Schedule 1: EU financial services legislation Part 5 – Other retained EU law
Part 5 acts as a "sweep up" provision by revoking all EU-derived legislation relating to financial services which is not directly listed in the Schedule (except primary legislation). While the government has attempted to identify all relevant retained EU law in financial services, this has not always been possible. This is due to the length of time that the UK was in the EU, the fact that many EU laws have been updated frequently or superseded over time, and finally because some EU obligations were implemented entirely through domestic instruments. This approach is also necessary to capture instruments which will be made during the transitional period before retained EU law is revoked.
	Therefore Part 5 revokes all EU-derived legislation in financial services which is not listed or otherwise captured by Parts 1, 2, and 3 of the Schedule.
	This part is governed by the definition of EU-derived legislation and how this can be determined to "relate" to financial services, which is also set out in Part 5 of the Schedule. Essentially, this means that section 1(1) of the Act revokes all the legislation which is listed directly in the Schedule, but also any unlisted EU-derived legislation related to financial services.
	As a result, Part 5 revokes:
Any unlisted EU regulations relating to financial services;
Any unlisted EU tertiary legislation relating to financial services;
Any unlisted UK secondary legislation which implemented an EU Directive or other obligation related to financial services.
Secondary legislation made under section 3 of this Act, which gives HM Treasury a power to amend retained EU law;
Any unlisted or not yet made SIs made under EUWA 2018 relating to financial services.
	The revocation of unlisted EU-derived legislation does not capture any domestic primary legislation.
	In order to ensure that Part 5 does not revoke important provisions which may, in part, implement EU obligations, and to avoid unintended consequences, section 1(6) provides HM Treasury with a power to exclude subordinate legislation from this "sweep up" provision, meaning that they would not be revoked by section 1(1) of the Act. The Regulated Activities Order is an example of an instrument which HM Treasury may wish to exclude from Part 5 of the Schedule in such as way, as it is an important part of the functioning of the domestic FSMA 2000 framework, and there are already sufficient existing powers to update it. Section 1(6) is therefore included in order to avoid the unnecessary complexity of revoking and restating such instruments, and any others.