PART 1U.K.Regulatory framework

CHAPTER 1U.K.Revocation of [F1assimilated] law

1Revocation of [F2assimilated] law relating to financial services and marketsU.K.

(1)The legislation referred to in Schedule 1 is revoked.

(2)In that Schedule—

(a)Part 1 refers to [F3assimilated direct principal] legislation;

(b)Part 2 refers to subordinate legislation;

(c)Part 3 refers to EU tertiary legislation and subordinate legislation made under an instrument referred to in Part 2;

(d)Part 4 refers to primary legislation;

(e)Part 5 refers to other EU-derived legislation not covered by Parts 1 to 3.

F4(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)The revocation of any legislation in accordance with this section does not affect the continued effect of any amendments to other legislation made by that revoked legislation (as those amendments had effect immediately before the revocation).

(5)The Treasury may by regulations provide for specified subordinate legislation, or for subordinate legislation of a specified description, otherwise falling within Part 5 of Schedule 1, not to fall within that Part.

(6)Regulations under subsection (5) are subject to the negative procedure.