/HLGH

5HVSRQVDELOLGDGH
)LVFDO

&$'(5126,%$0
&RPHQWiULRVj
/HLGH5HVSRQVDELOLGDGH)LVFDO
$EULOGH

$ GLYXOJDomR GHVWH WUDEDOKR VH LQVHUH QR kPELWR GH FRQYrQLR

GH FRRSHUDomR WpFQLFD ILUPDGR FRP RV 0LQLVWpULRV GR
3ODQHMDPHQWR H GR 'HVHQYROYLPHQWR H FRP D (1$3 YLVDQGR
DSRLDU D LPSODQWDomR GD /HL &RPSOHPHQWDU Q 
GH  LQFOXVLYH SDUD HIHLWR GH DWHQGLPHQWR GR
GLVSRVWR HP VHX DUW 

$V RSLQL}HV DTXL H[SUHVVDV VmR GH H[FOXVLYD UHVSRQVDELOLGDGH

GH VHX DXWRU H QmR UHIOHWHP QHFHVVDULDPHQWH D SRVLomR GRV
yUJmRV IHGHUDLV

(VWH GRFXPHQWR SRGH VHU UHSURGX]LGR HP SDUWH RX

LQWHJUDOPHQWH GHVGH TXH GHYLGDPHQWH FLWDGD D IRQWH

&$'(512 

3XEOLFDomR HODERUDGD SHOR ,QVWLWXWR %UDVLOHLUR GH $GPLQLVWUDomR

0XQLFLSDO ,%$0 VRE R SDWURFtQLR GR %DQFR 1DFLRQDO GH
'HVHQYROYLPHQWR (FRQ{PLFR H 6RFLDO %1'(6
&RRUGHQDomR *HUDO

3DXOR 7LPP

&RRUGHQDomR 7pFQLFD

+HUDOGR GD &RVWD 5HLV

&RRUGHQDomR ([HFXWLYD

*OHLVL +HLVOHU 1HYHV

(ODERUDomR

-RVp 5LOGR GH 0HGHLURV *XHGHV

&RRUGHQDomR (GLWRULDO

6DQGUD 0DJHU

)LFKD &DWDORJUiILFD
&DWDORJDomR QD )RQWH SHOD %LEOLRWHFD GR ,%$0
*XHGHV -RVp 5LOGR GH 0HGHLURV
&RPHQWiULRV j OHL GH UHVSRQVDELOLGDGH ILVFDO  -RVp 5LOGR GH 0HGHLURV *XHGHV
5LR GH -DQHLUR ,%$0 
S FP /HL GH UHVSRQVDELOLGDGH ILVFDO 
3DWURFtQLR %1'(6
 5HVSRQVDELOLGDGH WULEXWiULD , ,QVWLWXWR %UDVLOHLUR GH $GPLQLVWUDomR 0XQLFLSDO
 &''  HG

&$'(512 

$/HLGH5HVSRQVDELOLGDGH)LVFDO6LPSOHV0XQLFLSDO

2 DUW  GD /HL GH 5HVSRQVDELOLGDGH )LVFDO /HL &RPSOHPHQWDU Q

 GH

 SUHYr TXH $ 8QLmR SUHVWDUi DVVLVWrQFLD WpFQLFD H FRRSHUDomR

ILQDQFHLUD DRV 0XQLFtSLRV SDUD D PRGHUQL]DomR GDV UHVSHFWLYDV DGPLQLV
WUDo}HV WULEXWiULD ILQDQFHLUD SDWULPRQLDO H SUHYLGHQFLiULD FRP YLVWDV DR
FXPSULPHQWR GDV QRUPDV GHVWD /HL &RPSOHPHQWDU

2 3UHVLGHQWH )HUQDQGR +HQULTXH &DUGRVR HP VHX SURJUDPD GH UiGLR

GHGLFDGR j VDQomR GHVVD /HL HP  DQXQFLRX VXD GHWHUPLQDomR
SDUD TXH R 0LQLVWpULR GR 3ODQHMDPHQWR H R %1'(6 GHVHQYROYHVVHP R

6LPSOHV 0XQLFLSDO

XP FRQMXQWR GH Do}HV YROWDGDV HVSHFLDOPHQWH SDUD

3UHIHLWXUDV GH SHTXHQR SRUWH H GR LQWHULRU YLVDQGR IDFLOLWDU D DGPLQLVWUDomR

GH VXDV FRQWDV H DR PHVPR WHPSR DVVHJXUDU D LPSODQWDomR GH XP QRYR
UHJLPH ILVFDO UHVSRQViYHO

$ SXEOLFDomR GHVWH WUDEDOKR VH LQVHUH QHVVH HVIRUoR JRYHUQDPHQWDO SDUD

WRPDU PDLV IiFLO H PDLV HILFD] DV DGPLQLVWUDo}HV ORFDLV )D] SDUWH GD VHJXLQWH
VpULH GH WUDEDOKRV HODERUDGRV SRU HQWLGDGHV H WpFQLFRV GH QRWyULD HV
SHFLDOL]DomR QD iUHD H[FOXVLYRV UHVSRQViYHLV SHODV RSLQL}HV PDV FXMD
GLVWULEXLomR p DSRLDGD SHORV yUJmRV IHGHUDLV SRU DMXGDUHP QD FRPSUHHQVmR
GD OHL H QD LPSODQWDomR GH XP QRYR UHJLPH ILVFDO

0DQXDO GH 2ULHQWDomR SDUD &UHVFLPHQWR GD 5HFHLWD 3UySULD 0XQLFLSDO

GD (VFROD GH $GPLQLVWUDomR GH (PSUHVDV GH 6mR 3DXOR )XQGDomR *HWXOLR

9DUJDV 6mR 3DXOR 

 'LFDV ,GpLDV SDUD $omR 0XQLFLSDO GR OQVWLWXWR GH (VWXGRV

)RUPDomR H $VVHVVRULD HP 3ROtWLFDV 6RFLDLV 3/O6 6mR 3DXOR 

*XLD GH 2ULHQWDomR SDUD DV 3UHIHLWXUDV GR $PLU $QW{QLR .KDLU 6mR

3DXOR PDLR 

0DQXDO %iVLFR GR 7ULEXQDO GH &RQWDV GR (VWDGR GH 6mR 3DXOR 6mR 3DXOR

MXQKR GH 

0DQXDO GH 3URFHGLPHQWRV SDUD $SOLFDomR GD /HL GH 5HVSRQVDELOLGDGH

)LVFDO GR 7ULEXQDO GH &RQWDV GR (VWDGR GR 5LR *UDQGH GR 6XO 5LR *UDQGH

GR 6XO QRYHPEUR GH 

&$'(512 

$ /HL GH 5HVSRQVDELOLGDGH )LVFDO H D 3UHYLGrQFLD GRV 6HUYLGRUHV 3~EOLFRV

0XQLFLSDLV GH 0DUFHOR 9LDQD (VWHYmR GH 0RUDHV 5LR GH -DQHLUR

GH]HPEUR GH 
$V 7UDQVJUHVV}HV j /HL GH 5HVSRQVDELOLGDGH )LVFDO H &RUUHVSRQGHQWHV
3XQLo}HV )LVFDLV H 3HQDLV GH $PLU $QW{QLR .KDLU 5LR GH -DQHLUR

x
x

GH]HPEUR GH 
3URSRVWD GH 3DGURQL]DomR GRV 5HODWyULRV GD *HVWmR )LVFDO GR ,QVWLWXWR
5X\ %DUERVD 6mR 3DXOR GH]HPEUR GH 
*XLD GH 2ULHQWDomR SDUD DV 3UHIHLWXUDV 

HGLomR UHYLVWD H DPSOLDGD

GH $PLU $QW{QLR .KDLU 6mR 3DXOR IHYHUHLUR GH 

2 FRQWH~GR LQWHJUDO GHVWH PDQXDO H GDV SXEOLFDo}HV DFLPD FLWDGDV HVWi GLVSRQtYHO QD OQWHUQHW
SDUD DFHVVR JUDWXLWR H XQLYHUVDO DWUDYpV GH FRQVXOWD RX GH GRZQORDG QR VLWH PDQWLGR SHOR
%1'(6 H HVSHFLDOL]DGR HP ILQDQoDV S~EOLFDV H IHGHUDOLVPR ILVFDO QR HQGHUHoR
ZZZIHGHUDWLYREQGHVJRYEU

Banco Federativo
Site do

5(63216$%,/,'$'( ),6&$/
p

$'0,1,675$d2 (),&,(17(
p

&,'$'( 0(/+25

2 %1'(6 DSyLD HVVD LGpLD 3DUWLFLSH WDPEpP

&$'(512 

6XPiULR

x
x
x
x
x

$SUHVHQWDomR
3UHIiFLR
$SUHVHQWDomR GR ,%$0
3DUWH $ $ /HL GH 5HVSRQVDELOLGDGH )LVFDO /5) &RPHQWiULRV
*HQpULFRV
3DUWH % $ /5) &RPHQWiULRV (VSHFtILFRV
$SOLFDomR H &RQFHLWRV
2 3ODQHMDPHQWR
5HFHLWD 3~EOLFD
'HVSHVD 3~EOLFD
7UDQVIHUrQFLDV 9ROXQWiULDV
'HVWLQDomR GH 5HFXUVRV 3~EOLFRV SDUD R 6HWRU 3ULYDGR
'tYLGD H (QGLYLGDPHQWR
2SHUDo}HV GH &UpGLWR
*HVWmR 3DWULPRQLDO
7UDQVSDUrQFLD &RQWUROH H )LVFDOL]DomR
'LVSRVLo}HV )LQDLV H 7UDQVLWyULDV
$QH[RV
 &DOHQGiULR GDV 3URYLGrQFLDV 3UHYLVWDV QD /5) SDUD RV
0XQLFtSLRV
 /HL &RPSOHPHQWDU Q 
 /HL Q 

&$'(512 






















&$'(512 

$SUHVHQWDomR

/HL GH 5HVSRQVDELOLGDGH )LVFDO WUD] XPD PXGDQoD LQVWLWXFLRQDO H

FXOWXUDO QR WUDWR FRP R GLQKHLUR S~EOLFR GLQKHLUR GD VRFLHGDGH (VWDPRV

JHUDQGR XPD UXSWXUD QD KLVWyULD SROtWLFRDGPLQLVWUDWLYD GR 3DtV (VWDPRV
LQWURGX]LQGR D UHVWULomR RUoDPHQWiULD QD OHJLVODomR EUDVLOHLUD
$ VRFLHGDGH QmR WROHUD PDLV FRQYLYHU FRP DGPLQLVWUDGRUHV LUUHVSRQViYHLV
H KRMH HVWi FDGD YH] PDLV FRQVFLHQWH GH TXH TXHP SDJD D FRQWD GR PDX
XVR GR GLQKHLUR S~EOLFR p R FLGDGmR R FRQWULEXLQWH
$ LUUHVSRQVDELOLGDGH SUDWLFDGD KRMH HP TXDOTXHU QtYHO GH JRYHUQR UHVXO
WDUi DPDQKm HP PDLV LPSRVWRV PHQRV LQYHVWLPHQWRV RX PDLV LQIODomR TXH
p R PDLV SHUYHUVR GRV LPSRVWRV SRLV LQFLGH VREUH RV PDLV SREUHV
2 JRYHUQR QmR IDEULFD GLQKHLUR
(VWD DILUPDomR SRGH SDUHFHU yEYLD SDUD DOJXQV PDV QmR SDUD DTXHOHV TXH
DGPLQLVWUDP FRQWDV S~EOLFDV JDVWDQGR PDLV GR TXH DUUHFDGDP 'HL[DQGR
GtYLGDV SDUD VHXV VXFHVVRUHV H DVVXPLQGR FRPSURPLVVRV TXH VDEHP GH
DQWHPmR QmR SRGHUmR KRQUDU e HVWH WLSR GH SRVWXUD GDQRVD SDUD R 3DtV
TXH p FRLELGD SHOD /HL GH 5HVSRQVDELOLGDGH )LVFDO $ GHFLVmR GH DXPHQWDU
JDVWRV LQGHSHQGHQWHPHQWH GH VHX PpULWR SUHFLVD HVWDU DFRPSDQKDGD GH
XPD IRQWH GH ILQDQFLDPHQWR
$ /HL UHIRUoD RV SULQFtSLRV GD )HGHUDomR *RYHUQDQWHV GH (VWDGRV H 0XQL
FtSLRV QmR WHUmR TXH SUHVWDU FRQWDV GH VHXV DWRV DR JRYHUQR IHGHUDO PDV DR
VHX UHVSHFWLYR /HJLVODWLYR RX VHMD j FRPXQLGDGH TXH RV HOHJHX 7XGR LVVR
VHUi IHLWR GH IRUPD VLPSOLILFDGD SDUD TXH D VRFLHGDGH SRVVD H[HUFHU R VHX
GLUHLWR GH ILVFDOL]DomR 2V JRYHUQDQWHV VHUmR MXOJDGRV SHORV HOHLWRUHV SHOR
PHUFDGR H VH GHVFXPSULUHP DV UHJUDV VHUmR SXQLGRV
-i HQWUDPRV QD HUD GD UHVSRQVDELOLGDGH ILVFDO 7HU XPD SRVWXUD UHVSRQViYHO
p GHYHU GH FDGD JRYHUQDQWH

0DUWXV 7DYDUHV
0LQLVWUR GH (VWDGR GR 3ODQHMDPHQWR 2UoDPHQWR H *HVWmR

&$'(512 

&$'(512 

3UHIiFLR

$SUHVHQWDPRV D FROHomR &DGHUQRV ,%$0 HODERUDGD SHOR ,QVWLWXWR %UDVL

OHLUR GH $GPLQLVWUDomR 0XQLFLSDO ,%$0 VRE R SDWURFtQLR GR %1'(6
FRQVWDQGR GH XPD FROHWkQHD FRP VHWH YROXPHV GH PDQXDLV RULHQWDGRUHV
SDUD D LPSODQWDomR GD /HL &RPSOHPHQWDU Q

 GH PDLR GH  FRP

FHUWH]D DEVROXWD GH TXH VHUi GH JUDQGH YDOLD SDUD RULHQWDU DV PXQLFLSD

OLGDGHV HP UHODomR jV PHGLGDV D VHUHP DGRWDGDV SDUD D DGHTXDomR jV
QRUPDV HVWDEHOHFLGDV SHOD /HL GH 5HVSRQVDELOLGDGH )LVFDO 7DUHID LPSRU
WDQWH QD JHVWmR HILFLHQWH H UHVSRQViYHO GD FRLVD S~EOLFD PHWD SHUIHLWD
PHQWH DOFDQoiYHO SRU WRGRV RV JRYHUQRV ORFDLV H TXH FRQWULEXL SDUD D
5HIRUPD GR (VWDGR

'H IDWR FRPR XPD GDV SULQFLSDLV LQVWLWXLo}HV GH 3ROtWLFD (FRQ{PLFD GH

ORQJR SUD]R QR %UDVLO R %1'(6 YHP SDUWLFLSDQGR DWLYDPHQWH GH Do}HV
YROWDGDV SDUD D UHIRUPXODomR GR SDSHO GR (VWDGR QRV GLYHUVRV QtYHLV GD
)HGHUDomR %UDVLOHLUD 1HVWH VHQWLGR WHP VLGR JUDQGH R VHX HPSHQKR HP
DSRLDU D PRGHUQL]DomR GD DGPLQLVWUDomR WULEXWiULD H D PHOKRULD GD TXDOL
GDGH GR JDVWR S~EOLFR FRP XPD SHUVSHFWLYD GH GHVHQYROYLPHQWR ORFDO
VXVWHQWDGR

$OpP GRV YiULRV SURJUDPDV WUDGLFLRQDLV GH ILQDQFLDPHQWR R %1'(6 LPSOH

3URJUDPD GH 0RGHUQL]DomR GD $GPLQLVWUDomR 7ULEXWiULD H GD

*HVWmR GRV 6HWRUHV 6RFLDLV %iVLFRV 30$7
PHQWRX R

SDUD SURSRUFLRQDU DRV PXQL

FtSLRV EUDVLOHLURV SRVVLELOLGDGHV GH DSHUIHLoRDU VXD FDSDFLGDGH GH DUUHFD

GDomR H DR PHVPR WHPSR LQFUHPHQWDU D TXDOLGDGH GRV VHUYLoRV SUHVWDGRV
j SRSXODomR

7DPEpP IRL FULDGR XP VLWH QD ,QWHUQHW

KWWSIHGHUDWLYREQGHVJRYEU

SDUD GLYXOJDomR GH LQIRUPDo}HV H HVWDWtVWLFDV VREUH R VHWRU S~EOLFR EHP

FRPR SDUD D WURFD GH H[SHULrQFLDV HQWUH DGPLQLVWUDGRUHV S~EOLFRV SHVTXL
VDGRUHV RUJDQL]Do}HV QmRJRYHUQDPHQWDLV H HYHQWXDLV LQWHUHVVDGRV HP
SROtWLFDV S~EOLFDV &RP HIHLWR R

%DQFR )HGHUDWLYR

WHP SURFXUDGR WUDWDU

GRV PDLV YDULDGRV WHPDV UHODFLRQDGRV j )HGHUDomR %UDVLOHLUD FRPR D

5HIRUPD 7ULEXWiULD H D /HL GH 5HVSRQVDELOLGDGH )LVFDO DOpP GH DSUHVHQWDU

&$'(512 

LQGLFDGRUHV WULEXWiULRV H ILVFDLV (VWH IyUXP GH GHEDWHV GHPRFUiWLFR H DEHUWR

FUHVFHX H VH GLQDPL]RX DWUDYpV GH YiULDV SDUFHULDV FRP RXWURV yUJmRV H
LQVWLWXWRV GH SHVTXLVD
0DLV LQIRUPDomR H PDLV WUDQVSDUrQFLD VmR VHP G~YLGD D JDUDQWLD SHUHQH
GR HIHWLYR FRQWUROH SRSXODU H GR DSUHQGL]DGR GD FLGDGDQLD

)UDQFLVFR 5REHUWR $QGUp *URV

3UHVLGHQWH GR %1'(6

&$'(512 

$SUHVHQWDomRGR,%$0

VWH GRFXPHQWR p SDUWH GH XPD VpULH HODERUDGD SHOR ,QVWLWXWR %UDVLOHLUR

GH $GPLQLVWUDomR 0XQLFLSDO ,%$0 FRP R SDWURFtQLR GR %DQFR 1DFLRQDO

GH 'HVHQYROYLPHQWR (FRQ{PLFR H 6RFLDO %1'(6 FXMR REMHWLYR p SUHSDUDU
RV 0XQLFtSLRV SDUD LPSODQWDU DV PXGDQoDV WRUQDGDV REULJDWyULDV FRP D
HQWUDGD HP YLJRU GD /HL &RPSOHPHQWDU Q

 GH  GH PDLR GH  PDLV

FRQKHFLGD FRPR /HL GH 5HVSRQVDELOLGDGH )LVFDO /5) 7UDWDVH GH XPD

FRQWULEXLomR SDUD GDU FRQVHTrQFLD DR GLVSRVWR QR DUW  GHVVD /HL TXH
SUHYr SDUD D 8QLmR XP SDSHO HVWUDWpJLFR QD DVVLVWrQFLD WpFQLFD H FRRSHUDomR
ILQDQFHLUD SDUD D PRGHUQL]DomR GDV $GPLQLVWUDo}HV 0XQLFLSDLV QD SUHSD
UDomR GRV *RYHUQRV /RFDLV SDUD D DSOLFDomR GDV QRYDV QRUPDV OHJDLV
$ LPSRUWkQFLD GHVVH SDSHO p LQHJiYHO Mi TXH D /& Q

 LPS}H XP

VDOWR TXDOLWDWLYR HP WHUPRV GD JHVWmR H TXDOLILFDomR GH TXDGURV S~EOLFRV

ORFDLV TXH VHUi HVSHFLDOPHQWH GLItFLO SDUD RV 0XQLFtSLRV PHQRV GHVHQYRO
YLGRV
$ VpULH D TXH VH UHIHUH R LQtFLR GHVWD $SUHVHQWDomR VHUi LQWHJUDGD SHORV
VHJXLQWHV GRFXPHQWRV

x
x
x
x
x
x
x

&RPHQWiULRV j /HL GH 5HVSRQVDELOLGDGH )LVFDO

,PSDFWRV GD /HL &RPSOHPHQWDU Q

 VREUH D /HL Q  GH 

GH PDUoR GH 
$ (ODERUDomR GR 3ODQR 3OXULDQXDO 33$
$ (ODERUDomR GD /HL GH 'LUHWUL]HV 2UoDPHQWiULDV /'2 H GR 2UoDPHQWR
/2$
$FRPSDQKDPHQWR GD ([HFXomR 2UoDPHQWiULD
*HVWmR GH 5HFXUVRV +XPDQRV H D 5HGXomR GDV 'HVSHVDV GH 3HVVRDO
$ &kPDUD 0XQLFLSDO H D VXD 5HVSRQVDELOLGDGH QD *HVWmR )LVFDO 3RVLomR
H 3DSHO

(VVHV GRFXPHQWRV VHUmR GLVWULEXtGRV jV &kPDUDV H 3UHIHLWXUDV GH WRGRV RV

0XQLFtSLRV EUDVLOHLURV HPERUD HVWHMDP GLULJLGRV PDLV HVSHFLILFDPHQWH DRV
GH PHQRV GH  KDELWDQWHV SHODV GLILFXOGDGHV H[SRVWDV (VWHV UHSUH
VHQWDP D HVPDJDGRUD PDLRULD RX VHMD  XQLGDGHV GR XQLYHUVR GRV



&$'(512 

 H[LVWHQWHV QR SDtV QR PRPHQWR GD HODERUDomR GHVWH GRFXPHQWR R

TXH HYLGHQFLD D LPSRUWkQFLD GD LQLFLDWLYD
$ /& Q

 YLVD DQWHV GH WXGR GLVFLSOLQDU R FRPSRUWDPHQWR GR

JHVWRU S~EOLFR j OX] GRV SULQFtSLRV pWLFRV OLJDGRV j $GPLQLVWUDomR FRPR

SODQHMDPHQWR HTXLOtEULR ILQDQFHLUR HFRQRPLFLGDGH SURGXWLYLGDGH WUDQV
SDUrQFLD FRQWUROH H UHVSRQVDELOLGDGH 6HX IRFR p D JHVWmR ILVFDO FRQFHLWR
TXH DPSOLRX HP UHODomR DR XVR FRUUHQWH GR WHUPR SRLV LQFOXLX QHOH
DVSHFWRV UHODWLYRV DR SODQHMDPHQWR DR RUoDPHQWR j SURJUDPDomR ILQDQ
FHLUD H DR IOX[R GH FDL[D j UHFHLWD LQFOXVLYH j WULEXWDomR H j GHVSHVD j
H[HFXomR RUoDPHQWiULD H ILQDQFHLUD jV WUDQVIHUrQFLDV DR HQGLYLGDPHQWR
DR SDWULP{QLR S~EOLFR H j SUHYLGrQFLD VRFLDO
2 DGYHQWR GH XPD OHL FRP HVVDV SUHRFXSDo}HV REHGHFH D XPD WHQGrQFLD
PXQGLDO UHIOH[R WDQWR GD FULVH SULQFLSDOPHQWH ILQDQFHLUD GR (VWDGR FRPR
GR IRUWDOHFLPHQWR H FUHVFHQWHV PRELOL]DomR H SUHVVmR GD VRFLHGDGH FLYLO
HP EXVFD GR DSULPRUDPHQWR H GR FRQWUROH VRFLDO GD JHVWmR S~EOLFD
3RU HVVH PRWLYR SRGHVH FRQVLGHUDU TXH R HVStULWR H REMHWLYRV GHVVD /HL
OHYDP HP FRQWD YDORUHV H PRYLPHQWRV XQLYHUVDLV H SRUWDQWR WrP XPD IRUoD
LUUHYHUVtYHO (P RXWUDV SDODYUDV PHVPR TXH FRP R WHPSR H VXD DSOLFDomR
SUiWLFD PRVWUHPVH QHFHVViULDV UHYLV}HV QHVVD /HL SRU PHLR VHMD OHJLVODWLYR
VHMD MXGLFLDO RV JHVWRUHV S~EOLFRV WHUmR TXH EXVFDU VH DMXVWDU DRV VHXV
PDQGDPHQWRV H GLULJLU VXD DGPLQLVWUDomR QR VHQWLGR GR DWHQGLPHQWR GHVVH
HVStULWR SULQFtSLRV H REMHWLYRV
$ LQWHQomR GHVWH GRFXPHQWR p IDFLOLWDU LVVR WHQWDQGR LQFOXVLYH FULDU XPD
DWLWXGH SRVLWLYD HP UHODomR j /HL HOLPLQDQGR SRVVtYHLV UHVLVWrQFLDV DR
SURMHWR DWUDYpV GR VHX PDLRU FRQKHFLPHQWR

0DUD 'DUF\ %LDVL )HUUDUL 3LQWR

6XSHULQWHQGHQWH *HUDO GR ,%$0



&$'(512 

3DUWH$

$/5)&20(175,26*(1e5,&26
'LUHWUL]HV
$ /HL &RPSOHPHQWDU Q  DSURYDGD HP  GH PDLR GH  /HL GH 5HV
SRQVDELOLGDGH )LVFDO /5) H SXEOLFDGD QR 'LiULR 2ILFLDO GD 8QLmR GH  GH PDLR
GH  YHLR SUHHQFKHU XP YiFXR LQVWLWXFLRQDO H GDU HILFiFLD D YiULRV GLVSRVLWLYRV

GD &RQVWLWXLomR )HGHUDO &) HVSHFLDOPHQWH DRV VHXV DUWV  H  

$ /5) FRPR /HL &RPSOHPHQWDU PRGDOLGDGH GH GLSORPD OHJDO LQVHULGR QR

'LUHLWR 3RVLWLYR %UDVLOHLUR D SDUWLU GD &) GH  GH TXRUXP SULYLOHJLDGR 

WHP D LQFXPErQFLD GH QRUPDWL]DU DVVXQWRV TXH D &DUWD 0DJQD WUDQVIHUH

H[SOLFLWDPHQWH SDUD HOD FRPR HQVLQD $OH[DQGUH GH 0RUDHV 

6mR GXDV DV GLIHUHQoDV HQWUH OHL FRPSOHPHQWDU H OHL RUGLQiULD $ SULPHLUD
p PDWHULDO XPD YH] TXH VRPHQWH SRGH VHU REMHWR GH OHL FRPSOHPHQWDU
D PDWpULD WD[DWLYDPHQWH SUHYLVWD QD &RQVWLWXLomR )HGHUDO HQTXDQWR WRGDV
DV GHPDLV PDWpULDV GHYHUmR VHU REMHWR GH OHL RUGLQiULD $VVLP D &RQV
WLWXLomR )HGHUDO UHVHUYD GHWHUPLQDGDV PDWpULDV FXMD UHJXODPHQWDomR
REULJDWRULDPHQWH VHUi UHDOL]DGD SRU PHLR GH OHL FRPSOHPHQWDU $ VHJXQ
GD p IRUPDO H GL] UHVSHLWR DR SURFHVVR OHJLVODWLYR QD IDVH GH YRWDomR
(QTXDQWR R TXRUXP SDUD DSURYDomR GH OHL RUGLQiULD p GH PDLRULD VLPSOHV
DUW  R TXRUXP SDUD DSURYDomR GD OHL FRPSOHPHQWDU p GH PDLRULD
DEVROXWD DUW  RX VHMD R SULPHLUR Q~PHUR LQWHLUR VXEVHTHQWH j
GLYLVmR GRV PHPEURV GD &DVD /HJLVODWLYD SRU GRLV

 2 DUW  GD &) GHWHUPLQD TXH OHL FRPSOHPHQWDU GLVSRUi VREUH , ILQDQoDV S~EOLFDV
,, GtYLGD S~EOLFD H[WHUQD H LQWHUQD LQFOXtGD D GDV DXWDUTXLDV IXQGDo}HV H GHPDLV
HQWLGDGHV FRQWURODGDV SHOR 3RGHU 3~EOLFR ,,, FRQFHVVmR GH JDUDQWLDV SHODV HQWLGDGHV
S~EOLFDV ,9 HPLVVmR H UHVJDWH GH WtWXORV GD GtYLGD S~EOLFD RV GHPDLV LWHQV QmR VmR
SHUWLQHQWHV -i R FDSXW GR DUW  HVWDEHOHFH TXH D GHVSHVD FRP SHVVRDO DWLYR H LQDWLYR
GD 8QLmR GRV (VWDGRV GR 'LVWULWR )HGHUDO H GRV 0XQLFtSLRV QmR SRGHUi H[FHGHU RV OLPLWHV
HVWDEHOHFLGRV HP OHL FRPSOHPHQWDU
 &RUUHVSRQGHQWH DR SULPHLUR Q~PHUR LQWHLUR VXEVHTHQWH DR GD PHWDGH GR WRWDO GRV
SDUODPHQWDUHV
 025$(6 $OH[DQGUH 'LUHLWR &RQVWLWXFLRQDO $WODV 5LR GH -DQHLUR  HG  S 



&$'(512 

$ rQIDVH HPSUHJDGD SHOD PtGLD QD GLYXOJDomR GDV VDQo}HV GD /5) SDUHFH

WHU GHVSHUWDGR XP VHQWLPHQWR GH TXH HOD FRP VXDV GLVSRVLo}HV H
LQVWUXPHQWDOLGDGHV DSDUHFHX GH UHSHQWH SURYRFDQGR XP FRUWH HQWUH
R TXH H[LVWLD DQWHV H[ DQWH H R TXH SDVVRX D H[LVWLU GHSRLV H[SRVW 2V
IDWRV FRQWXGR DSRQWDP HP RXWUD GLUHomR UHPRQWDQGR QR PtQLPR D
 TXDQGR IRL SURPXOJDGD D &) FXMRV SULQFtSLRV SRU IRUoD GR TXH
GLVS}H R DUW  H VHX SDUiJUDIR ~QLFR GR $WR GDV 'LVSRVLo}HV &RQV
WLWXFLRQDLV 7UDQVLWyULDV $'&7 GD SUySULD &DUWD 0DJQD GHYHP VHU REHGH
FLGRV SHODV &RQVWLWXLo}HV GH FDGD (VWDGR &( H SHODV /HLV 2UJkQLFDV GH FDGD
0XQLFtSLR /20

e SURYiYHO TXH D /20 GR 0XQLFtSLR RQGH R OHLWRU H[HUFH VXDV DWLYLGDGHV

WHQKD LQFRUSRUDGR YiULRV GRV GLVSRVLWLYRV FRQVWLWXFLRQDLV HVSHFLDOPHQWH RV
DUWLJRV  D  LQFOXVLYH FRP D UHGDomR GDGD SHODV (PHQGDV &RQV
WLWXFLRQDLV TXH VH VHJXLUDP 5HFRPHQGDVH SRUWDQWR XPD OHLWXUD GHVVHV
DUWLJRV H VXD FRPSDUDomR FRP RV GD /20

9DOH OHPEUDU DLQGD TXH DV &RQVWLWXLo}HV DQWHULRUHV j &) GH  QRWDGD

PHQWH D GH  H D GH  FRP VXDV UHVSHFWLYDV DOWHUDo}HV H PRGLILFD
o}HV WUDWDYDP D VHX PRGR GRV DVVXQWRV UHODWLYRV jV ILQDQoDV S~EOLFDV ERD

SDUWH GRV TXDLV DWp KRMH HVWmR GLVFLSOLQDGRV SHOD /HL Q  GH 
TXH HVWDWXL QRUPDV JHUDLV GH 'LUHLWR )LQDQFHLUR SDUD HODERUDomR H FRQWUROH
GRV RUoDPHQWRV H GRV EDODQoRV GD 8QLmR GRV (VWDGRV GRV 0XQLFtSLRV H GR

'LVWULWR )HGHUDO 

1D UHDOLGDGH D /5) DR HVWDEHOHFHU QRUPDV GH ILQDQoDV S~EOLFDV YROWDGDV SDUD

UHVSRQVDELOLGDGH QD JHVWmR ILVFDO

QDPHQWDO
x D DomR SODQHMDGD H WUDQVSDUHQWH
SUHYLQHP ULVFRV
FRUULJHP GHVYLRV
x HTXLOtEULR
UHVXOWDGRV
UHFHLWDV H GHVSHVDV
x D REHGLrQFLD
UHQ~QFLD
D

 HVWi GHWHUPLQDQGR TXH D

DomR JRYHU

VH GHVHQYROYD WHQGR FRPR SUHPLVVDV DUW   DV VHJXLQWHV GLUHWUL]HV

 HP TXH VH

GDV FRQWDV S~EOLFDV PHGLDQWH R

HQWUH

FXPSULPHQWR

GH

PHWDV GH

 H

D OLPLWHV H FRQGLo}HV QR TXH WDQJH D

GH UHFHLWD

 $ OHL Q  IRL UHFHSFLRQDGD FRPR /& SHOR DWXDO 7H[WR &RQVWLWXFLRQDO TXDQGR WUDWD
GH DVVXQWR DIHWR j OHL FRPSOHPHQWDU 1HVVHV FDVRV VRPHQWH RXWUD /& SRGHUi UHYRJiOD
7H[WR HVSHFtILFR GHVWD VpULH WUDWDUi GDV UHSHUFXVV}HV GD /5) HP UHODomR D HOD



&$'(512 

JHUDomR
GtYLGDV

GH GHVSHVDV FRP SHVVRDO GD VHJXULGDGH VRFLDO H RXWUDV

FRQVROLGDGD H PRELOLiULD RSHUDo}HV GH FUpGLWR LQFOXVLYH SRU

DQWHFLSDomR GH UHFHLWD FRQFHVVmR GH JDUDQWLD H

LQVFULomR

HP 5HVWRV D 3DJDU

3RUWDQWR D UHVSRQVDELOLGDGH QD JHVWmR ILVFDO SUHVVXS}H TXH D DomR JRYHU

QDPHQWDO VHMD SUHFHGLGD GH SURSRVWDV SODQHMDGDV WUDQVFRUUD GHQWUR GRV
OLPLWHV H GDV FRQGLo}HV LQVWLWXFLRQDLV H UHVXOWHP QR

HTXLOtEULR

HQWUH UHFHLWDV


H GHVSHVDV 1HQKXP DJHQWH S~EOLFR *RYHUQDGRU 3UHIHLWR 9HUHDGRU HWF

RX RXWUD DXWRULGDGH TXDOTXHU SRGH DWXDU DR VHX EHO SUD]HU 7RGRV RV

DJHQWHV S~EOLFRV WrP GLUHLWRV H REULJDo}HV HVWDEHOHFLGRV SHOD OHL DQWH R
SULQFtSLR GD

OHJDOLGDGH

 GHQWUH RXWURV D TXH HVWi VXEPHWLGD D $GPLQLV

WUDomR 3~EOLFD QRV WHUPRV GR DUW  GD &)

$$omR*RYHUQDPHQWDOHD/5)
2 H[HUFtFLR GD DomR JRYHUQDPHQWDO RFRUUH VRE RV SULVPDV SROtWLFR H DGPLQLV
WUDWLYR 1R SULPHLUR FDVR RV UHVSRQViYHLV VmR DJHQWHV SROtWLFRV HOHLWRV

H GHPRFUDWLFDPHQWH

GLUHWD

SHOD VRFLHGDGH 3UHIHLWRV H 9HUHDGRUHV  QR FDVR GRV

0XQLFtSLRV QR VHJXQGR HP YLUWXGH GR UHJLPH SUHVLGHQFLDOLVWD YLJHQWH QR

3DtV R &KHIH GR ([HFXWLYR 0XQLFLSDO DVVXPH R FDUJR GH JHVWRUPRU ORFDO

'HVVH PRGR RV 3UHIHLWRV HQIHL[DP HP VXDV PmRV VLPXOWDQHDPHQWH DV

IXQo}HV LQFRQIXQGtYHLV SRUpP LQVHSDUiYHLV GH 3ROtWLFR H $GPLQLVWUDGRU
TXH OKHV FRQIHUHP PXLWRV SRGHUHV H HQRUPH UHVSRQVDELOLGDGH UHODFLRQD
GRV FRP GRLV REMHWLYRV GLVWLQWRV SRUpP FRQYHUJHQWHV

x
x

DWHQGHU
]HODU FRQWLQXLGDGH

jV GHPDQGDV GD VRFLHGDGH

SHOD

GD LQVWLWXLomR R

0XQLFtSLR

 2 FRQFHLWR GH DJHQWH S~EOLFR DEUDQJH WRGDV DV SHVVRDV ItVLFDV LQFXPELGDV HP FDUiWHU

WUDQVLWyULR RX SHUPDQHQWH GH IXQo}HV HVWDWDLV -i R FRQFHLWR GH DJHQWH SROtWLFR HQYROYH
DOpP GDV DXWRULGDGHV HOHLWDV DV GH SULPHLUR HVFDOmR KLHUiUTXLFR QD JHVWmR JRYHUQDPHQ
WDO 1R 0XQLFtSLR SRU H[HPSOR VmR DJHQWHV SROtWLFRV HOHLWRV R 3UHIHLWR H RV 9HUHDGRUHV
H QmRHOHLWRV RV 6HFUHWiULRV 0XQLFLSDLV H DXWRULGDGHV HTXLYDOHQWHV $V GHPDLV DXWRULGD
GHV VHUYLGRUHV S~EOLFRV H RXWURV UHVSRQViYHLV SRU IXQo}HV HVWDWDLV FRQVWLWXHP DJHQWHV
S~EOLFRV HPERUD QmR FRQVLGHUDGRV GH QDWXUH]D SROtWLFD
 'RUDYDQWH QHVWH WUDEDOKR SDUD HIHLWRV GH VLPSOLILFDomR 3UHIHLWR H 9HUHDGRU VHUmR
GHQRPLQDGRV FRPR DJHQWHV SROtWLFRV H 0XQLFtSLR FRPR HVIHUD JRYHUQDPHQWDO



&$'(512 

e HYLGHQWH R LQWHUHVVH GD FROHWLYLGDGH QD HGLomR GH QRUPDV UHJUDV OLPLWHV

FRQGLo}HV SURFHVVRV FRQWUROHV DYDOLDo}HV HWF FDSD]HV GH GLVFLSOLQDU D
SRVWXUD H RV SURFHGLPHQWRV GH WRGRV RV DJHQWHV S~EOLFRV HQYROYLGRV QD DomR
JRYHUQDPHQWDO R TXH WHP OHYDGR QRVVRV OHJLVODGRUHV D LQVWLWXFLRQDOL]iODV

VRE D IRUPD GH OHLV D H[HPSOR GD /HL Q  TXH FRQVWLWXL VHP G~YLGD
DOJXPD XP GRV PDUFRV KLVWyULFRV QD LPSOHPHQWDomR GDV IXQo}HV GH

SODQHMDPHQWR FRQWUROH WUDQVSDUrQFLD



QD JHVWmR S~EOLFD GH IRUPD

FRQWtQXD LVWR p FRPR SURFHVVR

$ &DUWD 0DJQD SURPXOJDGD HP  UHIRUoRX VLJQLILFDWLYDPHQWH HVVH LQWHUHVVH

FROHWLYR TXDQGR HQWUH RXWUDV GHWHUPLQDo}HV WRUQRX REULJDWyULD D HGLomR
DQXDO HP FDGD HVIHUD GH JRYHUQR GD /HL GH 'LUHWUL]HV 2UoDPHQWiULDV /'2
3RGHVH GHPRQVWUDU TXH D /5) YHLR GDU XP FDUiWHU PDLV H[SUHVVLYR D HVVDV
IXQo}HV LQFOXVLYH FULDQGR PHFDQLVPRV GH DFRPSDQKDPHQWR SHULyGLFR GH
UHVXOWDGRV GLVFLSOLQDQGR DV DWLYLGDGHV GH DMXVWH HQWUH SURJUDPDGR H H[HFXWDGR
H UDWLILFDQGR D SXQLomR GRV LQIUDWRUHV QR H[HUFtFLR GD DomR JRYHUQDPHQWDO
$VVLP SURFXUD HYLWDU LPSURYLVDo}HV GHVSHUGtFLRV H DWp QR OLPLWH PDOYHUVD
o}HV H GHVYLRV QD DGPLQLVWUDomR GRV HVFDVVRV UHFXUVRV S~EOLFRV FRP SUHMXt]R
SDUD R DWHQGLPHQWR GDV LQ~PHUDV GHPDQGDV GD VRFLHGDGH

2 3ODQHMDPHQWR GD $omR *RYHUQDPHQWDO

JHVWRUPRU PXQLFLSDO
DomR JRYHUQDPHQWDO
UHDOL]DomR GH GHVSHVD

2 3UHIHLWR QD TXDOLGDGH GH
PHQWDU TXDOTXHU

 VRPHQWH SRGHUi LPSOH

TXH LPSOLTXH D

FRQVWUXLU XPD HVFROD PDQWHU XP SRVWR GH VD~GH HP IXQFLRQDPHQWR HWF

VH HOD HVWLYHU SUHYLVWD QRV SODQRV SOXULDQXDLV H QRV RUoDPHQWRV DQXDLV LQFOXVLYH
QRV VHXV FUpGLWRV DGLFLRQDLV FRQIRUPH R FDVR $ LQFOXVmR GH GHWHUPLQDGD DomR
QHVVHV LQVWUXPHQWRV p SUHFHGLGD GH XPD GHFLVmR SROtWLFD HVSHFtILFD

$ GHFLVmR GH UHDOL]DU XPD DomR FHUWDPHQWH UHVXOWRX GD VHOHomR GH XPD

DOWHUQDWLYD GHQWUH DV YiULDV VXJHULGDV SHORV

JHVWRUHV GH iUHDV

6HFUHWiULRV

0XQLFLSDLV 7HQGR D HVFROKD GR 3UHIHLWR VLGR UDWLILFDGD SHORV 9HUHDGRUHV

SRGHVH DILUPDU TXH HOD DR ODGR GH RXWUDV Do}HV VHOHFLRQDGDV H DSURYDGDV
SHOR /HJLVODWLYR 0XQLFLSDO H[SULPH D

SROtWLFD ILVFDO

GR *RYHUQR TXDQGR

PDWHULDOL]DGD QRV SODQRV SOXULDQXDLV QD /'2 H QD OHL RUoDPHQWiULD

SROtWLFD ILVFDO

GH FDGD HVIHUD JRYHUQDPHQWDO GR 3DtV DSyLDVH HP GRLV

PDUFRV UHIHUHQFLDLV GH XP ODGR DR URO GH DWULEXLo}HV LQVWLWXFLRQDLV GH FDGD

XPD GHODV DWUDYpV GD LQWHUYHQomR VHMD QR FDPSR HFRQ{PLFR IRPHQWDQ



&$'(512 

GRR GLUHFLRQDQGRR RX DWXDQGR GLUHWDPHQWH VHMD QR FDPSR VRFLDO

SUHVHUYDQGR D FLGDGDQLD HRX SUHVWDQGR GH IRUPD GLUHWD RX DWUDYpV GH
WHUFHLURV RV VHUYLoRV GHPDQGDGRV SHOD VRFLHGDGH GR RXWUR jV VXDV IRQWHV

GH UHFHLWDV 
2V REMHWLYRV GD

SROtWLFD ILVFDO

HVWDUmR WDQWR PDLV SUy[LPRV GDV DVSLUDo}HV

H QHFHVVLGDGHV VRFLDLV TXDQWR PDLV DSRLDGRV QR FRQKHFLPHQWR GD UHDOLGDGH

VRFLRHFRQ{PLFD REWLGR DWUDYpV GH GLDJQyVWLFRV WHFQLFDPHQWH DFHLWiYHLV
(VVHV GLDJQyVWLFRV GHYHP UHIOHWLU XPD YHUWHQWH WpFQLFD SRU H[HPSOR DWUDYpV
GD DQiOLVH GRV UHVXOWDGRV GD H[HFXomR RUoDPHQWiULD GH H[HUFtFLRV SUHFH
GHQWHV H GDV UHODo}HV FXVWREHQHItFLR GDV Do}HV HPSUHHQGLGDV HYLGHQFLD
GDV HP UHODWyULRV JHUHQFLDLV H RXWUDV EDVHV GH GDGRV $OpP GLVVR WrP TXH
DEVRUYHU D VHQVLELOLGDGH VRFLDO GRV DJHQWHV SROtWLFRV SULQFLSDOPHQWH GRV
DJHQWHV HOHLWRV FRPR UHSUHVHQWDQWHV GD SRSXODomR YHUWHQWH SROtWLFD
3RGHVH DILUPDU TXH D PDWHULDOL]DomR GD

SROtWLFD ILVFDO

QDV OHLV RUoDPHQWi

ULDV UHSUHVHQWD SDUD R *RYHUQR 0XQLFLSDO R iSLFH GR SURFHVVR GH SODQH

MDPHQWR 'HYHP H[LVWLU WUrV WLSRV GH SODQHMDPHQWR

x
x
x

GH ORQJR SUD]R QRUWHDQGR D WRPDGD GDV GHFLV}HV TXH WrP HP YLVWD D

HYROXomR H R IXWXUR GD HQWLGDGH
GH PpGLR SUD]R EDVHDGR QR GLPHQVLRQDPHQWR GDV PHWDV H GRV UHFXUVRV
SDUD FRQFUHWL]iODV
GH FXUWR SUD]R YROWDGR SDUD D H[HFXomR GDV WDUHIDV QHFHVViULDV DR
DWLQJLPHQWR GDV PHWDV

&DGD XP GRV WLSRV GH SODQHMDPHQWR JHUD UHVXOWDGRV TXH VHUYHP GH EDVH

SDUD R RXWUR (QWUHWDQWR R SULPHLUR WLSR TXDQGR UHVXOWD HP

OHL

 FRQVWLWXL

EDVH REULJDWyULD SDUD RULHQWDU RV GHPDLV

1R GL]HU GR 3URI 'DXUDFL GH 6HQD 2OLYHLUD 

R SODQHMDPHQWR JRYHUQDPHQWDO SRGH VHU GHILQLGR FRPR R SURFHVVR
SHOR TXDO VH SURFXUD WRPDU DV GHFLV}HV DGHTXDGDV SDUD DWLQJLU RV
REMHWLYRV GD VRFLHGDGH 2 IDWR GH VHU XPD DWLYLGDGH FRQWtQXD H
SHUPDQHQWH p TXH GHILQH R SODQHMDPHQWR FRPR SURFHVVR

 'HYH VHU REVHUYDGR TXH D SROtWLFD WULEXWiULD PXQLFLSDO VH LQVHUH QD SROtWLFD ILVFDO
 2/,9(,5$ 'DXUDFL GH 6HQD 3ODQHMDPHQWR 0XQLFLSDO ,%$0 5LR GH -DQHLUR  S




&$'(512 

6HP G~YLGD D DGRomR GR SODQHMDPHQWR FRPR SURFHVVR FRQVWLWXL XP GRV

REMHWLYRV GD /5) (VVD SUHRFXSDomR ILFD HYLGHQWH TXDQGR HOD WUDWD GD QHFHVViULD
FRPSDWLELOL]DomR HQWUH R 33$ D /'2 H D /2$ SRU H[HPSOR RX TXDQGR SUHYr
D VHTrQFLD OyJLFD SURJUDPDU PRQLWRUDU FRQWURODU DMXVWDU UHSURJUDPDU

2 &RQWUROH GD $omR *RYHUQDPHQWDO

'HSUHHQGHVH TXH R OHJLVODGRU DR DSURYDU D /5) HVWDYD HP EXVFD GH XPD
QRUPD FDSD] GH VXERUGLQDU D DomR GD $GPLQLVWUDomR 3~EOLFD DRV SULQFtSLRV
GH OHJDOLGDGH LPSHVVRDOLGDGH PRUDOLGDGH HILFLrQFLD HQWUH RXWURV HV
WDEHOHFLGRV QR DUW  GD &) FXMD FRPSURYDomR FRQGLFLRQDVH DR HIHWLYR
H[HUFtFLR GR FRQWUROH $ UHQRPDGD DGPLQLVWUDWLYLVWD 0DULD 6\OYLD =DQHOOD 'L

3LHWUR  FRQFHLWXD VXD ILQDOLGDGH QD VHJXLQWH DILUPDWLYD

$ ILQDOLGDGH GR FRQWUROH p D GH DVVHJXUDU TXH D $GPLQLVWUDomR DWXH HP

FRQVRQkQFLD FRP RV SULQFtSLRV TXH OKH VmR LPSRVWRV SHOR RUGHQDPHQ
WR MXUtGLFR FRPR RV GD OHJDOLGDGH PRUDOLGDGH ILQDOLGDGH S~EOLFD
SXEOLFLGDGH PRWLYDomR LPSHVVRDELOLGDGH HP GHWHUPLQDGDV FLUFXQV
WkQFLDV DEUDQJH WDPEpP R FKDPDGR FRQWUROH GR PpULWR H TXH GL]
UHVSHLWR DRV DVSHFWRV GLVFULFLRQiULRV GD DWXDomR DGPLQLVWUDWLYD

2 -XULVWD +HO\ /RSHV 0HLUHOOHV



GLVFRUUHQGR VREUH RV WLSRV H DV IRUPDV GH

FRQWUROH DVVHYHUD

2V WLSRV H IRUPDV GH FRQWUROH GD DWLYLGDGH DGPLQLVWUDWLYD YDULDP

VHJXQGR R 3RGHU yUJmR RX DXWRULGDGH TXH R H[HUFLWD RX R IXQ
GDPHQWR R PRGR H R PRPHQWR GH VXD HIHWLYDomR $VVLP WHPRV D
FRQVLGHUDU FRP SUHFHGrQFLD VREUH RV GHPDLV SRU VXD SHUPDQrQFLD H
DPSOLWXGH R FRQWUROH GD SUySULD $GPLQLVWUDomR VREUH VHXV DWRV H
DJHQWHV FRQWUROH DGPLQLVWUDWLYR RX H[HFXWLYR H D VHJXLU R GR /HJLV
ODWLYR VREUH GHWHUPLQDGRV

DWRV

H DJHQWHV

GR ([HFXWLYR FRQWUROH

OHJLVODWLYR RX SDUODPHQWDU H ILQDOPHQWH D FRUUHomR GRV DWRV LOHJDLV

GH TXDOTXHU GRV 3RGHUHV SHOR -XGLFLiULR

 ', 3,(752 0DULD 6\OYLD =DQHOOD 'LUHLWR $GPLQLVWUDWLYR $WODV 5LR GH -DQHLUR  HG S

 0(,5(//(6 +HO\ /RSHV 'LUHLWR $GPLQLVWUDWLYR %UDVLOHLUR 0DOKHLURV   HG S




&$'(512 

3DUD WRUQDU R

FRQWUROH

PDLV REMHWLYR D /5) GHWHUPLQD R LQFHQWLYR j SDUWL

FLSDomR SRSXODU H j UHDOL]DomR GH DXGLrQFLDV S~EOLFDV GXUDQWH RV SURFHVVRV

GH HODERUDomR H GH GLVFXVVmR GRV SODQRV /'2 H RUoDPHQWRV 2EULJD D
GLVSRQLELOLGDGH GXUDQWH WRGR R H[HUFtFLR GDV FRQWDV DSUHVHQWDGDV SHOR
&KHIH GR 3RGHU ([HFXWLYR QR UHVSHFWLYR 3RGHU /HJLVODWLYR H QR yUJmR
UHVSRQViYHO SHOD VXD HODERUDomR SDUD FRQVXOWD H DSUHFLDomR SHORV FLGDGmRV
H SHODV LQVWLWXLo}HV GD VRFLHGDGH

$ HVVH LQFHQWLYR j SDUWLFLSDomR SRSXODU +HO\ /RSHV 0HLUHOOHV



R GHQRPL

QRX GH &RQWUROH ([WHUQR 3RSXODU

$ LQH[LVWrQFLD GH OHL HVSHFtILFD VREUH R DVVXQWR QmR LPSHGH R FRQWUROH

TXH SRGHUi VHU IHLWR DWUDYpV GRV PHLRV SURFHVVXDLV FRPXQV FRPR R
PDQGDGR GH VHJXUDQoD H D DomR SRSXODU

$ IXQomR FRQWUROH GHYH SURSLFLDU D PHQVXUDomR H D DYDOLDomR GRV UHVXOWDGRV

GD DomR D SDUWLU GD FRPSDUDomR HQWUH R SODQHMDGR FRP R TXH IRL H[HFXWDGR
D ILP GH FRUULJLU RV GHVYLRV GHWHFWDGRV RX UHID]HU D SURJUDPDomR &RPR D
$GPLQLVWUDomR 3~EOLFD VDOYR UDUDV H[FHo}HV WHP VH UHVWULQJLGR EDVLFDPHQWH
DRV UHJLVWURV FRQWiEHLV SDUD R H[HUFtFLR GHVVD IXQomR D /5) UHIOHWLQGR R VHX
SDSHO GH LQVWUXPHQWR GH PXGDQoD QD IRUPD GH JHULU D DomR JRYHUQDPHQWDO
LQVWLWXFLRQDOL]RX FRPR VH YHUi DR ORQJR GHVWH WH[WR PHFDQLVPRV TXH SHUPL
WLUmR FRPSOHPHQWDU R SURFHVVR GH FRQWUROH HP WRGD VXD DPSOLWXGH

$ 7UDQVSDUrQFLD GD $omR *RYHUQDPHQWDO

SXEOLFLGDGH
$

 HOHLWD DR ODGR GD OHJDOLGDGH GD LPSHVVRDOLGDGH H GD PRUDOL

GDGH FRPR XP GRV PDLV UHOHYDQWHV SULQFtSLRV D TXH GHYH VHU VXEPHWLGD D
$GPLQLVWUDomR 3~EOLFD YLVD SURSRUFLRQDU PDLRU JUDX GH

WUDQVSDUrQFLD

jV

Do}HV JRYHUQDPHQWDLV $ /5) FRQWULEXL GH IRUPD LQFLVLYD H GHFLVLYD SDUD D

HIHWLYDomR GHVVH SULQFtSLR DVVHQWDGD QD DPSOD GLYXOJDomR LQFOXVLYH DWUDYpV GH
PHLRV HOHWU{QLFRV GH DFHVVR S~EOLFR GH WRGRV RV SODQRV RUoDPHQWRV /'2
SUHVWDo}HV GH FRQWDV H UHVSHFWLYRV SDUHFHUHV SUpYLRV UHODWyULRV HWF

0DLV XPD YH] FRP R LQWXLWR GH HYLGHQFLDU D FRPSDWLELOLGDGH HQWUH D QRUPD

/5) H D GRXWULQD VRFRUUHPRQRV GRV HQVLQDPHQWRV GR 0HVWUH +HO\

 2S &LW S 

 2S &LW S 



&$'(512 



$ SXEOLFLGDGH FRPR SULQFtSLR GH DGPLQLVWUDomR S~EOLFD &) DUW 

FDSXW DEUDQJH WRGD DWXDomR HVWDWDO QmR Vy VRE R DVSHFWR GH GLYXOJDomR
RILFLDO GH VHXV DWRV FRPR WDPEpP GH SURSLFLDomR GH FRQKHFLPHQWR GD
FRQGXWD LQWHUQD GH VHXV DJHQWHV (VVD SXEOLFLGDGH DWLQJH DVVLP RV DWRV
FRQFOXtGRV H HP IRUPDomR RV SURFHVVRV HP DQGDPHQWR RV SDUHFHUHV
GRV yUJmRV WpFQLFRV H MXUtGLFRV RV GHVSDFKRV LQWHUPHGLiULRV H ILQDLV
DV DWDV GH MXOJDPHQWRV GDV OLFLWDo}HV H RV FRQWUDWRV FRP TXDLVTXHU
LQWHUHVVDGRV EHP FRPR RV FRPSURYDQWHV GH GHVSHVDV H DV SUHVWDo}HV
GH FRQWDV VXEPHWLGDV DRV yUJmRV FRPSHWHQWHV

'HSUHHQGHVH SRLV TXH D SXEOLFLGDGH GRV DWRV H HIHLWRV GD DomR JRYHUQD

PHQWDO QmR FRQVWLWXL XP ILP HP VL PHVPD $R FRQWUiULR GHYH UHYHODU GH
IRUPD FODUD SUHFLVD H DFHVVtYHO j VRFLHGDGH RV UHFXUVRV KXPDQRV ILQDQFHL
URV H PDWHULDLV HPSUHJDGRV QDV GLYHUVDV Do}HV HPSUHHQGLGDV WDQWR HP
VHXV DVSHFWRV TXDQWLWDWLYRV TXDQWR TXDOLWDWLYRV 7DOYH] XP SXEOLFLWiULR D
TXHP IRVVH FRQILDGD D WDUHID GH SURGX]LU XP VORJDQ VREUH R WHPD FRQFOXtVVH
TXH D /5) REULJD R JHVWRU D SURYDU TXH DJH HP SURO GD VRFLHGDGH SDUD
IRUD H QmR GR SUySULR *RYHUQR SDUD GHQWUR

3DUD WDQWR DV LQIRUPDo}HV D VHUHP SRVWDV DR FRQKHFLPHQWR S~EOLFR GHYHP

HYLGHQFLDU RV JDQKRV REWLGRV QDV UHODo}HV FXVWREHQHItFLR GH FDGD DomR
HPSUHHQGLGD HP IXQomR GH XP GHVHPSHQKR DVVHQWDGR HP SULQFtSLRV
UtJLGRV GH FRQWUROH GH FXVWRV GH DTXLVLo}HV YDQWDMRVDV GH EHQV H LQVXPRV
H GH DXPHQWR GH SURGXWLYLGDGH GHQWUH RXWURV IDWRUHV 6XD DSUHVHQWDomR
GHYH SUHIHUHQFLDOPHQWH HQIDWL]DU RV UHVXOWDGRV H QmR VH DWHU j PHUD
GLYXOJDomR GH GHPRQVWUDWLYRV WpFQLFRV FRP YDORUHV TXH Vy SRGHP VHU
HQWHQGLGRV SRU HVSHFLDOLVWDV

,QIUDo}HV H 3HQDOLGDGHV
$ /5) HVWDEHOHFH QR VHX DUW  TXH DV

LQIUDo}HV

DRV VHXV GLVSRVLWLYRV VHUmR

SXQLGDV FRP EDVH HP YiULRV GLSORPDV OHJDLV Mi H[LVWHQWHV FRPR R &yGLJR

3HQDO DV /HLV Q

 H  /HL GH ,PSURELGDGH $GPLQLVWUDWLYD

 H GHPDLV QRUPDV GD OHJLVODomR SHUWLQHQWH 1R GLD

'HFUHWR/HL Q

 IRL VDQFLRQDGD D /HL Q

 TXH DOWHUD R 'HFUHWR/HL Q

 GH  &yGLJR 3HQDO D /HL Q

'HFUHWR/HL Q

 GH  H R

 GH  DFUHVFHQWDQGR DRV UHIHULGRV WH[WRV OHJDLV

KLSyWHVHV GH LQIUDomR H UHVSHFWLYDV SHQDV GH UHFOXVmR TXH YDULDP GH VHLV

PHVHV D TXDWUR DQRV



&$'(512 

3DUWH%

$/5)&20(175,26(63(&),&26
&RPR VH LUi YHULILFDU RV FRPHQWiULRV VHJXLQWHV j /5) WrP R SULQFLSDO
SURSyVLWR GH WUDQVIRUPDU HP OLQJXDJHP PHQRV IRUPDO D OLQJXDJHP MXUtGLFD
XWLOL]DGD QR WH[WR GD OHL D ILP IRUQHFHU XPD YLVmR PDLV FODUD GH FRQMXQWR
GD PHVPD DVVLP FRPR HOHPHQWRV IXQGDPHQWDLV SDUD IDFLOLWDU VXD PHOKRU
FRPSUHHQVmR H HQWHQGLPHQWR (QWUHWDQWR GHYH ILFDU HVFODUHFLGR TXH QD
DSOLFDomR GD /5) p LPSUHVFLQGtYHO D FRQVXOWD DR VHX WH[WR RULJLQDO HP
DQH[R
1R GHVHQYROYLPHQWR GRV FRPHQWiULRV IRUDP DGRWDGRV DOJXQV SUHVVXSRVWRV

x
x
x
x
x
x

UHDOL]DU FRPHQWiULRV SRU 6HomR FRP LQGLFDomR GRV GLVSRVLWLYRV FRUUHV

SRQGHQWHV
XVDU DR Pi[LPR DV SUySULDV SDODYUDV GR WH[WR GD OHL
LWHPL]DU DV YiULDV DOWHUQDWLYDV RX GHVGREUDPHQWRV GH DUWLJRV SDUiJUDIRV
LQFLVRV H DOtQHDV
GHVWDFDU HP QHJULWR Do}HV SUD]RV SURYLGrQFLDV YHGDo}HV LPSHGL
PHQWRV HWF
HVFODUHFHU DV UHIHUrQFLDV D GLVSRVLWLYRV GD /5) RX GD &)
DSUHVHQWDU DOJXQV FRQFHLWRV H RULHQWDo}HV TXDQGR MXOJDGRV QHFHVViULRV

