Manutencao em Valvulas Stonel Axiom

You might also like

Download as pdf or txt
Download as pdf or txt
You are on page 1of 44



$;,20E\6WRQHO
$78$'25(63$5$9È/98/$6





*8,'(/,1(


,16758d®(6'(0$187(1d­2,167$/$d­2($-867(



680È5,2

,1752'8d­2 

)81&,21$0(172'235272&2/2$6,352),%86 

)81&,21$0(172'$3$57(31(80$7,&$ 

352%/(0$6$35(6(17$'263(/$9$/98/$(3266,9(,6&$86$6

 223(5$'25'$2&20$1'2'($%5,528)(&+$51$9$/98/$3(/$$872 
0$d$20$6(/$1$25(6321'('(32,63,6&$9(50(/+$1$7(/$
3(50$1(&(1'212(67$'2,1,&,$/

 &20$1'2120$18$/ 
 62/(12,'(,19(57,'$ 
 62/(12,'('($%(5785$48(,0$'$ 
 62/(12,'('()(&+$0(17248(,0$'$ 
 %/2&2'2$&,21$'250$18$/(3,67­2'2&$55(7(/ 

 223(5$'25'$2&20$1'2'($%5,528)(&+$51$9$/98/$3(/$$872 
0$d$2(/$3,6&$9(5'(1$7(/$'(32,6$/$50$3,6&$1'29(50(/+2(
1$2&203/(7$$$%(5785$282)(&+$0(172

 &21'(16$'21$5('( 
 9$=$0(172'($5 
 9$/98/$'(&$55(7(/ 
 3$57(31(80$7,&$'$62/(12,'( 
 '(6*$67('2(1&$,;('23,1+$228'2%/2&2 

 223(5$'25'$2&20$1'2'($%5,528)(&+$51$9$/98/$3(/$$872 
0$d$2(/$5(6321'($2&20$1'2325(0),&$3,6&$1'29(5'(1$
7(/$

 )$/7$'$56(723(1 
 )$/7$'$56(7&/26(' 

 223(5$'25'$2&20$1'2'($%5,50$612/2&$/$9$/98/$)(&+$ 
(&20$1'2'()(&+$50$612/2&$/$9$/98/$$%5(

 $78$'250217$'2(55$'2 

 9$=$0(172'($5 

 25,1*,17(512'2$78$'255203,'228'(6*$67$'2 
9$=$0(1721$$%(5785$ 
9$=$0(17212)(&+$0(172 
0$187(1d$2,17(51$'2$78$'25 
 9$/98/$662/(12,'(6$9$5,$'$6 
 25,1*'2&$55(7(/$9$5,$'2 
 &20$1'21$9$/98/$;(5(63267$1$9$/98/$< 

 223(5$'25'$2&20$1'2'($%5,51$9$/98/$;3(/$$8720$d$2
$9$/98/$;$%5(1$7(/$325(012/2&$/48(0$%5(($<
 223(5$'25'$2&20$1'2'($%5,51$9$/98/$;3(/$$8720$d$2
$9$/98/$;$%5(1$7(/$325(048(0$%5(12/2&$/($<($<
7$0%(0$%5(1$7(/$
 223(5$'25'$2&20$1'2'($%5,51$9$/98/$;3(/$$8720$d$2
$9$/98/$;5(6321'($%5,1'212/2&$/325(048(0$%5(1$7(/$
($9$/98/$<
 223(5$'25'$2&20$1'2'($%5,51$9$/98/$;$9$/98/$;1­2
$%5(1$7(/$(1(012/2&$/48(0$%5(1$7(/$(12/2&$/($
9$/98/$<

 80$81,&$9$/98/$3,6&$1'21$7(/$6(0223(5$'25'$51(1+80 
&20$1'21$$8720$d$2
 02'8/2'(/(,785$(&2081,&$d$2$6,48(,0$'2(0&8572 
752&$1'23258002'8/21292 (1'(5(d2=(52  
(1'(5(d$1'2202'8/23(/2+$1'+(/''$6721(/ 
(1'(5(d$1'2202'8/23(/2*$7(:$<1$,2%2; 
752&$1'23258002'8/286$'2 (1'(5(d2',)(5(17('(=(52 
(1'(5(d$1'2202'8/23(/2+$1'+(/''$6721(/ 
(1'(5(d$1'2202'8/23(/2*$7(:$<1$,2%2; 
 %863527(&7,2102'8/(48(,0$'2(0&8572 

 9$5,$69$/98/$63,6&$1'21$7(/$6(0223(5$'25'$51(1+80&20$1'2 
1$$8720$d$2
 0$,6'(80%863527(&7,2102'8/(48(,0$'2(0&8572 
 0$67(5%863527(&7,2102'8/('(80$0$/+$48(,0$'2(0&8572 
 '8$6)217(6'($/,0(17$d$2'2*$7(:$<48(,0$'$6(0&8572 
 *$7(:$<'(6&21),*85$'22848(,0$'2(0&8572 
 '2,60$67(5%863527(&7,2102'8/(48(,0$'26(0&8572 

$1(;2$ ',$*5$0$'(0217$*(0'2$;,20 

$1(;2% ',$*5$0$'2)81&,21$0(172'$62/(12,'(1$$%(5785$ 

$1(;2& ',$*5$0$'2)81&,21$0(172'$62/(12,'(12)(&+$0(172

$1(;2' (1'(5(d$1'202'8/23$5$(1'(5(d2=(52 

$1(;2( (1'(5(d$1'202'8/262%5(2(1'(5(d2=(52 
ͳ

,1752'8d­2

$PDLRULDGDVHPEDUFDo}HVGDIURWDGD%UDP2IIVKRUHDSUHVHQWDDOJXPDIDOKDQRIXQFLRQDPHQWRGDV
YiOYXODV HOHWURSQHXPiWLFDV 4XDOTXHU TXH VHMD D RSHUDomR GD HPEDUFDomR VHMD yOHR iJXD FLPHQWR
ODPDHWFRIXQFLRQDPHQWRFRUUHWRGDVYiOYXODVpLPSUHVFLQGtYHO
2SURGXWRFDUUHJDGRpGHJUDQGHYDOLDSDUDRFOLHQWHSRLVID]SDUWHGRVHXSURFHVVRSURGXWLYRHSDUD
DHPSUHVDSRUVHUUHVSRQViYHOHPFXPSULURFRQWUDWRFRPDPDLRUVHJXUDQoDHTXDOLGDGHSRVVtYHO1DV
RSHUDo}HVGDVHPEDUFDo}HVQHQKXPYROXPHGHSURGXWRSRGHWUDQVERUGDUSRLVDOpPGRSURGXWRDJUHJDU
DOWR YDORU ILQDQFHLUR SDUD R FOLHQWH PXLWRV GHOHV DFDUUHWDP GDQRV DR PHLR DPELHQWH H FDXVDP PXOWDV
JUDYtVVLPDV
(P RSHUDo}HV GH IRUQHFLPHQWRUHFHELPHQWR GH iJXD H TXH YHQKDP D WUDQVERUGDU SDUD R PDU RX
PHVPRQRSRUWRQmRKDYHULDGDQRQHQKXPDRPHLRDPELHQWHSRUpPPHVPRDVVLPGHYHVHWHUH[WUHPD
FDXWHOD SRLV HVVH ³GHVSHUGtFLR´ JHUD PXOWD FRPR Mi DFRQWHFHUDP YiULDV YH]HV QRV SRUWRV GH
DEDVWHFLPHQWRGD%UDP
(P RSHUDo}HV GH IRUQHFLPHQWRUHFHELPHQWR GH SURGXWRV TXH DFDUUHWDP GDQRV DR PHLR DPELHQWH
FRPRODPD yOHR H HWF  GD DWHQomR GD WULSXODomR p H[LJLGD DVVLP FRPR HVSHUDVHTXH  GR
IXQFLRQDPHQWR GH FDGD YiOYXOD DFRQWHoD TXDQGR DWXDGDV UHPRWDPHQWH SHOR RSHUDGRU SULQFLSDOPHQWH
TXDQGRDRSHUDomRH[LJHYD]mRDOWDFRPRSRUH[HPSORR%UDP%~]LRVTXHUHDOL]DUHFHELPHQWRGHyOHR
GLHVHOGR17QR3RUWRGR$oX5-WHUPLQDO7HFPDYROXPHGHQRVWDQTXHVDXPDYD]mRGH
PKH[LJLGRV HP FRQWUDWR FRP D %3 PDULQH1RPRPHQWRGR³WRSGR WDQTXH´TXDQGRRYROXPH GR
WDQTXH p DWLQJLGR D YiOYXOD '(9( IHFKDU SRLV FDVR QmR IHFKH H QXPD YD]mR WmR DOWD DVVLP PHVPR
SDUDQGR LPHGLDWDPHQWH D ERPED SHOD HPHUJrQFLD H IHFKHVH D YiOYXOD GR PDQLIROG H GR WDQTXH HVWH
SRGHYLUDWUDQVERUGDU0HVPRTXHRPRGRGHSDUDGDGHHPHUJrQFLDVHMDUiSLGROHYDDOJXQVVHJXQGRV
SDUD VHU FRQFOXtGR H R VLQLVWUR Mi WHUi DFRQWHFLGR HQWmR p UHDOPHQWH LPSUHVFLQGtYHO TXH DV YiOYXODV
IXQFLRQHPWDQWRSDUDDVHJXUDQoDGDRSHUDomRHSUHVHUYDomRGRPHLRDPELHQWHFRPR PDQWHUDWLYRR
FRQWUDWRFRPRFOLHQWHHYLWDQGRDFLGHQWHVTXHYHQKDPJHUDUFRQIOLWRVHQWUHD%UDPHVHXFOLHQWH
$SHVVRDHQFDUUHJDGDSHORTXDUWRGHVHUYLoRGHYHFRQILDUQRHTXLSDPHQWRVHRFRPDQGRGHDEULURX
IHFKDUpGDGRSDUDDYiOYXODHQWmRHVSHUDVHTXHDYiOYXODDEUDRXIHFKHQRHQWDQWRPXLWDVYH]HVQmRp
LVVR TXH RFRUUH R TXH DFDED WUD]HQGR SHULJRV SDUD D RSHUDomR Mi TXH D UHVSRVWD GD YiOYXOD QmR p
LPHGLDWDTXDQGR RRSHUDGRU SUHFLVD GHOD 1HVWH FDVR PDQXWHQo}HVGHYHPVHU IHLWDVTXDQGRHVWDV QmR
DWHQGHPDRFRPDQGRGRRSHUDGRU
&RPRTXDVHGRVEDUFRVGDIURWDDSUHVHQWDPSUREOHPDVQRVDWXDGRUHVGHYiOYXODVDHPSUHVD
MXQWRDRHVWDOHLURWHPXPFXVWRPDVVLYRFRPPmRGHREUDHDWXDGRUHVQRYRV FRPSOHWRV SDUDUHSDUDUH
WURFDU HP WRGRV HVWHV EDUFRV VHQGR TXH DV WULSXODo}HV GHYHULDP UHDOL]DU HVWH UHSDUR D ERUGR DSHQDV
UHTXHULQGRGDHPSUHVDRVHOHPHQWRVTXHUHDOPHQWHHVWHMDPDYDULDGRVGLPLQXLQGRPXLWRHVWHJDVWRWRWDO
SRUpP QHP WRGRV RV WULSXODQWHV HVWmR IDPLOLDUL]DGRV FRP HVWH WLSR GH PDQXWHQomR HQWmR IH]VH
QHFHVViULRFULDUHVWHJXLGHOLQHSDUDLQVWUXtORV
1HVWHJXLGHOLQHYDPRVDERUGDUWRGRVRVSUREOHPDVSRVVtYHLVGHVHUHVROYHUDERUGRQHVVDVYiOYXODV
VXDV SRVVtYHLV FDXVDV H FRPR SURFHGHU FRP D GHYLGD PDQXWHQomR SRUpP SULPHLUDPHQWH WHPRV TXH
HQWHQGHU FRPR p R IXQFLRQDPHQWR FRPSOHWR GD YiOYXOD HQJOREDQGR R SURWRFROR $VLSURILEXV H SDUWH
SQHXPiWLFD
(VWHJXLGHOLQHIRLFULDGR DSDUWLU GDV Do}HVWRPDGDVQR%UDP%~]LRVRQGHDWXDOPHQWHDVYiOYXODV
IXQFLRQDPFRPGHSUHFLVmRHWRGDVHVVDVDo}HVWLYHUDPVXFHVVRQRVHXUHVXOWDGRSRLVDSODQLOKD
GDJHQVKHHWHVWDYDFRUUHWDHDPDOKDSURILEXV&,HVWDYDIHFKDGDHIXQFLRQDQGR

