This document describes the Concept of Operations (ConOps) of a separation management service in the U-space. The document contains the final version of the ConOps developed to capture the conclusions drawn from the BUBBLES workshops, as well as from the validation exercises and to define BUBBLES as a SESAR solution, following the indications provided by SJU. In addition to that, this document covers the review of the BUBBLES SESAR solution for separation management that the research team conducted to align it with the guidelines from the SESAR ConOps Coordination Cell. Lastly, this document also updates the regulatory context described in previous editions by addressing the impact of the Implementing Regulation (IR) published by the European Commission in April 2021 (CIR 2021/664, CIR 2021/665 and CIR 2021/666).