diff --git a/pep-0406.txt b/pep-0406.txt
index dd01bbb97..9c3dae0d7 100644
--- a/pep-0406.txt
+++ b/pep-0406.txt
@@ -3,7 +3,7 @@ Title: Improved Encapsulation of Import State
 Version: $Revision$
 Last-Modified: $Date$
 Author: Nick Coghlan <ncoghlan@gmail.com>, Greg Slodkowicz <jergosh@gmail.com>
-Status: Deferred
+Status: Withdrawn
 Type: Standards Track
 Content-Type: text/x-rst
 Created: 4-Jul-2011
@@ -30,16 +30,17 @@ straightforward support for related state updates (e.g. selectively
 invalidating path cache entries when ``sys.path`` is modified).
 
 
-PEP Deferral
-============
+PEP Withdrawal
+==============
 
-The import system is already seeing substantial changes in Python 3.3, to
-natively handle packages split across multiple directories (PEP 382) and
-(potentially) to make the import semantics in the main module better match
-those in other modules (PEP 395).
+The import system has seen substantial changes since this PEP was originally
+written, as part of :pep:`420` in Python 3.3 and :pep:`451` in Python 3.4.
 
-Accordingly, the proposal in this PEP will not be seriously considered until
-Python 3.4 at the earliest.
+While providing an encapsulation of the import state is still highly
+desirable, it is better tackled in a new PEP using PEP 451 as a foundation,
+and permitting only the use of PEP 451 compatible finders and loaders (as
+those avoid many of the issues of direct manipulation of global state
+associated with the previous loader API).
 
 
 Rationale