$3/,&$d2(&21&(,726
4XHP(VWi6XEPHWLGRj/5)DUW"
6XDV GLVSRVLo}HV REULJDP D 8QLmR RV (VWDGRV R 'LVWULWR )HGHUDO H RV
0XQLFtSLRV LQFOXLQGR

x
x

3RGHU ([HFXWLYR R 3RGHU /HJLVODWLYR QHVWH DEUDQJLGRV RV 7ULEXQDLV GH

&RQWDV R 3RGHU -XGLFLiULR H R 0LQLVWpULR 3~EOLFR
DV DGPLQLVWUDo}HV GLUHWDV IXQGRV DXWDUTXLDV IXQGDo}HV H HPSUHVDV
HVWDWDLV GHSHQGHQWHV



&$'(512 

$ UHIHUrQFLD D 7ULEXQDLV GH &RQWDV LQFOXL R 7ULEXQDO GH &RQWDV GD 8QLmR R

7ULEXQDO GH &RQWDV GR (VWDGR H TXDQGR KRXYHU R 7ULEXQDO RX R &RQVHOKR
GH &RQWDV GRV 0XQLFtSLRV ,JXDOPHQWH D UHIHUrQFLD D (VWDGRV LQFOXL R
'LVWULWR )HGHUDO

(P VtQWHVH D /5) DEDUFD D DGPLQLVWUDomR GLUHWD VXMHLWD DR

KLHUiUTXLFR

 H DV HQWLGDGHV VXEPHWLGDV DR

FRQWUROH ILQDOtVWLFR

GR SHOR PHVWUH +HO\ FRPR R FRQWUROH WHOHROyJLFR



FRQWUROH

 FRQFHLWXD

GH YHULILFDomR GR

HQTXDGUDPHQWR GD LQVWLWXLomR QR SURJUDPD JHUDO GR *RYHUQR H GH VHX

DFRPSDQKDPHQWR GRV DWRV GH VHXV GLULJHQWHV QR GHVHPSHQKR GH VXDV
IXQo}HV HVWDWXWiULDV SDUD R DWLQJLPHQWR GDV ILQDOLGDGHV GD HQWLGDGH FRQ
WURODGD

'HVVH ~OWLPR JUXSR ILFDP H[FOXtGDV DV HQWLGDGHV TXH H[HUFHP DWLYLGDGHV

HFRQ{PLFDV HPSUHVDV S~EOLFDV H VRFLHGDGHV GH HFRQRPLD PLVWD SRU
HVWDUHP VXMHLWDV DR UHJLPH MXUtGLFR SUySULR GDV HPSUHVDV SULYDGDV LQFOXVLYH
TXDQWR DRV GLUHLWRV H jV REULJDo}HV FLYLV FRPHUFLDLV WUDEDOKLVWDV H WULEXWiULRV

DUW   ,, GD &) H[FHWR DV HPSUHVDV HVWDWDLV GHSHQGHQWHV DUW  

,,, GD /5)

&RQFHLWRV(VSHFtILFRVDUW
$ /5) H[SOLFLWD RV VHJXLQWHV FRQFHLWRV

HQWH GD )HGHUDomR

 D 8QLmR FDGD (VWDGR R 'LVWULWR )HGHUDO H FDGD

0XQLFtSLR

HPSUHVD FRQWURODGD

 VRFLHGDGH FXMD PDLRULD GR FDSLWDO VRFLDO FRP

GLUHLWR D YRWR SHUWHQoD GLUHWD RX LQGLUHWDPHQWH D HQWH GD )HGHUDomR

HPSUHVD HVWDWDO GHSHQGHQWH

 HPSUHVD FRQWURODGD TXH UHFHED GR HQWH

FRQWURODGRU UHFXUVRV ILQDQFHLURV SDUD SDJDPHQWR GH GHVSHVDV FRP

SHVVRDO RX GH FXVWHLR HP JHUDO RX GH FDSLWDO H[FOXtGRV QR ~OWLPR FDVR
DTXHOHV SURYHQLHQWHV GH DXPHQWR GH SDUWLFLSDomR DFLRQiULD

UHFHLWD FRUUHQWH OtTXLGD

5&/ VRPDWyULR GDV UHFHLWDV WULEXWiULDV GH

FRQWULEXLo}HV SDWULPRQLDLV LQGXVWULDLV DJURSHFXiULDV GH VHUYLoRV WUDQV

 'L]VH GH DUJXPHQWR FRQKHFLPHQWR RX H[SOLFDomR TXH UHODFLRQD XP IDWR FRP VXD FDXVD
ILQDO VHJXQGR R $XUpOLR (P $GPLQLVWUDomR TXH Yr RV ILQV
 (PSUHVDV S~EOLFDV H VRFLHGDGHV GH HFRQRPLD PLVWD



&$'(512 

IHUrQFLDV FRUUHQWHV H RXWUDV UHFHLWDV WDPEpP FRUUHQWHV 1R FDVR GRV

0XQLFtSLRV
FRPSXWDGRV

GHYHP VHU

QD 5&/ RV YDORUHV UHFHELGRV HP GHFRUUrQFLD

 GH  GH VHWHPEUR GH  TXH VmR

GD /HL &RPSOHPHQWDU Q

GR IXQGR SUHYLVWR SHOR DUW  GR $WR GDV 'LVSRVLo}HV &RQV

SURYHQLHQWHV GD FRPSHQVDomR GR ,&06 SUHYLVWD HP VHX DUW 

WLWXFLRQDLV 7UDQVLWyULDV RX VHMD GR )XQGR GH 0DQXWHQomR H 'HVHQ

YROYLPHQWR GR (QVLQR )XQGDPHQWDO H GH 9DORUL]DomR GR 0DJLVWpULR
)XQGHI

GHGX]LGDV




GD 5&/

D FRQWULEXLomR GRV VHUYLGRUHV SDUD R FXVWHLR GR VHX VLVWHPD GH

SUHYLGrQFLD H DVVLVWrQFLD VRFLDO H

DV UHFHLWDV SURYHQLHQWHV GD FRPSHQVDomR ILQDQFHLUD FLWDGD QR 

GR DUW  GD &) LVWR p HYHQWXDLV LQJUHVVRV RULXQGRV GH RXWURV

VLVWHPDV SUHYLGHQFLiULRV SDUD RV TXDLV RV ILOLDGRV H RV DSRVHQWDGRV
SHOR 0XQLFtSLR WHQKDP FRQWULEXtGR

$ 5&/ VHUi DSXUDGD VRPDQGRVH DV UHFHLWDV DUUHFDGDGDV QR

UHIHUrQFLD

H QRV

RQ]H

PrV HP

DQWHULRUHV H[FOXtGDV DV GXSOLFLGDGHV FHUWDPHQWH

GHFRUUHQWHV GH WUDQVIHUrQFLDV LQWUDJRYHUQDPHQWDLV DOpP GH RXWUDV TXH

SRUYHQWXUD RFRUUHUHP ,VWR VLJQLILFD GL]HU TXH D 5&/ GHYH VHU DSXUDGD

PHQVDOPHQWH

 PHVPR SRUTXH YiULDV Do}HV QR GHFRUUHU GH FDGD H[HUFtFLR

ILVFDO FRPR VH YHUi PDLV DGLDQWH QHFHVVLWDP GR FRQKHFLPHQWR GR VHX YDORU

23/$1(-$0(172
23ODQR3OXULDQXDO33$DUW

(PERUD HVVH DUW  WHQKD VLGR YHWDGR R SODQR SOXULDQXDO FRQIRUPH SUHYLVWR

QR LQFLVR , GR DUW  GD &) H H[SOLFLWDGR QR VHX   GHYHUi HVWDEHOHFHU

GH IRUPD UHJLRQDOL]DGD DV

GLUHWUL]HV

 RV

REMHWLYRV

H DV

PHWDV

GD DGPLQLV

 2 )XQGHI HVWi UHJXODPHQWDGR SHOD /HL )HGHUDO Q  GH  GH GH]HPEUR GH 

FXMRV UHFXUVRV VHUmR DSOLFDGRV QD PDQXWHQomR H QR GHVHQYROYLPHQWR GR HQVLQR IXQ
GDPHQWDO S~EOLFR H QD YDORUL]DomR GH VHX 0DJLVWpULR $ GLVWULEXLomR GRV UHFXUVRV QR
kPELWR GH FDGD (VWDGR H GR 'LVWULWR )HGHUDO GDUVHi HQWUH R *RYHUQR (VWDGXDO H RV
*RYHUQRV 0XQLFLSDLV QD SURSRUomR GR Q~PHUR GH DOXQRV PDWULFXODGRV DQXDOPHQWH QDV
HVFRODV FDGDVWUDGDV GDV UHVSHFWLYDV UHGHV GH HQVLQR



&$'(512 

GHVSHVDV GH FDSLWDO
GHODV GHFRUUHQWHV
GXUDomR FRQWLQXDGD
GLVSRVLWLYR YHWDGR
$QH[R
GH 3ROtWLFD )LVFDO
SROtWLFD ILVFDO

WUDomR S~EOLFD SDUD DV

H RXWUDV

SDUD DV UHODWLYDV DRV SURJUDPDV GH

8PD GDV LQRYDo}HV GR

FRQVLVWLD QD LQVWLWXLomR GR

 RQGH GHYHULDP VHU HVWDEHOHFLGRV RV REMHWLYRV H DV PHWDV

SOXULDQXDLV GH

D VHUHP DOFDQoDGRV GXUDQWH R SHUtRGR GH

YLJrQFLD GR SODQR GHPRQVWUDQGR D FRPSDWLELOLGDGH GHOHV FRP DV SUHPLVVDV

H RV REMHWLYRV GDV SROtWLFDV HFRQ{PLFD QDFLRQDO H GH GHVHQYROYLPHQWR
VRFLDO

&RPR VH GHSUHHQGH GD OHLWXUD GH DOJXPDV GDV UD]}HV DSUHVHQWDGDV DR

&RQJUHVVR 1DFLRQDO SHOR 3UHVLGHQWH GD 5HS~EOLFD R YHWR QmR DFDUUHWD
PDLRUHV SUHMXt]RV SRUTXH R FRQWH~GR GR GLVSRVLWLYR YHWDGR FRQVWDUi GH
RXWURV GHPRQVWUDWLYRV LQVWLWXtGRV SHOD /5) FRPR R $QH[R GH 0HWDV )LVFDLV
j /'2 FRQWHQGR GH IRUPD PDLV SUHFLVD PHWDV SDUD FLQFR YDULiYHLV
UHFHLWDV GHVSHVDV UHVXOWDGRV QRPLQDO H SULPiULR H GtYLGD S~EOLFD SDUD
WUrV DQRV HVSHFLILFDGDV HP YDORUHV FRUUHQWHV H FRQVWDQWHV

&RQYpP HVFODUHFHU TXH D H[SUHVVmR GH IRUPD UHJLRQDOL]DGD UHODFLRQDGD

FRP R SODQR SOXULDQXDO XWLOL]DGD SHOD &) QR 

GR

DUW  GD &) HVWi

GLUHFLRQDGD PDLV SDUD D 8QLmR VHP SUHMXt]R GH VXD DSOLFDomR SHORV (VWDGRV
H SHORV 0XQLFtSLRV QR FRQWH[WR WHUULWRULDO GH FDGD XP &RP HIHLWR PHVPR
QRV 0XQLFtSLRV GHWHUPLQDGR SURMHWR RX DWLYLGDGH GLILFLOPHQWH WHUi DEUDQ
JrQFLD HP WRGD D H[WHQVmR GR VHX WHUULWyULR 2 PDLV SURYiYHO p D UHVWULomR
GRV VHXV HIHLWRV D GHWHUPLQDGD UHJLmR GLVWULWRV EDLUURV HWF

3RUWDQWR D LQGLFDomR WDQWR TXDQWR SRVVtYHO GD UHJLmR PXQLFLSDO D VHU

EHQHILFLDGD RX REMHWR GH Do}HV LQFOXtGDV QD SURSRVWD GR SODQR SOXULDQXDO
FRQVWLWXL YDOLRVR DX[tOLR HP SURO GR FRQWUROH H GD WUDQVSDUrQFLD 2 33$ GHYH
VHU HQFDPLQKDGR DR 3RGHU /HJLVODWLYR SULQFLSDOPHQWH QR SULPHLUR DQR GH FDGD
*RYHUQR GDGD D VXD DSOLFDELOLGDGH DRV SURJUDPDV GH

GXUDomR FRQWLQXDGD

LVWR p FRP DEUDQJrQFLD WHPSRUDO DWp VXSHULRU j GR PDQGDWR TXDWUR DQRV

/HLGH'LUHWUL]HV2UoDPHQWiULDVDUW
&RPSHWH j /'2 GH DFRUGR FRP R 

x
x

GHILQLU
RULHQWDU

GR DUW  GD &)

DV PHWDV H DV SULRULGDGHV GD $GPLQLVWUDomR 3~EOLFD

D HODERUDomR GD OHL RUoDPHQWiULD DQXDO



&$'(512 

x
x
x

GLVSRU
HVWDEHOHFHU

VREUH DV DOWHUDo}HV QD OHJLVODomR WULEXWiULD

D SROtWLFD GH DSOLFDomR GDV DJrQFLDV ILQDQFHLUDV RILFLDLV GH

IRPHQWR

GLVSRU

VREUH DXWRUL]Do}HV SDUD DXPHQWR GR JDVWR RX FRQWUDWDomR GH

SHVVRDO GD DGPLQLVWUDomR GLUHWD H LQGLUHWD &) DUW    ,,

$ /'2 IRL VLJQLILFDWLYDPHQWH IRUWDOHFLGD SRUTXH DOpP GHVVDV LQFXPErQFLDV

D /5) HP SURO GR

HTXLOtEULR

ILQDQFHLUR HQWUH UHFHLWDV H GHVSHVDV WDPEpP

OKH DWULEXLX HP GLYHUVRV GLVSRVLWLYRV FRPSHWrQFLD SDUD

GLVFLSOLQDU

YiULDV

PDWpULDV &RP LVVR LQGHSHQGHQWHPHQWH GD IRUPD H GR VHX FRQWH~GR DWXDLV

D SDUWLU GR SUy[LPR H[HUFtFLR GHYHUmR VHU

LQFRUSRUDGRV

DR WH[WR GD /'2

QRUPDV TXH LUmR GLVFLSOLQDU RX WUDWDU GRV VHJXLQWHV DVVXQWRV

x
x
x
x
x

IL[DU
GHILQLU
IL[DU

FULWpULRV SDUD HODERUDomR GD /2$

D IRUPD GH XWLOL]DomR H R PRQWDQWH GD UHVHUYD GH FRQWLQJrQFLD

tQGLFHV GH SUHoRV SDUD DWXDOL]DomR PRQHWiULD GR SULQFLSDO GD GtYLGD

PRELOLiULD UHILQDQFLDGD

GLVFLSOLQDU

D SURJUDPDomR ILQDQFHLUD H R FURQRJUDPD GH H[HFXomR

PHQVDO GH GHVHPEROVR

IL[DU

FULWpULRV SDUD OLPLWDomR GH HPSHQKR H GH PRYLPHQWDomR ILQDQFHLUD

FDVR R FXPSULPHQWR GDV PHWDV GH UHVXOWDGR SULPiULR RX QRPLQDO QmR

x
x
x

SRVVD VHU FRPSRUWDGR SHOD UHDOL]DomR GD UHFHLWD SUHYLVWD

LQGLFDU

DV GHVSHVDV QmR VXMHLWDV j OLPLWDomR GH HPSHQKR H GH PRYLPHQ

WDomR ILQDQFHLUD

GLVSRU

VREUH D

FRQFHVVmR RX DPSOLDomR
D

GH LQFHQWLYR RX EHQHItFLR GH

QDWXUH]D WULEXWiULD GD TXDO GHFRUUD UHQ~QFLD GH UHFHLWD

GLVSRU

VREUH D

GHFODUDomR

GR RUGHQDGRU GD GHVSHVD QRV FDVRV GH

DXPHQWR TXDQWR j VXD DGHTXDomR H j FRPSDWLELOLGDGH RUoDPHQWiULD H

ILQDQFHLUD EHP FRPR TXDQWR j LQGLFDomR GDV FRQVLGHUDGDV LUUHOHYDQWHV

GLVSRU

VREUH D

FRPSURYDomR

 D VHU DSUHVHQWDGD SHOR SURSRQHQWH QRV

FDVRV GH FULDomR GH GHVSHVD REULJDWyULD GH FDUiWHU FRQWLQXDGR TXDQWR

x
x
x

j VXD DGHTXDomR H FRPSDWLELOLGDGH RUoDPHQWiULD H ILQDQFHLUD

IL[DU

R PHQRU VH IRU R FDVR GRV SHUFHQWXDLV GD GHVSHVD WRWDO FRP

SHVVRDO SRU 3RGHU H yUJmR

GHILQLU

PHFDQLVPRV SDUD D WUDQVIHUrQFLD YROXQWiULD GH UHFXUVRV SDUD

RXWUR HQWH RX SDUD FREULU QHFHVVLGDGHV GH SHVVRDV ItVLFDV RX MXUtGLFDV

GHILQLU

PHFDQLVPRV SDUD LQFOXVmR GH QRYRV SURMHWRV RV TXDLV GHYHUmR

FRQVWDU GH UHODWyULR D VHU HQFDPLQKDGR DR /HJLVODWLYR



&$'(512 

GLVSRU

VREUH QRUPDV SDUD FRQWUROHV GH FXVWRV H GH DYDOLDomR GH UHVXOWD

GRV

DGLFLRQDLV
$QH[RV GH 0HWDV )LVFDLV

$OpP GHVVDV LQFXPErQFLDV

/'2 RV GHQRPLQDGRV

HVWUXWXUD
5LVFRV )LVFDLV

 D /5) DFUHVFHQWRX j
H GH

GD

 FRP

D VHJXLQWH FRQILJXUDomR

$QH[R GH 0HWDV )LVFDLV $0)

PHWDV DQXDLV
H[HUFtFLR
VHJXLQWHV

 R TXDO FRQWHUi

 SDUD R

D TXH VH UHIHULUHP H SDUD RV

HP YDORUHV FRUUHQWHV H

UHFHLWDV

GHVSHVDV

UHVXOWDGRV QRPLQDO H SULPiULR

PRQWDQWH GD GtYLGD S~EOLFD

DYDOLDomR
GHPRQVWUDWLYR


FRQVWDQWHV 



GRLV

UHODWLYDV D

GR FXPSULPHQWR GDV PHWDV UHODWLYDV DR DQR DQWHULRU

GDV PHWDV DQXDLV LQVWUXtGR FRP PHPyULD H PHWRGR

ORJLD GH FiOFXOR TXH MXVWLILTXHP RV UHVXOWDGRV SUHWHQGLGRV FRPSDUDQ

GRDV FRP DV IL[DGDV QRV WUrV H[HUFtFLRV DQWHULRUHV H HYLGHQFLDQGR D
FRQVLVWrQFLD GHODV FRP DV SUHPLVVDV H RV REMHWLYRV GD SROtWLFD HFRQ{
PLFD QDFLRQDO

HYROXomR
DOLHQDomR
DYDOLDomR

GR SDWULP{QLR OtTXLGR WDPEpP QRV ~OWLPRV WUrV H[HUFtFLRV

GHVWDFDQGR D RULJHP H D DSOLFDomR GRV UHFXUVRV REWLGRV FRP D

GH DWLYRV
GD VLWXDomR ILQDQFHLUD H DWXDULDO

GRV UHJLPHV JHUDO GH SUHYLGrQFLD VRFLDO H SUySULR GRV VHUYLGRUHV

GRV GHPDLV IXQGRV S~EOLFRV H SURJUDPDV HVWDWDLV GH QDWXUH]D

S~EOLFRV H GR )XQGR GH $PSDUR DR 7UDEDOKDGRU

DWXDULDO

GHPRQVWUDWLYR

GD HVWLPDWLYD H FRPSHQVDomR GD

 9DORUHV FRQVWDQWHV VmR DSXUDGRV TXDQGR VH H[SXUJDP RV HIHLWRV LQIODFLRQiULRV GRV YDORUHV
FRUUHQWHV PHGLDQWH D DSOLFDomR GH tQGLFHV TXH PHGHP D YDULDomR GR SRGHU DTXLVLWLYR
GD PRHGD QXP GHWHUPLQDGR WUDQVFXUVR GH WHPSR 1R %UDVLO GLYHUVDV LQVWLWXLo}HV
S~EOLFDV H SULYDGDV FDOFXODP H GLYXOJDP PHQVDOPHQWH YDULDGRV QGLFHV HP VHXV VLWHV
QD LQWHUQHW H HP SXEOLFDo}HV HVSHFLDOL]DGDV D H[HPSOR GR QGLFH 1DFLRQDO GH 3UHoRV
DR &RQVXPLGRU ,3&$ GR ,%*( H GR QGLFH *HUDO GH 3UHoRV 'LVSRQLELOLGDGH ,QWHUQD
,*3', H GH 0HUFDGR ,*30 DPERV GD )XQGDomR *HWXOLR 9DUJDV )*9
 5HVXOWDGR QRPLQDO GLIHUHQoD HQWUH RV WRWDLV GDV UHFHLWDV H GDV GHVSHVDV 5HVXOWDGR
SULPiULR UHVXOWDGR QRPLQDO H[FOXtGR GRV YDORUHV FRUUHVSRQGHQWHV jV UHFHLWDV GH RSHUD
o}HV GH FUpGLWR H FRP D FRORFDomR GH WtWXORV PRELOLiULRV H jV GHVSHVDV FRP R VHUYLoR GD
GtYLGD MXURV HQFDUJRV H DPRUWL]Do}HV



&$'(512 




UHQ~QFLD
PDUJHP GH H[SDQVmR
GH UHFHLWD H

GDV GHVSHVDV REULJDWyULDV GH FDUiWHU FRQWL

QXDGR

$QH[R GH 5LVFRV )LVFDLV $5)

 RQGH VHUmR DYDOLDGRV LQIRUPDQGR DV

SURYLGrQFLDV D VHUHP WRPDGDV FDVR YHQKDP D VH FRQFUHWL]DU

RV

RV

SDVVLYRV FRQWLQJHQWHV
RXWURV ULVFRV

 H

FDSD]HV GH DIHWDU DV FRQWDV S~EOLFDV

$QH[R GH 0HWDV )LVFDLV $0)

2

$0)

FRQVWLWXL XPD GDV

LQRYDo}HV

GD /5) 1D VXD HODERUDomR GHYHVH

FRQVLGHUDU XPD GLPHQVmR WHPSRUDO PtQLPD GH VHLV DQRV TXH DEUDQJH

SRUWDQWR R H[HUFtFLR HP FXUVR RV WUrV SUHFHGHQWHV H RV GRLV VXEVHTHQWHV

0XLWRV 0XQLFtSLRV Mi WUDEDOKDYDP FRP LQVWUXPHQWR VHPHOKDQWH QD SURJUD

PDomR GH WUDEDOKR D VHU LQFOXtGD QR VHX SURMHWR GH OHL RUoDPHQWiULD DQXDO
$ GLIHUHQoD p TXH GRUDYDQWH HOH VHUi REULJDWyULR WDQWR QD IRUPD TXDQWR
QR FRQWH~GR UHVVDOYDGD D IDFXOGDGH SUHYLVWD SDUD 0XQLFtSLRV GH PHQRU
SRUWH SHOD SUySULD /5) LQFLVR ,,, DUW  2 $0) VHUYLUi GH EDVH SDUD D
HODERUDomR GD /HL 2UoDPHQWiULD $QXDO /2$ EHP FRPR SDUD R $FRPSD
QKDPHQWR GD ([HFXomR 2UoDPHQWiULD $(2 SDUD R SURFHVVR GH SUHVWDomR
GH FRQWDV H SDUD H IRUPDWDomR GD /'2 GR H[HUFtFLR VHJXLQWH

$QH[R GH 5LVFRV )LVFDLV $5)

2XWUR LQVWUXPHQWR WRUQDGR REULJDWyULR SHOD /5) WDPEpP UHVVDOYDGD D
IDFXOGDGH SUHYLVWD QR LQFLVR ,,, GD /5) p SRVVLYHOPHQWH R PHQRV XWLOL]DGR
DWp HQWmR SHORV yUJmRV GH SODQHMDPHQWR GH RUoDPHQWDomR GRV 0XQLFtSLRV
7UDWDVH GR $5) DQH[R TXH GHYHUi GHVFUHYHU RV SRWHQFLDLV HYHQWRV FDSD]HV

HTXLOtEULR
RXWURV ULVFRV

GH SHUWXUEDU R
H

GDV FRQWDV FDVR RFRUUDP

SDVVLYRV FRQWLQJHQWHV

LVWR p D RFRUUrQFLD GH IDWRV FLUFXQVWDQFLDLV TXH SURYRTXHP

JHUDomR GH GHVSHVDV LPSUHYLVtYHLV UHGXomR GH UHFHLWDV RX SHUGDV GH EHQV

SDWULPRQLDLV GHQWUH RV TXDLV VmR FLWDGRV FRPR H[HPSOR

 3DUWH HVSHFtILFD GHVWH 7UDEDOKR GHWDOKD SURFHGLPHQWRV SDUD VXD HODERUDomR



&$'(512 

DODJDPHQWRV GHVOL]DPHQWRV HWF TXH SRVVDP SURYRFDU LQHVSHUDGRV GH

VHPEROVRV ILQDQFHLURV D SHUGD GH EHQV PyYHLV RX LPyYHLV H DWp D
QHFHVVLGDGH GH FRQFHGHU UHPLVVmR SHUGmR GH FUpGLWRV WULEXWiULRV

MXOJDPHQWR GHILQLWLYR GH GHPDQGDV MXGLFLDLV TXH GHWHUPLQH LJXDOPHQWH

GHVHPEROVRV ILQDQFHLURV

3DUD TXH VHXV YDORUHV QmR VH WUDQVIRUPHP QXP FKXW{PHWUR PHVPR

SRUTXH HOHV GHYHP VHU LQVHULGRV QD /2$ FRPR XPD SDUFHOD GD UHVHUYD GH
FRQWLQJrQFLD RV UHVSRQViYHLV SHOD DYDOLDomR GRV HYHQWRV DFLPD PHQFLR
QDGRV GHYHUmR HIHWXDU DOJXPDV LQYHVWLJDo}HV H OHYDQWDPHQWRV MXQWR DRV
UHJLVWURV FRQWiEHLV D ILP GH LGHQWLILFDU DR PHQRV QR ~OWLPR

WULrQLR

 D

RFRUUrQFLD GH FLUFXQVWkQFLDV GR JrQHUR

'H SRVVH GHVVHV OHYDQWDPHQWRV H GRV FRQVHTHQWHV GHVHPEROVRV RV TXDLV

FRQVWLWXLUmR XPD EDVH SDUD RV YDORUHV D VHUHP LQVHULGRV QD SURSRVWD
RUoDPHQWiULD GR SUy[LPR H[HUFtFLR GHYHP VHU FRQVXOWDGDV RXWUDV DXWRUL
GDGHV $V UHVSRQViYHLV SHOD IURWD GH YHtFXORV H GHPDLV EHQV SDWULPRQLDLV
SRGHP IRUQHFHU SRU H[HPSOR LQIRUPDo}HV VREUH DFLGHQWHV TXH WHQKDP
SURYRFDGR SHUGDV H R UHVSHFWLYR YDORU GDTXHOHV QmR DVVHJXUDGRV H WDPEpP
DV GD iUHD MXUtGLFD 'HVWDV GHYHP VHU REWLGRV RV YDORUHV SRWHQFLDOPHQWH
GHVHPEROViYHLV GHFRUUHQWHV GH GHPDQGDV MXGLFLDLV HP FXUVR

5HDOL]DGD HVVD WDUHID FRP R FXLGDGR GH UHODFLRQDU HP TXDGURV HVSHFtILFRV

DV GLYHUVDV RFRUUrQFLDV VXDV FDXVDV H RV SUHMXt]RV FRUUHVSRQGHQWHV
HVWDUVHi HP FRQGLo}HV GH HODERUDU R $5) HP EDVHV PDLV FRQGL]HQWHV FRP
D UHDOLGDGH KLVWyULFD $OpP GH VHUYLU GH EDVH SDUD D HODERUDomR GH RXWURV
GHPRQVWUDWLYRV R DQH[R GHYH VHU REMHWR GH HVWXGR TXH LQGLTXH VH IRU R
FDVR D QHFHVVLGDGH GH FRQWUDWDU FREHUWXUD GH VHJXURV MXQWR D HPSUHVDV GR
UDPR

(TXLOtEULR HQWUH 5HFHLWDV H 'HVSHVDV

2 SODQHMDPHQWR R FRQWUROH H D WUDQVSDUrQFLD GD DomR JRYHUQDPHQWDO
FRVWXPDP OHYDU DR PHOKRU DSURYHLWDPHQWR GRV UHFXUVRV S~EOLFRV H[SUHVVR
QD REWHQomR GH XPD UHODomR FXVWREHQHItFLR PDLV SRVLWLYD $OpP GH HQIDWL
]iORV D /5) H[SOLFLWD QDV QRYDV DWULEXLo}HV GD /'2 D QHFHVVLGDGH GH
REWHQomR GR

HTXLOtEULR
HTXLOtEULR ILQDQFHLUR RX GH FDL[D

HQWUH UHFHLWDV H GHVSHVDV 7DO HTXLOtEULR GHYH VHU

FRPSUHHQGLGR FRPR R



&$'(512 

&RPSHWH SRLV DRV JHVWRUHV ILQDQFHLURV DGRWDU DV SURYLGrQFLDV QHFHVViULDV

H VXILFLHQWHV j PDQXWHQomR GHVVH HTXLOtEULR 2V DMXVWHV UHVSHFWLYRV SRGHUmR
RFRUUHU WDQWR GR ODGR GD UHFHLWD TXDQWR GD GHVSHVD RX GH DPERV HPERUD
QmR VH GHVFRQKHoD TXH p PXLWR PDLV HILFD] UHGX]LU GHVSHVD YLD FRQWHQomR
GH HPSHQKRV SRU H[HPSOR GR TXH PHOKRUDU R IOX[R GH LQJUHVVR GH UHFHLWD
SURYLGrQFLD TXH LQFOXVLYH GHSHQGH GH WHUFHLURV FRQWULEXLQWHV RX FUHGR
UHV

7DLV JHVWRUHV GHYHUmR HVWDU DWHQWRV DR HVWULWR FXPSULPHQWR GH WRGDV DV

QRUPDV OHJDLV SHODV DXWRULGDGHV PXQLFLSDLV TXH GH TXDOTXHU IRUPD
FRQFRUUDP SDUD Do}HV TXH LPSDFWHP RV IOX[RV GH UHFHLWD H GH GHVSHVD 6XD
SUHPLVVD EiVLFD VmR DV YHGDo}HV GR DUW  GD &) TXH GHYHP HVWDU
UHSURGX]LGDV QD /20 HVSHFLDOPHQWH DV HVWDWXtGDV QRV VHXV LQFLVRV , ,, 9
H ;, TXH FRQVWLWXHP GLVSRVLo}HV FODUDV H SUHFLVDV SDUD R DWLQJLPHQWR GHVVH

HTXLOtEULR

e IDFWtYHO VXSRU TXH D DSOLFDomR GD /'2 DSyV D YLJrQFLD GD /5) LUi

PRGLILFDU R DVSHFWR LUUHDO GH PXLWRV RUoDPHQWRV SRLV VH HVSHUD TXH
UHIOLWDP GRUDYDQWH TXDQWLWDWLYD H TXDOLWDWLYDPHQWH DV OLQKDV GH DomR
PLQLPDPHQWH SODQHMDGDV GD $GPLQLVWUDomR 3~EOLFD DJRUD PDLV FHUFHDGDV
FRP D LPSRVLomR GH UHVWULo}HV H OLPLWDo}HV DR VHX FDPSR GH DomR $ERUGDQ
GR R WHPD OHFLRQDP +HUDOGR GD &RVWD 5HLV H - 7HL[HLUD 0DFKDGR -U



0RGHUQDPHQWH R RUoDPHQWR p PDLV TXH XPD FRQVROLGDomR GH SODQRV

ItVLFRV H GH UHFXUVRV GDV PDLV YDULDGDV QDWXUH]DV p XP LQVWUXPHQWR GH
WUDEDOKR 1HVWH VHQWLGR p SRVVtYHO XWLOL]DU R RUoDPHQWR FRPR PHLR GH
GHVFHQWUDOL]DomR DGPLQLVWUDWLYD GH GHOHJDomR GH FRPSHWrQFLD H GH
DSXUDomR GH UHVSRQVDELOLGDGHV QmR Vy GD RUJDQL]DomR PDV WDPEpP
GRV JHVWRUHV GH PRGR TXH D VXD DSURYDomR VLJQLILTXH D DXWRUL]DomR
SDUD D DomR H FRQFRPLWDQWHPHQWH R LQtFLR GR SURFHVVR GH FRQWUROH

/HL2UoDPHQWiULD$QXDO/2$DUWVD
&RPR FRQVHTrQFLD GDV QRUPDV HPDQDGDV GD &) H GD /5) H WHQGR HP
PHQWH R SURFHVVR GH SODQHMDPHQWR R SURMHWR GD OHL RUoDPHQWiULD DQXDO
SUHYLVWR QR LQFLVR ,,, GR DUW  GD &) GHYHUi VHU HODERUDGR GH IRUPD

 5(,6 +HUDOGR GD &RVWD 0$&+$'2 -U $ /HL  FRPHQWDGD ,%$0 5LR GH -DQHLUR
D HG  S 



&$'(512 

FRPSDWtYHO FRP R SODQR SOXULDQXDO H FRP D /'2 H VHP SUHMXt]R GRV

GHPRQVWUDWLYRV HVWDWXtGRV SHOD /HL Q



FRQWHUi

 HP DQH[R GHPRQVWUDWLYR GD FRPSDWLELOLGDGH GD SURJUDPDomR

GRV RUoDPHQWRV FRP RV REMHWLYRV H DV PHWDV FRQVWDQWHV GR $QH[R GH



0HWDV )LVFDLV

VHUi DFRPSDQKDGR

GH GHPRQVWUDWLYR GR

HIHLWR UHJLRQDOL]DGR

 GHFRU

UHQWH GH LVHQo}HV DQLVWLDV UHPLVV}HV VXEVtGLRV H EHQHItFLRV GH QDWXUH]D

ILQDQFHLUD WULEXWiULD H FUHGLWtFLD  

UHFHLWDV H GHVSHVDV
UHVSHFWLYDV
UHQ~QFLDV
DXPHQWR
FRQWHUi UHVHUYD GH FRQWLQJrQFLD

PHGLGDV GH FRPSHQVDomR SDUD

GR DUW  GD &) VREUH DV

GH UHFHLWD H

GH GHVSHVDV REULJDWyULDV GH FDUiWHU FRQWLQXDGR

 FXMD IRUPD GH XWLOL]DomR H PRQWDQWH

GHILQLGR FRP EDVH QD 5&/ VHUmR HVWDEHOHFLGRV QD /'2 GHVWLQDGD DR

DWHQGLPHQWR GH

SDVVLYRV
ULVFRV H HYHQWRV
QmR FRQVLJQDUi
FUpGLWR
ILQDOLGDGH LPSUHFLVD RX
GRWDomR LOLPLWDGD
GRWDomR

FRQWLQJHQWHV

ILVFDLV LPSUHYLVWRV

FRP




 H

SDUD LQYHVWLPHQWR FRP GXUDomR VXSHULRU D XP H[HUFtFLR

ILQDQFHLUR TXH QmR HVWHMD SUHYLVWR QR SODQR SOXULDQXDO RX HP OHL TXH

DXWRUL]H D VXD LQFOXVmR GHWHUPLQDomR FRQWLGD QR   DUW  GD &)

HQJORED

WRGDV DV GHVSHVDV UHODWLYDV j GtYLGD S~EOLFD PRELOLiULD RX

FRQWUDWXDO H DV UHFHLWDV TXH DV DWHQGHUmR

&RQWXGR R UHILQDQFLDPHQWR GD GtYLGD S~EOLFD FRQVWDUi VHSDUDGDPHQWH QD
OHL RUoDPHQWiULD H QDV GH FUpGLWR DGLFLRQDO FXMD DWXDOL]DomR PRQHWiULD GR
SULQFLSDO GD GtYLGD PRELOLiULD UHILQDQFLDGD QmR SRGHUi VXSHUDU D YDULDomR
GR tQGLFH GH SUHoRV SUHYLVWR QD /'2 RX HP OHJLVODomR HVSHFtILFD (QWUH
WDQWR R 

GR DUW  GD /5) DGPLWH TXH R WRWDO GR UHILQDQFLDPHQWR DR

ILQDO GH FDGD H[HUFtFLR WDPEpP VHMD DFUHVFLGR GDV RSHUDo}HV GH FUpGLWR

DXWRUL]DGDV QR RUoDPHQWR H SDUD HVWH HIHLWR UHDOL]DGDV

 $R ORQJR GH WRGD D /5) Ki PHQomR D YiULRV DQH[RV H GHPRQVWUDWLYRV 2 GHWDOKDPHQWR

GRV UHVSHFWLYRV FRQWH~GRV LQGLFD TXH PXLWRV FRPXQJDP D PHVPD LQIRUPDomR RX RV
SRVWHULRUHV XWLOL]DP LQIRUPDo}HV RX YDORUHV UHVXOWDQWHV GRV DQWHULRUHV $VVLP D HODERUD
omR GH TXDOTXHU XP GHOHV QmR GHYH VHU HQWHQGLGD FRPR XPD WDUHID LVRODGD



&$'(512 

1mR VH GHYH HVTXHFHU TXH D /5) HVWi GLVFLSOLQDQGR HQWUH RXWURV R  

DUW  GD &) VHJXQGR R TXDO R RUoDPHQWR ILVFDO DEUDQJHUi RV 3RGHUHV
GD 8QLmR VHXV IXQGRV yUJmRV H HQWLGDGHV GD DGPLQLVWUDomR GLUHWD H
LQGLUHWD LQFOXVLYH IXQGDo}HV LQVWLWXtGDV H PDQWLGDV SHOR 3RGHU 3~EOLFR $
SURSyVLWR RV 3URIHVVRUHV +HUDOGR GD &RVWD 5HLV H - 7HL[HLUD 0DFKDGR -U



WHFHP RV VHJXLQWHV FRPHQWiULRV

$VVLP R RUoDPHQWR GH GHWHUPLQDGD HQWLGDGH GH GLUHLWR S~EOLFR

LQWHUQR GHYH VHU

XQR

 LVWR p D HQWLGDGH GHYH SRVVXLU DSHQDV XP

RUoDPHQWR H QmR PDLV TXH XP SDUD GDGR H[HUFtFLR ILQDQFHLUR R TXDO

FRQWHUi WRGDV DV VXDV UHFHLWDV H GHVSHVDV H RXWURV UHFXUVRV 0DV VH
HVVD HQWLGDGH SRVVXLU XPD DXWDUTXLD S~EOLFD DLQGD TXH LQWHJUH R
RUoDPHQWR FRQVROLGDGR H SRUWDQWR VHMD DSURYDGR SHOD OHL FRQIRUPH
GLVS}H R DUW  

GD &) R RUoDPHQWR GHVVD HQWLGDGH DXW{QRPD

GXUDQWH D VXD H[HFXomR HVWDUi GHVOLJDGR DGPLQLVWUDWLYDPHQWH GR

RUoDPHQWR GD HQWLGDGH WHQGR VXD SUySULD

GDGH

H VHUi

DQXDO

XQLGDGH

 VXD

XQLYHUVDOL

RV QRVVRV JULIRV GHVWDFDP RV SULQFtSLRV RUoDPHQ

WiULRV LPSOtFLWRV QR WH[WR

([HFXomR2UoDPHQWiULDH&XPSULPHQWRGDV0HWDVDUWVD
2 3RGHU ([HFXWLYR

HVWDEHOHFHUi

D SURJUDPDomR ILQDQFHLUD H R FURQRJUDPD

GH H[HFXomR PHQVDO GH GHVHPEROVR

DWp WULQWD GLDV

DSyV D SXEOLFDomR GRV

RUoDPHQWRV QRV WHUPRV HP TXH GLVSXVHU H[FOXVLYDPHQWH D /'2 SRUTXDQWR

D DOtQHD F GR LQFLVR , GR DUW 

IRL UHYRJDGD 7DO SUiWLFD Mi p DPSODPHQWH



DGRWDGD FRQIRUPH VH Yr QR DUW  GD /HL Q

1D H[HFXomR RUoDPHQWiULD RV UHFXUVRV OHJDOPHQWH

YLQFXODGRV

j ILQDOLGDGH

HVSHFtILFD VHUmR XWLOL]DGRV H[FOXVLYDPHQWH SDUD DWHQGHU DR REMHWR GH VXD

YLQFXODomR DLQGD TXH HP H[HUFtFLR GLYHUVR GDTXHOH HP TXH RFRUUHU R
LQJUHVVR (VVD GHWHUPLQDomR LPS}H D DGRomR GH SURFHGLPHQWRV HVSHFLDLV
SDUD JHULU RV UHFXUVRV YLQFXODGRV H VXDV DSOLFDo}HV FRPR PRYLPHQWDomR
ILQDQFHLUD HP FRQWDV HVSHFtILFDV

$ H[HFXomR RUoDPHQWiULD H ILQDQFHLUD LGHQWLILFDUi RV EHQHILFLiULRV GH

SDJDPHQWR GH VHQWHQoDV MXGLFLDLV SUHFDWyULRV SRU PHLR GH VLVWHPD GH

 5(,6 +HUDOGR GD &RVWD 0$&+$'2 -U RS FLW S



&$'(512 

FRQWDELOLGDGH H DGPLQLVWUDomR ILQDQFHLUD SDUD ILQV GH REVHUYkQFLD GD RUGHP

FURQROyJLFD SDUD HIHLWRV GH SULRULGDGH GH SDJDPHQWR GHWHUPLQDGD QR DUW
 GD &)

GLQkPLFR
SURYLGrQFLDV

DYDOLDomR ELPHVWUDO DR ILQDO GH FDGD ELPHVWUH

$WUDYpV GR DFRPSDQKDPHQWR

GD H[HFXomR RUoDPHQWiULD H GR

FXPSULPHQWR GDV PHWDV VLVWHPDWLFDPHQWH DR WpUPLQR GH

GHYHP VHU DGRWDGDV DV VHJXLQWHV

SUD]RV UtJLGRV

DUW  

 FDVR D UHDOL]DomR GD

UHFHLWD SUHYLVWD QmR SRVVD FRPSRUWDU R FXPSULPHQWR GDV PHWDV GH

UHVXOWDGR SULPiULR RX QRPLQDO HVWDEHOHFLGDV QR $QH[R GH
VHUi

SURPRYLGD

 QRV

WULQWD GLDV

0HWDV )LVFDLV

VXEVHTHQWHV OLPLWDomR GH HPSHQKR H

GH PRYLPHQWDomR ILQDQFHLUD QRV PRQWDQWHV QHFHVViULRV VHJXQGR RV

FULWpULRV IL[DGRV SHOD /'2

DYDOLDomR TXDGULPHVWUDO DWp R ILQDO GRV PHVHVGH PDLR VHWHPEUR H

IHYHUHLUR
DYDOLDUi
TXDGULPHVWUH
 R 3RGHU ([HFXWLYR GHPRQVWUDUi H

PHWDV ILVFDLV GH FDGD

R FXPSULPHQWR GDV

 HP DXGLrQFLD S~EOLFD QD &RPLVVmR

HVSHFtILFD GD &kPDUD 0XQLFLSDO

$ OLPLWDomR GH HPSHQKR H GH PRYLPHQWDomR ILQDQFHLUD QmR VH DSOLFD jV

GHVSHVDV TXH FRQVWLWXDP REULJDo}HV FRQVWLWXFLRQDLV H OHJDLV



GR

HQWH

LQFOXVLYH DTXHODV GHVWLQDGDV DR SDJDPHQWR GR VHUYLoR GD GtYLGD H DV

UHVVDOYDGDV SHOD /'2 1R FDVR GH UHVWDEHOHFLPHQWR GD UHFHLWD SUHYLVWD
DLQGD TXH SDUFLDO D UHFRPSRVLomR GDV GRWDo}HV FXMRV HPSHQKRV IRUDP
OLPLWDGRV GDUVHi GH IRUPD SURSRUFLRQDO jV UHGXo}HV HIHWLYDGDV

6H RV 3RGHUHV /HJLVODWLYR H -XGLFLiULR H R 0LQLVWpULR 3~EOLFR QmR SURPRYH

UHP D OLPLWDomR QR SUD]R HVWDEHOHFLGR R 3RGHU ([HFXWLYR ILFD DXWRUL]DGR D
OLPLWDU RV YDORUHV ILQDQFHLURV VHJXQGR RV FULWpULRV IL[DGRV SHOD /'2 (VWH
GLVSRVLWLYR VH MXQWD D RXWURV TXH WrP VLGR REMHWR GH FUtWLFDV IRUPXODGDV SRU
MXULVWDV H HVSHFLDOLVWDV HP YiULRV VHPLQiULRV H SXEOLFDo}HV HVSHFLDOL]DGDV
1R FDVR SUHVHQWH SRUTXH FROLGH FRP D GHWHUPLQDomR H[SUHVVD GR DUW 
GD &) H PDLV GR TXH LVVR FRP D LQGHSHQGrQFLD H D KDUPRQLD HQWUH RV
3RGHUHV FRQVDJUDGDV QR DUW 

GD &)

 $ H[SUHVVmR GHVSHVDV TXH FRQVWLWXDP REULJDo}HV FRQVWLWXFLRQDLV H OHJDLV HVWi PDO

HPSUHJDGD QD /5) YH] TXH SRGHUi GDU D HQWHQGHU TXH H[LVWHP GHVSHVDV LOHJDLV 1D
UHDOLGDGH GHYHVH HQWHQGHU FRPR GHVSHVDV SDUD FXMD UHDOL]DomR Ki XPD UHFHLWD
YLQFXODGD RX XPD GHWHUPLQDomR OHJDO H[SUHVVD TXH LPSHoDP R DGPLQLVWUDGRU GH
SRVWHUJDU D VXD HIHWLYDomR



&$'(512 

WULQWD GLDV
TXDGULPHVWUH

$V SURYLGrQFLDV D VHUHP WRPDGDV DWp

FDGD

ELPHVWUH

H GH FDGD

DSyV R HQFHUUDPHQWR GH

GmR D W{QLFD GD

GLQkPLFD

GR

DFRPSDQKDPHQWR GD H[HFXomR RUoDPHQWiULD 1RWHVH TXH DSHVDU GR

UHODWyULR ELPHVWUDO HVWDU SUHYLVWR QR   DUW  GD &) DV VHJXLQWHV

SURYLGrQFLDV LPSRVWDV FRQVWLWXHP

HTXLOtEULR
DGRomR
GHPRQVWUDomR DYDOLDomR
TXDGULPHVWUH DXGLrQFLD S~EOLFD

EXVFD GR

x
x

LQRYDo}HV

RSHUDFLRQDLV DWXDQGR HP

HQWUH UHFHLWDV H GHVSHVDV

GDV PHGLGDV UHODWLYDV j OLPLWDomR GH HPSHQKR H GH PRYLPHQ

WDomR ILQDQFHLUD
D

HD

GR FXPSULPHQWR GDV PHWDV ILVFDLV GH FDGD

 HP

QD &RPLVVmR HVSHFtILFD GD &kPDUD

0XQLFLSDO

$V GHWHUPLQDo}HV GD /5) FRQWLGDV QRV DUWV 

LPSOtFLWR SURSLFLDU XP DFRPSDQKDPHQWR

D  SRVVXHP XP REMHWLYR

GLQkPLFR

H SURVSHFWLYR GD

H[HFXomR RUoDPHQWiULD H GR FXPSULPHQWR GDV PHWDV XPD GDV SUHPLVVDV

LQRYDGRUDV GD /5) QD EXVFD GR

HTXLOtEULR

ILQDQFHLUR $OpP GLVVR

REULJDP

D XWLOL]DomR GH QRYRV LQVWUXPHQWRV GH JHVWmR ILQDQFHLUD H FRQVHTHQWH

PHQWH

OLEHUDP

RV JHVWRUHV GH SRVVtYHLV FUtWLFDV GH RUGHQDGRUHV GD GHVSHVD

TXDQGR DGRWDP DV SURYLGrQFLDV FDEtYHLV SDUD WDQWR GH HVWDUHP DJLQGR GH

IRUPD GLVFULFLRQiULD

5(&(,7$3%/,&$
3UHYLVmRH$UUHFDGDomRDUWVH
&RQVWLWXHP UHTXLVLWRV HVVHQFLDLV GD UHVSRQVDELOLGDGH QD JHVWmR ILVFDO

LQVWLWXLomR D SUHYLVmR H D HIHWLYD DUUHFDGDomR WRGRV RV WULEXWRV

GH

GD

FRPSHWrQFLD FRQVWLWXFLRQDO GH FDGD HQWH GD )HGHUDomR 2 0XQLFtSLR TXH

QmR FXPSULU HVVD QRUPD GHVREHGHFH DR PDQGDPHQWR FRQVWLWXFLRQDO H[
SUHVVR QR LQFLVR ,,, DUW  GD &) H ILFDUi LPSHGLGR GH UHFHEHU WUDQVIHUrQ
FLDV YROXQWiULDV GR (VWDGR RX GD 8QLmR RX GH TXDOTXHU RXWUR 0XQLFtSLR

6HJXQGR D /5) DV

x
x

SUHYLV}HV

GH UHFHLWD

REVHUYDUmR
FRQVLGHUDUmR RV HIHLWRV

DV QRUPDV WpFQLFDV H OHJDLV



GDV DOWHUDo}HV QD OHJLVODomR



&$'(512 

GD YDULDomR GR tQGLFH GH SUHoRV

GR FUHVFLPHQWR HFRQ{PLFR

GH TXDOTXHU RXWUR IDWRU UHOHYDQWH

VHUmR DFRPSDQKDGDV

GH GHPRQVWUDWLYR GH VXD HYROXomR QRV ~OWLPRV WUrV DQRV

GD SURMHomR SDUD RV GRLV H[HUFtFLRV VHJXLQWHV jTXHOH D TXH VH UHIHUL

GD PHWRGRORJLD GH FiOFXOR H SUHPLVVDV XWLOL]DGDV

UHP

UHHVWLPDWLYD
RSHUDo}HV GH FUpGLWR
GHVSHVDV GH FDSLWDO

2 3RGHU /HJLVODWLYR VRPHQWH HIHWXDUi

GH UHFHLWD VH FRPSUR

YDGR HUUR RX RPLVVmR GH RUGHP WpFQLFD RX OHJDO $GHPDLV R

SUHYLVWR SDUD DV UHFHLWDV GH
DR GDV

PRQWDQWH

QmR SRGHUi VHU VXSHULRU

 FRQVWDQWHV GR SURMHWR GH OHL RUoDPHQWiULD



2 3RGHU ([HFXWLYR 0XQLFLSDO FRORFDUi j GLVSRVLomR GR 3RGHU /HJLVODWLYR

QR PtQLPR

WULQWD GLDV

DQWHV GR SUD]R ILQDO SDUD HQFDPLQKDPHQWR GH VXDV

SURSRVWDV RUoDPHQWiULDV RV HVWXGRV H DV HVWLPDWLYDV GDV UHFHLWDV SDUD R

H[HUFtFLR VXEVHTHQWH LQFOXVLYH GD UHFHLWD FRUUHQWH OtTXLGD H DV UHVSHFWLYDV
PHPyULDV GH FiOFXOR

$V UHFHLWDV SUHYLVWDV VHUmR GHVGREUDGDV SHOR 3RGHU ([HFXWLYR HP

ELPHVWUDLV

PHWDV

GH DUUHFDGDomR FRP D HVSHFLILFDomR HP VHSDUDGR TXDQGR

FDEtYHO GDV PHGLGDV

x
x
x

GH
GD

FRPEDWH
TXDQWLGDGH
HYROXomR

j HYDVmR



H j VRQHJDomR



H GRV YDORUHV GH Do}HV DMXL]DGDV SDUD FREUDQoD GD GtYLGD

DWLYD
GH

GR PRQWDQWH GRV FUpGLWRV WULEXWiULRV SDVVtYHLV GH FREUDQoD

DGPLQLVWUDWLYD LQVFULWRV RX QmR HP GtYLGD DWLYD

$ H[SOLFLWDomR UHODWLYD j REULJDWRULHGDGH GH LQVWLWXLU H DUUHFDGDU VHXV WULEXWRV

GHUUXED D WHVH GH DOJXQV ILQDQFLVWDV TXH FRQVLGHUDP YROXQWiULD HVVD FRP
SHWrQFLD LQVWLWXFLRQDO GRV 0XQLFtSLRV LVWR p DGPLWHP D SRVVLELOLGDGH GH

PHWDV
ODQoDPHQWR

GHL[DUHP GH FREUDU R ,378 SRU H[HPSOR 2 GHVGREUDPHQWR HP

ELPHVWUDLV

GH DUUHFDGDomR FRP D HVSHFLILFDomR GDV PHGLGDV DFLPD

UHIRUoD R HQWHQGLPHQWR GH TXH QmR EDVWD VRPHQWH HIHWXDU R

 (VVD UHVWULomR GHULYD GR GLVSRVWR QR DUW  ,,, GD &)

 )RUPD GH HYLWDU R SDJDPHQWR GH WULEXWRV FRP EDVH QDV EUHFKDV OHJDLV
 )RUPD GH HYLWDU R SDJDPHQWR GH WULEXWRV GH PRGR IUDXGXOHQWR RX GH PiIp



&$'(512 

GRV WULEXWRV PDV HQYLGDU WRGRV RV HVIRUoRV SDUD TXH R FUpGLWR WULEXWiULR

LQJUHVVH

 VRE D IRUPD GH QXPHUiULR QRV FRIUHV PXQLFLSDLV

$V Do}HV QHFHVViULDV j SUHYLVmR GD UHFHLWD WDPEpP H[LJHP DOpP GR

FRQKHFLPHQWR GRV YDORUHV DUUHFDGDGRV QRV ~OWLPRV WUrV DQRV H GH RXWUDV
LQIRUPDo}HV SURGX]LGDV SHORV YiULRV yUJmRV GR *RYHUQR 0XQLFLSDO )LVFR
DGPLQLVWUDGRUHV GH PHUFDGRV S~EOLFRV HWF RXWUDV UHODFLRQDGDV FRP D
YDULDomR GRV tQGLFHV GH SUHoR H GH FUHVFLPHQWR HFRQ{PLFR SDUD MXVWLILFDU
D PHWRGRORJLD GH FiOFXOR H SUHPLVVDV XWLOL]DGDV HVSHFLDOPHQWH QR FDVR GDV
WUDQVIHUrQFLDV LQVWLWXFLRQDLV ,&06 )30 HWF 'HYHP VHU FRQVXOWDGRV HQWUH
RXWURV R $QXiULR (VWDWtVWLFR GR (VWDGR GRFXPHQWRV SHVTXLVDV GR ,%*(
EHP FRPR R DQH[R HVSHFtILFR j PHQVDJHP TXH HQFDPLQKDU R SURMHWR GD

/'2 GD 8QLmR QR TXDO VHUmR HVSHFLILFDGRV    DUW  GD /5) RV REMHWLYRV

GDV SROtWLFDV PRQHWiULD FUHGLWtFLD H FDPELDO EHP FRPR RV SDUkPHWURV H DV
SURMHo}HV SDUD VHXV SULQFLSDLV DJUHJDGRV H YDULiYHLV H DLQGD DV PHWDV GH



LQIODomR SDUD R H[HUFtFLR VXEVHTHQWH

'D5HQ~QFLDGH5HFHLWDDUW
$

FRQFHVVmR RX DPSOLDomR
UHQ~QFLD
LPSDFWR
XPD
GHPRQVWUDomR
D

GH LQFHQWLYR RX EHQHItFLR GH QDWXUH]D

WULEXWiULD GD TXDO GHFRUUD

GH HVWLPDWLYD GR

GH UHFHLWD GHYHUi HVWDU DFRPSDQKDGD

TXH GHYD LQLFLDU VXD YLJrQFLD FRPR QRV

GLVSRVWR QD /'2 H D SHOR PHQRV

H[HUFtFLR
GRLV VHJXLQWHV

RUoDPHQWiULRILQDQFHLUR WDQWR QR

HP

 DWHQGHU DR

GDV VHJXLQWHV FRQGLo}HV

 SHOR SURSRQHQWH GH TXH D UHQ~QFLD IRL FRQVLGHUDGD QD

HVWLPDWLYD GH UHFHLWD GD OHL RUoDPHQWiULD H GH TXH QmR DIHWDUi DV PHWDV

GH UHVXOWDGRV ILVFDLV SUHYLVWDV QR DQH[R SUySULR GD /'2

DFRPSDQKDPHQWR

GH PHGLGDV GH FRPSHQVDomR QR SHUtRGR PHQFLRQD

GR QR FDSXW SRU PHLR GR DXPHQWR GH UHFHLWD SURYHQLHQWH GD HOHYDomR

GH DOtTXRWDV GD DPSOLDomR GD EDVH GH FiOFXOR GD PDMRUDomR RX FULDomR
GH WULEXWR RX FRQWULEXLomR

UHQ~QFLD

GH UHFHLWD FRPSUHHQGH DQLVWLD UHPLVVmR VXEVtGLR FUpGLWR

SUHVXPLGR FRQFHVVmR GH LVHQomR HP FDUiWHU QmR JHUDO DOWHUDomR GH

 $ PDLRULD GHVVHV GRFXPHQWRV HVWi GLVSRQtYHO QD ,QWHUQHW DWXDOPHQWH IRQWH YDOLRVD GH

SHVTXLVD $ HTXLSH JRYHUQDPHQWDO LQFXPELGD GH HODERUDU HVWH FRPR RV GHPDLV GHPRQV
WUDWLYRV DQH[RV HWF UHIHULGRV QD /5) GHYH ILFDU DSWD SDUD XWLOL]iOD



&$'(512 

DOtTXRWD RX PRGLILFDomR GH EDVH GH FiOFXOR TXH LPSOLTXH UHGXomR GLVFUL

PLQDGD GH WULEXWRV RX FRQWULEXLo}HV H RXWURV EHQHItFLRV TXH FRUUHVSRQGDP
D WUDWDPHQWR GLIHUHQFLDGR



3RUWDQWR D SDUWLU GD YLJrQFLD GD /5) TXDOTXHU SURSRVWD GR ([HFXWLYR RX

GR /HJLVODWLYR YHUVDQGR VREUH FRQFHVVmR GH LQFHQWLYRV ILVFDLV VRPHQWH
GHYHUi WHU SURVVHJXLPHQWR FDVR VHMD DFRPSDQKDGD GRV VHJXLQWHV GHPRQV
WUDWLYRV

x
x
x

GD HVWLPDWLYD

GR LPSDFWR RUoDPHQWiULRILQDQFHLUR QR H[HUFtFLR HP TXH

GHYD LQLFLDU VXD YLJrQFLD H QRV GRLV VHJXLQWHV

GH TXH DWHQGH
GH TXH D UHQ~QFLD
HVWHMD FRQVLGHUDGD

DR GLVSRVWR QD /'2
DWHQGD D SHOR PHQRV XPD GDV VHJXLQWHV FRQGLo}HV

QD HVWLPDWLYD GH UHFHLWD GD OHL RUoDPHQWiULD H QmR

DIHWH DV PHWDV GH UHVXOWDGRV ILVFDLV SUHYLVWDV QR DQH[R SUySULR GD

/'2 RX

VHMD FRPSHQVDGD

SRU PHLR GR DXPHQWR GH UHFHLWD SURYHQLHQWH GD

HOHYDomR GH DOtTXRWDV GD DPSOLDomR GD EDVH GH FiOFXOR GD PDMRUDomR

RX FULDomR GH WULEXWR RX FRQWULEXLomR



1mR EDVWD TXH RV REMHWLYRV GR SURMHWR GH OHL FRQFHGHQGR EHQHItFLR ILVFDO

VHMDP RV PDLV QREUHV $ &) LQVWUXPHQWDOL]DGD FRP RV PDQGDPHQWRV
LPSRVWRV SHOD /5) H[LJH TXH VHMDP

TXDQWLILFDGRV PHGLGRV
H

RV VHXV

LPSDFWRV QDV ILQDQoDV PXQLFLSDLV SDUD SHUPLWLU D DYDOLDomR GD UHODomR

FXVWREHQHItFLR H IDFLOLWDU D WDUHID GRV PHPEURV GR 3RGHU /HJLVODWLYR GH
UHDOL]DU D DYDOLDomR GR PpULWR (P RXWUDV SDODYUDV IDFLOLWDU j &kPDUD
0XQLFLSDO QHVWH FDVR DQDOLVDU DV UHSHUFXVV}HV GD PHGLGD QD SURJUDPDomR
GRV LQYHVWLPHQWRV H QD SUHVWDomR GRV VHUYLoRV S~EOLFRV D FDUJR GR 0XQLFt

