There are a couple of different phenomenoms happening there.
First, part of the live yeast cells are in suspension in the cider while another part is in the bottom in the lees. So for this, the racking will eliminate the part that is at the bottom and leave those that are in suspension. Since the speed of fermentation may be assumed to be proportional to the amount of live yeast cells, we see the racking will cause a reduction of the speed of fermentation that is related to the ratio of live yeast cells eliminated by the racking.
Now, it is not easy to know what is the fraction of those that are in suspension, but you can be quite sure that the clearer the cider, the higher the proportion on the bottom and the more efficient the racking.
Many producers in France use a microscope to evaluate the number of yeast cells in suspension and this way they can better control the racking. Sometimes also they would filter a fraction of the cider during racking to further reduce the yeast population.
A second effect comes from the elimination of dead yeast cells in the lees. If left, these dead cells will slowly degrade and release the nitrogen they contain back to the cider, a process called autolysis. This released nitrogen will then be used by the live yeast population for feeding and maintain the population. By removing this supply of nutrients, you prevent them from reproducing and condemn part of the population to die from starving. Hence this causes a deceleration of the fermentation speed by a gradual reduction of the live yeast population.
Claude