Escolar Documentos
Profissional Documentos
Cultura Documentos
6,67(0$'(*(5(1&,$0(172$0%,(17$/
,1752'8d2
8PD QRUPD DPELHQWDO p D WHQWDWLYD GH KRPRJHQHL]DU FRQFHLWRV RUGHQDU DWLYLGDGHV H FULDU
SDGU}HV H SURFHGLPHQWRV TXH VHMDP UHFRQKHFLGRV SRU DTXHOHV TXH HVWHMDP HQYROYLGRV FRP DOJXPD
DWLYLGDGHSURGXWLYDTXHJHUHLPSDFWRVDPELHQWDLV
$V QRUPDV GH VLVWHPD GH JHVWmR DPELHQWDO VXUJLUDP SDUD WHQWDU HVWDEHOHFHU XP FRQMXQWR GH
SURFHGLPHQWRVHUHTXLVLWRVTXHUHODFLRQDPRPHLRDPELHQWHFRP
SURMHWRGHVHQYROYLPHQWR
SODQHMDPHQWR
IRUQHFHGRUHV
SURGXomR
VHUYLoRVGHSyVYHQGD
$V QRUPDV GH VLVWHPDV GH JHVWmR DPELHQWDO SRGHP VHU DSOLFDGDV HP TXDOTXHU DWLYLGDGH
HFRQ{PLFDIDEULORXSUHVWDGRUDGHVHUYLoRHHPHVSHFLDOQDTXHODVFXMRIXQFLRQDPHQWRRIHUHoDULVFR
RXJHUHHIHLWRVGDQRVRVDRPHLRDPELHQWH
6LVWHPDGH*HVWmR$PELHQWDO
,62VpULH
6*$1%5 $QiOLVHGR&LFORGHYLGD
,62( 1%5,62
$YDOLDomRGR'HVHPSHQKR$PELHQWDO
1%5,62 5yWXORV$PELHQWDLV
1%5,62
$XGLWRULD$PELHQWDO
1%5,62 $VSHFWRV$PELHQWDLVGH1RUPDVGH
3URGXWRV
1RUPDVGRVLVWHPDGHJHVWmRDPELHQWDO
1%5,626LVWHPDGH*HVWmR$PELHQWDO±(VSHFLILFDo}HV
1%5,626LVWHPDGH*HVWmR$PELHQWDO±'LUHWUL]HV
1RUPDVGH$XGLWRULDV$PELHQWDLV
1%5,623ULQFtSLRV*HUDLV
1%5,62$XGLWRULDGH6*$
1%5,62&ULWpULRVGHTXDOLILFDomRGHDXGLWRUHV
1RUPDVGH5yWXORVH'HFODUDo}HV$PELHQWDLV
1%5,623ULQFtSLRVEiVLFRV
1%5,62$XWRGHFODUDo}HVDPELHQWDLV
1%5,625yWXORDPELHQWDOWLSR,3ULQFtSLRVHSURFHGLPHQWRV
75±5RWXODJHPWLSR,,,±3ULQFtSLRVHSURFHGLPHQWRV
1RUPDVGH$YDOLDomRGH'HVHPSHQKR$PELHQWDO
1%5,62$YDOLDomRGH'HVHPSHQKR$PELHQWDO
1%5,62([HPSORVGHDYDOLDomRGHGHVHPSHQKRDPELHQWDO
1RUPDVGH$QiOLVHGR&LFORGH9LGD
1%5,623ULQFtSLRVHHVWUXWXUD
1%5,62'HILQLomRGHPHWDVHVFRSRHDQiOLVHGRLQYHQWiULR
1%5,62$YDOLDomRGRLPSDFWR
1%5,62,QWHUSUHWDomR
1RUPDVGH7HUPRVH'HILQLomR
1%5,627HUPRVH'HILQLo}HV
0$,6248(e6*$"
e XP VLVWHPD TXH LGHQWLILFD RSRUWXQLGDGH GH PHOKRULD SDUD UHGXomR GH LPSDFWRV DPELHQWDLV
JHUDGRVGHQWURGDHPSUHVD2FyGLJRH[LJH
FRPSURPHWLPHQWRGDHPSUHVDFRPRPHLRDPELHQWH
HODERUDomRGHSODQRVSURJUDPDVHSURFHGLPHQWRVHVSHFtILFRV
32548(,03/$17$56*$"5$=®(63$5$,03/$17$5
$JOREDOL]DomRLPS}HDJHVWmRDPELHQWDO
2 FRPSURPHWLPHQWR GDV HPSUHVDV FRP D JHVWmR DPELHQWDO DFRPSDQKD R SURFHVVR GH
JOREDOL]DomRGDVUHODo}HVHFRQ{PLFDV
1RYRSDUkPHWURGH&RPSHWLWLYLGDGH
&RQFLOLDU D FRPSHWLWLYLGDGH FRP SURWHomR DPELHQWDO FRQVWLWXL QR GHVDILR jV HPSUHVDV
PRGHUQDV
(FRHVWUDWpJLDSDUDDFRQTXLVWDGHPHUFDGR
³5HGX]LU RV FXVWRV FRP D HOLPLQDomR GH GHVSHUGtFLRV GHVHQYROYHU WHFQRORJLDV OLPSDV H
EDUDWDV UHFLFODU LQVXPRV VmR PDLV TXH SULQFtSLRV GH JHVWmR DPELHQWDO 5HSUHVHQWDP FRQGLo}HV GH
VREUHYLYrQFLD´
&UHVFLPHQWRGDFRQVFLrQFLDHFROyJLFDSRUSDUWHGDVRFLHGDGH
3UHIHUrQFLDSRUEHQVHSURGXWRVDPELHQWDOPHQWHFRUUHWRV
/HUHPEDODJHQVUyWXORVHEXODVSDVVDPDVHUDWLWXGHGDVSHVVRDV
6XVSHLWD GH SUREOHPDV QR SURFHVVR SURGXWLYR OHYD VHP FRQVWUDQJLPHQWR DR ERLFRWH GRV
SURGXWRV
3DUDGLJPDGRGHVHQYROYLPHQWRHGRFUHVFLPHQWRVXVWHQWiYHO
eXPSURFHVVRGHPXGDQoDTXHOHYDHPFRQWDDVQHFHVVLGDGHVGDVJHUDo}HVIXWXUDV
5HODFLRQDRKRPHPFRPRVHXSODQHWD
'HFODUDRKRPHPFRPRUHVSRQViYHOSHORHTXLOtEULRGHVXDFRQYLYrQFLDHSULQFLSDOPHQWHSHODV
FRQVHTrQFLDVIXWXUDVGHVHXVDWRV
,QFRUSRUDomRGDYDULiYHODPELHQWDODRVQHJyFLRVGDVHPSUHVDV
248(e,62"
e XPD 1RUPD ,QWHUQDFLRQDO TXH FHUWLILFD XP 6LVWHPD GH *HUHQFLDPHQWR $PELHQWDO 6*$ $
,62HVWDEHOHFHDVHVSHFLILFDo}HVHRVHOHPHQWRVGHFRPRVHGHYHLPSOHPHQWDUXPVLVWHPDGH
JHVWmR DPELHQWDO $ ILJXUD D VHJXLU LOXVWUD R PRGHOR GH LPSODQWDomR TXH p VLPLODU QD PDLRULD GRV
VLVWHPDVGHJHVWmRDPELHQWDO
0(/+25,$
&217Ë18$
3ROtWLFDGH0HLR
$QiOLVH&UtWLFD $PELHQWH
3ODQHMDPHQWR
9HULILFDomRH ,PSOHPHQWDomR
$omR&RUUHWLYD H2SHUDomR
eXPDQRUPD
DSOLFiYHODWRGRVRVWLSRVHWDPDQKRVGHRUJDQL]Do}HV
DGDSWDVHDFRQGLo}HVJHRJUiILFDVFXOWXUDLVHVRFLDLVGLYHUVDV
FRQWpPUHTXLVLWRVTXHSRGHPVHUDXGLWDGRVREMHWLYDPHQWHSDUDILQVGHFHUWLILFDomRRX
DXWRGHFODUDomR
QmRVXEVWLWXLUHTXLVLWRVOHJDLVRXUHJXODWyULRV
QmRDERUGDJHVWmRGDVD~GHHVHJXUDQoDRFXSDFLRQDO
1R VLVWHPD GH JHVWmR DPELHQWDO D DOWD DGPLQLVWUDomR GHILQH R VHX FRPSURPLVVR FRP DV
TXHVW}HVDPELHQWDLV
3$5$48(68$,03/$17$d2(),&$=26,67(0$'(*(672
$0%,(17$/e35(&,622&203520(7,0(172'2635,1&,3$,6
(;(&87,926'$25*$1,=$d2
2XWUR SDVVR LPSRUWDQWH p D DYDOLDomR RX UHYLVmR GD VLWXDomR GR UHODFLRQDPHQWR GD HPSUHVD
FRPRPHLRDPELHQWHRQGHVHID]XPLQYHQWiULRGDVRFRUUrQFLDVHGDVFRQGLo}HVGHIXQFLRQDPHQWR
GDDWLYLGDGHSURGXWLYDLQFOXLQGRVHDQiOLVHGDOHJLVODomRSHUWLQHQWHDOpPGHRXWUDVLQIRUPDo}HVTXH
SRVVDPDX[LOLDUQRSODQHMDPHQWRGRVLVWHPDGHJHVWmRDPELHQWDO
3$5$'$5,1Ë&,2$23/$1(-$0(172'(806,67(0$'(*(672
$0%,(17$/e1(&(66È5,$$$9$/,$d2'(&202$25*$1,=$d26(
(1&2175$
1250$,62
5(48,6,726*(5$,6
2VUHTXLVLWRVGRVLVWHPDGHJHVWmRDPELHQWDOHVWmRFRQWLGRVQDVHomRGD,622UHTXLVLWR
PDLV EiVLFR GHVWD VHomR p R GH HVWDEHOHFHU H PDQWHU XP VLVWHPD GH JHVWmR DPELHQWDO TXH LQFOXD
WRGRV RVUHTXLVLWRV GHVFULWRV QD QRUPD2 PRGHOR EiVLFR SDUD XP VLVWHPD GH JHVWmR DPELHQWDO HVWi
GHVFULWRQRGRFXPHQWRGHRULHQWDomR,62FRPRXPSURFHVVRGHFLQFRHWDSDV
R &RPSURPLVVR H SROtWLFD QHVWD IDVH D RUJDQL]DomR GHILQH XPD SROtWLFD DPELHQWDO H DVVHJXUD
VHXFRPSURPHWLPHQWRFRPHOD
R 3ODQHMDPHQWRDRUJDQL]DomRIRUPXODXPSODQRTXHVDWLVIDoDjVSROtWLFDV
R ,PSOHPHQWDomR D RUJDQL]DomR FRORFD XP SODQR GH DomR IRUQHFHQGR RV UHFXUVRV H
PHFDQLVPRVGHDSRLR
R 0HGLomRHDYDOLDomRDRUJDQL]DomRPHGHPRQLWRUDHDYDOLDVHXGHVHPSHQKRDPELHQWDOFRQWUD
REMHWLYRVHDOYRV
R $QiOLVH FUtWLFD H PHOKRULD D RUJDQL]DomR UHDOL]D XPD DQiOLVH FUtWLFD H LPSOHPHQWD
FRQWLQXDPHQWH PHOKRULDV HP VHX 6*$ SDUD DOFDQoDU PHOKRULDV QR GHVHPSHQKR DPELHQWDO
WRWDO
(6758785$25*$1,=$&,21$/5(63216$%,/,'$'(35È7,&$6
352&(',0(1726352&(6626(5(&856263$5$,03/(0(17$d2'$
*(672$0%,(17$/
32/Ë7,&$$0%,(17$/
'H DFRUGR FRP LWHP D SULPHLUD HWDSD QD IRUPXODomR GH XP 6*$ p GHILQLU XPD SROtWLFD
DPELHQWDO H DVVHJXUDU VHX FRPSURPLVVR FRP HOD $,62 GHILQH XPD SROtWLFD DPELHQWDOFRPR
XPDGHFODUDomRpXPFRPSURPLVVRIHLWRSHODRUJDQL]DomRGHVXDVLQWHQo}HVHSULQFtSLRVHPUHODomR
DR GHVHPSHQKR DPELHQWDO GH IRUPD JHQpULFD (P RXWUDV SDODYUDV D SROtWLFD DPELHQWDO Gi R VHQWLGR
JHUDO GD GLUHomR H FRPSURPHWLPHQWR GD RUJDQL]DomR FRP UHODomR DR PHLR DPELHQWH H IRUQHFH XP
FRQWH[WRGHWUDEDOKRSDUDIL[DomRGHPHWDVHREMHWLYRV
$ SROtWLFD GHYH VHU FODUD REMHWLYD H HVWDU GLVSRQtYHO DR S~EOLFR GHYH WDPEpP VHU UHDYDOLDGD
SHULRGLFDPHQWHHUHYLVDGDGHDFRUGRFRPRFRPSURPLVVRGDRUJDQL]DomR
$QRUPDGHRULHQWDomR,62DFRQVHOKDDVRUJDQL]Do}HVTXHQmRWHQKDPGHVHQYROYLGR
XPD SROtWLFD D FRPHoDUHP SRU RQGH SRVVDP DOFDQoDU EHQHItFLRV yEYLRV FRPR SRU H[HPSOR
IRFDOL]DQGRVH QR FXPSULPHQWR GDV UHJXODPHQWDo}HV LGHQWLILFDQGR H OLPLWDQGR IRQWHV GH ULVFR RX
LGHQWLILFDQGRIRUPDVPDLVHILFLHQWHGHXWLOL]DUPDWHULDLVHHQHUJLD
4XDOTXHUTXHVHMDRFRQWH~GRHVSHFtILFRGDSROtWLFDGHXPDRUJDQL]DomRD,62UHTXHUTXH
R (OD VHMD DSURSULDGD j QDWXUH]D HVFDOD H LPSDFWRV DPELHQWDLV GDV DWLYLGDGHV SURGXWRV H
VHUYLoRVGDRUJDQL]DomR
R ,QFOXDFRPSURPLVVRGDPHOKRULDFRQWtQXD
R ,QFOXDFRPSURPLVVRFRPDSUHYHQomRGDSROXLomR
R ,QFOXD FRPSURPLVVR HP FXPSULU D OHJLVODomR DV UHJXODPHQWDo}HV H RXWUDV H[LJrQFLDV
UHOHYDQWHVjVTXDLVDRUJDQL]DomRHVWHMDVXEPHWLGD
R )RUQHoD XP TXDGUR FRQWH[WXDO GH WUDEDOKR SDUD IL[DU H UHDYDOLDU RV REMHWLYRV H DOYRV
DPELHQWDLV
R 6HMDGRFXPHQWDGDLPSOHPHQWDGDPDQWLGDHFRPXQLFDGDDWRGRVRVHPSUHJDGRV
R (VWHMDGLVSRQtYHODRS~EOLFR
$75$9e6'$32/Ë7,&$$0%,(17$/'(&/$5$6(38%/,&$0(17($6
,17(1d®(6(35,1&Ë3,26'($d2'$(035(6$
3/$1(-$0(172
(ODERUDVH XP FRQMXQWR GH SURFHGLPHQWRV TXH VHUmR LPSRUWDQWHV SDUD D LPSOHPHQWDomR H
RSHUDomRGRVLVWHPDGHJHVWmRDPELHQWDOHTXHFRPSOHWDPVXD3ROtWLFD$PELHQWDO
2SURJUDPDGHYHGHILQLU
R $VUHVSRQVDELOLGDGHVGHRSHUDomRGRVLVWHPD
R $FRQVFLHQWL]DomRHDFRPSHWrQFLDHPUHODomRDRPHLRDPELHQWH
R $VQHFHVVLGDGHVGHWUHLQDPHQWR
R $VVLWXDo}HVGHULVFRVSRWHQFLDLV
R 2VSODQRVGHFRQWLQJrQFLDHGHHPHUJrQFLD
$SUHYHQomRSDVVDDVHUHOHPHQWRHVVHQFLDOHGHYHUiVHUGHVHQYROYLGDURWLQHLUDPHQWHYLVDQGR
DUHGX]LURVULVFRVHDVSHQDOL]Do}HVGHFRUUHQWHVGHLQVSHomRHILVFDOL]DomR2VHIHLWRVGDDWLYLGDGH
VREUHRPHLRDPELHQWHWRUQDPVHSHUFHSWtYHLVSRUTXHKiXPDGHILQLomRFODUDVREUH
"248()$=(5
"&202)$=(5
"3$5$48()$=(5
"48$1'2)$=(5
"21'()$=(5
"48(0'(9()$=(5
$VSHFWRV$PELHQWDLV
$QRUPDGHILQHXPDVSHFWRDPELHQWDOFRPRXP³HOHPHQWRGDVDWLYLGDGHVSURGXWRVHVHUYLoRV
GH XPD RUJDQL]DomR TXH SRVVD LQWHUDJLU FRP R PHLR DPELHQWH´ 8PD QRWD D HVVD GHILQLomR
DFUHVFHQWDTXH³XPDVSHFWRDPELHQWDOVLJQLILFDWLYRpXPDVSHFWRDPELHQWDOTXHWHQKDRXSRVVDWHUXP
LPSDFWRVLJQLILFDWLYRQRPHLRDPELHQWH´
$ QRUPD UHTXHU TXH D RUJDQL]DomR HVWDEHOHoD H PDQWHQKD XP SURFHGLPHQWR DWXDOL]DGR SDUD
LGHQWLILFDU RV DVSHFWRV DPELHQWDLV GH VXDV DWLYLGDGHV SURGXWRV H VHUYLoRV ,VVR VLJQLILFD WRGRV RV
DVSHWRV"1mRDQRUPDRV OLPLWDjTXHOHV DVSHFWRVTXHDRUJDQL]DomR³SRVVDFRQWURODUH VREUH RV
TXDLVHODHVSHUDWHULQIOXrQFLDSDUDGHWHUPLQDUDTXHOHVTXHWrPRXSRVVDPWHULPSDFWRVVLJQLILFDWLYRV
QR PHLR DPELHQWH $ RUJDQL]DomR GHYHUi DVVHJXUDU TXH HVVHV DVSHFWRV VHMDP FRQVLGHUDGRV DRV
HVWDEHOHFHUVHXVREMHWLYRVDPELHQWDLV´
8PD HPSUHVD SRGH HVWDU SUHRFXSDGD FRP RV DVSHFWRV DPELHQWDLV GR XVR UHDO GH VHXV
SURGXWRV SHORV FOLHQWHV 3RUpP VH HOD QmR GHWLYHU XP FRQWUROH SUiWLFR GRV LPSDFWRV DPELHQWDLV
FDXVDGRVSHODXWLOL]DomRGRSURGXWRSHORFOLHQWHHODQmROHYDUiHVVHVLPSDFWRVHPFRQVLGHUDomRHP
VHXVLVWHPDGHHVWmRDPELHQWDO(ODSRGHUiIRFDOL]DUVHVHPDWLYLGDGHVTXHSRVVDFRQWURODUWDLVFRPR
RPDQXVHLRHGLVSRVLomRDSyVXVRDSURSULDGR6LPLODUPHQWHHPVXEFRQWUDWDGRRXIRUQHFHGRUSRGHUi
GHWHU XP FRQWUROH PtQLPR VREUH RV DVSHFWRV DPELHQWDLV GR SURGXWR HQTXDQWR D LQVWDODomR
UHVSRQViYHO SHOR SURMHWR GR SURGXWR GHWpP PXLWR PDLV FRQWUROH ± SRU H[HPSOR D LQVWDODomR SRGHULD
DOWHUDUXPPDWHULDOXWLOL]DGRQRSURGXWR
8PD IRUPD GH IRFDOL]DU RV DVSHFWRV DPELHQWDLV p WUDEDOKDU D SDUWLU GDV H[LJrQFLDV
UHJXODPHQWDUHVHOHJDLVRXGRVULVFRVOHJDLVHGRQHJyFLRTXHDIHWHPDVDWLYLGDGHVGDRUJDQL]DomR
$VUHJXODPHQWDo}HVJRYHUQDPHQWDLVMiUHIOHWHPDVSHFWRVDPELHQWDLV±FKDYHGDDWLYLGDGHLQGXVWULDO
2XWUD PDQHLUD FRQIRUPH PHQFLRQDGR QD ,62 p R IRFR QRV SURGXWRV H VHUYLoRV TXH
FULDP DOJXPD PXGDQoD VHMD SRVLWLYD RX QHJDWLYD QR PHLR DPELHQWH (VFROKDV yEYLDV LQFOXLULDP
DWLYLGDGHVTXHUHVXOWDVVHPHPSROXLomRRXFRQWDPLQDomRGRDUGDiJXDGDWHUUDGHUHVtGXRVVyOLGRV
RXHPTXDOTXHUXVRGHPDWpULDVSULPDVRXRXWURVUHFXUVRVQDWXUDLV$VHPSUHVDVSRGHPWDPEpPVH
FRQFHQWUDU QRV UHVXOWDGRV GH TXDOTXHU DYDOLDomR GH ULVFR DPELHQWDO TXDOTXHU LQIRUPDomR VH
GLVSRQtYHOVREUHLQFLGHQWHVDPELHQWDLVSUpYLRVHWRGDVDVSUiWLFDVGHJHVWmRDPELHQWDOH[LVWHQWHV
2H[HUFtFLRGHLGHQWLILFDomRGRVDVSHFWRVDPELHQWDLVHQFRUDMDRVHPSUHJDGRVDGLVSHQVDUHPDWHQomR
jV TXHVW}HV DPELHQWDLV TXH WDOYH] QmR FRQVLGHUDVVHP DQWHULRUPHQWH (VVD DQiOLVH SRGH HQYROYHU R
XVR GH XPD DERUGDJHP GR FLFOR GH YLGD SDUD H[DPLQDU iUHDV GDV RSHUDo}HV RUJDQL]Do}HV TXH
SRVVDP QmR WHU VLGR FRQVLGHUDGDV FRPR ³DPELHQWDLV´ WDLV FRPR SHVTXLVD H GHVHQYROYLPHQWR
FRQVLGHUDo}HV DPELHQWDLV QR SURMHWR GH SURGXWRV FRPSUDV DYDOLDomR GH PDWpULDVSULPDV
DOWHUQDWLYDV RX RSHUDo}HV GH HVFULWyULR PDQXWHQomR GRV SUpGLRV H UHFLFODJHP ([LVWHP WDPEpP
DVSHFWRVDPELHQWDLV QRSODQHMDPHQWRGHQRYRVSURGXWRVGHFRQVWUXomRRXUHIRUPDVGDVLQVWDODo}HV
H[LVWHQWHV
$ILQDOLGDGHGDLGHQWLILFDomRGRVDVSHFWRVDPELHQWDLVpGHWHUPLQDUTXDLVGHOHVWrPRXSRGHP
WHU LPSDFWRV DPELHQWDLV VLJQLILFDWLYRV ,VVR DVVHJXUD TXH RV DVSHFWRV UHIHUHQWHV D HVVHV LPSDFWRV
VLJQLILFDWLYRVUHIOHWHPVHQRVREMHWLYRVHDOYRVGDHPSUHVD$LGHQWLILFDomRGRVDVSHFWRVDPELHQWDLVp
XPSURFHVVRFRQWtQXRHDQRUPDUHTXHUTXHDVRUJDQL]Do}HVPDQWHQKDPDVLQIRUPDo}HVDWXDOL]DGDV
$ SUy[LPD HWDSD p LGHQWLILFDU DYDOLDU H SULRUL]DU RV LPSDFWRV DPELHQWDLV VLJQLILFDWLYRV
DVVRFLDGRV FRP RV DVSHFWRV FRP RV DVSHFWRV DPELHQWDLV GDV DWLYLGDGHV SURGXWRV RX VHUYLoRV $
QRUPD HQIDWL]D TXH VmR RV DVSHFWRV DVVRFLDGRV D LPSDFWRVVLJQLILFDWLYRV TXH ³VmR FRQVLGHUDGRV QR
HVWDEHOHFLPHQWR GH REMHWLYRV DPELHQWDLV´ ,PSDFWRV VmR GHILQLGRV QD ,62 FRPR ³TXDOTXHU
PXGDQoD QR PHLR DPELHQWH VHMD DGYHUVD RX EHQpILFD WRWDO RX SDUFLDO UHVXOWDQWH GDV DWLYLGDGHV
