Professional Documents
Culture Documents
Liberação Pulmonar de Farmacos Aulton-4-Edicao
Liberação Pulmonar de Farmacos Aulton-4-Edicao
IiUPDFRV
.HYLQ0*7D\ORU
321726&+$9(
$DGPLQLVWUDomRSXOPRQDUSRGHVHUXVDGDSDUDIiUPDFRVFRPDWLYLGDGHORFDORX
VLVWrPLFD
$OLEHUDomRHILFD]GRIiUPDFRSDUDRVSXOP}HVpGHSHQGHQWHGDIRUPXODomRGR
GLVSRVLWLYRGHDGPLQLVWUDomRHGRSDFLHQWH
$HVWUXWXUDGDVYLDVUHVSLUDWyULDVpHILFD]QDSUHYHQomRGDHQWUDGDGHPDWHULDLV
LQFOXLQGRDHURVVyLVWHUDSrXWLFRV
([LVWHPWUrVPHFDQLVPRVSULQFLSDLVGHGHSRVLomRGHSDUWtFXODVQDVYLDVDpUHDV
LPSDFWDomRLQHUFLDOVHGLPHQWDomRJUDYLWDFLRQDOHGLIXVmR%URZQLDQD
2WDPDQKRDHURGLQkPLFRGHXPDSDUWtFXODRXJRWtFXODLQDODGDTXHGHSHQGHGR
WDPDQKRItVLFRHGDGHQVLGDGHpRSDUkPHWURFUtWLFRSDUDGHWHUPLQDURVHXGHVWLQRQR
LQWHULRUGRSXOPmR
([LVWHPWUrVSULQFLSDLVFDWHJRULDVGHGLVSRVLWLYRVGLVSRQtYHLVSDUDDGPLQLVWUDomRGH
PHGLFDPHQWRVSXOPRQDUHVLQDODGRUHVGRVtPHWURVSUHVVXUL]DGRVLQDODGRUHVGHSy
VHFRHQHEXOL]DGRUHV
)RUPXODo}HVSDUDLQDODGRUHVGRVtPHWURVSUHVVXUL]DGRVSRGHPVHUVROXo}HVRX
VXVSHQV}HVHLQFOXHPXPJiVOLTXHIHLWRJHUDOPHQWHXPKLGURIOXRURDOFDOLQRFRPRXP
SURSHOHQWHHSRGHPWDPEpPLQFOXLUDJHQWHVWHQVRDWLYRVHFRVVROYHQWHV
,QDODGRUHVGHSyVHFROLEHUDPIiUPDFRVFRPRXPSyILQR$VIRUPXODo}HVLQFOXHP
IUHTXHQWHPHQWHSDUWtFXODVPHQVDJHLUDVJHUDOPHQWHODFWRVHSDUDDX[LOLDUDGLVSHUVmR
GRSyGHPRGRTXHVHWRUQHGLVSRQtYHOSDUDLQDODomRSHORVSDFLHQWHV
1HEXOL]DGRUHVOLEHUDPGRVHVUHODWLYDPHQWHJUDQGHVGHIiUPDFRVTXHUFRPRVROXo}HV
DTXRVDVTXHUFRPRVXVSHQV}HV
$FDUDFWHUL]DomRLQYLWURGHSURGXWRVGHLQDODomRpPDLVFRPXPHQWHUHDOL]DGDFRP
LPSDFWDGRUHVHPFDVFDWDTXHIUDFLRQDPRVDHURVVyLVGHDFRUGRFRPVHXWDPDQKR
DHURGLQkPLFRGHGLVWULEXLomR
/LEHUDomRGHIiUPDFRVLQDODGRV
2V DJHQWHV WHUDSrXWLFRV SDUD R WUDWDPHQWR RX D SURILOD[LD GH GRHQoDV GDV YLDV
UHVSLUDWyULDV FRPR DVPD EU{QTXLFD GRHQoD SXOPRQDU REVWUXWLYD FU{QLFD '32& H
ILEURVH FtVWLFD VmR JHUDOPHQWH OLEHUDGRV GLUHWDPHQWH QR WUDWR UHVSLUDWyULR $
DGPLQLVWUDomRGHXPIiUPDFRQRVHXORFDOGHDomRSRGHSURYRFDUXPUiSLGRLQtFLRGH
DomR R TXH SRGH VHU DOWDPHQWH GHVHMiYHO SRU H[HPSOR QD OLEHUDomR GH IiUPDFRV
EURQFRGLODWDGRUHV SDUD R WUDWDPHQWR GD DVPD $OpP GLVVR GRVHV PHQRUHV SRGHP VHU
DGPLQLVWUDGDV ORFDOPHQWH HP FRPSDUDomR FRP D OLEHUDomR SHODV YLDV RUDO RX
SDUHQWHUDOUHGX]LQGRRSRWHQFLDOGHRFRUUrQFLDGHHIHLWRVDGYHUVRVVLVWrPLFRVHRFXVWR
GR PHGLFDPHQWR $ YLD SXOPRQDU WDPEpP p ~WLO TXDQGR XP IiUPDFR p IUDFDPHQWH
DEVRUYLGRSRUYLDRUDOSRUH[HPSORFURPRJOLFDWRGHVyGLRRXTXDQGRpUDSLGDPHQWH
PHWDEROL]DGRSRUYLDRUDOSRUH[HPSORLVRSUHQDOLQD(YLWDUPHWDEROLVPRGHSULPHLUD
SDVVDJHP KHSiWLFD SRGH WDPEpP VHU XPD YDQWDJHP HPERUD R SXOPmR WHQKD SRU VL
DOJXPDDWLYLGDGHPHWDEyOLFD
2SXOPmRWDPEpPSRGHVHUXWLOL]DGRFRPRXPDYLDSDUDDOLEHUDomRGHIiUPDFRVFRP
DWLYLGDGH VLVWrPLFD GHYLGR j VXD JUDQGH iUHD GH VXSHUItFLH DEXQGkQFLD GH YDVRV
FDSLODUHVHSHTXHQDHVSHVVXUDGDEDUUHLUDDUVDQJXH(VVHDVSHFWRWHPVLGRH[SORUDGR
QRWUDWDPHQWRGHHQ[DTXHFDFRPHUJRWDPLQDHRSRWHQFLDOSDUDDOLEHUDomRGHSURGXWRV
ELRIDUPDFrXWLFRV FRPR LQVXOLQD YDFLQDV H KRUP{QLR GR FUHVFLPHQWR SHOD YLD
UHVSLUDWyULDHVWiDJRUDEHPHVWDEHOHFLGR
$QDWRPLDGRSXOPmR
2SXOPmRpRyUJmRGDUHVSLUDomRH[WHUQDQRTXDOR[LJrQLRHGLy[LGRGHFDUERQRVmR
WURFDGRV HQWUH R VDQJXH H R DU LQDODGR $ HVWUXWXUD GDV YLDV DpUHDV WDPEpP LPSHGH
HILFLHQWHPHQWH D HQWUDGD GH SDUWtFXODV HVWUDQKDV H SURPRYH D VXD UHPRomR LQFOXLQGR
PLFURUJDQLVPRV
2 WUDWR UHVSLUDWyULR FRPSUHHQGH UHJL}HV GH FRQGXomR FHQWUDO WUDTXHLD EU{QTXLRV
EURQTXtRORV EURQTXtRORV WHUPLQDLVHUHVSLUDWyULRVHUHJL}HV UHVSLUDWyULDVSHULIpULFDV
EURQTXtRORV UHVSLUDWyULRV H UHJL}HV DOYHRODUHV HPERUD QmR KDMD XPD FODUD
GHPDUFDomR HQWUH HODV )LJ 2 WUDWR UHVSLUDWyULR VXSHULRU FRPSUHHQGH QDUL]
JDUJDQWD IDULQJH H ODULQJH R WUDWR UHVSLUDWyULR LQIHULRU FRPSUHHQGH D WUDTXHLD
EU{QTXLRVEURQTXtRORVHUHJL}HVDOYHRODUHV'HIRUPDVLPSOLVWDDVYLDVUHVSLUDWyULDV
SRGHP VHU GHVFULWDV SRU XP PRGHOR VLPpWULFR HP TXH FDGD YLD GLYLGHVH HP GXDV
UDPLILFDo}HVRXJHUDo}HVHTXLYDOHQWHV1DYHUGDGHDWUDTXHLDJHUDomRUDPLILFDVH
