---
slug: orgao-regras
lang: en
titulo: The secondary public offering is regulated by the Council of the Partnership and Investment Program (PPI)
resposta: 1. The Council of the Partnership and Investment Program (PPI) establishes the rules for the secondary public offering of Eletrobras shares in the context of privatization, pursuant to Decree No. 11.028/2022.
curto: PPI governs secondary offering
tema: Free market
revisada: 2026-10-04
proxima: 2027-04-04
---

## Data

| Who | Applicable rule | Source | Data |
|---|---|---|---|
| Council of PPI | Sets the rules for the secondary public offering of Eletrobras shares in the privatization process | Decreto n.º 11.028/2022, art. 2.º | 01/04/2022 |

Data consulted on 04/10/2026.

## Basis

- [Decree No. 11.028/2022 (Planalto, in Portuguese)](https://www.planalto.gov.br/ccivil_03/_ato2019-2022/2022/decreto/d11028.htm): provides for the secondary public offering of Eletrobras shares in the privatization process, specifying that the rules will be established by the Council of the Partnership and Investment Program (PPI).

## How it applies

The secondary public offering of Eletrobras shares, when necessary for privatization, follows the rules of the PPI Council. The Decree applies specifically to shares owned by BNDES or its subsidiaries. Additionally, these ordinary shares are included in the National Privatization Program (PND) for the purposes of Law No. 9,491/1997, ensuring the legal framework for the transaction.

## Limits

- Applies exclusively to the secondary public offering of Eletrobras shares in the context of privatization, pursuant to Art. 1, § 2, of Law No. 14,182/2021.
- The Decree does not cover secondary public offerings of other companies or sectors.
- The regulated shares are only ordinary Eletrobras shares owned by BNDES or its subsidiaries (Art. 3).
- The offering occurs only if necessary to achieve privatization, pursuant to Art. 1 of Decree No. 11,028/2022.
- Subsequent changes should be checked on Planalto, especially in laws or decrees that modify Law No. 14,182/2021 or Decree No. 11,028/2022.