unregulated
adjective
LAW uk/ʌnˈreɡjʊleɪtɪd/ us/-ṱɪd/used to describe a type of business or activity that is not controlled and directed by rules or laws:
Credit counseling has become a big and largely unregulated business in recent years.
an unregulated industry/market/monopoly A dozen firms currently operate in this completely unregulated market.
unregulated investments/loans/trading