Lord Justice Leveson's report sets out proposals for the establishment of an independent regulatory body for the press, set up by the press itself but underpinned by legislation and "verified" by statutory regulator Ofcom.
The judge said he was "confident" his recommendations provide a model for independent self-regulation which will protect both the freedom of the press and freedom of speech along with the rights and interests of individuals.
The new body - to replace the Press Complaints Commission - would have the dual role of promoting high standards of journalism and protecting the rights of individuals.
Legislation passed in Parliament would allow its activities to be recognised in legal processes and provide for its independence and effectiveness to be verified by a body such as Ofcom.
ABOVE:Read the summary of Lord Justice Leveson's findings
Under Leveson's proposals, the chair and board of the new body must include a majority of members who are independent from the industry, and should not include any serving editors, MPs or Government ministers.
They would include a "sufficient" number of members who have experience of the media industry, who could be former editors and senior or academic journalists.
The chair and board would be selected by an independent appointments panel, which could include one serving editor but with a substantial majority who are demonstrably independent of the press.
The body should have responsibility to:
Hear individual complaints against members about breaches of standards and order appropriate redress, while encouraging individual newspapers to embrace a more rigorous process for dealing with complaints internally
Take an active role in promoting high standards, including by exercising the power to investigate serious or systemic breaches and impose appropriate sanctions
Provide a "fair, quick and inexpensive" arbitration service to deal with any civil law claims against its members.
Lord Justice Leveson said it was not for him to set out detailed recommendations for how the new regulatory body would conduct its affairs.
But he suggested that it should:
Establish a Code Committee to carry out an early review of the existing Press Complaints Commission code of conduct for journalists
Equip itself to deal with complaints, even where legal action is a possibility
Provide warning notifications to the press in respect of people subjected to unwanted intrusion
Issue guidance on the interpretation of the "public interest", and make clear that this should be taken into account as decisions on stories are made
Provide a voluntary pre-publication advice service to editors on how public interest may be interpreted in particular cases
Encourage the press to be as transparent as possible on the sourcing of material
Establish a whistle-blowing hotline for journalists who feel they are being asked to act in an unethical manner, and encourage publications to include "conscience clauses" in staff contracts protecting them if they refuse.
Lord Justice Leveson recognised the danger that newspapers and other publications may refuse to sign up to his new regulatory body.
But he said that the statutory underpinning provided by legislation would permit the courts to recognise the arbitration processes set up by the new body, providing an incentive for publications to belong.
Media organisations could be penalised for failing to sign up to the new body's low-cost arbitration procedures by having costs or exemplary damages awarded against them in court cases, he suggested.
As a last resort, Ofcom could be asked to step in as a "backstop" regulator for publications which refuse to join the new scheme.
Lord Justice Leveson sought to allay concerns that his proposals might give the state control over the press.
"Despite what will be said about these recommendations by those who oppose them, this is not, and cannot be characterised as, statutory regulation of the press," he said.
"What is proposed here is independent regulation of the press organised by the press, with a statutory verification process to ensure that the required levels of independence and effectiveness are met by the system in order for publishers to take advantage of the benefits arising as a result of membership."
David Cameron warned today that he had "serious concerns and misgivings" about the prospect of legislation on press regulation.
Responding to Lord Justice Leveson's report on media ethics, the Prime Minister broadly welcomed the principles he set out to reform the current system.
But he cast doubt on the report's central recommendation that a new system of press self-regulation required a statutory underpinning if it was to command public confidence.
"I have some serious concerns and misgivings about this recommendation," he told MPs in a Commons statement.
"For the first time we would have crossed the Rubicon, writing elements of press regulation into the law of the land," he said.
"We should, I believe, be wary of any legislation which has the potential to infringe free speech and a free press. In this House, which has been a bulwark of democracy for centuries, we should think very, very carefully before crossing this line."
ABOVE:Footage from today's announcement and parliamentary debate.
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