Officine Panerai

Exupery
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Swans neck

The regulator on a watch is a device that can change the rate that the watch will run. It is normally found above the balance wheel, often on top of the balance cock. By moving the regulator toward the "fast" , the watch will run quicker and will either gain time or stop losing. The opposite is true if you move it toward the "slow". Now, the "Swan-neck regulator" on this Panerai has a J-shaped spring on top of the balance cock and a screw to move the regulator back and forth.

As for the use of a Swan-neck regulator on a watch without a second hand: It has the same use as on a watch with a second hand, improving the fine adjustment of your PAM. The accuracy of a watch has nothing to to with the fact if a watch has a second hand or not. A watch without a second hand can be dead on untill 0,1 second a day and a watch with a second hand can be off 10 minutes a day. The actual accuracy can be measured by the timepiece beat interval. This can be done by a microphone to transform the mechanical beat to an electrical signal. The signal is then sent through a circuit that makes it into a uniform output that represents the beat of the timepiece. This output is then submitted into a computer and is interpreted by software to show the data on the computer.