If it's straightforward to approve new cosmetics, REACH, Cosmetic Products Regulation 1223/2009 updated no latter than this year in regulation 2026/78, ISO 22716 and whatnot still apply

You can find lists of ingredients banned in cosmetics in the EU, or across EVERY industry in general

Perfume manufacturers are the only ones who get away with virtually everything as they don't have to declare their ingredients (but "perfumes" are also an ingredient in a bunch of cosmetics, so here is the loophole as Europe always has loopholes)