Apostila ABVESC

3UHIiFLR
0XLWRVHHYROXLXQRSURFHVVRGHHQVLQRHGHDSUHQGL]DJHPQDIDLQDGH
ERPEHLURV GHYLGR DRV DYDQoRV FLHQWtILFRV WHFQROyJLFRV H FUHVFHQWH
QHFHVVLGDGHGHEXVFDUDSURILFLrQFLDQDVLQWHUYHQo}HVUHDOL]DGDV
(VVH WUDEDOKR TXH DSUHVHQWDPRV D VHJXLU p R UHVXOWDGR GH XP HVIRUoR

FRQFHQWUDGR GH YiULRV DEQHJDGRV SHOD DWLYLGDGH H PHPEURV GR &RPLWr
7pFQLFR GD $%9(6& TXH FRQWULEXtUDP SDUD D FRQVWUXomR GHVVH SULPHLUR
FRPSrQGLR WHQGR HP YLVWD D SURSRVWD FXUULFXODU GD DWLYLGDGH ERPEHLULO
VHJXLQGR D SUHPLVVD GH TXH VXD LQWHUYHQomR GHYD RFRUUHU FRP D SHUtFLD
WpFQLFD DGHTXDGD GH IRUPD D QmR DJUDYDU R GDQR GD YtWLPD RX FRORFDU D VXD
SUySULDYLGDHPULVFR
(PHVSHFLDOVXEOLQKDPRVRHPSHQKRHHVIRUoRGR3URIHVVRU0DUFRV
+HLQLJ GR ,QVWLWXWR )HGHUDO &DWDULQHQVH QHVVD HPSUHLWDGD FXMR &kPSXV
&DPERUL~ VHPSUH HVWHYH SUHVHQWH QHVWH ~OWLPR TXLQTXrQLR IRFDOL]DGR QR
SURFHVVR GH FRQVWUXomR GR FRQKHFLPHQWR QD IRUPDOL]DomR FXUULFXODU
PDWHULDOL]DomR GHVVH VDEHU H SRU ILP QD FDSDFLWDomR GRV %RPEHLURV
9ROXQWiULRV FXMD DWLYLGDGH QmR SHUPLWH HUURV H GHYH VHU DOYR GH FRQVWDQWH H
FRWLGLDQDDYDOLDomR
2V IDWRV H RV IHQ{PHQRV DOYRV GH QRVVD DWHQomR VHUmR LPSRUWDQWHV
PDV QmR DSHQDV HP VL SUySULRV 6XD UHOHYkQFLD UHVLGLUi QRV SURFHVVRV GH
LQGDJDomR H LQYHQomR TXH SRGHUmR OHYDU j GHVFREHUWD GH QRYRV IDWRV
IHQ{PHQRV H SURFHGLPHQWRV HP SURO GD YLGD H GD GHIHVD GH SDWULP{QLRV SRU
LVVRHVWHPDWHULDOREMHWLYDDWUDYpVGDVXDH[DXVWLYDOHLWXUDUHIOH[LYDDX[LOLDURV
DOXQRV QHVVH SURFHVVR GH SOHQD FDSDFLWDomR ([WUDLU VHQWLGRV GHVFREULU
UHODo}HV FULDU QRYDV RUGHQV QRYRV SDGU}HV WHFHU QRYDV FRPSUHHQV}HV
VREUHRXQLYHUVRVHUmRQRVVDVPHWDVFRQWULEXDVHPSUHSDUDDVXDPHOKRULD
$R HODERUDUPRV HVWH SULPHLUR PDWHULDO GH DEUDQJrQFLD HVWDGXDO

HVSHUDUPRV LQFRUSRUDU D LQTXLHWXGH D FXULRVLGDGH R TXHVWLRQDPHQWR D
QRVVDSUiWLFDDVVHPHOKDQGRQRVjILJXUDGHXPSHVTXLVDGRUSHUWLQD]VLJDHP
IUHQWHHERPSURYHLWR
&RPLWr7pFQLFR

&XUVRGH)RUPDomRGH%RPEHLURV9ROXQWiULRV±$%9(6&
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

0Ï'8/2, $7,9,'$'(623(5$&,21$,6

0Ï'8/2,, 35,0(,52662&25526

0Ï'8/2,,, 352'87263(5,*2626

0Ï'8/2,9 6$/9$0(1727(55(675(

0Ï'8/29 35(9(1d2 ( &20%$7( $

,1&Ç1',2

0Ï'8/29, (48,3$0(1726 '( &20%$7(

$,1&Ç1',2

0Ï'8/29,, (48,3$0(1726'(3527(d2

0Ï'8/29,,, 0Ï'8/2&203/(0(17$5

(ODERUDGDHP-XOKRGH±&27(&?$%9(6&


$7,9,'$'(6
0Ï'8/2,
23(5$&,21$,6


0yGXOR,±$WLYLGDGHV2SHUDFLRQDLV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

+,67Ï5,$(
/LomR 5(63216$%,/,'$'(

&,9,/

2EMHWLYRV $RILQDOGHVWDOLomRRVSDUWLFLSDQWHVVHUmR
FDSD]HVGH

&RQKHFHURVDVSHFWRVKLVWyULFRVFXOWXUDLVHVRFLDLV
GD IRUPDomR GDV DVVRFLDo}HV GH ERPEHLURV
YROXQWiULRVHVXDUHVSRQVDELOLGDGHQDH[HFXomRGH
VHUYLoRV VRFLDLV H SHUDQWH D RFRUUrQFLD GH
XUJrQFLDHPHUJrQFLDHGHVLQLVWURV

5HYLVmRHP-XOKR±+LVWyULDH5HVSRQVDELOLGDGH&LYLO 03


+,67Ï5,&2'26%20%(,52612081'212%5$6,/(06$17$
&$7$5,1$

&RUSRGH%RPEHLURVQD+LVWyULD0XQGLDO

$ VRFLHGDGH KXPDQD VHPSUH VH SUHRFXSRX HP RUJDQL]DU D VXD SUySULD
GHIHVD FRQWUD LQFrQGLRV $WXDOPHQWH RV &RUSRV GH %RPEHLURV VmR HVVD ³GHIHVD´
DSHVDUGHQDDWXDOLGDGHRVLQFrQGLRVQmRVHUHPPDLVUD]mRSULQFLSDOGDH[LVWrQFLD
GDVFRUSRUDo}HVGHERPEHLURVDWHQGHQGRWDPEpPRXWURVWLSRVGHHPHUJrQFLDV
&RUSRUDo}HV GH %RPEHLURV VmR HQWLGDGHV FLYLV RX PLOLWDUHV GH VHJXUDQoD
S~EOLFDTXHWHPFRPROHPDHSULQFLSDOREMHWLYRDSURWHomRHRVDOYDPHQWRGRVEHQV
H GD YLGD GH SHVVRDV ItVLFDV H MXUtGLFDV HP FDVRV GH FDODPLGDGHV S~EOLFDV
DFLGHQWHV GH WUkQVLWR LQFrQGLRV RX RXWUDV FLUFXQVWkQFLDV TXH GH DOJXPD IRUPD
FRORTXHPDYLGDRXRVEHQVGDVSHVVRDVHPULVFR
1D DQWLJD 5RPD GRV &pVDUHV D YLJLOkQFLD FRQWUD RV LQFrQGLRV HUD PXLWR
ULJRURVD VHQGR TXH RV KDELWDQWHV HUDP REULJDGRV SRU OHL D PDQWHUHP HP VXDV
FDVDV XPD WLQD VHPSUH FKHLD GH iJXD 2 HTXLSDPHQWR SULPLWLYR GH FRPEDWH D
LQFrQGLRV HUD FRPSRVWR DSHQDV GH EDOGHV GH FRXUR HVFDGDV H PDFKDGRV e
LPSRUWDQWHUHVVDOWDUTXHDVJUDQGHVQDo}HVTXHGHVDEURFKDUDPVREUHDFLYLOL]DomR
*UHFRURPDQDMiSRVVXtDPHVVHWLSRGHVHUYLoR

$$WXDomRGR&RUSRGH%RPEHLURVQR0XQGR

2V(VWDGRV8QLGRVGD$PpULFDFRQWDPFRPPDLVRXPHQRVFRUSRV
GH ERPEHLURV GHVWHV PDLVGH VmRFRQVLGHUDGDV FRUSRUDo}HV YROXQWiULDVH
DVGHPDLVVmRSURILVVLRQDLVVHQGRTXHRQ~PHURGHKRPHQVERPEHLURVXOWUDSDVVD

$ FRQVWUXomR GH SRYRDGRV HP SRUWRV QDWXUDLV WLQKD FRPR FDUDFWHUtVWLFD
FRPXP RV FRQIOLWRV FRP LQGtJHQDV DUFRV H IOHFKDV FRQWUD ULIOHV H FDQK}HV TXH
GHYLGR DR SRXFR VXFHVVR GH VXDV DUPDV XWLOL]DYDP R IRJR SDUD GHVWUXLU FDVDV
DOPR[DULIDGRVHVXSULPHQWRV
2XWURIDWRUUHOHYDQWHHUDRFOLPDIULRTXHGHYLGRDRXVRGHODUHLUDVHIRJ}HV
SDUDRDTXHFLPHQWRSURGX]LDPGHVDVWURVRVLQFrQGLRV
(P IDFH GLVVR VXUJLUDP QD $PpULFD RV SULPHLURV ERPEHLURV YROXQWiULRV
VHQGRTXHFDGDKRPHPFDSD]WRUQRXVHXPERPEHLURHPSRWHQFLDO
1RPXQLFtSLRGH1HZ<RUNILFRXLQVWLWXtGRTXHFDGDFDVDWLYHVVHWUrVEDOGHV
FKHLRVGHiJXDFRORFDGRVQDHQWUDGD
8PIDWRUH[WUHPDPHQWHUHOHYDQWHpDQDWXUH]DHVWULWDPHQWHPXQLFLSDOGRV
ERPEHLURV DPHULFDQRV SRLV FRPEDWH D LQFrQGLR p FRQVLGHUDGR
UHVSRQVDELOLGDGH GH FDGD PXQLFtSLR SRU LVVR R &RUSR GH ERPEHLURV DPHULFDQR p
FRPSRVWR GH ERPEHLURV SURILVVLRQDLV SDJRV QDV JUDQGHV FLGDGHV H WRWDOPHQWH
YROXQWiULRVQRVEDLUURVHRXWUDViUHDV

(P3RUWXJDOH[LVWHPHPWRUQRGHERPEHLURVGRVTXDLVVmR
YROXQWiULRVHVmRSURILVVLRQDLVGLVWULEXtGRVHPFRUSRUDo}HVVHQGR
TXHGHVWDVGHYROXQWiULRVRXDVVRFLDWLYRVGRVPXQLFtSLRVHSULYDGDV


$ $OHPDQKD GLVS}HP GH GRLV PLOK}HV GH ERPEHLURV KRPHQV PXOKHUHV H
MRYHQV TXH DWXDP FRPR ERPEHLURV YROXQWiULRV SURILVVLRQDLV MXYHQLV H
HPSUHVDULDLV
2V&RUSRVGH%RPEHLURVVmRLQVWLWXLo}HVVREHUDQDV2*RYHUQR)HGHUDOQmR
WHP MXULVGLomR VREUH HOHV D &RQVWLWXLomR DVVHJXUD DR (VWDGR R SRGHU GH OHJLVODU
VREUH LQFrQGLRV H FDODPLGDGHV 3HOD /HL FDGD PXQLFtSLR GHYH LQVWDODU XPD
FRUSRUDomRRTXHWRUQDD$OHPDQKDXPSDtVPRGHORHPPDWpULDGHERPEHLURV2
3DtV GLVS}H GH WUrV WLSRV GH ERPEHLURV RV YROXQWiULRV RV SURILVVLRQDLV H RV
LQYROXQWiULRV
&LGDGHV FRP PDLV GH KDELWDQWHV GHYHP SRVVXLU XP FRUSR GH
ERPEHLURVSURILVVLRQDLVHERPEHLURVYROXQWiULRVFRPRFRPSOHPHQWR
6H D FLGDGH SRVVXLU PDLV GH KDELWDQWHV GLVS}HP GH FRUSR GH
ERPEHLURV YROXQWiULRV FRP LQWHJUDQWHV SURILVVLRQDLV H FLGDGHV PHQRUHV RX UXUDLV
FRQWDPVRPHQWHFRPERPEHLURVYROXQWiULRV
4XDQGRHPWUHLQDPHQWRVRVERPEHLURVILFDPLVHQWRVGHSUHVWDUVHXVHUYLoR
SURILVVLRQDOWHQGRWRWDOJDUDQWLDVDODULDO
4XDQGRQmRpSRVVtYHODLQVWLWXLomRGHXPFRUSRGHERPEHLURVYROXQWiULRVD
FRPXQLGDGHILFDREULJDGDDLQVLVWLUQDFULDomRGHXPDFRUSRUDomRLQYROXQWiULDTXHp
FRPDQGDGDSRUXPOtGHUYROXQWiULRRXSURILVVLRQDO7RGRFLGDGmRHQWUHHDQRV
SRGHVHUXPERPEHLURYROXQWiULRRXUHFUXWDGR

1R -DSmR RV &RUSRV GH %RPEHLURV VmR RUJDQL]Do}HV LQGHSHQGHQWHV
DXW{QRPDV H RUJDQL]DGDV HP QtYHO PXQLFLSDO VXERUGLQDGRV D $JHQFLD GH 'HIHVD
&RQWUD,QFrQGLR ),5('(6(16($*(1&< DSHVDUGHQmRVHUHPPLOLWDUHVXWLOL]DP
D WHUPLQRORJLD PLOLWDU FRPR FDSLWmR ERPEHLUR WHQHQWH ERPEHLUR VDUJHQWR
ERPEHLUR 2XWURV IDWRUHV SUHSRQGHUDQWHV HP VXD IRUPDomR H DWXDomR VmR D
KLHUDUTXLD H D GLVFLSOLQD ([LVWHP QR -DSmR PDLV GH ERPEHLURV
YROXQWiULRVFXMDSULQFLSDOPRWLYDomRpRVWHUUHPRWRVIUHTXHQWHV
2V TXDUWpLV HVWmR GLVWULEXtGRV TXDVH TXH XP DR ODGR GR RXWUR H[SOLFDQGR R
IDWR GD H[LVWrQFLD D FDGD PHWURV XPD DPEXOkQFLD FRP UDLR GH DomR
LQVWDQWkQHDGHPHWURV

1R&KLOHVyH[LVWHPERPEHLURVYROXQWiULRVTXHDWpSDJDPPHQVDOLGDGHWDOp
R VHX FRQFHLWR HVWmR OLJDGRV D -XQWD 1DFLRQDO GH %RPEHLURV 6RPHQWH RV
PRWRULVWDV H UHVSRQViYHLV SHOD FRPXQLFDomR VmR UHPXQHUDGRV SRU SUHVWDUHP
VHUYLoR HP WHPSR LQWHJUDO &DGD &RUSR GH %RPEHLURV WHP GXDV iUHDV D
DGPLQLVWUDWLYD TXH p UHSUHVHQWDGD SHOR 6XSHULQWHQGHQWH H DRSHUDFLRQDO FRQGX]LGD
SHOR&RPDQGDQWH
([LVWHP QR &KLOH FRUSRUDo}HV GH ERPEHLURV YROXQWiULRV H WDPEpP
VHJXQGRQRWtFLDVDPDLVFRPSOHWDDFDGHPLDSULYDGDGHERPEHLURV

1D )UDQoD R &RUSR GH %RPEHLURV p XP GRV SULQFLSDLV yUJmRV GH 'HIHVD
&LYLO$)UDQoDSRVVXL&RUSRGH%RPEHLURV0LOLWDU'HSDUWDPHQWDOH0XQLFLSDOWRGRV
HVWmRVXERUGLQDGRVDR0LQLVWpULRGH,QWHULRUTXHUHJXODPHQWDDVXDDWXDomRQRV
'HSDUWDPHQWRV (VWDGRV QRTXDOD)UDQoDHVWiGLYLGD
6mR ERPEHLURV PLOLWDUHV GLVWULEXtGRV HP 3DULV TXH GLVS}H DLQGD
KRPHQV GR H[pUFLWR IUDQFrV GHQWUH PLOLWDUHV GH FDUUHLUD H FRQVFULWRV H
KRPHQV GD PDULQKD IUDQFHVD QD FLGDGH GH 0DUVHOKD $ )UDQoD GLVS}H DLQGD GH
ERPEHLURV FLYLV VHQGR TXH GHVWHV VmR SURILVVLRQDLV DVVDODULDGRV


TXH WHP MXULVGLomR VREUH FLGDGHV PpGLDV H JUDQGHV R UHVWDQWH p YROXQWiULR TXH
UHVSRQGHP SHOD SURWHomR GH FLGDGHV PHQRUHV H GD iUHD UXUDO 2V ERPEHLURV
IUDQFHVHV FRQWDP FRP RV &HQWURV GH )RUPDomR H[LVWHQWHV QRV &RUSRV GH
%RPEHLURV'HSDUWDPHQWDLV
eLPSRUWDQWHFLWDUTXHRVERPEHLURVIUDQFHVHVHVWmRDPSODPHQWHHQYROYLGRV
FRP D DGPLQLVWUDomR GH 'HIHVD &LYLO ID]HQGR SDUWH GD HVWUXWXUD DGPLQLVWUDWLYD GR
yUJmRGHQWURGD'LUHWRULDGH'HIHVD&LYLOLVVRSURSLFLRXDRVERPEHLURVXPDYLVmR
GDDWLYLGDGHGHGHIHVDFLYLOUDUDPHQWHHQFRQWUDGDHPRXWUDVFRUSRUDo}HV

1D $UJHQWLQD DV SULQFLSDLV FRUSRUDo}HV GH ERPEHLURV VmR GH
UHVSRQVDELOLGDGHGD3ROLFLD)HGHUDOSRUpPQRV'LVWULWRVKiDFRPSOHPHQWDomRFRP
ERPEHLURVYROXQWiULRV

1R 3DUDJXDL D SULQFLSDO FRUSRUDomR p GH UHVSRQVDELOLGDGH GD 3ROLFLD &LYLO
SRUpP WDPEpP FRPSOHPHQWDGD SRU FRUSRUDo}HV YROXQWiULDV VHQGR TXH QR LQWHULRU
GR3DtVVyH[LVWHPFRUSRUDo}HVGHVVDQDWXUH]D

1R 8UXJXDL D 'LUHFLyQ 1DFLRQDO GH %RPEHLURV DWUDYpV GD /HL 2UJkQLFD
3ROLFLDOWHPFRPSHWrQFLDGH3ROLFLDGR)RJRHPWRGRRWHUULWyULRHVmRIXQFLRQiULRV
GR(VWDGRVREOHJLVODomRFLYLORSHUDQGRFRPRSDUDPLOLWDUHV

1D &RVWD 5LFD D RUJDQL]DomR GH ERPEHLURV p GH UHVSRQVDELOLGDGH GDV
FRPSDQKLDVVHJXUDGRUDV

&25326'(%20%(,5261$+,67Ï5,$'2%5$6,/
$SULPHLUDFRUSRUDomREUDVLOHLUDGHERPEHLURVGDWDGHGHMXOKRGHH
IRL FULDGD SHOR LPSHUDGRU 'RP 3HGUR ,, QR 5LR GH -DQHLUR HP FDUiWHU PLOLWDU
LQGHSHQGHQWHGHQRPLQDGR&RUSRGH%RPEHLURVGD&RUWHSHORGHFUHWRQ(UD
FRPSRVWD GH ERPEDV PDQXDLV PDQJXHLUDV GH FRXUR PDQJRWHV
EDOGHV GH FRXUR WUH]H HVFDGDV H XP HIHWLYR GH KRPHQV VHQGR TXH FRPR
³YLDWXUD´GLVSXQKDPGHXPFRUULFRFRPDPDQJXHLUDVXPDFDL[DGHIHUUDPHQWDV
HVJXLFKRV FKDYHV GH UHJLVWUR XPD JXDUQLomR GH SUDoDV H XP FRPDQGDQWH TXH
SRU RFDVLmR GH LQFrQGLRV VDLDP GR SRVWR SX[DQGR R FRUULFR SHOD YLD SXEOLFD H
SURFXUDYDP YHQFHU R IRJR DWp FKHJDU R UHIRUoR (P IRL DGRWDGR R XVR GD
&RUQHWD0LOLWDUSDUDRVVLQDLVGDFRUSRUDomRVXEVWLWXLQGRRDSLWRHWDPEpPRLQLFLR
GDWURFDGDWUDomRDQLPDOSHODPHFkQLFD(VWDFRUSRUDomRH[LVWHDWpKRMH
$QWHULRUPHQWHDHVVDFRUSRUDomRRVLQFrQGLRVTXHHUDPDVPDLRUHVHPDLV
IUHTXHQWHV RFRUUrQFLDV HUDP FRPEDWLGDV SHOR SHVVRDO H DUVHQDO GD PDULQKD
EUDVLOHLUD
2VERPEHLURVHUDPDYLVDGRVGRVLQFrQGLRVSRUWUrVWLURVGHFDQKmRSDUWLGRV
GR PRUUR GR FDVWHOR H WRTXHV GR VLQR GD LJUHMD GH 6mR )UDQFLVFR GH 3DXOD VHQGR
TXHRQ~PHURGHEDODGDVFRUUHVSRQGLDDRQ~PHURGDIUHJXHVLDRQGHHUDYHULILFDGR
RLQFrQGLR
$VHJXQGDFRUSRUDomRPDLVDQWLJDGDKLVWyULDpDGH6mR3DXORIXQGDGD
DQRVDSyVR&RUSRGH%RPEHLURVGD&RUWHGHSRLVGHXPLQFrQGLRQD)DFXOGDGHGH
'LUHLWRTXHIXQFLRQDYDQRHQWmR&RQYHQWRGH6mR)UDQFLVFRQD&DSLWDO3DXOLVWD
$SHVDU GH ULFD H HP IUDQFR GHVHQYROYLPHQWR 6mR 3DXOR QmR SRVVXtD XP
VHUYLoRGHERPEHLURVRTXHUHSHUFXWLXQXPHVFkQGDOR


7RGD UHVSRQVDELOLGDGH GR FRPEDWH D VLQLVWURV HUD GR &RUSR 3ROLFLDO VHQGR
TXH RV GHPDLV FLGDGmRV HUDP REULJDGRV SRU OHL D FRODERUDU HP FDVR GH
QHFHVVLGDGH WXGR HUD PXLWR SUHFiULR H RV HTXLSDPHQWRV SHUWHQFLDP D WHUFHLURV
H[LJLQGRDVROLFLWDomRGHHPSUpVWLPR
(IRLDVVLPHPPHLRDVROXo}HVSDOLDWLYDVSDUDSUREOHPDVHPHUJHQWHVTXH
HP GH IHYHUHLUR GH DFRQWHFHX R LQFrQGLR TXH GHVWUXLX D %LEOLRWHFD H R
DUTXLYRGHFRQYHQWRGH6mR)UDQFLVFR1RGLDVHJXLQWHRGHSXWDGR)HUUHLUD%UDJD
SURS{VDFULDomRGHXPD6HomRGH%RPEHLURVYLQFXODGDj&RPSDQKLDGH8UEDQRV
*XDUGDV&LYLV
$OHLIRLYRWDGDHDSURYDGDVHQGRSXEOLFDGDHPGHPDUoRGHDSDUWLU
GDTXHODGDWDRV%RPEHLURVSRVVXtDPXPDH[LVWrQFLDRILFLDO
2 DQR GH IRL PXLWR LPSRUWDQWH SDUD D 6HomR GH %RPEHLURV SRU GRLV
PRWLYRV SULPHLUDPHQWH RFRUUHX D SXEOLFDomR GH FyGLJRV GH 3RVWXUD FRP
REULJDo}HV SXQLo}HV H SUHPLDo}HV HP GLQKHLUR SDUD DTXHOHV TXH QmR VHQGR
ERPEHLURVPHOKRUVHGHVHPSHQKDVVHPHPFDVRGHLQFrQGLR
( HP VHJXQGR OXJDU RFRUUHX D YLVLWD GH LQVSHomR GR SUySULR ,PSHUDGRU TXH
DVVLVWLXDXPDGHPRQVWUDomRGDVHomRHDGHVDSURYRX
(VVHGHVFRQWHQWDPHQWRVXJHULXYDULDVPHGLGDVGHPHOKRULDVDILQDORHIHWLYR
HVWDYD ORQJH GH VHU R LGHDO RV VDOiULRV HUDP SpVVLPRV IDOWDYD PDWHULDO DQLPDLV
SDUD D WUDomR H RV KRPHQV QmR FRQWDYDP FRP QHQKXP DPSDUR HP FDVR GH
DFLGHQWHV
(PDFRUSRUDomRSDVVRXDUHFHEHUGLYHUVRVHTXLSDPHQWRVLQFOXLQGRD
SULPHLUD ERPED D YDSRU ³0HUU\ZHDWKHU *UHHQZLFK´ R DXPHQWR GR TXDGUR GH
KRPHQV H D FRQVWUXomR GH XP TXDUWHO DSURSULDGR $V PHOKRULDV SURVVHJXLUDP QRV
GRLV DQRV VHJXLQWHV VHQGR TXH RV UHTXLVLWRV EiVLFRV SDUD R VHX IXQFLRQDPHQWR
IRUDPGHOLQHDGRVQHVVHSHUtRGR
$ FRPSDQKLD WHOHI{QLFD PRQWRX DSDUHOKRV SDUD DJLOL]DU R DYLVR GH
LQFrQGLRVQRORFDOGDRFRUUrQFLDHUDXWLOL]DGDDFRUQHWDHQDVUXDVIRLLQVWDODGRXP
VLVWHPDGHDODUPHDOHPmR GHVDWLYDGRSRUYROWDGH IRUDPFULDGDVRILFLQDVGH
FRQVHUWRHPDQXWHQomRGRVPDWHULDLVGLVSRQtYHLVXPPHOKRUQtYHOGHLQVWUXomRGRV
KRPHQVGLYLGLGRVHPHVSHFLDOLGDGHV
6XUJLXHQWmRDQHFHVVLGDGHGHGHVFHQWUDOL]DomRGRVVHUYLoRV
&RP LVVR WXGR D )RUoD 0LOLWDU 3ROLFLDO SDVVD D VH FKDPDU )RUoD 3ROLFLDO HP
H DFDED SRU DJUHJDU R &RUSR GH %RPEHLURV FRQWDQGR WDPEpP FRP FLQFR
%DWDOK}HV GH ,QIDQWDULD XP &RUSR GH &DYDODULD H[WLQJXLQGRVH D &RPSDQKLD GRV
8UEDQRV H DVVLP FRPHoDYD D VH GHOLQHDU RV &RUSRV GH %RPEHLURV 0LOLWDUHV SHOR
%UDVLODIRUD

2&2532'(%20%(,5261$$78$/,'$'(%5$6,/(,5$

1R %UDVLO DWXDOPHQWH VRPHQWH GRV PXQLFtSLRV EUDVLOHLURV SRVVXL D
GLVSRVLomRDOJXPWLSRGHVHUYLoRQDiUHDERPEHLULO
(PTXDQGRIRLSURPXOJDGDD&RQVWLWXLomR)HGHUDOR%UDVLOGLVSXQKDGH
DSHQDVGXDVFRUSRUDo}HVPLOLWDUHVLQGHSHQGHQWHVDGR5LRGH-DQHLURHDGR'LVWULWR
)HGHUDO TXH Mi QDVFHUDP LQGHSHQGHQWHV GDt D VXD LQFOXVmR DR ODGR GD 3ROLFLD
0LOLWDU QR LQFLVR 9 GR DUW GD &RQVWLWXLomR )HGHUDO FRP UHVSRQVDELOLGDGH GH
SUHVHUYDomR GD RUGHP S~EOLFD H GD LQFROXPLGDGH GDV SHVVRDV H SDWULP{QLR XPD
YH] TXH D PHVPD FRORFD TXH D VHJXUDQoD S~EOLFD p GHYHU GR (VWDGR SRUpP QR


SDUiJUDIR GL] DLQGD ³DRV &RUSRV GH %RPEHLURV 0LOLWDUHV DOpP GDV VXDV
DWULEXLo}HV GHILQLGDV HP OHL LQFXPEH D H[HFXomR GH DWLYLGDGHV GH GHIHVD FLYLO´ $
SUHSRVLomR³GH´QDUHGDomRGHVWHDUWLJRQmRGiDRV%RPEHLURV0LOLWDUHVPRQRSyOLR
GHDWXDomRLQGLFDQGRDVVLPTXHDGHIHVDFLYLOFRPRRUGHPGHVHJXUDQoDpGLUHLWR
HUHVSRQVDELOLGDGHGHWRGRV
$ SDUWLU GH YiULDV FRUSRUDo}HV GH ERPEHLURV EUDVLOHLUDV HPDQFLSDUDP
VH DWXDOPHQWH VmR FRUSRUDo}HV LQGHSHQGHQWHV GDV TXDLV SRGHPRV FLWDU 0DWR
*URVVRGR6XO0LQDV*HUDLV5RQG{QLD(VStULWR6DQWR3DUi$PDSiH3HUQDPEXFR
GHQWUHRXWUDV
7RGDV DV FRUSRUDo}HV FLWDGDV DFLPD DILUPDP TXH QmR KRXYH DXPHQWR GH
JDVWRVSDUDR(VWDGRHQmRPDQLIHVWDPGHVHMRGHUHLQFRUSRUDUVHD3ROLFLD0LOLWDUH
DLQGDGHVWDFDPYDQWDJHQVGDHPDQFLSDomRQDVHOHomRHIRUPDomRGHSHVVRDOFRP
DJDUDQWLDGHQmRRFRUUHUDWUDQVIHUrQFLDGHERPEHLURVSDUDDSROLFLDPLOLWDUHYLFH
YHUVD
1DFRQVWLWXLomRHVWDGXDOGR(VWDGRGH6DQWD&DWDULQDFRQVWDHPVHXDUW
TXH ³$ GHIHVD FLYLO GHYHU GR (VWDGR GLUHLWR H UHVSRQVDELOLGDGH GH WRGRV WHP SRU
REMHWLYR SODQHMDU H SURPRYHU D GHIHVD SHUPDQHQWH FRQWUD FDODPLGDGHV S~EOLFDV H
VLWXDo}HV GH´ ³(PHUJrQFLDV´ H QD VHTXrQFLD QR SDUiJUDIR GHVVH PHVPR DUW
XPFRPSOHPHQWR

³2 (VWDGR HVWLPXODUi H DSRLDUi WpFQLFD H ILQDQFHLUDPHQWH D DWXDomR GH
HQWLGDGHV SULYDGDV GH GHIHVD FLYLO SDUWLFXODUPHQWH RV &RUSRV GH %RPEHLURV
9ROXQWiULRV´

$LGHLDDWXDOpHPPDWpULDGHVHUYLoRERPEHLULOQRVWRUQDUUHIHUrQFLDFRPRR
VmR RXWURV SDtVHV GH SULPHLUR PXQGR $VVLP QRYRV HTXLSDPHQWRV YmR VHQGR
DGTXLULGRV WDQWR TXH YLVXDOPHQWH D PDLRU WUDQVIRUPDomR GR FRUSR GH ERPEHLURV
HP TXDOTXHU FLGDGH EUDVLOHLUD p UHSUHVHQWDGD SHOD DTXLVLomR GH QRYDV YLDWXUDV H
HTXLSDPHQWRV VHQGR TXH JUDQGH SDUWH GHVVHV HTXLSDPHQWRV p DGTXLULGD QR
H[WHULRU JHUDQGR LQVDWLVIDomR GDV LQG~VWULDV QDFLRQDLV SRUpP R FXVWR QD PDLRULD
GDVYH]HVFRPSHQVDPDLVQDLPSRUWDomR
0XLWRV(VWDGRVEUDVLOHLURVWDPEpPHVWmRDGHULQGRjLPSODQWDomRGH&RUSRGH
%RPEHLURV9ROXQWiULRVFRPRpRFDVRGR5LR*UDQGHGR6XOTXHJDQKDGHVWDTXH
DRODGRGH6DQWD&DWDULQDHGHPDLVHVWDGRFRPR0LQDV*HUDLV%DKLDH6mR3DXOR
'DGRV UHWLUDGRV GH SXEOLFDo}HV GD $%9(6& ± $VVRFLDomR GRV %RPEHLURV
9ROXQWiULRVGH6DQWD&DWDULQD

$3UHVHQoDGR6H[R)HPLQLQR

$ H[SUHVVmR ³VH[R IUiJLO´ QmR ID] MXV TXDQGR VH WUDWD GD SUHVHQoD GH
PXOKHUHVQRFRUSRGHERPEHLURV
$LGHLDpDQWLJDSRUpPUHVVXUJLXFRPIRUoDQDGpFDGDGH
&RQWD D KLVWyULD TXH HP GXUDQWH D 5HYROXomR &RQVWLWXFLRQDOLVWD
DOJXPDV PXOKHUHV DWXDUDP FRPR ERPEHLUDV SDUD VXSULU R IDOWD GH KRPHQV TXH
KDYLDPVLGRHQYLDGRVSDUDDIUHQWHGHFRPEDWHHPDLVUHFHQWHPHQWHH[SHULrQFLDV
IRUDP IHLWDV FRP HQIHUPHLUDV LQWHJUDQGR YLDWXUDV ³8QLGDGHV GH 6XSRUWH $YDQoDGR´
HP 6mR 3DXOR 2 SURMHWR IRL DSURYDGR H XP SHORWmR SHUWHQFHQWH DR FRPDQGR GH
3ROLFLDPHQWR)HPLQLQRIRLOLEHUDGRSDUDH[SHULrQFLD


$WXDOPHQWH YiULDV FRUSRUDo}HV HP HVSHFLDO DV FDWDULQHQVHV HP FDUiWHU
YROXQWiULRHVWmRDGHULQGRjLQWHJUDomRGHPXOKHUHVSDUDIRUPDomRGHJUXSDPHQWRV
TXH FRP WUHLQDPHQWRV H DSULPRUDPHQWRV SHUPDQHQWHV HVWmR VHPSUH SURQWDV H
DSWDVDRDWHQGLPHQWRGHWRGDHTXDOTXHUHPHUJrQFLD
3RGHPRVREVHUYDUDVHJXLUXPDUHSURGXomRIRWRJUiILFDGHXPPRPHQWRGH
DWXDomR GR &RUSR GH %RPEHLURV 9ROXQWiULRV GH -DUDJXi GR 6XO HP TXH Ki D
SDUWLFLSDomR GDV ERPEHLUDV GR SULPHLUR JUXSDPHQWR IHPLQLQR HP DWHQGLPHQWR D
XPDRFRUUrQFLDGHDWHQGLPHQWRSUpKRVSLWDODU

2&2532'(%20%(,5261$+,67Ï5,$&$7$5,1(16(

(P 6DQWD &DWDULQD D KLVWyULD GD FULDomR GH VHomR GH ERPEHLURV QmR GLIHUH
GDVGHPDLVPXQGRDIRUDDRTXHVHVDEHQDKLVWyULDGDKXPDQLGDGHDHYROXomR
ERPEHLULO HVWi DPSODPHQWH OLJDGD jV WUDJpGLDV VRIULGDV SHOR SRYR 2V LQFrQGLRV
HUDP PXLWR FRPXQV QR LQLFLRGR VpFXOR SDVVDGR ORJRDSyV RV GHVDVWUHVPXLWR VH
IDODYDQDFULDomRGHXPFRUSRGHERPEHLURVSRUpPRWHPSRSDVVDYDHFHVVDGRR
SHULJRHPHUJHQWHHRVXVWRDVSURYLGrQFLDVHUDPGHL[DGDVGHODGRHDVIDFo}HVGH
SHQVDPHQWRV VH GLYLGLDP HQWUH D VXEVWLWXLomR GRV SUpGLRV DQWLJRV SRU FRQVWUXo}HV
PDLVPRGHUQDVHRVTXHGL]LDPTXHRSURJUHVVRFKHJDULDDVHXWHPSR
(P GH MXOKR GH WULQWD H VHLV DQRV GHSRLV GH IXQGDGR R &RUSR GH
%RPEHLURVGD&RUWHQDFLGDGHGH-RLQYLOOHR(VWDGRGH6DQWD&DWDULQDIXQGRXVXD
SULPHLUD &RUSRUDomR GH %RPEHLURV GHQRPLQDGD ³&RUSR GH %RPEHLURV 9ROXQWiULRV
GH-RLQYLOOH´VHQGRWDPEpPDSULPHLUDHPFDUiWHU9ROXQWiULRQR3DtVHGD$PpULFD
/DWLQD SRUpP XP H[HPSOR Mi H[LVWHQWH HP SDtVHV GHVHQYROYLGRV FRPR (VWDGRV
8QLGRV$OHPDQKD3RUWXJDOHRXWURV
2 VXUJLPHQWR GHVVD FRUSRUDomR WHYH FRPR VHPHQWH D QHFHVVLGDGH GH
GHIHVDGR3DWULP{QLRSHUDQWHRVULVFRVGHLQFrQGLRVTXHFRPHoDYDPDDFRQWHFHU
MXQWDPHQWH FRP D FXOWXUD H D VROLGDULHGDGH WUD]LGD SHORV SLRQHLURV LPLJUDQWHV
DOHPmHVHYHPUHVSRQGHQGRDWpRVGLDVGHKRMHjVQHFHVVLGDGHVGDPDLRUHPDLV
SRSXORVDFLGDGHGR(VWDGRFRPPDLVGHPLOKDELWDQWHV
6HJXQGR OHYDQWDPHQWRV UHDOL]DGRV SHOD $%9(6& $VVRFLDomR GH %RPEHLURV
9ROXQWiULRV GR (VWDGR GH 6DQWD &DWDULQD R (VWDGR SRVVXL TXDUHQWD H WUrV
FRUSRUDo}HV GH ERPEHLURV YROXQWiULRV H WULQWD GHQWUH PLOLWDUHV H PLVWDV
FRPXQLWiULDV WRUQDQGRVH DVVLP XP (VWDGR PRGHOR UHIHUrQFLD SDUD RV GHPDLV
HVWDGRVEUDVLOHLURVHPPDWpULDGHVHUYLoRERPEHLULO
$VHJXQGDFRUSRUDomRGHERPEHLURVGR(VWDGRpGHFDUiWHUPLOLWDUQDFLGDGH
GH )ORULDQySROLV H FRQWD D KLVWyULD TXH QR GLD GH VHWHPEUR GH R HQWmR
JRYHUQDGRUGR(VWDGR'U+HUFtOLR/X]VDQFLRQRXDOHLQFULDQGRXPDVHomR
GH ERPEHLURV FRQVWLWXtGD GH HOHPHQWRV GD )RUoD 3~EOLFD QR HQWDQWR D VXD UHDO
LQVWDODomRVyDFRQWHFHXVHWHDQRVGHSRLVQDVFLDHQWmRD6HomRGH%RPEHLURV
0LOLWDUHV GR (VWDGR ,QIRUPDomR H[WUDtGD GD UHYLVWD ± %RPEHLURV DQR Q ±
VHWHPEUR
(PGHRXWXEURGHQDUHVLGrQFLDQVLWDD5XD7HQHQWH6LOYHLUDD
VHomR &RUSR GH ERPEHLURV DWHQGLD D VXD SULPHLUD RFRUUrQFLD XP LQFrQGLR TXH
JUDoDVjEUDYDDWXDomRGRVERPEHLURVQmRWHYHJUDYHVFRQVHTrQFLDV
2 SULPHLUR SUpGLR HVSHFLDOPHQWH FRQVWUXtGR FRPR VHGH SDUD R FRUSR GH
ERPEHLURV GH )ORULDQySROLV GDWD GH ( DVVLP QR GHFRUUHU GRV DQRV FRP R
FUHVFLPHQWR XUEDQR GDV FLGDGHV YiULDV RXWUDV FRUSRUDo}HV IRUDP VXUJLQGR QR
(VWDGRQDGpFDGDGHQDVFHDFRUSRUDomRGHERPEHLURVPLOLWDUHVGH%OXPHQDX


TXHYHLROXWDQGRHQIUHQWDQGRDOJXQVSHUFDOoRVSDUDVRPHQWHDQRVGHSRLVREWHU
RVHXTXDUWHOGHILQLWLYR
(PpDYH]GH&KDSHFyVHQGRXPDGDVPDLVDQWLJDVFRUSRUDo}HVGR
(VWDGR FRP VXD LQVWDODomR SURYLVyULD HP DEULO GHVVH PHVPR DQR DWXDOPHQWH p
GHQRPLQDGDFRPSDQKLDGHERPEHLURVPLOLWDUHHVWiVXERUGLQDGDDR%DWDOKmR
GH%RPEHLURV0LOLWDUFRPVHGHHP&XULWLEDQRVWHQGRFRPRMXULVGLomRTXDVHWRGRR
RHVWHFDWDULQHQVH$FRPSDQKLDGH%RPEHLURV0LOLWDUDWXDOPHQWHFRPMXULVGLomR
VREUH PDLV RX PHQRV PXQLFtSLRV WHP VXD VHGH QD FLGDGH GH &ULFL~PD FDSLWDO
EUDVLOHLUDGRFDUYmRFXMRPLQpULRRIHUHFHULVFRSRWHQFLDOGHDFLGHQWHV

%RPEHLURV0LOLWDUHVHP6DQWD&DWDULQD

%RPEHLURV0LOLWDUHVVmRHQWLGDGHVS~EOLFDVSDUWHLQWHJUDQWHGD3ROLFLD0LOLWDU
GHSHQGHQWHV GR (VWDGR TXH VH XWLOL]DP WDPEpP GR )815(%20 )XQGR GH
5HHTXLSDPHQWR SDUD %RPEHLURV SDUD FRQVHJXLUHP YHQFHU DV GLILFXOGDGHV
ILQDQFHLUDV HP PDWpULD GH DTXLVLomR GH HTXLSDPHQWRV 7RGRV RV VHXV LQWHJUDQWHV
WrP IRUPDomR PLOLWDU H VmR EDVWDQWH WUHLQDGRV 9iULDV FRUSRUDo}HV GH ERPEHLURV
PLOLWDUHV GH 6DQWD &DWDULQD H WDPEpP GH RXWURV (VWDGRV HVWmR FRP SURMHWRV QDV
UHVSHFWLYDVDVVHPEOHLDVHVWDGXDLVGHGHVYLQFXODomRGD3ROLFLD0LOLWDU
2 FRUSR GH ERPEHLURV PLOLWDU WHP SDUFHULDV FRP XQLYHUVLGDGHV SDUD
IRUPDomR SHVTXLVD H GHVHQYROYLPHQWR GRV VHXV KRPHQV SDUWLFLSDQGR DLQGD GH
SURJUDPDV GH WUHLQDPHQWR HP RXWURV SDtVHV EXVFDQGR PHOKRU FDSDFLWDomR SDUD R
DWHQGLPHQWR SUpKRVSLWDODU GH HPHUJrQFLDH WDPEpP D HVSHFLDOL]DomR HP SHUtFLDV
GHLQFrQGLRV

%RPEHLURV9ROXQWiULRVHP6DQWD&DWDULQD

2 FRQFHLWR GH UHVSRQVDELOLGDGH VRFLDO p YLVWR FRPR XPD QRYD IRUPD GH
JHVWmR HPSUHVDULDO TXH QRUWHLD WRGDV DV SROtWLFDV GD HPSUHVD H WRGDV DV VXDV
UHODo}HV
$QRomRGHYROXQWDULDGRHVWiYLQFXODGDDRVDVSHFWRVGHHQJDMDPHQWRVRFLDO
QRWDGDPHQWH SHOD GLVSRQLELOLGDGH GH SUHVWDU VHUYLoRV D TXHP GHOHV QHFHVVLWH VHP
H[SHFWDWLYDGHDXIHULUEHQHItFLRV1RYROXQWDULDGRRVXMHLWRSDVVDDVHUSURGXWRUGH
VXDSUySULDWUDQVIRUPDomR
$WXD FRP SUHPLVVD GH VROLGDULHGDGH H H[HUFtFLR GD FLGDGDQLD 2 WUDEDOKR
YROXQWiULRpXPDYLDGHPmRGXSODRQGHRVXMHLWRGRDHUHFHEH
e XPD UHODomR ULFD VROLGiULD TXH QmR WHP KRUD QHP OXJDU QmR WHP QRPH
QHPURVWRpDSHQDVRDPRURQGH³VHUYLUDXPDFDXVDpXPDKRQUD´
0DLV GR TXH UHVROYHU SUREOHPDV GH IRUPD LPHGLDWD R YROXQWDULDGR p XP
FDPLQKRGHFRQVFLHQWL]DomRGHSHVVRDVGHGHIHVDGHGLUHLWRVHSULQFLSDOPHQWHGD
EXVFDGHLPSODQWDomRGHQRYDVSROtWLFDVS~EOLFDVTXHYHQKDPDDWHQGHUDGHPDQGD
GDVRFLHGDGH
%RPEHLURV 9ROXQWiULRV VmR VRFLHGDGHV FLYLV DXW{QRPDV GH GLUHLWR SULYDGR
FRPFHUWLILFDGRGHHQWLGDGHILODQWUySLFDTXHVREUHYLYHPGHFRQWULEXLo}HVHGRDo}HV
GD FRPXQLGDGH HP JHUDO H SHVVRDV MXUtGLFDV XPD VXEYHQomR PXQLFLSDO H
FRQTXLVWDUDP WDPEpP LQVWLWXFLRQDOPHQWH R GLUHLWR GH UHFHEHU VLVWHPDWLFDPHQWH
XPD VXEYHQomR ILQDQFHLUD GR *RYHUQR (VWDGXDO GHVGH (VWmR UHSUHVHQWDGRV
SHOD $VVRFLDomR GH %RPEHLURV 9ROXQWiULRV QR (VWDGR GH 6DQWD &DWDULQD IXQGDGD


HP TXDQGR H[LVWLDP DSHQDV RQ]H FRUSRUDo}HV YROXQWiULDV QR (VWDGR
DWXDOPHQWHVmR WULQWDHTXDWUR
FRUSRUDo}HV DWXDQGR FRP LQWHJUDQWHV FLYLV FRP TXDOLILFDomR H WUHLQDPHQWR
SDUD SRGHU SUHVWDU R VHUYLoR 6mR KRPHQV TXH VH GHGLFDP FRP HPSHQKR
HVSHFLDOVREUHJLPHGHYROXQWDULDGRVHPSUHSURQWRSDUDDH[HFXomRGHVHUYLoRVGH
FRPEDWH D LQFrQGLRV EXVFD H VDOYDPHQWR SUHVWDomR GH VRFRUURV HP FDVR GH
HPHUJrQFLDVGHVDEDPHQWRVLQXQGDo}HVFDWiVWURIHVHFDODPLGDGHVS~EOLFDV

%RPEHLURV0LVWRV9ROXQWiULRVH&RPXQLWiULRV

%RPEHLURV 9ROXQWiULRV 0LVWRV SHVVRDV MXUtGLFDV GH 'LUHLWR 3ULYDGR 6mR
RUJDQL]Do}HVGHERPEHLURVYROXQWiULRVDXWrQWLFDVGHDWLYLGDGHVPHLRQDVTXDLVRV
%RPEHLURV 3ROLFLDLV 0LOLWDUHV GD 30 WHP LQILOWUDGR ERPEHLURV PLOLWDUHV VHUYLGRUHV
S~EOLFRV UHSUHVHQWDGRV SRU JUXSRV GH KRPHQV &RPR VmR UHPXQHUDGRV SHOR
(VWDGR DWUDHP RV GLULJHQWHV GHVVDV HQWLGDGHV YROXQWiULDV TXH VH DOLYLDP GH SDUWH
GRV SDJDPHQWRV H PRELOL]DomR GH ERPEHLURV FLYLV (VVH SULYLOpJLR ILQDQFHLUR DV
6RFLHGDGHV%RPEHLURV9ROXQWiULRV$XWrQWLFRVRXSXURVQmRWHP
%RPEHLURV 9ROXQWiULRV &RPXQLWiULRV SHVVRDV MXUtGLFDV GH 'LUHLWR 3ULYDGR
LQVWLWXtGRV FRPR GH ERPEHLURV YROXQWiULRV SHOD FRUSRUDomR GH %RPEHLURV 3ROLFLDLV
0LOLWDUHV DQH[DV RV VHXV TXDUWpLV QXPD HVSpFLH GH VXSHUSRVLomR VHP QHQKXP
FRQYrQLRRSHUDFLRQDOFRQMXQWR
1R VHQWLGR GH DPSOLDU JHRJUDILFDPHQWH RV VHUYLoRV GH ERPEHLURV SHOR
(VWDGRHVVHWLSRGDSURYLGrQFLDQDGDDFUHVFHQWD7RGDYLDUHSUHVHQWDXPDIRUPDGH
PRELOL]DomRGHUHFXUVRVSHORV%RPEHLURV(VWDWDLVTXHXWLOL]DPHVVDVRUJDQL]Do}HV
SULYDGDVFDWLYDVSDUDKDELOLWDUHPVHDRVHVWtPXORVILQDQFHLURVGR(VWDGRGHVWLQDGDV
DRV %RPEHLURV 9ROXQWiULRV $XWrQWLFRV ³6XEYHQomR 6RFLDO D &RUSRV GH %RPEHLURV
9ROXQWiULRV´ H WDPEpP SDUD PDLRU SDUWLFLSDomR QR UDWHLR GR )XQGR (VWDGXDO GH
'HIHVD&LYLO±)XQGHF$/HLQGH$UWLJRGL]³'RVUHFXUVRV
ILQDQFHLURVSUHYLVWRVQRVLQFLVRV,,,H,9DWp WULQWDSRUFHQWR VHUmRDSOLFDGRV
QR HTXLSDPHQWR RX UHHTXLSDPHQWR GRV &RUSRV %RPEHLURV 0LOLWDU H 9ROXQWiULRV QD
SURSRUomRSDULWiULDGH FLQTHQWDSRUFHQWR DFDGDXP´
+i %RPEHLURV &RPXQLWiULRV QRV TXDUWpLV GRV %30V HP 6mR -RDTXLP
%OXPHQDX /DJHV &XULWLEDQRV -RDoDED &DQRLQKDV 'LRQtVLR &HUTXHLUD &KDSHFy
0DIUD3RUWR8QLmRH%UXVTXHHQWUHRXWURV

1RWD
$ $V RUJDQL]Do}HV %RPEHLURV 9ROXQWiULRV 0LVWRV H GH %RPEHLURV
&RPXQLWiULRVFRPHoDUDPDVHULPSODQWDGRVSHORVGLULJHQWHVGRV%RPEHLURV3ROLFLDLV
0LOLWDUHVVyDSyVTXDQGRD$VVRFLDomRGH%RPEHLURV9ROXQWiULRVQR(VWDGR
GH6&±$%9(6&HVWDYDHPDWLYLGDGHVKiXPDQRSRLVIRLLQVWLWXtGDHP
% )RL DSRQWDGR DFLPD TXH RV %RPEHLURV &RPXQLWiULRV VmR FDWLYRV QRV
TXDUWpLV GRV %30V VHP FRQYrQLRV IDWR TXH SRGHULD VHU VDQDGR GH DFRUGR FRP R
TXH SUHVFUHYH D /HL )HGHUDO Q GH TXH HVWDEHOHFH FHOHEUDomR GH
FRQYrQLRVGH3DUFHULDLQFOXVLYHDSUHVHQWDQGRPLQXWDPRGHOR³3DUFHULDVHPDFRUGR
RXFRQYrQLRRSHUDFLRQDOVHPSUHWRUQDDSDUWHPDLVIUDFDVXEPLVVDGDPDLVIRUWH´

$%9(6& ± $662&,$d2 '( %20%(,526 92/817È5,26 12 (67$'2
'(6$17$&$7$5,1$


(PGHDEULOGHQDFLGDGHGH-RLQYLOOHFRQWDQGRHIHWLYDPHQWHFRP
RQ]H UHSUHVHQWDQWHV GDV &RUSRUDo}HV GH %RPEHLURV 9ROXQWiULRV SUHVWLJLDGD SRU
YiULDV DXWRULGDGHV S~EOLFDV SULYDGDV H RXWUDV IRL FRQVWLWXtGD D $VVRFLDomR GRV
%RPEHLURV 9ROXQWiULRV QR (VWDGR GH 6DQWD &DWDULQD $%9(6& TXH SDVVRX D
WHU VXD VHGH j 5XD -DJXDUXQD Q -RLQYLOOH MXQWR GD 6RFLHGDGH &RUSR GH
%RPEHLURV 9ROXQWiULRV GH -RLQYLOOH FLGDGH GRPLFtOLR GR VHX SULPHLUR 3UHVLGHQWH
HOHLWR±'U+HQULTXH/R\ROD
)RL XPD GDWD PHPRUiYHO SRU VH WUDWDU GH XP HYHQWR LQWHJUDGRU GDV
&RUSRUDo}HV GR VLVWHPD YROXQWiULR GH ERPEHLURV TXDQGR IRUDP UDWLILFDGRV
SURSyVLWRV GH VH UHGREUDU RV WUDEDOKRV YLVDQGR IRUWDOHFHU QRVVDV FRUSRUDo}HV H
DPSOLiODV FRP D LPSODQWDomR LQFOXVLYH GH QRYDV XQLGDGHV GH ERPEHLURV
YROXQWiULDVQRXWUDVFLGDGHVGH6DQWD&DWDULQD
5HJLVWURXVH D DSUR[LPDomR GH SHVVRDV HQYROYLGDV GRV PHVPRV LGHDLV GH
FXQKR FRPXQLWiULR RSRUWXQL]DQGR DOpP GH VyFLRV QXP JUDQGH WUDEDOKR QRYDV
DPL]DGHVTXHWURX[HUDPOHJtWLPRYLJRUDXPDFDXVDFRPXP
1R DWR GH FRQVWLWXLomR GD $%9(6& IRUDP GHOLQHDGDV PHWDV RX SULRULGDGHV
GHDo}HV
%XVFDGHPHOKRUDQDSDUWLFLSDomRGR(VWDGR0XQLFtSLRVHRXWURVQRDSRLR
ILQDQFHLURjVFRUSRUDo}HVGHERPEHLURVYROXQWiULRV
&DPSDQKD LQVWLWXFLRQDO SDUD GLYXOJDomR GR VLVWHPD GH ERPEHLURV
YROXQWiULRV
(ODERUDomR GH GLDJQyVWLFRV VREUH DV UHDLV QHFHVVLGDGHV SUHVHQWHV GDV
FRUSRUDo}HVSDUDDWLYLGDGHVGHVROXo}HV
'LYXOJDomR GD $%9(6& H VLVWHPD GH ERPEHLURV YROXQWiULRV MXQWR DRV
FDQGLGDWRVDFDUJRVHOHWLYRVQRSOHLWRGH
3URGX]LU ³7HUPR GH5HIHUrQFLD´RUGHQDQGR Do}HV YROWDGDV jPXOWLSOLFDomR
GHFRUSRUDo}HVYROXQWiULDVHP6DQWD&DWDULQD
$FKDPDGD³2SHUDomR)UDQoD´&RPLQWHUPHGLDomRGR&RQVXO+RQUiULRGD
)UDQoD GHVHQYROYHX QHJRFLDomR GH HPSUpVWLPR QDTXHOH SDtV SDUD UHHTXLSDU
ERPEHLURV DWUDYpV GR *RYHUQR GR (VWDGR H D 62)5(0, 6RFLHGDGH )UDQFHVD GD
([SRUWDomRGR0LQLVWpULRGR,QWHULRU
&21)$=,VHQomRGH,&06SDUDDVFRUSRUDo}HVGH%RPEHLURV
&RRSHUDomRGD86$,'H8'(6&
1RYDV&RUSRUDo}HVYROXQWiULDV
(PD $%9(6&FRPSOHWRX DVVLPDQRVGHDWLYLGDGHVGHVHQYROYLGDV
HPSUROGRVERPEHLURVYROXQWiULRVHPQRVVR(VWDGR7UDWDVHFRQMXQWXUDOPHQWHGH
GLDVGLItFHLVSRLVRVERPEHLURVYROXQWiULRVH[LVWHQWHVKiDQRVHVSHUDYDPTXH
RV SRGHUHV FRQVWLWXtGRV OKH SURSRUFLRQDVVHP R PHVPR UHVSHLWR H FDULQKR DVVLP
FRPRHVWHVDEQHJDGRVYROXQWiULRVGHGLFDPDRVHXSUy[LPRGHIRUPDDOWUXtVWDFRP
YDORUHV PRUDLV H GH DPRU j YLGD UHGX]LQGR SUHMXt]RV PDWHULDLV H R FHLIDPHQWR GH
YLGDVHPYiULRVULQF}HVGDQRVVDWHUUDEDUULJDYHUGH1RH[HUFtFLRGHIRUDP
HVWDEHOHFLGDV DV VHJXLQWHV OLQKDV GH SHQVDPHQWR H GH DomR FRPR GLUHWUL]HV GD
$%9(6&
$%9(6&SURPRWRUDGHDo}HVSDUDDJOXWLQDUFRUSRUDo}HV
%XVFDGHPHOKRULQWHUFkPELRHQWUHDVHQWLGDGHVHFRPXQLFDomR
5HXQL}HV ELPHVWUDLV GH &RPDQGDQWHV SDUD DGRomR GH XP XQLIRUPH
RSHUDFLRQDO ~QLFR SDUD WRGDV EHP FRPR SDGURQL]DomR GH SURFHGLPHQWRV FULDQGR
XPDLGHQWLGDGH~QLFD ³UyWXORSUySULR´SURFHGLPHQWRVFRUGHYHtFXORVHWF


&ULDomR GH XPD 'LUHWRULD GH (QVLQR SDUD EXVFDU R DSULPRUDPHQWR WpFQLFR
SDUDVHUPRVUHVSHLWDGRV
3URSRVWD GH FXUVRV GH PRGR D KRPRORJDU SDGU}HV GH FDSDFLWDomR GH
ERPEHLURV
$ DGRomR GH FULWpULRV PtQLPRV SDUD D DEHUWXUD GH QRYDV FRUSRUDo}HV
YLDELOLGDGH WpFQLFD ILQDQFHLUD HFRQ{PLFD H FRQWDQGR FRP D SDUWLFLSDomR GDV
OLGHUDQoDVORFDLVTXHOKHSURSRUFLRQHPDVXVWHQWDomR
(VWDEHOHFLPHQWR GH XPD IRUoD WDUHID SDUD DMXGDU DV FRUSRUDo}HV PDLV
FDUHQWHV DWUDYpV GH FHVVmR GH PDWHULDLV H HTXLSDPHQWRV DWUDYpV GDV SUySULDV
FRLUPmV
&RQWDWRVFRPR&RPDQGDQWH*HUDOGD306&:DOPRU%DFNHVQDpSRFD
SDUDUHGX]LUHQIUHQWDPHQWRVHQWUHHVFDO}HVPHQRUHVOLJDGRVDR%306&
$FRPSDQKDPHQWR GD HODERUDomR GR FRQYrQLR EXVFDQGR JDUDQWLU RV
UHSDVVHVPtQLPRVDWRGDVDVHQWLGDGHVGHERPEHLURVYROXQWiULRV
(VWLPXODU H IRUWDOHFHU DV SHTXHQDV FRUSRUDo}HV SDUD TXH DV PHVPDV
WHQKDP FRQGLo}HV GH PRVWUDU VXD IRUoD YROXQWiULD SURFXUDQGR VHU HILFLHQWHV HP
FDGDSRVWRGHERPEHLURVFULDQGRFRQGLo}HVSDUDSOHQRDWHQGLPHQWRQRHQWRUQRGH
FDGDMXULVGLomR
(VWDEHOHFHUXPSODQRGHYDORUL]DomRHGHGLIXVmRGRYROXQWDULDGRERPEHLULO
HGH0DUNHWLQJ
%XVFD GH IRQWHV DOWHUQDWLYDV GH UHFXUVRV SDUD UHGX]LU D GHSHQGrQFLD GD
VXEYHQomRHVWDGXDOTXHQmRPDQWpPXPDUHJXODULGDGHGHIOX[R

$7$'()81'$d2'$$662&,$d2081,&,3$/285(*,21$/

,16(5,5$$7$282+,67Ï5,&2'()81'$d2'($&25'2&20
&$'$$662&,$d2



/LomR &2081,&$d2

$RILQDOGHVWDOLomRRVSDUWLFLSDQWHVVHUmR
2EMHWLYRV FDSD]HVGH

&RQKHFHU RV VLVWHPDV GH FRPXQLFDomR SRU YR] IL[D H
PyYHO GD FHQWUDO GH RSHUDo}HV H UHJLVWUR GH GDGRV H
OHJLVODomRYLJHQWH
&RQKHFHURFyGLJRIRQpWLFRLQWHUQDFLRQDOHRFyGLJR4
3URFHGHU FRP D RSHUDomR GRV VLVWHPDV GH
FRPXQLFDomRSRUYR] IL[DHPyYHO HUHJLVWURGHGDGRV
$SOLFDU R FyGLJRIRQpWLFR LQWHUQDFLRQDO H R FyGLJR4 QD
FRPXQLFDomRYLDUDGLRIUHTXrQFLD

5HYLVmRHP-XOKR±&RPXQLFDomR 03


%5(9(+,67Ï5,$'25È',2

2SULPHLURKRPHPDHPLWLURQGDVGHUiGLRHPQRVVRSODQHWDIRLR3DGUH5REHUWR
/DQGHOO GH 0RXUD %UDVLOHLUR QDVFLGR HP 3RUWR $OHJUH UHDOL]RX VXDV H[SHULrQFLDV QD
FDSLWDO SDXOLVWD HP /DQGHOO GH 0RXUD IRL R SULPHLUR KRPHP D WUDQVPLWLU D YR]
KXPDQD SHOR UiGLR 5HTXHUHX GLYHUVDV 3DWHQWHV GH VXDV LQYHQo}HV QRV (VWDGRV
8QLGRVHTXHSHUPDQHFHUDPHQJDYHWDGDV*XJOLHOPR0DUFRQLLWDOLDQRFRQWDQGRFRP
WRGDSXEOLFLGDGHSRVVtYHODVVRPEURXRPXQGRHPOLJDQGRSRUUDGLRFRPDQGRDV
OX]HVGD7RUUH(LIHOHP3DULVGHVGH5RPD
(P23DUDQDHQVH/\YLR*RPHV0RUHLUDHQWmR'LUHWRUGH7HOpJUDIRVHP
&XULWLEDIRLRSULPHLUR5DGLRDPDGRUEUDVLOHLURDFRORFDUQRDUVXD(VWDomRGH5iGLRGH
IDEULFDomR FDVHLUD H D PDQWHU FRQWDWR FRP 5DGLRDPDGRUHV GRV (VWDGRV 8QLGRV GD
$OHPDQKDHRXWURVSDtVHV
27HOpJUDIRIRLGHVHQYROYLGRSRU6DPXHO0RUVHHP(UDXPWUDQVPLVVRUGH
VLQDLV j GLVWkQFLD FRP XPD EDWHULD XP LQWHUUXSWRU GH FLUFXLWR FKDYH 0RUVH H XPD
SHTXHQDFDPSDLQKDTXHHUDRUHFHSWRU
1R GLD GH PDLR GH 6DPXHO 0RUVH HQYLRX VXD SULPHLUD PHQVDJHP
WHOHJUiILFD2WH[WRGHVWDSULPHLUDPHQVDJHPHUDXPDFLWDomRGD%tEOLD

8,781,2,17(51$&,21$/'(7(/(&2081,&$d®(6

ÏUJmRGD218
6HGHHP*HQHEUDGD6XtoD
1RUPDWL]DDV7HOHFRPXQLFDo}HV
$VIUHTrQFLDVVmRFRPSDUWLOKDGDVDQtYHO0XQGLDO
)UHTXHQF\$OORFDWLRQ7DEOH

2%UDVLOpUHSUHVHQWDGRQD8,7SHOR0LQLVWpULRGDV&RPXQLFDo}HV
6HQGRVLJQDWiULRGRVRUJDQLVPRVHDFRUGRV,QWHUQDFLRQDLV
1R%UDVLORyUJmRUHVSRQViYHOSHODVWHOHFRPXQLFDo}HVpD$1$7(/

$1$7(/$*(1&,$1$&,21$/'(7(/(&2081,&$d®(6

$XWDUTXLDHVSHFLDOFULDGDSHOD/HL*HUDOGH7HOHFRPXQLFDo}HV /HLGH
GH MXOKR GH D $JrQFLD p DGPLQLVWUDWLYDPHQWH LQGHSHQGHQWH ILQDQFHLUDPHQWH
DXW{QRPD QmR VH VXERUGLQD KLHUDUTXLFDPHQWH D QHQKXP yUJmR GH JRYHUQR VXDV
GHFLV}HVVySRGHPVHUFRQWHVWDGDVMXGLFLDOPHQWH'R0LQLVWpULRGDV&RPXQLFDo}HVD
$QDWHO KHUGRX RV SRGHUHV GH RXWRUJD UHJXODPHQWDomR H ILVFDOL]DomR H XP JUDQGH
DFHUYRWpFQLFRHSDWULPRQLDO&RPSHWHj$JrQFLDDGRWDUDVPHGLGDVQHFHVViULDVSDUD
R DWHQGLPHQWR GR LQWHUHVVH S~EOLFR H SDUD R GHVHQYROYLPHQWR GDV WHOHFRPXQLFDo}HV
EUDVLOHLUDV DWXDQGR FRP LQGHSHQGrQFLD LPSDUFLDOLGDGH OHJDOLGDGH LPSHVVRDOLGDGH H
SXEOLFLGDGH

248(e$5$',2&2081,&$d2


$ 5DGLRFRPXQLFDomR p XP PHLR GH FRPXQLFDomR VRQRUR WUDQVPLWLGR SRU
5DGLDomR HOHWURPDJQpWLFD TXH VH SURSDJD DWUDYpV GR HVSDoR SRU PHLR GH RQGDV
KHUW]LDQDV

5DGLRDPDGRU
/(0%5(6(5DGLRDPDGRUpDSHVVRDHQmRR5iGLR
25DGLRDPDGRUpRVHUYLoRGHWHOHFRPXQLFDo}HVGHLQWHUHVVHUHVWULWRGHVWLQDGR
DRWUHLQDPHQWRSUySULRLQWHUFRPXQLFDomRHLQYHVWLJDo}HVWpFQLFDVOHYDGDVDHIHLWRSRU
DPDGRUHV GHYLGDPHQWH DXWRUL]DGRV LQWHUHVVDGRVQD UDGLRWpFQLFD XQLFDPHQWH DWtWXOR
SHVVRDOHTXHQmRYLVHPTXDOTXHUREMHWLYRSHFXQLiULRRXFRPHUFLDO
1R%UDVLOpD$1$7(/±$JrQFLD1DFLRQDOGH7HOHFRPXQLFDo}HV
3DUD VH REWHU HVVD DXWRUL]DomR GHSHQGH LQGLYLGXDOPHQWH GH SURYDV HVFULWDV H
SUiWLFDV GH FRQKHFLPHQWRV WpFQLFRV H pWLFRV RSHUDFLRQDLV OHJLVODomR LQWHUQDFLRQDO H
UDGLRHOHWULFLGDGHDOpPGHVLQDLVDXGLWLYRVGH&yGLJR0RUVH WHOHJUDILD

5iGLR7UDQVFHSWRU
e R HTXLSDPHQWR HOHWU{QLFR TXH SHUPLWH LQWHUFRPXQLFDomR DWUDYpV GDV RQGDV
KHUW]LDQDVTXHWUDQVPLWH 7; HUHFHEH 5;
([LVWHP RV 5iGLRV TXH VmR VRPHQWH UHFHSWRUHV VmR RV PDLV FRPXQV RQGH
RXYLPRVQRVVDVUiGLRVFRPP~VLFDVHHWFTXHVmRDVRQGDVHPLWLGDVSHODV(VWDo}HV
GH5DGLRGLIXVmR %URDGFDVW
0LFURIRQHRX0LNH SHULIpULFRGR5iGLRXVDGRSDUDFDSWDUDIDODHRXWURVVRQV
377GRLQJOrV3XVK7R7DON DSHUWH (PSXUUHSDUDIDODU

%RWmRDRODGRGRPLFURIRQHQR5iGLR%DVHRXGR+7
)RQWH GH $OLPHQWDomR (TXLSDPHQWR XVDGR HP WRGRV RV 5iGLRV SDUD VXD
DOLPHQWDomRGHHQHUJLDHOpWULFD
9)2 2VFLODGRU9DULiYHOGH)UHTrQFLDpRERWmRTXHPXGDPRVD)UHTXrQFLD
GR5iGLR (VWDomR

&DQDO?0HPyULD
3RGHVHUDOIDQXPpULFRRQGHDVIUHTrQFLDVVHUmRUHJLVWUDGDV
3RUH[HPSORFDQDOFRUUHVSRQGHDPHPyULDRQGHIRL³JUDYDGR´DIUHTrQFLD
GH P+] 9+) RX RXWUD TXDOTXHU SRGHQGR YDULDU R Q~PHUR GD PHPyULD H
IUHTrQFLDV HQWUH RV 5iGLRV 3RUWDQWR D PHPyULD GH XP 5iGLR SRU FRLQFLGrQFLD
SRGHUiVHULJXDOIUHTrQFLDGDPHPyULDGRRXWUR
)UHTrQFLDV HP 9+) RX 8+) VmR DV PDLV FRPXQV QR FDVR GH yUJmRV GH
UHVSRVWD

5iGLRV3;
6RPHQWH RV UiGLRV +) 3; VmR SUpDMXVWDGRV QD IiEULFD VHXV ³FDQDLV´
FRUUHVSRQGHP VHPSUH j PHVPDPHPyULD QR PXQGR WRGR 1mR H[LVWH UHSHWLGRUD SDUD
RV5iGLRV3;
7RGRV RV 5iGLRV 3; R FDQDO PHPyULD $0 FRUUHVSRQGH D IUHTrQFLD GH
N+]RXP+]
(PWRGRRWHUULWyULRQDFLRQDOpD)UHTrQFLDGH(PHUJrQFLDQDV5RGRYLDV


3; p R HTXLSDPHQWR GH 5iGLR PDLV FRPXP XVDGR SULQFLSDOPHQWH SRU
FDPLQKRQHLURVGDGRVHXSRGHUGHFREHUWXUD
25iGLR3;QR%UDVLOpFKDPDGRGH5iGLRGR&LGDGmR
1RPHGDOLFHQoDHPLWLGDSHOD$1$7(/VHPDQHFHVVLGDGHGHSURYDV
1RV462¶VGRV5iGLRV3;HPVXDJUDQGHPDLRULDVmRXVDGDVPXLWDVJtULDVR
TXHGLILFXOWDPXLWRDFRPXQLFDomRQRVPRPHQWRVGHHPHUJrQFLDRXFULVHSRLVQmRKi
XP HQWHQGLPHQWR DGHTXDGR GR SDODYUHDGR JHUDQGR PXLWDV SHUJXQWDV H UHVSRVWDV
DEVROXWDPHQWHGHVQHFHVViULDVDOpPGHXPDSRWHQFLDOSHUGDHQHUJLDHWHPSR
&RPRXVRGHXPDIUDVHRORJLDDGHTXDGDHFRQKHFLPHQWREiVLFRIDFLOLWDWRGRV
RV FRQWDWRV SURPRYHQGR D UDSLGH] H D FHUWH]D GR TXH VH SUHWHQGH FRP DV RXWUDV
HVWDo}HV DOpP GH XPD FRPXQLFDomR PDLV SUHFLVD QDV HYHQWXDLV VLWXDo}HV GH
HPHUJrQFLD
$R LQLFLDUPRV XPD FRPXQLFDomR YLD 5iGLR WUDQVFHSWRU GHYHPRV OHPEUDU TXH
181&$ HVWDPRV Vy VHPSUH YDL WHU PDLV DOJXpP QRV RXYLQGR DWp RQGH FKHJDU D
RQGD

4XDQGR QRV FRPXQLFDPRV YLD UiGLR D FRPXQLFDomR SRGH VHU HP VLPSOH[ RX
GXSOH[

0RGR6,03/(;
,VWRpDIUHTrQFLDGHWUDQVPLVVmRpLJXDODGHUHFHSomRPDVQmRVHWUDQVPLWH
H UHFHEH VLPXOWDQHDPHQWH RV UiGLRV QRUPDOPHQWH QmR SHUPLWHP WUDQVPLVVmR H
UHFHSomRVLPXOWkQHDSRUFRQVWUXomR eQHFHVViULRTXHVHWUDQVPLWD³SDVVHDSDODYUD´
SUD D RXWUD HVWDomR H VRPHQWH YROWHVH D WUDQVPLWLU DSyV FHVVDGD D WUDQVPLVVmR GD
RXWUD 'LIHUHQWH GH XP WHOHIRQH RQGH DPERV RV LQWHUORFXWRUHV SRGHP IDODU
VLPXOWDQHDPHQWHDSHVDUGHQmRVHUPXLWRF{PRGR$TXLRWHUPR³SDVVHDSDODYUD´p
JHQpULFR PHVPR QDV FRPXQLFDo}HV TXH QmR HQYROYHP SDODYUDV VRQRUDV UHDLV
VLJQLILFDQGRSDVVDUR³FkPELR´RXSDVVDUDWUDQVPLVVmRDRXWUHP
eDPDQHLUDPDLVFRPXPGHWUDQVPLVVmRGH5)

0RGR'83/(;
&RPXQLFDomR YLD 5HSHWLGRUD GH 8+) RX 9+) TXH HQYROYH PDLV GH XP
HTXLSDPHQWRSDUDPDLRUSRGHUGHDOFDQFH
5(3(7,'25$02'2'83/(;&202))6(7326,7,92281(*$7,92
5HSHWLGRUD p R QRPH GDGR DR FRQMXQWR GH HTXLSDPHQWRV SDUD DXPHQWDU D
GLVWkQFLDGHFRPXQLFDomR


6mRGRLV5iGLRVOLJDGRVHQWUHVLTXHWUDEDOKDPFRPGXDVIUHTrQFLDVGLVWLQWDV
LQWHUOLJDGDV SRU XPD SODFD HOHWU{QLFD SODFD GH FKDYHDPHQWR TXH DFLRQD R 5iGLR
WUDQVPLVVRU 7; DRUHFHEHUXPVLQDOGH5iGLR)UHTXrQFLD 5) QRUHFHSWRU 5;
2FRQMXQWRGHYHVHUFRORFDGRSUHIHUHQFLDOPHQWHQDSDUWHPDLVDOWDGHXPPRUUR
FRP GXDV DQWHQDV RX XPD DQWHQD FRP XP GXSOH[DGRU 2QGH XP UHFHEH 5; QXPD
IUHTXrQFLDHRRXWURWUDQVPLWH 7; HPRXWUDLVVRVLPXOWDQHDPHQWH )XOOGXSOH[
7DPEpPSRGHUiOLQNDUFRPRXWUDVUHSHWLGRUDVDXPHQWDQGRDLQGDPDLVRSRGHU
GHFREHUWXUDSDUDXPPDLRUDOFDQFH
1DVFDWiVWURIHVRXJUDQGHVVLWXDo}HVGHUHDOHPHUJrQFLD
3RGHUi VHU PRQWDGD XPD HVWDomR 5HSHWLGRUD GH (PHUJrQFLD QXP FDPLQKmR
DPEXOkQFLDRXYHtFXORGHUHVJDWHSDUDTXHVHMDSRVVtYHOOLQNDURXPRQLWRUDU
RV DFRQWHFLPHQWRV DWUDYpV GH XPD FHQWUDO GH FRPXQLFDo}HV SDUD XP 6LVWHPD ÒQLFR
GH &RPXQLFDomR HP 5HGH 68&25 &%$&(0 SDUD LQVWUXo}HV DRV ERPEHLURV
PpGLFRVHQJHQKHLURVVHJXUDQoDHHWF

&2035,0(172'(21'$

([HPSOR0HGLGDVGH2QGDVH)UHTXrQFLDV
(QWUHWDQWDVXVDPRVHVVDVWUrVUHIHUrQFLDVFRPRH[HPSOR

&RPSULPHQWRGDRQGD0HJDKHUW]

&RPSULPHQWRPDP+)+LJK)UHTXHQF\DP+]
&RPSULPHQWRPDP9+)9HU\+LJKW)UHTXHQF\DP+]
&RPSULPHQWRPDFP8+)8OWUD+LJKW)UHTXHQF\DP+]

&ƌĞƋƺġŶĐŝĂĞŵ,Ğƌƚǌ;,ǌͿ͗ŽƌƌĞƐƉŽŶĚĞĂŽŶƷŵĞƌŽĚĞŽƐĐŝůĂĕƁĞƐƉŽƌƐĞŐƵŶĚŽ
ĞŵƌĞůĂĕĆŽĂŽĐŽŵƉƌŝŵĞŶƚŽ͘
EŽŵĞĚĂĚŽĞŵŚŽŶƌĂĂŽĨşƐŝĐŽůĞŵĆŽ,ĞŝŶƌŝĐŚ,Ğƌƚǌ͘

'HVHQKRIRQWH,QWHUQHW
e7,&$23(5$&,21$/
3UHFHLWRVGDeWLFD2SHUDFLRQDO


$pWLFDpXPFRQFHLWRGHDSUHFLDomRUHIHUHQWHjFRQGXWDGR+RPHPSDVVtYHOGH
UHFHEHU LPSUHVV}HV PRGLILFDQGR RX DGTXLULQGR TXDOLGDGHV YROWDGDV SDUD R EHP H R
PDO6HQGRHPVXDPDLRULDUHODWLYDVDXPDGHWHUPLQDGDVRFLHGDGH
8PLQGLYtGXRVDXGiYHOHEHPIRUPDGRWHPSHUIHLWDFRQVFLrQFLDGRFHUWRHHUUDGR
UHVVDOYDQGRDtRVVHUHVSDWROyJLFRV
'HXPVHUUDFLRQDOVHHVSHUDTXHWHQKDHVWDFRQVFLrQFLDFRUUHVSRQGHQWHDRVHX
JUDXGHGHVHQYROYLPHQWR
)DFXOGDGHVGD0RUDOREULRDYHUJRQKDRSXGRUHWF

3RULVVRDFLPDGHWXGRR%206(162
/HPEUHVH$FRPXQLFDomRHQWUHVHXVPHPEURVpVHJUHGRGDVFRUSRUDo}HV
5iGLRpFRLVDVpULDTXHPHVWiIDODQGR ID]HQGRR462 QHPLPDJLQDTXHHVWiVH
SURPRYHQGR³XPVKRZ´FRPRYROXPHDOWRGRTXHHOHGL]
&RORTXHVHQROXJDUGRWHXFROHJDHYRFrVHQWLUiRFRQVWUDQJLPHQWR
$FRPXQLFDomRVyLQWHUHVVDDRVPHPEURVGDFRUSRUDomR
3RULVVRPHQRVYROXPHHPDLVERPVHQVR

0XLWDV YH]HV XP 5DGLR RSHUDGRU QRYR RX DWp XP H[SHULHQWH SRGH WHU PDXV KiELWRV
FRP LVVR H[HFXWDU RV SURFHGLPHQWRV GH 5iGLR GH IRUPD LQDGHTXDGD SRU IDOWD GH
FRQKHFLPHQWR GRV SURFHGLPHQWRV FRUUHWRV $OJXPDV ³GLFDV´ DEDL[R GDUmR XPD LGpLD
GRVSULQFtSLRVEiVLFRVSDUDXPXVRFRQVFLHQFLRVRGD)UHTrQFLD 45*

$QWHV GH FKDPDU DOJXpP QD IUHTrQFLD 45* FHUWLILTXHVH TXH D PHVPD
HVWHMDOLYUHRXVHMDQLQJXpPHVWiXVDQGRSDUDLVVRHVSHUHHRXoD

$R LQLFLDU R GLiORJR 462 VHMD HGXFDGR H FRUWrV /HPEUHVH YRFr QmR HVWi
VR]LQKRDOpPGRLQWHUORFXWRUVHPSUHKDYHUiPDLVDOJXpPOKHRXYLQGR
5DGLRHVFXWDV$QDWHOUHSyUWHUHVFXULRVRV5DGLRDPDGRUHVHHWF

-DPDLV LQWHUURPSD XP GLiORJR 462 $ ~QLFD H[FHomR RFRUUH QXP ULVFR
HPLQHQWHTXHFRPSURPHWDDVDOYDJXDUGDGDYLGDKXPDQDQDTXHOHLQVWDQWH

,GHQWLILFDUVH FRPR DTXL p R 'U RX ³ERD WDUGH´ ³ERP GLD´ QmR p XP
SURFHGLPHQWRDFHLWiYHOSRLVVHPSUHSURYRFDPXPUHWRUQRLQ~WLOTXHSRGHULDVHU
HYLWDGRSRLVIDWDOPHQWHDOJXpPSHUJXQWDUi³4XHPFKDPRX´HSRUDtIRUD
,GHQWLILTXHVH FRPR &HQWUDO 459 2X 86% $%7 86$ H HWF FDVR DOJXpP
SHUJXQWHR45$GRRSHUDGRUHQWmRVLPUHVSRQGD
([ PpGLFR 1HOVRQ HQJHQKHLUR $QWRQLR XVH VHPSUH VHX QRPH RX R GD
LQVWLWXLomRTXHUHSUHVHQWD

1XQFD IDoD FRPHQWiULRV RX REVHUYDo}HV VREUH HUUR GRV FROHJDV GXUDQWH D
FRQYHUVDomRGHRXWURVeH[WUHPDPHQWHGHVHOHJDQWHSDUDYRFrHDLQVWLWXLomR

8VH IUDVHRORJLD DGHTXDGD (PSUHJXH IUDVHV HOHJDQWHV HP VXD FRQYHUVDomR
(YLWHSDODYUHDGRFKXORJtULDVRXSDODYUDVGHVHQWLGRGXYLGRVRHLPSUySULRSDUD
RVHUYLoR


6HMDHTXLOLEUDGRMDPDLVH[WUDYDVHTXDOTXHU VHQWLPHQWRQHJDWLYRQDIUHTrQFLD
45* SULQFLSDOPHQWH HP UHODomR D FROHJDV RX VXSHULRUHV4XDQGR IRU
QHFHVViULRIDoDRGHPRGRHOHJDQWHSRUHVFULWRDDXWRULGDGHFRPSHWHQWH

1XQFD RSHUH D HVWDomR IL[D RX YLDWXUDV QR KRUiULR GR VHX FROHJD RX QR WHX
KRUiULRGHIROJDHVHPDGHYLGDSHUPLVVmRGHVHXVVXSHULRUHV

&RODERUH VHPSUH RV PHQRV H[SHULHQWHV IDoDR GH IRUPD HOHJDQWH
GHVLQWHUHVVDGDFRPSDFLrQFLDHWROHUkQFLD

6HMD LQWHOLJHQWH PDQWHQKDVH SHUPDQHQWHPHQWH DWXDOL]DGR FRP D OHJLVODomR
GR5iGLRRSHUDGRU

1mR XWLOL]H D IUHTrQFLD 45* SDUD SURSDJDQGD H RX DWLYLGDGHV IRUD GR
FRQWH[WRTXHVXDHVWDomRIRLSURJUDPDGD

(YLWHIUDVHVFRPR³QHPSHQVHLTXDQGRYLMiWLQKDIDODGR´

6HPSUHHVSHUH3HQVH-DPDLVIDoDRXGLJDDOJXPDFRLVDVHPDQWHVSHQVDU
6HRXYLUGXUDQWHXPDFRQYHUVDDSDODYUD³%5($.´LQWHUURPSDLPHGLDWDPHQWHH
DJXDUGH XPD PHQVDJHP GH HPHUJrQFLD $ SDODYUD ³%5($.´ VLJQLILFD
LQWHUURPSHU SDUDU LPHGLDWDPHQWHVXDPRGXODomRHHVFXWDU (PLQJOrVIUDWXUD
TXHEUD

'HYHVH LQWHUURPSHU WXGR LPHGLDWDPHQWH SRLV p GH H[WUHPD XUJrQFLD D
WUDQVPLVVmRTXHYLUiDSyVHVVHSHGLGR(VSDoRGHFkPELRpRWHPSRGHHVSHUD
HQWUHXPDFRPXQLFDomRHRXWUD,VVRpPXLWRLPSRUWDQWH

(YLWDUVHPSUHR³SLQJSRQJ´OHPEUDUTXHSRGHWHUDOJXpPTXHUHQGRXP³EUHDN´
RXPHVPRVRPHQWHTXHUHQGRIDODU

(YLWH UHVROYHU WXGR VR]LQKR Vy SHOR IDWR GD FRPXQLFDomR HVWDU QD VXD PmR
8VH D FDOPD H SHQVH IDFLOLWH DV FRLVDV OHPEUHVH 2 WUDEDOKR p HP HTXLSH
UHVSHLWHLVVR

)DODU GHYDJDU SDUD R REMHWLYR VHU EHP FRPSUHHQGLGR 6HPSUH HVSHUDU DV
UHVSRVWDV&203/(7$6

3URFXUDU ID]HU VLOrQFLR DR RXYLU DV WUDQVPLVV}HV SDUD TXH VH WHQKD FHUWH]D
DEVROXWD GD PHQVDJHP UHFHELGD RX WUDQVPLWLGD 1R ILQDO GR FkPELR VHPSUH
FRQILUPDUR³HQWHQGLGR´DWUDYpVGRFyGLJR46/

7RGREDWHSDSRFHOXODU79DSDUHOKRGHVRPRXFRQYHUVDVDRODGRGRUiGLR
VHUmR FDSWDGDV H WUDQVPLWLGDV $OpP GH SHUWXUEDU D FRPXQLFDomR DV SHVVRDV
GRRXWURODGRYmRRXYLUHPDOWRHERPVRPeRFKDPDGR450GHIXQGRTXH
DFDED FRQIXQGLQGR D FRPXQLFDomR 6HPSUH SURFXUH RX IDoD XP DPELHQWH
VLOHQFLRVRSDUDPRGXODU


/HPEUHVH GD HFRQRPLD GH EDWHULDV FRP PHQRV YROXPH 2 VLOrQFLR p PXLWR
LPSRUWDQWH

-DPDLVLQYHUWDDSRODULGDGHGDVEDWHULDVGHTXDOTXHU5iGLR6HLVVRDFRQWHFHU
GDQLILFDVHULDPHQWHRHTXLSDPHQWR

-DPDLV RSHUHXP 5iGLR GHQWURGHXPD VDOD GH HTXLSDPHQWRV GH (PHUJrQFLD
GH XP KRVSLWDO ,VVR SRGH LQWHUIHULU QRV HTXLSDPHQWRV VHQVtYHLV D SRWrQFLD GR
5iGLR 5) $OpP GH 3(5785%$5 H WLUDU D FRQFHQWUDomR GH PpGLFRV
HQIHUPHLURVHGDVSHVVRDVTXHHVWmRWUDEDOKDQGRDOL8VHRERPVHQVR$YLVH
RV FROHJDV H VDLD GR DPELHQWH SDUD VH FRPXQLFDU H IDoD LVVR GH IRUPD
WUDQTXLOD

9HMDOHJLVODomRFRPSOHWDQHVWHVLWH

KWWSZZZDQDWHOJRYEU3RUWDOGRFXPHQWRVELEOLRWHFDUHVROXFDRDQH[RBUHVBB
SGI

/(*,6/$d2
&Ï',*2)21e7,&2,17(51$&,21$/
5(&21+(&,'23(/20,1,67e5,2'$6&2081,&$d®(6'2%5$6,/
$3Ç1',&('$1250$$1$7(/

1(*$7,92
±35,02RX35,0(,52
6(*81'2
7(5&(,52
48$572
48,172
6(;72
6e7,02
2,7$92
±1212

2&yGLJR)RQpWLFR,QWHUQDFLRQDOHRFyGLJRLQWHUQDFLRQDOGHVLQDLVFKDPDGRGH
&yGLJR 4 IRL DSURYDGR QD 8,7 HP GH 'H]HPEUR GH GXUDQWH D &RQYHQomR
,QWHUQDFLRQDO GH 7HOHFRPXQLFDo}HV HP *HQHEUD GR TXDO R %UDVLO DVVLQRX H VH
FRPSURPHWHX D UHVSHLWiOR 3RU LVVR p XVDGR QDV )RUoDV $UPDGDV H QRV yUJmRV GH
UHSRVWDVGRVSDtVHVSDUWLFLSDQWHV
4XDQGRIRUQHFHVViULRVROHWUDUSDODYUDVGHYHUiVHUXVDGDDVHJXLQWHWDEHODGH
RUWRJUDILD/(75$75$160,7,'$3(/$3$/$95$&Ï',*2(352181&,$



$$OID$/)$
%%UDYR%5$92
&&KDUOLH&+$5/,
''HOWD'(/7$
((FKR(&2
))R[WURW)2;7527
**ROI*2/)
++RWHO+27(/
,ËQGLD,1',$
--XOLHWW<8/,(7
..LOR.,/2
//LPD/,0$
00LNH0$,.
11RYHPEHU129(0%(5
22VFDU26&$5
33DSD3$3$
44XHEHF48(%(.
55RPHX520(2
66LHUUD6,(5$
77DQJR7$1*2
88QLIRUP,81,)250
99LFWRU9,&725
::KLVNH\8,6.,
;;5D\(;5(,
<<DQNHH,$148,
==XOX=8/8

&Ï',*2³4´

3$57('2&Ï',*2³4´,17(51$&,21$/5(&21+(&,'23(/2
0,1,67e5,2'$6&2081,&$d®(6
$3Ç1',&('$1250$$1$7(/
(PWRGRVRVVHUYLoRVGHWHOHFRPXQLFDo}HVVmRXWLOL]DGDVDVVpULHVGH45$D48=
$VVpULHVGH4$$D41=VmRUHVHUYDGDVSDUDRVHUYLoRDHURQiXWLFR 3RUWDQWRR4$3
(PVHUYLoRWHUUHVWUHQmRpFRUUHWR
(DVVpULHVGH42$D44=VmRUHVHUYDGDVDRVHUYLoRPDUtWLPR
$VDEUHYLDWXUDVGRFyGLJR4SRGHPVHUXVDGDVWDQWRQRVHQWLGRDILUPDWLYRFRPRQR
QHJDWLYR

2V VLJQLILFDGRV DWULEXtGRV jV DEUHYLDWXUDV GR FyGLJR 4 SRGHP VHU DPSOLDGRV RX
FRPSOHWDGRVSHODDGLomRGHRXWURVJUXSRVDSURSULDGRVLQGLFDWLYRVGHFKDPDGDQRPHV
GH OXJDUHV DOJDULVPRV Q~PHURV HWF DOJXpP TXH HQWUH QD 45* VHQGR 3ROLFLDO
%RPEHLURRXRXWURVRXVHMD5DGLRDPDGRURX5DGLR&LGDGmRXVDUiVXDLGHQWLILFDomRRX
LQGLFDWLYRGHFKDPDGD
$VDEUHYLDWXUDVGRFyGLJR4WHUmRIRUPDGHSHUJXQWDVTXDQGRVHJXLGDVSRUXPSRQWR
GHLQWHUURJDomR


4XDQGR XPD DEUHYLDWXUD p XVDGD FRPR SHUJXQWD H p VHJXLGD SRU LQIRUPDomR
FRPSOHPHQWDU RX DGLFLRQDO R VLQDO GH LQWHUURJDomR VHUi HPSUHJDGR DSyV HVWD
LQIRUPDomR
$EUHYLDWXUDV GR FyGLJR 4 FRP DOWHUQDWLYDV QXPHUDGDV GHYHP VHU VHJXLGDV SHOR
DOJDULVPRDSURSULDGRSDUDLQGLFDUDH[DWDVLJQLILFDomRSUHWHQGLGD(VWHDOJDULVPRGHYH
VHUWUDQVPLWLGRLPHGLDWDPHQWHDSyVDDEUHYLDWXUD

&Ï',*2³4´$/*80$6$%5(9,$785$687,/,=$'$61266(59,d26'(
(0(5*Ç1&,$67(55(675(6

6HJXQGRDQDWXUH]D

3RUH[GL]HUHVWRX459pFRUUHWRGLIHUHQWHGHHVWRXHP459

$%5(9,$785$3(5*817$5(63267$28,1)250$d2

45$±120('223(5$'25

45)±5(72512$%$6(

45*±)5(48Ç1&,$'(5È',2(0.+=0+=RX0(0Ï5,$&$1$/

45.±48$/,'$'('26,1$/

450±,17(5)(5Ç1&,$

457±'(6/,*$52(48,3$0(172'(5È',2

459±(67$%(/(&,'2&2081,&$d2 12/8*$5'24$3

45;±$*8$5'(1(66$)5(48Ç1&,$

46$±,17(16,'$'('266,1$,6'(75$160,662

46&±5(3,7$$0(16$*(0

46)±75$%$/+$1'2125(6*$7(

46-±&217$6 32'(6(575$7$'2&202',1+(,52

46/±$),50$7,92326,7,92&2023(5*817$28&2025(63267$

462±$&219(56$(;),=80462 &219(56(,

464±35(62(0)(55$*(161(&(66,7$0260e',&212/2&$/

463±)$=(53217(


468±%$,;$)5(48Ç1&,$ 7(/()21(&(/8/$528),;2

46<±08'$5$)5(48Ç1&,$280(0Ï5,$ )$=(546<

47$±&$1&(/$50(16$*(16(23(5$d®(6

47+±$%$6( 48$57(/

47,±326,d212020(172

47&±5(&$'26

473±9(/2&,'$'('('(6/2&$0(172'$975 .PK28'(7(50,1$'$
3(/2&20$1'2

471±1Ò0(52,'(17,),&$'25'2/2&$/283/$&$'(9(,&8/2
(192/9,'2(02&255Ç1&,$ 28'(7(50,1$'$3(/2&20$1'2

475±+25È5,2

477±,'(17,),&$d2'21Ò0(52'$975

47;±$*8$5'(0$,67(0321(67$)5(4hÇ1&,$ 0$,67(0323$5$
&2/(7$5'$'26

48'±$&,'(17(

48)±5,6&23$5$$*8$51,d2± &(175$/'(6/2&$53$3$0,&28
3$3$&+$5/,(

480±5(&86$'($7(1',0(172

487±7(50,1$'225(6*$7(

45(&20326,d2'$*8$51,d2

48-%$,;$'$*8$51,d2 3$5$$/02d228/$1&+( 0$6(0
&2',d®(6'($7(1'(5(0(5*Ç1&,$

4810$187(1d2'(020(1723$5$975 $%$67/,03(=$((7&

47-'(6/2&$0(1723$5$2&255Ç1&,$FyGLJRVRX

47/12/2&$/'$2&255Ç1&,$

4706$Ë'$(;75$ %$1&26&217$%,/286(59,d26*(5$,6

47..P),1$/1248$57(/



&Ï',*20256(
2 FyGLJR 0RUVH LQWHUQDFLRQDO DTXL DSUHVHQWDGR p FRQVWLWXtGR SRU OHWUDV
Q~PHURVHRVHOHPHQWRVGHSRQWXDomRXVDGRVQRWUiIHJRLQWHUQDFLRQDO
9DULDo}HV 5HJLRQDLV GR DOIDEHWR EHP FRPR VXDV DFHQWXDo}HV SUySULDV GR
LGLRPD DGRWDGRV HP PXLWRV SDtVHV DTXL QmR IRUDP FRQVLGHUDGDV SRLV SHUGHP R
FDUiWHUGH,QWHQFLRQDOLGDGHTXHRFyGLJR0RUVHGHYHSUHVHUYDU

$1

%2

&3

'4

(5

)6

*7

+8

,9

-:

.;

/<

0=

3RQWR 9tUJXOD ,QWHUURJDomR"

%DUUD 1RYD/LQKD (VSHUH

5()(5Ç1&,$6

8,781,2,17(51$&,21$/'(7(/(&2081,&$d®(6


$55/±$0(5,&$15$',25(/$</($*8(±(8$
$1$7(/±$*Ç1&,$1$&,21$/'(7(/(&2081,&$d®(6%5$6,/
,$58±,17(51$7,21$/$0$7(855$',281,21(8$
$%9(6&±$662&,$d2'26%20%(,52692/817È5,2612(67$'2'(
6$17$&$7$5,1$&20,7Ç7e&1,&2
/$%5(±33$$±(67$'2'(6$17$&$7$5,1$
(35±(6&2/$3$5$1$(16('(5$',2$0$'25,602
3<-/-2$48,0/,0$
KWWSZZZVLWLRGRVURGHLRVFRPEUURGHLRVRQGDVRUDGLRKWP
/$%5(±3<$$±(67$'2'$%$+,$
&5$0±&/8%('(5$',2$0$'25(6'($0(5,&$1$63


0RGXOR,±$WLYLGDGHV2SHUDFLRQDLV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

/LomR $7,9,'$'(6
$'0,1,675$7,9$6(

23(5$&,21$,6

FDSD]HVGH

&RQKHFHU RV SURFHGLPHQWRV GH LQVSHomR
SUHYHQWLYD GRV HTXLSDPHQWRV GRV YHtFXORV H
YLDWXUDVHGRVPDWHULDLV
3URFHGHU D HODERUDomR GH UHODWyULRV SDGURQL]DGRV
GH DFRPSDQKDPHQWR GH WUDEDOKRV GH ULVFRV GH
LQVSHomR GD DQiOLVH GH DFLGHQWHV H UHJLVWUR GH
DWLYLGDGHVH
&RQKHFHU RV SURFHGLPHQWRV SDUD DFLRQDU RV
VHUYLoRV S~EOLFRV ORFDLV GH DWHQGLPHQWR D
HPHUJrQFLDV &RUSRGH%RPEHLURV6$08'HIHVD
&LYLO 3ROtFLD $JrQFLD $PELHQWDO HRX RXWUDV GH
UHVSRQVDELOLGDGHORFDO

5HYLVmRHP-XOKR±$WLYLGDGHV$GPLQLVWUDWLYDVH2SHUDFLRQDLV 03


,1752'8d2

$VSHFWRV$GPLQLVWUDWLYRV

&RPSHWH j DGPLQLVWUDomR PDQWHU XP FRUSR GH FLGDGmRV TXH HP HVSHFLDO
HPSHQKRHVRERUHJLPHGHYROXQWDULDGRHVWHMDSURQWRSDUDDH[HFXomRGHVHUYLoR
GH FRPEDWH D LQFrQGLRV EXVFD H VDOYDPHQWR SUHVWDomR GH VRFRUUR HP FDVRV GH
LQXQGDo}HV GHVDEDPHQWRV FDWiVWURIHV H FDODPLGDGHV S~EOLFDV QDV iUHDV GH
MXULVGLomR GR PXQLFtSLR VHGH H QRV GHPDLV PXQLFtSLRV PHGLDQWH FRQYrQLR QDV
FRQGLo}HV HVWDEHOHFLGDV SHOD 'LUHWRULD H[HUFHQGR DVVLP DWLYLGDGHV GH DSRLR H
VRFRUURDVFRPXQLGDGHV
4XDQGRFRQILDGDVDo}HVSHODVDXWRULGDGHVHyUJmRVORFDLVGH'HIHVD&LYLOD
PHVPD GHVHQYROYHUi DWXDo}HV 7DPEpP H[HFXWD WDUHIDV GH SUHYHQomR FRQWUD
VLQLVWURVYLVWRULDVHODXGRVWpFQLFRVTXDQGRDXWRUL]DGRSHORVyUJmRVFRPSHWHQWHV
&XOWLYDVH R VHQWLPHQWR GH UHVSHLWR H SUHVWLJLR jV DXWRULGDGHV FRQVWLWXtGDV
LQFOXVLYHSDUWLFLSDomRGHGHVILOHVHVROHQLGDGHFtYLFDVHPJHUDO
0DQWpPXPFHQWURGHWUHLQDPHQWRLQWHJUDGRSDUDDIRUPDomRHRWUHLQDPHQWR
GHVHXFRUSRDWLYRGHYROXQWiULRV%RPEHLURV0LULQVEULJDGDVGHHPSUHVDVSULYDGDV
EHPFRPRDSRSXODomRHPJHUDO
3URSRUFLRQD DRV DVVRFLDGRV R QHFHVViULR DR FRQIRUWR VRFLDO H EXVFD MXQWR j
FRPXQLGDGHRUHFRQKHFLPHQWRDEHQHPHUrQFLDGHVXDVDWLYLGDGHVFRPXQLWiULDV
6XDV 'LUHWRULDV VmR HOHLWDV HP $VVHPEOHLD *HUDO HQWUH RV VyFLRV DWLYRV H
VHUmR FRQVWLWXtGDV GH SUHVLGHQWH H YLFHSUHVLGHQWH VHFUHWDULR H YLFHVHFUHWiULR
SULPHLURWHVRXUHLURHVHJXQGRWHVRXUHLURRVTXDLVQmRSHUFHEHUmRUHPXQHUDomRVRE
TXDOTXHUWLWXORSHORGHVHPSHQKRGHVXDVIXQo}HV

$VSHFWRV2SHUDFLRQDLV

7HP HP VHX TXDGUR RSHUDWLYR /tGHUHV LPHGLDWRV TXH HP RUJDQL]DomR
SURPRYHP i LQVWUXomR H WUHLQDPHQWR GR FRUSR DWLYR H HVVHV DWXDP HP VLWXDo}HV
TXDQGRD$VVRFLDomRIRUFKDPDGDDLQWHUIHULUHPVDOYDPHQWRGHEHQVHGDYLGDGRV
KDELWDQWHVHPFDVRVGHFDODPLGDGHS~EOLFDLQFrQGLRVVDOYDPHQWRVDFLGHQWHVHQWUH
RXWURV
1DV HVFRODV GH IRUPDomR RV JUXSRV GH DWXDomR VmR WUHLQDGRV HP PyGXORV
GLVWLQWRV FRPR &RPEDWH D ,QFrQGLRV $WHQGLPHQWRV 3Up+RVSLWDODUHV H 5HVJDWHV
9HLFXODUHV
'HSRLVGHVXDVIRUPDo}HVGHERPEHLURVYROXQWiULRVRVLQWHJUDQWHVSDVVDPD
VH DSHUIHLoRDU HP FDGD iUHD GH DWXDomR TXH OKH IRU FRQYHQLHQWH HP FXUVRV GH
HVSHFLDOL]DomR

5(*,6752'$6$7,9,'$'(623(5$&,21$,6

,16(5,5 $6 1250$7,9$6 '( 5(*,6752 '$6 $7,9,'$'(6
(/$%25$d2 '( 5(/$7Ï5,26 ( 35((1&+,0(172 '( ),&+$6 '(
$&25'2&20&$'$$662&,$d2



35272&2/2'($&,21$0(172'(5(&85626$',&,21$,6

,16(5,5 $6 1250$7,9$6 '( 5(*,6752 '$6 $7,9,'$'(6
(/$%25$d2 '( 5(/$7Ï5,26 ( 35((1&+,0(172 '( ),&+$6 '(
$&25'2&20&$'$$662&,$d2



0Ï'8/2,, 35,0(,52662&25526


0yGXOR,,±3ULPHLURV6RFRUURV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

/LomR 26(59,d2'(
(0(5*Ç1&,$6
0e',&$6

2EMHWLYRV FDSD]HVGH

'HVFUHYHURVDVSHFWRVJHUDLVGRVHUYLoR
SUp±KRVSLWDODUPyYHO
&LWDURVLQWHJUDQWHVGDHTXLSHGH
DWHQGLPHQWRSUpKRVSLWDODU

5HYLVmRHP-XOKR±26HUYLoRGH(PHUJrQFLDV0pGLFDV 03


6(59,d235e+263,7$/$50Ï9(/
&RQVLGHUDVH FRPR QtYHO SUpKRVSLWDODU PyYHO QD iUHD GH XUJrQFLDHPHUJrQFLD R
DWHQGLPHQWRTXHSURFXUDFKHJDUSUHFRFHPHQWHjYtWLPDDSyVWHURFRUULGRXPDJUDYR
j VXD VD~GH GH QDWXUH]D FOtQLFD FLU~UJLFD WUDXPiWLFD LQFOXVLYH DV SVLTXLiWULFDV
TXH SRVVD OHYDU DR VRIULPHQWR VHTHODV RX PHVPR i PRUWH VHQGR QHFHVViULR
SRUWDQWR SUHVWDUOKH DWHQGLPHQWR HRX WUDQVSRUWH DGHTXDGR D XP VHUYLoR GH VD~GH
GHYLGDPHQWHKLHUDUTXL]DGRHLQWHJUDGRDR6LVWHPDÒQLFRGH6D~GH

3RGHPRV FKDPiOR GH DWHQGLPHQWR SUpKRVSLWDODU PyYHO SULPiULR TXDQGR R
SHGLGRGHVRFRUURIRURULXQGRGHXPFLGDGmRRXGHDWHQGLPHQWRSUpKRVSLWDODUPyYHO
VHFXQGiULRTXDQGRDVROLFLWDomRSDUWLUGHXPVHUYLoRGHVD~GHQRTXDORSDFLHQWHMi
WHQKD UHFHELGR R SULPHLUR DWHQGLPHQWR QHFHVViULR j HVWDELOL]DomR GR TXDGUR GH
XUJrQFLDHPHUJrQFLD DSUHVHQWDGR PDV QHFHVVLWH VHU FRQGX]LGR D RXWUR VHUYLoR GH
PDLRUFRPSOH[LGDGHSDUDDFRQWLQXLGDGHGRWUDWDPHQWR

9(Ë&8/26'($7(1',0(17235e±+263,7$/$50Ï9(/

D $PEXOkQFLD

'HILQHVHDPEXOkQFLDFRPRXPYHtFXOR WHUUHVWUHDpUHRRXDTXDYLiULR TXHVH
GHVWLQHH[FOXVLYDPHQWHDRWUDQVSRUWHGHHQIHUPRV

$VDPEXOkQFLDVVmRFODVVLILFDGDVHP
x 7,32 $ ± $PEXOkQFLD GH 7UDQVSRUWH YHtFXOR GHVWLQDGR DR WUDQVSRUWH HP
GHF~ELWR KRUL]RQWDO GH SDFLHQWHV TXH QmR DSUHVHQWDP ULVFR GH YLGD SDUD
UHPRo}HVVLPSOHVHGHFDUiWHUHOHWLYR
x 7,32%±$PEXOkQFLDGH6XSRUWH%iVLFRYHtFXORGHVWLQDGRDRWUDQVSRUWHLQWHU
KRVSLWDODU GH SDFLHQWHV FRP ULVFR GH YLGD FRQKHFLGR H DR DWHQGLPHQWR SUp
KRVSLWDODU GH SDFLHQWHV FRP ULVFR GH YLGD GHVFRQKHFLGR QmR FODVVLILFDGR FRP
SRWHQFLDO GH QHFHVVLWDU GH LQWHUYHQomR PpGLFD QR ORFDO HRXGXUDQWH WUDQVSRUWH
DWpRVHUYLoRGHGHVWLQR
x 7,32 & ± $PEXOkQFLD GH 5HVJDWH YHtFXOR GH DWHQGLPHQWR GH XUJrQFLDV SUp
KRVSLWDODUHVGHSDFLHQWHVYtWLPDVGHDFLGHQWHVRXSDFLHQWHVHPORFDLVGHGLItFLO
DFHVVRFRPHTXLSDPHQWRVGHVDOYDPHQWR WHUUHVWUHDTXiWLFRHHPDOWXUDV
x 7,32'±$PEXOkQFLDGH6XSRUWH$YDQoDGRYHtFXORGHVWLQDGRDRDWHQGLPHQWRH
WUDQVSRUWH GH SDFLHQWHV GH DOWR ULVFR HP HPHUJrQFLDV SUpKRVSLWDODUHV HRX GH
WUDQVSRUWHLQWHUKRVSLWDODUTXHQHFHVVLWDPGHFXLGDGRVPpGLFRVLQWHQVLYRV'HYH
FRQWDUFRPRVHTXLSDPHQWRVPpGLFRVQHFHVViULRVSDUDHVWDIXQomR
x 7,32 ( $HURQDYH GH 7UDQVSRUWH 0pGLFR DHURQDYH GH DVD IL[D RX URWDWLYD
XWLOL]DGDSDUDWUDQVSRUWHLQWHUKRVSLWDODUGHSDFLHQWHVHDHURQDYHGHDVDURWDWLYD
SDUD Do}HV GH UHVJDWH GRWDGD GH HTXLSDPHQWRV PpGLFRV KRPRORJDGRV SHOR
'HSDUWDPHQWRGH$YLDomR&LYLO±'$&
x 7,32 ) (PEDUFDomR GH 7UDQVSRUWH 0pGLFR YHtFXOR PRWRUL]DGR DTXDYLiULR
GHVWLQDGR DR WUDQVSRUWH SRU YLD PDUtWLPD RX IOXYLDO 'HYH SRVVXLU RV


HTXLSDPHQWRVPpGLFRVQHFHVViULRVDRDWHQGLPHQWRGHSDFLHQWHVFRQIRUPHVXD
JUDYLGDGH

E 9HtFXORVGH,QWHUYHQomR5iSLGD
(VWHV YHtFXORV WDPEpP FKDPDGRV GH YHtFXORV OHYHV YHtFXORV UiSLGRV RX
YHtFXORV GH OLJDomR PpGLFD VmR XWLOL]DGRV SDUD WUDQVSRUWH GH PpGLFRV FRP
HTXLSDPHQWRVTXHSRVVLELOLWDPRIHUHFHUVXSRUWHDYDQoDGRGHYLGDQDVDPEXOkQFLDV
GR7LSR$%&H)

F 2XWURV9HtFXORV
9HtFXORV KDELWXDLV DGDSWDGRV SDUD WUDQVSRUWH GH SDFLHQWHV GH EDL[R ULVFR
VHQWDGRV H[ SDFLHQWHV FU{QLFRV TXH QmR VH FDUDFWHUL]HP FRPR YHtFXORV WLSR
ORWDomR {QLEXV SHUXDV HWF (VWH WUDQVSRUWH Vy SRGH VHU XWLOL]DGR FRP DQXrQFLD
PpGLFD

G 7ULSXODomR
&RQVLGHUDQGRVHTXHDVXUJrQFLDVQmRVHFRQVWLWXHPHPHVSHFLDOLGDGHPpGLFD
HQWHQGHVHTXHRVSURILVVLRQDLVTXHYHQKDPDDWXDUFRPRWULSXODQWHVGRV6HUYLoRV
GH $WHQGLPHQWR 3Up+RVSLWDODU 0yYHO GHYHP VHU KDELOLWDGR SHORV 1~FOHRV GH
(GXFDomR HP 8UJrQFLDV FXMD FULDomR p LQGLFDGD SHOD SRUWDULD GR
0LQLVWpULR GD 6D~GH H FXPSUDP R FRQWH~GR FXUULFXODU PtQLPR QHOH SURSRVWR ±
&DStWXOR9,,
x $PEXOkQFLDGR7LSR$SURILVVLRQDLVVHQGRXPPRWRULVWDHRRXWURXP7pFQLFR
RX$X[LOLDUGHHQIHUPDJHP
x $PEXOkQFLDGR7LSR%SURILVVLRQDLVVHQGRXPPRWRULVWDHRRXWURXP7pFQLFR
RX$X[LOLDUGHHQIHUPDJHP
x $PEXOkQFLDGR7LSR&SURILVVLRQDLVPLOLWDUHVSROLFLDLVURGRYLiULRVERPEHLURV
PLOLWDUHV HRX RXWURV SURILVVLRQDLV UHFRQKHFLGRV SHOR JHVWRU S~EOLFR VHQGR XP
PRWRULVWD H RV RXWURV GRLV SURILVVLRQDLV FRP FDSDFLWDomR H FHUWLILFDomR HP
VDOYDPHQWRHVXSRUWHEiVLFRGHYLGD
x $PEXOkQFLDGR7LSR'SURILVVLRQDLVVHQGRXPPRWRULVWDXPHQIHUPHLURHXP
PpGLFR
x $HURQDYHV R DWHQGLPHQWR IHLWR SRU DHURQDYHV GHYH VHU VHPSUH FRQVLGHUDGR
FRPR GH VXSRUWH DYDQoDGR GH YLGD H , 3DUD RV FDVRV GH DWHQGLPHQWR SUp
KRVSLWDODUPyYHOSULPiULRQmRWUDXPiWLFRHVHFXQGiULRGHYHFRQWDUFRPRSLORWR
XPPpGLFRHXPHQIHUPHLURH,,3DUDRDWHQGLPHQWRDXUJrQFLDVWUDXPiWLFDV
HP TXH VHMDP QHFHVViULRV SURFHGLPHQWRV GH VDOYDPHQWR p LQGLVSHQViYHO D
SUHVHQoDGHSURILVVLRQDOFDSDFLWDGRSDUDWDO
x (PEDUFDo}HV D HTXLSH GHYH VHU FRPSRVWD GH RX SURILVVLRQDLV GH DFRUGR
FRP R WLSR GH DWHQGLPHQWR D VHU UHDOL]DGR FRQWDQGR FRP R FRQGXWRU GD
HPEDUFDomRHXPHQIHUPHLURHPFDVRVGHVXSRUWHDYDQoDGRGHYLGD

262&255,67$
6RFRUULVWD p D SHVVRD WHFQLFDPHQWH FDSDFLWDGD H KDELOLWDGD SDUD FRP VHJXUDQoD
DYDOLDUHLGHQWLILFDUSUREOHPDVTXHFRPSURPHWDPDYLGD&DEHDRVRFRUULVWDSUHVWDUR
DGHTXDGR VRFRUUR SUpKRVSLWDODU H R WUDQVSRUWH GD SHVVRD VHP DJUDYDU DV OHV}HV Mi
H[LVWHQWHV


2 LQGLYtGXR TXH VH WRUQD XP VRFRUULVWD DVVXPH UHVSRQVDELOLGDGH SHOD YLGD GD
SHVVRD D TXDO HOH FRQFRUGD HP DGPLQLVWUDU 6HU VRFRUULVWD p SRXFR VHPHOKDQWH D
RXWUDV RFXSDo}HV QR PXQGR 6mR QHFHVViULDV GHFLV}HV FUtWLFDV LPHGLDWDV EDVHDGDV
HP FRQKHFLPHQWR H DYDOLDomR 2 VRFRUULVWD QmR WHP D RSRUWXQLGDGH GH YROWDU DR
PDQXDOGHHVWXGRVSDUDGHWHUPLQDURDGHTXDGRWUDWDPHQWRGDSHVVRDDSyVFKHJDUDR
ORFDO H DQWHV GH DWHQGrOR $QWHV GH YHU D SHVVRD D VHU DWHQGLGD Mi WHUi TXH WHU RV
FRQKHFLPHQWRV H DV KDELOLGDGHV QR VHX SUySULR FpUHEUR H PmR $ GHGLFDomR j
FRQWLQXLGDGH GRV HVWXGRV p QHFHVViULD SDUD PDQWHU DWXDOL]DGRV VHXV FRQKHFLPHQWRV
DSWLG}HVSDUDDGPLQLVWUDomRGDSHVVRD$VSHVVRDVGLVSRVWDVDDFHLWDURGHVDILRGHVWD
H[LJHQWHRFXSDomRDDFKDUmRJUDWLILFDQWHVHHVWLYHUHPPHQWDOPHQWHSUHSDUDGDVSDUD
RIHUHFHURPHOKRUSRVVtYHO
4XHPWUDEDOKDFRPHPHUJrQFLDXUJrQFLDGHYHVHPSUH
),1$/,'$'( 48(035(67$62&2552'(9(6(5
x 3UHVHUYDUDYLGD x %HPWUHLQDGR
x 5HVWULQJLURVHIHLWRVGDOHVmR x 3HULRGLFDPHQWHUHDYDOLDGR
x 3URPRYHUDUHFXSHUDomRGDSHVVRD
x 3URPRYHU D UHFXSHUDomR GD x $WXDOL]DGR TXDQWR DRV
SHVVRD FRQKHFLPHQWRVHWpFQLFDV

6(59,d2'($7(1',0(1720Ï9(/'(85*Ç1&,$6$08

20LQLVWpULRGD6D~GHDWUDYpVGD3RUWDULDQ*006HPGHVHWHPEUR
GH LQLFLRX D LPSODQWDomR GR FRPSRQHQWH PyYHO GH XUJrQFLD FRP D FULDomR GR
6HUYLoR GH $WHQGLPHQWR 0yYHO GH 8UJrQFLD 6$08 2 6$08 6HUYLoR GH
$WHQGLPHQWR0yYHOGH8UJrQFLDpXPVHUYLoRGHVD~GHGHVHQYROYLGRSHOD6HFUHWDULD
GH(VWDGRGD6D~GHGH6DQWD&DWDULQDHPSDUFHULDFRPR0LQLVWpULRGD6D~GHHDV
6HFUHWDULDV 0XQLFLSDLV GH 6D~GH GR (VWDGR GH 6DQWD &DWDULQD RUJDQL]DGDV
PDFURUUHJLRQDOPHQWH e UHVSRQViYHO SHOR FRPSRQHQWH 5HJXODomR GRV $WHQGLPHQWRV
GH8UJrQFLDSHOR$WHQGLPHQWR0yYHOGH8UJrQFLDGD5HJLmRHSHODVWUDQVIHUrQFLDVGH
SDFLHQWHV JUDYHV GD UHJLmR $OpP GLVWR LQWHUPHGLD DWUDYpV GD FHQWUDO GH UHJXODomR
PpGLFD GDV XUJrQFLDV DV WUDQVIHUrQFLDV LQWHUKRVSLWDODUHV GH SDFLHQWHV JUDYHV
SURPRYHQGRDDWLYDomRGDVHTXLSHVDSURSULDGDVHDWUDQVIHUrQFLDGRSDFLHQWH

(48,3(352),66,21$/ &RQIRUPH3RUWDULDQR06
³2V VHUYLoRV GH DWHQGLPHQWR SUpKRVSLWDODU PyYHO GHYHP FRQWDU FRP HTXLSH GH
SURILVVLRQDLV RULXQGRV GD iUHD GD VD~GH H QmR RULXQGRV GD iUHD GD VD~GH &RQVLGHUDQGRVH
TXH DV XUJrQFLDV QmR VH FRQVWLWXHP HP HVSHFLDOLGDGH PpGLFD RX GH HQIHUPDJHP H TXH QRV
FXUVRVGHJUDGXDomRDDWHQomRGDGDjiUHDDLQGDpEDVWDQWHLQVXILFLHQWHHQWHQGHVHTXHRV
SURILVVLRQDLVTXHYHQKDPDDWXDUQRV6HUYLoRVGH$WHQGLPHQWR3UpKRVSLWDODU0yYHO RULXQGRV
H QmR RULXQGRV GD iUHD GH VD~GH GHYDP VHU KDELOLWDGRV SHORV 1~FOHRV GH (GXFDomR HP
8UJrQFLDV FXMD FULDomR p LQGLFDGD SHOR SUHVHQWH 5HJXODPHQWR H FXPSUDP R FRQWH~GR
FXUULFXODUPtQLPRQHOHSURSRVWR&DStWXOR9,,´



/LomR0' 26,67(0$'(
(0(5*Ç1&,$0e',&$

(262&255,67$

FDSD]HVGH

'HVFUHYHURIXQFLRQDPHQWRGR6LVWHPDGH
(PHUJrQFLD0pGLFDORFDO
/LVWDUFDUDFWHUtVWLFDVHGHYHUHVGHXP
VRFRUULVWD
'HILQLUQHJOLJrQFLDLPSHUtFLDHLPSUXGrQFLDHGDU
XPH[HPSORGHFDGDFDVR
(QXPHUDURVSULQFLSDLVHTXLSDPHQWRVXWLOL]DGRVQR
VRFRUURSUpKRVSLWDODU

5HYLVmRHP-XOKR±26HUYLoRGH(PHUJrQFLDV0pGLFDV
03

6,67(0$'((0(5*Ç1&,$60e',&$6 6(0
7DPEpP FRQKHFLGR SRU 6LVWHPD GH $WHQGLPHQWR 3Up+RVSLWDODU p GHILQLGR
FRPR D FDGHLD GH UHFXUVRV H VHUYLoRV RUJDQL]DGRV SDUD SUHVWDU DVVLVWrQFLD
FRQWLQXDGDjVYtWLPDVGHVGHRORFDORQGHVHLQLFLRXDHPHUJrQFLDDWpDFKHJDGD
QRDPELHQWHKRVSLWDODU

25*$12*5$0$'26,67(0$'((0(5*Ç1&,$60e',&$6 6(0

6LWXDomRGH
QRUPDOLGDGH

7UDWDPHQWR 7UDXPDRX
'HILQLWLYR (PHUJrQFLD0pGLFD

6HWRUGH(PHUJrQFLD $FLRQDPHQWRGR
GR+RVSLWDO &2%20&2320
VRFRUUR

5HFXUVRV
3URILVVLRQDLVGH$3+
$GLFLRQDLV

$QRWHDTXLPDLVLQIRUPDo}HVVREUHRVHX6(0ORFDO

03


262&255,67$

6RFRUULVWDpDSHVVRDQmRRULXQGDGDiUHDGHVD~GHTXHpWHFQLFDPHQWHFDSDFLWDGD
HKDELOLWDGDSDUDFRPVHJXUDQoDDYDOLDUHLGHQWLILFDUSUREOHPDVTXHFRPSURPHWDPD
YLGD&DEHDRVRFRUULVWDSUHVWDURDGHTXDGRVRFRUURSUpKRVSLWDODUHRWUDQVSRUWHGR
SDFLHQWHVHPDJUDYDUDVOHV}HVMiH[LVWHQWHV

'(9(5(6'262&255,67$

$63(&726/(*$,6

/HJLVODomR

3URWRFRORVORFDLV

03

5(63216$%,/,'$'(6'262&255,67$

,PSUXGrQFLD
'HILQLomR ([SRU D VL SUySULR HRX D RXWUHP D XP ULVFR RX SHULJR VHP DV
SUHFDXo}HVQHFHVViULDVSDUDHYLWiORV

([HPSOR

,PSHUtFLD
'HILQLomR )DOWD GH FRQKHFLPHQWR WpFQLFR RX GHVWUH]D HP GHWHUPLQDGD DUWH RX
SURILVVmR

([HPSOR

1HJOLJrQFLD
'HILQLomR 'HVFXPSULPHQWR GRV GHYHUHV HOHPHQWDUHV FRUUHVSRQGHQWHV D
GHWHUPLQDGDDUWHRXSURILVVmR

([HPSOR

',5(,726'23$&,(17(

03


)250$6'(&216(17,0(172

2FRQVHQWLPHQWRLPSOtFLWR

6LWXDomR HP TXH R VRFRUULVWD SUHVWD XP GHWHUPLQDGR VRFRUUR LQGHSHQGHQWH GD
H[SUHVVDDXWRUL]DomRGRSDFLHQWHRXGHVHXUHSUHVHQWDQWHOHJDO&RQVLGHUDPRVTXH
RVRFRUULVWDUHFHEHXPFRQVHQWLPHQWRLPSOtFLWRSDUDDWHQGHUXPDYtWLPDTXDQGRHOD
HVWi LQFRQVFLHQWH GHVRULHQWDGD RX JUDYHPHQWH IHULGD p PHQRU GH DQRV H QmR
SRGHWRPDUGHFLV}HVVR]LQKR

2FRQVHQWLPHQWRH[SOtFLWR

6LWXDomR HP TXH R VRFRUULVWD SUHVWD XP GHWHUPLQDGR VRFRUUR DSyV H[SUHVVD
DXWRUL]DomR GR SDFLHQWH RX GH VHX UHSUHVHQWDQWH OHJDO &RQVLGHUDPRV H[SOtFLWR R
FRQVHQWLPHQWR GDGR SRU XP IDPLOLDU RX UHSUHVHQWDQWH OHJDO SDUD D SUHVWDomR GR
VRFRUURDXPDYtWLPDLQFRQVFLHQWHFRQIXVDJUDYHPHQWHOHVLRQDGDPHQRUGHLGDGH
RXFRPLQFDSDFLGDGHPHQWDO

03

&$5$&7(5Ë67,&$63(662$,6'(8062&255,67$

(48,3$0(1726%È6,&2687,/,=$'261262&255235e
+263,7$/$5

0DOHWD %DQGDJHQVWULDQJXODUHV
*D]H )LWDDGHVLYD
7HVRXUD &REHUWRUHV
/HQoyLV $OPRIDGDV
2[LJrQLRHDFHVVyULRV 3UDQFKDORQJD
&RODUFHUYLFDO /DQWHUQD
(VILJPRPDQ{PHWUR (VWHWRVFySLR
6ROXomRILVLROyJLFD &kQXODVRURIDUtQJHDV
.LWGHSDUWR &DUYmRDWLYDGR
3DSHODOXPtQLR 7DODVGHLPRELOL]DomR

2XWURV

03

$9$/,$d2

26,67(0$'((0(5*Ç1&,$0e',&$(262&255,67$

1RPHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB$VVLQDWXUDBBBBBBBBBBBBBBBBBBBB

/LVWHSHORPHQRVWUrVFDUDFWHUtVWLFDVSHVVRDLVHWUrVGHYHUHVGHXPERPVRFRUULVWD

/LVWHWUrVGLUHLWRVGHXPDYtWLPD

2TXHpQHJOLJrQFLD"'rXPH[HPSOR

2TXHpLPSUXGrQFLD"'rXPH[HPSOR

&LWHSHORPHQRVHTXLSDPHQWRVEiVLFRVXWLOL]DGRVQRVRFRUURSUpKRVSLWDODU

03


/LomR /(*,6/$d2$3/,&$'$

2EMHWLYRV FDSD]HVGH

$SOLFDUDOHJLVODomRSHUWLQHQWHVREUHDDWXDomRGR
ERPEHLUR?VRFRUULVWDQRDWHQGLPHQWRSUpKRVSLWDODU

5HYLVmRHPMXOKR±/HJLVODomR$SOLFDGD

&2167,78,d2'$5(3Ò%/,&$)('(5$7,9$'2%5$6,/
&$3Ë78/2,,,

$UWR 6mR GLUHLWRV VRFLDLV D HGXFDomR D VD~GH R WUDEDOKR D PRUDGLD R OD]HU D
VHJXUDQoDDSUHYLGrQFLDVRFLDODSURWHomRjPDWHUQLGDGHHjLQIkQFLDDDVVLVWrQFLDDRV
GHVDPSDUDGRVQDIRUPDGHVWD&RQVWLWXLomR

$UW 6mR GLUHLWRV GRV WUDEDOKDGRUHV XUEDQRV H UXUDLV DOpP GH RXWURV TXH YLVHP j
PHOKRULDGHVXDFRQGLomRVRFLDO

,
;;,, UHGXomR GRV ULVFRV LQHUHQWHV DR WUDEDOKR SRU PHLR GH QRUPDV GH VD~GH
KLJLHQHHVHJXUDQoD

$UW $ VHJXUDQoD S~EOLFD GHYHU GR (VWDGR GLUHLWR H UHVSRQVDELOLGDGH GH WRGRV p
H[HUFLGD SDUD D SUHVHUYDomR GD RUGHP S~EOLFD H GD LQFROXPLGDGH GDV SHVVRDV H GR
SDWULP{QLR
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

3RUWDULDQ*0(PGHQRYHPEURGH

20LQLVWURGH(VWDGRGD6D~GHQRXVRGHVXDVDWULEXLo}HVOHJDLV

&RQVLGHUDQGR TXH D iUHD GH 8UJrQFLD H (PHUJrQFLD FRQVWLWXLVH HP XP LPSRUWDQWH
FRPSRQHQWHGDDVVLVWrQFLDjVD~GH

&RQVLGHUDQGRRFUHVFLPHQWRGDGHPDQGDSRUVHUYLoRVQHVWDiUHDQRV~OWLPRVDQRVGHYLGR
DRDXPHQWRGRQ~PHURGHDFLGHQWHVHGDYLROrQFLDXUEDQDHDLQVXILFLHQWHHVWUXWXUDomRGD
H GH DVVLVWHQFLDO TXH WrP FRQWULEXtGR GHFLVLYDPHQWH SDUD D VREUHFDUJD GRV VHUYLoRV GH
XUJrQFLDH(PHUJrQFLDGLVSRQLELOL]DGRVSDUDRDWHQGLPHQWRGDSRSXODomR

&RQVLGHUDQGRDVDo}HVMiGHVHQYROYLGDVSHOR0LQLVWpULRGD6D~GHTXHHPSDUFHULDFRP
DV6HFUHWDULDVGH6D~GHGRVHVWDGRVGR'LVWULWR)HGHUDOHGRVPXQLFtSLRVWHPUHDOL]DGR
JUDQGHV HVIRUoRV QR VHQWLGR GH LPSODQWDU XP SURFHVVR GH DSHUIHLoRDPHQWR GR
DWHQGLPHQWRjVXUJrQFLDVHHPHUJrQFLDVQR3DtVWDQWRSHODFULDomRGHPHFDQLVPRVSDUD
D LPSODQWDomR GH 6LVWHPDV (VWDGXDLV GH 5HIHUrQFLD +RVSLWDODU HP $WHQGLPHQWR jV
8UJrQFLDV H (PHUJrQFLDV FRPR SHOD UHDOL]DomR GH LQYHVWLPHQWRV UHODWLYRV DR FXVWHLR H
DGHTXDomR ItVLFD H GH HTXLSDPHQWRV GRV VHUYLoRV LQWHJUDQWHV GHVWDV UHGHV QD iUHD GH
DVVLVWrQFLD SUpKRVSLWDODU QDV &HQWUDLV GH 5HJXODomR QD FDSDFLWDomR GH UHFXUVRV
KXPDQRV QD HGLomR GH QRUPDV HVSHFtILFDV SDUD D iUHD H QD HIHWLYD RUJDQL]DomR H
HVWUXWXUDomRGDVUHGHVDVVLVWHQFLDLVQDiUHDGHXUJrQFLDHHPHUJrQFLD
&RQVLGHUDQGR D QHFHVVLGDGH GH DSURIXQGDU R SURFHVVR GH FRQVROLGDomR GRV 6LVWHPDV
(VWDGXDLVGH8UJrQFLDH(PHUJrQFLDDSHUIHLoRDUDVQRUPDVMiH[LVWHQWHVHDPSOLDURVHX
HVFRSR H DLQGD D QHFHVVLGDGH GH PHOKRU GHILQLU XPD DPSOD SROtWLFD QDFLRQDO SDUD HVWD
DUHD FRP D RUJDQL]DomR GH VLVWHPDV UHJLRQDOL]DGRV FRP UHIHUrQFLDV SUHYLDPHQWH
SDFWXDGDV H HIHWLYDGDV VRE UHJXODomR PpGLFD FRP KLHUDUTXLD UHVROXWLYD H
UHVSRQVDELOL]DomR VDQLWiULD XQLYHUVDOLGDGH GH DFHVVR LQWHJUDOLGDGH QD DWHQomR H
HTLGDGHQDDORFDomRGHUHFXUVRVHDo}HVGR6LVWHPDGHDFRUGRFRPDVGLUHWUL]HVJHUDLV
GR6LVWHPDÒQLFRGH6D~GHHD1RUPD2SHUDFLRQDOGD$VVLVWrQFLDj6D~GH12$6686

&RQVLGHUDQGR D JUDQGH H[WHQVmR WHUULWRULDO GR 3DtV TXH LPS}H GLVWkQFLDV VLJQLILFDWLYDV
HQWUH PXQLFtSLRV GH SHTXHQR H PpGLR SRUWH H VHXV UHVSHFWLYRV PXQLFtSLRV GH UHIHUrQFLD
SDUD D DWHQomR KRVSLWDODU HVSHFLDOL]DGD H GH DOWD FRPSOH[LGDGH QHFHVVLWDQGR SRUWDQWR
GH VHUYLoRV LQWHUPHGLiULRV HP FRPSOH[LGDGH FDSD]HV GH JDUDQWLU XPD FDGHLD GH
UHDQLPDomRHHVWDELOL]DomRSDUDRVSDFLHQWHVJUDYHVHXPDFDGHLDGHFXLGDGRVLPHGLDWRV
HUHVROXWLYRVSDUDRVSDFLHQWHVDJXGRVQmRJUDYHV

&RQVLGHUDQGR D QHFHVVLGDGH GH RUGHQDU R DWHQGLPHQWR jV 8UJrQFLDV H (PHUJrQFLDV
JDUDQWLQGR DFROKLPHQWR SULPHLUD DWHQomR TXDOLILFDGD H UHVROXWLYD SDUD DV SHTXHQDV H
PpGLDV XUJrQFLDV HVWDELOL]DomR H UHIHUrQFLD DGHTXDGD GRV SDFLHQWHV JUDYHV GHQWUR GR
6LVWHPD ÒQLFR GH 6D~GH SRU PHLR GR DFLRQDPHQWR H LQWHUYHQomR GDV &HQWUDLV GH
5HJXODomR0pGLFDGH8UJrQFLDV

&RQVLGHUDQGR D H[SDQVmR GHVHUYLoRVS~EOLFRV H SULYDGRV GHDWHQGLPHQWRSUpKRVSLWDODU
PyYHOHGHWUDQVSRUWHLQWHUKRVSLWDODUHDQHFHVVLGDGHGHLQWHJUDUHVWHVVHUYLoRVjOyJLFD
GRV VLVWHPDV GH XUJrQFLD FRP UHJXODomR PpGLFD H SUHVHQoD GH HTXLSH GH VD~GH
TXDOLILFDGDSDUDDVHVSHFLILFLGDGHVGHVWHDWHQGLPHQWRHDREULJDWRULHGDGHGDSUHVHQoDGR
PpGLFR QRV FDVRV TXH QHFHVVLWHP VXSRUWH DYDQoDGR j YLGD H &RQVLGHUDQGR D
QHFHVVLGDGH GH HVWLPXODU D FULDomR GH HVWUXWXUDV FDSD]HV GH SUREOHPDWL]DU D UHDOLGDGH
GRV VHUYLoRV H HVWDEHOHFHU R QH[R HQWUH WUDEDOKR H HGXFDomR GH IRUPD D UHVJDWDU R
SURFHVVR GHFDSDFLWDomR H HGXFDomR FRQWLQXDGD SDUD R GHVHQYROYLPHQWR GRV VHUYLoRV H
JHUDomR GH LPSDFWR HP VD~GH GHQWUR GH FDGD QtYHO GH DWHQomR H DLQGD GH SURSRU
FXUUtFXORVPtQLPRVGHFDSDFLWDomRHKDELOLWDomRSDUDRDWHQGLPHQWRjVXUJrQFLDVHPIDFH
GRV LQ~PHURV FRQWH~GRV SURJUDPiWLFRV H FDUJDV KRUiULDV H[LVWHQWHV QR SDtV H TXH QmR
JDUDQWHPDTXDOLGDGHGRDSUHQGL]DGRUHVROYH

$UW$SURYDUQDIRUPDGR$QH[RGHVWD3RUWDULDR5HJXODPHQWR7pFQLFRGRV6LVWHPDV
(VWDGXDLVGH8UJrQFLDH(PHUJrQFLD

2 5HJXODPHQWR RUD DSURYDGR HVWDEHOHFH RV SULQFtSLRV H GLUHWUL]HV GRV 6LVWHPDV
(VWDGXDLV GH 8UJrQFLD H (PHUJrQFLD DV QRUPDV H FULWpULRV GH IXQFLRQDPHQWR
FODVVLILFDomRHFDGDVWUDPHQWRGHVHUYLoRVHHQYROYHWHPDVFRPRDHODERUDomRGRV3ODQRV
(VWDGXDLVGH$WHQGLPHQWRjV8UJrQFLDVH(PHUJrQFLDV5HJXODomR0pGLFDGDV8UJrQFLDV
H (PHUJrQFLDV DWHQGLPHQWR SUpKRVSLWDODU DWHQGLPHQWR SUpKRVSLWDODU PyYHO
DWHQGLPHQWR KRVSLWDODU WUDQVSRUWH LQWHUKRVSLWDODU H DLQGD D FULDomR GH 1~FOHRV GH
(GXFDomR HP 8UJrQFLDV H SURSRVLomR GH JUDGHV FXUULFXODUHV SDUD FDSDFLWDomR GH
UHFXUVRVKXPDQRVGDiUHD

(VWH 5HJXODPHQWR p GH FDUiWHU QDFLRQDO GHYHQGR VHU XWLOL]DGR SHODV 6HFUHWDULDV GH
6D~GH GRV HVWDGRV GR 'LVWULWR )HGHUDO H GRV PXQLFtSLRV QD LPSODQWDomR GRV 6LVWHPDV
(VWDGXDLV GH 8UJrQFLD H (PHUJrQFLD QD DYDOLDomR KDELOLWDomR H FDGDVWUDPHQWR GH
VHUYLoRV HP WRGDV DV PRGDOLGDGHV DVVLVWHQFLDLV VHQGR H[WHQVLYR DR VHWRU SULYDGR TXH
DWXHQDiUHDGHXUJrQFLDHHPHUJrQFLDFRPRXVHPYtQFXORFRPDSUHVWDomRGHVHUYLoRV
DRVXVXiULRVGR6LVWHPDÒQLFRGH6D~GH

$UW (VWDEHOHFHU R SUD]R GH GRLV DQRV SDUD D DGDSWDomR GRV VHUYLoRV GH
DWHQGLPHQWRjVXUJrQFLDVHHPHUJrQFLDVMiH[LVWHQWHVHHPIXQFLRQDPHQWRHPWRGDVDV
PRGDOLGDGHVDVVLVWHQFLDLVjVQRUPDVHFULWpULRVHVWDEHOHFLGRVSHOR5HJXODPHQWR7pFQLFR
DSURYDGRSRUHVWD3RUWDULD

$V 6HFUHWDULDV GH 6D~GH GRV HVWDGRV GR 'LVWULWR )HGHUDO H GRV PXQLFtSLRV HP
*HVWmR 3OHQD GR 6LVWHPD 0XQLFLSDO GHYHP GHQWUR GR SUD]R HVWDEHOHFLGR DGRWDU DV
SURYLGrQFLDV QHFHVViULDV SDUD GDU SOHQR FXPSULPHQWR DR GLVSRVWR QHVWD 3RUWDULD H
FODVVLILFDUKDELOLWDUHFDGDVWUDURVVHUYLoRVGHDWHQGLPHQWRjVXUJrQFLDVHHPHUJrQFLDVMi
H[LVWHQWHVHHPIXQFLRQDPHQWR

3DUDDFODVVLILFDomRKDELOLWDomRHFDGDVWUDPHQWRGHQRYRVVHUYLoRVGHDWHQGLPHQWR
jV XUJrQFLDV H HPHUJrQFLDV HP TXDOTXHU PRGDOLGDGH DVVLVWHQFLDO HVWD 3RUWDULD WHP
HIHLWRVDFRQWDUGHVXDSXEOLFDomR

$UW (VWD 3RUWDULD HQWUD HP YLJRU QD GDWD GH VXD SXEOLFDomR UHYRJDQGR D 3RUWDULD
*006QGHGHMXQKRGH

$66%$5-$61(*5,
&$3Ë78/2,9
$7(1',0(17235e+263,7$/$50Ï9(/

&RQVLGHUDVH FRPR QtYHO SUpKRVSLWDODU PyYHO QD iUHD GH XUJrQFLD R DWHQGLPHQWR TXH
SURFXUD FKHJDU SUHFRFHPHQWH j YtWLPD DSyV WHU RFRUULGR XP DJUDYR j VXD VD~GH GH
QDWXUH]D FOtQLFD FLU~UJLFD WUDXPiWLFD LQFOXVLYH DV SVLTXLiWULFDV TXH SRVVD OHYDU D
VRIULPHQWR VHTXHODV RX PHVPR j PRUWH VHQGR QHFHVViULR SRUWDQWR SUHVWDUOKH
DWHQGLPHQWRHRXWUDQVSRUWHDGHTXDGRDXPVHUYLoRGHVD~GHGHYLGDPHQWHKLHUDUTXL]DGR
H LQWHJUDGR DR 6LVWHPD ÒQLFR GH 6D~GH 3RGHPRV FKDPiOR GH DWHQGLPHQWR SUp
KRVSLWDODU PyYHO SULPiULR TXDQGR R SHGLGR GH VRFRUUR IRU RULXQGR GH XP FLGDGmR RX GH
DWHQGLPHQWRSUpKRVSLWDODUPyYHOVHFXQGiULRTXDQGRDVROLFLWDomRSDUWLUGHXPVHUYLoRGH
VD~GH QR TXDO R SDFLHQWH Mi WHQKD UHFHELGR R SULPHLUR DWHQGLPHQWR QHFHVViULR j
HVWDELOL]DomR GR TXDGUR GH XUJrQFLD DSUHVHQWDGR PDV QHFHVVLWH VHU FRQGX]LGR D RXWUR
VHUYLoRGHPDLRUFRPSOH[LGDGHSDUDDFRQWLQXLGDGHGRWUDWDPHQWR
2 6HUYLoR GH DWHQGLPHQWR SUpKRVSLWDODU PyYHO GHYH VHU HQWHQGLGR FRPR XPD DWULEXLomR
GD iUHD GD VD~GH VHQGR YLQFXODGR D XPD &HQWUDO GH 5HJXODomR FRP HTXLSHH IURWD GH
YHtFXORV FRPSDWtYHLV FRP DV QHFHVVLGDGHV GH VD~GH GD SRSXODomR GH XP PXQLFtSLR RX
XPDUHJLmRSRGHQGRSRUWDQWRH[WUDSRODURVOLPLWHVPXQLFLSDLV(VWDUHJLmRGHFREHUWXUD
GHYH VHU SUHYLDPHQWH GHILQLGD FRQVLGHUDQGRVH DVSHFWRV GHPRJUiILFRV SRSXODFLRQDLV
WHUULWRULDLVLQGLFDGRUHVGHVD~GHRIHUWDGHVHUYLoRVHIOX[RVKDELWXDOPHQWHXWLOL]DGRVSHOD
FOLHQWHOD 2 VHUYLoR GHYH FRQWDU FRP D UHWDJXDUGD GD UHGH GH VHUYLoRV GH VD~GH
GHYLGDPHQWH UHJXODGD GLVSRQLELOL]DGD FRQIRUPH FULWpULRV GH KLHUDUTXL]DomR H
UHJLRQDOL]DomRIRUPDOPHQWHSDFWXDGRVHQWUHRVJHVWRUHVGRVLVWHPDORFRUHJLRQDO

3DUD XP DGHTXDGR DWHQGLPHQWR SUpKRVSLWDODU PyYHO R PHVPR GHYH HVWDU YLQFXODGR D
XPD &HQWUDO GH 5HJXODomR GH 8UJrQFLDV H (PHUJrQFLDV $ FHQWUDO GHYH VHU GH IiFLO
DFHVVRDRS~EOLFRSRUYLDWHOHI{QLFDHPVLVWHPDJUDWXLWR FRPRQ~PHURQDFLRQDOGH
XUJrQFLDV PpGLFDV RX RXWUR Q~PHUR H[FOXVLYR GD VD~GH VH R QmR IRU WHFQLFDPHQWH
SRVVtYHO RQGH R PpGLFR UHJXODGRU DSyV MXOJDU FDGD FDVR GHILQH D UHVSRVWD PDLV
DGHTXDGDVHMDXPFRQVHOKRPpGLFRRHQYLRGHXPDHTXLSHGHDWHQGLPHQWRDRORFDOGD
RFRUUrQFLD RX DLQGD R DFLRQDPHQWR GH P~OWLSORV PHLRV 2 Q~PHUR GH DFHVVR GD VD~GH
SDUDVRFRUURVGHXUJrQFLDGHYHVHUDPSODPHQWHGLYXOJDGRMXQWRjFRPXQLGDGH7RGRVRV
SHGLGRV GH VRFRUUR PpGLFR TXH GHUHP HQWUDGD SRU PHLR GH RXWUDV FHQWUDLV FRPR D GD
SROtFLD PLOLWDU GR FRUSR GH ERPEHLURV H TXDLVTXHU RXWUDV H[LVWHQWHV GHYHP
VHU LPHGLDWDPHQWH UHWUDQVPLWLGRV j &HQWUDO GH 5HJXODomR SRU LQWHUPpGLR GR VLVWHPD GH
FRPXQLFDomRSDUDTXHSRVVDPVHUDGHTXDGDPHQWHUHJXODGRVHDWHQGLGRV

2DWHQGLPHQWRQRORFDOpPRQLWRUDGRYLDUiGLRSHORPpGLFRUHJXODGRUTXHRULHQWDDHTXLSH
GH LQWHUYHQomR TXDQWR DRV SURFHGLPHQWRV QHFHVViULRV j FRQGXomR GR FDVR 'HYH H[LVWLU
XPD UHGH GH FRPXQLFDomR HQWUH D &HQWUDO DV DPEXOkQFLDV H WRGRV RV VHUYLoRV TXH
UHFHEHPRVSDFLHQWHV

2VVHUYLoRVGHVHJXUDQoDHVDOYDPHQWRVHPSUHTXHKRXYHUGHPDQGDGHDWHQGLPHQWRGH
HYHQWRVFRPYtWLPDVRXGRHQWHVGHYHPRULHQWDUVHSHODGHFLVmRGRPpGLFRUHJXODGRUGH
XUJrQFLDV3RGHPVHUHVWDEHOHFLGRVSURWRFRORVGHGHVSDFKRLPHGLDWRGHVHXVUHFXUVRVGH
DWHQomR jV XUJrQFLDV HP VLWXDo}HV H[FHSFLRQDLV PDV HP QHQKXP FDVR HVWHV
GHVSDFKRVSRGHPVHUIHLWRVVHPFRPXQLFDomRVLPXOWkQHDFRPRUHJXODGRUHWUDQVIHUrQFLD
GRFKDPDGRGHVRFRUURSDUDH[HUFtFLRGDUHJXODomRPpGLFD

(TXLSH3URILVVLRQDO
2V VHUYLoRV GH DWHQGLPHQWR SUpKRVSLWDODU PyYHO GHYHP FRQWDU FRP HTXLSH GH
SURILVVLRQDLVRULXQGRVGDiUHDGDVD~GHHQmRRULXQGRVGDiUHDGDVD~GH&RQVLGHUDQGR
VHTXHDVXUJrQFLDVQmRVHFRQVWLWXHPHPHVSHFLDOLGDGHPpGLFDRXGHHQIHUPDJHPHTXH
QRVFXUVRVGHJUDGXDomRDDWHQomRGDGDjiUHDDLQGDpEDVWDQWHLQVXILFLHQWHHQWHQGHVH
TXH RV SURILVVLRQDLV TXH YHQKDP D DWXDU QRV 6HUYLoRV GH $WHQGLPHQWR 3UpKRVSLWDODU
0yYHO RULXQGRVHQmRRULXQGRVGDiUHDGHVD~GH GHYDPVHUKDELOLWDGRVSHORV1~FOHRVGH
(GXFDomRHP8UJrQFLDVFXMDFULDomRpLQGLFDGDSHORSUHVHQWH5HJXODPHQWRHFXPSUDPR
FRQWH~GRFXUULFXODUPtQLPRQHOHSURSRVWR&DStWXOR9,,

±(TXLSHGH3URILVVLRQDLV2ULXQGRVGD6D~GH

$HTXLSHGHSURILVVLRQDLVRULXQGRVGDiUHDGDVD~GHGHYHVHUFRPSRVWDSRU

&RRUGHQDGRU GR 6HUYLoR SURILVVLRQDO RULXQGR GD iUHD GD VD~GH FRP H[SHULrQFLD H
FRQKHFLPHQWRFRPSURYDGRVQDDWLYLGDGHGHDWHQGLPHQWRSUpKRVSLWDODUjVXUJrQFLDVH
GHJHUHQFLDPHQWRGHVHUYLoRVHVLVWHPDV
5HVSRQViYHO7pFQLFR0pGLFRUHVSRQViYHOSHODVDWLYLGDGHVPpGLFDVGRVHUYLoR
5HVSRQViYHOGH(QIHUPDJHP(QIHUPHLURUHVSRQViYHOSHODVDWLYLGDGHVGHHQIHUPDJHP
0pGLFRV 5HJXODGRUHV PpGLFRV TXH FRP EDVH QDV LQIRUPDo}HV FROKLGDV GRV XVXiULRV
TXDQGR HVWHV DFLRQDP D FHQWUDO GH UHJXODomR VmR RV UHVSRQViYHLV SHOR
JHUHQFLDPHQWR GHILQLomR H RSHUDFLRQDOL]DomR GRV PHLRV GLVSRQtYHLV H QHFHVViULRV
SDUD UHVSRQGHU DWDLV VROLFLWDo}HV XWLOL]DQGRVH GHSURWRFRORVWpFQLFRVH GDIDFXOGDGH
GH DUELWUDU VREUH RV HTXLSDPHQWRV GH VD~GH GR VLVWHPD QHFHVViULRV DR DGHTXDGR
DWHQGLPHQWRGRSDFLHQWH
0pGLFRV ,QWHUYHQFLRQLVWDV PpGLFRV UHVSRQViYHLV SHOR DWHQGLPHQWR QHFHVViULR SDUD D
UHDQLPDomRHHVWDELOL]DomRGRSDFLHQWHQRORFDOGRHYHQWRHGXUDQWHRWUDQVSRUWH
(QIHUPHLURV $VVLVWHQFLDLV HQIHUPHLURV UHVSRQViYHLV SHOR DWHQGLPHQWR GH HQIHUPDJHP
QHFHVViULRSDUDDUHDQLPDomRHHVWDELOL]DomRGRSDFLHQWHQRORFDOGRHYHQWRHGXUDQWH
RWUDQVSRUWH
$X[LOLDUHVH 7pFQLFRVGH(QIHUPDJHPDWXDomRVREVXSHUYLVmRLPHGLDWDGR SURILVVLRQDO
HQIHUPHLUR

2%6 $V UHVSRQVDELOLGDGHV WpFQLFDV SRGHUmR VHU DVVXPLGDV SRU SURILVVLRQDLV GD HTXLSH
GH LQWHUYHQomR VHPSUH TXH D GHPDQGD RX R SRUWH GR VHUYLoR DVVLP R SHUPLWLUHP $OpP
GHVWD HTXLSH GH VD~GH HP VLWXDo}HV GH DWHQGLPHQWR jV XUJrQFLDV UHODFLRQDGDV jV
FDXVDV H[WHUQDV RX GH SDFLHQWHV HP ORFDLV GH GLItFLO DFHVVR GHYHUi KDYHU XPD DomR
SDFWXDGD FRPSOHPHQWDU H LQWHJUDGD GH RXWURV SURILVVLRQDLV QmR RULXQGRV GD VD~GH ±
ERPEHLURV PLOLWDUHV SROLFLDLV PLOLWDUHV H URGRYLiULRV H RXWURV IRUPDOPHQWH UHFRQKHFLGRV
SHOR JHVWRU S~EOLFR SDUD R GHVHPSHQKR GDV Do}HV GH VHJXUDQoD VRFRUUR S~EOLFR H
VDOYDPHQWR WDLV FRPR VLQDOL]DomR GR ORFDO HVWDELOL]DomR GH YHtFXORV DFLGHQWDGRV
UHFRQKHFLPHQWR H JHUHQFLDPHQWR GH ULVFRV SRWHQFLDLV LQFrQGLR PDWHULDLV HQHUJL]DGRV
SURGXWRVSHULJRVRV REWHQomRGHDFHVVRDRSDFLHQWHHVXSRUWHEiVLFRGHYLGD

3HUILO GRV 3URILVVLRQDLV 2ULXQGRV GD ÈUHD GD 6D~GH H UHVSHFWLYDV
&RPSHWrQFLDV$WULEXLo}HV

0pGLFR3URILVVLRQDOGHQtYHOVXSHULRUWLWXODUGH'LSORPDGH0pGLFRGHYLGDPHQWH
UHJLVWUDGRQR&RQVHOKR5HJLRQDOGH0HGLFLQDGHVXDMXULVGLomRKDELOLWDGRDRH[HUFtFLRGD
PHGLFLQD SUpKRVSLWDODU DWXDQGR QDV iUHDV GH UHJXODomR PpGLFD VXSRUWH DYDQoDGR GH
YLGDHPWRGRVRVFHQiULRVGHDWXDomRGRSUpKRVSLWDODUHQDVDPEXOkQFLDVDVVLPFRPR
QDJHUrQFLDGRVLVWHPDKDELOLWDGRFRQIRUPHRVWHUPRVGHVWH5HJXODPHQWR

5HTXLVLWRV *HUDLV HTXLOtEULR HPRFLRQDO H DXWRFRQWUROH GLVSRVLomR SDUD FXPSULU Do}HV
RULHQWDGDV FDSDFLGDGH ItVLFD H PHQWDO SDUD D DWLYLGDGH LQLFLDWLYD H IDFLOLGDGH GH
FRPXQLFDomRGHVWUH]DPDQXDOHItVLFDSDUDWUDEDOKDUHPXQLGDGHVPyYHLVFDSDFLGDGHGH
WUDEDOKDUHPHTXLSHGLVSRQLELOLGDGHSDUDDFDSDFLWDomRGLVFULPLQDGDQR&DStWXOR9,,EHP
FRPRSDUDDUHFHUWLILFDomRSHULyGLFD

&RPSHWrQFLDV$WULEXLo}HV H[HUFHU D UHJXODomR PpGLFD GR VLVWHPD FRQKHFHU D UHGH GH
VHUYLoRV GD UHJLmR PDQWHU XPD YLVmR JOREDO H SHUPDQHQWHPHQWH DWXDOL]DGD GRV PHLRV
GLVSRQtYHLV SDUD R DWHQGLPHQWR SUpKRVSLWDODU H GDV SRUWDV GH XUJrQFLD FKHFDQGR
SHULRGLFDPHQWH VXD FDSDFLGDGH RSHUDFLRQDO UHFHSomR GRV FKDPDGRV GH DX[tOLR DQiOLVH
GD GHPDQGD FODVVLILFDomR HP SULRULGDGHV GH DWHQGLPHQWR VHOHomR GH PHLRV SDUD
DWHQGLPHQWR PHOKRUUHVSRVWD DFRPSDQKDPHQWR GRDWHQGLPHQWRORFDOGHWHUPLQDomRGR
ORFDOGHGHVWLQRGRSDFLHQWHRULHQWDomRWHOHI{QLFDPDQWHUFRQWDWRGLiULRFRPRVVHUYLoRV
PpGLFRV GH HPHUJrQFLD LQWHJUDGRV DR VLVWHPD SUHVWDU DVVLVWrQFLD GLUHWD DRV SDFLHQWHV
QDVDPEXOkQFLDVTXDQGRLQGLFDGRUHDOL]DQGRRVDWRVPpGLFRVSRVVtYHLVHQHFHVViULRVDR
QtYHO SUpKRVSLWDODU H[HUFHU R FRQWUROH RSHUDFLRQDO GD HTXLSH DVVLVWHQFLDO ID]HU FRQWUROH
GHTXDOLGDGHGRVHUYLoRQRVDVSHFWRVLQHUHQWHVjVXDSURILVVmRDYDOLDURGHVHPSHQKRGD
HTXLSH H VXEVLGLDU RV UHVSRQViYHLV SHOR SURJUDPD GH HGXFDomR FRQWLQXDGD GR VHUYLoR
REHGHFHU jV QRUPDV WpFQLFDV YLJHQWHV QR VHUYLoRSUHHQFKHU RV GRFXPHQWRV LQHUHQWHV j
DWLYLGDGH GRPpGLFRUHJXODGRU HGH DVVLVWrQFLDSUpKRVSLWDODUJDUDQWLUDFRQWLQXLGDGHGD
DWHQomRPpGLFDDRSDFLHQWHJUDYHDWpDVXDUHFHSomRSRURXWURPpGLFRQRVVHUYLoRVGH
XUJrQFLDREHGHFHUDRFyGLJRGHpWLFDPpGLFD

(QIHUPHLUR 3URILVVLRQDO GH QtYHO VXSHULRU WLWXODU GR GLSORPD GH (QIHUPHLUR
GHYLGDPHQWH UHJLVWUDGR QR &RQVHOKR 5HJLRQDO GH (QIHUPDJHP GH VXD MXULVGLomR
KDELOLWDGRSDUDDo}HVGHHQIHUPDJHPQR$WHQGLPHQWR3Up+RVSLWDODU0yYHOFRQIRUPHRV
WHUPRV GHVWH 5HJXODPHQWR GHYHQGR DOpP GDV Do}HV DVVLVWHQFLDLV SUHVWDU VHUYLoRV
DGPLQLVWUDWLYRVHRSHUDFLRQDLVHPVLVWHPDVGHDWHQGLPHQWRSUpKRVSLWDODU

5HTXLVLWRV *HUDLV GLVSRVLomR SHVVRDO SDUD D DWLYLGDGH HTXLOtEULR HPRFLRQDO H
DXWRFRQWUROHFDSDFLGDGHItVLFDHPHQWDOSDUDDDWLYLGDGHGLVSRVLomRSDUDFXPSULUDo}HV
RULHQWDGDVH[SHULrQFLDSURILVVLRQDOSUpYLDHPVHUYLoRGHVD~GHYROWDGRDRDWHQGLPHQWRGH
XUJrQFLDV H HPHUJrQFLDV LQLFLDWLYD H IDFLOLGDGH GH FRPXQLFDomR FRQGLFLRQDPHQWR ItVLFR
SDUD WUDEDOKDU HP XQLGDGHV PyYHLV FDSDFLGDGH GH WUDEDOKDU HP HTXLSH GLVSRQLELOLGDGH
SDUD D FDSDFLWDomR GLVFULPLQDGD QR &DStWXOR 9,, EHP FRPR SDUD D UHFHUWLILFDomR
SHULyGLFD

&RPSHWrQFLDV$WULEXLo}HVVXSHUYLVLRQDUHDYDOLDUDVDo}HVGHHQIHUPDJHPGDHTXLSHQR
$WHQGLPHQWR3Up+RVSLWDODU0yYHOH[HFXWDUSUHVFULo}HVPpGLFDVSRUWHOHPHGLFLQDSUHVWDU
FXLGDGRVGHHQIHUPDJHPGHPDLRUFRPSOH[LGDGHWpFQLFDDSDFLHQWHVJUDYHVHFRPULVFR
GHYLGDTXHH[LMDPFRQKHFLPHQWRVFLHQWtILFRVDGHTXDGRVHFDSDFLGDGHGHWRPDUGHFLV}HV
LPHGLDWDVSUHVWDUDDVVLVWrQFLDGHHQIHUPDJHPjJHVWDQWHDSDUWXULHQWHHDRUHFpPQDWR
UHDOL]DUSDUWRVVHPGLVWyFLDSDUWLFLSDUQRVSURJUDPDVGHWUHLQDPHQWRHDSULPRUDPHQWRGH
SHVVRDOGHVD~GHHPXUJrQFLDVSDUWLFXODUPHQWHQRVSURJUDPDVGHHGXFDomRFRQWLQXDGD
ID]HU FRQWUROH GH TXDOLGDGH GR VHUYLoR QRV DVSHFWRV LQHUHQWHV j VXD SURILVVmR VXEVLGLDU
RV UHVSRQViYHLV SHOR GHVHQYROYLPHQWR GH UHFXUVRV KXPDQRV SDUD DV QHFHVVLGDGHV GH
HGXFDomR FRQWLQXDGD GD HTXLSH REHGHFHU D /HL GR ([HUFtFLR 3URILVVLRQDO H R &yGLJR GH
eWLFD GH (QIHUPDJHP FRQKHFHU HTXLSDPHQWRV H UHDOL]DU PDQREUDV GH H[WUDomR PDQXDO
GHYtWLPDV

7pFQLFRGH(QIHUPDJHP3URILVVLRQDOFRP(QVLQR0pGLRFRPSOHWRHFXUVRUHJXODU
GH7pFQLFRGH(QIHUPDJHPWLWXODUGRFHUWLILFDGRRXGLSORPDGH7pFQLFRGH(QIHUPDJHP
GHYLGDPHQWHUHJLVWUDGR QR&RQVHOKR 5HJLRQDOGH(QIHUPDJHPGH VXDMXULVGLomR([HUFH
DWLYLGDGHVDX[LOLDUHVGHQtYHOWpFQLFRVHQGRKDELOLWDGRSDUDRDWHQGLPHQWR3Up+RVSLWDODU
0yYHO LQWHJUDQGR VXD HTXLSH FRQIRUPH RV WHUPRV GHVWH 5HJXODPHQWR $OpP GD
LQWHUYHQomR FRQVHUYDGRUD QR DWHQGLPHQWR GR SDFLHQWH p KDELOLWDGR D UHDOL]DU
SURFHGLPHQWRV D HOH GHOHJDGRV VRE VXSHUYLVmR GR SURILVVLRQDO (QIHUPHLUR GHQWUR GR
kPELWRGHVXDTXDOLILFDomRSURILVVLRQDO

5HTXLVLWRV*HUDLVPDLRUGHGH]RLWRDQRVGLVSRVLomRSHVVRDOSDUDDDWLYLGDGHFDSDFLGDGH
ItVLFD H PHQWDO SDUD D DWLYLGDGH HTXLOtEULR HPRFLRQDO H DXWRFRQWUROH GLVSRVLomR SDUD
FXPSULU Do}HV RULHQWDGDV GLVSRQLELOLGDGH SDUD UHFHUWLILFDomR SHULyGLFD H[SHULrQFLD
SURILVVLRQDO SUpYLD HP VHUYLoR GH VD~GH YROWDGR DR DWHQGLPHQWR GH XUJrQFLDV H
HPHUJrQFLDV FDSDFLGDGH GH WUDEDOKDU HP HTXLSH GLVSRQLELOLGDGH SDUD D FDSDFLWDomR
GLVFULPLQDGDQR&DStWXOR9,,EHPFRPRSDUDDUHFHUWLILFDomRSHULyGLFD

&RPSHWrQFLDV$WULEXLo}HV DVVLVWLU DR HQIHUPHLUR QR SODQHMDPHQWR SURJUDPDomR
RULHQWDomR H VXSHUYLVmR GDV DWLYLGDGHV GH DVVLVWrQFLD GH HQIHUPDJHP SUHVWDU FXLGDGRV
GLUHWRVGHHQIHUPDJHPDSDFLHQWHVHPHVWDGRJUDYHVREVXSHUYLVmRGLUHWDRXjGLVWkQFLD
GR SURILVVLRQDO HQIHUPHLUR SDUWLFLSDU GH SURJUDPDV GH WUHLQDPHQWR H DSULPRUDPHQWR
SURILVVLRQDO HVSHFLDOPHQWH HP XUJrQFLDVHPHUJrQFLDV UHDOL]DU PDQREUDV GH H[WUDomR
PDQXDOGHYtWLPDV

$X[LOLDUGH(QIHUPDJHP3URILVVLRQDOFRP(QVLQR0pGLRFRPSOHWRHFXUVRUHJXODU
GH$X[LOLDUGHHQIHUPDJHPHFXUVRGHHVSHFLDOL]DomRGHQtYHOPpGLRHPXUJrQFLDVWLWXODU
GRFHUWLILFDGRGH$X[LOLDUGH(QIHUPDJHPFRPHVSHFLDOL]DomRHPXUJrQFLDVGHYLGDPHQWH
UHJLVWUDGR QR &RQVHOKR 5HJLRQDO GH (QIHUPDJHP GH VXD MXULVGLomR ([HUFH DWLYLGDGHV
DX[LOLDUHV EiVLFDV GH QtYHO PpGLR KDELOLWDGR D UHDOL]DU SURFHGLPHQWRV D HOH GHOHJDGRV
VRE VXSHUYLVmR GR SURILVVLRQDO (QIHUPHLUR GHQWUR GR kPELWR GH VXD TXDOLILFDomR
SURILVVLRQDOHFRQIRUPHRVWHUPRVGHVWD3RUWDULD
5HTXLVLWRV*HUDLVPDLRUGHGH]RLWRDQRVGLVSRVLomRSHVVRDOSDUDDDWLYLGDGHFDSDFLGDGH
ItVLFD H PHQWDO SDUD D DWLYLGDGH HTXLOtEULR HPRFLRQDO H DXWRFRQWUROH GLVSRVLomR SDUD
FXPSULU Do}HV RULHQWDGDV GLVSRQLELOLGDGH SDUD UHFHUWLILFDomR SHULyGLFD H[SHULrQFLD
SURILVVLRQDO SUpYLD HP VHUYLoR GH VD~GH YROWDGR DR DWHQGLPHQWR GH XUJrQFLDV H
HPHUJrQFLDV FDSDFLGDGH GH WUDEDOKDU HP HTXLSH GLVSRQLELOLGDGH SDUD D FDSDFLWDomR
GLVFULPLQDGDQR&DStWXOR9,,EHPFRPRSDUDDUHFHUWLILFDomRSHULyGLFD

&RPSHWrQFLDV$WULEXLo}HV DX[LOLDU R HQIHUPHLUR QD DVVLVWrQFLD GH HQIHUPDJHP SUHVWDU
FXLGDGRV GHHQIHUPDJHPDSDFLHQWHVVREVXSHUYLVmRGLUHWDRX jGLVWkQFLDGRSURILVVLRQDO
HQIHUPHLUR REVHUYDU UHFRQKHFHU H GHVFUHYHU VLQDLV H VLQWRPDV DR QtYHO GH VXD
TXDOLILFDomR PLQLVWUDU PHGLFDPHQWRV SRU YLD RUDO H SDUHQWHUDO PHGLDQWH SUHVFULomR GR
PpGLFR UHJXODGRU SRU WHOHPHGLFLQD ID]HU FXUDWLYRV SUHVWDU FXLGDGRV GH FRQIRUWR DR
SDFLHQWHH]HODUSRUVXDVHJXUDQoDUHDOL]DUPDQREUDVGHH[WUDomRPDQXDOGHYtWLPDV

± (TXLSH GH 3URILVVLRQDLV 1mR 2ULXQGRV GD 6D~GH 3HUILV H 5HVSHFWLYDV
&RPSHWrQFLDV$WULEXLo}HV

$HTXLSHGHSURILVVLRQDLVQmRRULXQGRVGDiUHDGDVD~GHGHYHVHUFRPSRVWDSRUFRPRV
VHJXLQWHVSHUILVHFRPSHWrQFLDVDWULEXLo}HV

7HOHIRQLVWD ± $X[LOLDU GH 5HJXODomR 3URILVVLRQDO GH QtYHO EiVLFR KDELOLWDGR D
SUHVWDU DWHQGLPHQWR WHOHI{QLFR jV VROLFLWDo}HV GH DX[tOLR SURYHQLHQWHV GD SRSXODomR QDV
FHQWUDLV GH UHJXODomR PpGLFD GHYHQGR DQRWDU GDGRV EiVLFRV VREUH R FKDPDGR
ORFDOL]DomR LGHQWLILFDomR GR VROLFLWDQWH QDWXUH]D GD RFRUUrQFLD H SUHVWDU LQIRUPDo}HV
JHUDLV 6XD DWXDomR p VXSHUYLVLRQDGD GLUHWDPHQWH H SHUPDQHQWHPHQWH SHOR PpGLFR
UHJXODGRU6XDFDSDFLWDomRHDWXDomRVHJXHPRVSDGU}HVSUHYLVWRVQHVWH5HJXODPHQWR

5HTXLVLWRV*HUDLVPDLRUGH GH]RLWR DQRVGLVSRVLomR SHVVRDOSDUDDDWLYLGDGH HTXLOtEULR
HPRFLRQDO H DXWRFRQWUROH GLVSRVLomR SDUD FXPSULU Do}HV RULHQWDGDV FDSDFLGDGH GH
PDQWHU VLJLOR SURILVVLRQDO FDSDFLGDGH GH WUDEDOKDU HP HTXLSH GLVSRQLELOLGDGH SDUD D
FDSDFLWDomRGLVFULPLQDGDQR&DStWXOR9,,EHPFRPRSDUDDUHFHUWLILFDomRSHULyGLFD

&RPSHWrQFLDV$WULEXLo}HV DWHQGHU VROLFLWDo}HV WHOHI{QLFDV GD SRSXODomR DQRWDU
LQIRUPDo}HV FROKLGDV GR VROLFLWDQWH VHJXQGR TXHVWLRQiULR SUySULR SUHVWDU LQIRUPDo}HV
JHUDLV DR VROLFLWDQWH HVWDEHOHFHU FRQWDWR UDGLRI{QLFR FRP DPEXOkQFLDV HRX YHtFXORV GH
DWHQGLPHQWR SUpKRVSLWDODU HVWDEHOHFHU FRQWDWR FRP KRVSLWDLV H VHUYLoRV GH VD~GH GH
UHIHUrQFLDDILPGHFROKHUGDGRVHWURFDULQIRUPDo}HVDQRWDUGDGRVHSUHHQFKHUSODQLOKDV
H IRUPXOiULRV HVSHFtILFRV GR VHUYLoR REHGHFHU DRV SURWRFRORV GH VHUYLoR DWHQGHU jV
GHWHUPLQDo}HVGRPpGLFRUHJXODGRU

5iGLR2SHUDGRU 3URILVVLRQDO GH QtYHO EiVLFR KDELOLWDGR D RSHUDU VLVWHPDV GH
UDGLRFRPXQLFDomR H UHDOL]DU R FRQWUROH RSHUDFLRQDO GH XPD IURWD GH YHtFXORV GH
HPHUJrQFLDREHGHFHQGRDRVSDGU}HVGHFDSDFLWDomRSUHYLVWRVQHVWH5HJXODPHQWR

5HTXLVLWRV*HUDLVPDLRUGH GH]RLWR DQRVGLVSRVLomR SHVVRDOSDUDDDWLYLGDGH HTXLOtEULR
HPRFLRQDOHDXWRFRQWUROHGLVSRVLomRSDUDFXPSULUDo}HVRULHQWDGDVGLVSRQLELOLGDGHSDUD
UHFHUWLILFDomR SHULyGLFD FDSDFLGDGH GH WUDEDOKDU HP HTXLSH GLVSRQLELOLGDGH SDUD D
FDSDFLWDomRGLVFULPLQDGDQR&DStWXOR9,,EHPFRPRSDUDDUHFHUWLILFDomRSHULyGLFD

&RPSHWrQFLDV$WULEXLo}HVRSHUDURVLVWHPDGHUDGLRFRPXQLFDomRHWHOHIRQLDQDV&HQWUDLV
GH 5HJXODomR H[HUFHU R FRQWUROH RSHUDFLRQDO GD IURWD GH YHtFXORV GR VLVWHPD GH
DWHQGLPHQWRSUpKRVSLWDODUPyYHOPDQWHUDHTXLSHGHUHJXODomRDWXDOL]DGDDUHVSHLWRGD
VLWXDomRRSHUDFLRQDOGHFDGDYHtFXORGDIURWDFRQKHFHUDPDOKDYLiULDHDVSULQFLSDLVYLDV
GHDFHVVRGHWRGRRWHUULWyULRDEUDQJLGRSHORVHUYLoRGHDWHQGLPHQWRSUpKRVSLWDODUPyYHO

&RQGXWRUGH9HtFXORVGH8UJrQFLD
9HtFXORV7HUUHVWUHV3URILVVLRQDOGHQtYHOEiVLFRKDELOLWDGRDFRQGX]LUYHtFXORVGH
XUJrQFLDSDGURQL]DGRVSHORFyGLJRVDQLWiULRHSHORSUHVHQWH5HJXODPHQWRFRPRYHtFXORV
WHUUHVWUHV REHGHFHQGR DRV SDGU}HV GH FDSDFLWDomR H DWXDomR SUHYLVWRV QHVWH
5HJXODPHQWR

5HTXLVLWRV *HUDLV PDLRU GH YLQWH H XP DQRV GLVSRVLomR SHVVRDO SDUD D DWLYLGDGH
HTXLOtEULRHPRFLRQDOHDXWRFRQWUROHGLVSRVLomRSDUDFXPSULUDo}HVRULHQWDGDVKDELOLWDomR
SURILVVLRQDO FRPR PRWRULVWD GH YHtFXORV GH WUDQVSRUWH GH SDFLHQWHV GH DFRUGR FRP D
OHJLVODomR HP YLJRU &yGLJR 1DFLRQDO GH 7UkQVLWR FDSDFLGDGH GH WUDEDOKDU HP HTXLSH
GLVSRQLELOLGDGH SDUD D FDSDFLWDomR GLVFULPLQDGD QR &DStWXOR 9,, EHP FRPR SDUD D
UHFHUWLILFDomRSHULyGLFD

&RPSHWrQFLDV$WULEXLo}HV FRQGX]LU YHtFXOR WHUUHVWUH GH XUJrQFLD GHVWLQDGR DR
DWHQGLPHQWR H WUDQVSRUWH GH SDFLHQWHV FRQKHFHU LQWHJUDOPHQWH R YHtFXOR H UHDOL]DU
PDQXWHQomR EiVLFD GR PHVPR HVWDEHOHFHU FRQWDWR UDGLRI{QLFR RX WHOHI{QLFR FRP D
FHQWUDO GH UHJXODomR PpGLFD H VHJXLU VXDV RULHQWDo}HV FRQKHFHU D PDOKD YLiULD ORFDO
FRQKHFHU D ORFDOL]DomR GH WRGRV RV HVWDEHOHFLPHQWRV GH VD~GH LQWHJUDGRV DR VLVWHPD
DVVLVWHQFLDOORFDODX[LOLDUDHTXLSHGHVD~GHQRVJHVWRVEiVLFRVGHVXSRUWHjYLGDDX[LOLDU
D HTXLSH QDV LPRELOL]Do}HV H WUDQVSRUWH GH YtWLPDV UHDOL]DU PHGLGDV UHDQLPDomR
FDUGLRUUHVSLUDWyULDEiVLFDLGHQWLILFDUWRGRVRVWLSRVGHPDWHULDLVH[LVWHQWHVQRVYHtFXORVGH
VRFRUURHVXDXWLOLGDGHDILPGHDX[LOLDUDHTXLSHGHVD~GH

9HtFXORV $pUHRV 3URILVVLRQDO KDELOLWDGR j RSHUDomR GH DHURQDYHV VHJXQGR DV
QRUPDV H UHJXODPHQWRV YLJHQWHV GR &RPDQGR GD $HURQiXWLFD&yGLJR %UDVLOHLUR GH
$HURQiXWLFD'HSDUWDPHQWRGH$YLDomR&LYLOSDUDDWXDomRHPDo}HVGHDWHQGLPHQWRSUp
KRVSLWDODU PyYHO H WUDQVSRUWH LQWHUKRVSLWDODU VRE D RULHQWDomR GR PpGLFR GD DHURQDYH
UHVSHLWDQGR DV SUHUURJDWLYDV OHJDLV GH VHJXUDQoD GH Y{R REHGHFHQGR DRV SDGU}HV GH
FDSDFLWDomRHDWXDomRSUHYLVWRVQHVWH5HJXODPHQWR

