SBS could probably make rules for places, cities, counties, duchy and kingdom but as for character names I don't think it would be feasible honestly to enforce a specific style of name on players. I believe they are going to be approving the family name that those of us bloodline and above are picking, but as for first names I doubt they could individually approve tens if not hundreds of thousands of players' names. Surnames is a much easier task in comparison.
So I mean overall I think the bulk of the names won't be terribly out in left field with like "John Sucks City" or anything like that, but you couldn't reasonably control players' first name beyond disallowing inappropriate words. But permanent things like family names and places need only be checked once in a while so much more manageable IMO.