Cpia no autorizada

1250$
%5$6,/(,5$

$%171%5

6HJXQGDHGLomR


9iOLGDDSDUWLUGH


,QVWDODo}HVHOpWULFDVGHEDL[DWHQVmR
Electrical installations of buildings

Low voltage

3DODYUDFKDYH ,QVWDODomRHOpWULFDHPHGLILFDomR
Descriptor:
Electrical installation of building.
,&6

1~PHURGHUHIHUrQFLD
$%171%5
SiJLQDV

$%17

Cpia no autorizada

$%171%5

7DEHOD7LSRVGHOLQKDVHOpWULFDV
0pWRGRGH
LQVWDODomR
Q~PHUR

0pWRGRGH
UHIHUrQFLD

'HVFULomR

&RQGXWRUHVLVRODGRVRXFDERVXQLSRODUHVHP
HOHWURGXWRGHVHomRFLUFXODUHPEXWLGRHP
SDUHGHWHUPLFDPHQWHLVRODQWH

$

&DERPXOWLSRODUHPHOHWURGXWRGHVHomR
FLUFXODUHPEXWLGRHPSDUHGHWHUPLFDPHQWH

LVRODQWH

$

&RQGXWRUHVLVRODGRVRXFDERVXQLSRODUHVHP
HOHWURGXWRDSDUHQWHGHVHomRFLUFXODUVREUH
SDUHGHRXHVSDoDGRGHVWDPHQRVGHYH]
RGLkPHWURGRHOHWURGXWR

%

&DERPXOWLSRODUHPHOHWURGXWRDSDUHQWHGH
VHomRFLUFXODUVREUHSDUHGHRXHVSDoDGR
GHVWDPHQRVGHYH]RGLkPHWURGR
HOHWURGXWR

%

&RQGXWRUHVLVRODGRVRXFDERVXQLSRODUHVHP
HOHWURGXWRDSDUHQWHGHVHomRQmRFLUFXODU
VREUHSDUHGH

%

&DERPXOWLSRODUHPHOHWURGXWRDSDUHQWHGH
VHomRQmRFLUFXODUVREUHSDUHGH

%

&RQGXWRUHVLVRODGRVRXFDERVXQLSRODUHVHP
HOHWURGXWRGHVHomRFLUFXODUHPEXWLGRHP
DOYHQDULD

%

&DERPXOWLSRODUHPHOHWURGXWRGHVHomR
FLUFXODUHPEXWLGRHPDOYHQDULD

%



&DERVXQLSRODUHVRXFDERPXOWLSRODUVREUH
SDUHGHRXHVSDoDGRGHVWDPHQRVGHYH]
RGLkPHWURGRFDER

&

&DERVXQLSRODUHVRXFDERPXOWLSRODUIL[DGR
GLUHWDPHQWHQRWHWR

&

$



(VTXHPDLOXVWUDWLYR

$%177RGRVRVGLUHLWRVUHVHUYDGRV

Cpia no autorizada

$%171%5

7DEHOD FRQWLQXDomR
0pWRGRGH
LQVWDODomR
Q~PHUR

'HVFULomR

0pWRGRGH
UHIHUrQFLD

&DERVXQLSRODUHVRXFDERPXOWLSRODUDIDVWDGR
GRWHWRPDLVGHYH]RGLkPHWURGRFDER

&



&DERVXQLSRODUHVRXFDERPXOWLSRODUHP
EDQGHMDQmRSHUIXUDGDSHUILODGRRX
SUDWHOHLUD

&



&DERVXQLSRODUHVRXFDERPXOWLSRODUHP
EDQGHMDSHUIXUDGDKRUL]RQWDORXYHUWLFDO 



&DERVXQLSRODUHVRXFDERPXOWLSRODUVREUH
VXSRUWHVKRUL]RQWDLVHOHWURFDOKDDUDPDGDRX
WHOD



&DERVXQLSRODUHVRXFDERPXOWLSRODU
DIDVWDGRVGDSDUHGHPDLVGHYH]R
GLkPHWURGRFDER



&DERVXQLSRODUHVRXFDERPXOWLSRODUHPOHLWR



&DERVXQLSRODUHVRXFDERPXOWLSRODU
VXVSHQVRVSRUFDERGHVXSRUWHLQFRUSRUDGR
RXQmR

)XQLSRODUHV



&RQGXWRUHVQXVRXLVRODGRVVREUHLVRODGRUHV



&DERV XQLSRODUHV RX FDERV PXOWLSRODUHV HP


HVSDoR GH FRQVWUXomR  VHMDP HOHV ODQoDGRV
GLUHWDPHQWH VREUH D VXSHUItFLH GR HVSDoR GH
FRQVWUXomR VHMDP LQVWDODGRV HP VXSRUWHV RX
FRQGXWRV DEHUWRV EDQGHMD SUDWHOHLUD WHOD RX

OHLWRGLVSRVWRVQRHVSDoRGHFRQVWUXomR

(VTXHPDLOXVWUDWLYR

%

$%177RGRVRVGLUHLWRVUHVHUYDGRV

(PXOWLSRODU
)XQLSRODUHV
(PXOWLSRODU
)XQLSRODUHV

(PXOWLSRODU
)XQLSRODUHV

(PXOWLSRODU
)XQLSRODUHV

(PXOWLSRODU

'H 9 <'H
%
'H 9 <'H
%



Cpia no autorizada

$%171%5

7DEHOD FRQWLQXDomR
0pWRGRGH
LQVWDODomR
Q~PHUR

(VTXHPDLOXVWUDWLYR

0pWRGRGH
UHIHUrQFLD

'HVFULomR

'H 9 <'H
&RQGXWRUHV LVRODGRV HP HOHWURGXWR GH VHomR
FLUFXODUHPHVSDoRGHFRQVWUXomR 



%
9 'H
%

&DERVXQLSRODUHVRXFDERPXOWLSRODUHP
HOHWURGXWRGHVHomRFLUFXODUHPHVSDoRGH

FRQVWUXomR



%

'H 9 <'H
&RQGXWRUHVLVRODGRVHPHOHWURGXWRGHVHomR
QmRFLUFXODURXHOHWURFDOKDHPHVSDoRGH
FRQVWUXomR



%
9 'H
%

&DERVXQLSRODUHVRXFDERPXOWLSRODUHP
HOHWURGXWRGHVHomRQmRFLUFXODURX
HOHWURFDOKDHPHVSDoRGHFRQVWUXomR 



%
 9 <'H

&RQGXWRUHVLVRODGRVHPHOHWURGXWRGHVHomR
QmRFLUFXODUHPEXWLGRHPDOYHQDULD



%
'H 9 <'H
%

&DERVXQLSRODUHVRXFDERPXOWLSRODUHP
HOHWURGXWRGHVHomRQmRFLUFXODUHPEXWLGRHP
DOYHQDULD



&RQGXWRUHVLVRODGRVRXFDERVXQLSRODUHVHP
HOHWURFDOKDVREUHSDUHGHHPSHUFXUVR
KRUL]RQWDORXYHUWLFDO




%

%





&DERPXOWLSRODUHPHOHWURFDOKDVREUHSDUHGH
HPSHUFXUVRKRUL]RQWDORXYHUWLFDO



%

$%



$%177RGRVRVGLUHLWRVUHVHUYDGRV

Cpia no autorizada

$%171%5

7DEHOD FRQWLQXDomR
0pWRGRGH
LQVWDODomR
Q~PHUR

(VTXHPDLOXVWUDWLYR

'HVFULomR

0pWRGRGH
UHIHUrQFLD



&RQGXWRUHVLVRODGRVRXFDERVXQLSRODUHVHP
FDQDOHWDIHFKDGDHPEXWLGDQRSLVR

%



&DERPXOWLSRODUHPFDQDOHWDIHFKDGD
HPEXWLGDQRSLVR

%



&RQGXWRUHVLVRODGRVRXFDERVXQLSRODUHVHP
HOHWURFDOKDRXSHUILODGRVXVSHQVDR

%



&DERPXOWLSRODUHPHOHWURFDOKDRXSHUILODGR
VXVSHQVDR

%



&RQGXWRUHVLVRODGRVRXFDERVXQLSRODUHVHP
HOHWURGXWRGHVHomRFLUFXODUFRQWLGRHP
FDQDOHWDIHFKDGDFRPSHUFXUVRKRUL]RQWDORX

YHUWLFDO

'H 9 <'H
%
9 'H
%



&RQGXWRUHVLVRODGRVHPHOHWURGXWRGHVHomR
FLUFXODUFRQWLGRHPFDQDOHWDYHQWLODGD
HPEXWLGDQRSLVR

%



&DERVXQLSRODUHVRXFDERPXOWLSRODUHP
FDQDOHWDYHQWLODGDHPEXWLGDQRSLVR

%



&DERPXOWLSRODUHPEXWLGRGLUHWDPHQWHHP
SDUHGHWHUPLFDPHQWHLVRODQWH 

$

$%177RGRVRVGLUHLWRVUHVHUYDGRV



Cpia no autorizada

$%171%5

7DEHOD FRQWLQXDomR
0pWRGRGH
LQVWDODomR
Q~PHUR

(VTXHPDLOXVWUDWLYR

0pWRGRGH
UHIHUrQFLD

'HVFULomR



&DERVXQLSRODUHVRXFDERPXOWLSRODU
HPEXWLGRVGLUHWDPHQWHHPDOYHQDULDVHP
SURWHomRPHFkQLFDDGLFLRQDO

&



&DERVXQLSRODUHVRXFDERPXOWLSRODU
HPEXWLGRVGLUHWDPHQWHHPDOYHQDULDFRP
SURWHomRPHFkQLFDDGLFLRQDO

&



&DERPXOWLSRODUHPHOHWURGXWRGHVHomR
FLUFXODURXQmRRXHPFDQDOHWDQmRYHQWLODGD
HQWHUUDGRD

'

&DERVXQLSRODUHVHPHOHWURGXWRGHVHomR
QmRFLUFXODURXQmRRXHPFDQDOHWDQmR

YHQWLODGDHQWHUUDGRD

'



&DERVXQLSRODUHVRXFDERPXOWLSRODU
GLUHWDPHQWHHQWHUUDGRVFRPSURWHomR
PHFkQLFDDGLFLRQDO

'



&RQGXWRUHVLVRODGRVRXFDERVXQLSRODUHVHP
PROGXUD

$

&RQGXWRUHVLVRODGRVRXFDERVXQLSRODUHV
HPFDQDOHWDSURYLGDGHVHSDUDo}HVVREUH
SDUHGH

%

$&DERPXOWLSRODUHPFDQDOHWDSURYLGDGH
VHSDUDo}HVVREUHSDUHGH

%

&RQGXWRUHVLVRODGRVHPHOHWURGXWRFDERV
XQLSRODUHVRXFDERPXOWLSRODUHPEXWLGRVHP
FDL[LOKRGHSRUWD

$

$


$
$




$%177RGRVRVGLUHLWRVUHVHUYDGRV

Cpia no autorizada

$%171%5

7DEHOD FRQWLQXDomR
0pWRGRGH
LQVWDODomR
Q~PHUR

(VTXHPDLOXVWUDWLYR



'HVFULomR

0pWRGRGH
UHIHUrQFLD

&RQGXWRUHVLVRODGRVHPHOHWURGXWRFDERV
XQLSRODUHVRXFDERPXOWLSRODUHPEXWLGRVHP
FDL[LOKRGHMDQHOD

$

&RQGXWRUHVLVRODGRVRXFDERVXQLSRODUHV
HPFDQDOHWDHPEXWLGDHPSDUHGH


$

$  &DER PXOWLSRODU HP FDQDOHWD HPEXWLGD

HPSDUHGH

%
%

$


0pWRGRGHUHIHUrQFLDDVHUXWLOL]DGRQDGHWHUPLQDomRGDFDSDFLGDGHGHFRQGXomRGHFRUUHQWH9HU

$VVXPHVHTXHDIDFHLQWHUQDGDSDUHGHDSUHVHQWDXPDFRQGXWkQFLDWpUPLFDQmRLQIHULRUD:P .

