The attempt at self-regulation is being led by a collection of the largest ad industry trade associations, including the Direct Marketing Association, the American Association of Advertising Agencies and the American Advertising Federation. In 2011, the Council of Better Business Bureaus will begin monitoring and enforcing compliance with the practice.
“The advertising industry has a long history of strong, effective … self regulation of traditional media, and we look forward to applying these lessons to the dynamic new online advertising market," Lee Peeler, president of the National Advertising Review Council, said in a statement.
Privacy advocates say self-regulation is not enough to rein in online tracking practices.
They point to prior instances where the ad industry has promised self-regulation without following through and say government involvement is needed to curb the practice.
This post was updated at 1:43 p.m.