Part 1: Regulatory Framework Chapter 1: Revocation of retained EU law Section 6: Restatement in rules: exemption from consultation requirements
Under section 6 the regulators are exempt from certain requirements when making, amending or revoking rules in relation to retained EU law.
	Subsection (1) provides that a relevant requirement does not apply to the making of rules by the regulator where the proposed rules make excluded provision in relation to the retained EU law specified in Schedule 1 and which has been specified by HM Treasury in regulations.
	"Relevant requirement" is defined in subsection (3) and means specified statutory requirements that apply to the regulators when make rules, such as carrying out a public consultation.
	"Excluded provision" is defined in subsection (2B) and means, in the opinion of the regulator, that the rules reproduce the relevant retained EU law in Schedule 1 without material changes, or the changes are material but their effect is to reduce a regulatory burden.
	Subsection (2) provides that a relevant requirement does not apply to rules made by the regulator if the rules make ‘excluded changes’ to existing rules that contain a retained EU obligation and which are specified by HM Treasury in regulations.
	"Excluded changes" is defined in subsection (2C) and means changes to existing rules that, in the opinion of the regulator, reduce a regulatory burden and have no other effects that are material.
	Subsection (3) provides that a relevant requirement does not apply to the revocation of rules by a regulator if the rules make provision containing a retained EU obligation and, the rules that are being revoked are not being replaced.
	Subsection (4) sets out a definition of "excluded provision" for the purposes of subsection (1).
	Subsection (5) sets out a definition of "excluded changes" for the purposes of subsection (2).
	Subsection (6) sets out a non-exhaustive list of matters that fall within the term "regulatory burden".
	Subsection (7) provides that a relevant requirement does not apply to an incidental, supplemental, consequential or transitional provision made in connection with rules that are made, amended or revoked as described in subsections (1), (2) or (2A).
	Subsection (8) sets out the meaning of ‘relevant requirement’ for the FCA, the PRA, the Bank of England, and the PSR.
	Subsection (9) requires the regulator to publish a statement when making, or revoking rules that are subject to this exemption. The statement must list the provisions of legislation that have been restated by the rules, the retained EU obligations that have been changed by the rules, or the retained EU obligations that have been removed by the rules, as relevant.
	Subsection (10), applies where new rules or changes to existing rules make material changes but their effect is to reduce a regulatory burden. In these circumstances, the subsection requires the regulators to explain in the statement why it believes that the proposed rules are compatible with, in particular, their statutory objectives.
	Subsections (5) and (6) are self-explanatory.
	Subsection (7) sets out the meaning of ‘rules’ referred to in this section in relation to the FCA, the PRA, the Bank of England and the PSR.