The Online Safety Bill (the Bill) has now passed all parliamentary debates and is ready to become law. It is thought this could happen as soon as this month.
The Bill aims to make the internet a safer place by placing obligations on social media platforms such as the requirement to proactively prevent illegal, harmful and age inappropriate content, enforce age limits, improve transparency in relation to the risks to children and adults associated with using the largest social media platforms (including publishing risk assessments) and providing clear ways for adults and children to report problems.
In addition to this there are measures to facilitate the conviction of those who share intimate images/deepfakes without consent.
The Bill also gives Ofcom fining powers up to £18m or 10% of global annual revenue (whichever is higher).
Commentators have remarked that the obligations placed on Ofcom are huge and that there is doubt over their ability to meaningfully comply with these.
The text of the Bill can be found here.