Review of Commission Delegated Regulation (EU) 2026/482 amending Delegated Regulation (EU) 2017/567
This regulation updates the rules for determining liquid markets for equity instruments. It focuses on using market capitalization as a key metric, particularly setting a EUR 100 million threshold for shares and depositary receipts. It clarifies that other similar financial instruments are considered illiquid. The regulation also details the conditions for post-trade risk reduction services, requiring third-party provision based on non-discretionary rules and market-risk neutrality. Additionally, it updates data reporting requirements for trading venues to ensure consistent liquidity assessments.
Review of Commission Delegated Regulation (EU) 2026/465 supplementing Directive 2011/61/EU
This regulation specifies the characteristics of liquidity management tools (LMTs) for Alternative Investment Fund Managers (AIFMs). It provides detailed rules for the suspension of subscriptions and redemptions, the operation of redemption gates, the extension of notice periods, and the application of redemption fees, swing pricing, dual pricing, and anti-dilution levies. The regulation also addresses redemptions in kind and the use of side pockets for managing assets with uncertain features. The activation thresholds for redemption gates and the calculation of swing pricing are particularly significant for ensuring fair treatment of investors.
Review of Commission Delegated Regulation (EU) 2026/466 supplementing Directive 2009/65/EC
This regulation specifies the characteristics of liquidity management tools (LMTs) that UCITS can use to manage liquidity risks. The regulation details the conditions for the suspension of subscriptions and redemptions, the operation of redemption gates, the extension of notice periods, anti-dilution measures, redemptions in kind, and side pockets. It is particularly focused on anti-dilution measures like swing pricing and dual pricing, ensuring they accurately reflect the costs of liquidity. The regulation also provides a framework for the use of side pockets to segregate assets with uncertain features.
Review of Commission Implementing Regulation (EU) 2026/483 amending Implementing Regulation (EU) 2023/594
This regulation updates the lists of restricted and infected zones within the EU for African swine fever (ASF) control. It replaces Annexes I and II of Implementing Regulation (EU) 2023/594 with updated lists based on the current epidemiological situation. The regulation also repeals Implementing Decision (EU) 2026/350 concerning emergency measures in Poland, incorporating those measures into the broader framework of Implementing Regulation (EU) 2023/594. The specific delineation of geographic restrictions impacts the movement of live pigs and pork products.
Review of Commission Implementing Regulation (EU) 2026/441
This regulation introduces a registration requirement for imports of new mobile cranes originating from the People’s Republic of China. This is a preliminary step towards potentially imposing anti-dumping duties retroactively. Customs authorities are directed to register specific types of mobile cranes, excluding rough-terrain cranes and similar equipment, providing the relevant CN and TARIC codes for identification. The registration requirement expires nine months after the regulation’s entry into force.
Review of Commission Implementing Regulation (EU) 2026/472 amending Regulation (EC) No 1484/95
This regulation updates the representative import prices for specific products in the poultrymeat and egg sectors. It replaces Annex I of Regulation (EC) No 1484/95 with updated pricing, specifically setting the representative price for “Eggs, not in shell, dried” originating from Argentina at EUR 835,5 per 100 kg. This adjustment ensures that import duties accurately reflect current market prices.
Review of Commission Implementing Regulation (EU) 2026/460
This regulation renews the authorization for two forms of Vitamin B1, thiamine hydrochloride and thiamine mononitrate, as feed additives for all animal species. It repeals Implementing Regulation (EU) 2015/897 and specifies conditions for the renewed authorization, including composition, analytical methods, and requirements for safe handling. Feed business operators must establish procedures to address potential risks, including the use of personal protective equipment.
Review of Commission Implementing Regulation (EU) 2026/400
This regulation grants a Union authorisation for the biocidal product family ‘CHLOROCRESOL BASED PRODUCTS-CID Lines NV’ for veterinary hygiene and as disinfectants and algaecides not for direct use on humans or animals. The products use chlorocresol as the active substance. The summary of product characteristics (SPC) in the Annex details authorized uses, required dilutions, target organisms, and necessary personal protective equipment (PPE) for professional users.