SURGXWRVRXVHUYLoRVGDRUJDQL]DomR´
$VSHFWRVVmRDWLYLGDGHVTXHLQWHUDJHPFRPRPHLRDPELHQWH,PSDFWRVVmRPXGDQoDVQRPHLR
DPELHQWHUHVXOWDQWHVGHVVDLQWHUDomR´
'H DFRUGR FRP D ,62 R UHODFLRQDPHQWR HQWUH DVSHFWRV DPELHQWDLV H LPSDFWRV
DPELHQWDLV p R GH FDXVD H HIHLWR2 DVSHFWR DPELHQWDO p DFDXVD FRPR D HPLVVmR GH DOJR QR DU R
HIHLWRpRLPSDFWRQRPHLRDPELHQWHFRPRSRUH[HPSORRDXPHQWRGRQtYHOGHHPLVVmRQRDPELHQWH
GDIiEULFD$QRUPDGHRULHQWDomRVXJHUHXPSURFHGLPHQWRGHTXDWURHWDSDVSDUDLGHQWLILFDUDVSHFWRV
HLPSDFWRV
6HOHFLRQDUXPDDWLYLGDGHRXSURFHVVRSRUH[HPSORPDQXVHLRGHPDWHULDLVSUHMXGLFLDLV
,GHQWLILFDU WRGRV RV DVSHFWRV DPELHQWDLV SRVVtYHLV GD DWLYLGDGH RX SURFHVVR SRU H[HPSOR
GHUUDPDPHQWRVDFLGHQWDLVHPSRWHQFLDLV
,GHQWLILFDU LPSDFWRV UHDLV RX SRWHQFLDLV DVVRFLDGRV FRP R DVSHFWR SRU H[HPSOR QtYHO GH
FRQWDPLQDomRGRVRORHRXiJXD
$YDOLDUDLPSRUWkQFLDGRVLPSDFWRV
8PD YH] GHILQLGRV RV LPSDFWRV DPELHQWDLV p QHFHVViULR GHWHUPLQDU VXD LPSRUWkQFLD 3DUD
DYDOLiODDQRUPDGHRULHQWDomR,62REVHUYDIDWRUHVFRPR
R $HVFDODGRLPSDFWR
R 6XDJUDYLGDGH
R $SUREDELOLGDGHGHVXDRFRUUrQFLD
R $GXUDomRGRLPSDFWR
3RU H[HPSOR R XVR GH SDSHO QD VHGH FRUSRUDWLYD GH XPD HPSUHVD p XPD DWLYLGDGH FRP
DVSHFWR DPELHQWDO ± SURGX] OL[R2 LPSDFWR p DTXDQWLGDGH GHOL[R GHVFDUWDGR 3RGHULD VHUUHGX]LGR
FRP UHFLFODJHP 0DV VH D HPSUHVD WLYHU XP SUREOHPD VpULR GH HPLVVmR GH HOHPHQWRV Wy[LFRV LVVR
SRGHULDVHUFRQVLGHUDGRPDLVLPSRUWDQWHGRTXHDRSRUWXQLGDGHGHUHFLFODJHP
2 DQH[R $ GD ,62 LQGLFD TXH R SURFHVVR GH LGHQWLILFDomR GRV DVSHFWRV DPELHQWDLV
GHYHULD FRQVLGHUDU DV FRQGLo}HV RSHUDFLRQDLV QRUPDLV DVVLP FRPR DV VLWXDo}HV HPHUJHQFLDLV
SUHYLVtYHLV
$ QRUPD ,62 WDPEpPLQGLFD TXH DV SUHRFXSDo}HV FRP RV QHJyFLRV WrPLQIOXrQFLD QD
DYDOLDomRGDLPSRUWkQFLDGRVLPSDFWRVHGDH[WHQVmRQDTXDOSRGHPVHUFRQVLGHUDGRV
e35(&,62,'(17,),&$5($9$/,$548$/48(5,03$&7262%5(20(,2
$0%,(17(',5(7228,1',5(725(68/7$17('$6$7,9,'$'(6352'8726(
6(59,d26'$(035(6$48(56(-$0(67(6$'9(562628%(1e),&26
5HTXLVLWRV/HJDLVH2XWURV
2LWHPGDQRUPD,62UHTXHUTXHXPDRUJDQL]DomRGLVSRQKDGHDOJXPDIRUPDGH
PDQWHUVHDSDUGDVH[LJrQFLDVOHJDLVHGHRXWURVUHTXLVLWRVTXHVHDSOLTXHPDRVDVSHFWRVDPELHQWDLV
GHVXDVDWLYLGDGHVSURGXWRVHVHUYLoRV,VVRLQFOXLUHTXLVLWRVHVSHFtILFRVjDWLYLGDGHFRPRXPDOYDUi
RX OLFHQoD SDUD RSHUDomR H DTXHOHV UHODFLRQDGRV DRV SURGXWRV RX VHUYLoRV GD RUJDQL]DomR FRPR
UHJXODPHQWDo}HVHVSHFtILFDVRXOHLVDPELHQWDLVJHUDLV
2DQH[RGD,62LQGLFDTXH³RXWURVUHTXLVLWRV´SRGHPLQFOXLUFyGLJRVGHSUiWLFDQRVHWRU
LQGXVWULDO GLUHWUL]HV QmR UHJXODPHQWDGDV H DFRUGRV FRP DXWRULGDGHV S~EOLFDV FRPR GHFUHWRV SRU
FRQVHQWLPHQWR (OH SRGH WDPEpP LQFOXLU H[LJrQFLDV GHVHQYROYLGDV LQWHUQDPHQWH SHOD RUJDQL]DomR
FRPRUHTXLVLWRVSDUDIRUQHFHGRUHVHVXEFRQWUDWDGRVHSURJUDPDVGHSUHYHQomRGDSROXLomR
)LQDOPHQWH SRGHP LQFOXLU DFRUGRV LQWHUQDFLRQDLV FRPR WUDWDGRV DPELHQWDLV RX GLUHWUL]HV
LQWHUQDFLRQDLV FRPR RV SULQFtSLRV GR 'HVHQYROYLPHQWR 6XVWHQWiYHO RX RV SULQFtSLRV GD $WXDomR
5HVSRQViYHO
$ H[LJrQFLD FRQVLVWH HP ³WHU DFHVVR´ DRV UHTXLVLWRV $ SUHPLVVD p TXH DV RUJDQL]Do}HV QmR
SUHFLVDPQDYHUGDGHPDQWHUWRGDVDVLQIRUPDo}HVGRVUHTXLVLWRVQRORFDOGDLQVWDODomRRXHPWRGDV
DVIiEULFDVPDVTXHDVSHVVRDVGDRUJDQL]DomRTXHQHFHVVLWHPGHVVDVLQIRUPDo}HVVHMDPFDSD]HV
GHDFHVViODVDWUDYpVGHXPDUHGHGHFRPSXWDGRUHVRXRXWURVPHLRVVLPLODUHV
8PD HVSHFLDO DWHQomR GHYH VHU GDGD jV OLFHQoDV GH RSHUDomR IRUQHFLGDV SHORV yUJmRV
DPELHQWDLV e IXQGDPHQWDO GHPRQVWUDU TXH WRGD DV FRQGLFLRQDQWHV VmR DWHQGLGDV H HP FDVR GH
HYHQWXDLVGHVYLRVHQWUHDVFRQGLFLRQDQWHVHDUHDOL]DGDGDRSHUDomRXPSODQRGH DomRHPFRPXP
DFRUGRGHYHVHUHVWDEHOHFLGRMXQWRDRyUJmRDPELHQWDO
'HXPPRGRJHUDOTXDOTXHUGLYHUJrQFLDOHJDOGHYHHVWDUPXWXDPHQWHDFHLWDFRPUHODomRDRSODQRGH
DGHTXDomRFRPRyUJmRDPELHQWDOFRPDXWRULGDGHORFDO
e LPSRUWDQWH OHPEUDU TXH D HPSUHVD GHYHUi DGRWDU XPD VLVWHPiWLFD SDUD PDQWHU D VXD
OHJLVODomR DPELHQWDO DWXDOL]DGD 2 'LiULR 2ILFLDO GD 8QLmR H GR HVWDGR VmR LPSRUWDQWHV IRQWHV GH
LQIRUPDomR
3$5$,03/$17$5806,67(0$'(*(672$0%,(17$/e35(&,62,'(17,),&$5
&21+(&(55(*,675$5(&8035,5&20/(*,6/$d29,*(17(
2EMHWLYRV0HWDVH3URJUDPDV
$SUy[LPDHWDSDpWUDQVIRUPDUHPREMHWLYRVHPHWDVHVSHFtILFRVDSROtWLFDDPELHQWDOHDTXHOHV
DVSHFWRV DPELHQWDLV GDV DWLYLGDGHV SURGXWRV H SURFHVVRV GD RUJDQL]DomR TXH WHQKDP LPSDFWRV
DPELHQWDLV VLJQLILFDWLYRV 6HP REMHWLYRV HVSHFtILFRV D SROtWLFD DPELHQWDO SHUPDQHFH XP FRQMXQWR GH
JHQHUDOLGDGHVYDJDVTXHSURYDYHOPHQWHQmRIDUmRPXLWDGLIHUHQoD8PREMHWLYRDPELHQWDOp GHILQLGR
QD,62LWHPFRPR³SURSyVLWRDPELHQWDOJOREDOGHFRUUHQWHGDSROtWLFDDPELHQWDOTXHXPD
RUJDQL]DomRVHSURS}HDDWLQJLUVHQGRTXDQWLILFDGRVHPSUHTXHH[HTtYHO´
2 UHTXLVLWR EiVLFR QR LWHP GD ,62 p ³HVWDEHOHFHU H PDQWHU GRFXPHQWDGRV RV
REMHWLYRV H PHWDV DPELHQWDLV HP FDGD IXQomR H QtYHO UHOHYDQWHV GD RUJDQL]DomR´ 2V 2EMHWLYRV H
0HWDV SRGHP VHU DSOLFDGRV DWUDYpV GD RUJDQL]DomR RX VHUHP HVSHFtILFRV GH XPD LQVWDODomR RX
DWLYLGDGH
$R HVWDEHOHFHU H UHYLVDU VHXV REMHWLYRV D RUJDQL]DomR GHYH FRQVLGHUDURV UHTXLVLWRV OHJDLV H
RXWURV UHTXLVLWRV VHXV DVSHFWRV DPELHQWDLV VLJQLILFDWLYRV VXDV RSo}HV WHFQROyJLFDV VHXV UHTXLVLWRV
ILQDQFHLURVRSHUDFLRQDLVHFRPHUFLDLVEHPFRPRDYLVmRGHSDUWHVLQWHUHVVDGDV
e UHFRPHQGDGR QR DQH[R GD ,62 TXH RV REMHWLYRV VHMDP HVSHFtILFRV H TXH DV PHWDV
VHMDP PHQVXUiYHLV RQGH H[HTtYHO H TXH VHMDP OHYDGDV HP FRQVLGHUDomR PHGLGDV SUHYHQWLYDV
TXDQGRDSURSULDGR
8PD YH] GHILQLGRV RV REMHWLYRV H PHWDV p UHFRPHQGDGR TXH D RUJDQL]DomR FRQVLGHUH R
HVWDEHOHFLPHQWRGHLQGLFDGRUHVGHGHVHPSHQKRDPELHQWDOPHQVXUiYHLV7DLVLQGLFDGRUHVSRGHPVHU
XWLOL]DGRV FRPR EDVH SDUD XP VLVWHPD GH DYDOLDomR GR GHVHPSHQKR DPELHQWDO SRGHQGR IRUQHFHU
WDQWRGDJHVWmRDPELHQWDOTXDQWRVREUHVLVWHPDVRSHUDFLRQDLV
$QRUPD,62WDPEpPLQGLFDDOJXPDVTXHVW}HVDVHUHPFRQVLGHUDGDVHPREMHWLYRVHPHWDV
DPELHQWDLV
'H TXH IRUPD RV REMHWLYRV H PHWDV DPELHQWDLV UHIOHWHP WDQWR D SROtWLFD DPELHQWDO TXDQWR RV
LPSDFWRV DPELHQWDLV VLJQLILFDWLYRV DVVRFLDGRV jV DWLYLGDGHV SURGXWRV RX VHUYLoRV GD
RUJDQL]DomR"
'HTXHIRUPDRVHPSUHJDGRVUHVSRQViYHLVSRUDWLQJLURVREMHWLYRVHPHWDVWrPSDUWLFLSDGRGR
VHXGHVHQYROYLPHQWR"
'HTXHIRUPDRVSRQWRVGHYLVWDGDVSDUWHVLQWHUHVVDGDVWrPVLGROHYDGRVHPFRQVLGHUDomR"
4XHLQGLFDGRUHVPHQVXUiYHLVHVSHFtILFRVWrPVLGRHVWDEHOHFLGRVSDUDRVREMHWLYRVHPHWDV"
'H TXH IRUPD RV REMHWLYRV H PHWDV VmR UHJXODUPHQWH DQDOLVDGRV H UHYLVDGRV SDUD UHIOHWLU DV
PHOKRULDVSUHWHQGLGDVQRGHVHPSHQKRDPELHQWDO"
$ HWDSD ILQDO QR SODQHMDPHQWR p HVWDEHOHFHU HPDQWHU XP SURJUDPD GH JHVWmR DPELHQWDO TXH
SRVVDDOFDQoDURVREMHWLYRVHPHWDVGDHPSUHVD'HDFRUGRFRPRLWHPDRUJDQL]DomRGHYH
R 'HVLJQDU UHVSRQVDELOLGDGHV QR DOFDQFH GH REMHWLYRV H PHWDV HP FDGD IXQomR RX QtYHO
UHOHYDQWH
R 3URSRUFLRQDUPHLRVSDUDDWLQJLURVREMHWLYRVHPHWDV
R 'HVLJQDUXPSHUtRGRGHWHPSRGHQWURGRTXDOGHYHUmRVHUDOFDQoDGRV
%DVLFDPHQWHR6*$GHWDOKDRTXHWHPTXHVHUIHLWRSRUTXHPFRPRHDWpTXDQGR(OHSRGHVHU
VXEGLYLGLGR HP SURFHVVRV H SURFHGLPHQWRV LQGLYLGXDLV DSOLFiYHLV D FDGD ORFDO RX LQVWDODomR HP XP
ORFDO $ QRUPD ,62 HQIDWL]D TXH RV HPSUHJDGRV HP WRGRV RV QtYHLV GHYHP SUHVWDU FRQWDV
GHQWURGR HVFRSRGHVXDVUHVSRQVDELOLGDGHVSHORGHVHPSHQKRDPELHQWDOTXHDSyLDR VLVWHPD6*$
WRWDO
2 PHLR GH DWLQJLU RV REMHWLYRV UHIHUHVH D WRGRV RV UHFXUVRV QHFHVViULRV TXH LQFOXHP SHVVRDV
KDELOLGDGHVWHFQRORJLDUHFXUVRVILQDQFHLURVHDVVLPSRUGLDQWH
$ QRUPD WDPEpP UHTXHU TXH R SURJUDPD 6*$ VHMD DOWHUDGR RQGH UHOHYDQWH VHPSUH TXH KDMD
QRYRVGHVHQYROYLPHQWRVRXPRGLILFDGRV
([HPSOR
R 32/Ë7,&$5HGX]LUDSROXLomR
R 2%-(7,925HGX]LUDVHPLVV}HVTXtPLFDVHPUHVHUYDWyULRGHiJXDHPXPGHWHUPLQDGRORFDO
R 0(7$5HGXomRGHDWpRILQDOGRDQR
R 352*5$0$6XEVWLWXLURHOHPHQWRTXtPLFRWy[LFRHPXVRSRUXPELRGHJUDGiYHO2SODQRGH
DomR LQGLFD HP GHWDOKHV DV SHVVRDV UHVSRQViYHLV RV UHFXUVRV KXPDQRV ILQDQFHLURV H
WpFQLFRVQHFHVViULRVHDGDWDSURSRVWDSDUDFRQFOXVmR
R ,1',&$'25'('(6(03(1+24XDQWLGDGHGHHPLVV}HVTXtPLFDVQRORFDO
,03/(0(17$d2(23(5$d2
1HVWH LWHP WUDWD GD LPSOHPHQWDomR GR 6*$ ,VVR VLJQLILFD HVWDEHOHFHU UHFXUVRV KXPDQRV
ItVLFRVHILQDQFHLURVSDUDDOFDQoDURVREMHWLYRVHPHWDVGDHPSUHVD1RLWHPDQRUPDIRFDOL]DDV
VHJXLQWHViUHDV
R (VWUXWXUDHUHVSRQVDELOLGDGH
R 7UHLQDPHQWRFRQVFLHQWL]DomRHFRPSHWrQFLD
R &RPXQLFDomR
R &RQWUROHGHGRFXPHQWRV
R &RQWUROHRSHUDFLRQDO
R 3UHSDUDomRHDWHQGLPHQWRDHPHUJrQFLDV
5HFXUVRVIXQo}HVUHVSRQVDELOLGDGHHDXWRULGDGHV
&RPRTXDOTXHUVLVWHPDJHUHQFLDODQRUPD,62QRLWHPH[LJHTXHDRUJDQL]DomR
R 'HILQDGRFXPHQWRVHFRPXQLTXHFODUDPHQWHRVSDSpLVDVUHVSRQVDELOLGDGHVHDVDXWRULGDGHV
DLPSOHPHQWDUHPR6*$
R )RUQHoDUHFXUVRVKXPDQRVILQDQFHLURVHWpFQLFRVHVVHQFLDLVSDUDDUHDOL]DomRGRVLVWHPD
3DUDID]rORDDOWDDGPLQLVWUDomRGHYHQRPHDUXP³UHSUHVHQWDQWHHVSHFtILFRGDJHUrQFLDTXH
LQGHSHQGHQWH GH RXWUDVUHVSRQVDELOLGDGHV´ GHYH DVVHJXUDU TXH R SURJUDPD HVWHMD VHQGRPDQWLGR H
LPSOHPHQWDGRHTXHVHMDUHVSRQViYHOSRUUHODWDURGHVHPSHQKRGR6*$jDOWDDGPLQLVWUDomR
2 DQH[R $ GD QRUPD LQGLFD TXH HP JUDQGHV RUJDQL]Do}HV SRGH KDYHU YiULRV UHSUHVHQWDQWHV
GHVLJQDGRV HQTXDQWR HP HPSUHVDV PHQRUHV SRGH KDYHU DSHQDV XP (P XPD HPSUHVD PXLWR
SHTXHQD R SURSULHWiULR SRGH WDPEpP VHU D SHVVRD UHVSRQViYHO SHOR 6*$ 3DUD DFRPRGDU XPD
JUDQGHJDPDGHRUJDQL]Do}HVDQRUPDpIOH[tYHO
2UHSUHVHQWDQWHSRGHVHURJHUHQWHJHUDOGRPHLRDPELHQWHRXXPFRPLWrGRPHLRDPELHQWH
TXHLQFOXDJHUHQWHVGHWRGDVDVIXQo}HVFRUSRUDWLYDV$LPSOLFDomRpTXHILFDDFDUJRGDRUJDQL]DomR
GHWHUPLQDU RQGH R UHSUHVHQWDQWH GD JHUrQFLD VH HQFDL[D QD KLHUDUTXLD FRUSRUDWLYD $ VXSHUYLVmR GR
6*$SRGHVHUHSURYDYHOPHQWHGHYHULDVHUDSULQFLSDOUHVSRQVDELOLGDGHGHVVHUHSUHVHQWDQWHHPERUD
QmRQHFHVVDULDPHQWHD~QLFD
$ QRUPD ,62 HQIDWL]D TXH R UHSUHVHQWDQWH GD JHUrQFLD GHYH WHU DXWRULGDGH
UHVSRQVDELOLGDGHHUHFXUVRVVXILFLHQWHVSDUDDVVHJXUDUTXHR6*$VHMDLPSOHPHQWDGRGHPRGRHILFD]
$,62GHVWDFDTXHRGHVHPSHQKRDPELHQWDOQmRpUHVSRQVDELOLGDGHDSHQDVGRJHUHQWH
DPELHQWDO 7RGR PXQGR QD RUJDQL]DomR WHP XP SDSHO D FXPSULU $ UHVSRQVDELOLGDGH SHOR PHLR
DPELHQWH SRGH VH HVWHQGHU DOpP GDV iUHDV DPELHQWDLV WUDGLFLRQDLV GD RUJDQL]DomR 2V JHUHQWHV GH
FDGD iUHD VmR UHVSRQViYHLV SRU DVVHJXUDU R FXPSULPHQWR GR VLVWHPD GH JHVWmR DPELHQWDO H SRU
GHVLJQDUUHVSRQVDELOLGDGHDRVHPSUHJDGRVFXMRWUDEDOKRVHMDUHOHYDQWHSDUDRVREMHWLYRVDPELHQWDLV
&RPSHWrQFLDWUHLQDPHQWRFRQVFLHQWL]DomR
1RLWHPGDQRUPDUHTXHUTXHDRUJDQL]DomRHVWDEHOHoDXPSURFHGLPHQWRSDUDLGHQWLILFDU
QHFHVVLGDGHVGHWUHLQDPHQWRHDVVHJXUDUTXHWRGDVDVSHVVRDV³FXMRWUDEDOKRSRVVDFULDUXPLPSDFWR
VLJQLILFDWLYRQRPHLRDPELHQWH´UHFHEDPRWUHLQDPHQWRDSURSULDGR&RQIRUPHLPSOLFDGRDQWHULRUPHQWH
XPDYH]TXHRVXFHVVRGR6*$GHSHQGHGRFRPSURPLVVRGRVHPSUHJDGRVHOHWDPEpPUHTXHUXPD
FRPSHWrQFLD H[WHQVD GHVVHV HPSUHJDGRV 2 WUHLQDPHQWR H[LJLGR GHSHQGH GR FDUJR H GDV WDUHIDV
6HUiPDLV H[WHQVR H EDVHDGR HP KDELOLGDGHV SDUD DTXHOHV HPSUHJDGRV HQYROYLGRV GLUHWDPHQWH QDV
DWLYLGDGHV DPELHQWDLV FKDYHV 2 WUHLQDPHQWR SRGH VHU IRFDOL]DGR QR FXPSULPHQWR GDV QRUPDV
DPELHQWDLVSRUWRGRVDTXHOHVFXMRWUDEDOKRSRVVDDIHWDURVUHTXLVLWRVGHFXPSULPHQWR
7RGRV RV HPSUHJDGRV H HQYROYLGRV GHYHULDP UHFHEHU WUHLQDPHQWR EiVLFR GH FRQVFLHQWL]DomR
SDUD VH IDPLOLDUL]DU FRP R 6*$ 2 LWHP UHTXHU TXH WRGRV RV HPSUHJDGRV RX PHPEURV GD
RUJDQL]DomRVHFRQVFLHQWL]HPGH
R 6HXVSDSpLVHUHVSRQVDELOLGDGHQRFRQWH[WRGR6*$
R ,PSDFWRVDPELHQWDLVVLJQLILFDWLYRVUHDLVRXSRWHQFLDLVGHVXDVDWLYLGDGHVGHWUDEDOKR
R ,PSRUWkQFLD GR FXPSULPHQWR GDV SROtWLFDV DPELHQWDLV GRV SURFHGLPHQWRV H GRV UHTXLVLWRV GR
6*$
R %HQHItFLRVDPELHQWDLVDGYLQGRVGHXPPHOKRUGHVHPSHQKRSHVVRDOH
R &RQVHTrQFLDGDYLRODomRDRVSURFHGLPHQWRV
$QRUPDLQGLFDTXHDVRUJDQL]Do}HVFRPSURJUDPDVGHWUHLQDPHQWRHILFD]HV
R ,GHQWLILFDPDVQHFHVVLGDGHVGHWUHLQDPHQWR
R 'HVHQYROYDPSODQRVGHWUHLQDPHQWR
R &HUWLILFDVH TXH R SURJUDPD GH WUHLQDPHQWR HVWHMD HP FRQIRUPLGDGH FRP RV UHTXLVLWRV
UHJXODPHQWDUHVHRXWURV
R 2IHUHoDPRWUHLQDPHQWR
R 'RFXPHQWDURWUHLQDPHQWRH
R 0HOKRUDURSURJUDPDGHWUHLQDPHQWR
$RV VXEFRQWUDWDGRV D QRUPD QmR H[LJH TXH XPD RUJDQL]DomR TXH WHQKD VXEFRQWUDWDGRV
WUDEDOKDQGRHPVHXQRPHPRQLWRUHRWUHLQDPHQWRGHVHXVHPSUHJDGRV0DVRDQH[R$VXJHUHTXHD
