Facebook is "open to meaningful regulation", it said on Monday after British lawmakers said that big technology companies should be subject to a compulsory code of ethics to tackle the spread of fake news and abuse of users' data.

"We are open to meaningful regulation and support the committee's recommendation for electoral law reform," said Facebook's public policy manager, Karim Palant.

He added that Facebook is "not the same company" it was a year ago and had already made substantial changes to its procedures.