Escolar Documentos
Profissional Documentos
Cultura Documentos
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
4XDQGR EXVFDPRV R VLJQLILFDGR GR YHUER $1$/,6$5 QR 'LFLRQiULR
$XUpOLRQRVGHSDUDPRVFRPDVHJXLQWHGHILQLomR
'HFRPSRU XP WRGR HP VXDV SDUWHV FRPSRQHQWHV ID]HU D
DQiOLVHGH
$ IRUPD ³DQiOLVH ´ LQGLFD D WHUFHLUD DFHSomR GR SULPHLUR
VLJQLILFDGRGDSDODYUDDQiOLVHTXDOVHMD
³ ([DPH GH FDGD SDUWH GH XP WRGR WHQGR HP YLVWD FRQKHFHU
VXD QDWXUH]D VXDV SURSRUo}HV VXDV IXQo}HV VXDV UHODo}HV
HWF´
3RLV p H[DWDPHQWH LVVR TXH D DQiOLVH VLQWiWLFD ID] HP UHODomR j
HVWUXWXUD GR SHUtRGR GHFRPS}H H[DPLQD H GLYLGH R SHUtRGR
FRPSRVWRFODVVLILFDDVRUDo}HVTXHFRQVWLWXHPRSHUtRGRHHPFDGD
RUDomRYHULILFDDIXQomRVLQWiWLFDGHFDGDXPGRVHOHPHQWRVWHUPRV
FRQVWLWXWLYRV
e FRPR VH IRVVHP UHDOL]DGDV GXDV DQiOLVHV VLPXOWDQHDPHQWH
XPD DQiOLVH ³PDFUR´ ± 2 3(5Ë2'2 &2032672 ( 68$6
25$d®(6HXPDDQiOLVH³PLFUR´±267(502648(&203®(0
&$'$25$d2
9DPRVUHOHPEUDUDOJXQVFRQFHLWRVDSUHVHQWDGRVDQWHULRUPHQWH
)5$6( ± WRGR HQXQFLDGR FDSD] GH WUDQVPLWLUXPDPHQVDJHP 3RGH
VHDSUHVHQWDUVREIRUPDVXFLQWD1mRRXFRPSOH[D'HDFRUGRFRPD
~OWLPD HVWLPDWLYD KDYLD PDLV GH FHP SHVVRDV QR FRPtFLR (P
UHVXPR SRGHPRV GL]HU TXH HP XPD IUDVH SRGH KDYHU RX QmR XP
YHUER $ SULPHLUD VHP YHUER QmR VH SUHVWD j DQiOLVH VLQWiWLFD ±
VRPHQWHD³IUDVHRUDFLRQDO´SRUDSUHVHQWDUHVWUXWXUDFRPSOHWD
25$d2 ± HVWUXWXUD TXH VH IRUPD D SDUWLU GR FRQMXQWR 68-(,72
35(',&$'2 &RPR YHUHPRV Ki FDVRV GH LQH[LVWrQFLD GR VXMHLWR
³2UDomR VHP 6XMHLWR´ PDV R SUHGLFDGR GHYH VHPSUH H[LVWLU 2
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
YHUER DOJXPDV YH]HV SRGH HVWDU HOtSWLFR RX
VHMDIRLRPLWLGRPDVSRGHSHUIHLWDPHQWHVHUVXEHQWHQGLGR
$RUDomRSRGHHQFHUUDU
DXPDGHFODUDomRRUDomRGHFODUDWLYD
EXPDSHUJXQWDRXG~YLGDRUDomRLQWHUURJDWLYD
FXPDRUGHPGHVHMRV~SOLFDSHGLGRRUDomRLPSHUDWLYDLPSUHFDWLYD
RXRSWDWLYDFRPHQWRDomRH[FODPDWLYDVmRRSWDWLYDVDVRUDo}HVTXH
H[SULPHP XP GHVHMR LQWHQVR %RQV YHQWRV R OHYHP H LPSUHFDWLYDV
DVTXHH[SUHVVDPXPDSUDJD0DOGLWRVHMDDTXHOHKRPHP
GXPHVWDGRRXUHDomRHPRFLRQDORUDomRH[FODPDWLYD
3(5Ë2'2±SRGHVHDSUHVHQWDUFRPRVLPSOHVXPDRUDomRDSHQDV
RXFRPSRVWRGXDVRXPDLVRUDo}HV8PSHUtRGRVHHQFHUUDFRPXPD
SDXVD EHP GHILQLGD SRQWR SRQWR GH LQWHUURJDomR SRQWR GH
H[FODPDomRUHWLFrQFLDV
9LPRV QD DXOD SDVVDGD TXH XP SHUtRGR FRPSRVWR SRGH VHU IRUPDGR
FRP RUDo}HV LQGHSHQGHQWHV SHUtRGR FRPSRVWR SRU FRRUGHQDomR RX
GHSHQGHQWHVSHUtRGRFRPSRVWRSRUVXERUGLQDomR
(PSULQFtSLRFDGDRUDomRFRRUGHQDGDSRGHIRUPDUXPSHUtRGRVLPSOHV
SRU VL ± EDVWD SDUD LVVR TXH VH UHWLUH D FRQMXQomR H VH IDoD D
SRQWXDomRDGHTXDGD-iDRUDomRVXERUGLQDGDH[HUFHIXQomRVLQWiWLFD
HPRXWUDRUDomRSHUGHQGRRVHQWLGRVHHVWLYHUVHSDUDGDGHVWD
$1È/,6(6,17È7,&$($1È/,6(6(0Æ17,&$
1DWURFDGHLQIRUPDo}HVHLGHLDVWrPSDSHOIXQGDPHQWDODVLWXDomRH
RFRQWH[WR
3RU VLWXDomR HQWHQGHVH R DPELHQWH ItVLFR FXOWXUDO H VRFLDO HP TXH
VH IDOD SRU FRQWH[WR R DPELHQWH OLQJXtVWLFR HP TXH VH HQFRQWUD D
RUDomR
0XLWDV YH]HV SDUD UHDOL]DUPRV XPD FRUUHWD DQiOLVH VLQWiWLFD
SUHFLVDPRVFRPSUHHQGHUWDPEpPFRPSHUIHLomRRFRQWH[WRHPTXHD
RUDomR HVWi LQVHULGD 3RU LVVR FRVWXPDPRV GL]HU TXH D DQiOLVH
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
VLQWiWLFDGHYHVHUHDOL]DUHPFRQMXQWRFRPD
DQiOLVHVHPkQWLFD VLJQLILFDGRVHQWLGR
$RFRQVWUXLUDV RUDo}HV R DXWRU LQWHUORFXWRU RX HVFULWRU GHYH VHJXLU
FHUWRV SDGU}HV HVWUXWXUDLV GH PRGR TXH DWHQGD DRV UHTXLVLWRV GH
FRHVmR H FRHUrQFLD $VVLP DV HVWUXWXUDV RUDFLRQDLV GHYHP REVHUYDU
DOJXQV SUHFHLWRV EDVWDQWH IDPLOLDUHV SDUD YRFr TXH FKHJRX D HVVH
SRQWRGRHVWXGR
DVVRFLDomR HQWUH YRFiEXORV GH DFRUGR FRP VXD IXQomR VLQWiWLFD
VLQWD[HGHUHJrQFLD
KDUPRQLDHQWUHRVYRFiEXORVGHDFRUGRFRPRVSULQFtSLRVJUDPDWLFDLV
VLQWD[HGHFRQFRUGkQFLD
RUGHP GRV YRFiEXORV GH DFRUGR FRP VXD IXQomR VLQWiWLFD H
LPSRUWkQFLDSDUDDIRUPXODomRGDVLGHLDVVLQWD[HGHFRORFDomR
7(5026'$25$d2
$ SDUWLU GH DJRUD LUHPRV UHDOL]DU DTXHOD ³DQiOLVH PLFUR´ RX VHMD
H[DPLQDURVHOHPHQWRVTXHFRPS}HPXPDRUDomR
(OHVVHGLYLGHPHP(66(1&,$,6,17(*5$17(6H$&(66Ï5,26
(66(1&,$,6
2VWHUPRVHVVHQFLDLVGDRUDomRVmR68-(,72H35(',&$'2
2VXMHLWRpRVHUVREUHRTXDOVHID]XPDGHFODUDomR7HPVHXQ~FOHR
SDODYUDRXWHUPRFHQWUDOSULQFLSDOUHSUHVHQWDGRSRUXPVXEVWDQWLYR
RX XP SURQRPH VXEVWDQWLYR (P WRUQR GHVWH Q~FOHR SRGHP HVWDU
SUHVHQWHV RXWURV HOHPHQWRV HP IXQo}HV DFHVVyULDV $ IXQomR GH
VXMHLWR WDPEpP SRGH VHU H[HUFLGD HP XP SHUtRGR FRPSRVWR SRU
VXERUGLQDomR SRU XPD RUDomR VXERUGLQDGD VXEVWDQWLYD HVWXGDGR j
H[DXVWmRQDDXODSDVVDGD
2 SUHGLFDGR p R WHUPR TXH HIHWLYDPHQWH DSUHVHQWD D PHQVDJHP
2UGLQDULDPHQWHSRGHPRVGL]HUTXHpRTXHVHGHFODUDVREUHRVXMHLWR
&RPH[FHomRGRYRFDWLYRIXQomRDVHUDQDOLVDGDjSDUWHWXGRRTXH
QmRIRUVXMHLWRRXQmRHVWLYHUOLJDGRDRQ~FOHRGRVXMHLWRSHUWHQFHDR
SUHGLFDGR
&RQWXGR QHP VHPSUH R VXMHLWR H R SUHGLFDGR YrP H[SUHVVRV (P
³$QGHL OpJXDV´ R VXMHLWR p LGHQWLILFDGR SHOD GHVLQrQFLD YHUEDO (8
DQGHL
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
-iHP³/LQGDFLGDGH5LRGH-DQHLUR´DIRUPD
YHUEDO³p´HVWiVXEHQWHQGLGD
(OLSVH p SRLV D RPLVVmR HP XPD IUDVH GH XP WHUPR IDFLOPHQWH
LGHQWLILFiYHO
&KDPDPVH (/Ë37,&$6DV RUDo}HV D TXH IDOWD XP WHUPR HVVHQFLDOH
FRQIRUPH R FDVR GL]VH TXH R 68-(,72 RX R 35(',&$'2 HVWi
(/Ë37,&2
7,326'(68-(,72
$OJXQV GHVVHV FRQFHLWRV Mi IRUDP DSUHVHQWDGRV QD DXOD VREUH
&RQFRUGkQFLD$XODVH
6,03/(65HSUHVHQWDGRSRUDSHQDVXPQ~FOHR
)DODUDPQDVHVVmRWRGRVRVRUDGRUHVLQVFULWRV
68-(,727RGRVRVRUDGRUHVLQVFULWRV
1Ò&/(2'268-(,72RUDGRUHV
3RYRDPPLQKDPHQWHSHQVDPHQWRVPDFDEURV
68-(,723HQVDPHQWRVPDFDEURV
1Ò&/(2'268-(,72SHQVDPHQWRV
2FXOWRGRVGHXVHVDIULFDQRVDEUDQJHGLIHUHQWHVULWRV
68-(,722FXOWRGRVGHXVHVDIULFDQRV
1Ò&/(2'268-(,72FXOWR
9LDMDPRVFHGR
68-(,72H1Ò&/(21yVHOtSWLFRLGHQWLILFDGRSHODGHVLQrQFLD
YHUEDO
&2032672 5HSUHVHQWDGR SRU GRLV RX PDLV Q~FOHRV $SOLFDPVH
QHVWHFDVRDVUHJUDVGHFRQFRUGkQFLDYHUEDOMiHVWXGDGDV
8PDODJRDSURIXQGDHRFpXGRUPHPDWUiVGHPHXVROKRV
68-(,728PDODJRDSURIXQGDHRFpX
1Ò&/(26'268-(,72&2032672ODJRDFpX
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
'RUPHP'RUPHXPDODJRDSURIXQGDHRFpX
DWUiVGHPHXVROKRVFRQFRUGkQFLDJUDPDWLFDOHLGHROyJLFD
UHVSHFWLYDPHQWH
,1'(7(50,1$'2±3RGHVHUUHSUHVHQWDGRGHGXDVPDQHLUDV
DYHUERQDSHVVRDGRSOXUDO
)DODUDPPDOGHYRFr
%DWHUDPQDSRUWD
'L]HPSRUDtTXHWXDQGDVQRYDPHQWHGHQRYRDPRUQRYDSDL[mR
WRGRFRQWHQWH
E YHUER QD SHVVRD GR VLQJXODU 6( tQGLFH RX SDUWtFXOD GH
LQGHWHUPLQDomRGRVXMHLWR
3UHFLVDVHGHPRoDVFRPH[SHULrQFLD
1XQFDVHpIHOL]
)DODVHPXLWRPDVSRXFRVHID]
25$d2 6(0 68-(,72 9HUERV LPSHVVRDLV SHVVRD GR
VLQJXODU
D9HUERVTXHLQGLFDPIHQ{PHQRVGDQDWXUH]D
&KRYHPXLWR
$QRLWHFHXUDSLGDPHQWH
E9HUER+$9(5FRPVHQWLGRGHH[LVWLU
1XQFDKRXYHWDQWRVLQWHUHVVDGRV
'HYLDKDYHUPXLWRVLQWHUHVVDGRV
F9HUERVFRPLGHLDGHWHPSRGHFRUULGR
)D]VHLVPHVHVGHVXDSDUWLGD
9DLSDUDGH]DQRVGHVXDSDUWLGD
+iWUrVVHPDQDVQmRDYHMR
$PDQKmYDLID]HUGH]PHVHVGHVXDSDUWLGD
G9HUER6(5QDVH[SUHVV}HVGHKRUDVGDWDVRXGLVWkQFLDV
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
'HXPH[WUHPRDRRXWURVmRGH]PHWURV
(UDXPDKRUDHYLQWH
7,326'(35(',&$'2
2 3UHGLFDGR SRGH VHU FODVVLILFDGR GH WUrV IRUPDV YHUEDO QRPLQDO H
YHUERQRPLQDO
9(5%$/ ± 4XDQGR R SUHGLFDGR HQXQFLD R TXH R VXMHLWRID] RX VRIUH
FDEH DR YHUER DSUHVHQWDU D LQIRUPDomR PDLV UHOHYDQWH GD RUDomR
$VVLP R SUHGLFDGR VH FKDPDYHUEDO SRLV VHX Q~FOHR pRYHUER e R
~QLFRGRVWUrVTXHQmRFRQWpPSUHGLFDWLYR
(QWUDUDPHPFDPSRRVDWOHWDV
120,1$/±1HVWHSUHGLFDGRRHOHPHQWRPDLVLPSRUWDQWHHVWiVRED
IRUPD GH XP QRPH DGMHWLYR VXEVWDQWLYR SURQRPH VXEVWDQWLYR 2
YHUERWHPDVLPSOHVIXQomRGHOLJDURVXMHLWRDHVWHQRPHSDODYUDRX
H[SUHVVmR TXH HQFHUUD D GHFODUDomR 3RU LVVR D SDODYUD SULQFLSDO
Q~FOHR VH HQFRQWUD QR SUHGLFDWLYR GR VXMHLWR H R SUHGLFDGR p
FKDPDGRGHQRPLQDO
(OHVHVWDYDPFRQWHQWHV
9(5%2120,1$/ ± 6LPXOWDQHDPHQWH DSUHVHQWD D DomR SUDWLFDGD H
R HVWDGR UHIHUHQWH DR VXMHLWR SUHGLFDWLYR GR VXMHLWR RX DR
FRPSOHPHQWR YHUEDO SUHGLFDWLYR GR REMHWR 3RU LVVR SRVVXL GRLV
Q~FOHRVRYHUERHRQRPHTXHH[HUFHDIXQomRGHSUHGLFDWLYR
2VDWOHWDVHQWUDUDPHPFDPSRFRQILDQWHVSUHGLFDWLYRGRVXMHLWR
$FKHLDVLPSiWLFDSUHGLFDWLYRGRREMHWRGLUHWR
35(',&$d2 9(5%$/ ± e R PRGR FRPR R YHUER VH DSUHVHQWD QR
SUHGLFDGRUHJrQFLDYHUEDO
&RPRTXDOTXHURXWUDSDODYUDDFODVVLILFDomRGHXPYHUERVySRGHVHU
GHILQLGD QD IUDVH 2 YHUER D GHSHQGHU GR VHQWLGR TXH SRVVXD QR
FRQWH[WRSRGHVHUFODVVLILFDGRFRPR
D ,175$16,7,92 , 2 YHUER Mi SRVVXL R VHQWLGR FRPSOHWR
SRGHQGRHVWDUDFRPSDQKDGRGHWHUPRVDFHVVyULRVDGMXQWRDGYHUELDO
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
TXH YHQKDP VRPHQWH SRUPHQRUL]DU DV
FLUFXQVWkQFLDVGDDomRRXHVWDGR
E 75$16,7,92 1HVWH FDVR R YHUER VHP XP FRPSOHPHQWR WHP R
VHXVHQWLGRRXDOFDQFHSUHMXGLFDGR6XEGLYLGHVHHP
x ',5(72 7' ± R FRPSOHPHQWR VH OLJD DR YHUER GH IRUPD
GLUHWDRXVHMDVHPSUHSRVLomRREULJDWyULD'HQWUHRVWUDQVLWLYRV
GLUHWRV GHYHPRV GHVWDFDU RV YHUERV WUDQVREMHWLYRV TXH VmR
RV TXH H[LJHP XPD LQIRUPDomR DGLFLRQDO D UHVSHLWR GR REMHWR
GLUHWR (VVD LQIRUPDomR YHP VRE D IXQomR VLQWiWLFD GH
SUHGLFDWLYRGRREMHWRGLUHWR
x ,1',5(72 7, ± R FRPSOHPHQWR VH OLJD DR YHUER
REULJDWRULDPHQWH SRU PHLR GH XPD SUHSRVLomR 2 ~QLFR YHUER
WUDQVLWLYR LQGLUHWR TXH SRGH VHU WUDQVREMHWLYR p R YHUER
&+$0$5YHMDDDXODVREUH5HJrQFLD
x ',5(72 ( ,1',5(72 7', WDPEpP FKDPDGR GH
ELWUDQVLWLYR DSUHVHQWD GRLV FRPSOHPHQWRV XP GLUHWR H RXWUR
LQGLUHWRFRQFRPLWDQWHPHQWH
F '( /,*$d2 9/ ± 6HUYH SDUD OLJDU R SUHGLFDWLYR GR VXMHLWR
Q~FOHR GR SUHGLFDGR QRPLQDO DR VXMHLWR 6HULD XP HUUR DILUPDU TXH
QmRSRVVXLVLJQLILFDGRSRLVDGHSHQGHUGRYHUERHVFROKLGRSRGHPVHU
H[SUHVVRVGLYHUVRVDVSHFWRV
(OHpIHOL]ÎHVWDGRSHUPDQHQWH(OHHVWiIHOL]ÎHVWDGRWUDQVLWyULR
(OHSDUHFHIHOL]ÎDSDUrQFLD(OHDQGDIHOL]ÎHVWDGRSDVVDJHLUR
35(',&$7,92'268-(,72±7HUPRTXHPHVPRGLVWDQWHVHUHIHUH
DRVXMHLWR3RGHVHUUHSUHVHQWDGRSRU
DXPVXEVWDQWLYRRXH[SUHVVmRVXEVWDQWLYDGD
2ERDWRpXPYtFLRGHWHVWiYHO
EXPDGMHWLYRRXORFXomRDGMHWLYD
$SUDLDHVWDYDGHVHUWD
(VWDOLQKDpGHPRUWH
FXPSURQRPH
2PLWRpRQDGDTXHpWXGR
GXPQXPHUDO
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
1yVpUDPRVFLQFRHEULJiYDPRVPXLWR
HSRURUDomRVXEVWDQWLYDSUHGLFDWLYD
$YHUGDGHpTXHQXQFDPHLPSRUWHLFRPHOH
4XDQGRVHGHVHMDGDUrQIDVHDRSUHGLFDWLYRFRVWXPDVHUHSHWLOR
)HOL]MiQmRRVRXPDLV
35(',&$7,92'22%-(72±5HIHUHVHDRFRPSOHPHQWRYHUEDOTXH
SRGHVHUWDQWRRREMHWRGLUHWRFRPRRLQGLUHWR
2 3UHGLFDWLYR GR 2EMHWR Vy DSDUHFH HP SUHGLFDGR YHUERQRPLQDO
VHQGRXPGHVHXVQ~FOHRVHSRGHVHUH[SUHVVR
DSRUVXEVWDQWLYR
&KDPRPH&OiXGLD
ESRUDGMHWLYR
2VPRUDGRUHVGRFDVWHORMXOJDYDPQRDVVRPEUDGR
2 SUHGLFDWLYR GR REMHWR SRGH YLU IDFXOWDWLYDPHQWH DQWHFHGLGR GH
SUHSRVLomRRXGRFRQHFWLYRFRPR
2VXMHLWRH[SOLFRXSRUTXHRWUDWDYDPSRUGRXWRU
&RQVLGHURRFRPRPHXLUPmR
2YHUER&+$0$5pXPGRVSRXFRVDTXHSRGHRFRUUHUR3UHGLFDWLYRGR
2EMHWR,QGLUHWR
&KDPDPOKHGHKLSyFULWDSRUWRGDDSDUWH
&KDPDPDRUDSD]GHKLSyFULWDSRUWRGDDSDUWH
1D PDLRU SDUWH GRV YHUERV WUDQVREMHWLYRV FUHU HOHJHU HQFRQWUDU
HVWLPDU ID]HU MXOJDU QRPHDU SURFODPDU HWF HQFRQWUDPRV R
35(',&$7,92'22%-(72',5(72
±,17(*5$17(6
2 SUySULR QRPH Mi LQGLFD D VXD IXQomR QD HVWUXWXUD RUDFLRQDO (VVHV
WHUPRV LQWHJUDP RX VHMD FRPSOHWDP LQWHLUDP D VLJQLILFDomR GR
YHUERWUDQVLWLYRRXGHXPQRPH
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
