The relationship between the consumption of ultra-processed food products and the increase in obesity and the risk of noncommunicable diseases (NCDs) has prompted international organizations to mobilize governments to regulate the reduction of the levels of sugars, fats and sodium in such products. The article analyzes the understanding of different strategic subjects about the health risks associated with the ultra-processed food products, and the public intervention adopted to modify their composition, in compliance with the Brazilian National Food and Nutrition Policy (PNAN). This is a qualitative empirical investigation, in which representatives of 12 institutions were interviewed. The theoretical framework of Depth Hermeneutics was adopted in conjunction with Discourse Analysis. This study focused on the generic theme "Agreement and Regulation" and the stated matrix "Consent Regulation" Considering a scenario of global circulation of the ultra-processed food products, not disciplined by international standards, the measure of public intervention was to establish Agreements with some food corporations, in opposition to the compulsory regulation. This measure was criticized by the subjects of the Public Sector and Civil Society, as the relevance of the topic to public health requires clear rules for the reduction of key nutrients as well as sanctions. Contrarily, the subjects of the Regulated Sector consider this measure sensible and of the government's understanding. Although there are differences among the subjects, it appears that the Agreements, as opposed to regulation, disregard the provisions of PNAN 2012 and represent a setback in view of their particular characteristics, whose results will slowly interfere in the nutritional improvement of the ultra-processed food products.
