The article focuses on psychological considerations in advertising regulation. Regulation in most areas represents, in a sense, an accommodation among adversaries. This is certainly true in advertising. What is generally missing, however, from the regulatory thrust is an exploration of key assumptions on both sides. There are some questions, assumptions and concepts that should be identified before the process of advertising regulation can be discussed or approached realistically. That is the aim of this article-to look at some of the questions that should be answered before arguing one way or another about the nature and extent of advertising regulation. The author's thesis is that advertising regulation, at the very least, depends upon such factors which include a vision of society in terms of its goals, its values, its beliefs and its future, a concept of human nature and the vulnerability of consumers, a fact-based empirical assessment of advertising effectiveness and an attitude toward regulation and regulators.