Financial Services Future Regulatory Framework Review. The consultation sets out the UK government’s proposals for important changes to the UK’s financial services regulatory framework, building on the UK’s existing model of regulation established by the Financial Services and Markets Act. In the response, ISDA focuses on the proposals to create a new Designated Activities Regime to cover activities, products and conduct that currently sit within retained EU law but outside the perimeter of the UK’s Regulated Activities Order – for example, entering into certain types of derivatives contracts. ISDA welcomes the creation of the Designated Activities Regime, but highlights some key issues that should be addressed, such as the careful definition of the territorial scope of the powers, consistent and fair treatment of firms across the regimes and transparent processes and consultation.