Animal Aid says this: http://www.animalaid.org.uk/h/n/NEWS/ne ... ts//2827//
but it doesn't really answer your question!
This is the EU page about it, which is pretty dense: http://ec.europa.eu/consumers/sectors/c ... dex_en.htm
My understanding is that previously companies could test their products on animals within the EU, but after March 11 will no longer be able to do this or import cosmetics tested on animals, but could still test the cosmetics on animals in non-EU countries and sell them in other countries. L'Oreal have lodged a protest at the 2013 ban at the European Court of Justice in Luxembourg and it is also being opposed by a number of other cosmetics companies.
EDIT: Multiple corrections to my confused writing in the original post!
This is the BUAV page about it: http://www.buav.org/our-campaigns/no-cr ... and-eu-ban