Analysis of Commission Delegated Regulation (EU) 2026/46
This regulation places Russia on the EU’s list of high-risk third countries with strategic deficiencies in their anti-money laundering and counter-terrorist financing (AML/CFT) regimes. This means enhanced due diligence is required for EU entities dealing with Russian individuals or organizations. It introduces a new category for countries with suspended FATF membership, signaling the EU’s willingness to act against those violating FATF principles, even without a formal FATF blacklist.
Analysis of Commission Delegated Regulation (EU) 2026/83
The regulation updates the EU’s list of high-risk third countries regarding AML/CFT deficiencies. Bolivia and the British Virgin Islands are added, while Burkina Faso, Mali, Mozambique, Nigeria, South Africa, and Tanzania are removed. EU entities must apply enhanced due diligence when dealing with countries on the list. The updates are based on FATF assessments of the countries’ progress in addressing AML/CFT shortcomings.
Analysis of Commission Delegated Regulation (EU) 2026/57
This regulation focuses on conservation measures in the Havet kring Ven site in the Baltic Sea to protect marine species. It prohibits fishing with static nets without acoustic deterrent devices (ADDs) within the designated Natura 2000 site, impacting fishermen operating in the area. The regulation also mandates the use of Automatic Identification Systems (AIS) on all fishing vessels operating in the area for monitoring and control purposes. Member states are required to review incidental catches annually.
Analysis of Commission Delegated Regulation (EU) 2026/73
The regulation amends existing delegated regulations to simplify disclosure requirements for environmentally sustainable activities. It allows companies to exclude non-material activities (below 10%) from full assessment and simplifies reporting templates. The application of certain reporting requirements for credit institutions is deferred until 2028. It also clarifies criteria for determining whether an activity causes significant harm (DNSH) to environmental objectives regarding pollution prevention and control.
Analysis of Notice Regarding EU-San Marino Agreement
This notice announces that the Amending Protocol to the Agreement between the EU and San Marino on the automatic exchange of financial account information entered into force on January 1, 2026. This means the updated rules and procedures for the automatic exchange of financial information between the EU and San Marino are now operational. Financial institutions and authorities in both the EU and San Marino are obligated to comply with the provisions of the Amending Protocol regarding the automatic exchange of financial account information.
Analysis of EFTA Surveillance Authority (ESA) Decision
The EFTA Surveillance Authority (ESA) has opened a formal investigation into support measures for the Norwegian wood industry. The ESA will investigate grants provided under the Agricultural Investment Regulation for constructions using wood, and the financing of the Wood Network, which promotes the use of wood in construction projects. The ESA has doubts whether these measures constitute state aid and if so, whether they are compatible with the EEA Agreement.
Review of each of legal acts published today:
Commission Delegated Regulation (EU) 2026/46 of 3 December 2025 amending Delegated Regulation (EU) 2016/1675 to add Russia to the list of high-risk third countries with strategic deficiencies
Here’s a breakdown of Commission Delegated Regulation (EU) 2026/46:
**1. Essence:**
This regulation amends Delegated Regulation (EU) 2016/1675 to include Russia on the EU’s list of high-risk third countries with strategic deficiencies in their anti-money laundering and counter-terrorist financing (AML/CFT) regimes. This means that the EU considers Russia’s AML/CFT framework to have weaknesses that pose a significant threat to the EU’s financial system. The regulation adds a new category to the list to include countries whose FATF membership has been suspended.
**2. Structure and Main Provisions:**
* **Recitals:** The regulation starts with a series of recitals that explain the reasons for the amendment. These recitals highlight the need to protect the EU’s financial system, the importance of the FATF standards, and the specific deficiencies identified in Russia’s AML/CFT regime.
* **Article 1:** This article states that the Annex to Delegated Regulation (EU) 2016/1675 is amended as per the Annex to this regulation.
* **Article 2:** This specifies that the regulation will come into force twenty days after its publication in the Official Journal of the European Union.
* **Annex:** The Annex adds a new category “IV. High-risk third countries which are not identified as being subject to calls for action or increased monitoring by the FATF, but whose membership in that international standard-setter is suspended” and lists the “Russian Federation” under this category.