$GPLWHPVHWDPEpPFRQGXWRUHVLVRODGRVHPSHUILODGRGHVGHTXHQDVFRQGLo}HVGHILQLGDVQDQRWDGH

$ FDSDFLGDGH GH FRQGXomR GH FRUUHQWH SDUD EDQGHMD SHUIXUDGD IRL GHWHUPLQDGD FRQVLGHUDQGRVH TXH RV IXURV
RFXSDVVHPQRPtQLPRGDiUHDGDEDQGHMD6HRVIXURVRFXSDUHPPHQRVGHGDiUHDGDEDQGHMDHODGHYH
VHUFRQVLGHUDGDFRPRQmRSHUIXUDGD

&RQIRUPHD $%17 1%5 ,(&  RV SRoRV DV JDOHULDV RV SLVRV WpFQLFRV RV FRQGXWRV IRUPDGRV SRU
EORFRVDOYHRODGRVRVIRUURVIDOVRVRV SLVRVHOHYDGRV HRVHVSDoRV LQWHUQRVH[LVWHQWHVHP FHUWRVWLSRVGHGLYLVyULDV
FRPRSRUH[HPSORDVSDUHGHVGHJHVVRDFDUWRQDGRVmRFRQVLGHUDGRVHVSDoRVGHFRQVWUXomR


'H p R GLkPHWUR H[WHUQR GR FDER QR FDVR GH FDER PXOWLSRODU 1R FDVR GH FDERV XQLSRODUHV RX FRQGXWRUHV
LVRODGRVGLVWLQJXHPVHGXDVVLWXDo}HV


WUrV FDERV XQLSRODUHV RX FRQGXWRUHV LVRODGRV GLVSRVWRV HP WULIyOLR 'H GHYH VHU WRPDGR LJXDO D  YH]HV R
GLkPHWURGRFDERXQLSRODURXFRQGXWRULVRODGR

WUrV FDERV XQLSRODUHV RX FRQGXWRUHV LVRODGRV DJUXSDGRV QXP PHVPR SODQR 'H GHYH VHU WRPDGR LJXDO D
YH]HVRGLkPHWURGRFDERXQLSRODURXFRQGXWRULVRODGR


'HpRGLkPHWURH[WHUQRGRHOHWURGXWRTXDQGRGHVHomRFLUFXODURXDOWXUDSURIXQGLGDGHGRHOHWURGXWRGHVHomR
QmRFLUFXODURXGDHOHWURFDOKD


$GPLWHVHWDPEpPRXVRGHFRQGXWRUHVLVRODGRVGHVGHTXHQDVFRQGLo}HVGHILQLGDVQDQRWDGH

$GPLWHPVH FDERV GLUHWDPHQWH HQWHUUDGRV VHP SURWHomR PHFkQLFD DGLFLRQDO GHVGH TXH HVVHV FDERV VHMDP
SURYLGRV GH DUPDomR YHU  'HYHVH QRWDU SRUpP TXH HVWD 1RUPD QmR IRUQHFH YDORUHV GH FDSDFLGDGH GH
FRQGXomR GH FRUUHQWH SDUD FDERV DUPDGRV 7DLV FDSDFLGDGHV GHYHP VHU GHWHUPLQDGDV FRPR LQGLFDGR QD
$%171%5
127$    (P OLQKDV RX WUHFKRV YHUWLFDLV TXDQGR D YHQWLODomR IRU UHVWULWD GHYHVH DWHQWDU SDUD ULVFR GH DXPHQWR
FRQVLGHUiYHOGDWHPSHUDWXUDDPELHQWHQRWRSRGRWUHFKRYHUWLFDO

 6HOHomRHLQVWDODomRHPIXQomRGDVLQIOXrQFLDVH[WHUQDV
127$
$V SUHVFULo}HV UHODWLYDV j VHOHomR H LQVWDODomR GDV OLQKDV VRE R SRQWR GH YLVWD GDV LQIOXrQFLDV H[WHUQDV
LQGLFDGDVHPVmRDSUHVHQWDGDVQDWDEHOD

$%177RGRVRVGLUHLWRVUHVHUYDGRV



Cpia no autorizada

$%171%5

7DEHOD7HPSHUDWXUDVFDUDFWHUtVWLFDVGRVFRQGXWRUHV
7HPSHUDWXUD
Pi[LPDSDUD
VHUYLoRFRQWtQXR
FRQGXWRU
R
&

7HPSHUDWXUD
OLPLWHGH
VREUHFDUJD
FRQGXWRU
R
&

7HPSHUDWXUD
OLPLWHGH
FXUWRFLUFXLWR
FRQGXWRU
R
&

3ROLFORUHWRGHYLQLOD39&DWpPP







3ROLFORUHWRGHYLQLOD39&PDLRUTXHPP







%RUUDFKDHWLOHQRSURSLOHQR(35







3ROLHWLOHQRUHWLFXODGR;/3(







7LSRGHLVRODomR


$SUHVFULomRGHpFRQVLGHUDGDDWHQGLGDVHDFRUUHQWHQRVFRQGXWRUHVQmRIRUVXSHULRU
jVFDSDFLGDGHVGHFRQGXomRGHFRUUHQWH DGHTXDGDPHQWH REWLGDVGDVWDEHODVD  FRUULJLGDV VH IRU R
FDVRSHORVIDWRUHVLQGLFDGRVQDVWDEHODVD
127$6
 $V WDEHODVDIRUQHFHPDVFDSDFLGDGHVGHFRQGXomRGHFRUUHQWHSDUDRVPpWRGRVGHUHIHUrQFLD$$%
%&'()H*GHVFULWRVHPDSOLFiYHLVDGLYHUVRVWLSRVGHOLQKDVFRQIRUPHLQGLFDGRQDWDEHOD
 $V FDSDFLGDGHV GH FRQGXomR GH FRUUHQWH GDGDV QDV WDEHODV  D  UHIHUHPVH D IXQFLRQDPHQWR FRQWtQXR HP
UHJLPH SHUPDQHQWH IDWRU GH FDUJD  HP FRUUHQWH FRQWtQXD RX HP FRUUHQWH DOWHUQDGD FRP IUHTrQFLD GH +]
RX+]


2V YDORUHV GH FDSDFLGDGH GH FRQGXomR GH FRUUHQWH SRGHP WDPEpP VHU FDOFXODGRV FRPR
LQGLFDGRQD$%171%5'HSHQGHQGRGRFDVRSRGHVHUQHFHVViULROHYDUHPFRQWDDVFDUDFWHUtVWLFDV
GDFDUJDHSDUDRVFDERVHQWHUUDGRVDUHVLVWLYLGDGHWpUPLFDUHDOGRVROR



$%177RGRVRVGLUHLWRVUHVHUYDGRV

Cpia no autorizada

$%171%5

7DEHOD   &DSDFLGDGHV GH FRQGXomR GH FRUUHQWH HP DPSqUHV SDUD RV PpWRGRV GH UHIHUrQFLD
$$%%&H'
&RQGXWRUHVFREUHHDOXPtQLR
,VRODomR39&
7HPSHUDWXUDQRFRQGXWRU&
7HPSHUDWXUDVGHUHIHUrQFLDGRDPELHQWH&DU&VROR
6Ho}HV
QRPLQDLV
PP 

$

$

0pWRGRVGHUHIHUrQFLDLQGLFDGRVQDWDEHOD
%
%
1~PHURGHFRQGXWRUHVFDUUHJDGRV









































































































































































































































$%177RGRVRVGLUHLWRVUHVHUYDGRV




&REUH
















































$OXPtQLR

































&

'














































































































































































































































































Cpia no autorizada

$%171%5

7DEHOD &DSDFLGDGHVGHFRQGXomRGHFRUUHQWHHPDPSqUHVSDUDRVPpWRGRVGH
UHIHUrQFLD$$%%&H'
&RQGXWRUHVFREUHHDOXPtQLR
,VRODomR(35RX;/3(
7HPSHUDWXUDQRFRQGXWRU&
7HPSHUDWXUDVGHUHIHUrQFLDGRDPELHQWH&DU&VROR
6Ho}HV
QRPLQDLV
PP 

$

$

0pWRGRVGHUHIHUrQFLDLQGLFDGRVQDWDEHOD
%
%
1~PHURGHFRQGXWRUHVFDUUHJDGRV















































































































































































































































&REUH












































 
 
$OXPtQLR

































&

'












































































































































































































































































$%177RGRVRVGLUHLWRVUHVHUYDGRV

Cpia no autorizada

$%171%5

7DEHOD&DSDFLGDGHVGHFRQGXomRGHFRUUHQWHHPDPSqUHVSDUDRVPpWRGRVGH
UHIHUrQFLD()H*
&RQGXWRUHVFREUHHDOXPtQLR
,VRODomR39&
7HPSHUDWXUDQRFRQGXWRU&
7HPSHUDWXUDDPELHQWHGHUHIHUrQFLD&
0pWRGRVGHUHIHUrQFLDLQGLFDGRVQDWDEHOD
&DERVXQLSRODUHV
7UrVFRQGXWRUHVFDUUHJDGRV
7UrV
'RLV
7UrV
QRPHVPRSODQR
FRQGXWRUHV
FRQGXWRUHV
FRQGXWRUHV
FDUUHJDGRV
FDUUHJDGRV
(VSDoDGRV
FDUUHJDGRV
-XVWDSRVWRV
MXVWDSRVWRV
HPWULIyOLR
+RUL]RQWDO
9HUWLFDO
0pWRGR(
0pWRGR)
0pWRGR)
0pWRGR)
0pWRGR*
0pWRGR*

&DERVPXOWLSRODUHV
6Ho}HV
QRPLQDLV
GRV
FRQGXWRUHV
PP 

'RLV
FRQGXWRUHV
FDUUHJDGRV
0pWRGR(













































































































&REUH












































































































$%177RGRVRVGLUHLWRVUHVHUYDGRV

















































$OXPtQLR























Cpia no autorizada

$%171%5

7DEHOD FRQFOXVmR
0pWRGRVGHUHIHUrQFLDLQGLFDGRVQDWDEHOD
&DERVXQLSRODUHV
7UrVFRQGXWRUHVFDUUHJDGRV
7UrV
'RLV
7UrV
QRPHVPRSODQR
FRQGXWRUHV
FRQGXWRUHV
FRQGXWRUHV
FDUUHJDGRV
FDUUHJDGRV
(VSDoDGRV
FDUUHJDGRV
-XVWDSRVWRV
MXVWDSRVWRV
HPWULIyOLR
+RUL]RQWDO
9HUWLFDO
0pWRGR(
0pWRGR)
0pWRGR)
0pWRGR)
0pWRGR*
0pWRGR*

&DERVPXOWLSRODUHV

6Ho}HV
QRPLQDLV
GRV
FRQGXWRUHV
PP 

'RLV
FRQGXWRUHV
FDUUHJDGRV
0pWRGR(

$OXPtQLR
































































2XDLQGDFRQGXWRUHVLVRODGRVTXDQGRRPpWRGRGHLQVWDODomRSHUPLWLU

7DEHOD&DSDFLGDGHVGHFRQGXomRGHFRUUHQWHHPDPSqUHVSDUDRVPpWRGRVGH
UHIHUrQFLD()H*
&RQGXWRUHVFREUHHDOXPtQLR
,VRODomR(35RX;/3(
7HPSHUDWXUDQRFRQGXWRU&
7HPSHUDWXUDDPELHQWHGHUHIHUrQFLD&
0pWRGRVGHUHIHUrQFLDLQGLFDGRVQDWDEHOD
&DERVXQLSRODUHV
7UrVFRQGXWRUHVFDUUHJDGRV
7UrV
'RLV
7UrV
QRPHVPRSODQR
FRQGXWRUHV
FRQGXWRUHV
FRQGXWRUHV
FDUUHJDGRV
FDUUHJDGRV
(VSDoDGRV
FDUUHJDGRV
-XVWDSRVWRV
MXVWDSRVWRV
HPWULIyOLR
+RUL]RQWDO
9HUWLFDO
0pWRGR(
0pWRGR)
0pWRGR)
0pWRGR) 0pWRGR* 0pWRGR*

&DERVPXOWLSRODUHV

6Ho}HV
QRPLQDLVGRV
FRQGXWRUHV
PP 

'RLV
FRQGXWRUHV
FDUUHJDGRV
0pWRGR(













































&REUH














































$%177RGRVRVGLUHLWRVUHVHUYDGRV

Cpia no autorizada

$%171%5

7DEHODFRQFOXVmR
0pWRGRVGHUHIHUrQFLDLQGLFDGRVQDWDEHOD
&DERVXQLSRODUHV
7UrVFRQGXWRUHVFDUUHJDGRV
7UrV
'RLV
7UrV
QRPHVPRSODQR
FRQGXWRUHV
FRQGXWRUHV
FRQGXWRUHV
FDUUHJDGRV
FDUUHJDGRV
(VSDoDGRV
FDUUHJDGRV
-XVWDSRVWRV
MXVWDSRVWRV
HPWULIyOLR
+RUL]RQWDO
9HUWLFDO
0pWRGR(
0pWRGR)
0pWRGR)
0pWRGR) 0pWRGR* 0pWRGR*

&DERVPXOWLSRODUHV

6Ho}HV
QRPLQDLVGRV
FRQGXWRUHV
PP 

'RLV
FRQGXWRUHV
FDUUHJDGRV
0pWRGR(


































































































&REUH














$OXPtQLR

















































































































































2XDLQGDFRQGXWRUHVLVRODGRVTXDQGRRPpWRGRGHLQVWDODomRSHUPLWLU

$%177RGRVRVGLUHLWRVUHVHUYDGRV



Cpia no autorizada

$%171%5



7HPSHUDWXUDDPELHQWH


2 YDORU GD WHPSHUDWXUD DPELHQWH D XWLOL]DU p R GD WHPSHUDWXUD GR PHLR FLUFXQGDQWH TXDQGR R
FRQGXWRUFRQVLGHUDGRQmRHVWLYHUFDUUHJDGR

