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Direito Const. - W. M.
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FRQVWLWXFLRQDOLGDGH IRUPDO GXUDQWH R SURFHVVR OHJLVODWLYR UHJXODPHQWDQGR D QRUPRJrQHVH GDV
QRUPDVLQIUDFRQVWLWXFLRQDLV
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WRUQDQGRDV LQFRQVWLWXFLRQDLV H GHFODUDQGRDV QXODV $ VXSUDOHJDOLGDGH VLJQLILFD XP LPSRUWDQWH
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UHIRUPXODomR XP SURFHGLPHQWR QRUPDWLYR PDLV VHYHUR TXH R XWLOL]DGR SDUD D PRGLILFDomR GDV
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FDGD XPD GDV &DVDV (VVD PDLRU GLILFXOGDGH SDUD VH UHIRUPDU D/H[ ([FHOVD WHP D ILQDOLGDGH GH
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H[LJH p XP PDLRUTXRUXP SDUD LVVR 6H D /HL 0DLRU SXGHVVH VHU PRGLILFDGD SHORV PHVPRV
SURFHGLPHQWRV TXH VH H[LJHP SDUD D PRGLILFDomR GDV OHLV LQIUDFRQVWLWXFLRQDLV D VXSUHPDFLD
FRQVWLWXFLRQDO HVWDULD HVWUHPHFLGD &RP XP SURFHGLPHQWR PDLV GLILFXOWRVR SDUD D VXD UHDOL]DomR
QHFHVVLWDVHGHXPFRQVHQVRPDLVVXEVWDQFLRVRSDUDDOWHUDUDVQRUPDVFRQVWLWXFLRQDLVRTXHGLILFXOWD
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GHL[DGRGHVHUFODVVLILFDGDMXULGLFDPHQWHFRPRXPD&RQVWLWXLomRUtJLGD RTXHDFRQWHFHXIRLTXHHP
UD]mRGHYiULRVIDWRUHVVRFLRSROtWLFRHFRQ{PLFRVHVWDEHOHFHXVHXPDDPSODFRDOL]mRSROtWLFDSDUD
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RUGHPHFRQ{PLFD
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PDWpULDHVFROKHPRVDVPDLVXWLOL]DGDV 2SWDPRVHPSULPHLUROXJDUSHODHOHQFDomRGDVSULQFLSDLV
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LPSRUWDQWHVTXHUHDOPHQWHPHUHFHPHVWDUGLVFLSOLQDGDVQD&DUWD 0DJQDVHJXQGRDyWLFDEXUJXHVD
6mRQRUPDVTXHSHODVXDHVVrQFLDUHSUHVHQWDPDEDVHGRRUGHQDPHQWRMXUtGLFRHQTXDQWRDVGHPDLV
QRUPDV FRQVWLWXFLRQDLV QmR FXPSUHP HVVH SDSHO PDV DSHQDV IRUPDOPHQWH HVWmR FRQWLGDV QD
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IRUPDGD SRU QRUPDV UHODWLYDV j IRUPD GH (VWDGR IRUPD GH JRYHUQR VLVWHPD GH JRYHUQR UHJLPH
SROtWLFRUHSUHVHQWDomRSROtWLFDGHILQLomRGRVyUJmRVGHSRGHUHOLPLWDomRGDVXDDomRHWF
2 SULVPD GH DQiOLVH GD &RQVWLWXLomR PDWHULDO HVWi DOLFHUoDGR SULQFLSDOPHQWH HP VXEVWUDWRV
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SRVLWLYD1RVHXREMHWRGHHVWXGRSUHSRQGHUDDVHVIHUDVVRFLROyJLFDVHSROtWLFDVQmRVHFLQJLQGRD
IHQ{PHQRV LQWUDMXUtGLFRV FRP DV QRUPDV FRQVWLWXFLRQDLV SUHIHULQGR DOLFHUoDUVH HP HOHPHQWRV
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GHPDLV QRUPDV MXUtGLFDV SRU VHU RULXQGD GR 3RGHU &RQVWLWXLQWH H SHORV SURFHGLPHQWRV QHFHVViULRV
