107.—(1) The Financial Services and Markets Act 2023(1) is amended as follows.
(2) In Part 1, in the heading of Chapter 1, for “retained EU” substitute “assimilated”.
(3) In section 1—
(a)in the heading, for “retained EU” substitute “assimilated”;
(b)in subsection (2)(a) for “retained direct principal EU” substitute “assimilated direct principal”;
(c)omit subsection (3).
(4) In section 4(3) for “retained EU” substitute “assimilated”.
(5) In section 6—
(a)in subsections (2)(a) and (3)(a), for “a retained EU” substitute “an assimilated”;
(b)in subsections (2)(b) and (9)(b) and (c), for “the retained EU” substitute “the assimilated”.
(6) In section 7(1), in the definition of “legislation”, for “retained direct EU” substitute “assimilated direct”.
(7) In section 23(13) for “retained direct EU” substitute “assimilated direct”.
(8) In section 24(11) for “retained direct EU” substitute “assimilated direct”.
(9) In section 80—
(a)in subsection (1), in the definitions of “enactment” and “subordinate legislation”, for “retained direct EU” substitute “assimilated direct”;
(b)omit subsection (2).
(10) In Schedule 1—
(a)in the Schedule heading, for “retained EU” substitute “assimilated”;
(b)in the heading for Part 1 of the Schedule, for “Retained direct principal EU” substitute “Assimilated direct principal”;
(c)in Part 5, in the definition of “EU-derived legislation”, for “retained direct EU” substitute “assimilated direct”.