Low Regulator Position PCB

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I would like to know how best to implement low voltage regulation.
Whether it is better with the primary regulator PCB, or with the device PCB (DAC / ADC etc ..)

*See the diagram. :sly:
 

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Mode A is normal these days, point-of-load regulation from an external DC supply board. If the external supply is a relatively noisy SMPS the local regulator can be linear to clean it up. With low voltages you don't want cable runs, too much voltage drop, another reason to regulate down to final voltage locally.
 
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