HP GRLV EU{QTXLRV SULQFLSDLV JHUDomR GRV TXDLV R EU{QTXLR GLUHLWR p PDLV ODUJR
DSUHVHQWDQGR XP kQJXOR GH VDtGD GD WUDTXHLD PHQRU GR TXH R GD HVTXHUGD VHQGR
FRQVHTXHQWHPHQWH PDLV SURYiYHO TXH UHFHED PDWHULDO LQDODGR $V UDPLILFDo}HV
SRVWHULRUHVGDVYLDVDpUHDVILQDOL]DPQRVEURQTXtRORVWHUPLQDLV(VWHVVHGLYLGHPSDUD
SURGX]LU EURQTXtRORV UHVSLUDWyULRV TXH VH FRQHFWDP FRP GXFWRV DOYHRODUHV TXH
FRQGX]HPDRVVDFRVDOYHRODUHVJHUDomR(VWHVFRQWrPFHUFDGH[DOYpRORV
TXHUHVXOWDPQXPDiUHDVXSHUILFLDOHQWUHPHPXPKRPHPDGXOWR
)LJ5HSUHVHQWDomRHVTXHPiWLFDGDVYLDVDpUHDVHPKXPDQRV
$V YLDV DpUHDV GH FRQGXomR VmR UHYHVWLGDV FRP FpOXODV HSLWHOLDLV FLOLDGDV 1HVVD
UHJLmR DV SDUWtFXODV LQVRO~YHLV GHSRVLWDGDV QDV SDUHGHV GDV YLDV UHVSLUDWyULDV VmR
UHWLGDVSHORPXFRFDUUHJDGDVSDUDDVSDUWHVVXSHULRUHVGRVSXOP}HVSHORPRYLPHQWR
FLOLDUHILQDOPHQWHHQJROLGDV
$HURVVyLVGHLQDODomRHDLPSRUWkQFLDGDGLVWULEXLomRGR
WDPDQKRGDVSDUWtFXODV
3DUDXPIiUPDFRVHUOLEHUDGRQDVYLDVDpUHDVHOHGHYHVHDSUHVHQWDUFRPRXPDHURVVRO
FRPDH[FHomRGRVJDVHVPHGLFLQDLV(PIDUPiFLDXPDHURVVROpGHILQLGRFRPRXP
VLVWHPDELIiVLFRFRQVWLWXtGRSRUSDUWtFXODVVyOLGDVRXJRWtFXODVOtTXLGDVGLVSHUVDVQRDU
RXQXPDIDVHJDVRVDDVTXDLVSRVVXHPXPWDPDQKRVXILFLHQWHPHQWHSHTXHQRSDUDOKHV
SURSRUFLRQDUXPDHVWDELOLGDGHFRQVLGHUiYHOFRPRQXPDVXVSHQVmR
$GHSRVLomRGHXPIiUPDFRDHURVVROQDVYLDVDpUHDVpGHSHQGHQWHGHTXDWURIDWRUHV
DVSURSULHGDGHVItVLFRTXtPLFDVGRIiUPDFRDIRUPXODomRRGLVSRVLWLYRGHOLEHUDomRH
RSDFLHQWHSDGU}HVGHUHVSLUDomRHHVWDGRFOtQLFR
$SURSULHGDGHItVLFDPDLVLPSRUWDQWHGHXPDHURVVROSDUDLQDODomRpRVHXWDPDQKR
(VVHWDPDQKRpJHUDOPHQWHSDGURQL]DGRSHORFiOFXORGRVHXGLkPHWURDHURGLQkPLFRGD
TXHpRGLkPHWURItVLFRGHXPDHVIHUDGHGHQVLGDGHXQLWiULDTXHVHLQVWDODDWUDYpVGRDU
FRP XPD YHORFLGDGH LJXDO j GD SDUWtFXOD HP TXHVWmR $HURVVyLV WHUDSrXWLFRV VmR
KHWHURGLVSHUVRVSROLGLVSHUVRVHDGLVWULEXLomRGHWDPDQKRVpJHUDOPHQWHUHSUHVHQWDGD
SHORGHVYLRSDGUmRJHRPpWULFR'3*RXVJTXDQGRRWDPDQKRSRVVXLXPDGLVWULEXLomR
QRUPDOORJDUtWPLFD
3DUDSDUWtFXODVDSUR[LPDGDPHQWHHVIpULFDV
RQGHGSpRGLkPHWURItVLFRUpDGHQVLGDGHGHSDUWtFXODVHURpXQLGDGHGHGHQVLGDGH
LVWRpJFP
4XDQGR GS p R GLkPHWUR PpGLR GH PDVVD 00' GD p GHQRPLQDGR R GLkPHWUR
DHURGLQkPLFRPpGLRGHPDVVD'$00
3DUWtFXODV SRURVDV JUDQGHV FRP GLkPHWURV ItVLFRV QD RUGHP GH PP VmR
HILFLHQWHPHQWHOLEHUDGDVHGHSRVLWDGDVQRVSXOP}HV$VXDEDL[DGHQVLGDGHGHYLGRj
QDWXUH]DSRURVDRXRFDGDVXDHVWUXWXUDVLJQLILFDTXHWDLVSDUWtFXODVWrPXPGLkPHWUR
DHURGLQkPLFR SHTXHQR VHQGR DVVLP WUDQVSRUWDGDV QR DU LQVSLUDGR SDUD UHJL}HV
SXOPRQDUHV SURIXQGDV $OpP GLVVR SDUWtFXODV PDLRUHV VmR PHQRV SURSHQVDV j
DJUHJDomR TXH DV SDUWtFXODV PHQRUHV YHU D VHJXLU R TXH p XPD YDQWDJHP SDUD DV
IRUPXODo}HVSRLVDVSDUWtFXODVVmRGHPDVLDGRJUDQGHVSDUDVHUHPHOLPLQDGDVGDVYLDV
DpUHDVSRUPDFUyIDJRVDOYHRODUHV
,QIOXrQFLDGDXPLGDGHDPELHQWDOVREUHRWDPDQKRGDSDUWtFXOD
$VVLP TXH XPD SDUWtFXOD SHQHWUD QR WUDWR UHVSLUDWyULR D PXGDQoD SDUD XP DPELHQWH
FRPXPLGDGHUHODWLYDHOHYDGDDSUR[LPDGDPHQWHSURYRFDDFRQGHQVDomRGHiJXD
VREUHDVXSHUItFLHGDSDUWtFXODTXHSHUPDQHFHDWpTXHDSUHVVmRGHYDSRUGDiJXDVH
LJXDOHjSUHVVmRGDDWPRVIHUDFLUFXQGDQWH3DUDRVPDWHULDLVLQVRO~YHLVHPiJXDLVVR
UHVXOWDQDIRUPDomRGHXPLQVLJQLILFDQWHILOPHILQRGHiJXD1RHQWDQWRFRPPDWHULDLV
VRO~YHLVHPiJXD XPD VROXomR pIRUPDGD QD VXSHUItFLHGD SDUWtFXOD ¬PHGLGDTXH D
SUHVVmRGHYDSRUGDVROXomRpLQIHULRUjGRVROYHQWHSXURQDPHVPDWHPSHUDWXUDDiJXD
FRQWLQXDUi D VH FRQGHQVDU DWp TXH R HTXLOtEULR HQWUH DV SUHVV}HV GH YDSRU VHMD
DOFDQoDGRLVWRpDSDUWtFXODLUiDXPHQWDUHPWDPDQKR2GLkPHWURILQDOGHHTXLOtEULRp
OLPLWDGRSHORHIHLWRGH.HOYLQRXVHMDDSUHVVmRGHYDSRUGHXPDJRWDGDVROXomRp
PDLRUGRTXHDGHXPDVXSHUItFLHSODQDHpXPDIXQomRGRGLkPHWURLQLFLDOGDSDUWtFXOD
2FUHVFLPHQWRKLJURVFySLFRDIHWDUiDGHSRVLomRGHSDUWtFXODVSRLVFDXVDUiXPDPDLRU
GHSRVLomRGDVPHVPDVQRWUDWRUHVSLUDWyULRGRTXHDTXHODSUHYLVWDDSDUWLUGHPHGLo}HV
GRVHXWDPDQKRLQLFLDO
'HSRVLomRGHSDUWtFXODVQDVYLDVUHVSLUDWyULDV
$ HILFiFLD GH XP DHURVVRO WHUDSrXWLFR GHSHQGH GD VXD FDSDFLGDGH GH SHQHWUDomR H
