The Government has published the Retained EU Law (Revocation and Reform) Bill 2022, which it is referring to as as the “Brexit Freedoms Bill“. The plan is to amend, repeal or replace all EU legislation by the end of 2023 – although there is a potential extension mechanism until the end of 2026 for specified pieces of law. The raft of legislation that was “onshored” on Brexit will be reviewed and the Bill will allow the government to remove unnecessary complexity and burden and create what it describes as a more agile, home-grown regulatory approach. Under the Bill, domestic law will be reinstated as the highest form of law on the UK statue books – but it will maintain the commitments to international cooperation previously made. The Bill does not specifically reference financial services sector laws.
The Bill had its first reading on 22 September, but the date of the second reading has yet to be confirmed.