Revocation of retained EU law Associated powers Modifying retained EU law
The government expects that it will take a number of years to complete the process of revoking retained EU law. Therefore, it is likely that some elements or specific provisions within retained EU law will become ineffective or out-of-date before the revocation is commenced.
	During this transitional period before revocation has fully taken effect, the regulators will be restricted in how they are able to pursue their statutory objectives. For example, a regulator may consider that disclosure requirements should be enhanced to protect consumers against an emerging risk. If the relevant requirements are set out in retained EU law whose revocation has not yet been commenced, however, they may be unable to give effect to this.
	The Act therefore provides HM Treasury with a power to make targeted modifications to retained EU law during this transitional period.
	The Act enables HM Treasury to make modifications in relation to the following purposes:
Protecting and enhancing the stability and integrity of the UK financial system;
Promoting the safety and soundness of financial services firms;
Promoting the effective functioning of financial markets;
Promoting effective competition in the interests of consumers;
Facilitating the international competitiveness of the economy of the United Kingdom and its growth in the medium to long term;
Protecting consumers and insurance policy holders, or those who may become policy holders;
Providing for effective rule-making, enforcement, investigation, and supervision;
Providing for the effective arrangements in relation to resolution;
Protecting public funds;
Implementing international standards and practices;
Providing for efficient and effective regulatory, enforcement, investigatory and supervisory arrangements;
Removing provisions that are yet to be commenced or changing the timing of their commencement.
	These purposes closely relate to the regulators’ statutory objectives and, as described above, while retained EU law remains in force, the regulators will be constrained in how they further these objectives.
	In addition, the power to amend retained EU law may also be used for technical purposes, such as making retained EU law clearer.
	An example of where modification might be necessary is to enable provision to ensure the regulators have the right enforcement and supervisory powers in relation to restated law (including fee-raising and information-sharing powers) and the necessary statutory immunities.
	The Act also gives HM Treasury the power to make modifications to retained EU law when restating it. The purposes for which HM Treasury may modify retained EU when restating it are the same as those set out in paragraph 27. HM Treasury will have the ability to modify any element of retained EU law that has been restated in future. This will ensure that the legislation can remain up-to-date in light of developments in financial markets.