However, a major sticking point is whether a new self-regulatory body should be backed by law.
Such a small fine will fuel suspicion that the self-regulatory body is too close to the industry.
Its self-regulatory body, the Press Complaints Commission, promised a new look at the paparazzi after the princess's death.
First, the ESRB, which is a non-profit self-regulatory body, independently rates every computer and video game on store shelves.
The most common type of self-regulatory body are press councils and media ombudsmen.
Among the few concrete results was the establishment of a new self-regulatory body to upgrade the quality of imams.
The self-regulatory body should be composed of lawyers, publishers, journalists, media outlet owners and representatives of civil society engaged in defending media freedom.
Lord Justice Leveson has recommended an independent self-regulatory body for the newspaper industry, backed up by legislation to ensure its independence and effectiveness.
The conference concluded by establishing a steering committee of major stakeholders in Egyptian media to prepare a policy framework document on the proposed self-regulatory body.
The Brazilian advertisers' self-regulatory body, Conar, told the BBC its members were currently deliberating whether the campaign was in breach of the industry's code of practice.
Their response to how they're going to put in place a self-regulatory body that adheres to the Leveson principles and that is what I want to see moving forward swiftly.
The Conservatives want the new independent self-regulatory body to be governed by a board which would be set up "without any direction from industry or influence from government".
The independent self-regulatory body would be governed by an independent board "appointed in a genuinely open, transparent and independent way, without any direction from industry or influence from government".
Here are some tricks and traps to be alert to, courtesy of Gerri Walsh, vice president of investor education at the Financial Industry Regulatory Authority (Finra), the securities industry's self-regulatory body.
Ognian Zlatev (founding member of the Bulgarian media self-regulatory body, the National Council for Journalistic Ethics), presents a thorough analysis of press councils in the abovementioned publication (OSCE, 2008, pp. 45-66).
The British Board of Film Censors, which he joined in 1975, and which later became the British Board of Film Classification, was set up as a self-regulatory body for the film industry.
He says the new law would enshrine for the first time a legal duty on the government to protect the freedom of the press, and provide an independent process to recognise the new self-regulatory body.
The company, he said, wanted to promote a self-regulatory body that would allow it to continue doing business in China, and had asked Schell to help develop guidelines that were heavy on disclosure and light on actual limitations.
The independent self-regulatory body the Press Complaints Commission which was established in 1991 to enforce a code of practice for UK newspaper and magazine publishers and editors has been severely criticised for its handling of the phone-hacking issue.
This was the first time the 211-year-old stock exchange had disclosed the pay of its top official, though details of Grasso's compensation were leaked to the press back in May, helping to touch off concerns about how the "self-regulatory body" regulates itself.
The Municipal Securities Rulemaking Board, a self-regulatory body that reports to the Securities and Exchange Commission, has proposed rules that would require brokers to ask clients about the importance of state tax benefits, explain a client's direct-sold in-state plan for comparison purposes, and determine what is most suitable for the client--instead of just pushing broker-sold out-of-state plans that might carry higher commissions for them.
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