Review of Commission Implementing Regulation (EU) 2026/473 amending Implementing Regulation (EU) 2020/1187
This regulation removes product-type 4 (disinfection of surfaces in contact with food and feed) from the authorized uses of the biocidal product family ‘Iodine based products – CID LINES NV’. This is due to the expiration of the approval of the active substances (iodine and polyvinylpyrrolidone iodine) for that product-type. A grace period is provided for the making available on the market and use of existing stocks of the product for product-type 4, and the summary of product characteristics (SPC) is updated accordingly.
Review of each of legal acts published today:
Commission Delegated Regulation (EU) 2026/482 of 24 November 2025 amending Delegated Regulation (EU) 2017/567 as regards the determination of what constitutes a liquid market for equity instruments, the obligation to provide market data on a reasonable commercial basis, the size specific to the instrument for the purposes of obligations for systematic internalisers, and the definition of and disclosure for post-trade risk reduction services
This is a description of Commission Delegated Regulation (EU) 2026/482, which amends Delegated Regulation (EU) 2017/567. The new regulation refines the criteria for determining what constitutes a liquid market for equity instruments, clarifies the obligation to provide market data on a reasonable commercial basis, adjusts the size specific to the instrument for systematic internalisers, and defines and discloses post-trade risk reduction services. The regulation aims to adapt to changes introduced by Regulation (EU) 2024/791, ensuring consistency and legal clarity in financial market operations.
The structure of the act involves several key amendments to Delegated Regulation (EU) 2017/567. It replaces Articles 1 to 4 with updated criteria for determining liquid markets for shares, depositary receipts, exchange-traded funds (ETFs), and certificates, using market capitalisation as a key metric. It inserts a new Article 4a, specifying that other similar financial instruments are considered illiquid. Article 5 is replaced to detail the assessment of liquidity of equity instruments by competent authorities. Chapter II, concerning reasonable commercial basis for market data, is deleted, and Article 16, related to the size specific to the financial instrument for systematic internalisers, is also removed. A new Article 16a is added to define post-trade risk reduction services. Finally, Article 18, which specified publication requirements for portfolio compression, is deleted, and the Annex is updated with new data reporting requirements.
The most important provisions for practical use include the revised criteria for determining liquid markets for various equity instruments, particularly the shift to market capitalisation for shares and depositary receipts, setting a threshold of EUR 100 million. The clarification that other similar financial instruments are deemed illiquid is also significant. The detailed conditions for post-trade risk reduction services, including the requirement for third-party provision based on non-discretionary rules and market-risk neutrality, are crucial for firms offering these services. The updated Annex specifies the data that trading venues must submit to competent authorities for liquidity assessments, ensuring consistent reporting standards.
Commission Delegated Regulation (EU) 2026/465 of 17 November 2025 supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying the characteristics of liquidity management tools
This Commission Delegated Regulation (EU) 2026/465 supplements Directive 2011/61/EU on Alternative Investment Fund Managers (AIFM). The regulation specifies the characteristics of liquidity management tools that AIFMs can use to manage liquidity risks in their funds. These tools aim to protect investors and maintain market stability, especially during periods of stress or unusual redemption activity. The regulation provides detailed rules for the use of these tools, ensuring they are applied fairly and effectively.
The Regulation is structured into 11 articles. It begins by setting out general conditions for the suspension of subscriptions, repurchases, and redemptions, ensuring they are applied simultaneously and temporarily. It then details the operation of redemption gates, including the setting of activation thresholds at fund or investor level. Further articles cover the extension of notice periods, the application of redemption fees, and the mechanics of swing pricing, dual pricing, and anti-dilution levies. The regulation also addresses redemptions in kind and the use of side pockets for managing assets with uncertain economic or legal features. Finally, it includes a transitional provision for AIFs constituted before the application date of the regulation.
Key provisions of the regulation include the detailed specifications for setting activation thresholds for redemption gates, ensuring fair treatment of investors through pro rata execution of redemption orders. The regulation also clarifies how to calculate and apply swing pricing, dual pricing, and anti-dilution levies to cover liquidity costs. Furthermore, it outlines the conditions for using side pockets, including accounting segregation and physical separation, to manage assets with changed or uncertain features. These provisions are crucial for AIFMs in selecting and implementing appropriate liquidity management tools to protect investors and maintain fund stability.
