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http://www.gameinformer.com/blogs/members/b/sakabato24_blog/archive/2010/12/14/is-it-the-end-of-anime-and-manga-bill-156-passed.aspx

There is the link to the main scoop but to sum it up...
Visit the link above for details. It appears that tokyo has passed a law that effectively put poison into the media's morning coffee. The Law prohibits the sale, and by proxy, the publication of any anime or media that include material that "harms youthful growth." The Law's vagueness on key points successfully chokes out many protests or back doors. Anything that can be seen as Echii, even school settings or characters in general, are in question, not to mention all the twisted stuff that make most anime worth watching in the first place. Many of them will be cancelled due to their inability to publish them. Publishers have already been putting the pressure on mangaka of many border-line manga like To love Ru and Panty and Stocking.

Reprints of such anime will also be unpublishable. This law does not only single out the echii media. It's vague tenants also point a dark eye towards "virtual" crimes and alleged 'glorification' of them. Game producers like Square Enix and Bandai Namco are facing the choice of moving out of tokyo or settling in for the storm.

paraphrased very well by a friend of mine.

((What I think, that it could go either way but there are plenty of good manga's else where in the world and they don't have to do this... the bill is still being considered although my friend says that it has passed. Remember one countries law doesn't effect anothers so i think that those companies if they wanted to could move their productions to companies outside Japan stare although this is something that I really didn't want to hear... I love Anime))

Oh no! D:
I'm going to die if it's banned.

No. Wait. It's a shellfish of some kind
I saw it scuttling and so I assumed...

Although meant to be used with good intentions, the bill is currently too open-ended to even be fathomed as a threat to anyone, much less the main staples.

The ban would, if it went into effect, would only alter the scene in Tokyo proper and anything made and produced in the city. Other major cities, (particularly the islanders, where most of the trade and tourism is anyway) will still be able to produce and sell anything and everything they wish as long as they put a black bar over the genitalia. The same goes for Major companies founded in or headed in Tokyo but have branches and publishing offices outside.