They help to guide compliance, which tends to speak to the letter of the rules, but seem insufficient in guiding culture, which goes further to also include the spirit of the rules. The current charge requires the establishment of codes which are normative for individual and corporate behaviour. This is challenging from at least two perspectives.
The one is systemic: the legal paradigms of modern society protect individual rights, privacy, and autonomy. The other is practical: it is dramatically time-consuming to observe and analyse behaviour for noncompliance with codes. This also has the potential to create inordinate distrust, and this should not be overlooked by regulatory authorities.