(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ

ʹ

)81&,21$0(172'235272&2/2$6,352),%86

$EUDDWHODGR 6\VWHP 6WDWXV SDUDPHOKRU HQWHQGLPHQWR4XDQGRRRSHUDGRUGiRFRPDQGR QD
YiOYXODSHODDXWRPDomRGHXPD26RVLQDOpHQYLDGRDWUDYpVGHXP+8%SDUDR12'(R12'(
HQYLDSDUD XP PyGXOR SURILEXV H[ &, HGHVWHRVLQDOVDL SRUGRLVFDERV GHFRUUR[D PDOKD
SURILEXV$H PDOKDSURILEXV %  SDUDWRGDV DVLRER[HVTXHHVWHMDPLQFOXtGDVQDUHVSHFWLYD PDOKD
SURILEXV H[GDPDOKDSURILEXV%XV'XDO3URILEXV'3 
$LRER[ H[6B6BHWF FRQWpPXPPyGXOR5/0TXHUHFHEHRVFDERVUR[RVHOHIDUiD
FRPXQLFDomRGDVPDOKDV$H%JDUDQWLQGRTXHVHXPDGDVPDOKDVIDOKDUDRXWUDLUiID]HUEDFNXSH
DVVLPWHUmRFRPXQLFDomRFRQVWDQWH(VVHPyGXORHQYLDRVLQDOSDUDRJDWHZD\ H[$6,$6,
HWF HVVH JDWHZD\ p DOLPHQWDGR SHODV IRQWHV 36  TXH HQYLD R VLQDO SDUD R 0DVWHU %XV 3URWHFWLRQ
0RGXOH H HVWH IDUi D FRPXQLFDomR SRU XP FDER GH FRU DPDUHOD PDOKD $6,  FRP FDGD YiOYXOD
LQFOXtGD QD PDOKD GR JDWHZD\ H[ JDWHZD\  ³$6, ´ QD LR ER[  ³6B´  OHYDQGR
DOLPHQWDomR H GDGRV SDUD R %XV 3URWHFWLRQ 0RGXOH GD SULPHLUD YiOYXOD GD PDOKD H GHVWD SDUD DV
GHPDLVSRLVHODVVmRFRQHFWDGDVHPVHTXrQFLD





0yGXOR5/0


0yGXOR5/0*DWHZD\0DVWHU%XV3URWHFWLRQ0RGXOH)RQWH36




  







(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ

͵

)81&,21$0(172'$3$57(31(80È7,&$

$WUDYpV GR FDER DPDUHOR GH DOLPHQWDomR H GDGRV PDOKD $6,  R %XV3URWHFWLRQ 0RGXOH UHFHEH R
VLQDOYLQGRGRJDWHZD\HGRPDVWHUEXVSURWHFWLRQPRGXOHHQYLDDRPyGXORGHOHLWXUDGRDWXDGRUTXH
DFLRQDDVROHQyLGHHVFROKLGDSHORRSHUDGRU DEULURXIHFKDU $VROHQyLGHDWXDOLEHUDQGRDSDVVDJHPGH
DUSDUDRLQWHULRUGREORFRGRFDUUHWHO




2FDUUHWHOPRYHGHGLUHomROLEHUDQGRSDVVDJHPGHDUSDUDDVPDQJXHLUDVPHWiOLFDV$VPDQJXHLUDV
PHWiOLFDV WDQWRGHDEHUWXUDTXDQWRGHIHFKDPHQWR OHYDPRDUSDUDRDWXDGRU
6HRFRPDQGRIRUGHDEULURDULUiHQWUDUQRDWXDGRUHHPSXUUDURVrPERORVLQWHUQRVGRPHVPRSDUD
IRUDJLUDQGRRDWXDGRUQRVHQWLGRDQWLKRUiULR2DUTXHHVWDYDSUHVVXUL]DQGRSDUDIHFKDUUDSLGDPHQWHLUi
VHUGHVSUHVVXUL]DGRDWUDYpVGDPDQJXHLUDPHWiOLFDGHIHFKDPHQWRSDVVDQGRSRUXPDGDVYLDVGRFDUUHWHO
HVDLQGRSHOREXMmRDOLYLDGRUSDUDDWPRVIHUD4XDQGRRDWXDGRUFRPSOHWDRJLURHDEUHDYiOYXODFRPR
HOHHVWiDFRSODGRFRPREORFRGRLQGLFDGRUYLVXDOHOHWDPEpPDFLRQDRJLURGRDFRSODGRUFRORFDQGRR
LQGLFDGRU YLVXDO QD FRU YHUGH RSHQ  SRVLFLRQDQGR R LPm GR LQGLFDGRU YLVXDO QR VHQVRU PDJQpWLFR
LQWHUQRGRPyGXORHHQWmRROHGGHRSHQpOLJDGR



3RVLomRGRVrPERORVGRDWXDGRUTXDQGRDEHUWR

(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ

Ͷ

6HRFRPDQGR IRUGHIHFKDU R DU LUi HQWUDU QRDWXDGRUHHPSXUUDURVrPERORVLQWHUQRVGRPHVPR
SDUDGHQWUR SDUDRFHQWUR 2DUTXHHVWDYDSUHVVXUL]DQGRSDUDDEULUUDSLGDPHQWHLUiVHUGHVSUHVVXUL]DGR
DWUDYpVGDPDQJXHLUDPHWiOLFDGHDEHUWXUDSDVVDQGRSRUXPGRVFDQDLVGRFDUUHWHOHVDLQGRSHOREXMmR
DOLYLDGRUSDUDDWPRVIHUD4XDQGRRDWXDGRUFRPSOHWDRJLURHIHFKDDYiOYXODFRPRHOHHVWiDFRSODGR
FRPREORFRGRLQGLFDGRUYLVXDOHOHWDPEpPDFLRQDRJLURGRDFRSODGRUFRORFDQGRRLQGLFDGRUYLVXDO
QD FRU YHUPHOKD FORVHG  SRVLFLRQDQGR R LPm GR LQGLFDGRU YLVXDO QR VHQVRU PDJQpWLFR LQWHUQR GR
PyGXORHHQWmRROHGGHFORVHGpOLJDGR



3RVLomRGRVrPERORVGRDWXDGRUTXDQGRIHFKDGR




352%/(0$6$35(6(17$'263(/$9È/98/$

$JRUDTXHMiWHPRVHQWHQGLPHQWRGHFRPRIXQFLRQDDYiOYXODFRPRXPWRGRYDPRVGHVWULQFKDUDV
IDOKDV FRUULTXHLUDV DTXHODV TXH JHUDOPHQWH RFRUUHP QR GLD D GLD H WDPEpP DTXHODV PDLV LQFRPXQV
GLItFHLV GH DFRQWHFHU PDV TXH VH YLHUHP D DFRQWHFHU R RILFLDO HQFDUUHJDGR GH VHUYLoR HVWDUi DSWR D
VROXFLRQDUVHJXLQGRDVLQWUXo}HVGHVWHJXLGHOLQH


 2 23(5$'25 'È 2 &20$1'2 '( $%5,5 28 )(&+$5 1$ 9È/98/$ 3(/$
$8720$d­2 0$6 (/$ 1­2 5(6321'( '(32,6 3,6&$ 9(50(/+$ 1$ 7(/$
3(50$1(&(1'212(67$'2,1,&,$/

(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ

ͷ


 &RPDQGRQRPDQXDO
9HULILTXHVHDYiOYXODHVWiQDSRVLomRGHDXWRPiWLFR
9HULILTXHVHRDUHVWiFRQHFWDGR
 
 6ROHQyLGHLQYHUWLGD
 2V FRQWDWRV GD VROHQyLGH GH DEHUWXUD VmR  H  RV FRQWDWRV GD VROHQyLGH GH
IHFKDPHQWR VmR  H  6H RV ILRV GD VROHQyLGH GH DEHUWXUD HVWLYHUHP QRV FRQWDWRV GD
VROHQyLGH GH IHFKDPHQWR  H   H RV ILRV GD VROHQyLGH GH IHFKDPHQWR HVWLYHUHP QRV
FRQWDWRV GD VROHQyLGH GH DEHUWXUD  H   RV FRPDQGRV ILFDUmR LQYHUWLGRV H DVVLP R
PyGXORQmRLUiUHFRQKHFHUDOHLWXUD&RORTXHRVILRVQRVFRQWDWRVFHUWRV




 6ROHQyLGHGHDEHUWXUDTXHLPDGD
 7HVWHDVROHQyLGH&RORTXHRVFRQWDWRVHQRVFRQWDWRVGDDOLPHQWDomRGR%XV
3URWHFWLRQ0RGXOH IRWR 6HDVROHQRLGHQmRDWXDUWURTXHDPHVPD
2XWUDIRUPDGHWHVWDUDVROHQyLGHVHPWHUTXHWLUDURVFRQWDWRVH IRWRSRUpPLVVR
LUi E\SDVVDU D SDUWH HOpWULFD  p HPSXUUDU R SLQR SLORWR  ORFDOL]DGR QD ODWHUDO PDV Vy p
YLiYHO ID]HU GHVWD IRUPD TXDQGR TXLVHU PDLV DJLOLGDGH SDUD DEULUIHFKDU TXDQGR HVWLYHU
WHVWDQGRRXWURVHOHPHQWRV



(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ

͸


 
)RWR)RWR

 6ROHQyLGHGHIHFKDPHQWRTXHLPDGD
 7HVWHDVROHQyLGH&RORTXHRVFRQWDWRVHQRVFRQWDWRVGDDOLPHQWDomRGR%XV
3URWHFWLRQ0RGXOH IRWR 6HDVROHQyLGHQmRDWXDUWURTXHDPHVPD
2XWUDIRUPDGHWHVWDUDVROHQyLGHVHPWHUTXHWLUDURVFRQWDWRVH IRWRSRUpPLVVR
LUi E\SDVVDU D SDUWH HOpWULFD  p HPSXUUDU R SLQR SLORWR  ORFDOL]DGR QD ODWHUDO PDV Vy p
YLiYHO ID]HU GHVWD IRUPD TXDQGR TXLVHU PDLV DJLOLGDGH SDUD DEULUIHFKDU TXDQGR HVWLYHU
WHVWDQGRRXWURVHOHPHQWRV


 
)RWR)RWR






(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ

͹

±%ORFRGRDFLRQDGRUPDQXDOHSLVWmRGRFDUUHWHO
 &DVR WHQKD UHDOL]DGR RV SDVVRV   H  H WXGR GHX VDWLVIDWyULR H
PHVPRWURFDQGRDVROHQyLGHSRUXPDQRYDQmRKRXYHGHVORFDPHQWRGRFDUUHWHOYHULILTXH
RV RULItFLRV LQWHUQRV GR EORFRGRDFLRQDGRUPDQXDOH SLVWmR (VWHRULItFLRWHPTXHHVWDU
DOLQKDGR FRP R RULItFLR TXH YDL SDUD R FDUUHWHO FDVR QmR HVWHMD D VROHQyLGH LUi DWXDU H
OLEHUDDU SRUpP FRPR R DU HVWi YHGDGR QmR VHUi GLUHFLRQDGR SDUD R FDUUHWHO H DVVLP R
DWXDGRUQmRUHFHEHDUFRPSULPLGR




 2 23(5$'25 'È 2 &20$1'2 '( $%5,5 28 )(&+$5 1$ 9È/98/$ 3(/$
$8720$d­2 (/$ 3,6&$ 9(5'( 1$ 7(/$ '(32,6 $/$50$ 3,6&$1'2
9(50(/+2(1­2&203/(7$$$%(5785$28)(&+$0(172
2EV4XDQGRDYiOYXODSLVFDQDWHODVLJQLILFDTXHRPyGXORQmRHVWiUHVSRQGHQGRFRPRVLQDO
GHDEHUWRRXIHFKDGRPXLWRSURYDYHOPHQWHDYiOYXODDWXDGRUSDURXQRPHLRGRJLURDVVLPQHP
ROHGYHUGHQHPRYHUPHOKRHVWmRDFHVRV 

