Você está na página 1de 20



(;02 65 '5 -8,= )('(5$/ '$ 9$5$ &Ë9(/ '$ 6(d­2
-8',&,È5,$ '2 (67$'2 '( 6$17$ &$7$5,1$  68%6(d­2 '(
-2,19,//(













$1'5($ &5,67,1$ 0$1&,$ EUDVLOHLUD GR ODU
SRUWDGRUDGD&pGXODGH,GHQWLGDGHQƒ6636&LQVFULWDQR&3)0)VRER
Qƒ  UHVLGHQWH H GRPLFLOLDGD j 5XD 0iUFLR /XFNRZ Qž 
/8&,$12 52'5,*2 0$1&,$ EUDVLOHLUR DXW{QRPR SRUWDGRU GD &pGXOD GH
,GHQWLGDGH Qƒ 66356LQVFULWRQR&3)0)VRERQƒ 
UHVLGHQWHHGRPLFLOLDGRj5XD-XOLDQR0RUHLUDQžH0$5&(//2 )$%,$12
0$1&,$ EUDVLOHLUR FRUUHWRU SRUWDGRU GD &pGXOD GH ,GHQWLGDGH Qƒ 
6636&LQVFULWRQR&3)0)VRERQƒUHVLGHQWHHGRPLFLOLDGRj5XD
7LPEy Qž  DPERV QD FLGDGH GH -RLQYLOOH6& YHP UHVSHLWRVDPHQWH SRU VXD
SURFXUDGRUD D DGYRJDGD TXH D HVWD VXEVFUHYH XW LQVWUXPHQWR GH SURFXUDomR HP
DQH[R 'RF± SURSRUDSUHVHQWH

$d­2,1'(1,=$7Ï5,$

FRQWUD D 81,­2 )('(5$/ QD SHVVRD GH VHX UHSUHVHQWDQWH OHJDO $*Ç1&,$
1$&,21$/ '( $9,$d­2 &,9,/ ± $1$& DXWDUTXLD IHGHUDO YLQFXODGD DR
0LQLVWpULR GD 'HIHVD FULDGD SHOD /HL Qž  GH  UHJXODPHQWDGD SHOR
'HFUHWR Qž  GH  FRP VHGH QR $HURSRUWR ,QWHUQDFLRQDO GH %UDVtOLD 
6HWRU GH &RQFHVVLRQiULDV /RWH  %UDVtOLD') H ,1)5$(52 HPSUHVD S~EOLFD
YLQFXODGD DR 0LQLVWpULR GD 'HIHVD FRP FULDomR DXWRUL]DGD SHOD /HL Qž  GH
VHGLDGDQD6&64XDGUD%ORFR$Qž(GLItFLR,QIUDHUR%UDVtOLD')
SHORVIDWRVHIXQGDPHQWRVDVHJXLUDGX]LGRV






(035(/,0,1$5

,±'$-867,d$*5$78,7$

2V UHTXHUHQWHV GHFODUDP QmR SRVVXtUHP FRQGLo}HV GH
VXSRUWDUHP FRP HYHQWXDLV {QXV GD SUHVHQWH DomR FRPR FXVWDV SURFHVVXDLV
KRQRUiULRV DGYRFDWtFLRV SHUtFLDV IRWRFySLDV DXWHQWLFDGDV HWF VHP SUHMXt]R GH VXD
SUySULDPDQWHQoDHGHVXDVIDPtOLDV

$VVLP QRV WHUPRV GD /HL Qž  UHTXHUHP VHMD
FRQFHGLGR R EHQHItFLR GD -XVWLoD *UDWXLWD HLV TXH SUHHQFKHP RV UHTXLVLWRV OHJDLV
DXWRUL]DGRUHV GH VXD FRQFHVVmR FRQIRUPH 'HFODUDo}HV GH +LSRVVXILFLrQFLD
)LQDQFHLUDDQH[DVDSUHVHQWHH[RUGLDO 'RF± 


'20e5,72


,'26)$726

,  '2 '(6$675( 2&255,'2 (0  12 $(5232572
,17(51$&,21$/'(6­23$8/2±&21*21+$6

(P  GH MXOKR GH  SRU YROWD GDV K XPD
$HURQDYH $LUEXV $ GD HPSUHVD DpUHD 7$0 ± 7UDQVSRUWHV $pUHRV GH 0DUtOLD ±
Y{RSURYHQLHQWHGH3RUWR$OHJUH56DRHIHWXDUSURFHGLPHQWRGHDWHUULVVDJHP
QR $HURSRUWR GH &RQJRQKDV HP 6mR 3DXOR&DSLWDO QD SLVWD SULQFLSDO QmR REWHYH
r[LWR QR SURFHGLPHQWR GH IUHQDJHP DUUHPHWHQGRVH H FROLGLQGR IURQWDOPHQWH QR
HGLItFLRGDHPSUHVD7$0([SUHVVVLWXDGRQD$YHQLGD:DVKLQJWRQ/XtVORFDOL]DGD
QRHQWRUQRGDVGHSHQGrQFLDVDHURSRUWXiULDV

+DYLDXPWRWDOGHSHVVRDVDERUGRGDDHURQDYHVHQGR
VHLVWULSXODQWHVDWLYRVHSDVVDJHLURV7RGDVDVSHVVRDVDERUGRIDOHFHUDPDOpPGH
RXWUDVSHVVRDVTXHVHHQFRQWUDYDPQRHGLItFLRGD7$0([SUHVV

$ FDWiVWURIH UHVXOWRX QD PRUWH GH  SHVVRDV HQWUH
WULSXODQWHV SDVVDJHLURV H SHVVRDO TXH VH HQFRQWUDYD QDV LQVWDODo}HV GD 7$0 QmR
KDYHQGR UHJLVWUR GH VREUHYLYHQWHV H ILFDQGR D DHURQDYH WRWDOPHQWH GHVWUXtGD FRPR
FRQVHTrQFLDGRLPSDFWRHGRJUDQGHLQFrQGLRTXHSHUGXURXSRUPXLWDVKRUDV







3DVVDGRV PDLV GH GRLV DQRV H PHLR GR PDLRU GHVDVWUH GD
KLVWyULDGDDYLDomREUDVLOHLUDDVFDXVDVHUHVSRQVDELOLGDGHVSHORUHIHULGRGHVDVWUHVmR
HYLGHQWHVFODUDVLUUHIXWiYHLVHHVWDUUHFHGRUDV

5HVVDOWDVHTXHDQWHVGDFKRFDQWHFDWiVWURIHKDYLGDDSLVWD
SULQFLSDO GR $HURSRUWR GH &RQJRQKDV WHYH VXDV REUDV GH UHFXSHUDomR LQLFLDGDV HP
 VHQGR OLEHUDGD SDUD XWLOL]DomR H YROWDQGR D RSHUDU HP 
FRQIRUPHR2ItFLRQž6,(%5GD$1$&GHDXWRULDGR6XSHULQWHQGHQWHGH,QIUD
HVWUXWXUD $HURSRUWXiULD /XL] .D]XPL 0L\DGD VHP D LPSODQWDomR GR ³JURRYLQJ´
SUHYLVWRQRUHVSHFWLYRSURMHWR

'HVWDFDVH TXH UHIHULGR RItFLR VRPHQWH LQIRUPRX VREUH D
OLEHUDomRGDSLVWDSULQFLSDOGRDHURSRUWRDSyVQRWtFLDGHTXHKRXYHDUHDOL]DomRGH
³UHXQL}HV GH FRRUGHQDomR HQWUH UHVSRQViYHLV GD ,1)5$(52 $1$& H GD
HPSUHLWHLUDUHVSRQViYHOSHODVREUDVGDSLVWDSULQFLSDO´FRQIRUPHFRORFDGRQRLWHP
E GR 2ItFLR Qž %56,(**2& WDPEpP GD $1$& DVVLQDGR SHOR PHVPR
6XSHULQWHQGHQWH

$VVLP DSHVDU GH QmR KDYHU GRFXPHQWDomR DFHUFD GDV
FRQGLo}HVGHVHJXUDQoDSDUDRSHUDomRGDSLVWDSULQFLSDOGR$HURSRUWRGH&RQJRQKDV
pFHUWRTXHDVGHOLEHUDo}HV UHVXOWDQWHVGDVUHIHULGDV UHXQL}HVJDUDQWLUDP HVVDV
FRQGLo}HVVHQGRDSLVWDHIHWLYDPHQWHOLEHUDGDSDUDIXQFLRQDPHQWR

,PSRUWDQWH UHVVDOWDU TXH DSyV D UHWRPDGD GRV SRXVRV H
GHFRODJHQV QD SLVWD SULQFLSDO QR ILQDO GH MXQKR GH  YROWDUDP D RFRUUHU RXWURV
HYHQWRV TXH GHPRQVWUDUDP D SUHFDULHGDGH GD PHVPD SRLV HP  YpVSHUD
GD FDWiVWURIH XP DYLmR PRGHOR $75 GD FRPSDQKLD DpUHD 3DQWDQDO GHUUDSRX
GHYLGR j KLGURSODQDJHP  QD PHVPD SLVWD SULQFLSDO SRU YROWD GDV KPLQ
SURYHQLHQWH GH $UDoDWXED63 TXH UHVXOWRX QD LQWHUGLomR GDV RSHUDo}HV DWp DV
KPLQ FRP FRQVHTHQWHV DWUDVRV QRV GHPDLV Y{RV SURJUDPDGRV QR DHURSRUWR
'RF 

