To address the concerns of Britain, the ministers said in the statement: "The presidency will negotiate on the basis of a Council general approach agreed today; it took note of remaining concerns expressed by delegations, for instance with respect to third country rules."

Salgado said the European Council will start formal negotiations with the European Parliament afterwards and a final legal framework is to be announced jointly by these two legislation pillars of the European Union.

The Economic and Monetary Affairs Committee of the European Parliament on Monday adopted its position on the draft EU law regulating managers of alternative investment funds, including hedge funds.

"This position will ensure better transparency and better investor protection while at the same time being on the side of the financial industry when it is working for the real economy," rapporteur Jean-Paul Gauzes said.

Apart from the issue of regulation on funds, European Commissioner for Internal Market and Services Michel Barnier also emphasized the needs to regulate the derivatives market and banks.

"There is one thing very urgent and important, which is regulating the derivatives. It should be concluded before this end of summer," the EU top financial official said.

"There is also a need to enhance bank regulation on which we will cooperate with the U.S. and find some global measures," he added.

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