 &RQGHQVDGRQDUHGH
 (PERUD PXLWRV DFUHGLWDP TXH R FRQGHQVDGR QD UHGH GH DU LPSHoD R FRUUHWR
IXQFLRQDPHQWR GR DWXDGRU HVWH p XPD GDV FDXVDV PDLV UDUDV XPD YH] TXH VH DV
VROHQyLGHVDWXDUHPR FDUUHWHOGHVORFDUHRDWXDGRUHVWLYHUIXQFLRQDQGRDiJXDQmRIDUi
PDUWHOR KLGUiXOLFR QD FkPDUD RSRVWD GR DWXDGRU VH HVWH DODJDGR XPD YH] TXH KDYHUi
DEHUWXUDSDUDDiJXDVDLUSDUDDWPRVIHUDDWUDYpVGREXMmRDOLYLDGRUSUHWR
$FDXVDPDLRUGRFRQGHQVDGRpYD]DPHQWRVHMDQRVDWXDGRUHVRXRXWUDVUHGHVRX
XVRGHPDVLDGRGHDUQR FRQYpVRFRPSUHVVRUpREULJDGRDRSHUDUSRUPDLVWHPSRSDUD
SUHHQFKHU HVVD GHPDQGD GHVVD IRUPD R DU GDV UHGHV p FRQVWDQWHPHQWH UHQRYDGR
PDQWHQGRRYROXPHGHDUFRPSULPLGRGDDPSRODDTXHFLGRHQWmRRDUFRPSULPLGRDLQGD
TXHQWHVHUiWUDQVSRUWDGRSHODUHGHHDRORQJRGHODLUiFRQGHQVDUDRLQYpVGLVWRDFRQWHFHU
QDVDPSRODVTXHHVWiDTXHFLGD
2FRQGHQVDGRSURYRFDGLPLQXLomRGDYLGD~WLOGRFRQMXQWRSQHXPiWLFRSRLVHOH
FDUUHJDFRQVLJRSDUWtFXODVGHVXMHLUDHODYDROXEULILFDQWHGRFRQMXQWRSQHXPiWLFRHLVWR

(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ

ͺ

SRGHFRUWDURVRULQJVPDVRDODJDPHQWRSURYRFDGRSRUHOHQRDWXDGRUQmRFDXVDSDUDGD
GRFRQMXQWRHPVL
0XLWR HPERUD QRV EDUFRV KDMD XPD VROHQyLGH GH SXUJD DQWHV GR OXEULILO SDUD
GUHQDU HVVH FRQGHQVDGR JHUDOPHQWH D UHGH SDUD HVWD GUHQDJHP IRL LQVWDODGD GH IRUPD
HUUDGD HOD VDL SHOD ODWHUDO H QmR SHOR IXQGR GD UHGH HQWmR TXDQGR Ki FRQGLomR GH
DGHUQDPHQWR HRX EDODQoR HVVH FRQGHQVDGR FRUUH GH XP ODGR SUR RXWUR H HP YH] GR
FRQGHQVDGRLUSDUDDUHGHGHGUHQRHOHHVFRUUHSDUDRUDPDOGROXEULILOFRPRROXEULILO
SUHFLSLWD YDSRU VDWXUDGR YLD WXUELOKRQDPHQWR HOH QmR IDUi QDGD DR UHFHEHU HVVH
FRQGHQVDGR DSHQDV LUi DUPD]HQDU HP VHX FRSR H HOH LUi HQFKHU DWp GLVWULEXLU DU FRP
FRQGHQVDGRSDUDRVDWXDGRUHV














 /LQKDGHGUHQRQRIXQGR/LQKDGHGUHQRSHORODGR

2 PDLV HILFLHQWH D VH ID]HU H UHVROYHU R SUREOHPD GH FRQGHQVDGR QD UHGH p
DXPHQWDUDSHULRGLFLGDGHGHGUHQDJHQVQRVOXEULILVRXDWpPHVPRLQVWDODQGRDUPDGLOKDV
DQWHVGRVOXEULILVHPTXHVHYHULILFDPDLRUDF~PXORGHFRQGHQVDGRTXHVmRJHUDOPHQWH
SRQWRV EDL[RV QD UHGH GH DU FRPSULPLGR GD HPEDUFDomR (VWD PHGLGD UHGX] EDVWDQWH R
YROXPHGHFRQGHQVDGRHPWRGDDUHGHHDDUPDGLOKDDLQGDGHYHGLVSRUGHGUHQRSDUDVHU
GUHQDGDGLDULDPHQWH











(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ

ͻ


3DUDQmRDIHWDUPDLVRVDWXDGRUHVFRPFRQGHQVDGRRSUREOHPDGHYHVHUH[WLQWRSHODUDL]
PHOKRUDQGR D TXDOLGDGH GR DU SRUWDQWR YD]DPHQWRV GHYHP VHU VDQDGRV DOWHUDomR GD
GLVSRVLomRGDUHGHGHGUHQDJHP VHKRXYHU GHYHVHUVROLFLWDGDHSRVVLYHOPHQWHLQVWDODU
RXWUDV DUPDGLOKDV DR ORQJR GD UHGH SULQFLSDOPHQWH QDV VHo}HV RQGH QRWDVH PDLRU
DF~PXORGHFRQGHQVDQGR

 9D]DPHQWRGHDU
  &KHFDURLWHPGHVWHJXLGHOLQH

 %ORFRGDYiOYXODGHFDUUHWHO
 *HUDOPHQWHHVWDpXPDGDVFDXVDVPDLVUDUDVGHIDOKDUHDOPHQWHUDUD4XDQGRD
VROHQyLGHpHQHUJL]DGDHQmRKiYDULDomRQRGHVORFDPHQWRGRFDUUHWHOSHUPDQHFHQGRQD
PHVPD SRVLomR SRGH VHU TXH HOH HRX VHXV RULQJV HVWHMDP VXMRV 5HPRYD R EORFR GR
FDUUHWHOHUHDOL]HDOLPSH]D



 
  X

%ORFRGRFDUUHWHOGHVPRQWDGR

2VGRLVDFLRQDGRUHVPDQXDLVGREORFRGRFDUUHWHOHVWmRSUHVVXUL]DGRV
'DGRRFRPDQGRGHDEULURXIHFKDURDWXDGRUUHVSRQGHHQWUHWDQWRHPVHJXLGDYROWDDRHVWDGR
DQWHULRUVR]LQKRRXQHPPHVPRPXGDGHHVWDGR 

 4XDQGRDRUGHPGHDEHUWXUDRXIHFKDPHQWRpGDGDDWUDYpVGDDXWRPDomRHPXPD
YiOYXODDVROHQyLGHXWLOL]DRDUFRPSULPLGRGDUHGHSDUDGHVORFDURFDUUHWHOLVWRRFRUUHUi
GXUDQWH XP SXOVR GH  VHJXQGRV FRPR PRVWUD D IRWR  $SyV HVWH WHPSR D ERELQD GD
VRQHOyLGH SDUWHHOpWULFDIRWR VHUiGHVDOLPHQWDGDHYROWDUijFRQGLomRDQWHULRUSRUDomR
GH PROD SHUPLWLQGR DVVLP TXH R FDUUHWHO SRVVD VHU PDLV XPD YH] UHWRUQDGR SHOD RXWUD


(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ

ͳͲ

VROHQyLGH 'XUDQWH  VHJXQGRV RV GRLV DFLRQDGRUHV PDQXDLV IRWR   GR FDUUHWHO VHUmR
HPSXUUDGRVSDUDIRUD
4XDQGRXPDVROHQyLGHGiSDVVDJHPGHDUDWUDYpVGHVHXVHOHPHQWRVYHGDQWHVR
FDUUHWHOILFDFRQVWDQWHPHQWHDWXDGRHPXPVHQWLGRPHVPRVHPDDOLPHQWDomRGDERELQD
GDVROHQyLGH
(VWHDUILFDFRQILQDGRHQWUHRSUySULRFDUUHWHOHRDFLRQDGRUPDQXDOGRFDUUHWHO
DVVLP R DU HPSXUUD HVWH DFLRQDGRU SDUD IRUD HQTXDQWR HPSXUUD R FDUUHWHO SDUD R ODGR
RSRVWR&RPRRFDUUHWHOGHVORFDHPIXQomRGDSUHVVmRGHDUHOHDWLQJHVHXILPGHFXUVR
HPSXUUDQGRRDFLRQDGRUPDQXDORSRVWRSDUDIRUD
$VVLP FRP DSHQDV XPD VROHQyLGH YD]DQGR RV GRLV DFLRQDGRUHV PDQXDLV GR
FDUUHWHO ILFDUmR SUHVVXUL]DGRV H ³GXURV´ GHVWHQGLGRV SDUD IRUD FRQVWDQWHPHQWH 1HVWH
FDVRDSDUWHHOpWULFDGDVROHQyLGHHVWiERDVyRTXHHVWiDYDULDGRpDSDUWHSQHXPiWLFD
SRUpPFRPRHODYHPQRYDHPXPFRQMXQWRWURFDVHWRGDDYiOYXODVROHQyLGH
(VWHFDVRDVVHPHOKDVHDRFLWDGRQRLWHP


 
)RWR6KRZ2EMHFW'LVSOD\)RWR9iOYXODVROHQyLGH




)RWRDFLRQDGRUPDQXDO
SDUDIRUD



(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ

ͳͳ

 %ORFRGRDFLRQDGRUGRLQGLFDGRUYLVXDOQmRSiUDQRPHVPROXJDUHPYiULDVDWXDo}HV
   &KHFDUVHREORFRGRDFLRQDGRUGRLQGLFDGRUYLVXDO LWHPQDILJXUD HR
  HQFDL[HGRSLQKmR FtUFXORYHUPHOKR HVWmRHPSHUIHLWRHVWDGR2DWXDGRUSRGHDWp
  DWHQGHUDRFRPDQGRGHDEULURXIHFKDUSRUpPVHKRXYHUGHVJDVWHGRSLQKmRRXGR
  HQFDL[HGREORFR LWHP KDYHUiXPDIROJDQRDFLRQDGRU LWHP DVVLPRLQGLFDGRU
  YLVXDOGHSRVLomR WDPERURSHQFORVH LUiIROJDUHQWmRDSDUWHPDJQpWLFDSUHVHQWHQR
  WDPERUQmRVHUiSRVLFLRQDGDQRVHQVRUPDJQpWLFRLQWHUQRGRPyGXORGHOHLWXUDHOHQmR
  FRQVHJXLUiID]HUDOHLWXUDHSRUWDQWRQmRLUiFRPXQLFDUDSRVLomRGDYiOYXODQmROLJDQGR
  RVOHGVGHLQGLFDomRRSHQRXFORVH
   7DPEpPSRGHDFRQWHFHUGHVWDIROJDGHVDSHUWDURSDUDIXVRTXHIL[DRWDPERUQR
  SLQKmRGRDWXDGRUHFRPRWHPSRREORFR LWHP VHVROWHGRHQFDL[HGRSLQKmR

 

 2 23(5$'25 'È 2 &20$1'2 '( $%5,5 28 )(&+$5 1$ 9È/98/$ 3(/$
$8720$d­2(/$5(6321'($2&20$1'2325e0),&$3,6&$1'29(5'(
1$7(/$
)DOWDGDU6HW2SHQ
'rRFRPDQGRGHDEULUQDYiOYXOD&RPHODDEHUWDFRPRLQGLFDGRUYLVXDOYHUGH
YiQR0yGXORGHOHLWXUDHFRPXQLFDomRHSUHVVLRQHSRUVHJXQGRVQR6HWRSHQDWHTXHD
OX] LQGLFDGRUD YHUGH GH DEHUWXUD ILTXH DFHVD 6H QDV SUy[LPDV DWXDo}HV R SUREOHPD
SHUVLVWLUHQmRKRXYHUYD]DPHQWRVFRQVXOWHRLWHPGHVWHJXLD
 

 






(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ

ͳʹ

)DOWDGDU6HW&ORVHG
 'r R FRPDQGR GH IHFKDU QD YiOYXOD &RP HOD  IHFKDGD FRP R LQGLFDGRU
YLVXDOYHUPHOKRYiQR0yGXORGHOHLWXUDHFRPXQLFDomRHSUHVVLRQHSRUVHJXQGRVQR
6HW&ORVHDWHTXHDOX]LQGLFDGRUDYHUPHOKDGHIHFKDPHQWRILTXHDFHVD6HQDVSUy[LPDV
DWXDo}HVRSUREOHPDSHUVLVWLUHQmRKRXYHUYD]DPHQWRVFRQVXOWHRLWHPGHVWHJXLD





