Could a native speaker please elaborate on the usage of above terms?
The German equivalent is "Regelung" in the sense of closed-loop control.
The other meaning is more in the sense of an agreement or rules/law that 
I would translate as "regulation".
But, it also seems to be used for technical "stuff" e.g. 
http://en.wikipedia.org/wiki/Regulator_%28automatic_control%29

Then, there is the German word "Steuerung" in the sense of open-loop 
control, but I think there's no single-word equivalent.

Dictionary sites usually don't reveal the nuances at first sight.

Thanks!