Complex sentence: On 8 September 2014, instead of completely closing, the Press Complaints Commission (PCC) rebranded itself and the PCC was replaced by the Independent Press Standards Organisation (IPSO), whilst retaining most of the features that the Leveson Inquiry had wanted to get removed.
Split into simpler sentences: On 8 September 2014, instead of completely closing, The Press Complaints Commission (PCC) rebranded itself and the PCC was replaced by the Independent Press Standards Organisation (IPSO). Keeping most of the things that the Leveson Inquiry had wanted to get removed.