 223(5$'25'È2&20$1'2'($%5,50$612/2&$/$9È/98/$)(&+$
(&20$1'2'()(&+$50$612/2&$/$9È/98/$$%5(

 $WXDGRUPRQWDGRHUUDGRFRPRVrPERORVHPSRVLomRFRQWUiULD
 ,VVRDFRQWHFHTXDQGRDYiOYXODGDUHGHHVWiIHFKDGDHRDWXDGRUIRLPRQWDGRQD
SRVLomRDEHUWRRXYLFHYHUVDHWDPEpPFRPRVrPERORVLQWHUQRVGRDWXDGRUQDSRVLomR
LQYHUVD5HWLUHRDWXDGRUHPRQWHRVrPERORVQDSRVLomRFRUUHWD LWHPSDVVR 


 9$=$0(172'($5 0$,25&$62'()$/+$1$)527$ 

+DYHUiVLWXDo}HVHPTXHSRGHRFRUUHUYD]DPHQWRGHDU
 $RWHQWDUDEULURXIHFKDUDYiOYXODPDVQmRDEUHRXQmRIHFKDVHPQHPPHVPRPRYHU
 $YiOYXODFRPHoDDDEULURXIHFKDUPDVQmRFRPSOHWDRJLURHILFDYD]DQGR
 &RPSOHWDRJLURHYD]DFRPDYiOYXODDEHUWD
 &RPSOHWDRJLURHYD]DFRPDYiOYXODIHFKDGD


3$5$ $6  6,78$d®(6 7(026 $6 6(*8,17(6 &$86$6 )$d$ 2 7(67( 3$5$
'(6&2%5,5


(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ

ͳ͵

2ULQJLQWHUQRGRDWXDGRUURPSLGRRXGHVJDVWDGR FDVRPDLVFRPXP 
 4XDQGR YD]DU DU DR WHQWDU DEULU D YiOYXOD VHP QHP PHVPR PRYHU  RX YD]DU DU
FRPDYiOYXODSDUDGDQRPHLRGRSURFHVVRGHDEHUWXUDRXYD]DUDUTXDQGRHODMiHVWLYHU
DEHUWDIDoDRVHJXLQWH
5HWLUHDSRQWDGDPDQJXHLUDPHWiOLFDGDGLUHLWDDTXDOHVWiFRQHFWDGDQDSODFDGRWXERGH
GLVWULEXLomRGHDU VDLGD 
2 IXQFLRQDPHQWR QRUPDO GXUDQWH R SURFHVVR GH DEHUWXUD p DSHQDV XPD EUHYH
GHVFRPSUHVVmR QD PDQJXHLUD UHPRYLGD SURYHQLHQWH GD FkPDUD GH IHFKDPHQWR GR
DWXDGRU
2 HVWDGR QRUPDO GD YiOYXOD  DEHUWD p QmR YD]DU QHQKXP DU SHOD PDQJXHLUD
UHPRYLGD
&DVR HVWHMD VDLQGR DU FRQVWDQWHPHQWH SRU HVWD SRQWD GD PDQJXHLUD QDV  FRQGLo}HV
FLWDGDVRRULQJGRDWXDGRUHVWiDYDULDGRpQHFHVViULRWURFDU





4XDQGRYD]DUDUDRWHQWDUIHFKDUDYiOYXOD VHPQHPPHVPRPRYHU RXYD]DUDU
FRP D YiOYXOD SDUDGD QR PHLR GR SURFHVVR GH IHFKDPHQWR RX YD]DU DU TXDQGR HOD Mi
HVWLYHUIHFKDGDIDoDRVHJXLQWH
5HWLUHDSRQWDGDPDQJXHLUDPHWiOLFDGDHVTXHUGDDTXDOHVWiFRQHFWDGDQDSODFDGRWXER
GHGLVWULEXLomRGHDU VDLGD 
2 IXQFLRQDPHQWR QRUPDO GXUDQWH R SURFHVVR GH IHFKDPHQWR p DSHQDV XPD EUHYH
GHVFRPSUHVVmRQDPDQJXHLUDUHPRYLGDSURYHQLHQWHGDFkPDUDGHDEHUWXUDGRDWXDGRU
2 HVWDGR QRUPDO GD YiOYXOD  IHFKDGD p QmR YD]DU QHQKXP DU SHOD PDQJXHLUD
UHPRYLGD
&DVR HVWHMD VDLQGR DU FRQVWDQWHPHQWH SRU HVWD SRQWD GD PDQJXHLUD QDV  FRQGLo}HV
FLWDGDVRRULQJGRDWXDGRUHVWiDYDULDGRpQHFHVViULRWURFDU



(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ

ͳͶ




±&DVRWHQKDYD]DPHQWRFLWDGRQRVLWHQVHHWHQKDTXHWURFDURRULQJGR
DWXDGRUDVHJXLUVHUiPRVWUDGRRVPRGHORVGHDWXDGRUHVHRZRUNFDUGSDUDUHDOL]DUHVWD
WURFD

2VPRGHORVGHDWXDGRUHVPDLVXVDGRVQDIURWDVmR
  70XVDGRVHPUHGHVGH´
  7XVDGRHPUHGHVGH´
 7XVDGRHPUHGHVGH´H´
 7XVDGRHPUHGHVGH´H´
   0RGHOR PDLRU TXH R 7 SLQWDGR FRP HSR[L DQWL FKDPD GH IiEULFD FRU
FLQ]D  XVDGR HP UHGHV GH ´ GH GLHVHO FRP REULJDWRULHGDGH GR VLVWHPD GH
IHFKDPHQWRGHHPHUJrQFLD

3DUDWRGRVRVPRGHORVRPRGRGHUHDOL]DUDPDQXWHQomRpRPHVPR
 
*HUDOPHQWHHPPDQXWHQo}HVGHDWXDGRUHVUHWLUDVHRDWXDGRUQDSRVLomRIHFKDGD
HDYiOYXODGDUHGH ZDIHURXERUEROHWD WDPEpPQDSRVLomRIHFKDGDSRLVQDPDLRULDGDV
YH]HVRWDQTXHQmRHVWiYD]LR3RUWDQWRQDKRUDGHFRORFDURDWXDGRUQRYDPHQWHGHYHVH
PRQWDUQDVPHVPDVSRVLo}HV


0$187(1d­212$78$'25



3DVVR 5HWLUHDVWDPSDVODWHUDLVGR
DWXDGRU



(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ

ͳͷ

3DVVR   &RQHFWH D PDQJXHLUD GH
VXSULPHQWR GH DU H SUHVVLRQH R DFLRQDGRU
PDQXDOGHDEHUWXUDDWpTXHRVrPERORVGR
DWXDGRUVHMDPH[SHOLGRV





3DVVR   5HWLUH RV RULQJV GHVJDVWDGRV GR
rPERORHWURTXHSRUQRYRV&DVRQmRWHQKD
RULQJV QRYRV IDoD GH ³PDFDUUmR SDUD R
ULQJ´ YHULILFDQGR R GLkPHWUR H[DWR SDUD
FDGDWLSRGHDWXDGRU






3DVVR   &DVR QmR WHQKD RULQJ QRYR H
QHP PDFDUUmR SDUD ID]HU RULQJ SUHHQFKD
DODFXQDGRRULQJFRP DOJXPDVYROWDV GH
ILWDYHGDURVFDHXVHRPHVPRRULQJ






3DVVR   5HWLUH D SDUWH GH FRQWUROH
³FDEHoD´  H LQGLFDomR YLVXDO WDPERU
DFLRQDGRUHEORFR GRDWXDGRU







(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ

ͳ͸


3DVVR   5HWLUH R DQHO HOiVWLFR SUHVLOKD 
SDUDOLEHUDUDVDtGDGRSLQKmRGRDWXDGRU








3DVVR 5HWLUHRSLQKmRSHODSDUWHLQIHULRU
GR DWXDGRU 5HDOL]H D OLPSH]D GR SLQKmR H
GR LQWHULRU GR DWXDGRU /XEULILTXH RV
PHVPRVFRPYDVHOLQD
&DVRQHFHVViULRWURTXH RRULQJGDEDVH GR
SLQKmR


3DVVR   $SyV WHU FRORFDGR R SLQKmR QR
DWXDGRU H R DQHO HOiVWLFR SDUD SUHQGrOR
LQVLUD RV rPERORV GR DWXDGRU QHVWD
GLVSRVLomR R HVTXHUGR FRP RV GHQWHV GD
FUHPDOKHLUD SUD FLPD H R GLUHLWR FRP RV
GHQWHV SUD EDL[R GHVWD IRUPD R IHFKDPHQWR
QRVHQWLGRKRUiULRpJDUDQWLGR
  

3DVVR   (QFRVWH RV rPERORV GH IRUPD TXH
HVFRQGD RV RULQJV SUHWRV H ILTXH DSDUHQWH
VRPHQWHDVJXLDVEUDQFDVGHWHIORQDVVLPRV
GHQWHV GDV FUHPDOKHLUDV  QmR LUmR HQFRVWDU
QRSLQKmR
 *LUH R SLQKmR H FRORTXH R UDVJR DOLQKDGR
FRP R IXUR HVTXHUGR SHOR ODGR GDV
PDQJXHLUDV PHWiOLFDV (VVH DOLQKDPHQWR LUi
JDUDQWLU R SHUIHLWR IHFKDPHQWR QR VHQWLGR
KRUiULR



(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ

ͳ͹

3DVVR   &RP DV GXDV PmRV HPSXUUH RV
rPERORVSDUDGHQWURGHIRUPDTXHHOHVHQWUHP
VLPXOWDQHDPHQWH
&DVRXPHQWUHGHIDVDGRGRRXWURRDWXDGRU
1­2 FRPSOHWDUi WRGR VHX FXUVR DVVLP D
YiOYXOD ZDIIHU RX ERUEROHWD  QmR
DEULUiIHFKDUi FRPSOHWDPHQWH TXDQGR
DFLRQDGDUHPRWDPHQWH


 3DVVR &HUWLILTXHVHGHTXH
R SLQKmR HVWi QD SRVLomR GH
IHFKDGR FRQIHULQGR R
DOLQKDPHQWR GR UDVJR H QD
SDUWH LQIHULRU FRQIHULQGR D
SRVLomR GD HVWULD TXH IRUPD
XPTXDGUDGRDOLQKDGRFRPRV
ODGRVGRDWXDGRU


3DVVR &RORTXHRVLWHQVGHLQGLFDomRYLVXDO
EORFR DFLRQDGRU H WDPERU  QD SRVLomR GH
IHFKDGR YHUPHOKR FORVHG  FRP R SRQWR
EUDQFR GH LQtFLR  DOLQKDGR FRP R IXUR
HVTXHUGRSHORODGRGDVPDQJXHLUDVPHWiOLFDV
 


 


3DVVR   &RORTXH DV WDPSDV ODWHUDLV GR
DWXDGRU &RORTXH D SDUWH GH FRQWUROH
³FDEHoD´  $SHUWH DV PDQJXHLUDV PHWiOLFDV
3URQWRDJRUDVHXDWXDGRUUHSDUDGRMiSRGHVHU
XVDGRQRYDPHQWH