GHSRVLomRQRWUDWRUHVSLUDWyULR3DUDSHQHWUDUQDVUHJL}HVSHULIpULFDVUHVSLUiYHLVRV
DHURVVyLV SUHFLVDP WHU XP WDPDQKR GR SDUWtFXOD LQIHULRU D FHUFD GH RX PP FRP
PHQRV GH PP VHQGR PDLV IDYRUiYHO SDUD GHSRVLomR QRV DOYpRORV 9DORUHV GD
OLWHUDWXUD SDUD WDPDQKRV ³UHVSLUiYHLV´ YDULDP H GHYHP VHU FRQVLGHUDGRV HP FRQMXQWR
FRPDVYDULDo}HVGHWDPDQKRGHYLGDVjVFRQGLo}HVDPELHQWDLVDQWHVGHVFULWDVHFRPD
QDWXUH]D KHWHURGLVSHUVLYD GD GLVWULEXLomR GH WDPDQKR GDV SDUWtFXODV QRV DHURVVyLV GH
LQDODomR3DUWtFXODVRXJRWtFXODVPDLRUHVGHSRVLWDPVHQRWUDWRUHVSLUDWyULRVXSHULRUH
VmRUDSLGDPHQWHUHPRYLGDVGRSXOPmRSHORSURFHVVRGHGHSXUDomRPXFRFLOLDU&RPR
FRQVHTXrQFLD R IiUPDFR WRUQDVH GLVSRQtYHO SDUD DEVRUomR VLVWrPLFD H SRGH FDXVDU
HIHLWRV DGYHUVRV (VWHURLGHV HP DHURVVyLV FRP WDPDQKR GH SDUWtFXOD VXILFLHQWHPHQWH
JUDQGH SRGHP VH GHSRVLWDU QD ERFD H JDUJDQWD FRP SRWHQFLDO GH FDXVDU HIHLWRV
DGYHUVRV LQFOXLQGR FDQGLGtDVH RUDO 2 WDPDQKR GR IiUPDFR YHLFXODGR HP DHURVVRO
SRGHVHUHVSHFLDOPHQWHLPSRUWDQWHQRWUDWDPHQWRGHFHUWDVFRQGLo}HVRQGHDSHQHWUDomR
SDUD DV YLDV DpUHDV SHULIpULFDV p SDUWLFXODUPHQWH GHVHMiYHO FRPR QR WUDWDPHQWR H QD
SURILOD[LDGDLQIHFomRDOYHRODUHSQHXPRQLDSRU3QHXPRF\VWLVFDULQQL
([LVWHP WUrV PHFDQLVPRV SULQFLSDLV UHVSRQViYHLV SHOD GHSRVLomR GH SDUWtFXODV QR
SXOPmRFROLVmRVHGLPHQWDomRJUDYLWDFLRQDOHGLIXVmR
&ROLVmRLQHUFLDO
$FRUUHQWHGHDUPXGDGHGLUHomRQDJDUJDQWDRXRQGHRFRUUDXPDELIXUFDomRQRWUDWR
UHVSLUDWyULR6HDVSDUWtFXODVSUHVHQWHVQRIOX[RGHDUWLYHUHPXPtPSHWRHOHYDGRHODV
LUmR FROLGLU FRP DV SDUHGHV GDV YLDV DpUHDV HP YH] GH VHJXLUHP R IOX[R GR DU (VWH
PHFDQLVPRGHGHSRVLomRpSDUWLFXODUPHQWHLPSRUWDQWHSDUDDVSDUWtFXODVJUDQGHVFRP
XP GLkPHWUR VXSHULRU D PP H HVSHFLDOPHQWH SDUD DTXHODV PDLRUHV TXH PP H p
FRPXPQDVYLDVDpUHDVVXSHULRUHVVHQGRRSULQFLSDOPHFDQLVPRGHGHSRVLomRQRQDUL]
QDERFDQDIDULQJHHQDODULQJHHQDVYLDVUHVSLUDWyULDVGHFRQGXomRGHPDLRUSRUWH
&RP D UDPLILFDomR FRQWtQXD GDV YLDV UHVSLUDWyULDV D YHORFLGDGH GD FRUUHQWH GH DU
GLPLQXL H D FROLVmR WRUQDVH SURJUHVVLYDPHQWH R PHFDQLVPR GH GHSRVLomR PHQRV
LPSRUWDQWH
$SUREDELOLGDGHGHFROLVmRpSURSRUFLRQDOD
RQGHTpDPXGDQoDGHGLUHomRQDVYLDVUHVSLUDWyULDV9pDYHORFLGDGHGDFRUUHQWHGH
DUHUpRUDLRGDYLDUHVSLUDWyULD9WpDYHORFLGDGHGHVHGLPHQWDomRWHUPLQDO(TXDomR
6HGLPHQWDomR
6HJXQGR D /HL GH 6WRNHV DV SDUWtFXODV TXH VHGLPHQWDP VRE HIHLWR GD DFHOHUDomR
JUDYLWDFLRQDOLUmRDWLQJLUXPDYHORFLGDGHWHUPLQDOFRQVWDQWHGHVHGLPHQWDomR9W
'LIXVmREURZQLDQD
2 PRYLPHQWR EURZQLDQR UHVXOWD GD FROLVmR H GR ERPEDUGHDPHQWR GH SHTXHQDV
SDUWtFXODVSRUPROpFXODVQRWUDWRUHVSLUDWyULR2PRYLPHQWRUHVXOWDQWHGHSDUWtFXODVGH
FRQFHQWUDo}HVPDLRUHVSDUDFRQFHQWUDo}HVPHQRUHVID]FRPTXHHODVGHVORTXHPQpYRD
GRDHURVVROSDUDDVSDUHGHVGDVYLDVDpUHDV$YHORFLGDGHGHGLIXVmRpLQYHUVDPHQWH
SURSRUFLRQDO DR WDPDQKR GD SDUWtFXOD (VVH p R PHFDQLVPR SUHGRPLQDQWH SDUD
SDUWtFXODVPHQRUHVGRTXHPPFXMDYHORFLGDGHGHGLIXVmRpGDGDSHODHTXDomRGH
6WRNHV(LQVWHLQ
2XWURVPHFDQLVPRVGHGHSRVLomR
(PERUDFROLVmRVHGLPHQWDomRHGLIXVmRVHMDPRVPHFDQLVPRVPDLVLPSRUWDQWHVSDUDD
GHSRVLomR GR IiUPDFR QR WUDWR UHVSLUDWyULR RXWURV PHFDQLVPRV SRGHP RFRUUHU (VWHV
LQFOXHP D GHSRVLomR SRU LQWHUFHSomR SHOD TXDO SDUWtFXODV FRP IRUPDV H[WUHPDV WDLV
FRPR ILEUDV VmR FDSWXUDGDV ILVLFDPHQWH SHODV SDUHGHV GDV YLDV DpUHDV j PHGLGD TXH
SDVVDPSHORWUDWRUHVSLUDWyULRHDGHSRVLomRSRUDWUDomRHOHWURVWiWLFDSHODTXDOXPD
FDUJD HOHWURVWiWLFD VREUH XPD SDUWtFXOD LQGX] XPD FDUJD RSRVWD QDV SDUHGHV GR WUDWR
UHVSLUDWyULRRTXHUHVXOWDQDDWUDomRHQWUHSDUWtFXODVHSDUHGHV
(IHLWRGRWDPDQKRGHSDUWtFXODVREUHRPHFDQLVPRGHGHSRVLomR
'LIHUHQWHV PHFDQLVPRV GH GHSRVLomR VmR LPSRUWDQWHV SDUD SDUWtFXODV GH WDPDQKRV
GLIHUHQWHV $TXHODV SDUWtFXODV FRP WDPDQKR VXSHULRU D PP LUmR VH GHSRVLWDU
SUHGRPLQDQWHPHQWH SRU FROLVmR LQHUFLDO QDV YLDV DpUHDV VXSHULRUHV 3DUWtFXODV FRP
WDPDQKR HQWUH H PP GHSRVLWDPVH SUHGRPLQDQWHPHQWH SRU VHGLPHQWDomR
JUDYLWDFLRQDOQDVYLDVDpUHDVLQIHULRUHVHVSHFLDOPHQWHGXUDQWHDUHVSLUDomRSURIXQGDH
OHQWDMiSDUWtFXODVFRPWDPDQKRLQIHULRUDPPGHSRVLWDPVHSRUGLIXVmREURZQLDQD
