As noted, the bill provides the regulators with a much more limited set of powers in respect of non-designated FMIs, and this reflects that these will not be systemic nor have access to the legal protections around settlement, finality, netting, and the enforceability of rules that are afforded to designated FMIs. The more limited information-gathering and investigative powers that will apply to non-designated FMIs will be used mainly for the purpose of monitoring the broader sector and identifying whether an FMI has become systemic and should be further regulated under the regime.