(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ

ͳͺ

9iOYXODVVROHQyLGHVDYDULDGDV HOHPHQWRVYHGDQWHVGDSDUWHSQHXPiWLFD 
(VWHFDVRDVVHPHOKDVHDRFLWDGRQRLWHP
(VWH YD]DPHQWR p TXDVH LPSHUFHSWtYHO SRLV YD]D LQWHUQDPHQWH R EDUXOKR GR HVFDSH p
PXLWRVXDYHHQmRYD]DSHORVEXM}HVDOLYLDGRUHV2YD]DPHQWRILFDFRQILQDGRQDUHJLmR
GRSLVWmRID]HQGRHTXLOtEULRGHSUHVVmRFRPRSLVWmRRSRVWR LVVRpFRPSURYDGRTXDQGR
RV GRLV DFLRQDGRUHV PDQXDLV HVWmR EHP ³GXURV´  LPSHGLQGR R FDUUHWHO GH VH PRYHU H
FRQVHTXHQWHPHQWHQmROLEHUDQGRDUSDUDPRYLPHQWDURDWXDGRU
4XDQGR HVVH YD]DPHQWR p HP SHTXHQD HVFDOD H QmR SURYRFD XP HTXLOtEULR
LPHGLDWR GH SUHVVmR QDV UHJL}HV GRV SLVW}HV R SLVWmR TXH UHFHEHX PDLRU SUHVVmR R
HVFROKLGR SHOR RSHUDGRU  PRYH R FDUUHWHO H OLEHUD DU SUR DWXDGRU ILFDQGR QD SRVLomR
HVFROKLGDSHORRSHUDGRU DEHUWRRXIHFKDGR 3RUpPFRPRSDVVDUGRWHPSRRYD]DPHQWR
QD VROHQyLGH RSRVWD YDL DXPHQWDQGR D SUHVVmR QD UHJLmR GR SLVWmR RSRVWR D SRQWR GH
DWLQJLU D SUHVVmR QHFHVViULD SDUD PRYLPHQWiOR H FRQVHTXHQWHPHQWH PRYLPHQWDU R
FDUUHWHOHQWmRHVWHVVHPRYHPVR]LQKRVVHPQHQKXPDDWXDomRQDVROHQyLGHOLEHUDQGRDU
SDUDFkPDUDRSRVWDGRDWXDGRUID]HQGRRPHVPRUHWRUQDUSDUDDSRVLomRLQLFLDOVR]LQKR
2XWUR WHVWH VLPSOHV SDUD YHULILFDU HVWH YD]DPHQWR HP SHTXHQD HVFDOD p
HPSXUUDQGR R DFLRQDGRU PDQXD SDUD GHQWUR 6H FRP R WHPSR HOH DSUHVHQWDU SUHVVmR
LQWHUQDYLQGRSDUDIRUDVR]LQKRpVLQDOGRYD]DPHQWRSDUDGHQWURGHVVDFkPDUD7URTXHD
VROHQyLGH

 
 2ULQJGRFDUUHWHODYDULDGR
(VWHYD]DPHQWR p RFDVRPDLVUDURGHDFRQWHFHUHEDVLFDPHQWHDFRQWHFHDPHVPD
FRLVDGRLWHP TXH OLEHUDDUFRPXPDSUHVVmRPDLVIUDFDSDUDDFkPDUDRSRVWDGR
DWXDGRUID]HQGRHVWHUHWRUQDUVR]LQKRSDUDDSRVLomRDQWHULRUDRFRPDQGR
1HVWHFDVRGHRULQJDYDULDGRWHPRVVLWXDomRGHYD]DPHQWRFRPSUHVVmRPHQRUQDVDtGD
RSRVWD j VDtGD GH VXSULPHQWR GH DU VROLFLWDGR SHOR RSHUDGRU H YD]DPHQWR QR EXMmR
DOLYLDGRU GD GHVFRPSUHVVmR H WDPEpP WHPRV D VLWXDomR GH YD]DPHQWR FRP SUHVVmR
PHQRUDSHQDVSHOREXMmRDOLYLDGRU
 $PDLRULDGDVSHVVRDVDFKDTXHRSUREOHPDGHYD]DPHQWRHVWiQRFDUUHWHOSRUpP
UHSHWLQGRHVVHpRFDVRPDLVUDURGHIDOKDSRLVDSHVDUGHVHUQHFHVViULRDSHQDV XP 
RULQJ DYDULDGR SDUD WHUPRV HVVH SUREOHPD p PXLWR GLItFLO DFRQWHFHU GHVJDVWH H[FHVVLYR

(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ

ͳͻ

QRVPHVPRVSRLVTXDQGRDYiOYXODFDUUHWHOpSUHVVLRQDGDSHORSLVWmRDSHQDVRFDUUHWHOp
PRYLPHQWDGR RV HVSDoDGRUHV SOiVWLFRV H RV RULQJV ILFDP SDUDGRV R TXH QmR JHUD
GHVJDVWHQRVPHVPRVVRPHQWHRGHVJDVWHJHUDGRGDSUHVVmRGDSDVVDJHPGRDU
 3DUD WHVWDU Yi QR ORFDO H FRORTXH D YiOYXOD HP SRVLomR GH DEHUWR RX IHFKDGR
HPSXUUDQGRRDFLRQDGRUPDQXDO5HWLUHDVGXDVSRQWDVGDVPDQJXHLUDVPHWiOLFDVGDSODFD
GHGLVWULEXLomRGHDU VDtGDH 
&DVRXPDGDVVDtGDV RX HVWHMDYD]DQGRDUFRPSRXFDSUHVVmRHDRPHVPRWHPSR
YD]DQGR DU SHOR EXMmR DOLYLDGRU WHPRV RV H[HPSORV  H  PRVWUDQGR TXDO RULQJ
DYDULDGR
&DVRDSHQDVXPDVDtGDHVWHMDVDLQGRDU FRPPXLWDSUHVVmRDHVFROKLGDSHORRSHUDGRU H
WLYHUYD]DPHQWRSRUXPEXMmRDOLYLDGRUWHPRVRVH[HPSORVHPRVWUDQGRTXDORULQJ
DYDULDGR
3DUDFRPSURYDUIHFKHDVVDtGDVGDSODFDGHGLVWULEXLomRGHDUHYHULILTXHVHLVWRSURYRFD
XPDXPHQWRQRYD]DPHQWRSHOREXMmRDOLYLDGRU

 
([  9iOYXOD HP SRVLomR DEHUWD FRP YD]DPHQWR SHOD VDtGD GH VXSULPHQWR SDUD FkPDUD GH
IHFKDPHQWR VDLGD HSHOREXMmRDOLYLDGRUGHGHVFRPSUHVVmRGDFkPDUDGHIHFKDPHQWR

 
([  9iOYXOD HP SRVLomR IHFKDGD FRP YD]DPHQWR SHOD VDtGD GH VXSULPHQWR SDUD FkPDUD GH
DEHUWXUD VDLGD HSHOREXMmRDOLYLDGRUGHGHVFRPSUHVVmRGDFkPDUDGHDEHUWXUD


(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ

ʹͲ


 
([9iOYXODHPSRVLomRDEHUWDYD]DQGRDUDSHQDVSHOREXMmRDOLYLDGRUGHGHVFRPSUHVVmRGD
FkPDUDGHDEHUWXUD


 
([9iOYXODHPSRVLomRGHIHFKDGDYD]DQGRDUDSHQDVSHOREXMmRDOLYLDGRUGHGHVFRPSUHVVmR
GDFkPDUDGHIHFKDPHQWR


 &RPDQGRQDYDOYXOD; H[ HUHVSRVWDQD< H[ 

2RSHUDGRUGiRFRPDQGRGHDEULUQDYiOYXODSHODDXWRPDomRDYiOYXODDEUHQDWHOD
SRUpPILVLFDPHQWHTXHPDEUHpDYiOYXOD

(VWHSUREOHPDSRGHVHUUHVROYLGRDOWHUDQGR DFHUWDQGR RHQGHUHoRHOHWU{QLFR
GDVYiOYXODVQDSODQLOKD*HQVKHHWSRUpPVySRGHVHUUHDOL]DGRSRUXPWpFQLFRGD
HPSUHVD SRLV TXDOTXHU HUUR QD *HQVKHHW SRGH FRQIOLWDU QRV QRGHVFDXVDQGR IDOKD
JHQHUDOL]DGDQDDXWRPDomR




(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ

ʹͳ

 +i XPD WURFD GRV HQGHUHoRV HOHWU{QLFRV D YiOYXOD  HVWi FRP R WDJQDPH GD
YiOYXODHDYiOYXODHVWiFRPRWDJQDPHGDYiOYXOD
 &RQVLGHUDQGR TXH RV HQGHUHoRV GDV YiOYXODV QD SODQLOKD GD *HQVKHHW HVWHMDP
FRUUHWRV R HQGHUHoR HOHWU{QLFR GHVWDV WDPEpP SRGH VHU DOWHUDGR SHOR 26'HVLJQHU 9i
QXPD 26 TXH QmR VHMD D SULQFLSDO 1R WHFODGR SUHVVLRQH :LQGRZV( 9i HP
& (&2B0DLQ*PU26'HVLJQHUH[H IRWR $  1D ODWHUDO GLUHLWD GD WHOD 26'HVLJQHU
SURFXUH R GLVSOD\ GR 6LVWHPD GDV YiOYXODV FRP SUREOHPD IRWR %  ,Ui DEULU XPD WHOD
VHFXQGiULD GR VLVWHPD GH YiOYXODV &OLTXH QD YiOYXOD  HOD ILFDUi VHOHFLRQDGD FRP
SRQWLQKRVD]XODRUHGRUFRPRERWmRGLUHLWRFOLTXHQDYiOYXODVHOHFLRQDGDGHSRLVFOLTXH
HP3URSHUWLHV IRWR& 9DLDSDUHFHUXPDOLVWDQDRSomR7DJ1DPHWURTXHRQXPHUR
SRU  IRWR '  Gr HQWHU VDOYH &WUO6 HIHFKHDMDQHOD $JRUDFOLTXHQD YiOYXOD H
VLJDRPHVPRSDVVRWURTXHRQXPHURSRUGrHQWHUVDOYH &WUO6 HIHFKHDMDQHOD
 7HVWH DV YiOYXODV $SyV FHUWLILFDU TXH D YiOYXOD  TXH UHFHEHX R FRPDQGR GH
DEULU FRUUHVSRQGHX DR FRPDQGR LQGLFDQGR DEHUWD QD WHOD H DEULQGR QR ORFDO IDoD R
PHVPRSURFHGLPHQWRQD26SULQFLSDOGDVDODGHFRQWUROHGHPiTXLQDV$SyVILQDOL]DGR
QD 26 SULQFLSDO p QHFHVViULR GLVWULEXLU HVWD PXGDQoD SDUD WRGDV DV 26 GR EDUFR 1R
WHFODGR SUHVVLRQH :LQGRZV( 0\ GRFXPHQWV FOLTXH HP WRGRV RV DUTXLYRV TXH
FRPHoDPFRP³'LVWU´ H['LVWU'LVSOD\VEDW XPDXPSDUDSRGHUGLVWULEXLUSDUDWRGDV
DV26
 &DVR R SURFHGLPHQWR QmR WHQKD GDGR FHUWR QD 26 TXH QmR p D SULQFLSDO H R
SUREOHPDQDVYiOYXODVDLQGDSHUVLVWLUYiQD26SULQFLSDOTXHDLQGDFRQVWDDFRQILJXUDomR
RULJLQDO H GLVWULEXD RV DUTXLYRV SDUD DV 26 DVVLP DV DOWHUDo}HV GR SURFHGLPHQWR IDOKR
WHUmRVHDSDJDGR7HQWHGHQRYRUHDOL]DQGRRVPHVPRVSDVVRVOLVWDGRVDTXL







)272$









(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ

ʹʹ








 )272%




























)272&)272'



(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ

ʹ͵

 ([HPSOR 2 RSHUDGRU Gi R FRPDQGR GH DEULU QD YiOYXOD SHOD DXWRPDomR D YiOYXOD 
DEUHQDWHODSRUpPTXHPDEUHQRORFDOpDYiOYXODHHVWDWDPEpPDEUHQDWHOD
  (VWH SUREOHPD SRGH VHU UHVROYLGR DOWHUDQGR DFHUWDQGR  R HQGHUHoR
 HOHWU{QLFRGDVYiOYXODVQDSODQLOKD*HQVKHHWSRUpPVySRGHVHUUHDOL]DGR SRU
 XPWpFQLFRGDHPSUHVDSRLVTXDOTXHUHUURQD*HQVKHHWSRGHFRQIOLWDUQRV QRGHV
 FDXVDQGRIDOKDJHQHUDOL]DGDQDDXWRPDomR

