Revocation of retained EU law
The European Union (Withdrawal) Act 2018 (EUWA 2018) repealed the European Communities Act 1972 (ECA 1972) and preserved the existing body of directly applicable EU law, so that it continues to apply. It also preserved UK laws relating to EU membership, such as legislation implementing EU Directives.
	This body of law is referred to as "retained EU law", as defined by EUWA 2018.
	Broadly speaking, EU law falls into the following categories:
Direct EU legislation, such as an EU regulation or a Delegated Regulation, which applied directly to the UK as a result of the ECA 1972; this is incorporated into UK law through section 3 of EUWA 2018.
EU obligations, principally those imposed by EU Directives, which were, in part, incorporated into UK law through the powers in section 2(2) of the ECA 1972; this is incorporated into UK law as "EU-derived domestic legislation" in section 2 of the EUWA 2018.
Rights, powers, liabilities, obligations, restrictions, remedies and procedures which stem from retained EU law, and which are saved by section 4 of EUWA 2018.
	HM Treasury undertook an extensive programme of secondary legislation in order to address deficiencies in retained EU law in financial services under the powers in section 8 of EUWA 2018. Where retained EU law continues to exist, it restricts the ability of the regulators to make rules, even where they already have the power to do so.
	This Act revokes most types of retained EU law in financial services so that the model of regulation established in FSMA 2000 can be applied across all areas of financial services regulation.
	It does this by creating the concept of "EU-derived legislation". This concept captures all Direct EU legislation and all EU obligations related to financial services.
	The Act also sets aside any rights, powers and liabilities in financial services captured by section 4 of EUWA 2018, which exist as a result of EU-derived legislation.
	EU-derived legislation as defined in this Act, and retained EU law as defined in sections 2, 3, and 4 of EUWA 2018, are not exactly the same, meaning that this Act does not revoke all retained EU law in financial services. In particular, this Act does not generally repeal retained EU law where it has been incorporated into primary legislation. It does not revoke non-legislative provisions such as the regulators rulebooks, where they implemented EU obligations.
	The Act also revokes some legislation which is not retained EU law. This is because EU-derived legislation also captures associated regulations made under EUWA 2018, and regulations made under this Act which amend retained EU law. When retained EU law in financial services is revoked, these regulations will no longer be needed.