RUJDQL]DomRGHYHULDH[LJLUTXHRVVXEFRQWUDWDGRV³GHPRQVWUHPTXHVHXVHPSUHJDGRVSUHHQFKDPRV
UHTXLVLWRV GH WUHLQDPHQWR´ ,VVR HQYROYH TXH R VXEFRQWUDWDGR DSUHVHQWD j RUJDQL]DomR DOJXPD
HYLGrQFLDGHVVHWUHLQDPHQWR
&RPXQLFDomR
$ QRUPD UHFRQKHFH D QHFHVVLGDGH GH FRPXQLFDo}HV LQWHUQDV H H[WHUQDV VREUH DV TXHVW}HV
DPELHQWDLV2UHTXLVLWREiVLFRGRLWHPpHVWDEHOHFHUHPDQWHUSURFHGLPHQWRVSDUD
R 9LDELOL]DUDFRPXQLFDomRLQWHUQDHQWUHRVYiULRVQtYHLVHIXQo}HVGDRUJDQL]DomR
R 5HFHEHU GRFXPHQWDU H UHVSRQGHU ³FRPXQLFDo}HV UHOHYDQWHV GH HQWLGDGHV H[WHUQDV
LQWHUHVVDGDV´UHIHUHQWHVDDVSHFWRVDPELHQWDLVHDR6*$
8PDFRPXQLFDomRLQWHUQDDEHUWDpFUtWLFDSDUDXP6*$HILFD],VVRSRGHLQFOXLURVUHVXOWDGRV
GHPRQLWRUDPHQWRDXGLWRULDVHDQiOLVHVJHUHQFLDLVGR6*$(VVHWLSRGHFRPXQLFDomRLQWHUQDPHOKRUD
D PRWLYDomR DMXGD D VROXFLRQDU SUREOHPDV H HOHYD R QtYHO GH FRQVFLHQWL]DomR 3RUWDQWR R SULPHLUR
UHTXLVLWRYDLGLUHWRDRSRQWR
$ FRPXQLFDomR H[WHUQD HQWUHWDQWR SRGH VHU PDWpULD GHOLFDGD H SRGH OHYDU D SUREOHPDV GH
UHVSRQVDELOLGDGHFRQWUDWHUFHLURVHQWUHRXWUDVFRLVDV$PHVPDDEHUWXUDDPSODHLUUHVWULWDTXHUHVXOWD
QDGHVFREHUWDGHSUREOHPDVDPELHQWDLVHHPVXDVVROXo}HVSRGHWDPEpPFULDULQIRUPDo}HVTXHQHP
WRGDV DV HPSUHVDV GHVHMHP GHVYHQGDU DV HQWLGDGHV H[WHUQDV ,VVR p HVSHFLDOPHQWH YHUGDGH SDUD
HPSUHVDV TXH RSHUDP HP XP DPELHQWH UHJXODPHQWDGR FRPR R GRV (VWDGRV 8QLGRV FXMDV OHLV Mi
H[LJHPDGLYXOJDomRGHJUDQGHVTXDQWLGDGHVGHLQIRUPDo}HV
2 UHTXLVLWR EiVLFR GR LWHP SDUD VH FRPXQLFDU FRP HQWLGDGHV H[WHUQDV LQWHUHVVDGDV p
UHDWLYR H SDVVLYR VH DOJXpP VROLFLWD LQIRUPDo}HV UHOHYDQWHV D RUJDQL]DomR GHYH UHVSRQGHU e FODUR
TXHFRPRRDQH[R$GD,62LQGLFDDVFRPXQLFDo}HVH[WHUQDVSRGHPUHVXOWDUHPXPGLiORJR
~WLO FRP HQWLGDGHV LQWHUHVVDGDV H HP DOJXQV FDVRV DV HPSUHVDV GHYHP LQFOXLU LQIRUPDo}HV VREUH
LPSDFWRV DPELHQWDLV DVVRFLDGRV FRP VXDV RSHUDo}HV ( HVVHV SURFHGLPHQWRV GHYHULDP LQFOXLU
FRPXQLFDo}HV QHFHVViULDV FRP DXWRULGDGHV S~EOLFDV UHODWLYDV D TXHVW}HV QHFHVViULDV FRP
DXWRULGDGHVS~EOLFDVUHODWLYDVDTXHVW}HVFRPRSODQRVHPHUJHQFLDLV
$FOiXVXODDFUHVFHQWDDLQGDTXHDRUJDQL]DomR³FRQVLGHUHSURFHVVRVSDUDFRPXQLFDomR
H[WHUQDHPVHXVDVSHFWRVDPELHQWDLVVLJQLILFDWLYRVHUHJLVWUHHVVDGHFLVmR´
e35(&,62(67$%(/(&(5(0$17(5352&(',0(7263$5$
R &2081,&$d2,17(51$(175(269È5,261Ë9(,625*$1,=$&,21$,6
R 5(&(%,0(17275$7$0(172(5(63267$$&2081,&$d®(6'$63$57(6
,17(5(66$'$6
'RFXPHQWDomR
2 UHTXLVLWR EiVLFR GR LWHP p HVWDEHOHFHU H PDQWHU LQIRUPDo}HV TXH GHVFUHYDP RV
³HOHPHQWRV HVVHQFLDLV GR VLVWHPD JHUHQFLDO H VXDV LQWHUDo}HV ´H TXH RIHUHoDP ³LQVWUXo}HV SDUD D
GRFXPHQWDomR UHODFLRQDGD´ $V LQIRUPDo}HV SRGHP HVWDU HP SDSHO RX HP IRUPD HOHWU{QLFD $
GRFXPHQWDomRIRUQHFHXPSDQRUDPD~WLOGRVLVWHPDGHJHVWmRDPELHQWDO
$ GRFXPHQWDomR GR VLVWHPD GH JHVWmR DPELHQWDO QmR SUHFLVD QD YHUGDGH FRQWHU WRGRV RV
SURFHGLPHQWRVHLQVWUXo}HVRSHUDFLRQDLVRXGRFXPHQWRVVLPLODUHVPDVSRGHRULHQWDURVXVXiULRVFRP
UHIHUrQFLD RQGH HQFRQWUDU HVVDV LQIRUPDo}HV $V LQIRUPDo}HV UHODFLRQDGDV SRGHP LQFOXLU
SURFHGLPHQWRV RSHUDFLRQDLV LQWHUQRV LQIRUPDo}HV GH SURFHVVRV LQVWUXo}HV GH WUDEDOKR SODQRV
HPHUJHQFLDLVQDVLQVWDODo}HVUHJLVWURVHDVVLPSRUGLDQWH
2 DQH[R GD ,62 LQGLFD TXH D GRFXPHQWDomR GHYHULD VHU GHWDOKDGD R VXILFLHQWH SDUD
GHVFUHYHURVLVWHPDGHJHVWmRDPELHQWDO(OHSRGHVHULQWHJUDGRHFRPSDUWLOKDGRFRPRXWURVVLVWHPDV
GH LQIRUPDomR GD RUJDQL]DomR 1mR SUHFLVD VHU XP RXWUR QtYHO VHSDUDGR QHP FRQVWDU GH XP ~QLFR
PDQXDO &RP IUHTrQFLD DV RUJDQL]Do}HV FULDP XP PDQXDO 6*$ TXH SUHYr R EiVLFR FRPR DV
SROtWLFDVREMHWLYRVPHWDVSULQFLSDLVSDSpLVHUHVSRQVDELOLGDGHVDPELHQWDLV2PDQXDOID]UHIHUrQFLDj
GRFXPHQWDomRUHODFLRQDGDHRXWURVDVSHFWRVGRVLVWHPDJHUHQFLDOGDRUJDQL]DomR
8PDDERUGDJHPXVXDOPHQWHXWLOL]DGDFRQVLVWHGHTXDWURFDPDGDV&DGDFDPDGDGHVHQYROYH
XPQtYHOFDGDYH]PDLVLQWHQVRGHGHWDOKHVVREUHDVRSHUDo}HVHPpWRGRVGDHPSUHVD
0DQXDO
$PELHQWDO
3URFHGLPHQWRV
2SHUDFLRQDLV
,QVWUXo}HVGH7UDEDOKR
5HJLVWURV
2 PDQXDO DPELHQWDO QRUPDOPHQWH FRQWpP DV SROtWLFDV REMHWLYRV H PHWDV EiVLFDV H RXWUDV
LQIRUPDo}HV JHUDLV VREUH R SURJUDPD 6*$2V SURFHGLPHQWRV RSHUDFLRQDLV GHVFUHYHP RIOX[R JHUDO
GH DWLYLGDGH $V LQVWUXo}HV GH WUDEDOKR VmR PDLV GHWDOKDGDV VmR GLUHWUL]HV HVSHFtILFDV SDUD DV
DWLYLGDGHV( RV5HJLVWURV LQFOXHPWRGD D GRFXPHQWDomR QHFHVViULD SDUDPRVWUDU R FXPSULPHQWR GR
6*$GHGRVVHXVUHTXLVLWRV
&RQWUROHGHGRFXPHQWRV
2 LWHP H[LJH TXH DV RUJDQL]Do}HV HVWDEHOHoDP SURFHGLPHQWRV FODURV SDUD FRQWURODU
WRGRV RV GRFXPHQWRV H[LJLGRV SHOD QRUPD ,VVR LQFOXL SURFHGLPHQWRV SDUD FULDU H PRGLILFDU
GRFXPHQWRV
4XDOTXHUTXHVHMDRSURFHGLPHQWRHOHGHYHSURGX]LUGRFXPHQWRVTXH
R 3RVVDPVHUIDFLOPHQWHORFDOL]DGRV
R 6HMDP OHJtYHLV LGHQWLILFiYHLV GDWDGRV LQFOXLQGR GDWD GH UHYLVmR H PDQWLGRV GH PDQHLUD
RUGHQDGD
R 6HMDPSHULRGLFDPHQWHDQDOLVDGRVUHYLVDGRVHDSURYDGRV
R 6HMDP XWLOL]DGRV H GLVSRQLELOL]DGRV D WRGRV TXH GHOH QHFHVVLWDUHP HP WRGRV RV ORFDLV
HVVHQFLDLV
R 6HMDP PDQWLGRV SRU XP SHUtRGR HVSHFtILFR H UHPRYLGRV TXDQGR REVROHWRV H VH REVROHWRV
SRUpPPDQWLGRVSRUTXHVW}HVOHJDLVRXGHDXGLWRULDTXHVHMDPLGHQWLILFDGRVFRPRWDO
$RUJDQL]DomRGHYHWDPEpPGHVHQYROYHUSURFHGLPHQWRVSDUDFULDUHPRGLILFDUYiULRVWLSRVGH
GRFXPHQWRV
&RQWUROHRSHUDFLRQDO
(VWDHWDSDGDLPSOHPHQWDomRGR6*$pIRFDGDQRFRQWUROHRSHUDFLRQDOLWHP2UHTXLVLWR
EiVLFR p LGHQWLILFDU H SODQHMDU DV DWLYLGDGHV H RSHUDo}HV ³DVVRFLDGDV DRV DVSHFWRV DPELHQWDLV
VLJQLILFDWLYRV LGHQWLILFDGRV HP DOLQKDPHQWR FRP VXDV SROtWLFDV REMHWLYRV H PHWDV´ &RPR IRL GLWR
DQWHULRUPHQWH HVVDV DWLYLGDGHV IRUDP GHILQLGDV DR VH HVWDEHOHFHUHP SROtWLFDV REMHWLYRV H PHWDV H
YDULDPGHSHVTXLVDHGHVHQYROYLPHQWRHSURMHWRGHSURGXWRDWpSURGXomRPDUNHWLQJVHUYLoRDFOLHQWHV
HFRORFDomRGHSURGXWRILQDO
$ ILQDOLGDGH GRV FRQWUROHV p DVVHJXUDU TXH R GHVHPSHQKR DPELHQWDO DWHQGD DRV REMHWLYRV H
PHWDV$VRUJDQL]Do}HVDOFDQoDPRFRQWUROHRSHUDFLRQDOGDVHJXLQWHIRUPD
R 3UHSDUDQGRSURFHGLPHQWRVGRFXPHQWDGRVSDUDDVDWLYLGDGHVHRSHUDo}HVDILPGHDVVHJXUDU
TXHQmRVHGHVYLHPGHSROtWLFDVREMHWLYRVHPHWDV
R (VSHFLILFDQGRFULWpULRVRSHUDFLRQDLVH
R (VWDEHOHFHQGR H FRPXQLFDQGR DRV IRUQHFHGRUHV H VXEFRQWUDWDGRV SURFHGLPHQWRV UHOHYDQWHV
TXH VH UHODFLRQHP FRP RV DVSHFWRV DPELHQWDLV VLJQLILFDWLYRV GDV PHUFDGRULDV H VHUYLoRV
XWLOL]DGRVSHODRUJDQL]DomR
1RYDPHQWH RV SURFHGLPHQWRV GRFXPHQWDGRV QmR VmR QHFHVViULRV SDUD WRGD RSHUDomR H
FLUFXQVWkQFLDPDVWmRVRPHQWHSDUD³FREULUVLWXDomRQDVTXDLVVXDDXVrQFLDSRGHULDOHYDUDGHVYLRV
GDVSROtWLFDVHGRVREMHWLYRVHPHWDVDPELHQWDLV´
(VWH LWHP GHYH HVWDU HVWUHLWDPHQWH OLJDGR DR LWHP 0RQLWRUDPHQWR H PHGLomR SRLV D
QRUPDHVWDEHOHFHTXHRVHTXLSDPHQWRVGHFRQWUROHLQFOXVLYHDTXHOHVXWLOL]DGRVSDUDPHGLUREMHWLYRVH
PHWDV GHYHP HVWDU FDOLEUDGRV H PDQWLGRV ,QWHUSUHWDo}HV UHFHQWHV GH DXGLWRUHV FRP H[SHULrQFLD
LQWHUQDFLRQDODUHVSHLWRGHVWHLWHPFRQVLGHUDPTXHSDUDXPHTXLSDPHQWRHVWDUFDOLEUDGRHPDQWLGR
WRGR UHTXLVLWRMi GHILQLGR QD ,62 GHYHP HVWDU VHQGR H[HFXWDGRV7DO LQWHUSUHWDomR p SROrPLFD
PDVGHYHVHUOHYDGRHPFRQVLGHUDomRSDUDXPDFHUWLILFDomRGHkPELWRLQWHUQDFLRQDO
e35(&,62*$5$17,548(72'2626352&(6626($7,9,'$'(66(-$0
&21752/$'26
3UHSDUDomRHUHVSRVWDDHPHUJrQFLDV
$ RUJDQL]DomR WHP TXH HVWDU SURQWD SDUD UHVSRQGHU D FRQGLo}HV RSHUDFLRQDLV DQRUPDLV
VLWXDo}HV GH DFLGHQWHV H HPHUJHQFLDLV (VWDV SRGHP LQFOXLU HQWUH RXWUDV RFRUUrQFLDV GHVFDUJDV
DFLGHQWDLV QD iJXD RX VROR HPLVV}HV DFLGHQWDLV QD DWPRVIHUD H RXWURV HIHLWRV HVSHFtILFRV QR
HFRVVLVWHPDSURYRFDGRVSRUGHUUDPHVDFLGHQWDLV
2LWHPGLWDTXHDRUJDQL]DomRGHYHHVWDEHOHFHUHPDQWHUSURFHGLPHQWRVSDUDLGHQWLILFDU
D SRVVLELOLGDGH GH RFRUUrQFLD GH DFLGHQWHV H HPHUJrQFLDV H D UHVSRVWD D HVVDV VLWXDo}HV $
RUJDQL]DomR WDPEpP GHYH HVWDU SUHSDUDGD SDUD SUHYHQLU H PLQLPL]DU RV LPSDFWRV DPELHQWDLV
DVVRFLDGRV)LQDOPHQWHDRUJDQL]DomRGHYHID]HUDDQiOLVHFUtWLFDHUHYLVDUTXDQGRQHFHVViULRVHXV
SURFHGLPHQWRVGHSURQWLGmRjVHPHUJrQFLDVHWHVWiORVVHPSUHTXHIRUSUiWLFRID]rOR
$,62LQGLFDTXHSODQRVHPHUJHQFLDLVSRGHPLQFOXLU
R 'HVLJQDomRGHDXWRULGDGHHUHVSRQVDELOLGDGH
R 'HVHQYROYLPHQWRGHSURFHGLPHQWRVSDUDSUHVWDomRGHVHUYLoRVHPHUJHQFLDLV
R 0pWRGRVGHUHDJLUDGLIHUHQWHVWLSRVGHHPHUJrQFLDV
R ,QIRUPDo}HVVREUHPDWHULDLVSRWHQFLDOPHQWHSHULJRVRV
R &RPXQLFDo}HVHPHUJHQFLDLVLQWHUQDVHH[WHUQDV
R 7UHLQDPHQWRVREUHSURQWLGmRHUHVSRVWDVDHPHUJrQFLDV
2VLWHQVDFLPDGHYHPHVWDUUHODFLRQDGRVDRVSURFHGLPHQWRVH[LVWHQWHVQDHPSUHVDUHODWLYRVj
VD~GHHjVHJXUDQoD
9(5,),&$d2($d2&255(7,9$
1HVWD HWDSD VmR UHDOL]DGRV DV PHGLo}HV PRQLWRUDPHQWR H DYDOLDomR GD SHUIRUPDQFH
DPELHQWDO $ DomR SUHYHQWLYD p HQIDWL]DGD DWUDYpV GR FRQWtQXR PRQLWRUDPHQWR GLPLQXLQGR DVVLP R
Q~PHURGHDo}HVFRUUHWLYDV
2VSUREOHPDVGHYHPVHUHQFRQWUDGRVHFRUULJLGRVQDIRQWHJHUDGRUDHQmRDRILQDOGRSURFHVVR
SURGXWLYR$SyVDRFRUUrQFLDGRGDQRRXGHJUDGDomRDPELHQWDORHVIRUoRGHUHFXSHUDomRRXUHSDUR
VH WRUQDPDLRUHPXLWRPDLVRQHURVR$OpPGHPDLVRQHURVRD UHFXSHUDomRGRGDQRQHPVHPSUHp
SRVVtYHO
4XDQGRRFDVRpPHLRDPELHQWHPXLWDVYH]HVXPSUREOHPDRXDFLGHQWHSRGHDFDUUHWDU
XP GDQR LUUHSDUiYHO (YLWDU D GHJUDGDomR DPELHQWDO p D WDUHID SULPRUGLDO HP XP VLVWHPD GH
JHVWmRDPELHQWDO
$HPSUHVDFXPSUHHVWDHWDSD
R (VWDEHOHFHQGRDo}HVSUHYHQWLYDV
R 5HDOL]DQGRDo}HVFRUUHWLYDVTXDQGRQHFHVViULR
R &RQWURODQGRDVWDUHIDVVREUHVSRQVDELOLGDGHLQGLYLGXDO
R (ODERUDQGRSURFHGLPHQWRVLQVWUXo}HVGHWUDEDOKRHDXGLWRULDV
R 'LVVHPLQDQGRFRQFHLWRVHSUiWLFDVGR6*$
R %XVFDQGRDPHOKRULDFRQWtQXD
2 PRQLWRUDPHQWR H DV Do}HV FRUUHWLYDV SDVVDP D VHU SURFHGLPHQWRV XVXDLV QR VLVWHPD GH
JHVWmRDPELHQWDO
2PRQLWRUDPHQWRHFRQWUROHGRSURFHVVRSURGXWLYRVmRUHDOL]DGRVSRUPHLRGH
R 0HGLomRSHULyGLFDHPSRQWRVUHOHYDQWHV
R ,GHQWLILFDomRGDVQmRFRQIRUPLGDGHV
R (VWtPXORjVDo}HVSUHYHQWLYDVHYLWDQGRDVFRUUHWLYDV
R 5HJLVWURGHVLWXDo}HVDQRUPDLVGHRSHUDomR
R 3URPRomRGHDXGLWRULDVSHULyGLFDVGHVLVWHPD
0RQLWRUDPHQWRHPHGLomR
$LGpLD FKDYHSRUWUiVGDDYDOLDomRGHGHVHPSHQKRDPELHQWDO pDQRomRGHTXH³9RFrSRGH
JHUHQFLDURTXHSXGHUPHGLU´3RUWDQWRRSULPHLURUHTXLVLWREiVLFRQDYHULILFDomRHDomRFRUUHWLYDpR
GHHVWDEHOHFHUHPDQWHUSURFHGLPHQWRVGRFXPHQWDGRVSDUDPRQLWRUDPHQWRHPHGLomRUHJXODUHVGDV
FDUDFWHUtVWLFDV FKDYHV GDV RSHUDo}HV H DWLYLGDGHV GD HPSUHVD e LPSRUWDQWH UHVVDOWDU TXH QmR VH
WUDWDGHWRGDVDVRSHUDo}HVHDWLYLGDGHVPDVDTXHODTXHH[HUoDPXPLPSDFWRVLJQLILFDWLYRQRPHLR
DPELHQWH
2VSURFHGLPHQWRVGRFXPHQWDGRVQRLWHPLQFOXHP
R 5HJLVWUDU LQIRUPDo}HV TXH UDVWUHLHP R GHVHPSHQKR RV FRQWUROHV RSHUDFLRQDLV H D
FRQIRUPLGDGHFRPREMHWLYRVHPHWDV
R &DOLEUDU H PDQWHU HTXLSDPHQWRV GH PRQLWRUDPHQWR FRPR LQVWUXPHQWRV HTXLSDPHQWRV GH
WHVWHVRIWZDUHHDPRVWUDJHQVGHKDUGZDUHSDUDDVVHJXUDUFRQILDELOLGDGH
R 0DQWHUUHJLVWURVGHFDOLEUDJHPHPDQXWHQomRH
R $YDOLDUSHULRGLFDPHQWHDFRQIRUPLGDGHFRPOHLVHUHJXODPHQWRVDPELHQWDLVUHOHYDQWHV
$QRUPD,62UHFRPHQGDTXHDLGHQWLILFDomRGRVLQGLFDGRUHVGHGHVHPSHQKRDPELHQWDO
DSURSULDGRSDUDDRUJDQL]DomRVHMDXPSURFHVVRFRQWtQXR5HFRPHQGDVHTXHWDLVLQGLFDGRUHVVHMDP
REMHWLYRV YHULILFiYHLV HUHSURGX]tYHLV5HFRPHQGDVH DLQGD TXH HOHV VHMDP DSOLFiYHLV DV DWLYLGDGHV
GD RUJDQL]DomR FRQVLVWHQWHV FRP VXD SROtWLFD DPELHQWDO SUiWLFRV H HFRQ{PLFD H WHFQRORJLFDPHQWH
H[HTtYHLV
e35(&,62(67$%(/(&(5(0$17(5352&(',0(17263$5$021,725$5(
0(',53(5,2',&$0(17($6&$5$&7(5Ë67,&$635,1&,3$,6'$623(5$d®(6(
$7,9,'$'(648(3266$07(580,03$&726,*1,),&$7,9262%5(20(,2
$0%,(17(
$YDOLDomRGRDWHQGLPHQWRDUHTXLVLWRVOHJDLVHRXWURV
'H PDQHLUD FRHUHQWH FRP VHX FRPSURPHWLPHQWR GH DWHQGLPHQWR D UHTXLVLWRV D RUJDQL]DomR
GHYH HVWDEHOHFHU LPSOHPHQWDU H PDQWHU SURFHGLPHQWRV SDUD DYDOLDU SHULRGLFDPHQWH R DWHQGLPHQWR
DRVUHTXLVLWRVOHJDLVDSOLFiYHLV
$RUJDQL]DomRGHYHPDQWHUUHJLVWURVGRVUHVXOWDGRVGDVDYDOLDo}HVSHULyGLFDVGHYHDYDOLDUR
DWHQGLPHQWRDRXWURVUHTXLVLWRVSRUHODVXEVFULWRV
$RUJDQL]DomRGHYHPDQWHUUHJLVWURVGRVUHVXOWDGRVGDVDYDOLDo}HVSHULyGLFDV
1mRFRQIRUPLGDGHDomRFRUUHWLYDHSUHYHQWLYD
4XDQGRKiSUREOHPDVDRUJDQL]DomRGHYHHVWDUSUHSDUDGDSDUDFRUULJLORVHHYLWDUTXHWRUQHP
D RFRUUHU 2 IRFR UHFDL VREUH D DQiOLVH GD FDXVD H QmR QRV VLQWRPDV $ LGpLD QmR p LGHQWLILFDU R
SUREOHPDPDVFRPSUHHQGHUSRUTXHHOHRFRUUHXHDOWHUDURVLVWHPDGHIRUPDTXHQmRYROWHDRFRUUHU
