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Different interest groups play a role in regulatory governance. One frequently neglected is the group of professionals that run regulatory agencies and pursue regulatory goals. The objective of this paper is to give “regulocrats” center stage. It interprets data from a survey conducted by Brazilian institutions, shedding light on the major preferences of the “regulocrats”, and on how they go about implementing policy and interacting with other actors. Data is combined with a state capacity perspective so as to elaborate on the findings. The paper concludes by articulating an idea of a particular kind of hybridism in the Brazilian “regulocracy”. [ABSTRACT FROM AUTHOR]