The new law seeks to harmonise the duration of copyright for co-written works, establishing a term of 70 years after the last surviving author dies. This is important as currently the provisions differ depending on where you live in the EU.
The extension of the sound recording term and harmonisation are two of the most important additions but in addition the following are worthy of note:-
1. Record companies that fail to exploit a record after 50 years lose the right to monetise it, this is called the Âuse it or lose itÂ rule.
2. Record companies cannot withhold or deduct performance royalties after 50 years.
3. All producers are required to set aside 20 percent of all revenues from sound recording sales for a session artist.
All these rules need to be incorporated in to any agreement reached between the record companies and the artists.
The legislation can be found here http://www.legislation.gov.uk/uksi/2013/1782/pdfs/uksiem_20131782_en.pdf, that is The Copyright and Duration of Rights in Performances Regulations 2013 implement EU Directive 2011/77.