Professional Documents
Culture Documents
(Vwdgrgh6Dqwd&Dwdulqd 6hfuhwduldgh (VWDGRGD) D) HQGD 'Luhwruldgh$Xglwruld Hudo',$ %dodqor Hudogr (VWDGRGR ( (Huftflrgh
(Vwdgrgh6Dqwd&Dwdulqd 6hfuhwduldgh (VWDGRGD) D) HQGD 'Luhwruldgh$Xglwruld Hudo',$ %dodqor Hudogr (VWDGRGR ( (Huftflrgh
(Vwdgrgh6Dqwd&Dwdulqd 6hfuhwduldgh (VWDGRGD) D) HQGD 'Luhwruldgh$Xglwruld Hudo',$ %dodqor Hudogr (VWDGRGR ( (Huftflrgh
(VWDGRGH6DQWD&DWDULQD
6HFUHWDULDGH(VWDGRGD)D]HQGD
'LUHWRULDGH$XGLWRULD*HUDO',$*%DODQoR*HUDOGR(VWDGRGR([HUFtFLRGH
SXEOLFDo}HV QR VLWH GD 6()',$* GH UHXQL}HV WpFQLFDV H GH
LQ~PHURVDWHQGLPHQWRVSRUHPDLOWHOHIRQHRXSHVVRDOPHQWH
5(/$7Ï5,2 '$ ',5(725,$ '( $8',725,$ &RPRREMHWLYRSHUPDQHQWHGHUDFLRQDOL]DomRHVLPSOLILFDomRGDV
*(5$/ DWLYLGDGHV QR kPELWR GD ',$* IRUDP UHDOL]DGRV HVWXGRV SDUD D
PHOKRULDHSDGURQL]DomRGRVSDSpLVGHWUDEDOKRDHODERUDomRGH
URWLQDVHDFRQVROLGDomRGDOHJLVODomRYLJHQWH
2V SURFHVVRV GH 7RPDGDV GH &RQWDV (VSHFLDLV LQVWDXUDGRV H
HQFDPLQKDGRVj',$*SHORVyUJmRVHHQWLGDGHVGD$GPLQLVWUDomR
'LUHWDH,QGLUHWDSRUIRUoDGR'HFUHWRQGHGHGH]HPEUR
GH IRUDP REMHWR GH DQiOLVH H UHVXOWDUDP QD HPLVVmR GH
$'LUHWRULDGH$XGLWRULD*HUDO±',$*GD6HFUHWDULDGH(VWDGRGD
5HODWyULRVH&HUWLILFDGRVGH$XGLWRULD
)D]HQGD 6() QR FXPSULPHQWR GR GHYHU GH SUHVWDU FRQWDV
DSUHVHQWD R SUHVHQWH UHODWyULR FRP R LQWXLWR GH GLYXOJDU DV &RP LVVR QD VHTXrQFLD GHVFUHYHPVH UHVXPLGDPHQWH DV
SULQFLSDLV DWLYLGDGHV GHVHQYROYLGDV QR GHFRUUHU GR H[HUFtFLR DWLYLGDGHV GHVHQYROYLGDV SHOD ',$* QR H[HUFtFLR ILQDQFHLUR GH
ILQDQFHLURGH
$ ',$* 1~FOHR 7pFQLFR GR 6LVWHPD $GPLQLVWUDWLYR GH &RQWUROH
,QWHUQRGR3RGHU([HFXWLYRHVWiHVWUXWXUDGDHPTXDWURJHUrQFLDV
TXDLVVHMDP*HUrQFLDGH$XGLWRULDGH$WRVGH3HVVRDO*($3(
*HUrQFLD GH $XGLWRULD GH &RQWDV 3~EOLFDV *($83 *HUrQFLD GH
$XGLWRULD GH &RQWUDWRV *($8& H *HUrQFLD GH $XGLWRULD GH
5HFXUVRV$QWHFLSDGRV*(5$1
1R DQR GH D ',$* SRU PHLR GH VXDV *HUrQFLDV UHDOL]RX
DXGLWRULDVRUGLQiULDVGHFRQIRUPLGDGHHGHDFRPSDQKDPHQWREHP
FRP DXGLWRULDV HVSHFLDLV $V DXGLWRULDV RUGLQiULDV VH LQLFLDUDP GH
RItFLR H REHGHFHUDP j SURJUDPDomR HVWDEHOHFLGD QR 3ODQR $QXDO
GH $XGLWRULD ± 3$$ 6() $V DXGLWRULDV HVSHFLDLV
REMHWLYDUDP R H[DPH GH IDWRV FRQVLGHUDGRV UHOHYDQWHV VHQGR
UHDOL]DGDVSDUDDWHQGHUDVROLFLWDomRRXDGHWHUPLQDomRH[SUHVVD
FRP LQGLFDomR GRV IDWRV D VHUHP YHULILFDGRV PHGLDQWH RItFLR GRV
GLULJHQWHV GRV yUJmRV H HQWLGDGHV GD $GPLQLVWUDomR 'LUHWD H
,QGLUHWD
$V DWLYLGDGHV GH RULHQWDomR H DVVHVVRUDPHQWR VH GHVHQYROYHUDP
SRU PHLR GR 3URMHWR $XGLWRULD ,QWHUQD 2ULHQWD GD HODERUDomR GH
SURSRVWDV GH DWRV QRUPDWLYRV GD HPLVVmR GH LQIRUPDo}HV GH
Página: 25 de 575
(VWDGRGH6DQWD&DWDULQD
6HFUHWDULDGH(VWDGRGD)D]HQGD
'LUHWRULDGH$XGLWRULD*HUDO',$*%DODQoR*HUDOGR(VWDGRGR([HUFtFLRGH
. ! "
!%*
/ 0
! " "
"$,
, -$
#
$ /
$V DXGLWRULDV RUGLQiULDV GHVHQYROYLGDV QR H[HUFtFLR ILQDQFHLUR GH "
LQLFLDUDPVH GH RItFLR H REHGHFHUDP j SURJUDPDomR 3URJUDPDGH$XGLWRULDQ
HVWDEHOHFLGDSHOD'LUHWRULDGH$XGLWRULD*HUDO 5HODWyULRV GH $XGLWRULD QV UHDQiOLVH Q
H YLVDP YHULILFDU D UHJXODULGDGH
GHGHVSHVDVUHODWLYDVjIROKDGHSDJDPHQWRGR(VWDGRGH6DQWD
&DWDULQD
! "
#$% &'( !
)"
*
+& 1 -2" &"3 "
#
2!4 5$"*
3URJUDPDGH$XGLWRULDQ $ $+&
5HODWyULR GH $XGLWRULD Q YLVD YHULILFDU QDV FRQWUDWDo}HV 3URJUDPDGH$XGLWRULDQ
SDUD DTXLVLomR GH GHVHQYROYLPHQWR GH VRIWZDUH D GLVSRQLELOLGDGH &RPXQLFDomR GH $XGLWRULD Q YLVD DIHULU D UHJXODULGDGH
GH VROXomR VLPLODU HP RXWURV yUJmRV RX HQWLGDGHV GD GRV YDORUHV FRQVWDQWHV GRV GHSyVLWRV UHFXUVDLV QR kPELWR GD
DGPLQLVWUDomR S~EOLFD HVWDGXDO EHP FRPR R FXPSULPHQWR GDV -XVWLoD GR 7UDEDOKR HQYROYHQGR DVSHFWRV FRQWiEHLV H
QRUPDV H SUHPLVVDV EiVLFDV HGLWDGDV SHOD 'LUHWRULD GH RSHUDFLRQDLV
*RYHUQDQoD (OHWU{QLFD '*29 GD 6HFUHWDULD GH (VWDGR GD
$GPLQLVWUDomR6($ 6
- $ "%*
$
3URJUDPDGH$XGLWRULDQ
! "
# ! 5HODWyULRGH$XGLWRULDQYLVDLGHQWLILFDUDVLUUHJXODULGDGHV
"$,
, -$
+
QRSURFHVVRGHWUDQVPLVVmRGD*XLDGH5HFROKLPHQWRGR)*76H
3URJUDPDGH$XGLWRULDQ ,QIRUPDo}HVj3UHYLGrQFLD6RFLDO*),3
5HODWyULR GH $XGLWRULD Q REMHWLYD YHULILFDU D UHJXODULGDGH
GRVSURFHVVRVOLFLWDWyULRVHGRVFRQWUDWRVQV 7
-2$8 9( %*
"
$
H FHOHEUDGRV D SDUWLU GH $/9
:0
HQWUH D 6HFUHWDULD GH (VWDGR GD $JULFXOWXUD H 3URJUDPDGH$XGLWRULDQ
'HVHQYROYLPHQWR 5XUDO ± 6$5 H D (PSUHVD 7ULkQJXOR /LPSH]D H &RPXQLFDomR GH $XGLWRULD Q YLVD DIHULU D UHJXODULGDGH
&RQVHUYDomR/WGD GRV YDORUHV FRQVWDQWHV GRV GHSyVLWRV UHFXUVDLV QR kPELWR GD
-XVWLoD GR 7UDEDOKR HQYROYHQGR DVSHFWRV FRQWiEHLV H
RSHUDFLRQDLV
Página: 26 de 575
(VWDGRGH6DQWD&DWDULQD
6HFUHWDULDGH(VWDGRGD)D]HQGD
'LUHWRULDGH$XGLWRULD*HUDO',$*%DODQoR*HUDOGR(VWDGRGR([HUFtFLRGH
;2-$
"$)"+
&
3URJUDPDGH$XGLWRULDQ
$V DXGLWRULDV HVSHFLDLV IRUDP UHDOL]DGDV QR H[HUFtFLR ILQDQFHLUR
5HODWyULRGH$XGLWRULDQREMHWLYDDIHULUDUHJXODULGDGHGRV
GHSDUDDWHQGHUjVVROLFLWDo}HVGRVGLULJHQWHVGRVyUJmRVRX
YDORUHV FRQVWDQWHV QRV SUHFDWyULRV GH UHVSRQVDELOLGDGH GR
HQWLGDGHVGD$GPLQLVWUDomR'LUHWDH,QGLUHWD
'(,1)5$ H LGHQWLILFDU HYHQWXDLV GXSOLFLGDGHV GH SDJDPHQWRV
VHMDPHGLDQWHGRLVSUHFDWyULRVFRPRPHVPRREMHWRSDUDRPHVPR
EHQHILFLiULR VHMD SHOD FRQFRPLWkQFLD GH UHFHELPHQWRV QD YLD
-2$8 $$" #" $-$
/
DGPLQLVWUDWLYDHMXGLFLDO
3URJUDPDGH$XGLWRULDQ
<$ $ "-
0
+
5HODWyULR GH $XGLWRULD Q REMHWLYD YHULILFDU D UHJXODULGDGH
3URJUDPDGH$XGLWRULDQ GDV GHVSHVDV GRV FRQWUROHV DGPLQLVWUDWLYRV H GD JHVWmR
5HODWyULR GH $XGLWRULD Q REMHWLYD ID]HU D DYDOLDomR GRV UHIHUHQWHVjiUHDGHSHVVRDO
GHSyVLWRV UHFXUVDLV -XVWLoD GR 7UDEDOKR GDV JDUDQWLDV GR MXt]R
-XVWLoDGR7UDEDOKRHGDSURYLVmRSDUDSHUGDVHPDo}HVMXGLFLDLV ! "
"$,
, -$
#
$
-XVWLoDGR7UDEDOKRH-XVWLoD&RPXPFRQVLGHUDQGRRVDVSHFWRV &-
"/&-
"
FRQWiELOILVFDOHRSHUDFLRQDO 3URJUDPDGH$XGLWRULDQ
5HODWyULR GH $XGLWRULD Q YLVD YHULILFDU GHQ~QFLD UHFHELGD
UHIHUHQWH j LUUHJXODULGDGH QR FRQWUDWR &5 REUD GH
FRQVWUXomRGR&(-$±3DOPLWRV
&
9
. ! "
"$,
, -$
#
$
-2$8 $#"$,
, -$
#=!
