Abstract
This article deals with stakeholder participation in the formulation of regulatory decisions. The objective is to understand the relationship between the interests and influence of stakeholders in the regulatory game. The largest independent regulatory agency in Brazil has been investigated on this issue. Based on the characterization of the mechanisms for consulting stakeholders, regulators and representatives of relevant groups were heard about the relationship between the interests of each segment and the influence exerted on the agency’s regulatory process. The data obtained draws different scenarios from those expected by the theory of regulation. Structures and processes aimed at promoting the expansion of the participation of different actors result in the deepening of the concentration of influence power of a certain dominant group. The conclusions point to a new vision about the relationships established between stakeholders and regulators, and show new influence strategies and behaviors of these actors.
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