 2  DUW  GD &) VH UHIHUH D VXEVtGLR RX LVHQomR UHGXomR GH EDVH GH FiOFXOR

FRQFHVVmR GH FUpGLWR SUHVXPLGR DQLVWLD RX UHPLVVmR UHODWLYRV D LPSRVWRV WD[DV RX
FRQWULEXLo}HV
 %DVLFDPHQWH VRPHQWH D HOHYDomR GH DOtTXRWDV SDUD FiOFXOR GH LPSRVWRV SRGH VXUWLU RV
HIHLWRV GHVHMDGRV SRUTXH WDQWR D LQVWLWXLomR GH WD[DV TXDQWR D GH FRQWULEXLomR GH
PHOKRULD UHVXOWDP HP UHFHLWDV UHFXSHUDWyULDV GRV FXVWRV LQFRUULGRV QD SUHVWDomR GRV
VHUYLoRV RX QDV DWLYLGDGHV TXH JHUDUHP HYHQWXDLV WD[DV RX QR FXVWR GD REUD TXH HQVHMD
D FREUDQoD GD FRQWULEXLomR GH PHOKRULD 3RU RXWUR ODGR DV EDVHV GH FiOFXOR GRV LPSRVWRV
SRU GHWHUPLQDomR H[SUHVVD GR DUW  ,,, D GD &) Mi HVWmR GHWHUPLQDGDV QR &yGLJR
7ULEXWiULR 1DFLRQDO UHFHSFLRQDGR FRPR /HL &RPSOHPHQWDU H QmR SRGHP VHU DOWHUDGDV
SRU OHL PXQLFLSDO $ HYHQWXDO DWXDOL]DomR GRV YDORUHV YHQDLV GRV LPyYHLV SRU H[HPSOR
TXDQGR PXLWR FRUULJH XPD IDOKD JURVVHLUD GR )LVFR 0XQLFLSDO SRUTXH HOHV GHYHP UHIOHWLU
VHPSUH RV YDORUHV GH PHUFDGR



&$'(512 

SLR TXH SRGHUmR VRIUHU VROXomR GH FRQWLQXLGDGH RX SHUGD GH TXDOLGDGH

HP GHFRUUrQFLD GD UHGXomR GRV UHFXUVRV ILQDQFHLURV FDXVDQGR SUHMXt]R j
FRPXQLGDGH (VVH SUHMXt]R SRGH VHU FRPSDUDWLYDPHQWH VXSHULRU DR EHQH
ItFLR D VHU FRQFHGLGR DVSHFWR TXH PHUHFH D PDLRU DWHQomR

'(63(6$3%/,&$
*HUDomRGD'HVSHVDDUWVH
2V DWRV YROWDGRV SDUD D FULDomR D H[SDQVmR RX R DSHUIHLoRDPHQWR GH

JRYHUQDPHQWDO
x HVWLPDWLYD

DomR

 TXH DFDUUHWHP DXPHQWR GD GHVSHVD VHUmR DFRPSDQKDGRV GH

GR LPSDFWR RUoDPHQWiULRILQDQFHLUR QR

GHYD HQWUDU HP YLJRU H

QRV GRLV VXEVHTHQWHV

H[HUFtFLR

HP TXH

 DFRPSDQKDGD GDV

SUHPLVVDV H GD PHWRGRORJLD GH FiOFXOR XWLOL]DGDV

GHFODUDomR

GR RUGHQDGRU GD GHVSHVD GH TXH R DXPHQWR WHP DGHTXDomR

RUoDPHQWiULD H ILQDQFHLUD FRP D OHL RUoDPHQWiULD DQXDO H FRPSDWLELOLGD

GH FRP R SODQR SOXULDQXDO H FRP D /'2

3DUD RV ILQV GD /5) FRQVLGHUDVH

DGHTXDGD

j OHL RUoDPHQWiULD DQXDO D GHVSHVD REMHWR GH GRWDomR HV

SHFtILFD H VXILFLHQWH RX TXH HVWHMD DEUDQJLGD SRU FUpGLWR JHQpULFR GH

IRUPD TXH VRPDGDV WRGDV DV GHVSHVDV GD PHVPD HVSpFLH UHDOL]DGDV H D
UHDOL]DU SUHYLVWDV QR SURJUDPD GH WUDEDOKR QmR VHMDP XOWUDSDVVDGRV RV

OLPLWHV HVWDEHOHFLGRV SDUD R H[HUFtFLR

FRPSDWtYHO

FRP R SODQR SOXULDQXDO H D /'2 D GHVSHVD TXH VH FRQIRUPH

FRP DV GLUHWUL]HV RV REMHWLYRV DV SULRULGDGHV H DV PHWDV SUHYLVWDV QHVVHV

LQVWUXPHQWRV H QmR LQIULQMD TXDOTXHU GH VXDV GLVSRVLo}HV

QmR DXWRUL]DGDV LUUHJXODUHV H OHVLYDV

JHUDomR
DVVXQomR

6HUmR FRQVLGHUDGDV
S~EOLFR D

GH GHVSHVD H D

DR SDWULP{QLR

GH REULJDomR TXH QmR DWHQGDP

RV UHTXLVLWRV DFLPD $GHPDLV HVVDV QRUPDV FRQVWLWXHP FRQGLomR SUpYLD SDUD

x
x

HPSHQKR OLFLWDomR
H

GH VHUYLoRV IRUQHFLPHQWR GH EHQV RX H[HFXomR GH

REUDV

GHVDSURSULDomR

GH LPyYHLV XUEDQRV D TXH VH UHIHUH R 

GD &)



&$'(512 

GR DUW 

(VVDV PHGLGDV FRPELQDGDV FRP DV UHVWULo}HV j FRQFHVVmR GH EHQHItFLRV

ILVFDLV VHP SUHMXt]R GDV GHPDLV Do}HV LQLELGRUDV GH HYHQWXDLV GHVYLRV

HTXLOtEULR

RUoDPHQWiULRV RX ILQDQFHLURV EXVFDP R WmR DOPHMDGR

ILVFDO H

PDLV XPD YH] LQVWUXPHQWDOL]DP RV JHVWRUHV ILQDQFHLURV

'HVSHVD 2EULJDWyULD GH &DUiWHU &RQWLQXDGR DUW 

REULJDWyULD GH FDUiWHU FRQWLQXDGR

GRLV H[HUFtFLRV

6HUi FRQVLGHUDGD

D GHVSHVD

FRUUHQWH

GHULYDGD GH OHL RX DWR DGPLQLVWUDWLYR QRUPDWLYR TXH IL[H D REULJDomR OHJDO

GH VXD H[HFXomR SRU XP SHUtRGR VXSHULRU D

 2 DWR TXH FULDU

RX DXPHQWDU GHVSHVD GHVVD HVSpFLH GHYHUi VHU

LQVWUXtGR
H[HUFtFLR

FRP D HVWLPDWLYD SUHYLVWD GR

QR

LPSDFWR

RUoDPHQWiULRILQDQFHLUR

HP TXH GHYD HQWUDU HP YLJRU H QRV

GRLV VXEVHTHQWHV

FRP D GHPRQVWUDomR GD RULJHP GRV UHFXUVRV SDUD VHX FXVWHLR

DFRPSDQKDGR

GH GHFODUDomR GR RUGHQDGRU GD GHVSHVD GH TXH R DXPHQWR

WHP DGHTXDomR RUoDPHQWiULD H ILQDQFHLUD FRP D OHL RUoDPHQWiULD DQXDO H

FRPSDWLELOLGDGH FRP R SODQR SOXULDQXDO H FRP D /'2 H TXH VHXV HIHLWRV

SHUtRGRV VHJXLQWHV
DXPHQWR

ILQDQFHLURV QRV
PDQHQWH SHOR

 VHUmR FRPSHQVDGRV HP FDUiWHU SHU

GH UHFHLWD RX SHOD

UHGXomR

GH GHVSHVD

&DVR D KLSyWHVH SDUD UHDOL]DomR GHVVD GHVSHVD LPSOLTXH

QHQWH GH UHFHLWD HOD

QmR VHUi H[HFXWDGD

DXPHQWR

SHUPD

DQWHV GD LPSOHPHQWDomR GDV

PHGLGDV TXH YLVHP DOFDQoDU HVVH REMHWLYR

$ /5) FRQVLGHUD DXPHQWR SHUPDQHQWH GD UHFHLWH R RULXQGR GH

x
x
x
$

HOHYDomR
DPSOLDomR
PDMRUDomR FULDomR
FRPSURYDomR

GH DOtTXRWDV
GD EDVH GH FiOFXOR
RX

GH WULEXWR RX FRQWULEXLomR

 D VHU DSUHVHQWDGD SHOR SURSRQHQWH FRQWHUi DV SUHPLVVDV

H D PHWRGRORJLD GH FiOFXOR XWLOL]DGDV VHP SUHMXt]R GR H[DPH GH FRPSDWL

ELOLGDGH GD GHVSHVD FRP DV GHPDLV QRUPDV GR SODQR SOXULDQXDO H GD /'2
1RWHVH TXH VH FRQVLGHUD

DXPHQWR

GH GHVSHVD D

SURUURJDomR

GDTXHOD

FULDGD SRU SUD]R GHWHUPLQDGR

,JXDOPHQWH VHUmR FRQVLGHUDGDV QmR DXWRUL]DGDV LUUHJXODUHV H OHVLYDV DR

SDWULP{QLR S~EOLFR D

JHUDomR

GH GHVSHVD RX D



&$'(512 

DVVXQomR

GH REULJDomR TXH

QmR DWHQGDP RV UHTXLVLWRV DFLPD (VVDV QRUPDV QmR VH DSOLFDP jV GHVSHVDV

GHVWLQDGDV DR VHUYLoR GD GtYLGD QHP DR UHDMXVWDPHQWR GH UHPXQHUDomR GH
SHVVRDO GH TXH WUDWD R LQFLVR ; GR DUW  GD &)

3RUWDQWR ILFD YHGDGD D UHDOL]DomR GH TXDOTXHU QRYD

FDUiWHU FRQWLQXDGR

x
x

VDOYR VH FRPSHQVDGD FRP

HQTXDQWR QmR

YLJRUDU

UHGXomR

GHVSHVD FRUUHQWH GH

GH RXWUD GHVSHVD RX

R GLVSRVLWLYR OHJDO TXH

DXPHQWDUi

D UHFHLWD

WULEXWiULD SUySULD HP YDORU VXILFLHQWH SDUD ILQDQFLDU HVVD GHVSHVD

&RPR D /5) QmR DGPLWH VXD FRPSHQVDomR FRP R LQFUHPHQWR GD UHFHLWD

SURYHQLHQWH GR FUHVFLPHQWR HFRQ{PLFR RX GH TXDOTXHU RXWUR IDWRU UHOHYDQWH



FRPR D GHVFREHUWD GH XP SRoR GH SHWUyOHR QR WHUULWyULR GR 0XQLFtSLR SRU

H[HPSOR FRQVWDWDVH XPD FRQWUDGLomR HQWUH HVVD QRUPD UHVWULWLYD H RV SUHV
VXSRVWRV HVWDEHOHFLGRV SDUD DV SUHYLV}HV GD UHFHLWD QR DUW 

$ UHJUD FRQWLGD QHVWH DUWLJR DVVXPH XPD LPSRUWkQFLD YLWDO QD SURJUDPDomR

GDV REUDV H GH RXWURV LQYHVWLPHQWRV &RPR VH VDEH SUDWLFDPHQWH WRGRV
HVVHV LQYHVWLPHQWRV FODVVLILFiYHLV FRPR GHVSHVDV GH FDSLWDO VmR JHUDGRUHV
GH IXWXUDV GHVSHVDV FRUUHQWHV GH FDUiWHU FRQWLQXDGR FODVVLILFiYHLV FRPR
GHVSHVDV GH FXVWHLR H DWp GH RXWUDV GHVSHVDV GH FDSLWDO HTXLSDPHQWRV GR
SRVWR GH VD~GH RX GD HVFROD SRU H[HPSOR VHP TXH QD PDLRULD GDV YH]HV
KDMD SUHYLVmR GRV VHXV LPSDFWRV QRV RUoDPHQWRV IXWXURV

'DV'HVSHVDVFRP3HVVRDO
'HILQLo}HVH/LPLWHVDUWVD
(QWHQGHVH FRPR GHVSHVD WRWDO FRP SHVVRDO R

VRPDWyULR

GRV JDVWRV GR

HQWH

GD )HGHUDomR FRP RV

DWLYRV LQDWLYRV H SHQVLRQLVWDV UHODWLYRV D PDQGDWRV HOHWLYRV FDUJRV

IXQo}HV RX HPSUHJRV FLYLV PLOLWDUHV H PHPEURV GH 3RGHU FRP TXDLV
TXHU HVSpFLHV UHPXQHUDWyULDV WDLV FRPR YHQFLPHQWRV H YDQWDJHQV IL[DV

 3DUD  D /'2 IHGHUDO HVWi DGPLWLQGR D FRPSHQVDomR FRP R LQFUHPHQWR GD UHFHLWD
SURYHQLHQWH GR FUHVFLPHQWR HFRQ{PLFR



&$'(512 

H YDULiYHLV VXEVtGLRV SURYHQWRV GD DSRVHQWDGRULD UHIRUPDV H SHQV}HV

LQFOXVLYH DGLFLRQDLV JUDWLILFDo}HV KRUDV H[WUDV H YDQWDJHQV SHVVRDLV GH

TXDOTXHU QDWXUH]D
HQFDUJRV VRFLDLV H FRQWULEXLo}HV UHFROKLGDV SHOR

HQWH

jV HQWLGDGHV GH

SUHYLGrQFLD

FRQWUDWRV GH WHUFHLUL]DomR GH PmRGHREUD TXH VH UHIHUHP j VXEVWLWXLomR

GH VHUYLGRUHV H HPSUHJDGRV S~EOLFRV RV TXDLV VHUmR FRQWDELOL]DGRV FRPR
2XWUDV 'HVSHVDV GH 3HVVRDO

$ GHVSHVD

WRWDO

FRP SHVVRDO HP

FDGD SHUtRGR GH DSXUDomR

 VHUi FDOFXODGD

VRPDQGRVH D UHDOL]DGD QR PrV HP UHIHUrQFLD FRP DV GRV RQ]H LPHGLDWD

PHQWH DQWHULRUHV DGRWDQGRVH R UHJLPH GH FRPSHWrQFLD



H QR FDVR GRV

0XQLFtSLRV QmR SRGHUi H[FHGHU  VHVVHQWD SRU FHQWR GD 5&/

1D YHULILFDomR GR DWHQGLPHQWR GRV OLPLWHV GHILQLGRV QHVWH DUWLJR QmR VHUmR

FRPSXWDGDV DV GHVSHVDV

x
x
x

GH LQGHQL]DomR
UHODWLYDV
GHULYDGDV

SRU GHPLVVmR GH VHUYLGRUHV RX HPSUHJDGRV

D LQFHQWLYRV j GHPLVVmR YROXQWiULD

GD DSOLFDomR GR GLVSRVWR QR LQFLVR ,, GR 

GR DUW  GD &)

RX VHMD DV GHFRUUHQWHV GH FRQYRFDomR H[WUDRUGLQiULD GR 3RGHU /HJLVOD

WLYR HP FDVR GH XUJrQFLD RX LQWHUHVVH S~EOLFR UHOHYDQWH

GHFRUUHQWHV

GH GHFLVmR MXGLFLDO H GD FRPSHWrQFLD GH SHUtRGR DQWHULRU

DR GD DSXUDomR D TXH VH UHIHUH R 

FRP LQDWLYRV

GR DUW 

 DLQGD TXH SRU LQWHUPpGLR GH IXQGR HVSHFtILFR FXVWHDGDV

SRU UHFXUVRV SURYHQLHQWHV

GD DUUHFDGDomR GH FRQWULEXLo}HV GRV VHJXUDGRV

GD FRPSHQVDomR ILQDQFHLUD HQWUH RV GLYHUVRV UHJLPHV GH SUHYLGrQFLD

VRFLDO GH TXH WUDWD R 

GR DUW  GD &)

GDV GHPDLV UHFHLWDV GLUHWDPHQWH DUUHFDGDGDV SRU IXQGR YLQFXODGR D

WDO ILQDOLGDGH LQFOXVLYH R SURGXWR GD DOLHQDomR GH EHQV GLUHLWRV H
DWLYRV EHP FRPR VHX VXSHUiYLW ILQDQFHLUR

UHSDUWLomR

GRV OLPLWHV JOREDLV QmR SRGHUi H[FHGHU RV VHJXLQWHV SHUFHQ

WXDLV

 ,PSDFWD R RUoDPHQWR GR PrV QR TXDO IRL UHDOL]DGD LQGHSHQGHQWHPHQWH GH WHU VLGR SDJD
RX QmR



&$'(512 



VHLV SRU FHQWR SDUD R /HJLVODWLYR LQFOXtGR R 7ULEXQDO GH &RQWDV GR

0XQLFtSLR TXDQGR KRXYHU



FLQTHQWD H TXDWUR SRU FHQWR SDUD R ([HFXWLYR 0XQLFLSDO

,VWR VLJQLILFD GL]HU TXH QmR SRGHUi KDYHU

FRPSHQVDomR

HQWUH RV 3RGHUHV

$VVLP SRU H[HPSOR VH R 3RGHU /HJLVODWLYR FRQVXPLU VRPHQWH  R IDWR

QmR DXWRUL]D R ([HFXWLYR 0XQLFLSDO D GHVSHQGHU  ( YLFHYHUVD



1R 3RGHU /HJLVODWLYR RV OLPLWHV VHUmR UHSDUWLGRV HQWUH VHXV yUJmRV GH IRUPD

SURSRUFLRQDO j PpGLD GDV GHVSHVDV FRP SHVVRDO HP SHUFHQWXDO GD UHFHLWD
FRUUHQWH OtTXLGD YHULILFDGDV QRV WUrV H[HUFtFLRV ILQDQFHLURV LPHGLDWDPHQWH
DQWHULRUHV DR GD SXEOLFDomR GD /5) WULrQLR  RX VHMD D &kPDUD GH
9HUHDGRUHV H R 7ULEXQDO GH &RQWDV GR 0XQLFtSLR TXDQGR KRXYHU

3DUD RV UHSDVVHV SUHYLVWRV QR DUW  GD &) D HQWUHJD DWp R

PrV

GLD  GH FDGD

 GRV UHFXUVRV ILQDQFHLURV FRUUHVSRQGHQWHV j GHVSHVD WRWDO FRP SHVVRDO

SRU 3RGHU H yUJmR VHUi D UHVXOWDQWH GD DSOLFDomR GRV SHUFHQWXDLV GHILQLGRV

DFLPD RX DTXHOHV IL[DGRV D PHQRU VH IRU R FDVR QD /'2



 (P  IRL SURPXOJDGD D (PHQGD &RQVWLWXFLRQDO Q  TXH IL[D OLPLWHV SDUD RV
VXEVtGLRV GRV 9HUHDGRUHV H RV WHWRV GDV GHVSHVDV GR 3RGHU /HJLVODWLYR 0XQLFLSDO HP
IXQomR GD IDL[D GH SRSXODomR GR 0XQLFtSLR &RPR HVVD HPHQGD Vy HQWUD HP YLJRU QR
GLD  RV LPSDFWRV GHFRUUHQWHV GRV VXEVtGLRV VRPHQWH VH IDUmR VHQWLU D SDUWLU
GH  SRUTXH FDEHUi DRV 9HUHDGRUHV TXH WRPDUHP SRVVH QR LQtFLR GR SUy[LPR DQR
IL[DU RV VXEVtGLRV GRV TXH RV VXEVWLWXLUmR QD OHJLVODWXUD VXEVHTHQWH 2 PHVPR QmR VH
SRGH GL]HU GRV SHUFHQWXDLV FRUUHVSRQGHQWHV DRV WHWRV FRP DV GHVSHVDV WRWDLV GD &kPDUD
GH 9HUHDGRUHV &9 $ EDVH GH FiOFXOR GHVWDV ~OWLPDV VREUH D TXDO VHUmR DSOLFDGRV RV
SHUFHQWXDLV TXH UHVXOWDUmR QRV OLPLWHV VHUi FRQVWLWXtGD H[FOXVLYDPHQWH GDV UHFHLWDV
WULEXWiULDV SUySULDV 573 H GDV WUDQVIHUrQFLDV FRQVWLWXFLRQDLV 7& )30 FRWDVSDUWHV GR
,&06 ,39$ HWF VHQGR SRUWDQWR LQIHULRU j GD 5&/ ,VVR SRUTXH D EDVH GH FiOFXOR GD
5&/ HQJORED RXWUDV UHFHLWDV DSHVDU GH DV WUDQVIHUrQFLDV FRQVWLWXtUHP SDUFHODV VLJQLILFD
WLYDV GHVWD $VVLP D SDUWLU GH  FDGD &kPDUD GHYHUi HIHWXDU RV FiOFXORV
UHVSHFWLYRV VHQGR FHUWR TXH DV &9 GH 0XQLFtSLRV FRP SRSXODomR VXSHULRU D WUH]HQWRV
PLO KDELWDQWHV GHYHUmR DSOLFDU PHQRV TXH RV  GD 5&/ HP GHVSHVDV GH SHVVRDO
SRUTXDQWR D (&  DGPLWH R Pi[LPR GH  GR VRPDWyULR GD 573 FRP D 7& SDUD R WRWDO
GD GHVSHVD GR 3RGHU /HJLVODWLYR 0XQLFLSDO H[FOXtGRV RV JDVWRV FRP LQDWLYRV e SURYiYHO
TXH R PHVPR RFRUUD HP DOJXPDV &9 GH 0XQLFtSLRV FRP SRSXODomR LQIHULRU D WUH]HQWRV
PLO KDELWDQWHV (P TXDOTXHU FDVR SUHGRPLQDP DV GHWHUPLQDo}HV GD (& SRU VHU
GHWHQWRUD GH KLHUDUTXLD VXSHULRU j GD /5)
 2  GR DUW  DGPLWH TXH D /'2 SRGHUi IL[DU OLPLWHV GLVWLQWRV GRV HVWDEHOHFLGRV FRPR
WHWR SHOR FDSXW (VWH p PDLV XP SRQWR GH GLVFyUGLD QD LQWHUSUHWDomR GD /5) 3UHIHULPRV
RV YDORUHV HVSHFLILFDGRV QRV LQFLVRV , ,, H ,,, GR DUW  $GPLWLPRV FRQWXGR TXH D /'2
GH GHWHUPLQDGR 0XQLFtSLR SRGHUi UHGX]LU SDUD  SRU H[HPSOR R WHWR GRV JDVWRV FRP
SHVVRDO GR VHX 3RGHU ([HFXWLYR HPERUD QmR SRVVD HOHYDU SDUD PDLV GH  R GR VHX
3RGHU /HJLVODWLYR



&$'(512 

(PERUD R HVWDEHOHFLPHQWR GHVVHV SHUFHQWXDLV YHQKD VHQGR D H[HPSOR GH

RXWURV GLVSRVLWLYRV REMHWR GH FUtWLFDV H GH GHPDQGDV MXGLFLDLV QD SUiWLFD
HP WHUPRV ILQDQFHLURV QmR GHYH SURYRFDU PDLRUHV LPSDFWRV SRUTXH QR
UHJLPH DQWHULRU /HL 5LWD &DPDWD DSHVDU GH QmR KDYHU HVVD GLVFULPLQDomR
HOD Mi RFRUULD SRUTXH RV GRLV 3RGHUHV VRPHQWH GHYHULDP DSOLFDU RV SHUFHQ
WXDLV UHVSHFWLYRV VREUH RV YDORUHV GD 5&/ HIHWLYDPHQWH GLVSRQtYHLV SDUD FDGD
XP VRE SHQD GH LQFRUUHUVH HP GXSOD FRQWDJHP

9DOH UHVVDOWDU TXH QmR Vy D $GPLQLVWUDomR ,QGLUHWD HVWi VXEPHWLGD DR WHWR

HVWDEHOHFLGR SHOR 

GR DUW  GD &) FRP D UHGDomR GD (&  SDUD

R 3RGHU DR TXDO VH YLQFXOD FRPR TXH FRQWULEXL SDUD R F{PSXWR GH VXDV

GHVSHVDV GH SHVVRDO $GHPDLV VmR LQFRQFHEtYHLV LQWHUHVVHV GLYHUJHQWHV RX
RSRVWRV HQWUH D $GPLQLVWUDomR 'LUHWD H VHXV IXQGRV



DXWDUTXLDV IXQ

GDo}HV HPSUHVDV HVWDWDLV GHSHQGHQWHV H RXWUDV HQWLGDGHV FRQVWLWXtGDV SHOR

3RGHU 3~EOLFR

(QWHQGLPHQWR FRQWUiULR SHUPLWLULD TXH XPD HQWLGDGH SHUWHQFHQWH DR 3RGHU

3~EOLFR GHVREHGHFHVVH XP PDQGDPHQWR DR TXDO R HQWH TXH D FULRX HVWi
VXEPHWLGR SRU GHWHUPLQDomR H[SUHVVD GD &) DUW  PDWHULDOL]DGD SHOD
/5) $OpP GLVVR HVVD GHWHUPLQDomR FRQVWLWXFLRQDO SHUGHULD VHX VLJQLILFDGR
H HIHLWR VH FDGD HQWH SDUD IXJLU DR OLPLWH SXGHVVH FULDU XPD HQWLGDGH TXH
SRU KLSyWHVH UDGLFDOL]DGD IRVVH LQFXPELGD GH UHDOL]DU WRGDV DV VXDV Do}HV
PHVPR TXH VRE D IRUPD GH FRQWUDWR GH JHVWmR VHP ILFDU YLQFXODGD DR WHWR
GDV GHVSHVDV GH SHVVRDO

'HGX]VH GD DVVHUWLYD DFLPD TXH R WHWR VHMD FRPSXWDGR QR DJUHJDGR GDV

FRQWDV GH FDGD 3RGHU H UHVSHFWLYDV HQWLGDGHV GD DGPLQLVWUDomR LQGLUHWD
GHYHQGR R VLVWHPD GH UHJLVWUR FRQWiELO HVWDU SUHSDUDGR SDUD SURFHGHU jV
DJUHJDo}HV FRP H[FOXVmR GDV GXSOLFLGDGHV H GDV RSHUDo}HV LQWUDJRYHUQD
PHQWDLV H LQGLFDU HYHQWXDLV UHVSRQViYHLV SRU SRVVtYHLV H[FHVVRV

&RQWUROHGD'HVSHVD7RWDOFRP3HVVRDODUWVD
e

QXOR

GH SOHQR GLUHLWR R DWR

 $ LQFOXVmR GRV IXQGRV FRPR HQWLGDGH FRQVWLWXL PDLV XPD GDV IDOKDV GH UHGDomR GD /5)
SRUTXH FRPR VH VDEH RV IXQGRV QDGD PDLV VmR GR TXH UHVHUYDV ILQDQFHLUDV HVSHFtILFDV
GHVWLQDGDV D XPD GHWHUPLQDGD DSOLFDomR 1mR WrP SHUVRQDOLGDGH MXUtGLFD RV TXH R
LPSHGHP GH SUDWLFDU DWRV FRPR D DGPLVVmR GH SHVVRDO
 0DULD 6\OYLD =DQHOOD 'L 3LHWUR RSFLW S  DILUPD TXH VmR QXORV RV DWRV TXH QmR
SRGHP VHU FRQYDOLGDGRV FRPR RV TXH D OHL DVVLP GHFODUH



&$'(512 

TXH SURYRTXH

DXPHQWR GD GHVSHVD FRP SHVVRDO H QmR DWHQGD

jV H[LJrQFLDV UHODWLYDV jV GHVSHVDV GH FDUiWHU FRQWLQXDGR H DR GLVSRVWR

QR LQFLVR ;,,, GR DUW  YLQFXODomR H HTXLSDUDomR GH YDQWDJHQV
SHVVRDLV H QR 

GR DUW  GD &) UHVWULQJH YDQWDJHQV H DGPLVVmR

H FRQWUDWDomR GH SHVVRDO

DR OLPLWH OHJDO GH FRPSURPHWLPHQWR DSOLFDGR jV GHVSHVDV FRP SHVVRDO

LQDWLYR



GH TXH UHVXOWH

DXPHQWR GD GHVSHVD FRP SHVVRDO H[SHGLGR QRV FHQWR H

RLWHQWD GLDV DQWHULRUHV DR ILQDO GR PDQGDWR GR WLWXODU GR UHVSHFWLYR 3RGHU

$R ILQDO GH

FDGD TXDGULPHVWUH

 VHUi HIHWXDGD D YHULILFDomR GR FXPSULPHQWR

GRV OLPLWHV HVWDEHOHFLGRV 6H D GHVSHVD H[FHGHU D  QRYHQWD H FLQFR SRU

FHQWR GR OLPLWH R TXH FRUUHVSRQGH D XP JDWLOKR

FRQFHVVmR



ILFDP YHGDGRV

GH YDQWDJHP DXPHQWR UHDMXVWH RX DGHTXDomR GH UHPXQH

UDomR D TXDOTXHU WtWXOR VDOYR RV GHULYDGRV GH VHQWHQoD MXGLFLDO RX GH

GHWHUPLQDomR OHJDO RX FRQWUDWXDO UHVVDOYDGD D UHYLVmR JHUDO DQXDO VHP
SUH QD PHVPD GDWD H VHP GLVWLQomR GH tQGLFHV LQFLVR ; DUW  GD &)

x
x
x

FULDomR
DOWHUDomR
SURYLPHQWR

GH FDUJR HPSUHJR RX IXQomR

GH HVWUXWXUD GH FDUUHLUD TXH LPSOLTXH DXPHQWR GH GHVSHVD
GH FDUJR S~EOLFR DGPLVVmR RX FRQWUDWDomR GH SHVVRDO D

TXDOTXHU WtWXOR UHVVDOYDGD D UHSRVLomR GHFRUUHQWH GH DSRVHQWDGRULD RX

IDOHFLPHQWR GH VHUYLGRUHV GDV iUHDV GH HGXFDomR VD~GH H VHJXUDQoD

FRQWUDWDomR

GH KRUD H[WUD VDOYR QR FDVR GH FRQYRFDomR H[WUDRUGLQiULD

GR &RQJUHVVR 1DFLRQDO LQFLVR ,, 

GR DUW  GD &) H DV VLWXDo}HV

SUHYLVWDV QD /'2

6H RV OLPLWHV GHILQLGRV IRUHP

XOWUDSDVVDGRV

 VHP SUHMXt]R GDV YHGDo}HV

DFLPD R SHUFHQWXDO H[FHGHQWH WHUi TXH VHU HOLPLQDGR QRV

WUHV

VHJXLQWHV VHQGR SHOR PHQRV XP WHUoR QR

SULPHLUR

GRLV TXDGULPHV

 DGRWDQGRVH HQWUH

RXWUDV PHGLGDV FRPR D IDFXOWDGD UHGXomR WHPSRUiULD GD MRUQDGD GH

 2V OLPLWHV GH  GD 5&/ HVWmR HVWDEHOHFLGRV QD /HL Q  GH  GH QRYHPEUR GH

 TXH GLVS}H VREUH UHJUDV JHUDLV SDUD D RUJDQL]DomR H R IXQFLRQDPHQWR GRV UHJLPHV
SUySULRV GH SUHYLGrQFLD VRFLDO GRV VHUYLGRUHV S~EOLFRV GD 8QLmR GRV (VWDGRV GR 'LVWULWR
)HGHUDO H GRV 0XQLFtSLRV GRV PLOLWDUHV GRV (VWDGRV H GR 'LVWULWR )HGHUDO H Gi RXWUDV
SURYLGrQFLDV
 (VVH JDWLOKR FRPR p PDLV FRPXPHQWH FRQKHFLGR SRU VH WUDWDU GH XP VLQDO GH DOHUWD
SDUD R DFLRQDPHQWR GH SURYLGrQFLDV TXH HYLWHP D XOWUDSDVVDJHP GR OLPLWH WRWDO WDPEpP
p GHQRPLQDGR QRV PHLRV WpFQLFRV GH OLPLWH SUXGHQFLDO



&$'(512 

WUDEDOKR FRP D DGHTXDomR GRV YHQFLPHQWRV j QRYD FDUJD KRUiULD DV

SURYLGrQFLDV DEDL[R  

x
x
x

UHGXomR
H[RQHUDomR
H[RQHUDomR

H  GR DUW  GD &)

HP SHOR PHQRV YLQWH SRU FHQWR GDV GHVSHVDV FRP FDUJRV HP

FRPLVVmR H IXQomR GH FRQILDQoD

GRV VHUYLGRUHV QmR HVWiYHLV
GH VHUYLGRUHV HVWiYHLV FDVR DV PHGLGDV DQWHULRUHV QmR VHMDP

VXILFLHQWHV VHP SUHMXt]R GD LQGHQL]DomR FRUUHVSRQGHQWH

1mR

DOFDQoDGD D UHGXomR

QR SUD]R HVWDEHOHFLGR H HQTXDQWR SHUGXUDU R

H[FHVVR R 0XQLFtSLR QmR SRGHUi

x
x
x

UHFHEHU
REWHU
FRQWUDWDU

WUDQVIHUrQFLDV YROXQWiULDV

JDUDQWLD GLUHWD RX LQGLUHWD GH RXWUR HQWH

RSHUDo}HV GH FUpGLWR UHVVDOYDGDV DV GHVWLQDGDV DR UHILQDQFLD

PHQWR GD GtYLGD PRELOLiULD H DV TXH YLVHP j UHGXomR GDV GHVSHVDV FRP

SHVVRDO

6H QR

SULPHLUR TXDGULPHVWUH GR ~OWLPR DQR GR PDQGDWR

GRV WLWXODUHV GH

3RGHU HVVD GHVSHVD H[FHGHU RV OLPLWHV HVVDV UHVWULo}HV VmR DSOLFDGDV

LPHGLDWDPHQWH 2 DUW 

GD /HL Q  PDQGD DFUHVFHQWDU R DUW

* DR &yGLJR 3HQDO R TXDO HVWDEHOHFH D SHQD GH UHFOXVmR GH  XP D

 TXDWUR DQRV D TXHP RUGHQDU DXWRUL]DU RX H[HFXWDU DWR TXH DFDUUHWH
DXPHQWR GH GHVSHVD WRWDO FRP SHVVRDO QRV FHQWR H RLWHQWD GLDV DQWHULRUHV
DR ILQDO GR PDQGDWR RX GD OHJLVODWXUD

'HVSHVDVFRPD6HJXULGDGH6RFLDODUW
1HQKXP EHQHItFLR RX VHUYLoR UHODWLYR j VHJXULGDGH VRFLDO SRGHUi VHU FULDGR
PDMRUDGR RX HVWHQGLGR VHP D LQGLFDomR GD IRQWH GH FXVWHLR WRWDO QRV WHUPRV
GR 

GR DUW  GD &) 'HYHP VHU DWHQGLGDV DLQGD DV H[LJrQFLDV

LPSRVWDV j FULDomR GDV 'HVSHVDV 2EULJDWyULDV GH &DUiWHU &RQWLQXDGR LVWR

p D FRPSHQVDomR GR JDVWR SHOR DXPHQWR GD UHFHLWD WULEXWiULD RX SHOD

GLVSHQVDGD

UHGXomR SHUPDQHQWH GD GHVSHVD e

GD FRPSHQVDomR H[LJLGD

SDUD D FULDomR GH GHVSHVD GH FDUiWHU FRQWLQXDGR DUW  R DXPHQWR GH

GHVSHVD GHFRUUHQWH GH

FRQFHVVmR

GH EHQHItFLR D TXHP VDWLVIDoD DV FRQGLo}HV GH KDELOLWDomR

SUHYLVWDV QD OHJLVODomR SHUWLQHQWH



&$'(512 

x
x

H[SDQVmR TXDQWLWDWLYD
UHDMXVWDPHQWR

GR DWHQGLPHQWR H GRV VHUYLoRV SUHVWDGRV

GH YDORU GR EHQHItFLR RX VHUYLoR D ILP GH SUHVHUYDU R VHX

YDORU UHDO

(VVH QRUPDWLYR DSOLFDVH DRV EHQHItFLRV RX DRV VHUYLoRV GH VD~GH SUHYLGrQ

FLD H DVVLVWrQFLD VRFLDO LQFOXVLYH DRV GHVWLQDGRV DRV VHUYLGRUHV S~EOLFRV H
PLOLWDUHV DWLYRV H LQDWLYRV H DRV SHQVLRQLVWDV

7UDQVIHUrQFLDV9ROXQWiULDVDUW
2 PHFDQLVPR GH WUDQVIHUrQFLD YROXQWiULD p FRQFHLWXDGR FRPR D
GH UHFXUVRV FRUUHQWHV RX GH FDSLWDO D RXWUR

HQWH

HQWUHJD

GD )HGHUDomR D WtWXOR GH

FRRSHUDomR DX[tOLR RX DVVLVWrQFLD ILQDQFHLUD TXH QmR GHFRUUD GH GHWHUPL

QDomR FRQVWLWXFLRQDO OHJDO RX RV GHVWLQDGRV DR 6LVWHPD QLFR GH 6D~GH $
WUDQVIHUrQFLD YROXQWiULD DOpP GDV QRUPDV HVWDEHOHFLGDV QD /'2 GD HVIHUD
JRYHUQDPHQWDO TXH ID] R UHSDVVH ILFD FRQGLFLRQDGD j

x
x

H[LVWrQFLD
QmR GHVWLQDomR

GH GRWDomR HVSHFtILFD
D SDJDPHQWR GH GHVSHVDV FRP SHVVRDO DWLYR LQDWLYR H

SHQVLRQLVWD LQFLVR ; DUW  GD &)

FRPSURYDomR

 SRU SDUWH GR EHQHILFLiULR GH

TXH VH DFKD HP GLD TXDQWR DR SDJDPHQWR GH WULEXWRV HPSUpVWLPRV H

ILQDQFLDPHQWRV GHYLGRV DR HQWH WUDQVIHULGRU EHP FRPR TXDQWR j
SUHVWDomR GH FRQWDV GH UHFXUVRV DQWHULRUPHQWH GHOH UHFHELGRV

FXPSULPHQWR GRV OLPLWHV FRQVWLWXFLRQDLV UHODWLYRV j HGXFDomR H j

VD~GH

REVHUYkQFLD GRV OLPLWHV GDV GtYLGDV FRQVROLGDGD H PRELOLiULD GH

RSHUDo}HV GH FUpGLWR LQFOXVLYH SRU DQWHFLSDomR GH UHFHLWD GH LQVFUL
omR HP 5HVWRV D 3DJDU H GH GHVSHVD WRWDO FRP SHVVRDO

SUHYLVmR RUoDPHQWiULD GH FRQWUDSDUWLGD

YHGDGD

D XWLOL]DomR GH UHFXUVRV WUDQVIHULGRV HP ILQDOLGDGH GLYHUVD GD

SDFWXDGD

3DUD ILQV GD DSOLFDomR GDV VDQo}HV GH VXVSHQVmR GH WUDQVIHUrQFLDV YROXQWi

ULDV FRQVWDQWHV GD /5) H[FHWXDPVH DTXHODV UHODWLYDV D Do}HV GH HGXFDomR
VD~GH H DVVLVWrQFLD VRFLDO



&$'(512 

2 REMHWLYR GHVWH GLVSRVLWLYR p FODUDPHQWH UHVWULQJLU DV FKDPDGDV 7UDQVIH

UrQFLDV ,QWHUJRYHUQDPHQWDLV FODVVLILFDGDV UHVSHFWLYDPHQWH VRE RV &yGLJRV
 H  FRPR WUDQVIHUrQFLDV FRUUHQWHV RX WUDQVIHUrQFLDV GH
FDSLWDO QR $GHQGR , j 3RUWDULD 62) Q

 GH  TXH DWXDOL]D D

GLVFULPLQDomR GD GHVSHVD D TXH VH UHIHUH R DUW  GD /HL Q



&RPR D PDLRULD GHVVDV WUDQVIHUrQFLDV RFRUUH HQWUH D 8QLmR H RV 0XQLFtSLRV

D /5) XWLOL]D XPD PDQHLUD SUiWLFD GH LQGX]LU DV PXQLFLSDOLGDGHV D EXVFDU R
WmR DOPHMDGR HTXLOtEULR ILVFDO FRP VHXV SUySULRV HVIRUoRV

$GHPDLV RV FRQYrQLRV UHODWLYRV jV WUDQVIHUrQFLDV YROXQWiULDV VRPHQWH SR

GHUmR VHU ILUPDGRV VH DOpP GH DWHQGLGDV DV GHPDLV FRQGLo}HV DFLPD R HQWH
EHQHILFLiULR WLYHU IHLWR FRQVWDU HP VHX RUoDPHQWR D SUHYLVmR GD

SDUWLGD

FRQWUD

 (VWD UHVWULomR LPSHGH GRUDYDQWH D WUDQVIHUrQFLD LQWHUJRYHUQDPHQ

WDO D IXQGR SHUGLGR VHP D FRQYHQLHQWH LQGLFDomR SUHFLVD GH VXD DSOLFD

omR SRUTXH D PHVPD WHUi VHPSUH R FDUiWHU FRPSOHPHQWDU GH XP SURMHWR
RX GH XPD DWLYLGDGH

'HVWLQDomRGH5HFXUVRV3~EOLFRVSDUDR6HWRU3ULYDGR
DUWVD
$ GHVWLQDomR GH UHFXUVRV SDUD GLUHWD RX LQGLUHWDPHQWH FREULU

x
x

QHFHVVLGDGHV
GpILFLWV

GH SHVVRDV ItVLFDV RX

GH SHVVRDV MXUtGLFDV

GHYHUi




VHU
DWHQGHU
HVWDU
DSOLFDVH

DXWRUL]DGD SRU OHL HVSHFtILFD

jV FRQGLo}HV HVWDEHOHFLGDV QD /'2 H

SUHYLVWD QR RUoDPHQWR RX HP VHXV FUpGLWRV DGLFLRQDLV

(VVD UHJUD

D WRGD D DGPLQLVWUDomR LQGLUHWD LQFOXVLYH IXQGDo}HV

S~EOLFDV H HPSUHVDV HVWDWDLV H[FHWR QR H[HUFtFLR GH VXDV DWULEXLo}HV

SUHFtSXDV jV LQVWLWXLo}HV ILQDQFHLUDV H DR %DQFR &HQWUDO GR %UDVLO H QHOD VH
FRPSUHHQGHP

x
x
x

FRQFHVVmR

LQFOXtGDV

GH HPSUpVWLPRV ILQDQFLDPHQWRV H UHILQDQFLDPHQWRV LQFOX

VLYH DV UHVSHFWLYDV SURUURJDo}HV H D FRPSRVLomR GH GtYLGDV

D
D

FRQFHVVmR
SDUWLFLSDomR

GH VXEYHQo}HV H
HP FRQVWLWXLomR RX DXPHQWR GH FDSLWDO



&$'(512 

$ GHVWLQDomR GRV UHFXUVRV PHQFLRQDGRV VH HQTXDGUDP QDV 7UDQVIHUrQFLDV

D 3HVVRDV H QDV 7UDQVIHUrQFLDV D ,QVWLWXLo}HV 3ULYDGDV LJXDOPHQWH FRGLILFD
GDV QR $GHQGR , j 3RUWDULD 62) Q

 GH  TXH DWXDOL]D D GLVFULPL

QDomR RX D HVSHFLILFDomR GD GHVSHVD D TXH VH UHIHUH R DUW  GD /HL Q

 FRPR  GHVSHVDV GH WUDQVIHUrQFLDV FRUUHQWHV H 

GHVSHVDV GH WUDQVIHUrQFLDV FRUUHQWHV H  GHVSHVDV GH WUDQVIHUrQFLDV
GH FDSLWDO

$V SULPHLUDV DOpP GH UHJLVWUDUHP RV JDVWRV FRP LQDWLYRV SHQVLRQLVWDV

HQFDUJRV SDWURQDLV HWF GR HQWH LQFOXHP RV JDVWRV FRP $SRLR )LQDQFHLUR D
(VWXGDQWHV H 2XWUDV 7UDQVIHUrQFLDV D 3HVVRDV HQTXDQWR DV VHJXQGDV HQJOR
EDP DV 6XEYHQo}HV 6RFLDLV  FRUUHQWH H (FRQ{PLFDV 
FRUUHQWH H $X[tOLRV SDUD 'HVSHVDV GH &DSLWDO  H &RQWULEXLo}HV SDUD
'HVSHVDV GH &DSLWDO 

2V DUWV  H  GD /HL Q

 HVWDEHOHFHP DV FRQGLo}HV H RV FULWpULRV

SDUD D FRQFHVVmR GDV VXEYHQo}HV VRFLDLV HQTXDQWR R DUW  GHWHUPLQD TXH

DV VXEYHQo}HV HFRQ{PLFDV VmR XWLOL]DGDV SDUD FREHUWXUD GH

GpILFLWV

GH

PDQXWHQomR GDV HPSUHVDV HVWDWDLV EHP FRPR GD GLIHUHQoD HQWUH RV SUHoRV

GH PHUFDGR H RV GH UHYHQGD SHOR *RYHUQR GH JrQHURV DOLPHQWtFLRV RX
RXWURV PDWHULDLV H DLQGD SDUD SDJDPHQWR GH ERQLILFDo}HV D SURGXWRUHV GH
GHWHUPLQDGRV JrQHURV RX PDWHULDLV -i RV $X[tOLRV SDUD 'HVSHVDV GH &DSLWDO
VH FDUDFWHUL]DP FRPR WUDQVIHUrQFLDV GHFRUUHQWHV GD OHL GR RUoDPHQWR DR
SDVVR TXH DV &RQWULEXLo}HV SDUD 'HVSHVDV GH &DSLWDO GHFRUUHP GH WUDQVIH
UrQFLDV HVWDEHOHFLGDV HP OHL HVSHFtILFD TXH QmR D GR RUoDPHQWR

$ FRQMXJDomR GRV DUWLJRV  D  GD /5) FRP RV PHQFLRQDGRV DFLPD GD

/HL Q

 SHUPLWH LQIHULU TXH DV FRQGLo}HV GHWHUPLQDGDV SHORV

SULPHLURV VRPHQWH VH DSOLFDP jV 7UDQVIHUrQFLDV D 3HVVRDV GHVWLQDGDV j

FRQFHVVmR GH $SRLR )LQDQFHLUR D (VWXGDQWHV H 2XWUDV TXH YLHUHP D VHU
HVWDEHOHFLGDV SRU

OHL HVSHFtILFD

VHJXQGR DV FRQGLo}HV GD /'2 H jV

VXEYHQo}HV HFRQ{PLFDV XWLOL]DGDV SDUD FREHUWXUD GH

GpILFLWV

GH PDQXWHQ

omR GDV HPSUHVDV HVWDWDLV

(P FRQVHTrQFLD DV WUDQVIHUrQFLDV WUDWDGDV QRV DUWV  D  GD /HL Q

 QmR H[FHSFLRQDOL]DGDV SHORV  D  GD /5) H FRQWLQXDUmR VHQGR

FRQFHGLGDV QD IRUPD XVXDO &RQYpP QRWDU TXH D /5) DPSOLRX D FRQFHVVmR
GDV VXEYHQo}HV HFRQ{PLFDV XWLOL]DGDV SDUD FREHUWXUD GH

GpILFLWV

D TXDLV

TXHU RXWUDV SHVVRDV MXUtGLFDV LJXDOPHQWH GH DFRUGR FRP R TXH YLHU D VHU



&$'(512 

HVWDEHOHFLGR HP

OHL HVSHFtILFD

VHJXQGR DV FRQGLo}HV GD /'2 GHVGH FODUR

TXH SUHYLVWDV QR RUoDPHQWR RX HP VHXV FUpGLWRV DGLFLRQDLV

'HYH VHU GHVWDFDGR WDPEpP TXH D /5) DUW  SHUPLWH D
FUpGLWR SRU

HQWH

FRQFHVVmR

GH

GD )HGHUDomR D SHVVRD ItVLFD RX MXUtGLFD TXH QmR HVWHMD

VRE VHX FRQWUROH GLUHWR RX LQGLUHWR FXMRV HQFDUJRV ILQDQFHLURV FRPLVV}HV

H GHVSHVDV FRQJrQHUHV QmR GHYHUmR VHU LQIHULRUHV DRV GHILQLGRV HP OHL
PXQLFLSDO HVWDGXDO RX IHGHUDO RX DR FXVWR GH FDSWDomR 7DQWR DV SURU
URJDo}HV H DV FRPSRVLo}HV GH GtYLGDV GHFRUUHQWHV GHVVDV RSHUDo}HV GH
FUpGLWR EHP FRPR D FRQFHVVmR GH HPSUpVWLPRV RX ILQDQFLDPHQWRV HP
GHVDFRUGR FRP HVVD UHJUD GHSHQGHP GH DXWRUL]DomR HP OHL HVSHFtILFD
VHQGR R

VXEVtGLR

FRUUHVSRQGHQWH FRQVLJQDGR QD

OHL RUoDPHQWiULD

 &RP

LVVR FRQWLQXDP VHQGR SHUPLWLGDV DV RSHUDo}HV UHDOL]DGDV HP DOJXQV (VWDGRV

H 0XQLFtSLRV VRE D GHQRPLQDomR GH %DQFR GR 3RYR
)LQDOPHQWH SDUHFH H[LVWLU XPD FRQWUDGLomR HQWUH R DUW  GD /5) H VHX
SDUiJUDIR ~QLFR H R &DStWXOR ,9 GD &RQVWLWXLomR GD 5HS~EOLFD TXH WUDWD GR
VLVWHPD ILQDQFHLUR QDFLRQDO TXH HVWDWXL UHJUDV SDUD R IXQFLRQDPHQWR GDV
HQWLGDGHV GH FUpGLWR TXH VmR ILVFDOL]DGDV SHOR %DQFR &HQWUDO GR %UDVLO

'9,'$((1',9,'$0(172
'HILQLo}HV%iVLFDVDUW
$ /5) DGRWD DV VHJXLQWHV GHILQLo}HV

GtYLGD S~EOLFD FRQVROLGDGD RX IXQGDGD

REULJDo}HV ILQDQFHLUDV
UHDOL]DomR GH RSHUDo}HV GH FUpGLWR
VXSHULRU GR]H PHVHV
LQIHULRU D GR]H PHVHV
GtYLGD S~EOLFD PRELOLiULD

 PRQWDQWH WRWDO DSXUDGR VHP

GXSOLFLGDGH

GDV

GR HQWH GD )HGHUDomR DVVXPLGDV HP

YLUWXGH GH OHLV FRQWUDWRV FRQYrQLRV RX WUDWDGRV H

GD

 SDUD DPRUWL]DomR HP SUD]R

FXMDV UHFHLWDV WHQKDP FRQVWDGR GR RUoD

PHQWR

 GtYLGD S~EOLFD UHSUHVHQWDGD SRU WtWXORV HPL

WLGRV SHOD 8QLmR LQFOXVLYH RV GR %DQFR &HQWUDO GR %UDVLO SHORV (VWDGRV

H SHORV 0XQLFtSLRV

RSHUDomR GH FUpGLWR

 FRPSURPLVVR ILQDQFHLUR DVVXPLGR HP UD]mR GH



&$'(512 

P~WXR DEHUWXUD GH FUpGLWR HPLVVmR H DFHLWH GH WtWXOR

DTXLVLomR ILQDQFLDGD GH EHQV RX DUUHQGDPHQWR PHUFDQWLO

UHFHELPHQWR DQWHFLSDGR GH YDORUHV SURYHQLHQWHV GD YHQGD D WHUPR GH

EHQV H VHUYLoRV

RXWUDV RSHUDo}HV DVVHPHOKDGDV LQFOXVLYH FRP R XVR GH GHULYDWLYRV

ILQDQFHLURV

DVVXQomR UHFRQKHFLPHQWR RX FRQILVVmR GH GtYLGDV SHOR

HQWH

GD

)HGHUDomR VHP SUHMXt]R GR FXPSULPHQWR GDV H[LJrQFLDV LPSRVWDV QRV

FDVRV GH *HUDomR GH 'HVSHVDV GH TXH WUDWDP RV DUWV  H 

FRQFHVVmR GH JDUDQWLD

 FRPSURPLVVR GH DGLPSOrQFLD GH REULJDomR

ILQDQFHLUD RX FRQWUDWXDO DVVXPLGD SRU HQWH GD )HGHUDomR RX HQWLGDGH D

HOH YLQFXODGD

UHILQDQFLDPHQWR GD GtYLGD PRELOLiULD

 HPLVVmR GH WtWXORV SDUD SDJD

PHQWR GR SULQFLSDO DFUHVFLGR GD DWXDOL]DomR PRQHWiULD

UHILQDQFLDPHQWR

GR SULQFLSDO GD GtYLGD PRELOLiULD QmR H[FHGHUi DR

WpUPLQR GH FDGD H[HUFtFLR ILQDQFHLUR R PRQWDQWH GR ILQDO GR H[HUFtFLR

DQWHULRU VRPDGR DR GDV RSHUDo}HV GH FUpGLWR DXWRUL]DGDV QR RUoDPHQWR
SDUD HVWH HIHLWR H HIHWLYDPHQWH UHDOL]DGDV DFUHVFLGR GH DWXDOL]DomR PRQH
WiULD (VVH QRUPDWLYR

LPSHGH

TXH RV 0XQLFtSLRV TXH

UHILQDQFLDUDP

VXD

GtYLGD FRP D 8QLmR HPLWDP WtWXORV DWp D TXLWDomR GD GtYLGD UHILQDQFLDGD

'RV/LPLWHVGD'tYLGD3~EOLFDHGDV2SHUDo}HVGH&UpGLWR
DUW
1R SUD]R GH

QRYHQWD GLDV

DSyV D SXEOLFDomR GD /5) R 3UHVLGHQWH GD

5HS~EOLFD GHYHULD VXEPHWHU DR

6HQDGR )HGHUDO

 SURSRVWD GH OLPLWHV JOREDLV SDUD R PRQWDQWH GD GtYLGD

FRQVROLGDGD GD 8QLmR GRV (VWDGRV H GRV 0XQLFtSLRV FXPSULQGR R TXH

HVWDEHOHFH R LQFLVR 9, GR DUW  GD &RQVWLWXLomR EHP FRPR GH OLPLWHV

H FRQGLo}HV UHODWLYRV DRV LQFLVRV 9,, 9,,, H ,; GR PHVPR DUWLJR

&RQJUHVVR 1DFLRQDO



 SURMHWR GH OHL TXH HVWDEHOHoD OLPLWHV SDUD R

PRQWDQWH GD GtYLGD PRELOLiULD IHGHUDO LQFLVR ;,9 DUW  GD &) DFRPSD

QKDGR GD GHPRQVWUDomR GH VXD DGHTXDomR DRV WHWRV IL[DGRV SDUD D GtYLGD

 $WUDYpV GD 0HQVDJHP 3UHVLGHQFLDO Q  D SURSRVWD IRL HQFDPLQKDGD DR 6HQDGR

)HGHUDO RQGH UHFHEHX R Q 



&$'(512 

FRQVROLGDGD GD 8QLmR DWHQGLGR R GLVSRVWR QR LQFLVR , GR 

DUWLJR



GHVWH

$V SURSRVWDV UHIHULGDV DFLPD H VXDV DOWHUDo}HV GHYHUmR FRQWHU

GHPRQVWUDomR

HVWLPDWLYDV

x
x

GH TXH RV OLPLWHV H DV FRQGLo}HV JXDUGDP FRHUrQFLD FRP

DV QRUPDV HVWDEHOHFLGDV QD /5) H FRP RV REMHWLYRV GD SROtWLFD ILVFDO

GR LPSDFWR GD DSOLFDomR GRV OLPLWHV D FDGD XPD GDV WUrV

HVIHUDV GH JRYHUQR

UD]}HV

GH HYHQWXDO SURSRVLomR GH OLPLWHV GLIHUHQFLDGRV SRU HVIHUD GH

JRYHUQR

PHWRGRORJLD

GH DSXUDomR GRV UHVXOWDGRV SULPiULR H QRPLQDO

$V SURSRVWDV PHQFLRQDGDV WDPEpP SRGHUmR VHU DSUHVHQWDGDV HP WHUPRV

GH GtYLGD OtTXLGD HYLGHQFLDQGR D IRUPD H D PHWRGRORJLD GH VXD DSXUDomR
2V OLPLWHV VHUmR IL[DGRV HP SHUFHQWXDO GD UHFHLWD FRUUHQWH OtTXLGD SDUD FDGD
HVIHUD GH JRYHUQR H DSOLFDGRV LJXDOPHQWH D WRGRV RV HQWHV GD )HGHUDomR
FRQVWLWXLQGR SDUD FDGD XP GHOHV OLPLWHV Pi[LPRV 6HPSUH TXH DOWHUDGRV
RV IXQGDPHQWRV GDV SURSRVWDV HP UD]mR GH LQVWDELOLGDGH HFRQ{PLFD RX GH
DOWHUDo}HV QDV SROtWLFDV PRQHWiULD RX FDPELDO R 3UHVLGHQWH GD 5HS~EOLFD
SRGHUi HQFDPLQKDU DR 6HQDGR )HGHUDO RX DR &RQJUHVVR 1DFLRQDO VROLFLWD
omR GH UHYLVmR GRV OLPLWHV

2V JHVWRUHV GHYHUmR HVWDU DWHQWRV SDUD

x
x

YHULILFDU DR ILQDO FDGD TXDGULPHVWUH

GH

 VH D GtYLGD FRQVROLGDGD DWHQGH

DR OLPLWH

LQFOXLU SUHFDWyULRV
RV

MXGLFLDLV QmR SDJRV GXUDQWH D H[HFXomR GR RUoD

PHQWR QRV OLPLWHV GD GtYLGD FRQVROLGDGD

5HFRQGXomRGD'tYLGDDRV/LPLWHVDUW

HQWH
TXDGULPHVWUH
WUrV VXEVHTHQWHV

6H D GtYLGD FRQVROLGDGD GH XP
OLPLWH DR ILQDO GH XP
WpUPLQR GRV

GD )HGHUDomR XOWUDSDVVDU R UHVSHFWLYR

 GHYHUi VHU D HOH UHFRQGX]LGD DWp R

 UHGX]LQGR R H[FHGHQWH HP SHOR PHQRV

 ,JXDOPHQWH R SURMHWR GH OHL Mi VH HQFRQWUD HP WUDPLWDomR QR &RQJUHVVR 1DFLRQDO 1R

FDVR GRV 0XQLFtSLRV HVWi SUHYLVWR XP WHWR GH GtYLGD FRQVROLGDGD HTXLYDOHQWH D  GD
5&/ H XP GLVSrQGLR Pi[LPR HP FDGD  PHVHV GH DWp  GD 5&/