5HTXLVLWRV*HUDLVGHDFRUGRFRPDOHJLVODomRYLJHQWHQRSDtV /HLQGHGHDEULO
GH/HLQGHGHGH]HPEURGHH3RUWDULDQGHGHIHYHUHLUR
GH ± GR &RPDQGR GD $HURQiXWLFD DOpP GH GLVSRVLomR SHVVRDO SDUD D DWLYLGDGH
HTXLOtEULRHPRFLRQDOHDXWRFRQWUROHGLVSRVLomRSDUDFXPSULUDo}HVRULHQWDGDVFDSDFLGDGH
GHWUDEDOKDUHPHTXLSHHGLVSRQLELOLGDGHSDUDDFDSDFLWDomRGLVFULPLQDGDQR&DStWXOR9,,
EHPFRPRSDUDDUHFHUWLILFDomRSHULyGLFD

&RPSHWrQFLDV$WULEXLo}HVFXPSULUDVQRUPDVHURWLQDVRSHUDFLRQDLVYLJHQWHVQRVHUYLoRD
TXH HVWi YLQFXODGR EHP FRPR D OHJLVODomR HVSHFtILFD HP YLJRU FRQGX]LU YHtFXOR DpUHR
GHVWLQDGRDRDWHQGLPHQWRGHXUJrQFLDHWUDQVSRUWHGHSDFLHQWHVDFDWDUDVRULHQWDo}HVGR
PpGLFR GD DHURQDYH HVWDEHOHFHU FRQWDWR UDGLRI{QLFR RX WHOHI{QLFR FRP D FHQWUDO GH
UHJXODomRPpGLFDHVHJXLUVXDVRULHQWDo}HVFRQKHFHUDORFDOL]DomRGRVHVWDEHOHFLPHQWRV
GH VD~GH LQWHJUDGRV DR VLVWHPD DVVLVWHQFLDO TXH SRGHP UHFHEHU DHURQDYHV DX[LOLDU D
HTXLSHGHVD~GHQRVJHVWRVEiVLFRVGHVXSRUWHjYLGDDX[LOLDUDHTXLSHQDVLPRELOL]Do}HV
HWUDQVSRUWHGHYtWLPDVUHDOL]DUPHGLGDVUHDQLPDomRFDUGLRUUHVSLUDWyULDEiVLFDLGHQWLILFDU
WRGRVRVWLSRVGHPDWHULDLVH[LVWHQWHVQDVDHURQDYHVGHVRFRUURHVXDXWLOLGDGHDILPGH
DX[LOLDUDHTXLSHGHVD~GH

±9HtFXORV$TXiWLFRV3URILVVLRQDOKDELOLWDGRjRSHUDomRGHHPEDUFDo}HVVHJXQGR
DVQRUPDVHUHJXODPHQWRVYLJHQWHVQRSDtVSDUDDWXDomRHPDo}HVGHDWHQGLPHQWRSUp
KRVSLWDODUPyYHOHWUDQVSRUWHLQWHUKRVSLWDODUVREDRULHQWDomRGRPpGLFRGDHPEDUFDomR
UHVSHLWDQGRDVSUHUURJDWLYDVOHJDLVGHVHJXUDQoDGHQDYHJDomR

5HTXLVLWRV *HUDLV 2V Mi GHWHUPLQDGRV SHOD OHJLVODomR HVSHFtILFD SDUD FRQGXWRUHV GH
HPEDUFDo}HV DOpP GH GLVSRVLomR SHVVRDO SDUD D DWLYLGDGH HTXLOtEULR HPRFLRQDO H
DXWRFRQWUROH GLVSRVLomR SDUD FXPSULU Do}HV RULHQWDGDV FDSDFLGDGH GH WUDEDOKDU HP
HTXLSHHGLVSRQLELOLGDGHSDUDDFDSDFLWDomRGLVFULPLQDGDQR&DStWXOR9,,EHPFRPRSDUD
DUHFHUWLILFDomRSHULyGLFD

&RPSHWrQFLDV$WULEXLo}HVFXPSULUDVQRUPDVHURWLQDVRSHUDFLRQDLVYLJHQWHVQRVHUYLoRD
TXHHVWiYLQFXODGREHPFRPRDOHJLVODomRHVSHFtILFDHPYLJRUFRQGX]LUYHtFXORDTXiWLFR
GHVWLQDGRDRDWHQGLPHQWRGHXUJrQFLDHWUDQVSRUWHGHSDFLHQWHVDFDWDUDVRULHQWDo}HVGR
PpGLFR GD HPEDUFDomR HVWDEHOHFHU FRQWDWR UDGLRI{QLFR RX WHOHI{QLFR FRP D FHQWUDO GH
UHJXODomR PpGLFD H VHJXLU VXDV RULHQWDo}HV DX[LOLDU D HTXLSH GH VD~GH QRV JHVWRV
EiVLFRV GH VXSRUWH j YLGD DX[LOLDU D HTXLSH QDV LPRELOL]Do}HV H WUDQVSRUWH GH YtWLPDV
UHDOL]DU PHGLGDV UHDQLPDomR FDUGLRUUHVSLUDWyULD EiVLFD LGHQWLILFDU WRGRV RV WLSRV GH
PDWHULDLV H[LVWHQWHV QDV HPEDUFDo}HV GH VRFRUUR H VXD XWLOLGDGH D ILP GH DX[LOLDU D
HTXLSHGHVD~GH

3URILVVLRQDLV 5HVSRQViYHLV SHOD 6HJXUDQoD 3ROLFLDLV PLOLWDUHV URGRYLiULRV RX
RXWURV SURILVVLRQDLV WRGRV FRP QtYHO PpGLR UHFRQKHFLGRV SHOR JHVWRU S~EOLFR GD VD~GH
SDUD R GHVHPSHQKR GHVWDV DWLYLGDGHVHPVHUYLoRVQRUPDWL]DGRV SHOR686UHJXODGRV H
RULHQWDGRV SHODV &HQWUDLV 3~EOLFDV GH 5HJXODomR 0pGLFD GDV 8UJrQFLDV $WXDP QD
LGHQWLILFDomRGHVLWXDo}HVGHULVFRH[HUFHQGRDSURWHomRGDVYtWLPDVHGRVSURILVVLRQDLV
HQYROYLGRV QR DWHQGLPHQWR )D]HP UHVJDWH GH YtWLPDV GH ORFDLV RX VLWXDo}HV TXH
LPSRVVLELOLWDPRDFHVVRGDHTXLSHGHVD~GH3RGHPUHDOL]DUVXSRUWHEiVLFRGHYLGDFRP
Do}HV QmR LQYDVLYDV VRE VXSHUYLVmR PpGLFD GLUHWD RX j GLVWkQFLD VHPSUH TXH D YtWLPD
HVWHMD HP VLWXDomR TXH LPSRVVLELOLWH R DFHVVR H PDQXVHLR SHOD HTXLSH GH VD~GH
REHGHFHQGRDRVSDGU}HVGHFDSDFLWDomRHDWXDomRSUHYLVWRVQHVWH5HJXODPHQWR

5HTXLVLWRV*HUDLVPDLRUGHGH]RLWRDQRVGLVSRVLomRSHVVRDOHFDSDFLGDGHItVLFDHPHQWDO
SDUD D DWLYLGDGH HTXLOtEULR HPRFLRQDO H DXWRFRQWUROH GLVSRVLomR SDUD FXPSULU Do}HV
RULHQWDGDV FDSDFLWDomR HVSHFtILFD SRU PHLR GRV 1~FOHRV GH (GXFDomR HP 8UJrQFLDV
FRQIRUPH FRQWH~GR HVWDEHOHFLGR SRU HVWH 5HJXODPHQWR FDSDFLGDGH GH WUDEDOKDU HP
HTXLSHGLVSRQLELOLGDGHSDUDDFDSDFLWDomRGLVFULPLQDGDQR&DStWXOR9,,EHPFRPRSDUDD

&RPSHWrQFLDV$WULEXLo}HVFRPXQLFDULPHGLDWDPHQWHDH[LVWrQFLDGDRFRUUrQFLDj&HQWUDO
GH 5HJXODomR 0pGLFD GH 8UJrQFLDV DYDOLDU D FHQD GR HYHQWR LGHQWLILFDQGR DV
FLUFXQVWkQFLDVGDRFRUUrQFLDHUHSRUWDQGRDVDRPpGLFRUHJXODGRURXjHTXLSHGHVD~GH
SRU HOH GHVLJQDGD LGHQWLILFDU H JHUHQFLDU VLWXDo}HV GH ULVFR QD FHQD GR DFLGHQWH
HVWDEHOHFHU D VHJXUDQoD GD iUHD GH RSHUDomR H RULHQWDU D PRYLPHQWDomR GD HTXLSH GH
VD~GHUHDOL]DUPDQREUDVGHVXSRUWHEiVLFRGHYLGDVRERULHQWDomRGRPpGLFRUHJXODGRU
UHPRYHU DV YtWLPDV SDUD ORFDO VHJXUR RQGH SRVVD UHFHEHU R DWHQGLPHQWR GD HTXLSH GH
VD~GH HVWDELOL]DU YHtFXORV DFLGHQWDGRV UHDOL]DU PDQREUDV GH GHVHQFDUFHUDPHQWR H
H[WUDomR PDQXDO RX FRP HPSUHJR GH HTXLSDPHQWRV SUySULRV DYDOLDU DV FRQGLo}HV GD
YtWLPDREVHUYDQGRHFRPXQLFDQGRDRPpGLFRUHJXODGRUDVFRQGLo}HVGHUHVSLUDomRSXOVR
HFRQVFLrQFLDWUDQVPLWLUYLDUiGLRDRPpGLFRUHJXODGRUDFRUUHWDGHVFULomRGDYtWLPDHGD
FHQD FRQKHFHU DV WpFQLFDV GH WUDQVSRUWH GR SDFLHQWH WUDXPDWL]DGR PDQWHU YLDV DpUHDV
SpUYLDVFRPPDQREUDVPDQXDLVHQmRLQYDVLYDVDGPLQLVWUDUR[LJrQLRHUHDOL]DUYHQWLODomR
DUWLILFLDOUHDOL]DUFLUFXODomRDUWLILFLDOSHODWpFQLFDGHFRPSUHVVmRWRUiFLFDH[WHUQDFRQWURODU
VDQJUDPHQWR H[WHUQR SRU SUHVVmR GLUHWD HOHYDomR GR PHPEUR H SRQWR GH SUHVVmR
XWLOL]DQGRFXUDWLYRVHEDQGDJHQVPRELOL]DUHUHPRYHUSDFLHQWHVFRPSURWHomRGDFROXQD
YHUWHEUDOXWLOL]DQGRSUDQFKDVHRXWURVHTXLSDPHQWRVGHLPRELOL]DomRHWUDQVSRUWHDSOLFDU
FXUDWLYRV H EDQGDJHQV LPRELOL]DU IUDWXUDV XWLOL]DQGR RV HTXLSDPHQWRV GLVSRQtYHLV HP
VHXVYHtFXORVGDUDVVLVWrQFLDDRSDUWRQRUPDOHPSHUtRGRH[SXOVLYRHUHDOL]DUPDQREUDV
EiVLFDV DR UHFpP QDWR H SDUWXULHQWH SUHVWDU SULPHLUR DWHQGLPHQWR j LQWR[LFDo}HV VRE
RULHQWDomR GR PpGLFR UHJXODGRU FRQKHFHU H VDEHU RSHUDU WRGRV RV HTXLSDPHQWRV H
PDWHULDLV SHUWHQFHQWHV DR YHtFXOR GH DWHQGLPHQWR FRQKHFHU H XVDU RV HTXLSDPHQWRV GH
ELRSURWHomR LQGLYLGXDO SUHHQFKHU RV IRUPXOiULRV H UHJLVWURV REULJDWyULRV GR VLVWHPD GH
DWHQomR j VXUJrQFLDV H GR VHUYLoR PDQWHUVH HP FRQWDWR FRP D &HQWUDO GH 5HJXODomR
UHSDVVDQGRRVLQIRUPHVVREUHDVLWXDomRGDFHQDHGRSDFLHQWHDRPpGLFRUHJXODGRUSDUD
GHFLVmR H PRQLWRUDPHQWR GR DWHQGLPHQWR SHOR PHVPR UHSDVVDU DV LQIRUPDo}HV GR
DWHQGLPHQWR j HTXLSH GH VD~GH GHVLJQDGD SHOR PpGLFR UHJXODGRU SDUD DWXDU QR ORFDO GR
HYHQWR

%RPEHLURV 0LOLWDUHV 3URILVVLRQDLV %RPEHLURV 0LOLWDUHV FRP QtYHO PpGLR
UHFRQKHFLGRV SHOR JHVWRU S~EOLFR GD VD~GH SDUD R GHVHPSHQKR GHVWDV DWLYLGDGHV HP
VHUYLoRV QRUPDWL]DGRV SHOR 686 UHJXODGRV H RULHQWDGRV SHODV &HQWUDLV GH 5HJXODomR
$WXDPQDLGHQWLILFDomRGHVLWXDo}HVGHULVFRHFRPDQGRGDVDo}HVGHSURWHomRDPELHQWDO
GDYtWLPDHGRVSURILVVLRQDLVHQYROYLGRVQRVHXDWHQGLPHQWRID]HPRUHVJDWHGHYtWLPDV
GH ORFDLV RX VLWXDo}HV TXH LPSRVVLELOLWDP R DFHVVR GD HTXLSH GH VD~GH 3RGHP UHDOL]DU
VXSRUWH EiVLFR GH YLGD FRP Do}HV QmR LQYDVLYDV VRE VXSHUYLVmR PpGLFD GLUHWD RX j
GLVWkQFLD REHGHFHQGR DRV SDGU}HV GH FDSDFLWDomR H DWXDomR SUHYLVWRV QHVWH
5HJXODPHQWR

5HTXLVLWRV*HUDLVPDLRUGHGH]RLWRDQRVGLVSRVLomRSHVVRDOHFDSDFLGDGHItVLFDHPHQWDO
SDUD D DWLYLGDGH HTXLOtEULR HPRFLRQDO H DXWRFRQWUROH GLVSRVLomR SDUD FXPSULU Do}HV
RULHQWDGDV FDSDFLWDomR HVSHFtILFD SRU PHLR GRV 1~FOHRV GH (GXFDomR HP 8UJrQFLDV
FRQIRUPH FRQWH~GR HVWDEHOHFLGR SRU HVWH 5HJXODPHQWR FDSDFLGDGH GH WUDEDOKDU HP
HTXLSHGLVSRQLELOLGDGHSDUDDFDSDFLWDomRGLVFULPLQDGDQR&DStWXOR9,,EHPFRPRSDUDD

&RPSHWrQFLDV$WULEXLo}HV FRPXQLFDU LPHGLDWDPHQWH D H[LVWrQFLD GH RFRUUrQFLD FRP
SRWHQFLDOGHYtWLPDVRXGHPDQGDVGHVD~GHj&HQWUDOGH5HJXODomR0pGLFDGH8UJrQFLDV
DYDOLDUDFHQDGRHYHQWRLGHQWLILFDQGRDVFLUFXQVWkQFLDVGDRFRUUrQFLDHUHSRUWDQGRDVDR
PpGLFR UHJXODGRU RX j HTXLSH GH VD~GH SRU HOH GHVLJQDGD LGHQWLILFDU H JHUHQFLDU
VLWXDo}HV GH ULVFR QD FHQD GR DFLGHQWH HVWDEHOHFHU D iUHD GH RSHUDomR H RULHQWDU D
PRYLPHQWDomR GD HTXLSH GH VD~GH UHDOL]DU PDQREUDV GH VXSRUWH EiVLFR GH YLGD VRE
RULHQWDomR GR PpGLFR UHJXODGRU REWHU DFHVVR H UHPRYHU DV YtWLPDV SDUD ORFDO VHJXUR
RQGHSRVVDPUHFHEHURDWHQGLPHQWRDGHTXDGRSHODHTXLSHGHVD~GHHVHVROLFLWDGRSHOD
PHVPD RX GHVLJQDGR SHOR PpGLFR UHJXODGRU WUDQVSRUWDU DV YtWLPDV DR VHUYLoR GH VD~GH
GHWHUPLQDGR SHOD UHJXODomR PpGLFD HVWDELOL]DU YHtFXORV DFLGHQWDGRV UHDOL]DU PDQREUDV
GH GHVHQFDUFHUDPHQWR H H[WUDomR PDQXDO RX FRP HPSUHJR GH HTXLSDPHQWRV
HVSHFLDOL]DGRVGHERPEHLURDYDOLDUDVFRQGLo}HVGDYtWLPDLGHQWLILFDQGRHLQIRUPDQGRDR
PpGLFR UHJXODGRU DV FRQGLo}HV GH UHVSLUDomR SXOVR H FRQVFLrQFLD DVVLP FRPR XPD
GHVFULomRJHUDOGDVXDVLWXDomRHGDVFLUFXQVWkQFLDVGDRFRUUrQFLDLQFOXLQGRLQIRUPDo}HV
GHWHVWHPXQKDVWUDQVPLWLUDRPpGLFRUHJXODGRUDFRUUHWDGHVFULomRGDFHQDGDXUJrQFLD
HGRSDFLHQWHFRQKHFHUDVWpFQLFDVGHWUDQVSRUWHGRSDFLHQWHWUDXPDWL]DGRPDQWHUYLDV
DpUHDV SpUYLDV FRP PDQREUDV PDQXDLV H QmR LQYDVLYDV DGPLQLVWUDU R[LJrQLR H UHDOL]DU
YHQWLODomRDUWLILFLDOUHDOL]DUFLUFXODomRDUWLILFLDOSRUPHLRGDWpFQLFDGHFRPSUHVVmRWRUiFLFD
H[WHUQDFRQWURODUVDQJUDPHQWRH[WHUQRSRUSUHVVmRGLUHWDHOHYDomRGRPHPEURHSRQWR
GHSUHVVmRXWLOL]DQGRFXUDWLYRVHEDQGDJHQVPRELOL]DUHUHPRYHUSDFLHQWHVFRPSURWHomR
GD FROXQD YHUWHEUDO XWLOL]DQGR FRODUHV FHUYLFDLV SUDQFKDV H RXWURV HTXLSDPHQWRV GH
LPRELOL]DomR H WUDQVSRUWH DSOLFDU FXUDWLYRV H EDQGDJHQV LPRELOL]DU IUDWXUDV XWLOL]DQGR RV
HTXLSDPHQWRVGLVSRQtYHLVSUHVWDURSULPHLURDWHQGLPHQWRjLQWR[LFDo}HVGHDFRUGRFRP
SURWRFRORV DFRUGDGRV RX SRU RULHQWDomR GR PpGLFR UHJXODGRU GDU DVVLVWrQFLD DR SDUWR
QRUPDO HP SHUtRGR H[SXOVLYR H UHDOL]DU PDQREUDV EiVLFDV DR UHFpP QDWR H SDUWXULHQWH
PDQWHUVHHPFRQWDWRFRPDFHQWUDOGHUHJXODomRPpGLFDUHSDVVDQGRRVLQIRUPHVLQLFLDLV
H VXEVHTHQWHV VREUH D VLWXDomR GD FHQD H GR V SDFLHQWH V SDUD GHFLVmR H
PRQLWRUDPHQWRGRDWHQGLPHQWRSHORPpGLFRUHJXODGRUFRQKHFHUHVDEHURSHUDUWRGRVRV
HTXLSDPHQWRV H PDWHULDLV SHUWHQFHQWHV D YHtFXOR GH DWHQGLPHQWR UHSDVVDU DV
LQIRUPDo}HV GR DWHQGLPHQWR j HTXLSH GH VD~GH GHVLJQDGD SHOR PpGLFR UHJXODGRU SDUD
DWXDU QR ORFDO GR HYHQWR FRQKHFHU H XVDU HTXLSDPHQWRV GH ELRSURWHomR LQGLYLGXDO
SUHHQFKHURVIRUPXOiULRVHUHJLVWURVREULJDWyULRVGRVLVWHPDGHDWHQomRjVXUJrQFLDVHGR
VHUYLoRUHDOL]DUWULDJHPGHP~OWLSODVYtWLPDVTXDQGRQHFHVViULRRXTXDQGRVROLFLWDGRSHOD
HTXLSH GH VD~GH SDUWLFLSDU GRV SURJUDPDV GH WUHLQDPHQWR H HGXFDomR FRQWLQXDGD
FRQIRUPHRVWHUPRVGHVWH5HJXODPHQWR

±'(),1,d2'260$7(5,$,6((48,3$0(1726'$6$0%8/Æ1&,$6

$V DPEXOkQFLDV GHYHUmR GLVSRU QR PtQLPR GRV VHJXLQWHV PDWHULDLV H HTXLSDPHQWRV RX
VLPLODUHVFRPHILFiFLDHTXLYDOHQWH

$PEXOkQFLDGH7UDQVSRUWH 7LSR$
6LQDOL]DGRUySWLFRHDF~VWLFRHTXLSDPHQWRGHUiGLRFRPXQLFDomRHPFRQWDWRSHUPDQHQWH
FRPDFHQWUDOUHJXODGRUDPDFDFRPURGDVVXSRUWHSDUDVRURHR[LJrQLRPHGLFLQDO

$PEXOkQFLDGH6XSRUWH%iVLFR 7LSR%
6LQDOL]DGRU ySWLFR H DF~VWLFR HTXLSDPHQWR GH UiGLRFRPXQLFDomR IL[R H PyYHO PDFD
DUWLFXODGD H FRP URGDV VXSRUWH SDUD VRUR LQVWDODomR GH UHGH GH R[LJrQLR FRP FLOLQGUR
YiOYXODPDQ{PHWURHPORFDOGHIiFLOYLVXDOL]DomRHUpJXDFRPGXSODVDtGDR[LJrQLRFRP
UpJXD WULSOD D DOLPHQWDomR GR UHVSLUDGRU E IOX[{PHWUR H XPLGLILFDGRU GH R[LJrQLR H F
DVSLUDGRUWLSR9HQWXUL PDQ{PHWURHIOX[{PHWURFRPPiVFDUDHFKLFRWHSDUDR[LJHQDomR
FLOLQGURGHR[LJrQLRSRUWiWLOFRPYiOYXODPDOHWDGHXUJrQFLDFRQWHQGRHVWHWRVFySLRDGXOWR
HLQIDQWLOUHVVXVFLWDGRUPDQXDODGXOWRLQIDQWLOFkQXODVRURIDUtQJHDVGHWDPDQKRVYDULDGRV
OXYDV GHVFDUWiYHLV WHVRXUD UHWD FRP SRQWD URPED HVSDUDGUDSR HVILJPRPDQ{PHWUR
DGXOWRLQIDQWLODWDGXUDVGHFPFRPSUHVVDVFLU~UJLFDVHVWpUHLVSDFRWHVGHJD]HHVWpULO
SURWHWRUHV SDUD TXHLPDGRV RX HYLVFHUDGRV FDWHWHUHV SDUD R[LJHQDomR H DVSLUDomR GH
YiULRV WDPDQKRV PDOHWD GH SDUWR FRQWHQGR OXYDV FLU~UJLFDV FODPSV XPELOLFDLV HVWLOHWH
HVWpULOSDUDFRUWHGRFRUGmRVDFRSOiVWLFRSDUDSODFHQWDFREHUWRUFRPSUHVVDVFLU~UJLFDV
H JD]HV HVWpUHLV EUDFHOHWHV GH LGHQWLILFDomR VXSRUWH SDUD VRUR SUDQFKD FXUWD H ORQJD
SDUD LPRELOL]DomR GH FROXQD WDODV SDUD LPRELOL]DomR GH PHPEURV H FRQMXQWR GH FRODUHV
FHUYLFDLVFROHWHLPRELOL]DGRUGRUVDOIUDVFRVGHVRURILVLROyJLFRHULQJHUODFWDWREDQGDJHQV
WULDQJXODUHV FREHUWRUHV FROHWHV UHIOHWLYRV SDUD D WULSXODomR ODQWHUQD GH PmR yFXORV
PiVFDUDV H DYHQWDLV GH SURWHomR H PDOHWDV FRP PHGLFDo}HV D VHUHP GHILQLGDV HP
SURWRFRORVSHORVVHUYLoRV

$V DPEXOkQFLDV GH VXSRUWH EiVLFR TXH UHDOL]DP WDPEpP Do}HV GH VDOYDPHQWR GHYHUmR
FRQWHU R PDWHULDO PtQLPR SDUD VDOYDPHQWR WHUUHVWUH DTXiWLFR H HP DOWXUDV PDOHWD GH
IHUUDPHQWDV H H[WLQWRU GH Sy TXtPLFR VHFR GH .J ILWDV H FRQHV VLQDOL]DGRUHV SDUD
LVRODPHQWR GH iUHDV GHYHQGR FRQWDU DLQGD FRP FRPSDUWLPHQWR LVRODGR SDUD D VXD
JXDUGDJDUDQWLQGRXPVDOmRGHDWHQGLPHQWRjVYtWLPDVGHQRPtQLPRPHWURVF~ELFRV

±$PEXOkQFLDVGH5HVJDWH 7LSR&
6LQDOL]DGRU ySWLFR H DF~VWLFR HTXLSDPHQWR GH UiGLRFRPXQLFDomR IL[R H PyYHO SUDQFKD
FXUWDHORQJDSDUDLPRELOL]DomRGHFROXQDWDODVSDUDLPRELOL]DomRGHPHPEURVHFRQMXQWR
GH FRODUHV FHUYLFDLV FROHWH LPRELOL]DGRU GRUVDO IUDVFRV GH VRUR ILVLROyJLFR EDQGDJHQV
WULDQJXODUHV FREHUWRUHV FROHWHV UHIOHWLYRV SDUD D WULSXODomR ODQWHUQD GH PmR yFXORV
PiVFDUDV H DYHQWDLV GH SURWHomR PDWHULDO PtQLPR SDUD VDOYDPHQWR WHUUHVWUH DTXiWLFR H
HPDOWXUDVPDOHWDGHIHUUDPHQWDVHH[WLQWRUGHSyTXtPLFRVHFRGH.JILWDVHFRQHV
VLQDOL]DGRUHVSDUDLVRODPHQWRGHiUHDV

4XDQGRUHDOL]DUHPWDPEpPRVXSRUWHEiVLFRGHYLGDDVDPEXOkQFLDVGHUHVJDWHGHYHUmR
WHU XPD FRQILJXUDomR TXH JDUDQWD XP VDOmR GH DWHQGLPHQWR jV YtWLPDV GH QR PtQLPR
PHWURV F~ELFRV DOpP GH FRPSDUWLPHQWR LVRODGR SDUD D JXDUGD GH HTXLSDPHQWRV GH
VDOYDPHQWRH GHYHUmRHVWDUHTXLSDGDVFRPPDFDDUWLFXODGD HFRPURGDVLQVWDODomR GH
UHGH GH R[LJrQLRFRP FLOLQGURYiOYXODPDQ{PHWUR HPORFDOGHIiFLOYLVXDOL]DomRH UpJXD
FRPGXSODVDtGDR[LJrQLRFRPUpJXDWULSOD DDOLPHQWDomRGRUHVSLUDGRUEIOX[{PHWURH
XPLGLILFDGRU GH R[LJrQLR H F DVSLUDGRU WLSR 9HQWXUL PDQ{PHWUR H IOX[{PHWUR FRP
PiVFDUD H FKLFRWH SDUD R[LJHQDomR FLOLQGUR GH R[LJrQLR SRUWiWLO FRP YiOYXOD PDOHWD GH
HPHUJrQFLD FRQWHQGR HVWHWRVFySLR DGXOWR H LQIDQWLO UHVVXVFLWDGRU PDQXDO DGXOWRLQIDQWLO
OXYDV GHVFDUWiYHLV FkQXODV RURIDUtQJHDV GH WDPDQKRV YDULDGRV WHVRXUD UHWD FRP SRQWD
URPED HVSDUDGUDSR HVILJPRPDQ{PHWUR DGXOWRLQIDQWLO DWDGXUDV GH FP FRPSUHVVDV
FLU~UJLFDV HVWpUHLV SDFRWHV GH JD]H HVWpULO SURWHWRUHV SDUD TXHLPDGRV RX HYLVFHUDGRV
FDWHWHUHV SDUD R[LJHQDomR H DVSLUDomR GH YiULRV WDPDQKRV PDOHWD GH SDUWR FRQWHQGR
OXYDVFLU~UJLFDVFODPSVXPELOLFDLVHVWLOHWHHVWpULOSDUDFRUWHGRFRUGmRVDFRSOiVWLFRSDUD
SODFHQWDFREHUWRUFRPSUHVVDVFLU~UJLFDVHJD]HVHVWpUHLVEUDFHOHWHVGHLGHQWLILFDomR

$PEXOkQFLDGH6XSRUWH$YDQoDGR 7LSR'
6LQDOL]DGRUySWLFRHDF~VWLFRHTXLSDPHQWRGHUiGLRFRPXQLFDomRIL[RHPyYHOPDFDFRP
URGDV H DUWLFXODGD GRLV VXSRUWHV GH VRUR FDGHLUD GH URGDV GREUiYHO LQVWDODomR GH UHGH
SRUWiWLO GH R[LJrQLR FRPR GHVFULWR QR LWHP DQWHULRU p REULJDWyULR TXH D TXDQWLGDGH GH
R[LJrQLRSHUPLWDYHQWLODomRPHFkQLFDSRUQRPtQLPRGXDVKRUDV UHVSLUDGRUPHFkQLFRGH
WUDQVSRUWH R[tPHWUR QmRLQYDVLYR SRUWiWLO PRQLWRU FDUGLRYHUVRU FRP EDWHULD H LQVWDODomR
HOpWULFD GLVSRQtYHO HP FDVR GH IURWD GHYHUi KDYHU GLVSRQLELOLGDGH GH XP PRQLWRU
FDUGLRYHUVRU FRP PDUFDSDVVR H[WHUQR QmRLQYDVLYR ERPED GH LQIXVmR FRP EDWHULD H
HTXLSRPDOHWDGHYLDVDpUHDVFRQWHQGRPiVFDUDVODUtQJHDVHFkQXODVHQGRWUDTXHDLVGH
YiULRV WDPDQKRV FDWHWHUHV GH DVSLUDomR DGDSWDGRUHV SDUD FkQXODV FDWHWHUHV QDVDLV
VHULQJD GH PO UHVVXVFLWDGRU PDQXDO DGXOWRLQIDQWLO FRP UHVHUYDWyULR VRQGDV SDUD
DVSLUDomR WUDTXHDO GH YiULRV WDPDQKRV OXYDV GH SURFHGLPHQWRV PiVFDUD SDUD
UHVVXVFLWDGRU DGXOWRLQIDQWLO OLGRFDtQD JHOpLD H ³VSUD\´ FDGDUoRV SDUD IL[DomR GH FkQXOD
ODULQJRVFySLR LQIDQWLODGXOWR FRP FRQMXQWR GH OkPLQDV HVWHWRVFySLR HVILJPRPDQ{PHWUR
DGXOWRLQIDQWLO FkQXODV RURIDUtQJHDV DGXOWRLQIDQWLO ILRVJXLD SDUD LQWXEDomR SLQoD GH
0DJ\OO ELVWXUL GHVFDUWiYHO FkQXODV SDUD WUDTXHRVWRPLD PDWHULDO SDUD FULFRWLURLGRVWRPLD
FRQMXQWRGHGUHQDJHPWRUiFLFDPDOHWDGH DFHVVRYHQRVRFRQWHQGRWDODSDUDIL[DomRGH
EUDoR OXYDV HVWpUHLV UHFLSLHQWH GH DOJRGmR FRP DQWLVpSWLFR SDFRWHV GH JD]H HVWpULO
HVSDUDGUDSR PDWHULDO SDUD SXQomR GH YiULRV WDPDQKRV LQFOXLQGR DJXOKDV PHWiOLFDV
SOiVWLFDVHDJXOKDVHVSHFLDLVSDUDSXQomRyVVHDJDUURWHHTXLSRVGHPDFURHPLFURJRWDV
FDWHWHUHV HVSHFtILFRV SDUD GLVVHFomR GH YHLDV WDPDQKR DGXOWRLQIDQWLO WHVRXUD SLQoD GH
.RFKHUFRUWDGRUHVGHVRUROkPLQDVGHELVWXULVHULQJDVGHYiULRVWDPDQKRVWRUQHLUDVGH
YLDV HTXLSR GH LQIXVmR GH YLDV IUDVFRV GH VRUR ILVLROyJLFR ULQJHU ODFWDWR H VRUR
JOLFRVDGR FDL[D FRPSOHWD GH SHTXHQD FLUXUJLD PDOHWD GH SDUWR FRPR GHVFULWR QRV LWHQV
DQWHULRUHVVRQGDVYHVLFDLVFROHWRUHVGHXULQDSURWHWRUHVSDUDHYLVFHUDGRVRXTXHLPDGRV
HVSiWXODVGHPDGHLUDVRQGDVQDVRJiVWULFDVHOHWURGRVGHVFDUWiYHLVHTXLSRVSDUDGURJDV
IRWRVVHQVtYHLV HTXLSR SDUD ERPEDV GH LQIXVmR FLUFXLWR GH UHVSLUDGRU HVWpULO GH UHVHUYD
HTXLSDPHQWRV GH SURWHomR j HTXLSH GH DWHQGLPHQWR yFXORV PiVFDUDV H DYHQWDLV
FREHUWRU RX ILOPH PHWiOLFR SDUD FRQVHUYDomR GR FDORU GR FRUSR FDPSR FLU~UJLFR
IHQHVWUDGRDOPRWROLDVFRPDQWLVpSWLFRFRQMXQWRGHFRODUHVFHUYLFDLVSUDQFKDORQJDSDUD
LPRELOL]DomR GD FROXQD 3DUD R DWHQGLPHQWR D QHRQDWRV GHYHUi KDYHU SHOR PHQRV XPD
,QFXEDGRUDGHWUDQVSRUWHGHUHFpPQDVFLGRFRPEDWHULDHOLJDomRjWRPDGDGRYHtFXOR
YROWV $ LQFXEDGRUD GHYH HVWDU DSRLDGD VREUH FDUURV FRP URGDV GHYLGDPHQWH IL[DGDV
TXDQGRGHQWURGDDPEXOkQFLDHFRQWHUUHVSLUDGRUHHTXLSDPHQWRVDGHTXDGRVSDUDUHFpP
QDWRV

±75,38/$d2

&RQVLGHUDQGRVH TXH DV XUJrQFLDV QmR VH FRQVWLWXHP HP HVSHFLDOLGDGH PpGLFD RX GH
HQIHUPDJHP H TXH QRV FXUVRV GH JUDGXDomR D DWHQomR GDGD j iUHD DLQGD p EDVWDQWH
LQVXILFLHQWH HQWHQGHVH TXH RV SURILVVLRQDLV TXH YHQKDP D DWXDU FRPR WULSXODQWHV GRV
6HUYLoRV GH $WHQGLPHQWR 3Up+RVSLWDODU 0yYHO GHYDP VHU KDELOLWDGRV SHORV 1~FOHRV GH
(GXFDomRHP8UJrQFLDVFXMDFULDomRpLQGLFDGDSHORSUHVHQWH5HJXODPHQWRHFXPSUDPR
FRQWH~GRFXUULFXODUPtQLPRQHOHSURSRVWR&DStWXOR9,,

$PEXOkQFLDGR7LSR$SURILVVLRQDLVVHQGRXPRPRWRULVWDHRRXWURXP7pFQLFRRX
$X[LOLDUGHHQIHUPDJHP

$PEXOkQFLDGR7LSR%SURILVVLRQDLVVHQGRXPRPRWRULVWDHXPWpFQLFRRXDX[LOLDU
GHHQIHUPDJHP

$PEXOkQFLD GR 7LSR & SURILVVLRQDLV PLOLWDUHV SROLFLDLV URGRYLiULRV ERPEHLURV
PLOLWDUHVHRXRXWURVSURILVVLRQDLVUHFRQKHFLGRVSHORJHVWRUS~EOLFRVHQGRXPPRWRULVWDH
RV RXWURV GRLV SURILVVLRQDLV FRP FDSDFLWDomR H FHUWLILFDomR HP VDOYDPHQWR H VXSRUWH
EiVLFRGHYLGD

$PEXOkQFLD GR WLSR ' SURILVVLRQDLV VHQGR XP PRWRULVWD XP HQIHUPHLUR H XP
PpGLFR

$HURQDYHVRDWHQGLPHQWRIHLWRSRUDHURQDYHVGHYHVHUVHPSUHFRQVLGHUDGRFRPRGH
VXSRUWHDYDQoDGRGHYLGDH
3DUD RV FDVRV GH DWHQGLPHQWR SUpKRVSLWDODU PyYHO SULPiULR QmR WUDXPiWLFR H
VHFXQGiULRGHYHFRQWDUFRPRSLORWRXPPpGLFRHXPHQIHUPHLUR
3DUD R DWHQGLPHQWR D XUJrQFLDV WUDXPiWLFDV HP TXH VHMDP QHFHVViULRV SURFHGLPHQWRV
GHVDOYDPHQWRpLQGLVSHQViYHODSUHVHQoDGHSURILVVLRQDOFDSDFLWDGRSDUDWDO

&$3Ë78/29,,
1Ò&/(26'(('8&$d2(085*Ç1&,$6

±3URILVVLRQDLVGR$WHQGLPHQWR3Up+RVSLWDODU0yYHO
$3URILVVLRQDLV1mR2ULXQGRVGDÈUHDGD6D~GH

$ 3URILVVLRQDLV GD ÈUHD GH 6HJXUDQoD %RPEHLURV H &RQGXWRUHV GH 9HtFXORV GH
8UJrQFLDGR7LSR%&H'

7(0$6(&217(Ò'2

,QWURGXomR3URJUDPDHDWLYLGDGHGHLQWHJUDomR

6LVWHPDGHVD~GHORFDOHVHUYLoRVUHODFLRQDGRV

6HUYLoR3Up+RVSLWDODU0yYHOH3HUILOSURILVVLRQDO

&HQWUDOGH5HJXODomRH(TXLSDPHQWRV

$QDWRPLDH)LVLRORJLD

&LQHPiWLFDGR7UDXPD([DPHGDFHQDHPHFDQLVPRVGHOHV}HV

$ERUGDJHPGRSDFLHQWH
0DQHMRGH9LDV$pUHDV5HDQLPDomR&DUGLRSXOPRQDU
%LRVVHJXUDQoD
$ERUGDJHP3ULPiULDHVHFXQGiULDGHXPD9tWLPD
7pFQLFDVUHODWLYDVjDYDOLDomRGHVLQDLVYLWDLVGHYtWLPDV
2EVWUXomRH'HVREVWUXomRGH9LDV$pUHDV
6LQDLVH6LQWRPDVGHSDUDGDUHVSLUDWyULDHFDUGtDFD
7pFQLFDVGHUHDQLPDomRFDUGLRSXOPRQDUHPDGXOWRHFULDQoD
0DWHULDLVHHTXLSDPHQWRVXWLOL]DGRVHPSDUDGDFDUGLRUUHVSLUDWyULD
0DWHULDLVH(TXLSDPHQWRVXWLOL]DGRVHPR[LJrQLRWHUDSLD

)HULPHQWRVKHPRUUDJLD%DQGDJHP&KRTXH
7LSRVGHIHULPHQWRV
+HPRUUDJLDFKRTXHSULQFLSDOPHQWHFKRTXHKLSRYROrPLFR
&XUDWLYRVH%DQGDJHQV
7pFQLFDVGH6XSRUWH%iVLFRGH9LGDSDUDRWUDWDPHQWRGRFKRTXHKLSRYROrPLFR

7UDXPDPXVFXORHVTXHOpWLFRHLPRELOL]Do}HV
7UDXPD0~VFXOR(VTXHOpWLFRVHVHXVVLQDLVHVLQWRPDV
7pFQLFDVUHODWLYDVjLPRELOL]DomRGHH[WUHPLGDGHVOHVDGDV
0DWHULDLVHHTXLSDPHQWRVXWLOL]DGRVSDUDDLPRELOL]DomRGHH[WUHPLGDGHVOHVDGDV

7UDXPDWLVPRVHVSHFtILFRV
7UDXPDWLVPR&UDQLRHQFHIiOLFR
7UDXPDWLVPR5DTXLPHGXODU
7UDXPD7RUiFLFRH$EGRPLQDO
7UDXPDGH)DFH
7UDXPDQD&ULDQoDHQD*HVWDQWH
$JUDYRVSRUHOHWULFLGDGH
4XHLPDGXUDV

5HPRomRGHYtWLPD
0DWHULDLVHHTXLSDPHQWRVXWLOL]DGRVSDUDDUHPRomRGHYtWLPDVGHDFLGHQWHV
7pFQLFDVGHUHPRomRGHYtWLPDVGHDFLGHQWHVURODPHQWRHOHYDo}HVUHWLUDGDGHYHtFXORV
WUDQVSRUWHFRPRXVHPDXWLOL]DomRGHPDWHULDLVHHTXLSDPHQWRV
7pFQLFDVUHODWLYDVjUHPRomRGHYtWLPDVGHDFLGHQWHVDTXiWLFRVHHPDOWXUDFRPHVSHFLDO
FXLGDGRjFROXQDYHUWHEUDO

$VVLVWrQFLDDR3DUWRH&XLGDGRVFRPR5HFpP1DVFLGR
7UDEDOKRGH3DUWR±SHUtRGRH[SXOVLYR
&XLGDGRFRPR5HFpP1DVFLGR

,QWHUYHQomRHPFULVHVHDWHQGLPHQWRVGH5HFRQKHFLPHQWRH,QWHUYHQomRHPVLWXDomR
GHFULVH

$IRJDPHQWR
)LVLRORJLDHWpFQLFDVGHDERUGDJHP
3HFXOLDULGDGHVQRDWHQGLPHQWR

,QWR[LFDomR([yJHQD
5HFRQKHFLPHQWRHSHFXOLDULGDGHVQRDWHQGLPHQWRLQLFLDO

(PHUJrQFLDV&OtQLFDV
3HFXOLDULGDGHVH$WHQGLPHQWRLQLFLDOGHHPHUJrQFLDVFOLQLFDVPDLVIUHTHQWHV

$FLGHQWHVFRPP~OWLSODV9tWLPDVH&DWiVWURIHV
&RQFHLWR
3ULQFtSLRVGH&RQWUROHGD&HQD
7ULDJHPWUDWDPHQWRHWUDQVSRUWH

$FLGHQWHVFRPSURGXWRVSHULJRVRV
&RQFHLWRV/HJLVODomR
3ULQFtSLRVGHDWHQGLPHQWR
3UHVWDU R DWHQGLPHQWR LQLFLDO GH PDQHLUD DGHTXDGD JDUDQWLQGR D VHJXUDQoD GD HTXLSH H
GDVYtWLPDV

(VWiJLRVKRVSLWDODUHV
5RWLQDVGHDWHQGLPHQWRGHSURQWRVRFRUURPDWHUQLGDGH
&RQKHFHUIOX[RGHDWHQGLPHQWRGRVKRVSLWDLVGDUHGHKLHUDUTXL]DGDEHPFRPRSUHVHQFLDU
DWHQGLPHQWRGDVHPHUJrQFLDV

(VWiJLRVHP$PEXOkQFLDV
9LYrQFLDSUiWLFDGHDWHQGLPHQWR
)DPLOLDUL]DomR FRP D URWLQD GH VHUYLoR H SDUWLFLSDU GH DWHQGLPHQWR GH YtWLPDV HP
VLWXDo}HVUHDLV

$YDOLDomRWHyULFDHSUDWLFDGRFXUVR
3URYDVHVFULWDVHSUiWLFDVGHDYDOLDomRGHFRQKHFLPHQWR
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

1250$65(*8/$0(17$'25$662%5(6(*85$1d$(0(',&,1$'2
75$%$/+2'20,1,67e5,2'275$%$/+2((035(*2
15(15 3$57(6

$V 1RUPDV 5HJXODPHQWDGRUDV 15 UHODWLYDV j VHJXUDQoD H PHGLFLQD GR WUDEDOKR
VmR GH REVHUYkQFLD REULJDWyULD SHODV HPSUHVDV SULYDGDV H S~EOLFDV H SHORV yUJmRV
S~EOLFRV GD DGPLQLVWUDomR GLUHWD H LQGLUHWD EHP FRPR SHORV yUJmRV GRV 3RGHUHV
/HJLVODWLYRH-XGLFLiULRTXHSRVVXDPHPSUHJDGRVUHJLGRVSHOD&RQVROLGDomRGDV/HLVGR
7UDEDOKR&/7

$V GLVSRVLo}HV FRQWLGDV QDV 1RUPDV 5HJXODPHQWDGRUDV 15 DSOLFDPVH QR TXH
FRXEHUDRVWUDEDOKDGRUHVDYXOVRVjVHQWLGDGHVRXHPSUHVDVTXHOKHVWRPHPRVHUYLoRH
DRVVLQGLFDWRVUHSUHVHQWDWLYRVGDVUHVSHFWLYDVFDWHJRULDVSURILVVLRQDLV

7RGRHVWDEHOHFLPHQWRGHYHUiHVWDUHTXLSDGRFRPPDWHULDOQHFHVViULRjSUHVWDomR
GRV SULPHLURV VRFRUURV FRQVLGHUDQGRVH DV FDUDFWHUtVWLFDV GD DWLYLGDGH GHVHQYROYLGD
PDQWHU HVVH PDWHULDO JXDUGDGR HP ORFDO DGHTXDGR H DRV FXLGDGRV GH SHVVRD WUHLQDGD
SDUDHVVHILP ,

&Ï',*23(1$/ 3$57(6
7Ë78/2,,
'2&5,0(

5HODomRGHFDXVDOLGDGH
$UW2UHVXOWDGRGHTXHGHSHQGHDH[LVWrQFLDGRFULPHVRPHQWHpLPSXWiYHODTXHP
OKHGHXFDXVD&RQVLGHUDVHFDXVDDDomRRXRPLVVmRVHPDTXDORUHVXOWDGRQmRWHULD
RFRUULGR
6XSHUYHQLrQFLDGHFDXVDLQGHSHQGHQWH
$VXSHUYHQLrQFLDGHFDXVDUHODWLYDPHQWHLQGHSHQGHQWHH[FOXLDLPSXWDomRTXDQGR
SRUVLVySURGX]LXRUHVXOWDGRRVIDWRVDQWHULRUHVHQWUHWDQWRLPSXWDPVHDTXHPRV
SUDWLFRX
5HOHYkQFLDGDRPLVVmR
$RPLVVmRpSHQDOPHQWHUHOHYDQWHTXDQGRRRPLWHQWHGHYLDHSRGLDDJLUSDUDHYLWDU
RUHVXOWDGR2GHYHUGHDJLULQFXPEHDTXHP
D WHQKDSRUOHLREULJDomRGHFXLGDGRSURWHomRRXYLJLOkQFLD
E GHRXWUDIRUPDDVVXPLXDUHVSRQVDELOLGDGHGHLPSHGLURUHVXOWDGR
F FRPVHXFRPSRUWDPHQWRDQWHULRUFULRXRULVFRGDRFRUUrQFLDGRUHVXOWDGR
([FOXVmRGHLOLFLWXGH
$UW1mRKiFULPHTXDQGRRDJHQWHSUDWLFDRIDWR
,HPHVWDGRGHQHFHVVLGDGH
,,HPOHJtWLPDGHIHVD
,,,HPHVWULWRFXPSULPHQWRGHGHYHUOHJDORXQRH[HUFtFLRUHJXODUGHGLUHLWR
(VWDGRGHQHFHVVLGDGH
$UW &RQVLGHUDVH HP HVWDGR GH QHFHVVLGDGH TXHP SUDWLFD R IDWR SDUD VDOYDU GH
SHULJRDWXDOTXHQmRSURYRFRXSRUVXDYRQWDGHQHPSRGLDGHRXWURPRGRHYLWDUGLUHLWR
SUySULRRXDOKHLRFXMRVDFULItFLRQDVFLUFXQVWkQFLDVQmRHUDUD]RiYHOH[LJLUVH
1mR SRGH DOHJDU HVWDGR GH QHFHVVLGDGH TXHP WLQKD R GHYHU OHJDO GH HQIUHQWDU R
SHULJR
(PERUDVHMDUD]RiYHOH[LJLUVHRVDFULItFLRGRGLUHLWRDPHDoDGRDSHQDSRGHUiVHU
UHGX]LGDGHXPDGRLVWHUoRV
/HJtWLPDGHIHVD
$UW (QWHQGHVH HP OHJtWLPD GHIHVD TXHP XVDQGR PRGHUDGDPHQWH GRV PHLRV
QHFHVViULRVUHSHOHLQMXVWDDJUHVVmRDWXDORXLPLQHQWHDGLUHLWRVHXRXGHRXWUHP
([FHVVRSXQtYHO
3DUiJUDIR~QLFR2DJHQWHHPTXDOTXHUGDVKLSyWHVHVGHVWHDUWLJRUHVSRQGHUiSHOR
H[FHVVRGRORVRRXFXOSRVR
+RPLFtGLRVLPSOHV
$UW0DWDUDOJXpP
3HQDUHFOXVmRGH VHLV D YLQWH DQRV
&DVRGHGLPLQXLomRGHSHQD
6HRDJHQWHFRPHWHRFULPHLPSHOLGRSRUPRWLYRGHUHOHYDQWHYDORUVRFLDORXPRUDO
RXVRERGRPtQLRGHYLROHQWDHPRomRORJRHPVHJXLGDDLQMXVWDSURYRFDomRGDYtWLPDR
MXL]SRGHUHGX]LUDSHQDGHXPVH[WRDXPWHUoR
+RPLFtGLRTXDOLILFDGR
6HRKRPLFtGLRpFRPHWLGR
,PHGLDQWHSDJDRXSURPHVVDGHUHFRPSHQVDRXSRURXWURPRWLYRWRUSH
,,SRUPRWLYRI~WLO
,,,FRPHPSUHJRGHYHQHQRIRJRH[SORVLYRDVIL[LDWRUWXUDRXRXWURPHLRLQVLGLRVRRX
FUXHORXGHTXHSRVVDUHVXOWDUSHULJRFRPXP
,9jWUDLomRGHHPERVFDGDRXPHGLDQWHGLVVLPXODomRRXRXWURUHFXUVRTXHGLILFXOWHRX
WRUQHLPSRVVtYHODGHIHVDGRRIHQGLGR
9SDUDDVVHJXUDUDH[HFXomRDRFXOWDomRDLPSXQLGDGHRXYDQWDJHPGHRXWURFULPH
3HQDUHFOXVmRGH GR]H D WULQWD DQRV
+RPLFtGLRFXOSRVR
6HRKRPLFtGLRpFXOSRVR
3HQDGHWHQomRGH XP D WUrV DQRV
$XPHQWRGHSHQD
1R KRPLFtGLR FXOSRVR D SHQD p DXPHQWDGD GH XP WHUoR VH R FULPH UHVXOWD GH
LQREVHUYkQFLDGHUHJUDWpFQLFDGHSURILVVmRDUWHRXRItFLRRXVHRDJHQWHGHL[DGHSUHVWDU
LPHGLDWRVRFRUURjYtWLPDQmRSURFXUDGLPLQXLUDVFRQVHTrQFLDVGRVHXDWRRXIRJHSDUD
HYLWDUSULVmRHPIODJUDQWH6HQGRGRORVRRKRPLFtGLRDSHQDpDXPHQWDGDGHXPWHUoRVH
RFULPHpSUDWLFDGRFRQWUDSHVVRDPHQRUGH FDWRU]H DQRV
1D KLSyWHVH GH KRPLFtGLR FXOSRVR R MXL] SRGHUi GHL[DU GH DSOLFDU D SHQD VH DV
FRQVHTrQFLDV GD LQIUDomR DWLQJLUHP R SUySULR DJHQWH GH IRUPD WmR JUDYH TXH D VDQomR
SHQDOVHWRUQHGHVQHFHVViULD
/HVmRFRUSRUDO
$UW2IHQGHUDLQWHJULGDGHFRUSRUDORXDVD~GHGHRXWUHP
3HQDGHWHQomRGH WUrV PHVHVD XP DQR

/HVmRFRUSRUDOGHQDWXUH]DJUDYH
6HUHVXOWD
,LQFDSDFLGDGHSDUDDVRFXSDo}HVKDELWXDLVSRUPDLVGH WULQWD GLDV
,,SHULJRGHYLGD
,,,GHELOLGDGHSHUPDQHQWHGHPHPEURVHQWLGRRXIXQomR
,9DFHOHUDomRGHSDUWR
3HQDUHFOXVmRGH XP D FLQFR DQRV
6HUHVXOWD
,LQFDSDFLGDGHSHUPDQHQWHSDUDRWUDEDOKR
,,HQIHUPLGDGHLQFXUiYHO
,,,SHUGDRXLQXWLOL]DomRGHPHPEURVHQWLGRRXIXQomR
,9GHIRUPLGDGHSHUPDQHQWH
9DERUWR
3HQDUHFOXVmRGH GRLV D RLWR DQRV
/HVmRFRUSRUDOVHJXLGDGHPRUWH
6HUHVXOWDPRUWHHDVFLUFXQVWkQFLDVHYLGHQFLDPTXHRDJHQWHQmRTXLVRUHVXOWDGR
QHPDVVXPLXRULVFRGHSURGX]LOR
3HQDUHFOXVmRGH TXDWUR D GR]H DQRV
'LPLQXLomRGHSHQD
6HRDJHQWHFRPHWHRFULPHLPSHOLGRSRUPRWLYRGHUHOHYDQWHYDORUVRFLDORXPRUDO
RXVRERGRPtQLRGHYLROHQWDHPRomRORJRHPVHJXLGDDLQMXVWDSURYRFDomRGDYtWLPDR
MXL]SRGHUHGX]LUDSHQDGHXPVH[WRDXPWHUoR
6XEVWLWXLomRGDSHQD
2MXL]QmRVHQGRJUDYHVDVOHV}HVSRGHDLQGDVXEVWLWXLUDSHQDGHGHWHQomRSHOD
GHPXOWD
,VHRFRUUHTXDOTXHUGDVKLSyWHVHVGRSDUiJUDIRDQWHULRU
,,VHDVOHV}HVVmRUHFtSURFDV
/HVmRFRUSRUDOFXOSRVD
6HDOHVmRpFXOSRVD
3HQDGHWHQomRGH GRLV PHVHVD XP DQR
$XPHQWRGHSHQD
$XPHQWDVHDSHQDGHXPWHUoRVHRFRUUHUTXDOTXHUGDVKLSyWHVHVGRDUW
$SOLFDVHjOHVmRFXOSRVDRGLVSRVWRQRGRDUW
2PLVVmRGHVRFRUUR
$UW 'HL[DU GH SUHVWDU DVVLVWrQFLD TXDQGR SRVVtYHO ID]rOR VHP ULVFR SHVVRDO j
FULDQoD DEDQGRQDGD RXH[WUDYLDGDRXj SHVVRDLQYiOLGDRXIHULGDDRGHVDPSDUR RX HP
JUDYHHLPLQHQWHSHULJRRXQmRSHGLUQHVVHVFDVRVRVRFRUURGDDXWRULGDGHS~EOLFD
3HQDGHWHQomRGH XP D VHLV PHVHVRXPXOWD
3DUiJUDIR~QLFR $SHQDp DXPHQWDGDGH PHWDGHVH GD RPLVVmRUHVXOWDOHVmRFRUSRUDO
GHQDWXUH]DJUDYHHWULSOLFDGDVHUHVXOWDDPRUWH

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

/LomR 352&(',0(1726
,1,&,$,6

FDSD]HVGH
2EMHWLYRV
&LWDU RV SURFHGLPHQWRV TXH R VRFRUULVWD GHYHUi
H[HFXWDU DR DYDOLDU H JDUDQWLU D VHJXUDQoD GD
RFRUUrQFLD

5HYLVmRHP-XOKR±3URFHGLPHQWRV,QLFLDLV 03

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
7RGR DWHQGLPHQWR LQLFLDVH FRP D DYDOLDomR GR FHQiULR WDPEpP FKDPDGD GH
GLPHQVLRQDPHQWR GD FHQD $R DSUR[LPDUVH GR ORFDO GH HPHUJrQFLD DQWHV GH LQLFLDU R
FRQWDWR GLUHWR FRP D YtWLPD R VRFRUULVWD GHYHUi YHULILFDU RV ULVFRV H[LVWHQWHV DV
FRQGLo}HV GH VHJXUDQoD SDUD VL SDUD RV GHPDLV HQYROYLGRV H SUHYHQLUVH HVFROKHQGR
DGHTXDGDPHQWHVHXVHTXLSDPHQWRVGHSURWHomRLQGLYLGXDO (3,¶V $SRVLomRGDYtWLPDH
DUUHGRUHVIUHTXHQWHPHQWHpDFKDYHSDUDGHVFREULUVREUHPHFDQLVPRVGDOHVmRHKLVWyULD
GRFLGDGmR
2GLPHQVLRQDPHQWRGDFHQDLQFOXL
D 9HULILFDomRGDVFRQGLo}HVGHVHJXUDQoD
6HJXUDQoDGRVRFRUULVWD
6HJXUDQoDGHWHUFHLURV IDPLOLDUHVDFRPSDQKDQWHVWHVWHPXQKDVHFXULRVRV H
6HJXUDQoDGDYtWLPD
E 5HDYDOLDomRGDVPHGLGDVGHSURWHomRSHVVRDO SUHFDXo}HVXQLYHUVDLV
F 2EVHUYDomRGRVPHFDQLVPRVGHWUDXPDRXQDWXUH]DGDGRHQoD
G $YHULILFDomRGRQ~PHURWRWDOGHSHVVRDVH
H $GHWHUPLQDomRGDQHFHVVLGDGHGHUHFXUVRVDGLFLRQDLV
6mRIRQWHVUiSLGDVGHLQIRUPDomRQRORFDOGDFHQD
x $FHQDSRUVLVy
x $YtWLPD VHHVWLYHUFRQVFLHQWHHHPFRQGLo}HVGHUHVSRQGHU
x )DPLOLDUHVWHVWHPXQKDVRXFXULRVRV
x 2VPHFDQLVPRVGRWUDXPD
x $SRVLomRGDSHVVRDTXDOTXHUGHIRUPLGDGHPDLRURXOHVmRyEYLDH
x 4XDOTXHUVLQDORXVLQWRPDLQGLFDWLYRGHHPHUJrQFLDPpGLFD

$SyV GLPHQVLRQDU R SUREOHPD R VRFRUULVWD GHYHUi LQLFLDU R JHUHQFLDPHQWR GRV
ULVFRVHRFRQWUROHGDFHQD(VWDWDUHIDJHUDOPHQWHLQFOXLPHGLGDVGH
x 'HVOLJDPHQWR GH PRWRUHV
x 6LQDOL]DomRGRORFDO DXWRPRWLYRV

x ,VRODPHQWRGDFHQD x 'HVDWLYDomRGHFDERVHOpWULFRV
HQHUJL]DGRV
x (VWDELOL]DomRGHYHtFXORV
x 5HPRomR GH SHVVRDV HP
x &RQWUROHGRWUiIHJR VLWXDomRGHULVFRLPLQHQWH

2EV 6H DR DSUR[LPDUVH GD FHQD YRFr SHUFHEHU TXH Mi H[LVWH DOJXpP SUHVWDQGR
VRFRUURDRYLWLPDGRLGHQWLILTXHVHSDUDHVWDSHVVRDHSHUJXQWHVHYRFrSRGHDMXGiOR
6H R QtYHO GH FDSDFLWDomR GR SULPHLUR VRFRUULVWD p LJXDO RX VXSHULRU DR VHX YRFr
GHYHUi DWXDU FRPR XP DVVLVWHQWH (QWUHWDQWR QmR HVTXHoD GH DSUHVHQWDUVH WDPEpP
SDUD D SHVVRD TXH HVWi VHQGR DWHQGLGD 1DV VLWXDo}HV HP TXH VHX WUHLQDPHQWR p
VXSHULRUDRSULPHLURVRFRUULVWDSHoDSDUDDVVXPLUDUHVSRQVDELOLGDGHSHORDWHQGLPHQWR
H VROLFLWH R DX[tOLR GR VRFRUULVWD TXH LQLFLRX RV SULPHLURV VRFRUURV 1XQFD FULWLTXH RX
LQLFLH XPD GLVFXVVmR FRP R SULPHLUR VRFRUULVWD /HPEUHVH TXH VH YRFr QmR IRU XP
SROLFLDOERPEHLURRXLQWHJUDQWHGRVLVWHPDGHVD~GHQmRWHUiDXWRULGDGHSDUDDIDVWDU
DSHVVRDTXHLQLFLRXRDWHQGLPHQWR3RUWDQWRVHRSULPHLURVRFRUULVWDQmRDFHLWDUVXD
OLGHUDQoDSURFXUHDWXDUFRPRXPFRODERUDGRU6HR6HUYLoR(PHUJrQFLD0pGLFD 6(0
QmRWLYHUVLGRDFLRQDGRDFLRQHRHYROWHSDUDFRODERUDUQRVRFRUURDWpDFKHJDGDGD
HTXLSHHVSHFLDOL]DGD

5HYLVmRHP-XOKR±3URFHGLPHQWRV,QLFLDLV 03


/LomR $%25'$*(035,0È5,$
'$9Ë7,0$

2EMHWLYRV FDSD]HVGH

&LWDUDVIDVHVGDDYDOLDomRJHUDOGHXPSDFLHQWH
'LIHUHQFLDU D DERUGDJHP SULPiULD SDUD WUDXPD H D
DERUGDJHPSULPiULDSDUDHPHUJrQFLDPpGLFD
(QXPHUDU HWDSDV $%&'( D VHUHP REVHUYDGDV
QXPDYtWLPD
'HPRQVWUDU DWUDYpV GH XPD VLPXODomR D VHTrQFLD
FRUUHWD GRV SDVVRV GD DYDOLDomR JHUDO GR SDFLHQWH
XWLOL]DGRV SHOR VRFRUULVWD GXUDQWH D LQVSHomR GH XP
SDFLHQWH

5HYLVmRHP-XOKR±$ERUGDJHP3ULPiULDGD9tWLPD

,1752'8d2
1XPD VLWXDomR GH XUJrQFLDHPHUJrQFLD D YtWLPD QmR SRGHUi UHFHEHU RV
FXLGDGRV DGHTXDGRV VH VHXV SUREOHPDV QmR IRUHP FRUUHWDPHQWH LGHQWLILFDGRV
3RUWDQWRDDYDOLDomRGRSDFLHQWHGHYHUiVHUUHDOL]DGDSHORVVRFRUULVWDVSDUDLGHQWLILFDU
SRVVtYHLVOHV}HV WUDXPDV HGRHQoDV HPHUJrQFLDVPpGLFDV RXDPEDV
1DiUHDGRVRFRUURSUpKRVSLWDODURWUDEDOKRGHDYDOLDomRGHYHUiVHUUHDOL]DGR
GH IRUPD iJLO VHJXUD H PHWLFXORVD DWUDYpV GD FROHWD VLVWHPiWLFD SDVVR D SDVVR GH
GDGRVSDUDGHWHUPLQDURHVWDGRGHVD~GHGRSDFLHQWHLGHQWLILFDUTXDLVTXHUSUREOHPDV
HIHWLYRV RX SRWHQFLDLV H LPSOHPHQWDU DV Do}HV GH VRFRUUR QHFHVViULDV DR VXSRUWH
EiVLFR GH YLGD GR PHVPR (VWD DYDOLDomR GHYHUi VHU VHPSUH TXH SRVVtYHO UHDOL]DGD
HPHTXLSHEXVFDQGRSULPHLUDPHQWHLGHQWLILFDUHFRUULJLUGHLPHGLDWRRVSUREOHPDVTXH
DPHDoDPDYLGDDFXUWRSUD]R

352&(',0(172623(5$&,21$,6*(5$,6

(VWDGRGH3URQWLGmR

*DUDQWHDRSHUDFLRQDOLGDGHGDHTXLSHGDYLDWXUDHGRHTXLSDPHQWRHPFRQGLo}HV
GHUiSLGRDFLRQDPHQWR

'HVORFDPHQWRSDUDR$WHQGLPHQWR
x 5HYLVHRVGDGRVUHFHELGRVGR6LVWHPDYHULILFDQGRDVLQIRUPDo}HVQHFHVViULDV
SDUDDORFDOL]DomRGDHPHUJrQFLDHRGLPHQVLRQDPHQWRGDFHQD
x 'HVORTXHLPHGLDWDPHQWHDSyVRDFLRQDPHQWR
x 'HWHUPLQHRPHOKRUWUDMHWRHWUDMHWRVDOWHUQDWLYRV
x 3UHSDUHRPDWHULDOHHTXLSDPHQWRVTXHSHORVGDGRVLQLFLDLVVHUmRQHFHVViULR
SULQFLSDOPHQWH(3,V

$9$/,$d2*(5$/'23$&,(17(

2SURFHVVRGHDYDOLDomRJHUDOGRSDFLHQWHGLYLGHVHFLQFRIDVHVGLVWLQWDVDVDEHU

$YDOLDomRGLPHQVLRQDPHQWRGDFHQD
,PSUHVVmRJHUDOGRSDFLHQWH
$ERUGDJHP([DPHSULPiULD SDUDWUDXPDRXSDUDSUREOHPDVPpGLFRV
$ERUGDJHP([DPHVHFXQGiULD H[DPHItVLFRSDGURQL]DGRGDFDEHoDDRVSpV
0RQLWRUDPHQWRHUHDYDOLDomR

$%25'$*(035,0È5,$'23$&,(17(
$ DERUGDJHP SULPiULD GR SDFLHQWH p R SUy[LPR SDVVR GR VRFRUULVWD DSyV D
DYDOLDomR GR ORFDO GD HPHUJrQFLD 3RGHPRV FRQFHLWXiOD FRPR VHQGR XP SURFHVVR
RUGHQDGR SDUD LGHQWLILFDU H FRUULJLU GH LPHGLDWR SUREOHPDV TXH DPHDFHP D YLGD D
FXUWRSUD]R


$DERUGDJHPSULPiULDGHYHVHUH[HFXWDGDQDVHJXLQWHVHTXrQFLD

)RUPHXPDLPSUHVVmRJHUDOGRSDFLHQWH
$YDOLHRQtYHOGHFRQVFLrQFLD VWDWXVPHQWDO(VFDOD$9',
$$WHQGLPHQWRGDVYLDVDpUHDVHFRQWUROHGDFROXQDFHUYLFDO $LUZD\
%$YDOLHDUHVSLUDomR %UHDWKLQJYHQWLODomR
&$YDOLHDFLUFXODomR SUHVHQoDGHSXOVRFDURWtGHRSDOSiYHOKHPRUUDJLDVJUDYHV
HSHUIXVmR
'±,QFDSDFLGDGH 'LVDELOLW\
(±([SRVLomRH$PELHQWH
'HFLGDDSULRULGDGHSDUDRWUDQVSRUWHGRSDFLHQWH (VFDOD&,3(

$35(6(17$d2'262&255,67$,035(662*(5$/'23$&,(17(

'LJDVHX QRPH

,GHQWLILTXHVHFRPR VRFRUULVWD WHFQLFDPHQWH WUHLQDGR

3HUJXQWHjYtWLPDVHYRFrSRGHDMXGiOD SHGLGRGH FRQVHQWLPHQWR

'XUDQWH D DERUGDJHP SULPiULD RV SUREOHPDV TXH DPHDoDP D YLGD SRU RUGHP GH
LPSRUWkQFLDVmR

9LDVDpUHDV
(VWmRDEHUWDVSHUPHiYHLV"([LVWHFRPSURPHWLPHQWRGDFROXQDFHUYLFDO"

5HVSLUDomR
$UHVSLUDomRHVWiDGHTXDGD"

&LUFXODomR
([LVWHSXOVRSDOSiYHO"([LVWHDOJXPVDQJUDPHQWRJUDYH"([LVWHVLQDLVGH
HVWDGRGHFKRTXH"


&2025($/,=$5$$%25'$*(035,0È5,$'23$&,(17(

$YDOLHR1tYHOGH&RQVFLrQFLD 6WDWXV0HQWDO±$9',
3RUTXH([HFXWDU
2WLSRGHUHVSRVWDSDUDRVGLYHUVRVHVWtPXORVpLPSRUWDQWHSDUDDHODERUDomRGD
OLQKDEDVHGHFRPSDUDo}HVSRVWHULRUHV
&RPR([HFXWDU
$ ± DOHUWD ± REVHUYH VH D SHVVRD DWHQGLGD PRYLPHQWDVH YROXQWDULDPHQWH HRX
HVWLPXOHDSHVVRDFRPPRYLPHQWRVOHYHVQRVRPEURVHSHUJXQWH³YRFrHVWiEHP"´VH
DPHVPDHVWiFRQVFLHQWHDSUHVHQWHVH
x 'LJDVHXQRPH
x ,GHQWLILTXHVHFRPRSHVVRDWHFQLFDPHQWHFDSDFLWDGD
x 3HUJXQWHjSHVVRDVHYRFrSRGHDMXGiOD SHGLGRGHFRQVHQWLPHQWR H
x 4XHVWLRQHDVREUHRTXHDFRQWHFHXVXDSHVVRDHSRVLFLRQDPHQWRQRWHPSRH
HVSDoR
9±YHUEDO±QmRHVWDQGRDOHUWDGrRUGHQVVLPSOHVWDLVFRPRDSHUWHPLQKDPmR
PH[DRSpHWF
'±GRU±VHDSHVVRDDWHQGLGDQmRUHVSRQGHDRHVWtPXORYHUEDOWHQWHRHVWtPXOR
GRORURVREHOLVFDQGRDPEDVDVRUHOKDV
,±LQFRQVFLHQWH±QRHQWDQWRVHDSHVVRDQmRUHVSRQGHDQDGDGLVVRFRQVLGHUHD
LQFRQVFLHQWH

$ ± 9HULILTXH D 3HUPHDELOLGDGH GDV 9LDV $pUHDV F 3UHVHUYDomR GD &ROXQD
&HUYLFDO
3RUTXH([HFXWDU
$ DEHUWXUD GDV YLDV DpUHDV p R SULPHLUR SDVVR HVVHQFLDO QD DVVLVWrQFLD H
WUDWDPHQWRGHXPDSHVVRD
7RGRV RV RXWURV SDVVRV VmR LQ~WHLV VH QmR PDQWLYHUPRV DV YLDV DpUHDV
SHUPHiYHLV
&RPR([HFXWDU
0DQREUD GD H[WHQVmR GD FDEHoD PpWRGR GD
FDEHoDLQFOLQDGDHPDQGtEXODHOHYDGD
x 'HLWDU D SHVVRD GH FRVWDV H SRVLFLRQDUVH QD
DOWXUDGRWyUD[
x 3URPRYHU D LQFOLQDomR GD FDEHoD GD SHVVRD
OHYHPHQWH SDUD WUiV VHP KLSHUH[WHQGrOD
IL[DQGR XPD PmR QD WHVWD GD PHVPD H GRLV
GHGRVGDRXWUDPmRQDPDQGtEXOD
x 3URPRYHUDDEHUWXUDGDERFDGDSHVVRD
2EV 8VDU HVWH PpWRGR VRPHQWH TXDQGR D SHVVRD QmR
DSUHVHQWDOHVmRGHSHVFRoRRXFROXQD

0DQREUD GD 7UDomR GD 0DQGtEXOD PpWRGR GD
FDEHoD HP SRVLomR QHXWUD H WUDomR
PDQGLEXODU


x 'HLWDU D SHVVRD GH FRVWDV H SRVLFLRQDUVH D IUHQWH GD SDUWH
VXSHULRUGDFDEHoDGHVWD
x &RORFDUDVPmRVHPFDGDODGRGDFDEHoDGDSHVVRDDSRLDQGRD
SDOPDGHDPEDVDVPmRV
x /HYDQWDU D PDQGtEXOD FRP RV GHGRV LQGLFDGRUHV PDQWHQGR D
FDEHoDHPSRVLomRQHXWUD
x 2EV 8VDU HVWH PpWRGR SDUD SHVVRDV FRP OHVmR RX VXVSHLWD GH
OHVmRGDFROXQDFHUYLFDO
x $VSLUH VH QHFHVViULR H LQWURGX]D D FkQXOD RURIDUtQJHD RX
QDVRIDUtQJHDDGHTXDGD

%±9HULILTXHD3UHVHQoDGH5HVSLUDomR
3RUTXH([HFXWDU
$ SHVVRD SRGHUi QmR HVWDU UHVSLUDQGR $
DXVrQFLDGHUHVSLUDomRUHTXHUUHIRUoRGHUHDQLPDomR
LPHGLDWD DQWHV GH TXDOTXHU RXWUR WUDWDPHQWR
GHILQLWLYR
&RPR([HFXWDU
&RP DV YLDV DpUHDV DEHUWDV R VRFRUULVWD
GHYHUi DYDOLDU D SUHVHQoD GD UHVSLUDomR DWUDYpV GD
WpFQLFD GR 9(5 289,5 H 6(17,5 926 RX VH IRU
IiFLO VLPSOHVPHQWH REVHUYDQGR H FRQWDQGR RV
PRYLPHQWRVUHVSLUDWyULRV
9(-$RVPRYLPHQWRVGHH[SDQVmRGRWyUD[HDEG{PHQ
28d$2DUVHQGRH[DODGRHLQDODGRSHORQDUL]HSHODERFD
6,17$2DUVHQGRH[DODGRQDWHPSHUDWXUDFRUSRUDO
1RWD(VWDDERUGDJHPGHYHUiVHUUiSLGD6HDSHVVRDQmRUHVSLUDPHQVXUDUH
FRORFDUDFkQXODRURIDUtQJHDLQLFLDULPHGLDWDPHQWHDUHVSLUDomRDUWLILFLDO

&±9HULILTXHD3UHVHQoDGH&LUFXODomR
3RUTXH([HFXWDU
$ SHVVRD DWHQGLGD SRGHUi HVWDU HP SDUDGD FDUGtDFD $ DXVrQFLD GH SXOVR
UHTXHUPDQREUDVGHUHDQLPDomRLPHGLDWD 5&3 DQWHVGHTXDOTXHURXWURWUDWDPHQWR
&RPR([HFXWDU
2VRFRUULVWDXVDQGRRVVHXVGHGRVPpGLRHLQGLFDGRUGDPmRGRPHVPRODGR
TXH DWHQGH D SHVVRD VHQWH R SXOVR FDURWtGHR QR ODGR GR SHVFRoR GD SHVVRD D VHU
DWHQGLGDRQGHHVWLYHUSRVLFLRQDGR3URFHGDDPDQREUDHQWUHDVHJXQGRV6HQmR
KRXYHUSXOVRLQLFLHD5&3LPHGLDWDPHQWH2VRFRUULVWDSRGHREWHUXPDDYDOLDomRJHUDO
GRHVWDGRFLUFXODWyULRGRSDFLHQWHYHULILFDQGRSXOVRDFRU URVDGDD]XODGDFLDQRVH D
WHPSHUDWXUD PRUQDIULDTXHQWH H XPLGDGH GD SHOH VHFD~PLGD H R WHPSR GH
HQFKLPHQWR FDSLODU SHUIXVmR 7HPSR GH HQFKLPHQWR FDSLODU PDLRU TXH GRLV
VHJXQGRV LQGLFD TXH RV OHLWRV FDSLODUHV QmR HVWmR UHFHEHQGR SHUIXVmR DGHTXDGD
SRGHQGRLQGLFDUHVWDGRGHFKRTXH


&±9HULILTXHD3UHVHQoDGH*UDQGHV+HPRUUDJLDV
3RUTXH([HFXWDU
+HPRUUDJLDV JUDYHV PHUHFHP DWHQomR H FRQWUROH LPHGLDWR DQWHV GH TXDOTXHU
RXWUD PDQREUD GH WUDWDPHQWR SRVWHULRU $ YLGD p DPHDoDGD QD SHUGD GH JUDQGHV
YROXPHVGHVDQJXH
&RPR([HFXWDU
2 VRFRUULVWD GHYH LGHQWLILFDU H WUDWDU D KHPRUUDJLD H[WHUQD QR H[DPH SULPiULR
SRLVRSRWHQFLDOGHPRUWHGRSDFLHQWHDXPHQWDFRPDSHUGDGHVDQJXH+iWUrVWLSRV
GH KHPRUUDJLD H[WHUQD VDQJUDPHQWR FDSLODU VDQJUDPHQWR YHQRVR H VDQJUDPHQWR
DUWHULDO 6H R VRFRUULVWD VXVSHLWD GH KHPRUUDJLD LQWHUQD GHYH UDSLGDPHQWH H[SRU R
DEGRPHGRSDFLHQWHSDUDLQVSHFLRQDUHSDOSDUSURFXUDQGRVLQDLVGHOHVmR

R'9HULILFDU,QFDSDFLGDGH 'HILFLrQFLD1HXUROyJLFD
8P QtYHO GH FRQVFLrQFLD GLPLQXtGR GHYH DOHUWDU R VRFRUULVWD SDUD TXDWUR
SRVVLELOLGDGHV
D 2[LJHQDomRFHUHEUDOGLPLQXtGD GHYLGDDKLSy[LDHRXKLSRSHUIXVmR
E /HVmRQRVLVWHPDQHUYRVRFHQWUDO 61&
F ,QWR[LFDomRSRUGURJDVRXiOFRRO
G 'LVW~UELRPHWDEyOLFR GLDEHWHVFRQYXOVmRSDUDGDFDUGtDFD
$HVFDODGHFRPDGH*/$6*2:pXPDIHUUDPHQWDXWLOL]DGDSDUDGHWHUPLQDUR
QtYHOGHFRQVFLrQFLD

(6&$/$'(&20$'(*/$6*2:

$HVFDODGHFRPDGH*ODVJRZpEDVHDGDQDDEHUWXUDRFXODUPHOKRUUHVSRVWD
YHUEDO H PRWRUD e XPD PDQHLUD SUiWLFD GH PRQLWRUL]DU DV DOWHUDo}HV QR QtYHO GH
FRQVFLrQFLDVXDDYDOLDomRYDULDGH FUtWLFR DR QRUPDO

2OKRV±$EHUWXUD2FXODU (VSRQWkQHD
$RFRQWDWRYHUEDO
¬GRU
6HPUHVSRVWD

0HOKRU5HVSRVWD 2ULHQWDGRHFRPSDFWXDQGR
9HUEDO SURYRFDUGRUVHQHFHVViULR 'HVRULHQWDGRHFRPSDFWXDQGR
3DODYUDV,QDSURSULDGDV
6RQVLQFRPSUHHQVtYHLV
6HPUHVSRVWD

0HOKRU UHVSRVWD DR FRPDQGR YHUEDO 2EHGHFH
PRWRUD /RFDOL]DDGRU
$RHVWtPXORGRORURVR )OH[mRFRPUHWLUDGDGRPHPEUR
)OH[mRDQRUPDO GHFRUWLFDomR
([WHQVmR GHVFHUHEUDomR
6HPUHVSRVWD



6H R SDFLHQWH QmR HVWLYHU DFRUGDGR RULHQWDGR H FDSD] GH REHGHFHU RUGHQV
GHYHVHUDSLGDPHQWHDYDOLDUDVSXSLODV$VSXSLODVHVWmRLJXDLVRXUHGRQGDVIRWRV
UHDJHQWHV"
(6&$/$'(75$80$

$ HVFDOD GH WUDXPD p XP VLVWHPD QXPpULFR GH QRWDV GH D SDUD DYDOLDU DV
VHYHULGDGHVGRWUDXPDLQFOXLDOpPGDHVFDODGHFRPDGH*ODVJRZSUHVVmRDUWHULDO
HVLVWyOLFDHIUHTrQFLDUHVSLUDWyULDYDULDQGRGH FUtWLFR D QRUPDO

(VFDODGH&RPD 3UHVVmR$UWHULDO )UHTrQFLD 9DORU$WULEXtGR
*ODVJRZ 6LVWyOLFD PP+J 5HVSLUDomRPLQ

!
!

R(±([SRVLomRH$PELHQWH ([DPH6HFXQGiULR
8PD HWDSD LQLFLDO QR SURFHVVR GH DERUGDJHP SULPiULD p UHWLUDU DV URXSDV GR
SDFLHQWH SDUD D H[SRVLomR GH SRVVtYHLV OHV}HV $ UHJUD JHUDO p UHPRYHU R WDQWR GH
URXSDQHFHVViULRSDUDGHWHUPLQDUDSUHVHQoDRXDXVrQFLDGHXPDFRQGLomRRXOHVmR

±'HFLGDD3ULRULGDGHSDUDR7UDQVSRUWHGD3HVVRD
3RUTXH([HFXWDU
(VWDWtVWLFDV PRVWUDP TXH HP DOJXPDV VLWXDo}HV D SHVVRD QHFHVVLWD GH
LQWHUYHQomRKRVSLWDODUVHPGHPRUD(PRXWURVRPDLVLPSRUWDQWHpHVWDELOL]DUDSHVVRD
DWHQGLGD
&RPR([HFXWDU
$R WpUPLQR GR H[DPH SULPiULR R VRFRUULVWD GHYHUi FODVVLILFDU D SHVVRD GH DFRUGR
FRP D JUDYLGDGH GH VXDV OHV}HV RX GRHQoD (VVD FODVVLILFDomR p EDVHDGD QD HVFDOD
&,3(RQGHFDGDOHWUDGDSDODYUDUHSUHVHQWDXPDVLWXDomRRXVHMD

x &UtWLFRSHVVRDHPSDUDGDUHVSLUDWyULDRXSDUDGDFDUGLRSXOPRQDU

x ,QVWiYHO SHVVRD LQFRQVFLHQWH FRP FKRTXH GHVFRPSHQVDGR H RX GLILFXOGDGH
UHVSLUDWyULDVHYHUDOHVmRJUDYHGHFDEHoDRXWyUD[

x 3RWHQFLDOPHQWH LQVWiYHO SHVVRD YtWLPD GHPHFDQLVPR DJUHVVRU LPSRUWDQWHHP
FKRTXH FRPSHQVDGR SRUWDGRU GH OHVmR LVRODGD LPSRUWDQWH RX OHVmR GH
H[WUHPLGDGHFRPSUHMXt]RFLUFXODWyULRRXQHXUROyJLFR

x (VWiYHO SHVVRD SRUWDGRUD GH OHV}HV PHQRUHV VHP SUREOHPDV UHVSLUDWyULRV H
FRPVLQDLVYLWDLVQRUPDLV



2EV/HPEUHVHTXHRSURSyVLWRGDDERUGDJHPSULPiULDFRQVLVWHQDLGHQWLILFDomRH
QD FRUUHomR LPHGLDWD GDV IDOKDV QR VLVWHPD UHVSLUDWyULR H RX FDUGLRYDVFXODU TXH
UHSUHVHQWHPULVFRLPLQHQWHGHYLGDjSHVVRD
$V SHVVRDV FUtWLFDV RX LQVWiYHLV GHYHP VHU WUDQVSRUWDGDV GH LPHGLDWR 1HVVHV
FDVRVDHWDSDVGDDERUGDJHPVHFXQGiULDSRGHUmRVHUUHDOL]DGDVGXUDQWHRWUDQVSRUWH
SDUD R KRVSLWDO QR LQWHULRU GR YHtFXOR GH HPHUJrQFLD VLPXOWDQHDPHQWH FRP DV
PHGLGDVGHVXSRUWHEiVLFRGHYLGD
1DVSHVVRDVSRWHQFLDOPHQWHLQVWiYHLVRXHVWiYHLVRVRFRUULVWDGHYHUiFRQWLQXDUD
DYDOLDomRQDFHQDGDHPHUJrQFLDHWUDQVSRUWDUDPHVPDDSyVVXDHVWDELOL]DomR

,QVSHFLRQHH$SDOSHR3HVFRoR
3RUTXH([HFXWDU
,QGLFDUSRVVtYHOWUDXPDWLVPRFHUYLFDO
&RPR([HFXWDU
&DVR D HPHUJrQFLD VHMD XP WUDXPD DSyV GHFLGLU VREUH D SULRULGDGH GH
WUDQVSRUWHDHTXLSHGHVRFRUULVWDVGHYHUiUHDOL]DUXPH[DPHItVLFRQDUHJLmRSRVWHULRU
HDQWHULRUGRSHVFRoRHHPVHJXLGDPHQVXUDUHDSOLFDUXPFRODUFHUYLFDOGHWDPDQKR
DSURSULDGRSDUDLPRELOL]DUDFDEHoDHRSHVFRoRGDSHVVRD

([DPLQDUR1DUL]D%RFDHD0DQGtEXOD
3RUTXH([HFXWDU
&RP R REMHWLYR GH ORFDOL]DU SRVVtYHLV OHV}HV QD FDEHoD IUDWXUDV GH RVVRV
IDFLDLVIUDWXUDVGRFUkQLROHV}HVQDERFDHPDQGtEXODVKiOLWRFRQGLo}HVGDSHOH
&RPR([HFXWDU
3URFXUDU SRU GHIRUPLGDGHV HGHPDV IHULPHQWRV HTXLPRVHV RX KHPRUUDJLDV
SHVTXLVDU SRU OtTXRU QR QDUL] YHULILFDU QD ERFD SRVVtYHLV OHV}HV QD OtQJXD SHUGD GH
GHQWHVRXSUyWHVHVHSHVTXLVDURKiOLWRGDSHVVRDVHQWLQGRDWHPSHUDWXUDHXPLGDGH

$GPLQLVWUDomRGH2[LJrQLR
$WUDYpVGDPiVFDUDIDFLDOQDFRQFHQWUDomRGHjOLWURVSRUPLQXWR OSP
(P FDVR GH SDUDGD UHVSLUDWyULD RX UHVSLUDomR LQDGHTXDGD
IUHTrQFLD YHQWLODWyULD DEDL[R GH PRYLPHQWRV UHVSLUDWyULRV
SRUPLQXWREUDGLSQpLD LQLFLDU YHQWLODomRSRVLWLYD YHQWLODomRGH
UHVJDWH FRPFRQFHQWUDomRPtQLPDGHR[LJrQLRGH

1R FDVR GH LQFRQVFLrQFLDV RX VH D SHVVRD HQFRQWUDVH DOHUWD
PDV FRP D UHVSLUDomR UiSLGD H VXSHUILFLDO HQWUH H
PRYLPHQWRVUHVSLUDWyULRVSRUPLQXWRWDTXLSQpLD LQLFLDURIHUWDGH
R[LJrQLR VXSOHPHQWDU HP DOWD FRQFHQWUDomR PtQLPD GH
DWUDYpVGRXVRGHPiVFDUDIDFLDOFRPUHVHUYDWyULRGHR[LJrQLR

$QRUPDOPHQWH UiSLGD IUHTrQFLD YHQWLODWyULD PDLRU GH
PRYLPHQWRVUHVSLUDWyULRVSRUPLQXWR±WDTXLSQpLDJUDYH RIHUHFHU
YHQWLODomR DVVLVWLGD FRP FRQFHQWUDomR PtQLPD GH GH
R[LJrQLR


BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

$%25'$*(06(&81'È5,$
/LomR

'$9Ë7,0$

FDSD]HVGH
2EMHWLYRV
&LWDUDVHWDSDVGDDERUGDJHPVHFXQGiULDGRSDFLHQWH
'HPRQVWUDU DWUDYpV GH XPD VLPXODomR D VHTXrQFLD
FRUUHWD GRV SDVVRV GD DYDOLDomR JHUDO GR SDFLHQWH
XWLOL]DGRV SHOR VRFRUULVWD GXUDQWH D LQVSHomR GH XP
SDFLHQWH

5HYLVmRHP-XOKR±$ERUGDJHP6HFXQGiULDGD9tWLPD

$%25'$*(06(&81'È5,$

eRSURFHVVRRUGHQDGRGLULJLGRSDUDTXHL[DSULQFLSDOGDSHVVRDDWHQGLGD
$ DYDOLDomR WHP SRU REMHWLYR D LGHQWLILFDomR H R WUDWDPHQWR GH OHV}HV H

SUREOHPDV PpGLFRV LQGLFDGRV SHOD SHVVRD DYDOLDGD (VVD HWDSD GR DWHQGLPHQWR YLVD
REWHURVFRPSRQHQWHVQHFHVViULRVSDUDTXHRVRFRUULVWDSRVVDID]HUDGHFLVmRFRUUHWD
VREUHRVFXLGDGRVPHUHFLGRVSHODSHVVRD
2 H[DPHDERUGDJHP VHFXQGiULR D p UHDOL]DGR ORJR DSyV R WpUPLQR GD
DYDOLDomR LQLFLDO H p GLYLGLGD HP WUrV HWDSDV GLVWLQWDV HQWUHYLVWD H[DPH ORFDOL]DGR H
VLQDLVYLWDLV

(QWUHYLVWD
(WDSD GD DYDOLDomR RQGH R VRFRUULVWD FRQYHUVD FRP R FLGDGmR DWHQGLGR
EXVFDQGRREWHULQIRUPDo}HVGHSUySULRGHIDPLOLDUHVRXGHWHVWHPXQKDVVREUHRWLSR
GHOHVmRRXHQIHUPLGDGHH[LVWHQWHHRXWURVGDGRVUHOHYDQWHV
6HDSHVVRDPHVPRHVWDQGRFRQVFLHQWHIRULQFDSD]GHUHVSRQGHURVRFRUULVWD
GHYHUi EXVFDU DV LQIRUPDo}HV VREUH R TXH DFRQWHFHX HQWUHYLVWDQGR DV SHVVRDV
SUHVHQWHVQRORFDOGDHPHUJrQFLD

7HQWH FRQGX]LU VHXV TXHVWLRQDPHQWRV GH IRUPD RUGHQDGD SRLV D PDLRULD GDV
YH]HVYRFrGLVS}HGHXPWHPSRFXUWRSDUDREWHUHVVDVLQIRUPDo}HV
3HUJXQWH
x 1RPHGRFLGDGmR
x 2TXHDFRQWHFHX"
x 2FLGDGmRTXHL[RXVHGHDOJRDQWHVGHSHUGHUDFRQVFLrQFLD"
x 2FLGDGmRWHPDOJXPDGRHQoDRXSUREOHPDGHVD~GH"H
x $OJXpPVDEHVHRFLGDGmRWRPDDOJXPUHPpGLR"
6H D SHVVRD HVWLYHU FRQVFLHQWH H HP FRQGLo}HV GH UHVSRQGrOR TXHVWLRQHR
XWLOL]DQGR R SURFHVVR PQHP{QLFR GHQRPLQDGR 6$03/( &DGD OHWUD GD SDODYUD
UHSUHVHQWDXPDSHUJXQWDTXHGHYHUiVHUIHLWDjSHVVRDRXVHMD
6±6LQDLVHVLQWRPDV 2TXHYRFrHVWiVHQWLQGR"
$±$OHUJLDV 9RFrpDOpUJLFRDDOJXPWLSRGHVXEVWkQFLDRXDOLPHQWR"
0±0HGLFDo}HV 9RFrWRPDDOJXPWLSRGHUHPpGLR"4XDO"
3±3DVVDGRPpGLFR 9RFrHVWiUHDOL]DQGRDOJXPWUDWDPHQWRPpGLFR"4XDO"
/±/tTXLGRVHDOLPHQWRV 9RFrLQJHULXDOJXPDFRLVDUHFHQWHPHQWH" H
(±(YHQWRVUHODFLRQDGRVFRPRWUDXPDRXGRHQoD 2TXHDFRQWHFHX"

([DPH/RFDOL]DGR

2 H[DPH ORFDOL]DGR VHUi OLPLWDGR D XPD OHVmR RX SUREOHPD FOtQLFR GH DFRUGR
FRPDTXHL[DGRSDFLHQWH H['yLPLQKDSHUQD
/HPEUHVH2VSURFHGLPHQWRVGDDYDOLDomRGLULJLGDVmRGLIHUHQWHVSDUDSHVVRDV
GHWUDXPDHSHVVRDVGHHPHUJrQFLDFOtQLFD
$WHQomRGXUDQWHWRGRRSURFHVVRGHDYDOLDomRSRLVDOJXPDVYH]HVDQDWXUH]D
GDHPHUJrQFLDSRGHQmRHVWDUFODUDPHQWHGHILQLGD3RUH[HPSORXPDSHVVRDGHYLGRD


XPDHPHUJrQFLDFOLQLFDSRGHYLUDSHUGHUDFRQVFLrQFLDHVRIUHUXPDTXHGDVRIUHQGR
FRPLVVRXPWUDXPD

6LQDLV9LWDLV

2 UHJLVWUR GRV VLQDLV SRGHUi VHU H[HFXWDGR HP SDUWHV GXUDQWH RX DSyV D
DYDOLDomRGDFDEHoDDRVSpV
3RUTXH([HFXWDU
$ YHULILFDomR H FRPSDUDomR GRV VLQDLV YLWDLV GD SHVVRD DWHQGLGD VmR
IXQGDPHQWDLVQDDYDOLDomRGHVXDVUHDLVFRQGLo}HV
&RPR([HFXWDU
9HULILTXHHUHJLVWUH5HVSLUDomR3XOVR7HPSHUDWXUDH3UHVVmRDUWHULDO

([DPH)tVLFR
1HVVD HWDSDGD DYDOLDomR R VRFRUULVWD UHDOL]D XPD DSDOSDomRHXPD LQVSHomR
YLVXDO GH IRUPD RUGHQDGD H VLVWHPiWLFD GD FDEHoD DRV SpV EXVFDQGR ORFDOL]DU QD
SHVVRDDWHQGLGDLQGLFDo}HVGHOHV}HVRXSUREOHPDVPpGLFRV(VVDDYDOLDomRGHYHVHU
UHDOL]DGD SHOR VRFRUULVWD HP FHUFD GH GRLV D WUrV PLQXWRV 4XDQGR R DWHQGLPHQWR p
UHDOL]DGR SRU XPD HTXLSH VH VRFRUULVWDV WUHLQDGRV D GXUDomR GR H[DPH WDPEpP
GLPLQXL SRLV HQTXDQWR XP VRFRUULVWD UHDOL]D R H[DPH ItVLFR R RXWUR SRGH VHJXLU
DIHULQGRRVVLQDLVYLWDLV
2 H[DPH SRGH FDXVDU GHVFRQIRUWR H DOJXPD GRU SDUD D SHVVRD DWHQGLGD
HQWUHWDQWR SUHFLVD VHU UHDOL]DGR 2 VRFRUULVWD GHYH FRQKHFHU RV SURFHGLPHQWRV GD
DYDOLDomRHQmRWHUG~YLGDVVREUHDVQHFHVVLGDGHVGHPRYLPHQWDo}HVHVSHFtILFDVGD
SHVVRD /HPEUHVH GH QXQFD PRELOL]DU D SHVVRD PDLV GR TXH R DEVROXWDPHQWH
QHFHVViULRSDUDHYLWDUGDQRVDGLFLRQDLV
$RUHDOL]DURH[DPHSDGURQL]DGRGDFDEHoDDRVSpVRVRFRUULVWDGHYHUi

,QVSHFLRQDUH$SDOSDUD&DEHoD
3RUTXH([HFXWDU
3URYLGHQFLDUDLGHQWLILFDomRGHSRVVtYHLVOHV}HVQDFDEHoD
&RPR([HFXWDU
$SDOSH WRGR R FUkQLR SURFXUH SRU GHIRUPLGDGHV HGHPDV ODFHUDo}HV
GHVORFDo}HVHKHPRUUDJLDV

,QVSHFLRQDUH$SDOSDUDV2UHOKDV
3RUTXH([HFXWDU
,QGLFDU SRVVtYHLV SHUGDV GH DXGLomR WUDXPDWLVPR GH FUkQLR RX IHULPHQWRV QD
FDEHoD
&RPR([HFXWDU
3HVTXLVH D VDtGD GH VDQJXH RX OtTXRU SHORV RXYLGRV &HUWLILTXHVH GH TXH D
SHVVRD SRGH RXYLU 3HVTXLVH SRU HGHPDV RX HTXLPRVHV DWUiV GDV RUHOKDV 6LQDO GH
%DWWOH

,QVSHFLRQDURV2OKRV
3RUTXH([HFXWDU


,QGLFDU SRVVtYHLV OHV}HV GH FUkQLRHQFHIiOLFRV QR SUySULR ROKR XVR GH GURJDV
HWF
&RPR([HFXWDU
2EVHUYH D UHVSRVWD SXSLODU SURFXUH SRU HGHPDV HTXLPRVHV OHV}HV QDV
FyUQHDVRXSiOSHEUDV3ULPHLURVXPGHFDGDYH]GHSRLVRVGRLVMXQWRV

,QVSHFLRQDUD$SDOSDUD5HJLmR(VFDSXODU
3RUTXH([HFXWDU
,QGLFDUSRVVtYHLVIUDWXUDVRXOX[Do}HVQDUHJLmRHVFDSXODU
&RPR([HFXWDU
'HIRUPDOHYHHQmREUXVFDIDoDFRPSUHVVmR$QWHURSRVWHULRULQGLYLGXDOPHQWH
HP FDGD XP GRV RPEURV GHSRLV IDoD FRPSUHVVmR ODWHURODWHUDO GH DPERV 3URFXUH
LGHQWLILFDULQVWDELOLGDGHGRUFUHSLWDomRRXGHIRUPLGDGHV

,QVSHFLRQDUD$SDOSDUR7yUD[
3RUTXH([HFXWDU
5HVROYHU SUREOHPDV GD UHVSLUDomR WDLV FRPR SQHXPRWyUD[ IHULGD WRUiFLFD
DVSLUDQWHHWyUD[HPEiVFXOD
&RPR([HFXWDU
2EVHUYH RV PRYLPHQWRV UHVSLUDWyULRV GR WyUD[ 'H IRUPD OHYH H QmR EUXVFD
DSDOSHDVFRVWHODVGHXPGRVODGRVGDSHVVRDHGHSRLVGRRXWURDSDOSHRHVWHUQRH
HQWmR IDoD FRPSUHVVmR ODWHURODWHUDO H DQWHURSRVWHULRU GR WyUD[ 3HVTXLVH iUHDV GH
FRQWXVmR HGHPDV IUDWXUDV GHIRUPLGDGHV PRYLPHQWRV DQRUPDLV H HQILVHPDV
VXEFXWkQHRV

$XVFXOWDU 6RQV GD 5HVSLUDomR ± 'HSHQGH GR 3URWRFROR /RFDO H GR 1tYHO GR
6RFRUULVWD
3RUTXH([HFXWDU
3URYLGHQFLDU D LGHQWLILFDomR GH SRVVtYHLV OHV}HV FDUGtDFDV HGHPD SXOPRQDU
DVPDSQHXPRWyUD[HWF
&RPR([HFXWDU
$XVFXOWH D UHVSLUDomR ELODWHUDOPHQWH HP WRGRV RV TXDGUDQWHV H UHJLVWUD VHXV
DFKDGRV

,QVSHFLRQDUH$SDOSDUR$EG{PHQ
3RUTXH([HFXWDU
,GHQWLILFDU SRVVtYHLV SUREOHPDV FRPR KHPRUUDJLDV LQWHUQDV HYLVFHUDo}HV
DSHQGLFLWHVDQHXULVPDVGHDRUWDHWF
&RPR([HFXWDU
3URFXUH SRU GLVWHQVmR FRQWXVmR GHIRUPLGDGHV KHPRUUDJLDV HYLVFHUDo}HV
IHULPHQWRV H PDVVDV SXOViWHLV 5HDOL]DQGR PRYLPHQWRV FLUFXODUHV FRP DV SRQWDV GRV
GHGRV GH DPEDV DV PmRV VREUHSRVWDV REVHUYH IODFLGH] RX ULJLGH] $SDOSH WRGRV RV
TXDGUDQWHVLQGLYLGXDOPHQWH

,QVSHFLRQDUH$SDOSDUD5HJLmR3pOYLFD
3RUTXH([HFXWDU
,GHQWLILFDUSRVVtYHLVIUDWXUDVRXOX[Do}HVQDUHJLmRSpOYLFD


&RPR([HFXWDU
'HIRUPDOHQWDHQmREUXVFDIDoDFRPSUHVVmRODWHURODWHUDO$QWHURSRVWHULRUH
SRVWHULRUDQWHULRU GDV FULVWDV LOtDFDV H GHSRLV GH IRUPD OHQWD H QmR EUXVFD IDoD
FRPSUHVVmR $QWHURSRVWHULRU QD VtQILVH SXELDQD 3URFXUH LGHQWLILFDU LQVWDELOLGDGH GRU
FUHSLWDomRRXGHIRUPLGDGHV
,QYHVWLJDUVDQJUDPHQWRQRSHUtQHR UHWDOYDJLQDOHXUHWUDO

,QVSHFLRQDUH$SDOSDU([WUHPLGDGHV,QIHULRUHVH'HSRLVDV6XSHULRUHV
3RUTXH([HFXWDU
,GHQWLILFDU SRVVtYHLV SUREOHPDV UHODFLRQDGRV FRP IUDWXUDV OX[Do}HV HQWRUVHV
WUDXPDVGHFROXQDWUDXPDWLVPRGHFUkQLRFKRTXHHWF

&RPR([HFXWDU
3HVTXLVH SRU IHULPHQWRV KHPRUUDJLDV FRQWXV}HV HGHPDV GHIRUPLGDGHV H
IUDWXUDV
&KHTXH D PRWULFLGDGH VHQVLELOLGDGH H SXOVR GLVWDO 9HULILTXH WDPEpP D
SHUIXUDomR SHULIpULFD 3HVTXLVH D FDSDFLGDGH GH PRYLPHQWDomR H UHDomR j GRU 8PD
GHFDGDYH]
2EV $ PHQRV TXH VHMD QHFHVViULR PRYLPHQWDU RV PHPEURV LQIHULRUHV HRX
VXSHULRUHV SDUD UHVROYHU SUREOHPDV HQFRQWUDGRV QD DYDOLDomR LQLFLDO RV PHPEURV
GHYHUmRSHUPDQHFHUQDSRVLomRHQFRQWUDGDDWpHVVHPRPHQWR

,QVSHFLRQDUH$SDOSDU&RVWDVH1iGHJDV
3RUTXH([HFXWDU
$ SHVVRD DWHQGLGD GHYH VHU URODGD HP PRQREORFR SDUD XPD SUDQFKD UtJLGD
'HSRLV GH SRVLFLRQDGD HP GHF~ELWR ODWHUDO LQVSHFLRQH WRGD D FROXQD YHUWHEUDO SRU
DSDOSDomRHSHVTXLVHFRQWXV}HVGHIRUPLGDGHVIHULPHQWRVHKHPRUUDJLDV

&RPR([HFXWDU
,GHQWLILFDUSRVVtYHLVWUDXPDWLVPRVGHFROXQDHOHV}HVLQWHUQDV

R(VWDELOL]DomRH7UDQVSRUWHGD3HVVRD$WHQGLGD
x (IHWXDU D HVWDELOL]DomR H WUDQVSRUWH GD SHVVRD GH DFRUGR FRP R SURWRFROR GH
DWHQGLPHQWRSUpKRVSLWDODUDGHTXDGR
x (ODERUDU D ILFKD GH DWHQGLPHQWR SUpKRVSLWDODU GH IRUPD TXH HVWHMD FRPSOHWD
TXDQGRDDPEXOkQFLDFKHJDUjXQLGDGHGHGHVWLQR
x $SUHVHQWDU D SHVVRD DR PpGLFR GH SODQWmR DSUHVHQWDQGR D ILFKD GH
DWHQGLPHQWR SUpKRVSLWDODU H FRPSOHPHQWDQGR R KLVWyULFR YHUEDOPHQWH TXDQGR
VROLFLWDGRSHORPpGLFR
x 3UHSDUDomR GD DPEXOkQFLD GR HTXLSDPHQWR GR PDWHULDO H UHODWyULRV
QHFHVViULRVSDUDUHWRUQRDRHVWDGRGHSURQWLGmR



/LomR 0$1(-2'(9,$6
$e5($6

$R ILQDO GHVWD OLomR RV SDUWLFLSDQWHV VHUmR
FDSD]HVGH

2EMHWLYRV &RQKHFHURVVLQDLVHVLQWRPDVGHREVWUXomRGH
YLDVDpUHDVGHDGXOWRVFULDQoDVHODFWHQWHV
FRQVFLHQWHVHLQFRQVFLHQWHV
'HVFUHYHUDVSULQFLSDLVFDXVDVGHREVWUXomRGDV
YLDVDpUHDVVXSHULRUHVH
'HPRQVWUDURVSDVVRVGDDVVLVWrQFLDUHVSLUDWyULD
SUpKRVSLWDODUHPDGXOWRVFULDQoDVHODFWHQWHV
FRPHVHPREVWUXomRSRUFRUSRHVWUDQKR

5HYLVmRHP-XOKRR±0DQHMRGH9LDV$pUHDV

,1752'8d2

(P GH]HPEUR GH D $VVRFLDomR $PHULFDQD GR &RUDomR $+$ OLEHURX DV QRYDV
UHFRPHQGDo}HV SDUD D 5HDQLPDomR &DUGLRSXOPRQDU 5&3 HODERUDGDV SHOR ,/&25
,QWHUQDWLRQDO/LDLVRQ&RPPLWWHHRQ5HVXVFLWDWLRQ

$V QRYDV GLUHWUL]HV IRUDP DQXQFLDGDV HP XPD FRQIHUrQFLD UHDOL]DGD HP 'DOODV D
³ ,QWHUQDWLRQDO &RQVHQVXV &RQIHUHQFH RQ (&& DQG &35 6FLHQFH ZLWK 7UHDWPHQW
5HFRPPHQGDWLRQV´ H SXEOLFDGDV QR -RUQDO ³&XUUHQWV LQ (PHUJHQF\ &DUGLRYDVFXODU
&DUH´9ROQGD$+$3RGHVHDILUPDUTXHHVWHQRYRWUDEDOKRHVFULWRDSyVGRLV
DQRV GH GHEDWHV H ULJRURVD DYDOLDomR FLHQWtILFD UHSUHVHQWD R FRQFHQVR PXQGLDO SDUD
5HDQLPDomR

$SDUWLUGHDJRUDRVPDQXDLVGHWUHLQDPHQWRHVWDUmRVHQGRGLVWULEXtGRVHLVVRLPSOLFD
HPGL]HUTXHWRGRVDTXHOHVTXHIRUDPWUHLQDGRVHP5&3DQWHVGHGH]HPEURGH
GHYHUmRVHUVXEPHWLGRVDXPDUHFHUWLILFDomR

2 WH[WR D VHJXLU IRL HVFULWR HP FRQIRUPLGDGH FRP DV QRYDV GLUHWUL]HV GD $PHULFDQ
+HDUW$VVRFLDWLRQSDUDRDWHQGLPHQWRFDUGtDFRGHHPHUJrQFLD

5(9,62'$$1$720,$'26,67(0$5(63,5$7Ï5,2

2 VLVWHPD UHVSLUDWyULR FRPSUHHQGH R QDUL] D ERFD D IDULQJH D ODULQJH D HSLJORWH D
WUDTXpLDDiUYRUHEU{QTXLFDRVSXOP}HVHRVP~VFXORVUHVSLUDWyULRV

5(9,62'$),6,2/2*,$'26,67(0$5(63,5$7Ï5,2

$UHVSLUDomRpHVVHQFLDOSDUDDYLGDSRUTXHSHUPLWH
x 6XSULUDVFpOXODVFRPR[LJrQLR
x (OLPLQDURGLy[LGRGHFDUERQRGDVFpOXODV

2V P~VFXORV UHVSLUDWyULRV VmR R GLDIUDJPD TXH VHSDUD DV FDYLGDGHV WRUiFLFD H
DEGRPLQDOHRVP~VFXORVLQWHUFRVWDLV


4XDQGRRGLDIUDJPDHRVP~VFXORVLQWHUFRVWDLVVHFRQWUDHPSURGX]VHXPDSUHVVmR
QHJDWLYDQDFDYLGDGHWRUiFLFDHRDUH[WHUQRHQWUDQRVSXOP}HV,VWRpFKDPDGRGH
,QVSLUDomR

4XDQGRRVP~VFXORVVHUHOD[DPSURGX]HPXPDSUHVVmRSRVLWLYDQDFDL[DWRUiFLFDHR
DUpIRUoDGRDVDLUGRVSXOP}HV,VWRpD ([SLUDomR

6,1$,6'$5(63,5$d2

9tWLPDTXHUHVSLUD
2SHLWRHRDEGRPHVHHOHYDPHDEDL[DPFRQIRUPHVHUHVSLUDRX
H[SLUDRDU6HHVFXWDHVHQWHRDUVDLUSHODERFDHRQDUL]

9tWLPDTXHQmRUHVSLUD
$XVrQFLDGRVPRYLPHQWRVWRUiFLFRV DSQpLD
1mRVHHVFXWDHQHPVHVHQWHRDUVDLUSHODERFDHQDUL]GDYtWLPD

9tWLPDFRPUHVSLUDomRDQRUPDOLUUHJXODU
2SHLWRHRDEGRPHVHHOHYDPHDEDL[DPGHIRUPDLUUHJXODU
3UHVHQoDGHUXtGRVERUEXOKDVURQFRVVLELORVHWF

&21&(,726,03257$17(6

3DUDGDUHVSLUDWyULD
6XSUHVVmRV~ELWDGRVPRYLPHQWRVUHVSLUDWyULRVTXHSRGHUiRXQmRVHUDFRPSDQKDGD
GHSDUDGDFDUGtDFD

&LDQRVH
&RORUDomR D]XODGD GD SHOH H GDV PXFRVDV FDXVDGD SHOD IDOWD GH XPD DGHTXDGD
R[LJHQDomR QRV WHFLGRV e XP VLQDO GH LQVXILFLrQFLD UHVSLUDWyULD PDV VH REVHUYD
WDPEpPHPGRHQoDVFDUGtDFDVHHPLQWR[LFDomR

7e&1,&$6'($%(5785$'$69,$6$e5($6

$'9(57Ç1&,$$QWHVGHUHDOL]DUXPDPDQREUD
(P YtWLPDV TXH UHVSLUDP DLQGD TXH FRP GLILFXOGDGH QmR DSOLFDU QHQKXPD
PDQREUDGHYHVHDSHQDVHVWLPXOiODVDWRVVLU
$VVXPLUOHV}HVDVVRFLDGDVGHFHUYLFDOHPWRGRVRVFDVRVGHWUDXPD
(YLWDU D KLSHUH[WHQVmR GR SHVFRoR RX TXDOTXHU PRYLPHQWR GD FDEHoD H SHVFRoR
FRPDILQDOLGDGHGHSUHYHQLUPDLRUGDQRjFROXQDYHUWHEUDO
$ WUDomR GD PDQGtEXOD H D HOHYDomR GR PHQWR VmR DV ~QLFDV PDQREUDV
UHFRPHQGDGDV SDUD VHU UHDOL]DGD HP YtWLPD LQFRQVFLHQWH FRP SRVVLELOLGDGH GH
OHVmRQDFROXQD

0DQREUDGHH[WHQVmRGDFDEHoDRXHOHYDomRPDQGLEXODU

&RORFDU D YtWLPD HP GHF~ELWR GRUVDO KRUL]RQWDO H SRVLFLRQDUVH DR VHX ODGR QD
DOWXUDGRVRPEURV
&RORFDU XPD GDVPmRV QD WHVWD SDUD HVWHQGHU D FDEHoD SDUD WUiV H DSRQWD GRV
GHGRVLQGLFDGRUHPpGLRGDRXWUDPmRSRUEDL[RGDPDQGtEXODSDUDOHYDQWiOD

0DQREUDGHWUDomRPDQGLEXODU
&RORFDUDYtWLPDHPGHF~ELWRGRUVDOKRUL]RQWDOHSRVLFLRQDUVHGHMRHOKRHDOLQKDGR
DYtWLPDDFLPDGDSDUWHVXSHULRUGDFDEHoD
&RPRVFRWRYHORVQDPHVPDVXSHUItFLHTXHDYtWLPDHFRPXPDPmRGHFDGDODGR
GDFDEHoDGRPHVPRFRORFDUDVSRQWDVGRVGHGRVLQGLFDGRUHPpGLRVRERkQJXOR
GDPDQGtEXODHRVSROHJDUHVDFLPDGRDUFR]LJRPiWLFR
&RP RV GHGRV SRVLFLRQDGRV LPSXOVLRQDU D PDQGtEXOD SDUD FLPD PDQWHQGR D
FDEHoD HVWDELOL]DGD FRP D SDOPD GDV PmRV 1mR HOHYDU RX UHDOL]DU URWDomR GD
FDEHoDGDYtWLPDSRLVDSURSRVWDGHVWDPDQREUDpPDQWHUDYLDDpUHDDEHUWDVHP
PRYHUDFDEHoDRXRSHVFRoR

8VHVHPSUH(3,V

6HYRFrIRUUHDOL]DUXPDDEHUWXUDGH9$XVHDPDQREUDFRUUHWD
(PFDVRFOtQLFR PDQREUDGHH[WHQVmRGDFDEHoDHOHYDomRPDQGLEXODU
(PFDVRGHWUDXPD PDQREUDGDWUDomRGDPDQGtEXOD

9(17,/$d2'(5(6*$7(

2DUDWPRVIpULFRSRVVXLGHR[LJrQLR'RVLQDODGRVXQVVmRXWLOL]DGRV
SHORFRUSRHRVUHVWDQWHVVmRH[DODGRVTXDQWLGDGHVXILFLHQWHSDUDPDQWHUYLYD
XPDYtWLPD

$VWpFQLFDVGHYHQWLODomRGHVXSRUWHVmR
x %RFDPiVFDUD
x %RFDDERFD
x %RFDQDUL]H
x %RFDHVWRPD

0pWRGRERFDPiVFDUD

$EUDDV9$WUDFLRQDQGRDPDQGtEXODGDYtWLPD
3RVLFLRQHDPiVFDUDVREUHDIDFHGDYtWLPDFRPRiSLFHVREUHDSRQWHGRQDUL]HD
EDVHHQWUHRVOiELRVHRTXHL[R
,QVSLUH H YHQWLOH DWUDYpV GD DEHUWXUD GD PiVFDUD 2V GHGRV LQGLFDGRU PpGLR H
DQXODU GH FDGD PmR VHJXUDP D PDQGtEXOD GD YtWLPD HP H[WHQVmR HQTXDQWR RV
SROHJDUHV VmR FRORFDGRV VREUH D SDUWH VXSHULRU GD PiVFDUD $ SUHVVmR ILUPH GRV
GHGRVPDQWpPDPiVFDUDEHPVHODGDjIDFH

5HWLUHDERFDHGHL[HRDUVDLUOLYUHPHQWH2WHPSRGHFDGDYHQWLODomRpRPHVPR
GHVFULWRQDWpFQLFDGHERFDDERFD

0pWRGRERFDDERFD

$EUDDVYLDVDpUHDV
)HFKHDVQDULQDVGDYtWLPDFRPVHXVGHGRV LQGLFDGRUHSROHJDU
,QVSLUHRDUHFRORTXHVXDERFDFRPILUPH]DVREUHDERFDGDYtWLPDHYHQWLOH SRU
VHJXQGR VHXDUSDUDGHQWURGRVSXOP}HVGDYtWLPD
5HWLUHVXDERFDHGHL[HRDUVDLUOLYUHPHQWH
5HSLWD D YHQWLODomR DUWLILFLDO D FDGD VHJXQGRV SRU PLQXWR QR VRFRUUR GH
DGXOWRVHDFDGDVHJXQGRV SRUPLQXWR QRVRFRUURGHFULDQoDVHODFWHQWHV

0pWRGRERFDQDUL]

8WLOL]DGD HP FULDQoDV H ODFWHQWHV EHErV $ WpFQLFD VHJXH RV PHVPRV SDVVRV GD
YHQWLODomRGHERFDDERFDLQFOXLQGRQRLWHPDFRORFDomRGDERFDGRVRFRUULVWDVREUH
DERFDHRQDUL]GDYtWLPDHHPVHJXLGDXPDYHQWLODomREHPOHQWD

8VHVHPSUH(3,V

0pWRGRERFDHVWRPD

1HVWDWpFQLFDFXPSUHPVHRVPHVPRVSDVVRVGDWpFQLFDERFDPiVFDUDFRORFDQGRVH
DPiVFDUDGLUHWDPHQWHVREUHRHVWRPDGDYtWLPD(VWRPDpXPDDEHUWXUDSHUPDQHQWH
QRSHVFRoRTXHFRQHFWDDWUDTXpLDGLUHWDPHQWHjSHOH ODULQJHFWRPLD

35,1&,3$,65,6&26(&203/,&$d®(6'$9(17,/$d2$57,),&,$/

,QIHFo}HV
7RPDUDVSUHFDXo}HVSDUDHYLWDUDGTXLULURXWUDQVPLWLULQIHFo}HV

,QWR[LFDo}HV
eLPSRUWDQWHFRQKHFHUVHDYtWLPDLQJHULXSURGXWRVWy[LFRVRX
FiXVWLFRVSDUDHYLWDUOHVLRQDUVHRXLQWR[LFDUVH

/HVmRFHUYLFDO
6HKiVXVSHLWDGHOHVmRFHUYLFDOQmRGHYHDSOLFDUD7pFQLFDGH

([WHQVmRGDFDEHoD±HOHYDomRPDQGLEXODU

'LVWHQVmRJiVWULFD
6HDYtWLPDDSUHVHQWDRDEGRPHGLVWHQGLGRQmRVHGHYHWHQWDU
UHGXomRSHORHOHYDGRULVFRGHY{PLWRHFRQVHTXHQWHPHQWH
REVWUXomRGDYLDDpUHD

2EV$H[SHULrQFLDDVVLQDODTXHRIDWRGHWHQWDUDOLYLDUDGLVWHQVmRJiVWULFDFRPXPD
SUHVVmR PDQXDO VREUH D SDUWH VXSHULRU GR DEG{PHQ GD YtWLPD TXDVH FHUWDPHQWH
SURYRFDUi UHJXUJLWDomR Y{PLWR VH R HVW{PDJR HVWLYHU FKHLR 3RUWDQWR FRQWLQXH
YHQWLODQGR GH IRUPD OHQWD H FRQWtQXD SDUD HYLWDU D RFRUUrQFLD GH GLVWHQVmR H QXQFD
FRPSULPDRDEG{PHQGDYtWLPD

2%6758d®(6'$69,$6$e5($6325&2532(675$1+2

&RQFHLWRGH29$&(

e D REVWUXomR V~ELWD GDV 9$ VXSHULRUHV FDXVDGD SRU FRUSR HVWUDQKR $ 29$&( HP
DGXOWRV JHUDOPHQWH RFRUUH GXUDQWH D LQJHVWmR GH DOLPHQWRV H HP FULDQoDV GXUDQWH D
DOLPHQWDomRRXDUHFUHDomR VXJDQGRREMHWRVSHTXHQRV

$VFDXVDVGHREVWUXomRGDV9$VXSHULRUHVSRGHPLQFOXLUREVWUXo}HV
x SHODOtQJXD
x SHODHSLJORWH
x SRUFRUSRVHVWUDQKRV
x SRUGDQRVDRVWHFLGRV
x SRUSDWRORJLDV HQIHUPLGDGHV

7LSRVGHREVWUXo}HV
$ REVWUXomR SRGHUi VHU SDUFLDO TXDQGR D SDVVDJHP GH DU HQFRQWUDVH GLPLQXtGD RX
WRWDOTXDQGRRDUQmRSDVVD

2EVWUXomRSHODOtQJXD
$OtQJXDFDLVREUHDEDVHGDIDULQJHEORTXHDQGRDSDVVDJHPGRDU
eFRPXPQRVFDVRVGHLQFRQVFLrQFLD

2EVWUXomRSHODHSLJORWH
3RGHUiRFRUUHUTXDQGRDYtWLPDIRUoDH[FHVVLYDPHQWHDVLQVSLUDo}HV
HPUHDo}HVDOpUJLFDVHHVSDVPRVSRUGLYHUVDVFDXVDV

2EVWUXomRSRUFRUSRVHVWUDQKRV
*HUDOPHQWHSURGX]LGDSRUDOLPHQWRVSUyWHVHVGHQWiULDVUHJXUJLWDomR
GHFRQWH~GRVJiVWULFRVSDUDDIDULQJH Y{PLWRV HWF

2EVWUXomRSRUGDQRVDRVWHFLGRV

3RGHUiRFRUUHUSRUIHULPHQWRVSHQHWUDQWHVQRSHVFRoROHV}HV
VHYHUDVGHIDFHUHVSLUDomRGHJDVHVTXHQWHVGHLQFrQGLRVLQJHVWmR
GHTXtPLFRVFiXVWLFRVWUDXPDWLVPRVGHSHVFRoRSRUFRiJXORV
VDQJtQHRVSURYHQLHQWHVGHWUDXPDVHWF

2EVWUXomRSRUHQIHUPLGDGHV
&HUWDVLQIHFo}HVUHVSLUDWyULDVHDOJXPDVFRQGLo}HVFU{QLFDV DVPD
EU{QTXLFD SRGHPFDXVDULQIODPDomRGRVWHFLGRVHHVSDVPRV
PXVFXODUHVTXHDFDEDPSRUREVWUXLUDSDVVDJHPDpUHD

&2025($/,=$5$60$12%5$6'('(62%6758d2

$ PDQREUD GH FRPSUHVVmR VXEGLDIUDJPiWLFD PDQREUD GH +HLPOLFK p UHFRPHQGDGD
SDUDRWUDWDPHQWRSUpKRVSLWDODUGHXPD29$&(

$RHOHYDURGLDIUDJPDHVWDPDQREUDIRUoDRDUGRVSXOP}HVDFULDUXPDWRVVHDUWLILFLDO
FDSD]GHH[SHOLURFRUSRHVWUDQKRTXHHVWiREVWUXLQGRDV9$

$PDQREUDSRGHUiVHUUHDOL]DGDFRPDYtWLPDGHSpRXGHLWDGD

6HX LQVWUXWRU GHPRQVWUDUi FDGD XPD GDV WpFQLFDV H FRPR UHDOL]DU XPD YDUUHGXUD
GLJLWDO

&RPSUHVVmRDEGRPLQDO &RPSUHVVmRDEGRPLQDO
DGPLQLVWUDGD DGPLQLVWUDGD
HPYtWLPDFRQVFLHQWH HPYtWLPDVFRQVFLHQWHVREHVDV
6RE QHQKXPD KLSyWHVH RV SDUWLFLSDQWHV GHYHP SUDWLFDU D PDQREUD GH +HLPOLFK UHDO
XQV QRV RXWURV GXUDQWH R WUHLQDPHQWR 2V SDUWLFLSDQWHV GHYHP DSHQDV VLPXODU D
FRPSUHVVmRVREUHRDEG{PHQRXH[HFXWDUDVPDQREUDVUHDLVHPPDQHTXLQV

9(17,/$d2&20(035(*2'((48,3$0(1726$&(66Ï5,26

$V FkQXODV RURIDUtQJHDV VmR DFHVVyULRV TXH PDQWpP D OtQJXD DIDVWDGD GD SDUHGH
SRVWHULRU GD IDULQJH $V FkQXODV IDFLOLWDP D DVSLUDomR GD IDULQJH H HYLWDP TXH R
SDFLHQWHPRUGD 2V GRLV WLSRVPDLV FRPXQV GH FkQXODV XWLOL]DGDV QR6HUYLoR GH $3+
VmRR*XHGHOHR%HUPDQ2SULPHLURpGRWLSRWXEXODUHDVHJXQGDSRVVXLFDQDLVDR
ORQJRGHVXDVODWHUDLV

7e&1,&$'(&2/2&$d2'$&Æ18/$252)$5Ë1*($

&RORFDURSDFLHQWHQDSRVLomRFRUUHWD
(VFROKHURWDPDQKRFRUUHWRGDFkQXOD OyEXORGDRUHOKDDRFDQWRGDERFDRXkQJXOR
GDPDQGtEXODDRFHQWURGRVGHQWHV
&UX]DURVGHGRVSROHJDUHLQGLFDGRUDEULQGRDERFDGRSDFLHQWH
,QWURGX]LU D FkQXOD FRP D H[WUHPLGDGH FRQWUD R FpX GD ERFD SDODWR GXUR DWp R
SDODWRPROHRXDWpD~YXOD
5RGDUDFkQXODJUDXVHSRVLFLRQDU

&XLGDGR6HDFkQXODHVFROKLGDSHORVRFRUULVWDIRUPXLWRORQJDHODSRGHUiSUHVVLRQDU
DHSLJORWHSURGX]LQGRREVWUXomR6HIRUPXLWRFXUWDWDPEpPQmRVHUiHILFLHQWH

2EV 2V GHPDLV DFHVVyULRV VHUmR HVWXGDGRV FRPPDLRU SURIXQGLGDGH QR GHFRUUHU GR
FXUVRGXUDQWHDOLomRGHR[LJHQRWHUDSLDHDVSLUDomR
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


5($1,0$d2
/LomR &$5',238/021$5

2EMHWLYRV FDSD]HVGH

([SOLFDU H GHPRQVWUDU RV SDVVRV GD UHDQLPDomR
FDUGLRSXOPRQDUHPDGXOWRVFULDQoDVHODFWHQWHVH
([SOLFDU H GHPRQVWUDU RV SDVVRV GD UHDQLPDomR
FDUGLRSXOPRQDUHPDGXOWRVHPHTXLSHFRPHVHP
'($

5HYLVmRHP$EULO±5HDQLPDomR&DUGLRSXOPRQDU

,1752'8d2

(P RXWXEUR GH D $VVRFLDomR $PHULFDQD GR &RUDomR $+$ OLEHURX DV QRYDV
UHFRPHQGDo}HV SDUD D 5HDQLPDomR &DUGLRSXOPRQDU 5&3 HODERUDGD SHOR ,/&25
,QWHUQDWLRQDO/LDLVRQ&RPPLWWHHRQ5HVXVFLWDWLRQ

3RGHVHDILUPDUTXHHVWHQRYRWUDEDOKRHVFULWRDSyVGRLVDQRVGHGHEDWHVHULJRURVD
DYDOLDomRFLHQWtILFDUHSUHVHQWDRFRQVHQVRPXQGLDOSDUD5HDQLPDomR

2&21&(,72'$&$'(,$'$62%5(9,9Ç1&,$'$$+$

2 VXFHVVR QD UHFXSHUDomR GH XPD SDUDGD FDUGtDFD GHSHQGH GH XPD VpULH GH
LQWHUYHQo}HVSUpHLQWUDKRVSLWDODUHV6HXPDGHVVDVDo}HVpQHJOLJHQFLDGDUHWDUGDGD
RX PHVPR HVTXHFLGD D UHFXSHUDomR GD YtWLPD SRGHUi QmR DFRQWHFHU 2 FRQFHLWR GD
&DGHLD GD 6REUHYLYrQFLD p XPD PHWiIRUD FULDGD SHOD $VVRFLDomR $PHULFDQD GR
&RUDomRSDUDLQIRUPDUDLPSRUWkQFLDGDLQWHUGHSHQGrQFLDGHVVDVDo}HV

$FDGHLDWHPDQpLVLQWHUGHSHQGHQWHVTXHVmR

&DGD FRQMXQWR GH Do}HV RX HORV GHVWD FDGHLD GHYHP VHU UHDOL]DGRV R PDLV UiSLGR
SRVVtYHO 6H DOJXP DQHO IRU IUDFR GHPRUDGR RX IDOWDU DV FKDQFHV GH VREUHYLGD H
UHFXSHUDomRGRSDFLHQWHHVWDUmRGLPLQXtGDV

26)$725(6'(5,6&2'$6'2(1d$6&$5'Ë$&$6

2 ULVFR GH XP DWDTXH FDUGtDFR DXPHQWD GH DFRUGR FRP R Q~PHUR GH IDWRUHV
DSUHVHQWDGR SHOR SDFLHQWH 2V LQGLYtGXRV TXH DSUHVHQWDP PDLV GH XP IDWRU GH ULVFR
SRGHPWHUPXLWRPDLVFKDQFHVGHGHVHQYROYHUXPDGRHQoDYDVFXODU

)DWRUHVTXHSRGHPVHUDOWHUDGRV
)XPDU3UHVVmRDUWHULDOHOHYDGD
1tYHLVDOWRVGHFROHVWHURO
,QDWLYLGDGHItVLFD



)DWRUHVTXHQmRSRGHPVHUDOWHUDGRV
+HUDQoD
6H[R
,GDGH
)DWRUHVTXHFRQWULEXHP
2EHVLGDGH
'LDEHWH
(VWUHVVH

5(9,62'$$1$720,$(),6,2/2*,$'26,67(0$&,5&8/$7Ï5,2

2VLVWHPDFLUFXODWyULRFRPSUHHQGHRFRUDomRDVDUWpULDVDVYHLDVHRVFDSLODUHV

&RUDomR
e XP yUJmR PXVFXODU RFR TXH SRGH VHU JURVVHLUDPHQWH FRPSDUDGR QR DGXOWR DR
WDPDQKRGDVXDSUySULDPmRIHFKDGD

/RFDOL]DVHQDFDYLGDGHWRUiFLFDDWUiVGRRVVRHVWHUQRHHQWUHRVSXOP}HV2FRUDomR
p GLYLGLGR HP GXDV PHWDGHV VHSDUDGDV SRU XP VHSWR &DGD XPD GDV PHWDGHV
VXEGLYLGHVH HP XPD FDYLGDGH VXSHULRU iWULRV GLUHLWR H HVTXHUGR H XPD FDYLGDGH
LQIHULRU YHQWUtFXORV GLUHLWR H HVTXHUGR &DGD PHWDGH VXSHULRU VH FRPXQLFD FRP D
PHWDGH LQIHULRU DWUDYpV GDV YiOYXODV DWULRYHQWULFXODUHV $ SDUWH HVTXHUGD UHFHEH
VDQJXH R[LJHQDGR SURYHQLHQWH GRV SXOP}HV H R ERPEHLD SDUD WRGR R FRUSR $ SDUWH
GLUHLWDUHFHEHRVDQJXHSURYHQLHQWHGRFRUSRHRERPEHLDSDUDRVSXOP}HVSDUDTXH
YROWHDR[LJHQDUVH2VDQJXHSDVVDGRViWULRVSDUDRVYHQWUtFXORVDWUDYpVGHYiOYXODV
TXH HYLWDP R UHWRUQR GR VDQJXH YiOYXODV PLWUDO H WULF~VSHGH 2 FRUDomR IXQFLRQD
FRPRXPDYHUGDGHLUDERPEDTXHDVSLUDHLPSXOVLRQDRVDQJXHFRQVWDQWHPHQWH

$UWpULDV
7UDQVSRUWDPRVDQJXHULFRHPR[LJrQLRHGHPDLVQXWULHQWHVSDUDDV
FpOXODVGRRUJDQLVPR

9HLDV
7UDQVSRUWDPRVDQJXHVHPR[LJrQLRHRVUHVtGXRVGDVFpOXODVGR
FRUSR&RQGX]HPRVDQJXHYHQRVRTXHUHWRUQDSDUDRFRUDomR

&DSLODUHV
$WUDYpVGDVSDUHGHVGRVFDSLODUHVRR[LJrQLRRGLy[LGR
GHFDUERQRRVQXWULHQWHVHRVUHVtGXRVVmRWURFDGDVHQWUHDVFpOXODV
GRFRUSRHRVDQJXH

5(9,62'26,67(0$'(&21'8d2'2&25$d2


$V SDUHGHV PXVFXODUHV GR FRUDomR VmR FKDPDGDV GH PLRFiUGLR $ PDLRU SDUWH GR
PLRFiUGLRpIRUPDGDSHORWHFLGRPXVFXODUUHVSRQViYHOSHORIRUPDWRGRFRUDomRHSHOR
ERPEHDPHQWRGRVDQJXHSDUDRUHVWDQWHGRFRUSR$OJXPDVSDUWHVGRPLRFiUGLRVmR
PRGLILFDGDV H IRUPDP R VLVWHPD GH FRQGXomR GR FRUDomR (VWDV FpOXODV VmR
UHVSRQViYHLVSHODDWLYLGDGHHOpWULFDGRFRUDomR2HVWtPXORSDUDREDWLPHQWRFDUGtDFR
VH LQLFLD HP XPD SHTXHQD UHJLmR GR PLRFiUGLR FKDPDGD GH QyGXOR VLQXVDO RX
VLQRDWULDO $ RQGD HOpWULFD VDL GHVWH ORFDO HP LQWHUYDORV GH DSUR[LPDGDPHQWH
VHJXQGRSDUDXPDSHVVRDDGXOWDHPUHSRXVR(VSDOKDVHSDUDDVFkPDUDVVXSHULRUHV
GR FRUDomR iWULRV H HP VHJXLGD ID] XPD SHTXHQD SDXVD DQWHV GH FRQWLQXDU R
FDPLQKR H HVWLPXODU DV FkPDUDVPDLV EDL[DV YHQWUtFXORV (VWD SDXVD RFRUUH HPXP
VHJXQGR SRQWR GHQRPLQDGR QyGXOR iWULRYHQWULFXODU $9 2 LPSXOVR HQYLDGR SDUD DV
FkPDUDVYHQWULFXODUHVSDVVDSRUXPVHSWRTXHDVVHSDUDP(PVHJXLGDSHORVUDPRV
GLUHLWR H HVTXHUGR FKHJDP DRV GRLV YHQWUtFXORV $ UHGH GH 3XUNLQMH DMXGD QD
SURSDJDomR UiSLGD GR HVWtPXOR SDUD WRGDV D SDUWHV GRV YHQWUtFXORV 2 VLVWHPD GH
FRQGXomR HVWLPXOD R EDWLPHQWR GR FRUDomR H FRRUGHQD R WHPSR GH HQFKLPHQWR GDV
FkPDUDV VXSHULRUHV DWp TXH ILTXHP SURQWDV SDUD D FRQWUDomR $SyV D FRQWUDomR GRV
iWULRVRFRUUHXPDSDXVDSHUPLWLQGRRHQFKLPHQWRWRWDOGRVYHQWUtFXORVSDUDDSRVWHULRU
FRQWUDomRGHVWHV

&21&(,726,03257$17(6

3DUDGD&DUGtDFD
6XSUHVVmRV~ELWDHLQHVSHUDGDGRVEDWLPHQWRVFDUGtDFRV

0RUWH&OtQLFD
8PDYtWLPDHVWiFOLQLFDPHQWHPRUWDTXDQGRFHVVDDUHVSLUDomRHRFRUDomRGHL[DGH
EDWHU

0RUWH%LROyJLFD
8PD YtWLPD HVWD ELRORJLFDPHQWH PRUWD TXDQGR DV FpOXODV GR FpUHEUR PRUUHP
&RUUHVSRQGHDPRUWHHQFHIiOLFD

6,1$,6(9,'(17(6'(0257(

/LYRUPRUWLV
([WDVHVDQJtQHDGHSHQGHQWHGDSRVLomRGRFDGiYHU0DQLIHVWDVH
HQWUHKRUDHPLQXWRVDKRUDVDWLQJLQGRVHXPi[LPRHQWUHD
KRUDV&RUUHVSRQGHDXPDFRUD]XODGDTXHVHHVWHQGHSRU
GHEDL[RGDSHOHQDSDUWHPDLVEDL[DGRFRUSR

5LJRUPRUWLV
,QLFLDVHHQWUHDKRUDVSHORVP~VFXORVGDPDVWLJDomRHDYDQoD
GDFDEHoDDRVSpVDWLQJLQGRRPi[LPRHQWUHDKRUDV

3XWUHIDomR
'HFRPSRVLomRGRFRUSRDFRPSDQKDGDGHRGRUIpWLGR$UDSLGH]FRP


TXHVHGHFRPS}HXPFRUSRGHSHQGHGHYiULRVIDWRUHVHQWUHRVTXDLV
DWHPSHUDWXUDDPELHQWH

2XWUDV VLWXDo}HV TXH LQGLFDP HYLGrQFLD GH PRUWH VmR RV FDVRV GH GHFDSLWDomR
GHVPHPEUDPHQWR RX PXWLODomR JUDYH TXH GHVFDUWH TXDOTXHU SRVVLELOLGDGH GH YLGD
PRUWHyEYLD

5HFRUGDUTXHVyXPSURILVVLRQDOPpGLFRSRGHUi
DWHVWDUOHJDOPHQWHTXHXPDSHVVRDHVWiPRUWD

6,1$,6(6,1720$6'(80$
3$5$'$&$5'Ë$&$

,QFRQVFLrQFLD
$XVrQFLDGDUHVSLUDomR
$XVrQFLDGHEDWLPHQWRVFDUGtDFRV

0$12%5$63$5$5($/,=$580$5&3

9HULILFDURHVWDGRGHFRQVFLrQFLD
3HGLUDMXGD DFLRQDUR6(0
3RVLFLRQDUDYtWLPDDGHTXDGDPHQWH
3RVLFLRQDUVHDRODGRGDYtWLPD
$VVHJXUDUDSHUPHDELOLGDGHGDVYLDVDpUHDV
9HULILFDUDUHVSLUDomR
9HQWLODUVHIRURFDVR
9HULILFDUVLQDLVGHFLUFXODomR SXOVRFDURWtGHRUHVSLUDomRPRYLPHQWRRXWRVVH
/RFDOL]DURSRQWRSDUDLQLFLDUDVFRPSUHVV}HVWRUiFLFDV
3RVLFLRQDUDGHTXDGDPHQWHDVPmRVHRFRUSRHLQLFLDUD5&3
5HDYDOLDUDRILQDOGRFLFORFRPSOHWR

0$12%5$6,1$'(48$'$6'(5&3

x $YtWLPDQmRHVWiSRVLFLRQDGDVREUHXPDVXSHUItFLHUtJLGD
x $YtWLPDQmRHVWiHPSRVLomRKRUL]RQWDO


x 1mRVHH[HFXWDDGHTXDGDPHQWHDPDQREUDGHH[WHQVmRGDFDEHoD
x $ERFDRXPiVFDUDQmRHVWmRSHUIHLWDPHQWHVHODGDVHRDUHVFDSD
x $VQDULQDVGDYtWLPDQmRHVWmRIHFKDGDV
x $VPmRVHVWmRFRORFDGDVLQFRUUHWDPHQWHRXHPORFDOLQDGHTXDGRVREUHRWyUD[
x $V FRPSUHVV}HV HVWmR VHQGR UHDOL]DGDV PXLWR SURIXQGDV RX GHPDVLDGDPHQWH
UiSLGDV
x $UD]mRHQWUHDVYHQWLODo}HVHFRPSUHVV}HVHVWiLQFRUUHWD
x $5&3GHL[DGHVHUH[HFXWDGDSRUPDLVGHVHJXQGRV

$5&3'(9(5È&217,18$5$7e48(

x 2FRUUD R UHWRUQR HVSRQWkQHR GD FLUFXODomR UHWRUQR GR SXOVR 1mR HVTXHFHU GH
FRQWLQXDUYHQWLODQGR
x 2FRUUDRUHWRUQRGDUHVSLUDomRHFLUFXODomR
x 3HVVRDOPDLVFDSDFLWDGRFKHJDDRORFDOGDRFRUUrQFLDDDVVXPHRVRFRUUR
x 2 VRFRUULVWD HVWi FRPSOHWDPHQWH H[DXVWR H QmR FRQVHJXH PDLV UHDOL]DU DV
PDQREUDVGHUHDQLPDomRFDUGLRSXOPRQDU

'(6),%5,/$d212$0%,(17(35e+263,7$/$5

e XPIDWR UHDO TXHDPDLRULDGDVPRUWHV V~ELWDV SRU SUREOHPDV FDUGtDFRV DFRQWHFHP
ORQJH GRV KRVSLWDLV H HVWH p R SULQFLSDO PRWLYR SDUD D H[LVWrQFLD GRV FXUVRV GH
5HDQLPDomR FDUGLRSXOPRQDU 5&3 H 3URJUDPDV GH 'HVILEULODomR $XWRPiWLFD SRU
3HVVRDO/HLJR QmRPpGLFR

8PSURFHGLPHQWRLPSRUWDQWHTXHVDOYDDYLGDGHDOJXQVSDFLHQWHVHSRGHVHUIHLWRQR
kPELWRSUpKRVSLWDODUpFKDPDGRGHGHVILEULODomR

&202)81&,21$$'(6),%5,/$d2(;7(51$$8720È7,&$

2VGHVILEULODGRUHVVmRHTXLSDPHQWRVSURMHWDGRVSDUDSURSRUFLRQDUXPFKRTXHHOpWULFR
TXHLQWHUURPSHDDWLYLGDGHHOpWULFDDQRUPDOGRFRUDomRGRHQWH
1mR VH SUHWHQGH FRP HVVH SURFHVVR SDUDUR FRUDomR PDV VLP HOLPLQDU FHUWRV ULWPRV
OHWDLV H SRVVLELOLWDU DV FRQGLo}HV SDUD TXH R FRUDomR UHWRUQH DR ULWPR QRUPDO
HVSRQWDQHDPHQWH(VWHSURFHVVRpFKDPDGRGHVILEULODomR

$WXDOPHQWH D PDLRULD GRV VHUYLoRV GH HPHUJrQFLDV XWLOL]D DSDUHOKRV GHVILEULODGRUHV
H[WHUQRVGRWLSRVHPLDXWRPiWLFRFKDPDGRVGH'(6$

(OHVVmRUHODWLYDPHQWHVLPSOHVGHRSHUDUHRHQVLQRGRVHXPDQXVHLRHVWiOHQWDPHQWH
VHQGRLQFRUSRUDGRQRVFXUVRVGHIRUPDomRHWUHLQDPHQWRVGHDWXDOL]DomRGRSHVVRDO
GDVD~GHHGRVVHUYLoRVGHHPHUJrQFLD

2V '($ VmR SURJUDPDGRV SDUD UHFRQKHFHU XP ULWPR DQRUPDO GR FRUDomR TXH UHTXHU
XP FKRTXH FDUUHJDU H WUDQVPLWLU R FKRTXH PRGHOR DXWRPiWLFR RX DFRQVHOKDU DR
VRFRUULVWD R DFLRQDPHQWR GR GLVSRVLWLYR TXH WUDQVPLWH R FKRTXH PRGHOR
VHPLDXWRPiWLFR



$V OLPLWDo}HV GR HTXLSDPHQWR HVWmR PDLV UHODFLRQDGDV DRV WLSRV GH SUREOHPDV
FDUGtDFRVGRTXHjVGLILFXOGDGHVGHPDQXVHLR

2635,1&,3$,6352%/(0$6'(&25$d2,1&/8(0

5LWPRGHVRUJDQL]DGRFKDPDGRGH )LEULODomRYHQWULFXODU RX)9

e XP HVWDGR GH LQWHQVD GHVFRQWURODGD H GHVRUJDQL]DGD DWLYLGDGH HOpWULFD GRV
YHQWUtFXORV&RPHVWHULWPRGHVRUGHQDGRRFRUDomRQmRFRQVHJXHERPEHDURVDQJXH
$ PDLRULD GRV FDVRV GH )9 SRGH VHU FRUULJLGD DWUDYpV GR HPSUHJR UiSLGR GH XP
GHVILEULODGRU2WHPSRGDHPHUJrQFLDFDUGLROyJLFDpXPIDWRUPXLWRLPSRUWDQWHTXDQWR
PDLVUiSLGRpH[HFXWDGRRFKRTXHPDLRUpDFKDQFHGHVREUHYLYrQFLDHUHFXSHUDomR
GRSDFLHQWH

5LWPRRUJDQL]DGRSRUpPRFRUDomREDWHPXLWRUiSLGR 7DTXLFDUGLDYHQWULFXODU

(VWH SUREOHPD HVWi DVVRFLDGR j UDSLGH] GRV EDWLPHQWRV GDV FkPDUDV LQIHULRUHV H
FRQVHTHQWHPHQWH j IUHTrQFLD DXPHQWDGD GR FRUDomR (P DOJXQV FDVRV D
YHORFLGDGHpWmRUiSLGDTXHRFRUDomRQmRFRQVHJXHHQFKHUVHHERPEHDUXPYROXPH
DGHTXDGR GH VDQJXH 2 XVR GR '($ WDPEpP DX[LOLD QD FRQYHUVmR GHVVH ULWPR SDUD
XPDVLWXDomRGHQRUPDOLGDGH

'LVVRFLDomRHOHWURPHFkQLFD ULWPRRUJDQL]DGRSRUpPRFRUDomREDWHPXLWR
OHQWDPHQWH QHVVHV FDVRV WDPEpP FRQKHFLGRV SRU DWLYLGDGH HOpWULFD VHP SXOVR D
DWLYLGDGH HOpWULFD GR FRUDomR HVWi GHQWUR GR QRUPDO PDV R P~VFXOR FDUGtDFR HVWi
PXLWR IUDFR SDUD ERPEHDU VDQJXH $VVLP D DWLYLGDGH HOpWULFD GR FRUDomR HVWi
GLVVRFLDGD GD DomR PHFkQLFD GH ERPEHDU (VWHV QmR SRGHP VHU DMXGDGRV SHOD
GHVILEULODomR

1HQKXPLPSXOVRHOpWULFRRX DVVLVWROLD

6HP LPSXOVRV HOpWULFRV R P~VFXOR FDUGtDFR QmR p HVWLPXODGR D FRQWUDLUVH $
GHVILEULODomR QmR WHP ILQDOLGDGH QHVWHV FDVRV TXH GHYHP VHU DWHQGLGRV FRP 5&3 H
GHVORFDPHQWR UiSLGR SDUD XPD XQLGDGH KRVSLWDODU D ILP GH UHFHEHU DWHQGLPHQWR GH
VXSRUWHDYDQoDGRGHYLGD

&20223(5$580'($

7RGRV RV DSDUHOKRV GHVILEULODGRUHV H[WHUQRV SRGHP VHU RSHUDGRV D SDUWLU GH TXDWUR
PHGLGDVVLPSOHV

3RVLFLRQDURDSDUHOKRDRODGRGRSDFLHQWHHOLJDURPHVPR
&RQHFWDURVHOHWURGRVDXWRFRODQWHVQRSDFLHQWHHGHSRLVQRSUySULRDSDUHOKR
$JXDUGDUDVRULHQWDo}HVGR'($RXLQLFLDUDDQiOLVHGRULWPRFDUGtDFR
$SOLFDURFKRTXHFDVRVHMDLQGLFDGRHVHJXURID]rOR



$SyV R FKRTXH UHLQLFLH R 5&3 LPHGLDWDPHQWH FRP FRPSUHVV}HV WRUiFLFDV VHP
UHDYDOLDU R SXOVR H VHP UHWLUDU DV SiV $SyV R SULPHLUR FKRTXH FRP R '($ PDLV GH
GRV FRUDo}HV HP )9 UHVSRQGHP UHWRUQDQGR D XP ULWPR QRUPDO 3RUpP PXLWDV
YH]HVRFRUDomRQmRFRQVHJXHHVWDEHOHFHUHVWHULWPRSRUPDLVGHXPPLQXWRHSUHFLVD
GDDSOLFDomRGHFRPSUHVV}HVWRUiFLFDVSDUDUHVWDEHOHFHURULWPR

2%6(59$d2

$V YiULDV PDUFDV H PRGHORV GH '($V DSUHVHQWDP DOJXPDV GLIHUHQoDV HP VXDV
FDUDFWHUtVWLFDVHFRQWUROHV

2VRSHUDGRUHVGHYHPHVWDUKDELOLWDGRVSDUDFRPSUHHQGHUDVYDULDo}HVGHFDGDPDUFD
HPRGHORSDUDRVTXDWURPHGLGDVDVHUHPWRPDGDV

4XDQGRD3&5DFRQWHFHXDPDLVGH TXDWUR D FLQFR PLQXWRVRP~VFXORFDUGtDFR
SHUPDQHFH SRU PXLWR WHPSR HP KLSy[LD QmR UHDJLQGR EHP DR FKRTXH 3DUD LVVR D
DSOLFDomR GH GRLV PLQXWRV RX FLQFR FLFORV GH 5&3 JDUDQWH XP PtQLPR GH
R[LJHQDomRDRP~VFXORFDUGtDFRSDUDUHVSRQGHUGHIRUPDPDLVHIHWLYDDRFKRTXH

1RUPDOPHQWHHVWDpDFRQGLomRHPTXHDHTXLSHYDLHQFRQWUDUQRORFDOGDRFRUUrQFLD
1RVFDVRVHPTXHRFKRTXHQmRpLQGLFDGRUHLQLFLHFRPFRPSUHVV}HVHUHDOL]H GRLV
PLQXWRVRX FLQFR FLFORVGH5&3$SyVLVWRUHDWLYHR'($SDUDDQDOLVDUQRYDPHQWH
RULWPRFDUGtDFR1mRpQHFHVViULRUHWLUDUDVSiVGXUDQWHR5&3

2 XVR GR '($ WDPEpP p LQGLFDGR HP FULDQoDV SUHIHUHQFLDOPHQWH FRP SiV PHQRUHV
DGDSWDGDVSDUDDSURSRUomRGDVFULDQoDV&DVRQmRKDMDSiVSDUDFULDQoDVXVHDVSiV
SDUDDGXOWRV2'($DLQGDQmRpUHFRPHQGDGRSDUDEHErV PHQRUHVGHDQR

$OJXPDV FRPSOLFDo}HV SRGHP VXUJLU GHYLGR DR H[FHVVR GH SHORV RX D SUHVHQoD GH
iJXDQRSHLWRGRSDFLHQWH6HR'($QmRFRQVHJXLUDQDOLVDUDUUDQTXHDVSiVFRPRV
SHORV H FRORTXH RXWUDV QR OXJDU VH QmR IXQFLRQDU FRUWH RV SrORV FRP XPD WHVRXUD
1XQFDDSOLTXHR'($VHRSDFLHQWHHVWLYHUVXEPHUVRUHWLUHRGDiJXDHVHTXHRSHLWR
SDUDFRQHFWDUDVSiV


$',0(162+80$1$'$5&3

0HVPRQRPHOKRUVLVWHPDGH$3+RVVRFRUULVWDVTXHVmRWUHLQDGRVSDUDVDOYDUYLGDV
WrP LQVXFHVVR H IDOKDP HP UHDOL]DU VXD WDUHIDV GH 5HDQLPDomR HP TXDWUR GH FDGD
FLQFRWHQWDWLYDV

6LQWRPDVHPRFLRQDLVHVLQWRPDVItVLFRV
2VVRFRUULVWDVSRGHPDSUHVHQWDUDFKDPDGDUHDomRGHIUDFDVVR2
GHVHPSHQKRQD5&3WDPEpPpHVWUHVVDQWHOHYDQGR
IUHTXHQWHPHQWHRVRFRUULVWDDVHVHQWLUFDQVDGRHLQVHJXURRTXH
SRGHOHYDUDRDSDUHFLPHQWRGHDQVLHGDGHFU{QLFDGHSUHVVmRHDWp
HVWDID

5HFRPHQGDVH TXH SDUD SHUPLWLU TXH RV VRFRUULVWDV WUDEDOKHP VHXV VHQWLPHQWRV H
PHGRVGHYDVHUUHDOL]DGDXPDUHXQLmRSDUDGLVFXVVmRGHVWHDVVXQWR(VWDVUHXQL}HV
SRGHP VHU UHDOL]DGDV DSyV TXDOTXHU WHQWDWLYD GH 5&3 VHP VXFHVVR &RP
FRQKHFLPHQWR DSURSULDGR GHVWHV IDWRV H LQWHUYHQo}HV WDQWR SURILVVLRQDLV FRPR VXDV
IDPtOLDV HVWDUmR SUHSDUDGRV SDUD SHQVDU QR SURFHVVR DQJXVWLDQWH TXH ID] SDUWH GD
PRUWHHGDVGRHQoDVFUtWLFDV

7UDWDPHQWR3yVUHDQLPDomR

(P FDVR GH VXFHVVR QDV PDQREUDV GH UHDQLPDomR GHYH VHJXLU XP WUDWDPHQWR SDUD
UHVWDEHOHFHU RV VLQDLV YLWDLV GR SDFLHQWH DV FRQGLo}HV QRUPDLV ,QYHVWLJXH DV FDXVDV
TXH OHYDUDP D SDUDGD SDUD PHOKRU WUDWiOD 2 SULPHLUR SDVVR p JDUDQWLU DV 99$$ H D
YHQWLODomRDGHTXDGDGDYtWLPDGHSUHIHUrQFLDFRPR[LJrQLRHYHQWLODomRSRVLWLYDSRLV
DPDLRULDGRVSDFLHQWHVTXHUHWRUQDPDSyV5&3SUHFLVDPGHDX[tOLRQDUHVSLUDomR

(PFDVRGHWUDXPDRVSURFHGLPHQWRVSDUDFRQWUROHGHKHPRUUDJLDVHLPRELOL]DomRGR
SDFLHQWH YHP QD VHTrQFLD 6H R FDVR IRU FOtQLFR R SDFLHQWH GHYH VHU FRORFDGR QD
SRVLomR GH UHFXSHUDomR FRQIRUPH D VHTXrQFLD (YLWH D KLSHUWHUPLD DTXHFLPHQWR GR
SDFLHQWH



5&3SDUD/HLJRV

2V ERPEHLURV VRFRUULVWDV VmR DWXDOPHQWH RV PDLRUHV GLIXVRUHV GH LQIRUPDo}HV j
SRSXODomRGHSURFHGLPHQWRVSDUDRVXSRUWHEiVLFRGHYLGD 6%9 $SyVXPDDYDOLDomR
VREUH RV PpWRGRV GH HQVLQR SDUD OHLJRV D $+$ GHFLGLX GLIHUHQFLDU R HQVLQR GR 5&3
SDUDOHLJRV

6LQDLVGH3DUDGD&DUGLRSXOPRQDU
/HLJRVQmRFRQVHJXHPLGHQWLILFDUSXOVRHSRGHPDWUDVDUDDSOLFDomRGD5&3SRUHVWH
PRWLYRSRULVVRVRPHQWHHVWHVGRLVVLQDLVGHYHPVHUYHULILFDGRV
Ɣ,QFRQVFLrQFLDVHPUHVSRVWDDHVWtPXOR
Ɣ$XVrQFLDGHPRYLPHQWRVUHVSLUDWyULRV

'HOLQHDomRGD,GDGH
$ GHOLQHDomR GD LGDGH WDPEpP GLIHUH SRLV OHLJRV QRUPDOPHQWH QmR VDEHP LGHQWLILFDU
FDUDFWHUHVVH[XDLVVHFXQGiULRV
Ɣ$GXOWRVDSDUWLU RLWR DQRVGHLGDGH
Ɣ&ULDQoDVDSDUWLUGH XP DQRGHLGDGHDWp RLWR DQRVGHLGDGH
Ɣ%HErVRXODFWHQWHVDWp XP DQRGHLGDGH
Ɣ1HRQDWRVRXUHFpPQDVFLGRVQmRKiGLIHUHQoDGHEHEHVSDUDOHLJRV

$EHUWXUDGH9LDV$pUHDV
(QVLQH DSHQDV D LQFOLQDomR GD FDEHoD H HOHYDomR GR PHQWR SDUD OHLJRV $ WUDomR GD
PDQGtEXOD UHDOL]DGD SRU OHLJRV QmR p WmR HILFLHQWH HGLILFLOPHQWH FRQVHJXHVHHYLWDU D
PRYLPHQWDomRGDFDEHoDHSHVFRoRFRPHVWDPDQREUD

9HQWLODomR
'LIHUHQoDVHQWUH5&3SDUDSURYHGRUHVGHVD~GHHVRFRUULVWDVOHLJRV
Ɣ &RPROHLJRVQmRYHULILFDPRSXOVRHOHVQmRGHYHPDSOLFDUDYHQWLODomRDUWLILFLDO
VHPFRPSUHVV}HVWRUiFLFDV
Ɣ &DVR R OHLJR ILTXH UHOXWDQWH HP HIHWXDU YHQWLODo}HV HVWH GHYH SHOR PHQRV
HIHWXDUFRPSUHVV}HVWRUiFLFDV

&RPSUHVVmR7RUiFLFD
/HLJRV WHP GLILFXOGDGH GH JXDUGDU YiULDV WD[DV SRU LVVR XPD ~QLFD WD[D GH
FRPSUHVVmRYHQWLODomR GH SDUD WRGDV DV IDL[DV HWiULDV GHYH VHU HQVLQDGD DRV
OHLJRV

&RUUHQWHGD6REUHYLYrQFLDSDUD/HLJRV
$ FRUUHQWH GD VREUHYLYrQFLD QmR p XP PpWRGR GH HQVLQR TXH GHYH VHU DSOLFDGR QR
%UDVLO SRLV QmR HQFRQWUDPVH PXLWRV '($V GLVSRQtYHLV HP ORFDLV S~EOLFRV $SOLTXH
HVWDPHWRGRORJLDVRPHQWHVHKRXYHU'($QRORFDOGRHQVLQR


5HVXPRGD5&3SDUDSURYHGRUHVGHVD~GH


1RYDPDQHLUDGHDERUGDJHPGRSDFLHQWHYLWLPDGH3&5
8WLOL]DPRVRDFU{QLPR&$%

&RPSUHVV}HV
$EHUWXUDGHYLDVDpUHDV
%RDUHVSLUDomR YHQWLODomRDUWLILFLDO



5&3$'8/72 ! ±/,67$'(&+(&$*(0

1RPHGRSDUWLFLSDQWH

'DWD

*8,$'((;(&8d2 2%6(59$d®(6
9HULILTXHRHVWDGRGHFRQVFLrQFLDGDYtWLPDEXVFDGRLGHQWLILFDU
VLQDLVGHDXVrQFLDUHVSLUDomRRXJDVSLQJ
$WLYHR6HUYLoRGH(PHUJrQFLD0pGLFD )RQH
3RVLFLRQHFRUUHWDPHQWHDYtWLPD
9HULILTXHSXOVRFDURWtGHR 1mRPDLVTXHVHJXQGRV

1D DXVrQFLD GH SXOVR LQLFLH DV FRPSUHVV}HV WRUiFLFDV QR
FHQWUR GR WyUD[ HQWUH RV PDPLORV $V FRPSUHVV}HV GHYHP
FRPSULPLU R WyUD[ QR PtQLPR FP 'HYHP VHU IHLWDV QR PtQLPR
FRPSUHVV}HVQRPLQXWR
$EUDDVYLDVDpUHDVHYHQWLOHSRUGXDVYH]HVFRPGXUDomRGH
VHJXQGR FDGD YHQWLODomR 2EVHUYH D H[SDQVmR GR WyUD[
5HSRVLFLRQH H YHQWLOH QRYDPHQWH VH R DU QmR SDVVDU 2EVHUYH D
FDYLGDGHRUDOHPEXVFDGHFRUSRHVWUDQKR
&RQWLQXH D 5&3 FRP FLFORV GH FRPSUHVV}HV SRU GXDV
YHQWLODo}HV [
'HSRLVGHFLFORVGHFRPSUHVV}HVSRUYHQWLODo}HV FHUFD
GHPLQXWRV UHYLVHRSXOVRGDYtWLPD6HQmRKRXYHURUHWRUQR
GR SXOVR FRQWLQXH FRP RV FLFORV GH [ LQLFLDQGR SHODV
FRPSUHVV}HVWRUiFLFDV
6H D YtWLPD HVWi UHVSLUDQGR RX VH UHDVVXPH HIHWLYDPHQWH D
UHVSLUDomRHDSXOVDomRFRORTXHDQDSRVLomRGHUHFXSHUDomRH
LQLFLH VHX WUDQVSRUWH XUJHQWH SDUD R KRVSLWDO FRP PRQLWRUDPHQWR
FRQVWDQWH

&RPHQWiULRV

$YDOLDomRILQDOGRH[HUFtFLR
&RPSOHWR
1HFHVVLWDPDLVSUiWLFD

$VVLQDWXUDGRLQVWUXWRU


5&3&5,$1d$ a ±8062&255,67$
/,67$'(&+(&$*(0

1RPHGRSDUWLFLSDQWH

'DWD

*8,$'((;(&8d2 2%6(59$d®(6
9HULILTXHSXOVRFDURWtGHR 1mRPDLVTXHVHJXQGRV

FRPSULPLU R WyUD[ DSUR[LPDGDPHQWH FP 'HYHP VHU IHLWDV QR
PtQLPRFRPSUHVV}HVQRPLQXWR
YHQWLODo}HV [
FRQVWDQWH

&RPHQWiULRV

&RPSOHWR



5&3/$&7(17( ±8062&255,67$
/,67$'(&+(&$*(0

1RPHGRSDUWLFLSDQWH

'DWD

*8,$'((;(&8d2 2%6(59$d®(6
9HULILTXHSXOVREUDTXLDO 1mRPDLVTXHVHJXQGRV

FRPSULPLU R WyUD[ DSUR[LPDGDPHQWH FP 'HYHP VHU IHLWDV QR
PtQLPRFRPSUHVV}HVQRPLQXWR
YHQWLODo}HV [
FRQVWDQWH

&RPHQWiULRV

&RPSOHWR




$o}HVIXQGDPHQWDLV

x $YDOLDURHVWDGRGHFRQVFLrQFLDGDYtWLPD
x $FLRQDUR6(0 )RQH HWUD]HUR'($
x &KHFDUDSUHVHQoDGHSXOVRFDURWtGHR
x ,QLFLDUDVFRPSUHVV}HVWRUiFLFDV QRPtQLPRSRUPLQXWR
x $EULUYLDVDpUHDVSDUDHIHWXDUYHQWLODo}HV VHJXQGRFDGD
x 3RVLFLRQDUHOLJDUR'($
x &RQHFWDUFRUUHWDPHQWHRVHOHWURGRVQDYtWLPDHQR'($
x $IDVWDUVHDQWHVGHSUHVVLRQDU$1$/,6$5H&+248(
x &KHFDUDUHVSLUDomRHRSXOVRDSyVDPHQVDJHP³QHQKXPFKRTXHUHFRPHQGDGR´


BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

/LomR +(0255$*,$6
(&+248(

2EMHWLYRV FDSD]HVGH

(QXPHUDU VLQDLV RX VLQWRPDV LQGLFDWLYRV GH XPD
KHPRUUDJLD
&LWDUHGHPRQVWUDUGLIHUHQWHVWpFQLFDVSDUDFRQWURODU
KHPRUUDJLDVH[WHUQDV
'HPRQVWUDUSDVVRDSDVVRRWUDWDPHQWRPHUHFLGRSRU
XPD YtWLPD GH FKRTXH DQDILOiWLFR H FKRTXH
KHPRUUiJLFR

5HYLVmRHP-XOKR±+HPRUUDJLDVH&KRTXH

38/626

2SXOVRpPDLVIDFLOPHQWHSDOSiYHOQRVORFDLVRQGH $57e5,$6
FDOLEURVDVHVWmRSRVLFLRQDGDVSUy[LPDVGDSHOHHVREUHXPSODQRGXUR

2VSXOVRVPDLVFRPXPHQWHXVDGRVVmR
3XOVRUDGLDO3XOVRFDURWtGHR3XOVREUDTXLDO3XOVRIHPRUDO
3XOVRGRUVDOGRSpRXWLELDOSRVWHULRU

6$1*8(

&RPSRVLomRGRVDQJXH
/tTXLGRYHUPHOKRYLVFRVRFRPSRVWRSRUSODVPDFpOXODVYHUPHOKDV
KHPiFLDV FpOXODVEUDQFDV OHXFyFLWRV HSODTXHWDV


)XQo}HVGRVDQJXH
2SODVPD SDUWHOtTXLGD WUDQVSRUWDDVFpOXODVHQXWULHQWHVSDUDWRGRV
RVWHFLGRV7DPEpPFRQGX]RVSURGXWRVGHGHJUDGDomRSDUDRV
yUJmRVH[FUHWRUHV$VFpOXODVYHUPHOKDVIRUQHFHPFRUDRVDQJXHH
WUDQVSRUWDPR[LJrQLR$VFpOXODVEUDQFDVDWXDPQDGHIHVDGR
RUJDQLVPRFRQWUDDVLQIHFo}HV$VSODTXHWDVVmRHVVHQFLDLVSDUDD
IRUPDomRGHFRiJXORVVDQJtQHRVQHFHVViULRVSDUDHVWDQFDUDV
KHPRUUDJLDV2DGXOWRPpGLRSRVVXLFHUFDGHOLWURVGHVDQJXH

&21&(,72'(+(0255$*,$

+HPRUUDJLDVRXVDQJUDPHQWRVLJQLILFDPDPHVPDFRLVDRXVHMDVDQJXHTXHHVFDSD
GH YDVRV VDQJtQHRV $ KHPRUUDJLD SRGHUi VHU LQWHUQD RX H[WHUQD H HP DPERV RV
FDVRVUHSUHVHQWDXPULVFRTXHPHUHFHDWHQomRLPHGLDWDSRUSDUWHGRVRFRUULVWD

+(0255$*,$(;7(51$ RFRUUHPGHYLGRDIHULPHQWRVDEHUWRV

7LSRV
$UWHULDO ID]MRUUDUVDQJXHSXOViWLOHGHFRUYHUPHOKRYLYR
&DSLODU 2VDQJXHVDLOHQWDPHQWHGRVYDVRVPHQRUHV
9HQRVD RVDQJXHVDLOHQWRHFRQWtQXRFRPFRUYHUPHOKRHVFXUR

7e&1,&$687,/,=$'$612&21752/('$6+(0255$*,$6

&RPSUHVVmRGLUHWDVREUHRIHULPHQWR
7RUQLTXHWH

,03257$17(

6HJXQGR DV PDLV UHFHQWHV RULHQWDo}HV LQWHUQDFLRQDLV GHYHPRV UHVVDOWDU TXH R
WRUQLTXHWH p XPD WpFQLFD HP DEDQGRQR H DV SHVVRDV GHYHP VHU GHVHQFRUDMDGDV DR
VHX XVR ,QIHOL]PHQWH HVVD WpFQLFD DLQGD HVWi PXLWR ILUPHPHQWH DUUDLJDGD D FXOWXUD
EUDVLOHLUD

1R HQWDQWR WDO XWLOL]DomR p WmR H[FHSFLRQDO H VHXV ULVFRV WDPDQKRV TXH R HQVLQR
GHVVD PDQREUD GHYH VHU PXLWR EHP RULHQWDGR 8P WRUQLTXHWH SRGHUi FDXVDU GDQR
QHUYRVRRXYDVFXODUHSRGHUiUHVXOWDUQDSHUGDGHXPEUDoRRXXPDSHUQD

1R FDVR GH DFLGHQWHV PDLV JUDYHV UHFRPHQGDPRV R XVR GD WpFQLFD FRPELQDGD GRV
SURFHVVRVDQWHULRUPHQWHGHVFULWRV

$ LPRELOL]DomR DSHVDU GH QmR VHU FRQVLGHUDGD XPD GDV WpFQLFDV SDGURQL]DGDV GH
FRQWUROHGHVDQJUDPHQWRSRGHVHUXWLOL]DGDSDUDDX[LOLDUQRFRQWUROHGHKHPRUUDJLDV

+(0255$*,$,17(51$



*HUDOPHQWHQmRpYLVtYHOSRUpPHEDVWDQWHJUDYHSRLVSRGHSURYRFDUFKRTXHHOHYDUD
YtWLPDjPRUWH

6,1$,6(6,1720$6
$JLWDomR
3DOLGH]
6XGRUHVHLQWHQVD
3HOHIULD
3XOVRDFHOHUDGR DFLPDGHESP
+LSRWHQVmR 3$VLVWyOLFDDEDL[RGHPP+J
6HGH
)UDTXH]D
$YtWLPDSRGHUiWRVVLUVDQJXH
9RPLWDUVDQJXH
6DQJUDUSHORUHWRRX
8ULQDUVDQJXH

75$7$0(17235e+263,7$/$5
x $OHUWDUR6(0
x $EULUDV9$HYLJLDUDUHVSLUDomRHDFLUFXODomR
x 7UDWDURFKRTXH
x $IURX[DUURXSDVDSHUWDGDV
x (VWDUSUHSDUDGRSDUDRY{PLWR
x 1mRGDUQDGDGHFRPHURXEHEHU
x 0LQLVWUDUR[LJrQLRVXSOHPHQWDU
x ,QIRUPDUDVXVSHLWDGDKHPRUUDJLD
,1752'8d2$2&+248(+,3292/Ç0,&2

$ IXQomR GR VLVWHPD FLUFXODWyULR p GLVWULEXLU VDQJXH FRP R[LJrQLR H QXWULHQWHV SDUD
WRGDV DV SDUWHV GR FRUSR 4XDQGR LVVR SRU TXDOTXHU PRWLYR GHL[D GH DFRQWHFHU H
FRPHoDDIDOWDUR[LJrQLRQRVWHFLGRVFRUSRUDLVRFRUUHRTXHGHQRPLQDPRVHVWDGRGH
FKRTXHRXVHMDDVFpOXODVFRPHoDPDHQWUDUHPVRIULPHQWRHVHHVWDFRQGLomRQmR
IRUUHYHUWLGDDVFpOXODVDFDEDPPRUUHQGR

&21&(,72'(3(5)862

e D FLUFXODomR GH VDQJXH GHQWUR GH XP yUJmR 2 IOX[R FRQVWDQWH GH VDQJXH SHORV
YDVRVFDSLODUHV

&21&(,72'(&+248(

3RGHPRV GHILQLU R FKRTXH FRPR XP TXDGUR JUDYH TXH SRGH RFRUUHU GHIRUPD UiSLGD
RX GHVHQYROYHUVH OHQWDPHQWH 2 FKRTXH KLSRYROrPLFR FDUDFWHUL]DVH SRU XPD


UHDomRGRFRUSRHPUHVSRVWDDRFRODSVRQRVLVWHPDFLUFXODWyULRRTXDOQmRFRQVHJXH
PDLVSURYHUVDQJXHGHIRUPDDGHTXDGDSDUDWRGRVRVyUJmRVYLWDLVGRFRUSR

e D GLPLQXLomR GD SHUIXVmR IOX[R FRQVWDQWH GH VDQJXH QRV YDVRV FDSLODUHV RX R
HVWDGRGHKLSRSHUIXVmR

(PRXWUDVSDODYUDVRFKRTXHpXPDUHDomRGRRUJDQLVPRDXPDFRQGLomRRQGHR
VLVWHPD FLUFXODWyULR QmR IRUQHFH FLUFXODomR VXILFLHQWH SDUD FDGD SDUWH YLWDO GR
RUJDQLVPR

&$86$6'(&+248(

4XDQGR R FRUSR GH XPD SHVVRD VRIUH XPD IHULPHQWR WUDXPD RX DSUHVHQWD XPD
HQIHUPLGDGHHOHLPHGLDWDPHQWHUHDJHWHQWDQGRFRUULJLURVHIHLWRVGRGDQR

6H R SUREOHPD p VHYHUR XPD GDV UHDo}HV p R FKRTXH SRUWDQWR R FKRTXH LQGLFD D
H[LVWrQFLDGHXPSUREOHPDQRVLVWHPDFLUFXODWyULRRTXDOJHUDOPHQWHHVWiUHODFLRQDGR
FRPXPDGDVVHJXLQWHVFDXVDV
8PDLQVXILFLrQFLDFDUGtDFDSHUGDFRQVLGHUiYHOGHVDQJXHVHRV
YDVRVVDQJXtQHRVSRUDOJXPPRWLYRGLODWDUHP DXPHQWDUHPVHX
GLkPHWUR LPSHGLQGRTXHRVLVWHPDSHUPDQHoDFRUUHWDPHQWH
SUHHQFKLGR

4XDQGRXPDSHVVRDHVWiHPFKRTXHVXDVIXQo}HVYLWDLVGLPLQXHPHVHDVFRQGLo}HV
TXH FDXVDP R FKRTXH QmR IRUHP LQWHUURPSLGDV H UHYHUWLGDV LPHGLDWDPHQWH ORJR
RFRUUHUiDPRUWH

0XLWDDWHQomRDLGHQWLILFDomRHRWUDWDPHQWRGRFKRTXHQmRSRGHPGHPRUDU
SRUTXHRSUREOHPDSLRUDFRPRSDVVDUGRWHPSR

5HFRUGHTXHRFKRTXHpXPDUHDomRFRUSRUDOjSHUGDVDQJtQHDHHVVDWHQWDWLYDGH
UHVROXomRGRSUREOHPDFLUFXODWyULRSRGHSLRUDUDVLWXDomRDXPHQWDQGRDLQVWDELOLGDGH
GRSDFLHQWH

([SOLFDQGR PHOKRU VH H[LVWH XP VDQJUDPHQWR R FRUDomR DXPHQWD D IUHTrQFLD GRV
EDWLPHQWRV FDUGtDFRV WHQWDQGR ID]HU R VDQJXH FLUFXODU SRU WRGDV DV iUHDV YLWDLV GR
FRUSR&RPLVVRDXPHQWDWDPEpPDKHPRUUDJLDHPDLVVDQJXHpSHUGLGR$UHVSRVWD
LPHGLDWDGRFRUSRSDUDHVWHSUREOHPDpWHQWDUID]HUFLUFXODUPDLVVDQJXHDXPHQWDQGR
DLQGDPDLVRVEDWLPHQWRVFDUGtDFRV

7RGR HVWH SURFHVVR VH QmR WUDWDGR LPHGLDWDPHQWH YDL DJUDYDQGRVH H JHUD XPD
GLPLQXLomR GD SUHVVmR DUWHULDO SRVWHULRUPHQWH XPD IDOKD QD FLUFXODomR IDOKD QR
FRUDomRHILQDOPHQWHXPDSDUDGDFDUGtDFDHDPRUWHGRSDFLHQWH

7,326'(&+248(+,3292/Ç0,&2


2 FKRTXH KLSRYROrPLFR SRGH VHU FODVVLILFDGR GH YiULDVIRUPDVSRUTXH H[LVWH PDLV GH
XPD FDXVD SDUD HOH 2 VRFRUULVWD QmR QHFHVVLWD FRQKHFHU WRGDV HVVDV IRUPDV GH
FKRTXHQRHQWDQWRpIXQGDPHQWDOTXHHOHHQWHQGDGHTXHIRUPDRVSDFLHQWHVSRGHP
GHVHQYROYHURFKRTXHKLSRYROrPLFR

8PDYtWLPDFRPFKRTXHKLSRYROrPLFRSRGHWHU

&KRTXHKHPRUUiJLFR
&DXVDGRSHODSHUGDGHVDQJXHHRXSHODSHUGDSODVPDFRPRQRV
FDVRVGHSDFLHQWHVFRPVDQJUDPHQWRVJUDYHVRXTXHLPDGXUDV

&KRTXHFDUGLRJrQLFR
eRFKRTXHFDUGtDFR(VVHFKRTXHpFDXVDGRSHODIDOKDGRFRUDomR
QRERPEHDPHQWRGRVDQJXHSDUDWRGDVDVSDUWHVYLWDLVGRFRUSR

&KRTXHQHXURJrQLFR
eRFKRTXHGRVLVWHPDQHUYRVRHPRXWUDVSDODYUDVDYtWLPDVRIUHXP
WUDXPDHQmRFRQVHJXHFRQWURODURFDOLEUH GLkPHWUR GRVYDVRV
VDQJXtQHRV2YROXPHGHVDQJXHGLVSRQtYHOpLQVXILFLHQWHSDUD
SUHHQFKHUWRGRRHVSDoRGRVYDVRVVDQJXtQHRV