SDUD VXD UHIRUPD 1mR VH SRGH UHGX]LU VXD DPSOLWXGH GH HOHPHQWRV D XPD FRQFHSomR SRVLWLYLVWD
DUULPDGDHPQRUPDVMXUtGLFDVVHDH[WHQVmRHQJOREDVXEVWkQFLDVYiULDVWDQWRHQFRQWUDGDVQRPXQGR
MXUtGLFRFRPRSULQFLSDOPHQWHQRPXQGRH[WUDMXUtGLFR
3RGHPHQFLRQDUGHIRUPDGLGiWLFDTXHRFRQFHLWRGHFRQVWLWXLomRIRUPDOVHH[DXUHHPGLUHLWRV
IXQGDPHQWDLV GH SULPHLUD GLPHQVmR UHVWULWD DSHQDV DTXHODV QRUPDV UHJXODGRUDV GD RUJDQL]DomR H
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IRUPDO -i R VHX FRQFHLWR VRFLDO HQJORED GLUHLWRV GH VHJXQGD D TXLQWD GLPHQVmR GRV GLUHLWRV
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SROtWLFDGDVRFLHGDGHTXHUHVSDOGHDVXDUHJXODPHQWDomRHPQtYHOFRQVWLWXFLRQDO$~QLFDGLIHUHQoD
GD &RQVWLWXLomR IRUPDO SDUD DV QRUPDV LQIUDFRQVWLWXFLRQDLV p TXH R SURFHGLPHQWR SDUD VXD
PRGLILFDomRVHFRQILJXUDFRPRPDLVGLILFXOWRVRH[LJLQGRVHXPTXRUXPGHHPGXDVYRWDo}HVQD
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2 SULVPD GH DQiOLVH GD FRQVWLWXLomR IRUPDO EDVHLDVH SUHSRQGHUDQWHPHQWH QD VXD DFHSomR GH
QRUPDMXUtGLFDWHQWDQGRYLVOXPEUDURVWUDoRVTXHDGLIHUHQFLDPGRVGHPDLVGLVSRVLWLYRVMXUtGLFRV
1mR Ki XPD DQiOLVH GR FRQWH~GR PDV GR SURFHGLPHQWR SHOR TXDO DV QRUPDV DGHQWUDUDP QR
RUGHQDPHQWRMXUtGLFRJDUDQWLQGRVXDYDOLGDGH
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XP SURFHGLPHQWR SUySULR TXH R GLIHUHQFLD GH RXWURV SURFHGLPHQWRV SDUD D FULDomR GH QRUPDV
LQIUDFRQVWLWXFLRQDLVFRQWDQGRFRPDVSUHUURJDWLYDVLQHUHQWHVjVQRUPDVFRQWLGDVQD/HL0DLRUFRPR
DVXSUHPDFLDHDVXSUDOHJDOLGDGH
2VHQWLGRFOiVVLFRGH&RQVWLWXLomRIRUPDOpRGHGLVSRVLWLYRVTXHRUJDQL]DPDHVWUXWXUDGHSRGHU
GHXPDGHWHUPLQDGDVRFLHGDGHGLVSRQGRVREUHDIRUPDomRGRVyUJmRVHVWDWDLVGHVXDFRPSRVLomRH
IXQFLRQDOLGDGH GDV QRUPDV VREUH R UHJLPH SROtWLFR H GDV UHODo}HV HQWUH RV yUJmRV HVWDWDLV H HQWUH
HVWHVHRVFLGDGmRV
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GHQWUR GHVWD FRQFHSomR Ki XPD UHGXomR GD &RQVWLWXLomR D XPD YLVmR OHJDOLVWD IL[DGD XQLFDPHQWH
SDUD VXD XWLOL]DomR FRPR WpFQLFD GH RUJDQL]DomR GH SRGHU H H[WHULRUL]DomR IRUPDO GRV GLUHLWRV
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FRP D UHDOLGDGH VRFLDO R TXH SRGH SURYRFDU XP GLVWDQFLDPHQWR GD VRFLHGDGH GHYLGR D XP
YROXQWDULVPRQRUPDWLYR
$ FODVVLILFDomR GH &RQVWLWXLomR IRUPDO H PDWHULDO HVWi VXSHUDGD SRUTXH QmR Ki PDWpULD TXH
QHFHVVDULDPHQWHGHYDVHUGLVFLSOLQDGDHPVHGHFRQVWLWXFLRQDO(VVDGLIHUHQFLDomRWHPVHQWLGRDSHQDV
HPXPD&DUWD0DJQDGRWLSROLEHUDORQGHR(VWDGRGHYHLQWHUYLURPtQLPRSRVVtYHOQDVRFLHGDGH
