The statutory management regime in the bill is the crisis management power of last resort and provides an alternative to normal insolvency processes such as liquidation, which are not suitable for managing the failure of a designated FMI, because this will disrupt the provision of essential services that they provide. The crisis management powers are likely to be some of the most important—if rarely used—powers in the bill. The lack of crisis management powers is one of the most significant gaps in the existing regulation of FMIs. Not having these powers available makes it much harder to deal with an FMI failure and avoid disruption to the provision of essential services, with potentially very serious impacts on the financial system due to the stresses that will be placed on market participants. 