Part 1: Regulatory Framework Chapter 1: Revocation of retained EU law Section 4: Power to restate and modify saved legislation
This section clarifies the power in subsection (5) of section 86, which is the power to make transitional and saving provision when making regulations to commence parts of this Act. Subsection (1) provides that, when revoking retained EU law captured by Schedule 1, HM Treasury may exercise the power to make saving provision in order to restate parts of retained EU law into domestic primary or secondary legislation (referred to as "restatement regulations"). Subsection (1)(a) enables HM Treasury to amend existing primary and secondary legislation and subsection (1)(b) enables HM Treasury to create new secondary legislation through restatement regulations.
	Subsection (2) enables HM Treasury to modify the restated retained EU law in the restatement regulations. HM Treasury can modify legislation either to make the law clearer or more accessible, or for any of the purposes in section 3(2). That means that when modifying retained EU law, either directly as per section 3 or when restating it into domestic legislation as per section 4, it can be modified for the same set of purposes.
	Subsection (3) provides that restatement regulations should not be treated as retained EU law, to the extent to which they would otherwise be.
	Subsection (4) provides that HM Treasury can continue to modify restatement regulations for the purpose of making the law clearer or more accessible or for any of the same set of purposes in section 3(2).
	Subsection (5) clarifies that HM Treasury can create powers for the regulators or HM Treasury, or modify existing powers in FSMA 2000, in the same way as through section 3(4).
	Subsection (6) clarifies that restatement regulations can be used to restate an entire piece of legislation t captured by Schedule 1, or part of one.
	Subsection (7) applies the same restriction to restating technical standards and other EU tertiary legislation as in section 3(8).
	Subsections (8) and (9) govern the Parliamentary procedure to be applied when this power is exercised. Regulations under this section can be made through the negative procedure where they amend either EU tertiary legislation, subordinate legislation which was originally made under negative procedure, or where legislation is restated without modification for a purpose in section 3(2). Otherwise, the affirmative procedure must be used. The affirmative procedure must be used in all instances where restatement regulations amend primary legislation.