Review of Regulation (EU) 2025/2083 amending Regulation (EU) 2023/956 (CBAM)
Regulation (EU) 2025/2083 makes several key adjustments to the Carbon Border Adjustment Mechanism (CBAM). Notably, it introduces a “de minimis” exemption for importers of small quantities of goods (less than 50 tonnes annually). It also clarifies that indirect customs representatives must obtain authorized CBAM declarant status. The regulation refines how carbon prices paid in third countries can be accounted for, potentially reducing CBAM liability. Furthermore, it specifies the rules for calculating embedded emissions, especially for complex goods, with an emphasis on emissions from input materials.
The annexes are amended to exclude non-calcined kaolinic clays from the scope of the regulation, adding electricity to the list of goods for which only direct emissions should be taken into account and to modify the determination of actual embedded emissions for complex goods.
For practical use, it’s important to note the extended deadline for submitting the CBAM declaration to September 30th of each year.
Review of Regulation (EU) 2025/2073 amending Regulation (EU) 2015/848 (Insolvency Proceedings)
Regulation (EU) 2025/2073 updates the lists of recognised insolvency proceedings and practitioners across the EU, as detailed in Annexes A and B of Regulation (EU) 2015/848. This update reflects changes in national insolvency laws in Member States including Belgium, Bulgaria, Czechia, Estonia, Spain, France, Italy, Luxembourg, Malta and Slovakia. The key is that these updated lists are vital for determining which insolvency proceedings and practitioners are recognised in cross-border cases, facilitating the effective administration of insolvency proceedings involving debtors and creditors in different Member States.
Review of Regulation (EU) 2025/1958 amending Regulation (EU) 2015/534 (Supervisory Financial Information)
Regulation (EU) 2025/1958 amends Regulation (EU) 2015/534 by adjusting the data points required for reporting supervisory financial information (FINREP) by credit institutions. The updates, found in Annexes I and II, focus on “Information on performing and non-performing exposures” and “Information forborne exposures”, introducing detailed breakdowns by categories like past due dates, types of instruments, and impairment. Affected institutions, particularly smaller ones, need to update their reporting systems to capture this new information by the application date of 30 December 2025. The aim is to enhance the ECB’s oversight and ensure consistent application of supervisory standards, fostering comparability of the outcomes of the supervisory review and evaluation process (SREP) assessment.
Review of each of legal acts published today:
Regulation (EU) 2025/2083 of the European Parliament and of the Council of 8 October 2025 amending Regulation (EU) 2023/956 as regards simplifying and strengthening the carbon border adjustment mechanism (Text with EEA relevance)
Here’s a breakdown of Regulation (EU) 2025/2083, which amends Regulation (EU) 2023/956 regarding the Carbon Border Adjustment Mechanism (CBAM):
**1. Essence of the Act:**
This regulation aims to simplify and strengthen the CBAM, which is designed to prevent carbon leakage by imposing a carbon levy on imports of certain goods into the EU. The amendments introduce a “de minimis” exemption for importers of small quantities of goods, streamline the calculation of embedded emissions, and refine the mechanism for accounting for carbon prices paid in third countries. It also clarifies the roles and responsibilities of importers, customs representatives, and other stakeholders involved in the CBAM process.
**2. Structure and Main Provisions:**
The regulation amends several articles and annexes of the original Regulation (EU) 2023/956. Key changes include:
* **Article 2:** Introduces exemptions for electricity and hydrogen generated on the continental shelf or in the exclusive economic zone of a Member State or a third country.
* **Article 2a:** Establishes a “de minimis” exemption for importers whose total net mass of imported goods (iron, steel, aluminum, fertilizers and cement) does not exceed 50 tonnes in a calendar year. This threshold is subject to review and potential amendment by the Commission.
* **Article 3:** Clarifies the definition of “importer” to include cases where a bill of discharge is presented under a simplified customs procedure.
* **Article 5:** Specifies that indirect customs representatives must obtain authorized CBAM declarant status before importing goods.
* **Article 6:** Extends the deadline for submitting the CBAM declaration to September 30th of each year.
* **Article 7:** Modifies the determination of embedded emissions for goods other than electricity.
* **Article 9:** Details the conditions under which authorized CBAM declarants can claim a reduction in CBAM certificates due to carbon prices paid in third countries.
* **Article 10:** Outlines the registration process for operators and installations in third countries.
* **Article 10a:** Introduces the registration of accredited verifiers.
* **Article 11:** Ensures that competent authorities have the necessary powers to perform their functions.
* **Article 14:** Details the contents of the CBAM registry.
* **Article 17:** Describes the consultation procedure for granting the status of authorized CBAM declarant.
* **Article 18:** Describes the accreditation of a legal person to be a verifier for the purpose of this Regulation.
* **Article 20:** Details the sale of CBAM certificates.
* **Article 21:** Describes the calculation of the price of CBAM certificates.
* **Article 22:** Describes the surrender of CBAM certificates.
* **Article 23:** Describes the cancellation of CBAM certificates.
* **Article 25:** Specifies that the customs authorities shall not allow the importation of goods by any person other than an authorised CBAM declarant.
* **Article 25a:** Describes the monitoring and enforcement of the single mass-based threshold.
* **Article 26:** Describes the penalties for non-compliance.
* **Article 27:** Describes the circumvention of the Regulation.
