The regulation of higher education has witnessed considerable challenges over the past two decades or so. One is the ‘audit explosion’ of national research and teaching quality regulatory regimes. The other is the growing international positional competition of national higher education systems and institutions that challenged the relevance of national regulation. This chapter summarizes change in regulatory regimes across (developed) countries to highlight the move towards regulation that has emphasized oversight and rivalry, but has maintained a considerable emphasis on peer-review. The chapters considers these overall trends and notes the unintended consequence of the diagnosed audit explosion and internationalized positional competition.