It's called the Anti-Counterfeiting Trade Agreement or ACTA the bill is explained quite well in this video: What Is ACTA ? - YouTube
And it will affect everyone that is in a country that signed ACTA, such as the United States, Australia, Canada, Japan, Morocco, New Zealand, Singapore, and South Korea (and most likely European Union is gonna sign it too and/or create their own version of the bill so YES, it will affect those of you over there too)
This bill scares me, because with how broad this bill is. You could be put in jail just for borrowing a movie/game to someone, or copying a MP3 file and sending it to another person. ISPs will also have to police everything that goes through their service, and if you are caught, you could put thrown in prison, given a heavy fine, and possibly being disconnected from the internet.
Help fight this bill!