A regulating device for a water outflow, in particular of sanitary fittings, comprises a cylindrical sleeve with a central cylinder axis. The sleeve is adapted for attachment to or in the water outflow. A support plate is disposed perpendicular with respect to the axis of the sleeve. A throttling and regulating element can rotate relative to the support plate about the axis and can move in the direction of the axis. By way of the throttling and regulating element, water can flow through from one side of the support plate to the other side of the support plate. The throttling and regulating element comprises a device for fine throttling of the water. An annular distribution space for the water is delimited by the support plate, the sleeve and the throttling and regulating element. In the distribution space, water can flow in from openings in the throttling and regulating element. In the distribution space, water can flow out of the sleeve to a water outlet.