The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023

The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023 were recently published on legislation.gov.uk, the official journal of the United Kingdom. As indicated in the title, the regulations make further consequential amendments to other regulations in an effort to transpose the provisions of the Retained EU Law (Revocation and Reform) Act (REUL Act) and path the way for an all new UK legislative framework away from the one of the EU.
The new regulations now modify over 100 acts, orders, and regulations to
– rename – where necessary – „retained EU“ legislation that will be maintained by the UK following January 1, 2024 to „assimilated“ legislation and
– remove redundant references to EU legislation where necessary.
Most modified acts, orders, and regulations are irrelevant for financial market participants. Nevertheless, the regulations also make changes to the following financial services-related acts which should be noted by our clients:
– Consumer Credit Act 1974
– Insolvency Act 1986
– Consumer Protection Act 1987
– Competition Act 1998
– Financial Services and Markets Act 2000
– Companies (Audit, Investigations and Community Enterprise) Act 2004
– Pensions Act 2004
– Companies Act 2006
– Banking Act 2009
– Financial Services Act 2012
– Financial Services (Banking Reform) Act 2013
– Consumer Rights Act 2015
– Enterprise Act 2016
– Data Protection Act 2018
– Sanctions and Anti-Money Laundering Act 2018
– Financial Services Act 2021
– Financial Services and Markets Act 2023