2V YDORUHV GH FDSDFLGDGH GH FRQGXomR GH FRUUHQWH IRUQHFLGRV SHODV WDEHODV  D  VmR
UHIHULGRV D XPD WHPSHUDWXUD DPELHQWH GH & SDUD WRGDV DV PDQHLUDV GH LQVWDODU H[FHWR DV OLQKDV
HQWHUUDGDVFXMDVFDSDFLGDGHVVmRUHIHULGDVDXPDWHPSHUDWXUDQRVRORGH&

6HRVFRQGXWRUHVIRUHPLQVWDODGRVHPDPELHQWHFXMDWHPSHUDWXUDGLILUDGRVYDORUHVLQGLFDGRVHP
 VXD FDSDFLGDGH GH FRQGXomR GH FRUUHQWH GHYH VHU GHWHUPLQDGD XVDQGRVH DV WDEHODV  D 
FRPDDSOLFDomRGRVIDWRUHVGHFRUUHomRGDGRVQDWDEHOD
127$
2VIDWRUHVGHFRUUHomRGDWDEHODQmRFRQVLGHUDPRDXPHQWRGHWHPSHUDWXUDGHYLGRjUDGLDomRVRODURXD
RXWUDVUDGLDo}HVLQIUDYHUPHOKDV4XDQGRRVFRQGXWRUHVIRUHPVXEPHWLGRVDWDLVUDGLDo}HVDVFDSDFLGDGHVGHFRQGXomR
GHFRUUHQWHGHYHPVHUFDOFXODGDVSHORVPpWRGRVHVSHFLILFDGRVQD$%171%5

7DEHOD)DWRUHVGHFRUUHomRSDUDWHPSHUDWXUDVDPELHQWHVGLIHUHQWHV
GH&SDUDOLQKDVQmRVXEWHUUkQHDVHGH&
WHPSHUDWXUDGRVRORSDUDOLQKDVVXEWHUUkQHDV
7HPSHUDWXUD
R
&

,VRODomR
39&

(35RX;/3(

























































































































































$PELHQWH

'RVROR



$%177RGRVRVGLUHLWRVUHVHUYDGRV

Cpia no autorizada

$%171%5



5HVLVWLYLGDGHWpUPLFDGRVROR

1DV WDEHODV  H  DV FDSDFLGDGHV GH FRQGXomR GH FRUUHQWH LQGLFDGDV SDUD OLQKDV VXEWHUUkQHDV VmR
YiOLGDV SDUD XPD UHVLVWLYLGDGH WpUPLFD GR VROR GH .P: 4XDQGR D UHVLVWLYLGDGH WpUPLFD GR VROR IRU
VXSHULRU D .P: FDVR GH VRORV PXLWR VHFRV RV YDORUHV LQGLFDGRV QDV WDEHODV GHYHP VHU
DGHTXDGDPHQWH UHGX]LGRV DPHQRVTXHRVRORQDYL]LQKDQoDLPHGLDWD GRVFRQGXWRUHV VHMDVXEVWLWXtGRSRU
WHUUDRXPDWHULDOHTXLYDOHQWHFRPGLVVLSDomRWpUPLFDPDLVIDYRUiYHO$WDEHODIRUQHFHIDWRUHVGHFRUUHomR
SDUDUHVLVWLYLGDGHVWpUPLFDVGRVRORGLIHUHQWHVGH.P:
127$6
 2 YDORU GH .P: p R UHFRPHQGDGR SHOD ,(& TXDQGR R WLSR GH VROR H D ORFDOL]DomR JHRJUiILFD QmR VmR
HVSHFLILFDGRV
 2VYDORUHVGHFDSDFLGDGHGHFRQGXomRGHFRUUHQWHLQGLFDGRVQDVWDEHODVHSDUDOLQKDVVXEWHUUkQHDVUHIHUHP
VH DSHQDV D SHUFXUVRV QR LQWHULRU RX HP WRUQR GDV HGLILFDo}HV 3DUD RXWUDVLQVWDODo}HV TXDQGR IRU SRVVtYHO FRQKHFHU
YDORUHVPDLVSUHFLVRVGDUHVLVWLYLGDGHWpUPLFD GRVROR HP IXQomR GDFDUJD RVYDORUHVGHFDSDFLGDGHGHFRQGXomRGH
FRUUHQWHSRGHPVHUFDOFXODGRVSHORVPpWRGRVHVSHFLILFDGRVQD$%171%5

7DEHOD)DWRUHVGHFRUUHomRSDUDOLQKDVVXEWHUUkQHDVHPVRORFRP
UHVLVWLYLGDGHWpUPLFDGLIHUHQWHGH.P:
5HVLVWLYLGDGHWpUPLFD.P:
)DWRUGHFRUUHomR











127$6
2VIDWRUHVGHFRUUHomRGDGRVVmRYDORUHVPpGLRVSDUDDVVHo}HVQRPLQDLVDEUDQJLGDVQDV
WDEHODVHFRPXPDGLVSHUVmRJHUDOPHQWHLQIHULRUD
 2V
 IDWRUHV GH FRUUHomR VmR DSOLFiYHLV D FDERV HP HOHWURGXWRV HQWHUUDGRV D XPD
SURIXQGLGDGHGHDWpP
 2V IDWRUHV GH FRUUHomR SDUD FDERV GLUHWDPHQWH HQWHUUDGRV VmR PDLV HOHYDGRV SDUD
UHVLVWLYLGDGHV WpUPLFDV LQIHULRUHV D .P: H SRGHP VHU FDOFXODGRV SHORV PpWRGRV
LQGLFDGRVQD$%171%5



$JUXSDPHQWRGHFLUFXLWRV


2VYDORUHVGHFDSDFLGDGHGHFRQGXomRGHFRUUHQWHIRUQHFLGRVSHODVWDEHODVDVmRYiOLGRV
SDUD R Q~PHUR GH FRQGXWRUHV FDUUHJDGRV TXH VH HQFRQWUD LQGLFDGR HP FDGD XPD GH VXDV FROXQDV
3DUDOLQKDVHOpWULFDVFRQWHQGRXPWRWDOGHFRQGXWRUHVVXSHULRUjVTXDQWLGDGHVLQGLFDGDVQDVWDEHODVD
DFDSDFLGDGHGHFRQGXomRGHFRUUHQWHGRVFRQGXWRUHVGHFDGDFLUFXLWRGHYHVHUGHWHUPLQDGDXVDQGRVHDV
WDEHODVDFRPDDSOLFDomRGRVIDWRUHVGHFRUUHomRSHUWLQHQWHVGDGRVQDVWDEHODVDIDWRUHVGH
DJUXSDPHQWR
127$6


6REUHRQ~PHURGHFRQGXWRUHVFDUUHJDGRVDVHUFRQVLGHUDGRSRUFLUFXLWRYHU

 2VIDWRUHVGHDJUXSDPHQWRGDVWDEHODVDVmRDSOLFiYHLVDFRQGXWRUHVFRPPHVPDWHPSHUDWXUDPi[LPDSDUD
VHUYLoR FRQWtQXR 3DUD JUXSRV FRQWHQGR FRQGXWRUHV FRP GLIHUHQWHV WHPSHUDWXUDV Pi[LPDV SDUD VHUYLoR FRQWtQXR D
GHWHUPLQDomR GD FDSDFLGDGH GH FRQGXomR GH FRUUHQWH GRV FRQGXWRUHV SDUD WRGRV RV FLUFXLWRV GR JUXSR GHYH VHU
EDVHDGDQmRQDWHPSHUDWXUDPi[LPDSDUDVHUYLoRFRQWtQXRGRFRQGXWRUFRQVLGHUDGRPDVQDPHQRUWHPSHUDWXUDPi[LPD
DGPLVVtYHO HP VHUYLoR FRQWtQXR HQFRQWUDGD HQWUH RV FRQGXWRUHV GR JUXSR DFRPSDQKDGD GD DSOLFDomR GR IDWRU GH
DJUXSDPHQWRLQFRUULGR


2V FRQGXWRUHV SDUD RV TXDLV VH SUHYr XPD FRUUHQWH GH SURMHWR QmR VXSHULRU D  GH VXD
FDSDFLGDGH GH FRQGXomR GH FRUUHQWH Mi GHWHUPLQDGD REVHUYDQGRVH R IDWRU GH DJUXSDPHQWR LQFRUULGR
SRGHPVHUGHVFRQVLGHUDGRVSDUDHIHLWRGHFiOFXORGRIDWRUGHFRUUHomRDSOLFiYHODRUHVWDQWHGRJUXSR

$%177RGRVRVGLUHLWRVUHVHUYDGRV



Cpia no autorizada

$%171%5


$V FDSDFLGDGHV GH FRQGXomR GH FRUUHQWH LQGLFDGDV QDV WDEHODV  H  VmR YiOLGDV SDUD
PDQHLUDVGHLQVWDODUTXHVHHQTXDGUHPQRVPpWRGRVGHUHIHUrQFLD$$%%&H'HSDUD
D GRLVFRQGXWRUHVFDUUHJDGRVGRLVFRQGXWRUHVLVRODGRVGRLVFDERVXQLSRODUHVRXXPFDERELSRODU
E WUrVFRQGXWRUHVFDUUHJDGRVWUrVFRQGXWRUHVLVRODGRVWUrVFDERVXQLSRODUHVRXXPFDERWULSRODU
3DUDXPQ~PHURPDLRUGHFRQGXWRUHVDJUXSDGRVGHYHPVHUDSOLFDGRVRVIDWRUHVGHFRUUHomRHVSHFLILFDGRV
QDVWDEHODVD
127$6
 2VIDWRUHVGHDJUXSDPHQWRIRUDPFDOFXODGRVDGPLWLQGRVHWRGRVRVFRQGXWRUHVYLYRVSHUPDQHQWHPHQWHFDUUHJDGRV
FRPGHVXDFDUJD&DVRRFDUUHJDPHQWRVHMDLQIHULRUDRVIDWRUHVGHFRUUHomRSRGHPVHUDXPHQWDGRV
 2V IDWRUHV GH FRUUHomR GD WDEHOD  VmR DSOLFiYHLV D FRQGXWRUHV DJUXSDGRV HP IHL[H VHMD HP OLQKDV DEHUWDV RX
IHFKDGDVRVIDWRUHV SHUWLQHQWHVVmRRVGDOLQKDGDWDEHODHDFRQGXWRUHV DJUXSDGRVQXPPHVPRSODQRHQXPD
~QLFD FDPDGD GHPDLV OLQKDV GD WDEHOD -i RV IDWRUHV GH FRUUHomR GD WDEHOD  VmR DSOLFiYHLV D DJUXSDPHQWRV
FRQVLVWLQGR HP PDLV GH XPD FDPDGD GH FRQGXWRUHV $VVLP QR FDVR GH DJUXSDPHQWR HP FDPDGDV RV IDWRUHV GH
FRUUHomR DSOLFiYHLV VmRRV GDWDEHOD TXDQGRD FDPDGDIRU~QLFD RX RV GDWDEHOD  TXDQGR KRXYHUPDLV GHXPD
FDPDGD
 2V IDWRUHV GH DJUXSDPHQWR GDV WDEHODV  H  VmR DSOLFiYHLV D OLQKDV VXEWHUUkQHDV RV GD WDEHOD  D FDERV
GLUHWDPHQWHHQWHUUDGRVHRVGDWDEHODDOLQKDVHPHOHWURGXWRVHQWHUUDGRV

7DEHOD)DWRUHVGHFRUUHomRDSOLFiYHLVDFRQGXWRUHVDJUXSDGRVHPIHL[HHPOLQKDVDEHUWDVRX
IHFKDGDVHDFRQGXWRUHVDJUXSDGRVQXPPHVPRSODQRHPFDPDGD~QLFD

5HI

)RUPDGHDJUXSDPHQWRGRV
FRQGXWRUHV

1~PHURGHFLUFXLWRVRXGHFDERVPXOWLSRODUHV














D


D


D





 

(PIHL[HDRDUOLYUHRX
VREUHVXSHUItFLHHPEXWLGRV
HPFRQGXWRIHFKDGR



 



  

 

&DPDGD~QLFDVREUH
SDUHGHSLVRRXHPEDQGHMD
QmRSHUIXUDGDRXSUDWHOHLUD















&DPDGD~QLFDQRWHWR





&DPDGD~QLFDHPEDQGHMD
SHUIXUDGD

&DPDGD~QLFDVREUHOHLWR
VXSRUWHHWF















































7DEHODVGRV
PpWRGRVGH
UHIHUrQFLD
D
PpWRGRV
$D)
H
PpWRGR&

H
PpWRGRV
(H)