6mR HOHV &203/(0(1726 9(5%$,6
&203/(0(172120,1$/($*(17('$3$66,9$
±&203/(0(17269(5%$,6
2%-(72 ',5(72 FRPSOHPHQWR GH XP YHUER WUDQVLWLYR GLUHWR RX
VHMD WHUPR TXH YHP OLJDGR DR YHUER VHP SUHSRVLomR REULJDWyULD H
LQGLFDRVHUSDUDRTXDOVHGLULJHDDomRYHUEDO
9DLVHQFRQWUDURPXQGR 9DLVHQFRQWUiOR
$GPLURDWRGRV
$JXDUGDYDPPHGHVGHFHGR
+i GRLV WLSRV GH REMHWRV GLUHWRV TXH PHUHFHP GHVWDTXH R REMHWR
GLUHWRSUHSRVLFLRQDGRHRREMHWRGLUHWRSOHRQiVWLFR
2REMHWRGLUHWRSUHSRVLFLRQDGRFRVWXPDVHUXVDGR
DFRPYHUERVTXHLQGLFDPVHQWLPHQWR
$PDDRSUy[LPRFRPDWLPHVPR
ESDUDHYLWDUDPELJXLGDGH
)HULXDRDQLPDORFDoDGRU
FTXDQGRYHPDQWHFLSDGRFRPRHPDOJXQVSURYpUELRV
$KRPHPSREUHQLQJXpPURXEH
G HP DVVRFLDomR D SURQRPHV SHVVRDLV REOtTXRV W{QLFRV PLP VL WL
QyV YyV HOH HOD HOHV HODV FHUWRV SURQRPHV LQGHILQLGRV H MXQWR DR
SURQRPHUHODWLYRTXHP
'HSRLVGHYiULDVGRVHVHOHHVTXHFHXDPXOKHUDILOKDHDWpDVL
(648(&(5p7'
2UHPRUVRDWLQJLXDWRGRV$7,1*,5p7'
(OHWHPXPDPXOKHUDTXHPFRQVLGHUDXPDUDLQKD&216,'(5$5p
7'
HFRPRQXPHUDODPERVQDIXQomRGHREMHWRGLUHWR
(OHFRQWUDWRXDDPERV&2175$7$5p7'
IHPFHUWDVFRQVWUXo}HVHQIiWLFDVTXDQGRVHDWULEXLjDomRXPYDORU
GLIHUHQWHGRWUDGLFLRQDO
3URYRXGRSUySULRYHQHQR3529$5p7'
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
7RGRVILFDUDPSDVPRVTXDQGRVRXEHUDPGR
FDVR6$%(5p7'
%HFKDUDFRQWXGR GLVFRUGDGHVVH~OWLPRSRQWR±GHVWDFDTXHQmRVH
GHYH FRQIXQGLU REMHWR GLUHWR SUHSRVLFLRQDGR FRP R FDVR GH SRVYpUELR
FDVR I SRUTXH HVWH UHSHUFXWH QD VLJQLILFDomR GR YHUER 9HMD VXD
OLomR
0XLWDV YH]HV DSDUHFH GHSRLV GH FHUWRV YHUERV XPD SUHSRVLomR TXH
PDLV VHUYH SDUD OKHV DFUHVFHQWDU XP QRYR PDWL] GH VHQWLGR GR TXH
UHJHURFRPSOHPHQWRGHVVHVPHVPRVYHUERV
$UUDQFDUDHVSDGD
$UUDQFDU GD HVSDGD DFHQWXD D LGHLD GH ]HOR RX ERD YRQWDGH SDUD
H[HFXWDUDOJR
$ SUHSRVLomR TXH VH HPSUHJD QHVWHV FDVRV GHXOKH R 3URI $QWHQRU
1DVFHQWHVRQRPHGHSRVYpUELR
2 REMHWR GLUHWR SOHRQiVWLFR p XVDGR TXDQGR VH TXHU FKDPDU D
DWHQomRSDUDR2%-(72',5(72TXHSUHFHGHRYHUER
7DPEpP SRGH VHU FRQVWLWXtGR GH XP SURQRPH iWRQR H GH XPD IRUPD
SURQRPLQDOW{QLFDSUHSRVLFLRQDGD
(VVHFDUURFRPSUHLRKRMH
$PLPQLQJXpPPHHVSHUDHPFDVD
2%-(72 ,1',5(72 FRPSOHPHQWR GH XP YHUER WUDQVLWLYR LQGLUHWR
LVWRpRWHUPRTXHVHOLJDDRYHUERSRUPHLRGHSUHSRVLomR
1mRYHPSUHFHGLGRGHSUHSRVLomRRREMHWRLQGLUHWRUHSUHVHQWDGRSHORV
SURQRPHV SHVVRDLV REOtTXRV PH WH OKH QRV YRV OKHV H SHOR
UHIOH[LYRVH
(OHVySHQVDQDSURYD
)DORXDRVILOKRV
&RPRRXVDVGHVREHGHFHUPH"
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
3DUD VDEHU LGHQWLILFDU VH HVVHV SURQRPHV PH WH VH QRV YRV VH
H[HUFHP D IXQomR VLQWiWLFD GH REMHWR GLUHWR RX LQGLUHWR Mi TXH VH
SUHVWDP jV GXDV IXQo}HV QmR SRGHPRV VLPSOHVPHQWH WURFDU SRU ³D
PLP´SRLVFRPRYLPRVQRLWHP±GRVSURQRPHVREOtTXRVW{QLFRV
VmRVHPSUHUHJLGRVSRUSUHSRVLomR3DUDUHVROYHUHVVHPLVWpULREDVWD
WURFDURSURQRPHSRUXPQRPH
&RPRRXVDVGHVREHGHFHUPH"Î&RPRRXVDGHVREHGHFHUDVHXSDL"
$UHJrQFLDGRYHUER'(62%('(&(5H[LJHSUHSRVLomR³D´
2 REMHWR LQGLUHWR SOHRQiVWLFR WHP D PHVPD IXQomR GR REMHWR GLUHWR
SOHRQiVWLFR UHDOFH 1HVWH FDVR XPD GDV IRUPDV p REULJDWRULDPHQWH
XP SURQRPH SHVVRDO iWRQR $ RXWUD SRGH VHU XP VXEVWDQWLYR RX XP
SURQRPHREOtTXRW{QLFRDQWHFHGLGRGHSUHSRVLomR
$RSREUHQmROKHGHYRQDGD
$PLPHQVLQRXPHWXGR
&203/(0(172 120,1$/ SRGH FRPSOHWDU XP VXEVWDQWLYR
DEVWUDWR XP DGMHWLYR RX DGYpUELRV GHULYDGRV GH DGMHWLYRV 9HP
UHJLGRSRUSUHSRVLomRHRWHUPRSUHSRVLFLRQDGRWHPYDORUSDFLHQWH
1mRpSHUPLWLGDDFRORFDomRGHFDUWD]HV
$GHFLVmRIRLIDYRUiYHODRVDOXQRV
2GHSXWDGRGLVFXUVRXIDYRUDYHOPHQWHDRSURMHWR
0DLV DGLDQWH YHUHPRV D GLVWLQomR HQWUH &203/(0(172 120,1$/ H
$'-8172$'120,1$/
$*(17('$3$66,9$±7HUPRTXHH[HUFHDDomRYHUEDOQDYR]
SDVVLYD(VWHFRPSOHPHQWRpQRUPDOPHQWHLQWURGX]LGRSHODSUHSRVLomR
SRU
(ODHVWiVHQGRFRQTXLVWDGDSRUPLP
±$&(66Ï5,26
6mRFKDPDGRV$&(66Ï5,26RVWHUPRVTXHVHMXQWDPDXPQRPHRXD
XP YHUER SDUD SUHFLVDUOKHV R VLJQLILFDGR (PERUD WUDJDP XP GDGR
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
QRYR j RUDomR QmR VmR HOHV LQGLVSHQViYHLV DR
HQWHQGLPHQWRGRHQXQFLDGR
6mRWHUPRVDFHVVyULRV$'-8172$'120,1$/$'-8172$'9(5%,$/
$32672
$'-8172$'120,1$/±eRWHUPRTXHGHOLPLWDHVSHFLILFDD
VLJQLILFDomR GR VXEVWDQWLYR TXDOTXHU TXH VHMD D IXQomR GHVWH 2
PHVPR VXEVWDQWLYR SRGH HVWDU DFRPSDQKDGR GH PDLV GH XP DGMXQWR
DGQRPLQDO RX VHMD HVVD IXQomR SRGH VHU H[HUFLGD SRU XP DGMHWLYR
XPDORFXomRDGMHWLYDXPDUWLJRGHILQLGRRXLQGHILQLGRXPSURQRPH
DGMHWLYRXPQXPHUDORXDWpPHVPRXPDRUDomRDGMHWLYD
1RV H[HPSORV DEDL[R VmR DSUHVHQWDGRV HP QHJULWR RV DGMXQWRV
DGQRPLQDLVHVXEOLQKDGRVRVQ~FOHRVVXEVWDQWLYRV
(VWDVHJUHJDomRVRFLDOSUHFLVDGHXPDJUDQGHYROWD
7LQKDXPDPHPyULDGHSURGtJLR
2PDUpXPPLVWpULRSDUDRVVRQKDGRUHV
$PLQKDGRQDpDVROLGmR
9HQKRFXPSULUXPDPLVVmRGRVDFHUGyFLRTXHDEUDFHL
$GMXQWR$GQRPLQDO[&RPSOHPHQWR1RPLQDO
$ GLIHUHQoD HQWUH DV IXQo}HV VLQWiWLFDV GH $'-8172 $'120,1$/ H
&203/(0(172120,1$/HPDOJXQVFDVRVpVXWLOTXDQGRRWHUPRp
UHJLGRSRUSUHSRVLomR
6H HVWLYHU SUHVR D XP $'-(7,92 RX D XP $'9e5%,2 VHUi
&203/(0(172120,1$/
$VDODHVWiFKHLDGHDUPDPHQWRSHVDGR
'LVFXUVHLIDYRUDYHOPHQWHDRSURMHWR
6H FRPSOHWDU XP 68%67$17,92 &21&5(72 VHUi $'-8172
$'120,1$/
$SRUWDGHIHUURHVWiHQIHUUXMDGD
4XDQGR HVWLYHU MXQWR D XP 68%67$17,92 $%675$72 p SUHFLVR
YHULILFDURWHUPRSUHSRVLFLRQDGR
6HRWHUPRIRU3$&,(17(pXPFRPSOHPHQWRQRPLQDO
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
$FRQVWUXomRGRSUpGLRIRLHPEDUJDGD
$YHQGDGHDUPDVIRLSURLELGD
6HRWHUPRIRU$*(17(pXPDGMXQWRDGQRPLQDO
$FRQTXLVWDGRVEUDVLOHLURVIRLUHFRQKHFLGDSRUWRGRV
$LQYDVmRGRVVROGDGRVIRLUiSLGDHHILFD]
(VVDGLVWLQomRILFDH[SOtFLWDFRPRH[HPSORTXHQRVDSUHVHQWD$GULDQR
GD*DPD.XU\1RYDV/Lo}HVGH$QiOLVH6LQWiWLFD
$OHPEUDQoDGHPHXSDLDOHJURXPH
)RUD GR FRQWH[WR QmR SRGHPRV DILUPDU VH R HOHPHQWR HP GHVWDTXH
H[HUFH IXQomR DWLYD DGMXQWR DGQRPLQDO RX SDVVLYD FRPSOHPHQWR
QRPLQDO
6H D DomR IRL SUDWLFDGD SHOD ILOKD HOD OHPEURXVH GH VHX SDL H FRP
LVVR DOHJURXVH R YDORU p SDVVLYR R SDL IRL OHPEUDGR ± 62)5(8 $
$d2 9(5%$/ H D H[SUHVVmR H[HUFH IXQomR GH FRPSOHPHQWR
QRPLQDO
-i VH DomR IRL SUDWLFDGD SHOR SDL HOH VH OHPEURX IDWR TXH DOHJURX D
ILOKD R YDORU GD H[SUHVVmR p DWLYR R SDL OHPEURX ± 35$7,&28 $
$d2 9(5%$/ H D IXQomR H[HUFLGD SHOD H[SUHVVmR p DGMXQWR
DGQRPLQDO
3RGHPRVLOXVWUDUHVVDGLVWLQomRFRPRVHJXLQWHJUiILFR
$'-(7,92
68%67 68%67$17,92
$%675$72 &21&5(72
$'9e5%,2
&203/(0(172120,1$/ $'-8172
$'120,1$/
&RPLGpLDSDVVLYD &RPLGpLDDWLYD
&203/(0(172 $'-8172
120,1$/ $'120,1$/
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
$'-(7,92 $'9e5%,2 ( 68%67$17,92 $%675$72 &20 ,'(,$
3$66,9$Î&203/(0(172120,1$/
68%67$17,92 &21&5(72 ( 68%67$17,92 $%675$72 &20 ,'(,$
$7,9$Î$'-8172$'120,1$/
2~QLFRHOHPHQWRGDLQWHUVHomRpR68%67$17,92$%675$72
4XHU XP yWLPR PpWRGR GH PHPRUL]DomR" (QWmR DQRWH Dt WXGR FRP
$ VXEVWDQWLYR $EVWUDWR FRP LGHLD $WLYD Î IXQomR GH $GMXQWR
$GQRPLQDO
$GMXQWR $GYHUELDOp FRPR R QRPH LQGLFD RWHUPR GH YDORU
DGYHUELDO TXH GHQRWD DOJXPD FLUFXQVWkQFLD GR IDWR H[SUHVVR SHOR
YHUER RX LQWHQVLILFD R VHQWLGR GHVWH GH XP DGMHWLYR RX GH XP
DGYpUELR 3RGH YLU H[SUHVVR SRU XP DGYpUELR XPD ORFXomR RX
H[SUHVVmRDGYHUELDORXXPDRUDomRDGYHUELDO
6mR LQ~PHUDV DV FLUFXQVWkQFLD DWULEXtGDV SRU XP DGMXQWR DGYHUELDO
6HPDSUHWHQVmRGHHVJRWDURVH[HPSORVSRGHPRVGHVWDFDU
DGHFDXVD3RUTXHQmRIRVWHDRFRQFHUWR"
EGHFRPSDQKLD9LYLFRP'DQLHO
FGHG~YLGD7DOYH]1LQDWLYHVVHUD]mR
GGHILP)D]LDLVVRSRUSHQLWrQFLD
HGHLQVWUXPHQWR'RXWHFRPRFKLFRWH
IGHLQWHQVLGDGH*RVWRPXLWRGHWL
JGHOXJDU/HYRXRVSDUDFDVD
KGHPDWpULD(UDXPDGHXVFRPUDLYDHOiJULPDV
LGHPHLR9LDMDYDGHWUHPSRUWRGDD(XURSD
MGHPRGR9DJDURVDPHQWHUHFROKHPRVRVIUXWRV
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
O GH QHJDomR 1mR SDUWDV FKHLR GH
UHVVHQWLPHQWR
PGHWHPSR(OHVHQWDYDVHFHGRDHVVDPHVDGHWUDEDOKRHQXQFD
UHFODPRXGHVXDIXQomR
(PXPSHUtRGRFRPSRVWRDIXQomRGH$'-8172$'9(5%,$/SRGHVHU
H[HUFLGD SRU XPD 25$d2 68%25',1$'$ $'9(5%,$/ DWULEXLQGRVH
XPD GDV FLUFXQVWkQFLDV HQXPHUDGDV QD DXOD SDVVDGD FDXVDO
FRQGLFLRQDO FRQFHVVLYD WHPSRUDO SURSRUFLRQDO ILQDO FRQIRUPDWLYD
FRQVHFXWLYDFRQFHVVLYDFRPSDUDWLYDORFDWLYDRXPRGDO
7DPEpP PHUHFHP GHVWDTXH RV $GYpUELRV ,QWHUURJDWLYRV FDXVD
SRU TXH OXJDU RQGH DRQGH GRQGH GH PRGR FRPR GH WHPSR
TXDQGRSUHVHQWHVQDVRUDo}HVLQWHUURJDWLYDV
1mRFRQIXQGDHVVHVDGYpUELRVFRPRVSURQRPHVUHODWLYRVTXHGHYHP
VHUHIHULUDDOJXPWHUPRDQWHFHGHQWH
$GMHWLYRVDGYHUELDOL]DGRVVmRRVDGMHWLYRVTXHVHXVDPQROXJDUGR
DGYpUELRHSRULVVRQmRYDULDP
(OHVIDODPDOWR
$FHUYHMDTXHGHVFHUHGRQGR
3$/$95$6'(127$7,9$6
6HJXQGR D 1RPHQFODWXUD *UDPDWLFDO %UDVLOHLUD FHUWDV SDODYUDV SRU
YH]HV HQTXDGUDGDV LQGHYLGDPHQWH HQWUH RV DGYpUELRV GHQRWDP
FLUFXQVWkQFLDV VHP TXH FRPR HVWHV ~OWLPRV PRGLILTXHP YHUER
DGMHWLYRRXRXWURDGYpUELR
D,1&/862DWpLQFOXVLYHPHVPRWDPEpPHWF
(OHURXERXGLYHUVDVSHVVRDVDWpVXDPmH
0HVPRRVLQRFHQWHVSDJDP
E(;&/862DSHQDVVDOYRVHQmRVyVRPHQWHHWF
'DIDPtOLDVyGXDVSUHVWDYDP
F'(6,*1$d2HLV
(LVRVOLYURVGHTXHWHIDOHL
G5(7,),&$d2DOLiVLVWRpRXPHOKRUHWF
6LQWRTXHHOHPHHVFDSDRXPHOKRUTXHQXQFDPHSHUWHQFHX
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
&RUUHPRVLVWRpYRDPRVDWpRWUDEDOKR
H(;3/,&$d2SRUH[HPSORDVDEHULVWRpHWF
(VWLYHPRVQHVWDFDVDLVWRpQDVDODQRTXDUWR
I6,78$d2DILQDOHQWmRDJRUDPDVHWF
$ILQDORTXHID]HVSRUDTXL"
0DVSRUTXHQXQFDPHGLVVHLVVR"
J5($/&(FiOiTXHpTXHVyHWF
(OHVpTXHGHYHULDPWHUYLQGRDTXL
(XVyTXHULDDJUDGDUYRFr
,VVROipMHLWRGHIDODUFRPDVXDPmH"
±$32672pRWHUPRGHQDWXUH]DVXEVWDQWLYDTXHVHUHIHUH
QD PDLRULD GDV YH]HV D XP VXEVWDQWLYR D XP SURQRPH RX D XP
HTXLYDOHQWHDWtWXORGHH[SOLFDomRRXGHDSUHFLDomR
2DSRVWRWHPRPHVPRYDORUVLQWiWLFRGRWHUPRDTXHVHUHIHUHHSRU
PHLR GHOH DWULEXLVH D XP VXEVWDQWLYR WHUPR UHIHUHQWH DOJXPD
SURSULHGDGH2VGRLVWHUPRVGHVLJQDPVHPSUHRPHVPRVHURPHVPR
REMHWR D PHVPD LGHLD RX R PHVPR IDWR (QWUH R DSRVWR H R WHUPR D
TXHHOHVHUHIHUHKiHPJHUDOXPDSDXVDPDUFDGDQDHVFULWDSRUXPD
YtUJXOD
(OHVRVSREUHVGHVHVSHUDGRVWLQKDPXPDHXIRULDGHIDQWRFKHV
3RGH WDPEpP QmR KDYHU SDXVD HQWUH R DSRVWR H D SDODYUD SULQFLSDO
TXDQGRHVWDpXPWHUPRJHQpULFRHVSHFLILFDGRRXLQGLYLGXDOL]DGRSHOR
DSRVWR
$FLGDGHGH/LVERDpOLQGD
1RPrVGHPDLRYHPRVIORULURMDUGLP
(VWHVDSRVWRVHTXLYDOHPD³QRPHVWtWXORV´HVmRFKDPDGRVGHDSRVWR
GH HVSHFLILFDomR 1mR GHYHP VHU FRQIXQGLGRV FRP DGMXQWRV
DGQRPLQDLVTXHVmRDWULEXWRVWHUPRVGHQDWXUH]DDGMHWLYD
2FOLPDGH/LVERDpPXLWRDJUDGiYHOQHVWDpSRFD
$VIHVWDVGHPDLRKRPHQDJHLDPDVPmHV
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
7LSRVGHDSRVWR
D([SOLFDWLYR0DULDDHVWXGDQWHFKHJRX
E(QXPHUDWLYR-RmRWHPWUrVILOKRV3HGUR$QW{QLRH&DUORV
F5HVXPLWLYR RX 5HFDSLWXODWLYR)RUWXQDV SUD]HUHV VRVVHJRQDGD R
VDWLVID]LD
G 'LVWULEXWLYR (UDP GRLV ERQV DOXQRV XP HP 3RUWXJXrV H RXWUR
HP+LVWyULD
H(VSHFLILFDWLYR5LR$PD]RQDV3UDoDGD5HS~EOLFD
I(PUHIHUrQFLDDXPDRUDomR(OHQmRFRPSDUHFHXRTXHQRVGHL[RX
WULVWHV
2 DSRVWR QmR GHYH VHU FRQIXQGLGR FRP R DGMHWLYR TXH HP IXQomRGH
SUHGLFDWLYR FRVWXPD YLU VHSDUDGR GR VXEVWDQWLYR TXH PRGLILFD SRU
XPDSDXVDVHQVtYHOJHUDOPHQWHQDHVFULWDLQGLFDGDSRUYtUJXOD
9HMDRVHJXLQWHH[HPSOR
$QRLWHYDLGHVFHQGRPXGDHFDOPD
(VWDRUDomRSRGHULDVHUHQXQFLDGD
$QRLWHPXGDHFDOPDYDLGHVFHQGR
1DV GXDV RUDo}HV PXGD H FDOPD H[HUFHP D IXQomR VLQWiWLFD GH
SUHGLFDWLYR GR VXMHLWR H GHVLJQDP R HVWDGR HP TXH VH HQFRQWUDYD R
