Facebook should be held to account by a compulsory code of ethics to tackle the spread of fake news, UK lawmakers said on Monday (February 18).
The move would also force big tech companies to address the abuse of users' data and the so-called bullying of smaller firms.
A damning report - formed by a UK parliament committee - has singled out Facebook chief Mark Zuckerberg for what it said was a failure of leadership and personal responsibility.
It added that major tech firms had been unsuccessful in stopping harmful content and disinformation on their platforms and called for the era of self-regulation to come to an end.
Facebook has been forced under the spotlight in recent years.
It was the focus of this 18-month inquiry after a whistleblower revealed the Cambridge Analytica scandal that allegedly compromised the data of millions of Facebook users.
Zuckerberg apologized last year for a "breach of trust", but refused three times to appear before British lawmakers.
Now, the company says it is "open to meaningful regulation", and that it supports the committee's recommendation for electoral law reform.
The report identified threats to society from the dominance of major tech titans like Facebook, Google and Twitter.
Just last month, Apple banned a Facebook program from its devices after reports the social media giant was using it to improperly track the internet habits of teenagers.