The European Council, configured as the Agriculture and Fisheries Council, has “adopted its position at first reading on the Second Information Accompanying Transfers of Funds Regulation (Regulation). Our earlier blog on the progress of the Regulation is here.

The text of the Regulation, agreed by the Council yesterday, is widely expected to be adopted by the European Parliament (EP) without amendment, at its second reading. The EP’s legislative observatory file for the Regulation is still to be updated to show when the second reading will be.

After the Regulation has been adopted by the EP, it will be published in the Official Journal of the European Union, and enter into force 20 days after that. As a Regulation, it will be directly effective across the European Union, without the need for the Member States to implement it first. Our related blog on the 4th Anti-money Laundering Directive is available here.