[(1) The FCA must, prior to relevant regulations coming into force, issue guidance to regulated entities on the definition of one or more categories of politically exposed persons (“PEPs”).
(2) Guidance under subsection (1) must include, but need not be limited to—
(a) a requirement to take a proportional, risk-based and differentiated approach to conducting transactions or business relationships with each category of PEP that may be defined; and
(b) specified categories of persons to be—
(i) included in, and
(ii) excluded from,
any definitions of PEPs.
(3) The [Treasury] may, by regulations, make provision about—
(a) the guidance issued, amended or reissued
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