This. The EFL are pretty clearly preparing the ground with the current charges, so the regulator has an oven ready case to assess.
I’m not unduly concerned about the legal challenge aspect of this. Any judicial review would be expedited through the courts, it won’t be allowed to drag on for months and months. Also, assuming the regulator puts together a robust case, all chancer could try to challenge is the legislation itself. He’d have to prove that it’s legally irrational or unreasonable. Thats a very high bar for rules approved by Parliament, especially when there are precedents for these types of powers being lawful when used by the HMRC, etc.