DJHQWHQRLWHDRSUDWLFDUDDomRGHVFHU)D]SDUWHSRUWDQWRGHXP
SUHGLFDGRYHUERQRPLQDO
2 DGMHWLYR XVDGR QD VXD IXQomR SUySULD FRPR D GH SUHGLFDWLYR GR
VXMHLWR QmR SRGH H[HUFHU D IXQomR GH DSRVWR SRUTXH GHVLJQD XPD
FDUDFWHUtVWLFD GR VHU RX GD FRLVD H QmR R SUySULR VHU RX D SUySULD
FRLVDFRPRRDSRVWRRID]
0DULDLUPmGH&DUORVPXGRXVHSDUDR$FUH
$JRUD WHPRV XP H[HPSOR GH H[SUHVVmR TXH H[HUFH D IXQomR GH
DSRVWR ³,UPm GH &DUORV´ WHP YDORU VXEVWDQWLYR H VH UHIHUH DR
HOHPHQWRMiHQXQFLDGR0DULD
92&$7,92
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
¬ SDUWH GR VXMHLWR H GR SUHGLFDGR VmR WHUPRV GH
HQWRDomRH[FODPDWLYDTXHVHPHVWDUHPVXERUGLQDGRVDQHQKXPRXWUR
WHUPRGDIUDVHDSHQDVVHUYHPSDUDLQYRFDUFKDPDURXQRPHDUFRP
rQIDVHPDLRURXPHQRUDSHVVRDRXFRLVDSHUVRQLILFDGD
-RVpYHQKDIDODUFRPLJR
3RGHVHUDQWHFHGLGDSRUXPDLQWHUMHLomR
(YRp&DUORV
(QFHUUDPRVDTXLDDXODGHKRMH
(P QRVVD SUy[LPD DXOD IDODUHPRV VREUH 32178$d2 H PXLWRV GRV
FRQFHLWRV DWp HQWmR DSUHVHQWDGRV VHUmR IXQGDPHQWDLV SDUD TXH
SRVVDPRVVHJXLUFRPILUPH]DHPQRVVRHVWXGR
*UDQGHDEUDoRHDWpOi
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
48(67®(6'(),;$d2
)*90LQLVWpULRGD&XOWXUD
)RWRGRV6RQKRV
2HQJHQKHLURFRORPELDQR-RDTXtQ6DUPLHQWRWUDEDOKDYDHP1RYD<RUN
H VH VHQWLD PXLWDV YH]HV VROLWiULR (UD PDLV XP GDTXHOHV LPLJUDQWHV
QRVWiOJLFRV 3DUD RFXSDU DV KRUDV YDJDV GHFLGLX DSUHQGHU IRWRJUDILD
(VWDYDQHVVHPRPHQWRGHVFREULQGRXPQRYRkQJXORSDUDDVXDYLGD
VHPYROWD$YRQWDGHGHVHDYHQWXUDUSHOD$PpULFD/DWLQDWLUDQGRIRWRV
IH] FRP TXH HOH GHL[DVVH SDUD VHPSUH D SDLVDJHP QRYDLRUTXLQD
DSRVHQWDVVH VXD FDUUHLUD GH HQJHQKHLUR H WUDQVIRUPDVVH 3DUDLVySROLV
XPDGDVPDLRUHVIDYHODVSDXOLVWDQDVHPVHXFHQiULRFRWLGLDQR(VWRX
ILFDQGRVHPGLQKHLURPDVpXPDEHODDYHQWXUD
'HSRLV GH WUrV DQRV QRV (VWDGRV 8QLGRV YROWRX SDUD %RJRWi
SODQHMDQGRWUDEDOKDUHPREUDVGHLQIUDHVWUXWXUD
0XGRX GH LGpLD &RP DQRV SHUFHEHX TXH R KREE\ TXH WLQKD
DGTXLULGR HP 1RYD <RUN VH FRQYHUWHUD HP SDL[mR 1R ILQDO GH
YHLR FRP VXD IDPtOLD SDUD GXDV VHPDQDV GH IpULDV HP 6mR 3DXOR
&RPR VHPSUH WLYH PXLWR LQWHUHVVH HP HVWXGDU D $PpULFD /DWLQD IXL
ILFDQGR 6RXEH HQWmR GH XPD H[SHULrQFLD GHVHQYROYLGD SHOR FROpJLR
0LJXHOGH&HUYDQWHVFULDGRSRUHVSDQKyLVQDYL]LQKD3DUDLVySROLV
/i DOXQRV DMXGDUDP D FULDU XP FHQWUR FXOWXUDO EDWL]DGR GH %DUUDFmR
GRV 6RQKRV QR TXDO VH PLVWXUDP ULWPRV DIURV H LEpULFRV 'HVVH
HQFRQWUR QDVFHX SRU H[HPSOR D HVWUDQKD PLVWXUD GRV ULWPRV H
EDLODGRVIODPHQFRVFRPRVDPED
5HVROYLUHJLVWUDUHVVHFRQYtYLRHDRVSRXFRVLDPHHPEUHQKDQGRQD
IDYHODSDUDFRQKHFHUVHXVSHUVRQDJHQV
2 TXH HUD LQLFLDOPHQWH SDUD VHU XP FHQiULR IRWRJUiILFR YLURX XPD
HVSpFLH GH ODERUDWyULR SHVVRDO -RDTXtQ VHQWLXVH HVWLPXODGR D GDU
RILFLQDV GH IRWRJUDILD D MRYHQV H FULDQoDV GH 3DUDLVySROLV 'HVFREUL
PDLVXPkQJXORGDVIRWRVRkQJXORGHHQVLQDUDROKDU/HQWDPHQWH
QDTXHOH HVSDoR WHPLGR SRU PXLWRV -RDTXtQ LD VH VHQWLQGR HP FDVD
+i XP MHLWR PXLWR VLPLODU GH DFROKLPHQWR GRV ODWLQRDPHULFDQRV
DSHVDUGHWRGDDYLROrQFLD
6HP VDEHU DLQGD GLUHLWR FRPR YDL VREUHYLYHU ± DV UHVHUYDV TXH
DFXPXOHLHP1RYD<RUNHVWmRLQGRHPERUD±HOHSODQHMDDVSUy[LPDV
SDUDGDV SHOD $PpULFD GR 6XO 0DV DQWHV GH VH GHVSHGLU SUHWHQGH
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
ID]HUXPDH[SRVLomRVREUHRVHXROKDUSHOR%UDVLO
$WpOiHVWiDSURYHLWDQGRDLQWHUQHWZZZMRDTXLQVDUPLHQWRFRPSDUD
PRVWUDU DOJXPDV GDV LPDJHQV IRWRJUiILFDV TXH GRFXPHQWDP VHXV
WUDMHWRV
*LOEHUWR'LPHQVWHLQ)ROKDGH6mR3DXOR
&RPEDVHQRWH[WRDFLPDUHVSRQGDjVSHUJXQWDVD
$VVLQDOH D DOWHUQDWLYD TXH QmR H[HUoD D PHVPD IXQomR VLQWiWLFD
TXHDVGHPDLV
$DVKRUDVYDJDVOV
%PXLWRLQWHUHVVHO
&ULWPRVDIURVHLEpULFRVO
'FRPRYDLVREUHYLYHUO
(TXHO
±)*90LQLVWpULRGD&XOWXUD
$VVLQDOHDDOWHUQDWLYDHPTXHUHVSHFWLYDPHQWHDIXQomRVLQWiWLFDGRV
WHUPRV 3DUDLVySROLV / QD YL]LQKD 3DUDLVySROLV / H GH
3DUDLVySROLV/HVWHMDFRUUHWDPHQWHLQGLFDGD
$VXMHLWR±DGMXQWRDGQRPLQDO±DGMXQWRDGQRPLQDO
%REMHWRGLUHWR±DGMXQWRDGYHUELDO±DGMXQWRDGQRPLQDO
&DGMXQWRDGQRPLQDO±DGMXQWRDGQRPLQDO±DGMXQWRDGYHUELDO
'REMHWRGLUHWR±FRPSOHPHQWRQRPLQDO±DGMXQWRDGYHUELDO
(VXMHLWR±DGMXQWRDGYHUELDO±FRPSOHPHQWRQRPLQDO
±)*90LQLVWpULRGD&XOWXUD
$VVLQDOH D DOWHUQDWLYD HP TXH R WHUPR GR WH[WR QmR DWULEXD SDUD D
RUDomRGHTXHID]SDUWHFLUFXQVWkQFLDWHPSRUDO
$QHVVHPRPHQWR/
%'HSRLVGHWUrVDQRVQRV(VWDGRV8QLGRV/
&1RILQDOGH/
'SDUDGXDVVHPDQDVGHIpULDVHP6mR3DXOR/V
(DQWHVGHVHGHVSHGLU/
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
%(6&$'92*$'2
$VVLQDOH D DOWHUQDWLYD HP TXH R WHUPR GHVWDFDGR H[HUoD D PHVPD
IXQomR VLQWiWLFD TXH R WHUPR JULIDGR QD VHJXLQWH IUDVH 2V EDQFRV
JDQKDUDPDQWHVHVLQDOL]DRJRYHUQRYmRFRQWLQXDUJDQKDQGR
$ (VWi FODUR TXH D UHGXomR HVSHUDGD H SURMHWDGD GD WD[D6HOLF
GLPLQXLXDUHQWDELOLGDGHGRVEDQFRV
% Mi TXH SRVWHUJD D FRUULGD FHUWD GRV EDQFRV HP EXVFD GD
UHQWDELOLGDGHSHUGLGD
&(RULVFRGHHPSUHVWDUpVHPSUHRGHQmRUHFHEHU
' %XVFDPVH UHJUDV H OHLV SDUD WRUQDU PHQRV
SDWHUQDOLVWD
D
GHFLVmRGRVMXt]HV
(2XVHMDKiXPDSRVVLELOLGDGHQmRGHVSUH]tYHOGHRSDtVSHUGHU
PDLVXPDYH]XPDMDQHODGHRSRUWXQLGDGH
)*935()*8$58/+26
$VVLQDOHDDOWHUQDWLYDQDTXDO³TXH´WHPDPHVPDIXQomRVLQWiWLFDTXH
HP³$IORUTXHRQWHPGHVDEURFKRXMiHVWiPXUFKD´
$(ODWHPXPTXrGHPLVWpULR
%6RIUHXPXLWRFRPDVFKXYDVTXHFDtUDP
&9HLRWmRUiSLGRTXHQRVVXUSUHHQGHX
'9HQKDTXHHODHVWiDTXL
1&(8)5-75(5-7pFQLFR-XGLFLiULR$GP
³ H[LJH PXGDQoD SURIXQGD QR HQIRTXH GD DGPLQLVWUDomR GRV
SUREOHPDVVRFLDLVSHORVJRYHUQRVIHGHUDOHVWDGXDOHPXQLFLSDO´
2FRPHQWiULRFRUUHWRDUHVSHLWRGHVVHVHJPHQWRGRWH[WRp
DRWHUPRGDDGPLQLVWUDomRFRUUHVSRQGHDXPDGMXQWRDGQRPLQDO
ERWHUPRGRVSUREOHPDVVRFLDLVFRUUHVSRQGHDXPREMHWRLQGLUHWR
F IHGHUDO HVWDGXDO H PXQLFLSDO VmR DSUHVHQWDGRV QXPD RUGHP
FUHVFHQWHGHLPSRUWkQFLD
GRVXEVWDQWLYRJRYHUQRVVHSUHQGHDRVDGMHWLYRVIHGHUDOHVWDGXDOH
PXQLFLSDO
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
H R DGMHWLYR SURIXQGD VH UHIHUH DRV VXEVWDQWLYRV
PXGDQoDHDGPLQLVWUDomR
)$),3$&2+$%/RQGULQD±$X[LOLDU$GPLQLVWUDWLYR
³$HOHRVHVSHFLDOLVWDVSHGHPFODUH]DQDVPHWDV´
2WHUPRGHVWDFDGRQRSHUtRGRWUDWDVHGR
$DGMXQWRDGYHUELDOGDRUDomR
%DJHQWHGDSDVVLYDGDRUDomR
&REMHWRLQGLUHWRGDRUDomR
'REMHWRGLUHWRGDRUDomR
(VXMHLWRGDRUDomR
1&(8)5-(OHWURQRUWH
$ DOWHUQDWLYD HP TXH R HOHPHQWR VXEOLQKDGR LQGLFD R DJHQWH H QmR R
SDFLHQWHGRWHUPRDQWHULRUp
$³DXWLOL]DomRGHTXDOTXHUXPGHOHV´
%³DTXHLPDGRSHWUyOHR´
&³LQXQGDomRGHYDVWDViUHDV´
'³DIDXQDDTXiWLFDGRVULRV´
(³FRQVWUXomRGHEDUUDJHQV´
1&(8)5-%1'(6
2VDGMHWLYRVPRVWUDPTXDOLGDGHVFDUDFWHUtVWLFDVRXHVSHFLILFDo}HVGRV
VXEVWDQWLYRV D DOWHUQDWLYD DEDL[R HP TXH R WHUPR HP QHJULWR 12
IXQFLRQDFRPRDGMHWLYRp
$GLItFLODSUHQGL]DGR
%VHQVDomRGHGLILFXOGDGH
&WUDEDOKRTXHpGLItFLO
'WDUHIDGLILFtOLPD
(DFHVVRGLItFLO
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
)*9,&0606±$7,
9RFrQXQFDWHYHLOXV}HVVREUHDKXPDQLGDGH
2WHUPRGHVWDFDGRQRSHUtRGRDFLPDWHPDIXQomRVLQWiWLFDGH
$DGMXQWRDGQRPLQDO
%DGMXQWRDGYHUELDO
&FRPSOHPHQWRQRPLQDO
'REMHWRLQGLUHWR
(SUHGLFDWLYRGRREMHWR
8Q% &(63( &kPDUD GRV 'HSXWDGRV ± FRP
DGDSWDomR
1DEXFR SDUWH SDUD /RQGUHV QR PrV GH IHYHUHLUR GH
SHUPDQHFHQGRFRPRFRUUHVSRQGHQWHGR-RUQDOGR&RPpUFLRDWp
(OHQmRSDVVDUiFRPRRXWURUDRWHPSRORQGULQRQDRFLRVLGDGH'HGLFD
VH DJRUD DR WUDEDOKR H DR HVWXGR &RPR YiULRV RXWURV LQWHOHFWXDLV GR
VHX WHPSR LQWHUHVVDGRV WRGRV SHORV SUREOHPDV VRFLDLV H YLYHQGR QR
H[tOLRWRUQDVHIUHTHQWDGRUDVVtGXRGR0XVHX%ULWkQLFR
5HIOHWHHOrDFHUFDGHYiULRVDVVXQWRVQDELEOLRWHFDGR0XVHX20XVHX
%ULWkQLFRpIRQWHGHPXLWDVREUDVLPSRUWDQWHVGDVFLrQFLDVVRFLDLV$OL
.DUO 0DU[ HVFUHYH 2 &DSLWDO H RXWURV HQVDLRV 7DPEpP DOL 1DEXFR
DEVRUYHDV OLo}HVTXHVmR D EDVH GH XPGRV WH[WRV IXQGDPHQWDLVGDV
FLrQFLDV VRFLDLV EUDVLOHLUDV $ DWLYLGDGH SULQFLSDO GD VXD PDLV UHFHQWH
WHPSRUDGDORQGULQDpDIDPLOLDUL]DomRFRPDELEOLRJUDILDDUHVSHLWRGR
HVFUDYLVPR FRORQLDO ,VVR OKH SHUPLWH HVFUHYHU XP OLYUR GD TXDOLGDGH
GH 2 $EROLFLRQLVPR ² D UHIOH[mR PDLV FRHUHQWH SURIXQGD H FRPSOHWD
Mi IHLWD QR %UDVLO DFHUFD GR DVVXQWR 7UDWDVH GH XP PRQXPHQWR GH
HUXGLomR SOHQR GH FRQKHFLPHQWR GH KLVWyULD SROtWLFD VRFLRORJLD
GLUHLWR H GH WXGR TXDQWR VH UHIHUH j HVFUDYLGmR QHJUD 3HOR DOWR QtYHO
GRFRQWH~GRHDH[FHOrQFLDGDIRUPDpXPGRVOLYURVPDLVLPSRUWDQWHV
GDV FLrQFLDV VRFLDLV MDPDLV HVFULWRV QR %UDVLO 2FXSD SRU LVVR XP
OXJDU GH GHVWDTXH QD ELEOLRJUDILD HVSHFtILFD TXH QD pSRFD HUD PXLWR
UHVWULWD +RMH PDLV GH FHP DQRV GHSRLV GD VXD SULPHLUD HGLomR
TXDQGR DV FLrQFLDV VRFLDLV VH GHVHQYROYHUDP WDQWR QR PXQGR H QR
%UDVLO R OLYUR DLQGD p FRQVXOWDGR H YLVWR FRPR H[HPSOR VHMD SHOR
YROXPH GH LQIRUPDo}HV VHMD SHORV YDULDGRV HQIRTXHV ² DOJXQV
H[WUHPDPHQWHRULJLQDLV²VHMDDLQGDSHODIRUPDVXSHULRU
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
3RU WXGR LVVR p MXOJDGR FRPR HPSUHVD QRWiYHO
%DVWDYD D UHGDomR GH 2 $EROLFLRQLVPR SDUD MXVWLILFDU D SURYHLWRVD
HVWDGDGH1DEXFRSRUGRLVDQRVQD,QJODWHUUD
)UDQFLVFR,JOpVLDV,GHPSFRPDGDSWDo}HV
$QDOLVH DV SURSRVLo}HV D VHJXLU LQGLFDQGR 9 SDUD DV YHUGDGHLUDV H )
SDUD DV IDOVDV (P VHJXLGD PDUTXH D RSomR TXH LQGLFD D RUGHP
FRUUHWD
,1DVIRUPDVYHUEDLV³'HGLFDVH´OH³WRUQDVH´ORSURQRPH
HQFOtWLFRH[HUFHIXQo}HVVLQWiWLFDVGLIHUHQWHV
,,1RWUHFKR³,VVROKHSHUPLWHHVFUHYHU´ORSURQRPHVXEOLQKDGR
H[HUFH D IXQomR GH REMHWR LQGLUHWR H SRGHULD VHU VXEVWLWXtGR SHOD
H[SUHVVmRDHOH
D9±9
E9±)
F)±9
G))
±8Q%&(63(60)0DFHLy
$GHYDVVDSRUGHFUHWR
1mR p GH KRMH TXH VH SURSDJD HQWUH QyV IHQ{PHQR UDUR D GHPDQGDU
DQiOLVHFULWHULRVD3RGHVHUUHVXPLGRHPSRXFDVSDODYUDV(QTXDQWRD
PLOHQDU SUHVXQomR GH LQRFrQFLD DFRPSDQKD R DFXVDGR DWp VXD
FRQGHQDomRDLQGDTXHRGHOLWRDHOHLPSXWDGRVHMDGRVPDLVJUDYHVH
FRPSURPHWHGRUDV DV SURYDV DSXUDGDV D SUHVXQomR PXGD GH IDFH
HPERUD QmR VH GLJD HP VH WUDWDQGR GH IDWR HQYROYHQGR R ILVFR
IDFLOPHQWHVHDFHLWDFRPRYHUGDGHLUDDLPSXWDomRIHLWDDDOJXpP
6XSRQKR TXH HVVH IHQ{PHQR GHULYH GR IDWR JHQHUDOL]DGR GH
HVWDEHOHFHUVHVLQRQtPLDHQWUHFRQWULEXLQWHHVRQHJDGRU
1mR p SUHFLVR GL]HU TXH R WULEXWR HQWUH RXWUDV UD]}HV SRU VHU
REULJDomR OHJDO GHYH VHU VDWLVIHLWR QD IRUPD H QR SUD]R GH OHL 'H
UHVWR DV VDQo}HV FULDGDV SDUD IRUoDU HVVD REVHUYkQFLD FKHJDP D VHU
GUDFRQLDQDV6HHODVIRVVHPSDFWXDGDVHQWUHSDUWLFXODUHVGLILFLOPHQWH
VHULDPDFHLWDVFRPROtFLWDVQDHVIHUDGRVWULEXQDLVHPIDYRUGRILVFR
QR HQWDQWR VmR DFHLWDV VHP UHSDURV )DoR D REVHUYDomR DSHQDV SDUD
VDOLHQWDU R DSDUDWR FRHUFLWLYR TXH DFRPSDQKD R GLUHLWR SRU YH]HV R
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
VXSRVWR GLUHLWR GR HUiULR 0DV YROWR D GL]HU
XOWLPDPHQWH RV H[FHVVRV ³OHJLVODGRV´ YLD GH UHJUD SRU PHGLGDV
SURYLVyULDVVmRFKRFDQWHVDFRPHoDUSRUVXDLPRGHUDomRDVVLPQmR
WrP IDOWDGR DOWHUDo}HV LQVLJQHV QR SURFHVVR ILVFDO D SRQWR GH
FRQYHUWrORHPVLPXODFURSURFHVVXDO
3DXOR %URVVDUG ,Q &RUUHLR %UD]LOLHQVH &ROXQD 2SLQLmR
FRPDGDSWDo}HV
&RPEDVHQRWH[WRDFLPDMXOJXHDDVVHUWLYDTXHVHVHJXH
x &RPUHODomRjUHSUHVHQWDomRGRVXMHLWRGDRUDomRQRVHJPHQWR
³HP VH WUDWDQGR GH IDWR´ O R VXMHLWR p LQGHWHUPLQDGR
GLIHUHQWHPHQWH GR TXH RFRUUH QR VHJPHQWR ³HVWDEHOHFHUVH
VLQRQtPLD´OVHPTXHRVXMHLWRp³VLQRQtPLD´
&(63(8Q%038
&RPEDVHQRWH[WRDVHJXLUUHVSRQGDjVTXHVW}HVH
7DOFRPRDFKXYDFDtGD
)HFXQGDDWHUUDQRHVWLR
3DUDIHFXQGDUDYLGD
2WUDEDOKRVHLQYHQWRX
)HOL]TXHPSRGHRUJXOKRVR
'L]HU1XQFDIXLYDGLR
