@ShaneBlakeEy Think of it like this. The office of UCLA Honor, Awards, and Financial Aid Office is given a list of the Top 1.5% of the applicant pool, and gives the students on this list the chance to compete for the Regents scholarship (which is approximately the top 975 to 1000 students in the pool). However, the office of UCLA Admissions offers the top 17% (or so) the actual admission to UCLA.
It’s not exactly admission, but its essentially admission because, barring anything happening to your academic or behavioral status, you’re already the top 1.5% of a university’s applicant pool that accepts the top 17%.