&KRTXHDQDILOiWLFR
eRFKRTXHDOpUJLFR'HVHQYROYHVHQRFDVRGHXPDSHVVRDHQWUDU
HPFRQWDWRFRPGHWHUPLQDGDVXEVWkQFLDGDTXDOpH[WUHPDPHQWH
DOpUJLFDSRUH[HPSORDOLPHQWRVPHGLFDPHQWRVVXEVWkQFLDV
LQDODGDVRXHPFRQWDWRFRPDSHOH2FKRTXHDQDILOiWLFRpR
UHVXOWDGRGHXPDUHDomRDOpUJLFDVHYHUDHTXHDPHDoDDYLGD

&KRTXHPHWDEyOLFR
eRFKRTXHGDSHUGDGHIOXtGRVFRUSRUDLV(VVHFKRTXHpREVHUYDGR
QRVFDVRVGHY{PLWRHGLDUUpLDPDLVJUDYHV

&KRTXHSVLFRJrQLFR
eRFKRTXHGRGHVIDOHFLPHQWR2FRUUHTXDQGRSRUDOJXPIDWRUFRPR
SRUH[HPSORXPIRUWHHVWUHVVHRXPHGRSURGX]QRVLVWHPDQHUYRVR
XPDUHDomRHFRQVHTXHQWHPHQWHXPDYDVRGLODWDomR2SDFLHQWH
VRIUHXPDSHUGDWHPSRUiULDGDFRQVFLrQFLDSURYRFDGDSHODUHGXomR
GRVDQJXHFLUFXODQWHQRFpUHEUR7DPEpPFKDPDGRGHGHVPDLRR
FKRTXHSVLFRJrQLFRpXPDIRUPDGHDXWRSURWHomRXWLOL]DGDSDUD
HYLWDUXPFKRTXHKLSRYROrPLFRPDLVJUDYH(VVDpXPDIRUPDPDLV
OHYHGHFKRTXHTXHQmRGHYHVHUFRQIXQGLGDFRPRFKRTXH


QHXURJrQLFR

&KRTXHVpSWLFR
eRFKRTXHGDLQIHFomR0LFURRUJDQLVPRVODQoDPVXEVWkQFLDV
SUHMXGLFLDLVTXHSURYRFDPXPDGLODWDomRGRVYDVRVVDQJtQHRV2
YROXPHGHVDQJXHWRUQDVHLQVXILFLHQWHSDUDSUHHQFKHURVLVWHPD
FLUFXODWyULRGLODWDGR2FKRTXHVpSWLFRRFRUUHJHUDOPHQWHQRDPELHQWH
KRVSLWDODUHSRUWDQWRpSRXFRREVHUYDGRSHORVSURILVVLRQDLV
VRFRUULVWDVTXHDWXDPQRDPELHQWHSUpKRVSLWDODU

&KRTXHUHVSLUDWyULR
eRFKRTXHGRVSXOP}HV(VWHFKRTXHpFDXVDGRSHODEDL[D
FRQFHQWUDomRGHR[LJrQLRQRVDQJXHHRFRUUHGHYLGRDXPDIDOKDQR
SURFHVVRUHVSLUDWyULRQRHQWDQWRGHVGHTXHRVLVWHPDFLUFXODWyULR
HVWHMDERPEHDQGRVDQJXHSDUDWRGRVRVyUJmRVYLWDLVRXVHMDGHVGH
TXHH[LVWDXPDERDSHUIXVmRQmRSRGHPRVFRQVLGHUDUHVWDFRPR
XPDIRUPDYHUGDGHLUDGHFKRTXH

6,1$,6(6,1720$6'2&+248(
5HVSLUDomRUiSLGDHVXSHUILFLDO
3XOVRUiSLGRHILOLIRUPH IUDFR
3HOHIULDSiOLGDH~PLGD
)DFHSiOLGDHSRVWHULRUPHQWHFLDQyWLFD
6HGH
4XHGDGDSUHVVmRDUWHULDO3$VLVWyOLFDPHQRUTXHPP+J

75$7$0(17235e+263,7$/$5'2&+248(+,3292/Ç0,&2
3RVLFLRQDUDYtWLPDGHLWDGD SRVLomRVXSLQD
(OHYDU RV 00,, FDVR KDMD IUDWXUDV HOHYDU D YtWLPD DSyV SRVLFLRQiOD VREUH XPD
PDFDUtJLGD
0DQWHU9$UHVSLUDomRFLUFXODomR
&RQWURODUKHPRUUDJLDVH[WHUQDV
$GPLQLVWUDUR[LJrQLRVXSOHPHQWDU
,PRELOL]DUIUDWXUDVVHQHFHVViULR
3UHYHQLUDSHUGDGHFDORUFRUSRUDO
1mRGDUQDGDGHFRPHURXEHEHU
0RQLWRUDUHWUDQVSRUWDUSDUDXPKRVSLWDO

&+248($1$),/È7,&2
'HILQLPRV R FKRTXH DQDILOiWLFR FRPR XPD UHDomR DOpUJLFD VHYHUD D PHGLFDPHQWRV
SULQFLSDOPHQWH D SHQLFLOLQD SLFDGD GH LQVHWRV FRPLGDV H SyV 3RGHUi RFRUUHU HP
VHJXQGRV ORJR DSyV R FRQWDWR FRP D VXEVWkQFLD D TXDO D YtWLPD p DOpUJLFD (VWH
FKRTXHWDPEpPpFKDPDGRGHFKRTXHDOpUJLFR


&$86$6'2&+248($1$),/È7,&2
3LFDGDVGHLQVHWRV YHVSDVDEHOKDVIRUPLJDV
$OLPHQWRVHFRQGLPHQWRV
6XEVWkQFLDVLQDODGDVLQFOXLQGRGLYHUVRVSyVHSyOHQ
3URGXWRVTXtPLFRVLQDODGRVRXHPFRQWDWRFRPDSHOH
0HGLFDPHQWRVLQJHULGRVRXLQMHWDGRVLQFOXLQGRSHQLFLOLQDDVSLULQD

6,1$,6(6,1720$6'2&+248($1$),/È7,&2
3UXULGRQDSHOH
6HQVDomRGHTXHLPDomRQDSHOH
(GHPDJHQHUDOL]DGR
'LILFXOGDGHSDUDUHVSLUDU
3XOVRIUDFR
3HUGDGDFRQVFLrQFLDHPRUWH

75$7$0(17235e+263,7$/$5'2&+248($1$),/È7,&2

1DHQWUHYLVWDSHUJXQWDUVHpDOpUJLFRDDOJXPDVXEVWkQFLDHVHWHYHFRQWDWRFRPHOD
1R PDLV WUDWDU LJXDOPHQWH FRPR RXWUR FKRTXH Mi YLVWR DQWHULRUPHQWH 1HVWH FDVR D
YtWLPDSUHFLVDUHFHEHUPHGLFDPHQWRVSDUDFRPEDWHUDUHDomRDOpUJLFD


BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

/LomR 75$80$0Ò6&8/2
(648(/e7,&2

2EMHWLYRV FDSD]HVGH

'HILQLU R FRQFHLWR GH IUDWXUD OX[DomR H HQWRUVH H
HQXPHUDU VLQDLV RX VLQWRPDV TXH LGHQWLILFDP WDO
OHVmR
&LWDUGXDVUD]}HVSDUDDLPRELOL]DomRSURYLVyULD
'HPRQVWUDU DWUDYpV GH XPD VLPXODomR RV SDVVRV
SDUD LPRELOL]DU IUDWXUDV HP H[WUHPLGDGHV
VXSHULRUHVLQIHULRUHVHQDEDFLD SHOYH

5HYLVmRHP-XOKR±7UDXPD0~VFXOR±(VTXHOpWLFR

)81d®(6'2(648(/(72+80$12

3URWHomR
6XVWHQWDomR
/RFRPRomR
)DEULFDomRGHFpOXODVVDQJXtQHDV

6,67(0$(648(/e7,&2



&21&(,78$d2*(5$/'()5$785$/8;$d2((17256(

)5$785$

4XHEUDGHXPRVVR5XSWXUDWRWDORXSDUFLDOGHXPRVVR3HUGDGDFRQWLQXLGDGHyVVHD

)UDWXUD)HFKDGD )UDWXUD([SRVWD

&/$66(6'()5$785$6
)HFKDGD VLPSOHV $SHOHQmRIRLSHUIXUDGDSHODVH[WUHPLGDGHV
yVVHDV$EHUWD H[SRVWD 2RVVRVHTXHEUDDWUDYHVVDQGRDSHOHRX
H[LVWHXPDIHULGDDVVRFLDGDTXHVHHVWHQGHGHVGHRRVVRIUDWXUDGR
DWpDSHOH

6,1$,6(6,1720$6'()5$785$6
'HIRUPLGDGH
6HQVLELOLGDGH
&UHSLWDomR
(GHPDHDOWHUDomRGHFRORUDomR
,PSRWrQFLDIXQFLRQDO
)UDJPHQWRVH[SRVWRV

/8;$d2

eRGHVDOLQKDPHQWRGDVH[WUHPLGDGHVyVVHDVGHXPDDUWLFXODomRID]HQGRFRPTXHDV
VXSHUItFLHVDUWLFXODUHVSHUFDPRFRQWDWRHQWUHVL



6,1$,6(6,1720$6'$/8;$d2
*HUDOPHQWHVmREDVWDQWHVLPLODUHVFRPDVIUDWXUDV
'HIRUPLGDGHPDLVDFHQWXDGDQDDUWLFXODomROX[DGD
(GHPD'RU,PSRWrQFLD)XQFLRQDO

(17256(
e D WRUomR RX GLVWHQVmR EUXVFD GH XPD DUWLFXODomR DOpP GH VHX JUDX QRUPDO GH
DPSOLWXGH

6,1$,6(6,1720$6'((17256(6
7DPEpPVmRVLPLODUHVDIUDWXUDVHOX[Do}HVQRVHQWRUVHVRV
OLJDPHQWRVJHUDOPHQWHVRIUHPUXSWXUDRXHVWLUDPHQWRSURYRFDGRV
SHORPRYLPHQWREUXVFR

5$=®(63$5$$,02%,/,=$d23529,6Ï5,$
(YLWDUDGRU3UHYHQLURXPLQLPL]DU/HV}HVIXWXUDVGHP~VFXORV
QHUYRVHYDVRVVDQJtQHRVSHORVIUDJPHQWRVyVVHRV5RPSLPHQWRGD
SHOHHFRQYHUVmRGHXPDIUDWXUDIHFKDGDHPDEHUWD PDLVSHULJRVD
GHYLGRjFRQWDPLQDomRGLUHWDHSRVVtYHOLQIHFomR 'LPLQXLomRGR
IOX[RVDQJtQHRFRPRUHVXOWDGRGDSUHVVmRH[HUFLGDSHORV
IUDJPHQWRVyVVHRVVREUHRVYDVRVVDQJtQHRV6DQJUDPHQWR
H[FHVVLYRSDUDRVWHFLGRVDRUHGRUGRORFDOGDIUDWXUDFDXVDGRSHODV
H[WUHPLGDGHVyVVHDVLQVWiYHLV3DUDOLVLDGDVH[WUHPLGDGHVFRPR
UHVXOWDGRGHXPDOHVmRGDPHGXODHVSLQKDOSRUYpUWHEUDVIUDWXUDGDV
RXOX[DGDV



75$7$0(17235e+263,7$/$5 5(*5$6*(5$,6'(,02%,/,=$d2
,QIRUPDURTXHHVWiID]HQGRHRTXHSODQHMDID]HU
([SRU R ORFDO $V URXSDV GHYHP VHU FRUWDGDV H UHPRYLGDV VHPSUH TXH KRXYHU
VXVSHLWDGHIUDWXUDRXOX[DomR
&RQWURODU KHPRUUDJLDV H FREULU IHULGDV 1mR HPSXUUDU IUDJPHQWRV yVVHRV SDUD
GHQWURGRIHULPHQWRQHPWHQWDUUHPRYrORV8VDUFXUDWLYRVHVWpUHLV
1mRUHFRORFDUIUDJPHQWRVH[SRVWRVQROXJDU
2EVHUYDUHDQRWDURSXOVRGLVWDODPRELOLGDGHDVHQVLELOLGDGHHDSHUIXVmR
5HXQLU H SUHSDUDU WRGR R PDWHULDO GH LPRELOL]DomR XVDU VH SRVVtYHO WDODV
DFROFKRDGDV
,PRELOL]DU8VDUWHQVmRVXDYHSDUDTXHRORFDOIUDWXUDGRSRVVDVHUFRORFDGRQDWDOD
0RYLPHQWDU R PtQLPR SRVVtYHO ,PRELOL]DU WRGR R RVVR IUDWXUDGR XPD DUWLFXODomR
DFLPDHDEDL[R$GYHUWLUTXHHPDOJXQVFDVRVDH[WUHPLGDGHGHYHVHULPRELOL]DGD
QDSRVLomRHQFRQWUDGD
5HYLVDUDSUHVHQoDGHSXOVRHDIXQomRQHUYRVD$VVHJXUDUVHTXHDLPRELOL]DomR
HVWiDGHTXDGDHQmRUHVWULQJHDFLUFXODomR
3UHYHQLURXWUDWDURFKRTXH

0e72'26'(,02%,/,=$d2

x 7DODVUtJLGDV
x 7DODVPROGiYHLV
x 7DODVLQIOiYHLV 1DPDLRULDGDVYH]HVpLPSRVVtYHO
x 7DODVGHWUDomR VDEHUPRVVHPRXVRGRUDLR;VHR
x &RODUHVFHUYLFDLV SDFLHQWHpYHUGDGHLUDPHQWHSRUWDGRUGH
x &ROHWHVGHLPRELOL]DomRGRUVDO XPDIUDWXUDHQWRUVHRXOX[DomR
x 0DFDVUtJLGDV 1RHQWDQWRDWpVHUSURYDGRRFRQWUiULR
x %DQGDJHQVWULDQJXODUHV GHYHPRVVHPSUHWUDWiORFRPRVHIRVVH
x $XWRLPRELOL]DomR SRUWDGRUGHIUDWXUD



/LomR )(5,0(1726(0
7(&,'2602/(6

2EMHWLYRV FDSD]HVGH

'HPRQVWUDUDDSOLFDomRGHFXUDWLYRVHEDQGDJHQVHP
IHULPHQWRVVLPXODGRV
'HVFUHYHU RV SURFHGLPHQWRV JHUDLV SDUD WUDWDU
IHULPHQWRVDEHUWRVHIHFKDGRV
'HVFUHYHURDWHQGLPHQWRGHIHULGDVDEGRPLQDLVHQRV
JHQLWDLV
'HPRQVWUDU R XVR DSURSULDGR GH FXUDWLYRV
FRPSUHVVLYRV H RFOXVLYRV QDV VHJXLQWHV VLWXDo}HV
VLPXODGDV
x )HULPHQWRHPH[WUHPLGDGHV
x )HULPHQWRQDFDEHoDHSHVFRoR
x 2EMHWRHQFUDYDGR
x 2OKRSURWUXVR

5HYLVmRHP-XOKR±)HULPHQWRVHP7HFLGRV0ROHV

&85$7,926(%$1'$*(16

0DWHULDLVXWLOL]DGRVQDFRQIHFomRGHFXUDWLYRV

x &RPSUHVVDGHJD]H
0DWHULDOXVDGRSDUDFREULUXPIHULPHQWRFRQWURODUKHPRUUDJLDVH
SUHYHQLUFRQWDPLQDo}HVDGLFLRQDLV6mRJD]HVFRQYHQFLRQDLVGH
DSUR[LPDGDPHQWH[RX[FP

x $WDGXUD
4XDOTXHUPDWHULDOXVDGRSDUDPDQWHUDVFRPSUHVVDVGHJD]HVREUHR
IHULPHQWR*HUDOPHQWHRVVRFRUULVWDVXWLOL]DPDWDGXUDVGHFUHSHGH
WDPDQKRVYDULDGRV DFPGHODUJXUD $IL[DomRGHFXUDWLYRV
SRGHUiVHUIHLWDWDPEpPFRPIDL[DVDGHVLYDVURORVGHJD]HRX
HVSDUDGUDSR

x %DQGDJHPWULDQJXODU
0RGHORHVSHFLDOGHDWDGXUDHPIRUPDGHXPWULkQJXORTXHSRVVLELOLWD
DFRQIHFomRGHWLSyLDVRXTXDQGRXWLOL]DGDQDIRUPDGREUDGDD
IL[DomRGHFRPSUHVVDVGHJD]HVREUHRVIHULPHQWRVWDODV
LPRELOL]DomRyVVHDHWF/DUJDPHQWHXWLOL]DGDSRUVRFRUULVWDVGHYHUi
SRVVXLU[FPQRVODGRVGRWULkQJXORHFPQDEDVH
FRQIHFFLRQDGRPDLVFRPXPHQWH QmRREULJDWyULR HPWHFLGRGRWLSR
DOJRGmRFUX'HYHVHUVLPSOHVGHPRGRDVHUGHVFDUWiYHODSyVXVR

x &XUDWLYRFRPSUHVVLYR
5HFRPHQGDGRSDUDFRQWURODUVDQJUDPHQWRVHPIHULPHQWRV$
FRPSUHVVDGHJD]HpSHUIHLWDFRPRFRPSUHVVLYRSRLVDGDSWDVHj
PDLRULDGRVIHULPHQWRV$SOLTXHSUHVVmRPDQXDOVREUHRIHULPHQWR
DWUDYpVGRFXUDWLYRDWpTXHDKHPRUUDJLDFHVVHRXGLPLQXDD
SUHVVmRFRQWtQXDpPDQWLGDFRPDDSOLFDomRILUPHGHXPDDWDGXUD
VREUHDSDUWHOHVDGD

x &XUDWLYRRFOXVLYR
8WLOL]DGRHPIHULPHQWRVDVSLUDQWHVGHWyUD[RXIHULPHQWRVDEHUWRVQR
DEG{PHQ*HUDOPHQWHpIHLWRFRPSDSHODOXPLQL]DGR QmRpSDSHO
DOXPtQLRXVDGRQDFR]LQKD RXPDWHULDOSOiVWLFR2SDSHODOXPLQL]DGR
SRUQmRVHUDGHUHQWHpRPDLVUHFRPHQGDGRSDUDID]HURFXUDWLYR


(VWHPDWHULDOWDPEpPSRGHVHUXWLOL]DGRSDUDHQYROYHUEHErVUHFpP
QDVFLGRVSRLVWHPDSURSULHGDGHGHPDQWHURFDORUFRUSRUDO

$RID]HUXPFXUDWLYRRXFRORFDUXPDEDQGDJHPRVRFRUULVWDGHYHUiOHPEUDUGH

x 6XDSURWHomRLQGLYLGXDO XVRGH(3,V
x ([SRURORFDOGDIHULGD VHQHFHVViULRFRUWDQGRDVYHVWHV
x &REULU R IHULPHQWR FRP XP FXUDWLYR HVWpULO FXUDWLYR FRPSUHVVD GH JD]H
DWDGXUD RX EDQGDJHP WULDQJXODU SDUD FRQWURODU VDQJUDPHQWRV H SUHYHQLU D
FRQWDPLQDomR
x $VVHJXUDUVHTXHRFXUDWLYRHVWiILUPHHFRQIRUWiYHO
x $VVHJXUDUVHTXHQmRILFDUDPSRQWDVVROWDVQRFXUDWLYR
x (YLWDUDFREHUWXUDGDVH[WUHPLGDGHVRQGHSRGHUiFKHFDUDSHUIXVmR
x 0DQWHUDYtWLPDHPUHSRXVRHWUDQTLOL]iOD
x 7UDWDURFKRTXH

2WUDWDPHQWRSUpKRVSLWDODUGDVIHULGDVHPWHFLGRVPROHVpGLULJLGR
SDUDRFRQWUROHGDKHPRUUDJLDHDSUHYHQomRGHFRQWDPLQDo}HV

&/$66,),&$d2'26)(5,0(1726

2VIHULPHQWRVSRGHPVHUFODVVLILFDGRVHPDEHUWRVHIHFKDGRV

x )HULPHQWRRX7UDXPD$EHUWRpDTXHODRQGHH[LVWHXPDSHUGDGHFRQWLQXLGDGH
GDVXSHUItFLHHFXWkQHDRXVHMDRQGHDSHOHHVWiDEHUWD
x )HULPHQWR RX 7UDXPD )HFKDGR D OHVmR RFRUUH DEDL[R GD SHOH SRUpP QmR
H[LVWHSHUGDGDFRQWLQXLGDGHQDVXSHUItFLHRXVHMDDSHOHFRQWLQXDLQWDFWD

75$7$0(17235e+263,7$/$5'26)(5,0(1726)(&+$'26

(VWHVIHULPHQWRVSRGHPYDULDURJUDX
GH OHVmR DEDL[R GD SHOH DWp OHV}HV
VHYHUDVHPyUJmRVLQWHUQRV

%DVLFDPHQWH R WUDWDPHQWR SUp
KRVSLWDODU FRQVLVWH HP DYDOLDU R
DFLGHQWDGRLGHQWLILFDUDOHVmRHWUDWDU
D KHPRUUDJLD LQWHUQD FRP
LPRELOL]DomRHSUHYHQLURFKRTXH


7,326'()(5,0(1726$%(5726

([LVWHPGLIHUHQWHVWLSRVGHIHULPHQWRVDEHUWRVHPSDUWHVPROHVRVPDLVFRPXQVVmR
x $EUDV}HVRXHVFRULDo}HV
x )HULPHQWRVLQFLVRV
x /DFHUDo}HV
x )HULPHQWRVSHQHWUDQWHVRXSHUIXUDQWHV
x $YXOV}HV
x $PSXWDo}HV
x (YLVFHUDo}HV

)HULPHQWRVFRQWXVRV

7UDWDPHQWRSUpKRVSLWDODUGRVIHULPHQWRVDEHUWRVQRFRXURFDEHOXGR
&RQWURODUDKHPRUUDJLDFRPFRPSUHVVmRGLUHWD QmRSXQWLIRUPH
6XVSHLWDUGHOHVmRDGLFLRQDOQDFDEHoDRXSHVFRoR
1mRDSOLFDUSUHVVmRVHH[LVWLUDSRVVLELOLGDGHGHIUDWXUDQRFUkQLR
1mR/DYDU

1RVIHULPHQWRVQDIDFH

5HYLVDUDERFDSURFXUDQGRREMHWRVVROWRV GHQWHVFRUSRVHVWUDQKRV
VDQJXH 0DQWHU9$SHUPHiYHLV6HQHFHVViULRSDUDFRQWHU
KHPRUUDJLDFRORFDUJD]HSRUGHQWURHSRUIRUDGDERFD6HKRXYHU
REMHWRSHQHWUDQWHQDVERFKHFKDVHPSXUUDUGHGHQWURSDUDIRUDH
FREULUFRPFRPSUHVVDVLQWHUQDHH[WHUQDPHQWH6HQHFHVViULR


WUDQVSRUWDUDYtWLPDODWHUDOL]DGDSDUDGUHQDURVDQJXHGDERFD7HU
FXLGDGRVHKRXYHUOHVmRDVVRFLDGDGHSHVFRoR0DQWHUSRVLomR
QHXWUDGDFDEHoD

1DVKHPRUUDJLDVQDVDLV
x 0DQWHUDEHUWDVDV9$
x 0DQWHUDYtWLPDVHQWDGDFRPDFDEHoDXPSRXFRLQFOLQDGDSDUDDIUHQWHHDSHUWDU
DVIRVVDVQDVDLVSDUDHVWDQFDUDVKHPRUUDJLDV
x 1mR XVDU JHOR VREUH D UHJLmR SRLV HVVH SURFHGLPHQWR SRGHUi SURYRFDU PDLV
VDQJUDPHQWR
x 6HKRXYHUVDtGDGHOtTXRUQmRRFOXLURQDUL]

1RVIHULPHQWRVQRVROKRV
1mRFRPSULPLUGLUHWDPHQWHVREUHRVROKRV&REULURJORERRFXODU
OHVDGRFRPFXUDWLYR~PLGRHSURWHJHUFRPFRSRSOiVWLFRRX
EDQGDJHPWULDQJXODUHPDQHOHFRPSUHVVDVGHJD]HHHVSDUDGUDSR
(VWDELOL]DUREMHWRVFUDYDGRVHQXQFDWHQWDUUHPRYrORV7DPSDURV
GRLVROKRV$SRLRHPRFLRQDO

1DVOHV}HVQRVRXYLGRVHRUHOKDV
1mRWHQWDUUHPRYHUREMHWRVFUDYDGRV1mRWDPSRQDUDVDtGDGH
VDQJXHRXOLTXRU$SOLFDUJD]HH[WHUQDPHQWH IURX[DHHPJUDQGH
TXDQWLGDGH HIL[DUFRPHVSDUDGUDSR



)HULPHQWRVQRSHVFRoR
$SOLFDUFRPSUHVVmRGLUHWDFRPDPmRSDUDFHVVDUKHPRUUDJLDV
$SOLFDUFXUDWLYRFRPSUHVVLYRFRPXPDEDQGDJHPVHPFRPSULPLU
DPERVRVODGRVGRSHVFRoR7UDWDURFKRTXH 2HWF 2EVHUYDU
UHVSLUDomR0DQWHUSRVLomRQHXWUDGDFDEHoD

1RVIHULPHQWRVDEGRPLQDLV
ÏUJmRVVyOLGRVItJDGREDoR VDQJUDPPXLWR
ÏUJmRVRFRVHVW{PDJRLQWHVWLQR DOWDPHQWHFRQWDPLQDQWHV

6LQDLVGHWUDXPDIHFKDGR
'RURXFRQWUDomR
$EGRPHSURWHJLGR
5HVSLUDomRUiSLGDHVXSHUILFLDO
$EGRPHVHQVtYHORXUtJLGR

7UDWDPHQWRSDUDIHULPHQWRVDEGRPLQDLVDEHUWRV
([SRURORFDOHFREULUWRGDRIHULPHQWRFRPFXUDWLYRHVWpULO~PLGR1mR
UHFRORFDUyUJmRVHYLVFHUDGRV1mRUHPRYHUREMHWRVFUDYDGRV(VWDU
SUHSDUDGRSDUDRY{PLWR7UDWDURFKRTXH 2HWF 7UDQVSRUWDUFRP
DVSHUQDVIOHWLGDV

1RVIHULPHQWRVGRVJHQLWDLV
x &RQWURODUVDQJUDPHQWRFRPFRPSUHVVmRGLUHWD
x 1DVFRQWXV}HVXVDUEROVDGHJHORRXiJXDIULD

1DVDPSXWDo}HV
x &RQWURODUDVKHPRUUDJLDVHRFKRTXH
x &REULUDVSDUWHVDPSXWDGDVFRPFRPSUHVVDVOLPSDUHPDQWrODVUHIULJHUDGDV
x *XDUGDUHFRQGX]LUDVSDUWHVDPSXWDGDVMXQWRFRPRSDFLHQWHDWpRKRVSLWDO



48(,0$'85$6
/LomR

(0(5*Ç1&,$6

$0%,(17$,6
2EMHWLYRV FDSD]HVGH

&ODVVLILFDU DV TXHLPDGXUDV GH DFRUGR FRP VXD
SURIXQGLGDGHHH[WHQVmR
$SOLFDU D UHJUD GRV QRYH SDUD GHWHUPLQDU D
SRUFHQWDJHPGDVXSHUItFLHFRUSRUDOTXHLPDGD
'HVFUHYHURWUDWDPHQWRSUpKRVSLWDODUSDUDXPDYtWLPD
FRPTXHLPDGXUDWpUPLFDTXtPLFDRXHOpWULFD
(QXPHUDU RV VLQDLV H VLQWRPDV H GHVFUHYHU R
WUDWDPHQWR SUpKRVSLWDODU SDUD DV VHJXLQWHV
HPHUJrQFLDVDPELHQWDLV
x &mLEUDVSRUFDORU
x ([DXVWmRSRUFDORU
x ,QVRODomRH
x /HV}HVSURGX]LGDVSHORIULR

5HYLVmRHP-XOKR±4XHLPDGXUDVH(PHUJrQFLDV$PELHQWDLV


48(,0$'85$6
/HVmRSURGX]LGDQRVWHFLGRVGHUHYHVWLPHQWRGRRUJDQLVPRHFDXVDGDSRUDJHQWHV
WpUPLFRV SURGXWRV TXtPLFRV HOHWULFLGDGH UDGLDomR HWF 3RGHP OHVDU D SHOH RV
P~VFXORVRVYDVRVVDQJtQHRVRVQHUYRVHRVVRV

&$86$6

7pUPLFDV SRUFDORU IRJRYDSRUHVTXHQWHVREMHWRVTXHQWHV HSRUIULR
REMHWRVFRQJHODGRVJHOR

4XtPLFDV LQFOXLYiULRVFiXVWLFRVWDLVFRPRVXEVWkQFLDViFLGDVH
iOFDOLV

(OpWULFDV PDWHULDLVHQHUJL]DGRVHGHVFDUJDVDWPRVIpULFDV

5DGLRDWLYDV PDWHULDLVUDGLRDWLYRV LUtGLRFREDOWRFpVLR
SURPpFLRFULSW{QLRQËTXHODPHUtFLRSRO{QLR HUDLRV
XOWUDYLROHWDV LQFOXLQGRDOX]VRODU

&/$66,),&$d26,1$,6(6,1720$6

'($&25'2&2068$352)81','$'(

4XHLPDGXUDGHJUDX
$WLQJHVRPHQWHDHSLGHUPH FDPDGDPDLVVXSHUILFLDOGDSHOH
&DUDFWHUL]DVHSRUGRUORFDOHYHUPHOKLGmRGDiUHDDWLQJLGD

4XHLPDGXUDGHJUDX
$WLQJHDHSLGHUPHHDGHUPH&DUDFWHUL]DVHSRUPXLWDGRUYHUPHOKLGmRH
IRUPDomRGHEROKDV

4XHLPDGXUDGHJUDX
$WLQJHWRGDVDVFDPDGDV WHFLGRV GHUHYHVWLPHQWRGRFRUSRLQFOXLQGRR
WHFLGRJRUGXURVRRVP~VFXORVYDVRVHQHUYRVSRGHQGRFKHJDUDWpRV
RVVRVeDPDLVJUDYHTXDQWRDSURIXQGLGDGHGDOHVmR&DUDFWHUL]DVHSRU
SRXFDGRUGHYLGRDGHVWUXLomRGDVWHUPLQDo}HVQHUYRVDVGDVHQVLELOLGDGH
SHOHVHFDGXUDHHVFXUHFLGDRXHPEUDQTXLoDGDODGHDGDSRUiUHDVGH
HULWHPD YHUPHOKLGmR



'($&25'2&2068$(;7(162


$ UHJUD GRV QRYH GLYLGH R FRUSR KXPDQRHP GR]H iUHDV FRUSRUDLV RQ]H GHODV
HTLYDOHPDFDGDXPDHD~OWLPD UHJLmRJHQLWDO HTLYDOHDFRQIRUPHVHJXH

$GXOWR &ULDQoD
&DEHoDHSHVFRoR
0066 FDGD FDGD
7URQFRDQWHULRU
7URQFRSRVWHULRU
00,, FDGD FDGD
*HQLWDLV LQFOXtGRQRV00,,
727$/

*5$9,'$'('$648(,0$'85$6
$JUDYLGDGHGHXPDTXHLPDGXUDGHYHVHPSUHFRQVLGHUDURVVHJXLQWHVDVSHFWRV
x *UDXGDTXHLPDGXUD


x 3HUFHQWDJHPGD6&74
x /RFDOL]DomRGDTXHLPDGXUD
x &RPSOLFDo}HVTXHDDFRPSDQKDP
x ,GDGHGDYtWLPD
x (QIHUPLGDGHVDQWHULRUHVGDYtWLPD

4XHLPDGXUDV0HQRUHV

6mR DTXHODV GH H JUDXV TXHDIHWDP XPD SHTXHQD iUHD GRFRUSR VHP GDQRDR
VLVWHPDUHVSLUDWyULRDIDFHDVPmRVHSpVDRVJHQLWDLVHDVQiGHJDV

4XHLPDGXUDV0DLRUHV

4XDOTXHU TXHLPDGXUD GH JUDX GH JUDX TXH FXEUD XPD iUHD FRUSRUDO RX iUHDV
FUtWLFDVRXDLQGDGHJUDXTXHFXEUDWRGRRFRUSRRXRVLVWHPDUHVSLUDWyULR
([HPSORV
x 4XHLPDGXUDV FRPSOLFDGDVSRU OHV}HV QR VLVWHPD UHVSLUDWyULR RXSRU RXWUDV OHV}HV
GRWLSRIUDWXUDV
x 4XHLPDGXUDVGHRXJUDXVQDIDFHPmRVSpVJHQLWDLVRXQiGHJDV
x 4XHLPDGXUDVTXHFLUFXQGHPWRGRRFRUSR

7UDWDPHQWR SUpKRVSLWDODU GDV 4XHLPDGXUDV 0HQRUHV SRU FDXVD WpUPLFDV RX
UDGLDomR
([SRURORFDOGDOHVmRHODYDUDiUHDTXHLPDGDFRPiJXDIULDRXXVDUiJXDFRUUHQWH
SRUYiULRVPLQXWRVSDUDUHVIULDURORFDO2PHOKRUpVXEPHUJLUDiUHDTXHLPDGD
&REULURIHULPHQWRFRPXPFXUDWLYR~PLGRVROWR HVWpULO
5HWLUDUDQpLVEUDFHOHWHVFLQWRVGHFRXURVDSDWRVHWF
&RQGX]LUDYtWLPDHWUDQVPLWLUFDOPD

7UDWDPHQWR SUpKRVSLWDODU GDV 4XHLPDGXUDV 0DLRUHV FDXVDV WpUPLFDV RX SRU
LUUDGLDomR
,QLFLDOPHQWH GHWHU R SURFHVVR GD OHVmR VH IRU IRJR QD URXSD XVDU D WpFQLFD GR
3$5('(,7(H52/(
$YDOLDUDYtWLPDHPDQWHUDV9$SHUPHiYHLVREVHUYDQGRDIUHTrQFLDHTXDOLGDGH
GDUHVSLUDomR
&REULU WRGD D iUHD TXHLPDGD DSyV H[S{OD 8VDU FXUDWLYR HVWpULO 1mR REVWUXLU D
ERFDHRQDUL]1mRDSOLFDUQHQKXPFUHPHRXSRPDGD
3URYLGHQFLDU FXLGDGRV HVSHFLDLV SDUD TXHLPDGXUDV QRV ROKRV FREULQGRRV FRP
FXUDWLYRHVWpULO~PLGR
&XLGDGRSDUDQmRMXQWDUGHGRVTXHLPDGRVVHPVHSDUiORVFRPFXUDWLYRVHVWpUHLV
3UHYHQLURFKRTXHHWUDQVSRUWDU

7UDWDPHQWRSUpKRVSLWDODUGDV4XHLPDGXUDV4XtPLFDV
/DYDU R ORFDO TXHLPDGR FRP iJXD OLPSD FRUUHQWH SRU QR PtQLPR PLQXWRV 8VDU
(3,VDSURSULDGRV


/LPSDU H UHPRYHU VXEVWkQFLDV TXtPLFDV GD SHOH GD YtWLPD H GDV URXSDV DQWHV GH
LQLFLDUDODYDomR
&REULUFRPFXUDWLYRHVWpULOWRGDDiUHDGHOHVmR
3UHYHQLURFKRTXHHWUDQVSRUWDU
6HSRVVtYHOFRQGX]LUDPRVWUDGDVXEVWkQFLDHPLQYyOXFURSOiVWLFR
6H D OHVmR IRU QRV ROKRV ODYiORV EHP PtQLPR PLQXWRV FRP iJXD FRUUHQWH H
GHSRLV FREULU FRP FXUDWLYR ~PLGR HVWpULO 9ROWDU D XPHGHFHU R FXUDWLYR D FDGD
PLQXWRV

7UDWDPHQWRSUpKRVSLWDODUGDV4XHLPDGXUDV(OpWULFDV
2V SUREOHPDV PDLV JUDYHV SURGX]LGRV SRU XPD GHVFDUJD HOpWULFD VmR SDUDGD
UHVSLUDWyULDRXFDUGLRUHVSLUDWyULDGDQRQR61&HOHV}HVHPyUJmRVLQWHUQRV

5HFRQKHFHUDFHQDHDFLRQDUVHQHFHVViULRVRFRUURHVSHFLDOL]DGR
5HDOL]DUDDYDOLDomRSULPiULDHLQLFLDUPDQREUDVGHUHVVXVFLWDomRVHQHFHVViULR
,GHQWLILFDURORFDOGDVTXHLPDGXUDVQRPtQLPRGRLVSRQWRVXPGHHQWUDGDHXPGH
VDtGDGDIRQWHGHHQHUJLD
$SOLFDUFXUDWLYRHVWpULOVREUHDViUHDVTXHLPDGDV
3UHYHQLURFKRTXHHFRQGX]LUFRPPRQLWRUDPHQWRFRQVWDQWH

(0(5*Ç1&,$6$0%,(17$,6/(6®(635292&$'$63(/2&$/25

&,%5$63(/2&$/25

6LQDLVHVLQWRPDV
x &mLEUDVPXVFXODUHVVHYHUDVXVXDOPHQWHQDVSHUQDVHDEG{PHQ
x &DQVDoRItVLFR
x 7RQWXUDHjVYH]HVGHVPDLR

7UDWDPHQWRSUpKRVSLWDODU
5HPRYHUDYtWLPDSDUDXPORFDOIUHVFRHEHPDUHMDGR
2IHUHFHUiJXDSXUDRXFRPXPSRXFRGHVDO
0DVVDJHDURVP~VFXORVFRPFmLEUDVRXDSOLFDUVLPSOHVSUHVVmRVREUHHOHV
$SOLFDUWRDOKDV~PLGDVVREUHRVP~VFXORVPDLVGRORULGRVSURYRFDDOtYLRH[WUD

(;$86723(/2&$/25

6LQDLVH6LQWRPDV
x 5HVSLUDomRUiSLGDHVXSHUILFLDO
x 3XOVRGHGHELOLWDGR
x 3HOHIULDHjVYH]HVSiOLGD
x 6XGRUHVHLQWHQVD
x 'HELOLGDGHItVLFDJHQHUDOL]DGD
x 7RQWXUDHjVYH]HVLQFRQVFLrQFLD



x 5HPRYHUSDUDORFDOIUHVFR
x 5HPRYHUDVURXSDV
x 9HQWLODUDYtWLPDSDUDUHVIULiOD
x 2IHUHFHUiJXDSXUDRXFRPVDO 1mRVHDYtWLPDHVWLYHULQFRQVFLHQWH

,162/$d2

6LQDLVH6LQWRPDV
x 5HVSLUDo}HVSURIXQGDVVHJXLGDVGHUHVSLUDo}HVVXSHUILFLDLV
x 3XOVRUiSLGRHIRUWHVHJXLGRGHSXOVRUiSLGRHIUDFR
x 3HOHVHFDHTXHQWH¬VYH]HVDYHUPHOKDGD
x 3XSLODVGLODWDGDV
x 3HUGDGDFRQVFLrQFLDRXFRPD
x &RQYXOV}HVRXWUHPRUPXVFXODUSRGHPHVWDUSUHVHQWHV

(VIULDUUDSLGDPHQWHDYtWLPD5HWLUiODGRORFDOUHPRYHUDVURXSDVDSOLFDUWRDOKDV
PROKDGDVVREUHDYtWLPD'HYHPRVQRUPDOL]DUDWHPSHUDWXUDSDUDHYLWDUTXHVXDV
FpOXODVFHUHEUDLVPRUUDP
$SOLFDU EROVDV GH JHOR VRE DV D[LODV QRV SXOVRV H DWUiV GRV MRHOKRV H WDPEpP
SUy[LPRVDRVODGRVGRSHVFRoR
6HSRVVtYHOSURYLGHQFLDUDLPHUVmRGDYtWLPDHPXPDEDQKHLUDG¶iJXDHHVIULDUD
iJXDFRPJHOR

(0(5*Ç1&,$6$0%,(17$,6/(6®(635292&$'$63(/2)5,2

2FRUSRKXPDQRSRGHVHUOHVDGRSHODH[SRVLomRSRUXPSHUtRGRSURORQJDGRDEDL[DV
WHPSHUDWXUDV RX PHVPR SRU H[SRVLomR DR IULR H[WUHPR GXUDQWH DSHQDV XP FXUWR
SHUtRGR

$H[SRVLomRSRGHOHVDUGHVGHDVXSHUItFLHGRRUJDQLVPRDWpXPHVIULDPHQWRFRUSRUDO
JHQHUDOL]DGROHYDQGRDSHVVRDDPRUWH

'RLVIDWRUHVLQIOXHQFLDPVLJQLILFDWLYDPHQWHRGHVHQYROYLPHQWRGDVOHV}HVSRUIULR
D $WHPSHUDWXUDGRDPELHQWH
E $YHORFLGDGHGRYHQWR

5(6)5,$0(172*(1(5$/,=$'2

6LQDLVH6LQWRPDV
x &DODIULRV
x 6HQVDomRGHDGRUPHFLPHQWR
x 6RQROrQFLD
x 5HVSLUDomRHSXOVROHQWLILFDGRV


x 3HUGDGDYLVmR
x ,QFRQVFLrQFLD
x &RQJHODPHQWRGHDOJXPDVSDUWHVGRFRUSR

$YDOLDU D YtWLPD SDUDGHWHUPLQDUDPDJQLWXGH GR SUREOHPD UHWLUDQGRDGR ORFDO GH
ULVFR IULR
0DQWHUDYtWLPDVHFD
$TXHFHUDYtWLPDFRPXVRGHFREHUWRUHVDTXHFHGRUHVEROVDVTXHQWHVHWF%DQKRV
TXHQWHVWDPEpPVmRGHJUDQGHDMXGD
6HHVWLYHUFRQVFLHQWHRIHUHFHUOtTXLGRVTXHQWHV
7UDQVSRUWDUFRPPRQLWRUDPHQWR

5(6)5,$0(172/2&$/,=$'2

6LQDLVH6LQWRPDV
x 6HRHVIULDPHQWRIRUVXSHUILFLDOWHQGHDGHVHQYROYHUVHOHQWDPHQWH
*HUDOPHQWHpGHVFRQKHFLGRSHODYtWLPDTXHWRPDFLrQFLDGRSUREOHPD
SHODFRORUDomRGDSHOHTXHILFDEUDQFD
x ,QVHQVLELOLGDGHQDiUHDDIHWDGD
x 6HRHVIULDPHQWRIRUSURIXQGRLUmRDSDUHFHUPDQFKDVQDSHOHDTXDO
DOWHUDUiVXDFRORUDomRGHEUDQFDSDUDDPDUHODHILQDOPHQWHD]XODGD
x 7DQWRDVXSHUItFLHFRPRDVSDUWHVPDLVLQWHUQDVGRORFDOHVWDUmRGXUDV
DRWDWR

$TXHFHUDiUHDDWLQJLGDDSOLFDQGRXPDIRQWHGHFDORUH[WHUQR
3URWHJHUDiUHDOHVDGD
1mRVHGHYHIULFFLRQDUHVWDViUHDVSDUDHYLWDUDGHVWUXLomRFHOXODU
6HFDUEHPDiUHDHFREULODFRPEDQGDJHQVOLPSDVHTXHQWHVSDUDHYLWDUXPQRYR
FRQJHODPHQWR



/LomR (0(5*Ç1&,$6&/Ë1,&$6
,$0$1*,1$,&&$9&(
+,3(57(162

$RILQDOGHVWDOLomRRVSDUWLFLSDQWHV
2EMHWLYRV VHUmRFDSD]HVGH

&RQFHLWXDUHPHUJrQFLDPpGLFD
&RQFHLWXDU ,QIDUWR $JXGR GR 0LRFDUGLR FLWDU RV VLQDLV
HVLQWRPDVHGHVFUHYHURWUDWDPHQWRSUpKRVSLWDODU
&RQFHLWXDU$QJLQDGH3HLWRFLWDURVVLQDLVHVLQWRPDV
HGHVFUHYHURWUDWDPHQWRSUpKRVSLWDODU
&RQFHLWXDU ,QVXILFLrQFLD &DUGtDFD &RQJHVWLYD FLWDU RV
VLQDLV H VLQWRPDV H GHVFUHYHU R WUDWDPHQWR SUp
KRVSLWDODU
&RQFHLWXDU$FLGHQWH9DVFXODU&HUHEUDO $9& FLWDURV
KRVSLWDODU
&RQFHLWXDU +LSHUWHQVmR FLWDU RV VLQDLV H VLQWRPDV H
GHVFUHYHURWUDWDPHQWRSUpKRVSLWDODU

5HYLVmRHP-XOKR±(PHUJrQFLDV&OtQLFDV,$0$QJLQD,&&$9&H
+LSHUWHQVmR


(PHUJrQFLD0pGLFD
(VWDGRFUtWLFRSURYRFDGRSRUXPDDPSODYDULHGDGHGHGRHQoDVFXMDFDXVDQmRLQFOXL
YLROrQFLDVREUHDYtWLPD

6HXPDYtWLPDVHQWHVHPDORXDSUHVHQWDVLQDLVYLWDLVDWtSLFRV
DVVXPDTXHWrPXPDHPHUJrQFLDPpGLFD

$7(1d2
$HPHUJrQFLDPpGLFDSRGHSURGX]LUXPWUDXPDHILFDUPDVFDUDGDSHODV
OHV}HV([8PSDFLHQWHFRP$9&SHUGHDFRQVFLrQFLDVRIUHXPDTXHGD
GHQtYHOHVRIUHOHV}HV2WUDXPDSRGHSURGX]LUXPDHPHUJrQFLDPpGLFD
([2HVWUHVVHGHXPDFLGHQWHDXWRPRELOtVWLFRSRGHUiSURGX]LUXP,$0
XP$9&RXFRQYXOVmR

6LQDLVHVLQWRPDVGDV(0

6LQDLV6HDYtWLPDHVWiVHQWLQGRVHPDOHDSUHVHQWDVLQDLVYLWDLVDWtSLFRVDVVXPDTXH
HVWDSRVVXLXPDHPHUJrQFLDPpGLFD
x (VWDGRGHFRQVFLrQFLD LQFRQVFLHQWHFRQIXVRHPFRPD
x 3XOVR5LWPRLQWHQVLGDGHHIUHTrQFLD LUUHJXODUIUDFRIRUWHOHQWR
UiSLGR
x 5HVSLUDomR5LWPRDPSOLWXGHHIUHTrQFLD LUUHJXODUVXSHUILFLDO
SURIXQGDUiSLGDOHQWD
x 7HPSHUDWXUD DOWDEDL[D
x 3XSLODV7DPDQKRVLPHWULDHUHVSRVWDDOX] PLGUtDVHPLRVH
DVVLPHWULDHUHIOH[RVDXVHQWHV
x 3HOHOiELRVHPXFRVDV&RQGLomRHFRU VHFD~PLGDSiOLGD
FLDQyWLFDHDYHUPHOKDGD
x +iOLWR DOFRyOLFRFHW{QLFR
x $EGRPH3RQWRVVHQVtYHLVULJLGH]
x 0RYLPHQWRVPXVFXODUHV HVSDVPRVHSDUDOLVLDV
x +HPRUUDJLDVRXHOLPLQDomRGHOtTXLGRVFRUSRUDLV VDOLYDomR
DXPHQWDGDOtTXLGRHQFHIDORUUDTXLGLDQR
x 9{PLWRV

8PDIUHTrQFLDGHSXOVRVXSHULRUDESPRXPHQRUGHESP
LQGLFDXPDSRVVtYHOHPHUJrQFLDPpGLFDHPXPDYtWLPDDGXOWD

8PDIUHTrQFLDGHUHVSLUDWyULDPDLRUTXHRXPHQRUTXHSRUPLQXWRLQGLFD
XPDSRVVtYHOHPHUJrQFLDPpGLFDHPXPDYtWLPDDGXOWD

+LSHUWHQVmR

6LQWRPDVFRQVLGHUHWRGDTXHL[DGDYtWLPDFRPRYiOLGD6HDYtWLPDQmRVHVHQWHEHP
DVVXPDTXHHVWiWHQGRXPDHPHUJrQFLDPpGLFD
x 'RU
x 6HQVDomRGHIHEUH FDORU
x 0DOHVWDUJiVWULFRQiXVHDVDWLYLGDGHDQRUPDOGRVLQWHVWLQRVHGD
EH[LJD
x 7RQWXUDVHQVDomRGHGHVPDLRRXVHQVDomRGHPRUWH
x )DOWDGHDUDIRJDPHQWRGLILFXOGDGHGHUHVSLUDU
x 2SUHVVmRQRWyUD[RXQRDEG{PHQ
x 6HGHVDERUHVWUDQKRQDERFD
x 6HQVDomRGHTXHLPDomR

$VHPHUJrQFLDVPpGLFDVFDUGLRYDVFXODUHVPDLVFRPXQVVmR
x 2LQIDUWRDJXGRGRPLRFiUGLR ,$0
x $DQJLQDGHSHLWR DQJLQDSHFWRULV
x $LQVXILFLrQFLDFDUGtDFDFRQJHVWLYD ,&&
x 2DFLGHQWHYDVFXODUFHUHEUDO $9&
x +LSHUWHQVmR

(0(5*Ç1&,$60e',&$6&$5',29$6&8/$5(6

,1)$572$*8'2'20,2&È5',2 ,$0

0RUWH GH XPD iUHD GR P~VFXOR FDUGtDFR PLRFiUGLR UHVXOWDQWH GH XPD REVWUXomR
DJXGDGDDUWpULDFRURQiULD

6LQDLVH6LQWRPDV
x 'RURXVHQVDomRGHRSUHVVmRQRSHLWR$OJXPDVYH]HVHVVDGRUSRGH
QmRVHUQRSHLWRHVLPQRVRVEUDoRVQDPDQGtEXODRXQDVFRVWDV$
GRUSRGHLUUDGLDUGRSHLWRSDUDREUDoRHVTXHUGRFRPGXUDomR
SURORQJDGD±VXSHULRUDPLQXWRVQmRVHQGRDOLYLDGDSHORV
FRURQiULRGLODWDGRUHV
x 3RGHDSUHVHQWDUGRUHVWRUiFLFDVTXHPHOKRUDPHSLRUDPSRUKRUDVRX
GLDVDQWHVGR,$0
x 1iXVHDV
x )DOWDGHDU
x 6XGRUHVHLQWHQVD
x )UDTXH]D
x $JLWDomRLQTXLHWXGH
x 3DUDGDFDUGtDFD

+LSHUWHQVmR


6HTXDOTXHUGHVWHVVLQDLVRXVLQWRPDVHVWiSUHVHQWHDVVXPDTXH
DYtWLPDHVWiWHQGRRXHVWiDSRQWRGHWHUXP,$0

$VVHJXUHVH TXH R 6(0 VHMD FKDPDGR 1mR DEDQGRQH D YtWLPD TXH SRGH
DSUHVHQWDUSDUDGDFDUGLRUHVSLUDWyULD
&RORTXH D YtWLPD HP SRVLomR GH UHSRXVR TXH SHUPLWD XPD UHVSLUDomR PDLV
FRQIRUWiYHO0XLWRVVHVHQWHPPDLVFRQIRUWiYHOQDSRVLomRVHPLVHQWDGD
$GPLQLVWUHR[LJrQLRVXSOHPHQWDU
$IURX[HURXSDVDSHUWDGDV
0DQWHQKDRFDORUFRUSRUDOPDVFXLGDGRSDUDQmRDTXHFHUHPH[FHVVR
0RQLWRUHRVVLQDLVYLWDLV
3URPRYDVXSRUWHHPRFLRQDO
7UDQVSRUWDUDYtWLPD

0RQLWRUHFRQVWDQWHPHQWHRVVLQDLVYLWDLVGRVSDFLHQWHV

$1*,1$'23(,72

'RU FDUDFWHUL]DGD SRU XPD VHQVDomR GH LQWHQVR DSHUWR QR WyUD[ e DVVRFLDGD D XP
VXSULPHQWR VDQJtQHR LQVXILFLHQWH GR P~VFXOR FDUGtDFR e DJUDYDGD RX SURGX]LGD
SHORH[HUFtFLRHDOLYLDGDSHORUHSRXVRRXPHGLFDPHQWRV

6LQDLVH6LQWRPDV
$YtWLPDVHQWHGRUQRSHLWRVHQVDomRGHRSUHVVmRTXHDSDUHFHH
DXPHQWDFRPRHVIRUoRItVLFR3RGHLUUDGLDUVHSDUDDPDQGtEXODHRV
EUDoRV

7RGDGRUQRSHLWRLQH[SOLFiYHOpXPDLQGLFDomR
GHSRVVtYHODQJLQDGHSHLWR

$FLRQDUR6(0
$V YtWLPDV FRQVFLHQWHV GH VXD FRQGLomR JHUDOPHQWH WRPDP PHGLFDPHQWRV
QLWURJOLFHULQD SDUD DOLYLDU D GRU 2 VRFRUULVWD GHYH RULHQWDU SDUD TXH WRPHP D
PHGLFDomRFRQIRUPHDSUHVFULomRGHVHXVPpGLFRV
2WUDWDPHQWRSUpKRVSLWDODUSDUDHVWDVYtWLPDVpRPHVPRTXHSDUDDVFRP,QIDUWR
$JXGRGR0LRFiUGLR
$GRUSRGHUiDOLYLDUFRPRUHSRXVR DSUR[LPDGDPHQWHDSyVPLQXWRV
7UDQVSRUWDUSDUDXPKRVSLWDO

,168),&,Ç1&,$&$5'Ë$&$&21*(67,9$

+LSHUWHQVmR


&LUFXODomR LQVXILFLHQWH SRU IDOKD QR ERPEHDPHQWR GR FRUDomR 4XDQGR R FRUDomR
QmRERPEHLDHIHWLYDPHQWHRVDQJXHSURFHGHQWHGRVSXOP}HVSRGHDFXPXODUVHQD
FLUFXODomR SXOPRQDU LVWR SURGX] VDtGD GH OtTXLGRV SDUDIRUD GRV YDVRV VDQJtQHRV
(VWHOtTXLGRRFXSDRVDOYpRORVGLILFXOWDQGRDWURFDGHDU

6LQDLVH6LQWRPDV
x 5HVSLUDomRRIHJDQWHHUXLGRVDLQVXILFLrQFLDUHVSLUDWyULD
x $QVLHGDGHHDJLWDomR
x 3XOVRUiSLGR
x (GHPDQRWRUQR]HOR
x (GHPDQRDEGRPH
x 9HLDVGRSHVFRoRGLVWHQGLGDV
x &LDQRVH
x ,QVLVWHHPILFDUVHQWDGRRXGHSp

1DLQVXILFLrQFLDFDUGtDFDQmRpIUHTHQWH
TXHDYtWLPDDSUHVHQWHGRUWRUiFLFD

$FLRQDUR6(0
0DQWHUDYLDDpUHDSHUPHiYHO
0DQWHU D YtWLPD HP SRVLomR GH UHSRXVR GH PRGR D SHUPLWLU XPD UHVSLUDomR PDLV
FRQIRUWiYHO
'DUVXSRUWHHPRFLRQDO
7UDQVSRUWDUSDUDRKRVSLWDOFRPPRQLWRUDPHQWRFRQVWDQWH

$&,'(17(9$6&8/$5&(5(%5$/ $9&

'DQRGRWHFLGRFHUHEUDOSURGX]LGRSRUIDOKDQDLUULJDomRVDQJtQHD
&DXVDV

7URPERVH&HUHEUDO
&DXVDGDTXDQGRXPWURPERRXrPERORREVWUXLXPDDUWpULDFHUHEUDO
LPSHGLQGRTXHRVDQJXHR[LJHQDGRQXWUDDSRUomRFRUUHVSRQGHQWHGR
FpUHEUR

+HPRUUDJLD&HUHEUDO
eTXDQGRXPDDUWpULDURPSHVHGHL[DQGRXPDiUHDGRFpUHEURVHP
QXWULomR2VDQJXHTXHVDLGRYDVRDXPHQWDDSUHVVmRLQWUDFUDQLDQD
SUHVVLRQDQGRRFpUHEURHLQWHUIHULQGRHPVXDVIXQo}HV

+LSHUWHQVmR


6LQDLVH6LQWRPDV
9DULDPPXLWRGHSHQGHQGRGDORFDOL]DomRHH[WHQVmRGRGDQR,QFOXHP
x'RUGHFDEHoDSRGHVHURSULPHLURH~QLFRVLQWRPD
x'HVPDLR
x$OWHUDo}HVGRQtYHOGHFRQVFLrQFLD
x)RUPLJDPHQWRRXSDUDOLVLDXVXDOPHQWHGDVH[WUHPLGDGHVHRXGDIDFH
x'LILFXOGDGHSDUDIDODUHUHVSLUDU
x$OWHUDomRYLVXDO
x&RQYXOVmR
x3XSLODVGHVLJXDLV DQLVRFRULD
x3HUGDGRFRQWUROHXULQiULRRXLQWHVWLQDO

2ULVFRGHXP$9&DXPHQWDFRPDLGDGH

,QIHOL]PHQWH PXLWRV VLQDLV GH $9& SRGHP VHU YDJRV RX LJQRUDGRV SHOD YtWLPD &RPR
VRFRUULVWD YRFr SRGHUi SURFXUDU LGHQWLILFDU XP $9& D SDUWLU GH DOJXPD GDV WUrV
WpFQLFDVVLQDLVTXHVHJXHP

4XHGDIDFLDO(VWHpRVLQDOPDLVHYLGHQWHVHDYtWLPDVRUULRXID]FDUHWD6HXPGRV
ODGRVGDIDFHHVWLYHUFDtGRRXRURVWRQmRVHPH[HUSRGHKDYHUXP$9&

)UDTXH]DQREUDoR,VWRVHWRUQDPXLWRHYLGHQWHVHDYtWLPDHVWHQGHURVEUDoRVSDUD
IUHQWHFRPRVROKRVIHFKDGRV6HXPEUDoRSHQGHUSDUDEDL[RRXVHRVEUDoRVQmR
SXGHUHPVHPRYLPHQWDULVWRSRGHLQGLFDUXP$9&H

'LILFXOGDGHV QD IDOD ,VWR p PDLV HYLGHQWH VH D YtWLPD QmR FRQVHJXH IDODU RX VH D
IDODVDLDUUDVWDGD3HoDjYtWLPDTXHGLJDXPDIUDVH RUDWRURHXDURXSDGRUHLGH
5RPD 6H D YtWLPD QmR SXGHU UHSHWLU D IUDVH FRP SUHFLVmR H FODUH]D SRGH WHU
RFRUULGRXP$9&

$FLRQDUR6(0
0DQWHUYLDDpUHDSHUPHiYHOHHVWDUSUHSDUDGRSDUDYHQWLODURXUHDOL]DUPDQREUDVGH
5&3VHQHFHVViULR
0DQWHUDYtWLPDHPUHSRXVR
3URWHJHUiUHDVSDUDOLVDGDVDRPRELOL]DU
'DUVXSRUWHHPRFLRQDO
&RORFDUDYtWLPDQDSRVLomRGHUHFXSHUDomR
1mRSHUPLWLUTXHDYtWLPDVXSHUDTXHoDRXHVIULH
1mRGDUQDGDSRUYLDRUDO
0RQLWRUDPHQWRFRQVWDQWH
3UHYHQLURFKRTXH
7UDQVSRUWDUDYtWLPDSDUDRKRVSLWDO

+LSHUWHQVmR


+,3(57(162
3UHVVmRDUWHULDOTXHVHPDQWpPFRQVWDQWHPHQWHDFLPDGRVYDORUHVQRUPDLV

6LQDLVH6LQWRPDV
x &HIDOpLD
x 1iXVHDV
x $QVLHGDGH
x =XPELGRQRVRXYLGRV
x (VFRWRPDV
x +HPRUUDJLDQDVDO
x 3$GLDVWyOLFDDFLPDGHPP+J
x )RUPLJDPHQWRQDIDFHHH[WUHPLGDGHV

$FLRQDUR6(0
&RORFDUDYtWLPDHPSRVLomRVHQWDGDRXVHPLVHQWDGD
7UDQTLOL]DUDYtWLPD
7UDWDUDKHPRUUDJLD
2ULHQWDUSDUDTXHWRPHDPHGLFDomRKDELWXDO
7UDQVSRUWDUDYtWLPDSDUDRKRVSLWDO

+LSHUWHQVmR

0yGXOR,,3ULPHLURV6RFRUURV

/LomR (0(5*Ç1&,$6&/Ë1,&$6
&2198/62',$%(7((
$%'Ð0(1$*8'2

FDSD]HVGH

'HVFUHYHU R WUDWDPHQWR SUpKRVSLWDODU GH XPD YtWLPD
FRPFRQYXOVmR
WUDWDPHQWR SUpKRVSLWDODU GH XP FRPD GLDEpWLFR
KLSHUJOLFrPLFR H GH XP FKRTXH LQVXOtQLFR
KLSRJOLFrPLFR
WUDWDPHQWRSUpKRVSLWDODUGRDEGRPHDJXGR

5HYLVmRHP-XOKR±(PHUJrQFLDV&OtQLFDV&RQYXOVmR'LDEHWHH
$EGRPHDJXGR


&RQYXOVmR
&RQWUDo}HVYLROHQWDVLQFRRUGHQDGDVHLQYROXQWiULDVGHSDUWHRXGDWRWDOLGDGHGRV
P~VFXORVSURYRFDGDVSRUGLYHUVDVGRHQoDVQHXUROyJLFDVHQmRQHXUROyJLFDVRXSRU
WUDXPDWLVPRVFUkQLRHQFHIiOLFRV

&DXVDVGDVFRQYXOV}HV
x(SLOHSVLD JUDQGHPDOHSHTXHQRPDO
x)HEUHDOWDHPFULDQoDVPHQRUHVGHDQRV FRQYXOV}HVIHEULV
x7UDXPDWLVPRFUDQLDQR
x'RHQoDVLQIHFFLRVDVLQIODPDWyULDVRXWXPRUHVFHUHEUDLV
x$FLGHQWHV9DVFXODUHV&HUHEUDLV
x,QWR[LFDo}HV

(SLOHSVLD
'RHQoD QHXUROyJLFD FRQYXOVLYD FU{QLFD 0DQLIHVWDVH SRU SHUGD V~ELWD GD
FRQVFLrQFLDJHUDOPHQWHDFRPSDQKDGDGHFRQYXOV}HVW{QLFRFO{QLFDV

$HSLOHSVLDpXPDHQIHUPLGDGHRUJkQLFDTXHSRGHDSUHVHQWDUVHGH
GLYHUVDVIRUPDV+iHSLVyGLRVFRQYXOVLYRVIDFLOPHQWHREVHUYiYHLV
JUDQGHPDO RXFRQYXOV}HVTXHTXDVHSDVVDPGHVSHUFHELGDV SHTXHQR
PDO 8PHSLVyGLRFRQYXOVLYRHSLOpSWLFRSRGHUHSHWLUVHPXLWDVYH]HVH
QmRpFRQWDJLRVD

&RQYXOVmRIHEULO
2FRUUHP VRPHQWH HP DOJXPDV FULDQoDV PHQRUHV GH DQRV GHVHQFDGHDGDV
GXUDQWHKLSHUWHUPLDVeUDUDHQWUHDPHVHVHQmRRFRUUHDEDL[RGRVPHVHVe
LPSRUWDQWH OHPEUDU TXH SRGHUi UHSHWLUVH DQWHFHGHQWHV 6HPSUH UHTXHU DWHQomR
PpGLFD

7UDXPDWLVPR&UDQLDQR
2V WUDXPDWLVPRV FUkQLRHQFHIiOLFRV SRGHP SURGX]LU FRQYXOV}HV QR PRPHQWR GR
WUDXPD RX KRUDV DSyV DR HYHQWR SRU GHVHQYROYLPHQWR GH KHPDWRPDV RX HGHPD
FHUHEUDO e PXLWR LPSRUWDQWH XPD ERD HQWUHYLVWD SDUD DYHULJXDU DQWHFHGHQWHV GH
WUDXPDVQDFDEHoDRXTXHGDV

6LQDLVH6LQWRPDVGHXPD&ULVH&RQYXOVLYD
3HUGDGDFRQVFLrQFLD$YtWLPDSRGHUiFDLUHPDFKXFDUVH
5LJLGH] GR FRUSR HVSHFLDOPHQWH GR SHVFRoR H H[WUHPLGDGHV 2XWUDV YH]HV
GHVHQYROYH XP TXDGUR GH OHYHV WUHPRUHV RX VDFXGLGDV GH GLYHUVDV DPSOLWXGHV
GHQRPLQDGDVFRQYXOV}HVW{QLFRFO{QLFDV
3RGHRFRUUHUFLDQRVHRXDWpSDUDGDUHVSLUDWyULD(PDOJXPDVRFDVL}HVKiSHUGD
GRFRQWUROHGRVHVItQFWHUHVXULQiULRHDQDO

$EGRPHDJXGR

'HSRLV GDV FRQYXOV}HV R SDFLHQWH UHFXSHUD VHX HVWDGR GH FRQVFLrQFLD
OHQWDPHQWH3RGHILFDUFRQIXVRSRUXPFHUWRWHPSRHWHUDPQpVLDGRHSLVyGLR

7UDWDPHQWR3Up+RVSLWDODUGDV&RQYXOV}HV

1mRLQWURGX]LUQDGDQDERFDGDYtWLPD

$FLRQDUR6(0
3RVLFLRQDUDYtWLPDQRSLVRRXHPXPDPDFD(YLWDUTXHVHPDFKXTXHFRPJROSHV
HPREMHWRVGLVSRVWRVDRVHXUHGRU
$IURX[DUEHPDVURXSDVDSHUWDGDV
3RVLFLRQDUDGHTXDGDPHQWHDFDEHoDGDSDFLHQWH
9LJLDUDUHVSLUDomRHDGPLQLVWUDUR[LJrQLRVXSOHPHQWDU
'HSRLVGDFULVHSURWHJHUDSULYDFLGDGHGDYtWLPDHH[SOLFDUOKHTXHGHYHUiUHFHEHU
DX[tOLRPpGLFR
7UDQVSRUWDUSDUDXPKRVSLWDO

&RQYXOV}HVSRUIHEUH HPFULDQoDV
%DL[DUDWHPSHUDWXUDFRPEDQKRVRXDSOLFDomRGHSDQRVPROKDGRVIULRV
3URFXUDUDWHQGLPHQWRPpGLFRSHGLiWULFR

'LDEHWHV
'RHQoDVFDXVDGDVSRUSUREOHPDV JHUDOPHQWHLQVXILFLrQFLD GHLQVXOLQD
$LQVXOLQDpXPKRUP{QLRSURGX]LGRQRSkQFUHDV(VWHKRUP{QLRpLQGLVSHQViYHO
SDUDTXHDVFpOXODVXWLOL]HPQRUPDOPHQWHDJOLFRVH Do~FDU SULQFLSDOIRQWHGHHQHUJLD
GRQRVVRRUJDQLVPR
1HVWD GRHQoD JHUDOPHQWH R SkQFUHDV SURGX] XPD TXDQWLGDGH LQVXILFLHQWH GH
LQVXOLQD H D JOLFRVH GHL[D GH VHU XWLOL]DGD SHODV FpOXODV H VH DFXPXOD QR VDQJXH
SURGX]LQGR RV VLQDLV H VLQWRPDV GD GLDEHWHV $ YtWLPD DSUHVHQWD PDQLIHVWDo}HV GH
IRPHHVHGHH[DJHUDGDVGHGLXUHVHIUHTHQWHHDEXQGDQWHSHUGDGHSHVRHIUDTXH]D

(IHLWRV4XDQGRDSURGXomRGHLQVXOLQDpLQVXILFLHQWH
$FXPXODVHQRVDQJXHXPH[FHVVRGHJOLFRVHTXHSRGHJUDGXDOPHQWH
RFDVLRQDURFRPDGLDEpWLFR FRPDKLSHUJOLFrPLFR

(IHLWRV4XDQGRDTXDQWLGDGHGHLQVXOLQDQRVDQJXHpH[FHVVLYD
5DSLGDPHQWHHVJRWDUVHiDJOLFRVHGRVDQJXHRFRUUHQGR
FRPSURPHWLPHQWRGDVFpOXODVGRVLVWHPDQHUYRVRFHQWUDOTXHXWLOL]DP
FRPRIRQWHRXHQHUJLDTXDVHH[FOXVLYDDJOLFRVHSRGHQGRFRQGX]LUDR
FKRTXHLQVXOtQLFR

&RPD'LDEpWLFR +LSHUJOLFHPLD
3RGHDSDUHFHUHPGLDEpWLFRVFRPGLDEHWHVGLDJQRVWLFDGDRXQmR

$EGRPHDJXGR

VXEPHWLGRVDGLIHUHQWHVHVpULRVHVWUHVVHVFRPRLQIHFo}HVWUDXPDWLVPRV
FLUXUJLDVGLiOLVHSHULWRQLDOJUDYLGH]XVRGHFRUWLFyLGHV'LDEpWLFRV
LQDGHTXDGDPHQWHWUDWDGRV

6LQDLVH6LQWRPDV
'LILFXOGDGHUHVSLUDWyULDDVUHVSLUDo}HVVmRUiSLGDVHSURIXQGDV
3HOHTXHQWHHVHFD GHVLGUDWDGD
3XOVRUiSLGRHGpELO
+iOLWRFHW{QLFRHERFDVHFD
'LIHUHQWHVJUDXVGHDOWHUDomRGRQtYHOGHFRQVFLrQFLDDWpRFRPD
2VRFRUULVWDGHYHID]HUXPERPLQWHUURJDWyULR$YHULJXDUVHDYtWLPDpGLDEpWLFD
VHHVWDHPWUDWDPHQWRVHUHFHEHXLQVXOLQDHRTXHWrPLQJHULGRXOWLPDPHQWH

7UDWDPHQWR3Up+RVSLWDODU
$FLRQDUR6(0
7UDQVSRUWDUDYtWLPDSDUDXPKRVSLWDO

&KRTXH,QVXOtQLFR KLSRJOLFHPLDVHYHUD
3URYRFDGRSRUXPDTXDQWLGDGHH[FHVVLYDGHLQVXOLQDQRVDQJXH
5DSLGDPHQWHHVJRWDUVHiDJOLFRVHGRVDQJXHRFRUUHQGR
FRPSURPHWLPHQWRGDVFpOXODVGRVLVWHPDQHUYRVRFHQWUDOHRHVWDGR
GHFKRTXH
6LQDLVH6LQWRPDV
5HVSLUDomRQRUPDORXVXSHUILFLDO
3HOHSiOLGDH~PLGDIUHTHQWHPHQWHVXGRUHVHIULD
3XOVRUiSLGRHFKHLR
+iOLWRVHPRGRUFDUDFWHUtVWLFR
&HIDOpLDHQiXVHDV
'HVPDLRFRQYXOV}HVGHVRULHQWDomRRXFRPD

$FLRQDUR6(0
0DQWHUYLDVDpUHDVDEHUWDVHHVWDUSUHYHQLGRSDUDRFRUUrQFLDVGHY{PLWR
6H D YtWLPD HVWLYHU FRQVFLHQWH GrDo~FDU FDUDPHOR RX OtTXLGR DoXFDUDGR PDV VH
QmRHVWLYHUWRWDOPHQWHFRQVFLHQWHQmRGDUQDGDSRUYLDRUDO
3UHYHQLURFKRTXH

$EG{PHQ$JXGR

$EGRPHDJXGR

'RULQWHQVDHULJLGH]GDSDUHGHGRDEGRPHFDXVDGRSRUGRHQoDVRXOHVmRGHDOJXQV
GRVyUJmRVFRQWLGRVQDUHJLmRDEGRPLQDORXDLQGDSRUREVWUXomRLQWHVWLQDO

&DXVDV
$V FDXVDV VmR P~OWLSODV 5HODFLRQDPRV DV TXH DSDUHFHP FRP PDLRU IUHTrQFLD H
UHTXHUHPDWHQomRPpGLFDLPHGLDWD
$SHQGLFLWHDJXGD
ÒOFHUDVSHUIXUDGDV
(QIHUPLGDGHVDJXGDVGDYHVtFXODELOLDU
2EVWUXomRLQWHVWLQDO
*UDYLGH]HFWySLFD H[WUDXWHULQD HRXWURVSUREOHPDV
*LQHFRREVWpWULFRV
7UDXPDWLVPRDEGRPLQDOIHFKDGR UXSWXUDVKHPRUUDJLDV
6LQDLVHVLQWRPDVGRDEGRPHDJXGR
'RUDEGRPLQDO
'RUQRVRPEURV
7UHPRUDQJ~VWLDPDOHVWDUJHQHUDOL]DGRSDOLGH]VXGRUHVH
3RVLomRIHWDO
5HVSLUDomRUiSLGDHVXSHUILFLDOSXOVRUiSLGR
1iXVHDVHY{PLWRV
5LJLGH]DEGRPLQDO DEG{PHQHPWiEXD HGRUjSDOSDomR
'LVWHQVmRSURWXEHUkQFLDVRXPDVVDVYLVtYHLVRXSDOSiYHLVVLQDLV
GHWUDXPD HVFRULDo}HVIHULGDVKHPDWRPDV
6DQJUDPHQWRUHWDOVDQJXHQDXULQDRXVDQJUDPHQWRSHODYDJLQD
VHPUHODomRFRPDPHQVWUXDomR
6LQDLVGHFKRTXH
$FLRQDUR6(0
12GDUQDGDSRUYLDRUDO
0DQWHUDVYLDVDpUHDVDEHUWDVHVWDUSUHSDUDGRSDUDRY{PLWR
3UHYHQLURFKRTXH
0DQWHUDYtWLPDHPUHSRXVRQDSRVLomRHPTXHPHOKRUVHDGDSWH1mRIRUoDUODj
PXGDUGHSRVLomR
*XDUGDU R Y{PLWR SDUD SRVWHULRU DQiOLVH WRPDU SUHFDXo}HV SDUD QmR VH
FRQWDPLQDU
'DUVXSRUWHHPRFLRQDO

$EGRPHDJXGR

$9$/,$d2

(0(5*Ç1&,$6&/Ë1,&$6
&RQYXOVmR'LDEHWHH$EGRPH$JXGR


'HVFUHYDRWUDWDPHQWRSUpKRVSLWDODUGHXPDYtWLPDFRPFRQYXOVmR

&RPSOHWH R TXDGUR DEDL[R FRP DV GLIHUHQoDV HQWUH R FRPD GLDEpWLFR H R
FKRTXHLQVXOtQLFR

&RPDKLSHUJOLFrPLFR &KRTXHLQVXOtQLFR
3HOH
3XOVR
+iOLWR

&LWHVLQDLVHVLQWRPDVLQGLFDWLYRVGHDEG{PHQDJXGR

'HVFUHYDRWUDWDPHQWRSUpKRVSLWDODUGHXPDYtWLPDFRPDEG{PHQDJXGR"

$EGRPHDJXGR


/LomR (0(5*Ç1&,$6&/Ë1,&$6
(0(5*Ç1&,$6
36,48,È75,&$6

FDSD]HVGH

&RQKHFHU DV HPHUJrQFLDV SVLTXLiWULFDV H RV
SURFHGLPHQWRVSUpKRVSLWDODUUHVSHFWLYRV

5HYLVmRHP-XOKR±(PHUJrQFLDV&OtQLFDV(PHUJrQFLDV3VLTXLiWULFDV

,1752'8d2

&RPUHODomRD3ROtWLFD1DFLRQDOGH$WHQGLPHQWRDV8UJrQFLDV
5HFRQKHFHU VLQDLV GH JUDYLGDGH GDV SDWRORJLDV SVLTXLiWULFDV HP VLWXDo}HV GH
XUJrQFLDQDFHQDVGDVRFRUUrQFLDV
'HVFUHYHUDRPpGLFRUHJXODGRURVVLQDLVREVHUYDGRVQRVSDFLHQWHV
5HFRQKHFHUQHFHVVLGDGHGHDFLRQDURXWURVDWRUHVQRDWHQGLPHQWRjVXUJrQFLDV
SVLTXLiWULFDV TXDQGR LPSOLFDU D VHJXUDQoD GDV HTXLSHV GH $3+ YtWLPDV
DJUHVVLYDVHPVLWXDo}HVGHULVFRSDUDVLHSDUDRVRXWURV
$GRWDUPHGLGDVQRPDQHMRGRVSDFLHQWHVDJUHVVLYRVSVLFyWLFRVHVXLFLGDV

&RQFHLWRGH7UDQVWRUQRV3VLTXLiWULFRV
4XDOTXHU SDGUmR GH VLQWRPDV SVLFROyJLFRV H FRPSRUWDPHQWDLV TXH FDXVDP
VLJQLILFDWLYRVRIULPHQWRLQGLYLGXDOFRPSURPHWHQGRVXDFDSDFLGDGHGHIXQFLRQDUQDYLGD
HRXDXPHQWDVLJQLILFDWLYDPHQWHRULVFRGHPRUWHGRULQYDOLGH]RXSHUGDGHOLEHUGDGH

&RQFHLWRGH&ULVH
(YHQWRSHUWXUEDGRUTXHSRGHWDPEpPGHILQLUVHSRU
D 0DQLIHVWDo}HV GH XPD DOWHUDomR SVLFROyJLFD DJXGDDQVLHGDGH SkQLFR
GHSUHVVmR
E 0DQLIHVWDo}HVTXH LPSOLFDP ULVFR GH GDQR FRUSRUDO RX LQWHUSHVVRDO DJUHVVmR
VXLFtGLRKRPLFtGLR
F 0DQLIHVWDo}HV TXH HYLGHQFLDP XP FRPSRUWDPHQWR SURIXQGDPHQWH
GHVRUJDQL]DGR SVLFRVHGHOtULR

3DVVRVSDUDXP$WHQGLPHQWRGH8UJrQFLD3VLTXLiWULFD
5LVFR 6HJXUDQoD GD YtWLPD H GD HTXLSH LQIRUPDo}HV QD FHQD H WHPSR
GLVSRQtYHO
5HIHUrQFLD GH $WHQGLPHQWR ,GpLD GR TXH HVWi DFRQWHFHQGR SDFLHQWH
YLROHQWR
&RQWDWR FRP D YtWLPD &RQWUROH GRV ULVFRV SULYDFLGDGH FRP D YtWLPD
FRPXQLFDomRYHUEDOHQmRYHUEDOH[SUHVVmRIDFLDOGRVRFRUULVWD
([FOXVmRGH&DXVD2UJkQLFD 3ULPHLURHSLVyGLR,GDGHDYDQoDGD'RHQoDRX
OHVmR RUJkQLFD DWXDO $EXVR VLJQLILFDWLYR GH VXEVWkQFLDV $OXFLQDo}HV QmR DXGLWLYDV
6LQWRPDV QHXUROyJLFRV H $OWHUDo}HV HVWDGR PHQWDO VXJHVWLYDV HVWDGR GH DOHUWD
GHVRULHQWDomRDOWHUDomRGDPHPyULDGDDWHQomR
+LSyWHVH 'LDJQyVWLFD ,QWUD+RVSLWDODU FRP ([DPHV /DERUDWRULDLV H GH
,PDJHP
(QFDPLQKDPHQWR

&217(1d20(&1,&$
eXPLQVWUXPHQWRLPSRUWDQWHSDUDRFRQWUROHGHSDFLHQWHVYLROHQWRV±EHPLQGLFDGD
HFRQGX]LGD,QGLFDo}HV
z 3UHYHQLU GDQRV ItVLFRV LPLQHQWHV j HTXLSH DRV RXWURV SDFLHQWHV D VL
PHVPRHWDPEpPDRDPELHQWH
z 'LPLQXLUDTXDQWLGDGHGHHVWtPXORVTXHRSDFLHQWHHVWiUHFHEHQGR
z $WHQGHUDVROLFLWDomRGDYtWLPD



&XLGDGRVD&RQWHQomR
z )LFDUHVWULWRRXVRFRPLQWXLWRSURWHWRUULVFRLPLQHQWH
z 0RQLWRUL]DomRIUHTHQWHHPUHODomRDRQtYHOGHFRQVFLrQFLDHDRVVLQDLVYLWDLV
z 1XQFDXWLOL]DUDWpFQLFDFRPLQWXLWRWHUDSrXWLFR
z 2V PRWLYRV H SDUWLFXODULGDGHV GR SURFHGLPHQWR GHYHP VHU UHJLVWUDGRV
DGHTXDGDPHQWHQDILFKDGHDWHQGLPHQWR

6LWXDo}HV(VSHFtILFDVPDLVFRPXQVHP$3+

7UDQVWRUQRGH$QVLHGDGH
2V TXDGURV GH DQVLHGDGH SDWROyJLFD PRWLYR PDLV FRPXQV QR $3+ D
7UDQVWRUQRV6RPDWRIRUPHVH&RQYHUVLYRVE $WDTXHGH3kQLFR 7UDQVWRUQRGH3kQLFR
HF 5HDo}HVDJXGDVDRHVWUHVVH %XUQRXW

7UDQVWRUQRV6RPDWRIRUPHVH&RQYHUVLYRV
2V WUDQVWRUQRV 6RPDWRIRUPHV VmR XP JUXSR GH WUDQVWRUQRV TXH LQFOXHP
VLQWRPDVItVLFRVVHPXPDH[SOLFDomRPpGLFDDGHTXDGD

$WDTXHGH3kQLFR 7UDQVWRUQRGH3kQLFR
2WUDQVWRUQRGRSkQLFRpGHILQLGRFRPRFULVHVUHFRUUHQWHVGHIRUWHDQVLHGDGHRX
PHGRVHPDSUHVHQoDGHXPREMHWRIyELFR³SUHVHQWH´
$VFULVHVGHSkQLFRVmRHQWHQGLGDVFRPRLQWHQVDVHLQHVSHUDGDVTXHSURYRFDP
QDVSHVVRDVVHQVDomRGHPDOHVWDUItVLFRHPHQWDOMXQWDPHQWHDXPFRPSRUWDPHQWR
GH IXJD GR ORFDO RQGH VH HQFRQWUD VHMD LQGR SDUD XP SURQWR VRFRUUR VHMD EXVFDQGR
DMXGDGHTXHPHVWiSUy[LPR

5HDo}HVDJXGDVDRHVWUHVVH %XUQRXW
e XP GLVW~UELR SVtTXLFR GH FDUiWHU GHSUHVVLYR HRX DQVLRVR SUHFHGLGR GH
HVJRWDPHQWR ItVLFR H PHQWDO LQWHQVR FXMD FDXVD HVWD OLJDGD LQWLPDPHQWH D YLGD

SURILVVLRQDO (VJRWDPHQWR ItVLFR HPRFLRQDO H FRJQLWLYR 4XDGUR &OtQLFR D $WLWXGHV
QHJDWLYDVE &RPSRUWDPHQWRVDJUHVVLYRVRXSDUDQRLGHVEDL[DWROHUkQFLDDIUXVWUDomR
F 0DQLIHVWDo}HVSVLFRVVRPiWLFDVG &RQGXWDVDGLWLYDVHRXHYLWDWLYDVHG 2VFLODomR
GHKXPRU

7UDQVWRUQR3VLFyWLFR
&DUDFWHUL]DGR SHOD SHUGD GDQRomR GH UHDOLGDGH H SRU XPDGHVRUJDQL]DomR GR
SHQVDPHQWR e GXUDQWH XP VXUWR SVLFyWLFR TXH RFRUUH XPD SHUGD GH UHDOLGDGH RQGH
QmRKiGLIHUHQFLDomRHQWUHRPXQGRUHDOHRLPDJLQiULRGDSHVVRD2VGRLVSULQFLSDLV
VLQWRPDV GR VXUWR SVLFyWLFR VmR RV GHOtULRV H DOXFLQDo}HV 4XDQGR HVWi HP VXUWR R
LQGLYtGXR QmR GHL[D GH HVWDU FRQVFLHQWH PDV HOH Yr D UHDOLGDGH GH XPD PDQHLUD
GLVWRUFLGD6XE7LSRV3VLFRVHSRU6XEVWkQFLDVH3VLFRVH6HQLO

7UDQVWRUQRGH+XPRU
'HSUHVVmRpXPDSVLFRSDWRORJLDRXVHMDXPDGRHQoDDIHWLYDRXGRKXPRUTXH
DIHWDRRUJDQLVPRFRPRXPWRGRFRPSURPHWHQGRRItVLFRHWDPEpPRFRJQLWLYR2QGH
RVPHVPRVSHUVLVWHPSRUERDSDUWHGRWHPSR


4XDGUR&OtQLFR
%DL[DGRKXPRU WULVWH]DGHVkQLPRYD]LRDQJ~VWLD
$QHGRQLDSHUGDGRSUD]HU
$XPHQWRRXGLPLQXLomRGRVRQR
$XPHQWRRXGLPLQXLomRGRDSHWLWHRXSHVR
$XPHQWRRXGLPLQXLomRGDVDWLYLGDGHV
)DOWDGHHQHUJLD
)DOWDGHFRQFHQWUDomR
%DL[DGDDXWRHVWLPD
6HQWLPHQWRGHFXOSD
,GpLDGHPRUWHGRHQoDRXVXLFtGLR

6XLFtGLR
9DOHOHPEUDU4XHPWHQWDVXLFtGLRQHPVHPSUHTXHUPRUUHU
z 3RGHVHUSDUDTXHRVRXWURVVLQWDPSHQDHFXOSD
z 0RVWUDURTXDQWRHVWmRGHVHVSHUDGRV
z ,QIOXHQFLDURXWUDSHVVRDDPXGDUGHLGpLD
z (VFDSDUGHXPVRIULPHQWRSVtTXLFRPXLWRJUDQGH
z %XVFDUDMXGD
z 7HVWDUVHDOJXpPJRVWDGHOHV
z (VFDSDUGHXPDVLWXDomRLQWROHUiYHOHWF
z &XLGDGRFRPDLGpLD³4XHPTXHUVHPDWDUQmRDYLVD´o1mRpYHUGDGH

9LROrQFLD 3DFLHQWH9LROHQWR
z 7UDQVWRUQRV PHQWDLV RUJkQLFRV GHOLULXP H LQWR[LFDomRDEVWLQrQFLD GH
GURJDV
z 7UDQVWRUQRVFHUHEUDLVHSLOHSVLDDOWHUDo}HVGRVORERVIURQWDOHWHPSRUDO
z 7UDQVWRUQRVGHSHUVRQDOLGDGHDQWLVRFLDOSDUDQyLGHERUGHUOLQH
z 7UDQVWRUQRV SVLFyWLFRV HVTXL]RIUHQLD SDUDQyLGH FDWDW{QLFD 'HSUHVVmR
PDQLDHELSRODU SVLFRVHSyVSDUWR

&21&/862

'HYHPRVFRQVLGHUDUQDLQWHUYHQomRQDV8UJrQFLDV3VLTXLiWULFDV
,QWHUYHQomR 9HUEDO ± $ FRPXQLFDomR p SULPRUGLDO $ FRPXQLFDomR GHYH VHU
GLUHWDFRPSUHHQVLYDSHUVXDVLYDHILUPH
,QWHUYHQomR)DUPDFROyJLFD±2VSVLFRIiUPDFRVQDDWXDOLGDGHFRQVWLWXHPXP
UHFXUVR WpFQLFR QR WUDWDPHQWR H QD DERUGDJHP ( FDEH DR SURILVVLRQDO GD VD~GH
HVSHFLDOL]DGRVXDDGPLQLVWUDomR
,QWHUYHQomR )tVLFD ± ,PSOLFD UHVWULomR SRU IRUoD KXPDQD RX FRQWHQomR
PHFkQLFD6HUiQHFHVViULRHPDOJXQVFDVRVSDUDSURWHJHURSDFLHQWHGHVLPHVPRH
SDUDSURWHomRGHRXWURV
6ROLFLWDU$MXGD±'HYHUiVHUIHLWDVHPGHPRUDTXDQGRDVLWXDomRRH[LJLU



/LomR (0(5*Ç1&,$6&/Ë1,&$6
,168),&,Ç1&,$
5(63,5$7Ï5,$

FDSD]HVGH

'HILQLU (PHUJrQFLD 0pGLFD 5HVSLUDWyULD H FLWDU VHXV
KRVSLWDODU
&LWDU SHOR PHQRV WUrV FDXVDV GH LQVXILFLrQFLD
UHVSLUDWyULD
&LWDU RV VLQDLV H VLQWRPDV H GHVFUHYHU R WUDWDPHQWR
SUpKRVSLWDODUQDLQDODomRGHIXPDoD

5HYLVmRHP-XOKR±(PHUJrQFLDV&OtQLFDV,QVXILFLrQFLD5HVSLUDWyULD


(0(5*Ç1&,$60e',&$65(63,5$7Ï5,$6 (05
6mRDTXHODVTXHVHUHIHUHPjVDQRPDOLDVGRVLVWHPDUHVSLUDWyULRFXMDPDQLIHVWDomR
SULQFLSDOpDGLVSQpLD

'LVSQpLD'HILQLomR'LILFXOGDGHSDUDUHVSLUDU&DUDFWHUL]DVHSRU
UHVSLUDo}HVVXSHUILFLDLVUiSLGDVHFXUWDV6HQVDomRGHDQJ~VWLDHIDOWDGH
DUSRGHQGRFDXVDUFLDQRVH FRORUDomRD]XODGDQDSHOHHPXFRVDV
SURYRFDGDSHODIDOWDGHR[LJHQDomRDGHTXDGDGRVWHFLGRV

6LQDLVHVLQWRPDVGDV(05
x 'LVSQpLD
x 6RQVDWtSLFRVGXUDQWHDUHVSLUDomR HVWHUWRUHVVLELORVURQFRV
x )UHTrQFLDFDUGtDFDHULWPRDQRUPDO
x &LDQRVH
x $QJ~VWLDVHQVDomRGHIDOWDGHDU
x 7RVVH
x $OWHUDomRGDIUHTrQFLDHDPSOLWXGHGRVPRYLPHQWRVUHVSLUDWyULR

$FLRQDUR6(0
5HPRYHUDYtWLPDGDiUHDFRQWDPLQDGDVHDFDXVDpLQDODomRGHJDVHV
$VVHJXUDUVHTXHRSUREOHPDQmRpXPD29$&(
7UDQTLOL]DUDYtWLPDHPDQWrODHPUHSRXVR
&RORFDUDYtWLPDHPSRVLomRVHPLVHQWDGDRXVHQWDGD
0DQWHUDWHPSHUDWXUDFRUSRUDOHYLWDUDTXHFLPHQWR
7UDQVSRUWDUSDUDXPKRVSLWDOHPSRVLomRVHQWDGDFRPPRQLWRUDPHQWRFRQVWDQWH

(1)(50,'$'(648(0$,6)5(4h(17(0(17(&$86$0(05

$VPDEU{QTXLFD
'RHQoDDJXGDRXFU{QLFDGDVYLDVUHVSLUDWyULDV HVSHFLDOPHQWHRV
EU{QTXLRV HPTXHSUHGRPLQDXPDGLILFXOGDGHSDUDDVDtGDGRDUGRV
SXOP}HVGHYLGRDRHVSDVPRGHSHTXHQRVP~VFXORVTXHHQYROYHPDV
UDPLILFDo}HVEURQTXLDLV&DUDFWHUL]DVHSHODSURGXomRGHXPVLELOR
FRQIRUPHDYtWLPDH[SLUDRDU$DVPDSRGHRFRUUHUHPTXDOTXHULGDGHH
JHUDOPHQWHpFDXVDGDSRUSUREOHPDVDOpUJLFRV3RGHVHUGHVHQFDGHDGD
SRURGRUHVIRUWHVJDVHVLUULWDQWHVIXPDoDHWF



'RHQoD3XOPRQDU2EVWUXWLYD&U{QLFD '32&
9DULHGDGH GH SUREOHPDV SXOPRQDUHV UHODFLRQDGRV D GRHQoDV GH YLDV UHVSLUDWyULDV RX
WURFDVJDVRVDVGHYLDVUHVSLUDWyULDVRXWURFDVJDVRVDV2SDFLHQWHWHPGLILFXOGDGHQD
H[SLUDomRGRDU1RUPDOPHQWHRVSDFLHQWHVSRUWDGRUHVGH'32&VmRGHPHLDLGDGHRX
LGRVRVPDVSRGHRFRUUHUHPFULDQoDVHDGROHVFHQWHV

$WHQomR0XLWRUDUDPHQWHYRFrHQFRQWUDUiSDFLHQWHVFRP'32&
FXMRHVWtPXORYHQWLODWyULRGHSHQGHGDKLSy[LD1mRSULYDUTXDOTXHU
SDFLHQWHGHR[LJrQLRDSHQDVSRUVXSRVLomRGHTXHR2LUiSURGX]LU
KLSRYHQWLODomRJUDYH,QLFLHDR[LJHQRWHUDSLDFRPFDWHWHUQDVDO DOSP

+LSHUUHDWLYLGDGHGRVLVWHPDUHVSLUDWyULR
$IXPDoDHRVJDVHVPXLWRTXHQWHV LQFrQGLR SRGHPGHVHQFDGHDU
VLQWRPDVUHVSLUDWyULRVDJXGRVRXDWpXPDSDUDGDUHVSLUDWyULD$YtWLPD
DSUHVHQWDWRVVHHGLVSQpLD2XWUDVFDXVDVFRPXQVVmRDLQDODomRGH
JDVHVLUULWDQWHVRXFRUURVLYRVFRPRRFORURGLYHUVRViFLGRVHRDPRQtDFR
$FRPEXVWmRGHPXLWRVSURGXWRVTXtPLFRVFRPRRVSOiVWLFRVSRU
H[HPSORH[DODPGHJDVHVGHDOWDWR[LGDGHSDUDRKRPHP

0DQLIHVWDo}HVUHVSLUDWyULDVDJXGDVGRFKRTXHDQDILOiWLFR
2FKRTXHDQDILOiWLFRpXPDUHDomRDOpUJLFDVHYHUDTXHS}HHPSHULJRD
YLGD(QWUHRVIHQ{PHQRVPDLVIUHTHQWHPHQWHREVHUYDGRVWHPRVD
XUWLFiULDHGHPDGHIDFHOiELRVHSHVFRoR2HGHPDWDPEpPSRGH
PDQLIHVWDUVHQDOtQJXDHQDJORWHID]HQGRFRPTXHREVWUXDPDHQWUDGD
GHDUQRVSXOP}HV

+LSHUYHQWLODomR
$XPHQWRGDWURFDUHVSLUDWyULDFDUDFWHUL]DGRSRUUHVSLUDo}HVUiSLGDVH
SURIXQGDV6XDVFDXVDVSRGHPVHUDOWHUDo}HVPHWDEyOLFDVGLDEHWHVH
IHQ{PHQRVHPRFLRQDLV DQVLHGDGHDQJ~VWLDH[FLWDomRPHQWDO

1HVWDVVLWXDo}HVUHODWLYDPHQWHIUHTHQWHVHPHPHUJrQFLDVRVRFRUULVWDGHYHUi
x 7UDQTLOL]DUDYtWLPDH
x )D]HUDYtWLPDUHVSLUDUGHQWURGHXPVDFRGHSDSHOGXUDQWHDOJXQVPLQXWRV

6HDUHVSLUDomRpUiSLGDHVXSHUILFLDOHQmRPHOKRUDFRPDVPHGLGDV
H[SOLFDGDVDFLPDDVVXPDTXHRSUREOHPDpPDLVVpULR
TXHXPDVLPSOHVKLSHUYHQWLODomR



,QDODomRGH)XPDoD
$UHVSLUDomRGHIXPDoDTXHFRQWpPJDVHVWy[LFRVSDUWtFXODVGHFDUERQRHPDWHULDLV
HVWUDQKRVFDXVDOHV}HVQRVLVWHPDUHVSLUDWyULR

6LQDLVH6LQWRPDV
x ,UULWDomRHLQIODPDomRGDVYLDVDpUHDVROKRVHQDUL]
x $OWHUDomRGDIUHTrQFLDHDPSOLWXGHGRVPRYLPHQWRVUHVSLUDWyULRV
x 3RVVLELOLGDGHGHSDUDGDFDUGLRUHVSLUDWyULD

$VUHDo}HVDRVJDVHVWy[LFRVHDRVPDWHULDLVHVWUDQKRV
SRGHPDSDUHFHULPHGLDWDPHQWHRXKRUDVGHSRLVGDLQDODomR

$FLRQDUR6(0
5HPRYHUDYtWLPDSDUDORFDOVHJXURHOLYUHGHIXPDoD
5HDOL]DUDDYDOLDomRSULPiULDHUHDOL]DUPDQREUDVGHVXSRUWHEiVLFRjYLGD
6H QmR Ki VXVSHLWD GH WUDXPD FRORFDU D YtWLPD HP SRVLomR VHQWDGD RX VHPL
VHQWDGD
3UHYHQLURFKRTXH
$GPLQLVWUDUR[LJrQLR
7UDQVSRUWDUDYtWLPDSDUDXPDKRVSLWDOFRPPRQLWRUDPHQWRFRQVWDQWH



,172;,&$d2(;Ï*(1$
/LomR $FLGHQWHVFRP$QLPDLV
3HoRQKHQWRVH9HQHQRVRV

FDSD]HVGH
2EMHWLYRV
&RPSUHHQGHU RV DFLGHQWHV RItGLFRV H FRP RXWURV
DQLPDLVSHoRQKHQWRV
&RQKHFHU RV SURFHGLPHQWRV GH SUHYHQomR GH
DFLGHQWHVFRPDQLPDLVSHoRQKHQWRVHYHQHQRVRV
(QXPHUDU RV SURFHGLPHQWRV GH SULPHLURV VRFRUURV
HPDFLGHQWHVFRPDQLPDLVSHoRQKHQWRV

5HYLVmRHP-XOKR,QWR[LFDomR([yJHQD $QLPDLV3HoRQKHQWRV


$&,'(17(62)Ë',&26

$V VHUSHQWHV FDXVDP JUDQGH WHPRU H DR PHVPR WHPSR IDVFtQLR +LVWyULDV
IDQWiVWLFDV VXJHUHP TXH HVWHV DQLPDLV KLSQRWL]DP H SRGHP PDWDU HP SRXFRV PLQXWRV
(VVDV H RXWUDV FUHQoDV SRSXODUHV GmR XPD GLPHQVmR LUUHDO DR DFLGHQWH RItGLFR PXLWDV
YH]HVLQWHUIHULQGRGHIRUPDQHJDWLYDQRFRQYtYLRHQWUHDVSHVVRDVHRVDQLPDLV
0HGLGDV VLPSOHV FRPR XVR GH OXYDV ERWDV GH FDQR ORQJR H SHUQHLUDV GLPLQXHP
GUDVWLFDPHQWHRVDFLGHQWHV
([LVWHP TXDWUR JUXSRV JrQHURV GH VHUSHQWHV SHoRQKHQWDV 2 PDLV FRPXP p
FRPSRVWR SRU GLYHUVDV HVSpFLHV GR JrQHUR %RWKURSV FRQKHFLGDV FRPR MDUDUDFD
MDUDUDFXoXXUXWXFUX]HLUR FDLoDFD HQWUH RXWUDV 2 DFLGHQWH ERWUySLFR JHUDOPHQWH FDXVD
DOWHUDo}HVORFDLVFRPRGRUHGHPD LQFKDoR HHTXLPRVHV PDQFKDVUR[DV 1HPVHPSUH
DVPDUFDVGHL[DGDVSHODVSUHVDVQDSHOHVmRHYLGHQWHV0DLVWDUGLDPHQWHEROKDVSRGHP
VXUJLUHDWpQHFURVHV PRUWHGRVWHFLGRVDIHWDGRV 2XWUDFRPSOLFDomRDFRQWHFHTXDQGR
EDFWpULDVTXHYLYHPQDERFDGDVVHUSHQWHVFDXVDPLQIHFomRQDSHOHGRSDFLHQWH$OpP
GDV DOWHUDo}HV ORFDLV R VDQJXH SRGH VH WRUQDU LQFRDJXOiYHO SUHGLVSRQGR D KHPRUUDJLD
VDQJUDPHQWRV TXHSRGHPSRUHPULVFRDYLGD
(P VHJXQGR OXJDU YHP D FDVFDYHO JrQHUR &URWDOXV 2 DFLGHQWH FURWiOLFR SRGH
SURYRFDU IUDTXH]D WXUYDomR GD YLVmR TXHGD GDV SiOSHEUDV H SDUDOLVLD GH P~VFXORV GD
IDFH 2 LQGLYtGXR SRGH TXHL[DUVH WDPEpP GH GRUHV PXVFXODUHV H DSUHVHQWDU XULQD
HVFXUDRTXHSRGHFRQWULEXLUSDUDTXHKDMDFRPSURPHWLPHQWRGRVULQV
2DFLGHQWHFDXVDGRSHODVXUXFXFX JrQHUR/DFKHVLV RFRUUHVRPHQWHQD$PD]{QLD
HQD0DWD$WOkQWLFD$VVLPFRPRQRDFLGHQWHERWUySLFRKiVLQWRPDVQRORFDOGDSLFDGD
FRPR GRU HGHPD HTXLPRVHV H SRGHP VXUJLU EROKDV LQIHFomR H QHFURVH $OpP GDV
KHPRUUDJLDV SRGH FDXVDU VXGRUHVH QiXVHDV H Y{PLWRV FyOLFDV DEGRPLQDLV GLDUUpLD H
EUDGLFDUGLD GLPLQXLomRGDIUHTXrQFLDGRVEDWLPHQWRVFDUGtDFRV HKLSRWHQVmR TXHGDGD
SUHVVmRDUWHULDO
0HQRV IUHTHQWHV VmR RV DFLGHQWHV SRU FRUDO JrQHUR 0LFUXUXV (QWUHWDQWR DV
VHUSHQWHVFRUDLVVmRSHTXHQDVWHPSUHVDVSHTXHQDVQmRVmRFDSD]HVGHDEULUPXLWRD
ERFDHPFRPSDUDomRFRPDVVHUSHQWHVPDLRUHVHSUHFLVDPPDVWLJDUSDUDTXHRYHQHQR
SHQHWUH DWUDYpV GD SHOH 2 YHQHQR p Wy[LFR SDUD RV QHUYRV H P~VFXORV SURYRFDQGR
WXUYDomRGDYLVmRHSDUDOLVLDPXVFXODU
$SyV XP DFLGHQWH RItGLFR SRXFD FRLVD GHYH VHU IHLWD DWp FKHJDU DR KRVSLWDO 1D
YHUGDGHR~QLFRWUDWDPHQWRFRPSURYDGDPHQWH~WLO³QDUXD´pRWUDQVSRUWHSDUDRKRVSLWDO
2 SDFLHQWH GHYH VHU WUDQTLOL]DGR H UHPRYLGR SDUD R KRVSLWDO RX FHQWUR GH VD~GH PDLV
SUy[LPR2ORFDOGDSLFDGDSRGHVHUODYDGRFRPiJXDHVDEmR1DPHGLGDGRSRVVtYHO
GHYH ± VH HYLWDU TXH D SHVVRD DQGH RX FRUUD GHL[DQGRD GHLWDGD H FRP R PHPEUR
HOHYDGR6HSRVVtYHOHFRPVHJXUDQoDOHYDUDVHUSHQWHSDUDDLGHQWLILFDomR1mRID]HU
XVRGHWRUQLTXHWHV JDUURWHV LQFLV}HVHSDVVDUVXEVWkQFLDV IROKDVSyGHFDIpHVWHUFR
FRXUR GD FREUD RXWUDV QR ORFDO GD SLFDGD 2 ~QLFR WUDWDPHQWR HILFD] SDUD R
HQYHQHQDPHQWR p R VRUR DQWLRItGLFR HVSHFtILFR SDUD FDGD JrQHUR GH VHUSHQWH 4XDQWR
PDLV UiSLGR IRU UHDOL]DGD D VRURWHUDSLD PHQRU VHUi D FKDQFH GH KDYHU FRPSOLFDo}HV p
GLItFLOHVWDEHOHFHUXPWHPSROLPLWHSDUDDDSOLFDomRGRVRUR

$&,'(17(6&20$5$1+$6((6&253,®(6


1R %UDVLO VmR UHJLVWUDGRV FHUFD GH DFLGHQWHV SHORV DUWUySRGHV SRU DQR
FDXVDGRVSRUWUrVWLSRVGHDUDQKDV/R[RVFHOHV DUDQKDPDUURP 3KRQHXWULD DUPDGHLUD
H/DWURGHFWXV YL~YDQHJUD
2WUDWDPHQWRGRVDFLGHQWHVFDXVDGRVSHODVDUDQKDVHHVFRUSL}HVQDPDLRULDGDV
YH]HV p YROWDGR SDUD R FRQWUROH GD GRU ,QLFLDOPHQWH FRPSUHVVDV PRUQDV QD UHJLmR
DX[LOLDPQRDOtYLRGDGRU&DSWXUDURDQLPDOHWUD]HUMXQWRDRVHUYLoRGHVD~GHIDFLOLWDR
GLDJQyVWLFRHRWUDWDPHQWRFRUUHWR

$&,'(17(6&207$785$1$6
6mR PXLWDV DV IRUPDV H FRUHV TXH DV WDWXUDQDV SRGHP WHU H R DFLGHQWH RFRUUH
TXDQGRDOJXpP HQFRVWD DSHOHQDV FHUGDVRX HVSLQKRV Mi TXHDV WDWXUDQDVQmR SLFDP
1RYHUmRDVWDWXUDQDVFRVWXPDPDSDUHFHUHPiUYRUHVQDWLYDVRXIUXWtIHUDVUHTXHUHQGR
FXLGDGRVFRPDVFULDQoDVRXGXUDQWHDFROKHLWDGHIUXWRVRXUHFUHDomR4XDOTXHUTXHVHMD
DWDWXUDQDRFRQWDWRFRPDVFHUGDVSRQWLDJXGDVID]FRPTXHRYHQHQRVHMDLQMHWDGRQD
SHOH GD SHVVRD FDXVDQGR XPD GRU LQWHQVD WLSR TXHLPDomR 3RGH DSDUHFHU WDPEpP
LQFKDoRYHUPHOKLGmRHtQJXD/DYDUEHPRORFDOFRPiJXDFRUUHQWHHID]HUFRPSUHVVDV
IULDV FRP iJXD JHODGD RX JHOR DOLYLDP D GRU QD PDLRULD GRV FDVRV $VVLP FRPR QRV
RXWURV DFLGHQWHV QmR DGLDQWD FRORFDU VREUH D TXHLPDGXUD QHQKXP SURGXWR TXtPLFR RX
RUJkQLFR FDIp SDVWDGHQWDO JDVROLQD HWF /HYDU D WDWXUDQD SDUD LGHQWLILFDomR DX[LOLDP
QRWUDWDPHQWRFRUUHWRHGHWHUPLQDomRGRVRUR

3,&$'$6'($%(/+$6
$ SLFDGD PDLV GLVVHPLQDGD FRPXP H PRUWDO p D GD DEHOKD GH PHO FRPXP SHOR
PHQRV SDUD DTXHOHV TXH VmR DOpUJLFRV $ PDLRULD GDV UHDo}HV D SLFDGD GH DEHOKD p
LQWHQVDGRUQRORFDOHHPDOJXQVFDVRVHGHPDHUXERUORFDLVGXUDQWHRXGLDV(VWDV
~OWLPDVUHDo}HVVmRGLUHWDPHQWHUHODFLRQDGDVDWR[LQDVLQMHWDGDVHQmRXPDLQGLFDomRGH
DOHUJLD $OJXQV TXH VmR SLFDGRVSURJUHGLUmR GHQWUR GH DOJXQV PLQXWRV SDUD XPD UHDomR
DOpUJLFD JHQHUDOL]DGD (VWD SRGH YDULDU GH XUWLFiULD D XPD UHDomR DQDILOiWLFD
FRPSOHWDPHQWH PDQLIHVWD (PERUD R HVSHFWUR H[DWR GD UHDomR DOpUJLFD GHSHQGD GR
FRQWH~GRGDWR[LQDLQMHWDGD TXHYDULDPXLWRHQWUHDVHVSpFLHVGHDEHOKDVHYHVSDV HGD
KLVWyULD DOpUJLFD GR SDFLHQWH SRGHPRV REVHUYDU D XUWLFiULD WDPEpP GHQRPLQDGDV GH
SODFDVGHUHDomRE HGHPDQRVOiELRVF URXTXLGmRRXHVWULGRUG VLELORVHRXIDOWDGHDU
H GRUDEGRPLQDOY{PLWRVRXGLDUUpLDI WDTXLFDUGLDRXEUDGLFDUGLDJ TXHGDGDSUHVVmR
DUWHULDOHK VtQFRSH
$V LQWHUYHQo}HV GH VXSRUWH EiVLFR GH YLGD 6%9 HQYROYHP PDQWHU D SHVVRD QD
KRUL]RQWDO RX FRP DVSHUQDV XP SRXFRHOHYDGDVHIHWXDQGR WUDWDPHQWR SDGUmRGDV YLDV
DpUHDVHDSOLFDQGRR[LJrQLR8PDLQWHUYHQomRVLPSOHVSRUpP~WLOpDUHWLUDGDDGHTXDGD
GRIHUUmRHVSHWDGRVHPHVSUHPHU'HYH±VHFXLGDGRVDPHQWHUDVSDUFRPXPDOkPLQDR
TXDQWRPDLVUiSLGRSRVVtYHOSRLVRVDFRGHDSLWR[LQDFRQWLQXDLQRFXODQGRRYHQHQRSDUD
GHQWUR GD SHOH $ GURJD PDLV LPSRUWDQWH p HSLQHIULQD HPERUD DWXH SRU DOJXQV PLQXWRV
SRGHVDOYDUYLGDVGLVSRQtYHOVREDIRUPDGHXPDXWRLQMHWRUHPWDPDQKRGHXPDFDQHWD
SRGHQGR FRPSRU NLWV GH SULPHLURV VRFRUURV HP ORFDLV UHPRWRV HRX GLVWDQWHV 2XWUDV
GURJDV FRPR DQWLKLVWDPtQLFRV GLIHQLGUDPLQD H HVWHUyLGHV SUHGQLVRQD SRGHP
FRPSOHPHQWDURWUDWDPHQWRVREFXLGDGRVGHXPPpGLFRUHVSRQViYHO



/LomR ,172;,&$d®(6
(;Ï*(1$6

FDSD]HVGH

(QXPHUDU RV SULQFLSDLV VLQDLV H VLQWRPDV GDV
LQWR[LFDo}HV SRU LQJHVWmR LQDODomR RX SRU FRQWDWR
HGHVFUHYHUVHXWUDWDPHQWRSUpKRVSLWDODU
'HVFUHYHU R WUDWDPHQWR SUpKRVSLWDODU GDV
LQWR[LFDo}HVGHYLGDVDSLFDGDVGHVHUSHQWHV
WUDWDPHQWR SUpKRVSLWDODU GDV LQWR[LFDo}HV DJXGDV
SRUiOFRROHDEXVRGHGURJDV

5HYLVmRHP-XOKR±,QWR[LFDo}HV([yJHQDV


,172;,&$d2
(PHUJrQFLD PpGLFD FDXVDGD SHOD DEVRUomR GH VXEVWkQFLDV TXH SRU VXDV
FDUDFWHUtVWLFDV H TXDQWLGDGH SURGX]HP GDQRV DR RUJDQLVPR RX ULVFR GH YLGD j
SHVVRDV

8PJUDQGHQ~PHURGHVXEVWkQFLDVSRGHPVHUFRQVLGHUDGDVYHQHQRVRX
Wy[LFRV4XDOTXHUVXEVWkQFLDTXtPLFDGHSHQGHQGRGHVXDGRVHSRGHUi
VHUXPWy[LFR

8PYHQHQRSRGHLQJUHVVDUQRRUJDQLVPRSRUTXDWURGLIHUHQWHVYLDVVmRHODV
3HODVYLDVUHVSLUDWyULDV SHORSURFHVVRGHLQDODomR
3HODVYLDVGLJHVWLYDV SHORSURFHVVRGHLQJHVWmR
3HODSHOHHRVVRV SHORFRQWDWRGLUHWRDEVRUomR
3RUXPDLQMHomR SRUSHQHWUDomR

2WHOHIRQHGR&HQWURGH,QIRUPDo}HV7R[LFROyJLFDVGHVHX(VWDGRp

,1',&$7,926'(,172;,&$d2

9Ë7,0$6'(75$80$&()È/,&2
&20$
&2198/62
$&,'26(0(7$%Ï/,&$
$55,70,$&$5'Ë$&$6Ò%,7$
&2/$362&,5&8/$7Ï5,2
5(6*$7('(68,&,'$
$/7(5$d2'2(67$'20(17$/

2VFDVRVDFLPDSRGHPVHUFDXVDGRVSRUYiULRVPRWLYRVSRUpPGHYHPRVFRQVWDWDUVH
IRUDPFDXVDGRVVHPPRWLYRDSDUHQWH(QWmRpLPSRUWDQWHDDQiOLVHGRVDUUHGRUHVHGD
HQWUHYLVWDGHWHVWHPXQKDVSDUDFDUDFWHUL]DUHVWHVFDVRVFRPRFRQVHTrQFLDGHXPD
LQWR[LFDomR

$YDOLDomRGRFDVR

'HYHPRVVHJXLURVSDVVRVHID]HUDVSHUJXQWDVDEDL[RDILPGHWHUPRVLQIRUPDo}HV
VXILFLHQWHVSDUDWRPDUDVPDLVFRUUHWDVDo}HV
4XHPpDYtWLPD"'HYHPRVLGHQWLILFDURPDLVFRPSOHWDPHQWHSRVVtYHOR
SDFLHQWH


4XDODVXDLGDGH"
6HXVH[R"
6HPXOKHUHVWiJUiYLGD"
4XDOVHXSHVR"
4XDOVXDSURILVVmR"
2TXHDFRQWHFHX"
(ODIRLLVRODGD LQGLYLGXDO RXHPPDVVD FROHWLYD "
(ODIRLDPELHQWDO JHUDGDHPiUHDVS~EOLFDV RXRFXSDFLRQDO JHUDGDHP
iUHDVLQGXVWULDLV "

(ODIRLFDXVDGDSRUSURGXWRVGHXVRWHUDSrXWLFRSRUSUHVFULomRPpGLFDLQDGHTXDGD"
HUURGHDGPLQLVWUDomR"$XWRPHGLFDomR"
(ODIRLFDXVDGDSRUXVRGHGURJDVFULVHVGHDEVWLQrQFLD"$EXVR"
(ODIRLXWLOL]DGDSDUDWHQWDWLYDGHVXLFtGLR"9LROrQFLD"+RPLFtGLR"$ERUWR"
(ODIRLFDXVDGDSRULQJHVWmRGHDOLPHQWR"
(ODWHPFDXVD,*125$'$"

$KLVWyULDQHPVHPSUHpIiFLOGHVHDYHULJXDUHVSHFLDOPHQWHTXDQGR
VHWUDWDGHXPDFULDQoDRXGHXPVXLFLGD

4XDOIRLRWy[LFR"
'HYHPRVSURFXUDULGHQWLILFDUVXDFRPSRVLomR
$TXDQWLGDGHHRWHPSRGHH[SRVLomRDRSURGXWR
$KRUDGHLQtFLRGDH[SRVLomR
6HXSRWHQFLDOWy[LFR WR[LFLGDGH
$GRVHWy[LFD
$VXDFLQpWLFD
6HH[LVWLUDPRFRUUrQFLDVDQWHULRUHVFRPDPHVPDSHVVRD
4XDLVVmRDVFRQGLo}HVItVLFDVHSVtTXLFDVGDYtWLPD
0HGLFDPHQWRVHPXVRSHORSDFLHQWH RXQmR
2QGHHFRPTXHPHVWDYDRSDFLHQWHQRV~OWLPRVGLDV
/XJDUGDRFRUUrQFLD
$VSHFWRGRV9Ð0,726

0HGLGDVSUpKRVSLWDODUHVGHFDUiWHUJHUDO

(67$%,/,=$d2UiSLGRH[DPHJHUDOSDUDLGHQWLILFDUDVPHGLGDVLPHGLDWDV
QHFHVViULDVSDUDSUHYHQLUDSLRUDGRSDFLHQWH
$9$/,$d2&203/(7$KLVWyULDH[DPHItVLFRWHVWHVGHODERUDWyULRSDUDLGHQWLILFDU
DWR[LQDDYDOLDUDJUDYLGDGHGRVHIHLWRVFOtQLFRVHSRVVtYHLVWUDXPDVHFRPSOLFDo}HV
0(','$63$5$',0,18,5$$%625d2
0(','$63$5$$'(385$d2'27Ï;,&2
&216,'(5$52862'($17Ë'2726
35(9(1d2


2%-(7,926'2675$7$0(1726

(VWDELOL]DUDVIXQo}HVYLWDLV
(YLWDUDDEVRUomRGRDJHQWHWy[LFR
$QXODURHIHLWRGRDJHQWHWy[LFR $17Ë'2726
$XPHQWDUDHOLPLQDomRGRDJHQWHWy[LFR
3UHYHQLUVHTXHODV

(),&È&,$ 7(032

3$6626

(VWDELOL]DomRGRSDFLHQWH
$%&' 'URJDV

7UDWDPHQWR6LQWRPiWLFR
&2198/6®(60HGLFDomR
'250HGLFDomR
+,3(57(50,$0HGLGDVItVLFDV
5($&®(6$/e5*,&$60HGLFDomR
9Ð0,7260HGLGDVItVLFDV

±'HVFRQWDPLQDomR
&87Æ1($
2&8/$5
*$6752,17(67,1$/ (VYD]LDPHQWRJiVWULFR9{PLWR/DYDJHP*iVWULFD&DUYmR
DWLYDGRHFDWiUWLFRV

&RPHQWiULRVVREUH'HVFRQWDPLQDomR*DVWURLQWHVWLQDO

(VYD]LDPHQWR*iVWULFR FRQWURYpUVLDV
x 8WLOL]DomRH[FHVVLYD
x 1HFHVVLGDGHGHLQGLFDomRSUHFRFH
x (OLPLQDomRLQVXILFLHQWHGRDJHQWHWy[LFR
x (VWLPXODDSDVVDJHPGRDJHQWHWy[LFRSHORSLORUR
x $WUDVRQRXVRGRFDUYmRDWLYDGR
x 1mRDOWHUDRWHPSRGHHYROXomRGDLQWR[LFDomR
x 5LVFRVGRSURFHGLPHQWR

(VYD]LDPHQWR*iVWULFR FULWpULRVSDUDDSOLFDomR
x 5LVFRSRWHQFLDOFDXVDGRSHODLQJHVWmR
x 3RVVLELOLGDGHGHUHPRomRVLJQLILFDWLYD



5LVFRVGRVSURFHGLPHQWRV
;
%HQHItFLRVGDUHPRomRGRDJHQWHWy[LFR

9{PLWR ,QGLFDo}HV
x 3DUWtFXODVJUDQGHV GUiJHDVSODQWDV
x 7R[LFLGDGHWDUGLD

9{PLWR &RQWUD,QGLFDo}HV
x &ULDQoDVPHQRUHVGHDQR
x ,QJHVWmRGHGHULYDGRVGHSHWUyOHRHFRUURVLYRV
x 'LPLQXLomRGRQtYHOGHFRQVFLrQFLDHRXFRPD
x &RQYXOV}HV
x +LSHUWHQVmRDUWHULDOGRHQoDFDUGtDFDRXUHVSLUDWyULDJUDYH
x *UDYLGH]

9{PLWR &RPSOLFDo}HV
x %URQFRDVSLUDomR
x 'LVW~UELRVKLGURHOHWUROtWLFRV
x 6tQGURPHGH0DOORU\:HLVV
x &DUGLRWR[LFLGDGHHQHXURWR[LFLGDGH

&DUYmR$WLYDGR ,QGLFDo}HV
x 'HVFRQWDPLQDomRJDVWURLQWHVWLQDO
x $JHQWHWy[LFRGHDomRSURORQJDGDRXFRPFLUFXODomRHQWHUR
KHSiWLFD

&DUYmR$WLYDGR 3RVRORJLD
x &ULDQoDVDJNJGHSHVR
x $GXOWRVDJGRVH
x $GPLQLVWUDU92RX61*HPVXVSHQVmRRX

&DUYmR$WLYDGR 5HVWULo}HV
x 3URSRUomRLGHDO
x 1mRDEVRUYHEHPWRGDVDVVXEVWkQFLDV
x 1mRDEVRUYHÈFLGRViOFDOLViOFRRLVPHWDLVOtWLRHFLDQHWRV

&DUYmR$WLYDGR &RQWUD,QGLFDo}HV
x 3DFLHQWHVPXLWRGHELOLWDGRV
x ,QJHVWmRGHFRUURVLYRV


x &LUXUJLDDEGRPLQDOUHFHQWHHGLPLQXLomRGDPRELOLGDGHLQWHUQD
x $GPLQLVWUDomRGHDQWtGRWRVYLDRUDO

(IHLWRV$GYHUVRV
x 9{PLWRVHSULVmRGHYHQWUH

',/8,d2

4XDQGRWHPRVFDVRVGHLQJHVWmRGHYHPRVWHUHPFRQWDTXHDGLOXLomRSRGHFDXVDU
x $XPHQWRGDiUHDGHFRQWDWRGRDJHQWHWy[LFRFRPDPXFRVD
x 8PDOHVmRPDLVH[WHQVDQDPXFRVD
x 0DLRUIDFLOLGDGHGDDEVRUomRGRDJHQWHWy[LFR
x 8PDXPHQWRQRULVFRGHEURQFRDVSLUDomR

2 OHLWH GHYH VHU XVDGR H[FHSFLRQDOPHQWH HP SHTXHQD TXDQWLGDGH SRLV VHX HIHLWR
³QHXWUDOL]DQWH´ QmR p PDLRU TXH D iJXD QD PDLRULD GRV FDVRV FDXVDQGR LQFOXVLYH XP
HIHLWRLQYHUVRHPRXWURV

1(875$/,=$d2

'R PHVPR PRGR TXH D GLOXLomR GHYHPRV WHU HP FRQWD TXH QD WHQWDWLYD GH
QHXWUDOL]DomRWHPRVDVVHJXLQWHVFRQVHTrQFLDV
x $SURGXomRGHFDORU
x 8PDXPHQWRQDJUDYLGDGHGDOHVmRGDPXFRVD

,1*(67®(648(121(&(66,7$075$7$0(1726

6DEmRHPEDUUD
'HWHUJHQWHVDQL{QLFRV GHORXoD
6DERQHWHV
&UHPHGHEDUEHDU
9HODV
3OiVWLFRV
7LQWDVGHFDQHWD
*L]GHFHUD
/iSLVGHFRU
*L]
%RUUDFKD
%DWRP
3LQWXUDSDUDROKRV
;DPSX
&UHPHVKLGUDWDQWHV
6DFKrV
&UHPHGHQWDO
$GRoDQWHV
7HUP{PHWURV


*UD[DGHVDSDWR
'HVXPLGLILFDQWHV VLOLFDJHO
3DSHO
&DL[DVGHIyVIRURV

,1*(67®(648(1(&(66,7$075$7$0(17266Ï(0&$62'(,1*(672
6,*1,),&$7,9$

&RO{QLDVHSHUIXPHV
/RomRSyVEDUED
7LQWXUDVGHFDEHOR
'HVRGRUDQWHV
%URQ]HDGRUHV
$PDFLDQWHVGHURXSDV
)yVIRURVGHVHJXUDQoD
$QWLFRQFHSWLYRVRUDLV
&LJDUURVHSLOKDV

,172;,&$d2325,1*(672

2VRFRUULVWDGHYHUiWHQWDUREWHURPi[LPRGHLQIRUPDo}HVRPDLVUiSLGR
SRVVtYHO/RJRDSyVDDYDOLDomRSULPiULDYHULILTXHVHQRORFDOH[LVWHP
UHFLSLHQWHVOtTXLGRVGHUUDPDGRVFiSVXODVFRPSULPLGRVVXEVWkQFLDV
YHQHQRVDVRXTXDOTXHULQGtFLRTXHSHUPLWDLGHQWLILFDUDVXEVWkQFLD
LQJHULGD

6LQDLVHVLQWRPDV
x4XHLPDGXUDVRXPDQFKDVDRUHGRUGDERFD
x2GRULQXVLWDGRQRDPELHQWHQRFRUSRRXQDVYHVWHVGDYtWLPD
x5HVSLUDomRDQRUPDO
x3XOVRDOWHUDGRQDIUHTrQFLDHULWPR
x6XGRUHVH
x$OWHUDomRGRGLkPHWURGDVSXSLODV
x)RUPDomRH[FHVVLYDGHVDOLYDRXHVSXPDQDERFD
x'RUDEGRPLQDO
x1iXVHDV
x9{PLWR
x'LDUUpLD
x&RQYXOV}HV
x $OWHUDomRGRHVWDGRGHFRQVFLrQFLDLQFOXLQGRDLQFRQVFLrQFLD



$FLRQDUR6(0
0DQWHUDV9$SHUPHiYHLV
'LOXLU D VXEVWkQFLD Wy[LFD RIHUHFHQGR RX FRSRV GH iJXD FRQWUD LQGLFDGR QD
LQJHVWmRGHLQVHWLFLGDVSRLVIDYRUHFHVXDDEVRUomRSHORRUJDQLVPR
&DVRWLYHUGLVSRQtYHORIHUHFHUFDUYmRDWLYDGR
,QGX]LU Y{PLWR DSyV RIHUHFHU FDUYmR DWLYDGR FRQWUD LQGLFDGR HP LQWR[LFDo}HV SRU
LQJHVWmR GH VXEVWkQFLDV FRUURVLYDV RX LUULWDQWHV YtWLPDV LQFRQVFLHQWHV RX HP
FRQYXOVmR
*XDUGDUHPVDFRSOiVWLFRWRGDDVXEVWkQFLDYRPLWDGDSHODYtWLPD
&RQGX]LUFRPPRQLWRUDPHQWRFRQVWDQWH
)UHQWHDRVYHQHQRVHPJHUDORVRFRUULVWDILFDPXLWROLPLWDGRHQHFHVVLWDDQWtGRWRV
HVSHFtILFRVSRUWDQWRRWUDQVSRUWHGHYHUiVHUUiSLGR

,172;,&$d®(6325,1$/$d2

6mR DTXHODV SURYRFDGDV SRU JDVHV RX YDSRUHV Wy[LFRV H[ JDVHV SURGX]LGRV SRU
PRWRUHVDJDVROLQDVROYHQWHVJDVHVLQGXVWULDLVDHURVyLVHWF

$X[LOLDUXPDYtWLPDVRPHQWHDSyVFHUWLILFDUVHTXHDFHQDHVWiVHJXUD

$FLRQHVRFRUURHVSHFLDOL]DGRHXWLOL]HRV(3,VQHFHVViULRV8PDDomR
LPSRUWDQWHDWRPDUpREWHULQIRUPDo}HVGDSUySULDYtWLPDHGH
WHVWHPXQKDVWHQWDQGRLGHQWLILFDURWLSRGHJiVYHQHQRVRLQDODGR

6LQDLVH6LQWRPDV
x 5HVSLUDo}HVVXSHUILFLDLVHUiSLGDV
x 3XOVRUiSLGRRXOHQWR
x 'LILFXOGDGHYLVXDO
x 7RVVH
x 6HFUHomRQDV9$

$ DEVRUomR GD VXEVWkQFLD Wy[LFD SRU HVVD YLD SRGHUi WDPEpP SURGX]LU RV VLQDLV H
VLQWRPDVGHVFULWRVQDVLQWR[LFDo}HVSRULQJHVWmR

5HPRYHU D YtWLPD SDUD XP ORFDO VHJXUR 6H QHFHVViULR UHPRYHU DV URXSDV GD
YtWLPD
$FLRQDUR6(0
0DQWHUDV9$SHUPHiYHLV
$YDOLDUHVHQHFHVViULRUHDOL]DUPDQREUDVGHUHDQLPDomR 1mRID]HUERFDDERFD
XWLOL]DUVHPSUHPiVFDUDGHSURWHomR

,172;,&$d®(6325&217$72


6mRFDXVDGDVSRUVXEVWkQFLDVWy[LFDVTXHSHQHWUDPDWUDYpVGDSHOHHGDVPXFRVDV
SRUPHLRGHDEVRUomR$OJXPDVYH]HVHVWDVLQWR[LFDo}HVSURYRFDPOHV}HVLPSRUWDQWHV
QDVXSHUItFLHGDSHOHRXWUDVRYHQHQRpDEVRUYLGRVHPGDQRDOJXP

$PDLRULDGRVWy[LFRVDEVRUYLGRVVmRVXEVWkQFLDVTXtPLFDVGHXVRFRPXP
HSODQWDVeGHUHOHYDGDLPSRUWkQFLDTXDOTXHULQIRUPDomRTXHVHSRVVD
REWHUGDYtWLPDHRXWHVWHPXQKDV

6LQDLVH6LQWRPDV
x 5HDo}HVQDSHOHTXHSRGHPYDULDUGHLUULWDomROHYHDWpR
HQULMHFLPHQWRHTXHLPDGXUDVTXtPLFDV
x ,QIODPDomR
x &RFHLUDV SUXULGRV HDUGrQFLDQDSHOH
x $XPHQWRGDWHPSHUDWXUDGDSHOH

$ DEVRUomR GRV Wy[LFRV SRU HVVD YLD SRGHUi SURGX]LU RV VLQDLV H VLQWRPDV GHVFULWRV
DQWHULRUPHQWHQDLQWR[LFDomRSRULQJHVWmR


3DUDDWHQGHUHVVDVYtWLPDVRVRFRUULVWDGHYHUiXVDUOXYDVH
SURWHomRSDUDRVROKRVHVXDURXSD

5HPRYHUDYtWLPDSDUDORFDOVHJXUR6HKRXYHUFRQGLo}HVVHJXUDVSDUDWDO
$FLRQDUR6(0
5HPRYHUDVURXSDVHFDOoDGRVFRQWDPLQDGRVHODYDUDiUHDGHFRQWDWRFRPPXLWD
iJXDFRUUHQWH PtQLPRGHPLQXWRV
*XDUGDURVPDWHULDLVHURXSDVHPVDFRVSOiVWLFRVSUySULRV
7UDQVSRUWDUFRPPRQLWRUDPHQWRFRQVWDQWH
2VRFRUULVWDGHYHDVVXPLUDUHVSRQVDELOLGDGHSHORVPDWHULDLVVREVXDJXDUGDHFRQVWi
ORVQRUHODWyULRSUySULR

,172;,&$d®(63259(1(126,1-(7È9(,6

1mRWUDWHGHDMXGDUXPSDFLHQWHVHQmRHVWLYHUDEVROXWDPHQWHFHUWRGHTXHR
ORFDOGDHPHUJrQFLDpVHJXUR1mRHQWUHHPORFDLVRQGHDDWPRVIHUDpVXVSHLWD
GHHVWDUFRQWDPLQDGDVHPR(3,DGHTXDGR
6LQDLVH6LQWRPDV
x 3LFDGDVHPRUGLGDVYLVtYHLVQDSHOH3RGHPDSUHVHQWDUGRUH
LQIODPDomRQRORFDO
x $UGRUQDSHOHHSUXULGR FRFHLUD
x &KRTXHDOpUJLFR
x +HPRUUDJLDV
x 3DUDGDUHVSLUDWyULDHRXFDUGtDFD



$ DEVRUomR GRV Wy[LFRV SRU HVVD YLD SRGHUi WDPEpP SURGX]LU RV VLQDLV H VLQWRPDV
GHVFULWRVDQWHULRUPHQWHQDLQWR[LFDomRSRULQJHVWmR

$FLRQDUR6(0
3UHYHQLURFKRTXH
1DV SLFDGDV GH LQVHWR FRPIHUUmR SUHVR QD SHOH UHWLUDU QR VHQWLGR FRQWUiULR SDUD
HYLWDUDLQMHomRQRFRUSR
0RQLWRUDUQtYHOGHFRQVFLrQFLDHVLQDLVYLWDLVLQLQWHUUXSWDPHQWH
(VWDUSUHSDUDGRSDUDSDUDGDUHVSLUDWyULDHFDUGtDFDLQLFLDQGRUHDQLPDomRH
1mRGHPRUDUSDUDWUDQVSRUWDUDRVHUYLoRGHHPHUJrQFLDKRVSLWDODU

3,&$'$6'(6(53(17(6

2FRUUrQFLDEDVWDQWHFRPXPSULQFLSDOPHQWHQD]RQDUXUDOWHPVLQDLVH
VLQWRPDVTXHYDULDPEDVWDQWHGHDFRUGRFRPRJrQHURGRDQLPDO

&RQVLGHUHWRGDVDVSLFDGDVGHVHUSHQWHVFRPRYHQHQRVDV

6LQDLVH6LQWRPDV
x0DUFDGRVGHQWHVQDSHOH
x'RUORFDOHLQIODPDomR
x3XOVRDFHOHUDGRHUHVSLUDomRGLILFXOWRVD
x'HELOLGDGHItVLFD
x3UREOHPDVGHYLVmR
x1iXVHDVHY{PLWR
x+HPRUUDJLDV

0DQWHUDYtWLPDFDOPDHGHLWDGDUHPRYHQGRDGRORFDOGRDFLGHQWH
/DYDUFRPiJXDHVDEmRRORFDOGDSLFDGD
5HWLUDU DQpLV EUDFHOHWHV H RXWURV PDWHULDLV TXH UHVWULQMDP D FLUFXODomR QD
H[WUHPLGDGHDIHWDGD
0DQWHURORFDOGDSLFDGDHOHYDGD
3UHYHQLURFKRTXH
7UDQVSRUWDUFRPPRQLWRUDPHQWRFRQVWDQWHHFDVRQHFHVViULRUHDOL]DUPDQREUDVGH
UHDQLPDomR

1mRID]HUFXUDWLYRRXTXDOTXHUWUDWDPHQWRFDVHLURQmRFRUWDUQHPIXUDUQRORFDO
GDSLFDGDQmRGDUQDGDSDUDEHEHURXFRPHUQmRID]HUWRUQLTXHWH

6RPHQWHRVRURFXUDLQWR[LFDomRSURYRFDGDSRUSLFDGDGHFREUDTXDQGRDSOLFDGDGH
DFRUGRFRPDVVHJXLQWHVQRUPDV
x 6RURHVSHFtILFR


x 'HQWURGRPHQRUWHPSRSRVVtYHO
x (PTXDQWLGDGHVXILFLHQWH

6HIRUWUHLQDGRSDUDWDOHKRXYHUWHPSRHFRQGLo}HVFRQGX]LURHVSpFLPHTXH
SURYRFRXDOHVmRSDUDDYDOLDomRHLGHQWLILFDomRGDHVSpFLH

,172;,&$d2325È/&22/

2 iOFRRO p XPD GURJD TXH TXDQGR LQJHULGD PRGHUDGDPHQWH p DFHLWD VRFLDOPHQWH 2
DEXVRGDGURJDOHYDDRDOFRROLVPRLQWR[LFDomRFU{QLFDJUDYHFRPJUDQGHGDQRItVLFRH
PHQWDO 8PD SHVVRD VRE RV HIHLWRV GR iOFRRO UHSUHVHQWD VHPSUH XP SHULJR SDUD VL H
SDUDRVGHPDLV

6HDYtWLPDQmRFRODERUDQDUHDOL]DomRGDDYDOLDomRHGDHQWUHYLVWDD
FRODERUDomRGHWHVWHPXQKDVpGHJUDQGHDMXGD

8P VRFRUULVWD GHYH UHFRQKHFHU DV PDQLIHVWDo}HV PDLV DJXGDV GD LQWR[LFDomR SRU
iOFRROHDVFULVHVSURYRFDGDVSHODDEVWLQrQFLDHRTXHGHYHUiID]HUQHVVHVFDVRV

6LQDLVH6LQWRPDV
x 2GRUGHiOFRRO YHULILFDUVHQmRpGLDEpWLFR
x $SUHVHQWDVHFDPEDOHDQWH
x 0iDUWLFXODomRGDIDOD
x 9LVmRDOWHUDGD GXSOD
x 1iXVHDVHY{PLWRV
x (QULMHFLPHQWRGDIDFH
x $OWHUDomRGHFRQGXWD

x $VVHJXUDUVHTXHWUDWDVHLVRODGDPHQWHGHXPFDVRGHDEXVRGHiOFRRO
x 0RQLWRUDURV69
x 3URWHJHUDYtWLPDGHOHV}HVVHPXVDULOHJDOPHQWHPHLRVUHVWULWLYRV
x 7UDQVSRUWDUSDUDRKRVSLWDOLQGLFDGRSHORFHQWURGHRSHUDo}HVGR6(0

&5,6(6(352%/(0$6'($%67,1Ç1&,$

8PDOFRROLVWDTXHVXELWDPHQWHpLPSHGLGRGHLQJHULUiOFRRO

6LQDLVH6LQWRPDV
x ,QTXLHWDomRHFRQIXVmR
x &RQGXWDDWtSLFD ORXFXUD
x $OXFLQDo}HV YLVmRGHELFKRVHDQLPDLV


x 7UHPRUQDVPmRV

2WUDWDPHQWRSUpKRVSLWDODUFRQVLVWHHPSURWHJHUDYtWLPDGHVLPHVPRSRLVHODSRGHUi
DXWROHVDUVH

$%862'('52*$6

$VGURJDVGHXVRPDLVIUHTHQWHVVmRGHFLQFRGLIHUHQWHVWLSRV

D (VWLPXODQWHV
(VWLPXODP R 61& H[FLWDQGR TXHP DV XVD ,QFOXHP DV DQIHWDPLQDV D FDIHtQD D
FRFDtQDGURJDVDQWLDVPiWLFDVGURJDVYDVRFRQVWULFWRUDVHWF

E 'HSUHVVRUHV
'HSULPHPR61&,QFOXHPRVVHGDWLYRVWUDQTXLOL]DQWHV GLD]HSDPORUD[IHQREDUELWDO
RV EDUELW~ULFRV H RV DQWLFRQYXOVLRQDQWHV 'LPLQXHPR SXOVR H D UHVSLUDomR SURYRFDP
VRQROrQFLDHUHIOH[RVOHQWRV
F $QDOJpVLFRV1DUFyWLFRV GHULYDGRVGRySLR
2 DEXVR GHVVDV GURJDV SURGX] LQWHQVR HVWDGR GH UHOD[DPHQWR 3HUWHQFHP DR JUXSR
PRUILQD KHURtQD GHPHURO PHWDGRQD PHSHULGLQD 3RGHP GLPLQXLU D WHPSHUDWXUD R
SXOVRHDUHVSLUDomRUHOD[DUP~VFXORVSURYRFDUPLRVHDGRUPHFLPHQWRHWF

G $OXFLQyJHQRV
$OWHUDPDSHUVRQDOLGDGHHFDXVDPGLVWRUomRGDSHUFHSomR,QFOXHPR/6'$PDFRQKD
HRKD[L[HWDPEpPWHPDOJXPDVSURSULHGDGHVDOXFLQyJHQDV$VYtWLPDVLPDJLQDPRXYLU
VRQVHYHUFRUHV

H 4XtPLFRV9ROiWHLV
2V YDSRUHV GH FHUWDV VXEVWkQFLDV FDXVDP H[FLWDomR HXIRULD H VHQVDomR GH HVWDU
YRDQGR (P JHUDO VmR VROYHQWHV VXEVWkQFLDV GH OLPSH]D FRODV GH VDSDWHLUR
FORURIyUPLR pWHU ODQoDSHUIXPH H JDVROLQD 6HXV HIHLWRV VmRD SHUGD GR WHPSRHGD
UHDOLGDGHSHUGDGRROIDWRSXOVRHUHVSLUDomRDFHOHUDGRVHSRGHPFKHJDUDRFRPD


7HUPXLWRFXLGDGRHWDWRSDUDOLGDUFRPHVVDVSHVVRDV

$FLRQDUR6(0
6HQHFHVViULRUHDOL]DUPDQREUDVGHUHDQLPDomR
,QGX]LURY{PLWRVHDGURJDIRLPLQLVWUDGDYLDRUDOHQRV~OWLPRVPLQXWRV
3URWHJHUDVYtWLPDVKLSHUDWLYDV
&RQYHUVDUSDUDJDQKDUDFRQILDQoDGDYtWLPDHPDQWrODFRQVFLHQWH
7UDQVSRUWDUFRPPRQLWRUDPHQWRFRQVWDQWH
3UHYHQLURFKRTXH



/LomR 5(02d2'(9Ë7,0$6
0$1,38/$d2(75$163257(

FDSD]HVGH

2EMHWLYRV (QXPHUDU GLIHUHQWHV IRUPDV GH PDQLSXODU H
WUDQVSRUWDUXPDYtWLPD
([HFXWDU FRUUHWDPHQWH D WpFQLFDGH LPRELOL]DomRH
WUDQVSRUWH GH XPD YtWLPD XWLOL]DQGR SUDQFKDV
UtJLGDVORQJDVHFXUWDV .('
,GHQWLILFDU DV VLWXDo}HV TXH UHTXHUHP XPD
UHPRomRGHXUJrQFLDHGHPRQVWUDUDIRUPDFRUUHWD
GHH[HFXWiODV

5HYLVmRHP-XOKR±5HPRomRGH9tWLPDV

0RELOL]DomR
0DQLSXODomRMXVWLILFDGDGHXPDYtWLPDDILPGHHYLWDUPDOPDLRU
8VDPRV HVVH WHUPR JHQpULFR SDUD GHVFUHYHU TXDOTXHU SURFHGLPHQWR RUJDQL]DGR SDUD
PDQLSXODU UHSRVLFLRQDU RX WUDQVSRUWDU XP SDFLHQWH GRHQWH RX IHULGR GH XP SRQWR SDUD
RXWUR

$PDQLSXODomRGHYtWLPDVLQVHUHVHHPGXDVDPSODVFDWHJRULDV([LVWHXPWLSRGHYtWLPD
TXH p HQFRQWUDGD HP ORFDO GH IiFLO DFHVVR H TXH LQGHSHQGHQWHPHQWH GD JUDYLGDGH GH
VXDVOHV}HVSRGHVHUUHPRYLGDGHIRUPDURWLQHLUD([LVWHPWDPEpPDTXHODTXHQHFHVVLWD
VHUUHVJDWDGDHPWDLVFDVRVDYtWLPDSRGHHQFRQWUDUVHHPXPORFDOGHGLItFLODFHVVRRX
VXDVOHV}HVUHTXHUHUHPGRVRFRUULVWDRHPSUHJRGHWpFQLFDVHVSHFLDLVGHPDQLSXODomRH
LPRELOL]DomRFRPHPSUHJRGHSUDQFKDV

&RQVLGHUDo}HVTXHGHYHPRVOHYDUHPFRQWDDRPDQLSXODUXPSDFLHQWH
&RQVLGHUDo}HV H[WHUQDV DR SDFLHQWH /HPEUDU TXH HP SULQFtSLR XPD YtWLPD QmR
GHYHUiVHUPRYLPHQWDGDDPHQRVTXHH[LVWDXPSHULJRLPHGLDWRSDUDHODRXDLQGD
SDUDRXWURVVHQmRIRUIHLWDDVXDUHPRomR

&RPRSRUH[HPSOR
)RJRRXSHULJRGHH[SORVmR
'HUUDPHGHSURGXWRVSHULJRVRV
3UHVHQoDGHIXPDoDVRXYDSRUHVWy[LFRV
,PSRVVLELOLGDGHGHJDQKDUDFHVVRDRXWUDVYtWLPDVGHQWURGHXP
YHtFXOR
$PHDoDGHGHVDEDPHQWRHWF

&RQVLGHUDo}HV LQWHUQDV DR SDFLHQWH D YHORFLGDGH FRPR PRYHUHPRV D YtWLPD
GHSHQGHUiGDVUD]}HVTXHWHQKDPRVSDUDPRYrOD

5D]}HVSDUDDPRYLPHQWDomRGHYtWLPDV
eQHFHVViULRUHSRVLFLRQiODSDUDSUHVWDUXPVRFRUUR 5&3FRQWURODU
XPJUDYHVDQJUDPHQWR
2VRFRUULVWDQHFHVVLWDORJUDUDFHVVRDWpRXWUDYtWLPD PRYLPHQWDomR
GHXPDYtWLPDVHPOHVmRPHGXODUSDUDTXHRVRFRUULVWDDOFDQFHRXWUD
YtWLPDTXHQHFHVVLWDFXLGDGRV
)DWRUHVGRORFDOTXHLQWHUIHUHPQRVDOYDPHQWRGDYtWLPD FDORURXIULR
H[FHVVLYRDOJRQRORFDOTXHSURYRTXHUHDo}HVDOpUJLFDVHWF
$YtWLPDLQVLVWHHPPRYLPHQWDUVH QmRSRGHPRVUHWHUDYtWLPD
FRQWUD VXD YRQWDGH VH LQVLVWH DMXGDU SDUD PLQLPL]DU SRVVtYHLV
GDQRV


$SyV R WpUPLQR GR WUDWDPHQWR GR SDFLHQWH QD FHQD GD HPHUJrQFLD D YtWLPD GHYH VHU
UHPRYLGD GH VXD SRVLomR LQLFLDO SDUD FLPD GH XPD SUDQFKD UtJLGD SDUD LQLFLDU R VHX
WUDQVSRUWH'HYHUiVHUSRVLFLRQDGDFRUUHWDPHQWHFREHUWDHVHJXUDFRPFLQWRV$SUDQFKD
GHYH VHU HQWmR FRORFDGD VREUHD PDFDGHURGDV GR YHtFXOR GH WUDQVSRUWH H UHPRYLGD
1D FKHJDGD DR DPELHQWH KRVSLWDODU D YtWLPD p WUDQVIHULGD SDUD R VHWRU HVSHFtILFR SDUD
VHXWUDWDPHQWRGHILQLWLYR

7e&1,&$6'(75$163257(87,/,=$'$612$3+

$55$67$0(172&20&2%(5725
7pFQLFDSHODTXDODYtWLPDpUHPRYLGDSRUVRFRUULVWD2FREHUWRUGHYHVHUDUUXPDGR
GHIRUPDDSURWHJHUHVXSRUWDUDFDEHoDHRSHVFRoRGDYtWLPD

$55$67$0(1723(/$65283$6
8PD SHVVRD p VXILFLHQWH SDUD DUUDVWDU D YtWLPD 8VDGR TXDQGR QmR Ki FREHUWRU
GLVSRQtYHORXHPDFLGHQWHVQRPHLRGHYLDVFRPWUkQVLWRIOXLQGR

$55$67$0(172'(%20%(,52
(VVD WpFQLFD SRVVXL D GHVYDQWDJHP GH QmR RIHUHFHU VXSRUWH SDUD D FDEHoD H
SHVFRoRSRUpPVHQmRKRXYHURXWURPpWRGRGLVSRQtYHOSHUPLWHTXHXPDVySHVVRD
UHPRYDDYtWLPD0XLWRXVDGRHPDPELHQWHVFRPIXPDoD LQFrQGLRV

75$163257(3(/260(0%526
'RLVVRFRUULVWDVWUDQVSRUWDPDYtWLPDVHJXUDQGRDSHORVEUDoRVHSHUQDV

75$163257(&20&$'(,5$
$YtWLPDpSRVLFLRQDGDGHLWDGDHGHEDL[RGHODGRLVVRFRUULVWDVFRORFDPXPDFDGHLUD
2 WUDQVSRUWH p IHLWR FRP RV VRFRUULVWDV SRVLFLRQDGRV ODWHUDOPHQWH H D YtWLPD QD
SRVLomRVHQWDGD0XLWRXVDGRQDUHPRomRGHYtWLPDVGRLQWHULRUGHHGLItFLRV

/(9$17$0(172&2062&255,67$6
8WLOL]DGR SDUD OHYDQWDU GR VROR XPD YtWLPD VHP OHVmR GH FROXQD DWUDYpV GR
SRVLFLRQDPHQWRGHVRFRUULVWDVHPILODQRODGRGDPHVPD

/(9$17$0(172&2062&255,67$6
/HYDQWDPHQWRXWLOL]DGRJHUDOPHQWHQRLQWHULRUGHFDVDVHHGLILFDo}HVSDUDUHPRYHUD
YtWLPDGHXPDFDPDSDUDDPDFD

52/$0(172,02%,/,=$d262%5(0$&$65Ë*,'$6
7pFQLFD XWLOL]DGD SDUD SRVLFLRQDU D YtWLPD FRP VXVSHLWD GH OHVmR QD FROXQD GR VROR
SDUDFLPDGDSUDQFKDUtJLGD5HDOL]DGDFRPQRPtQLPRVRFRUULVWDV


,02%,/,=$d2&202875267,326'(0$&$6 7(/(6&Ï3,&$6'(9È&82
7pFQLFD XWLOL]DGD QD LPRELOL]DomR GH YtWLPDV TXH SRVVXHP OHVmR QD EDFLD RX DLQGD
SDUD HYLWDU R DJUDYDPHQWR GH OHV}HV RX DXPHQWR GD GRU GXUDQWH D PDQLSXODomR
URODPHQWR 5HDOL]DGDFRPRXVRFRUULVWDV

5(02d2(0(5*(1&,$/
8VDGD QDV VLWXDo}HV GH ULVFR LPLQHQWH 8P VRFRUULVWD UHPRYH D YtWLPD XWLOL]DQGR R
PpWRGRGD³&KDYHGH5DXWHFN´

7e&1,&$3$5$5(7,5$5&$3$&(7(6
(P DOJXPDV VLWXDo}HV HVSHFLDLV KDYHUi D QHFHVVLGDGH GD UHPRomR GH XP FDSDFHWH
SRUpP HVWD WDUHID GHYHUi VHU UHDOL]DGD FRP PXLWD FDXWHOD SRU QR PtQLPR VRFRUULVWDV
(QTXDQWR XPD LPRELOL]D PDQXDOPHQWH D FDEHoD H R SHVFRoR GD YtWLPD R RXWUR UHPRYH
OHQWDPHQWHRFDSDFHWH

2 FDSDFHWH QmR GHYHUi VHU UHPRYLGR QD VLWXDomR GH HVPDJDPHQWR DXPHQWR GH GRU
GXUDQWH D UHPRomR RX TXDQGR DVVRFLDGR D IHULPHQWR FRP REMHWR WUDQVIL[DQWH 1HVVHV
FDVRV D YtWLPD p LPRELOL]DGD VREUH D PDFD UtJLGD FRP R FDSDFHWH TXH GHYHUi VHU
UHPRYLGRSHODHTXLSHPpGLFDGRKRVSLWDOGHHPHUJrQFLD



&2025(029(53$&,(17(66(17$'26
3DFLHQWHFUtWLFR2SWDUSHORXVRGD&KDYHGH5DXWHFN

3DFLHQWHLQVWiYHO2SWDUSHODWpFQLFDGHUHPRomRUiSLGD



3DFLHQWHSRWHQFLDOPHQWHLQVWiYHORXHVWiYHO2SWDUSHODWpFQLFDGHUHPRomRFRP
HPSUHJRGR.('



(;(5&Ë&,2*583$/'(0$1,38/$d2(75$163257(

2%-(7,92'('(6(03(1+2
'DGR XP FDVR GH WUDXPD RV SDUWLFLSDQWHV GLYLGLGRV HP JUXSRV GH RX LQWHJUDQWHV
GHYHUmR HIHWXDU HP XP ORFDO SUHYLDPHQWH SUHSDUDGR SHORV LQVWUXWRUHV XP VLPXODGR GH
PDQLSXODomRHWUDQVSRUWHGHSDFLHQWHGHVGHDFHQDGDHPHUJrQFLDDWpXPDDPEXOkQFLD
GHIRUPDTXHSRVVDPGHPRQVWUDUDDSOLFDomRFRUUHWDGRVVHJXLQWHVDVSHFWRVGRFXUVR
$YDOLDomRGDFHQD
*HUHQFLDPHQWRGRVULVFRV&RQWUROHGDFHQD
$YDOLDomRJHUDOGRSDFLHQWH
&XLGDGRVFRPDVSRVVtYHLVOHV}HVRXGRHQoDVREVHUYDGDVGXUDQWHDDYDOLDomR
0DQLSXODomRHWUDQVSRUWHDWpXPDDPEXOkQFLD
2H[HUFtFLRGHYHUiUHDOL]DUVHQXPWHPSRPi[LPRGHPLQXWRV
5HFRPHQGDVHDVHJXLQWHGLVWULEXLomRGHWDUHIDVSDUDRJUXSR
x SDUWLFLSDQWH VLPXODUi VHU R WHOHIRQLVWD TXH UHFHEH D FKDPDGD GH HPHUJrQFLD H
UHJLVWUDDRFRUUrQFLD
x SDUWLFLSDQWH VLPXODUi VHU R GHVSDFKDQWH TXH WUDQVPLWH RV GDGRV GD FKDPDGD GH
HPHUJrQFLDSDUDDJXDUQLomRGHVHUYLoR
x SDUWLFLSDQWHVLPXODUiVHURFRQGXWRU PRWRULVWD GDDPEXOkQFLD
x SDUWLFLSDQWHVLPXODUiVHURVRFRUULVWDOtGHUTXHVHQWDDRODGRGRPRWRULVWD
x SDUWLFLSDQWH VLPXODUmR VHU RV VRFRUULVWDV DX[LOLDUHV TXH YmR QD SDUWH WUDVHLUD GD
DPEXOkQFLDMXQWRFRPRSDFLHQWH
2EV 2 SDFLHQWH H RV FXULRVRV SUHVHQWHV QD FHQD VHUmR VLPXODGRV SHORV LQVWUXWRUHV H
RXWUDVHTXLSHV
&RPRVXJHVWmRRHVTXHPDJHUDOGDDSUHVHQWDomRGRVSDUWLFLSDQWHVSRGHUiVHUUHDOL]DGR
GDVHJXLQWHIRUPD
i 5HFHELPHQWRGDFKDPDGDGHHPHUJrQFLDHUHJLVWURGDRFRUUrQFLD
i 'HVSDFKRHFKHJDGDGRVVRFRUULVWDVQDFHQDGDHPHUJrQFLD
i $YDOLDomR GD FHQD VHJXUDQoD SHVVRDO JHUHQFLDPHQWR GRV ULVFRV H[LVWHQWHV
FRPXQLFDomRFRPDHVWDomRFHQWUDOSDUDUHSDVVDUDVLQIRUPDo}HVLQLFLDLV
i $YDOLDomRJHUDOGRSDFLHQWH
i $WHQGLPHQWRSUpKRVSLWDODU
i ,PRELOL]DomRHWUDQVSRUWHGRSDFLHQWHDWpDDPEXOkQFLD
i ,QIRUPDUjHVWDomRFHQWUDOTXHHVWiSURQWRSDUDLQLFLDURWUDQVSRUWH



/LomR (0(5*Ç1&,$6
3(',È75,&$6

FDSD]HVGH

&LWDU DV FLQFR GLIHUHQWHV FDWHJRULDV XWLOL]DGDV SDUD
GLVWLQJXLURVSDFLHQWHVSHGLiWULFRV
&LWDU FLQFR GLIHUHQoDV HVWUXWXUDLV H DQDW{PLFDV GR
SDFLHQWHSHGLiWULFRHPUHODomRDRSDFLHQWHDGXOWR
(QXPHUDUSHORPHQRVDVSHFWRVTXHLGHQWLILFDPR
DEXVRGHFULDQoDV

5HYLVmRHP-XOKR(PHUJrQFLDV3HGLiWULFDV

,1752'8d2

4XDQGR XP VRFRUULVWD IRU DYDOLDU RX WUDWDU XP SDFLHQWH SHGLiWULFR FULDQoD RX EHEr
SRGHUiDSULQFtSLRVHQWLUVHGHVSUHSDUDGRQmRVDEHQGRSRURQGHLQLFLDUVXDDWXDomR2
WHUPRSHGLDWULDUHIHUHVHDXPJUDQGHJUXSRTXHSRGHLQFOXLUTXDOTXHUFULDQoDGHVGHXP
EHErDWpXPDFULDQoDHPLGDGHHVFRODUGRHQVLQRLQIDQWLORXDFLPDGLVWR/HPEUHVHTXH
XPD VLWXDomR GH HPHUJrQFLD p XPD QRYD H DVVXVWDGRUD H[SHULrQFLD SDUD TXDOTXHU
FULDQoDHVHUiDLQGDPDLRUVHRVSDLVRXUHVSRQViYHLVQmRHVWLYHUHPSUHVHQWHV

&5,$1d$12e80$'8/723(48(12

,'$'(7$0$1+2(5(63267$

4XDQGRRVRFRUULVWDIRUGHWHUPLQDUDLGDGHGHXPDFULDQoDSDUDUHDOL]DUXPDPDQREUDGH
UHVVXVFLWDomRFDUGLRSXOPRQDU 5&3 GHYHUiFRQVLGHUDUDLGDGHGRUHFpPQDVFLGRDWpXP
DQR FRPR EHEr RX ODFWHQWH GH XP D RLWR DQRV FODVVLILFDPRV R PHQRU FRPR FULDQoD H
TXDQGR IRU PDLRU GH RLWR DQRV GHYHUi VHU WUDWDGR FRPR DGXOWR (VVHV FULWpULRV VmR
SDGURQL]DGRV LQWHUQDFLRQDOPHQWH SHOD $VVRFLDomR $PHULFDQD GR &RUDomR $PHULFDQ
+HDUW$VVRFLDWLRQ

5HFRPHQGDPRV TXH RV VRFRUULVWDV XWLOL]HP XP FULWpULR SDGURQL]DGR SDUD FODVVLILFDU DV
FULDQoDV HP FDWHJRULDV OHYDQGR HP FRQVLGHUDomR LWHQV FRPR LGDGH SRUWH ItVLFR H
UHVSRVWDHPRFLRQDO
&DWHJRULDVSDUDGLVWLQJXLUSDFLHQWHVSHGLiWULFRV
y /DFWHQWHVUHFpPQDVFLGRVDWpXPDQR
y &ULDQoDVGHDQRDWpDQRV
y 3UpHVFRODUHVGHDDQRV
y ,GDGHHVFRODU HQVLQRIXQGDPHQWDO GHDDQRV
y $GROHVFHQWH HQVLQRIXQGDPHQWDOHPpGLR GHDDQRV

(PDOJXQVFDVRVRVRFRUULVWDQmRSRGHUiGHWHUPLQDUFRUUHWDPHQWHDLGDGHGREHErRXGD
FULDQoD SRLV DOJXQV VmR PDLRUHV RX PHQRUHV H IRJHP GH VHX JUXSR GH LGDGH 3RGH
WDPEpPDFRQWHFHUGRVSDLVQmRHVWDUHPSUHVHQWHVQRORFDOGDHPHUJrQFLDSDUDLQGLFDUD
FRUUHWD LGDGH GH VHXV ILOKRV 1HVVHV FDVRV R VRFRUULVWD WHUi TXH DGLYLQKDU D LGDGH
EDVHDQGRVHQRWDPDQKRGDFULDQoDHHPVXDVUHVSRVWDVHPRFLRQDLV

35,1&,3$,6',)(5(1d$6(6758785$,6($1$7Ð0,&$6'2
3$&,(17(3(',È75,&2

9RFr Mi SHUFHEHX TXH DV FULDQoDV QmR VmR LJXDLV DRV DGXOWRV HP WDPDQKR PDWXULGDGH
HPRFLRQDO H UHVSRVWDV HP VLWXDo}HV DGYHUVDV 9RFr WDPEpP SUHFLVDUi HVWDU DWHQWR D
GLIHUHQoDVHVWUXWXUDLVHDQDW{PLFDV

$&$%(d$(23(6&2d2


$FDEHoDGDFULDQoDpSURSRUFLRQDOPHQWHPDLRUHPDLVSHVDGDTXHVHXFRUSR(PJHUDO
RFRUSRLUiHTXLOLEUDUVHFRPRWDPDQKRGHVXDFDEHoDDSDUWLUGRGRTXDUWRDQRGHYLGD

'HYLGRDRWDPDQKRHDRSHVRGDFDEHoDDFULDQoDILFDPDLVSURSHQVD
DWUDXPDWLVPRVHQYROYHQGRHVVDSDUWHGRFRUSR3RUWDQWRVHPSUHTXH
XPDTXHGDGHQtYHORXXPWUDXPDDWLQJLUDSDUWHVXSHULRUGRWyUD[
VXVSHLWHHSHVTXLVHSRUIHULPHQWRVQDUHJLmRGDFDEHoD

$V FULDQoDV VmR LJXDOPHQWH PDLV YXOQHUiYHLV TXH RV DGXOWRV DRV GDQRV QD FROXQD
YHUWHEUDO HVSHFLDOPHQWHQDUHJLmRFHUYLFDO 5HFRUGDPRVTXHLVWRGHYHVHDRWDPDQKRH
DRSHVRPDLRUGDFDEHoDHDRVXEGHVHQYROYLPHQWRGDHVWUXWXUDyVVHDHGRVP~VFXORVGR
SHVFRoR

9,$6$e5($6(26,67(0$5(63,5$7Ï5,2

$V YLDV DpUHDV H R VLVWHPD UHVSLUDWyULR GR EHEr H GD FULDQoD DLQGD QmR HVWmR
FRPSOHWDPHQWH GHVHQYROYLGRV $ OtQJXD p JUDQGH SDUD D FDYLGDGH RUDO ERFD H DV YLDV
DpUHDV QDUL]ERFDIDULQJHODULQJHHWUDTXpLD VmRPDLVHVWUHLWDVGRTXHDVGRDGXOWRH
PDLV IDFLOPHQWH SUHGLVSRVWDV D XPD REVWUXomR 2V P~VFXORV GR SHVFRoR WDPEpP QmR
HVWmR GHVHQYROYLGRV FRPSOHWDPHQWH H QmR VmR WmR IRUWHV TXDQWR RV GRV DGXOWRV $
FRORFDomRGHXPDWRDOKDGREUDGDQDVFRVWDV HPEDL[RGDUHJLmRGRVRPEURV DMXGDUiD
PDQWHUDFDEHoDDOLQKDGDHDVYLDVDpUHDVSpUYHDV$PDQREUDGHLQFOLQDomRGDFDEHoD
HHOHYDomRGDPDQGtEXODODUJDPHQWHXWLOL]DGDSDUDDEULUDVYLDVDpUHDVGHDGXOWRV VHP
OHVmR FHUYLFDO p GHVQHFHVViULD SDUD EHErV H FULDQoDV SHTXHQDV 1R DWHQGLPHQWR GH
SDFLHQWHV SHGLiWULFRV EDVWD TXH R VRFRUULVWD SURPRYD XPD OHYH LQFOLQDomR GD FDEHoD
SDUDFRQVHJXLUDVVHJXUDUDDEHUWXUDGDVYLDVDpUHDV

&XLGDGR FRP DV REVWUXo}HV GDV YLDV DpUHDV FDXVDGDV SRU FRUSRV HVWUDQKRV 29$&(
1mRIDoDSHVTXLVDjVFHJDVFRPRVGHGRVTXDQGRWHQWDUGHVREVWUXLUDVYLDVDpUHDVGH
FULDQoDVHODFWHQWHVSRLVHVVDVPDQREUDVSRGHUmRIRUoDUDGHVFLGDGRFRUSRHVWUDQKRD
DFDEDUREVWUXLQGRDIDULQJHRXDODULQJHWUDTXpLD

$V FULDQoDV H RV ODFWHQWHV UHVSLUDP DXWRPDWLFDPHQWH SHOR QDUL] H QR FDVR GHVVH ILFDU
REVWUXtGRQmRDEULUmRDERFDSDUDUHVSLUDUFRPRXPDGXOWR2VRFRUULVWDGHYHUiUHPRYHU
DVVHFUHo}HVGDVQDULQDVSDUDDVVHJXUDUXPDERDUHVSLUDomR

2VP~VFXORVGRWyUD[WDPEpPQmRHVWmRFRPSOHWDPHQWHGHVHQYROYLGRVDVVLPDFULDQoD
XVDUiPXLWRPDLVRGLDIUDJPDSDUDUHVSLUDU

)UHTrQFLDUHVSLUDWyULD )5
$GROHVFHQWH GH D YHQWLODo}HVSRUPLQXWR
&ULDQoDV GHDYHQWLODo}HVSRUPLQXWR
1RVODFWHQWHV GH D YHQWLODo}HVSRUPLQXWR

27Ï5$;(2$%'20(


2VRFRUULVWDSRGHUiDYDOLDUPHOKRUDUHVSLUDomRGRVSDFLHQWHVSHGLiWULFRVREVHUYDQGRRV
PRYLPHQWRVUHVSLUDWyULRVQRDEG{PHQSRLVGXUDQWHDUHVSLUDomRDVFULDQoDVXVDPPDLV
R GLDIUDJPD DVVLP RV PRYLPHQWRV UHVSLUDWyULRV VmR PDLV IDFLOPHQWH REVHUYiYHLV QHVVD
UHJLmR DEG{PHQ TXHQRWyUD[

'HYHPRVFRQVLGHUDUWDPEpPTXHDFDL[DWRUiFLFDGDVFULDQoDVpPDLVHOiVWLFDDVVLPQR
FDVR GH XPD UHVSLUDomR IRUoDGD SURGX]LGD SRU XPD VLWXDomR GH GLILFXOGDGH RX
LQVXILFLrQFLDUHVSLUDWyULDRXVRGHWRGRVRVP~VFXORVGRWyUD[ HQWUHDVFRVWHODV VREUHR
HVWHUQRHDRUHGRUGRSHVFRoRHRPEURVILFDUiEHPHYLGHQWH

'D PHVPD IRUPD TXH QRV DGXOWRV WUDXPDV QR DEG{PHQ SRGHP UHVXOWDU HP GRU
GLVWHQVmRHULJLGH]2VP~VFXORVDEGRPLQDLVQmRVmRWmREHPGHVHQYROYLGRVFRPRQRV
DGXOWRVHRIHUHFHPSRXFDSURWHomR2VyUJmRVDEGRPLQDLVGHIRUPDHVSHFLDORItJDGRH
REDoRVmREHPJUDQGHVSDUDRWDPDQKRGDFDYLGDGHHSRUWDQWRPDLVYXOQHUiYHLVDXP
WUDXPD

$VOHV}HVDEGRPLQDLVTXHSURGX]LUHPGLVWHQVmRRXHGHPD LQFKDoR
SRGHUmRLPSHGLURPRYLPHQWROLYUHGRGLDIUDJPDHDFDEDUSURGX]LQGR
XPDGLILFXOGDGHUHVSLUDWyULDJUDYH

$3(/9(

7DO TXDO QRV DGXOWRV DV FULDQoDV SRGHUmR SHUGHU TXDQWLGDGHV FRQVLGHUiYHLV GH VDQJXH
GHQWUR GD FDYLGDGH SpOYLFD FRPR UHVXOWDGR GH XP WUDXPD JUDYH QHVWD UHJLmR e
UHFRPHQGiYHO TXH RV VRFRUULVWDV SHUPDQHoDP PRQLWRUDQGR FRQVWDQWHPHQWH RV VLQDLV
YLWDLV GRV SDFLHQWHV SDUD LGHQWLILFDUHP D SUHVHQoD GH FKRTXH KLSRYROrPLFR $ DYDOLDomR
GRV VLQDLV YLWDLV LQFOXL D DIHULomR GD UHVSLUDomR GR SXOVR GD SUHVVmR DUWHULDO H GD
WHPSHUDWXUDUHODWLYDGDSHOH

2DVSHFWRH[WHUQRGDSHOHWDPEpPpLPSRUWDQWHSDUDLGHQWLILFDUXPDSHUIXVmRGHILFLWiULD
2VRFRUULVWDSRGHUiFKHFDUDSHUIXVmRFRPSULPLQGRDUHJLmRGLVWDOGDVH[WUHPLGDGHVGR
SDFLHQWH GRUVRGDPmRRXSp HDYDOLDQGRRWHPSRQHFHVViULRjUHSHUIXVmR FRQVLGHUDU
JUDYHTXDQGRRWHPSRGRHQFKLPHQWRFDSLODUIRUPDLRUTXHGRLVVHJXQGRV

'XUDQWHDDYDOLDomRItVLFDGHWDOKDGDGRSDFLHQWHRVRFRUULVWDGHYHUi
SHVTXLVDUDSUHVHQoDGHVDQJXHQDUHJLmRJHQLWDO

$6(;75(0,'$'(6

&RPR Mi YLPRV DQWHULRUPHQWH RV RVVRV GDV FULDQoDV VmR PHQRV GHVHQYROYLGRV H
FRQVHTXHQWHPHQWHPDLVIOH[tYHLVTXHRVGRVDGXOWRV'HVVDIRUPDHQTXDQWRRVRVVRVGH
DGXOWRVQRUPDOPHQWHIUDWXUDPQXPDVLWXDomRGHWUDXPDRVRVVRVGHFULDQoDVGREUDPH
ODVFDPDQWHVGHIUDWXUDU TXHEUDU 2VRFRUULVWDGHYHUiVXVSHLWDUGHIUDWXUDVVHPSUHTXH
DR DYDOLDU XPD H[WUHPLGDGH HQFRQWUDUHP VLQDLV H VLQWRPDV WDLV FRPR GRU HGHPD H
GHIRUPDo}HV


'XUDQWH D DYDOLDomR ItVLFD DOpP GH DSDOSDU WRGD D H[WUHPLGDGH EXVFDQGR LGHQWLILFDU
GHIRUPLGDGHV IHULPHQWRV FRP RX VHP D SUHVHQoD GH VDQJXH RX iUHDV GRORURVDV R
VRFRUULVWD GHYHUi SHVTXLVDU QD UHJLmR GLVWDO GD H[WUHPLGDGH D SUHVHQoD GH SXOVR D
FDSDFLGDGH PRWRUD D VHQVLELOLGDGH H R HQFKLPHQWR FDSLODU 2 WHPSR GR HQFKLPHQWR
FDSLODUQmRGHYHUiVHUVXSHULRUDGRLVVHJXQGRV

QRDWHQGLPHQWRSHGLiWULFRRVRFRUULVWDQmRQHFHVVLWDSUHVVLRQDUD
XQKDGDFULDQoDPDVVLPSUHVVLRQDUDPmRRXRSpRDQWHEUDoRRXD
SHUQDGRSDFLHQWHHWHUiRPHVPRSDGUmRGHSHUIXVmRGROHLWR
XQJXHDO

26,67(0$7(*80(17$5

(PUHODomRDPDVVDGRFRUSRDVFULDQoDVHODFWHQWHVSRVVXHPXPDJUDQGHTXDQWLGDGH
GH VXSHUItFLH FRUSRUDO 3RU LVVR SRGHUmR IDFLOPHQWH SHUGHU FDORU H VRIUHU GH KLSRWHUPLD
DWpPHVPRHPDPELHQWHVRQGHDGXOWRVHVWHMDPFRQIRUWiYHLVGHYLGRDSRXFDPDVVDHD
GHVSURSRUomRHQWUHRYROXPHHDiUHDGDFULDQoD3RULVVRpLPSRUWDQWHPDQWHUDFULDQoD
FREHUWDHDTXHFLGD

$RDWHQGHUSDFLHQWHVSHGLiWULFRVRVVRFRUULVWDVGHYHPVHPSUHILFDU
DWHQWRVHJDUDQWLUDPDQXWHQomRGRFDORUFRUSRUDOHVSHFLDOPHQWH
QRVFDVRVGHWUDXPDRXGHSHUGDGHVDQJXHRXIOXLGRFRUSRUDO

1RV FDVRV GH TXHLPDGXUDV R VRFRUULVWD GHYHUi ILFDU DWHQWR SRLV D iUHD GD VXSHUItFLH
FRUSRUDOWRWDOTXHLPDGD 6&74 FDOFXODGDDWUDYpVGD5HJUDGRV1RYHpUHDOL]DGDGHXPD
IRUPDGLIHUHQWHGDTXHODXWLOL]DGDSDUDDYDOLDURVSDFLHQWHVDGXOWRV

92/80(6$1*8Ë1(2

4XDQWRPHQRUHVIRUHPRVSDFLHQWHVPHQRUHVWDPEpPVHUmRVHXVYROXPHVVDQJXtQHRV
)LTXH DWHQWR SRLV XP SDFLHQWH UHFpPQDVFLGRSRGHUi DSUHVHQWDUXP YROXPHGH VDQJXH
LQIHULRUDPO RHTXLYDOHQWHDXPD[tFDUDHPHLDGHVDQJXH HVHQGRDVVLPTXDOTXHU
SHUGDVDQJtQHDSRUPHQRUTXHVHMDUHSUHVHQWDUiXPDHPHUJrQFLDJUDYH8PDFULDQoD
SRGHUi DSUHVHQWDU GHSHQGHQGR GR VHX WDPDQKR XP YROXPH VDQJtQHR YDULiYHO HQWUH
PHLROLWURDOLWURVGHVDQJXH

3RUWDQWRDRDWHQGHUXPODFWHQWHRXXPDFULDQoDSHTXHQDQmRHVSHUHSHORDSDUHFLPHQWR
GH VLQDLVH VLQWRPDVHYLGHQWHV GH FKRTXH&DVR VXVSHLWH TXH R WUDXPD RX HQIHUPLGDGH
UHSUHVHQWHXPULVFRSRWHQFLDOSURYLGHQFLHLPHGLDWDPHQWHRVFXLGDGRVGHHPHUJrQFLD

1mRHVTXHoDTXHXPDSHUGDVDQJtQHDPRGHUDGDTXHSRGHQmR
UHSUHVHQWDUJUDQGHSUHRFXSDomRSDUDXPSDFLHQWHDGXOWRFDVRQmR
VHMDFRQWURODGDUHSUHVHQWDXPDJUDQGHDPHDoDDXPSDFLHQWH
SHGLiWULFR



$%862$&5,$1d$6

$WXDOPHQWHR DEXVRD FULDQoDVH D OHVmR LQWHQFLRQDOp XPD RFRUUrQFLD PDLV FRPXP GR
TXHVHLPDJLQD

2635,1&,3$,6$%862662

$EXVRVHPRFLRQDLVSVLFROyJLFRV
$EXVRVItVLFRV
$EXVRVVH[XDLV
$WRVGHQHJOLJrQFLD

&$5$&7(5Ë67,&$648(,1',&$02$%862(281(*/,*Ç1&,$

x )DOWDGHFRQGLo}HVGHKLJLHQH
x 6LQDLVGHFDWLYHLUR
x )RPHGHVQXWULomR
x )HULPHQWRV LQVLVWHQWHV RX OHV}HV P~OWLSODV HP GLIHUHQWHV HVWiJLRV GH FLFDWUL]DomR QR
FRUSRGDFULDQoD
x 4XHLPDGXUDV SULQFLSDOOHVmRUHIHUHQWHDDEXVRItVLFR
x /HV}HVSUpYLDVFRPUHODWRVVXVSHLWRV
x 'HVFULo}HVFRQWUDGLWyULDVVREUHR³DFLGHQWH´

