Yes, if that were true, it would be acceptable.
The only thing is that the FDA and MHRA act for the pharmaceutical industry; and where their interests are contrary to the interests of public health, pharma comes first. As a prime example, these agencies have fought a hard battle to have safer forms of nicotine delivery outlawed.
Their agenda is quite simple: defend pharma income at all costs. There is no 'light touch regulation' from someone who wants to kill you off as soon as possible. If there were to be such a thing, it would be introduced in order to create the classic wedge scenario: make it all look very reasonable and acceptable in Year 1; then once it has a solid and unchallengeable legal basis, in Year 2 or 3 start to turn the screws in order to make the products as unattractive, ineffective, and unavailable as possible.
Once again - their agenda is to remove all forms of consumer tobacco harm reduction.
A significant reduction in the number of smokers is incompatible with maximising pharma profits. The Sweden scenario is their ultimate nightmare and they are desperate to stop that spreading. With only around 8% of Swedish men now smoking (12% of the population averaged across male/female), pharma has the worst returns of any developed country there. Far too few people get sick from smoking or buy NRTs - Snus fixed all that. E-cigarettes are now looking as if they will be an even worse setback for pharma than even Snus is, with a 50% reduction in smoking looking increasingly possible - which is why ecigs are Pharma Enemy #1.
So while it was possible in the past to say the Sweden scenario was pharma's worst nightmare, it now looks as if ecigs will take that slot.