BRUSSELS, November 28, 2013 /PRNewswire/ --
The international fragrance association (IFRA) applauds the adoption of the EU Commission's proposal on the protection against unlawful acquisition, use and disclosure of confidential business information and know-how.
The proposal to harmonize national laws, establishing a common definition and ensuring that cases of misappropriation, use or disclosure will be covered by sufficient and comparable levels of redress across the EU will contribute to an effective internal market.
Many industries, in particular the fragrance industry, rely on rapid, continuous and incremental innovation to add value to their product lines, foster demand in mature markets and reinforce consumer loyalty in their brands. Successful innovation relies on know-how (trade secrets), a key component of competitiveness. This know-how is particularly vulnerable. Its misappropriation weakens innovation and puts law-abiding entrepreneurs at a competitive disadvantage.
"The fragrance industry, one of the most creative sectors in Europe has long recognised the significance of its know-how for its long-term development, but in the eyes of the law there remains ambiguity," says Pierre Sivac, IFRA President. "The enforcement of the protection of know-how is exceedingly difficult because of inconsistent regimes across EU Member States. This bold proposal from the Commission, if successful, will go a long way to ensuring that innovative European industries, such as the fragrance industry, remain competitive."
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