The Retained EU Law (Revocation and Reform) Act 2023 (Commencement No. 1) Regulations 2023

The new Retained EU Law (Revocation and Reform) Act 2023 (Commencement No. 1) Regulations 2023 were published on legislation.gov.uk, the official platform for publicizing legal documents in the UK. The regulations bring into force various provisions of the Retained EU Law (Revocation and Reform) Act 2023, namely
(1) Schedule 1 which contains a large list of retained direct EU legislation and subordinate legislation that are being repealed on December 31, 2023. None of these rules and regulations pertain to financial market participants, perhaps with the exception of some tax information exchange agreement orders.
(2) Schedule 2 which contains a list of „assimilated law“: consequential amendments“ which sets out various provisions primarily to replace the naming of retained EU law to be called „assimilated law“.
(3) Section 3, 4, 5, and 8 as regards the abolition of supremacy of EU law over domestic law which means that in the event of conflicts or inconsistencies between EU and UK laws, EU law no longer automatically prevails. In fact, in case of conflicts between the two, courts are required to issue an „incompatibility order“; in case of doubt, UK law shall prevail. Also, the application of general EU law principles is being terminated on January 1, 2024.