The Leveson Report: implementation - Commons Library Standard Note - UK Parliament: "The compromise allows for one or more independent self-regulatory bodies for the press to be established. Any such body would be recognised and overseen by a “Recognition Panel”. The Panel will be established under Royal Charter and the Charter will be protected by statute from amendment. Reaction to the settlement has been mixed. Major newspaper publishers responded by presenting an alternative Royal Charter of their own, which was considered by the Privy Council ahead of the Government’s own proposal.
On 8 October 2013 the Culture Secretary announced that the press’s own charter had not been recommended for approval by the Privy Council. The cross-party charter (in amended form) therefore went forward to the next meeting of the Privy Council on 30 October, where it received the royal seal." 'via Blog this'