The Media Bill has completed its passage through the UK Parliament, giving it enough time to receive Royal Assent before the forthcoming General Election.
Last week, the leaders of nine top UK broadcasters issued a statement urging the government to pass the Media Bill ahead of the UK General Election.
Members of the House of Lords completed their examination of the Media Bill on Thursday 23 May.
MPs have until Thursday 30 May to pass remaining legislation in a period known as the wash-up before Parliament is dissolved before the General Election on 4 July.
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The Media Bill was sent back to the House of Commons last week with a number of amendments from the House of Lords for their consideration. The Commons agreed to these changes and the bill is now scheduled to receive Royal Assent and become law.
The Media Bill is set to introduce an Ofcom-regulated video-on-demand code for major streaming platforms such as Netflix, Amazon Prime and Disney+, subjecting them to editorial standards and accessibility requirements similar to broadcast TV.
It will also allow Channel 4 to produce and monetise its own content and ensure the prominence of public service broadcasters on connected TV platforms.
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