can t really do this with a recordset.
you would need to code the php on the page that displays the results of the recordset to look at the value of the StatusM2 column, and if it is not regular, dont display the FirstNameM2, and LastNameM2 columns.
<?php if($row_recordsetName["StatusM2"] == "Regular") echo($row_recordsetName["FirstNameM2"]." ".$row_recordsetName["LastNameM2"]); ?>