There stands as much chance of self-regulation in theatre censorship stemming the floodgates of obscenity, blaspheming, nudity, pornography, general immorality and moral decline in the nation’s entertainment industry (the theatre particularly), as there was in the case of the much lauded self-regulation adopted in the financial services industry in the 1980s (especially in the UK at the time of the so-called Big Bang).
Look at where the FSI now stands… even rating agencies now need to be regulated. Self-regulation simply does not work… we shall definitely see the consequences even quicker than we know.