&$'(512 

 YLQWH H FLQFR SRU FHQWR QR SULPHLUR (QTXDQWR SHUGXUDU R H[FHVVR

R HQWH TXH QHOH KRXYHU LQFRUULGR

HVWDUi

SURLELGR GH UHDOL]DU RSHUDomR GH FUpGLWR LQWHUQD RX H[WHUQD

LQFOXVLYH SRU DQWHFLSDomR GH UHFHLWD UHVVDOYDGR R UHILQDQFLDPHQWR GR

SULQFLSDO DWXDOL]DGR GD GtYLGD PRELOLiULD

REWHUi

UHVXOWDGR SULPiULR QHFHVViULR j UHFRQGXomR GD GtYLGD DR OLPLWH

SURPRYHQGR HQWUH RXWUDV PHGLGDV OLPLWDomR GH HPSHQKR QD IRUPD GR

DUW  

DSOLFDPVH
SULPHLUR TXDGULPHVWUH MDQHLUR D DEULO GR ~OWLPR DQR

$V UHVWULo}HV DFLPD
H[FHGHU R OLPLWH QR

GR PDQGDWR

LPHGLDWDPHQWH VH R PRQWDQWH GD GtYLGD

GR &KHIH GR 3RGHU ([HFXWLYR

9HQFLGR R SUD]R SDUD UHWRUQR GD GtYLGD DR OLPLWH H HQTXDQWR SHUGXUDU R

H[FHVVR R HQWH ILFDUi WDPEpP LPSHGLGR GH UHFHEHU WUDQVIHUrQFLDV YROXQ
WiULDV GD 8QLmR RX GR (VWDGR 2 0LQLVWpULR GD )D]HQGD GLYXOJDUi PHQVDO
PHQWH D UHODomR GRV HQWHV TXH WHQKDP XOWUDSDVVDGR RV OLPLWHV GDV GtYLGDV
FRQVROLGDGD H PRELOLiULD



23(5$d(6'(&5e',72
&RQWUDWDomRGH2SHUDo}HVGH&UpGLWRDUWVH
&DEHUi DR 0LQLVWpULR GD )D]HQGD YHULILFDU R FXPSULPHQWR GRV OLPLWHV H GDV
FRQGLo}HV UHODWLYRV j UHDOL]DomR GH RSHUDo}HV GH FUpGLWR HP SOHLWR GH FDGD
HQWH GD )HGHUDomR LQFOXVLYH GDV HPSUHVDV SRU HOHV FRQWURODGDV GLUHWD RX
LQGLUHWDPHQWH 2 HQWH LQWHUHVVDGR IRUPDOL]DUi VHX SOHLWR IXQGDPHQWDGR HP
SDUHFHU GH VHXV

x
x
x

yUJmRV WpFQLFRV H MXUtGLFRV

 GHPRQVWUDQGR

UHODomR
LQWHUHVVH
DWHQGLPHQWR
H[LVWrQFLD

FXVWREHQHItFLR
HFRQ{PLFR H VRFLDO GD RSHUDomR

H R

GDV VHJXLQWHV FRQGLo}HV

GH SUpYLD H H[SUHVVD DXWRUL]DomR SDUD D FRQWUDWDomR QR

WH[WR GD OHL RUoDPHQWiULD HP FUpGLWRV DGLFLRQDLV RX OHL HVSHFtILFD

 (VVDV LQIRUPDo}HV SRGHUmR VHU REWLGDV QR VLWH GR 0LQLVWpULR GD )D]HQGD



&$'(512 

LQFOXVmR

QR RUoDPHQWR RX HP FUpGLWRV DGLFLRQDLV GRV UHFXUVRV SURYH

QLHQWHV GD RSHUDomR H[FHWR QR FDVR GH RSHUDo}HV SRU DQWHFLSDomR

GH UHFHLWD

REVHUYkQFLD
DXWRUL]DomR
YHGDomR GDV RSHUDo}HV GH FUpGLWR TXH H[FHGDP

GRV OLPLWHV H GDV FRQGLo}HV IL[DGRV SHOR 6HQDGR )HGHUDO

HVSHFtILFD GR 6HQDGR )HGHUDO TXDQGR VH WUDWDU GH RSH

UDomR GH FUpGLWR H[WHUQR

R PRQWDQWH GDV

GHVSHVDV GH FDSLWDO UHVVDOYDGDV DV DXWRUL]DGDV PHGLDQWH FUpGLWRV

VXSOHPHQWDUHV RX HVSHFLDLV FRP ILQDOLGDGH SUHFLVD LQFLVR ,,, DUW 
GD &) FRQVLGHUDQGRVH HP FDGD H[HUFtFLR ILQDQFHLUR R WRWDO GRV
UHFXUVRV GH RSHUDo}HV GH FUpGLWR QHOH LQJUHVVDGRV H R GDV GHVSHVDV GH
FDSLWDO H[HFXWDGDV ([FHWXDPVH GR F{PSXWR GDV GHVSHVDV GH FDSLWDO
DV UHDOL]DGDV VRE D IRUPD GH HPSUpVWLPR RX ILQDQFLDPHQWR D FRQWUL
EXLQWH FRP R LQWXLWR GH SURPRYHU LQFHQWLYR ILVFDO WHQGR SRU EDVH
WULEXWR VH UHVXOWDU D GLPLQXLomR GLUHWD RX LQGLUHWD GR {QXV GHVWH

REVHUYkQFLD

GDV GHPDLV UHVWULo}HV HVWDEHOHFLGDV QD /5)

2 0LQLVWpULR GD )D]HQGD VHP SUHMXt]R GDV DWULEXLo}HV SUySULDV GR 6HQDGR

)HGHUDO H GR %DQFR &HQWUDO GR %UDVLO HIHWXDUi R UHJLVWUR HOHWU{QLFR FHQWUD
OL]DGR H DWXDOL]DGR GDV GtYLGDV S~EOLFDV LQWHUQD H H[WHUQD JDUDQWLGR R DFHVVR
S~EOLFR jV LQIRUPDo}HV TXH LQFOXLUmR

x
x

HQFDUJRV
VDOGRV

H FRQGLo}HV GH FRQWUDWDomR

DWXDOL]DGRV H OLPLWHV UHODWLYRV jV GtYLGDV FRQVROLGDGD H PRELOLiULD

RSHUDo}HV GH FUpGLWR H FRQFHVVmR GH JDUDQWLDV

$ LQVWLWXLomR ILQDQFHLUD DUW  TXH FRQWUDWDU RSHUDomR GH FUpGLWR FRP

HQWH

GD )HGHUDomR H[FHWR TXDQGR UHODWLYD j GtYLGD PRELOLiULD RX j H[WHUQD

GHYHUi H[LJLU FRPSURYDomR GH TXH HVVD RSHUDomR DWHQGH jV FRQGLo}HV H
DRV OLPLWHV HVWDEHOHFLGRV &DVR FRQWUiULR D PHVPD VHUi FRQVLGHUDGD

QXOD

SURFHGHQGRVH DR VHX FDQFHODPHQWR PHGLDQWH D GHYROXomR GR SULQFLSDO

YHGDGRV R SDJDPHQWR GH MXURV H GHPDLV HQFDUJRV ILQDQFHLURV 6H D GHYR
OXomR QmR IRU HIHWXDGD QR H[HUFtFLR GH LQJUHVVR GRV UHFXUVRV VHUi FRQVLJ
QDGD

UHVHUYD HVSHFtILFD

 QD OHL RUoDPHQWiULD SDUD R H[HUFtFLR VHJXLQWH

(VVD GLVSRVLomR SUDWLFDPHQWH LPSHGH D FRQWUDWDomR GH RSHUDomR GH FUpGLWR

HVSHFLDOPHQWH SDUD RV 0XQLFtSLRV GH SHTXHQR SRUWH SRUTXH GLILFLOPHQWH
DV LQVWLWXLo}HV ILQDQFHLUDV LQFRUUHUmR QR ULVFR GH UHFHEHUHP R YDORU GHVHP
EROVDGR HP GDWD LQFHUWD GHVDFRPSDQKDGR GRV MXURV H GRV GHPDLV HQFDUJRV
ILQDQFHLURV



&$'(512 

'DV9HGDo}HVDUWVD
)LFD

YHGDGD

HQWUH XP

D UHDOL]DomR GDV VHJXLQWHV

HQWH

RSHUDo}HV GH FUpGLWR

GD )HGHUDomR GLUHWDPHQWH RX SRU LQWHUPpGLR GH IXQGR

DXWDUTXLD IXQGDomR RX HPSUHVD HVWDWDO GHSHQGHQWH H

RXWUR

 LQFOXVLYH VXDV

HQWLGDGHV GD DGPLQLVWUDomR LQGLUHWD DLQGD TXH VRE D IRUPD GH QRYDomR

UHILQDQFLDPHQWR RX SRVWHUJDomR GH GtYLGD FRQWUDtGD DQWHULRUPHQWH

DV

HTXLSDUDGDV
FDSWDomR

jV VHJXLQWHV

GH UHFXUVRV D WtWXOR GH DQWHFLSDomR GH UHFHLWD GH WULEXWR RX

FRQWULEXLomR FXMR IDWR JHUDGRU DLQGD QmR WHQKD RFRUULGR

UHFHELPHQWR

DQWHFLSDGR GH YDORUHV GH HPSUHVD HP TXH R 3RGHU

3~EOLFR GHWHQKD GLUHWD RX LQGLUHWDPHQWH D PDLRULD GR FDSLWDO VRFLDO

FRP GLUHLWR D YRWR VDOYR OXFURV H GLYLGHQGRV QD IRUPD GD OHJLVODomR

DVVXQomR

GLUHWD GH FRPSURPLVVR FRQILVVmR GH GtYLGD RX RSHUDomR

DVVHPHOKDGD FRP IRUQHFHGRU GH EHQV PHUFDGRULDV RX VHUYLoRV

PHGLDQWH HPLVVmR DFHLWH RX DYDO GH WtWXOR GH FUpGLWR QmR VH DSOLFDQGR
HVWD YHGDomR D HPSUHVDV HVWDWDLV GHSHQGHQWHV

DVVXQomR

GH REULJDomR VHP DXWRUL]DomR RUoDPHQWiULD FRP IRUQHFH

GRUHV SDUD SDJDPHQWR D SRVWHULRUL GH EHQV H VHUYLoRV

(VVDV GHWHUPLQDo}HV PHUHFHP XP FRPHQWiULR DGLFLRQDO HVSHFLDOPHQWH

DQWH R GLVSRVWR QR VHX DUW  TXH DVVHYHUD

$UW  e YHGDGD D UHDOL]DomR GH RSHUDomR GH FUpGLWR HQWUH XP HQWH

GD )HGHUDomR GLUHWDPHQWH RX SRU LQWHUPpGLR GH IXQGR DXWDUTXLD
IXQGDomR RX HPSUHVD HVWDWDO GHSHQGHQWH H RXWUR LQFOXVLYH VXDV
HQWLGDGHV GD DGPLQLVWUDomR LQGLUHWD DLQGD TXH VRE D IRUPD GH QRYD



omR

UHILQDQFLDPHQWR RX SRVWHUJDomR GH GtYLGD FRQWUDtGD DQWHULRU

PHQWH

([FHWXDPVH GD YHGDomR D TXH VH UHIHUH R FDSXW DV RSHUDo}HV

HQWUH LQVWLWXLomR ILQDQFHLUD HVWDWDO H

RXWUR HQWH

VXDV HQWLGDGHV GD DGPLQLVWUDomR LQGLUHWD TXH

GD )HGHUDomR LQFOXVLYH

QmR

VH GHVWLQHP D

ILQDQFLDU

 GLUHWD RX LQGLUHWDPHQWH GHVSHVDV FRUUHQWHV

 'iVH D QRYDomR TXDQGR R GHYHGRU FRQWUDL FRP R FUHGRU XPD QRYD REULJDomR TXH DOWHUD
D QDWXUH]D GD SULPHLUD &yGLJR &RPHUFLDO DUW  ,



&$'(512 

UHILQDQFLDU

,,

GtYLGDV QmR FRQWUDtGDV MXQWR j SUySULD LQVWLWXLomR

FRQFHGHQWH

$ OHLWXUD LQGLFD TXH R REMHWLYR p UHVWULQJLU H[FOXVLYDPHQWH jV LQVWLWXLo}HV

LQWHJUDQWHV GR VLVWHPD ILQDQFHLUR D FRPSHWrQFLD SDUD UHDOL]DU RSHUDo}HV GH
FUpGLWR 2 SURYiYHO DUJXPHQWR XVDGR SDUD MXVWLILFDU HVVD GHWHUPLQDomR GHYH
VHU R GH TXH D PHVPD IDFLOLWD R FRQWUROH GHVVDV RSHUDo}HV TXHU SHOR %DQFR
&HQWUDO FRPR yUJmR ILVFDOL]DGRU H GRWDGR GD IDFXOGDGH GH LPSRUOKHV
UHVWULo}HV GR ODGR GD RIHUWD GH UHFXUVRV TXHU SHOR 0LQLVWpULR GD )D]HQGD
D TXHP D /5) DUW  DWULEXL FRPSHWrQFLD SDUD YHULILFDU R FXPSULPHQWR
GRV OLPLWHV H GDV FRQGLo}HV UHODWLYRV D FDGD RSHUDomR GH FUpGLWR

$GHPDLV DV RSHUDo}HV ILQDQFHLUDV SHUPLWLGDV VmR EDVWDQWH UHVWULWDV QmR

ILQDQFLDP GLUHWD RX LQGLUHWDPHQWH GHVSHVDV FRUUHQWHV QHP GtYLGDV QmR
FRQWUDtGDV MXQWR j SUySULD LQVWLWXLomR

7DO HQWHQGLPHQWR SHUPLWH TXH VH IDoD XP FRQIURQWR HQWUH HVVD QRUPD GD

/5) H R DUW  GD &DUWD 0DJQD TXH DWULEXL FRPSHWrQFLD SULYDWLYD DR
6HQDGR )HGHUDO SDUD

DXWRUL]DU

RSHUDo}HV H[WHUQDV GH QDWXUH]D ILQDQFHLUD GH LQWHUHVVH

GD 8QLmR GRV (VWDGRV GR 'LVWULWR )HGHUDO GRV 0XQLFtSLRV

9,

IL[DU

 SRU SURSRVWD GR 3UHVLGHQWH GD 5HS~EOLFD OLPLWHV JOREDLV

SDUD R PRQWDQWH GD GtYLGD FRQVROLGDGD GD 8QLmR GRV (VWDGRV GR

'LVWULWR )HGHUDO GRV 0XQLFtSLRV

9,,

GLVSRU

VREUH OLPLWHV JOREDLV H FRQGLo}HV SDUD DV RSHUDo}HV GH

FUpGLWR H[WHUQR H LQWHUQR GD 8QLmR GRV (VWDGRV GR 'LVWULWR )HGHUDO

GRV 0XQLFtSLRV GH VXDV DXWDUTXLDV H GHPDLV HQWLGDGHV FRQWURODGDV
SHOR 3RGHU 3~EOLFR )HGHUDO

9,,,

GLVSRU

VREUH OLPLWHV H FRQGLo}HV SDUD D FRQFHVVmR GH JDUDQWLD

GD 8QLmR HP RSHUDo}HV GH FUpGLWR H[WHUQR H LQWHUQR H

,;

HVWDEHOHFHU

OLPLWHV JOREDLV H FRQGLo}HV SDUD R PRQWDQWH GD GtYLGD

PRELOLiULD GRV (VWDGRV GR 'LVWULWR )HGHUDO H GRV 0XQLFtSLRV

6HQDGR )HGHUDO

 DWUDYpV GD 5HVROXomR Q

 GH  '28 GH

 GLVS{V VREUH OLPLWHV H FRQGLo}HV GH DXWRUL]DomR SDUD DV RSHUD

o}HV GH FUpGLWR H[WHUQR H LQWHUQR GRV (VWDGRV GR 'LVWULWR )HGHUDO GRV



&$'(512 

0XQLFtSLRV H GH VXDV DXWDUTXLDV H IXQGDo}HV 'HQWUH DV YHGDo}HV Oi

HVWDEHOHFLGDV QmR HVWi QHQKXPD UHVWULomR DRV FUHGRUHV LQFOXVLYH DRV
0XQLFtSLRV FRPR R IH] R DUW  GD /5)

)LFD HYLGHQWH TXH RV GLVSRVLWLYRV FRQVWLWXFLRQDLV TXH WUDWDP GR DVVXQWR DUWV

 H  REMHWLYDP GLVFLSOLQDU R PRQWDQWH H DV FRQGLo}HV GH HQGLYLGD
PHQWR GR VHWRU S~EOLFR QD VXD JOREDOLGDGH GH IRUPD TXH R F{PSXWR GH
WRGRV RV IOX[RV GDV REULJDo}HV GH WRGRV RV HQWHV HVSHFLILFDGRV QRV LQFLVRV
9 9,, 9,,, H ,; QmR H[FHGD R PRQWDQWH GD GtYLGD FRQVROLGDGD WRWDO HVWRTXH
SUHYLVWR QR LQFLVR 9, GDGD VXD UHOHYkQFLD SDUD DV SROtWLFDV PDFURHFRQ{PL
FD PRQHWiULD H ILVFDO GR 3DtV

(QWUHWDQWR DQWH D FRPSHWrQFLD SULYDWLYD DWULEXtGD DR 6HQDGR )HGHUDO SDUD

GLVSRU VREUH OLPLWHV JOREDLV H FRQGLo}HV SDUD DV RSHUDo}HV GH FUpGLWR H[WHUQR
H LQWHUQR ILFD D LPSUHVVmR GH WHU KDYLGR XPD OLPLWDomR LQGHYLGD D XPD GDV
PLVV}HV H[FOXVLYDV GHVVD &DVD /HJLVODWLYD SRUTXH VH HOD HVWDEHOHFH HVVHV OLPLWHV
H FRQGLo}HV H QmR ID] UHVWULomR DRV FUHGRUHV D GHFLVmR QmR WHUi QHQKXPD
VHUYHQWLD SDUD RV (VWDGRV H RV 0XQLFtSLRV TXH EXVFDUHP RXWUDV IRQWHV GH RIHUWD
GH FUpGLWR GLVWLQWDV GDV LQVWLWXLo}HV EDQFiULDV D H[HPSOR GRV IXQGRV H[LVWHQWHV
HP YiULRV (VWDGRV GD )HGHUDomR FXMDV DSOLFDo}HV VmR YROWDGDV SDUD ILQDQFLDU
Do}HV PXQLFLSDLV QD iUHD GR GHVHQYROYLPHQWR XUEDQR GHQWUH RXWUDV



2SHUDo}HVGH&UpGLWRSRU$QWHFLSDomRGH5HFHLWD
2UoDPHQWiULD$52DUW
$

$52

GHVWLQDVH D DWHQGHU LQVXILFLrQFLD GH FDL[D GXUDQWH R H[HUFtFLR

ILQDQFHLUR H FXPSULUi DV QRUPDV SDUD FRQWUDWDomR GH RSHUDo}HV GH FUpGLWR

DUW  $OpP GLVVR D /5) VXEPHWH D $52 jV VHJXLQWHV UHJUDV

x
x

UHDOL]DUVHi
GHYHUi
GH GH]HPEUR

VRPHQWH D SDUWLU GR

GpFLPR GLD

GR LQtFLR GR H[HUFtFLR

VHU SDJD FRP MXURV H RXWURV HQFDUJRV LQFLGHQWHV DWp R

GLD GH]

GH FDGD DQR

 (PERUD FRPR OHL FRPSOHPHQWDU D /5) SRVVD LQFLVRV ,, ,,, H ,9 GR DUW  GD &) GLVSRU
VREUH L GtYLGD S~EOLFD H[WHUQD H LQWHUQD LQFOXtGD D GDV DXWDUTXLDV IXQGDo}HV H GHPDLV
HQWLGDGHV FRQWURODGDV SHOR 3RGHU 3~EOLFR LL FRQFHVVmR GH JDUDQWLDV SHODV HQWLGDGHV
S~EOLFDV H LLL HPLVVmR H UHVJDWH GH WtWXORV GD GtYLGD S~EOLFD



&$'(512 

QmR VHUi

DXWRUL]DGD VH IRUHP FREUDGRV RXWURV HQFDUJRV TXH QmR D WD[D

GH MXURV GD RSHUDomR REULJDWRULDPHQWH SUHIL[DGD RX LQGH[DGD j 7D[D

%iVLFD )LQDQFHLUD 7%) RX j TXH YLHU D VXEVWLWXtOD

HVWDUi
HQTXDQWR

SURLELGD

H[LVWLU RSHUDomR DQWHULRU GD PHVPD QDWXUH]D QmR LQWHJUDO

PHQWH UHVJDWDGD

QR ~OWLPR DQR GH PDQGDWR

GR 3UHVLGHQWH *RYHUQDGRU RX 3UHIHLWR

0XQLFLSDO

'H DFRUGR FRP D /5) DV $52V

QmR VHUmR

FRPSXWDGDV SDUD HIHLWR GR TXH GLVS}H R LQFLVR ,,, GR DUW 

GD &RQVWLWXLomR GD 5HS~EOLFD GHVGH TXH OLTXLGDGDV QR SUD]R GHILQLGR

DFLPD

VHUmR

UHDOL]DGDV PHGLDQWH DEHUWXUD GH FUpGLWR MXQWR j LQVWLWXLomR ILQDQ

FHLUD YHQFHGRUD HP SURFHVVR FRPSHWLWLYR HOHWU{QLFR SURPRYLGR SHOR

%DQFR &HQWUDO GR %UDVLO R TXDO PDQWHUi VLVWHPD GH DFRPSDQKDPHQWR H
FRQWUROH GR VDOGR GR FUpGLWR DEHUWR H QR FDVR GH LQREVHUYkQFLD GRV
OLPLWHV DSOLFDUi DV VDQo}HV FDEtYHLV j LQVWLWXLomR FUHGRUD

&RPR VH YHULILFD D RSHUDomR GH FUpGLWR GHVVH WLSR D H[HPSOR GDV GHPDLV

HVWi VXMHLWD D IRUWHV UHVWULo}HV $ PDLRU GHODV p D VXD SURLELomR

DQR GH PDQGDWR

QR ~OWLPR

GR 3UHIHLWR 1RV RXWURV DQRV VRPHQWH SRGHUi VHU HIHWL

YDGD QR SHUtRGR FRPSUHHQGLGR HQWUH  GH MDQHLUR H  GH GH]HPEUR H

DSHQDV XPD GH FDGD YH] $VVLP HQTXDQWR D DQWHULRU QmR HVWLYHU WRWDOPHQWH
UHVJDWDGD QmR p SRVVtYHO UHDOL]DU RXWUD 6XD FRQWUDWDomR QmR SRGHUi VHU
QHJRFLDGD HQWUH R 0XQLFtSLR H D LQVWLWXLomR ILQDQFHLUD SRUTXH D /5)
WUDQVIHULX SDUD R %DQFR &HQWUDO GR %UDVLO D LQFXPErQFLD GH FRQGX]LU R
SURFHVVR OLFLWDWyULR UHVSHFWLYR UDWLILFDQGR SUiWLFD HVWDEHOHFLGD SHOD PHQ
FLRQDGD 5HVROXomR Q

 GR 6HQDGR )HGHUDO

2SHUDo}HVFRPR%DQFR&HQWUDOGR%UDVLODUW
1DV VXDV UHODo}HV FRP

HQWH

GD )HGHUDomR R %DQFR &HQWUDO GR %UDVLO HVWi

VXMHLWR D RXWUDV YHGDo}HV DOpP GDTXHODV UHODWLYDV j UHDOL]DomR GH RSHUDo}HV

GH FUpGLWR DUW  HQWUH DV TXDLV FRQVWDP DV VHJXLQWHV



&$'(512 

FRPSUD

GH WtWXOR GD GtYLGD QD GDWD GH VXD FRORFDomR QR PHUFDGR H[FHWR

WtWXORV HPLWLGRV SHOD 8QLmR SDUD UHILQDQFLDU D GtYLGD PRELOLiULD IHGHUDO

TXH HVWLYHU YHQFHQGR HP VXD FDUWHLUD

SHUPXWD

 DLQGD TXH WHPSRUiULD SRU LQWHUPpGLR GH LQVWLWXLomR ILQDQFHLUD

RX QmR GH WtWXOR GD GtYLGD GH

HQWH

GD )HGHUDomR SRU WtWXOR GD GtYLGD

S~EOLFD IHGHUDO EHP FRPR D RSHUDomR GH FRPSUD H YHQGD D WHUPR

GDTXHOH WtWXOR FXMR HIHLWR ILQDO VHMD VHPHOKDQWH j SHUPXWD

FRQFHVVmR

GH JDUDQWLD

$ YHGDomR GH SHUPXWD QmR VH DSOLFD DR HVWRTXH GH /HWUDV GR %DQFR &HQWUDO

GR %UDVLO 6pULH (VSHFLDO H[LVWHQWH QD FDUWHLUD GDV LQVWLWXLo}HV ILQDQFHLUDV
TXH SRGH VHU UHILQDQFLDGR PHGLDQWH QRYDV RSHUDo}HV GH YHQGD D WHUPR

e YHGDGR DR 7HVRXUR 1DFLRQDO DGTXLULU WtWXORV GD GtYLGD S~EOLFD IHGHUDO

H[LVWHQWHV QD FDUWHLUD GR %DQFR &HQWUDO GR %UDVLO DLQGD TXH FRP FOiXVXOD
GH UHYHUVmR VDOYR SDUD UHGX]LU D GtYLGD PRELOLiULD

7DLV GHWHUPLQDo}HV FRPR p IiFLO FRQVWDWDU WrP SRXFR RX TXDVH QHQKXPD

DSOLFDELOLGDGH SDUD D JUDQGH PDLRULD GRV 0XQLFtSLRV EUDVLOHLURV 1D UHDOL
GDGH FRQVWLWXHP PDLV XP SDVVR QR SURFHVVR GH LQGHSHQGrQFLD GR %DQFR
&HQWUDO GR %UDVLO

*DUDQWLDH&RQWUDJDUDQWLDDUW
2V

HQWHV

SRGHUmR FRQFHGHU JDUDQWLD HP RSHUDo}HV GH FUpGLWR LQWHUQDV RX

H[WHUQDV REVHUYDGRV R GLVSRVWR QHVWH DUWLJR DV QRUPDV SDUD FRQWUDWDomR

GH RSHUDomR GH FUpGLWR DUW  H QR FDVR GD 8QLmR WDPEpP RV OLPLWHV H
DV FRQGLo}HV HVWDEHOHFLGRV SHOR 6HQDGR )HGHUDO

$ JDUDQWLD HVWDUi FRQGLFLRQDGD DR RIHUHFLPHQWR GH FRQWUDJDUDQWLD



HP

YDORU LJXDO RX VXSHULRU DR GD JDUDQWLD D VHU FRQFHGLGD SHOR WRPDGRU GD $52

 $OJXPDV LQVWLWXLo}HV ILQDQFHLUDV FRPR DV ORFDOL]DGDV QR H[WHULRU H[LJHP 7HU D 8QLmR

FRPR GHYHGRUD PHVPR TXH VH WUDWH GH RSHUDomR GH FUpGLWR GH LQWHUHVVH GH RXWUR HQWH
IHGHUDWLYR &RP LVVR D 8QLmR YLQKD VHQGR REULJDGD D RIHUHFHU JDUDQWLDV FRQGL]HQWHV FRP
R YDORU GHVVDV RSHUDo}HV 'RUDYDQWH D 8QLmR VRPHQWH SRGHUi UHDOL]DU RSHUDo}HV GD
HVSpFLH VH R EHQHILFLiULR 0XQLFtSLR (VWDGR HWF OKH RIHUHFHU FRQWUDJDUDQWLD HP
PRQWDQWH QR PtQLPR LJXDO DR GD RSHUDomR H VH HVWLYHU HP GLD DGLPSOHQWH FRP VXDV
REULJDo}HV QmR VRPHQWH MXQWR D HOD 8QLmR FRPR WDPEpP MXQWR jV HQWLGDGHV SRU HOD
FRQWURODGDV %DQFR GR %UDVLO &() HWF



&$'(512 

'HSHQGHUi WDPEpP GD DGLPSOrQFLD GD HQWLGDGH TXH D SOHLWHDU LVWR p FR

FXPSULPHQWR GH VXDV REULJDo}HV FRQWUDWXDLV MXQWR DR JDUDQWLGRU H jV
HQWLGDGHV SRU HVWH FRQWURODGDV 6HUi DLQGD REVHUYDGR R VHJXLQWH

x
x

QmR VHUi H[LJLGD FRQWUDJDUDQWLD GH yUJmRV H HQWLGDGHV GR SUySULR HQWH

D FRQWUDJDUDQWLD H[LJLGD SHOD 8QLmR D (VWDGR RX 0XQLFtSLR RX SHORV
(VWDGRV DRV 0XQLFtSLRV SRGHUi FRQVLVWLU QD YLQFXODomR GH UHFHLWDV WULEX
WiULDV GLUHWDPHQWH DUUHFDGDGDV H SURYHQLHQWHV GH WUDQVIHUrQFLDV FRQV
WLWXFLRQDLV FRP RXWRUJD GH SRGHUHV DR JDUDQWLGRU SDUD UHWrODV H HPSUH
JDU R UHVSHFWLYR YDORU QD OLTXLGDomR GD GtYLGD YHQFLGD

1R FDVR GH RSHUDomR GH FUpGLWR HQWUH XP RUJDQLVPR ILQDQFHLUR LQWHUQD

FLRQDO FRPR R %DQFR ,QWHUDPHULFDQR GH 'HVHQYROYLPHQWR %,' RX
XPD LQVWLWXLomR IHGHUDO GH FUpGLWR H IRPHQWR SDUD R UHSDVVH GH UHFXUVRV
H[WHUQRV FRPR R %DQFR 1DFLRQDO GH 'HVHQYROYLPHQWR (FRQ{PLFR H 6RFLDO
%1'(6 H XP 0XQLFtSLR RX TXDOTXHU RXWUR HQWH p FRPXP TXH RV
FUHGRUHV H[LMDP JDUDQWLD GD 8QLmR (VWD Vy SUHVWDUi HVVD JDUDQWLD D

HQWH

TXH

DWHQGD DOpP GR RIHUHFLPHQWR GH FRQWUDJDUDQWLD HP YDORU LJXDO RX VXSHULRU

DR GD JDUDQWLD jV H[LJrQFLDV OHJDLV SDUD R UHFHELPHQWR GH WUDQVIHUrQFLDV
YROXQWiULDV

QXOD
YHGDGR

D JDUDQWLD FRQFHGLGD DFLPD GRV OLPLWHV IL[DGRV SHOR 6HQDGR )HGHUDO

jV HQWLGDGHV GD DGPLQLVWUDomR LQGLUHWD LQFOXVLYH D VXDV HPSUHVDV

FRQWURODGDV H VXEVLGLiULDV FRQFHGHU JDUDQWLD DLQGD TXH FRP UHFXUVRV GH

IXQGRV ([FHWXDVH GHVVD SURLELomR D FRQFHVVmR GH JDUDQWLD SRU

HPSUHVD FRQWURODGD

D VXEVLGLiULD RX FRQWURODGD VXD EHP FRPR D

SUHVWDomR GH FRQWUDJDUDQWLD QDV PHVPDV FRQGLo}HV

LQVWLWXLomR ILQDQFHLUD
([FHWXDPVH
x

D HPSUHVD QDFLRQDO QRV WHUPRV GD OHL

GDV UHJUDV DFLPD DV JDUDQWLDV SUHVWDGDV

SRU LQVWLWXLo}HV ILQDQFHLUDV HVWDWDLV TXH VH VXEPHWHUmR jV QRUPDV DSOLFi

YHLV jV LQVWLWXLo}HV ILQDQFHLUDV SULYDGDV GH DFRUGR FRP D OHJLVODomR
SHUWLQHQWH

SHOD 8QLmR QD IRUPD GH OHL IHGHUDO D HPSUHVDV GH QDWXUH]D ILQDQFHLUD

SRU HOD FRQWURODGDV GLUHWD H LQGLUHWDPHQWH TXDQWR jV RSHUDo}HV GH
VHJXUR GH FUpGLWR j H[SRUWDomR



&$'(512 

HQWH
FRQGLFLRQDU

4XDQGR KRQUDUHP LVWR p SDJDUHP D GtYLGD GH RXWUR

JDUDQWLD SUHVWDGD D 8QLmR H RV (VWDGRV SRGHUmR

 HP UD]mR GH
DV WUDQVIHUrQ

FLDV FRQVWLWXFLRQDLV DR UHVVDUFLPHQWR GDTXHOH SDJDPHQWR (VVD QRUPD

GHFRUUH GD (PHQGD &RQVWLWXFLRQDO Q

 TXH GHWHUPLQRX VXD LQFOXVmR

QD &) FRPR SDUiJUDIR ~QLFR GR VHX DUW 

HQWH
VXVSHQVR
2

GD )HGHUDomR FXMD GtYLGD WLYHU VLGR KRQUDGD SHOD 8QLmR RX SRU

(VWDGR HP GHFRUUrQFLD GH JDUDQWLD SUHVWDGD HP RSHUDomR GH FUpGLWR WHUi

R DFHVVR D QRYRV FUpGLWRV RX ILQDQFLDPHQWRV DWp D WRWDO OLTXLGDomR

GD PHQFLRQDGD GtYLGD

5HVWRVD3DJDUDUW
e

YHGDGR

x
x

~OWLPRV GRLV TXDGULPHVWUHV

FRQWUDLU

DR WLWXODU GH 3RGHU RX yUJmR QRV

GR VHX PDQGDWR PDLR D GH]HPEUR

QmR SRVVD
WHQKD SDUFHODV

REULJDomR GH GHVSHVD TXH

VHU FXPSULGD LQWHJUDOPHQWH GHQWUR GHOH

D VHUHP SDJDV QR H[HUFtFLR VHJXLQWH VHP TXH KDMD

VXILFLHQWH GLVSRQLELOLGDGH GH FDL[D SDUD HVWH HIHLWR

1D GHWHUPLQDomR GD

GLVSRQLELOLGDGH GH FDL[D

VHUmR FRQVLGHUDGRV RV

HQFDUJRV H DV GHVSHVDV FRPSURPLVVDGDV D SDJDU DWp R ILQDO GR H[HUFtFLR

6REUH HVVH WHPD R DUW GH Q

 GR DQWHSURMHWR

YHWDGR

HOHQFDYD YiULDV

GHVSHVDV HPSHQKDGDV TXH SRGHULDP VHU LQVFULWDV HP 5HVWRV D 3DJDU 9DOH

D SHQD WUDQVFUHYHU SDUWHV GDV UD]}HV GR YHWR GDGR VHX FDUiWHU HOXFLGDWLYR

 1HVWH LQWXLWR RV 5HVWRV D 3DJDU GHYHULDP ILFDU OLPLWDGRV jV GLV

SRQLELOLGDGHV GH FDL[D FRPR IRUPD GH QmR WUDQVIHULU GHVSHVD GH XP
H[HUFtFLR SDUD RXWUR VHP D FRUUHVSRQGHQWH IRQWH GH GHVSHVD

2 GLVSRVLWLYR YHWDGR DFUHVFHQWDPRV SHUPLWH SULPHLUR LQVFUHYHU HP
5HVWRV D 3DJDU YiULDV GHVSHVDV SDUD DSHQDV GHSRLV FRQGLFLRQDU D
LQVFULomR GDV GHPDLV j H[LVWrQFLD GH UHFXUVRV HP FDL[D 7DO SUiWLFD IHUH
R SULQFtSLR GR HTXLOtEULR ILVFDO SRLV ID] FRP TXH VHMDP DVVXPLGRV
FRPSURPLVVRV VHP D GLVSRQLELOLGDGH ILQDQFHLUD QHFHVViULD SDUD VDOGi
ORV FULD WUDQVWRUQRV SDUD D H[HFXomR GR RUoDPHQWR H ILQDOPHQWH
RFDVLRQD R FUHVFLPHQWR GH 5HVWRV D 3DJDU TXH HTLYDOH HP WHUPRV
ILQDQFHLURV D FUHVFLPHQWR GH GtYLGD S~EOLFD



&$'(512 

$ UHVWULomR FRQVWDQWH GR SDUiJUDIR ~QLFR GR DUW  GD /5) WHP R VDOXWDU

REMHWLYR GH HYLWDU D FRQVWLWXLomR GD GtYLGD S~EOLFD IOXWXDQWH D TXDO FRPR
GHPRQVWUD D SUiWLFD VH WRUQD DOWDPHQWH GLVSHQGLRVD YH] TXH RV HQFDUJRV
ILQDQFHLURV VmR HPEXWLGRV QRV SUHoRV SURSRVWRV SHORV IRUQHFHGRUHV SDUD
YHQGD GH SURGXWRV RX PHUFDGRULDV RX SDUD D SUHVWDomR GH VHUYLoRV GH
DFRUGR FRP DV H[SHFWDWLYDV GH UHFHELPHQWR GRV FUpGLWRV FRUUHVSRQGHQWHV
$ TXHVWmR VH WRUQD PDLV FRPSOH[D SRUTXH D TXDQWLILFDomR GHVVHV HQFDUJRV
GLILFLOPHQWH SRGH VHU DSXUDGD

*(6723$75,021,$/
'LVSRQLELOLGDGHVGH&DL[DDUW
$V

GLVSRQLELOLGDGHV
0XQLFtSLRV

GH FDL[D GRV

VHUmR GHSRVLWDGDV HP LQVWLWXLo}HV ILQDQFHLUDV RILFLDLV   

DUW  GD &)

UHJLPHV GH SUHYLGrQFLD VRFLDO

 JHUDO H SUySULR GRV VHUYLGRUHV S~EOLFRV

DLQGD TXH YLQFXODGDV D IXQGRV HVSHFtILFRV D TXH VH UHIHUHP RV DUWV 

H  GD &) ILFDUmR GHSRVLWDGDV HP FRQWD VHSDUDGD GDV GHPDLV GLV
SRQLELOLGDGHV GH FDGD HQWH H DSOLFDGDV QDV FRQGLo}HV GH PHUFDGR FRP
REVHUYkQFLD GRV OLPLWHV H GDV FRQGLo}HV GH SURWHomR H SUXGrQFLD ILQDQ
FHLUD e YHGDGD VXD DSOLFDomR HP

WtWXORV

GD GtYLGD S~EOLFD HVWDGXDO H PXQLFLSDO EHP FRPR HP Do}HV

H RXWURV SDSpLV UHODWLYRV jV HPSUHVDV FRQWURODGDV SHOR UHVSHFWLYR HQWH

GD )HGHUDomR

HPSUpVWLPRV

 GH TXDOTXHU QDWXUH]D DRV VHJXUDGRV H DR 3RGHU 3~EOL

FR LQFOXVLYH D VXDV HPSUHVDV FRQWURODGDV

6DOYR D YHGDomR LPSRVWD jV DSOLFDo}HV GDV GLVSRQLELOLGDGHV GRV IXQGRV

SUHYLGHQFLiULRV TXH VRPHQWH FDXVD LPSDFWR QRV 0XQLFtSLRV TXH FRQWDP
FRP HVVHV IXQGRV R DUWLJR HP DQiOLVH QmR VH UHYHVWH GH PDLRU LQWHUHVVH SDUD
D PDLRULD GDV PXQLFLSDOLGDGHV 'H TXDOTXHU IRUPD WHP VLGR REMHWR GH
IRUWHV FUtWLFDV D SURLELomR LPSRVWD D WDLV IXQGRV SDUD FRQFHGHU HPSUpVWLPRV
DRV VHXV VHJXUDGRV



&$'(512 

3UHVHUYDomRGR3DWULP{QLR3~EOLFRDUWVD
e

YHGDGD

D DSOLFDomR GD UHFHLWD GH FDSLWDO GHULYDGD GD DOLHQDomR GH EHQV

H GLUHLWRV TXH LQWHJUDP R SDWULP{QLR S~EOLFR SDUD R ILQDQFLDPHQWR GH

GHVSHVD FRUUHQWH VDOYR VH GHVWLQDGD SRU OHL DRV UHJLPHV GH SUHYLGrQFLD
VRFLDO JHUDO H SUySULR GRV VHUYLGRUHV S~EOLFRV

$ OHL RUoDPHQWiULD H DV GH FUpGLWRV DGLFLRQDLV Vy

LQFOXLUmR

QRYRV SURMHWRV

DSyV DGHTXDGDPHQWH DWHQGLGRV RV Mi HP DQGDPHQWR H FRQWHPSODGDV DV

GHVSHVDV GH FRQVHUYDomR GR SDWULP{QLR S~EOLFR QRV WHUPRV HP TXH
GLVSXVHU D OHL GH GLUHWUL]HV RUoDPHQWiULDV 2 3RGHU ([HFXWLYR GH FDGD HQWH
HQFDPLQKDUi DR /HJLVODWLYR

DWp D GDWD

GR HQYLR GR SURMHWR GH OHL GH

GLUHWUL]HV RUoDPHQWiULDV UHODWyULR FRP DV LQIRUPDo}HV QHFHVViULDV DR FXP

SULPHQWR GR GLVSRVWR QHVWH DUWLJR DR TXDO VHUi GDGD

DPSOD

GLYXOJDomR

$ SUHRFXSDomR GD /5) REMHWLYD HQIDWL]DU D YHGDomR GD SUiWLFD GH DWRV TXH

UHGXQGHP QRV FKDPDGRV HVTXHOHWRV GH REUDV LQDFDEDGDV QD PHGLGD HP
TXH QRYRV SURMHWRV VRPHQWH GHYDP VHU LQLFLDGRV DSyV D FRQFOXVmR GDV REUDV
LQLFLDGDV RX VH DLQGD HVWDV HVWHMDP HP DQGDPHQWR RV UHFXUVRV SDUD
WHUPLQiODV HVWHMDP JDUDQWLGRV 5HODWyULRV HVSHFtILFRV D VHUHP HQFDPL
QKDGRV DR 3RGHU /HJLVODWLYR FRQWHQGR LQIRUPDo}HV VREUH R DVVXQWR VH
LQVHUHP QR FRQMXQWR GH PHGLGDV HP IDYRU GD WUDQVSDUrQFLD GD JHVWmR
S~EOLFD

QXOR

GH SOHQR GLUHLWR R DWR GH GHVDSURSULDomR GH LPyYHO XUEDQR

H[SHGLGR VHP D SUpYLD H MXVWD LQGHQL]DomR HP GLQKHLUR    DUW  GD

&) RX SUpYLR GHSyVLWR MXGLFLDO GR YDORU GD LQGHQL]DomR (VVD GHWHUPLQDomR
SRGHUi VHU HQWHQGLGD GD VHJXLQWH IRUPD VH R 0XQLFtSLR RX TXDOTXHU RXWUD
HVIHUD JRYHUQDPHQWDO QmR GLVS}H GH UHFXUVRV SDUD DGTXLULU R LPyYHO
WDPEpP HVWDUi LQFDSDFLWDGR ILQDQFHLUDPHQWH SDUD DGHTXiOR DR XVR SUHYLV
WR DLQGD PDLV VH KRXYHU QHFHVVLGDGH GH HGLILFDomR

(PSUHVDV&RQWURODGDVSHOR6HWRU3~EOLFRDUW
$ HPSUHVD FRQWURODGD TXH ILUPDU FRQWUDWR GH JHVWmR HP TXH VH HVWDEHOHoDP
REMHWLYRV H PHWDV GH GHVHPSHQKR QD IRUPD GD OHL GLVSRUi GH DXWRQRPLD
JHUHQFLDO RUoDPHQWiULD H ILQDQFHLUD VHP SUHMXt]R GD LQVHUomR GR VHX

RUoDPHQWR GH LQYHVWLPHQWR QD OHL RUoDPHQWiULD DQXDO LQFLVR ,,   DUW



&$'(512 

 GD &) H GD LQFOXVmR HP VHXV EDODQoRV WULPHVWUDLV GH QRWD H[SOLFDWLYD

HP TXH LQIRUPDUi

IRUQHFLPHQWR

GH EHQV H VHUYLoRV DR FRQWURODGRU FRP UHVSHFWLYRV SUHoRV

H FRQGLo}HV FRPSDUDQGRRV FRP RV SUDWLFDGRV QR PHUFDGR

RV UHFXUVRV

UHFHELGRV GR FRQWURODGRU D TXDOTXHU WtWXOR HVSHFLILFDQGR

YDORU IRQWH H GHVWLQDomR

D YHQGD

GH EHQV D SUHVWDomR GH VHUYLoRV RX D FRQFHVVmR GH HPSUpVWLPRV

H ILQDQFLDPHQWRV FRP SUHoRV WD[DV SUD]RV RX FRQGLo}HV GLIHUHQWHV GRV

YLJHQWHV QR PHUFDGR

$ (PHQGD &RQVWLWXFLRQDO Q

 DFUHVFHQWRX DR DUW  GD &) R 

VHXV LQFLVRV RV TXDLV SHUPLWHP D DPSOLDomR GD DXWRQRPLD JHUHQFLDO

RUoDPHQWiULD H ILQDQFHLUD PHGLDQWH FRQWUDWR TXH WHQKD SRU REMHWR D
IL[DomR GH PHWDV GH GHVHPSHQKR D VHU ILUPDGR HQWUH R SRGHU S~EOLFR H RV
DGPLQLVWUDGRUHV GH yUJmRV H HQWLGDGHV GD DGPLQLVWUDomR GLUHWD H LQGLUHWD
4XDQGR D FRQWUDWDGD IRU XPD HPSUHVD FRQWURODGD DOpP GDV REULJDo}HV
HVSHFLILFDGDV QR FRQWUDWR GH JHVWmR HOD GHYH LQVHULU QRWD H[SOLFDWLYD HP
VHXV EDODQoRV WULPHVWUDLV FRQWHQGR DV LQIRUPDo}HV VXSUD

75$163$51&,$&21752/((),6&$/,=$d2
7UDQVSDUrQFLDGD*HVWmR)LVFDODUWH
6mR

LQVWUXPHQWRV GH WUDQVSDUrQFLD GD JHVWmR ILVFDO

 DRV TXDLV VHUi GDGD

DPSOD GLYXOJDomR LQFOXVLYH DWUDYpV GH PHLRV HOHWU{QLFRV GH DFHVVR S~EOLFR

x
x
x
x
$

RV SODQRV RV RUoDPHQWRV H DV OHLV GH GLUHWUL]HV RUoDPHQWiULDV

DV SUHVWDo}HV GH FRQWDV H R UHVSHFWLYR SDUHFHU SUpYLR
R 5HODWyULR 5HVXPLGR GD ([HFXomR 2UoDPHQWiULD H
R 5HODWyULR GH *HVWmR )LVFDO

WUDQVSDUrQFLD

VHUi DVVHJXUDGD WDPEpP PHGLDQWH LQFHQWLYR j SDUWLFLSD

omR SRSXODU H j UHDOL]DomR GH DXGLrQFLDV S~EOLFDV GXUDQWH RV SURFHVVRV GH

HODERUDomR H GH GLVFXVVmR GRV SODQRV GD OHL GH GLUHWUL]HV RUoDPHQWiULDV H
GRV RUoDPHQWRV



&$'(512 

$V

FRQWDV
WRGR R H[HUFtFLR

DSUHVHQWDGDV SHOR &KHIH GR 3RGHU ([HFXWLYR ILFDUmR GLVSRQtYHLV

GXUDQWH

QR UHVSHFWLYR 3RGHU /HJLVODWLYR H QR yUJmR WpFQLFR

UHVSRQViYHO SHOD VXD HODERUDomR SDUD FRQVXOWD H DSUHFLDomR SHORV FLGDGmRV

HP JHUDO H SHODV LQVWLWXLo}HV GD VRFLHGDGH

WUDQVSDUrQFLD
REULJDomR

FRQIRUPH VH GHSUHHQGH p PXLWR PDLV GR TXH XP REMHWLYR

RX XP SULQFtSLR GD JHVWmR S~EOLFD 1D UHDOLGDGH HOD GHFRUUH GH XPD

 LPSRVWD DRV JHVWRUHV S~EOLFRV QR VHQWLGR GH QmR VRPHQWH

FXPSULU HILFLHQWHPHQWH VXDV PLVV}HV VHJXQGR RV PDQGDPHQWRV FRQV

WLWXFLRQDLV H OHJDLV PDV WDPEpP GH

GHPRQVWUDU

D WRGD D VRFLHGDGH TXH R

IL]HUDP FRQIRUPH R HVWDEHOHFLGR QRV RUoDPHQWRV QRV UHODWyULRV JHUHQFLDLV

H QDV VXDV SUHVWDo}HV GH FRQWDV FXMRV UHVXOWDGRV GHYHUmR VHU VXEPHWLGRV j
DSURYDomR GD VRFLHGDGH

QRYD SUiWLFD
LQWHUDomR
WUDQVSDUrQFLD

7UDWDVH GH XPD

DGPLQLVWUDWLYD LPSRVWD SHOD /5) HQVHMDQGR

XP SURFHVVR GH

SHUPDQHQWH HQWUH RV JHVWRUHV H RV FLGDGmRV

3RUWDQWR D

VH LQLFLD FRP XPD

DomR

GR JHVWRU DWUDYpV GD TXDO

GHPRQVWUD H FRPSURYD SHULRGLFDPHQWH H FRP R PDLRU GHWDOKDPHQWR

SRVVtYHO R TXH IRL UHDOL]DGR H TXDLV RV EHQHItFLRV VRFLDLV GHFRUUHQWHV
VRFLHGDGH D TXHP p GLUHFLRQDGD D FRPSURYDomR GRV UHVXOWDGRV FDEH
DYDOLDU H DSURYDU RX H[LJLU QRYRV HVFODUHFLPHQWRV RX DWp PXGDQoD GH UXPRV
QD JHVWmR

(VSHUDVH TXH HP IXWXUR SUy[LPR D VHGLPHQWDomR GD QRYD SUiWLFD FRQFRUUD

SDUD PDLRU HILFLrQFLD HILFiFLD H HIHWLYLGDGH GD JHVWmR S~EOLFD 'H SURQWR
FDEH DILUPDU TXH DV SHUVSHFWLYDV VmR DQLPDGRUDV SRUTXH HQWUH RXWUDV
UD]}HV D REULJDWRULHGDGH LPSRVWD DRV JHVWRUHV FHUWDPHQWH RV LQGX]LUi D
GHVSHQGHU HVIRUoRV DGLFLRQDLV QD HVFROKD H QD LPSOHPHQWDomR GDV Do}HV
VRE SHQD GH WHU VXD DWXDomR UHSURYDGD SHORV HOHLWRUHV

'D(VFULWXUDomRH&RQVROLGDomRGDV&RQWDVDUWVH
$OpP GH REHGHFHU jV GHPDLV QRUPDV GH FRQWDELOLGDGH S~EOLFD D HVFULWXUD
omR GDV FRQWDV S~EOLFDV REVHUYDUi DV VHJXLQWHV

D GLVSRQLELOLGDGH

GH FDL[D FRQVWDUi GH UHJLVWUR SUySULR GH PRGR TXH

RV UHFXUVRV YLQFXODGRV D yUJmR IXQGR RX GHVSHVD REULJDWyULD ILTXHP

LGHQWLILFDGRV H HVFULWXUDGRV GH IRUPD LQGLYLGXDOL]DGD



&$'(512 

D GHVSHVD

H D DVVXQomR GH FRPSURPLVVR VHUmR UHJLVWUDGDV VHJXQGR R

UHJLPH GH FRPSHWrQFLD DSXUDQGRVH HP FDUiWHU FRPSOHPHQWDU R

UHVXOWDGR GRV IOX[RV ILQDQFHLURV SHOR UHJLPH GH FDL[D

DV GHPRQVWUDo}HV

FRQWiEHLV FRPSUHHQGHUmR LVRODGD H FRQMXQWDPHQWH

DV WUDQVDo}HV H DV RSHUDo}HV GH FDGD yUJmR IXQGR RX HQWLGDGH GD

DGPLQLVWUDomR GLUHWD DXWiUTXLFD H IXQGDFLRQDO LQFOXVLYH HPSUHVD HVWDWDO
GHSHQGHQWH

DV UHFHLWDV

H DV GHVSHVDV SUHYLGHQFLiULDV VHUmR DSUHVHQWDGDV HP GHPRQV

WUDWLYRV ILQDQFHLURV H RUoDPHQWiULRV HVSHFtILFRV

DV RSHUDo}HV

GH FUpGLWR DV LQVFULo}HV HP 5HVWRV D 3DJDU H DV GHPDLV

IRUPDV GH ILQDQFLDPHQWR RX DVVXQomR GH FRPSURPLVVRV MXQWR D WHUFHLURV

GHYHUmR VHU HVFULWXUDGDV GH PRGR D HYLGHQFLDU R PRQWDQWH H D YDULDomR
GD GtYLGD S~EOLFD QR SHUtRGR GHWDOKDQGR SHOR PHQRV D QDWXUH]D H R
WLSR GH FUHGRU

D GHPRQVWUDomR

GDV YDULDo}HV SDWULPRQLDLV GDUi GHVWDTXH j RULJHP H DR

GHVWLQR GRV UHFXUVRV SURYHQLHQWHV GD DOLHQDomR GH DWLYRV

HGLomR
yUJmR FHQWUDO
&RQVHOKR GH *HVWmR )LVFDO

GH QRUPDV JHUDLV SDUD FRQVROLGDomR GDV FRQWDV S~EOLFDV FDEHUi

DR

GH FRQWDELOLGDGH GD 8QLmR HQTXDQWR QmR HVWLYHU LPSODQ

WDGR R

 D VHU FRQVWLWXtGR SRU UHSUHVHQWDQWHV GH

WRGRV RV 3RGHUHV H HVIHUDV GH *RYHUQR GR 0LQLVWpULR 3~EOLFR H GH HQWLGDGHV

WpFQLFDV UHSUHVHQWDWLYDV GD VRFLHGDGH DUW  GD /5)

$ $GPLQLVWUDomR 3~EOLFD PDQWHUi

VLVWHPD GH FXVWRV

 TXH GHYHUi SHUPLWLU

D DYDOLDomR H R DFRPSDQKDPHQWR GD JHVWmR RUoDPHQWiULD ILQDQFHLUD H

SDWULPRQLDO 1R FDVR GDV GHPRQVWUDo}HV FRQMXQWDV H[FOXLUVHmR DV RSHUD
o}HV LQWUDJRYHUQDPHQWDLV

2 3RGHU ([HFXWLYR GD 8QLmR SURPRYHUi DWp R GLD WULQWD GH MXQKR D

FRQVROLGDomR

 QDFLRQDO H SRU HVIHUD GH JRYHUQR GDV

FRQWDV GRV HQWHV

GD

)HGHUDomR UHODWLYDV DR H[HUFtFLR DQWHULRU H D VXD GLYXOJDomR LQFOXVLYH SRU

PHLR HOHWU{QLFR GH DFHVVR S~EOLFR 2V (VWDGRV H RV 0XQLFtSLRV HQFDPL
QKDUmR VXDV FRQWDV DR 3RGHU ([HFXWLYR GD 8QLmR QRV VHJXLQWHV SUD]RV FXMR
GHVFXPSULPHQWR LPSHGLUi R UHFHELPHQWR GH WUDQVIHUrQFLDV YROXQWiULDV H
FRQWUDWDomR GH RSHUDo}HV GH FUpGLWR

0XQLFtSLRV
WULQWD GH DEULO
(VWDGRV WULQWD H XP GH PDLR

 FRP FySLD SDUD R 3RGHU ([HFXWLYR GR UHVSHFWLYR (VWDGR



 DWp



&$'(512 

DWp

$ GHWHUPLQDomR GH TXH DV GHPRQVWUDo}HV FRQWiEHLV FRPSUHHQGHUmR

LVRODGD H FRQMXQWDPHQWH DV WUDQVDo}HV H DV RSHUDo}HV GH FDGD yUJmR IXQGR
RX HQWLGDGH GD DGPLQLVWUDomR GLUHWD DXWiUTXLFD H IXQGDFLRQDO LQFOXVLYH
HPSUHVD HVWDWDO GHSHQGHQWH FRPSOHPHQWD D UHJUD FRQWLGD QR SDUiJUDIR
~QLFR GR DUW  GD /HL Q



TXH REULJD D UHPHVVD GRV EDODQoRV

GDV HQWLGDGHV GD DGPLQLVWUDomR LQGLUHWD QRV SUD]RV IL[DGRV QD OHJLVODomR

DRV UHVSHFWLYRV yUJmRV FHQWUDLV GH FRQWDELOLGDGH SDUD ILQV GH LQFRUSRUDomR
GRV UHVXOWDGRV 6REUH HVVH GLVSRVLWLYR R 3URI +HUDOGR FRPHQWRX



6HP WDO GLVSRVLomR QmR VHULD SRVVtYHO D HYLGHQFLDomR D TXH VH UHIHUH

R DUW  GHVWD OHL H D WUDQVIHUrQFLD GDV LQIRUPDo}HV QDV GHPRQVWUDo}HV
FRQWiEHLV ILFDULD SUHMXGLFDGD EHP FRPR D SUySULD $GPLQLVWUDomR TXH
GHVFRQKHFHULD R PRQWDQWH GRV UHFXUVRV PRYLPHQWDGRV H VH RV REMH
WLYRV IRUDP UHDOPHQWH DOFDQoDGRV DVVLP FRPR R S~EOLFR H[WHUQR TXH
WDPEpP GHVFRQKHFHULD D VLWXDomR UHDO GD HQWLGDGH JRYHUQDPHQWDO
FRPR XP WRGR

$QWHV SRUpP Ki TXH VHU GHVHQYROYLGR XP JUDQGH HVIRUoR FRQMXQWR GD

8QLmR GRV (VWDGRV H GRV 0XQLFtSLRV SDUD GLVVHPLQDU QD $GPLQLVWUDomR
3~EOLFD D SUiWLFD GH DSXUDomR GH
Q



FXVWRV

&RPR p VDELGR DSHVDU GH D /HL

HP VHX DUW  WHU HVWDEHOHFLGR QRUPDV SDUD DYDOLDomR GRV

HOHPHQWRV SDWULPRQLDLV VmR SRXFR FRQKHFLGRV RV UHVXOWDGRV GH VXD DSOLFD

omR $GPLWHVH TXH DV GLILFXOGDGHV SDUD TXH WDO DSOLFDomR VH UHDOL]H VmR GH
RUGHP FXOWXUDO WpFQLFD H DWp PHVPR SROtWLFD e SUHFLVR SRUWDQWR TXH HVVD
GHILFLrQFLD VHMD VXSHUDGD SDUD R r[LWR GHVVD GHWHUPLQDomR GD /5)

5HODWyULR5HVXPLGRGD([HFXomR2UoDPHQWiULDDUWVH
$Wp

WULQWD GLDV

FDGD ELPHVWUH
5HODWyULR 5HVXPLGR GD ([HFXomR 2UoDPHQ

DSyV R HQFHUUDPHQWR GH

 VHUi SXEOLFDGR VRE

SHQD GH LPSHGLU R UHFHELPHQWR GH WUDQVIHUrQFLDV YROXQWiULDV H D FRQWUDWD

omR GH RSHUDo}HV GH FUpGLWR

WiULD

   DUW  GD &) DEUDQJHQGR WRGRV RV 3RGHUHV H R 0LQLVWpULR

3~EOLFR H FRPSRVWR GH

EDODQoR RUoDPHQWiULR

 TXH HVSHFLILFDUi SRU FDWHJRULD HFRQ{PLFD DV

 5(,6 +HUDOGR GD &RVWD 0$&+$'2 -U RS FLW S 



&$'(512 

UHFHLWDV SRU IRQWH

GHVSHVDV SRU JUXSR GH QDWXUH]D
GHPRQVWUDWLYRV
UHFHLWDV

 LQIRUPDQGR DV UHDOL]DGDV H D UHDOL]DU EHP FRPR

D SUHYLVmR DWXDOL]DGD

 GLVFULPLQDQGR D GRWDomR SDUD R

H[HUFtFLR D GHVSHVD OLTXLGDGD H R VDOGR

GD H[HFXomR GDV

 SRU FDWHJRULD HFRQ{PLFD H IRQWH HVSHFLILFDQGR

D SUHYLVmR LQLFLDO

D SUHYLVmR DWXDOL]DGD SDUD R H[HUFtFLR

D UHFHLWD UHDOL]DGD QR ELPHVWUH

D UHDOL]DGD QR H[HUFtFLR H

D SUHYLVmR D UHDOL]DU

GHVSHVDV

 SRU FDWHJRULD HFRQ{PLFD H JUXSR GH QDWXUH]D GD GHVSHVD

GLVFULPLQDQGR

GRWDomR LQLFLDO

GRWDomR SDUD R H[HUFtFLR

GHVSHVDV HPSHQKDGD H OLTXLGDGD QR ELPHVWUH H QR H[HUFtFLR

GHVSHVDV

 SRU IXQomR H VXEIXQomR

2V YDORUHV UHIHUHQWHV DR

UHILQDQFLDPHQWR GD GtYLGD PRELOLiULD

FRQVWDUmR

GHVWDFDGDPHQWH QDV UHFHLWDV GH RSHUDo}HV GH FUpGLWR H QDV GHVSHVDV FRP

DPRUWL]DomR GD GtYLGD

$FRPSDQKDUmR
x
x
x
x
x

R UHODWyULR UHVXPLGR GHPRQVWUDWLYRV UHODWLYRV

j DSXUDomR GD UHFHLWD FRUUHQWH OtTXLGD VXD HYROXomR DVVLP FRPR j

SUHYLVmR GH VHX GHVHPSHQKR DWp R ILQDO GR H[HUFtFLR
jV UHFHLWDV H GHVSHVDV SUHYLGHQFLiULDV
DRV UHVXOWDGRV QRPLQDO H SULPiULR
jV GHVSHVDV FRP MXURV
DRV UHVWRV D SDJDU GHWDOKDQGR SRU 3RGHU H yUJmR RV YDORUHV LQVFULWRV
RV SDJDPHQWRV UHDOL]DGRV H R PRQWDQWH D SDJDU

