Commission Delegated Regulation (EU) 2025/1311: This regulation sets out detailed criteria for determining whether changes to institutions’ alternative internal models (AIMs) for calculating market risk capital requirements are material or non-material. It covers both extensions and changes to the models themselves, as well as modifications to the subset of modellable risk factors. Material changes require prior permission from competent authorities, while non-material changes require notification. The regulation specifies qualitative and quantitative thresholds for determining materiality and outlines documentation requirements for both types of changes.
Commission Delegated Regulation (EU) 2025/1265: This act defines how financial institutions should identify the main risk driver of a position and whether a transaction represents a long or short position. This is particularly important for smaller institutions using simplified methods to calculate their capital requirements for market and counterparty credit risks. The regulation provides both general methodologies and a simplified approach for common instruments. An annex provides tables to assist in identifying the main risk driver for bonds.
Commission Implementing Regulation (EU) 2025/2064: This regulation amends the Technical Specification for Interoperability (TSI) concerning freight wagons in the EU rail system (WAG TSI). Key changes include incorporating technical requirements from the Regulations concerning the International Carriage of Dangerous Goods by Rail (RID), introducing new requirements for securing semi-trailers on pocket wagons, and updating specific cases related to hot axle box detectors. It also includes transition regimes for the implementation of the new requirements, including specific deadlines for compliance.
Commission Implementing Regulation (EU) 2025/2070: This regulation corrects errors in specific language versions (Bulgarian, Czech, German, Hungarian, Lithuanian, Maltese, and Slovak) of Annex IV (Part-147) to Regulation (EU) No 1321/2014, which concerns the continuing airworthiness of aircraft. The errors are present in Section A, Subpart B, point 147.A.135(b), related to organizational requirements for conducting examinations. The corrected text ensures the accurate and consistent application of airworthiness rules across the EU.
Commission Implementing Regulation (EU) 2025/2085: This regulation amends Implementing Regulation (EU) 2021/404 to update the lists of authorized third countries, territories, or zones for the entry of poultry, germinal products of poultry, and fresh meat of poultry and game birds into the EU. The focus is on Canada, the United Kingdom, and the United States, adjusting restrictions in response to recent outbreaks of highly pathogenic avian influenza (HPAI). It specifies which zones are authorized or restricted and the types of products allowed from those zones.
Commission Regulation (EU) 2025/2058: This regulation modifies Regulation (EC) No 1333/2008 on food additives, updating references to reflect the repeal of Directive 2009/39/EC by Regulation (EU) No 609/2013. It also addresses the classification and permissible additives in various food categories, including foods for infants and young children, foods for special medical purposes, and foods for weight control. The regulation reclassifies some food categories and updates the lists of permitted food additives accordingly.
Regulation (EU) 2025/2082: This regulation amends Regulation (EU) 2018/1727, which established Eurojust. It extends the deadline for Eurojust to establish its new case management system to December 1, 2027, allowing the agency to continue using its existing system until the new one is fully operational and data migration is complete. The regulation ensures a smooth transition without disrupting Eurojust’s operations.
Commission Regulation (EU) 2025/2060: This regulation amends Regulation (EC) No 1333/2008 to allow the use of sorbic acid (E 200) and potassium sorbate (E 202) as preservatives in non-heat-treated plant-based mousses, up to a maximum level of 500 mg/kg. The regulation aims to ensure the microbiological safety of these products without compromising their unique characteristics.
Regulation (EU) 2025/2077: This regulation amends Regulation (EU) No 1026/2012 to enhance the conservation of fish stocks by improving the process of addressing countries permitting non-sustainable fishing. It refines the definition of “failure to cooperate,” emphasizing the importance of implementing fishery management measures and strengthening procedures before and after actions are taken against non-cooperative countries.
Regulation (EU) 2025/2075: This regulation amends Regulation (EU) No 909/2014 to shorten the settlement cycle for transactions in transferable securities within the EU. It mandates that most transactions settle no later than one business day after the trade date (T+1), instead of the previous two (T+2). Exemptions are included for certain securities financing transactions. The application date is set for October 11, 2027.
Review of each of legal acts published today:
Commission Delegated Regulation (EU) 2025/1311 of 3 July 2025 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards specifying the conditions for assessing the materiality of extensions of, and changes to, the use of alternative internal models, and changes to the subset of the modellable risk factors
This is a description of the Commission Delegated Regulation (EU) 2025/1311.