80)$72,03257$17(62%5(2$%862$&5,$1d$6e48(
26(3,6Ï',2662)5(4h(17(0(17(5(3(7,'26
&20*5$9,'$'(352*5(66,9$

&202262&255,67$'(9(352&('(5(0&$626'($%862

x 2VRFRUULVWDQmRID]GLDJQyVWLFRGHDEXVR
x 1RORFDOH[HFXWHSULPHLUDPHQWHRVSURFHGLPHQWRVGHDX[tOLRDRSDFLHQWHGHL[DQGRR
UHODWRGHVXDVVXVSHLWDVHDVDo}HVSROLFLDVSDUDXPVHJXQGRPRPHQWR
x $QRWH VHXV DFKDGRV H D KLVWyULD FROKLGD QD )LFKD GH $3+ H WUDQVPLWD HVVDV
LQIRUPDo}HVDRPpGLFRGR6HUYLoRGH(PHUJrQFLDTXDQGRGDHQWUHJDGRSDFLHQWHQR
KRVSLWDO EHP FRPR DR UHVSRQViYHO SHOR 6HUYLoR GH $3+ GH VXD RUJDQL]DomR TXH
GHYHUiFRPXQLFDURIDWRDVRXWUDVDXWRULGDGHVFRPSHWHQWHV

$275$7$523$&,(17(3(',È75,&2(9,7(


$VVXPLUSRVWXUDLQIDQWLO
)DODUWXGRQRGLPLQXWLYR
$OWHUDUWLPEUHGHYR]SDUDRDJXGR
3URPHWHUTXHQmRLUiGRHU

',&$63$5$$%25'$5(0$1,38/$523$&,(17(3(',È75,&2

0DQWHQKD D FDOPD H WUDQVPLWD VHJXUDQoD VH SRVVtYHO H[HFXWH VXD
DERUGDJHPDWHQGLPHQWRDMRHOKDGRRXVHQWDGR
$FDOPHWDPEpPRVSDLVRXUHVSRQViYHLVTXHHVWHMDPSUHVHQWHVQDFHQD
&RQWUROHVXDHPRo}HVHH[SUHVV}HVIDFLDLV
6ROLFLWH DSRLR H DXWRUL]DomR GRV SDLV RX UHVSRQViYHLV SDUD H[HFXWDU R DWHQGLPHQWR
QRFDVRGHFULDQoDVHDGROHVFHQWHV
([SOLTXHRVSURFHGLPHQWRVTXHLUiUHDOL]DUSDUDRVSDLVHSDUDRSDFLHQWH
8VHVHQHFHVViULRXP³REMHWRGHWUDQVLomR´
1R FDVR GH FULDQoDV PXLWR SHTXHQDV H[HFXWH RV SURFHGLPHQWRV FRP R SDFLHQWH QR
FRORGDPmHRXUHVSRQViYHO
8WLOL]HHTXLSDPHQWRVGHFRUHVHWDPDQKRDGHTXDGRVSDUDFDGDIDL[DHWiULD
&ULDQoDVWHPGLILFXOGDGHSDUDDFHLWDUILFDUHPGHLWDGDVH[SOLTXHDQHFHVVLGDGH
$OJXPDVFULDQoDVSRGHPQmRVHUHPUHFHSWLYDVDVPiVFDUDVGHR[LJrQLRVREUHDIDFH
VH QHFHVViULR XVH FRSLQKRV SOiVWLFRV OLPSRV H YD]LRV SDUD VXEVWLWXLU DV PiVFDUDV
FRPXQV
6RUULD SDUD D FULDQoD H QXQFD PLQWD QHP SURPHWD QDGD TXH QmR SRVVD FXPSULU 'r
XP SUHVHQWH GLVWLQWLYR RX FHUWLILFDGR RX FROH QD URXSD GD FULDQoD XP DGHVLYR
LQVWLWXFLRQDOHPWURFDGRERPFRPSRUWDPHQWRFRRSHUDomRHFRUDJHP
2V SURFHGLPHQWRV GH LPRELOL]DomR DSOLFDomR GH FXUDWLYRV XVR GH EDQGDJHQV H
IL[DomR QD SUDQFKD PDFD UtJLGD SHGLiWULFD VmR VLPLODUHV DRV SURFHGLPHQWRV
XWLOL]DGRVHPSDFLHQWHVDGXOWRV


$9$/,$d2

(0(5*Ç1&,$63(',È75,&$6


3UHHQFKD FRUUHWDPHQWH RV HVSDoRV HP EUDQFR FLWDQGR DV GLIHUHQWHV FDWHJRULDV
XWLOL]DGDVSDUDGLVWLQJXLURVSDFLHQWHVSHGLiWULFRV

y /DFWHQWHVUHFpPQDVFLGRVDWpXPDQR
y &ULDQoDVGHBBBDQRDWpBBBDQRV
y 3UpHVFRODUHVGHBBBDBBBDQRV
y ,GDGHHVFRODU HQVLQRIXQGDPHQWDO GHBBBDBBBDQRV
y $GROHVFHQWH HQVLQRIXQGDPHQWDOHPpGLR GHDDQRV

&RPUHODomRDVGLIHUHQoDVHVWUXWXUDLVHDQDW{PLFDVGRSDFLHQWHSHGLiWULFRHPUHODomR
DRSDFLHQWHDGXOWRSRGHPRVDILUPDUTXH

D $FDEHoDGDFULDQoDpSURSRUFLRQDOPHQWHBBBBBBBBBBHPDLVSHVDGDTXHVHXFRUSR
E $V YLDV DpUHDV H R VLVWHPD UHVSLUDWyULR GR EHEr H GD FULDQoD DLQGD QmR HVWmR
FRPSOHWDPHQWHGHVHQYROYLGRV$OtQJXDpBBBBBBBBBBBBSDUDDFDYLGDGHRUDO ERFD
HDVYLDVDpUHDV QDUL]ERFDIDULQJHODULQJHHWUDTXpLD VmRPDLVHVWUHLWDVGRTXHDV
GRDGXOWRHPDLVIDFLOPHQWHSUHGLVSRVWDVDXPDBBBBBBBBBBBBBBBBBB
F 2V yUJmRV DEGRPLQDLV HVSHFLDOPHQWH R ItJDGR H R EDoR VmR EHP JUDQGHV SDUD R
WDPDQKRGDFDYLGDGHHSRUWDQWRBBBBBBBBBBBBBBBBBBBBBDXPWUDXPD
G 2V RVVRV GDV FULDQoDV VmR PHQRV GHVHQYROYLGRV H FRQVHTXHQWHPHQWH PDLV
BBBBBBBBBBBBB TXH RV GRV DGXOWRV 'HVVD IRUPD HQTXDQWR RV RVVRV GH DGXOWRV
QRUPDOPHQWH IUDWXUDP QXPD VLWXDomR GH WUDXPD RV RVVRV GH FULDQoDV GREUDP H
ODVFDPDQWHVGHIUDWXUDU TXHEUDU
H e LPSRUWDQWH PDQWHU FULDQoDV WUDXPDWL]DGDV FREHUWDV H DTXHFLGDV SRLV GHYLGR D
SRXFD PDVVD H D GHVSURSRUomR HQWUH R YROXPH H D iUHD GD FULDQoD HODV SRGHUmR
IDFLOPHQWHSHUGHUFDORUHVRIUHUGHBBBBBBBBBBBBBBBBBBBBBBBBBB

&LWHFDUDFWHUtVWLFDVTXH,QGLFDPDEXVRDFULDQoDV



/LomR 36,&2/2*,$(0
(0(5*Ç1&,$6

2EMHWLYRV FDSD]HVGH

&RQKHFHU D UHDomR GDV SHVVRDV HP VLWXDo}HV GH
HPHUJrQFLDV
$GPLQLVWUDomR GR HVWUHVVH DSyV RV LQFLGHQWHV
FUtWLFRVSDUDRVSURILVVLRQDLVGHHPHUJrQFLDH
3URFHGHU H DGPLQLVWUDU Do}HV SUHYHQWLYDV DR
HVWUHVVHSyVHPHUJrQFLDV

5HYLVmRHP-XOKR±3VLFRORJLDHP(PHUJrQFLDV

(02d2((675(66(
$TXHOHV TXH WUDEDOKDP QXP VHUYLoR GH HPHUJrQFLDV GHYHUmR HVWDU SUHSDUDGRV
SDUD R HVWUHVVH TXH HVWH WUDEDOKR SRGHUi FDXVDU $ WHQVmR H R HVWUHVVH VmR XPD
FRQVWDQWHQR$3+
1RUPDOPHQWH RV VRFRUULVWDV SURILVVLRQDLV WHP GH PDQWHU XP FRQWUROH GH VXDV
HPRo}HV HQTXDQWR H[HFXWDP VHX WUDEDOKR )UHTHQWHPHQWH WUDEDOKDP PXLWR DWp D
H[DXVWmR H D VLWXDomR SRGH FRPSOLFDUVH PXLWR QXPD HPHUJrQFLD FRP P~OWLSODV
YtWLPDV
1mR p LQFRPXP TXH VRFRUULVWDV UHODWHP SUREOHPDV HPRFLRQDLV FDXVDGRV SRU
FHUWRVWLSRVGHGHVDVWUHV
$ SVLFRORJLD GDV HPHUJrQFLDV HVWXGD R FRPSRUWDPHQWR GDV SHVVRDV IUHQWH D
LQFLGHQWHV FUtWLFRV (VWHQGHQGR DV Do}HV TXH YmR GHVGH D SUHYHQomR DWp R 3yV
7UDXPD 3URPRYHQGR VXEVtGLRV WHyULFRV H SUiWLFRV D YtWLPDV H SURILVVLRQDLV HP
FRQWH[WRGHHPHUJrQFLDXUJrQFLDHGHVDVWUHV

&ULWLFDO,QFLGHQW6WUHVV'HEULHILQJ 7pFQLFDVSDUDUHGX]LURHVWUHVVHFUtWLFR
$OJXPDV RUJDQL]Do}HV SRVVXHP SURJUDPDV GH DMXGD SDUD VHXV SURILVVLRQDLV
DIHWDGRVSHORHVWUHVVHFUtWLFR
5HXQL}HV FRP R SHVVRDO HQYROYLGR QR DWHQGLPHQWR GH XPD HPHUJrQFLD PDLV
JUDYH SRGHUmR DMXGDU D VXSHUDU VXDV GLILFXOGDGHV H RV SUREOHPDV FDXVDGRV SHOR
HVWUHVVH
'HQWUR GH XP SUD]R GH KRUDV DSyV D RFRUUrQFLD GH XP HYHQWR FUtWLFR D
HTXLSH GH DX[tOLR WLPH GH HVWUHVVH SURYLGHQFLD XPD UHXQLmR FRP RV HQYROYLGRV QD
RFRUUrQFLDHHQFRUDMDDVSHVVRDVDGLVFXWLUHPKRQHVWDPHQWHVHXVVHQWLPHQWRV
1RHQFRQWURRVIDWRVGRDFLGHQWHVmRSULPHLURUHYLVWRV(QWmRRVSUHVHQWHVVmR
FRQYLGDGRVDGHVFUHYHUVXDVUHDo}HVGXUDQWHRHYHQWR0DLVWDUGHRVSURILVVLRQDLVGH
VD~GHPHQWDOHRVOtGHUHVGRWLPHGHHVWUHVVHID]HPSHUJXQWDVHRIHUHFHPFRQVHOKRV
VREUHFRPRUHFRQKHFHUHOLGDUFRPDVUHDo}HVGRHVWUHVVHDJXGR
7pFQLFD
$FROKLPHQWRH(PSDWLD
±(VWDEHOHFHUFRQWDWR
&ULDUXPFDQDOGHIDODHHVFXWD
1RPHDURGHVFRQKHFLGR
'DUXPVLJQLILFDGRHXPVHQWLGRDH[SHULrQFLD
6DLUGDDQJXVWLDGHDQLTXLODPHQWR

6,1$,6(6,1720$6'2(675(66($*8'2
3HUWXUEDo}HVHVWRPDFDLV
$XPHQWRGRVEDWLPHQWRVFDUGtDFRV
3$HOHYDGD
'RUQRSHLWR
6XGRUHVHQDSDOPDGDVPmRV
3UREOHPDVGHFRQFHQWUDomR
&DQVDoR
)DGLJD
'LPLQXLomRGRFRQWUROHHPRFLRQDO

5HYLVmRHP-XOKR±3VLFRORJLDHP(PHUJrQFLDV


/LomR $&,'(17(6&20
0Ò/7,3/$69Ë7,0$6

2EMHWLYRV FDSD]HVGH

'HILQLURWHUPR³WULDJHP´
([SOLFDU R VLJQLILFDGR GR FyGLJR GH FRUHV XWLOL]DGR
SDUD VLQDOL]DU DV SULRULGDGHV QR DWHQGLPHQWR GH
YtWLPDVP~OWLSODV
5HDOL]DU D WULDJHP 67$57 HP XPD VLWXDomR GH
P~OWLSODVYtWLPDV

5HYLVmRHP-XOKRGH±,QFLGHQWHVFRP0~OWLSODV9tWLPDV
03

,QWURGXomR

2 SULPHLUR SURILVVLRQDO TXH FKHJD QXPD FHQD GH HPHUJrQFLD FRP P~OWLSODV YtWLPDV
HQIUHQWDXPJUDYHSUREOHPD$VLWXDomRpGLIHUHQWHHVHXVPpWRGRVXVXDLVGHUHVSRVWD
HRSHUDomRQmRVmRDSOLFiYHLV(VWHSURILVVLRQDOGHYHPRGLILFDUVXDIRUPDURWLQHLUDGH
WUDEDOKR EXVFDQGR XP QRYR PpWRGR GH DWXDomR TXH OKH SHUPLWD UHVSRQGHU
DGHTXDGDPHQWHDVLWXDomR

$ WULDJHP p XP SURFHVVR XWLOL]DGR HP VLWXDo}HV RQGH D HPHUJrQFLD XOWUDSDVVD D
FDSDFLGDGHGHUHVSRVWDGDHTXLSHGHVRFRUUR

(PSUHJDGDSDUDDORFDUUHFXUVRVHKLHUDUTXL]DUYtWLPDVGHDFRUGRFRPXPVLVWHPDGH
SULRULGDGHV GH IRUPD D SRVVLELOLWDU R DWHQGLPHQWR H R WUDQVSRUWH UiSLGR GR PDLRU
Q~PHURSRVVtYHOGHYtWLPDV

7ULDJHPSHORPpWRGR67$57

67$57 p D DEUHYLDWXUD GH 6LPSOH 7ULDJH DQG 5DSLG 7UHDWPHQW 7ULDJHP 6LPSOHV H
7UDWDPHQWR5iSLGR (VVHVLVWHPDIRLFULDGRSHOR+RVSLWDO+2$*HSHOR'HSDUWDPHQWR
GH%RPEHLURVGH1HZSRUW%HDFKGD&DOLIyUQLD±(8$

$OJXPDVYDQWDJHQVGRPpWRGR67$57
6LVWHPDGHWULDJHPVLPSOHV
3HUPLWHWULDUXPDYtWLPDHPPHQRVGHXPPLQXWR
2PpWRGRXWLOL]DGLIHUHQWHVFRUHVSDUDGHWHUPLQDUDSULRULGDGHGH
DWHQGLPHQWRHDSULRULGDGHGHWUDQVSRUWHGRVHQYROYLGRV

&ODVVLILFDomRGDVYtWLPDVVHJXQGRXPFULWpULRGHFRUHV

&RU9HUPHOKD

6LJQLILFDTXHDYtWLPDpGHSULPHLUDSULRULGDGH
(VWDVYtWLPDVHVWmRHPHVWDGRFUtWLFRHQHFHVVLWDPWUDWDPHQWRH
WUDQVSRUWHLPHGLDWR

&RU$PDUHOD

6LJQLILFDVHJXQGDSULRULGDGH6mRDVYtWLPDVTXHDSUHVHQWDPVLQDLVH
VLQWRPDVTXHSHUPLWHPDGLDUDDWHQomRHSRGHPDJXDUGDUSHOR
WUDQVSRUWH

&RU9HUGH
03

6LJQLILFDWHUFHLUDSULRULGDGH6mRDVYtWLPDVTXHDSUHVHQWDPOHV}HV
PHQRUHVRXVLQDLVHVLQWRPDVTXHQmRUHTXHUHPDWHQomRLPHGLDWD

&RU3UHWD

6LJQLILFDVHPSULRULGDGH PRUWHFOtQLFD
OHV}HVREYLDPHQWHPRUWDLVRXSDUDLGHQWLILFDomRGHFDGiYHUHV

&RU%UDQFD
(PDOJXQVSDtVHVpHPSUHJDGRXPVLVWHPDGHWULDJHPFRPILFKDVFRORULGDVHILWDVTXH
LQFRUSRUDPDFRUEUDQFDTXHpXVDGDSDUDLQGLFDUDVYtWLPDVHQFRQWUDGDVMiHPyELWR
QRORFDOGDFHQD

(QWUHWDQWROHPEUHVHTXHDVFRUHV9(50(/+$H$0$5(/$
QmRWURFDPGHSULRULGDGH

&ULWpULRVXWLOL]DGRVQR0pWRGR67$57

(VWH PpWRGR XWLOL]D ILWDV RX FDUW}HV FRORULGRV H EDVHLDVH HP WUrV GLIHUHQWHV FULWpULRV
SDUDFODVVLILFDUDVYtWLPDVHPGLIHUHQWHVSULRULGDGHVDVDEHU

5HVSLUDomR

12 6HQmRUHVSLUDPHVPRDSyVDPDQREUDGHDEULUDVYLDVDpUHDV pFRQVLGHUDGD
YtWLPDVHPSULRULGDGH FRU35(7$
6,0 $FLPD GH UHVSLUDo}HV SRU PLQXWR USP p FRQVLGHUDGD YtWLPD GH SULPHLUD
SULRULGDGH FRU9(50(/+$
$EDL[RGHUSPDYDOLHDSHUIXVmR

3HUIXVmR
$ SHUIXVmR p DYDOLDGD DWUDYpV GR HQFKLPHQWR FDSLODU 6H IRU VXSHULRU D VHJXQGRV
VLJQLILFDXPDSHUIXVmRLQDGHTXDGD

(P FDVR GH LOXPLQDomR UHGX]LGD R SURILVVLRQDO SRGHUi XVDU R SXOVR UDGLDO 8P SXOVR
UDGLDO DXVHQWH LQGLFD XPD 3$ VLVWyOLFD PHQRU GH PP+J H VLJQLILFD WDPEpP XPD
SHUIXVmRLQDGHTXDGD

(QFKLPHQWR FDSLODU PDLRU TXH VHJXQGRV FRQWUROH KHPRUUDJLDV VH KRXYHU H
FRQVLGHUHDYtWLPDHPSULPHLUDSULRULGDGH FRU9(50(/+$

6H R HQFKLPHQWR FDSLODU IRU HP PHQRV GH VHJXQGRV DYDOLH R HVWDGR GH
FRQVFLrQFLD

6WDWXVQHXUROyJLFR
$YDOLDUVHDYtWLPDpFDSD]GHFXPSULURUGHQVYHUEDLVVLPSOHV
03

12 1mR FXPSUH RUGHQV VLPSOHV FRQVLGHUDU YtWLPD GH SULPHLUD SULRULGDGH FRU
9(50(/+$
6,0 $ YtWLPD SRGH FXPSULU RUGHQV &RQVLGHUDU FRPR VHJXQGD SULRULGDGH FRU
$0$5(/$

$omRGRVSULPHLURVQDFHQDFRPP~OWLSODVYtWLPDV

3ULPHLURSDVVR
$VVXPLU R FRPDQGR GD RSHUDomR H GLPHQVLRQDU R SUREOHPD (P VHJXLGD VROLFLWDU R
HQYLRGHUHFXUVRVDGLFLRQDLVHLQLFLDURWUDEDOKRGHWULDJHPGDVYtWLPDV'HWHUPLQHSDUD
TXH XP VRFRUULVWD GH VXD HTXLSH GLULMD WRGRV RV SDFLHQWHV TXH SRVVDP FDPLQKDU
SRGHUi VHU XWLOL]DGR XP PHJDIRQH SDUD LVVR SDUD XPD iUHD GH FRQFHQWUDomR
SUHYLDPHQWH GHOLPLWDGD (VWDV YtWLPDV UHFHEHUmR XPD LGHQWLILFDomR YHUGH HQWUHWDQWR
HVVHQmRpRPRPHQWRGHURWXOiODVFRPHWLTXHWDVRXILWDVVHQGRTXHWDOSURYLGrQFLD
VHUiUHDOL]DGDSRVWHULRUPHQWHHGHIRUPDLQGLYLGXDO

6HJXQGRSDVVR
'HWHUPLQHSDUDTXHRXWURVRFRUULVWDGHVXDHTXLSHLQLFLHDDYDOLDomRGDVYtWLPDVTXH
SHUPDQHFHUDPQDFHQDGHHPHUJrQFLDHTXHQmRDSUHVHQWDPFRQGLo}HVGHFDPLQKDU

'HYHUi VHU DYDOLDGD D UHVSLUDomR $ UHVSLUDomR HVWi QRUPDO UiSLGD RX DXVHQWH" 6H
HVWi DXVHQWH DEUD LPHGLDWDPHQWH DV 9$ SDUD GHWHUPLQDU VH DV UHVSLUDo}HV LQLFLDP
HVSRQWDQHDPHQWH 6H D YtWLPD FRQWLQXD VHP UHVSLUDU UHFHEH D ILWD GH FRU SUHWD QmR
SHUFDWHPSRWHQWDQGRUHDQLPDUDYtWLPD 6HDYtWLPDQHFHVVLWDDMXGDSDUDPDQWHUDV
9$DEHUWDVHVXDIUHTrQFLDUHVSLUDWyULDpVXSHULRUDUSPUHFHEHUiXPDILWDGHFRU
YHUPHOKD QHVVHV FDVRV WHQWH FRQVHJXLU YROXQWiULRV SDUD PDQWHU DEHUWDV DV 9$ GD
YtWLPD &DVRDUHVSLUDomRHVWHMDQRUPDO PHQRUGHUSP YiSDUDRSDVVRVHJXLQWH

7HUFHLURSDVVR
2 VRFRUULVWD GHYHUi YHULILFDU D SHUIXVmR GD YtWLPD DWUDYpV GD SURYD GR HQFKLPHQWR
FDSLODURXDWUDYpVGDSDOSDomRGRSXOVRUDGLDO6HRHQFKLPHQWRFDSLODUpVXSHULRUD
VHJXQGRV RX VH R SXOVR UDGLDO HVWi DXVHQWH D YtWLPD GHYHUi UHFHEHU XPD ILWD GH FRU
YHUPHOKD 6H R HQFKLPHQWR FDSLODU p LQIHULRU D VHJXQGRV RX VH R SXOVR UDGLDO HVWi
SUHVHQWHYiDRSDVVRVHJXLQWH4XDOTXHUKHPRUUDJLDJUDYHTXHDPHDFHDYLGDGHYHUi
VHUGHWLGDQHVVHPRPHQWR3RVLFLRQHDYtWLPDFRPDVSHUQDVHOHYDGDVSDUDSUHYHQLUR
FKRTXH QRYDPHQWHWHQWHFRQVHJXLUYROXQWiULRVSDUDID]HUSUHVVmRGLUHWDVREUHRORFDO
GRVDQJUDPHQWRHSUHYHQLURFKRTXH

4XDUWRSDVVR
9HULILFDU R VWDWXV QHXUROyJLFR GD YtWLPD 6H D YtWLPD QmR FRQVHJXH H[HFXWDU RUGHQV
VLPSOHV HPDQDGDV SHOR VRFRUULVWD GHYHUi UHFHEHU XPD ILWD GH FRU YHUPHOKD 6H D
YtWLPD H[HFXWD FRUUHWDPHQWH DV RUGHQV VLPSOHV UHFHELGDV UHFHEHUi D HWLTXHWDILWD GH
FRUDPDUHOD
03

)/8;2*5$0$67$57

9tWLPDVDQGDQGRSHOD
&HQDGDHPHUJrQFLD

35,25,'$'(

9(5'(

5(63,5$d®(6

12 6,0

5(63,5$$3Ï6 5(63,5$d®(6

$%(5785$'$69$" 3250,1872

12 6,0 0$,6'(

35,25,'$'( 35,25,'$'( 35,25,'$'(
35(7$ 9(50(/+$ 9(50(/+$
0(126'(

3(5)862

(1&+,0(172&$3,/$5

2838/625$',$/

(1&+,0(172&$3,/$5 (1&+,0(172&$3,/$5

(00$,6'(6(*81'26 (00(126'(6(*81'26
2838/625$',$/$86(17( 2838/625$',$/35(6(17(

&21752/( 67$786
+(0255$*,$6 1(852/Ï*,&2

12&8035(
&8035(
25'(166,03/(6 25'(166,03/(6

35,25,'$'( 35,25,'$'(
35,25,'$'(
9(50(/+$ 9(50(/+$
$0$5(/$

03

6,67(0$'(&20$1'2

2 6LVWHPD GH &RPDQGR GH 2SHUDo}HV 6&2 p XP SURFHVVR HPSUHJDGR SDUD R
PDQHMRHILFD]GRVUHFXUVRVGLVSRQtYHLVQDVRSHUDo}HVGHHPHUJrQFLD

2VHOHPHQWRVEiVLFRVGHXP6&2VmR&RPDQGR2SHUDo}HV3ODQHMDPHQWR/RJtVWLFD
H)LQDQoDV

1RUPDOPHQWH XPD RFRUUrQFLD FRP P~OWLSODV YtWLPDV p GLYLGLGR HP ]RQDV RX VHWRUHV
SDUD PHOKRU RUJDQL]DomR GD HVWUXWXUD GH UHVSRVWD H PHOKRU GLVWULEXLomR GRV UHFXUVRV
GLVSRQtYHLV2HPSUHJRGDGLYLVmRGDFHQDGHHPHUJrQFLDHP]RQDVWDPEpPIDFLOLWDR
FRPDQGDPHQWRGDVDo}HVSRUSDUWHGRFRPDQGDQWHGDVRSHUDo}HV &2 (PJHUDO
QRORFDOGDHPHUJrQFLDFRPP~OWLSODVYtWLPDVVmRGHILQLGRVDVVHJXLQWHViUHDV

8P3RVWRGH&RPDQGR 3&
8PDiUHDGDWULDJHPSULPiULD =RQD
8PDiUHDGHFLUFXODomRLQWHUQD =RQD
8PDiUHDGHVXSRUWH±WUDWDPHQWRHWUDQVSRUWHGDVYtWLPDV =RQD

(02d2((675(66(

$TXHOHVTXHWUDEDOKDPQXPVHUYLoRGHHPHUJrQFLDVGHYHUmRHVWDUSUHSDUDGRVSDUDR
HVWUHVVHTXHHVWHWUDEDOKRSRGHUiFDXVDU$WHQVmRHRHVWUHVVHVmRXPDFRQVWDQWHQR
$3+

1RUPDOPHQWHRVVRFRUULVWDVSURILVVLRQDLVWHPGHPDQWHUXPFRQWUROHGHVXDVHPRo}HV
HQTXDQWRH[HFXWDPVHXWUDEDOKR)UHTHQWHPHQWHWUDEDOKDPPXLWRDWpDH[DXVWmRHD
VLWXDomRSRGHFRPSOLFDUVHPXLWRQXPDHPHUJrQFLDFRPP~OWLSODVYtWLPDV

1mR p LQFRPXP TXH VRFRUULVWDV UHODWHP SUREOHPDV HPRFLRQDLV FDXVDGRV SRU FHUWRV
WLSRVGHGHVDVWUHV

&ULWLFDO,QFLGHQW6WUHVV'HEULHILQJ 7pFQLFDVSDUDUHGX]LURHVWUHVVHFUtWLFR

$OJXPDVRUJDQL]Do}HVSRVVXHPSURJUDPDVGHDMXGDSDUDVHXVSURILVVLRQDLVDIHWDGRV
SHORHVWUHVVHFUtWLFR

5HXQL}HV FRP R SHVVRDO HQYROYLGR QR DWHQGLPHQWR GH XPD HPHUJrQFLD PDLV JUDYH
SRGHUmRDMXGDUDVXSHUDUVXDVGLILFXOGDGHVHRVSUREOHPDVFDXVDGRVSHORHVWUHVVH

'HQWURGHXPSUD]RGHKRUDVDSyVDRFRUUrQFLDGHXPHYHQWRFUtWLFRDHTXLSHGH
DX[tOLR WLPHGHHVWUHVVH SURYLGHQFLDXPDUHXQLmRFRPRVHQYROYLGRVQDRFRUUrQFLDH
HQFRUDMDDVSHVVRDVDGLVFXWLUHPKRQHVWDPHQWHVHXVVHQWLPHQWRV

1R HQFRQWUR RV IDWRV GR DFLGHQWH VmR SULPHLUR UHYLVWRV (QWmR RV SUHVHQWHV VmR
FRQYLGDGRVDGHVFUHYHUVXDVUHDo}HVGXUDQWHRHYHQWR0DLVWDUGHRVSURILVVLRQDLVGH
03

VD~GHPHQWDOHRVOtGHUHVGRWLPHGHHVWUHVVHID]HPSHUJXQWDVHRIHUHFHPFRQVHOKRV
VREUHFRPRUHFRQKHFHUHOLGDUFRPDVUHDo}HVGRHVWUHVVHDJXGR

6,1$,6(6,1720$6'2(675(66($*8'2
3HUWXUEDo}HVHVWRPDFDLV
$XPHQWRGRVEDWLPHQWRVFDUGtDFRV
3$HOHYDGD
'RUQRSHLWR
6XGRUHVHQDSDOPDGDVPmRV
3UREOHPDVGHFRQFHQWUDomR
&DQVDoR
)DGLJD
'LPLQXLomRGRFRQWUROHHPRFLRQDO

03

&XUVRGH)RUPDomRGH%RPEHLURV9ROXQWiULRV$%9(6&

/LomR 3$572(0(5*(1&,$/

FDSD]HVGH

'HVFUHYHU H GHPRQVWUDU HP XP PDQHTXLP
IHPLQLQRRDWHQGLPHQWRSUpKRVSLWDODUGDPmHHGR
EHErGXUDQWHHDSyVRSDUWRHPHUJHQFLDO
'HVFUHYHU FRPSOLFDo}HV WtSLFDV GXUDQWH XP
SDUWR H R WUDWDPHQWR SUpKRVSLWDODU GH FDGD XPD
GHODV
'HPRQVWUDUWRGRRSURFHVVRGHDWHQGLPHQWRGHXP
SDUWRFRPSURODSVRGHFRUGmRHFRPDSUHVHQWDomR
GHQiGHJDVRXSHUQDV

5HYLVmRHP-XOKRGH±3DUWR(PHUJHQFLDO
03

$1$720,$'$08/+(5*5È9,'$
3/$&(17$
&25'2
80%,/,&$/
&2/2'2Ò7(52
2662'23Ò%,6
%(;,*$85,1È5,$ 5(72
9$*,1$ &DQDOGRQDVFLPHQWR
3(5Ë1(2

)HWR
6HUTXHHVWiVHGHVHQYROYHQGRHFUHVFHQGRGHQWURGR~WHUR

ÒWHUR
ÏUJmRPXVFXODUGHQWURGRTXDOVHGHVHQYROYHRIHWR2~WHURFRQWUDL
VHGXUDQWHRWUDEDOKRGHSDUWRHPSXUUDQGRRIHWRSDUDRFDQDOGH
SDUWR

&RORXWHULQR
([WUHPLGDGHLQIHULRUGR~WHURTXHVHGLODWDSHUPLWLQGRTXHRIHWRHQWUH
QDYDJLQD

9DJLQD
&DQDOSRURQGHRIHWRpFRQGX]LGRSDUDRQDVFLPHQWR

6DFRDPQLyWLFR
(VWUXWXUDVDFXODUTXHVHIRUPDQRLQWHULRUGR~WHURpFRQVWLWXtGRSRU
XPDPHPEUDQDTXHHQYROYHRIHWRHROtTXLGRDPQLyWLFR
/tTXLGRDPQLyWLFR
/tTXLGRSUHVHQWHGHQWURGRVDFRDPQLyWLFRVXDIXQomRpPDQWHUD
03

WHPSHUDWXUDGRIHWRHSURWHJrORGHLPSDFWRV'XUDQWHRSDUWR
FRQFRUUHSDUDIRUPDUDEROVDGDViJXDVHOXEULILFDURFDQDOGRSDUWR
DSyVDUXWXUDGDVPHPEUDQDV6XDFRUQRUPDOpFODUD EUDQFR
RSDOHVFHQWH TXDQGRHVWiRFRUUHQGRDQy[LDHVRIULPHQWRIHWDOHVWH
OtTXLGRWRUQDVHHVYHUGHDGR PHF{QLR

3ODFHQWD
ÏUJmRHVSHFLDOIRUPDGRGXUDQWHDJUDYLGH]FRQVWLWXtGRSRUWHFLGRV
PDWHUQRHGRFRQFHSWRSHUPLWLQGRDWURFDGHQXWULHQWHVHQWUHDPmH
HRIHWR1RUPDOPHQWHH[SHOLGRDRILQDOGRWUDEDOKRGHSDUWR7HP
IRUPDWRGLVFRLGDORXRYXODUFRPjFPGHGLkPHWURFRP
DSUR[LPDGDPHQWHFPGHHVSHVVXUDHJGHSHVRQDJUDYLGH]
GHWHUPR

&RUGmRXPELOLFDO
(VWUXWXUDFRQVWLWXtGDSRUYDVRVVDQJtQHRVDWUDYpVGDTXDORIHWRVH
XQHjSODFHQWDVHXFRPSULPHQWRpYDULiYHOHPPpGLDFP

)$6(6'275$%$/+2'(3$572

3ULPHLUD)DVH
,QLFLDFRPDVFRQWUDo}HVHWHUPLQDQRPRPHQWRHPTXHRIHWRHQWUD
QRFDQDOGHSDUWR GLODWDomRFRPSOHWDGRFRORGR~WHUR

6HJXQGD)DVH
'RPRPHQWRHPTXHRIHWRHVWiQRFDQDOGHSDUWRDWpVHX
QDVFLPHQWR

7HUFHLUD)DVH
GRQDVFLPHQWRDWpDFRPSOHWDH[SXOVmRGDSODFHQWDTXHWHPGXUDomR
03

GHDPLQXWRV

/LEHUDomRGRFRUGmRVH
HVWLYHUDRUHGRUGRSHVFRoR

&RQWLQXDUVXSRUWDQGRREHEr
GXUDQWHWRGRSURFHVVR

1mRSX[DUQHP
HPSXUUDUREHEr

0DQWHUSHUPHiYHLVDV
YLDVDpUHDVGREHEr

03


&RUWDURFRUGmRXPELOLFDOGR
EHEr
FODPS FP
FODPS DFP
`

(92/8d2'275$%$/+2'(3$572

$QWHVGHHIHWXDUTXDOTXHUSURFHGLPHQWRRVRFRUULVWDGHYHUiUHDOL]DUXPD
HQWUHYLVWDFRPDSDUWXULHQWHH[WUDLQGRRPDLRUQ~PHURGHGDGRVSRVVtYHLVH
DOHUWDQGRR6(0

03

(175(9,67$
3HUJXQWDURQRPHHLGDGHGDPmH
3HUJXQWDUVHUHDOL]RXH[DPHSUpQDWDO"4XDORQRPHGHVHX
PpGLFR"3HUJXQWHRTXHGLVVHRPpGLFRVHHVSHUDSDUWRQRUPDO
RXKiDOJXPDFRPSOLFDomRSUHYLVWD
3HUJXQWDUVHpRSULPHLURILOKR"6HIRUSULPLJHVWDRWUDEDOKRGH
SDUWRGHPRUDUiFHUFDGHBBBKRUDV"2WHPSRGHWUDEDOKRGHSDUWR
VHUiPDLVFXUWRDFDGDSDUWRVXEVHTXHQWH
$TXHKRUDVLQLFLDUDPVHDVFRQWUDo}HV"-iKRXYHDUXSWXUDGD
EROVD" SHUGDGHOtTXLGRV
6HQWHSUHVVmRQDEDFLDRXYRQWDGHGHGHIHFDURXVHQWHREHEr
VDLQGRSHODYDJLQD"
6RFRUULVWDGHYHDYDOLDUDVFRQWUDo}HVTXDQWRDRWHPSRTXHHODV
GXUDPHRWHPSRHQWUHXPDFRQWUDomRHDVHJXLQWH
6HQWHSUHVVmRQDEDFLDRXYRQWDGHGHGHIHFDURXVHQWHREHEr
VDLQGRSHODYDJLQD"
5HDOL]DUDDYDOLDomRYLVXDO

6HDVFRQWUDo}HVGXUDPGHVHJXQGRVDPLQXWRHPXPLQWHUYDORHD
PLQXWRVRQDVFLPHQWRpLPLQHQWHHRVRFRUULVWDGHYHSUHSDUDUDSDUWXULHQWHH
RDPELHQWHSDUDDUHDOL]DomRGRSDUWRHPHUJHQFLDO

6HDSyVDHQWUHYLVWDRVRFRUULVWDDFKDUTXHRSDUWRQmRVHMDLPLQHQWH
GHYHUiSURFHGHURWUDQVODGRGDSDUWXULHQWHSDUDRKRVSLWDO

&21'87$6'262&255,67$3$5$23$572'((0(5*Ç1&,$

$VVHJXUHDSULYDFLGDGHGDSDUWXULHQWHHVFROKDXPORFDODSURSULDGR
([SOLTXHjPmHRTXHIDUiHFRPRLUiID]rOR3URFXUHWUDQTXLOL]iODUHFRUGDQGRTXH
RTXHHVWiDFRQWHFHQGRpQRUPDO3HoDSDUDTXHDSyVFDGDFRQWUDomRUHOD[HSRLV
LVWRIDFLOLWDUiRQDVFLPHQWR
3RVLFLRQHDSDUWXULHQWHSDUDRSDUWRHPHUJHQFLDOGHLWHDHPSRVLomRJLQHFROyJLFD
MRHOKRIOH[LRQDGRVHEHPVHSDUDGRVHRVSpVDSRLDGRVVREUHDVXSHUItFLHTXHHVWi
GHLWDGD
&RORTXH XPD DOPRIDGD GHEDL[R GD FDEHoD GD PmH SDUD REVHUYDU RV VHXV
PRYLPHQWRVUHVSLUDWyULRV
3UHSDUH R NLW REVWpWULFR H VHX (3, OXYDV yFXORV PiVFDUD H DYHQWDO PDQWHQKD
WRGRPDWHULDOQHFHVViULRjPmR
'LVSRQKD DGHTXDGDPHQWH RV FDPSRV OHQoyLV RX WRDOKDV OLPSDV DEDL[R GDV
QiGHJDV ORJR DEDL[R GD DEHUWXUD YDJLQDO VREUH R DEG{PHQ H VREUH DPERV RV
MRHOKRV
6LQWD DV FRQWUDo}HV FRORFDQGR D SDOPD GD PmR VREUH R DEG{PHQ GD SDFLHQWH
DFLPDGRXPELJR
03

7HQWHYLVXDOL]DUDSDUWHVXSHULRUGDFDEHoDGREHEr FRURDPHQWR
8VHOXYDVHVWpUHLVDYHQWDOHyFXORVGHSURWHomR
$SRLH D FDEHoD GR EHEr FRORFDQGR DPmR ORJR DEDL[R GDPHVPD FRP RVGHGRV
EHPVHSDUDGRV$SHQDVVXVWHQWHRVHJPHQWRFHIiOLFRDMXGDQGRFRPDRXWUDPmR
QmRWHQWHSX[iOR
6HRFRUGmRHVWiHQYROYHQGRRSHVFRoRGREHErOLEHUHRFRPPXLWRFXLGDGR6HR
VDFRDPQLyWLFRQmRHVWLYHUURPSLGRFRUWHRFRPWpFQLFDHPDWHULDODSURSULDGR
*HUDOPHQWH D FDEHoDGR EHEr DSUHVHQWDVH FRP DIDFH YROWDGDSDUD EDL[R H ORJR
JLUDSDUDDGLUHLWDRXDHVTXHUGD*XLHFXLGDGRVDPHQWHDFDEHoDSDUDEDL[RVHP
IRUoiODIDFLOLWDQGRDVVLPDOLEHUDomRGRRPEURHSRVWHULRUPHQWHWRGRRFRUSR
'HLWHREHErODWHUDOPHQWHFRPDFDEHoDOLJHLUDPHQWHEDL[D,VWRVHID]SDUDSHUPLWLU
TXH R VDQJXH R OtTXLGR DPQLyWLFR H R PXFR TXH HVWmR QD ERFD H QDUL] SRVVDP
HVFRUUHUSDUDRH[WHULRU

$QRWHDGDWDKRUDHOXJDUGRQDVFLPHQWRHRQRPHGDPmH

75$7$0(17235e+263,7$/$5'25(&e01$6&,'2

/LPSHDVYLDVDpUHDVXVDQGR
*D]HHVWpULOHDSrUDGHDVSLUDomR

$YDOLHDUHVSLUDomRGREHErYHURXYLUHVHQWLU
(VWLPXOHVHQHFHVViULRPDVVDJHDQGRFRPPRYLPHQWRVFLUFXODUHV
DUHJLmRGDVFRVWDVHRXDSODQWDGRVSpV

$TXHoD R EHEr UHFpPQDVFLGR HQYROYHQGRR HP WRDOKD OHQoyLV OLPSRV RX FDPSR
HVWpULO

/LJXHRFRUGmRXPELOLFDOXWLOL]HRFODPSTXHVHHQFRQWUDQRVHXNLWGHSDUWR
6HQmRHVWiFRPRNLWXWLOL]HEDUEDQWHVOLPSRV QmRXVHDUDPH 6H
UHFRPHQGDDJXDUGDURWpUPLQRGHVHXSXOVDUGRFRUGmRXPELOLFDO
DQWHVGHFODPSHiOR(QTXDQWRRFRUGmRHVWiSXOVDQGRREHErGHYH
HVWDUQDPHVPDDOWXUDGDPmH2SULPHLURFODPSGHYHHVWDUKi
DSUR[LPDGDPHQWHFPDSDUWLUGRDEG{PHQGREHEr2VHJXQGR
FHUFDGHjFP TXDWURGHGRV GRSULPHLURHPGLUHomRDREHEr

6HFFLRQHRFRUGmRXPELOLFDOFRPRELVWXULGRNLWREVWpWULFR
(VWHFRUWHGHYHVHUUHDOL]DGRHQWUHDVGXDVDPDUUDV1XQFDVROWHR
FODPSRXGHVDWHRFRUGmRDSyVWrORFRUWDGR6HRVDQJUDPHQWR
FRQWLQXDFRORTXHRXWURFODPSRXRXWUDDPDUUDMXQWRDDQWHULRU

75$7$0(17235e+263,7$/$5'$0(
03

,QFOXLRVFXLGDGRVFRPDH[SXOVmRGDSODFHQWD GHTXLWDomR FRQWUROHGRVDQJUDPHQWR
YDJLQDOHID]HUDPmHVHVHQWLURPDLVFRQIRUWiYHOSRVVtYHO

([SXOVmR GD SODFHQWD $SyV FHUFD GH PLQXWRV KDYHUi D H[SXOVmR GD SODFHQWD
*XDUGHD HP XP VDFR SOiVWLFR DSURSULDGR SDUD SRVWHULRU DYDOLDomR SHORV PpGLFRV
MXQWDPHQWH FRP R FODPS 2 FRUGmR GHVFH SURJUHVVLYD H HVSRQWDQHDPHQWH 1mR
WUDFLRQHRFRUGmR
&RQWUROHRVDQJUDPHQWRYDJLQDO
x8VHXPDEVRUYHQWHKLJLrQLFRRXPDWHULDOVLPLODUHVWpULO
x&RORTXHRQDDEHUWXUDYDJLQDO1mRLQWURGX]DQDGDQDYDJLQD
x2ULHQWHSDUDTXHDSDUWXULHQWHDEDL[HHVXDVSHUQDVHDVPDQWrODVMXQWDVVHP
DSHUWiODV
x3DOSHHPDVVDJHLHRDEG{PHQGDPmHDEDL[RGRXPELJRID]HQGRPRYLPHQWRV
HP GLUHomR jV SHUQDV FRP R REMHWLYR GH HVWLPXODU D FRQWUDomR XWHULQD H
FRQVHTXHQWHPHQWHDGLPLQXLomRGDKHPRUUDJLDVLQWDR~WHURFRQWUDtGR
7UDQTLOL]H D PmH ID]HQGRD VHQWLUVH R PHOKRU SRVVtYHO H UHJLVWUH HP UHODWyULR
WRGRV RV GDGRV GD RFRUUrQFLD WUDQVSRUWH D PmH R EHEr H D SODFHQWD SDUD R
KRVSLWDO

35,1&,3$,6&203/,&$d®(6'23$572(6(8675$7$0(1726

(PERUDVHMDPUDURVHGHGLItFLOVROXomRQRDPELHQWHSUpKRVSLWDODUpLPSRUWDQWHTXHR
VRFRUULVWDFRQKHoDHVWDVVLWXDo}HV

$35(6(17$d2'$61È'(*$6
$VQiGHJDVRXRVSpVGRIHWRSRGHPVHURVSULPHLURVDVH
DSUHVHQWDUHP6HDFDEHoDDSyVDVDtGDGRVSpVHGDVQiGHJDV
QmRIRUH[SXOVDQRVSUy[LPRVPLQXWRVGHYHVH

7UDWDPHQWRSUpKRVSLWDODUGDDSUHVHQWDomRGHQiGHJDV
&ULDUXPDYLDDpUHDSDUDRIHWR
&RPRVGHGRVGDPmRPDQWHUVHPFRPSUHVVmRRFRUGmRXPELOLFDO$RXWUDPmRR
VRFRUULVWDGHYHUiIRUPDUFRPRVGHGRVXP³9´HQWUHDIDFHGRIHWRHDSDUHGHGD
YDJLQDFULDQGRDVVLPXPHVSDoRSDUDTXHHOHSRVVDYLUHUHVSLUDU
8PDYH]FULDGDXPDYLDDpUHDSDUDREHErGHYHPRVPDQWrOD1mRSX[HREHEr
3HUPLWDTXHRQDVFLPHQWRSURVVLJDPDQWHQKDDVXVWHQWDomRGDFDEHoDHGRFRUSR
GREHEr
6H D FDEHoD QmR VDLU HP PLQXWRV R WUDQVSRUWH GHYHUi VHU UHDOL]DGR
LPHGLDWDPHQWH0DQWHQKDDV9$GXUDQWHWRGRRWUDQVSRUWH

352/$362'(&25'280%,/,&$/
eTXDQGRGXUDQWHRWUDEDOKRGHSDUWRRFRUGmRXPELOLFDOpRSULPHLUR
DVDLU

7UDWDPHQWRSUpKRVSLWDODUGRSURODSVRGHFRUGmR
03

5HWLUDUDSDUWXULHQWHGDSRVLomRJLQHFROyJLFDFRORFDQGRDHPSRVLomRJHQRSHLWRUDO
3UHFH0DRPHWDQD
1mRWHQWDUHPSXUUDURFRUGmRSDUDGHQWUR
1mRFRORFDUDPmRGHQWURGDYDJLQD
(QYROYHU R FRUGmR XPELOLFDO FRP JD]H HVWpULO RX FRPSUHVVDV FLU~UJLFDV HVWpUHLV
SDUDDTXHFrOR
0RQLWRUDUHWUDQVSRUWDUDSDUWXULHQWHSDUDKRVSLWDOLQIRUPDGRVREUHRFDVR,QVWUXLUD
SDUWXULHQWHSDUDTXHUHVSLUHSURIXQGDHOHQWDPHQWH

+(0255$*,$(;&(66,9$
6HGXUDQWHRSHUtRGRJHVWDFLRQDODSDUWXULHQWHFRPHoDUDWHUXP
VDQJUDPHQWRH[FHVVLYRSHODYDJLQDpPXLWRSURYiYHOTXHWHUiXP
DERUWR3RUpPVHDKHPRUUDJLDRFRUUHUGXUDQWHRWUDEDOKRGHSDUWR
RXQDHWDSDILQDOGDJUDYLGH]SURYDYHOPHQWHSRGHHVWDURFRUUHQGR
XPSUREOHPDUHODFLRQDGRFRPDSODFHQWD

7UDWDPHQWRSUpKRVSLWDODUGDKHPRUUDJLDH[FHVVLYD
3RVLFLRQDUDSDUWXULHQWHHPGHF~ELWRODWHUDOHVTXHUGR
&RORFDUDEVRUYHQWHKLJLrQLFRFDPSRVRXOHQoyLVOLPSRVQDDEHUWXUDGDYDJLQD
1mRLQWURGX]LUQDGDQDYDJLQD
7URFDURVWDPS}HVTXDQGRHVWmRHPEHELGRV
*XDUGDUHFRQGX]LUDRKRVSLWDOWRGRVRVWDPS}HVHQVDQJHQWDGRVEHPFRPRWRGR
HTXDOTXHUPDWHULDOH[SXOVR
3UHYHQLURHVWDGRGHFKRTXH
0RQLWRUDURVVLQDLVYLWDLVGDSDUWXULHQWHDWpRKRVSLWDO

2875$66,78$d®(63266Ë9(,6

3$5720Ò/7,3/2
'HSRLVTXHREHErQDVFHXFRPHoDQRYDPHQWHDVFRQWUDo}HVGRWUDEDOKRGHSDUWR
2SURFHGLPHQWRSDUDRQDVFLPHQWRGREHErpRPHVPRFRPUHODomRDPmHHRq
EHEr5HFRPHQGDVHFODPSHDURFRUGmRXPELOLFDOGREHErDQWHVGRQDVFLPHQWRGD
VHJXQGDFULDQoD
3$57235(0$7852
2VEHErVTXHQDVFHPDQWHVGDVHPDQDGHJHVWDomRRXGRq
PrVVmRFRQVLGHUDGRVSUHPDWXURV7DPEpPVmRFRQVLGHUDGRV
SUHPDWXURVDTXHOHVFRPPHQRVGH.J

7UDWDPHQWRSUpKRVSLWDODUGRSDUWRSUHPDWXUR
2SURFHGLPHQWRVSDUDRSDUWRVmRLGrQWLFRVDRGHXPSDUWRQRUPDO2SULQFLSDOFXLGDGR
pPDQWHUREHErDTXHFLGRHLQLFLDUR[LJHQRWHUDSLD

$%2572
$H[SXOVmRGHXPIHWRDQWHVTXHHOHSRVVDVREUHYLYHUSRUVLVyRX
03

VHMDQRLQtFLRGDJUDYLGH]DWpHPWRUQRGDqVHPDQD
DSUR[LPDGDPHQWHpFRQVLGHUDGRDERUWR

7UDWDPHQWRSUpKRVSLWDODUGRDERUWR
3UHYHQLUHVWDGRGHFKRTXHGDSDUWXULHQWH
'HLWDUDJHVWDQWHHFRORFDUDEVRUYHQWHKLJLrQLFRRXVLPLODUQDVDEHUWXUDVGDYDJLQD
1mRLQWURGX]LUGHQWURGDYDJLQD
$FRQGLFLRQDU H FRQGX]LU DR KRVSLWDO WRGRV RV WHFLGRV HQVDQJHQWDGRV H TXDOTXHU
PDWHULDOH[SXOVR
0RQLWRUDUDSDUWXULHQWHDWpRKRVSLWDOHRIHUWDUOKHDSRLRHPRFLRQDO

1$6&,0(172'(%(%Ç02572
([LVWHPFDVRVHPTXHREHErQDVFHPRUWRRXPRUUHORJRDRQDVFHU

7UDWDPHQWRSUpKRVSLWDODUGRQDVFLPHQWRGHEHErPRUWR
1mRWHQWDUUHDQLPDUREHEr
0RQLWRUDUDSDUWXULHQWHHWUDWDUTXDOTXHUFRPSOLFDomRSyVSDUWR
2IHUWDUDSRLRSVLFROyJLFRDSDUWXULHQWHHVXDIDPtOLD
7UDQVSRUWDUSDUDRKRVSLWDODSDUWXULHQWHHREHErHPyELWR

&,5&8/$5'(&25'280%,/,&$/
4XDQGRGDDSUHVHQWDomRFHIiOLFDRFRUGmRXPELOLFDOSRGHUiHVWDU
HQYROYHQGRRSHVFRoRGRIHWR'HVWDIRUPDRFRUGmRVHUi
FRPSULPLGRLQWHUURPSHQGRSUHFRFHPHQWHRIOX[RGHR[LJrQLRSDUDR
IHWR

7UDWDPHQWRSUpKRVSLWDODUGRFLUFXODUGHFRUGmR
$SyV D FRPSOHWD DSUHVHQWDomR GD FDEHoD GR IHWR R VRFRUULVWD GHYHUi SDVVDU RV
VHXVGHGRVDRUHGRUGRSHVFRoRGRIHWR
(QFRQWUDQGR XPD YROWD GH FRUGmR DR UHGRU GR SHVFRoR GHYHUi SLQoDU FRP RV
SUySULRV GHGRV GD PmR R FRUGmR H SX[iOR SDUD FLPD QR VHQWLGR IDFHFUkQLR GR
EHEr
$SyVOLEHUDGDDYROWDGRFRUGmRRSDUWRSURVVHJXHQRUPDOPHQWH

$35(6(17$d2'(0(0%526
6LWXDomRHPTXHVDL DSDUHFH DSHQDVXPPHPEURVXSHULRURXPHPEURLQIHULRU

5HWLUDU D SDUWXULHQWH GD SRVLomR JLQHFROyJLFD H FRORFiOD HP GHF~ELWR ODWHUDO
HVTXHUGR
,QVWUXLUSDUDTXHUHVSLUHSURIXQGDHOHQWDPHQWH
&RORFDUXPFR[LPRXWUDYHVVHLURHQWUHRVMRHOKRVGDSDUWXULHQWH
0RQLWRUDUHWUDQVSRUWDUDSDUWXULHQWHSDUDKRVSLWDOLQIRUPDGRVREUHRFDVR
03


0Ï'8/2,,, 352'87263(5,*2626


0yGXOR,,,±3URGXWRV3HULJRVRV

/LomR 352'87263(5,*2626

FDSD]HVGH

&RQKHFHUHGHVFUHYHUDFODVVLILFDomR,QWHUQDFLRQDO
2EMHWLYRV GHVLVWHPDGHULVFRFODVVHVHVXEFODVVHV
&RQKHFHUHGHVFUHYHUDFODVVLILFDomR,QWHUQDFLRQDO
GH LGHQWLILFDomR GH SURGXWRV ± 5yWXORV GH 5LVFR
SDLQpLV GH VHJXUDQoD H GHPDLV IRUPDV GH
LGHQWLILFDomR
&RQKHFHU H GHVFUHYHU RV QtYHLV GH &DSDFLWDomR
SDUDUHVSRVWD
'HVFUHYHU H GHPRQVWUDU D FRUUHWD XWLOL]DomR GR
PDQXDO SDUD DWHQGLPHQWR D HPHUJrQFLDV ±
$%,48,0
&RQKHFHU H XWLOL]DU RV HTXLSDPHQWRV GH SURWHomR
LQGLYLGXDO H FROHWLYRV XWLOL]DGRV QDV RSHUDo}HV GH
DFLGHQWHVFRPSURGXWRVSHULJRVRV
&RQKHFHUHGHVFUHYHURVSULQFLSDLVSURFHGLPHQWRV
RSHUDFLRQDLV QR DWHQGLPHQWR D HPHUJrQFLDV
HQYROYHQGRSURGXWRVSHULJRVRV

5HYLVmRHP-XOKR±3URGXWRV3HULJRVRV 03

,1752'8d2
&RQVLGHUDVH3URGXWR3HULJRVRDTXHOHTXHpSHULJRVRRXUHSUHVHQWHULVFRSDUDVD~GH
GH SHVVRDV SDUD D VHJXUDQoD S~EOLFD RX SDUD R PHLR DPELHQWH &HQWHQDV GH PLOKDUHV GH
SURGXWRV TXtPLFRV VmR SURGX]LGRV DUPD]HQDGRV WUDQVSRUWDGRV H XVDGRV DQXDOPHQWH 8P
DFLGHQWHFRPSURGXWRSHULJRVRRFRUUHWRGDVDVYH]HVTXHVHSHUGHRFRQWUROHVREUHRULVFR
UHVXOWDQGRHPH[WUDYDVDPHQWRFDXVDQGRGDQRVKXPDQRVPDWHULDLVHDPELHQWDLV'HYLGRj
QDWXUH]D SHULJRVD GH PXLWRV GHOHV IRUDP HVWDEHOHFLGDV QRUPDV SDUD UHGX]LU RV GDQRV
SURYiYHLV6HHVVDVQRUPDVQmRIRUHPVHJXLGDVSHUGHVHRFRQWUROHHIHWLYRVREUHRULVFRH
RULJLQDVHXPDVLWXDomRGHGHVDVWUHLPLQHQWH2VDFLGHQWHVFRPSURGXWRVSHULJRVRVYDULDP
HPIXQomRGRWLSRGRSURGXWRTXtPLFRHGDTXDQWLGDGHHGDVFDUDFWHUtVWLFDVGRVPHVPRV
&21&(,726,03257$17(6('(),1,d2(6
352'872 3(5,*262 e WRGD VXEVWkQFLD VyOLGD OtTXLGD RX JDVRVD TXH TXDQGR IRUD GH
VHXUHFLSLHQWHSRGHSURGX]LUGDQRVjVSHVVRDVSURSULHGDGHVRXPHLRDPELHQWH

&$5*$ 3(5,*26$ e R PDX DFRQGLFLRQDPHQWR RX D DUUXPDomR ItVLFD GHILFLHQWH GH XPD
FDUJD RX YROXPH TXH YHQKD D RIHUHFHU ULVFRV GH TXHGD RX WRPEDPHQWR SRGHQGR JHUDU
RXWURVULVFRV

$&,'(17( &20 352'872 3(5,*262 (YHQWR UHSHQWLQR H QmR GHVHMDGR RQGH D
OLEHUDomR GH VXEVWkQFLDV TXtPLFDV ELROyJLFDV RX UDGLROyJLFDV SHULJRVDV HP IRUPD GH
LQFrQGLR H[SORVmR GHUUDPH RX YD]DPHQWR FDXVD GDQR jV SHVVRDV SURSULHGDGHV RX DR
PHLRDPELHQWH

,1&,'(17( &20 352'872 3(5,*262 (YHQWR UHSHQWLQR H QmR GHVHMDGR TXH IRL
FRQWURODGR DQWHV GH DIHWDU HOHPHQWRV YXOQHUiYHLV FDXVDU GDQR RX H[SRVLomR jV
SHVVRDVEHQVRXDRPHLRDPELHQWH 7DPEpPGHQRPLQDGRGH³TXDVHDFLGHQWH´

=21$ &217$0,1$'$ 28 È5($ '( 5,6&2 ÈUHD GR LQFLGHQWH RX DFLGHQWH FRP
SURGXWRVSHULJRVRVRQGHRVFRQWDPLQDQWHVHVWmRRXSRGHUmRVXUJLU

(;3/2625HDomRTXtPLFDSURYRFDGDSRUXPDVXEVWkQFLDTXDOTXHUTXHGHQWURGH
EUHYtVVLPRODSVRGHWHPSRDWLQJHJUDQGHYROXPHDSDUWLUGHXPYROXPHPXLWRPHQRU
HSURYRFDUHDo}HVYLROHQWDVFRPGHVORFDPHQWRGHPDVVDGHDUHOLEHUDomRGHJDVHV
VXSHUDTXHFLGRV RQGDPHFkQLFDHRQGDWpUPLFD
$PDLRULDGRVSURGXWRVH[SORVLYRVSRVVXLHPVXDFRPSRVLomRTXtPLFDRVHOHPHQWRV
FDUERQRKLGURJrQLRR[LJrQLRHQLWURJrQLR

68%67Æ1&,$ (;3/26,9$ p XPD VXEVWkQFLD VyOLGD RX OtTXLGD RX D PLVWXUD GH
VXEVWkQFLDV FDSD] GH SURGX]LU JiV SRU XPD UHDomR TXtPLFD D XPD WHPSHUDWXUD
SUHVVmR H YHORFLGDGH TXH SURYRTXHP GDQRV j VXD YROWD (VWmR LQFOXtGDV QHVVD
GHILQLomRDVVXEVWkQFLDVSLURWpFQLFDVPHVPRTXHQmRGHVSUHQGDPJDVHV
6LVWHPDGH&ODVVLILFDomRGH5LVFR
2VQ~PHURVGHFODVVHRXVXEFODVVHGHULVFR VRPHQWHSDUDDVVXEFODVVHVH
HVWDEHOHFLGRVSHOD218HQFRQWUDPVHGLVSRVWRVQDSDUWHLQIHULRUGRV5yWXORVGH
5LVFRGHDFRUGRFRPD3RUWDULD1GR0LQLVWpULRGRV7UDQVSRUWHVH1%5


GD $%17 UHYLVDGD HP PDUoR GH DVVLP FRPR QD GLVFULPLQDomR GRV SURGXWRV
SHULJRVRV UHODFLRQDGRV QR GRFXPHQWR ILVFDO MXQWDPHQWH FRP R UHVSHFWLYR QRPH H 1
218
$V FODVVHV H UHVSHFWLYDV VXEFODVVHV GRV SURGXWRV SHULJRVRV DSUHVHQWDP RV

VHJXLQWHVVLJQLILFDGRV
D &ODVVH±([SORVLYRV

1

6XEFODVVHVH
6tPEROR ERPEDH[SORGLQGR SUHWR)XQGRODUDQMD

1~PHURQRFDQWRLQIHULRU

1
6XEFODVVH
)XQGRODUDQMD1~PHURVSUHWRV2VQXPHUDLVGHYHPPHGLU
FHUFDGHPPGHDOWXUDHFHUFDGHPPGHODUJXUD SDUDXP
UyWXORPHGLQGRPP[PP 1~PHURQRFDQWR
LQIHULRU
/RFDOSDUDLQGLFDomRGDVXEFODVVH
/RFDOSDUDLQGLFDomRGRJUXSRGHFRPSDWLELOLGDGH

68%&/$66(6(;3/26,926

6XEFODVVH6XEVWkQFLDVFRPULVFRGHH[SORVmRHPPDVVD

$IRUoDGDH[SORVmRSRGHGHVWUXLULQVWDQWDQHDPHQWHWRGDFDUJDHiUHDSUy[LPD
([FDUJDGHGHPROLomRHVWRSLOKDGHGHWRQDomRERPEDVFRPFDUJDGHUXSWXUD

6XEFODVVH6XEVWkQFLDVFRPULVFRGHSURMHomRGHHVWLOKDoRV



6XDH[SORVmRSURGX]HVWLOKDoRVVHPULVFRGHH[SORVmRHPPDVVD
([DUWLJRVSLURWpFQLFRVJUDQDGDGHPmRGLVSRVLWLYRVH[SORVLYRVGHVRQGDJHP

6XEFODVVH6XEVWkQFLDVFRPULVFRGHIRJR

6mR PDWHULDLV TXH SURGX]HP PXLWR FDORU H SRGHP SURYRFDU IRJR FRP SHTXHQR
ULVFRGHH[SORVmRRXSURMHomRGHHVWLOKDoR
([HVWRSLPIRJRVGHDUWLItFLRWLSR&ERPEDVIRWRLOXPLQDQWHV

6XEFODVVH6XEVWkQFLDVTXHQmRDSUHVHQWDPULVFRVLJQLILFDWLYR

6mR PDWHULDLV TXH SRGHP SURGX]LU IDtVFDV H SHTXHQDV TXHLPDV OLPLWDGDV j
HPEDODJHPFRPIiFLOFRQWUROH
([ &RUGHO DFHQGHGRU IRJRV GH DUWLItFLR WLSR ' PXQLomR SDUD H[HUFtFLR FRP
DUPDV

6XEFODVVH6XEVWkQFLDVPXLWRVHQVtYHLVFRPXPULVFRGHH[SORVmRHPPDVVD

([SORV}HV H LQFrQGLR VmR UDURV FRP HVVHV PDWHULDLV H SRGHP FDXVDU PDLRUHV
GDQRVTXDQGRIRUHPDUPD]HQDGRVHPJUDQGHTXDQWLGDGHHHPJUDQGHVHVSDoRV
([ H[SORVLYRV GH GHPROLomR WLSR ( JHODWLQDV RX ODPDV H[SORVLYDV H[WLQWRUHV
GHLQFrQGLRFRPJiVFRPSULPLGR

6XEFODVVH 6XEVWkQFLDV H[WUHPDPHQWH LQVHQVtYHLV VHP ULVFR GH H[SORVmR HP
PDVVD

$EUDQJH RV DUWLJRV TXH FRQWpP VRPHQWH VXEVWkQFLDV GHWRQDQWHV H[WUHPDPHQWH
LQVHQVtYHLV H TXH DSUHVHQWDP ULVFR GHVSUH]tYHO GH LQLFLDomR RX SURSDJDomR
DFLGHQWDO
([DUWLJRVH[SORVLYRVH[WUHPDPHQWHLQVHQVtYHLV

E &ODVVH±*DVHV 1

6XEFODVVH
*DVHVLQIODPiYHLV
6tPEROR FKDPD SUHWRRXEUDQFR
)XQGRYHUPHOKR1~PHURQRFDQWRLQIHULRU



1
6XEFODVVH
*DVHV1mR,QIODPiYHLV1mR7y[LFRV
6tPEROR FLOLQGURSDUDJiV SUHWRRXEUDQFR
)XQGRYHUGH1~PHURQRFDQWRLQIHULRU

1
6XEFODVVH
*DVHV7y[LFRV
6tPEROR FDYHLUD SUHWR
)XQGREUDQFR1~PHURQRFDQWRLQIHULRU

F &ODVVH/tTXLGRV,QIODPiYHLV

1
6tPEROR FKDPD SUHWRRXEUDQFR
)XQGRYHUPHOKR1~PHURQRFDQWRLQIHULRU

G &ODVVH6yOLGRV,QIODPiYHLV6XEVWkQFLDV6XMHLWDVD&RPEXVWmR(VSRQWkQHD
6XEVWkQFLDVTXHHP&RQWDWRFRPDÈJXD(PLWHP*DVHV,QIODPiYHLV


6XEFODVVH
6yOLGRVLQIODPiYHLV

6tPEROR FKDPD SUHWR
)XQGREUDQFRFRPVHWHOLVWUDVYHUWLFDLVYHUPHOKDV1~PHURQRFDQWRLQIHULRU

1
6XEFODVVH
6XEVWkQFLDV6XMHLWDVD&RPEXVWmR(VSRQWkQHD
6tPEROR FKDPD SUHWR
)XQGRPHWDGHVXSHULRUEUDQFDPHWDGHLQIHULRU
YHUPHOKD

1
6XEFODVVH
6XEVWkQFLDVTXHHP&RQWDWRFRPDÈJXD(PLWHP*DVHV,QIODPiYHLV
6tPEROR FKDPD EUDQFRRXSUHWR
)XQGRD]XO1~PHURQRFDQWRLQIHULRU

H &ODVVH6XEVWkQFLDV2[LGDQWHVH3HUy[LGRV2UJkQLFRV
1 1

6XEFODVVH6XEFODVVH
6XEVWkQFLDV2[LGDQWHV3HUy[LGRV2UJkQLFRV
6tPEROR FKDPDVREUHXPFtUFXOR SUHWR)XQGRDPDUHOR
1~PHURQRFDQWRLQIHULRU1~PHURQRFDQWRLQIHULRU



I &ODVVH6XEVWkQFLDV7y[LFDV 9HQHQRVDV H6XEVWkQFLDV,QIHFWDQWHV

1

6XEFODVVH*UXSRVGH(PEDODJHP,H,,
6XEVWkQFLDV7y[LFDV 9HQHQRVDV
6tPEROR FDYHLUD SUHWR)XQGREUDQFR

1$
6XEFODVVH*UXSRGH(PEDODJHP,,,
6XEVWkQFLDV7y[LFDV 9HQHQRVDV

1DPHWDGHLQIHULRUGRUyWXORGHYHFRQVWDUDLQVFULomR12&,92
6tPEROR XP;VREUHXPDHVSLJDGHWULJR HLQVFULomRSUHWRV

6XEFODVVH
6XEVWkQFLDV,QIHFWDQWHV
$PHWDGHLQIHULRUGRUyWXORGHYHFRQWHUDLQVFULomR68%67Æ1&,$,1)(&7$17(
6tPEROR WUrVPHLDVOXDVFUHVFHQWHVVXSHUSRVWDVHPXPFtUFXOR HLQVFULomRSUHWRV


J &ODVVH0DWHULDLV5DGLRDWLYRV

1% 1&
&DWHJRULD,,±$PDUHOD&DWHJRULD,,,$PDUHOD

K &ODVVH±&RUURVLYRV

1
6tPEROR OtTXLGRVSLQJDQGRGHGRLVUHFLSLHQWHVGHYLGURHDWDFDQGRXPDPmRHXP
SHGDoRGHPHWDO SUHWR)XQGRPHWDGHVXSHULRUEUDQFDPHWDGHLQIHULRUSUHWDFRP
ERUGDVEUDQFDV1~PHURHPEUDQFRQRFDQWRLQIHULRU

L &ODVVH6XEVWkQFLDV3HULJRVDV'LYHUVDV

1
6tPEROR VHWHOLVWUDVQDPHWDGHVXSHULRU SUHWR
)XQGREUDQFR
1~PHURVXEOLQKDGRQRFDQWRLQIHULRU


&RPSRVLomRHOD\RXWGRV5yWXORVGH5LVFRH3DLQpLVGH6HJXUDQoDSDUDXQLGDGHV
GH7UDQVSRUWH

6tPERORGD&ODVVHRX6XEFODVVH
1~PHURGD&ODVVHRX6XEFODVVH
1~PHURGH5LVFR
1~PHUR218
([HPSOR



,GHQWLILFDomR GR
3URGXWR
,GHQWLILTXHRSURGXWRSRU
TXDOTXHU XPD GDV
VHJXLQWHVPDQHLUDV
3HOR Q~PHUR GH

TXDWUR DOJDULVPRV
Q~PHURGD218 H[LVWH
QR SDLQHO GH VHJXUDQoD
SODFD ODUDQMD DIL[DGD
QDV ODWHUDLV WUDVHLUD H
GLDQWHLUDGRYHtFXOR
3HORQ~PHURGD218
FRQVWDQWH QD )LFKD GH
(PHUJrQFLD QR
GRFXPHQWR ILVFDO RX QD
HPEDODJHPGRSURGXWR

1Ò0(52'(5,6&2(VWHQ~PHURpFRQVWLWXtGRSRUGRLVRXWUrVDOJDULVPRVHVH
QHFHVViULRjOHWUD³;´

4XDQGRIRUH[SUHVVDPHQWHSURLELGRRXVRGHiJXDQRSURGXWRSHULJRVRGHYHVHU
FRWDGDDOHWUD;QRLQtFLRDQWHVGRQ~PHURGHLGHQWLILFDomRGHULVFR


2Q~PHURGHLGHQWLILFDomRGHULVFRSHUPLWHGHWHUPLQDUGHLPHGLDWR

¾ 2ULVFRSULQFLSDOGRSURGXWR DOJDULVPR
¾ 2VULVFRVVXEVLGLiULRV HRXDOJDULVPRV

6,*1,),&$'2'235,0(,52$/*$5,602 5,6&235,1&,3$/'2352'872

6,*1,),&$'2'26(*81'2(287(5&(,52$/*$5,602

2%6(59$d®(6

í1DDXVrQFLDGHULVFRVXEVLGLiULRGHYHVHUFRORFDGRFRPRDOJDULVPRR]HUR
í1RFDVRGHJiVQHPVHPSUHRDOJDULVPRVLJQLILFDRULVFRSULQFLSDO
í$GXSOLFDomRRXWULSOLFDomRGRVDOJDULVPRVVLJQLILFDXPDLQWHQVLILFDomRGRULVFR

(;(03/26

,1)/$0È9(/
08,72,1)/$0È9(/
$/7$0(17(,1)/$0È9(/




$&,'(17(6&20352'87263(5,*2626
8PDFLGHQWHGHSURGXWRSHULJRVRpXPDVLWXDomRQDTXDOXPSURGXWRSHULJRVRHVFDSD
RXSRGHHVFDSDUSDUDRDPELHQWHTXHRURGHLD7RGDVDVDWLYLGDGHVTXHVmR
UHTXHULGDVTXDQGRVHDFLRQDXPDDomRHPHUJHQFLDOQHVWHVDFLGHQWHVSRGHPVHU
GLYLGLGDVHPFLQFRDPSORVHOHPHQWRVTXHLQWHUDWXDPHQWUHVL
5(&21+(&,0(172LGHQWLILFDomRGDVXEVWkQFLDHQYROYLGDHDVFDUDFWHUtVWLFDVTXH
GHWHUPLQDPVHXJUDXGHSHULFXORVLGDGH
$9$/,$d2GR,03$&72RX5,6&2DSUHVHQWDGRSHODVXEVWkQFLDjVD~GHS~EOLFDH
DRPHLDDPELHQWH REMHWRGHVWHHQFDUWH
&21752/(PpWRGRVSDUDHOLPLQDURXUHGX]LURLPSDFWRGRDFLGHQWH
,1)250$d2FRQKHFLPHQWRDGTXLULGRDWUDYpVGH,QWHOLJrQFLD,QVWUXPHQWRVGH
/HLWXUD'LUHWDHGH([DPHVGH$PRVWUDV
6(*85$1d$±SURWHomRGDTXHODVSHVVRDVTXHDPDPGXUDQWHDVDo}HVHPHUJHQFLDLV
WHQWDQGRGHEHODURDFLGHQWH
$d®(6(352&(',0(17263$5$5(*,675$580$&+$0$'$

$R UHFHEHU XPD FKDPDGD GH HPHUJrQFLD VROLFLWH TXH D SHVVRDPDQWHQKD D FDOPD H
SHUJXQWH

2ORFDOH[DWRGDRFRUUrQFLDHDVIRUPDVGHDFHVVRDRPHVPR
$LGHQWLILFDomRGRVROLFLWDQWH QRPHLGDGHHQGHUHoRHWHOHIRQH
2TXHHVWiDFRQWHFHQGR RWLSRHDQDWXUH]DGDRFRUUrQFLD
2 WLSR GH SURGXWR SHULJRVR HQYROYLGR SHVTXLVDU VREUH D H[LVWrQFLD GH UyWXORV
SDLQpLVVtPERORVFRUUHVHWF
2XWURVyUJmRVMiDFLRQDGRVRXSUHVHQWHVQRORFDO
([LVWrQFLDHGLPHQVmRGRYD]DPHQWR
([LVWrQFLDGHIRJRQRORFDO
([LVWrQFLDDOJXPFyUUHJRHULRVSUy[LPRV
1~PHURGHYtWLPDVRXSHVVRDVTXHWLYHUDPFRQWDWRFRPRSURGXWR
9tWLPDVFDtGDVDRVRORVXVSHLWDUGHSRVVtYHOGHVFDUJDHOpWULFDRXFRQWDPLQDomRHP
PDVVD
([LVWLQGRDSRVVLELOLGDGHGHFRQWDPLQDomRSHODIDXQDHIORUDDFLRQDUGHIHVDFLYLORX
SODQRGHHPHUJrQFLD

6HYRFrIRURSULPHLURDFKHJDUDXPDFHQDGHHPHUJrQFLD

8WLOL]DUVHPSUH(3,H(35
$SOLFDUDWDEHODDFLPDVHPSUHQDGLUHomRGRYHQWRFRQIRUPHHVTXHPDDEDL[R
6HH[LVWLUYtWLPDVFRQWURODURVLPSXOVRV



2XWURVIDWRUHVDFRQVLGHUDU

x $VFRQGLo}HVFOLPiWLFDV
x ,QIRUPDo}HVVREUHRUHOHYRQRORFDOGRDFLGHQWH
x +RUiULRGDRFRUUrQFLD
x $H[LVWrQFLDGHYtWLPDV SHVVRDVFRQWDPLQDGDV QRORFDO
x $H[LVWrQFLDGHLQFrQGLRH[SORVmRYD]DPHQWRGHUUDPHRXIXJD
x 2XWUDVLQIRUPDo}HVUHOHYDQWHV

352&(',0(1726',$17('((0(5*Ç1&,$6

2SULQFLSDODVSHFWRDVHUFRQVLGHUDGRGXUDQWHRDWHQGLPHQWRGHXPDFLGHQWHTXH
HQYROYDSURGXWRVSHULJRVRVGL]UHVSHLWRDVHJXUDQoDGDVSHVVRDVHQYROYLGDV

2VSULPHLURVQDFHQDGHHPHUJrQFLDGHYHUmRUHVSHLWDUDVVHJXLQWHVUHJUDVEiVLFDV

x $SUR[LPDUVH GD FHQD FRP FXLGDGR WHQGR R YHQWR SHODV FRVWDV WRPDQGR FRPR
UHIHUrQFLDRSRQWRGHYD]DPHQWRGRSURGXWRSHULJRVR

x 3URFXUDULGHQWLILFDURSURGXWRSHULJRVR DSUR[LPDUVHDWpPGDiUHDGHULVFR
H YHULILFDU VH Ki YD]DPHQWR LQFrQGLR OLEHUDomR GH YDSRUHV RX YtWLPDV &DVR VHMD
VHJXURWHQWDUREWHURVGRFXPHQWRVGHHPEDODJHP ILFKDGHHPHUJrQFLDHQYHORSHGH
SDUDRWUDQVSRUWHQRWDVILVFDLVOHLWXUDGRUyWXORGHULVFRHSDLQHOGHVHJXUDQoD

x 1mRVRFRUUHUYtWLPDVVHPDQWHVWHUFHUWH]DGHTXHQmRHVWmRFRQWDPLQDGDV

x )D]HURLVRODPHQWRLQLFLDOGRORFDOGRDFLGHQWHLPSHGLQGRDHQWUDGDRXDVDtGD
GH TXDOTXHU SHVVRD 0DQWHUVH DIDVWDGR GD ]RQD FRQWDPLQDGD QR PtQLPR P DWp


FRQVHJXLULQIRUPDo}HVVHJXUDVVREUHRWLSRGHVXEVWkQFLDTXtPLFDSHULJRVDH[LVWHQWH
QRORFDO

x 1mR XVDU VLQDLV OXPLQRVRV IRJR RX TXDOTXHU IRQWH GH FDORU H LJQLomR QD iUHD
LVRODGD

x (YLWDUTXDOTXHUWLSRGHFRQWDWRFRPRSURGXWR

x $UURODUWHVWHPXQKDVHVLQLVWUDGRV

x $YDOLDURVSURFHGLPHQWRVSDUDDHPHUJrQFLDDFLRQDURVRFRUURHVSHFLDOL]DGRH
QmRWHQWDUFRQWUROiODVR]LQKR6HPSUHVROLFLWHDSUHVHQoDGRVRFRUURHVSHFLDOL]DGR
DFLRQDQGR

x 'HWHUPLQHDVDo}HVLQLFLDLVGHHPHUJrQFLDUHFRPHQGDGDVQR0DQXDOGH
(PHUJrQFLDVGD$%,48,0

=21$6'(75$%$/+2

7RGD iUHD GH DFLGHQWH FRP SURGXWR SHULJRVR GHYHUi HVWDU VRE ULJRURVR FRQWUROH 2
PpWRGRXWLOL]DGRSDUDSUHYHQLURXUHGX]LUDPLJUDomRGRVFRQWDPLQDQWHVpDOLPLWDomR
GD FHQD GH HPHUJrQFLD HP ]RQDV GH WUDEDOKR 2 HPSUHJR GH XP VLVWHPD GH WUrV
]RQDV SRQWRV GH DFHVVR H SURFHGLPHQWRV GH GHVFRQWDPLQDomR IRUQHFHUmR XPD
UD]RiYHO VHJXUDQoD FRQWUD R GHVORFDPHQWR GH DJHQWHV SHULJRVRV SDUD IRUD GD ]RQD
FRQWDPLQDGDRXiUHDGHULVFR

$V]RQDVGHWUDEDOKRGHYHPVHUGHOLPLWDGDVQRORFDOFRPILWDVFRORULGDVHVHSRVVtYHO
WDPEpPPDSHDGDV$GLPHQVmRGDV]RQDVHRVSRQWRVGHFRQWUROHGHDFHVVRGHYHP
VHUGRFRQKHFLPHQWRGHWRGRVRVHQYROYLGRVQDRSHUDomR

$GLYLVmRGDV]RQDVGHWUDEDOKRGHYHUiVHUFRQVWLWXtGDGDIRUPDTXHVHJXH

x =RQD 4XHQWH /RFDOL]DGD QD SDUWH FHQWUDO GR DFLGHQWH p R ORFDO RQGH RV
FRQWDPLQDQWHV HVWmR RX SRGHUmR VXUJLU $ ]RQD GH H[FOXVmR p GHOLPLWDGD SHOD
FKDPDGDOLQKDTXHQWH

x =RQD 0RUQD e D UHJLmR TXH ILFD SRVLFLRQDGD QD iUHD GH WUDQVLomR HQWUH DV
iUHDV FRQWDPLQDGDV H DV iUHDV OLPSDV (VWD ]RQD p GHOLPLWDGD SHOR FKDPDGR
FRUUHGRUGHUHGXomRGDFRQWDPLQDomR7RGDVDtGDGD]RQDGHH[FOXVmRGHYHUi
VHUUHDOL]DGDSRUHVVHFRUUHGRU

x =RQD )ULD /RFDOL]DGD QD SDUWH PDLV H[WHUQD GD iUHD p FRQVLGHUDGD QmR
FRQWDPLQDGD 2 SRVWR GH FRPDQGR GD RSHUDomR H WRGR R DSRLR ORJtVWLFR ILFDP
QHVVDiUHD

/$<287&$5$&7(5Ë67,&2'(80$=21$'(75$%$/+2



x =RQD=RQDGHH[FOXVmR±4XHQWH

x =RQD=RQDGH5HGXomRGH&RQWDPLQDomR±0RUQD

x =RQD=RQDGH6XSRUWH±)ULD

(48,3$0(1726'(3527(d23$5$352'87263(5,*2626

2V(3,VVmRGLVSRVLWLYRVGHVWLQDGRVDSURWHJHUDLQWHJULGDGHItVLFDGDVSHVVRDV
HQYROYLGDVQXPDDomRGHHPHUJrQFLDFRPSURGXWRVSHULJRVRV

(VVHVHTXLSDPHQWRVFRQVWLWXHPVHHPXPDEDUUHLUDHQWUHRFRUSRHRDJHQWHSHULJRVR
HREMHWLYDPSUHYHQLUTXDOTXHUFRQWDWRDVVLPFRPRDLQDODomRGRSURGXWRSHULJRVRRXD
VXDLQJHVWmR

2V(3,VXWLOL]DGRVQRVDFLGHQWHVFRPSURGXWRVSHULJRVRVFRPSUHHQGHP

5283$6'(3527(d248Ë0,&$

(VWDFDWHJRULDGHURXSDVSURWHJHRXVXiULRFRQWUDULVFRVHVSHFtILFRVSDUDRVTXDLVIRL
SURMHWDGD1RHQWDQWRHVVDVURXSDVHVSHFLDLVRIHUHFHPSURWHomRDSHQDVFRQWUDFHUWRV
SURGXWRVSHULJRVRVSRGHQGRVHUIDFLOPHQWHSHQHWUDGDVSRURXWURV

([LVWHPQtYHLVGHSURWHomRDVDEHU



1tYHO$eRQtYHOTXHRIHUHFHDPDLRUSURWHomR

1tYHO%$OWR


1tYHO&0pGLR

1tYHO'0HQRUQtYHO



(48,3$0(1726'(3527(d25(63,5$7Ï5,$ (35

7DLVHTXLSDPHQWRVRIHUHFHPXPIOX[RGHDUFRQVWDQWHQDUHJLmRGRURVWRSRUSUHVVmR
SRVLWLYDHUHSUHVHQWDPXP(3,IXQGDPHQWDOQDUHVSRVWDDDFLGHQWHVTXtPLFRV
2EV1HVWHFXUVRDVPiVFDUDVFRPILOWURVTXtPLFRVQmRVXEVWLWXHPRVHTXLSDPHQWRV
DXW{QRPRVGHSUHVVmRSRVLWLYD

1Ë9(,6'(&$3$&,7$d23$5$5(63267$

1HVWHFXUVRUHFRQKHFHPRVWUrVGLIHUHQWHVQtYHLVGHFDSDFLWDomRSDUDUHVSRVWDDXPD
HPHUJrQFLDFRPSURGXWRVSHULJRVRVVmRHOHV

¾ 1tYHOGH35,0(,5$5(63267$

)RUPDGR SRU LQGLYtGXRV FDSDFLWDGRV SDUD UHFRQKHFHU XPD HPHUJrQFLD FRP SURGXWR
SHULJRVRHLQLFLDUXPDVHTXrQFLDGHDWHQGLPHQWRDFLRQDQGRRVRFRUURHVSHFLDOL]DGR
LQIRUPDQGR GDGRV H SURYLGHQFLDQGR DV SULPHLUDV Do}HV GH HPHUJrQFLD FRQWLGDV QD
0DQXDOGH(PHUJrQFLDVGD$%,48,0

¾ 1tYHOGH7e&1,&2HP3URGXWRV3HULJRVRV

)RUPDGR SRU LQGLYtGXRV FDSDFLWDGRV SDUD UHVSRQGHU OLEHUDo}HV RX SRWHQFLDLV
OLEHUDo}HV GH SURGXWRV SHULJRVRV H DWXDU QDV WUrV ]RQDV GH WUDEDOKR HIHWXDQGR
RSHUDo}HV GH FRQWUROH PRQLWRUDPHQWR H GHVFRQWDPLQDomR 3RVVXHP D IXQomR GH
FRQWHUDOLEHUDomRFRQILQDQGRDiUHDGHHVFDSHRXGHUUDPH

¾ 1tYHOGH(63(&,$/,67$HP3URGXWRV3HULJRVRV

)RUPDGR SRU SURILVVLRQDLV TXH WrP D IXQomR GH FRRUGHQDU WRGDV DWLYLGDGHV GXUDQWH R
LQFLGHQWHDFLGHQWH FRP SURGXWR SHULJRVR e R UHVSRQViYHO SRU WRGR R DWHQGLPHQWR
7DPEpP SRGHPRV FRQVLGHUDU XP HVSHFLDOLVWD R SURILVVLRQDO TXH GHWpP FRQKHFLPHQWRV
HVSHFtILFRVVREUHGHWHUPLQDGRSURGXWRRXFODVVHGHSURGXWRVSHULJRVRVHTXHSRGHUiVHU
VROLFLWDGRDDSRLDUHRULHQWDURVSURILVVLRQDLVGHQtYHOWpFQLFR

&20287,/,=$520$18$/3$5$ $7(1',0(172'((0(5*Ç1&,$&20
352'87263(5,*2626

2%-(7,92'20$18$/

2 PDQXDOIRL GHVHQYROYLGR SHOR GHSDUWDPHQWR GH WUDQVSRUWH GRV(VWDGRV 8QLGRV VHQGR
DGDSWDGR SHOD $VVRFLDomR %UDVLOHLUD GH ,QG~VWULD 4XtPLFD $%,48,0 DR %UDVLO YLVDQGR
GLUHFLRQDURVDWHQGLPHQWRVjVFDUDFWHUtVWLFDVGRVSURGXWRVTXtPLFRVTXHVmRSURGX]LGRV
H WUDQVSRUWDGRV HP VROR EUDVLOHLUR 2 0DQXDO HVWi HP REVHUYkQFLD FRP R (5*
(PHUJHQF\ 5HVSRQVH *XLGHERRN VHQGR R PHVPR DSOLFDGR QRV (VWDGRV 8QLGRV
&DQDGiH0p[LFR2FRQWH~GRDSUHVHQWDGRpEDVHDGR
QDHGLomRGRPDQXDOGHHPHUJrQFLDGD$%,48,0GH


20DQXDOGH(PHUJrQFLDVGD$%,48,0pXPDIRQWHGHLQIRUPDomRLQLFLDOVRPHQWHSDUD
RV SULPHLURV PLQXWRV GR DFLGHQWH 8WLOL]H VXDV UHFRPHQGDo}HV SDUD RULHQWDU DV
SULPHLUDV PHGLGDV QD FHQD GH HPHUJrQFLDV DWp D FKHJDGD GH WpFQLFRV HVSHFLDOL]DGRV
HYLWDQGRULVFRVHDWRPDGDGHGHFLV}HVLQFRUUHWDV

$6 6(d®(6 '2 0$18$/ 2PDQXDOSDUD DWHQGLPHQWR D HPHUJrQFLD FRPSURGXWRV
SHULJRVSRVVXLFLQFRVHo}HV

%5$1&$$0$5(/$$=8//$5$1-$9(5'(

6(d2 %5$1&$ $ VHomR EUDQFD DERUGD LQIRUPDo}HV JHUDLV DFHUFD GR PDQXDO EHP
FRPR GDGRV UHIHUHQWHV DRV Q~PHURV GH ULVFR H VXDV FDUDFWHUtVWLFDV DOpP GD WDEHOD GH
FyGLJRVGHULVFRV
6(d2 $0$5(/$ $ VHomR DPDUHOD FODVVLILFD RV SURGXWR SHULJRVRV SHOR Q~PHUR GD
218 UHODFLRQDQGR R Q~PHUR DR QRPH GR PHVPR DWULEXLQGR FRP LVVR D VXD FODVVH GH
ULVFR H D UHVSHFWLYD JXLD GH HPHUJrQFLD 1HVWD VHomR HVWmR RUJDQL]DGRV RV SURGXWRV
SHULJRVRVHPRUGHPQXPpULFDFUHVFHQWHGHDFRUGRFRPDGHVLJQDomRGD218
6(d2$=8/$VHomRD]XOLGHQWLILFDRSURGXWRSHORVHXQRPHFRPHUFLDOVHUYLQGRSDUD
VHDVVRFLDURPHVPRjVXDUHVSHFWLYDJXLDGHHPHUJrQFLDHDRQ~PHURGD218
6(d2 /$5$1-$ $ VHomR ODUDQMD p FRPSRVWD EDVLFDPHQWH GH JXLDV VHQGR HVWDV
GHQRPLQDGDVGHJXLDVGHHPHUJrQFLDSRLVFRPS}HPWRGRVRVSURFHGLPHQWRVTXHGHYHP
VHUDGRWDGRVHPXPDFLGHQWHFRPSURGXWRVSHULJRVRV
$VHomRODUDQMDSRVVXLJXLDVGLYLGLGDVHPIXQomRGRVULVFRVSRWHQFLDLVFRPR

)RJR RX H[SORVmR H ULVFR j VD~GH DWULEXLo}HV GD VHJXUDQoD S~EOLFD FRPR YHVWLPHQWDV
GHSURWHomRHHYDFXDo}HVHWUiVDLQGDDo}HVGHHPHUJrQFLDHPFDVRGHYD]DPHQWRH
GHUUDPDPHQWRIRJRHRVSULPHLURVVRFRUURVHPFDVRGHYtWLPDV
4XDQGRQmRVHFRQKHFHRFRQWH~GRGDFDUJDRXKiWUDQVSRUWHGHYiULRVSURGXWRVMXQWRV±
FDUJD PLVWD GHVGH TXH VHMDP FRPSDWtYHLV H GHQWUR GD TXDQWLGDGH H[LJLGD SHOD
OHJLVODomR ±XVDVHDJXLD

6(d29(5'($VHomRYHUGHUHODFLRQD

¾ 7DEHODVGHGLVWkQFLDSDUDLVRODPHQWRHSURWHomRLQLFLDO
¾ 3URGXWRVSHULJRVRVTXHUHDJHPFRPiJXD
¾ )DWRUHVTXHSRGHPDOWHUDUDVGLVWkQFLDVGHSURWHomR
¾ 3UHVFULo}HVUHODWLYDVjWRPDGDGHGHFLVmRSDUDDo}HVGHSURWHomR
¾ )XQGDPHQWRVSDUDLVRODPHQWRHHYDFXDomRH
¾ &ODVVLILFDomRGRWDPDQKRGHYD]DPHQWRV

2%6(59$d®(6

¾ $OHWUD³3´VHJXLGDGRQ~PHURGDJXLDLQGLFDSURGXWRVTXHSRGHPSROLPHUL]DUGH
IRUPDYLROHQWDSHORFDORURXSRUFRQWDPLQDomR
¾ 3ROLPHUL]DomR p D GHQRPLQDomR GDGD j UHDomR TXtPLFD TXH D SDUWLU GH
PROpFXODV VLPSOHV PRQ{PHURV SURGX]HP PDFURPROpFXODV SROtPHURV
QRUPDOPHQWHGHIRUPDH[WUHPDPHQWHH[RWpUPLFD
¾ 2V SURGXWRV GHVWDFDGRV HP YHUGH LQGLFDP TXH SRVVXHP ULVFRV HVSHFLDLV
Wy[LFRVSRULQDODomRRXHPFRQWDWRFRPDiJXDSURGX]HPJDVHVWy[LFRV


¾ 5HTXHUHPXPWUDWDPHQWRHVSHFLDOTXDQWRDRLVRODPHQWRHGLVWDQFLDPHQWR

/(*,6/$d2$3/,&$'$
1RUPDV7pFQLFDVLPSRUWDQWHVUHODFLRQDGDVDRWHPD
1250$6 (0(17$
1%5 (VWDEHOHFH D VLPERORJLD FRQYHQFLRQDO H R VHX GLPHQVLRQDPHQWR SDUD
SURGXWRV SHULJRVRV D VHU DSOLFDGD QDV XQLGDGHV GH WUDQVSRUWH H QDV
HPEDODJHQVDILPGHLQGLFDURVULVFRVHRVFXLGDGRVDVHUHPWRPDGRVQR
WUDQVSRUWH WHUUHVWUH PDQXVHLR PRYLPHQWDomR H DUPD]HQDPHQWR GH
DFRUGRFRPDFDUJDFRQWLGD
1%5 'HILQH RV WHUPRV HPSUHJDGRV QR WUDQVSRUWH WHUUHVWUH GH SURGXWRV
SHULJRVRV
1%5 $FLGHQWHVIHUURYLiULRV &ODVVLILFDRFRUUrQFLDIHUURYLiULD
(VWDEHOHFH R FRQMXQWR PtQLPR GH HTXLSDPHQWRV SDUD HPHUJrQFLDV QR
WUDQVSRUWHWHUUHVWUHGHSURGXWRVSHULJRVRVFRQVWLWXtGRGHHTXLSDPHQWRGH
SURWHomR LQGLYLGXDO DVHU XWLOL]DGR SHORPRWRULVWD H SHVVRDO HQYROYLGR VH
1%5
KRXYHU QDV RSHUDo}HV GH WUDQVSRUWH GR YHtFXOR HTXLSDPHQWRV SDUD
VLQDOL]DomR LVRODPHQWR GD iUHD GD RFRUUrQFLD DYDULD DFLGHQWH HRX
HPHUJrQFLD HH[WLQWRUGHLQFrQGLRSRUWiWLO
1%5(VSHFLILFDRFRQMXQWRPtQLPRGHHTXLSDPHQWRVTXHGHYHPDFRPSDQKDUR
WUDQVSRUWHURGRYLiULRGHiFLGRIOXRUtGULFR +) SDUDDWHQGHUjVVLWXDo}HVGH
HPHUJrQFLD DFLGHQWH RX DYDULD 2 FRQMXQWR SUHYr HOHPHQWRV SDUD D
VLQDOL]DomRHRLVRODPHQWRGDiUHDGDRFRUUrQFLDHVROLFLWDomRGHVRFRUUR
FRQIRUPH LQVWUXo}HV FLWDGDV QD ILFKD GH HPHUJrQFLD H HQYHORSH SDUD
WUDQVSRUWH
1%53DGURQL]D FRQWH~GR SURJUDPiWLFR GR WUHLQDPHQWR GH SHVVRDV HQYROYLGDV
QRWUDQVSRUWHGHSURGXWRSHULJRVRSRUIHUURYLD
1%5(VWDEHOHFHRVUHTXLVLWRVPtQLPRVSDUDRULHQWDUDVDo}HVEiVLFDVDVHUHP
DGRWDGDVSRUHQWLGDGHVRXSHVVRDVHQYROYLGDVGLUHWDRXLQGLUHWDPHQWHHP
VLWXDo}HVGHHPHUJrQFLDQRWUDQVSRUWHWHUUHVWUHGHSURGXWRVSHULJRVRV

'2&80(17261(&(66È5,263$5$275$163257(

2 WUDQVSRUWH GH SURGXWRV SHULJRVRV FRQWURODGRV SHOR ([pUFLWR WDPEpP HVWi VXMHLWR jV
H[LJrQFLDV SUHYLVWDV SHOR 5 FRP UHGDomR GDGD SHOR 'HFUHWR Q TXH
DSUHVHQWDDOLVWDGHSURGXWRV1HVWHFDVRDOpPGRVGRFXPHQWRVGHSRUWHREULJDWyULR
SUHYLVWR SHOR 5733 )LFKD GH (PHUJrQFLD (QYHORSH SDUD R 7UDQVSRUWH 'RFXPHQWR
)LVFDO H FHUWLILFDGR GH &DSDFLWDomR SDUD j *UDQHO WDPEpP GHYH SRUWDU D JXLD GH
7UiIHJR GHYLGDPHQWH SUHHQFKLGD H DVVLQDGD SRU 2ILFLDLV GR ([pUFLWR %UDVLOHLUR
UHVSRQViYHLV SHOR FRQWUROH GR WUDQVSRUWH GHVWHV SURGXWRV 'D PHVPD IRUPD R
WUDQVSRUWH GH PDWHULDLV UDGLDWLYR p FRQWURODGR SHOD &RPLVVmR 1DFLRQDO GH (QHUJLD
1XFOHDU &1(1 TXH HPLWH D )LFKD GH 0RQLWRUDPHQWR GH 0DWHULDLV 5DGLDWLYRV H D
'HFODUDomRGR([SHGLGRUGHPDWHULDOUDGLRDWLYR



D 'RFXPHQWDomRGHOLFHQFLDPHQWRGRYHtFXOR
E 'RFXPHQWDomRGRFRQGXWRU&DUWHLUD1DFLRQDOGH+DELOLWDomRH&DUWHLUDGR&XUVR
0233
F 1RWD)LVFDO WUDQVSRUWHQDFLRQDO RX'HFODUDomRGH&DUJD 0(5&268/
G &HUWLILFDGRGHFDSDFLWDomRGRYHtFXORHHTXLSDPHQWRVSDUDRWUDQVSRUWHDJUDQHO
H )LFKDGH(PHUJrQFLD
I (QYHORSHSDUDR7UDQVSRUWH
J 2XWURVGRFXPHQWRV

*XLDGHWUiIHJRGR0LQLVWpULRGR([pUFLWR1RFDVRGRWUDQVSRUWHGHH[SORVLYRV
$XWRUL]DomRGD&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU±&1(01RFDVRGHPDWHULDO
QXFOHDU
$XWRUL]DomRGR'HSDUWDPHQWRGH3ROtFLD)HGHUDO±'3)$OJXQVSURGXWRVH[LJHP
DXWRUL]DomRGD35)SDUDVHUHPWUDQVSRUWDGRV
/LFHQFLDPHQWR$PELHQWDO
$OJXQVDFLGHQWHVILFDUDPIDPRVRVQR%UDVLOHQRPXQGR
3Ï'$&+,1$DFRQWHFLGRQR5LRGH-DQHLUR5-QXP'(3Ï6,72XPDSDUWLGDGH
3y GD &KLQD TXLPLFDPHQWH 3HQWDFORURIHQDWR GH VyGLR FKHJRX DR %UDVLO HP
HPEDODJHQV PXLWR DYDULDGDV $ WUDQVIHUrQFLD GR SURGXWR SDUD QRYRV YDVLOKDPHV IRL
UHDOL]DGD SRU YiULRV KRPHQV YHVWLGRV DSHQDV FRP FDOo}HV VHP PiVFDUDV OXYDV
yFXORVHWFHQXPGLDGH&GHFDORU$SRHLUDGR3yGD&KLQDIRL,1$/$'$SDUDRV
SXOP}HVHQTXDQWRTXHRVFRUSRVFREHUWRVGHVXRUDEVRUYHUDP3yGD&KLQDSHODSHOH
5HVXOWDGRWUrVRSHUiULRVPRUWRVSRULQWR[LFDomR
*$62/,1$HÈ/&22/DFRQWHFLGRQR0XQLFtSLRGH3RMXFD%$XPWUHPGHVFDUULORX
WRPEDQGRYiULRVYDJ}HVFRP*DVROLQDHÈOFRRO$SRSXODomRUHVLGHQWHQDVLPHGLDo}HV
DSURYHLWRX SDUD HQFKHU EDOGHV H ODWDV FRP FRPEXVWtYHLV GHUUDPDQGR SDUD YHQGD D
WHUFHLURV DWp TXH GH UHSHQWH XPD IDtVFD LQFHQGLRX RV FRPEXVWtYHLV YD]DGRV H RV
YDJ}HV FDUUHJDGRV HQILP WRGD D FRPSRVLomR IHUURYLiULD 5HVXOWDGR PDLV GH FHP
PRUWRVHVSHFLDOPHQWHFULDQoDV
9$=$0(172 (0 '872 DFRQWHFHX QD 9LOD 6RFy 0XQLFtSLR GH &XEDWmR63 QHVWD
iUHD D 3HWUREUiV HQWHUURX XPD UHGH GH GXWRV SDUD GHVORFDPHQWR GH VXD JDVROLQD
GLHVHOHWF6REUHRVGXWRVDSRSXODomRGH9LOD6RFyFRQVWUXLXXPDIDYHOD&HUWDQRLWH
XP GRV GXWRV YD]RX H R FRPEXVWtYHO GHUUDPDGR SHJRX IRJR WDOYH] HP FRQWDWR FRP
DOJXP IRJmR GRPpVWLFR DFHVR 2 JUDQGH LQFrQGLR TXH ODYURX PDWRX PDLV GH
SHVVRDV
6+233,1* &(17(5 GH 26$6&2 2VDVFR63 D LQVWDODomR IL[D VXEWHUUkQHD

GHVWLQDGDDFRQGX]LUR*/3 JiVGHFR]LQKD SDUDGLIHUHQWHVSRQWRVGRSUpGLRYD]RX
H GH UHSHQWH R JiV DFXPXODGR QXPD SDUWH LQIHULRU GD FRQVWUXomR H[SORGLX
FHUWDPHQWH HP FRQWDWR FRP FKDPD RX IDtVFD SURYRFDQGR GHVWUXLomR SDUFLDO GR
VKRSSLQJHPRUWHGHPDLVGHSHVVRDVDOpPGHLQ~PHURVIHULGRV



6$/9$0(172
0Ï'8/2,9
7(55(675(


0yGXOR,9±6DOYDPHQWR7HUUHVWUH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

/LomR 5(6*$7('(9Ë7,0$6
(0$/785$

FDSD]HVGH

2EMHWLYRV ,GHQWLILFDURTXHpXPDWpFQLFDYHUWLFDO
'HVFUHYHURV2EMHWLYRVGR5HVJDWHGH9tWLPDVHP
$OWXUD
5HFRQKHFHUDVWpFQLFDVYHUWLFDLVPDLVFRPXQVH
DSOLFDGDVSHORV%RPEHLURV

0DUoR±5HVJDWHGH9tWLPDVHP$OWXUD
03

,QWURGXomR
2V PHLRV FRQYHQFLRQDLV XWLOL]DGRV SHORV %RPEHLURV VmR UHVWULWRV H SRXFR
DGDSWiYHLV VHQGR HP PXLWDV VLWXDo}HV LPSRVVtYHO D VXD XWLOL]DomR (P UHVSRVWD D
HVWDV FDUrQFLDV R UHVJDWLVWD GHYH DGDSWDUVH H DSHUIHLoRDU DV WpFQLFDV GH VRFRUUR
HP WRGRV RV UHVJDWHV GH YLWLPDV HP DOWXUD SDUD SRGHU GDU XPD UHVSRVWD jV
QHFHVVLGDGHV FDGD YH] PDLRUHV H GLYHUVLILFDGDV TXH QRV VmR VROLFLWDGDV SHOD
VRFLHGDGH
2 %RPEHLUR GHYH WHU FRQKHFLPHQWR GDV WpFQLFDV EiVLFDV GH UHVJDWH GH
YtWLPDV HP DOWXUD SRLV GLVVR SRGH GHSHQGHU D VXD YLGD RX D GH XP FRPSDQKHLUR
VHMD HP WUHLQDPHQWR RX QR FXPSULPHQWR GD PLVVmR 'RPLQDU R FRQKHFLPHQWR GRV
µQyV¶ EiVLFRV GR VLVWHPD GH DQFRUDJHQV DV WpFQLFDV GH UDSHO GH VDOYDPHQWR GH
YtWLPDHDVGHPDLVJDPDVGHWUDEDOKRHPDOWXUDpIXQGDPHQWDLVSDUDRGLDDGLDGR
%RPEHLUR
7RGRV RV HOHPHQWRV TXH DWXDP QHVWH WLSR GH PHLR GHYHP WHU D FRQVFLrQFLD
GRVSHULJRVHGDVGLILFXOGDGHVTXHLUmRHQFRQWUDUQXPDVLWXDomRGHUHVJDWHGHYHQGR
SRU LVVR R WUHLQR H D IRUPDomR VHU XPD FRQVWDQWH H XPD URWLQD 3DUD WUDEDOKDU HP
DOWXUDWHPRVTXHGRPLQDUWpFQLFDVHTXLSDPHQWRVHWHUFRQWUROHGDVQRVVDVDo}HV
DVVLPWHUHPRVWRGDVHJXUDQoDQHFHVViULDSDUDGHVHPSHQKDUQRVVRWUDEDOKR
(VWD DSRVWLOD QmR GHVFDUWD D QHFHVVLGDGH GH XP DFRPSDQKDPHQWR
SURILVVLRQDO QmR IRUPD LQVWUXWRUHV $SUHVHQWD FRQKHFLPHQWR EiVLFR QD iUHD GH
UHVJDWH GH YtWLPDV HP DOWXUD H FDSDFLWDUD YRFr %RPEHLUR SDUD R DX[LOLR GXUDQWH DV
RSHUDo}HV /HPEUHVH TXH VXD YLGD p R EHP PDLV YDOLRVR TXH YRFr SRVVXL QmR D
DUULVTXHVHPQHFHVVLGDGHQmRFRORTXHHPMRJRDVHJXUDQoDGHVHXVFRPSDQKHLURV
VHMDpWLFRUHVSRQViYHOSURILVVLRQDOHDFLPDGHWXGRWHQKDERPVHQVRSRLVYRFrp
WRWDOPHQWHUHVSRQViYHOSRUVXDLQWHJULGDGH

0DUoR±5HVJDWHGH9tWLPDVHP$OWXUD 03

7pFQLFDV9HUWLFDLV
&RQMXQWR GH WpFQLFDV TXH QRV SHUPLWHP H YLDELOL]DP D GHVFLGD VXELGD H
WUDYHVVLDGHGHWHUPLQDGRSRQWRDRXWURXWLOL]DQGRVHGHFDERVHFRUGDV'HQWUHHODV
DV PDLV FRQKHFLGDV VmR 5DSHO 7LUROHVD (VFDODGD &DQ\RQLQJ 0RQWDQKLVPR
$OSLQLVPRHDo}HVGH5HVJDWHGH9tWLPDV
5HVJDWH7pFQLFR 6DOYDPHQWR
7UDWDVH GH XPD DERUGDJHP H HYDFXDomR GH SHVVRDV TXH VH HQFRQWUDP
SDUFLDOPHQWH RX WRWDOPHQWH LQFDSDFLWDGDV GH UHWRUQDUHP DR VHX SRQWR GH RULJHP
SRQWRGHVHJXUDQoDRXDWLQJLUHPVHXREMHWLYRSRUVHXVSUySULRVPHLRV


5DSHO
7pFQLFD GH GHVFLGD DWUDYpV GH FRUGDV FRP HPSUHJR GH HTXLSDPHQWRV TXH
SURSRUFLRQDP XP DWULWR QHFHVViULR QD FRUGD SRVVLELOLWDQGR DVVLP TXH VLJD
FRQWURODQGRDYHORFLGDGH$RULJHPGDSDODYUDUDSHOpIUDQFHVDQRDQRGH-HP
&KDUOHW6WUDWRQ3URVSHU3D\RWH)UHGHULF)ORJXHWLGXUDQWHDFRQTXLVWDGR3HWLW'UX
QRPDFLoRGR0RQW%ODQFGHVHQYROYHUDPXPDWpFQLFDTXHSHUPLWLDDUHFXSHUDomRGD
FRUGD DSyV D GHVFLGD R TXH DQWHV QmR HUD SRVVtYHO 5DSHO GR IUDQFrV
µ5HFXSHUDomR¶



/LomR 5(6*$7('(9Ë7,0$6
(0$/785$

FDSD]HVGH

2EMHWLYRV ,GHQWLILFDUHXWLOL]DURVSULQFLSDLVHTXLSDPHQWRVTXH
VHUmRXWLOL]DGRVQRUHVJDWHGHYtWLPDVHPDOWXUD
&KHFDUYDOLGDGHFRQGLo}HVGHXVRHFHUWLILFDomR
GRVHTXLSDPHQWRVXWLOL]DGRV

03

(48,3$0(1726

&RUGDV $V XWLOL]DGDV HP UHVJDWH WpFQLFR VmR QD PDLRULD GH ILEUDV VLQWpWLFDV RX
YHJHWDLVYDULDPGHDPP$VPDLVUHFRPHQGDGDVSDUDHVWHWLSRGHDWLYLGDGH
VmRDVGHSROLDPLGDGHYLGRDVXDH[FHOHQWHUHVLVWrQFLDDRFKRTXH LPSDFWR SRQWR
GH IXVmR & H DSHVDU GH SHUGHU GH D GD UHVLVWrQFLD TXDQGR PROKDGD
UHWRUQDTXDQGRVHFD
([LVWHP DV FRUGDV GLQkPLFDV H DV HVWiWLFDV FDGD XPD SDUD XP WUDEDOKR
HVSHFtILFR DV GLQkPLFDV WHP R SRGHU GH DEVRUYHU IRUoD GH LPSDFWR H DV HVWiWLFDV
QmR DEVRUYHP IRUoD GH LPSDFWR PDV SRU RXWUR ODGR p SHUIHLWD SDUD UHVJDWHV H
WUDEDOKRVSROLFLDLVMiTXHQmR³HVWLFDP´
&XLGDGRVHYLWHSLVDUVHFDUVHPSUHDVRPEUDLQVSHFLRQHDQWHVHDSyVRXVRHVH
PXLWRQHFHVViULRODYDUFRPVDEmRQHXWUR6RPHQWHDGTXLUDFRUGDVFRPFHUWLILFDomR

%RXGULHV FDGHLULQKD FLQWR (TXLSDPHQWR LQGLVSHQViYHO WRGRV RV PHPEURV GD
HTXLSH GH 5HVJDWH GHYHP XWLOL]DU GXUDQWH D
RSHUDomR 1HOH ILFDP SUHVRV RV DSDUHOKRV GH
GHVFLGD TXH VHUmR DFRSODGRV j FRUGD H RXWURV
HTXLSDPHQWRV ~WHLV DVVLP FRPR FDER GH
VHJXUDQoD ([LVWHP YiULRV PRGHORV QR PHUFDGR
PDV ILTXH DWHQWR DGTXLUD VRPHQWH %RXGULHV FRP
FHUWLILFDomRGHTXDOLGDGHHFDSDFLGDGHGHFDUJD

03

'HVFHQVRUHV 6mRDSDUHOKRVGHGHVFLGDGRWLSRIUHLRIXQFLRQDDWUDYpVGRDWULWRGD
FRUGDFRPDFRUGD

)UHLR ± e R PDLV
FRQKHFLGR QmR
UHFRPHQGDGR SDUD
GHVFLGDVORQJDV
&RP D FRUGD SDVVDQGR
GR DQHO PDLRU SDUD R
PHQRU D GHVFLGD p PDLV
OHQWD Mi GR DQHO PHQRU
SDUDRPDLRUDGHVFLGDp
PDLV UiSLGD H[LJH PDLV
IRUoD SDUD FRQWUROH GH
YHORFLGDGHGHGHVFLGD

6WRS,QG\ &RP OLPLWH SDUD XP
UDSHO GH QR Pi[LPR P FRP
FDUJDLQIHULRUDNJ

,'eXPHTXLSDPHQWRDQWLSkQLFRFRPOLPLWHSDUDXPUDSHOGH
QR Pi[LPR P H FRP FDUJD LQIHULRU D NJ 6H GXUDQWH D
GHVFLGD SRU LQVHJXUDQoD RX GHVHVSHUR D DODYDQFD IRU SX[DGD
SDUD R ILP GR VHX FXUVR RX SDUD R LQtFLR R VLVWHPD WUDYD D
GHVFLGD

5DFN e R PHOKRU HTXLSDPHQWR SDUD GHVFLGDV
ORQJDV GHYLGR VHX IRUPDWR H UHJXODJHP SURSRUFLRQD JUDQGH DWULWR
FRPDFRUGDHPGLIHUHQWHVSRQWRVGRHTXLSDPHQWR

$VFHQVRUHV $XWR EORFDQWHV TXH
RIHUHFHP DVFHQVmR j FRUGD EHP
FRPR UHERFDU FDUJDV H EORTXHDU DV
FRUGDV e R FKDPDGR -XPDU TXH
SRGH VHU VXEVWLWXtGR SHOD DPDUUD
µ3UXVVLN¶

03

0RVTXHW}HV ([LVWHPYiULRVPRGHORVFDGDTXDOFRPVXDFDSDFLGDGHHVSHFLILFDGD
RV PDLV UHFRPHQGDGRV SDUD UHVJDWH GHYLGR D VXD DOWD UHVLVWrQFLD VmR RV GH DoR
LQR[ 6mR LQGLVSHQViYHLV HP TXDOTXHU DWLYLGDGH YHUWLFDO SHUPLWHP D OLJDomR GH XP
HTXLSDPHQWRFRPRXWUR
0RVTXHW}HVGHVHJXUDQoDXVDGRVHPPDQREUDV
GH JUDQGH UHVSRQVDELOLGDGH VmR GLPHQVLRQDGRV
SDUDVXSRUWDUHVIRUoRVVXSHULRUHVj.1 SrUD
+06
0RVTXHW}HV QRUPDLV FRQYHQFLRQDLV FRP
UHVLVWrQFLD QD RUGHP GH D .1 8WLOL]DGRV
QRV ORFDLV GH XQLmR JHUDOPHQWH FRQWpP D PDUFD
1
0RVTXHW}HV OLJHLURV VmR PRVTXHW}HV TXH
JHUDOPHQWH ID]HP D FRPELQDomR FRP DV FLQWDV
([SUHVV D.1 *HUDOPHQWHOHYDPDPDUFD/

)LWDV WXEXODUHV 6mR XWLOL]DGDV SDUD
DQFRUDJHP FDGD TXDO FRP VXD FDSDFLGDGH GH
FDUJDHVSHFLILFDGDWHPIXQomRLPSRUWDQWHSRLV
HYLWD TXH RV FDERV HQWUHP HP FRQWDWR FRP
RULItFLRVTXHRVGDQLILFDUmR

3ROLDV ([LVWHPYiULRVPRGHORVGRWLSRGXSODVLPSOHVHVSHFLILFDVSDUDSUDWLFDGH
WLUROHVD6XDSULQFLSDOIXQomRpGHVPXOWLSOLFDUIRUoDV

3ODFDV0XOWLSOLFDGRUDVGH$QFRUDJHP )D]HPFRPTXHYRFr
PXOWLSOLTXH XP SRQWR GH DQFRUDJHP HP YiULRV RXWURV SRQWRV
GHSHQGHQGRGRVHXWDPDQKRHFDSDFLGDGH

0DFDeLQGLVSHQViYHOTXHXWLOL]HVH
QDV RSHUDo}HV GH UHVJDWH XPD PDFD HVSHFLILFD TXH p
FHUWLILFDGD H DSURYDGD SDUD WDO DWLYLGDGH DOpP GH
DSUHVHQWDU SRQWRV HVSHFtILFRV GH IL[DomR SRGH WUDEDOKDU
HP SODQR KRUL]RQWDO H YHUWLFDO VXDV PHGLGDV SHUPLWHP
DFRPRGDUPRV GHQWUR GD PHVPD XPD PDFD UtJLGD

03

WDPDQKRDGXOWR
3HGDO H (VWULER 8WLOL]DGRV SDUD DVFHQVmR HP FRUGD

IL[D IXQFLRQDP FRQHFWDGRV D XP SXQKR EORTXHDGRU
-XPDU
&HVWRGH5HVJDWH(YDFXDomR
(TXLSDPHQWRYHUViWLOF{PRGROHYH
IiFLOGHFRORFDU'HVWLQDGRDSHQDVSDUD
YtWLPDVFRQVFLHQWHV
/RQJH eXPVLVWHPDGHDQFRUDJHPGXSOR
XWLOL]DGRSDUDVHJXUDQoDSURJUHVVmRSRU
FRUULP}HVHSDVVDJHPSDUDRXWURVQtYHLV
3DOFR GH IHUUDPHQWDV ± 3UHIHUHQFLDOPHQWH XPD ORQD LPSHUPHiYHO SDUD TXH QD
FRQGLomR GH FKXYD SRVVD SURWHJHU GHWHUPLQDGRV HTXLSDPHQWRV WDQWR GD FKXYD
TXDQWRGDXPLGDGHGRVROR

6DFRVHPRFKLODV±,QGLVSHQViYHLVSDUDRDFRQGLFLRQDPHQWRHWUDQVSRUWHGRV
HTXLSDPHQWRVRVORFDLVRQGHVHUHDOL]DHVWHWLSRGHUHVJDWHFRVWXPDPVHUGHGLItFLO
DFHVVRHDHTXLSHWHUiTXHFDUUHJDUWRGRRPDWHULDO

(TXLSDPHQWRV GH SURWHomR LQGLYLGXDO (3, 4XDOTXHU WpFQLFD YHUWLFDO SUDWLFDGD
H[LJHTXHXWLOL]DPRVRV(3,VVmRHOHVFDSDFHWHOXYDVyFXORVODQWHUQDGHFDEHoD
FDOoDGRV FRP VROD DQWLGHUDSDQWH URXSDV TXH VH GHVWDFDP QR DPELHQWH TXH VH
HIHWXDDRSHUDomR

(TXLSDPHQWRV GH SURWHomR 5HVSLUDWyULD (35$ 6H R UHVJDWH p HP DPELHQWH
FRQILQDGR R XVR GH PDVFDUDV FRP ILOWUR RX FLOLQGURV GH DU FRPSULPLGR VmR
LQGLVSHQViYHLV
(TXLSDPHQWRV GH SURWHomR &ROHWLYD (3& 6mR GR WLSR GH HTXLSDPHQWR H
LQVWUXPHQWRTXHSRVVDVHUXWLOL]DGRFROHWLYDPHQWHHH[HUFHPSDSHOIXQGDPHQWDOSDUD
RERPDQGDPHQWRHVHJXUDQoDGDRSHUDomRGHVWDFDPRVGHQWUHHOHVHTXLSDPHQWRV

03

GHFRPXQLFDomRGHVXSRUWHEiVLFRGHYLGDFRPRDOLPHQWRVYHtFXORGHWUDQVSRUWHH
UHPRomR
,PSRUWDQWH2VHTXLSDPHQWRVGHUHVJDWHWpFQLFRVmRIDEULFDGRVHPGLYHUVRVSDtVHV
HSRGHPDSUHVHQWDUDFDSDFLGDGHGHFDUJDFRPXQLGDGHVGHPHGLGDYDULDGDVVDLED
FRPRFRQYHUWHUDVSULQFLSDLVXQLGDGHVGHPHGLGDXWLOL]DGDV
7$%(/$%È6,&$'(&219(562

48,/21(:7216 .1 /,%5$)25d$ /) 48,/2*5$0$6

7DEHOD2VYDORUHVIRUDPDMXVWDGRVSDUDIDFLOLWDUDFRQYHUVmRFRQVLGHUHXPDPDUJHPGH
SDUDPDLVRXSDUDPHQRV
25*$1,=$d®(6((63(&,),&$d®(6

3DUD DVVHJXUDU QRVVRV GLUHLWRV TXDQGR QD XWLOL]DomR GRV HTXLSDPHQWRV H[LVWHP
HQWLGDGHVHRUJDQL]Do}HVTXHWHVWDPHFHUWLILFDPRVHTXLSDPHQWRVXWLOL]DGRV

1)3$ 1DWLRQDO)LUH3URWHFWLRQ$VVRFLDWLRQ
8,$$ 8QLmR,QWHUQDFLRQDOGDV$VVRFLDo}HVGH$OSLQLVPR
&( &RPXQLGDGH(XURSpLD
&$H&5 &HUWLILFDGRGH$SURYDomRH&HUWLILFDGRGH5HJLVWURQR0LQLVWpULRGR
WUDEDOKR

03


/LomR 5(6*$7('(9Ë7,0$6
(0$/785$

FDSD]HVGH

2EMHWLYRV 'HVHQYROYHURVSULQFLSDLVQyVXWLOL]DGRVQDVDo}HV
GH5HVJDWH
$SOLFDUFRUUHWDPHQWHRµQy¶QHFHVViULRSDUDFDGD
VLWXDomRHQIUHQWDGD
5HFRQKHFHUDSHUGDGHUHVLVWrQFLDGDVFRUGDV
DSyVDUHDOL]DomRGRVQyV

03

1Ï6(68$6$3/,&$d®(6
1y p XP HQWUHODoDPHQWR IHLWR HP XPD FRUGD HP VHX SUySULR FRUSR VmR
FRQIHFFLRQDGRVVHPSUHTXHQHFHVViULRXQLUDFRUGDDRXWURHTXLSDPHQWR7RGRQyp
XPD LQWHUIHUrQFLD QD FRUGD SRU LVVR UHWLUD SDUWH GH VXD FDSDFLGDGH GH FDUJD
UHVLVWrQFLD R TXH FRVWXPDPRV FKDPDU GH 35 3HUGD GH 5HVLVWrQFLD SRUWDQWR
PXLWDDWHQomRTXDQGRQDVVXDVDSOLFDo}HV

1y 'LUHLWR 8WLOL]DGR SDUD XQLU FRUGDV GH
PHVPRGLkPHWUR35

1yGH)LWD 7DPEpPXWLOL]DGRSDUD
XQLU FRUGDV H SULQFLSDOPHQWH ILWDV
GHPHVPRGLkPHWURHODUJXUD35

3HVFDGRU 7DPEpPXWLOL]DGRSDUDXQomRHSULQFLSDOPHQWHSDUDIRUPDUXPDQHOFRP
DFRUGD35

1y GH (VFRWD 8QLU FRUGDV GH GLkPHWURV
GLIHUHQWHV SRGH VHU DSOLFDGR GH IRUPD VLPSOHV
RXGXSOD

1y %RUEROHWD e
HPSUHJDGR SDUD GDU
WHQVmRjVFRUGDV

8,$ ,QFUtYHO FDSDFLGDGH GH
PXGDU GH GLUHomR PXLWR
XWLOL]DGR SDUD UHPRomR GH
FDUJDV 2%6 FDXVD
GHVJDVWHQDFRUGD

03


&DWDX 8WLOL]DGR SDUD
LVRODU SDUWH GDQLILFDGD
QDFRUGD

3UXVVLN H 0DUFKDG $XWR EORFDQWH TXH SRGH YLU D VXEVWLWXLU R -XPDU GHVGH TXH R
FRUGHOHWHXWLOL]DGRVHMDGHGLkPHWURLQIHULRUDRGDFRUGDRQGHVHUiDSOLFDGR
0DUFKDG 3UXVVLN

/DLV GH *XLD e HPSUHJDGR HVSHFLDOPHQWH QD VHJXUDQoD GXUDQWH WUDQVSRVLomRGH
REVWiFXORV

$]HOKD 1y XWLOL]DGR SDUD
DQFRUDJHP GLItFLO GH
GHVID]HU UHWLUD GD
FDSDFLGDGH GD FRUGD H
HVFRUH VH WUDFLRQDGR FRP
SHVRVXSHULRUiNJ

9ROWD GR )LHO 1y XWLOL]DGR SDUD IL[DomR DQFRUDJHP SRGHVH GHVID]HU VH IRU
WHQFLRQDGRFRPSHVRVXSHULRUiNJ

03


2LWR )L[DomRHDQFRUDJHP35 i3RGHVHUIHLWRVLPSOHVGXSORRXJXLDGR

1RYH )L[DomR DQFRUDJHP
UHWLUD GD FDSDFLGDGH GD
FRUGD

%ROVR SHOR 6HLR
)L[DomR H DQFRUDJHP
35 3RVVXLXPD
YDQWDJHP HP UHODomR
DRRLWRHRQRYHIRUPD
GXDV DOoDV SDUD
DQFRUDJHP
'HPRQVWUDGRQDILJXUD
IHLWR FRP Qy D]HOKD
SRGH VHU IHLWR FRP R
RLWR

1yGH%RPEHLURHVFDGDGH
%RPEHLUR )RUPD UiSLGD H
IiFLO GH FULDU SRQWRV TXH
IDFLOLWDUmR D HPSXQKDGXUD
GD FRUGD IDFLOLWDQGR XPD
SRVVtYHOGHVFLGDRXVXELGD

)DOFDoD 8WLOL]DGD SDUD
SURWHJHU D SRQWD GRV µFKLFRWHV
GDV FRUGDV EHP FRPR SDUD
IDFLOLWDU R PDQXVHLR HP DOJXQV
HTXLSDPHQWRVGHL[DQGRDSRQWD
UtJLGDTXHVHUYHFRPRJXLD

03


/LomR 5(6*$7('(9Ë7,0$6
(0$/785$

FDSD]HVGH

2EMHWLYRV 0RQWDUXPVLVWHPDGHGHVFLGDVLPSOHV
$XWRVVHJXURSDUDDWpFQLFDGRUDSHO
$X[LOLDUXPSURILVVLRQDOH[SHULHQWHQDPRQWDJHP
GHXPVLVWHPDGHDQFRUDJHQV

03

$1&255$*(16
$V DQFRUDJHQV VmR DPDUUDo}HV TXH SRGHPRV SUHQGHU DV FRUGDV GH XP
VLVWHPD HP SRQWRV VyOLGRV (VWHV SRQWRV SRGHUmR VHU QDWXUDLV DUYRUHV H URFKDV
HVWUXWXUDLV FKDPLQpV SRUWDV SLODUHV RX DUWLILFLDLV SLWRQV HQWDODGRUHV 7RGRV RV
VLVWHPDV GH DQFRUDJHP GHYHUmR WHU SHOR PHQRV GXDV IL[Do}HV VyOLGDV HP FDGD
SRQWRGHDPDUUDomR

6$6±6,67(0$'($0$5$d2'(6(*85$1d$
9 &RQWHPQRPtQLPRGRLVSRQWRVLGHDOWUrV
9 'HYHVHXWLOL]DUPRVTXHW}HVGHVHJXUDQoDHGHUHVLVWrQFLD VXSHULRUD.1
9 )LWDVGHFRQILDQoD
9 8WLOL]DUFRUGDVHPERPHVWDGR
9 3RGHUiVHUXQLGLUHFLRQDORXELGLUHFLRQDO
9 $PRQWDJHPGHVHUWmRVLPSOHVTXDQWRSRVVtYHO

6$6(0/,1+$
6XSRUWDQRPtQLPRGRLVSRQWRVGHDPDUUDomRXPSULQFLSDO SRQWRRQGHDIRUoDp
H[HUFLGD HXPVHFXQGiULRTXHVHUiDQRVVDVHJXUDQoDHPFDVRGHUXSWXUDGR
SULQFLSDO*HUDOPHQWHXWLOL]DGRSDUDGHVFLGDRXVXELGDGRVWpFQLFRVGHUHVJDWH
6HPSUHTXHSRVVtYHOR
SRQWRSULQFLSDOGHYHUD
VHUORFDOL]DGRDEDL[RH
YHUWLFDOPHQWHHP
UHODomRDRVHFXQGiULR

6$6&2075,Æ1*8/2'()25d$
$IRUoDGRSRQWRFHQWUDOpGLYLGLGDHQWUHRVGHPDLVSRQWRVXWLOL]DGRV7HPDJUDQGH
YDQWDJHPGHVHUELGLUHFLRQDO(PTXDOTXHUVLVWHPDGHWULDQJXORGHIRUoDVRVkQJXORV
IRUPDGRVTXHXQHPRVGLIHUHQWHVSRQWRVGHDQFRUDJHPGHYHPVHURPDLVIHFKDGRV
SRVVtYHLVHLQIHULRUHVDJUDXV

03


/LomR 5(6*$7('(9Ë7,0$6
(0$/785$

FDSD]HVGH
2EMHWLYRV
$X[LOLDUXPSURILVVLRQDOH[SHULHQWHQR5HVJDWH
YtWLPDVHP$OWXUD

03


23(5$d®(6'(5(6*$7((6$/9$0(172
$VRSHUDo}HVGHUHVJDWHHVDOYDPHQWRGHYHPUHVSHLWDUWUrVQRUPDVEiVLFDV
4XHQmRH[SRQKDPDRULVFRQHPDRDJUDYDPHQWRHYLGHQWHGHOHV}HVSDUDD
YtWLPD
4XHQmRH[SRQKDPULVFRHYLGHQWHSDUDDVHTXLSHVGHVRFRUUR
4XH VH SRVVD JDUDQWLU j HYDFXDomR GH WRGRV RV SDUWLFLSDQWHV XPD YH]
FRQFOXtGDDRSHUDomR

)$6(6(675$7 e*,&$6 23(5$d2

'(5(6*$7((6$/9$0(172

ŶĐĂ ŵŝŶŚĂ ŵĞŶƚŽ
ZĞ ĐŽŶŚĞ ĐŝŵĞŶƚŽ ĚĞ ŵĞ ŝŽƐ ŵĠ ĚŝĐŽƐ

WƌĠZĞƐ ŐĂƚĞ
ŶĄůŝƐ Ğ ĞĐŽŶĐůƵƐĆ Ž

ZĞƐ ŐĂƚĞ

)$6(±5(&21+(&,0(172
e LQGLVSHQViYHO H GHYH
SRVVLELOLWDUDDYDOLDomRGRVSUyV
H GRV FRQWUDV GD RSHUDomR 2
UHFRQKHFLPHQWR p HIHWXDGR
SHOR UHVSRQViYHO GD RSHUDomR
VHX SDSHO FRQVLVWH HP GHILQLU
XP PpWRGR GH DomR JHUDO HP
HWDSDV 'XUDQWH HVWD IDVH R
UHVWDQWH GR JUXSR GHYH
SUHSDUDUXPSDUTXHGHPDWHULDO
LQGLYLGXDOHFROHWLYR
(QFDPLQKDPHQWRGH$3+
$V RSHUDo}HV GH UHVJDWH
GHVWH WLSR VmR PXLWDV YH]HV
ORQJDV R SURJQyVWLFR YLWDO GD
YLWLPDQmRSRGHUiVHUSRVLWLYRD
QmR VHU TXH R $3+ VHMD
SUHVWDGR PXLWR FHGR (VWD
DVVLVWrQFLD GHYH SRUWDQWRID]HUVH UDSLGDPHQWH QD PHGLGD GR SRVVtYHO DWUDYpV GR
HTXLSDPHQWRLQLFLDO


)$6(35e5(6*$7(
7UDWD GD LPSOHPHQWDomR GR GLVSRVLWLYR GH UHVJDWH FRQIRUPH D DYDOLDomR QR
UHFRQKHFLPHQWR
3UHSDUDomRGRSDUTXHGHPDWHULDO
5HIRUoRGHVHJXUDQoD
$EHUWXUDGHDFHVVRTXDQGRQHFHVViULR
0RQWDJHP GH GLVSRVLWLYR GH UHVJDWH 6$6 SDVVDEORF PDFD
GHVPXOWLSOLFDo}HVHHWF

)$6(±5(6*$7(
([HFXomR WiWLFD GH
HYDFXDomR GD YLWLPD GR
ORFDO RQGH HVWD VH HQFRQWUD
SDUDXPORFDOVHJXUR1HVWD
IDVH R UHVJDWLVWD TXH
DFRPSDQKD D YLWLPD VHUi D
YR] SULRULWiULD GD RSHUDomR
8P ERP VLVWHPD GH
FRPXQLFDomR p HVVHQFLDO
QHVWD IDVH 2 UHVJDWH Vy
WHUiRVHXWHUPLQRTXDQGRD
YLWLPD IRU HQWUHJXH SDUD D
HTXLSHGH$3+

)$6(±$1È/,6((&21&/862
5HWURVSHFWLYDGRWUDEDOKRIHLWRGXUDQWHWRGDDRSHUDomRGHVGHRPRPHQWRHPTXH
VHUHFHEHRSHGLGRGHVRFRUURDWpRUHJUHVVR
¾ 4XDODWiWLFDDDWLQJLUTXHQmRIRLDWLQJLGD"
¾ 4XDLVDVGLILFXOGDGHVHQFRQWUDGDV"
¾ 4XHVROXo}HVIRUDPWRPDGDV"
¾ 1RVHXFRQMXQWRRTXHRFRUUHXPDO"
$OWHUQDWLYD
¾ )RLDPHOKRUWiWLFD
¾ 7RGDVDVGLILFXOGDGHVIRUDPUHVROYLGDV
¾ )RLDPHOKRUVROXomR
¾ 3DUDEpQV

,03257$17(
$RILQDOL]DUHVWHPyGXORHWHQGRGHVHQYROYLGRDVFRPSHWrQFLDVDYDOLDGDV
YRFrSRGHUiDX[LOLDUXPSURILVVLRQDOFRPH[SHULrQFLDQDVRSHUDo}HVGH
UHVJDWHGHYLWLPDVHPDOWXUDOHPEUHVHTXHRDSUHQGL]DGRpFRQWtQXR6H
TXLVHUVHWRUQDUXPSURILVVLRQDOQDiUHDSURFXUHDSHUIHLoRDPHQWRHPRXWURV
FXUVRVMDPDLVDWXHFRPG~YLGDFRPRGLVVH$QWRQLHGH6DLQW([XSHU\³$TXLOR
TXHQRVVDOYDpGDUXPSDVVRGHSRLVGRRXWUReVHPSUHRPHVPRSDVVRPDV
pQHFHVViULRID]rOR´



/LomR
(63$d2&21),1$'2

2EMHWLYRV FDSD]HVGH

,GHQWLILFDUXPHVSDoRFRQILQDGRHVHXFRQFHLWR
&RQKHFHURVULVFRVHPHLRVGHFRQWUROHGRV
SHULJRVTXHHQYROYHPRVHVSDoRVFRQILQDGRV
&RQKHFHURVSULQFtSLRVHWpFQLFDVGHUHVJDWHHP
DPELHQWHVFRQILQDGRV
&RQKHFHUQDLQWHJUDD15

5HYLVmRHP-XOKR±(VSDoR&RQILQDGR


,QWURGXomR

x 1R%UDVLOQmRKiUHJLVWURVHVWDWtVWLFRVFRQILiYHLV

x 1RV(8$GHVGHVmRUHJLVWUDGRVHPPpGLDDFLGHQWHVSRUDQR

x GRVDFLGHQWHVIDWDLVRFRUUHPFRPRVSURILVVLRQDLVGHUHVJDWH

5HIHUrQFLDVQRUPDWLYDV

x 3RUWDULD 15 6HJXUDQoD H VD~GH QRV WUDEDOKRV HP HVSDoRV
FRQILQDGRV
x $%171%5 (QWUDGDHPHVSDoRVFRQILQDGRV
x $%171%5 3RVWRVGHVHUYLoR(QWUDGDHPHVSDoRVFRQILQDGRV
x $%171%5,(& (TXLSDPHQWRVHOpWULFRVSDUDDWPRVIHUDVH[SORVLYDV


'HILQLo}HV

15
³(VSDoR&RQILQDGRpTXDOTXHUiUHDRXDPELHQWHQmRSURMHWDGRSDUDRFXSDomR
KXPDQD FRQWtQXD TXH SRVVXD PHLRV OLPLWDGRV GH HQWUDGD H VDtGD FXMD YHQWLODomR
H[LVWHQWHpLQVXILFLHQWHSDUDUHPRYHUFRQWDPLQDQWHVRXRQGHSRVVDH[LVWLUDGHILFLrQFLD
RXHQULTXHFLPHQWRGHR[LJrQLR´

$%17±1%5
³4XDOTXHUiUHDQmRSURMHWDGDSDUDRFXSDomRFRQWtQXDDTXDOWHPPHLRVOLPLWDGRVGH
HQWUDGD H VDtGD H QD TXDO D YHQWLODomR H[LVWHQWH p LQVXILFLHQWH SDUD UHPRYHU
FRQWDPLQDQWHV SHULJRVRV HRX GHILFLrQFLDHQULTXHFLPHQWR GH R[LJrQLR TXH SRVVDP
H[LVWLURXVHGHVHQYROYHU´

2 WHUPR ³DPELHQWH´ HVWi UHODFLRQDGR D YROXPH $VVLP DOJXQV H[HPSORV GH
HVSDoRV FRQILQDGRV VmR WDQTXHV GH DUPD]HQDPHQWR JDOHULDV GH HVJRWRV VLORV
FDOGHLUDVWRUUHVGHUHVIULDPHQWRWXEXODo}HVIRVVRVFDL[DVG¶iJXDHVWXIDVHWF
$V DWLYLGDGHV PDLV FRPXQV UHDOL]DGDV HP HVSDoRV FRQILQDGRV VmR OLPSH]D GR ORFDO
SLQWXUDVROGDJHPLQVSHomRUHSDURRXDWpPHVPRDFRQVWUXomRGRORFDO

([HPSORVGHHVSDoRVFRQILQDGRV

x 7DQTXHVGHDUPD]HQDJHP
x *DOHULDVLQGXVWULDLVSOXYLDLVHGHHVJRWR
x &RPSDUWLPHQWRVGHHPEDUTXHSRU}HVGHQDYLRV
x 6LORVGHJUmRVHPJHUDO
x (VFDYDo}HVFDYHUQDVSRoRVHEXHLURV
x 6LVWHPDVGHGUHQDJHP
x 7~QHLV
x 5HVHUYDWyULRVHFDL[DVG¶iJXD
x 'HSyVLWRV GHSHQGHGRWLSRGHDWLYLGDGH



3UREOHPDVGRVHVSDoRVFRQILQDGRV

2VSUREOHPDVHPJHUDOVmR

x %DL[DRFRUUrQFLDGHDWLYLGDGHV
x $FLGHQWHVIDWDLV
x 4XDVHVHPSUHVmRPXOWLIDWDLV
x 'LYHUVLGDGHGRVULVFRVHQYROYLGRV

5LVFRV

2V ULVFRV HQFRQWUDGRV QRV HVSDoRV FRQILQDGRV VmR GLYLGLGRV HP GRLV JUXSRV
VHQGRRVULVFRVDWPRVIpULFRVHRVULVFRVItVLFRV
2V ULVFRV DWPRVIpULFRV VmR DTXHOHV HP TXH D FRQGLomR DWPRVIpULFD HP XP
HVSDoRFRQILQDGRSRVVDRIHUHFHUULVFRVDRORFDOHH[SRURVWUDEDOKDGRUHVDRSHULJRGH
PRUWHLQFDSDFLWDomRUHVWULomRGDKDELOLGDGHSDUDDXWRUHVJDWHOHVmRRXGRHQoDDJXGD
FDXVDGD SRU XPD RX PDLV GDV VHJXLQWHV FDXVDV DWPRVIHUD LQIODPiYHO Wy[LFD RX
DVIL[LDQWH
2V ULVFRV ItVLFRV HVWmR UHODFLRQDGRV jV FRQGLo}HV GH FRQVWUXomR DFHVVR
SHUPDQrQFLD H JHRPHWULD GR HVSDoR QR TXDO HVWDV SRGHP FDXVDU OHV}HVWUDXPD DR
WUDEDOKDGRU FRPR SRU H[HPSOR TXHGD GH QtYHO DOWXUD FKRTXH HOpWULFR DIRJDPHQWR
HWF

5LVFRVDWPRVIpULFRV

$ GHILFLrQFLD IDOWD GH 2 p XP GRV SUREOHPDV HQFRQWUDGRV QRV HVSDoRV
FRQILQDGRV 6XD FDXVD HVWi UHODFLRQDGD D SUHVHQoD GH IRJR VROGDV FRUWH HWF RX
H[SORV}HVGHVORFDPHQWRHPIXQomRGHRXWUDVXEVWDQFLDJDVRVDHDWpPHVPRDWUDYpV


GR SURFHVVR GH FRUURVmR H IHUUXJHP QR FDVR GH SDUHGHV RX SHoDV PHWiOLFDV TXH
VRIUHPDomRGRWHPSR

$RFRUUrQFLDGHIRJRRXH[SORV}HVHPHVSDoRVFRQILQDGRVVHGiSHODSUHVHQoD
GH VXEVWkQFLDV LQIODPiYHLV RX H[SORVLYDV QR VHX LQWHULRU 6XEVWkQFLDV TXtPLFDV
YDSRUHV GH FRPSRVWRV LQIODPiYHLV JDVHV H SRHLUDV SRGHP HVWDU SUHVHQWHV QD
DWPRVIHUDRIHUHFHQGRULVFRVGHLQFrQGLRHH[SORVmR
3DUDRFRUUHUDLJQLomRGHXPFRPEXVWtYHOVmRQHFHVViULRVHOHPHQWRV

x 3UHVHQoDGHJiVYDSRUSRHLUDFRPEXVWtYHOHPTXDQWLGDGHVXILFLHQWH
x 3UHVHQoDGHR[LJrQLRHPTXDQWLGDGHVXILFLHQWH
x 3UHVHQoDGHXPDIRQWHGHLJQLomR

eFRQVLGHUDGRDWPRVIHUDFRPULVFRGHLQFrQGLRRXH[SORVmRFRQFHQWUDo}HVGH
JDVHVYDSRUHV RX SRHLUD VXSHULRUHV D GR OLPLWH LQIHULRU GH LQIODPDELOLGDGH RX
H[SORVLYLGDGHGRFRPEXVWtYHOSUHVHQWHQRLQWHULRUGRHVSDoRFRQILQDGR3DUDLGHQWLILFDU
HVWDFRQGLomRpQHFHVViULRXPGHWHFWRUGHJDVHV
1R FDVR GH FRPEXVWtYHO HP VXVSHQVmR SRHLUD SRGH VHU HVWLPDGD SHOD
REVHUYDomR GD FRQGLomR QD TXDO D SRHLUD REVFXUHoD D YLVmR QXPD GLVWDQFLD LJXDO RX
LQIHULRUDP


3URGXWRVFRPRRFDUYmRWULJRFHOXORVHILEUDVSOiVWLFDVHPSDUWtFXODVILQDPHQWH
GLYLGLGDVFULDPDWPRVIHUDH[SORVLYDQRLQWHULRUGHDPELHQWHVFRQILQDGRV3DUDTXHLVWR
DFRQWHoDGHYHPH[LVWLUDVVHJXLQWHVFRQGLo}HV

23yGHYHVHUFRPEXVWtYHO
23yGHYHVHUFDSD]GHSDVVDUjDWPRVIHUDHPIRUPDGHVXVSHQVmR
$DWPRVIHUDQDTXDORSyHVWLYHUVXVSHQVRGHYHFRQWHUR[LJrQLRVXILFLHQWHSDUD
SHUPLWLUDFRPEXVWmR
$ FRQFHQWUDomR GR 3y HP VXVSHQVmR GHYH HVWDU GHQWUR GRV OLPLWHV GH
([SORVLYLGDGH
'HYH KDYHU XPD IRQWH GH LJQLomR FRP HQHUJLD VXILFLHQWH SDUD LQLFLDU D
SURSDJDomRGDFKDPD

2V OLPLWHV VmR GDGRV SHOD PLVWXUD GH DUFRPEXVWtYHO RQGH R YDORU GH
FRQFHQWUDomR SRGH RX QmR VHU SUHMXGLFLDO 2V WHUPRVXWLOL]DGRV VmR /LPLWH LQIHULRU GH
H[SORVLYLGDGHLQIODPDELOLGDGHH/LPLWHVXSHULRUGHH[SORVLYLGDGHLQIODPDELOLGDGH

/LPLWH,QIHULRUGH([SORVLYLGDGH /,(
/LPLWH,QIHULRUGH,QIODPDELOLGDGH /,,

e R SRQWR RQGH H[LVWH D PtQLPD FRQFHQWUDomR SDUD TXH XPD PLVWXUD GH DU
JiVYDSRUVHLQIODPH

/LPLWH6XSHULRUGH([SORVLYLGDGH /,(
/LPLWH6XSHULRUGH,QIODPDELOLGDGH /6,

e R SRQWR Pi[LPR RQGH DLQGD H[LVWH XPD FRQFHQWUDomR GH PLVWXUD GH DU
JiVYDSRUFDSD]GHVHLQIODPDU

6mRFRQVLGHUDGDVIRQWHVGHLJQLomRDUFRHOpWULFRFKDPDDEHUWDFHQWHOKDVSRU
IULFomRVXSHUItFLHDTXHFLGDHOHWULFLGDGHHVWiWLFDHTXLSDPHQWRVHOpWULFRVVLVWHPDVGH
LOXPLQDomRHWF
6HX FRQWUROH p IHLWR DWUDYpV GD XWLOL]DomR GH HTXLSDPHQWRV DQWLIDLVFDQWHV RX
LQWUtQVHFRVGHYLGDPHQWHDWHVWDGRVSRUyUJmRVFRPSHWHQWHV

2V JDVHV H YDSRUHV Wy[LFRV SRGHP FDXVDU LUULWDomR H DVIL[LD ([LVWHP YiULDV
VXEVWkQFLDVWy[LFDVHQRFLYDVDRVHUKXPDQR'HQWUHDVPDLVFRPXQVHQFRQWUDGDVHP
HVSDoRVFRQILQDGRVHVWiR+6 JiVVXOItGULFR HR&2 PRQy[LGRGHFDUERQR


2 +6 p FRQVLGHUDGR XP GRV SLRUHV DJHQWHV DPELHQWDLV DJUHVVLYRV DR VHU
KXPDQR (P FRQFHQWUDo}HV PpGLDV LQLEH R ROIDWR &RQIRUPH RV YDORUHV GH
FRQFHQWUDomRHH[SRVLomRVmRSRVVtYHLVPHQVXUDUVHXHIHLWRQRVHUKXPDQR
x 1HQKXP SSP[KRUDV
x ,UULWDomRPRGHUDGDQRVROKRVHJDUJDQWD DSSP[KRUD
x )RUWHLUULWDomR DSSP[KRUD
x ,QFRQVFLrQFLD H PRUWH SRU SDUDOLVLD UHVSLUDWyULD D SSP [
KRUD
x ,QFRQVFLrQFLD H PRUWH SRU SDUDOLVLD UHVSLUDWyULD $FLPD GH SSP [
PLQXWRV

-iR&2SRUQmRSRVVXLURGRUHFRUHVWHJiVSRGHSHUPDQHFHUHPDPELHQWHV
FRQILQDGRV VHP VHU SHUFHELGR 6HXV HIHLWRV HP IXQomR GD FRQFHQWUDomR H H[SRVLomR
SDVVDPGH
x /LJHLUDGRUGHFDEHoDGHVFRQIRUWR SSP[KRUDV
x 'RUGHFDEHoDGHVFRQIRUWR SSP[KRUD
x &RQIXVmRGRUGHFDEHoD DSSP[KRUDV
x 7HQGrQFLDDFDPEDOHDU DSSP[KRUD
x 3DOSLWDomROHYH DSSP[PLQXWRV
x ,QFRQVFLrQFLD DSSP
x )DWDO SSP

3DUDLVVRpXVDGRRWHUPR,396TXDQGR

$WPRVIHUD LPHGLDWDPHQWH SHULJRVD j 9,'$ RX j 6$Ò'( VHQGR TXDOTXHU
DWPRVIHUDTXHDSUHVHQWHULVFRLPHGLDWRjYLGDRXSURGX]DLPHGLDWRHIHLWRGHELOLWDQWHj
VD~GH
$ FRQFHQWUDomR ,396p D FRQFHQWUDomRPi[LPD GH VXEVWkQFLD GH DFRUGR FRP
RV OLPLWHV GH WROHUkQFLD H H[SRVLomR TXH FDGD VXEVWkQFLD DSUHVHQWD QD TXDO XP
WUDEDOKDGRUSRGHHVFDSDUQDHYHQWXDOLGDGHGHRUHVSLUDGRUIDOKDUVHPSHUGDGHYLGD
RXDRFRUUrQFLDGRHIHLWRLUUHYHUVtYHOjVD~GHLPHGLDWRRXUHWDUGDGR
&RQGLomR,396pTXDOTXHUFRQGLomRTXHFRORTXHHPULVFRLPHGLDWRGHPRUWHRX
TXHSRVVDUHVXOWDUHPHIHLWRVjVD~GHLUUHYHUVtYHLVRXLPHGLDWDPHQWHVHYHURVRXTXH
SRVVD UHVXOWDU HP GDQR RFXODU LUULWDomR RX RXWUDV FRQGLo}HV TXH SRVVDP LPSHGLU D
VDtGD GH XP HVSDoR FRQILQDGR $TXL LQFOXHP QmR Vy RV ULVFRV DWPRVIpULFRV PDV
WDPEpPRVULVFRVItVLFRV
3DUD GHWHUPLQDU DV FRQGLo}HV DWPRVIpULFDV GH XP DPELHQWH FRQILQDGR VmR
QHFHVViULDVPHGLo}HVRXDQiOLVHVGRDUQRVHXLQWHULRU

(VWDVPHGLo}HVVmRUHDOL]DGDVDWUDYpVGHGHWHFWRUHVGHJDVHVTXH
FROHWDP DPRVWUDV H DWUDYpV GH VHQVRUHV HPLWHP RV YDORUHV GH
FRQFHQWUDomRGHDFRUGRFRPDVFDUDFWHUtVWLFDVHUHFXUVRVGHFDGD
HTXLSDPHQWR GHWHFWRU
3DUDTXHDVPHGLo}HVVHMDPHIHWLYDVHRGHWHFWRUDSUHVHQWH
YDORUHV FRQILiYHLV p LPSRUWDQWH FRQKHFHU DV SURSULHGDGHV GRV
JDVHV8PDGDVSULQFLSDLVSURSULHGDGHVpDGHQVLGDGHRXVHMDR
SHVRGRVJDVHV


1RXQLYHUVRGHVXEVWkQFLDVTXtPLFDVRVJDVHVHYDSRUHVVHGLIHUHQFLDPHQWUH
VLDOpPGHPXLWDVFDUDFWHUtVWLFDVDGHQVLGDGH
$ GHQVLGDGH RX SHVR GH XP JiV RX YDSRU p GDGD SHOD FRPSDUDomR GR DU RX
VHMDXPJiVpPDLVSHVDGRTXHRDUTXDQGRVXDGHQVLGDGHIRUPDLRUTXH 4XDQGR
PHQRUTXH VLJQLILFDGL]HUTXHpPDLVOHYH([LVWHPWDPEpPJDVHVHYDSRUHVFXMD
GHQVLGDGHpDPHVPDGRDU6HQGRDVVLPDVPHGLo}HVDWPRVIpULFDVGHYHPDFRQWHFHU
HPGLIHUHQWHVDOWXUDVGHQWURGRDPELHQWHFRQILQDGR6HQGRTXHDVDPRVWUDVFROHWDGDV
QD SDUWH PDLV LQIHULRU GH XP DPELHQWH FRQILQDGR EXVFD HQFRQWUDU VXEVWkQFLDV FRP
GHQVLGDGHPDLRU1DDOWXUDPHGLDQDEXVFDPVHVXEVWkQFLDVFRPDPHVPDGHQVLGDGH
GR DU H QD SDUWH VXSHULRU RX PDLV SUy[LPR GD HVFRWLOKD RX HQWUDGD EXVFDPVH DV
VXEVWkQFLDVPDLVOHYHVRXFRPGHQVLGDGHPHQRU
2 HVTXHPD D VHJXLU DSUHVHQWD FRPR DV PHGLo}HV GHYHP DFRQWHFHU
FRQVLGHUDQGRRIDWRUGHQVLGDGH

(TXLSDPHQWRVSDUDFRQWUROHGRVULVFRV

1DVDWLYLGDGHVHPHVSDoRVFRQILQDGRVWRGRVRVHTXLSDPHQWRVXWLOL]DGRVGHYHP
HVWDUSUHYLVWRVGHDFRUGRFRPDDWLYLGDGHDVHUGHVHQYROYLGDEHPFRPRSDUDRVULVFRV
H[LVWHQWHVQRVDUUHGRUHVGRHVSDoRFRQILQDGRHVHXLQWHULRU
2VHTXLSDPHQWRVYDULDPGHDFRUGRFRPRIDEULFDQWHPDUFDHPRGHOR$SHVDU
GLVVR VXDV IXQo}HV VmR LPSRUWDQWHV SDUD JDUDQWLU D VHJXUDQoD GRV WUDEDOKDGRUHV
(QWUH RV HTXLSDPHQWRV PDLV FRPXQV XWLOL]DGRV HVWmR RV GHWHFWRUHV GH JDVHV
YHQWLODGRUHVH[DXVWRUHVVLVWHPDVGHLOXPLQDomRjSURYDGHH[SORVmRJXLQFKRVWUDYDV
GH VHJXUDQoD H EORTXHLR GH YiOYXODV SODFDV GH DYLVR H VLQDOL]DomR IHUUDPHQWDV H
DFHVVyULRV DOpP GRV HTXLSDPHQWRV GH SURWHomR LQGLYLGXDO FRPR YHVWLPHQWDV
FDSDFHWHV OXYDV yFXORV SURWHomR UHVSLUDWyULD H RXWURV QHFHVViULRV j SUHYHQomR GRV
ULVFRVGHDFLGHQWHVLQHUHQWHVDDWLYLGDGH$VLQIRUPDo}HVVREUHTXDLVHTXLSDPHQWRVD
VHUHPXWLOL]DGRVHVWmRFRQWLGDVQDVUHVSHFWLYDV$35$QiOLVH3UHOLPLQDUGH5LVFR



*HVWmRHPHVSDoRVFRQILQDGRV

$ HPSUHVD GHYH H p UHVSRQViYHO SRU LPSOHPHQWDU D JHVWmR HP VHJXUDQoD H
VD~GHQRWUDEDOKRHPHVSDoRVFRQILQDGRVDWUDYpVGHPHGLGDVWpFQLFDVGHSUHYHQomR
DGPLQLVWUDWLYDV SHVVRDLV H GH HPHUJrQFLD H VDOYDPHQWR GH IRUPD D JDUDQWLU
SHUPDQHQWHPHQWHDPELHQWHVFRPFRQGLo}HVDGHTXDGDVGHWUDEDOKR
$15HPVHXLWHPGL]TXH³$JHVWmRGHVHJXUDQoDHVD~GHGHYHVHU
SODQHMDGD SURJUDPDGD LPSOHPHQWDGD H DYDOLDGD LQFOXLQGR PHGLGDV WpFQLFDV GH
SUHYHQomR PHGLGDV DGPLQLVWUDWLYDV H PHGLGDV SHVVRDLV H FDSDFLWDomR SDUD WUDEDOKR
HPHVSDoRVFRQILQDGRV´
1D JHVWmR GHYHP VHU GHVHQYROYLGRV SURJUDPDV H PHLRV TXH SRVVLELOLWHP R
DFHVVR DV LQIRUPDo}HV UHODFLRQDGDV DRV HVSDoRV FRQILQDGRV GH PRGR TXH WRGRV
VDLEDP LGHQWLILFDU R TXH VmR RQGH HVWmR HVWHV HVSDoRV FRQILQDGRV TXDLV RV ULVFRV
PHLRVGHFRQWUROHHDFHVVRUHVWULWR
2SURJUDPDGHHQWUDGDHPHVSDoRVpXPSURJUDPDJHUDOGRHPSUHJDGRURXVHX
UHSUHVHQWDQWH FRP KDELOLWDomR OHJDO HODERUDGR SDUD FRQWURODU H SURWHJHU RV


WUDEDOKDGRUHV GH ULVFRV HP HVSDoRV FRQILQDGRV H SDUD UHJXODPHQWDU D HQWUDGD GRV
WUDEDOKDGRUHVQHVWHVDPELHQWHV1HOHGHYHPFRQWHURULHQWDo}HVSDUD

x ,GHQWLILFDomRHFDGDVWUR
x &DSDFLWDomRKRXK
x 5HFRQKHFLPHQWRGRVULVFRV
x 3UHSDUDomRSDUDRWUDEDOKR
x &RPXQLFDomR 3HUPLVVmRGHHQWUDGDHWUDEDOKR
x &RQWUROHGH(3,
x 3ODQRGHDEDQGRQR UHVJDWH

,GHQWLILFDomRHFDGDVWUR

&DSDFLWDomRKHK


5HFRQKHFLPHQWRGRVULVFRV

3UHSDUDomRSDUDRWUDEDOKR

&RPXQLFDomR 3HUPLVVmRGHHQWUDGDHWUDEDOKR


&RQWUROHGH(3,

$EDQGRQRHUHVJDWH

7pFQLFDVGHDEDQGRQRHUHVJDWHHPHVSDoRVFRQILQDGRV

5(6*$7( 3DODYUD TXH WUDQVPLWL UHWLUDGD DVVRFLDGD D SUDWLFD HP DFLGHQWHV
VLJQLILFD D UHPRomR GD YtWLPD DWUDYpV GH PHFDQLVPRV RX PHLRV TXH QHFHVVLWDP GH
WpFQLFDVHVSHFtILFDV

6$/9$0(172 SDODYUD TXH WUDQVPLWL VHJXUDQoD DVVRFLDGD D SUDWLFD HP
DFLGHQWHVVLJQLILFDRFRQWUROHHDHVWDELOL]DomRGDYtWLPD



(48,3('(5(6*$7(

6HJXQGR D 1%5 3HVVRDO FDSDFLWDGR H UHJXODPHQWH WUHLQDGR SDUD UHWLUDU
RVWUDEDOKDGRUHVGRVHVSDoRVFRQILQDGRVHPVLWXDomRGHHPHUJrQFLDHSUHVWDUOKHVRV
SULPHLURVVRFRUURV
6HJXQGR D 1)3$ 8PD FRPELQDomR GH SURILVVLRQDLV WUHLQDGRV H
GLVSRQtYHLV SDUD UHVSRQGHU D HPHUJrQFLDV GH HVSDoRV FRQILQDGRV H GHVHPSHQKDU
UHVJDWHV
$15GHWHUPLQDTXHDVHTXLSHVGHHPHUJrQFLDHUHVJDWHHVWHMDGLVSRQtYHO
EHPFRPRDVVHJXUDUTXHRVPHLRVSDUDDFLRQDPHQWRHVWHMDPRSHUDQWHV&DVRHVWHV
FXLGDGRVQmRVHMDPWRPDGRVDVFKDQFHVGHUHVJDWDURVWUDEDOKDGRUHVFRPYLGDVHUmR
SHTXHQDVRXQXODV
5HFRPHQGDVH TXH GXUDQWH WRGD D DWLYLGDGH GHVHQYROYLGD SHORV WUDEDOKDGRUHV
GHQWURGRHVSDoRFRQILQDGRXPDHTXLSHGHUHVJDWHGHYLGDPHQWHWUHLQDGDSUHSDUDGDH
FRQKHFHGRUD GRV ULVFRV QDTXHOH DPELHQWH HVWHMD GH SURQWLGmR MXQWDPHQWH FRP R
WUDEDOKDGRUYLJLDQDHQWUDGDGRHVSDoRFRQILQDGR

3URFHGLPHQWRVGHVHJXUDQoDGDHTXLSHGHUHVJDWH

(80(602(80(602(80(602(48,3(9Ë7,0$

$QWHV GH UHDOL]DU TXDOTXHU UHVJDWH p PHOKRU TXH QRV IDoDPRV DV VHJXLQWHV
SHUJXQWDV
x 7HQKR R HTXLSDPHQWR GH SURWHomR FRUUHWR H DGHTXDGR H R
WUHLQDPHQWRQHFHVViULRSDUDFRPSOHWDUFRPVHJXUDQoDRUHVJDWH"
x 7HQKRXPDHTXLSHGHUHVJDWHTXDOLILFDGDHWUHLQDGD"
x 4XDOpRSRWHQFLDOGHULVFRTXHDFHQDPHRIHUHFH"

1XQFDVHHVTXHoDGH

9HULILFDUVHXVHTXLSDPHQWRVTXDQWDVYH]HVVHIL]HUQHFHVViULR
7HQKD D FHUWH]D TXH WRGRV RV HTXLSDPHQWRV VH HQFRQWUDP HP FRQGLo}HV GH
XVR
5HYLVHWRGRVRVSRQWRVDRQGHWLYHUPRVQyVDPDUUDo}HVHDQFRUDJHP
9HULILTXH DV FRQGLo}HV FOLPiWLFDV SRLV HODV ID]HP j GLIHUHQoD HP XPD
RSHUDomR
5HGREUHDVDWHQo}HVVREUHDVDQFRUDJHQVIL[DV
&XLGHGHVXDHTXLSHFRPRVHFXLGDVVHGHVLPHVPR
6HRVLVWHPDGHDQFRUDJHPHVWLYHUPRQWDGRSHODHTXLSHHDLQGDDVVLPHVWLYHU
RIHUHFHQGRXPPtQLPRGHULVFRPHVPRDVVLPQmRSURVVLJDSRLVVHOHPEUHDVXDYLGD
pRPDLVLPSRUWDQWH

9DQWDJHP0HFkQLFD

8PD IRUoD FULDGD DWUDYpV GH PHLRV PHFkQLFRV TXH HQYROYHP XP VLVWHPD
FRPSRVWRGHDODYDQFDVURODPHQWRVFRUGDVSROLDVHFRQHFWRUHVJHUDOPHQWHJHUDXPD
IRUoDGHVDtGDPHQRUTXHDIRUoDGHHQWUDGD


(VWH VLVWHPD WHUi REULJDWRULDPHQWH TXH SRVVXLU XP VLVWHPD DQWLUUHIOH[R H
SUHIHUHQFLDOPHQWHXPVHJXQGRVLVWHPDEDFNXSRVHXFRQWUROHGHYHUiVHUH[HUFLGRSRU
XPDIRUoDKXPDQDSDUDHYLWDUXPDSDUDGDGRVLVWHPDHPWHPSRUHDO

$VWpFQLFDVSDUDRUHVJDWHHPDPELHQWHVFRQILQDGRVVmRDVPHVPDVXWLOL]DGDV
SDUD RV WUDEDOKRV HP DOWXUD $ DQFRUDJHP QyV H DPDUUDo}HV VHJXHP RV PHVPRV
SULQFtSLRVHQVLQDGRVQRPyGXORDQWHULRU
1R FDVR GRV WUDEDOKRV HP HVSDoRV FRQILQDGRV FXMD 15 UHJXODPHQWD FRPR
GHYHPVHUGHVHQYROYLGRV'XUDQWHRSODQHMDPHQWRGDVDWLYLGDGHVGHYHPVHUSUHYLVWRV
VLVWHPDV GH UHVJDWH TXH SHUPLWHP D UHWLUDGD GR WUDEDOKDGRU GR LQWHULRU GR DPELHQWH
VHPDQHFHVVLGDGHGHHQWUDGDGRUHVJDWLVWD TXDQGRIRUSRVVtYHO
2DEDQGRQRGRORFDOGHWUDEDOKRGHYHDFRQWHFHUVHPSUHTXHTXDOTXHUFRQGLomR
GHULVFRVHMDLGHQWLILFDGDVHMDSHORDODUPHGRGHWHFWRUGHJDVHVRXSHODH[SHULrQFLDH
DQiOLVHGRWUDEDOKDGRUYLJLD$SyVRDEDQGRQRRVWUDEDOKRVVySRGHUmRVHUUHWRPDGRV
DSyVQRYDDQiOLVHGHULVFRHPHGLGDVSUHYHQWLYDVIRUHPWRPDGDVSDUDTXHRULVFRGH
DFLGHQWHQmRH[LVWDQRYDPHQWH





&DVR VHMD LGHQWLILFDGD TXDOTXHU FRQGLomR GH ULVFR GXUDQWH DV DWLYLGDGHV
GHVHQYROYLGDVQRLQWHULRUGRHVSDoRFRQILQDGRRXDUUHGRUTXHSRQKDPHPULVFRRXWUDV
iUHDVDRUHGRUGHYHUiVHUDFLRQDGRRDODUPHJHUDOGHDEDQGRQRHDo}HVGHFRQWUROH
GHYHUiVHUWRPDGRLPHGLDWDPHQWHSDUDTXHRVGDQRVVHMDPHYLWDGRVRXPLQLPL]DGRV
$JRUD TXH RV FRQFHLWRV GH HVSDoRV FRQILQDGRV SHULJRV H ULVFRV PHLRV GH
FRQWUROHHERDVSUiWLFDVIRUDPHVFODUHFLGRVYHUHPRVQDLQWHJUDD15



/LomR &21&(,726

FDSD]HVGH

&LWDURVWUrVWLSRVGHHQFDUFHUDPHQWR
2EMHWLYRV 'HILQLU D QHFHVVLGDGH GH UHPRomR FRQWURODGD HRX
LPHGLDWD
'HILQLU H DSOLFDU R DWHQGLPHQWR VLVWHPDWL]DGR
6$9(5 DWUDYpVGHWRGDVDVVXDVIDVHV

)HYHUHLUR±5HVJDWH9HLFXODU 03


&21&(,726

6$/9$0(172

8PVDOYDPHQWRFRQVLVWHHPUHWLUDUDOJXpPGHXPDVLWXDomRGHSHULJR$DWXDomRGRV
ERPEHLURV QXPD RSHUDomR GH VDOYDPHQWR YLVD QmR Vy VDOYDU YLGDV PDV WDPEpP JDUDQWLU D
TXDOLGDGHGHYLGDGDVYtWLPDV

(1&$5&(5$0(172

'HILQHVHHQFDUFHUDGR ILJ FRPRWRGDDSHVVRDTXHWHQGRVRIULGRXPDFLGHQWHVH
HQFRQWUDFRQILQDGDDXPHVSDoRGRTXDOQmRSRGHVDLUSHORVVHXVSUySULRVPHLRVTXHUGHYLGRD
OHV}HVVRIULGDVRXSRUHVWDUSUHVDSHORVPDWHULDLVHQYROYHQWHV
$V YtWLPDV HQFDUFHUDGDV PHVPR TXH QmR DSUHVHQWHP OHV}HV SRGHP FRP DOJXPD
IDFLOLGDGHHQWUDUHPSkQLFR&RPRVHHQFRQWUDPOLPLWDGDVDXPHVSDoRItVLFRFRQILQDGRGHRQGH
QmRFRQVHJXHPVDLUSHORVVHXVSUySULRVPHLRVSRGHPILFDUDJLWDGDVDJUDYDQGRRVHXHVWDGRGH
VD~GH6HDHVWHIDWRVHDFUHVFHQWDUOHV}HVTXHDVYtWLPDVSRVVDPDSUHVHQWDUPDLVGLItFLOVHUiD
VXD HVWDELOL]DomR e IXQGDPHQWDO SUHVWDU D PDLRU DWHQomR D WRGDV DV YtWLPDV HQFDUFHUDGDV
DSUHVHQWHPRXQmROHV}HV2HQFDUFHUDPHQWRSRGHVHUFODVVLILFDGRHPWUrVJUXSRVGLVWLQWRV

x (QFDUFHUDPHQWR PHFkQLFR ± VLWXDomR HP TXH DV YtWLPDV HPERUD SRVVDP QmR
DSUHVHQWDU OHV}HV GHYLGR j GHIRUPDomR GR YHtFXOR DFLGHQWDGR HVWmR LPSRVVLELOLWDGDV GH
VDLUGRPHVPRSHORVVHXVSUySULRVPHLRV
x (QFDUFHUDPHQWRItVLFRWLSR,±VLWXDomRHPTXHDVYtWLPDVDSUHVHQWDPOHV}HVTXH
UHTXHUHPDFULDomRGHXPHVSDoRDGLFLRQDOSDUDSRGHUHPFRQGLo}HVGHVHJXUDQoDSUHVWDU
RVFXLGDGRVGHHPHUJrQFLDQHFHVViULRVjVXDHVWDELOL]DomRHSDUDTXHDH[WUDomRVHMDDPDLV
FRQWURODGDSRVVtYHO
x (QFDUFHUDPHQWR ItVLFR WLSR ,, ± VLWXDomR HP TXH DV YtWLPDV DSUHVHQWDP OHV}HV
GHYLGR jV HVWUXWXUDV FRPSRQHQWHV GR YHtFXOR HVWDUHP HP FRQWDWR RX WHUHP SHQHWUDGR QR
VHXSUySULRFRUSR


'(6(1&$5&(5$0(172

2GHVHQFDUFHUDPHQWRFRQVLVWHQDH[WUDomRGHYtWLPDVHQFDUFHUDGDVUHWLUDQGRDVQDV
PHVPDV FRQGLo}HV RX HP FRQGLo}HV PDLV HVWiYHLV GR TXH DTXHODV HP TXH VH HQFRQWUDYDP
TXDQGRDVDo}HVGHVRFRUURWLYHUDPLQtFLR8PDFLGHQWHSRGHVHUGHILQLGRFRPRRUHVXOWDGRGH
XPDFRQWHFLPHQWRUHSHQWLQRHLPSUHYLVWRSURYRFDGRSHODDomRGRKRPHPRXGDQDWXUH]DFRP
GDQRVVLJQLILFDWLYRVHHIHLWRVPXLWRVOLPLWDGRVQRWHPSRHQRHVSDoRVXVFHSWtYHLVGHDWLQJLUHP
DVSHVVRDVRVEHQVRXRDPELHQWH

$VVXPLQGRTXHQmRH[LVWHPGRLVDFLGHQWHVLJXDLVDVHTXLSHVGHGHVHQFDUFHUDPHQWR
ILJ GHYHPVHJXLUXPDPHWRGRORJLDSUHYLDPHQWHHVWDEHOHFLGDVREDIRUPDGHSURFHGLPHQWRV
GH VDOYDPHQWR VLVWHPDWL]DGR TXH RULHQWH D VXD DWXDomR (VWD PHWRGRORJLD GHYHUi VHU
VXILFLHQWHPHQWH IOH[tYHO SDUD VHU DSOLFDGD QRV GLIHUHQWHV FHQiULRV TXH SRGHUmR VHU HQFRQWUDGRV
QDVGLYHUVDVLQWHUYHQo}HV

1XPDFLGHQWHFRPYtWLPDVRWHPSRGHDWXDomRpXPIDWRUGHH[WUHPDLPSRUWkQFLD
VREUHWXGRTXDQGRHVWDVVHHQFRQWUDPHQFDUFHUDGDV$RFKHJDUDRORFDOGRDFLGHQWHRFKHIHGR
SULPHLUR YHtFXOR DVVXPH DV IXQo}HV GH GHPDQGDQWH GDV RSHUDo}HV GH VRFRUUR H WHP TXH WRPDU
GHFLV}HV UiSLGDV GDQGR LQtFLR jV Do}HV DGHTXDGDVSDUD XPDERD JHVWmR GR WHDWUR GH RSHUDo}HV
72


$ PHWRGRORJLD D VHJXLU GHVHQYROYHVH HP IDVHV GLVWLQWDV FDGD XPD GDV TXDLV GHYH
VHUDYDOLDGDHFRQFUHWL]DGDDQWHVGHVHSDVVDUjIDVHVHJXLQWH2FXPSULPHQWRGDVGLYHUVDVIDVHV
GH DWXDomR JDUDQWH XP SURFHGLPHQWR QRUPDOL]DGR HP TXH FDGD HOHPHQWR GD HTXLSH GH
VDOYDPHQWRVDEHRTXHOKHFRPSHWHH[HFXWDU
2PpWRGRDXWLOL]DUpR 6$9(56\VWHPDWLF$SSURDFKWR9LFWLP(QWUDSPHQW
5HVFXH ),* TXH FRQVLVWH QD DERUGDJHP VLVWHPDWL]DGD QR VDOYDPHQWR GH YtWLPDV
HQFDUFHUDGDVDWUDYpVGDVVHJXLQWHVIDVHV
5HFRQKHFLPHQWR(VWDELOL]DomR
$EHUWXUDGHDFHVVRV&XLGDGRVSUpKRVSLWDODUHV
&ULDomRGHHVSDoR([WUDomR
$YDOLDomRHWUHLQR


6$/9$0(1726,67(0$7,=$'2±)$6(6'($78$d2

$DWXDomRVHJXHDPHWRGRORJLDVLVWHPDWL]DGDMiUHIHULGDGHDFRUGRFRPR0pWRGR
6$9(5SDVVDQGRDVUHVSHFWLYDVIDVHV

5HFRQKHFLPHQWR

2WUDEDOKRGDFHQWUDOGHFRPXQLFDo}HVpIXQGDPHQWDOWDQWRQDUHFHSomRGDFKDPDGD
GHVRFRUURQDUHFROKDGHGDGRVVREUHRDFLGHQWHHQDDWLYDomRGRVPHLRVTXHGHYHVHUIHLWDFRP
D PDLRUEUHYLGDGHSRVVtYHO 'XUDQWH R WUDMHWRSDUDR ORFDO GR DFLGHQWH R FKHIH GD HTXLSH GHYH
LPDJLQDU R FHQiULR TXH YDL HQFRQWUDU EDVHDQGRVH QDV LQIRUPDo}HV IRUQHFLGDV SHOD FHQWUDO GR
FRUSRGHERPEHLURV &% $RDSUR[LPDUVHGRORFDODVSULPHLUDVREVHUYDo}HVGDUmRD
LQGLFDomRVREUH
x 2 PHOKRU ORFDO SDUD SRVLFLRQDU R YHtFXOR GH VRFRUUR 6H HVWH IRU R SULPHLUR D
FKHJDUDRORFDOGHYHSURFHGHUVHDXPHVWDFLRQDPHQWRGHIHQVLYR ILJ FRORFDQGR
RFHUFDGHDQWHVGRDFLGHQWHHGHIRUPDDSURWHJHUDHTXLSHGHVRFRUUR(VWDQGRD
iUHDGRDFLGHQWHMiLVRODGDSHODVIRUoDVGHVHJXUDQoDRVYHtFXORVGHVRFRUURGHYHUmR
HVWDFLRQDUQR0tQLPRPGHSRLVGRDFLGHQWH



x $VFRQGLo}HVJHUDLVGHVHJXUDQoDGRORFDOGRDFLGHQWH
x $ QHFHVVLGDGH GH DFLRQDPHQWR GH PHLRV DGLFLRQDLV TXH GHYHP GH LPHGLDWR VHU
VROLFLWDGRVjFHQWUDOGR&%
2 GHVHPEDUTXH GD JXDUQLomR GR YHtFXOR GH VRFRUUR GHYHUi VHU HIHWXDGR GR ODGR
VHJXURQRUPDOPHQWHGRODGRGLUHLWR ILJ 2FKHIHGHHTXLSHIDFHDRFHQiULRUHDOGRDFLGHQWH
GLVWULEXL DV WDUHIDV D UHDOL]DU SHORV UHVWDQWHV HOHPHQWRV GH PRGR D JDUDQWLU XP VRFRUUR
VLVWHPiWLFRUiSLGRHVHJXUR