>
-(
/>
-(
$ $/
3URJUDPDGH$XGLWRULDQ
3URJUDPDGH$XGLWRULDQ 5HODWyULR GH $XGLWRULD Q YLVD YHULILFDU GHQ~QFLD UHFHELGD
5HODWyULR GH $XGLWRULD Q UHDQiOLVH Q REMHWLYD UHIHUHQWH j H[HFXomR GDV REUDV GRV FRQWUDWRV &7
DFRPSDQKDU D LPSOHPHQWDomR GR 3URJUDPD GH 'HPLVVmR &7 H &7WRGDV GD ((% -RmR 3DXOR , GD
,QFHQWLYDGD ± 3', DSURYDGR SHOD 5HVROXomR GR &RQVHOKR GH 6'5GH4XLORPER
3ROtWLFD )LQDQFHLUD ± &3) VRE Q SXEOLFDGD QR 'LiULR
2ILFLDOGR(VWDGRGH±WXUPD±MXOKRWXUPD± 1$
"$,
, -$
! /
?
DJRVWR WXUPD ± VHWHPEUR WXUPD ± RXWXEUR H 3URJUDPDGH$XGLWRULDQ
WXUPD±QRYHPEUR 5HODWyULR GH $XGLWRULD Q REMHWLYD DYDOLDU RV
SURFHGLPHQWRV GH DQiOLVH GRV SHGLGRV GHIHULPHQWRV H
DXWRUL]Do}HV QR UHSDVVH GH VXEYHQo}HV FRP UHFXUVRV GR
)XQGRVRFLDO
Página: 27 de 575
(VWDGRGH6DQWD&DWDULQD
6HFUHWDULDGH(VWDGRGD)D]HQGD
'LUHWRULDGH$XGLWRULD*HUDO',$*%DODQoR*HUDOGR(VWDGRGR([HUFtFLRGH
6! "
&$@-$
/& 3URJUDPDGH$XGLWRULDQ
3URJUDPDGH$XGLWRULDQ $IHULU D UHJXODULGDGH GRV YDORUHV FRQVWDQWHV GRV GHSyVLWRV
5HODWyULR GH $XGLWRULD Q YLVD YHULILFDU H DYDOLDU D UHFXUVDLVQRkPELWRGD-XVWLoDGR7UDEDOKRHQYROYHQGRDVSHFWRV
UHJXODULGDGH GR 7HUPR GH 3DUFHULD Q H R DOFDQFH GH FRQWiEHLVHRSHUDFLRQDLV
VXDV UHVSHFWLYDV ILQDOLGDGHV UHIHUHQWH j H[HFXomR GR 3URJUDPD
352-29(085%$12±6& .1 ! "
#$% &'( !
)"
*
/&
3URJUDPDGH$XGLWRULDQ
.
?A
9HULILFDU H DYDOLDU D UHJXODULGDGH GRV FRQYrQLRV H LQVWUXPHQWRV
FRQJrQHUHVHRDOFDQFHGHVXDVUHVSHFWLYDVILQDOLGDGHVUHIHUHQWH
.
DR DWHQGLPHQWR D DGROHVFHQWHV PHQRUHV LQIUDWRUHV H
.
- $ "%*
$ GHSHQGHQWHVTXtPLFRV
3URJUDPDGH$XGLWRULDQ
3URPRYHU DXGLWRULD UHIHUHQWH DRV H[HUFtFLRV GH D QD .6! "
"$,
, -$
#
$
)ROKD GH 3DJDPHQWR PHGLDQWH XWLOL]DomR GH FRQVXOWDV %
/%
DXWRPDWL]DGDVTXHSHUPLWDPDLGHQWLILFDomRGHLUUHJXODULGDGHVRX 3URJUDPDGH$XGLWRULDQ
LQFRQVLVWrQFLDV 9HULILFDU GHQ~QFLD UHFHELGD UHIHUHQWH D LUUHJXODULGDGHV QRV
FRQWUDWRV GH REUDV UHODFLRQDGRV DRV EHQV S~EOLFRV ± (VFROD
3URJUDPDGH$XGLWRULDQ %iVLFD 'RP 2UODQGR 'RWWL &7 H (VFROD %iVLFD
9HULILFDU D UHJXODULGDGH QRV SDJDPHQWRV UHDOL]DGRV HP H 3DXOR 6FKLHIIOHU &7 &7 &7
GHGHVSHVDVFRPSHVVRDOUHIHUHQWHVDH[HUFtFLRVHQFHUUDGRV H &7 DPEDV ORFDOL]DGDV QR 0XQLFtSLR
PHGLDQWH DQiOLVH GRV SURFHGLPHQWRV OHJDLV DGRWDGRV SDUD R GH&DoDGRU
UHFRQKHFLPHQWRHUHJXODUSURFHVVDPHQWRGHVWDVGHVSHVDV
.7 $
"$,
, -$
! /
.
-2$8 9( %*
"
$
?
$/9
:0 3URJUDPDGH$XGLWRULDQ
3URJUDPDGH$XGLWRULDQ 9HULILFDU D DSOLFDomR H HIHWLYR UHFHELPHQWR GDV VXEYHQo}HV
$IHULU D UHJXODULGDGH GR UHJLVWUR H GR FRQWUROH GRV IDWRV VRFLDLVUHSDVVDGDVjVHQWLGDGHV
DGPLQLVWUDWLYRV UHODFLRQDGRV j IROKD GH SDJDPHQWR HP WHUPRV
JHUDLVDRGpFLPRWHUFHLURHjVIpULDV
..
-2$8 $#"$,
, -$
#=!
.
&
9
$ $/
Página: 28 de 575
(VWDGRGH6DQWD&DWDULQD
6HFUHWDULDGH(VWDGRGD)D]HQGD
'LUHWRULDGH$XGLWRULD*HUDO',$*%DODQoR*HUDOGR(VWDGRGR([HUFtFLRGH
.
- $ "%*
$ $FRPSDQKDU D LPSODQWDomR GH 3ODQR GH $omR SDUD DOWHUDomR GH
3URJUDPDGH$XGLWRULDQ URWLQDV H SURFHGLPHQWRV HP UHODomR jV LQFRQVLVWrQFLDV
6XEVLGLDUR6HFUHWiULRGH(VWDGRGD)D]HQGDHRXR*UXSR*HVWRU HQFRQWUDGDVQDJHUDomRWUDQVPLVVmRHSDJDPHQWRGD*),3SDUD
QRSHUPDQHQWHJHUHQFLDPHQWRHFRQWUROHGDGHVSHVDFRPSHVVRDO FXPSULPHQWRGDOHJLVODomRIHGHUDO
FRQIRUPHFRQVWDGDV'LUHWUL]HVSDUDDHODERUDomRGR3ODQR$QXDO
GH$XGLWRULD±3$$GRH[HUFtFLRGHGD',$**($3(TXDQWR
j .-2""" "2$$"
9DULDomR GRV FyGLJRV GH SDJDPHQWR DFRPSDQKDQGR 3URJUDPDGH$XGLWRULDQ
PHQVDOPHQWH DSyV R IHFKDPHQWR GD IROKD GH SDJDPHQWR DV 3URPRYHU DXGLWRULD SHUPDQHQWH H FRQFRPLWDQWH GXUDQWH R
YDULDo}HVHRXUHSHUFXVV}HVUHSUHVHQWDWLYDVQRVGLYHUVRVFyGLJRV H[HUFtFLRGHQD)ROKDGH3DJDPHQWRPHGLDQWHXWLOL]DomRGH
GHSDJDPHQWRTXHFRPS}HPDIROKD FRQVXOWDV DXWRPDWL]DGDV TXH SHUPLWDP D LGHQWLILFDomR GH
'HVSHVD GD IROKD GH SDJDPHQWR FRQVROLGDQGR PHQVDOPHQWH LUUHJXODULGDGHVRXLQFRQVLVWrQFLDV
DSyV R IHFKDPHQWR GD IROKD GH SDJDPHQWR D GHVSHVD FRP
SHVVRDO SRU ÏUJmR YDORUHV SURFHVVDGRV QD IROKD GH SDJDPHQWR
QRUPDO 1&?
