The study presented below focuses on shared regulation processes carried out by small groups of students with different levels of performance in a CSCL environment. The term shared regulation used in the study refers to the process in which multiple students, as a group, act intentionally on their own participation, motivational and cognitive group processes. A case study was conducted, aimed to analyze a small-group collaborative task developed by university students in an asynchronous communication environment for 27 days. A comparative analysis of two groups with high performance in the task and two groups with low performance in the task was developed. The results revealed that the two high performance groups, in contrast to low performance groups, displayed a greater number and more diverse regulation on motivational elements. Regarding regulation on cognitive and participation elements, clear quantitative differences between the groups were not found. However, the qualitative analysis of the data showed a greater involvement of students and better quality of regulation in the two high performance groups.