Although this code is not being shared publicly, a statement issued by rightsholder groups said the code would “… accelerate the demotion of illegal sites following notices from rights holders, and establishes ongoing technical consultation, increased co-operation and information sharing to develop and improve on the process. It will also enable new practices to be adopted where needed.” The organizations are the Alliance for IP, the BPI, and the MPA.
It seems that a first step will be for pirate websites to be demoted in search results. However, rightsholders want to see those sites blocked so that proxy and mirror versions cannot appear.