Brussels, 28/04/2004 (Agence Europe) - The Council finally adopted the investment services directive that will bring stock markets and financial institutions into competition for the sale of shares. This directive liberalises the capitals market on the basis of the principle of mutual recognition of authorisations granted by the surveillance authorities of the State of origin. It will mainly allow the sale of shares outside the stock market in States that did not hitherto allow this (France, Italy, Spain, Belgium). The text adopted by the Council was approved in March by the Parliament (EUROPE of 31 March, p.14). The most controversial point covered price transparency before transaction. The compromise concluded by the Council and Parliament stipulates that financial institutions will not have to give a fixed price except for sales whose volume is less than the "standard market" size, a notion that the Commission should specify in secondary legislation (comitology procedure). Member States have two years in which to transpose the directive.