3URJUDPDGH$XGLWRULDQ 1R TXDGUR DEDL[R SRGHP VHU REVHUYDGRV RV WLSRV H DV
$WXDUSUHYHQWLYDPHQWHHFRQFRPLWDQWHPHQWHQRDFRPSDQKDPHQWR TXDQWLGDGHVGH5HODWyULRVGH$XGLWRULDHPLWLGRVDSDUWLUGRDQRGH
GDVREUDVHVHUYLoRVGHHQJHQKDULDGR(VWDGRGH6DQWD&DWDULQD
GHVGH D IDVH GR SODQHMDPHQWR LQLFLDO SDVVDQGR SHODV IDVHV GR
(VSHFLILFDomR$QR
SURMHWRRUoDPHQWROLFLWDomRFRQWUDWDomRHH[HFXomRYHULILFDQGRD
OHJLWLPLGDGH GRV PHVPRV j FRUUHomR GDV LUUHJXODULGDGHV $XGLWRULD2UGLQiULD
HYHQWXDOPHQWH HQFRQWUDGDV EHP FRPR R FRUUHWR FDGDVWUDPHQWR 5HDQiOLVH $XGLWRULD
2UGLQiULD
GRV GDGRV QR 6,&23 6LVWHPD ,QWHJUDGR GH &RQWUROH GH 2EUDV
3~EOLFDV $XGLWRULD(VSHFLDO
5HDQiOLVH $XGLWRULD
(VSHFLDO
3URJUDPDGH$XGLWRULDQ
3URPRYHUDXGLWRULDSHUPDQHQWHHFRQFRPLWDQWHGXUDQWHRH[HUFtFLR
GHQD)ROKDGH3DJDPHQWRPHGLDQWHXWLOL]DomRGHFRQVXOWDV 2EVHUYDVH QR JUiILFR D VHJXLU TXH HP DV 5HDQiOLVHV
DXWRPDWL]DGDVTXHSHUPLWDPDLGHQWLILFDomRGHLUUHJXODULGDGHVRX VXSHUDUDPDV$XGLWRULDV
LQFRQVLVWrQFLDV
2XWUR DVSHFWR UHOHYDQWH HP IRL D PDQXWHQomR GR HQIRTXH
YROWDGR SDUD R FDUiWHU SUHYHQWLYR R TXDO IRL LQLFLDGR HP
REMHWLYDQGR RULHQWDU RV yUJmRV H HQWLGDGHV GR 3RGHU ([HFXWLYR
3URJUDPDGH$XGLWRULDQ DFHUFD GDV OHJLVODo}HV H QRUPDWLYRV TXH IL[DP DV GLUHWUL]HV GH
WUDEDOKRGD$GPLQLVWUDomR3~EOLFD
Página: 29 de 575
(VWDGRGH6DQWD&DWDULQD
6HFUHWDULDGH(VWDGRGD)D]HQGD
'LUHWRULDGH$XGLWRULD*HUDO',$*%DODQoR*HUDOGR(VWDGRGR([HUFtFLRGH
1HVVH VHQWLGR DOpP GDV DXGLWRULDV D ',$* WDPEpP UHDOL]RX QR &RPSHWH j ',$* HPLWLU 5HODWyULR H &HUWLILFDGR GH $XGLWRULD
GHFRUUHU GH WUDEDOKRV RULHQWDWLYRV WDLV FRPR 3URMHWR FRQWHQGRPDQLIHVWDomRDUHVSHLWRGDVSURYLGrQFLDVDGRWDGDVSHOR
$XGLWRULD ,QWHUQD 2ULHQWD FXUVRV GH FDSDFLWDomR HPLVVmR GH yUJmRJHVWRUGRVUHFXUVRV
LQIRUPDo}HV LQVHUo}HV GH PDQXDLV H SHUJXQWDV H UHVSRVWDV QR
(PUHVXOWDUDPGHVVDVDWLYLGDGHVDHPLVVmRGHFHQWRH
VLWHGD6()',$*GHQWUHRXWURV
TXDUHQWDHXP5HODWyULRVH&HUWLILFDGRVGH$XGLWRULD
7
B
$ ,QIRUPDomR p D PDQLIHVWDomR GD ',$* D UHVSHLWR GH DVVXQWRV
UHODFLRQDGRVFRPTXHVW}HVOHJDLVHSURFHGLPHQWDLV
2 JUiILFR D VHJXLU GHPRQVWUD R TXDQWLWDWLYR GH ,QIRUPDo}HV
HPLWLGDVDSDUWLUGHSRUHVWD'LUHWRULD
$XGLWRULDV2UGLQiULDV 5HDQiOLVH2UGLQiULDV
$XGLWRULDV(VSHFLDLV 5HDQiOLVH(VSHFLDLV
,QIRUPDo}HV
1RWD $ VLJQLILFDWLYD TXDQWLGDGH GH 5HODWyULRV GH $XGLWRULD GR WLSR RUGLQiULD HP
GHYHXVH D UHDOL]DomR GH DXGLWRULD HP GLYHUVRV yUJmRV VREUH R PHVPR
DVVXQWR
6
&
?
7RPDGDGH&RQWDV(VSHFLDOpRSURFHVVRLQVWDXUDGRSHORVyUJmRV
HHQWLGDGHVTXHREMHWLYDDSXUDUDUHVSRQVDELOLGDGHGDTXHOHVTXH
GHUHP FDXVD D SHUGD H[WUDYLR RX RXWUDV LUUHJXODULGDGHV TXH (P DV ,QIRUPDo}HV YLVDQGR D DWHQGHU j GHPDQGD
UHVXOWHPGDQRDR(UiULR SURYHQLHQWH GRV PDLV GLYHUVRV yUJmRV H HQWLGDGHV GD
$GPLQLVWUDomR'LUHWDH,QGLUHWDYHUVDUDPSULQFLSDOPHQWHVREUHRV
VHJXLQWHVWHPDV
Página: 30 de 575
(VWDGRGH6DQWD&DWDULQD
6HFUHWDULDGH(VWDGRGD)D]HQGD
'LUHWRULDGH$XGLWRULD*HUDO',$*%DODQoR*HUDOGR(VWDGRGR([HUFtFLRGH
ÈJXDVH6DQHDPHQWR±&$6$1GRVyUJmRVHHQWLGDGHVGR3RGHU
&RQWDV3~EOLFDV ([HFXWLYR
0DQLIHVWDomRGHIRUPDVLQWHWL]DGDHREMHWLYDVREUHDDSXUDomRGH $QiOLVH FRP R REMHWLYR GH SURSRU PHOKRULDV QRV FRQWUROHV H
IDWRVHUHVSRQVDELOLGDGHVUHIHUHQWHjLPSODQWDomRGRVLVWHPD$),6 UHJLVWURV GDV FRQWDV EDQFiULDV GRV yUJmRV GD $GPLQLVWUDomR
GH ,GHQWLILFDomR 'LJLWDO &RQYrQLR 6(1$630- Q 'LUHWD LQFOXVLYH )XQGRV H GDV HQWLGDGHV $XWiUTXLFDV H
WHQGRHPYLVWDR$FyUGmRQSURIHULGRSHOR7&8 )XQGDFLRQDLVGR3RGHU([HFXWLYR
'HYROXomR GH SURFHVVR GH 7RPDGD GH &RQWDV (VSHFLDO DRV &DQFHODPHQWRGRV5HVWRVD3DJDU1mR3URFHVVDGRVGH
yUJmRVHHQWLGDGHVSDUDDGRomRGHSURYLGrQFLDV ,QIRUPDo}HV D UHVSHLWR GD SDUWLFLSDomR RUoDPHQWiULD DQXDO GD
3URJUDPD6HOR3Uy'LYHUVLGDGHGR7UDEDOKR $VVHPEOpLD /HJLVODWLYD GR (VWDGR GR 7ULEXQDO GH &RQWDV GR
(VWDGRGR3RGHU-XGLFLiULRHGR0LQLVWpULR3~EOLFRHPUHODomRj
$QiOLVH GDV FRQWDV FRQWiEHLV ³5HVWRV D 3DJDU´ GR 3RGHU
5HFHLWD/tTXLGD'LVSRQtYHO±5/'
([HFXWLYRTXDQWRDRVVDOGRVHVHXVUHVSHFWLYRVSDJDPHQWRV
$QiOLVHGR3URFHVVRUHIHUHQWHjDXGLWRULDUHDOL]DGDQD6HFUHWDULD
$QiOLVHGDVSURYLGrQFLDVDGPLQLVWUDWLYDVWRPDGDVSHOD6HFUHWDULD
GH(VWDGRGR'HVHQYROYLPHQWR6RFLDO7UDEDOKRH5HQGD±667
GH(VWDGRGD(GXFDomR±6('UHIHUHQWHDR5HODWyULRGH$XGLWRULD
SDUD YHULILFDU R VDQHDPHQWR GDV LQFRQVLVWrQFLDV DSRQWDGDV QR
QTXHYHULILFRXDUHJXODULGDGHGRVFRQWUDWRVGHSUHVWDomR
5HODWyULRGH$XGLWRULDQ
GHVHUYLoRVGHWHUFHLUL]DomRGHPmRGHREUD
5HVSRVWDDR2ItFLR,19(6&UHIHUHQWHVROLFLWDomRj',$*
'HFLVmR Q SURODWDGD QRV DXWRV GRSURFHVVR Q $25
GH FRQIHFomR GH 5HODWyULR GH &RQWUROH,QWHUQR GDTXHOD HPSUHVD
GR7&(6&
UHIHUHQWHDRH[HUFtFLRGH
$QiOLVH GDV FRQVLGHUDo}HV TXDQWR j VROLFLWDomR GH LQIRUPDo}HV
