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The phrase "governmental regulation" is correct and usable in written English.
You can use it when referring to laws, rules, and restrictions that are put in place by a government or government agency. For example, "The governmental regulation of the sale of alcohol has significantly reduced the number of alcohol-related incidents in the area."
Exact(60)
The investigation could also result in increased governmental regulation.
Thus, governmental regulation, properly done, aids a free market, rather than spoiling it.
Global capitalism thrives to the extent that national borders and governmental regulation are not in play.
Helping nature take its course is not criminal, and it should be outside governmental regulation.
This is sure to lead to governmental regulation and greater erosion of independence.
Free of governmental regulation and with one successful play running, Welles and Houseman again set out to find backers.
Most European exchanges are also subject to some form of governmental regulation.
We saw the shortcomings of governmental regulation as well as, ironically, the pressing need for more.
Sismondi argued for governmental regulation of economic competition and for a balance between production and consumption.
In that post Singh's efforts to reduce governmental regulation of business and to prosecute tax fraud attracted widespread praise.
What my friends and I do understand is that for hunters and target shooters, governmental regulation has long been part of our lives.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com