The passage into law of the Financial Services and Markets Act 2023 and the Retained EU Law (Revocation and Reform) Act 2023 will speed up the process of revoking and replacing retained EU law as part of UK law. This briefing outlines how 'FSMA 2023' and the 'REUL Act' address the revocation and replacement of retained EU law, discusses the impact of the REUL Act on financial services legislation and compares the provisions of and powers under the two Acts.

For more information on:

• FSMA 2023, see our briefing, UK Financial Services and Markets Act 2023: creating a 'smarter regulatory framework' (July 2023), available here; and
• the changes made to the original Bills during their legislative process, see our RegTalk blogs, Financial Services and Markets Act 2023 – Key changes on the way to Royal Assent (June 2023) and Retained EU Law (Revocation and Reform) Act 2023 – Key changes on the way to Royal Assent (June 2023)  available here and here.

Also see our Topic Guide, the UK Financial Services and Markets Act 2023, on the Clifford Chance Financial Markets Toolkit.

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