3URYLGrQFLDV YLVDQGR VROXFLRQDU DV UHVVDOYDV H DWHQGHU DV
VREUH D =RQD GH 3URFHVVDPHQWR GH ([SRUWDomR GH ,PELWXED SHOR
UHFRPHQGDo}HVFRQVWDQWHVGR3DUHFHU3UpYLRGR7&(6&UHODWLYR
0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU
jV&RQWDVGH
$QiOLVHGR3URFHVVRUHIHUHQWHjDXGLWRULDUHDOL]DGDQD)XQGDomR
$QiOLVH FRP R REMHWLYR GH SURSRU PHOKRULDV QR FRQWUROH GD
GR 0HLR $PELHQWH GR (VWDGR GH 6DQWD &DWDULQD ± )$70$ SDUD
LQVFULomR H GD UHJXODULGDGH GR &DGDVWUR 0XQLFLSDO GH
YHULILFDU D UHJXODULGDGH HILFiFLD H FRQWUROH GRV SURFHVVRV
&RQWULEXLQWHV ± &0& QRV 0XQLFtSLRV HP TXH HVWLYHUHP
DGPLQLVWUDWLYRVGHILVFDOL]DomRDPELHQWDO
HVWDEHOHFLGDV DV VHGHV GRV ÏUJmRV GD $GPLQLVWUDomR 3~EOLFD
0RQLWRUDPHQWR GH UHFRPHQGDo}HV VXJHULGDV SHOD ',$* QR (VWDGXDO'LUHWDLQFOXVLYH)XQGRVHGDV(QWLGDGHV$XWiUTXLFDVH
kPELWR GD 6HFUHWDULD GH (VWDGR GR 'HVHQYROYLPHQWR (FRQ{PLFR )XQGDFLRQDLV
6XVWHQWiYHO6'6
5HVSRVWD DR 2ItFLR Q GD &RPSDQKLD GH
3URFHGLPHQWRV TXH GHYHUmR VHU DGRWDGRV QD DUUHFDGDomR GDV 'HVHQYROYLPHQWR GR (VWDGR GH 6DQWD &DWDULQD ± &2'(6&
UHFHLWDV DXIHULGDV SRU PHLR GD ELOKHWHULD GR 0XVHX 1DFLRQDO GR UHIHUHQWH j VROLFLWDomR GH FRQIHFomR GH 5HODWyULR GH &RQWUROH
0DUGD)XQGDomR&DWDULQHQVHGH&XOWXUD±)&& ,QWHUQR GD HPSUHVD 5HIORUHVWDGRUD 6DQWD &DWDULQD 6$
$FRPSDQKDPHQWR GR SURFHVVR UHIHUHQWH DR OHYDQWDPHQWR H 5()/25(6&UHIHUHQWHDRH[HUFtFLRGH
SURFHGrQFLDGRFUpGLWRUHTXHULGRSHOD&RPSDQKLD&DWDULQHQVHGH
Página: 31 de 575
(VWDGRGH6DQWD&DWDULQD
6HFUHWDULDGH(VWDGRGD)D]HQGD
'LUHWRULDGH$XGLWRULD*HUDO',$*%DODQoR*HUDOGR(VWDGRGR([HUFtFLRGH
$QiOLVH GDV FRQWDV FRQWiEHLV ³5HVWRV D 3DJDU´ GR 3RGHU SDUDDH[HFXomRGHVHUYLoRVWpFQLFRVSURILVVLRQDLVHVSHFLDOL]DGRV
([HFXWLYR UHIHUHQWH H[HUFtFLR ILQDQFHLUR GH TXDQWR DRV GHHQJHQKDULDHDUTXLWHWXUD
VDOGRVHVHXVUHVSHFWLYRVSDJDPHQWRV $QiOLVH GDV SURYLGrQFLDV DGPLQLVWUDWLYDV DGRWDGDV SHOD
0DQXDOGH7RPDGDGH&RQWDV(VSHFLDO 6HFUHWDULDGH(VWDGRGD6D~GH6(6DUHVSHLWRGDUHJXODULGDGH
GRV FRQWUDWRV GH SUHVWDomR GH VHUYLoRV GH PmRGHREUD
3UHYLVmR OHJDO ILQDOLGDGH DEUDQJrQFLD LQVWLWXLo}HV HQYROYLGDV WHUFHLUL]DGDHPH[HFXomRQRDQRGH
DFRPSDQKDPHQWR GHVWLQDomR ILQDO H HIHLWRV GRV 5HODWyULRV GH
7UDPLWDomRGHSURFHVVRGH7RPDGDGH&RQWDV(VSHFLDO
&RQWUROH,QWHUQR±5&,¶V
$QiOLVH GDV SURYLGrQFLDV DGPLQLVWUDWLYDV WRPDGDV SHOD
$QiOLVH GRV SURFHGLPHQWRV SDUD R UHVVDUFLPHQWR GH YDORUHV 6HFUHWDULDGH(VWDGRGD(GXFDomR±6('UHIHUHQWHDR5HODWyULR
UHIHUHQWHV DR ,PSRVWR GH 5HQGD 5HWLGR QD )RQWH ± ,55) UHWLGRV GH$XGLWRULDQTXHYHULILFRXDUHJXODULGDGHGRVFRQWUDWRV
LQGHYLGDPHQWH GHSUHVWDomRGHVHUYLoRVGHWHUFHLUL]DomRGHPmRGHREUD
7UDEDOKRVSUHOLPLQDUHVFRPRSURSyVLWRGHSHVTXLVDULGHQWLILFDUH
GLDJQRVWLFDU RV IDWRV HQVHMDGRUHV GH GpELWRV QD IURWD GH YHtFXORV $WRVGH3HVVRDO
RILFLDLVGR3RGHU([HFXWLYR(VWDGXDOFRPRREMHWLYRGHDSUHVHQWDU
$FRPSDQKDPHQWR PHQVDO GDV YDULDo}HV HRX UHSHUFXVV}HV
SURSRVWDVFRPYLVWDVDVDQDURXUHGX]LUHVWHVGpELWRV
ILQDQFHLUDV GRV FyGLJRV GH SDJDPHQWR GD DGPLQLVWUDomR GLUHWD
DXWiUTXLFD H IXQGDFLRQDO H GDV HPSUHVDV HVWDWDLV GHSHQGHQWHV
&RQWUDWRVH/LFLWDo}HV &RQVROLGDomR GD GHVSHVD FRP SHVVRDO SURFHVVDGD HP IROKD GH
'HYROXomR GH SURFHVVR GH 7RPDGD GH &RQWDV (VSHFLDO DRV SDJDPHQWR
yUJmRVHHQWLGDGHVSDUDDGRomRGHSURYLGrQFLDV 0DQLIHVWDomR VREUH SURYLGrQFLDV TXH GHYHP VHU DGRWDGDV
$FRPSDQKDPHQWR GH 2EUDV H 6HUYLoRV GH (QJHQKDULD FRP R GXUDQWH D WUDQVLomR GR PRGHOR DWXDO GH UHVVDUFLPHQWR GDV
REMHWLYR GH PRQLWRUDU D H[HFXomR FRQWUDWXDO QR TXH WDQJH j GHVSHVDV PpGLFDV UHDOL]DGDV IRUD GR GRPLFtOLR HP EHQHItFLR GH
FRPSDWLELOLGDGH GDV PHGLo}HV OLTXLGDGDV FRP RV VHUYLoRV VHUYLGRUHVHGHSHQGHQWHVSDUDRPRGHORSUHFRQL]DGRGHJHVWmR
HIHWLYDPHQWH H[HFXWDGRV HP REVHUYkQFLD jV GHWHUPLQDo}HV FRPSDUWLOKDGD QR DWHQGLPHQWR GHVWD QHFHVVLGDGH SHOD 6($ H
GRVSURMHWRVPHPRULDOGHVFULWLYRFDGHUQRGHHQFDUJRV 6(6 FRP YLVWDV DR FXPSULPHQWR GDV FRQGLo}HV LPSRVWDV SHOR
0RQLWRUDPHQWR H DFRPSDQKDPHQWR GDV SURYLGrQFLDV DUW GR (VWDWXWR GRV 6HUYLGRUHV 3~EOLFRV (VWDGXDLV /HL Q
DGPLQLVWUDWLYDVQRVyUJmRVHHQWLGDGHVHPYLUWXGHGH,QIRUPDo}HV
RX5HODWyULRVGH$XGLWRULDGD',$* 0RQLWRUDPHQWR H DFRPSDQKDPHQWR GDV SURYLGrQFLDV
2ULHQWDo}HVVREUHSURFHGLPHQWRVGHFRQWUROHLQWHUQRQRkPELWR DGPLQLVWUDWLYDVQRVyUJmRVHHQWLGDGHVHPYLUWXGHGH,QIRUPDo}HV
GRVyUJmRVHHQWLGDGHV RX5HODWyULRVGH$XGLWRULDGD',$*
$FRPSDQKDPHQWR GD H[HFXomR GR &RQWUDWR GD 0DQLIHVWDomR VREUH H[LVWrQFLD GH SHQV}HVEHQHItFLRV
6HFUHWDULDGH(VWDGRGD$GPLQLVWUDomR±6($RULXQGRGR(GLWDOGH SUHYLGHQFLiULRVSDJRVSHOR(VWDGRGH6DQWD&DWDULQD
/LFLWDomRQR±0RGDOLGDGH&RQFRUUrQFLDGRWLSRWpFQLFD 'HYROXomR GH SURFHVVR GH 7RPDGD GH &RQWDV (VSHFLDO DRV