$omR FRUUHWLYD p UHVXOWDGR GH SODQHMDPHQWR GH DUUDQMRV VLVWHPiWLFRV H IRUPDLV SDUD GHWHFWDU
QmRFRQIRUPLGDGHVRXRSRUWXQLGDGHVGHPHOKRULDH[LVWHQWHV FRPDILQDOLGDGHGHHOLPLQDUDVFDXVDV
GHVVDVQmRFRQIRUPLGDGHVGHPRGRDSUHYHQLUUHLQFLGrQFLDVHFRQVROLGDUJDQKRVREWLGRV
$omR SUHYHQWLYD WDPEpP p SODQHMDPHQWR GH DUUDQMRV VLVWHPiWLFRV H IRUPDLV SRUpP FRP R
REMHWLYR GH LGHQWLILFDU QmR FRQIRUPLGDGHV RX RSRUWXQLGDGHV GH PHOKRULD SRWHQFLDLV DWUDYpV GD
HOLPLQDomRGDVFDXVDVGHVVDVQmRFRQIRUPLGDGHVGHPRGRDSUHYHQLURFRUUrQFLDHFRQVROLGDUJDQKRV
REWLGRV
$PEDV GHYHP FREULU WRGRV RV HOHPHQWRV YLWDLV GRV VLVWHPDV GH JHVWmR GHVHQYROYLGRV H
LPSOHPHQWDGRVHGHYHPVHUHPSUHHQGLGDVGHPRGRFRQVLVWHQWHFRPDPDJQLWXGHHSURSRUFLRQDLVDRV
ULVFRVDHOHVDVVRFLDGRV
$PEDV GHYHP UHTXHUHU UHJLVWUR GH DOWHUDomR UHDOL]DGD HP GRFXPHQWRV FRPR SDUWH GD DomR
HPSUHHQGLGD DVVLP FRPR RV SDVVRV GH LGHQWLILFDomR GR SUREOHPD LQYHVWLJDomR DEUDQJHQWHV GDV
FDXVDV SODQHMDPHQWR H FRQVHFXomR GDV Do}HV H HVWDEHOHFLPHQWR GH FRQWUROHV SURSRUFLRQDLV SDUD
GHWHUPLQDUDHIHWLYLGDGHGDVDo}HVWRPDGDVGHYHQGRVH GHILQLUHGRFXPHQWDUDVUHVSRQVDELOLGDGHV
DXWRULGDGHVHLQWHUUHODomRSDUDWRGRHVWHFLFORHJDUDQWLURUHJLVWURGHFDGDHWDSD
$PHOKRUIRUPDGHGLIHUHQFLiODpDWUDYpVGDWHPSRUDOLGDGHLPSOLFDGDHPFDGDFDVR2REMHWLYR
GD DomR FRUUHWLYD FRQVLVWH HP QmR FRQIRUPLGDGH H[LVWHQWH H VXD ILQDOLGDGH p SUHYHQLU D UHFRUUrQFLD
HQTXDQWR D DomR SUHYHQWLYD OLGD FRP QmR FRQIRUPLGDGH SRWHQFLDO FRP R REMHWLYR GH SUHYHQLU
RFRUUrQFLD
2VUHTXLVLWRVEiVLFRVSDUDRLWHPLQFOXHPSURFHGLPHQWRVSDUD
R 'HILQLUUHVSRQVDELOLGDGHHDXWRULGDGHSHORWUDWDPHQWRHLQYHVWLJDomRGDQmRFRQIRUPLGDGH
R $JLUQRVHQWLGRGHPLQLPL]DURVLPSDFWRVUHVXOWDQWHVVREUHRPHLRDPELHQWH
R ,QLFLDUHFRPSOHWDUDomRFRUUHWLYDHSUHYHQWLYDH
R ,PSOHPHQWDU H UHJLVWUDU PXGDQoDV QRV SURFHGLPHQWRV GRFXPHQWDGRV TXH UHVXOWHP GH DomR
FRUUHWLYDHSUHYHQWLYD
$ QRUPD DILUPD TXH Do}HV FRUUHWLYDV H SUHYHQWLYDV ³WRPDGDV SDUD HOLPLQDU DV FDXVDV GH QmR
FRQIRUPLGDGHVUHDLVHSRWHQFLDLVGHYHPVHUDSURSULDGDVjPDJQLWXGHGRVSUREOHPDVHSURSRUFLRQDLV
DR LPSDFWR FRP TXH VH GHSDUDP´ 3RUWDQWR RV SURFHGLPHQWRV SRGHP VHU VLPSOHV RX FRPSOH[RV
DPSORVRXHVWUHLWRVHPHVFRSRGHSHQGHQGRGRSUREOHPD
5HJLVWURV
$ RUJDQL]DomR GHYH PDQWHU UHJLVWURV DSURSULDGRV SDUD GHPRQVWUDU FRQIRUPLGDGH FRP DV
H[LJrQFLDVGDQRUPD,VVRVLJQLILFDGHVHQYROYHUSURFHGLPHQWRVSDUDLGHQWLILFDUPDQWHUHID]HUXVRGRV
UHJLVWURV DPELHQWDLV 'H DFRUGR FRP R LWHP UHJLVWURV DPELHQWDLV LQFOXHP ³UHJLVWURV GH
WUHLQDPHQWRHUHJLVWURVGHDXGLWRULDVHDQiOLVHFUtWLFD´
$ ,62 DILUPD TXH RV UHJLVWURV VmR HYLGrQFLDV GH RSHUDomR FRQWtQXD GR 6*$ 2V
UHJLVWURVSRGHPLQFOXLUDOpPGDTXHOHVMiPHQFLRQDGRV
R 5HJLVWURVGDOHJLVODomRHUHJXODPHQWDo}HV
R 5HJLVWURVGHLQVSHomRPDQXWHQomRHFDOLEUDJHP
R 5HJLVWURVGHLQFLGHQWHV
R 5HJLVWURVGHDXGLWRULDVDPELHQWDLVHDQiOLVHVFUtWLFDV
R ,QIRUPDo}HVVREUHVXEFRQWUDWDGRVHIRUQHFHGRUHVH
R 5HJLVWURVGHUHVSRVWDVDHPHUJrQFLDV
$ QRUPD LQGLFD TXH RV UHJLVWURV DPELHQWDLV GHYHP VHU ³OHJtYHLV LGHQWLILFiYHLV H SDVVtYHLV GH
VHUUDVWUHDGRVIiFLOHLPHGLDWDPHQWHDFHVVtYHLVHSURWHJLGRVFRQWUDGDQRVGHWHULRUDomRRXSHUGD´$
RUJDQL]DomRGHYHWDPEpPHVWDEHOHFHUHUHJLVWUDURWHPSRGHUHWHQomRGRVUHJLVWURV
&DGD JHUHQWH DPELHQWDO HVWi FRQVFLHQWH GD YDVWD TXDQWLGDGH H GD JDPD FRPSOHWD GH
LQIRUPDo}HV TXH XP 6*$ SURGX] $Wp FHUWR SRQWR XP JHUHQFLDPHQWR DPELHQWDO HILFD] VLJQLILFD
JHUHQFLDPHQWRGHLQIRUPDo}HV+iXPDWHQGrQFLDGHVHFULDUVLVWHPDVHOHWU{QLFRVGHJHUHQFLDPHQWR
GHLQIRUPDo}HVDPELHQWDLVSDUDWHUFRQWUROHGHWRGRVHVVHVGDGRV
e35(&,62&5,$5(0$17(55(*,6752648(&203529(0$()(7,9$
(;(&8d2'26352&(',0(1726
$XGLWRULDLQWHUQD
3HULRGLFDPHQWH D RUJDQL]DomR GHYH H[DPLQDU R 6*$ DVVHJXUDU TXH HOH IXQFLRQH 2 LWHP
UHTXHUTXHDHPSUHVDUHDOL]HDXGLWRULDVGRVLVWHPDGHJHVWmRDPELHQWDO,VWRFRQVLVWHHPUHDOL]DU
XPDDXGLWRULDGRVLVWHPDHQmRGDFRQIRUPLGDGHWpFQLFDFRPOHLVHUHJXODPHQWDo}HV
2 REMHWLYR p DVVHJXUDU TXH R 6*$ ³HVWHMD HP FRQIRUPLGDGH FRP DV SURYLGrQFLDV SODQHMDGDV
SDUD R JHUHQFLDPHQWR GR PHLR DPELHQWH LQFOXLQGR RV UHTXLVLWRV GHVVD QRUPD´ ( TXH WHQKD VLGR
DGHTXDGDPHQWHLPSOHPHQWDGRHPDQWLGR2RXWURREMHWLYRpUHDOL]DUDDXGLWRULDGR6*$SDUDIRUQHFHU
LQIRUPDo}HVVREUHVHXVUHVXOWDGRVjJHUrQFLD
$QRUPDWDPEpPHQIDWL]DTXHRSURJUDPDGHDXGLWRULDHDIUHTrQFLDFRPTXHpSURJUDPDGR
GHYHP VH EDVHDU QD ³LPSRUWkQFLD DPELHQWDO GD DWLYLGDGH HP TXHVWmR H QRV UHVXOWDGRV GH DXGLWRULDV
DQWHULRUHV´
2V SURFHGLPHQWRV GH DXGLWRULDV GHYHP VHU DEUDQJHQWHV H FREULU R HVFRSR GD DXGLWRULD VXD
IUHTrQFLDHVHXVPpWRGRV7DPEpPGHYHULDPFREULUUHVSRQVDELOLGDGHVHUHTXLVLWRVGDFRQGXomRGH
DXGLWRULDVHGHUHVXOWDGRVUHODWDGRV
2 DQH[R GD QRUPD WDPEpP DFUHVFHQWD TXH RV SURFHGLPHQWRV GHYHULDP WDPEpP FREULU D
FRPSHWrQFLDGRDXGLWRURXVHMDDVRUJDQL]Do}HVSRGHPFRQGX]LUDXGLWRULDVXWLOL]DQGRSHVVRDOLQWHUQR
RXH[WHUQR(PTXDOTXHUXPGRVFDVRVRVDXGLWRUHVGHYHPVHULPSDUFLDLVHREMHWLYRV
$1È/,6(3(/$$'0,1,75$d2
$HWDSDILQDOQRSURFHVVREiVLFRGRVLVWHPDGHJHVWmRDPELHQWDOpDDQiOLVHFUtWLFDGRSUySULR
6*$2LWHP H[LJHTXHDDOWDDGPLQLVWUDomRUHDOL]HXPDDQiOLVHFUtWLFDGR6*$VHPSUHTXHHOH
MXOJDUDSURSULDGR³SDUDDVVHJXUDUTXHVHMDFRQWLQXDPHQWHDGHTXDGRDSURSULDGRHHILFD]´$JHUrQFLD
GHYHDVVHJXUDUTXHWHQKDFROHWDGRDVLQIRUPDo}HVQHFHVViULDVSDUDXPDDYDOLDomRDEUDQJHQWHHTXH
DDQiOLVHFUtWLFDVHMDGRFXPHQWDGD
(VVD DQiOLVH IRFDOL]D RV UHVXOWDGRV GD DXGLWRULD GR VLVWHPD GH JHVWmR DPELHQWDO HP
FLUFXQVWkQFLDVGHPXGDQoDVHRFRPSURPLVVRGDRUJDQL]DomRFRPDVPHOKRULDVFRQWtQXDVDOpPGH
DERUGDU SRVVtYHLV PXGDQoDV QDV SROtWLFDV REMHWLYRV H RXWURV HOHPHQWRV GR VLVWHPD GH JHVWmR
DPELHQWDO
2DQH[R$LQGLFDTXHQHPWRGRVRVFRPSRQHQWHVGR6*$SUHFLVDPVHUDQDOLVDGRVGHXPDVy
YH] H TXH R SURFHVVR GH DQiOLVH SRGH RFRUUHU DWUDYpV GH XP SHUtRGR GH WHPSR 2 DQH[R WDPEpP
LQGLFD TXH DV DQiOLVHV GDV SROtWLFDV REMHWLYRV H SURFHGLPHQWRV GHYHULDP VHU UHDOL]DGRV SHOR QtYHO
JHUHQFLDOTXHRVGHILQLX
$V³FLUFXQVWkQFLDVGHPXGDQoD´DTXHVHUHIHUHRLWHPSRGHPLQFOXLUPXGDQoDVQDOHJLVODomR
YDULDomR QDV H[SHFWDWLYDV GDV SDUWHV HQYROYLGDV PXGDQoDV QRV SURGXWRV RX DWLYLGDGHV GD
RUJDQL]DomRDYDQoRVWHFQROyJLFRVLQIRUPDo}HVGHPDUNHWLQJHIHHGEDFNVREUHLQFLGHQWHVDPELHQWDLV
3DUDFRPSOHWDURFtUFXORGHPHOKRULDVFRQWtQXDVDJHUrQFLDGHYHSODQHMDUDo}HVFRUUHWLYDVH
SUHYHQWLYDV SDUD PHOKRUDU R 6*$ H SURFHGHU DR VHX DFRPSDQKDPHQWR SDUD DVVHJXUDU TXH Do}HV
WHQKDP VLGR WRPDGDV H WHQKDP VH PRVWUDGR HILFD] 2V UHVXOWDGRV GD DQiOLVH JHUHQFLDO SRGHP GLWDU
PXGDQoDVQDVSROtWLFDVDPELHQWDLVTXHSURYRFDUmRPXGDQoDVQRSUySULR6*$
$63(&726(,03$&726$0%,(17$,6
'HILQLo}HVH&RQFHLWRV
R $VSHFWR $PELHQWDO HOHPHQWR GDV DWLYLGDGHV SURGXWRV H VHUYLoRV GH XPD RUJDQL]DomR TXH
SRGHLQWHUDJLUFRPPHLRDPELHQWH
R ,PSDFWR $PELHQWDO TXDOTXHU PRGLILFDomR GR PHLR DPELHQWH DGYHUVD RX EHQpILFD TXH
UHVXOWHQRWRGRRXHPSDUWHVGDVDWLYLGDGHVSURGXWRVRXVHUYLoRVGHXPDRUJDQL]DomR
R 3URFHVVR WRGD DWLYLGDGH TXH WUDQVIRUPD HQWUDGDV LQVXPRV WDQJtYHLV RX LQWDQJtYHLV HP
VDtGDVSURGXWRVVHUYLoRV
R 3URGXWRVHUYLoRpRUHVXOWDGRGHXPSURFHVVRSRGHVHULQWHQFLRQDOSURGXWRTXHRSURFHVVR
REMHWLYDUHDOL]DURXQmRLQWHQFLRQDOSURGXWRQmRREMHWLYDGRSHORSURFHVVR
R ,QVXPRpDTXLORGHTXHRSURFHVVRVHXWLOL]DSRGHVHUGLUHWRLQVXPRTXHDJUHJDDRSURGXWR
LQWHQFLRQDO RX LQGLUHWR LQVXPR TXH QmR VH DJUHJD RX VH DJUHJD SRXFR DR SURGXWR
LQWHQFLRQDO
7LSRVGHSURFHVVRVHPXPDRUJDQL]DomR
$±3UpSURFHVVR
%±3URFHVVRGHSURGXomR
&±3URFHVVRGHDSRLR
'±3URFHVVRGHWUDWDPHQWRGHSURGXWRQmRLQWHQFLRQDOLQWHUQR
eSRVVtYHOREVHUYDUTXHWRGRVRVSURFHVVRVGHXPDRUJDQL]DomRSRGHPLQWHUDJLUFRPRPHLR
DPELHQWHTXHUDWUDYpVGRVVHXVSURGXWRVFRPRGRVVHXVLQVXPRV
4XDQWR DRV SURGXWRV LQWHQFLRQDLV RX QmR D VXD LQWHUDomR FRP R PHLR DPELHQWH p EDVWDQWH
YLVtYHO
4XDQWRDRVLQVXPRVQHPVHPSUHHVWDLQWHUDomRpFODUD3RUpPEDVWDOHPEUDUTXHRVLQVXPRV
GHXPDRUJDQL]DomRVmRSURGXWRVGHRXWUDVRUJDQL]Do}HV$VVLPRVLQVXPRVSRGHPLQWHUDJLUFRPR
PHLRDPELHQWHGDSUySULDRUJDQL]DomRTXHGHOHVVHXWLOL]DEHPFRPRFRPRPHLRDPELHQWHH[WHUQR
TXDQGRGDVXDLQFRUSRUDomRDRVSURGXWRV
/HYDQWDPHQWRGRVDVSHFWRVDPELHQWDLV
2V$VSHFWRV$PELHQWDLVGHXPDRUJDQL]DomRVySRGHPVHUFRQKHFLGRVDWUDYpVGRHVWXGRGRV
SURFHVVRVGHVWDRUJDQL]DomRRXVHMDDSDUWLUGRVVHXVLQVXPRVHSURGXWRV
8PD PDQHLUD SDUD OHYDQWDU RV DVSHFWRV DPELHQWDLV GH XPD RUJDQL]DomR SRGH VHU UHDOL]DGD
VHJXLQGRRVVHJXLQWHVSDVVRV
3DVVR/HYDQWDUWRGRVRVSURFHVVRVGDRUJDQL]DomR
3DVVR/LVWDUSDUDFDGDSURFHVVRWRGRVRVVHXVLQVXPRVHWRGRVRVVHXVSURGXWRV
3DVVR,GHQWLILFDUSDUDFDGDLQVXPRHSDUDFDGDSURGXWRGHFDGDSURFHVVRDH[LVWrQFLDRXQmRGH
XPRXPDLVDVSHFWRDPELHQWDO
R 0XLWRV DVSHFWRV DPELHQWDLV VmR IDFLOPHQWH LGHQWLILFiYHLV HVSHFLDOPHQWH DTXHOHV OLJDGRV D
SURGXWRV QmR LQWHQFLRQDLV H[ JHUDomR GH HIOXHQWHV OtTXLGRV YD]DPHQWRV JDVHV JHUDomR
UHVtGXRVVyOLGRV
R $OJXQV SURGXWRV QmR LQWHQFLRQDLV SRGHP QmR VHU IDFLOPHQWH SHUFHELGRV H SRUWDQWR RV
DVSHFWRVDHOHVDVVRFLDGRVQmRVmRLGHQWLILFDGRVH[UDGLDo}HVLRQL]DQWHVFDORUUXtGR
R (P PXLWRV FDVRV p QHFHVViULD XPD DQiOLVH ULJRURVD GRV LQVXPRV GRV SURFHVVRV SRLV HOHV
SRGHP HVWDU DVVRFLDGRV DR FRQVXPR GH UHFXUVRV QDWXUDLV H HQHUJpWLFRV TXH FRQVWLWXHP
DVSHFWRVDPELHQWDLV
R 0XLWDV IDOKDV QRV OHYDQWDPHQWRV GH DVSHFWRV DPELHQWDLV VH GHYHP DR IDWR QmR VHU
FRQVLGHUDGRVDOJXQVSURFHVVRVFRPRSRUH[HPSORVXFDWHDPHQWRGHHTXLSDPHQWRVGHVFDUWH
GHEDWHULDVWRQHUPDQXVHLRGHPDWHULDLVHWF
&RPR YLVWR DQWHULRUPHQWH RV $63(&726 $0%,(17$,6 VmR HOHPHQWRV GH LQWHUDomR GRV
LQVXPRV H SURGXWRV FRP R PHLR DPELHQWH RV ,03$&726 $0%,(17$,6 VmR DV PRGLILFDo}HV
EHQpILFDVRXDGYHUVDVGRPHLRDPELHQWHJHUDGDVSRUDTXHODLQWHUDomR
'HVWD IRUPD SDUD FDGD $63(&72 $0%,(17$/ FDXVD SRGH VHU LGHQWLILFDGR XP RX PDLV
,03$&72$0%,(17$/HIHLWR
,168026 352&(662 352'8726
$63(&72
,17(5$d2
$0%,(17$/
,03$&72 02',),&$d2
$0%,(17$/
$YDOLDomRGRVDVSHFWRVLPSDFWRVDPELHQWDLV
4XDOTXHU RUJDQL]DomR WHP GLYHUVRV SURFHVVRV TXH VH DVVRFLDP D DVSHFWRV DPELHQWDLV TXH
SRU VXD YH] JHUDP LPSDFWRV DPELHQWDLV $VVLP YHULILFDVH D QHFHVVLGDGH GH JUDGXDU RV DSHFWRV H
LPSDFWRVDPELHQWDLV7DOJUDGXDomRpDYDOLDGDDWUDYpVGHGRLVSDUkPHWURV
D ,PSRUWkQFLD,$$,$TXHpGHILQLGDSRUXPSURGXWRGHGLYHUVRVIDWRUHVWDLVFRPR
6HYHULGDGH6)UHTXrQFLD)H'HWHFFomR'HQWUHRXWURVIDWRUHVSRVVtYHLV
, 6[)['[
E )LOWURVGHVLJQLILFkQFLDTXHFRQVLVWHPGHDOJXQVWLSRVGHILOWURVWDLVFRPROHJLVODomR
UHVWULWLYDGHPDQGDGHSDUWHLQWHUHVVDGDRXDOWRYDORUGHVHYHULGDGH6TXHREULJDPD
FRQVLGHUDUFRPRVLJQLILFDQWHVDTXHOHV$$,$TXHWHQKDPSHTXHQDLPSRUWkQFLD
8PDSRVVtYHOIyUPXODSDUDRFiOFXORGD,PSRUWkQFLDp, 6[)['[$[9RQGH
6HYHULGDGH6UHSUHVHQWDDPDJQLWXGHRXJUDYLGDGHGRLPSDFWRVREUHRPHLRDPELHQWH
6HYHULGDGH &ULWpULR 3RQWXomR ([HPSOR
%DL[D ,PSDFWR GH PDJQLWXGH &RQWDPLQDomR GR DU SRU YD]DPHQWR GH
GHVSUH]tYHO YDSRU
0pGLD ,PSDFWR GH PDJQLWXGH &RQWDPLQDomR GR VROR SRU VXFDWD GH
FRQVLGHUiYHO IHUUR
'HWHFomR'UHSUHVHQWDDSUREDELOLGDGHGHVHGHWHFWDURDVSHFWROLJDGRjXPLPSDFWR
'HWHFomR &ULWpULR 3RQWXomR ([HPSOR
)iFLO $VSHFWR IiFLO GH VHU (PLVVmR GH JDVHV FRORULGRV QD
GHWHFWDGR DWPRVIHUD
3HTXHQD 5HVWULWR DR ORFDO GH *HUDomR GH VXFDWD GH HPEDODJHP QR
RFRUUrQFLD DOPR[DULIDGR
0pGLD ([WHQVtYHO D RXWUDV iUHDV GD &DVFDV GH IUXWDV FRPLGDV IRUD GR
RUJDQL]DomR UHVWDXUDQWH
R /HJLVODomR DSOLFiYHO FRP UHTXLVLWRV REVHUYDU TXH H[LVWH WDPEpP XPD OHJLVODomR DPELHQWDO
VHP UHTXLVLWRV SRWHQFLDOPHQWH H QmR HIHWLYDPHQWH JHUDGRUD GH REULJDo}HV SDUD D
RUJDQL]DomR
R 3DUWHVLQWHUHVVDGDVTXDQGRKRXYHUDVVRFLDGRDR$$,$GHPDQGDUHJLVWUDGDRXFRQKHFLGDGH
SDUWHVLQWHUHVVDGDV
R 6HYHULGDGHTXDQGRKRXYHUDVVRFLDGRDR$$,$XPDVHYHULGDGHPi[LPD6
&ODVVLILFDomRGRVDVSHFWRVHLPSDFWRVDPELHQWDLV
R 6LJQLILFDWLYRVTXDQGR,tRXTXDQGRH[LVWLUSHORPHQRVXPILOWURGHVLJQLILFkQFLD
R 1mRVLJQLILFDWLYRVTXDQGR,HQmRH[LVWLUQHQKXPILOWURGHVLJQLILFkQFLD
(PDOJXQVFDVRV$$,$WDPEpPSRGHPVHUFODVVLILFDGRVFRPR'HVSUH]tYHLVTXHVmRDTXHOHV
FRP , H HPERUD H[LVWD XPD OHJLVODomR DPELHQWDO HVSHFtILFD RV $$,$ VmR SXQWXDLV UHVWULWRV D
XPDSHTXHQDiUHD
$RVHHVWXGDURVSURFHVVRVRVDVSHFWRVHRVLPSDFWRVDPELHQWDLVH[LVWHDSRVVLELOLGDGHGHVH
HQFRQWUDUVLWXDo}HVSRWHQFLDLVGHHPHUJrQFLDV
$VVLP RV OHYDQWDPHQWRV GRV $$,$ SURSLFLDP QmR Vy D RSRUWXQLGDGH GH FODVVLILFDU RV $$,$
