I'm sceptical of having an independent regulator. I'm afraid there is no such thing as an independent anything nowadays. People have opinions, so they are going to be for or against a particular thing.
Even an independent regulator will favour the bigger clubs rather than the smaller ones, because at the end of the day money talks, & if you have the money it makes a club very powerful.
As for the PL. There should be a salary & transfer cap. Each club should only be allowed two of the most expensive players, & their needs to be at least 6 home players on the field of play at any one time to help home players develop.
This may reduce the standard in the PL but I think it needs to be done.