2 UHODWyULR

UHIHUHQWH DR

~OWLPR ELPHVWUH

GR H[HUFtFLR VHUi DFRPSDQKDGR

WDPEpP GH GHPRQVWUDWLYRV

GR DWHQGLPHQWR GR GLVSRVWR QR LQFLVR ,,, GR DUW  GD &RQVWLWXLomR TXH

GLVS}H VREUH D YHGDomR GD UHDOL]DomR GH RSHUDo}HV GH FUpGLWR HP
PRQWDQWH VXSHULRU DR GDV GHVSHVDV GH FDSLWDO VDOYR DV DXWRUL]DGDV HP
FUpGLWRV VXSOHPHQWDUHV RX HVSHFLDLV FRP ILQDOLGDGH SUHFLVD DSURYDGRV
SHOR 3RGHU /HJLVODWLYR SRU PDLRULD DEVROXWD



&$'(512 

GDV SURMHo}HV DWXDULDLV GRV UHJLPHV GH SUHYLGrQFLD VRFLDO JHUDO H SUySULR

GRV VHUYLGRUHV S~EOLFRV

GD YDULDomR SDWULPRQLDO HYLGHQFLDQGR D DOLHQDomR GH DWLYRV H D DSOLFDomR

GRV UHFXUVRV GHOD GHFRUUHQWHV

4XDQGR
x
x

IRU R FDVR VHUmR DSUHVHQWDGDV MXVWLILFDWLYDV

GD OLPLWDomR GH HPSHQKR
GD IUXVWUDomR GH UHFHLWDV HVSHFLILFDQGR DV PHGLGDV GH FRPEDWH j VRQH
JDomR H j HYDVmR ILVFDO DGRWDGDV H D DGRWDU H DV Do}HV GH ILVFDOL]DomR H
FREUDQoD

(P YLUWXGH GH R UHODWyULR UHVXPLGR GH H[HFXomR RUoDPHQWiULD H VXD

SXEOLFDomR HVWDUHP GHWHUPLQDGRV QR   DUW  GD &) GH XPD IRUPD

RX GH RXWUD WRGDV DV HVIHUDV GH JRYHUQR FXPSULDP RX GHYHULDP FXPSULU D
REULJDWRULHGDGH 2 FRQWH~GR H D IRUPD HVFROKLGRV H WRUQDGRV REULJDWyULRV
SHOD /5) LUmR SDGURQL]DU H IDFLOLWDU DV WDUHIDV GH DQiOLVH H FRQVROLGDomR GDV
FRQWDV S~EOLFDV DVVLP FRPR FRQFRUUHUmR SDUD R DSHUIHLoRDPHQWR GR
SURFHVVR GH WUDQVSDUrQFLD

5HODWyULRGH*HVWmR)LVFDODUWVH

WULQWD GLDV DSyV

GH JHVWmR ILVFDO
$Wp

R ILQDO GH

FDGD TXDGULPHVWUH

 VHUi HPLWLGR H SXEOLFD

GR FRP DPSOR DFHVVR DR S~EOLFR LQFOXVLYH SRU PHLR HOHWU{QLFR

UHODWyULR

 FRQWHQGR DV DVVLQDWXUDV GDV DXWRULGDGHV UHVSRQViYHLV SHOD

DGPLQLVWUDomR ILQDQFHLUD H SHOR

x
x

FRQWUROH LQWHUQR

H GR

&KHIH GR 3RGHU ([HFXWLYR

3UHVLGHQWH H GHPDLV PHPEURV GD 0HVD 'LUHWRUD RX yUJmR GHFLVyULR
HTXLYDOHQWH FRQIRUPH UHJLPHQWRV LQWHUQRV GRV yUJmRV GR 3RGHU /HJLVOD
WLYR

3UHVLGHQWH GH 7ULEXQDO H GHPDLV PHPEURV GH &RQVHOKR GH $GPLQLVWUDomR

RX yUJmR GHFLVyULR HTXLYDOHQWH FRQIRUPH UHJLPHQWRV LQWHUQRV GRV yUJmRV
GR 3RGHU -XGLFLiULR

&KHIH GR 0LQLVWpULR 3~EOLFR GD 8QLmR H GRV (VWDGRV

e FODUR TXH DV GHWHUPLQDo}HV HQYROYHQGR DV DXWRULGDGHV UHIHULGDV QRV GRLV

~OWLPRV LWHQV DFLPD QmR VH DSOLFDP DRV 0XQLFtSLRV



&$'(512 

FRQWHUi
FRPSDUDWLYR

2 UHODWyULR

FRP RV OLPLWHV GH TXH WUDWD HVWD /5) GRV VHJXLQWHV PRQ

WDQWHV

GHVSHVD
GtYLGDV
FRQFHVVmR
RSHUDo}HV GH FUpGLWR
LQGLFDomR

WRWDO FRP SHVVRDO GLVWLQJXLQGR D FRP LQDWLYRV H SHQVLRQLVWDV

FRQVROLGDGD H PRELOLiULD

x
x

GH JDUDQWLDV

 LQFOXVLYH SRU DQWHFLSDomR GH UHFHLWD

GDV PHGLGDV FRUUHWLYDV DGRWDGDV RX D DGRWDU VH XOWUDSDVVDGR

TXDOTXHU GRV OLPLWHV

GHPRQVWUDWLYRV
GR PRQWDQWH

 QR ~OWLPR TXDGULPHVWUH

GDV GLVSRQLELOLGDGHV GH FDL[D HP WULQWD H XP GH GH]HP

EUR

GD LQVFULomR

HP 5HVWRV D 3DJDU GDV GHVSHVDV

OLTXLGDGDV

HPSHQKDGDV H QmR OLTXLGDGDV LQVFULWDV DWp R OLPLWH GR VDOGR GD

GLVSRQLELOLGDGH GH FDL[D

QmR LQVFULWDV SRU IDOWD GH GLVSRQLELOLGDGH GH FDL[D H FXMRV HPSHQKRV

IRUDP FDQFHODGRV

GR FXPSULPHQWR

GH TXH DV RSHUDo}HV GH $52 IRUDP TXLWDGDV DWp R

GLD  GH GH]HPEUR RX QmR UHDOL]DGDV VH VH HVWLYHU QR ~OWLPR DQR GH

PDQGDWR GR 3UHIHLWR LQFLVR ,, H DOtQHD E GR LQFLVR ,9 DUW 

(VVH UHODWyULR GH JHVWmR ILVFDO p PDLV XPD GDV

LQRYDo}HV

GD /5) $V

LQIRUPDo}HV TXH GHYHP LQWHJUiOR VmR PDLV GH FXQKR JHUHQFLDO GR TXH

SURSULDPHQWH FRQWiEHLV DVSHFWRV VHP G~YLGD LPSRUWDQWHV WDPEpP SDUD R
DSHUIHLoRDPHQWR GR SURFHVVR GH WUDQVSDUrQFLD R TXH p UHIRUoDGR SHOD
REULJDWRULHGDGH TXH LPS}H GH R PHVPR VHU DVVLQDGR SHODV DXWRULGDGHV
UHVSRQViYHLV SHOD DGPLQLVWUDomR ILQDQFHLUD SHOR

FRQWUROH LQWHUQR

H SHOR

&KHIH GR 3RGHU ([HFXWLYR QR FDVR GRV 0XQLFtSLRV SHORV UHVSHFWLYRV

3UHIHLWRV

3UHVWDo}HVGH&RQWDVDUWVD
$ SUHVWDomR GH FRQWDV GRV &KHIHV GR 3RGHU ([HFXWLYR LQFOXLUi DOpP GDV
VXDV SUySULDV DV GRV 3UHVLGHQWHV GRV yUJmRV GRV 3RGHUHV /HJLVODWLYR H
-XGLFLiULR H GR &KHIH GR 0LQLVWpULR 3~EOLFR 6HUmR REMHWR GH



&$'(512 

DPSOD

GLYXOJDomR

GRV UHVXOWDGRV DV FRQWDV MXOJDGDV RX WRPDGDV H HYLGHQFLDUmR R

GHVHPSHQKR GD DUUHFDGDomR HP UHODomR

x
x
x

j SUHYLVmR
ILVFDOL]DomR
FRPEDWH j VRQHJDomR
jV Do}HV

 GHVWDFDQGR DV SURYLGrQFLDV DGRWDGDV QR kPELWR

GD

GR

GDV UHFHLWDV H


GH UHFXSHUDomR GH FUpGLWRV QDV LQVWkQFLDV DGPLQLVWUDWLYD H

MXGLFLDO

jV GHPDLV PHGLGDV

 SDUD LQFUHPHQWR GDV UHFHLWDV WULEXWiULDV H GH

FRQWULEXLo}HV

2V 7ULEXQDLV GH &RQWDV HPLWLUmR SDUHFHU SUpYLR FRQFOXVLYR VREUH DV FRQWDV

QR SUD]R GH VHVVHQWD GLDV GR UHFHELPHQWR VH RXWUR QmR HVWLYHU HVWDEHOHFLGR
QDV FRQVWLWXLo}HV HVWDGXDLV SDUD R FDVR GRV (VWDGRV RX QDV OHLV RUJkQLFDV
PXQLFLSDLV SDUD R FDVR GRV 0XQLFtSLRV 4XDQGR R 0XQLFtSLR QmR IRU
FDSLWDO RX WLYHU PHQRV GH  KDELWDQWHV R SUD]R VH HOHYDUi SDUD 
GLDV H RV 7ULEXQDLV GH &RQWDV QmR HQWUDUmR HP UHFHVVR HQTXDQWR H[LVWLUHP
FRQWDV GH 3RGHU SHQGHQWHV GH SDUHFHU SUpYLR

&RQYpP DFUHVFHQWDU TXH RV DUWV  D  GD &) DPSOLDUDP VLJQLILFDWLYD

PHQWH D SDUWLFLSDomR GR 3RGHU /HJLVODWLYR QD DomR GH ILVFDOL]DomR FRQWiELO

FRQWUROH H[WHUQR
VLVWHPD GH FRQWUROH

ILQDQFHLUD H RUoDPHQWiULD GR 6HWRU 3~EOLFR DWUDYpV GR

H[HUFLGR FRP R DX[tOLR GRV 7ULEXQDLV GH &RQWDV H SHOR

LQWHUQR

GH FDGD 3RGHU 7UDWDVH GH FRQGLFLRQDPHQWR YLJHQWH GHVGH D

SURPXOJDomR GD &) DSOLFiYHO LQGHSHQGHQWHPHQWH GD YLJrQFLD GD /5)

2 SDUiJUDIR ~QLFR GR DUW  GD &) FRP UHGDomR GDGD SHOD (PHQGD

&RQVWLWXFLRQDO Q

 GH  GHWHUPLQD TXH SUHVWDUi FRQWDV TXDOTXHU

SHVVRD ItVLFD RX MXUtGLFD S~EOLFD RX SULYDGD TXH XWLOL]H DUUHFDGH JXDUGH

JHUHQFLH RX DGPLQLVWUH GLQKHLURV EHQV H YDORUHV S~EOLFRV RX SHORV TXDLV D
8QLmR UHVSRQGD RX TXH HP QRPH GHVWD DVVXPD REULJDo}HV GH QDWXUH]D
SHFXQLiULD $ UHVSHLWR p EDVWDQWH LQFLVLYD D OLomR GR 0HVWUH +HO\

1mR p SRLV D QDWXUH]D GR yUJmR RX GD SHVVRD TXH D REULJD D SUHVWDU

FRQWDV p D RULJHP S~EOLFD GR EHP DGPLQLVWUDGR RX GR GLQKHLUR JHULGR
TXH DFDUUHWD SDUD R JHVWRU R GHYHU GH FRPSURYDU VHX ]HOR H ERP
HPSUHJR

$GLDQWH R DUW  GHWHUPLQD TXH RV 3RGHUHV /HJLVODWLYR ([HFXWLYR H

-XGLFLiULR

PDQWHUmR

 GH IRUPD LQWHJUDGD

VLVWHPD GH FRQWUROH LQWHUQR



&$'(512 

FRP

D ILQDOLGDGH GH HQWUH RXWURV REMHWLYRV FRPSURYDU D OHJDOLGDGH H DYDOLDU RV

UHVXOWDGRV TXDQWR j HILFiFLD H j HILFLrQFLD WDQWR GD JHVWmR RUoDPHQWiULD
ILQDQFHLUD H SDWULPRQLDO QRV yUJmRV H HQWLGDGHV GD DGPLQLVWUDomR IHGHUDO
FRPR GD DSOLFDomR GH UHFXUVRV S~EOLFRV SRU HQWLGDGHV GH GLUHLWR SULYDGR H
DSRLDU R

FRQWUROH H[WHUQR

H[HUFLGR SHOD $VVHPEOpLD /HJLVODWLYD FRP R

DX[tOLR GR 7ULEXQDO GH &RQWDV GR (VWDGR

'H DFRUGR FRP R DUW  GD &RQVWLWXLomR GD 5HS~EOLFD RV 3RGHUHV ([HFXWLYR

H /HJLVODWLYR GHYHUmR PDQWHU GH IRUPD LQWHJUDGD R VLVWHPD GH

LQWHUQR

FRQWUROH

GR 0XQLFtSLR (VVH VLVWHPD p IXQGDPHQWDO SDUD R r[LWR GD /5)

DSRLDQGR LQFOXVLYH R VLVWHPD GH FRQWUROH H[WHUQR

$VVLP FDEH DR

VLVWHPD GH FRQWUROH LQWHUQR

GR 0XQLFtSLR GHILQLU DWUDYpV

GH LQVWUXo}HV HVSHFtILFDV RV SURFHGLPHQWRV D VHUHP VHJXLGRV SRU WRGDV DV

LQVWLWXLo}HV S~EOLFDV H SULYDGDV TXH GH XPD IRUPD RX GH RXWUD GHYHP
SUHVWDU FRQWDV GRV UHFXUVRV S~EOLFRV HQTXDGUiYHLV QR DUW  H VHX SDUiJUDIR
~QLFR GD &) &RPR D SUHVWDomR GH FRQWDV FRQVWLWXL XPD GDV ~OWLPDV HWDSDV
GR SURFHVVR HQYROYHQGR GLQKHLURV EHQV H YDORUHV S~EOLFRV DV LQVWUXo}HV
UHIHULGDV GHYHP SRU PRWLYRV GH FRHUrQFLD H GH IDFLOLGDGH GH HQTXDGUD
PHQWR LQFOXLU WRGDV DV HWDSDV DQWHULRUHV GHVGH D RUoDPHQWDomR HVFULWXUD
omR FRQWiELO HODERUDomR H SXEOLFDomR GRV 5HODWyULRV GH ([HFXomR 2UoD
PHQWiULD H GH *HVWmR )LVFDO H DSUHVHQWDomR GDV FRQWDV DRV yUJmRV HV
SHFLILFDGRV

3DUD TXH R

VLVWHPD GH FRQWUROH LQWHUQR

FXPSUD VXD PLVVmR GHYH WHU

LQVWLWXFLRQDOL]DGR VHX yUJmR FHQWUDO QD HVWUXWXUD DGPLQLVWUDWLYD GD 3UHIHLWXUD

0XQLFLSDO 2 SDSHO EiVLFR GHVVH yUJmR p QRUPDWLYR FRRUGHQDGRU H DUWLFX
ODGRU GH Do}HV LQWHJUDGRU GH HVIRUoRV H FHQWUDOL]DGRU GH LQIRUPDo}HV

+i TXHP GHIHQGD TXH HVVH yUJmR FHQWUDO GDGD D VXD LPSRUWkQFLD Mi

H[SOLFLWDGD QR DUW  GD /HL Q

 DPSOLDGD SHOD &DUWD 0DJQD GH

 H VDFUDPHQWDGD QD /5) GHYD VHU ORFDOL]DGR QR SULPHLUR HVFDOmR GD

$GPLQLVWUDomR 0XQLFLSDO SRU H[HPSOR 6HFUHWDULD 0XQLFLSDO RX yUJmR GH
DVVHVVRUDPHQWR VXSHULRU DR 3UHIHLWR

3DUWLFLSDUmR GR VLVWHPD RXWURV yUJmRV VHWRULDLV FXMDV DWULEXLo}HV LQIOXHQFLHP

DV FRQWDV S~EOLFDV FRPR FRQWDELOLGDGH SHVVRDO FRPSUDV DUUHFDGDomR HWF
2 REMHWLYR QHVWH FDVR p VXERUGLQDU DR VLVWHPD GH FRQWUROH LQWHUQR WRGDV
DV DWLYLGDGHV LPSRUWDQWHV SDUD D PDQXWHQomR GR HTXLOtEULR ILQDQFHLUR GR
0XQLFtSLR



&$'(512 

,QGHSHQGHQWHPHQWH GH VXD VXERUGLQDomR KLHUiUTXLFD RV yUJmRV VHWRULDLV

LQWHJUDQWHV GR VLVWHPD VH VXMHLWDUmR QR TXH VH UHIHUH DRV SURFHGLPHQWRV GH
FRQWUROH LQWHUQR j RULHQWDomR H j VXSHUYLVmR WpFQLFD GR yUJmR FHQWUDO

)LVFDOL]DomRGD*HVWmR)LVFDODUW
2

3RGHU /HJLVODWLYR
VLVWHPD GH FRQWUROH LQWHUQR

 GLUHWDPHQWH RX FRP R DX[tOLR GRV 7ULEXQDLV GH &RQWDV

H R

GH FDGD 3RGHU H GR 0LQLVWpULR 3~EOLFR

ILVFDOL]DUmR R FXPSULPHQWR GDV QRUPDV GD /5) FRP rQIDVH QR TXH VH

UHIHUH D

x
x
x
x
x
x

DWLQJLPHQWR
OLPLWHV FRQGLo}HV
PHGLGDV
SURYLGrQFLDV
GHVWLQDomR
FXPSULPHQWR

GDV PHWDV HVWDEHOHFLGDV QD OHL GH GLUHWUL]HV RUoDPHQWiULDV

SDUD UHDOL]DomR GH RSHUDo}HV GH FUpGLWR H LQVFULomR

HP 5HVWRV D 3DJDU

DGRWDGDV SDUD R UHWRUQR GD GHVSHVD WRWDO FRP SHVVRDO DR

UHVSHFWLYR OLPLWH

WRPDGDV SDUD UHFRQGXomR GRV PRQWDQWHV GDV GtYLGDV

FRQVROLGDGD H PRELOLiULD DRV UHVSHFWLYRV OLPLWHV

GH UHFXUVRV REWLGRV FRP D DOLHQDomR GH DWLYRV WHQGR HP YLVWD

DV UHVWULo}HV FRQVWLWXFLRQDLV H DV GHVWD /HL &RPSOHPHQWDU

GR OLPLWH GH JDVWRV WRWDLV GRV OHJLVODWLYRV PXQLFLSDLV

TXDQGR KRXYHU
2V

7ULEXQDLV GH &RQWDV

 D TXHP FRPSHWH DLQGD YHULILFDU RV FiOFXORV GRV

OLPLWHV GD GHVSHVD WRWDO FRP SHVVRDO GH FDGD 3RGHU H yUJmR DOHUWDUmR HVVHV
3RGHUHV RX yUJmRV TXDQGR FRQVWDWDUHP

SRVVLELOLGDGH

GH RFRUUrQFLD GD SUREDELOLGDGH GH D UHDOL]DomR GD

UHFHLWD QmR FRPSRUWDU R FXPSULPHQWR GDV PHWDV GH UHVXOWDGR SULPiULR

x
x

RX QRPLQDO HVWDEHOHFLGDV
TXH R

PRQWDQWH
PRQWDQWHV

GD GHVSHVD WRWDO FRP SHVVRDO XOWUDSDVVRX  QRYHQWD

SRU FHQWR GR OLPLWH

TXH RV

GDV GtYLGDV FRQVROLGDGD H PRELOLiULD GDV RSHUDo}HV

GH FUpGLWR H GD FRQFHVVmR GH JDUDQWLD VH HQFRQWUDP DFLPD GH 

x
x

QRYHQWD SRU FHQWR GRV UHVSHFWLYRV OLPLWHV

TXH RV

JDVWRV

FRP LQDWLYRV H SHQVLRQLVWDV VH HQFRQWUDP DFLPD GR OLPLWH

GHILQLGR HP OHL

IDWRV

TXH FRPSURPHWDP RV FXVWRV RX RV UHVXOWDGRV GRV SURJUDPDV RX

LQGtFLRV GH LUUHJXODULGDGHV QD JHVWmR RUoDPHQWiULD



&$'(512 

$V GHWHUPLQDo}HV DFLPD UHIRUoDP RV FRPHQWiULRV DQWHULRUHV HYLGHQFLDQGR

D QHFHVVLGDGH GH HVFROKD GH XPD XQLGDGH IXQFLRQDO SROLWLFDPHQWH IRUWH
LVWR p VLWXDGD QR SULPHLUR HVFDOmR GR *RYHUQR 0XQLFLSDO FRP R REMHWLYR
GH JHUHQFLDU R

VLVWHPD GH FRQWUROH LQWHUQR

 &DVR FRQWUiULR KDYHUi GLILFXO

GDGHV SDUD D DSOLFDomR GDV QRUPDV HVWDWXtGDV QD /5)

',6326,d(6),1$,6(75$16,75,$6$57
/LPLWHVH7tWXORVDUWVH
/HL HVWDGXDO RX PXQLFLSDO

SRGHUi IL[DU OLPLWHV LQIHULRUHV

DRV SUHYLVWRV QD

/5) SDUD DV GtYLGDV FRQVROLGDGD H PRELOLiULD SDUD RSHUDo}HV GH FUpGLWR H

FRQFHVVmR GH JDUDQWLDV

WtWXORV
FDXomR
2V

GD GtYLGD S~EOLFD GHVGH TXH GHYLGDPHQWH

HVFULWXUDGRV

HP

VLVWHPD FHQWUDOL]DGR GH OLTXLGDomR H FXVWyGLD SRGHUmR VHU RIHUHFLGRV HP

SDUD JDUDQWLD GH HPSUpVWLPRV RX HP RXWUDV WUDQVDo}HV SUHYLVWDV

HP OHL SHOR VHX YDORU HFRQ{PLFR FRQIRUPH GHILQLGR SHOR 0LQLVWpULR GD

)D]HQGD

7DLV GHWHUPLQDo}HV VmR PDLV HVFODUHFHGRUDV GR TXH LPSRVLWLYDV

0XQLFtSLRVDUWVD

0XQLFtSLRV
GH RXWURV HQWHV
x DXWRUL]DomR
2V

Vy FRQWULEXLUmR SDUD R

FXVWHLR

GH GHVSHVDV GH FRPSHWrQFLD

GD )HGHUDomR VH KRXYHU

QD OHL GH GLUHWUL]HV RUoDPHQWiULDV H QD OHL RUoDPHQWiULD

DQXDO

FRQYrQLR

 DFRUGR DMXVWH RX FRQJrQHUH FRQIRUPH VXD OHJLVODomR

(VVD GHWHUPLQDomR YDL SHUPLWLU TXH VHMDP FRUULJLGRV DOJXQV GHVYLRV HQWUH DV
GLYHUVDV HVIHUDV GH *RYHUQR HVSHFLDOPHQWH D 8QLmR H R (VWDGR GH XP ODGR
H R 0XQLFtSLR GH RXWUR (PERUD VHMD UHFRPHQGiYHO D FRRSHUDomR HQWUH
HOHV HP EHQHItFLR GR LQWHUHVVH S~EOLFR QmR GHYHP VHU RFXOWDGRV RV FXVWRV
HP JHUDO VXSRUWDGRV SHORV 0XQLFtSLRV TXDQGR IRUQHFHP FRPEXVWtYHLV SDUD
YLDWXUDV SROLFLDLV FHGHP GHSHQGrQFLDV SDUD XVR GH UHSDUWLo}HV HVWDGXDLV H
IHGHUDLV HWF $ LQRYDGRUD PHGLGD p GH JUDQGH YDORU SDUD R FRQWUROH H D
WUDQVSDUrQFLD GD JHVWmR PXQLFLSDO



&$'(512 

IDFXOWDGR DRV 0XQLFtSLRV

FRP SRSXODomR

LQIHULRU

D FLQTHQWD PLO

KDELWDQWHV RSWDU SRU

x
x

YHULILFDU

R FXPSULPHQWR GRV OLPLWHV GRV JDVWRV FRP SHVVRDO H GD GtYLGD

VHPHVWUH
GLYXOJDU VHPHVWUDOPHQWH

FRQVROLGDGD DR ILQDO GR

5HODWyULR GH *HVWmR )LVFDO

RV GHPRQVWUDWLYRV UHODWLYRV D


DSXUDomR GD UHFHLWD FRUUHQWH OtTXLGD VXD HYROXomR DVVLP FRPR D

UHFHLWDV H GHVSHVDV SUHYLGHQFLiULDV

UHVXOWDGRV QRPLQDO H SULPiULR

GHVSHVDV FRP MXURV

UHVWRV D SDJDU GHWDOKDQGR SRU 3RGHU H yUJmR RV YDORUHV LQVFULWRV

SUHYLVmR GH VHX GHVHPSHQKR DWp R ILQDO GR H[HUFtFLR

RV SDJDPHQWRV UHDOL]DGRV H R PRQWDQWH D SDJDU

HODERUDU

 D SDUWLU GR TXLQWR H[HUFtFLR VHJXLQWH  DR GD SXEOLFDomR

GHVWD /HL &RPSOHPHQWDU R

$QH[R GH 3ROtWLFD )LVFDO GR SODQR SOXULDQXDO FRP R YHWR DR DUW  

HVWH $QH[R GHL[RX GH H[LVWLU PDV D /5) WDOYH] SRU XPD IDOKD ID]
PHQomR D HOH QR LQFLVR ,,, GR DUW 

$QH[R GH 0HWDV )LVFDLV

$QH[R GH 5LVFRV )LVFDLV GD OHL GH GLUHWUL]HV RUoDPHQWiULDV H

'HPRQVWUDWLYR GD &RPSDWLELOLGDGH GD SURJUDPDomR GRV RUoDPHQWRV

FRP RV REMHWLYRV H DV PHWDV FRQVWDQWHV GR $QH[R GH 0HWDV )LVFDLV

LQFLVR , DUW  

$SHVDU GH KDYHU FRQFHGLGR IDFXOGDGH SDUD RV 0XQLFtSLRV FRP PHQRV GH

FLQTHQWD PLO KDELWDQWHV SDUD HODERUDU R $QH[R GH 0HWDV )LVFDLV Vy HP
 D /5) H[LJH TXH WRGRV LQGHSHQGHQWHPHQWH GH VHX SRUWH SRSXODFLR
QDO DFRPSDQKHP D HYROXomR GH VHXV UHVXOWDGRV SULPiULR H QRPLQDO DUW
 $VVLP PHVPR RV 0XQLFtSLRV TXH IL]HUHP MXV D HVVD IDFXOGDGH WHUmR
TXH HODERUDU R GHPRQVWUDWLYR FRUUHVSRQGHQWH D HVVHV UHVXOWDGRV Mi D SDUWLU
GR SUy[LPR DQR

GLYXOJDomR
WULQWD GLDV
$

GRV UHODWyULRV H GHPRQVWUDWLYRV GHYHUi VHU UHDOL]DGD HP

DSyV R HQFHUUDPHQWR GR

VHPHVWUH

DWp

 6H XOWUDSDVVDGRV RV OLPLWHV

UHODWLYRV j GHVSHVD WRWDO FRP SHVVRDO RX j GtYLGD FRQVROLGDGD HQTXDQWR

SHUGXUDU HVWD VLWXDomR R

0XQLFtSLR

ILFDUi VXMHLWR DRV PHVPRV SUD]RV GH

YHULILFDomR H GH UHWRUQR DR OLPLWH GHILQLGRV SDUD RV GHPDLV HQWHV



&$'(512 

$ DPSOLDomR GRV SUD]RV SDUD GLYXOJDomR GR 5HODWyULR GH *HVWmR )LVFDO H GH

RXWURV GHPRQVWUDWLYRV HP SULQFtSLR QmR GHYHUi WUD]HU QHQKXP JDQKR SDUD
D $GPLQLVWUDomR GHVVHV 0XQLFtSLRV FRP DWp  KDELWDQWHV

8QLmR
FtSLRV

SUHVWDUi

DVVLVWrQFLD WpFQLFD FRRSHUDomR ILQDQFHLUD

H

DRV

0XQL

SDUD D PRGHUQL]DomR GDV UHVSHFWLYDV DGPLQLVWUDo}HV WULEXWiULD ILQDQ

FHLUD SDWULPRQLDO H SUHYLGHQFLiULD FRP YLVWDV DR FXPSULPHQWR GDV QRUPDV

GHVWD /HL &RPSOHPHQWDU

DVVLVWrQFLD WpFQLFD

FRQVLVWLUi QR WUHLQDPHQWR H QR GHVHQYROYLPHQWR

GH UHFXUVRV KXPDQRV H QD WUDQVIHUrQFLD GH WHFQRORJLD EHP FRPR QR

DSRLR j GLYXOJDomR GRV LQVWUXPHQWRV GH WUDQVSDUrQFLD GD JHVWmR ILVFDO HP

PHLR HOHWU{QLFR GH DPSOR DFHVVR S~EOLFR

$

FRRSHUDomR ILQDQFHLUD

FRPSUHHQGHUi D GRDomR GH EHQV H YDORUHV R

ILQDQFLDPHQWR SRU LQWHUPpGLR GDV LQVWLWXLo}HV ILQDQFHLUDV IHGHUDLV H R

UHSDVVH GH UHFXUVRV RULXQGRV GH RSHUDo}HV H[WHUQDV

2XWUR UHFRQKHFLPHQWR LPSOtFLWR GD DXVrQFLD GR

LQWHUQR

VLVWHPD GH FRQWUROH

 3DUD ILFDU PDLV FODUR D /5) GHYHULD WHU FULDGR PHFDQLVPRV TXH

SRVVLELOLWDVVHP D LPSODQWDomR GDTXHOHV DQH[RV LPHGLDWDPHQWH DSyV D SUHV

WDomR GD DVVLVWrQFLD WpFQLFD H GD FRRSHUDomR ILQDQFHLUD GHVFULWDV DFLPD

)DWRUHV([WHUQRVDUWVH
1D RFRUUrQFLD GH

FDODPLGDGH S~EOLFD

 UHFRQKHFLGD SHOR &RQJUHVVR 1D

FLRQDO QR FDVR GD 8QLmR RX SHODV $VVHPEOpLDV /HJLVODWLYDV



QD KLSyWHVH

GRV (VWDGRV H 0XQLFtSLRV HQTXDQWR SHUGXUDU D VLWXDomR

VHUmR VXVSHQVDV

D FRQWDJHP GRV SUD]RV H DV GLVSRVLo}HV HVWDEHOHFLGDV

QRV DUWV  H[FHVVRV GH OLPLWHV FRP GHVSHVDV GH SHVVRDO  H[FHVVRV

GH OLPLWHV FRP GHVSHVDV GD GtYLGD H  H[FHVVRV GH OLPLWHV FRP GHVSHVDV

GH SHVVRDO QR DQR GH 

VHUmR GLVSHQVDGRV

R DWLQJLPHQWR GRV UHVXOWDGRV ILVFDLV H D OLPLWDomR GH

HPSHQKR SRU LQVXILFLrQFLD GH UHFHLWD SDUD FXPSULU DV PHWDV HVWDEHOH

FLGDV SUHYLVWRV QR DUW  

 $ RPLVVmR GD &kPDUD GH 9HUHDGRUHV p LQMXVWLILFiYHO R TXH QmR D LPSHGH GH HIHWXDU R

UHFRQKHFLPHQWR H PDLV GR TXH LVVR DSRLDU R 3RGHU ([HFXWLYR QD LPSOHPHQWDomR GDV
Do}HV GHVWLQDGDV D HOLPLQDU RX PLQRUDU RV HIHLWRV GD FDODPLGDGH



&$'(512 

$SOLFDVH R GLVSRVWR DFLPD QR FDVR GH HVWDGR GH GHIHVD RX GH VtWLR

GHFUHWDGR QD IRUPD GD &) SUHYLVWRV HP VHXV DUWV  H 

2V SUD]RV HVWDEHOHFLGRV QRV DUWV   H  VHUmR GXSOLFDGRV QR

FUHVFLPHQWR UHDO

FDVR GH

EDL[R RX QHJDWLYR GR 3URGXWR ,QWHUQR %UXWR 3,% QDFLR

QDO UHJLRQDO RX HVWDGXDO SRU SHUtRGR LJXDO RX VXSHULRU D TXDWUR WULPHVWUHV

(QWHQGHVH SRU EDL[R FUHVFLPHQWR D WD[D GH YDULDomR UHDO DFXPXODGD GR

3URGXWR ,QWHUQR %UXWR LQIHULRU D  XP SRU FHQWR QR SHUtRGR FRUUHVSRQ
GHQWH DRV TXDWUR ~OWLPRV WULPHVWUHV DSXUDGD SHOD )XQGDomR ,QVWLWXWR %UD
VLOHLUR GH *HRJUDILD H (VWDWtVWLFD RX RXWUR yUJmR TXH YLHU D VXEVWLWXtOD
DGRWDGD D PHVPD PHWRGRORJLD SDUD DSXUDomR GRV 3,% QDFLRQDO HVWDGXDO H
UHJLRQDO 1HVWD KLSyWHVH FRQWLQXDUmR D VHU DGRWDGDV DV PHGLGDV SUHYLVWDV
QR DUW 

1D KLSyWHVH GH VH YHULILFDUHP PXGDQoDV GUiVWLFDV QD FRQGXomR GDV SROtWLFDV

PRQHWiULD H FDPELDO UHFRQKHFLGDV SHOR 6HQDGR )HGHUDO R SUD]R UHIHULGR
QR FDSXW GR DUW  SRGHUi VHU DPSOLDGR HP DWp

TXDWUR TXDGULPHVWUHV

7DLV UHFRPHQGDo}HV HYLGHQFLDP D SUHRFXSDomR FRP D IOH[LELOL]DomR GDV

UHVWULo}HV HP VLWXDo}HV GHVIDYRUiYHLV 6mR EHPYLQGDV SRUTXH GR FRQWUi
ULR SRGHULDP HQVHMDU LQWHUSUHWDo}HV UtJLGDV DOJXPDV DWp FRQWUiULDV DR
LQWHUHVVH S~EOLFR

&RQVHOKRGH*HVWmR)LVFDODUW

DFRPSDQKDPHQWR H D DYDOLDomR
*HVWmR )LVFDO
GH *RYHUQR

 GH IRUPD SHUPDQHQWH GD SROtWLFD H GD

RSHUDFLRQDOLGDGH GD JHVWmR ILVFDO VHUmR UHDOL]DGRV SRU XP

&RQVHOKR GH
HVIHUDV

 FRQVWLWXtGR SRU UHSUHVHQWDQWHV GH WRGRV RV 3RGHUHV H

 GR 0LQLVWpULR 3~EOLFR H GH HQWLGDGHV WpFQLFDV UHSUHVHQWDWLYDV

GD VRFLHGDGH YLVDQGR j

x
x

KDUPRQL]DomR
GLVVHPLQDomR

H j

FRRUGHQDomR

HQWUH RV HQWHV GD )HGHUDomR

GH SUiWLFDV TXH UHVXOWHP HP PDLRU HILFLrQFLD QD DORFDomR

H QD H[HFXomR GR JDVWR S~EOLFR QD DUUHFDGDomR GH UHFHLWDV QR FRQWUROH

GR HQGLYLGDPHQWR H QD WUDQVSDUrQFLD GD JHVWmR ILVFDO

DGRomR

GH QRUPDV GH FRQVROLGDomR GDV FRQWDV S~EOLFDV SDGURQL]DomR

GDV SUHVWDo}HV GH FRQWDV H GRV UHODWyULRV H GHPRQVWUDWLYRV GH JHVWmR

ILVFDO GH TXH WUDWD HVWD /HL &RPSOHPHQWDU QRUPDV H SDGU}HV PDLV



&$'(512 

VLPSOHV SDUD RV SHTXHQRV 0XQLFtSLRV EHP FRPR RXWURV QHFHVViULRV DR

FRQWUROH VRFLDO

GLYXOJDomR
LQVWLWXLUi

GH DQiOLVHV HVWXGRV H GLDJQyVWLFRV

2 FRQVHOKR

IRUPDV GH

SUHPLDomR H UHFRQKHFLPHQWR S~EOLFR

DRV

WLWXODUHV GH 3RGHU TXH DOFDQoDUHP UHVXOWDGRV PHULWyULRV HP VXDV SROtWLFDV

GH GHVHQYROYLPHQWR VRFLDO FRQMXJDGRV FRP D SUiWLFD GH XPD JHVWmR ILVFDO
SDXWDGD SHODV QRUPDV GD /5) /HL IHGHUDO GLVSRUi VREUH D FRPSRVLomR H D
IRUPD GH IXQFLRQDPHQWR GR FRQVHOKR

$ H[HPSOR GH FRPHQWiULRV DQWHULRUHV TXDQGR GLVFRUUHPRV VREUH DVVXQWRV

Mi FRQWHPSODGRV SHOD /HL Q

 QmR SRGHPRV ROYLGDU TXH RV VHXV

DUWLJRV  D  Mi WUDWDYDP GH SURYLGrQFLDV VHPHOKDQWHV 7DOYH] GRUD

YDQWH LPSXOVLRQDGRV SHORV FODPRUHV GD SRSXODomR SHOD /5) H SHODV
SHQDOLGDGHV D TXH HVWDUmR VXMHLWRV RV $JHQWHV 3ROtWLFRV DWULEXDP D LPSRU
WkQFLD GHYLGD DRV VLVWHPDV GH FRQWUROH LQWHUQR H FRQFRUUDP SDUD TXH RV
REMHWLYRV IL[DGRV VHMDP DOFDQoDGRV

)XQGRGR5HJLPH*HUDOGH3UHYLGrQFLD6RFLDODUWVH
1D IRUPD GR DUW  GD &RQVWLWXLomR p FULDGR R )XQGR GR 5HJLPH *HUDO
GH 3UHYLGrQFLD 6RFLDO YLQFXODGR DR 0LQLVWpULR GD 3UHYLGrQFLD H $VVLVWrQFLD
6RFLDO FRP D ILQDOLGDGH GH SURYHU UHFXUVRV SDUD R SDJDPHQWR GRV EHQHItFLRV
GR UHJLPH JHUDO GD SUHYLGrQFLD VRFLDO 2 )XQGR VHUi JHULGR SHOR ,QVWLWXWR
1DFLRQDO GR 6HJXUR 6RFLDO QD IRUPD GD OHL H VHUi FRQVWLWXtGR GH

x
x
x
x
x
x

EHQV PyYHLV H LPyYHLV YDORUHV H UHQGDV GR ,QVWLWXWR 1DFLRQDO GR 6HJXUR

6RFLDO QmR XWLOL]DGRV QD RSHUDFLRQDOL]DomR GHVWH
EHQV H GLUHLWRV TXH D TXDOTXHU WtWXOR OKH VHMDP DGMXGLFDGRV RX TXH OKH
YLHUHP D VHU YLQFXODGRV SRU IRUoD GH OHL
UHFHLWD GDV FRQWULEXLo}HV VRFLDLV SDUD D VHJXULGDGH VRFLDO SUHYLVWDV QD
DOtQHD D GR LQFLVR , H QR LQFLVR ,, GR DUW  GD &RQVWLWXLomR
SURGXWR GD OLTXLGDomR GH EHQV H DWLYRV GH SHVVRD ItVLFD RX MXUtGLFD HP
GpELWR FRP D 3UHYLGrQFLD 6RFLDO
UHVXOWDGR GD DSOLFDomR ILQDQFHLUD GH VHXV DWLYRV
UHFXUVRV SURYHQLHQWHV GR RUoDPHQWR GD 8QLmR

2 HQWH GD )HGHUDomR TXH PDQWLYHU RX YLHU D LQVWLWXLU UHJLPH SUySULR GH

SUHYLGrQFLD VRFLDO SDUD VHXV VHUYLGRUHV FRQIHULUi DR PHVPR FDUiWHU FRQWUL



&$'(512 

EXWLYR H R RUJDQL]DUi FRP EDVH HP QRUPDV GH FRQWDELOLGDGH H DWXiULD TXH

SUHVHUYHP VHX HTXLOtEULR ILQDQFHLUR H DWXDULDO

1mR SRGHULD VHU RXWUD D GHWHUPLQDomR SRU VHU GD OyJLFD LQVWLWXFLRQDO H

RSHUDFLRQDO GH TXDOTXHU UHJLPH GH SUHYLGrQFLD TXH VH SUHRFXSH FRP R
IXWXUR GH VHXV ILOLDGRV 'H TXDOTXHU IRUPD R GHVFXPSULPHQWR LPSOLFD D
LPSXWDomR GDV SHQDOLGDGHV FRUUHVSRQGHQWHV VHP FRQWDU TXH LULD GH HQFRQ
WUR j /HL )HGHUDO Q

 GH  GH QRYHPEUR GH  TXH GLVS}H VREUH

UHJUDV JHUDLV SDUD D RUJDQL]DomR H R IXQFLRQDPHQWR GRV UHJLPHV SUySULRV

GH SUHYLGrQFLD VRFLDO GRV VHUYLGRUHV S~EOLFRV GD 8QLmR GRV (VWDGRV GR
'LVWULWR )HGHUDO H GRV 0XQLFtSLRV GRV PLOLWDUHV GRV (VWDGRV H GR 'LVWULWR
)HGHUDO H Gi RXWUDV SURYLGrQFLDV

'(63(6$727$/&203(662$/12(;(5&&,2'(
'H DFRUGR FRP R DUW  R 3RGHU RX yUJmR FXMD GHVSHVD WRWDO FRP SHVVRDO
XOWUDSDVVDYD HP  RV OLPLWHV HVWDEHOHFLGRV QRV DUWV  H  GD /5)
WHP TXH VH HQTXDGUDU D HOHV HP DWp GRLV H[HUFtFLRV HOLPLQDQGR R H[FHVVR
JUDGXDOPHQWH j UD]mR GH SHOR PHQRV  DD 3DUD LVVR SRGH UHFRUUHU j
DGRomR HQWUH RXWUDV GDV PHGLGDV SUHYLVWDV QRV DUWV  H  GD /& Q

 8PD OHLWXUD PDLV DSUHVVDGD SRGH OHYDU j LPSUHVVmR TXH D /5)
HVWDEHOHFHX H[LJrQFLD FRP HIHLWR UHWURDWLYR 7DO QmR RFRUUHX SRUTXH QD
GDWD GH VXD SXEOLFDomR H HQWUDGD HP YLJRU D /HL &RPSOHPHQWDU Q

 GH

 PDLV FRQKHFLGD FRPR /HL 5LWD &DPDWD Mi IL[DYD OLPLWHV GH JDVWRV
FRP SHVVRDO GLVSRQGR

$UW   $ SDUWLU GD HQWUDGD HP YLJRU GHVWD /HL &RPSOHPHQWDU RV HQWHV

HVWDWDLV FXMDV GHVSHVDV FRP SHVVRDO HVWLYHUHP DFLPD GRV OLPLWHV IL[DGRV
QR DUW 

GHYHUmR DGDSWDUVH D HVWHV OLPLWHV j UD]mR GH QR PtQLPR

GRLV WHUoRV GR H[FHVVR QRV SULPHLURV GR]H PHVHV H R UHVWDQWH QRV GR]H
PHVHV VXEVHTHQWHV

$OLiV D UHYRJDomR GD OHL DFLPD FLWDGD IRL UHDOL]DGD QR DUW  GD /5) $

LQREVHUYkQFLD GR GLVSRVWR DFLPD QR SUD]R IL[DGR VXMHLWD R HQWH jV VDQo}HV
SUHYLVWDV QR 

x
x

UHFHEHU
REWHU

GR DUW  RX VHMD HOH QmR SRGHUi

WUDQVIHUrQFLDV YROXQWiULDV

JDUDQWLD GLUHWD RX LQGLUHWD GH RXWUR HQWH



&$'(512 

FRQWUDWDU

RSHUDo}HV GH FUpGLWR UHVVDOYDGDV DV GHVWLQDGDV DR UHILQDQFLD

PHQWR GD GtYLGD PRELOLiULD H DV TXH YLVHP j UHGXomR GDV GHVSHVDV FRP

SHVVRDO

5HVVDOYDGD D KLSyWHVH GR LQFLVR ; GR DUW  GD &) UHYLVmR JHUDO DQXDO

VHPSUH QD PHVPD GDWD H VHP GLVWLQomR GH tQGLFHV DWp R WpUPLQR GR WHUFHLUR
H[HUFtFLR ILQDQFHLUR VHJXLQWH j HQWUDGD HP YLJRU GD /5)  D GHVSHVD
WRWDO FRP SHVVRDO GRV 3RGHUHV H yUJmRV UHIHULGRV QR DUW  QmR XOWUDSDVVDUi
HP SHUFHQWXDO GD UHFHLWD FRUUHQWH OtTXLGD D GHVSHVD YHULILFDGD QR H[HUFtFLR
LPHGLDWDPHQWH DQWHULRU DFUHVFLGD GH DWp  GH] SRU FHQWR VH HVWD IRU
LQIHULRU DR OLPLWH GHILQLGR QD IRUPD GR DUW   H  QR FDVR GRV
0XQLFtSLRV

$ /5) QR TXH UHVSHLWD j GHVSHVD FRP SHVVRDO FRQIRUPH H[SRVWR DGRWRX

GRLV SURFHGLPHQWRV XP

WUDQVLWyULR
GHILQLWLYR

 YLVDQGR HOLPLQDU RV H[FHVVRV DSXUD

GRV QR DQR GH  H RXWUR

 D YLJRUDU D SDUWLU GH 

R TXDO GHYH VHU REMHWR GH SHUPDQHQWH DFRPSDQKDPHQWR SRU SDUWH GRV

yUJmRV H GDV HQWLGDGHV VXMHLWDV DR VHX RUGHQDPHQWR

$ GHVSHVD FRP VHUYLoRV GH WHUFHLURV GRV 3RGHUHV H GRV yUJmRV UHIHULGRV QR

DUW  QmR SRGHUi H[FHGHU HP SHUFHQWXDO GD 5&/ j GR H[HUFtFLR DQWHULRU
j HQWUDGD HP YLJRU GD /5) DWp R WpUPLQR GR WHUFHLUR H[HUFtFLR VHJXLQWH

(VVD GHWHUPLQDomR D H[HPSOR GH RXWUDV Mi FRPHQWDGDV WDPEpP WHP VLGR

REMHWR GH FUtWLFDV GLYHUVDV 1D SUiWLFD VH DSUHVHQWD FRPR XPD QHJDomR GH
YiULRV GRV VHXV GLVSRVLWLYRV TXH LPS}HP ULJLGH] H UHVWULomR j IL[DomR GRV
FUpGLWRV RUoDPHQWiULRV H SULQFLSDOPHQWH j UHDOL]DomR GH JDVWRV GHVSUR
YLGRV GH VXSRUWH ILQDQFHLUR

3HQDOLGDGHVDUW
$V LQIUDo}HV GRV GLVSRVLWLYRV GHVWD /HL &RPSOHPHQWDU VHUmR SXQLGDV VHJXQ
GR R 'HFUHWR/HL Q
/HL Q



GH  GH GH]HPEUR GH  &yGLJR 3HQDO D

 GH  GH DEULO GH  R 'HFUHWR/HL Q

 GH  GH

IHYHUHLUR GH  D H GHPDLV QRUPDV GD OHJLVODomR SHUWLQHQWH

&RQIRUPH Mi H[SOLFLWDGR FRP D SURPXOJDomR GD /HL Q

 DV

QRYDV SHQDOLGDGHV Mi HVWmR HP YLJRU H FRQVHTHQWHPHQWH WLSLILFDGRV RV

FULPHV H DV UHVSHFWLYDV SHQDV FLUFXQVWkQFLD FRQVLGHUDGD SRU PXLWRV FRPR
LQVWUXPHQWR GH JUDQGH YDOLD SDUD D SOHQLWXGH H HILFiFLD GD /5)



&$'(512 

$QH[R

&DOHQGiULRGDV3URYLGrQFLDV3UHYLVWDV
QD/5)SDUDRV0XQLFtSLRV

&$'(512 

&$'(512 

&DOHQGiULRGDV3URYLGrQFLDV3UHYLVWDVQD/5)
SDUDRV0XQLFtSLRV

 $UW   FDSXW

(VWDEHOHFLPHQWR SHOR 3RGHU ([HFXWLYR DWp

 GLDV

DSyV D SXEOLFDomR

GR RUoDPHQWR GD SURJUDPDomR ILQDQFHLUD H GR FURQRJUDPD GH H[HFX

omR PHQVDO GH GHVHPEROVR

 $UW   FDSXW H  

ILQDO GH FDGD ELPHVWUH RX VHMD QR ILP GRV PHVHV GH

IHYHUHLUR DEULO MXQKR DJRVWR RXWXEUR H GH]HPEUR
9HULILFDomR DR

 VH D UHDOL]DomR

GD UHFHLWD GD GHVSHVD H GR HQGLYLGDPHQWR S~EOLFR SRGHUi RX QmR

FRPSRUWDU R FXPSULPHQWR GDV PHWDV GH UHVXOWDGR SULPiULR RX QRPLQDO

HVWDEHOHFLGDV QR $QH[R GDV 0HWDV )LVFDLV

PHVHV GH PDUoR PDLR MXOKR VHWHPEUR

QRYHPEUR GR H[HUFtFLR HP FXUVR H MDQHLUR GR VHJXLQWH
 GLDV VXEVHTHQWHV DR ILQDO GH
FDGD ELPHVWUH
3URPRomR QR ILP GRV

 SHORV 3RGHUHV

/HJLVODWLYR H ([HFXWLYR RX VHMD QRV

 DWUDYpV GH DWR SUySULR GR DMXVWH GD VLWXDomR QR FDVR

GH D YHULILFDomR DFLPD PHQFLRQDGD PRVWUDU D LPSRVVLELOLGDGH GH

DOFDQFH GHVVDV PHWDV

'HPRQVWUDomR H DYDOLDomR DWp R ILP GRV PHVHV GH

H[HUFtFLR

HP FXUVR H

PDLR VHWHPEUR GR

IHYHUHLUR GR VHJXLQWH
DXGLrQFLD S~EOLFD

 GR FXPSULPHQWR GDV PHWDV

ILVFDLV HP FDGD TXDGULPHVWUH HP

QD FRPLVVmR PLVWD

SHUPDQHQWH GR 3RGHU /HJLVODWLYR JHUDOPHQWH &RPLVVmR GH 2UoDPHQWR

H )LQDQoDV RX HTXLYDOHQWH
 $UW  

QR PtQLPR  GLDV DQWHV GR SUD]R

ILQDO GH HQFDPLQKDPHQWR GH VXD SURSRVWD RUoDPHQWiULD
&RORFDomR SHOR 3RGHU ([HFXWLYR

 j GLV

SRVLomR GR 3RGHU /HJLVODWLYR GRV HVWXGRV H HVWLPDWLYDV GDV UHFHLWDV SDUD

R H[HUFtFLR VHJXLQWH LQFOXVLYH GD UHFHLWD FRUUHQWH OtTXLGD H GDV UHV
SHFWLYDV PHPyULDV GH FiOFXOR

4XDQGR R ILP GR PrV FDLU HP IHULDGR RX ViEDGR RX GRPLQJR FRQVLGHUDVH TXH R SUD]R
YHQFH QR GLD ~WLO LPHGLDWDPHQWH SRVWHULRU



&$'(512 

 $UW  FDSXW

'HVGREUDPHQWR

DWp  GLDV DSyV D SXEOLFDomR GR RUoDPHQWR

 SHOR

3RGHU ([HFXWLYR GDV UHFHLWDV SUHYLVWDV HP PHWDV ELPHVWUDLV GH DU

UHFDGDomR FRP D HVSHFLILFDomR HP VHSDUDGR TXDQGR FDEtYHO
PHGLGDV GH FRPEDWH j HYDVmR H j VRQHJDomR

GDV

GD TXDQWLGDGH H

YDORUHV GH Do}HV DMXL]DGDV SDUD FREUDQoD GD GtYLGD DWLYD H

GD

HYROXomR GR PRQWDQWH GRV FUpGLWRV WULEXWiULRV SDVVtYHLV GH FREUDQoD

DGPLQLVWUDWLYD
 $UW  FDSXW

DR ILP GRV PHVHV GH DEULO DJRVWR H GH]HPEUR

ILQDO
GH FDGD TXDGULPHVWUH
9HULILFDomR

 GR

FXPSULPHQWR GRV OLPLWHV GD GHVSHVD WRWDO FRP SHVVRDO RX VHMD DR

 SDUD VH H[FHGLGRV RV  GR OLPLWH SUXGHQFLDO

VH IDoD D LPSOHPHQWDomR GDV SURYLGrQFLDV HQXPHUDGDV QRV LQFLVRV GR

SDUiJUDIR ~QLFR GHVWH DUWLJR
 $UW  FDSXW H 

(OLPLQDomR

H 

QRV GRLV TXDGULPHVWUHV

VHJXLQWHV QDV SURSRUo}HV GH 

QR SULPHLUR H  QR VHJXQGR RX VHMD

ILP GH GH]HPEUR

 DWp ILP GH DJRVWR H  DWp

 GR SHUFHQWXDO H[FHGHQWH GR OLPLWH GD GHVSHVD WRWDO

FRP SHVVRDO SUHYLVWR QR DUW

$SOLFDomR

LPHGLDWD

GDV VHJXLQWHV UHVWULo}HV SUHYLVWDV QR 

GR DUW 

GHVGH TXH QmR DOFDQoDGD D UHGXomR QR SUD]R HVWDEHOHFLGR (QTXDQWR

SHUGXUDU R H[FHVVR D HQWLGDGH QmR SRGHUi
YROXQWiULDV

UHFHEHU WUDQVIHUrQFLDV

REWHU JDUDQWLD GLUHWD RX LQGLUHWD GH RXWUR HQWH SDUD

RSHUDo}HV GH FUpGLWR H

FRQWUDWDU RSHUDo}HV GH FUpGLWR UHVVDOYDGDV

DV GHVWLQDGDV DR UHILQDQFLDPHQWR GD GtYLGD PRELOLiULD H DV TXH YLVHP

j UHGXomR GDV GHVSHVDV FRP SHVVRDO

$SOLFDomR

LPHGLDWD

GDV UHVWULo}HV SUHYLVWDV QR 

VH D GHVSHVD WRWDO

FRP SHVVRDO H[FHGHU R OLPLWH QR SULPHLUR TXDGULPHVWUH GR ~OWLPR DQR

GR PDQGDWR GRV WLWXODUHV GH 3RGHU RX yUJmR
 $UW  

DR ILQDO GH FDGD TXD

QR ILP GRV PHVHV GH DEULO DJRVWR H GH]HPEUR

$SXUDomR GR PRQWDQWH GD GtYLGD FRQVROLGDGD

GULPHVWUH

 RX VHMD

SDUD ILQV GH YHULILFDomR GR DWHQGLPHQWR GR OLPLWH JOREDO SUHYLVWR QD

IRUPD HVWDEHOHFLGD QR FDSXW GHVWH DUWLJR H HP VHX LQFLVR , R OLPLWH p R
TXH HVWi HVWDEHOHFLGR QD 5HV  GR 6HQDGR )HGHUDO



&$'(512 

 $UW  FDSXW   

H 

5HFRQGXomR GD GtYLGD FRQVROLGDGD DR VHX OLPLWH VH R PHVPR WLYHU VLGR

TXDGULPHVWUH
WUrV TXDGULPHVWUHV

XOWUDSDVVDGR DR ILQDO GH XP
LPSOHPHQWDGD QRV

 GHYHQGR VHU D PHGLGD

VHJXLQWHV HVWDEHOHFLGD D UHGX

omR PtQLPD GH  QR SULPHLUR

$SOLFDomR

LPHGLDWD

SHUGXUDU R H[FHVVR

GDV VHJXLQWHV UHVWULo}HV SUHYLVWDV QR   HQTXDQWR

SURLELomR GH UHDOL]DU RSHUDomR GH FUpGLWR LQWHUQD

RX H[WHUQD LQFOXVLYH SRU DQWHFLSDomR GD UHFHLWD UHVVDOYDGR R UHILQDQ

FLDPHQWR GR SULQFLSDO DWXDOL]DGR GD GtYLGD PRELOLiULD

REWHQomR GH

UHVXOWDGR SULPiULR QHFHVViULR SDUD D UHFRQGXomR GD GtYLGD DR VHX OLPLWH

SURPRYHQGR HQWUH RXWUDV PHGLGDV OLPLWDomR GH HPSHQKR QD IRUPD

GR DUW  
$SOLFDomR DSyV R YHQFLPHQWR GR SUD]R SDUD D UHFRQGXomR GD GtYLGD
DR VHX OLPLWH GR LPSHGLPHQWR GH UHFHEHU WUDQVIHUrQFLDV YROXQWiULDV GD
8QLmR RX GR (VWDGR HQTXDQWR SHUGXUDU R H[FHVVR
 $UW  LQFLVRV , H ,,

5HDOL]DomR GDV RSHUDo}HV GH FUpGLWR SRU DQWHFLSDomR GD UHFHLWD $52

GLD ~WLO LPHGLD

 GLD GR LQtFLR
WDPHQWH VHJXLQWH
DWp R GLD  GH] GH GH]HPEUR GR H[HUFtFLR GH RULJHP
GD $52
GR H[HUFtFLR RX

VRPHQWH D SDUWLU GR

3DJDPHQWR

 FRP MXURV H RXWURV HQFDUJRV LQFLGHQWHV

 $UW  FDSXW H SDUiJUDIR ~QLFR

3URLELomR DR WLWXODU GH 3RGHU RX GH yUJmR GH FRQWUDLU REULJDomR GH

GHVSHVD QRV

GRLV ~OWLPRV TXDGULPHVWUHV GR VHX PDQGDWR

 RX VHMD

GHVGH TXDQGR HVVD REULJDomR QmR SRVVD VHU FXPSULGD LQWHJUDOPHQWH

GHQWUR GR SHUtRGR GHVVH PDQGDWR RX TXDQGR WHQKD SDUFHODV D VHUHP
SDJDV QR H[HUFtFLR SRVWHULRU VHP TXH KDMD VXILFLHQWH GLVSRQLELOLGDGH GH

FDL[D

LQtFLR GH PDLR GR ~OWLPR DQR GH PDQGDWR

DWp R ILQDO GR H[HUFtFLR

,QFOXVmR

QD GHWHUPLQDomR GDV GLVSRQLELOL

GDGHV GH FDL[D GRV HQFDUJRV H GHVSHVDV Mi FRPSURPLVVDGRV D SDJDU

 $UW  FDSXW H SDUiJUDIR ~QLFR

(QFDPLQKDPHQWR

2UoDPHQWiULDV

DWp GDWD GH HQYLR GR 3URMHWR GH /HL GH 'LUHWUL]HV

 SHOR 3RGHU ([HFXWLYR DR 3RGHU /HJLVODWLYR GH UHODWyULR

FRP DV LQIRUPDo}HV VREUH RV SURMHWRV HP DQGDPHQWR H VHX DWHQ

GLPHQWR DGHTXDGR H VREUH DV GHVSHVDV GH FRQVHUYDomR FRP R SDWUL
P{QLR S~EOLFR FRQIRUPH SUHYLVWR QR FDSXW GHVWH DUWLJR SDUD D LQFOXVmR



