Universal waste is a category of waste materials designated as hazardous waste, but containing materials that are very common. It is defined in 40 CFR part 273, by the United States Environmental Protection Agency but states may also have corollary regulations regarding these materials.niversal waste is a category of waste materials designated as hazardous waste, but containing materials that are very common. It is defined in 40 CFR part 273, by the United States Environmental Protection Agency but states may also have corollary regulations regarding these materials.