The regulator is the little arm between the A/R or F/S markings on the balance cock.
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As the energy from the mainspring through to the escape wheel deteriorates due to lack of lubrication, dirt, magnetism etc the impulse to the balance wheel decreases, leading to shorter, thus faster beats of the wheel, moving the regulator to slow it down helps keep time, but it's an indication that all is not well with the watch.
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