A draft of the Trans-Pacific Partnership's "Intellectual Property" chapter from May 11, 2015 has recently been leaked to journalists. This is the fourth leak of the chapter following earlier drafts of October 2014, August 2013, and February 2011. The latest leak is not available online and we don't have a copy of it—but we have been briefed on its contents. In most respects the chapter follows previous drafts pretty closely; for example, the text on DRM circumvention and copyright term are both largely unchanged. But there is one area in which significant progress has been made since the last draft, and this is in the text on intermediary liability rules.