127$6
 (VVHVIDWRUHVVmRDSOLFiYHLVDJUXSRVKRPRJrQHRVGHFDERVXQLIRUPHPHQWHFDUUHJDGRV
 4XDQGR D GLVWkQFLD KRUL]RQWDO HQWUH FDERV DGMDFHQWHV IRU VXSHULRU DR GREUR GH VHX GLkPHWUR H[WHUQR QmR p QHFHVViULR DSOLFDU QHQKXP IDWRU GH
UHGXomR
 2Q~PHURGHFLUFXLWRVRXGHFDERVFRPRTXDOVHFRQVXOWDDWDEHODUHIHUHVH
 j TXDQWLGDGH GH JUXSRV GH GRLV RX WUrV FRQGXWRUHV LVRODGRV RX FDERV XQLSRODUHV FDGD JUXSR FRQVWLWXLQGR XP FLUFXLWR VXSRQGRVH XP Vy
FRQGXWRUSRUIDVHLVWRpVHPFRQGXWRUHVHPSDUDOHORHRX
 jTXDQWLGDGHGHFDERVPXOWLSRODUHV
TXHFRPS}HRDJUXSDPHQWRTXDOTXHUTXHVHMDHVVDFRPSRVLomRVyFRQGXWRUHVLVRODGRVVyFDERVXQLSRODUHVVyFDERVPXOWLSRODUHVRXTXDOTXHU
FRPELQDomR
 6HR DJUXSDPHQWR IRU FRQVWLWXtGRDR PHVPR WHPSRGH FDERV ELSRODUHV H WULSRODUHV GHYHVH FRQVLGHUDUR Q~PHUR WRWDO GH FDERV FRPR VHQGR R
Q~PHURGHFLUFXLWRVHGHSRVVHGRIDWRU GHDJUXSDPHQWRUHVXOWDQWHD GHWHUPLQDomRGDVFDSDFLGDGHVGHFRQGXomRGHFRUUHQWH QDV WDEHODV D
GHYHVHUHQWmRHIHWXDGD
 QDFROXQDGHGRLVFRQGXWRUHVFDUUHJDGRVSDUDRVFDERVELSRODUHVH
 QDFROXQDGHWUrVFRQGXWRUHVFDUUHJDGRVSDUDRVFDERVWULSRODUHV
 8P DJUXSDPHQWRFRP 1 FRQGXWRUHV LVRODGRVRX1 FDERV XQLSRODUHV SRGHVHU FRQVLGHUDGRFRPSRVWR WDQWRGH1FLUFXLWRV FRP GRLVFRQGXWRUHV
FDUUHJDGRVTXDQWRGH1FLUFXLWRVFRPWUrVFRQGXWRUHVFDUUHJDGRV
 2VYDORUHVLQGLFDGRVVmRPpGLRVSDUDDIDL[DXVXDOGHVHo}HVQRPLQDLVFRPGLVSHUVmRJHUDOPHQWHLQIHULRUD



$%177RGRVRVGLUHLWRVUHVHUYDGRV

Cpia no autorizada

$%171%5

7DEHOD)DWRUHVGHFRUUHomRDSOLFiYHLVDDJUXSDPHQWRVFRQVLVWLQGRHPPDLVGHXPDFDPDGDGH
FRQGXWRUHV0pWRGRVGHUHIHUrQFLD&WDEHODVH(H)WDEHODVH
4XDQWLGDGHGHFLUFXLWRVWULIiVLFRVRXGHFDERVPXOWLSRODUHVSRUFDPDGD

4XDQWLGDGHGH
FDPDGDV

RX

D

HPDLV





















RX











D











HPDLV











127$6
2VIDWRUHVVmRYiOLGRVLQGHSHQGHQWHPHQWHGDGLVSRVLomRGDFDPDGDVHKRUL]RQWDORXYHUWLFDO
6REUHFRQGXWRUHVDJUXSDGRVHPXPD~QLFDFDPDGDYHUWDEHODOLQKDVDGDWDEHOD
6HIRUHPQHFHVViULRVYDORUHVPDLVSUHFLVRVGHYHVHUHFRUUHUj$%171%5

7DEHOD)DWRUHVGHDJUXSDPHQWRSDUDOLQKDVFRPFDERVGLUHWDPHQWHHQWHUUDGRV


'LVWkQFLDVHQWUHFDERV D

1~PHURGH
FLUFXLWRV

1XOD

8PGLkPHWUR
GHFDER

P

P

P



















































&DERVPXOWLSRODUHV

&DERVXQLSRODUHV

127$
2VYDORUHVLQGLFDGRVVmRDSOLFiYHLVSDUDXPDSURIXQGLGDGHGHP HXPDUHVLVWLYLGDGHWpUPLFD GRVROR GH
.P: 6mR YDORUHV PpGLRV SDUD DV GLPHQV}HV GH FDERV DEUDQJLGDV QDV WDEHODV  H  2V YDORUHV PpGLRV
DUUHGRQGDGRVSRGHPDSUHVHQWDUHUURVGHDWp HPFHUWRVFDVRV6HIRUHPQHFHVViULRVYDORUHVPDLVSUHFLVRVGHYH
VHUHFRUUHUj$%171%5

$%177RGRVRVGLUHLWRVUHVHUYDGRV



Cpia no autorizada

$%171%5

7DEHOD)DWRUHVGHDJUXSDPHQWRSDUDOLQKDVHPHOHWURGXWRVHQWHUUDGRV
&DERVPXOWLSRODUHVHPHOHWURGXWRV8PFDERSRUHOHWURGXWR
(VSDoDPHQWRHQWUHHOHWURGXWRV D

1~PHURGH
FLUFXLWRV

1XOR

P

P

P









































&RQGXWRUHVLVRODGRVRXFDERVXQLSRODUHVHPHOHWURGXWRV 8PFRQGXWRUSRUHOHWURGXWR
1~PHURGH
FLUFXLWRV
JUXSRVGHGRLV
RXWUrV
FRQGXWRUHV

(VSDoDPHQWRHQWUHHOHWURGXWRVD
1XOR

P

P

P









































D
&DERVPXOWLSRODUHV

&DERVXQLSRODUHV

2V YDORUHV LQGLFDGRV VmR DSOLFiYHLV SDUD XPD SURIXQGLGDGH GH  P H XPD UHVLVWLYLGDGH WpUPLFD GR VROR GH
.P: 6mR YDORUHV PpGLRV SDUD DV VHo}HV GH FRQGXWRUHV FRQVWDQWHV QDV WDEHODV  H  2V YDORUHV PpGLRV
DUUHGRQGDGRV SRGHP DSUHVHQWDU HUURV GH DWp  HP FHUWRV FDVRV 6HIRUHP QHFHVViULRV YDORUHV PDLV SUHFLVRV
GHYHVHUHFRUUHUj$%171%5

'HYHVHDWHQWDUSDUDDVUHVWULo}HVHSUREOHPDVTXHHQYROYHPRXVRGHFRQGXWRUHVLVRODGRVRXFDERVXQLSRODUHV
HPHOHWURGXWRVPHWiOLFRVTXDQGRVHWHPXP~QLFRFRQGXWRUSRUHOHWURGXWR


$V FDSDFLGDGHV GH FRQGXomR GH FRUUHQWH LQGLFDGDV QDV WDEHODV  H  VmR YiOLGDV SDUD
PDQHLUDVGHLQVWDODUTXHVHHQTXDGUHPQRVPpWRGRVGHUHIHUrQFLD()H*HSDUD
D GRLVFRQGXWRUHVFDUUHJDGRVGRLVFRQGXWRUHVLVRODGRVGRLVFDERVXQLSRODUHVRXXPFDERELSRODU
E WUrVFRQGXWRUHVFDUUHJDGRVWUrVFRQGXWRUHVLVRODGRVWUrVFDERVXQLSRODUHVRXXPFDERWULSRODU
3DUDXPQ~PHURPDLRUGHFRQGXWRUHVDJUXSDGRVGHYHPVHUDSOLFDGRVRVIDWRUHVGHFRUUHomRHVSHFLILFDGRV
QDWDEHODTXDQGRRVFRQGXWRUHVIRUHP GLVSRVWRVHPIHL[HRXQXPPHVPRSODQRHP FDPDGD~QLFDRX
HQWmR RV IDWRUHV GH DJUXSDPHQWR GD WDEHOD  TXDQGR RV FRQGXWRUHV IRUHP GLVSRVWRV HP PDLV GH XPD
FDPDGD



$%177RGRVRVGLUHLWRVUHVHUYDGRV

Cpia no autorizada

$%171%5

127$6FRPXQVDH
 2V IDWRUHV GH UHGXomR SDUD DJUXSDPHQWR GH FLUFXLWRV VmR YDORUHV PpGLRV FDOFXODGRV SDUD DV GLPHQV}HV GH
FRQGXWRUHV WLSRV GH FDERV H FRQGLo}HV GH LQVWDODomR FRQVLGHUDGRV 'HYHVH DWHQWDU SDUD DV QRWDV GH FDGD WDEHOD
(PDOJXQVFDVRVSRGHVHUGHVHMiYHOXPFiOFXORPDLVSUHFLVR
 2V IDWRUHV GH FRUUHomR IRUDP FDOFXODGRV DGPLWLQGRVH XP DJUXSDPHQWR GH FRQGXWRUHV VHPHOKDQWHV LJXDOPHQWH
FDUUHJDGRV4XDQGRXPJUXSRFRQWLYHUFRQGXWRUHVGHGLPHQV}HVGLIHUHQWHVGHYHP VHUWRPDGDVSUHFDXo}HVTXDQWRDR
FDUUHJDPHQWRGRVFRQGXWRUHVGHPHQRUVHomRYHU


2VIDWRUHVGHDJUXSDPHQWRLQGLFDGRVQDVWDEHODVDVmRYiOLGRVSDUDJUXSRVGHFRQGXWRUHV
VHPHOKDQWHV LJXDOPHQWH FDUUHJDGRV 6mR FRQVLGHUDGRV FRQGXWRUHV VHPHOKDQWHV DTXHOHV FXMDV
FDSDFLGDGHVGH FRQGXomR GH FRUUHQWH EDVHLDPVH QDPHVPD WHPSHUDWXUDPi[LPD SDUD VHUYLoRFRQWtQXR H
FXMDV VHo}HV QRPLQDLV HVWmR FRQWLGDV QR LQWHUYDOR GH WUrV VHo}HV QRUPDOL]DGDV VXFHVVLYDV 4XDQGR RV
FRQGXWRUHVGHXPJUXSRQmRSUHHQFKHUHPHVVDFRQGLomRRVIDWRUHVGHDJUXSDPHQWRDSOLFiYHLVGHYHPVHU
REWLGRVUHFRUUHQGRVHDTXDOTXHUGDVGXDVDOWHUQDWLYDVVHJXLQWHV
D FiOFXORFDVRDFDVRXWLOL]DQGRSRUH[HPSORD$%171%5RX
E FDVRQmRVHMDYLiYHOXPFiOFXORPDLVHVSHFtILFRDGRomRGRIDWRU FGDH[SUHVVmR
F=


n

RQGH
FpRIDWRUGHFRUUHomR
npRQ~PHURGHFLUFXLWRVRXGHFDERVPXOWLSRODUHV
127$6
 2FiOFXORGHIDWRUHVGHFRUUHomRSDUDJUXSRVFRQWHQGRFRQGXWRUHVGDVPDLVGLIHUHQWHVVHo}HVQRPLQDLVGHSHQGHGD
TXDQWLGDGHWRWDOGHFRQGXWRUHVHGDFRPELQDomRGHVHo}HVRTXHWRUQDYLUWXDOPHQWHLQYLiYHODHODERUDomRGHWDEHODVGH
XVRSUiWLFRWDQWDVVHULDPDVYDULiYHLVHQYROYLGDV
 $H[SUHVVmRLQGLFDGDQDDOtQHDEHVWiDIDYRUGDVHJXUDQoDHUHGX]RVSHULJRVGHVREUHFDUJDQRVFRQGXWRUHVGH
PHQRUVHomRQRPLQDO3RGHQRHQWDQWRUHVXOWDUQRVXSHUGLPHQVLRQDPHQWRGRVFRQGXWRUHVGHVHo}HVPDLVHOHYDGDV