FRPR WDPEpP LGHQWLILFDU VLWXDo}HV SRWHQFLDLV GH HPHUJrQFLD TXH FRQVWLWXHP WDPEpP XP GRV
UHTXLVLWRVGD1RUPDLWHP
&RQFOXV}HV
R $$,$VLJQLILFDWLYRVQRV FDVRVHPTXHDFODVVLILFDomRUHVXOWDHPXP$$,$VLJQLILFDWLYRGXDV
VLWXDo}HVSRGHPRFRUUHU
D 6LWXDomR FRQWUROiYHO SHOD SUySULD iUHD QHVWH FDVR GHYHP VHU HVWDEHOHFLGRV H PDQWLGRV
SURFHGLPHQWRVSDUDH[HFXomRHRXPRQLWRUDPHQWRGDVDWLYLGDGHVUHODFLRQDGDVDRDVSHFWR
DPELHQWDO VLJQLILFDWLYR FRP R REMHWLYR GH PLWLJDU R VHX LPSDFWR DPELHQWDO LWHP ±
&RQWUROH2SHUDFLRQDO
E 6LWXDomR QmR FRQWUROiYHO VRPHQWH SHOD SUySULD iUHD QHVWH FDVR D DomR PLWLJDGRUD SDUDR
$$,$ GHYH VHU UHODFLRQDGD FRPR REMHWLYRPHWD H FRPR WDO VHU LQFOXtGD QR 3URJUDPD GH
*HVWmR $PELHQWDO LWHP H ± 2EMHWLYR H 0HWDV H 3URJUDPDV GH *HVWmR
$PELHQWDO
eLPSRUWDQWHUHVVDOWDUTXHHVWDQmRpD~QLFDRULJHPGRVREMHWLYRVHPHWDVDPELHQWDLVGD
RUJDQL]DomR
R 6LWXDo}HV3RWHQFLDLVGH(PHUJrQFLDQRFDVRGHH[LVWLUXPDVLWXDomRSRWHQFLDOGHHPHUJrQFLD
GRLVFDVRVSRGHPRFRUUHU
D 6LWXDomR FRQWUROiYHO SHOD SUySULD iUHD QHVWH FDVR GHYHP VHU HVWDEHOHFLGRV H PDQWLGRV
SURFHGLPHQWRVSDUDDWHQGHUDHPHUJrQFLDVQDSUySULDiUHD
E 6LWXDomRQmRFRQWUROiYHOSHODSUySULDiUHDQHVWHFDVRGHYHVHUUHODFLRQDGDQXP3ODQRGH
(PHUJrQFLD$PELHQWDOTXH SUHYr DV Do}HV QHFHVViULDV SDUD SUHYHQLUPLWLJDU RX HOLPLQDU
LPSDFWRV DPELHQWDLV DVVRFLDGRV D VLWXDo}HV GH HPHUJrQFLD H[WHQVtYHLV DR FRQMXQWR GD
RUJDQL]DomR
3DVVRDSDVVRSDUDOHYDQWDURVDVSHFWRVHLPSDFWRVDPELHQWDLV
3ODQLOKD
3DVVR'HILQLomRGDViUHDV
R ,GHQWLILFDUHOLVWDUWRGDVDViUHDVGDRUJDQL]DomRHGHILQLUVHXVUHVSRQViYHLV
3DVVR'HILQLomRGRVSURFHVVRV
R 3DUD FDGD iUHD OLVWDU FODVVLILFDU WLSRV $ % &H ' QXPHUDU VHTHQFLDOPHQWH H GDU QRPH D
WRGRVRVSURFHVVRV
3DVVR'HILQLomRGRVLQVXPRVHSURGXWRV
R 3DUDFDGDSURFHVVROLVWDUWRGRVRVVHXVLQVXPRVHWRGRVRVVHXVSURGXWRV
3DVVR/HYDQWDPHQWRGRVDVSHFWRVDPELHQWDLV
R 3DUDFDGDLQVXPRHSDUDFDGDSURGXWRYHULILFDUDH[LVWrQFLDUHODFLRQDURV$$
3ODQLOKD
3DVVR,GHQWLILFDUDViUHDVSURFHVVRVHDVSHFWRVDPELHQWDLVFRUUHVSRQGHQWHV
3DVVR/HYDQWDPHQWRGRVLPSDFWRVDPELHQWDLV
R 3DUDFDGDDVSHFWRDPELHQWDOOLVWDURVLPSDFWRVDPELHQWDLVDVVRFLDGRV
3DVVR(VWLPDomRGRVIDWRUHV
R 3DUDFDGDLPSDFWRDPELHQWDOHVWLPDURVYDORUHVGHWRGRVRVVHXVIDWRUHV
3DVVR&iOFXORGDLPSRUWkQFLD,
R 3DUDFDGDLPSDFWRDPELHQWDOFDOFXODURYDORUGDLPSRUWkQFLDXWLOL]DQGRDIyUPXOD
, 6[)['[$[9
3DVVR/HYDQWDPHQWRGRVILOWURVGHVLJQLILFkQFLD
R 3DUDFDGDLPSDFWRDPELHQWDOOHYDQWDGRYHULILFDUDH[LVWrQFLDGRVILOWURVGHVLJQLILFkQFLD
3DVVR&ODVVLILFDomRGRV$$,$
R 3DUDFDGDLPSDFWRDPELHQWDOFODVVLILFDORFRPRVLJQLILFDWLYRQmRVLJQLILFDWLYRRXGHVSUH]tYHO
3DVVR/HYDQWDPHQWRGDVLWXDomRGHHPHUJrQFLD
R 3DUDFDGD$$,$LGHQWLILFDUDVSRWHQFLDLVVLWXDo}HVGHHPHUJrQFLDV
3DVVR'HILQLomRGDVFRQFOXV}HV
R 3DUDFDGD$$,$VLJQLILFDWLYRGHILQLUDVFRQFOXV}HV
(;(5&Ë&,26
7UDEDOKR HP JUXSR &DGD JUXSR SUHSDUDUi XPD DSUHVHQWDomR GRV UHTXLVLWRV GD 1%5 ,62
TXHVHUmRLQGLFDGRVSHORLQVWUXWRU
2JUXSRWHUiPLQXWRVSDUDSUHSDUDUDDSUHVHQWDomRHPLQXWRVSDUDDSUHVHQWDURUHTXLVLWR
,GHQWLILTXH D LQWHQomR EiVLFD GH FDGD UHTXLVLWR (P VHJXLGD LGHQWLILTXH D HYLGrQFLD REMHWLYD TXH
YRFrSURFXUDUiSDUDJDUDQWLUTXHDRUJDQL]DomRTXHYRFrHVWiDXGLWDQGRHVWiHPFRQIRUPLGDGHFRP
RVUHTXLVLWRV
8PD HPSUHVD TXH IDEULFD SHoDV GH DoR GREUDGDV FRPSUD H UHFHEH FKDSDV GH DoR SODQDV HP
HQJUDGDGRV GH PDGHLUD yOHR GH OXEULILFDomR HP EDOGHV SDSHO H WLQWD SDUD GHVHQKRV HQWUH RXWURV
PDWHULDLV
8VDQGR GHVHQKRV HODERUDGRV LQWHUQDPHQWH DV FKDSDV VmR SUHQVDGDV VHQGR R yOHR GH
OXEULILFDomRQDVXDPDLRUSDUWHWUDWDGRDQWHVGHVHUGHVFDUWDGR
8WLOL]DQGRR(VTXHPDGRVSURFHVVRVFRPREDVHGHILQDRVSULQFLSDLVSURFHVVRVGRVWLSRV$%&H
'EHPFRPRWRGRVRVLQVXPRVGLUHWRVHLQGLUHWRVHSURGXWRVLQWHQFLRQDLVHQmRLQWHQFLRQDLV
/HYDQWDU H DYDOLDU RV $$,$ UHODFLRQDGRV DRV SURFHVVRV GHILQLGRV QR H[HUFtFLR XWLOL]DQGR DV
VHJXLQWHVLQIRUPDo}HVDGLFLRQDLV
R $ViUHDVGDHPSUHVDDVHUHPFRQVLGHUDGDVVmR
;5HFHELPHQWRGHPDWHULDLV
;$UPD]HQDJHPGHPDWHULDLV
;3UHSDUDomRGHFKDSDV
;3UHQVDJHPGHFKDSDV
;/DYDJHPGHSHoDV
;3UHSDUDomRGHGHVHQKRV
;7UDWDPHQWRGHyOHR
R $VHJXLQWHOHJLVODomRDPELHQWDOFRPUHTXLVLWRVGHYHUiVHUFRQVLGHUDGD
5HVROXomR &21$0$ )HGHUDO VREUH UHVtGXRVyOHRV OXEULILFDQWHV TXH GLVS}HV VREUH R
XVR FRPEXVWmR LQFLQHUDomR IyUPXOD H FRQVWLWXLomR WUDWDPHQWR GHVWLQDomR ILQDO UHFLFODJHP
UHILQDJHPLQGXVWULDOL]DomRWUDQVSRUWHFRPHUFLDOL]DomRGHyOHRVOXEULILFDQWHV
R 1mRKiUHJLVWURVGHSDUWHVLQWHUHVVDGDV
9HULILTXHVHDVDOWHUQDWLYDVVmRIDOVDVRXYHUGDGHLUDVMXVWLILFDQGRVXDUHVSRVWD
D $VDXGLWRULDVGR6*$QmRVXEVWLWXHPDVLQVSHo}HV
E (P DXGLWRULDV LQWHUQDV R DXGLWRU H R DXGLWDGR SRGHP SHUWHQFHU DR PHVPR
VHWRU
F (P DXGLWRULDV LQWHUQDV D DWXDomR GR DXGLWRU GHYH VH UHVWULQJLU DRV SRQWRV
SUHVFULWRVQDOLVWDGHYHULILFDomR
G $TXDOLILFDomRGHDXGLWRUHVGHYHVHUH[LJLGDVRPHQWHSDUDFRQWUDWDGRV
H $V DXGLWRULDV GR 6*$ VmR PHLRV SDUD DYDOLDU D HILFiFLD H HIHWLYLGDGH GR
VLVWHPDGDRUJDQL]DomR
I (P DXGLWRULDV GH DFRPSDQKDPHQWR p LPSUHVFLQGtYHO FRQVLGHUDU DV 1& GDV
DXGLWRULDVDQWHULRUHV
2 3UHIHLWR GD FLGDGH GH 5LR (VSHUD0* PDQGRX FRUWDU WRGDV DV iUYRUHV GD SUDoD SULQFLSDO GD
FLGDGHSDUDSURWHJHUD³PRUDOS~EOLFD´MiTXHHVWDViUYRUHVHVWDYDPLPSHGLQGRDLOXPLQDomRS~EOLFD
R TXH HUD DSURYHLWDGR SHORV FDVDLV GH QDPRUDGRV 8P FLGDGmR QmR FRQFRUGDQGR FRP R
DFRQWHFLPHQWRLQJUHVVRXFRPXPD$omR-XGLFLDOYLVDQGRjUHSDUDomRGRGDQRDPELHQWDO
6HYRFrIRVVHR-XL]HVWHSURFHVVRFRQGHQDULDRXDEVROYHULDR3UHIHLWR"(PFDVRGHFRQGHQDomR
TXDOVHULDVXDVHQWHQoD"
$VLGHU~UJLFD'HOWDVHLQVWDORXQRPXQLFtSLRGH5LDFKR6HFRUHJLmRH[WUHPDPHQWHSREUHHFDUHQWH
GH HPSUHJRV VHP WHU REWLGR DV OLFHQoDV DPELHQWDLV GRV yUJmRV FRPSHWHQWHV 6XDV DWLYLGDGHV YrP
FDXVDQGR SROXLomR DWPRVIpULFD TXH HVWi SUHMXGLFDQGR D VD~GH GD SRSXODomR 1R HQWDQWR HVVD
HPSUHVD JHUD PDLV GH HPSUHJRV GLUHWRV H FRQWULEXL FRP GD DUUHFDGDomR GRV WULEXWRV GR
0XQLFtSLR )LVFDOL]DGD SHOR yUJmR HVWDGXDO GH 0HLR $PELHQWH R PHVPR GHWHUPLQRX TXH D HPSUHVD
LQVWDODVVHHTXLSDPHQWRVGHFRQWUROHDPELHQWDOQRSUD]RGHGRLVDQRV&RQWXGRHVJRWRXVHRSUD]R
VHPTXHDHPSUHVDFXPSULVVHRTXHWLQKDVLGRGHWHUPLQDGR
&RPR DXWRULGDGH S~EOLFD GR 0HLR $PELHQWH YRFr VXVSHQGHULD DV DWLYLGDGHV GHVVD HPSUHVD"
-XVWLILTXH
9HULILTXHVHDVFRQVWDWDo}HVVHJXQGRD1%5,62VmRµREVHUYDomR¶RXµQmRFRQIRUPLGDGH¶
,QGLTXHWDPEpPRSDUiJUDIRGDQRUPD
&2167$7$d2 3$5È*5$)2 2%6 1&
$V PRGLILFDo}HV GRV GRFXPHQWRV GR VLVWHPD QmR HVWmR
YDOLGDGDV
2V REMHWLYRV H PHWDV DPELHQWDLV QmR IRUDP GLYXOJDGRV DRV
HPSUHJDGRV
1D 3ROtWLFD $PELHQWDO QmR HVWi HYLGHQFLDGR R FRPSURPLVVR
FRPDPHOKRULDFRQWtQXD
1mR H[LVWH XPD GHILQLomR GH XPD SHULRGLFLGDGH SDUD DV
DQiOLVHVFUtWLFDVSHODDGPLQLVWUDomR
1mR VmR VROLFLWDGRV GR IRUQHFHGRU GH VHUYLoRV GH DQiOLVHV
DPELHQWDLV UHJLVWURV GH FDOLEUDomR GRV HTXLSDPHQWRV
XWLOL]DGRV
2 SURFHGLPHQWR GH WUHLQDPHQWR QmR DERUGD D VLWXDomR GRV
FRQWUDWDGRV WHUFHLURV TXH WUDEDOKDP QDV LQVWDODo}HV GD
RUJDQL]DomR
1mR IRL IRUPDOL]DGD D QRPHDomR GR UHSUHVHQWDQWH GD
DGPLQLVWUDomR
2UHODWyULRGD~OWLPDDXGLWRULDIRLHPLWLGRFRPXPDGHIDVDJHP
GHPHVHV
1mR H[LVWH FHQWUDOL]DomR GR FRQWUROH GH QXPHUDomR GRV
GRFXPHQWRVGR6*$
2 SURJUDPD GH JHVWmR DPELHQWDO QmR FRQVLGHURX Do}HV
QHFHVViULDVSDUDDWLQJLUXPDGDVPHWDVHVWDEHOHFLGDV
2/$,$QmRFRQWHPSODRVVHUYLoRVFRQWUDWDGRVHWHUFHLURV
2 SURJUDPD GD ~OWLPD DXGLWRULD QmR DEUDQJHX R LWHP
'RFXPHQWDomRGR6*$
$OJXPDV PRGLILFDo}HV QR SURFHVVR QmR WrP DYDOLDomR GH
DVSHFWRVDPELHQWDLVUHJLVWUDGRV
2 GHSyVLWR GH yOHR OXEULILFDQWH QmR GLVS}H GH GLVSRVLWLYRV GH
FRQWHQomR
1mRVmRUHJLVWUDGRVRVLPSDFWRVDPELHQWDLVFRQVLGHUDGRVQmR
VLJQLILFDWLYRV
$ FDL[D GH JRUGXUD GR UHVWDXUDQWH DSUHVHQWDYD
WUDQVERUGDPHQWR
2V UHJLVWURV UHODWLYRV D UHTXLVLWRV OHJDLV QmR FRQWrP OLFHQoD
DPELHQWDO
'HVHQKRV REVROHWRV GH HTXLSDPHQWRV GH FRQWUROH DPELHQWDO
IRUDPHQFRQWUDGRVQRVHWRUGHHQJHQKDULDVHPLGHQWLILFDomR
3DQLILFDGRUD0$,6'DGRV
D 1RGHIXQFLRQiULRV
E /RFDOL]DomR (PSUHVD ORFDOL]DGD HP ]RQD XUEDQD RQGH VH HQFRQWUDP YiULRV FRQGRPtQLRV H
SUpGLRV GH DSDUWDPHQWRV UHVLGHQFLDLV H FRPHUFLDLV FROpJLRV FRPpUFLR LJUHMDV H yUJmRV
S~EOLFRV
F 2UJDQRJUDPD
x 'LUHWRULDSHVVRDOLJDGDDIDPtOLDGHWHQWRUDGDVDo}HV
x *HUrQFLDGHYHQGDVSURILVVLRQDOFRQWUDWDGR
x *HUrQFLDGHSURGXomRSURILVVLRQDOVyFLRGDHPSUHVD
x *HUrQFLDILQDQFHLUDSURILVVLRQDOFRQWUDWDGR
',5(725,$
9(1'('25(6 ',675,%8,d2
G &OLHQWHV
x 5HGHVGHVXSHUPHUFDGRV
x 3HTXHQRVVXSHUPHUFDGRVHPHUFDGRV
x /RMDVSUySULDV
x /RMDVGHFRQYHQLrQFLD
H 3URGXomR'LiULD
x 3mRGHIRUPD
x 3mRIUDQFrV
x 3mRDPHULFDQR
x &DFHWLQKR
x 3L]]D
x %RORV
x 'RFHV
x 0HUHQJXHVVDFRVJ
I 0DWpULDVSULPDV
x )DULQKDGHWULJR
x 6DO
x $FLGROiWLFR
x )DULQKDGHVRMD
x )HUPHQWRELROyJLFR
x *O~WHQ
x ÈJXD
x *RUGXUD
x 6RURGHOHLWH
x 9LWDPLQD%
x $o~FDU
J )OX[RJUDPDGR3URFHVVR
x (VWRTXH/RFDOGHVWLQDGRDRHVWRTXHGHPDWpULDSULPD(VWHORFDOWHPFRQH[mRFRPGRLV
RXWURVVHWRUHV6HWRUGH'HSyVLWRGH*iVH'HSyVLWRGH0DWHULDLV)RUDGH8VR
x 0LVWXUD GH 5HIRUoR /RFDO GHVWLQDGR j SHVDJHP GRV FRPSRQHQWHV TXH VHUmR XVDGRV
SDUDPDVVDGHUHIRUoRTXHpXWLOL]DGDQDUHFHLWDGHSmHV
x 0LVWXUD GD )DULQKD /RFDO GHVWLQDGR j SHVDJHP GRV FRPSRQHQWHV TXH VHUmR XVDGRV
SDUDPDVVDTXHpXWLOL]DGDQDUHFHLWDGHSmHV
x 3UHSDUDomR GD 0DVVD /RFDO GHVWLQDGR j SUHSDUDomR GD PDVVD GR SmR RQGH VmR
DJUHJDGRVWRGRVRVPDWHULDLVQHFHVViULRVSDUDDSUHSDUDomRGRVLQJUHGLHQWHV
x 3UHSDUDomRGD(PEDODJHPSDUDR)RUQRORFDOGHVWLQDGRjSUHSDUDomRGDVIRUPDVTXH
LUmROHYDUDPDVVDGRSmRDRIRUQR
x )RUQR/RFDORQGHVmRDVVDGRVRVSmHVTXHQyVQRVSURSXVHPRVDID]HU
x (PEDODJHP /RFDO GHVWLQDGR D HPEDODJHP GRV SmHV RQGH HVWHV VmR HQYROWRV FRP
PDWHULDO
&RPEDVHQDVLQIRUPDo}HVUHFHELGDVVREUHD3DQLILFDGRUD0$,6
D ,GHQWLILTXHRVDVSHFWRHLPSDFWRVDPELHQWDLVQRVHWRUHPSDXWD
x *UXSR$$GPLQLVWUDomRH(VWRTXH
x *UXSR%0LVWXUDGHUHIRUoRHSUHSDUDomRGD0DVVD
x *UXSR&3UHSDUDomRGHHPEDODJHQVSDUDRIRUQRH)RUQR
x *UXSR')ULWXUDH(PEDODJHP
E ,GHQWLILTXHRSRUWXQLGDGHVGHPHOKRULDVGHIRUPDDQmRJHUDUDVSHFWRVDPELHQWDLVRXPLQLPL]DU
HFRQWURODURVLPSDFWRVSDUDRPHLRDPELHQWH
F 'HVWDTXHXPGRVDVSHFWRVVLJQLILFDWLYRVGDDWLYLGDGHDYDOLDGDQRVLWHQVDQWHULRUHVHGHWHUPLQH
RVREMHWLYRVHPHWDVSDUDR6LVWHPDGH*HVWmR$PELHQWDOGD3DQLILFDGRUD0$,6
G (VWDEHOHoD SODQRV GH DomR SDUD DWHQGHU DRV REMHWLYRV H PHWDV HVWDEHOHFLGRV DQWHULRUPHQWH
XWLOL]DQGRDVRSRUWXQLGDGHVLGHQWLILFDGDV
H $SUHVHQWHDRSOHQiULR
5()(5Ç1&,$6%,%/,2*5È),&$6
$662&,$d2%5$6,/(,5$'(1250$67e&1,&$65LRGH-DQHLUR1%5,626LVWHPDV
GH*HVWmR$PELHQWDO±(VSHFLILFDo}HVHGLUHWUL]HVSDUDXVR5LRGH-DQHLURRXWS
$662&,$d2%5$6,/(,5$'(1250$67e&1,&$65LRGH-DQHLUR1%5,626LVWHPDV
GH *HVWmR $PELHQWDO ± 'LUHWUL]HV JHUDLV VREUH SULQFtSLRV VLVWHPDV H WpFQLFDV GH DSRLR 5LR GH
-DQHLURRXWS
$662&,$d2 %5$6,/(,5$ '( 1250$6 7e&1,&$6 5LR GH -DQHLUR 1%5 ,62
'LUHWUL]HVSDUDDXGLWRULDDPELHQWDO±3ULQFtSLRVJHUDLV5LRGH-DQHLURQRYS
$662&,$d2 %5$6,/(,5$ '( 1250$6 7e&1,&$6 5LR GH -DQHLUR 1%5 ,62
'LUHWUL]HVSDUDDXGLWRULDDPELHQWDO±3URFHGLPHQWRVGHDXGLWRULDDPELHQWDO±$XGLWRULDGHVLVWHPDV
GHJHVWmRDPELHQWDO5LRGH-DQHLURQRYS
$662&,$d2 %5$6,/(,5$ '( 1250$6 7e&1,&$6 5LR GH -DQHLUR 1%5 ,62
'LUHWUL]HV SDUD DXGLWRULD DPELHQWDO ± &ULWpULRV GH TXDOLILFDomR SDUD DXGLWRULDV DPELHQWDLV 5LR GH
-DQHLURQRYS
&$0326 /pR 3RPSHX 5H]HQGH (W DO /LFHQFLDPHQWR DPELHQWDO FROHWkQHD GH OHJLVODomR %HOR
+RUL]RQWH )($0 3URMHWR 0LQDV $PELHQWH S 0DQXDO GH 6DQHDPHQWR H 3URWHomR
$PELHQWDOSDUDRVPXQLFtSLRVY
&+(+(%(-RVp5LEDPDU%$YDOLDomRGRFLFORGHYLGDGHSURGXWRV)HUUDPHQWDJHUHQFLDOGD,62
5LRGH-DQHLUR4XDOLW\PDUNS
&5(021(6, 9DOWHU ,62 ± *XLD 3UiWLFR GH &HUWLILFDomR H 0DQXWHQomR $PELHQWDO 6mR
3DXOR7RFDOLQRS
/$ 529(5( (PLOLR /qEUH (W DO 0DQXDO GH DXGLWRULD DPELHQWDO 5LR GH -DQHLUR 4XDOLW\PDUN
S
0$,021'iOLD,623DVVRDSDVVRGDLPSODQWDomRHPSHTXHQDVHPpGLDVHPSUHVDV5LR
GH-DQHLUR4XDOLW\PDUNS
0285$ /XL] $QW{QLR $EGDOOD 4XDOLGDGH H JHVWmR DPELHQWDO VXJHVW}HV SDUD LPSODQWDomR GDV
QRUPDV,62QDVHPSUHVDV6mR3DXOR2OLYHLUD0HQGHVS
025(,5$ 0DULD 6XHO\ (VWUDWpJLD H LPSODQWDomR GR VLVWHPD GH JHVWmR DPELHQWDO PRGHOR ,62
%HOR+RUL]RQWH)'*S
6,/9(,5$ -81,25 3HGUR -RVp *HVWmR $PELHQWDO 3ODQHMDPHQWR SDUD LPSOHPHQWDomR GD ,62