H SUHoR ± TXH WHYH SRU REMHWR VHOHFLRQDU HPSUHVD GH FRQVXOWRULD yUJmRVHHQWLGDGHVSDUDDGRomRGHSURYLGrQFLDV
Página: 32 de 575
(VWDGRGH6DQWD&DWDULQD
6HFUHWDULDGH(VWDGRGD)D]HQGD
'LUHWRULDGH$XGLWRULD*HUDO',$*%DODQoR*HUDOGR(VWDGRGR([HUFtFLRGH
$QiOLVH TXDQWR DRV DVSHFWRV WpFQLFRV H OHJDLV GD SURSRVWD GH FRQFUHWR 3UHYDOrQFLD GR HQWHQGLPHQWR PDQLIHVWDGR SHOR yUJmR
UHQHJRFLDomR GD &OiXVXOD 7ULJpVLPD 6H[WD H 4XDGUDJpVLPD FHQWUDOGHVHUYLoRVMXUtGLFRV±3*(
7HUFHLUDGR$FRUGR&ROHWLYRGH7UDEDOKRGD&RPSDQKLD 6ROLFLWDomR GH SDJDPHQWR GH SHQVmR HVSHFLDO FRP D GHYLGD
,QWHJUDGD GH 'HVHQYROYLPHQWR $JUtFROD GH 6DQWD &DWDULQD ± DSOLFDomRGRVtQGLFHVGHUHDMXVWH
&,'$6& H GD (PSUHVD GH 3HVTXLVD $JURSHFXiULD H ([WHQVmR
6ROLFLWDomRGHDXWRUL]DomRSDUDSDJDPHQWRGHKRUDVH[WUDVDRV
5XUDOGH6DQWD&DWDULQD±(3$*5,UHVSHFWLYDPHQWH
VHUYLGRUHV GD $GPLQLVWUDomR GR 3RUWR GH 6mR )UDQFLVFR GR 6XO
&RQVXOWDV j EDVH GH GDGRV GR 6LVWHPD ,QIRUPDWL]DGR GH $36)6
5HFXUVRV +XPDQRV 6,5+ ± $&7V TXH QmR SRVVXHP FRQWD
$QiOLVH TXDQWR DRV DVSHFWRV WpFQLFRV GH VROLFLWDomR GH
FRUUHQWHLQIRUPDGDQR6,5+
DXWRUL]DomRSDUDDUHDOL]DomRGHFRQFXUVRS~EOLFRQD&RPSDQKLD
$QiOLVH GD VROLFLWDomR GH PDQXWHQomR GR SDJDPHQWR GH KRUDV ,QWHJUDGD GH 'HVHQYROYLPHQWR $JUtFROD GH 6DQWD &DWDULQD ±
H[WUDV QD IXQomR GH *HUHQWH GH 3UHVtGLRV IHLWD SRU VHUYLGRU GD &,'$6& SDUD R SUHHQFKLPHQWR GH YDJDV GHFRUUHQWHV GRV
6HFUHWDULDGH(VWDGRGD6HJXUDQoD3~EOLFDH'HIHVDGR&LGDGmR GHVOLJDPHQWRV RFRUULGRV H TXH YLUmR D RFRUUHU HP YLUWXGH GR
663 RFXSDQWH GR FDUJR GH 7pFQLFR HP $WLYLGDGHV 3URJUDPDGH'HPLVVmR,QFHQWLYDGD±3',
$GPLQLVWUDWLYDV
352),6&2 ± ([HFXomR GRV 3URMHWRV GD ',$* 0yGXOR GH
6HUYLGRU RFXSDQWH GH FDUJR HIHWLYR QRPHDGR SDUD FDUJR GH $XGLWRULD
6HFUHWiULRGH(VWDGRRXPDQGDWRHOHWLYR'DVUHJUDVFRQVWLWXFLRQDO
6HUYLGRUD PXQLFLSDO FHGLGD PHGLDQWH UHVVDUFLPHQWR SDUD D
H HVWDWXWiULD 0DWpULD VXEPHWLGD j DQiOLVH GD 3URFXUDGRULD *HUDO
6HFUHWDULDGH(VWDGRGR'HVHQYROYLPHQWR(FRQ{PLFR6XVWHQWiYHO
GR(VWDGR3*(
6'63RUWDULDGD6'6TXHDXWRUL]DDIDVWDPHQWRSDUDIUHTXHQWDU
$QiOLVH H HQFDPLQKDPHQWR GR SURFHVVR GH UHVVDUFLPHQWR GH &XUVR GH (VWXGRV (VWUDWpJLFRV HP $GPLQLVWUDomR 3~EOLFD ± (1$
GHVSHVDVPpGLFRFLU~UJLFDVHKRVSLWDODUHV %5$6,/,PSRVVLELOLGDGHMXUtGLFD
$QiOLVHGHLQIRUPDo}HVVROLFLWDGDVSHODV$JrQFLDVGD3UHYLGrQFLD $FXPXODomRGHYHUEDVDWtWXORGHLQVDOXEULGDGHQDV6HFUHWDULDV
6RFLDO GH ,WDMDt6& *XDUDSXDYD35 6mR -RVp6& &D[LDV GR GH(VWDGRGD6HJXUDQoD3~EOLFDH'HIHVDGR&LGDGmR663GD
6XO56&XULWLED35 $JULFXOWXUD H 'HVHQYROYLPHQWR 5XUDO 6$5 GD $GPLQLVWUDomR
$QiOLVH GD SURSRVWD GH 5HVROXomR GR &RQVHOKR GH 3ROtWLFD 6($
)LQDQFHLUD ± &3) TXH DMXVWD FRQGLo}HV SDUD SDUWLFLSDomR QR $QiOLVHVREUHDOHJDOLGDGHHLVRQRPLDQDDSOLFDomRGDDOtTXRWD
3URJUDPD GH 'HPLVVmR ,QFHQWLYDGD ± 3', GD &RPSDQKLD GR 5LVFR GH $FLGHQWH GH 7UDEDOKR ± 5$7 LQFLGHQWH VREUH DV
,QWHJUDGD GH 'HVHQYROYLPHQWR $JUtFROD GH 6DQWD &DWDULQD ± UHPXQHUDo}HV GRV VHUYLGRUHV YLQFXODGRV DR 5HJLPH *HUDO GH
&,'$6&DSURYDGRSHOD5HVROXomRQGR&3) 3UHYLGrQFLD6RFLDOGHTXHWUDWDD/HLQGHGHMXOKRGH
$QiOLVHTXDQWRDRVDVSHFWRVWpFQLFRVHOHJDLVGR$FRUGR&ROHWLYR R'HFUHWRQGHGHPDLRGHHVHXDQH[R9
GH7UDEDOKRGR&HQWURGH,QIRUPiWLFDH$XWRPDomRGR HPIDFHGD³DWLYLGDGHSUHSRQGHUDQWH´GRHPSUHJDGRU
(VWDGRGH6DQWD&DWDULQD6$&,$6& (PLVVmRGHSDUHFHUVREUHDOHJDOLGDGHGRVDWRVGHDGPLVVmRGH
+RUiULRHVSHFLDOGHH[SHGLHQWHHPyUJmRGD)&((&RQWURYpUVLD SHVVRDO QD 663 SHOR ÏUJmR &HQWUDO GR 6LVWHPD GH &RQWUROH
DFHUFD GD LQWHUSUHWDomR H DSOLFDomR GD QRUPD MXUtGLFD DR FDVR ,QWHUQR,QYLDELOLGDGH
Página: 33 de 575
(VWDGRGH6DQWD&DWDULQD
6HFUHWDULDGH(VWDGRGD)D]HQGD
'LUHWRULDGH$XGLWRULD*HUDO',$*%DODQoR*HUDOGR(VWDGRGR([HUFtFLRGH
7UDQVIHUrQFLDGHUHFXUVRVDRVPXQLFtSLRVUHODWLYRVDRWUDQVSRUWH $QiOLVH TXDQWR DRV DVSHFWRV WpFQLFRV H OHJDLV GR $FRUGR
HVFRODU 5HVVDUFLPHQWR GH YDORUHV UHIHUHQWHV DRV SURIHVVRUHV &ROHWLYR GH 7UDEDOKR GD &RPSDQKLD ,QWHJUDGD GH
FHGLGRV TXDQGR HVWH XOWUDSDVVDU R YDORU UHSDVVDGR GR WUDQVSRUWH 'HVHQYROYLPHQWR$JUtFRODGH6DQWD&DWDULQD±&,'$6&
HVFRODU3URFHGLPHQWRV5HVSRQVDELOLGDGH
6ROLFLWDomRGHDQWHFLSDomRGRSDJDPHQWRGHYDORUHVUHIHUHQWHV
&RQFHVVmR GH SHQVmR HVSHFLDO D EHQHILFLiULRV TXH QmR DH[HUFtFLRVDQWHULRUHV
SUHHQFKHP PDLV RV UHTXLVLWRV OHJDLV 1HFHVVLGDGH GH
UHFDGDVWUDPHQWR $QiOLVH UHIHUHQWH DR GLVSRVWR QR DUW FRPELQDGR FRP R
$1(;2 ,, GD 3RUWDULD ,QWHUPLQLVWHULDO Q GH GH MXQKR GH
$X[tOLR$OLPHQWDomRFRPREDVHGHFiOFXORGDFRQWULEXLomRVRFLDO
TXHFRPIXOFURQRDUWGD/HLQGHGHMXQKR
SUHYLGHQFLiULD GR 5HJLPH *HUDO ,QGHYLGR 9HUED LQGHQL]DWyULD
GHFRPELQDGRFRPRGRDUWGD/HLQGH
&RPSHQVDomR
GH MXOKR GH DOWHURX FRP HIHLWRV UHWURDWLYRV D MDQHLUR GR
