Revocation of retained EU law Associated powers Effective regulator rule-making Modifying and disapplying rules
Under Section 138A of FSMA 2000, the FCA and the PRA are able to disapply or modify their rules for individual firms, with the consent of the firm, or at its request, where compliance with the unmodified rules is unduly burdensome or unworkable for a firm.
	The current process to enable the modification and disapplication of rules is an important tool in regulator rule-making, as it enables rules to be properly calibrated to the firms to which they apply. Retained EU law also contains a number of different provisions that also allow for disapplication or modification of rules for individual firms. Not all of these regimes would currently be possible under FSMA 2000.
	Therefore, this Act introduces a power for HM Treasury to introduce different modification and disapplication regimes, as well as appropriate procedural requirements surrounding these regimes. This is intended to sit alongside the existing provisions in FSMA 2000, which will continue to apply.