A magic skill question

[Avadonna]

Please bear with me as I try to ask this question. I don't pay much attention to the mechanics of the game, so I may not be using accurate names for stuff.

I have an archer. I have a magic skill, mana regen I think it is called. It is the icon that looks like an upside-down golden acorn. When I use this skill, does it quicken the regeneration of the the magic I used (the blue bar) or does it shorten the time I have to wait between using skills? Or both?

I've tried to watch and figure it out but I can't tell.