$V FRQGLo}HV FOLPiWLFDV HUDP GHVIDYRUiYHLV FKRYHQGR
LQLQWHUUXSWDPHQWH GHVGH R GLD  GH MXOKR R TXH WRUQRX D SLVWD HVFRUUHJDGLD
FRQIRUPHWDPEpPQRWLFLDGRQDLPSUHQVD








$ UHVSHLWR RFRUUrQFLDV GH 3HULJR 5HODWyULRV GH 3HULJR 


IRUPDOL]DGDV SRU SLORWRV Mi LQGLFDYDP DV FRQGLo}HV GH LQVHJXUDQoD GD 3LVWD GH
&RQJRQKDV KDYHQGR WRWDO RPLVVmR GDV DXWRULGDGHV DHURQiXWLFDV HP SHUPLWLU TXH R
UHIHULGR $HURSRUWR SHUPDQHFHVVH RSHUDQGR HP GLDV FKXYRVRV H QDV FRQGLo}HV GH
FRPR VH HQFRQWUDYD D SLVWD FRQIRUPH VH YHULILFD QRV GRFXPHQWRV TXH LQVWUXHP D
H[RUGLDO 'RF 

1RWHVH TXH KRXYHGLYHUVRV UHSRUWHV UHIHUHQWH jV FRQGLo}HV
GDSLVWDHQWUHRVGLDVHWHQGRVHFRQVXPDGRXPDFLGHQWHFRPXPDDHURQDYHGH
WUDQVSRUWHUHJXODUQRGLDFRQIRUPHGHVFULWRDQWHULRUPHQWH

$VVLP DSHVDU GR DOWtVVLPR LQGtFLR GH IDOWD GH FRQGLo}HV
DGHTXDGDV GH VHJXUDQoD GD SLVWD SULQFLSDO GR $HURSRUWR GH &RQJRQKDV TXH VH
PRVWUD FODUDPHQWH HYLGHQFLDGR QRV GRFXPHQWRV MXQWDGRV QHQKXPD SURYLGrQFLD
DGPLQLVWUDWLYD IRL WRPDGD D QmR VHU VXD VLPSOHV LQWHUGLomR SRU EUHYHV SHUtRGRV
LQFOXVLYHQDPHVPDGDWDGRRFRUULGRDFLGHQWHHPYLUWXGHGHUHSRUWHIHLWRj7RUUHGH
&RQWUROHSRUYROWDGDVKRUDVSHOD(PSUHVD*RO±9{RHPYLUWXGHGHDSLVWD
HVWDUHVFRUUHJDGLD

0DLV XPD YH] YROWRX j SLVWD SULQFLSDO D VHU
RSHUDFLRQDOL]DGD QRUPDOPHQWH PHVPR FRP D FKXYD LQLQWHUUXSWD H
FRQVHTHQWHPHQWH DRV  KRXYH R GHVDVWUH DpUHR GH TXH RUD VH WUDWD
FDXVDQGRDPRUWHGRSDLGRVUHTXHUHQWHV 'RF 

5HVWD HYLGHQWH D RPLVVmR GH WRGRV RV GHPDQGDGRV
UHVSRQViYHLV SHOD ILVFDOL]DomR H DGPLQLVWUDomR XPD YH] TXH DV FDXVDV GD WUDJpGLD
RFRUUHUDPGLYHUVDVHVXFHVVLYDVYH]HVUHVXOWDQGRQRGHVDVWUHDQXQFLDGR

3RUWDQWR DV GHPDQGDGDV GHYHP VHU FRQGHQDGDV SHOD VXD
GHVtGLD H SRU DFHLWDUHP R ULVFR TXH FXOPLQRX QD PRUWH GR 6U (GXDUGR 0DQFLD
MXQWDPHQWHFRPFHUFDGHRXWUDVSHVVRDV


,±'$6&21',d®(63(662$,6'$9Ë7,0$(68$)$0Ë/,$

(GXDUGR 0DQFLD HUD EUDVLOHLUR FRQVXOWRU QDWXUDO GH
&XULWLED35FRPVHVVHQWDDQRVGHLGDGHQDpSRFDGRDFLGHQWHFDVDGRHPžQ~SFLDV
FRP D 6UD /tGLD 7DVVLQL 6LOYD 0DQFLD GHL[DQGR RV ILOKRV RUD UHTXHUHQWHV GH
žQ~SFLDVHRILOKR%HUQDUGR7DVVLQL0DQFLDGHžQ~SFLDV 'RFH'RF 







'XUDQWHHVWHVDQRVDYtWLPD(GXDUGR0DQFLDFRQVWUXLXXP
ODVWUR SURILVVLRQDO QR 5LR *UDQGH GR 6XO TXH OKHV SRVVLELOLWRX XPD UHGH GH
UHODFLRQDPHQWRV DIHWLYRV H SURILVVLRQDLV VLJQLILFDWLYRV VHQGR GLUHWRU H[HFXWLYR GH
HPSUHVDV PXOWLQDFLRQDLV DSRVHQWDQGRVH SRU WHPSR GH VHUYLoR H FRQWLQXDQGR VHX
WUDEDOKR GH FRQVXOWRULD DWUDYpV GD HPSUHVD GH SUHVWDomR GH VHUYLoRV SRU HOH
FRQVWLWXtGDD7DVVLQL0DQFLD&RQVXOWRULD 'RF± 

'XUDQWH RV ~OWLPRV DQRV YLDMRX PXLWR WDQWR SHOR %UDVLO
FRPRSHOR([WHULRU86$$PpULFD&HQWUDO(XURSD$PpULFDGR6XOFRPRXPDGDV
IRUPDVGHGHVHQYROYHUFRQKHFLPHQWRFXOWXUDHOD]HU

1R DXJH GH VXD FDSDFLGDGH SURILVVLRQDO FRQFUHWL]RX R
VRQKRGHFRQVWUXLUXPDFDVDHPFRQGRPtQLRIHFKDGRQDFLGDGHGH3RUWR$OHJUHHP
SRQWRSULYLOHJLDGR FDVD HVWDTXH IRL FRQVWUXtGD H GHFRUDGD j ULJRUSDUD R LQWHUHVVH
FRQIRUWR H QHFHVVLGDGHV GD IDPtOLD FRP iUHD DPSOD GH OD]HU iUHD VRFLDO SDUD
GHVIUXWDUHFRPSDUWLOKDUFRPDIDPtOLDUHXQLGDHVSRVDILOKRVHQHWRVEHPFRPRFRP
RH[WHQVRQ~PHURGHDPLJRV

2VRUDUHTXHUHQWHVSRVVXtDPIRUWHLGHQWLILFDomRFRPRSDL
TXH DFRPSDQKRX R GHVHQYROYLPHQWR H FUHVFLPHQWR GH DPERV HVWDQGR VHPSUH
SUHVHQWHHPXLWRDPRURVR

1mR Ki FRPR QHJDU TXH D YLROHQWD PRUWH GD YtWLPD
UHSUHVHQWD XPD JUDQGH SHUGD SDUD RV UHTXHUHQWHV TXH VHPSUH OKHV DSRLRX
PRUDOPHQWH HHGXFDFLRQDOPHQWHSDVVDQGRHVWHVD VRIUHUHP GRORURVRV PRPHQWRVGH
VRIULPHQWRSHODDXVrQFLDSDWHUQD

7DPEpP UHVVDOWDVH TXH D YtWLPD (GXDUGR 0DQFLD HUD R
~QLFR ODoR DIHWLYR GRV UHTXHUHQWHV SRLV HP IHYHUHLUR GR DQR  Mi KDYLDP
FRQYLYLGR FRP D GRU GR IDOHFLPHQWR GD PmH $VVLP WRGRV RV ODoRV DIHWLYRV
GXSOLFDUDPVH DR SDL D IRUWDOH]D ~QLFD TXH HUD DR PHVPR WHPSR SDL H PmH
'RF± 
2XWURDVSHFWRTXHVHKiGHUHVVDOWDUpTXHDYtWLPDWDPEpP
VHPSUH DSRLRX ILQDQFHLUDPHQWH RV UHTXHUHQWHV LQFOXVLYH GLVSRQLELOL]DQGR D FDGD
ILOKR XP LPyYHO WHUUHQR  DPERV VLWXDGRV QD &LGDGH GH -RLQYLOOH6& DSULPRUDQGR
VHPSUHSHOREHPHVWDUGRVVHXVILOKRVHQHWRV 'RF± 








(GXDUGR 0DQFLD VHPSUH FRPSDQKHLUR DPLJR H DPRURVR


WDPEpP SRVVXtD IRUWH LGHQWLILFDomR FRP RV  QHWRV 'RF  FRQWDQGR HVWHV FRP
 PHVHV   H  DQRV GH LGDGH QD pSRFD GR DFLGHQWH GR DY{ 2V QHWRV
UHSUHVHQWDYDP XPD JUDQGH DOHJULD HP VXD YLGD SRLV PHVPR PRUDQGR HP FLGDGHV
GLVWLQWDV VHPSUH GHVIUXWDYDP WRGRV RV PRPHQWRV SRVVtYHLV PHGLDQWH XP JUXSR
IDPLOLDUGHFRPSOH[DLGHQWLGDGHDPRURVDHQWUHSDLVILOKRVHQHWRV

