Repeal and replacement of assimilated law

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.

Read our principles

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.

Find out more about designated activities

Repeal and replacement documents

Find out what we have been doing and next steps for key documents.

We will update publication dates marked with an asterisk (*) shortly.

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.

: Information changed Refresh of page content
: Information changed Update to reflect Treasury's statement on tranche 3 files
: Information added Update to table of relevant publications from the FCA and the Treasury
: Information added 16 October 2023: addendum to CP23/17
: Link added link to CP23/17: Rules relating to Securitisation