The World Trade Organization Panel Report in Australia – Tobacco Plain Packaging casts much light on the role of the WTO Dispute Settlement Body in oversight of regulation. Although the Panel ultimately decided in Australia’s favour, on key legal points the Panel exercised broad regulatory oversight. The Panel focused on the impact of Australia’s regulation on commerce in general, rather than on market access, and on the so-called legitimate interests of intellectual property rights holders, rather than on their strict legal rights. In this sense, the Panel Report highlights the scope Members have to regulate while arguably expanding the breadth of WTO oversight of that right.