Revocation of retained EU law Associated powers Regulator rule-making
To establish a comprehensive FSMA model, the regulators need to have the appropriate powers to make rules when retained EU law is revoked. In many instances, FSMA 2000 already provides the necessary powers, or will do so through the Designated Activities Regime (DAR) which is introduced by section 8 of the Act. There are also additional general rule-making powers for the Bank of England and the FCA, which are covered in the "New Regulatory Powers" section of these Notes.
	In other instances, the regulators do not have sufficient regulatory rule-making powers to replace the rules that are currently in retained EU law. The restatement power will allow HM Treasury to address this by enabling the:
Restatement into domestic legislation of any existing regulator rule-making powers that are set out in retained EU law;
Modification of existing regulator rule-making powers; and
Creation of new regulator rule-making powers in areas which are currently covered by retained EU law.
	There are appropriate limitations to this restatement power. For example, the power has not been designed to create entirely new general rule-making powers, such as those in sections 137A and 137G of FSMA 2000.