QR DU HVWDJQDGR GDV YLDV DpUHDV LQIHULRUHV 3DUWtFXODV FRP WDPDQKR GH PP VmR
LQHILFLHQWHPHQWHGHSRVLWDGDVSRUVHUHPJUDQGHVRVXILFLHQWHSDUDXPDGHSRVLomRHILFD]
SRU GLIXVmR EURZQLDQD H PXLWR SHTXHQDV SDUD XPD HIHWLYD FROLVmR RX VHGLPHQWDomR
JUDYLWDFLRQDOYLVWRTXHVmRUDSLGDPHQWHH[DODGDV(VWHWDPDQKRPtQLPRGHGHSRVLomR
GHYHVHUFRQVLGHUDGRGXUDQWHDIRUPXODomRHPERUDSRUUD]}HVGHXPLGDGHDPELHQWDO
GLVFXWLGDV DQWHULRUPHQWH R GLkPHWUR GH HTXLOtEULR QDV YLDV DpUHDV SRVVD VHU
VLJQLILFDWLYDPHQWHPDLRUGRTXHRWDPDQKRRULJLQDOGDVSDUWtFXODVQDIRUPXODomR
3DGU}HVGHUHVSLUDomR
2V IDWRUHV TXH GHSHQGHP GR SDFLHQWH FRPR RV SDGU}HV GH UHVSLUDomR D ILVLRORJLD
SXOPRQDUHDSUHVHQoDGHGRHQoDSXOPRQDUWDPEpPDIHWDPDGHSRVLomRGHSDUWtFXODV
3RUH[HPSORTXDQWRPDLRUIRURYROXPHLQVSLUDGRPDLRUVHUiDGLVWULEXLomRSHULIpULFD
GHSDUWtFXODVQRSXOPmRDRSDVVRTXHDXPHQWDUDUD]mRGHIOX[RGHLQDODomRIDYRUHFHD
GHSRVLomR SRU FROLVmR LQHUFLDO QDV YLDV UHVSLUDWyULDV PDLRUHV 3UHQGHU D UHVSLUDomR
DSyV D LQVSLUDomR DXPHQWD D GHSRVLomR GH SDUWtFXODV SRU VHGLPHQWDomR H GLIXVmR $
GHSRVLomRLGHDOGHXPDHURVVROHVWiYLQFXODGDDXPDLQDODomRSURIXQGDHOHQWDDWpD
WRWDOFDSDFLGDGHSXOPRQDUVXVWDQGRDVHJXLUDUHVSLUDomRDQWHVGHH[DODURDUUHWLGR
'HYHQRWDUVHTXHDOWHUDo}HVQDVYLDVDpUHDVGHFRUUHQWHVGHHVWDGRVGRHQWLRVFRPRD
REVWUXomR GDV YLDV DpUHDV SRU H[HPSOR SRGHP DIHWDU R SHUILO GH GHSRVLomR GH XP
DHURVVROLQDODGR
'HSXUDomRGDVSDUWtFXODVLQDODGDVHDEVRUomRGRIiUPDFR
3DUWtFXODV GHSRVLWDGDV QDV YLDV DpUHDV FLOLDGDV VmR HOLPLQDGDV SRU GHSXUDomR
PXFRFLOLDU HP KRUDV H VmR ILQDOPHQWH GHJOXWLGDV $ FRPSRVLomR GR PXFR H R
SURFHVVRGHGHSXUDomRPXFRFLOLDUVmRGLVFXWLGRVQR&DStWXOR3DUWtFXODVLQVRO~YHLV
TXHQmRVmRVROXELOL]DGDVLQVLWXSHQHWUDPQDVUHJL}HVDOYHRODUHVHVmRUHPRYLGDVGH
IRUPD PDLV OHQWD 2V PDFUyIDJRV DOYHRODUHV IDJRFLWDP WDLV SDUWtFXODV H SRGHP HQWmR
PLJUDUSDUDRILPGRHSLWpOLRPXFRFLOLDURXDOWHUQDWLYDPHQWHVHUUHPRYLGRVSHODYLD
OLQIiWLFD$GHSXUDomRGHPDFUyIDJRVFDUUHJDGRVGHSDUWtFXODVRFRUUHDRORQJRGHXP
SHUtRGRGHGLDVRXVHPDQDV
&RPSRVWRVKLGURIyELFRVVmRJHUDOPHQWHDEVRUYLGRVDXPDWD[DTXHGHSHQGHGHVHXV
FRHILFLHQWHV GH SDUWLomR yOHRiJXD HQTXDQWR TXH RV PDWHULDLV KLGUyILORV VmR PDO
DEVRUYLGRV DWUDYpV GRV SRURV GD PHPEUDQD D WD[DV LQYHUVDPHQWH SURSRUFLRQDLV DR
WDPDQKRPROHFXODU$VVLPDPHPEUDQDGDVYLDVDpUHDVFRPRRWUDWRJDVWULQWHVWLQDOp
GH SUHIHUrQFLD SHUPHiYHO j IRUPD QmR LRQL]DGD GR IiUPDFR $OJXQV IiUPDFRV FRPR
FURPRJOLFDWR GH VyGLR VmR SDUFLDOPHQWH DEVRUYLGRV SRU XP PHFDQLVPR GH WUDQVSRUWH
DWLYR VDWXUiYHO HQTXDQWR JUDQGHV PDFURPROpFXODV SRGHP VHU DEVRUYLGDV SRU
WUDQVFLWRVH $ WD[D GH DEVRUomR GR IiUPDFR H SRU FRQVHJXLQWH D DomR GR IiUPDFR
SRGHP VHU LQIOXHQFLDGDV SHOD IRUPXODomR 8PD DomR UiSLGD GR IiUPDFR SRGH
JHUDOPHQWHVHUFRQVHJXLGDXWLOL]DQGRVROXo}HVRXVDLVVRO~YHLVKLGURItOLFRVQDIRUPDGH
SyDRSDVVRTXHDDEVRUomRPDLVOHQWDRXSURORQJDGDSRGHVHUFRQVHJXLGDXWLOL]DQGR
IRUPXODo}HVHPVXVSHQVmRSyVGHVDLVPHQRVVRO~YHLVRXQRYRVVLVWHPDVGHOLEHUDomR
GHIiUPDFRVFRPROLSRVVRPDVHPLFURHVIHUDV
)RUPXODomRHOLEHUDomRGHDHURVVyLVWHUDSrXWLFRVGH
LQDODomR
$WXDOPHQWH H[LVWHP WUrV SULQFLSDLV WLSRV GH GLVSRVLWLYRV JHUDGRUHV GH DHURVVRO SDUD
XVRGHIDUPDFRWHUDSLDSRULQDODomRLQDODGRUHVSUHVVXUL]DGRVFRPGLVSRVLWLYRGRVDGRU
LQDODGRUHVGHSyVHFRHQHEXOL]DGRUHV
,QDODGRUHVSUHVVXUL]DGRVFRPGLVSRVLWLYRGRVDGRU
,QDODGRUHV SUHVVXULVDGRV FRP GLVSRVLWLYR GRVDGRU S0',V GR LQJOrV SUHVVXUL]HG
PHWHUHGGRVHLQKDOHUVWDPEpPFRQKHFLGRVFRPRLQDODGRUHVFRPGLVSRVLWLYRGRVDGRU
0',GRLQJOrVPHWHUHGGRVHLQKDOHUVIRUDPLQWURGX]LGRVHPPHDGRVGDGpFDGDGH
H VmR RV GLVSRVLWLYRV GH OLEHUDomR GH IiUPDFRV SRU LQDODomR PDLV FRPXPHQWH
XVDGRV 1RV S0',V R IiUPDFR HQFRQWUDVH GLVVROYLGR RX VXVSHQVR HP XPD PLVWXUD
OtTXLGDGHSURSHOHQWHVFRPRXWURVH[FLSLHQWHVFRPRWHQVRDWLYRVTXHVHDSUHVHQWDP
QDIRUPDGHXPUHFLSLHQWHSUHVVXUL]DGRSURYLGRGHXPGLVSRVLWLYRGRVDGRU)LJ
8PDGRVHSUHGHWHUPLQDGDpOLEHUWDGDQDIRUPDGHVSUD\TXDQGRDYiOYXODGRVDGRUDp
DFLRQDGD4XDQGRpOLEHUDGDGRUHFLSLHQWHDIRUPXODomRVRIUHDQWHVGDGHVFDUJDXPD