$QiOLVH GD ,QIRUPDomR Q GD 'LUHWRULD GH *HVWmR GH FRUUHQWH D EDVH GH FiOFXOR GD FRQWULEXLomR SUHYLGHQFLiULD GRV
5HFXUVRV+XPDQRV*HUrQFLDGH$YDOLDomRH&RQWUROH)XQFLRQDO VHJXUDGRV GR 5HJLPH *HUDO GH 3UHYLGrQFLD 6RFLDO ± 5*36 GH
$QiOLVHSUHOLPLQDUGDSURSRVWDHQFDPLQKDGDSHOR%DQFRGR%UDVLO TXHWUDWDRDUWGD&RQVWLWXLomR)HGHUDO
YLVDQGR D DGRomR GR FDUWmR GH EHQHItFLRV 9LVD 9DOH SDUD
(PSUHJDGR GD 6$1785 DIDVWDGR j WtWXOR GH GLVSRVLomR SDUD
VHUYLGRUHV S~EOLFRV YLQFXODGRV DR 5HJLPH *HUDO GH 3UHYLGrQFLD
H[HUFtFLR QR ,$=3( FRP {QXV SDUD R yUJmR GH GHVWLQR $WUDVR
6RFLDO$X[tOLR$OLPHQWDomR
QRV UHFROKLPHQWRV SHOR yUJmR FHVVLRQiULR GHVGH R H[HUFtFLR GH
$QiOLVH GD PLQXWD GH 'HFUHWR TXH FULD D FRPLVVmR WHPSRUiULD 6ROLFLWDomRGHRULHQWDomR
SDUD UHJXODPHQWDomR GD JUDWLILFDomR GH KRUDSODQWmR H
,QGtFLRV GH DFXPXODomR GH FDUJRV QD 6HFUHWDULD GH (VWDGR GH
LQGHQL]DomRGHVREUHDYLVR
,QIUDHVWUXWXUD±6,(
$QiOLVHTXDQWRDRVDVSHFWRVWpFQLFRVHOHJDLVGR$FRUGR&ROHWLYR
$QiOLVH GR &RQWUDWR GH 6HUYLoR Q H WHUPRV DGLWLYRV
GH7UDEDOKRGD&RPSDQKLDGH+DELWDomRGR(VWDGRGH
FHOHEUDGRVSHOD6HFUHWDULDGH(VWDGRGD6D~GH6(6H'U3DXOR
6DQWD&DWDULQD&2+$%
5LFDUGR GD &RVWD /RSHV ,QFLGrQFLD GH HQFDUJRV SUHYLGHQFLiULRV
,GHQWLILFDomR GH HPSUHJDGRV FRP LGDGH LJXDO RX VXSHULRU D QD H[HFXomR GR FRQWUDWR 2ULHQWDomR VREUH D QHFHVViULD
VHWHQWD DQRV HP DWLYLGDGH QD &RPSDQKLD ,QWHJUDGD GH FRQVLGHUDomR GH {QXV DGLFLRQDO QR MXOJDPHQWR GDV SURSRVWDV
'HVHQYROYLPHQWR$JUtFRODGH6DQWD&DWDULQD&,'$6& DSUHVHQWDGDVSRUSHVVRDVItVLFDV
$QiOLVH TXDQWR D SRVVLELOLGDGH GH SDJDPHQWR GH DWXDOL]DomR &RQVXOWD VREUH D DSOLFDELOLGDGH GR GLVSRVWR QD /&3 Q GH
PRQHWiULD GH QRYHPEUR GH TXH HVWHQGH D DSRVHQWDGRULD HVSHFLDO
,QFOXVmR GH LQIRUPDo}HV OLJDGDV j iUHD GH SHVVRDO QR 6tWLR FRQFHGLGD SHOR 5HJLPH *HUDO GH 3UHYLGrQFLD 6RFLDO ± 5*36 D
3UHVWDQGR&RQWDVGR(VWDGRGH6DQWD&DWDULQD GHWHUPLQDGRV VHUYLGRUHV S~EOLFRV HVWDGXDLV EHP FRPR VREUH D
FRQYHUVmR GH WHPSR GH VHUYLoR HVSHFLDO HP FRPXP H VREUH D
$QiOLVHTXDQWRDRVDVSHFWRVWpFQLFRVHOHJDLVGR$FRUGR&ROHWLYR FRQFHVVmR GH $ERQR GH 3HUPDQrQFLD FRPSXWDQGR WHPSR
GH 7UDEDOKR GD (PSUHVD GH 3HVTXLVD $JURSHFXiULD H UHVXOWDQWHGDUHIHULGDFRQYHUVmR
([WHQVmR5XUDOGH6DQWD&DWDULQD±(3$*5,
Página: 34 de 575
(VWDGRGH6DQWD&DWDULQD
6HFUHWDULDGH(VWDGRGD)D]HQGD
'LUHWRULDGH$XGLWRULD*HUDO',$*%DODQoR*HUDOGR(VWDGRGR([HUFtFLRGH
3DJDPHQWR GH HVWtPXOR RSHUDFLRQDO DOpP GD KRUDH[WUD (VWDGR GH 7XULVPR &XOWXUD H (VSRUWH 62/ H R 0XQLFtSLR GH
PHQVDO ± /& Q ± 'HPDQGDV -XGLFLDLV IDYRUiYHLV DRV )ORULDQySROLV
VHUYLGRUHV 5HSDVVHGHUHFXUVRVGR)XQGR(VWDGXDOGH$VVLVWrQFLD6RFLDO
$QiOLVH GR RItFLR Q *$%6663 GR 6HFUHWiULR GH 3HGLGR GH DQiOLVH VREUH 3UHVWDomR GH &RQWDV GH UHFXUVRV
6HJXUDQoD3~EOLFDH'HIHVDGR&LGDGmRTXHWUDWDGHSURSRVWDGH UHSDVVDGRVDWUDYpVGR)XQWXULVPR
FULDomRGHXPD*UDWLILFDomRGH'HGLFDomR([FOXVLYDSDUDVXEVWLWXLU
3URUURJDomRGDYLJrQFLDHGRSUD]RSDUDSUHVWDomRGHFRQWDVGH
R(VWtPXOR2SHUDFLRQDOTXHpSDJRDRVVHUYLGRUHVGD663
FRQYrQLR
$QiOLVHGRRItFLR*$%6QGD6HFUHWiULDGH(VWDGRGD
3HGLGR GH DQiOLVH VREUH &RQYrQLR Q TXH WHP
$VVLVWrQFLD 6RFLDO 7UDEDOKR H +DELWDomR 667 6ROLFLWDomR GH
FRPRREMHWRDFRQVWUXomRGHXPDSRQWHOLJDQGRRVPXQLFtSLRVGH
OLEHUDomR GR SDJDPHQWR GDV KRUDV H[WUDV UHODWLYDV DRV PHVHV GH
%DOQHiULR&DPERUL~H&DPERUL~
MDQHLURHIHYHUHLURGH
3HGLGR GH DQiOLVH VREUH &RQWUDWR GH 5HSDVVH Q
9LQFXODomR H HTXLSDUDomR UHPXQHUDWyULDV *UDWLILFDomR GH
TXH WHP FRPR REMHWR D WUDQVIHUrQFLD GH UHFXUVRV
5HSUHVHQWDomRSDUDRV0LOLWDUHV(VWDGXDLV
ILQDQFHLURV GD 8QLmR SDUD D H[HFXomR GH REUDV GH GUHQDJHP H
$QiOLVHDFHUFDGHGHVSHVDVGHH[HUFtFLRVDQWHULRUHV SDYLPHQWDomRQRPXQLFtSLRGH4XLORPER
(IHLWRV GH 3DUHFHU H 3DUHFHU 1RUPDWLYR H[DUDGRV SHOD ,QIRUPDomR j 6HFUHWDULD GH (VWDGR GD $VVLVWrQFLD 6RFLDO
3URFXUDGRULD*HUDOGR(VWDGR3*( 7UDEDOKRH+DELWDomR667DUHVSHLWRGHPLQXWDGH'HFUHWRGH
SUHVWDomR GH FRQWDV FRP UHODomR j WUDQVIHUrQFLD GH UHFXUVRV GR
)XQGR (VWDGXDO GH $VVLVWrQFLD 6RFLDO )($6 DRV )XQGRV
5HFXUVRV$QWHFLSDGRV
0XQLFLSDLVGH$VVLVWrQFLD6RFLDO±)0$6
$OWHUDomR GRV FULWpULRV XWLOL]DGRV QR 6,*() SDUD R EORTXHLR GH
$QiOLVH D UHVSHLWR GR &RQYrQLR Q ILUPDGR HQWUH R
UHSDVVHV
,0(7526&FRPD5HGH0HWUROyJLFD
&RQVXOWD D UHVSHLWR GH SDUHFHU H[DUDGR SHOR &RQVXOWRU -XUtGLFR
$QiOLVH GRV RItFLRV *$%66'6 QV H
GD 6HFUHWDULD GH (VWDGR GH 'HVHQYROYLPHQWR 5HJLRQDO GH
UHIHUHQWHV DR &RQYrQLR Q ILUPDGR HQWUH D
%OXPHQDX
6HFUHWDULD GH (VWDGR GR 'HVHQYROYLPHQWR 8UEDQR H 0HLR
2ULHQWDomRDUHVSHLWRGDDQiOLVHHSURYLGrQFLDVDVHUHPWRPDGDV $PELHQWHHR0LQLVWpULRGR0HLR$PELHQWH
HPUHODomRjVFRQWDVSUHVWDGDVSHOD$VVRFLDomR&XOWXUDO)DELDQR
