In a nutshell, S40 will allow anyone to sue a newspaper for anything they like then claim costs from the newspaper when they loose... unless the paper belings to a stste sanctioned press regulatory body. ... who will in the nature of things side with the government if ever there is a dispute.
www.newsmediauk.org/Latest/section-40-government-says-pressures-on-press-industry-must-be-considered
This nasty bit of law will see the end of a free press and usher in state approved printed media... The internet may be more difficult.
however the Chinese have managed to curb the internet. It can happen here.