Revocation of retained EU law Associated powers Restating parts of retained EU law to create a comprehensive FSMA model
Under the FSMA model, Parliament through legislation sets the overall approach to financial services regulation including the regulators’ objectives. Parliament also establishes the parameters within which HM Treasury sets the ‘regulatory perimeter’ through secondary legislation, specifying which financial activities should be regulated.
	There are some elements of retained EU law that carry out similar functions, and will need to be maintained under a comprehensive FSMA model. The Act gives HM Treasury the ability to "restate" any part of retained EU law into either primary or secondary domestic legislation, with any necessary or desirable modifications.
	Examples of provisions which HM Treasury expects to restate in part include:
Key definitions that make up elements of the financial services regulatory framework and therefore what activities are being regulated. For example, definitions of different types of financial market infrastructure. This will ensure that the government continues to be responsible for determining what activities are regulated.
Existing powers for the regulators to supervise and enforce their rules effectively, and processes concerning competitiveness or other forms of registration or notification.
The ability for HM Treasury to assess whether other jurisdictions have regulatory requirements equivalent to those in the UK, and to give effect to those findings. This is consistent with the government’s responsibility for deference arrangements.