Council Directive of 10 May 1993 on investment services in the securities field (93/22/EEC). The ISD established the conditions in which authorised investment firms and banks could provide specified services in other EU member states on the basis of home state authorisation and supervision and also contained the right of direct or remote access of any authorised ISD firm to participate in trading on exchanges or regulated markets in other member states. The ISD has now been revised by the Markets in Financial Instruments Directive (2004/39/EC) (MiFID).