(VWDELOL]DomR

(VWDELOL]DU R ORFDO p D JDUDQWLD GD VHJXUDQoD QR WHDWUR GH RSHUDo}HV 2 FKHIH GH
HTXLSHGHYHYHULILFDUDH[LVWrQFLDGHSHULJRSDUD
x $HTXLSHGHVRFRUUR
x $VYtWLPDV
x 2VFXULRVRV

3DUD JDUDQWLU D VHJXUDQoD QR WHDWUR GH RSHUDo}HV p QHFHVViULR FULDU XPD iUHD GH
WUDEDOKRVHJXUDHPUHGRUGRYHtFXORDFLGHQWDGRHQRVHXLQWHULRUYHULILFDQGRVHPSUHDH[LVWrQFLD
GHULVFRVWDLVFRPR
x 7UkQVLWR
x ,QFrQGLR
x )XJDVGHJiVGHUUDPHGHFRPEXVWtYHLVRXSUHVHQoDGHRXWUDVPDWpULDVSHULJRVDV
x 9HtFXORVRXPDWHULDLVLQVWiYHLV


x $LUEDJVQmRDWLYDGRV
x 4XHGDGHFDERVHOpWULFRV
x &RQGLo}HVPHWHRUROyJLFDVDGYHUVDV
x *UDQGHQ~PHURGHFXULRVRV

$V PHGLGDV GH VHJXUDQoD SDUD PLQLPL]DU RV ULVFRV LGHQWLILFDGRV DQWHULRUPHQWH
GHYHUmR VHU DGDSWDGDV DQWHV GR LQtFLR GDV Do}HV GH GHVHQFDUFHUDPHQWR 3DUD JDUDQWLU TXH D
PLVVmRpH[HFXWDGDGHIRUPDVHJXUD

x $ HTXLSH GH VRFRUUR GHYH XWLOL]DU YHVWXiULR H HTXLSDPHQWR GH SURWHomR LQGLYLGXDO
DGHTXDGRV
x 2ORFDOGHYHHVWDUSURWHJLGR HVWDFLRQDPHQWRGHIHQVLYRHLVRODPHQWRGDiUHDGHWUDEDOKR
FRPFRQHVRXILWDGHEDOL]DPHQWR ILJ
x $iUHDGHWUDEDOKRGHYHHVWDUOLYUHGHSHVVRDVHREMHWRV
x 2VFXULRVRVGHYHPHVWDUDIDVWDGRV
x 2YHtFXORDFLGHQWDGRGHYHHVWDUHVWDELOL]DGR


([LVWHPWUrVWLSRVGHHVWDELOL]DomR

x (VWDELOL]DomR GR ORFDO ± YHtFXORV RX REMHWRV LQVWiYHLV TXH RIHUHoDP SHULJR
GXUDQWH DV RSHUDo}HV GH VRFRUUR SRU H[HPSOR XPD iUYRUH TXH SRU WHU VLGR
DWLQJLGDSRUXPYHtFXORSRVVDFDLU
x (VWDELOL]DomRGRVYHtFXORV±YHtFXORVDFLGHQWDGRVFRPSHVVRDVHQFDUFHUDGDVQR
LQWHULRU SDUD QmR DJUDYDU D VLWXDomR GDV YtWLPDV GHYLGR j PRYLPHQWDomR
GHVQHFHVViULDGDTXHOHV
x (VWDELOL]DomRSURJUHVVLYD±FDUJDV LQFOXLQGRRSUySULRYHtFXOR GXUDQWHHDSyVD
RSHUDomR GH XWLOL]DomR GH HTXLSDPHQWR GH HOHYDomR H[WHQVRU PDFDFRV
DOPRIDGDVHWF

$ DSOLFDomR GH HTXLSDPHQWR GH HVWDELOL]DomR QmR SRGH LQYLDELOL]DU R DFHVVR DR
LQWHULRUGRVYHtFXORVRXDUHPRomRGDVYtWLPDV

$EHUWXUDGHDFHVVRV

(VWHpRSURFHGLPHQWRTXHSHUPLWHjHTXLSHSUpKRVSLWDODUDSUR[LPDUVHGDYtWLPD
SDUDSUHVWDURVFXLGDGRVQHFHVViULRV'HYHPVHUXWLOL]DGRVRVDFHVVRVPDLVIiFHLVUiSLGRVH
VHJXURVWDLVFRPRSRUWDVRXMDQHODVDEHUWDV ILJ SHUPLWLQGRXPDUiSLGDDSUR[LPDomRj
YtWLPD



4XDQGRVHXWLOL]DUHTXLSDPHQWRKLGUiXOLFRRXIHUUDPHQWDVPDQXDLVDDEHUWXUDGH
DFHVVRVGHYHLQLFLDUVHSHORSRQWRPDLVDIDVWDGRGDYtWLPD

&XLGDGRVSUpKRVSLWDODUHV

$HTXLSHSUpKRVSLWDODUSUHVWDRVFXLGDGRVSDUDRVTXDLVHVWiKDELOLWDGD$DSOLFDomR
GHVWDVWpFQLFDVUHYHODVHH[WUHPDPHQWHGLItFLOQRLQWHULRUGHXPYHtFXORFRPHQFDUFHUDGRVSHOR
TXHVHWRUQDQHFHVViULRFULDUHVSDoR'HYHVHUFRQVLGHUDGDDSRVVLELOLGDGHGHUHPRomRGRWHWRRX
DDEHUWXUDGHXPDSRUWDSDUDSHUPLWLURDFHVVRjYtWLPDYLDELOL]DQGRDDYDOLDomRHSUHVWDomRGRV
FXLGDGRVSUpKRVSLWDODUHVFRPYLVWDjVXDHVWDELOL]DomR ILJ 2UHVSRQViYHOSHODHTXLSDSUp
KRVSLWDODUGHWHUPLQDHPFRQMXQWRFRPRFKHIHGDHTXLSHGHGHVHQFDUFHUDPHQWRDPHOKRUIRUPD
GHHIHWXDUDH[WUDomR

'XUDQWHDVRSHUDo}HVRFKHIHGDHTXLSHGHGHVHQFDUFHUDPHQWRGHYHHVWDULQIRUPDGR
GR HVWDGR GD YtWLPD GHYHQGR VHUOKH FRPXQLFDGDV DV DOWHUDo}HV GDV FRQGLo}HV FOtQLFDV H GR
WHPSRGLVSRQtYHOSDUDRGHVHQFDUFHUDPHQWR
1DSUHVHQoDGDYtWLPDDIRUPDGHFRPXQLFDomRHQWUHRVHOHPHQWRVGDHTXLSHGHYH
VHU GH SUHIHUrQFLD JHVWXDO (VWH SURFHGLPHQWR WHP SRU REMHWLYR SURWHJHU D YtWLPD GH TXDOTXHU
FRPHQWiULR

&ULDomRGHHVSDoR



(VWD IDVH GHVHQYROYHVH HP VLPXOWkQHR FRP D IDVH DQWHULRU H WHP SRU REMHWLYR D
FULDomR GH HVSDoR VXILFLHQWH ILJ SDUD SUHVWDU RV FXLGDGRV SUpKRVSLWDODUHV j YtWLPD H
SRVWHULRUPHQWH IDFLOLWDU D VXD UHPRomR GR LQWHULRU GR YHtFXOR FRP R PHQRU Q~PHUR GH
PRYLPHQWRV $V Do}HV GD HTXLSH GH GHVHQFDUFHUDPHQWR GHVHQYROYHPVH HP IXQomR GDV
LQGLFDo}HV GD HTXLSH SUpKRVSLWDODU (VWD GHYH H[SOLFLWDU R TXH SUHWHQGH H HVWDEHOHFHU FRP R
FKHIH GD HTXLSH GH GHVHQFDUFHUDPHQWR RX VHMD DV Do}HV D GHVHQYROYHU WHQGR HP DWHQomR R
WHPSRGLVSRQtYHO


([WUDomR

$SyV R GHVPDQWHODPHQWR GR YHtFXOR GHYLGDPHQWH HVWDELOL]DGR TXH JDUDQWLX R
HVSDoRQHFHVViULRSDUDUHPRYHUDYtWLPDHPSHUIHLWDVFRQGLo}HVGHVHJXUDQoDVHJXHVHDIDVHGH
H[WUDomR'HYHXWLOL]DURVHJXLQWHSURFHGLPHQWR

x 5HPRYHUDYtWLPDFRPDFRRUGHQDomRGDHTXLSHSUpKRVSLWDODU
x 0DQWHUDFRPXQLFDomRFRPRFKHIHGDHTXLSHGHGHVHQFDUFHUDPHQWR
x 'HWHUPLQDU SUHYLDPHQWH DV RUGHQV SDUD PRYLPHQWDU D YtWLPD GHILQLQGR D GLUHomR H
HVWDEHOHFHQGRRHVSDoRDSHUFRUUHU
x *DUDQWLU TXH WRGRV RV HOHPHQWRV HQYROYLGRV QD UHPRomR GD YtWLPD FRPSUHHQGHUDP DV
LQGLFDo}HVHRVSDVVRVDVHJXLU ILJ

$V RSo}HV GH H[WUDomR WHQGR HP FRQVLGHUDomR R IDWRU WHPSR GHSHQGHP GH YiULRV
LQGLFDGRUHVTXHSHUPLWHPDRFKHIHGHHTXLSHGHFLGLUHQWUHDH[WUDomRFRQWURODGDHDLPHGLDWD

$ H[WUDomR FRQWURODGD ILJ p HIHWXDGD TXDQGR DV FRQGLo}HV FOtQLFDV GD YtWLPD
SHUPLWHP WHU WHPSR SDUD SURFHGHU j OLEHUWDomR H SUHVWDomR GRV FXLGDGRV SUpKRVSLWDODUHV
DGHTXDGRV



$FULDomRGHHVSDoRSHUPLWHHIHWXDUXPDPHOKRUHVWDELOL]DomRGDYtWLPDOLEHUWDQGRD
iUHDQHFHVViULDSDUDDVXDFRUUHWDH[WUDomR
$ H[WUDomR LPHGLDWD ILJ GHYH VHU HIHWXDGD DSHQDV TXDQGR R HVWDGR GD YtWLPD
QmRSHUPLWHSHUGHUWHPSR$YtWLPDWHPTXHVHULPHGLDWDPHQWHUHPRYLGDGRYHtFXORSDUDVHUHP
PLQLVWUDGRVRVFXLGDGRVSUpKRVSLWDODUHVDGHTXDGRV

(VWH WLSR GH H[WUDomR GHYHUi VHU HIHWXDGR TXDQGR R HVWDGR GD YtWLPD LQGLTXH
FRPSURPHWLPHQWRGDVIXQo}HVYLWDLVHTXDQGRH[LVWDSHULJRSDUDDHTXLSHGHVRFRUURRXSDUDD
YtWLPDFRPRSRUH[HPSORLQFrQGLRVXEPHUVmRDWPRVIHUDWy[LFDHQWUHRXWURV1RHQWDQWRHVWH


SURFHGLPHQWRGHYHVHUH[HFXWDGRGHIRUPDDSUHYHQLUQRYDVOHV}HVQDYtWLPDVHQGRLPSRVVtYHO
GHH[HFXWDUSHUDQWHXPHQFDUFHUDPHQWRItVLFRWLSR,,

$YDOLDomRHWUHLQR
8PDFRUUHWDDYDOLDomRGRWUDEDOKRHIHWXDGRQRORFDOGRDFLGHQWHSHUPLWHYHULILFDUR
TXH IRL IHLWR FRUUHWDPHQWH R TXH GHYH VHU FRUULJLGR H R TXH SRGH VHU PHOKRUDGR HP IXWXUDV
DWXDo}HVLVWRpTXHOLo}HVIRUDPDSUHQGLGDV
&RP WRGRV RV HOHPHQWRV HQYROYLGRV QD RSHUDomR ORJR TXH SRVVtYHO GHSRLV GR
DFLGHQWHGHYHVHUIHLWDDDYDOLDomRGDDWXDomRGDHTXLSHVDOLHQWDQGRRVDVSHFWRVTXHGHYDPVHU
FRUULJLGRVHPHOKRUDGRV
(VWDDYDOLDomRSRGHQmRGLVSHQVDURXWUDSRVWHULRUPHQWHQRTXDUWHOHQYROYHQGRPDLV
ERPEHLURV
1D VHTXrQFLD GD DYDOLDomR HIHWXDGD SRGH FRQFOXLUVH GD QHFHVVLGDGH GH H[HFXWDU
IRUPDomRSUiWLFDTXHVHDSUR[LPHGDUHDOLGDGH2WUHLQRGHYHFRQWHPSODURVVHJXLQWHVDVSHFWRV
x 6HUPXOWLGLVFLSOLQDU
x 5HFRUUHUDYtWLPDVVLPXODGDV
x 8WLOL]DUYHtFXORVDFLGHQWDGRV
x (QYROYHUPHLRVGHFRPXQLFDomR



/LomR 25*$1,=$d2'$6
23(5$d®(6'(

62&2552

FDSD]HVGH

'HVFUHYHUDFRUUHWDRUJDQL]DomRGRWHDWURGH
RSHUDo}HV
'HILQLUFtUFXORV,QWHUQRVH([WHUQRV
'HILQLUDVIXQo}HVGDHTXLSHGH
GHVHQFDUFHUDPHQWRHVXDVSDUWLFXODULGDGHV



25*$1,=$d2'$623(5$d®(6'(62&2552

$ RUJDQL]DomR GDV RSHUDo}HV GH VRFRUUR FRQWHPSOD DVSHFWRV TXH SRGHP VHU
GHWHUPLQDQWHV QD TXDOLGDGH GR VRFRUUR SUHVWDGR 6DOLHQWDPVH D RUJDQL]DomR GR WHDWUR GH
RSHUDo}HVHGDHTXLSHGHVRFRUUR

25*$1,=$d2127($752'(23(5$d®(6

eYLWDOHVWDEHOHFHURPDLVSUHFRFHPHQWHSRVVtYHORFRQWUROHGRWHDWURGHRSHUDo}HV
6H QmR VH FRQVHJXLU FRQWURODU R ORFDO GR DFLGHQWHWRGR R WUDEDOKR HVWDUi FRPSURPHWLGR VHQGR
SUDWLFDPHQWHLPSRVVtYHOSURFHGHUDXPVDOYDPHQWRVLVWHPiWLFR
(VWD p XPD UHVSRQVDELOLGDGH GR FKHIH GH HTXLSH FXMD DV RUGHQV GHYHP VHU
SURQWDPHQWHFXPSULGDVSHORUHVWDQWHGRVHOHPHQWRV2FRQWUROHGRWHDWURGHRSHUDo}HVLPSOLFD
QRHVWDEHOHFLPHQWRGDiUHDGHWUDEDOKRFRPSRVWDSRU

x =RQDGHWUDEDOKRLQWHULRU
x =RQDGHWUDEDOKRH[WHULRU

=21$'(75$%$/+2,17(512

$]RQDGHWUDEDOKRLQWHULRUpXPHVSDoROLPLWDGRSRUXPDOLQKDLPDJLQiULDDIDVWDGD
FHUFDGHFLQFRPHWURVHPUHGRUGRDFLGHQWH ILJ 7rPDFHVVRDHVWD]RQDDSHQDVDVHTXLSHV
GHGHVHQFDUFHUDPHQWRHSUpKRVSLWDODU7RGRVRVGHVWURoRVGHYHPVHUUHPRYLGRVSDUDIRUDGHVWD
]RQD YLGURVSDUWHVUHWLUDGDVGRYHtFXORRXTXDOTXHURXWURREMHWR 2REMHWLYRGHVWDUHPRomRp
PDQWHU HVWD ]RQD R PDLV OLPSDSRVVtYHOSRLVWRGD D DomR GH VRFRUUR LUi GHVHQYROYHUVH QR VHX
LQWHULRU$SHQDVGHYHUmRSHUPDQHFHUQRLQWHULRUGD]RQDRVHOHPHQWRVTXHLUmRH[HFXWDUDOJXPD
WDUHIDEHP FRPR IHUUDPHQWDV H HTXLSDPHQWRV TXH YmR VHU XWLOL]DGRV RX TXH VHMDP VROLFLWDGRV
7RGRRUHVWDQWHGRSHVVRDOPDWHULDOHHTXLSDPHQWRVGHYHUiPDQWHUVHQRVHXH[WHULRUQXPORFDO
SUHYLDPHQWHGHVLJQDGR



=21$'(75$%$/+2(;7(5,25

eXPD]RQDGHOLPLWDGDFRPFHUFDGHPHWURVHPUHGRUGRDFLGHQWHGHPDUFDGDQR
VHX OLPLWH H[WHULRU FRP ILWD GH EDOL]DPHQWR RX RXWUR PDWHULDO GLVSRQtYHO ILJ 1R VHX
LQWHULRUHIRUDGD]RQDGHWUDEDOKRLQWHULRUGHYHPVHUHVWDEHOHFLGRVTXDWURORFDLV

'HSyVLWRGHGHVWURoRV
(TXLSDPHQWRGHGHVHQFDUFHUDPHQWR
(TXLSHGHDWHQGLPHQWRSUpKRVSLWDODU
(TXLSDPHQWRFRPSOHPHQWDU



7RGRV RV RXWURV HOHPHQWRV HQIHUPHLURV PpGLFRV SURILVVLRQDLV QD iUHD GD VD~GH
DXWRULGDGHVFRPXQLFDomRVRFLDOHFXULRVRVGHYHUmRPDQWHUVHIRUDGD]RQDGHWUDEDOKRH[WHULRU

(48,3('('(6(1&$5&(5$0(172

&RPDDGRomRGRPpWRGR6$9(5VHUiEHPPDLVVLPSOHVDWULEXLUDIXQomRGHFDGD
HOHPHQWR H DV UHVSHFWLYDV WDUHIDV VHQGR SRVVtYHO DXPHQWDU RX GLPLQXLU DV HTXLSHV GH
GHVHQFDUFHUDPHQWR QDV GLYHUVDV iUHDV GH DWXDomR FRQVRDQWH D VLWXDomR QR ORFDO GR DFLGHQWH
VDOYDJXDUGDQGRRUHFRQKHFLPHQWRTXHGHYHVHUHIHWXDGRVHPSUHGRPHVPRPRGR
$ HTXLSH GH GHVHQFDUFHUDPHQWR LQWHJUDVH QXPD HTXLSH GH VRFRUUR PDLV DPSOD D
TXDO HQJORED WRGRV RV LQWHUYHQLHQWHV QDV Do}HV GH VRFRUUR QR WHDWUR GH RSHUDo}HV


GHVLJQDGDPHQWH D HTXLSH GH SUpKRVSLWDODU SROLFLDLV H VH QHFHVViULR PHLRV FRPSOHPHQWDUHV
HVSHFLDOL]DGRV UHERTXHVJUXDVHVSHFLDOLVWDVGHPDWpULDVSHULJRVDVHWF
2 VXFHVVR GD LQWHUYHQomR GHSHQGH GR ERP HQWHQGLPHQWR HQWUH WRGDV DV HTXLSHV
HQYROYLGDVHGRGHVHPSHQKRVLVWHPiWLFRGDVUHVSHFWLYDVWDUHIDV2VGHPDLVERPEHLURVSUHVHQWHV
SRGHP DX[LOLDU QD LQWHUYHQomR DVVHJXUDQGR D UHQGLomR RX H[HFXWDQGR RXWUDV WDUHIDV TXH
JDUDQWDPDVHJXUDQoDQRORFDO
6DOLHQWDVHDREULJDWRULHGDGHGHWRGRVRVHOHPHQWRVGDHTXLSHGHGHVHQFDUFHUDPHQWR
XWLOL]DUHP YHVWXiULR H HTXLSDPHQWR GH SURWHomR LQGLYLGXDO DGHTXDGRV MDTXHWD H FDOoDV GH
DSUR[LPDomRDRIRJRFDSDFHWHFRPYLVHLUDyFXORVGHSURWHomROXYDVHERWDV
$HTXLSDGHGHVHQFDUFHUDPHQWRpFRQVWLWXtGDSRUVHLVHOHPHQWRV ILJVD FXMDV
GHVLJQDo}HVHDWULEXLo}HVVmRDVVHJXLQWHV
&KHIHGH(TXLSH Q ±pRHOHPHQWRPDLVJUDGXDGR GDHTXLSHTXHGHYHUiVHU
IDFLOPHQWH LGHQWLILFDGR SDUD VHU UHFRQKHFLGR FRPR WDO (VWD IXQomR GHYH VHU GHVHPSHQKDGD
SUHIHUHQFLDOPHQWH SRU XP HOHPHQWR FRP IRUPDomR HVSHFtILFD GH FKHIH GH HTXLSH GH
GHVHQFDUFHUDPHQWR
2 FKHIH GH HTXLSH IDFH DR FHQiULR UHDO GR DFLGHQWH GLVWULEXL DV WDUHIDV D UHDOL]DU
SHORV HOHPHQWRV GD HTXLSH GH PRGR D JDUDQWLU XPD DWXDomR UiSLGD H VHJXUD WUDQVPLWLQGR DV
RUGHQV GH IRUPD FRQFLVD FODUD XWLOL]DQGR IUDVHV FXUWDV H JDUDQWLQGR TXH HVWDV IRUDP
FRQYHQLHQWHPHQWHFRPSUHHQGLGDV
$VHJXUDQoDpGDUHVSRQVDELOLGDGHGRHOHPHQWRPDLVJUDGXDGRQRWHDWURGHRSHUDo}HV



x *DUDQWLURGHVORFDPHQWRUiSLGRHVHJXURDWpRORFDOGDRFRUUrQFLD
x (VWDEHOHFHU DYDOLDomR LQLFLDO DYDOLDUMXOJDU GHFLGLU H RUGHQDU DQWHV PHVPR GHSDUDU R
YHtFXOR
x 'HFLGLUSHORORFDOGHHVWDFLRQDPHQWRGRYHtFXORGH5(6*$7(HGRVGHPDLVTXHSRVVDP
YLUDVHUXWLOL]DGRV
x (VWDEHOHFHUXPSODQRGHHYDFXDomRGRORFDOGHIRUPDUiSLGDHVHJXUDVHQHFHVViULR
x 5HSRUWDUDVLWXDomRD&HQWUDOGHFRPXQLFDo}HVHGHFLGLUSHODQHFHVVLGDGHGHDSRLR
x (VWDEHOHFHUSRVWRGHFRPDQGRHGLVWULEXLUIXQo}HV
x /LEHUDUYHtFXORVQmRXWLOL]DGRVQDRSHUDomR
x $YDOLDUFRQVWDQWHPHQWHDHYROXomRHFRQGLo}HVGRFHQiULRGDHPHUJrQFLD
x $VVHJXUDUTXHWRGRVRVUHVJDWLVWDVHGHPDLVERPEHLURVHQYROYLGRVQDFHQDGR5(6*$7(
HVWHMDPXWLOL]DQGRRV(3,¶VQHFHVViULRVLQFOXVLYHHOH
x (VWDEHOHFHU D HVWUDWpJLD GH 5(6*$7( DWR GH H[WULFDomR H PRQLWRUDU RV %RPEHLURV QD
H[HFXomRFRRUGHQDQGRDVHTXLSHVSUHVHQWHVQDFHQD
x 0DQWHUDLQWHUDomRFRPRXWUDVHTXLSHVJDUDQWLQGRDVHJXUDQoDQRORFDOGRDWHQGLPHQWRH
DLQWHJULGDGHGD V YtWLPD V
x 3UHVWDU GHSRLPHQWRV jV HTXLSHV GH LPSUHQVD H UHODFLRQDPHQWRV FRP HTXLSHV GH DSRLR
TXDQGRVROLFLWDGR

2SHUDGRUHVGH)HUUDPHQWDV QHQ ±WUDEDOKDPHPFRQMXQWRXWLOL]DQGRDV
IHUUDPHQWDVHWRGRRPDWHULDOQHFHVViULRGLVSRQtYHOGHYHQGR

x ([HFXWDU WRGDV DV Do}HV WpFQLFDV HVWDELOL]DomR GR YHtFXOR H FDUJDV FULDomR GH HVSDoR
SDUDDFHVVRDYtWLPDVPDQXVHDPHQWRGHYLGURVHWF
x 2SHUDU FRP DV IHUUDPHQWDV GH GHVHQFDUFHUDPHQWRSDUD UHPRYHU DVSDUWHV GR YHtFXOR GH
PRGRVLVWHPiWLFRFRPYLVWDjFULDomRGRHVSDoRQHFHVViULRjH[WUDomRGDVYtWLPDV



(OHPHQWR GH VHJXUDQoD Q HVWH HOHPHQWR ]HOD SHOD VHJXUDQoD GDV YtWLPDV
HTXLSHGHVRFRUURHFXULRVRVGHYHQGRQRPHDGDPHQWH
x $FRPSDQKDURFKHIHGHHTXLSHQRUHFRQKHFLPHQWR DYDOLDomRGHULVFRV
x &RQWURODURVSHULJRV
x &RQWURODUDHVWDELOL]DomR
x 'HVOLJDUDVEDWHULDVGRVYHtFXORVDFLGHQWDGRV
x 5HPRYHURVGHVWURoRV
x &RQWURODUXPSRVVtYHOGHUUDPHGHFRPEXVWtYHO
x &RORFDUDVSURWHo}HVQRVSRQWRVDJUHVVLYRV


6RFRUULVWD Q ±FRPSHWHOKHSUHVWDURVFXLGDGRVSUpKRVSLWDODUHVDWpjFKHJDGD
GDUHVSHFWLYDHTXLSHIXQFLRQDQGRFRPRSRQWRGHUHIHUrQFLDSDUDDVYtWLPDVHFRODERUDQGRFRP
DHTXLSHSUpKRVSLWDODU$SyVXPDDYDOLDomRJHQpULFDGRHVWDGRGDVYtWLPDVGHYH

x ,QIRUPDURFKHIHGHHTXLSHGDVSULRULGDGHV
x (VWDEHOHFHUFRQWDWRFRPDVYtWLPDVRPDLVSUHFRFHPHQWHSRVVtYHO
x (IHWXDURH[DPHjVYtWLPDV
x (VWDELOL]DUDVYtWLPDV
x 3URFHGHUjH[WUDomRGHDFRUGRFRPRUHVSRQViYHOSHODHTXLSHSUpKRVSLWDODU

$VVLVWHQWHJHUDO Q ±QRUPDOPHQWHHVWDIXQomRpGHVHPSHQKDGDSHORPRWRULVWD
FRPSHWLQGROKH
x 3UHSDUDUDiUHDGHVWLQDGDjFRORFDomRGRHTXLSDPHQWR
x 3URYLGHQFLDUWRGRRHTXLSDPHQWRQHFHVViULRDRVRSHUDGRUHVGHIHUUDPHQWDV


x $X[LOLDUQDPRQWDJHPGRHTXLSDPHQWRKLGUiXOLFR
x *DUDQWLURIXQFLRQDPHQWRGRJUXSRHQHUJpWLFRHGHPDLVHTXLSDPHQWRV
x $WXDUHPFDVRGHLQFrQGLR
x 5HWLUDURHTXLSDPHQWRDSyVDVXDXWLOL]DomRSHORVRSHUDGRUHV

3URFHGHQGR GHVWD IRUPD VHUi SRVVtYHO PDQWHU XPD ERD FRRUGHQDomR H FRQWUROH GDV
RSHUDo}HV1R4XDGUR,DSUHVHQWDVHDVtQWHVHGDRUJDQL]DomRGDHTXLSHGHGHVHQFDUFHUDPHQWR


$SHVDU GH FDGD HOHPHQWR SRVVXLU IXQo}HV GHILQLGDV R HVStULWR GH HTXLSH GHYHUi HVWDU
VHPSUH SUHVHQWH 2XWURV HOHPHQWRV GD HTXLSH GH VRFRUUR SRGHUmR H[HFXWDU RXWUDV WDUHIDV WDLV
FRPR SURFHGHU DR LVRODPHQWR GD iUHD SUHYHQLU XP SRVVtYHO IRFR GH LQFrQGLR SUHSDUDU
IHUUDPHQWDVTXHSRVVDP YLUDVHUQHFHVViULDV HHVWDUGLVSRQtYHLVSDUDRXWURVWUDEDOKRVTXHOKHV
VHMDPVROLFLWDGRV



/LomR (48,3$0(1726'(
'(6(1&$5&(5$0(172

FDSD]HVGH
2EMHWLYRV
&RQKHFHU DV FDUDFWHUtVWLFDV GRV HTXLSDPHQWRV
XWLOL]DGRVQRUHVJDWHHVXDFRUUHWDXWLOL]DomR
'HVFUHYHU RV SULQFLSDLV FXLGDGRV FRP DV
IHUUDPHQWDVKLGUiXOLFDV



(48,3$0(1726'('(6(1&$5&(5$0(172

8WLOL]DU R HTXLSDPHQWR GH GHVHQFDUFHUDPHQWR ILJ UHTXHU WUHLQR DGHTXDGR 2V
HOHPHQWRV GDV HTXLSHV GH GHVHQFDUFHUDPHQWR GHYHP FRQKHFHU DV FDSDFLGDGHV GR HTXLSDPHQWR
EHPFRPRRUHVXOWDGRGDVXDFRUUHWDXWLOL]DomR 3DUDXPERPHQWHQGLPHQWRGRIXQFLRQDPHQWR
GHFDGDIHUUDPHQWDDFRQVHOKDVHDOHLWXUDFXLGDGDGRUHVSHFWLYRPDQXDOGHLQVWUXo}HV
(P FRQVHTXrQFLD GR SHUPDQHQWH GHVHQYROYLPHQWR WHFQROyJLFR DV IHUUDPHQWDV
XWLOL]DGDV QRV QRVVRV GLDV SRVVXHP XPD PDLRU FDSDFLGDGH GH LQWHUYHQomR HP UHVXOWDGR GD
QHFHVVLGDGHFULDGDSHORUHFXUVRDQRYRVPDWHULDLVXWLOL]DGRVQDFRQVWUXomRGRVYHtFXORV
$IRUoDGHWUDEDOKRH[HUFLGDSHORHTXLSDPHQWRGHGHVHQFDUFHUDPHQWRSRGHWDPEpP
FDXVDUVLWXDo}HVSHULJRVDVVHRXWLOL]DGRUQmRHVWLYHUSUHSDUDGRSDUDPDQXVHiOR
$V IHUUDPHQWDV KLGUiXOLFDV GHYHUmR VHU VHPSUH WUDQVSRUWDGDV DR ODGR GR RSHUDGRU H
HP SRVLomR GH VHJXUDQoD SRU H[HPSOR D WHVRXUD FRP DV OkPLQDV IHFKDGDV JDUDQWLQGR TXH
TXDOTXHUPRYLPHQWRLQHVSHUDGRQmRFDXVHOHV}HVDTXHPDVWUDQVSRUWDRXDRXWURHOHPHQWR
'HYHWHUVHWDPEpPRFXLGDGRGHQmRDUUDVWDUSHORVRORDVXQL}HVGRVHTXLSDPHQWRV
KLGUiXOLFRV


2FRQKHFLPHQWRJHUDOGRPDQXVHDPHQWRHFDUDFWHUtVWLFDVGRHTXLSDPHQWRDX[LOLDUiD
DWXDomRSRVVLELOLWDQGRQmRVyDVXDUHQWDELOL]DomRPDVWDPEpPRSHUiORHPVHJXUDQoD

'HYLGR j YDULHGDGH GH FHQiULRV GH DFLGHQWHV WRUQDVH LPSRVVtYHO GHVFUHYHU FRPR
DWXDUHPFDGDVLWXDomR3RGHPQRHQWDQWRVHJXLUVHGHWHUPLQDGDVUHJUDVTXHVHUYLUmRGHJXLDQD
XWLOL]DomRGRHTXLSDPHQWRVDOYDJXDUGDQGRVHPSUHDVHJXUDQoDGRVRSHUDGRUHVGHIHUUDPHQWDVH
GDVYtWLPDV ILJ

(48,3$0(172+,'5$8/,&2

7HVRXUDV

$ WHVRXUD ILJ IRL GHVHQYROYLGD SDUD VHU XWLOL]DGD QR FRUWH GH YHtFXORV OHYHV H
SHVDGRV 8WLOL]iOD p UHODWLYDPHQWH IiFLO VH IRUHP VHPSUH FXPSULGDV DV UHJUDV EiVLFDV D VHJXLU
GHVFULWDV


x &RORFDUDWHVRXUDQRREMHWRDFRUWDUQXPkQJXORGH
x 7HUHPDWHQomRTXHGXUDQWHRSURFHVVRGHFRUWHDWHVRXUDSRGHUiPRYLPHQWDUVH
HPTXDOTXHUGLUHomRVHJXLQGRDOLQKDGHPHQRUUHVLVWrQFLD
x 3HUPLWLU TXH D IHUUDPHQWD VH PRYLPHQWH QmR WHQWDQGR UHFRORFDU D WHVRXUD QD
SRVLomRLQLFLDOSRUTXHSURYRFDGHPDVLDGDSUHVVmRVREUHDVOkPLQDV
x 7HU HP FRQWD TXH QHQKXP RSHUDGRU p VXILFLHQWHPHQWH IRUWH SDUD UHVLVWLU j IRUoD
H[HUFLGDSHODIHUUDPHQWDVHQGRIXQGDPHQWDOWHUVHPSUHSUHVHQWHDLPSRUWkQFLDGR
FRUUHWRSURFHGLPHQWR
x 2EVHUYDUDWHVRXUDHWRGRVRVVHXVPRYLPHQWRV1DVVHJXLQWHVVLWXDo}HVRFRUWH
GHYHUiVHUIHLWRQRXWURkQJXOR
x 6H D WHVRXUD VH PRYLPHQWDU HP GHWHUPLQDGR VHQWLGR TXH FRORTXH HP SHULJR D
VHJXUDQoD GR RSHUDGRU RX TXDOTXHU RXWUR HOHPHQWR R PDQtSXOR GH FRPDQGR GD
IHUUDPHQWDGHYHYROWDULPHGLDWDPHQWHjSRVLomROLYUH QHXWUR
x 2WUDEDOKRFRPDWHVRXUDGHYHUiWDPEpPVHULPHGLDWDPHQWHLQWHUURPSLGRVHHVWD
VH HQFRVWDU DR YHtFXOR (VWD VLWXDomR SRGHUi HQWDODU DV PmRV GR RSHUDGRU H VH
IRUoDGDFDXVDUJUDYHVGDQRVDRHTXLSDPHQWR

(VWUXWXUDV UHIRUoDGDV WDLV FRPR GREUDGLoDV H EDUUDV YHULILFDU VH R HTXLSDPHQWR SRVVXL
FDUDFWHUtVWLFDV TXH SHUPLWDP HIHWXDU D PDQREUD GHYHUmR VHU FRUWDGDV FRP D SDUWH PDLV
UHVLVWHQWHGDVOkPLQDV6HDRHIHWXDURFRUWHDVOkPLQDVFRPHoDUHPDDIDVWDUVHRXDFUX]DUD
DomRGHYHUiVHULPHGLDWDPHQWHLQWHUURPSLGDSDUDSUHYHQLUGDQRVRXDTXHEUDGDVPHVPDV


([SDQVRU
2 H[SDQVRU ILJ SHUPLWH R HVPDJDPHQWR RX DIDVWDPHQWR H SRGH VHU XWLOL]DGR HP
GLYHUVDV RSHUDo}HV SDUD DEULU HVSDoRV WDLV FRPR DEHUWXUD IRUoDGD GH SRUWDV DIDVWDPHQWR GR
SDLQHORXUHPRomRGRVEDQFRV3RUYH]HVRH[SDQVRUpXWLOL]DGRSDUDOHYDQWDUDOJXQVREVWiFXORV
1RHQWDQWRRRSHUDGRUGHYHYHULILFDUVHDIHUUDPHQWDWHPFDSDFLGDGHSDUDDFDUJDDHOHYDUHWHU
VHPSUH SUHVHQWH TXH DV SRQWDV GRV EUDoRV GR H[SDQVRU QmR VmR PXLWR UHVLVWHQWHV $ VXSHUItFLH
RQGH VHUi DSRLDGR R H[SDQVRU GHYHUi VHU VXILFLHQWHPHQWH VyOLGDSDUD QmR FHGHU 7DPEpP GHYH
VHU XWLOL]DGR FRQWLQXDPHQWH PDWHULDO GH HVWDELOL]DomR GXUDQWH H DSyV R OHYDQWDPHQWR SDUD
JDUDQWLUDVHJXUDQoDGDPDQREUD

([WHQVRU 5$0

2H[WHQVRUKLGUiXOLFR ILJ WDPEpPGHVLJQDGRSRU5$0pJHUDOPHQWHXWLOL]DGRSDUD
FULDUHVSDoRDGLFLRQDOeGHLJXDOPRGRXWLOL]DGRHPPDQREUDVHVSHFtILFDVFRPRSRUH[HPSOR
R DIDVWDPHQWR GR SDLQHO (VWH HTXLSDPHQWR SRVVXL WDPDQKRV H FDSDFLGDGHV GLIHUHQWHV H
ORJLFDPHQWHH[WHQV}HVYDULiYHLV
1D PDLRULD GRV FDVRV D XWLOL]DomR GH XP H[WHQVRU PDLV SHTXHQR p FRPSOHPHQWDGD SRU
RXWURV GH PDLRU DPSOLWXGH SHUPLWLQGR DVVLP DWLQJLU R OLPLWH Pi[LPR GH DEHUWXUD $OJXQV
PRGHORV SRVVXHP H[WHQV}HV LVWR p DFHVVyULRV TXH SHUPLWHP DXPHQWDU R FRPSULPHQWR GR
HTXLSDPHQWR


2 LGHDO VHUi SRVVXLU XP FRQMXQWR FRPSOHWR GH H[WHQVRUHV R TXH SRVVLELOLWDUi XPD
XWLOL]DomRVHJXUDHPWRGDVDVVLWXDo}HV
$RXWLOL]DUHVWHHTXLSDPHQWRGHYHUiVHPSUHFHQWUiORUHODWLYDPHQWHDRORFDOGHDSRLRH
DSOLFiORGLUHWDPHQWHVREUHRPHWDO

*UXSRHQHUJpWLFR

2JUXSRHQHUJpWLFR ILJ pXPHTXLSDPHQWRIXQGDPHQWDOSDUDDXWLOL]DomRGH
IHUUDPHQWDV KLGUiXOLFDV SRGHQGR QR HQWDQWR HP VLWXDo}HV GH H[FHomR VHU VXEVWLWXtGR
SRUXPDERPEDPDQXDO
eFRPSRVWRSRUXPPRWRUTXHSRGHUiVHUHOpWULFRRXGHFRPEXVWmRLQWHUQDTXH
DFLRQD XPD ERPED KLGUiXOLFD $V SUHVV}HV JHUDGDV SRGHP DWLQJLU YDORUHV GD RUGHP GH
EDUGHSHQGHQGRGDPDUFDHPRGHORGRHTXLSDPHQWRXWLOL]DGR



0DQXWHQomRGRHTXLSDPHQWRKLGUiXOLFR

1DVDo}HVGHFRQVHUYDomRHPDQXWHQomRGRHTXLSDPHQWRKLGUiXOLFRGHYHPVHUFXPSULGDV
DVLQVWUXo}HVGRIDEULFDQWHSHORTXHGHYHVHJXLUVHRUHVSHFWLYRPDQXDOGHLQVWUXo}HV

'HSRLVGHXWLOL]DURHTXLSDPHQWRGHYH
x 'HVOLJDUWRGDVDVPDQJXHLUDVHFRORFDUDVSURWHo}HVQDVH[WUHPLGDGHV
x /LPSDUDVIHUUDPHQWDVPDQJXHLUDVHXQL}HVHVHQHFHVViULRHQ[XJiODV
x 9HULILFDUVHDVIHUUDPHQWDVHPDQJXHLUDVDSUHVHQWDPGDQRVYLVtYHLV
x &RPXQLFDUDRUHVSRQViYHOSHORHTXLSDPHQWRRVGDQRVYHULILFDGRV
$SyVFDGDXWLOL]DomRGRJUXSRHQHUJpWLFRGHYH
x 9HULILFDURQtYHOGHFRPEXVWtYHOQRGHSyVLWRHGHL[iORFRPSOHWDPHQWHDWHVWDGR
x 9HU VH R QtYHO GR yOHR KLGUiXOLFR QR UHVSHFWLYR GHSyVLWR HVWi QR YDORU LQGLFDGR
SHORIDEULFDQWH
x 7HU DWHQomR DR QtYHO GR yOHR GR PRWRU 9HULILFDU VH HVWi QR YDORU LQGLFDGR SHOR
IDEULFDQWH


e LJXDOPHQWH QHFHVViULR SURFHGHU D XPD PDQXWHQomR SHULyGLFD GHVWH HTXLSDPHQWR GD
IRUPDFRPRVHLQGLFD

x 'LDULDPHQWHFRORFDURJUXSRHQHUJpWLFRSDUDWUDEDOKDUGXUDQWHFLQFRPLQXWRV
x 0HQVDOPHQWH PRQWDU WRGR R HTXLSDPHQWR H YHULILFDU VH HVWH VH HQFRQWUD HP
SHUIHLWDV FRQGLo}HV GH IXQFLRQDPHQWR FDVR QmR WHQKD VLGR XWLOL]DGR QHVWH
SHUtRGR
x 6HPHVWUDOPHQWHVXEVWLWXLURyOHRGRPRWRUHDVYHODVVHH[LVWLUHP
x $QXDOPHQWHVXEVWLWXLURyOHRKLGUiXOLFRHHIHWXDUDUHYLVmRJHUDODRHTXLSDPHQWR

)(55$0(17$6((48,3$0(1726',9(5626
1DV RSHUDo}HV GH GHVHQFDUFHUDPHQWR WDPEpP p XWLOL]DGD XPD JUDQGH YDULHGDGH GH
IHUUDPHQWDVPDQXDLVHRXWURVHTXLSDPHQWRVFRQIRUPH,12

x 3ROLFRUWHRXPRWRDEUDVLYR
x 0RWRVHUUD
x 6HUUD6DEUHHOpWULFD
x $OPRIDGDVSQHXPiWLFDV
x &DOoRVHVFDORQDGRVGHPDGHLUDIHUURRXERUUDFKD
x )HUUDPHQWDVGHVDSD
x &RUUHQWHV
x &RUGDVFDERVILWDVHFDWUDFD
x 3URWHo}HVSyVFRUWHV H[PDQJXHLUDVFRUWDGDV
x 6LVWHPDVGHLOXPLQDomR
x $ODYDQFDV3pGHFDEUD)HUUDPHQWD+RROLJDQ)HUUDPHQWD/HGGHUPDQ
x 4XHEUDYLGURV PDUWHOLQKRSQHXPiWLFRFKDYHLURHWF



/LomR 9(Ë&8/26(68$
(67$%,/,=$d2

2EMHWLYRV FDSD]HVGH

5HDOL]DU RV WLSRV GH HVWDELOL]DomR H VHXV SRQWRV
PtQLPRV
,GHQWLILFDURVVLVWHPDVGHVHJXUDQoDDWLYRVH
SDVVLYRV
&RQKHFHU D DQDWRPLD YHLFXODU H VHXV
FRPSRQHQWHV



9(Ë&8/26(68$(67$%,/,=$d2

9(Ë&8/26/(9(6

&RQVWLWXLomRJHUDO

2VYHtFXORVVmRFRQFHELGRVGHIRUPDDJDUDQWLUDPi[LPDSURWHomRSRVVtYHODRVVHXV
RFXSDQWHV HP FDVR GH DFLGHQWHV (VWmR SURYLGRV SRU H[HPSOR GH ]RQDV GH GHIRUPDomR
FRQFHELGDV SDUD DEVRUYHU D HQHUJLD OLEHUWDGD QR PRPHQWR GD FROLVmR EHP FRPR GH HOHPHQWRV
HVWUXWXUDLV TXH SURWHJHP R KDELWiFXOR RIHUHFHQGR DRV RFXSDQWHV XPD PDLRU SUREDELOLGDGH GH
VREUHYLYrQFLD

2VVLVWHPDVGHVHJXUDQoDH[LVWHQWHVQXPYHtFXORSRGHPVHUDWLYRVHSDVVLYRV

2V VLVWHPDV GH VHJXUDQoD DWLYRV VmR DTXHOHV TXH WrP XPD DWXDomR GXUDQWH D
FRQGXomR GR YHtFXOR YLVDQGR HYLWDU R DFLGHQWH &RPR H[HPSOR WHPRV R VLVWHPD GH WUDYDJHP
DQWLEORTXHLR $%6 D UHJXODomR DQWLGHUUDSDJHP $65 RX R SURJUDPD HOHWU{QLFR GH
HVWDELOL]DomR (63

2VVLVWHPDVGHVHJXUDQoDSDVVLYRVWrPSRUILQDOLGDGHSURWHJHURVRFXSDQWHVGHXP
YHtFXORHPFDVRGHDFLGHQWH3RGHPVHUHVWiWLFRVFRPRSRUH[HPSORRVVLVWHPDVGHIOHWRUHVGH
HQHUJLD RX ]RQDV GH GHIRUPDomR RX GLQkPLFRV SRU H[HPSOR R VLVWHPD GH SURWHomR FRQWUD
LPSDFWR ODWHUDO 6,36 D FRUWLQD GH SURWHomR ODWHUDO ,76 RX RV SUpWHQVRUHV GRV FLQWRV GH
VHJXUDQoDHRPDLVFRPXPHQWUHRVYHtFXORVR$LUEDJ

2 FRQKHFLPHQWR GHVWHV VLVWHPDV GH VHJXUDQoD EHP FRPR GRV DVSHFWRV JHUDLV GD
FRQVWLWXLomR GRV YHtFXORV p IXQGDPHQWDO SDUD XPD DGHTXDGD LQWHUYHQomR QXPD RSHUDomR GH
GHVHQFDUFHUDPHQWR

$VRSHUDo}HVGHGHVHQFDUFHUDPHQWRLPSOLFDPDDWXDomRQDVHVWUXWXUDVGHUHIRUoRGR
YHtFXORDWUDYpVGHPDQREUDVGHDIDVWDPHQWRHQIUDTXHFLPHQWRHFRUWH



3DUDHVWDUDSWRDGHFLGLURQGHDWXDUHRTXHFRUWDUVmRUHIHUHQFLDGDVDVGLYHUVDVSDUWHVGR
YHtFXORPDLVVLJQLILFDWLYDVSDUDRGHVHQFDUFHUDPHQWR ILJ

*HQHULFDPHQWHDLQWHUYHQomRGRVERPEHLURV HP YHtFXORVOHYHVLQFLGHVREUH DOJXQVGRV
HOHPHQWRV QRPHDGDPHQWH SLODUHV WHWR SDLQHO ODWHUDO SDLQHO H RX WDEOLHU YRODQWH JXDUGD
ODPDVSRUWDVHYLGURV ILJD





9LGURV

1DHVWUXWXUDGHXPYHtFXORSRGHPHQFRQWUDUVHGLIHUHQWHVWLSRVGHYLGURVDSOLFDGRVGH
GLYHUVDVIRUPDVDVDEHU

x 9LGURODPLQDGR± ILJ HVWHWLSRGHYLGURWHPDSDUWLFXODULGDGHGHVHTXHEUDUVHPVH
HVWLOKDoDUSRUTXHSRVVXLXPDIDL[DGHSOiVWLFRQRVHXLQWHULRU

x 9LGUR WHPSHUDGR ± ILJ HVWH WLSR GH YLGUR HQFRQWUDVH QRUPDOPHQWH QDV MDQHODV H
YLGURVWUDVHLURVGRVYHtFXORV6HPSUHTXHVHTXHEUDGHVID]VHHPSHTXHQRVSHGDoRV

$WXDOPHQWHRSDUDEULVDGRVYHtFXORVpGRWLSRODPLQDGR1DPDLRUSDUWHGRVFDVRV
RVYLGURVVmRIL[RVjFDUURoDULDGRVYHtFXORVFRPXPDWLUDGHERUUDFKD(VWDPRQWDJHP ILJ
pDTXHODTXHYXOJDUPHQWHHQFRQWUDPRVQDVMDQHODVHQRYLGURWUDVHLUR



0DQXVHDPHQWRGHYLGURV

'HSHQGHQGRGRWLSRGHYLGURHGDIRUPDFRPRHVWiIL[RjFDUURoDULDRVHX
PDQXVHDPHQWRDVVXPHGLIHUHQWHVIRUPDVDVDEHU

9LGURVPRQWDGRVFRPERUUDFKDVRXIULVRVGHSOiVWLFR±DUHPRomRGRVYLGURVWUDVHLURVH
MDQHODVGRVYHtFXORVpUHODWLYDPHQWHVLPSOHV%DVWDFRUWDUFRPXPDIDFDDERUUDFKDHPYROWDGR
YLGURHSRVWHULRUPHQWHUHPRYrOR ILJ



x 9LGURVFRODGRVQDHVWUXWXUD±HVWHVYLGURVSRGHUmRDSHQDVVHUFRUWDGRVFRPIHUUDPHQWDV
HVSHFtILFDV 2 PpWRGR XWLOL]DGR SDUD UHWLUDU HVWHV YLGURV SDVVD SHOD UHPRomR GH XPD
VHFomR GR SLODU $ DSOLFDQGR R FRUWDYLGURV ILJ H HYROXLQGR DWp DR SLODU GR ODGR
RSRVWR(VWHVYLGURVVmRXWLOL]DGRVQRUPDOPHQWHFRPRSiUDEULVDV

x 9LGURVGDVSRUWDV±RPDQXVHDPHQWRGRVYLGURVGDVSRUWDVpIHLWRFRPPDLRUVHJXUDQoD
VHIRUSRVVtYHOEDL[iORV&RORFDVHXPDSURWHomRHSDUWHVHRYLGURHPVHJXLGD ILJ
2VIUDJPHQWRVLUmRFDLUSDUDGHQWURGDSRUWDQmRFDXVDQGRPDLVSUREOHPDV



2VYLGURVTXHVHHQFRQWUDPFRORFDGRVQRYHtFXORGHYHPVHUWRGRVUHWLUDGRVRXSDUWLGRV
ILJ DQWHVGHVHHIHWXDUHPFRUWHVRXRDIDVWDPHQWRGDHVWUXWXUDSHORIDWRGHSRGHUHPHVWDU
HPSUHVVmRHHVWLOKDoDUHPSURYRFDQGRSURMHomRGRVSHTXHQRVSHGDoRV2VYLGURVGDVSRUWDVTXH
GHVOL]DPGHQWURGHFDOKDVGHYHPVHUSDUWLGRV



6LVWHPDVGHDLUEDJ

(VWHVVLVWHPDVSRGHPSRVVXLUXPRXPDLVDLUEDJVGHSHQGHQGRGRPRGHORWLSRRX
DQRGHIDEULFDomRGHYHtFXOR2VDLUEDJVSRGHPHVWDUSRVLFLRQDGRVQRVVHJXLQWHVORFDLV ILJ

x 9RODQWH
x 3RUWDOXYDV
x %DQFRV
x 3RUWDV
x (QFRVWRVGHFDEHoD
x &ROXQDGRYRODQWH
x 3LODUHV
x 3HGDLV
x 7HWR



(67$%,/,=$d2

'HYHJDUDQWLUTXHRYHtFXORDFLGHQWDGRHVWHMDVHJXUR$HVWDELOL]DomRGHXPYHtFXOR
DFLGHQWDGR WHP FRPR REMHWLYR SUHYHQLU PRYLPHQWDo}HV ILJ 'XUDQWH D HVWDELOL]DomR p
SUHFLVR FRQVLGHUDU D SRVVLELOLGDGH GH GHUUDPH GR OtTXLGR GD EDWHULD RX GH FRPEXVWtYHO EHP
FRPRVHUDWLYDGRVRVDLUEDJVRXRVSUpWHQVRUHVGRVFLQWRVGHVHJXUDQoD



5HFRUGDVHTXHDHVWDELOL]DomRSRGHVHUDJUXSDGDHPWUrVJUXSRV
x (VWDELOL]DomRGRORFDO
x (VWDELOL]DomRGRVYHtFXORV
x (VWDELOL]DomRSURJUHVVLYD
$SULQFLSDOUD]mRSDUDHVWDELOL]DURYHtFXORpDVVHJXUDUTXHDHTXLSHGHVRFRUURRXD
YtWLPD QmR VRIUHUmR OHV}HV GXUDQWH D RSHUDomR GH GHVHQFDUFHUDPHQWR (VWD UHJUD GHYHUi VHU
JDUDQWLGDGHVGHRLQtFLRGDHVWDELOL]DomRHGXUDQWHWRGDDRSHUDomRGHGHVHQFDUFHUDPHQWR
&DGD DFLGHQWH p GLIHUHQWH DVVLP R REMHWLYR p LGHQWLILFDU RV YiULRV PDWHULDLV
GLVSRQtYHLVSDUDDHVWDELOL]DomRHDSOLFiORVGDIRUPDPDLVSUiWLFDHHILFD]

0DWHULDOXWLOL]DGRQDHVWDELOL]DomRGHYHtFXORV

3RGHP VHU XWLOL]DGRV GLYHUVRV HTXLSDPHQWRV ILJ QD HVWDELOL]DomR GH YHtFXORV
GHYHQGRRSURFHGLPHQWRVHUDMXVWDGRQXPDUHODomRHQWUHDVQHFHVVLGDGHVHRPDWHULDOGLVSRQtYHO

x &XQKDV
x &DOoRV
x %ORFRV
x 0DFDFRVPHFkQLFRV
x $OPRIDGDVGHDOWDHEDL[DSUHVVmR
x *XLQFKRV
x 0DFDFRVKLGUiXOLFRV
x (VFRUDVHPPDGHLUD
x (VFRUDVKLGUiXOLFDVRXSQHXPiWLFDV
x 2XWURVPDWHULDLVGLVSRQtYHLV



,QGLIHUHQWHjSRVLomRHPTXHRYHtFXORVHHQFRQWUDRPDWHULDOGHHVWDELOL]DomRGLVSRQtYHO
GHYHVHUXVDGRGHDFRUGRFRPDVLWXDomRUHVSHLWDQGRRVSRQWRVPtQLPRVGHHVWDELOL]DomR

9HtFXORHPSRVLomRQRUPDORXWRPEDGRODWHUDOPHQWH±TXDWURSRQWRVGHDSRLR ILJH



9HtFXORHPSRVLomRGHFDSRWDGR±VHLVSRQWRVGHDSRLR ILJ



$QWHVGHH[HFXWDUDHVWDELOL]DomRSODQHMDGDGHYHVHUDYDOLDGRVHRPDWHULDO
GLVSRQtYHOpVXILFLHQWHeIXQGDPHQWDOJDUDQWLUTXHDDSOLFDomRGRPDWHULDOGH
HVWDELOL]DomRQmRLUiLQWHUIHULUQDVRSHUDo}HVGHUHVJDWH

(VWDELOL]DomRGHDLUEDJVHSUpWHQVRUHVGRVFLQWRVGHVHJXUDQoD

2VGLVSRVLWLYRVGHVHJXUDQoDVmRDSOLFDGRVQRVYHtFXORVFRPDILQDOLGDGHGHSURWHJHU
RV VHXV RFXSDQWHV 'LDQWH GH XP YHtFXOR DFLGHQWDGR p QHFHVViULR VHJXLU DOJXPDV UHJUDV GH
VHJXUDQoDIXQGDPHQWDLVSDUDRVXFHVVRGRVRFRUUR
6H DOJXP GRV DLUEDJV QmR IRL DWLYDGR H VH RV SUpWHQVRUHV GRV FLQWRV HVWLYHUHP
DUPDGRVGHYHSURFHGHUVHGHIRUPDDDQXODUHVWHVPHFDQLVPRVSDUDVHWUDEDOKDUHPVHJXUDQoD
'HVWDIRUPDGHYH
x 'HVOLJDUVHDLJQLomRUHWLUDQGRDFKDYH
x 'HVFRQHFWDURVGRLVFDERVGDEDWHULD([LVWHPVLVWHPDVTXHWrPXPDFXPXODGRU
GHHQHUJLDSHORTXHRVLVWHPDSRGHUiPDQWHUVHDWLYRDWpPLQXWRVGHSRLVGHWHU
GHVOLJDGR RV WHUPLQDLV GD EDWHULD $R WRPDUVH HVWD GHFLVmR GHYH YDORUL]DUVH R
IDWR GH TXH WRGRV RV GLVSRVLWLYRV HOpWULFRV VmR GHVDWLYDGRV H TXH R VLVWHPD GH
DODUPHSRGHVHUDWLYDGR


x 1XQFDVHFRORFDUHQWUHDYtWLPDHRDLUEDJQmR DWLYDGRPDQWHQGRXPDGLVWkQFLD
VHJXUDHIRUDGDWUDMHWyULDGHDWXDomRGHVWHVLVWHPDRXVHMDDIDVWDGRQRPtQLPR
±FPSDUDRGRSDVVDJHLUR
±FPSDUDRGRFRQGXWRU
±FPSDUDRVODWHUDLV
x $SOLFDURGLVSRVLWLYRGHSURWHomRGRDLUEDJ ILJ
x &RQVLGHUDU FXLGDGRVDPHQWH TXDO D DOWHUQDWLYD DR FRUWH GH HVWUXWXUDV TXH
LQWHUYHQKDGLUHWDPHQWHFRPRVVLVWHPDV
x $YLVDUTXDQGRGDXWLOL]DomRGHIHUUDPHQWDVKLGUiXOLFDV

2WLSRGHSUpWHQVRUGRVFLQWRVGHVHJXUDQoDXWLOL]DGRRXRQGHHVWiPRQWDGRQHPVHPSUH
HVWi EHP GHILQLGR e LPSRUWDQWH UHWLUDU R FLQWR GH VHJXUDQoD GDV YtWLPDV R PDLV UDSLGDPHQWH
SRVVtYHO6HH[LVWLUGLILFXOGDGHHPVROWiORGHYHUiVHUFRUWDGRHPGRLVSRQWRVLVWRpMXQWR
x $RSLODU%
x ¬EDVHGREDQFR
$ROLEHUWDURFLQWRGHVHJXUDQoDKiTXHWHUDWHQomRSDUDQmRGHL[DUDYtWLPDPRYLPHQWDUVH



/LomR 7e&1,&$6
1250$/,=$'$63$5$$
&5,$d2'((63$d26

2EMHWLYRV FDSD]HVGH

&LWDU RV SURFHGLPHQWRV TXH D HTXLSH GH UHVJDWH
GHYHUi H[HFXWDU QR DWHQGLPHQWR D YLWLPDV
HQFDUFHUDGDV
,GHQWLILFDU H GHILQLU RV PHLRV H SURFHGLPHQWRV QD
FULDomRGHHVSDoRV



7e&1,&$61250$/,=$'$63$5$$&5,$d2'((63$d26

$VWpFQLFDVGHVFULWDVDVHJXLUWrPSRUILQDOLGDGHQRUPDOL]DURVSURFHGLPHQWRVQD
FULDomRGHHVSDoR

$%(5785$)25d$'$'$63257$6

(VWDPDQREUDGHVWLQDVHDFULDUXPDFHVVRUiSLGRjYtWLPDSRVVLELOLWDQGRDH[HFXomR
GHVXDDYDOLDomRRXDSUHVWDomRGHFXLGDGRVGHHPHUJrQFLD$WpFQLFDGHDEHUWXUDIRUoDGDGD
SRUWDSRGHVHUHIHWXDGDGHGXDVIRUPDVSHODIHFKDGXUDRXSHODVGREUDGLoDV

$EHUWXUDIRUoDGDGDVSRUWDVSHODIHFKDGXUD
4XDQGRDSRUWDQmRDEULUSRUHVWDUSUHVDGHYLGRjGHIRUPDomRGDHVWUXWXUDGHYH
XWLOL]DUVHRH[SDQVRUSDUDIRUoDUDVXDDEHUWXUD6HQmRKRXYHUTXDOTXHUHVSDoRSDUDFRORFDUDV
SRQWDVGRH[SDQVRUMXQWRGDIHFKDGXUDGHPRGRDSRGHUUHEHQWiODDEUHVHRH[SDQVRUHFRORFD
VHXPEUDoRSRUGHQWURHRXWURSRUIRUDGRYHtFXOR'HVHJXLGDDSHUWDVHQDHVWUXWXUDGRSDLQHO
DFLPDGDIHFKDGXUDFULDQGRXPDDEHUWXUDSDUDLQWURGX]LUDVSRQWDVGRH[SDQVRURPDLVMXQWR
SRVVtYHOGDIHFKDGXUD ILJ


'HSRLVGHDEULUDSRUWDHVHQmRVHSUHWHQGHUUHPRYrODpIXQGDPHQWDOIL[iODFRPXPD
FLQWDGHJDUDQWLQGRTXHHVWDQmRYROWDjVXDSRVLomRLQLFLDOSRGHQGRSURYRFDUOHV}HVjYtWLPDRX
jHTXLSHGHVRFRUUR

$EHUWXUDIRUoDGDGDVSRUWDVSHODVGREUDGLoDV

3DUDHIHWXDUDDEHUWXUDIRUoDGDGDSRUWDSHODVGREUDGLoDVpQHFHVViULRTXHRRSHUDGRU
GDIHUUDPHQWDFRORTXHRH[SDQVRUHQWUHRSLODUHDSRUWD3DUDFRQVHJXLUDPDQREUDLQLFLDVHFRP
D UHPRomR GR SDUDODPDV ILJ (P VHJXLGD R H[SDQVRU GHYHUi VHU FRORFDGR VH SRVVtYHO
GHQWUR GDV GREUDGLoDV 6H LVVR QmR IRU SRVVtYHO GHYH FRORFiOR MXQWR GH FDGD XPD
DOWHUQDGDPHQWH SDUWLQGRDV VHP REULJDU D SRUWD D VXELU GHPDVLDGR RX D DSRLDUVH QR VROR GH
IRUPDDQmRLQWHUIHULUFRPDHVWDELOL]DomRGRYHtFXOR ,QLFLDQGRVHPSUHDGREUDGLoDGHEDL[R
eIXQGDPHQWDOWHUDWHQomRjSURMHomRGDSRUWDQmRSHUPLWLQGRTXHQHQKXPHOHPHQWR
VHFRORTXHHPORFDOTXHSRVVDVHUDWLQJLGRSHODPHVPD

5(02d2'27(72
$ UHPRomR GR WHWR p D WpFQLFD XWLOL]DGD SDUD FULDU R DFHVVR D WRGR R HVSDoR GR
KDELWiFXORGRYHtFXORVHQGRSRVVtYHOSUHVWDURVFXLGDGRVGHHPHUJrQFLDjVYtWLPDV


6mRGXDVDVPDQREUDVPDLVXWLOL]DGDVSDUDDUHPRomRGRWHWRFDGDXPDFRPDVVXDV
YDQWDJHQV GHSHQGHQGR D HVFROKD GR WLSR GH DFLGHQWH SRVLomR GRV YHtFXORV H ORFDOL]DomR GDV
YtWLPDV
Ŷ5HPRomRSDUFLDO
Ŷ5HPRomRWRWDO
5HPRomR3DUFLDO³UHWDJXDUGD´
(VWHpRSURFHGLPHQWRPDLVXWLOL]DGRTXDQGRDYtWLPDVHHQFRQWUDQRVOXJDUHVGDIUHQWH
'HSRLVGHWRGRVRVYLGURVWHUHPVLGRUHPRYLGRVFRUWDPVHRVSLODUHV$H%GHDPERVRV
ODGRVGRYHtFXOR ILJ HHIHWXDPVHFRUWHVSDUFLDLVQRWHWRMXQWRDRVSLODUHV& ILJ
$RHIHWXDURVFRUWHVGRSLODU%pLPSRUWDQWHDVVHJXUDUTXHRVFLQWRVGHVHJXUDQoDHVWmR
FRUWDGRVGHIRUPDDJDUDQWLUTXHDYtWLPDQmRILTXHSUHVD



5HPRomRWRWDO


(VWDWpFQLFDpVHPSUHDSOLFDGDFRPRXPDHYROXomRGDUHPRomRSDUFLDOWHQGRFRPR
YDQWDJHPRIDWRGHSRVVLELOLWDUDUHPRomRWRWDOGRWHWR
$SyVRWHWRWHUVLGRUHPRYLGRSDUDDIUHQWHSDUDWUiVRXODWHUDOPHQWHpHQWmRSRVVtYHO
FRUWiORFRPSOHWDPHQWHHIHWXDQGRFRUWHVQRVSRQWRVTXHIL[DPRWHWRDRUHVWDQWHGDHVWUXWXUD
ILJ

(IHWXDGRVRVFRUWHVDHTXLSHSURFHGHDUHPRomRGRWHWRSDUDRGHSyVLWRGRVGHVWURoRV
ILJ UHWLUDQGRREVWiFXORHFULDQGRHVSDoRSDUDDFHVVRDYtWLPD



'HVWHPRGRILFDDHTXLSHGHSUpKRVSLWDODUFRPDFHVVRjVYtWLPDVSRUTXDOTXHUGRVODGRV
GRYHtFXOR ILJ

$)$67$0(172'23$,1(/

$PDQREUDGHDIDVWDPHQWRGRSDLQHOHYRODQWHSHUPLWHGHXPDIRUPDUiSLGDFULDU
HVSDoRMXQWRDRWyUD[UHJLmRSpOYLFDHPHPEURVLQIHULRUHVGDYtWLPD
3DUDH[HFXWDUHVWDWpFQLFDpIXQGDPHQWDOHIHWXDUXPFRUWHWRWDOQDEDVHGRSLODU$
ILJ GHIRUPDDHQIUDTXHFHUDHVWUXWXUDSHUPLWLQGRRPRYLPHQWRGRSDLQHOSDUDFLPDRX
SDUDDIUHQWH


$QWHVGHLQLFLDUHVWDPDQREUDGHYHSURFHGHUVHjHVWDELOL]DomRGDEDVHGHDSRLRGD
IHUUDPHQWDGHIRUPDDJDUDQWLUDHILFiFLDGDPHVPD ILJ

2DIDVWDPHQWRGRSDLQHOSRGHVHUHIHWXDGRFRPRH[SDQVRU ILJ RXRH[WHQVRU ILJ





/LomR 7e&1,&$6'(
(;75$d2(9Ë7,0$6

(1&$5&(5$'$6

FDSD]HVGH
2EMHWLYRV
'HILQLUDIRUPDFRUUHWDGHH[WUDomRGDYLWLPD
5HDOL]DU SURFHGLPHQWRV GH H[WUDomR LPHGLDWD GD
YLWLPD
5HDOL]DUDHVWDELOL]DomRHVXSRUWHEiVLFRGHYLGDD
YLWLPDVHQFDUFHUDGDV



7e&1,&$6'((;75$d2

$QWHVGHVHUHPUHPRYLGDVGRVGHVWURoRVDVYtWLPDVGHYHUmRVHUHVWDELOL]DGDVH
SURWHJLGDV(VWHSURFHGLPHQWRLUiUHGX]LUDSRVVLELOLGDGHGHFRPSOLFDo}HVDGLFLRQDLVRX
DJUDYDPHQWRGDVOHV}HV
'XUDQWHDVRSHUDo}HVGHGHVHQFDUFHUDPHQWRpIXQGDPHQWDOOLEHUWDUDVYtWLPDVGH
IRUPDFRQWURODGDHLGHQWLILFDUDVVXDVOHV}HV ILJ SDUDQmRDJUDYDURVHXHVWDGRGXUDQWHD
H[WUDomR ILJ



(;75$d2,0(',$7$'$9,7,0$

$H[WUDomRLPHGLDWD ILJ GHYHVHUFRQVLGHUDGDVHPSUHFRPRD~OWLPDRSomR
VHQGRVRPHQWHDSOLFDGDQDVVLWXDo}HVMiUHIHULGDVSRLVDFDUUHWDHPSRWHQFLDOL]DUULVFRVGH
DJUDYDPHQWRGDVOHV}HVGDYtWLPD$VXDH[HFXomRGHYHFXPSULUWRGRVRVSURFHGLPHQWRV
LQGLFDGRVFRPYLVWDDPLQLPL]DUHVVHVULVFRV



3DUDUHDOL]DUFRUUHWDPHQWHHVWDWpFQLFDVmRQHFHVViULRVSHORPHQRVWUrVHOHPHQWRVH
XPDPDFDUtJLGD2VSURFHGLPHQWRVGHYHPVHUSHUIHLWDPHQWHFRRUGHQDGRVDILPGHVHUHP
HYLWDGRVPRYLPHQWRVGHVQHFHVViULRVHHIHWXDGRVGRVHJXLQWHPRGR

x 2SULPHLURHOHPHQWRFRORFDVHGHIUHQWHSDUDDYtWLPDHHIHWXDDWUDomRHDOLQKDPHQWRGD
UHJLmRFHUYLFDOXWLOL]DQGRRVDSRLRVQDVUHJL}HVPDODUHVHRFFLSLWDO


x 2VHJXQGRHOHPHQWRFRORFDDVVXDVPmRVDRQtYHOGDVD[LODVHDJXDUGDDFRORFDomRGD
PDFDUtJLGD
x 2WHUFHLUR HOHPHQWR FRORFD DPDFD UtJLGD DSRLDGRQREDQFRRQGHVHHQFRQWUDDYtWLPD
HPSODQRLQFOLQDGRVHJXUDQGRRFRPILUPH]D
x ¬ RUGHP GR SULPHLUR HOHPHQWR TXH HVWi SRVLFLRQDGR j FDEHoD FRQMXQWDPHQWH FRP R
VHJXQGR HOHPHQWR SRVLFLRQDGR DR WURQFR HIHWXDVH D URWDomR GD YtWLPD HP EORFR SDUD
FLPDGRSODQR
x 2VHJXQGRHOHPHQWRUHSRVLFLRQDDVVXDVPmRVQDVD[LODVGHIRUPDDFRQVHJXLUSURJUHGLU
QRDUUDVWDPHQWRGDYtWLPD
x ¬RUGHPGRSULPHLURHOHPHQWRSURFHGHVHDRDUUDVWDPHQWRGRFRUSRGDYtWLPDVHPSHUGHU
R FRQWDFWR FRP D PDFD UtJLGD TXH R WHUFHLUR HOHPHQWR YDL EDL[DQGR JUDGXDOPHQWH DWp
FRQVHJXLUXPFRUUHWRDOLQKDPHQWR
x 2VHJXQGRHOHPHQWRUHWLUDDVPmRVGDVD[LODVHVHJXUDRSODQRGXURMXQWRDRVSpV
x ¬RUGHPGRSULPHLURHOHPHQWRDPDFDUtJLGDpUHWLUDGDMXQWRGRYHtFXORHFRORFDGDQXPD
]RQDVHJXUD
x 2 SULPHLUR HOHPHQWR p VXEVWLWXtGR QD WUDomR SHOR WHUFHLUR HOHPHQWR SHUPLWLQGR R VHX
UHSRVLFLRQDPHQWRYROWDQGRGHVHJXLGDDIL[DUDFDEHoD
x 3RU~OWLPRSURFHGHVHDRDOLQKDPHQWRHLPRELOL]DomRGDYtWLPD

35(67$d2'(62&2552$9,7,0$(1&$5&(5$'$

2VSURFHGLPHQWRVUHODWLYRVjSUHVWDomRGRVFXLGDGRVGHHPHUJrQFLDVmRUHIHULGRVQRV
FXUVRVGH$WHQGLPHQWR3Up+RVSLWDODU1mRREVWDQWHQHVWHPDWHULDOVHUmRUHIHULGRVUHFRUUHQGR
DRVPHVPRVFRQFHLWRVHWHUPLQRORJLDGHDOJXQVSURFHGLPHQWRVLPSRUWDQWHV

$DERUGDJHPGDYtWLPDpDEDVHGDSUHVWDomRGHXPVRFRUURGHTXDOLGDGH$YLGDGH
XPD YtWLPD GHSHQGH GR WUDEDOKR HP HTXLSH GH WRGRV RV PHPEURV QD SUHVWDomR GR VRFRUUR e
QHFHVViULR TXH WUDEDOKHP HP FRQMXQWR FDGD XP FXPSULQGR D VXD WDUHID WHQGR WRGRV FRPR
SULRULGDGHDFRUUHWDSUHVWDomRGRVRFRUUR

$ DYDOLDomR GD YtWLPD GHYH VHU HIHWXDGD GH IRUPD RUGHQDGD H GDGD SULRULGDGH jV
VLWXDo}HVGDVTXDLVSRVVDUHVXOWDUDSHUGDGDYLGD


$VVLP R SULPHLUR REMHWLYR p GHWHUPLQDU R HVWDGR GDV YtWLPDV 7RGDV DV DPHDoDV j
YLGD GD YtWLPD GHYHUmR VHU HQFRQWUDGDV H FRUULJLGDV FRPR SRU H[HPSOR R FRQWUROH GH
KHPRUUDJLDVH[WHUQDVJUDYHVRXRLQtFLRGDVPDQREUDVGHUHDQLPDomR

$VOHV}HVTXHDYtWLPDSRVVDDSUHVHQWDUGHYHUmRVHULGHQWLILFDGDVHFRUULJLGDVDQWHV
GHVXDPRYLPHQWDomR7XGRLVWRGHYHUiVHUHIHWXDGRGHIRUPDUiSLGDHHILFLHQWH

$VLPSOHVREVHUYDomRGRORFDOGDRFRUUrQFLDGDUiLQIRUPDo}HVTXHLUmRLQIOXHQFLDUD
DERUGDJHPjYtWLPD4XDOTXHUYtWLPDQXPDVLWXDomRGHSHULJRLPLQHQWHGHYHVHUUHPRYLGDSDUD
XPD]RQDGHVHJXUDQoD

$DWXDomRGHYHUiVHUH[HFXWDGDGHIRUPDHVWUXWXUDGDHHVWDEHOHFHQGRSULRULGDGHV2
IDWRUWHPSRpHVVHQFLDOQHVVDDWXDomR2FRQFHLWRGH©KRUDGHRXURªUHIHUHTXHRWHPSR~WLOSDUD
D DSOLFDomR GR WUDWDPHQWR GHILQLWLYR QXPD XQLGDGH KRVSLWDODU YDULDQGR GH YtWLPD SDUD YtWLPD
FRP EDVH QDV OHV}HV DSUHVHQWDGDV $ DWXDomR SUpKRVSLWDO p FUXFLDO HP WRGR R SURFHVVR GH
SUHVWDomRGRVRFRUURQRORFDOGRDFLGHQWHSDUDDYDOLDUHHVWDELOL]DUDYtWLPDQmRGHYHUiH[FHGHU
RVGH]PLQXWRVGHQRPLQDGRVSODWLQLXPWHQ GH]PLQXWRVGHSODWLQD
$SUHVWDomRGRVFXLGDGRVGHHPHUJrQFLDGHYHUiREVHUYDUDVHJXLQWHRULHQWDomR
x 9HULILFDUDVFRQGLo}HVGHVHJXUDQoD
x $YDOLDURHVWDGRGDFRQVFLrQFLD
x *DUDQWLU D SHUPHDELOL]DomR GD YLD DpUHD H DR PHVPR WHPSR LQLFLDU D HVWDELOL]DomR GD
FROXQDFHUYLFDO
x 3HVTXLVDUVHDYHQWLODomRHVWiSUHVHQWHHpDGHTXDGDHVHQHFHVViULRDGPLQLVWUDUR[LJrQLR
jVYtWLPDV
x 3HVTXLVDU VLQDLV GH FLUFXODomR FRQWURODU TXDOTXHU KHPRUUDJLD H[WHUQD JUDYH H SHVTXLVDU
VLQDLVHYLGHQWHVGHFKRTXH
x $YDOLDURQtYHOGHFRQVFLrQFLDHIHWXDQGRRH[DPHQHXUROyJLFR
x ([SRUDVYtWLPDVHFRQVLGHUDUDSRVVLELOLGDGHGHKLSRWHUPLD

(PWRGRVRVDFLGHQWHVHVSHFLDOPHQWHVHHVWHVHQYROYHUHPFROLVmRYLROHQWDRFRUSR
GD YtWLPD p VXMHLWR j DEVRUomR GH XPD TXDQWLGDGH PDVVLYD GH HQHUJLD GXUDQWH D GHVDFHOHUDomR
(VWD FULD XPD VLWXDomR LQVWiYHO SDUD D FROXQD FHUYLFDO 2 IDWR GD FDEHoD EDWHU QD HVWUXWXUD GR
YHtFXORLUiGHWHUPLQDUDJUDYLGDGHGDVOHV}HVQDFDEHoDHSHVFRoR3HUDQWHHVWDVLWXDomRGHYH


VHU DVVXPLGR TXH WRGDV DV YtWLPDV DSUHVHQWDP OHV}HV GD FROXQD FHUYLFDO H TXH DSHQDV HP
DPELHQWHKRVSLWDODUpSRVVtYHOFRQILUPDUTXHQmRH[LVWHPOHV}HVYpUWHEURPHGXODUHV
4XDQGR p HIHWXDGD D SHUPHDELOL]DomR GD YLD DpUHD p IXQGDPHQWDO HP YtWLPDV GH
WUDXPDSURFHGHUGDVHJXLQWHIRUPD
x (VWDELOL]DURSHVFRoR ILJ HORJRTXHSRVVtYHODSOLFDUXPFRODUFHUYLFDO
x 0DQWHUDFDEHoDQXPDSRVLomRDQDWRPLFDPHQWHFRUUHWD
x 1XQFDIRUoDUTXDOTXHUPRYLPHQWRGDFDEHoDRXSHVFRoR

0HVPRTXHXPDYtWLPDHVWHMDDJLWDGDRXQmRFRODERUHGHYHVHPSUHDVVXPLUVHTXHHVWD
DSUHVHQWDOHV}HV6HDVYtWLPDVUHFXVDPDX[tOLRH[LVWHXPDUD]mRSDUDWDOMiTXHDPDLRULDUHTXHU
DMXGDTXDQGRFRUUHSHULJR

'XUDQWHRH[DPHGHYHGHWHUPLQDUVHTXDQGRpTXHDYtWLPDSHUGHXDFRQVFLrQFLD
GXUDQWH TXDQWR WHPSR TXDQWDV YH]HV TXH VXEVWkQFLDV SHULJRVDV SRGHP HVWDU HQYROYLGDV H VH
H[LVWHP FRQGLo}HV DQWHULRUHV DR DFLGHQWH TXH SRVVDP WHU SURGX]LGR DOWHUDomR GR HVWDGR GH
FRQVFLrQFLDRXXPFRPSRUWDPHQWRDQRUPDOGDYtWLPD$VSXSLODVVmRXPLQGLFDGRUIXQGDPHQWDO
QDDYDOLDomRGDIXQomRFHUHEUDOQHVWDIDVH


1DDERUGDJHPGDYtWLPDGHWUDXPDWRUQDVHQHFHVViULRFRUWDURXUHPRYHUWRWDORX
SDUFLDOPHQWH D URXSD GD YtWLPD GH IRUPD D HQFRQWUDU SRVVtYHLV OHV}HV HVFRQGLGDV 0DV R
SURFHVVRGHH[SRVLomRGDYtWLPDGHYHVHUIHLWRWHQGRHPFRQWDDOJXQVDVSHFWRVQRPHDGDPHQWH
DSHQDVDVSDUWHVQHFHVViULDVGHYHPVHUH[SRVWDVDILPGHHYLWDUDKLSRWHUPLDFRUSRUDOGHYHVHU
XPSURFHVVREUHYHGHIRUPDDJDUDQWLUDSULYDFLGDGHGDYtWLPD
2 VRFRUULVWD QmR GHYHUi WHU SUREOHPDV HP FRUWDU D URXSD GD YtWLPD VH HVWD IRU D
~QLFDIRUPDGHSURFHGHUDXPDDYDOLDomRFRPSOHWD1RLQWHULRUGDDPEXOkQFLDRH[DPHSRGHUi
VHUFRPSOHWDGR
e LPSRUWDQWH DVVHJXUDU TXH D YtWLPD HVWiSURWHJLGD GD H[SRVLomR DR YHQWR H IULR
ILJ $SyVDDYDOLDomRDYtWLPDGHYHUiVHUSURWHJLGDSDUDPDQWHUDWHPSHUDWXUDFRUSRUDO



/LomR 3527(d2(
6(*85$1d$1$6

23(5$d®(6

2EMHWLYRV
FDSD]HVGH

'HILQLU RV ULVFRV SRWHQFLDLV H SURWHomR QDV
RSHUDo}HVGHUHVJDWH
8WLOL]DU GH IRUPD FRUUHWD RV (3,V FRQIRUPH ,12
5HVJDWH9HLFXODU



3527(d2(6(*85$1d$1$623(5$d®(6

2 ORFDO GR DFLGHQWH QmR p QRUPDOPHQWH XP ORFDO VHJXUR SDUD WUDEDOKDU 3RU LVVR
GHYHPVHUWRPDGDVDVPHGLGDVGHVHJXUDQoDDGHTXDGDVSDUDWRUQiORRPDLVVHJXURSRVVtYHO
$VHJXUDQoDQRORFDOGRDFLGHQWHHQYROYHGLYHUVRVDVSHFWRVDVHUHPFRQVLGHUDGRV
x 3URWHomRGDHTXLSHGHVRFRUUR
x 6HJXUDQoDGRORFDO
x ,PSOHPHQWDomRGDV]RQDVGHWUDEDOKR
x 3URWHomRGDVYtWLPDV
x $IDVWDPHQWRHSURWHomRGRVFXULRVRV
x (VWDELOL]DomRGRVYHtFXORVDFLGHQWDGRV

&RQVWLWXL XP IDWRU IXQGDPHQWDO SDUD D PHOKRULD GH RSHUDo}HV IXWXUDV DYDOLDo}HV GR
WUDEDOKRHIHWXDGRHDYDOLDomRGRGHVHPSHQKRGDHTXLSHGHGHVHQFDUFHUDPHQWR ILJ


3527(d2'$(48,3('(62&2552

$ HTXLSH GH VRFRUUR GHYH FKHJDU FRP VHJXUDQoD DR ORFDO GR DFLGHQWH SURQWD D
LQWHUYLUXWLOL]DQGRYHVWXiULRHHTXLSDPHQWRGHSURWHomRLQGLYLGXDOFRPSOHWR FDSDFHWHMDTXHWDH
FDOoD GH DSUR[LPDomR DR IRJR OXYDV H ERWDV &RQIRUPH ,12 1HQKXPD DomR GH
VRFRUURGHYHWHULQtFLRVHPTXHHVWHMDPJDUDQWLGDVDVFRQGLo}HVGHVHJXUDQoDGRVERPEHLURV
$H[WUDomRGDVYtWLPDVGHYHUiWHUOXJDUDSyVDSUHVWDomRGRVFXLGDGRVGHHPHUJrQFLD
SHOR TXH GXUDQWH HVWD IDVH RV HOHPHQWRV GD HTXLSH SUpKRVSLWDODU QHFHVVLWDP GH SURWHomR
DGHTXDGDLQFOXLQGROXYDVHFDSDFHWH ILJ

0HVPR FRP DWHQomR TXH GHYH VHU GDGD j V YtWLPD V QmR SRGHP VHU GHVFXLGDGDV DV
FRQGLo}HV GH VHJXUDQoD (PSULPHLUR OXJDU HVWDV GHYHP VHU YHULILFDGDV QR ORFDO JDUDQWLQGR D
VHJXUDQoDGDHTXLSHGHVRFRUUR
6HPSUH TXH HVWHMDP XWLOL]DQGR DV IHUUDPHQWDV RV RSHUDGRUHV GHYHP XVDU D SURWHomR
UtJLGD $ SURWHomR PDOHiYHO GHYH SHUPDQHFHU VREUH DV YtWLPDV H R VRFRUULVWD GXUDQWH WRGD D
RSHUDomRGHVDOYDPHQWR



3527(d2'262%6(59$'25(6

2VREVHUYDGRUHV FXULRVRV GHYHUmRPDQWHUVHRPDLVDIDVWDGRVSRVVtYHOGRWHDWURGH
RSHUDo}HV ILJ
1mRH[LVWHPUD]}HVSDUDHVWHVVHPDQWHUHPQRORFDOGXUDQWHDVRSHUDo}HVGHUHVJDWH
1HVWHDVSHFWRDFRODERUDomRGDVSROLFLDLVpHVVHQFLDO

6(*85$1d$12/2&$/'2$&,'(17(

'HYHDVVHJXUDUVHTXHRORFDOGRDFLGHQWHHVWiSURWHJLGRGHIRUPDTXHVHMDSRVVtYHO
WUDEDOKDUHPVHJXUDQoD3DUDHVVHHIHLWRFRQWULEXHPRHVWDFLRQDPHQWRGHIHQVLYRGRVYHtFXORVGH
VRFRUUREDOL]DPHQWRGRORFDOFRPFRQHVILWDVRXLOXPLQDomREHPFRPRRLVRODPHQWRGDiUHD
e YLWDO SDUD D VHJXUDQoD LQLFLDU D LPSOHPHQWDomR GDV ]RQDV GH WUDEDOKR ORJR TXH
SRVVtYHO 6H LVWR QmR IRU IHLWR D iUHD GH WUDEDOKR ILFDUi FKHLD GH REMHWRV GHVWURoRV ILJ
IHUUDPHQWDVHDFHVVyULRVHVSDOKDGRVSHULJRVDPHQWHSHORORFDO



&RPDLPSOHPHQWDomRGDV]RQDVGHWUDEDOKRDVIHUUDPHQWDVHDVHTXLSHVGHVRFRUURWHUmR
RVHXHVSDoRGHDWXDomRHDiUHDILFDUiOLYUH ILJ


(48,3$0(172'(3527(d2,1',9,'8$/

2V HTXLSDPHQWRV GH SURWHomR LQGLYLGXDO VmR XWLOL]DGRV SDUD UHGX]LU RX HYLWDU OHV}HV H
HYHQWXDLVSHUGDVGHYLGDV4XDQGRRVERPEHLURVFRPHoDPRVHXWUDEDOKRGHLQWHUYHQomRGHYHP
HVWDUGHYLGDPHQWHHTXLSDGRV6HPSUHVHQGRXPDGDVVXDVSULQFLSDLVHSULPHLUDVSUHRFXSDo}HV
1RHQWDQWRFRPSHWHDRFRPDQGDQWHGDVRSHUDo}HVGHVRFRUURDVVHJXUDUTXHRVERPEHLURVVREDV
VXDV RUGHQV DWXHP FRP HTXLSDPHQWR GH SURWHomR LQGLYLGXDO DGHTXDGR jV VLWXDo}HV TXH YmR
HQIUHQWDU
2VHTXLSDPHQWRVGHSURWHomRLQGLYLGXDODXWLOL]DUGHYHUmRWHUHPOLQKDGHFRQWD

x 2VULVFRVDTXHRVERPEHLURVHVWmRH[SRVWRV
x $VVXDVFRQGLo}HVGHWUDEDOKR
x $VSDUWHVGRFRUSRDSURWHJHU

2VHTXLSDPHQWRVGHSURWHFomRLQGLYLGXDOPDLVXWLOL]DGRVSHORVERPEHLURVVmRRVVHJXLQWHV
x &DSDFHWHFRPSURWHWRUIDFLDORXFDSDFHWHFRPyFXORVGHSURWHomR
x -DTXHWDGHDSUR[LPDomRDRIRJRFRPIDL[DVUHIOHWLYDV
x &DOoDGHDSUR[LPDomRDRIRJRFRPIDL[DVUHIOHWLYDV
x %RWDHPERUUDFKDFRPELTXHLUDHSDOPLOKDGHDoR
x /XYDVGHFRXUR
x 3URWHWRUDXULFXODU SUDRSHUDGRUGRFRQMXQWRPRWRERPEDKLGUiXOLFD
x /XYDQLWULOLFD VHQHFHVViULR
x (TXLSDPHQWRGHSURWHomRUHVSLUDWyULD VHQHFHVViULR





35(9(1d2(
0Ï'8/29
&20%$7($,1&Ç1',2


0yGXOR9±3UHYHQomRH&RPEDWHD,QFrQGLR

/LomR /(*,6/$d2$3/,&$'$

$RILQDOGHVWDOLomRRVSDUWLFLSDQWHV
VHUmRFDSD]HVGH

&RQKHFHURVSULQFLSDLVRUJDQLVPRVHODERUDGRUHV
GHQRUPDVQRSDtVHQRPXQGR
2EMHWLYRV &RQKHFHURSURFHVVRGHFRQVWUXomRHDSURYDomR
GHQRUPDV
&LWDURVSULQFLSDLVRUJDQLVPRVQRUPDWLYRVQR%UDVLO
HQR0XQGR
&RQKHFHUDV1RUPDVGD$%9(6&

)HYHUHLUR±/LomR±/HJLVODomR$SOLFDGD 03

,QWURGXomR

1RUPDV VmR GRFXPHQWRV HVWDEHOHFLGRV SRU FRQVHQVR H DSURYDGR SRU XP
RUJDQLVPRUHFRQKHFLGRTXHIRUQHFHSDUDXVRFRPXPHUHSHWLWLYRUHJUDVGLUHWUL]HVRX
FDUDFWHUtVWLFDV SDUD DWLYLGDGHV RX VHXV UHVXOWDGRV YLVDQGR j REWHQomR GH XP JUDX
yWLPRGHRUGHQDomRHPXPGDGRFRQWH[WR
$V QRUPDV QR VHWRU GH SUHYHQomR D ,QFrQGLRV DVVLP FRPR HP RXWURV VHJPHQWRV GD
VRFLHGDGH VmR LPSRUWDQWHV LQVWUXPHQWRV XWLOL]DGRV QD SUHVHUYDomR GD YLGD H GR
SDWULP{QLRGDVFRPXQLGDGHV(ODVVmRUHVXOWDGRGRFRQKHFLPHQWRDFXPXODGRDRORQJR
GH DQRV SRU HTXLSHV GH %RPEHLURV H HVSHFLDOLVWDV VHMD SHOR DSUHQGL]DGR DSyV
WUDJpGLDVRXSRUSHVTXLVDV

&RPRVHFULDPHDSURYDPDVQRUPDV
2SURFHVVRGHHODERUDomRGHXPD1RUPDVHLQLFLDFRPXPDGHPDQGDGD
VRFLHGDGHSHORVHWRUHQYROYLGRRXPHVPRGRVRUJDQLVPRVUHJXODPHQWDGRUHV
eWDPEpPRUHVXOWDGRGHDQiOLVHVGHFDVRVHVLWXDo}HVRFRUULGDVRXGDVTXDLV
VHGHVHMHDQWHFLSDUXPDFRQWHFLPHQWR
6XD FULDomR EDVHLDVH QD UHXQLmR GH HVSHFLDOLVWDV HP GHWHUPLQDGR DVVXQWR
DVVRFLDGRVRXFRODERUDGRUHVGHXPDHQWLGDGHQRUPDWLYD TXHSDVVDPDHODERUDURV
WH[WRVHGLVFXWLUDVXDDSOLFDELOLGDGHREVHUYDQGRVHPSUHDUHDOLGDGHORFDO
$SyVDHODERUDomRGRVWH[WRVSRUHVSHFLDOLVWDVDVQRUPDVVmRFRORFDGDVHPIDVHGH
FRQVXOWDS~EOLFDRQGHUHFHEHPDYDOLDomRGRS~EOLFRHPJHUDOTXHSRGHPTXHVWLRQDU
RX VXJHULU j FRPLVVmR GH HODERUDomR DOWHUDo}HV HRX PHOKRULDV $SyV D IDVH GH
FRQVXOWD S~EOLFD RV FRPLWrV GH HODERUDomR GDV QRUPDV UHFROKHP DV SURSRVWDV H
VXJHVW}HV GD VRFLHGDGH H UHYLVDP D QRUPD &DVR DV SURSRVLo}HV VHMDP DFDWDGDV H
DFDUUHWHPHPDOWHUDo}HVVLJQLILFDWLYDVDVQRUPDVSRGHPVHUFRORFDGDVQRYDPHQWHHP
FRQVXOWDS~EOLFDRXDWpPHVPRVHJXLUSDUDSXEOLFDomR

'HVWD IRUPD DV QRUPDV VmR GLVSRQLELOL]DGDV SDUD FRPSUD DV LQVWLWXLo}HV TXH
FULDPDVQRUPDVYLYHPGDYHQGDGHODV $XWLOL]DomRGHQRUPDVTXHQmRWHQKDPVLGR
DGTXLULGDVDWUDYpVGDVLQVWLWXLo}HVpSURLELGD±RXVRpUHVWULWRDRVFRPSUDGRUHVQmR
SRGHQGR VHUHP GLVWULEXtGDV HRX FRSLDGDV $ XWLOL]DomR GH QRUPDV TXH QmR VHMDP
DXWRUL]DGDVpFRQVLGHUDGDFULPHHSDVVtYHOGHSXQLo}HV

0(','$6'(6(*85$1d$&2175$,1&Ç1',2

$V PHGLGDV GH VHJXUDQoD FRQWUD LQFrQGLR SRGHP VHU GHILQLGDV FRPR GH
SUHYHQomR RX GH SURWHomR 9LD GH UHJUD DV PHGLGDV GH SUHYHQomR GH LQFrQGLR VmR
DTXHODV DVVRFLDGDV DR HOHPHQWR SUHFDXomR FRQWUD LQtFLR GR LQFrQGLR H VH GHVWLQDP
H[FOXVLYDPHQWHDSUHYHQLUDRFRUUrQFLDGRLQtFLRGRLQFrQGLRRXVHMDFRQWURODURULVFR
GHLQtFLRGHLQFrQGLR
-iDVPHGLGDVGHSURWHomRFRQWUDLQFrQGLRVmRDTXHODVGHVWLQDGDVDSURWHJHUD
YLGDKXPDQDHRVEHQVPDWHULDLVGRVHIHLWRVQRFLYRVGRLQFrQGLRTXHMiVHGHVHQYROYH
QD HGLILFDomR 6mR QHFHVViULDV DR VLVWHPD JOREDO GH VHJXUDQoD FRQWUD LQFrQGLR QD


SURSRUomRHPTXHDVPHGLGDVGHSUHYHQomRYHQKDPDIDOKDUSHUPLWLQGRRVXUJLPHQWR
GRLQFrQGLR(VWDVPHGLGDVFRPS}HPRVVHJXLQWHVHOHPHQWRVGRVLVWHPDJOREDO
x /LPLWDomRGRFUHVFLPHQWRGRLQFrQGLR
x ([WLQomRLQLFLDOGRLQFrQGLR
x /LPLWDomRGDSURSDJDomRGRLQFrQGLR
x 3UHFDXomRFRQWUDDSURSDJDomRHQWUHHGLItFLRV
x (YDFXDomRVHJXUDGRHGLItFLR
x 3UHFDXomRFRQWUDRFRODSVRHVWUXWXUDOH
x 5DSLGH]HILFLrQFLDHVHJXUDQoDGDVRSHUDo}HVGHFRPEDWHHUHVJDWH

$V PHGLGDV GH SURWHomR FRQWUD LQFrQGLR VmR GLYLGLGDV HP GRLV JUXSRV
FRPSOHPHQWDUHVSURWHomRSDVVLYDHSURWHomRDWLYD

3URWHomRSDVVLYD

$ SURWHomR SDVVLYD p IRUPDGD SRU PHGLGDV TXH ID]HP SDUWH GR HGLItFLR H TXH
LQGHSHQGHP GH XPD DomR SDUD R VHX IXQFLRQDPHQWR HP FDVR GH LQFrQGLR VHQGR
SRVVtYHODH[HFXomRGHRXWUDIXQomRSDUDOHODPHQWHDRORQJRGRVHXXVR
$DFHVVLELOLGDGHjFRQVWUXomRpXPDGDVPHGLGDVTXHpSRXFRDQDOLVDGDSHORV
SURMHWLVWDV HP FDVR GH LQFrQGLRV $V FRQVWUXo}HV VmR H[HFXWDGDV VHP D GHYLGD
SUHRFXSDomR HP UHODomR D LPSODQWDomR H DR GHVHQKR GH VXDV IDFKDGDV QmR
IDFLOLWDQGR GHVVD IRUPD DV DWLYLGDGHV GH VDOYDPHQWR H FRPEDWH GR FRUSR GH
ERPEHLURV
$ LPSODQWDomR GH PHLRV GH DEDQGRQR VHJXUR GR HGLItFLR URWDV GH IXJD SHORV
VHXV RFXSDQWHV WDPEpP p XPD PHGLGD GHWHUPLQDGD SHOD DUTXLWHWXUD TXDQGR VH FULD
DVOLQKDVGHFLUFXODomRQRLQWHULRUGRHGLItFLR
2 HVWXGR GD HVWUXWXUD GRV HOHPHQWRV FRQVWLWXWLYRV H GRV FRPSDUWLPHQWRV
GHWHUPLQD D OLPLWDomR RX FRQWHQomR GR FUHVFLPHQWR GR LQFrQGLR QR LQWHULRU GD
FRQVWUXomR EHP FRPR R QtYHO GH SURWHomR GRV VHXV RFXSDQWHV VHQGR WDPEpP
PHGLGDVGHSURWHomRSDVVLYDTXHGHYHPVHUSODQHMDGDVQRSURMHWRGRHGLItFLR
2XWURHOHPHQWRDVHUDQDOLVDGRQDVPHGLGDVGHSURWHomRSDVVLYDpRFRQWUROH
GDV FDUDFWHUtVWLFDV H TXDQWLGDGH GH PDWHULDLV FRPEXVWtYHLV UHXQLGRV WDQWR QR
DFDEDPHQWRLQWHUQRTXDQWRQRFRQWH~GRGDFRQVWUXomRSRLVVmRHOHPHQWRVGHFLVLYRV
QDYHORFLGDGHGDSURSDJDomRGRLQFrQGLRDVVLPFRPRQDVXDLQWHQVLGDGHHGXUDomR

3URWHomRDWLYD

$ SURWHomR DWLYD DR FRQWUiULR GD SDVVLYD p FRPSRVWD SRU HTXLSDPHQWRV H
LQVWDODo}HV FRQWUD LQFrQGLR TXH GHSHQGHP GH XPD DomR SDUD R VHX IXQFLRQDPHQWR
VHMD PDQXDO RX DXWRPiWLFD 2 REMHWLYR GHVWDV LQVWDODo}HV p XPD GHWHFomR UiSLGD GR
LQFrQGLR SDUD TXH GHVVD IRUPD VHMD PDLV VHJXUR R DEDQGRQR GRV RFXSDQWHV GR
HGLItFLRHWRUQDQGRSRVVtYHOXPFRPEDWHHFRQWUROHPDLVHILFD]HVGRIRJR'HVWDFDP
VHFRPRRVSULQFLSDLVVLVWHPDVGHSURWHomRDWLYD


D 6LVWHPDGHGHWHFomRHDODUPHDXWRPiWLFRVGHLQFrQGLR GHWHFWRUHVGHIXPDoD
WHPSHUDWXUDUDLRVLQIUDYHUPHOKRVHWFOLJDGRVDDODUPHVDXWRPiWLFRV
E 6LVWHPDGHLOXPLQDomRGHHPHUJrQFLD
F 6LVWHPDGHFRQWUROHH[DXVWmRGDIXPDoDGHLQFrQGLR
G 6LQDOL]DomRGHVHJXUDQoDFRQWUDLQFrQGLRHSkQLFR
H 6LVWHPDGHDODUPHPDQXDOGHLQFrQGLR ERWRHLUDV
I 6LVWHPDV GH H[WLQomR DXWRPiWLFD GH LQFrQGLR FKXYHLURV DXWRPiWLFRV ±
VSULQNOHUVHRXWURVVLVWHPDVHVSHFLDLVGHiJXDRXJDVHV
J 6LVWHPDGHKLGUDQWHV
K 6LVWHPDVGHSURWHomRSRUH[WLQWRUHVGHLQFrQGLR
L 3RUWDVFRUWDIRJRSDUD6DtGDGH(PHUJrQFLD
M 5RWDVGHIXJD
N 6LVWHPDGH3URWHomR&RQWUD'HVFDUJDV$WPRVIpULFDV 3iUDUDLRV

1RUPDV,QWHUQDFLRQDLV

'HQWUH DV 1RUPDV ,QWHUQDFLRQDLV DV HODERUDGDV SHOD 1)3$ 1DWLRQDOF )LUH
3URWHFWLRQ$VVRFLDWLRQ±7UDGXomR$VVRFLDomRGHSURWHomRFRQWUDLQFrQGLRV1DFLRQDO
(8$ GHVWDFDPVHHVmRUHIHUrQFLDVPXQGLDLV

$ 1)3$ p XPD RUJDQL]DomR LQWHUQDFLRQDO GH GHVHQYROYLPHQWR GH QRUPDV
IXQGDGD HP SDUD SURWHJHU SHVVRDV EHQV H R PHLR DPELHQWH FRQWUD RV HIHLWRV
GDQRVRVGHLQFrQGLRVeKRMHDSULQFLSDOIRQWHGHLQIRUPDo}HVHPWRGRPXQGRSDUDR
GHVHQYROYLPHQWRHGLVVHPLQDomRGHFRQKHFLPHQWRVREUHVHJXUDQoDFRQWUDLQFrQGLRH
SURWHomR GD YLGD 6XD VHGH HVWi ORFDOL]DGD QD FLGDGH GH 4XLQF\ HVWDGR GH
0DVVDFKXVHWWVQRV(VWDGRV8QLGRV
$ SRVVXL XP UHFRQKHFLGR H UHVSHLWDGR SURFHVVR GH SUHSDUDomR GH FyGLJRV H

QRUPDVDEHUWRDWRGRVRVLQWHUHVVDGRVHEDVHDGRHPFRQVHQVR&RPHVVHSURFHVVR
DPSOR H DEHUWR D 1)3$ WHP HODERUDGR DOJXQV GRV GRFXPHQWRV PDLV FRQKHFLGRV H
FRQVXOWDGRV GD iUHD GH SURWHomR FRQWUD LQFrQGLRV 1(& &yGLJR (OpWULFR 1DFLRQDO
1)3$ &yGLJR GH 3URWHomR GD 9LGD 1)3$ &yGLJR GH 3UHYHQomR GH
,QFrQGLRV 1)3$ H&yGLJR1DFLRQDOGH$ODUPHVFRQWUD,QFrQGLR 1)3$ $1)3$
pWDPEpPOtGHUHPDWLYLGDGHVHGXFDFLRQDLVGHVHJXUDQoDFRQWUDLQFrQGLRSURPRYHQGR
SURJUDPDVSDUDFULDQoDVGHVGHDSUpHVFRODDWpDWHUFHLUDLGDGH
$V SXEOLFDo}HV GD 1)3$ HQFRQWUDPVH GLVSRQtYHLV HP YiULRV LGLRPDV H VmR
IRQWHGHUHIHUrQFLDHPWRGRRPXQGR$WXDOPHQWHD1)3$FRQWDFRPPDLVGH
DVVRFLDGRVSURYHQLHQWHVGHSDtVHV
$ 1)3$ QmR p XPD HQWLGDGH JRYHUQDPHQWDO H GH ILVFDOL]DomR (OD DSHQDV FULD
QRUPDVMXQWDPHQWHHQWUHVHXVDVVRFLDGRVHFRODERUDGRUHVGLVSRQLELOL]DQGR YHQGHQGR
SDUDTXHDVTXLVHUXWLOL]DUHVHJXLU
/LVWDGHDOJXPDV1RUPDV1)3$HPGHVWDTXH

¾ 1)3$)LUH&RGH 1RUPDJHUDOGH,QFrQGLRV


¾ 1)3$6WDQGDUGIRU,QWHJUDWHG)LUH3URWHFWLRQDQG/LIH6DIHW\6\VWHP7HVWLQJ 1RUPD
SDUD WHVWHV GD SURWHomR LQWHJUDGD GD SUHYHQomR GH ,QFrQGLRV H VLVWHPDV GH
VHJXUDQoDjYLGD
¾ 1)3$6WDQGDUGIRU3RUWDEOH)LUH([WLQJXLVKHUV 1RUPDSDUDH[WLQWRUHVGH,QFrQGLR
3RUWiWHLV
¾ 1)3$6WDQGDUGIRUWKH,QVWDOODWLRQRI6SULQNOHU6\VWHPV 1RUPDSDUDDLQVWDODomR
GHVLVWHPDVGH6SULQNOHUV
¾ 1)3$ 6WDQGDUG IRU WKH ,QVWDOODWLRQ RI 3ULYDWH )LUH 6HUYLFH 0DLQV DQG 7KHLU
$SSXUWHQDQFHV 1RUPDSDUDLQVWDODomR GH VHUYLFHV GH %RPEHLURVSULYDGRV H
VXDHVWUXWXUDomR
¾ 1)3$6WDQGDUGIRUWKH,QVSHFWLRQ7HVWLQJDQG0DLQWHQDQFHRI:DWHU%DVHG)LUH
3URWHFWLRQ 6\VWHPV 1RUPDSDUDLQVSHomR WHVWH H PDQXWHQomR GH VLVWHPDV GH
SURWHomRFRQWUDLQFrQGLRVDEDVHGHXVRGHiJXD
¾ 1)3$)ODPPDEOHDQG&RPEXVWLEOH/LTXLGV&RGH &yGLJRSDUDOtTXLGRVFRPEXVWtYHLV
H,QIODPiYHLV
¾ 1)3$1DWLRQDO)XHO*DV&RGH &yGLJRSDUDJDVHV&RPEXVWtYHLV

¾ 1)3$ /LTXHILHG 1DWXUDO *DV /1* 9HKLFXODU)XHO 6\VWHPV &RGH &yGLJR SDUD
VLVWHPDVGHFRPEXVWtYHOYHLFXODUDEDVHGH*19
¾ 1)3$ 6WDQGDUG RQ ([SORVLRQ 3UHYHQWLRQ 6\VWHPV 1RUPD SDUDVLVWHPDV GH
SUHYHQomRGHH[SORV}HV
¾ 1)3$ 1DWLRQDO)LUH$ODUPDQG6LJQDOLQJ&RGH &yGLJR QDFLRQDO GH 6LQDOL]DomR H
DODUPHGH,QFrQGLRV
¾ 1)3$/LIH6DIHW\&RGH &yGLJRGH6HJXUDQoDGD9LGD
¾ 1)3$6WDQGDUGIRU:LOGILUH&RQWURO 1RUPDSDUDFRQWUROHGH,QFrQGLRVIORUHVWDLV
¾ 1)3$ *XLGHRQ3ULQFLSOHVDQG3UDFWLFHV IRU &RPPXQLFDWLRQV 6\VWHPV *XLD GH
SULQFtSLRVHSUiWLFDVSDUDVLVWHPDVGH&RPXQLFDomR
¾ 1)3$+D]DUGRXV0DWHULDOV&RGH &yGLJRGH0DWHULDLV3HULJRVRV
¾ 1)3$*XLGHIRU(PHUJHQF\0HGLFDO6HUYLFHVDQG6\VWHPV *XLDSDUDVLVWHPDV
HVHUYLoRVGHHPHUJrQFLDVPpGLFDV $3+
¾ 1)3$ 5HFRPPHQGHG3UDFWLFH IRU 5HVSRQGLQJWR+D]DUGRXV0DWHULDOV,QFLGHQWV
3UDWLFDVUHFRPHQGDGDVSDUDUHVSRVWDD,QFLGHQWHVFRPPDWHULDLVSHULJRVRV
¾ 1)3$([SORVLYH0DWHULDOV&RGH &yGLJRGHPDWHULDLVH[SORVLYRV
¾ 1)3$6WDQGDUGRQ6XEWHUUDQHDQ6SDFHV 1RUPDSDUDHVSDoRVFRQILQDGRV
¾ 1)3$6WDQGDUGIRU'HWHUPLQDWLRQRI)LUH/RDGVIRU8VHLQ6WUXFWXUDO)LUH3URWHFWLRQ
'HVLJQ 1RUPD SDUD GHWHUPLQDomR GH FDUJD GH IRJR SDUD XVR HP SURMHWRV GH
SURWHomRGH,QFrQGLRVXUEDQRV
¾ 1)3$ 6WDQGDUG RQ ,QGXVWULDO )LUH%ULJDGHV 1RUPD SDUD EULJDGDV GH ,QFrQGLR
,QGXVWULDLV
¾ 1)3$ 6WDQGDUG IRU )LUH 6HUYLFH 3URIHVVLRQDO
4XDOLILFDWLRQV$FFUHGLWDWLRQDQG&HUWLILFDWLRQ 6\VWHPV 1RUPD SDUD DFUHGLWDomR GH
TXDOLILFDomRGHSURILVVLRQDLV%RPEHLURVHVLVWHPDVGHFHUWLILFDomR
¾ 1)3$ 6WDQGDUG IRU )LUH)LJKWHU 3URIHVVLRQDO 4XDOLILFDWLRQV 1RUPD SDUD
TXDOLILFDomRGHSURILVVLRQDO%RPEHLUR
¾ 1)3$ 6WDQGDUG IRU )LUH$SSDUDWXV 'ULYHU2SHUDWRU 3URIHVVLRQDO 4XDOLILFDWLRQV
1RUPDSDUDTXDOLILFDomRGHPRWRULVWDRSHUDGRUHVGHYHtFXORVGH%RPEHLURV
¾ 1)3$ 6WDQGDUG RQ 7UDLQLQJ IRU ,QLWLDO (PHUJHQF\ 6FHQH 2SHUDWLRQV 1RUPD


SDUDWUHLQDPHQWRGHRSHUDo}HV
¾ 1)3$ 6WDQGDUG IRU 3UH,QFLGHQW 3ODQQLQJ 1RUPD SDUD SODQHMDPHQWR SUp
LQFLGHQWHV
¾ 1)3$6WDQGDUGIRU$XWRPRWLYH$PEXODQFHV 1RUPDSDUD$PEXOkQFLDV

$V1RUPDVQR%UDVLO
)XQGDGDHPD$VVRFLDomR%UDVLOHLUDGH1RUPDV7pFQLFDV $%17 pR

yUJmRUHVSRQViYHOSHODQRUPDOL]DomRWpFQLFDQRSDtVIRUQHFHQGRDEDVHQHFHVViULDDR
GHVHQYROYLPHQWRWHFQROyJLFREUDVLOHLUR
e XPD HQWLGDGH SULYDGD VHP ILQV OXFUDWLYRV UHFRQKHFLGD FRPR ~QLFR )RUR
1DFLRQDO GH 1RUPDOL]DomR DWUDYpV GD 5HVROXomR Q GR &210(752 GH

e PHPEUR IXQGDGRU GD ,62 ,QWHUQDWLRQDO 2UJDQL]DWLRQ IRU 6WDQGDUGL]DWLRQ GD
&23$17 &RPLVVmR 3DQDPHULFDQD GH 1RUPDV 7pFQLFDV H GD $01 $VVRFLDomR
0HUFRVXOGH1RUPDOL]DomR
$ $%17 p D UHSUHVHQWDQWH RILFLDO QR %UDVLO GDV VHJXLQWHV HQWLGDGHV

LQWHUQDFLRQDLV ,62 ,QWHUQDWLRQDO 2UJDQL]DWLRQ IRU 6WDQGDUGL]DWLRQ ,(& ,QWHUQDWLRQDO
(OHWURWHFKQLFDO &RPLVVLRQ H GDV HQWLGDGHV GH QRUPDOL]DomR UHJLRQDO &23$17
&RPLVVmR 3DQDPHULFDQD GH 1RUPDV 7pFQLFDV H D $01 $VVRFLDomR 0HUFRVXO GH
1RUPDOL]DomR
1RUPDOL]DomR $WLYLGDGH TXH HVWDEHOHFH HP UHODomR D SUREOHPDV H[LVWHQWHV RX

SRWHQFLDLV SUHVFULo}HV GHVWLQDGDV j XWLOL]DomR FRPXP H UHSHWLWLYD FRP YLVWDV j
REWHQomRGRJUDXyWLPRGHRUGHPHPXPGDGRFRQWH[WR
2EMHWLYRVGDQRUPDOL]DomR
&RPXQLFDomR 3URSRUFLRQD RV PHLRV QHFHVViULRV SDUD D WURFD DGHTXDGD GH

LQIRUPDo}HV HQWUH FOLHQWHV H IRUQHFHGRUHV FRP YLVWD D DVVHJXUDU D FRQILDQoD H XP
HQWHQGLPHQWRFRPXPQDVUHODo}HVFRPHUFLDLV
6LPSOLILFDomR 5HGX] DV YDULHGDGHV GH SURGXWRV H GH SURFHGLPHQWRV GH PRGR D
VLPSOLILFDURUHODFLRQDPHQWRHQWUHSURGXWRUHFRQVXPLGRU
3URWHomR DR &RQVXPLGRU 'HILQH RV UHTXLVLWRV TXH SHUPLWDP DIHULU D TXDOLGDGH GRV
SURGXWRVHVHUYLoRV
6HJXUDQoD(VWDEHOHFHUHTXLVLWRVWpFQLFRVGHVWLQDGRVDDVVHJXUDUDSURWHomRGDYLGD
KXPDQDGDVD~GHHGRPHLRDPELHQWH
(FRQRPLD 'LPLQXL R FXVWR GH SURGXWRV H VHUYLoRV PHGLDQWH D VLVWHPDWL]DomR

UDFLRQDOL]DomR H RUGHQDomR GRV SURFHVVRV H GDV DWLYLGDGHV SURGXWLYDV FRP D
FRQVHTXHQWHHFRQRPLDSDUDIRUQHFHGRUHVHFOLHQWHV


(OLPLQDomR GH EDUUHLUDV (YLWD D H[LVWrQFLD GH UHJXODPHQWRV FRQIOLWDQWHV VREUH
SURGXWRVHVHUYLoRVHPGLIHUHQWHVSDtVHVGHIRUPDDIDFLOLWDURLQWHUPpGLRFRPHUFLDO
3ULQFtSLRVGDQRUPDOL]DomR
2SURFHVVRGHHODERUDomRGHQRUPDVWpFQLFDVHVWiDSRLDGRHPSULQFtSLRVTXH
VmRIXQGDPHQWDLVSDUDTXHWRGRVRVREMHWLYRVGDQRUPDOL]DomRVHMDPDWHQGLGRVHSDUD
TXHHODVHMDHILFD]QDVXDDSOLFDomRHUHFRQKHFLGDSRUWRGRV
9ROXQWDULHGDGH ± $ SDUWLFLSDomR HP SURFHVVR GH QRUPDOL]DomR QmR p REULJDWyULD H

GHSHQGH GH XPD GHFLVmR YROXQWiULD GRV LQWHUHVVDGRV (VVD YRQWDGH GH SDUWLFLSDU p
LPSUHVFLQGtYHO SDUD TXH R SURFHVVR GH HODERUDomR GH QRUPDV RFRUUD 2XWUR DVSHFWR
TXHIXQGDPHQWDDYROXQWDULHGDGHGRSURFHVVRGHQRUPDOL]DomRpRIDWRGHTXHRXVR
GD QRUPD WDPEpP QmR p REULJDWyULR GHYHQGR VHU UHVXOWDGR GH XPD GHFLVmR HP TXH
VmRSHUFHELGDVPDLVYDQWDJHQVQRVHXXVRGRTXHQRQmRXVR
5HSUHVHQWDWLYLGDGH ± e SUHFLVR TXH KDMD SDUWLFLSDomR GH HVSHFLDOLVWDV FHGLGRV SRU

WRGRVRVVHWRUHV±SURGXWRUHVRUJDQL]Do}HVGHFRQVXPLGRUHVHQHXWURV RXWUDVSDUWHV
LQWHUHVVDGDV WDLV FRPRXQLYHUVLGDGHV ODERUDWyULRV LQVWLWXWRV GH SHVTXLVD yUJmRV GR
JRYHUQR GH PRGR TXH D RSLQLmR GH WRGRV VHMD FRQVLGHUDGD QR HVWDEHOHFLPHQWR GD
QRUPD 'HVVD IRUPD HOD GH IDWR UHIOHWH R UHDO HVWiJLR GH GHVHQYROYLPHQWR GH XPD
WHFQRORJLDHPXPGHWHUPLQDGRPRPHQWRHRHQWHQGLPHQWRFRPXPYLJHQWHEDVHDGR
HPH[SHULrQFLDVFRQVROLGDGDVHSHUWLQHQWHV
3DULGDGH±1mREDVWDDSHQDVDUHSUHVHQWDWLYLGDGHpSUHFLVRTXHDVFODVVHV SURGXWRU
FRQVXPLGRU H QHXWUR HVWHMDP HTXLOLEUDGDV HYLWDQGRVH DVVLP D LPSRVLomR GH XPD
GHODVVREUHDVGHPDLVSRUFRQWDGRPDLRUQ~PHURGHUHSUHVHQWDQWHV$VVLPGHYHVH
EXVFDU DVVHJXUDU R HTXLOtEULR GDV GLIHUHQWHV RSLQL}HV QR SURFHVVR GH HODERUDomR GH
QRUPDV
$WXDOL]DomR ± $ DWXDOL]DomR GR SURFHVVR GH GHVHQYROYLPHQWR GH QRUPDV FRP D

DGRomR GH QRYRV PpWRGRV GH JHVWmR H GH QRYDV IHUUDPHQWDV GH WHFQRORJLD GD
LQIRUPDomR FRQWULEXL SDUD TXH R SURFHVVR GH QRUPDOL]DomR DFRPSDQKH HYROXomR
WHFQROyJLFD (VVH SULQFtSLR GH DWXDOL]DomR GHYH VHU FRQVWDQWHPHQWH SHUVHJXLGR SDUD
TXHDQRUPDOL]DomRDWHQGDjLQWHQVDGHPDQGDFRQVLGHUDQGRTXHXPDQRUPDGHIDVDGD
WHFQRORJLFDPHQWHIDWDOPHQWHFDLUiQRGHVXVR
7UDQVSDUrQFLD±7RGDVDVSDUWHVLQWHUHVVDGDVGHYHPVHUGLVSRQLELOL]DGDVDTXDOTXHU
WHPSRDVLQIRUPDo}HVUHODWLYDVDRFRQWUROHDWLYLGDGHVHGHFLV}HVVREUHRSURFHVVRGH
GHVHQYROYLPHQWRGHQRUPDVWpFQLFDV
6LPSOLILFDomR±2SURFHVVRGHQRUPDOL]DomRGHYHWHUUHJUDVHSURFHGLPHQWRVVLPSOHV
HDFHVVtYHLVTXHJDUDQWDPDFRHUrQFLDDUDSLGH]HDTXDOLGDGHQRGHVHQYROYLPHQWRH
LPSOHPHQWDomRGDVQRUPDV
&RQVHQVR ± 3DUD TXH XPD QRUPD WHQKD VHX FRQWH~GR R PDLV SUy[LPR SRVVtYHO GD
UHDOLGDGHGHDSOLFDomRpQHFHVViULRTXHKDMDFRQVHQVRHQWUHRVSDUWLFLSDQWHVGHVXD


HODERUDomR&RQVHQVRpSURFHVVRSHORTXDOXP3URMHWRGH1RUPDGHYHVHUVXEPHWLGR
FRPSUHHQGHQGR DV HWDSDV GH DQiOLVH DSUHFLDomR H DSURYDomR SRU SDUWH GH XPD
FRPXQLGDGHWpFQLFDRXQmR$ILQDOLGDGHGHVVHSURFHVVRGHFRQVHQVRpRGHDWHQGHU
DRVLQWHUHVVHVHjVQHFHVVLGDGHVGDFROHWLYLGDGHHPVHXSUySULREHQHILFLR1mRpXPD
YRWDomR PDV XP FRPSURPLVVR GH LQWHUHVVH P~WXR QmR GHYHQGR SRUWDQWR VHU
FRQIXQGLGRFRPXQDQLPLGDGH
'LIHUHQoDVHQWUHDV1%5VHDV15V

x $%17 1%5 p D VLJOD GH 1RUPD %UDVLOHLUD DSURYDGD SHOD $%17 GH FDUiWHU
YROXQWiULR H IXQGDPHQWDGD QR FRQVHQVR GD VRFLHGDGH 7RUQDVH REULJDWyULD
TXDQGRHVVDFRQGLomRpHVWDEHOHFLGDSHORSRGHUS~EOLFR

x 15 p D VLJOD GH 1RUPD 5HJXODPHQWDGRUD HVWDEHOHFLGD SHOR 0LQLVWpULR GR
7UDEDOKRH(PSUHJRFRPFDUiWHUREULJDWyULR

$%17&%±6(*85$1d$&2175$,1&Ç1',2

2 &% p R &RPLWr %UDVLOHLUR TXH DWXD GHQWUR GD $%17 VHQGR UHVSRQViYHO
SHOD HODERUDomR GDV QRUPDV QR kPELWR GD VHJXUDQoD FRQWUD LQFrQGLRV 6HX DWXDO
VXSHULQWHQGHQWHpR(QJ-RVp&DUORV7RPLQD

Æ0%,72'($78$d2GR&%1RUPDOL]DomRQRFDPSRGHVHJXUDQoDFRQWUD
LQFrQGLRFRPSUHHQGHQGRIDEULFDomRGHSURGXWRVHHTXLSDPHQWRVEHPFRPRSURMHWRVH
LQVWDODomR GH SUHYHQomR H FRPEDWH D LQFrQGLR H VHUYLoRV FRUUHODWRV DQiOLVH H
DYDOLDomR GH GHVHPSHQKR DR IRJR GH PDWHULDLV SURGXWRV H VLVWHPDV GHQWUR GRV
DPELHQWHVDHOHVSHUWLQHQWHVPHGLomRHGHVFULomRGDUHVSRVWDGRVPDWHULDLVSURGXWRV
HVLVWHPDVTXDQGRVXEPHWLGRVDIRQWHVGHFDORUHFKDPDVREFRQGLo}HVFRQWURODGDV
GH ODERUDWyULR QR TXH FRQFHUQH D WHUPLQRORJLD UHTXLVLWRV PpWRGRV GH HQVDLR H
JHQHUDOLGDGHV ([FOXLQGRVH D QRUPDOL]DomR GH HTXLSDPHQWRV GH SURWHomR LQGLYLGXDO
TXHpGHUHVSRQVDELOLGDGHGR$%17&%
2SURFHVVRGHHODERUDomRGHXPD1RUPD%UDVLOHLUDVHLQLFLDFRPXPDGHPDQGD
GDVRFLHGDGHSHORVHWRUHQYROYLGRRXPHVPRGRVRUJDQLVPRVUHJXODPHQWDGRUHV
$SHUWLQrQFLDGRSHGLGRHGDGHPDQGDpDQDOLVDGDSHOD$%176HWLYHUPpULWR
VHUi OHYDGD DR &RPLWr 7pFQLFR GR VHWRU SDUD LQVHUomR QR3ODQR GH 1RUPDOL]DomR
6HWRULDO 316 GD &RPLVVmR GH HVWXGR SHUWLQHQWH &DVR FRQWUiULR VHUi FULDGD XPD
&RPLVVmRGH(VWXGR(VSHFLDO $%17&((
(P DPERV RV FDVRV Ki XPD JUDQGH SUHRFXSDomR GD $%17 HP GLVVHPLQDUD
WRGRVRV HQYROYLGRV SDUD TXH KDMD XPD SDUWLFLSDomR EDVWDQWH UHSUHVHQWDWLYD SDUD
HODERUDomRGDQRUPD
$V &RPLVV}HV GH(VWXGRGHYHP GLVFXWLUH FKHJDU DRFRQVHQVR SDUD HODERUDU R

SURMHWR GH1RUPD 'H SRVVH GR 3URMHWR GH 1RUPD D $%17 R VXEPHWH D FRQVXOWD


QDFLRQDOFRPRIRUPDGHGDURSRUWXQLGDGHDWRGDVDVSDUWHVHQYROYLGDVGHH[DPLQDUH
GHHPLWLUVXDVFRQVLGHUDomR
3DVVDGR R WHPSR QHFHVViULR SDUD &RQVXOWD 1DFLRQDO D &RPLVVmR GH (VWXGR

IDUiXPDUHXQLmRSDUDDQiOLVHGDSHUWLQrQFLDRXQmRGDVFRQVLGHUDo}HVUHFHELGDV1mR
KDYHQGR LPSHGLPHQWR R 3URMHWR VHUi HQFDPLQKDGR SDUD KRPRORJDomR SHOD $%17
RQGHUHFHEHDVLJOD$%171%5HVHXQXPHURUHVSHFWLYR$VHJXLUD1RUPDpFRORFDGD
QRDFHUYRGH1RUPDV%UDVLOHLUDV
'H SRVVHGR WH[WR QRUPDWLYR D $%17 VXEPHWH RPHVPRj &RQVXOWD 1DFLRQDO

FRPRIRUPDGHGDURSRUWXQLGDGHjVRFLHGDGHGHH[DPLQDUHHPLWLUVXDVFRQVLGHUDo}HV
3DVVDGR R WHPSR QHFHVViULR SDUD D &RQVXOWD 1DFLRQDO VH IDUi XPD ~OWLPD
UHXQLmRSDUDDQiOLVHGDSHUWLQrQFLDRXQmRGDVFRQVLGHUDo}HVUHFHELGDV1mRKDYHQGR
LPSHGLPHQWR R WH[WR VHUi OHYDGR j KRPRORJDomR SHOD $%17 RQGH UHFHEH D VLJOD
$%17 1%5 H VHX Q~PHUR UHVSHFWLYR $ VHJXLU p FRORFDGD QR DFHUYR GH 1RUPDV
%UDVLOHLUDV
$WXDOPHQWH QR &% GD $%17 YiULDV QRUPDV HQFRQWUDPVH HP SURFHVVR GH
UHYLVmR HRX FULDomR 3DUD WDQWR UHXQL}HV PHQVDLV VmR UHDOL]DGDV FRQWDQGR FRP D
SDUWLFLSDomR GH HPSUHVDV GRV VHJPHQWRV HQYROYLGRV &RUSRV GH %RPEHLURV HQWUH
RXWURV8PDJUDQGHWHQGrQFLDQRVHJPHQWRpDXWLOL]DomRFRPRUHIHUrQFLDGDVQRUPDV
1)3$ 3DUD WDQWR XP SURFHVVR FRQKHFLGR FRPR KDUPRQL]DomR p UHDOL]DGR ± QD
KDUPRQL]DomRDQRUPDpDGDSWDGDjVFRQGLo}HVHUHDOLGDGHVQDFLRQDLV
1RUPDVHVWDGXDLVHPXQLFLSDLVGHSUHYHQomR

1R HVWDGR GH 6DQWD &DWDULQD VmR DGRWDGDV DV 1RUPDV GH 6HJXUDQoD &RQWUD
,QFrQGLRV±FRQKHFLGDVFRPRVpULH16&,$DWXDO16&,IRLHVFULWDSHOR&RUSRGH
%RPEHLURV 0LOLWDU GH 6& H VDQFLRQDGD DWUDYpV GR 'HFUHWR (VWDGXDO QR GH
2XW
(P DOJXPDV FLGDGHV GH 6& QR HQWDQWR RQGH Ki GHVWDFDGD DWXDomR GH %RPEHLURV
9ROXQWiULRV DSOLFDPVH OHJLVODo}HV 0XQLFLSDLV FRPR QR FDVR GD FLGDGH GH -RLQYLOOH
RQGH DV QRUPDV 16&, QmR VmR DSOLFDGDV PDV VLP D /(, 081,&,3$/ '(
6(*85$1d$&2175$,1&Ç1',2 /HLQGHGHMDQHLURGH'HFUHWR
QGHGHMXQKRGH 1HVWHFDVRDOHLPXQLFLSDOpFRQVLGHUDGDPDLV
FRPSOHWDHDEUDQJHQWHGRTXHDHVWDGXDO

'HWDOKHV7pFQLFRV

2V GHWDOKHV WpFQLFRV YLVDPSDGURQL]DU HHVFODUHFHU DV ,QVWUXo}HV 1RUPDWLYDV ,1
GR&RUSR GH %RPEHLURV 0LOLWDU (VWmR GLYLGLGRV HP GHWDOKHV SDGUmR TXH QmR GHYH VHU
DOWHUDGR DR VHU LQVHULGR QRVSURMHWRV SUHYHQWLYRV H GHWDOKHV LQIRUPDWLYRV TXH VHUYHP
SDUD HVFODUHFHU R TXH VH SHGH QD UHIHULGD ,1 2V GHWDOKHV LQIRUPDWLYRV SRGHP VHU
XVDGRVFRPRUHIHUrQFLDDRSURMHWDURVVLVWHPDVSUHYHQWLYRVGHXPDHGLILFDomR$WDEHOD
DVHJXLUUHODFLRQDDV,1VH[LVWHQWHVHVHXVUHVSHFWLYRVWHPDV


$668172 ,1
7UDPLWDomRGH([SHGLHQWHV ,1
7HUPLQRORJLDGH6HJXUDQoD&RQWUD,QFrQGLRV ,1
&DUJDGH,QFrQGLR ,1
3ODQWDGH6LWXDomRH/RFDomR ,1
(GLILFDo}HV([LVWHQWHV ,1
6LVWHPD3UHYHQWLYRSRU([WLQWRUHV ,1
6LVWHPD+LGUiXOLFR3UHYHQWLYR ,1
,QVWDODo}HVGH*iV&RPEXVWtYHO ,1
6LVWHPDGH6DtGDVGH(PHUJrQFLD ,1
6LVWHPDGH3URWHomR&RQWUD'HVFDUJDV$WPRVIpULFDV ,1
6LVWHPDGH,OXPLQDomRGH(PHUJrQFLD ,1
6LVWHPDGH$ODUPHH'HWHFomRGH,QFrQGLR ,1
6LVWHPDGH6LQDOL]DomRSDUD$EDQGRQRGH/RFDO ,1
6LVWHPDGH$FHVVRGH9LDWXUD (PHODERUDomR
6LVWHPDGH&KXYHLURV$XWRPiWLFRV ,1
6LVWHPD)L[RGH*DVHV/LPSRVH'Ly[LGRGH&DUERQR ,1
6LVWHPDGHÈJXD1HEXOL]DGD ,1
&RQWUROHGH0DWHULDLVGH$FDEDPHQWR ,1
5HVLVWrQFLDDR)RJRGRV(OHPHQWRV(VWUXWXUDLV (PHODERUDomR
,QVWDODo}HV,QGXVWULDLVGH/tTXLGRV,QIODPiYHLV3DUTXHVSDUD$UPD]HQDPHQWRGH
,1
&RPEXVWtYHLV/tTXLGRV
,QVWDODo}HVSDUD5HDEDVWHFLPHQWRGH&RPEXVWtYHO &RPEXVWtYHLV/tTXLGRVH*iV1DWXUDO
,1
9HLFXODU*19
,QVWDODo}HVSDUDUHDEDVWHFLPHQWRGHFRPEXVWtYHLVGHXVRSULYDWLYR &RPEXVWtYHO/LTXLGR ,1
6LVWHPDGH(VSXPD ,1
(YHQWRV7UDQVLWyULRV ,1
$668172 ,1
5HGH3~EOLFDGH+LGUDQWHV ,1
0DWDV1DWLYDVH5HIORUHVWDPHQWRV ,1
3UHYHQomRHP(VSHWiFXORV3LURWpFQLFRV ,1
%ULJDGDVGH,QFrQGLR ,1
$UPD]HQDPHQWRGH5HFLSLHQWHVGH*/335*/3 ,1
3URGXWRVFRQWURODGRV3URGXomRHGHSyVLWR ,1


3URGXWRVFRQWURODGRV&RPpUFLRGH$UPDV0XQLo}HVH)RJRVGH$UWLItFLR ,1
&DOGHLUDV ,1
3DUTXHV$TXiWLFRV ,1
$WLYLGDGHVDJURSDVWRULV ,1
7~QHLVH*DOHULDV (PHODERUDomR
9DVRVGH3UHVVmR (PHODERUDomR
/RFDLVFRP5HVWULomRGH/LEHUGDGH (PHODERUDomR
/RFDOSDUD5HVJDWH$pUHR/5$&ULWpULRVSDUD6XEVWLWXLomR ,1
+DELOLWDomR$YDOLDomRH$WULEXLomRGR,QVWUXWRUHGR%ULJDGLVWD3DUWLFXODU ,1
&DPSRVGH7UHLQDPHQWRVGH&RPEDWHD,QFrQGLR ,1
6LVWHPD(VWDGXDOGH&UHGHQFLDPHQWRGH6HUYLoRGH%ULJDGLVWDGH,QFrQGLR3DUWLFXODU ,1

1RUPDV$%9(6&

$$%9(6&DWUDYpVGHVHX&RPLWr7pFQLFR &27(& WDPEpPHODERUDQRUPDV
QRVHQWLGRGHSDGURQL]DUDWLYLGDGHVQRkPELWRGHVXDVHQWLGDGHVDILOLDGDV
$FULDomRGDVQRUPDVQD$%9(6&VHJXHRPHVPRFRQFHLWRDSOLFDGRQD$%17
RX VHMD D FULDomR FRP DX[tOLR GH HVSHFLDOLVWDV QRV DVVXQWRV FRORFDomR HP FRQVXOWD
SDUDDSUHFLDomRGDVHQWLGDGHVHSRVWHULRUYRWDomRHGLYXOJDomR
$VQRUPDVGD$%9(6&GLYLGHPVHEDVLFDPHQWHHPJUXSRV

x ,1$V,QVWUXo}HV1RUPDWLYDV$GPLQLVWUDWLYDV7UDWDPGDSDGURQL]DomRGH
DVSHFWRVRUJDQL]DFLRQDLVRXDGPLQLVWUDWLYRV$VHJXLUDUHODomRGDV,1$V
YLJHQWHV SRURUGHPQXPpULFD

,1$&HUWLGmR1HJDWLYDGH'pELWRVGDV(QWLGDGHV
,1$8VRGH,PDJHQV,QVWLWXFLRQDLV
,1$5HTXLVLWRVSDUD&RPSRVLomRGH&RUSRUDomR&LYLO9ROXQWiULD
,1$5HTXLVLWRV0tQLPRVSDUDH[HUFtFLRVGH)XQo}HV
,1$,GHQWLILFDomR9LVXDOH3DGURQL]DomRGH/D\RXWGH,QVWDODo}HV3UHGLDLV
,1$,QFOXVmRH7UDQVIHUrQFLDGH%RPEHLURV9ROXQWiULRV
,1$3URWRFRORVH5HFHSomRGH9LVLWDQWHVH$XWRULGDGHV
,1$8VRH&RPSRVLomRGH8QLIRUPHV
,1$3DGURQL]DomRGH,GHQWLILFDomRGH9HtFXORV
,1$&HQWUDOGH&RPSUDV

x ,12V,QVWUXo}HV1RUPDWLYDV2SHUDFLRQDLV7UDWDPGDSDGURQL]DomRGH
DVSHFWRVRSHUDFLRQDLV$VHJXLUDUHODomRGDV,12VYLJHQWHV SRURUGHP
QXPpULFD

,125HVJDWH9HLFXODU
,12$WHQGLPHQWR3Up+RVSLWDODU


,12&HQWUDOGH2SHUDo}HV
,122SHUDo}HVHP,QFrQGLR8UEDQR
,122SHUDo}HVHP,QFrQGLRHP3ODQWD,QGXVWULDO
,12,QFrQGLRVHP0HLRVGH7UDQVSRUWH7HUUHVWUH
,128VRGH5iGLRV7UDQVFHSWRUHV
,128VRGH(TXLSDPHQWRVGH3URWHomR,QGLYLGXDO
,122SHUDo}HV&RQMXQWDVHP(YHQWRV$GYHUVRVGH*UDQGH9XOWRH6&,
)RUoD7DUHID
,126HFFLRQDPHQWRGH(PHUJrQFLDGR6LVWHPD(OpWULFR
,125HVJDWHHP$OWXUD
,122SHUDo}HVGH0HUJXOKR$XW{QRPR
,12%XVFDH5HVJDWHHP(VWUXWXUDV&RODSVDGDV



/LomR 7(25,$'2)2*2

FDSD]HVGH

([SOLFDUDWHRULDGRIRJR
2EMHWLYRV 'HVFUHYHURVHOHPHQWRVGRWHWUDHGURGRIRJR
5HFRQKHFHU DV FODVVHV GH LQFrQGLRV H VXDV
FDUDFWHUtVWLFDV

)HYHUHLUR±/LomR±7HRULDGRIRJR 03


,1752'8d2

8PDGDVPDLRUHVIDoDQKDVGDKLVWyULDGDKXPDQLGDGHIRLVHPG~YLGDRGRPtQLR
GR IRJR D SDUWLU GDt HOH SRGH VH DTXHFHU FR]LQKDU VHXV DOLPHQWRV H WDPEpP IXQGLU
PHWDLVSDUDDIDEULFDomRGHXWHQVtOLRVTXHSRVVLELOLWDUDPRVHXGHVHQYROYLPHQWR
3RUpP HVWH PHVPR IRJR TXH FRQVWUyL SRGH GHVWUXLU PXLWR RX WXGR R TXH QRV
FHUFD LQFOXVLYH YLGDV KXPDQDV $LQGD KRMH TXDQGR R IRJR DPHDoD D UHDomR GR
KRPHPPRGHUQRpLGrQWLFDDRGRKRPHPSULPLWLYRRXVHMDIXJLU2KRPHPSULPLWLYR
IXJLDSRUGHVFRQKHFHURIRJRMiRKRPHPPRGHUQRFRQKHFHVXDRULJHPVDEHTXHVH
WUDWD GH XP IHQ{PHQR TXtPLFR PDV PXLWDV YH]HV QmR FRQKHFH DV PDQHLUDV GH
FRPEDWrOR RX FRQWUROiOR 6DEHPRV SRU REVHUYDomR RX H[SHULrQFLD TXH IXJLU p D
PHGLGD PDLV HUUDGD KDMD YLVWD TXH RV LQFrQGLRV FRPHoDP SHTXHQRV H[FHWR HP
JUDQGHV H[SORV}HV H WRPDP SURSRUo}HV HVWURQGRVDV &RP XP HVWXGR DSURIXQGDGR
VREUH HVWH IHQ{PHQR GD QDWXUH]D SRGHPRV FRPEDWrOR H GH IRUPD UiSLGD XWLOL]DQGR
WpFQLFDVHHTXLSDPHQWRVFDGDYH]PDLVDYDQoDGRVGLVSRQLELOL]DGRVDWXDOPHQWH

7(25,$'2)2*2

2IRJRVXUJHGDFRPEXVWmRRXVHMDXPDUHDomRTXtPLFDHPFDGHLDRQGHXPD
VXEVWkQFLDVHUYHGHFRPEXVWtYHOUHDJLQGRFRPR[LJrQLRHDWLYDGDSHORFDORU HOHYDomR
V~ELWDGHWHPSHUDWXUD HPLWLQGRHQHUJLDOXPLQRVDHFDORU
&ODVVLILFDPRVDFRPEXVWmRHPWUrVQtYHLVVHQGRHOHV

x &RPEXVWmR OHQWD RX EDL[D RFRUUH QDV VLWXDo}HV TXH D R[LGDomR GH XPD
VXEVWkQFLD QmR SURYRFD OLEHUDomR GH HQHUJLD OXPLQRVD QHP DXPHQWR GH
WHPSHUDWXUD([HPSORIHUUXJHPUHVSLUDomRHQWUHRXWUDV
x &RPEXVWmR PpGLD QDV VLWXDo}HV TXH D UHDomR TXtPLFD GH R[LGDomR OLEHUD
HQHUJLD OXPLQRVD H FDORU SRUpP VHP DXPHQWDU GUDVWLFDPHQWH D SUHVVmR QR
DPELHQWH([HPSORTXHLPDGHPDWHULDLVVLPSOHV PRQWHVGHSDSHOPDGHLUDHP
SHTXHQRHVWRTXHOL[RVDPRQWRDGRVHWF


x &RPEXVWmR UiSLGD RX DOWD UHDomR TXtPLFD GH R[LGDomR OLEHUDQGR QtYHLV GH
HQHUJLD H FDORU HP YHORFLGDGH PXLWR UiSLGD HOHYDQGR D SUHVVmR QR DPELHQWH
([HPSOR YD]DPHQWR GH JiV VHJXLGR GH H[SORVmR DUWHIDWRV H[SORVLYRV
H[SORVmRDPELHQWDO IODVKRYHUHEDFNGUDIW HWF

7(75$('52'2)2*2

$V SULPHLUDV OLQKDV GH HVWXGR UHSUHVHQWDYDP R VLVWHPD ³WULkQJXOR GR IRJR´
SRUpP HVWXGRV UHFHQWHV DSRQWDP D QHFHVVLGDGH GH DFUHVFHQWDU XP LQWHJUDQWH D
UHDomRTXtPLFDIRUPDQGRDVVLPRWHWUDHGURRXTXDGUDGRGRIRJR

5($d®(6(0&$'(,$

2VFRPEXVWtYHLVDSyVRLQtFLRGDFRPEXVWmRJHUDPPDLVFDORUDVVLPOLEHUDQGR
JDVHVHYDSRUHVFRPEXVWtYHLV2ViWRPRVOLYUHVVmRUHVSRQVDELOL]DGRVSHODOLEHUDomR
GDHQHUJLDQHFHVViULDSDUDDUHDomRHPFDGHLD


(VWH VLVWHPDIRL DSHUIHLoRDGRGLGDWLFDPHQWH SDUD SURWDJRQL]DU D UHSUHVHQWDomR
GR TXDUWR HOHPHQWR D UHDomR HP FDGHLD $ FRPEXVWmR p XPD UHDomR TXH RFRUUH HP
FDGHLD FLFOR VHQGR TXH DSyV R LQtFLR p PDQWLGD SHOR FDORU SURGX]LGR GXUDQWH R
SURFHVVR
1D FRPEXVWmR D UHDomR HP FDGHLD SURS}H D IRUPDomR GH SURGXWRV LQVWiYHLV
SULQFLSDOPHQWH UDGLFDLV OLYUHV HVWDQGR SURQWRV SDUD FRPELQDU FRP RXWURV HOHPHQWRV
RULJLQDQGR QRYRV UDGLFDLV HRX FRUSRV HVWiYHLV 'HVWD PDQHLUD VHPSUH WHUi SUHVHQoD
GHUDGLFDLVOLYUHVQDFRPEXVWmR
(VWHV UDGLFDLV OLYUHV WrP D UHVSRQVDELOLGDGH GH WUDQVIHUrQFLD GD HQHUJLD
QHFHVViULD SDUD WUDQVIRUPDU HQHUJLD TXtPLFD HP FDORUtILFD SRLV GHFRPS}H DV
PROpFXODVLQWDFWDVSURYRFDQGRDSURSDJDomRGRIRJR
1RXWUDVSDODYUDVWRGRHVVHSURFHVVRWRUQDDTXHLPDDXWRVVXVWHQWiYHO2FDORU
VHQGR LUUDGLDGR SHOD FKDPD DWLQJH R PDWHULDO FRPEXVWtYHO HVWH p GHFRPSRVWR HP
SDUWtFXODV PHQRUHV FRPELQD HQWmR FRP R R[LJrQLR H TXHLPD LUUDGLDQGR PDLV FDORU
SDUDRFRPEXVWtYHO

&20%867Ë9(/

(QWHQGHPRV SRU FRPEXVWtYHO RV PDWHULDLV H VXEVWkQFLDV TXH VHUYHP SDUD
DOLPHQWDURLQFrQGLR
8PD SULPHLUD GLYLVmR D FHUFD GRV FRPEXVWtYHLV p TXDQWR D VXD FRQGXWLELOLGDGH
GH FDORU ([HPSOR D TXHLPD GD PDGHLUD PDO FRQGXWRU GH FDORU RFRUUH FRP PDLV
IDFLOLGDGHGRTXHPHWDLV ERPFRQGXWRUGHFDORU 2TXHDFRQWHFHpRDF~PXORGHFDORU
QXPDSHTXHQD]RQDQRFDVRGHPDWHULDLVPDXVFRQGXWRUHVID]FRPTXHWHPSHUDWXUD
ORFDOVXEDIDFLOPHQWHHUDSLGDPHQWHQRFDVRGRVERQVFRQGXWRUHVRFDORUpGLVWULEXtGR
SHODH[WHQVmRGRPDWHULDOHQWmRDWHPSHUDWXUDHOHYDOHQWDPHQWH
2V PDWHULDLV FRPEXVWtYHLV VmR HQFRQWUDGRV HP WUrV HVWDGRV VyOLGR OtTXLGR H
JDVRVR $ JUDQGH PDLRULD GHOHV SUHFLVD SDVVDU DR HVWDGR JDVRVR SDUD VXD TXHLPD
FRPEXVWmR RQGHVHPLVWXUDFRPRR[LJrQLR FRPEXUHQWH



(VWDGR ([HPSOR
6yOLGR 0DGHLUDWHFLGRVSDSpLVYHJHWDomR
/tTXLGR *DVROLQDiOFRRODFHWRQD
*DVRVR $FHWLOHQR*/3KLGURJrQLR

&RPEXVWtYHLV6yOLGRV
&RPEXVWtYHLVVyOLGRVpTXDVHDWRWDOLGDGHGRVFRPEXVWtYHLVHVHID]QHFHVViULR
WUDQVIRUPDU VXDV FDUDFWHUtVWLFDV LQLFLDLV SDUD TXHLPDU QRV PDWHULDLV VyOLGRV R
DTXHFLPHQWR ID] FRP TXH VH GHVSUHQGD YDSRUHV UHDJLQGR FRP R FRPEXUHQWH RX
DLQGD WUDQVIRUPDUVH HP OtTXLGR SDUD SDUWLU GHVVD IDVH FRPHoDU D GHVSUHQGHU JDVHV
3RUpP HQFRQWUDPRV H[FHo}HV GHQWUH HOHV R HQ[RIUH H PHWDLV DOFDOLQRV SLURIyULFR
FRPR SRWiVVLR PDJQpVLR FiOFLR HQWUH RXWURV HVWHV SRVVXHP FDUDFWHUtVWLFDV SUySULDV
VHLQFHQGLDQGRGLUHWDPHQWHGRHVWDGRVyOLGR

&RPEXVWtYHLV/tTXLGRV
&RPEXVWtYHLV OtTXLGRV WDPEpP FRQKHFLGRV FRPR OtTXLGRV LQIODPiYHLV SRVVXHP
FHUWDVSDUWLFXODULGDGHV
$VVXPHP D IRUPD GR UHFLSLHQWH TXH HVWmR FRQWLGRV SRLV QmR SRVVXHP IRUPD
SUySULD
$R VH GHUUDPDU OtTXLGRV LQIODPiYHLV HOHV HVFRUUHP H ILFDP DFXPXODGRV HP
SDUWHVPDLVEDL[DVGRDPELHQWH
2V OtTXLGRV LQIODPiYHLV VmR PDLV OHYHV TXH D iJXD GHVWD PDQHLUD IOXWXD j
VXSHUItFLH
/tTXLGRVGHULYDGRVGRSHWUyOHRWrPSRXFDVROXELOLGDGHQDiJXD
$PDLRULDGRVOtTXLGRVLQIODPiYHLVpYROiWLORXVHMDKiOLEHUDomRGHYDSRUHVHP
WHPSHUDWXUDVLQIHULRUj&

&RPEXVWtYHLV*DVRVRVRVJDVHVSRUQmRSRVVXtUHPYROXPHGHILQLGRWHQGHPD
RFXSDURUHFLSLHQWHTXHVHHQFRQWUDP
3DUD KDYHU FRPEXVWmR QHFHVVLWD XPD PLVWXUD LGHDO HQYROYHQGR R FRPEXUHQWH


RX VHMD QmR SRGH KDYHU FRPEXVWtYHO GHPDLV PLVWXUD ULFD H QHP LQVXILFLrQFLD GHOH
PLVWXUDSREUH
'HVVDPDQHLUDIRLFULDGDXPDGLVSRVLomRTXDQWRjPLVWXUDFKDPDGRVGHOLPLWHV
GHLQIODPDELOLGDGH
x /LPLWH ,QIHULRU GH ,QIODPDELOLGDGH /,, FRQFHQWUDomR PtQLPD GH PLVWXUD RQGH
SRGHRFRUUHUDFRPEXVWmR
x /LPLWH6XSHULRUGH,QIODPDELOLGDGH /6, FRQFHQWUDomRPi[LPDGHPLVWXUDRQGH
SRGHKDYHUDFRPEXVWmR

2OLPLWHSRGHYDULDUFRQIRUPHDVVXEVWkQFLDV$OJXQVH[HPSORV
&RPEXVWtYHO /LPLWHVGH,QIODPDELOLGDGH
/,, /6,
+LGURJrQLR
0RQy[LGRGH&DUERQR
3URSDQR
$FHWLOHQR
*DVROLQD YDSRU
eWHU YDSRU
ÈOFRRO YDSRU

)217(6'(&$/25

2 FDORU p XPD IRUPD GH HQHUJLD TXH HOHYD D WHPSHUDWXUD JHUDGD D SDUWLU GD
WUDQVIRUPDomR GH RXWUD HQHUJLD SRU SURFHVVR ItVLFR RX TXtPLFR &RQGLFLRQDGD FRPR
PDWpULD HP PRYLPHQWR RX VHMD PRYLPHQWDomR RX YLEUDomR GDV PROpFXODV TXH
LQWHJUDPDPDWpULD
$ HQHUJLD GH DWLYDomR VHUYH FRPR FRQGLomR IDYRUiYHO SDUD KDYHU UHDomR QD
FRPEXVWmR VXELQGR D WHPSHUDWXUD DPELHQWH RX DLQGD SURSRUFLRQDQGR TXH R
FRPEXVWtYHOUHDMDFRPRFRPEXUHQWH R[LJrQLR QXPDUHDomRH[RWpUPLFD



7DEHODGHHQHUJLDV
(QHUJLD ([HPSOR
1XFOHDU 2FDORUJHUDGRSHODILVVmR TXHEUD GRQ~FOHRGHiWRPR
4XtPLFD $TXDQWLGDGHGHFDORUJHUDGRSHORSURFHVVRGHFRPEXVWmR
2FDORUJHUDGRSHODSDVVDJHPGHHOHWULFLGDGHDWUDYpVGHXPFRQGXWRU
(OpWULFD
FRPRXPILRHOpWULFRRXXPDSDUHOKRHOHWURGRPpVWLFR
0HFkQLFD 2FDORUJHUDGRSHORDWULWRGHGRLVFRUSRV

2FDORUpXPDIRUPDGHHQHUJLDSRGHQGRVHUFKDPDGDGHHQHUJLDWpUPLFDRX
FDOyULFD$HQHUJLDpWUDQVIHULGDVHPSUHGRFRUSRGHWHPSHUDWXUDVXSHULRUSDUDRFRP
PHQRUWHPSHUDWXUDFKHJDQGRDRHTXLOtEULRWpUPLFR
8QLGDGHVGHPHGLGD&DORULD &DO %78H-RXOH -

&DORULD UHSUHVHQWDGR SHOR VtPEROR &DO p XPD XQLGDGH GH PHGLGD GH HQHUJLD
SRUpPQmRSHUWHQFHDR6, 6LVWHPD,QWHUQDFLRQDOGH8QLGDGHV

$QWLJDPHQWH D GHILQLomR GH FDORULD HUD D TXDQWLD GH HQHUJLD QHFHVViULD SDUD
HOHYDU JUDX &HOVLXV GH WHPSHUDWXUD HP XP JUDPD GH iJXD 3RUpP D WpFQLFD GH
PHGLGDREVHUYRXVHTXHRFDORUQmRHUDFRQVWDQWHFRPDWHPSHUDWXUD%XVFDQGRXP
SDGUmR SDUDHVVD VLWXDomR FRQVLGHUDYDVH D FDORULD R FDORU WURFDGR TXDQGR DPDVVD
GHXPJUDPDGHiJXD J SDVVDYDGH&SDUD&
&RPDHYROXomRGRVFRQKHFLPHQWRVWpFQLFRVLQFOXVLYHQRFDPSRGHPHGLGDVHP
FRQMXQWR FRP D DEUDQJrQFLD GD HOHWULFLGDGH H HOHWU{QLFD GHILQLXVH R -RXOH - FRPR


XQLGDGHGHHQHUJLD0DVHPVHQWLGRGHFRQYHUVmRR6,DGRWRXRVHJXLQWH
FDORULD -

%78 RULJLQDO %ULWLVK 7KHUPDO 8QLWH 8QLGDGH 7pUPLFD %ULWkQLFD p XPD PHGLGD
QmR PpWULFD IRUD GR 6, XVDGD SULQFLSDOPHQWH QRV (VWDGRV 8QLGRV H ,QJODWHUUD
6XDFRPSDUDomRp
%78 &DO - IWOEI SpVOLEUDIRUoD

2 YDORU GH XP %78 p D HQHUJLD QHFHVViULD SDUD HOHYDU D WHPSHUDWXUD GH XPD
PDVVD GH XPD OLEUD GH iJXD GH ) SDUD ) HP SUHVVmR GH XPD DWPRVIHUD
DWP FRQVWDQWHPHQWH

-RXOHXQLGDGHSDUDUHSUHVHQWDUHQHUJLDHWUDEDOKRSHOR6,VXDIyUPXODp

1DSURGXomRGHXPZDWWGHIRUPDFRQWtQXDSRUXPVHJXQGRRXXPZDWWVHJXQGR
FRP:VpXPTXLORZDWWKRUDFRUUHVSRQGHPDMRXOHVRXPHJDMRXOHV
- -RXOH 1P 1HZWRQPHWUR :V ZDWWVHJXQGR

3RGHPRVGHILQLUDWHPSHUDWXUDQXPFRUSRFRPRDPHGLGDGDDJLWDomRGDVVXDV
PROpFXODV ,QWHUQDFLRQDOPHQWH H WUDGLFLRQDOPHQWH VH XWLOL]D WUrV HVFDODV &HOVLXV &
.HOYLQ . H)DKUHQKHLW )

*UDX&HOVLXVSURSRVWRSHORDVWU{QRPR$QGHUV&HOVLXV QRDQRGH
2VSRQWRVSULQFLSDLVVmRRSRQWRGHFRQJHODPHQWRGDiJXD JUDX]HUR H
R SRQWR GH HEXOLomR JUDX FHP HVVHV YDORUHV REVHUYDGRV QD SUHVVmR
DWPRVIpULFDSDGUmR

.HOYLQFULDGRSHORItVLFRLUODQGrV%DUmR.HOYLQ:LOOLDQ7KRPVRQDXQLGDGHGR
6,SDUDDJUDQGH]DGHWHPSHUDWXUDWHUPRGLQkPLFD.HOYLQpDIUDomRGD


WHPSHUDWXUD WHUPRGLQkPLFD GR SRQWR WULSOR GD iJXD 8VDGD SDUD PHGLU D
WHPSHUDWXUDDEVROXWDGHXPREMHWRFRPR]HURDEVROXWRVHQGR.

