diff --git a/LICENSE b/LICENSE
index acae9a3b36..da70e94932 100644
--- a/LICENSE
+++ b/LICENSE
@@ -1,16 +1,21 @@
 The following points clarify the QEMU license:
 
-1) QEMU as a whole is released under the GNU General Public License
+1) QEMU as a whole is released under the GNU General Public License,
+version 2.
 
 2) Parts of QEMU have specific licenses which are compatible with the
-GNU General Public License. Hence each source file contains its own
-licensing information.
+GNU General Public License, version 2. Hence each source file contains
+its own licensing information.  Source files with no licensing information
+are released under the GNU General Public License, version 2 or (at your
+option) any later version.
 
-Many hardware device emulation sources are released under the BSD license.
+As of July 2013, contributions under version 2 of the GNU General Public
+License (and no later version) are only accepted for the following files
+or directories: bsd-user/, linux-user/, hw/misc/vfio.c, hw/xen/xen_pt*.
 
 3) The Tiny Code Generator (TCG) is released under the BSD license
    (see license headers in files).
 
 4) QEMU is a trademark of Fabrice Bellard.
 
-Fabrice Bellard.
+Fabrice Bellard and the QEMU team