In its third consultation paper on the implementation of therevised Markets in Financial Instruments Directive II, or MiFID II, the U.K.Financial Conduct Authority proposed to apply the taping regime to a wider rangeof activities to include portfolio management services and corporate financebusiness.

This would help deter individuals from potentiallycommitting market abuse, the FCA noted.

Smaller financial advisers, exempt from the taping regime,would also be included under the proposal. MiFID II requiresrecords to be stored for five years, with such requirement extendable to sevenyears in specific cases.

The invitation to comment on the consultation paper is openuntil Jan. 4, 2017. MiFID II is due to come into effect Jan. 3,2018.