)DKUHQKHLW HVFDOD SURSRVWD SHOR DOHPmR 'DQLHO *DEULHO )DKUHQKHLW HP
1HVVD HVFDOD R SRQWR GH IXVmR GD iJXD p ) H R SRQWR GH HEXOLomR )
2EVHUYDPRVTXHKiXPDGLIHUHQoDGHJUDXVGH)DKUHQKHLWSDUDJUDX&HOVLXV
&RQYHUVmRGDVXQLGDGHVGHWHPSHUDWXUD
'H 3DUD )yUPXOD
&HOVLXV )DKUHQKHLW ) &
&HOVLXV .HOYLQ . &
.HOYLQ &HOVLXV & .±
.HOYLQ )DKUHQKHLW ) .±
)DKUHQKHLW &HOVLXV & )±
)DKUHQKHLW .HOYLQ . )
2EVHUYDomRDRSHUDomRYH]HVpUHSUHVHQWDGDSHORSRQWR HDGLYLVmRSHODEDUUD

4XDQGR R FRPEXVWtYHO UHFHEH FDORU p DTXHFLGR DWp FKHJDU D XPD WHPSHUDWXUD
RQGH LQLFLD R GHVSUHQGLPHQWR GH JDVHV FRPEXVWtYHLV LQIODPiYHLV QRUPDOPHQWH
GHVSUHQGHPQDWHPSHUDWXUDDPELHQWH (VVHVJDVHVPLVWXUDPVHFRPR[LJrQLR DU H
HPFRQWDWRFRPFKDPDVRXIDtVFDVSRGHGDULQtFLRDTXHLPD
$ UHVSHLWR GHVVH IHQ{PHQR p H[WUHPDPHQWH LPSRUWDQWH R FRQWUROH GDV
WHPSHUDWXUDVSUy[LPDVDRVFRPEXVWtYHLVH VHXVUHVHUYDWyULRVHORFDLVGHHVWRFDJHP
SRLVFDGDFRPEXVWtYHOGHVSUHQGHJDVHVHPWHPSHUDWXUDVHVSHFtILFDVSRGHQGRDSDUWLU
GHXPVLPSOHVFRQWDWRFRPIDtVFDVGDURULJHPDXPLQFrQGLR

()(,726'2&$/25

2FDORUpXPDIRUPDGHHQHUJLDTXHDOWHUDDWHPSHUDWXUDpWDPEpPJHUDGDSRU
WUDQVIRUPDo}HV GH RXWUDV IRUPDV GH HQHUJLD $ HQHUJLD GH DWLYDomR LQGHSHQGHQWH GH
TXDO VHMD WUDQVIRUPDUi HP HQHUJLD FDORUtILFD FDORU HVWD OLJDGD D WHPSHUDWXUD
SURSRUFLRQDUiDXPHQWRGDPHVPD2FDORUJHUDGRSURGX]LUiHIHLWRVItVLFRVQRVFRUSRV


HILVLROyJLFRVQRVVHUHVYLYRV
x $XPHQWR H GLPLQXLomR GD WHPSHUDWXUD DFRQWHFH HP IXQomR GR FDORU FRPR
IRUPD GH HQHUJLD p WUDQVIHULGD GH XP FRUSR GH WHPSHUDWXUD VXSHULRU SDUD R GH
WHPSHUDWXUD LQIHULRU (VVH IHQ{PHQR p GHVHQYROYLGR FRP PDLRU IDFLOLGDGH QRV
FRUSRVERPFRQGXWRUHVGHFDORUHPDLVOHQWDPHQWHQRVPDXVFRQGXWRUHV

x 'LODWDomRH&RQWUDomRIHQ{PHQRQRTXDORVFRUSRVDXPHQWDPHGLPLQXHPVXDV
GLPHQV}HV FRQIRUPH RVFLODomR GD WHPSHUDWXUD (VVH HIHLWR SRGH VHU OLQHDU
TXDQGRVRPHQWHXPDGLPHQVmRWHPDXPHQWRVFRQVLGHUiYHLVVXSHUILFLDOTXDQGR
GXDV GLPHQV}HV WrP DXPHQWRV FRQVLGHUiYHLV H YROXPpWULFD TXDQGR DV WUrV
GLPHQV}HVVRIUHPDXPHQWRV

&DGD VXEVWkQFLD WHP VHX FRHILFLHQWH GH GLODWDomR WpUPLFD QRXWUDV SDODYUDV
GLODWDP PDLV RX PHQRV GHSHQGHQGR D VXEVWkQFLD (VVD FDUDFWHUtVWLFD DFDUUHWD
SUREOHPDV FRPR H[HPSOR XPD YLJD GH PHWURV H[SRVWD D XP DXPHQWR GH
WHPSHUDWXUDSUy[LPRDRV&HVVHDXPHQWRGRFDORUFDXVDUiQRIHUURGRLQWHULRUGD
YLJDXPDGLODWDomRGHPDLVRXPHQRVPPRFRQFUHWRVRPHQWHPP

2 HIHLWR p TXH R IHUUR WHQGH D GHVORFDUVH QR FRQFUHWR GHVWD PDQHLUD SHUGH D
FDSDFLGDGHGHVXVWHQWDELOLGDGHQDTXDOIRLSURMHWDGDLQLFLDOPHQWH

x 0XGDQoD GH HVWDGR SDUD TXH XPD VXEVWkQFLD SDVVH GH XP HVWDGR ItVLFR SDUD
RXWUR p QHFHVViULR R DFUpVFLPR RX SHUGD GH FDORU $R DTXHFHU XP FRUSR VyOLGR
SDVVDUi DR OtTXLGR SRVWHULRUPHQWH VH FRQWLQXDU D JDQKDU FDORU WUDQVIRUPDUi DR
HVWDGR JDVRVR 2 SURFHVVR VHUi LQYHUWLGR VH IRU UHDOL]DGR R UHVIULDPHQWR GHVVH


HOHPHQWR YDSRURXJiV
x (IHLWRV )LVLROyJLFRV R FDORU SRGH FDXVDU GDQRV DRV VHUHV KXPDQRV FRPR
GHVLGUDWDomR LQVRODomR IDGLJD TXHLPDGXUDV H SUREOHPDV UHVSLUDWyULRV $
H[SRVLomR GH XP VHU KXPDQR SRU WHPSR ORQJR SRGH YLU D FDXVDU D PRUWH GD
PHVPD

&20%85(17( 2;,*Ç1,2

(OHPHQWR GR WHWUDHGUR GR IRJR UHDJH FRP FRPEXVWtYHO SDUWLFLSDQGR GD UHDomR
TXtPLFD GD FRPEXVWmR GDQGR YLGD H IRUWDOHFHQGR DV FKDPDV QD FRPEXVWmR $OJXQV
FRPEXUHQWHVTXHHQFRQWUDPRVSRGHPVHURJiVFORURHRJiVIO~RUPDVRPDLVFRPXP
HIDFLOPHQWHHQFRQWUDGRpRR[LJrQLR DWPRVIHUD $TXDQWLDGHR[LJrQLRGDUiULWPR
jFRPEXVWmR
(PDPELHQWHVFRPDFRPSRVLomRQRUPDOGRR[LJrQLRDTXHLPDGHVHQYROYHVH
FRP YHORFLGDGH H GH PDQHLUD FRPSOHWD 1RWDPVH FKDPDV &RQWXGR D FRPEXVWmR
FRQVRPHRR[LJrQLRGRDUQXPSURFHVVRFRQWtQXR4XDQGRDSRUFHQWDJHPGRR[LJrQLR
GRDUGRDPELHQWHSDVVDGHSDUDDIDL[DFRPSUHHQGLGDHQWUHHDTXHLPD
WRUQDVHPDLVOHQWDQRWDPVHEUDVDVHQmRPDLVFKDPDV4XDQGRRR[LJrQLRFRQWLGR
QRDUGRDPELHQWHDWLQJHFRQFHQWUDomRPHQRUTXHQmRKiFRPEXVWmR
$UDWPRVIpULFR QRUPDO
QRUPDO
5HVSLUDomRKXPDQD
PtQLPR
PtQLPRSDUDFKDPDV
&RPEXVWmR
PtQLPRSDUDEUDVDV

321726'$&20%8672

x 3RQWR GH )XOJRU IODVK SRLQW QR 3RQWR GH )XOJRU R FRPEXVWtYHO Mi HVWi
SURGX]LQGR YDSRUHV LQIODPiYHLV PDV D TXDQWLGDGH DLQGD p LQVXILFLHQWH SDUD
VXVWHQWDUDFRPEXVWmR$RDSUR[LPDUPRVXPDFKDPDMXQWRDRFRPEXVWtYHOHOH


TXHLPDVH PRPHQWDQHDPHQWH H ORJR D VHJXLU D FKDPD GR FRPEXVWtYHO VH
DSDJDSRUIDOWDGRYDSRULQIODPiYHO

x 3RQWR GH &RPEXVWmR RX ,QIODPDomR ILUH SRLQW QR 3RQWR GH &RPEXVWmR R
FRPEXVWtYHO HVWi SURGX]LQGR YDSRUHV LQIODPiYHLV HP TXDQWLGDGH VXILFLHQWH SDUD
VXVWHQWDU D FRPEXVWmR $R DSUR[LPDUPRV XPD FKDPD MXQWR DR FRPEXVWtYHO HOH
TXHLPDVHFRQWLQXDPHQWHPHVPRTXHUHWLUHPRVDFKDPDLQLFLDO
x 3RQWR GH ,JQLomR QHVWH SRQWR R FRPEXVWtYHO HVWi SURGX]LQGR YDSRUHV
LQIODPiYHLVHHVVHVYDSRUHVHVWmRWmRDTXHFLGRVTXHDRVLPSOHVFRQWDWRFRPR
R[LJrQLR GR DU HQWUDP HP FRPEXVWmR VHP QHFHVVLGDGH GD FKDPD LQLFLDO ([
IyVIRUREUDQFR

352'8726'$&20%8672

³1DQDWXUH]DQDGDVHFULDQDGDVHSHUGHWXGRVHWUDQVIRUPD´
/HLGH/DYRLVLHU

4XDQGRGXDVVXEVWkQFLDVUHDJHPTXLPLFDPHQWHHQWUHVLKiXPDWUDQVIRUPDomR
QXP QRYR HOHPHQWR 2V SURGXWRV ILQDLV UHVXOWDGRV GD FRPEXVWmR LUi GHSHQGHU GR
FRPEXVWtYHO TXH QRUPDOPHQWH VmR FLQ]DV IXOLJHP HQHUJLD OXPLQRVD JiV FDUE{QLFR
&2 PRQy[LGRGHFDUERQR &2 YDSRUG¶iJXDHPDLRUHVQtYHLVGHFDORU
9DULDQGRRFRPEXVWtYHOSRGHWHURXWURVSURGXWRVUHVXOWDQWHVLQFOXVLYHSRGHQGR
VHULUULWDQWHVRXWy[LFRVH[HPSOR

39& &2HiFLGRFORUtGULFR +&O
,VRSRUHSOiVWLFRV &2
3ROLXUHWDQR &2HJiVFLDQtGULFR +&1

5($d®(648Ë0,&$6'$&20%8672

&RPEXVWtYHOR[LJrQLRFDORU


Ļ
&2&2RXWURVJDVHV+2IXOLJHPFLQ]DVHQHUJLDOXPLQRVDFDORU

x )XPDoD SURGXWR GD FRPEXVWmR LQFRPSOHWD RQGH SDUWtFXODV SHTXHQDV VyOLGDV
WRUQDPVHYLVtYHLV6XDFRORUDomRYDULDFRQIRUPHRWLSRGHFRPEXVWmR
9 &RU EUDQFD FRPEXVWmR FRPSOHWD FRP UiSLGR FRQVXPR GR FRPEXVWtYHO H ERD
TXDQWLDGHFRPEXUHQWH
9 &RU QHJUD GHVHQYROYLGD HP DOWDV WHPSHUDWXUDV PDV FRP GHILFLrQFLD GH
FRPEXUHQWH
9 &RUDPDUHODGDUR[RRXYLROHWDFRPEXVWmRSUHVHQoDGHJDVHVPXLWRWy[LFRV

x *DVHV p R UHVXOWDGR GD PXGDQoD TXtPLFD GR FRPEXVWtYHO LQWHUDJLQGR DR
FRPEXUHQWH $ FRPEXVWmR SURGX] HOHPHQWRV FRPR PRQy[LGR GH FDUERQR &2
GLy[LGRGHFDUERQR &2 HiFLGRFLDQtGULFR +&1
&2 (PDOWDFRQFHQWUDomRSURYRFDDVIL[LD
&2 9HQHQRVRSRGHSURYRFDUDPRUWH
*iV&LDQtGULFR $OWDPHQWHYHQHQRVRSURYRFDDPRUWH

)250$6'(&20%8672

$V FRPEXVW}HV SRGHP VHU FODVVLILFDGDV FRQIRUPH D VXD YHORFLGDGH HP
FRPSOHWDLQFRPSOHWDHVSRQWkQHDHH[SORVmR
'RLVHOHPHQWRVVmRSUHSRQGHUDQWHVQDYHORFLGDGHGDFRPEXVWmRRFRPEXUHQWH
HRFRPEXVWtYHORFDORUHQWUDQRSURFHVVRSDUDGHFRPSRURFRPEXVWtYHO$YHORFLGDGH
GD FRPEXVWmR YDULDUi GH DFRUGR FRP D SRUFHQWDJHP GR R[LJrQLR QR DPELHQWH H DV
FDUDFWHUtVWLFDVItVLFDVHTXtPLFDVGRFRPEXVWtYHO

x &RPEXVWmR&RPSOHWDpDTXHODHPTXHDTXHLPDSURGX]FDORUHFKDPDVH
VHSURFHVVDHPDPELHQWHULFRHPR[LJrQLR



x &RPEXVWmR ,QFRPSOHWD p DTXHOD HP TXH D TXHLPD SURGX] FDORU H SRXFD
RXQHQKXPDFKDPDHVHSURFHVVDHPDPELHQWHSREUHHPR[LJrQLR

x &RPEXVWmR(VSRQWkQHDpDTXHODJHUDGDGHPDQHLUDQDWXUDOSRGHQGRVHU
SHODDomRGHEDFWpULDVTXHIHUPHQWDPPDWHULDLVRUJkQLFRVSURGX]LQGRFDORU
HOLEHUDQGRJDVHVDOJXQVPDWHULDLVHQWUDPHPFRPEXVWmRVHPIRQWHH[WHUQD
GH FDORU RFRUUH WDPEpP QDV PLVWXUDV GH GHWHUPLQDGDV VXEVWkQFLDV
TXtPLFDV TXDQGR D FRPELQDomR JHUD FDORU H OLEHUD JDVHV e R TXH RFRUUH
SRUH[HPSORTXDQGRRDUPD]HQDPHQWRGHFHUWRVYHJHWDLVTXHSHODDomRGH
EDFWpULDVIHUPHQWDP$IHUPHQWDomRSURGX]FDORUHOLEHUDJDVHVTXHSRGHP
LQFHQGLDU$OJXQVPDWHULDLVHQWUDPHPFRPEXVWmRVHPIRQWHH[WHUQDGHFDORU
PDWHULDLV FRP EDL[R SRQWR GH LJQLomR RXWURV HQWUDP HP FRPEXVWmR j
WHPSHUDWXUD DPELHQWH & FRPR R IyVIRUR EUDQFR 2FRUUH WDPEpP QD
PLVWXUD GH GHWHUPLQDGDV VXEVWkQFLDV TXtPLFDV TXDQGR D FRPELQDomR JHUD
FDORU H OLEHUD JDVHV HP TXDQWLGDGH VXILFLHQWH SDUD LQLFLDU FRPEXVWmR 3RU
H[HPSORiJXDVyGLR

x ([SORVmR XPDH[SORVmRp XP SURFHVVR FDUDFWHUL]DGR SRU V~ELWR DXPHQWR
GH YROXPH H JUDQGH OLEHUDomR GHHQHUJLD *HUDOPHQWH DFRPSDQKDGR SRU
DOWDV WHPSHUDWXUDV H SURGXomR GH JDVHV 8PD H[SORVmR SURYRFDRQGDV GH
SUHVVmRDRUHGRUGRORFDORQGHRFRUUH

3523$*$d2'2)2*2


2 FRQKHFLPHQWR GDV IRUPDV SHODV TXDLV R FDORU VH WUDQVPLWH p GH PDLV DOWD
LPSRUWkQFLDSRUTXHDWUDYpVGHODVTXHRVIRFRVGHLQFrQGLRVVHSURSDJDPRXLQLFLDP
$WUDQVPLVVmRGHFDORURFRUUHSHODVVHJXLQWHVIRUPDV

x &RQGXomR p D WUDQVIHUrQFLD GH FDORU SRU FRQWDWR GLUHWR RX DWUDYpV GH XP FRUSR
VyOLGRGHPROpFXODDPROpFXOD&RORFDQGRVHSRUH[HPSORDH[WUHPLGDGHGHXPD
EDUUD GH IHUUR SUy[LPD D XPD IRQWH GH FDORU DV PROpFXODV GHVWD H[WUHPLGDGH
DEVRUYHUmR FDORU HODV YLEUDUmR PDLV YLJRURVDPHQWH H VH FKRFDUmR FRP DV
PROpFXODVYL]LQKDVWUDQVIHULQGROKHVFDORU

x &RQYHFomR p D WUDQVIHUrQFLD GH FDORU SHOR PRYLPHQWR GH PDVVDV GH JDVHV
DVFHQGHQWHVRXGHOtTXLGRVGHQWURGHVLSUySULRV4XDQGRDiJXDpDTXHFLGDQXP
UHFLSLHQWHGHYLGURREVHUYDVHXPPRYLPHQWRGHQWURGRSUySULROtTXLGRGHEDL[R
SDUDFLPD¬PHGLGDTXHDiJXDpDTXHFLGDHODVHH[SDQGHHILFDPHQRVGHQVD
PDLVOHYH SURYRFDQGRXPPRYLPHQWRSDUDFLPD'DPHVPDIRUPDRDUDTXHFLGR
VHH[SDQGHHWHQGHDVXELUSDUDDVSDUWHVPDLVDOWDVGRDPELHQWHHQTXDQWRRDU
IULRWRPDOXJDUQRVQtYHLVPDLVEDL[RV(PLQFrQGLRGHHGLItFLRVHVVDpDSULQFLSDO
IRUPD GH SURSDJDomR GH FDORU SDUD DQGDUHV VXSHULRUHV TXDQGR RV JDVHV
DTXHFLGRVHPIRUPD GHIXPDoD HQFRQWUDP FDPLQKRDWUDYpV GHHVFDGDVH SRoRV
GHHOHYDGRUHV



x ,UUDGLDomR p D WUDQVPLVVmR GH FDORU SRU RQGDV GH HQHUJLD FDORUtILFD TXH VH
GHVORFDP DWUDYpV GR HVSDoR $V RQGDV GH FDORU SURSDJDPVH HP WRGDV DV
GLUHo}HV H D LQWHQVLGDGH FRP TXH RV FRUSRV VmR DWLQJLGRV DXPHQWD D
WHPSHUDWXUD j PHGLGD TXH HVWmR PDLV SUy[LPRV RX PDLV DIDVWDGRV GD IRQWH GH
FDORU8PFRUSRPDLVDTXHFLGRHPLWHRQGDVGHHQHUJLDFDORUtILFDSRGHQGRVHUSHOD
OXPLQRVLGDGH GR IRJR RX R VRO SDUD RXWUR PDLV IULR DWp TXH DPERV WHQKDP D
PHVPDWHPSHUDWXUD

)$6(6'2)2*2

6HRIRJRRFRUUHUHPiUHDRFXSDGDSRUSHVVRDVKiJUDQGHVFKDQFHVGHTXHR
IRJR VHMD GHVFREHUWR QR LQtFLR H D VLWXDomR UHVROYLGD 0DV VH RFRUUHU TXDQGR D
HGLILFDomRHVWLYHUGHVHUWDHIHFKDGDRIRJRFRQWLQXDUiFUHVFHQGRDWpJDQKDUJUDQGHV
SURSRUo}HV


2 IRJR SRGH VHU PDLV EHP HQWHQGLGR VH HVWXGDUPRV VHXV HVWiJLRV GH
GHVHQYROYLPHQWR

)DVH,QLFLDO

1HVWD SULPHLUD IDVH R R[LJrQLR FRQWLGR QR DU QmR HVWi HP VXD QRUPDOLGDGH H R
IRJR HVWi SURGX]LQGR YDSRU G¶iJXD + GLy[LGR GH FDUERQR &2 PRQy[LGR GH
FDUERQR &2 H RXWURV JDVHV *UDQGH SDUWH GR FDORU HVWi VHQGR FRQVXPLGR QR
DTXHFLPHQWRGRVFRPEXVWtYHLVHDWHPSHUDWXUDGRDPELHQWHQHVWHHVWiJLRHVWiDLQGD
SRXFRDFLPDGRQRUPDO2FDORUHVWiVHQGRJHUDGRHHYROXLUiFRPRDXPHQWRGRIRJR

4XHLPD/LYUH

'XUDQWH HVWD IDVH R DU ULFR HP R[LJrQLR p DUUDVWDGR SDUD GHQWUR GR DPELHQWH
SHOR HIHLWR GD FRQYHFomR LVWR p R DU TXHQWH ³VREH´ H VDL GR DPELHQWH ,VWR IRUoD D
HQWUDGD GH DU IUHVFR SHODV DEHUWXUDV QRV SRQWRV PDLV EDL[RV GR DPELHQWH 2V JDVHV
DTXHFLGRV HVSDOKDPVH SUHHQFKHQGR R DPELHQWH H GH FLPD SDUD EDL[R IRUoDP R DU
IULR D SHUPDQHFHU MXQWR DR VROR HYHQWXDOPHQWH FDXVDP D LJQLomR GRV FRPEXVWtYHLV
QRVQtYHLVPDLVDOWRVGRDPELHQWH(VWHDUDTXHFLGRpXPDGDVUD]}HVSHODVTXDLVRV
ERPEHLURVGHYHPPDQWHUVHDEDL[DGRVHXVDURHTXLSDPHQWRGHSURWHomRUHVSLUDWyULD
8PDLQVSLUDomRGHVVHDUVXSHUDTXHFLGRSRGHTXHLPDURVSXOP}HV1HVWHPRPHQWRD
WHPSHUDWXUDQDVUHJL}HVVXSHULRUHV QtYHOGRWHWR SRGHH[FHGHU&



)ODVKRYHU

1D IDVH GD TXHLPD OLYUH R IRJR DTXHFH JUDGXDOPHQWH WRGRV RV FRPEXVWtYHLV GR
DPELHQWH 4XDQGR GHWHUPLQDGRV FRPEXVWtYHLV DWLQJHP VHX SRQWR GH LJQLomR
VLPXOWDQHDPHQWH KDYHUi XPD TXHLPD LQVWDQWkQHD H DR PHVPR WHPSR GHVVHV
SURGXWRV R TXH SRGHUi SURYRFDU XPD H[SORVmR DPELHQWDO ILFDQGR WRGD D iUHD
HQYROYLGDSHODVFKDPDV(VVHIHQ{PHQRpFRQKHFLGRFRPR³)ODVKRYHU´

4XHLPD/HQWD

&RPR QDV IDVHV DQWHULRUHV R IRJR FRQWLQXD D FRQVXPLU R[LJrQLR DWp DWLQJLU XP
SRQWR RQGH R FRPEXUHQWH p LQVXILFLHQWH SDUD VXVWHQWDU D FRPEXVWmR 1HVWD IDVH DV
FKDPDVSRGHPGHL[DUGHH[LVWLUVHQmRKRXYHUDUVXILFLHQWHSDUDPDQWrODV QDIDL[DGH
DGHR[LJrQLR 2IRJRpQRUPDOPHQWHUHGX]LGRDEUDVDVRDPELHQWHWRUQDVH


FRPSOHWDPHQWHRFXSDGRSRUIXPDoDGHQVDHRVJDVHVVHH[SDQGHP'HYLGRjSUHVVmR
LQWHUQD VHU PDLRU TXH D H[WHUQD RV JDVHV VDHP SRU WRGDV DV IHQGDV HP IRUPD GH
OXIDGDV TXH SRGHP VHU REVHUYDGDV HP WRGRV RV SRQWRV GR DPELHQWH ( HVVH FDORU
LQWHQVRUHGX]RVFRPEXVWtYHLVDVHXVFRPSRQHQWHVEiVLFRVOLEHUDQGRDVVLPYDSRUHV
FRPEXVWtYHLV

%DFNGUDIW

$ FRPEXVWmR p GHILQLGD FRPR R[LGDomR TXH p XPD UHDomR TXtPLFD QD TXDO R
R[LJrQLR FRPELQDVH FRP RXWURV HOHPHQWRV R FDUERQR p XP HOHPHQWR QDWXUDOPHQWH
DEXQGDQWHSUHVHQWHHQWUHRXWURVPDWHULDLVQDPDGHLUD4XDQGRDPDGHLUDTXHLPDR
FDUERQRFRPELQDFRPRR[LJrQLRSDUDIRUPDUGLy[LGRGHFDUERQR &2 RXPRQy[LGR
GHFDUERQR &2 TXDQGRRR[LJrQLRpHQFRQWUDGRHPTXDQWLGDGHVPHQRUHVRFDUERQR
OLYUH & pOLEHUDGRRTXHSRGHVHUQRWDGRQDFRUSUHWDGDIXPDoD

1DIDVHGHTXHLPDOHQWDHPXPIRJRDFRPEXVWmRpLQFRPSOHWDSRUTXHQmRKi
R[LJrQLRVXILFLHQWHSDUDVXVWHQWDURIRJR&RQWXGRRFDORUGDTXHLPDOLYUHSHUPDQHFH
H DV SDUWtFXODV GH FDUERQR QmR TXHLPDGDV EHP FRPR RXWURV JDVHV LQIODPiYHLV
SURGXWRV GD FRPEXVWmR HVWmR SURQWDV SDUD LQFHQGLDUVH UDSLGDPHQWH DVVLP TXH R
R[LJrQLR IRU VXILFLHQWH 1D SUHVHQoD GH R[LJrQLR HVVH DPELHQWH H[SORGLUi $ HVVD
H[SORVmRFKDPDPRV³%DFNGUDIW´



$ YHQWLODomR DGHTXDGD SHUPLWH TXH D IXPDoD H RV JDVHV FRPEXVWtYHLV
VXSHUDTXHFLGRV VHMDP UHWLUDGRV GR DPELHQWH 9HQWLODomR LQDGHTXDGD VXSULUi
DEXQGDQWHHSHULJRVDPHQWHRORFDOFRPRHOHPHQWRTXHIDOWDYD R[LJrQLR SURYRFDQGR
XPDH[SORVmRDPELHQWDO

$VFRQGLo}HVDVHJXLUSRGHPLQGLFDUXPDVLWXDomRGH³%DFNGUDIW´

)XPDoDVRESUHVVmRQXPDPELHQWHIHFKDGR
)XPDoD HVFXUD WRUQDQGRVH GHQVD PXGDQGR GH FRU FLQ]D H DPDUHODGD H
VDLQGR GR DPELHQWH HP IRUPD GH OXIDGDV FDORU H[FHVVLYR QRWDVH SHOD
WHPSHUDWXUDQDSRUWD
3HTXHQDVFKDPDVRXLQH[LVWrQFLDGHVWDV
5HVtGXRVGDIXPDoDLPSUHJQDQGRRYLGURGDVMDQHODV
3RXFRUXtGR


0RYLPHQWRGHDUSDUDRLQWHULRUGRDPELHQWHTXDQGRDOJXPDDEHUWXUDpIHLWD HP
DOJXQVFDVRVRXYHVHRDUDVVRYLDQGRDRSDVVDUSHODVIUHVWDV

%/(9(

8P IHQ{PHQR TXH SRGH RFRUUHU HP UHFLSLHQWH FRP OtTXLGRV LQIODPiYHLV
WUD]HQGR FRQVHTXrQFLDV GDQRVDV p R %/(9( %RLOLQJ /LTXLG ([SDQGLQJ 9DSRU
([SORVLRQ H[SORVmRGRYDSRUGHH[SDQVmRGHXPOtTXLGRVRESUHVVmR
4XDQGRXPUHFLSLHQWHFRQWHQGROtTXLGRVRESUHVVmRWHPVXDVSDUHGHVH[SRVWDV
GLUHWDPHQWH jV FKDPDV D SUHVVmR LQWHUQD DXPHQWD HP YLUWXGH GD H[SDQVmR GR JiV
H[SRVWRjDomRGRFDORU WHQGRFRPRUHVXOWDGRDTXHGDGHUHVLVWrQFLDGDVSDUHGHVGR
UHFLSLHQWH,VWRSRGHUHVXOWDUQRURPSLPHQWRRXQRVXUJLPHQWRGHILVVXUD(PDPERVRV
FDVRVWRGRRFRQWH~GRLUiYDSRUL]DUVHHVDLULQVWDQWDQHDPHQWH(VVDV~ELWDH[SDQVmR
p XPD H[SORVmR 1R FDVR GH OtTXLGRV LQIODPiYHLV IRUPDUVHi XPD JUDQGH ³EROD GH
IRJR´FRPHQRUPHLUUDGLDomRGHFDORU

,1&Ç1',2

$SyV WRGR HVWXGR VREUH IRUPDomR FRPSRUWDPHQWR H SURSDJDomR YHPRV TXH R
IRJR WHP DOWR SRGHU GH VH GHVORFDU UDSLGDPHQWH H WUDQVIRUPDU WXGR R TXH UHDJLU FRP
HOHSRGHQGRFDXVDUGHVWUXLomRVHIXJLUGRFRQWUROHGRVHUKXPDQRHVWHGHVFRQWUROHGR
IRJRpFKDPDGR,QFrQGLR(PXPLQFrQGLRDTXHLPDGHFRPEXVWtYHOpVHPFRQWUROHR
FDORU p LQWHQVR H D GHVWUXLomR RFDVLRQDGD H GH JUDQGHV SURSRUo}HV VDEHQGR GLVVR
WHPRVTXHFRQKHFHURLQFrQGLRHQWHQGHUVREUHHVWHIHQ{PHQRGHJUDQGHVSURSRUo}HV
HYDPRVFRPHoDUFODVVLILFDGRHOHSRUFODVVHV

&/$66(6'(,1&Ç1',26

2LQFrQGLRVHFDUDFWHUL]DSHORWLSRGHPDWHULDOHPFRPEXVWmRHSHORHVWiJLRHP
TXHVHHQFRQWUD+iFLQFRFODVVHVGHLQFrQGLRPDLVFRPXQVLGHQWLILFDGDVSHODVOHWUDV
$%&'.


x ,QFrQGLR GH FODVVH ³$´ VmR LQFrQGLRV HQYROYHQGR FRPEXVWtYHLV VyOLGRV H D
TXHLPDVHGiQDVXSHUItFLHHHPSURIXQGLGDGHpFDUDFWHUL]DGRSRUGHL[DUFRPR
UHVtGXRVFLQ]DHEUDVDV
(;3DSHO0DGHLUD7HFLGR3OiVWLFRHPXLWRVRXWURVPDWHULDLV
x ,QFrQGLR GH FODVVH ³%´ VmR LQFrQGLRV HQYROYHQGR OtTXLGRV LQIODPiYHLV H D

TXHLPD RFRUUH VRPHQWH QD VXSHUItFLH H[SRVWD H QmR HP SURIXQGLGDGH p
FDUDFWHUL]DGRSRUQmRGHL[DUUHVtGXRV
(;ÏOHR*DVROLQD7tQHU$FHWRQDHPXLWRVRXWURVOtTXLGRVLQIODPiYHLV
x ,QFrQGLRV GH FODVVH ³&´ VmR LQFrQGLRV HQYROYHQGR HTXLSDPHQWRV TXDQGR

HQHUJL]DGRVTXDQGRVHPHQHUJLDVHWRUQDPLQFrQGLRVGHFODVVH$RX'
(;3DLQpLVHOpWULFRV0RWRUHVHOpWULFRV&HQWUDLVGH&RPSXWDGRUHV
x ,QFrQGLRV GH FODVVH ³'´ VmR LQFrQGLRV HQYROYHQGR PHWDLV FRPEXVWtYHLV H

SLURIyULFRVpFDUDFWHUL]DGRSHODTXHLPDHPDOWDVWHPSHUDWXUDV
(;0DJQpVLR6HOrQH$QWLP{QLR/tWLR3RWiVVLR$OXPtQLRIUDJPHQWDGR=LQFR
7LWkQLR6yGLR8UkQLRH=LUF{QLR
x ,QFrQGLRV GH FODVVH ³.´ VmR LQFrQGLRV FDUDFWHUL]DGRV SRU RFRUUHP FRP
OtTXLGRVHPDOWDVWHPSHUDWXUDVHUHDJHPDRFRQWDWRFRPiJXD
(;yOHRHPDOWDWHPSHUDWXUDJRUGXUDVGHFR]LQKDVHSLFKHGHUUHWLGR



/LomR 7e&1,&$(7È7,&$'(
&20%$7($,1&Ç1',2

FDSD]HVGH
2EMHWLYRV
'HVFUHYHURVDJHQWHVH[WLQWRUHV
'HVFUHYHUDVIRUPDVGHFRPEDWHDRLQFrQGLR
(IHWXDU DV WpFQLFDV GH WiWLFDV GH FRPEDWH D
LQFrQGLRQDSUiWLFD

)HYHUHLUR±/LomR±7pFQLFDH7iWLFDGH&RPEDWHD,QFrQGLR 03


&RPEDWHDLQFrQGLRV

(PVXDGHILQLomRFRPEDWHDLQFrQGLRpXPFRQMXQWRGHDo}HVWiWLFDVGHVWLQDGDV
DH[WLQJXLURXLVRODURLQFrQGLRFRPRXVRGHHTXLSDPHQWRVPDQXDLVRXDXWRPiWLFRV
2 HIHWLYR FRQWUROH H H[WLQomR GR LQFrQGLR UHTXHUHP XP HQWHQGLPHQWR GD
QDWXUH]D TXtPLFD H ItVLFD GR IRJR ,VVR LQFOXL LQIRUPDo}HV VREUH IRQWHV GH FDORU
FRPSRVLomR H FDUDFWHUtVWLFDV GRV FRPEXVWtYHLV H DV FRQGLo}HV QHFHVViULDV SDUD D
FRPEXVWmRDOpPGHPDWHULDLVSDUDH[WLQomRHSUHSDURGRSHVVRDOSDUDRFRPEDWH
$SyVHVWHHVWXGRGDQDWXUH]DGRIRJRDQWHVGHSDUWLUSDUDWpFQLFDVHWiWLFDVGH
FRPEDWHpQHFHVViULRFRQKHFHURVDJHQWHVH[WLQWRUHVQRTXDOSDUDFDGDFODVVHGH
LQFrQGLRXPDJHQWHpLQGLFDGR
$JHQWHV([WLQWRUHV
&KDPDPRV GH DJHQWHV H[WLQWRUHV WXGR DTXLOR TXH IRU XVDGR SDUD H[WLQJXLU R
IRJR&RPHoDQGRSRUXPFREHUWRUTXHSRGHPRVHQURODUHPDOJXpPTXHHVWHMDFRPDV
YHVWHV HP FKDPDV RX DWp PHVPR DUHLD TXH VH XWLOL]D SDUD DSDJDU XP SULQFLSLR GH
LQFrQGLR WRGRV RV SURGXWRV HQFRQWUDGRV QD QDWXUH]D TXH QmR TXHLPDP RX VmR GH
GLItFLO FRPEXVWmR SRGHUmR VHU XVDGRV FRPR DJHQWHV H[WLQWRUHV 2V DJHQWHV PDLV
XVDGRVSRU%RPEHLURVVmR


ÈJXD
e R DJHQWH H[WLQWRU PDLV DEXQGDQWH QD QDWXUH]D $JH SULQFLSDOPHQWH SRU

UHVIULDPHQWR GHYLGR D VXD SURSULHGDGH GH DEVRUYHU JUDQGH TXDQWLGDGH GH &$/25 $
iJXD p R DJHQWH H[WLQWRU PDLV HPSUHJDGR HP YLUWXGH GR VHX EDL[R FXVWR H GD
IDFLOLGDGH GH REWHQomR (P UD]mR GH H[LVWrQFLD GH VDLV PLQHUDLV HP VXD FRPSRVLomR
TXtPLFD D iJXD FRQGX] HOHWULFLGDGH DR VHX XVXiULR HP SUHVHQoD GH PDWHULDLV
HQHUJL]DGRV4XDQGRXWLOL]DGDHPFRPEDWHDOtTXLGRVLQIODPiYHLVKiRULVFRGHRFRUUHU
WUDQVERUGDPHQWR GR OtTXLGR DXPHQWDQGR GHVWD PDQHLUD D iUHD GR LQFrQGLR $SOLFiYHO
SDUDDFODVVHGHLQFrQGLR$
(VSXPD0HFkQLFD
$HVWUXWXUDSDUWLFXODUDSUHVHQWDGDSHODVHVSXPDVJDUDQWHXPDYDVWDDSOLFDomR
GHVVH VLVWHPD (VSXPDV SURGX]LGDV FRP VROXo}HV DTXRVDV VmR XWLOL]DGDV HP
FRPEDWHV D LQFrQGLRV SRU DSUHVHQWDUHP SURSULHGDGHV TXH MXQWDPHQWH FRP DV GD
iJXDWRUQDPQDVXPHILFLHQWHDJHQWHH[WLQWRU$HILFLrQFLDGDiJXDHPLQFrQGLRVGHYH
VH DR HIHLWR UHIULJHUDGRU SURYRFDGR SHOR VHX FDORU GH YDSRUL]DomR N-PRO R
TXDO UHPRYH FDORU GR SURFHVVR GH FRPEXVWmR H UHVIULD R FRPEXVWtYHO HP FKDPDV
2XWUDSURSULHGDGHH[WLQWRUDHVWiDVVRFLDGDjGLPLQXLomRGDFRQFHQWUDomRGHR[LJrQLR
GR DU SHOR YDSRU GH iJXD SURGX]LGR QR FRPEDWH 0DV D iJXD DSUHVHQWD DOJXPDV
OLPLWDo}HVHDVHVSXPDVH[WLQWRUDVIRUDPGHVHQYROYLGDVDILPGHFRQWRUQiODV$DOWD
WHQVmR VXSHUILFLDO GD iJXD GLILFXOWD D PROKDELOLGDGH GD VXSHUItFLH HP FKDPDV H D
SHQHWUDomR QR PDWHULDO H VXD EDL[D YLVFRVLGDGH SURYRFD HVFRDPHQWR UiSLGR SHODV
VXSHUItFLHV GLILFXOWDQGR D DWXDomR GD iJXD VREUH HODV SULQFLSDOPHQWH DV VXSHUItFLHV
YHUWLFDLV$OpPGLVVRRVMDWRVGHiJXDSRGHPSURYRFDUWUDQVERUGDPHQWRGHXPOtTXLGR
HPFKDPDVOHYDQGRjSURSDJDomRGRLQFrQGLR
$V HVSXPDV IRUDP GHVHQYROYLGDV SDUD VH REWHU PHOKRU DGHUrQFLD DR
FRPEXVWtYHO HP FKDPDV SURGX]LQGR XP UHFREULPHQWR FRQWtQXR VREUH HOH &RPR
DSUHVHQWDEDL[DGHQVLGDGHHVSDOKDPVHVREUHDVXSHUItFLHGRPDWHULDOHPFRPEXVWmR
DEDIDQGRDHLVRODQGRDGRFRQWDWRFRPRR[LJrQLRDWPRVIpULFR7DQWRDVXSUHVVmRGR


YDSRU FRPEXUHQWH FRPR R UHVIULDPHQWR GR PDWHULDO HP FKDPDV SHOR OtTXLGR SUHVHQWH
QDHVSXPDSUHYLQHDUHLJQLomR
3DUD DSHUIHLoRDU WDLV FDUDFWHUtVWLFDV HVSXPDV FRP HVWUXWXUDV FDGD YH] PDLV
UHVLVWHQWHV H IOXtGDV WrP VLGR REWLGDV SDUD GLIHUHQWHV FODVVHV GH LQFrQGLR YLVDQGR
JDUDQWLU D UDSLGH] H D VHJXUDQoD GR FRPEDWH $V HVSXPDV XWLOL]DGDV DWXDOPHQWH HP
LQFrQGLRV VmR FKDPDGDV µHVSXPDV PHFkQLFDV¶ H VmR JHUDGDV DWUDYpV GD LQWURGXomR
GH DU SRUDomR PHFkQLFD HP VROXo}HV SUHSDUDGDV D SDUWLU GH µOtTXLGRV JHUDGRUHV GH
HVSXPD¶ /*( (VVHVFRQFHQWUDGRVFRQWrPVXUIDFWDQWHVHVSHFtILFRVHRXWURVDGLWLYRV
TXHFRQIHUHPDOWDHVWDELOLGDGHjVHVSXPDVH[WLQWRUDV
$HVSXPDPHFkQLFD/*( OLTXLGRJHUDGRUGHHVSXPD PDLVFRPXPpDGRWLSR

$))) $TXHRXV)LOP)RUPLQJ)RDP FULDGDSHODPDULQKDDPHULFDQD$ULJRUDHVSXPD
pPDLVXPDGDVIRUPDVGHDSOLFDomRGDiJXDSRLVVHFRQVWLWXLGHXPDJORPHUDGRGH
EROKDV GH &2ð HQYROWDV SRU SHOtFXOD GH iJXD 0DLV OHYH TXH WRGRV RV OtTXLGRV
LQIODPiYHLV IRUPDP XP ILOPH DTXRVR QD VXSHUItFLH GR FRPEXVWtYHO GLILFXOWDQGR D
UHLJQLomRXWLOL]DGRVSDUDH[WLQJXLULQFrQGLRVSRUDEDIDPHQWRHSRUFRQWHUiJXDSRVVXL
XPDDomRVHFXQGiULDGHUHVIULDPHQWR$SOLFiYHOSDUDDVFODVVHVGHLQFrQGLRV$H%
346 3y4XtPLFR6HFR
2 Sy TXtPLFR VHFR VmR VXEVWkQFLDV PXLWR HILFD]HV QD KRUD GH XP FRPEDWH D
LQFrQGLR QmR FRQGXWRU GH HOHWULFLGDGH H VXD FRPSRVLomR VHU FRQVWLWXtGD SRU
ELFDUERQDWR GH VyGLR 1D+&2 TXH p PDLV FRQKHFLGR FRPR 3y %& R IRVIDWR
PRQRDP{QLFR TXH p PDLV FRQKHFLGR FRPR 3y $%& FORUHWR GH VyGLR XVDGR PDLV HP
LQFrQGLRVFODVVH'
2V346VmRFODVVLILFDGRVQDVHJXLQWHIRUPD
x 3y4XtPLFR5HJXODU FRPXP HPSUHJRHPLQFrQGLRVFODVVHV%H&
x 3y 4XtPLFR SDUD 0~OWLSORV 3URSyVLWRV HPSUHJR HP LQFrQGLRV FODVVH

$%H&


x 3y 4XtPLFR (VSHFLDO HPSUHJR HP LQFrQGLRV GH PHWDLV FRPEXVWtYHLV
SLURIyULFR
2 346 D EDVH GH ELFDUERQDWR GH VyGLR IXQFLRQD GD VHJXLQWH IRUPD TXDQGR
ODQoDGR VREUH R IRJR IRUPD XPD QXYHP GH Sy H[WLQJXLQGR R IRJR SRU DEDIDPHQWR
WHQGR IRUPD GLIHUHQFLDGD TXDQGR VH WUDWD GR 346 IRVIDWR PRQRDP{QLFR TXDQGR HP
FRQWDWRFRPRIRJRHOHXPHGHFHHIRUPDQGRXPDSHOtFXODVREUHRFRPEXVWtYHO2Sy
UHFHEHXPWUDWDPHQWRDQWLKLJURVFySLFRSDUDQmRXPHGHFHUHYLWDQGRDVROLGLILFDomRQR
LQWHULRUGRH[WLQWRU2SyTXtPLFRVHFRpDSOLFiYHODFODVVHVGHLQFrQGLR $%&'H
WDPEpPPXLWRHILFLHQWHQDVFODVVHV.
*iV&DUE{QLFR &2ð
2 *iV &DUE{QLFR WDPEpP FRQKHFLGR FRPR GLy[LGR GH FDUERQR RX JHOR VHFR
VLPSOHVPHQWH &2ð p XP JiV GHQVR PDLV SHVDGR TXH R DU VHP FRU LQFRORU VHP
FKHLUR LQRGRUR QmR FRQGXWRU GH HOHWULFLGDGH H QmR YHQHQRVR PDV DVIL[LDQWH $JH
SULQFLSDOPHQWHSRUDEDIDPHQWRWHQGRVHFXQGDULDPHQWHDomRGHUHVIULDPHQWRSRUQmR
GHL[DU UHVtGXRV QHP VHU FRUURVLYR p XP DJHQWH H[WLQWRU DSURSULDGR SDUD FRPEDWHU
LQFrQGLRVHPHTXLSDPHQWRVHOpWULFRVHHOHWU{QLFRVVHQVtYHLV$SOLFiYHOSDUDDVFODVVHV
GHLQFrQGLRV%H&
+DORWURQ,
&RPSRVWRV TXtPLFRV j EDVH +&)& GLFORURWULIOXRUHWDQR p XP

JiV TXH TXDQGR DFLRQDGR VDL GD IRUPD OtTXLGD SHUPLWLQGR ERD YLVLELOLGDGH GXUDQWH D
RSHUDomR SURYRFD D TXHEUD GD UHDomR HP FDGHLD DJLQGR SRU DEDIDPHQWR 1mR
GDQLILFDP HTXLSDPHQWRV HOHWU{QLFRV VHQVtYHLV VmR DSOLFiYHLV SDUD DV FODVVHV GH
LQFrQGLRV$%H&
$UHLDVHVSHFLDLV
6mRDJHQWHVHVSHFLDLVFRPDSOLFDomRHVSHFtILFDHVSHFLDOPHQWHHPLQG~VWULDVGH
IXQGLomR 6mR DUHLDV FRP EDL[RV QtYHLV GH XPLGDGH HPSUHJDGDV QD H[WLQomR GH
LQFrQGLRVHPPHWDLVIXQGLGRV$JHPSRUDEDIDPHQWR


5RPSLPHQWRGR7HWUDHGURGR)RJR

2URPSLPHQWRGRWHWUDHGURGRIRJRLVWRpDH[WLQomRGRIRJRpSURYRFDGDSRU
WUrVSUiWLFDVDVPDLVXWLOL]DGDVQRVFRPEDWHDLQFrQGLRV

5HVIULDPHQWR FRQVLVWH HP GLPLQXLU D WHPSHUDWXUD GRV PDWHULDLV HP
FRPEXVWmR &RP LVWR HOLPLQDVH RX VH GLPLQXL D SURGXomR GH YDSRUHV
FRPEXVWtYHLVGRVPDWHULDLVHPFKDPDV2DJHQWHH[WLQWRUPDLVHPSUHJDGRpD
iJXDSRUWHUH[FHOHQWHSRGHUGHUHWLUDGDGHFDORU

$EDIDPHQWR FRQVLVWH HP GLPLQXLU RX LPSHGLU R FRQWDWR GR R[LJrQLR FRP R
PDWHULDO FRPEXVWtYHO SRGH VH DEDIDU FRP R XVR GH GLYHUVRV PDWHULDLV FRPR
DUHLD WHUUD YDSRU GH iJXD SyV H JDVHV HVSHFLDLV 6DEHPRV TXH TXDQGR D
FRQFHQWUDomRGHR[LJrQLRFKHJDUSUy[LPDDQmRKDYHUiPDLVFRPEXVWmR



5HWLUDGDGRPDWHULDO+iGXDVRSo}HVGHDomRQDUHWLUDGDGHPDWHULDO

x 5HWLUDU R PDWHULDO TXH HVWi TXHLPDQGR D ILP GH HYLWDU TXH R IRJR VH
SURSDJXH
x 5HWLUDURPDWHULDOTXHHVWiSUy[LPRDRIRJR

7pFQLFDVH7iWLFDV'H([WLQomR'H,QFrQGLR

7pFQLFD GH H[WLQomR GH LQFrQGLR p D XWLOL]DomR FRUUHWD GRV PHLRV GLVSRQtYHLV
SDUD H[WLQJXLU LQFrQGLRV FRP PDLRU VHJXUDQoD H FRP XP PtQLPR GH GDQRV GXUDQWH R
FRPEDWH
2V ERPEHLURV GHYHP HVWDU DSWRV D H[HFXWDU FRP UDSLGH] H HILFLrQFLD DV
HYROXo}HV GHWHUPLQDGDV SHOR FRPDQGDQWH GD JXDUQLomR (VWH QtYHO GH
SURILVVLRQDOL]DomR p DOFDQoDGR TXDQGR Ki HPSHQKR QR WUHLQDPHQWR SRU SDUWH GDV
JXDUQLo}HV TXH WUDEDOKDP MXQWDV $ IDPLOLDULGDGH FRP R HTXLSDPHQWR GH FRPEDWH D
LQFrQGLRVpREWLGDDWUDYpVGHLQVWUXomRFRQVWDQWH

$ JXDUQLomR GHYH WUDEDOKDU FRPR XPD HTXLSH RQGH FDGD ERPEHLUR WHP VXD
PLVVmRGHILQLGD

x 2FRPDQGDQWHGDJXDUQLomRWRPDGHFLV}HVSDUDRGHVHQYROYLPHQWRWiWLFRDVVLVWHH
VXSHUYLVLRQD RV LQWHJUDQWHV GD JXDUQLomR TXDQWR DRV SURFHGLPHQWRV WpFQLFRV
WpFQLFDDSOLFDGD


x 2PRWRULVWDFRQGX]RYHtFXORHPVHJXUDQoDFRPJXDUQLomRHHTXLSDPHQWRHRSHUD
DERPED
x 2V FKHIHV GH OLQKD H DX[LOLDUHV DUPDP DV OLQKDV GHWHUPLQDGDV RSHUDP RV
HVJXLFKRVHUHDOL]DPRXWUDVPLVV}HVFRQIRUPHGHWHUPLQDomRGR&RPDQGDQWH

$VWpFQLFDVGHH[WLQomRVmRGHWHUPLQDGDVSHODVSHFXOLDULGDGHVGHFDGDFODVVH
GHLQFrQGLRHVXDVFDUDFWHUtVWLFDV
$HQWUDGDQXPDHGLILFDomRVRPHQWHGHYHVHUHYLWDGDTXDQGRKRXYHUULVFRSDUD
DV JXDUQLo}HV SRVVLELOLGDGH GH GHVDEDPHQWR H[FHVVR GH FDORU IDOWD GH YLVLELOLGDGH
SHULJR GH H[SORVmR SUHVHQoD GH SURGXWRV SHULJRVRV SRVVLELOLGDGH GH UDGLDomR
DW{PLFD 2XWUDV VLWXDo}HV GH DWDTXH H[WHUQR FRQVWLWXLUmR TXDVH LQYDULDYHOPHQWH
HUURVJURVVHLURV

-DWRV
-DWR p R IRUPDWR GDGR j iJXD RX RXWUR DJHQWH H[WLQWRU GR HVJXLFKR DR SRQWR
GHVHMDGR$WUDYpVGDSUHVVmRGHRSHUDomRGRHVJXLFKRHGDVXDUHJXODJHPRDJHQWH
H[WLQWRUDGTXLUHDIRUPDGHVHMDGDTXHpDLQGDLQIOXHQFLDGDSHODVXDYHORFLGDGHHSHOR
VHXYROXPHGLkPHWURGDPDQJXHLUDSHODJUDYLGDGHHSHORDWULWRFRPRDU
$WUDYpVGDFRUUHWDDSOLFDomRGRVMDWRVREWpPVHRVVHJXLQWHVUHVXOWDGRV
x 5HVIULDPHQWRSHODDSOLFDomRGHiJXDVREUHRPDWHULDOHPFRPEXVWmR
x 5HGXomRGDWHPSHUDWXUDDWPRVIpULFDQRDPELHQWHSHODDEVRUomRHRXGLVSHUVmR
GDIXPDoDHJDVHVDTXHFLGRV
x $EDIDPHQWRTXDQGRVHLPSHGHRIRUQHFLPHQWRGHR[LJrQLRDRIRJR
x 3URWHomRDRVERPEHLURVRXPDWHULDLVFRQWUDRFDORUDWUDYpVGRMDWRHPIRUPDGH
FRUWLQDGHiJXD
x 9HQWLODomRDWUDYpVGRDUUDVWDPHQWRGDIXPDoD

3UHVVmR

3UHVVmRpDDomRGHXPDIRUoDVREUHXPDiUHD(PWHUPRVSUiWLFRVLVWRpQR
VHUYLoR GH ERPEHLURV D SUHVVmR p D IRUoD TXH VH DSOLFD QR DJHQWH H[WLQWRU SDUD TXH


HVWHIOXDDWUDYpVGHPDQJXHLUDVWXEXODo}HVHHVJXLFKRVGHXPDH[WUHPLGDGHDRXWUD
e LPSRUWDQWH QRWDU TXH R IOX[R HP VL QmR FDUDFWHUL]D D SUHVVmR SRLV VH D RXWUD
H[WUHPLGDGH GR WXER HVWLYHU IHFKDGD SRU XPD WDPSD R DJHQWH H[WLQWRU HVWDUi
³HPSXUUDQGR´DWDPSDDSHVDUGHQmRHVWDUIOXLQGR

3UHVVmR'LQkPLFD

e D SUHVVmR GH GHVFDUJD PHGLGD QD H[SHGLomR HQTXDQWR R DJHQWH H[WLQWRU
HVWiIOXLQGR

3UHVVmR(VWiWLFD

eDSUHVVmRVREUHXPDJHQWHTXHQmRHVWiIOXLQGRSRUH[HPSORXPDPDQJXHLUD
FRP HVJXLFKR IHFKDGR VHQGR SUHVVXUL]DGD SRU XPD ERPED $ DomR GD JUDYLGDGH
SRGHWDPEpPSURGX]LUSUHVVmRHVWiWLFD3RUH[HPSORQRIXQGRGHXPWDQTXHKDYHUi
SUHVVmRUHVXOWDQWHGRSHVRGDiJXDVREUHDiUHDGRIXQGRGRWDQTXH


3HUGDGH&DUJD

$iJXDVRESUHVVmRWHQGHDVHGLVWULEXLUHPWRGDVDVGLUHo}HVFRPRTXDQGRVH
HQFKHXPDEH[LJDGHERUUDFKDFRPDU&RQWXGRDVSDUHGHVLQWHUQDVGHPDQJXHLUDV
WXEXODo}HV HVJXLFKRV HWF LPSHGHP D H[SDQVmR GD iJXD HP WRGDV DV GLUHo}HV
FRQGX]LQGRD QXPD ~QLFD GLUHomR $R HYLWDU D H[SDQVmR GD iJXD GLUHFLRQDQGRD DV
SDUHGHVDEVRUYHPSDUWHGDIRUoDDSOLFDGDQDiJXD³URXEDQGR´HQHUJLD,VWRH[SOLFDSRU
TXHDIRUoDDSOLFDGDGLPLQXLGHLQWHQVLGDGHjPHGLGDTXHDiJXDYDLFDPLQKDQGRSHODV
WXEXODo}HV$LVWRFKDPDPRVSHUGDGHFDUJD
$IRUoDGDJUDYLGDGHpRXWURIDWRUTXHDFDUUHWDSHUGDGHFDUJD4XDQGRDiJXD
pUHFDOFDGDGHXPQtYHOLQIHULRUSDUDXPQtYHOVXSHULRUDIRUoDGDJUDYLGDGH³SX[D´D
iJXD SDUD EDL[R R TXH GLPLQXL D SUHVVmR $ IRUoD GD JUDYLGDGH WDPEpP SRGHUi VHU
XWLOL]DGDQRDXPHQWRGDSUHVVmRDRVHID]HUDiJXDIOXLUGHXPQtYHOVXSHULRUSDUDXP
QtYHOLQIHULRU

3UHVVmR5HVLGXDO

&RQKHFLGD FRPR ³SUHVVmR QR HVJXLFKR´ p D SUHVVmR GD ERPED GH LQFrQGLR
PHQRVDSHUGDGHFDUJDFRPDYDULDomRGHDOWXUD


*ROSHGH$UtHWH

4XDQGR R IOX[R GH iJXD DWUDYpV GH XPD WXEXODomR RX PDQJXHLUD p
LQWHUURPSLGRGHV~ELWRVXUJHXPDIRUoDUHVXOWDQWHTXHpFKDPDGD³JROSHGHDUtHWH´$
V~ELWDLQWHUUXSomRGRIOX[RGHWHUPLQDDPXGDQoDGHVHQWLGRGDSUHVVmR GDERPEDDR
HVJXLFKRSDUDGRHVJXLFKRjERPED VHQGRHVWDLQVWDQWDQHDPHQWHPXOWLSOLFDGD(VVH
H[FHVVR GH SUHVVmR FDXVD GDQRV DRV HTXLSDPHQWRV KLGUiXOLFRV H jV ERPEDV GH
LQFrQGLR2VHVJXLFKRVKLGUDQWHVYiOYXODVHHVWUDQJXODGRUHVGHPDQJXHLUDGHYHPVHU
IHFKDGRVOHQWDPHQWHGHIRUPDDSUHYHQLUHHYLWDURJROSHGHDUtHWH

7LSRVGH-DWRV

1R 6HUYLoR GH %RPEHLURV GHSDUDVH FRP VLWXDo}HV GDV PDLV GLYHUVDV FDGD
TXDOH[LJLQGRDIHUUDPHQWDDGHTXDGDSDUDVHHIHWXDUXPFRPEDWHDSURSULDGR6REHVWH
SRQWR GH YLVWD RV MDWRV VmR FRQVLGHUDGRV ³IHUUDPHQWDV´ H FRPR WDO KDYHUi XP MDWR
SDUDFDGDSURSyVLWRTXHVHTXHLUDDWLQJLU
2VVHJXLQWHVWLSRVGHMDWRVVmRXWLOL]DGRVQRVVHUYLoRVGHERPEHLURV
x -DWRFRQWtQXR
x -DWRFKXYHLUR
x -DWRQHEOLQD


-DWR&RQWtQXR

&RPRRSUySULRQRPHGL]pRMDWRHPTXHDiJXDWRPDXPDIRUPDFRQWtQXDQmR
RFRUUHQGR VXD IUDJPHQWDomR e XWLOL]DGR TXDQGR VH GHVHMD PDLRU DOFDQFH H MDWR p
PXLWRFRQKHFLGRFRPMDWRVROLGR
2DOFDQoDGRMDWRFRQWtQXRpDGLVWkQFLDPi[LPDTXHXPMDWRSRGHDWLQJLUVHP
SHUGHUVXDHILFLrQFLD(VVDHILFLrQFLDpSUHMXGLFDGDSRUGXDVIRUoDVDJUDYLGDGHHR
DWULWR FRP R DU (VWDV IRUoDV SURGX]HP QR MDWR XP HIHLWR GHQRPLQDGR ³SRQWR GH
TXHEUD´
2 ³SRQWR GH TXHEUD´ p R SRQWR D SDUWLU GR TXDO R MDWR SHUGH D FRQILJXUDomR GH
MDWR FRQWtQXR H SDVVD D VH IUDJPHQWDU HP JUDQGHV JRWDV TXH FDLUmR DR VROR QmR
DWLQJLGRQRPDWHULDOFRPRVHGHVHMDYDHPXLWDVYH]HVQHPDOFDQoDQGRRPDWHULDO
3DUD VH HOLPLQDU R HIHLWR QRFLYR GHVWDV IRUoDV R ERPEHLUR GHYH DOWHUDU D
YHORFLGDGHHRYROXPHGRMDWRRXVHDSUR[LPDUGRREMHWLYRVHSRVVtYHO

-DWR&KXYHLUR

1HVWHWLSRGHMDWRDiJXDIUDJPHQWDVHHPJUDQGHVJRWDVeXVDGRTXDQGRVH
SUHWHQGHSRXFR DOFDQFH $IUDJPHQWDomR GD iJXD SHUPLWH DEVRUYHU PDLRU TXDQWLGDGH
GHFDORUTXHRMDWRFRQWtQXR
(PDWDTXHVGLUHWRVHLQGLUHWRVDLQFrQGLRRMDWRFKXYHLURDWLQJHXPDiUHDPDLRU
GRLQFrQGLRSRVVLELOLWDQGRXPFRQWUROHHILFD]'HSHQGHQGRGDUHJXODJHPGRHVJXLFKR


R MDWR SRGH DOFDQoDU D IRUPD GH XPD FRUWLQD G¶iJXD TXH SHUPLWH SURWHomR DRV
ERPEHLURVHPDWHULDLVQmRLQFHQGLDGRVFRQWUDH[SRVLo}HV LUUDGLDomRGRFDORU

-DWR1HEOLQD

2V MDWRV HP QHEOLQD VmR JHUDGRV SRU IUDJPHQWDomR GD iJXD HP SDUWtFXODV
ILQDPHQWH GLYLGLGDV DWUDYpV GH PHFDQLVPRV GR HVJXLFKR 2 DU ILFDUi VDWXUDGR FRPR
XPDILQDQpYRDHDVSDUWtFXODVGHiJXDSDUHFHUmRHVWDUHPVXVSHQVmR(VWHWLSRGH
MDWR GHYH VHU DSOLFDGR D SHTXHQDV GLVWkQFLDV FDVR FRQWUiULR DV SDUWtFXODV VHUmR
OHYDGDVSDUDORQJHGRIRJRSRUFRUUHQWHVGHDU YHQWRHFRQYHFomR
(PYLUWXGHGHVWDIUDJPHQWDomRDiJXDVHYDSRUL]DPDLVUDSLGDPHQWHTXHQRV
MDWRVFRQWtQXRHFKXYHLURDEVRUYHQGRRFDORUFRPPDLRUUDSLGH]
1DIRUPDGHQHEOLQDDiJXDSURWHJHUiFRPHILFLrQFLDRVERPEHLURVHRPDWHULDO
QmRLQFHQGLDGRGDLUUDGLDomRGRFDORU



$FRQGLFLRQDPHQWRGHPDQJXHLUDVSDUDRFRPEDWH

6mR PDQHLUDV GH GLVSRU DV PDQJXHLUDV GH IRUPD TXH QD VXD XWLOL]DomR QR
FRPEDWHVHMDIiFLOHUiSLGR

$FRQGLFLRQDPHQWRHVSLUDO

(P HVSLUDO SUySULD SDUD R DUPD]HQDPHQWR GHYLGR DR IDWR GH DSUHVHQWDU XPD
GREUD VXDYH TXH SURYRFD SRXFR GHVJDVWH QR GXWR 8VR GHVDFRQVHOKiYHO HP
RSHUDo}HVGHLQFrQGLRWHQGRHPYLVWDDGHPRUDDRHVWHQGrODHDLQFRQYHQLrQFLDGH
ODQoiODRTXHSRGHFDXVDUDYDULDVQDMXQWDGHXQLmR

$FRQGLFLRQDPHQWR$GXFKDGD

$GXFKDGDpGHIiFLOPDQXVHLRWDQWRQRFRPEDWHDLQFrQGLRFRPRQRWUDQVSRUWH
2GHVJDVWHGRGXWRpSHTXHQRSRUWHUDSHQDVXPDGREUD



$FRQGLFLRQDPHQWRHP]LJXH]DJXH

(P ]LJXH]DJXH DFRQGLFLRQDPHQWR SUySULR SDUD XVR GH OLQKDV SURQWDV QD SDUWH
VXSHULRU GD YLDWXUD HP FRPSDUWLPHQWRV HVSHFtILFRV 2 GHVJDVWH GR GXWR p PDLRU
GHYLGRDRQ~PHURGHGREUDV

$FRQGLFLRQDPHQWRDGXFKDPHQWRFRPDOoDV

$GXFKDPHQWR FRP DOoDV SRGH IDFLOLWDU R WUDQVSRUWH TXDQGR GD QHFHVVLGDGH GH
VHVXELUHVFDGDVRXHPRXWUDVVLWXDo}HVQDVTXDLVRWUDQVSRUWHVHMDGLItFLO REVWiFXORV
ULVFRVHWF


&RORFDU DV MXQWDV GH XQLmR QR VROR XPD DR ODGR GD RXWUD GH IRUPD TXH D
PDQJXHLUD ILTXH VHP WRUo}HVIRUPDQGR OLQKDV SDUDOHODV )D]HU XPD DOoD WUDQVSRQGR
XPDSDUWHVREUHDRXWUDDPGDGREUDRULJLQDO&RORFDURSRQWRPpGLRGDDOoDVREUH
RORFDORQGHDVSDUWHVFUX]DUHP,QLFLDURDGXFKDPHQWRQDGLUHomRGDVMXQWDVGHXQLmR
HID]HUGRLVURORVODGRDODGRIRUPDQGRXPDDOoDGHFDGDODGR
$RWpUPLQRGRDGXFKDPHQWRFRORFDUDVMXQWDVQRWRSRGRVURORV3DUDDMXVWDUDV
DOoDVSX[DUXPDGHODVGHPDQHLUDTXHXPDILTXHPHQRUTXHDRXWUD7UDQVSDVVDUD
DOoDPDLRUSRUGHQWURGDPHQRUDMXVWDQGRDHPVHJXLGD7UDQVSRUWiODFRPDVMXQWDV
YROWDGDVSDUDIUHQWH



/LQKDVGH0DQJXHLUD

/LQKDVGHPDQJXHLUDVmRRVFRQMXQWRVGHPDQJXHLUDVDFRSODGDVIRUPDQGRXP
VLVWHPD SDUD R WUDQVSRUWH GH iJXD 'HSHQGHQGR GD XWLOL]DomR SRGHP VHU OLQKD
DGXWRUDOLQKDGHDWDTXHOLQKDGLUHWDHOLQKDVLDPHVD

/LQKD$GXWRUD

e DTXHOD GHVWLQDGD D FRQGX]LU iJXD GH XPD IRQWH GH DEDVWHFLPHQWR SDUD XP
UHVHUYDWyULR RX OLQKD GH DWDTXH DR LQFrQGLR 3RU H[HPSOR GH XP KLGUDQWH SDUD R
WDQTXH GH YLDWXUD H GH XPD PDQJXHLUD GH ò DWp R GHULYDQWH H GLUHFLRQDU DWH
PDQJXHLUDVòDWHRVHVJXLFKRV



/LQKDGH$WDTXH

eRFRQMXQWRGHPDQJXHLUDVXWLOL]DGRQRFRPEDWHGLUHWRDRIRJRLVWRpDOLQKD
TXHWHPXPHVJXLFKRQXPDGDVH[WUHPLGDGHV3HODIDFLOLGDGHGHPDQREUDXWLOL]DVH
JHUDOPHQWHPDQJXHLUDGHò


/LQKD'LUHWD

e D OLQKD GH DWDTXH FRPSRVWD SRU XP RX PDLV ODQFHV GH PDQJXHLUD TXH
FRQGX] GLUHWDPHQWH D iJXD GHVGH XP KLGUDQWH RX H[SHGLomR GH ERPED DWp R
HVJXLFKR

/LQKD6LDPHVD

$OLQKDVLDPHVDpFRPSRVWDGHGXDVRXPDLVPDQJXHLUDVDGXWRUDVGHVWLQDGDVD
FRQGX]LUiJXDGDIRQWHGHDEDVWHFLPHQWRSDUDXPFROHWRUHGHVWHHPXPD~QLFDOLQKD
DWp R HVJXLFKR 'HVWLQDVH D DXPHQWDU R YROXPH GH iJXD D VHU XWLOL]DGD H[HPSOR
EDVWDQWHXVDGRSDUDDEDVWHFHUHVJXLFKRVWLSRFDQKmR

(YROXo}HV



(YROXomRpDPDQREUDFRPPDQJXHLUDHIHWXDGDSHODJXDUQLomRGHERPEHLURVRX
SRUXPDSDUWHGHOD

$GHQWUDUHPXPD(VWUXWXUD

3DUD Pi[LPD VHJXUDQoD R ERPEHLUR GHYH HVWDU DOHUWD SDUD D SRVVLELOLGDGH GH
³EDFNGUDIW´ ³IODVKRYHU´ RX FRODSVR HVWUXWXUDO $QWHV PHVPR GH DGHQWUDU HP XPD
HVWUXWXUD R ERPEHLUR Mi GHYH HVWDU DWHQWR SDUD R ULVFR GH FRODSVR HVWUXWXUDO 6mR
LQGtFLRVGHFRODSVRHVWUXWXUDO
x 5DFKDGXUDVHPYLJDVFROXQDVSDUHGHVHWHWR
x (VWDORV VRQV FDUDFWHUtVWLFRVGHFRODSVRHVWUXWXUDO
x *UDQGHTXDQWLGDGHGHFDORUHPSUpGLRFRPHVWUXWXUDPHWiOLFD

$R DYDQoDU FRP XPD OLQKD GH PDQJXHLUD GHQWUR GH XP HGLItFLR R ERPEHLUR
GHYH
x 5HWLUDUWRGRRDUGDOLQKDDQWHVGHHQWUDUQDHVWUXWXUD
x 3HUPDQHFHUDEDL[DGRGXUDQWHRFRPEDWHDRIRJR
x )LFDU ORQJH GH DEHUWXUDV LQH[SORUDGDV SRLV SRU HODV SRGH VDLU FDORU DOpP GH
H[LVWLURULVFRDFHQWXDGRGHTXHGDVDFLGHQWDLV
x 6HQWLURFDORUGDVSRUWDVFRPDVFRVWDVGDPmRVHPOXYD
x 0DQWHUVHDEDL[DGRHDIDVWDGRGRIRJRTXDQGRHPDWDTXHLQGLUHWRHSUy[LPR
TXDQGRHPDWDTXHGLUHWR


/LQKD'LUHWDQD+RUL]RQWDO

8P ERPEHLUR DX[LOLDU HVWHQGH D VXD OLQKD GH PDQJXHLUD DSyV R GHULYDQWH H
DFRSODVXDOLQKDDOLQKDTXHIRLHVWHQGLGDSHORRSHUDGRUGRHVJXLFKRTXHSRUVXDYH]
LUiDFRSODURHVJXLFKRjPDQJXHLUDDJXDUGDQGRRDX[LOLDU

/LQKDSRU(VFDGD,QWHUQD

2SURFHGLPHQWRpVHPHOKDQWHDRGHVFULWRSDUDDUPDUDOLQKDGLUHWDQDKRUL]RQWDO
$DUPDomRQDVHVFDGDVGRSUpGLRHQWUHWDQWRREULJDRXVRGHFRQVLGHUiYHOTXDQWLGDGH
GH PDQJXHLUDV SDUD DWLQJLU SODQRV VXSHULRUHV RX LQIHULRUHV WDLV FRPR VXE VRORV
JDUDJHQVHWF
3UHYHU VHPSUH XP ODQFH GH P SRU DQGDU 6HPSUH TXH IRU DGHQWUDU HP
DQGDUHVLQIHULRUHVYHULILFDULQWHULRUPHQWHDVFRQGLo}HVDGHTXDGDVGHYHQWLODomR


/LQKD6XVSHQVD

1RVFDVRVHPTXHQmRKRXYHUSRVVLELOLGDGHRXQHFHVVLGDGHGHVHXWLOL]DUDUHGH
GHKLGUDQWHGRSUpGLRDXQLGDGHGHSODWDIRUPD 83,1$ RXXQLGDGHGHHVFDGD
8(0 ,1$ SRGHVH XWLOL]DU D OLQKD VXVSHQVD SDUD DWLQJLU R ORFDO VLQLVWUDGR TXH
HVWHMDHPSODQRVXSHULRUjXQLGDGHGHFRPEDWHLQFrQGLR 8&,,1$
8P ERPEHLUR VREH DR DQGDU GHVHMDGRGHRQGH ODQoD XP FDER TXH p DWDGR j
H[WUHPLGDGH GD PDQJXHLUD FRP HVJXLFKR H R ERPEHLUR TXH HVWD QR DQGDU VXSHULRU
SX[D D OLQKD GH PDQJXHLUD DWHQWDQGRVH SDUD TXH DV VDOLrQFLDV GD HGLILFDomR QmR
FRUWHP D PDQJXHLUD 1RUPDOPHQWH HVVD DOWXUD QmR GHYH XOWUDSDVVDU PHWURV
ILFDQGR XPD MXQWDDSRLDGDQR VRORHD RXWUD FRP D JXDUQLomR 3DUD GHVFHU D OLQKDR
SURFHVVRpLQYHUVR

/LQKDD3DUWLUGR+LGUDQWH3DUWLFXODU

7HP SRU ILQDOLGDGH DSURYHLWDU R VLVWHPD KLGUiXOLFR GH FRPEDWH D LQFrQGLR GD
HGLILFDomR H SRGH VHU HPSUHJDGD HP SUpGLRV GH XP RX PDLV SDYLPHQWRV EDVWDQGR
SDUD LVWR DFRSODU R HQJDWH 6725= GD 8&, DR KLGUDQWH GH UHFDOTXH RX KLGUDQWH PDLV
SUy[LPR &RP LVVR WRGD D UHGH ILFDUi SUHVVXUL]DGD SRGHQGR R ERPEHLUR XWLOL]DU
TXDOTXHUKLGUDQWHLQWHUQR



/LQKDHP(VFDGD3RUWiWLO

3URFHGHVHjDUPDomRGDOLQKDFRPRVHIRVVHQRSODQRHHVWDQGRHODSURQWDR
RSHUDGRU GR HVJXLFKR FUX]DQGR D PDQJXHLUD VREUH R SHLWR SDUD PDQWHU DV PmRV
OLYUHVVREHSHODHVFDGDVHJXLGRSRURXWURERPEHLURTXHRDX[LOLDDVXVWHQWDURSHVR
GDPDQJXHLUD1mRXOWUDSDVVDUROLPLWHGHFDUJDGDHVFDGD


7RUUHGHÈJXD

&RQVLVWHHPPDQGDUiJXDFRPDXQLGDGHGHFRPEDWHLQFrQGLR 8&,,1$
SHODPDQJXHLUDRXSRUWXEXODomRDWpXPHVJXLFKRQDH[WUHPLGDGHVXSHULRUGDXQLGDGH
GHHVFDGD 8(0,1$ RXXQLGDGHSODWDIRUPD 83,1$
(VWHVLVWHPDSHUPLWHRFRPEDWHH[WHUQRDLQFrQGLRHPHGLItFLRVDOWRVHDWDTXH
SRUVREUHDVHGLILFDo}HVEDL[DV
4XDQGRQHFHVViULRRERPEHLURSRGHXWLOL]DUDOLQKDDGXWRUDGD8(0RXGD83
SDUDFRQGX]LUDiJXDDWpRDQGDUGHVHMDGRHDSDUWLUGDtPRQWDUDVOLQKDVGHDWDTXH

/LQKD$GXWRUDHP+LGUDQWH

2 DEDVWHFLPHQWR GD XQLGDGH GH FRPEDWH LQFrQGLR SRU KLGUDQWHV XUEDQRV
FRQVLVWHEDVLFDPHQWHHPFRQHFWDURPDQJRWHRXPDQJXHLUDGHòDERFDDGPLVVRUD
GD8&,HDERFDH[SXOVRUDGRKLGUDQWH6HDYD]mRGDERPEDIRUVXSHULRUjYD]mRGR
KLGUDQWHDSUHVVmRVHUiQHJDWLYD VXFomR QDDGXWRUDVHQGRQHFHVViULDQHVWHFDVRD
XWLOL]DomR GR PDQJRWH FRPR TXDQGR DEDVWHFHU HP PDQDQFLDLV $R FRQWUiULR VH D
YD]mRGRKLGUDQWHIRUVXSHULRUjGDERPEDSRGHVHXWLOL]DURPDQJXHLUDGHò



0DQJXHLUD5RPSLGD

1DLPSRVVLELOLGDGHGHVHLQWHUURPSHURIOX[RG¶iJXDSRUPHLRVQRUPDLVDILPGH
VXEVWLWXLUDPDQJXHLUDURPSLGDRXIXUDGDGHYHVHHVWUDQJXODUDPDQJXHLUD3DUDLVWR
ID]HPVH GXDV GREUDV QD PDQJXHLUD IRUPDQGR GRLV kQJXORV DJXGRV H PDQWHQGRRV
QHVWDSRVLomRFRPRSHVRGRFRUSR&RPHVVDPDQREUDLQWHUURPSHVHRIOX[RG¶iJXD
HWURFDVHDPDQJXHLUDURPSLGD


'HVFDUJDGH0DQJXHLUD

&RQVLVWH QD UHWLUDGD GD iJXD TXH SHUPDQHFHX QR LQWHULRU GD PDQJXHLUD DSyV
VXDXWLOL]DomR
x (VWHQGHUDPDQJXHLUDQRVRORUHWLUDQGRDVGREUDVTXHSRUYHQWXUDDSDUHoDP
x /HYDQWDU XPD GDV H[WUHPLGDGHV VREUH R RPEUR VXVWHQWDQGRD FRP DPEDV DV
PmRV
x 'HVORFDUVH SDUD RXWUD H[WUHPLGDGH GR ODQFH GHL[DQGRR SDUD WUiV j PHGLGD
TXH VH DYDQoD YDJDURVDPHQWH LVWRID] FRPTXHiJXDHVFRHSHODH[WUHPLGDGH
GDPDQJXHLUD

&RPEDWHD,QFrQGLR&ODVVH$

2V LQFrQGLRV FODVVH ³$´ LVWR p LQFrQGLRV HP FRPEXVWtYHLV FRPXQV SDSHO
PDGHLUDWHFLGRV TXHGHL[DPUHVtGXRVFDUDFWHUtVWLFRV EUDVDFDUYmRFLQ]D HPJHUDO
VmR H[WLQWRV SRU UHVIULDPHQWR SRGHQGR VH XWLOL]DU WDPEpP R DEDIDPHQWR UHWLUDGD GR
PDWHULDORFRUUHQGRjTXHEUDGDUHDomRHPFDGHLD


$iJXDpRDJHQWHH[WLQWRUPDLVHILFD]SDUDRUHVIULDPHQWR$DSOLFDomRGHiJXD
VHUi EHPVXFHGLGD VH D TXDQWLGDGH XWLOL]DGDIRU VXILFLHQWH SDUD UHVIULDU R FRPEXVWtYHO
TXH HVWi TXHLPDQGR SDUD WHPSHUDWXUDV TXH R FRQGX]DP DEDL[R GR SRQWR GH
FRPEXVWmR

$WDTXH'LUHWR

2PDLVHILFLHQWHXVRGHiJXDHPLQFrQGLRHPTXHLPDOLYUHpRDWDTXHGLUHWR2
ERPEHLURGHYHHVWDUSUy[LPRDRLQFrQGLRXWLOL]DQGRMDWRFRQWtQXRRXFKXYHLURVHPSUH
FRQFHQWUDQGRRDWDTXHSDUDDEDVHGRIRJRDWpH[WLQJXLOR1mRMRJDUPDLViJXDTXHR
QHFHVViULRSDUDDH[WLQomRLVWRpTXDQGRQmRPDLVKRXYHUFKDPDV
(P ORFDLV FRP SRXFD RX QHQKXPD YHQWLODomR R ERPEHLUR GHYH XVDU MDWRV
LQWHUPLWHQWHV H FXUWRV DWp D H[WLQomR 2V MDWRV QmR GHYHP VHU HPSUHJDGRV SRU PXLWR
WHPSRVRESHQDGHSHUWXUEDUREDODQoRWpUPLFR
2EDODQoRWpUPLFRpRPRYLPHQWRGRVJDVHVDTXHFLGRVHPGLUHomRDRWHWRHD
H[SDQVmRGHYDSRUG¶iJXDHPWRGDVDViUHDVDSyVDDSOLFDomRGRVMDWRVG¶iJXD6HR
MDWR IRU DSOLFDGR SRU PXLWR WHPSR DOpP GR QHFHVViULR R YDSRU FRPHoDUi D VH
FRQGHQVDU FDXVDQGR D SUHFLSLWDomR GH IXPDoD DR SLVR H SRU VXD YDJDURVD
PRYLPHQWDomR KDYHUi SHUGD GD YLVLELOLGDGH RX VHMD RV JDVHV DTXHFLGRV TXH
GHYHULDPILFDUDRQtYHOGRWHWRWRPDUmRROXJDUGRDUIUHVFRTXHGHYHULDILFDUDRQtYHO
GRFKmRHYLFHYHUVD


$WDTXH,QGLUHWR

(VWH PpWRGR p FKDPDGR GH DWDTXH LQGLUHWR SRUTXH R ERPEHLUR ID] D
HVWDELOL]DomRGRDPELHQWHXVDQGRDSURSULHGDGHGHYDSRUL]DomRGDiJXDVHPHQWUDU
QR DPELHQWH 'HYH VHU H[HFXWDGR TXDQGR R DPELHQWH HVWi FRQILQDGR H FRP DOWD
WHPSHUDWXUDFRPRXVHPIRJReSUHFLVRFXLGDGRSRUTXHHVWDSRGHVHUXPDVLWXDomR
SURStFLDSDUDRVXUJLPHQWRGHXPDH[SORVmRDPELHQWDO EDFNGUDIWRXIODVKRYHU

(VWH DWDTXH QmR GHYH VHU IHLWR HQTXDQWR QmR KRXYHU FHUWH]D GD UHWLUDGD GDV
YtWLPDV GR ORFDO SRUTXH D JUDQGH JHUDomR GH YDSRU SRGHULD PDWiODV 5HDOL]DVH
GLULJLQGRRMDWRG¶iJXDSDUDRWHWRVXSHUDTXHFLGRWHQGRFRPRUHVXOWDGRDSURGXomRGH
FDGD OLWUR GH iJXD HP DSUR[LPDGDPHQWH OLWURV GH YDSRU j SUHVVmR QRUPDO H
WHPSHUDWXUDVXSHULRUD&
1R DWDTXH LQGLUHWR R HVJXLFKR VHUi DFLRQDGR SRU XP SHUtRGR GH D
VHJXQGRVQRPi[LPR1mRSRGHUiKDYHUH[FHVVRGHiJXDRTXHFDXVDULDGLVW~UELRV
QREDODQoRWpUPLFR

$WDTXH&RPELQDGR

4XDQGR R ERPEHLUR VH GHSDUD FRP XP LQFrQGLR TXH HVWi HP ORFDO FRQILQDGR
VHP ULVFR GH H[SORVmR DPELHQWDO PDV FRP VXSHUDTXHFLPHQWR GR DPELHQWH TXH


SHUPLWHDSURGXomRGHYDSRUSDUDDX[LOLDUDH[WLQomR DEDIDPHQWRHUHVIULDPHQWR XVD
VHRDWDTXHFRPELQDGR
2 DWDTXH FRPELQDGRFRQVLVWH QD WpFQLFD GD JHUDomR GH YDSRU FRPELQDGD FRP
DWDTXHGLUHWRjEDVHGRVPDWHULDLVHPFKDPDV2HVJXLFKRUHJXODGRGHDJUDXV
GHYHVHUPRYLPHQWDGRGHIRUPDDGHVFUHYHUXPFtUFXORDWLQJLQGRRWHWRDSDUHGHR
SLVRDSDUHGHRSRVWDHQRYDPHQWHRWHWR

1R DWDTXH FRPELQDGR RV ERPEHLURV GHYHP ILFDU DEDL[DGRV FRP D PDQJXHLUD
ID]HQGR D PRYLPHQWDomR FLUFXODU TXH FDUDFWHUL]D HVWH DWDTXH 4XDQGR QmR KRXYHU
PDLV JHUDomR GH YDSRU XWLOL]DVH R DWDTXH GLUHWR SDUD D H[WLQomR GRV IRFRV
UHPDQHVFHQWHV

/HPEUDUTXH

x 1XQFDVHGHYHDSOLFDUiJXDQDIXPDoD
x $ DSOLFDomR GH iJXD QD IXPDoD QmR H[WLQJXH R LQFrQGLR VRPHQWH FDXVD GDQRV
GLVW~UELRVQREDODQoRWpUPLFRGHVSHUGtFLRGHiJXDHSHUGDGHWHPSR


&RPEDWHD,QFrQGLR&ODVVH%
6mR LQFrQGLRV HQYROYHQGR OtTXLGRV LQIODPiYHLV H D TXHLPD RFRUUH VRPHQWH QD
VXSHUItFLHH[SRVWDHQmRHPSURIXQGLGDGHpFDUDFWHUL]DGRSRUQmRGHL[DUUHVtGXRVSRU
WHUHPFDUDFWHUtVWLFDVSUySULDVSRVVXHPPpWRGRVGHH[WLQomRGLVWLQWRV

&RPEDWHD,QFrQGLRVHP/tTXLGRV,QIODPiYHLV

2 PHOKRU PpWRGR GH H[WLQomR SDUD D PDLRULD GRV LQFrQGLRV HP OtTXLGRV
LQIODPiYHLV p R DEDIDPHQWR SRGHQGR VHU XWLOL]DGR WDPEpP j TXHEUD GD UHDomR HP
FDGHLDjUHWLUDGDGRPDWHULDOHRUHVIULDPHQWR
2FRQWUROHGHLQFrQGLRVHPOtTXLGRVLQIODPiYHLVSRGHVHUHIHWXDGR³FRPiJXD´
TXHDWXDUiSRUDEDIDPHQWRHUHVIULDPHQWR1DH[WLQomRSRUDEDIDPHQWRDiJXDGHYHUi
VHUDSOLFDGDFRPRQHEOLQDGHIRUPDDRFXSDUROXJDUGRR[LJrQLRTXHHVWiVXSULQGRD
FRPEXVWmRQRVOtTXLGRV
$WpFQLFDGHUHVIULDPHQWRVRPHQWHUHVXOWDUiHPVXFHVVRVHRFRPEXVWtYHOWLYHU
SRQWR GH FRPEXVWmR DFLPD GD WHPSHUDWXUD QRUPDO GD iJXD & $R VH RSWDU SHOR
XVRGHiJXDGHYHVHVHPSUHXVDURMDWRFKXYHLURRXMDWRQHEOLQD2MDWRFRQWtQXRQmR
GHYHVHUXWLOL]DGRSRLVQmRSHUPLWLUiRDEDIDPHQWRHSRGHUiHVSDUUDPDUROtTXLGRHP
FKDPDVDXPHQWDQGRRLQFrQGLR
3DUD VH FRPEDWHU HVWH WLSR GH LQFrQGLR HP VHJXUDQoD GHYHVH FRQKHFHU DV
SURSULHGDGHVHFDUDFWHUtVWLFDVGRVOtTXLGRVLQIODPiYHLVTXHHPVXDPDLRULD

x *HUDPYDSRUHVLQIODPiYHLVjWHPSHUDWXUDDPELHQWH YROiWHLV
x )OXWXDPQDiJXD
x *HUDPHOHWULFLGDGHHVWiWLFDTXDQGRIOXLQGR
x 4XHLPDPUDSLGDPHQWHSRUVREUHDVXSHUItFLHH[SRVWDDRFDORU
x /LEHUDPGXUDQWHDTXHLPDJUDQGHTXDQWLGDGHGHFDORU

%/(9(


8P IHQ{PHQR TXH SRGH RFRUUHU HP UHFLSLHQWH FRP OtTXLGRV LQIODPiYHLV
WUD]HQGR FRQVHTXrQFLDV GDQRVDV p R %/(9( %RLOLQJ /LTXLG ([SDQGLQJ 9DSRU
([SORVLRQ H[SORVmRGRYDSRUGHH[SDQVmRGHXPOtTXLGRVRESUHVVmR
4XDQGRXPUHFLSLHQWHFRQWHQGROtTXLGRVRESUHVVmRWHPVXDVSDUHGHVH[SRVWDV
GLUHWDPHQWH jV FKDPDV D SUHVVmR LQWHUQD DXPHQWD HP YLUWXGH GD H[SDQVmR GR JiV
H[SRVWRjDomRGRFDORU WHQGRFRPRUHVXOWDGRDTXHGDGHUHVLVWrQFLDGDVSDUHGHVGR
UHFLSLHQWH,VWRSRGHUHVXOWDUQRURPSLPHQWRRXQRVXUJLPHQWRGHILVVXUD(PDPERVRV
FDVRVWRGRRFRQWH~GRLUiYDSRUL]DUVHHVDLULQVWDQWDQHDPHQWH(VVDV~ELWDH[SDQVmR
p XPD H[SORVmR 1R FDVR GH OtTXLGRV LQIODPiYHLV IRUPDUVHi XPD JUDQGH ³EROD GH
IRJR´FRPHQRUPHLUUDGLDomRGHFDORU
2PDLRUSHULJRGR%/(9(pRDUUHPHVVRGHSHGDoRVGRUHFLSLHQWHHPWRGDVDV
GLUHo}HV FRP JUDQGH GHVORFDPHQWR GH DU 3DUD VH HYLWDU R %/(9( p QHFHVViULR
UHVIULDU H[DXVWLYDPHQWH RV UHFLSLHQWHV TXH HVWHMDP VHQGR DTXHFLGRV SRU H[SRVLomR
GLUHWD DR IRJR RX SRU FDORU LUUDGLDGR (VWH UHVIULDPHQWR GHYH VHU SUHIHUHQFLDOPHQWH
FRPMDWRG¶iJXDHPIRUPDGHQHEOLQD

5HVIULDQGRFRPiJXD

(QTXDQWR D iJXD VHP H[WUDWRV GH HVSXPD p SRXFR HILFD] HP OtTXLGRV YROiWHLV
FRPRJDVROLQDRXGLHVHO LQFrQGLRVHPyOHRVPDLVSHVDGRV QmRYROiWHLV SRGHPVHU
H[WLQWRVSHODDSOLFDomRGHiJXDHPIRUPDGHQHEOLQDHPTXDQWLGDGHVVXILFLHQWHVSDUD
DEVRUYHU R FDORU SURGX]LGR 'HYHVH HVWDU DWHQWR SDUD TXH QmR KDMD WUDQVERUGDPHQWR
GROtTXLGRHSDUDTXHQmRRFRUUDRIHQ{PHQRFRQKHFLGRFRPR%RLO2YHU

%2,/29(5

2%RLO2YHUSRGHVHUH[SOLFDGRGDVHJXLQWHPDQHLUD
x 4XDQGRVHMRJDiJXDHPOtTXLGRVGHSHTXHQDGHQVLGDGHDiJXDWHQGHDGHSRVLWDU
VHQRIXQGRGRUHFLSLHQWH


x 6H D iJXD QR IXQGR GR UHFLSLHQWH IRU VXEPHWLGD D DOWDV WHPSHUDWXUDV SRGH
YDSRUL]DUVH 1D YDSRUL]DomR GD iJXD Ki JUDQGH DXPHQWR GH YROXPH OLWUR GH
iJXDWUDQVIRUPDVHHPOLWURVGHYDSRU
x &RPRDXPHQWRGHYROXPHDiJXDDJHFRPRrPERORQXPDVHULQJDHPSXUUDQGRR
FRPEXVWtYHO TXHQWH SDUD FLPD HVSDOKDQGRR H DUUHPHVVDQGRR D JUDQGHV
GLVWkQFLDV

$QWHVGHRFRUUHUR%RLO2YHUSRGHPVHLGHQWLILFDUDOJXQVVLQDLVFDUDFWHUtVWLFRV
x $WUDYpV GD FRQVWDWDomR GD RQGD GH FDORU GLULJLQGR XP MDWR G¶iJXD QD ODWHUDO GR
WDQTXHLQFHQGLDGRDEDL[RGRQtYHOGROtTXLGRSRGHVHORFDOL]DUDH[WHQVmRGDRQGD
GHFDORUREVHUYDQGRVHRQGHDiJXDYDSRUL]DVHLPHGLDWDPHQWH
x $WUDYpV GR VRP FKLDGR SHFXOLDU SRXFR DQWHV GH RFRUUHU D ³H[SORVmR´ SRGHVH
RXYLU XP ³FKLDGR´ VHPHOKDQWH DR GH XP YD]DPHQWR GH YDSRU GH XPD FKDOHLUD
IHUYHQGR
$RLGHQWLILFDUHVVHVVLQDLVRERPEHLURGHYHVHFRPXQLFDULPHGLDWDPHQWHFRPR
FRPDQGDQWH 5HFHEHQGR RUGHP GH DEDQGRQDU R ORFDO WRGRV GHYHP VH DIDVWDU
UDSLGDPHQWH



9DUUHGXUDFRPiJXD

$ iJXD SRGH VHU XWLOL]DGD SDUD GHVORFDU FRPEXVWtYHLV TXH HVWHMDP TXHLPDQGR
RX QmR SDUD ORFDLV RQGH SRVVDP TXHLPDU FRP VHJXUDQoD RX RQGH DV FDXVDV GD
LJQLomR SRVVDP VHU PDLV IDFLOPHQWH FRQWURODGDV (YLWDU TXH FRPEXVWtYHLV SRVVDP LU
SDUDHVJRWRVGUHQRVRXORFDLVRQGHQmRVHMDSRVVtYHODFRQWHQomRGRVPHVPRV
2 MDWR FRQWtQXR VHUi SURMHWDGR GH XP ODGR D RXWUR YDUUHGXUD HPSXUUDQGR R
FRPEXVWtYHOSDUDRQGHVHGHVHMD
'HUUDPDPHQWR GH OtTXLGRV FRPEXVWtYHLV HP YLD S~EOLFD WDPEpP SRGH FDXVDU
GHVDVWUHV LQFOXVLYH DFLGHQWHV GH WUkQVLWR 2 OtTXLGR FRPEXVWtYHO SRGHUi VHU UHPRYLGR
DWUDYpV GH YDUUHGXUD DGLFLRQDQGRVH XP DJHQWH HPXOVLILFDGRU /*( VLQWpWLFR RX
GHWHUJHQWHFRPXPSRUH[HPSOR jiJXDHHYLWDQGRDRPHVPRWHPSRTXHROtTXLGRVH
GLULMD SDUD R HVJRWR RX UHGH SOXYLDO 3RGHVH WDPEpP XWLOL]DU DUHLD H FDO (VVDV
VXEVWkQFLDVDEVRUYHPROtTXLGRFRPEXVWtYHOUHPRYHQGRRGDYLDS~EOLFDHLPSHGLQGR
TXHDOFDQFHDUHGHGHHVJRWRRXSOXYLDO

6XEVWLWXLQGRFRPEXVWtYHLVSRUiJXD

$ iJXD SRGH VHU HPSUHJDGD SDUD UHPRYHU FRPEXVWtYHLV GH HQFDQDPHQWRV RX
WDQTXHVFRPYD]DPHQWRV,QFrQGLRVTXHVmRDOLPHQWDGRVSRUYD]DPHQWRVSRGHPVHU
H[WLQWRV SHOR ERPEHDPHQWR GH iJXD QR SUySULR HQFDQDPHQWR RX SRU HQFKLPHQWR GR
WDQTXH FRP iJXD D XP SRQWR DFLPD GR QtYHO GR YD]DPHQWR (VWH GHVORFDPHQWR ID]
FRPTXHRSURGXWRFRPEXVWtYHOIOXWXHVREUHDiJXD HQTXDQWRDDSOLFDomRGHiJXDIRU
LJXDO RX VXSHULRU DR YD]DPHQWR GR SURGXWR 2 HPSUHJR GHVWD WpFQLFD VH UHVWULQJH D
OtTXLGRVTXHQmRVHPLVWXUDPFRPiJXDHTXHIOXWXDPVREUHHOD



$WHQGLPHQWRD9D]DPHQWRVGH*DVHV,QIODPiYHLV

2~QLFRPpWRGRVHJXURGHVHVROXFLRQDUDRFRUUrQFLDGHYD]DPHQWRGHJiVRX
OtTXLGRVRESUHVVmRFRPRXVHPIRJRpDUHWLUDGDGRPDWHULDO
&RPRTXDVHWRGDVDVHGLILFDo}HVXWLOL]DPRJOSRXJiVQDWXUDOpLPSRUWDQWHTXH
WRGR R ERPEHLUR FRQKHoD RV ULVFRV H DV WpFQLFDV QR DWHQGLPHQWR GH RFRUUrQFLDV
HQYROYHQGRHVWHVJDVHV

*iV/LTXHIHLWR'H3HWUyOHR */3

2 JiV OLTXHIHLWR GH SHWUyOHR */3 FRPR p XP FRPEXVWtYHO DUPD]HQDGR VRE
SUHVVmR p XVDGR SULQFLSDOPHQWH HP UHVLGrQFLDV HP ERWLM}HV GH H NJ 6XD
XWLOL]DomRFRPHUFLDOHLQGXVWULDOpIHLWDFRPFLOLQGURVGHPDLRUFDSDFLGDGHGH
NJ
(VWHJiVpFRPSRVWRSULQFLSDOPHQWHGHSURSDQRHEXWDQRHPFLOLQGUR
IDEULFDGR HP DomR 2 */3 p DFRQGLFLRQDGR GHQWUR GH FLOLQGURV HP HVWDGR OtTXLGR 2
FLOLQGURTXDQGRFKHLRFRQWpPHPVHXLQWHULRUGH*/3HPHVWDGROtTXLGRHHP


HVWDGR GH YDSRU 2 */3 HP HVWDGR OtTXLGR FRPHoD D VH WUDQVIRUPDU HP YDSRU j
PHGLGDTXHRVDSDUHOKRVDJiVVmRXWLOL]DGRV2*/3QmRWHPFKHLURQDWXUDOSRULVVR
XPD VXEVWkQFLD RGRUtILFD GHQRPLQDGD 0HUFDSWDQ OKH p DGLFLRQDGD 2 JiV QmR p
Wy[LFR PDV p FODVVLILFDGR FRPR DVIL[LDQWH SRUTXH SRGH GHVORFDU R DU WRPDQGR VHX
OXJDUQRDPELHQWHHFRQGX]LUjDVIL[LD
2*/3pFHUFDGHYH]HVPDLVSHVDGRTXHRDUGHIRUPDTXHQRUPDOPHQWH
RFXSD RV QtYHLV PDLV EDL[RV 7RGRV RV UHFLSLHQWHV GH */3 HVWmR VXMHLWRV j %/(9(
TXDQGR H[SRVWRV D FKDPDV GLUHWDV 2 */3pIUHTXHQWHPHQWH DUPD]HQDGR HPXP RX
PDLVFLOLQGURV EDWHULD 2VXSULPHQWRGHJiVSDUDXPDHVWUXWXUDSRGHVHULQWHUURPSLGR
SHORIHFKDPHQWRGHXPDYiOYXODGHFDQDOL]DomRVHDYiOYXODHVWLYHULQRSHUDQWHRIOX[R
SRGHVHULQWHUURPSLGRUHWLUDQGRVHDYiOYXODDFRSODGDDRFLOLQGUR
$R VH GHSDUDU FRP IRJR HP JiV LQIODPiYHO H QmR SRGHQGR FRQWHU R IOX[R R
ERPEHLURQmRGHYHUiH[WLQJXLURLQFrQGLRSRLVXPYD]DPHQWRVHUiPDLVJUDYHTXHD
VLWXDomR DQWHULRU SRU UHXQLU FRQGLo}HV SURStFLDV SDUD XPD H[SORVmR 1HVWH FDVR R
ERPEHLURGHYHUiDSHQDVFRQWURODURLQFrQGLRQRDPELHQWHDWHTXHRSUREOHPDGRIOX[R
FRQWLQXRGR*/3VHMDFRUWDGRQDIRQWH
2 JiV TXH YD]RX H HVWi GHSRVLWDGR QR DPELHQWH SRGH VHU GLVVLSDGR SRU
YHQWLODomRRXSRUXPMDWRG¶iJXDWLSRQHEOLQD

&RPEDWHD,QFrQGLR&ODVVH&

$ GLILFXOGDGH QD LGHQWLILFDomR GH PDWHULDLV HQHUJL]DGRV p XP GRV JUDQGHV
SHULJRVHQIUHQWDGRVSHODJXDUQLomRQRDWHQGLPHQWRGHRFRUUrQFLD
(VWH WLSR GH LQFrQGLR SRGH VHU H[WLQWR FRP PDLRU IDFLOLGDGH DSyV R FRUWH GD
HQHUJLDHOpWULFD$VVLPRLQFrQGLRGHL[DGHVHUFODVVH³&´WRUQDQGRVHFODVVH$%'
RX.SRGHQGRDLQGDH[WLQJXLUVH
3DUD VXD H[WLQomR GHYHPVH XWLOL]DU DJHQWHV H[WLQWRUHV QmR FRQGXWRUHV GH
HOHWULFLGDGHFRPR346RX&2QmRVHGHYHPXWLOL]DUQXQFDDSDUHOKRVH[WLQWRUHV
TXHFRQWHQKDPFRPRDJHQWHH[WLQWRUiJXDRXHVSXPDPHFkQLFDGHYLGRDRSHULJR
GHFKRTXHHOpWULFRTXHSRGHFDXVDUDPRUWH


1R FRPEDWH FRP iJXD DR IRJR HP PDWHULDLV HOHWULILFDGRV XVDVH XPD UHJUD
VLPSOHVDiJXDFRQWpPLPSXUH]DVTXHDWRUQDPFRQGXWRUDGHHOHWULFLGDGHGDtQDVXD
DSOLFDomR HP LQFrQGLRV HP PDWHULDLV HQHUJL]DGRV GHYHVH FRQVLGHUDU WRGRV RV
ULVFRVGHRERPEHLUROHYDUXPFKRTXHHOpWULFR
2 &RPDQGDQWH GD 2SHUDomR GHWHUPLQDUi R XVR GH iJXD FRQVLGHUDQGR RV
IDWRUHV
x 9ROWDJHPGDFRUUHQWH
x 'LVWkQFLDHQWUHRHVJXLFKRHRHTXLSDPHQWRHQHUJL]DGR
2XWURSUREOHPDpDSUHVHQoDGHSURGXWRVTXtPLFRVSHULJRVRVHPLQVWDODo}HVH
HTXLSDPHQWRV HOpWULFRV R TXH SRGH DFDUUHWDU VpULRV ULVFRV j VD~GH H DR PHLR
DPELHQWH1HVWHFDVRGHYHPVHWRPDUDVFDXWHODVQHFHVViULDVSDUDVXDH[WLQomRWDLV
FRPR LVRODU D iUHD FRQKHFHU DV FDUDFWHUtVWLFDV H RV HIHLWRV GR SURGXWR HQFRQWUDGR
JHUDOPHQWHQD),634 )LFKD'H,QIRUPDomR'H6HJXUDQoD'R3URGXWR4XtPLFR HXVDU
HTXLSDPHQWR GH SURWHomR LQGLYLGXDO DGHTXDGR URXSDV OXYDV SURWHomR UHVSLUDWyULD
FDSDFHWHVHFDSDRXURXSDDSURSULDGD ,QFrQGLRHPWUDQVIRUPDGRUHOpWULFRTXHXWLOL]D
FRPROtTXLGRUHIULJHUDQWHR³$6.$5(/´ FDQFHUtJHQR pH[HPSORWtSLFR&RPRPHGLGD
GH VHJXUDQoD OLQKDV HQHUJL]DGDV QmR GHYHP VHU FRUWDGDV DSHQDV WpFQLFRV
HVSHFLDOL]DGRV GHYHUmR ID]rOR 2 &RUSR GH %RPEHLURV VRPHQWH GHVOLJDUi D
HOHWULFLGDGH SHOD DEHUWXUD GH FKDYH UHPRomR GH IXVtYHO RX GHVDFLRQDPHQWR GH
GLVMXQWRUTXDQGRQHFHVViULR
&RQWDWRVHFRRSHUDomRFRPDFRQFHVVLRQiULD &(/(6& VmRYLWDLVQRFRPEDWHD
LQFrQGLRVFODVVH³&´SDUDUHGX]LURULVFRjYLGDHjSURSULHGDGH

,QVWDODo}HV(OpWULFDV

1DVUHVLGrQFLDVDLQVWDODomRHOpWULFDpQRUPDOPHQWHGHEDL[DWHQVmR H
YROWV 2 PpWRGR PDLV VLPSOHV GH LQWHUURPSHU R IRUQHFLPHQWR GD HQHUJLD p GHVOLJDU D
FKDYHJHUDOGDLQVWDODomR
'HYHVH WHU FXLGDGR FRP R IRUQHFLPHQWR GH HQHUJLD j HGLILFDomR DWUDYpV GH
LQVWDODomR FODQGHVWLQD SRLV PHVPR DSyV GHVOLJDU RV GLVSRVLWLYRV GH HQWUDGD GH
HOHWULFLGDGHSRGHKDYHUHQHUJLDQRORFDO


0XLWDV LQG~VWULDV HGLILFDo}HV FRPHUFLDLV SUpGLRV HOHYDGRV H FRPSOH[RV GH
DSDUWDPHQWRVWrPHTXLSDPHQWRVHOpWULFRVTXHXWLOL]DPPDLVGHYROWV
1DV SRUWDV GRV FRPSDUWLPHQWRV TXH DEULJDP HVWHV HTXLSDPHQWRV FRPR
WUDQVIRUPDGRUHV H JUDQGHV PRWRUHV GHYH KDYHU XPD SODFD GH LGHQWLILFDomR FRP D
LQVFULomR³DOWDYROWDJHP´
3RGHVHDLQGDHQFRQWUDULQVWDODo}HVHOpWULFDVVXEWHUUkQHDVLVWRpJDOHULDVFRP
FDERVHOpWULFRVDEDL[RGDVXSHUItFLH2VULVFRVPDLVIUHTHQWHVVmRDVH[SORV}HVTXH
SRGHP DUUHPHVVDU WDPSDV GH EXHLURV D JUDQGHV GLVWkQFLDV GHYLGR DR DF~PXOR GH
JDVHV LQIODPiYHLV GH FHQWHOKD GH IXVtYHLV UHOrV RX FXUWR FLUFXLWR 1mR VH GHYH HQWUDU
HPEXHLURVH[FHWRSDUDHIHWXDUXPVDOYDPHQWR2FRPEDWHGHYHVHUHIHWXDGRGHVGHD
VXSHUItFLHFRPRXVRGH&2RX346
$ iJXD QmR GHYH VHU DSOLFDGD HP JDOHULDV HP UD]mR GD SUR[LPLGDGH FRP R
HTXLSDPHQWRHOpWULFR

(PHUJrQFLDVFRP(OHWULFLGDGH

(P HPHUJrQFLD HQYROYHQGR HOHWULFLGDGH DOJXQV SURFHGLPHQWRV GHYHP VHU
VHJXLGRVSDUDPDQWHUXPDPELHQWHVHJXURDRVHUYLoRGHERPEHLURV
x 4XDQGRIRUHPHQFRQWUDGRVILRVFDtGRVDiUHDDRUHGRUGHYHVHULVRODGD
x 'HYHPVHWUDWDUWRGRVRVILRVFRPRHQHUJL]DGRVHGHDOWDYROWDJHP
x 4XDQGR H[LVWLU R ULVFR GH FKRTXH HOpWULFR GHYHVH XVDU (3, DGHTXDGR H
IHUUDPHQWDVLVRODGDV
x 'HYHPVH WRPDU FXLGDGR DR PDQXVHDU HVFDGDV PDQJXHLUDV RX HTXLSDPHQWRV
SUy[LPRVDILRVHOpWULFRV
x 1mRVHGHYHWRFDUHPTXDOTXHUYHtFXORRXYLDWXUDTXHHVWHMDFRPILRVHOpWULFRVSRLV
HVVHSURFHGLPHQWRSRGHUHVXOWDUHPFKRTXHHOpWULFR

&RPEDWHHP,QFrQGLR&ODVVH³'´

,QFrQGLRV HP PHWDLV FRPEXVWtYHLV PDJQpVLR VHOrQLR DQWLP{QLR OtWLR FiGPLR
SRWiVVLRDOXPtQLR]LQFRWLWkQLRVyGLR]LUF{QLR H[LJHPSDUDDVXDH[WLQomRDJHQWHV


TXH IXQGH HP FRQWDWR FRP R PDWHULDO RX TXH UHWLUHP R FDORU GHVWHV 0HWDLV
FRPEXVWtYHLV TXHLPDP HP WHPSHUDWXUDV H[WUHPDPHQWH DOWDV H UHDJHP FRP D iJXD
DUUHPHVVDQGRSDUWtFXODV$UHDomRVHUiWDQWRPDLRUTXDQWRPDLVIUDJPHQWDGRHVWLYHUR
PHWDO
(VWHV LQFrQGLRV SRGHP VHU UHFRQKHFLGRV SHOD FRU EUDQFD GDV FKDPDV XPD
FDPDGDFLQ]DSRGHUiFREULURPDWHULDOGDQGRDLPSUHVVmRGHTXHQmRKiIRJR
4XDQGRRPDWHULDOHVWLYHUHPIRUPDGHOLPDOKD IUDJPHQWDGR GHYHVHLVRODUD
SDUWH TXH HVWi TXHLPDQGR GR UHVWR SRU SURFHVVR PHFkQLFR UHWLUDGD GR PDWHULDO H
XWLOL]DURDJHQWHH[WLQWRUSUySULRFREULQGRWRGRRPDWHULDOHPFKDPD
2PDLRUSUREOHPDGRERPEHLURQXPDHPHUJrQFLDFRPFRPEXVWtYHOFODVVH'p
D REWHQomR GH DJHQWHV H[WLQWRUHV DGHTXDGRV j VLWXDomR HVSHFtILFD ,VVR SRUTXH RV
PHWDLVFRPEXVWtYHLVQmRDSUHVHQWDPXPFRPSRUWDPHQWRSDGUmRSDUDXPGHWHUPLQDGR
DJHQWH H[WLQWRU 3RUWDQWR GHYHVH DJLU FRP H[WUHPD FDXWHOD QHVWHV FDVRV 2 PHOKRU
PpWRGRGHH[WLQomRpRDEDIDPHQWR
(VWH WLSR GH LQFrQGLR VHUi H[WLQWR FRP R HPSUHJR GH DJHQWHV HVSHFLDLV WDLV
FRPRJUDILWHVHFRFORUHWRGHVyGLRDUHLDVHFDHQLWURJrQLR
(P FHUWDV FLUFXQVWkQFLDV D iJXD SRGH VHU XVDGD FRPR DJHQWH H[WLQWRU QDV
VLWXDo}HVHVSHFtILFDVGHOLJDVGHPDJQpVLRXVDGDVHPLQG~VWULD 1HVWHFDVRDiJXD
GHYH VHU XWLOL]DGD HP JUDQGHV TXDQWLGDGHV SRLV D WHPSHUDWXUD GHVWH WLSR GH IRJR p
PXLWRDOWDHDWpFQLFDGHH[WLQomRXWLOL]DGDpRUHVIULDPHQWR
eLPSRUWDQWHTXHVHREWHQKDRPi[LPRGHLQIRUPDomRVREUHRSURGXWRHP
FKDPDVEHPFRPRVHKiQRORFDORDJHQWHH[WLQWRUDSURSULDGR

&RPEDWHHP,QFrQGLR&ODVVH³.´

,QFrQGLRV TXH VmR FDUDFWHUL]DGRV SRU RFRUUHUHP FRP OtTXLGRV HP DOWDV
WHPSHUDWXUDV H UHDJHP DR FRQWDWR FRP iJXD WHP VLGR SRU PXLWR WHPSR D SULQFLSDO
FDXVDGHGDQRVPDWHULDLVYtWLPDVIDWDLVRXFRPVHTXHODVLUUHYHUVtYHLV
$ FODVVH . VmR LQFrQGLRV TXH HQYROYHP PHLRV GH FR]LQKDU EDQKD JRUGXUD H
yOHR FRP D HYROXomR H DOWDHILFLrQFLD GRV HTXLSDPHQWRV GH FR]LQKDV FRPHUFLDLV H


LQGXVWULDLVHRXVRGHyOHRVQmRVDWXUDGRVDOLDGRVDDOWDVWHPSHUDWXUDVFULDUDPULVFRV
GHLQFrQGLRVPDLVVHYHURV
1RUPDV,QWHUQDFLRQDLVFRPRD1)3$ DSDUWLUGH HODERUDWyULRVFRPR
8/ UHFRQKHFHP TXH LQFrQGLRV HP FR]LQKDV FRPHUFLDLV H LQGXVWULDLV IULWDGHLUDV HP
SDUWLFXODU VmR ~QLFRV GLIHUHQWHV H PDLV GLItFHLV GH DSDJDU TXDQGR FRPSDUDGRV FRP
LQFrQGLRV GH OtTXLGRV LQIODPiYHLV $R UHFRQKHFHU HVWH SUREOHPD FULRXVH D QRYD
FODVVLILFDomRGHLQFrQGLR
2V yOHRV GH FR]LQKDXVDGRV SDUDIULWXUD WrP XPDIDL[D DPSODGH WHPSHUDWXUDV
GHDXWRLJQLomR$DXWRLJQLomRGRyOHRSRGHRFRUUHUHPTXDOTXHULQWHUYDORGH&D
&'HSRLVTXHDDXWRLJQLomRRFRUUHRyOHRPXGDUiVXDFRPSRVLomROLJHLUDPHQWH
DR TXHLPDUVH D VXD QRYD WHPSHUDWXUD GH DXWRLJQLomR SRGH VHU WDQWR TXDQWR &
PDLV EDL[D TXH D VXD WHPSHUDWXUD RULJLQDO GH DXWRLJQLomR (VWH LQFrQGLR VHUi
VXVWHQWDGR D PHQRV TXH D PDVVD LQWHLUD GH yOHR IRU UHIULJHUDGD DEDL[R GD QRYD
WHPSHUDWXUDGHDXWRLJQLomR
7RGR PHLR GH FR]LQKDU VHMD HOH DQLPDO RX YHJHWDO OtTXLGR RX VyOLGR FRQWpP
JRUGXUD VDWXUDGD 4XDQGR XP DJHQWH H[WLQWRU GH EDVH %LFDUERQDWR GH 3RWiVVLR RX
%LFDUERQDWRGH6yGLRPDLVFRQKHFLGRFRP3y%&HDJHQWH~PLGR&ODVVH. VROXomR
GH DFHWDWR GH SRWiVVLR VmR DSOLFDGRV i JRUGXUDV VDWXUDGDV i DOWDV WHPSHUDWXUDV
RFRUUH XPD UHDomR FKDPDGD GH ³VDSRQLILFDomR´ WUDQVIRUPD QXP WLSR GH VDEmR D
UHDomR IRUPD XPD HVSXPD ³HQVDERDGD´ TXH DEDID R IRJR H FRQWrP RV YDSRUHV
LQIODPiYHLVHRVFRPEXVWtYHLVTXHQWHVDPERVRVDJHQWHVFDXVDPDPHVPDUHDomR2
DJHQWH ~PLGR GD FODVVH . DR VHU DSOLFDGR FRPR XPD QpYRD ILQD WHP D YDQWDJHP GH
UHVIULDURPHLRGHFR]LPHQWRHDEDL[DUDWHPSHUDWXUDWRUQDQGRVHPDLVHILFLHQWHSRLV
DEDVHGHIRVIDWRPRQRDP{QLFRPDLVFRQKHFLGRFRPR3y$%&VmRiFLGRVSRUQDWXUH]D
H QmR VDSRQLILFDP TXDQGR DSOLFDGRV D FRPEXVWtYHO GH FR]LQKD TXHLPDQGR 3RGHP
LQFOXVLYHVHUFRQWUDSURGXWLYRVTXDQGRDSOLFDGRVDSyVRXVRGHDJHQWHVDH[WLQWRUGH
EDVH%LFDUERQDWRGH3RWiVVLRRX%LFDUERQDWRGH6yGLRPDLVFRQKHFLGRFRP3y%&H
DJHQWH ~PLGR &ODVVH . DWUDSDOKDQGR H UHPRYHQGR D FDPDGD VDSRQLILFDGD H
SHUPLWLQGR UHLJQLomR $JHQWHV H[WLQWRUHV i EDVH G¶iJXD GHYLGR D VH UHDJLU FRP
LQFrQGLRV GH FODVVH . QmR p LQGLFDGR R XVR PDV HP FDVR GH TXH QmR WHQKD RXWUD
IRUPD GH FRQWHU XWLOL]DU WRDOKDV RX SDQRV XPHGHFHQGRRV H HVWHQGR VREUH SDQHOD RX


IULWDGHLUDFREULQGRWRGDDEDVHFRPDWRDOKDH[WLQJXLQGRRIRJRSRUDEDIDPHQWR1XQFD
XVHMDWRFRQWLQXRSRLVVRPHQWHHVSDOKDUiWRGRRFRPEXVWtYHOQRDPELHQWHDPSOLDQGR
RSHUtPHWURGRLQFrQGLR

,QFrQGLRH(PHUJrQFLDVHP$PELHQWHV)HFKDGRV

2SHUDo}HV GH FRPEDWH D LQFrQGLRH VDOYDPHQWRSRGHP RFRUUHU HP ORFDLV FRP
SRXFDRXQHQKXPDYHQWLODomRWDLVFRPRVXEVRORVGHSyVLWRVJDUDJHQVUHVLGrQFLDV
HVFULWyULRV RX RXWUDV GHSHQGrQFLDV 3RU LVVR p LPSRUWDQWH VDEHU TXDLV RV ULVFRV
LQHUHQWHVDHVWHVDPELHQWHVTXDQGRHPFKDPDV

x ,QVXILFLrQFLD GH R[LJrQLR H[FHVVR GH YDSRUHV H JDVHV Wy[LFRV HRX LQIODPiYHLV
3DUD HYLWDU HVWHV ULVFRV p QHFHVViULR XWLOL]DU DSDUHOKR DXW{QRPR GH UHVSLUDomR
PDQWHQGRRFRQWUROHGDTXDQWLGDGHGRDUGRFLOLQGUR1XPDDWPRVIHUDFRPYDSRUHV
H[SORVLYRV QmR VH GHYH XWLOL]DU HTXLSDPHQWRV TXH SURGX]DP IDtVFDV RX
VXSHUDTXHFLPHQWR
x (VSDoROLPLWDGRSDUDHQWUDGDHDVDtGDTXDQGRRERPEHLURHVWLYHUHTXLSDGRFRP
DSDUHOKRGHUHVSLUDomRDXW{QRPDHDRHQWUDURXVDLUSRUDEHUWXUDVSHTXHQDVWLYHU
TXH UHWLUDU R VXSRUWH FRP FLOLQGUR GDV FRVWDV GHYHUi WHU FXLGDGR SDUD TXH D
PiVFDUDQmRVDLDGDVXDIDFH
x &RODSVRHVWUXWXUDOHLQVWDELOLGDGHGHHVWRTXHVGHPDWHULDO
x (VWUXWXUDV PHWiOLFDV DTXHFLGDV SHOR IRJR WDLV FRPR YLJDV H FROXQDV PHWiOLFDV
GHYHPVHUUHVIULDGDVSRLVFHGHPUDSLGDPHQWHTXDQGRVXSHUDTXHFLGDV
x 3UHVHQoD GH HOHWULFLGDGH DQWHV GH R ERPEHLUR HQWUDU QXP DPELHQWH FRQILQDGR
GHYHVHGHVOLJDUDHQHUJLDHOpWULFD

8PFDERJXLDGHYHVHUXVDGRQDFRPXQLFDomRHQWUHRERPEHLURGRODGRGHIRUD
GDHGLILFDomRHRVERPEHLURVQRLQWHULRUGDPHVPD(VWHFDERGHYHHVWDUVHPSUHWHQVR
D ILP GH TXH KDMD HIHWLYDPHQWH FRPXQLFDomR 3DUD FDGD HTXLSH GH ERPEHLURV TXH
DGHQWUDU D HVWUXWXUD GHYH KDYHU RXWUR GR ODGR GH IRUD UHVSRQViYHO SHOD VXD
VHJXUDQoD


$FRPXQLFDomRHQWUHRVERPEHLURVSRGHVHUIHLWDWDQWRGRLQWHULRUGRDPELHQWH
SDUDRH[WHULRUGRDPELHQWHFRPRGRH[WHULRUSDUDRLQWHULRU
e LPSRUWDQWH TXH RV ERPEHLURV QR LQWHULRU QmR ILTXHP FRP VHXV PRYLPHQWRV
OLPLWDGRVSHORFDER3RUWDQWRRERPEHLURGRH[WHULRUQmRGHYHSUHQGHURXWHQWDUSX[DU
RFRPSDQKHLURGHGHQWURGDHGLILFDomRPHVPRTXDQGRHPVLWXDomRGHHPHUJrQFLD

2VFyGLJRVDVHUHPXVDGRVQHVWDVRFDVL}HVVmR
6,1$/ 6,*1,),&$'2
8PSX[mR 7XGREHP
'RLVSX[}HV $MXGD
7UrVSX[}HV 6ROWHFDER
4XDWURSX[}HV $FKHLYtWLPD

7RGD FRPXQLFDomR GHYH WHU UHVSRVWD SRUWDQWR R ERPEHLUR GHYH DFXVDU
VHPSUH R UHFHELPHQWR GD PHQVDJHP FRQIRUPH TXDGUR DFLPD R TXH TXHU GL]HU TXH
HQWHQGHXRFRPXQLFDGR1RFDVRGHQmRUHFHEHUUHVSRVWDXVDURFyGLJRQRYDPHQWHH
SHUVLVWLQGRDIDOWDGHUHVSRVWDGHYHUHSHWLURSURFHGLPHQWRPDLVXPDYH]VHPHVPR
DVVLPQmRREWLYHUUHVSRVWDGHYHSURYLGHQFLDUVRFRUURLPHGLDWRDRFROHJD
'R ODGR GH IRUD GHYH KDYHU XPD HTXLSH GH VHJXUDQoD SUpGHWHUPLQDGD SDUD
VRFRUUHUDHTXLSHGHVDOYDPHQWRHPXPDHPHUJrQFLD(VWDHTXLSHGHVHJXUDQoDGHYH
VHU FRPSRVWD GH GRLV ERPEHLURV FRP (3, H (35 PiVFDUD DXW{QRPD TXH
DFRPSDQKDUmR RV WUDEDOKRV GD HTXLSH GH VDOYDPHQWR VRE D VXSHUYLVmR GR
&RPDQGDQWHGD2SHUDomR8PERPEHLURGHYHFRQWURODUWRGDDRSHUDomRQRLQWHULRUGD
HGLILFDomR VXSHUYLVLRQDQGR R HTXLSDPHQWR H R SHVVRDO DQRWDQGR PLVVmR QRPH GR
ERPEHLUR H WHPSR GH WUDEDOKR GH FDGD HOHPHQWR (VWH SURFHGLPHQWR UHGX] D
SRVVLELOLGDGHGHXPKRPHPILFDUHVTXHFLGRQRLQWHULRUGDHVWUXWXUDRXWUDEDOKDUIRUDGD
PDUJHPGHVHJXUDQoDHVWDEHOHFLGD
2VERPEHLURVQmRGHYHPKHVLWDUHPVDLUGDHGLILFDomRVHDVFRQGLo}HVLQWHUQDV
LQGLFDUHPDSRVVLELOLGDGHGHXPLPLQHQWHFRODSVRGDHVWUXWXUD$RDYDQoDUQRLQWHULRU
GD HVWUXWXUD GHYHP WHU SOHQR FRQKHFLPHQWR GD TXDQWLGDGH GH DU QHFHVViULD SDUD R
UHWRUQR


7pFQLFDVGH9HQWLODomR

2SHUDo}HV GH FRPEDWH D LQFrQGLRH VDOYDPHQWR TXH RFRUUHUHP HP ORFDLV FRP
SRXFDRXQHQKXPDYHQWLODomRVmRGHGLILFXOGDGHPDLRUSDUDVHWUDEDOKDUSRULVVRpGH
JUDQGHLPSRUWkQFLDVHFRQVHJXLUYHQWLODomR

9HQWLODomR1DWXUDO

e R HPSUHJR GR IOX[R QRUPDO GR DU FRP R ILP GH YHQWLODU R DPELHQWH VHQGR
WDPEpP HPSUHJDGR R SULQFtSLR GD FRQYHFomR FRP R REMHWLYR GH YHQWLODU &RPR
H[HPSOR FLWDVH D DEHUWXUD GH SRUWDV MDQHODV SDUHGHV EHP FRPR D DEHUWXUD GH
FODUDERLDVHWHOKDGRV
1DYHQWLODomRQDWXUDODSHQDVVHUHWLUDPDVREVWUXo}HVTXHQmRSHUPLWHPRIOX[R
QRUPDOGRVSURGXWRVGDFRPEXVWmR


9HQWLODomR)RUoDGD

e XWLOL]DGD SDUD UHWLUDU SURGXWRV GD FRPEXVWmR GH DPELHQWHV HP TXH QmR p
SRVVtYHO HVWDEHOHFHU R IOX[R QDWXUDO GH DU 1HVWH FDVR IRUoDVH D UHQRYDomR GR DU
DWUDYpV GD XWLOL]DomR GH HTXLSDPHQWRV H RXWURV PpWRGRV $LQGD FRP UHODomR j
HGLILFDomRHDDomRGRERPEHLURSRGHVHGLYLGLUDYHQWLODomRHPKRUL]RQWDOHYHUWLFDO

9HQWLODomR+RUL]RQWDO

e DTXHOD HP TXH RV SURGXWRV GD FRPEXVWmR FDPLQKDP KRUL]RQWDOPHQWH SHOR
DPELHQWH (VWH WLSR GH YHQWLODomR VH SURFHVVD SHOR GHVORFDPHQWR GRV SURGXWRV GD
FRPEXVWmR DWUDYpV GH FRUUHGRUHV MDQHODV SRUWDV H DEHUWXUDV HP SDUHGHV QR PHVPR
SODQR

9HQWLODomR9HUWLFDO

e DTXHOD HP TXH RV SURGXWRV GD FRPEXVWmR FDPLQKDP YHUWLFDOPHQWH SHOR
DPELHQWH DWUDYpV GH DEHUWXUDV YHUWLFDLV H[LVWHQWHV SRoRV GH HOHYDGRUHV FDL[DV GH
HVFDGDVDQWHFkPDUDV RXDEHUWXUDVIHLWDVSHORERPEHLUR UHWLUDGDGHWHOKDV
3DUD D YHQWLODomR R ERPEHLUR GHYH DSURYHLWDU DV DEHUWXUDV H[LVWHQWHV QD
HGLILFDomRFRPRDVSRUWDVMDQHODVHDOoDS}HVVyHIHWXDQGRDEHUWXUDVHPSDUHGHVH
WHOKDGRVVHLQH[LVWLUHPDEHUWXUDVRXVHDVH[LVWHQWHVQmRSXGHUHPVHUXVDGDVSDUDD
YHQWLODomRQDWXUDORXIRUoDGDV ,PDJHPQDSUy[LPDSiJLQD



)XPDoD

$ IXPDoD DFRPSDQKD DV IRUPDV PDLV FRPXQV GH FRPEXVWmR H p GLIHUHQFLDGD
SHOD QDWXUH]D GD VXEVWkQFLD HP TXHLPD 1D DQiOLVH GD VLWXDomR R ERPEHLUR GHYH
REVHUYDUjIXPDoDOHYDQGRHPFRQVLGHUDomR
x 2VHXYROXPH
x $VXDGLUHomR
x $VXDFRORUDomR

2 ERPEHLUR GHYH REVHUYDU R YROXPH GD IXPDoD SURFXUDQGR GHILQLU D iUHD H D
TXDQWLGDGHGHPDWHULDOTXHHVWiTXHLPDQGR FDUJDLQFrQGLR 7DPEpPGHYHREVHUYDUD
GLUHomRGDIXPDoDFRPRSURSyVLWRGH
x 0DQWHUVHHPVHJXUDQoDIRUDGRFDPLQKRGRVSURGXWRVGDFRPEXVWmR
x 3DUDTXHDVDEHUWXUDVDVHUHPIHLWDVDSURYHLWHPRIOX[RQDWXUDOGDIXPDoD

$ FRU GDIXPDoD SRGH LQGLFDU R PDWHULDO TXH HVWi TXHLPDQGRR TXH DX[LOLD QD
VHJXUDQoDGRERPEHLURHQDGHILQLomRGRDJHQWHH[WLQWRURXWpFQLFDDVHUDSOLFDGD

0$7(5,$/ &25'$)80$d$
0DGHLUDSDSHORXWHFLGR 'HFLQ]DDPDUURP
ÏOHRYHJHWDO 0DUURP
'HULYDGRVGHSHWUyOHR 3UHWD
*DVHV $]XODGD
6ROYHQWHVSRODUHV ,QFRORU

2%6DSHVDUGHDFRUGDIXPDoDDX[LOLDUQDGHWHUPLQDomRGRPDWHULDOTXHHVWiTXHLPDQGRHODQHPVHPSUH
pXPLQGLFDGRUFRQILiYHO

9DQWDJHQVGD9HQWLODomR

2V JUDQGHV REMHWLYRV GH XPD JXDUQLomR GH ERPEHLURV VmR DWLQJLU R ORFDO
VLQLVWUDGR QR PHQRU WHPSR SRVVtYHO UHVJDWDU YtWLPDV SUHVDV ORFDOL]DU IRFRV GH
LQFrQGLR DSOLFDU RV DJHQWHV H[WLQWRUHV DGHTXDGRV PLQLPL]DQGR RV GDQRV FDXVDGRV


SHORIRJRSHODiJXDHSHORVSURGXWRVGDFRPEXVWmR'XUDQWHRFRPEDWHDYHQWLODomR
p XP DX[tOLR LPSUHVFLQGtYHO QD H[HFXomR GHVWHV REMHWLYRV 4XDQGR SDUD DX[LOLDU QR
FRQWUROHGHLQFrQGLRpIHLWDYHQWLODomRDGHTXDGDXPDVpULHGHYDQWDJHQVVmRREWLGDV
WDLV FRPR YLVXDOL]DomR GR IRFR UHWLUDGR GR FDORU H UHWLUDGR GRV SURGXWRV Wy[LFRV GD
FRPEXVWmR

9LVXDOL]DomRGR)RFR

$ YHQWLODomR DGHTXDGD UHWLUD GR DPELHQWH RV SURGXWRV GD FRPEXVWmR TXH
LPSHGHPDYLVXDOL]DomR7HQGRXPDERDYLVXDOL]DomRRERPEHLUR

x (QWUDQRDPELHQWHHPVHJXUDQoD
x /RFDOL]DYtWLPDV
x ([WLQJXH R IRJR FRP PDLRU UDSLGH] VHP FDXVDU GDQRV SHOR H[FHVVR GH iJXD
DSOLFDGDQRORFDO

5HWLUDGDGR&DORU

$ YHQWLODomR DGHTXDGD UHWLUD RV SURGXWRV GD FRPEXVWmR TXH VmR RV
UHVSRQViYHLV SHOD SURSDJDomR GR FDORU DWUDYpV GD FRQYHFomR HOLPLQDQGR FRP LVWR
JUDQGHTXDQWLGDGHGHFDORUGRDPELHQWH&RPDUHWLUDGDGRFDORURERPEHLUR

x 7HPPDLRUSRVVLELOLGDGHGHHQWUDUQRDPELHQWH
x 'LPLQXLDSURSDJDomRGRLQFrQGLR
x (YLWDR³EDFNGUDIW´HR³IODVKRYHU´
x (YLWDPDLRUGDQRjHGLILFDomR
x (YLWDPDLRUHVULVFRVDSRVVtYHLVYtWLPDV

5HWLUDGDGRV3URGXWRV7y[LFRVGD&RPEXVWmR


$YHQWLODomRDGHTXDGDUHWLUDGRDPELHQWHRVSURGXWRVGDFRPEXVWmRTXHVmRRV
UHVSRQViYHLV SHOD PDLRULD GDV PRUWHV HP LQFrQGLR &RP D UHWLUDGD GRV SURGXWRV
Wy[LFRVRERPEHLUR

x 7HPPDLRUSRVVLELOLGDGHGHHQFRQWUDUYtWLPDVFRPYLGD
x (OLPLQDRVHVWUDJRVSURYRFDGRVSHODIXOLJHP

3UREOHPDVGD9HQWLODomR,QDGHTXDGD

(QWHQGHVH SRU YHQWLODomR LQDGHTXDGD RV SURFHGLPHQWRV TXH FRQWUDULDP RV
PpWRGRV GHVFULWRV DQWHULRUPHQWH $ YHQWLODomR LQDGHTXDGD HP XP ORFDO HP VLQLVWUR
RFDVLRQDXPDVpULHGHGHVYDQWDJHQVWDLVFRPR

x *UDQGH YROXPH GH IXPDoD FRP HOHYDomR GD WHPSHUDWXUD SURSRUFLRQDQGR
SURSDJDomRPDLVUiSLGDGRLQFrQGLR
x 'LILFXOGDGHQRFRQWUROHGDVLWXDomR
x 3UREOHPDVQDH[HFXomRGDVRSHUDo}HVGHVDOYDPHQWRHFRPEDWHDLQFrQGLR
x $XPHQWR GRV ULVFRV GH H[SORVmR DPELHQWDO HP YLUWXGH GR PDLRU YROXPH GH
IXPDoDHDOWDWHPSHUDWXUD
x 'DQRVSURGX]LGRVSHODDomRGRFDORUGDIXPDoDHGRHPSUHJRGHiJXD


6HJXUDQoDQD([WLQomR

'XUDQWH R VHUYLoR D SUySULD VHJXUDQoD H D GRV FRPSDQKHLURV GHYH VHU XPD
SUHRFXSDomRFRQVWDQWHGRERPEHLUR8PDYH]TXHRERPEHLURWUDEDOKDHPVLWXDo}HV
GHULVFRGHYHWUDWDUGHVXSHUiODVFRPDWRVVHJXURV SUXGrQFLD
-RJDUiJXDHPIXPDoDHQWUDUHPORFDLVHPFKDPDVGHL[DQGRIRJRDWUiVGHVL
WUDEDOKDULVRODGDPHQWHHQmRXWLOL]DURV(3,QHFHVViULRVVmRDo}HVHUUDGDVTXHSRGHP
WUD]HUFRQVHTXrQFLDVJUDYtVVLPDVSDUDRERPEHLURHSDUDDJXDUQLomR
2XVRGH(3,pQHFHVViULRSDUDUHGX]LUDLQFLGrQFLDGHIHULPHQWRVHPRSHUDo}HV
HWDPEpPSDUDSHUPLWLUPDLRUDSUR[LPDomRGRIRJRYLVDQGRVXDH[WLQomR2ERPEHLUR
QmRGHYH SHUPDQHFHU HP SRoDV GH OtTXLGRV LQIODPiYHLV RXGHiJXD FRP UHVtGXRVGH
OtTXLGRVLQIODPiYHLV
$RVHGHSDUDUFRPIRJRHPYiOYXODVGHDOtYLRRXFDQDOL]DomRHQmRSXGHUFRQWHU
RIOX[RGRFRPEXVWtYHORERPEHLURQmRGHYHUiH[WLQJXLURLQFrQGLRVRESHQDGHFULDUR
SUREOHPD GR YD]DPHQWR PDLRU TXH R DQWHULRU 1R YD]DPHQWR RV YDSRUHV VmR
QRUPDOPHQWHPDLVSHVDGRVTXHRDUHIRUPDP³SRoDV´RX³EROVDV´GHJDVHVHPSRQWRV
EDL[RV RQGH SRGHP VH LQFHQGLDU 2V ERPEHLURV GHYHP FRQWURODU WRGDV DV SRVVtYHLV
IRQWHVGHLJQLomRQDVSUR[LPLGDGHVGRVYD]DPHQWRVGHOtTXLGRVLQIODPiYHLV9HtFXORV
IyVIRURV LVTXHLURV FRPSRQHQWHV HOpWULFRV H IDJXOKDV GH IHUUDPHQWDV SRGHUmR SURYHU
XPDIRQWHGHLJQLomRVXILFLHQWHSDUDLQFHQGLDURVYDSRUHV
2ORFDOGHRFRUUrQFLDGHYHVHULVRODGRHVLQDOL]DGRDGHTXDGDPHQWHVRPHQWHRV
ERPEHLURV GHYHP WHU DFHVVR DR ORFDO VLQLVWUDGR $ HQWUDGD GH TXDLVTXHU RXWUDV
SHVVRDVLQFOXVLYHSROLFLDLVVRPHQWHVHUiSHUPLWLGDFRPDDXWRUL]DomRGR&RPDQGDQWH
GD2SHUDomR0HVPRDSyVDDXWRUL]DomRWDLVSHVVRDVGHYHPVHUDFRPSDQKDGDVSRU
XPERPEHLUR
4XDQGR WUDEDOKDQGR HP YLDV S~EOLFDV R ERPEHLUR GHYH LQWHUGLWDU VRPHQWH DV
IDL[DVGHURODPHQWRQHFHVViULDVSDUDDH[HFXomRGRVHUYLoRFRPVHJXUDQoDPDQWHQGR
VHSRVVtYHORIOX[RGHYHtFXORVHPRXWUDVIDL[DV
$VLQDOL]DomRGXUDQWHDQRLWHGHYHVHUIHLWDFRPREMHWRVOXPLQRVRV6LQDOL]DomR
FRPIRJR ODWDVFRPyOHRRXRXWURFRPEXVWtYHOTXHLPDQGR GHYHVHUHYLWDGDXPDYH]
TXH SRGH RFDVLRQDU LQFrQGLR VH KRXYHU OtTXLGR FRPEXVWtYHO YD]DQGR $ VLQDOL]DomR


GHYH VHU IHLWD EHP DQWHV GR ORFDO VLQLVWUDGR ([LVWLQGR FXUYDV RX GHFOLYHV QDV
SUR[LPLGDGHVSRVLFLRQDUDVLQDOL]DomRDQWHVGHOHV
$JXDUQLomRGHYHUiGHVHPEDUFDUGDYLDWXUDSHORODGRGDFDOoDGDHWUDEDOKDUIRUD
GDV IDL[DV FRP WUiIHJR 8P ERPEHLUR GHYH ID]HU D VLQDOL]DomR DWp D FKHJDGD GR
SROLFLDPHQWRGHWUkQVLWR4XDQGRHPYLDS~EOLFDVHQHFHVViULRHYLiYHOSDUDJDUDQWLUD
VHJXUDQoD GRV ERPEHLURV DV YLDWXUDV GHYHP HVWDFLRQDU GH PRGR TXH SURWHMDP DV
HTXLSHVGHERPEHLURVGRIOX[RGHYHtFXORVQDVSUR[LPLGDGHVGDRFRUUrQFLD

2ERPEHLURHPVHUYLoRHVWiH[SRVWRDRVVHJXLQWHVULVFRV

x &DLUGXUDQWHXPGHVDEDPHQWRGHHVWUXWXUDV
x ,QDODUJDVHVWy[LFRV
x &RUWDUVH
x 5HFHEHUFKRTXHHOpWULFR
x 7RUFHURSpRXMRHOKR
x (VFRUUHJDUHFDLU
x 7URSHoDUHFDLU
x 4XHLPDUVH
x )LFDUSUHVRVREREMHWRVSHVDGRVHVPDJDQGRSDUWHVGRFRUSR
x &RQWDPLQDUVHFRPSURGXWRVTXtPLFRVSHULJRVRV
x 6HUDWLQJLGRSRUREMHWRVTXHFDHP
x 6HUDWURSHODGR

$RFKHJDUDXPLQFrQGLR

$SyV HVWDFLRQDU D 8&, 8QLGDGH GH &RPEDWH D ,QFrQGLR HP XPD GLVWkQFLD
VHJXUDGRVLQLVWURpGHH[WUHPDLPSRUWkQFLDDQWHVGHPRQWDUDVOLQKDVGHFRPEDWHTXH
XPERPEHLURGHVOLJXHDFKDYHHOpWULFDJHUDOHYLWDQGRRFRUUrQFLDVGDFODVVH³&´FRPR
YLPRVDQWHULRUPHQWH$SyVWHUFHUWH]DTXHDHOHWULFLGDGHIRLGHVOLJDGDPRQWDUDVOLQKDV
GH FRPEDWH FRQIRUPH DV SURSRUo}HV H GLPHQV}HV GR VLQLVWUR SURFXUHP LPSHGLU D


SURSDJDomRGRIRJRFRPEDWHQGRDVFKDPDVQRHVWiJLRLQLFLDOeGHJUDQGHLPSRUWkQFLD
TXHRFRPDQGDQWHGDJXDUQLomRGHVLJQHXPERPEHLURSDUDTXHIDoDRLVRODPHQWRGR
ORFDOGRVLQLVWURHYLWDQGRTXHSRSXODUHVDGHQWUHPDiUHDGHSHULJR
6HPSUH XWLOL]H RV HTXLSDPHQWRV GH FRPEDWH DR IRJR GLVSRQtYHO QDV iUHDV
FRPXQVGDHGLILFDomRFRPRSRUH[HPSORHPXPHGLItFLRRQGHRVLQLVWURpQRGpFLPR
DQGDUHSRVVXLVLVWHPDKLGUiXOLFRpGHH[WUHPDLPSRUWkQFLDTXHDJXDUQLomRSHUFHED
HVWHGHWDOKHHQmRILTXHODQoDQGRPDQJXHLUDDWHRGpFLPRDQGDUSRLVDOpPGHVHUXPD
SHUGD GH WHPSR H GH PDWHULDO GDUi PDLV WHPSR GR LQFrQGLR VH SURSDJDU H DYDQoDU
SDUDDQGDUHVYL]LQKRV

(YDFXDomRGD(GLILFDomR

1RVFDVRVGHLQFrQGLRpGHVXPDLPSRUWkQFLDTXHRFRUUDDHYDFXDomRGRORFDO
SDUD TXH QmR WHQKD SHVVRDO TXH SRVDP VH IHULU H VH WUDWDQGR GH DPELHQWHV RQGH D
FRQFHQWUDomRGHSHVVRDVpPXLWRJUDQGHDHYDFXDomRGRORFDOJHUDOPHQWHpIHLWRSRU
EULJDGD GH LQFrQGLR e PXLWR LPSRUWDQWH TXH HP LQFrQGLRV HP ORFDLV FRP JUDQGH
FRQFHQWUDomRGHS~EOLFRTXDQGRDJXDUQLomRFKHJDUDRDPELHQWHRFKHIHGDEULJDGD
UHFHEDHRULHQWHVREUHDVDo}HVMiH[HFXWDGDVQRORFDOFRPRFRUWHGHHQHUJLDUHWLUDGD
GH SHVVRDV LQtFLR GR FRPEDWH DR LQFrQGLR VHQGR DVVLP SRVVtYHO HOLPLQDU R LQFrQGLR
FRPPDLRUUDSLGH]HVHPYtWLPDV
eVHPSUHERPOHPEUDUTXHHPXPDHYDFXDomRGHDPELHQWHTXHDRDEDQGRQDU
RHGLItFLRUDSLGDPHQWHVHPSUHSHODVHVFDGDV$RVDLUIHFKDUWRGDVDVSRUWDVDWUiVGH
VLVHPWUDQFiODV1mRXWLOL]HRHOHYDGRUFRPRPHLRGHHVFDSH
1mR VHQGR SRVVtYHO DEDQGRQDU R HGLItFLR SHODV HVFDGDV SHUPDQHoD QR
SDYLPHQWR HP TXH VH HQFRQWUD DJXDUGDQGR D FKHJDGD GR &RUSR GH %RPEHLURV
6RPHQWHVXEDDRWHUUDoRVHRHGLItFLRRIHUHFHUFRQGLo}HVGHHYDFXDomRSHORDOWRRX
VH D VLWXDomR R H[LJLU OHPEUDQGR SDUD DV SHVVRDV VREUH HVWDV RULHQWDo}HV FRPR
ERPEHLURQDVEXVFDVVHPSUHpERPID]HUXPDYLVWRULDFRPSOHWDHPWRGDDHGLILFDomR
SDUDHQFRQWUDHVRFRUUHUYtWLPDVTXHQmRFRQVHJXLUDPVDLU



$SyV R DEDQGRQR GD iUHD DV SHVVRDV GHYHUmR VHU FRORFDGDV D XPD GLVWkQFLD
PtQLPDGHPHWURVORQJHGRORFDOQmRLQWHUURPSHQGRDSDVVDJHPGRVYHtFXORVGRV
%RPEHLURVHGHRXWURVPHLRVDX[LOLDUHV
6DOYDWDJHPRX5HVFDOGR

$VDOYDWDJHPpXPFRQMXQWRGHDo}HVTXHYLVDGLPLQXLURVGDQRVFDXVDGRVSHOR
IRJR SHOD iJXD H SHOD IXPDoD GXUDQWH H DSyV R FRPEDWH DR LQFrQGLR 3RGH VHU
UHDOL]DGD HP TXDOTXHU IDVH GR FRPEDWH DR LQFrQGLR (VWH SURFHGLPHQWR RSHUDFLRQDO
FRPSUHHQGH GLYHUVDV Do}HV FREHUWXUD GH REMHWRV HVFRDPHQWR GH iJXD VHFDJHP
WUDQVSRUWHGHREMHWRVHWF
2 UHVFDOGR p D IDVH GR VHUYLoR GH FRPEDWH DR LQFrQGLR HP TXH VH ORFDOL]DP
IRFRVGHIRJRHVFRQGLGRVRXEUDVDVTXHSRGHUmRWRUQDUVHQRYRVIRFRV(VWHWUDEDOKR
YLVDLPSHGLUTXHRIRJRYROWHDSyVHVWDUGRPLQDGR7UDWDVHHQWmRGD~OWLPDIDVHGR
FRPEDWHDRLQFrQGLR
2 UHVFDOGR QmR GHYH SUHMXGLFDU RV WUDEDOKRV GH SHUtFLD GHWHUPLQDomR GDV
FDXVDV GR LQFrQGLR PDV GHYH LPSHGLU R UHVVXUJLPHQWR GR IRJR H GHL[DU R ORFDO HP
FRQGLo}HV GH VHJXUDQoD SDUD RV SHULWRV H SDUD TXHP IRU UHFRQVWUXLU RX UHFXSHUDU D
HGLILFDomR'HYHVHUHDOL]DUDUHPRomRHQmRDGHVWUXLomRGRVPDWHULDLVVHSRVVtYHO
UHFXSHUDURORFDO


3URFHGLPHQWRVHP6DOYDWDJHP

2VSURFHGLPHQWRVGHVDOYDWDJHPYLVDPjGLPLQXLomRGRVGDQRVFDXVDGRVSHOR
LQFrQGLR H VHX FRPEDWH $ VDOYDWDJHP DWUDYpV GH XP SODQHMDPHQWR EHP IHLWR
FRQVLVWLUiHP

x (VFRDPHQWRGDiJXDHPSUHJDGDQRFRPEDWH
x 6HSDUDomRGRPDWHULDOQmRTXHLPDGRHVXDUHPRomRSDUDOXJDUVHJXUR

$o}HVFRPRMRJDUiJXDHPIXPDoDRXHPREMHWRVTXHQWHV VHPIRJR GHYHPVHU
HYLWDGDVSRLVDFDUUHWDPFRQVHTrQFLDVWDLVFRPR

x 0DLVGDQRVTXHRLQFrQGLR
x *DVWRGHVQHFHVViULRGHiJXDTXHSRGHUiIDOWDUQRFRPEDWHDRIRJR
x 3HUGDVHQVtYHOGHWHPSR

2V GDQRV FDXVDGRV SHOR FDORU SHOD IXPDoD H SHOD iJXD IUHTXHQWHPHQWH VmR
VXSHULRUHVDRVFDXVDGRVSHORIRJR8PDVDOYDWDJHPSODQHMDGDHEHPH[HFXWDGDSRGH
UHGX]LU GDQRV H SHUGDV 8P ERP VHUYLoR GH VDOYDWDJHP WDPEpP p XP GRV PHOKRUHV
PHLRV SDUD VH HOHYDU R UHVSHLWR H D HVWLPD TXH D VRFLHGDGH WHP SHOR &RUSR GH
%RPEHLURV(VWHIDWRUGHYHVHUXPLQFHQWLYRSDUDRVERPEHLURVJHUDQGRXPFRQVWDQWH
DSULPRUDPHQWRSURILVVLRQDO
7RGD iJXD UHVXOWDQWH GR FRPEDWH DR LQFrQGLR GHYH VHU HVFRDGD SDUD ORFDO
SUySULR HVJRWR RX UHVHUYDWyULR LPSHGLQGR R DF~PXOR SUHMXGLFLDO j HGLILFDomR H DR
VHUYLoR6HDiJXDDSUHVHQWDUFRQGLo}HVGHUHXWLOL]DomRSDUDRFRPEDWH RXVHMDHVWDU
OLPSDHQmRPXLWRTXHQWH GHYHVHFDQDOL]iODSDUDXPUHVHUYDWyULR&DVRFRQWUiULRD
iJXDGHYHVHUFDQDOL]DGDSDUDRVLVWHPDGHHVJRWRGDHGLILFDomR

3URFHGLPHQWRVHP5HVFDOGR


2VSURFHGLPHQWRVGHUHVFDOGRWrPSRUREMHWLYRFRQILUPDUDH[WLQomRFRPSOHWDGR
LQFrQGLRHGHL[DURORFDOVLQLVWUDGRQDVPHOKRUHVFRQGLo}HVSRVVtYHLVGHVHJXUDQoDH
KDELWDELOLGDGHVHPGHVWUXLUHYLGrQFLDVGHLQFrQGLR
2UHVFDOGRFRQVLVWLUiHP

x 'HWHUPLQDUHVDQDU RXLVRODU DVFRQGLo}HVSHULJRVDVGDHGLILFDomR
x 'HWHFWDU IRFRV GH LQFrQGLR VHMD YLVXDOPHQWH SRU WRTXHV RX VRQV H H[WLQJXLORV
FRPSOHWDPHQWH
x 5HPRYHU HVFRPEURV H HIHWXDU D OLPSH]D GR ORFDO VLQLVWUDGR H GH REMHWRV QmR
TXHLPDGRV

$VDo}HVGHVDOYDWDJHPHPSUHJDGDVGXUDQWHXPLQFrQGLRDIHWDUmRGLUHWDPHQWH
R WUDEDOKR GH UHVFDOGR D VHU UHDOL]DGR PLQLPL]DQGRR RX SUHMXGLFDQGRR &RPR WRGD
RSHUDomRGHERPEHLURRUHVFDOGRGHYHVHUSUHFHGLGRGHXPSODQHMDPHQWRDGHTXDGRj
VLWXDomR

&RQGLo}HV3HULJRVDVGD(GLILFDomR

$QWHVGRLQtFLRGRUHVFDOGRpLPSUHVFLQGtYHOYHULILFDUDVFRQGLo}HVGHVHJXUDQoD
GDHGLILFDomR$LQWHQVLGDGHGRIRJRHDTXDQWLGDGHGHiJXDXWLOL]DGDQRFRPEDWHDR
LQFrQGLR VmR IDWRUHV LPSRUWDQWHV SDUD VH GHWHUPLQDU HVVDV FRQGLo}HV 2 IRJR SRGH
DIHWDUSDUWHVHVWUXWXUDLVGDHGLILFDomRGLPLQXLQGRVXDUHVLVWrQFLDDXWLOL]DomRGHiJXD
HPJUDQGHVTXDQWLGDGHVLPSOLFDHPSHVRDGLFLRQDOVREUHSLVRVHSDUHGHV

+iRXWURVIDWRUHVTXHUHVXOWDPHPFRQGLo}HVLQVHJXUDVDRUHVFDOGRWDLVFRPR
x &RQFUHWRDYDULDGRSHODDomRGRFDORU
x 0DGHLUDPHQWRGRWHOKDGRRXGRSLVRTXHLPDGR
x 3LVRVHQIUDTXHFLGRVGHYLGRjH[SRVLomRGHYLJDVGHVXVWHQWDomRDRFDORUHDR
FKRTXHWpUPLFRSURGX]LGRGXUDQWHRFRPEDWHDRLQFrQGLR
x (VWUXWXUDPHWiOLFDGHIRUPDGDSHODDomRGRLQFrQGLR
x 3DUHGHVFRPSURPHWLGDVGHYLGRjGLODWDomRGHHVWUXWXUDVPHWiOLFDV


x 5HYHVWLPHQWR UHERFR VROWRGHYLGRjDomRGRFDORU

&RQVWDWDQGR FRQGLo}HV LQVHJXUDV SDUD D HQWUDGD RX SHUPDQrQFLD QR ORFDO R
ERPEHLUR GHYH FRPXQLFDUVH LPHGLDWDPHQWH FRP R FRPDQGDQWH GD RSHUDomR TXH
GHWHUPLQDUiDVPHGLGDVFDEtYHLV

'HWHFomRH([WLQomRGH)RFRV2FXOWRV

$GHWHFomRHDH[WLQomRGHIRFRVVmRSURFHGLPHQWRVHVVHQFLDLVSDUDRUHVFDOGR
5HTXHUHP GR ERPEHLUR FRQKHFLPHQWR DWHQomR H SHUVLVWrQFLD 2 ERPEHLUR Vy GHYH
DEDQGRQDUHVVHVHUYLoRTXDQGRWLYHUFHUWH]DGDFRPSOHWDH[WLQomRGRIRJR5HVFDOGR
DSUHVVDGR RX PDO IHLWR SRGH H[LJLU R UHWRUQR DR ORFDO VLQLVWUDGR R TXH GHPRQVWUDUi
LQHILFLrQFLDQRVHUYLoReLPSRUWDQWHHPXPUHVFDOGRWHUSDFLrQFLDSDUDYHULILFDUWRGDV
DVSRVVLELOLGDGHVGHIRFRVGHLQFrQGLRHVFRQGLGRV
e LPSUHVFLQGtYHO QD SHVTXLVD GH IRFRV RFXOWRV D YHULILFDomR VLVWHPiWLFD H
FRQWtQXDSDUDVHGHWHUPLQDUVHKRXYHSURSDJDomRGRIRJRSDUDRXWURVFRPSDUWLPHQWRV
GD HGLILFDomR RX SDUD RXWUDV HGLILFDo}HV 9HULILFDQGRVH TXH KRXYH SURSDJDomR p
SUHFLVR VDEHU DV PDQHLUDV SHODV TXDLV R IRJR VH SURSDJRX 'HYHVH GDU DWHQomR
HVSHFLDO DR PDGHLUDPHQWR GH WHOKDGR H SLVRV GHYLGR j IDFLOLGDGH TXH HVWHV WrP GH
FRQGX]LURIRJRGHXPDPELHQWHSDUDRXWUR
+DYHQGR VXVSHLWD GH IRFRV HP HVSDoRV RFXOWRV VRE SLVRV DFLPD GH IRUURV RX
HQWUHSDUHGHVHGLYLVyULDVGHYHVHDEULORV2PpWRGRGHDEHUWXUDGHIRUURFRQVLVWHHP
GHVWDFiOR GD HVWUXWXUD GH VXVWHQWDomR TXDQGR SX[DU R IRUUR R ERPEHLUR GHYH


SRVLFLRQDUVH GLVWDQWH GD DEHUWXUD GH RQGH SRGHUmR VDLU HVWLOKDoRV 1mR VH GHYH
UHDOL]DU HVWD RSHUDomR VHP HVWDU XVDQGR HTXLSDPHQWR GH SURWHomR DGHTXDGR FDSD
OXYDVFDSDFHWHPiVFDUDHWF
0DQWHU VHPSUH XPD OLQKD GH DWDTXH DUPDGD SDUD H[WLQomR GH IRFRV RX SDUD
TXDOTXHU HYHQWXDOLGDGH +DYHQGR QHFHVVLGDGH GR XVR GH iJXD GHYHVH ID]rOR HP
SHTXHQD TXDQWLGDGH VHPSUH WRPDQGR FXLGDGR SDUD QmR SUHMXGLFDU D SHUtFLD GR
LQFrQGLR 'XUDQWH R UHVFDOGR p FRPXP GHVFREULUPRV SHTXHQRV REMHWRV TXHLPDQGR
'HYLGR DR VHX WDPDQKR H FRQGLo}HV GR ORFDO p PHOKRU FRORFiORV HP XP UHFLSLHQWH
FRPiJXDTXHPROKiORVFRPMDWRVODYDWyULRVSLDVEDFLDVHWDQTXHVVmRPXLWR~WHLV
SDUDLVVR2VPyYHLVJUDQGHVFRPRVRIiVFDPDVHHVWDQWHVGHYHUmRVHUUHPRYLGRV
SDUDIRUDGRDPELHQWHRQGHSRVVtYHLVIRFRVSRGHUmRVHUIDFLOPHQWHH[WLQWRV
eLQGLVSHQViYHOjXWLOL]DomRGH(3,VLQFOXVLYHDSDUHOKRGHSURWHomRUHVSLUDWyULD
QDVRSHUDo}HVGHUHVFDOGR

,QVSHomR)LQDO

$LQVSHomRILQDOWHPSRUREMHWLYR

x $VVHJXUDUTXHDFDXVDGRLQFrQGLRHVWiWRWDOPHQWHHOLPLQDGD
x 9HULILFDUVHRUHVFDOGRIRLWRWDOPHQWHUHDOL]DGR
x $YDOLDUDHILFLrQFLDGRUHVFDOGR
x 9HULILFDUDVFRQGLo}HVILQDLVGHVHJXUDQoDGRORFDOVLQLVWUDGR
'XUDQWH HVWD LQVSHomR YHULILFDVH DLQGD Ki QHFHVVLGDGH GH HVFRDPHQWR GD
iJXD RX UHPRomR GH HVFRPEURV H OLPSH]D 2 ORFDO GHYH VHU GHL[DGR QDV PHOKRUHV
FRQGLo}HV GH VHJXUDQoD H KDELWDELOLGDGH 6RPHQWH HQWmR RV HTXLSDPHQWRV VmR
UHFROKLGRV
'XUDQWH R FRPEDWH DR LQFrQGLR H UHVFDOGR R ERPEHLUR GHYH WHU GXDV
SUHRFXSDo}HV
x 0DQWHUDVHYLGrQFLDVGDVFDXVDVGRIRJRRQGHIRUDPHQFRQWUDGDVVHPWRFiODV
HVHPUHPRYrODVVHSRVVtYHO


x ,GHQWLILFDU UHPRYHU H JXDUGDU HP VHJXUDQoD HYLGrQFLDV TXH QmR SRVVDP VHU
GHL[DGDVQRORFDO

e LPSRUWDQWH OHPEUDU TXH UHVtGXRV RX REMHWRV SDUFLDOPHQWH TXHLPDGRV SRGHP
VHU HYLGrQFLDV SDUD D SHUtFLD GHWHUPLQDU DV FDXVDV H RV HIHLWRV GR LQFrQGLR 2
ERPEHLUR TXH GHWHFWDU HYLGrQFLDV GH LQFrQGLR FULPLQRVR GHYH SUHVHUYDU R ORFDO
SURWHJHUDHYLGrQFLDHFRPXQLFDULPHGLDWDPHQWHDGHVFREHUWDDVHXFRPDQGDQWH
1mRDOWHUDUDVHYLGrQFLDVPDLVGRTXHRDEVROXWDPHQWHQHFHVViULRjH[WLQomRGR
LQFrQGLR 1mR XVDU iJXD HP H[FHVVR R TXH SRGH GHVWUXLU D HYLGrQFLD DOpP GH
VLJQLILFDUJDVWRGHVQHFHVViULR$SyVDSUHVHUYDomRGRORFDOHSURWHomRGDVHYLGrQFLDV
RV HVFRPEURV GHYHP VHU UHPRYLGRV SDUD SUHYHQLU SRVVtYHO UHLJQLomR 4XDOTXHU
PDWHULDOQmRGDQLILFDGRSHORIRJRGHYHVHUVHSDUDGRHOLPSR
2V HVFRPEURV GHYHP VHU FRORFDGRV HP ORFDO DGHTXDGR IRUD GD iUHD GR
LQFrQGLRHYLWDQGRVHGHL[iORVQDFDOoDGDRXQDUXD
(VSHFLDO FXLGDGR GHYH VHU WRPDGR HP ORFDLV RQGH VH HQFRQWUDP OLYURV
FRQWiEHLVQRWDVILVFDLVUHFLERVHRXWURVGRFXPHQWRVHDH[WLQomRFULWHULRVDSDUDQmR
FDXVDUGDQRVPDLRUHV/HPEUDUTXHHVVHWLSRGHPDWHULDOSRGHWDPEpPVHUHYLGrQFLD
GHLQFrQGLRFULPLQRVR
&RP R LQWXLWR GH SUHVHUYDU HYLGrQFLDV H HYLWDU DFLGHQWHV GHYH VHU
DEVROXWDPHQWH SURLELGD D SUHVHQoD GH TXDOTXHU SHVVRD HVWUDQKD DR VHUYLoR GH
FRPEDWH D LQFrQGLR FRP H[FHomR GDV DXWRUL]DGDV SHOR &RPDQGDQWH GD RSHUDomR H
GHYLGDPHQWHDFRPSDQKDGDVSRUXPERPEHLUR

(TXLSDPHQWRVGH5HVFDOGR
x 3iJDGDQKRHHQ[DGD
x $OLFDWHVLVRODGRV
x 7DOKDGHLUDVPDOKRV
x &KDYHVDMXVWiYHLVPDUWHORVIDFDV
x &KDYHVGHIHQGDSUHJRVHSDUDIXVRV
x 5RGRVYDVVRXUDVHVFURTXH
x 0DFKDGRHDODYDQFDV



/LomR 3527(d2&2175$
,1&Ç1',2

$R ILQDO GHVWD OLomR RV SDUWLFLSDQWHV
VHUmRFDSD]HVGH
2EMHWLYRV
6DEHU H DSOLFDU PHGLGDV GH SURWHomR FRQWUD
LQFrQGLR
&RQKHFHUHLQVSHFLRQDURVHTXLSDPHQWRVXWLOL]DGRV
HPHGLILFDo}HVSDUDXVRHPHPHUJrQFLDV
$JLUQDHYDFXDomRGHHGLILFDo}HVFRPVHJXUDQoD

)HYHUHLUR±/LomR±3URWHomR&RQWUD,QFrQGLR 03


3UHYHQomRGHLQFrQGLRV

(VWD SDUWH FRPSUHHQGH XPD VpULH GH PHGLGDV D SUHYHQomR MXQWDPHQWH FRP R
GHVHQYROYLPHQWR GH QRUPDV GH VHJXUDQoD VHP G~YLGD VmR DV PDLRUHV IHUUDPHQWDV
SDUD HYLWDU DV JUDQGHV WUDJpGLDV 'HVGH D FRQVWUXomR GH SUpGLRV HTXLSDPHQWRV GH
SURWHomR FRPR KLGUDQWHV H[WLQWRUHV RX IHUUDPHQWDV PDLV FRPSOH[DV VLVWHPDV
DXWRPiWLFRV RX 6SULQNOHUV HVWRFDJHP GH PDWHULDLV LQIODPiYHLV HWF 7RGRV SUHFLVDP
VHUSHULRGLFDPHQWHYLVWRULDGRVHLQVSHFLRQDGRV
2IRJRTXHDRORQJRGDKLVWyULDWHPVLGRXPGRVSLODUHVPHVWUHGDFLYLOL]DomRH
WUD]LGR JUDQGH GHVHQYROYLPHQWR SDUD D KXPDQLGDGH DWUDYpV GD JHUDomR GH HQHUJLD H
RXWURV DILQV 4XDQGR IRUD GR FRQWUROH VH UHEHOD H DVVXPH D VXD FUXHO QDWXUH]D
GHVWUXLGRUDFDXVDQGRSHUGDVKXPDQDVHGRSDWULP{QLR8PIDWRLPSRUWDQWHpTXHHP
GRV FDVRV RV LQFrQGLRV QmR DFRQWHFHP H VLP VmR FDXVDGRV SRU GHVFXLGR RX
QHJOLJrQFLD DLQGD SRGHP VHU FDXVDGR SRU GHVFDUJD HOpWULFD VREUHFDUJD QDV
LQVWDODo}HVGHVFDUJDVDWPRVIpULFDVHQWUHRXWURV
$ SUHYHQomR GH LQFrQGLR p XPD VpULH GH PHGLGDV GHVWLQDGDV D HYLWDU R
DSDUHFLPHQWRGHXPSULQFtSLRGHLQFrQGLRRXQRFDVRGHOHRFRUUHUSHUPLWLUFRPEDWrOR
SURQWDPHQWHSDUDHYLWDUVXDSURSDJDomR

&DXVDVPDLVFRPXPGHLQFrQGLRV

x 6REUHFDUJDQDVLQVWDODo}HVHOpWULFDV
x 9D]DPHQWRVGHJiV
x ,PSURYLVDo}HVQDVLQVWDODo}HVHOpWULFDV
x &ULDQoDVEULQFDQGRFRPIRJR
x )yVIRURVHSRQWDVGHFLJDUURVDWLUDGRVDHVPR
x )DOWDGHFRQVHUYDomRGRVPRWRUHVHOpWULFRV
x (VWRSDVRXWUDSRVHQYROYLGRVHPyOHRRXJUD[RVDEDQGRQDGRVHPORFDO
LQDGHTXDGR

3UHYHQLU LQFrQGLRV p WmR LPSRUWDQWH TXDQWR VDEHU DSDJiORV RX DWp PHVPR


VDEHUFRPRDJLUFRUUHWDPHQWHQRPRPHQWRHPTXHRFRUUHP

7UHLQDPHQWRRQGHVHFRPHoDDSUHYHQomR

,QtFLRGHLQFrQGLRHRXWURVVLQLVWURVGHPHQRUYXOWRSRGHPGHL[DUGHWUDQVIRUPDU
VH HP WUDJpGLD PDV SUHFLVDP VHU HYLWDGRV H FRQWURODGRV FRP VHJXUDQoD H
WUDQTXLOLGDGHSRUSHVVRDVGHYLGDPHQWHWUHLQDGDV1DPDLRULDGDVYH]HVRSkQLFRGRV
TXHWHQWDPVHVDOYDUID]PDLVYtWLPDVTXHRSUySULRDFLGHQWH
8PDGDVSULQFLSDLVSURYLGrQFLDVTXHVHSRGHWRPDUSDUDTXHTXDOTXHUDFLGHQWH
VHMDFRQWURODGRpDOHUWDUWRGRVRVWUDEDOKDGRUHVVREUHDVGHYLGDVSUHFDXo}HVTXDQGR
RFRUUHU DOJXP GLVW~UELR RX WXPXOWR FDXVDGR SRU LQFLGHQWHV FRPR SRU H[HPSOR
YD]DPHQWRV GH JiV IXPDoD LQFrQGLRV H YD]DPHQWRV GH iJXD 2 SULPHLUR SDVVR p
GHWDOKDU HP SURFHGLPHQWRV RSHUDFLRQDLV SDGU}HV TXH GHYHUmR VHU GLVWULEXtGRV SDUD
WRGRV RV WUDEDOKDGRUHV RX PRUDGRUHV FRQWHQGR LQIRUPDo}HV VREUH WRGDV DV
SUHFDXo}HV QHFHVViULDV FRPR RV FXLGDGRV SUHYHQWLYRV D FRQVFLHQWL]DomR VREUH R
SODQHMDPHQWR GH FRPR DWXDU QD KRUD GR DEDQGRQR GR ORFDO D LQGLFDomR GH PHGLGDV
SUiWLFDVVREUHRFRPEDWH
2PDLVFRUUHWRLQFOXVLYHpTXHWRGRVRVWUDEDOKDGRUHVRXXVXiULRVGDHGLILFDomR
FRORTXHP HP SUiWLFD DV QRUPDV HVWDEHOHFLGDV VREUH RV FXLGDGRV SUHYHQWLYRV H R
FRPSRUWDPHQWR GLDQWH GR LQFLGHQWH SURPRYHQGR H[HUFtFLRV DWUDYpV GD VLPXODomR GH
LQFrQGLRV (VVH WLSR GH SUiWLFD FRQWULEXL VXILFLHQWHPHQWH SDUD D SUHYHQomR H D
VHJXUDQoD GH WRGRV 0DV SDUD HIHWXDU HVVD RSHUDomR p QHFHVViULR XP IDWRU
LQGLVSHQViYHO D H[LVWrQFLD HP SHUIHLWR HVWDGR GH XVR H FRQVHUYDomR GH
HTXLSDPHQWRVGHVWLQDGRVDFRPEDWHULQFrQGLRVHHYDFXDomRGDHGLILFDomR
7RGRV VDEHP TXH TXDOTXHU LQVWDODomR SUHGLDO GHYH IXQFLRQDU FRQIRUPH DV
FRQGLo}HV GH VHJXUDQoD HVWDEHOHFLGDV SRU OHL TXH YmR GHVGH D REULJDWRULHGDGH GH
H[WLQWRUHV GH LQFrQGLRV KLGUDQWHV FHQWUDO GH JiV FKXYHLURV DXWRPiWLFRV
VSULQNOHU HVFDGDVFRPFRUULPmRHPDPERVRVODGRVHWF
(QWUH HVVHV HTXLSDPHQWRV R PDLV XWLOL]DGR QR FRPEDWH D SULQFtSLRV GH
LQFrQGLRV p R H[WLQWRU e LPSRUWDQWH WDPEpP DOpP GH DGTXLULU H FRQVHUYDU RV
HTXLSDPHQWRVGHVHJXUDQoDVDEHUPDQXVHiORVHHQVLQDUDWRGRVTXHVmRPRUDGRUHV
WUDEDOKDGRUHVHGHPDLVSHVVRDVTXHSUHVWDPVHUYLoRVQRDPELHQWHjIRUPDFRUUHWDGH


DFLRQDU R DODUPH HP FDVRV GH LQFrQGLR FRPR XWLOL]DU R H[WLQWRU SURFHGLPHQWRV GH
DEDQGRQRGRUHFLQWRTXDQGRQHFHVViULRVHPSURYRFDUWXPXOWRV

5HJUDVEiVLFDV

x 0DQWHQKD VHPSUH j YLVWD R WHOHIRQH GH HPHUJrQFLD GR &RUSR GH %RPEHLURV ±

x &RQVHUYH VHPSUH DV FDL[DV GH LQFrQGLRV HP SHUIHLWDV FRQGLo}HV GH XVR H
VRPHQWHDVXWLOL]HHPFDVRGHLQFrQGLR
x 2V H[WLQWRUHV GHYHP HVWDU IL[DGRV VHPSUH HP ORFDLV GH IiFLO DFHVVR
GHYLGDPHQWHFDUUHJDGRVHUHYLVDGRV SHULRGLFDPHQWH
x 5HYLVDU SHULRGLFDPHQWH WRGD D LQVWDODomR HOpWULFD GR SUpGLR HVWDEHOHFLPHQWR
LQG~VWULDHGHPDLVORFDLVSURFXUDQGRLQFOXVLYHFRQVWDWDUWDPEpPDH[LVWrQFLDGH
SRVVtYHLVYD]DPHQWRVGHJDVHV
x (YLWDURYD]DPHQWRGHOtTXLGRVLQIODPiYHLV
x (YLWDUDIDOWDGHYHQWLODomR
x 1mRFRORFDUWUDQFDVQDVSRUWDVGHKDOOVHOHYDGRUHVSRUWDFRUWDIRJRRXRXWUDV
VDtGDVSDUDiUHDVOLYUHV1HPREVWUXtODVFRPPDWHULDLVRXHTXLSDPHQWRV
x 7RPDUFXLGDGRFRPDFHUDXWLOL]DGDQRVSLVRVTXDQGRGLVVROYLGD
x 1mR GHL[DU HVWRSDV RX IODQHODV HQVRSDGDV FRP yOHRV RX JUD[DV HP ORFDLV
LQDGHTXDGRV
x $OHUWDU VREUH R DWR GH IXPDU HP ORFDLV SURLELGRV FRPR HOHYDGRUHV H VREUH R
FXLGDGRGHDWLUDUIyVIRURVHSRQWDVGHFLJDUURVDFHVVRVHPTXDOTXHUOXJDU
x $FRQVHOKDURVWUDEDOKDGRUHVSDUDTXHYHULILTXHPDQWHVGHVDLUGHVHXVORFDLVGH
WUDEDOKR ILQDO GR WXUQR VH GHVOLJDUDP WRGRV RV DSDUHOKRV HOpWULFRV FRPR
HVWXIDVDUFRQGLFLRQDGRH[DXVWRUHVFRPSXWDGRUHVGHQWUHRXWURV
x (PFDVRGHLQFrQGLRLQIRUPDUR&RUSRGH%RPEHLURVRPDLVUiSLGRSRVVtYHOD
RFRUUrQFLDRDFHVVRPDLVIiFLOSDUDDFKHJDGDDRORFDOHRQ~PHURGHSHVVRDV
DFLGHQWDGDVLQFOXVLYHQDVSUR[LPLGDGHV
x 1XQFDXWLOL]DURVHOHYDGRUHVQRPRPHQWRGRLQFrQGLR
x (YLWDUDJORPHUDo}HVSDUDQmRGLILFXOWDUDDomRGRVRFRUURHPDQWHUDiUHDMXQWR
DRVKLGUDQWHVOLYUHSDUDPDQREUDVHHVWDFLRQDPHQWRGHYLDWXUDV



'RVPHLRVGHSUHYHQomRGHLQFrQGLR

6mR PHLRV GH SUHYHQomR H VHJXUDQoD FRQWUD LQFrQGLR DTXHOHV XWLOL]DGRV SDUD
SURWHJHUGHWHUPLQDGRULVFRGHLQFrQGLRSRGHQGRIXQFLRQDUFRPDXWRVXILFLrQFLDHHP
DOJXQVFDVRVSHUPLWLUVXDXWLOL]DomRSHORVERPEHLURVWDLVFRPR

x 6LVWHPDSUHYHQWLYRSRUH[WLQWRUHV
x 6LVWHPDKLGUiXOLFRSUHYHQWLYRVREFRPDQGR
x 6LVWHPDGHSURWHomRFRQWUDGHVFDUJDVDWPRVIpULFDV
x 3URWHomRGDVFHQWUDLVGHDUPD]HQDPHQWRGHJiVOLTXHIHLWRGHSHWUyOHR±
*/3
x 0HLRVGHHYDFXDomR
x 0HGLGDVDX[LOLDUHVGHVHJXUDQoD

6LVWHPDSUHYHQWLYRSRUH[WLQWRUHV

2VH[WLQWRUHVHPSUHJDGRVQRVLVWHPDSUHYHQWLYRSRGHUmRVHUGRWLSRPDQXDORX
VREUHURGDVDTXDQWLDPtQLPDRWLSRHDFDSDFLGDGHGRVH[WLQWRUHVQHFHVViULRVDXP
VLVWHPD SUHYHQWLYR GHSHQGHP GD TXDQWLGDGH GH DJHQWH H[WLQWRU GD GLVWULEXLomR GRV
H[WLQWRUHV GDV GLVWkQFLDV HQWUH VL H GDiUHD D VHU FREHUWD GD DGHTXDomR GD XQLGDGH
H[WLQWRUDDRWLSRGHIRJRDH[WLQJXLU
x ,QFrQGLR&ODVVH$SURGXWRVTXHGHL[DPUHVtGXRVFRPRSDSHOPDGHLUDWHFLGR
HDVVHPHOKDGRV
x ,QFrQGLR&ODVVH%OtTXLGRVLQIODPiYHLVFRPRJDVROLQDyOHRVWLQWDVYHUQL]HV
HDVVHPHOKDGRV
x ,QFrQGLR&ODVVH&RVUHODFLRQDGRVjHOHWULFLGDGHFRPRHPPRWRUHVHSDLQpLV
HOpWULFRV
x ,QFrQGLR &ODVVH ' RV UHODFLRQDGRV D PHWDLV SLURIyULFR FRPR PDJQpVLR H

WXQJVWrQLR


x ,QFrQGLR&ODVVH.RVUHODFLRQDGRVOtTXLGRVHPDOWDVWHPSHUDWXUDVHUHDJHPDR
FRQWDWR FRP iJXD FRPR yOHR HP DOWD WHPSHUDWXUD JRUGXUDV GH FR]LQKDV H
SLFKHGHUUHWLGR
2V H[WLQWRUHV VmR GLYLGLGRV HP XQLGDGHV H[WLQWRUDV FRP DV VHJXLQWHV
FDSDFLGDGHVPtQLPDV
x (VSXPDPHFkQLFDHOLWURV
x *iVFDUE{QLFRH.J
x 3yTXtPLFRVHFRH.J
x ÈJXDOLWURV
x +DORWURQ,H.J
(QWHQGHVHSRUFDUUHWDRH[WLQWRUVREUHURGDVTXHSURYLGRGHPDQJXHLUDFRPQR
PtQLPRFLQFRPHWURVGHFRPSULPHQWRHHTXLSDGRFRPGLIXVRURXHVJXLFKR7HQGRDV
VHJXLQWHVFDSDFLGDGHVPtQLPDV
x (VSXPDPHFkQLFDOLWURV
x *iVFDUE{QLFRH.J
x 3yTXtPLFRVHFRH.J
x ÈJXDOLWURV
&DGD XQLGDGH H[WLQWRUD SURWHJH XPD iUHD Pi[LPD H PtQLPD EHP FRPR DV
GLVWkQFLDV GR FDPLQKDPHQWR SDUD TXH VH WHQKD XP H[WLQWRU GLVSRQtYHO RV H[WLQWRUHV
GHYHP VHU GLVWULEXtGRV GH IRUPD D FREULU D iUHD GR ULVFR UHVSHFWLYR GH PRGR TXH R
RSHUDGRU QmR SHUFRUUD GR H[WLQWRU PDLV DIDVWDGR XPD GLVWkQFLD PXLWR JUDQGH D
SURWHomRHDGLVWkQFLDpFRQIHULGDFRQIRUPHOHLGHFUHWRGHSUHYHQomRFRQWUDLQFrQGLR
YLJHQWHGDFLGDGH(VWDGRRX$%171%5
2 FDPLQKDPHQWR VHUi PHGLGR DWUDYpV GH DFHVVRV D iUHDV SDUD FLUFXODo}HV

FRQVLGHUDGRVRVREVWiFXORV


$ORFDOL]DomRGRVH[WLQWRUHVSRGHUiVHJXLURVVHJXLQWHVSULQFtSLRV
x $SUREDELOLGDGHGHXPLQFrQGLREORTXHDURVHXDFHVVRVHUDPtQLPDSRVVtYHO
x %RDYLVLELOLGDGHHDFHVVRIiFLO
x 2V ORFDLV UHVSHFWLYRV GHYHP VHU DVVLQDODGRV SRU XP TXDGUDGR YHUPHOKR FRP
ERUGDV DPDUHODV PDUFDGR QR FKmR SODFDV GDV PHVPDV FRUHV QD SDUHGH
LQGLFDQGRDORFDOL]DomRGRH[WLQWRUHDYLVRSDUDQmRGHL[DUPDWHULDLVGHSRVLWDGRV
HPIUHQWHDRHTXLSDPHQWR
x 2V H[WLQWRUHV SRUWiWHLV GHYHUmR VHU IL[DGRV GH PDQHLUD TXH QHQKXPD GH VXDV
SDUWHVILTXHDFLPDGHP XPPHWURHVHWHQWDFHQWtPHWURV GRSLVRDFDEDGR
HQHPDEDL[RGHP XPPHWUR SRGHQGRH[FHSFLRQDOPHQWHVHULQVWDODGRV
HP VXSRUWH GH VROR GHVGH TXH QmR ILTXHP REVWUXtGRV H TXH D YLVLELOLGDGH GD
VLQDOL]DomRQmRILTXHSUHMXGLFDGD



x $VXDORFDOL]DomRQmRVHUiSHUPLWLGDQDVHVFDGDVQHPHPVHXVSDWDPDUHV
x 2VH[WLQWRUHVTXDQGRLQVWDODGRVHPFROXQDVGHYHUmRWHUVLQDOL]DomRHPWRGDVDV
IDFHV
4XDQGR KRXYHU GLYHUVLILFDomR GH ULVFRV QXPD PHVPD HGLILFDomR RV H[WLQWRUHV
GHYHUmRVHUSRVLFLRQDGRVGHPRGRDVHUDGHTXDGRVjQDWXUH]DGRLQFrQGLRDH[WLQJXLU
GHQWURGHVXDiUHDGHSURWHomR
4XDQGR D HGLILFDomR GLVSXVHU GH ULVFRV HVSHFLDLV GHYHUi VHU SURWHJLGD SRU
XQLGDGHV H[WLQWRUDV DGHTXDGDV j QDWXUH]D GR LQFrQGLR D H[WLQJXLU H FREULU R ULVFR
LQGHSHQGHQWHPHQWHGDSURWHomRJHUDOGDHGLILFDomR
(PHGLILFDo}HVFRPPDLVGHXPSDYLPHQWRpPXLWRLPSRUWDQWHTXHVHMDH[LJLGR
QRPtQLPRXPDXQLGDGHH[WLQWRUDSDUDFDGDSDYLPHQWR3DUDDVHGLILFDo}HVLQGXVWULDLV


FRP iUHDV VXSHULRUHV H ULVFR GH LQFrQGLR HOHYDGR p GH VXPD LPSRUWkQFLD R XVR GH
H[WLQWRUHVPDQXDLVHVREUHURGDV FDUUHWDV 2VH[WLQWRUHVVREUHURGDV FDUUHWD GHYHP
HVWDUORFDOL]DGRVHPSRQWRVFHQWUDLVGDHGLILFDomRHVXDiUHDGHFREHUWXUDVHUUHVWULWD
DRSDYLPHQWRRQGHVHHQFRQWUD2H[WLQWRUVREUHURGDVFREULUiRVSRQWRVGHiUHDHP
TXHIRUOLYUHRVHXGHVORFDPHQWR
6RPHQWH VHUmR DFHLWRV RV H[WLQWRUHV PDQXDLV RX VREUH URGDV FDUUHWDV TXH
SRVVXtUHP D LGHQWLILFDomR GR IDEULFDQWH H R VHOR GD PDUFD GH FRQIRUPLGDGH FRP DV
QRUPDV GR ,10(752 VHMD GH YLVWRULD RX GH LQVSHomR UHVSHLWDQGR DV GDWDV GH
YLJrQFLDHGHYLGDPHQWHODFUDGR

6LVWHPDKLGUiXOLFRSUHYHQWLYRVREFRPDQGR

2 VLVWHPD KLGUiXOLFR SUHYHQWLYR GHYH VHU FRPSOHWDPHQWH LQGHSHQGHQWH GRV

GHPDLV VLVWHPDV KLGUiXOLFRV H[LVWHQWHV QD HGLILFDomR H GHYH WHUPLQDU QR KLGUDQWH GH
UHFDOTXH$VFRQH[}HVHSHoDVGRVLVWHPDGHYHPVXSRUWDUDPHVPDSUHVVmRSUHYLVWD
SDUD D FDQDOL]DomR $V FDQDOL]Do}HV GR VLVWHPD KLGUiXOLFR SRGHP VHU H[SRVWDV
VXEWHUUkQHDVRXDpUHDVHGHYHUmRVHUSLQWDGDVGHYHUPHOKRFRQIRUPH15
2DEDVWHFLPHQWRGRVLVWHPDKLGUiXOLFRSUHYHQWLYRSRGHUiVHUIHLWR
x 3RU5HVHUYDWyULR(OHYDGRDDGXomRVHUiIHLWDSRUJUDYLGDGHVHQGRSHUPLWLGDD
LQWHUSRVLomR GH ERPED SDUD SUHVVXUL]DomR GD UHGH QR VLVWHPD E\ SDVV
DFLRQDPHQWR DXWRPiWLFR RX PDQXDO HQWUH R UHVHUYDWyULR H RV KLGUDQWHV PHQRV
IDYRUiYHLVGHYHQGRDOLJDomRGHDOLPHQWDomRGHVWDERPEDVHULQGHSHQGHQWHGH
IRUPD D SHUPLWLU R GHVOLJDPHQWR JHUDO GD HQHUJLD HOpWULFD GD LQVWDODomR VHP
SUHMXt]RGRIXQFLRQDPHQWRGRFRQMXQWRPRWRERPED
x $ FDQDOL]DomR GR VLVWHPD KLGUiXOLFR SUHYHQWLYR GHYH SDUWLU GR IXQGR GR
UHVHUYDWyULR WRPDGDVLPSOHVRXEDUULOHWH HDWRPDGDGHFRQVXPRSUHGLDOSHOR
ODGR ODWHUDOPHQWH GHIRUPDDDVVHJXUDUD57, 5HVHUYD7pFQLFDGH,QFrQGLR
x $EDL[RGRUHVHUYDWyULRDFDQDOL]DomRGHYHWHUXPUHJLVWURGHSDUDJHPHDEDL[R
GHVWHDYiOYXODGHUHWHQomR


x 6HUi SHUPLWLGR R XVR GH UHVHUYDWyULRV GH ILEUD GH YLGUR PDWHULDLV SOiVWLFRV RX
VLPLODUHV TXDQGR HVWHV HVWHMDP LQFRUSRUDGRV j HGLILFDomR GHVGH TXH HVWHMDP
SURWHJLGRV QDV ODWHUDLV H IXQGRV FRP SDUHGHV RX HOHPHQWRV HVWUXWXUDLV TXH
UHVLVWDPDRIRJRSRUXPSHUtRGRPtQLPRGH XPD KRUD
x 2V UHVHUYDWyULRV LQIHULRUHV GHYHUmR HVWDU VLWXDGRV HP ORFDLV TXH SHUPLWDP R
DFHVVR GHVHPEDUDoDGR H WHU HVSDoR SDUD PDQREUDV GH ERPEDV GH LQFrQGLR
6HUi H[LJLGR QR PtQLPR D LQVWDODomR GH GXDV PRWRERPED GH RSHUDomR
DOWHUQDGD VHQGR XPD SULQFLSDO H D RXWUD UHVHUYD DGPLWLQGR FRPR UHVHUYDWyULR
PDQDQFLDOQDWXUDOHSLVFLQDVGHVGHTXHDVVHJXUHPDDXWRQRPLDGRVLVWHPD
x $V PRWRERPED GHYHUi VHU GH DFRSODPHQWR GLUHWR VHP LQWHUSRVLo}HV GH
FRUUHLDV RX FRUUHQWHV $V ERPEDV GHYHP VHU LQVWDODGDV HP FDUJD H SRVVXLU
GLVSRVLWLYRV GH HVFRUYD DXWRPiWLFD FRP LQMHomR GH UHWRUQR SHUPDQHQWHPHQWH
DEHUWDFRPGLkPHWURLQWHUQRGHPP VHLVPLOtPHWURV
x 4XDQGRXVDGDVERPEDVGHSDUWLGDDXWRPiWLFDDVXDHQWUDGDHPIXQFLRQDPHQWR
GHYHUi VHU DQXQFLDGD HP PRQLWRU FRP DODUPH YLVXDOVRQRUR LQVWDODGR HP
SRQWRVGHFRQWUROHHYLJLOkQFLD
x e DFRQVHOKiYHO R XVR GH ERPED DX[LOLDU SDUD PDQXWHQomR GD SUHVVmR HP
VLVWHPDVDFLRQDGRVSRUSUHVVRVWDWR
x 1D VDtGD GD ERPED VHUi REULJDWyULR R XVR GH YiOYXOD GH UHWHQomR UHJLVWUR GH
SDUDJHP
x $VERPEDVTXHDOLPHQWDPRVLVWHPDKLGUiXOLFRSUHYHQWLYRGHYHPWHUFDSDFLGDGH
PtQLPDGHGHVFDUJDVXILFLHQWHSDUDJDUDQWLUDVYD]}HVHSUHVV}HVH[LJLGDVSDUD
FDGDWLSRGHULVFR
x 4XDQGR XVDGDV ERPEDV GH SDUWLGD DXWRPiWLFD R GHVDUPH GHVWDV DSyV VXD
HQWUDGDHPIXQFLRQDPHQWRGHYHUiVHUPDQXDOQRSDLQHOGHFRQWUROH
x 4XDQGRXPDGDVHOHWURERPEDVIRUVXEVWLWXtGDSRUXPDGHFRPEXVWmRLQWHUQDD
DXWRQRPLD PtQLPD GR PRWRU GH FRPEXVWmR GHYHUi VHU GH GXDV KRUDV VRE
FDUJDPi[LPDGRVLVWHPD


x $VWRPDGDVGHDGPLVVmRGDVERPEDVGHYHUmRVHULQGHSHQGHQWHV
x %RPEDV HOpWULFDV GHYHUmR GLVSRU GH UHGHV LQGHSHQGHQWHV FRP FKDYH SDUD
GHVDUPH QR TXDGUR GH HQWUDGD VLQDOL]DGDV FRP D LQVFULomR ³DOLPHQWDomR GD
ERPEDGHLQFrQGLR±QmRGHVOLJXH´GHPRGRDGLIHUHQFLiODGHRXWUDVFKDYHVH
RV FRQGXWRUHV TXDQGR GHQWUR GD iUHD SURWHJLGD HGLILFDo}HV GHYHUmR VHU
UHVJXDUGDGRVFRQWUDHYHQWXDLVGDQRVPHFkQLFRVDJHQWHVTXtPLFRVXPLGDGHH
RSUySULRIRJR
2V KLGUDQWHV GH SDUHGH GHYHUmR VHU LQVWDODGRV SUHIHUHQFLDOPHQWH GHQWUR GR
DEULJRGHPDQJXHLUDGHPRGRDSHUPLWLUDPDQREUDHVXEVWLWXLomRGHTXDOTXHUSHoD
2V KLGUDQWHV VHUmR GRWDGD GH UHJLVWURV WLSR JORER DQJXODU FRP GLkPHWUR GH PP
VHVVHQWDHWUrVPLOtPHWURV HMXQWDWLSR6725=2VKLGUDQWHVGHSDUHGHGHYHUmRHVWDU
ORFDOL]DGRVHQWUHP XPPHWURHYLQWHFHQWtPHWURV HP XPPHWURHFLQTXHQWD
FHQWtPHWURV GHDOWXUD GR SLVR DFDEDGR GRV UHVSHFWLYRV SDYLPHQWRV RIHUHFHQGRERDV
FRQGLo}HVGHYLVLELOLGDGHDFHVVRHPDQHMR
1DV HGLILFDo}HV RQGH KRXYHU VLVWHPD KLGUiXOLFR SUHYHQWLYR VHUi SUHYLVWR QR
PtQLPR XP KLGUDQWH GH SDUHGH HP FDGD SDYLPHQWR 1DV HGLILFDo}HV FRP XP Vy
SDYLPHQWRVHUmRSUHYLVWRVWDQWRVKLGUDQWHVTXDQWRQHFHVViULRVjSURWHomRGDiUHD
$ GLVWkQFLD HQWUH FDGD KLGUDQWH H RV UHVSHFWLYRV SRQWRV PDLV GLVWDQWHV D

SURWHJHU VHUi QR Pi[LPR GH P WULQWD PHWURV SDUD KLGUDQWHV LQWHUQRV H P
TXDUHQWDHFLQFRPHWURV SDUDKLGUDQWHVH[WHUQRV


2SRVLFLRQDPHQWRGRVKLGUDQWHVGHYHSHUPLWLUDVXDUiSLGDORFDOL]DomRVHPTXH
KDMD TXDOTXHU REVWUXomR j VXD YLVLELOLGDGH RX DFHVVR QmR SRGHQGR HVWDU ORFDOL]DGRV
HP HVFDGDV H SDWDPDUHV DLQGD TXH SRVVDP VHU FRORFDGRV QRV VHXV iWULRV
2EVHUYDQGR TXH D PDQJXHLUD TXDQGR HP XVR QmR SRGH GLILFXOWDU R WUkQVLWR GDV
SHVVRDVHPFDVRVGHDEDQGRQRGRORFDO
$ORFDOL]DomRGRVKLGUDQWHVGHYHUiREHGHFHUDRSUHFHLWRIXQGDPHQWDOGHTXHR
RSHUDGRU QmR ILFDUi EORTXHDGR SHOR IRJR FDVR R SULQFtSLR GH LQFrQGLR QmR VHMD
GRPLQDGR SHORV PHLRV GLVSRQtYHLV 2V KLGUDQWHV GHYHUmR VHU ORFDOL]DGRV QDV
SUR[LPLGDGHVGRVSRQWRVGHDFHVVRH[WHUQRVjiUHDTXHVHSUHWHQGHSURWHJHU
2V KLGUDQWHV HP SRVLo}HV FHQWUDLV VRPHQWH VHUmR DFHLWRV TXDQGR QmR IRU
SRVVtYHODFREHUWXUDWRWDOGDiUHDDWUDYpVGRVKLGUDQWHVORFDOL]DGRVMXQWRDSRQWRVGH
DFHVVR H[WHUQR RX FRPR SURWHomR DGLFLRQDO 1DV HGLILFDo}HV FRP PDLV GH XP
SDYLPHQWR RV KLGUDQWHV GHYHUmR VHU ORFDOL]DGRV SUy[LPRV jV HVFDGDV QDV iUHDV
DGMDFHQWHVjVVDtGDV
$UW 2 VLVWHPD KLGUiXOLFR SUHYHQWLYR SRGH VHU GRWDGR GH KLGUDQWHV H[WHUQRV WLSR
FROXQD LQGXVWULDO RX KLGUDQWHV GH SDUHGH LQVWDODGRV HP DQWHSDURV GH DOYHQDULD GH
WLMRORV4XDQGRVHWUDWDUGHKLGUDQWHVH[WHUQRVRVDEULJRVGDVPDQJXHLUDVQmRSRGHUmR
GLVWDUPDLVGHP FLQFRPHWURV GRVKLGUDQWHV
3DUD LQVWDODo}HV LQGXVWULDLV p IDFXOWDGD D LQVWDODomR GH FDUUHWpLV D[LDLV RX HP
RLWRFRPPDQJXHLUDVVHPLUtJLGDVGHFRPSULPHQWRPi[LPRGHP YLQWHPHWURV HR
GLkPHWUR GH PP GH]HQRYH PLOtPHWURV SHUPDQHQWHPHQWH OLJDGDV jV WRPDGDV
G¶iJXD 1D H[WUHPLGDGH GD PDQJXHLUD VHPLUtJLGD GHYH VHU LQVWDODGR XP HVJXLFKR
UHJXOiYHOGHkQJXORDMXVWiYHOFRPVDtGDHIHWLYDGHPPRXPP2UHJLVWURGH
SDUDJHPGHPDQJXHLUDGHYHUVHUPDQWLGRSHUPDQHQWHPHQWHDEHUWR
(PVLVWHPDRQGHDDGXomRIRUSRUPHLRGHERPEDVQmRDXWRPDWL]DGDVMXQWRD
FDGDKLGUDQWHGHYHUiKDYHUXPDFLRQDGRUPDQXDOGHERPEDJXDUGDGRGHQWURGHXPD
FDL[D PHWiOLFD (VWD GHYHUi VHU SLQWDGDGHYHUPHOKR FRP WDPSDGH YLGUR RX SOiVWLFR
TXHEUiYHO $ LQVWDODomR QXPD DOWXUD Pi[LPD GH P XP PHWUR H FLQTXHQWD
FHQWtPHWURV HPtQLPDGHP XPPHWURHYLQWHFHQWtPHWURV GRSLVRDFDEDGR



