The word "unregulated" means not being controlled or governed by any rules or laws. It suggests that something is not being monitored or supervised. Full definition
So the phenomenon of shadow banking — the practice of unregulated lending by banks and finance companies — can pose a major shock to the system. (gfmag.com)
In unregulated markets — with independent system operators — a clear economic value is much easier to predict and measure. (energync.org)
This largely unregulated market remains subject to a lot of volatility. (newsbtc.com)