Quite interesting. I will need to follow up and read that article in full, but it sounds familiar to what we do in the CPA profession in the US, to which I belong. Or at least that is what the CPA profession has tried to accomplish.
In essence, we are self-regulating - which works sometimes and fails spectacularly other times. But it manages to keep the SEC out of the lion share of our overall rule-making and business practices in areas that are clearly outside of SEC regulatory control.
At least I have the choice to do work outside of the reach of the SEC. And I definitely and intentionally make that choice.