Revocation of retained EU law Parts 9C and 9D of FSMA 2000
The Financial Services Act 2021 inserted Parts 9C and 9D into FSMA 2000. Both these parts enable the PRA and the FCA to make rules for firms which has previously been subject to retained EU law, and are relevant to the approach taken in this Act.
	Both Parts 9C and 9D of FSMA 2000 establish "accountability arrangements" for the relevant regulators which govern the making of these prudential rules for some firms. In particular, sections 144C and 143G of FSMA 2000 require the PRA and the FCA to "have regard" to certain matters when making rules. Sections 143C and 143D of FSMA 2000 require the FCA to make certain rules in relation to investment firms. Sections 29, 30, and 31 of this Act insert new powers in FSMA 2000 which provide for HM Treasury to make similar arrangements for other policy areas.
	Finally, section 144E(3) of FSMA 2000 creates a number of exemptions from the requirement to consult and conduct cost benefit analysis where the PRA makes rules which are materially similar to those in the capital requirements regulation ("the CRR"). Section 6 of this Act applies a similar approach to other parts of retained EU law where the regulators make rules which are materially similar, or revoke rules without replacing them.