$UHDOLGDGHEUDVLOHLUD2DGPLQLVWUDGRUS~EOLFRHRVGHVDWLQRVDGPLQLVWUDWLYRV


2DGPLQLVWUDGRUS~EOLFRQmRVyWHPTXHSDUHFHUKRQHVWRFRPRWHPRGHYHUGHDVVLPVH
FRPSRUWDU,QGHSHQGHQWHPHQWHGHVHUXPSULQFtSLRFRQVWLWXFLRQDOSUHYLVWRQRDUWGD
&RQVWLWXLomRGD5HS~EOLFDKiRGHYHU pWLFRGHWHUFRQGXWDLPSHFiYHO1mRVHWUDWDGR
IDWRGHGHYHUHV pWLFRVDRRUGHQDPHQWRQRUPDWLYR$VFRQGXWDVKXPDQDVVmRFDSWDGDV
FRPRLPmGDUHDOLGDGHIiWLFDHWUD]LGDVDRPXQGRMXUtGLFR
6HUSURERQD JHVWmRGH FDUJRRX IXQomRS~EOLFDGHL[DGHVHUVHXSUHVVXSRVWRRXPHUD
REULJDomRPRUDOSDUDFRQVWLWXLUVHHPGHYHUMXUtGLFR$OHJLVODomRLQFRUSRURXDFRQGXWD
pWLFDWUDQVIRUPDQGRDHPQRUPDGHGLUHLWR3RUDVVLPVHUKiDVDQomRUHVSHFWLYDXPD
YH] TXH LQH[LVWH QRUPD VHP VDQomR 2 FRPSRUWDPHQWR DQWLMXUtGLFR VLJQLILFD R RSRVWR
GDTXHODFRQGXWDGHWHUPLQDGDSHORGLUHLWRQRVDEHUNHOVHQLDQR6HKRXYHULQIUDomRKiD
FRQVHTrQFLDGRPDQGDPHQWROHJDOLPSRQGRUHSXOVD
9rVHSRLVTXHROHJLVODGRUIHGHUDOHQFDPSRXSULQFtSLRVpWLFRVDRVMXUtGLFRV/RJRR
DGPLQLVWUDGRU WHP TXH VHU SURER &RPR DGPLQLVWUDU VLJQLILFD H[HFXWDU RV FRPDQGRV
OHJDLVRJHVWRUGDFRLVDS~EOLFDGHYHLUUHVWULWDREHGLrQFLDDRVGLWDPHVpWLFRVTXHOKHVmR
LPSRVWRVSHOROHJLVODGRU&ULDVHWRGRXPSOH[RGHFRPDQGRVQRUPDWLYRVGHVWLQDGRVD
SUHVHUYDU D FRLVD S~EOLFD GH GHVPDQGRV H GH FRPSRUWDPHQWRV OHVLYRV j PRUDOLGDGH
S~EOLFD 'HVQHFHVViULD D OHVmR DRV FRIUHV S~EOLFRV -i R OHJLVODGRU FRQWHQWDVH FRP D
PHUD SRWHQFLDOLGDGH GR GDQR ,QGHSHQGH GHOH %DVWD D SRVVLELOLGDGH GD OHVmR 2
FRPSRUWDPHQWRDQWLpWLFRpDJUHVVLYRDRFRPDQGROHJDO
2FRQVWLWXLQWHLQVFXOSLXRSULQFtSLRGDPRUDOLGDGHHPGLVSRVLWLYRFRQVWLWXFLRQDO-iQmR
pPHUDUHJUDPDVIRLHOHYDGDjFDWHJRULDGHSULQFtSLR1RGL]HUGH&HOVR$QW{QLRpHOH
YHWRUGRRUGHQDPHQWRMXUtGLFR&XUVRGHGLUHLWRDGPLQLVWUDWLYRHG0DOKHLURV
S  p PDLV TXH UHJUD e PDQGDPHQWR VXSHULRU GR VLVWHPD QRUPDWLYR 6mR RV
SULQFtSLRV TXH RULHQWDP WRGD D YLGD HP VRFLHGDGH +i SULQFtSLRV JHUDLV GH GLUHLWR RX
VHMDGHWRGRVRVGLUHLWRVHGHWRGRVRVSRYRVVmRXQLYHUVDLV+iDOJXQVTXHVHUHIHUHPD
DOJXPGLUHLWRHPHVSHFLDOHRXWURVTXHVHUHIHUHPDGHWHUPLQDGRLQVWLWXWR+iJUDGXDomR