(VHKRMHVRXYHQWXURVR
'HYR DR WUDEDOKR R TXH
VRX
2ODYR%LODF2WUDEDOKR
&(63(8Q%038
&RQVLGHUDQGR D VHQWHQoD FRQWLGD QRV YHUVRV H TXDQWR j
PRUIRVVLQWD[HDVVLQDOHDRSomRLQFRUUHWD
$ 2DGMHWLYR
RUJXOKRVR
HVWiH[HUFHQGRDIXQomRGHSUHGLFDWLYRGR
REMHWR
% )HOL]
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
SUHGLFDWLYRVGHVHXVVXMHLWRV
&1XQFDpXPDGYpUELRTXHDWXDOL]DDVFLUFXQVWkQFLDV GHWHPSRH
GHQHJDomRVLPXOWDQHDPHQWH
'1DORFXomRYHUEDOSRGH'L]HURSULPHLURYHUERpDX[LOLDUHR
VHJXQGRpRSULQFLSDO
( 5HHVFUHYHQGR D VHQWHQoD QD RUGHP GLUHWD HP GLVFXUVR LQGLUHWR
WHPVH4XHPSRGHGL]HURUJXOKRVRTXHQXQFDIRLYDGLRpIHOL]
&(63(8Q%038
(P(VHKRMHVRXYHQWXURVR'HYRDRWUDEDOKRRTXHVRXYKi
DSHQDV
$ GXDVYH]HVRVXMHLWRHX
% XPSURQRPHSHVVRDOGRFDVRREOtTXR
& XPSURQRPHUHODWLYRHXPSURQRPHGHPRQVWUDWLYR
' GRLVSUHGLFDGRVYHUEDLV
( WUrVSUHGLFDGRVQRPLQDLV
1&(8)5-$548,921$&,21$/
$DOWHUQDWLYDHPTXHDFRQVWUXomRFRPRSURQRPH6(pGLIHUHQWHGDV
GHPDLVp
$³GHVIH]VHRUHJLPHGHVHJUHJDomRUDFLDO´
% ³VROLGLILFRXVH D YLVmR GH TXH R KRPHP WLQKD GLUHLWR D XPD
YLGDGLJQD´
& ³MXVWLILFDYDVH DEHUWDPHQWH R GLUHLWR GR PDULGR GH EDWHU QD
PXOKHU´
' ³/XWRXVH SHOD LGpLD GH TXH WRGRV RV KRPHQV PHUHFHP D
OLEHUGDGH´
(³UHVSHLWDUVHRVLQDOYHUPHOKR´
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
(6$)75)
$VVLQDOHDRSomRFRUUHWDHPUHODomRjIXQomRGR³VH´
(PERUDDUHFXSHUDomRGDFRQILDQoDWHQKDVLGRPRGHVWDHPVHWHPEUR
p SRVVtYHO TXH D WHQGrQFLD SRVLWLYD VH DFHQWXH QR ILQDO GR DQR
VH D TXHGD GR MXUR EiVLFR VH WUDQVIHULU SDUD R FUpGLWR DR
FRQVXPR H VH RV VDOiULRV UHDLV FRQWLQXDUHP D VH UHFXSHUDU
GHYLGRjFRQWHQomRGDLQIODomRTXHHOHYDRSRGHUDTXLVLWLYR
2(VWDGRGH63DXOR(GLWRULDO
D±FRQMXQomRFRQGLFLRQDO
E±SURQRPHUHIOH[LYR
F±tQGLFHGHLQGHWHUPLQDomRGRVXMHLWR
G±FRQMXQomRFRQGLFLRQDO
H±SDODYUDH[SOHWLYDRXGHUHDOFH
&(63(8Q%038
$QDOLVH R HPSUHJR GRV FRQHFWLYRV TXH VXEOLQKDGRV QR IUDJPHQWR D
VHJXLU
R LPSDVVtYHO JLJDQWH TXH RV FRQWHPSODYD FRP GHVSUH]R
LPSHUWXUEiYHO D WRGRV RV JROSHV H D WRGRV RV WLURV TXH OKH
GHVIHFKDYDPQRGRUVRGHL[DQGRVHPXPJHPLGRTXHOKHDEULVVHPDV
HQWUDQKDVGHJUDQLWR
$VVLQDOHDRSomRFRUUHWD
$1DVWUrVRFRUUrQFLDVRTXHpSURQRPHUHODWLYR
%1DSULPHLUDRFRUUrQFLDRTXHpVXMHLWRGDRUDomRVHJXLQWH
&1DVHJXQGDRFRUUrQFLDRTXHpH[SOHWLYRSRGHQGRVHUUHWLUDGRGD
VHQWHQoDVHPSUHMXt]RGRVHQWLGR
'1DWHUFHLUDRFRUUrQFLDRTXHpRREMHWRGLUHWRGRYHUERGHL[DU
( 1DV GXDV ~OWLPDV RFRUUrQFLDV R TXH p FRQMXQomR VXERUGLQDWLYD
LQWHJUDQWHQmRH[HUFHQGRIXQomRVLQWiWLFD
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
8Q%&(63(3*(3$
$SDL[mRIXWHEROtVWLFDDSUHVHQWDFDUDFWHUtVWLFDVSDUWLFXODUHVe
TXDVH VHPSUH HWHUQD H QmR p QHFHVVDULDPHQWH VXVWHQWDGD SRU
FRQYHQo}HV
VRFLDLV PDV SRU GHSHQGrQFLD D XPD UHODomR GH DSHJR GH
SUR[LPLGDGH
QHFHVVLGDGHTXHXQHRVDPDQWHVHVSRUWLYRVeDSUHJRDGD
GHVDYHUJRQKDGDPHQWHDTXDOTXHULQVWDQWHHHPTXDOTXHUOXJDUFRP
GHOLFLRVRRUJXOKR
3RUpPTXDQGRRGHVHPSHQKRGDVQRVVDVHTXLSHVGHFRUDomRQmR
DWHQGHjVH[SHFWDWLYDVPHVPRTXHRFDVLRQDOPHQWHSDVVDPRVDVHQWLU
FHUWDUHMHLomRSRUHODVHPXLWDVYH]HVVRPRVOHYDGRVDDWLWXGHV
LUUDFLRQDLV5HQHJDURXHVFRQGHUDVQRVVDVSUHIHUrQFLDVHVSRUWLYDV
VmR
FRQGXWDVDFHLWiYHLVPDVFRQYLYHUFRPUHSHQWHVDJUHVVLYRVTXH
YLRODP TXDOTXHU WLSR GH DFRUGR VRFLDO QmR SRLV VmR Do}HV
DQLPDOHVFDV
TXHGHYHULDPVRIUHUVHYHUDSXQLomR
6yFUDWHV 1D LGDGH GD SHGUD ,Q &DUWD&DSLWDO ³3rQDOWL´
SFRPDGDSWDo}HV
-XOJXHDDVVHUWLYDDEDL[R
2V WHUPRV ³VRFLDLV´ 5 H ³VHYHUD´ 5 H[HUFHP QR WH[WR D
PHVPDIXQomRVLQWiWLFD
8Q%&(63(%RPEHLURV$&
4XHEUDURFtUFXORYLFLRVRGDSREUH]DVLJQLILFD
RIHUHFHURSRUWXQLGDGHVSDUDDVFDPDGDVGHUHQGDPDLVEDL[D
GDSRSXODomRVREUHWXGRSRUPHLRGDHGXFDomRGHTXDOLGDGH
2*RYHUQR)HGHUDOYHPSHUVHJXLQGRGHVGHFRPEDWHU
DSREUH]DHVWUXWXUDOHSURPRYHUDLQFOXVmRVRFLDODSyV
DPSOLDUDRIHUWDGHYDJDVQRHQVLQRIXQGDPHQWDO
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
'HVHQYROYLGR D SDUWLU GH LQLFLDWLYDV EHP
VXFHGLGDV
GHDOJXQVPXQLFtSLRVEUDVLOHLURVR3URJUDPD1DFLRQDOGR
%ROVD(VFRODIRLFULDGRHPFRPDSURSRVWDGHVH
FRQFHGHUEHQHItFLRPRQHWiULRPHQVDODPLOKDUHVGHIDPtOLDV
EUDVLOHLUDVHPWURFDGDPDQXWHQomRGHVXDVFULDQoDVQDV
HVFRODV2GLQKHLURpSDJRGLUHWDPHQWHjSRSXODomRSRUPHLR
GHFDUW}HVPDJQpWLFRVQDVDJrQFLDVGD&DL[D(FRQ{PLFD
)HGHUDOQRVSRVWRVGHDWHQGLPHQWRGR&DL[D$TXLRXHP
FDVDVORWpULFDV
,QWHUQHW ZZZPHFJRYEU! $FHVVR HP FRP
DGDSWDo}HV
&RPUHIHUrQFLDDRWH[WRDFLPDMXOJXHRVLWHQVVXEVHTHQWHV
D$IRUPDYHUEDO³YHPSHUVHJXLQGR´5SRVVXLWUrVFRPSOHPHQWRV
GLUHWRVSREUH]DLQFOXVmRHRIHUWDGHYDJDV
E $ H[SUHVVmR ³LQLFLDWLYDV EHPVXFHGLGDV´ 5 p R VXMHLWR VLQWiWLFR
GRSHUtRGRTXHVHHVWHQGHGDVOLQKDVD
)815,2032*±$*(17($'0
2FDUUDVFR
/XLV)HUQDQGR9HUtVVLPR
3HTXHQDKLVWyULDVLJQLILFDQGRQmRVHLEHPRTXr'L]HPTXHTXDQGR
UHFHEHX R 5REHVSLHUUH FDtGR HP GHVJUDoD SDUD PHGLOR SDUD D
JXLOKRWLQDRFDUUDVFRVHVXUSUHHQGHX
2VHQKRUDTXL"
9HMD YRFr GLVVH 5REHVSLHUUH 1mR ID] PXLWR HX p TXH HVWDYD
PDQGDQGRJHQWHSDUDYRFrH[HFXWDU$JRUDRFRQGHQDGRVRXHX
0DVLVVRpDSROtWLFDXPGLDYRFrPDQGDRXWURGLDYRFrpPDQGDGR
,QFOXVLYHSDUDDJXLOKRWLQD
$RTXHRFDUUDVFRGLVVH
)HOL]PHQWHHVWRXOLYUHGLVVR6yHXVHLPDQHMDUDJXLOKRWLQD7HQKRR
FDUJRPDLVHVWiYHOGD5HS~EOLFD
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
$OLiV GLVVH 5REHVSLHUUH IXL HX TXH OKH
FRQWUDWHLOHPEUD"
&ODURGLVVHR&DUUDVFRFRPRSRGHULDHVTXHFHU"
(QWmRPHDMXGHDIXJLUVXJHULX5REHVSLHUUH
(R&DUUDVFRVRUULXHGLVVH
/HPEUD SRU TXH R VHQKRU PH FRQWUDWRX" 3RUTXH HX HUD R VHUYLGRU
S~EOLFRSHUIHLWR(ILFLHQWHFXPSULGRUGHRUGHQVHLQFRUUXSWtYHO
$EUDDFDPLVDSRUIDYRU
=HURKRUDGHGH]HPEURGH_1
&RPEDVHQRWH[WRDFLPDUHVSRQGDDVHJXLQWHTXHVWmR
³'L]HPTXHTXDQGRUHFHEHXR5REHVSLHUUHFDtGRHPGHVJUDoD´
$VVLQDOHDRSomRTXHDSUHVHQWDFRUUHWDPHQWHDFODVVLILFDomRGRVXMHLWR
GH³'L]HP´HXPDUHVSHFWLYDH[SOLFDomRSDUDWDOHPSUHJR
$ VXMHLWR LQH[LVWHQWH ± LQH[LVWH XP WHUPR D TXH R YHUER SRVVD VH
UHIHULU
%VXMHLWRRFXOWR±pLGHQWLILFiYHOQDIRUPDYHUEDO
&VXMHLWRVLPSOHV±VHXQ~FOHRp5REHVSLHUUH
'VXMHLWRFRPSRVWR±DSUHVHQWDGRLVQ~FOHRV5REHVSLHUUHH&DUUDVFR
(VXMHLWRLQGHWHUPLQDGR±QmRVHSRGHRXQmRVHGHVHMDHVSHFLILFDUR
VLQWDJPDTXHH[HUFHDIXQomRGHVXMHLWR
)815,2032*±$*(17($'0
0DFKDGRGH$VVLVHDSROtWLFD
0DUFRV9LQLFLRV5RGULJXHV9LODoD
3HGUR,,DRSDUWLUVREFRQGLo}HVLQMXVWDVGHGHVSUHVWtJLRGHL[DYDXPD
JRYHUQDomR GH FLQTHQWD DQRV GH UHVSHLWR j FXOWXUD H GH XPD FHUWD
PDJQDQLPLGDGH PDV GH SRXFD DWHQomR DR 1RUGHVWH GR 3DtV 6HX
WHPSR QmR DSRQWD DSHQDV D PDOGDGH GD HVWDWtVWLFD DR UHYHODU TXH
ILFDUD QR %UDVLO XPD QREUH]D GH VHWH PDUTXHVHV H XPD PDUTXHVD
YL~YD 'H] FRQGHV H GH] FRQGHVVDV YL~YDV 9LQWH YLVFRQGHV H GH]RLWR
YLVFRQGHVVDVYL~YDV9LQWHHVHWHEDU}HVHRQ]HEDURQHVDVYL~YDV(UD
YL~YDGHPDLV
7RUQRXVH FRQVHQVXDO TXH 0DFKDGR GH $VVLV QmR VH DSDL[RQD SHOD
SROtWLFD,QHJDYHOPHQWHQXQFDDLJQRURXFRPRFURQLVWDRXURPDQFLVWD
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
3RU LVVR PHVPR SDUWLFLSRX WDPEpP GD DFHVD
GLVFXVVmRVREUHDWUDQVIHUrQFLDGDFDSLWDOGR3DtV
)DODYDVHHPLQVWDODUR*RYHUQRGD5HS~EOLFDHPFLGDGHVVHUUDQDVGR
(VWDGR GR 5LR GH -DQHLUR PDV &UXOV Mi EDWLD SHUQDV SHOR 3ODQDOWR
&HQWUDOFXLGDQGRGRVLQVWDQWHVVHPLQDLVGRTXHPDLVWDUGHYLULDDVHU
%UDVtOLD(0DFKDGRRSLQDYD
1mRKi G~YLGD TXH XPD FDSLWDO p REUD GRV WHPSRV ILOKD GD +LVWyULD
$V QRYDV GHYHPRV HVSHUDU TXH VHUmR KDELWDGDV ORJR TXH VHMDP
KDELWiYHLV2UHVWRYLUiFRPRVDQRV
(DLQGD
$ &DSLWDO GD 5HS~EOLFD XPD YH] HVWDEHOHFLGD UHFHEHUi XP QRPH
GHYHUDV HP YH] GHVWH TXH RUD WHPRV PHUR TXDOLILFDWLYR 1mR VHL VH
YLYHUHLDWpDLQDXJXUDomR$YLGDpWmRFXUWDHDPRUWHWmRLQFHUWDTXH
D LQDXJXUDomR SRGH ID]HUVH VHP PLP H WmR FHUWR p R HVTXHFLPHQWR
TXHQmRGDUmRSHODPLQKDIDOWD
)RL PHVPR DVVLP Vy TXH VHX QRPH QXQFD UHVWRX HVTXHFLGR HP
%UDVtOLD 2 6HQDGR GD 5HS~EOLFD H RV PHLRV DFDGrPLFRV QXQFD R
SHUPLWLUDP
1mR VH GHL[DP GH DQRWDU PXLWDV DPRVWUDJHQV GR LQWHUHVVH GH
0DFKDGRSHODSROtWLFDQmRQDPLOLWkQFLDGDVUXDVPDVQDFRQVLGHUDomR
GRVHXSDSHOFDWDOLVDGRU
%ULWR %URFD FKDPD D DWHQomR SDUD R IDWR GH %UiV &XEDV WHU VLGR
GHSXWDGR(GL]
6H WHPRV SRLV HP %UiV &XEDV XPD VXEOLPDomR GR VHFUHWR LGHDO
SROtWLFR GH 0DFKDGR GH $VVLV WHUHPRV QR VHQWLGR VDWtULFR GHVVH
HSLVyGLR R UHYHUVR GR PHVPR LGHDO 1R GLVFXUVR GR KHUyL 0DFKDGR
VHJXQGRRVHXPpWRGRGHFRPSHQVDomRSVLFROyJLFDGHVWUyLDSRVVtYHO
LQYHMD TXH OKHFDXVDULDP DTXHOHV TXH VXELDP XP GLDRV GHJUDXV GD
WULEXQD SDUODPHQWDU 2 %UiV &XEDV GD EDUUHWLQD UHIOHWH WRGD D
GHVFUHQoDHWRGDDPDOtFLDGHXP0DFKDGRGH$VVLVGHSXWDGR
2 GHVILOH GH SHUILV SROtWLFRV HVWi PHVPR QDV FU{QLFDV GH $ 6HPDQD
HQWUH HODV R WH[WR FOiVVLFR 2 9HOKR 6HQDGR PDV Ki QRV URPDQFHV
SROtWLFRV FRPR /RER 1HYHV VXSHUVWLFLRVR H IiWXR &DPDFKR FDER
HOHLWRUDO WtSLFR7HyILORDQVLRVR SRU VHWRUQDU PLQLVWUR %URWHUR R GDV
DYHQWXUDV DPRURVDV H QmR SRGHPRV HVTXHFHU R EUDVLOHLUR 7ULVWmR D
QDWXUDOL]DUVH SRUWXJXrV SDUD VH HOHJHU GHSXWDGR SRU Oi 7DPEpP R
GHSXWDGR&ORGRYLODYLDMDUSHOD(XURSD
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
2HQWRUQRGHDPLJRVGH0DFKDGRHVWDYDIDUWRGH
SROtWLFRV $OHQFDU )UDQFLVFR 2WDYLDQR %RFDL~YD -RDTXLP 6HUUD H R
PDLRUGHOHV-RDTXLP1DEXFR
4XHUR WHVWHPXQKDU DOJR PXLWR HP SDUWLFXODU 6RX FRPR HOH GH FHUWD
IRUPDRIRLPHPEURGHXPD&RUWHGH&RQWDVMiFHQWHQiULDRTXHQR
%UDVLO FRQWD PXLWR 0DFKDGR GH $VVLV IRL SRU DQRV PRGHODU
IXQFLRQiULR S~EOLFR H DSHWHFLD D HOH WDUHIDV TXH KRMH VmR QRPHDGDV
FRPRGH&RQWUROH,QWHUQR
([HUFHX HQWUH RXWUDV WDQWDV EHP GLYHUVLILFDGDV IXQo}HV GHVVD
QDWXUH]D QR 0LQLVWpULR GH 2EUDV 3~EOLFDV 1mR HUD HVVH R QRPH 0DV
YiOiTXHVHMDSDUDVLPSOLILFDUeERPYHUHPSDSpLVDQWLJRVRVHUYLGRU
S~EOLFR0DFKDGRGH$VVLVGHVHPSHQKDUVHPHWRGLFDPHQWHGRFRQWUROH
GH FRQWDV GRV TXH DGTXLULUDP OiSLV JUDILWH UpJXDV GH pEDQR Sy GD
3pUVLDFkQIRUDSDSHOSDUDHPEUXOKRHQYHORSHSDUDFDUWDV
1D REUD PDFKDGLDQD R IXQFLRQiULR S~EOLFR VHPSUH FRPSDUHFH VRE D
VXDPRUGDFLGDGHFRPRPHGLRFUmRUHODSVRLQFRPSHWHQWHSUHJXLoRVR
H[DWDPHQWHRFRQWUiULRGRTXHHOHIRL5DVFXQKDYDGHVSDFKRVDQWHVGH
S{ORV QR SDSHO LPSXJQDYD FRQWDV LQDGHTXDGDV FRQWHYH JDVWRV VHP
SUHYLVmRRUoDPHQWiULD
1mR VH SRXSRX GH FDWXUULFHV FRPR FRQWD -RVXp 0RQWHOOR 4XDQGR R
,PSpULR HQIDUGHORX RV WUDSRV H D 5HS~EOLFD FKHJRX p DFRQVHOKDGR D
UHWLUDU GD SDUHGH GD UHSDUWLomR RQGH WUDEDOKDYD R UHWUDWR GR
,PSHUDGRU 0DFKDGR VROHQHPHQWH HVFODUHFH 2 UHWUDWR FKHJRX DTXL
FRPXPDSRUWDULDHVyVDLFRPRXWUDSRUWDULD
(P FHUWD FU{QLFD QD *D]HWD GH 1RWtFLDV QXPD IDVH GH DOWDV
WXUEXOrQFLDVDSHORXjHVSHUDQoDGL]HQGR6XSXQKDRPXQGRSHUGLGR
HP PHLR GH WDQWDV JXHUUDV H FDODPLGDGHV TXDQGR UHVSLUHL DOLYLDGR
HQFHUUDYDPVH HP /RQGUHV FRP JUDQGH EULOKR DV IHVWDV GH
6KDNHVSHDUH
3RLV EHP WDPEpP EULOKDUDP QR PrV SDVVDGR DV IHVWDV GD 6HPDQD
0DFKDGR GH $VVLV QD PHVPD /RQGUHV DEULQGR DV FRPHPRUDo}HV GR
VHXFHQWHQiULR
'LiULR GH 3HUQDPEXFR 3( 'LVSRQtYHO HP
KWWSZZZDFDGHPLDRUJEU
&RPEDVHQDOHLWXUDGRWH[WRDFLPDUHVROYDDSUy[LPDTXHVWmR
(VFROKD D DOWHUQDWLYD HP TXH R VXMHLWR GD RUDomR HVWi FRUUHWDPHQWH
LGHQWLILFDGR
$1mRKiG~YLGD´±VXMHLWRG~YLGD
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
%³FRPRFRQWD-RVXp0RQWHOOR´±VXMHLWR-RVXp
0RQWHOOR
&³)DODYDVHHPLQVWDODUR*RYHUQRGD5HS~EOLFDHPFLGDGHVVHUUDQDV
GRHVWDGRGR5LRGH-DQHLUR´±VXMHLWRR*RYHUQR
' ³2 6HQDGR GD 5HS~EOLFD H RV PHLRV DFDGrPLFRV QXQFD R
SHUPLWLUDP´±VXMHLWRR
( ³(P FHUWD FU{QLFD QD *D]HWD GH 1RWtFLDV QXPD IDVH GH DOWDV
