Abstract On 16th December 2002 the Council adopted Regulation (EC) No. 1/2003 on the implementation of rules on competition laid down in Articles 81 and 82 of the Treaty. This Regulation will not only replace the 40-year-old Regulation 17/ 62 but constitutes a radical reform of EC competition law enforcement. The purpose of this article is to analyse the basic principles of the new Regulation and the implications for current and future competition proceedings.