[akerl_]

They’re the most obvious stakeholder… the regulation is going to directly affect them.

[Spartan-S63]

No, the public at large are the stakeholders. The enterprise is the subject of the regulation.

[sdenton4]

"Stakeholder" literally means someone with a stake in the outcome, which is to say, those who will be affected by the decision. That can include a whole range of people+entities, including citizens (as a group) and the companies to be regulated.