WXUEXOrQFLDVDSHORXjHVSHUDQoD±VXMHLWRFHUWDFU{QLFD
±)(3(6($)5(6&
$DQiOLVHVLQWiWLFDGRSHUtRGR
³'HVGH PXLWR DQWHV GH VHX FDVDPHQWR HP (PPD H &KDUOHV
WUDWDYDPFRPIUDQTXH]DGDVGLYHUJrQFLDVTXHSRGHULDPGLYLGLORV´
OHYDDXPD~QLFDDILUPDWLYDFRUUHWD$VVLQDOHD
D³(PPD´pRVXMHLWRVLPSOHVGRYHUER³WUDWDU´
E³GDVGLYHUJrQFLDV´pRREMHWRLQGLUHWRGRYHUER³WUDWDU´
F ³'HVGH PXLWR DQWHV GH VHX FDVDPHQWR´ p XP DGMXQWR DGYHUELDO
GHPRGR
G ³FRP IUDQTXH]D´ p XP FRPSOHPHQWR QRPLQDO GH ³VHX
FDVDPHQWR´
H ³TXH SRGHULDP GLYLGLORV´ p XPD RUDomR FRRUGHQDGD VLQGpWLFD
H[SOLFDWLYD
±)(3(6($)5(6&
$R DQDOLVDU VLQWDWLFDPHQWH R WUHFKR ³$ OHDOGDGH FRQMXJDO p XPD
TXDOLGDGH DGPLUiYHO DOpP GH DOJR UDUD 0DV HP XP FDVR DR
PHQRV HOD TXDVH S{V D SHUGHU DTXHOD TXH VH WRUQDULD D LGHLD
PDLV LQIOXHQWH GR SHQVDPHQWR FLHQWtILFR QRV GRLV ~OWLPRV
VpFXORV D WHRULD GD HYROXomR IRUPXODGD SRU &KDUOHV 'DUZLQ´
SRGHVHDILUPDUTXH
$ IUDVH ³0DV HP XP FDVR DR PHQRV HOD TXDVH S{V D SHUGHU
DTXHOD«´ p XPD RUDomR FRRUGHQDGD VLQGpWLFD DGYHUVDWLYD QD TXDO R
FRQHFWLYR PDV HVWDEHOHFH XPD UHODomR GH RSRVLomR FRP D LGpLD
H[SUHVVDQDRUDomRDQWHULRU
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
$ IUDVH ³TXH VH WRUQDULD D LGHLD PDLV LQIOXHQWH
GR SHQVDPHQWR FLHQWtILFR GRV GRLV ~OWLPRV VpFXORV D WHRULD GD
HYROXomR IRUPXODGD SRU &KDUOHV 'DUZLQ´ p XPD RUDomR FRRUGHQDGD
DVVLQGpWLFD TXH H[HUFH D IXQomR GH FRPSOHPHQWR QRPLQDO GR WHUPR
DTXHOD
2 SURQRPH SHVVRDO HOD IXQFLRQD FRPR VXMHLWR GD RUDomR ³0DV HP
XP FDVR DR PHQRV HOD TXDVH S{V D SHUGHU DTXHOD«´ H WHP FRPR
DQWHFHGHQWHDOHDOGDGHFRQMXJDOTXHpRVXMHLWRGDRUDomRSULQFLSDO
$H[SUHVVmR³DWHRULDGDHYROXomRIRUPXODGDSRU&KDUOHV'DUZLQ´p
XPDSRVWRH[SOLFDWLYRDQH[DGRjH[SUHVVmR³DLGHLDPDLVLQIOXHQWHGR
SHQVDPHQWRFLHQWtILFRQRVGRLV~OWLPRVVpFXORV´
$VVLQDOHDDOWHUQDWLYDTXHLQGLFDWRGDVDVDILUPDWLYDVFRUUHWDV
D6mRFRUUHWDVDSHQDVDVDILUPDWLYDVH
E6mRFRUUHWDVDSHQDVDVDILUPDWLYDVH
F6mRFRUUHWDVDSHQDVDVDILUPDWLYDVH
G6mRFRUUHWDVDSHQDVDVDILUPDWLYDVH
H6mRFRUUHWDVDSHQDVDVDILUPDWLYDVH
)*90,1&
)RWRGRV6RQKRV
2HQJHQKHLURFRORPELDQR-RDTXtQ6DUPLHQWRWUDEDOKDYD
HP1RYD<RUNHVHVHQWLDPXLWDVYH]HVVROLWiULR(UDPDLVXP
GDTXHOHVLPLJUDQWHVQRVWiOJLFRV3DUDRFXSDUDVKRUDVYDJDV
GHFLGLXDSUHQGHUIRWRJUDILD(VWDYDQHVVHPRPHQWR
GHVFREULQGRXPQRYRkQJXORSDUDDVXDYLGDVHPYROWD$
YRQWDGHGHVHDYHQWXUDUSHOD$PpULFD/DWLQDWLUDQGRIRWRVIH]
FRPTXHHOHGHL[DVVHSDUDVHPSUHDSDLVDJHPQRYDLRUTXLQD
DSRVHQWDVVHVXDFDUUHLUDGHHQJHQKHLURHWUDQVIRUPDVVH
3DUDLVySROLVXPDGDVPDLRUHVIDYHODVSDXOLVWDQDVHPVHX
FHQiULRFRWLGLDQR(VWRXILFDQGRVHPGLQKHLURPDVpXPD
EHODDYHQWXUD
'HSRLVGHWUrVDQRVQRV(VWDGRV8QLGRVYROWRXSDUD
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
%RJRWi SODQHMDQGR WUDEDOKDU HP REUDV GH LQIUD
HVWUXWXUD
0XGRXGHLGpLD&RPDQRVSHUFHEHXTXHRKREE\TXH
WLQKDDGTXLULGRHP1RYD<RUNVHFRQYHUWHUDHPSDL[mR1R
ILQDOGHYHLRFRPVXDIDPtOLDSDUDGXDVVHPDQDVGH
IpULDVHP6mR3DXOR&RPRVHPSUHWLYHPXLWRLQWHUHVVHHP
HVWXGDUD$PpULFD/DWLQDIXLILFDQGR6RXEHHQWmRGHXPD
H[SHULrQFLDGHVHQYROYLGDSHORFROpJLR0LJXHOGH&HUYDQWHV
FULDGRSRUHVSDQKyLVQDYL]LQKD3DUDLVySROLV
/iDOXQRVDMXGDUDPDFULDUXPFHQWURFXOWXUDOEDWL]DGRGH
%DUUDFmRGRV6RQKRVQRTXDOVHPLVWXUDPULWPRVDIURVH
LEpULFRV'HVVHHQFRQWURQDVFHXSRUH[HPSORDHVWUDQKD
PLVWXUDGRVULWPRVHEDLODGRVIODPHQFRVFRPRVDPED
5HVROYLUHJLVWUDUHVVHFRQYtYLRHDRVSRXFRVLDPH
HPEUHQKDQGRQDIDYHODSDUDFRQKHFHUVHXVSHUVRQDJHQV
2TXHHUDLQLFLDOPHQWHSDUDVHUXPFHQiULRIRWRJUiILFR
YLURXXPDHVSpFLHGHODERUDWyULRSHVVRDO-RDTXtQVHQWLXVH
HVWLPXODGRDGDURILFLQDVGHIRWRJUDILDDMRYHQVHFULDQoDVGH
3DUDLVySROLV'HVFREULPDLVXPkQJXORGDVIRWRVRkQJXORGH
HQVLQDUDROKDU/HQWDPHQWHQDTXHOHHVSDoRWHPLGRSRU
PXLWRV-RDTXtQLDVHVHQWLQGRHPFDVD+iXPMHLWRPXLWR
VLPLODUGHDFROKLPHQWRGRVODWLQRDPHULFDQRVDSHVDUGHWRGD
DYLROrQFLD
6HPVDEHUDLQGDGLUHLWRFRPRYDLVREUHYLYHU±DVUHVHUYDV
TXHDFXPXOHLHP1RYD<RUNHVWmRLQGRHPERUD±HOHSODQHMD
DVSUy[LPDVSDUDGDVSHOD$PpULFDGR6XO0DVDQWHVGHVH
GHVSHGLUSUHWHQGHID]HUXPDH[SRVLomRVREUHRVHXROKDU
SHOR%UDVLO$WpOiHVWiDSURYHLWDQGRDLQWHUQHW
ZZZMRDTXLQVDUPLHQWRFRPSDUDPRVWUDUDOJXPDVGDV
LPDJHQVIRWRJUiILFDVTXHGRFXPHQWDPVHXVWUDMHWRV
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
*LOEHUWR 'LPHQVWHLQ )ROKD GH 6mR 3DXOR
$VVLQDOHDDOWHUQDWLYDTXHQmRH[HUoDDPHVPDIXQomRVLQWiWLFDTXHDV
GHPDLV
$DVKRUDVYDJDV/
%PXLWRLQWHUHVVH/
&ULWPRVDIURVHLEpULFRV/
'FRPRYDLVREUHYLYHU/
(TXH/
)*90,1&
&RPEDVHQRWH[WRGDTXHVWmRDQWHULRUDVVLQDOHDDOWHUQDWLYDHPTXH
UHVSHFWLYDPHQWH D IXQomR VLQWiWLFD GRV WHUPRV 3DUDLVySROLV / QD
YL]LQKD 3DUDLVySROLV / H GH 3DUDLVySROLV / HVWHMD
FRUUHWDPHQWHLQGLFDGD
$VXMHLWR±DGMXQWRDGQRPLQDO±DGMXQWRDGQRPLQDO
%REMHWRGLUHWR±DGMXQWRDGYHUELDO±DGMXQWRDGQRPLQDO
&DGMXQWRDGQRPLQDO±DGMXQWRDGQRPLQDO±DGMXQWRDGYHUELDO
'REMHWRGLUHWR±FRPSOHPHQWRQRPLQDO±DGMXQWRDGYHUELDO
(VXMHLWR±DGMXQWRDGYHUELDO±FRPSOHPHQWRQRPLQDO
)83(6($)5(6&
$DQiOLVHVLQWiWLFDGRSHUtRGR
³'HVGH PXLWR DQWHV GH VHX FDVDPHQWR HP (PPD H &KDUOHV
WUDWDYDPFRPIUDQTXH]DGDVGLYHUJrQFLDVTXHSRGHULDPGLYLGLORV´
OHYDDXPD~QLFDDILUPDWLYDFRUUHWD$VVLQDOHD
D³(PPD´pRVXMHLWRVLPSOHVGRYHUER³WUDWDU´
E³GDVGLYHUJrQFLDV´pRREMHWRLQGLUHWRGRYHUER³WUDWDU´
F ³'HVGH PXLWR DQWHV GH VHX FDVDPHQWR´ p XP DGMXQWR DGYHUELDOGH
PRGR
G³FRPIUDQTXH]D´pXPFRPSOHPHQWRQRPLQDOGH³VHXFDVDPHQWR´
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
H ³TXH SRGHULDP GLYLGLORV´ p XPD RUDomR FRRU
GHQDGDVLQGpWLFDH[SOLFDWLYD
&216(6335()%$7$7$,6 63 ± $JHQWH
$GPLQLVWUDWLYR
(P³0DWDUDPXPFDFKRUURQDHVTXLQD´RVXMHLWRp
$VLPSOHV
%RUDomRVHPVXMHLWR
&LQGHWHUPLQDGR
'RFXOWR
&216(6335()%$7$7$,6 63 ± $JHQWH
$GPLQLVWUDWLYR
2WHUPRGHVWDFDGRHP³2YHQWRWURX[HRIRJR´p
$REMHWRLQGLUHWR
%DSRVWR
&SUHGLFDWLYRGRVXMHLWR
'REMHWRGLUHWR
&216(6335()%$7$7$,6 63 ± $JHQWH
$GPLQLVWUDWLYR
(P³$TXHODVDPDPEDLDIRLSODQWDGDSRUPLQKDYL]LQKD´RVWHUPRV
GHVWDFDGRVVmR
$REMHWRLQGLUHWR
%DJHQWHGDSDVVLYD
&DGMXQWRDGYHUELDO
'YRFDWLYR
,QVWLWXWR&LGDGHV7&0*2
$VVLQDOHDDQiOLVHFRUUHWDGRWHUPRGDRUDomRGHVWDFDGR
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
2 ILOPH ³2 $UWLVWD´ XOWUDSDVVRX RV OLPLWHV GR
S~EOLFRVHJPHQWDGR
D2EMHWRGLUHWR
E2EMHWRLQGLUHWR
F6XMHLWR
G3UHGLFDWLYRGRVXMHLWR
H$JHQWHGDSDVVLYD
±&HVJUDQULR7HUPRDoX
$ IXQomR VLQWiWLFD HQWUH SDUrQWHVHV FRUUHVSRQGH j SDODYUD RX
H[SUHVVmRGHVWDFDGD(;&(72HP
D³PRUDYDQD5XDGD8QLmR%DLUURGD%RD9LVWD´DSRVWR
E³DFDVDGHPHXDY{HUDD~OWLPD´SUHGLFDWLYR
F³QDIXQGDULEDQFHLUDFRUULDRULR´VXMHLWR
G ³PDUFDQGR FRP WRTXLQKRV GH SDX R SURJUHVVR GDV iJXDV´
REMHWRGLUHWR
H ³TXH HQWUDYD D HVPDJDU R PLOKR YHUGH FR]LGR´ DGMXQWR
DGYHUELDOGHPRGR
±&HVJUDQULR7HUPRDoX
³(XQmRDFDEDYDGHFUHUTXHRULR]LQKRPDQVRRQGHHXPHEDQKDYD
VHPPHGRWRGRVRVGLDVVHSXGHVVHFRQYHUWHUQDTXHOHFDXGDOIXULRVR
GHiJXDVVXMDV´
$RUDomRFXMRQ~FOHRYHUEDOpSXGHVVHFRQYHUWHUFODVVLILFDVHFRPR
DFRRUGHQDGDDVVLQGpWLFD
EFRRUGHQDGDVLQGpWLFD
FVXERUGLQDGDVXEVWDQWLYD
GVXERUGLQDGDDGMHWLYD
HVXERUGLQDGDDGYHUELDO
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
*$%$5,726&20(17$'26'$648(67®(6
'(),;$d2
±&
$&25'2 2572*5È),&2 $JRUD UHJLVWUDVH ³LGHLDV´ VHP DFHQWR
DJXGRH³LQIUDHVWUXWXUD´VHPKtIHQ
9DPRV DQDOLVDU XPD D XPD D IXQomR VLQWiWLFD GRV HOHPHQWRV
GHVWDFDGRV
D³3DUDRFXSDUDVKRUDVYDJDVGHFLGLXDSUHQGHUIRWRJUDILD´
$ H[SUHVVmR ³DV KRUDV YDJDV´ p R FRPSOHPHQWR GR YHUER RFXSDU
&RPRVHOLJDDRYHUERVHPSUHSRVLomRVXDIXQomRpREMHWRGLUHWR
E &RPR VHPSUH WLYH PXLWR LQWHUHVVH HP HVWXGDU D $PpULFD /DWLQD
IXLILFDQGR
$OJXpP WHP DOJXPD FRLVD $ H[SUHVVmR ³PXLWR LQWHUHVVH´ H[HUFH D
IXQomRGHFRPSOHPHQWRGRYHUERWHUeSRLVVHXREMHWRGLUHWR
F ³/i DOXQRV DMXGDUDP D FULDU XP FHQWUR FXOWXUDO EDWL]DGR GH
%DUUDFmRGRV6RQKRVQRTXDOVHPLVWXUDPULWPRVDIURVHLEpULFRV´
$SULQFtSLRSRGHUtDPRVSHQVDURYHUERPLVWXUDUpWUDQVLWLYRGLUHWRR
TXH QRV OHYDULD DR HUUR GH FRQVLGHUDU ³ULWPRV DIUR H LEpULFRV´ FRPR
REMHWRGLUHWR6HULDXPHUURXPDYH]TXHRYHUERHVWiDFRPSDQKDGR
GRSURQRPH6(9DPRVHQWmRDQDOLVDUR9$/25GHVVHSURQRPH³VH
PLVWXUDPULWPRVDIURVHLEpULFRV´
$VVLPSRGHPRVDILUPDUTXH³ULWPRVDIURVHLEpULFRVVmRPLVWXUDGRV´
([LVWHDtXPDLGHLDSDVVLYD7UDWDVHDVVLPGHXPDFRQVWUXomRGH
YR] SDVVLYD HP TXH R HOHPHQWR ³ULWPRV DIURV H LEpULFRV´ H[HUFH D
IXQomRVLQWiWLFDGH68-(,72
(VVD p D UHVSRVWD SDUD D TXHVWmR e D ~QLFD RSomR HP TXH D IXQomR
VLQWiWLFDGLIHUHGDVGHPDLV
2OKD D SHJDGLQKD Dt JHQWH 9HUERV WUDQVLWLYRV GLUHWRV DFRPSDQKDGRV
GH SURQRPH 6( FRP LGHLD SDVVLYD IRUPDP 92= 3$66,9$ H R WHUPR
TXHVHULDRREMHWRGLUHWRGDYR]DWLYDH[HUFHDIXQomRGH68-(,72GD
YR]SDVVLYD
1D G~YLGD YROWH D HVWXGDU RV SRQWRV VREUH 92= 3$66,9$ GDV DXODV
VREUH9(5%26HVREUH&21&25'Æ1&,$
G³6HPVDEHUDLQGDGLUHLWRFRPRYDLVREUHYLYHU´
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
6HP VDEHU ,662 Î D RUDomR ³FRPR YDL
VREUHYLYHU´ LQLFLDGD SHOR DGYpUELR ³FRPR´ WHP D IXQomR VLQWiWLFD GH
FRPSOHPHQWDU R YHUER VDEHU e SRUWDQWR XPD RUDomR VXERUGLQDGD
VXEVWDQWLYDREMHWLYDGLUHWD±H[HUFHDIXQomRGHREMHWRGLUHWR
HDVUHVHUYDVTXHDFXPXOHLHP1RYD<RUNHVWmRLQGRHPERUD
$JRUDSRGHPRVSUDWLFDUDDQiOLVHGDIXQomRVLQWiWLFDH[HUFLGDSRUXP
SURQRPHUHODWLYRLWHPGD$XOD±3HUtRGRV
2 SURQRPH UHODWLYR VH UHIHUH DR VXEVWDQWLYR ³UHVHUYDV´ 7URFDQGR R
SURQRPH UHODWLYR SHOR QRPH FRUUHVSRQGHQWH WHUtDPRV $FXPXOHL DV
UHVHUYDV
$VVLP ILFD FODUD D IXQomR VLQWiWLFD H[HUFLGD SHOR SURQRPH ± REMHWR
GLUHWRGRYHUERDFXPXODU
±%
2 H[DPLQDGRU SHGH TXH VH LQGLTXH D IXQomR VLQWiWLFD GDV H[SUHVV}HV
HPGHVWDTXH
³$YRQWDGHGHVHDYHQWXUDUSHOD$PpULFD/DWLQDWLUDQGRIRWRVIH]FRP
TXHHOHGHL[DVVHSDUDVHPSUHDSDLVDJHPQRYDLRUTXLQDDSRVHQWDVVH
VXDFDUUHLUDGHHQJHQKHLURHWUDQVIRUPDVVH3DUDLVySROLVXPDGDV
PDLRUHVIDYHODVSDXOLVWDQDVHPVHXFHQiULRFRWLGLDQR´
1D SDVVDJHP R YHUER WUDQVIRUPDU p WUDQVREMHWLYR ± ³HOH
WUDQVIRUPRX3DUDLVySROLVHPVHXFHQiULRFRWLGLDQR´
2YRFiEXOR³3DUDLVySROLV´H[HUFHDIXQomRGHREMHWRGLUHWRHQTXDQWR
TXH³HPVHXFHQiULRFRWLGLDQR´SRVVXLDIXQomRGHFRPSOHPHQWDUHVVH
QRPH±SUHGLFDWLYRGRREMHWRGLUHWR
1RWH D H[SUHVVmR ³XPD GDV PDLRUHV IDYHODV SDXOLVWDQDV´ $ IXQomR
H[HUFLGD SRU HVVD H[SUHVVmR TXH WHP YDORU VXEVWDQWLYR p D GH
DSRVWR
³6RXEHHQWmRGHXPDH[SHULrQFLDGHVHQYROYLGDSHORFROpJLR0LJXHOGH
&HUYDQWHVFULDGRSRUHVSDQKyLVQDYL]LQKD3DUDLVySROLV´
$ H[SUHVVmR ³QD YL]LQKD 3DUDLVySROLV´ LQGLFD R ORFDO HP TXH VH
ORFDOL]DYDRFROpJLRRQGHWDOH[SHULrQFLDHUDGHVHQYROYLGD±WHPYDORU
FLUFXQVWDQFLDOHH[HUFHDIXQomRVLQWiWLFDGHDGMXQWRDGYHUELDO
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
-RDTXtQ VHQWLXVH HVWLPXODGR D GDU RILFLQDV GH
IRWRJUDILDDMRYHQVHFULDQoDVGH3DUDLVySROLV
$ H[SUHVVmR ³GH 3DUDLVySROLV´ DJRUD WHP YDORU DGMHWLYR 6H IRVVH
XPD FLGDGH SRGHULD DWp VHU VXEVWLWXtGD SRU XP DGMHWLYR
FRUUHVSRQGHQWHSDUDLVRSROLWDQDV1RVVD4XHFRLVDIHLD
3RULVVRDH[SUHVVmRH[HUFHDIXQomRGHDGMXQWRDGQRPLQDO
-i HP ³D IDYHOD GH 3DUDLVySROLV´ LVVR SRGHULD WHU VLGR H[SORUDGR SHOR
H[DPLQDGRU 9LX FRPR HOH IRL ERQ]LQKR" HP TXH R WHUPR H[HUFH D
IXQomRGHDSRVWRHVSHFLILFDWLYRLQGLFDQGRRQRPHGDIDYHOD
$VIXQo}HVVLQWiWLFDVVmRSRUWDQWR2%-(72',5(72$'-8172
$'9(5%,$/($'-8172$'120,1$/
±'
7RGDV DV H[SUHVV}HV GHVWDFDGDV DSUHVHQWDP YDORU FLUFXQVWDQFLDO
7HUHPRVGHLGHQWLILFDUTXDOGHODVQmRDSUHVHQWDLQGLFDomRGHWHPSR
PRPHQWR
D³(VWDYDQHVVHPRPHQWRGHVFREULQGRXPQRYRkQJXORSDUDDVXD
YLGDVHPYROWD´