2 IRUWH ODoR DIHWLYR TXH SRVVXtDP FRP D YtWLPD WDPEpP
UHVWDHYLGHQFLDGDSHODSRVWHULRUKRPHQDJHPDRJUDQGHSDLHDPLJRTXHWLYHUDPSRLV
RV UHTXHUHQWHV 0DUFHOOR )DELDQR 0DQFLD H /XFLDQR 5RGULJR 0DQFLD FRP PXLWR
FDULQKR UHJLVWUDUDP VHXV ILOKRV QDVFLGRV HP  H  FRP LJXDO
QRPH GR SDL TXDLV VHMDP (GXDUGR )UDQFLVFR %HUWROL 0DQFLD H (GXDUGR 0DQFLD
1HWR QHWRV HVWHV TXH LQIHOL]PHQWH R 6U (GXDUGR 0DQFLD VHTXHU SRGH FRQKHFHU
'RF 

'LDQWH GR DFLGHQWH UHVWD HYLGHQWH TXH RV ILOKRV GD YtWLPD
$QGUpD /XFLDQR H 0DUFHOOR VRIUHUDP IRUWH DEDOR SVLFROyJLFR H HPRFLRQDO
SURPRYHQGR GRORURVRV PRPHQWRV GH VRIULPHQWR PDQLIHVWDGR SHOD IDOWD GR SDL H D
LQFRQIRUPLGDGHFRPRDFRQWHFLGRUHVXOWDQGRHPJUDYHVSUHMXt]RVHPRFLRQDLV

$RVILOKRVGDYtWLPDURXERXVHRSDLRPRGHORPDVFXOLQR
R DPRU UHFtSURFR D RULHQWDomR R DFRQVHOKDPHQWR RV OLPLWHV QDWXUDLV R
FRPSDQKHLULVPRVHPSUHSHUPDQHQWHQXPDIDPtOLDHVWUXWXUDGDFRPRDTXHDWpHQWmR
WLYHUDP
'DGD D QDWXUH]D DIHWLYD FRUGLDO H LQWHUHVVDGD GH (GXDUGR
0DQFLDRVUHTXHUHQWHVVHPSUHWLYHUDPQRSDLXPDIRUWDOH]DDLQVWkQFLDSDUDDDMXGD
HDFRQVHOKDPHQWRTXHMDPDLVOKHVIRLQHJDGRHTXHGUDVWLFDPHQWHOKHIRLWLUDGR

2XWUR DVSHFWR TXH VH Ki GH UHVVDOWDU DSyV D WUiJLFD PRUWH
GRSDLpRDEDORSVLFROyJLFRTXHRV5HTXHUHQWHVVRIUHPVyGHSHQVDUQDSRVVLELOLGDGH
GH YLDMDU GH DYLmR YLVWR TXH VmR LQYDGLGRV SRU XPD DQVLHGDGH LPHQVD H SRU
SHQVDPHQWRVDWRUGRDQWHVTXHRVDSDYRUDP

'LDQWH GR H[SRVWR DV FRQVHTrQFLDV WUDXPiWLFDV
DFDUUHWDGDV j IDPtOLD SHOR DFLGHQWH HP TXHVWmR VmR GDV PDLV JUDYHV SRVVtYHLV VHXV
UHIOH[RVVHUmRVHQWLGRVSHORVILOKRVSHORUHVWRGHVHXVGLDVMiTXHDPRUWHGRSDLGD
IRUPD HP TXH RFRUUHX FDXVD LPSDFWR SVLFROyJLFR LUUHYHUVtYHO TXH MDPDLV VHUi
HVTXHFLGR






2UD ([FHOrQFLDV UHVWD HYLGHQWH TXH D PRUWH GH (GXDUGR


0DQFLDQRDFLGHQWHGRY{RJHURXGDQRVHSHUGDVH[RUELWDQWHVTXDQWRjIDPtOLD
H TXH WDO VLWXDomR QmR SRGH VHU UHIHLWD SRLV LQH[LVWH SUHoR RX YDORUDomR TXH SRVVD
FRQGX]LUDRHVWDGRQRUPDOGDVFRLVDV(QWUHWDQWRDTXHOHVTXHVmRUHVSRQViYHLVSHOD
RFRUUrQFLD GH WDLV IDWRV GHYHP UHSDUDU D IDPtOLD TXH FRQYLYHUi FRP D OHPEUDQoD H
FRPDIDOWDTXHOKHVID]RHQWHTXHULGR

$RV UHTXHUHQWHV IRL LPSRVWD D WDUHID TXDVH VREUHKXPDQD
GHVREUHYLYHUHGHDJLUFRPPXLWDVDXGDGHVHQWLPHQWRGHLQMXVWLoDSHUGDLUUHSDUiYHO
H SHUSOH[LGDGH GLDQWH GH XPD UHDOLGDGH TXH QmR HVSHUDYDP 9LUDPVH SULYDGRV GR
SDLVHXDSRLRHVHXDPRU

$VVLP UHVWD SOHQDPHQWH GHYLGD D LQGHQL]DomR SRU GDQRV
PRUDLVDQWHRVRIULPHQWRHDGRUSVtTXLFDDVHUIDUGDGDSHORUHVWRGDYLGDGRVILOKRV
GDYtWLPDSHORGDQRPRUDOFDXVDGRSRUVHUGHMXVWLoD


,,'$6&$86$6(5(63216$%,/,'$'(6
3(/2'(6$675(

$ WUDJpGLD DPSODPHQWH GLYXOJDGD SHOD PtGLD QmR IRL D
SULPHLUD QHP D VHUi D ~OWLPD D RFRUUHU SRU FXOSD GH DOJXPDV LQVWLWXLo}HV QDFLRQDLV
TXHVHMDSRUIDOWDGHUHFXUVRVVHMDSRUSXUDQHJOLJrQFLDDVVXPHPRULVFRGHFDXVDUD
PRUWH GH FHQWHQDV GH SHVVRDV DOpP GH GHL[DU R VLVWHPD DpUHR LPSUHVFLQGtYHO SDUD
JUDQGHSDUWHGDSRSXODomREUDVLOHLUDHPGHVFUpGLWRDXPHQWDQGRDLQVHJXUDQoDWDQWR
GRV SDVVDJHLURV TXDQWR GDTXHOHV TXH WUDEDOKDP SDUD FRORFDU R VLVWHPD HP
IXQFLRQDPHQWR

$ LPSRUWkQFLD H VHQVLELOLGDGH GR VHUYLoR GH WUDQVSRUWH
DpUHR GHPDQGDP XPD ILUPH ILVFDOL]DomR GH WRGRV RV HQYROYLGRV QD FDGHLD GH
IRUQHFLPHQWR GHVWH VHUYLoR $VVLP QD RFRUUrQFLD GH GHVDVWUHV GHVWD SURSRUomR
FRPSHWHjVDXWRULGDGHVEXVFDUDSXUDUGDIRUPDPDLVFRPSOHWDSRVVtYHODVFDXVDVH
RV UHVSRQViYHLV $V PHGLGDV D VHUHP WRPDGDV GHYHP VHU LPHGLDWDV GUiVWLFDV H GH
FXPSULPHQWR REULJDWyULR D ILP GH VH FRQVHJXLU DFLPD GH WXGR SUHYHQLU TXH PDLV
IDPtOLDV VHMDP GHVWUXtGDV SHOD RPLVVmR GRV yUJmRV TXH GHYHULDP ]HODU SHORV
SDVVDJHLURV







5HVWD HYLGHQWH TXH D WUDJpGLD IRL UHVXOWDQWH GH XPD


VRPDWyULDGHIDWRUHVTXHSRGHULDWHUVLGRHYLWDGDYLVWRTXHVyRFRUUHXGHYLGRjDomR
RXRPLVVmRGHVWDV(QWLGDGHV

1HPVHIDOHQRFDUiWHUFRPSHQVDWyULRTXHWDPEpPGHYHVHU
EXVFDGRSHORVIDPLOLDUHVGDVYtWLPDVGHGHVDVWUHVDpUHRVMiTXHSRUPDLRUTXHVHMDD
FRQGHQDomRSHFXQLiULDMDPDLVFRPSHQVDUiDSHUGDKDYLGDGHXPHQWHTXHULGR


,,±'$6&$86$6'(7(50,1$17(63$5$$75$*e',$

3HODV LQIRUPDo}HV DSXUDGDV DWp R PRPHQWR VHMD SHORV
LQTXpULWRV SROLFLDLV ± ,3 H ,3 'RF ±  H 'RF    VHMD SHODV
LQYHVWLJDo}HV GD &(1,3$ ± &HQWUR GH ,QYHVWLJDomR H 3UHYHQomR GH $FLGHQWHV
$HURQiXWLFRV GLVSRQLELOL]DGDV SDUD ILQV GH SUHYHQomR 'RF ±   WHPVH TXH R
GHVDVWUHKDYLGRQRGLDVHGHXSHODVVHJXLQWHVFDXVDV

e S~EOLFR H QRWyULR LQFOXVLYH PHQFLRQDGR SRU XP GRV
FRPDQGDQWHV GD DHURQDYH UHJLVWUDGR SHOD FDL[D SUHWD GH YR] TXH DPERV RV SLORWRV
VDELDPTXHDHURQDYHHVWDYDVHPXPGRVUHYHUVRV 'RF± 