2V DEULJRV GH PDQJXHLUD WHUmR GLPHQV}HV TXH DFRPRGHP FRP IDFLOLGDGH RV
HTXLSDPHQWRV TXH D HOHV VH GHVWLQDP GHYHQGR WHU HP VXDV SRUWDV D LQVFULomR
,1&Ç1',2HPOHWUDVYHUPHOKDVFRPDOWXUDPtQLPDGHFP FLQFRFHQWtPHWURV
$SRUWDGRVDEULJRVGHYHUiSRVVXLUGLVSRVLWLYRSDUDYHQWLODomRGHPRGRDHYLWDU
RGHVHQYROYLPHQWRGHIXQJRVQDVPDQJXHLUDV(PHGLILFDo}HVUHVLGHQFLDLVRDEULJRGH
PDQJXHLUDV QmR SRGHUi VHU LQVWDODGR D PDLV GH P GH GLVWkQFLD GR KLGUDQWH GH
SDUHGH
1RV SLVRV GDV HGLILFDo}HV LQGXVWULDLV DEDL[R GRV DEULJRV GDV PDQJXHLUDV
GHYHUiVHUSLQWDGRXPTXDGUDGRFRP XP PHWURGHODGRH GH] FHQWtPHWURVGH
ERUGDRTXDGUDGRYHUPHOKRFRPDVERUGDVHPDPDUHOR
$VFROXQDVTXHFRQWHQKDPDEULJRVGHPDQJXHLUDVGHYHUmRWHUVLQDOL]Do}HVHP
WRGDVDVIDFHV


)LFD SURLELGR R XVR GH IHFKDGXUDV FDGHDGRV RX RXWURV GLVSRVLWLYRV TXH
LPSHoDPDLPHGLDWDDEHUWXUDHDYLVXDOL]DomRGRVDEULJRVGHPDQJXHLUDV
$V OLQKDV GH PDQJXHLUDV GRWDGDV GH MXQWDV GH XQLmR WLSR 6725= SURQWDV SDUD
XVRLPHGLDWRQmRSRGHUmRXOWUDSDVVDUP WULQWDPHWURV GHFRPSULPHQWR
)DFXOWDVHRXVRGH WUrV ODQFHVGHPDQJXHLUDGHP TXLQ]HPHWURV SDUD

KLGUDQWHVH[WHUQRVTXDQGRQmRIL[DGRVQDVSDUHGHVGRSUpGLR
$VOLQKDVGHPDQJXHLUDVSRGHUmRVHUGRWDGDVGHHVJXLFKRGHMDWRUHJXOiYHLVHP
VXEVWLWXLomRDRHVJXLFKRGHGLkPHWURIL[RGHVGHTXHDSUHVVmRUHVLGXDOGDPHGLGDQR
HVJXLFKR SHUPLWD XPERP GHVHPSHQKR RSHUDFLRQDO 1R VLVWHPD KLGUiXOLFR SUHYHQWLYR
GRV GHSyVLWRV GH LQIODPiYHLV RV HVJXLFKRV GHYHUmR VHU UHJXOiYHLV FRP kQJXORV
DMXVWiYHLV
$V PDQJXHLUDV H RXWURV SHUWHQFHV TXDQGR HVWLYHUHP LQVWDODGRV GHQWUR GR

DEULJR GDV PDQJXHLUDV GHYHUmR HVWDU OLJDGDV DR KLGUDQWH GH SDUHGH GH PDQHLUD D
HVWDUHP SURQWRV SDUD R HPSUHJR LPHGLDWR $V PDQJXHLUDV VHUmR IOH[tYHLV GH ILEUD
UHVLVWHQWH j XPLGDGH UHYHVWLGD LQWHUQDPHQWH GH ERUUDFKD GRWDGD GH MXQWD 6725= H
FHUWLILFDGDVFRPEDVHVQDVQRUPDVGD$%17


2KLGUDQWHGHUHFDOTXHVHUiORFDOL]DGRMXQWRjYLDGHDFHVVRGDVYLDWXUDVVRED
FDOoDGD IURQWDO H DIDVWDGR GD HGLILFDomR GH PRGR TXH SRVVD VHU RSHUDGR FRP
IDFLOLGDGHHVHJXUDQoDSRGHQGRHVWDUHPEXWLGRHPPXURVRXIDFKDGDV
2KLGUDQWHGHUHFDOTXHVHUiGRWDGRGHUHJLVWURGHSDUDJHPGRWLSRJDYHWDFRP
PP H DGDSWDGRUHV SDUD MXQWD 6725= GH PP VHVVHQWD H WUrV PLOtPHWURV H
WDPSmR
2 DEULJR GR KLGUDQWHGH UHFDOTXHGHYHUi VHU FRQVWUXtGR HP DOYHQDULD GH WLMRORV
RXHPFRQFUHWRFRPGLPHQV}HVPtQLPDVGH[[FP WULQWDSRUTXDUHQWDSRU
TXDUHQWDFHQWtPHWURV GRWDGRGHGUHQROLJDGRjFDQDOL]DomRGHHVFRDPHQWRSOXYLDORX


FRPXPDFDPDGDGHFP GH]FHQWtPHWURV GHEULWDQRIXQGRGHPRGRDIDFLOLWDUD
DEVRUomR GH iJXD TXDQGR D OLJDomR GR GUHQR FRP D FDQDOL]DomR QmR SXGHU VHU
HIHWXDGD
$ ERUGD GR KLGUDQWH GH UHFDOTXH QmR SRGH ILFDU DEDL[R GH FP TXLQ]H
FHQWtPHWURV GDWDPSDGRDEULJRHRHQJDWHGDPDQJXHLUDGHQWURGRDEULJRGHYHHVWDU
LQVWDODGRQDSRVLomRGH TXDUHQWDHFLQFRJUDXV
$ WDPSD GR DEULJR GR KLGUDQWH GH UHFDOTXH VHUi PHWiOLFD FRP DV GLPHQV}HV
PtQLPDV[FP TXDUHQWDSRUWULQWDFHQWtPHWURV SRVVXLQGRDHVFULWD³,1&Ç1',2´
SLQWDGRGHYHUPHOKR
e SURLELGR R XVR GH YiOYXOD GH UHWHQomR TXH LPSHoD D UHWLUDGD GH iJXD GR
VLVWHPDDWUDYpVGRKLGUDQWHGHUHFDOTXH
e SHUPLWLGD D LQWHUOLJDomR GH GXDV RX PDLV FROXQDV HP XP ~QLFR KLGUDQWH GH
UHFDOTXH 1R FDVR GH FRQMXQWRV UHVLGHQFLDLV HP EORFRV GHVGH TXH RV UHVHUYDWyULRV
HOHYDGRVVHDSUHVHQWHPQDPHVPDFRWD
1DVLQG~VWULDVXPKLGUDQWHH[WHUQRWLSRLQGXVWULDOGHFROXQDSRGHUiVXEVWLWXLUR
KLGUDQWHGHUHFDOTXHGHVGHTXHVLQDOL]DGRFRPRWDO


$UHVHUYDWpFQLFDGHFRPEDWHDLQFrQGLRVHUiGLPHQVLRQDGDGHIRUPDDIRUQHFHU
DR VLVWHPD XPD DXWRQRPLD PtQLPD GH WULQWD PLQXWRV FRQVLGHUDQGR SDUD HVWH
GLPHQVLRQDPHQWRRVSDUkPHWURVPtQLPRVGHSUHVVmRHYD]mRGHVWDQRUPD
$VUHVHUYDVWpFQLFDVGHLQFrQGLRPtQLPDVSDUDFDGDFODVVHGHULVFRGHYHUmRVHU
FRQIHULGDV FRQIRUPH OHL GHFUHWR GH SUHYHQomR FRQWUD LQFrQGLR YLJHQWH GD FLGDGH
(VWDGRRX$%171%5$V57,SRGHPYDULDUHQWUH
x FLQFRPLO OLWURV
x GH]PLO OLWURV
x TXLQ]HPLO OLWURV
6LVWHPDGHSURWHomRFRQWUDGHVFDUJDVDWPRVIpULFDV



eDVHJXLQWHWHUPLQRORJLDDGRWDGDSHOR63'$

x '(6&$5*$6 $7026)e5,&$6 ± 'HVFDUJDV HOpWULFDV GH RULJHP DWPRVIpULFD
HQWUHXPDQXYHPHDWHUUDFRQVLVWLQGRHPXPRXPDLVLPSXOVRVGHYiULRVTXLORV
DPSHUHV
x 5$,2±8PGRVLPSXOVRVHOpWULFRVGHXPDGHVFDUJDDWPRVIpULFDSDUDDWHUUD
x 92/80( $ 3527(*(5 ± 9ROXPH GH XPD HVWUXWXUD RX GH XPD UHJLmR TXH
UHTXHUSURWHomRFRQWUDGHVFDUJDVDWPRVIpULFDVFRQIRUPHDSUHVHQWHQRUPD
x 6,67(0$ (;7(512 '( 3527(d2 &2175$ '(6&$5*$6
$7026)e5,&$66LVWHPDTXHFRQVLVWHHPFDSWRUHVFRQGXWRUHVGHGHVFLGDH
VLVWHPDGHDWHUUDPHQWR
x 6,67(0$ ,17(512 '( 3527(d2 &2175$ '(6&$5*$6
$7026)e5,&$6±&RQMXQWRGHGLVSRVLWLYRVTXHUHGX]HPRVHIHLWRVHOpWULFRVH
PDJQpWLFRVGDFRUUHQWHGHGHVFDUJDVDWPRVIpULFDVGHQWURGRYROXPHDSURWHJHU
x /,*$d2(48,327(1&,$/±/LJDomRHQWUH63'$HDVLQVWDODo}HVPHWiOLFDV
GHVWLQDGDV D UHGX]LU DV GLIHUHQoDV GH SRWHQFLDO FDXVDGDV SHOD FRUUHQWH GH
GHVFDUJDVDWPRVIpULFDV
x &$3725 ± 3DUWH GR 63'$ H[WHUQR GHVWLQDGR D LQWHUFHSWDU DV GHVFDUJDV
HOpWULFDV
x &21'8725 '( '(6&,'$ ± 3DUWH GR 63'$ H[WHUQR GHVWLQDGR D FRQGX]LU D
FRUUHQWHGHGHVFDUJDDWPRVIpULFDGHVGHRFDSWRUDWpRVLVWHPDGHDWHUUDPHQWR
HVWHHOHPHQWRSRGHWDPEpPHVWDUHPEXWLGRQDHVWUXWXUD
x 6,67(0$'($7(55$0(172±3DUWHGR63'$H[WHUQRGHVWLQDGRDFRQGX]LUH
D GLVSHUVDU D FRUUHQWH GH GHVFDUJD DWPRVIpULFD QD WHUUD HP VRORV GH DOWD
UHVLVWLYLGDGHDVLQVWDODo}HVGHDWHUUDPHQWRSRGHPLQWHUFHSWDUFRUUHQWHVIOXLQGR
SHORVRORSURYHQLHQWHVGHGHVFDUJDVDWPRVIpULFDVRFRUULGDVQDVSUR[LPLGDGHV
x (/(752'2 '( $7(55$0(172 ± (OHPHQWR RX FRQMXQWR GH HOHPHQWRV GR
VLVWHPD GH DWHUUDPHQWR TXH DVVHJXUD R FRQWDWR FRP R VROR H GLVSHUVD D
FRUUHQWHGHGHVFDUJDDWPRVIpULFDQDWHUUD


x (/(752'2 '( $7(55$0(172 (0 $1(/ ± (OHWURGR GH DWHUUDPHQWR
IRUPDQGR XP DQHO IHFKDGR HP YROWD GD HVWUXWXUD QD VXSHUItFLH GD WHUUD RX
HQWHUUDGR
x (/(752'2 '( $7(55$0(172 '( )81'$d2 ± (OHWURGR GH DWHUUDPHQWR
HPEXWLGRQDVIXQGDo}HVGDHVWUXWXUD
x 5(6,67Ç1&,$'($7(55$0(172(48,9$/(17(±5HODomRHQWUHRVYDORUHV
GHFULVWDGDWHQVmRHGDFRUUHQWHQRHOHWURGRGHDWHUUDPHQWRTXHHPJHUDOQmR
RFRUUHPVLPXOWDQHDPHQWHpXPSDUkPHWURXWLOL]DGRSDUDLQGLFDUDHILFLrQFLDGR
VLVWHPDGHDWHUUDPHQWR
x 7(162'((/(752'2'($7(55$0(172±'LIHUHQoDGHSRWHQFLDOHQWUHR
HOHWURGRGHDWHUUDPHQWRFRQVLGHUDGRHDWHUUDGHUHIHUrQFLD
x 7(555$'(5()(5Ç1&,$ GHXPHOHWURGRGHDWHUUDPHQWR ±5HJLmRQD7HUUD
VXILFLHQWHPHQWH DIDVWDGD GR HOHWURGR FRQVLGHUDGR QD TXDO D GLIHUHQoD GH
SRWHQFLDOHQWUHGRLVSRQWRVTXDLVTXHUFDXVDGRVSHODFRUUHQWHQHVVHHOHWURGRp
GHVSUH]tYHO
x &20321(17( 1$785$/ '( 80 63'$ ± &RPSRQHQWH GD HVWUXWXUD TXH
GHVHPSHQKDXPDIXQomRGHSURWHomRFRQWUDGHVFDUJDVDWPRVIpULFDVPDVQmRp
LQVWDODGR HVSHFLILFDPHQWH SDUD HVWH ILP VmR H[HPSORV GH FRPSRQHQWHV
QDWXUDLV D FREHUWXUDV PHWiOLFDV XWLOL]DGDV FRPR FDSWRUHV E SLODUHV PHWiOLFRV
XWLOL]DGRV FRPR FRQGXWRUHV GH GHVFLGD F DUPDo}HV GH DoR GDV IXQGDo}HV
XWLOL]DGDVFRPRHOHWURGRVGHDWHUUDPHQWR
x ,167$/$d®(6 0(7È/,&$6 ± (OHPHQWRV PHWiOLFRV VLWXDGRV QR YROXPH D
SURWHJHU TXH SRGHP FRQVWLWXLU XP WUDMHWR GD FRUUHQWH GH GHVFDUJD DWPRVIpULFD
WDLV FRPR HVWUXWXUDV WXEXODo}HV HVFDGDV WULOKRV GH HOHYDGRUHV GXWRV GH
YHQWLODomRGHDUFRQGLFLRQDGRHDUPDo}HVGHDoRLQWHUOLJDGDV
x 0$66$ GH XP HTXLSDPHQWR RX LQVWDODomR ± &RQMXQWR GDV SDUWHV PHWiOLFDV
QmR GHVWLQDGDV D FRQGX]LU FRUUHQWH HOHWULFDPHQWH LQWHUOLJDGDV H LVRODGDV GDV
SDUWHVYLYDVFRPRRVLQYyOXFURVGHHTXLSDPHQWRVHOpWULFRV
x %$55$'(/,*$d2(4h,327(1&,$/±%DUUDFRQGXWRUDRQGHVHLQWHUOLJDP
DR63'$DVLQVWDODo}HVPHWiOLFDVDVPDVVDVHRVVLVWHPDVHOpWULFRHOHWU{QLFR
HGHWHOHFRPXQLFDo}HV


x &21'8725(6 '( /,*$d2 (48,327(1&,$/ ± &RQGXWRU GH SURWHomR TXH
DVVHJXUDXPDOLJDomRHTXLSRWHQFLDO
x $50$d®(6 '( $d2 LQWHUOLJDGDV ± $UPDo}HV GH DoR HPEXWLGDV QXPD
HVWUXWXUDGHFRQFUHWRTXHDVVHJXUDPFRQWLQXLGDGHHOpWULFDSDUDDVFRUUHQWHVGH
GHVFDUJDVDWPRVIpULFDV
x &(17(/+$0(172 3(5,*262 ± 'HVFDUJD HOpWULFD LQDGPLVVtYHO SURYRFDGD
SHODFRUUHQWHGHGHVFDUJDDWPRVIpULFDQRLQWHULRUGRYROXPHDSURWHJHU
x ',67Æ1&,$ '( 6(*85$1d$ ± 'LVWkQFLD PtQLPD HQWUH GRLV HOHPHQWRV
FRQGXWRUHV QR LQWHULRU GR YROXPH D SURWHJHU TXH LPSHGH R FHQWHOKDPHQWR
SHULJRVRHQWUHHOHV
x &21(;2'(0(',d2±&RQH[mRLQVWDODGDGHPRGRDIDFLOLWDURVHQVDLRVH
PHGLo}HVHOpWULFDVGRVFRPSRQHQWHVGHXP63'$
x 63'$ (;7(512 ,62/$'2 '( 92/80( $ 3527(*(5 ± 63'$ QR TXDO R
FDSWRUHRVFRQGXWRUHVGHGHVFLGDVmRLQVWDODGRVVXILFLHQWHPHQWHDIDVWDGRVGR
YROXPH D SURWHJHU GH PRGR D UHGX]LU D SRVVLELOLGDGH GH FHQWHOKDPHQWR
SHULJRVR
x 63'$(;7(51212,62/$'2'(92/80($3527(*(5±63'$QRTXDO
RFDSWRUHRVFRQGXWRUHVGHGHVFLGDVVmRLQVWDODGRVGHPRGRTXHRWUDMHWRGD
FRUUHQWH GH GHVFDUJD DWPRVIpULFD SRGH HVWDU HP FRQWDWR FRP R YROXPH D
SURWHJHU
x (6758785$6 &20816 ± (VWUXWXUDV XWLOL]DGDV SDUD ILQV FRPHUFLDLV
LQGXVWULDLVDJUtFRODVDGPLQLVWUDWLYRVRXUHVLGHQFLDLV
x 1Ë9(/'(3527(d2±7HUPRGHFODVVLILFDomRGHXP63'$TXHGHQRWDVXD
HILFLrQFLD HVWH WHUPR H[SUHVVD D SUREDELOLGDGH DWUDYpV GD TXDO XP 63'$
SURWHJHXPYROXPHFRQWUDRVHIHLWRVGDVGHVFDUJDVDWPRVIpULFDV
x (6758785$6 (63(&,$,6 ± (VWUXWXUDV FXMR WLSR GH RFXSDomR LPSOLFD ULVFRV
FRQILQDGRV SDUD DUUHGRUHV SDUD R PHLR DPELHQWH FRQIRUPH GHILQLGR QHVWD
QRUPDRXDLQGDSDUDRVTXDLVR63'$UHTXHUFULWpULRVGHSURWHomRHVSHFtILFRV
x (6758785$6 HVSHFLDLV &20 5,6&26 &21),1$'26 ± (VWUXWXUD FXMRV
PDWHULDLVGHFRQVWUXomRFRQWH~GRRXWLSRGHRFXSDomRWRUQDPWRGRRYROXPHGD
HVWUXWXUD YXOQHUiYHO DRV HIHLWRV SHULJRVRV GH XPD GHVFDUJD DWPRVIpULFD PDV
FRPRVGDQRVVHUHVWULQJLQGRDRYROXPHSUySULRGDHVWUXWXUD


x (6758785$6 HVSHFLDLV &205,6&263$5$26$55('25(6±(VWUXWXUDV
FXMR FRQWH~GR SRGH VHU SHULJRVR SDUD RV DUUHGRUHV TXDQGR DWLQJLGDV SRU XPD
GHVFDUJDDWPRVIpULFDFRPRGHSyVLWRGHH[SORVLYRVRXGHOtTXLGRVLQIODPiYHLV
x (6758785$6 HVSHFLDLV &20 5,6&2 3$5$ 2 0(,2 $0%,(17( ±
(VWUXWXUDV TXH SRGHP FDXVDU HPLVV}HV ELROyJLFDV TXtPLFDV RX UDGLRDWLYDV HP
FRQVHTrQFLDGHXPDGHVFDUJDDWPRVIpULFD
x (6758785$6 HVSHFLDLV ',9(56$6 ± (VWUXWXUDV SDUD DV TXDLV R 63'$
UHTXHUFULWpULRVGHSURWHomRHVSHFtILFRV

8P 63'$ SURMHWDGR H LQVWDODGR FRQIRUPH DV QRUPDV QmR VmR FDSD]HV GH
DVVHJXUDU SURWHomR DEVROXWD GH XPD HVWUXWXUD GH SHVVRDV H GH REMHWRV D VXD
DSOLFDomRHQWUHWDQWRUHGX]HPGHIRUPDVLJQLILFDWLYDRVULVFRVGHGDQRV
2 WLSR GH SRVLFLRQDPHQWR GR 63'$ GHYH VHU REMHWR GH HVWXGR QR HVWiJLR GH
SURMHWR GD HGLILFDomR GH PRGR D WLUDU SURYHLWR GRV HOHPHQWRV FRQGXWRUHV GD SUySULD
HVWUXWXUDRTXHIDFLOLWDRSURMHWRHDFRQVWUXomRGHXPDLQVWDODomRLQWHJUDGDSHUPLWH
PHOKRUDURDVSHFWRHVWpWLFRDXPHQWDUDHILFLrQFLDGR63'$HPLQLPL]DURVFXVWRV
1RVSURMHWRVGH63'$GHYHPFRQVWDURVFDSWRUHVDVGHVFLGDVDORFDOL]DomRGR
DWHUUDPHQWRDVOLJDo}HVHDVFDUDFWHUtVWLFDVGRVPDWHULDLVDHPSUHJDU
2V FDSWRUHV SRGHP VHU FRQVWLWXtGRV SRU XPD FRPELQDomR GH TXDOTXHU GRV
VHJXLQWHVHOHPHQWRVKDVWHFDERVHVWLFDGRVFRQGXWRUHVHPPDOKD
1R SURMHWR GRV FDSWRUHV SRGHPVH XWLOL]DU RV VHJXLQWHV PpWRGRV FRQIRUPH R
FDVR kQJXOR GHSURWHomR PpWRGR GH )UDQNOLQ HRX HVIHUD URODQWH RXILFWtFLD PRGHOR
HOHWURPDJQpWLFR HRXFRQGXWRUHVHPPDOKDRXJDLROD PpWRGR)DUDGD\



$V VHJXLQWHV SDUWHV GD HVWUXWXUD SRGHP VHU FRQVLGHUDGDV FDSWRUHV QDWXUDLV
63'$QmRLVRODGR

x &REHUWXUDV PHWiOLFDV VREUH R YROXPH D SURWHJHU GHVGH TXH D FRQWLQXLGDGH
HOpWULFD HQWUH DV GLYHUVDV SDUWHV VHMD UHDOL]DGD GH PRGR TXH DVVHJXUH VXD
GXUDELOLGDGH H D HVSHVVXUD GD PHVPD QmR VHMD LQIHULRU D PP H HODV QmR
VHMDP UHYHVWLGDV GH PDWHULDO LVRODQWH FRP DV FDUDFWHUtVWLFDV TXH LPSHoDP WDO
XVR


x (OHPHQWRVPHWiOLFRVGDFRQVWUXomRGRWHWRWDLVFRPRWUHOLoDVFDOKDVWDQTXHVH
WXERVPHWiOLFRVUHVSHLWDQGRDVUHVWULo}HVMiGHVFULWDV

2V FRQGXWRUHV GH GHVFLGD SDUD GLPLQXLU R ULVFR GH FHQWHOKDPHQWR SHULJRVR
GHYHP VHU GLVSRVWRVGH PRGR TXHD FRUUHQWH SHUFRUUD GLYHUVRV WUDMHWRV SDUDOHORV HR
FRPSULPHQWRGHVWHVWUDMHWRVVHMDRPHQRUSRVVtYHO





2VVLVWHPDVGH$WHUUDPHQWRGHYHPVHU

x 3DUD DVVHJXUDU D GLVSHUVmR GD FRUUHQWH GH GHVFDUJD DWPRVIpULFD QD WHUUD VHP
DWLQJLUWHQV}HVSHULJRVDVRDUUDQMRHDVGLPHQV}HVGRVLVWHPDGHDWHUUDPHQWR
VmR PDLV LPSRUWDQWHV TXH R SUySULR YDORU GD UHVLVWrQFLD GH DWHUUDPHQWR
5HFRPHQGDVHXPDUHVLVWrQFLDGDRUGHPGHRKPVFRPRIRUPDGHUHGX]LURV
JUDGLHQWHVGHSRWHQFLDOQRVRORHDSRVVLELOLGDGHGHFHQWHOKDPHQWRSHULJRVR




'HYHP VHU HIHWXDGDV LQVSHo}HV SHULyGLFDV GH IRUPD D JDUDQWLU TXH WRGRV RV
FRPSRQHQWHV GR 63'$ FRQWLQXHP HP ERP HVWDGR DV FRQH[}HV H IL[Do}HV HVWHMDP
ILUPHV H OLYUHV GH FRUURVmR R YDORU GD UHVLVWrQFLD GH WHUUD LQGLFDGD QR SURMHWR VHMD
PDQWLGR H TXH WRGDV DV FRQVWUXo}HV DFUHVFHQWDGDV j HVWUXWXUD SRVWHULRUPHQWH j
LQVWDODomRRULJLQDOHVWHMDPLQWHJUDGDVQRYROXPHDSURWHJHUPHGLDQWHOLJDomRDR63'$
RXDPSOLDomRGHVWH

x $VLQVSHo}HVGHYHUmRRFRUUHUREULJDWRULDPHQWHQRILQDOGDLQVWDODomRGR63'$
GXUDQWH D UHDOL]DomR GH TXDOTXHU VHUYLoR GH PRGLILFDomR GR VLVWHPD H
SHULRGLFDPHQWHDFDGD WUrV DQRVSDUDHVWUXWXUDVFRPXQV
x 8PDLQVSHomRYLVXDOGHYHUiVHUHIHWXDGDDQXDOPHQWH


3URWHomR GDV FHQWUDLV GH DUPD]HQDPHQWR GH JiV OLTXHIHLWR GH SHWUyOHR ±
*/3

2JiVOLTXHIHLWRGHSHWUyOHR */3 pXPFRPEXVWtYHODUPD]HQDGRVRESUHVVmRp
XVDGR SULQFLSDOPHQWH QDV UHVLGrQFLDV HP ERWLM}HV GH H NJ 6XD XWLOL]DomR
FRPHUFLDO H LQGXVWULDO p IHLWD FRP FLOLQGURV GH PDLRU FDSDFLGDGH GH NJ $
HVFROKD GR WLSR GH UHFLSLHQWH H GD HVWUXWXUD GDV LQVWDODo}HV GHSHQGH GR XVR TXH VH
SUHWHQGHGDUDR*/3([LVWHPYiULRVWLSRVGHUHFLSLHQWHVXPDSDUDFDGDXVR

x 3

2V ERWLM}HV GH NJ 3 IRUDP IDEULFDGRV SDUD RSHUDU VHP UHJXODGRU GH
SUHVVmR6mRLQGLFDGRVSDUDIRJDUHLURVGHDFDPSDPHQWRVODPSL}HVDJiVHPDoDULFRV
SDUD SHTXHQDV VROGDJHQV $ YiOYXOD GH VDtGD GH JiV p DFLRQDGD SRU XPD PROD TXH
UHWRPDDXWRPDWLFDPHQWHTXDQGRKiGHVFRQH[mR

x 3


2VERWLM}HVGHNJ 3 VmRRVUHFLSLHQWHVGHJiVPDLVSRSXODUHVGRSDtV
6mR XVDGRV EDVLFDPHQWH SDUD FR]LQKDU WDQWR QDV UHVLGrQFLDV FRPR HP EDUHV H
ODQFKRQHWHVGHSHTXHQRSRUWH$YiOYXODGHVDtGDGHJiVWDPEpPpDFLRQDGDSRUXPD
PROD TXH UHWRUQD DXWRPDWLFDPHQWH TXDQGR Ki GHVFRQH[mR PDV QHVWH FDVR H[LVWH
XPDYiOYXODGHVHJXUDQoDRSOXJXHIXVtYHOIDEULFDGRHPOLJDPHWiOLFDGHELVPXWRTXH
GHUUHWHTXDQGRDWHPSHUDWXUDDPELHQWHDWLQJHGH&D&
9iOYXODGHVHJXUDQoD

x 3

2 */3 WDPEpP SRGHVHU XWLOL]DGR FRPR FRPEXVWtYHO SDUD PRWRUHV GH YHtFXORV
HPSLOKDGHLUDV TXH XWLOL]DP XP UHFLSLHQWH HVSHFLDO GH NJ 3 e R ~QLFR
YDVLOKDPH GH */3 TXH GHYH VHU XWLOL]DGR QD KRUL]RQWDO SRLV WRGR R VHX VLVWHPD p
SODQHMDGRSDUDIXQFLRQDUQHVWDSRVLomR


x 3H3

2V ERWLM}HV GH H NJ 3 H 3 VmR LQGLFDGRV SDUD DV LQVWDODo}HV
FHQWUDOL]DGDV GH JiV TXH SHUPLWHP PDLRU YHUVDWLOLGDGH QR XVR GR */3 6HUYH WDQWR
SDUD DEDVWHFHU IRUQR H IRJmR FRPR SDUD R DTXHFLPHQWR GH iJXD H DPELHQWH
UHIULJHUDomR23pXWLOL]DGRHPUHVLGrQFLDVFRQGRPtQLRVUHVWDXUDQWHVODYDQGHULDV
H LQG~VWULDV RXDLQGDSDUD FRQVXPLGRUHV LQVWLWXFLRQDLV FRPR KRVSLWDLV H HVFRODV 2V
ERWLM}HV GH NJ VmR HPSUHJDGRV SHOR PHVPR WLSR GH FRQVXPLGRUHV PDV GH PDLRU
SRUWH $ YiOYXOD GH SDVVDJHP GH JiV QHVVHV GRLV WLSRV GH YDVLOKDPHV p D GH
IHFKDPHQWRPDQXDO(OHVWDPEpPVmRHTXLSDGRVFRPXPDYiOYXODGHVHJXUDQoDTXH
OLEHUD D SDVVDJHP GR JiV VHPSUH TXH KRXYHU XP JUDQGH DXPHQWR GH SUHVVmR QR
LQWHULRUGRUHFLSLHQWHGHYLGRDRDTXHFLPHQWRGRDPELHQWH DSUR[&D&GHSHQGH
GRIDEULFDQWH
2 JiV OLTXHIHLWR GH SHWUyOHR */3 p FRPSRVWR SULQFLSDOPHQWH GH GH
SURSDQRH EXWDQR 2 FLOLQGUR TXDQGR FKHLR FRQWpPHP VHX LQWHULRU GH */3
HPHVWDGROtTXLGRHHPHVWDGRGHYDSRU2*/3HPHVWDGROtTXLGRFRPHoDDVH
WUDQVIRUPDUHPYDSRUjPHGLGDTXHRVDSDUHOKRVDJiVVmRXWLOL]DGRV2*/3QmRWHP
FKHLUR QDWXUDO SRU LVVR XPD VXEVWkQFLD RGRUtILFD GHQRPLQDGD 0HUFDSWDQ OKH p
DGLFLRQDGD 2 JiV QmR p Wy[LFR PDV p FODVVLILFDGR FRPR DVIL[LDQWH SRUTXH SRGH
GHVORFDU R DU WRPDQGR VHX OXJDU QR DPELHQWH 2 */3 p FHUFD GH YH]HV PDLV
SHVDGR TXH R DU GHVWD IRUPD QRUPDOPHQWH RFXSD RV QtYHLV PDLV EDL[RV 2 */3 p
IUHTXHQWHPHQWHDUPD]HQDGRHPXPRXPDLVFLOLQGURV EDWHULD
3DUD VHU LQVWDODGR R ERWLMmR GH JiV SUHFLVD GH HTXLSDPHQWRV FRPSOHPHQWDUHV
QHFHVViULRVDVXDXWLOL]DomR


x 0$1*8(,5$ 7HP D IXQomR GH OHYDU R JiV GR ERWLMmR RX GD LQVWDODomR
HPEXWLGD QD SDUHGH DWp R IRJmR )HLWDV GH 39& FRP WUDPD GH SROLpVWHU WDUMD
DPDUHODFRPHVFULWDVHPSUHWRRXEUDQFRLQIRUPDQGRDYDOLGDGHSUHVVmR1%5
HDHPSUHVDTXHIDEULFRX

x 5(*,6752 'LVSRVLWLYR TXH EORTXHLD R IOX[R GH JiV GR ERWLMmR SDUD R IRJmR
'HYHSHUPDQHFHUIHFKDGRVHPSUHTXHQmRHVWLYHUVHQGRXWLOL]DGR

x 5(*8/$'25'(35(6626HUYHSDUDUHGX]LUDSUHVVmRFRPTXHRJiVVDL
GRERWLMmRDWpDTXHODQHFHVViULDjDOLPHQWDomRGRVTXHLPDGRUHV YDOLGDGHFLQFR
DQRVDSDUWLUGDGDWDGHIDEULFDomR

x &21(%25%2/(7$ $EUH D YiOYXOD GR ERWLMmR H GHL[D SDVVDU R JiV SDUD R
UHJXODGRU

x $%5$d$'(,5$6 3HTXHQRV DQpLV HPSUHJDGRV SDUD DMXVWDU H IL[DU D
PDQJXHLUDDRIRJmRHDRUHJXODGRUGHSUHVVmR



,QVWDODo}HVHPHGLItFLRVFRQGRPtQLRVHVWDEHOHFLPHQWRVFRPHUFLDLVHLQGXVWULDLV
TXH XWLOL]DP PDLV GH XP FLOLQGUR */3 EDWHULD 3DUD LQVWDODomR GHYHP VHJXLU
UHJXODPHQWDomR YLJHQWH GH SUHYHQomR FRQWUD LQFrQGLR FRQIRUPH HVWDEHOHFLGD QD
FLGDGH RX HVWDGR (P JHUDO R */3 QHVWH DPELHQWH GHYH VHU FHQWUDOL]DGR SDUD HYLWDU
DFLGHQWHV GLIHUHQWH GR */3 TXH p LQVWDODGR HP UHVLGrQFLDV XQLIDPLOLDUHV TXH XWLOL]D
VRPHQWHXPUHFLSLHQWHHPORFDLVFRPRFRPpUFLRLQG~VWULDVRQGHRIOX[RGHSHVVRDVp
PDLRU H PXLWDV YH]HV QR SHUtRGR QRWXUQR QmR D QLQJXpP QR HVWDEHOHFLPHQWR $


FHQWUDOL]DomRGRVUHFLSLHQWHVR*/3IDFLOLWDRWUDEDOKRQDKRUDGHXPLQFrQGLRSRLVR
IHFKDPHQWR GR JiV RFRUUH QD FHQWUDO EORTXHDGR HP XP Vy UHJLVWUR WRGR JiV
FRPEXVWtYHO HYLWDQGR H[SORV}HV QR DPELHQWH (P JHUDO DV FHQWUDLV GH JiV GHYHP WHU
VXDVLQVWDODo}HVQDVHJXLQWHIRUPD
(P DPELHQWH H[WHUQR GD HGLILFDomR EHP YHQWLODGRV SHUPLWD R DFHVVR IiFLO H
GHVLPSHGLGRDVVHJXUDQGRDLQGDSURWHomRjLQWHJULGDGHGRVFLOLQGURV
4XHLPDGR7pFQLFR
&HQWUDOGH*/3
4XHLPDGR7pFQLFR

2 DEULJR GH UHFLSLHQWHV GHYH VHU FRQVWUXtGR HP PDWHULDO QmR LQIODPiYHO
GHVWLQDGRjSURWHomRGRVUHFLSLHQWHVHVHXVFRPSOHPHQWRVHWHPSRGHUHVLVWrQFLDDR
IRJR GH KRUDV $V SRUWDV GHYHUmR VHU PHWiOLFDV FRP GLVSRVLWLYRV GH WHOD RX
YHQH]LDQDVHPWRGDDVXDDOWXUD


1DFHQWUDOGH*/3pH[SUHVVDPHQWHSURLELGDDDUPD]HQDJHPGHTXDOTXHUWLSR
GH PDWHULDO EHP FRPR TXDOTXHU RXWUD XWLOL]DomR 2V UHFLSLHQWHV QmR SRGHP VHU
ORFDOL]DGRVVRERXVREUHUHGHVHOpWULFDV
$FHQWUDOGH*/3HVHXVFRPSRQHQWHVGHYHPREULJDWRULDPHQWHVHULQVWDODGRVD
XPD GLVWkQFLD PtQLPD GH P GH UDORV FDL[D GH JRUGXUD YDOHWDV GH FDSWDomR GH
iJXDV SOXYLDLV DEHUWXUDV GH GXWRV GH HVJRWR DEHUWXUDV SDUD FRPSDUWLPHQWRV
VXEWHUUkQHRVFDL[DGHUHGHGHOX]HWHOHIRQHFDL[DVGHJRUGXUDHWF

$ FHQWUDO GH */3 p SURYLGD GH XPD FDL[D GH PDQREUD H FRQWUROH (VWH DEULJR
LQVWDODGRDXPDDOWXUDPtQLPDGHPGHSLVRPRQWDGRH[WHUQDPHQWHjFHQWUDOGH
*/3 GLVSRQGR GH DEHUWXUDV SDUD YHQWLODomR HP VXD SDUWH LQIHULRU HRX ODWHUDLV FRP
WDPSD HP YLGUR FRP VHJXLQWH GL] ³(0 &$62 '( ,1&Ç1',2 48(%5( 2 9,'52 (
)(&+( 2 5(*,6752´ &RQWHQGR HP VHX LQWHULRU R UHJXODGRU GH R HVWiJLR
PDQ{PHWURSDUDFRQWUROHGDSUHVVmRGDUHGHSULPDULDGHJiVUHJLVWURJHUDOGHFRUWH


&DL[DGHPDQREUDHFRQWUROH
([WHUQDPHQWH
&HQWUDOGH*/3D*UDQHO

&DL[DGHPDQREUDHFRQWUROH
-XQWRD%DWHULDGHUHFLSLHQWHV
&HQWUDOGH3



2UHJLVWURJHUDOGHFRUWHGR*/3pFRPSRVWRGHXPDYiOYXODGHHVIHUD



2VXSULPHQWRGHJiVSDUDXPDHVWUXWXUDSRGHVHULQWHUURPSLGRSHORIHFKDPHQWR
GR UHJLVWUR JHUDO VH D YiOYXOD HVWLYHU LQRSHUDQWH R IOX[R SRGH VHU LQWHUURPSLGR QR
IHFKDPHQWR GD YiOYXOD DFRSODGD DR FLOLQGUR QRV FDVRV GH 3 3 H 3 H QRV
FDVRVGH3ID]HQGRDUHWLUDGDGR&21(%25%2/(7$

1D SDUWH LQWHUQD GDV HGLILFDo}HV WDPEpP Ki XP UHJLVWUR IHFKH UiSLGR R TXDO
LQWHUURPSHRIOX[RGHJiV*/3



(P LQFrQGLRV RQGH RFRUUH D TXHLPD GD PDQJXHLUD KDYHUi XPD YD]mR GH JiV
*/3VHPFRQWUROHSURSRUFLRQDQGRFRPEXVWtYHOSDUDDSURSDJDomRUiSLGDGRLQFrQGLR
2QGH RFRUUH R YD]DPHQWR FRQVWDQWH H HP FRQWDWR FRP DV FKDPDV RFRUUHUi XP
LQFrQGLR ORFDOL]DGR RX VHMD VRPHQWH QR SRQWR RQGH HVWi VDLQGR R JiV */3 FRP
SUHVVmR VH HVWD VDtGD GH JiV QmR IRU FRUWDGD KDYHUi LQFrQGLR DWp TXH WRGRV RV
UHFLSLHQWHV GD FHQWUDOGH JiV VH HVJRWHP (P LQFrQGLRV FRP HVVD VLWXDomR H[LJH XP
FXLGDGRPDLRUSRUSDUWHGRERPEHLURSRUH[HPSORHPXPHGLItFLRGHGH]DQGDUHVR
LQFrQGLR p QR WHUFHLUR DQGDU TXDQGR D JXDUQLomR VH GHSDUD FRP XP LQFrQGLR QD
FR]LQKDHFRQVWDWDTXHRSRQWRGHJiV*/3GRDSDUWDPHQWRHVWDYD]DQGRHRFDVLRQRX
XPIRFRGHLQFrQGLRQRSRQWRGRJiVRSURFHGLPHQWRpQmRH[WLQJXLURLQFrQGLRFRP
QHQKXP WLGR GH DJHQWH H[WLQWRU SRLV DR H[WLQJXLU DV FKDPDV R JiV LUi SURSDJDU HP
WRGR DPELHQWH DWp R IRFR GH LQFrQGLR PDLV SUy[LPR TXH TXDQGR HP FRQWDGR FRP DV
FKDPDVFDXVDUiXPDH[SORVmRQRDPELHQWH2FRUUHWRpSHGLUSDUDTXHXPPHPEURGD
JXDUQLomR HQFRQWUH D FHQWUDO GH JiV H IHFKH R UHJLVWUR JHUDO VH KRXYHU FRPXQLFDomR
YLD UiGLR R FRQWDWR SRGH VHU PDLV UiSLGR PDV QmR KDYHQGR FRPXQLFDomR YLD UiGLR R
FRUUHWR p VROLFLWDU TXH XP PHPEUR GD HTXLSH TXH HVWHMD MXQWR HQFRQWUH D FHQWUDO H


IHFKHRUHJLVWURHYLWDQGRDFLGHQWH2VERPEHLURVPHPEURVGDHTXLSHGHYHUmRDSHQDV
FRQWURODU R LQFrQGLR QR DPELHQWH DWp TXH R SUREOHPD GR IOX[R FRQWtQXR GR */3 VHMD
FRUWDGR QD IRQWH 6H R UHJLVWUR GH IHFKH UiSLGR GHQWUR GD HGLILFDomR QmR HVWLYHU
GDQLILFDGRRIHFKDPHQWRSULPiULRSRGHVHUIHLWRQRSUySULRSRQWRGHJiVPDVPHVPR
DVVLP VROLFLWDU R IHFKDPHQWR GR UHJLVWUR JHUDO SRLV VH KRXYHU XP SUREOHPD SRVWHULRU
FRPRUHJLVWURRJiVYROWDUDDYD]DU

2 JiV */3 TXH YD]RX H HVWi GHSRVLWDGR QR DPELHQWH SRGH VHU GLVVLSDGR SRU
YHQWLODomR

x 'LFDVSUHYHQWLYDV

x $ PDQJXHLUD QXQFD SRGH SDVVDU DWUiV GR IRJmR 2 FDORU GDQLILFD R PDWHULDO
SURYRFDQGRUDFKDGXUDVHSRVVtYHLVYD]DPHQWRV



x 1XQFDGHL[HDVLQVWDODo}HVGHJiVQDVPmRVGHSHVVRDVQmRTXDOLILFDGDVQHP
SHUPLWDTXHFXULRVRVIDoDPTXDOTXHUWLSRGHDUUDQMRRXFRQFHUWR
x 4XDQGR D DOLPHQWDomR GRV TXHLPDGRUHV HVWLYHU GHILFLHQWH p SUHFLVR WURFDU R
ERWLMmR 1XQFD YLUH RX GHLWH R ERWLMmR SRLV FDVR DLQGD H[LVWD DOJXP UHVtGXR GR
JiV HOH SRGHUi HVFRDU QD IDVH OtTXLGD R TXH DQXOD D IXQomR GR UHJXODGRU GH
SUHVVmRHSRGHSURYRFDUJUDYHVDFLGHQWHV


x $QWHV GH WURFDU R ERWLMmR YHULILTXH VH WRGRV RV TXHLPDGRUHV HVWmR GHVOLJDGRV
-DPDLVHIHWXHDWURFDQDSUHVHQoDGHFKDPDVEUDVDVRXIDtVFDV
x 3DUD YHULILFDU VH Ki YD]DPHQWR GH JiV GHSRLV GH WURFDU R ERWLMmR SDVVH XPD
HVSRQMD FRP iJXD H VDEmR VREUH D FRQH[mR GR FRQHERUEROHWD FRP D YiOYXOD
6H KRXYHU YD]DPHQWR DSDUHFHUmR EROKDV GH HVSXPD GH VDEmR 1mR XWLOL]H
FKDPDSDUDORFDOL]DUYD]DPHQWRGHJiV

x 1RFDVRGHYD]DPHQWRGHJiVSULPHLURGHVOLJXHDFKDYHJHUDOGHHQHUJLDHQD
LPSRVVLELOLGDGH GH UHPRYHU R ERWLMmR SDUD XP ORFDO DUHMDGR DEUD SRUWDV H
MDQHODVQmRIXPHHQmRDFHQGDQHQKXPWLSRGHFKDPD
x 0DQWHQKDRVDFHQGHGRUHVGHIRJmRVHPSUHOLPSRVODYDQGRRVHPiJXDTXHQWH
H GHWHUJHQWH 4XDQGR SHUFHEHU XPD FKDPD DPDUHOD TXH GHL[D SUHWR R IXQGR
GDVSDQHODVOLPSHDSDUWHGHGHQWURGRVTXHLPDGRUHV
x 1mR DFHQGD XP TXHLPDGRU TXDQGR DLQGD HVWLYHU PROKDGR $ FKDPD VDLUi
LUUHJXODUHSRGHUiVHDSDJDUSURYRFDQGRYD]DPHQWR
x )HFKHRUHJLVWURVHPSUHTXHQmRHVWLYHUXVDQGRRJiV
x 1mRXWLOL]HRERWLMmRGH.JHPIRJDUHLURVRXODPSL}HVSRLVSRGHUiRFDVLRQDU
XPVXSHUDTXHFLPHQWRGRUHFLSLHQWHURPSHQGRDYiOYXODGHVHJXUDQoD
1mRXWLOL]HFKDPDSDUDORFDOL]DUYD]DPHQWRGHJiVXVHHVSXPD

0HLRVGHHYDFXDomR


6mR PHLRV GH HYDFXDomR WRGRV RV GLVSRVLWLYRV XWLOL]DGRV SDUD RIHUHFHU
VHJXUDQoDQRDEDQGRQRGRORFDO

'D(VFDGD(QFODXVXUDGD

&RQVLGHUDVHHVFDGDHQFODXVXUDGDDTXHODjSURYDGHIRJRHIXPDoDGRWDGDGH
DQWHFkPDUDYHQWLODGDTXHREVHUYHDVH[LJrQFLDVGDVQRUPDVSUHYHQomRGHLQFrQGLR
eDVHJXLQWHGHILQLomRGRVWHUPRVXWLOL]DGRV

x $&(662±FDPLQKRDVHUSHUFRUULGRSHORVXVXiULRVGRSDYLPHQWRFRQVWLWXLQGR
D URWD GH VDtGD KRUL]RQWDO SDUD DOFDQoDU HVFDGD RX UDPSD iUHD GH UHI~JLR RX
GHVFDUJD 2V DFHVVRV SRGHP VHU FRQVWLWXtGRV SRU FRUUHGRUHV SDVVDJHQV
YHVWtEXORVEDOF}HVYDUDQGDVHWHUUDoRV

x $%(5785$ '(63527(*,'$ ± SRUWD MDQHOD RX TXDOTXHU RXWUD DEHUWXUD QmR
GRWDGDGHYHGDomRFRPRH[LJLGRtQGLFHGHSURWHomRDRIRJRRXTXDOTXHUSDUWH
GDSDUHGHH[WHUQDGDHGLILFDomRFRPtQGLFHGHUHVLVWrQFLDDRIRJRPHQRUTXHR
H[LJLGRSDUDDIDFHH[SRVWDGDHGLILFDomR
x $/785$'$(',),&$d228$/785$'(6&(1'(17(±0HGLGDHPPHWURV
HQWUHRSRQWRTXHFDUDFWHUL]DDVDtGDGRQtYHOGHGHVFDUJDVREDSURMHomRGR
SDUDPHQWR H[WHUQR GD SDUHGH GR SUpGLR DR SRQWR PDLV DOWR GR SLVR GR ~OWLPR
SDYLPHQWRQmRFRQVLGHUDQGRSDYLPHQWRVVXSHULRUHVGHVWLQDGRVH[FOXVLYDPHQWH
DFDVDVGHPiTXLQDFDL[DG¶iJXDHRXWURV

x $/785$ $6&(1'(17( 0HGLGD HP PHWURV HQWUH R SRQWR TXH FDUDFWHUL]D D
VDtGDDRQtYHOGHGHVFDUJDVREDSURMHomRGRSDUDPHQWRH[WHUQRGDSDUHGHGD
HGLILFDomRDRSRQWRPDLVEDL[RGRSLVRGRSDYLPHQWRHPDLVEDL[RGDHGLILFDomR
VXEVROR

x $17(&Æ0$5$ 28 9(67Ë%8/2 ± 5HFLQWR TXH DQWHFHGH D FDL[D GD HVFDGD
FRPYHQWLODomRQDWXUDOJDUDQWLGDSRUMDQHODSDUDRH[WHULRURXSRUGXWRGHVDtGD
GHDU



x È5($'23$9,0(172±0HGLGDHPPHWURVTXDGUDGRVTXDOTXHUSDYLPHQWRGH
XPD HGLILFDomR GR HVSDoR FRPSUHHQGLGR SHOR SHUtPHWUR LQWHUQR GDV SDUHGHV
H[WHUQDV H SDUHGHV FRUWDIRJR H[FOXtGD D iUHD GH DQWHFkPDUDV H GRV UHFLQWRV
IHFKDGRVGDHVFDGDHUDPSDV

x È5($ '2 0$,25 3$9,0(172 ± ÈUHD GR PDLRU SDYLPHQWR GD HGLILFDomR
H[FOXLQGRRGDGHVFDUJD

x È5($'(5()Ò*,2±3DUWHGDiUHDGHXPSDYLPHQWRVHSDUDGDGDUHVWDQWHSRU
SDUHGHVFRUWDIRJRHSRUSRUWDVFRUWDIRJRWHQGRDFHVVRGLUHWRFDGDXPDGHODV
DXPDHVFDGDGHHPHUJrQFLD

x %$/&2286$&$'$±3DUWHGDHGLILFDomRHPEDODQoRFRPUHODomRjSDUHGH
H[WHUQD GR SUpGLR WHQGR SHOR PHQRV XPD IDFH DEHUWD SDUD R HVSDoR OLYUH
H[WHULRU

x %2&(/281$5,='2'(*5$8±%RUGDVDOLHQWHGRGHJUDXVREUHRHVSHOKR
DUUHGRQGDGDLQIHULRUPHQWHRXQmR

x &,5&8/$d2'(862&2080±3DVVDJHPTXHGiDFHVVRjVDtGDGHPDLV
GHXPDXQLGDGHDXW{QRPDTXDUWRGRKRWHORXDVVHPHOKDGR

x &203$57,0(17$5±$WRGHVHSDUDUXPRXPDLVORFDLVGRUHVWRGDHGLILFDomR
SRULQWHUPpGLRGHSDUHGHVHSRUWDVFRUWDIRJR

x &255,02 28 0$,1(/ ± %DUUD FDQR RX SHoD VLPLODU FRP VXSHUItFLH OLVD
DUUHGRQGDGD H FRQWtQXD ORFDOL]DGD MXQWR jV SDUHGHV RX JXDUGDV GH HVFDGDV
UDPSDV RX SDVVDJHQV SDUD DV SHVVRDV QHOD VH DSRLDUHP DR VXELU GHVFHU RX
GHVORFDU


x '(*5$8 ± &RQMXQWRGRV GRLV HOHPHQWRVKRUL]RQWDO H YHUWLFDO GH XPD HVFDGD
RXSLVRLVWRpRGHJUDXSURSULDPHQWHGLWRHRHVSHOKR

x '(6&$5*$±3DUWHGDVDtGDGHHPHUJrQFLDGHXPDHGLILFDomRTXHILFDHQWUHD
HVFDGDHRORJUDGRXURS~EOLFRRXiUHDH[WHUQDFRPDFHVVRDHVWH

x '872'(6$Ë'$'($5±(VSDoRYHUWLFDOQRLQWHULRUGDHGLILFDomRTXHSHUPLWH
D VDtGD HP TXDOTXHU SDYLPHQWR GH JDVHV H IXPDoD SDUD R DU OLYUH DFLPD GD
FREHUWXUDGDHGLILFDomR

x (1&/$8685$5 ± $WR GH VHSDUDU XP RX PDLV ORFDLV GR UHVWR GR HGLItFLR SRU
LQWHUPpGLRGHSRUWDVFRUWDIRJRHSDUHGHVUHVLVWHQWHVDFKDPDV

x (6&$'$ '( (0(5*Ç1&,$ ± (VFDGD LQWHJUDQWH GH XPD URWD GH VDtGD
SRGHQGRVHUXPDHVFDGDHQFODXVXUDGDRXQmR

x (6&$'$(1&/$8685$'$±(VFDGDFXMDFDL[DpHQYROYLGDSRUSDUHGHVFRUWD
IRJRHGRWDGDGHSRUWDVFRUWDIRJR2DFHVVRpIHLWRSRUDQWHFkPDUDLJXDOPHQWH
HQFODXVXUDGD RX ORFDO DEHUWR GH PRGR D HYLWDU IRJR H IXPDoD HP FDVR GH
LQFrQGLR

x (6&$'$ 12 (1&/$8685$'$ 28 (6&$'$ &2080 ± (VFDGD TXH
HPERUDSRVVDID]HUSDUWHGHXPDURWDGHVDtGDVHFRPXQLFDUGLUHWDPHQWHFRP
RVGHPDLVDPELHQWHVFRPRFRUUHGRUHVKDOOVHRXWURVHPFDGDSDYLPHQWRQmR
SRVVXLSRUWDVFRUWDIRJR

x *8$5'$ 28 *8$5'$&2532 ± %DUUHLUD SURWHWRUD YHUWLFDO PDFLoD RX QmR
GHOLPLWDQGRDVIDFHVODWHUDLVDEHUWDVGHHVFDGDVUDPSDVSDWDPDUHVWHUUDoRV
EDOF}HV JDOHULDV H DVVHPHOKDGRV VHUYLQGR FRPR SURWHomR FRQWUD HYHQWXDLV
TXHGDVGHXPQtYHOSDUDRXWUR


x ,1&20%867Ë9(/ ± 0DWHULDO TXH DWHQGH DRV SDGU}HV GH PpWRGRV GH HQVDLR
SDUDGHWHUPLQDomRGDQmRFRPEXVWLELOLGDGH

x /$1&('((6&$'$±6XFHVVmRLQLQWHUUXSWDGHGHJUDXVHQWUHGRLVSDWDPDUHV
VXFHVVLYRV QmR SRGHQGR XP ODoR GH HVFDGD WHU PHQRV GH WUrV GHJUDXV QHP
VXELUDOWXUDVXSHULRUDP

x /$5*85$ '2 '(*5$8 ± 'LVWkQFLD HQWUH R ERFHO GR GHJUDX H D SURMHomR GR
ERFHOGRGHJUDXLPHGLDWDPHQWHVXSHULRUPHGLGDKRUL]RQWDOPHQWHVREUHDOLQKD
GHSHUFXUVRGDHVFDGD

x /,1+$ '( 3(5&8562 '( 80$ (6&$'$ ± /LQKD LPDJLQiULD VREUH D TXDO
VREH RX GHVFH XPD SHVVRD TXH VHJXUD R FRUULPmR GD OLQKD LQWHUQD HVWDQGR
DIDVWDGD SRU FP GD ERUGD OLYUH GD HVFDGD RX GD SDUHGH VREUH HVWD OLQKD
WRGRVRVGHJUDXVSRVVXHPSLVRGHODUJXUDLJXDOLQFOXVLYHRVGHJUDXVUHIHUHQWHV
DRVORFDLVFRLQFLGHQWHVFRPRHL[RGDHVFDGDILFDQGRPDLVSHUWRGDERUGD
x 1Ë9(/ '( $&(662 ± 1tYHO GR WHUUHQR QRSRQWR HP TXH DWUDYHVVD D SURMHomR
GRSDUDPHQWRH[WHUQRGDSDUHGHGRSUpGLRDRVHHQWUDUQDHGLILFDomRTXHQmR
VHSUHVWDSDUDDGHWHUPLQDomRGDDOWXUDGDHGLILFDomR

x 1Ë9(/'('(6&$5*$±1tYHOQRTXDOXPDSRUWDH[WHUQDGHVDtGDFRQGX]DR
H[WHULRU

x 2&83$d2±8VRUHDORXXVRSUHYLVWRGHXPDHGLILFDomRRXSDUWHGHODSDUD
DEULJRHGHVHPSHQKRGHDWLYLGDGHVGHSHVVRDVRXSURWHomRGHDQLPDLVHEHQV

x 3$5('( &257$)2*2 ± 7LSR GH VHSDUDomR FRUWDIRJR TXH VRE D DomR GR
IRJR FRQVHUYD VXDV FDUDFWHUtVWLFDV GH UHVLVWrQFLD PHFkQLFD H HVWDQTXH j
SURSDJDomR GD FKDPD H SURSRUFLRQD XP LVRODPHQWR WpUPLFR WDO TXH D
WHPSHUDWXUD PHGLGD VREUH D VXSHUItFLH QmR H[SRVWD QmR XOWUDSDVVH R&
GXUDQWHXPWHPSRHVSHFLILFDGR


x 3$5('( 5(6,67(17( $2 )2*2 ± 3DUHGH FDSD] GH UHVLVWLU HVWUXWXUDOPHQWH
DRVHIHLWRVGHTXDOTXHUIRJRRTXDOSRVVDYLUDILFDUH[SRVWDGXUDQWHXPWHPSR
GHWHUPLQDGR

x 3$9,0(172 ± 3DUWH GH XPD HGLILFDomR VLWXDGD HQWUH D SDUWH VXSHULRU GH XP
SLVR DFDEDGR H D SDUWH VXSHULRU GR SLVR LPHGLDWDPHQWH VXSHULRU RX HVWH SLVR
DFLPD

x 3$9,0(172 '( '(6&$5*$ ± 3DYLPHQWR TXH SRVVXL XPD SRUWD H[WHUQD GH
VDtGD

x 3$9,0(172 (0 3,/27,6 ± /RFDO HGLILFDGR GH XVR FRPXP DEHUWR HP SHOR
PHQRVWUrVODGRVGHYHQGRRVODGRVDEHUWRVILFDUDIDVWDGRVQRPtQLPRP
GDV GLYLVDV FRQVLGHUDVH WDPEpP FRPR WDO R ORFDO FREHUWR DEHUWR HP SHOR
PHQRV GXDV IDFHV RSRVWDV FXMR SHUtPHWUR DEHUWR WHQKD QR PtQLPR GH
SHUtPHWURWRWDO

x 3238/$d2±1~PHURGHSHVVRDVSDUDDVTXDLVXPDHGLILFDomRRXSDUWHGHOD
pSURMHWDGD

x 3257$ &257$)2*2±&RQMXQWRGHIROKDGHSRUWDPDUFRHDFHVVyULRVTXH
DWHQGHj1%5

x 5$03$±3DUWHLQFOLQDGDGHXPDURWDGHVDtGDTXHVHGHVWLQDDXQLUGRLVQtYHLV
GHXPSDYLPHQWR

x 6$Ë'$ '( (0(5*Ç1&,$ 527$ '( 6$Ë'$ 28 6$Ë'$ ± &DPLQKR FRQWtQXR
GHYLGDPHQWH SURWHJLGR SURSRUFLRQDGR SRUSRUWDV FRUUHGRUHV KDOOV SDVVDJHQV
H[WHUQDV EDOF}HV YHVWtEXORV HVFDGDV UDPSDV RX RXWURV GLVSRVLWLYRV GH VDtGD
RXFRPELQDomRGHVWHVVHQGRSHUFRUULGRSHORXVXiULR(PFDVRGHLQFrQGLRHP
TXDOTXHU SRQWR GD HGLILFDomR DWp DWLQJLU D YLD S~EOLFD RX HVSDoR DEHUWR
SURWHJLGRGRLQFrQGLRHPFRPXQLFDomRFRPRORJUDGRXUR



x 68%62/2±3DYLPHQWRRXSDYLPHQWRVGHXPDHGLILFDomRVLWXDGD V DEDL[RGR
SDYLPHQWRWpUUHR

x 7(55$d2 ± /RFDO GHVFREHUWR VREUH D HGLILFDomR RX DR QtYHO GH XP GH VHXV
SDYLPHQWRVDFLPDGRSDYLPHQWRWpUUHR

x 81,'$'('(3$66$*(0±/DUJXUDPtQLPDSDUDDSDVVDJHPGHXPDILODGH
SHVVRDV IL[DGD HP FP D FDSDFLGDGH GH XPD XQLGDGH GH SDVVDJHP p R
Q~PHURGHSHVVRDVTXHSDVVDSRUHVWDXQLGDGHHPPLQXWR

x 9$5$1'$ ± 3DUWH GD HGLILFDomR QmR HP EDODQoR OLPLWDGD SHOD SDUHGH
SHULPHWUDO GR HGLItFLR WHQGR SHOR PHQRV XPD GDV IDFHV DEHUWDV SDUD R
ORJUDGRXURRXYHQWLODomR

'DV&DUDFWHUtVWLFDVGD(VFDGD(QFODXVXUDGD

2 DFHVVR TXDQGR DWUDYpV GH EDOF}HV H WHUUDoRV SDUD LQJUHVVR QD HVFDGD
HQFODXVXUDGDDWHQGHUiDRVVHJXLQWHVUHTXLVLWRV

x 6HUGRWDGRGHSRUWDFRUWDIRJRQDHQWUDGDHQDVDtGD
x 7HUJXDUGDGHPDWHULDOLQFRPEXVWtYHOHQmRYD]DGDFRPDOWXUDPtQLPDGHP

$DQWHFkPDUDSDUDLQJUHVVRQDHVFDGDHQFODXVXUDGDGHYHUmRVHUYHQWLODGRVSRU
GXWRVRXMDQHODVDEULQGRGLUHWDPHQWHSDUDRH[WHULRUDVHUHPGRWDGDVGHSRUWDFRUWD
IRJRQDHQWUDGDHQDVDtGD
$VSDVVDJHQVFRUUHGRUHVSDWDPDUHVHHVFDGDVGHYHUmRDWHQGHUDRVVHJXLQWHV
UHTXLVLWRV
x 3HUPLWLUHVFRDPHQWRIiFLOGHWRGRVRVRFXSDQWHVGRSDYLPHQWR
x 3HUPDQHFHUGHVREVWUXtGRVHPWRGRVRVSDYLPHQWRV

$ODUJXUDGRDFHVVRDWHQGHUiDRVVHJXLQWHVUHTXLVLWRV


x 6HUiSURSRUFLRQDODRQ~PHURGHSHVVRDVTXHSRUHOHWUDQVLWDU
x 6HUiGHWHUPLQDGDHPIXQomRGDQDWXUH]DGDRFXSDomRGRHGLItFLR
x 6HUiQRPtQLPRGHP XPPHWURHYLQWHFHQWtPHWURV GHODUJXUD
x 3DUD FDGD FRQMXQWR GH SHVVRDV FRQIRUPH R $QH[R ,, VHUi DFUHVFLGR XPD
8QLGDGHGH3DVVDJHP

3RUWD&RUWD)RJR
$QWHFkPDUD
(VFDGD
ÈUHDGHFLUFXODomR

$HVFDGDHQFODXVXUDGDGHYHUiDWHQGHUDRVVHJXLQWHVUHTXLVLWRV

x 7HUiVXDFDL[DHQYROYLGDSRUSDUHGHVUHVLVWHQWHVDRIRJRSRUXPSHUtRGRGH
TXDWUR KRUDV
x 7HUiLQJUHVVRDWUDYpVGHDQWHFkPDUD YHVWtEXORWHUUDoRRXEDOFmR
x $ FRPXQLFDomR GD FLUFXODomR GR SUpGLR FRP D DQWHFkPDUD GD HVFDGD VHUi
SURYLGDGHSRUWDFRUWDIRJRFRPUHVLVWrQFLDPtQLPDDRIRJRGH XPD KRUD
x ,QLFLDUiQRSDYLPHQWR~WLOPDLVHOHYDGRHWHUPLQDUiREULJDWRULDPHQWHQRSLVRGH
GHVFDUJDVHPFRPXQLFDomRGLUHWDFRPRXWURODQFHGDPHVPDSUXPDGD
x 1mRSRGHUiVHUXWLOL]DGDFRPRGHSyVLWRRXORFDOL]DomRGHHTXLSDPHQWRV
x 1mRWHUiDEHUWXUDVSDUDWXEXODomRGHOL[RTXDGURVHOpWULFRVHWHOHI{QLFRV*/3
RXDVVHPHOKDGRV


x 'HQWURGDVFDL[DVGHHVFDGDQDSDUHGHKDYHUiDLQGLFDomRHPORFDOEHPYLVtYHO
GRQ~PHURGRSDYLPHQWRFRUUHVSRQGHQWH
x 4XDQGR QmRIRU SRVVtYHO VH PDQWHU DPHVPD SUXPDGD VHUi DFHLWD D WUDQVLomR
GDSUXPDGDGDHVFDGDREVHUYDQGRDVXDFRQGLomRGHHQFODXVXUDPHQWR

$ HVFDGD H UHVSHFWLYRV SDWDPDUHV VHUmR FRQVWUXtGRV GH FRQFUHWR DUPDGR RX
PDWHULDOFRPUHVLVWrQFLDDRIRJR
2V SLVRV GRV GHJUDXV H SDWDPDUHV VHUmR UHYHVWLGRV WRWDO RX SDUFLDOPHQWH FRP
PDWHULDO DQWLGHUUDSDQWH H DVVLP SHUPDQHoDP FRP R XVR H UHVLVWHQWH j SURSDJDomR
VXSHUILFLDOGHFKDPDLVWRpFRPtQGLFH³$´GD1%5
$QWHFkPDUD
ÈUHDGHFLUFXODomR

'XWRGHYHQWLODomR
5RWDGHIXJDHP
(VFDGD FDVRGHVLQLVWUR
$SDUWDPHQWR
(OHYDGRU




$VGLPHQV}HVGRVGHJUDXVREHGHFHUmRDRVVHJXLQWHVUHTXLVLWRV

x $VRPDGDVPHGLGDVGH GXDV DOWXUDV K H XPD ODUJXUD E GHYHUiHVWDU
FRPSUHHQGLGDHQWUH VHVVHQWDHGRLV H VHVVHQWDHTXDWUR FHQWtPHWURV
x $DOWXUD K SRGHUiYDULDUHQWUH GH]HVVHLV H GH]RLWR FHQWtPHWURV
x 6HUEDODQFHDGDVTXDQGRRODQFHGDHVFDGDIRUFXUYR HVFDGDHPOHTXH FDVR
HP TXH D PHGLGD GR GHJUDX ODUJXUD GR GHJUDX VHUi IHLWD VHJXQGR D OLQKD GH
SHUFXUVR QmR SRGHQGR D SDUWH PDLV HVWUHLWD GHVWHV GHJUDXV LQJUDX[LGRV WHU
PHQRVGHFP
x 7HUQXPPHVPRODQFHODUJXUDVLJXDLVHHPODQFHVVXFHVVLYRVGHXPDPHVPD
HVFDGDGLIHUHQoDVHQWUHDVDOWXUDVGHGHJUDXVGHQRPtQLPRPP

$ORFDOL]DomRHGLPHQVmRGRVSDWDPDUHVDWHQGHUmRDRVVHJXLQWHVUHTXLVLWRV

x $DOWXUDPi[LPDGHSLVRDSLVRHQWUHRVSDWDPDUHVFRQVHFXWLYRVVHUiGHP
WUrVPHWURVHVHWHQWDFHQWtPHWURV
x 2 FRPSULPHQWR PtQLPR QR VHQWLGR GR WUkQVLWR SDUD RV SDWDPDUHV VLWXDGRV HP
SRVLo}HVLQWHUPHGLiULDVQXPODQFHGDHVFDGDVHUiHTXLYDOHQWHjODUJXUDPtQLPD
GDHVFDGD

$ODUJXUDGDHVFDGDDWHQGHUiDRVVHJXLQWHVUHTXLVLWRV

x 6HUi SURSRUFLRQDO DR Q~PHUR GH SHVVRDV TXH SRU HOD WUDQVLWDUHP HP FDGD
DQGDU
x 2 DQGDU FRP PDLRU ORWDomR LPSRUi D ODUJXUD PtQLPD SDUD RV GHPDLV DQGDUHV
FRQVLGHUDQGRVH R VHQWLGR GD VDtGD H QmR FRPSXWDQGR D VRPDWyULD GD
SRSXODomRHQWUHDQGDUHV
x 6HUi GHWHUPLQDGD HP IXQomR GD QDWXUH]D GD RFXSDomR GR HGLItFLR FRQIRUPH
HVWDEHOHFHDWDEHODDQH[D
x 7HUi QR PtQLPR P XP PHWUR H FLQTXHQWD FHQWtPHWURV GH ODUJXUD SDUD DV
HVFDGDVHHGLILFDo}HVHPORFDLVGHUHXQLmRGHS~EOLFRHGHP XPPHWURH
YLQWHFHQWtPHWURV SDUDRVGHPDLVWLSRVGHRFXSDomR


x $ PHGLGD VHUi IHLWD QR SRQWR PDLV HVWUHLWR FRP H[FOXVmR GRV FRUULPmRV TXH
SRGHPVHSURMHWDUDWpFP GH]FHQWtPHWURV

2VJXDUGDFRUSRVHEDODXVWUDGDVREHGHFHUmRDRVHJXLQWH

x 7RGD VDtGD GH HPHUJrQFLD FRUUHGRUHV EDOF}HV WHUUDoRV PH]DQLQRV JDOHULDV
SDWDPDUHVHVFDGDVUDPSDVHRXWURVHVSDoRVGRJrQHURGHYHPVHUSURWHJLGRV
SRUDPERVRVODGRVSRUSDUHGHVRXJXDUGDV JXDUGDFRUSRV FRQWtQXDVVHPSUH
TXHKRXYHUTXDOTXHUGHVQtYHOPDLRUTXHFPSDUDHYLWDUTXHGDV
x $DOWXUDGDVJXDUGDVLQWHUQDPHQWHGHYHVHUQRPtQLPRGHPDRORQJRGRV
SDWDPDUHV FRUUHGRUHV PH]DQLQRV H RXWURV SRGHQGR VHU UHGX]LGD SDUD DWp
PQDVHVFDGDVLQWHUQDVTXDQGRDPHGLGDYHUWLFDOPHQWHGRWRSRGDJXDUGDD
XPDOLQKDTXHXQDDVSRQWDVGRVERFpLVRXTXLQDVGRVGHJUDXV
x $ DOWXUD GDV JXDUGDV H HVFDGD H[WHUQDV H VHXV SDWDPDUHV GH EDOF}HV H
DVVHPHOKDGRVTXDQGRDPDLVGHPDFLPDGRVRORDGMDFHQWHGHYHVHUGH
QRPtQLPRPPHGLGDYHUWLFDOPHQWHGRWRSRGDJXDUGDDXPDOLQKDTXHXQD
DVSRQWDVGRVERFpLVRXTXLQDVGRVGHJUDXV
x $V JXDUGDV SRGHUmR VHU FRQVWLWXtGDV SRU EDODXVWUDGDV JUDGHV WHODV H
DVVHPHOKDGRV LVWR p JXDUGDV YD]DGDV GHVGH TXH QmR SHUPLWDP D SDVVDJHP
GH XPD HVIHUD GH WHVWH GH FP GH GLkPHWUR QmR DSUHVHQWHP VDOLrQFLDV
UHHQWUkQFLDVRXTXDOTXHURXWURHOHPHQWRTXHSRVVDHQJDQFKDUHPURXSDVHQmR
VHMDPFRQVWLWXtGDVSRUPDWHULDLVHVWLOKDoiYHLV

2VFRUULPmRVVXEPHWHPVHDRVHJXLQWH

x 'HYHUmRREULJDWRULDPHQWHVHULQVWDODGRVQRVGRLVODGRVGDVHVFDGDVHUDPSDV
GH IRUPD FRQWtQXD DR ORQJR GRV ODQoRV GDV HVFDGDV H SDWDPDUHV ,QLFLDQGR
VHPSUH FP DQWHV GD UDPSD RX ODQFH GD HVFDGD H WHUPLQDQGR FP DSyV
WHQGR VXDV H[WUHPLGDGHV DUUHPDWDGDV HP FXUYDV FRQWUD DV JXDUGDV RX
EDODXVWUDGDGHIRUPDDHYLWDURHIHLWRGHJDQFKR



x 'HYHUmRREULJDWRULDPHQWHVHUIL[DGRVSRUVXDIDFHLQIHULRU
x 'HYHP HVWDU VLWXDGRV HQWUH P P DFLPD GR QtYHO GR SLVR VHQGR HVWD
PHGLGDHPHVFDGDVGHWRPDGDYHUWLFDOPHQWHGRWRSRGDJXDUGDDXPDOLQKDTXH
XQDDVSRQWDVGRVERFpLVRXTXLQDVGRVGHJUDXV
x 2V FRUULPmRV GHYHP VHU SURMHWDGRV GH IRUPD D SRGHUHP VHU DJDUUDGRV IiFLO H
FRQIRUWDYHOPHQWH SHUPLWLQGR XP FRQWtQXR GHVORFDPHQWR GD PmR DR ORQJR GH
WRGD D H[WHQVmR VHP HQFRQWUDU TXDLVTXHU REVWUXo}HV DUHVWDV RX VROXo}HV GH
FRQWLQXLGDGHQRFDVRGHVHomRFLUFXODUVHXGLkPHWURYDULDHQWUHPPDPP
x 2VFRUULPmRVGHYHPHVWDUDIDVWDGRVPPQRPtQLPRGDVSDUHGHVRXJXDUGDV
jVTXDLVIRUHPIL[DGRV
x 2V FRUULPmRV GHYHP VHU FDOFXODGRV SDUD UHVLVWLUHP D XPD FDUJD GH 1
DSOLFDGD HP TXDOTXHU SRQWR GHOHV YHUWLFDOPHQWH GH FLPD SDUD EDL[R H
KRUL]RQWDOPHQWHHPDPERVRVVHQWLGRV
x (VFDGDV FRP PDLV GH P GH ODUJXUD GHYHP WHU FRUULPmR LQWHUPHGLiULR QR
Pi[LPR D FDGD P RV ODQFHV GHWHUPLQDGRV SHORV FRUULPmRV LQWHUPHGLiULRV
GHYHP WHU QR PtQLPR P GH ODUJXUD UHVVDOYDGRV R FDVR GH HVFDGDV HP


KRVSLWDLV H DVLORV RQGH SRGH VHU SUHYLVWR HP HVFDGDV ODUJDV XPD XQLGDGH GH
SDVVDJHPHVSHFLDOFRPFPHQWUHRVFRUULPmRV

$V FDL[DV GD HVFDGD HQFODXVXUDGD GHYHUmR VHU SURYLGDV GH LOXPLQDomR GH
HPHUJrQFLD
$LOXPLQDomRQDWXUDOGDVFDL[DVGHHVFDGDHQFODXVXUDGDSRGHUiVHUREWLGDSRU
DEHUWXUDSURYLGDGHFDL[LOKRIL[RJXDUQHFLGRGHYLGURDUDPDGRFRPHVSHVVXUDPtQLPD
GHPP VHLVPLOtPHWURV HPDOKDGHPP GR]HPLOtPHWURVHPHLR
$iUHDPi[LPDGDVDEHUWXUDVHPSDUHGHVGDQGRSDUDDQWHFkPDUDVHUiGHP
XPPHWURTXDGUDGR HGDQGRSDUDRH[WHULRUVHUiGHP PHLRPHWURTXDGUDGR

$V SRUWDV GDV HVFDGDV HQFODXVXUDGDV VHUmR GR WLSR FRUWDIRJR FRQIRUPH 1%5
±$%17
x $VSRUWDVDEULUmRQRVHQWLGRGRWUkQVLWRGHVDtGD
x $V SRUWDV QmR SRGHUmR DR DEULUHP UHGX]LU D ODUJXUD HIHWLYD GDV VDtGDV GH
HPHUJrQFLD
x $VSRUWDVVHUmRGRWLSRFRPGREUDGLoDVSDUDIXQFLRQDPHQWRDXWRPiWLFR

7RGDV DV HVFDGDV HQFODXVXUDGDV GHYHUmR DFDEDU HP iUHDV GH GHVFDUJDV H
HVWDVSRGHUmRVHUFRQVWLWXtGDVSRU

x ÈUHDHPSLORWLV
x &RUUHGRURXiWULRHQFODXVXUDGR
x 4XDOTXHUiUHDH[WHUQDIRUDGDSURMHomRYHUWLFDOGDHGLILFDomR

$ODUJXUDGDVSRUWDVDWHQGHUiDRVHJXLQWH

x 6HUiSURSRUFLRQDODRQ~PHURGHSHVVRDVTXHSRUHODWUDQVLWDUHV
x 6HUiGHWHUPLQDGDHPIXQomRGDQDWXUH]DGRHGLItFLR

4XDQGR DV SRUWDV WLYHUHP ODUJXUD VXSHULRU D P GRLV PHWURV H YLQWH
FHQWtPHWURV H[LJHVHFROXQDFHQWUDO


$VSRUWDVGDVDQWHFkPDUDVHRXWURVGRWLSRFRUWDIRJRGHYHUmRVHUSURYLGRVFRP
GLVSRVLWLYRV PHFkQLFRV H DXWRPiWLFRV GH PRGR D SHUPDQHFHU IHFKDGDV SRUpP
GHVWUDQFDGDVREHGHFHQGRj1%5QRTXHOKHIRUDSOLFiYHO

0HGLGDVDX[LOLDUHVGHVHJXUDQoD

'D,OXPLQDomRGH(PHUJrQFLD

$ LOXPLQDomR GH HPHUJrQFLD p REULJDWyULD HP WRGRV RV ORFDLV TXH SHUPLWDP
FLUFXODomRYHUWLFDORXKRUL]RQWDOGHVDtGDSDUDRH[WHULRUGDHGLILFDomRRXVHMDURWDV
GHVDtGDQRVHOHYDGRUHVHQRVDPELHQWHVFRPXQV
$ LOXPLQDomR GH HPHUJrQFLD GHYH JDUDQWLU XP QtYHO PtQLPR GH LOXPLQDomR QR
QtYHOGRSLVRGH

x (VFDGDV
x 3RUWDVFRPDOWXUDLQIHULRUDPHWURV
x 2EVWiFXORV
x &RUUHGRUHV
x +DOOV
x (OHYDGRUHV
x /RFDLVGHUHI~JLR

$VPHGLo}HVGHOXPLQRVLGDGHGRVSRQWRVGHLOXPLQDomRGHHPHUJrQFLDGHYHP
VHUIHLWDVVHPHQWUDGDVGHOX]QDWXUDOHVHUHPH[HFXWDGDVDRQtYHOGRSLVR
2VVLVWHPDVGHLOXPLQDomRGHHPHUJrQFLDGHYHPREHGHFHUDRVHJXLQWH

x 2VHOHWURGXWRVEHPFRPRDILDomRQmRSRGHPVHUXVDGRVSDUDRXWURVILQVVDOYR
SDUDLQVWDODo}HVGHRXWURVVLVWHPDVGHVHJXUDQoD
x 2VFRQGXWRUHVHVXDVGHULYDo}HVGHYHPVHUGRWLSRQmRSURSDJDQWHGHFKDPDV
HHPEXWLGRVHPHOHWURGXWRVUtJLGRVDQWLFKDPDVQRFDVRGHVHUHPH[WHUQRVRX
LQVWDODo}HVDSDUHQWHVGHYHPVHUPHWiOLFRV


x 7RGDDILDomRGHYHUiVHGHFREUHFRPUHYHVWLPHQWRGHSOiVWLFRDQWLFKDPDV
x $ WHQVmR GH DOLPHQWDomR GR VLVWHPD SRGHUi VHU GH QR PtQLPR 9 H QR
Pi[LPR 9 HP FRUUHQWH FRQWtQXD VHQGR DFHLWiYHO D XWLOL]DomR GH
HTXLSDPHQWRVGHQRPLQDGRV³12%5($.´
x &DGDOkPSDGDGHLOXPLQDomRGHYHUiVHUGHSRWrQFLDQmRLQIHULRUDZ
x 1RV ORFDLV RQGH SHOD QDWXUH]D GR WUDEDOKR QmR SRGH KDYHU LQWHUUXSomR GD
LOXPLQDomR SRGHUi VHU XWLOL]DGR RXWUR YDORU GH WHQVmR TXH SRVVLELOLWH R XVR GH
HTXLSDPHQWRVLQVWDODGRV
x 2 6LVWHPD GH ,OXPLQDomR GH (PHUJrQFLD GHYHUi VHJXLU DV SUHVFULo}HV GDV
QRUPDVGD$%17
'HYHUmR FRQVWDU GR 3URMHWR GH 3UHYHQomR &RQWUD ,QFrQGLR D ORFDomR GDV
OXPLQiULDVSRWrQFLDWHQVmREDWHULDVHDORFDOL]DomRGDVIRQWHVGHDOLPHQWDomR

7RGD HVFDGD HQFODXVXUDGD GHYHUi FRQWHU QR PtQLPR GXDV OkPSDGDV GH
LOXPLQDomR GH HPHUJrQFLD SRU SDYLPHQWR GH PRGR D IRUQHFHU R PHVPR QtYHO GH
LOXPLQDomRHPWRGRVRVODQFHVGHHVFDGD
&DGD DQWHFkPDUD VHUi SURYLGD WDPEpP GH OkPSDGD SDUD LOXPLQDomR GH
HPHUJrQFLD

'D6LQDOL]DomR$X[LOLDUGH$EDQGRQR

$V HGLILFDo}HV TXH WHQKDP D REULJDWRULHGDGH GH GLVSRU GH VLQDOL]DomR TXH
DX[LOLHRDEDQGRQRGHORFDOLQGLFDQGRDVSRUWDVGHIXJDILFDUmRVXMHLWDVDRVVHJXLQWHV
UHTXLVLWRV


x $VLQDOL]DomRGHYHUiFRQWHUDSDODYUD³6$Ë'$´VREUHDVHWDLQGLFDQGRRVHQWLGR
GDVDtGD
x $V OHWUDV H VHWDV GH VLQDOL]DomR GHYHP VHU QD FRU YHUPHOKD VREUH R IXQGR
EUDQFROHLWRVRGHDFUtOLFRRXPDWHULDOVLPLODUQDVGLPHQV}HVPtQLPDVGH[
FPHOHWUDVFRPWUDoRVGH[FP
x $VHGLILFDo}HVTXHGLVSXVHUHPGHHVFDGDHQFODXVXUDGDRXRXWUDVURWDVGHIXJD
GHYHUmRWHUQDVSRUWDVFRUWDIRJRGDVDQWHFkPDUDVTXHGmRDFHVVRjHVFDGDH
QRV SRQWRV GH IXJD D SDODYUD ³6$Ë'$´ HP FRU YHUPHOKD VREUH R IXQGR EUDQFR
OHLWRVR RX PDWHULDO VLPLODU FRP DV GLPHQV}HV PtQLPDV DFLPD HVSHFLILFDGDV
WUDoRGHFPHPROGXUDGH[FP

x (PHGLILFDo}HVFXMDRFXSDomRVHMDSDUDUHXQL}HVGHS~EOLFRDVLQDOL]DomRGHYH
VHU OXPLQRVD H DOLPHQWDGD SRU DFXPXODGRUHV TXH GHYHUmR IXQFLRQDU
DXWRPDWLFDPHQWHTXDQGRHPIDOWDGHHQHUJLDFRQYHQFLRQDO



'R6LVWHPDGH$ODUPHGH,QFrQGLR

$V HGLILFDo}HV FRP D REULJDWRULHGDGH GH GLVSRUHP GH VLVWHPD GH DODUPH GH
LQFrQGLR GR WLSR VLUHQHV HOHWU{QLFDV HRX FDPSDLQKDV GHYHP DWHQGHU DRV VHJXLQWHV
UHTXLVLWRV


x 7HUmRHTXLSDPHQWRGH DODUPH LQVWDODGR GHWDOPRGR TXH VHMD RXYLGR HP WRGRV
RV SDYLPHQWRV RX HP WRGDV DV GHSHQGrQFLDV TXDQGR VH WUDWDU GH HGLILFDo}HV
FRPXPVySDYLPHQWR
x 2VERW}HVGHDFLRQDPHQWRGHDODUPHGHYHUmRVHUFRORFDGRVHPOXJDUYLVtYHOH
QRLQWHULRUGHFDL[DODFUDGDGHYLGURRXSOiVWLFRSRGHQGRDLQGDQDVHGLILFDo}HV
TXH GLVSXVHUHP GH VLVWHPD KLGUiXOLFR DVVLVWLGR SRU ERPEDV ID]HU R
DFLRQDPHQWRGDVPHVPDVHQHVVHVFDVRVGHYHUmRVHULQVWDODGRVDQH[RVDRV
KLGUDQWHV
x $VFDL[DVUHIHULGDVGHYHUmRFRQWHUDLQVFULomR³48(%5$529,'52(0&$62
'((0(5*Ç1&,$´

2V DODUPHV RX VLUHQHV GHYHUmR HPLWLU XP VRP FRP FDUDFWHUtVWLFDV GH
DXGLELOLGDGHFRPSDWtYHLVFRPRDPELHQWHHPTXHIRUHPLQVWDODGRVGHIRUPDDVHUHP
RXYLGRV GH TXDOTXHU SRQWR HP FRQGLo}HV QRUPDLV GH RFXSDomR H XVR GHVVHV
DPELHQWHV
2V ERW}HV GH DFLRQDPHQWR GHYHUmR VHU FRORFDGRV GH PRGR TXH VXD DOWXUD
Pi[LPDQmRXOWUDSDVVHDP XPPHWURHFLQTXHQWDFHQWtPHWURV HQHPVHMDLQIHULRU
DP XPPHWURHYLQWHFHQWtPHWURV GRSLVRDFDEDGR
6HUmRLQVWDODGRVSUHIHUHQFLDOPHQWH

x 1DViUHDVFRPXQVGHDFHVVRHRXFLUFXODomR
x 3Uy[LPRVjVURWDVGHIXJD
x 3Uy[LPRVDRVHTXLSDPHQWRVGHFRPEDWHDLQFrQGLR

2 Q~PHUR GH DFLRQDGRUHV GH DODUPH VHUi FDOFXODGR GH IRUPD TXH R RSHUDGRU
QmRSHUFRUUDPDLVGHPHWURV
2VDFLRQDGRUHVVHUmRGLVWULEXtGRVSRUSDYLPHQWRRXiUHDVVHWRUL]DGDVGHPRGR
DSHUPLWLUDLPHGLDWDORFDOL]DomRGRLQFrQGLR
$ ILDomR TXH DWHQGH DRV DFLRQDGRUHV GHYHUi FRUUHU HP HOHWURGXWR UtJLGR
SRGHQGRVHULQVWDODGRMXQWRjILDomRGRVLVWHPDGHDODUPH


6HWRU 6HWRU
%RW}HVGH %DQKHLUR
$FLRQDPHQWR $FLRQDQGR$ODUPH
6HWRU ,QFrQGLR
(QWUDGD6DtGD %DQKHLUR
&HQWUDOGHDODUPH
GHLQFrQGLR
&HQWUDOGHDODUPHGH,QFrQGLR

5DXOGH$WHQGLPHQWR 6HWRU

6HWRU

6HWRU

6HWRU 1DFHQWUDOLQGLFDRORFDOGRLQFrQGLR

6HWRU
5DXOGH$WHQGLPHQWR

(QWUDGD6DtGD


'RV'LVSRVLWLYRVSDUD$QFRUDJHPGH&DERV

$V HGLILFDo}HV FRP D REULJDWRULHGDGH GH DSUHVHQWDU GLVSRVLWLYRV SDUD
DQFRUDJHP GH FDERV GH VDOYDPHQWR GHYHUmR WrORV GLVSRVWRV QD FREHUWXUD H HP
SRQWRVRQGHDSDUHGHRIHUHoDDPHQRUSUREDELOLGDGHGHH[SRVLomRjVFKDPDV
2VGLVSRVLWLYRVGHYHUmRDWHQGHUDRTXHVHJXH

x $OoDV
x 6HUIDEULFDGDVDSDUWLUGHEDUUDVGHDoRLQR[LGiYHOFRPVHomRFLUFXODUHGLkPHWUR
PtQLPRGHGHSROHJDGDV PP
x 6HU IDEULFDGDV HP XPD ~QLFD SHoD VHP VROGDV RX HPHQGDV GH TXDOTXHU
HVSpFLH
x 7RGDVDVFXUYDVGHYHPWHUGLkPHWURLQWHUQRPtQLPRGHPPGHIRUPDDHYLWDU
ILVVXUDVHPVXDSDUWHH[WHUQD
x $ DQFRUDJHP GHYH VHU IHLWD DWUDYpV GH KDVWHV TXH VH SURORQJXHP D SDUWLU GD
DOoDFRPSHORPHQRVPHWURVGHFRPSULPHQWRSDUDFDGDODGRFRQHFWDGDV
QRLQWHULRUGDSHoDGHVXSRUWHMXQWDPHQWHFRPDVXDDUPDGXUDSRVWHULRUPHQWH
DRVHVWULERV
x $V SHoDV GH VXSRUWH GHYHUmR VHU YLJDV RX SLODUHV GD SUySULD HVWUXWXUD GH
FRQFUHWRDUPDGRGRHGLItFLRQXQFDSDUHGHGHDOYHQDULDRXVLPLODUHV
x $ DOoD H D SHoD GH VXSRUWH GHYHUmR VHU GLPHQVLRQDGDV SDUD UHVLVWLUHP VHP
GHIRUPDomRDXPDIRUoDGHH[WUDomRGH.JI
x $DOoDGHYHVHSURMHWDUPHWURVSDUDIRUDGDSHoDGHVXSRUWHDFDEDGRHVH
ORFDOL]DUQXPDDOWXUDQmRVXSHULRUDPHWURV
x $ HPSUHVD TXH LQVWDODU R HTXLSDPHQWR GHYHUi DSUHVHQWDU XP DWHVWDGR
FRPSURYDQGRRWHVWHGHUHVLVWrQFLDGHWUDomRGRFRQMXQWRRX$57GHH[HFXomR
GRPHVPR
x &ROXQDV

9 'HYHUmRVHUGHFRQFUHWRDUPDGRFRPGLkPHWURGHPHWURV
9 'HYHPWHUDOWXUDPtQLPDGHPHWURVGRSLVRDFDEDGR


9 3RGHUmRVHUVXEVWLWXtGDVSRUFROXQDVGDSUySULDHGLILFDomRGHVGHTXHDWHQGDP
jVPHGLGDVPtQLPDV
9 'HYHUmR VHU LQVWDODGDV QD SDUWH VXSHULRU GD HGLILFDomR iWLFR FREHUWXUD
WHOKDGRV
9 'HYHUmRUHVLVWLUVHPGHIRUPDo}HVDXPDIRUoDDSOLFDGDSHUSHQGLFXODUPHQWHGH
SHORPHQRV.JI

2Q~PHURGHGLVSRVLWLYRVGHYHUiVHUGHQRPtQLPR TXDWUR
$GLVWULEXLomRGHYHVHUIHLWDGHIRUPDDTXHSHORPHQRVXPGLVSRVLWLYRDWHQGDD
FDGDSDUHGHGDHGLILFDomR
&DGD GLVSRVLWLYR GHYH SRVVXLU XP DIDVWDPHQWR PtQLPR GH PHWUR GD SURMHomR
YHUWLFDOSDUDRODGRGHGHQWURGDHGLILFDomR
2V GLVSRVLWLYRV GHYHUmR VHU VLQDOL]DGRV HP VXD EDVH FRP XP FtUFXOR HP FRU
YHUPHOKD FRP GLkPHWUR GH PHWURV FRQWHQGR QR FHQWUR D LQVFULomR
³6$/9$0(172´HPOHWUDVFRPWUDoRVGHFHQWtPHWURHFHQWtPHWURVGHDOWXUD

'D ,QVWDODomR H &RQVHUYDomR GRV 'LVSRVLWLYRV GH 3UHYHQomR &RQWUD
,QFrQGLRV

6mR UHVSRQViYHLV SHODV LQVWDODo}HV SUHYHQWLYDV FRQWUD LQFrQGLRV H SHOD
UHVSHFWLYDFRQVHUYDomRRVSURSULHWiULRVHVtQGLFRV
$ FRQVHUYDomR GH URWLQD GHYHUi VHU IHLWD REULJDWRULDPHQWH HP LQWHUYDORV
UHJXODUHV TXH QmR GHYHUmR XOWUDSDVVDU GR]H PHVHV H WHUi HP YLVWD PDQWHU HP
SHUIHLWRHVWDGRDVLQVWDODo}HVSUHYHQWLYDV
$V ILUPDV LQVWDODGRUDV RX FRQVHUYDGRUDV H RV VHXV SURILVVLRQDLV UHVSRQViYHLV
TXDQGR FRPHWHUHP LQIUDo}HV jV GLVSRVLo}HV WHUmR VXD KDELOLWDomR VXVSHQVD RX
FDQFHODGD GH DFRUGR FRP D JUDYLGDGH GD IDOWD FRPHWLGD SUHYLVWD SHOD OHJLVODomR
IHGHUDO

(YDFXDomRGD(GLILFDomR

$ HYDFXDomR GH XPD HGLILFDomR FRQVLVWH QD VDtGD VHJXUD GDV SHVVRDV


HQYROYLGDVQRLQWHULRUGDFRQVWUXomRSDUDIRUDGDPHVPD(VVHSURFHGLPHQWRGHYHVHU
GRWDGR GH H[WUHPD FDXWHOD H VHJXUDQoD SRLV Do}HV HUUDGDV SRGHP DFDUUHWDU HP
IHULPHQWRV DV SHVVRDV FDPLQKRV HUUDGRV SRGHUmR GHL[iODV SUHVDV QD HVWUXWXUD H
GLILFXOWDURUHVJDWH
$R HIHWXDU D HYDFXDomR GHYHPVH REVHUYDU DV VLQDOL]Do}HV HODV LQGLFDUmR R
FDPLQKR FRUUHWR H VHJXUR SDUD D VDtGD e LPSRUWDQWH TXH RV UHVSRQViYHLV SHODV
HGLILFDo}HVPDQWHQKDPYLJLOkQFLDSHULyGLFDVREUHDVURWDVGHIXJDSDUDTXHQmRVHMD
GHSRVLWDGRV PDWHULDLV H GHPDLV REMHWRV TXH SRVVDP YLP D EORTXHDU R FDPLQKR QXP
PRPHQWR GH HPHUJrQFLD FRPR WDPEpP p GH VXPD LPSRUWkQFLD TXH WRGRV RV
HTXLSDPHQWRV VLQDOL]DGRUHV HVWHMDP HP ERP HVWDGR H IXQFLRQHP DGHTXDGDPHQWH H
HVWDUHP FRUUHWDPHQWH LQVWDODGRV 'DU DWHQomR HVSHFLDO DV SODFDV OXPLQRVDV GHYHP
VHUUHDOL]DGRVWHVWHVSHULyGLFRVVREUHVHXIXQFLRQDPHQWRHPVLWXDo}HVTXHKiTXHGDV
RXFRUWHVGHHQHUJLDGDHGLILFDomR
6REUH DV URWDV GH IXJD HP HPSUHVDV H FRQGRPtQLRV p LQGLFDGR KDYHU
WUHLQDPHQWRVGHHYDFXDomRDFDGDVHLVPHVHVRXDWpPHVPRXPDYH]SRUDQR$ILP
GH SURSRU D SRSXODomR IL[D GD HGLILFDomR FRPR GHYHUi DJLU HP VLWXDo}HV GH
HPHUJrQFLD 5HVVDOWDPRV WDPEpP TXH R WUHLQDPHQWR WUDUi EHQHItFLRV D WRGRV SRLV R
GHVHQYROYLPHQWRIDUiFRPTXHDDomRVHMDPDLVEHPHIHWXDGD
2XWUDUHFRPHQGDomRpKDYHUDH[LVWrQFLDGHXPSRQWRGHHQFRQWUR(VVHSRQWR
VHUYLUiGHJUDQGHYDOLDSDUDPRQLWRUDPHQWRGDSRSXODomRIL[DHIOXWXDQWH9HMDPRVXP
H[HPSORKRXYHXPVLQLVWURQXPDHGLILFDomRHIRLQHFHVViULDDHYDFXDomRGDPHVPD
HQYROYHQGR SHVVRDV VH HVWDV SHVVRDV FDGD XP IRU SDUD XP OXJDU GLIHUHQWH LUi
DWUDVDU PXLWR D FRQWDJHP H IRUoDUi D QHFHVVLGDGH GH XPD EXVFD H VDOYDPHQWR QR
LQWHULRU GD HGLILFDomR HP WRGRV RV SDYLPHQWRV Mi VH KRXYHU R SRQWR GH HQFRQWUR
IDFLOLWDUiDFRQWDJHPHPRQLWRUDPHQWRGDSRSXODomRHQYROYLGD
5HFRPHQGDVHKDYHUURWDVGHIXJDSULPiULDHVHFXQGiULDFDVRDSULPHLUDVHMD
REVWUXtGDRXGHVWUXtGDSHORVLQLVWURDVSHVVRDVHQYROYLGDVWHUmRRXWURFDPLQKRDVHU
SHUFRUULGRSDUDDVDtGDGDHGLILFDomRFRPRWDPEpPIDFLOLWDUiDVDWLYLGDGHVGHUHVJDWH
1DV HGLILFDo}HV TXH WUDEDOKDP FRP SURGXWRV Wy[LFRV H JDVHV QR PRPHQWR GH
HYDFXDomR GHYHP DWHU DWHQomR HVSHFLDO TXDQWR j GLUHomR GRV YHQWRV SRLV HOH
FRQGX]LUiRVSURGXWRVPHQFLRQDGRVHPVXDGLUHomRFDVRFDPLQKHPQDGLUHomRFRQWUD
RYHQWR


(PHGLILFDo}HVTXHKiH[LVWrQFLDGHXPJUXSRGHVDOYDWDJHPFRPREULJDGLVWDV
QDV HPSUHVDV e LPSRUWDQWH TXH KDMD WDPEpP XPD SUpGHILQLomR GH VXDV
UHVSRQVDELOLGDGHVQXPDVLWXDomRGHHPHUJrQFLD'HWHUPLQDGRJUXSRILFDHQFDUUHJDGR
GDUHWLUDGDGDSRSXODomRIL[DHIOXWXDQWHRXWURJUXSRHQFDUUHJDGRGHSUHVWDUSULPHLURV
VRFRUURV D SRVVtYHLV YtWLPDV RXWUR JUXSR UHVSRQViYHO D FRPEDWHU R LQFrQGLR QR FDVR
GD H[LVWrQFLD GR PHVPR RX DLQGD DYDOLDU R VLQLVWUR TXH SRVVD KDYHU YD]DPHQWR GH
OtTXLGRV LQIODPiYHLV SURGXWRV TXtPLFRV HQWUH RXWURV (VVD GLYLVmR GH WDUHIDV LUi
IDFLOLWDU RV SURFHGLPHQWRV DOpP GH D RUJDQL]DomR ILJXUDU PHOKRU R GHVHPSHQKR GD
HYDFXDomR
2 JUXSR UHVSRQViYHO SHOD HYDFXDomR GD SRSXODomR IL[D HRX IOXWXDQWH GHYHUi
RUJDQL]DUVHGHPDQHLUDTXHKDMDSHORPHQRVGXDVSHVVRDVSDUDRFXSDURVVHJXLQWHV
FDUJRV DEUHILOD D SULPHLUD SHVVRD GR JUXSR GH SHVVRDV TXH HVWHMD SUDWLFDQGR D
HYDFXDomRFRRUGHQDQGRRJUXSRSHODURWDGHIXJDFRUUHWDHHPVHJXUDQoDFHUUDILOD
SHVVRDTXHSHUPDQHFHFRPR~OWLPRLQWHJUDQWHGRJUXSRPRQLWRUDQGRVHWRGRVHVWmR
VHJXLQGR R DEUHILOD H WDPEpP HYLWDQGR TXH DOJXpP VH SHUFD RX ILTXH SDUD WUiV GR
JUXSR
1R FDVR HGLILFDo}HV FRP SDYLPHQWRV YHUWLFDLV DQGDUHV GH HGLItFLRV RX
HPSUHVDV p LQGLFDGR R DEDQGRQR DWUDYpV GDV HVFDGDV H QR FDVR GH H[LVWrQFLD GH
HOHYDGRUHV181&$RVXWLOL]DU$OpPGRSHULJRGDHVWUXWXUDFHGHUIDOKDPHFkQLFDXP
GRV SURFHGLPHQWRV p R FRUWH GH HQHUJLD SRUWDQWR SRGHUi ILFDU SUHVR QR LQWHULRU GR
HOHYDGRU$RVDLUIHFKHDVSRUWDVTXHHVWLYHUSDVVDQGRSRUpPQmRDVWUDQTXH
(P VLWXDo}HV GH HPHUJrQFLD PHVPR TXH KDMD JUXSR GH UHVSRVWD LQWHUQR GDV
HGLILFDo}HVFRPREULJDGLVWDVUHFRPHQGDVHDFLRQDUR&RUSRGH%RPEHLURVGDFLGDGH
SDUD DX[LOLDU QRV SURFHGLPHQWRV GH FRQWHQomR GR VLQLVWUR 2 FKHIH LQWHUQR GD EULJDGD
RX UHVSRQViYHO SHOD HGLILFDomR GHYH FRPXQLFDU DR FRPDQGDQWH GD JXDUQLomR GRV
ERPEHLURV RV SURFHGLPHQWRV UHDOL]DGRV DWp HQWmR FRPR FRUWH GH HQHUJLD
GHVOLJDPHQWRGRIRUQHFLPHQWRGHJiV*/3HQWUHRXWURVSURFHGLPHQWRV
$OpPGLVVRpPXLWRLPSRUWDQWHTXHWRGDDSRSXODomRIL[DGDHGLILFDomRFRQKHoD
EHPRORFDOPDQWHQKDDFDOPDHRUJDQL]DomR



6HJXUDQoDQRGLDDGLD

&XLGDGRV&RP$V,QVWDODo}HV(OpWULFDV

¾ 1mR IDoD FRQVHUWRV RX LPSURYLVDo}HV QRV ILRV RX HTXLSDPHQWRV HOpWULFRV VHP
HVWDUGHYLGDPHQWHKDELOLWDGR
¾ (YLWH OLJDU PDLV GH XP DSDUHOKR QXPD Vy WRPDGDSRLV VREUHFDUUHJD R VLVWHPD
HOpWULFRSRGHQGRSURYRFDUXPFXUWRFLUFXLWRRXLQFrQGLR
¾ 'HVOLJXHRIHUURDRDWHQGHUDSRUWDRXRWHOHIRQH

&XLGDGRV&RP2&LJDUUR

¾ 1mRMRJDUFLJDUURDFHVVRQRFHVWRGHOL[R
¾ (YLWHDFXPXODUSRQWDVGHFLJDUURQRFLQ]HLURGRFDUUR
¾ 1mRMRJXHSRQWDGHFLJDUURDFHVVRQDHVWUDGD
¾ 1mRGXUPDIXPDQGR
¾ 5HVSHLWHDVSODFDVGHSURLELomR

3URFHGLPHQWRV(P&DVR'H,QFrQGLRV

¾ 0DQWHQKDDFDOPD
¾ 'HVoD VHPSUH Vy VXED HP ~OWLPR FDVRSRLV D WHQGrQFLD GR FDORU H GR IRJR p
VXELU
¾ 1mR XWLOL]H HOHYDGRUHV SURYLGHQFLDQGR SDUD TXH RXWUDV SHVVRDV WDPEpP QmR
XWLOL]HP
¾ 6HRORFDOHVWLYHUWRPDGRGHIXPDoDDQGHUHQWHDRFKmRSRLVpRQGHKiPHQRV
IXPDoDHPDLVR[LJrQLR
¾ =HOH SHORV KLGUDQWHV QDV FDOoDGDV SRLV p RQGH RV ERPEHLURV DEDVWHFHP FRP
iJXDDVYLDWXUDV
¾ 0DQGHUHYLVDUSHULRGLFDPHQWHRVH[WLQWRUHV


¾ $R HQWUDU QR {QLEXV WUHQV UHSDUWLo}HV FDVD GH HVSHWiFXORV REVHUYH RQGH VH
VLWXDPDVVDtGDVGHHPHUJrQFLD
¾ 'HVOLJXH LPHGLDWDPHQWH R HTXLSDPHQWR TXH HVWLYHU PDQXVHDQGR H IHFKH DV
VDtGDVGHJiV
¾ 0DQWHQKDVHSRVVtYHODVURXSDVXPHGHFLGDV
¾ -RJXHIRUDWRGRHTXDOTXHUPDWHULDOLQIODPiYHOTXHFDUUHJXHFRQVLJR
¾ (P VLWXDo}HV FUtWLFDV IHFKHVH QR EDQKHLUR PDQWHQGR D SRUWD XPHGHFLGD SHOR
ODGRLQWHUQRHYHGDGDFRPWRDOKDRXSDSHOPROKDGR
¾ (PFRQGLo}HVGHIXPDoDLQWHQVDFXEUDRURVWRFRPXPOHQoRPROKDGR
¾ ,QGLTXHVXDSRVLomRQRHGLItFLRDFHQDQGRSDUDRV%RPEHLURV
¾ (P FDVR GH LQFrQGLR VH YRFr VH HQFRQWUD HP OXJDU FKHLR GH IXPDoD SURFXUH
VDLUDQGDQGRRPDLVUHQWHSRVVtYHOGRSLVRSDUDHYLWDUDVIL[LD
¾ (PUHJUDJHUDOXPDSHVVRDFXMDURXSDSHJRXIRJRSURFXUDFRUUHU1mRRIDoDD
YtWLPD GHYH SURFXUDU QmR UHVSLUDU R FDORU GDV FKDPDV 3DUD HYLWiOR GREUH RV
EUDoRV VREUH R URVWR DSHUWDQGRRV MRJXHVH DR FKmR H UROH RX HQYROYDVH
QXPDFREHUWDRXQXPWHFLGRTXDOTXHU
¾ 9HQGR FRUUHU XPD SHVVRD FRP DV URXSDV HP FKDPDV QmR D GHL[H ID]rOR
2EULJXHDMRJDUVHDRFKmRHURODUOHQWDPHQWH8VHGHIRUoDVHQHFHVViULRSDUD
LVVR
¾ $RSHUFHEHUXPLQFrQGLRQmRVHDOWHUHSVLFRORJLFDPHQWHHVWDQGRQXPORFDOFRP
PXLWDVSHVVRDVDRUHGRUQmRJULWHQHPFRUUD$FDWHDVQRUPDVGHSUHYHQomRH
HYLWHDFLGHQWHV
¾ 7UDWHGHVDLUSHODVSRUWDVSULQFLSDLVRXGHHPHUJrQFLDGHPDQHLUDUiSLGDVHP
JULWRVHPRUGHPVHPFRUUHULDV1XQFDIHFKHFRPFKDYHVDVSRUWDVSULQFLSDLVH
DVGHHPHUJrQFLD
¾ 1mRJXDUGHSDQRVLPSUHJQDGRVGHJDVROLQDyOHRVFHUDRXRXWURVLQIODPiYHLV
¾ $SyVRXVRGRH[WLQWRUQRWLILFDURVHUYLoRGHVHJXUDQoDSDUDUHFDUJD



(48,3$0(1726'(
0Ï'8/29,
&20%$7($,1&Ç1',2


0yGXOR9,±(TXLSDPHQWRVGH&RPEDWHD,QFrQGLR

/LomR (48,3$0(1726'(
23(5$d20$18$/

FDSD]HVGH
2EMHWLYRV
'HPRQVWUDU RV SULQFLSDLV HTXLSDPHQWRV XWLOL]DGRV
HPXPFRPEDWHDLQFrQGLR
'HPRQVWUDU R PRGR GH XWLOL]DomR H IXQFLRQDPHQWR
GRVHTXLSDPHQWRV
5HFRQKHFLPHQWRQDSUiWLFDGRVHTXLSDPHQWRV

)HYHUHLUR±/LomR±(TXLSDPHQWRV'H2SHUDomR0DQXDO 03


(TXLSDPHQWRVGHRSHUDomRPDQXDO
2VHTXLSDPHQWRVGHRSHUDomRPDQXDOIDFLOLWDPPXLWRRWUDEDOKRHPRSHUDo}HV
GH FRPEDWH DR LQFrQGLR SRLV VmR GH IiFLO PDQXVHLR H GH DOWR GHVHPSHQKR 6mR
WDPEpP SUiWLFRV H UiSLGRV VHP PXLWD SHUGD GH WHPSR SDUD DMXVWDU H FRPHoDU R
WUDEDOKR
'HQWUH RV HTXLSDPHQWRV PDLV FRPXQV HVWmR RV H[WLQWRUHV KLGUDQWHV

PDQJRWLQKRV PDQJXHLUDV FKDYHV GH PDQJXHLUDV UHGXWRUHV DGDSWDGRUHV SDUD
PDQJXHLUDV H KLGUDQWHV GHULYDQWHV RX GLYLVRU GH OLQKDV YiOYXODV GH UHFDOTXH
SDVVDJHPGHQtYHOPDWHULDLVGHFRUWHHVJXLFKRVSURSRUFLRQDGRUHVGHHVSXPDHQWUH
RXWURVTXHIDFLOLWDPDYLGDGRERPEHLURQRGLDDGLD
([WLQWRUHV
([WLQWRUHVVmRUHFLSLHQWHVPHWiOLFRVTXHFRQWrPHPVHXLQWHULRUDJHQWHH[WLQWRU
SDUDRFRPEDWHDSULQFtSLRVGHLQFrQGLR3RGHPVHUSRUWiWHLVRXVREUHURGDVFRQIRUPH
R WDPDQKR H D VXD RSHUDomR 2V H[WLQWRUHV SRUWiWHLV VmR FRQKHFLGRV VLPSOHVPHQWH
FRPR (;7,1725(6 H RV H[WLQWRUHV VREUH URGDV SRU &$55(7$6 2V H[WLQWRUHV
SRUWiWHLVVmRHTXLSDPHQWRVGHIiFLOPDQXVHLRJHUDOPHQWHSRVVXHPFDUJDQRPLQDOGH
DWpNJRXOLWURVGHVWLQDGRVDFRPEDWHUSULQFtSLRVGHLQFrQGLRV([WLQWRUHVVREUH


URGDV FDUUHWDV VmRHTXLSDPHQWRVFRPPDLRUTXDQWLGDGHGHDJHQWHH[WLQWRUPRQWDGRV
VREUH URGDV SDUD IDFLOLWDU R WUDQVSRUWH FRP FDSDFLGDGH GH NJ D NJ GH DJHQWH
H[WLQWRUGHVWLQDGRVDFRPEDWHULQFrQGLRVGHPDLRUHVSURSRUo}HV
3DUWHVGR([WLQWRU
(;7,1725'(346HÈ*8$

0$1*8(,5$
&,/,1'52
*$7,/+2
$/d$'(75$163257(
,1',&$'25'(35(662
6,)2


(;7,1725'(&2ð

0$1*8(,5$
+$67(
381+2RX0$123/$
',)8625
6,)2
*$7,/+2
$/d$'(75$163257(
&,/,1'52 $d2
75$9$

(;7,1725'((6380$0(&Æ1,&$

(6*8,&+2
0$1*8(,5$
*$7,/+2
$/d$'(75$163257(
&,/,1'52 $d2
6,)2
,1',&$'25'(35(662


3HoDVGR([WLQWRU SDUWHLQWHUQD

$1(/'(9('$d2
&21-8172'(+$67(
02/$
%8&+$3/È67,&$
78%26,)2
0$1*8(,5$
,1',&$'25'(35(662
683257('(3$5('(
&25'2
75$9$

)XQFLRQDPHQWRGRV([WLQWRUHV
'HXPDIRUPDJHUDORSULQFtSLRGHIXQFLRQDPHQWRGHXPH[WLQWRUGHLQFrQGLRp
XPYDVRGHSUHVVmRFDUUHJDGRFRPDJHQWHH[WLQWRUSRGHQGRVHUSyiJXDHVSXPDRX
DLQGDDOJXPWLSRGHJiVHVSHFLDO2GHVHPSHQKRGHFDGDWLSRGHH[WLQWRUHVWiOLJDGR
jVFDUDFWHUtVWLFDVGHSURMHWRGRH[WLQWRU



x ([WLQWRU 3UHVVXUL]DGR 'LUHWDPHQWH D SUHVVmR LQWHUQD QLWURJrQLR H[SHOH R

DJHQWHH[WLQWRUTXDQGRRJDWLOKRpDFLRQDGR


x ([WLQWRU 3UHVVXUL]DGR 'LUHWDPHQWH RQGH R SUySULR DJHQWH H[WLQWRU VH H[SHOH
TXDQGRRJDWLOKRpDFLRQDGR
x ([WLQWRU 3UHVVXUL]DGR ,QGLUHWDPHQWH DFRSODGR DR FRUSR GR H[WLQWRU Ki XP
FLOLQGUR DPSROD GHJiV &2ð TXHTXDQGRDEHUWRSUHVVXUL]DRH[WLQWRUH[SHOLQGR
R DJHQWH H[WLQWRU DSyV DFLRQDGR R JDWLOKR QR FDVR GRV H[WLQWRUHV VREUH URGDV
FDUUHWDV QRJDWLOKRGRHVJXLFKRQDSRQWDGDPDQJXHLUD


2 IXQFLRQDPHQWR GH XP H[WLQWRU SRGH YDULDU FRQIRUPH R IDEULFDQWH R DQR GH
IDEULFDomRHWDPEpPSRGHYDULDUDIRUPDGHDFLRQDPHQWR
([WLQWRUGHiJXD
3UHVVXUL]DGRGLUHWDPHQWH
3UHVVXUL]DGRLQGLUHWDPHQWH
([WLQWRUGHHVSXPDPHFkQLFD
([WLQWRUGHSyTXtPLFRVHFR
3UHVVXUL]DGRLQGLUHWDPHQWH
([WLQWRUGHJiVFDUE{QLFR
+DORWURQ,
,GHQWLILFDomRGRV([WLQWRUHV
&DGD H[WLQWRU SRVVXL HP VHX FRUSR XP 5Ï78/2 TXH IDFLOLWD D LGHQWLILFDomR GD
FODVVHGHLQFrQGLRTXHHVWHH[WLQWRUDSDJD2UyWXORWUD]WDPEpPLQIRUPDo}HVVREUH

1RPHGDHPSUHVDIDEULFDQWHRXTXHUHDOL]RXDUHFDUJDPDQXWHQomR
7LSRGHH[WLQWRUTXHpH[HPSORH[WLQWRUGHiJXDSUHVVXUL]DGRGLUHWDPHQWH
3HVRHFDSDFLGDGHH[WLQWRUD


,QIRUPDo}HVVREUHDPDQXWHQomRQRUPDVTXHIRUDPXVDGDVQDPDQXWHQomR
(QGHUHoRGDHPSUHVDTXHIH]DUHFDUJD
$QRGRYHQFLPHQWRGRH[WLQWRU
$QRGRWHVWHKLGURVWiWLFR
$VFODVVHVGHLQFrQGLRTXHHVWHH[WLQWRUDSDJD
)RUPDGHRSHUDURH[WLQWRU


2VHORGR,QPHWUR ,QVWLWXWR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH
,QGXVWULDO pGDGRjHPSUHVDGHUHFDUJDRXIDEULFDQWHGHH[WLQWRUTXDQGRDHPSUHVD
SDVVDSRUXPDYLVWRULDWRWDOLVWRpR,QPHWURYLVWRULDVHDHPSUHVDID]DUHFDUJDRX
IDEULFDRH[WLQWRUFRUUHWDPHQWHFRQIRUPHDV1%5 1RUPD%UDVLOHLUD5HJXODPHQWDGRUD
HQRUPDVGR,QPHWUR9HULILFDPRVDJHQWHVH[WLQWRUHVTXHDHPSUHVDXWLOL]DID]HPD
HPSUHVDGHPRQVWUDUDRSHUDomRGHFDGDXPGRVH[WLQWRUHVTXHIDEULFDRXUHFDUUHJD
SDUD YHU VH R H[WLQWRU RSHUD FRUUHWDPHQWH 6H D HPSUHVD IRU DSURYDGD R ,QPHWUR
DXWRUL]DDHPSUHVDDGLVWULEXLURVH[WLQWRUHVHIRUQHFHRVVHORVSDUDDHPSUHVDXWLOL]DU
HPVHXVH[WLQWRUHV$DSURYDomRpJDUDQWLGDSRUXPDQRTXDQGRDHPSUHVDYDLSDVVDU
SRUXPDQRYDYLVWRULDGR,QPHWUR
2 DQHO FRP D GDWD GH PDQXWHQomR p XVDGR SHODV HPSUHVDV GH UHFDUJD H
FRORFDGR QRV H[WLQWRUHV SDUD GHPRQVWUDU TXH D PDQXWHQomR IRL UHDOL]DGD FRQIRUPH
1%5¶VSHoDVYLVWRULDGDVHDJHQWHVH[WLQWRUHVUHFDUUHJDGRV


&DSDFLGDGH([WLQWRUD
'HILQHRSRGHUGHH[WLQomRGRH[WLQWRUHDFODVVHGHLQFrQGLRTXHRH[WLQWRUGHYH
FRPEDWHU(VVDLQIRUPDomRGHYHFRQVWDUREULJDWRULDPHQWHQRUyWXORGRH[WLQWRU
$ GHWHUPLQDomR GD FDSDFLGDGH H[WLQWRUD GH XP H[WLQWRU GH LQFrQGLR HVWi
GLUHWDPHQWHUHODFLRQDGDFRPRVVHJXLQWHVIDWRUHV
4XDQWLGDGHWLSRHHILFLrQFLDGRDJHQWHH[WLQWRU SyiJXDRXJiV
7DPDQKRHDFODVVHGRLQFrQGLR
3DUD FDGD FODVVH GH IRJR p QHFHVViULR TXH VH IDoD D PHGLGD GR SRGHU GH
H[WLQomRGHXPH[WLQWRUDWUDYpVGHHQVDLRSUiWLFRQRUPDOL]DGR
&ODVVH³$´±HQJUDGDGRGHPDGHLUD
&ODVVH³%´±FXEDFRPOtTXLGRLQIODPiYHO
&ODVVH³&´±FLUFXLWRHOpWULFR
3DUD VDEHUPRV TXDO H[WLQWRU XWLOL]DU HP FDGD VLWXDomR H ORFDO p QHFHVViULR R
FRQKHFLPHQWRGRSRGHUGHH[WLQomRGRH[WLQWRUXWLOL]DGRHSDUDLVVRH[LVWHPQRUPDVH
UHJUDVDVHUHPXWLOL]DGDVSDUDUHDOL]DUHVVDVPHGLGDV
7RGR HQVDLR GH IRJR GHYH VHU HIHWXDGR SRU SHVVRDO WpFQLFR H[SHULHQWH 2
RSHUDGRUGRH[WLQWRUGHLQFrQGLRGHYHHVWDUSURWHJLGRSRUYHVWLPHQWDVGHDSUR[LPDomR
DRIRJRFDEHQGRDHOHRPRPHQWRPDLVDGHTXDGRSDUDLQLFLDUDRSHUDomR
&DSDFLGDGH([WLQWRUD&ODVVH³$´
3DUD D FODVVH GH LQFrQGLR HP TXHVWmR XP IRJR p FRQVLGHUDGR H[WLQWR TXDQGR
DSyV PLQXWRV GR LQtFLR GD GHVFDUJD GR H[WLQWRU VRE DV FRQGLo}HV GH HQVDLR QmR
KRXYHU RFRUUrQFLD GH UHLJQLomR HP IRUPD GH FKDPD YLVtYHO 3DUD D PRQWDJHP GR
HQJUDGDGRpQHFHVViULRVHJXLUPRVDVGHWHUPLQDo}HVFRQIRUPHDFDSDFLGDGHH[WLQWRUD
HVSHFLILFDGDQDWDEHODDEDL[R


&DSDFLGDGH 4XDQWLGDGHGH 6HFomR &RPSULPHQWR 1GHFDPDGDVGHULSDVQRHQJUDGDGRGH
H[WLQWRUD ULSDV /[$PP 3PP PDGHLUD
±$ [ FDPDGDVGHULSDV
$ [ FDPDGDVGHULSDV
$ [ FDPDGDVGHULSDV
$ [ FDPDGDVGHULSDV
$ [ FDPDGDVGHULSDV
$ [ FDPDGDVGHULSDV
$ [ FDPDGDVGHULSDVVXSHULRUGH
4XDQGR VH GL] TXH R H[WLQWRU WHP FDSDFLGDGH H[WLQWRUD $ VLJQLILFD TXH R
DJHQWHH[WLQWRU Sy$%&RXiJXDSUHVVXUL]DGD HPTXDQWLGDGHVXILFLHQWHSDUDDSDJDU
XPIRJR&ODVVH³$´HPXPDUUDQMRPRQWDGRHPPDGHLUDFRQIRUPHDVHVSHFLILFDo}HV
GDWDEHODDQWHULRU
'HDFRUGRFRPDWDEHODWHPRVFDSDFLGDGHH[WLQWRUD$
4XDQWLGDGHGHULSDV
6HFomR/[$[ PP
&RPSULPHQWR3 PP
FDPDGDVGHULSDV


&DSDFLGDGH([WLQWRUD&ODVVH³%´
2HQVDLRGHIRJRHPOtTXLGRLQIODPiYHOpHIHWXDGRXVDQGRXPUHFLSLHQWHGHDoR
GH VHFomR TXDGUDGD FRP PPGH SURIXQGLGDGH SUHHQFKLGR FRP XPD FDPDGDGH
PPGHiJXDHXPDFDPDGDGHPPGHOtTXLGRLQIODPiYHO QKHSWDQR
&DSDFLGDGH 7HPSRPtQLPRGH ÈUHDGRUHFLSLHQWH 9ROXPHGROLTXLGRLQIODPiYHO

Pð
H[WLQWRUD GHVFDUJD VHJ OLWURV
±%
±%
±%
±%
±%
±%
±%
Pð

Pð
OLWURVGHQKHSWDQR OLWURVGHQKHSWDQR


([WLQWRUHV3RUWiWHLV
([WLQWRUGHÈJXD3UHVVXUL]DGR'LUHWDPHQWH
&DSDFLGDGH OLWURV
&DSDFLGDGH([WLQWRUD $
$SOLFDomR &ODVVH$
$OFDQFH0pGLR'R-DWR PHWURV
7HPSR'H'HVFDUJD VHJXQGRV
*iV([SHOHQWH 1 1LWURJrQLR

/HPEUHWHQmRXWLOL]DUHPHTXLSDPHQWRVHOpWULFRVHLQFrQGLRVGHOtTXLGRLQIODPiYHO


([WLQWRUGH(VSXPD0HFkQLFD3UHVVXUL]DGR'LUHWDPHQWH
&DSDFLGDGH H/LWURV
&DSDFLGDGH([WLQWRUD $%
$SOLFDomR &ODVVH$H%

/HPEUHVHHVWHH[WLQWRUFRQWpPÈ*8$QmRGHYHVHUXWLOL]DGRHPHTXLSDPHQWRVHOpWULFRVHQHUJL]DGRV
([WLQWRUGH3y4XtPLFR6HFR 346 3UHVVXUL]DGR'LUHWDPHQWH
&DSDFLGDGH H.J
&DSDFLGDGH([WLQWRUD $$$$
%%%%
$SOLFDomR &ODVVH$%H&
7HPSR'H'HVFDUJD DVHJXQGRV
/HPEUHWHR346SyTXtPLFRVHFRWDPEpPpPXLWRHILFLHQWHQDFODVVH'


([WLQWRUVH3y4XtPLFR6HFR 346 3UHVVXUL]DGR,QGLUHWDPHQWH
&DSDFLGDGH H.J
&DSDFLGDGH([WLQWRUD %H%
$SOLFDomR &ODVVH%H&
7HPSR'H'HVFDUJD DVHJXQGRV
*iV([SHOHQWH &2ð 'Ly[LGRGH&DUERQR
/HPEUHWHSDUDTXHRH[WLQWRUIXQFLRQHpSUHFLVRTXHVHDEUDDYiOYXODGDDPSRODVy
HQWmRDSHUWDURJDWLOKRQDSRQWDGDPDQJXHLUD
&XULRVLGDGHRVH[WLQWRUHVGHSUHVVmRLQGLUHWDHVWmRVDLQGRGRPHUFDGRSRUVHUPDLV
GLItFLORVHXPDQXVHLRHSRUGHPRUDUPDLVWHPSRDWpSRGHUDFLRQDURJDWLOKR
([WLQWRUGH'Ly[LGRGH&DUERQR &2ð
&DSDFLGDGH H.J
&DSDFLGDGH([WLQWRUD %%H%
$SOLFDomR &ODVVH%H&

&XLGDGR R &2ð p XP JiV DVIL[LDQWH SRU LVVR FXLGDGR DRQGH YDL XWLOL]iOR
QXQFDGLUHFLRQHRMDWRSDUDRURVWRGHSHVVRDVHDQLPDLV


([WLQWRUGH+DORWURQ,3UHVVXUL]DGR'LUHWDPHQWH
&DSDFLGDGH H.J
&DSDFLGDGH([WLQWRUD $%H%

([WLQWRUHV6REUH5RGDV
([WLQWRUGHÈJXD3UHVVXUL]DGR,QGLUHWDPHQWH
&DSDFLGDGH /LWURV
$SOLFDomR &ODVVH$

/HPEUHWH QmR XWLOL]DU HP HTXLSDPHQWRV HOpWULFRV H
LQFrQGLRVGHOtTXLGRLQIODPiYHO
/HPEUHWH3DUDTXHRH[WLQWRUIXQFLRQHpSUHFLVRTXHVHDEUDDYiOYXODGDDPSRODVy


([WLQWRUGHÈJXD3UHVVXUL]DGR'LUHWDPHQWH
&DSDFLGDGH /LWURV
$SOLFDomR &ODVVH$

/HPEUHWHQmRXWLOL]DUHPHTXLSDPHQWRVHOpWULFRVHLQFrQGLRVGHOtTXLGRLQIODPiYHO
([WLQWRUGH(VSXPD0HFkQLFD3UHVVXUL]DGR'LUHWDPHQWH
&DSDFLGDGH /LWURV
&DSDFLGDGH([WLQWRUD $%
$SOLFDomR &ODVVH$H%


([WLQWRUGH3y4XtPLFR6HFR 346 3UHVVXUL]DGR,QGLUHWDPHQWH
&DSDFLGDGH H.J
&DSDFLGDGH([WLQWRUD %%H%
$SOLFDomR &ODVVH%H&

/HPEUHWHSDUDTXHRH[WLQWRUIXQFLRQHpSUHFLVRTXHVHDEUDDYiOYXODGDDPSRODVy
([WLQWRUGH3y4XtPLFR6HFR 346 3UHVVXUL]DGR'LUHWDPHQWH
&DSDFLGDGH H.J
&DSDFLGDGH([WLQWRUD $D$
%D%

/HPEUHWHR3y4XtPLFR6HFRWDPEpPpPXLWRHILFLHQWHQDFODVVH'


([WLQWRUGH'Ly[LGRGH&DUERQR &2ð
&DSDFLGDGH H.J
&DSDFLGDGH([WLQWRUD %D%
$SOLFDomR &ODVVH%H&
&XLGDGR R &2ð p XP JiV DVIL[LDQWH SRU LVVR FXLGDGR DRQGH YDL XWLOL]iOR
QXQFDGLUHFLRQHRMDWRSDUDRURVWRGHSHVVRDVHDQLPDLV
$JHQWHV([WLQWRUHV
&ODVVHGH
,QFrQGLR
ÈJXD (VSXPD 'Ly[LGRGH 346%& 346$%& +DORWURQ,

0HFkQLFD &DUERQR &2ð
$ ([FHOHQWH ([FHOHQWH 1mR7HP 1mR7HP ÏWLPD ÏWLPD

(ILFLrQFLD (ILFLrQFLD (ILFLrQFLD (ILFLrQFLD (ILFLrQFLD (ILFLrQFLD
% 3URLELGRD ([FHOHQWH %RD(ILFLrQFLD ([FHOHQWH ([FHOHQWH ([FHOHQWH

8WLOL]DomR (ILFLrQFLD (ILFLrQFLD (ILFLrQFLD (ILFLrQFLD
& 3URLELGRD 3URLELGRD ([FHOHQWH ([FHOHQWH ([FHOHQWH ([FHOHQWH

8WLOL]DomR 8WLOL]DomR (ILFLrQFLD (ILFLrQFLD (ILFLrQFLD (ILFLrQFLD
' 3URLELGRD 3URLELGRD 1mR7HP ([FHOHQWH ([FHOHQWH 1mR

8WLOL]DomR 8WLOL]DomR (ILFLrQFLD (ILFLrQFLD (ILFLrQFLD ,QGLFDGR
. 3URLELGRD 3URLELGRD 1mR7HP ([FHOHQWH 1mR 1mR

8WLOL]DomR 8WLOL]DomR (ILFLrQFLD (ILFLrQFLD ,QGLFDGR ,QGLFDGR
(IHLWR 5HVIULDPHQWR 5HVIULDPHQWR $EDIDPHQWRH $EDIDPHQWR $EDIDPHQWR $EDIDPHQWR

H$EDIDPHQWR 5HVIULDPHQWR


,QVWUXo}HVGH8VRGH8P([WLQWRU
2V SULPHLURV SDVVRV H RV PLQXWRV LQLFLDLV GR FRPEDWH D XP LQFrQGLR VmR
IXQGDPHQWDLV SDUD GHWHUPLQDU R VXFHVVR GD RSHUDomR 2 FRPEDWH FRP H[WLQWRUHV p
VLPSOHV VHJXLQGR SDVVR D SDVVR R FRPEDWH p UHDOL]DGR FRP SHUIHLomR 9HMDPRV RV
VHJXLQWHVSURFHGLPHQWRV
x 6HOHFLRQDURH[WLQWRUFRUUHWR
x /HYDURHTXLSDPHQWRDWpRSULQFtSLRGHLQFrQGLR
x 8WLOL]DURH[WLQWRUVHPSUHQDYHUWLFDO
x 5HWLUHDWUDYDGHVHJXUDQoD
x 'LUHFLRQDURMDWRGHDJHQWHH[WLQWRUSDUDDEDVHGRIRJR
x $FLRQDURJDWLOKRDWpRILQDO
x 6HPSUHDIDYRUGRYHQWR
x &RPEDWHUHPIRUPDGHYDUUHGXUDHVSDOKDQGRRDJHQWHH[WLQWRU


(PXPSULQFtSLRGHLQFrQGLRVHPSUHpERPOHPEUDU
x $JLUFRPILUPH]DHGHFLVmRPDVVHPFRUUHUULVFRVGHVQHFHVVDULDPHQWH
x 0DQWHUDFDOPDHDIDVWDUDVSHVVRDV
x 'HVOLJDURVFLUFXLWRVHOpWULFRVHQYROYLGRV
x &RQVWDWDUVHKiRXQmRULVFRGHH[SORVmR
x 2EVHUYDUSDUDTXHQmRKDMDUHLQFLGrQFLDGRVIRFRV
&RPRFRPEDWHUXPSULQFtSLRGHLQFrQGLRHPDXWRPyYHLV
x (VWDFLRQHRYHtFXORHPORFDOVHJXUR
x 'HVOLJXHRFDUURSDUDFRUWDUDFRUUHQWHHOpWULFD
x 5HWLUHRH[WLQWRUGHLQFrQGLRGRVXSRUWHURPSDRODFUHGHVWUDYDQGRDYiOYXODH
HPVHJXLGDSRVLFLRQHVHDIDYRUGRYHQWR
x &RP R H[WLQWRU QD SRVLomR YHUWLFDO HQFDL[H R ELFR GR H[WLQWRU DWUDYpV GH XPD
SHTXHQD DEHUWXUD GR FDS{ GR PRWRU $FLRQH R JDWLOKR SDUD SURYRFDU R
DEDIDPHQWRGRIRJR



x /HYDQWHFXLGDGRVDPHQWHRFDS{GRPRWRUHFRQWLQXHGHVFDUUHJDQGRRH[WLQWRU
DWpRILPGLUHFLRQDQGRRMDWRGHSySDUDDEDVHGRIRJRPRYLPHQWDQGRRSXOVR
SDUDDHVTXHUGDHSDUDDGLUHLWD
x (OLPLQHRIRJRHDVVHJXUHVHGHTXHQmRKRXYHUHLJQLomRHQmRYROWHDOLJDUR
FDUUR
,QVSHomRH0DQXWHQomRGRV([WLQWRUHV
$ UHDOL]DomR GH LQVSHo}HV p GH JUDQGH LPSRUWkQFLD SRLV VmR YHULILFDGRV

ORFDOL]DomR DFHVVR YLVLELOLGDGH UyWXOR GH LGHQWLILFDomR ODFUH H VHOR GR ,10(752
SHVRGDQRVItVLFRVREVWUXomRQRELFRRXQDPDQJXHLUDSHoDVVROWDVRXTXHEUDGDVHR
LQGLFDGRU GH SUHVVmR $ PDQXWHQomR FRPHoD FRP D LQVSHomR FRPSOHWD H GHWDOKDGD
GRV H[WLQWRUHV H WHUPLQD FRP D FRUUHomR GRV SUREOHPDV HQFRQWUDGRV YLVDQGR XP
IXQFLRQDPHQWRVHJXURHHILFLHQWH
$VLQVSHo}HVSRGHPVHUGLYLGLGDVHP


x ,QVSHo}HV 6HPDQDLV YHULILFDU DFHVVR YLVLELOLGDGH VLQDOL]DomR H LQGLFDGRU GH
SUHVVmR
x ,QVSHo}HV0HQVDLVYHULILFDUVHRELFRGDPDQJXHLUDHVWiREVWUXtGRREVHUYDUR
LQGLFDGRUGHSUHVVmRRODFUHHWUDYDGHVHJXUDQoD
x ,QVSHo}HV 6HPHVWUDLV YHULILFDU R SHVR GR H[WLQWRU &2ð VH R SHVR HVWLYHU
DEDL[RGHGRHVSHFLILFDGRpUHFRPHQGiYHOUHFDUUHJDU
$PDQXWHQomRSRGHVHUGLYLGLGDHP
x 0DQXWHQomR $QXDO PDQGDU H[WLQWRU SDUD HPSUHVD GH 5(&$5*$ SDUD ID]HU
PDQXWHQomR6HUYLoRGHFDUiWHUSUHYHQWLYRHRXFRUUHWLYRFXMDH[HFXomRUHTXHU
IHUUDPHQWDVHTXLSDPHQWRVHORFDODSURSULDGRUHDOL]DGRSRUHPSUHVDUHJLVWUDGD
QR kPELWR GR 6%$& 6LVWHPD %UDVLOHLUR GH $YDOLDomR GD &RQIRUPLGDGH
FRPSUHHQGHQGRRH[DPHFRPSOHWRGRH[WLQWRUGHLQFrQGLRFRPDILQDOLGDGHGH
PDQWHU VXDV FRQGLo}HV GH RSHUDomR GH IRUPD D SURSRUFLRQDU RV UHTXLVLWRV GH
GHVHPSHQKR
x 0DQXWHQomR 4XLQTXHQDO ID]HU R WHVWH KLGURVWiWLFR TXH p D SURYD D TXH VH

VXEPHWHRH[WLQWRUDFDGDFLQFRDQRV'HYHVHUHIHWXDGRSRUHPSUHVDKDELOLWDGD
HFRPHTXLSDPHQWRVHVSHFLDOL]DGRV1HVWHWHVWHRDSDUHOKRpVXEPHWLGRDXPD
SUHVVmRGHYH]HVDSUHVVmRGHWUDEDOKRLVWRpVHDSUHVVmRGHWUDEDOKRp
GH.JIFPðDSUHVVmRGHWHVWHVHUiGHNJIFPðHVWHWHVWHpSUHFHGLGRSRU
XPDPLQXFLRVDREVHUYDomRGRDSDUHOKRSDUDYHULILFDUDH[LVWrQFLDGHGDQRVQR
FLOLQGUR
,QVWDODomRGH([WLQWRU
2V H[WLQWRUHV SRUWiWHLV GHYHUmR VHU IL[DGRV GH PDQHLUD TXH QHQKXPD GH VXDV
SDUWHVILTXHDFLPDGHP XPPHWURHVHWHQWDFHQWtPHWURV GRSLVRDFDEDGRHQHP
DEDL[RGHP XPPHWUR SRGHQGRH[FHSFLRQDOPHQWHVHULQVWDODGRVHPVXSRUWHGH


VROR GHVGH TXH QmR ILTXHP REVWUXtGRV H TXH D YLVLELOLGDGH GD VLQDOL]DomR QmR ILTXH
SUHMXGLFDGD
2VH[WLQWRUHVVREUHURGDV FDUUHWD GHYHPHVWDUORFDOL]DGRVHPSRQWRVFHQWUDLV

GD HGLILFDomR H VXD iUHD GH FREHUWXUD VHU UHVWULWD DR SDYLPHQWR RQGH VH HQFRQWUDP
SRLV R H[WLQWRU VREUH URGDV FDUUHWD FREULUiRV SRQWRVGH iUHD HP TXH IRU OLYUH R VHX
GHVORFDPHQWR
+LGUDQWHV

6mR GLVSRVLWLYRV FRORFDGRV QDV UHGHV GH GLVWULEXLomR TXH SHUPLWHP D FDSWDomR
GH iJXD SHORV ERPEHLURV FRPR QRV KLGUDQWHV S~EOLFRV 2 KLGUDQWH GH UHFDOTXH ID]
SDUWHGRVLVWHPDKLGUiXOLFRSUHYHQWLYRTXHpHQFRQWUDGRHPHGLILFDo}HVPDLRUHVFRPR
LQG~VWULDVHGLItFLRVHVFRODVHWF2KLGUDQWHGHUHFDOTXHIDFLOLWDQRVFDVRVGHLQFrQGLRV
QDVHGLILFDo}HVSRLVQmRQHFHVVLWDGHPXLWRVODQFHVGHPDQJXHLUDSDUDFKHJDUDWpR
LQFrQGLR VRPHQWH DFRSOD XPD PDQJXHLUD QD YLDWXUD H RXWUD QR KLGUDQWH GH UHFDOTXH


DVVLPWRGRRVLVWHPDKLGUiXOLFRpSUHVVXUL]DGRRKLGUDQWHGHUHFDOTXHGDVHGLILFDo}HV
DVVLPFRPRRVKLGUDQWHVS~EOLFRVWDPEpPSRGHDX[LOLDUQRDEDVWHFLPHQWRGDVYLDWXUDV

+LGUDQWHV3~EOLFRV

6mR KLGUDQWHV GD UHGH GH GLVWULEXLomR S~EOLFD SDUD FDSWDomR GH JUDQGH
TXDQWLGDGHGHiJXDSHORVERPEHLURVQRFRPEDWHDLQFrQGLRV
2VKLGUDQWHVS~EOLFRVSRGHPVHUGHFROXQDRXVXEWHUUkQHRV GHFDL[DV

+LGUDQWHVGH&ROXQD

+LGUDQWHVGHFROXQDLQVWDODGRVQRVSDVVHLRVS~EOLFRVVmRGRWDGRVGHMXQWDVGH
XQLmRSDUDFRQH[mRFRPPDQJRWHVRXPDQJXHLUDV6XDDEHUWXUDpIHLWDDWUDYpVGHXP
UHJLVWURGHJDYHWDFXMRFRPDQGRpFRORFDGRDRODGRGRKLGUDQWH$FROXQDSRVVXLXPD
ERFDH[SXOVRUDGHPPHGXDVGHPP
(VVHVLVWHPDWHPYDQWDJHQVVREUHRVKLGUDQWHVVXEWHUUkQHRVFRPRGHSHUPLWLU
FDSWDomRGHPDLRUYROXPHGHiJXDDOpPGHRIHUHFHUYLVLELOLGDGHHQmRVHUIDFLOPHQWH
REVWUXtGR $V ERFDV H[SXOVRUDV SRVVXHP WDPS}HV TXH VmR URVTXHDGRV H H[LJH XPD
FKDYH HVSHFLDO SDUD UHPRYrORV HVWD FKDYH p FRQKHFLGD FRPR FKDYH GH WDPSmR GH
KLGUDQWH GH FROXQD SDUD DEHUWXUD GR UHJLVWUR GR KLGUDQWH WDPEpP H[LJH XPD FKDYH
HVSHFLDOHVWDFKDYHpFRQKHFLGDFRPRFKDYHGHUHJLVWURGHKLGUDQWH WLSR7

&KDYHGHWDPSmRGHKLGUDQWHGHFROXQD
&KDYHGHUHJLVWURGHKLGUDQWH WLSR7



+LGUDQWHV6XEWHUUkQHRV GHFDL[D

+LGUDQWHVVXEWHUUkQHRVWDPEpPFRQKHFLGRVFRPKLGUDQWHVGHFDL[DVmRDTXHOHV
VLWXDGRVDEDL[RGRQtYHOGRVRORFRPVXDVSDUWHV ERFDH[SXOVRUDFRPURVFDHUHJLVWUR
GR KLGUDQWH FRORFDGDV GHQWUR GH XPD FDL[D GH DOYHQDULD IHFKDGD SRU XPD WDPSD
PHWiOLFD 3DUD VXD RSHUDomRp QHFHVViULR TXH WHQKD D FROXQD GHKLGUDQWH GH FDL[D R
TXDOpURVTXHDGDQDERFDH[SXOVRUDDSyVDEUHVHRUHJLVWURFRPDFKDYHGHUHJLVWUR
GHKLGUDQWH WLSR7



&KDYHGHUHJLVWURGHKLGUDQWH WLSR7 &ROXQDGHKLGUDQWHGHFDL[D


+LGUDQWHVGH5HFDOTXH

2KLGUDQWHGHUHFDOTXHHVWiORFDOL]DGRMXQWRjYLDGHDFHVVRGDVYLDWXUDVVRED
FDOoDGD IURQWDO H DIDVWDGR GD HGLILFDomR GH PRGR TXH SRVVD VHU RSHUDGR FRP
IDFLOLGDGHHVHJXUDQoDSRGHQGRHVWDUHPEXWLGRHPPXURVRXIDFKDGDV
2KLGUDQWHGHUHFDOTXHpGRWDGRGHUHJLVWURGHSDUDJHPWLSRJDYHWDFRPPP
H DGDSWDGRUHV SDUD MXQWD 6725= GH PP FRP WDPSmR IDFLOLWDQGR R WUDEDOKR SRLV
QmRQHFHVVLWDGHFODYHVDGLFLRQDLVSDUDTXHVHXWLOL]HRKLGUDQWH
2 DEULJR GR KLGUDQWH GH UHFDOTXH p FRQVWUXtGR HP DOYHQDULD GH WLMRORV RX HP
FRQFUHWRFRPGLPHQV}HVPtQLPDVGH[[FP WULQWDSRUTXDUHQWDSRUTXDUHQWD
FHQWtPHWURV GRWDGRGHGUHQROLJDGRjFDQDOL]DomRGHHVFRDPHQWRSOXYLDORXFRPXPD
FDPDGDGHFP GH]FHQWtPHWURV GHEULWDQRIXQGRGHPRGRDIDFLOLWDUDDEVRUomR
GHiJXDTXDQGRDOLJDomRGRGUHQRFRPDFDQDOL]DomRQmRSXGHUVHUHIHWXDGD
$ ERUGD GR KLGUDQWH GH UHFDOTXH QmR SRGH ILFDU DEDL[R GH FP TXLQ]H
FHQWtPHWURV GDWDPSDGRDEULJRHRHQJDWHGDPDQJXHLUDGHQWURGRDEULJRGHYHHVWDU
LQVWDODGRQDSRVLomRGH TXDUHQWDHFLQFRJUDXV
$ WDPSD GR DEULJR GR KLGUDQWH GH UHFDOTXH p PHWiOLFD H SRVVXL D LQVFULomR
³,1&Ç1',2´SLQWDGDHPYHUPHOKR



6LVWHPDGH$EDVWHFLPHQWR

)RQWHVGH$EDVWHFLPHQWRV

$V IRQWHV GH iJXD SDUD FRPEDWH D LQFrQGLRV VmR PDQDQFLDLV UHVHUYDWyULRV
YLDWXUDVVLVWHPDVGHKLGUDQWHVGHSUpGLRVHGDUHGHS~EOLFD

0DQDQFLDLV

6mRPDQDQFLDLVRVULRVODJRVDoXGHVFyUUHJRVPDUHVUHSUHVDVSRoRVHWF$
XWLOL]DomRGHPDQDQFLDLVGHSHQGHGHERPEHDPHQWRJHUDOPHQWHDWUDYpVGHVXFomR$
iJXD VDOJDGD VRPHQWH GHYH VHU XVDGD HP ~OWLPD LQVWkQFLD SRUTXH GDQLILFD RV
HTXLSDPHQWRVGHFRPEDWHDLQFrQGLRVHRPDWHULDOH[LVWHQWHQRVORFDLVVLQLVWUDGRV1D
KLSyWHVHGRXVRGDiJXDVDOJDGDWRGRRHTXLSDPHQWRGHYHVHUODYDGRFRPiJXDGRFH
LPHGLDWDPHQWHDSyVRWpUPLQRGRWUDEDOKR

5HVHUYDWyULRV

5HVHUYDWyULRV VmR GHSyVLWRV GH iJXD GHVWLQDGRV D FRPSHQVDU DV YDULDo}HV
KRUiULDV H GLiULDV GH FRQVXPR PDQWHU UHVHUYD D VHU XWLOL]DGD HP HPHUJrQFLD HRX
PDQWHU XPD SUHVVmR DGHTXDGD QD UHGH GH GLVWULEXLomR 6mR UHVHUYDWyULRV DV FDL[DV


G¶iJXD HOHYDGDV H VXEWHUUkQHDV 'R SRQWR GH YLVWD RSHUDFLRQDO SRGHVH DLQGD
FRQVLGHUDUFRPRUHVHUYDWyULRVDVSLVFLQDVIRQWHVS~EOLFDVHVSHOKRVG¶iJXDHWF
7RGRVLVWHPDKLGUiXOLFRSUHYHQWLYRGDVHGLILFDo}HVQRTXDOVHX~OWLPRSRQWRpR
KLGUDQWH GH UHFDOTXH VHQGR SURYLGR GH 57, 5HVHUYD 7pFQLFD GH ,QFrQGLR R TXDO
IDFLOLWD R SULPHLUR FRPEDWH DQWHV GD FKHJDGD GD YLDWXUD H WDPEpP VH QHFHVVLWDU
DEDVWHFHUDYLDWXUDSDUDXPLQFrQGLRHPHGLILFDo}HVPDLVSUy[LPDV

&DL[D'¶iJXD

&DQDOL]DomRG¶iJXD
ÈJXDSDUDHGLILFDomR &DQDOL]DomRG¶iJXD
SDUDVLVWHPD SDUDHGLILFDomR

SUHYHQWLYRGHLQFrQGLR
57,
5HVHUYD7pFQLFD'H,QFrQGLR

$UHGHLQWHUQDGHXPDHGLILFDomRpFRPSRVWDSHORVLVWHPDGHFRQVXPRGHiJXD
QRUPDO XVR FRPXP SHORV RFXSDQWHV H SHOR VLVWHPD SUHYHQWLYR GH FRPEDWH D
LQFrQGLRV KLGUDQWHVHVSULQNOHUV

9LDWXUDV

'HYLGR DR IDWR GDV FLGDGHV QmR SRVVXtUHP UHGH GH iJXD SDUD FRPEDWH D
LQFrQGLRV HP WRGDV DV HVTXLQDV 6RPHQWH HP DOJXQV SRVWRV SRVVXHP KLGUDQWHV
S~EOLFRVHjVYH]HVGDQLILFDGRVRXVHPiJXD2VHUYLoRGHERPEHLURVXWLOL]DYLDWXUDV
FRPR IRQWHV GH DEDVWHFLPHQWR GH iJXD 3DUD HIHLWR GLGiWLFR DV YLDWXUDV VmR
FODVVLILFDGDV

x 8QLGDGH GH &RPEDWH D ,QFrQGLR 8&, p R SULQFLSDO LQVWUXPHQWR GR
ERPEHLUR QDV RSHUDo}HV GH FRPEDWH D LQFrQGLR 7RGD 8&, SRVVXL
GLYHUVRV PDWHULDO HVSHFtILFRV SDUD R FRPEDWH ERPED GH LQFrQGLR H


WDQTXHSDUD WUDQVSRUWH GH iJXD DWp R ORFDOGR VLQLVWUR R TXH SHUPLWLUi D
VXDXWLOL]DomRGHLPHGLDWR

x 8QLGDGH7DQTXH 87 SRVVXLWDQTXHFRPJUDQGHDUPD]HQDJHPGHiJXD
SDUD WUDQVSRUWH DWp R ORFDO GR VLQLVWUR R GLIHUHQFLDO p TXH QmR SRVVXL
ERPEDGHLQFrQGLRHVRPHQWHVmRXWLOL]DGRVSDUDDUPD]HQDJHPGHiJXD
$V87QRJHUDOVmRXWLOL]DGDVSDUDWUDQVIHULUiJXDSDUDYHtFXORVTXHVmR
SURYLGRV GH ERPED GH LQFrQGLR SRU H[HPSOR D XQLGDGH SODWDIRUPD TXH
QmRSRVVXLUHVHUYDGHiJXDPDVSRVVXLDERPEDGHFRPEDWHDLQFrQGLR
H RV HTXLSDPHQWRV DX[LOLDUHV $ 87 JHUDOPHQWH VmR FDPLQK}HV H
FDUUHWDVHFKHJDPDWUDQVSRUWDUDWpOLWURVGHiJXD



x 8QLGDGHGH&RPEDWH5iSLGR 8&5 VmRYHtFXORVFRPFDUDFWHUtVWLFDVGH
PDLRUSRWrQFLDQRPRWRUTXHSRVVXDXPWHPSRUHVSRVWDPDLVUiSLGRHP
XP VLQLVWUR SDUD ID]HU R SULPHLUR FRPEDWH 1R JHUDO SRVVXHP
DUPD]HQDPHQWR GH iJXD TXH SRGH VHU HP PHQRU TXDQWLGDGH SDUD R
GHVORFDPHQWR UiSLGR SRVVXL ERPED GH LQFrQGLR H HTXLSDPHQWRV
HVSHFtILFRVSDUDRFRPEDWH


x 8QLGDGH GH &RPEDWH D ,QFrQGLR H 5HVJDWH 8&,5 VmR YHtFXORV FRP
DUPD]HQDPHQWR GH iJXD SRVVXL ERPED GH LQFrQGLR H HTXLSDPHQWRV
HVSHFtILFRV SDUD R FRPEDWH 2 JUDQGH GLIHUHQFLDO p TXH SRVVXHP
HTXLSDPHQWRV HVSHFtILFRV SDUD UHVJDWHV HP DOWXUD H YHLFXODUHV SRU
H[HPSOR

$EDVWHFLPHQWRGHÈJXDGD&LGDGH

$ iJXD SDUD DEDVWHFLPHQWR GD FLGDGH p FDSWDGD QRV PDQDQFLDLV UHSUHVDGD H
SXULILFDGD QDV HVWDo}HV GH WUDWDPHQWR 'HSRLV p FRQGX]LGD DRV UHVHUYDWyULRV H HP
VHJXLGDjFLGDGHDWUDYpVGDVUHGHVGHGLVWULEXLomR



2 DEDVWHFLPHQWR SRGHUi VHU IHLWR GH WUrV PRGRV SRU ERPEHDPHQWR SRU
JUDYLGDGHRXPRGRFRPELQDGR

x 3RU %RPEHDPHQWR XPD RX PDLV ERPEDV FDSWDP iJXD GH XP PDQDQFLDO H D
GHVFDUUHJDPHPHVWDo}HVGHWUDWDPHQWR3RVWHULRUPHQWHDiJXDpQRYDPHQWH
ERPEHDGDSDUDRVLVWHPDGHGLVWULEXLomR

x 3RU*UDYLGDGHTXDQGRH[LVWHXPDIRQWHGHiJXDVLWXDGDHPORFDOPDLVHOHYDGR
TXH R VLVWHPDGH GLVWULEXLomR D JUDYLGDGH SURSRUFLRQD D SUHVVmRQHFHVViULD j
GLVWULEXLomR 3RU JUDYLGDGH p EDVWDQWH XWLOL]DGR HP VLVWHPDV SUHYHQWLYRV
KLGUiXOLFRVHPHGLILFDo}HVUHVLGHQFLDLV



x 0RGR &RPELQDGR p D XWLOL]DomR GRV GRLV PRGRV ERPEHDPHQWR H JUDYLGDGH
4XDQGR R FRQVXPR GH iJXD p SHTXHQR R DEDVWHFLPHQWR SRU JUDYLGDGH SRGH
VHU VXILFLHQWH QmR VHQGR QHFHVViULR R ERPEHDPHQWR 3RUpP TXDQGR R
FRQVXPR DXPHQWD R ERPEHDPHQWR p DVVRFLDGR DR DEDVWHFLPHQWR SRU
JUDYLGDGHSDUDVXSULUDGHPDQGD

5HGHV3~EOLFDVGH'LVWULEXLomRGHÈJXD

$VUHGHVS~EOLFDVGHGLVWULEXLomRGHiJXDGDVFLGDGHVVmRGRWLSR³IHFKDGR´LVWR
pDVFDQDOL]Do}HVIRUPDPDQpLVHpLQWHUOLJDGRQmRVHSRGHQGRHVWDEHOHFHUVHQWLGRGH
HVFRDPHQWRGDiJXD

,QVWDODomR±3ODQHMDPHQWR

$LQVWDODomRHVXEVWLWXLomRGRVKLGUDQWHVVmRGHUHVSRQVDELOLGDGHGDFRPSDQKLD
GLVWULEXLGRUDGHiJXDGDUHJLmR1R(VWDGRGH6DQWD&DWDULQDRyUJmRUHVSRQViYHOpD
&$6$1 TXH GLVS}HP GRV UHFXUVRV QHFHVViULRV SDUD D DTXLVLomR LQVWDODomR H
VXEVWLWXLomRGRVKLGUDQWHV
2&RUSRGH%RPEHLURVSDUWLFLSDQRSODQHMDPHQWRHPDQXWHQomRGDUHGHS~EOLFD
GHKLGUDQWHVeFRQVXOWDGRVREUHDLQVWDODomRGRVKLGUDQWHVQRYRVTXHpGHWHUPLQDGD
SHODDQiOLVHGHGDGRVHVWDWtVWLFRVHWpFQLFRV


,QVSHomRH0DQXWHQomR

$ LQVSHomR GRV KLGUDQWHV p GH UHVSRQVDELOLGDGH GR &RUSR GH %RPEHLURV (VWD
LQVSHomRGHYHREVHUYDUSRVVtYHLVGDQRVPHFkQLFRVHDVFRQGLo}HVJHUDLVGRKLGUDQWH
$RVHH[DPLQDUXPDSDUHOKRGHYHVH
x 9HULILFDUVHRDFHVVRDVERFDVH[SXOVRUDHUHJLVWURHVWmROLYUHV(PFDVRQHJDWLYR
GHVREVWUXtORVHSRVVtYHO
x 7HVWDURKLGUDQWHFRORFDQGRRHPIXQFLRQDPHQWRHPHGLQGRVXDSUHVVmR
x 9HULILFDURHVWDGRGHFRQVHUYDomRGRDSDUHOKRREVHUYDQGRRHVWDGRGDSLQWXUDHD
SRVVtYHO SUHVHQoD GH R[LGDomR IHUUXJHP FRUURVmR H GDQRV SULQFLSDOPHQWH QDV
ERFDVH[SXOVRUD
1DLPSRVVLELOLGDGHGHHIHWXDUDPDQXWHQomRDGHTXDGDVROLFLWDUjFRPSDQKLDGH
iJXDDH[HFXomRGRUHSDUR

0DQJRWLQKR
2V PDQJRWLQKRV VmR WXERV IOH[tYHLV GH ERUUDFKD UHIRUoDGRV SDUD UHVLVWLU D
SUHVV}HVHOHYDGDVHGRWDGRVGHHVJXLFKRVSUySULRV$SUHVHQWDPVHQRUPDOPHQWHHP
GLkPHWURV GH H PP p DFRQGLFLRQDGR QDV XQLGDGHV GH FRPEDWH D LQFrQGLR
HPFDUUHWpLVGHDOLPHQWDomRD[LDORTXHSHUPLWHGHVHQURODURVPDQJRWLQKRVHXViORV
VHPQHFHVVLGDGHGHDFRSODPHQWRRXRXWUDPDQREUD
3HOD IDFLOLGDGH GH RSHUDomR RV PDQJRWLQKRV VmR XVDGRV HP LQFrQGLRV TXH
QHFHVVLWDPSHTXHQDTXDQWLGDGHGHiJXDWDLVFRPRF{PRGRVUHVLGHQFLDLVSHTXHQDV
ORMDVYHtFXORVHRXWURVORFDLVGHSHTXHQDVGLPHQV}HV


0DQJXHLUDV

$VPDQJXHLUDVVmRHTXLSDPHQWRVGHFRPEDWHDLQFrQGLRVPXLWRXWLOL]DGRVSHORV
ERPEHLURV SRU VXD IDFLOLGDGH GH VHU DFRQGLFLRQDGD QRV YHtFXORV GH FRPEDWH H
DJLOLGDGH QD KRUD GH XP LQFrQGLR e FRQVWLWXtGR HVVHQFLDOPHQWH SRU XP GXWR IOH[tYHO
GRWDGRGHXQL}HV6725=
$ PDQJXHLUD GH LQFrQGLR p FRPSRVWD SRU XP WXER LQWHUQR GH ERUUDFKD XPD
WUDPD YLQFR H XQL}HV 1D SDUWH LQWHUQD GD PDQJXHLUD HQFRQWUDPRV R WXER IOH[tYHO GH
ERUUDFKDHDQHOGHHPSDWHMiQDSDUWHH[WHUQDHQFRQWUDPRVXPUHIRUoRWr[WLO

7LSRV'H0DQJXHLUDV

x 7LSR±'HVWLQDVHDHGLItFLRVGHRFXSDomRUHVLGHQFLDOFRPSUHVVmRPi[LPD
GHWUDEDOKRGHN3D NJIFPð RX EDU

x 7LSR'HVWLQDVHDHGLItFLRVFRPHUFLDLVHLQGXVWULDLVRX&RUSRGH%RPEHLURV
FRPSUHVVmRPi[LPDGHWUDEDOKRGHN3D NJIFPð RX EDU



x 7LSR 'HVWLQDVH D iUHD QDYDO H LQGXVWULDO RX &RUSR GH %RPEHLURV RQGH p
GHVHMiYHO XPD PDLRU UHVLVWrQFLD D DEUDVmR H SUHVVmR Pi[LPD GH WUDEDOKR GH
N3D NJIFPð RX EDU

x 7LSR'HVWLQDVHDiUHDLQGXVWULDORQGHpGHVHMiYHOXPDPDLRUUHVLVWrQFLDD
DEUDVmRHSUHVVmRPi[LPDGHWUDEDOKRGHN3D NJIFPð RX EDU

x 7LSR'HVWLQDVHDiUHDLQGXVWULDORQGHpGHVHMiYHOXPDPDLRUUHVLVWrQFLDD
DEUDVmR H D VXSHUItFLHV TXHQWHV SUHVVmR Pi[LPD GH WUDEDOKR GH N3D
NJIFPð RX EDU


&RQVHUYDomRH0DQXWHQomR

$QWHVGR8VR2SHUDFLRQDO

$V PDQJXHLUDV QRYDV GHYHP VHU UHWLUDGDV GD HPEDODJHP GH IiEULFD
DUPD]HQDGDV HP ORFDO DUHMDGR OLYUH GH XPLGDGH H PRIR DOpP GH SURWHJLGDV GD
H[SRVLomRGLUHWDGHUDLRVVRODUHV'HYHPVHUJXDUGDGDVHPSUDWHOHLUDVDSURSULDGDVH
DFRQGLFLRQDGDVHPHVSLUDO
2VODQFHVDFRQGLFLRQDGRVSRUPXLWRWHPSR PDLVTXHPHVHV VHPPDQXVHLR
VHMD HP YHtFXORV DEULJRV GH KLGUDQWHV RX SUDWHOHLUDV GHYHP VHU VXEVWLWXtGRV RX
QRYDPHQWH DFRQGLFLRQDGRV GH PRGR D HYLWDU D IRUPDomR GH YLQFRV QRV SRQWRV GH
GREUD TXHGLPLQXHPVHQVLYHOPHQWHDUHVLVWrQFLDGDVPDQJXHLUDV
'HYHPVH WHVWDU DV MXQWDV GH HQJDWH UiSLGR DQWHV GD GLVWULEXLomR GDV
PDQJXHLUDVSDUDRXVRRSHUDFLRQDODWUDYpVGHDFRSODPHQWRFRPRXWUDVMXQWDV

'XUDQWHR8VR2SHUDFLRQDO

$VPDQJXHLUDVGHLQFrQGLRQmRGHYHPVHUDUUDVWDGDVVREUHVXSHUItFLHViVSHUDV
HQWXOKRTXLQDVGHSDUHGHVERUGDGHMDQHODWHOKDGRRXPXURVSULQFLSDOPHQWHTXDQGR
FKHLDVGHiJXDSRLVRDWULWRRFDVLRQDPDLRUGHVJDVWHHFRUWHVGDORQDQDPDQJXHLUD
1mR GHYHP VHU FRORFDGDV HP FRQWDWR FRP VXSHUItFLHV H[FHVVLYDPHQWH
DTXHFLGDVSRLVFRPRFDORUDVILEUDVGHUUHWHPHDPDQJXHLUDSRGHUiURPSHUVH
1mR GHYHP HQWUDU HP FRQWDWR FRP VXEVWkQFLDV TXH SRVVDP DWDFDU R GXWR GD
PDQJXHLUDWDLVFRPRGHULYDGRVGHSHWUyOHRiFLGRVHWF
$V MXQWDV GH HQJDWH UiSLGR QmR GHYHP VRIUHU TXDOTXHU LPSDFWR SRLV LVWR SRGH
LPSHGLUVHXSHUIHLWRDFRSODPHQWR
'HYHP VHU XVDGDV DV SDVVDJHQV GH QtYHO SDUD LPSHGLU TXH YHtFXORV SDVVHP
VREUH D PDQJXHLUD RFDVLRQDQGR LQWHUUXSomR GR IOX[R G¶iJXD H JROSHV GH DUtHWH TXH
SRGHP GDQLILFDU DV PDQJXHLUDV H RXWURV HTXLSDPHQWRV KLGUiXOLFRV DOpP GH GREUDU
SUHMXGLFLDOPHQWHRGXWRLQWHUQR



$V PDQJXHLUDV VRE SUHVVmR GHYHP VHUGLVSRVWDVGH PRGR DIRUPDUHP VHLRV H
QXQFD kQJXORV TXH GLPLQXHP R IOX[R QRUPDO GH iJXD H SRGHP GDQLILFDU DV
PDQJXHLUDV
(YLWDUPXGDQoDVEUXVFDVGHSUHVVmRLQWHUQDSURYRFDGDSHORIHFKDPHQWRUiSLGR
GH H[SHGLo}HV RX HVJXLFKRV 0XGDQoDV EUXVFDV GH SUHVVmR LQWHUQD SRGHP GDQLILFDU
PDQJXHLUDVHRXWURVHTXLSDPHQWRV

$SyVR8VR2SHUDFLRQDO

$R VHUHP UHFROKLGDV DV PDQJXHLUDV GHYHP VRIUHU ULJRURVD LQVSHomR YLVXDO QD
ORQD H HQJDWH UiSLGR VH QHFHVViULR VHUmR ODYDGDV FRP iJXD H HVFRYD GH FHUGDV
PDFLDV DV UHSURYDGDV QD LQVSHomR YLVXDO GHYHP VHU VHSDUDGDV H VXEPHWLGDV j
PDQXWHQomR
1DVPDQJXHLUDVDWLQJLGDVSRUyOHRVJUD[DViFLGRVRXRXWURVDJHQWHVDGPLWH
VHRHPSUHJRGHiJXDPRUQDVDEmRQHXWURRXSURGXWRUHFRPHQGDGRSHORIDEULFDQWH
$SyV D ODYDJHP DV PDQJXHLUDV GHYHP VHU FRORFDGDV SDUD VHFDU 3RGHP VHU
VXVSHQVDVSRUXPDGDVMXQWDVGHXQLmRRXSRUXPDGREUDQRPHLRILFDQGRDVMXQWDV
GHXQLmRSDUDEDL[RRXDLQGDHVWHQGLGDVHPSODQRLQFOLQDGDVVHPSUHjVRPEUDHHP
ORFDOYHQWLODGR
'HSRLV GH FRPSOHWDPHQWH VHFDV GHYHP VHU DUPD]HQDGDV FRP RV FXLGDGRV
GHVFULWRV DQWHULRUPHQWH D VHFDJHP SRGH YDULDU GH DFRUGR FRP UHFRPHQGDomR GR
IDEULFDQWHXPDRXGXDVVHPDQDV ±GLDV
$V PDQJXHLUDV VmR R SULQFLSDO HTXLSDPHQWR XVDGR QR FRPEDWH DR IRJR $V
PDQJXHLUDV GH FRPEDWH SRVVXHP GRLV GLkPHWURV VHQGR PDQJXHLUDV GH XPD
SROHJDGDHPHLD HPDQJXHLUDVGH GXDVSROHJDGDVHPHLD



(VJXLFKRV
(VJXLFKRVVmRSHoDVPHWiOLFDVHPVXDPDLRULDVmRIDEULFDGRVHPODWmROLJDGH
DOXPtQLR RX EURQ]H 2 HVJXLFKR p DGDSWDGR QD H[WUHPLGDGH GD OLQKD GH PDQJXHLUD
GHVWLQDGR D GDU IRUPD DR MDWR GH iJXD 2V HVJXLFKRV SRGHP VHU GH MDWR VyOLGR RX
UHJXOiYHO
(VJXLFKR-DWR6yOLGR
(VJXLFKRMDWRVyOLGRpXPWXERPHWiOLFRIDEULFDGRHPODWmRRXEURQ]HGHIRUPD
WURQFRF{QLFR FRQVWLWXtGR GH XP ~QLFR FRUSR SURYLGR GH HQJDWH UiSLGR WLSR 6725=
8WLOL]DGRTXDQGRDVROLFLWDomRIRUMDWRFRQWtQXRHQmRSRVVXLFRPDQGRSDUDYDULDomRGH
MDWR
(VJXLFKRMDWRVyOLGRò (VJXLFKRMDWRVyOLGRò

(VJXLFKR5HJXOiYHO
(VJXLFKRUHJXOiYHOSRVVXLFRUSRIDEULFDGRHPODWmROLJDGHDOXPtQLRRXEURQ]H
VHX GHVHQKR YDULiYHO GH DFRUGR FRP R IDEULFDQWH WHQGR QHFHVVDULDPHQWH XPD
H[WUHPLGDGHGHHQWUDGDFRPHQJDWHUiSLGRGRWLSR6725=HFRPDQGRWUtSOLFHSDUDDV
RSHUDo}HV GH IHFKDPHQWR MDWR FKXYHLUR H MDWR FRQWtQXR 2V HVJXLFKRV PDLV QRYRV
SULQFLSDOPHQWHRVIDEULFDGRVHPOLJDGHDOXPtQLRSRVVXHPFRPDQGRGHRSHUDo}HVFRP
UHJXODJHPSDUDMDWRQHEOLQD


8WLOL]DGRQDVDo}HVTXHH[LJHPDOWHUQkQFLDGHWLSRVGHMDWRVHTXHSRVVDPWHU
GLYHUVDVFODVVHVGHLQFrQGLRHQYROYLGDV
(VJXLFKR5HJXOiYHOSRGHPVHUGHòRXGHòSROHJDGD
2IHFKDPHQWRGR(VJXLFKR5HJXOiYHO
SRGHVHUGRWLSRURVFD

2IHFKDPHQWRGR(VJXLFKR5HJXOiYHO
SRGHVHUGRWLSRFRPFKDYH

2IHFKDPHQWRGR(VJXLFKR5HJXOiYHOWLSRFRPFKDYHGHYHVHUGHIRUPDOHQWD
HYLWDQGRR*ROSHGH$UtHWH


(VJXLFKR$SOLFDGRUGH1HEOLQD
&RQVLVWH HP XP WXER PHWiOLFR ORQJR H FXUYR HP XPD GDV H[WUHPLGDGHV e
GRWDGRGHRULItFLRVFLUFXODUHVHPWRGDDVXDH[WHQVmRGDH[WUHPLGDGHFXUYDSRVVXLQGR
XPHVJXLFKRDX[LOLDUFRQKHFLGRFRPRXQLYHUVDOTXHSRVVXLHQJDWHUiSLGRWLSR6725=
SDUDDFRSODURDSOLFDGRUGHQHEOLQD
8WLOL]DGR QDV Do}HV GH FRPEDWH RQGH VH GHVHMD TXH D iJXD ODQoDGD HP ILQDV
SDUWtFXODVIRUPHXPDQHEOLQD
3URSRUFLRQDGRUHVGH(VSXPD
6mR HTXLSDPHQWRV GHVHQYROYLGRV HVSHFLDOPHQWH SDUD R WUDEDOKR FRP HVSXPD

PHFkQLFDSURMHWDGRVSDUDID]HUFRPTXHRFRUUDDPLVWXUDHQWUHDiJXDHR/*(
3URSRUFLRQDGRUHQWUH/LQKDV


(TXLSDPHQWR FRORFDGR QXPD OLQKD GH PDQJXHLUD SDUD DGLFLRQDU R /*( j iJXD
SDUD R FRPEDWH D LQFrQGLR 2 SURSRUFLRQDGRU GH HVSXPD ³HQWUHOLQKDV´ GLVS}H GH
GLVSRVLWLYR ³9HQWXUL´ TXH VXJD R /*( H SRVVXL YiOYXOD GRVDGRUD FRP JUDGXDomR
YDULDQGRGHDSDUDVHUXVDGDFRQIRUPHRWLSRGH/*(
4XDQGRVHGL]TXHDGRVDJHPGH/*(pDHPXPSULQFLSLREiVLFRp
x 1D PLVWXUD GH iJXD /*( R SURGXWR ILQDO VHUi iJXD PDLV GH
/*(
/*(
/*(
$HVSXPDPHFkQLFDpFODVVLILFDGDGHDFRUGRFRPVXDWD[DGHH[SDQVmRHPWUrV
FDWHJRULDV
x %DL[D ([SDQVmR TXDQGR XP OLWUR GH SUpPLVWXUD SURGX] DWp OLWURV GH
HVSXPD HVSXPDSHVDGD
x 0pGLD ([SDQVmR TXDQGR OLWUR GH SUpPLVWXUD SURGX] GH D OLWURV GH
HVSXPD HVSXPDPpGLD
x $OWD ([SDQVmR TXDQGR OLWUR GH SUpPLVWXUD SURGX] GH D OLWURV GH
HVSXPD HVSXPDOHYH
2SURSRUFLRQDGRUSRGHVHUXVDGRHQWUHGRLVODQFHVGHPDQJXHLUDVGLUHWDPHQWH
GDH[SHGLomRGDERPEDRXMXQWRDRHVJXLFKR
1D XWLOL]DomR GR SURSRUFLRQDGRU GHYHVH REVHUYDU D GLIHUHQoD GH DOWXUD H D

GLVWkQFLDHQWUHHOHHRHTXLSDPHQWRIRUPDGRUGHHVSXPD2VHTXLSDPHQWRVQmRGHYHP
HVWDUHPGHVQtYHOVXSHULRUDPHDXPDGLVWkQFLDVXSHULRUDP



(VJXLFKR/DQoDGRUGH(VSXPD
2HVJXLFKRODQoDGRUSRVVXLXPGLVSRVLWLYRTXHDUUDVWDRDU³9HQWXUL´SDUDRVHX
LQWHULRU DGLFLRQDQGRR j SUpPLVWXUD (VWD PLVWXUD LUi VRIUHU XP EDWLPHQWR TXH GDUi
FRPRUHVXOWDGRDHVSXPD
3DUD ID]HU D SUpPLVWXUD p QHFHVViULR XP SURSRUFLRQDGRU FRPSDWtYHO FRP R

HVJXLFKRRXVHMDDYD]mRGRSURSRUFLRQDGRUGHYHVHULJXDODGRHVJXLFKR


(VJXLFKR3URSRUFLRQDGRUGH(VSXPD
5H~QH R SURSRUFLRQDGRU H R HVJXLFKR ODQoDGRU HP VHX FRUSR 3RVVXHP GRLV

GLVSRVLWLYRV ³9HQWXUL´ XP SDUD VXFomR GR /*( H RXWUR SDUD DVSLUDomR GR DU $ SUp
PLVWXUDHRDULUmRVRIUHUXPEDWLPHQWRUHVXOWDQGRDHVSXPD
2VHTXLSDPHQWRVXWLOL]DGRVFRP/*(GHYHPVHULQWHLUDPHQWHOLPSRVFRPiJXD
DSyVRXVR
&KDYHVGH0DQJXHLUDV
)HUUDPHQWDV GHVWLQDGDV D IDFLOLWDU R DFRSODPHQWR RX GHVDFRSODPHQWR GRV

HQJDWHVUiSLGR 6725= RXWDPS}HVFRPURVFD$VFKDYHVSRGHPVHU
x &KDYH 6725= SDUD DFRSODPHQWR H GHVDFRSODPHQWR GH PDQJXHLUDV H

DGDSWDo}HV

&KDYH6725=SRGHPVHUSDUDHQJDWHVGHòHòSROHJDGD


x &KDYH GH 7DPSmR GH +LGUDQWH GH &ROXQD SDUD GHVURVFDU H URVTXHDU RV
WDPS}HVGRVKLGUDQWHVS~EOLFRVGHFROXQD
&KDYHGHWDPSmRGHKLGUDQWHGH
FROXQDSRGHPVHUSDUDWDPS}HVGH
òHSROHJDGD
x &KDYHGH5HJLVWURGH+LGUDQWH WLSR7 pXPDIHUUDPHQWDTXHFRQVLVWHQXPD

EDUUD GH IHUUR HP IRUPD GH ³7´ H QD SDUWH LQIHULRU XP HQFDL[H TXDGUDGR TXH
VHUYH SDUD JLUDU R HL[RSDUDIXVR SDUD DEULU RV KLGUDQWHV S~EOLFRV GH FROXQD H
VXEWHUUkQHR GHFDL[D
5HJXODGRUGH$OWXUD
(QFDL[HTXDGUDGR
2HQFDL[HTXDGUDGRSRVVXLGRLV
WDPDQKRVSDUDVHDGDSWDUDRHL[R
SDUDIXVRQRVKLGUDQWHV


$GDSWDGRUHVSDUD0DQJXHLUDVH+LGUDQWHV
6mRSHoDVPHWiOLFDVPyYHLVGHVWLQDGDVDSHUPLWLUDOLJDomRHQWUHHTXLSDPHQWRV
KLGUiXOLFRVFRPHQJDWHVUiSLGRRXURVFDFRPGLkPHWURVGLIHUHQWHV
$VDGDSWDo}HVSRGHPVHU
x 5HGXWRU SHUPLWH R DFRSODPHQWR GH HQJDWHV UiSLGR GH GLkPHWURV GLIHUHQWHV

(QJDWH UiSLGR WLSR 6725= IDEULFDGR HP EURQ]H RX ODWmR XVDGR SULQFLSDOPHQWH
SDUD ID]HU XPD OLQKD VRPHQWH GD 8&, TXH SRVVXL VDtGDV GH HQJDWH UiSLGR GH
ò

5HGXWRUFRPHQJDWHUiSLGR òò

x $GDSWDGRUHVGH+LGUDQWHXWLOL]DGRSULQFLSDOPHQWHHPKLGUDQWHVGHFROXQDSRLV
RV WDPS}HV VmR FRP URVFD 3HUPLWH R DFRSODPHQWR GRV HQJDWHV UiSLGR DRV
KLGUDQWHV S~EOLFRV SRLV HP XP ODGR p SURYLGR GH URVFD H VHX RXWUR ODGR GH
HQJDWHWLSR6725=GHòRXòSROHJDGD)DEULFDGRHPEURQ]HRXODWmR



(QJDWHUiSLGRFRPURVFDòò

'HULYDQWHRX'LYLVRUGH/LQKDV
3HoD PHWiOLFD GHVWLQDGD D GLYLGLU XPD OLQKD GH PDQJXHLUD HP RXWUDV GH LJXDO
GLkPHWURRXGHGLkPHWURLQIHULRU
8PDHQWUDGDFRPHQJDWHUiSLGRWLSR6725=ò
'XDVVDtGDVFRPHQJDWHUiSLGRWLSR6725=ò
5DORFRP9iOYXODRX9iOYXODGH5HWHQomR
6mR DFHVVyULRV KLGUiXOLFRV GHVWLQDGRV D LPSHGLU D HQWUDGD GH GHWULWRV HP

VXVSHQVmRQDiJXDQDVRSHUDo}HVGHVXFomR3RVVXLQRVHXLQWHULRUXPGLVSRVLWLYRGH


HVWDQFDPHQWR TXH SHUPLWH D SDVVDJHP GH iJXD QXPD Vy GLUHomR SDUD LPSHGLU R
UHWRUQRGDiJXDSHORVPDQJRWHV

0DQJRWHV
e XP GXWR GH ERUUDFKD UHIRUoDGR FRP DUPDomR LQWHUQD GH DUDPH GH DoR GH
PRGR D UHVLVWLU VHP VH IHFKDU TXDQGR XWLOL]DGR HP VXFomR 'HVWLQDPVH D OLJDU D
LQWURGXomRGDERPEDDPDQDQFLDLVRXDRVKLGUDQWHVHPRSHUDomRGHVXFomR
eXPHTXLSDPHQWRGHJUDQGHGXUDELOLGDGHHIiFLOPDQXWHQomR6HXDFRSODPHQWR
SRGHVHUSRUHQJDWHUiSLGRWLSR6725=RXURVFD


3DVVDJHPGH1tYHO
$ SDVVDJHP GH QtYHO GHVWLQDVH D SHUPLWLU R WUkQVLWR GH YHtFXORV VREUH DV
PDQJXHLUDVFRQVWLWXLQGRVHHPXPSDUGHUDPSDV GHPDGHLUDRXPHWDO DUWLFXODGDV
ILFDQGRDVPDQJXHLUDVDFRQGLFLRQDGDVHPUHHQWUkQFLDFHQWUDOSURWHJLGDVGRSHVRGRV
YHtFXORV

0DWHULDLVGH&RUWH
2VPDWHULDLVGHFRUWHHGHDUURPEDPHQWRVmRXVDGRVSDUDFULDUDFHVVRVDWpR
ORFDOGRLQFrQGLR3RGHPVHUPDUWHORVPDFKDGRVDUFRVGHVHUUDSpGHFDEUDHQWUH
RXWURV



0Ï'8/29,,
(48,3$0(1726'(
3527(d2


0yGXOR9,,±(TXLSDPHQWRVGH3URWHomR

/LomR (48,3$0(1726'(
3527(d2,1',9,'8$/

$R ILQDO GHVWD OLomR RV SDUWLFLSDQWHV
VHUmRFDSD]HVGH
2EMHWLYRV
&RQKHFHU RV HTXLSDPHQWRV GH SURWHomR LQGLYLGXDO
SDUDRFRPEDWHDRLQFrQGLR
'HPRQVWUDU R XVR FRUUHWR GRV (3,¶V FRQIRUPH
,12 ,12 ,12 H
,12±FRPEDWHDLQFrQGLR

)HYHUHLUR±/LomR±(TXLSDPHQWRVGH3URWHomR,QGLYLGXDO 03

(TXLSDPHQWRGH3URWHomR,QGLYLGXDOpXPDSHoDRXFRQMXQWRGHSHoDVTXHWHP
DIXQomRGHSURWHJHUWRWDORXSDUFLDOPHQWHXPLQGLYtGXRGHGHWHUPLQDGRSHULJR
3DUDTXHR(3,VHMDHILFD]GHYHREHGHFHUFHUWRVTXHVLWRV
x 6HUFHUWLILFDGRSDUDRILPDTXHVHGHVWLQD
x (VWDUHPFRQGLo}HVGHXVR LQWHJULGDGH
x 6HUXWLOL]DGRDGHTXDGDPHQWHSHORXVXiULR
2V ERPEHLURV GHYHP GLVSHQVDU DWHQomR HVSHFLDO DRV (3,¶V LVWR SRUTXH VHXV
FRUSRVVmRPDLVYXOQHUiYHLVjVDJUHVV}HVDPELHQWDLVPDLVGRTXHTXDOTXHUIHUUDPHQWD
RX YLDWXUD e UHJUD IXQGDPHQWDO TXH QLQJXpP QR FRPEDWH D LQFrQGLR HQWUH HP XPD
HGLILFDomR VDWXUDGD GH IXPDoD WHPSHUDWXUDV HOHYDGDV H JDVHV VHP HVWDU FRP
HTXLSDPHQWR GH SURWHomR FRPSOHWR $ QmRXWLOL]DomR GHVWH HTXLSDPHQWR SRGH QmR Vy
FDXVDUIUDFDVVRGDVRSHUDo}HVFRPRWDPEpPWUD]HUFRQVHTXrQFLDVVpULDVLQFOXVLYHD
PRUWH
2VHTXLSDPHQWRVGHSURWHomRLQGLYLGXDOVmRLQGLVSHQViYHLVSDUDDVHJXUDQoDGR
ERPEHLURHOHVGLPLQXLUmRRVULVFRVUHOHYDQWHVDTXHLPDGXUDVIHULPHQWRVHWF2V(3,V
VmRFRQVWLWXtGRVHPVXDPDLRULDGHFDSDFHWHMDTXHWDHFDOoDGHDSUR[LPDomRERWDVH
OXYDVHQWUHRXWURVGHSHQGHQGRGDVQHFHVVLGDGHVGHFDGDRSHUDomR

&DSDFHWH

'RVPRGHORVPDLVDQWLJRVFRQIHFFLRQDGRVHPEDTXHOLWHDRVPDLVPRGHUQRVGH
.HYODUHWHUPRSOiVWLFRLQMHWDGRWHPRVXPDJUDQGHYDULHGDGHHPRGHORVHFRQVWUXo}HV
2V PDLV DQWLJRV SURWHJLDP VRPHQWH GR VRO GD FKXYD H GH LPSDFWRV SHTXHQRV +RMH
VmR YLUWXDOPHQWH LQTXHEUiYHLV H FRQVWLWXtGRV GH YiULDV FDPDGDV GH PDWHULDLV SDUD
RIHUHFHUSURWHomRWRWDODFDEHoD
7HPRV QR PHUFDGR EDVLFDPHQWH GRLV IRUPDWRV DPHULFDQR H HXURSHX $PERV
RIHUHFHP YDQWDJHQV H GHVYDQWDJHQV &DEH D FDGD RUJDQL]DomR HVWXGDU DV
FDUDFWHUtVWLFDVGHFDGDPRGHORSDUDRSWDUSHORTXHPHOKRUOKHVHUYLU
4XDQWRjiUHDGHSURWHomRWHPRVRVPRGHORVGHFDVFRWRWDOHFDVFRSDUFLDO1R
SULPHLURFDVRWRGDDFDEHoDpSURWHJLGDHQTXDQWRQRRXWURJHUDOPHQWHDSURWHomRILFD
GDRUHOKDSDUDFLPD


2 PDWHULDO HPSUHJDGR QD VXD FRQVWUXomR GH FDSDFHWHV LQIOXL HP XPD JUDQGH
JDPD GH PDWHULDLV TXH SRGH VHU UHODFLRQDGR FRPR SROLFDUERQDWR RX WHUPRSOiVWLFR
LQMHWDGR D ILEUD GH YLGUR R .HYODU YLEUD GH FDUERQR HWF $OJXQV GRV PRGHORV PDLV
XVDGRVVmR

&DSDFHWH7UDGLFLRQDO

x &DVFRHPILEUDGHYLGURHVSHVVXUDPP
x $FDEDPHQWRH[WHUQROLVRHEULOKDQWH
x &RUHV3UHWR%UDQFRRX9HUPHOKR
x &DUQHLUDLQWHUQDHMXJXODUHPFRXUR
x 3HVRJ
x )HUUDJHQV4XHEUDWHOKDGLVWLQWLYRHMXJXODUHPODWmRHVWDPSDGRDFDEDPHQWR
SROLGRHQYHUQL]DGRRXFURPDGR

)RQWHKWWSZZZGDJDGFRPEUFDSDFHWHVKWP

&DSDFHWHGH%RPEHLUR%8//$5'


&DSDFHWH HP WHUPRSOiVWLFRV GH XOWHP FRP DFDEDPHQWR H[WHUQR OLVR EULOKDQWH
FRP UHVLVWrQFLD D LPSDFWR H FKDPDV 5HYHVWLGR LQWHUQDPHQWH FRP DOPRIDGD GHy[LGR
GH SROLIHUXOHQR UHYHVWLGR FRP XUHWDQR H[SDQGLGR SDUD UHVLVWLU D LPSDFWRV 4XDWUR
SRQWRVGHDSRLRIL[RDFDEHoDSURGX]LGDHPSROtPHURVIOH[tYHO&DUQHLUDWLSRFDWUDFDGH
DMXVWH QD SDUWH WUDVHLUD SDUD PROGDU TXDOTXHU WDPDQKR 4XHEUD WHOKD HP UHOHYR FRP
GHVHQKRDQDW{PLFRTXHSHUPLWHDFRORFDomRGHDGHVLYRVGRERPEHLURHVWDGXDO
)DL[D UHIOHWLYD TXDWUR IDL[DV HP IRUPD WUDSH]RLGDO IL[DGDV QDV ODWHUDLV GR
FDSDFHWH PHGLQGR XPD SROHJDGD GH ODUJXUD $ED HP WRGD VXD ODWHUDO H IURQWDO H
WRUQDQGRDPDLRUQDSDUWHWUDVHLUDSDUDHYLWDUTXHSURGXWRVHiJXDSRVVDPFDLUGHQWUR
GDFDSDHQDVFRVWDV
3URWHWRUGHERUUDFKDHPWRGDDVXDDEDSDUDHYLWDUTXHEUDVRXIUL]XUDVHPVXD
YROWD 3URWHWRU IDFLDO DUWLFXOiYHO GH PP GH HVSHVVXUD H TXDWUR SROHJDGDV GH DOWXUD
WUDQVSDUHQWHHMXJXODUFRPGXSORDMXVWHHPYHOFUR
3URWHWRU DXULFXODU H GH QXFD HP ILEUD DUDPLGD KLS VWRS KD]HOQXW
DQWLFKDPD SDUD HYLWDU SHQHWUDomR GH OtTXLGRV QR SHVFRoR FRUHV GLVSRQtYHLV SUHWR
DPDUHORYHUPHOKRHEUDQFR


&DSDFHWHGH%RPEHLUR3DFLILF)(.

