Retained EU Law (Revocation and Reform) Act 2023

The Retained EU Law (Revocation and Reform) Act 2023 was finally published in the Official Journal of UK on legislation.gov.uk. The Act implements the corresponding bill that was dealt with in Parliament for many months particularly with the aim to revoke ALL retained EU legislation by year end 2023.
The final Act now is taking a different stance as the one proposed in the bill in that it explicitly keeps retained EU regulations with the exemption of those legal instruments listed in schedule 1 which will be revoked on December 31, 2023. None of the instruments listed there refer to rules and regulation in the financial market, which is why we refrain from listing the revoked instruments in the Legislative Tree. However, the Act also makes some relevant related changes which include the following, among others:
(1) Removal of supremecy of EU law: Before December 31, 2020, the EU Withdrawal Act (EUWA) preserved the principle of supremacy of EU law in the UK. This means that EU law had precedence over domestic law in the event of conflicts or inconsistencies between the two. This provision is now revoked which means that remaining retained EU law must be aligned with UK rules and regulation which take precedence.
(2) Downgrading of retained direct EU law: For purposes of being able to apply the powers listed under (3), the Act downgrades retained direct EU law to secondary legislation. Direct EU law includes legislative instruments such as EU Regulations and decisions, were „copied“ from the EU following BREXIT.
(3) Assignment of powers: The new Act assigns powers to the UK government and its ministers to revoke, replace, restate, update, or modify retained EU law to suit the needs of UK. The powers are available until 23 June 2026 with the exception of the “update” power, which does not have an expiration date.