20 OCT 2010
European Union member states reached an agreement on Tuesday to impose new regulations on hedge funds and other alternative investment firms.
The rules, which still require the backing of the European Parliament to become law, are part of EU efforts to tighten financial regulations to prevent another economic crisis.
Differences over the controls had been undermining attempts by Germany, France and Britain to speak with one voice as they prepare for a summit of Group of 20 countries.
"I think it was important to approve unanimously the rules on financial supervision ... as we have done before going to the G20 meeting, and I hope the parliament will approve this before the G20 meeting of heads of state and government," Belgium's Didier Reynders said after chairing a meeting of EU finance ministers in Luxembourg.
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