+iXPDGXSOLFLGDGHGRVHQGHUHoRVHOHWU{QLFRVDYiOYXODHVWiFRPRWDJQDPHGD
YiOYXOD
 &RQVLGHUDQGR TXH RV HQGHUHoRV GDV YiOYXODV QD SODQLOKD GD *HQVKHHW HVWHMDP
FRUUHWRV R HQGHUHoR HOHWU{QLFR GHVWDV WDPEpP SRGH VHU DOWHUDGR SHOR 26'HVLJQHU 9i
QXPD 26 TXH QmR VHMD D SULQFLSDO 1R WHFODGR SUHVVLRQH :LQGRZV( 9i HP
& (&2B0DLQ*PU26'HVLJQHUH[H 1D ODWHUDO GLUHLWD SURFXUH R GLVSOD\ GR 6LVWHPD
GDVYiOYXODVFRPSUREOHPD,UiDEULUXPDWHODVHFXQGiULD&OLTXHQDYiOYXODHODILFDUi
VHOHFLRQDGD FRPSRQWLQKRVDRUHGRUFRPRERWmRGLUHLWRFOLTXHQDYiOYXODVHOHFLRQDGD
GHSRLV FOLTXH HP 3URSHUWLHV QD RSomR 7DJ1DPH WURTXH R QXPHUR  SRU  Gr HQWHU
 7HVWHDYiOYXOD$SyVFHUWLILFDUTXHDYiOYXODTXHUHFHEHXRFRPDQGRGHDEULU
FRUUHVSRQGHXDRFRPDQGRLQGLFDQGRDEHUWDQDWHODHDEULQGRQRORFDOHTXHDYiOYXOD
QmRLQGLFRXDEHUWDQDWHODHQHPDEULXQRORFDORXVHMDRIXQFLRQDPHQWRILFRXQRUPDO
IDoD R PHVPR SURFHGLPHQWR QD 26 SULQFLSDO GD VDOD GH FRQWUROH GH PiTXLQDV  $SyV
ILQDOL]DGR QD 26 SULQFLSDO p QHFHVViULR GLVWULEXLU HVWD PXGDQoD SDUD WRGDV DV 26 GR
EDUFR 1R WHFODGR SUHVVLRQH :LQGRZV( 0\ GRFXPHQWV FOLTXH HP WRGRV RV DUTXLYRV
TXHFRPHoDPFRP³'LVWU´XPDXPSDUDSRGHUGLVWULEXLUSDUDWRGDVDV26
 &DVR R SURFHGLPHQWR QmR WHQKD GDGR FHUWR QD 26 TXH QmR p D SULQFLSDO H R
SUREOHPDQDVYiOYXODVDLQGDSHUVLVWLUYiQD26SULQFLSDOTXHDLQGDFRQVWDDFRQILJXUDomR
RULJLQDO H GLVWULEXD RV DUTXLYRV SDUD DV 26 DVVLP DV DOWHUDo}HV GR SURFHGLPHQWR IDOKR
WHUmRVHDSDJDGR7HQWHGHQRYRUHDOL]DQGRRVPHVPRVSDVVRVOLVWDGRVDTXL



([HPSOR2RSHUDGRUGiRFRPDQGRGHDEULUQDYiOYXODDYiOYXODDEUHQRORFDOSRUpP
TXHPDEUHQDWHODpDYiOYXOD
  (VWH SUREOHPD SRGH VHU UHVROYLGR DOWHUDQGR DFHUWDQGR  R HQGHUHoR
 HOHWU{QLFR GDV YiOYXODV QD SODQLOKD *HQVKHHW SRUpP Vy SRGH VHU UHDOL]DGR SRU
 XP WpFQLFR GD HPSUHVD SRLV TXDOTXHU HUUR QD *HQVKHHW SRGH FRQIOLWDU QRV QRGHV
 FDXVDQGRIDOKDJHQHUDOL]DGDQDDXWRPDomR
  3DUDDSHQDVWHUVHXPDLGpLDGRSUREOHPDQDSODQLOKDGD*HQVKHHWQDDED'26
 Ki XPD OLQKD GH FRPDQGR TXH ID] R OLQN FRP DV RUGHQV GH DEHUWXUDIHFKDPHQWR QR
 HQGHUHoRItVLFRQXPDPDOKD$VLHQDDED%9$/WHPRVDUHVSRVWDGRHQGHUHoR ItVLFR
 FDUUHJDGR D XP WDJQDPH HVWH WDJQDPH VHUi OLQNDGR FRP D ILJXUD GD UHSUHVHQWDomR
 GDYiOYXODQD DXWRPDomR REMHWR 

(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ

ʹͶ

 6HTXDQGRRFRPDQGRGHDEULUpGDGRQDYiOYXODHHODDEUHQRORFDOVLJQLILFDTXHVHX
HQGHUHoR QDDED'26GDJHQVKHHW HVWiFRUUHWRPDVVHDILJXUDTXHUHSUHVHQWDDYiOYXOD QD
DXWRPDomRSHUPDQHFHIHFKDGDHTXHPLQGLFDDEHUWDpDHQWmRDOJXPDFpOXODQDDED%9$/
HVWiHUUDGDDOJXPDGHODVYDLHVWDUOLQNDGDFRPRWDJQDPHGD
 
([HPSOR 2RSHUDGRUGiR FRPDQGRGH DEULU QDYiOYXODDYiOYXOD QmRDEUHQDWHOD
QHPQRORFDOTXHPDEUHQDWHODpDHILVLFDPHQWHTXHPDEUHpDYiOYXOD
 (VWHSUREOHPDSRGHVHUUHVROYLGRDOWHUDQGR DFHUWDQGR RHQGHUHoRHOHWU{QLFR
 GDVYiOYXODVQD SODQLOKD*HQVKHHWSRUpPVySRGHVHUUHDOL]DGRSRUXPWpFQLFRGD
 HPSUHVD SRLV TXDOTXHU HUUR QD *HQVKHHWSRGH FRQIOLWDU QRV QRGHV FDXVDQGR IDOKD
 JHQHUDOL]DGDQDDXWRPDomR
  3DUDDSHQDVWHUVHXPDLGpLDGRSUREOHPDQDSODQLOKDGD*HQVKHHWQDDED'26
 Ki XPD OLQKD GH FRPDQGR TXH ID] R OLQN FRP DV RUGHQV GH DEHUWXUDIHFKDPHQWR QR
 HQGHUHoRItVLFRQXPDPDOKD$VLHQDDED%9$/WHPRVDUHVSRVWDGRHQGHUHoR ItVLFR
 FDUUHJDGR D XP WDJQDPH HVWH WDJQDPH VHUi OLQNDGR FRP D ILJXUD GD UHSUHVHQWDomR
 GDYiOYXODQDDXWRPDomR REMHWR 
  6H TXDQGR R FRPDQGR GH DEULU p GDGR QD YiOYXOD  H HOD QmR DEUH QR ORFDO
 VLJQLILFDTXH VHX HQGHUHoR QD DED '26 GD JHQVKHHW FRQWpP XP HUUR QD VXD OLQKD GH
 FRPDQGR DOJXPD FpOXOD HVWi OLQNDGD DR WDJQDPH GD  6H D LQGLFDomR GH DEHUWXUD GD
 YiOYXODSHUPDQHFHIHFKDGRHTXHPLQGLFDDEHUWDpDHQWmRDOJXPDFpOXODQDDED
 %9$/HVWiHUUDGDDOJXPDGHODVYDLHVWDUOLQNDGDFRPRWDJQDPHGD 
  3DUD RV LWHQV  H  XPD LQIRUPDomR LPSRUWDQWH D FLWDU p TXH FDVR H[LVWD
 DOJXPD WHOD GH 26 TXH DWXH H LQGLTXH DV YiOYXODV HP VHX IXQFLRQDPHQWR QRUPDO
 VLJQLILFD TXH D JHQVKHHW QHVWD 26 HVWi FRUUHWD TXDQWR DV YiOYXODV HQWmR XPD FySLD
 GHVWD*HQVKHHWSRGHVHUIHLWDQHVWD PHVPD 26 SRUpP FRP R QRPH DOWHUDGR ([
 *HQVKHHW[OV 1D 26 PDWUL] GD VDOD GH FRQWUROH GH PiTXLQDV IDoD R PHVPR VDOYH
 XPD FySLD GH VXD JHQVKHHW FRP QRPH DOWHUDGR )HLWR LVVR QD 26 TXH DV YiOYXODV
 IXQFLRQDPQRUPDOPHQWHTXHWHPDJHQVKHHWRULJLQDOHFRUUHWDSRGHVHUGLVWULEXtGDSDUD
 DVGHPDLV269HULILFDVHD26PDWUL]VHQHODIRLUHFHELGDDDWXDOL]DomRHHVWiPRVWUDQGR
 IXQFLRQDPHQWR QRUPDO GDV YiOYXODV FDVR HVWHMD GLVWULEXD VXD JHQVKHHW SDUD DV GHPDLV
 26
 (QWUHHPFRQWDWRFRPR6HWRUGHPDQXWHQomRSDUDUHDOL]DUHVWHSURFHGLPHQWR

  
 8PD~QLFDYiOYXODSLVFDQGRQDWHODVHPRRSHUDGRUGDUQHQKXPFRPDQGR

0yGXORGHOHLWXUDHFRPXQLFDomRTXHLPDGRHPFXUWR
9HULILTXHVHRPyGXORHVWiDSDJDGR6HREXVSURWHFWLRQPRGXOHHVWLYHUFRPDOX]YHUGH
GH³EXVRN´DFHVDHDOX]YHUPHOKDGH³GHYLFHVKRUW´DFHVDRPyGXORHQWURXHPFXUWR
3DUDFRQILUPDUGHVFRQHFWHRVILRVD]XOHPDUURP FRQWDWRVH GRPyGXORGHOHLWXUD
$VLHVSHUDVHTXHDSHQDVDOX]GH³EXVRN´ILTXHDFHVD5HDOL]HDWURFDGRPyGXOR,QVLUD
R HQGHUHoDPHQWR GR PyGXOR DQWHULRU QR QRYR XWLOL]DQGR R $6,QWHUIDFH +DQGKHOG GD
6WRQHORXFRQILJXUDQGRR*DWHZD\GDLRER[

(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ

ʹͷ




$RWURFDUSRUXPPyGXORQRYR HQGHUHoR]HUR 
 (VWH PyGXOR SRGH WHU VHX HQGHUHoR DOWHUDGR FRP R $6,QWHUIDFH
+DQGKHOGGD6WRQHO6LJDRVSDVVRVSDUDPXGDURHQGHUHoR
 'HVFRQHFWHRVFDERVDPDUHORVGREXVSURWHFWLRQPRGXOHHFRQHFWHRFDERGR
+DQGKHOGQREXVSURWHFWLRQPRGXOH
 /LJXHRKDQGKHOGDSHUWDQGRHP$'5
 9iDSHUWDQGRHP02'(DWpFKHJDUHP$''5$XWRPDWLFDPHQWHIDUiDOHLWXUD
GRHQGHUHoRDWXDOVHQGRPRVWUDGRFRPR³5'´
 $SHUWH35*DJRUDHVWDUiQRPRGRGHHVFULWDVHQGRPRVWUDGRFRPR³:5Qž´
  $SHUWH DV WHFODV GLUHFLRQDLV Ĺ Ļ SDUD VHOHFLRQDU R Q~PHUR GR HQGHUHoR TXH
GHVHMDLQVHULUQRPyGXOR
 3UHVVLRQH35*SRUVHJXQGRVSDUDVDOYDURQRYRHQGHUHoR
  $SHUWH HP $'5 SDUD FRQILUPDU D OHLWXUD GR QRYR HQGHUHoR VHQGR PRVWUDGR
FRPR³5'QžQRYR´

 3DUD HPEDUFDo}HV TXH QmR SRVVXHP R KDQGKHOG R HQGHUHoR GR PyGXOR
WDPEpPSRGHVHUDOWHUDGRGLUHWDPHQWHQRJDWHZD\
2 PyGXOR QRYR YLUi FRP HQGHUHoR  ]HUR  &DVR QmR KDMD QHQKXPD IDOKD QD
PDOKD TXH HVWH PyGXOR SDUWLFLSD RX QHQKXP RXWUR HQGHUHoR ]HUR HVWH PyGXOR
VHUiUHFRQKHFLGRDXWRPDWLFDPHQWHSHORJDWHZD\HQWUHWDQWRpSUHIHUtYHOHVFUHYHU
RHQGHUHoRFRUUHWRGRPyGXORSDUDHYLWDUIXWXUDVIDOKDV
6HUiQHFHVViULRLQVHULURHQGHUHoR$VLGDYiOYXODQHVWHQRYRPyGXOR2JDWHZD\
YDL PRVWUDU TXDO HQGHUHoR HVWi IDOWDQGR FRP D PHQVDJHP ³PLVVLQJ VODYH´

(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ

ʹ͸

&RQILUPHRHQGHUHoRGDYiOYXODFRQVXOWDQGRRSODQR(QDOLVWDGHHQGHUHoRVGD
PDOKD$6,TXHWDPEpPYDLGL]HUTXDOpDYiOYXOD H[)2%6'%HWF 
(VFUHYDRHQGHUHoR$VLGDYiOYXODVREUHRHQGHUHoR ]HUR 

0
D
O
K
D



G
R

S
U
R
I
L
([EXVGDLRER[GR%UDP%~]LRV

8VDQGRDIRWRDFLPDFRPRH[HPSORR PRGXOR$VLGDYiOYXOD%6IRLWURFDGR
SRUXPPyGXORQRYRHR JDWHZD\ HVWiFRPDOHUWDLQIRUPDQGRTXHRHQGHUHoR
QmR HVWi SUHVHQWH QD PDOKD 3DUD HVFUHYHU R HQGHUHoR  VREUH R HQGHUHoR ]HUR
VLJDRVSDVVRV


3DVVR   2 JDWHZD\ DFHQGH R OHG YHUPHOKR GH ³FRQILJ
HUURU´ FRP D PHQVDJHP GH ³PLVVLQJ VODYH´ PRVWUD D
PDOKDTXH HVWi IDOWDQGR R HQGHUHoR H PRVWUD R
HQGHUHoRTXH HVWiIDOWDQGR
 $SHUWH2.







