This instrument corrects deficiencies in competition legislation arising from EU exit and is drafted for a scenario where no agreement is reached between the UK and the EU. The SI revokes EU competition regulations, European Commission decisions made under EU regulations, and treaty rights which will be incorporated into UK law by virtue of the European Union (Withdrawal) Act 2018. Currently, the UK antitrust enforcement and merger control systems are integrated with the EU. These Regulations separate the two systems and make provision for a smooth transition to a standalone UK competition regime after exiting the EU.
Also see EU Exit SI tracker