HP SHTXHQDV H PpGLDV HPSUHVDV ± (VWXGR GH FDVR SDUD R VHWRU Wr[WLOPDOKDV %HOR
+RUL]RQWH (VFROD GH (QJHQKDULD GD 8)0* S 'LVVHUWDomR GH 0HVWUDGR HP
6DQHDPHQWR0HLR$PELHQWHH5HFXUVRV+tGULFRV
7,%25 7RP )(/'0$1 ,UD ,62 8P JXLD SDUD DV QRYDV QRUPDV GH JHVWmR DPELHQWDO
6mR3DXOR)XWXUDS
9,7(5%2-Ò1,25(QLR6LVWHPDLQWHJUDGRGHJHVWmRDPELHQWDOFRPRLPSOHPHQWDUD,62
DSDUWLUGD,62GHQWURGHXPDPELHQWHGH*476mR3DXOR$TXDULDQDS
$1(;2,$+,67Ï5,$'$(&2/2*,$+80$1$
&OXEH GH5RPD 3ULPHLUD GLVFXVVmRLQWHUQDFLRQDO VREUH D DGRomR GH SROtWLFDV HQYROYHQGR DVSHFWRV
DPELHQWDLV2VFULWpULRVGHXVRGRVUHFXUVRVKtGULFRVVXSHUILFLDLVTXHDWpHQWmRHUDPXWLOL]DGRVVHP
QHQKXPWLSRGHUHJUDIRUDPDYDOLDGRV
$VVLQDWXUD GR7UDWDGR GH 3URLELomR 3DUFLDO GH7HVWHV1XFOHDUHVILUPDGR SRU(VWDGRV8QLGRV8QLmR
6RYLpWLFD H *Um%UHWDQKD 2 7UDWDGR S}H ILP DRV WHVWHV DWPRVIpULFRV UHDOL]DGRV QRV WUrV SDtVHV 2
DFRQWHFLPHQWRIRLFRQVLGHUDGRFRPRDSULPHLUDYLWyULDQDFDPSDQKDSDUDVDOYDURPHLRDPELHQWH
'e&$'$'(
$IDVHGR&RQWUROH$PELHQWDO
¾ (VWDEHOHFLPHQWRGHSROtWLFDVGHFRQWUROHGHSROXLomRDPELHQWDOSULQFLSDOPHQWHGRDUHGDiJXD
¾ &ULDomRGRVSULPHLURVPRYLPHQWRVDPELHQWDOLVWDV
¾ &ULDomR GH GLYHUVDV RUJDQL]Do}HV LQWHUQDFLRQDLV FRP R REMHWLYR GH GLVFXWLU RV SUREOHPDV
DPELHQWDLVHPQtYHOPXQGLDO2VSULQFLSDLVVmR3URJUDPD$PELHQWDOGDV1Do}HV8QLGDV81(3
GLYHUVDV DVVRFLDo}HV GD &RPLVVmR (FRQ{PLFD (XURSpLD &(( 'LUHWRULD GR 0HLR $PELHQWH GR
2(&'R5HODWyULRGD&RPLVVmRGD&RQVXPLGRUD&RPLVVmRGH0HLR$PELHQWHGD2WDQ&&06
HRXWURV
¾ 1R%UDVLOFULDomRGHyUJmRVGHFRQWUROHFRPRD6HPD)HGHUDO&HWHVE63H)HHPD5-
¾ $SDUWLUGHVWDGpFDGDTXDOTXHUDFLGHQWHHFROyJLFRSDVVRXDWHUXPHVSDoREHPPDLRUQDPtGLD(
DV HPSUHVDV UHVSRQVDELOL]DGDV SRU HOHV FRPHoDUDP D VHU YLVWDV FRP PDLRUHV UHVHUYDV SHOD
SRSXODomRFDGDYH]PHOKRULQIRUPDGDHPUHODomRjVTXHVW}HVHFROyJLFDV
$EULO 0DLV GH PLO DPHULFDQRV SDUWLFLSDP GR 'LD GD 7HUUD &RQVLGHUDGD D PDLRU PDQLIHVWDomR
DPELHQWDOLVWD GD KLVWyULD D FRPHPRUDomR UHQGHX LQ~PHUDV PDQFKHWHV H GHVWDTXHV HP YHtFXORV GH
FRPXQLFDomRTXHSURFODPDUDPRDGYHQWRGRDPELHQWDOLVPRFRPRXPDTXHVWmRS~EOLFDIXQGDPHQWDO
1DVFHR*UHHQSHDFH(QWUHDVGLYHUVDVHQWLGDGHVIXQGDGDVQD pSRFDKiGLIHUHQoDV GHSURSRVWDVH
IRUPDV GH DWXDomR ,VVR RFRUUH SRUTXH R PRYLPHQWR DPELHQWDOLVWD p EDVLFDPHQWH XP PRYLPHQWR
KLVWyULFR
&RQIHUrQFLDGH(VWRFROPR2VXUJLPHQWRGHFDVRVFUtWLFRVGHGHJUDGDomRDPELHQWDOOHYRXD6XpFLDD
SURSRUj2UJDQL]DomRGDV1Do}HV8QLGDV218DUHDOL]DomRGH&RQIHUrQFLD ,QWHUQDFLRQDOVREUH RV
SUREOHPDV GR PHLR DPELHQWH KXPDQR $VVLP QDVFHX D &RQIHUrQFLD GH (VWRFROPR TXH UHXQLX
UHSUHVHQWDQWHVGHSDtVHVGHRUJDQL]Do}HVQmRJRYHUQDPHQWDLVHRUJDQLVPRVGD218
2PXQGR HQIUHQWD D SULPHLUD FULVH GR SHWUyOHR 2IDWR VHUYLX SDUD UHSHQVDU R FRQVXPR GHVHQIUHDGR
GRVUHFXUVRVQDWXUDLVFRQVLGHUDGRVDWpHQWmRLOLPLWDGRV
3HODSULPHLUDYH]RVFLHQWLVWDVDPHULFDQRV5RZODQGH0ROLQDFKDPDPDDWHQomRGRPXQGRSDUDRV
SHULJRVGDGHVWUXLomRGDFDPDGDGHR]{QLRSHORFORURIOXRUFDUERQR&)&
'e&$'$'(
$IDVHGRSODQHMDPHQWR
,QFOXVmRGRSODQHMDPHQWRDPELHQWDOQRSODQHMDPHQWRHVWUDWpJLFRGDVHPSUHVDV
1HVWH DQR D 8QLmR ,QWHUQDFLRQDO SDUD D &RQVHUYDomR GD 1DWXUH]D 8,&1 ODQoRX R GRFXPHQWR
(VWUDWpJLD 0XQGLDO SDUD D &RQVHUYDomR (0& 2 REMHWLYR HUD FRQWULEXLU SDUD D IRUPXODomR GH
SROtWLFDVGHGHVHQYROYLPHQWRVXVWHQWDGR(VWHGRFXPHQWRTXHSRQWXDHDSURIXQGDGHPRGRSLRQHLUR
DV TXHVW}HV DPELHQWDLV GH EDVH DOHUWD D RSLQLmR S~EOLFD PXQGLDO SDUD R SHULJR GDV SUHVV}HV
H[HUFLGDV VREUH RV VLVWHPDV ELROyJLFRV GD 7HUUD H SURS}HV SUiWLFDV GH GHVHQYROYLPHQWR
HFRORJLFDPHQWHVDGLDVFRPRPHGLGDVSDUDDOLYLiODV
1R %UDVLO p FULDGD D 3ROtWLFD 1DFLRQDO GR 0HLR $PELHQWH TXH PHQFLRQD R (VWXGR GR ,PSDFWR
$PELHQWDO
$SDUWLUGHVWHDQRQR%UDVLODSROtWLFDRILFLDOGHPHLRDPELHQWHpH[HFXWDGDSHOR6LVWHPD1DFLRQDOGH
0HLR$PELHQWH 6LVQDPD&RQVHOKR1DFLRQDOGH 0HLR$PELHQWH&RQDPDHHPQtYHOWpFQLFRSHOR
,QVWLWXWR %UDVLOHLUR GH 0HLR $PELHQWH H 5HFXUVRV 1DWXUDLV ,EDPD DOpP GH LQVWLWXLo}HV HVWDWDLV
VXERUGLQDGDV
$ UHVROXomR Q~PHUR GR &RQDPD WRUQD REULJDWyULD D $QiOLVH GH ,PSDFWRV $PELHQWDLV SDUD
DWLYLGDGHVHVSHFtILFDVREMHWLYDQGRDWHQGHUGHWHUPLQDomRGRyUJmRGHFRQWUROHDPELHQWDO
$SURYDGRHGLYXOJDGRSHOD218RUHODWyULR1RVVR)XWXURFRPXP2GRFXPHQWRTXHUHODFLRQD
UHFRPHQGDo}HVGHVWLQDGDVDFRQFUHWL]DURVSURSyVLWRVHPDQDGRVGH(VWRFROPRIRLHODERUDGR
SRU XP yUJmR DVVHVVRU D &RPLVVmR 0XQGLDO VREUH 0HLR $PELHQWH H 'HVHQYROYLPHQWR :&('
SUHVLGLGD SHOD HQWmR SULPHLUDPLQLVWUD GD 1RUXHJD +DUOHP %UXQGWODQG 'H IRUPD VLQWpWLFD VXD
SULQFLSDO FRQFOXVmR p TXH R FRPSRUWDPHQWR GD HFRQRPLD LQWHUQDFLRQDO ID] SUHYHU TXH DV IXWXUDV
JHUDo}HVQmRWHUmRDFHVVRDRVUHFXUVRVQHFHVViULRVjVXDVREUHYLYrQFLD
$ UHYLVWD 7LPH SXEOLFD XPD PDWpULD HP TXH GHVWDFD R DQR HP TXH D 7HUUD IDORX 1HVWH DQR
RFRUUHUDP YiULRV FDVRV GH VHFD RQGDV GH FDORU IRJR HP IORUHVWDV HQFKHQWHV H IXUDF}HV YLROHQWRV
TXHDWHUURUL]DUDPRVSRYRVGHYiULDVSDUWHVGRPXQGR
$ $VVHPEOpLD *HUDO GDV 1Do}HV 8QLGDV SHGH D HODERUDomR GH XP GRFXPHQWR FRP R ILP GH GHILQLU
HVWUDWpJLDVTXHSHUPLWLVVHPLQWHUURPSHUHUHYHUWHURVHIHLWRVGDGHJUDGDomRDPELHQWDO
'e&$'$'(
$IDVHGD*HVWmR$PELHQWDO
$GRomRGDDWXDomRUHVSRQViYHOSHOD$ELTXLP%UDVLO
2SUHVLGHQWHGDHPSUHVDDPHULFDQD%RUMRKQ2SWLFDO7HFQRORJ\ IRLPXOWDGRHP86PLOHSUHVR
SRUPHVHVSHODHPLVVmRGHVXEVWkQFLDVWy[LFDVQRHVJRWRORFDOHVXDHPSUHVDILFRXLQHOHJtYHOSDUD
FRQWDWRVFRPRJRYHUQR
¾ 3URPXOJDomRSHOD&kPDUDGR&RPpUFLR,QWHUQDFLRQDOGD&DUWDGH5RWHUGmFRPSULQFtSLRV
¾ 1RGLDGHRXWXEURIRLUHYLVDGDD(VWUDWpJLD0XQGLDOSDUDD&RQVHUYDomR(0&$UHYLVmRIRL
IHLWD SHORV SDWURFLQDGRUHV GD (0& 3QXPD ::) H 8,&1 FRP SDUWLFLSDomR GH FLHQWLVWDV
RUJDQL]Do}HV DPELHQWDOLVWDV H HQWLGDGHV JRYHUQDPHQWDLV TXH H[DPLQDUDP H FRQVROLGDUDP DV
LQIRUPDo}HVGDVH[SHULrQFLDVGDVGLYHUVDVHVWUDWpJLDVGHFRQVHUYDomR
2UHVXOWDGRIRLRGRFXPHQWR&XLGDQGRGR3ODQHWD7HUUDXPDHVWUDWpJLDSDUDRIXWXURGDYLGD(OH
DPSOLD H HQIDWL]D R FRQWH~GR GD (VWUDWpJLD 0XQGLDO SDUD D &RQVHUYDomR DSUHVHQWDQGR QRYH
SULQFtSLRVJHUDLVHSODQRVGHDomRSDUDXPDYLGDVXVWHQWiYHO
&RQIHUrQFLDGDV1Do}HV8QLGDVVREUHR0HLR$PELHQWHH'HVHQYROYLPHQWR5,27mRLPSRUWDQWH
TXDQWR R SUySULR HYHQWR IRL VHX SURFHVVR SUHSDUDWyULR 2 &RPLWr 3UHSDUDWyULR GD &RQIHUrQFLD
3UHSFRP TXH SURPRYHX GLVFXVV}HV H SROtWLFDV VREUH RV GRFXPHQWRV TXH VHULDP DVVLQDGRV QD
5,2LQRYRXRVSURFHGLPHQWRVGHFRQIHUrQFLDVLQWHUQDFLRQDLVGHVWHWLSRDRSHUPLWLUJUDQGHGHEDWH
SROtWLFRHXPLQWHUFkPELRGHLGpLDVHQWUHDVGHOHJDo}HVRILFLDLVHRVUHSUHVHQWDQWHVGHYiULRVVHWRUHV
GDVRFLHGDGHFLYLOPXQGLDOPDLVDSDUWLFLSDomRGHFLHQWLVWDVLQGHSHQGHQWHV
$&RQIHUrQFLD5,2PRVWURXTXHRTXHVWLRQDPHQWRGRHVWLORYLJHQWHGHGHVHQYROYLPHQWRSDVVRXD
ID]HUSDUWHGHVWDFDGDGDGLVFXVVmRJHRSROtWLFDQDFLRQDOHLQWHUQDFLRQDO$SUHVVmRGDVRFLHGDGHFLYLOH
D GHPRQVWUDomR FLHQWtILFD GH TXH Ki OLQKDV GH ULVFR DPELHQWDO TXH QmR SRGHP VHU XOWUDSDVVDGDV
IL]HUDP FRP TXH LQVLVWLU QR DWXDO XVR GD QDWXUH]D SDVVDVVH D VHU DYDOLDGR FRPRVXLFtGLR SROtWLFR H
LQVHQVDWH]HFRQ{PLFD
$RV SRXFRV VDL GH FHQD D LGpLD GH TXH D FRQVHUYDomR GR PHLR DPELHQWH UHVXOWD HP SUHMXt]RV
HFRQ{PLFRVHPIXQomRGHUHVWULo}HVDRXVRGHHFRVVLVWHPDV
1R GLD GH MXQKR p XP SURJUDPD UHFRPHQGDGR SDUD JRYHUQRV DJrQFLDV GH GHVHQYROYLPHQWR H
JUXSRV VHWRULDLV LQGHSHQGHQWHV FRORFDUHP HP SUiWLFD DR ORQJR GR 6pFXOR ;;, HP WRGDV DV iUHDV
RQGHDDWLYLGDGHKXPDQDLQFLGHGHIRUPDSUHMXGLFLDODRPHLRDPELHQWH
&ULDomRGR(0$6(FR0DQDJHPHQWDQG$XGLW6FKHPH
(PLVVmRGD,62FRPR1RUPD,QWHUQDFLRQDO$1%5,62IRLHPLWLGDHPRXWXEURGH
5,22HYHQWRWHYHRREMHWLYRGHID]HUXPEDODQoRGHFRUULGRVFLQFRDQRVGD5,2HHODERUDURV
SRQWRVPDLVLPSRUWDQWHV GD &DUWD GD7HUUD 2GRFXPHQWR TXH GHYHUi VHU DSURYDGR QR$QR
UHSUHVHQWDUi XP PDUFR QD KLVWyULD GR 3ODQHWD XPD UHIHUrQFLD pWLFD SDUD WRGRV RV SRYRV GD 7HUUD
7RGRVRVKDELWDQWHVGR3ODQHWDSRGHPHGHYHPGDUDVXDFRQWULEXLomRSDUDDHODERUDomRGD&DUWD
1RGLDGHQRYHPEURWHUPLQRXD&RQIHUrQFLDGD218VREUH0XGDQoDV&OLPiWLFDV&23HP
%XHQRV$LUHV$UJHQWLQD6HPDYDQoRVVLJQLILFDWLYRVRVSDtVHVPHQRVGHVHQYROYLGRVREWLYHUDPXPD
SHTXHQD YLWyULD FRP D SULRULGDGH DR&'0 0HFDQLVPRV GH 'HVHQYROYLPHQWR /LPSR SRLV HVWH SRGH
RULJLQDUXPIOX[RGHGLQKHLURSDUDILQDQFLDUDUHGXomRGDHPLVVmRGHJDVHV27UDWDGRGH.\RWRGHYH
VHUSRVWRHPSUiWLFDDWpR$QR
*5$1'(6&5,0(6
$QXQFLDGDVGHWRQDo}HVQXFOHDUHVTXHDFRQWHFHUDP QRV(VWDGRV8QLGRV8QLmR6RYLpWLFD*Um
%UHWDQKDH)UDQoD
&KXYDGHJUDQL]RFRPFDUDFWHUtVWLFDGHSUHVHQoDGHUDGLRDWLYLGDGHDFRQWHFHQD$XVWUiOLDDPHQRV
GHWUrVPLOTXLO{PHWURVGRVWHVWHVQXFOHDUHVUHDOL]DGRVQD,QJODWHUUD
&KXYDiFLGDHP1RYD<RUN3RVVtYHOFDXVDWHVWHVQXFOHDUHVUHDOL]DGRVHP1HYDGD
7HVWHFRPXPDERPEDGHKLGURJrQLRFRQGLQRPH%UDYRGRV(VWDGRV8QLGRVUHDOL]DGRVREUHRDWRO
GH %LNLQL QR3DFtILFR2FLGHQWDO $ TXDQWLGDGH GH SDUWtFXODV HVSDOKDGDVIRL R GREUR GD HVSHUDGD H D
PXGDQoDGRVYHQWRVFDUUHRXDVFLQ]DVUDGLRDWLYDVHPGLUHomRjV,OKDV0DUVKDOODRLQYpVGHOHYiODV
SDUDRRFHDQRFRQIRUPHRSODQHMDGR+RXYHFRQWDPLQDomRGHFHUFDGHPLO.PGHRFHDQRJHUDGD
SRUXPDQXYHPUDGLRDWLYDGHDSUR[LPDGDPHQWH.PGHH[WHQVmRH.PGHODUJXUD
'XDVVHPDQDVGHSRLVGRWHVWHDWUDLQHLUDMDSRQHVD)XNX\X0DUXQTXHSHVFDYDDWXPSUy[LPRj
iUHDGRWHVWH%UDYRWHYHGHVHXVWULSXODQWHVFRPGRHQoDVGHUDGLDomRDRFKHJDUDRSRUWR
3HL[H TXH FKHJDUDP SRVWHULRUPHQWH SHVFDGRV QD PHVPD UHJLmR WDPEpP HVWDYDP FRQWDPLQDGRV
(VVHHSLVyGLRJHURXXPDFDPSDQKDH[WHQVDGHUHS~GLRDWHVWHVQXFOHDUHVFRPSDUWLFLSDomRLQFOXVLYH
GH$OEHUW(LQVWHLQHGR3DSD3LR;,,
6mRUHJLVWUDGRVFDVRVGHGLVIXQo}HVQHXUROyJLFDVHPIDPtOLDVGHSHVFDGRUHVHHPJDWRVHDYHVTXH
VHDOLPHQWDYDPGHSHL[HVGD%DtDGH0LQDPDWDQR-DSmR$FRQWDPLQDomRYLQKDDFRQWHFHQGRGHVGH
TXDQGRXPDLQG~VWULDTXtPLFDVHLQVWDORXjVPDUJHQVGD%DtDHSRUGLYHUVRVDQRVGHVSHMRXHP
VXDViJXDVFDWDOLVDGRUHVJDVWRV
)RUDP FRQILUPDGDV DOWDV FRQFHQWUDo}HV GH PHUF~ULR HP SHL[HV H HP PRUDGRUHV TXH PRUUHUDP
YtWLPDVGDFKDPDGD'RHQoDGH0LQDPDWD
'HVDVWUHVVLPLODUHVIRUDPREVHUYDGRVHPYiULRVRXWURVORFDLVFRPR0LWVXL1LLJDWDH<RNNDLFKL
&RPRUHVXOWDGRGHVVHVLQFLGHQWHVPDLVGHFDPSDQKDVDQWLSROXLomRIRUPDODQoDGDVQR-DSmRDWp
(P PDUoR DFRQWHFH R QDXIUiJLR GR SHWUROHLUR 7RUUH\ &kQLRQ QR OLWRUDO GR H[WUHPR VXGRHVWH GD
,QJODWHUUD&HQWHQDV GHTXLO{PHWURV GD &RVWD GD &RPXDOKDIRUDP SROXtGRV 8P DFRQWHFLPHQWR ORFDO
GHGLPHQV}HVJOREDLV
2FRUUHUDPPDLVGHPLOGHUUDPDPHQWRVGHSHORPHQRVEDUULVGHSHWUyOHRHPiJXDVDPHULFDQDV
*5$1'(6'(6$675(6
1RGLDGHPDUoRKRXYHHQWUDGDGHKH[DFORURFLFORSHQRQD(VWDomRGH7UDWDPHQWRGH(VJRWRVGH
/RLVYLOOHHP.HQWXFN\(VVHDFLGHQWHRFRUUHXSRUFDXVDGRODQoDPHQWRLQGHYLGRGRSURGXWRQDUHGH
GHHVJRWRVSHODHPSUHVD&KHQ'LQHFRORFDQGRHPULVFRDVD~GHGHHPSUHJDGRVGD(VWDomRGH
7UDWDPHQWRTXHSUHFLVRXILFDUFHUFDGHWUrVPHVHVSDUDGDSDUDOLPSH]DHGHVFRQWDPLQDomR
1RLQtFLRGDGpFDGDVmRGHWHFWDGRVFDVRVGHSUREOHPDVSXOPRQDUHVDQRPDOLDVFRQJrQLWDVHDERUWRV
LQYROXQWiULRVHPPRUDGRUHVGDUHJLmRGRSyORSHWURTXtPLFRHVLGHU~UJLFRGH&XEDWmRQR%UDVLO
¾ (P&XEDWmRGXDVH[SORV}HVHRLQFrQGLRFDXVDGRVSRUYD]DPHQWRGHJiVSURYRFDUDPDPRUWHGH
SHVVRDVQD9LOD6RFy
¾ 1R GLD GH QRYHPEUR QR 0p[LFR RFRUUHUDP H[SORV}HV VXFHVVLYDV GH WDQTXHV HVIpULFRV H
ERWLM}HV GH */3 JiV OLTXHIHLWR GH SHWUyOHR FDXVDGDV SHOR YD]DPHQWR HP XP GRV WDQTXHV 2
DFLGHQWHGHVWUXLXFRPSOHWDPHQWHDVLQVWDODo}HVGDUHILQDULDODQoDQGRSDUWHVPHWiOLFDVHJRWtFXODV
LQFDQGHVFHQWHVGH*/3DGLVWkQFLDVGHDWpPHWURV4XLQKHQWDVSHVVRDVPRUUHUDPHFHUFDGH
TXDWURPLOILFDUDPIHULGDV$JUDYLGDGHGRDFLGHQWHRIH]ILFDUFRQKHFLGRFRPRR0p[LFR&LW\RGLD
HPTXHRFpXSHJRXIRJR
¾ 1R GLD GH GH]HPEUR XP YD]DPHQWR GH WRQHODGDV GH ,VRFLDQDWR GH 0HWLOD RFRUULGD HP
%KRSDO QD ËQGLD FDXVRX D PRUWH GH WUrV PLO SHVVRDV H D LQWR[LFDomR GH PDLV GH PLO 2
DFLGHQWHIRLFDXVDGRSHORYD]DPHQWRGHJiVGD)iEULFD8QLRQ&DUELGH
1RGLDGHDEULOXPDFLGHQWHQD8VLQDGH&KHUQRELOQD8566GHPRQVWURXTXHRPXQGRpPXLWR
SHTXHQR H TXH RV LPSDFWRV DPELHQWDLV GHYHPVHU DQDOLVDGRV HP QtYHO JOREDO1D 8VLQD 1XFOHDU GH
&KHUQRE\OGXUDQWHDUHDOL]DomRGHWHVWHVRVLVWHPDGHUHIULJHUDomRIRLGHVOLJDGRFRPRUHDWRUDLQGD
HPIXQFLRQDPHQWR&RPLVVRRHTXLSDPHQWRHVTXHQWRXHH[SORGLX
2LQFrQGLRGRUHDWRUGXURXXPDVHPDQDODQoDQGRQDDWPRVIHUDXPYROXPHGHUDGLDomRFHUFDGH
YH]HVPDLRUGRTXHDERPEDDW{PLFDGH+LURVKLPD$UDGLDomRHVSDOKRXVHDWLQJLQGRYiULRVSDtVHV
HXURSHXVHDWpPHVPRR-DSmR