 3DVVR   5ROH SUD EDL[R DWH ³48,&. 6(783´ H
 DSHUWH2.




(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ

ʹ͹




 3DVVR   ,Ui DSDUHFHU D PHQVDJHP GH ZDUQLQJ
 ³3URILEXVDFWLYHRXWSXWVPD\EHUHVHW´DSHUWH2.








 3DVVR 5ROHSUDEDL[RDWp³6725(35-02'(´
 H DSHUWH 2. $ OX] ODUDQMD GH ³SUM PRGH´ LUi
 DFHQGHU DSHUWH HVF [ H LUi FRPHoDU D ID]HU D
 YDUUHGXUDGRVHQGHUHoRVQDVPDOKDV







 3DVVR 'XUDQWHDYDUUHGXUDLUiPRVWUDURHQGHUHoR
 ]HUR GR PyGXOR QRYR TXH IRL LQVWDODGR $VVLP TXH
 IRUPRVWUDGRQDWHODDSHUWHOLJHLUDPHQWHHP6HWĻ D
 YDUUHGXUDLUiSDUDU9iSUHVVLRQDQGR6HWĻDWpFKHJDU
 RQ~PHURGRHQGHUHoRGDYiOYXOD





 
 
 3DVVR  4XDQGRFKHJDUQRQ~PHUR GRHQGHUHoR GD
 YiOYXOD QR QRVVR H[HPSOR HQGHUHoR   SUHVVLRQH
 6HWĻ SRU  VHJXQGRV R Q~PHUR VHOHFLRQDGR
 FRPHoDUi D SLVFDU HQWmR DSHUWH HP 6HWĻ SDUD
 FRQILUPDU 9DL FRPHoDU D ID]HU XPD QRYD
 YDUUHGXUD QD PDOKD  PRVWUDQGR TXH R HQGHUHoR
 TXHHVWDYDIDOWDQGRDJRUDHVWiLQFOXVR



(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ

ʹͺ




3DVVR ,UiWDPEpPFRPHoDUDID]HUXPDQRYDYDUUHGXUDQD
PDOKD$VVLPTXHRJDWHZD\WHUPLQDUDYDUUHGXUDGDVGXDV
PDOKDV FHUWLILFDQGR TXH WRGRV RV HQGHUHoRV HVWmR LQFOXVRV
DSHUWH0RGHĹSDUDVDLUGRPRGR³SUMPRGH´YHULILTXHVHDOX]
ODUDQMDLQGLFDWLYDDSDJRX




 
3DVVR   2 JDWHZD\ YDL GDU D PHQVDJHP GH
³FRQILJXUDWLRQRN´SDUDPDOKDHPDOKD





 




3DVVR   3URQWR DJRUD R JDWHZD\ HVWi VHP DODUPHV H
IXQFLRQDQGRQRUPDOPHQWHFRPPHQVDJHPGH³ૃV\VWHPLV
UXQQLQJILQH´









$RWURFDUSRUXPPyGXORFRPHQGHUHoRGLIHUHQWHGH]HUR PyGXORXVDGR 
 (VWH PyGXOR SRGH VHU DOWHUDGR VHX HQGHUHoR FRP R $6,QWHUIDFH
+DQGKHOGGD6WRQHO6LJDDVLQVWUXo}HVGRLWHP



(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ

ʹͻ

2PyGXORXVDGRYDLHVWDUFRPRHQGHUHoRDQWLJRSRUWDQWRSULPHLUDPHQWH
VHUiQHFHVViULRWURFDUSDUDRHQGHUHoR]HUR SRLVSURYDYHOPHQWHHVWHSRGHVHUXP
HQGHUHoRLQH[LVWHQWHRXTXHMiH[LVWHQDPDOKDSURYRFDQGRGXSOLFLGDGH 
2 JDWHZD\ YDL PRVWUDU TXDO HQGHUHoR HVWi IDOWDQGR FRP D PHQVDJHP ³PLVVLQJ
VODYH´HWDPEpPLUiPRVWUDUTXDOHQGHUHoRHVWiFRPGXSOLFLGDGHFRPDPHQVDJHP
³GXSOLFDWH DGU´ &RQILUPH RV HQGHUHoRV FRQVXOWDQGR R SODQR ( QD OLVWD GH
HQGHUHoRVGDPDOKD$6,TXHWDPEpPYDLGL]HUTXDLVVmRDVYiOYXODV H[)2
%6'%HWF 
7URTXHRHQGHUHoRDQWLJRSHORHQGHUHoR]HUR
















([0DOKDGRSURILEXVGDLRER[GR%UDP%~]LRV

8VDQGRDIRWRDFLPDFRPRH[HPSORR PRGXOR$VLGDYiOYXOD%6IRLWURFDGR
SRUXP PyGXOR TXH WLQKD HQGHUHoR  FDXVDQGR GXSOLFLGDGH GH HQGHUHoR FRPR
PRGXORGDYiOYXOD%62JDWHZD\HVWiFRPDOHUWDLQIRUPDQGRTXHRHQGHUHoR
QmRHVWiSUHVHQWHHDOHUWDLQIRUPDQGRTXHKiGXSOLFLGDGHQRHQGHUHoR
3DUDWURFDURHQGHUHoRSDUDRHQGHUHoR]HURVLJDRVSDVVRV

3DVVR   2 JDWHZD\ DFHQGH R OHG
YHUPHOKRGH³FRQILJHUURU´ FRP D
PHQVDJHP GH ³PLVVLQJ VODYH´
PRVWUDQGRDPDOKDTXHHVWiIDOWDQGR
R HQGHUHoR H R HQGHUHoR TXH HVWi
IDOWDQGR H D PHQVDJHP GH
³GXSOLFDWH DGU´ PRVWUDQGR D PDOKD
TXHHVWiFRPHQGHUHoRGXSOLFDGRHR
HQGHUHoRGXSOLFDGR$SHUWH2.


(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ

͵Ͳ





 3DVVR   ,VROH D YiOYXOD %6 UHWLUDQGR RV
FDERV DPDUHORV GH DOLPHQWDomR H GDGRV SRLV
VHX HQGHUHoR RULJLQDO p  H QmR GHYH VHU
DSDJDGR







3DVVR   $SHUWH 2. H UROH SUD EDL[R DWH ³48,&.
6(783´HDSHUWH2.













3DVVR   ,Ui DSDUHFHU D PHQVDJHP GH ZDUQLQJ
³3URILEXVDFWLYHRXWSXWVPD\EHUHVHW´DSHUWH2.














(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ

͵ͳ

3DVVR 5ROHSUDEDL[RDWp³6725(35-02'(´HDSHUWH
 2.$OX]ODUDQMDGH³SUMPRGH´LUiDFHQGHUDSHUWH
 HVF[H LUi FRPHoDU D ID]HU D YDUUHGXUD GRV
 HQGHUHoRVQDVPDOKDV








3DVVR 'XUDQWHDYDUUHGXUDLUiPRVWUDURHQGHUHoR
 GRPyGXORTXHIRLLQVWDODGR$VVLPTXHR  
 HQGHUHoRIRUPRVWUDGRQDWHODDSHUWH6HWĻGXUDQWH
 VHJXQGRVSDUDWRUQiOR]HUR







 
 3DVVR 9DLFRPHoDUDID]HUXPDQRYDYDUUHGXUDQD
 PDOKDDJRUDPRVWUDQGRRHQGHUHoR]HUR
  'XUDQWH D YDUUHGXUD RV HQGHUHoRV  H  YmR HVWDU
 DXVHQWHV
 8PD YH] TXH R HQGHUHoR  Mi HVWi DXVHQWH Yi QD
 YiOYXOD %6 H FRQHFWH VHXV FDERV SRLV DJRUD
 HOHHVWiOLYUHGRULVFRGHVHUDSDJDGR
 2EVHUYH VH QD YDUUHGXUD R HQGHUHoR  DSDUHFHX GH
 YROWD



$JRUD SUHFLVDPRV HVFUHYHU R HQGHUHoR  QR OXJDU GR HQGHUHoR ]HUR (VWD HWDSD p
PRVWUDGDQRLWHPVLJDRVSDVVRVDSDUWLUGRSDVVR
 



(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ

͵ʹ

%XV3URWHFWLRQ0RGXOHTXHLPDGR
±6HDVOX]HVLQGLFDWLYDVGH³EXVRN´³EXVVKRUW´HGHYLFH6KRUWHVWLYHUHPDFHVDV
IRWR$ GHXIDOKDQREXV3DUDFRQILUPDUGHVFRQHFWHRVILRVD]XOHPDUURP FRQWDWRVH
 GRPyGXORGHOHLWXUD$VLHGHVFRQHFWHRFDERDPDUHORGRODGRGDOX]GH³EXVVKRUW´
DFHVD HVSHUDVH TXH DV OX]HV SHUPDQHoDP DFHVDV 6H R EXV HVWLYHU FRPSOHWDPHQWH
DSDJDGR IRWR% HOHHQWURXHPFXUWR7URTXHR

)RWR$)RWR%

1RV GRLV FDVRV FLWDGRV R JDWHZD\ UHFRQKHFH TXH XP HQGHUHoR QD PDOKD HVWi IDOWDQGR
(OHDSUHVHQWDD PHQVDJHP ³PLVVLQJVODYH´ PRVWUDHPTXDO PDOKDHTXDOHQGHUHoRHVWi
IDOWDQGRHOLJDROHGYHUPHOKRGH³FRQILJHUURU´



*DWHZD\PRVWUDQGRIDOKDQDPDOKD
HQGHUHoRFRPOHGGH³FRQILJHUURU´DFHVR

(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ

͵͵


6HR%XVHVWLYHUFRPDOX]GH³EXVRN´DFHVDHDOX]GH³EXVVKRUW´DFHVD IRWR$ 
GHVFRQHFWH R FDER DPDUHOR GR ODGR GR ³EXV VKRUW´ IRWR %  &DVR HVWD OX] SHUPDQHoD
DFHVDHVWHEXVHVWiHPIDOKDWURTXHR
 6HDSyVGHVFRQHFWDURFDERDPDUHORGRODGRGR³EXVVKRUW´DOX]DSDJDUILFDQGR
VRPHQWHDOX]GH³EXVRN´DFHVD IRWR& HVWHEXVHVWiERP6LJDRFDERDPDUHORGRODGR
GR³EXVVKRUW´DWpHQFRQWUDURSUy[LPR%XV3URWHFWLRQ0RGXOHFHUWDPHQWHHVWHSUy[LPR
EXVHVWiHPIDOKD