1~PHURGHFRQGXWRUHVFDUUHJDGRV


2 Q~PHUR GH FRQGXWRUHV FDUUHJDGRV D VHU FRQVLGHUDGR p DTXHOH LQGLFDGR QD WDEHOD  GH
DFRUGR FRP R HVTXHPD GH FRQGXWRUHV YLYRV GR FLUFXLWR (P SDUWLFXODU QR FDVR GH FLUFXLWR WULIiVLFR FRP
QHXWUR TXDQGR D FLUFXODomR GH FRUUHQWH QR QHXWUR QmR IRU DFRPSDQKDGD GH UHGXomR FRUUHVSRQGHQWH QD
FDUJD GRV FRQGXWRUHV GH IDVH R QHXWUR GHYH VHU FRPSXWDGR FRPRFRQGXWRU FDUUHJDGR e R TXH DFRQWHFH
TXDQGRDFRUUHQWHQRVFRQGXWRUHVGHIDVHFRQWpPFRPSRQHQWHVKDUP{QLFDVGHRUGHPWUrVHP~OWLSORVQXPD
WD[D VXSHULRU D  1HVVDV FRQGLo}HV R FLUFXLWR WULIiVLFR FRP QHXWUR GHYH VHU FRQVLGHUDGR FRPR
FRQVWLWXtGRGHTXDWURFRQGXWRUHVFDUUHJDGRVHDGHWHUPLQDomRGDFDSDFLGDGHGHFRQGXomRGHFRUUHQWHGRV
FRQGXWRUHV GHYH VHU DIHWDGD GR IDWRU GH FRUUHomR GHYLGR DR FDUUHJDPHQWR GR QHXWUR 7DO IDWRU TXH HP
FDUiWHU JHUDO pGHLQGHSHQGHQWHPHQWHGRPpWRGR GHLQVWDODomR pDSOLFiYHOHQWmR jVFDSDFLGDGHVGH
FRQGXomRGHFRUUHQWHYiOLGDVSDUDWUrVFRQGXWRUHVFDUUHJDGRV
127$6
 $V WDEHODV GH FDSDFLGDGH GH FRQGXomR GH FRUUHQWH WDEHODV  D  WUD]HP FROXQDV SDUD GRLV H SDUD WUrV
FRQGXWRUHV FDUUHJDGRV PDV QHQKXPD FROXQD YiOLGD HVSHFLILFDPHQWH SDUD TXDWUR FRQGXWRUHV FDUUHJDGRV 3RU LVVR D
GHWHUPLQDomRGDFDSDFLGDGHGHFRQGXomRGHFRUUHQWHSDUDTXDWURFRQGXWRUHVFDUUHJDGRVGHYHVHUIHLWDDSOLFDQGRVHR
IDWRU GH  jV FDSDFLGDGHV GH FRQGXomR GH FRUUHQWH YiOLGDV SDUD WUrV FRQGXWRUHV FDUUHJDGRV  VHP SUHMXt]R GRV
GHPDLVIDWRUHVGHFRUUHomRHYHQWXDOPHQWHDSOLFiYHLVFRPRRVUHIHUHQWHVDWHPSHUDWXUDDPELHQWHUHVLVWLYLGDGHWpUPLFD
GRVRORHDJUXSDPHQWRGHFLUFXLWRV

$%177RGRVRVGLUHLWRVUHVHUYDGRV



Cpia no autorizada

$%171%5

 $OWHUQDWLYDPHQWH R IDWRU GH FRUUHomR GHYLGR DR FDUUHJDPHQWR GR QHXWUR SRGH VHU GHWHUPLQDGR FDVR D FDVR GH
DFRUGRFRPRPpWRGRGHLQVWDODomRDVVXPLQGRVHTXHTXDWURFRQGXWRUHVFDUUHJDGRVFRUUHVSRQGHPDGRLVFLUFXLWRVGH
GRLVFRQGXWRUHVFDUUHJDGRVFDGD1HVVDVFRQGLo}HVRIDWRUGHFRUUHomRGHYLGRDRFDUUHJDPHQWRGRQHXWURFRUUHVSRQGH
HQWmR DR IDWRU GH DJUXSDPHQWR YiOLGR SDUD GRLV FLUFXLWRV H SDUD R PpWRGR GH LQVWDODomR FRQVLGHUDGR RV IDWRUHV GH
DJUXSDPHQWRVmRGDGRVQDVWDEHODVD GHDFRUGRFRPRPpWRGRGHLQVWDODomRHpDSOLFiYHOjVFDSDFLGDGHV GH
FRQGXomRGHFRUUHQWHYiOLGDVSDUDGRLVFRQGXWRUHVFDUUHJDGRV


2IDWRUGHFRUUHomRGHYLGRDRFDUUHJDPHQWRGRQHXWURVypSHUWLQHQWHDFLUFXLWRVWULIiVLFRVFRPQHXWUR

 2IDWRUGHFRUUHomRGHYLGRDRFDUUHJDPHQWRGRQHXWURSRGHVHUGLVSHQVDGRQRVFDVRVHPTXHDGHILQLomRGDVHomR
GRVFRQGXWRUHVHPEXWLUXPVREUHGLPHQVLRQDPHQWRGRVFRQGXWRUHVGHIDVHQRVQtYHLVPHQFLRQDGRVHP)H)


6REUHGLPHQVLRQDPHQWRGRFRQGXWRUQHXWURYHU

7DEHOD1~PHURGHFRQGXWRUHVFDUUHJDGRVDVHUFRQVLGHUDGR
HPIXQomRGRWLSRGHFLUFXLWR
(VTXHPDGHFRQGXWRUHV
YLYRVGRFLUFXLWR

1~PHURGHFRQGXWRUHV
FDUUHJDGRVDVHUDGRWDGR

0RQRIiVLFRDGRLVFRQGXWRUHV

0RQRIiVLFRDWUrVFRQGXWRUHV

'XDVIDVHVVHPQHXWUR

'XDVIDVHVFRPQHXWUR

7ULIiVLFRVHPQHXWUR

7ULIiVLFRFRPQHXWUR

RX

9HU


2VFRQGXWRUHVXWLOL]DGRVXQLFDPHQWHFRPRFRQGXWRUHVGHSURWHomR3(QmRVmRFRQVLGHUDGRV
2VFRQGXWRUHV3(1VmRFRQVLGHUDGRVFRPRFRQGXWRUHVQHXWURV



&RQGXWRUHVHPSDUDOHOR


4XDQGRGRLVRXPDLVFRQGXWRUHVIRUHPOLJDGRVHPSDUDOHORQDPHVPDIDVHRXSRODULGDGHLVVR
QmRGHYHFRPSURPHWHURDWHQGLPHQWRGH3DUDWDQWR
D GHYHP VHUWRPDGDVPHGLGDVTXHJDUDQWDPLJXDO GLYLVmRGHFRUUHQWH HQWUHRVFRQGXWRUHVHP SDUDOHOR
FRQIRUPHRX
E UHDOL]DGRXP HVWXGR HVSHFtILFR VREUHDGLYLVmRGDFRUUHQWHHQWUH RVFRQGXWRUHVHP SDUDOHOR GHPRGR
TXHRDWHQGLPHQWRGHSRVVDVHUHTXDFLRQDGRSDUDFDGDFRQGXWRULQGLYLGXDOPHQWH

$H[LJrQFLDDSUHVHQWDGDQDDOtQHDDGHpFRQVLGHUDGDDWHQGLGDVHRVFRQGXWRUHVHP
SDUDOHORWLYHUHP DPHVPDFRQVWLWXLomRDPHVPD VHomR QRPLQDO DSUR[LPDGDPHQWH RPHVPRFRPSULPHQWR
QmRDSUHVHQWDUHPGHULYDo}HVDRORQJRGHVHXSHUFXUVRHDOpPGLVVRIRUHP
D YHLDVGHFDERVPXOWLSRODUHVRXGHFDERVPXOWLSOH[DGRVTXDOTXHUTXHVHMDDVHomRQRPLQDOFDGDFDER
FRQWHQGRWRGDVDVIDVHVRXSRODULGDGHVHRUHVSHFWLYRQHXWURVHH[LVWLURX
E FRQGXWRUHVLVRODGRV RX FDERV XQLSRODUHVHP WULIyOLRHP IRUPDomR SODQD RX HP FRQGXWRIHFKDGR FRP
VHomR LJXDO RX LQIHULRU D PP HP FREUH RX PP HP DOXPtQLR FDGD JUXSR RX FRQGXWR IHFKDGR
FRQWHQGRWRGDVDVIDVHVRXSRODULGDGHVHRUHVSHFWLYRQHXWURVHH[LVWLURXDLQGD


F FDERVXQLSRODUHVFRPVHomRVXSHULRUDPP HPFREUHRXPP HPDOXPtQLRDJUXSDGRVVHJXQGR

FRQILJXUDo}HV HVSHFLDLV DGDSWDGDV D FDGD FDVR FDGD JUXSR FRQWHQGR WRGDV DV IDVHV H R UHVSHFWLYR
QHXWURVHH[LVWLUVHQGRDVFRQILJXUDo}HVGHILQLGDVGHPRGRDREWHUVHRPDLRUHTXLOtEULRSRVVtYHOHQWUH
DVLPSHGkQFLDVGRVFRQGXWRUHVGHFDGDIDVH



$%177RGRVRVGLUHLWRVUHVHUYDGRV

Cpia no autorizada

$%171%5



9DULDo}HVGDVFRQGLo}HVGHLQVWDODomRQXPSHUFXUVR

4XDQGR IRUHP LGHQWLILFDGDV DR ORQJR GR SHUFXUVR SUHYLVWR GH XPD OLQKD HOpWULFD GLIHUHQWHV FRQGLo}HV GH
UHVIULDPHQWRGLVVLSDomRGHFDORUDVFDSDFLGDGHVGHFRQGXomRGHFRUUHQWHGRVVHXVFRQGXWRUHVGHYHPVHU
GHWHUPLQDGDVFRPEDVHQDVFRQGLo}HVPDLVGHVIDYRUiYHLVHQFRQWUDGDV
 &RQGXWRUHVGHIDVHHFRQGXWRUQHXWUR


6HomRGRVFRQGXWRUHVGHIDVH


$VHomRGRVFRQGXWRUHVGHIDVHHPFLUFXLWRVGHFRUUHQWHDOWHUQDGDHGRVFRQGXWRUHVYLYRVHP
FLUFXLWRVGHFRUUHQWHFRQWtQXDQmRGHYHVHULQIHULRUDRYDORUSHUWLQHQWHGDGRQDWDEHOD
7DEHOD6HomRPtQLPDGRVFRQGXWRUHV
7LSRGHOLQKD

8WLOL]DomRGRFLUFXLWR

6HomRPtQLPDGRFRQGXWRUPP  
PDWHULDO
&X
$O

&LUFXLWRVGHLOXPLQDomR
&RQGXWRUHVH
FDERVLVRODGRV
,QVWDODo}HVIL[DV
HPJHUDO

&X
$O

&LUFXLWRVGHIRUoD

&LUFXLWRVGHVLQDOL]DomRHFLUFXLWRVGH
FRQWUROH

&RQGXWRUHVQXV

&LUFXLWRVGHIRUoD

&X
$O

&LUFXLWRV GH VLQDOL]DomR HFLUFXLWRV GH

FRQWUROH

&X

3DUDXPHTXLSDPHQWRHVSHFtILFR
/LQKDVIOH[tYHLVFRPFDERVLVRODGRV

&X

&RPRHVSHFLILFDGRQDQRUPDGR
HTXLSDPHQWR


3DUDTXDOTXHURXWUDDSOLFDomR

&X

&LUFXLWRVDH[WUDEDL[DWHQVmRSDUD
DSOLFDo}HVHVSHFLDLV





&X

6Ho}HVPtQLPDVGLWDGDVSRUUD]}HVPHFkQLFDV
2VFLUFXLWRVGHWRPDGDVGHFRUUHQWHVmRFRQVLGHUDGRVFLUFXLWRVGHIRUoD


(PFLUFXLWRVGHVLQDOL]DomRHFRQWUROHGHVWLQDGRVDHTXLSDPHQWRVHOHWU{QLFRVpDGPLWLGDXPDVHomRPtQLPDGHPP 


(PFDERVPXOWLSRODUHVIOH[tYHLVFRQWHQGRVHWHRXPDLVYHLDVpDGPLWLGDXPDVHomRPtQLPDGHPP 


$ VHomR GRV FRQGXWRUHV GHYH VHU GHWHUPLQDGD GH IRUPD D TXH VHMDP DWHQGLGRV QR PtQLPR
WRGRVRVVHJXLQWHVFULWpULRV
D DFDSDFLGDGHGHFRQGXomRGHFRUUHQWHGRVFRQGXWRUHVGHYHVHULJXDORXVXSHULRUjFRUUHQWHGHSURMHWR
GRFLUFXLWRLQFOXLQGRDVFRPSRQHQWHVKDUP{QLFDVDIHWDGDGRVIDWRUHVGHFRUUHomRDSOLFiYHLVYHU
E DSURWHomRFRQWUDVREUHFDUJDVFRQIRUPHH
F DSURWHomRFRQWUDFXUWRVFLUFXLWRVHVROLFLWDo}HVWpUPLFDVFRQIRUPHH
G DSURWHomRFRQWUDFKRTXHVHOpWULFRVSRUVHFFLRQDPHQWRDXWRPiWLFRGDDOLPHQWDomRHP HVTXHPDV71H
,7TXDQGRSHUWLQHQWH
H RVOLPLWHVGHTXHGDGHWHQVmRFRQIRUPHH
I

