translate English to French: In adopting a directive on markets in financial instruments, the European Parliament and the Council gave investment firms an effective ‘single passport’, allowing them to operate throughout the EU on the basis of authorisation in their home Member State. A ‘transparency’ directive was also adopted with the aim of enhancing investor protection and improving the efficiency, openness and integrity of European capital markets.
e t e s e e e e e s il l ’’ i l t é e e t l e r t l er el e’ sr e’ s’ e r’ e e r’ e s e e r » r t t t ét ’t ll ii l ’ ’ e’ el s s r i ’ c’ sl éi ’’ ’l r’ t’ t ’’ ’ ’ 27