The UK Retained EU Law (Revocation and Reform) Bill introduced into Parliament in late September will sunset a large part of retained EU law at end 2023, give the Government new powers to restate, revoke and replace outstanding retained EU law and change the UK law status of any remaining retained EU law.

The sunset mechanism will not apply to financial services legislation covered by the UK Financial Services and Markets Bill introduced into Parliament in July, but the new Bill may affect financial services in other ways. This client briefing explores the impact of the new Bill on financial services and compares how the two Bills would operate to revoke, restate and revise retained EU law.

For more information on the Financial Services and Markets Bill, see:

• our client briefing, UK Financial Services and Markets Bill: enacting the future regulatory framework (July 2022), here
• the Topic Guide on the Financial Services and Markets Bill in our Financial Markets Toolkit, here.

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