DVVHo}HVPtQLPDVLQGLFDGDVHP

$%177RGRVRVGLUHLWRVUHVHUYDGRV



Cpia no autorizada

$%171%5



&RQGXWRUQHXWUR



2FRQGXWRUQHXWURQmRSRGHVHUFRPXPDPDLVGHXPFLUFXLWR



2FRQGXWRUQHXWURGHXPFLUFXLWRPRQRIiVLFRGHYHWHUDPHVPDVHomRGRFRQGXWRUGHIDVH


4XDQGR QXP FLUFXLWR WULIiVLFR FRP QHXWUR D WD[D GH WHUFHLUD KDUP{QLFD H VHXV P~OWLSORV IRU
VXSHULRU D  D VHomR GR FRQGXWRU QHXWUR QmR GHYH VHU LQIHULRU j GRV FRQGXWRUHV GH IDVH SRGHQGR VHU
LJXDOjGRVFRQGXWRUHVGHIDVHVHHVVDWD[DQmRIRUVXSHULRUD
127$6

7DLV QtYHLV GH FRUUHQWHV KDUP{QLFDV VmR HQFRQWUDGRV SRU H[HPSOR HP FLUFXLWRV TXH DOLPHQWDP OXPLQiULDV FRP
OkPSDGDVGHGHVFDUJDLQFOXLQGRDVIOXRUHVFHQWHV


2FDVRGHWD[DVVXSHULRUHVDpWUDWDGRHP


$VHomRGRFRQGXWRUQHXWURGHXPFLUFXLWRFRPGXDVIDVHVHQHXWURQmRGHYHVHULQIHULRUjVHomR
GRVFRQGXWRUHVGHIDVHSRGHQGRVHULJXDOjGRVFRQGXWRUHVGHIDVHVHDWD[DGHWHUFHLUDKDUP{QLFDHVHXV
P~OWLSORVQmRIRUVXSHULRUD
127$

2FDVRGHWD[DVVXSHULRUHVDpWUDWDGRHP


4XDQGR QXP FLUFXLWR WULIiVLFR FRP QHXWUR RXQXP FLUFXLWR FRP GXDVIDVHV H QHXWUR D WD[D GH
WHUFHLUDKDUP{QLFDHVHXVP~OWLSORVIRUVXSHULRUD SRGHVHUQHFHVViULRXPFRQGXWRUQHXWURFRPVHomR
VXSHULRUjGRVFRQGXWRUHVGHIDVH
127$6

7DLV QtYHLV GH FRUUHQWHV KDUP{QLFDV VmR HQFRQWUDGRV SRU H[HPSOR HP FLUFXLWRV TXH DOLPHQWDP SULQFLSDOPHQWH
FRPSXWDGRUHVRXRXWURVHTXLSDPHQWRVGHWHFQRORJLDGHLQIRUPDomR

3DUDVHGHWHUPLQDUDVHomRGRFRQGXWRUQHXWURFRPFRQILDQoDpQHFHVViULDXPDHVWLPDWLYDVHJXUDGRFRQWH~GRGH
WHUFHLUD KDUP{QLFD GDV FRUUHQWHV GH IDVH H GR FRPSRUWDPHQWR LPSRVWR j FRUUHQWH GH QHXWUR SHODV FRQGLo}HV GH
GHVHTXLOtEULRHPTXHRFLUFXLWRSRGHYLUDRSHUDU2DQH[R)IRUQHFHVXEVtGLRVSDUDHVVHGLPHQVLRQDPHQWR


1XP FLUFXLWR WULIiVLFR FRP QHXWUR H FXMRV FRQGXWRUHV GH IDVH WHQKDP XPD VHomR VXSHULRU D

PP DVHomRGRFRQGXWRUQHXWURSRGHVHULQIHULRUjGRVFRQGXWRUHVGHIDVHVHPVHULQIHULRUDRVYDORUHV
LQGLFDGRVQD WDEHOD  HP IXQomR GD VHomR GRV FRQGXWRUHV GH IDVH TXDQGR DV WUrV FRQGLo}HV VHJXLQWHV
IRUHPVLPXOWDQHDPHQWHDWHQGLGDV
D RFLUFXLWRIRUSUHVXPLYHOPHQWHHTXLOLEUDGRHPVHUYLoRQRUPDO
E DFRUUHQWHGDVIDVHVQmRFRQWLYHUXPDWD[DGHWHUFHLUDKDUP{QLFDHP~OWLSORVVXSHULRUDH
F RFRQGXWRUQHXWURIRUSURWHJLGRFRQWUDVREUHFRUUHQWHVFRQIRUPH
127$
PHWDO



2VYDORUHVGDWDEHODVmRDSOLFiYHLVTXDQGRRVFRQGXWRUHVGHIDVHHRFRQGXWRUQHXWURIRUHP GRPHVPR

$%177RGRVRVGLUHLWRVUHVHUYDGRV

Cpia no autorizada

$%171%5

7DEHOD6HomRUHGX]LGDGRFRQGXWRUQHXWUR

6HomRGRVFRQGXWRUHVGHIDVH
PP

6HomRUHGX]LGDGRFRQGXWRUQHXWUR
PP

6 









































$VFRQGLo}HVGHXWLOL]DomRGHVWDWDEHODVmRGDGDVHP

 4XHGDVGHWHQVmR

(P TXDOTXHU SRQWR GH XWLOL]DomR GD LQVWDODomR D TXHGD GH WHQVmR YHULILFDGD QmR GHYH VHU
VXSHULRUDRVVHJXLQWHVYDORUHVGDGRVHPUHODomRDRYDORUGDWHQVmRQRPLQDOGDLQVWDODomR
D FDOFXODGRVDSDUWLUGRVWHUPLQDLVVHFXQGiULRVGRWUDQVIRUPDGRU07%7QRFDVRGHWUDQVIRUPDGRUGH
SURSULHGDGHGDVXQLGDGHVFRQVXPLGRUDV
E FDOFXODGRVDSDUWLUGRVWHUPLQDLVVHFXQGiULRVGRWUDQVIRUPDGRU07%7GDHPSUHVDGLVWULEXLGRUDGH
HOHWULFLGDGHTXDQGRRSRQWRGHHQWUHJDIRUDtORFDOL]DGR
F  FDOFXODGRVDSDUWLU GRSRQWR GHHQWUHJDQRVGHPDLVFDVRVGHSRQWR GHHQWUHJDFRP IRUQHFLPHQWR
HPWHQVmRVHFXQGiULDGHGLVWULEXLomR
G FDOFXODGRVDSDUWLUGRVWHUPLQDLVGHVDtGDGRJHUDGRUQRFDVRGHJUXSRJHUDGRUSUySULR
127$6
 (VWHVOLPLWHVGHTXHGDGHWHQVmRVmRYiOLGRVTXDQGRDWHQVmRQRPLQDOGRVHTXLSDPHQWRVGHXWLOL]DomRSUHYLVWRVIRU
FRLQFLGHQWHFRPDWHQVmRQRPLQDOGDLQVWDODomR


9HUGHILQLomRGHSRQWRGHHQWUHJD

 1RV FDVRV GDV DOtQHDV D E H G TXDQGR DV OLQKDV SULQFLSDLV GD LQVWDODomR WLYHUHP XP FRPSULPHQWR VXSHULRU D
 P DV TXHGDV GH WHQVmR SRGHP VHU DXPHQWDGDV GH  SRU PHWUR GH OLQKD VXSHULRU D  P VHP TXH QR
HQWDQWRHVVDVXSOHPHQWDomRVHMDVXSHULRUD


3DUDFLUFXLWRVGHPRWRUHVYHUWDPEpPH



(PQHQKXPFDVRDTXHGDGHWHQVmRQRVFLUFXLWRVWHUPLQDLVSRGHVHUVXSHULRUD


4XHGDVGHWHQVmRPDLRUHVTXHDVLQGLFDGDVHPVmRSHUPLWLGDVSDUDHTXLSDPHQWRVFRP
FRUUHQWHGHSDUWLGDHOHYDGDGXUDQWHRSHUtRGRGHSDUWLGDGHVGHTXHGHQWURGRVOLPLWHVSHUPLWLGRVHPVXDV
QRUPDVUHVSHFWLYDV

$%177RGRVRVGLUHLWRVUHVHUYDGRV



Cpia no autorizada

$%171%5


FLUFXLWR

3DUD R FiOFXOR GD TXHGD GH WHQVmR QXP FLUFXLWR GHYH VHU XWLOL]DGD D FRUUHQWH GH SURMHWR GR

127$6


$FRUUHQWHGHSURMHWRLQFOXLDVFRPSRQHQWHVKDUP{QLFDV



3DUDFLUFXLWRVGHPRWRUHVYHUWDPEpPH

 &RQH[}HV

$V FRQH[}HV GH FRQGXWRUHV HQWUH VL H FRP RXWURV FRPSRQHQWHV GD LQVWDODomR GHYHP JDUDQWLU
FRQWLQXLGDGHHOpWULFDGXUiYHODGHTXDGDVXSRUWDELOLGDGHPHFkQLFDHDGHTXDGDSURWHomRPHFkQLFD


1DVHOHomRGRVPHLRVGHFRQH[mRGHYHPVHUFRQVLGHUDGRV

D RPDWHULDOGRVFRQGXWRUHVLQFOXLQGRVXDLVRODomR
E DTXDQWLGDGHGHILRVHIRUPDWRGRVFRQGXWRUHV
F DVHomRGRVFRQGXWRUHV
G RQ~PHURGHFRQGXWRUHVDVHUHPFRQHFWDGRVFRQMXQWDPHQWH
127$
eDFRQVHOKiYHOHYLWDURXVRGHFRQH[}HVVROGDGDVHPFLUFXLWRVGHHQHUJLD6HWDLVFRQH[}HVIRUHPXWLOL]DGDV
HODVGHYHPWHUUHVLVWrQFLDjIOXrQFLDHDVROLFLWDo}HVPHFkQLFDVFRPSDWtYHOFRPDDSOLFDomR


$V FRQH[}HV GHYHP VHU DFHVVtYHLV SDUD YHULILFDomR HQVDLRV H PDQXWHQomR H[FHWR QRV
VHJXLQWHVFDVRV
D HPHQGDVGHFDERVHQWHUUDGRVH
E HPHQGDVLPHUVDVHPFRPSRVWRVRXVHODGDV

6HQHFHVViULRGHYHPVHUWRPDGDVSUHFDXo}HVSDUDTXHDWHPSHUDWXUDDWLQJLGDQDVFRQH[}HV
HPVHUYLoRQRUPDOQmRDIHWHDLVRODomRGDVSDUWHVFRQGXWRUDVFRQHFWDGDV

$V FRQH[}HV GHYHP SRGHU VXSRUWDU RV HVIRUoRV LPSRVWRV SHODV FRUUHQWHV VHMD HP FRQGLo}HV
QRUPDLVVHMDHPFRQGLo}HVGHIDOWD$OpPGLVVRDVFRQH[}HVQmRGHYHPVRIUHUPRGLILFDo}HVLQDGPLVVtYHLV
HP GHFRUUrQFLD GH VHX DTXHFLPHQWR GR HQYHOKHFLPHQWR GRV LVRODQWHV H GDV YLEUDo}HV TXH RFRUUHP HP
VHUYLoR QRUPDO (P SDUWLFXODU GHYHP VHU FRQVLGHUDGDV DV LQIOXrQFLDV GD GLODWDomR WpUPLFD H GDV WHQV}HV
HOHWURTXtPLFDV TXH YDULDP GH PHWDO SDUD PHWDO EHP FRPR DV LQIOXrQFLDV GD WHPSHUDWXUD TXH DIHWDP D
UHVLVWrQFLDPHFkQLFDGRVPDWHULDLV

'HYHPVHUWRPDGDVSUHFDXo}HVSDUDHYLWDUTXHSDUWHVFRQGXWRUDVGHFRUUHQWHHQHUJL]HPSDUWHV
PHWiOLFDVQRUPDOPHQWHLVRODGDVGHSDUWHVYLYDVRXDFDSDPHWiOLFDGRVFDERVTXDQGRH[LVWHQWH

6DOYRQRVFDVRVGHOLQKDVDpUHDVHGHOLQKDVGHFRQWDWRDOLPHQWDQGRHTXLSDPHQWRVPyYHLVDV
FRQH[}HV GH FRQGXWRUHV HQWUH VL H FRP HTXLSDPHQWRV QmR GHYHP VHU VXEPHWLGDV D QHQKXP HVIRUoR GH
WUDomRRXGHWRUomR

1DV OLQKDV HOpWULFDV FRQVWLWXtGDV SRU FRQGXWRV IHFKDGRV Vy VH DGPLWHP FRQH[}HV FRQWLGDV HP
LQYyOXFURVDSURSULDGRVWDLVFRPRFDL[DVTXDGURVHWFTXHJDUDQWDPDQHFHVViULDDFHVVLELOLGDGHHSURWHomR
PHFkQLFD

