The invention relates to a regulating device for a turbocharger. The regulating device (8) is received in a turbocharger (2) exhaust gas conducting section (1) through which exhaust gas can flow, and a fluid flow to a turbine wheel which is rotatably received in the exhaust gas conducting section (1) can be conditioned using the regulating device (8). A flow channel (10; 31) which is formed in the exhaust gas conducting section (1) is to be opened and closed using a cover element (9) of the regulating device (8), and the cover element (9) is arranged on a regulating device (8) pivot arm (38) which can be pivoted about a rotational axis (34). According to the invention, the cover element (9) is designed to open and close a flow channel designed as a bypass channel (31) for bypassing the turbine wheel and/or for opening and closing a flow channel, which is designed as a through-flow opening (10), between a first spiral channel (4) and a second spiral channel (5) of the exhaust gas conducting section (1).