**Essence of the Act:**
This regulation supplements Regulation (EU) No 575/2013, also known as the Capital Requirements Regulation (CRR), by setting out detailed rules for assessing the materiality of changes and extensions to the use of alternative internal models (AIMs) that institutions use to calculate their regulatory capital requirements for market risk. It also covers changes to the subset of modellable risk factors within these models. The regulation specifies conditions and criteria for classifying these changes as either material (requiring prior permission from competent authorities) or non-material (requiring notification). The goal is to ensure that institutions appropriately manage and report modifications to their internal models, maintaining the accuracy and reliability of their risk calculations.
**Structure and Main Provisions:**
The regulation is structured into three chapters and an annex:
* **Chapter 1:** Focuses on the conditions for assessing the materiality of extensions and changes to the use of alternative internal models. It defines the categories of extensions and changes (material vs. non-material) and sets out qualitative and quantitative criteria for determining materiality. It also specifies the risk numbers to be considered when assessing the impact of changes.
* **Chapter 2:** Deals with the conditions for assessing the materiality of changes to the institution’s choice of the subset of modellable risk factors. It establishes categories for these changes (material vs. non-material) and defines the criteria for each category.
* **Chapter 3:** Contains general provisions for assessing the materiality of changes and extensions to the use of AIMs and changes to the subset of modellable risk factors. It outlines principles for classifying changes, clarifies how competent authorities should consider multiple modifications, and specifies the documentation required for both material and non-material changes.
* **Annex:** Provides qualitative criteria for determining whether extensions and changes are material (Part I) or require notification with additional information (Part II).
**Main Provisions for Practical Use:**
* **Categorization of Changes:** Institutions must classify changes to their AIMs and modellable risk factors as either material (requiring permission) or non-material (requiring notification).
* **Materiality Criteria:** The regulation provides both qualitative (listed in the Annex) and quantitative thresholds for determining materiality. Quantitative thresholds are based on the impact of changes on specific risk numbers (e.g., Expected Shortfall, Stress Scenario risk measure) and the overall capital requirements.
* **Notification Requirements:** Non-material changes must be notified to competent authorities, with a distinction between changes requiring “additional information” and those requiring only “basic information.” A four-week notification period is generally required before implementing non-material changes.
* **Documentation:** Institutions must provide comprehensive documentation to competent authorities when seeking permission for material changes or notifying them of non-material changes. This documentation includes descriptions of the changes, their rationale, implementation dates, scope, technical details, validation reports, and quantitative impact assessments.
* **Assessment Period:** The quantitative impact of changes is generally assessed over a period of 15 consecutive business days.
Commission Delegated Regulation (EU) 2025/1265 of 1 July 2025 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards specifying the method for identifying the main risk driver of a position and for determining whether a transaction represents a long or a short position as referred to in Articles 94(3), 273a(3) and 325a(2)
This Commission Delegated Regulation (EU) 2025/1265 specifies the method for identifying the main risk driver of a position and for determining whether a transaction represents a long or a short position. These determinations are crucial for calculating own funds requirements for market and counterparty credit risks, particularly for smaller institutions using simplified methods. The regulation aims to ensure that these calculations are proportionate to the complexity of the institution.
The regulation is structured into seven articles and an annex, detailing the methodologies for identifying main risk drivers and determining long or short positions for both non-derivative and derivative positions. It includes a simplified approach for small and non-complex institutions, as well as specific rules for various financial instruments like bonds, stocks, and derivatives. The annex provides tables to assist in identifying the main risk driver for bonds based on credit quality, sector, and maturity.
Key provisions include the methods for identifying the main risk drivers of non-derivative positions based on risk-weighted delta sensitivities, and the determination of whether a transaction represents a long or short position using delta risk sensitivity or an assessment of the trading/hedging purpose. The simplified method allows smaller institutions to use predefined criteria for common instruments, reducing computational burden. For derivative positions, the regulation refers to Delegated Regulation (EU) 2021/931 for identifying risk drivers and determining long/short positions, with a simplified method provided for common derivative types.
Commission Implementing Regulation (EU) 2025/2064 of 14 October 2025 amending Regulation (EU) No 321/2013 concerning the technical specification for interoperability relating to the rolling stock – freight wagons subsystem of the rail system in the European Union (WAG TSI)
This is a Commission Implementing Regulation (EU) 2025/2064 amending Regulation (EU) No 321/2013, also known as the WAG TSI (Technical Specification for Interoperability relating to the ‘rolling stock – freight wagons’ subsystem of the rail system in the European Union). The amending regulation aims to enhance safety, harmonize responsibilities, and improve the efficiency of freight wagon operations within the EU rail system. The key changes include incorporating technical requirements from the Regulations concerning the International Carriage of Dangerous Goods by Rail (RID) into the WAG TSI, introducing new requirements for securing semi-trailers on pocket wagons, and updating specific cases related to hot axle box detectors.
