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From March 13 to 17, 2023, the WIPO Standing Committee will discuss, for the 43rd consecutive time, a possible Treaty on the Protection of Broadcasting Organizations. The draft treaty, which has featured high on the Committee’s agenda since its inception in 1998, would offer international protection to broadcasting organizations against unauthorized retransmission and related uses. Despite many years of discussion, stern opposition, countless redrafts and political setbacks, the controversial treaty project has never been abandoned. A Second Revised Draft Text, published on 11 January 2023, is now on the Committee’s agenda. This paper critically discusses the history, rationales, and examines the substantive content of the current draft treaty – with a special emphasis on limitations and exceptions.