UHJXODPHQWDQGRDSHQDVDHVWUXWXUDomRGHSRGHUHRVGLUHLWRVIXQGDPHQWDLV$VGHPDLVPDWpULDVFRPR
QmRID]HPSDUWHGDDWXDomRHVWDWDOGHYHPVHUGLVFLSOLQDGDVHPVHGHLQIUDFRQVWLWXFLRQDO
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DWXDomR3RULVVRDGLVWLQomRPHQFLRQDGDFDUHFHGHVHQWLGRSUiWLFR
4XDQWRRULJHP
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VXD GHQRPLQDomR GH GHPRFUiWLFD (OD p DTXHOD &DUWD 0DJQD QD TXDO R SRYR LQWHUIHUH QD IHLWXUD
SDUWLFLSDQGR QD HVFROKD GRV PDQGDWiULRV TXH DWXDUmR QR SURFHVVR FRQVWLWXLQWH 8P WH[WR DVVLP
VRPHQWHSRGHVHUFULDGRHPXPUHJLPHGHPRFUiWLFRQRTXDOKDMDXPDPSORGHEDWHQDFLRQDOVREUHRV
LQWHUHVVHVGDQDomRHQRTXDORSRYRVHMDHVFXWDGRQDKRUDGDVGHFLV}HV(PXPDGLWDGXUDHPTXHRV
GLUHLWRVIXQGDPHQWDLVVmRFHUFHDGRVQmRVHSRGHIDODUHPXPD&RQVWLWXLomRSURPXOJDGDMiTXHQmR
SUHGRPLQDQRVLVWHPDSROtWLFRRGHEDWHGHLGHLDVHVLPDDPHDoDDFRDomR
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eDTXHODRULJLQDGDGHXPDGHFLVmRSROtWLFDDXWRULWiULDSHODYRQWDGHGHXPGpVSRWDRFXSDQWHGR
JRYHUQRFRPRIRLD&DUWD0DJQDEUDVLOHLUDGHRXWRUJDGDSHODVRUGHQVGH'3HGUR,1HVVH
WLSR GH &RQVWLWXLomR QmR Ki HVSDoR SDUD D SDUWLFLSDomR SRSXODU R GHEDWH GHPRFUiWLFR GH LGHLDV
VRoREUDGLDQWHGDLPSRVLomRGDYRQWDGHGHSRXFRV pXPD &RQVWLWXLomRTXHHVSHOKDDYRQWDGHGRV
GRQRVGRSRGHUVHPVHLPSRUWDUFRPDYRQWDGHGRSRYR
4XDQWRIRUPD
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7DPEpP FKDPDGD GH FRQVXHWXGLQiULD EDVHLDVH QRV FRVWXPHV QRUPDV TXH SURYrP QmR GH XP
SURFHVVR OHJLVODWLYR PDV VmR JHUDGDV GH FRQGXWDV UHLWHUDGDV FRP D FRQYLFomR GH VXD
REULJDWRULHGDGH &RPR p FULDGD SDXODWLQDPHQWH QR WHPSR QmR VH SRGH HVWLSXODU R PDUFR GR VHX
QDVFLPHQWR e R PRGHOR DGRWDGR SHOR VLVWHPD MXUtGLFR GHQRPLQDGRFRPPRQ ODZ WHQGR FRPR
SULQFLSDOH[SRHQWHD,QJODWHUUD*HUDOPHQWHDV&RQVWLWXLo}HVFRVWXPHLUDVVmRIOH[tYHLV
&RPRD&RQVWLWXLomRFRQVXHWXGLQiULDpEDVHDGDQRVFRVWXPHVPXLWRVGRXWULQDGRUHVDFRQVLGHUDP
PDLVGHPRFUiWLFDGRTXHD &RQVWLWXLomRHVFULWDRTXHpXPDIDOiFLD 2VFRVWXPHVWDQWRSRGHPWHU
XPDRULJHPSRSXODUFRPRSRGHPVHULPSRVWRVSHODDXWRULGDGHYLJHQWH$RORQJRGDKLVWyULDYiULDV
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JHUPkQLFRV RQGH SUHGRPLQDP RV WH[WRV QRUPDWLYRV$ VXSUHPDFLD GD HVFULWD QDV QRUPDV MXUtGLFDV
SDUWHGRSUHVVXSRVWRGHTXHRVVHXVWH[WRVRIHUHFHPXPDPDLRUVHJXUDQoDSDUDDSRSXODomRHVHQGR
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QRUPDWLYDVVySRGHULDPFKHJDUDRDOFDQFHGDSRSXODomRDWUDYpVGDVQRUPDVH[SOLFLWDGDVQRVWH[WRV
OHJDLV$V&RQVWLWXLo}HVHVFULWDVVHUYHPSDUDUHVJXDUGDURSULQFtSLRGDOHJDOLGDGH
