Are there any regulations? I read that FDA approval is not required. But what are the parameters (clinical as well as analytical characteristics) to be tested on a potential moisturizer?
If you are making anti-aging claims about your moisturizer, then you will most likely need to have the clinical results to back it up. Your clinical results can include several components: expert grader such as a dermatologist; instrumental measures for depth of wrinkles, skin texture; photography at baseline and at various time-points.
If you are making moisturizing claims or 'hours of moisturization' claims, these can be accomplished via appropriately designed studies involving instrumental testing of moisture retention over time.