2UHYHUVRpXPVLVWHPDSDUDDX[LOLDUDIUHQDJHP&RPXP
GRV UHYHUVRV WUDYDGR SLQDGR  FRPR RFRUUHX TXDQGR GR GHVDVWUH D DHURQDYH WHP
GLILFXOGDGHV QD IUHQDJHP $ UHVSRQVDELOLGDGH QHVVH FDVR p GD FRPSDQKLD DpUHD H
SULQFLSDOPHQWHGDVDXWRULGDGHVTXHGHYHPILVFDOL]iODQRFDVRD$1$&

7DPEpP VDEHVH TXH R PDQHWH GH YHORFLGDGH GH XPD GDV
WXUELQDV HVWDYD QD SRVLomR HUUDGD Mi TXH SDUD IUHQDJHP GHYHULDP HVWDU HP SRVLomR
LGOH UHYHUVH RX VHMD SRQWR PRUWR UHYHUVR (QWUHWDQWR XP GRV PDQHWHV HVWDYD QD
SRVLomRGHDFHOHUDomRHQHVVDVLWXDomRRFRPSXWDGRUGHERUGRUHFHEHRUGHPSDUDD
DHURQDYHDFHOHUDUHQmRFRPRGHYHULDVHUIUHDU

$VVLP R UHYHUVR p LPSRUWDQWH SDUD IUHDU R DYLmR p HP
UHDOLGDGH R TXH IUHLD D DHURQDYH HP DOWD YHORFLGDGH &RQVHTHQWHPHQWH HP SLVWD
FXUWDHPROKDGDRVUHYHUVRVRSHUDQWHVGmRPXLWRPDLVVHJXUDQoDSDUDIUHDUDV
DHURQDYHV








$GHPDLV UHVWRX DPSODPHQWH GHPRQVWUDGR SHODV


LQYHVWLJDo}HVMiIHLWDVHGLYXOJDGDVTXHDVFRQGLo}HVGDSLVWDSULQFLSDOGH&RQJRQKDV
GHVDFRQVHOKDYDP IRUWHPHQWH R SRXVR GH DHURQDYHV GH JUDQGH SRUWH SRUTXH D  p
FXUWD E  HVWDYD VHP JURRYLQJ F  FRP PDFURWH[WXUD GR DVIDOWR DEDL[R GR SDGUmR
PtQLPRGHVHJXUDQoDH[LJLGR G QRPRPHQWRGRGHVDVWUHHVWDYDPROKDGDH H QmR
SRVVXLXPDVHJXUDiUHDGHHVFDSH

$LQGD FRQIRUPH GLYXOJDGR SHOR &HQWUR GH ,QYHVWLJDomR H
3UHYHQomRGH$FLGHQWHV$HURQiXWLFRV &(1,3$ YDOHGHVWDFDU

 2 $HURSRUWR GH &RQJRQKDV QmR HUD FHUWLILFDGR QRV
WHUPRVGR5%+$jpSRFDGRDFLGHQWH
 $V REUDV QR WHUPLQDO GH SDVVDJHLURV H QR SiWLR GH
HVWDFLRQDPHQWR GR $HURSRUWR GH &RQJRQKDV FRQFOXtGDV HP  QmR IRUDP
KRPRORJDGDV

1mRIRLUHDOL]DGDLQVSHomRDHURSRUWXiULDHVSHFLDOGXUDQWH
QHQKXPDGDVREUDVUHDOL]DGDVQR$HURSRUWRGH&RQJRQKDVHFRQFOXtGDVHP

 $Wp D GDWD GR DFLGHQWH D SLVWD SULQFLSDO GH &RQJRQKDV
QmRGLVSXQKDGR5(6$

 $ SLVWD SULPFLSDO GH &RQJRQKDV DSUHVHQWRX GXUDQWH
PXLWR WHPSR EDL[RV FRHILFLHQWHV GH DWULWR H LUUHJXODULGDGHV QD VXD VXSHUItFLH
HQVHMDQGRRDF~PXORGHiJXD

(PD$1$&UHFRQKHXDQHFHVVLGDGHGHTXHR
RSHUDGRU WLYHVVH SDUD D RSHUDomR HP &RQJRQKDV FRP SLVWD PROKDGD WRGRV RV
UHYHUVRVGHHPSX[RRSHUDQWHV

(PGHMXQKRGHGHXVHDYROWDQDVRSHUDo}HVQD
SLVWD SULQFLSDO GH &RQJRQKDV DSyV D UHFXSHUDomR GH VHX SDYLPHQWR PDV DQWHV GD
IHLWXUDGR³JURRYLQJ´

 2 $HURSRUWR GH &RQJRQKDV RSHURX VRE FKXYD GRV GLDV
HGHMXOKRGH

 1R GLD  GH MXOKR XPD DHURQDYH GH WUDQVSRUWH UHJXODU
DFLGHQWRXVHDRDTXDSODQDUVREUHDSLVWDSULQFLSDOGH&RQJRQKDVGXUDQWHRSRXVR







1RPRPHQWRGRDFLGHQWHFRPR--UHJLVWUDYDVHXP
YROXPHGHSUHFLSLWDomRGHPPHP&RQJRQKDV

$VREUDVUHDOL]DGDVQRWHUPLQDOGHSDVVDJHLURVHQRSiWLR
GH HVWDFLRQDPHQWR QmR UHFHEHUDP IRUPDOPHQWH D DXWRUL]DomoR SUpYLD HVWDEHOHFLGD
QD,$&

(VVHV IRUDP IDWRUHV GHWHUPLQDQWHV SDUD D WUDJpGLD H DV
PRUWHV SHODV TXDLV GHYHP UHVSRQGHU D ,QIUDHUR QD TXDOLGDGH GH DGPLQVWUDGRUD D
$1$&DTXHPFRPSHWHILVFDOL]DUHSRUFRQVHTrQFLDD8QLmR)HGHUDO

&DEH SRUWDQWR D UHVSRQVDELOL]DomR GDV GHPDQGDGDV FXMDV
Do}HV DXWRUL]DQGRSRXVRQDVFRQGLo}HVDFLPD HRPLVV}HV GHL[DQGRDVFRQGLo}HVGD
SLVWD SULQFLSDOGH FRQJRQKDVFKHJDUHP D WDO SRQWRGHVFXPSULQGRQRUPDVGHDPSOR
FRQKHFLPHQWR FXOPLQDUDPQDPDLRUWUDJpGLDGDDYLDomRFLYLOEUDVLOHLUD


,,±'$5(63216$%,/,'$'('$$1$&('$81,­2)('(5$/

$ $1$&  $JrQFLD 1DFLRQDO GH $YLDomR &LYLO p XPD
DXWDUTXLD IHGHUDO YLQFXODGD DR 0LQLVWpULR GD 'HIHVD FULDGD SHOD /HL Qž  GH
UHJXODPHQWDGDSHOR'HFUHWRQžGH7HPSRUILQDOLGDGH
³UHJXODU H ILVFDOL]DU DV DWLYLGDGHV GH DYLDomR FLYLO H GH LQIUDHVWUXWXUD
DHURQiXWLFDHDHURSRUWXiULD´

'HQWUHDVDWULEXLo}HVHFRPSHWrQFLDVHVWDEHOHFLGDVSHODOHL
j GLUHWRULD GD $1$& FRPSHWH ³FRQFHGHU RX DXWRUL]DU D H[SORUDomR GD LQIUD
HVWUXWXUDDHURQiXWLFDHDHURSRUWXiULDEHPFRPRH[HUFHURSRGHUQRUPDWLYRGD
$JrQFLD´

0DLV LPSRUWDQWH DLQGD FDEH j $1$& ILVFDOL]DU D
SUHVWDomR GH VHUYLoRV DpUHRV DVVHJXUDQGR R SULQFtSLR GD FRQILDELOLGDGH GR
VHUYLoR S~EOLFR R FXPSULPHQWR GH SDGU}HV GH HILFLrQFLD VHJXUDQoD
UHJXODULGDGHFRQWLQXLGDGHDWXDOLGDGHJHQHUDOLGDGHHFRUWHVLDQDSUHVWDomRGRV
VHUYLoRVS~EOLFRV







([FHOrQFLDVYHMDVHTXHpFODURRWHRUGD/HLQTXH
FULDD$1$&HPVHXDUWLJRžDRHVWDEHOHFHURVGHYHUHVHFRPSHWrQFLDVGD$1$&
GHQWUHRVTXDLVPHUHFHGHVWDTXH
 
; ± UHJXODU H ILVFDOL]DU RV VHUYLoRV DpUHRV RV SURGXWRV H
SURFHVVRV DHURQiXWLFRV D IRUPDomR H R WUHLQDPHQWR GH
SHVVRDO HVSHFLDOL]DGR RV VHUYLoRV DX[LOLDUHV D VHJXUDQoD
GD DYLDomR FLYLO D IDFLOLWDomR GR WUDQVSRUWH DpUHR D
KDELOLWDomR GH WULSXODQWHV DV HPLVV}HV GH SROXHQWHV H R
UXtGR DHURQiXWLFR RV VLVWHPDV GH UHVHUYDV DV
PRYLPHQWDo}HV GH SDVVDJHLURV H FDUJD H DV GHPDLV
DWLYLGDGHVGDDYLDomRFLYLO

;,; ± UHJXODU DV DXWRUL]Do}HV GH KRUiULRV GH SRXVR H
GHFRODJHP GH DHURQDYHV FLYLO REVHUYDGDV DV
FRQGLFLRQDQWHV GH FRQWUROH GR HVSDoR DpUHR H GD LQIUD
HVWUXWXUDDHURSRUWXiULDGLVSRQtYHO

