Comment by michaelt

Often here in the UK if there's a problem with a particular, the first step in regulation is for the government to talk to the trade body representing the industry and basically say "Regulate yourselves, or be regulated"

Then, if they're sensible, the industry creates a code of conduct that addresses the problems that drew the attention of legislators, without being too onerous; all the main players in the industry sign up and follow it; and the government doesn't have to pass legislation.

Politicians are happy because the problem goes away, and regulatory burdens on industry don't increase. Industry is happy because they get soft-touch regulation that's under their control.

It doesn't always work, of course.