As you may know by now, the EU has agreed to extend copyright term - the length of time by which something has copyright - by another 20 years, to 70. The EU Term of Protection Directive was voted through by the European Council of Ministers on Monday morning. Here's their press release (PDF).
After a campaign from the larger creative bodies spanning several years, the UK Government agreed with a term extension back in 2008. It was the agreed by the European Parliament in 2009, and now it's in law, to be implemented in all EU states by 2014.
Andrew Orlowski in El Reg has written a good overview of the situation.
We're trying to arrange a lengthy piece in Imperica on this topic, hopefully coming soon.