The government notes this recommendation. The process of moving from retained EU law to a comprehensive FSMA model of regulation will be a significant undertaking (for the Treasury, regulators, industry and other stakeholders) which will take several years. A large-scale programme of secondary legislation, similar to the exercise conducted at the end of the transition period, will be required to give effect to the changes. The Treasury is already working with the regulators on the potential prioritisation for the repeal of retained EU law. The government recognises that it will be important to set out further information on the programme. This will ensure stakeholders have an opportunity to engage with the programme of work. The government expects to set out further information in due course.