(VVDH[SUHVVmRLQGLFDRPRPHQWRHPTXHWDOIDWRGHVFREULUXPQRYR
kQJXORSDUDDVXDYLGDRFRUULDIiFLOHVVDQmRp"
E ³'HSRLV GH WUrV DQRV QRV (VWDGRV 8QLGRV YROWRX SDUD %RJRWi
SODQHMDQGRWUDEDOKDUHPREUDVGHLQIUDHVWUXWXUD´
(VVD H[SUHVVmR WDPEpP LQGLFD R PRPHQWR HP TXH R HQJHQKHLUR
YROWRXSDUD%RJRWi
F³1RILQDOGHYHLRFRPVXDIDPtOLD´
0DLVXPDYH]KiLQGLFDomRGHPRPHQWR
G ³1R ILQDO GH YHLR FRP VXD IDPtOLD SDUD GXDV VHPDQDV GH
IpULDVHP6mR3DXOR´
(VVD H[SUHVVmR DR FRQWUiULR GDV GHPDLV LQGLFD D ILQDOLGDGH GD YLQGD
GR HQJHQKHLUR H VXD IDPtOLD JR]DU IpULDV GH GXDV VHPDQDV HP 6mR
3DXOR
(VVDpDUHVSRVWD
H³0DVDQWHVGHVHGHVSHGLUSUHWHQGHID]HUXPDH[SRVLomRVREUH
RVHXROKDUSHOR%UDVLO´
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
4XDQGR HOH SUHWHQGH ID]HU XPD H[SRVLomR VREUH
VHXROKDUSHOR%UDVLO"
5HVSRVWD ³DQWHV GH VH GHVSHGLU´ RX VHMD DQWHV GH LU HPERUD GR
%UDVLO+iSRUWDQWRLQGLFDomRGHPRPHQWR
&
1mR VHULD SUHFLVR UHSURGX]LU R WH[WR SRLV SRGHPRV UHDOL]DU D DQiOLVH
VLQWiWLFDDSDUWLUGRVVHJPHQWRVDSUHVHQWDGRVHPFDGDRSomR
(P 2V EDQFRV JDQKDUDP DQWHV H VLQDOL]DRJRYHUQR YmR FRQWLQXDU
JDQKDQGR D H[SUHVVmR HP QHJULWR H[HUFH D IXQomR VLQWiWLFD GH
VXMHLWR³RJRYHUQRVLQDOL]D´
D -i HP ³D UHGXomR HVSHUDGD H SURMHWDGD GD WD[D 6(/,& GLPLQXLX D
UHQWDELOLGDGHGRV EDQFRVRWHUPRHPGHVWDTXHpRREMHWRGLUHWR
GR YHUER GLPLQXLU HQTXDQWR TXH R VXMHLWR HVWi UHSUHVHQWDGR SRU ³D
UHGXomRHVSHUDGDHSURMHWDGDGDWD[D6(/,&´FXMRQ~FOHRpUHGXomR
E $ H[SUHVVmR ³D FRUULGD FHUWD GRV EDQFRV´ H[HUFHDIXQomR VLQWiWLFD
GHREMHWRGLUHWRGRYHUERSRVWHUJDU DGLDU
F (P ³R ULVFR GH HPSUHVWDU p VHPSUH R GH QmR UHFHEHU´ D
H[SUHVVmRHP UHOHYR H[HUFHD IXQomR VLQWiWLFD GH VXMHLWRGR YHUERGH
OLJDomR³VHU´(VVDpDUHVSRVWDFHUWD
G2YHUERWRUQDUpQDFRQVWUXomRWUDQVREMHWLYRHDSUHVHQWDFRPR
REMHWR GLUHWR D H[SUHVVmR ³D GHFLVmR GRV MXt]HV´ H FRPR SUHGLFDWLYR
GRREMHWRGLUHWRDH[SUHVVmR³PHQRVCSDWHUQDOLVWD¶´
&XLGDGR $ H[SUHVVmR ³UHJUDV H OHLV´ H[HUFH D IXQomR VLQWiWLFD GH
68-(,72 GD IRUPD YHUEDO WUDQVLWLYD GLUHWD ³%XVFDP´ TXH HVWi
DFRPSDQKDGDGRSURQRPHDSDVVLYDGRU6(%XVFDPVHUHJUDVHOHLV
5HJUDVHOHLVVmREXVFDGDV
H³GHRSDtVSHUGHUXPDMDQHODGHRSRUWXQLGDGHV´±2VXMHLWR
GR YHUER 3(5'(5 p ³SDtV´ $ H[SUHVVmR ³XPD MDQHOD GH
RSRUWXQLGDGHV´ SRU VXD YH] H[HUFH D IXQomR VLQWiWLFD GH 2%-(72
',5(72
1RWHDIRUPDFRPTXHDSUHSRVLomRVHPDQWpPVHSDUDGDGRDUWLJRTXH
DFRPSDQKD R VXEVWDQWLYR ³SDtV´ VXMHLWR GR YHUER 3(5'(5 (VVD p D
UHFRPHQGDomRGDQRUPDFXOWD&RQWXGRPRGHUQDPHQWHMiVHDFHLWDD
FRQWUDomRGDSUHSRVLomRFRPRDUWLJRSRVVLELOLGDGHGRSDtVSHUGHU
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
%
9DPRVGLYLGLURSHUtRGRHPRUDo}HV
³$IORUTXHRQWHPGHVDEURFKRXMiHVWiPXUFKD´
2UDomRSULQFLSDO±$IORUMiHVWiPXUFKD
2UDomRVXERUGLQDGD±TXHRQWHPGHVDEURFKRX
$SDODYUDTXHVXEVWLWXLDSDODYUDIORUSUHVHQWHQDRUDomRSULQFLSDOe
SRUWDQWR XP SURQRPH UHODWLYR TXH LQLFLD XPD RUDomR VXERUGLQDGD
DGMHWLYD
3RU QmR KDYHU SDXVD LQGLFDGD SHOD YtUJXOD HQWUH DV GXDV RUDo}HV
HVVDpXPDRUDomRVXERUGLQDGDDGMHWLYDUHVWULWLYD
2 SURQRPH UHODWLYR VHUi WURFDGR SHOR QRPH SDUD PHOKRU DQiOLVH GH
VXDIXQomRVLQWiWLFD
$IORURQWHPGHVDEURFKRX
2SURQRPHUHODWLYRTXHHVWiQROXJDUGH³DIORU´H[HUFHSRUWDQWRD
IXQomRVLQWiWLFDGH68-(,72
9DPRV SURFXUDU XPD RXWUD RFRUUrQFLD GR UHODWLYR ³TXH´ QD IXQomR GH
68-(,72
D³(ODWHPXPTXrGHPLVWpULR´±HVVH³TXr´pXPVXEVWDQWLYRWDQWR
TXH HVWi DFRPSDQKDGR GH XP DUWLJR LQGHILQLGR XP TXr (VVH
YRFiEXORH[HUFHDIXQomRVLQWiWLFDGHREMHWRGLUHWRGRYHUERWHU
E 6mR GXDV DV RUDo}HV TXH FRPS}HP R SHUtRGR FRPSRVWR 6RIUHX
PXLWRFRPDVFKXYDVTXHFDtUDP
2UDomRSULQFLSDO±6RIUHXPXLWRFRPDVFKXYDV
2UDomRVXERUGLQDGD±TXHFDtUDP
2 SURQRPH TXH VXEVWLWXL D SDODYUD FKXYDV (OH WDPEpP H[HUFH D
IXQomR VLQWiWLFD GH VXMHLWR GD RUDomR VXERUGLQDGD DGMHWLYD UHVWULWLYD
³$V FKXYDV FDtUDP´ ³TXH FDtUDP´ (VVD p SRUWDQWR D UHVSRVWD
FRUUHWD
F³9HLRWmRUiSLGRTXHQRVVXUSUHHQGHX´
(VVH SHUtRGR FRPSRVWR SRU VXERUGLQDomR WDPEpP SRVVXL GXDV
RUDo}HV
RUDomRSULQFLSDO±9HLRWmRUiSLGR
RUDomRVXERUGLQDGD±TXHQRVVXUSUHHQGHX
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
+i HQWUH HVVDV GXDV RUDo}HV XPD UHODomR GH
FDXVD H FRQVHTXrQFLD VHQGR HVVD VHJXQGD FLUFXQVWkQFLD DSUHVHQWDGD
SHODRUDomRVXERUGLQDGD
(OD p SRLV XPD RUDomR VXERUGLQDGD DGYHUELDO FRQVHFXWLYD H R
YRFiEXORTXHpXPDFRQMXQomRDGYHUELDOFRQVHFXWLYD
1RWH D SUHVHQoD GR YRFiEXOR ³WmR´ QD RUDomR SULQFLSDO XPD
FDUDFWHUtVWLFDGHVVHWLSRGHFRQVWUXomR
G³9HQKDTXHHODHVWiDTXL´
9LPRV HP DXODV DQWHULRUHV TXH XPD GDV IRUPDV GH GLVWLQJXLU D
FRQMXQomR FDXVDO GD FRQMXQomR H[SOLFDWLYD p TXH HVWD ~OWLPD SRGH
HVWDUHPXPDFRQVWUXomRGHYHUERQRLPSHUDWLYR
(VVHpXPERPH[HPSOR(P³9HQKDTXHHODHVWiDTXL´DFRQMXQomR
H[SOLFDWLYDGiLQtFLRjRUDomRHPTXHVHDSUHVHQWDDMXVWLILFDWLYDSDUD
D RUGHP SUHVHQWH QD SULPHLUD RUDomR 9HQKD 6mR RUDo}HV
FRRUGHQDGDV VHQGR D VHJXQGD FODVVLILFDGD FRPR ³RUDomR FRRUGHQDGD
VLQGpWLFDH[SOLFDWLYD´
±'
D $ H[SUHVVmR ³GD DGPLQLVWUDomR´ VH DVVRFLD j SDODYUD HQIRTXH
VXEVWDQWLYRDEVWUDWRGHULYDGDGRYHUERHQIRFDU&RPRDSUHVHQWDLGHLD
SDVVLYDDDGPLQLVWUDomRVHUiHQIRFDGDRWHUPRTXHFRPSOHPHQWDR
VXEVWDQWLYR DEVWUDWR H[HUFH D IXQomR VLQWiWLFD GH &203/(0(172
120,1$/HQmRGHDGMXQWRDGQRPLQDO
E $ H[SUHVVmR ³GRV SUREOHPDV VRFLDLV´ FRPSOHPHQWD R VXEVWDQWLYR
DEVWUDWR ³DGPLQLVWUDomR´ /RJR QmR SRGHULD H[HUFHU D IXQomR GH
REMHWR LQGLUHWR FRPSOHPHQWR YHUEDO 7DPEpP Ki QHVVD H[SUHVVmR
YDORU SDVVLYR RV SUREOHPDV VRFLDLV VHUmR DGPLQLVWUDGRV $VVLP D
IXQomRVLQWiWLFDpPDLVXPDYH]&203/(0(172120,1$/
F 1mR Ki HQWUH ³IHGHUDO HVWDGXDO H PXQLFLSDO´ QHQKXPD ³RUGHP
FUHVFHQWH GH LPSRUWkQFLD´ 9RFr Mi GHYH WHU DSUHQGLGR HP 'LUHLWR
&RQVWLWXFLRQDO TXH QmR Ki HQWUH RV HQWHV IHGHUDWLYRV QHQKXP WLSR GH
VXERUGLQDomR3RULVVRDDVVHUWLYDHVWiLQFRUUHWD
G ([DWDPHQWH SRU SRVVXLU WUrV DGMHWLYRV D HOH UHODFLRQDGRV R
VXEVWDQWLYR JRYHUQRV VH IOH[LRQRX QR SOXUDO (VVD p D UHVSRVWD
FRUUHWD
H 2 TXH GHYH VHU SURIXQGD" 5HVSRVWD D PXGDQoD H QmR D
DGPLQLVWUDomR
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
±(
³2V HVSHFLDOLVWDV´ p R WHUPR TXH H[HUFH D DomR YHUEDO SHGLU PDLV
FODUH]D D DOJXpP 3RU LVVR p R VXMHLWR VLPSOHV SRVVXL DSHQDV XP
Q~FOHR±HVSHFLDOLVWDV
±'
2H[DPLQDGRUEXVFDRWHUPRFXMRFRPSOHPHQWRDSUHVHQWDLGHLDDWLYD
RXVHMDDTXHOHFXMDIXQomRVLQWiWLFDVHMDDGHDGMXQWRDGQRPLQDO
9DPRV UHOHPEUDU D GLIHUHQoD HQWUH $'-8172 $'120,1$/ H
&203/(0(172120,1$/HPUHODomRDRVWHUPRVTXHFRPSOHPHQWDP
VXEVWDQWLYRVDEVWUDWRV
68%67$17,926 &21&5(726 ( 68%67$17,926 $%675$726 &20
,'(,$ $7,9$ $'-8172 $'120,1$/ /HPEUHVH GDTXHOD GLFD WXGR
FRP$6XEVWDQWLYR$EVWUDWRFRPLGHLD$WLYDÎ$GMXQWR$GQRPLQDO
$'-(7,926 $'9e5%,26 ( 68%67$17,926 $%675$726 &20 ,'(,$
3$66,9$ &203/(0(172120,1$/
$VVLP TXDQGR R WHUPR UHJHQWH IRU XP VXEVWDQWLYR DEVWUDWR GHYHVH
DQDOLVDU R YDORU TXH R WHUPR UHJLGR DSUHVHQWD HP UHODomR DR WHUPR
UHJHQWH6HIRUDWLYRDIXQomRpGHDGMXQWRDGQRPLQDOWXGRFRP³D´
6HIRUSDVVLYRpFRPSOHPHQWRQRPLQDO
$JRUDPRVWUDUHPRVPDLVDOJXPDVIRUPDVGHGLVWLQomR
GLFD¬H[FHomRGDSUHSRVLomR'(TXHVHUYHjVGXDVIXQo}HVRV
FRPSOHPHQWRVLQWURGX]LGRVSRUTXDOTXHURXWUDSUHSRVLomRDHPSRU
VHUiXPFRPSOHPHQWRQRPLQDOFKHJDGDDRHVSDoRUHVLVWrQFLDHP
VXUJLUGHGLFDomRDRSRYRDPRUSRUDOJXpP
GLFD 2V FRPSOHPHQWRV TXH YLHUHP VRE D IRUPD YHUEDO VmR
FRPSOHPHQWRV QRPLQDLV SRU DSUHVHQWDUHP HVVD LGHLD SDVVLYD
([HPSORV
x ³RVVR GXUR GH URHU´ D LGHLD p ³GXUR GH VHU URtGR´ ± LGHLD
SDVVLYDÎFRPSOHPHQWRQRPLQDO
x 0HGR GHFDLU D LGHLD p ³GH VRIUHU XPD TXHGD´± LGHLDSDVVLYD
ÎFRPSOHPHQWRQRPLQDO
x (VVD QRWtFLD p GLItFLO GH DFUHGLWDU D LGHLD p ³GLItFLO GH VHU
DFUHGLWDGD´±LGHLDSDVVLYDÎFRPSOHPHQWRQRPLQDO
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
9DPRVDQDOLVDUDJRUDDTXHVWmRGDSURYD
$ UHVSRVWD p ³D IDXQD DTXiWLFD GRV ULRV´ 2V ULRV SRVVXHP D IDXQD
DTXiWLFD
D ³D XWLOL]DomR GH TXDOTXHU XP GHOHV´ Î TXDOTXHU XP GHOHV VHUi
XWLOL]DGRÎLGHLDSDVVLYD
E³DTXHLPDGRSHWUyOHR´ÎRSHWUyOHRVHUiTXHLPDGRÎLGHLDSDVVLYD
F ³D LQXQGDomR GH YDVWDV iUHDV´ Î YDVWDV iUHDV VHUmR LQXQGDGDV Î
LGHLDSDVVLYD
H ³D FRQVWUXomR GH EDUUDJHQV´ Î DV EDUUDJHQV VHUmR FRQVWUXtGDV Î
LGHLDSDVVLYD
±%
(P³VHQVDomRGHGLILFXOGDGH´DH[SUHVVmRHPQHJULWRFRPSOHPHQWD
XP VXEVWDQWLYR DEVWUDWR 3DUD VDEHU VH D IXQomR VLQWiWLFD p D GH
DGMXQWRDGQRPLQDORXDGHFRPSOHPHQWRQRPLQDOWHPRVGHDQDOLVDUR
YDORU TXH HOD DWULEXL ³VHQVDomR GH GLILFXOGDGH´ Î GLILFXOGDGH p
³VHQWLGD´ÎLGHLDSDVVLYDÎFRPSOHPHQWRQRPLQDO
7RGDV DV GHPDLV RFRUUrQFLDV DSUHVHQWDP WHUPRV TXH SRVVXHP YDORU
DGMHWLYRQDOHWUDFWHPRVXPDRUDomRVXERUGLQDGDDGMHWLYDUHVWULWLYD
HH[HUFHPDIXQomRVLQWiWLFDGHDGMXQWRDGQRPLQDO
±&
&RPR ³LOXV}HV´ p XP VXEVWDQWLYR DEVWUDWR GHYHPRV DQDOLVDU R YDORU
GH³KXPDQLGDGH´
eDKXPDQLGDGHTXHWHPLOXV}HVLGHLDDWLYDRXpVREUHHODTXHYRFr
WHPLOXV}HVSDVVLYD"
&HUWDPHQWH D VHJXQGD RSomR $VVLP R WHUPR SRU FRPSOHPHQWDU XP
VXEVWDQWLYR DEVWUDWR FRP LGHLD SDVVLYD H[HUFH D IXQomR VLQWiWLFD GH
&203/(0(172120,1$/
±&
$&25'2 2572*5È),&2 $JRUD UHJLVWUDVH ³IUHTXHQWDGRU´ VHP
WUHPD
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
3DUD UHVSRQGHU j SULPHLUD DVVHUWLYD GHYHPRV
DQDOLVDURVHJXLQWHVHJPHQWR
1DEXFR SDUWH SDUD /RQGUHV QR PrV GH IHYHUHLUR GH
SHUPDQHFHQGRFRPRFRUUHVSRQGHQWHGR-RUQDOGR&RPpUFLRDWp
(OH QmR SDVVDUi FRPR RXWURUD R WHPSR ORQGULQR QD RFLRVLGDGH
'HGLFDVH DJRUD DR WUDEDOKR H DR HVWXGR &RPR YiULRV RXWURV
LQWHOHFWXDLVGRVHXWHPSRLQWHUHVVDGRVWRGRVSHORVSUREOHPDVVRFLDLV
H YLYHQGR QR H[tOLR WRUQDVH IUHTHQWDGRU
DVVtGXR GR 0XVHX
%ULWkQLFR
3RGHPRV QRWDU TXH QDV GXDV RFRUUrQFLDV GR SURQRPH ³VH´ Ki XP
YDORUUHIOH[LYR
³HOHVHGHGLFDDRWUDEDOKRHDRHVWXGR´ HOHGHGLFD³DVLPHVPR´DR
WUDEDOKRHDRHVWXGR
³HOH VH WRUQD IUHTHQWDGRU
DVVtGXR GR 0XVHX %ULWkQLFR´ HOH
WRUQD³DVLPHVPR´IUHTXHQWDGRUDVVtGXRGR0XVHX%ULWkQLFR
3DUD LGHQWLILFDU D IXQomR VLQWiWLFD QmR EDVWD WURFDU R µ6(¶ SHOR µ$ 6,¶
'HYHPRV VLP WURFDU SRU XP QRPH 3DUD LVVR SUHFLVDPRV DOWHUDU D
HVWUXWXUDRUDFLRQDO
HOHGHGLFDVHXWHPSRDRWUDEDOKRHDRHVWXGR
HOHWRUQDVHXILOKRIUHTXHQWDGRUDVVtGXR
1DV GXDV FRQVWUXo}HV D IXQomR p REMHWR GLUHWR RX VHMD
FRPSOHPHQWRYHUEDOVHPSUHSRVLomRREULJDWyULD
3RU LVVR HVWi )$/6$ D DILUPDomR GH TXH R SURQRPH H[HUFH IXQo}HV
GLIHUHQWHV(PDPEDVDIXQomRpDGHREMHWRGLUHWR
$VHJXQGDSURSRVLomRHVWi&255(7$(P³,VVROKHSHUPLWHHVFUHYHU´
R YHUER SHUPLWLU DSUHVHQWD GRLV FRPSOHPHQWRV XP GLUHWR VRE D
IRUPDRUDFLRQDOQRLQILQLWLYRHVFUHYHUHRXWURLQGLUHWRUHSUHVHQWDGR
SHOR SURQRPH REOtTXR OKH (VVH SURQRPH SRGHULD VHU VXEVWLWXtGR FRP
FRUUHomRSHODIRUPD³DHOH´
±,7(0&(572
2 H[DPLQDGRU DSUHVHQWRX D GLVWLQomR HQWUH VXMHLWR LQGHWHUPLQDGR H
FRQVWUXomRGHYR]SDVVLYDDPEDVDVHVWUXWXUDVFRPRSURQRPH6(
1D SULPHLUD ³HP VH WUDWDQGR GH IDWR´ WHPRV XP GRV FDVRV FOiVVLFRV
GHLQGHWHUPLQDomRGRVXMHLWR±FRPYHUERWUDQVLWLYRLQGLUHWR75$7$5
6( '( 6mR PXLWR FRPXQV TXHVW}HV GH SURYD HP TXH R YHUER GHVVD
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
FRQVWUXomR HVWHMD IOH[LRQDGR 3RU LVVR ROKR YLYR
$SDUHFHX XP ³WUDWDPVH GH´ SRGH PDUFDU FRPR (55$'$ 3RU VHU
VXMHLWR LQGHWHUPLQDGR GHYH R YHUER SHUPDQHFHU QD SHVVRD GR
VLQJXODU±³WUDWDVHGH´
-iQDVHJXQGDHVWUXWXUDRYHUER(67$%(/(&(5pWUDQVLWLYRGLUHWRH
HVWi DFRPSDQKDGR GR SURQRPH 6( DSDVVLYDGRU 3RU LVVR R VXMHLWR
GHVVD IRUPD YHUEDO p 6,121Ë0,$ ³HVWDEHOHFHUVH VLQRQtPLD´
