The Europa Create2009 site has a nice short history of advertising regulation in the EU and overview of the current position, including sections on specific sectors - see "Advertising and Consumer Rights".
In the UK, from about the second half of 2010 the Advertising Standards Authority are of course going to be extending their remit to cover marketing on the advertiser's own website. It's a glaring and odd gap in coverage, as currently the advertising self-regulatory codes only apply to marketing on third party sites, so at the moment the ASA can't deal with complaints about claims made in ads on the advertiser's own site.
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