H[SDQVmRGRYROXPHQDSDVVDJHPQRLQWHULRUGDYiOYXODIRUPDQGRXPDPLVWXUDGHJiVH
OtTXLGR$HOHYDGDYHORFLGDGHGHIOX[RGRJiVDMXGDDTXHEUDUROtTXLGRHPSHTXHQDV
JRWtFXODV
)LJ2LQDODGRUSUHVVXUL]DGRFRPGLVSRVLWLYRGRVDGRU
5HFLSLHQWHV
$HURVVyLVIDUPDFrXWLFRVSRGHPVHUDFRQGLFLRQDGRVHPUHFLSLHQWHVFRQVWLWXtGRVGHDoR
UHYHVWLGRHOHWUROLWLFDPHQWHFRPHVWDQKRDOXPtQLRRXYLGURUHYHVWLGRFRPSOiVWLFR1D
SUiWLFD RV UHFLSLHQWHV XWLOL]DGRV QRV S0',V VmR JHUDOPHQWH IHLWRV GH DOXPtQLR
SURGX]LGRSRUH[WUXVmRGHIRUPDDQmRDSUHVHQWDUHPHPHQGDHFRPFDSDFLGDGHGHD
P/ 2 DOXPtQLR p UHODWLYDPHQWH LQHUWH H SRGH VHU XVDGR VHP QHFHVVLGDGH GH
UHYHVWLPHQWR GHVGH TXH QmR KDMD LQVWDELOLGDGH TXtPLFD HQWUH UHFLSLHQWH H FRQWH~GR
$OWHUQDWLYDPHQWHSRGHPVHXVDUUHFLSLHQWHVGHDOXPtQLRFRPXPUHYHVWLPHQWRLQWHUQR
GH PDWHULDO RUJkQLFR TXLPLFDPHQWH UHVLVWHQWH FRPR XPD UHVLQD HSR[L RX
SROLWHWUDIOXRURHWLOHQR37)(
3URSHOHQWHV
2V SURSHOHQWHV XWLOL]DGRV QDV IRUPXODo}HV S0', VmR JDVHV OLTXHIHLWRV
WUDGLFLRQDOPHQWHFORURIOXRURFDUERQRV&)&VTXHHVWmRVHQGRVXEVWLWXtGRVHPJUDQGH
SDUWH SRU KLGURIOXRUDOFDQRV +)$V ¬ WHPSHUDWXUD H SUHVVmR DPELHQWH HVWHV
SURSHOHQWHV VmR JDVHV SRUpP VmR IDFLOPHQWH OLTXHIHLWRV PHGLDQWH D GLPLQXLomR GD
WHPSHUDWXUDRXDRDXPHQWRGDSUHVVmR2HVSDoRGDFkPDUDGRUHFLSLHQWHGHDHURVVROp
SUHHQFKLGR FRP R JiV SURSHOHQWH SURGX]LQGR XPD VDWXUDomR GH YDSRU SUHVVXUL]DGR
QHVVD WHPSHUDWXUD 4XDQGR D YiOYXOD p DFLRQDGD R PHGLFDPHQWR H R SURSHOHQWH VmR
H[SHOLGRV H R YROXPH GD FkPDUD DXPHQWD 3DUD UHVWDEHOHFHU R HTXLOtEULR PDLV
SURSHOHQWH HYDSRUD H DVVLP SURGX]VH XP VLVWHPD FRP SUHVVmR FRQVWDQWH FRP
FDUDFWHUtVWLFDV FRQVLVWHQWHV GH XP VSUD\ 2V &)&V DWXDOPHQWH XWLOL]DGRV HP
IRUPXODo}HV GH S0', VmR R WULFORURIOXRURPHWDQR &)& GLFORURIOXRURPHWDQR
&)& H GLFORURWHWUDIOXRURHWDQR &)& $V IRUPXODo}HV JHUDOPHQWH LQFOXHP
PLVWXUDV GH &)& H &)& RX &)& &)& H &)& 7DEHOD HP
FRQMXQWRFRPXPDJHQWHWHQVRDWLYRFRPRHVWHUHVGHVRUELWDQRiFLGRROHLFRRXOHFLWLQD
TXHDWXDPFRPRDJHQWHVVXVSHQVRUHVHOXEULILFDQWHVGDYiOYXOD
2V &)&V H +)$V VmR QXPHUDGRV XVDQGR XP VLVWHPD XQLYHUVDO 2 SULPHLUR GtJLWR
FRUUHVSRQGH DR Q~PHUR GH iWRPRV GH FDUERQR PHQRV RPLWLGR VH IRU ]HUR R
VHJXQGRDRQ~PHURGHiWRPRVGHKLGURJrQLRPDLVHRWHUFHLURDRQ~PHURGHiWRPRV
GHIO~RU$VYDOrQFLDVUHVWDQWHVFRUUHVSRQGHPDiWRPRVGHFORURGHPRGRDIRUQHFHUD
TXDQWLGDGH QHFHVViULD SDUD VDWXUDU DV YDOrQFLDV GR FRPSRVWR 4XDQGR RFRUUH
DVVLPHWULD HVWD p GHVLJQDGD SRU XPD OHWUD 3DUD R LV{PHUR VLPpWULFR YDOH R Q~PHUR
DQWHULRUPHQWHGHVFULWR(QWUHRVLV{PHURVDVVLPpWULFRVRPDLVVLPpWULFRUHFHEHDOHWUD
DRSUy[LPRLV{PHURPDLVVLPpWULFRUHFHEHDOHWUDEHDVVLPSRUGLDQWH2V&)&VVmR
SHUIHLWDPHQWH PLVFtYHLV HQWUH VL GH PRGR TXH PLVWXUDV DGHTXDGDV SURSRUFLRQDP
SUHVV}HVGHYDSRULQWHUPHGLiULDVGHJUDQGHXWLOLGDGHJHUDOPHQWHHPWRUQRGHN3D
$ SUHVVmR GH YDSRU GH XPD PLVWXUD SURSHOHQWH p GDGD SHOD /HL 5DRXOW RX VHMD D
SUHVVmR GH YDSRU GH XP VLVWHPD PLVWR p LJXDO j VRPD GD IUDomR PRODU GH FDGD
FRPSRQHQWHGDPLVWXUDPXOWLSOLFDGRSHODVXDSUHVVmRGHYDSRU
RQGH 3 p D SUHVVmR GH YDSRU WRWDO GR VLVWHPD H 3D H 3E VmR DV SUHVV}HV GH YDSRU
SDUFLDLVGHFRPSRQHQWHVDHE
RQGH[DH[EFRUUHVSRQGHPjVIUDo}HVPRODUHVHSDRHSERjVSUHVV}HVGHYDSRUSDUFLDLV
GHFRPSRQHQWHVDHEUHVSHFWLYDPHQWH
$ UHDomR GRV &)&V FRP R R]{QLR QD HVWUDWRVIHUD WHUUHVWUH TXH DEVRUYH D UDGLDomR
XOWUDYLROHWDGHQPHVXDFRQWULEXLomRSDUDRDTXHFLPHQWRJOREDOVmRDVSULQFLSDLV
SUHRFXSDo}HVDPELHQWDLVUHODFLRQDGDVDRXVRGHVVHVFRPSRVWRV2V&)&VSDVVDPSDUD
D HVWUDWRVIHUD RQGH QD SUHVHQoD GH UDGLDomR 89 OLEHUDP FORUR TXH UHDJH FRP R
R]{QLR $ GHSOHomR GR R]{QLR HVWUDWRVIpULFR UHVXOWD QR DXPHQWR GD H[SRVLomR j
UDGLDomR 89% TXH FRQVWLWXL XPD SDUWH GR HVSHFWUR GH UDGLDomR 89 R TXH SURYRFD
GLYHUVRVHIHLWRVDGYHUVRVHPHVSHFLDOXPDXPHQWRQDLQFLGrQFLDGHFkQFHUGHSHOH2
3URWRFROR GH 0RQWUHDO GH GHFLGLX EDQLU D SURGXomR GRV FLQFR &)&V TXH PDLV
GHVWURHPDFDPDGDGHR]{QLRDWpRDQRGH(VWH3URWRFRORIRLDOWHUDGRHP
GHPRGRTXHDSURGXomRGH&)&VQRVSDtVHVGHVHQYROYLGRVIRVVHH[WLQWDHPMDQHLURGH