  
 )RWR$)RWR%)RWR&

 9iULDVYDOYXODVSLVFDQGRQDWHODVHPRRSHUDGRUGDUQHQKXPFRPDQGR
1RPtQLPRGRLV%XV3URWHFWLRQ0RGXOHGDUHVSHFWLYDPDOKDGHYiOYXODVHVWDUmRTXHLPDGRV
RX FRP IDOKD &RQVXOWH R SODQR ( GR VHX EDUFR YHULILTXH D OLVWD GDV PDOKDV GDV YiOYXODV
H[  SDUD FDGD JDWHZD\ SRGH H[LVWLU XPD RX PDLV PDOKDV 6LJD RV FDERV DPDUHORV GH
DOLPHQWDomRGDGRVHQWUHDVYiOYXODVGDPDOKDDWpHQFRQWUDUTXDO%XVHVWDTXHLPDGRFRPIDOKDH
UHDOL]HDWURFD
 8WLOL]DQGR D 'URS %R[  *DWHZD\ GH HQGHUHoR SURILEXV  PDOKD  FRPR H[HPSOR
FRQVLGHUDQGRTXHRVFDERVDPDUHORVGDPDOKD$6,VHJXHPDRUGHPHVWDEHOHFLGDQDOLVWDVHQD
VXD WHOD HVWLYHUHP SLVFDQGR DV YDOYXODV %6 )2 )2 H )6  HQGHUHoRV $6,  
SURYDYHOPHQWH DV H[WUHPLGDGHV GHVVD VHomR GH YiOYXODV HVWmR UXLQV RX VHMD R EXV SURWHFWLRQ
PRGXOH GD YiOYXOD %6 H R EXV SURWHFWLRQ PRGXOH GD YiOYXOD )6 HVWmR SURYRFDQGR ³%XV
6KRUW´DVYH]HVVHPPHVPRKDYHUFDVRUHDOGHIDOKD
 ͳͷ ͳͻ ͳͲ͵ ͶͲ



  ͳ
 ͳ  
 ʹ  ͵  Ͷ

 

 
ͳͶ
 Ͷ͵ ͵ͻ Ͷ͸


  ͺ  ͹  ͸  ͷ


(VWH H[HPSOR p EDVHDGR QR SODQR 1D SUiWLFD UDUDPHQWH D RUGHP HVWDEHOHFLGD SHOR SODQR YDL VHU D
UHDOLGDGHGDOLJDomR VHTXHQFLD GRVFDERVGDPDOKD$6,HQWmRVLJDRVFDERVHUDVWUHLHDRUGHP

(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ

͵Ͷ


 eLPSRUWDQWHUHVVDOWDUTXHTXDQGRR%XVHVWiHPIDOKDQHPVHPSUHYDLHVWDUDODUPDGR
FRP DOJXPD OX] YHUPHOKD DFHVD HOH SRGH HVWDU FRP LQGLFDomR GH ³EXV RN´ DFHVR R TXH
FKDPDPRVGHIDOKDPDVFDUDGDSRLVTXDQGRWURFDGRREXVGHDSHQDVXPDH[WUHPLGDGHWRGDVDV
YiOYXODV SDUDP GH SLVFDU QD WHOD H DSUHVHQWDP FRPSRUWDPHQWR QRUPDO HPERUD R EXV GD RXWUD
H[WUHPLGDGH DLQGDHVWHMD FRP IDOKD 3RUWDQWRQHVVDFRQGLomRQmRVHHQJDQHWURTXH R EXV GDV
GXDVH[WUHPLGDGHVGDVHomRGHYiOYXODVSDUDHYLWDUIDOKDVIXWXUDVHPVHo}HVGHPDOKD



([PDOKDVQRJDWHZD\ORFDOL]DGRQDLRER[REWLGRGRSODQR(XWLOL]DGRQR%UDP%~]LRV


 0DVWHU %XV 3URWHFWLRQ 0RGXOH GH XPD PDOKD GH YiOYXODV HVWD TXHLPDGR 6ROLFLWH DR VHX
FRRUGHQDGRUHRXJHUHQWHXPQRYR0DVWHU%XVSDUDDWURFD
 8WLOL]DQGR D PDOKD  GR H[HPSOR VH DV YiOYXYDV GH HQGHUHoR GH  D  GD PDOKD 
HVWLYHUHPSLVFDQGRQDWHOD %6%6%6%6%6%6%6%6%6%6)6
/+2  /+2  H FRP WRGRV RV EXV SURWHFWLRQ PRGXOH GHVWD PDOKD DSDJDGRV PDV VH DV
YiOYXODV GH HQGHUHoR GH  D  GD PDOKD  FRQWLQXDUHP QRUPDLV %6 %6 %6  )2


(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ

͵ͷ

)2)6)6)6 LVVRLQGLFDTXHRPDVWHUEXVSURWHFWLRQPRGXOH %3 TXHDOLPHQWD
HIRUQHFHGDGRVSDUDRVEXVSURWHFWLRQPRGXOHGDPDOKDTXHLPRXRXHVWiFRPPDXFRQWDWR
 $VVLPFRPRVHDVYiOYXOYDVGHDGDPDOKDHVWLYHUHPSLVFDQGRQDWHODHFRPWRGRV
RVEXVSURWHFWLRQPRGXOHGHVWD PDOKDDSDJDGRVPDVVHDVYiOYXODVGHDGDPDOKD$6,
FRQWLQXDUHPQRUPDLVLVVR LQGLFDTXHRPDVWHUEXVSURWHFWLRQPRGXOH %3 TXHDOLPHQWDRV
EXVSURWHFWLRQPRGXOHGDPDOKDTXHLPRXRXHVWiFRPPDXFRQWDWR
 3DUDRVGRLVFDVRVYHULILTXHVHDOX]GH³EXVVKRUW´HVWiDFHVDVHHVWLYHUGHVFRQHFWHRV
FDERVEUDQFRHYHUPHOKRHYHMDVHDOX]DSDJRX6HWLYHUDSDJDGRRSUREOHPDpQDPDOKDHVHUi
SUHFLVR VHJXLU WRGDV DV YiOYXODV GD PDOKD SDUD GHVFREULU RQGH HVWi R SUREOHPD VH QmR WLYHU
DSDJDGRHQWmRRSUREOHPDpQRSUySULRPDVWHUEXVHVHID]QHFHVViULRUHDOL]DUDWURFD
 &DVRRPDVWHUEXVQmRHVWHMDFRPROHGGHLQGLFDomR³EXVRN´DFHVRYHULILTXHDWHQVmR
GHHQWUDGDQRPHVPR H D WHQVmR GHVDtGDQR JDWHZD\ SDUD VDEHUVHHOHHQWURXHP FXUWRRX VH
DSHQDVSUHFLVDOLPSDUHRXUHDSHUWDURVSDUDIXVRVGRVERUQHV
 1HVWDVLWXDomRDVYiOYXODVGHDSHQDVXPDPDOKDGRSURILEXVILFDPSLVFDQGRQDWHOD
 



0DVWHU%XV%3H0DVWHU%XV%3

$VGXDVIRQWHVGHDOLPHQWDomR 36H36 GRJDWHZD\TXHLPDUDP
 2FDVRH[WUHPDPHQWHLPSURYiYHOpRJDWHZD\HVWDUERPSRUpPDSDJDGRGHYLGRIDOKDQDV
VXDVGXDVIRQWHVGHDOLPHQWDomR36H362EVHUYHVHRGLVMXQWRU&%HVWiOLJDGRHYHULILTXH
VXDVWHQV}HVGHHQWUDGDHVDtGD WHQVmRGHHQWUDGDSURYHQLHQWHGR7%HWHQVmRGHVDtGDYDLSDUD
DVIRQWHV 
 &DVR QmR WHQKD WHQVmR QD HQWUDGD GR &% IDoD XP WURXEOHVKRRWLQJ SDUD GHVFREULU R
PRWLYRGHQmRHVWDUFKHJDQGRRXVDLQGRWHQVmRQR7%
 &DVRHVWHMDVDLQGRWHQVmRGR&%HFKHJDQGRQDVIRQWHV36H36YHULILTXHDVWHQV}HV
GHVDtGDQDVPHVPDVSDUDFRPSURYDUTXHDVGXDVTXHLPDUDP
 1HVWDVLWXDomRDVYiOYXOYDVGDVGXDVPDOKDVGRSURILEXVILFDPSLVFDQGRQDWHOD

(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ

͵͸




)RQWH36HIRQWH36

*DWHZD\GHVFRQILJXUDGRRXTXHLPDGRHPFXUWR

 3DUDHVWDVLWXDomRSULPHLUDPHQWHYHULILTXHVHRGLVMXQWRU&%HVWiOLJDGR IRWR SRLV
HOHDOLPHQWDDVIRQWHV36H36&RQVLGHUDQGRTXHHOHHVWHMDOLJDGRYHULILTXHQDVIRQWHVVHDV
OX]HV GH LQGLFDomR YHUGH ³DF SRZHU´ H ³RN´ HVWmR OLJDGDV (VWDQGR DV IRQWHV DOLPHQWDGDV
YHULILTXHVHRJDWHZD\HVWDOLJDGRIXQFLRQDQGR6HHVWLYHUOLJDGRSRUpPFRPROHGGH³FRQILJ
HUURU´DFHVRpSURYiYHOTXHRJDWHZD\WHQKDSHUGLGRRVHXHQGHUHoR6LJDRVSDVVRVDEFHG
SDUD FRQIHUrQFLD GR HQGHUHoR H WURTXH SDUD R VHX UHVSHFWLYR HQGHUHoR FRQVXOWDQGR R ( RX
VLPSOHVPHQWH YHULILFDQGR QD WHOD GH 6\VWHP 6WDWXV 3RUpP HVWDQGR DV IRQWHV DOLPHQWDV H R
JDWHZD\HVWLYHUDSDJDGRYHULILTXHDVWHQV}HVGHHQWUDGDHVDtGDGRJDWHZD\DILPGHFRQVWDWDU
TXH R PHVPR TXHLPRX 7RGRV RV JDWHZD\ QRYRV YrP FRP HQGHUHoR SDGUmR p QHFHVViULR TXH
WURTXHSDUDRVHXUHVSHFWLYRHQGHUHoR6LJDRVSDVVRVDEFHGSDUDLQVHULURHQGHUHoRQRQRYR
JDWHZD\
 1HVWDVLWXDomRDVYiOYXOYDVGDVGXDVPDOKDVGRSURILEXVILFDPSLVFDQGRQDWHOD




)RWR'LVMXQWRU&%


(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ

͵͹

3DVVRVGHFRQILJXUDomRGRJDWHZD\


   


 $SHUWHHP2.3URILEXV2.3URILEXVDGGUHVV2.1HZDGGUHVV2.


 

2VGRLVPDVWHUEXVSURWHFWLRQ %3H%3 TXHLPDUDP
 2XWURFDVRH[WUHPDPHQWHLPSURYiYHOpRJDWHZD\HVWDUOLJDGRHPSOHQRIXQFLRQDPHQWR
HWRGRVRVEXVSURWHFWLRQPRGXOHGDVYiOYXODVHVWDUHPDSDJDGRV1HVWHFDVRRVGRLVPDVWHUEXV
SURWHFWLRQPRGXOH%3H%3TXHLPDUDPRXHVWmRFRPPDXFRQWDWR
9HULILTXHVHDOX]GH³EXVVKRUW´HVWmRDFHVDVFDVRHVWHMDPHQWmRpQHFHVViULRUHDOL]DUDWURFD
 &DVR RV PDVWHU EXV QmR HVWHMDP FRP R OHG GH LQGLFDomR ³EXV RN´ DFHVR YHULILTXH DV
WHQV}HVGHHQWUDGDQRV PHVPRVHDWHQVmRGHVDtGDQRJDWHZD\SDUDVDEHUVHHOHVHQWUDUDPHP
FXUWRRXVHDSHQDVSUHFLVDOLPSDUHRXUHDSHUWDURVSDUDIXVRVGRVERUQHV
1HVWDVLWXDomRDVYiOYXOYDVGDVGXDVPDOKDVGRSURILEXVILFDPSLVFDQGRQDWHOD


 











(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ

͵ͺ

$1(;2$



'LDJUDPDUHWLUDGRGRPDQXDOYiOYXODVUHPRWDVVWRQHOPRGHOSDJ

(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ

͵ͻ

$1(;2%

'LDJUDPDGRIXQFLRQDPHQWRGDVROHQyLGHQDDEHUWXUD







$1(;2&

'LDJUDPDGRIXQFLRQDPHQWRGDVROHQyLGHQRIHFKDPHQWR


(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ

ͶͲ

$1(;2'

(QGHUHoDQGRSDUD]HUR





$6,SURILEXVJDWHZD\SDJ









(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ

Ͷͳ


$1(;2(

(QGHUHoDQGRVREUH]HUR





$6,SURILEXVJDWHZD\SDJ


(VWHJXLDVHUYHSDUDRULHQWDUHDX[LOLDUTXDOTXHURILFLDOGHPiTXLQDVDUHDOL]DUPDQXWHQo}HVHPYiOYXODVVWRQHO$[LRPH
GHL[iODVRSHUDFLRQDLV

E\$ULDQH&DUGRVRUG(QJ1DY(QJ


You might also like