Yep. But it can then be changed through primary legislation or Acts of Parliament. In principle, Parliament could get rid of the lot. The reality is that there are strong pressures on UK companies to continue complying with EU regulation - that is, unless you feel you can sell cheap junk to far-flung markets.
This piece is very good on the prospect that European rules are likely to prevail throughout the Brexit Caliphate economy whatever the government does.
https://www.ft.com/content/fd5ca278-6654-11e7-8526-7b38dcaef614