Is the Premier League a Self-Regulating Body?

The Premier League and English football is no longer able to self-regulate effectively. In my mind, it draws some parallels to cricket. The fact that the Premier League was oblivious to six of its own members being part of Super League. It's very difficult for the administrators at the Premier League. They've got a tough job because ultimately the Premier League is a company owned by its shareholders such as Manchester City or Fulham. So initiating charges against your own shareholders is difficult. I don't think the regulator wants to turn good into bad but that's the accusation which is being leveled by the Premier League itself.