&$'(512 

GH QRYRV SURMHWRV QD OHL RUoDPHQWiULD H QDV UHIHUHQWHV DRV FUpGLWRV

DGLFLRQDLV
 $UW  SDUiJUDIR ~QLFR

,QFOXVmR GH QRWD H[SOLFDWLYD SHOD HPSUHVD FRQWURODGD SHOR 0XQLFtSLR

HP VHXV EDODQoRV WULPHVWUDLV

 LQFOXLQGR DV LQIRUPDo}HV HOHQFDGDV QRV

LQFLVRV , ,, H ,,, GR SDUiJUDIR ~QLFR

 $UW  FDSXW

&RORFDomR

GXUDQWH WRGR R H[HUFtFLR

 GDV FRQWDV DSUHVHQWDGDV SHOR

3UHIHLWR 0XQLFLSDO j GLVSRVLomR GRV FLGDGmRV H GDV LQVWLWXLo}HV GD

VRFLHGDGH SDUD FRQVXOWD H DSUHFLDomR QR 3RGHU /HJLVODWLYR 0XQLFLSDO
H QR yUJmR WpFQLFR UHVSRQViYHO SRU VXD HODERUDomR
 $UW  FDSXW LQFLVR , GR 

H 

(QFDPLQKDPHQWR SHOR 0XQLFtSLR

DWp  GH DEULO

 GH FySLD GR EDODQoR

GR H[HUFtFLR DQWHULRU DR 3RGHU ([HFXWLYR GR UHVSHFWLYR (VWDGR SDUD TXH

HVWH SRVVD SURFHGHU j FRQVROLGDomR GDV FRQWDV HP VXD HVIHUD GH
JRYHUQR GH IRUPD D YLDELOL]DU D SRVWHULRU FRQVROLGDomR GDV FRQWDV
S~EOLFDV GH kPELWR QDFLRQDO 2 GHVFXPSULPHQWR GR SUD]R DWp TXH D
VLWXDomR VHMD UHJXODUL]DGD LPSOLFDUi SURLELomR DR 0XQLFtSLR GH UHFHEHU
WUDQVIHUrQFLDV YROXQWiULDV H UHDOL]DU RSHUDo}HV GH FUpGLWR H[FHWR DV
GHVWLQDGDV DR UHILQDQFLDPHQWR GR SULQFLSDO DWXDOL]DGR GD GtYLGD PREL
OLiULD
 $UW  FDSXW VHXV LQFLVRV H DOtQHDV

DWp 
GLDV DSyV R HQFHUUDPHQWR GH FDGD ELPHVWUH
DWp R ILP GRV
PHVHV GH PDUoR PDLR DJRVWR QRYHPEUR GR H[HUFtFLR HP FXUVR H
MDQHLUR GR SRVWHULRU
3XEOLFDomR GR UHODWyULR UHVXPLGR GD H[HFXomR RUoDPHQWiULD
 RX VHMD

 FRP D FRPSRVLomR SUHYLVWD QRV LQFLVRV GHVWH

DUWLJR $QH[DomR DR UHODWyULR UHVXPLGR GD H[HFXomR RUoDPHQWiULD GDV

GHPRQVWUDo}HV HQXPHUDGDV QRV LQFLVRV GR DUW  H GR VHX   H

TXDQGR IRU R FDVR GD DSUHVHQWDomR GDV MXVWLILFDWLYDV SUHYLVWDV QR  

GHVWH DUWLJR
 $UW 

$FRPSDQKDPHQWR GR UHODWyULR UHVXPLGR GD H[HFXomR RUoDPHQWiULD

DWp  GLDV DSyV R HQFHUUDPHQWR GH FDGD ELPHVWUH

ILQDO GRV PHVHV GH PDUoR PDLR DJRVWR QRYHPEUR GR H[HUFtFLR HP
FXUVR H MDQHLUR GR VHJXLQWH

 RX VHMD DWp R

 SRU GHPRQVWUDWLYRV UHODWLYRV D



&$'(512 

DSXUDomR GD UHFHLWD FRUUHQWH OtTXLGD QD IRUPD GHILQLGD QR LQFLVR ,9

GR DUW   VXD HYROXomR DVVLP FRPR D SUHYLVmR GH VHX GHVHPSHQKR

DWp R ILQDO GR H[HUFtFLR

UHFHLWDV H GHVSHVDV SUHYLGHQFLiULDV D TXH VH UHIHUH R LQFLVR ,9 GR DUW



UHVXOWDGRV QRPLQDO H SULPiULR

GHVSHVDV FRP MXURV QD IRUPD GR LQFLVR ,, GR DUW  

5HVWRV D 3DJDU GHWDOKDQGR SRU 3RGHU H yUJmR UHIHULGR QR DUW 

RV YDORUHV LQVFULWRV RV SDJDPHQWRV UHDOL]DGRV H R PRQWDQWH D SDJDU

$FRPSDQKDPHQWR GR UHODWyULR UHVXPLGR GD H[HFXomR RUoDPHQWiULD

DWp  GLDV DSyV R HQFHUUDPHQWR GR ~OWLPR ELPHVWUH GR H[HUFtFLR

WDPEpP SRU GHPRQVWUDWLYRV

GR DWHQGLPHQWR GR GLVSRVWR QR LQFLVR ,,, GR DUW  GD &RQVWLWXLomR

GD UHS~EOLFD FRQIRUPH R 

GR DUW  GD /5)

GDV SURMHo}HV DWXDULDLV GRV UHJLPHV GH SUHYLGrQFLD VRFLDO JHUDO H

SUySULD GRV VHUYLGRUHV S~EOLFRV

GD YDULDomR SDWULPRQLDO HYLGHQFLDQGR D DOLHQDomR GH DWLYRV H D

DSOLFDomR GRV UHFXUVRV GHOD GHFRUUHQWHV

$FRPSDQKDPHQWR GR UHODWyULR UHVXPLGR GD H[HFXomR RUoDPHQWiULD

DWp  GLDV DSyV R HQFHUUDPHQWR GH FDGD ELPHVWUH TXDQGR IRU R

FDVR
 SRU MXVWLILFDWLYDV

GD OLPLWDomR GR HPSHQKR
GD IUXVWUDomR GH UHFHLWDV HVSHFLILFDQGR DV PHGLGDV GH FRPEDWH j
VRQHJDomR H j HYDVmR ILVFDO DGRWDGDV H D DGRWDU H DV Do}HV GH
ILVFDOL]DomR H FREUDQoD

 $UW 

ILQDO GH FDGD TXDGULPHVWUH

PHVHV GH DEULO DJRVWR H GH]HPEUR
(QFDPLQKDPHQWR DR

 RX VHMD

QR ILP GRV

 DR 3UHIHLWR 0XQLFLSDO SHORV

WLWXODUHV GD &kPDUD 0XQLFLSDO H GR 7ULEXQDO RX &RQVHOKR GH &RQWDV GR

0XQLFtSLR RQGH KRXYHU GR 5HODWyULR GD *HVWmR )LVFDO SDUD ILQV GH
LQWHJUDomR GDV FRQWDV PXQLFLSDLV
 $UW 

H 

DWp  GLDV DSyV R HQFHUUDPHQWR GR SHUtRGR D TXH

FRUUHVSRQGHU
PDLR VHWHPEUR GR
H[HUFtFLRHP FXUVRH MDQHLUR


3XEOLFDomR

 RX VHMD DWp R ILP GRV PHVHV GH

GR VHJXLQWH GR 5HODWyULR GH *HVWmR )LVFDO

FRP DPSOR DFHVVR DR S~EOLFR LQFOXVLYH SRU PHLR HOHWU{QLFR 2 0XQL

FtSLR TXH GHVFXPSULU R SUD]R SUHYLVWR HVWi SURLELGR GH UHFHEHU WUDQV



&$'(512 

IHUrQFLDV YROXQWiULDV H GH FRQWUDWDU RSHUDo}HV GH FUpGLWR H[FHWR DV

GHVWLQDGDV DR UHILQDQFLDPHQWR GR SULQFLSDO DWXDOL]DGR GD GtYLGD PREL
OLiULD
 $UW  

3URIHULPHQWR

DWp  GLDV GR UHFHELPHQWR GHVWDV

 SHOD &RPLVVmR GH

2UoDPHQWR H )LQDQoDV GD &kPDUD 0XQLFLSDO GH SDUHFHU VREUH DV FRQWDV

GRV WULEXQDLV RX FRQVHOKRV GH FRQWDV GR 0XQLFtSLR RQGH KRXYHU
 $UW  FDSXW H 

(PLVVmR GH SDUHFHU SUpYLR FRQFOXVLYR VREUH DV FRQWDV PXQLFLSDLV SHORV

WULEXQDLV GH FRQWDV GR (VWDGR RX GR SUySULR 0XQLFtSLR RQGH KRXYHU

QR SUD]R GH  GLDV

 VH RXWUR QmR WLYHU VLGR GHWHUPLQDGR SHOD OHL

RUJkQLFD PXQLFLSDO RX SHOD &RQVWLWXLomR (VWDGXDO 2 SDUHFHU SUpYLR

VHUi SURIHULGR QR SUD]R GH  GLDV SDUD RV 0XQLFtSLRV TXH QmR VHMDP
FDSLWDO H TXH WHQKDP PHQRV GH GX]HQWRV PLO KDELWDQWHV
 $UW  VHXV LQFLVRV DOtQHDV H

$XWRUL]DomR SDUD TXH RV 0XQLFtSLRV FRP SRSXODomR LQIHULRU D  PLO

KDELWDQWHV RSWHP SRU

ILQDO GH FDGD VHPHVWUH

MXQKR H GH GH]HPEUR
UHDOL]DU DR

 RX VHMD

QR ILP GRV PHVHV GH

 D YHULILFDomR GR FXPSULPHQWR SUHYLVWD QR

DUW GRV OLPLWHV GD GHVSHVD WRWDO FRP SHVVRDO YLGH DUW  H GD

UHSDUWLomR GHVVHV OLPLWHV JOREDLV GLVSRVWR QR DUW 

ILQDO GH FDGD VHPHVWUH

MXQKR H GH GH]HPEUR
UHDOL]DU DR

 RX VHMD

QR ILP GRV PHVHV GH

 D YHULILFDomR GR FXPSULPHQWR GR OLPLWH GD

GtYLGD FRQVROLGDGD

DWp  GLDV GR HQFHUUDPHQWR GR VHPHVWUH

DWp R
ILP GRV PHVHV GH MXOKR GR H[HUFtFLR HP FXUVR H GH MDQHLUR GR
VHJXLQWH
DWp  GLDV GR HQFHUUDPHQWR GR VHPHVWUH
DWp R
ILP GRV PHVHV GH MXOKR GR H[HUFtFLRHP FXUVR H MDQHLURGRVHJXLQWH
GLYXOJDU

 RX VHMD

R 5HODWyULR GD *HVWmR )LVFDO

GLYXOJDU

 RX VHMD

DV GHPRQVWUDo}HV TXH DFRPSDQKDP R 5HODWyULR 5HVXPLGR GD ([H

FXomR 2UoDPHQWiULD YLGH DUW 

TXLQWR H[HUFtFLR VHJXLQWH DR GD SXEOLFDomR GD

D SDUWLU GR DQR 

HODERUDU D SDUWLU GR

/5)

 RX VHMD

RV $QH[RV 0HWDV )LVFDLV H 5LVFRV

)LVFDLV GD /HL GH 'LUHWUL]HV 2UoDPHQWiULDV H R $QH[R GD /HL

2UoDPHQWiULD $QXDO FRQWHQGR D GHPRQVWUDomR GD FRPSDWLELOLGDGH
GD SURJUDPDomR GR RUoDPHQWR FRP RV REMHWLYRV GR $QH[R GDV 0HWDV
)LVFDLV YLGH LQFLVR , GR DUW 

H  GR DUW 



&$'(512 

6XEPLVVmR GR 0XQLFtSLR FRP SRSXODomR LQIHULRU D  PLO KDELWDQWHV VH

XOWUDSDVVDU RV OLPLWHV UHODWLYRV j GHVSHVD WRWDO FRP SHVVRDO RX j GtYLGD

HQTXDQWR SHUGXUDU HVWD VLWXDomR DRV PHVPRV SUD]RV GH

YHULILFDomR H GH UHWRUQR DRV OLPLWHV GHILQLGRV SDUD RV GHPDLV HQWHV
FRQVROLGDGD

 $UW  LQFLVRV , H ,, H SDUiJUDIR ~QLFR

6XVSHQVmR SDUD R 0XQLFtSLR QRV FDVRV GH FDODPLGDGH S~EOLFD UHFR

QKHFLGD SHODV $VVHPEOpLDV /HJLVODWLYDV EHP FRPR QRV GH HVWDGR GH
GHIHVD RX GH VtWLR GHFUHWDGR QD IRUPD SUHYLVWD QD &RQVWLWXLomR )HGHUDO

HQTXDQWR D VLWXDomR SHUGXUDU

 GD FRQWDJHP GRV SUD]RV H GDV GLV

SRVLo}HV HVWDEHOHFLGDV QRV DUWV  WUDWD GD UHFRQGXomR DRV OLPLWHV GD

GHVSHVD WRWDO GH SHVVRDO  GLVS}H VREUH D UHFRQGXomR DRV OLPLWHV GD
GtYLGD FRQVROLGDGD H  GLVS}H VREUH R HQTXDGUDPHQWR DR OLPLWH QRV
FDVRV HP TXH D GHVSHVD WRWDO GH SHVVRDO SUHYLVWD Mi WLYHU VLGR XOWUDSDV

VDGD QR H[HUFtFLR DQWHULRU DR GH SXEOLFDomR GD /5)

'LVSHQVD SDUD RV 0XQLFtSLRV QRV FDVRV GH FDODPLGDGH S~EOLFD UHFR
QKHFLGD SHODV $VVHPEOpLDV /HJLVODWLYDV EHP FRPR QRV GH HVWDGR GH
GHIHVD RX GH VtWLR GHFUHWDGR QD IRUPD SUHYLVWD QD &RQVWLWXLomR )HGHUDO

HQTXDQWR SHUGXUDU D VLWXDomR

 GR DWLQJLPHQWR GRV UHVXOWDGRV ILVFDLV H

GD OLPLWDomR GH HPSHQKR SUHYLVWD QR DUW  

 $UW  FDSXW H 

H 

'XSOLFDomR GRV SUD]RV HVWDEHOHFLGRV QRV DUWV   H  QR FDVR GH

FUHVFLPHQWR UHDO EDL[R RX QHJDWLYR GR 3URGXWR ,QWHUQR %UXWR 3,%

SRU SHUtRGR LJXDO RX VXSHULRU D TXDWUR

D
QRV TXDWUR TXDGULPHVWUHV VHJXLQWHV
VHQGR  QRV GRLV SULPHLURV H RV UHVWDQWHV  QRV VHJXLQWHV E
UHFRQGXomRDWp RWpUPLQR GRV VHLVTXDGULPHVWUHVVXEVHTHQ
WHV FRP UHGXomR GH  QRV GRLV SULPHLURV H RV UHVWDQWHV  QRV
TXDGULPHVWUHV VHJXLQWHV F
HQTXDGUDPHQWR DWp TXDWUR
H[HUFtFLRV FRP HOLPLQDomR GRV H[FHVVRV GH  GH GRLV HP GRLV
DQRV
HP DWp TXDWUR TXDGULPHVWUHV
QDFLRQDO UHJLRQDO RX HVWDGXDO

WULPHVWUHV

 DVVLP HQWHQGLGD

DUW  R H[FHGHQWH GD GHVSHVD GH

SHVVRDO WHUi GH VHU HOLPLQDGR

DUW

DUW

$PSOLDomR

 GR SUD]R SUHYLVWR QR DUW

QD KLSyWHVH GH VH YHULILFDUHP PXGDQoDV GUiVWLFDV QD FRQGXomR GDV

SROtWLFDV PRQHWiULD H FDPELDO UHFRQKHFLGDV SHOR 6HQDGR )HGHUDO
 $UW  FDSXW H 

$WHQomR SDUD HYHQWXDLV SUD]RV

IXWXUDV

GDV

TXH YHQKDP D VHU FULDGRV HP IXQomR

DSURYDomR H HQWUDGD HP YLJRU GD OHL



&$'(512 

IHGHUDO

 SUHYLVWD QR

GR DUW  TXH GLVSRUi VREUH D FRPSRVLomR H D IRUPD GH IXQFLRQD

PHQWR GR &RQVHOKR GH *HVWmR )LVFDO TXH VH HQFDUUHJDUi GR DFRPSD

QKDPHQWR H GD DYDOLDomR

SHUPDQHQWHV
D

GD JHVWmR ILVFDO REMHWLYDQGR

)HGHUDomR

GD SROtWLFD H RSHUDFLRQDOLGDGH

KDUPRQL]DU H FRRUGHQDU RV HQWHV GD

GLVVHPLQDU SUiWLFDV TXH UHVXOWHP HP PDLRU HILFLrQFLD QD

DORFDomR H H[HFXomR GR JDVWR S~EOLFR QD DUUHFDGDomR GH UHFHLWDV QR

FRQWUROH GR HQGLYLGDPHQWR H QD WUDQVSDUrQFLD GD JHVWmR ILVFDO

DGRWDU

QRUPDV GH FRQVROLGDomR GDV FRQWDV S~EOLFDV SDGURQL]DU DV SUHVWDo}HV

GH FRQWDV H UHODWyULRV H GHPRQVWUDWLYRV GH JHVWmR ILVFDO GH DFRUGR FRP

G
(VVD OHL SRGHUi LQFOXVLYH IL[DU SUD]RV SDUD D FRQV
WLWXLomR H LQtFLR GDV DWLYLGDGHV GHVVH &RQVHOKR LQFOXVLYH FULDQGR
FRPSURPLVVRV FRP UHODomR DR PHVPR SDUD RV 0XQLFtSLRV
R SUHYLVWR QR DUWLJR DTXL FRPHQWDGR H

GLYXOJDU DQiOLVHV HVWXGRV H

GLDJQyVWLFRV

 $UW  FDSXW

(QTXDGUDPHQWR

HP DWp GRLV H[HUFtFLRV

GR 3RGHU RX yUJmR UHIHULGR

QR DUW  FXMD GHVSHVD WRWDO FRP SHVVRDO QR H[HUFtFLR GH



HVWDYD

DFLPD GRV OLPLWHV HVWDEHOHFLGRV QR DUW  SHUFHQWXDO GD GHVSHVD WRWDO

SUHYLVWD SDUD FDGD HQWH GD )HGHUDomR VHQGR SDUD R 0XQLFtSLR GH 
GD 5HFHLWD &RUUHQWH /tTXLGD H QR DUW  UHSDUWLomR GHVVH SHUFHQWXDO
HQWUH /HJLVODWLYR 0XQLFLSDO LQFOXLQGR 7ULEXQDO GH FRQWDV GR 0XQLFtSLR
RQGH KRXYHU  H ([HFXWLYR 0XQLFLSDO  QR UHVSHFWLYR OLPLWH
HOLPLQDQGR R H[FHGHQWH JUDGXDOPHQWH j UD]mR GH SHOR PHQRV  

HOLPLQDomR GH QR PtQLPR PHWDGH HP  H R

UHVWDQWH HP 
DD RX VHMD

 $UW  FDSXW

3URLELomR DWp R WpUPLQR GR

HQWUDGD HP YLJRU GD /5)

WHUFHLUR H[HUFtFLR ILQDQFHLUR VHJXLQWH j

DWp GH]HPEUR GH 

 RX VHMD

 GH D GHVSHVD

WRWDO FRP SHVVRDO GRV 3RGHUHV H yUJmRV PHQFLRQDGRV QR DUW  GD /5)

XOWUDSDVVDU HP SHUFHQWXDO GD 5HFHLWD &RUUHQWH /tTXLGD D GHVSHVD
YHULILFDGD QR H[HUFtFLR LPHGLDWDPHQWH DQWHULRU DFUHVFLGD GH  VH
HVWD IRU LQIHULRU DR OLPLWH GHILQLGR QR DUW UHVVDOYDGD D KLSyWHVH GR
LQFLVR ; GR DUW  GD &RQVWLWXLomR )HGHUDO
 $UW  FDSXW

3URLELomR

DWp R WpUPLQR GR WHUFHLUR H[HUFtFLR VHJXLQWH

 LVWR p



GD GHVSHVD FRP VHYLoRV GH WHUFHLURV GRV 3RGHUHV H yUJmR UHIHULGRV QR

DUW H[FHGD HP SHUFHQWXDO GD 5HFHLWD &RUUHQWH /tTXLGD D GR H[HUFt
FLR DQWHULRU j HQWUDGD HP YLJRU GD /5)



&$'(512 

$QH[R

/HL&RPSOHPHQWDUQ
GHGHPDLRGH
/HLQ
GHGHRXWXEURGH

&$'(512 

&$'(512 

/HL&RPSOHPHQWDU1GHGH0DLRGH

(VWDEHOHFH QRUPDV GH ILQDQoDV S~EOLFDV YROWDGDV SDUD D UHVSRQVDEL

OLGDGH QD JHVWmR ILVFDO H Gi RXWUDV SURYLGrQFLDV

2 35(6,'(17( '$ 5(3%/,&$

)DoR VDEHU TXH R &RQJUHVVR 1DFLRQDO GHFUHWD H HX VDQFLRQR D VHJXLQWH /HL
&RPSOHPHQWDU

&DStWXOR ,
',6326,d(6 35(/,0,1$5(6
$UW  (VWD /HL &RPSOHPHQWDU HVWDEHOHFH QRUPDV GH ILQDQoDV S~EOLFDV
YROWDGDV SDUD D UHVSRQVDELOLGDGH QD JHVWmR ILVFDO FRP DPSDUR QR &DStWXOR
,, GR 7tWXOR 9, GD &RQVWLWXLomR

$ UHVSRQVDELOLGDGH QD JHVWmR ILVFDO SUHVVXS}H D DomR SODQHMDGD H

WUDQVSDUHQWH HP TXH VH SUHYLQHP ULVFRV H RULJHP GHVYLRV FDSD]HV GH DIHWDU

R HTXLOtEULR GDV FRQWDV S~EOLFDV PHGLDQWH R FXPSULPHQWR GH PHWDV GH
UHVXOWDGRV HQWUH UHFHLWDV H GHVSHVDV H D REHGLrQFLD D OLPLWHV H FRQGLo}HV QR
TXH WDQJH D UHQ~QFLD GH UHFHLWD JHUDomR GH GHVSHVDV FRP SHVVRDO GD
VHJXULGDGH VRFLDO H RXWUDV GtYLGDV FRQVROLGDGD H PRELOLiULD RSHUDo}HV GH
FUpGLWR LQFOXVLYH SRU DQWHFLSDomR GH UHFHLWD FRQFHVVmR GH JDUDQWLD H
LQVFULomR HP 5HVWRV D 3DJDU

$V GLVSRVLo}HV GHVWD /HL &RPSOHPHQWDU REULJDP D 8QLmR RV (VWDGRV

R 'LVWULWR )HGHUDO H RV 0XQLFtSLRV

1DV UHIHUrQFLDV

, j 8QLmR DRV (VWDGRV DR 'LVWULWR )HGHUDO H DRV 0XQLFtSLRV HVWmR

FRPSUHHQGLGRV

D R 3RGHU ([HFXWLYR R 3RGHU /HJLVODWLYR QHVWH DEUDQJLGRV RV 7ULEXQDLV GH

&RQWDV R 3RGHU -XGLFLiULR H R 0LQLVWpULR 3~EOLFR



&$'(512 

E DV UHVSHFWLYDV DGPLQLVWUDo}HV GLUHWDV IXQGRV DXWDUTXLDV IXQGDo}HV H

HPSUHVDV HVWDWDLV GHSHQGHQWHV

,, D (VWDGRV HQWHQGHVH FRQVLGHUDGR R 'LVWULWR )HGHUDO

,,, D 7ULEXQDLV GH &RQWDV HVWmR LQFOXtGRV 7ULEXQDO GH &RQWDV GD 8QLmR

7ULEXQDO GH &RQWDV GR (VWDGR H TXDQGR KRXYHU 7ULEXQDO GH &RQWDV GRV
0XQLFtSLRV H 7ULEXQDO GH &RQWDV GR 0XQLFtSLR

$UW  3DUD RV HIHLWRV GHVWD /HL &RPSOHPHQWDU HQWHQGHVH FRPR

, HQWH GD )HGHUDomR D 8QLmR FDGD (VWDGR R 'LVWULWR )HGHUDO H FDGD

0XQLFtSLR

,, HPSUHVD FRQWURODGD VRFLHGDGH FXMD PDLRULD GR FDSLWDO VRFLDO FRP

GLUHLWR D YRWR SHUWHQoD GLUHWD RX LQGLUHWDPHQWH D HQWH GD )HGHUDomR

,,, HPSUHVD HVWDWDO GHSHQGHQWH HPSUHVD FRQWURODGD TXH UHFHED GR HQWH

FRQWURODGRU UHFXUVRV ILQDQFHLURV SDUD SDJDPHQWR GH GHVSHVDV FRP SHVVRDO
RX GH FXVWHLR HP JHUDO RX GH FDSLWDO H[FOXtGRV QR ~OWLPR FDVR DTXHOHV
SURYHQLHQWHV GH DXPHQWR GH SDUWLFLSDomR DFLRQiULD

,9 UHFHLWD FRUUHQWH OtTXLGD VRPDWyULR GDV UHFHLWDV WULEXWiULDV GH FRQWUL

EXLo}HV SDWULPRQLDLV LQGXVWULDLV DJURSHFXiULDV GH VHUYLoRV WUDQVIHUrQFLDV
FRUUHQWHV H RXWUDV UHFHLWDV WDPEpP FRUUHQWHV GHGX]LGRV

D QD 8QLmR RV YDORUHV WUDQVIHULGRV DRV (VWDGRV H 0XQLFtSLRV SRU GHWHUPL

QDomR FRQVWLWXFLRQDO RX OHJDO H DV FRQWULEXLo}HV PHQFLRQDGDV QD DOtQHD D
GR LQFLVR , H QR LQFLVR ,, GR DUW  H QR DUW  GD &RQVWLWXLomR

E QRV (VWDGRV DV SDUFHODV HQWUHJXHV DRV 0XQLFtSLRV SRU GHWHUPLQDomR

FRQVWLWXFLRQDO

F QD 8QLmR QRV (VWDGRV H QRV 0XQLFtSLRV D FRQWULEXLomR GRV VHUYLGRUHV

SDUD R FXVWHLR GR VHX VLVWHPD GH SUHYLGrQFLD H DVVLVWrQFLD VRFLDO H DV UHFHLWDV
SURYHQLHQWHV GD FRPSHQVDomR ILQDQFHLUD FLWDGD QR 

GR DUW  GD

&RQVWLWXLomR

6HUmR FRPSXWDGRV QR FiOFXOR GD UHFHLWD FRUUHQWH OtTXLGD RV YDORUHV

SDJRV H UHFHELGRV HP GHFRUUrQFLD GD /HL &RPSOHPHQWDU QR  GH  GH



&$'(512 

VHWHPEUR GH  H GR IXQGR SUHYLVWR SHOR DUW  GR $WR GDV 'LVSRVLo}HV

&RQVWLWXFLRQDLV 7UDQVLWyULDV

1mR VHUmR FRQVLGHUDGRV QD UHFHLWD FRUUHQWH OtTXLGD GR 'LVWULWR )HGHUDO

H GRV (VWDGRV GR $PDSi H GH 5RUDLPD RV UHFXUVRV UHFHELGRV GD 8QLmR SDUD

DWHQGLPHQWR GDV GHVSHVDV GH TXH WUDWD R LQFLVR 9 GR 

GR DUW 

$ UHFHLWD FRUUHQWH OtTXLGD VHUi DSXUDGD VRPDQGRVH DV UHFHLWDV DUUH

FDGDGDV QR PrV HP UHIHUrQFLD H QRV RQ]H DQWHULRUHV H[FOXtGDV DV GXSOLFL

GDGHV

&DStWXOR ,,
'2 3/$1(-$0(172
6HomR ,
'R 3ODQR 3OXULDQXDO
$UW  9(7$'2

6HomR ,,
'D /HL GH 'LUHWUL]HV 2UoDPHQWiULDV
$UW  $ OHL GH GLUHWUL]HV RUoDPHQWiULDV DWHQGHUi R GLVSRVWR QR 

GR DUW

 GD &RQVWLWXLomR H

, GLVSRUi WDPEpP VREUH

D HTXLOtEULR HQWUH UHFHLWDV H GHVSHVDV

E FULWpULRV H IRUPD GH OLPLWDomR GH HPSHQKR D VHU HIHWLYDGD QDV KLSyWHVHV

SUHYLVWDV QD DOtQHD E GR LQFLVR ,, GHVWH DUWLJR QR DUW 


H QR LQFLVR ,, GR

GR DUW 

F 9(7$'2

G 9(7$'2

H QRUPDV UHODWLYDV DR FRQWUROH GH FXVWRV H j DYDOLDomR GRV UHVXOWDGRV GRV

SURJUDPDV ILQDQFLDGRV FRP UHFXUVRV GRV RUoDPHQWRV



&$'(512 

I GHPDLV FRQGLo}HV H H[LJrQFLDV SDUD WUDQVIHUrQFLDV GH UHFXUVRV D HQWLGDGHV

S~EOLFDV H SULYDGDV

,, 9(7$'2

,,, 9(7$'2

,QWHJUDUi R SURMHWR GH OHL GH GLUHWUL]HV RUoDPHQWiULDV $QH[R GH 0HWDV

)LVFDLV HP TXH VHUmR HVWDEHOHFLGDV PHWDV DQXDLV HP YDORUHV FRUUHQWHV H

FRQVWDQWHV UHODWLYDV D UHFHLWDV GHVSHVDV UHVXOWDGRV QRPLQDO H SULPiULR H
PRQWDQWH GD GtYLGD S~EOLFD SDUD R H[HUFtFLR D TXH VH UHIHULUHP H SDUD RV
GRLV VHJXLQWHV

2 $QH[R FRQWHUi DLQGD

, DYDOLDomR GR FXPSULPHQWR GDV PHWDV UHODWLYDV DR DQR DQWHULRU

,, GHPRQVWUDWLYR GDV PHWDV DQXDLV LQVWUXtGR FRP PHPyULD H PHWRGRORJLD

GH FiOFXOR TXH MXVWLILTXHP RV UHVXOWDGRV SUHWHQGLGRV FRPSDUDQGRDV FRP
DV IL[DGDV QRV WUrV H[HUFtFLRV DQWHULRUHV H HYLGHQFLDQGR D FRQVLVWrQFLD GHODV
FRP DV SUHPLVVDV H RV REMHWLYRV GD SROtWLFD HFRQ{PLFD QDFLRQDO

,,, HYROXomR GR SDWULP{QLR OtTXLGR WDPEpP QRV ~OWLPRV WUrV H[HUFtFLRV

GHVWDFDQGR D RULJHP H D DSOLFDomR GRV UHFXUVRV REWLGRV FRP D DOLHQDomR
GH DWLYRV

,9 DYDOLDomR GD VLWXDomR ILQDQFHLUD H DWXDULDO

D GRV UHJLPHV JHUDO GH SUHYLGrQFLD VRFLDO H SUySULR GRV VHUYLGRUHV S~EOLFRV

H GR )XQGR GH $PSDUR DR 7UDEDOKDGRU

E GRV GHPDLV IXQGRV S~EOLFRV H SURJUDPDV HVWDWDLV GH QDWXUH]D DWXDULDO

9 GHPRQVWUDWLYR GD HVWLPDWLYD H FRPSHQVDomR GD UHQ~QFLD GH UHFHLWD H

GD PDUJHP GH H[SDQVmR GDV GHVSHVDV REULJDWyULDV GH FDUiWHU FRQWLQXDGR

$ OHL GH GLUHWUL]HV RUoDPHQWiULDV FRQWHUi $QH[R GH 5LVFRV )LVFDLV RQGH

VHUmR DYDOLDGRV RV SDVVLYRV FRQWLQJHQWHV H RXWURV ULVFRV FDSD]HV GH DIHWDU DV

FRQWDV S~EOLFDV LQIRUPDQGR DV SURYLGrQFLDV D VHUHP WRPDGDV FDVR VH
FRQFUHWL]HP



&$'(512 

$ PHQVDJHP TXH HQFDPLQKDU R SURMHWR GD 8QLmR DSUHVHQWDUi HP

DQH[R HVSHFtILFR RV REMHWLYRV GDV SROtWLFDV PRQHWiULD FUHGLWtFLD H FDPELDO

EHP FRPR RV SDUkPHWURV H DV SURMHo}HV SDUD VHXV SULQFLSDLV DJUHJDGRV H
YDULiYHLV H DLQGD DV PHWDV GH LQIODomR SDUD R H[HUFtFLR VXEVHTHQWH

6HomR ,,,
'D /HL 2UoDPHQWiULD $QXDO
$UW  2 SURMHWR GH OHL RUoDPHQWiULD DQXDO HODERUDGR GH IRUPD FRPSDWtYHO
FRP R SODQR SOXULDQXDO FRP D OHL GH GLUHWUL]HV RUoDPHQWiULDV H FRP DV
QRUPDV GHVWD /HL &RPSOHPHQWDU
, FRQWHUi HP DQH[R GHPRQVWUDWLYR GD FRPSDWLELOLGDGH GD SURJUDPDomR
GRV RUoDPHQWRV FRP RV REMHWLYRV H PHWDV FRQVWDQWHV GR GRFXPHQWR GH TXH
WUDWD R 

GR DUW 

,, VHUi DFRPSDQKDGR GR GRFXPHQWR D TXH VH UHIHUH R 

GR DUW  GD

&RQVWLWXLomR EHP FRPR GDV PHGLGDV GH FRPSHQVDomR D UHQ~QFLDV GH

UHFHLWD H DR DXPHQWR GH GHVSHVDV REULJDWyULDV GH FDUiWHU FRQWLQXDGR
,,, FRQWHUi UHVHUYD GH FRQWLQJrQFLD FXMD IRUPD GH XWLOL]DomR H PRQWDQWH
GHILQLGR FRP EDVH QD UHFHLWD FRUUHQWH OtTXLGD VHUmR HVWDEHOHFLGRV QD OHL GH
GLUHWUL]HV RUoDPHQWiULDV GHVWLQDGD DR
D 9(7$'2
E DWHQGLPHQWR GH SDVVLYRV FRQWLQJHQWHV H RXWURV ULVFRV H HYHQWRV ILVFDLV
LPSUHYLVWRV


7RGDV DV GHVSHVDV UHODWLYDV j GtYLGD S~EOLFD PRELOLiULD RX FRQWUDWXDO

H DV UHFHLWDV TXH DV DWHQGHUmR FRQVWDUmR GD OHL RUoDPHQWiULD DQXDO



2 UHILQDQFLDPHQWR GD GtYLGD S~EOLFD FRQVWDUi VHSDUDGDPHQWH QD OHL

RUoDPHQWiULD H QDV GH FUpGLWR DGLFLRQDO



$ DWXDOL]DomR PRQHWiULD GR SULQFLSDO GD GtYLGD PRELOLiULD UHILQDQFLDGD

QmR SRGHUi VXSHUDU D YDULDomR GR tQGLFH GH SUHoRV SUHYLVWR QD OHL GH

GLUHWUL]HV RUoDPHQWiULDV RX HP OHJLVODomR HVSHFtILFD


e YHGDGR FRQVLJQDU QD OHL RUoDPHQWiULD FUpGLWR FRP ILQDOLGDGH LPSUH

FLVD RX FRP GRWDomR LOLPLWDGD



&$'(512 

$ OHL RUoDPHQWiULD QmR FRQVLJQDUi GRWDomR SDUD LQYHVWLPHQWR FRP

GXUDomR VXSHULRU D XP H[HUFtFLR ILQDQFHLUR TXH QmR HVWHMD SUHYLVWR QR SODQR

SOXULDQXDO RX HP OHL TXH DXWRUL]H D VXD LQFOXVmR FRQIRUPH GLVSRVWR QR


GR DUW  GD &RQVWLWXLomR

,QWHJUDUmR DV GHVSHVDV GD 8QLmR H VHUmR LQFOXtGDV QD OHL RUoDPHQWiULD

DV GR %DQFR &HQWUDO GR %UDVLO UHODWLYDV D SHVVRDO H HQFDUJRV VRFLDLV FXVWHLR

DGPLQLVWUDWLYR LQFOXVLYH RV GHVWLQDGRV D EHQHItFLRV H DVVLVWrQFLD DRV VHUYL
GRUHV H D LQYHVWLPHQWRV

9(7$'2

$UW  9(7$'2

$UW  2 UHVXOWDGR GR %DQFR &HQWUDO GR %UDVLO DSXUDGR DSyV D FRQVWLWXLomR

RX UHYHUVmR GH UHVHUYDV FRQVWLWXL UHFHLWD GR 7HVRXUR 1DFLRQDO H VHUi
WUDQVIHULGR DWp R GpFLPR GLD ~WLO VXEVHTHQWH j DSURYDomR GRV EDODQoRV
VHPHVWUDLV

2 UHVXOWDGR QHJDWLYR FRQVWLWXLUi REULJDomR GR 7HVRXUR SDUD FRP R

%DQFR &HQWUDO GR %UDVLO H VHUi FRQVLJQDGR HP GRWDomR HVSHFtILFD QR

RUoDPHQWR

2 LPSDFWR H R FXVWR ILVFDO GDV RSHUDo}HV UHDOL]DGDV SHOR %DQFR &HQWUDO

GR %UDVLO VHUmR GHPRQVWUDGRV WULPHVWUDOPHQWH QRV WHUPRV HP TXH GLVSXVHU

D OHL GH GLUHWUL]HV RUoDPHQWiULDV GD 8QLmR

2V EDODQoRV WULPHVWUDLV GR %DQFR &HQWUDO GR %UDVLO FRQWHUmR QRWDV

H[SOLFDWLYDV VREUH RV FXVWRV GD UHPXQHUDomR GDV GLVSRQLELOLGDGHV GR 7HVRX

UR 1DFLRQDO H GD PDQXWHQomR GDV UHVHUYDV FDPELDLV H D UHQWDELOLGDGH GH
VXD FDUWHLUD GH WtWXORV GHVWDFDQGR RV GH HPLVVmR GD 8QLmR

6HomR ,9
'D ([HFXomR 2UoDPHQWiULD H GR &XPSULPHQWR GDV 0HWDV
$UW  $Wp WULQWD GLDV DSyV D SXEOLFDomR GRV RUoDPHQWRV QRV WHUPRV HP
TXH GLVSXVHU D OHL GH GLUHWUL]HV RUoDPHQWiULDV H REVHUYDGR R GLVSRVWR QD
DOtQHD F GR LQFLVR , GR DUW R R 3RGHU ([HFXWLYR HVWDEHOHFHUi D SURJUDPDomR
ILQDQFHLUD H R FURQRJUDPD GH H[HFXomR PHQVDO GH GHVHPEROVR



&$'(512 

3DUiJUDIR ~QLFR 2V UHFXUVRV OHJDOPHQWH YLQFXODGRV D ILQDOLGDGH HVSHFtILFD

VHUmR XWLOL]DGRV H[FOXVLYDPHQWH SDUD DWHQGHU DR REMHWR GH VXD YLQFXODomR
DLQGD TXH HP H[HUFtFLR GLYHUVR GDTXHOH HP TXH RFRUUHU R LQJUHVVR

$UW  6H YHULILFDGR DR ILQDO GH XP ELPHVWUH TXH D UHDOL]DomR GD UHFHLWD

SRGHUi QmR FRPSRUWDU R FXPSULPHQWR GDV PHWDV GH UHVXOWDGR SULPiULR RX
QRPLQDO HVWDEHOHFLGDV QR $QH[R GH 0HWDV )LVFDLV RV 3RGHUHV H R 0LQLVWpULR
3~EOLFR SURPRYHUmR SRU DWR SUySULR H QRV PRQWDQWHV QHFHVViULRV QRV WULQWD
GLDV VXEVHTHQWHV OLPLWDomR GH HPSHQKR H PRYLPHQWDomR ILQDQFHLUD
VHJXQGR RV FULWpULRV IL[DGRV SHOD OHL GH GLUHWUL]HV RUoDPHQWiULDV

1R FDVR GH UHVWDEHOHFLPHQWR GD UHFHLWD SUHYLVWD

DLQGD TXH SDUFLDO D

UHFRPSRVLomR GDV GRWDo}HV FXMRV HPSHQKRV IRUDP OLPLWDGRV GDUVHi GH

IRUPD SURSRUFLRQDO jV UHGXo}HV HIHWLYDGDV

1mR VHUmR REMHWR GH OLPLWDomR DV GHVSHVDV TXH FRQVWLWXDP REULJDo}HV

FRQVWLWXFLRQDLV H OHJDLV GR HQWH LQFOXVLYH DTXHODV GHVWLQDGDV DR SDJDPHQWR

GR VHUYLoR GD GtYLGD H DV UHVVDOYDGDV SHOD OHL GH GLUHWUL]HV RUoDPHQWiULDV

1R FDVR GH RV 3RGHUHV /HJLVODWLYR H -XGLFLiULR H R 0LQLVWpULR 3~EOLFR

QmR SURPRYHUHP D OLPLWDomR QR SUD]R HVWDEHOHFLGR QR FDSXW p R 3RGHU

([HFXWLYR DXWRUL]DGR D OLPLWDU RV YDORUHV ILQDQFHLURV VHJXQGR RV FULWpULRV
IL[DGRV SHOD OHL GH GLUHWUL]HV RUoDPHQWiULDV

$Wp R ILQDO GRV PHVHV GH PDLR VHWHPEUR H IHYHUHLUR R 3RGHU ([HFXWLYR

GHPRQVWUDUi H DYDOLDUi R FXPSULPHQWR GDV PHWDV ILVFDLV GH FDGD TXDGULPHV

WUH HP DXGLrQFLD S~EOLFD QD FRPLVVmR UHIHULGD QR 

GR DUW  GD

&RQVWLWXLomR RX HTXLYDOHQWH QDV &DVDV /HJLVODWLYDV HVWDGXDLV H PXQLFLSDLV

1R

SUD]R GH QRYHQWD GLDV DSyV R HQFHUUDPHQWR GH FDGD VHPHVWUH R

%DQFR &HQWUDO GR %UDVLO DSUHVHQWDUi HP UHXQLmR FRQMXQWD GDV FRPLVV}HV

WHPiWLFDV SHUWLQHQWHV GR &RQJUHVVR 1DFLRQDO DYDOLDomR GR FXPSULPHQWR
GRV REMHWLYRV H PHWDV GDV SROtWLFDV PRQHWiULD FUHGLWtFLD H FDPELDO HYLGHQ
FLDQGR R LPSDFWR H R FXVWR ILVFDO GH VXDV RSHUDo}HV H RV UHVXOWDGRV
GHPRQVWUDGRV QRV EDODQoRV

$UW  $ H[HFXomR RUoDPHQWiULD H ILQDQFHLUD LGHQWLILFDUi RV EHQHILFLiULRV

GH SDJDPHQWR GH VHQWHQoDV MXGLFLDLV SRU PHLR GH VLVWHPD GH FRQWDELOLGDGH
H DGPLQLVWUDomR ILQDQFHLUD SDUD ILQV GH REVHUYkQFLD GD RUGHP FURQROyJLFD
GHWHUPLQDGD QR DUW  GD &RQVWLWXLomR



&$'(512 

&DStWXOR ,,,
'$ 5(&(,7$ 3%/,&$
6HomR ,'D 3UHYLVmR H GD $UUHFDGDomR
$UW  &RQVWLWXHP UHTXLVLWRV HVVHQFLDLV GD UHVSRQVDELOLGDGH QD JHVWmR ILVFDO
D LQVWLWXLomR SUHYLVmR H HIHWLYD DUUHFDGDomR GH WRGRV RV WULEXWRV GD FRPSH
WrQFLD FRQVWLWXFLRQDO GR HQWH GD )HGHUDomR

3DUiJUDIR ~QLFR e YHGDGD D UHDOL]DomR GH WUDQVIHUrQFLDV YROXQWiULDV SDUD R

HQWH TXH QmR REVHUYH R GLVSRVWR QR FDSXW QR TXH VH UHIHUH DRV LPSRVWRV

$UW  $V SUHYLV}HV GH UHFHLWD REVHUYDUmR DV QRUPDV WpFQLFDV H OHJDLV

FRQVLGHUDUmR RV HIHLWRV GDV DOWHUDo}HV QD OHJLVODomR GD YDULDomR GR tQGLFH
GH SUHoRV GR FUHVFLPHQWR HFRQ{PLFR RX GH TXDOTXHU RXWUR IDWRU UHOHYDQWH
H VHUmR DFRPSDQKDGDV GH GHPRQVWUDWLYR GH VXD HYROXomR QRV ~OWLPRV WUrV
DQRV GD SURMHomR SDUD RV GRLV VHJXLQWHV jTXHOH D TXH VH UHIHULUHP H GD
PHWRGRORJLD GH FiOFXOR H SUHPLVVDV XWLOL]DGDV

5HHVWLPDWLYD GH UHFHLWD SRU SDUWH GR 3RGHU /HJLVODWLYR Vy VHUi DGPLWLGD

VH FRPSURYDGR HUUR RX RPLVVmR GH RUGHP WpFQLFD RX OHJDO

2 PRQWDQWH SUHYLVWR SDUD DV UHFHLWDV GH RSHUDo}HV GH FUpGLWR QmR

SRGHUi VHU VXSHULRU DR GDV GHVSHVDV GH FDSLWDO FRQVWDQWHV GR SURMHWR GH OHL

RUoDPHQWiULD

2 3RGHU ([HFXWLYR GH FDGD HQWH FRORFDUi j GLVSRVLomR GRV GHPDLV

3RGHUHV H GR 0LQLVWpULR 3~EOLFR QR PtQLPR WULQWD GLDV DQWHV GR SUD]R ILQDO

SDUD HQFDPLQKDPHQWR GH VXDV SURSRVWDV RUoDPHQWiULDV RV HVWXGRV H DV
HVWLPDWLYDV GDV UHFHLWDV SDUD R H[HUFtFLR VXEVHTHQWH LQFOXVLYH GD FRUUHQWH
OtTXLGD H DV UHVSHFWLYDV PHPyULDV GH FiOFXOR

$UW  1R SUD]R SUHYLVWR QR DUW   DV UHFHLWDV SUHYLVWDV VHUmR GHVGREUDGDV

SHOR 3RGHU ([HFXWLYR HP PHWDV ELPHVWUDLV GH DUUHFDGDomR FRP D HV
SHFLILFDomR HP VHSDUDGR TXDQGR FDEtYHO GDV PHGLGDV GH FRPEDWH j
HYDVmR H j VRQHJDomR GD TXDQWLGDGH H YDORUHV GH Do}HV DMXL]DGDV SDUD
FREUDQoD GD GtYLGD DWLYD EHP FRPR GD HYROXomR GR PRQWDQWH GRV FUpGLWRV
WULEXWiULRV SDVVtYHLV GH FREUDQoD DGPLQLVWUDWLYD



&$'(512 

6HomR ,,
'D 5HQ~QFLD GH 5HFHLWD
$UW  $ FRQFHVVmR RX DPSOLDomR GH LQFHQWLYR RX EHQHItFLR GH QDWXUH]D
WULEXWiULD GD TXDO GHFRUUD UHQ~QFLD GH UHFHLWD GHYHUi HVWDU DFRPSDQKDGD
GH HVWLPDWLYD GR LPSDFWR RUoDPHQWiULRILQDQFHLUR QR H[HUFtFLR HP TXH
GHYD LQLFLDU VXD YLJrQFLD H QRV GRLV VHJXLQWHV DWHQGHU DR GLVSRVWR QD OHL GH
GLUHWUL]HV RUoDPHQWiULDV H D SHOR PHQRV XPD GDV VHJXLQWHV FRQGLo}HV

, GHPRQVWUDomR SHOR SURSRQHQWH GH TXH D UHQ~QFLD IRL FRQVLGHUDGD QD

HVWLPDWLYD GH UHFHLWD GD OHL RUoDPHQWiULD QD IRUPD GR DUW  H GH TXH QmR
DIHWDUi DV PHWDV GH UHVXOWDGRV ILVFDLV SUHYLVWDV QR DQH[R SUySULR GD OHL GH
GLUHWUL]HV RUoDPHQWiULDV

,, HVWDU DFRPSDQKDGD GH PHGLGDV GH FRPSHQVDomR QR SHUtRGR PHQFLR

QDGR QR FDSXW SRU PHLR GR DXPHQWR GH UHFHLWD SURYHQLHQWH GD HOHYDomR
GH DOtTXRWDV DPSOLDomR GD EDVH GH FiOFXOR PDMRUDomR RX FULDomR GH WULEXWR
RX FRQWULEXLomR

$ UHQ~QFLD FRPSUHHQGH DQLVWLD UHPLVVmR VXEVtGLR FUpGLWR SUHVXPLGR

FRQFHVVmR GH LVHQomR HP FDUiWHU QmR JHUDO DOWHUDomR GH DOtTXRWD RX

PRGLILFDomR GH EDVH GH FiOFXOR TXH LPSOLTXH UHGXomR GLVFULPLQDGD GH
WULEXWRV RX FRQWULEXLo}HV H RXWURV EHQHItFLRV TXH FRUUHVSRQGDP D WUDWD
PHQWR GLIHUHQFLDGR

6H R DWR GH FRQFHVVmR RX DPSOLDomR GR LQFHQWLYR RX EHQHItFLR GH TXH

WUDWD R FDSXW GHVWH DUWLJR GHFRUUHU GD FRQGLomR FRQWLGD QR LQFLVR ,, R

EHQHItFLR Vy HQWUDUi HP YLJRU TXDQGR LPSOHPHQWDGDV DV PHGLGDV UHIHULGDV
QR PHQFLRQDGR LQFLVR

2 GLVSRVWR QHVWH DUWLJR QmR VH DSOLFD

, jV DOWHUDo}HV GDV DOtTXRWDV GRV LPSRVWRV SUHYLVWRV QRV LQFLVRV , ,, ,9 H 9

GR DUW  GD &RQVWLWXLomR QD IRUPD GR VHX  

,, DR FDQFHODPHQWR GH GpELWR FXMR PRQWDQWH VHMD LQIHULRU DR GRV UHV

SHFWLYRV FXVWRV GH FREUDQoD



&$'(512 

&DStWXOR ,9
'$ '(63(6$ 3%/,&$
6HomR ,
'D *HUDomR GD 'HVSHVD
$UW  6HUmR FRQVLGHUDGDV QmR DXWRUL]DGDV LUUHJXODUHV H OHVLYDV DR SDWUL
P{QLR S~EOLFR D JHUDomR GH GHVSHVD RX DVVXQomR GH REULJDomR TXH QmR
DWHQGDP R GLVSRVWR QRV DUWV  H 

$UW  $ FULDomR H[SDQVmR RX DSHUIHLoRDPHQWR GH DomR JRYHUQDPHQWDO

TXH DFDUUHWH DXPHQWR GD GHVSHVD VHUi DFRPSDQKDGR GH

, HVWLPDWLYD GR LPSDFWR RUoDPHQWiULRILQDQFHLUR QR H[HUFtFLR HP TXH GHYD

HQWUDU HP YLJRU H QRV GRLV VXEVHTHQWHV

,, GHFODUDomR GR RUGHQDGRU GD GHVSHVD GH TXH R DXPHQWR WHP DGHTXDomR

RUoDPHQWiULD H ILQDQFHLUD FRP D OHL RUoDPHQWiULD DQXDO H FRPSDWLELOLGDGH
FRP R SODQR SOXULDQXDO H FRP D OHL GH GLUHWUL]HV RUoDPHQWiULDV

3DUD RV ILQV GHVWD /HL &RPSOHPHQWDU FRQVLGHUDVH

, DGHTXDGD FRP D OHL RUoDPHQWiULD DQXDO D GHVSHVD REMHWR GH GRWDomR

HVSHFtILFD H VXILFLHQWH RX TXH HVWHMD DEUDQJLGD SRU FUpGLWR JHQpULFR GH
IRUPD TXH VRPDGDV WRGDV DV GHVSHVDV GD PHVPD HVSpFLH UHDOL]DGDV H D
UHDOL]DU SUHYLVWDV QR SURJUDPD GH WUDEDOKR QmR VHMDP XOWUDSDVVDGRV RV
OLPLWHV HVWDEHOHFLGRV SDUD R H[HUFtFLR

,, FRPSDWtYHO FRP R SODQR SOXULDQXDO H D OHL GH GLUHWUL]HV RUoDPHQWiULDV

D GHVSHVD TXH VH FRQIRUPH FRP DV GLUHWUL]HV REMHWLYRV SULRULGDGHV H PHWDV
SUHYLVWRV QHVVHV LQVWUXPHQWRV H QmR LQIULQMD TXDOTXHU GH VXDV GLVSRVLo}HV

$ HVWLPDWLYD GH TXH WUDWD R LQFLVR , GR FDSXW VHUi DFRPSDQKDGD GDV

SUHPLVVDV H PHWRGRORJLD GH FiOFXOR XWLOL]DGDV

5HVVDOYDVH GR GLVSRVWR QHVWH DUWLJR D GHVSHVD FRQVLGHUDGD LUUHOHYDQWH

QRV WHUPRV HP TXH GLVSXVHU D OHL GH GLUHWUL]HV RUoDPHQWiULDV

$V QRUPDV GR FDSXW FRQVWLWXHP FRQGLomR SUpYLD SDUD



&$'(512 

, HPSHQKR H OLFLWDomR GH VHUYLoRV IRUQHFLPHQWR GH EHQV RX H[HFXomR GH

REUDV

,, GHVDSURSULDomR GH LPyYHLV XUEDQRV D TXH VH UHIHUH R 

GR DUW 

GD &RQVWLWXLomR

6XEVHomR ,
'D 'HVSHVD 2EULJDWyULD GH &DUiWHU &RQWLQXDGR
$UW  &RQVLGHUDVH REULJDWyULD GH FDUiWHU FRQWLQXDGR D GHVSHVD FRUUHQWH
GHULYDGD GH OHL PHGLGD SURYLVyULD RX DWR DGPLQLVWUDWLYR QRUPDWLYR TXH
IL[HP SDUD R HQWH D REULJDomR OHJDO GH VXD H[HFXomR SRU XP SHUtRGR
VXSHULRU D GRLV H[HUFtFLRV

2V DWRV TXH FULDUHP RX DXPHQWDUHP GHVSHVD GH TXH WUDWD R FDSXW

GHYHUmR VHU LQVWUXtGRV FRP D HVWLPDWLYD SUHYLVWD QR LQFLVR , GR DUW  H

GHPRQVWUDU D RULJHP GRV UHFXUVRV SDUD VHX FXVWHLR

3DUD HIHLWR GR DWHQGLPHQWR GR   R DWR VHUi DFRPSDQKDGR GH

FRPSURYDomR GH TXH D GHVSHVD FULDGD RX DXPHQWDGD QmR DIHWDUi DV PHWDV

GH UHVXOWDGRV ILVFDLV SUHYLVWDV QR DQH[R UHIHULGR QR 

GR DUW  GHYHQGR

VHXV HIHLWRV ILQDQFHLURV QRV SHUtRGRV VHJXLQWHV VHU FRPSHQVDGRV SHOR

DXPHQWR SHUPDQHQWH GH UHFHLWD RX SHOD UHGXomR SHUPDQHQWH GH GHVSHVD

3DUD HIHLWR GR   FRQVLGHUDVH DXPHQWR SHUPDQHQWH GH UHFHLWD R

SURYHQLHQWH GD HOHYDomR GH DOtTXRWDV DPSOLDomR GD EDVH GH FiOFXOR

PDMRUDomR RX FULDomR GH WULEXWR RX FRQWULEXLomR

 $ FRPSURYDomR UHIHULGD QR   DSUHVHQWDGD SHOR SURSRQHQWH FRQWHUi

DV SUHPLVVDV H PHWRGRORJLD GH FiOFXOR XWLOL]DGDV VHP SUHMXt]R GR H[DPH
GH FRPSDWLELOLGDGH GD GHVSHVD FRP DV GHPDLV QRUPDV GR SODQR SOXULDQXDO
H GD OHL GH GLUHWUL]HV RUoDPHQWiULDV

$ GHVSHVD GH TXH WUDWD HVWH DUWLJR QmR VHUi H[HFXWDGD DQWHV GD LPSOH

PHQWDomR GDV PHGLGDV UHIHULGDV QR   DV TXDLV LQWHJUDUmR R LQVWUXPHQWR

TXH D FULDU RX DXPHQWDU

2 GLVSRVWR QR  QmR VH DSOLFD jV GHVSHVDV GHVWLQDGDV DR VHUYLoR GD

GtYLGD QHP DR UHDMXVWDPHQWR GH UHPXQHUDomR GH SHVVRDO GH TXH WUDWD R

LQFLVR ; GR DUW  GD &RQVWLWXLomR



&$'(512 

&RQVLGHUDVH DXPHQWR GH GHVSHVD D SURUURJDomR GDTXHOD FULDGD SRU

SUD]R GHWHUPLQDGR

6HomR ,,
'DV 'HVSHVDV FRP 3HVVRDO
6XEVHomR ,
'HILQLo}HV H /LPLWHV
$UW  3DUD RV HIHLWRV GHVWD /HL &RPSOHPHQWDU HQWHQGHVH FRPR GHVSHVD
WRWDO FRP SHVVRDO R VRPDWyULR GRV JDVWRV GR HQWH GD )HGHUDomR FRP RV
DWLYRV RV LQDWLYRV H RV SHQVLRQLVWDV UHODWLYRV D PDQGDWRV HOHWLYRV FDUJRV
IXQo}HV RX HPSUHJRV FLYLV PLOLWDUHV H GH PHPEURV GH 3RGHU FRP TXDLV
TXHU HVSpFLHV UHPXQHUDWyULDV WDLV FRPR YHQFLPHQWRV H YDQWDJHQV IL[DV H
YDULiYHLV VXEVtGLRV SURYHQWRV GD DSRVHQWDGRULD UHIRUPDV H SHQV}HV LQFOX
VLYH DGLFLRQDLV JUDWLILFDo}HV KRUDV H[WUDV H YDQWDJHQV SHVVRDLV GH TXDOTXHU
QDWXUH]D EHP FRPR HQFDUJRV VRFLDLV H FRQWULEXLo}HV UHFROKLGDV SHOR HQWH
jV HQWLGDGHV GH SUHYLGrQFLD


2V YDORUHV GRV FRQWUDWRV GH WHUFHLUL]DomR GH PmRGHREUD TXH VH

UHIHUHP j VXEVWLWXLomR GH VHUYLGRUHV H HPSUHJDGRV S~EOLFRV VHUmR FRQWDEL

OL]DGRV FRPR 2XWUDV 'HVSHVDV GH 3HVVRDO


$ GHVSHVD WRWDO FRP SHVVRDO VHUi DSXUDGD VRPDQGRVH D UHDOL]DGD QR

PrV HP UHIHUrQFLD FRP DV GRV RQ]H LPHGLDWDPHQWH DQWHULRUHV DGRWDQGRVH

R UHJLPH GH FRPSHWrQFLD
$UW  3DUD RV ILQV GR GLVSRVWR QR FDSXW GR DUW  GD &RQVWLWXLomR D
GHVSHVD WRWDO FRP SHVVRDO HP FDGD SHUtRGR GH DSXUDomR H HP FDGD HQWH
GD )HGHUDomR QmR SRGHUi H[FHGHU RV SHUFHQWXDLV GD UHFHLWD FRUUHQWH
OtTXLGD D VHJXLU GLVFULPLQDGRV
, 8QLmR  FLQTHQWD SRU FHQWR
,, (VWDGRV  VHVVHQWD SRU FHQWR
,,, 0XQLFtSLRV  VHVVHQWD SRU FHQWR


1D YHULILFDomR GR DWHQGLPHQWR GRV OLPLWHV GHILQLGRV QHVWH DUWLJR QmR

VHUmR FRPSXWDGDV DV GHVSHVDV



&$'(512 

, GH LQGHQL]DomR SRU GHPLVVmR GH VHUYLGRUHV RX HPSUHJDGRV

,, UHODWLYDV D LQFHQWLYRV j GHPLVVmR YROXQWiULD

,,, GHULYDGDV GD DSOLFDomR GR GLVSRVWR QR LQFLVR ,, GR 

GR DUW  GD

&RQVWLWXLomR

,9 GHFRUUHQWHV GH GHFLVmR MXGLFLDO H GD FRPSHWrQFLD GH SHUtRGR DQWHULRU

DR GD DSXUDomR D TXH VH UHIHUH R 

GR DUW 

9 FRP SHVVRDO GR 'LVWULWR )HGHUDO H GRV (VWDGRV GR $PDSi H 5RUDLPD

FXVWHDGDV FRP UHFXUVRV WUDQVIHULGRV SHOD 8QLmR QD IRUPD GRV LQFLVRV ;,,, H
;,9 GR DUW  GD &RQVWLWXLomR H GR DUW  GD (PHQGD &RQVWLWXFLRQDO Q



