The most common and most likely answer to this crossword clue is the 9 letter word REGULATED
I've seen this crossword clue in The Guardian
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More clues leading to the result REGULATED
Buddy explains!
The straight part
We know that "under formal rules" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case under formal rules = regulated.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does REGULATED mean?
REGULATED verb- To dictate policy.
- To control or direct according to rule, principle, or law.
- To adjust to a particular specification or requirement: regulate temperature.
- To adjust (a mechanism) for accurate and proper functioning.
- To put or maintain in order.