&RPR HODV VmR FRQGHQVDGDV HP XP WH[WR MXUtGLFR VRIUHP GH IRUPD PDLV LQWHQVD RV HIHLWRV GR
WHPSR SURYRFDQGR XP HQYHOKHFLPHQWR QDV VXDV GLVSRVLo}HV QRUPDWLYDV $V &RQVWLWXLo}HV
FRQVXHWXGLQiULDV FRPR VmR EDVHDGDV QRV FRVWXPHV SHUPLWHP XPD PDLRU DGDSWDomR IUHQWH DV
PXGDQoDVVRFLDLVSHUPLWLQGRTXHR3RGHU-XGLFLiULRH[HUoDXPSDSHOGHDWXDOL]DomRGRRUGHQDPHQWR
MXUtGLFR
4XDQWRHVWDELOLGDGH
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SDUD D PRGLILFDomR GDV QRUPDV LQIUDFRQVWLWXFLRQDLV 3RU H[HPSOR SDUD D UHIRUPD GH XPD OHL
FRPSOHPHQWDUpH[LJLGRXPTXRUXPGHPDLRULDDEVROXWDQD&kPDUDGRV'HSXWDGRVHQR6HQDGRHP
XP WXUQR GH YRWDomR SDUD VH PRGLILFDU D &RQVWLWXLomR EUDVLOHLUD p QHFHVViULR XPD HPHQGD TXH
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LPSRUWkQFLD GR VHX WH[WR H SDUWH GR SRVWXODGR GH TXH TXDQWR PDLRU R WHPSR GH YLJrQFLD GD
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eDTXHODFXMDVQRUPDVSRGHPVHUUHIRUPDGDVSHORPHVPRTXRUXPH[LJLGRSDUDDPRGLILFDomRGH
XPD QRUPD LQIUDFRQVWLWXFLRQDO 3RU H[HPSOR R PHVPRTXRUXP GH PDLRULD DEVROXWD XWLOL]DGR SDUD
UHIRUPDUXPDOHLFRPSOHPHQWDUSRGHVHUXVDGRSDUDDOWHUDUXPDQRUPDFRQVWLWXFLRQDO1HVVHFDVRD
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SDUDVHUPRGLILFDGD6mR&RQVWLWXLo}HVTXHQmRWrPVXSUHPDFLDMXUtGLFD
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eDTXHODHPTXHXPDSDUWHSRGHVHUPRGLILFDGDSRUXPSURFHGLPHQWRUtJLGRHRXWUDSDUWHSRGHVHU
PRGLILFDGD SRU XP SURFHGLPHQWR PDLV IDFLOLWDGR 1RUPDOPHQWH R SURFHGLPHQWR GH PRGLILFDomR
UtJLGR p XWLOL]DGR SDUD DOWHUDU D &RQVWLWXLomR PDWHULDO H R SURFHGLPHQWR IOH[tYHO SDUD PRGLILFDU D
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eDTXHOD &RQVWLWXLomRTXHQmRpSDVVtYHOGHVRIUHUSURFHVVRGHUHIRUPDQmRSRGHQGRSRUWDQWR
VHUDOWHUDGD7HPDILQDOLGDGHGHVHSHUSHWXDUQRWHPSR7DLVWLSRVGH &DUWDV0DJQDVQRVGLDVDWXDLV
VmRLPSHQViYHLVVHQGRXPOHJDGRGRFRQVWLWXFLRQDOLVPRUHYROXFLRQiULRIUDQFrVKDMDYLVWDDUiSLGD
HYROXomRGRVIDWRVVRFLDLV
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UHYLVmR FKHJDQGR DOJXPDV GHODV D YHGDU WHUPLQDQWHPHQWH D XWLOL]DomR GR 3RGHU 5HIRUPDGRU +i
EDVWDQWHVUHVWULo}HVDHVVHWLSRGH&RQVWLWXLomRSRUTXHTXDQGRR3RGHU&RQVWLWXLQWHDWXDVHGHOLQHLD
XPDQRYD&DUWDHQmRXPDPRGLILFDomRGDDQWHULRU
4XDQWRH[WHQVR
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eDTXHODFXMRWH[WRQRUPDWL]DDSHQDVDHVWUXWXUDomRGRVSRGHUHVFRPSRQHQWHVGR(VWDGRHGHFODUD
RV GLUHLWRV IXQGDPHQWDLV 1RUPDOPHQWH Vy H[LVWH HP SDtVHV TXH WHQKDP XPD DPSOD HVWDELOLGDGH
VRFLRSROtWLFRHFRQ{PLFD([HPSORPDLRUpD&RQVWLWXLomRGRV(VWDGRV8QLGRVGD$PpULFDGH