9, FRP LQDWLYRV DLQGD TXH SRU LQWHUPpGLR GH IXQGR HVSHFtILFR FXVWHDGDV

SRU UHFXUVRV SURYHQLHQWHV

D GD DUUHFDGDomR GH FRQWULEXLo}HV GRV VHJXUDGRV

E GD FRPSHQVDomR ILQDQFHLUD GH TXH WUDWD R 

GR DUW  GD &RQV

WLWXLomR

F GDV GHPDLV UHFHLWDV GLUHWDPHQWH DUUHFDGDGDV SRU IXQGR YLQFXODGR D WDO

ILQDOLGDGH LQFOXVLYH R SURGXWR GD DOLHQDomR GH EHQV GLUHLWRV H DWLYRV EHP
FRPR VHX VXSHUiYLW ILQDQFHLUR

2EVHUYDGR R GLVSRVWR QR LQFLVR ,9 GR   DV GHVSHVDV FRP SHVVRDO

GHFRUUHQWHV GH VHQWHQoDV MXGLFLDLV VHUmR LQFOXtGDV QR OLPLWH GR UHVSHFWLYR

3RGHU RX yUJmR UHIHULGR QR DUW 

$UW  $ UHSDUWLomR GRV OLPLWHV JOREDLV GR DUW  QmR SRGHUi H[FHGHU RV
VHJXLQWHV SHUFHQWXDLV

, QD HVIHUD IHGHUDO

D  GRLV LQWHLURV H FLQFR GpFLPRV SRU FHQWR SDUD R /HJLVODWLYR LQFOXtGR
R 7ULEXQDO GH &RQWDV GD 8QLmR

E  VHLV SRU FHQWR SDUD R -XGLFLiULR



&$'(512 

F  TXDUHQWD LQWHLURV H QRYH GpFLPRV SRU FHQWR SDUD R ([HFXWLYR

GHVWDFDQGRVH  WUrV SRU FHQWR SDUD DV GHVSHVDV FRP SHVVRDO GHFRUUHQWHV
GR TXH GLVS}HP RV LQFLVRV ;,,, H ;,9 GR DUW  GD &RQVWLWXLomR H R DUW 
GD (PHQGD &RQVWLWXFLRQDO Q

 UHSDUWLGRV GH IRUPD SURSRUFLRQDO j PpGLD

GDV GHVSHVDV UHODWLYDV D FDGD XP GHVWHV GLVSRVLWLYRV HP SHUFHQWXDO GD

UHFHLWD FRUUHQWH OtTXLGD YHULILFDGDV QRV WUrV H[HUFtFLRV ILQDQFHLURV LPHGLD
WDPHQWH DQWHULRUHV DR GD SXEOLFDomR GHVWD /HL &RPSOHPHQWDU

G  VHLV GpFLPRV SRU FHQWR SDUD R 0LQLVWpULR 3~EOLFR GD 8QLmR

,, QD HVIHUD HVWDGXDO

D  WUrV SRU FHQWR SDUD R /HJLVODWLYR LQFOXtGR R 7ULEXQDO GH &RQWDV GR

(VWDGR

E  VHLV SRU FHQWR SDUD R -XGLFLiULR

F  TXDUHQWD H QRYH SRU FHQWR SDUD R ([HFXWLYR

G  GRLV SRU FHQWR SDUD R 0LQLVWpULR 3~EOLFR GRV (VWDGRV

,,, QD HVIHUD PXQLFLSDO

D  VHLV SRU FHQWR SDUD R /HJLVODWLYR LQFOXtGR R 7ULEXQDO GH &RQWDV GR

0XQLFtSLR TXDQGR KRXYHU

E  FLQTHQWD H TXDWUR SRU FHQWR SDUD R ([HFXWLYR

1RV 3RGHUHV /HJLVODWLYR H -XGLFLiULR GH FDGD HVIHUD RV OLPLWHV VHUmR

UHSDUWLGRV HQWUH VHXV yUJmRV GH IRUPD SURSRUFLRQDO j PpGLD GDV GHVSHVDV

FRP SHVVRDO HP SHUFHQWXDO GD UHFHLWD FRUUHQWH OtTXLGD YHULILFDGDV QRV WUrV
H[HUFtFLRV ILQDQFHLURV LPHGLDWDPHQWH DQWHULRUHV DR GD SXEOLFDomR GHVWD /HL
&RPSOHPHQWDU

3DUD HIHLWR GHVWH DUWLJR HQWHQGHVH FRPR yUJmR

, R 0LQLVWpULR 3~EOLFR

,, QR 3RGHU /HJLVODWLYR

D )HGHUDO DV UHVSHFWLYDV &DVDV H R 7ULEXQDO GH &RQWDV GD 8QLmR



&$'(512 

E (VWDGXDO D $VVHPEOpLD /HJLVODWLYD H RV 7ULEXQDLV GH &RQWDV

F GR 'LVWULWR )HGHUDO D &kPDUD /HJLVODWLYD H R 7ULEXQDO GH &RQWDV GR 'LVWULWR

)HGHUDO

G 0XQLFLSDO D &kPDUD GH 9HUHDGRUHV H R 7ULEXQDO GH &RQWDV GR 0XQLFtSLR

TXDQGR KRXYHU

,,, QR 3RGHU -XGLFLiULR

D )HGHUDO RV WULEXQDLV UHIHULGRV QR DUW  GD &RQVWLWXLomR

E (VWDGXDO R 7ULEXQDO GH -XVWLoD H RXWURV TXDQGR KRXYHU

2V

OLPLWHV SDUD DV GHVSHVDV FRP SHVVRDO GR 3RGHU -XGLFLiULR D FDUJR

GD 8QLmR SRU IRUoD GR LQFLVR ;,,, GR DUW  GD &RQVWLWXLomR VHUmR HV

WDEHOHFLGRV PHGLDQWH DSOLFDomR GD UHJUD GR  

1RV (VWDGRV HP TXH KRXYHU 7ULEXQDO GH &RQWDV GRV 0XQLFtSLRV RV

SHUFHQWXDLV GHILQLGRV QDV DOtQHDV D H F GR LQFLVR ,, GR FDSXW VHUmR UHV

SHFWLYDPHQWH DFUHVFLGRV H UHGX]LGRV HP  TXDWUR GpFLPRV SRU FHQWR

 3DUD RV ILQV SUHYLVWRV QR DUW  GD &RQVWLWXLomR D HQWUHJD GRV UHFXUVRV

ILQDQFHLURV FRUUHVSRQGHQWHV j GHVSHVD WRWDO FRP SHVVRDO SRU 3RGHU H yUJmR
VHUi D UHVXOWDQWH GD DSOLFDomR GRV SHUFHQWXDLV GHILQLGRV QHVWH DUWLJR RX
DTXHOHV IL[DGRV QD OHL GH GLUHWUL]HV RUoDPHQWiULDV

9(7$'2

6XEVHomR ,,
'R &RQWUROH GD 'HVSHVD 7RWDO FRP 3HVVRDO
$UW  e QXOR GH SOHQR GLUHLWR R DWR TXH SURYRTXH DXPHQWR GD GHVSHVD
FRP SHVVRDO H QmR DWHQGD

, DV H[LJrQFLDV GRV DUWV  H  GHVWD /HL &RPSOHPHQWDU H R GLVSRVWR QR

LQFLVR ;,,, GR DUW  H QR 

GR DUW  GD &RQVWLWXLomR

,, R OLPLWH OHJDO GH FRPSURPHWLPHQWR DSOLFDGR jV GHVSHVDV FRP SHVVRDO

LQDWLYR



&$'(512 

3DUiJUDIR ~QLFR 7DPEpP p QXOR GH SOHQR GLUHLWR R DWR GH TXH UHVXOWH

DXPHQWR GD GHVSHVD FRP SHVVRDO H[SHGLGR QRV FHQWR H RLWHQWD GLDV
DQWHULRUHV DR ILQDO GR PDQGDWR GR WLWXODU GR UHVSHFWLYR 3RGHU RX yUJmR
UHIHULGR QR DUW 

$UW  $ YHULILFDomR GR FXPSULPHQWR GRV OLPLWHV HVWDEHOHFLGRV QRV DUWV

 H  VHUi UHDOL]DGD DR ILQDO GH FDGD TXDGULPHVWUH

3DUiJUDIR ~QLFR 6H D GHVSHVD WRWDO FRP SHVVRDO H[FHGHU D  QRYHQWD H

FLQFR SRU FHQWR GR OLPLWH VmR YHGDGRV DR 3RGHU RX yUJmR UHIHULGR QR DUW
 TXH KRXYHU LQFRUULGR QR H[FHVVR

, FRQFHVVmR GH YDQWDJHP DXPHQWR UHDMXVWH RX DGHTXDomR GH UHPXQH

UDomR D TXDOTXHU WtWXOR VDOYR RV GHULYDGRV GH VHQWHQoD MXGLFLDO RX GH
GHWHUPLQDomR OHJDO RX FRQWUDWXDO UHVVDOYDGD D UHYLVmR SUHYLVWD QR LQFLVR ;
GR DUW  GD &RQVWLWXLomR

,, FULDomR GH FDUJR HPSUHJR RX IXQomR

,,, DOWHUDomR GH HVWUXWXUD GH FDUUHLUD TXH LPSOLTXH DXPHQWR GH GHVSHVD

,9 SURYLPHQWR GH FDUJR S~EOLFR DGPLVVmR RX FRQWUDWDomR GH SHVVRDO D

TXDOTXHU WtWXOR UHVVDOYDGD D UHSRVLomR GHFRUUHQWH GH DSRVHQWDGRULD RX
IDOHFLPHQWR GH VHUYLGRUHV GDV iUHDV GH HGXFDomR VD~GH H VHJXUDQoD

9 FRQWUDWDomR GH KRUD H[WUD VDOYR QR FDVR GR GLVSRVWR QR LQFLVR ,, GR



GR DUW  GD &RQVWLWXLomR H DV VLWXDo}HV SUHYLVWDV QD OHL GH GLUHWUL]HV

RUoDPHQWiULDV

$UW  6H D GHVSHVD WRWDO FRP SHVVRDO GR 3RGHU RX yUJmR UHIHULGR QR DUW
 XOWUDSDVVDU RV OLPLWHV GHILQLGRV QR PHVPR DUWLJR VHP SUHMXt]R GDV
PHGLGDV SUHYLVWDV QR DUW  R SHUFHQWXDO H[FHGHQWH WHUi GH VHU HOLPLQDGR
QRV GRLV TXDGULPHVWUHV VHJXLQWHV VHQGR SHOR PHQRV XP WHUoR QR SULPHLUR
DGRWDQGRVH HQWUH RXWUDV DV SURYLGrQFLDV SUHYLVWDV QRV 

H  GR

DUW

 GD &RQVWLWXLomR

1R FDVR GR LQFLVR , GR 

GR DUW  GD &RQVWLWXLomR R REMHWLYR

SRGHUi VHU DOFDQoDGR WDQWR SHOD H[WLQomR GH FDUJRV H IXQo}HV TXDQWR SHOD
UHGXomR GRV YDORUHV D HOHV DWULEXtGRV



&$'(512 

e IDFXOWDGD D UHGXomR WHPSRUiULD GD MRUQDGD GH WUDEDOKR FRP DGHTXD

omR GRV YHQFLPHQWRV j QRYD FDUJD KRUiULD

1mR DOFDQoDGD D UHGXomR QR SUD]R HVWDEHOHFLGR H HQTXDQWR SHUGXUDU

R H[FHVVR R HQWH QmR SRGHUi

, UHFHEHU WUDQVIHUrQFLDV YROXQWiULDV

,, REWHU JDUDQWLD GLUHWD RX LQGLUHWD GH RXWUR HQWH

,,, FRQWUDWDU RSHUDo}HV GH FUpGLWR UHVVDOYDGDV DV GHVWLQDGDV DR UHILQDQ

FLDPHQWR GD GtYLGD PRELOLiULD H DV TXH YLVHP j UHGXomR GDV GHVSHVDV FRP
SHVVRDO

$V UHVWULo}HV GR  DSOLFDPVH LPHGLDWDPHQWH VH D GHVSHVD WRWDO FRP

SHVVRDO H[FHGHU R OLPLWH QR SULPHLUR TXDGULPHVWUH GR ~OWLPR DQR GR

PDQGDWR GRV WLWXODUHV GH 3RGHU RX yUJmR UHIHULGRV QR DUW 

6HomR ,,,
'DV 'HVSHVDV FRP D 6HJXULGDGH 6RFLDO
$UW  1HQKXP EHQHItFLR RX VHUYLoR UHODWLYR j VHJXULGDGH VRFLDO SRGHUi
VHU FULDGR PDMRUDGR RX HVWHQGLGR VHP D LQGLFDomR GD IRQWH GH FXVWHLR WRWDO
QRV WHUPRV GR 

GR DUW  GD &RQVWLWXLomR DWHQGLGDV DLQGD DV

H[LJrQFLDV GR DUW 

 e GLVSHQVDGD GD FRPSHQVDomR UHIHULGD QR DUW  R DXPHQWR GH GHVSHVD

GHFRUUHQWH GH

, FRQFHVVmR GH EHQHItFLR D TXHP VDWLVIDoD DV FRQGLo}HV GH KDELOLWDomR

SUHYLVWD QD OHJLVODomR SHUWLQHQWH

,, H[SDQVmR TXDQWLWDWLYD GR DWHQGLPHQWR H GRV VHUYLoRV SUHVWDGRV

,,, UHDMXVWDPHQWR GH YDORU GR EHQHItFLR RX VHUYLoR D ILP GH SUHVHUYDU R

VHX YDORU UHDO

2 GLVSRVWR QHVWH DUWLJR DSOLFDVH D EHQHItFLR RX VHUYLoR GH VD~GH

SUHYLGrQFLD H DVVLVWrQFLD VRFLDO LQFOXVLYH RV GHVWLQDGRV DRV VHUYLGRUHV

S~EOLFRV H PLOLWDUHV DWLYRV H LQDWLYRV H DRV SHQVLRQLVWDV



&$'(512 

&DStWXOR 9
'$6 75$16)(51&,$6 92/8175,$6
$UW  3DUD HIHLWR GHVWD /HL &RPSOHPHQWDU HQWHQGHVH SRU WUDQVIHUrQFLD
YROXQWiULD D HQWUHJD GH UHFXUVRV FRUUHQWHV RX GH FDSLWDO D RXWUR HQWH GD
)HGHUDomR D WtWXOR GH FRRSHUDomR DX[tOLR RX DVVLVWrQFLD ILQDQFHLUD TXH
QmR GHFRUUD GH GHWHUPLQDomR FRQVWLWXFLRQDO OHJDO RX RV GHVWLQDGRV DR
6LVWHPD QLFR GH 6D~GH

6mR H[LJrQFLDV SDUD D UHDOL]DomR GH WUDQVIHUrQFLD YROXQWiULD DOpP GDV

HVWDEHOHFLGDV QD OHL GH GLUHWUL]HV RUoDPHQWiULDV

, H[LVWrQFLD GH GRWDomR HVSHFtILFD

,, 9(7$'2

,,, REVHUYkQFLD GR GLVSRVWR QR LQFLVR ; GR DUW  GD &RQVWLWXLomR

,9 FRPSURYDomR SRU SDUWH GR EHQHILFLiULR GH

D TXH VH DFKD HP GLD TXDQWR DR SDJDPHQWR GH WULEXWRV HPSUpVWLPRV H

ILQDQFLDPHQWRV GHYLGRV DR HQWH WUDQVIHULGRU EHP FRPR TXDQWR j SUHVWDomR
GH FRQWDV GH UHFXUVRV DQWHULRUPHQWH GHOH UHFHELGRV

E FXPSULPHQWR GRV OLPLWHV FRQVWLWXFLRQDLV UHODWLYRV j HGXFDomR H j VD~GH

F REVHUYkQFLD GRV OLPLWHV GDV GtYLGDV FRQVROLGDGD H PRELOLiULD GH RSHUD

o}HV GH FUpGLWR LQFOXVLYH SRU DQWHFLSDomR GH UHFHLWD GH LQVFULomR HP 5HVWRV
D 3DJDU H GH GHVSHVD WRWDO FRP SHVVRDO

G SUHYLVmR RUoDPHQWiULD GH FRQWUDSDUWLGD

e YHGDGD D XWLOL]DomR GH UHFXUVRV WUDQVIHULGRV HP ILQDOLGDGH GLYHUVD GD

SDFWXDGD

3DUD ILQV GD DSOLFDomR GDV VDQo}HV GH VXVSHQVmR GH WUDQVIHUrQFLDV

YROXQWiULDV FRQVWDQWHV GHVWD /HL &RPSOHPHQWDU H[FHWXDPVH DTXHODV UHOD

WLYDV D Do}HV GH HGXFDomR VD~GH H DVVLVWrQFLD VRFLDO



&$'(512 

&DStWXOR 9,
'$ '(67,1$d2 '( 5(&85626 3%/,&26 3$5$ 2 6(725
35,9$'2
$UW  $ GHVWLQDomR GH UHFXUVRV SDUD GLUHWD RX LQGLUHWDPHQWH FREULU
QHFHVVLGDGHV GH SHVVRDV ItVLFDV RX GpILFLWV GH SHVVRDV MXUtGLFDV GHYHUi VHU
DXWRUL]DGD SRU OHL HVSHFtILFD DWHQGHU jV FRQGLo}HV HVWDEHOHFLGDV QD OHL GH
GLUHWUL]HV RUoDPHQWiULDV H HVWDU SUHYLVWD QR RUoDPHQWR RX HP VHXV FUpGLWRV
DGLFLRQDLV

2 GLVSRVWR QR FDSXW DSOLFDVH D WRGD D DGPLQLVWUDomR LQGLUHWD LQFOXVLYH

IXQGDo}HV S~EOLFDV H HPSUHVDV HVWDWDLV H[FHWR QR H[HUFtFLR GH VXDV DWULEXL

o}HV SUHFtSXDV DV LQVWLWXLo}HV ILQDQFHLUDV H R %DQFR &HQWUDO GR %UDVLO

&RPSUHHQGHVH LQFOXtGD D FRQFHVVmR GH HPSUpVWLPRV ILQDQFLDPHQWRV

H UHILQDQFLDPHQWRV LQFOXVLYH DV UHVSHFWLYDV SURUURJDo}HV H D FRPSRVLomR

GH GtYLGDV D FRQFHVVmR GH VXEYHQo}HV H D SDUWLFLSDomR HP FRQVWLWXLomR RX
DXPHQWR GH FDSLWDO

$UW  1D FRQFHVVmR GH FUpGLWR SRU HQWH GD )HGHUDomR D SHVVRD ItVLFD RX

MXUtGLFD TXH QmR HVWHMD VRE VHX FRQWUROH GLUHWR RX LQGLUHWR RV HQFDUJRV
ILQDQFHLURV FRPLVV}HV H GHVSHVDV FRQJrQHUHV QmR VHUmR LQIHULRUHV DRV
GHILQLGRV HP OHL RX DR FXVWR GH FDSWDomR

3DUiJUDIR ~QLFR 'HSHQGHP GH DXWRUL]DomR HP OHL HVSHFtILFD DV SURU

URJDo}HV H FRPSRVLo}HV GH GtYLGDV GHFRUUHQWHV GH RSHUDo}HV GH FUpGLWR
EHP FRPR D FRQFHVVmR GH HPSUpVWLPRV RX ILQDQFLDPHQWRV HP GHVDFRUGR
FRP R FDSXW VHQGR R VXEVtGLR FRUUHVSRQGHQWH FRQVLJQDGR QD OHL RUoDPHQ
WiULD

$UW  6DOYR PHGLDQWH OHL HVSHFtILFD QmR SRGHUmR VHU XWLOL]DGRV UHFXUVRV
S~EOLFRV LQFOXVLYH GH RSHUDo}HV GH FUpGLWR SDUD VRFRUUHU LQVWLWXLo}HV GR
6LVWHPD )LQDQFHLUR 1DFLRQDO DLQGD TXH PHGLDQWH D FRQFHVVmR GH HPSUpV
WLPRV GH UHFXSHUDomR RX ILQDQFLDPHQWRV SDUD PXGDQoD GH FRQWUROH DFLR
QiULR

$ SUHYHQomR GH LQVROYrQFLD H RXWURV ULVFRV ILFDUi D FDUJR GH IXQGRV H

RXWURV PHFDQLVPRV FRQVWLWXtGRV SHODV LQVWLWXLo}HV GR 6LVWHPD )LQDQFHLUR

1DFLRQDO QD IRUPD GD OHL



&$'(512 

2 GLVSRVWR QR FDSXW QmR SURtEH R %DQFR &HQWUDO GR %UDVLO GH FRQFHGHU

jV LQVWLWXLo}HV ILQDQFHLUDV RSHUDo}HV GH UHGHVFRQWR H GH HPSUpVWLPRV GH

SUD]R LQIHULRU D WUH]HQWRV H VHVVHQWD GLDV

&DStWXOR 9,,
'$ '9,'$ ( '2 (1',9,'$0(172
6HomR ,
'HILQLo}HV %iVLFDV
$UW  3DUD RV HIHLWRV GHVWD /HL &RPSOHPHQWDU VmR DGRWDGDV DV VHJXLQWHV
GHILQLo}HV

, GtYLGD S~EOLFD FRQVROLGDGD RX IXQGDGD PRQWDQWH WRWDO DSXUDGR VHP

GXSOLFLGDGH GDV REULJDo}HV ILQDQFHLUDV GR HQWH GD )HGHUDomR DVVXPLGDV
HP YLUWXGH GH OHLV FRQWUDWRV FRQYrQLRV RX WUDWDGRV H GD UHDOL]DomR GH
RSHUDo}HV GH FUpGLWR SDUD DPRUWL]DomR HP SUD]R VXSHULRU D GR]H PHVHV

,, GtYLGD S~EOLFD PRELOLiULD GtYLGD S~EOLFD UHSUHVHQWDGD SRU WtWXORV

HPLWLGRV SHOD 8QLmR LQFOXVLYH RV GR %DQFR &HQWUDO GR %UDVLO (VWDGRV H
0XQLFtSLRV

,,, RSHUDomR GH FUpGLWR FRPSURPLVVR ILQDQFHLUR DVVXPLGR HP UD]mR GH

P~WXR DEHUWXUD GH FUpGLWR HPLVVmR H DFHLWH GH WtWXOR DTXLVLomR ILQDQFLDGD
GH EHQV UHFHELPHQWR DQWHFLSDGR GH YDORUHV SURYHQLHQWHV GD YHQGD D WHUPR
GH EHQV H VHUYLoRV DUUHQGDPHQWR PHUFDQWLO H RXWUDV RSHUDo}HV DVVHPH
OKDGDV LQFOXVLYH FRP R XVR GH GHULYDWLYRV ILQDQFHLURV

,9 FRQFHVVmR GH JDUDQWLD FRPSURPLVVR GH DGLPSOrQFLD GH REULJDomR

ILQDQFHLUD RX FRQWUDWXDO DVVXPLGD SRU HQWH GD )HGHUDomR RX HQWLGDGH D HOH
YLQFXODGD

9 UHILQDQFLDPHQWR GD GtYLGD PRELOLiULD HPLVVmR GH WtWXORV SDUD SDJDPHQ

WR GR SULQFLSDO DFUHVFLGR GD DWXDOL]DomR PRQHWiULD

(TXLSDUDVH D

RSHUDomR GH FUpGLWR D DVVXQomR R UHFRQKHFLPHQWR RX

D FRQILVVmR GH GtYLGDV SHOR HQWH GD )HGHUDomR VHP SUHMXt]R GR FXPSUL

PHQWR GDV H[LJrQFLDV GRV DUWV  H 



&$'(512 

6HUi LQFOXtGD QD GtYLGD S~EOLFD FRQVROLGDGD GD 8QLmR D UHODWLYD j

HPLVVmR GH WtWXORV GH UHVSRQVDELOLGDGH GR %DQFR &HQWUDO GR %UDVLO

 7DPEpP LQWHJUDP D GtYLGD S~EOLFD FRQVROLGDGD DV RSHUDo}HV GH FUpGLWR

GH SUD]R LQIHULRU D GR]H PHVHV FXMDV UHFHLWDV WHQKDP FRQVWDGR GR RUoDPHQ
WR

2 UHILQDQFLDPHQWR GR SULQFLSDO GD GtYLGD PRELOLiULD QmR H[FHGHUi DR

WpUPLQR GH FDGD H[HUFtFLR ILQDQFHLUR R PRQWDQWH GR ILQDO GR H[HUFtFLR

DQWHULRU VRPDGR DR GDV RSHUDo}HV GH FUpGLWR DXWRUL]DGDV QR RUoDPHQWR
SDUD HVWH HIHLWR H HIHWLYDPHQWH UHDOL]DGDV DFUHVFLGR GH DWXDOL]DomR PRQH
WiULD

6HomR ,,
'RV /LPLWHV GD 'tYLGD 3~EOLFD H GDV 2SHUDo}HV GH &UpGLWR
$UW  1R SUD]R GH QRYHQWD GLDV DSyV D SXEOLFDomR GHVWD /HL &RPSOHPHQ
WDU R 3UHVLGHQWH GD 5HS~EOLFD VXEPHWHUi DR

, 6HQDGR )HGHUDO SURSRVWD GH OLPLWHV JOREDLV SDUD R PRQWDQWH GD GtYLGD

FRQVROLGDGD GD 8QLmR (VWDGRV H 0XQLFtSLRV FXPSULQGR R TXH HVWDEHOHFH
R LQFLVR 9, GR DUW  GD &RQVWLWXLomR EHP FRPR GH OLPLWHV H FRQGLo}HV
UHODWLYRV DRV LQFLVRV 9,, 9,,, H ,; GR PHVPR DUWLJR

,, &RQJUHVVR 1DFLRQDO SURMHWR GH OHL TXH HVWDEHOHoD OLPLWHV SDUD R

PRQWDQWH GD GtYLGD PRELOLiULD IHGHUDO D TXH VH UHIHUH R LQFLVR ;,9 GR DUW
 GD &RQVWLWXLomR DFRPSDQKDGR GD GHPRQVWUDomR GH VXD DGHTXDomR DRV
OLPLWHV IL[DGRV SDUD D GtYLGD FRQVROLGDGD GD 8QLmR DWHQGLGR R GLVSRVWR QR
LQFLVR , GR 

GHVWH DUWLJR

$V SURSRVWDV UHIHULGDV QRV LQFLVRV , H ,, GR FDSXW H VXDV DOWHUDo}HV

FRQWHUmR

, GHPRQVWUDomR GH TXH RV OLPLWHV H FRQGLo}HV JXDUGDP FRHUrQFLD FRP DV

QRUPDV HVWDEHOHFLGDV QHVWD /HL

&RPSOHPHQWDU H FRP RV REMHWLYRV GD SROtWLFD ILVFDO

,, HVWLPDWLYDV GR LPSDFWR GD DSOLFDomR GRV OLPLWHV D FDGD XPD GDV WUrV

HVIHUDV GH JRYHUQR



&$'(512 

,,, UD]}HV GH HYHQWXDO SURSRVLomR GH OLPLWHV GLIHUHQFLDGRV SRU HVIHUD GH

JRYHUQR

,9 PHWRGRORJLD GH DSXUDomR GRV UHVXOWDGRV SULPiULR H QRPLQDO

$V SURSRVWDV PHQFLRQDGDV QRV LQFLVRV , H ,, GR FDSXW WDPEpP SRGHUmR

VHU DSUHVHQWDGDV HP WHUPRV GH GtYLGD OtTXLGD HYLGHQFLDQGR D IRUPD H D

PHWRGRORJLD GH VXD DSXUDomR

2V OLPLWHV GH TXH WUDWDP RV LQFLVRV , H ,, GR FDSXW VHUmR IL[DGRV HP

SHUFHQWXDO GD UHFHLWD FRUUHQWH OtTXLGD SDUD FDGD HVIHUD GH JRYHUQR H

DSOLFDGRV LJXDOPHQWH D WRGRV RV HQWHV GD )HGHUDomR TXH D LQWHJUHP
FRQVWLWXLQGR SDUD FDGD XP GHOHV OLPLWHV Pi[LPRV

3DUD ILQV GH YHULILFDomR GR DWHQGLPHQWR GR OLPLWH D DSXUDomR GR

PRQWDQWH GD GtYLGD FRQVROLGDGD VHUi HIHWXDGD DR ILQDO GH FDGD TXDGULPHV

WUH

1R SUD]R SUHYLVWR QR DUW   R 3UHVLGHQWH GD 5HS~EOLFD HQYLDUi DR

6HQDGR )HGHUDO RX DR &RQJUHVVR 1DFLRQDO FRQIRUPH R FDVR SURSRVWD GH

PDQXWHQomR RX DOWHUDomR GRV OLPLWHV H FRQGLo}HV SUHYLVWRV QRV LQFLVRV , H
,, GR FDSXW

6HPSUH TXH DOWHUDGRV RV IXQGDPHQWRV GDV SURSRVWDV GH TXH WUDWD HVWH

DUWLJR HP UD]mR GH LQVWDELOLGDGH HFRQ{PLFD RX DOWHUDo}HV QDV SROtWLFDV

PRQHWiULD RX FDPELDO R 3UHVLGHQWH GD 5HS~EOLFD SRGHUi HQFDPLQKDU DR
6HQDGR )HGHUDO RX DR &RQJUHVVR 1DFLRQDO VROLFLWDomR GH UHYLVmR GRV OLPLWHV

2V SUHFDWyULRV MXGLFLDLV QmR SDJRV GXUDQWH D H[HFXomR GR RUoDPHQWR

HP TXH KRXYHUHP VLGR LQFOXtGRV LQWHJUDP D GtYLGD FRQVROLGDGD SDUD ILQV

GH DSOLFDomR GRV OLPLWHV

6HomR ,,,
'D 5HFRQGXomR GD 'tYLGD DRV /LPLWHV
$UW  6H D GtYLGD FRQVROLGDGD GH XP HQWH GD )HGHUDomR XOWUDSDVVDU R
UHVSHFWLYR OLPLWH DR ILQDO GH XP TXDGULPHVWUH GHYHUi VHU D HOH UHFRQGX]LGD
DWp R WpUPLQR GRV WUrV VXEVHTHQWHV UHGX]LQGR R H[FHGHQWH HP SHOR PHQRV
 YLQWH H FLQFR SRU FHQWR QR SULPHLUR



&$'(512 

(QTXDQWR SHUGXUDU R H[FHVVR R HQWH TXH QHOH KRXYHU LQFRUULGR

, HVWDUi SURLELGR GH UHDOL]DU RSHUDomR GH FUpGLWR LQWHUQD RX H[WHUQD

LQFOXVLYH SRU DQWHFLSDomR GH UHFHLWD UHVVDOYDGR R UHILQDQFLDPHQWR GR
SULQFLSDO DWXDOL]DGR GD GtYLGD PRELOLiULD
,, REWHUi UHVXOWDGR SULPiULR QHFHVViULR j UHFRQGXomR GD GtYLGD DR OLPLWH
SURPRYHQGR HQWUH RXWUDV PHGLGDV OLPLWDomR GH HPSHQKR QD IRUPD GR

DUW  


9HQFLGR R SUD]R SDUD UHWRUQR GD GtYLGD DR OLPLWH H HQTXDQWR SHUGXUDU

R H[FHVVR R HQWH ILFDUi WDPEpP LPSHGLGR GH UHFHEHU WUDQVIHUrQFLDV

YROXQWiULDV GD 8QLmR RX GR (VWDGR

 $V UHVWULo}HV GR  DSOLFDPVH LPHGLDWDPHQWH VH R PRQWDQWH GD GtYLGD

H[FHGHU R OLPLWH QR SULPHLUR TXDGULPHVWUH GR ~OWLPR DQR GR PDQGDWR GR
&KHIH GR 3RGHU ([HFXWLYR


2 0LQLVWpULR GD )D]HQGD GLYXOJDUi PHQVDOPHQWH D UHODomR GRV HQWHV

TXH WHQKDP XOWUDSDVVDGR RV OLPLWHV GDV GtYLGDV FRQVROLGDGD H PRELOLiULD



$V QRUPDV GHVWH DUWLJR VHUmR REVHUYDGDV QRV FDVRV GH GHVFXPSULPHQWR

GRV OLPLWHV GD GtYLGD PRELOLiULD H GDV RSHUDo}HV GH FUpGLWR LQWHUQDV H

H[WHUQDV

6HomR ,9
'DV 2SHUDo}HV GH &UpGLWR
6XEVHomR ,
'D &RQWUDWDomR
$UW  2 0LQLVWpULR GD )D]HQGD YHULILFDUi R FXPSULPHQWR GRV OLPLWHV H
FRQGLo}HV UHODWLYRV j UHDOL]DomR GH RSHUDo}HV GH FUpGLWR GH FDGD HQWH GD
)HGHUDomR LQFOXVLYH GDV HPSUHVDV SRU HOHV FRQWURODGDV GLUHWD RX LQ
GLUHWDPHQWH

 2 HQWH LQWHUHVVDGR IRUPDOL]DUi VHX SOHLWR IXQGDPHQWDQGRR HP SDUHFHU

GH VHXV yUJmRV WpFQLFRV H MXUtGLFRV GHPRQVWUDQGR D UHODomR FXVWREHQHIt
FLR R LQWHUHVVH HFRQ{PLFR H VRFLDO GD RSHUDomR H R DWHQGLPHQWR GDV
VHJXLQWHV FRQGLo}HV



&$'(512 

, H[LVWrQFLD GH SUpYLD H H[SUHVVD DXWRUL]DomR SDUD D FRQWUDWDomR QR WH[WR

GD OHL RUoDPHQWiULD HP FUpGLWRV DGLFLRQDLV RX OHL HVSHFtILFD
,, LQFOXVmR QR RUoDPHQWR RX HP FUpGLWRV DGLFLRQDLV GRV UHFXUVRV SURYH
QLHQWHV GD RSHUDomR H[FHWR QR FDVR GH RSHUDo}HV SRU DQWHFLSDomR GH
UHFHLWD
,,, REVHUYkQFLD GRV OLPLWHV H FRQGLo}HV IL[DGRV SHOR 6HQDGR )HGHUDO
,9 DXWRUL]DomR HVSHFtILFD GR 6HQDGR )HGHUDO TXDQGR VH WUDWDU GH RSHUDomR
GH FUpGLWR H[WHUQR
9 DWHQGLPHQWR GR GLVSRVWR QR LQFLVR ,,, GR DUW  GD &RQVWLWXLomR
9, REVHUYkQFLD GDV GHPDLV UHVWULo}HV HVWDEHOHFLGDV QHVWD /HL &RPSOHPHQ
WDU


$V RSHUDo}HV UHODWLYDV j GtYLGD PRELOLiULD IHGHUDO DXWRUL]DGDV QR WH[WR

GD OHL RUoDPHQWiULD RX GH FUpGLWRV DGLFLRQDLV VHUmR REMHWR GH SURFHVVR

VLPSOLILFDGR TXH DWHQGD jV VXDV HVSHFLILFLGDGHV


3DUD ILQV GR GLVSRVWR QR LQFLVR 9 GR   FRQVLGHUDUVHi HP FDGD

H[HUFtFLR ILQDQFHLUR R WRWDO GRV UHFXUVRV GH RSHUDo}HV GH FUpGLWR QHOH

LQJUHVVDGRV H R GDV GHVSHVDV GH FDSLWDO H[HFXWDGDV REVHUYDGR R VHJXLQWH
, QmR VHUmR FRPSXWDGDV QDV GHVSHVDV GH FDSLWDO DV UHDOL]DGDV VRE D IRUPD
GH HPSUpVWLPR RX ILQDQFLDPHQWR D FRQWULEXLQWH FRP R LQWXLWR GH SURPRYHU
LQFHQWLYR ILVFDO WHQGR SRU EDVH WULEXWR GH FRPSHWrQFLD GR HQWH GD )HGHUD
omR VH UHVXOWDU D GLPLQXLomR GLUHWD RX LQGLUHWD GR {QXV GHVWH
,, VH R HPSUpVWLPR RX ILQDQFLDPHQWR D TXH VH UHIHUH R LQFLVR , IRU
FRQFHGLGR SRU LQVWLWXLomR ILQDQFHLUD FRQWURODGD SHOR HQWH GD )HGHUDomR R
YDORU GD RSHUDomR VHUi GHGX]LGR GDV GHVSHVDV GH FDSLWDO
,,, 9(7$'2


6HP SUHMXt]R GDV DWULEXLo}HV SUySULDV GR 6HQDGR )HGHUDO H GR %DQFR

&HQWUDO GR %UDVLO R 0LQLVWpULR GD )D]HQGD HIHWXDUi R UHJLVWUR HOHWU{QLFR

FHQWUDOL]DGR H DWXDOL]DGR GDV GtYLGDV S~EOLFDV LQWHUQD H H[WHUQD JDUDQWLGR
R DFHVVR S~EOLFR jV LQIRUPDo}HV TXH LQFOXLUmR
, HQFDUJRV H FRQGLo}HV GH FRQWUDWDomR



&$'(512 

,, VDOGRV DWXDOL]DGRV H OLPLWHV UHODWLYRV jV GtYLGDV FRQVROLGDGD H PRELOLiULD

RSHUDo}HV GH FUpGLWR H FRQFHVVmR GH JDUDQWLDV

2V FRQWUDWRV GH RSHUDomR GH FUpGLWR H[WHUQR QmR FRQWHUmR FOiXVXOD

TXH LPSRUWH QD FRPSHQVDomR DXWRPiWLFD GH GpELWRV H FUpGLWRV

$UW  $ LQVWLWXLomR ILQDQFHLUD TXH FRQWUDWDU RSHUDomR GH FUpGLWR FRP HQWH
GD )HGHUDomR H[FHWR TXDQGR UHODWLYD j GtYLGD PRELOLiULD RX j H[WHUQD
GHYHUi H[LJLU FRPSURYDomR GH TXH D RSHUDomR DWHQGH jV FRQGLo}HV H OLPLWHV
HVWDEHOHFLGRV

 $ RSHUDomR UHDOL]DGD FRP LQIUDomR GR GLVSRVWR QHVWD /HL &RPSOHPHQWDU

VHUi FRQVLGHUDGD QXOD SURFHGHQGRVH DR VHX FDQFHODPHQWR PHGLDQWH D
GHYROXomR GR SULQFLSDO YHGDGRV R SDJDPHQWR GH MXURV H GHPDLV HQFDUJRV
ILQDQFHLURV

6H D GHYROXomR QmR IRU HIHWXDGD QR H[HUFtFLR GH LQJUHVVR GRV UHFXUVRV

VHUi FRQVLJQDGD UHVHUYD HVSHFtILFD QD OHL RUoDPHQWiULD SDUD R H[HUFtFLR

VHJXLQWH

(QTXDQWR QmR HIHWXDGR R FDQFHODPHQWR D DPRUWL]DomR RX FRQVWLWXtGD

D UHVHUYD DSOLFDPVH DV VDQo}HV SUHYLVWDV QRV LQFLVRV GR  GR DUW 


7DPEpP VH FRQVWLWXLUi UHVHUYD QR PRQWDQWH HTXLYDOHQWH DR H[FHVVR

VH QmR DWHQGLGR R GLVSRVWR QR LQFLVR ,,, GR DUW  GD &RQVWLWXLomR

FRQVLGHUDGDV DV GLVSRVLo}HV GR 

GR DUW 

6XEVHomR ,,
'DV 9HGDo}HV
$UW  2 %DQFR &HQWUDO GR %UDVLO QmR HPLWLUi WtWXORV GD GtYLGD S~EOLFD D
SDUWLU GH GRLV DQRV DSyV D SXEOLFDomR GHVWD /HL &RPSOHPHQWDU

$UW  e YHGDGD D UHDOL]DomR GH RSHUDomR GH FUpGLWR HQWUH XP HQWH GD

)HGHUDomR GLUHWDPHQWH RX SRU LQWHUPpGLR GH IXQGR DXWDUTXLD IXQGDomR
RX HPSUHVD HVWDWDO GHSHQGHQWH H RXWUR LQFOXVLYH VXDV HQWLGDGHV GD
DGPLQLVWUDomR LQGLUHWD DLQGD TXH VRE D IRUPD GH QRYDomR UHILQDQFLDPHQWR
RX SRVWHUJDomR GH GtYLGD FRQWUDtGD DQWHULRUPHQWH



&$'(512 

([FHWXDPVH GD YHGDomR D TXH VH UHIHUH R FDSXW DV RSHUDo}HV HQWUH

LQVWLWXLomR ILQDQFHLUD HVWDWDO H RXWUR HQWH GD )HGHUDomR LQFOXVLYH VXDV

HQWLGDGHV GD DGPLQLVWUDomR LQGLUHWD TXH QmR VH GHVWLQHP D

, ILQDQFLDU GLUHWD RX LQGLUHWDPHQWH GHVSHVDV FRUUHQWHV

,, UHILQDQFLDU GtYLGDV QmR FRQWUDtGDV MXQWR j SUySULD LQVWLWXLomR FRQFHGHQ

WH

2 GLVSRVWR QR FDSXW QmR LPSHGH (VWDGRV H 0XQLFtSLRV GH FRPSUDU

WtWXORV GD GtYLGD GD 8QLmR FRPR DSOLFDomR GH VXDV GLVSRQLELOLGDGHV

$UW  e SURLELGD D RSHUDomR GH FUpGLWR HQWUH XPD LQVWLWXLomR ILQDQFHLUD

HVWDWDO H R HQWH GD )HGHUDomR TXH D FRQWUROH QD TXDOLGDGH GH EHQHILFLiULR
GR HPSUpVWLPR

3DUiJUDIR ~QLFR 2 GLVSRVWR QR FDSXW QmR SURtEH LQVWLWXLomR ILQDQFHLUD

FRQWURODGD GH DGTXLULU QR PHUFDGR WtWXORV GD GtYLGD S~EOLFD SDUD DWHQGHU
LQYHVWLPHQWR GH VHXV FOLHQWHV RX WtWXORV GD GtYLGD GH HPLVVmR GD 8QLmR SDUD
DSOLFDomR GH UHFXUVRV SUySULRV

$UW  (TXLSDUDPVH D RSHUDo}HV GH FUpGLWR H HVWmR YHGDGRV

, FDSWDomR GH UHFXUVRV D WtWXOR GH DQWHFLSDomR GH UHFHLWD GH WULEXWR RX

FRQWULEXLomR FXMR IDWR JHUDGRU DLQGD QmR WHQKD RFRUULGR VHP SUHMXt]R GR
GLVSRVWR QR 

GR DUW  GD &RQVWLWXLomR

,, UHFHELPHQWR DQWHFLSDGR GH YDORUHV GH HPSUHVD HP TXH R 3RGHU 3~EOLFR

GHWHQKD GLUHWD RX LQGLUHWDPHQWH D PDLRULD GR FDSLWDO VRFLDO FRP GLUHLWR D
YRWR VDOYR OXFURV H GLYLGHQGRV QD IRUPD GD OHJLVODomR

,,, DVVXQomR GLUHWD GH FRPSURPLVVR FRQILVVmR GH GtYLGD RX RSHUDomR

DVVHPHOKDGD FRP IRUQHFHGRU GH EHQV PHUFDGRULDV RX VHUYLoRV PHGLDQWH
HPLVVmR DFHLWH RX DYDO GH WtWXOR GH FUpGLWR QmR VH DSOLFDQGR HVWD YHGDomR
D HPSUHVDV HVWDWDLV GHSHQGHQWHV

,9 DVVXQomR GH REULJDomR VHP DXWRUL]DomR RUoDPHQWiULD FRP IRUQHFH

GRUHV SDUD SDJDPHQWR D SRVWHULRUL GH EHQV H VHUYLoRV



&$'(512 

6XEVHomR ,,,
'DV 2SHUDo}HV GH &UpGLWR SRU $QWHFLSDomR GH 5HFHLWD 2UoDPHQWiULD
$UW  $ RSHUDomR GH FUpGLWR SRU DQWHFLSDomR GH UHFHLWD GHVWLQDVH D
DWHQGHU LQVXILFLrQFLD GH FDL[D GXUDQWH R H[HUFtFLR ILQDQFHLUR H FXPSULUi DV
H[LJrQFLDV PHQFLRQDGDV QR DUW  H PDLV DV VHJXLQWHV

, UHDOL]DUVHi VRPHQWH D SDUWLU GR GpFLPR GLD GR LQtFLR GR H[HUFtFLR

,, GHYHUi VHU OLTXLGDGD FRP MXURV H RXWURV HQFDUJRV LQFLGHQWHV DWp R GLD
GH] GH GH]HPEUR GH FDGD DQR

,,, QmR VHUi DXWRUL]DGD VH IRUHP FREUDGRV RXWURV HQFDUJRV TXH QmR D WD[D
GH MXURV GD RSHUDomR REULJDWRULDPHQWH SUHIL[DGD RX LQGH[DGD j WD[D EiVLFD
ILQDQFHLUD RX j TXH YLHU D HVWD VXEVWLWXLU

,9 HVWDUi SURLELGD

D HQTXDQWR H[LVWLU RSHUDomR DQWHULRU GD PHVPD QDWXUH]D QmR LQWHJUDOPHQWH

UHVJDWDGD

E QR ~OWLPR DQR GH PDQGDWR GR 3UHVLGHQWH *RYHUQDGRU RX 3UHIHLWR

0XQLFLSDO

$V RSHUDo}HV GH TXH WUDWD HVWH DUWLJR QmR VHUmR FRPSXWDGDV SDUD HIHLWR

GR TXH GLVS}H R LQFLVR ,,, GR DUW  GD &RQVWLWXLomR GHVGH TXH OLTXLGDGDV
QR SUD]R GHILQLGR QR LQFLVR ,, GR FDSXW

$V RSHUDo}HV GH FUpGLWR SRU DQWHFLSDomR GH UHFHLWD UHDOL]DGDV SRU

(VWDGRV RX 0XQLFtSLRV VHUmR HIHWXDGDV PHGLDQWH DEHUWXUD GH FUpGLWR MXQWR

j LQVWLWXLomR ILQDQFHLUD YHQFHGRUD HP SURFHVVR FRPSHWLWLYR HOHWU{QLFR
SURPRYLGR SHOR %DQFR &HQWUDO GR %UDVLO

2 %DQFR &HQWUDO GR %UDVLO PDQWHUi VLVWHPD GH DFRPSDQKDPHQWR H

FRQWUROH GR VDOGR GR FUpGLWR DEHUWR H QR FDVR GH LQREVHUYkQFLD GRV OLPLWHV

DSOLFDUi DV VDQo}HV FDEtYHLV j LQVWLWXLomR FUHGRUD



&$'(512 

6XEVHomR ,9
'DV 2SHUDo}HV FRP R %DQFR &HQWUDO GR %UDVLO
$UW  1DV VXDV UHODo}HV FRP HQWH GD )HGHUDomR R %DQFR &HQWUDO GR %UDVLO
HVWi VXMHLWR jV YHGDo}HV FRQVWDQWHV GR DUW  H PDLV jV VHJXLQWHV

, FRPSUD GH WtWXOR GD GtYLGD QD GDWD GH VXD FRORFDomR QR PHUFDGR

UHVVDOYDGR R GLVSRVWR QR 

GHVWH DUWLJR

,, SHUPXWD DLQGD TXH WHPSRUiULD SRU LQWHUPpGLR GH LQVWLWXLomR ILQDQFHLUD

RX QmR GH WtWXOR GD GtYLGD GH HQWH GD )HGHUDomR SRU WtWXOR GD GtYLGD S~EOLFD
IHGHUDO EHP FRPR D RSHUDomR GH FRPSUD H YHQGD D WHUPR GDTXHOH WtWXOR
FXMR HIHLWR ILQDO VHMD VHPHOKDQWH j SHUPXWD

,,, FRQFHVVmR GH JDUDQWLD

2 GLVSRVWR QR LQFLVR ,, LQ ILQH QmR VH DSOLFD DR HVWRTXH GH /HWUDV GR

%DQFR &HQWUDO GR %UDVLO 6pULH (VSHFLDO H[LVWHQWH QD FDUWHLUD GDV LQVWLWXLo}HV

ILQDQFHLUDV TXH SRGH VHU UHILQDQFLDGR PHGLDQWH QRYDV RSHUDo}HV GH YHQGD
D WHUPR

2 %DQFR &HQWUDO GR %UDVLO Vy SRGHUi FRPSUDU GLUHWDPHQWH WtWXORV

HPLWLGRV SHOD 8QLmR SDUD UHILQDQFLDU D GtYLGD PRELOLiULD IHGHUDO TXH HVWLYHU
YHQFHQGR QD VXD FDUWHLUD

RSHUDomR PHQFLRQDGD QR 

GHYHUi

VHU UHDOL]DGD j WD[D PpGLD H

FRQGLo}HV DOFDQoDGDV QR GLD HP OHLOmR S~EOLFR

e YHGDGR DR 7HVRXUR 1DFLRQDO DGTXLULU WtWXORV GD GtYLGD S~EOLFD IHGHUDO

H[LVWHQWHV QD FDUWHLUD GR %DQFR &HQWUDO GR %UDVLO DLQGD TXH FRP FOiXVXOD

GH UHYHUVmR VDOYR SDUD UHGX]LU D GtYLGD PRELOLiULD

6HomR 9
'D *DUDQWLD H GD &RQWUDJDUDQWLD
$UW  2V HQWHV SRGHUmR FRQFHGHU JDUDQWLD HP RSHUDo}HV GH FUpGLWR
LQWHUQDV RX H[WHUQDV REVHUYDGRV R GLVSRVWR QHVWH DUWLJR DV QRUPDV GR DUW
 H QR FDVR GD 8QLmR WDPEpP RV OLPLWHV H DV FRQGLo}HV HVWDEHOHFLGRV
SHOR 6HQDGR )HGHUDO



&$'(512 

$ JDUDQWLD HVWDUi FRQGLFLRQDGD DR RIHUHFLPHQWR GH FRQWUDJDUDQWLD HP

YDORU LJXDO RX VXSHULRU DR GD JDUDQWLD D VHU FRQFHGLGD H j DGLPSOrQFLD GD

HQWLGDGH TXH D SOHLWHDU UHODWLYDPHQWH D VXDV REULJDo}HV MXQWR DR JDUDQWLGRU
H jV HQWLGDGHV SRU HVWH FRQWURODGDV REVHUYDGR R VHJXLQWH
, QmR VHUi H[LJLGD FRQWUDJDUDQWLD GH yUJmRV H HQWLGDGHV GR SUySULR HQWH
,, D FRQWUDJDUDQWLD H[LJLGD SHOD 8QLmR D (VWDGR RX 0XQLFtSLR RX SHORV
(VWDGRV DRV 0XQLFtSLRV SRGHUi FRQVLVWLU QD YLQFXODomR GH UHFHLWDV WULEXWi
ULDV GLUHWDPHQWH DUUHFDGDGDV H SURYHQLHQWHV GH WUDQVIHUrQFLDV FRQVWLWX
FLRQDLV FRP RXWRUJD GH SRGHUHV DR JDUDQWLGRU SDUD UHWrODV H HPSUHJDU R
UHVSHFWLYR YDORU QD OLTXLGDomR GD GtYLGD YHQFLGD


1R FDVR GH RSHUDomR GH FUpGLWR MXQWR D RUJDQLVPR ILQDQFHLUR LQWHUQD

FLRQDO RX D LQVWLWXLomR IHGHUDO GH FUpGLWR H IRPHQWR SDUD R UHSDVVH GH

UHFXUVRV H[WHUQRV D 8QLmR Vy SUHVWDUi JDUDQWLD D HQWH TXH DWHQGD DOpP GR

GLVSRVWR QR   DV H[LJrQFLDV OHJDLV SDUD R UHFHELPHQWR GH WUDQVIHUrQFLDV

YROXQWiULDV


9(7$'2

9(7$'2

e QXOD D JDUDQWLD FRQFHGLGD DFLPD GRV OLPLWHV IL[DGRV SHOR 6HQDGR

)HGHUDO


e YHGDGR jV HQWLGDGHV GD DGPLQLVWUDomR LQGLUHWD LQFOXVLYH VXDV

HPSUHVDV FRQWURODGDV H VXEVLGLiULDV FRQFHGHU JDUDQWLD DLQGD TXH FRP

UHFXUVRV GH IXQGRV


2 GLVSRVWR QR  QmR VH DSOLFD j FRQFHVVmR GH JDUDQWLD SRU

, HPSUHVD FRQWURODGD D VXEVLGLiULD RX FRQWURODGD VXD QHP j SUHVWDomR GH

FRQWUDJDUDQWLD QDV PHVPDV FRQGLo}HV
,, LQVWLWXLomR ILQDQFHLUD D HPSUHVD QDFLRQDO QRV WHUPRV GD OHL


([FHWXDVH GR GLVSRVWR QHVWH DUWLJR D JDUDQWLD SUHVWDGD

, SRU LQVWLWXLo}HV ILQDQFHLUDV HVWDWDLV TXH VH VXEPHWHUmR jV QRUPDV

DSOLFiYHLV jV LQVWLWXLo}HV ILQDQFHLUDV SULYDGDV GH DFRUGR FRP D OHJLVODomR
SHUWLQHQWH



&$'(512 

,, SHOD 8QLmR QD IRUPD GH OHL IHGHUDO D HPSUHVDV GH QDWXUH]D ILQDQFHLUD

SRU HOD FRQWURODGDV GLUHWD H LQGLUHWDPHQWH TXDQWR jV RSHUDo}HV GH VHJXUR
GH FUpGLWR j H[SRUWDomR

 4XDQGR KRQUDUHP GtYLGD GH RXWUR HQWH HP UD]mR GH JDUDQWLD SUHVWDGD

D 8QLmR H RV (VWDGRV SRGHUmR FRQGLFLRQDU DV WUDQVIHUrQFLDV FRQVWLWXFLRQDLV
DR UHVVDUFLPHQWR GDTXHOH SDJDPHQWR

 2 HQWH GD )HGHUDomR FXMD GtYLGD WLYHU VLGR KRQUDGD SHOD 8QLmR RX
SRU (VWDGR HP GHFRUUrQFLD GH JDUDQWLD SUHVWDGD HP RSHUDomR GH FUpGLWR
WHUi VXVSHQVR R DFHVVR D QRYRV FUpGLWRV RX ILQDQFLDPHQWRV DWp D WRWDO
OLTXLGDomR GD PHQFLRQDGD GtYLGD

6HomR 9,
'RV 5HVWRV D 3DJDU
$UW  9(7$'2

$UW  e YHGDGR DR WLWXODU GH 3RGHU RX yUJmR UHIHULGR QR DUW  QRV ~OWLPRV
GRLV TXDGULPHVWUHV GR VHX PDQGDWR FRQWUDLU REULJDomR GH GHVSHVD TXH QmR
SRVVD VHU FXPSULGD LQWHJUDOPHQWH GHQWUR GHOH RX TXH WHQKD SDUFHODV D
VHUHP SDJDV QR H[HUFtFLR VHJXLQWH VHP TXH KDMD VXILFLHQWH GLVSRQLELOLGDGH
GH FDL[D SDUD HVWH HIHLWR

3DUiJUDIR ~QLFR 1D GHWHUPLQDomR GD GLVSRQLELOLGDGH GH FDL[D VHUmR FRQ

VLGHUDGRV RV HQFDUJRV H GHVSHVDV FRPSURPLVVDGDV D SDJDU DWp R ILQDO GR
H[HUFtFLR

&DStWXOR 9,,,
'$ *(672 3$75,021,$/
6HomR ,
'DV 'LVSRQLELOLGDGHV GH &DL[D
$UW  $V GLVSRQLELOLGDGHV GH FDL[D GRV HQWHV GD )HGHUDomR VHUmR GHSRVL
WDGDV FRQIRUPH HVWDEHOHFH R 

GR DUW  GD &RQVWLWXLomR

$V GLVSRQLELOLGDGHV GH FDL[D GRV UHJLPHV GH SUHYLGrQFLD VRFLDO JHUDO H

SUySULR GRV VHUYLGRUHV S~EOLFRV DLQGD TXH YLQFXODGDV D IXQGRV HVSHFtILFRV



&$'(512 

D TXH VH UHIHUHP RV DUWV  H  GD &RQVWLWXLomR ILFDUmR GHSRVLWDGDV HP

FRQWD VHSDUDGD GDV GHPDLV GLVSRQLELOLGDGHV GH FDGD HQWH H DSOLFDGDV QDV
FRQGLo}HV GH PHUFDGR FRP REVHUYkQFLD GRV OLPLWHV H FRQGLo}HV GH SURWH
omR H SUXGrQFLD ILQDQFHLUD


e YHGDGD D DSOLFDomR GDV GLVSRQLELOLGDGHV GH TXH WUDWD R  HP

, WtWXORV GD GtYLGD S~EOLFD HVWDGXDO H PXQLFLSDO EHP FRPR HP Do}HV H

RXWURV SDSpLV UHODWLYRV jV HPSUHVDV FRQWURODGDV SHOR UHVSHFWLYR HQWH GD
)HGHUDomR
,, HPSUpVWLPRV GH TXDOTXHU QDWXUH]D DRV VHJXUDGRV H DR 3RGHU 3~EOLFR
LQFOXVLYH D VXDV HPSUHVDV FRQWURODGDV

6HomR ,,
'D 3UHVHUYDomR GR 3DWULP{QLR 3~EOLFR
$UW  e YHGDGD D DSOLFDomR GD UHFHLWD GH FDSLWDO GHULYDGD GD DOLHQDomR
GH EHQV H GLUHLWRV TXH LQWHJUDP R SDWULP{QLR S~EOLFR SDUD R ILQDQFLDPHQWR
GH GHVSHVD FRUUHQWH VDOYR VH GHVWLQDGD SRU OHL DRV UHJLPHV GH SUHYLGrQFLD
VRFLDO JHUDO H SUySULR GRV VHUYLGRUHV S~EOLFRV
$UW  2EVHUYDGR R GLVSRVWR QR 

GR DUW  D OHL RUoDPHQWiULD H DV GH

FUpGLWRV DGLFLRQDLV Vy LQFOXLUmR QRYRV SURMHWRV DSyV DGHTXDGDPHQWH DWHQ

GLGRV RV HP DQGDPHQWR H FRQWHPSODGDV DV GHVSHVDV GH FRQVHUYDomR GR
SDWULP{QLR S~EOLFR QRV WHUPRV HP TXH GLVSXVHU D OHL GH GLUHWUL]HV RUoD
PHQWiULDV
3DUiJUDIR ~QLFR 2 3RGHU ([HFXWLYR GH FDGD HQWH HQFDPLQKDUi DR /HJLVOD
WLYR DWp D GDWD GR HQYLR GR SURMHWR GH OHL GH GLUHWUL]HV RUoDPHQWiULDV
UHODWyULR FRP DV LQIRUPDo}HV QHFHVViULDV DR FXPSULPHQWR GR GLVSRVWR QHVWH
DUWLJR DR TXDO VHUi GDGD DPSOD GLYXOJDomR
$UW  e QXOR GH SOHQR GLUHLWR DWR GH GHVDSURSULDomR GH LPyYHO XUEDQR
H[SHGLGR VHP R DWHQGLPHQWR GR GLVSRVWR QR 

GR DUW  GD &RQV

WLWXLomR RX SUpYLR GHSyVLWR MXGLFLDO GR YDORU GD LQGHQL]DomR



&$'(512 

6HomR ,,,
'DV (PSUHVDV &RQWURODGDV SHOR 6HWRU 3~EOLFR
$UW  $ HPSUHVD FRQWURODGD TXH ILUPDU FRQWUDWR GH JHVWmR HP TXH VH
HVWDEHOHoDP REMHWLYRV H PHWDV GH GHVHPSHQKR QD IRUPD GD OHL GLVSRUi GH
DXWRQRPLD JHUHQFLDO RUoDPHQWiULD H ILQDQFHLUD VHP SUHMXt]R GR GLVSRVWR
QR LQFLVR ,, GR 