The structure of the act is as follows: It consists of two articles and an annex. Article 1 states that the Annex to Regulation (EU) No 321/2013 is amended in accordance with the Annex to this Regulation. Article 2 clarifies that the TSI amendments introduced by this Regulation do not require the re-notification of conformity assessment bodies that were notified on the basis of the original TSI. Article 3 specifies the date of entry into force of the regulation. The Annex contains detailed amendments to the original Regulation (EU) No 321/2013, including changes to definitions, basic parameters, technical requirements, conformity assessment procedures, and appendices.
The main provisions of the act that may be the most important for its use are:
– The inclusion of requirements for devices to secure semi-trailers on pocket wagons, including specifications for strength, locking force, and indications.
– The transfer of certain technical requirements from RID to the WAG TSI, particularly concerning wagons used for the transport of dangerous goods.
– The introduction of specific requirements for spark arresters on certain types of wagons to limit the effects of fire.
– The modification of the Swedish specific case related to hot axle box detectors.
– The establishment of transition regimes for the implementation of the new requirements, including specific deadlines for compliance.
Commission Implementing Regulation (EU) 2025/2070 of 13 October 2025 correcting certain language versions of Annex IV to Regulation (EU) No 1321/2014 on the continuing airworthiness of aircraft and aeronautical products, parts and appliances, and on the approval of organisations and personnel involved in these tasks
This Commission Implementing Regulation (EU) 2025/2070 addresses errors found in specific language versions of Annex IV (Part-147) to Regulation (EU) No 1321/2014, which concerns the continuing airworthiness of aircraft and aeronautical products. The errors are present in the Bulgarian, Czech, German, Hungarian, Lithuanian, Maltese, and Slovak versions, specifically within Section A, Subpart B, point 147.A.135(b), which relates to organizational requirements for conducting examinations. These errors alter the intended meaning of the provision.
The Regulation consists of a preamble that explains the reasons for the correction, followed by two articles. Article 1 stipulates that the text of point 147.A.135(b) of Annex IV (Part-147) to Regulation (EU) No 1321/2014 in the Bulgarian, Czech, German, Hungarian, Lithuanian, Maltese and Slovak language versions is replaced by the corresponding text in the Annex to this Regulation. Article 2 establishes the entry into force of the Regulation as the twentieth day following its publication in the Official Journal of the European Union, and confirms that the regulation is binding in its entirety and directly applicable in all Member States.
The most important aspect of this regulation is that it ensures the accuracy and consistency of the legal text across different language versions, which is crucial for the uniform application and enforcement of the rules regarding the continuing airworthiness of aircraft within the EU. Organizations and personnel using the Bulgarian, Czech, German, Hungarian, Lithuanian, Maltese, and Slovak language versions of Annex IV (Part-147) to Regulation (EU) No 1321/2014 should take note of these corrections to ensure compliance.
Commission Implementing Regulation (EU) 2025/2085 of 13 October 2025 amending Annexes V and XIV to Implementing Regulation (EU) 2021/404 as regards the entries for Canada, the United Kingdom and the United States in the lists of third countries, territories, or zones thereof authorised for the entry into the Union of consignments of poultry and germinal products of poultry, and of fresh meat of poultry and game birds
This Commission Implementing Regulation (EU) 2025/2085 amends Implementing Regulation (EU) 2021/404, specifically Annexes V and XIV, concerning the entry of poultry, germinal products of poultry, and fresh meat of poultry and game birds into the Union from third countries. The regulation updates the lists of authorized third countries, territories, or zones thereof, focusing on Canada, the United Kingdom, and the United States, in light of recent outbreaks of highly pathogenic avian influenza (HPAI). It introduces restrictions for specific zones affected by new outbreaks and lifts restrictions for zones where the animal health situation has improved.
The structure of the act is straightforward. It consists of two articles and an annex. Article 1 states that Annexes V and XIV to Implementing Regulation (EU) 2021/404 are amended in accordance with the Annex to this regulation. Article 2 specifies that the regulation will enter into force on the day following its publication in the Official Journal of the European Union. The Annex provides the specific amendments to Annexes V and XIV of the original regulation, detailing the addition and replacement of entries for Canada, the United Kingdom, and the United States. These entries specify the authorized zones, the types of products allowed (e.g., BPP, BPR, DOC, DOR, SP, SR, POU-LT20, HEP, HER, HE-LT20 for Annex V and POU, RAT, GBM for Annex XIV), and the dates from which restrictions or authorizations apply.
