Regulatory governance is considered as a new era in the state's intervention, and it is vital to foster both qualitative and quantitative performances of regulators. In this paper, the authors argue that the absence of governance principles allows regulators to justify the adoption of instruments to improve it. Five core regulatory principles, particularly accountability, administrative capacity, open government, regulatory quality, and rule of law build the bridge between regulatory governance and regulatory substance. The authors propose the application of a multicriteria modelling method (ELECTRE TRI‐C) in order to conduct the assessment and categorization of Brazilian subnational regulators according to the presence of governance, encompassing the opinions of legitimate stakeholders. The levels of regulatory governance are calculated for the regulators in order to provide some determinants of good governance, which could be stimulated by regulatory impact assessment, as a policy tool that improves institutional environments.