GH SULQFtSLRV GHSHQGHQGR GD IRUoD MXUtGLFD FRP TXH VmR IL[DGRV QR RUGHQDPHQWR
QRUPDWLYR 9DOHP GLIHUHQWHPHQWH 2V SULQFtSLRV LQVHUWRV QRV DUWV ž H ž GD
&RQVWLWXLomR GD 5HS~EOLFD EHP FRPR DTXHOHV LPXQL]DGRV FRPR FOiXVXOD SpWUHD
SDUiJUDIRžGRDUWVmRLQDOWHUiYHLVSHOROHJLVODGRURUGLQiULR3RULVVRYDOHPWrP
PDLRUHILFiFLDPDLVTXHRXWURVWDLVFRPRRVGHQRPLQDGRVSULQFtSLRVGHXPRXRXWUR
LQVWLWXWRMXUtGLFR
3RGHUVHLDSHQVDUTXHDQWHVGHVHUFRQFUHWL]DGRHPQRUPDRSULQFtSLRGDPRUDOLGDGH
VHULDLQGLVSHQViYHOHQmRVHULDLPSRUWDQWHQRRUGHQDPHQWRMXUtGLFR6HUiLVVRYHUGDGH"
'HPRQVWURX -HVXV *RQ]DOH] 3HUH] (O SULQFLSLR JHQHUDO GH OD EXHQD Ip HQ HO GHUHFKR
DGPLQLVWUDWLYRHG&LYLWDVTXHQmR(PVHXSUHFLRVROLYURRDXWRUHVSDQKRO
HQWHQGHXTXHHVFULWDRXQmRDERDIpSHUPHLDDVUHODo}HVMXUtGLFDVLQGHSHQGHQWHPHQWH
GHVHHQFRQWUDUDOEHUJDGDQRWH[WROHJDO,VVRVHDSOLFDjSURELGDGHGRKRPHPS~EOLFR
6HULD DGPLVVtYHO TXH R DJHQWH S~EOLFR DQWHV GD YLJrQFLD GD QRUPD TXH R YHGDVVH
SXGHVVHFRPSRUWDUVHGHPDQHLUDtPSURED"(YLGHQWHPHQWHTXHQmR3UHVVXSRVWRSRLV
GDFRQGXWDGRDJHQWHS~EOLFRTXHDMDHOHGHDFRUGRFRPRVGLWDPHVGHFRQVFLrQFLDHQR
VHQWLGRGHHYLWDUTXDOTXHUGDQRDR3RGHU3~EOLFR9rVHSRLVTXHWHUFRPSRUWDPHQWR
pWLFRLQGHSHQGHGHTXDOTXHUQRUPDTXHDVVLPGHWHUPLQHeFRQGXWDTXHGHYHVHUtQVLWD
QRDJLUGRKRPHPS~EOLFR
2FRQWUROHGHYHVHUHIHWXDGRQRFRQWUDVWHHQWUHDFRPSHWrQFLDRXWRUJDGDDRDJHQWHHD
ILQDOLGDGH TXH GHYH VHU DOFDQoDGD 2 SOH[R GH DWULEXLo}HV TXH WHP XP DJHQWH S~EOLFR
HVWi QD HVWUHLWD UHODomR GR DWLQJLPHQWR GDV ILQDOLGDGHV HQFDPSDGDV QR VLVWHPD
QRUPDWLYR $ QLQJXpP p DWULEXtGD FRPSHWrQFLD SDUD DJLU HP EHQHItFLR SUySULR 2
VHUYLGRU WLWXODUL]D LQWHUHVVHV SDUD SHUVHJXLORV HP EHQHItFLR GD FROHWLYLGDGH $ QRUPD
MXUtGLFD QmR IL[D DWULEXLo}HV SDUD TXH R IXQFLRQiULR DV XWLOL]H HP VHX SURO RX QD
REMHWLYDomRGHLQWHUHVVHVPHVTXLQKRVRXPHQRVQREUHV6HHOHYDOHVHGD FRPSHWrQFLD
TXHOKHIRL DWULEXtGDSDUDDWLQJLPHQWRGHLQWHUHVVHVDOKHLRVDRVTXH IRUDPHVWDPSDGRV
QR RUGHQDPHQWR QRUPDWLYR Ki R FRQWUROH GD OHJDOLGDGH RX GH FRQVWLWXFLRQDOLGDGH
FDEHQGRDQXODomR