The regulator can fail in the other mode too, where it just goes dead and doesn't energise the field coil. Then you get no charging (as opposed to over-charging) and your battery goes flat. Usually on a dark wet night a long way from home.
If your regulator is knackered, there are solid state replacements available nowadays that are a simple plug-in fit. The solid state types would be less sensitive to vibration than the old metal case electro-mechanical type, and would presumably be more reliable because of that.
Just for completeness of info, the 3 connections to the regulator are D+, D- and DF. This is general info, not necessarily specific to the Laverda SF.
D+ is the 12V supply from the battery via the ignition switch. This sometimes goes via a charge indicator light too.
DF is the 12V "excitation" power supply from the regulator to the field coil in the alternator (or DC generator). The job of the regulator is to switch this field coil supply on or off to maintain the system voltage.
D- is the negative, basically just an earth connection via the alternator/generator.