Not totally foreign. When magic was secret and self-governance was the most proximate means of enforcement of the laws the Associations were guilds in all but name. That didn't mean there wasn't exile and death, though. Where there are guilds there are standards and where there are standards there are people who can't or won't meet them.

In the age of commodification of magic they've lost most of the power they had. When magic is just another tool people associate based on their goals, not the means.