Thanks for that Alan, that's understood but unless Micro Audio have made a mistake with their documentation, they advertise their SMPS1K-PFCR2 (erroneously listed as the SMPS1K-PFCR3 in the documentation) & SMPS1K-SN as "unregulated" as you can see below, perhaps the owner Sami has made an error with his documentations but not too sure about that.
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Hence my careful use of the word effectively.
The earlier models use feedback within the switching circuit to provide loose regulation. Which is actually quite effective compared to the performance of the Hypex design. However it will struggle with reactive load bus pumping. So possibly a bad description on my behalf, it's not fully regulated.
The lower voltage rails are fully regulated with traditional 3 pin linear regulators.
The later designs improve on this with the bus pumping control techniques that regulate the main high voltage rails.