The publication by the European Commission of the proposed revamped Transfer Technology Block Exemption in September of this year draws closer.
The timetable for consultation and adoption of the draft Block Exemption will be tight, as it is planned that the Regulation should come into force by 1 May 2004. This will be at the same time as the "modernization" Regulation (Regulation 1/2003). This latter Regulation will scrap the notification system and render Article 81 of the EC Treaty directly effective in its entirety, thus enabling exemptions to be granted retrospectively by both national courts and by national competition authorities. It is in the context of this novel regulatory environment that the draft Block Exemption must necessarily be considered.