3UHVWDomR GH FRQWDV GH 6XEYHQomR 6RFLDO ± FRQILJXUDomR GH
6LOYHLUD
SUHMXt]RDRHUiULRS~EOLFR
6ROLFLWDomR GH SDUHFHU DFHUFD GD SRVVLELOLGDGH GH UHDGHTXDU D
3HUtRGRHOHLWRUDO±WUDQVIHUrQFLDGHUHFXUVRVPHGLDQWHFRQYrQLR
SURJUDPDomR ILQDQFHLUD GH FRQWUDWRV GH SHVTXLVD ILUPDGRV HP
±3RVVLELOLGDGHHPYLUWXGHGDOHJLVODomRHOHLWRUDO
PHGLDQWHDSRVWLODPHQWR
0DQLIHVWDomRVREUHR2ItFLR*$%6QGD6HFUHWDULDGH
$QiOLVH GD SUHVWDomR GH FRQWDV UHIHUHQWH DR &RQWUDWR GH $SRLR
(VWDGRGR'HVHQYROYLPHQWR(FRQ{PLFR6XVWHQWiYHOUHIHUHQWHDR
)LQDQFHLUR Q FHOHEUDGR HQWUH D 6HFUHWDULD GH
&RQYrQLR Q ILUPDGR HQWUH D H[WLQWD 6HFUHWDULD GH
(VWDGR GR 'HVHQYROYLPHQWR 8UEDQR H 0HLR $PELHQWH H R
Página: 35 de 575
(VWDGRGH6DQWD&DWDULQD
6HFUHWDULDGH(VWDGRGD)D]HQGD
'LUHWRULDGH$XGLWRULD*HUDO',$*%DODQoR*HUDOGR(VWDGRGR([HUFtFLRGH
0LQLVWpULR GR 0HLR $PELHQWH 00$ SRU PHLR GR )XQGR 1DFLRQDO
GR0HLR$PELHQWH)10$
;&C
'HYROXomR GH SURFHVVR GH 7RPDGD GH &RQWDV (VSHFLDO DRV
yUJmRVHHQWLGDGHVSDUDDGRomRGHSURYLGrQFLDV $',$*UHSUHVHQWDGDSRU$XGLWRUHV,QWHUQRVYLVLWRXXQLGDGHV
DGPLQLVWUDWLYDVHQWUHDEULOHRXWXEURGH
2ULHQWDomRDUHVSHLWRGDQHFHVVLGDGHGHPDQLIHVWDomRGR&RPLWr
*HVWRUQRVFDVRVGHDOWHUDomRGRV&RQWUDWRVGH$SRLR)LQDQFHLUR 2 REMHWLYR GRV WUDEDOKRV IRL R GH PRWLYDU H RULHQWDU D
SRUPHLRGHWHUPRVDGLWLYRV LPSOHPHQWDomR GH FRQWUROHV LQWHUQRV QRV yUJmRV H HQWLGDGHV GD
'HVOLJDPHQWRGR6LVWHPD267 $GPLQLVWUDomR 3~EOLFD HVWDGXDO DVVLP FRPR HVWLPXODU D EXVFD
SHODHILFLrQFLDHILFiFLDHHFRQRPLFLGDGH
$QiOLVH GDV DOWHUDo}HV VXJHULGDV SHOD 6HFUHWDULD GH (VWDGR GD
6D~GH6(6DR'HFUHWRQTXHUHJXODPHQWDD/HLQ $V DWLYLGDGHV LQ ORFR IRUDP HVWUXWXUDGDV GH DFRUGR FRP DV
TXH LQVWLWXLX R 3URJUDPD (VWDGXDO GH ,QFHQWLYR jV SHFXOLDULGDGHVHRSRUWHGHFDGDXQLGDGHEHPFRPRDDGHUrQFLD
2UJDQL]Do}HV6RFLDLV GRVUHVSHFWLYRVFRQWUROHVLQWHUQRV
2ULHQWDo}HVVREUHSURFHGLPHQWRVGHFRQWUROHLQWHUQRQRkPELWR 2VWUDEDOKRVVHPDWHULDOL]DUDPHPXPDLQIRUPDomRJHUHQFLDOTXH
GRVyUJmRVHHQWLGDGHV IRLHQWUHJXHDRJHVWRUGRyUJmRRXHQWLGDGHFRQWHQGRRVSRQWRV
6ROLFLWDomR GR 'LUHWRU GH *HVWmR GRV )XQGRV (VWDGXDLV GH GH FRQWUROH UHOHYDQWHV SDUD R IRUWDOHFLPHQWR LQVWLWXFLRQDO GR
,QIRUPDomRDFHUFDGDH[LVWrQFLDRXQmRGHSUHMXt]RHPSUHVWDomR FRQWUROH LQWHUQR 7DLV SRQWRV GH FRQWUROH UHSUHVHQWDUDP
GHFRQWDV IUDJLOLGDGHVDVHUHPFRUULJLGDVYLVDQGRXPFRQWUROHPDLVHILFLHQWH
$QiOLVHDUHVSHLWRGRFRQYrQLRQFHOHEUDGRHQWUH GDVRSHUDo}HVDGPLQLVWUDWLYDV
D6HFUHWDULDGH'HVHQYROYLPHQWR5HJLRQDOGH-DUDJXiGR6XOHR 2'LDJQyVWLFRFRQWHQGRRTXDQWLWDWLYRGHSRQWRVGHFRQWUROHQDV
0XQLFtSLRGH-DUDJXiGR6XO XQLGDGHVYLVLWDGDVHVWiUHSUHVHQWDGRQRJUiILFRDVHJXLU
$OWHUDomR VXJHULGD SHOR ,QVWLWXWR GH 3UHYLGrQFLD GR (VWDGR GH
6DQWD &DWDULQD ± ,35(9 QR VLVWHPD GH HPLVVmR GH FHUWLGmR
QHJDWLYD GH GpELWRV GRV yUJmRV H HQWLGDGHV GD DGPLQLVWUDomR
S~EOLFDHVWDGXDOSDUDILQVGHWUDQVIHUrQFLDVYROXQWiULDVGHUHFXUVRV
S~EOLFRV
6ROLFLWDomR GH RULHQWDomR TXDQWR DR SDJDPHQWR GH GLiULDV D
VHUYLGRUHV TXH SDUWLFLSDP GH HYHQWRV TXH GLVSRQLELOL]DP
KRVSHGDJHPHSDUWHGDVUHIHLo}HV
$QiOLVH GD FHOHEUDomR GR &RQWUDWR GH $SRLR )LQDQFHLUR SDUD
DWHQGLPHQWRGHREMHWRUHDOL]DGRDQWHVGDYLJrQFLDGRLQVWUXPHQWR
0DQLIHVWDomR VREUH RV SURFHVVRV UHIHUHQWHV jV 3UHVWDo}HV GH
&RQWDVGRVYDORUHVGHVWLQDGRVj'HIHQVRULD'DWLYDHj$VVLVWrQFLD
-XUtGLFD*UDWXLWDDSUHVHQWDGDVSHOD2$%6&j3*(6&
Página: 36 de 575
(VWDGRGH6DQWD&DWDULQD
6HFUHWDULDGH(VWDGRGD)D]HQGD
'LUHWRULDGH$XGLWRULD*HUDO',$*%DODQoR*HUDOGR(VWDGRGR([HUFtFLRGH
27Q3HUJXQWDVH5HVSRVWDVDUHVSHLWRGHDOWHUDomRGH
FRQWUDWRV
$OpP GD LGHQWLILFDomR GRV SRQWRV GH FRQWUROH QDV XQLGDGHV
27 Q 3HUJXQWDV H 5HVSRVWDV D UHVSHLWR GD PRGDOLGDGH
WDPEpP IRL UHDOL]DGR R PRQLWRUDPHQWR GDV UHFRPHQGDo}HV
GHOLFLWDomRSUHJmR
GHFRUUHQWHV GR 3URMHWR $XGLWRULD 2ULHQWD QDV XQLGDGHV
27Q6DQo}HVDGPLQLVWUDWLYDVDSOLFiYHLVDRVOLFLWDQWHVH
DGPLQLVWUDWLYDV YLVLWDGDV QR DQR GH 2V UHVXOWDGRV PHGLGRV
FRQWUDWDGRV
GH UHFRPHQGDo}HV LPSOHPHQWDGDV H HP IDVH GH
27Q1RUPDVHSURFHGLPHQWRVGHDXGLWRULDQDDTXLVLomR
LPSOHPHQWDomRIRUDPRVVHJXLQWHV
GHPHUFDGRULDVHVHUYLoRVFRPLVHQomRGH,&06SURPRYLGDSHOD
$GPLQLVWUDomR3~EOLFD(VWDGXDO
27 Q 3HUJXQWDV H UHVSRVWDV D UHVSHLWR GD LVHQomR GH
,&06 QDV DTXLVLo}HV GH EHQV PHUFDGRULDV H VHUYLoRV SHOD
$GPLQLVWUDomR3~EOLFD(VWDGXDO
27Q)LVFDOL]DomRGRVFRQWUDWRVDGPLQLVWUDWLYRV
$',$*QRH[HUFtFLRGHGLVSRQLELOL]RXRVVHJXLQWHVPDQXDLV
0DQXDOGH1RUPDVH3URFHGLPHQWRVGH$XGLWRULDGH/LFLWDo}HVH
&RQWUDWRV
0DQXDOGH7RPDGDGH&RQWDV(VSHFLDO
$OpP GRV PDQXDLV WDPEpP IRL GLVSRQLELOL]DGR R *XLD GH
SURFHGLPHQWRVEiVLFRVGR&RQWUROH,QWHUQR
4XDQWR DRWHPD FDSDFLWDomRIRL PLQLVWUDGR QRPrV GH DJRVWR GH E
HP GHFRUUrQFLD GR 3URMHWR $XGLWRULD 2ULHQWD R FXUVR
F
0
?
