Treasury has made the PRIIPs Regulations 2017, which will come into force on 1 January 2018. The Regulations:
- designate FCA as the competent authority for the PRIIPs Regulation
- gives FCA powers where a person has infringed the PRIIPs requirements and sets out the extent of those powers and the procedure for using them
- provide for a review by Treasury of whether the powers are appropriate and used appropriately and with the minimum regulation possible
- makes modifications and additions to FSMA to include matters relating to PRIIPs within several parts of the Act, mainly on investigations and enforcement