Commission Delegated Regulation (EU) 2026/466 of 17 November 2025 supplementing Directive 2009/65/EC of the European Parliament and of the Council with regard to regulatory technical standards specifying the characteristics of liquidity management tools
This Commission Delegated Regulation (EU) 2026/466 supplements Directive 2009/65/EC regarding Undertakings for Collective Investment in Transferable Securities (UCITS). The regulation specifies the characteristics of liquidity management tools (LMTs) that UCITS can use to manage liquidity risks, particularly during stressed market conditions or unusual redemption activity. These tools aim to protect investors and maintain market stability by ensuring fair treatment and mitigating dilution effects caused by subscriptions and redemptions. The regulation covers various LMTs, including suspension of subscriptions and redemptions, redemption gates, extension of notice periods, anti-dilution measures, redemptions in kind, and side pockets.
The regulation is structured into 11 articles. It begins by outlining the conditions for the suspension of subscriptions, repurchases, and redemptions, emphasizing the need for simultaneous application and justification based on investors’ best interests. It then details the operation of redemption gates, including the setting of activation thresholds and the pro-rata execution of redemption orders. The regulation also addresses the extension of notice periods, ensuring that such extensions do not impact the redemption frequency of the UCITS. A significant portion of the regulation is dedicated to anti-dilution liquidity management tools, such as redemption fees, swing pricing, dual pricing, and anti-dilution levies, specifying how these tools should account for explicit and implicit transaction costs. Furthermore, the regulation clarifies the conditions for redemptions in kind and the use of side pockets, providing for both accounting segregation and physical separation of assets under exceptional circumstances. Finally, it includes a transition provision for UCITS constituted before the application date of the regulation.
Key provisions include the detailed specifications for calculating and applying anti-dilution measures like swing pricing and dual pricing, ensuring that these tools accurately reflect the costs of liquidity. The conditions under which UCITS can activate redemption gates and extend notice periods are also crucial for managing liquidity during stress events. The regulation provides a framework for the use of side pockets, allowing UCITS to segregate or separate assets with uncertain legal or economic features, thereby protecting the remaining assets of the fund. The transition provision allows existing UCITS time to adapt to the new requirements, ensuring a smooth implementation of the regulation.
Commission Implementing Regulation (EU) 2026/483 of 25 February 2026 amending Annexes I and II to Implementing Regulation (EU) 2023/594 laying down special disease control measures for African swine fever and repealing Implementing Decision (EU) 2026/350 concerning certain interim emergency measures relating to African swine fever in Poland
Here is a description of the provisions of the act:
**1. Essence of the Act:**
This Commission Implementing Regulation (EU) 2026/483 amends Annexes I and II of Implementing Regulation (EU) 2023/594, which lays down special disease control measures for African swine fever (ASF). The amendments involve updating the lists of restricted zones (I, II, and III) and infected zones within the European Union based on the evolving epidemiological situation of ASF in several Member States. The regulation also repeals Implementing Decision (EU) 2026/350 concerning interim emergency measures in Poland, as these measures are now integrated into the broader framework of Implementing Regulation (EU) 2023/594.
**2. Structure and Main Provisions:**
* **Article 1:** Replaces Annexes I and II of Implementing Regulation (EU) 2023/594 with updated lists of restricted zones and infected zones, as detailed in the Annex to this regulation.
* **Article 2:** Repeals Implementing Decision (EU) 2026/350, which previously addressed specific emergency measures in Poland.
* **Article 3:** Specifies that the regulation enters into force on the day following its publication in the Official Journal of the European Union.
The Annexes contain detailed lists of geographic areas within Member States, categorized as restricted zones I, II, and III, or as infected zones. These zones are defined based on the presence or risk of African swine fever. The changes reflect new outbreaks, the progression or regression of the disease, and the effectiveness of control measures.
**3. Main Provisions Important for Use:**
* **Geographic Restrictions:** The most important aspect of this regulation is the specific delineation of restricted and infected zones within the EU. These zones determine the application of special disease control measures, impacting the movement of live pigs and pork products.
* **Compliance:** Member States with listed areas must implement the control measures as outlined in Implementing Regulation (EU) 2023/594 and Delegated Regulation (EU) 2020/687.
* **Repeal of Implementing Decision (EU) 2026/350:** Poland, in particular, should note the repeal of the previous emergency measures, as the relevant provisions are now incorporated into the updated Annexes of Implementing Regulation (EU) 2023/594.