* **Article 28:** Describes the delegation of power.
* **Article 30:** Describes the report on the application of this Regulation.
* **Article 36:** Describes the dates of application of the Regulation.
* **Annex I:** Excludes non-calcined kaolinic clays from the scope of the regulation.
* **Annex II:** Adds electricity to the list of goods for which only direct emissions should be taken into account.
* **Annex IV:** Modifies the determination of actual embedded emissions for complex goods.
* **Annex VII:** Introduces a new Annex describing the single mass-based threshold.
**3. Main Provisions for Practical Use:**
* **De Minimis Exemption:** Importers of small quantities (less than 50 tonnes annually) of certain goods will be exempt from CBAM obligations, significantly reducing their administrative burden.
* **Role of Indirect Customs Representatives:** These representatives must now obtain authorized CBAM declarant status, ensuring they are responsible for CBAM compliance on behalf of non-EU importers.
* **Carbon Price Deduction:** The regulation clarifies how authorized CBAM declarants can reduce their CBAM liability by accounting for carbon prices already paid in the country of origin. The Commission will provide default carbon prices for certain countries to simplify this process.
* **Embedded Emissions Calculation:** The rules for calculating embedded emissions are refined, particularly for complex goods, focusing on emissions from input materials (precursors).
* **CBAM Registry:** Operators in third countries can register their installations in the CBAM registry, allowing them to share verified emissions data with EU importers.
Regulation (EU) 2025/2073 of the European Parliament and of the Council of 8 October 2025 amending Regulation (EU) 2015/848 on insolvency proceedings to replace its Annexes A and B
This Regulation (EU) 2025/2073 updates the lists of insolvency proceedings and insolvency practitioners recognized across the European Union. It ensures that national changes in insolvency laws are reflected in the EU framework, facilitating cross-border insolvency cases. The regulation directly amends Annexes A and B of the existing Regulation (EU) 2015/848, which deals with insolvency proceedings.
The structure of the act is straightforward: it consists of two articles. Article 1 replaces Annexes A and B of Regulation (EU) 2015/848 with the updated lists of insolvency proceedings and practitioners, as detailed in the Annex to this new regulation. Article 2 specifies that the regulation will come into force twenty days after its publication in the Official Journal of the European Union. The main change is the updated lists of insolvency proceedings and practitioners for several Member States, including Belgium, Bulgaria, Czechia, Estonia, Spain, France, Italy, Luxembourg, Malta and Slovakia, reflecting recent changes in their national laws.
The most important aspect of this regulation is the updated lists in the Annex, which are crucial for determining which insolvency proceedings and practitioners are recognized in cross-border cases within the EU. This recognition is essential for the effective administration of insolvency proceedings involving debtors and creditors in different Member States.
Regulation (EU) 2025/1958 of the European Central Bank of 9 September 2025 amending Regulation (EU) 2015/534 on reporting of supervisory financial information (ECB/2015/13) (ECB/2025/31)
Here’s a breakdown of Regulation (EU) 2025/1958:
This regulation amends Regulation (EU) 2015/534, focusing on the reporting of supervisory financial information by credit institutions. The key change involves adjustments to the data points required for reporting, specifically concerning financial reporting (FINREP) data under both IFRS (or national GAAP compatible with IFRS) and national accounting frameworks. These amendments aim to enhance the ECB’s oversight of the Single Supervisory Mechanism (SSM) and ensure consistent application of supervisory standards, particularly for less significant credit institutions. The updated reporting requirements will apply from 30 December 2025.
**Structure and Main Provisions:**
The regulation consists of two articles and two annexes.
* **Article 1** outlines the amendments to Regulation (EU) 2015/534, specifically targeting Annex IV (“FINREP data points under IFRS”) and Annex V (“FINREP data points under national accounting frameworks”). These annexes are replaced with updated versions as detailed in Annex I and Annex II of the new regulation.
* **Article 2** covers the final provisions, specifying the date of entry into force (20 days after publication in the Official Journal) and the date of application (30 December 2025).
* **Annex I** provides the amended version of Annex IV to Regulation (EU) 2015/534, detailing changes to “FINREP data points” under IFRS or National GAAP compatible with IFRS.
* **Annex II** provides the amended version of Annex V to Regulation (EU) 2015/534, detailing changes to “FINREP data points” under national accounting frameworks.
The core of the changes lies within Annexes I and II, which replace tables 18.0 and 19 in the original Annexes IV and V of Regulation (EU) 2015/534. These tables relate to “Information on performing and non-performing exposures” and “Information forborne exposures” respectively. The new tables include detailed breakdowns of exposures by various categories (e.g., past due dates, types of instruments, sectors), impairment, collateral, and guarantees.
**Main Provisions for Practical Use:**
* **Reporting Institutions:** Credit institutions, particularly less significant ones with assets of EUR 3 billion or less, need to carefully review the amended Annexes IV and V to understand the new data points required for supervisory financial reporting.
* **Data Collection and Systems:** Institutions will need to update their data collection and reporting systems to capture and accurately report the additional information.
* **Compliance Deadline:** Institutions should prioritize adapting to these changes to ensure compliance by the application date of 30 December 2025.
* **Focus on comparability of the outcomes:** Institutions should provide comparable data to allow the ECB to foster comparability of the outcomes of the supervisory review and evaluation process (SREP) assessment.
