By David Graff

The last few months have witnessed an extraordinary amount of regulatory activity in the mobile marketing industry. Numerous mobile content marketers are under active investigation, and a number of settlements have been announced including one involving my own company, AzoogleAds.

Now comes the latest bombshell: the Florida Attorney General's CyberFraud Task Force's landmark settlement with AT&T Mobility over allegedly deceptive ringtones and other mobile content advertisements (see story).

The settlement requires AT&T to contribute $3 million to the CyberFraud Task Force office's investigative and consumer education efforts and refund affected customers' subscription fees -- an amount that could reach $45 million.

While there will be much debate about the cumulative effect of these settlements, one thing is absolutely clear: regulators will take action against companies suspected of engaging in deceptive or harmful advertising practices.

At least with respect to the CyberFraud Task Force, companies involved in allegedly misleading marketing practices -- Web site publishers, social or advertising networks, or carriers -- are potential targets.

Perhaps even more alarming is the prospect of federal regulation. Congress has shown itself willing to act after highly publicized examples of corporate malfeasance (anyone familiar with Sarbanes-Oxley?).

The mobile marketing industry does not need to stand on the sidelines and passively await additional regulatory action, however.

The industry can choose to be proactive by enthusiastically adopting a comprehensive code of conduct that sets forth the highest standards of ethical marketing.

Self-regulation -- the development, promotion, adoption and enforcement of a rigorous set of ethical standards -- offers the mobile content industry the best chance to communicate to regulators and consumers that the industry is committed to transparency and responsible behavior.

Physician, heal thyself
There are, of course, existing best-practice guides for mobile content marketing. For example, the Mobile Marketing Association has published a Consumer Best Practices Guide for mobile content programs. These guides are useful and essential.

But a code of conduct differs from best-practice guidelines in significant and critical ways. An effective code of conduct articulates a set of values that serves as a moral touchstone for an entire industry. By outlining a set of ethical principles, a code of conduct provides an industry with a fixed yardstick against which to evaluate its behavior.

If it helps, think of the difference between a best-practice guide for running a hospital emergency room (e.g., "make sure there is a clear path from the ambulance bay to the operating room") versus the Hippocratic Oath (e.g., "practice to the best of your ability, and do no harm").

There is a reason why many aspiring doctors recite an ethical code drafted in the fourth century: the code effectively articulates the essence of the medical profession, and provides a moral center around which the medical profession can continuously examine its conduct.

I'd like to effectively challenge the mobile content marketing industry to draft its own version of the Hippocratic Oath.

Imagine the consumer confidence that would be generated if all the industry participants -- advertisers, Web site publishers, advertising networks, content providers and mobile carriers -- publicly promised to hold themselves to the highest standards of ethical marketing.

Of course, in order to be truly effective, there would also have to be verification of compliance. A Truste-certified mobile marketing seal of approval, perhaps done in conjunction with the Mobile Marketing Association, would work nicely.

There will always be mobile marketers that choose to act unethically. But for the rest of us, if we choose, we can hold ourselves to a higher standard.

As Hippocrates said in his code "[I]f I fulfill this oath and do not violate it, may it be granted to me to enjoy life and art, being honored with fame among all men for all time to come." Works for me.

David Graff is general counsel and senior vice president of corporate development at AzoogleAds, a performance advertising network in New York. Reach him at .