Moved by
Lord Callanan
45: After Clause 1, insert the following new Clause—
“Exceptions to sunset under section 1
(1) Section 1(1) does not apply (so far as it would otherwise apply) to—
(a) relevant financial services law;
(b) any specified instrument or provision of an instrument or anything having effect under the specified instrument or provision;
(c) any specified description of minor instruments;
(d) transitional, transitory or saving provision.
(2) In this section—
“minor instrument” means an instrument other than any Order in Council, order, rules, regulations, scheme, warrant or byelaw;
“relevant financial services law” means—
(a) anything referred to in Schedule 1 to the Financial Services and Markets Act 2022, ignoring any regulations made under section 1(5) of that Act;
(b) any rules made by the Financial Conduct Authority, the Prudential Regulation Authority or the Bank of England;
(c) any generally applicable requirements (within the meaning of Part 5 of the Financial Services (Banking Reform) Act 2013), or directions of general application, imposed by the Payment Systems Regulator;
“specified” means specified in regulations made by a relevant national authority;
“transitional, transitory or saving provision” includes any EU-derived subordinate legislation (within the meaning of section 1) or retained direct EU legislation so far as it continues to have effect or a particular effect, despite a revocation or amendment, by virtue of transitional, transitory or saving provision other than section 1B or 2 of the European Union (Withdrawal) Act 2018.
(3) Any reference in subsection (1) or in regulations under this section to a thing is, unless otherwise stated, to the thing as it subsists immediately before the time when the revocation under section 1(1) would otherwise apply in relation to it.”
Member's explanatory statement
This new clause contains new exceptions to the Clause 1 sunset (subsection (1)(c) and (d)). It also contains existing exceptions to that sunset, which are currently in subsection (2) of Clause 1 and subsection (5) of Clause 22. The exception which is currently in subsection (2) of Clause 1 is extended to include anything having effect under a specified instrument or provision.