1D8QLmR(XURSHLDHQRV(8$WRGRVRV&)&VTXHGHVWURHPDFDPDGDGHR]{QLR
IRUDP SURLELGRV QR ILQDO GH H[FHWR HP GHWHUPLQDGDV XWLOL]Do}HV $WXDOPHQWH R
XVR GH &)&V HP S0',V p SHUPLWLGR FRPR H[FHomR GH ³XVR HVVHQFLDO´ TXH GHYH
SHUPDQHFHU DWp TXH DOWHUQDWLYDV WHUDSHXWLFDPHQWH DFHLWiYHLV SDUD HVVHV SURSHOHQWH
HVWHMDPGLVSRQtYHLV(VVDH[FHomRpUHYLVWDSHULRGLFDPHQWHHSRXFRVS0',VjEDVHGH
&)&VmRDWXDOPHQWHFRPHUFLDOL]DGRV1RVDHURVVyLVGHXVRGRPpVWLFRHFRVPpWLFRRV
&)&V WrP VLGR VXEVWLWXtGRV SRU KLGURFDUERQHWRV FRPR SURSDQR H EXWDQR
$OWHUQDWLYDPHQWHDOJXQVJDVHVFRPSULPLGRVQmRWy[LFRVFRPRGLy[LGRGHQLWURJrQLR
QLWURJrQLR H GLy[LGR GH FDUERQR SRGHP VHU XWLOL]DGRV SRU H[HPSOR HP SURGXWRV
DOLPHQWtFLRV 1R HQWDQWR RV JDVHV FRPSULPLGRV QmR PDQWrP XPD SUHVVmR FRQVWDQWH
GHQWURGRUHFLSLHQWHDRORQJRGHVXDXWLOL]DomRMiTXHDSUHVVmRLQWHUQDpLQYHUVDPHQWH
SURSRUFLRQDODRYROXPHGDFkPDUDGHIRUPDTXHRGHVHPSHQKRGRSURGXWRVHPRGLILFD
FRPRXVR2VKLGURFDUERQHWRVQmRVmRFRQVLGHUDGRVDOWHUQDWLYDVDGHTXDGDVDRV&)&V
HPSURGXWRVGHLQDODomRSRUPRWLYRVGHWR[LFLGDGHHLQIODPDELOLGDGHRTXHWHPOHYDGR
DRGHVHQYROYLPHQWRGHQRYDVDOWHUQDWLYDVTXHQmRGHVWUXDPDFDPDGDGHR]{QLR
2V SURSHOHQWHV +)$D WULIOXRURPRQRIOXRURHWDQR H +)$
KHSWDIOXRURSURSDQR VmR KLGURIOXRUDOFDQRV QmR LQIODPiYHLV TXH QmR GHSOHWDP D
FDPDGDGHR]{QLRWDPEpPFKDPDGRVGHKLGURIOXRURFDUERQRV+)&TXHVmRXWLOL]DGRV
FRPRDOWHUQDWLYDVDR&)&7DEHOD1RHQWDQWRHVVHVJDVHVFRQWULEXHPSDUDR
DTXHFLPHQWRJOREDOHIXWXUDVVXEVWLWXLo}HVGHYHPVHUEXVFDGDVQRIXWXUR
+)$D H +)$ DSUHVHQWDP DOJXPDV SURSULHGDGHV ItVLFDV FRPR D GHQVLGDGH
TXHVmRVHPHOKDQWHVjVGR&)&HHPPHQRUJUDXjVGR&)&1RHQWDQWRHOHV
UHSUHVHQWDP XP JUDQGH GHVDILR DRV IRUPXODGRUHV SRUTXH VmR SRXFR VRO~YHLV SDUD RV
WHQVRDWLYRV PDLV XWLOL]DGRV QDV IRUPXODo}HV GH S0',V H QHQKXPD DOWHUQDWLYD SDUD R
&)&HVWiDWXDOPHQWHGLVSRQtYHO2XVRGHHWDQROHVWiDSURYDGRHPIRUPXODo}HVTXH
FRQWrP+)$SDUDDGLVVROXomRGHDJHQWHVWHQVRDWLYRVHpLQFOXtGRHPGLYHUVRVSURGXWRV
S0', FRPHUFLDOL]DGRV 1R HQWDQWR R HWDQRO WHP EDL[D YRODWLOLGDGH H VXD LQFOXVmR
SRGHFRQVHTXHQWHPHQWHDXPHQWDURWDPDQKRGDVJRWtFXODVGRDHURVVROSURGX]LGR
9iOYXODGRVDGRUD
$ YiOYXOD GRVDGRUD GH XP S0', SHUPLWH D OLEHUDomR GH SHTXHQRV YROXPHV
P/GHSURGXWRGHIRUPDUHSURGXWtYHO'LIHUHQWHPHQWHGDVYiOYXODVQmRGRVDGRUDVGH
DHURVVyLV SUHVVXUL]DGRV FRQYHQFLRQDLV D YiOYXOD GRVDGRUD QR S0', p XVDGD QD
SRVLomRLQYHUWLGD)LJ$GHSUHVVmRGDKDVWHGDYiOYXODSHUPLWHTXHRFRQWH~GR
GD FkPDUD GRVDGRUD VHMD GHVFDUUHJDGR DWUDYpV GR RULItFLR GD YiOYXOD
GLVSRQLELOL]DQGRR SDUD R SDFLHQWH 'HSRLV GH DFLRQDU D YiOYXOD D FkPDUD GRVDGRUD
HQFKHVH QRYDPHQWH FRP R OtTXLGR GD FkPDUD GR UHFLSLHQWH ILFDQGR SURQWD SDUD
GLVWULEXLU D SUy[LPD GRVH 8PD UHJUD SDUD HVVHV SURGXWRV p TXH R S0', SUHFLVD VHU
FDUUHJDGRDQWHVGRSULPHLURXVRLVWRpDFkPDUDGRVDGRUDGHYHHVWDUFKHLDDQWHVGD
SULPHLUDXWLOL]DomRSHORSDFLHQWH$VYiOYXODVGHS0',SRVVXHPGHVHQKRFRPSOH[RH
GHYHP SURWHJHU R SURGXWR GR PHLR DPELHQWH DOpP GH SURWHJHU FRQWUD D SHUGD GR
SURGXWR GXUDQWH R XVR UHSHWLGR $ LQWURGXomR GH SURSHOHQWHV +)$ FRP GLIHUHQWHV
SURSULHGDGHVVROYHQWHVH[LJLXRGHVHQYROYLPHQWRGHQRYRVHODVW{PHURVGHYiOYXOD$
KDVWHGDYiOYXODSDUDRHQFDL[HGRDWXDGRUpIHLWDGHSROLHWLOHQRRXSROLSURSLOHQR$V
GLPHQV}HVGRRULItFLRQRDWXDGRUHDSUHVVmRGHYDSRUGHSURSHOHQWHGHVHPSHQKDPXP
SDSHOFUXFLDOQDGHWHUPLQDomRGDIRUPDHGDYHORFLGDGHGRMDWRGHDHURVVROHPLWLGR
)LJ9iOYXODGRVDGRUD
)RUPXODomRGHPHGLFDPHQWRVHPDHURVVRO
0HGLFDPHQWRVQDIRUPDGHDHURVVyLVSUHVVXUL]DGRVSRGHPVHUIRUPXODGRVFRQWHQGRR
IiUPDFR HP VROXomR RX VXVSHQVmR QR SURSHOHQWH OLTXHIHLWR 3UHSDUDo}HV QD IRUPD GH
VROXomRVmRVLVWHPDVELIiVLFRV1RHQWDQWRDPDLRULDGRVIiUPDFRVQmRpVRO~YHOQRV
SURSHOHQWHV&RVVROYHQWHVFRPRHWDQRORXLVRSURSDQROSRGHPVHUXWLOL]DGRVHPERUDD
VXD EDL[D YRODWLOLGDGH UHWDUGH D HYDSRUDomR GR SURSHOHQWH 1D SUiWLFD RV
PHGLFDPHQWRV HP DHURVVRO WrP VLGR WUDGLFLRQDOPHQWH SUHSDUDGRV TXDVH TXH
H[FOXVLYDPHQWH QD IRUPD GH VXVSHQV}HV (VVHV VLVWHPDV WULIiVLFRV VmR GLItFHLV GH
IRUPXODU GHYHQGRVH FRQVLGHUDU WRGRV RV SUREOHPDV REVHUYDGRV QD IRUPXODomR GH
