Re: 'bout time
Sky DO have a regulator - it is OFCOM who regulate all commercial communication enterprises (tv, radio, mobile phones, etc, etc.) in the UK.
Also, there is nothing stopping anyone other than Sky broadcasting satellite channels in the UK. Don't forget BSB tried and failed - a shame as they were technically far superior to Sky - yet customers weren't prepared to invest.
Where Sky have a monopoly is in how they operate and control their Electronic Programme Guide - who can get listed, positioning of channels, etc. Then again, you could argue that Virgin have exactly the same monopoly of the Virgin Media Electronic Programme Guide.