IPA: /nɒnˈrɛɡjʊleɪtɪd/
KK: /nɑnˈrɛɡjʊˌleɪtɪd/
Not controlled or governed by rules or regulations.
The nonregulated market allows for more freedom in pricing and competition.
Nonregulated → It is formed from "non-" (meaning not) and "regulated" (from Latin "regulare", meaning to control or direct). The word "nonregulated" means not controlled or directed by rules or regulations.
Think of 'not' ('non-') being applied to something that is 'controlled' ('regulare') — that's why nonregulated means it is not under control.