Regulation, oversight, and enforcement of online content moderation in the European Union and the United Kingdom are the main points examined in this Task Force report. It identifies the key issues and challenges related to co-regulation and self-regulation of content moderation standards, including internal oversight mechanisms of online platform services. The report examines regulatory content moderation standards that exist internationally, in the EU, and the UK. It assesses the key issues and open questions characterising the roles and responsibilities carried out by independent oversight and regulatory authorities, and the main challenges that online content moderation policies and practices raise to fundamental rights, democracy, and rule of law. Particular attention is given to assessing issues related not only to privacy and data protection, but also to those affecting freedom of expression and the rule of law, due process, and effective remedies. The report advances a set of policy recommendations aimed at ensuring a principled level playing field for an open and secure online environment.