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This paper aims to contribute to the debate on regulation. Despite its various meanings, the concept has evolved considerably. It seems, however, that a degree of agreement has emerged to the effect that regulation can be regarded as an approach that allows for a degree of balance between competition and other public interests to be maintained. Independent agencies play a central role and are therefore subject to numerous constraints. The complex legal environment in which they operate imposes limits and restricts their behavior as well as their decisions. This environment has given rise to adaptive responses that have allowed these agencies to preserve their unique role and autonomy, with a view of ensuring coherent action. This study aims at explaining the various legal principles that currently emerge from the practices of independent regulatory authorities. In particular, the principle of equality appears to cut across all areas. The study shows that regulatory authorities refer to this principle when dealing with various markets in order to promote equality of chances within competition and to penalize non-compliance. The study concludes that considerations of equity also gradually influence the decisions of regulatory agencies, which reinforces the idea that there cannot be efficient competition without some form of distributive justice and consideration of moral values.