;;, ± UHJXODU H ILVFDOL]DU D LQIUDHVWUXWXUD DHURQiXWLFD H
DHURSRUWXiULD FRP H[FHomR GDV DWLYLGDGHV H
SURFHGLPHQWRVUHODFLRQDGRV FRP RVLVWHPD GH FRQWUROH GR
HVSDoRDpUHRHFRPRVLVWHPDGHLQYHVWLJDomRHSUHYHQomR
GHDFLGHQWHVDHURQiXWLFRV

;;,, ± DSURYDU RV SODQRV GLUHWRUHV GRV DHURSRUWRV H RV
SODQRVDHURYLiULRVHVWDGXDLV

;;9,,, ± DSURYDU H ILVFDOL]DU D FRQVWUXomR UHIRUPD H
DPSOLDomRGHDHUyGURPRVHVXDDEHUWXUDDRWUiIHJR

;;; ± H[SHGLU QRUPDV H HVWDEHOHFHU SDGU}HV PtQLPRV GH
VHJXUDQoD GH Y{R GH GHVHPSHQKR H HILFLrQFLD D VHUHP
FXPSULGRVSHODVSUHVWDGRUDVGHVHUYLoRVDpUHRVHGHLQIUD
HVWUXWXUD DHURQiXWLFD H DHURSRUWXiULD LQFOXVLYH TXDQWR D
HTXLSDPHQWRV PDWHULDLV SURGXWRV H SURFHVVRV TXH
XWLOL]DUHPHVHUYLoRVTXHSUHVWDUHP








(PVtQWHVHFRPSHWHj$1$&ILVFDOL]DUDDYLDomRFLYLOH
JDUDQWLUDVXDVHJXUDQoDHFRQILDELOLGDGH

$VVLP D $1$& GHYH VHU UHVSRQVDELOL]DGD SHOD SpVVLPD
ILVFDOL]DomRH[HUFLGDVHMDVREUHDFRPSDQKLDDpUHD±7$0VHMDFRPUHODomRjLQIUD
HVWUXWXUDDSUHVHQWDGDSHORDHURSRUWRGH&RQJRQKDVHSHODVGHFLV}HVGD,1)5$(52
QRGLDGDWUDJpGLD

$GHPDLVWDPEpPFXPSUHVDOLHQWDURIDWRGHFRQKHFLPHQWR
HGRPtQLRS~EOLFRTXHVHHVWDEHOHFHXQR3DtVGHVGHRDFLGHQWHDpUHRFRPRY{RGD
HPSUHVD *2/ RFRUULGR TXDVH XP DQR DQWHV GD WUDJpGLD TXH YLWLPRX (GXDUGR
0DQFLD XP YHUGDGHLUR GHVFRQWUROH GHVFDODEUR H GHVRULHQWDomR TXH SDVVRX D VHU
FRQKHFLGRFRPR&$26($3$*­2$e5(2HPWRGRRWHUULWyULRQDFLRQDO

2 DPSODPHQWH GLYXOJDGR QRWLFLDGR H VRIULGR FDRV DpUHR
TXH YLJHX QR 3DtV FRQVLVWHQWH HP DWUDVRV FDQFHODPHQWRV FRQIOLWRV GH MXULVGLomR
HQWUH 0LQLVWpULRV GD 'HIHVD H $HURQiXWLFD QR WRFDQWH DRV FRQWURODGRUHV GH WUiILFR
DpUHR JHURX HP WRGRV RV RSHUDGRUHV SLORWRV H DHURYLiULRV HP JHUDO DHURSRUWRV H
SDVVDJHLURVXPFOLPDGHLQWHQVRQHUYRVLVPRLQWUDQTLOLGDGHHLQVHJXUDQoDVHPTXHD
81,­2 )('(5$/ D $1$& H D ,1)5$(52 WRPDVVHP TXDOTXHU LQLFLDWLYD
SUyDWLYD QR VHQWLGR GH UHVROYHU D TXHVWmR SHUPDQHFHQGR HP HVWDGR GH LQpUFLD
DWHUUDGRUHQTXDQWRP~WXDVDFXVDo}HV HUDP YHUEHUDGDV DRS~EOLFRRV FRQWURODGRUHV
GH Y{R HQWUDYDP HP JUHYH H HUDP SXQLGRV RX SURFHVVDGRV VHP HTXLYDOrQFLD
TXDOLWDWLYDHTXDQWLWDWLYDSDUDDVXEVWLWXLomR

)RUDPPHVHVHPHVHVGHEDOE~UGLDHGHVFRQWUROHHPTXHVH
FULRX XP YiFXR GH SRGHU GR TXDO HPHUJLD FRP JUDQGLRVD LQFRPSHWrQFLD H
LQDSHWrQFLD SDUD DV VROXo}HV VHQGR D $1$& MXVWDPHQWH R yUJmR D TXHP FRPSHWLD
SRURUGHPQRVHWRU

2 DF~PXOR GH GHVOHL[RV H GHVLQIRUPDomR DWLQJLX QtYHLV
LQDFUHGLWiYHLV OHYDQGR FRQVXPLGRUHV H DHURYLiULRV LQFOXLQGR Dt FRPDQGDQWHV H
WULSXODo}HVGHDHURQDYHVDRTXDVHSDUR[LVPR

6LPXOWDQHDPHQWHHUDPGLYXOJDGDVQRWtFLDVDWHUURUL]DQWHVGH
TXDVH DFLGHQWHV TXDVH FROLV}HV DpUHDV WUDJpGLDV HYLWDGDV SRU PLOtPHWURV H SRU
PLOpVLPRVGHVHJXQGRHOHYDQGRRQHUYRVLVPRJHUDO







6REUHWXGR HQWUH RV Mi QHUYRVRV H HVWUHVVDGRV VHWRUHV GH


FRQWUROH GRV DHURSRUWRV RQGH SRU VXD YH] D ,1)5$(52 FRRSHUDYD FRP LQFUtYHO
LQFRPSHWrQFLDSDUDTXHRFDRV DXPHQWDVVH DV ILVFDOL]Do}HVGHURWLQD HREULJDWyULDV
QmR IRVVHP IHLWDV FRP D TXDOLGDGH QHFHVViULD H LQGLVSHQViYHO WUD]HQGR
FRQVHTrQFLDV SVLFROyJLFDV LQHYLWiYHLV GHFRUUHQWHV GD DOWtVVLPD WHQVmR RSHUDFLRQDO
WUDQVILJXUDGD HP PHGR GH HUUDU HP GHVFUHQoD QDV URWLQDV SURSLFLDQGR D
SRVVLELOLGDGHHRFRUUrQFLDFDGDYH]PDLRUHFRQVWDQWHGHHTXtYRFRVHHUURV

1HVVH YLpV R 3RGHU 3~EOLFR QHVWH FDVR D 81,­2
)('(5$/ H VHXV yUJmRV ,1)5$(52 H $1$& PDLV SUHRFXSDGR FRP UHWDOLDo}HV
SROtWLFDVMRJRVGHLQIOXrQFLDGLVSXWDVGHSRGHUHWUDQVIHUrQFLDGHUHVSRQVDELOLGDGHV
QXP TXDVH LQIDQWLO MRJR GH HPSXUUDHPSXUUD HP TXH Vy VH IDODYD H QDGD VH ID]LD
FRQWULEXLXDWLYDPHQWHSDUDTXHD GHVRUJDQL]DomRVH HVWDEHOHFHVVH FRPR UHJUD HD
GHVLQIRUPDomRFRPRURWLQD

$ FRQFRUUrQFLD GDV FDXVDV DSXUDGDV FXOPLQRX QD WUDJpGLD
FRPRY{RGD7$0

$LQGDRPDLVDVVXVWDGRULPSUHVVLRQDQWHHUHYROWDQWHpTXH
FRPRDJRUDVHVDEHDVDXWRULGDGHVFRPSHWHQWHVRUDUpVHDSUySULDFRPSDQKLDDpUHD
7$0VDELDPGRVIDWRVHSUHYLDPTXHQDFRQFRUUrQFLDGDVFRQGLo}HVYHULILFDGDVDV
FRQVHTrQFLDV VHULDP QDGD PDLV QDGD PHQRV GR TXH R GHVDVWUH TXH DFDERX SRU
RFRUUHUYLWLPDQGRRSDLGRVUHTXHUHQWHVHQWUHTXDVHGXDVFHQWHQDVGHSHVVRDVTXH
FRPRTXDOTXHUXPGHQyVYLDMDHPDHURQDYHVFRQILDQGRQDVHVWUXWXUDVDHURQiXWLFDV
RIHUHFLGDV

9HMDVHTXHHPGHMDQHLURGHD$1$&SXEOLFRXD
,65%+$TXHDSUHVHQWDYDLQVWUXo}HVSDUDRSHUDo}HVGHDHURQDYHVHPSLVWD
PROKDGD $ UHVSHLWR LPSRUWDQWH UHVVDOWDU R GHSRLPHQWR SUHVWDGR SRU *LOEHUWR
6FKLWWLQL QRV DXWRV GR ,QTXpULWR 3ROLFLDO  *HUHQWH GH 3DGUmR H $YDOLDomR GH
$HURQDYHVGD$1$&SRLVHVWHUHODWDTXHDSDUWLUTXHDQRUPDGD,65%+$
IRL SDUD R VLWH HP  HOD GHYHULD VHU FXPSULGD VHQGR TXH QR DFLGHQWH HP
DQRUPDGD$1$&HUDYiOLGD

