The EU AI Act gained a lot of international traction and will most likely serve other jurisdictions as a blueprint for their regulatory endeavors in this field. Apart from the regulation of AI Systems, the EU AI Act contains a set of transparency and documentation obligations for the providers of so-called general-purpose AI models (GPAI Models). Here, the European legislator chose an innovative process by granting GPAI Model providers the possibility to define the details of such obligations themselves in so-called codes of practice. However, the AI Office and the European Commission play a central role during the negotiation of these codes as well as for their approval and the later enforcement of these obligations. Compared to traditional governmental regulation, this meta-regulatory approach could prove to become a promising alternative for defining appropriate rules especially for fast-moving technologies. This might be in particular true in the present case for regulating GPAI Models as their providers have genuine incentives and face external pressure, both from the market and regulators, to define appropriate and efficient rules. However, the success of this regulatory approach under the EU AI Act will ultimately depend on the specific process, the possibility of all GPAI Model providers (irrespective of their size, power, and resources) to share their views and interests equally, and appropriate procedural safeguards.