The most important provisions for users are the specific amendments to Annexes V and XIV, which directly impact the import and export of poultry and related products. For businesses and authorities involved in trade with Canada, the United Kingdom, and the United States, it is crucial to check the updated lists to ensure that the zones from which they are importing or exporting are authorized for entry into the EU. The regulation provides precise descriptions of the affected zones, including geographical coordinates and municipalities, allowing for accurate identification and compliance. The dates associated with each zone are also critical, as they determine when the restrictions or authorizations come into effect.
Commission Regulation (EU) 2025/2058 of 14 October 2025 amending Annexes II and III and correcting Annex II to Regulation (EC) No 1333/2008 of the European Parliament and of the Council as regards foods intended for particular nutritional uses
This Commission Regulation (EU) 2025/2058 modifies Regulation (EC) No 1333/2008 regarding food additives, specifically concerning foods intended for particular nutritional uses. The amendments update references to reflect the repeal of Directive 2009/39/EC and related directives by Regulation (EU) No 609/2013. Additionally, it addresses the classification and permissible additives in various food categories, including foods for infants and young children, foods for special medical purposes, and foods for weight control.
The Regulation is structured into four articles, with three annexes detailing specific amendments and corrections to Annexes II and III of Regulation (EC) No 1333/2008. These changes include:
* **Amendments to Annex II:** Replaces references to the repealed Directive 2009/39/EC with Regulation (EU) No 609/2013 in Part A, Table 1 and 2, Part D, and Part E. It also creates a new subcategory 01.10 in Part D for milk-based drinks intended for young children. Furthermore, it moves foods for weight control and gluten-intolerant individuals to new subcategories 18.2 and 18.3, respectively, and creates a new food category 18.1.
* **Amendments to Annex III:** Updates the definition of “nutrients” and modifies the introductory wording in Part 5, Sections A and B, to reflect the updated references to Regulation (EU) No 609/2013. It also replaces the table in Part 5, Section B, with updated information on food additives added to nutrients.
* **Corrections to Annex II:** Corrects the E code for the food additive advantame in food categories 13.2 and 13.3.
The most important provisions of this act relate to the reclassification of food categories and the corresponding updates to permitted food additives. Specifically, the changes affecting foods for infants and young children, foods for special medical purposes, and foods for weight control are significant. The creation of new categories and the movement of existing ones will impact how these foods are regulated and what additives can be used in their production.
Regulation (EU) 2025/2082 of the European Parliament and of the Council of 8 October 2025 amending Regulation (EU) 2018/1727 as regards the extension of the timeframe for the establishment of the Eurojust case management system
Regulation (EU) 2025/2082 amends Regulation (EU) 2018/1727, which established the European Union Agency for Criminal Justice Cooperation (Eurojust). The key purpose of this amendment is to extend the deadline for Eurojust to establish its new case management system. This extension allows Eurojust to continue using its existing system of temporary work files and an index until the new system is fully operational and data migration is complete. The regulation aims to ensure a smooth transition to the modernised system without disrupting Eurojust’s operations.
The regulation consists of two articles. Article 1 replaces paragraph 9 of Article 80 in Regulation (EU) 2018/1727, extending the deadline for using the old case management system to December 1, 2027, provided the new system is not in place and data migration is not completed before that date. Article 2 stipulates that the regulation will enter into force twenty days after its publication in the Official Journal of the European Union. The main change is the extension of the deadline for the establishment of the new case management system, providing Eurojust with additional time to ensure its operationality and interoperability.
The most important provision of this regulation is the extended deadline of December 1, 2027, for Eurojust to continue using its existing case management system. This extension is crucial because it allows Eurojust to thoroughly test and implement the new system, migrate data, and verify its accuracy without being forced to prematurely abandon the current system. This ensures that Eurojust can maintain its operational capabilities and data integrity throughout the transition process.
Commission Regulation (EU) 2025/2060 of 14 October 2025 amending Regulation (EC) No 1333/2008 of the European Parliament and of the Council as regards the use of sorbic acid (E 200) and potassium sorbate (E 202) in non-heat-treated plant-based mousses
This Commission Regulation (EU) 2025/2060 amends Regulation (EC) No 1333/2008 to allow the use of sorbic acid (E 200) and potassium sorbate (E 202) as preservatives in non-heat-treated plant-based mousses. It specifically permits their use up to a maximum level of 500 mg/kg. The regulation aims to ensure the microbiological safety of these products without affecting their organoleptic properties.