'HQWUHDVLQVWUXo}HVDSUHVHQWDGDVPHUHFHGHVWDTXHGHTXH
R RSHUDGRU GHYH SUHSDUDU D OLVWD GH HTXLSDPHQWRV PtQLPRV DSUHVHQWDQGR D
UHVWULomRSDUDRSHUDomRHPSLVWDPROKDGDFRP³DQWLVNLG´ VLVWHPDTXHLPSHGHD
DHURQDYH GH SDWLQDU QD SLVWD  HRX FRP UHYHUVR LQRSHUDQWH IDWR TXH DIDVWD
TXDLVTXHUG~YLGDVGHTXHHUDSRVVtYHOSUHYHUHLPSHGLURGHVDVWUH







$ LQVWUXomR DFLPD DSHQDV UDWLILFRX HQWHQGLPHQWR DQWHULRU
MiTXHRSUySULR6U-RVp&DUORV3HUHLUDHQWmR3UHVLGHQWHGD,QIUDHURQDpSRFDGD
WUDJpGLDDILUPRXHPVHXGHSRLPHQWRSUHVWDGRQRVDXWRVGR,QTXpULWR3ROLFLDO
TXH LQYHVWLJRX R GHVDVWUH HP WHOD DFHUFD GD RFRUUrQFLD GH XPD UHXQLmR HP
UHDOL]DGDSHOD$1$&'(&($H,QIUDHURHPTXHIRLGHFLGLGRTXH³QD
RFRUUrQFLD GH SLVWD PROKDGD HP &RQJRQKDV DV $HURQDYHV Vy SRGHULDP SRXVDU
FRPWRGRVRVUHYHUVRVRSHUDQWHV´

$LQGD D PHVPD LQVWUXomR UHFRPHQGDYD TXH TXDQGR R
DHURSRUWR GH SRXVR HVWLYHVVH FRP D SLVWD PROKDGD D WULSXODomR GHYHULD FRQVLGHUDU
SURVVHJXLU SDUD R DHURSRUWR GH DOWHUQDWLYD FRP PHOKRUHV FRQGLo}HV PHWHRUROyJLFDV
HP IXQomR GDV FRQGLo}HV GR DYLmR H GD SLVWD SHVR VLVWHPDV HP RSHUDomR SLVWD
FRQWDPLQDGDHHWF 
2UDpHYLGHQWHTXHDWpPHVPRRDHURSRUWRGH*XDUXOKRVQD
PHVPD FLGDGH GH 6mR 3DXOR SHODV FRQGLo}HV GH SLVWD DSUHVHQWDVH HP PHOKRUHV
FRQGLo}HV GH UHFHEHU RV Y{RV QDTXHOD GDWD VHQGR TXH DV GHPDQGDGDV GHYHULDP WHU
WRPDGRDVGHYLGDVSURYLGrQFLDVPDQWHQGRIHFKDGDDSLVWDSULQFLSDOGH&RQJRQKDV

$SHQDV SDUD GHPRQVWUDU R TXmR HYLGHQWH IRL R ULVFR
DVVXPLGR SHODV DXWRULGDGHV RUD UpV DR DXWRUL]DU SRXVR QD SLVWD PROKDGD GH
&RQJRQKDV VHP TXH D DHURQDYH HVWLYHVVH FRP VHX HTXLSDPHQWR FHP SRU FHQWR HP
RUGHPYLVWRRGHIHLWRHPXPGRVUHYHUVRV

3RUWDQWRUHVWDFODURDUHVSRQVDELOLGDGHGD$1$&HPIDFH
GD VXD FRPSHWrQFLD UHJXODGRUD H ILVFDOL]DGRUD EHP FRPR GD 81,­2 )('(5$/
TXH SRU XP ODGR p D WLWXODU GR VHUYLoR GH WUDQVSRUWH DpUHR H GH LQIUDHVWUXWXUD
DHURSRUWXiULR H SRU RXWUR PDLV GLUHWDPHQWH SRU LQWHJUDU D VXD HVWUXWXUD GLUHWD R
'(&($yUJmRGD$HURQiXWLFDpUHVSRQViYHOSHODDWXDomRGRVFRQWURODGRUHVGHY{R
HGDWRUUHGHFRPDQGRQR$HURSRUWRGH&RQJRQKDV


,,±'$5(63216$%,/,'$'('$,1)5$(52

$ ,QIUDHUR  (PSUHVD %UDVLOHLUD GH ,QIUD(VWUXWXUD
$HURSRUWXiULDHPSUHVDS~EOLFDWDPEpPYLQFXODGDDR0LQLVWpULRGD'HIHVDWHYHVXD
FULDomR DXWRUL]DGD SHOD /HL Qž  GH  QDVFHQGR FRP D ILQDOLGDGH GH
LPSODQWDUDGPLQLVWUDURSHUDUHH[SORUDULQGXVWULDOHFRPHUFLDOPHQWHDLQIUDHVWUXWXUD
DHURSRUWXiULDTXHOKHIRUDWULEXtGDSHOR0LQLVWpULRGD$HURQiXWLFD







$VVLPpSRLVD,QIUDHURUHVSRQViYHOSHODDGPLQLVWUDomRGR
$HURSRUWR GH &RQJRQKDV GHQWUH RXWURV &DEHOKH FXPSULU WRGDV DV QRUPDV
UHJXODPHQWRV LQVWUXo}HV H OHJLVODomR VREUH D DYLDomR FLYLO QR 3DtV PDQWHQGR D
VHJXUDQoDGDLQIUDHVWUXWXUDDHURSRUWXiULDGHVXDUHVSRQVDELOLGDGHHGHFLGLQGRVREUH
RVSURFHGLPHQWRVWDQWRGHSRXVRTXDQWRGHGHFRODJHPGDVDHURQDYHV

$VSpVVLPDVFRQGLo}HVGDSLVWDSULQFLSDOGH&RQJRQKDVVmR
QRWRULDPHQWHFRQKHFLGDVLQFOXVLYHSHORVSLORWRVGDVDHURQDYHVTXHRSHUDYDPQDTXHOH
DHURSRUWR e SRUWDQWR GD ,QIUDHUR D UHVSRQVDELOLGDGH SRU HVVDV FRQGLo}HV GD
LQFDSDFLGDGH GD SLVWD SDUD UHFHEHUSRXVRV GH DHURQDYHV GH JUDQGH SRUWH PRUPHQWH
HP FRQGLo}HV GH FKXYD H SLVWD PROKDGD 0HVPR DVVLP FRP GHVtGLD QHJOLJrQFLD H
FULPLQRVD RPLVVmR DXWRUL]RX R SRXVRGR Y{R  GD 7$0TXH SHOR SRUWHH SHOR
GHIHLWXRVR PHFDQLVPR GH IUHQDJHP GUDPDWLFDPHQWH HVSDWLIRXVH VHJXQGRV DSyV
WRFDURVRORGRDHURSRUWRGH&RQJRQKDVRQGHQDVFRQGLo}HVHPTXHVHHQFRQWUDYD
MDPDLVSRGHULDWHUVLGROLEHUDGRSDUDRSRXVR

1mR EDVWDVVH D OLEHUDomR GD UHIHULGD SLVWD VHP R JURRYLQJ
QHFHVViULRDFXUWDH[WHQVmRGDSLVWDDLQH[LVWrQFLDGHiUHDGHHVFDSHDPDFURWH[WXUD
GR DVIDOWR DEDL[R GR QtYHO H[LJLGR DV YiULDV GHUUDSDJHQV DQWHULRUHV GH RXWUDV
DHURQDYHVRVLQ~PHURVDOHUWDVGHSLORWRVVREUHDVSpVVLPDVFRQGLo}HVGHDWHUULVDJHP
IDWRV DPSODPHQWH QRWLFLDGRV QRV GLDV TXH DQWHFHGHUDP R GHVDVWUH IRUDP WRWDOPHQWH
GHVFRQVLGHUDGRVSHOD,QIUDHURKRXYHDFRQLYrQFLDFULPLQRVDPHQWHRPLVVDGD$1$&
TXH VDEHGRUD GH WDPDQKR YROXPH GH SUREOHPDV QDGD IH] SDUD LQWHUGLWDU
GHILQLWLYDPHQWHDSLVWDPHGLGDVTXHVRPHQWHIRUDPDGRWDGDVDSyVDWUDJpGLD 'RF
H'RF 

2 JURRYLQJ UDQKXUDV QD SLVWD TXH DX[LOLDP R HVFRDPHQWR
GH iJXD GLPLQXLQGR R ULVFR GH WHUUDSODQDJHP QmR KDYLD VLGR UHDOL]DGR $VVLP D
SLVWDIRLOLEHUDGDFRPVXDVXSHUItFLHOLVDSURSLFLDQGRDWHUUDSODQDJHP

7DOIHQ{PHQRpFRQKHFLGRVREUHWXGRSHORVDSUHFLDGRUHVGH
FRUULGDV GH )yUPXOD 8P TXDQGR DV HTXLSHV SRVVXHP SQHXV DSURSULDGRVSDUD SLVWDV
PROKDGDVYLVDQGRHYLWDUH[DWDPHQWHDSHUGDGRFRQWUROHGRYHtFXORHPUD]mRGDIDOWD
GHDGHUrQFLDGRVSQHXVDRVROR$IDOWDGHJURRYLQJFRQVLGHUDQGRTXHRVSQHXVGDV
DHURQDYHV REHGHFHP jV QRUPDV LQWHUQDFLRQDLV GH SRXVR H GHFRODJHP SDUD SLVWDV
PROKDGDVTXHFRQWHQKDPDVUDQKXUDV JURRYLQJ IDFLOLWRXDGHUUDSDJHPRXIDOWDGH
DGHVmRDRVRORDXPHQWDQGRDLQGD PDLVDYHORFLGDGHGDDHURQDYHMiDFHOHUDGDSHOD
GHILFLrQFLDPHFkQLFDRXVHMDRGHIHLWRGHXPGRVPRWRUHVUHYHUVRV








