Article 94 GDPR is a transitional provision that formally repealed the Data Protection Directive 95/46/EC (the "Data Protection Directive" or "DPD") and replaced it with the GDPR. While seemingly straightforward, Article 94 performs an important constitutional and practical function: it ensures continuity between the old EU data protection regime and the GDPR, while managing the transition from one legal framework to another.
The provision must be read together with:
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Article 99 GDPR (entry into force and application),
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Recital 171 GDPR (transition from the Directive to the GDPR),
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Directive 95/46/EC (the predecessor EU data protection framework),
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Articles 68-76 GDPR (European Data Protection Board).