The regulation consists of two articles and an annex. Article 1 states that Annex II to Regulation (EC) No 1333/2008 is amended in accordance with the Annex to this 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 Annex adds a new entry in food category 16 ‘Desserts excluding products covered in categories 1, 3 and 4’ for sorbic acid and potassium sorbate, specifically for non-heat-treated plant-based mousses, with a maximum limit of 500 mg/kg.
The most important provision is the authorization of sorbic acid (E 200) and potassium sorbate (E 202) for use in non-heat-treated plant-based mousses at a maximum level of 500 mg/kg. This allows manufacturers to ensure the safety and shelf-life of these products, which cannot be pasteurized or sterilized without destroying their unique characteristics.
Regulation (EU) 2025/2077 of the European Parliament and of the Council of 8 October 2025 amending Regulation (EU) No 1026/2012 on certain measures for the purpose of the conservation of fish stocks in relation to countries allowing non-sustainable fishing
Regulation (EU) 2025/2077 amends Regulation (EU) No 1026/2012 to improve the conservation of fish stocks by addressing countries that permit non-sustainable fishing practices. The amendment aims to clarify and reinforce the criteria and procedures for identifying and addressing such countries, ensuring better cooperation in fisheries management and compliance with international agreements. It refines the definition of “failure to cooperate,” emphasizes the importance of implementing and enforcing necessary fishery management measures, and strengthens the procedures before and after measures are taken against non-cooperative countries.
The regulation modifies several articles of the original Regulation (EU) No 1026/2012. It amends Article 2 by redefining “associated species” and “unsustainable state,” and by adding a definition of “failure to cooperate,” which includes a list of behaviors that constitute a failure to engage in good faith consultations. Article 3 is amended to clarify what constitutes a failure to adopt, implement, or enforce necessary fishery management measures. Article 6 is amended to detail the procedures prior to and following the adoption of measures against countries allowing non-sustainable fishing, including notification, consultation, and engagement with relevant RFMOs. Finally, Article 7 is amended to specify the conditions under which measures against a country can be lifted, focusing on the adoption and effectiveness of corrective measures.
The most important provisions for practical use include the detailed definition of “failure to cooperate,” which provides clear benchmarks for assessing a country’s engagement in fisheries management. The reinforced procedures outlined in Article 6, which mandate notification, consultation, and engagement with RFMOs, are also crucial for ensuring that measures are implemented fairly and effectively. These changes aim to promote better international cooperation and more sustainable fishing practices, ultimately contributing to the conservation of fish stocks.
Regulation (EU) 2025/2075 of the European Parliament and of the Council of 8 October 2025 amending Regulation (EU) No 909/2014 as regards a shorter settlement cycle in the Union (Text with EEA relevance)
This Regulation (EU) 2025/2075 amends the existing Regulation (EU) No 909/2014 to shorten the settlement cycle for transactions in transferable securities within the European Union. The main goal is to reduce risks, align with global market practices, and enhance the competitiveness of EU capital markets by decreasing the time between trading and settlement. The regulation mandates that the settlement of most transactions occur no later than one business day after the trade date (T+1), instead of the previous two business days (T+2).
The regulation consists of two articles. Article 1 introduces amendments to Regulation (EU) No 909/2014, specifically modifying Article 5(2) to enforce the T+1 settlement cycle. It also includes exemptions for certain types of securities financing transactions (securities lending, buy-sell back, sell-buy back, and repurchase transactions) if they are documented as single transactions composed of two linked operations. Furthermore, it amends Articles 74 and 75 to enhance ESMA’s monitoring and reporting obligations regarding transaction categories, settlement dates, and the impact of the exemptions for securities financing transactions. Article 2 defines the entry into force and application date of the regulation, setting the application date for October 11, 2027, to allow stakeholders sufficient preparation time.
The most important provision of this regulation is the change to Article 5(2) of Regulation (EU) No 909/2014, which mandates a shorter settlement cycle of T+1 for transactions in transferable securities executed on trading venues. However, the exemptions for specific securities financing transactions are also crucial, as they balance the need for shorter settlement cycles with the practicalities of certain complex financial operations. Market participants need to ensure that their systems and processes are updated to comply with the T+1 requirement by the specified application date.