**Changes Compared to Previous Versions:**
The main change is the addition of Russia to the list of high-risk third countries. This is a new development based on the suspension of Russia’s membership in the FATF and the Commission’s assessment of its AML/CFT deficiencies.
**3. Main Provisions for Practical Use:**
* **Inclusion of Russia as a High-Risk Third Country:** This is the core of the regulation. Businesses and individuals in the EU will need to apply enhanced due diligence measures when dealing with transactions involving Russia.
* **New Category of High-Risk Countries:** The creation of a new category for countries with suspended FATF membership is significant. It signals that the EU is willing to take action against countries that violate the principles of the FATF, even if they are not formally blacklisted by the FATF itself.
* **Impact on Financial Institutions:** EU financial institutions will need to update their AML/CFT procedures to reflect Russia’s new status. This may involve increased scrutiny of transactions, enhanced customer due diligence, and more rigorous reporting requirements.
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This act has direct implications for Ukraine and Ukrainians, as it affects financial transactions and relationships with Russia, which is engaged in a conflict with Ukraine. Ukrainians and businesses dealing with both the EU and Russia should be aware of these enhanced due diligence requirements.
Commission Delegated Regulation (EU) 2026/83 of 4 December 2025 amending Delegated Regulation (EU) 2016/1675 to add Bolivia and the British Virgin Islands to the list of high-risk third countries which have provided a written high-level political commitment to address the identified deficiencies and have developed an action plan with the FATF, and to remove Burkina Faso, Mali, Mozambique, Nigeria, South Africa and Tanzania from that list
This Commission Delegated Regulation (EU) 2026/83 updates the list of high-risk third countries with strategic deficiencies in their anti-money laundering and counter-terrorist financing (AML/CFT) regimes. The regulation aims to protect the integrity of the EU’s financial system by identifying countries that pose a significant threat due to weaknesses in their AML/CFT frameworks.
The regulation amends Delegated Regulation (EU) 2016/1675 by updating the list of high-risk third countries. Bolivia and the British Virgin Islands are added to the list, while Burkina Faso, Mali, Mozambique, Nigeria, South Africa, and Tanzania are removed. The decision is based on the assessment of the Financial Action Task Force (FATF) regarding the progress of these countries in addressing strategic deficiencies in their AML/CFT regimes. The regulation consists of two articles and an annex. Article 1 states that the Annex to Delegated Regulation (EU) 2016/1675 is amended in accordance with the Annex to this Regulation. Article 2 specifies that the regulation will enter into force on the twentieth day following its publication in the Official Journal of the European Union. The Annex contains the updated list of high-risk third countries.
The most important provision of this regulation is the updated list of high-risk third countries. EU entities are required to apply enhanced due diligence measures when dealing with individuals and entities from these countries to mitigate the increased risk of money laundering and terrorist financing. The removal of certain countries from the list signifies their improved AML/CFT regimes, potentially leading to reduced scrutiny in financial transactions involving these nations.
Commission Delegated Regulation (EU) 2026/57 of 24 October 2025 amending Delegated Regulation (EU) 2017/117 as regards conservation measures in the Havet kring Ven site in the Baltic Sea and the correction of a number of errors thereof
This Commission Delegated Regulation (EU) 2026/57 amends Delegated Regulation (EU) 2017/117, focusing on conservation measures within the Havet kring Ven site in the Baltic Sea. The key aim is to protect harbour porpoises, sandbanks, reefs, and grey seals by regulating fishing activities. The regulation introduces a prohibition on fishing with static nets without the use of acoustic deterrent devices (ADD) within the specified Natura 2000 site. Additionally, it mandates the use of Automatic Identification Systems (AIS) on all fishing vessels operating in the designated area for monitoring and control purposes.
