 Industry self-regulation

Industry self-regulation refers to a process in which an industry establishes its own standards, guidelines, and practices to govern the behavior of its members. This approach is typically aimed at promoting ethical conduct, ensuring product safety, protecting consumer interests, and maintaining fair competition without direct oversight from government entities. Key characteristics of industry self-regulation include: 1. **Voluntary Compliance**: Members of the industry voluntarily agree to abide by the established regulations or standards.