VLQRQtPLDVHUHVWDEHOHFLGD&RQVWUXomRGHYR]SDVVLYD
$SURSRVLomRHVWiFRUUHWD
±$
2VYHUVRVHPDQiOLVHVmR
)HOL]TXHPSRGHRUJXOKRVR
'L]HU1XQFDIXLYDGLR
1mR VH DVVXVWH FRP D QRPHQFODWXUD ³0RUIRVVLQWD[H´ QDGD PDLV p GR
TXHRHVWXGRGDVFDWHJRULDVGDVSDODYUDVFRQVLGHUDQGRDPRUIRORJLDH
D VLQWD[H (VVHV FRQFHLWRV IRUDP DSUHVHQWDGRV Oi QD QRVVD SULPHLUD
DXOD 1mR PH GLJD TXH YRFr Mi RV HVTXHFHX""" 1mR PH GHFHSFLRQH
DVVLP
0RUIRORJLDHVWXGDDSDODYUDHPVLTXHUHPUHODomRjIRUPDTXHUHP
UHODomR j LGHLD TXH HOD HQFHUUD FODVVHV GDV SDODYUDV IOH[}HV
HOHPHQWRV PyUILFRV WHUPLQDomR JUDILD (VVH p R DVVXQWR GD DXOD GH
KRMH
6LQWD[HpRHVWXGRGDSDODYUDFRPUHODomRjVRXWUDVTXHVHDFKDPQD
PHVPDRUDomRFRQFRUGkQFLDUHJrQFLDFRORFDomR
$VVLP XPD DQiOLVH PRUIRVVLQWiWLFD p D TXH DEUDQJH HOHPHQWRV GD
SDODYUD HP VL FODVVH JUDPDWLFDO FRQMXJDomR YHUEDO RUWRJUDILD H GH
VXD UHODomR FRP DV GHPDLV QD RUDomR VLQWD[H GH FRQFRUGkQFLD
UHJrQFLDFRORFDomR9LXFRPRQmRpQHQKXPELFKRGHVHWHFDEHoDV"
2HUURHVWiQDRSomRD
9DPRVDQDOLVDUDIXQomRVLQWiWLFDH[HUFLGDSHORDGMHWLYR³RUJXOKRVR´
³)HOL] TXHP SRGH RUJXOKRVR GL]HU´ ± R DGMHWLYR VH UHIHUH DR VXMHLWR
GD IRUPD YHUEDO GL]HU $VVLP p SUHGLFDWLYR PDV GR VXMHLWR
UHSUHVHQWDGR SHOR SURQRPH LQGHILQLGR TXHP H[SUHVVDQGR D IRUPD
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
FRPR R VXMHLWR TXHP VH HQFRQWUD DR SUDWLFDU D
DomRGL]HUÎSUHGLFDGRYHUERQRPLQDO
$DVVHUWLYDHVWiLQFRUUHWDHpRJDEDULWRGDTXHVWmR
3DUDDDQiOLVHGRSHUtRGRFRPSRVWRYDPRVGLYLGLORHPVXDVRUDo}HV
4XHP SRGH GL]HU RUJXOKRVR ± RUDomR VXERUGLQDGD VXEVWDQWLYD
VXEMHWLYDpRVXMHLWRRUDFLRQDOGRYHUER6(5
TXH QXQFD IRL YDGLR ± RUDomR VXERUGLQDGD VXEVWDQWLYD REMHWLYD
GLUHWDLQLFLDGDSRUXPDFRQMXQomRLQWHJUDQWH±TXHPSRGHGL]HU,662
TXH QXQFD IRL YDGLR ± YHP FRPSOHPHQWDU R VHQWLGR GR YHUER
GL]HUGHIRUPDGLUHWD
pIHOL]±RUDomRSULQFLSDOIRUPDGDSRUXPSUHGLFDGRQRPLQDO
(PUHODomRjVGHPDLVRSo}HVFDEHPRVVHJXLQWHVFRPHQWiULRV
% 'D PHVPD IRUPD TXH R DGMHWLYR ³RUJXOKRVR´ R DGMHWLYR ³IHOL]´
WDPEpP VH UHIHUH DR SURQRPH LQGHILQLGR TXHP VXMHLWR GD RUDomR
1RWHTXHpSRVVtYHOVXEHQWHQGHURYHUER³VHU´³eIHOL]TXHP SRGH
RUJXOKRVRGL]HU´
1DRUGHPGLUHWDHPGLVFXUVRLQGLUHWRDHVWUXWXUDVHULD³4XHPSRGH
GL]HU RUJXOKRVR TXH QXQFD IRL YDGLR p IHOL]´ (VVD IRL LQFOXVLYH D
DVVHUWLYDGDRSomRH
(P³1XQFDIXLYDGLR´RDGMHWLYRVHUHIHUHDRSURQRPHSHVVRDORFXOWR
HX LGHQWLILFDGR D SDUWLU GD GHVLQrQFLD YHUEDO 6XD IXQomR VLQWiWLFD p
WDPEpPDGHSUHGLFDWLYRGRVXMHLWR
(VWiSRUWDQWRFRUUHWDWDODILUPDomR
& (VVD DILUPDomR QRV Gi D FKDQFH GH DQDOLVDU D FLUFXQVWkQFLD TXH R
DGYpUELR 181&$ DWULEXL (VVH DGYpUELR DWULEXL VLPXOWDQHDPHQWH
YDORUHV GH QHJDomR H WHPSR ± HTXLYDOHQWH D ³HP WHPSR DOJXP´
(VWiFHUWDDDVVHUWLYD
' $ ORFXomR YHUEDO ³SRGH GL]HU´ IRL LQWHUFDODGD SHOR DGMHWLYR TXH
FRPR YLPRV H[HUFH D IXQomR GH SUHGLFDWLYR GR VXMHLWR RUJXOKRVR
3DUDVHFHUWLILFDUGHTXHVHWUDWDPHVPRGHXPDORFXomRYHUEDOYHMD
TXH R YHUER SULQFLSDO SRGHULD HVWDU VR]LQKR QD RUDomR VHP SUHMXt]R
JUDPDWLFDO DSHQDV KDYHQGR DOWHUDomR VHPkQWLFD ³)HOL] TXHP
RUJXOKRVRGL] SRGHGL]HU´
( (VWi FRUUHWDD DILUPDomR FRPR YLPRV QR FRPHQWiULR j RSomRE 2
GLVFXUVRLQGLUHWRpRPHLRSHORTXDORDXWRUUHSURGX]RGLVFXUVRDOKHLR
QmR FRPR IRL GLWR PDV FRP VXDV SUySULDV SDODYUDV XVDQGR XPD
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
RUDomRVXERUGLQDGD,VVRVHYHULILFDQDSDVVDJHP
³TXHPSRGHGL]HUTXHQXQFDIRLYDGLR´
±&
3DUDFRPHoDUYDPRVGLYLGLURSHUtRGR
RUDomR±(VHKRMHVRXYHQWXURVR
RUDomR±'HYRDRWUDEDOKRR
RUDomR±TXHVRX
$SULPHLUDRUDomRpLQLFLDGDSHODFRQMXQomR³(´TXHDFRRUGHQDFRPD
RUDomRDQWHULRU
$ FRQMXQomR ³VH´ LQLFLD XPD RUDomR VXERUGLQDGD FRQGLFLRQDO (OD
VHPDQWLFDPHQWHVHUHSHWHQDH[SUHVVmRTXHVHVHJXHRTXHVRX
(VWDFRQVWUXomRRTXHVRXH[HUFHDIXQomRGHREMHWRGLUHWRGRYHUER
GHYHU(OHGHYH,662 RTXHVRX 6289(1785262DRWUDEDOKR
$QDOLVH DJRUD D VHJXQGD RUDomR (X GHYR DR WUDEDOKR R DTXLOR
LVVR
2 YHUER GHYHU WHP GRLV FRPSOHPHQWRV REMHWR GLUHWR R REMHWR
LQGLUHWR DRWUDEDOKR
$ WHUFHLUD RUDomR YHP UHVWULQJLU R DOFDQFH GR SURQRPH GHPRQVWUDWLYR
REMHWRGLUHWRGDRUDomRDQWHULRU7HPYDORUDGMHWLYRHpLQLFLDGDSRU
XPSURQRPHUHODWLYRTXH
)HLWDDDQiOLVHVLQWiWLFDYDPRVjVRSo}HV
D4XDQWDVYH]HVDSDUHFHRSURQRPH³HX´H[SOtFLWRRXVXEHQWHQGLGR"
75Ç6
³( VH KRMH (8 VRX YHQWXURVR (8 GHYR DR WUDEDOKR R TXH (8
VRX´
E 1mR Ki UHJLVWUR GH HPSUHJR GH SURQRPH SHVVRDO REOtTXR QD
SDVVDJHP
F 1R VHJPHQWR ³R TXH VRX´ Ki XP SURQRPH GHPRQVWUDWLYR ³R´
DTXLORHXPSURQRPHUHODWLYR³TXH´TXHUHWRPDHVVHDQWHFHGHQWH
R GHPRQVWUDWLYR DTXLOR TXH VRX VRX DTXLOR (VWi FRUUHWD D
DILUPDomR
GHH+iQRSHUtRGRXPSUHGLFDGRYHUEDOFXMRQ~FOHRpRYHUER
GHYHU 'HYR DR WUDEDOKR R H GRLV SUHGLFDGRV QRPLQDLV ³(X VRX
YHQWXURVR´ H ³TXH VRX´ FXMRV Q~FOHRV VmR UHVSHFWLYDPHQWH
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
YHQWXURVR H FXLGDGR DJRUD R SURQRPH
UHODWLYR TXH 1HVVD RUDomR VXERUGLQDGD DGMHWLYD R SURQRPH UHODWLYR
TXH VXEVWLWXL R SURQRPH GHPRQVWUDWLYR ³R´ DTXLOR p R HOHPHQWR
TXHHIHWLYDPHQWHH[HUFHDIXQomRGHSUHGLFDWLYRGRVXMHLWR
±'
$&25'2 2572*5È),&2 $JRUD UHJLVWUDVH ³LGHLD´ VHP DFHQWR
DJXGR
2YRFiEXOR³6(´SRGHVHU
FRQMXQomRLQWHJUDQWH±LQLFLDXPDRUDomRVXEVWDQWLYD4XHURVDEHU
VH YRFr HVWi JRVWDQGR GD DXOD 4XHUR VDEHU ,662 Î 25$d2
68%25',1$'$ 68%67$17,9$ 2%-(7,9$ ',5(7$ FRPSOHPHQWR GR
YHUER6$%(5
FRQMXQomRDGYHUELDO SRGHDSUHVHQWDURYDORUFRQGLFLRQDO6HHOD
GDQoD HX GDQoR &RPR VDEHPRV R YDORU GH XPD FRQMXQomR
DGYHUELDOVySRGHVHULGHQWLILFDGDQDFRQVWUXomR
SURQRPHSHVVRDOREOtTXRFRPYDORUUHIOH[LYR(ODVHFRUWRXFRP
DIDFDRXUHFtSURFR2VQDPRUDGRVVHEHLMDYDPQRFLQHPD
SDUWH LQWHJUDQWH GR YHUER ± QHVVHV FDVRV DLQGD TXH DSUHVHQWH
XPDLGHLDUHIOH[LYDRYHUERQmRH[LVWHVHPRSURQRPH(OHVHTXHL[D
PXLWR GD VRJUD 0XLWR VH DUUHSHQGH GH WHU FDVDGR 1mR H[LVWHP RV
YHUERV 48(,;$5H $55(3(1'(5 Vy 48(,;$56( H $55(3(1'(56(
3RULVVRRSURQRPHpSDUWHLQWHJUDQWHGRYHUER
SDUWtFXOD GH UHDOFH RX H[SOHWLYD ± QHQKXPD IXQomR H[HUFH QD
RUDomR 7HP YDORU DSHQDV GH UHDOFH SRGHQGR VHU UHWLUDGD VHP
SUHMXt]R JUDPDWLFDO RX VHPkQWLFR SDUD D RUDomR (OH VH IRL HPERUD H
OHYRXPHXFRUDomR (OHIRLHPERUD
SDUWtFXODDSDVVLYDGRUD±SUHVHQWHQDVFRQVWUXo}HVGHYR]SDVVLYD
VLQWpWLFD WDPEpP FKDPDGD GH YR] SDVVLYD SURQRPLQDO &RLVDV
ERQLWDVVHYHHPSRUDTXL FRLVDVERQLWDVVmRYLVWDV
tQGLFH GH LQGHWHUPLQDomR GR VXMHLWR ± SUHVHQWH QDV FRQVWUXo}HV
GH VXMHLWR LQGHWHUPLQDGR HP TXH R YHUER WUDQVLWLYR LQGLUHWR
LQWUDQVLWLYRRXGHOLJDomRILFDQDSHVVRDGRVLQJXODU3UHFLVDVHGH
VRVVHJRSRUDTXL
1HVVD TXHVWmR GHYHPRV GLIHUHQFLDU RV FDVRV HP TXH R SURQRPH p
DSDVVLYDGRUYHUER7'RX7',6(RXLQGHWHUPLQDGRUGRVXMHLWR
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
$ 2 YHUER GHVID]HU p 75$16,7,92 ',5(72 (OH
GHVIH] R FRQWUDWR &RPR HVWi DFRPSDQKDGR GR 6( IRUPD YR]
SDVVLYDHPTXHRVXMHLWRp³RUHJLPHGHVHJUHJDomRUDFLDO´
%2YHUERVROLGLILFDUWDPEpPp7'(OHVROLGLILFRXDUHODomRFRPRV
FOLHQWHV (VWi SRUWDQWR HP YR] SDVVLYD $YLVmRIRL VROLGLILFDGD Î
VROLGLILFRXVHDYLVmR
& 2 YHUER MXVWLILFDU p 7' (OH MXVWLILFRX VXD UHVSRVWD e WDPEpP
XP SURQRPH DSDVVLYDGRU R GLUHLWR HUD MXVWLILFDGR MXVWLILFDYDVH R
GLUHLWR
')LQDOPHQWHXPYHUERTXHQmRp7'2YHUEROXWDUQDFRQVWUXomR
p 75$16,7,92 ,1',5(72 UHJHQGR D SUHSRVLomR SRU $VVLP R
SURQRPH6(WHPDIXQomRGHLQGHWHUPLQDURVXMHLWRGDDomRYHUEDO
( 2 YHUERUHVSHLWDU p7' HR SURQRPH 6( pSDUWtFXOD DSDVVLYDGRUD
RVLQDOYHUPHOKRVHUUHVSHLWDGRÎUHVSHLWDUVHRVLQDOYHUPHOKR
'
2SURQRPH³VH´p
DXP SURQRPH DSDVVLYDGRU ³$FHQWXDU´ p XP YHUER WUDQVLWLYR
GLUHWRHKiLGHLDSDVVLYD±³pSRVVtYHOTXHDWHQGrQFLDSRVLWLYD
VHMDDFHQWXDGD´
EXPD FRQMXQomR FRQGLFLRQDO ± ³VH D TXHGD GR MXUR EiVLFR VH
WUDQVIHULU´ HTXLYDOH D ³FDVR D TXHGD GR MXUR EiVLFR VH
WUDQVILUD´
FXP SURQRPH DSDVVLYDGRU ³7UDQVIHULU´ p XP YHUER WUDQVLWLYR
GLUHWR H Ki LGHLD SDVVLYD ± ³VH D TXHGD GR MXUR EiVLFR IRU
WUDQVIHULGDSDUDRFUpGLWRDRFRQVXPR´
GXPD FRQMXQomR FRQGLFLRQDO JDEDULWR GD TXHVWmR ± ³VH RV
VDOiULRV UHDLV FRQWLQXDUHP´ HTXLYDOH D ³FDVR RV VDOiULRV UHDLV
FRQWLQXHP´
HSURQRPHDSDVVLYDGRU³5HFXSHUDU´pXPYHUERWUDQVLWLYRGLUHWRH
Ki LGHLD SDVVLYD ³VH RV VDOiULRV UHDLV FRQWLQXDUHP D VHU
UHFXSHUDGRV´1mRSRGHULDVHUXPSURQRPHUHIOH[LYRSRLVR
VXMHLWRVDOiULRVpSDFLHQWHVRIUHDDomRHGDGRRFRQWH[WRQmR
SRGHULDDJLUSRUFRQWDSUySULD
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
±%
$JRUDYHUHPRVDVFODVVLILFDo}HVGR48(
FRQMXQomR LQWHJUDQWH ± ,1,&,$ 80$ 25$d2 68%67$17,9$ ±(X
TXHUR TXH WXGR YiSUR LQIHUQR Î(X TXHUR,662 $ FRQMXQomRVHUYH
DSHQDV SDUD OLJDU WHUPRV RX RUDo}HV QmR H[HUFH IXQomR VLQWiWLFD
QHQKXPD
SURQRPH UHODWLYR ± ,1,&,$ 80$ 25$d2 $'-(7,9$ ± (X TXHUR R
SUrPLRDTXHWHQKRGLUHLWRÎ(XWHQKRGLUHLWRDRSUrPLR1HVVHFDVR
R SURQRPH TXH VXEVWLWXL DOJXP HOHPHQWR PHQFLRQDGR DQWHULRUPHQWH
QR FDVR D SDODYUD ³SUrPLR´ 3RGH DVVLP H[HUFHU TXDOTXHU GDV
IXQo}HVVLQWiWLFDVHVWXGDGDVQDDXODVREUHFRQHFWLYRV
SDUWtFXOD GH UHDOFH RX H[SOHWLYD ± SRGH YLU DFRPSDQKDGD GR
YHUER VHU IRUPDQGR D H[SUHVVmR ³p TXH´ &RPR WDPEpP Mi YLPRV
SRGHVHUVXSULPLGDVHPSUHMXt]RJUDPDWLFDOSDUDRSHUtRGR1yVpTXH
GHYHUtDPRVUHFODPDU 1yVGHYHUtDPRVUHFODPDU
FRQMXQomR DGYHUELDO FRRUGHQDWLYD RX VXERUGLQDWLYD ± SRGH
DSUHVHQWDU GLYHUVDV FLUFXQVWkQFLDV FDXVDO FRQVHFXWLYD FRPSDUDWLYD
H[SOLFDWLYD FRQFHVVLYD ILQDO HWF D GHSHQGHU GR FRQWH[WR HP TXH
VHMDHPSUHJDGD
SURQRPHLQWHUURJDWLYR±VHYLHUQRILPGDRUDomRW{QLFRUHFHEH
XPDFHQWRFLUFXQIOH[R9RFrWHPIRPHGHTXr"
VXEVWDQWLYR FRP DFHQWR FLUFXQIOH[R HTXLYDOH D ³DOJR´ ± (OH WHP
XP³TXr´GHLQWHOHFWXDO
DGYpUELR ± HTXLYDOHQWH D ³TXmR´ QRUPDOPHQWH XVDGR HP
LQWHUMHLo}HV4XH 4XmRORXFRHXIXL
SUHSRVLomRDFLGHQWDO±HTXLYDOHQWHjSUHSRVLomR³GH´(OHWHPTXH
HQWHQGHULVVR WHPGHHQWHQGHU
LQWHUMHLomRFRPDFHQWRFLUFXQIOH[R4Xr1mRDFUHGLWRQLVVR
6mRWDQWDVTXHSRVVRWHUPHHVTXHFLGRGHDOJXPD$JXDUGRVXJHVW}HV
SHORIyUXPRXHPDLOFDVRLVVRWHQKDRFRUULGR
'HVJUDoD SRXFD p EREDJHP 6DEH TXDQWDV DFHSo}HV GD SDODYUD
³TXH´FRPHVHPDFHQWRVmRUHJLVWUDGDVSHOR$XUpOLR³Vy´TXLQ]H
9DPRVDQDOLVDUDVRFRUUrQFLDVGR³TXH´QRWH[WRGDTXHVWmR3DUDLVVR
WHUHPRV GH WHU HP PHQWH R VHJXLQWH VH HVWLYHU VXEVWLWXLQGR XP
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
DQWHFHGHQWH p SURQRPH UHODWLYR VH SXGHU VHU
VXEVWLWXtGR MXQWR FRP R UHVWDQWH GD RUDomR SHOR SURQRPH ,662 p
FRQMXQomRLQWHJUDQWH
x ³R LPSDVVtYHO JLJDQWH TXH RV FRQWHPSODYD FRP GHVSUH]R´ Î
VXEVWLWXL ³JLJDQWH´ R JLJDQWH RV FRQWHPSODYD FRP GHVSUH]R
SURQRPHUHODWLYRQDIXQomRGHVXMHLWRGRYHUERFRQWHPSODU
x ³LPSHUWXUEiYHO D WRGRV RV JROSHV H D WRGRV RV WLURV TXH OKH
GHVIHFKDYDPQRGRUVR´ÎVXEVWLWXLDVSDODYUDV³JROSHV´H³WLURV´
GHVIHFKDYDP JROSHV H WLURV QR GRUVR SURQRPH UHODWLYR QD
IXQomRGHREMHWRGLUHWRGRYHUERGHVIHFKDU
x ³GHL[DQGR VHP XP JHPLGR TXH OKH DEULVVHP DV HQWUDQKDV GH
JUDQLWR´ Î &8,'$'2 (VVH ³TXH´ QmR VXEVWLWXL ³JHPLGR´
4XHP Gi HVVD GLFD p D IRUPD YHUEDO ³DEULVVHP´ TXH SRU HVWDU
IOH[LRQDGD QR SOXUDO LQGLFD TXH QmR SRGHULD VHU XP SURQRPH
UHODWLYR FRP DQWHFHGHQWH QR VLQJXODU JHPLGR (OH LQLFLD XPD
RUDomR )DoD D DQiOLVH D SDUWLU GR FRQWH[WR ³R JLJDQWH GHL[DYD
TXHOKHDEULVVHPDVHQWUDQKDVGHJUDQLWRVHPXPJHPLGR´Î2
JLJDQWH GHL[DYD ,662 VHP XP JHPLGR 0HOKRU VHULD TXH D
H[SUHVVmR ³VHP XP JHPLGR´ HVWLYHVVH LVRODGD SRU YtUJXODV SRU
