The House of Commons has held the report stage and the third reading of the Bank of England and Financial Services Bill 2015-16. The key amendments made at the report stage related to the following issues: (i) the appointment of the FCA Chief Executive; and (ii) the implementation of the Fourth Money Laundering Directive. The Bill was amended to require that any UK measures implementing MLD4 pay regard to MLD4's provisions on proportionality. The Bill will also insert a new Part 20C into FSMA on money laundering to require the FCA to issue guidance to regulated entities on the definition of politically exposed person (PEP), focusing on proportionality issues. The Bill will now pass back to the House of Lords for consideration of the amendments made during its Commons stages.