The advertising industry draws up a code of standards and practice, which it formally agrees to support, financially, morally and practically. Then it sets up a body to apply the code and ensures that it is properly staffed and funded. This body is called a Self-Regulatory Organisation - SRO for short. The aim is to keep advertising standards high and ensure consumer trust and protection to the benefit to all.
More information on SROs
What self-regulation exists across Europe?