So, are you saying that there is effectively no regulatory oversight of practical operations for business aircraft?
The amount of oversight depends on the nature of the operations.
This particular business jet was operated solely as a private aircraft regulated under FAR Part 91, so it has as little (or as much) oversight as any other private aircraft.
Other business jets are operated under more stringent FAR Part 135 rules governing commercial on-demand and commuter flights, and will have more regulatory oversight accordingly.