The European Union wrapped up a final deal to apply strict new legislative curbs on the €750 billion hedge fund industry.
'It's a real first step towards real European supervision,' said Belgian Finance Minister Didier Reynders after successful negotiations between the European Parliament and EU states.
Agreement was finally reached between warring EU institutions after Britain and France, the principal protagonists in the issue, settled a two-year-old conflict centred on who would control the issue of future Europe-wide 'passports' allowing funds to market their wares.
