In the United States, the FCC regulates technical broadcast spectrum only. Program content is unregulated. However, the FCC has tried in the past to expand its reach to regulate content to satellite radio and cable television, and its options are still open to attempt such in the future. The FCC does issue licenses to both satellite radio providers (XM and Sirius) and controls who holds these licenses to broadcast.
I heard an emergency broadcast test on XM just yesterday on my way home. They said nothing, just did the short beeps and then the long one.