&DSDFHWH PRGHOR (XURSHX &HUWLILFDGR FRQIRUPH 1RUPD (1 H (1
&DVFRH[WHUQRPROGDGRHPPDWHULDOLJQLIXJRFRPEDVHHPWHFLGR.HYODU6HX
GHVHQKRSHUPLWHTXHDYLVHLUDTXDQGROHYDQWDGDVHMDLQWURGX]LGDSDUDGHQWURGRFDVFR
H[WHUQR
4XHEUDWHOKD FRQVWUXLQGR QR PHVPR FDVFR H[WHUQR VHP HPHQGDV RX SHoDV
DGLFLRQDLV$FDEDPHQWRH[WHUQRGHIiFLOOLPSH]DHEULOKDQWHUHVLVWHQWHDUDLRV89FRP
GLPHQV}HVGRFDVFRH[WHUQRQmRH[FHGHP[[PPUHVSHFWLYDPHQWH
ODUJXUDSURIXQGLGDGHHDOWXUD
9LVHLUD([WHUQDHPSROLFDUERQDWR 33& FRPHVSHVVXUDGHPPGHIRUPDTXH
VHDMXVWHDRFRQWRUQRGRURVWRFRPFRUUHomRyWLFDSRVVLELOLWDRXVRGHHTXLSDPHQWRV


GHUHVSLUDomRDXW{QRPD7UDWDPHQWRFRQWUDDUUDQK}HVQDVGXDVVXSHUItFLHV LQWHUQDH
H[WHUQD H DQWLFKDPDV QD VXSHUItFLH LQWHUQD H WUDWDPHQWR HVSHOKDGR QD VXSHUItFLH
H[WHUQD
9LVHLUD LQWHUQD WLSR yFXORV HP SROLFDUERQDWR 33& FRP HVSHVVXUD GH PP
FRPFRUUHomRyWLFDHQFDL[HGHIRUPDTXHVHDMXVWHDRFRQWRUQRGRURVWRVREUHRQDUL]
SURWHJHQGRVRPHQWHRVROKRVSHUPLWLXVRVLPXOWkQHRFRPDYLVHLUDH[WHUQD
&DVFRLQWHUQRFRQVWUXtGRHPHVSXPDGHDOWDGHQVLGDGH SROLXUHWDQR UHVLVWHQWH
DLPSDFWRHQFDSVXODGRHPSOiVWLFR$%6UHWDUGDPWHDFKDPDVLVWHPDGHVXVSHQVmR
FRQVWUXtGRGHIRUPDTXHSHUPLWHRDMXVWHSRUFDWUDFDQRVWDPDQKRVGHDFPGH
SHUtPHWUR
&DUQHLUD IRUUDGD HP FRXUR SDUD PDLRU FRQIRUWR SRGHQGR VHU UHPRYLGD SDUD
OLPSH]D SURWHWRU GH QXFD WpUPLFR FRQIHFFLRQDGR HP WHFLGR GXSOR HP ILEUD GH
PHWDDUDPLGD
7LUDGHIL[DomRFRQVWUXtGDHPPDWHULDOLJQLIXJRGRWLSRSDUDDUDPLGDFRPIL[DomR
UiSLGDHDMXVWiYHOGHIRUPDTXHSHUPLWDDIL[DomRVHJXUDGRFDSDFHWHHQmRLPSHGHD
IDOD QRUPDO GR XVXiULR WLSR MXJXODU &RUHV GLVSRQtYHLV 3UHWD $PDUHOD %UDQFD
9HUPHOKD


&DSDFHWHGH%RPEHLUR3DFLILF)3DFLILF

&DSDFHWHPRGHOR$PHULFDQR&HUWLILFDGRFRQIRUPH1RUPD1)3$Q±
6WDQGDUGIRU6WUXFWXUDO)LUH)LJKWLQJH1RUPD$XVWUDOLDQD$6,62&DVFR
H[WHUQR PROGDGR HP PDWHULDO LJQLIXJR FRP EDVH HP WHFLGR GH .HYODU H
DFDEDPHQWRVXSHUILFLDOOLVRHEULOKDQWHVHPPDWHULDLVFRQGXWRUHVGHHOHWULFLGDGH
9LVHLUDGHSURWHomRIDFLDOUHVLVWHQWHDDUUDQK}HVHDUDLRV89HPSROLFDUERQDWR
GH PP GH HVSHVVXUD SRVVLELOLWD R XVR GH HTXLSDPHQWRV GH UHVSLUDomR DXW{QRPD
3DUWHVXSHULRUWHPXPDSHTXHQDDEDTXDQGRDYLVHLUDIRUDEDL[DGDDILPGHSURWHJHUR


URVWRGRXVXiULRHVVDDEDVHUiHQFRVWDGDQDSDUWHIURQWDOGRFDVFRH[WHUQRHVVDDED
SRGHWHUODUJXUDGHPP$UJRODQDSDUWHWUDVHLUDHPSOiVWLFRGLPHQV}HVPPGH
FRPSULPHQWRPPGHODUJXUDHDOWXUDGHPP
&DVFRLQWHUQRHPHVSXPDGHDOWDGHQVLGDGHUHVLVWHQWHDLPSDFWRHQFDSVXODGR
HPSOiVWLFRFRPWUDWDPHQWRUHWDUGDPWHDFKDPDVXVSHQVmRDWUDYpVGHXPDQHOFRP
FLQWDVGHPPDSUR[LPDGDPHQWHGLVWULEXtGDVUDGLDOPHQWHGHQWURGRFDVFRLQWHUQR
GH IRUPD TXH SHUPLWDP TXH D FDEHoD GR XVXiULR QmR WHQKD FRQWDWR FRP R IXQGR GR
FDVFRLQWHUQR
&DUQHLUDFRQVWUXtGDFRPFDWUDFDFRPDMXVWHGHSHUtPHWURGDFDEHoDHQWUHH
FPIL[DGDDWUDYpVGHYHOFURSHUPLWLQGRTXHDFDUQHLUDVHMDSRVLFLRQDGDSDUDIUHQWH
H SDUD WUiV SDUD FLPD RX SDUD EDL[R 3URWHWRU GH QXFD HP WHFLGR GXSOR HP ILEUD GH
PHWDDUDPLGD
7LUDGHIL[DomRMXJXODUHPPDWHULDOLJQLIXJRDEDVHGHSDUDDUDPLGDFRPODUJXUD
GHPPFRPIL[DomRUiSLGDHDMXVWiYHOVRERTXHL[RGHIRUPDTXHSHUPLWDDIL[DomR
VHJXUDGRFDSDFHWHHQmRLPSHGHDIDODQRUPDOGRXVXiULR &RUHVGLVSRQtYHLV3UHWD
$PDUHOD%UDQFD9HUPHOKD


&DSDFHWHGH%RPEHLUR*$//(7)6)

)RUDP GHVHQYROYLGRV SDUD FRPEDWH D LQFrQGLRV HVWUXWXUDLV DVVLVWrQFLDV HP
HVWUDGDV RSHUDo}HV GH UHVJDWH H SDUD WRGDV DV DSOLFDo}HV GH XVR SHORV %RPEHLURV
6mR &DSDFHWHV TXH IRUQHFHP SURWHomR j FDEHoD FRQWUD FDORU FKDPDV IULR
HOHWULFLGDGHiJXDHREMHWRVSHVDGRVRXSRQWLDJXGRV
2 FDVFR p DOWDPHQWH UHVLVWHQWH SRLV p SURGX]LGR HP WHUPRSOiVWLFR LQMHWDGR
WRWDOPHQWHUHIRUoDGR2DFDEDPHQWRpIHLWRFRPXPDFDPDGDEULOKDQWHGHSROLXUHWDQR


3RVVXLXPDFULVWDORQJLWXGLQDOGHVLJQDGDDDX[LOLDUQDDEVRUomRGHFKRTXH$SUHVHQWD
YLVHLUD UHIOHWLYD TXH SURWHJH D IDFH GR XVXiULR FRQWUD R FDORU UDGLDQWH
$WHQGH DV 1RUPDV (1 (1 (1 (1 (1 H 0LQLVWpULR GR
WUDEDOKRHPSUHJR

&DUDFWHUtVWLFDVJHUDLV

2V &DSDFHWHV 06$*DOOHW VmR XWLOL]DGRV SRU %RPEHLURV GR %UDVLO H GR PXQGR
SULQFLSDOPHQWH QD (XURSD $SUHVHQWDP XPYHUGDGHLUR VLVWHPD GH SURWHomR j FDEHoD


DRURVWRHjQXFD$OpPGRGHVLJQPRGHUQRHH[WUHPDPHQWHDJUDGiYHORV&DSDFHWHV
06$*DOOHW DSUHVHQWDP XP H[FOXVLYR SURMHWR HUJRQ{PLFR SDUD JDUDQWLU R FRQIRUWR H
IDFLOLWDU R WUDEDOKR GR XVXiULR 6mR &DSDFHWHV FRP H[FHOHQWH DEVRUomR GH FKRTXH
VHQGR DOWDPHQWH UHVLVWHQWHV DILQDO VmR SURGX]LGRV FRP D TXDOLGDGH LQWHUQDFLRQDO GD
06$*DOOHWGXDVHPSUHVDVTXHVHXQLUDPSDUDSURGX]LUMXQWDVDPHOKRUSURWHomRSDUD
RV%RPEHLURV

&DVFR

2 GHVLJQ GRV &DSDFHWHV 06$*DOOHW )6 H )( p WmR IDPRVR SRU VXDV
FDUDFWHUtVWLFDVHVWpWLFDVTXDQWRSHODVSURSULHGDGHVGHVHJXUDQoDHFRQIRUWR2&DVFR
p DOWDPHQWH UHVLVWHQWH SRLV p SURGX]LGR HP WHUPRSOiVWLFR LQMHWDGR WRWDOPHQWH
UHIRUoDGR 2 DFDEDPHQWR p IHLWR FRP XPD FDPDGD EULOKDQWH GH SROLXUHWDQR 3RVVXL
XPDFULVWDORQJLWXGLQDOGHVLJQDGDDDX[LOLDUQDDEVRUomRGHFKRTXH
3RGH VHU XWLOL]DGR HP FRQMXQWR FRP VLVWHPDV GH FRPXQLFDomR H ODQWHUQDV
TXDQGRQHFHVViULR2XVXiULRSRGHUiXWLOL]DUR(TXLSDPHQWR$XW{QRPRFRQMXJDGRFRP
R &DSDFHWH 06$*DOOHW SRU PHLR GRV SUiWLFRV VLVWHPDV GH DGDSWDomR SDUD 3HoD
)DFLDO (P FDGD ODWHUDO LQWHUQD GR &DVFR QD UHJLmR GRV RXYLGRV Ki DOPRIDGDV GH
HVSXPDVSDUDPDLVFRQIRUWRHSURWHomRFRQWUDLPSDFWRV

3URWHWRUHVIDFLDLV

$SUHVHQWDXP3URWHWRU)DFLDODSURYDGRGHDFRUGRFRPD1RUPD(XURSpLD(1
TXH RIHUHFH SURWHomR FRQWUD FDORU UDGLDQWH IDtVFDV ODVFDV PDWHULDLV
SDUWLFXODGRV OtTXLGRV HQWUH RXWURV SURWHJHQGR RV ROKRV H D IDFH HYLWDQGR
TXHLPDGXUDV QD UHWLQD $ DOWD UHVLVWrQFLD GHVWH 3URWHWRU GHYHVH DR DFDEDPHQWR
EDQKDGRDRXURFRPGHWUDQVPLVVmRGHOX]3RVVXLFDPDGDVGHUHYHVWLPHQWRDQWL
ULVFRHDQWHHPEDoDQWH


$SUHVHQWD WDPEpPXP 3URWHWRUDGLFLRQDO SDUD RVROKRV ÏFXORVGH 6HJXUDQoD
TXH RIHUHFH SURWHomR HP RSHUDo}HV GLYHUVDV (VWH ³ÏFXORV GH 6HJXUDQoD´ p EHP
FRPSDFWRVHQGRSURGX]LGRHPSROLFDUERQDWRWUDQVSDUHQWH

6XVSHQomR

$ 6XVSHQVmR DSUHVHQWD XP SRGHURVR VLVWHPD GH DEVRUomR GH FKRTXH FRP
DFROFKRDPHQWR LQWHUQR WHOD GH WHFLGR TXH ILFD HP FRQWDWR FRP D FDEHoD H
FRPSRQHQWHVUHVLVWHQWHVQDVODWHUDLV$SUHVHQWD7LUD-XJXODUUHJXOiYHOSURGX]LGDHP
PDWHULDO UHVLVWHQWH DR IRJR H FDORU FRP WHFLGR TXH QmR LUULWD D SHOH 3RVVXL ILYHOD GH
HQJDWHUiSLGR

0RGHOR&DSDFHWH06$*DOOHW)6



$WHQGHRVWDPDQKRVGHSHUtPHWURVFHIiOLFRVGHDFPeRPRGHORSDGUmR
GRV%RPEHLURVGR%UDVLOHGRPXQGR3RVVXLXPDDODYDQFDH[WHUQDSDUDPRYLPHQWDUR
³ÏFXORVGH6HJXUDQoD´LQWHUQR

0RGHOR&DSDFHWH06$*DOOHW)(

$WHQGHRVWDPDQKRVGHSHUtPHWURVFHIiOLFRVGHDFP2)(UH~QHD
WHFQRORJLD06$*DOOHWQXPFDVFRPDLRUHPDLVUREXVWR7DPEpPpXPVLVWHPDGH
SURWHomRjFDEHoDDRURVWRHjQXFDTXHSURSRUFLRQDH[FHOHQWHDEVRUomRGHFKRTXH
VHQGRDOWDPHQWHUHVLVWHQWH

&RUHVGLVSRQtYHLV&LQ]D3UHWR9HUPHOKR$PDUHOD%UDQFD



)RQWH06$GR%UDVLO(TXLSDPHQWRVH,QVWUXPHQWRVGH6HJXUDQoD/WGD
%ROHWLPLQIRUPDWLYRGHDEULOGH
&DSDFHWHGH%RPEHLUR*$//(7);

x &RPEDWHDLQFrQGLRVIORUHVWDLVHVRFRUURVHPJHUDO5HVJDWH
x eXPFDSDFHWHOHYHHEDODQFHDGRSDUDP~OWLSORVXVRVSULQFLSDOPHQWHUHVJDWH
x $ FRQFKD GR FDSDFHWH p EHP YHQWLODGD R TXH PDQWpP D FDEHoD QXPD
WHPSHUDWXUDDGHTXDGD
x eXPFDSDFHWHXWLOL]DGRHPPXLWRVSDtVHVSDUDFRPEDWHULQFrQGLRVIORUHVWDLVH
VRFRUURVHPJHUDO
x $WHQGHWRGRVRVUHTXLVLWRVGDV1RUPDV(1H(1


&XLGDGRV FDSDFHWHV FRP DEHUWXUDV SDUD YHQWLODomR GD FDEHoD QmR SRGHP VHU
XWLOL]DGRVSDUDFRPEDWHDLQFrQGLRVHVWUXWXUDLVSRUPRWLYRGHDOWDVWHPSHUDWXUDVRTXH
SRGHRFDVLRQDUTXHLPDGXUDVQDFDEHoD

-DTXHWDHFDOoDGHDSUR[LPDomRDRIRJR

$V YHVWLPHQWDVGHYHP SURSRUFLRQDU DRERPEHLUR PRELOLGDGH VHP FRPSURPHWHU
VXDVFDUDFWHUtVWLFDVGHSURWHomR
$WXDOPHQWH DV YHVWLPHQWDV VmR FRQIHFFLRQDGDV HP WHFLGRV H PDWHULDLV D EDVH
GH ILEUDV GH DUDPLGD $V DUDPLGDV VmR IDPtOLDV GH SROtPHURV VLQWpWLFRV SURGX]LGRV D


SDUWLU GH GLiFLGRV H GLDPLQDV DURPiWLFDV VXD HVWUXWXUD PROHFXODU IRL FRQFHELGD SDUD
JDUDQWLU HVWDELOLGDGH SRU LVVR VmR PXLWR UHVLVWHQWHV D DOWDV WHPSHUDWXUDV H QmR VmR
LQIODPiYHLVDVILEUDVGHDUDPLGDPDLVXVDGDVHPURXSDVGHERPEHLURVVmR
x .HYODUpXPDILEUDVLQWpWLFDGHDUDPLGDPXLWRUHVLVWHQWHHOHYH7UDWDVHGHXP
SROtPHURUHVLVWHQWHDRFDORUHVHWHYH]HVPDLVUHVLVWHQWHTXHRDoRSRUXQLGDGH
GH SHVR 2 NHYODU p XVDGR QD IDEULFDomR GH FLQWRV GH VHJXUDQoD FRUGDV
FRQVWUXo}HV DHURQiXWLFDV YHODV FROHWHV j SURYD GH EDOD OLQKD GH SHVFD QD
IDEULFDomRGHDOJXQVPRGHORVGHUDTXHWHVGHWrQLVSDUDILWDVGHDOJXQVPRGHORV
GH SHGDO GH EXPER 2 WDQTXH GH FRPEXVWtYHO GRV FDUURV GH )yUPXOD VmR
FRPSRVWRV GHVWH PDWHULDO DILP GH HYLWDU TXH REMHWRV SRQWXGRV SHUIXUHP RV
WDQTXHVQRPRPHQWRGDFROLVmR
)RQWHKWWSSWZLNLSHGLDRUJZLNL.HYODU

x 1RPH[ H SROtPHURV GH DUDPLGD UHODFLRQDGRV VmR UHODFLRQDGRV FRP Q\ORQPDV
WrP DURPiWLFRV HVSLQKDV GRUVDLV H SRUWDQWR VmR PDLV UtJLGDV H PDLV GXUiYHO
1RPH[pRH[HPSORGHXPSULPHLURPHWDYDULDQWHGRVDUDPLGDV .HYODUpXPQ
DUDPLGD $R FRQWUiULR GH .HYODU 1RPH[ QmR SRGH DOLQKDU GXUDQWH D IRUPDomR
GH ILODPHQWRV H WHP PDLV SREUH IRUoD 7HP XPD H[FHOHQWH TXtPLFD WpUPLFD H
UHVLVWrQFLD j UDGLDomR 0DV 1RPH[ p XP PHWDDUDPLGD DSURSULDGR SDUD
SURWHomR FRQWUD LQFrQGLR QmR XPD SDUDDUDPLGD DSURSULDGR SDUD SURWHomR
FRQWUD EDODV $ FDSD 1RPH[ p XPD SHoD FRPXP GH FRUULGDV H FRPEDWH D
LQFrQGLRVHTXLSDPHQWReFRORFDGRVREUHDFDEHoDQRWRSRGHXPERPEHLUR V
URVWR PiVFDUD 2 FDSX] SURWHJH DV SRUo}HV GD FDEHoD QmR FREHUWD SHOR
FDSDFHWHHPiVFDUDIDFLDOGRLQWHQVRFDORUGRIRJR
)RQWHKWWSHQZLNLSHGLDRUJZLNL1RPH[

6y DV ILEUDV GH DUDPLGDV VmR FDSD]HV GH SURGX]LU PDWHULDLV LQHUHQWHPHQWH
DQWLFKDPDVTXHPDQWpPVXDVFDUDFWHUtVWLFDVDRORQJRGHWRGDVXDYLGD





$V YHVWLPHQWDV VmR FRPSRVWDV MDTXHWD H FDOoD SRGHP VHU FRQIHFFLRQDGDV HP
YiULDVFRUHVHWHUDGLFLRQDGRVDFHVVyULRVFRPREROVRVIDL[DVHVXSRUWHV$OJXQVGRV
PRGHORVPDLVXVDGRVVmR


&RQMXQWRGHERPEHLUR±FRP'5'HVXSRUWHWLSRFDGHLUD


&RQMXQWR GH ERPEHLUR FRQIHFFLRQDGR QR WHFLGR DUDPLGD 5LS 6WRS %OXVmR ô H
FDOoD GH VHJXUDQoD SDUD ERPEHLUR FRQIHFFLRQDGR HPWHFLGR PHWDDUDPLGD FRPSRVWR
SRU WUrV FDPDGDV LQWHUQDV VHQGR XPD EDUUHLUD GH YDSRUXPLGDGH XPD EDUUHLUD GH
FDORU H XPD YLVFRVH SDUD SURSRUFLRQDU FRQIRUWR DR FRPEDWHQWH )DL[DV UHIOHWLYDV
DQWLFKDPDQDFRUDPDUHODHSUDWDIRUURIL[RHFRVWXUDHPPDWHODVVH
%OXVmR ô FRP IHFKDPHQWR IURQWDO HP ]tSHU H YHOFUR HP PDWHULDO DQWLFKDPD
0DQJDVWLSRUDJOmFRPIROHLQWHUQREROVRLQIHULRUHFDEHGDOSDUDRSROHJDU'LVSRVLWLYR
GH VDOYDPHQWR SRU DUUDVWH '5' WUDQVSDVVDGR SHODV FRVWDV DWUDYpV GDV D[LODV H
RPEURV FRP VDtGD QD SDUWH VXSHULRU GR EOXVmR ORJR DEDL[R GD JROD JXDUGDGR SRU
ODSHOD IHFKDGD ILWD SUHQGHGRUD GH JDQFKRV H DUJRODV VLQDOL]DGD FRP UHIOHWLYR
DQWLFKDPDV GH PRGR D IDFLOLWDU DEHUWXUD H D UHWLUDGD GR WLUDQWH 7LUDQWH HP PDWHULDO
DQWLFKDPDV IHFKDPHQWR FRP ]tSHU QmR PHWiOLFR FRP FDGDUoR GH FRXUR KLGURIXJDGR
SDUDIDFLOLWDUDDEHUWXUD5HIRUoRPHGLQGRPP[PPQRVGRLVFRWRYHORVIRUUDGR
FRPQHRSUHQHGRODGRH[WHUQR
&DOoDFRPHOiVWLFRQDFLQWXUDSDUWHWUDVHLUDHVXVSHQVyULRVIL[RV6XVSHQVyULRV
HPDOJRGmRHHODVW{PHURGHPPGHODUJXUDQDFRUYHUPHOKD(PVXDVH[WUHPLGDGHV
IURQWDLV GRLV PDFKRV GH PP SDUD HQJDWH UiSLGR 1D SDUWH IURQWDO GXDV IrPHDV GH
PP GH ODUJXUD )LWD UHIOHWLYD IRUUDGD HP KLS EUDQFR DQWLFKDPDV QD FRU DPDUHOD
OLPmR PP GH ODUJXUD DIL[DGD QD SDUWH LQIHULRU GD FDOoD DFLPD GR EDUUDPHQWR GRLV
EROVRV WLSR FDUJR LQIHULRU QDV SHUQDV VDQIRQDGR FRP DEHUWXUD GRLV GUHQRV HP ODWmR
QDSDUWHLQIHULRUSDUDGUHQDJHPGHIOXLGRVFRPODSHODSURWHWRUDHIHFKDPHQWRDWUDYpV
GH GRLV YHOFURV 5HIRUoR PHGLQGR PP [ PP QRV GRLV MRHOKRV IRUUDGR FRP
QHRSUHQH6XSRUWHWLSRFDGHLULQKDFRQIHFFLRQDGRHPFDGDUoRGHPDWHULDODQWLFKDPDV
SDUDDUDPLGD FRP FRVWXUD FRQWUDVWDQWH H UHVLVWrQFLD PtQLPD GH UXSWXUD GH
N1SRVLFLRQDGRHQWUHDFDPDGDH[WHUQDHDEDUUHLUDGHXPLGDGHWUDQVSDVVDGRSHODV
SHUQDVHDOoDVFRPVDtGDSHODSDUWHIURQWDO6LVWHPDGHIHFKDPHQWRQDFLQWXUDDWUDYpV
GHILYHODVHPDoRLQR[LGiYHO
&RUHVGLVSRQtYHLVSUHWDD]XOPDULQKRFDTXL JROG HDPDUHODLQGLFDomR
x 3DUDWUDEDOKRVHPiUHDVFODVVLILFDGDVSDUDIXJDHPFDVRGHH[SORVmR
x )RJRUHSHQWLQRHIODVKHVGHIRJR
&XLGDGRVQHFHVViULRV


x 8VDUGHWHUJHQWHQHXWUR
x 6HFDUDVRPEUDpSRVVtYHOVHFDJHPQDYHUWLFDO
x /DYDUURXSDVGHILEUDVDUDPLGDVVHSDUDGDVGHRXWUDVILEUDV
x /DYDU HP WHPSHUDWXUD Pi[LPD GH & DomR PHFkQLFD QRUPDO HQ[DJXH
QRUPDOFHQWULIXJDomRHPUHJXODJHPPtQLPD
x 1mRODYDUDVHFR
x 1mRXWLOL]DUDOYHMDQWHVDEDVHGHFORUR
x 1mRSDVVDUFRPWHPSHUDWXUDVXSHULRUDF

)RQWHKWWSZZZKHUFXOHVFRPEUKHUFXOHVSURWHFDRWHUPLFDERPEHLURVFRQMXQWRGH
ERPEHLURFRPGUGHVXSRUWHWLSRFDGHLULQKD+-

&DSDSDUDERPEHLUR


&DSDGHVHJXUDQoDSDUDERPEHLURFRQIHFFLRQDGRHPWHFLGRPHWDDUDPLGD
FRPSRVWD SRU WUrV FDPDGDV LQWHUQDV VHQGR XPD EDUUHLUD GH YDSRUXPLGDGH XPD
EDUUHLUDGHFDORUHXPDYLVFRVHSDUDSURSRUFLRQDUFRQIRUWRDRFRPEDWHQWH
)DL[DV UHIOHWLYDV DQWLFKDPD QD FRU DPDUHOD )RUUR IL[R HP FRVWXUD PDWHODVVH
)HFKDPHQWR IURQWDO HP ]tSHU H YHOFUR DPERV HP PDWHULDO DQWLFKDPD 0DQJDV WLSR
UDJOm%ROVRSDUDUiGLR+7&DEHGDOSDUDRVSROHJDUHV
&RUHVGLVSRQtYHLVSUHWDD]XOODUDQMDHDPDUHOD,QGLFDomR
x &DSDSDUDERPEHLURVPLOLWDUHVHEULJDGLVWDV
x 5HVLVWHQWHDFRUWHDEUDVmRHLPSHUPHiYHO
x 5HVLVWHQWHjWHPSHUDWXUDGHDWp&

&XLGDGRVQHFHVViULRV
x 8VDUGHWHUJHQWHQHXWUR
x 6HFDUDVRPEUDpSRVVtYHOVHFDJHPQDYHUWLFDO
x /DYDUURXSDVGHILEUDVDUDPLGDVVHSDUDGDVGHRXWUDVILEUDV
x /DYDU HP WHPSHUDWXUD Pi[LPD GH & DomR PHFkQLFD QRUPDO HQ[iJXH
QRUPDOFHQWULIXJDomRHPUHJXODJHPPtQLPD
x 1mRODYDUDVHFR
x 1mRXWLOL]DUDOYHMDQWHVDEDVHGHFORUR
x 1mRSDVVDUFRPWHPSHUDWXUDVXSHULRUD&
)RQWHKWWSZZZKHUFXOHVFRPEUKHUFXOHVSURWHFDRWHUPLFDERPEHLURVFDSDSDUD
ERPEHLURVHPPHWDDUDPLGD

%DODFODYD

'DPHVPDIRUPDTXHDYHVWLPHQWDVVmRIHLWDVHPDUDPLGDHWHPSRUILQDOLGDGH
DSURWHomRGRSHVFRoRHFDEHoDFRQWUDRFDORU8PPRGHORPXLWRXVDGRp

&DSX]EDODFODYD

&DSX] GH VHJXUDQoD WLSR EDODFODYD FRQIHFFLRQDGR HP PDOKD GH ILEUD DUDPLGD
FRPILREDWLGR1;;3FRPJPHPFDGDFDPDGDIHFKDPHQWRHP


OLQKD GH DUDPLGD IDEULFDGR FRP DORQJDPHQWR DWp RV RPEURV RX QmR $ DEHUWXUD GRV
ROKRV SRGH VHU LQGLYLGXDO RX WRWDO DQWLFKDPD FRP UHIRUoR GR SUySULR PDWHULDO
FRVWXUDGRHFRPEDLQKDQDSDUWHLQIHULRU
&DSX] SDUD ERPEHLURV EULJDGLVWDV IRUQHLURV HOHWULFLVWDV RX XVXiULRV TXH
QHFHVVLWDP GH SURWHomR WpUPLFD GD IDFH H SHVFRoR UHVLVWHQWH D WHPSHUDWXUD GH DWp
&
&XLGDGRVQHFHVViULRV
x 1mRXWLOL]DUVROYHQWHVFRPXQVSDUDUHWLUDGDVGHPDQFKDV
x 1mRXVDUDOYHMDQWHDEDVHGHFORUR
x 1mRODYDUDFLPDGHF
x 1mRXWLOL]DUIHUURDYDSRUHVHFDUDVRPEUD

)RQWHKWWSZZZKHUFXOHVFRPEUKHUFXOHVSURWHFDRWHUPLFDERPEHLURVFDSX]
WLSREDODFODYD

%RWD

2IHUHFHSURWHomR SDUD RV SpV HSDUWHGDVSHUQDV GHYHP SRVVXLU UHVLVWrQFLD D
IXURV DWUDYpV GH SDOPLOKD GH DoR p SUHIHUtYHO WHU ELFR GH DoR SDUD HYLWDU R
HVPDJDPHQWR GRV GHGRV FDVR FDLDP REMHWRV SHVDGRV VREUH HOHV 'HYHP DLQGD VHU
LPSHUPHiYHLV UHVLVWHQWHV D SURGXWRV TXtPLFRV D FRUUHQWHV GH EDL[D WHQVmR 9
DRFDORUHWHUVRODGRDQWLGHUUDSDQWH$OJXQVGRVPRGHORVPDLVXVDGRVVmR



%RWDGH%RPEHLUR
x %RWDFDQRDOWR
x %LTXHLUDWHUPRSOiVWLFR
x &DQHOHLUDHPUHFRXUR
x 6RODGRWpUPLFR$PD]RQDVDWp&
x 3RUWDIDFD
x 5HIOHWLYRODWHUDOHWUDVHLUR
x 1~PHURVHVSHFLDLVGHDR
)RQWHKWWSZZZGDJDGFRPEUERWDVKWP
%RWDGH%RPEHLUR
x %RWDFDQRDOWR
x %LTXHLUDDoR
x &DQHOHLUDHPSROLFDUERQDWR
x 6RODGRWpUPLFRDWp&


x 3RUWDIDFD
x 5HIOHWLYRODWHUDOHWUDVHLUR
x 1~PHURVHVSHFLDLVGHDR


%RWDVSDUDERPEHLURVKDUYLN

&RQVWUXtGD HP ERUUDFKD QDWXUDO YXOFDQL]DGD QD FRU SUHWD FRP XPD IDL[D
DPDUHODWDPEpPHPERUUDFKDQDWXUDOGHDSUR[LPDGDPHQWHPPHQYROYHQGRWRGDD
ERUGD GD ERWD FRP R VRODGR HVVD ERUGD SURPRYH R VXSRUWH ODWHUDO QmR SHUPLWLQGR
GHIRUPDo}HVSRVVXLRXWUDIDL[DDPDUHODGHDSUR[LPDGDPHQWHPPHQYROYHQGRWRGD
DERUGDGRFDQRGDERWDQDVXDSDUWHVXSHULRUSURPRYHQGRDVVLPPDLRULQWHJULGDGHD
ERFDGRFDQR
7HP QD SDUWH IURQWDO GR FDQR XPD SURWHomR GH WtELD FRP GLPHQV}HV
DSUR[LPDGDV GH [ PP H HVSHVVXUD GH PP HVVD SURWHomR p HP ERUUDFKD
QDWXUDOFRPWH[WXUD7HPJUDYDGDQRFDQRGHIRUPDLQGHOpYHODQRUPDTXHDWHQGHHR
LQVWLWXWRTXHDWHVWRX
eUHVLVWHQWHDFKRTXHHOpWULFRWUD]HQGRJUDYDGRWDPEpPRVtPERORGRWHVWHGH
UHVLVWrQFLD : OHWUD *UHJD ÐPHJD &RQVWUXtGD GH WDO IRUPD TXH p WRWDOPHQWH


HVWDQTXHDWpDFRWDGHPPHVVDDOWXUDGHYHUiVHUPHGLGDDSDUWLUGRSLVR7HPDV
VHJXLQWHVHVSHFLILFDo}HV$OWXUDGRFDQRPPFRQWDGRVGDSDOPLOKDQDUHJLmRGR
WRUQR]HORDWpDERUGDGRFDQR
5HYHVWLPHQWR GR FDQR R FDQR p UHYHVWLGR LQWHUQDPHQWH HP WHFLGR UHIRUoDGR

FRPHVSHVVXUDPtQLPDGHPP(VVDFRQVWUXomRSURPRYHUiFRQIRUWRHpUHVLVWrQFLD
DFRUWH
$OoDGHFDOoDUDERUGDVXSHULRUGRFDQRpGRWDGDGHGXDVDOoDSDUDIDFLOLWDUR
FDOoDPHQWR DV DOoDV HVWmR GLVSRVWDV XPD HP FDGD ODWHUDO QR FDQR H WHP GLPHQVmR
VXSHULRUD[PPSHUPLWLGRDVVLPTXHVHLQWURGX]DSHORPHQRVGHGRVGDPmR
DRVXSRUWiODQRFDOoDU
5HYHVWLPHQWR GR Sp QD SDUWH IURQWDO GD ERWD SRU VREUH R Sp WHP XP IRUUR
ODPLQDGR FRP WUDWDPHQWR DQWLIXQJRV HVVH IRUUR HVWi HQWUH R Sp D ELTXHLUD GD ERWD
SURPRYHQGRFRQIRUWRHLVRODomR1DSDUWHSUy[LPDDRFDQRRUHYHVWLPHQWRpRPHVPR
GRFDQR
3DOPLOKD SRVVXL WUrV SDOPLOKDV FRQVHFXWLYDV VHQGR TXH D SULPHLUD p GH IHOWUR
FRP PP GH HVSHVVXUD SURPRYHQGR LVRODomR GR SLVR H VROD D VHJXQGD HP
SROLXUHWDQRGHDOWDGHQVLGDGHSDUDDEVRUYHURLPSDFWRGRFDPLQKDUDWHUFHLUDHXOWLPD
SDOPLOKD GHYHUi VHU HP SROLXUHWDQR GH PpGLD GHQVLGDGH FRQVWUXtGD GH IRUPD
HQYROYHQWH SURPRYHQGR FRQIRUWR H DEVRUomR GH LPSDFWR HVVD SDOPLOKD p UHPRYtYHO
SDUDODYDJHPHSHUPLWLUPHOKRUYHQWLODomRSDUDVHFDJHP
3URWHWRUGH7tELDWHPXPDSURWHomRGHWtELDQDVGLPHQV}HVDSUR[LPDGDVGH
[ [ PP GLVSRVWD D SDUWLU GD FRWD GH PP GR SLVR (VVDSURWHomR SURPRYHUi
FRQIRUWRHSURWHomRIURQWDODWtELD
%LTXHLUD GH DoR D ELTXHLUD p HP DoR WUDWDGR GH IRUPD TXH QmR R[LGH
FRPSURPHWHQGRDVHJXUDQoDHGXUDELOLGDGHGRFDOoDGRHHVWiHPFRQIRUPLGDGHFRP
DVQRUPDVGRILQDOGHVWDHVSHFLILFDomR


3DOPLOKD LQWHUQD HP DoR p HP DoR WUDWDGR GH IRUPD TXH QmR R[LGH
FRPSURPHWHQGR D VHJXUDQoD H GXUDELOLGDGH GR FDOoDGR EHP FRPR UHVLVWHQWH D
SHUIXUDomRHPFRQIRUPLGDGHFRPDVQRUPDVGRILQDOGHVWDHVSHFLILFDomR
6ROD ([WHUQD p HP SHoD ~QLFD GH ERUUDFKD PROGDGD VREUH SUHVVmR FRP
GHVHQKRDQWLGHUUDSDQWHHPFRQIRUPLGDGHFRPDVQRUPDVGRILQDOGHVWDHVSHFLILFDomR
'HVHQKR REHGHFHDXPSDGUmR GH FRQIRUWR VHJXLGRR FRQWRUQR DQDW{PLFR GD

SHUQD$SDUWHIURQWDOGDERWDWHPODUJXUDVXILFLHQWHSDUDRSpHQWUDUIDFLOPHQWH
,VRODomR (OpWULFD p FHUWLILFDGD FRQWUD ULVFRV GH FKRTXH HOpWULFR SRU ODERUDWyULR
LQGHSHQGHQWH

%RWDGHFRPEDWHDLQFrQGLRHVWUXWXUDO+HUFXOHV


'HVLJQERWDGHVHQKDGDHVSHFLDOPHQWHSDUDERPEHLURVGDQGRDPDLRUSURWHomR
SRVVtYHOSDUDRVSpVHSDUDDUHJLmRGDVSHUQDV'HYHUiSRVVXLUIDL[DDPDUHODHPWRGD
YROWDGRFDOFDQKDUHPPDWHULDOHPERUUDFKDGRGDQGRPDLRUILUPH]DDRSLVDU
&RQVWUXomR %RUUDFKD 9XOFDQL]DGD FRU SUHWD FRP DOWD HVWDQTXHLGDGH H
DFDEDPHQWR DPDUHOR HVWLOR %XQNHU PP PtQLPRV GH DOWXUD HP XP WDPDQKR GH
KRPHPQTXDQGRQmRLQFRUSRUDQGRDOoDHPIRUPDGH/RRSYXOFDQL]DGRQRWRSR
GDERWDFRPODUJXUDGHPPPtQLPRV
%DUUDPHQWR VXSHULRU HP ERUUDFKD YXOFDQL]DGD QD FRU GD ERWD FRP PP GH
ODUJXUD QD SDUWH IURQWDO H QR PtQLPR PP QD SDUWH WUDVHLUD &RQVWUXomR 6XSHULRU
LQFOXLQGR R DFDEDPHQWR 2 DFDEDPHQWR GH ERUUDFKD p UHWDUGDQWH D FKDPDV H
DOWDPHQWHUHVLVWHQWH
$ iUHD GRV SpV p LQWHLUDPHQWH FHUFDGD SHOR LVRODQWH GH HVSXPD GH 38
DGLFLRQDGDGHXPIHOWURVLQWpWLFRDQWLFKDPDV2UHYHVWLPHQWRLQWHUQRHPWHFLGRGHIHOWUR
QD FRU SUHWD RX FLQ]D HVFXUR FRP DOWD UHVLVWrQFLD D FKDPDV H DEUDVmR p WRWDOPHQWH
LQFRUSRUDGRjERUUDFKDGDSDUWHLQWHULRUGDERWD$SDUWHVXSHULRUDSUHVHQWDUHVLVWrQFLD
DFKDPDVUHVLVWrQFLDGHSHQHWUDomRDRFDORUUHVLVWrQFLDjSHUIXUDomRHUHVLVWrQFLDD
OtTXLGRV
&RQVWUXomRGD6ROD6RODPROGDGDPRGHORWUDWRUFRPGHVHQKRDQWLGHUUDSDQWH
UHWDUGDQWHDFKDPDVUHVLVWrQFLDDHVFRUUHJmRHUHVLVWrQFLDDDEUDVmR$VRODFRQWpP
UHVLVWrQFLD D FDORU UHVLVWrQFLD j SHUIXUDomR UHVLVWrQFLD GH SHQHWUDomR DR FDORU
UHVLVWrQFLDjDEUDVmRHUHVLVWrQFLDDSDWRJHQLDVDVDQJXH
&DQHODUHIRUoRHQULMHFLGRQDSDUWHGDFDQHODFRPQRPtQLPRPPGHODUJXUD
HPPGHDOWXUDQDFRUDPDUHODHFRPDFROFKRDPHQWRLQWHUQRHYXOFDQL]DGRQRFDQR
GDERWD3DOPLOKDGDVRODUHVLVWHQWHjSHUIXUDomRFRQIHFFLRQDGDHPDoRLQR[LGiYHO
&RQWUDIRUWH&RQWUDIRUWHGHERUUDFKDYXOFDQL]DGRSDUDHVWDELOLGDGHQRFDOFDQKDU
QDFRUDPDUHOD
%LTXHLUD%LTXHLUDLQWHUQDHPDoRFRPUHVLVWrQFLDDTXHGDVGHREMHWRV'HYHUi
HVWDU LQWHUQDPHQWH DORMDGD QR FRUSR GD ERWD H SURWHJLGD QD SDUWH H[WHUQD SRU XPD
VREUHFDPDGDQDFRUDPDUHOD5HVLVWrQFLDDFDORUUDGLDQWH$V3DODVGHYHUmRPDQWHU
XPD WHPSHUDWXUD LQWHUQD GH PHQRV GH JUDXV &HOVLXV TXDQGR H[SRVWR D HPLWHQWH
UDGLDQWH


5HVLVWrQFLDGHSHQHWUDomRDOtTXLGR1mRHVFRUUHSRUKRUDQDSDUWHVXSHULRU
DWpRWRSRGDERWDHDVXSHUItFLHGDVRODVXEPHWLGDDXPDHVSXPDFRPIRUPDGHILOPH
DTXRVR iFLGR GH EDWHULD GH iFLGR VXOI~ULFR IOXtGR KLGUiXOLFR GH UHVLVWrQFLD D
FDORU EDVH GH(VWHU H IRVIDWR JDVROLQD WROXHQRH LVRRFWDQR D FDORU EDVH GH
(VWHUHIRVIDWR JDVROLQD WROXHQRHLVRRFWDQR HVXEVWkQFLDTXtPLFDFORULILFDQWH
GHSLVFLQD QRPtQLPRGHFORUR
)HOWURHPILEUDVDUDPLGDVDQWLFKDPDQDFRUFLQ]DLQGLFDomR
x 8WLOL]DomR SDUD SURWHomR GRV PHPEURV LQIHULRUHV SDUD EULJDGDV GH LQFrQGLR
FRUSRGHERPEHLURRXSURILVVLRQDLVTXHHVWHMDOLJDGRjRSHUDomRGHSUHYHQomRH
FRPEDWHDLQFrQGLRV
x 3URWHomR PHFkQLFD FRQWUD TXHGD GH PDWHULDLV SHVDGRV VREUH RV DUWHOKRV H
PDWHULDLVSHUIXUDQWHV$OpPGDSURWHomRWpUPLFD FDORU
x &HUWLILFDomR&HUWLILFDGRGH$SURYDomRHPLWLGRSHOR0LQLVWpULRGR7UDEDOKREU!
/DXGRGHFHUWLILFDomRGHFRQIRUPLGDGHFRP1)3$S!

)RQWHKWWSZZZKHUFXOHVFRPEUKHUFXOHVSURWHFDR
WHUPLFDERPEHLURV%RWDGHFRPEDWHDLQF&$$QGLRHVWUXWXUDO

/XYDV

&RQIHFFLRQDGDV HP FRXUR DUDPLGD H ILEUDV HVSHFLDLV RIHUHFHP SURWHomR DR
FDORUYDSRUHVOtTXLGRVFRUWHVHDEUDV}HV$OJXQVGRVPRGHORVPDLVXVDGRVVmR

/XYDGHERPEHLUR+HUFXOHV



/XYD SDUD ERPEHLUR FRQIHFFLRQDGD HP FRXUR WHUPLF GRUVR OLVR GHGRV
LQGLFDGRUFRPFRVWXUDHOiVWLFRGHPPFRVWXUDGRHP]LJ]DJDRXPPGDERUGD
WLUD GH UHIRUoR HQWUH R SROHJDU H LQGLFDGRU GHGR FHQWUDO FRP UHIRUoR QR PHVPR
PDWHULDO SXQKR HP PDOKD GH SDUDDUDPLGD VDQIRQDGR &RPSRVWD HP PXOWLFDPDGDV
SDUDRSHUDo}HVFRPWHPSHUDWXUDVHSURGXWRVOtTXLGRVHDEUDVLYRV
&DPDGD H[WHUQD FRXUR WHUPLF SDUD UHVLVWLU WHPSHUDWXUDV HOHYDGDV FRP
UHVLVWrQFLD j DEUDVmR H FRUWHV &DPDGD LQWHUQD EDUUHLUD GH YDSRU )LOPH GH
SROLXUHWDQR DQWLFKDPD QD FRU EUDQFD SDUD LQLELU SDVVDJHP GH SURGXWRV TXtPLFRV H
OtTXLGRV
&DPDGDLQWHUQDEDUUHLUDGHFDORUPDQWDGHILEUDDUDPLGDILUHIODPH
NHQW FRP JP QD FRU SUHGRPLQDQWH YHUGH HVFXUR DWXD FRPR EDUUHLUD WpUPLFD
(OiVWLFRQRGRUVRHPFRVWXUD]LJ]DJFRPILRVGHSDUDDUDPLGD
3XQKR HP PDOKD SDUDDUDPLGD JP VDQIRQDGR SDUD LQLELU HQWUDGD GH
SURGXWRVHFDORU7RGDDFRVWXUDGDOXYDpIHLWDHPOLQKDSDUDDUDPLGDLQGLFDomR
x /XYDSDUDERPEHLURVHEULJDGLVWDV5HVLVWHQWHVDFRUWHHDEUDVmR
x 8WLOL]DGRVQDVLQG~VWULDVTXHRSHUDPFRPPpGLDEDL[DWHPSHUDWXUD
x 5HVLVWHQWHDWHPSHUDWXUDGHDWp&

&XLGDGRVQHFHVViULRV


x 8VDUVDEmRQHXWURHVHFDUDVRPEUD

)RQWHKWWSZZZKHUFXOHVFRPEUKHUFXOHVSURWHFDRWHUPLFDERPEHLURVOXYDSDUD
ERPEHLURHPFRXUR

/XYDGHYDTXHWDWRWDOPRGHOR3HWUROHLUD9DOFDQ

x &DUDFWHUtVWLFD OXYD GH VHJXUDQoD FRQIHFFLRQDGD HP YDTXHWD QDWXUDO UHIRUoR
SDOPDULQWHUQRWLSRSHWUROHLUDFRPHOiVWLFRHPEXWLGRQRGRUVRDFDEDPHQWRHP
YLpV
x 7DPDQKRFPRXFP
x $SOLFDomR,QGLFDGRVSDUDDWLYLGDGHVTXHH[LMDPWDWRSUHFLVmRHPDOHDELOLGDGH
8WLOL]DGRV SULQFLSDOPHQWH QDV iUHDV TXtPLFD H SHWURTXtPLFD VROGDV ILQDV H


PRQWDJHPHHPVHUYLoRVGHVROGDHOpWULFDR[LDFHWLOHQRFRODJHPGHLVRODo}HV
x 8WLOL]DomR0DQXWHQomRHOHWURPHFkQLFDVHUYLoRVGHXVLQDJHPPDQXWHQomRHP
OLQKDVGHWUDQVPLVVmRVHUYLoRVGHPHFkQLFDHPJHUDORSHUDomRGHYHtFXORVGH
WHUUDSODQDJHPRSHUDomRGHHTXLSDPHQWRVGHOHYDQWDPHQWRHPRYLPHQWDomRGH
FDUJDV PDQXVHLR GH PDQJXHLUDV GH FRPEDWHV D LQFrQGLR H GHPDLV
HTXLSDPHQWRV GH VDOYDPHQWR XVDGRV SRU ERPEHLURV H RXWUDV DWLYLGDGHV
VLPLODUHV

)RQWHKWWSYDOFDQHSLFRPEUSURGXWRVKWP



/LomR (48,3$0(1726'(
3527(d2

5(63,5$7Ï5,$

2EMHWLYRV $R ILQDO GHVWD OLomR RV SDUWLFLSDQWHV
VHUmRFDSD]HVGH

,GHQWLILFDU RV TXDWUR ULVFRV PDLV FRPXQV
HQFRQWUDGRVHPLQFrQGLRV
&RQKHFHU RV DSDUHOKRV GH 3URWHomR 5HVSLUDWyULD
XWLOL]DGRHPXPLQFrQGLR
&XLGDGRV H KLJLHQL]DomR GRV HTXLSDPHQWRV GH
SURWHomRUHVSLUDWyULD

)HYHUHLUR±/LomR±(TXLSDPHQWRVGH3URWHomR5HVSLUDWyULD 03

,QWURGXomR

2V ERPEHLURV GHYHP GLVSHQVDU DWHQomR HVSHFLDO DRV DSDUHOKRV GH SURWHomR
UHVSLUDWyULD ,VWR SRUTXH RV SXOP}HV H DV YLDV UHVSLUDWyULDV VmR PDLV YXOQHUiYHLV jV
DJUHVV}HV DPELHQWDLVGR TXH TXDOTXHU RXWUD iUHD GR FRUSRe UHJUDIXQGDPHQWDO TXH
QLQJXpP QR FRPEDWH D LQFrQGLR HQWUH HP XPD HGLILFDomR VDWXUDGD GH IXPDoD
WHPSHUDWXUDVHOHYDGDVHJDVHVVHPHVWDUFRPHTXLSDPHQWRGHSURWHomRUHVSLUDWyULD
$QmRXWLOL]DomRGHVWHHTXLSDPHQWRSRGHQmRVyFDXVDUIUDFDVVRGDVRSHUDo}HVFRPR
WDPEpPWUD]HUFRQVHTXrQFLDVVpULDVLQFOXVLYHDPRUWH

5LVFRV

e IXQGDPHQWDO LGHQWLILFDU RV TXDWUR ULVFRV PDLV FRPXQV HQFRQWUDGRV HP
LQFrQGLRV
x )DOWDGHR[LJrQLR
x 7HPSHUDWXUDVHOHYDGDV
x )XPDoD
x *DVHVWy[LFRV



)DOWDGH2[LJrQLR

2 SURFHVVR GH FRPEXVWmR FRQVRPH R[LJrQLR 2 H DR PHVPR WHPSR SURGX]
JDVHVWy[LFRV(VWHVRFXSDPROXJDUGR2RXGLPLQXHPVXDFRQFHQWUDomR4XDQGRDV
FRQFHQWUDo}HV GH 2 HVWmR DEDL[R GH R FRUSR KXPDQR UHDJH FRP DXPHQWR GD
IUHTXrQFLDUHVSLUDWyULDFRPRVHHVWLYHVVHVHQGRVXEPHWLGRDXPHVIRUoRItVLFRPDLRU
$ WDEHOD D VHJXLU PRVWUD RV VLQWRPDV FDXVDGRV SHOD GHILFLrQFLD GH 2
FRQVLGHUDQGRGLIHUHQWHVSRUFHQWDJHQVGH2QRDU

7DEHOD±(IHLWRVILVLROyJLFRVFDXVDGRVSHODUHGXomRGH2
&RQGLomRQRUPDO
$OJXPD SHUGD GH FRRUGHQDomR PRWRUD $XPHQWR QD IUHTXrQFLD

UHVSLUDWyULDSDUDFRPSHQVDUDEDL[DFRQFHQWUDomRGH2
9HUWLJHPGRUGHFDEHoDHIDGLJD
,QFRQVFLrQFLD
0RUWH HP SRXFRV PLQXWRV SRU SDUDGD UHVSLUDWyULD H HP VHJXLGD SDUDGD

FDUGtDFD
1RWD
2VGDGRVQmRSRGHPVHUFRQVLGHUDGRVDEVROXWRVSRUTXHHOHVQmROHYDPHPFRQWDDV
GLIHUHQWHVFDSDFLGDGHVUHVSLUDWyULDVHDH[WHQVmRGRWHPSRGHH[SRVLomR
2VVLQWRPDVDFLPDRFRUUHPVRPHQWHFRPDUHGXomRGH24XDQGRDDWPRVIHUDHVWD
FRQWDPLQDGDFRPJDVHVWy[LFRVSRGHUmRRFRUUHURXWURVVLQDLVHVLQWRPDV

9HUWLJHPp XPVLQWRPDQR TXDO D SHVVRD WHP D VHQVDomR GH XPD WRQWXUD
URWDWyULDSRGHQGRFDXVDUQiXVHDVY{PLWRVLOXVmRGHPRYLPHQWRHWF([LVWHP
GRLVWLSRVGHYHUWLJHPD&HQWUDOH3HULIpULFD

7HPSHUDWXUDV(OHYDGDV

$ H[SRVLomR DR DU DTXHFLGR SRGH FDXVDU GDQRV DR DSDUHOKR UHVSLUDWyULR
4XDQGRDVWHPSHUDWXUDVH[FHGHP&SRGHVHFRQVLGHUDUTXHRFDORUpH[FHVVLYRH


TXDQGR R DU SUHHQFKH UDSLGDPHQWH RV SXOP}HV SRGH FDXVDU EDL[D GD SUHVVmR
VDQJXtQHD H GDQRV DR VLVWHPD FLUFXODWyULR 8P GRV ULVFRV p R HGHPD SXOPRQDU TXH
SRGHFDXVDUPRUWHSRUDVIL[LD2IDWRGHVHUHVSLUDUDUSXURHIUHVFRORJRGHSRLVQmR
WRUQDRGDQRUHYHUVtYHOGHLPHGLDWR

)XPDoD

$IXPDoDpFRQVWLWXtGDSULQFLSDOPHQWHSRUSDUWtFXODVGHFDUERQR &&2H&2
HPVXVSHQVmR2WDPDQKRGDVSDUWtFXODVpTXHGHWHUPLQDDTXDQWLGDGHTXHTXDQGR
LQDODGDLUiSHQHWUDUQRVSXOP}HV

*DVHV7y[LFRV

2 ERPEHLUR GHYH VH OHPEUDU GH TXH XP LQFrQGLR VLJQLILFD H[SRVLomR D
VXEVWkQFLDVWy[LFDVHLUULWDQWHV1RHQWDQWRHOHQmRSRGHSUHYHUDQWHFLSDGDPHQWH
TXDLV VHUmR HVVDV VXEVWkQFLDV $ LQDODomR GD FRPELQDomR GH VXEVWkQFLDV VHMDP
Wy[LFDV RX LUULWDQWHV SRGH WHU HIHLWRV PDLV JUDYHV GR TXH TXDQGR LQDODGDV


VHSDUDGDPHQWH

$ LQDODomR GH JDVHV Wy[LFRV SRGH GHWHUPLQDU YiULRV HIHLWRV QR FRUSR KXPDQR
$OJXQVGRVJDVHVFDXVDPGDQRVGLUHWDPHQWHDRVWHFLGRVGRVSXOP}HVHSHUGDGHVXDV
IXQo}HV 2XWURV JDVHV QmR WrP HIHLWR GLUHWR QRV SXOP}HV PDV TXDQGR HQWUDP QD
FRUUHQWHVDQJXtQHDLQLEHPDFDSDFLGDGHGRVJOyEXORVYHUPHOKRVWUDQVSRUWDUHP2
2VJDVHVWy[LFRVHPLQFrQGLRYDULDPGHDFRUGRFRPTXDWURIDWRUHV
x 1DWXUH]DGRFRPEXVWtYHO
x 7D[DGHDTXHFLPHQWR
x 7HPSHUDWXUDGRVJDVHVHQYROYLGRV
x &RQFHQWUDomRGHR[LJrQLR

0RQy[LGRGH&DUERQR &2

2 PRQy[LGR GH FDUERQR GHVWDFDVH HQWUH RV JDVHV Wy[LFRV $ PDLRULD GDV
PRUWHV HP LQFrQGLRV RFRUUH SRU FDXVD GR PRQy[LGR GH FDUERQR &2 (VWH JiV VHP
FRUHVHPRGRUHVWiSUHVHQWHHPWRGRLQFrQGLRHDTXHLPDLQFRPSOHWDpUHVSRQViYHO


SHOD IRUPDomR GH JUDQGH TXDQWLGDGH GH &2 &RPR UHJUD SRGHVH HQWHQGHU TXH
IXPDoDHVFXUDVLJQLILFDDOWRVQtYHLVGH&2
$ KHPRJORELQD H[LVWHQWH QR VDQJXH p UHVSRQViYHO SHOD WURFD JDVRVD 2 &2
FRPELQDVH FRP D KHPRJORELQD GH IRUPD LUUHYHUVtYHO LQXWLOL]DQGRD 4XDQGR JUDQGH
SDUWH GD KHPRJORELQD GR VDQJXH VH FRPELQD FRP &2 SRGHVH PRUUHU SRU IDOWD GH
R[LJrQLR
1XP DPELHQWH D FRQFHQWUDomR GH GH PRQy[LGR GH FDUERQR QR DU Mi p
SHULJRVD $LQGD TXH D FRQFHQWUDomR GH &2 QR DPELHQWH VHMD PDLRU TXH QmR
RFRUUHPVLQDLVTXHSHUPLWDPDIXJDGRORFDOHPWHPSRKiELO
(PEDL[RVQtYHLVGHFRQFHQWUDomRGH&2RFRUUHGRUGHFDEHoDHWRQWXUDDQWHV
GD LQFDSDFLWDomR TXH VmR DYLVRV DQWHFLSDGRV $OpP GR &2 H[LVWHP RXWURV JDVHV
Wy[LFRV H DVIL[LDQWHV TXH FDXVDP HIHLWRV SUHMXGLFLDLV j VD~GH GR KRPHP FRPR SRU
H[HPSOR
x &ORUHWRGHKLGURJrQLR +&O
x &LDQHWRGHKLGURJrQLR +&1
x Ï[LGRGHQLWURJrQLR 12
x )RVJrQLR &2&O
$WPRVIHUDVWy[LFDVQmRDVVRFLDGDVDRIRJR

$V LQG~VWULDV XWLOL]DP GLYHUVDV VXEVWkQFLDV TXtPLFDV FRPR DP{QLD FORUR JiV
FDUE{QLFR HWF TXH SRGHP YD]DU IRUPDQGR XPD DWPRVIHUD Wy[LFD VHP H[LVWLU
SUHVHQoDGHIRJRRXGHVXDVFRQVHTXrQFLDV

$SDUHOKRVGH3URWHomR5HVSLUDWyULD SUHVVmRQHJDWLYD

6mRDSDUHOKRVTXHEXVFDPDQXODUDDJUHVVLYLGDGHGRDPELHQWHVREUHRVLVWHPD
UHVSLUDWyULR RIHUHFHQGR HP GLYHUVRV FDVRV SURWHomR OLPLWDGR SULQFLSDOPHQWH TXDQGR
XWLOL]DGRVHTXLSDPHQWRVILOWUDQWHVRXDXW{QRPRVGHSUHVVmRQHJDWLYD

0iVFDUD&RQWUD*DVHV (TXLSDPHQWR)LOWUDQWH


&RQVLVWH HP XPD PiVFDUD GH ERUUDFKD DGDSWiYHO DR URVWR FRQWHQGR XP ILOWUR
TXHHOLPLQDRVDJHQWHVQRFLYRVjUHVSLUDomR
2VILOWURVVmRSUySULRVSDUDFDGDFODVVHGHDJHQWHWDLVFRPR
x )LOWURTXtPLFRSDUDDEVRUomRGHJDVHVHYDSRUHV
x )LOWURPHFkQLFRSDUDUHWHQomRGHSDUWtFXODVVyOLGDVHPVXVSHQVmRQRDU
x )LOWUR FRPELQDGR SDUD JDVHV H YDSRUHV TXtPLFR H SDUWtFXODV HP VXVSHQVmR
PHFkQLFR
x )LOWUR HVSHFtILFR SDUD PRQy[LGR GH FDUERQR TXH SRVVXL XP FDWDOLVDGRU TXH
WUDQVIRUPDR&2HP&2

2VILOWURVGHYHPVHUSUySULRVSDUDRDJHQWHQRFLYRjUHVSLUDomR1HFHVVLWDPGH
FRQWUROH UtJLGR GD YDOLGDGH H GR WHPSR HP XVR TXH YDULD LQFOXVLYH FRQIRUPH D
FRQFHQWUDomR GR DJHQWH QR DPELHQWH 1mR GHYHP VHU XWLOL]DGRV HP DPELHQWHV FRP
SHTXHQD SRUFHQWDJHP GH 2 SRLV SRGHP FDXVDU D PRUWH GR ERPEHLUR (VWDV JUDYHV
UHVWULo}HV GHVDFRQVHOKDP VXD XWLOL]DomR QDV RSHUDo}HV GH FRPEDWH D LQFrQGLR H
VDOYDPHQWR

$SDUHOKRGH5HVSLUDomRFRP/LQKDGH$U

$SDUHOKR FRPSRVWR GH XPD SHoD IDFLDO GH ERUUDFKD DGDSWiYHO DR URVWR TXH
UHFHEHRDUIUHVFRGHIRUDGRDPELHQWHFRPSURPHWLGRSRUPHLRGHXPDPDQJXHLUD2
DU HQWUD QR LQWHULRU GD SHoDIDFLDOSHOR HVIRUoR SXOPRQDU SRU PHLR GH PDTXLQiULR RX
UHVHUYDWyULRGHDUSUHVVXUL]DGR


3HUPLWHDRERPEHLURSHUPDQHFHUSRUWHPSRLQGHWHUPLQDGRQRDPELHQWHHPERUD
UHGX]D D OLEHUGDGH GH PRYLPHQWRV SRU FDXVD GRV OLPLWHV TXH D PDQJXHLUD LPS}H $
PDQJXHLUD DLQGD SRGH HQURVFDUVH QRV HVFRPEURV RX VRIUH DYDULDV HP YLUWXGH GR
FDORU RX FRQWDWR FRP REMHWRV FRUWDQWHV 7DO HTXLSDPHQWR p LGHDO SDUD UHVJDWH GH
YtWLPDV HP SRoR H JDOHULDV H SDUD SHQHWUDomR HP SDVVDJHQV HVWUHLWDV H FRQILQDGDV
WDLV FRPR SRU H[HPSOR XPD ERFD GH DFHVVR D WDQTXHV $WXDOPHQWH HVVHV
HTXLSDPHQWRV SRVVXHP VLVWHPDGH VHJXUDQoD TXH FRQVLVWH QXPFLOLQGUR DX[LOLDU SDUD
IXJDFRPUHVHUYDGHDU

$SDUHOKRDXW{QRPRGHSURWHomRUHVSLUDWyULD SUHVVmRSRVLWLYD

(VWHHTXLSDPHQWRpPXLWRXVDGRQRVHUYLoRGRVERPEHLURVSRLVpPXLWRSUDWLFR
H IiFLO QR PRPHQWR GH XPD HPHUJrQFLD p XP HTXLSDPHQWR TXH Gi SURWHomR
UHVSLUDWyULD PDLV HILFD] SRLV SRVVXL XP FLOLQGUR FRP DU UHVSLUiYHO FRPSULPLGR H
SURWHomRDRURVWRGRXVXiULRFRPPDVFDUDIiFLOWLSRSDQRUkPLFDD~QLFDOLPLWDomRpD
TXDQWLGDGHGHDUH[LVWHQWHQRFLOLQGUR

'HVFULomRJHQpULFD

2FLOLQGURpSUHVRSRUXPDEUDoDGHLUDTXHSRGHPVHUGHYHOFURPHWDORXWLUDQWH
GHWHFLGRDRVHXVXSRUWHHFRQWpPDUUHVSLUiYHODOWDPHQWHFRPSULPLGR



$EULQGRVHRUHJLVWURGRFLOLQGURRDUUHVSLUiYHOTXHHVWDFRPSULPLGRSDVVDSHOR
UHGXWRUGHSUHVVmRRQGHVHH[SDQGHDXPDSUHVVmRLQWHUPHGLiULDGHPDLVRXPHQRV
EDU NJIFP 2DUFKHJDDWpDYiOYXODGHGHPDQGDTXHDXWRPDWLFDPHQWHOLEHUDD
TXDQWLGDGHGHDUQHFHVViULDSDUDRVSXOP}HV2DUH[SLUDGRYDLSDUDRH[WHULRUDWUDYpV
GHXPDYiOYXODGHH[DODomRH[LVWHQWHQDPiVFDUDIDFLDO


2DUUHVSLUiYHOTXHHVWDFRPSULPLGR $EULQGRVHRUHJLVWURGRFLOLQGUR
SDVVD SHOR UHGXWRU GH SUHVVmR
RQGH VH H[SDQGH D XPD SUHVVmR
0DQJXHLUDSDUDPDQ{PHWUR
LQWHUPHGLiULD GH PDLV RX PHQRV
EDU NJIFP
0DQJXHLUDSDUDYiOYXOD
GHGHPDQGD


2DUFKHJDDWpDYiOYXODGHGHPDQGDTXH
DXWRPDWLFDPHQWHOLEHUDDTXDQWLGDGHGHDU
QHFHVViULDSDUDRVSXOP}HV




9LVRUGDPDVFDUD 9iOYXODGH 9iOYXODGR
SDQRUkPLFD GHPDQGD UHJXODGRGH
SUHVVmR
7LUDQWH 5HJXODGRGH
SUHVVmR
DUDQKD
$OoDVGH
7UDQVSRUWHV
&RUGmRGH
VHJXUDQoD
0DQ{PHWUR
0DQJXHLUD
GDYiOYXODGH
GHPDQGD
'LVSRVLWLYR
GHDODUPH
%UDoDGHLUDVGR
FLOLQGUR
0DQJXHLUDGR
&LOLQGUR PDQ{PHWUR



2DUH[SLUDGRYDLSDUDRH[WHULRUDWUDYpVGHXPD
YiOYXODGHH[DODomRH[LVWHQWHQDPiVFDUDIDFLDO

2 PDQ{PHWURSHUPLWH YHULILFDU D SUHVVmRGR DU H[LVWHQWH QR FLOLQGUR D TXDOTXHU
WHPSR R TXH p PXLWR LPSRUWDQWH GXUDQWH D XWLOL]DomR SRLV SHUPLWH DR ERPEHLUR
YHULILFDo}HVSHULyGLFDVGRWHPSRGHXVRTXHOKHUHVWDDXPHQWDQGRVXDVHJXUDQoD


,QIRUPDo}HV H 7pFQLFDV SDUD XVR GR DSDUHOKR DXW{QRPR GH SURWHomR
UHVSLUDWyULD

7HPSRGH$XWRQRPLD

2 WHPSR GH DXWRQRPLD GR DSDUHOKR DXW{QRPR GH SURWHomR UHVSLUDWyULR FRP DU
UHVSLUiYHO FRPSULPLGR p FRQGLFLRQDGR j SUHVVmR GR DU DR YROXPH GR FLOLQGUR H j
DWLYLGDGH FRQVXPRGHDU

7(032 92/80(;35(662
&216802

3DUDHIHLWRGHFiOFXOR
x 2ERPEHLURHPDWLYLGDGHFRQVRPHOLWURVGHDUSRUPLQXWR
x &LOLQGURGHOLWURVFDUUHJDGRFRPEDU

([HPSORGHFiOFXOR
7HPSR 9ROXPH GRFLOLQGUR [3UHVVmR FDUUHJDGRHPEDU
&RQVXPR GRERPEHLUR
7HPSR [ OLWURV

7HPSR PLQXWRV

&RORFDomRGRHTXLSDPHQWR

$QWHV GH R ERPEHLUR FRORFDU R HTXLSDPHQWR GHYH WHU FHUWH]D GH VHX SHUIHLWR
IXQFLRQDPHQWR
9iULRV PpWRGRV SRGHP VHU XVDGRV SDUD FRORFDomR GRV HTXLSDPHQWRV
DXW{QRPRV2VPDLVXVDGRVSROHVERPEHLURVVmR
x 0pWRGRGHFRORFDomRSRUVREUHDFDEHoD
x 0pWRGRGHYHVWLU
x 0pWRGRGHFRORFDomRFRPVXSRUWHVQDYLDWXUD



0pWRGRGHFRORFDomRSRUVREUHDFDEHoD

x $RUHWLUDURHTXLSDPHQWRGDYLDWXUDYHULILFDUDSUHVVmRQRPDQ{PHWUR

x $JDFKDURXDMRHOKDUVHQDH[WUHPLGDGHRSRVWDDRUHJLVWURGRFLOLQGUR
x 6HJXUDU R FLOLQGUR FRP DV PmRV GHL[DQGR DV DOoDV GH WUDQVSRUWH SDUD R ODGR GH
IRUD



x (UJDRFLOLQGURSRUVREUHDFDEHoDHGHL[DQGRTXHDVDOoDVGHWUDQVSRUWHSDVVHP
GRVFRWRYHORV

x ,QFOLQDUVHOHYHPHQWHSDUDIUHQWHSHUPLWLQGRDRFLOLQGURILFDUQDVFRVWDVGHL[DQGR
DVDOoDVFDtUHPQDWXUDOPHQWHVREUHRVRPEURV


x (UJXHU R FRUSR SX[DQGR RV WLUDQWHV GH DMXVWH FHUWLILFDQGRVH TXH DV DOoDV QmR
HVWHMDPWRUFLGDV

x )HFKDU H DMXVWDU R FLQWR GH IRUPD TXH R HTXLSDPHQWR DFRPRGHVH
FRQIRUWDYHOPHQWH

x $IDOWDGHDMXVWHGDDOoDHGRFLQWRSURYRFDPiGLVWULEXLomRGHSHVR
x 3HTXHDPDVFDUDSHORFRUGmRGHVHJXUDQoDTXHYDLDRSHVFRoR


x 2 DSDUHOKR DXW{QRPR XVDGR QD GHPRQVWUDomR ID] D DFRSODJHQV GD YiOYXOD GH
GHPDQGDQDPDVFDUD

x $ODUJDUDRPi[LPRRVWLUDQWHVGDPiVFDUD

$ODUJDUDRPi[LPRRV
2QRPHGRWLUDQWHGD WLUDQWHVGDPiVFDUD
PDVFDUDpWLUDQWHDUDQKD
HSRVVXHPFLQFRSRQWDV



x &RORFDU D SHoD IDFLDO LQWURGX]LQGR SULPHLUDPHQWH R TXHL[R GHQWUR GHVWD H FRP D
PmRFRORFDURVWLUDQWHVSRUVREUHDFDEHoD

x 3X[DU VLPXOWDQHDPHQWH SDUD WUiV RV WLUDQWHV ODWHUDLV FRPHoDQGR SHOR PHLR DSyV
RVLQIHULRUHVHSRUXOWLPRRGHFLPDGDFDEHoDDMXVWDQGRRVFRPFXLGDGRSDUDQmR
GDQLILFiORV



x &HUWLILFDUVHGHTXHQmRSHUPDQHoDPFDEHORVHQWUHDWHVWDHDPiVFDUD
x $EULURUHJLVWURGRFLOLQGUR

x 9HULILFDUVHDYD]DPHQWRGDPiVFDUDIDFLDO3DUDLVVRH[SLUDUIHFKDURUHJLVWURGR
FLOLQGURHHPVHJXLGDLQVSLUDUYDJDURVDHSURIXQGDPHQWH
x 'HYHVHVHQWLURURVWRVHQGRVXFFLRQDGRHDLQFDSDFLGDGHGHFRQWLQXDULQVSLUDQGR
$HQWUDGDGHDUQDPiVFDUDVLJQLILFDTXHHODHVWiPDOFRORFDGDRXGDQLILFDGD
x 9HULILFDU D YiOYXOD GH H[DODomR 3DUD LVVR DEULU R UHJLVWUR GR FLOLQGUR LQVSLUDU H
H[SLUDU&RPDVFRVWDVGDPmRVHQWLURDUVDLUSHODYiOYXODGHH[DODomR(PFDVR
QHJDWLYRH[SLUDUFRPPDLVIRUoDLVWRGHYHUiOLEHUDUDYiOYXOD6HPHVPRDVVLPR
DUQmRVDLUSHODYiOYXODGHH[DODomRWURFDUDSHoDIDFLDO

3DUWHLQWHUQD3DUWHH[WHUQD


0pWRGRGHYHVWLU

x $RUHWLUDURHTXLSDPHQWRGDYLDWXUDYHULILFDUDSUHVVmRQRPDQ{PHWUR&RORFiORQR
VRORFRPDVDOoDVDODUJDGDVHRFLQWRDEHUWR

x $JDFKDUVHSUy[LPRjH[WUHPLGDGHGRUHJLVWURGRFLOLQGUR

x 9HVWLURHTXLSDPHQWRSDVVDQGRXPEUDoRSRUYH]DWUDYpVGDVDOoDV
x &RP D PmR GLUHLWD VHJXUDU D DOoD TXH VHUi FRORFDGD VREUH R RPEUR HVTXHUGR H
YLVVHYHUVD
x /HYDQWDUVHFRORFDQGRDDOoDQRRPEUR'XUDQWHHVWHPRYLPHQWRRFRWRYHORGHYH
SDVVDUSRUGHQWURGDDOoD



x (UJXHU R FRUSR SX[DQGR RV WLUDQWHV GH DMXVWH FHUWLILFDQGRVH TXH DV DOoDV QmR
HVWHMDPWRUFLGDV



x )HFKDU H DMXVWDU R FLQWR GH IRUPD TXH R HTXLSDPHQWR DFRPRGHVH
FRQIRUWDYHOPHQWH

x $IDOWDGHDMXVWHGDDOoDHGRFLQWRSURYRFDPiGLVWULEXLomRGHSHVR
x 3HTXHDPDVFDUDSHORFRUGmRGHVHJXUDQoDTXHYDLDRSHVFRoR

x 2DSDUHOKRDXW{QRPRXVDGRQDGHPRQVWUDomRID]DDFRSODJHQVSRUHQJDWHUiSLGR



x $ODUJDUDRPi[LPRRVWLUDQWHVGDPiVFDUD

$ODUJDUDRPi[LPRRV
2QRPHGRWLUDQWHGD WLUDQWHVGDPiVFDUD
PDVFDUDpWLUDQWHDUDQKD
HSRVVXHPFLQFRSRQWDV



x &RORFDU D SHoD IDFLDO LQWURGX]LQGR SULPHLUDPHQWH R TXHL[R GHQWUR GHVWD H FRP D
PmRFRORFDURVWLUDQWHVSRUVREUHDFDEHoD

x 3X[DU VLPXOWDQHDPHQWH SDUD WUiV RV WLUDQWHV ODWHUDLV FRPHoDQGR SHOR PHLR DSyV
RVLQIHULRUHVHSRUXOWLPRRGHFLPDGDFDEHoDDMXVWDQGRRVFRPFXLGDGRSDUDQmR
GDQLILFiORV



x &HUWLILFDUVHGHTXHQmRSHUPDQHoDPFDEHORVHQWUHDWHVWDHDPiVFDUD
x $EULURUHJLVWURGRFLOLQGUR

x 9HULILFDUVHDYD]DPHQWRGDPiVFDUDIDFLDO3DUDLVVRH[SLUDUIHFKDURUHJLVWURGR
FLOLQGURHHPVHJXLGDLQVSLUDUYDJDURVDHSURIXQGDPHQWH


x 'HYHVHVHQWLURURVWRVHQGRVXFFLRQDGRHDLQFDSDFLGDGHGHFRQWLQXDULQVSLUDQGR
$HQWUDGDGHDUQDPiVFDUDVLJQLILFDTXHHODHVWiPDOFRORFDGDRXGDQLILFDGD
x 9HULILFDU D YiOYXOD GH H[DODomR 3DUD LVVR DEULU R UHJLVWUR GR FLOLQGUR LQVSLUDU H
H[SLUDU&RPDVFRVWDVGDPmRVHQWLURDUVDLUSHODYiOYXODGHH[DODomR(PFDVR
QHJDWLYRH[SLUDUFRPPDLVIRUoDLVWRGHYHUiOLEHUDUDYiOYXOD6HPHVPRDVVLPR
DUQmRVDLUSHODYiOYXODGHH[DODomRWURFDUDSHoDIDFLDO

0pWRGRGHFRORFDomRFRPVXSRUWHVQDYLDWXUD

(PDOJXPDVYLDWXUDVMiH[LVWHPRVVXSRUWHVSURQWRVSDUDIDFLOLWDUDFRORFDomRGR
DSDUHOKRDXW{QRPRHQmRDQHFHVVLGDGHGHUHWLUDHFRORFDUQRFKmRWXGRHIHLWRGHQWUR
GDYLDWXUD([HPSOR

x 2V SULQFtSLRV GD FRORFDomR GR DSDUHOKR DXW{QRPR VmR GLIHUHQWHV GR DQWHULRU
VRPHQWHSROHVXSRUWHSRUVHUQDYLDWXUDPDVRVSURFHGLPHQWRVVmRSDUHFLGRV
x $QWHVGHFRORFDURDSDUHOKRDXW{QRPRYHULILFDUDSUHVVmRQRPDQ{PHWUR$EULU
R YHOFUR TXH VHJXUD DSDUHOKR QR VXSRUWH GD YLDWXUD H DSyV DEULU DV DOoDV GH
WUDQVSRUWHVGHPRGRIDFLOLWDUDFRORFDomR



x 6HQWDUVHHFRORFDUDVDOoDVVREUHRVRPEURVHDMXVWDQGRSDUDTXHQmRILTXH
WRUWR

x )HFKDURFLQWRGHIRUPDTXHRHTXLSDPHQWRDFRPRGHVHFRQIRUWDYHOPHQWH

x (UJXHU VHX WURFR SX[DQGR RV WLUDQWHV GH DMXVWH GD DOoD GH WUDQVSRUWH H
DMXVWDQGR WDPEpP R FLQWR GH IRUPD TXH R HTXLSDPHQWR DFRPRGHVH
FRQIRUWDYHOPHQWH



x 2V SURFHGLPHQWRV SDUD FROHomR GD PDVFDUD IDFLDO VmR LJXDLV RV FDVRV
DQWHULRUHV
6HPSUHYHULILFDUVHRVWLUDQWHVHVWmREHPIL[RVSDUDQmRWHURVXSRUWHEDWHQGR
QDVFRVWDVHILFDUGHIRUPDGHVFRQIRUWiYHOFRPPiGLVWULEXLomRGHSHVRDSyVRFRORFDU
RDSDUHOKRDXW{QRPRSRUFRPSOHWRQRFDPLQKDUYHULILTXHVHHVWDEHPDGDSWDGR


6HPSUHIDoDWUHLQDPHQWRVSDUDUHOHPEUDURSDVVRDSDVVR
,QVSHomRH&XLGDGRV

2VERPEHLURVGHYHPLQVSHFLRQDURDSDUHOKRDXW{QRPRGHSURWHomRUHVSLUDWyULD
GLDULDPHQWHHOLPSiORDSyVRXVR

,QVSHomR'LiULD

2ERPEHLURGHYHVHHTXLSDUFRPRDSDUHOKRREVHUYDQGR
x &RQH[mRGRFLOLQGURDRUHGXWRUGHSUHVVmR
x &LQWDTXHOLJDRFLOLQGURDRVXSRUWH
x $OoDVGHWUDQVSRUWHHFLQWR
x 3ODFDGHVXSRUWH
x &RQH[}HVGDVPDQJXHLUDV
x 7LUDQWHVHSHoDIDFLDO
x 3UHVVmRGRFLOLQGUR
x 9HGDomRDDOWDSUHVVmR
x $ODUPH

3URYDGHYHGDomRDDOWDSUHVVmR

x $FRSODU D YiOYXOD GH GHPDQGD j PDQJXHLUD GH DOWD SUHVVmR DEULU R UHJLVWUR GR
FLOLQGUR H OHU D SUHVVmR LQGLFDGD QR PDQ{PHWUR )HFKDU R UHJLVWUR GR FLOLQGUR $
SUHVVmRGHYHSHUPDQHFHULQDOWHUDGDGXUDQWHXPPLQXWR
x 6HPSUH DFLRQDU R ERWmR GH GHVFDUJD SDUD GHVSUHVVXUL]DU R VLVWHPD FRP LVWR
FRQVHJXHVHGHVDFRSODUDVFRQH[}HVFRPIDFLOLGDGH

(QVDLRGRVLQDOGHDODUPH

x $EULURUHJLVWURGRFLOLQGURSRUXPFXUWRHVSDoRGHWHPSRHGHSRLVYROWDUDIHFKi
OR


x 'HSRLV FXLGDGRVDPHQWH OLEHUDU R DU SHOD YiOYXOD GH GHPDQGD REVHUYDQGR R
PDQ{PHWUR2VLQDOGHDODUPHGHYHVRDUTXDQGRDSUHVVmRGRPDQ{PHWURIRUGH
%$5 FRP WROHUkQFLD GH PDLV RX PHQRV %$5 2 DVVRELR QmR GLPLQXL GH
LQWHQVLGDGHVHQmRTXDQGRRSRQWHLURGRPDQ{PHWURFKHJDUDREDWHQWH

'LVSRVLWLYRGHDODUPHSRGHVHU 'LVSRVLWLYRGHDODUPHSRGHVHU
MXQWRDRPDQ{PHWUR MXQWRDRUHGXWRUGHSUHVVmR



SDVVR $EULURUHJLVWURGRFLOLQGURSRUXPFXUWRHVSDoRGHWHPSRHGHSRLVYROWDU

DIHFKiOR9HULILTXHTXHRPDQ{PHWURLQGLFD%$5

'LVSRVLWLYRTXHOLEHUDRDUFRPPDLVLQWHQVLGDGHSDUDGHQWURGDPDVFDUD GHVWHPRGHOR

DSDUHOKRDXW{QRPR

SDVVR 'HSRLV FXLGDGRVDPHQWH OLEHUDU R DU SHOD YiOYXOD GH GHPDQGD
REVHUYDQGRRPDQ{PHWUR



SDVVR 2VLQDOGHDODUPHGHYHVRDUTXDQGRDSUHVVmRGR

PDQ{PHWURIRUGH%$52DVVRELRQmRGLPLQXLGHLQWHQVLGDGHVHQmR

TXDQGRRSRQWHLURGRPDQ{PHWURFKHJDUDREDWHQWH

/LPSH]DH+LJLHQL]DomR

/DYDUDSHoDIDFLDOFRPGHWHUJHQWHQHXWURHiJXDSRQGRDSDUDVHFDUHPORFDO
IUHVFR H YHQWLODGR H j VRPEUD 6ROYHQWHV WDLV FRPR DFHWRQD iOFRRO H JDVROLQD QmR
GHYHPVHUXVDGRVQDKLJLHQL]DomRSRLVDWDFDPRYLVRUGHDFUtOLFR$KLJLHQL]DomRGR
UHVWDQWH GR HTXLSDPHQWR p IHLWD FRP XP SDQR OLPSR H ~PLGR 2 XVR GH XP PHVPR
DSDUHOKR DXW{QRPR GH SURWHomR UHVSLUDWyULD VHP D GHYLGD KLJLHQL]DomR SRVVLELOLWD R
ULVFR GH FRQWDPLQDomR SRU PROpVWLDV WUDQVPLVVtYHLV $SyV R XVR D PDVFDUD IDFLDO
SRGHUi FRQWHU VXGRUHVH VDQJXH VDOLYD H VHFUHo}HV SRUWDQWR D GHVLQIHFomR p
HVVHQFLDOSDUDHOLPLQDomRGHPLFURRUJDQLVPRVFRPRYtUXVEDFWpULDVHIXQJRV



0Ï'8/29,,,
0Ï'8/2
&203/(0(17$5


0yGXOR9,,,±0yGXOR&RPSOHPHQWDU

23(5$d®(6&20
/LomR +(/,&Ï37(52612
$7(1',0(17235e

+263,7$/$5

2EMHWLYRV FDSD]HVGH

&RQKHFHUDVSULQFLSDLVJHQHUDOLGDGHVHLGHQWLILFDU
DOHJLVODomRTXHUHJXODDVRSHUDo}HVGH
VDOYDPHQWRFRPKHOLFySWHURV
&RQKHFHUDVSRWHQFLDOLGDGHVHOLPLWDo}HVGR
KHOLFySWHURFRPRYHWRUGHUHVSRVWDQRDWHQGLPHQWR
SUpKRVSLWDODU
&RQKHFHUDVEDVHVGD6HJXUDQoDGH9{R
&RQKHFHUDQRPHQFODWXUDWpFQLFDGDVSULQFLSDLV
SDUWHVGRKHOLFySWHURHPRGHORV
,GHQWLILFDUiUHDVGHSRXVRHPSRWHQFLDO =3+±
=RQDGH3RXVRGH+HOLFySWHUR
&RQKHFHUDIUDVHRORJLDHJHVWRVSDUDLQWHUDomRDU
VROR
3UHSDUDUSDFLHQWHVSDUDHPEDUTXHHPKHOLFySWHURV
5HDOL]DURHPEDUTXHHGHVHPEDUTXHGHSDFLHQWHV
HPKHOLFySWHURV
5HDOL]DUR6XSRUWH%iVLFRGH9LGDDERUGRGH
KHOLFySWHURV

5HYLVmRHP-XOKR±2SHUDo}HVFRP+HOLFySWHURQR$3+ 03


*(1(5$/,'$'(6

2VKHOLFySWHURVVmRLQVWUXPHQWRVGHJUDQGHYHUVDWLOLGDGHQRDWHQGLPHQWR
SUpKRVSLWDODU$FRQGLomRGHYRDUUDSLGDPHQWHDRORFDOGRFKDPDGRSRXVDUHP
iUHDV UHVWULWDV H SDLUDU QR DU IRUDP LPHGLDWDPHQWH DVVRFLDGDV j PLVVmR GH
VDOYDUYLGDVTXDQGRHVWHHTXLSDPHQWRIRLFRQFHELGR

2HPSUHJRGHKHOLFySWHURVQRDWHQGLPHQWRSUpKRVSLWDODUFLYLOLQLFLRXQRV
(8$ QR DQR GH DWUDYpV GH XP SURJUDPD SLORWR GR 'HSDUWDPHQWR GH
7UDQVSRUWHV LPSODQWDGR QR HVWDGR GR 0LVVLVVLSL GHQRPLQDGR 3URMHWR &$5(
621TXHLQFOXtDDRSHUDomRGHWUrVKHOLFySWHURVFRPGHPDQGDVHPPLVV}HV
GH WUDQVSRUWH DHURPpGLFR H DPEXOkQFLD DpUHD DWHQGLPHQWR SUpKRVSLWDODU HP
URGRYLDV

)DUFKLOG+LOOHU)+YHUVmRDPEXOkQFLD±
PDFDVVREUHSRVWDV

1R%UDVLOLQLFLDOPHQWHRHPSUHJRGHKHOLFySWHURVQDHVIHUDGDVHJXUDQoD
S~EOLFDVXUJHFRPIRFRQDDWLYLGDGHSROLFLDOHPQR5LRGH-DQHLURDWUDYpV
GDFULDomRGD$VVHVVRULD$HURSROLFLDOFRPDHURQDYHVRULXQGDVGD0DULQKD

)DUFKLOG+LOOHU)+YHUVmR
XWLOLWiULDRSHURXDWpQR5LR
GH-DQHLURHKRMHHQFRQWUDVHHP
H[SRVLomRQR0XVHX$HURHVSDFLDO


1D GpFDGD GH VH LQLFLD R SURFHVVR GH H[SDQVmR GRV KHOLFySWHURV QR
VHUYLoR GH DWHQGLPHQWR SUpKRVSLWDODU TXDQGR DV 3ROLFLDV 0LOLWDUHV FRPHoDP
DGTXLULUKHOLFySWHURVGHXVRPXOWLPLVVmRDH[HPSORGRPRGHOR(VTXLOR

+HOLFySWHURGD3ROLFLD0LOLWDUGH6mR3DXORPRGHOR
(VTXLOR%QRVLGRVGH

(P 6DQWD &DWDULQD R HPSUHJR GR KHOLFySWHUR QR DWHQGLPHQWR SUp
KRVSLWDODU WHP VHX PDUFR KLVWyULFR QR DQR GH TXDQGR XPD DHURQDYH p
ORFDGD SDUD SUHVWDU DSRLR QRV VDOYDPHQWRV DTXiWLFRV H DWHQGLPHQWRV GH
DFLGHQWHV GXUDQWH D 2SHUDomR 9HUDQHLR GDGR R LQFUHPHQWR GH WXULVWDV QDV
FLGDGHV OLWRUkQHDV %RPEHLURV SROLFLDLV PLOLWDUHV H SLORWRV FLYLV DWHQGLDP D
GHPDQGDGHIRUPDVD]RQDORXVHMDILQGDGDD2SHUDomRDDHURQDYHORFDGDHUD
GHYROYLGD 1mR WDUGRX PXLWR SDUD SHUFHEHU TXmR LPSRUWDQWH HUD HVWH YHWRU $
SDUWLU GH 6DQWD &DWDULQD SDVVD D FRQWDU FRP XP VHUYLoR GH DWHQGLPHQWR
DpUHRLQWHJUDOGHVHQYROYLGRSHOR*UXSRGH5DGLRSDWUXOKDPHQWR$pUHR *5$(5
KRMHGHQRPLQDGR%DWDOKmRGH$YLDomRGD3ROtFLD0LOLWDU %$30

%HOO-HW5DQJHU±$HURQDYHRSHUDGDSHOD
306&HPGXUDQWH2SHUDomR9HUDQHLR


7RGDV DV DHURQDYHV HP QRVVR SDtV VmR GLYLGLGDV HP GRLV JUDQGHV
JUXSRV 7HPRV DV DHURQDYHV FLYLV H DV DHURQDYHV PLOLWDUHV 1R URO GDV
DHURQDYHV FLYLV WHPRV DTXHODV FRQVLGHUDGDV SULYDGDV GH XVR SDUWLFXODU RX
FRPHUFLDO H DV S~EOLFDV HP XVR SHORV yUJmRV RILFLDLV QDV HVIHUDV PXQLFSDO
HVWDGXDO H IHGHUDO $V DHURQDYHV RSHUDGDV SHODV LQVWLWXLo}HV DWUHODGDV j
6HJXUDQoD 3~EOLFD VmR GHQRPLQDGDV SDUDS~EOLFDV H VHJXHP DV QRUPDV
FRQWLGDV QD 5%+$ 5HJXODPHQWR %UDVLOHLUR GH +RPRORJDomR $HURQiXWLFD
VXESDUWH.±2SHUDo}HV$pUHDVGH6HJXUDQoD3~EOLFDHRX'HIHVD&LYLO

327(1&,$/,'$'(6 ( /,0,7$d®(6 '26 +(/,&Ï37(526 12
$7(1',0(17235e+263,7$/$5

4XDQGR XWLOL]DGRV QR DWHQGLPHQWR SUpKRVSLWDODU HP UHODomR DRV PHLRV
WHUUHVWUHVDSUHVHQWDPDVVHJXLQWHVYDQWDJHQV

x 0DLRUYHORFLGDGHHSRUFRQVHTrQFLDPHQRUWHPSRUHVSRVWD
x 0DLRUIDFLOLGDGHGHDFHVVRDORFDLVVHPHVWUXWXUDGHYLDV
x 0DLV VHJXUDQoD QRV GHVORFDPHQWRV SULRULWiULRV HP PpGLDV H ORQJDV
GLVWkQFLDVHPUHODomRjVDPEXOkQFLDVTXHGHVORFDPHPPHLRDRWUkQVLWR
FRQWXUEDGR

8PD GDV RSHUDo}HV GH UHVJDWH

PDLV GUDPiWLFDV Mi UHDOL]DGDV $
HYDFXDomR GDV SHVVRDV SUHVDV QR WHUUDoR
GRHGLItFLR$QGUDXVWRPDGRSHODVFKDPDV
HP 6mR 3DXOR QR GLD GH )HYHUHLUR GH
3LORWRV FLYLV H PLOLWDUHV HP
DHURQDYHV UHVJDWDUDP PDLV GH
SHVVRDV

6RPHQWH DQRV GHSRLV 6mR
3DXORSDVVDULDFRQWDUFRPRV³ÈJXLDV´

&RQWXGR WDPEpP SUHFLVDPRV UHFRQKHFHU TXH H[LVWHP LPSRUWDQWHV
OLPLWDo}HVWDLVFRPR

x (VSDoRGHWUDEDOKRUHVWULWRSDUDDWULSXODomR
x 5HVWULo}HVDRDWHQGLPHQWRHPSHUtRGRQRWXUQR


x ,PSRVVLELOLGDGHGHRSHUDUGLDQWHGHFRQGLo}HVPHWHRUROyJLFDVDGYHUVDV
x &XVWRGHRSHUDomRPDLRUHPUHODomRDRVYHtFXORVGHHPHUJrQFLD

(GLILFDQGRDQHFHVVLGDGHGHDFLRQDPHQWRGHXPKHOLFySWHURGHUHVJDWH

x *UDQGHGLVWkQFLDGRFHQWURKRVSLWDODUGHUHIHUrQFLDPDLVSUy[LPR
x ,QGLVSRQLELOLGDGHGHDWHQGLPHQWRSRURXWURVPHLRV
x 1HFHVVLGDGHGHUiSLGRWUDQVSRUWHIDFHjJUDYLGDGHGRSDFLHQWH
x &RQGLomRFRQIRUPHWDEHOD&,3( SDFLHQWHV&UtWLFRVH,QVWiYHLV
x 'LILFXOGDGHGHDFHVVRDYtWLPDSDFLHQWH

³/(0%5(6($9$17$*(01Ò0(52'(80$$(521$9(e$
',0,18,d2'27(0325(63267$

86($$6(8)$925('(6(83$&,(17(´



12d®(662%5(6(*85$1d$'(9Ð2

7RGRV RV SURILVVLRQDLV HQYROYLGRV QD RSHUDomR GH XPD DHURQDYH GHYHP
SULPDUSHODVHJXUDQoD
$ILPGHUHGX]LUDVSRVVLELOLGDGHVGHDFLGHQWHVEXVFDQGRGLXWXUQDPHQWH
HOLPLQiORVSRUFRPSOHWRH[LVWHWRGDXPDILORVRILDYROWDGDSDUDDVHJXUDQoDGH
Y{R 6mR ERDV SUiWLFDV TXH YLVDP SUHYHQLU WDQWR QR VROR FRPR HP Y{R D
SRVVLELOLGDGHGHVLQLVWURV

$ IHUUDPHQWD TXH D DYLDomR XWLOL]D p GHQRPLQDGD JHUHQFLDPHQWR GR
ULVFR$QWHVSRUpPSUHFLVDPRVHQWHQGHUFODUDPHQWHTXHDRHVWDULQVHULGRHP
XPDRSHUDomRDpUHDRSURILVVLRQDOGHYHWHUHPPHQWH

D 7RGRDFLGHQWHUHVXOWDGHXPDVHTrQFLDGHHYHQWRVHQXQFDGHXPDFDXVD
LVRODGD
E 7RGRRDFLGHQWHWHPXPSUHFHQGHQWH
F 3UHYHQomRGHDFLGHQWHVUHTXHUXPDPRELOL]DomRJHUDO
G 3UHYHQomR GH DFLGHQWHV QmR UHVWULQJH R Y{R SHOR FRQWUiULR HVWLPXOD VHX
GHVHQYROYLPHQWRFRPVHJXUDQoD
H (PSUHYHQomRGHDFLGHQWHVQmRKiVHJUHGRVHQHPEDQGHLUDV

'HILQLo}HV

D 3HULJR±&RQGLomRREMHWRRXDWLYLGDGHTXHSRWHQFLDOPHQWHSRGHFDXVDU
OHV}HV jV SHVVRDV GDQRV D EHQV HTXLSDPHQWRV HVWUXWXUDV SHUGD GH
SHVVRDO RX UHGXomR GD KDELOLGDGH SDUD GHVHPSHQKDU XPD IXQomR
GHWHUPLQDGD


E &RQVHTrQFLD±5HVXOWDGRSRWHQFLDOGHXPSHULJR
F 5LVFR±$YDOLDomRGDVFRQVHTrQFLDVGHXPSHULJRH[SUHVVRHPWHUPRV
GHSUREDELOLGDGHHVHYHULGDGHWRPDQGRFRPRUHIHUrQFLDDSLRUFRQGLomR
SRVVtYHO

*HUHQFLPHQWRGR5LVFR

e D LGHQWLILFDomR DQiOLVH H HOLPLQDomR HRX PLWLJDomR GRV ULVFRV TXH
DPHDoDPDVFDSDFLGDGHVGHXPDRUJDQL]DomRDXPQtYHODFHLWiYHO

2VULVFRVVmRFODVVLILFDGRVQDVVHJXLQWHVUHJL}HV

D 5HJLmRQmRWROHUiYHO2ULVFRpLQDFHLWiYHOVRETXDOTXHUFRQGLomR
E 5HJLmR WROHUiYHO 2 ULVFR p DFHLWiYHO EDVHDGR HP Do}HV TXH YLVHP VXD
UHGXomReQHFHVViULDXPDDQiOLVHGHFXVWREHQHItFLR
F 5HJLmRDFHLWiYHO2ULVFRpDFHLWiYHOWDOFRPRH[LVWH

$QiOLVHGRV5LVFRV0DWUL]GH*HUHQFLDPHQWR

4XDOTXHU DWLYLGDGH SRGH VHU GHILQLGD HP WHUPRV GH SUREDELOLGDGH GH
RFRUUrQFLD1DDYLDomRHODpDQDOLVDGDGHDFRUGRFRPRVSDUkPHWURVDEDL[R
QDTXDODWULEXtPRVXPDYDORUDomRFRQIRUPHDWHUFHLUDFROXQDGDWDEHOD

352%$%,/,'$'('25,6&2
'HILQLomR 6LJQLILFDGR 9DORU
4XDQWLWDWLYD
)UHTHQWH eSURYiYHOTXHRFRUUDPXLWDVYH]HV
WHPRFRUULGRIUHTXHQWHPHQWH
2FDVLRQDO eSURYiYHOTXHRFRUUDDOJXPDVYH]HV
WHPRFRUULGRFRPSRXFDIUHTrQFLD
5HPRWR ,PSURYiYHOPDVpSRVVtYHOTXHYHQKDDRFRUUHU
RFRUUHUDUDPHQWH

,PSURYiYHO %DVWDQWHLPSURYiYHOTXHRFRUUD
QmRVHWHPQRWtFLDTXHWHQKDRFRUULGR
0XLWR,PSURYiYHO 4XDVHLPSRVVtYHOTXHRHYHQWRRFRUUD



6(9(5,'$'('25,6&2
'HILQLomR 6LJQLILFDGR 9DORU
4XDQWLWDWLYD
&DWDVWUyILFR 'HVWUXLomRGRHTXLSDPHQWRPRUWHV $
&UtWLFR 5HGXomR LPSRUWDQWH GDV PDUJHQV GH VHJXUDQoD %
RSHUDFLRQDOGDQRItVLFRRXFDUJDGHWUDEDOKRWDO
TXH QmR SRVVDP GHVHPSHQKDU WDUHIDV GH IRUPD
SUHFLVD H FRPSOHWD OHV}HV VpULDV JUDYHV GDQRV
DRHTXLSDPHQWR
6LJQLILFDWLYR 5HGXomRVLJQLILFDWLYDGDVPDUJHQVGHVHJXUDQoD &
RSHUDFLRQDOFRQGLo}HVTXHLPSHoDPHILFLrQFLD
LQFLGHQWHVpULROHV}HVGHSHVVRDV
3HTXHQR ,QWHUIHUrQFLD OLPLWDo}HV RSHUDFLRQDLV '
SURFHGLPHQWRV GH HPHUJrQFLD LQFLGHQWHV
PHQRUHV
,QVLJQLILFDQWH &RQVHTrQFLDVOHYHV (
(P GHFRUUrQFLD GHVWD DQiOLVH WHUHPRV FRQVHTrQFLDV PDLV JUDYHV RX

EUDQGDVWDPEpPSDGURQL]DGDVSHODVHYHULGDGHGRVDFRQWHFLPHQWRV

6HYHULGDGHGR5LVFR

352%$%,/,'$'(
'25,6&2
,QVLJQLILFDQWH
6LJQLILFDWLYR
&DWDVWUyILFR

3HTXHQR
&UtWLFR

$ % & ' (
)UHTHQWH $ % & ' (
2FDVLRQDO $ % & ' (
5HPRWR $ % & ' (
,PSURYiYHO $ % & ' (
0XLWRLPSURYiYHO $ % & ' (

$ MXQomR GHVWDV GXDV WDEHODV LUmR UHVXOWDU HP XPD FODVVLILFDomR TXH
GHWHUPLQDUiHPTXDOUHJLmRGHULVFRXPDGHWHUPLQDGDSUiWLFDVHHQFRQWUDH
VH KDYHUi QHFHVVLGDGH GH UHYHU SURFHGLPHQWRV D ILP GH WRUQiOD DFHLWiYHO
GHQWURGRVSDUkPHWURVFRQVLGHUDGRVVHJXURVQDTXHODDWLYLGDGH

$SOLFDQGRHPQRVVRGLDDGLDHVWDPDWUL]SRGHUHPRVQRUWHDUTXDLVVmRDV
WDUHIDV GH PDLRU H PHQRU SRWHQFLDO GH ULVFR $TXHODV TXH HVWLYHUHP QD
UHJLmR YHUPHOKD SUHFLVDP VHU UHYLVDGDV DWXDQGR EDVLFDPHQWH HP WUrV
IUHQWHVDVDEHU



(TXLSDPHQWRVDGHTXDGRV
7UHLQDPHQWR
1RUPDWL]DomR3DGURQL]DomRGH$o}HV

120(1&/$785$ 7e&1,&$ %È6,&$ ( 35,1&,3$,6 02'(/26 '(
$(521$9(623(5$'26(06$17$&$7$5,1$

'(5,9$28

(67$%,/,=$'25
9(57,&$/
5272535,1&,3$/
52725'(&$8'$

&$%,1(
&21('(&$8'$
(648,

5272535,1&,3$/±3È6

'(5,9$28(67$%,/,=$'25
+25,=217$/

52725'(&$8'$±3È6



3ULQFLSDLVPRGHORVGH$HURQDYHV

0RGHOR$6(VTXLOR%
)DEULFDQWH(XURFRSWHU
2FXSDQWHVSLORWRSDVVDJHLURV
7UDQVSRUWHGHSDFLHQWHHPPDFD
2SHUDGRU3ROLFLD0LOLWDU±%$30&RPSDQKLDGH$YLDomR
2XWURV2SHUDGRUHV&RUSRGH%RPEHLURV0LOLWDU3ROLFLD&LYLO



0RGHOR$:.(.2$/$
)DEULFDQWH$XJXVWD
7UDQVSRUWHGHSDFLHQWHHPPDFD RSFLRQDOPDFDV
2SHUDGRU3ROLFLD0LOLWDU±%$30&RPSDQKLDGH$YLDomR)ORULDQySROLV



0RGHOR%(//
)DEULFDQWH%(//,QGXVWULHV
7UDQVSRUWHGHSDFLHQWHHPPDFD
2SHUDGRU3ROLFLD5RGRYLiULD)HGHUDO±)ORULDQySROLV



,'(17,),&$d2'(È5($6'(32862

,QIRUPDo}HVVREUHRORFDOGDRFRUUrQFLDHQDWXUH]DGRFKDPDGR

x ,QIRUPDURWLSRGHRFRUUrQFLD
x 1RPHVROLFLWDQWHHQ~PHURGHFRQWDWRSDUDUHWRUQR
x /RFDOL]DomR GD RFRUUrQFLD UHIHUrQFLDV YLVXDLV HQGHUHoRV PDSDV
FRRUGHQDGDVHWF

*36SRUWiWLO
*RRJOH(DUWK

(P VH WUDWDQGR GH FRRUGHQDGDV D DHURQDYH XWLOL]D FRRUGHQDGDV SRODUHV
H[SUHVVD HP JUDXV PLQXWRV H VHJXQGRV 9DPRV WRPDU SRU H[HPSOR XPD
FRRUGHQDGDH[WUDtGDGRSURJUDPD*RRJOH(DUWK



4XDQGRIRUHPUHSDVVDGDVUHIHUHQFLDVYLVXDLVSURFXUHLQGLFDU

9 *UDQGHVHGLILFDo}HVWDLVFRPRVLORVJDOS}HVIiEULFDV
9 &DVDVWHOKDGRVGHFRUHVFKDPDWLYDV
9 ,JUHMDVWRUUHV
9 &DPSRVGHIXWHERO
9 5LRVSRQWHVHWF

x 6HKRXYHUIUHTrQFLDGHUiGLRTXHRSHUD
x 1~PHURGHYtWLPDV
x 6H WULDGDV FRQGLomR FRQIRUPH WDEHOD &,3( &UtWLFD ,QVWiYHO
3RWHQFLDOPHQWH,QVWiYHO(VWiYHO
x 6HQGR R VROLFLWDQWH PpGLFR HP DPELHQWH KRVSLWDODU UHSRUWDU GLDJQyVWLFR
GR SDFLHQWH VLWXDomR DSUHVHQWDGD QHFHVVLGDGH GH HTXLSDPHQWRV GH
VXSRUWHDRSDFLHQWH
x ,QIRUPDU FRQGLomR GR SDFLHQWH DGXOWRFULDQoD RX LGDGH DSUR[LPDGD
PDVFXOLQRIHPLQLQR SHVR DSUR[LPDGR QR FDVR GH VROLFLWDomR HP
DPELHQWHKRVSLWDODU
x &RQGLo}HVGHSRXVRQRORFDOGDRFRUUrQFLD REVWiFXORVFRPRiUYRUHVILRV
GHDOWDHEDL[DWHQVmRHWF
x &RQGLo}HVPHWHRUROyJLFDVQRORFDOGDRFRUUrQFLD
x ,GHQWLILFDUSRVVtYHLViUHDVGHSRXVR

/RFDLVDGHTXDGRVDRSRXVRGHKHOLFySWHURV

(TXLSHVGHVRORSRGHUmRDX[LOLDUQDLGHQWLILFDomRHSUHSDUDomRGDiUHDGH
SRXVRTXDQGRVROLFLWDGRRDSRLRGDDHURQDYH

8PDiUHDGHSRXVRVHJXUDGHYHSRVVXLUDVVHJXLQWHVFDUDFWHUtVWLFDV

x ÈUHDGHDSUR[LPDGDPHQWHP[POLYUHGHREVWiFXORV
x 7HUUHQRILUPHRPDLVSODQRSRVVtYHO
x 6HPREMHWRVVROWRV
x /LYUHGHILRVGHHQHUJLDFHUFDVDUEXVWRVWRFRVGHiUYRUHVHWF



$WHQomR

$QLPDLVHPJHUDOSULQFLSDOPHQWHFmHVVmRVHQVtYHLVDRUXtGRJHUDGR
SHOR URWRU GH FDXGD SURYRFDQGR XPD WHQGrQFLD GHVWHV DQLPDLV DYDQoDUHP
QDTXHOH SRQWR GR KHOLFySWHUR 3RUWDQWR QmR SHUPLWD D SUHVHQoD GH DQLPDLV
QRORFDOGHSRXVR

$WHQomR

&DVR R ORFDO GH SRXVR VHMD XPD URGRYLD RX VLPLODU SDUH WRGR R
WUDIHJR HIOX[R GH SHVVRDV LVRODQGR XPD iUHD PtQLPD GH P[P &DVR R
ORFDOVHMDHPFXUYDUHIRUFHDVLQDOL]DomRFRPDQWHFHGrQFLD

$WHQomR

$VSiVGRURWRUGDDHURQDYHVmRSUHFLVDPHQWHEDODQFHDGDVSRUWDQWR
TXDOTXHU REMHWR OHYH H VROWR QR VROR SRGH YLU D VXELU SHOR HIHLWR GDV SiV
JLUDQGR SUy[LPDV DR VROR H HVWHV REMHWRV SRGHUmR FKRFDUVH FRP DV SiV
FDXVDQGR GHVDOLQKDPHQWR GDV PHVPDV RX DLQGD SRGHUi VHU VXJDGR SHOD
HQWUDGDGHDUGRPRWRUYLQGRDFDXVDUXPDSDQHFRPJUDYHVFRQVHTrQFLDV

(IHLWRGRGHVORFDPHQWRGHDU
FRQWUDDiJXD(PVRORR
GHVORFDPHQWRGHDUSURYRFDD
VXVSHQVmRGHPDWHULDLVVROWRVH
SRHLUD



³86(3527(d2'(2/+26(289,'2´

³)(&+(269,'526'(68$9,$785$´

6LQDOL]DomRGR/RFDOGH3RXVR

'XUDQWHRGLDTXDQGRRKHOLFySWHURVHDSUR[LPDU

x &RPSRQHQWH GD HTXLSH GH VROR ILFD GH FRVWDV SDUD R YHQWR FRP RV EUDoRV
HVWHQGLGRVSDUDRDOWRHPmRVHVSDOPDGDV
x 3RGHUiGHUPDUFDGRXPJUDQGH³+´QRORFDOLQGLFDGRSDUDRSRXVRFRPPHLRV
GHIRUWXQDLQVFULWRQDWHUUDSRUH[HPSOR
x 6LQDOL]DomRGHIXPDoD VLQDOL]DGRUHV DVVLPTXHDHTXLSHGHVRORWLYHUFRQWDWR
YLVXDO FRP D DHURQDYH RX HVFXWDU R EDUXOKR GH VXD DSUR[LPDomR TXDQGR
HVWLYHUHPHPXPDUHJLmRFRPYHJHWDomRGHQVDSRUH[HPSOR

'XUDQWHDQRLWH

x 6H SRVVtYHO GXDV YLDWXUDV XPD GH FDGD ODGR GD iUHD GH SRXVR FRP IDUyLV
YROWDGRV SDUD R FHQWUR GR ORFDO GH SRXVR FRP WRGRV RV GLVSRVLWLYRV OXPLQRVRV
OLJDGRV
x $VVLPTXHRKHOLFySWHURSRXVDUDEDL[HRVIDUyLVSDUDOX]GHFLGDGH

9HQWR

2EVHUYDomR/HPEUDPRVTXHPLVV}HVGHUHVJDWHHPSHUtRGRQRWXUQRVmR
PXLWR DUULVFDGDV HP IXQomR GD LPSRVVLELOLGDGH GH DYLVWDU REVWiFXORV WDLV


FRPRILRVDQWHQDVHHOHYDo}HVSRUFRQWDGHVWDVFRQGLo}HVUDUDPHQWHVmR
H[HFXWDGDV

6HSRUDFDVRRSLORWRSRXVDUHPRXWURORFDOQmRVHSUHRFXSHILTXHRQGHHVWi
(VWD p XPD SRVVLELOLGDGH QDWXUDO HP IXQomR GD HTXLSH D ERUGR SRVVXLU PHOKRUHV
FRQGLo}HVGHYLVXDOL]DomRHDVVLPGHWHUPLQDUXPDiUHDPDLVDGHTXDGDVHIRUR
FDVR

&DVRDHTXLSHSRVVXDFRQWDWRYLDUiGLRFRPDDHURQDYHPDQWHQKDVHPSUH
DOJXpPQDHVFXWD

$WHQomR

1mR VH DSUR[LPH GD DHURQDYH HQTXDQWR D WULSXODomR QmR HVWDEHOHFHU

FRQWDWRYLVXDOFRPRSHVVRDOGHVROR6HUmRUHDOL]DGRVJHVWRVEHPGHILQLGRV
LQGLFDQGRRPRPHQWRPDLVVHJXURSDUDDSUR[LPDomRGRKHOLFySWHUR

5HIHUHQFLDOHVSDFLDOSDUDRULHQWDUDDHURQDYH

3DUDRULHQWDomRHVSDFLDOGRKHOLFySWHURYDPRVXWLOL]DURSURFHVVRGH
LQGLFDomRGDVKRUDVVHPSUHHPUHODomRjDHURQDYHDVDEHU

+25$6

+25$6 +25$6

+25$6

6H QmR KRXYHU ORFDO SDUD SRXVR VHUi UHDOL]DGD FRPXQLFDomR YLD UiGLR SDUD
KDYHURJHUHQFLDPHQWRRXDLQGDXPFRPSRQHQWHGD*XDUQLomRGH2SHUDo}HV$pUHDV
XWLOL]DUiXPDGDVWpFQLFDVGHGHVFLGDHHVWDEHOHFHUiFRQWDWR



)5$6(2/2*,$(*(6726

&KDPDU
YHQWR $HURQDYH

SVXDGLUHLWD 0DQWHQKDSRVLomR SVXDHVTXHUGD

DEDL[R DFLPD 7RFRXRVROR



35(3$5$d2'(3$&,(17(63$5$(0%$548(

x 3DUD HPEDUTXH QR KHOLFySWHUR RV SDFLHQWHV GHYHUmR HVWDU GHLWDGRV QD PDFD
UtJLGDFRPWRGRVRVFXUDWLYRVUHDOL]DGRVDILPGHHYLWDURYD]DPHQWRGHIOXLGRV
EHPFRPRMiPLQLVWUDGDWRGDDPHGLFDomRQHFHVViULD
x -i HVWDU FRP DFHVVR YHQRVR HVWDEHOHFLGR H SUHSDUDGR WRGD D PHGLFDomR TXH
SRVVDVHULQMHWDGDYLDVRURGXUDQWHRY{R
x 3DUDSUHYHQLUKLSRWHUPLDGHYHVHFREULURSDFLHQWHFRPXPFREHUWRURXPDQWD
WpUPLFDHHQWmRIL[DURVWLUDQWHVGDPDFDUtJLGDVREUHRPHVPR
x 0DQWHQKD RV SpV GR SDFLHQWH SURWHJLGRV SRLV GHSHQGHQGR GD HVWDWXUD GR
PHVPRDDHURQDYHGHVORFDUDFRPXPDGDVSRUWDVDEHUWDV

3UHSDUDomRGHSDFLHQWHSDUDHPEDUTXHHP
$HURQDYH

$WHQomR

1RFDVRGRHPEDUTXHGHSDFLHQWHVQDVFHQDVGHRFRUUrQFLDIRUDGR
DPELHQWH KRVSLWDODU YLD GH UHJUD KDYHUi R DFRPSDQKDPHQWR GH XP
FRPSRQHQWH GD HTXLSH GH VROR TXH UHDOL]RX R SULPHLUR DWHQGLPHQWR
YLVDQGR PDQWHU D UHVSRQVDELOLGDGH OHJDO H UHSDVVDU HP PHOKRUHV
FRQGLo}HV WRGDV DV LQIRUPDo}HV GHFRUUHQWHV GR WUDXPD H DWHQGLPHQWR
LQLFLDOjHTXLSHKRVSLWDODU

$WHQomR

(P PLVV}HV GH UHPRomR LQWHUKRVSLWDO WRGR R SURFHVVR GHYHUi VHU
DFRPSDQKDGRSRUPpGLFR



352&(',0(17266(*8526'((0%$548(('(6(0%$548(

6(*852 6(*852 $SUR[LPDomR H VDtGD FRP

6,1$/,=$d2GDWULSXODomR

$7(1d2 $SUR[LPDomR H VDtGD VRPHQWH
$&203$1+$'2SHODWULSXODomR

3(5,*2 181&$ VH DSUR[LPH RX VH DIDVWH

QHVWHVHWRU

$7(1d®2

3(5,*2
75$163257(VHXVPDWHULDLVVHPSUHQD
SRVLomR+25,=217$/

6(*85(FKDSpXVSDSpLVFDVDFRVHWF

$SUR[LPDo}HVHVDtGDV6(035(SHORVHWRU0(126HOHYDGR

$SUR[LPDo}HVHVDtGDV6(035(FRPSHUILOUHGX]LGR



$WHQomR

6H D TXDOTXHU PRPHQWR GXUDQWH R HPEDUTXH RX GHVHPEDUTXH YRFr
SHUGHUVXDVUHIHUrQFLDVYLVXDLV12WHQWH³WDWHDU´RDPELHQWHHHQFRQWUDUD

VDtGD $*$&+(6( H 0$17(1+$ D SRVLomR $ WULSXODomR LUi DWp YRFr H R

DX[LOLDUiDVDLUHPVHJXUDQoD

$WHQomR

$R HPEDUFDU QD DHURQDYH R VRFRUULVWD GHYHUi HYLWDU DV VHJXLQWHV
VLWXDo}HV

x 12$32,$56(126&,1726'26%$1&26'$)5(17(
x 12352-(7$5263e6126&20$1'26'$$(521$9(
x 12$32,$56(126%$1&26'263,/2726
x &21(&7$5 &,172 '( 6(*85$1d$ $66,0 48( 6(17$5 12
%$1&2
x (0 &$62 '( $&203$1+$5 3$&,(17( (0 0$&$ 80

75,38/$17()251(&(5È80$$/7$'(6(*85$1d$3$5$

&21(;2

&20$1'26'(9Ð2

&LFOLFR

&ROHWLYR

4XHP HPEDUFDU GHYHUi HVWDU VHPSUH DWHQWR
SDUD QmR HVEDUUDU DFLGHQWDOPHQWH QHVWHV FRPDQGRV
OHPEUDQGRTXHRFROHWLYRHVWDUiSRVLFLRQDGRVHPSUHDR
ODGR HVTXHUGR GRV EDQFRV IURQWDLV $ DHURQDYH
SRGHUi WHU FRPDQGRV GXSORV QRV EDQFRV GLUHLWR H

HVTXHUGR


7UDQVIHUrQFLDGHSDFLHQWHVHQWUHDPEXOkQFLDHKHOLFySWHUR

x 0DQWHQKDXPDGLVWkQFLDPtQLPDGHDPHWURVDFRQWDUGRORFDOGRSRXVR
GRKHOLFySWHUR
x 6HRWHUUHQRIRUDUHQRVRRXDSUHVHQWDUSRHLUDPDQWHQKDDVSRUWDVHYLGURVGD
DPEXOkQFLD IHFKDGRV SDUD HYLWDU D SURMHomR GHVWDV SDUWtFXODV DR LQWHULRU GD
YLDWXUDTXDQGRDDHURQDYHUHDOL]DURSRXVRSRLVRJLURGRVURWRUHVOHYDQWDWRGR
HVWHPDWHULDO
x 0DQWHQKD RV GLVSRVLWLYRV OXPLQRVRV GD DPEXOkQFLD DFHVRV DWp R SRXVR GD
DHURQDYH 1R FDVR GH RSHUDo}HV QRWXUQDV PDQWHQKD RV IDUyLV OLJDGRV QD
GLUHomRGDiUHDGHSRXVR
x $VVLP TXH D DHURQDYH SRXVDU 12 GHVORTXH D Sp RX Gr SDUWLGD QD YLDWXUD
(VSHUH TXH XP GRV WULSXODQWHV GLULMDVH DWp YRFr H UHDOL]H XP UiSLGR EULHILQJ
VREUHRSURFHGLPHQWRGHWUDQVIHUrQFLD
x 1D DSUR[LPDomR GD DPEXOkQFLD DWp D DHURQDYH KDYHUi XP WULSXODQWH TXH R
JXLDUiDWpSRQWRGHSDUDGDHWUDQVIHUrQFLDGRSDFLHQWH
x 2 VHQWLGR GH HPEDUTXH GR SDFLHQWH QD DHURQDYH VHUi VHPSUH RULHQWDGR SHOD
FDEHoDHRVSpVYROWDGRVSDUDIRUD

$WHQomR

/89$6 '( 352&(',0(172 SURFXUH XWLOL]DU SDUHV GH OXYD
VREUHSRVWRV $QWHV GR HPEDUTXH UHWLUH R SDU VXMR H FRQWDPLQDGR H
PDQWHQKDVHFRPRVHJXQGRSDUOLPSR2XUHWLUHDVOXYDVVXMDVHDVWURTXH
SRUQRYDVDQWHVGRHPEDUTXH

0$6&$5$6 (Ï&8/262VRFRUULVWDILFDPXLWRSUy[LPRGRSDFLHQWH

TXDQGR HPEDUFDGR H SRGH HVWDU VXMHLWR D FRQWDPLQDomR GH IOXLGRV 8WLOL]H
SURWHomRGHROKRVHIDFH



9(172

DP

3RVLFLRQDPHQWRGDYLDWXUDHGLVWkQFLDDVHUPDQWLGDGRORFDOGHSRXVR VHSRVVtYHODOLQKDUD
YLDWXUDFRPDSDUWHWUDVHLUDSRVLFLRQDGDFRQWUDRYHQWR

6(17,'2'((0%$548(3$&,(17((00$&$

0$12%5$6'(9,$785$635Ï;,0$6È$(521$9(620(17($3Ï632862&203/(72(
25,(17$d2'(%$/,=$'25


(55$'2

'HYHVHHYLWDUPRYLPHQWRVGHUpPXLWRSUy[LPRVGDDHURQDYHDSUR[LPHVHOHQWDPHQWHHFRP
XP%$/,=$'25DWUiVGRYHtFXOR

&255(72

2EDOL]DGRUILFDUiIRUDGDiUHDGHJLURGDDHURQDYHQRSRQWRGHSDUDGDSUHYLVWRSDUDD
YLDWXUD

683257(%È6,&2'(9,'$$%25'('($(521$9(6

4XDQGRRVRFRUULVWDHVWLYHUHPY{RWRGRVRVHTXLSDPHQWRVQHFHVViULRV
SDUDRIHUWDURVXSRUWHEiVLFRDRSDFLHQWHGHYHUmRHVWDUFRPRPHVPRQRLQWHULRU
GDFDELQHHPFRQGLo}HVGHIiFLODFHVVR

6HPSUH WHQKD HP PHQWH TXH D FRQFHSomR GH PDWHULDO GHYHU VHU R PDLV
FRPSDFWDSRVVtYHOSRLVRHVSDoRLQWHUQRpXPWDQWROLPLWDGR

2[LJHQLRWHUDSLD

2[LJrQLRV SRUWiWHLV FRQKHFLGRV
FRPR ZKLWH PHG SRGHP VHU
XWLOL]DGRVDERUGRSRVLFLRQDGRV
QR SLVR GR KHOLFySWHUR RX
HPEDL[RGRVEDQFRVWUDVHLURV

'HYHUi VHU SUHYLVWD D
TXDQWLGDGH GH R[LJrQLR GH
DFRUGR FRP R WHPSRGH Y{R GD
PLVVmR

0RQLWRUDPHQWR


$IHULomR GH SUHVVmR D ERUGR p

PXLWRGLItFLOSRUFRQWDGRLQWHQVR
UXtGR D ERUGR 8WLOL]H R[tPHWURV
SDUD PDQWHU PRQLWRUDPHQWR GH
SXOVRHVDWXUDomRGH2

(TXLSDPHQWRVDERUGRVHJXQGRSRUWDULDGR0LQLVWpULRGD6D~GHGH
GHVHWHPEURGH

³ $HURQDYHV GH $VDV 5RWDWLYDV +HOLFySWHURV SDUD DWHQGLPHQWR SUpKRVSLWDODU PyYHO
SULPiULR
&RQMXQWR DHURPpGLFR KRPRORJDGR SHOR 'HSDUWDPHQWR GH $YLDomR &LYLO ± '$& PDFD RX
LQFXEDGRUD FLOLQGUR GH DU FRPSULPLGR H R[LJrQLR FRP DXWRQRPLD GH SHOR PHQRV KRUDV UpJXD WULSOD
SDUDWUDQVSRUWHVXSRUWHSDUDIL[DomRGHHTXLSDPHQWRVPpGLFRV
(TXLSDPHQWRV PpGLFRV IL[RV UHVSLUDGRU PHFkQLFR PRQLWRU FDUGLRYHUVRU FRP EDWHULD R[tPHWUR
SRUWiWLOERPEDGHLQIXVmRSUDQFKDORQJDSDUDLPRELOL]DomRGHFROXQD
(TXLSDPHQWRV PpGLFRV PyYHLV PDOHWD GH YLDV DpUHDV FRQWHQGR FRQMXQWR GH FkQXODV
RURIDUtQJHDV FkQXODV HQGRWUDTXHDLV GH YiULRV WDPDQKRV FDWHWHUHV GH DVSLUDomR DGDSWDGRUHV SDUD
FkQXODVFDWHWHUHVQDVDLVVHULQJDGHPOUHVVXVFLWDGRUPDQXDODGXOWRLQIDQWLOFRPSOHWRVRQGDVSDUD
DVSLUDomRWUDTXHDOGHYiULRVWDPDQKRVOXYDVGHSURFHGLPHQWRVOLGRFDtQDJHOpLDHVSUD\FDGDUoRVSDUD
IL[DomR GH FkQXOD ODULQJRVFySLR LQIDQWLODGXOWR FRP FRQMXQWR GH OkPLQDV FXUYDV H UHWDV HVWHWRVFySLR
HVILJPRPDQ{PHWUR DGXOWRLQIDQWLO ILRV ILRVJXLD SDUD LQWXEDomR SLQoD GH 0DJ\OO ELVWXUL GHVFDUWiYHO
FkQXODVSDUDWUDTXHRVWRPLDPDWHULDOSDUDFULFRWLURLGRVWRPLDFRQMXQWRGHGUHQDJHPGHWyUD[PDOHWDGH
DFHVVR YHQRVR FRQWHQGR WDOD SDUD IL[DomR GH EUDoR OXYDV HVWpUHLV UHFLSLHQWH GH DOJRGmR FRP DQWL
VpSWLFR SDFRWHV GH JD]H HVWpULO HVSDUDGUDSR PDWHULDO SDUD SXQomR GH YiULRV WDPDQKRV LQFOXLQGR
DJXOKDV PHWiOLFDV SOiVWLFDV H DJXOKDV HVSHFLDLV SDUD SXQomR yVVHD JDUURWH HTXLSRVGH PDFUR H
PLFURJRWDV FDWHWHUHV HVSHFtILFRV SDUD GLVVHFomR GH YHLDV WDPDQKRV DGXOWRLQIDQWLO WHVRXUD SLQoD GH
.RFKHUFRUWDGRUHVGHVRUROkPLQDVGHELVWXULVHULQJDVGHYiULRVWDPDQKRVWRUQHLUDVGHYLDVHTXLSR
GH LQIXVmR SROLYLDV IUDVFRV GH VROXomR VDOLQD ULQJHU ODFWDWR H JOLFRVDGD SDUD LQIXVmR YHQRVD FDL[D GH
SHTXHQD FLUXUJLD PDOHWD GH SDUWR FRQWHQGR OXYDV FLU~UJLFDV FODPSV XPELOLFDLV HVWLOHWH HVWpULO SDUD
FRUWH GR FRUGmR VDFR SOiVWLFR SDUD SODFHQWD DEVRUYHQWH KLJLrQLFR JUDQGH FREHUWRU RX VLPLODU SDUD
HQYROYHU R UHFpPQDVFLGR FRPSUHVVDV FLU~UJLFDV HVWpUHLV SDFRWHV GH JDVHV HVWpUHLV H EUDFHOHWHV GH
LGHQWLILFDomR VRQGDVYHVLFDLVFROHWRUHVGH XULQDSURWHWRUHVSDUDHYLVFHUDGRV RXTXHLPDGRVHVSiWXODV
GH PDGHLUD VRQGDV QDVRJiVWULFDV HOHWURGRV GHVFDUWiYHLV HTXLSRV SDUD GURJDV IRWRVVHQVtYHLV HTXLSRV
SDUD ERPEDV GH LQIXVmR FLUFXLWR GH UHVSLUDGRU HVWpULO GH UHVHUYD FREHUWRU RX ILOPH PHWiOLFR SDUD
FRQVHUYDomR GR FDORU GR FRUSR FDPSR FLU~UJLFR IHQHVWUDGR DOPRWROLDV FRP DQWLVpSWLFR FRQMXQWR GH
FRODUHVFHUYLFDLVHTXLSDPHQWRVGHSURWHomRjHTXLSHGHDWHQGLPHQWRyFXORVPiVFDUDVOXYDV
2XWURV FROHWH LPRELOL]DGRU GRUVDO FLOLQGUR GH R[LJrQLR SRUWiWLO FRP YiOYXOD PDQ{PHWUR H
IOX[{PHWURFRPPiVFDUDHFKLFRWHSDUDR[LJHQDomREDQGDJHQVWULDQJXODUHVWDODVSDUDLPRELOL]DomRGH
PHPEURVFROHWHVUHIOH[LYRVSDUDDWULSXODomRODQWHUQDGHPmRHTXLSDPHQWRVGHSURWHomRjHTXLSHGH
DWHQGLPHQWRyFXORVPiVFDUDVOXYDV´



/LomR (0(5*Ç1&,$6(0
(/(9$'25(6

FDSD]HVGH
2EMHWLYRV
&RQKHFHU RV SULQFtSLRV GH IXQFLRQDPHQWR GH XP
HOHYDGRU H DV HPHUJrQFLDV HVSHFtILFDV FRQIRUPH
UHFRPHQGDo}HVGHFDGDIDEULFDQWHGHHOHYDGRU

5HYLVmRHP-XOKR±(PHUJrQFLDVHP(OHYDGRUHV 03

$+LVWyULDGR(OHYDGRU

'R DQWLJR (JLWR DRV GLDV GH KRMH RV HOHYDGRUHV WUDQVSRUWDUDP VpFXORV GH
HQJHQKRVLGDGH

1mRpGHKRMHTXHDKLVWyULDUHJLVWUDRVHVIRUoRVGDKXPDQLGDGH
SDUDWUDQVSRUWDUYHUWLFDOPHQWHFDUJDVHSHVVRDVDQRV
DQWHVGRQDVFLPHQWRGH&ULVWRRVHJtSFLRVMiHVWDYDPjVYROWDV
FRPDGXUDWDUHIDGHHOHYDUDViJXDVGR1LORDWUDYpVGH
UXGLPHQWDUHVHOHYDGRUHV

&RPRSDVVDUGRVVpFXORVDWUDomRDQLPDOLQFOXLQGRDtD
KXPDQDIRLVXEVWLWXtGDSULPHLURSHODHQHUJLDGRYDSRU
H[FOXVLYDPHQWHSDUDRWUDQVSRUWHGHFDUJDVHPDLVWDUGHFRPR
VXUJLPHQWRGHQRYRVPHFDQLVPRVGHVHJXUDQoDRGH
SDVVDJHLURV

6RPHQWHHPDQRHPTXHDKLVWyULDFRQIHUHjDPHULFDQD(OLV*UDYHV2WLVD
LQYHQomRGRHOHYDGRUGHVHJXUDQoDRXVRGHHOHYDGRUHVFRPRPHLRGHWUDQVSRUWHGH
SDVVDJHLURVFRPHoRXDVHSRSXODUL]DU

2VSULPHLURVHOHYDGRUHVPRYLGRVDYDSRUHUDPPXLWROHQWRV3DUDXPSDVVDJHLUR
DOFDQoDURRLWDYRDQGDUGHXPSUpGLROHYDYDHPPpGLDPLQXWRV$WXDOPHQWHDOJXQV
HOHYDGRUHVVmRFDSD]HVGHDWLQJLUDYHORFLGDGHGHPPLQRTXHVLJQLILFDGL]HUTXH
VmRPDLVGHYH]HVPDLVUiSLGRVGRTXHRVVHXVDQWHFHVVRUHVPRYLGRVDYDSRU

$SHQDVHPDQRHPTXHR%UDVLOVHWUDQVIRUPDYDHPUHS~EOLFDpTXHVXUJLXHP
1RYD<RUNRSULPHLURHOHYDGRUPRYLGRjHOHWULFLGDGH

(/(9$'25(612%5$6,/

2VSULPHLURVHOHYDGRUHVEUDVLOHLURVVyFRPHoDUDPDVHUIDEULFDGRVHP1mR
HUDPPRYLGRVQHPDYDSRUQHPDHOHWULFLGDGH(UDRFDELQHLURJLUDQGRXPDPDQLYHOD
TXHID]LDFRPTXHRHOHYDGRUVXELVVHRXGHVFHVVH$VSRUWDVSDQWRJUiILFDVHUDP
WDPEpPDEHUWDVHIHFKDGDVPDQXDOPHQWH

&RPDH[SORVmRGHPRJUiILFDHDFRQVWUXomRGHHGLItFLRVPDLVDOWRVRVREHHGHVFH
PRYLGRjPDQLYHODIRLVXEVWLWXtGRSRUVLVWHPDVHOpWULFRVPDLVFRPSOH[RVTXH
GLVSHQVDYDPRVHUYLoRGRVFDELQHLURV1mRPDLVHUDSUHFLVRJULWDURXJHVWLFXODUSDUDR
FDELQHLUR3DUDFKDPDURHOHYDGRUEDVWDYDDSHQDVDSHUWDUXPERWmRQmRPDLV
FKDPDUDDWHQomRGRFDELQHLUR

$WHQGHUjVFKDPDGDVFRPRDSHUWDUGHXPERWmRIRLDSHQDVRFRPHoR3DUDRWLPL]DUD
HILFLrQFLDGRHOHYDGRUUHOpVHFLUFXLWRVHOpWULFRVIRUDPGHVHQYROYLGRV2&RPDQGR
$XWRPiWLFR6HOHWLYRIRLRSUy[LPRSDVVRSHUPLWLQGRTXHHOHYDGRUHVWUDEDOKDVVHP
LVRODGDPHQWHRTXHPHOKRURXVLJQLILFDWLYDPHQWHRWUiIHJRQRVHGLItFLRV



26(/(9$'25(6($,1)250È7,&$

6HRDGYHQWRGRVFLUFXLWRVHOpWULFRVUHSUHVHQWRXXPVDOWRTXDOLWDWLYRQDKLVWyULDGRV
HOHYDGRUHVRTXHGL]HUGDDVVRFLDomRFRPDLQIRUPiWLFD

&RPRDSRUWHGHWHFQRORJLDRULXQGRGDLQIRUPiWLFDDVDWLVIDomRGRVXVXiULRV
DXPHQWRXVHQVLYHOPHQWH2DWHQGLPHQWRDRVDQGDUHVSDVVRXDVHUFRQWURODGRGHXPD
IRUPDUDFLRQDOHYLWDQGRYLDJHQVLQ~WHLV

$OpPGRVSDVVDJHLURVXPGRVPDLRUHVEHQHILFLDGRVIRUDPRVUHVSRQViYHLVSHOD
PDQXWHQomR$YLGD~WLOGRVFRPSRQHQWHVFUHVFHXHPUD]mRGLUHWDjUHGXomRGDV
SRVVLELOLGDGHVGHGHIHLWRHFRQRPLDGHHQHUJLDHOpWULFDHIDFLOLGDGHGHFRQVHUYDomR

2GHVLJQGRVHOHYDGRUHVWDPEpPIRLPRGLILFDGRSDUDPHOKRU&RPOLQKDVPDLV
PRGHUQDVYDORUL]DQGRDDUTXLWHWXUDGRHGLItFLRRVHOHYDGRUHVSDVVDUDPQmRDSHQDVD
WUDQVSRUWDUPDVWUDQVSRUWDUFRPUHTXLQWHHVRILVWLFDomR

$&(6625(0272

(OHYDGRUHVKRMHSRGHPVHUDFHVVDGRVSHORFRPSXWDGRUGDHPSUHVDYLDPRGHP$
FRPRGLGDGHVyQmRpPDLRUGRTXHDIDFLOLGDGHGHGLDJQRVWLFDUGHIHLWRVTXHDJRUD
SRGHVHUIHLWDQDWHODGHXPFRPSXWDGRU

,QIRUPDGDVGRGHIHLWRDVHTXLSHVGHPDQXWHQomRVDHPSUHSDUDGDVSDUDH[HFXWDURV
DMXVWHVQHFHVViULRVHPWHPSRHDXPFXVWRPXLWRPHQRU

$OJXQVSUpGLRVFRPHUFLDLVGHJUDQGHIOX[RMiSRVVXHPHOHYDGRUHVSURYLGRVGHFkPHUDV
GHYtGHRTXHDWUDYpVGDPRQLWRUDomRGRPRYLPHQWRSHUPLWHPDHODERUDomRGH
HVWUDWpJLDVGHDWHQGLPHQWRPDLVHILFLHQWHV

3$57(6'(80(/(9$'25

'HXPPRGRJHUDOSRGHPRVGLYLGLUXPHOHYDGRUHPSDUWHVVHQGRHODV

x &DVDGH0iTXLQDVpRFRPSDUWLPHQWRGRHGLItFLRGHVWLQDGRjFRORFDomRGD
PiTXLQDGHWUDomRTXDGURGHFRPDQGRSDLQHOVHOHWRUOLPLWDGRUGHYHORFLGDGH
HGHRXWURVFRPSRQHQWHVGDLQVWDODomRGRHOHYDGRU

(PQiXWLFDDFDVDGDPiTXLQDpRFRPSDUWLPHQWRGRFDVFRGHXPQDYLRRQGHVmRLQVWDODGRVRPRWRU
SULQFLSDOHRVDX[LOLDUHVHWRGRVRVFRPDQGRVSDUDRVHXIXQFLRQDPHQWR1R%UDVLOD$%17 $VVRFLDomR
%UDVLOHLUDGH1RUPDV7pFQLFDV SXEOLFRXXPD1RUPDHVSHFtILFDVREUHRDVVXQWR1RUPD1%5



x &DELQDRX&DELQHpRQRPHGDGRDRFRPSDUWLPHQWRRQGHpWUDQVSRUWDGDD
FDUJD

x &RQWUD3HVRpXPDSDUWHIXQGDPHQWDOGRVLVWHPDHSHUPLWHTXHDFDUJDQD
FDELQDVHMDWUDQVSRUWDGDSDUFLDOPHQWHEDODQFHDGDXWLOL]DQGRPHQRVHQHUJLDQD
RSHUDomR

x &DL[DRXFDL[DGHFRUULGDpRQRPHGDGRDRORFDOQRLQWHULRUGRTXDODFDELQD
VHGHVORFD


x 3DWDPDURXSDYLPHQWRpQRPHGDGRDRORFDODWUDYpVGRTXDODFDUJDHQWUDQD
FDELQD

x 3RoRpRQRPHGRORFDORQGHILFDPLQVWDODGRVGLVSRVLWLYRVGHVHJXUDQoD SiUD
FKRTXHV SDUDSURWHomRGHOLPLWHGHSHUFXUVRGRHOHYDGRU

&202)$=(525(6*$7((080(/(9$'25

6XELUHGHVFHU2WUDMHWRSDUHFHVLPSOHV0DVSDUDPXLWRVXVDURHOHYDGRUSRGH
VHUDUULVFDGRTXDQGRPHGLGDVGHVHJXUDQoDGHL[DPGHVHUVHJXLGDV
&RPR PLOK}HV GH SHVVRDV YRFr Mi GHYH WHU XVDGR RX XVD GLDULDPHQWH R
HOHYDGRUSDUDLUGHXPDQGDUSDUDRRXWUR7DOYH]MiWHQKDLPDJLQDGRGHILFDUSUHVRHP
XPHOHYDGRU0DVLVVRIRVVHVyRFRPHoRHVHXPDFDWiVWURIHDFRQWHFHVVH"7RGRVRV
DQRV QRV (VWDGRV 8QLGRV PRUUHP SHVVRDV H FHQWHQDV ILFDP IHULGDV ( VH LVVR
DFRQWHFHVVHFRPYRFrYRFrVDEHULDRTXHID]HU"
$ SULPHLUD FRLVD TXH GHYHPRV ID]HU HP UHVJDWH GH SHVVRDV SUHVDV HP
HOHYDGRUHVpPDQWHURFRQWDWRFRPDVPHVPDV(VWHFRQWDWRSRGHUiVHUIHLWRDWUDYpV
GRLQWHUIRQH
6H R PHVPR QmR IRU SRVVtYHO GHYHPRV GHVORFDU DWp R DQGDU TXH R HOHYDGRU
SDURX H WHQWDU PDQWHU FRQWDWR FRP DV SHVVRDV QR LQWHULRU GHOH 6DEHUHPRV RQGH R
HOHYDGRU SDURX DWUDYpV GH VRQV HPLWLGRV SHODV SHVVRDV TXH HVWmR QR FRQILQDPHQWR
(VVHVVRQVSRGHUmRVHUDWUDYpVGHEDWLGDVRXSHGLGRVGHVRFRUUR0HVPRDVVLPHP
FDVRGHQmRVDEHURQGHRPHVPRSDURXGHYHPRVFKDPiORVHDJXDUGDUPRVDOJXPD


UHVSRVWD(PFDVRGHQmRVHUUHFtSURFDGHYHPRVQRVGHVORFDUSDUDRVRXWURVDQGDUHV
HID]HURPHVPRSURFHGLPHQWR

(P FDVR SRVLWLYR GHYHPRV DFDOPiODV LQIRUPDQGR TXH Mi FRPHoDPRV RV
WUDEDOKRVGHUHVJDWHHHPEUHYHYDPRVWLUDUWRGRVGRFRQILQDPHQWR
2 HOHYDGRU QmR ILFD VHP R[LJrQLR (P XP KRPHP ILFRX SUHVR GHQWUR GH
XPHOHYDGRUSRUKRUDV
$JRUD GHYHPRV LU DWp D FDVDGHPiTXLQDV H SURFXUDU SHORSDLQHO GH FRQWUROH
1HVWHGHYHPRVGHVOLJDURHOHYDGRUDWUDYpVGHXPDFKDYHJHUDOGRPHVPRHYLWDQGR
DVVLPTXHRHOHYDGRUVHPRYLPHQWHQRPRPHQWRGRUHVJDWH

3DLQHOGHFRQWUROH


3DUD FHUWLILFDU TXH R HOHYDGRU QmR LUi VH PRYLPHQWDU H SRU TXHVWmR GH
VHJXUDQoDGHYHPRVGHVOLJDUDHQHUJLDGR(GLItFLR
6HJXQGR HVWXGRV FHUFD GH GRV DFLGHQWHV FRP HOHYDGRUHV QR %UDVLO VH
GHYH DR IDWR GH TXDQGR R PHVPR HVWD SDUDGR H RV SDVVDJHLURV DR WHQWDUHP VDLU R
HOHYDGRUVHPRYLPHQWDVHPSUHDPSXWDQGRPHPEURVHHPGLYHUVDVYH]HVOHYDQGRR
PHVPRjPRUWH
/RJR DSyV FHUWLILFDUVH TXH D HQHUJLD HVWD GHVOLJDGD HYLWDQGR TXH R HOHYDGRU
YROWHDIXQFLRQDUSHoDSDUDRVtQGLFRDFKDYHGDVSRUWDVHVLJDDXPSDYLPHQWRDFLPD
GHRQGHD&DELQHSDURX

(PVHJXLGDLQVLUDDFKDYHGDVSRUWDVQRFRPSDUWLPHQWRGHVWLQDGRDHODHJLUH

/RJRDSyVPDQWHQGRJLUDGDDFKDYHHPSXUUHDSRUWDSDUDTXHDPHVPDDEUD



&RPPXLWRFXLGDGRDJRUDSURFXUHXPLQWHUUXSWRUQDTXDODFHQGHUiXPDOX]
LQWHUQDQRSRoR

$JRUDTXHYRFrWHPLOXPLQDomRQHFHVViULDSDUDVXDVHJXUDQoDROKHSDUDEDL[R
HYLVXDOL]HDSDUWHVXSHULRUGDFDELQH



1HVWHPRPHQWRYRFrYLVXDOL]DUDXPDUROGDQDQDTXDOGHYHUiVJLUiODQR
VHQWLGRTXHDSRUWDDEUH

$SyVHVVDDomRDSRUWDGDFDELQHDEULUiDVVLPWHQGRDFHVVRDRLQWHULRUGHODH
SHUPLWLQGRRUHVJDWHGDVSHVVRDVFRQILQDGDV

&8,'$'26&202(/(9$'25

2HOHYDGRUpXPDPiTXLQDGHWUDQVSRUWHH[WUHPDPHQWH~WLOPDVVHXXVRUHTXHU
FXLGDGRVSDUDHYLWDUDFLGHQWHVTXHPXLWDVYH]HVVmRIDWDLV



(YLWDU
x 3X[DUDSRUWDGRSDYLPHQWRVHPDSUHVHQoDGDFDELQHQRDQGDU
x $SUHVVDURIHFKDPHQWRGDVSRUWDV
x $SHUWDUYiULDVYH]HVRERWmRGHFKDPDGD
x &KDPDUYiULRVHOHYDGRUHVDRHVPRWHPSR
x )XPDUGHQWURGRHOHYDGRU
x )D]HUPRYLPHQWRVEUXVFRVGHQWURGRHOHYDGRU
x /RWDURHOHYDGRUFRPRSHVRDFLPDGRSHUPLWLGR
x %ORTXHDURIHFKDPHQWRGDVSRUWDVFRPREMHWRV

&5,$1d$6

$V FULDQoDV GHYHP XVDU R HOHYDGRU FRP VHJXUDQoD 2 HOHYDGRU QmR p OXJDU GH
EULQFDGHLUDVSRUWDQWRRULHQWHDVFULDQoDVSDUD

x QmRDFLRQDURVERW}HVGHVQHFHVVDULDPHQWH
x QmRGDUSXORVRXID]HUPRYLPHQWRVEUXVFRVGHQWURGDFDELQH
x QXQFDFRORFDUDVPmRVQDSRUWD
x QmRHQWUDUSULPHLURQRHOHYDGRUDVVLPTXHDSRUWDVHDEUH
x HYLWHTXHHODVXVHPRHOHYDGRUVR]LQKDV


([LMD R UHVSRQViYHO SHOR SUpGLR TXH R DFHVVR j SRUWD GR HOHYDGRU VHMD
EORTXHDGRTXDQGRHOHHVWLYHUHPUHSDURVRXUHYLVmRWpFQLFD
$WHQomR
(PFDVRGHLQFrQGLRQmRXWLOL]HRVHOHYDGRUHV
2DEDQGRQRGRHGLItFLRGHYHVHUIHLWRSHODVHVFDGDVREHGHFHQGRDRSODQRGH
DEDQGRQR

6HRHOHYDGRUSDUDUHQWUHDQGDUHVRVRFXSDQWHVGHYHP
x PDQWHUDFDOPDSRLVRSHULJRQmRpLPLQHQWH
x DFLRQDURERWmRGHDODUPH
x XWLOL]DURLQWHUIRQHSDUDSHGLUDMXGD
x XWLOL]DURERWmRGHHPHUJrQFLD
x VROLFLWDUTXHFKDPHPR]HODGRUHVHQHFHVViULRDHPSUHVDFRQVHUYDGRUDRXR
&RUSRGH%RPEHLURV GLVTXH
x DJXDUGDUFRPFDOPD


4XDQGRDSRUWDGRHOHYDGRUDEULUSUHVWHDWHQomR$QWHVGHHQWUDUYHULILTXHTXH
DFDELQHGRHOHYDGRUHVWiQRDQGDU)DOKDVPHFkQLFDVSHUPLWHPjVYH]HVTXHDSRUWD
DEUDVHPDSUHVHQoDGRHOHYDGRURTXHMiSURYRFRXPXLWRVDFLGHQWHVIDWDLV
(QWUHQRHOHYDGRUHVDLDGHOHGHYDJDUSDUDHYLWDUFROLVmRFRPRXWURVXVXiULRV
1mRWHQWHHQWUDUQRHOHYDGRUHQTXDQWRRVRFXSDQWHVHVWLYHUHPVDLQGR

$RHQWUDUQRHOHYDGRUHDRVDLUGHOHFXLGDGRSDUDQmRWURSHoDUQRVGHJUDXVTXH
VHIRUPDPTXDQGRHOHSiUDQRPHVPRQtYHOGRSDYLPHQWR

(6(92&Ç(67,9(5'(1752'2(/(9$'25

1XQFD EDQTXH R KHUyL DJRUD TXH YRFr FRQKHFHX RV SHULJRV TXH JHUDP XP
HOHYDGRUTXDQGRGHOHRVHXPDOXVRHVSHUHDMXGDHVSHFLDOL]DGD
([LVWHP DOJXQV PLWRV UHIHUHQWH DRV HOHYDGRUHV TXH HVWmR FDLQGR TXH VH YRFr SXODU
TXDQGR HOH HVWLYHU SUHVWHV D DWLQJLU RV SiUDFKRTXHV YRFr YDL FRPSHQVDU D IRUoD GD
JUDYLGDGH,VWRpPLWR1HVVHVFDVRVYRFrWHPGXDVDOWHUQDWLYDV
VHRHOHYDGRULQWHUQRWLYHUFRUULPmRVHJXUHVHQHOHHFRPRRXWURODGRGRFRUSR
DSyLVHEHPILUPHQDVSDUHGHVFRPRVMRHOKRVVHPLIOHUWLGRV
FDVRQmRWHQKDFRUULPmRGHLWHVHHPGHF~ELWRYHQWUDOHWHQWHSURWHJHUDFDEHoD
FRPRVEUDoRV


2V GRLV SURFHGLPHQWRV DFLPD FLWDGRV YmR GLPLQXLU RX DWp QHXWUDOL]DU DV FKDQFHV GH
YRFrVRIUHUOHV}HV
7DPEpPGHYHPRVOHPEUDUTXHTXDQGRDFDELQHSDUDUQXQFDGHYHPRVWHQWDUVDLUGR
HOHYDGRUSHODSDUWHVXSHULRUSRLVGRVSRXFRVHOHYDGRUHVTXHWHPDFHVVRDHVWDSDUWH
RORFDOHPVLpPXLWRPDLVSHULJRVRGRTXHYRFrSHUPDQHFHUGHQWURGDFDELQH

,QGLFDo}HV%LEOLRJUiILFDV

1%5±'LVS}HGDVFRQGLo}HVSDUDHOHYDGRUHVGHVWLQDGRVDSHVVRDVSRUWDGRUDV
GHGHILFLrQFLDVItVLFDV

1%5±$FHVVLELOLGDGHD(GLILFDo}HV0RELOLiULR(VSDoRVH(TXLSDPHQWRV
8UEDQRV

1%5±6DtGDVGHHPHUJrQFLDVHP(GLItFLRV±3URFHGLPHQWR

1%5±0RELOLiULR8UEDQR±&ODVVLILFDomR

1%5±(TXLSDPHQWR8UEDQR±&ODVVLILFDomR


Apostila ABVESC

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Apostila ABVESC

Uploaded by

Copyright:

Available Formats

    

     

(VVH WUDEDOKR TXH DSUHVHQWDPRV D VHJXLU p R UHVXOWDGR GH XP HVIRUoR

$R HODERUDUPRV HVWH SULPHLUR PDWHULDO GH DEUDQJrQFLD HVWDGXDO

0Ï'8/29 35(9(1d­2 ( &20%$7( $

0Ï'8/29, (48,3$0(1726 '( &20%$7(

377GRLQJOrV3XVK7R7DON DSHUWH (PSXUUHSDUDIDODU

$ DYDOLDomR WHP SRU REMHWLYR D LGHQWLILFDomR H R WUDWDPHQWR GH OHV}HV H

$V FODVVHV H UHVSHFWLYDV VXEFODVVHV GRV SURGXWRV SHULJRVRV DSUHVHQWDP RV

1 1

 3HOR Q~PHUR GH

6+233,1* &(17(5 GH 26$6&2  2VDVFR63  D LQVWDODomR IL[D VXEWHUUkQHD

3HGDO H (VWULER 8WLOL]DGRV SDUD DVFHQVmR HP FRUGD

$ SRVVXL XP UHFRQKHFLGR H UHVSHLWDGR SURFHVVR GH SUHSDUDomR GH FyGLJRV H

)XQGDGDHPD$VVRFLDomR%UDVLOHLUDGH1RUPDV7pFQLFDV $%17 pR

$ $%17 p D UHSUHVHQWDQWH RILFLDO QR %UDVLO GDV VHJXLQWHV HQWLGDGHV

1RUPDOL]DomR $WLYLGDGH TXH HVWDEHOHFH HP UHODomR D SUREOHPDV H[LVWHQWHV RX

&RPXQLFDomR 3URSRUFLRQD RV PHLRV QHFHVViULRV SDUD D WURFD DGHTXDGD GH

(FRQRPLD 'LPLQXL R FXVWR GH SURGXWRV H VHUYLoRV PHGLDQWH D VLVWHPDWL]DomR

9ROXQWDULHGDGH ± $ SDUWLFLSDomR HP SURFHVVR GH QRUPDOL]DomR QmR p REULJDWyULD H

5HSUHVHQWDWLYLGDGH ± e SUHFLVR TXH KDMD SDUWLFLSDomR GH HVSHFLDOLVWDV FHGLGRV SRU

$WXDOL]DomR ± $ DWXDOL]DomR GR SURFHVVR GH GHVHQYROYLPHQWR GH QRUPDV FRP D

$V &RPLVV}HV GH(VWXGRGHYHP GLVFXWLUH FKHJDU DRFRQVHQVR SDUD HODERUDU R

3DVVDGR R WHPSR QHFHVViULR SDUD &RQVXOWD 1DFLRQDO D &RPLVVmR GH (VWXGR

'H SRVVHGR WH[WR QRUPDWLYR D $%17 VXEPHWH RPHVPRj &RQVXOWD 1DFLRQDO

x ,QFrQGLR GH FODVVH ³%´ VmR LQFrQGLRV HQYROYHQGR OtTXLGRV LQIODPiYHLV H D

x ,QFrQGLRV GH FODVVH ³&´ VmR LQFrQGLRV HQYROYHQGR HTXLSDPHQWRV TXDQGR

x ,QFrQGLRV GH FODVVH ³'´ VmR LQFrQGLRV HQYROYHQGR PHWDLV FRPEXVWtYHLV H

e R DJHQWH H[WLQWRU PDLV DEXQGDQWH QD QDWXUH]D $JH SULQFLSDOPHQWH SRU

$HVSXPDPHFkQLFD/*( OLTXLGRJHUDGRUGHHVSXPD PDLVFRPXPpDGRWLSR

x 3y4XtPLFR5HJXODU FRPXP HPSUHJRHPLQFrQGLRVFODVVHV%H&

x 3y 4XtPLFR SDUD 0~OWLSORV 3URSyVLWRV HPSUHJR HP LQFrQGLRV FODVVH

&RPSRVWRV TXtPLFRV j EDVH +&)&  GLFORURWULIOXRUHWDQR  p XP

x ,QFrQGLR &ODVVH ' RV UHODFLRQDGRV D PHWDLV SLURIyULFR FRPR PDJQpVLR H

2 FDPLQKDPHQWR VHUi PHGLGR DWUDYpV GH DFHVVRV D iUHDV SDUD FLUFXODo}HV

2 VLVWHPD KLGUiXOLFR SUHYHQWLYR GHYH VHU FRPSOHWDPHQWH LQGHSHQGHQWH GRV

$ GLVWkQFLD HQWUH FDGD KLGUDQWH H RV UHVSHFWLYRV SRQWRV PDLV GLVWDQWHV D

)DFXOWDVHRXVRGH WUrV ODQFHVGHPDQJXHLUDGHP TXLQ]HPHWURV SDUD

$V PDQJXHLUDV H RXWURV SHUWHQFHV TXDQGR HVWLYHUHP LQVWDODGRV GHQWUR GR

x  FLQFRPLO OLWURV

x  GH]PLO OLWURV

x  TXLQ]HPLO OLWURV

'HQWUH RV HTXLSDPHQWRV PDLV FRPXQV HVWmR RV H[WLQWRUHV KLGUDQWHV

x ([WLQWRU 3UHVVXUL]DGR 'LUHWDPHQWH D SUHVVmR LQWHUQD QLWURJrQLR H[SHOH R

 4XDQWLGDGHWLSRHHILFLrQFLDGRDJHQWHH[WLQWRU SyiJXDRXJiV 

±$  [  FDPDGDVGHULSDV

$  [  FDPDGDVGHULSDV

$  [  FDPDGDVGHULSDV

$  [  FDPDGDVGHULSDV

$  [  FDPDGDVGHULSDV

$  [  FDPDGDVGHULSDV

$  [  FDPDGDVGHULSDVVXSHULRUGH

$  [  FDPDGDVGHULSDVVXSHULRUGH

$  [  FDPDGDVGHULSDVVXSHULRUGH

&DSDFLGDGH 7HPSRPtQLPRGH ÈUHDGRUHFLSLHQWH 9ROXPHGROLTXLGRLQIODPiYHO

±%   

±%   

±%   

±%   

±%   

±%   

±%   

*iV([SHOHQWH 1 1LWURJrQLR

*iV([SHOHQWH 1 1LWURJrQLR

$R HODERUDUPRV HVWH SULPHLUR PDWHULDO GH DEUDQJrQFLD HVWDGXDO

0Ï'8/29 35(9(1d2 ( &20%$7( $

377GRLQJOrV3XVK7R7DON DSHUWH (PSXUUHSDUDIDODU

1 1

3HOR Q~PHUR GH

6+233,1* &(17(5 GH 26$6&2 2VDVFR63 D LQVWDODomR IL[D VXEWHUUkQHD

)XQGDGDHPD$VVRFLDomR%UDVLOHLUDGH1RUPDV7pFQLFDV $%17 pR

1RUPDOL]DomR $WLYLGDGH TXH HVWDEHOHFH HP UHODomR D SUREOHPDV H[LVWHQWHV RX

&RPXQLFDomR 3URSRUFLRQD RV PHLRV QHFHVViULRV SDUD D WURFD DGHTXDGD GH

(FRQRPLD 'LPLQXL R FXVWR GH SURGXWRV H VHUYLoRV PHGLDQWH D VLVWHPDWL]DomR

$WXDOL]DomR ± $ DWXDOL]DomR GR SURFHVVR GH GHVHQYROYLPHQWR GH QRUPDV FRP D

3DVVDGR R WHPSR QHFHVViULR SDUD &RQVXOWD 1DFLRQDO D &RPLVVmR GH (VWXGR

'H SRVVHGR WH[WR QRUPDWLYR D $%17 VXEPHWH RPHVPRj &RQVXOWD 1DFLRQDO

x ,QFrQGLR GH FODVVH ³%´ VmR LQFrQGLRV HQYROYHQGR OtTXLGRV LQIODPiYHLV H D

x ,QFrQGLRV GH FODVVH ³&´ VmR LQFrQGLRV HQYROYHQGR HTXLSDPHQWRV TXDQGR

x ,QFrQGLRV GH FODVVH ³'´ VmR LQFrQGLRV HQYROYHQGR PHWDLV FRPEXVWtYHLV H

e R DJHQWH H[WLQWRU PDLV DEXQGDQWH QD QDWXUH]D $JH SULQFLSDOPHQWH SRU

x 3y4XtPLFR5HJXODU FRPXP HPSUHJRHPLQFrQGLRVFODVVHV%H&

x 3y 4XtPLFR SDUD 0~OWLSORV 3URSyVLWRV HPSUHJR HP LQFrQGLRV FODVVH

&RPSRVWRV TXtPLFRV j EDVH +&)& GLFORURWULIOXRUHWDQR p XP

x ,QFrQGLR &ODVVH ' RV UHODFLRQDGRV D PHWDLV SLURIyULFR FRPR PDJQpVLR H

)DFXOWDVHRXVRGH WUrV ODQFHVGHPDQJXHLUDGHP TXLQ]HPHWURV SDUD

$V PDQJXHLUDV H RXWURV SHUWHQFHV TXDQGR HVWLYHUHP LQVWDODGRV GHQWUR GR

x FLQFRPLO OLWURV

x GH]PLO OLWURV

x TXLQ]HPLO OLWURV

'HQWUH RV HTXLSDPHQWRV PDLV FRPXQV HVWmR RV H[WLQWRUHV KLGUDQWHV

x ([WLQWRU 3UHVVXUL]DGR 'LUHWDPHQWH D SUHVVmR LQWHUQD QLWURJrQLR H[SHOH R

4XDQWLGDGHWLSRHHILFLrQFLDGRDJHQWHH[WLQWRU SyiJXDRXJiV

±$ [ FDPDGDVGHULSDV

$ [ FDPDGDVGHULSDV

$ [ FDPDGDVGHULSDV

$ [ FDPDGDVGHULSDV

$ [ FDPDGDVGHULSDV

$ [ FDPDGDVGHULSDV

$ [ FDPDGDVGHULSDVVXSHULRUGH

$ [ FDPDGDVGHULSDVVXSHULRUGH

$ [ FDPDGDVGHULSDVVXSHULRUGH

±%

±%

±%

±%

±%

±%

±%

*iV([SHOHQWH 1 1LWURJrQLR

*iV([SHOHQWH 1 1LWURJrQLR

*iV([SHOHQWH 1 1LWURJrQLR

*iV([SHOHQWH 1 1LWURJrQLR

*iV([SHOHQWH 1 1LWURJrQLR

*iV([SHOHQWH 1 1LWURJrQLR

*iV([SHOHQWH 1 1LWURJrQLR

ÈJXD (VSXPD 'Ly[LGRGH 346%& 346$%& +DORWURQ,

$ UHDOL]DomR GH LQVSHo}HV p GH JUDQGH LPSRUWkQFLD SRLV VmR YHULILFDGRV

x 0DQXWHQomR 4XLQTXHQDO ID]HU R WHVWH KLGURVWiWLFR TXH p D SURYD D TXH VH

1D XWLOL]DomR GR SURSRUFLRQDGRU GHYHVH REVHUYDU D GLIHUHQoD GH DOWXUD H D

3DUD ID]HU D SUpPLVWXUD p QHFHVViULR XP SURSRUFLRQDGRU FRPSDWtYHO FRP R

5H~QH R SURSRUFLRQDGRU H R HVJXLFKR ODQoDGRU HP VHX FRUSR 3RVVXHP GRLV

x &KDYH 6725= SDUD DFRSODPHQWR H GHVDFRSODPHQWR GH PDQJXHLUDV H

x &KDYHGH5HJLVWURGH+LGUDQWH WLSR7 pXPDIHUUDPHQWDTXHFRQVLVWHQXPD

x 5HGXWRU SHUPLWH R DFRSODPHQWR GH HQJDWHV UiSLGR GH GLkPHWURV GLIHUHQWHV

5HYHVWLPHQWR GR FDQR R FDQR p UHYHVWLGR LQWHUQDPHQWH HP WHFLGR UHIRUoDGR

'HVHQKR REHGHFHDXPSDGUmR GH FRQIRUWR VHJXLGRR FRQWRUQR DQDW{PLFR GD

(P GHFRUUrQFLD GHVWD DQiOLVH WHUHPRV FRQVHTrQFLDV PDLV JUDYHV RX