Part 1: Regulatory Framework Chapter 1: Revocation of retained EU law Section 1: Revocation of retained EU law relating to financial services and markets
Subsection (1) revokes the retained EU law relating to financial services referred to in Schedule 1.
	This has the effect of revoking most types of retained EU law entirely, subject to commencement.
	Subsection (2) sets out the contents of Schedule 1.
	EUWA 2018 saves as part of UK law directly effective rights that existed through section 2(1) of ECA where those rights have been recognised by a domestic or EU court before then. It also saves rights derived from Directives that have been recognised by the courts prior to the end of the transition period. Subsection (3) disapplies those rights, along with any other powers, liabilities, obligations, restrictions, remedies and procedures which may have been preserved by EUWA 2018 in any of the instruments in Schedule 1. To the extent to which the government considers it desirable to save those rights, they can be saved through the savings provisions in section 84(2)(c).
	Subsection (4) clarifies that, where a piece of retained EU law is revoked, any amendments that that piece of retained EU law makes will continue to apply. For example, if an instrument referred to in Schedule 1 makes an amendment to FSMA 2000, then FSMA 2000 will remain unchanged, and unaltered by the revocation of the instrument which amended it.
	Subsection (5) enables HM Treasury to exclude subordinate legislation from Part 5 of the Schedule, meaning that it would not be revoked by Part 5.
	Subsection (6) is self-explanatory.