$ UHVSHLWR LQFOXVLYH FDEH GHVWDFDU R GHSRLPHQWR SUHVWDGR


SRU *LOEHUWR 6FKLWWLQL VHQGR TXH HVWH UHODWD TXH D DXVrQFLD GH ³JURRYLQJ´ HP
DHURSRUWRV FRP D FDUDFWHUtVWULFD GH &RQJRQKDV FRP SLVWD FXUWD FRP LQWHQVR
PRYLPHQWR GH DHURQDYHV GH JUDQGH SRUWH VHP G~YLGD DOJXPD WUD]HP ULVFRV TXH
GHYHPTXHVHUPLWLJDGRV

7DPEpP VHJXQGR LQIRUPDo}HV QRWLFLDGDV SHOD LPSUHQVD
PHGLo}HV UHDOL]DGDV SHOD 'LUHQJ 'LUHWRULD GH (QJHQKDULD GD $HURQiXWLFD  DWHVWDP
TXHDPDFURWH[WXUD UXJRVLGDGHTXHIDFLOLWDRHVFRDPHQWRGHiJXD GDSLVWDSULQFLSDO
GH &RQJRQKDV HVWDYD DEDL[R GR PtQLPR UHFRPHQGDGR DWLQJLQGR  PLOtPHWUR
TXDQGR R PtQLPR p GH  PLOtPHWUR HLQGLFDYDP D QHFHVVLGDGH GH DomR FRUUHWLYD
LPHGLDWDHDSURSULDGDQDFDSDDVIiOWLFDSDUDDFRQWLQXLGDGHGDVRSHUDo}HVGHSRXVRH
GHFRODJHP
$UHVSHLWRUHVVDOWDVVHTXHRPtQLPRHVWLSXODGRSHODQRUPD
,$&HGLWDGDSHORH[WLQWR'HSDUWDPHQWRGH$YLDomR&LYLO '$& KRMH$1$&
p GH  PP 6HQGR TXH DSyV R GHVDVWUH FRP D DSOLFDomR GH UDQKXUDV D
PDFURWH[WXUDVXELXSDUDPP

1RGHSRLPHQWRSUHVWDGRSRU-RmR&DUORV3HUHLUDSUHVLGHQWH
GD,QIUDHURGHPDUoRGHjDJRVWRGHj3ROtFLD&LYLOQRVDXWRVGR,QTXpULWR
3ROLFLDOSRUYROWDGDVKRUDVGRGLDGRGHVDVWUHDSLVWDIRLLQWHUGLWDGDSHOR
PRWLYR GH TXH HVWDYD HVFRUUHJDGLD VHQGR  HP  PLQXWRV D SLVWD IRL OLEHUDGD DSyV
LQVSHomR YLVXDO UHDOL]DGD SRU GRLV IXQFLRQiULRV GD ,QIUDHUR VHP PHGLomR GH VHX
FRHILFLHQWHGHDWULWR

3RUWDQWR WDLV FLUFXQVWkQFLDV DSHQDV UHIRUoDP DV
SpVVLPDVFRQGLo}HVGDSLVWDQDGDWDGDWUDJpGLDHDUHVSRQVDELOLGDGHGD,QIUDHUR
HPIDFHGHVXDVDWULEXLo}HVHPUHODomRjFRQVHUYDomRHPDQXWHQomRGDSLVWDGH
SRXVRDSRQWDGDFRPRDFDXVDGRDFLGHQWH


,,,'$,1&,'Ç1&,$'2&Ï',*2
'('()(6$'2&21680,'25

,UUHIXWiYHODDSOLFDomRGRFyGLJRFRQVXPHULVWDDRFDVRHP
WHOD2VHUYLoRS~EOLFRSUHVWDGRSHODVGHPDQGDGDVpGHVXPDLPSRUWkQFLDHGHPDQGD
LPHQVD UHVSRQVDELOLGDGH SRLV D YLGD GH PLOKDUHV GH SHVVRDV DOpP GH VHXV
SDWULP{QLRV FDUJDV RX EDJDJHQV  HVWmR QDV PmRV GDV DXWRULGDGHV UHVSRQViYHLV SRU
DVVHJXUDUDUHJXODULGDGHVHJXUDQoDHFRQILDQoDGRVLVWHPDDpUHREUDVLOHLUR







$VVLP QR FDVR GR GHVDVWUH RFRUULGR HP  GH MXOKR GH
QmRVHSRGHIDODUHP³DFLGHQWH´SRUTXHKRXYHYLVtYHOFXOSDHGRORHYHQWXDOD
SDUWLUGRPRPHQWRHPTXHDWUDJpGLDHUDSUHYLVtYHOHSRVVtYHOGHVHUSUHYHQLGDVHQGR
TXH DV GHPDQGDGDV TXH GHWLQKDP R SRGHU H R GHYHU GH ID]rOR DVVXPLUDP R ULVFR
SUHYLVWRTXHUHVXOWRXQDPRUWHGHSHVVRDV

2 &yGLJR GH 'HIHVD GR &RQVXPLGRU VH DSOLFD DR FDVR HP
WHOD GHYHQGR VHU DSOLFDGR HP WRGD D PDWpULD FDEtYHO FRPR LQFOXVLYH FRORFD D 'U
&OiXGLD/LPD0DUTXHVHPVXDREUD&RQWUDWRVQR&yGLJRGH'HIHVDGR&RQVXPLGRU
 HG ³(IHWLYDPHQWH FRPR FRQFRUGD D GRXWULQD DR FRQWUDWR GH WUDQVSRUWH GH
SHVVRDV DSOLFDVH R &'& $ DSOLFDomR GR &'& FRP VXDV OLQKDV GH ERDIp
LQIRUPDomRHSURWHomRGDFRQILDQoDGRFRQVXPLGRU´

$SHVDU GH LUUHIXWiYHO D DSOLFDomR GR &yGLJR GH 'HIHVD GR
&RQVXPLGRU SDUD ILQV GH UHJXODU RV VHUYLoRV SUHFDULDPHQWH  SUHVWDGRV SHODV
GHPDQGDGDVDLQGDPDLVHYLGHQWHUHVWDDVXDLQFLGrQFLDIDFHDRWHRUGRGLVSRVWRQRV
DUWLJRVjTXHHYLGHQWHPHQWHIRUDPHODERUDGRVYLVDQGRDJDUDQWLUDLQWHJULGDGH
ItVLFD H PRUDO GRV FRQVXPLGRUHV HVWHQGHQGR D UHVSRQVDELOLGDGH j WRGD D FDGHLD GH
IRUQHFHGRUHV

1HVVD SURWHomR H[SUHVVDPHQWH DIDVWD D DSXUDomR GH FXOSD
FRPR UHTXLVLWR SDUD R GHYHU GH LQGHQL]DU EDVWDQGR TXH R FRQVXPLGRU GHPRQVWUH R
GDQRHRQH[RFDXVDORTXHSRUWRGRRMiH[SRVWRQDSUHVHQWHHPDLVFRPDVSURYDV
TXHVHUmRSURGX]LGDVDRORQJRGDLQVWUXomRUHVWDGHYLGDPHQWHFRPSURYDGR

2V UpXV GHVFXPSULUDP WDPEpP FRP R GHYHU OHJDO GH
LQIRUPDURVFRQVXPLGRUHV±SDVVDJHLURVHYtWLPDVGRY{RVLQLVWUDGR±VREUHDVUHDLV
FRQGLo}HVGHIXQFLRQDPHQWRGDDHURQDYH4XDOTXHUSDVVDJHLURGHDYLmRQHOHHPEDUFD
FRQILDQGRHVWDURPHVPRHPSHUIHLWDVFRQGLo}HVGHIXQFLRQDPHQWR

$ TXHVWmR HVVHQFLDO TXH RUD VH FRORFD j DSUHFLDomR
MXGLFLDOp

6RXEHVVHP DV YtWLPDV TXH D DHURQDYH HVWDYD
YRDQGR FRP XP GRV PRWRUHV UHYHUVRV LQRSHUDQWH LVWR p GHIHLWXRVR
WHULDPHOHVHPEDUFDGRQDTXHOHDYLmR"







&RQVWLWXL GHYHU LQDGLiYHO LQIRUPDU RV SDVVDJHLURV GD


H[LVWrQFLD GR GHIHLWR H[SOLFDQGR GHWDOKDGDPHQWH D QDWXUH]D GR GHIHLWR VXDV
SRVVtYHLV FRQVHTrQFLDV SHUPLWLQGR TXH R FRQVXPLGRU 237( SRU HPEDUFDU RX QmR
QRDYLmRDVVLPGHIHLWXRVR

1XPD SHUVSHFWLYD PHQRU QmR p GLUHLWR GR
SDVVDJHLUR VDEHU TXH SRU H[HPSOR R DU FRQGLFLRQDGR GR DYLmR QmR
HVWi IXQFLRQDQGR VHQGROKH RIHUHFLGD D SRVVLELOLGDGH GH RSWDU
RIHUHFHQGRRUHVSHFWLYRGHVFRQWRVREUHRSUHoRGDWDULIDFREUDGD"