VHU DGYHUELDO PDV HVVD SRQWXDomR p IDFXOWDWLYD FRPR YHUHPRV
QD SUy[LPD DXOD &RPR LQLFLD XPD RUDomR TXH H[HUFH D IXQomR
VLQWiWLFD GH REMHWR GLUHWR ³GHL[DYD TXH OKH DEULVVHP DV
HQWUDQKDV´HVVH³TXH´pXPDFRQMXQomRLQWHJUDQWH
9DPRVjVRSo}HV
D (55$'$ $ WHUFHLUD RFRUUrQFLD p XPD FRQMXQomR LQWHJUDQWH
HQTXDQWRTXHDVRXWUDVGXDVVmRSURQRPHVUHODWLYRV
E &(57$ &RPR YLPRV R SURQRPH UHODWLYR SULPHLUD RFRUUrQFLD
H[HUFHDIXQomRGHVXMHLWRGRYHUERFRQWHPSODU
F (55$'$ 1mR SRGHUtDPRV UHWLUDU HVVH ³TXH´ SRLV HOH p XP
SURQRPHUHODWLYRTXHUHWRPDRVVXEVWDQWLYRV³JROSHV´H³WLURV´
G (55$'$ (VVD IRL FDSFLRVD 2 ³TXH´ SRU VHU XPD FRQMXQomR
LQWHJUDQWH QmR H[HUFH IXQomR VLQWiWLFD QHQKXPD 6HUYH
DSHQDV FRPR FRQHFWLYR 4XHP H[HUFH D IXQomR VLQWiWLFD GR
YHUER GHL[DU p WRGD D RUDomR LQLFLDGD SHOD FRQMXQomR TXH
OKHDEULVVHPDVHQWUDQKDVGHJUDQLWR0DOGDGHKHP"
H 6RPHQWH QD ~OWLPD RFRUUrQFLD R ³TXH´ p XPD FRQMXQomR
LQWHJUDQWH
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
±,7(0&(572
1XQFD GHL[H GH YHULILFDU D SDVVDJHP GR WH[WR D TXH VH UHIHUH R
H[DPLQDGRU
OLQKD ³QmR p QHFHVVDULDPHQWHVXVWHQWDGD SRU FRQYHQo}HV
VRFLDLV´
2 DGMHWLYR ³VRFLDLV´ HVWi MXQWR DR VXEVWDQWLYR ³FRQYHQo}HV´
HVSHFLILFDQGR VHX DOFDQFH $VVLP H[HUFH D IXQomR VLQWiWLFD GH
$'-8172$'120,1$/
OLQKD³TXHGHYHULDPVRIUHUVHYHUDSXQLomR´
'RPHVPRPRGRTXHRFDVRDFLPDRDGMHWLYR6(9(5$YHPTXDOLILFDU
D SXQLomR VXEVWDQWLYR H[HUFHQGR D IXQomR VLQWiWLFD GH $'-8172
$'120,1$/
3RUWDQWR HVWi FRUUHWD D DILUPDomR GH HVWDUHP RV GRLV WHUPRV QR
H[HUFtFLRGDPHVPDIXQomRVLQWiWLFD
±
$&25'2 2572*5È),&2 $JRUD UHJLVWUDVH ³VXEVHTXHQWHV´ VHP
WUHPD2YRFiEXOR³EHPVXFHGLGDV´FRQWLQXDFRPKtIHQ
D,7(0(55$'2
2 FRPSOHPHQWR YHUEDO GD ORFXomR ³YHP SHUVHJXLQGR´ DSUHVHQWDVH
VREDIRUPDRUDFLRQDOFRPEDWHUDSREUH]DHVWUXWXUDOHSURPRYHU
DLQFOXVmRVRFLDO
6mR GRLV FRPSOHPHQWRV &20%$7(5 $ 32%5(=$ H 352029(5 $
,1&/86262&,$/
3HUFHED TXH D RUDomR ³DSyV DPSOLDU D RIHUWD GH YDJDV QR HQVLQR
IXQGDPHQWDO´QmRYHPDVHUXPFRPSOHPHQWRYHUEDOPDVDLQGLFDomR
GH XP PRPHQWR HP TXH RV IDWRV DFLPD VHUmR RX GHYHULDP VHU
UHDOL]DGRV3RVVXLSRUWDQWRYDORUDGYHUELDO
E,7(0(55$'2
2VXMHLWRGDFRQVWUXomRGHOLQKDVDp³R3URJUDPD1DFLRQDOGR
%ROVD(VFROD´
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
±(
(VVDVGXDV ~OWLPDV TXHVW}HV GR PDWHULDO IRUDP H[WUDtGDV GR FRQFXUVR
PDLV UHFHQWH UHDOL]DGR SHOD )815,2 H WUDWDP GR DVVXQWR GD DXOD GH
KRMH
3RGHPRVIRUPDUVXMHLWRLQGHWHUPLQDGRGHGXDVPDQHLUDVYHUERQD
WHUFHLUDSHVVRDGRSOXUDOTXDOTXHUTXHVHMDDWUDQVLWLYLGDGHGRYHUER
RX YHUER QD WHUFHLUD SHVVRD GR VLQJXODU FRP R SURQRPH ³VH´
tQGLFH GH LQGHWHUPLQDomR GR VXMHLWR GHVGH TXH R YHUER QmR WHQKD
FRPSOHPHQWR GLUHWR SRLV QHVVH FDVR IRUPDVH YR] SDVVLYD H QmR
VXMHLWRLQGHWHUPLQDGR
&RPRRYHUER',=(5pWUDQVLWLYRGLUHWRRSWRXVHSHORHPSUHJRGHVXD
IRUPDQRSOXUDO
2 FRQFHLWR GH VXMHLWR LQGHWHUPLQDGR IRL PXLWR EHP DSUHVHQWDGRQD
RSomRXVDVHTXDQGRQmRVHSRGHRXQmRVHTXHULQGLFDUTXDOVHULDR
DJHQWHGDDomRYHUEDO
%
1HVVD RSomR R VXMHLWR VH DSUHVHQWD GHSRLV GR YHUER VXMHLWR
SRVSRVWRPDVHVVHWHUPRSRGHVHULGHQWLILFDGRDSDUWLUGRFRQWH[WR
p-RVXp0RQWHOORTXHPFRQWDDOJXPDFRLVD
9HMDPRVDVGHPDLVRSo}HV
D 7HPRV XP FDVR GH RUDomR VHP VXMHLWR HP TXH R YHUER +$9(5 p
LPSHVVRDO $VVLP R VLQWDJPD ³G~YLGD´ H[HUFH D IXQomR GH
FRPSOHPHQWRYHUEDOREMHWRGLUHWR
F 2 YHUER )$/$5 DSUHVHQWDVH QD WUDQVLWLYLGDGH LQGLUHWD IDODU HP
DOJXPDFRLVD&RPRYLPRVQDTXHVWmRDQWHULRUQDWHUFHLUDSHVVRDGR
VLQJXODU H DFRPSDQKDGR GR SURQRPH ³VH´ R YHUER IRUPD XP VXMHLWR
LQGHWHUPLQDGR$VVLP³R*RYHUQRGD5HS~EOLFD´H[HUFHQDYHUGDGHD
IXQomR GH FRPSOHPHQWR GR YHUER ,167$/$5 DSUHVHQWDGR QD IRUPD
LPSHVVRDOVHPVXMHLWR
G 2 SURQRPH GHPRQVWUDWLYR ³R´ QmR SRGHULD VHU VXMHLWR GD
FRQVWUXomR XPD YH] TXH HVVD IXQomR p H[HUFLGD SRU ³2 6HQDGR GD
5HS~EOLFD H RV PHLRV DFDGrPLFRV´ (VVH SURQRPH H[HUFH VLP D
IXQomRGHFRPSOHPHQWRYHUEDOREMHWRGLUHWRHPHPSUHJRYLFiULRRX
VHMD HP VXEVWLWXLomR D XPD LGHLD DSUHVHQWDGD DQWHULRUPHQWH $
HVWUXWXUDHPDQiOLVHp
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
)RL PHVPR DVVLP Vy TXH VHX QRPH QXQFD
UHVWRX HVTXHFLGR HP %UDVtOLD 2 6HQDGR GD 5HS~EOLFD H RV
PHLRVDFDGrPLFRVQXQFDRSHUPLWLUDP
)HLWD D GHYLGD WURFD WHUtDPRV TXH ³6HQDGR GD 5HS~EOLFD H RV PHLRV
DFDGrPLFRV QXQFD SHUPLWLULDP TXH VHX QRPH QXQFD UHVWDVVH
HVTXHFLGRHP%UDVtOLD´
±%
9DPRVDQDOLVDUWRGDVDVRSo}HV
D2VXMHLWRGDFRQVWUXomRp³(PPDH&KDUOHV´HQmRDSHQDV³(PPD´
E(VWiFRUUHWDDDILUPDomRXPDYH]TXHRYHUERVHDSUHVHQWDFRPR
WUDQVLWLYRLQGLUHWR
F 2 YDORU GD HVWUXWXUD ³'HVGH PXLWR DQWHV GH VHX FDVDPHQWR´ p
WHPSRUDOLQGLFDQGRPRPHQWR
G 2 VHJPHQWR ³FRP IUDQTXH]D´ WHP YDORU DGYHUELDO GH PRGR H VXD
IXQomRVLQWiWLFDQmRpFRPSOHPHQWRQRPLQDOPDVDGMXQWRDGYHUELDO
H$RUDomR³TXHSRGHULDPGLYLGLORV´WHPYDORUUHVWULWLYRHPUHODomRj
SDODYUD ³GLYHUJrQFLDV´ WDQWR DVVLP TXH QmR VH HQFRQWUD VHSDUDGD GH
VHX DQWHFHGHQWH SRU YtUJXODV FRPR R ID] XPD RUDomR DGMHWLYD
H[SOLFDWLYDeSRUWDQWRXPDRUDomRVXERUGLQDGDDGMHWLYDUHVWULWLYD
±'
$QDOLVDUHPRVWRGRVRVLWHQV
2YDORUGRFRQHFWLYR³PDV´pGHRSRVLomRXPDYH]TXHLQGLFDLGHLDV
FRQWUiULDV ³TXDOLGDGH DGPLUiYHO´ [ ³TXDVH S{V D SHUGHU´ ,7(0
&(572
$ RUDomR ³TXH VH WRUQDULD D LGHLD PDLV LQIOXHQWH´ WHP LQtFLR SRU
XP SURQRPH UHODWLYR TXH UHWRPD R DQWHFHGHQWH ³DTXHOD´ R TXDO
VHPDQWLFDPHQWH VH OLJD j SDODYUD ³LGHLD´ e SRLV XPD RUDomR
VXERUGLQDGD DGMHWLYD $VVLP QmR SURFHGH D DILUPDomR GH TXH WDO
RUDomR DWXD FRPR FRPSOHPHQWR QRPLQDO IXQomR VLQWiWLFD GH YDORU
VXEVWDQWLYR,7(0(55$'2
2 SURQRPH ³HOD´ DWXD FRPR HOHPHQWR FRHVLYR SDUD UHWRPDU D
H[SUHVVmR ³OHDOGDGH FRQMXJDO´ HP ³$ OHDOGDGH FRQMXJDO p XPD
TXDOLGDGHDGPLUiYHODOpPGHDOJRUDUD0DVHPXPFDVRDRPHQRV
HOD> OHDOGDGHFRQMXJDO@TXDVHS{VDSHUGHU´7DPEpPHVWiFRUUHWD
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
D DILUPDomR GH TXH DTXHOD H[SUHVVmR DWXD FRPR
VXMHLWRGDRUDomRSULQFLSDO,7(0&(572
$ H[SUHVVmR ³D WHRULD GD HYROXomR IRUPXODGD SRU &KDUOHV 'DUZLQ´
YHP H[SOLFDU TXDO VHULD ³D LGHLD PDLV LQIOXHQWH GR SHQVDPHQWR
FLHQWtILFR QRV GRLV ~OWLPRV VpFXORV´ ([HUFH SRUWDQWR D IXQomR
VLQWiWLFDGHDSRVWRH[SOLFDWLYR,7(0&(572
(VWmRFRUUHWDVSRUWDQWRDVDILUPDo}HVGRVLWHQVH
&
9DPRV H[DPLQDU D IXQomR VLQWiWLFD GRV HOHPHQWRV GHVWDFDGRV GR
WH[WR
D (P ³3DUD RFXSDU DV KRUDV YDJDV´ R WHUPR HP GHVWDTXH H[HUFH D
IXQomR VLQWiWLFD GH REMHWR GLUHWR WHUPR TXH VH OLJD DR YHUER VHP
SUHSRVLomR REULJDWyULD H LQGLFD R VHU SDUD R TXDO VH GLULJH D DomR
YHUEDO
E (P ³&RPR VHPSUH WLYH PXLWR LQWHUHVVH´ R WHUPR HP GHVWDTXH
H[HUFHDIXQomRGHREMHWRGLUHWRGRYHUER7(5
F1DSDVVDJHP³QRTXDOVHPLVWXUDPULWPRVDIURVHLEpULFRV´R
FDQGLGDWR GHYHULD REVHUYDU TXH R YHUER 0,6785$5 WUDQVLWLYR GLUHWR
HVWi DFRPSDQKDGR GR SURQRPH ³VH´ IRUPDQGR FRQVWUXomR GH YR]
SDVVLYD $VVLP R TXH VHULD QD YR] DWLYD R REMHWR GLUHWR QDTXHOD
FRQVWUXomRH[HUFHDIXQomRVLQWiWLFDGHVXMHLWR(VWiDTXLDUHVSRVWD
(VVHpR~QLFRLWHPFXMRWHUPRH[HUFHIXQomRGLIHUHQWHGRVGHPDLV
G(P³6HPVDEHUDLQGDGLUHLWRFRPRYDLVREUHYLYHU´RFRPSOHPHQWR
YHUEDO GH ³6$%(5´ YHLR VRE D IRUPD GH XPD RUDomR ³FRPR YDL
VREUHYLYHU´$SOLFDQGRDWpFQLFDGR,662YHPRVTXHpXPGRVFDVRV
GH RUDomR VXERUGLQDGD VXEVWDQWLYD REMHWLYD GLUHWD LQLFLDGD SRU XP
DGYpUELR H QmR SRU XPD FRQMXQomR LQWHJUDQWH ³6HP VDEHU GLUHLWR
,662´$LQGDTXHGHIRUPDRUDFLRQDORWUHFKRHPGHVWDTXHH[HUFHD
IXQomRGHREMHWRGLUHWR
H 1R WUHFKR ³DV UHVHUYDV TXH DFXPXOHL HP 1RYD <RUN HVWmR LQGR
HPERUD´ R SURQRPH UHODWLYR UHWRPD R VXEVWDQWLYR ³UHVHUYDV´
6XEVWLWXLQGR SURQRPH SHOR QRPH WHUtDPRV ³DFXPXOHL UHVHUYDV HP
1RYD <RUN´ 9HPRV SRLV TXH R SURQRPH UHODWLYR TXH VXEVWLWXL R
DQWHFHGHQWH QD RUDomR DGMHWLYD H[HUFH D IXQomR VLQWiWLFD GH REMHWR
GLUHWR
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
%
1D SULPHLUD RFRUUrQFLD ³ WUDQVIRUPDVVH 3DUDLVySROLV´ R
VXEVWDQWLYRH[HUFH D IXQomR GHREMHWR GLUHWR -i ILFDPRV HQWUHGXDV
RSo}HV%H'GHFKDQFHVGHDFHUWDUDTXHVWmR
$ VHJXQGD LQGLFDomR ± ³ FROpJLR 0LJXHO GH &HUYDQWHV FULDGR SRU
HVSDQKyLV QD YL]LQKD 3DUDLVySROLV´ ± H[HUFH QD FRQVWUXomR D IXQomR
VLQWiWLFDGHDGMXQWRDGYHUELDOWHUPRGHQDWXUH]DDFHVVyULDTXHVHUYH
LQGLFDUDOJXPDFLUFXQVWkQFLDQRFDVRDGHORFDO
3RUILPDH[SUHVVmR³GDURILFLQDVGHIRWRJUDILDDMRYHQVHFULDQoDVGH
3DUDLVySROLV´GDGDVXDQDWXUH]DDGMHWLYDSRULVVRH[HUFHDIXQomRGH
DGMXQWRDGQRPLQDO
$UHVSRVWDpSRUWDQWRREMHWRGLUHWRDGMXQWRDGYHUELDODGMXQWR
DGQRPLQDO
%
D(UUDGR2VXMHLWRGDFRQVWUXomRpFRPSRVWR³(PPDH&KDUOHV´
E&HUWR
F (UUDGR 7DO H[SUHVVmR DWXD FRPR DGMXQWR DGYHUELDO GH WHPSR
PRPHQWR
G (UUDGR $ H[SUHVVmR ³FRP IUDQTXH]D´ p XP DGMXQWR DGYHUELDO GH
PRGR
H(UUDGR3RUVHUHIHULUDRVXEVWDQWLYR³GLYHUJrQFLDV´LQLFLDGDSRUXP
SURQRPH UHODWLYR TXH UHWRPD WDO DQWHFHGHQWH D RUDomR p FODVVLILFDGD
FRPR³RUDomRVXERUGLQDGDDGMHWLYDUHVWULWLYD´
±&
(VVH p XP GRV FDVRV GH VXMHLWR LQGHWHUPLQDGR &RPR R YHUER p
WUDQVLWLYR GLUHWR PDWDU SDUD QmR LQFRUUHU HP FRQVWUXomR GH YR]
SDVVLYDPDWRXVHRFDFKRUUR RFDUURIRLPRUWRSDUDQmRVHLQGLFDU
RDJHQWHGDDomRYHUEDOXVDPRVRYHUERQDDSHVVRDGRSOXUDO
±'
³2 IRJR´ p R FRPSOHPHQWR YHUEDO GLUHWR GR YHUER ³WUD]HU´ SRU LVVR D
UHVSRVWDp³REMHWRGLUHWR´
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
±%
$RUDomRHVWiHPFRQVWUXomRGHYR]SDVVLYD³$TXHODVDPDPEDLD´pR
VXMHLWR SDFLHQWH DVVLP R DJHQWH GD DomR YHUEDO DTXHOH TXH QD YR]
DWLYD VHULD R VXMHLWR QD YR] SDVVLYD H[HUFH D IXQomR VLQWiWLFD GH
³DJHQWHGDSDVVLYD´RQRPHDMXGDQmRp"
±$
³2ILOPHµ2$UWLVWD¶XOWUDSDVVRX,662´
&RPHVVDWpFQLFDGR,662FRQVHJXLPRVFRPWUDQTXLOLGDGHLGHQWLILFDU
D IXQomR VLQWiWLFD GR WHUPR VXEOLQKDGR (OH DWXD FRPR 2%-(72
',5(72Mi TXH R YHUER WHP VHX FRPSOHPHQWROLJDGR VHPSUHSRVLomR
REULJDWyULD
±(
2 DGMHWLYR ³FR]LGR´ IRUPDGR D SDUWLU GR SDUWLFtSLR GR YHUER &2=(5
DWXD FRPR $'-8172 $'120,1$/ SRLV DWULEXL DR VXEVWDQWLYR ³PLOKR´
XPDFDUDFWHUtVWLFD
$VGHPDLVLQGLFDo}HVHVWmRFRUUHWDV1DRSomR&RFRUUHLQYHUVmRGRV
WHUPRV GD RUDomR HVWDQGR R VXMHLWR SRVSRVWR DR YHUER R ULR FRUULD
!FRUULDRULR
±&
(QFHUUDPRV FRP XPD H[FHOHQWH TXHVWmR (P SULPHLUR OXJDU GHYH R
FDQGLGDWR LGHQWLILFDU D RUDomR FXMR Q~FOHR YHUEDO VHMD ³SXGHVVH
FRQYHUWHU´eHOD³(XQmRDFDEDYDGHFUHU1,662´
$OJXpPFUrHPDOJXPDFRLVD(VVDIRLDSULPHLUD³FDVFDGHEDQDQD´GD
EDQFD 4XDQGR R REMHWR LQGLUHWR GH XPD FRQVWUXomR VH DSUHVHQWD QD
IRUPD 25$&,21$/ p SRVVtYHORPLWLU D SUHSRVLomR DQWHV GD FRQMXQomR
LQWHJUDQWH
³(ODFUr(048(6(80$5,'26(-$),(/´
³7RGRVGLVFRUGDPRV'(48(6(-$35(&,62(/(9$5$7$5,)$´
³(OHVFRQFRUGDP&2048(2$/81235(&,6$5È'($32,2´
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD±7HUPRVGD2UDomRH$QiOLVH6LQWiWLFD
3URI&ODXGLD.R]ORZVNL
$RUDomRTXHFRPSOHPHQWDRYHUER&5(5p
³TXHRULR]LQKRPDQVR>RQGHHXPHEDQKDYDVHPPHGRWRGRVRVGLDV@
VHSXGHVVHFRQYHUWHUQDTXHOHFDXGDOIXULRVRGHiJXDVVXMDV´
3DUD GLILFXOWDU DLQGD PDLV D YLGD GR SREUH FDQGLGDWR Ki QR PHLR
GHVVD RUDomR RXWUD GH YDORU DGMHWLYR ³RQGH HX PH EDQKDYD VHP
PHGRWRGRVRVGLDV´
(OLPLQDQGRHVVDRUDomRDGMHWLYDYHPRVTXHDRUDomRHPDQiOLVHp
³TXHRULR]LQKRPDQVRVHSXGHVVHFRQYHUWHUiJXDVVXMDV´
(VVDRUDomRH[HUFHDIXQomRGHFRPSOHPHQWRLQGLUHWRGRYHUER&5(5H
SRGHULD VHU VXEVWLWXtGD SHOD SDODYUD,662FRQILUPDQGRVHU HVVD XPD
RUDomRVXERUGLQDGD68%67$17,9$
3RUKRMHpVy*UDQGHDEUDoRHERQVHVWXGRV
ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL