Now the OSCE has 57 participating states from Europe, Central Asia, and North America, and its area spans from Vancouver to Vladivostok. 1st August, 2015 marked the 40th anniversary of the Helsinki Final Act. Since the signing of this agreement, the relevance of the OSCE in the European security architecture has only increased. That being said, the current paper seeks to picture how it functions, how it is perceived today by the participating states and what their key issues with regard to the organization are. It describes the various institutions within the OSCE, but also its political emancipatation. The most provoking part may be a forecast about its future and the gaps to be filled. The text is complemented with some official documents.