Might be worth a look at the GOMOG page on wing stays and wing lights

http://www.gomog.com/allmorgan/wingstays.html

The bubbles around the light may be to do with wing stays?

Don't know about regs but the visual effect is one of those personal things, I happen to like them, but I also like older Morgans

Malcolm T
1966 +4
1957 TR3
1963 TR4
1983 LR 110
1985 Robin Hood 2.0l