Thanks guys & No it's not regulated, you can take as much as you want but I'm not taking whole colonies. Depending on how big the colony is how much I take but I don't take more then half of a colony. As hobbyist we need to be responsible about how we attain corals.
The other day I went to get water for a water change and I found a 2 huge colonies growing on the side of a small cliff, both were at least 4ft across. It was pretty crazy and how they were growing was unbelievable because they were growing above the water only waves crashed on them. Unfortunately I didn't get a chance to collect or take pictures but as soon as I can I will be posting!