What are we talking about?
The list of reserved names consists in blocking certain domain names from being registered by third parties because they could belong to certain identified organizations:
- The Red Cross (www.icrc.org);
- The International Olympic Committee (www.olympic.org);
- International Governmental Organizations (IGOs);
- International Non-Governmental Organizations (INGOs).
The first of august if the deadline when all this must be organized and implemented at registrars and registries. In more simple words, it means that keywords from that list must not be made available for registration anymore in any existing (and coming) domain name extension. An example: you will not be supposed to register a domain name such as www.redcross.whatever - www.nisseki.whatever or www.idea.whatever. Note that this is already the case for most of these strings nut the list has been updated. I suggest to check the complete list because it is a rather long one and there are many words with 3 and 4 characters.
From my understanding, you will receive (or already have received) an email if you use one of these domain names but the ICANN also have plenty of procedures to deal with this. Note that for INGOs, the ICANN suggests to consult an attorney or legal expert for guidance if you have questions.
What do they think about this and why...is this offered to specific organizations and not all trademarks? Well, this has been a question asked by many and I suggest anybody who wants to have that question answered to join the ICANN working groups to try to change this ;-)