I was rejected by LLM Program on 1.14(Apply on 11.20), and my second choice is MSc Regulation,
have anyone applied such program as well or have acknowledged about MSc in Regulation?

I have applied to both as you have mentioned though my chances are bleak as, I have a high 2:2 whereas they as for is 2:1 . But one my recommendation mentions that I'm within top 10% for my batch. so hope that counts....

MSc Regulation has just 35 places, so it is more competitive than the LLM Program.