Find out more about the repeal and replacement of assimilated law under the Financial Services and Markets Act 2023, including key documents, next steps, our core principles for managing this work, and the 'designated activities regime'.
The Treasury is repealing certain firm-facing requirements in assimilated law (previously retained EU law). We are replacing those provisions, where appropriate, with our rules.
There is a significant amount of assimilated law, and its repeal and replacement has an impact on our Handbook. To manage this, we have developed some principles to inform our approach to the replacement of assimilated law in our Handbook.
In some cases, we may need to take a different approach in the short term. For example, if we need to:
- replace assimilated law to address an emerging harm
- manage the overall pace of the process
Depending on the area, we may make holistic or targeted changes, or no change at all. In some areas, provisions may be deleted without replacement rules. We make policy changes, where appropriate, subject to consultation and cost benefit analysis.
In some cases, the Treasury will use the new ‘designated activities regime’ (DAR) when replacing assimilated law provisions.
Repeal and replacement documents
Find out what we have been doing and next steps for key documents.
Our principles for replacing assimilated law in our Handbook
We will generally replace assimilated law provisions in line with some core principles. These principles seek to support our overarching aim for the Handbook: to enhance the overall user experience by making it clear, accessible and navigable, while reducing regulatory costs.
The principles are as follows.