VXVSHQV}HV FRQYHQFLRQDLV FRPR FDNLQJ DJORPHUDomR FUHVFLPHQWR GDV SDUWtFXODV
HQWUH RXWURV 'HYHVH FRQVLGHUDU FXLGDGRVDPHQWH D GLPHQVmR GDV SDUWtFXODV GD IDVH
VyOLGDJHUDOPHQWHPLFURQL]DGDVDWpDWLQJLURGLkPHWURHQWUHHPPRHQWXSLPHQWR
GDYiOYXODRWHRUGHXPLGDGHDVROXELOLGDGHGRIiUPDFRQRSURSHOHQWHXPVDOSRGH
VHUGHVHMiYHODVGHQVLGDGHVUHODWLYDVGRSURSHOHQWHHGRIiUPDFRHRXVRGHDJHQWHV
WHQVRDWLYRV FRPR DJHQWHV VXVSHQVRUHV FRPR OHFLWLQD iFLGR ROHLFR H WULROHDWR GH
VRUELWDQR QRUPDOPHQWH LQFRUSRUDGRV HP FRQFHQWUDo}HV HQWUH H SS (VVHV
WHQVRDWLYRVVmRPXLWRSRXFRVRO~YHLVSSHP+)$GHIRUPDTXHRHWDQROp
QRUPDOPHQWH XWLOL]DGR FRPR XP FRVVROYHQWH DSHVDU GR GHVHQYROYLPHQWR GH
WHQVRDWLYRV )iUPDFRV QD IRUPD GH VROXomR FRPR GLSURSLRQDWR GH EHFORPHWDVRQD Mi
HVWmR GLVSRQtYHLV $ HYDSRUDomR GH SURSHOHQWHV GR WLSR +)$ DSyV R DFLRQDPHQWR GD
YiOYXODQHVVDVIRUPXODo}HVUHVXOWDHPWDPDQKRVGHSDUWtFXODVPHQRUHVGRTXHFRPDV
IRUPXODo}HV FRQYHQFLRQDLV GH VXVSHQVmR GR PHVPR IiUPDFR FRP DV FRQVHTXHQWHV
DOWHUDo}HV QD VXD GLVWULEXLomR H ELRGLVSRQLELOLGDGH SXOPRQDUHV $ GRVH SRGH VHU
DMXVWDGD RX D YRODWLOLGDGH GR SURGXWR SRGH VHU PRGLILFDGD SHOD DGLomR GH XP
FRPSRQHQWHPHQRVYROiWLOFRPRRJOLFHURO
(QFKLPHQWRGRUHFLSLHQWHGRVLQDODGRUHVFRPGLVSRVLWLYRGRVDGRU
2V UHFLSLHQWHV VmR HQFKLGRV PHGLDQWH OLTXHIDomR GR SURSHOHQWH D EDL[D WHPSHUDWXUD
HQFKLPHQWRDIULRRXDDXPHQWRGDSUHVVmRHQFKLPHQWRVRESUHVVmR
1R HQFKLPHQWR D IULR R FRPSRVWR DWLYR RV H[FLSLHQWHV H R SURSHOHQWH VmR
UHIULJHUDGRV H HQFKLGRV D XPD WHPSHUDWXUD HP WRUQR GH & 1HVVD WHPSHUDWXUD
LQVHUHVHXPDTXDQWLGDGHDGLFLRQDOGHSURSHOHQWHHODFUDVHRUHFLSLHQWHFRPDYiOYXOD
1RHQFKLPHQWRVRESUHVVmRSUHSDUDVHXPFRQFHQWUDGRIiUPDFRSURSHOHQWH&)&
TXHpLQWURGX]LGRQRUHFLSLHQWHVRESUHVVmRjWHPSHUDWXUDDPELHQWHQDUHDOLGDGHVRE
XP OHYH UHVIULDPHQWR DEDL[R GH & $ YiOYXOD p IL[DGD VREUH R UHFLSLHQWH H XPD
TXDQWLGDGH DGLFLRQDO GH SURSHOHQWH S H[ &)& p LQVHULGD VRE SUHVVmR HOHYDGD
DWUDYpV GD YiOYXOD QXP SURFHVVR FRQKHFLGR FRPR JDVHLILFDomR 2 HQFKLPHQWR VRE
SUHVVmRpIUHTXHQWHPHQWHXWLOL]DGRSDUDDHURVVyLVGHLQDODomR1RHQWDQWRQHQKXP+)$
SRVVXLDVSURSULHGDGHVGR&)&HOHYDGRSRQWRGHHEXOLomR&GHIRUPDTXH
XP SURFHVVR GH SUHHQFKLPHQWR VRE SUHVVmR GH HVWiJLR~QLFR IRL GHVHQYROYLGR SDUD
IRUPXODo}HV j EDVH GH +)$ QR TXDO XPD VROXomR RX XPD VXVSHQVmR FRQFHQWUDGD GR
IiUPDFR QR SURSHOHQWH p LQVHULGD VRE SUHVVmR QRV UHFLSLHQWHV DWUDYpV GDV YiOYXODV
VHJXLGDGDDGLomRSRVWHULRUGHPDLVSURSHOHQWH
'HSRLV GH FKHLRV RV UHFLSLHQWHV VmR WHVWDGRV FRORFDQGRRV QXP EDQKR GH iJXD j
WHPSHUDWXUDHOHYDGDJHUDOPHQWHHQWUHH&$SyVXPSHUtRGRGHDUPD]HQDPHQWR
SDUD SHUPLWLU R HTXLOtEULR HQWUH RV FRPSRQHQWHV GD IRUPXODomR H GD YiOYXOD RV
UHFLSLHQWHVVmRSHVDGRVSDUDYHULILFDUDH[LVWrQFLDGHYD]DPHQWRDQWHVGDLQVHUomRGRV
DWXDGRUHVHGRWHVWHGHVSUD\
9DQWDJHQVHGHVYDQWDJHQVGRVLQDODGRUHVSUHVVXUL]DGRVFRP
GLVSRVLWLYRGRVDGRU
$V SULQFLSDLV YDQWDJHQV GRV S0',V VmR VXD SRUWDELOLGDGH VHX EDL[R FXVWR H VXD
GLVSRQLELOLGDGH(PXPSHTXHQRUHFLSLHQWHSRGHPVHUDUPD]HQDGDVPXLWDVGRVHVDWp
H D OLEHUDomR GD GRVH p UHSURGXWtYHO $V FRQGLo}HV GH LQpUFLD TXtPLFD FULDGDV
SHORSURSHOHQWHVRPDGDVDRIHFKDPHQWRKHUPpWLFRGRUHFLSLHQWHFRQIHUHPSURWHomRDR
IiUPDFR FRQWUD D R[LGDomR H D FRQWDPLQDomR PLFURELROyJLFD 1R HQWDQWR RV S0',V
SRVVXHPDOJXPDVGHVYDQWDJHQV(OHVVmRLQHILFLHQWHVQDOLEHUDomRGRIiUPDFR4XDQGR
RDWXDGRUpSUHVVLRQDGRDVSULPHLUDVJRWtFXODVGRSURSHOHQWHVDHPDXPDYHORFLGDGH
HOHYDGD TXH SRGH VHU VXSHULRU D PV 3RU FRQVHJXLQWH JUDQGH SDUWH GR IiUPDFR
SHUGHVH SHOD FROLVmR GHVVDV JRWtFXODV FRP D VXSHUItFLH GD RURIDULQJH 2 WDPDQKR
PpGLR GDV JRWtFXODV HPLWLGDV QRUPDOPHQWH H[FHGH PP PRWLYR SHOR TXDO R
SURSHOHQWH QmR SRGH HYDSRUDUVH GH IRUPD VXILFLHQWHPHQWH UiSLGD SDUD DWLQJLU XP
WDPDQKRDGHTXDGRSDUDXPDGHSRVLomRSXOPRQDUSURIXQGD$YDSRUL]DomRGDVJRWtFXODV
pGLILFXOWDGDSHODEDL[DYRODWLOLGDGHGR&)&TXHHVWiSUHVHQWHHPFRQFHQWUDo}HVGH
SHOR PHQRV QD PDLRULD GDV IRUPXODo}HV j EDVH GH &)& 4XDQGR R GLkPHWUR
