You still require the cpl knowledge to become an instructor.
But under EASA you can teach and be payed for it on a PPL with a class 2 medical. You always could be a PPL instructor on a class 2 but now you can be payed for it.
There is also a rule that you need to have the License at the level you are teaching at. Hence if you wish to teach at CPL level you need either a CPL or ATPL.