Marvel recently (July 2003) changed their comic book rating system. One of the reasons for this was the "PG" rating that Marvel was using is copyright of the MPAA (Motion Picture Association of America). Fearing that the MPAA may eventually object to Marvel’s use of the rating, they modified their system.

The current rating system:

ALL AGES
8+ years old
Carrying no cover label, these titles are appropriate for readers of all ages.

MARVEL PSR ("Parental Supervision Recommended")
12+ years old
Though appropriate for most readers, parents are advised they may want to read before or with younger children.

MARVEL PSR+
15+ years old
Similar to Marvel PSR, but featuring more mature themes and/or more graphic imagery. Recommended for teen and adult readers.

PARENTAL ADVISORY/EXPLICIT CONTENT
18+ years old
Most Mature Reader’s books will fall under the MAX Comics banner (created specifically for mature content titles), and some may fall under the new EPIC Comics imprint. These titles could contain content similar to an R rated movie - including harsh language, graphic violence, mature themes, nudity and sexual situations. MAX and Mature-themed EPIC titles will be designed to appear distinct from mainline Marvel titles, with the "Parental Advisory/Explicit Content" label very prominently displayed on the cover. Any Parental Advisory/Explicit Content title (whether MAX or EPIC) will NOT be sold on the newsstand, and they will NOT be marketed to younger readers.

Sources:
http://www.icv2.com/articles/news/3043.html