Advertising industry faces severe social criticism by continous counter argumentation and, most importantly, with a profound system of self-regulation. Mechanisms of self-regulation base themselves on the acceptance of rigorous codes of advertising practice. In partnership with the state regulatory bodies, advertising, industry voluntarily sanctions individual advertisers that breach the fundamental ethical norms. In spite of the well established system of advertising regulation the ethically questionable advertisements still emerge. Unethical communication behaviour isalmost always an outcome of particular advertiser's unethical orientation, therefore the best way to avoid it, besides its regulation, is in the management paradigm change. Contemporary rise of an enlightened enterpreneurship is a good sign in this direction. Advertising is facing a newchallenge - to become a virtuous communication not out of the necessity of its legitimisation, but out of the necessity for immanent ethics in all exchange processes in the society.