(QWUDULD9([FLDQXPDYLmRTXHHVWLYHVVHFRP
XPUHYHUVRLQRSHUDQWHFDVRVRXEHVVHGLVVR"

3RUWDQWR UHVWD HYLGHQWH TXH D FULPLQRVD RPLVVmR GRV UpXV
LQGX]LUDP DV YtWLPDV D HQWUDUHP H YLDMDUHP QXPD DHURQDYH GHIHLWXRVD FXMR GHIHLWR
YHLRDVHUFRQFRUUHQWHIXQGDPHQWDOSDUDRDFLGHQWHOHWDO


,9±'248$1780

1DGHWHUPLQDomRGRYDORUDVHUDWULEXtGRjLQGHQL]DomRRUD
SOHLWHDGD Ki TXH VH OHYDU HP FRQVLGHUDomR D QHFHVVLGDGH GH UHSDUDomR SHORV GDQRV
VRIULGRVHWDPEpPRFDUiWHUSXQLWLYRHSHGDJyJLFRDILPGHID]HUFRPTXHRVUpXV
VHMDPPDLV]HORVRVQDH[HFXomRGHVHXVVHUYLoRVPRUPHQWHTXDQGRVHWUDWDGH3RGHU
3~EOLFRFRPFRPSHWrQFLDHVSHFtILFDWUDWDQGRDVSHVVRDVEHQHILFLiULDVGRVVHUYLoRV
S~EOLFRVFRPDFRQVLGHUDomRHUHVSHLWRTXHWRGRRFLGDGmRPHUHFH

1HVWD OLQKD ³GH IDWR IRL VRE D pJLGH GD MXULVSUXGrQFLD
TXH VH HULJLX VLVWHPD SUySULR GH UHSDUDomR GH GDQRV GH FDUiWHU PRUDO WDULIDGR D
DPSOR H GHVWLQDGR GH XP ODGR D SRVVLELOLWDU D DILUPDomR GRV GLUHLWRV GD
SHUVRQDOLGDGHHGHRXWURDVDQFLRQDUGHYLGDPHQWHROHVDQWHDILPGHLQLELUQRYDV
SUiWLFDVOHVLYDV´&DUORV$OEHUWR%LWWDUREVXSS

2 FDUiWHU LQLELWyULRSXQLWLYR GD LQGHQL]DomR QHVWH FDVR
FRQFUHWR p GH VXPD LPSRUWkQFLD D ILP GH DVVHJXUDU D VHJXUDQoD H FRQILDQoD GR
VHUYLoRS~EOLFRSUHVWDGRSHODVGHPDQGDGDVHLPSHGLUTXHDLQVHJXUDQoDWRPHFRQWD
GRV FLGDGmRV VHMDP RVTXH XWLOL]DP R VHUYLoR VHMDP GDTXHOHV TXH DX[LOLDP QD VXD
SUHVWDomRVRESHQDGHDJUDYDUVHDLQGDPDLVDFULVHMiHVWDEHOHFLGD






3HODV FRQGLo}HV SHVVRDLV GR IDOHFLGR (GXDUGR 0DFLD


WHPVHFRQGLo}HVGHVHDXIHULURHQRUPHSUHMXt]RPRUDOVXSRUWDGRSHORVUHTXHUHQWHV

3RUWDQWRRVGDQRVPRUDLVGHYHPVHULQGHQL]DGRVSHORVUpXV
OHYDQGRVHHPFRQWDTXHRVUHTXHUHQWHVYLUDPVHDEUXSWDPHQWHSULYDGRVGRSDLQR
TXDOLQJUHVVDUDP VHP TXDOTXHU SUHSDURRX DYLVR SUpYLR QXPD QRYD UHDOLGDGH GXUD
FUXHO VRIULGD GHSULPHQWH H SRU WRGRV RV DVSHFWRV TXH VH HQFDUH D TXHVWmR
DVVXVWDGRUD

0HGLDQWHDIDOWDGHDWLWXGHGDVUpVRVUHTXHUHQWHVHQWUDUDP
HP GUDPiWLFR SURFHVVR GH GHVRULHQWDomR GHSUHVVmR VHQGR GLItFLO FRPSUHHQGHU H
WHQWDU DFKDU H[SOLFDomR DR LQH[SOLFiYHO TXDO VHMD TXH R SDL PRUUHX FDUERQL]DGR
GHQWUR GH XP DYLmR H TXH QXQFD PDLV R YHULDP SDLUDQGR VREUH HOHV HP WRGDV DV
KRUDVGHWRGRVRVGLDVRGHVHVSHURFRPDWHUUtYHOQRYDUHDOLGDGHTXHHVWmRREULJDGRV
DHQIUHQWDUQXPFRQWUDSRQWRDEVXUGRHFRPLPSODFiYHOFDUJDGHVRIULPHQWR

&RP D SUHVHQWH DomR SUHWHQGHP D UHSDUDomR SRU WDQWDV
SHUGDVHPRFLRQDLVSRUVLVyLUUHSDUiYHLVPDVFRPSHQVDGRUDVDRPHQRVGRHOHYDGR
VHQWLPHQWRGHLQMXVWLoDTXHRVDVVRODVDEHQGRTXHVHQmRIRUDDLQpSFLDHLQF~ULDGRV
UpXVQmRHVWDULDPSDVVDQGRSHORLQIRUW~QLRFRQWtQXRSHUPDQHQWHRQLSUHVHQWHHTXH
VRPHQWHRWHPSRHRDX[tOLRWHUDSrXWLFRDMXGDUiDPLWLJDU

'LDQWH GH WRGDV DV UD]}HV IiWLFDV H MXUtGLFDV H[SRVWDV
UHVWD LUUHIXWiYHO TXH D SURFHGrQFLD GR SHGLGR p FRQVHTrQFLD LQDUUHGiYHO
LPSRQGRVHDFRQGHQDomRSHORVGDQRVFDXVDGRVSRUFXOSDGDVGHPDQGDGDVTXH
UHVXOWRXQDPDLRUSHUGDTXHXPVHUKXPDQRSRGHVXSRUWDUDPRUWHGHXPHQWH
TXHULGRDPRUWHGHXPSDL


9'263(','26

$QWHWRGRRH[SRVWRUHTXHUVHTXH9RVVD([FHOrQFLD

D  GHWHUPLQH OLPLQDUPHQWHQD IRUPD GR DUW ž 9,, GR
&'&D,QYHUVmRGRÐQXVGD3URYD

E  GHWHUPLQH D FLWDomR GDV GHPDQGDGDV QRV HQGHUHoRV
LQGLFDGRVSDUDTXHUHQGRFRQWHVWDUHPDDomRVRESHQDGHUHYHOLD






F  MXOJXHWRWDOPHQWHSURFHGHQWHDGHPDQGDFRQGHQDQGR
RV UpXV DR SDJDPHQWR GH  LQGHQL]DomR SRU GDQRV PRUDLV DRV UHTXHUHQWHV HP YDORU
MXVWRDUELWUDGRMXGLFLDOPHQWHPDVQXQFDLQIHULRUDRYDORUDWULEXtGRjFDXVDDFUHVFLGR
GH MXURV OHJDLV H FRUUHomR PRQHWiULD GHVGH D GDWD GR GDQR LQLFLDO DWp D GR HIHWLYR
SDJDPHQWR

G  FRQGHQH DV GHPDQGDGDV DR SDJDPHQWR GDV FXVWDV
SURFHVVXDLV GRV KRQRUiULRV DGYRFDWtFLRV HP  VREUH R YDORU GD FRQGHQDomR H
GHPDLVFRPLQDo}HVOHJDLV

H  GHWHUPLQH D FRQFHVVmR GRV EHQHItFLRV GD -XVWLoD
*UDWXLWD HP IDYRU GRV UHTXHUHQWHV SRU QmR GLVSRUHP GH UHFXUVRV ILQDQFHLURV SDUD
FXVWHDU DV GHVSHVDV SURFHVVXDLV KRQRUiULRV DGYRFDWtFLRV IRWRFySLDV DXWHQWLFDGDV
VHPSUHMXt]RGRVXVWHQWRSUySULRHGHVXDVIDPtOLDVQRVWHUPRVGDV/HLV

I  GHILUD D SURGXomR GH WRGDV DV SURYDV HP GLUHLWR
DGPLWLGDV HVSHFLDOPHQWH D GRFXPHQWDO LQFOXVLYH FRP D MXQWDGD GH GRFXPHQWRV
VXSHUYHQLHQWHV WHVWHPXQKDO SHULFLDO VH IRU R FDVR H GHPDLV TXH DR ORQJR GD
LQVWUXomRVHIL]HUHPQHFHVViULDVGHIHULQGRRGHSRLPHQWRSHVVRDOGRVUHSUHVHQWDQWHV
OHJDLVGDVHQWLGDGHVGHPDQGDGDVVRESHQDGHFRQILVVmRTXDQWRjPDWpULDGHIDWR


'iVHjFDXVDRYDORUGH5 WUH]HQWRVPLOUHDLV 

7HUPRVHPTXH
3HGHGHIHULPHQWR

-RLQYLOOHGHPDLRGH



$VVLQDGR'LJLWDOPHQWH
&5,67,$1('$1,'$6,/9(,5$
2$%6&±%



34



Você também pode gostar