* **Amendment of zones in Germany, Hungary, Spain and Poland**: The restricted zones in these countries have been amended to take into account the current epidemiological situation.
**** This act has implications for Ukraine, as it affects the EU’s border countries and the measures taken to control African swine fever, which is a threat to Ukraine’s pig farming industry. Ukrainians who are engaged in pig farming or related industries should pay attention to the restrictions and measures outlined in the updated annexes.
Commission Implementing Regulation (EU) 2026/441 of 26 February 2026 making imports of new mobile cranes originating in the People’s Republic of China subject to registration with a view to allowing the levy of anti-dumping duties on the imports subject to registration
This Commission Implementing Regulation (EU) 2026/441 introduces a registration requirement for imports of new mobile cranes originating from the People’s Republic of China. This action is a preliminary step that allows the EU to potentially impose anti-dumping duties retroactively if the ongoing investigation confirms that these imports are being dumped on the EU market. The regulation does not impose duties immediately but sets the stage for possible future duties.
The regulation consists of a preamble outlining the reasons and legal basis for the registration, followed by two articles. Article 1 directs customs authorities to register imports of new mobile cranes with a lifting capacity of at least 30 tonnes, mounted on self-propelled vehicles, as well as specific pre-assembled or ready-to-assemble sections, excluding individual components when presented separately and originating in the People’s Republic of China. It specifies exclusions such as rough-terrain cranes, truck cranes, straddle carriers, and reach stackers, and provides the relevant CN and TARIC codes for the products subject to registration. Article 2 stipulates that the regulation will take effect the day after its publication in the Official Journal of the European Union and that the registration requirement will expire nine months after the regulation’s entry into force.
The most important provision is Article 1, which mandates the registration of specific types of mobile cranes imported from China. Businesses importing these products need to be aware of this registration requirement as it could lead to retroactive anti-dumping duties if the EU investigation determines that dumping has occurred. The provided CN and TARIC codes are essential for correctly identifying the products subject to registration.
Commission Implementing Regulation (EU) 2026/472 of 23 February 2026 amending Regulation (EC) No 1484/95 as regards fixing representative prices in the poultrymeat and egg sectors and for egg albumin
This Commission Implementing Regulation (EU) 2026/472 amends Regulation (EC) No 1484/95, which sets out rules for additional import duties and representative prices in the poultrymeat, egg sectors, and for egg albumin. The new regulation updates the representative import prices for specific products to reflect price variations based on their origin. This adjustment is essential for accurately applying import duties and managing trade within these sectors.
The regulation consists of two articles and an annex. Article 1 stipulates that Annex I of Regulation (EC) No 1484/95 is replaced by the text provided in the annex of this new regulation. Article 2 states that the regulation will come into force on the day of its publication in the Official Journal of the European Union. The annex contains a table specifying the CN code, description of the goods (Eggs, not in shell, dried), the representative price (EUR/100 kg), the security under Article 3 (EUR/100 kg), and the origin (AR).
The main provision of this regulation is the updated pricing for “Eggs, not in shell, dried” originating from AR (Argentina). The representative price is set at EUR 835,5 per 100 kg, with a security of EUR 0 per 100 kg under Article 3. This update ensures that import duties are appropriately adjusted to reflect current market prices for these goods from Argentina, which is crucial for businesses involved in importing or trading these products.
Commission Implementing Regulation (EU) 2026/460 of 26 February 2026 concerning the renewal of the authorisation of thiamine hydrochloride and thiamine mononitrate as feed additives for all animal species and repealing Implementing Regulation (EU) 2015/897
This Commission Implementing Regulation (EU) 2026/460 concerns the renewal of the authorization for two forms of Vitamin B1, thiamine hydrochloride and thiamine mononitrate, as feed additives for all animal species. It also repeals the previous regulation, Implementing Regulation (EU) 2015/897, which initially authorized these additives. The regulation ensures the continued use of these additives in animal feed, subject to specific conditions outlined in the Annex.
