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Regulation refers to "controlling human or societal behaviour by rules or restrictions."

The importance of regulations in the film industry is that someone should see what kind of film will show to the public and see if is according to the audience before it is displayed, such as parents of children should be aware what content has the movie.
BBFC for example is responsible for classifying films and edit them if necessary and delete scenes that may disturb.

EXTERNAL REGULATIONS

The British Board of Film Classification is the independent regulator of the film and video industry in the UK. "BBFC take decisions, passing films, reject, banning films and even waiving cuts, instituting new ones, or altering categories for films exhibited under their own licensing jurisdiction."(about)

The UK Film Council is the Government backed lead agency for film in the UK ensuring that the economic, cultural and educational aspects of film are effectively represented at home and abroad.


Ofcom is the independent telecommunications regulaator and competition authority for the communication industries in the United Kingdom

See this link to know more about ofcom and UK Film Council relations

Internal Regulations
BFI is regulate the film industry and specific films.