No, I don't think so. That approach does not work. In the United States, the entire advertising industry has been talking about it for several years. They have never managed to come to an agreement on self-regulation. Self-regulation is fine, but I feel that it needs legislation to back it up. As the Americans have not been able to make it work, it is possible that they will come up with legislation.
On December 11th, 2012. See this statement in context.