+i SUHYLV}HV GH TXH FHUFD GH PLO SHVVRDV VRIUHUmR GDQRV JHQpWLFRV RX WHUmR SUREOHPDV GH
FkQFHU HP UD]mR GHVVH DFLGHQWH QRV DQRV VHJXLQWHV 3RU WRGD D (XURSD KRXYH SUREOHPDV QD
ODYRXUDHQDSHFXiULDWRUQDQGRYHUGXUDVOHJXPHVHOHLWHLPSUySULRVDRFRQVXPR
(PVHWHPEURYHPDS~EOLFRTXHXPDFLGHQWHFRPRPDWHULDOUDGLDWLYR&pVLRKDYLDFRQWDPLQDGR
GH]HQDVGHSHVVRDVQD FLGDGHGH*RLkQLDQR%UDVLO2DFLGHQWHDFRQWHFHXSRUTXHXPDFiSVXODGH
&pVLRSHVDQGRHQWUHDNJGHVDSDUHFHXGR,QVWLWXWR*RLDQRGH5DGLRWHUDSLDR,QVWLWXWR
VH PXGDUD H DEDQGRQDUD DOJXQV DSDUHOKRV GH UDGLRWHUDSLD H IRL YHQGLGD D XP IHUURYHOKR FRPR
VXFDWD
$R WHQWDU TXHEUDU D FiSVXOD R GRQR GR IHUURYHOKR DFDERX OLEHUDQGR R Sy UDGLRDWLYR DWLQJLQGR VXD
IDPtOLDHSHVVRDVTXHIUHTXHQWDYDPRORFDO3RXFRGHSRLVHVVDVSHVVRDVDSUHVHQWDUDPRVVLQWRPDV
EiVLFRVGDFRQWDPLQDomRTXHLPDGXUDVSRUWRGRRFRUSRY{PLWRVHGLDUUpLDV(PSRXFRVGLDVTXDWUR
GHODVPRUUHUDPYtWLPDVGR&pVLR
+RMHSDVVDGRVTXDVHDQRVRVHVSHFLDOLVWDVDFUHGLWDPTXHRQ~PHURGHSHVVRDVTXHPRUUHUDPRX
DGRHFHUDPHPFRQVHTrQFLDGRDFLGHQWHWHQKDVLGREHPPDLRU
1RGLDGHPDUoRR1DYLR([[RQ9DOGH]GHSRLVGHXPDFROLVmRHPURFKDVVXEPHUVDVTXHFDXVRX
R UDVJR QR IXQGR GR SHWUROHLUR GHUUDPRX QD %DtD GR 3UtQFLSH :LOOLDQ QR $ODVFD PLO PHWURV
F~ELFRV GH SHWUyOHR 1R DFLGHQWH PRUUHUDP FHUFD GH PLO DYHV EDOHLDV IRFDV H PLO
ORQWUDVGRPDU
$Wp KRMH VmR HVWXGDGDV DV FRQVHTXrQFLDV GR DFLGHQWH VREUH D IDXQD H IORUD PDULQKD GD UHJLmR
DWLQJLGD $Wp PDUoR GH DV LQGHQL]Do}HV H JDVWRV FRP OLPSH]D DVVXPLGRV SHOD ([[RQ Mi
DFXPXODYDPPDLVGH86ELOK}HVFRPYiULDVRXWUDVDo}HVMXGLFLDLVDLQGDQmRMXOJDGDV
(PMDQHLURRSHWUROHLUR%UDHUGXUDQWHXPDWHPSHVWDGHFRPIRUWHVYHQWRVVHFKRFRXFRQWUDURFKDVQD
FRVWD GDV LOKDV GH 6KHWODQG QR 5HLQR 8QLGR 1D pSRFD R SULPHLURPLQLVWUR GR 5HLQR 8QLGR -RKQ
0DMRU GHILQLX R GHUUDPDPHQWR GH yOHR FRPR R SLRU GHVDVWUH DPELHQWDO EULWkQLFR 4XDQGR R
SHWUROHLUR%UDHUVHSDUWLXDRPHLRIRUDPGHUUDPDGRVDSUR[LPDGDPHQWHPLOK}HVGHJDO}HVGHyOHR
GXDVYH]HVDPDLVGRTXHR([[RQ9DOGH]
$1(;2,,±5(48,6,726'26,67(0$'$*(672$0%,(17$/,62
2EMHWLYR
(VWD 1RUPD HVSHFLILFD RV UHTXLVLWRV UHODWLYRV D XP VLVWHPD GD JHVWmR DPELHQWDO SHUPLWLQGR D XPD
RUJDQL]DomR GHVHQYROYHU H LPSOHPHQWDU XPD SROtWLFD H REMHWLYRV TXH OHYHP HP FRQWD RV UHTXLVLWRV
OHJDLV H RXWURV UHTXLVLWRV SRU HOD VXEVFULWRV H LQIRUPDo}HV UHIHUHQWHV DRV DVSHFWRV DPELHQWDLV
VLJQLILFDWLYRV$SOLFDVHDRVDVSHFWRVDPELHQWDLVTXHDRUJDQL]DomRLGHQWLILFDFRPRDTXHOHVTXHSRVVD
FRQWURODU H DTXHOHV TXH SRVVD LQIOXHQFLDU (P VL HVWD 1RUPD QmR HVWDEHOHFH FULWpULRV HVSHFtILFRV GH
GHVHPSHQKRDPELHQWDO
(VWD1RUPDVHDSOLFDDTXDOTXHURUJDQL]DomRTXHGHVHMH
D HVWDEHOHFHULPSOHPHQWDUPDQWHUHDSULPRUDUXPVLVWHPDGDJHVWmRDPELHQWDO
E DVVHJXUDUVHGDFRQIRUPLGDGHFRPVXDSROtWLFDDPELHQWDOGHILQLGD
F GHPRQVWUDUFRQIRUPLGDGHFRPHVWD1RUPDDR
ID]HUXPDDXWRDYDOLDomRRXDXWRGHFODUDomRRX
EXVFDU FRQILUPDomR GH VXD FRQIRUPLGDGH SRU SDUWHV TXH WHQKDP LQWHUHVVH QD
RUJDQL]DomRWDLVFRPRFOLHQWHVRX
EXVFDUFRQILUPDomRGHVXDDXWRGHFODUDomRSRUPHLRGHXPDRUJDQL]DomRH[WHUQDRX
EXVFDU FHUWLILFDomRUHJLVWUR GH VHX VLVWHPD GD JHVWmR DPELHQWDO SRU XPD RUJDQL]DomR
H[WHUQD
7RGRV RV UHTXLVLWRV GHVWD 1RUPD VH GHVWLQDP D VHU LQFRUSRUDGRV HP TXDOTXHU VLVWHPD GD JHVWmR
DPELHQWDO$H[WHQVmRGDDSOLFDomRGHSHQGHUiGHIDWRUHVWDLVFRPRDSROtWLFDDPELHQWDOGDRUJDQL]DomR
DQDWXUH]DGHVXDVDWLYLGDGHVSURGXWRVHVHUYLoRVRORFDOHDVFRQGLo}HVQDVTXDLVRVLVWHPDIXQFLRQD
(VWD1RUPDWDPEpPSURYrQRDQH[R$GLUHWUL]HVLQIRUPDWLYDVVREUHRXVRGDHVSHFLILFDomR
5HIHUrQFLDVQRUPDWLYDV
1mR Ki UHIHUrQFLDV QRUPDWLYDV FLWDGDV (VWD VHomR IRL LQFOXtGD SDUD PDQWHU D QXPHUDomR GDV VHo}HV
LGrQWLFDjGDHGLomRDQWHULRU$%171%5,62
7HUPRVHGHILQLo}HV
3DUDRVHIHLWRVGHVWD1RUPDDSOLFDPVHRVVHJXLQWHVWHUPRVHGHILQLo}HV
$XGLWRUSHVVRDFRPFRPSHWrQFLDSDUDUHDOL]DUXPDDXGLWRULD>$%171%5,62@
0DWHULDOGHFDUiWHUDSHQDVGLGiWLFRQmRGHYHVHUXWLOL]DGRFRPRGRFXPHQWRRILFLDOHPTXDOTXHUVLWXDomRWpFQLFDFRPHUFLDO
0HOKRULD FRQWLQXD SURFHVVR UHFRUUHQWH GH VH DYDQoDU FRP VLVWHPD GD JHVWmR DPELHQWDO
FRPRSURSyVLWRGHDWLQJLURDSULPRUDPHQWRGRGHVHPSHQKRDPELHQWDO JHUDOFRHUHQWHFRPD
SROtWLFDDPELHQWDOGDRUJDQL]DomR
127$ 1mRpQHFHVViULRTXHRSURFHVVRVHMDDSOLFDGRVLPXOWDQHDPHQWHDWRGDVDViUHDVGHDWLYLGDGH
$omRFRUUHWLYDDomRSDUDHOLPLQDUDFDXVDGHXPDQmRFRQIRUPLGDGHLGHQWLILFDGD
'RFXPHQWRLQIRUPDomRHRPHLRQRTXDOHODHVWiFRQWLGD
127$2PHLRItVLFRSRGHVHUSDSHOPDJQpWLFRGLVFRGHFRPSXWDGRUGHOHLWXUDyWLFDRXHOHWU{QLFDIRWRJUDILDRXDPRVWUD
SDGUmRRXXPDFRPELQDomRGHVWHV
127$$GDSWDGRGD$%17,62
0HLR DPELHQWH FLUFXQYL]LQKDQoD HP TXH XPD RUJDQL]DomR RSHUD LQFOXLQGRVH DU iJXD
VRORUHFXUVRVQDWXUDLVIORUDIDXQDVHUHVKXPDQRVHVXDVLQWHUUHODo}HV
127$1HVWHFRQWH[WRFLUFXQYL]LQKDQoDHVWHQGHVHGRLQWHULRUGHXPDRUJDQL]DomRSDUDRVLVWHPDJOREDO
$VSHFWRDPELHQWDOHOHPHQWRGDVDWLYLGDGHVRXSURGXWRVRXVHUYLoRVGHXPDRUJDQL]DomR
TXHSRGHLQWHUDJLUFRPRPHLRDPELHQWH
127$8PDVSHFWRDPELHQWDOVLJQLILFDWLYRpDTXHOHTXHWHPRXSRGHWHUXPLPSDFWRDPELHQWDOVLJQLILFDWLYR
,PSDFWR DPELHQWDO TXDOTXHU PRGLILFDomR GR PHLR DPELHQWH DGYHUVD RX EHQpILFD TXH
UHVXOWHQRWRGRRXHPSDUWHGRVDVSHFWRVDPELHQWDLVGDRUJDQL]DomR
6LVWHPDGDJHVWmRDPELHQWDO6*$DSDUWHGHXPVLVWHPDGDJHVWmRGHXPDRUJDQL]DomR
XWLOL]DGDSDUDGHVHQYROYHUHLPSOHPHQWDUVXDSROtWLFDDPELHQWDOHSDUDJHUHQFLDUVHXVDVSHFWRV
DPELHQWDLV
127$ 8P VLVWHPD GD JHVWmR DPELHQWDO p XP FRQMXQWR GH HOHPHQWRV LQWHUUHODFLRQDGRV XWLOL]DGRV SDUD HVWDEHOHFHU D
SROtWLFDHRVREMHWLYRVHSDUDDWLQJLUHVVHVREMHWLYRV
127$ 8P VLVWHPD GD JHVWmR LQFOXL HVWUXWXUD RUJDQL]DFLRQDO DWLYLGDGHV GH SODQHMDPHQWR UHVSRQVDELOLGDGHV SUiWLFDV
SURFHGLPHQWRVSURFHVVRVHUHFXUVRV
REMHWLYRDPELHQWDOSURSyVLWRDPELHQWDOJHUDOGHFRUUHQWHGDSROtWLFDDPELHQWDOTXHXPD
RUJDQL]DomRVHSURS}HDDWLQJLU
GHVHPSHQKRDPELHQWDOUHVXOWDGRVPHQVXUiYHLVGDJHVWmRGHXPDRUJDQL]DomRVREUHVHXV
DVSHFWRVDPELHQWDLV
127$ 1R FRQWH[WR GH VLVWHPDV GH JHVWmR DPELHQWDO RV UHVXOWDGRV SRGHP VHU PHGLGRV FRP EDVH QD SROtWLFD
DPELHQWDO REMHWLYRV DPELHQWDLV H PHWDV DPELHQWDLV GD RUJDQL]DomR H RXWURV UHTXLVLWRV GH
GHVHPSHQKRDPELHQWDO
SROtWLFDDPELHQWDOLQWHQo}HVHSULQFtSLRVJHUDLVGHXPDRUJDQL]DomRHPUHODomRDRVHX
GHVHPSHQKRDPELHQWDOFRQIRUPHIRUPDOPHQWHH[SUHVVRSHODDOWDDGPLQLVWUDomR
127$ $ SROtWLFD DPELHQWDO SURYr XPD HVWUXWXUD SDUD DomR H GHILQLomR GH VHXV REMHWLYRV DPELHQWDLV H PHWDV
DPELHQWDLV
PHWD DPELHQWDO UHTXLVLWR GH GHVHPSHQKR GHWDOKDGR DSOLFiYHO j RUJDQL]DomR RX SDUWH
GHODUHVXOWDQWHGRVREMHWLYRVDPELHQWDLVHTXHQHFHVVLWDVHUHVWDEHOHFLGRHDWHQGLGRSDUDTXHWDLV
REMHWLYRVVHMDPDWLQJLGRV
SDUWH LQWHUHVVDGD LQGLYtGXR RX JUXSR LQWHUHVVDGR RX DIHWDGR SHOR GHVHPSHQKR DPELHQWDO
GHXPDRUJDQL]DomR
0DWHULDOGHFDUiWHUDSHQDVGLGiWLFRQmRGHYHVHUXWLOL]DGRFRPRGRFXPHQWRRILFLDOHPTXDOTXHUVLWXDomRWpFQLFDFRPHUFLDO
DXGLWRULD LQWHUQD SURFHVVR VLVWHPiWLFR LQGHSHQGHQWH H GRFXPHQWDGR SDUD REWHU HYLGrQFLD H
DYDOLiODREMHWLYDPHQWHSDUDGHWHUPLQDUDH[WHQVmRQDTXDORVFULWpULRVGHDXGLWRULDGRVLVWHPDGDJHVWmR
DPELHQWDOHVWDEHOHFLGRVSHODRUJDQL]DomRVmRDWHQGLGRV
127$ (P PXLWRV FDVRV HP HVSHFLDO QDV RUJDQL]Do}HV PHQRUHVD LQGHSHQGrQFLD SRGH VHU GHPRQVWUDGD SHOD LVHQomRGH
UHVSRQVDELOLGDGHHPUHODomRjDWLYLGDGHTXHHVWDVHQGRDXGLWDGD
QmRFRQIRUPLGDGHQmRDWHQGLPHQWRGHXPUHTXLVLWR>$%171%5,62@
RUJDQL]DomRHPSUHVDFRUSRUDomRILUPDHPSUHHQGLPHQWRDXWRULGDGHRXLQVWLWXLomRRXSDUWHRX
XPD FRPELQDomR GHVVHV LQFRUSRUDGD RX QmR S~EOLFD RX SULYDGD TXH WHQKD IXQo}HV H DGPLQLVWUDomR
SUySULDV
127$ 3DUDRUJDQL]Do}HVTXHWHQKDPPDLVGHXPDXQLGDGHRSHUDFLRQDOXPD~QLFDXQLGDGHRSHUDFLRQDOSRGHVHUGHILQLGD
FRPRXPDRUJDQL]DomR
DomRSUHYHQWLYDDomRSDUDHOLPLQDUDFDXVDGHXPDSRWHQFLDOQmRFRQIRUPLGDGH
SUHYHQomR GH SROXLomR XVR GH SURFHVVRV SUiWLFDV WpFQLFDV PDWHULDLV SURGXWRV VHUYLoRV RX
HQHUJLD SDUD HYLWDU UHGX]LU RX FRQWURODU GH IRUPD VHSDUDGD RX FRPELQDGD D JHUDomR HPLVVmR RX
GHVFDUJDGHTXDOTXHUWLSRGHSROXHQWHRXUHMHLWRSDUDUHGX]LURVLPSDFWRVDPELHQWDLVDGYHUVRV
127$ DSUHYHQomRGDSROXLomRSRGHLQFOXLUUHGXomRRXHOLPLQDomRGHIRQWHVGHSROXLomRDOWHUDomRGHSURFHVVRSURGXWR
RX VHUYLoR XVR HILFLHQWH GH PDWHULDLV H VXEVWLWXLomR GH HQHUJLD UHXWLOL]DomR UHFXSHUDomR UHFLFODJHP UHJHQHUDomR H
WUDWDPHQWR
SURFHGLPHQWRIRUPDHVSHFtILFDGHH[HFXWDUXPDDWLYLGDGHRXXPSURFHVVR
127$2VSURFHGLPHQWRVSRGHPVHUGRFXPHQWDGRVRXQmR
127$$GDSWDGRGD$%171%5,62
5HTXLVLWRVGRVLVWHPDGHJHVWmRDPELHQWDO
5HTXLVLWRVJHUDLV
$ RUJDQL]DomR GHYH HVWDEHOHFHU GRFXPHQWDU LPSOHPHQWDU PDQWHU H FRQWLQXDPHQWH PHOKRUDU XP
VLVWHPDGDJHVWmRDPELHQWDOHPFRQIRUPLGDGHFRPRVUHTXLVLWRVGHVWD1RUPDHGHWHUPLQDUFRPRHODLUi
DWHQGHUDHVVHVUHTXLVLWRV
$RUJDQL]DomRGHYHGHILQLUHGRFXPHQWDURHVFRSRGHVHXVLVWHPDGDJHVWmRDPELHQWDO
3ROtWLFD$PELHQWDO
$DOWDDGPLQLVWUDomRGHYHGHILQLUDSROtWLFDDPELHQWDOGDRUJDQL]DomRHDVVHJXUDUTXHGHQWURGRHVFRSR
GHILQLGRGHVHXVLVWHPDGDJHVWmRDPELHQWDODSROtWLFD
D VHMDDSURSULDGDjQDWXUH]DHVFDODHLPSDFWRVDPELHQWDLVGHVXDVDWLYLGDGHVSURGXWRVHVHUYLoRV
E LQFOXDXPFRPSURPHWLPHQWRFRPPHOKRULDFRQWtQXDHFRPDSUHYHQomRGHSROXLomR
F LQFOXD XP FRPSURPHWLPHQWR HP DWHQGHU DRV UHTXLVLWRV OHJDLV DSOLFiYHLV D RXWURV UHTXLVLWRV
VXEVFULWRVSHODRUJDQL]DomRTXHVHUHODFLRQHPDVHXVDVSHFWRVDPELHQWDLV
0DWHULDOGHFDUiWHUDSHQDVGLGiWLFRQmRGHYHVHUXWLOL]DGRFRPRGRFXPHQWRRILFLDOHPTXDOTXHUVLWXDomRWpFQLFDFRPHUFLDO
G IRUQHoDXPDHVWUXWXUDSDUDRHVWDEHOHFLPHQWRHDQiOLVHGRVREMHWLYRVHPHWDVDPELHQWDLV
H VHMDGRFXPHQWDGDLPSOHPHQWDGDHPDQWLGD
I VHMDFRPXQLFDGDDWRGRVTXHWUDEDOKHPQDRUJDQL]DomRRXTXHDWXHPHPVHXQRPHH
J HVWHMDGLVSRQtYHOSDUDRS~EOLFR
3ODQHMDPHQWR
$VSHFWRVDPELHQWDLV
$RUJDQL]DomRGHYHHVWDEHOHFHULPSOHPHQWDUHPDQWHUSURFHGLPHQWRVSDUD
D LGHQWLILFDU RV DVSHFWRV DPELHQWDLV GH VXDV DWLYLGDGHV SURGXWRV H VHUYLoRV GHQWUR GR HVFRSR
GHILQLGRGHVHXVLVWHPDGHJHVWmRDPELHQWDOTXHDRUJDQL]DomRSRVVDFRQWURODUHDTXHOHVTXHHOD
SRVVD LQIOXHQFLDU OHYDQGR HP FRQVLGHUDomR RV GHVHQYROYLPHQWRV QRYRV RX SODQHMDGRV DV
DWLYLGDGHVSURGXWRVHVHUYLoRVQRYRVRXPRGLILFDGRVH
E GHWHUPLQDU RV DVSHFWRV TXH WHQKDP RX SRVVDP WHU LPSDFWRV VLJQLILFDWLYRV VREUH R PHLR
DPELHQWHLVWRpDVSHFWRVDPELHQWDLVVLJQLILFDWLYRV
$RUJDQL]DomRGHYHGRFXPHQWDUHVVDVLQIRUPDo}HVHPDQWrODVDWXDOL]DGDV
$RUJDQL]DomRGHYHDVVHJXUDUTXHHVVHVUHTXLVLWRVOHJDLVDSOLFiYHLVHRXWURVUHTXLVLWRVVXEVFULWRVSHOD
RUJDQL]DomRVHMDPOHYDGRVHPFRQVLGHUDomRQRHVWDEHOHFLPHQWRLPSOHPHQWDomRHPDQXWHQomRGHVHX
VLVWHPDGDJHVWmRDPELHQWDO
5HTXLVLWRVOHJDLVHRXWURV
$RUJDQL]DomRGHYHHVWDEHOHFHULPSOHPHQWDUHPDQWHUSURFHGLPHQWRVSDUD
D LGHQWLILFDU H WHU DFHVVR D UHTXLVLWRV OHJDLV DSOLFiYHLV H D RXWURV UHTXLVLWRV VXEVFULWRV SHOD
RUJDQL]DomRUHODFLRQDGRVDRVVHXVDVSHFWRVDPELHQWDLVH
E GHWHUPLQDUFRPRHVVHVUHTXLVLWRVVHDSOLFDPDRVVHXVDVSHFWRVDPELHQWDLV
$RUJDQL]DomRGHYHDVVHJXUDUTXHHVVHVUHTXLVLWRVOHJDLVDSOLFiYHLVHRXWURVUHTXLVLWRVVXEVFULWRVSHOD
RUJDQL]DomRVHMDPOHYDGRVHPFRQVLGHUDomRQRHVWDEHOHFLPHQWRLPSOHPHQWDomRHPDQXWHQomRGHVHX
VLVWHPDGDJHVWmRDPELHQWDO
2EMHWLYRVPHWDVHSURJUDPDV
$RUJDQL]DomRGHYHHVWDEHOHFHULPSOHPHQWDUHPDQWHUREMHWLYRVHPHWDVDPELHQWDLVGRFXPHQWDGDVQDV
IXQo}HVHQtYHLVUHOHYDQWHVQDRUJDQL]DomR
0DWHULDOGHFDUiWHUDSHQDVGLGiWLFRQmRGHYHVHUXWLOL]DGRFRPRGRFXPHQWRRILFLDOHPTXDOTXHUVLWXDomRWpFQLFDFRPHUFLDO
2VREMHWLYRVHPHWDVGHYHPVHUPHQVXUiYHLVTXDQGRH[HTtYHOHFRHUHQWHVFRPDSROtWLFDDPELHQWDO
LQFOXLQGRVH RV FRPSURPHWLPHQWRV FRP D SUHYHQomR GH SROXLomR FRP R DWHQGLPHQWR DRV UHTXLVLWRV
OHJDLVHRXWURVUHTXLVLWRVVXEVFULWRVSHODRUJDQL]DomRHFRPPHOKRULDFRQWtQXD
$RHVWDEHOHFHUHDQDOLVDUVHXVREMHWLYRVHPHWDVXPDRUJDQL]DomRGHYHFRQVLGHUDURVUHTXLVLWRVOHJDLVH
RXWURVUHTXLVLWRVSRUHODVXEVFULWRVHVHXVDVSHFWRVDPELHQWDLVVLJQLILFDWLYRV'HYHWDPEpPFRQVLGHUDU
VXDV RSo}HV WHFQROyJLFDV VHXV UHTXLVLWRV ILQDQFHLURV RSHUDFLRQDLV FRPHUFLDLV H D YLVmR GDV SDUWHV
LQWHUHVVDGDV
$RUJDQL]DomRGHYHHVWDEHOHFHULPSOHPHQWDUHPDQWHUSURJUDPDVSDUDDWLQJLUVHXVREMHWLYRVHPHWDV
2VSURJUDPDVGHYHPLQFOXLU
D DWULEXLomR GH UHVSRQVDELOLGDGH SDUD DWLQJLU RV REMHWLYRV H PHWDV HP FDGD IXQomR H QtYHO
SHUWLQHQWHGDRUJDQL]DomRH
E RVPHLRVHRVSUD]RVQRTXDOHVWHVGHYHPVHUDWLQJLGRV
,PSOHPHQWDomRHRSHUDomR
5HFXUVRVIXQo}HVUHVSRQVDELOLGDGHVHDXWRULGDGHV
$DGPLQLVWUDomRGHYHDVVHJXUDUDGLVSRQLELOLGDGHGHUHFXUVRVHVVHQFLDLVSDUDHVWDEHOHFHULPSOHPHQWDU