FRPVHXVDUWLJRVHHPHQGDV
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FRQGHQVDUSULQFtSLRVHQRUPDVDVVHJXUDGRUDVGRSURJUHVVRGDOLEHUGDGHHGDRUGHPHSUHFLVDHYLWDU
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GLYHUVDV FRQFOXV}HV DFHUFD GH VHX VLJQLILFDGR 1mR TXH DV GHPDLV QRUPDV QmR VHMDP HVFULWDV GH
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HOHPHQWRVH[LJLGRVDVXDDSOLFDomRRXVmRGHWHUPLQDGRVSRUUHPLVVmRDRXWUDVQRUPDV
2V FRQFHLWRV MXUtGLFRV LQGHWHUPLQDGRV QmR IRUPDP XP EORFR KRPRJrQHR YDULDP HP UD]mR GD
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VROXomR RXWRUJDQGROKH XPD GLVFULFLRQDULHGDGH DEVROXWD 2 SUySULR RUGHQDPHQWR MXUtGLFR RIHUHFH
DOJXPDV OLPLWDo}HV UHOHYDQWHV $ HVWUXWXUD QRUPDWLYD PHVPR TXH DEHUWD UHSUHVHQWD XP OLPLWH DR
RSHUDGRU MXUtGLFR TXH WHUi TXH REHGHFrOR VRE SHQD GH LQFRUUHU HP XPD LQFRQVWLWXFLRQDOLGDGH RX
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RUGHQDPHQWR MXUtGLFR TXH MXQWDPHQWH FRP SULQFtSLRV LQVWUXPHQWDLV FRPR D SURSRUFLRQDOLGDGH H D
FRPSDWLELOLGDGH GDV QRUPDV VH FRQVWLWXHP HP HVWRUYRV D LQWHUSUHWDo}HV DEVROXWyULDV GRV
PHQFLRQDGRVGLVSRVLWLYRV
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GHFLV}HVMXGLFLDLVGR6XSUHPR7ULEXQDO)HGHUDOTXHWHPGHQWUHVXDVIXQo}HVGLULPLURVFRQIOLWRVGH
FRPSHWrQFLDHQWUHRVHQWHVIHGHUDWLYRV
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TXHpDSOLFDGR$VXEVXQomRQmRRFRUUHGHIRUPDPHFkQLFDHPTXHRWH[WRDGHUHLPHGLDWDPHQWHDR
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VHJXQGRDVUHDOL]Do}HVFRQVRQDQWHjVGLUHWUL]HVWHQFLRQDGDVSHOR6XSUHPR7ULEXQDO)HGHUDO,VWRpD
GHVSHLWR GH VXD UHJXODPHQWDomR VH HQFRQWUDU QD /HL 0DLRU D XP DPSOR HVSDoR SDUD VXD PXWDomR
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3ULQFSLRVIXQGDPHQWDLV
6mR RV SULQFtSLRV PDLV LPSRUWDQWHV GR RUGHQDPHQWR MXUtGLFR SRUTXH IRUPDP D EDVH GD
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GHPDLV QRUPDV DR ORQJR GD &RQVWLWXLomR 6HUmR PHOKRU GHILQLGRV HP SDUWHV HVSHFtILFDV GD
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FRQVWLWXFLRQDO 6mR FRQVLGHUDGRV IXQGDPHQWDLV SRUTXH GHQWUR GR VLVWHPD FRQVWLWXFLRQDO IXQFLRQDP
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2VSULQFtSLRVIXQGDPHQWDLVDSUHVHQWDPXPDGHQVLGDGHGHOHJLWLPLGDGHPXLWRPDLVLQWHQVDGRTXHD
PDLRULD GDV QRUPDV FRQWLGDV QD &RQVWLWXLomR HP UD]mR GH TXH SRVVLELOLWDP XP FRQVHQVR QRV
GLYHUVRVVHWRUHVGDVRFLHGDGH6mRQRUPDVTXHJR]DPGHWDPDQKRDVVHQWLPHQWRQRXQLYHUVRMXUtGLFR
TXH QmR Ki REVWiFXORV j VXD FRQFUHWL]DomR DR PHQRV QR SODQR WHyULFR &RPR VmR SULQFtSLRV