The regulation consists of 4 articles and an annex. Article 1 renews the authorization of thiamine hydrochloride and thiamine mononitrate as feed additives, specifying that they belong to the ‘nutritional additives’ category and the ‘vitamins, pro-vitamins and chemically well-defined substances having similar effect’ functional group, subject to the conditions in the Annex. Article 2 repeals Implementing Regulation (EU) 2015/897. Article 3 outlines transitional measures, allowing the continued use of existing stocks of feed containing these additives produced before specific dates. Article 4 states that the regulation will come into force twenty days after its publication in the Official Journal of the European Union. The Annex details the specific conditions for the renewed authorization, including the composition, chemical formula, description, analytical methods, and other provisions for each additive.
The most important provisions of this act relate to the conditions of use and safety measures for handling thiamine hydrochloride and thiamine mononitrate. The Annex specifies that the additives may be used via drinking water and requires that the directions for use include storage conditions, stability to heat treatment, and stability in drinking water. Furthermore, feed business operators must establish operational procedures and organizational measures to address potential risks to users of the additives and premixtures. If these risks cannot be eliminated, personal protective equipment, including breathing, eye, and skin protection, must be used. These measures are crucial for ensuring the safe handling and use of these additives in animal feed production.
Commission Implementing Regulation (EU) 2026/400 of 18 February 2026 granting a Union authorisation for the biocidal product family CHLOROCRESOL BASED PRODUCTS-CID Lines NV in accordance with Regulation (EU) No 528/2012 of the European Parliament and of the Council
This is a description of Commission Implementing Regulation (EU) 2026/400, which grants a Union authorisation for the biocidal product family named ‘CHLOROCRESOL BASED PRODUCTS-CID Lines NV’. The authorisation is valid from March 19, 2026, to February 29, 2036. The products covered by this regulation are intended for veterinary hygiene and as disinfectants and algaecides not for direct use on humans or animals. The active substance in these products is chlorocresol.
The regulation is structured around granting a Union authorisation for the specified biocidal product family. It details the application process, the evaluation by the European Chemicals Agency (ECHA), and the Commission’s assessment based on ECHA’s opinion. The regulation also addresses concerns related to maximum residue limits (MRLs) and ensures that the products meet the necessary safety and efficacy standards. The annex to the regulation provides a detailed summary of the biocidal product characteristics, including composition, hazard statements, authorized uses, and instructions for safe use and disposal.
The most important provisions for users include the specific conditions of use outlined in the Summary of Product Characteristics (SPC) in the Annex. This includes the types of surfaces the product can be used on (non-porous), the required dilutions and application rates, the target organisms, and the necessary personal protective equipment (PPE) for professional users. The regulation also specifies risk mitigation measures to protect human health and the environment, as well as instructions for the safe disposal of the product and its packaging.
Commission Implementing Regulation (EU) 2026/473 of 14 October 2025 amending Implementing Regulation (EU) 2020/1187 granting a Union authorisation for the biocidal product family Iodine based products – CID LINES NV
This Commission Implementing Regulation (EU) 2026/473 amends Implementing Regulation (EU) 2020/1187, which granted a Union authorization for the biocidal product family ‘Iodine based products – CID LINES NV’. The amendment removes product-type 4 (disinfection of surfaces in contact with food and feed) from the authorized uses of the biocidal product family due to the expiration of the approval of the active substances (iodine and polyvinylpyrrolidone iodine) for that product-type. The regulation also provides a grace period for the making available on the market and use of existing stocks of the product for product-type 4.
The regulation consists of three articles and an annex.
* **Article 1** replaces the annex to Implementing Regulation (EU) 2020/1187 with a new text, which constitutes the core of the amendment by updating the summary of product characteristics (SPC) for the biocidal product family.
* **Article 2** establishes a grace period, allowing the making available on the market of biocidal products for product-type 4 until 27 February 2026, and their use until 26 August 2026.
* **Article 3** specifies the entry into force and application date of the regulation. It stipulates that the regulation will enter into force on the twentieth day following its publication in the Official Journal of the European Union and shall apply from 1 September 2025.
The main provisions of the act that may be the most important for its use are:
* The removal of product-type 4 from the authorized uses of the biocidal product family.
* The grace period for the making available on the market and use of existing stocks of the product for product-type 4.
* The updated summary of product characteristics (SPC) for the biocidal product family, which is set out in the annex to the regulation.
* The regulation specifies detailed instructions for use, risk mitigation measures, and safety information for each authorized use, ensuring users have clear guidance on how to use the products safely and effectively.