The regulation modifies Article 2 of Delegated Regulation (EU) 2017/117 by adding a definition for static nets. It introduces a new paragraph 3 to Article 3, which prohibits fishing with static nets without ADDs in Areas 3 (Natura 2000 site Havet kring Ven), including recreational fisheries. It also updates Article 4 to include Areas 3 in the provisions concerning the control of fisheries restricted areas. Furthermore, it adds paragraph 2a to Article 4a, requiring all fishing vessels in Areas 3 to use AIS. The Annex is also amended to include the coordinates defining Areas 3. These changes aim to enhance the protection of marine species and habitats in the Baltic Sea by regulating fishing practices and improving monitoring capabilities.
The most important provision of this regulation is the prohibition of fishing with static nets without the simultaneous use of acoustic deterrent devices (ADD) in Areas 3, which corresponds to the Natura 2000 site Havet kring Ven (SE0430183). This measure directly impacts fishermen operating in this area, as they must use ADDs to continue fishing with static nets. Additionally, the requirement for all fishing vessels in Areas 3 to be equipped with and maintain an operational Automatic Identification System (AIS) is crucial for monitoring and enforcing the regulation. Member States are required to review data on incidental catches of harbour porpoises annually and assess the effectiveness of the measures by December 31, 2026, which may lead to further adjustments of the conservation measures.
Commission Delegated Regulation (EU) 2026/73 of 4 July 2025 amending Delegated Regulation (EU) 2021/2178 as regards the simplification of the content and presentation of information to be disclosed concerning environmentally sustainable activities and Delegated Regulations (EU) 2021/2139 and (EU) 2023/2486 as regards simplification of certain technical screening criteria for determining whether economic activities cause no significant harm to environmental objectives
This is a description of the Commission Delegated Regulation (EU) 2026/73.
**Essence of the Act:**
The regulation amends existing delegated regulations (EU) 2021/2178, (EU) 2021/2139, and (EU) 2023/2486 to simplify the disclosure requirements for environmentally sustainable activities and to ease certain technical screening criteria. The goal is to reduce the reporting burden on companies while maintaining transparency for investors. The changes include allowing companies to exclude non-material activities from assessment, modifying templates for reporting, and clarifying criteria for determining whether an activity causes significant harm to environmental objectives.
**Structure and Main Provisions:**
The regulation is structured as a series of amendments to three existing delegated regulations:
* **Delegated Regulation (EU) 2021/2178:** This regulation specifies the content and presentation of information to be disclosed by companies regarding environmentally sustainable activities. The amendments introduce the concept of “non-material” activities, allowing companies to exclude activities below a certain threshold (10%) from full assessment and reporting. It also simplifies reporting templates and defers the application of certain reporting requirements for credit institutions until 2028.
* **Delegated Regulations (EU) 2021/2139 and (EU) 2023/2486:** These regulations establish technical screening criteria for determining whether an economic activity contributes substantially to environmental objectives and whether it causes no significant harm (DNSH) to other environmental objectives. The amendments focus on simplifying the DNSH criteria related to pollution prevention and control, specifically regarding the use and presence of chemicals. It clarifies exemptions based on Union law and removes the requirement to screen for certain substances in articles.
**Main Provisions for Practical Use:**
* **Materiality Threshold:** Companies can omit assessing the taxonomy-eligibility or alignment of activities if the cumulative turnover, capital expenditure, or operational expenditure related to those activities is below 10% of the relevant KPI denominator.
* **Simplified Reporting Templates:** The reporting templates in Annexes I to XI of Delegated Regulation (EU) 2021/2178 have been significantly shortened and simplified.
* **Deferred Application for Credit Institutions:** The application of reporting requirements related to the Trading Book KPI and Fees and Commission KPI for credit institutions is deferred until 2028.
* **Clarified DNSH Criteria:** The generic criteria for determining whether an economic activity causes no significant harm to pollution prevention and control regarding the use and presence of chemicals have been clarified, particularly concerning exemptions for certain substances.
* **Option for Financial Undertakings:** Until December 31, 2027, financial undertakings that do not claim to have economic activities associated with Regulation (EU) 2020/852 can opt out of detailed reporting by including a standard statement in their management report.