LVRODQWH



$V FRQH[}HV GHYHP VHU UHDOL]DGDV GH PRGR TXH D SUHVVmR GH FRQWDWR LQGHSHQGD GR PDWHULDO

$%177RGRVRVGLUHLWRVUHVHUYDGRV

Cpia no autorizada

$%171%5



(VVDPDQHLUDGHLQVWDODUQmRpDGPLWLGDHPORFDLVGHKDELWDomR



$VOLQKDVVREUHLVRODGRUHVGHYHPREHGHFHUjVSUHVFULo}HVGH

 (P HGLILFDo}HVGHXVRFRPHUFLDORXDVVHPHOKDGRDVOLQKDVFRPFRQGXWRUHVQXVVmRDGPLWLGDV

FRPROLQKDVGHFRQWDWRDOLPHQWDQGROkPSDGDVRXHTXLSDPHQWRVPyYHLVGHVGHTXHDOLPHQWDGDVHP6(/9
 2 XVR GH FRQGXWRUHV QXV VREUH LVRODGRUHV HP HVWDEHOHFLPHQWRV LQGXVWULDLV RX DVVHPHOKDGRV
GHYH VHU OLPLWDGR DRV ORFDLV GH VHUYLoR HOpWULFR RX D XWLOL]Do}HV HVSHFtILFDV SRU H[HPSOR DOLPHQWDomR GH
SRQWHVURODQWHV


1DLQVWDODomRGHFRQGXWRUHVQXVRXEDUUDVVREUHLVRODGRUHVGHYHPVHUFRQVLGHUDGRV

D RVHVIRUoRVDTXHHOHVSRGHPVHUVXEPHWLGRVHPVHUYLoRQRUPDO
E RVHVIRUoRVHOHWURGLQkPLFRVDTXHHOHVSRGHPVHUVXEPHWLGRVHPFRQGLo}HVGHFXUWRFLUFXLWR
F DGLODWDomRGHYLGDDYDULDo}HVGHWHPSHUDWXUDTXHSRGHPDFDUUHWDUDIODPEDJHP GRVFRQGXWRUHVRXD
GHVWUXLomR GRV LVRODGRUHV SRGH VHU QHFHVViULR SUHYHU MXQWDV GH GLODWDomR $OpP GLVVR GHYHVH WRPDU
SUHFDXo}HVFRQWUDYLEUDo}HVH[FHVVLYDVGRVFRQGXWRUHVXWLOL]DQGRVXSRUWHVVXILFLHQWHPHQWHSUy[LPRV
 /LQKDVDpUHDVH[WHUQDV
 1DV OLQKDV DpUHDV H[WHUQDV SRGHP VHU XWLOL]DGRV FRQGXWRUHV QXV RX SURYLGRV GH FREHUWXUD
UHVLVWHQWH jV LQWHPSpULHV FRQGXWRUHV LVRODGRV FRP LVRODomR UHVLVWHQWH jV LQWHPSpULHV RX FDERV
PXOWLSOH[DGRVUHVLVWHQWHVjVLQWHPSpULHVPRQWDGRVVREUHSRVWHVRXHVWUXWXUDV
 4XDQGRXPDOLQKDDpUHDDOLPHQWDUORFDLVTXHDSUHVHQWHPULVFRVGHH[SORVmR%(WDEHOD
HODGHYHVHUFRQYHUWLGDHPOLQKDHQWHUUDGDDXPDGLVWkQFLDPtQLPDGHPGRORFDOGHULVFR
 2V FRQGXWRUHV QXV GHYHP VHU LQVWDODGRV GH IRUPD TXH VHX SRQWR PDLV EDL[R REVHUYH DV
VHJXLQWHVDOWXUDVPtQLPDVHPUHODomRDRVROR
D PRQGHKRXYHUWUiIHJRGHYHtFXORVSHVDGRV
E PRQGHKRXYHUWUiIHJRGHYHtFXORVOHYHV
F PRQGHKRXYHUSDVVDJHPH[FOXVLYDGHSHGHVWUHV
 2VFRQGXWRUHVQXVGHYHPILFDUIRUDGRDOFDQFHGHMDQHODVVDFDGDVHVFDGDVVDtGDVGHLQFrQGLR
WHUUDoRV RX ORFDLV DQiORJRV 3DUD TXH HVWD SUHVFULomR VHMD VDWLVIHLWD RV FRQGXWRUHV GHYHP DWHQGHU D XPD
GDVFRQGLo}HVVHJXLQWHV
D HVWDUDXPDGLVWkQFLDKRUL]RQWDOLJXDORXVXSHULRUDP
E HVWDUDFLPDGRQtYHOVXSHULRUGDVMDQHODV
F HVWDU D XPD GLVWkQFLD YHUWLFDO LJXDO RX VXSHULRU D  P DFLPD GR SLVR GH VDFDGDV WHUUDoRV RX
YDUDQGDV
G HVWDU D XPD GLVWkQFLD YHUWLFDO LJXDO RX VXSHULRU D  P DEDL[R GR SLVR GH VDFDGDV WHUUDoRV RX
YDUDQGDV
 /LQKDVSUpIDEULFDGDV
2VLQYyOXFURVRXFREHUWXUDVGDVOLQKDVSUpIDEULFDGDVGHYHPDVVHJXUDUSURWHomRFRQWUDFRQWDWRVDFLGHQWDLV
FRPSDUWHVYLYDV'HYHPSRVVXLUJUDXGHSURWHomRQRPtQLPR,3;HDWHQGHUjVSUHVFULo}HVGH%



$%177RGRVRVGLUHLWRVUHVHUYDGRV

Cpia no autorizada

$%171%5



9HUGHILQLomRGHSRQWRGHHQWUDGDQXPDHGLILFDomR


2 %(3 GHYH SURYHU XPD FRQH[mR PHFkQLFD H HOHWULFDPHQWH FRQILiYHO 7RGRV RV FRQGXWRUHV
FRQHFWDGRVDR%(3GHYHPVHUGHVFRQHFWiYHLVLQGLYLGXDOPHQWHH[FOXVLYDPHQWHSRUPHLRGHIHUUDPHQWD

1RV SRQWRV GH FRQH[mR GRV FRQGXWRUHV GH HTLSRWHQFLDOL]DomR DRV HOHPHQWRV LQGLFDGRV QDV
DOtQHDV D H E GH  GHYH VHU SURYLGD HWLTXHWD RX SODTXHWD FRP D VHJXLQWH LQVFULomR Conexo de
segurana No remova!4XDQGR GLUHWDPHQWHDFHVVtYHLVR SUySULR%(3H RVSRQWRVGH FRQH[mRFRP RV
HOHWURGRV LQGLFDGRV QDV DOtQHDV I H J GH  WDPEpP GHYHP VHU SURYLGRV GD PHVPD DGYHUWrQFLD
$HWLTXHWDRXSODTXHWDQmRGHYHVHUIDFLOPHQWHUHPRYtYHO


(TLSRWHQFLDOL]Do}HVVXSOHPHQWDUHVHTLSRWHQFLDOL]Do}HVORFDLV

$ UHDOL]DomR GH HTLSRWHQFLDOL]Do}HV VXSOHPHQWDUHVHTLSRWHQFLDOL]Do}HV ORFDLV SRGH VHU QHFHVViULD SRU
UD]}HV GH SURWHomR FRQWUD FKRTXHV FRQIRUPH SUHYLVWR HP  RX SRU UD]}HV IXQFLRQDLV LQFOXLQGR
SUHYHQomRFRQWUDSHUWXUEDo}HVHOHWURPDJQpWLFDVFRQIRUPHSUHYLVWRHP


(TLSRWHQFLDOL]DomRVXSOHPHQWDUYLVDQGRSURWHomRFRQWUDFKRTXHVHOpWULFRV

2VFDVRVHPTXHVHH[LJHRXVHUHFRPHQGDDUHDOL]DomRGHHTLSRWHQFLDOL]Do}HVORFDLVFRPYLVWDjSURWHomR
FRQWUDFKRTXHVVmRWUDWDGRVHPHQDVHomR
127$

3DUDHTLSRWHQFLDOL]DomRSRUUD]}HVIXQFLRQDLVYHU



3UHVFULo}HVSDUDRVFRQGXWRUHVGDVHTLSRWHQFLDOL]Do}HVSULQFLSDOHVXSOHPHQWDUHV

2V FRQGXWRUHV GH DWHUUDPHQWR H RV FRQGXWRUHV GH HTLSRWHQFLDOL]DomR GHYHP DWHQGHU jV SUHVFULo}HV GH
 H GH  UHVSHFWLYDPHQWH 2V FRQGXWRUHV GH LQWHUOLJDomR GH HOHWURGRV GH DWHUUDPHQWR VmR
FRQVLGHUDGRVFRQGXWRUHVGHHTLSRWHQFLDOL]DomR
 &RQGXWRUHVGHSURWHomR3(
127$6


3DUDFRQGXWRUHVGHDWHUUDPHQWRYHU



3DUDFRQGXWRUHVGHHTLSRWHQFLDOL]DomRYHU



6Ho}HVPtQLPDV


$ VHomR GH TXDOTXHU FRQGXWRU GH SURWHomR GHYH VDWLVID]HU DV FRQGLo}HV HVWDEHOHFLGDV HP
HVHUFDSD]GHVXSRUWDUDFRUUHQWHGHIDOWDSUHVXPLGD
$VHomRGRVFRQGXWRUHVGHSURWHomRGHYHVHUFDOFXODGDFRQIRUPHRXVHOHFLRQDGDGHDFRUGRFRP
(PDPERVRVFDVRVGHYHPVHUFRQVLGHUDGRVRVUHTXLVLWRVGH
127$
2VWHUPLQDLVGHVWLQDGRVDRVFRQGXWRUHVGHSURWHomR GHYHP VHUFRPSDWtYHLVFRPDVVHo}HVGLPHQVLRQDGDV
SHORVFULWpULRVDTXLHVWDEHOHFLGRV


$VHomRGRVFRQGXWRUHVGHSURWHomRQmRGHYHVHULQIHULRUDRYDORUGHWHUPLQDGRSHODH[SUHVVmR
VHJXLQWHDSOLFiYHODSHQDVSDUDWHPSRVGHVHFFLRQDPHQWRTXHQmRH[FHGDPV

S=

I t
k

RQGH
S pDVHomRGRFRQGXWRUHPPLOtPHWURVTXDGUDGRV

$%177RGRVRVGLUHLWRVUHVHUYDGRV



Cpia no autorizada

$%171%5

I pRYDORUHILFD]HPDPSqUHVGDFRUUHQWHGHIDOWDSUHVXPLGDFRQVLGHUDQGRIDOWDGLUHWD
t p R WHPSR GH DWXDomR GR GLVSRVLWLYRGH SURWHomR UHVSRQViYHO SHOR VHFFLRQDPHQWRDXWRPiWLFR HP
VHJXQGRV
k pXPIDWRUTXHGHSHQGHGRPDWHULDOGRFRQGXWRUGHSURWHomRGHVXDLVRODomRHRXWUDVSDUWHVHGDV
WHPSHUDWXUDVLQLFLDO HILQDOGRFRQGXWRU$VWDEHODVDLQGLFDPYDORUHVGHN SDUDGLIHUHQWHVWLSRV
GHFRQGXWRUHVGHSURWHomR
&DVRDDSOLFDomRGDH[SUHVVmRUHVXOWHHPVHo}HVQmRSDGURQL]DGDVGHYHPVHUXWLOL]DGRVFRQGXWRUHVFRPD
VHomRSDGURQL]DGDLPHGLDWDPHQWHVXSHULRU
127$6

2 HIHLWR OLPLWDGRU GH FRUUHQWH GDV LPSHGkQFLDV GR FLUFXLWR H D FDSDFLGDGH OLPLWDGRUD GR GLVSRVLWLYR GH SURWHomR
GHYHPVHUOHYDGRVHPFRQWDQRFiOFXORGDVHomR


3DUDOLPLWDo}HVGHWHPSHUDWXUDHPDWPRVIHUDVH[SORVLYDVYHU,(&



2VOLPLWHVGHWHPSHUDWXUDSDUDRVGLYHUVRVWLSRVGHLVRODomRVmRGDGRVQDWDEHODYHUWDPEpP,(&

7DEHOD)DWRUNSDUDFRQGXWRUGHSURWHomRLVRODGRQmRLQFRUSRUDGRD
FDERPXOWLSRODUHQmRHQIHL[DGRFRPRXWURVFDERV
0DWHULDOGRFRQGXWRU

,VRODomR
 

39&

(35RX;/3(

&REUH





$OXPtQLR





$oR





  2YDORUPDLVEDL[RDSOLFDVHDFRQGXWRUHVFRPVHomRPDLRUTXHPP  
127$6
$WHPSHUDWXUDLQLFLDOFRQVLGHUDGDpGH&
$WHPSHUDWXUDILQDOFRQVLGHUDGDp
39&DWpPP  &
39&PDLRUTXHPP  &
(35H;/3(&