GR DUW  GD &RQVWLWXLomR

3DUiJUDIR ~QLFR $ HPSUHVD FRQWURODGD LQFOXLUi HP VHXV EDODQoRV WULPHVWUDLV

QRWD H[SOLFDWLYD HP TXH LQIRUPDUi

, IRUQHFLPHQWR GH EHQV H VHUYLoRV DR FRQWURODGRU FRP UHVSHFWLYRV SUHoRV

H FRQGLo}HV FRPSDUDQGRRV FRP RV SUDWLFDGRV QR PHUFDGR

,, UHFXUVRV UHFHELGRV GR FRQWURODGRU D TXDOTXHU WtWXOR HVSHFLILFDQGR

YDORU IRQWH H GHVWLQDomR

,,, YHQGD GH EHQV SUHVWDomR GH VHUYLoRV RX FRQFHVVmR GH HPSUpVWLPRV H

ILQDQFLDPHQWRV FRP SUHoRV WD[DV SUD]RV RX FRQGLo}HV GLIHUHQWHV GRV
YLJHQWHV QR PHUFDGR

&DStWXOR ,;
'$ 75$163$51&,$ &21752/( ( ),6&$/,=$d2
6HomR ,
'D 7UDQVSDUrQFLD GD *HVWmR )LVFDO
$UW  6mR LQVWUXPHQWRV GH WUDQVSDUrQFLD GD JHVWmR ILVFDO DRV TXDLV VHUi
GDGD DPSOD GLYXOJDomR LQFOXVLYH HP PHLRV HOHWU{QLFRV GH DFHVVR S~EOLFR
RV SODQRV RUoDPHQWRV H OHLV GH GLUHWUL]HV RUoDPHQWiULDV DV SUHVWDo}HV GH
FRQWDV H R UHVSHFWLYR SDUHFHU SUpYLR R 5HODWyULR 5HVXPLGR GD ([HFXomR
2UoDPHQWiULD H R 5HODWyULR GH *HVWmR )LVFDO H DV YHUV}HV VLPSOLILFDGDV
GHVVHV GRFXPHQWRV

3DUiJUDIR ~QLFR $ WUDQVSDUrQFLD VHUi DVVHJXUDGD WDPEpP PHGLDQWH LQFHQ

WLYR j SDUWLFLSDomR SRSXODU H UHDOL]DomR GH DXGLrQFLDV S~EOLFDV GXUDQWH RV
SURFHVVRV GH HODERUDomR H GH GLVFXVVmR GRV SODQRV OHL GH GLUHWUL]HV RUoD
PHQWiULDV H RUoDPHQWRV



&$'(512 

$UW  $V FRQWDV DSUHVHQWDGDV SHOR &KHIH GR 3RGHU ([HFXWLYR ILFDUmR

GLVSRQtYHLV GXUDQWH WRGR R H[HUFtFLR QR UHVSHFWLYR 3RGHU /HJLVODWLYR H QR
yUJmR WpFQLFR UHVSRQViYHO SHOD VXD HODERUDomR SDUD FRQVXOWD H DSUHFLDomR
SHORV FLGDGmRV H LQVWLWXLo}HV GD VRFLHGDGH

3DUiJUDIR ~QLFR $ SUHVWDomR GH FRQWDV GD 8QLmR FRQWHUi GHPRQVWUDWLYRV

GR 7HVRXUR 1DFLRQDO H GDV DJrQFLDV ILQDQFHLUDV RILFLDLV GH IRPHQWR LQFOXtGR
R %DQFR 1DFLRQDO GH 'HVHQYROYLPHQWR (FRQ{PLFR H 6RFLDO HVSHFLILFDQGR
RV HPSUpVWLPRV H ILQDQFLDPHQWRV FRQFHGLGRV FRP UHFXUVRV RULXQGRV GRV
RUoDPHQWRV ILVFDO H GD VHJXULGDGH VRFLDO H QR FDVR GDV DJrQFLDV ILQDQFHLUDV
DYDOLDomR FLUFXQVWDQFLDGD GR LPSDFWR ILVFDO GH VXDV DWLYLGDGHV QR H[HUFtFLR

6HomR ,,
'D (VFULWXUDomR H &RQVROLGDomR GDV &RQWDV
$UW  $OpP GH REHGHFHU jV GHPDLV QRUPDV GH FRQWDELOLGDGH S~EOLFD D
HVFULWXUDomR GDV FRQWDV S~EOLFDV REVHUYDUi DV VHJXLQWHV

, D GLVSRQLELOLGDGH GH FDL[D FRQVWDUi GH UHJLVWUR SUySULR GH PRGR TXH RV

UHFXUVRV YLQFXODGRV D yUJmR IXQGR RX GHVSHVD REULJDWyULD ILTXHP LGHQWLIL
FDGRV H HVFULWXUDGRV GH IRUPD LQGLYLGXDOL]DGD

,, D GHVSHVD H D DVVXQomR GH FRPSURPLVVR VHUmR UHJLVWUDGDV VHJXQGR R

UHJLPH GH FRPSHWrQFLD DSXUDQGRVH HP FDUiWHU FRPSOHPHQWDU R UHVXO
WDGR GRV IOX[RV ILQDQFHLURV SHOR UHJLPH GH FDL[D

,,, DV GHPRQVWUDo}HV FRQWiEHLV FRPSUHHQGHUmR LVRODGD H FRQMXQWDPHQWH

DV WUDQVDo}HV H RSHUDo}HV GH FDGD yUJmR IXQGR RX HQWLGDGH GD DGPLQLV
WUDomR GLUHWD DXWiUTXLFD H IXQGDFLRQDO LQFOXVLYH HPSUHVD HVWDWDO GHSHQ
GHQWH

,9 DV UHFHLWDV H GHVSHVDV SUHYLGHQFLiULDV VHUmR DSUHVHQWDGDV HP GHPRQV

WUDWLYRV ILQDQFHLURV H RUoDPHQWiULRV HVSHFtILFRV

9 DV RSHUDo}HV GH FUpGLWR DV LQVFULo}HV HP 5HVWRV D 3DJDU H DV GHPDLV

IRUPDV GH ILQDQFLDPHQWR RX DVVXQomR GH FRPSURPLVVRV MXQWR D WHUFHLURV
GHYHUmR VHU HVFULWXUDGDV GH PRGR D HYLGHQFLDU R PRQWDQWH H D YDULDomR GD
GtYLGD S~EOLFD QR SHUtRGR GHWDOKDQGR SHOR PHQRV D QDWXUH]D H R WLSR GH
FUHGRU



&$'(512 

9, D GHPRQVWUDomR GDV YDULDo}HV SDWULPRQLDLV GDUi GHVWDTXH j RULJHP H

DR GHVWLQR GRV UHFXUVRV SURYHQLHQWHV GD DOLHQDomR GH DWLYRV

1R FDVR GDV GHPRQVWUDo}HV FRQMXQWDV H[FOXLUVHmR DV RSHUDo}HV

LQWUDJRYHUQDPHQWDLV

 $ HGLomR GH QRUPDV JHUDLV SDUD FRQVROLGDomR GDV FRQWDV S~EOLFDV FDEHUi

DR yUJmR FHQWUDO GH FRQWDELOLGDGH GD 8QLmR HQTXDQWR QmR LPSODQWDGR R
FRQVHOKR GH TXH WUDWD R DUW 

$ $GPLQLVWUDomR 3~EOLFD PDQWHUi VLVWHPD GH FXVWRV TXH SHUPLWD D

DYDOLDomR H R DFRPSDQKDPHQWR GD JHVWmR RUoDPHQWiULD ILQDQFHLUD H

SDWULPRQLDO

$UW  2 3RGHU ([HFXWLYR GD 8QLmR SURPRYHUi DWp R GLD WULQWD GH MXQKR
D FRQVROLGDomR QDFLRQDO H SRU HVIHUD GH JRYHUQR GDV FRQWDV GRV HQWHV GD
)HGHUDomR UHODWLYDV DR H[HUFtFLR DQWHULRU H D VXD GLYXOJDomR LQFOXVLYH SRU
PHLR HOHWU{QLFR GH DFHVVR S~EOLFR

2V (VWDGRV H RV 0XQLFtSLRV HQFDPLQKDUmR VXDV FRQWDV DR 3RGHU

([HFXWLYR GD 8QLmR QRV VHJXLQWHV SUD]RV

, 0XQLFtSLRV FRP FySLD SDUD R 3RGHU ([HFXWLYR GR UHVSHFWLYR (VWDGR DWp

WULQWD GH DEULO

,, (VWDGRV DWp WULQWD H XP GH PDLR

2 GHVFXPSULPHQWR GRV SUD]RV SUHYLVWRV QHVWH DUWLJR LPSHGLUi DWp TXH

D VLWXDomR VHMD UHJXODUL]DGD TXH R HQWH GD )HGHUDomR UHFHED WUDQVIHUrQFLDV

YROXQWiULDV H FRQWUDWH RSHUDo}HV GH FUpGLWR H[FHWR DV GHVWLQDGDV DR UHIL
QDQFLDPHQWR GR SULQFLSDO DWXDOL]DGR GD GtYLGD PRELOLiULD

6HomR ,,,
'R 5HODWyULR 5HVXPLGR GD ([HFXomR 2UoDPHQWiULD
$UW  2 UHODWyULR D TXH VH UHIHUH R 

GR DUW  GD &RQVWLWXLomR

DEUDQJHUi WRGRV RV 3RGHUHV H R 0LQLVWpULR 3~EOLFR VHUi SXEOLFDGR DWp WULQWD

GLDV DSyV R HQFHUUDPHQWR GH FDGD ELPHVWUH H FRPSRVWR GH

, EDODQoR RUoDPHQWiULR TXH HVSHFLILFDUi SRU FDWHJRULD HFRQ{PLFD DV



&$'(512 

D UHFHLWDV SRU IRQWH LQIRUPDQGR DV UHDOL]DGDV H D UHDOL]DU EHP FRPR D

SUHYLVmR DWXDOL]DGD

E GHVSHVDV SRU JUXSR GH QDWXUH]D GLVFULPLQDQGR D GRWDomR SDUD R

H[HUFtFLR D GHVSHVD OLTXLGDGD H R VDOGR

,, GHPRQVWUDWLYRV GD H[HFXomR GDV

D UHFHLWDV SRU FDWHJRULD HFRQ{PLFD H IRQWH HVSHFLILFDQGR D SUHYLVmR

LQLFLDO D SUHYLVmR DWXDOL]DGD SDUD R H[HUFtFLR D UHFHLWD UHDOL]DGD QR
ELPHVWUH D UHDOL]DGD QR H[HUFtFLR H D SUHYLVmR D UHDOL]DU

E GHVSHVDV SRU FDWHJRULD HFRQ{PLFD H JUXSR GH QDWXUH]D GD GHVSHVD

GLVFULPLQDQGR GRWDomR LQLFLDO GRWDomR SDUD R H[HUFtFLR GHVSHVDV HPSH
QKDGD H OLTXLGDGD QR ELPHVWUH H QR H[HUFtFLR

F GHVSHVDV SRU IXQomR H VXEIXQomR

 2V YDORUHV UHIHUHQWHV DR UHILQDQFLDPHQWR GD GtYLGD PRELOLiULD FRQVWDUmR

GHVWDFDGDPHQWH QDV UHFHLWDV GH RSHUDo}HV GH FUpGLWR H QDV GHVSHVDV FRP
DPRUWL]DomR GD GtYLGD

2 GHVFXPSULPHQWR GR SUD]R SUHYLVWR QHVWH DUWLJR VXMHLWD R HQWH jV

VDQo}HV SUHYLVWDV QR 

GR DUW 

$UW  $FRPSDQKDUmR R 5HODWyULR 5HVXPLGR GHPRQVWUDWLYRV UHODWLYRV D

, DSXUDomR GD UHFHLWD FRUUHQWH OtTXLGD QD IRUPD GHILQLGD QR LQFLVR ,9 GR

DUW   VXD HYROXomR DVVLP FRPR D SUHYLVmR GH VHX GHVHPSHQKR DWp R ILQDO
GR H[HUFtFLR

,, UHFHLWDV H GHVSHVDV SUHYLGHQFLiULDV D TXH VH UHIHUH R LQFLVR ,9 GR DUW



,,, UHVXOWDGRV QRPLQDO H SULPiULR

,9 GHVSHVDV FRP MXURV QD IRUPD GR LQFLVR ,, GR DUW  

9 5HVWRV D 3DJDU GHWDOKDQGR SRU 3RGHU H yUJmR UHIHULGR QR DUW  RV

YDORUHV LQVFULWRV RV SDJDPHQWRV UHDOL]DGRV H R PRQWDQWH D SDJDU



&$'(512 

2 UHODWyULR UHIHUHQWH DR ~OWLPR ELPHVWUH GR H[HUFtFLR VHUi DFRPSD

QKDGR WDPEpP GH GHPRQVWUDWLYRV

, GR DWHQGLPHQWR GR GLVSRVWR QR LQFLVR ,,, GR DUW  GD &RQVWLWXLomR

FRQIRUPH R 

GR DUW 

,, GDV SURMHo}HV DWXDULDLV GRV UHJLPHV GH SUHYLGrQFLD VRFLDO JHUDO H SUySULR

GRV VHUYLGRUHV S~EOLFRV

,,, GD YDULDomR SDWULPRQLDO HYLGHQFLDQGR D DOLHQDomR GH DWLYRV H D

DSOLFDomR GRV UHFXUVRV GHOD GHFRUUHQWHV

4XDQGR IRU R FDVR VHUmR DSUHVHQWDGDV MXVWLILFDWLYDV

, GD OLPLWDomR GH HPSHQKR

,, GD IUXVWUDomR GH UHFHLWDV HVSHFLILFDQGR DV PHGLGDV GH FRPEDWH j

VRQHJDomR H j HYDVmR ILVFDO DGRWDGDV H D DGRWDU H DV Do}HV GH ILVFDOL]DomR
H FREUDQoD

6HomR ,9
'R 5HODWyULR GH *HVWmR )LVFDO
$UW  $R ILQDO GH FDGD TXDGULPHVWUH VHUi HPLWLGR SHORV WLWXODUHV GRV
3RGHUHV H yUJmRV UHIHULGRV QR DUW  5HODWyULR GH *HVWmR )LVFDO DVVLQDGR
SHOR

, &KHIH GR 3RGHU ([HFXWLYR

,, 3UHVLGHQWH H GHPDLV PHPEURV GD 0HVD 'LUHWRUD RX yUJmR GHFLVyULR

HTXLYDOHQWH FRQIRUPH UHJLPHQWRV LQWHUQRV GRV yUJmRV GR 3RGHU /HJLVODWLYR

,,, 3UHVLGHQWH GH 7ULEXQDO H GHPDLV PHPEURV GH &RQVHOKR GH $GPLQLV

WUDomR RX yUJmR GHFLVyULR HTXLYDOHQWH FRQIRUPH UHJLPHQWRV LQWHUQRV GRV
yUJmRV GR 3RGHU -XGLFLiULR

,9 &KHIH GR 0LQLVWpULR 3~EOLFR GD 8QLmR H GRV (VWDGRV

3DUiJUDIR ~QLFR 2 UHODWyULR WDPEpP VHUi DVVLQDGR SHODV DXWRULGDGHV

UHVSRQViYHLV SHOD DGPLQLVWUDomR ILQDQFHLUD H SHOR FRQWUROH LQWHUQR EHP



&$'(512 

FRPR SRU RXWUDV GHILQLGDV SRU DWR SUySULR GH FDGD 3RGHU RX yUJmR UHIHULGR
QR DUW 

$UW  2 UHODWyULR FRQWHUi

, FRPSDUDWLYR FRP RV OLPLWHV GH TXH WUDWD HVWD /HL &RPSOHPHQWDU GRV

VHJXLQWHV PRQWDQWHV

D GHVSHVD WRWDO FRP SHVVRDO GLVWLQJXLQGR D FRP LQDWLYRV H SHQVLRQLVWDV

E GtYLGDV FRQVROLGDGD H PRELOLiULD

F FRQFHVVmR GH JDUDQWLDV

G RSHUDo}HV GH FUpGLWR LQFOXVLYH SRU DQWHFLSDomR GH UHFHLWD

H GHVSHVDV GH TXH WUDWD R LQFLVR ,, GR DUW  

,, LQGLFDomR GDV PHGLGDV FRUUHWLYDV DGRWDGDV RX D DGRWDU VH XOWUDSDVVDGR

TXDOTXHU GRV OLPLWHV

,,, GHPRQVWUDWLYRV QR ~OWLPR TXDGULPHVWUH

D GR PRQWDQWH GDV GLVSRQLELOLGDGHV GH FDL[D HP WULQWD H XP GH GH]HPEUR

E GD LQVFULomR HP 5HVWRV D 3DJDU GDV GHVSHVDV

 OLTXLGDGDV

 HPSHQKDGDV H QmR OLTXLGDGDV LQVFULWDV SRU DWHQGHUHP D XPD GDV

FRQGLo}HV GR LQFLVR ,, GR DUW 

 HPSHQKDGDV H QmR OLTXLGDGDV LQVFULWDV DWp R OLPLWH GR VDOGR GD GLV

SRQLELOLGDGH GH FDL[D

 QmR LQVFULWDV SRU IDOWD GH GLVSRQLELOLGDGH GH FDL[D H FXMRV HPSHQKRV

IRUDP FDQFHODGRV

F GR FXPSULPHQWR GR GLVSRVWR QR LQFLVR ,, H QD DOtQHD E GR LQFLVR ,9 GR

DUW 



&$'(512 

2 UHODWyULR GRV WLWXODUHV GRV yUJmRV PHQFLRQDGRV QRV LQFLVRV ,, ,,, H ,9

GR DUW  FRQWHUi DSHQDV DV LQIRUPDo}HV UHODWLYDV j DOtQHD D GR LQFLVR , H

RV GRFXPHQWRV UHIHULGRV QRV LQFLVRV ,, H ,,,


2 UHODWyULR VHUi SXEOLFDGR DWp WULQWD GLDV DSyV R HQFHUUDPHQWR GR

SHUtRGR D TXH FRUUHVSRQGHU FRP DPSOR DFHVVR DR S~EOLFR LQFOXVLYH SRU

PHLR HOHWU{QLFR


2 GHVFXPSULPHQWR GR SUD]R D TXH VH UHIHUH R 

VXMHLWD R HQWH j

VDQomR SUHYLVWD QR R GR DUW 



2V UHODWyULRV UHIHULGRV QRV DUWV  H  GHYHUmR VHU HODERUDGRV GH

IRUPD SDGURQL]DGD VHJXQGR PRGHORV TXH SRGHUmR VHU DWXDOL]DGRV SHOR

FRQVHOKR GH TXH WUDWD R DUW 

6HomR 9
'DV 3UHVWDo}HV GH &RQWDV
$UW  $V FRQWDV SUHVWDGDV SHORV &KHIHV GR 3RGHU ([HFXWLYR LQFOXLUmR DOpP
GDV VXDV SUySULDV DV GRV 3UHVLGHQWHV GRV yUJmRV GRV 3RGHUHV /HJLVODWLYR H
-XGLFLiULR H GR &KHIH GR 0LQLVWpULR 3~EOLFR UHIHULGRV QR DUW  DV TXDLV
UHFHEHUmR SDUHFHU SUpYLR VHSDUDGDPHQWH GR UHVSHFWLYR 7ULEXQDO GH &RQWDV


$V FRQWDV GR 3RGHU -XGLFLiULR VHUmR DSUHVHQWDGDV QR kPELWR

, GD 8QLmR SHORV 3UHVLGHQWHV GR 6XSUHPR 7ULEXQDO )HGHUDO H GRV 7ULEXQDLV

6XSHULRUHV FRQVROLGDQGR DV GRV UHVSHFWLYRV WULEXQDLV
,, GRV (VWDGRV SHORV 3UHVLGHQWHV GRV 7ULEXQDLV GH -XVWLoD FRQVROLGDQGR DV
GRV GHPDLV WULEXQDLV


SDUHFHU VREUH DV FRQWDV GRV 7ULEXQDLV GH &RQWDV VHUi SURIHULGR QR

SUD]R SUHYLVWR QR DUW  SHOD FRPLVVmR PLVWD SHUPDQHQWH UHIHULGD QR R

GR DUW  GD &RQVWLWXLomR RX HTXLYDOHQWH GDV &DVDV /HJLVODWLYDV HVWDGXDLV
H PXQLFLSDLV


6HUi GDGD DPSOD GLYXOJDomR GRV UHVXOWDGRV GD DSUHFLDomR GDV FRQWDV

MXOJDGDV RX WRPDGDV
$UW  2V 7ULEXQDLV GH &RQWDV HPLWLUmR SDUHFHU SUpYLR FRQFOXVLYR VREUH
DV FRQWDV QR SUD]R GH VHVVHQWD GLDV GR UHFHELPHQWR VH RXWUR QmR HVWLYHU
HVWDEHOHFLGR QDV FRQVWLWXLo}HV HVWDGXDLV RX QDV OHLV RUJkQLFDV PXQLFLSDLV



&$'(512 

1R

FDVR GH 0XQLFtSLRV TXH QmR VHMDP FDSLWDLV H TXH WHQKDP PHQRV

GH GX]HQWRV PLO KDELWDQWHV R SUD]R VHUi GH FHQWR H RLWHQWD GLDV



2V

7ULEXQDLV GH &RQWDV QmR HQWUDUmR HP UHFHVVR HQTXDQWR H[LVWLUHP

FRQWDV GH 3RGHU RX yUJmR UHIHULGR QR DUW  SHQGHQWHV GH SDUHFHU SUpYLR

$UW  $ SUHVWDomR GH FRQWDV HYLGHQFLDUi R GHVHPSHQKR GD DUUHFDGDomR
HP UHODomR j SUHYLVmR GHVWDFDQGR DV SURYLGrQFLDV DGRWDGDV QR kPELWR GD
ILVFDOL]DomR GDV UHFHLWDV H FRPEDWH j VRQHJDomR DV Do}HV GH UHFXSHUDomR
GH FUpGLWRV QDV LQVWkQFLDV DGPLQLVWUDWLYD H MXGLFLDO EHP FRPR DV GHPDLV
PHGLGDV SDUD LQFUHPHQWR GDV UHFHLWDV WULEXWiULDV H GH FRQWULEXLo}HV

6HomR 9,
'D )LVFDOL]DomR GD *HVWmR )LVFDO
$UW  2 3RGHU /HJLVODWLYR GLUHWDPHQWH RX FRP R DX[tOLR GRV 7ULEXQDLV
GH &RQWDV H R VLVWHPD GH FRQWUROH LQWHUQR GH FDGD 3RGHU H GR 0LQLVWpULR
3~EOLFR ILVFDOL]DUmR R FXPSULPHQWR GDV QRUPDV GHVWD /HL &RPSOHPHQWDU
FRP rQIDVH QR TXH VH UHIHUH D
, DWLQJLPHQWR GDV PHWDV HVWDEHOHFLGDV QD OHL GH GLUHWUL]HV RUoDPHQWiULDV
,, OLPLWHV H FRQGLo}HV SDUD UHDOL]DomR GH RSHUDo}HV GH FUpGLWR H LQVFULomR
HP 5HVWRV D 3DJDU
,,, PHGLGDV DGRWDGDV SDUD R UHWRUQR GD GHVSHVD WRWDO FRP SHVVRDO DR
UHVSHFWLYR OLPLWH QRV WHUPRV GRV DUWV  H 
,9 SURYLGrQFLDV WRPDGDV FRQIRUPH R GLVSRVWR QR DUW  SDUD UHFRQGXomR
GRV PRQWDQWHV GDV GtYLGDV FRQVROLGDGD H PRELOLiULD DRV UHVSHFWLYRV OLPLWHV
9 GHVWLQDomR GH UHFXUVRV REWLGRV FRP D DOLHQDomR GH DWLYRV WHQGR HP
YLVWD DV UHVWULo}HV FRQVWLWXFLRQDLV H DV GHVWD /HL &RPSOHPHQWDU
9, FXPSULPHQWR GR OLPLWH GH JDVWRV WRWDLV GRV OHJLVODWLYRV PXQLFLSDLV
TXDQGR KRXYHU


2V 7ULEXQDLV GH &RQWDV DOHUWDUmR RV 3RGHUHV RX yUJmRV UHIHULGRV QR DUW

 TXDQGR FRQVWDWDUHP
, D SRVVLELOLGDGH GH RFRUUrQFLD GDV VLWXDo}HV SUHYLVWDV QR LQFLVR ,, GR DUW


H QR DUW 



&$'(512 

,, TXH R PRQWDQWH GD GHVSHVD WRWDO FRP SHVVRDO XOWUDSDVVRX  QRYHQWD

SRU FHQWR GR OLPLWH
,,, TXH RV PRQWDQWHV GDV GtYLGDV FRQVROLGDGD H PRELOLiULD GDV RSHUDo}HV
GH FUpGLWR H GD FRQFHVVmR GH JDUDQWLD VH HQFRQWUDP DFLPD GH  QRYHQWD
SRU FHQWR GRV UHVSHFWLYRV OLPLWHV
,9 TXH RV JDVWRV FRP LQDWLYRV H SHQVLRQLVWDV VH HQFRQWUDP DFLPD GR OLPLWH
GHILQLGR HP OHL
9 IDWRV TXH FRPSURPHWDP RV FXVWRV RX RV UHVXOWDGRV GRV SURJUDPDV RX
LQGtFLRV GH LUUHJXODULGDGHV QD JHVWmR RUoDPHQWiULD


&RPSHWH DLQGD DRV 7ULEXQDLV GH &RQWDV YHULILFDU RV FiOFXORV GRV OLPLWHV

GD GHVSHVD WRWDO FRP SHVVRDO GH FDGD 3RGHU H yUJmR UHIHULGR QR DUW 


2 7ULEXQDO GH &RQWDV GD 8QLmR DFRPSDQKDUi R FXPSULPHQWR GR

GLVSRVWR QRV   

H  GR DUW 

&DStWXOR ;
',6326,d(6 ),1$,6 ( 75$16,75,$6
$UW  /HL HVWDGXDO RX PXQLFLSDO SRGHUi IL[DU OLPLWHV LQIHULRUHV jTXHOHV
SUHYLVWRV QHVWD /HL &RPSOHPHQWDU SDUD DV GtYLGDV FRQVROLGDGD H PRELOLiULD
RSHUDo}HV GH FUpGLWR H FRQFHVVmR GH JDUDQWLDV
$UW  2V WtWXORV GD GtYLGD S~EOLFD GHVGH TXH GHYLGDPHQWH HVFULWXUDGRV
HP VLVWHPD FHQWUDOL]DGR GH OLTXLGDomR H FXVWyGLD SRGHUmR VHU RIHUHFLGRV
HP FDXomR SDUD JDUDQWLD GH HPSUpVWLPRV RX HP RXWUDV WUDQVDo}HV SUHYLVWDV
HP OHL SHOR VHX YDORU HFRQ{PLFR FRQIRUPH GHILQLGR SHOR 0LQLVWpULR GD
)D]HQGD
$UW  2V 0XQLFtSLRV Vy FRQWULEXLUmR SDUD R FXVWHLR GH GHVSHVDV GH
FRPSHWrQFLD GH RXWURV HQWHV GD )HGHUDomR VH KRXYHU
, DXWRUL]DomR QD OHL GH GLUHWUL]HV RUoDPHQWiULDV H QD OHL RUoDPHQWiULD DQXDO
,, FRQYrQLR DFRUGR DMXVWH RX FRQJrQHUH FRQIRUPH VXD OHJLVODomR
$UW  e IDFXOWDGR DRV 0XQLFtSLRV FRP SRSXODomR LQIHULRU D FLQTHQWD PLO
KDELWDQWHV RSWDU SRU
, DSOLFDU R GLVSRVWR QR DUW  H QR 

GR DUW  DR ILQDO GR VHPHVWUH



&$'(512 

,, GLYXOJDU VHPHVWUDOPHQWH
D 9(7$'2
E R 5HODWyULR GH *HVWmR )LVFDO
F RV GHPRQVWUDWLYRV GH TXH WUDWD R DUW 
,,, HODERUDU R $QH[R GH 3ROtWLFD )LVFDO GR SODQR SOXULDQXDO R $QH[R GH
0HWDV )LVFDLV H R $QH[R GH 5LVFRV )LVFDLV GD OHL GH GLUHWUL]HV RUoDPHQWiULDV
H R DQH[R GH TXH WUDWD R LQFLVR , GR DUW 

D SDUWLU GR TXLQWR H[HUFtFLR

VHJXLQWH DR GD SXEOLFDomR GHVWD /HL &RPSOHPHQWDU



$ GLYXOJDomR GRV UHODWyULRV H GHPRQVWUDWLYRV GHYHUi VHU UHDOL]DGD HP

DWp WULQWD GLDV DSyV R HQFHUUDPHQWR GR VHPHVWUH



6H XOWUDSDVVDGRV RV

OLPLWHV UHODWLYRV j GHVSHVD WRWDO FRP SHVVRDO RX j

GtYLGD FRQVROLGDGD HQTXDQWR SHUGXUDU HVWD VLWXDomR R 0XQLFtSLR ILFDUi

VXMHLWR DRV PHVPRV SUD]RV GH YHULILFDomR H GH UHWRUQR DR OLPLWH GHILQLGRV
SDUD RV GHPDLV HQWHV
$UW  $ 8QLmR SUHVWDUi DVVLVWrQFLD WpFQLFD H FRRSHUDomR ILQDQFHLUD DRV
0XQLFtSLRV SDUD D PRGHUQL]DomR GDV UHVSHFWLYDV DGPLQLVWUDo}HV WULEXWiULD
ILQDQFHLUD SDWULPRQLDO H SUHYLGHQFLiULD FRP YLVWDV DR FXPSULPHQWR GDV
QRUPDV GHVWD /HL &RPSOHPHQWDU


$ DVVLVWrQFLD WpFQLFD FRQVLVWLUi QR WUHLQDPHQWR H

GHVHQYROYLPHQWR GH

UHFXUVRV KXPDQRV H QD WUDQVIHUrQFLD GH WHFQRORJLD EHP FRPR QR DSRLR j

GLYXOJDomR GRV LQVWUXPHQWRV GH TXH WUDWD R DUW  HP PHLR HOHWU{QLFR GH
DPSOR DFHVVR S~EOLFR


$ FRRSHUDomR ILQDQFHLUD FRPSUHHQGHUi D GRDomR GH EHQV H YDORUHV R

ILQDQFLDPHQWR SRU LQWHUPpGLR GDV LQVWLWXLo}HV ILQDQFHLUDV IHGHUDLV H R

UHSDVVH GH UHFXUVRV RULXQGRV GH RSHUDo}HV H[WHUQDV
$UW  1D RFRUUrQFLD GH FDODPLGDGH S~EOLFD UHFRQKHFLGD SHOR &RQJUHVVR
1DFLRQDO QR FDVR GD 8QLmR RX SHODV $VVHPEOpLDV /HJLVODWLYDV QD KLSyWHVH
GRV (VWDGRV H 0XQLFtSLRV HQTXDQWR SHUGXUDU D VLWXDomR
, VHUmR VXVSHQVDV D FRQWDJHP GRV SUD]RV H DV GLVSRVLo}HV HVWDEHOHFLGDV
QRV DUWV   H 
,, VHUmR GLVSHQVDGRV R DWLQJLPHQWR GRV UHVXOWDGRV ILVFDLV H D OLPLWDomR GH

HPSHQKR SUHYLVWD QR DUW  



&$'(512 

3DUiJUDIR ~QLFR $SOLFDVH R GLVSRVWR QR FDSXW QR FDVR GH HVWDGR GH GHIHVD

RX GH VtWLR GHFUHWDGR QD IRUPD GD &RQVWLWXLomR

$UW  2V SUD]RV HVWDEHOHFLGRV QRV DUWV   H  VHUmR GXSOLFDGRV QR

FDVR GH FUHVFLPHQWR UHDO EDL[R RX QHJDWLYR GR 3URGXWR ,QWHUQR %UXWR 3,%
QDFLRQDO UHJLRQDO RX HVWDGXDO SRU SHUtRGR LJXDO RX VXSHULRU D TXDWUR
WULPHVWUHV

(QWHQGHVH SRU EDL[R FUHVFLPHQWR D WD[D GH YDULDomR UHDO DFXPXODGD

GR 3URGXWR ,QWHUQR %UXWR LQIHULRU D  XP SRU FHQWR QR SHUtRGR

FRUUHVSRQGHQWH DRV TXDWUR ~OWLPRV WULPHVWUHV


$ WD[D GH YDULDomR VHUi DTXHOD DSXUDGD SHOD )XQGDomR ,QVWLWXWR

%UDVLOHLUR GH *HRJUDILD H (VWDWtVWLFD RX RXWUR yUJmR TXH YLHU D VXEVWLWXtOD

DGRWDGD D PHVPD PHWRGRORJLD SDUD DSXUDomR GRV 3,% QDFLRQDO HVWDGXDO H
UHJLRQDO

1D KLSyWHVH GR FDSXW FRQWLQXDUmR D VHU DGRWDGDV DV PHGLGDV SUHYLVWDV

QR DUW 


1D KLSyWHVH GH VH YHULILFDUHP PXGDQoDV GUiVWLFDV QD FRQGXomR GDV

SROtWLFDV PRQHWiULD H FDPELDO UHFRQKHFLGDV SHOR 6HQDGR )HGHUDO R SUD]R

UHIHULGR QR FDSXW GR DUW  SRGHUi VHU DPSOLDGR HP DWp TXDWUR TXDGULPHV
WUHV

$UW  2 DFRPSDQKDPHQWR H D DYDOLDomR GH IRUPD SHUPDQHQWH GD

SROtWLFD H GD RSHUDFLRQDOLGDGH GD JHVWmR ILVFDO VHUmR UHDOL]DGRV SRU FRQVHOKR
GH JHVWmR ILVFDO FRQVWLWXtGR SRU UHSUHVHQWDQWHV GH WRGRV RV 3RGHUHV H HVIHUDV
GH *RYHUQR GR 0LQLVWpULR 3~EOLFR H GH HQWLGDGHV WpFQLFDV UHSUHVHQWDWLYDV
GD VRFLHGDGH YLVDQGR D
, KDUPRQL]DomR H FRRUGHQDomR HQWUH RV HQWHV GD )HGHUDomR

,, GLVVHPLQDomR GH SUiWLFDV TXH UHVXOWHP HP PDLRU HILFLrQFLD QD DORFDomR

H H[HFXomR GR JDVWR S~EOLFR QD DUUHFDGDomR GH UHFHLWDV QR FRQWUROH GR
HQGLYLGDPHQWR H QD WUDQVSDUrQFLD GD JHVWmR ILVFDO

,,, DGRomR GH QRUPDV GH FRQVROLGDomR GDV FRQWDV S~EOLFDV SDGURQL]DomR

GDV SUHVWDo}HV GH FRQWDV H GRV UHODWyULRV H GHPRQVWUDWLYRV GH JHVWmR ILVFDO
GH TXH WUDWD HVWD /HL &RPSOHPHQWDU QRUPDV H SDGU}HV PDLV VLPSOHV SDUD
RV SHTXHQRV 0XQLFtSLRV EHP FRPR RXWURV QHFHVViULRV DR FRQWUROH VRFLDO



&$'(512 

,9 GLYXOJDomR GH DQiOLVHV HVWXGRV H GLDJQyVWLFRV

2 FRQVHOKR D TXH VH UHIHUH R FDSXW LQVWLWXLUi IRUPDV GH SUHPLDomR H

UHFRQKHFLPHQWR S~EOLFR DRV WLWXODUHV GH 3RGHU TXH DOFDQoDUHP UHVXOWDGRV

PHULWyULRV HP VXDV SROtWLFDV GH GHVHQYROYLPHQWR VRFLDO FRQMXJDGRV FRP D
SUiWLFD GH XPD JHVWmR ILVFDO SDXWDGD SHODV QRUPDV GHVWD /HL &RPSOHPHQWDU

/HL GLVSRUi VREUH D FRPSRVLomR H D IRUPD GH IXQFLRQDPHQWR GR

FRQVHOKR

$UW  1D IRUPD GR DUW  GD &RQVWLWXLomR p FULDGR R )XQGR GR 5HJLPH

*HUDO GH 3UHYLGrQFLD 6RFLDO YLQFXODGR DR 0LQLVWpULR GD 3UHYLGrQFLD H
$VVLVWrQFLD 6RFLDO FRP D ILQDOLGDGH GH SURYHU UHFXUVRV SDUD R SDJDPHQWR
GRV EHQHItFLRV GR UHJLPH JHUDO GD SUHYLGrQFLD VRFLDO

2 )XQGR VHUi FRQVWLWXtGR GH

, EHQV PyYHLV H LPyYHLV YDORUHV H UHQGDV GR ,QVWLWXWR 1DFLRQDO GR 6HJXUR

6RFLDO QmR XWLOL]DGRV QD RSHUDFLRQDOL]DomR GHVWH

,, EHQV H GLUHLWRV TXH D TXDOTXHU WtWXOR OKH VHMDP DGMXGLFDGRV RX TXH OKH
YLHUHP D VHU YLQFXODGRV SRU IRUoD GH OHL

,,, UHFHLWD GDV FRQWULEXLo}HV VRFLDLV SDUD D VHJXULGDGH VRFLDO SUHYLVWDV QD

DOtQHD D GR LQFLVR , H QR LQFLVR ,, GR DUW  GD &RQVWLWXLomR

,9 SURGXWR GD OLTXLGDomR GH EHQV H DWLYRV GH SHVVRD ItVLFD RX MXUtGLFD HP

GpELWR FRP D 3UHYLGrQFLD 6RFLDO

9 UHVXOWDGR GD DSOLFDomR ILQDQFHLUD GH VHXV DWLYRV

9, UHFXUVRV SURYHQLHQWHV GR RUoDPHQWR GD 8QLmR

2 )XQGR VHUi JHULGR SHOR ,QVWLWXWR 1DFLRQDO GR 6HJXUR 6RFLDO QD IRUPD

GD OHL

$UW  2 HQWH GD )HGHUDomR TXH PDQWLYHU RX YLHU D LQVWLWXLU UHJLPH SUySULR
GH SUHYLGrQFLD VRFLDO SDUD VHXV VHUYLGRUHV FRQIHULUOKHi FDUiWHU FRQWULEXWLYR
H R RUJDQL]DUi FRP EDVH HP QRUPDV GH FRQWDELOLGDGH H DWXiULD TXH
SUHVHUYHP VHX HTXLOtEULR ILQDQFHLUR H DWXDULDO



&$'(512 

$UW  2 3RGHU RX yUJmR UHIHULGR QR DUW  FXMD GHVSHVD WRWDO FRP SHVVRDO
QR H[HUFtFLR DQWHULRU DR GD SXEOLFDomR GHVWD /HL &RPSOHPHQWDU HVWLYHU
DFLPD GRV OLPLWHV HVWDEHOHFLGRV QRV DUWV  H  GHYHUi HQTXDGUDUVH QR
UHVSHFWLYR OLPLWH HP DWp GRLV H[HUFtFLRV HOLPLQDQGR R H[FHVVR JUDGXDOPHQ
WH j UD]mR GH SHOR PHQRV  DD FLQTHQWD SRU FHQWR DR DQR PHGLDQWH
D DGRomR HQWUH RXWUDV GDV PHGLGDV SUHYLVWDV QRV DUWV  H 
3DUiJUDIR ~QLFR $ LQREVHUYkQFLD GR GLVSRVWR QR FDSXW QR SUD]R IL[DGR
VXMHLWD R HQWH jV VDQo}HV SUHYLVWDV QR 

GR DUW 

$UW  5HVVDOYDGD D KLSyWHVH GR LQFLVR ; GR DUW  GD &RQVWLWXLomR DWp R

WpUPLQR GR WHUFHLUR H[HUFtFLR ILQDQFHLUR VHJXLQWH j HQWUDGD HP YLJRU GHVWD
/HL &RPSOHPHQWDU D GHVSHVD WRWDO FRP SHVVRDO GRV 3RGHUHV H yUJmRV
UHIHULGRV QR DUW  QmR XOWUDSDVVDUi HP SHUFHQWXDO GD UHFHLWD FRUUHQWH
OtTXLGD D GHVSHVD YHULILFDGD QR H[HUFtFLR LPHGLDWDPHQWH DQWHULRU DFUHVFLGD
GH DWp  GH] SRU FHQWR VH HVWD IRU LQIHULRU DR OLPLWH GHILQLGR QD IRUPD
GR DUW 

$UW  $ GHVSHVD FRP VHUYLoRV GH WHUFHLURV GRV 3RGHUHV H yUJmRV UHIHULGRV
QR DUW  QmR SRGHUi H[FHGHU HP SHUFHQWXDO GD UHFHLWD FRUUHQWH OtTXLGD
D GR H[HUFtFLR DQWHULRU j HQWUDGD HP YLJRU GHVWD /HL &RPSOHPHQWDU DWp R
WpUPLQR GR WHUFHLUR H[HUFtFLR VHJXLQWH

$UW  $V LQIUDo}HV GRV GLVSRVLWLYRV GHVWD /HL &RPSOHPHQWDU VHUmR SXQLGDV
VHJXQGR R 'HFUHWR/HL Q
3HQDO D /HL Q

 GH  GH GH]HPEUR GH  &yGLJR

 GH
 GH  GH MXQKR GH  H GHPDLV

 GH  GH DEULO GH  R 'HFUHWR/HL Q

 GH IHYHUHLUR GH  D /HL Q

QRUPDV GD OHJLVODomR SHUWLQHQWH

$UW  (VWD /HL &RPSOHPHQWDU HQWUD HP YLJRU QD GDWD GD VXD SXEOLFDomR
$UW  5HYRJDVH D /HL &RPSOHPHQWDU QR  GH  GH PDLR GH 

%UDVtOLD  GH PDLR GH  

GD ,QGHSHQGrQFLD H  GD 5HS~EOLFD

)(51$1'2 +(15,48( &$5'262

3HGUR 0DODQ
0DUWXV 7DYDUHV

3XEOLFDGD QR '2 GH 



&$'(512 

/HL1GHGH2XWXEURGH

 GH  GH GH]HPEUR GH  &yGLJR

 GH  GH DEULO GH  H R 'HFUHWR/HL Q 

$OWHUD R 'HFUHWR/HL Q
3HQDO D /HL Q

GH  GH IHYHUHLUR GH 

2 35(6,'(17( '$ 5(3%/,&$

)DoR VDEHU TXH R &RQJUHVVR 1DFLRQDO GHFUHWD H HX VDQFLRQR D VHJXLQWH /HL
$UW  2 DUW  GR 'HFUHWR/HL Q



GH  GH GH]HPEUR GH 

SDVVD D YLJRUDU FRP D VHJXLQWH UHGDomR

$UW  'DU FDXVD j LQVWDXUDomR GH LQYHVWLJDomR SROLFLDO GH
SURFHVVR MXGLFLDO LQVWDXUDomR GH LQYHVWLJDomR DGPLQLVWUDWLYD LQTXp
ULWR FLYLO RX DomR GH LPSURELGDGH DGPLQLVWUDWLYD FRQWUD DOJXpP
LPSXWDQGROKH FULPH GH TXH R VDEH LQRFHQWH 15

3HQD

 
 

$UW  2 7tWXOR ;, GR 'HFUHWR/HL Q

 GH  SDVVD D YLJRUDU

DFUHVFLGR GR VHJXLQWH FDStWXOR H DUWLJRV

&DStWXOR ,9
'26 &5,0(6 &2175$ $6 ),1$1d$6 3%/,&$6
&RQWUDWDomR GH RSHUDomR GH FUpGLWR
$UW $ 2UGHQDU DXWRUL]DU RX UHDOL]DU RSHUDomR GH FUpGLWR
LQWHUQR RX H[WHUQR VHP SUpYLD DXWRUL]DomR OHJLVODWLYD

3HQD UHFOXVmR GH  XP D  GRLV DQRV

3DUiJUDIR ~QLFR ,QFLGH QD PHVPD SHQD TXHP RUGHQD DXWRUL]D RX
UHDOL]D RSHUDomR GH FUpGLWR LQWHUQR RX H[WHUQR



&$'(512 

, FRP LQREVHUYkQFLD GH OLPLWH FRQGLomR RX PRQWDQWH HVWDEHOHFLGR

HP OHL RX HP UHVROXomR GR 6HQDGR )HGHUDO

,, TXDQGR R PRQWDQWH GD GtYLGD FRQVROLGDGD XOWUDSDVVD R OLPLWH

Pi[LPR DXWRUL]DGR SRU OHL

,QVFULomR GH GHVSHVDV QmR HPSHQKDGDV HP UHVWRV D SDJDU

$UW % 2UGHQDU RX DXWRUL]DU D LQVFULomR HP UHVWRV D SDJDU GH

GHVSHVD TXH QmR WHQKD VLGR SUHYLDPHQWH HPSHQKDGD RX TXH H[FHGD
OLPLWH HVWDEHOHFLGR HP OHL
3HQD GHWHQomR GH  VHLV PHVHV D  GRLV DQRV
$VVXQomR GH REULJDomR QR ~OWLPR DQR GR PDQGDWR RX OHJLVODWXUD
$UW & 2UGHQDU RX DXWRUL]DU D DVVXQomR GH REULJDomR QRV GRLV
~OWLPRV TXDGULPHVWUHV GR ~OWLPR DQR GR PDQGDWR RX OHJLVODWXUD FXMD
GHVSHVD QmR SRVVD VHU SDJD QR PHVPR H[HUFtFLR ILQDQFHLUR RX FDVR
UHVWH SDUFHOD D VHU SDJD QR H[HUFtFLR VHJXLQWH TXH QmR WHQKD
FRQWUDSDUWLGD VXILFLHQWH GH GLVSRQLELOLGDGH GH FDL[D

3HQD UHFOXVmR GH  XP D  TXDWUR DQRV

2UGHQDomR GH GHVSHVD QmR DXWRUL]DGD
$UW ' 2UGHQDU GHVSHVD QmR DXWRUL]DGD SRU OHL
3HQD UHFOXVmR GH  XP D  TXDWUR DQRV
3UHVWDomR GH JDUDQWLD JUDFLRVD
$UW ( 3UHVWDU JDUDQWLD HP RSHUDomR GH FUpGLWR VHP TXH WHQKD
VLGR FRQVWLWXtGD FRQWUDJDUDQWLD HP YDORU LJXDO RX VXSHULRU DR YDORU GD
JDUDQWLD SUHVWDGD QD IRUPD GD OHL

3HQD GHWHQomR GH  WUrV PHVHV D  XP DQR

1mR FDQFHODPHQWR GH UHVWRV D SDJDU
$UW ) 'HL[DU GH RUGHQDU GH DXWRUL]DU RX GH SURPRYHU R
FDQFHODPHQWR GR PRQWDQWH GH UHVWRV D SDJDU LQVFULWR HP YDORU
VXSHULRU DR SHUPLWLGR HP OHL

3HQD GHWHQomR GH  VHLV PHVHV D  GRLV DQRV



&$'(512 

$XPHQWR GH GHVSHVD WRWDO FRP SHVVRDO QR ~OWLPR DQR GR PDQGDWR

RX OHJLVODWXUD
$UW * 2UGHQDU DXWRUL]DU RX H[HFXWDU DWR TXH DFDUUHWH DXPHQ
WR GH GHVSHVD WRWDO FRP SHVVRDO QRV FHQWR H RLWHQWD GLDV DQWHULRUHV
DR ILQDO GR PDQGDWR RX GD OHJLVODWXUD
3HQD UHFOXVmR GH  XP D  TXDWUR DQRV
2IHUWD S~EOLFD RX FRORFDomR GH WtWXORV QR PHUFDGR
$UW + 2UGHQDU DXWRUL]DU RX SURPRYHU D RIHUWD S~EOLFD RX D
FRORFDomR QR PHUFDGR ILQDQFHLUR GH WtWXORV GD GtYLGD S~EOLFD VHP
TXH WHQKDP VLGR FULDGRV SRU OHL RX VHP TXH HVWHMDP UHJLVWUDGRV HP
VLVWHPD FHQWUDOL]DGR GH OLTXLGDomR H GH FXVWyGLD
3HQD UHFOXVmR GH  XP D  TXDWUR DQRV
$UW  $ /HL Q

 GH  GH DEULO GH  SDVVD D YLJRUDU FRP DV

VHJXLQWHV DOWHUDo}HV
$UW 

 GHL[DU GH RUGHQDU D UHGXomR GR PRQWDQWH GD GtYLGD FRQVROLGDGD
QRV SUD]RV HVWDEHOHFLGRV HP OHL TXDQGR R PRQWDQWH XOWUDSDVVDU R
YDORU UHVXOWDQWH GD DSOLFDomR GR OLPLWH Pi[LPR IL[DGR SHOR 6HQDGR
)HGHUDO
 RUGHQDU RX DXWRUL]DU D DEHUWXUD GH FUpGLWR HP GHVDFRUGR FRP RV
OLPLWHV HVWDEHOHFLGRV SHOR 6HQDGR )HGHUDO VHP IXQGDPHQWR QD OHL
RUoDPHQWiULD RX QD GH FUpGLWR DGLFLRQDO RX FRP LQREVHUYkQFLD GH
SUHVFULomR OHJDO
 GHL[DU GH SURPRYHU RX GH RUGHQDU QD IRUPD GD OHL R FDQFHOD
PHQWR D DPRUWL]DomR RX D FRQVWLWXLomR GH UHVHUYD SDUD DQXODU RV
HIHLWRV GH RSHUDomR GH FUpGLWR UHDOL]DGD FRP LQREVHUYkQFLD GH OLPLWH
FRQGLomR RX PRQWDQWH HVWDEHOHFLGR HP OHL
 GHL[DU GH SURPRYHU RX GH RUGHQDU D OLTXLGDomR LQWHJUDO GH
RSHUDomR GH FUpGLWR SRU DQWHFLSDomR GH UHFHLWD RUoDPHQWiULD LQFOX
VLYH RV UHVSHFWLYRV MXURV H GHPDLV HQFDUJRV DWp R HQFHUUDPHQWR GR
H[HUFtFLR ILQDQFHLUR



&$'(512 

 RUGHQDU RX DXWRUL]DU HP GHVDFRUGR FRP D OHL D UHDOL]DomR GH

RSHUDomR GH FUpGLWR FRP TXDOTXHU XP GRV GHPDLV HQWHV GD )HGHUD
omR LQFOXVLYH VXDV HQWLGDGHV GD DGPLQLVWUDomR LQGLUHWD DLQGD TXH QD
IRUPD GH QRYDomR UHILQDQFLDPHQWR RX SRVWHUJDomR GH GtYLGD FRQ
WUDtGD DQWHULRUPHQWH

 FDSWDU UHFXUVRV D WtWXOR GH DQWHFLSDomR GH UHFHLWD GH WULEXWR RX

FRQWULEXLomR FXMR IDWR JHUDGRU DLQGD QmR WHQKD RFRUULGR

 RUGHQDU RX DXWRUL]DU D GHVWLQDomR GH UHFXUVRV SURYHQLHQWHV GD HPLVVmR

GH WtWXORV SDUD ILQDOLGDGH GLYHUVD GD SUHYLVWD QD OHL TXH D DXWRUL]RX
 UHDOL]DU RX UHFHEHU WUDQVIHUrQFLD YROXQWiULD HP GHVDFRUGR FRP
OLPLWH RX FRQGLomR HVWDEHOHFLGD HP OHL

$UW $ &RQVWLWXHP WDPEpP FULPHV GH UHVSRQVDELOLGDGH GR

3UHVLGHQWH GR 6XSUHPR 7ULEXQDO )HGHUDO RX GH VHX VXEVWLWXWR TXDQGR
QR H[HUFtFLR GD 3UHVLGrQFLD DV FRQGXWDV SUHYLVWDV QR DUW  GHVWD
/HL TXDQGR SRU HOHV RUGHQDGDV RX SUDWLFDGDV
3DUiJUDIR ~QLFR 2 GLVSRVWR QHVWH DUWLJR DSOLFDVH DRV 3UHVLGHQWHV
H UHVSHFWLYRV VXEVWLWXWRV TXDQGR QR H[HUFtFLR GD 3UHVLGrQFLD GRV
7ULEXQDLV 6XSHULRUHV GRV 7ULEXQDLV GH &RQWDV GRV 7ULEXQDLV 5HJLR
QDLV )HGHUDLV GR 7UDEDOKR H (OHLWRUDLV GRV 7ULEXQDLV GH -XVWLoD H GH
$OoDGD GRV (VWDGRV H GR 'LVWULWR )HGHUDO H DRV -Xt]HV 'LUHWRUHV GH
)RUR RX IXQomR HTXLYDOHQWH QR SULPHLUR JUDX GH MXULVGLomR

$UW $ &RQVWLWXHP WDPEpP FULPHV GH UHVSRQVDELOLGDGH GR 3UR

FXUDGRU*HUDO GD 5HS~EOLFD RX GH VHX VXEVWLWXWR TXDQGR QR H[HUFtFLR
GD FKHILD GR 0LQLVWpULR 3~EOLFR GD 8QLmR DV FRQGXWDV SUHYLVWDV QR DUW
 GHVWD /HL TXDQGR SRU HOHV RUGHQDGDV RX SUDWLFDGDV

3DUiJUDIR ~QLFR 2 GLVSRVWR QHVWH DUWLJR DSOLFDVH

, DR $GYRJDGR*HUDO GD 8QLmR
,, DRV 3URFXUDGRUHV*HUDLV GR 7UDEDOKR (OHLWRUDO H 0LOLWDU DRV
3URFXUDGRUHV*HUDLV GH -XVWLoD GRV (VWDGRV H GR 'LVWULWR )HGHUDO DRV
3URFXUDGRUHV*HUDLV GRV (VWDGRV H GR 'LVWULWR )HGHUDO H DRV PHP
EURV GR 0LQLVWpULR 3~EOLFR GD 8QLmR H GRV (VWDGRV GD $GYRFDFLD
*HUDO GD 8QLmR GDV 3URFXUDGRULDV GRV (VWDGRV H GR 'LVWULWR )HGHUDO



&$'(512 

TXDQGR QR H[HUFtFLR GH IXQomR GH FKHILD GDV XQLGDGHV UHJLRQDLV RX

ORFDLV GDV UHVSHFWLYDV LQVWLWXLo}HV
$UW $ 5HVSHLWDGD D SUHUURJDWLYD GH IRUR TXH DVVLVWH jV DXWRULGD
GHV D TXH VH UHIHUHP R SDUiJUDIR ~QLFR GR DUW $ H R LQFLVR ,, GR
SDUiJUDIR ~QLFR GR DUW $ DV Do}HV SHQDLV FRQWUD HODV DMXL]DGDV
SHOD SUiWLFD GRV FULPHV GH UHVSRQVDELOLGDGH SUHYLVWRV QR DUW  GHVWD
/HL VHUmR SURFHVVDGDV H MXOJDGDV GH DFRUGR FRP R ULWR LQVWLWXtGR SHOD
/HL QR  GH  GH PDLR GH  SHUPLWLGR D WRGR FLGDGmR R
RIHUHFLPHQWR GD GHQ~QFLD

$UW  2 DUW 

GR 'HFUHWR/HL Q  GH  GH IHYHUHLUR GH  SDVVD

D YLJRUDU FRP D VHJXLQWH UHGDomR

$UW  


;9, GHL[DU GH RUGHQDU D UHGXomR GR PRQWDQWH GD GtYLGD FRQVROLGDGD

QRV SUD]RV HVWDEHOHFLGRV HP OHL TXDQGR R PRQWDQWH XOWUDSDVVDU R YDORU
UHVXOWDQWH GD DSOLFDomR GR OLPLWH Pi[LPR IL[DGR SHOR 6HQDGR )HGHUDO

;9,, RUGHQDU RX DXWRUL]DU D DEHUWXUD GH FUpGLWR HP GHVDFRUGR FRP

RV OLPLWHV HVWDEHOHFLGRV SHOR 6HQDGR )HGHUDO VHP IXQGDPHQWR QD OHL
RUoDPHQWiULD RX QD GH FUpGLWR DGLFLRQDO RX FRP LQREVHUYkQFLD GH
SUHVFULomR OHJDO

;9,,, GHL[DU GH SURPRYHU RX GH RUGHQDU QD IRUPD GD OHL R

FDQFHODPHQWR D DPRUWL]DomR RX D FRQVWLWXLomR GH UHVHUYD SDUD
DQXODU RV HIHLWRV GH RSHUDomR GH FUpGLWR UHDOL]DGD FRP LQREVHUYkQFLD
GH OLPLWH FRQGLomR RX PRQWDQWH HVWDEHOHFLGR HP OHL

;,; GHL[DU GH SURPRYHU RX GH RUGHQDU D OLTXLGDomR LQWHJUDO GH

RSHUDomR GH FUpGLWR SRU DQWHFLSDomR GH UHFHLWD RUoDPHQWiULD LQFOX
VLYH RV UHVSHFWLYRV MXURV H GHPDLV HQFDUJRV DWp R HQFHUUDPHQWR GR
H[HUFtFLR ILQDQFHLUR

;; RUGHQDU RX DXWRUL]DU HP GHVDFRUGR FRP D OHL D UHDOL]DomR GH

RSHUDomR GH FUpGLWR FRP TXDOTXHU XP GRV GHPDLV HQWHV GD )HGHUD
omR LQFOXVLYH VXDV HQWLGDGHV GD DGPLQLVWUDomR LQGLUHWD DLQGD TXH QD
IRUPD GH QRYDomR UHILQDQFLDPHQWR RX SRVWHUJDomR GH GtYLGD FRQ
WUDtGD DQWHULRUPHQWH



&$'(512 

;;, FDSWDU UHFXUVRV D WtWXOR GH DQWHFLSDomR GH UHFHLWD GH WULEXWR

RX FRQWULEXLomR FXMR IDWR JHUDGRU DLQGD QmR WHQKD RFRUULGR

;;,, RUGHQDU RX DXWRUL]DU D GHVWLQDomR GH UHFXUVRV SURYHQLHQWHV

GD HPLVVmR GH WtWXORV SDUD ILQDOLGDGH GLYHUVD GD SUHYLVWD QD OHL TXH D
DXWRUL]RX

;;,,, UHDOL]DU RX UHFHEHU WUDQVIHUrQFLD YROXQWiULD HP GHVDFRUGR

FRP OLPLWH RX FRQGLomR HVWDEHOHFLGD HP OHL


$UW  &RQVWLWXL LQIUDomR DGPLQLVWUDWLYD FRQWUD DV OHLV GH ILQDQoDV S~EOLFDV
, GHL[DU GH GLYXOJDU RX GH HQYLDU DR 3RGHU /HJLVODWLYR H DR 7ULEXQDO GH &RQWDV
R UHODWyULR GH JHVWmR ILVFDO QRV SUD]RV H FRQGLo}HV HVWDEHOHFLGRV HP OHL
,, SURSRU OHL GH GLUHWUL]HV RUoDPHQWiULDV DQXDO TXH QmR FRQWHQKD DV PHWDV
ILVFDLV QD IRUPD GD OHL
,,, GHL[DU GH H[SHGLU DWR GHWHUPLQDQGR OLPLWDomR GH HPSHQKR H PRYL
PHQWDomR ILQDQFHLUD QRV FDVRV H FRQGLo}HV HVWDEHOHFLGRV HP OHL
,9 GHL[DU GH RUGHQDU RX GH SURPRYHU QD IRUPD H QRV SUD]RV GD OHL D
H[HFXomR GH PHGLGD SDUD D UHGXomR GR PRQWDQWH GD GHVSHVD WRWDO FRP
SHVVRDO TXH KRXYHU H[FHGLGR D UHSDUWLomR SRU 3RGHU GR OLPLWH Pi[LPR


$ LQIUDomR SUHYLVWD QHVWH DUWLJR p SXQLGD FRP PXOWD GH WULQWD SRU FHQWR

GRV YHQFLPHQWRV DQXDLV GR DJHQWH TXH OKH GHU FDXVD VHQGR R SDJDPHQWR
GD PXOWD GH VXD UHVSRQVDELOLGDGH SHVVRDO


$ LQIUDomR D TXH VH UHIHUH HVWH DUWLJR VHUi SURFHVVDGD H MXOJDGD SHOR

7ULEXQDO GH &RQWDV D TXH FRPSHWLU D ILVFDOL]DomR FRQWiELO ILQDQFHLUD H

RUoDPHQWiULD GD SHVVRD MXUtGLFD GH GLUHLWR S~EOLFR HQYROYLGD
$UW  (VWD /HL HQWUD HP YLJRU QD GDWD GH VXD SXEOLFDomR
%UDVtOLD  GH RXWXEUR GH   GD ,QGHSHQGrQFLD H  GD 5HS~EOLFD

)(51$1'2 +(15,48( &$5'262

-RVp *UHJRUL



&$'(512