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GRVGHPDLV
$SHVDUGDVXDSURHPLQrQFLDQmRVHSRGHFRQVLGHUiORVFRPRFOiXVXODVSpWUHDV SRUWDQWRSRGHP
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GH(VWDGRIHGHUDWLYDTXHHVWiSURWHJLGDSHORDUWGD&RQVWLWXLomR)HGHUDO
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GD UHJXODPHQWDomR GRV SRGHUHV HVWDWDLV DUWV H GD &) R DUW GLVFLSOLQD RV REMHWLYRV
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5HJLPHGHPRFUWLFR
2UHJLPHGHPRFUiWLFRHPPDLRURXPHQRULQWHQVLGDGHpRUHJLPHGHJRYHUQRSUDWLFDGRQDPDLRU
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DOFDQoDPXPJUDXPXLWRPDLRUGHOHJLWLPLGDGHSHUPLWLQGRWHRULFDPHQWHXPDILVFDOL]DomRGRVHQWHV
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XPDGHPRFUDFLDLGHDOVHULDDTXHODHPTXHFDGDFLGDGmRGHIRUPDJHUDOWLYHVVHLQIOXrQFLDLJXDOQD
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UHODFLRQDPHQWRIRUPDGRSRUDSHQDVGXDVYLDVIRLVXSHUDGRRFRPSRUWDPHQWRGRFLGDGmRQmRPDLVVH
UHVXPHDDSHQDVDFHLWDUDVRUGHQVHVWDWDLVRXUHIXWiODV+iXPHVSDoRSDUDDFRQVWUXomRFRQMXQWD
HQWUHRVFLGDGmRVHR(VWDGRTXHVHGHVHQYROYHGHDFRUGRFRPDLQWHQVLGDGHGDHYROXomRGRUHJLPH
GHPRFUiWLFR
2QDVFLPHQWRGDGHPRFUDFLDSRGHVHUFUHGLWDGRD$WHQDVDSHVDUGHDPDLRUSDUWHGDSRSXODomR
QmR WHU SDUWLFLSDGR GR SURFHVVR GHPRFUiWLFR (OD VXUJH GHSRLV GD WLUDQLD GH3LVtVWUDWR H VHX ILOKR
DWUDYpVGDOHJLVODomRSURGX]LGDSRU&OtVWHQHV2yUJmRSULQFLSDOHUDR&RQVHOKRGRV4XLQKHQWRVTXH
WLQKDDVIXQo}HVDGPLQLVWUDWLYDVILQDQFHLUDVPLOLWDUHVHUHGLJLDDVSURSRVWDVTXHVHULDPYRWDGDVHP
DVVHPEOHLDJHUDO SHOD SRSXODomR GHQRPLQDGD GH(NNOHVLD 2 WHUFHLUR yUJmR PDLV LPSRUWDQWH GR
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GHFLV}HVSROtWLFDVpRUHVSHLWRSHORVGLUHLWRVIXQGDPHQWDLVGRVFLGDGmRV4XDQWRPDLVDUUDLJDGRV
IRUHP RV SULQFtSLRV GHPRFUiWLFRV QR LPDJLQiULR FROHWLYR GD VRFLHGDGH PDLRU VHUi R SDSHO GRV
GLUHLWRV IXQGDPHQWDLV QR RUGHQDPHQWR MXUtGLFR H PDLRU VHUi R VHX UHVSHLWR 'HIHQGH 0OOHU 1mR
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UHVSHLWR DRV GLUHLWRV IXQGDPHQWDLV WDQWR QR FRQFHUQHQWH DRV GLUHLWRV GH SULPHLUD GLPHQVmR TXDQWR
FRP UHODomR DRV GHPDLV SULQFLSDOPHQWH QR SHUWLQHQWH DRV GH VHJXQGD GLPHQVmR 2V GLUHLWRV
IXQGDPHQWDLVVmRXPLPSRUWDQWHYHWRUSDUDDLQWHUSUHWDomRGRUHJLPHGHPRFUiWLFR
1RVVD IRUPD GH GHPRFUDFLD p D LQGLUHWD KDMD YLVWD TXH YLYHPRV HP XP SDtV GH SURSRUo}HV
FRQWLQHQWDLV FRP XPD GHQVLGDGH SRSXODFLRQDO UD]RiYHO (VVD IRUPD GH GHPRFUDFLD WHP FRPR
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