7DEHOD)DWRUNSDUDFRQGXWRUGHSURWHomRQXHPFRQWDWRFRPD
FREHUWXUDGHFDERPDVQmRHQIHL[DGRFRPRXWURVFDERV
0DWHULDOGRFRQGXWRU

&REHUWXUDGRFDER
39&

3ROLHWLOHQR

&REUH





$OXPtQLR





$oR





127$6
$WHPSHUDWXUDLQLFLDOFRQVLGHUDGDpGH&
$WHPSHUDWXUDILQDOFRQVLGHUDGDpGH&SDUDR39&H&SDUDRSROLHWLOHQR



$%177RGRVRVGLUHLWRVUHVHUYDGRV

Cpia no autorizada

$%171%5

7DEHOD)DWRU kSDUDFRQGXWRUGHSURWHomRFRQVWLWXtGRSRU
YHLDGHFDERPXOWLSRODURXHQIHL[DGRFRPRXWURVFDERV
RXFRQGXWRUHVLVRODGRV
,VRODomR

0DWHULDOGRFRQGXWRU

39&

(35RX;/3(





$OXPtQLR





$oR





&REUH

 2YDORUPDLVEDL[RDSOLFDVHDFRQGXWRUHVFRPVHomRPDLRUTXHPP 
127$6

$ WHPSHUDWXUD LQLFLDO FRQVLGHUDGD p GH & SDUD R 39& H & SDUD R (35 H R
;/3(


$WHPSHUDWXUDILQDOFRQVLGHUDGDp
 39&DWpPP &
 39&PDLRUTXHPP &


(35H;/3(&

7DEHOD)DWRUNSDUDFRQGXWRUGHSURWHomRFRQVWLWXtGR
SHODDUPDomRFDSDPHWiOLFDRXFRQGXWRUFRQFrQWULFRGHXPFDER
,VRODomR

0DWHULDOGRFRQGXWRU

39&

(35RX;/3(

&REUH





$OXPtQLR





&KXPER





$oR





127$6
$WHPSHUDWXUDLQLFLDOFRQVLGHUDGDpGH&SDUDR39&H&SDUDR(35HR;/3(
$WHPSHUDWXUDILQDOFRQVLGHUDGDpGH&SDUDR39&(35H;/3(

7DEHOD)DWRUNSDUDFRQGXWRUGHSURWHomRQXRQGHQmRKRXYHUULVFRGHTXHDVWHPSHUDWXUDV
LQGLFDGDVSRVVDPGDQLILFDUTXDOTXHUPDWHULDODGMDFHQWH
0DWHULDOGRFRQGXWRU
&REUH

$oR

7HPSHUDWXU
7HPSHUDWXUD
7HPSHUDWXUD
7HPSHUDWXUD
)DWRU
)DWRU k
)DWRU k
DPi[LPD
Pi[LPD
LQLFLDO
Pi[LPD
k
&
&
&
&

&RQGLo}HV
9LVtYHO H
UHVWULWDV

$OXPtQLR

HP

iUHDV















&RQGLo}HVQRUPDLV















5LVFRGHLQFrQGLR















$%177RGRVRVGLUHLWRVUHVHUYDGRV



Cpia no autorizada

$%171%5


(P DOWHUQDWLYD DR PpWRGR GH FiOFXOR GH  D VHomR GR FRQGXWRU GH SURWHomR SRGH VHU
GHWHUPLQDGD DWUDYpV GD WDEHOD  4XDQGR D DSOLFDomR GD WDEHOD FRQGX]LU D VHo}HV QmR SDGURQL]DGDV
GHYHPVHUHVFROKLGRVFRQGXWRUHVFRPDVHomRSDGURQL]DGDPDLVSUy[LPD$WDEHODpYDOLGDDSHQDVVHR
FRQGXWRUGHSURWHomRIRUFRQVWLWXtGRGRPHVPRPHWDOTXHRVFRQGXWRUHVGHIDVH4XDQGRHVWHQmRIRURFDVR
YHU,(&
7DEHOD6HomRPtQLPDGRFRQGXWRUGHSURWHomR
6HomRGRVFRQGXWRUHVGHIDVH S
PP

6HomRPtQLPDGRFRQGXWRUGH
SURWHomRFRUUHVSRQGHQWH
PP

S 

 < S 



S >

S


$ VHomR GH TXDOTXHU FRQGXWRU GH SURWHomR TXH QmR IDoD SDUWH GR PHVPR FDER RX QmR HVWHMD
FRQWLGRQRPHVPRFRQGXWRIHFKDGRTXHRVFRQGXWRUHVGHIDVHQmRGHYHVHULQIHULRUD
D PPHPFREUHPPHPDOXPtQLRVHIRUSURYLGDSURWHomRFRQWUDGDQRVPHFkQLFRV


E PP HPFREUHPP HPDOXPtQLRVHQmRIRUSURYLGDSURWHomRFRQWUDGDQRVPHFkQLFRV


8PFRQGXWRUGHSURWHomRSRGHVHUFRPXPDGRLVRXPDLVFLUFXLWRVGHVGHTXHHVWHMDLQVWDODGR
QR PHVPR FRQGXWR TXH RV UHVSHFWLYRV FRQGXWRUHV GH IDVH H VXD VHomR VHMD GLPHQVLRQDGD FRQIRUPH DV
VHJXLQWHVRSo}HV
D FDOFXODGDGHDFRUGRFRPSDUDDPDLVVHYHUDFRUUHQWHGHIDOWDSUHVXPLGDHRPDLVORQJRWHPSR
GHDWXDomRGRGLVSRVLWLYRGHVHFFLRQDPHQWRDXWRPiWLFRYHULILFDGRVQHVVHVFLUFXLWRVRX
E VHOHFLRQDGDFRQIRUPHDWDEHODFRPEDVHQDPDLRUVHomRGHFRQGXWRUGHIDVHGHVVHVFLUFXLWRV



7LSRVGHFRQGXWRUHVGHSURWHomR
3RGHPVHUXVDGRVFRPRFRQGXWRUHVGHSURWHomR

D YHLDVGHFDERVPXOWLSRODUHV
E FRQGXWRUHVLVRODGRVFDERVXQLSRODUHVRXFRQGXWRUHVQXVHPFRQGXWRFRPXPFRPRVFRQGXWRUHVYLYRV
F DUPDo}HVFREHUWXUDVPHWiOLFDVRXEOLQGDJHQVGHFDERV
G HOHWURGXWRVPHWiOLFRVHRXWURVFRQGXWRVPHWiOLFRVGHVGHTXHDWHQGDPjVFRQGLo}HVDHEGH

4XDQGR D LQVWDODomR FRQWLYHU OLQKDV SUpIDEULFDGDV EDUUDPHQWRV EOLQGDGRV FRP LQYyOXFURV
PHWiOLFRV HVVHV LQYyOXFURV SRGHP VHU XVDGRV FRPR FRQGXWRUHV GH SURWHomR GHVGH TXH VDWLVIDoDP
VLPXOWDQHDPHQWHDVWUrVSUHVFULo}HVVHJXLQWHV
D VXD FRQWLQXLGDGH HOpWULFD GHYH VHU DVVHJXUDGD SRU GLVSRVLo}HV FRQVWUXWLYDV RX FRQH[}HV DGHTXDGDV
TXHFRQVWLWXDPSURWHomRFRQWUDGHWHULRUDo}HVGHQDWXUH]DPHFkQLFDTXtPLFDRXHOHWURTXtPLFD
E VXDFRQGXWkQFLDVHMDSHORPHQRVLJXDOjUHVXOWDQWHGDDSOLFDomRGH
F SHUPLWDP D FRQH[mR GH RXWURV FRQGXWRUHV GH SURWHomR HP WRGRV RV SRQWRV GH GHULYDomR
SUHGHWHUPLQDGRV



$%177RGRVRVGLUHLWRVUHVHUYDGRV

Cpia no autorizada

$%171%5



2VVHJXLQWHVHOHPHQWRVPHWiOLFRVQmRVmRDGPLWLGRVFRPRFRQGXWRUGHSURWHomR

D WXEXODo}HVGHiJXD
E WXEXODo}HVGHJDVHVRXOtTXLGRVFRPEXVWtYHLVRXLQIODPiYHLV
F HOHPHQWRVGHFRQVWUXomRVXMHLWRVDHVIRUoRVPHFkQLFRVHPVHUYLoRQRUPDO
G HOHWURGXWRVIOH[tYHLVH[FHWRTXDQGRFRQFHELGRVSDUDHVVHILP
H SDUWHVPHWiOLFDVIOH[tYHLV
I

DUPDGXUDGRFRQFUHWRYHUQRWD

J HVWUXWXUDVHHOHPHQWRVPHWiOLFRVGDHGLILFDomRYHUQRWD
127$
1HQKXPD OLJDomR YLVDQGR HTLSRWHQFLDOL]DomR RX DWHUUDPHQWR LQFOXLQGR DV FRQH[}HV jV DUPDGXUDV GR
FRQFUHWRSRGHVHUXVDGDFRPRDOWHUQDWLYDDRVFRQGXWRUHVGHSURWHomRGRVFLUFXLWRV&RPRHVSHFLILFDGRHP
WRGRFLUFXLWRGHYHGLVSRUGHFRQGXWRUGHSURWHomRHPWRGDDVXDH[WHQVmRYHUWDPEpP



&RQWLQXLGDGHHOpWULFDGRVFRQGXWRUHVGHSURWHomR


2V FRQGXWRUHV GH SURWHomR GHYHP VHU DGHTXDGDPHQWH SURWHJLGRV FRQWUD GDQRV PHFkQLFRV
GHWHULRUDomRTXtPLFDRXHOHWURTXtPLFDEHPFRPRHVIRUoRVHOHWURGLQkPLFRVHWHUPRGLQkPLFRV

$VFRQH[}HVGHYHPVHUDFHVVtYHLVSDUDYHULILFDo}HVHHQVDLRVFRPH[FHomRGDTXHODVFRQWLGDV
HPHPHQGDVPROGDGDVRXHQFDSVXODGDV

e YHGDGD D LQVHUomR GH GLVSRVLWLYRV GH PDQREUD RX FRPDQGR QRV FRQGXWRUHV GH SURWHomR
$GPLWHPVHDSHQDVHSDUDILQVGHHQVDLRMXQo}HVGHVFRQHFWiYHLVSRUPHLRGHIHUUDPHQWD

&DVR VHMD XWLOL]DGD VXSHUYLVmR GD FRQWLQXLGDGH GH DWHUUDPHQWR DV ERELQDV RX VHQVRUHV
DVVRFLDGRVQmRGHYHPVHULQVHULGRVQRFRQGXWRUGHSURWHomR

1mRVHDGPLWHRXVRGDPDVVDGHXPHTXLSDPHQWRFRPRFRQGXWRUGHSURWHomRRXFRPRSDUWH
GHFRQGXWRUGHSURWHomRSDUDRXWURHTXLSDPHQWRH[FHWRRFDVRSUHYLVWRHP


&RQGXWRUHV3(1


2 XVR GH FRQGXWRU 3(1 Vy p DGPLWLGR HP LQVWDODo}HV IL[DV GHVGH TXH VXD VHomR QmR VHMD


LQIHULRUDPP HPFREUHRXPP HPDOXPtQLRHREVHUYDGRRGLVSRVWRHP
127$

$VHomRPtQLPDpGLWDGDSRUUD]}HVPHFkQLFDV


$LVRODomRGHXPFRQGXWRU3(1GHYHVHUFRPSDWtYHOFRPDWHQVmRPDLVDOWDDTXHHOHSRVVDVHU
VXEPHWLGR
 6HHPXPSRQWRTXDOTXHUGDLQVWDODomRDVIXQo}HVGHQHXWURHGHFRQGXWRUGHSURWHomRIRUHP
VHSDUDGDVFRP DWUDQVIRUPDomRGRFRQGXWRU3(1 HPGRLVFRQGXWRUHVGLVWLQWRV XPGHVWLQDGRDQHXWURHR
RXWURDFRQGXWRUGHSURWHomRQmRVHDGPLWHTXHRFRQGXWRUQHXWURDSDUWLUGHVVHSRQWRYHQKDDVHUOLJDGRD
TXDOTXHU SRQWR DWHUUDGR GD LQVWDODomR 3RU LVVR PHVPR HVVH FRQGXWRU QHXWUR QmR GHYH VHU UHOLJDGR DR
FRQGXWRU3(TXHUHVXOWRXGDVHSDUDomRGR3(1RULJLQDO
127$
2 FRQGXWRU 3(1GD OLQKD GH HQHUJLD TXH FKHJD DXPD HGLILFDomR GHYHVHULQFOXtGR QD HTLSRWHQFLDOL]DomR
SULQFLSDOFRQIRUPHH[LJLGRHPHSRUWDQWRFRQHFWDGRDR%(3GLUHWDRXLQGLUHWDPHQWH

$%177RGRVRVGLUHLWRVUHVHUYDGRV