European lawmakers have set an aggressive timetable for dealing with the highly controversial legislation that would regulate hedge funds and private equity funds on a pan-European basis for the first time.

A first report from Jean-Paul Gauzès, the French MEP charged with steering the legislation through the European parliament, suggests that there could be a vote in parliament by July next year. That would follow so-called trilogues with the European Commission and member states in May, in which the different bodies would agree the text for the new rules.