The European Commission has welcomed the definitive adoption of the Directive on minimum transparency requirements for listed companies. The Directive will raise the quality of information available to investors on companies' performance and financial position as well as on changes in major shareholdings. This should contribute to better investor protection, enhanced investor confidence and a better functioning of European capital markets. This adoption is a major step towards integrated European financial markets that investors and the public can trust. The Directive must be implemented by Member States within two years of its publication in the EU's Official Journal, which should take place in the next few weeks.