The project manager should evaluate the impact the new regulations will have on the project and submit a change request, as this is part of performing integrated change control. Performing integrated change control involves reviewing all change requests, approving changes, and managing changes to the deliverables, organizational process assets, project documents, and the project management plan. By evaluating the impact of the new regulations, the project manager can determine how the project scope, schedule, cost, quality, and risks will be affected, and propose the necessary changes to align the project with the new standards. The other options are not the best ways to handle this situation, as they either ignore, delay, or bypass the change control process. References: (Professional in Business Analysis Reference Materials source and documents)

PMBOK Guide, 6th edition, Chapter 4, Section 4.6

PMP Exam Content Outline, June 2019, Domain II, Task 7

PMP Sample Test Questions, Question 372