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"We Regulators gave you protection. We got you good stuff for cheap so you could sell it. You're a rich man because of our stock... and this is how you repay us? By singin' like a saurian to the Sentinels? Bad move, my friend. Very bad move."
– From Dawnguard, radio play
The Regulators are an organized criminal group that deals in smuggling, gambling, theft, extortion, and other illegal activity. While not as ruthless as Outlaws, the Regulators are still dangerous and operate outside civil society while manipulating others for profit.
The recent closings of strider locks and a downturn in the safety of roads has limited legal trade and made the Regulators rich. In their stock of black market goods, relics are the crown jewel. What any given relic actually does is often luck-of-the-draw though, so buyer beware.
Princess Zhim is their boss.