Long-range dependence (LRD) is a largely verified property of Internet traffic, which severely affects network queuing. An approach for guaranteeing performance requirements is controlling the statistical profile of input traffic by policing or shaping regulators. In this paper, it is investigated by simulation how the 1/fα spectrum of LRD traffic is altered when this is regulated by either policers or shapers. Traffic spectral analysis is carried out mainly by the Modified Allan Variance, a time-domain quantity with demonstrated superior accuracy in fractional-noise parameter estimation. The queuing behaviour of LRD regulated traffic in FIFO schedulers is also investigated. Conditions under which service level agreements based on delay bounds can be violated, by varying α in input LRD traffic, are examined.