Commentary Part 3 – Mutual Societies Section 54: Repeals in Part 21 of FSMA 2000
506.Section 54 repeals various provisions in Part 21 of FSMA. These provisions enabled the transfer of functions to the FSA on the implementation of FSMA and are no longer needed. The repeal of an enabling power automatically revokes any subordinate legislation made under it; subsection (2) therefore preserves the effect of orders made under the repealed provisions.