The Dutch regulator, the Netherlands Authority for the Financial Markets (AFM), has published a brochure in which it describes trading practices which it considers to be market manipulation. The guidance is based on cases investigated by the AFM and also on CESR's first set of guidance on the Market Abuse Directive. Trading practices which constitute market manipulation according to the AFM, are for example, wash trades, painting the tape, marking the close and placing orders with no intention of executing them.