The European Securities and Markets Authority issued technical advice to the European Commission to make the Market Abuse Regulation applicable to market participants and investors. (MAR—which became law in Europe in July 2014—articulates conduct that constitutes market abuse, including insider dealing and market manipulation.) Among other things, the technical advice provides an extensive non-exhaustive list of indicators of manipulative conduct constituting the prohibited dissemination of false or misleading signals to the market and the use of so-called “fictitious devices” or other forms of “deception or contrivance.” Evidence of wrongful conduct includes, among other behavior: (1) transactions to trade solely to increase the price or volume of trading near a reference point during the trading day (e.g., near the open or close); (2) small orders to trade to ascertain hidden orders (ping orders), (3) orders to trade in order to uncover orders of other traders and to take advantage of the information obtained (phishing); (4) taking advantage of a dominant supply of a financial instrument to distort the price other parties have to deliver at (squeeze); and (5) conduct commonly known as “painting the tape,” “quote stuffing,” “spoofing” and “layering.” ESMA will deliver its technical standards regarding MAR to the EC in July 2015. The Market Abuse Directive and MAR are expected to become applicable for most purposes in July 2016.