This is the 5624th most frequent Russian word.
правового
"Правового" means "legal" or "relating to law."
Here, 'правового' modifies 'регулирования', indicating that it's related to legal matters or the law.
Вопросы правового регулирования требуют особого внимания.
Questions of legal regulation require special attention.
In this sentence, 'правового' refers to 'анализа', denoting that the analysis pertains to legal aspects.
Правового анализа документов было недостаточно для принятия решения.
Legal analysis of documents was insufficient for making a decision.
Here, 'правового' describes 'государства', referring to a state governed by laws.