Information relating to the entry into force of the Amending Protocol to the Agreement between the European Union and the Republic of San Marino on the automatic exchange of financial account information to improve international tax compliance
This notice announces the entry into force of the Amending Protocol to the Agreement between the European Union and the Republic of San Marino on the automatic exchange of financial account information to improve international tax compliance. The Amending Protocol, signed on October 13, 2025, officially came into effect on January 1, 2026. This means that the updated rules and procedures for the automatic exchange of financial information between the EU and San Marino are now operational.
The notice itself is very brief and serves primarily as a formal announcement. It confirms that all necessary procedures outlined in Article 2 of the Amending Protocol were completed by December 24, 2025, paving the way for the Protocol’s entry into force. The notice refers to the Official Journal where the full text of the Amending Protocol was published (OJ L, 2025/2428, 5.12.2025).
The most important aspect of this notice is the date of entry into force: January 1, 2026. As of this date, financial institutions and relevant authorities in both the EU and San Marino are obligated to comply with the provisions of the Amending Protocol regarding the automatic exchange of financial account information. To understand the specific obligations and changes, one must refer to the full text of the Amending Protocol itself.
EFTA Surveillance Authority – Decision No 037/24/COL of 20 March 2024 to open a formal investigation into support measures relating to the Norwegian wood industry. – Republication of meaningful summary contained in the Official Journal C 2024/2965, 25.4.2024 and EEA Supplement No 33, 25.4.2024, in Icelandic and Norwegian. – Invitation to submit comments pursuant to Article 1(2) of Part I of Protocol 3 to the Agreement between the EFTA States on the Establishment of a Surveillance Authority and a Court of Justice concerning the abovementioned measure.
This is a decision by the EFTA Surveillance Authority (ESA) to open a formal investigation into support measures for the Norwegian wood industry following a complaint about potential unlawful state aid. The ESA will investigate two specific measures: grants provided under the Agricultural Investment Regulation for constructions using wood, and the financing of the Wood Network, which promotes the use of wood in construction projects. The ESA has doubts whether these measures constitute state aid and if so, whether they are compatible with the EEA Agreement.
The document is structured as follows:
1. **Introduction**: A summary of the decision to open a formal investigation.
2. **Procedure**: Details the timeline of the complaint, information requests, and meetings between the ESA and Norwegian authorities.
3. **Description of the measures**:
* Policy background: Discusses Norway’s climate change mitigation policies and the role of wood products.
* The disputed measures: Describes the grants under the Agricultural Investment Regulation for constructions using wood and the financing of the Wood Network.
4. **Arguments by the complainants**: Summarizes the arguments from the Norwegian Precast Concrete Association and the Norwegian Steel Association, claiming the measures favor the wood industry unlawfully.
5. **Comments by the Norwegian authorities**: Presents the Norwegian authorities’ defense, arguing that the measures either fall outside the scope of the EEA Agreement or are compatible with it.
6. **Section 3(1)(c) and the product scope of the EEA Agreement**: Assesses whether the Agricultural Investment Regulation falls within the EEA Agreement’s scope, given its focus on agricultural products.
7. **Presence of State aid**: Examines whether the measures meet the criteria to be considered state aid under Article 61(1) of the EEA Agreement, including the presence of state resources, the notion of undertaking, conferring an advantage, selectivity, and the effect on trade and distortion of competition.
8. **Procedural requirements**: Discusses whether Norway has complied with the procedural requirements for notifying the measures to the ESA.
9. **Compatibility of the aid**: Assesses whether the aid is compatible with the EEA Agreement, considering the invoked derogations and the conditions for compatibility.
10. **Conclusion**: Summarizes the ESA’s doubts and the decision to open a formal investigation.
The most important provisions for its use are:
* **Article 61(1) of the EEA Agreement**: This article defines state aid and sets out the conditions under which it is incompatible with the functioning of the Agreement.
* **Article 8(3) of the EEA Agreement**: This article defines the scope of the EEA Agreement and lists the products to which the Agreement applies.
* **Section 3(1)(c) of the Agricultural Investment Regulation**: This section provides the basis for additional financial support for investments in agricultural production facilities, provided that wood is used as a building material.
