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
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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)