PDQWHU H PHOKRUDU R VLVWHPD GD JHVWmR DPELHQWDO (VVHV UHFXUVRV LQFOXHP UHFXUVRV KXPDQRV H
KDELOLGDGHVHVSHFLDOL]DGDVLQIUDHVWUXWXUDRUJDQL]DFLRQDOWHFQRORJLDHUHFXUVRVILQDQFHLURV
D DVVHJXUDU TXH XP VLVWHPD GH JHVWmR DPELHQWDO VHMD HVWDEHOHFLGR LPSOHPHQWDGR H PDQWLGR HP
FRQIRUPLGDGHFRPRVUHTXLVLWRVGHVWD1RUPD
E UHODWDU j DOWD DGPLQLVWUDomR VREUH R GHVHPSHQKR GR VLVWHPD GH JHVWmR DPELHQWDO SDUD DQiOLVH
LQFOXLQGRUHFRPHQGDo}HVSDUDPHOKRULD
&RPSHWrQFLDWUHLQDPHQWRHFRQVFLHQWL]DomR
$RUJDQL]DomRGHYHDVVHJXUDUTXHTXDOTXHUSHVVRDTXHSDUDHODRXHPVHXQRPH UHDOL]HWDUHIDV TXH
WHQKDP R SRWHQFLDO GH FDXVDU LPSDFWRV DPELHQWDOLV VLJQLILFDWLYRV LGHQWLILFDGRV SHOD RUJDQL]DomR
VHMD FRPSHWHQWH FRP EDVH HP IRUPDomR DSURSULDGD WUHLQDPHQWR RX H[SHULrQFLD GHYHQGR UHWHU RV
UHJLVWURVDVVRFLDGRV
0DWHULDOGHFDUiWHUDSHQDVGLGiWLFRQmRGHYHVHUXWLOL]DGRFRPRGRFXPHQWRRILFLDOHPTXDOTXHUVLWXDomRWpFQLFDFRPHUFLDO
$RUJDQL]DomRGHYHLGHQWLILFDUDVQHFHVVLGDGHVGHWUHLQDPHQWRDVVRFLDGDVFRPVHXVDVSHFWRVDPELHQWDLV
HVHXVLVWHPDGD JHVWmRDPELHQWDO(ODGHYHSURYHUWUHLQDPHQWRRXWRPDUDOJXPDDomRSDUDDWHQGHUD
HVVDVQHFHVVLGDGHVGHYHQGRPDQWHURVUHJLVWURVDVVRFLDGRV
$RUJDQL]DomRGHYHHVWDEHOHFHULPSOHPHQWDUHPDQWHUSURFHGLPHQWRVSDUDID]HUFRPTXHDVSHVVRDV
TXHWUDEDOKHPSDUDHODRXHPVHXQRPHHVWHMDPFRQVFLHQWHV
D GD LPSRUWkQFLD GH VH HVWDU HP FRQIRUPLGDGH FRP D SROtWLFD DPELHQWDO H FRP RV UHTXLVLWRV GR
VLVWHPDGDJHVWmRDPELHQWDO
E GRVDVSHFWRVDPELHQWDLVVLJQLILFDWLYRVHUHVSHFWLYRVLPSDFWRVUHDLVRXSRWHQFLDLVDVVRFLDGRVFRP
VHXWUDEDOKRHGRVEHQHItFLRVSURYHQLHQWHGDPHOKRULDGRGHVHPSHQKRSHVVRDO
F GHVXDVIXQo}HVHUHVSRQVDELOLGDGHVHPDWLQJLUDFRQIRUPLGDGHFRPRVUHTXLVLWRVGRVLVWHPDGH
JHVWmRDPELHQWDOH
G GDVSRWHQFLDLVFRQVHTrQFLDVGDLQREVHUYkQFLDGHSURFHGLPHQWRVHVSHFLILFDGRV
&RPXQLFDomR
&RP UHODomR DRV VHXV DVSHFWRV DPELHQWDLV H DR VLVWHPD GH JHVWmR DPELHQWDO D RUJDQL]DomR GHYH
HVWDEHOHFHULPSOHPHQWDUHPDQWHUSURFHGLPHQWRVSDUD
D FRPXQLFDomRLQWHUQDHQWUHRVYiULRVQtYHLVGHIXQo}HVGDRUJDQL]DomR
$ RUJDQL]DomR GHYH GHFLGLU VH UHDOL]DUi FRPXQLFDomR H[WHUQD VREUH VHXV DVSHFWRV DPELHQWDLV
VLJQLILFDWLYRV GHYHQGR GRFXPHQWDU VXD GHFLVmR 6H D GHFLVmR IRU FRPXQLFDU D RUJDQL]DomR GHYH
HVWDEHOHFHUHLPSOHPHQWDUPpWRGRVSDUDHVWDFRPXQLFDomRH[WHUQD
'RFXPHQWDomR
$GRFXPHQWDomRGRVLVWHPDGDJHVWmRDPELHQWDOGHYHLQFOXLU
D SROtWLFDREMHWLYRVHPHWDVDPELHQWDLV
E GHVFULomRGRHVFRSRGRVLVWHPDGDJHVWmRDPELHQWDO
F GHVFULomRGRVSULQFLSDLVHOHPHQWRVGRVLVWHPDGDJHVWmRDPELHQWDOHVXDLQWHUDomRHUHIHUrQFLD
DRVGRFXPHQWRVDVVRFLDGRV
G GRFXPHQWRVLQFOXLQGRUHJLVWURVUHTXHULGRVSRUHVWD1RUPDH
0DWHULDOGHFDUiWHUDSHQDVGLGiWLFRQmRGHYHVHUXWLOL]DGRFRPRGRFXPHQWRRILFLDOHPTXDOTXHUVLWXDomRWpFQLFDFRPHUFLDO
H GRFXPHQWRV LQFOXLQGR UHJLVWURV GHWHUPLQDGRV SHOD RUJDQL]DomR FRPR VHQGR QHFHVViULRV SDUD
DVVHJXUDU R SODQHMDPHQWR RSHUDomR H FRQWUROH HILFD]HV GRV SURFHVVRV TXH HVWHMDP DVVRFLDGRV
FRPVHXVDVSHFWRVDPELHQWDLVVLJQLILFDWLYRV
&RQWUROHGHGRFXPHQWRV
2VGRFXPHQWRVUHTXHULGRVSHORVLVWHPDGDJHVWmRDPELHQWDOHSRUHVWD1RUPDGHYHPVHUFRQWURODGRV
5HJLVWURV VmR XP WLSR HVSHFLDO GH GRFXPHQWR H GHYHP VHU FRQWURODGRV GH DFRUGR FRP RV UHTXLVLWRV
HVWDEHOHFLGRVHP
$RUJDQL]DomRGHYHHVWDEHOHFHULPSOHPHQWDUPDQWHUSURFHGLPHQWRVSDUD
D DSURYDUGRFXPHQWRVTXDQWRjVXDDGHTXDomRDQWHVGHVHXXVR
E DQDOLVDUHDWXDOL]DUFRQIRUPHQHFHVViULRHUHDSURYDUGRFXPHQWRV
F DVVHJXUDUTXHDVDOWHUDo}HVHDVLWXDomRDWXDOGDUHYLVmRGHGRFXPHQWRVVHMDPLGHQWLILFDGDV
G DVVHJXUDUTXHDVYHUV}HVUHOHYDQWHVGHGRFXPHQWRVDSOLFiYHLVHVWHMDPGLVSRQtYHLVHPVHXSRQWR
GHXVR
H DVVHJXUDUTXHRVGRFXPHQWRVSHUPDQHoDPOHJtYHLVHSURQWDPHQWHLGHQWLILFiYHLV
I DVVHJXUDU TXH RV GRFXPHQWRV GH RULJHP H[WHUQD GHWHUPLQDGRV SHOD RUJDQL]DomR FRPR VHQGR
QHFHVViULRVSDUDRSODQHMDPHQWRHRSHUDomRGRVLVWHPDGDJHVWmRDPELHQWDOVHMDPLGHQWLILFDGRV
HTXHVXDGLVWULEXLomRVHMDFRQWURODGDH
J SUHYHQLUDXWLOL]DomRQmRLQWHQFLRQDOGHGRFXPHQWRVREVROHWRVHXWLOL]DULGHQWLILFDomRDGHTXDGD
QHVWHVVHIRUHPUHWLGRVSDUDTXDLVTXHUILQV
&RQWUROHRSHUDFLRQDO
$ RUJDQL]DomR GHYH LGHQWLILFDU H SODQHMDU DTXHODV RSHUDo}HV TXH HVWHMDP DVVRFLDGDV DRV DVSHFWRV
DPELHQWDLV VLJQLILFDWLYRV LGHQWLILFDGRV GH DFRUGR FRP VXD SROtWLFD REMHWLYRV H PHWDV DPELHQWDLV SDUD
DVVHJXUDUTXHHODVVHMDPUHDOL]DGDVVREFRQGLo}HVHVSHFLILFDGDVSRUPHLRGH
0DWHULDOGHFDUiWHUDSHQDVGLGiWLFRQmRGHYHVHUXWLOL]DGRFRPRGRFXPHQWRRILFLDOHPTXDOTXHUVLWXDomRWpFQLFDFRPHUFLDO
3UHSDUDomRHUHVSRVWDDHPHUJrQFLDV
$RUJDQL]DomRGHYHHVWDEHOHFHULPSOHPHQWDUHPDQWHUSURFHGLPHQWRVSDUDLGHQWLILFDUSRWHQFLDLV
VLWXDo}HVGHHPHUJrQFLDHSRWHQFLDLVDFLGHQWHVTXHSRVVDPWHULPSDFWRVVREUHRPHLRDPELHQWHH
FRPRDRUJDQL]DomRUHVSRQGHUiDHVWHV
$RUJDQL]DomRGHYHUHVSRQGHUjVVLWXDo}HVUHDLVGHHPHUJrQFLDHDRVDFLGHQWHVHSUHYHURXPLWLJDU
RVLPSDFWRVDPELHQWDLVDGYHUVRVDVVRFLDGRV
$ RUJDQL]DomR GHYH SHULRGLFDPHQWH DQDOLVDU H TXDQGR QHFHVViULR UHYLVDU VHXV SURFHGLPHQWRV GH
SUHSDUDomR GH UHVSRVWD j HPHUJrQFLD HP SDUWLFXODU DSyV D RFRUUrQFLD GH DFLGHQWHV RX VLWXDo}HV
HPHUJHQFLDLV
$RUJDQL]DomRGHYHWDPEpPSHULRGLFDPHQWHWHVWDUWDLVSURFHGLPHQWRVTXDQGRH[HTtYHO
9HULILFDomR
0RQLWRUDPHQWRHPHGLomR
$ RUJDQL]DomR GHYH HVWDEHOHFHU LPSOHPHQWDU H PDQWHU SURFHGLPHQWRV SDUD PRQLWRUDU H PHGLU
UHJXODUPHQWHDVFDUDFWHUtVWLFDVSULQFLSDLVGHVXDVRSHUDo}HVTXHSRVVDPWHUXPLPSDFWRDPELHQWDO
VLJQLILFDWLYR2VSURFHGLPHQWRVGHYHPLQFOXLUDGRFXPHQWDomRGHLQIRUPDo}HVSDUDPRQLWRUDU
R GHVHPSHQKR RV FRQWUROHV RSHUDFLRQDLV SHUWLQHQWHV H D FRQIRUPLGDGH FRP RV REMHWLYRV H PHWDV
DPELHQWDLVGDRUJDQL]DomR
$RUJDQL]DomRGHYHDVVHJXUDUHTXLSDPHQWRVGHPRQLWRUDPHQWRHPHGLomRFDOLEUDGRVRXYHULILFDGRV
VHMDPXWLOL]DGRVHPDQWLGRVGHYHQGRVHUHWHURVUHJLVWURVDVVRFLDGRV
$YDOLDomRGRDWHQGLPHQWRDUHTXLVLWRVOHJDLVHRXWURV
'HPDQHLUDFRHUHQWHFRPVHXFRPSURPHWLPHQWRGHDWHQGLPHQWRDUHTXLVLWRVDRUJDQL]DomR
GHYHHVWDEHOHFHULPSOHPHQWDUHPDQWHUSURFHGLPHQWRVSDUDDYDOLDUSHULRGLFDPHQWHRDWHQGLPHQWR
DRVUHTXLVLWRVOHJDLVDSOLFiYHLV
$RUJDQL]DomRGHYHPDQWHUUHJLVWURVGRVUHVXOWDGRVGDVDYDOLDo}HVSHULyGLFDV
$ RUJDQL]DomR GHYH DYDOLDU R DWHQGLPHQWR D RXWURV UHTXLVLWRV SRU HOD VXEVFULWRV $
RUJDQL]DomR SRGH FRPELQDU HVWD DYDOLDomR FRP D DYDOLDomR UHIHULGD HP RX HVWDEHOHFHU XP
SURFHGLPHQWRHPVHSDUDGR
$RUJDQL]DomRGHYHPDQWHUUHJLVWURVGRVUHVXOWDGRVGDVDYDOLDo}HVSHULyGLFDV
1mRFRQIRUPLGDGHDomRFRUUHWLYDHDomRSUHYHQWLYD
0DWHULDOGHFDUiWHUDSHQDVGLGiWLFRQmRGHYHVHUXWLOL]DGRFRPRGRFXPHQWRRILFLDOHPTXDOTXHUVLWXDomRWpFQLFDFRPHUFLDO
$ RUJDQL]DomR GHYH HVWDEHOHFHU LPSOHPHQWDU H PDQWHU SURFHGLPHQWRV SDUD WUDWDU DV QmR
FRQIRUPLGDGHV UHDLV H SRWHQFLDLV H SDUD H[HFXWDU Do}HV FRUUHWLYDV H SUHYHQWLYDV 2V
SURFHGLPHQWRVGHYHPGHILQLUUHTXLVLWRVSDUD
E LQYHVWLJDU QmRFRQIRUPLGDGHV GHWHUPLQDU VXDV FDXVDV H H[HFXWDU Do}HV SDUD HYLWDU VXD
UHSHWLomR
F DYDOLDU D QHFHVVLGDGH GH DomR}HV SDUD SUHYHQLU QmRFRQIRUPLGDGHV H LPSOHPHQWDU Do}HV
DSURSULDGDVSDUDHYLWDUVXDRFRUUrQFLD
&RQWUROHGHUHJLVWURV
$ RUJDQL]DomR GHYH HVWDEHOHFHU LPSOHPHQWDU H PDQWHU SURFHGLPHQWRV SDUD GHPRQVWUDU
FRQIRUPLGDGHFRPRVUHTXLVLWRVGHVHXVLVWHPDGDJHVWmRDPELHQWDOHGHVWD1RUPDEHPFRPRRV
UHVXOWDGRVREWLGRV
2VUHJLVWURVGHYHPVHUHSHUPDQHFHUOHJtYHLVLGHQWLILFiYHLVHUDVWUHiYHLV
$XGLWRULDLQWHUQD
$ RUJDQL]DomR GHYH DVVHJXUDU TXH DV DXGLWRULDV LQWHUQDV GR VLVWHPD GH JHVWmR DPELHQWDO VHMDP
FRQGX]LGDVHPLQWHUYDORVSODQHMDGRVSDUD
D GHWHUPLQDUVHRVLVWHPDGDJHVWmRDPELHQWDO
HVWiHPFRQIRUPLGDGHFRPRVDUUDQMRVSODQHMDGRVSDUDDJHVWmRDPELHQWDOLQFOXLQGRVH
RVUHTXLVLWRVGHVWD1RUPDH
IRLDGHTXDGDPHQWHLPSOHPHQWDGRHpPDQWLGRH
E IRUQHFHULQIRUPDo}HVjDGPLQLVWUDomRVREUHRVUHVXOWDGRVGDVDXGLWRULD
0DWHULDOGHFDUiWHUDSHQDVGLGiWLFRQmRGHYHVHUXWLOL]DGRFRPRGRFXPHQWRRILFLDOHPTXDOTXHUVLWXDomRWpFQLFDFRPHUFLDO
GDV UHVSRQVDELOLGDGHV H UHTXLVLWRV SDUD VH SODQHMDU H FRQGX]LU DV DXGLWRULDV SDUD UHODWDU RV
UHVXOWDGRVHPDQWHURVUHJLVWURVDVVRFLDGRV
GDGHWHUPLQDomRGRVFULWpULRVGHDXGLWRULDHVFRSRIUHTrQFLDHPpWRGRV
$VHOHomRGHDXGLWRUHVHDFRQGXomRGDVDXGLWRULDVGHYHPDVVHJXUDUREMHWLYLGDGHHLPSDUFLDOLGDGH
GRSURFHVVRGHDXGLWRULD
$QiOLVHSHODDGPLQLVWUDomR
$ DOWD DGPLQLVWUDomR GD RUJDQL]DomR GHYH DQDOLVDU R VLVWHPD GD JHVWmR DPELHQWDO HP LQWHUYDORV
SODQHMDGRVSDUDDVVHJXUDUVXDFRQWLQXDGDDGHTXDomRSHUWLQrQFLDHHILFiFLD$QiOLVHVGHYHPLQFOXLU
D DYDOLDomR GH RSRUWXQLGDGHV GH PHOKRULD H QHFHVVLGDGH GH DOWHUDo}HV QR VLVWHPD GD JHVWmR
DPELHQWDO LQFOXVLYH GD SROtWLFD DPELHQWDO H GRV REMHWLYRV H PHWDV DPELHQWDLV 2V UHJLVWURV GDV
DQiOLVHVSHODDGPLQLVWUDomRGHYHPVHUPDQWLGRV
$VHQWUDGDVSDUDDQiOLVHSHODDGPLQLVWUDomRGHYHPLQFOXLU
D UHVXOWDGRVGDVDXGLWRULDVLQWHUQDVHGDVDYDOLDo}HVGRDWHQGLPHQWRGRVUHTXLVLWRVOHJDLVHRXWURV
VXEVFULWRVSHODRUJDQL]DomR
F RGHVHPSHQKRDPELHQWDOGDRUJDQL]DomR
G H[WHQVmRQDTXDOIRUDPDWHQGLGRVRVREMHWLYRVHPHWDV
H VLWXDomRGDVDo}HVFRUUHWLYDVHSUHYHQWLYDV
I Do}HVGHDFRPSDQKDPHQWRGDVDQiOLVHVDQWHULRUHV
K UHFRPHQGDo}HVSDUDPHOKRULD
$V VDtGDV GD DQiOLVH SHOD DGPLQLVWUDomR GHYHP LQFOXLU TXDLVTXHU GHFLV}HV H Do}HV UHODFLRQDGDV D
SRVVtYHLV PXGDQoDV QD SROtWLFD DPELHQWDO QRV REMHWLYRV H HP RXWURV HOHPHQWRV GR VLVWHPD GD
JHVWmRDPELHQWDOFRQVLVWHQWHVFRPRFRPSURPHWLPHQWRFRPDPHOKRULDFRQWtQXD
0DWHULDOGHFDUiWHUDSHQDVGLGiWLFRQmRGHYHVHUXWLOL]DGRFRPRGRFXPHQWRRILFLDOHPTXDOTXHUVLWXDomRWpFQLFDFRPHUFLDO
$1(;2,,,/,67$*(0'26$63(&726$0%,(17$,6
&$7(*25,$ $63(&726
x (PLVVmRGHSDUWtFXODVWRWDLVHPVXVSHQVmR±376
x (PLVVmRGHSDUWtFXODVLQDOiYHLV±30,
x (PLVVmRGHIXPDoDH[YHtFXORVFDOGHLUDV
x (PLVVmRGHIXPRVPHWiOLFRVH[VROGDV
x (PLVVmRGHJDVHVGHFRPEXVWmR62[1R[&2
x (PLVVmR GH FRPSRVWRV FORUDGRV H[ FORUHWRV
(PLVV}HV$WPRVIpULFDV($ FORURIOXRUFDUERQDGRV±&)&¶V
x (PLVVmR GH FRPSRVWRV RUJkQLFRV YROiWHLV ± 92&¶V
H[VROYHQWHVWLQWDVGHVHQJUD[DQWHV
x *HUDomRGHRGRU
x (PLVVmR GH RXWURV JDVHV H[ LQHUWHV R[LGDQWHV
DP{QLD IRWRTXtPLFRV JDVHV iFLGRVDOFDOLQRV ±
(63(&,),&$5
x *HUDomR GH HIOXHQWHV OtTXLGRV FRQWHQGR yOHRV H
JUD[DV
x *HUDomRGHHIOXHQWHVOtTXLGRVLQRUJkQLFRVH[iFLGRV
EDVHVFLDQHWRVPHWDLVSHVDGRV
(IOXHQWHV/tTXLGRV(/ x *HUDomR GH HIOXHQWHV RUJkQLFRV QmR ROHRVRV H[
VROYHQWHVRUJDQRFORUDGRVGHWHUJHQWHVIHQyLV
x *HUDomRGHHVJRWRVGRPpVWLFRV
x *HUDomR GH RXWURV HIOXHQWHV OtTXLGRV ±
(63(&,),&$5
x *HUDomRGHOkPSDGDVIOXRUHVFHQWHVXVDGDV
x *HUDomR GH UHVtGXRV ROHRVRV H[ yOHRV XVDGRV
WUDSRVHVWRSDVFRPyOHRERUUDVROHRVDV
x *HUDomRGHVXFDWDVPHWiOLFDVFRQWDPLQDGDVH[FRP
yOHRVHJUD[DV
x *HUDomRGHUHVtGXRVUHFLFOiYHLVGHSDSHOSDSHOmR
x *HUDomRGHUHVtGXRVUHFLFOiYHLVGHSOiVWLFRV
x *HUDomRGHUHVtGXRVUHFLFOiYHLVGHYLGURV
x *HUDomRGHUHVtGXRVUHFLFOiYHLVGHERUUDFKDV
x *HUDomRGHOL[RDPEXODWRULDOKRVSLWDODU
x *HUDomRGHOL[RGRPpVWLFR
5HVtGXRV6yOLGRV56 x *HUDomR GH UHVtGXRV GH WUDWDPHQWR VXSHUILFLDO GH
PDWHULDLVH[ERUUDVGHWLQWDVROYHQWHVXVDGRV
x *HUDomRGHUHVtGXRVFRPDVEHVWR
x *HUDomRGHEDWHULDVHSLOKDVXVDGDV
x *HUDomRGHDVFDUpLV
x *HUDomRGHHQWXOKRGHFRQVWUXomRFLYLO
x *HUDomR GH UHVtGXRV IORUHVWDLV SRGDV H
GHVPDWDPHQWR
x *HUDomRGHVXFDWDGHPDGHLUDHPEDODJHQVSDOHWV
x *HUDomRGHUHVtGXRVDOLPHQWDUHV
x *HUDomRGHHPEDODJHQVFRQWDPLQDGDV
x *HUDomR GH UHVtGXRV TXtPLFRV H[ PHUF~ULR
UHDJHQWHV
x *HUDomRGHRXWURVUHVtGXRV±(63(&,),&$5
&$7(*25,$ $63(&726
5XtGR58 x (PLVVmRGHUXtGRV
9LEUDomR9, x (PLVVmRGHYLEUDomR
5DGLDomR5$ x (PLVVmR GH UDGLDomR H[ FDORU XOWUDVRP
PLFURRQGDV
x 8VRGHiJXD
5HFXUVRV1DWXUDLVH(QHUJpWLFRV51 x &RQVXPRGHFRPEXVWtYHLVIyVVHLVH[yOHRVGLHVHOH
FRPEXVWtYHOFDUYmRHJDVROLQD
$1(;2,9/,67$*(0'26,03$&726$0%,(17$,6
2VLPSDFWRVDPELHQWDLVPDLVIUHTHQWHPHQWHDVVRFLDGRVDRVDVSHFWRVGDVDWLYLGDGHVHVHUYLoRVGH
XPDRUJDQL]DomRVmRRVVHJXLQWHV
&$7(*25,$ ,03$&726
x $OWHUDomRGDTXDOLGDGHGRDU
$U x $OWHUDomRGDFDPDGDGHR]{QLR
x *HUDomRGHFKXYDiFLGD
x )RUPDomRGHHIHLWRHVWXID
x $OWHUDomRGDTXDOLGDGHGDiJXDVXSHUILFLDO
x $OWHUDomRGDTXDOLGDGHGDiJXDVXEWHUUkQHD
ÈJXD x $VVRUHDPHQWRGHFXUVRVG¶iJXD
x 5HGXomRGDGLVSRQLELOLGDGHGRVDTtIHURV
x (XWURIL]DomR
6ROR x $OWHUDomRGDTXDOLGDGHGRVROR
5HFXUVRV1DWXUDLV(QHUJLD x ,QHILFLrQFLD QR FRQVXPRHPSUHJR GH UHFXUVRV
QDWXUDLVHRXHQHUJLD
x 'DQRVjVD~GHKXPDQD
0HLR$QWUySLFR x ,QF{PRGRVDRKRPHP±UXtGRYLEUDomRRGRU
x 'DQRVPDWHULDLV