³,VHQomR GH,&06 QDV DTXLVLo}HV GH PHUFDGRULDV H VHUYLoRV SHOD
$GPLQLVWUDomR3~EOLFD´FRQWDQGRFRPXPS~EOLFRGHFHUFDGH 2VLWHGD6()',$*DSUHVHQWRXVHHPFRPRXPYHtFXORGH
VHUYLGRUHV WUDQVSDUrQFLDQDJHVWmRS~EOLFDHVWDGXDORIHUHFHQGRLQIRUPDo}HV
GHLQWHUHVVHGHWRGDDSRSXODomRFDWDULQHQVH
'HQWUH DV LQIRUPDo}HV GLVSRQLELOL]DGDV GHVWDFDPVH DV
<
BD
RULHQWDo}HV WpFQLFDV DRV yUJmRV H HQWLGDGHV GR (VWDGR D
(PIRUDPHODERUDVDVVHJXLQWHV2ULHQWDo}HV7pFQLFDV27 GLYXOJDomR GRV UHFXUVRV S~EOLFRV UHSDVVDGRV SHOR (VWDGR DRV
0XQLFtSLRVHjVHQWLGDGHVSULYDGDVDVSHQGrQFLDVGRVyUJmRVH
27Q3HUJXQWDVH5HVSRVWDVDUHVSHLWRGHWHUFHLUL]DomR HQWLGDGHV GR (VWDGR QR &$8& ± &DGDVWUR ÒQLFR GH &RQYrQLRV
GHPmRGHREUD
Página: 37 de 575
(VWDGRGH6DQWD&DWDULQD
6HFUHWDULDGH(VWDGRGD)D]HQGD
'LUHWRULDGH$XGLWRULD*HUDO',$*%DODQoR*HUDOGR(VWDGRGR([HUFtFLRGH
GR *RYHUQR )HGHUDO H LQIRUPDo}HV VREUH R 3URMHWR $XGLWRULD ,QWHJULW\)yUXP GHPDLR
,QWHUQD2ULHQWD 5HGHGH&RQWUROHGH*HVWmR3~EOLFD GHPDLR
&LFORGH(VWXGRVGD$GPLQLVWUDomR3~EOLFDQD GHPDLRDGHMXQKR
(1$%UDVLO DGHMXQKR
&LFORGH3DOHVWUDV±%XVFDGD
H[FHOrQFLDQD*HVWmR3~EOLFDGR7&8±
>
? SDOHVWUD)LVFDOL]DomRGH&RQYrQLRVHR
GHMXQKR
6LVWHPD6L&RQY
2Q~PHURGHVHUYLGRUHVS~EOLFRVORWDGRVQD',$*QRH[HUFtFLRGH
7UDQVIHUrQFLDV9ROXQWiULDV±6,&21±
HUDGHTXDUHQWDHQRYH PDSHDPHQWRHP6DQWD&DWDULQD
DGHMXQKR
,,)yUXP/DWLQR$PHULFDQRGH*HVWmR3~EOLFD HGHMXQKR
,PSRUWD VDOLHQWDU TXH HP GDQGR FRQWLQXLGDGH jV &XUVRGH&RQWDELOLGDGH3~EOLFD$YDQoDGD DGHMXQKR
PHGLGDV DGRWDGDV QR DQR GH YLVDQGR DR DSHUIHLoRDPHQWR &XUVRGH$XGLWRULD7UDEDOKLVWDHP
GHMXQKR
GR 6LVWHPD GH &RQWUROH ,QWHUQR QR TXH WDQJH j DPSOLDomR GR 'HSDUWDPHQWRGH3HVVRDO
2ILFLQDGD5HGHGH&RQWUROH GHMXOKR
TXDGUR GH VHUYLGRUHV ORWDGRV QD ',$* IRL KRPRORJDGD D UHODomR 6HPLQiULR³([FHOrQFLDQD*HVWmR3~EOLFDH
GRV DSURYDGRV QR &RQFXUVR 3~EOLFR GH $XGLWRU ,QWHUQR GR 3RGHU HGHMXOKR
%HQFKPDUNLQJ´
([HFXWLYRLQVWDXUDGRSHOR(GLWDOQ6()6($QGH &XUVR5HGHGH$JHQWHV±0',&(1$ HGHDJRVWR
RVTXDLVIRUDPHPSRVVDGRVQRGHFRUUHUGRVH[HUFtFLRVGHD 3DOHVWUD³,VHQomRGH,&06QDVDTXLVLo}HVGH
PHUFDGRULDVHVHUYLoRVSHOD$GPLQLVWUDomR GHDJRVWR
3~EOLFD´±3URMHWR$XGLWRULD,QWHUQD2ULHQWD
&XUVR0HWRGRORJLDGH*HVWmRGH3URMHWRV
$VVLP UHVVDOWDVH TXH GRV TXDUHQWD H QRYH VHUYLGRUHV GHDJRVWR
6()
S~EOLFRVORWDGRVQD',$*TXDUHQWDVmR$XGLWRUHV,QWHUQRV 3DOHVWUD(1$³6HUYLFH'HVLJQ1HWZRUN´ GHDJRVWR
$YDOLDomR(FRQ{PLFDGH3URMHWRV6RFLDLV±
GHVHWHPEURDGH
2XWURVVLP IULVDVH TXH Ki RXWURV YLQWH H VHLV $XGLWRUHV GH]HPEURTXLQWDV
(6)$=
IHLUDV±K
,QWHUQRV H[HUFHQGR VXDV DWLYLGDGHV IRUD GD ',$* RV TXDLV HVWmR
$SRVHQWDGRULDVH3HQV}HVSDUD6HUYLGRUHV
ORWDGRVHPRXWURVyUJmRVHHQWLGDGHVGR3RGHU([HFXWLYR DGHRXWXEUR
3~EOLFRV
&DSDFLWDomR0yGXOR/LFLWDo}HV±'(,1)5$ DGHRXWXEUR
&DSDFLWDomRGRV*HUHQWHVGD)$70$
2VVHUYLGRUHVGD',$*SDUWLFLSDUDPGRVVHJXLQWHVHYHQWRVQRDQR GHRXWXEUR
PLQLVWUDQWH
GHFRQIRUPHGHPRQVWUDDWDEHODDVHJXLU *),36(),3 HGHRXWXEUR
(6)$=±*HVS~EOLFD GHRXWXEUR
(9(172 3(5Ë2'2 1 &DSDFLWDomRHP/LFLWDo}HVH&RQWUDWRV±
HGHRXWXEUR
3URJUDPD3RQWRVGH&XOWXUD HGHIHYHUHLUR 81(6&PLQLVWUDQWH
*UXSRGH7UDEDOKRGR&21$&, DGHIHYHUHLUR 6HPLQiULRVREUHpWLFDQD6() GHRXWXEUR
DGHPDUoRD $XGLWRULDGH&RQIRUPLGDGH±7&(6& DGHQRYHPEUR
)XQGDPHQWRVHP*HVWmRGH3URMHWRV ;,,,6LPSyVLR1DFLRQDOGH$XGLWRULDGH2EUDV
HDGHDEULO
2ILFLQDGD5HGHGH&RQWUROH GHPDUoR 3~EOLFDVH,2ILFLQD,QWHUQDFLRQDO±3RUWR DGHQRYHPEUR
GHDEULOH $OHJUH56
&XUVRGH5HGDomRH*UDPiWLFDQR7&(6& &21$&, DGHQRYHPEUR
GHPDLR
Página: 38 de 575
(VWDGRGH6DQWD&DWDULQD
6HFUHWDULDGH(VWDGRGD)D]HQGD
'LUHWRULDGH$XGLWRULD*HUDO',$*%DODQoR*HUDOGR(VWDGRGR([HUFtFLRGH
&RQJUHVVRGH&RQWUROH3~EOLFR±6DOYDGRU%$ DGHQRYHPEUR &REUDQoD MXQWR DRV yUJmRV H HQWLGDGHV GDV SHQGrQFLDV
1RUPDVGD,QWRVDL±7&(6& GHQRYHPEUR DGPLQLVWUDWLYDV QR 6LVWHPD ,QWHJUDGR GH &RQWUROH GH 2EUDV
5HVSRQVDELOL]DomRGH$JHQWHVSHUDQWHRV
7ULEXQDLVGH&RQWDV±7&(6&
HGHGH]HPEUR 3~EOLFDV6,&23
3DUWLFLSDomR HP UHXQL}HV FRP D ',7(6() H '*5+6($ SDUD
SURFHVVDPHQWRHFRQWUROHGDSUpYLDGDIROKDGHSDJDPHQWR
3DUWLFLSDomR QR *UXSR GH 0RQLWRUDPHQWR GDV 'HVSHVDV GH
0DQXWHQomR
G
3DUWLFLSDomR HP JUXSR GH WUDEDOKR SDUD D DWXDOL]DomR GR
3DUWLFLSDomR HP UHXQL}HV VREUH D HODERUDomR GRV PyGXORV (VWDWXWRGRV6HUYLGRUHV
7UDQVIHUrQFLDVH&RQWUDWRVGR6,*() 3DUWLFLSDomR HP JUXSR GH WUDEDOKR SDUD D QRUPDWL]DomR GH
3DUWLFLSDomRQDHODERUDomRGRPyGXOR/LFLWDo}HVGR6,&23 SURFHGLPHQWRV SDUD SDJDPHQWRV GH VHUYLoRV PpGLFRV GR
'HILQLomRHYDOLGDomRGRVLQGLFDGRUHVSRUREMHWLYRHVWUDWpJLFRGD '(75$16&
',$*SDUDR3ODQHMDPHQWR(VWUDWpJLFRGD6() 3DUWLFLSDomRHPWUDEDOKRVVROLFLWDGRVSHOD3*(
3DUWLFLSDomRQDVDo}HVGRVSURMHWRVGR3ODQHMDPHQWR(VWUDWpJLFR
GD6()
3DUWLFLSDomR GH $QDOLVWDV GD 5HFHLWD (VWDGXDO ORWDGRV QD ',$*
HPFRPLVVmRGH7RPDGDGH&RQWDV(VSHFLDO
/HYDQWDPHQWRVGRVGpELWRVGR(VWDGRHPFRQMXQWRFRPD3*(
3DUWLFLSDomR QD &RPLVVmR GH 5HVWRV D 3DJDU SDUD DYDOLDU R
FXPSULPHQWR GDV GHWHUPLQDo}HV HVWDEHOHFLGDV QR 'HFUHWR Q
TXDQWR j LQVFULomR HP 5HVWRV D 3DJDU GDV GHVSHVDV
GRH[HUFtFLRILQDQFHLURGH
$FRPSDQKDPHQWRGDHODERUDomRGRSURJUDPDTXHDXWRPDWL]DD
LQVHUomRGHGDGRVVREUHFRQYrQLRVHVXEYHQo}HV ?
3DUWLFLSDomRHPUHXQL}HVSDUDHODERUDomRHGHVHQYROYLPHQWRGR
PyGXORGH$XGLWRULDGR6,*() (VVDVIRUDPHPUHVXPRDVDWLYLGDGHVGHVHQYROYLGDVSHOD',$*
3DUWLFLSDomR QD IRUPDomR GR *UXSR GH (VWXGRV (VWUDWpJLFRV GD GD6()QRH[HUFtFLRILQDQFHLURGH
6()
5HXQL}HVFRP'LUHWRULDGH*RYHUQDQoD(OHWU{QLFDGD6HFUHWDULD
GH(VWDGRGD$GPLQLVWUDomRVREUHQRUPDWL]DomRGDOHJLVODomRGH )ORULDQySROLVGHIHYHUHLURGH
7,
5HXQLmR FRP R &5($6& D UHVSHLWR GD SRVVLELOLGDGH GH
LQWHJUDomRGRVLVWHPD6,&23FRPRVLVWHPDGH$57
5HXQL}HVFRPR&RPLWrGH2EUDV $8*867238+/3,$==$
',5(725'($8',725,$*(5$/
Página: 39 de 575
(VWDGRGH6DQWD&DWDULQD
6HFUHWDULDGH(VWDGRGD)D]HQGD
'LUHWRULDGH$XGLWRULD*HUDO',$*%DODQoR*HUDOGR(VWDGRGR([HUFtFLRGH
'(&,2$8*8672%$&('2'(9$5*$6
*(5(17('($8',725,$'($726'(3(662$/
&Ë&(52$/(66$1'527(,;(,5$%$5%26$
*(5(17('($8',725,$'(&217$63Ò%/,&$6
/8&,$127,=$772
*(5(17('($8',725,$'(&2175$726
7(/%$60$85,'$6,/9(,5$
*(5(17('($8',725,$'(5(&85626$17(&,3$'26
Página: 40 de 575