This rule or law would apply to programs claiming to deliver reliable, factual News or other deliveries portrayed as fact: so News programs on MSNBC, CNN, Fox, maybe some political ads, etc. The law would require stiff penalties for misrepresentation of facts or evidence of "significant" bias which is the result of intentional manipulation or gross incompetency. Intentional misrepresentation might include editing "live" or so-called recordings of "live" events to add or remove audience reactions (e.g. applause or boos), taking phrases out of context (e.g. cutting off politicians midway through sentences).
Gross incompetency might include reporting on events not from reputable sources without clarifying the source, not checking with readily available sources before reporting a story, etc.