DHURGLQkPLFRGDVSDUWtFXODVpSUy[LPRGRGLkPHWURRULJLQDOGRIiUPDFRPLFURQL]DGRp
SRVVtYHO TXH D HYDSRUDomR RFRUUD HP DSHQDV VHJXQGRV DSyV R DFLRQDPHQWR GD
YiOYXOD
8PSUREOHPDDGLFLRQDOFRPRVS0',VTXHHVWiDOpPGRFRQWUROHGRIRUPXODGRUHGR
IDEULFDQWHpRXVRLQFRUUHWRSHORVSDFLHQWHV2VSUREOHPDVUHODWDGRVLQFOXHP
IDOKDQDUHPRomRGDWDPSDSURWHWRUDTXHYHGDRERFDOGHLQDODomR
XVRGRLQDODGRUQDSRVLomRLQYHUWLGD
IDOKDQDDJLWDomRGRUHFLSLHQWH
IDOKDQDLQDODomROHQWDHSURIXQGD
UHWHQomRLQDGHTXDGDGDUHVSLUDomRDSyVDLQDODomR
IDOWDGHVLQFURQL]DomRHQWUHDLQDODomRHRDFLRQDPHQWRGDYiOYXOD
2XVRFRUUHWRSHORVSDFLHQWHVpYLWDOSDUDTXHRIiUPDFRGHSRVLWHVHHDWXHGHPRGR
HIHWLYR 'H IRUPD LGHDO RV S0',V GHYHULDP VHU DFLRQDGRV GXUDQWH R FXUVR GH XPD
LQDODomROHQWDHSURIXQGDVHJXLGRGHXPSHUtRGRGHVXVWHQWDomRGDUHVSLUDomR0XLWRV
SDFLHQWHV FRQVLGHUDP LVVR GLItFLO SULQFLSDOPHQWH FULDQoDV H LGRVRV 2 XVR LQFRUUHWR
GRVS0',VGHFRUUHQWHGDIDOWDGHVLQFURQL]DomRHQWUHDLQDODomRHRDFLRQDPHQWRGD
YiOYXODSRGHVHUVLJQLILFDWLYDPHQWHUHGX]LGRSRUDFRQVHOKDPHQWRHLQVWUXo}HVGHXVR
DGHTXDGRV $SHVDU GLVVR GHYH QRWDUVH TXH PHVPR XVDQGR D WpFQLFD GH LQDODomR
FRUUHWDDSHQDVDGDGRVHHVWDEHOHFLGDHHPLWLGDpOLEHUDGDQRORFDOGHDomR
(VSDoDGRUHVHLQDODGRUHVFRPGLVSRVLWLYRGRVDGRUDFLRQDGRVSHOD
UHVSLUDomR
$OJXPDV GDV GHVYDQWDJHQV GRV S0',V HVSHFLILFDPHQWH D QHFHVVLGDGH GH VLQFURQLD
HQWUH D LQDODomR H R DFLRQDPHQWR GD YiOYXOD H D GHSRVLomR SUHPDWXUD GDV JRWtFXODV
PDLRUHV QDV YLDV DpUHDV VXSHULRUHV SRGHP VHU FRQWRUQDGDV SHOD XWLOL]DomR GH
GLVSRVLWLYRVGHH[WHQVmRRXHVSDoDGRUHVSRVLFLRQDGRVHQWUHRS0',HRSDFLHQWH)LJ
GH IRUPD TXH HOHV VmR IUHTXHQWHPHQWH XWLOL]DGRV SDUD D DGPLQLVWUDomR GH
PHGLFDPHQWRVHPDHURVVROSDUDFULDQoDV&DS$GRVHGRIiUPDFRSURYHQLHQWHGH
XPS0',pGHVFDUUHJDGDGLUHWDPHQWHGHQWURGRUHVHUYDWyULRDQWHVGHVHULQDODGD,VVR
UHGX] D YHORFLGDGH LQLFLDO GDV JRWtFXODV SHUPLWH TXH DV JRWtFXODV PDLRUHV VHMDP
UHPRYLGDV SRU FROLVmR SHUPLWH D HYDSRUDomR DGHTXDGD GR SURSHOHQWH H H[FOXL D
QHFHVVLGDGHGHVLQFURQLDHQWUHDLQDODomRHRDFLRQDPHQWRGDYiOYXOD$GHVYDQWDJHP
GRVHVSDoDGRUHVWUDGLFLRQDLVHPERUDHVVHVVHMDPHILFD]HVpTXHHOHVVmRLQF{PRGRV
GHYLGR DR VHX JUDQGH YROXPH FRPR QR FDVR GR 9ROXPDWLF *OD[R6PLWK.OLQH
HVSDoDGRUHV GH YROXPH PpGLR FRPR $HUR&KDPEHU 3OXV *OD[R6PLWK.OLQH HVWmR
DWXDOPHQWHGLVSRQtYHLV$OWHUQDWLYDPHQWHWXERVGHH[WHQVmRFRPR6\QFURQHU6DQRIL
$YHQWLV H 6SDFHU ,QKDOHUV $VWUD=HQHFD SRGHP VHU LQFRUSRUDGRV DR SURMHWR GR
SUySULR S0', FRPR XPD H[WHQVmR GR ERFDO 2V S0',V DWLYDGRV SHOD UHVSLUDomR QmR
OLEHUDPRIiUPDFR DWp TXHD LQVSLUDomRRFRUUD1R $XWRKDOHU 0 XPD YiOYXOD GH
LQVSLUDomR GHVHQFDGHLD XP PHFDQLVPR SDUD OLEHUDomR GD GRVH HQTXDQWR QR (DVL
EUHDWKH 7HYD XP YiFXR QR GLVSRVLWLYR p OLEHUWDGR QD LQVSLUDomR SDUD SURYRFDU R
DFLRQDPHQWR GD YiOYXOD 'LVSRVLWLYRV DWLYDGRV SHOD UHVSLUDomR VROXFLRQDP RV
SUREOHPDV GH FRRUGHQDomR GRV S0',V FRQYHQFLRQDLV H VmR IiFHLV GH XVDU VHP
DGLFLRQDUYROXPHDRGLVSRVLWLYR
)LJ'LVSRVLWLYRHVSDoDGRUSURYLGRGHXPDPiVFDUDSDUDFULDQoDV
2VLQDODGRUHVGHSyVVHFRV
(PVLVWHPDVLQDODGRUHVGHSyVVHFRV'3,GRLQJOrVGU\SRZGHULQKDOHUVRIiUPDFRp
LQDODGR FRPR XPD QXYHP GH SDUWtFXODV ILQDV 2 IiUPDFR HVWi SUpFDUUHJDGR QXP
GLVSRVLWLYR GH LQDODomR RX FRQWLGR GHQWUR GH FiSVXODV GH JHODWLQD GXUD RX EOtVWHUHV
GLVFRLGDLV TXH VmR FDUUHJDGRV SDUD R GLVSRVLWLYR DQWHV GR XVR 2V '3,V DSUHVHQWDP
XPD VpULH GH YDQWDJHQV HP UHODomR DRV S0',V $ IRUPXODomR GH XP '3, QmR UHTXHU
SURSHOHQWH H JHUDOPHQWH QmR FRQWpP TXDOTXHU H[FLSLHQWH D QmR VHU XPD SDUWtFXOD
PHQVDJHLUDYHUDVHJXLUTXHpJHUDOPHQWHDODFWRVH(VVHVGLVSRVLWLYRVVmRDWLYDGRV
SHOD UHVSLUDomR HYLWDQGR RV SUREOHPDV GH VLQFURQL]DomR GD LQDODomR FRP R
DFLRQDPHQWR GD YiOYXOD HQFRQWUDGRV QRV S0',V 2V '3,V WDPEpP SRGHP OLEHUDU
PDLRUHV GRVHV GR IiUPDFR TXH RV S0',V TXH VmR OLPLWDGRV SHOR YROXPH GD YiOYXOD
GRVDGRUD H SHOD FRQFHQWUDomR Pi[LPD GH VXVSHQVmR TXH SRGH VHU HPSUHJDGD VHP
SURYRFDU HQWXSLPHQWR GD YiOYXOD 1R HQWDQWR RV '3,V DSUHVHQWDP DOJXPDV
GHVYDQWDJHQV $ OLEHUDomR GRV SyV D SDUWLU GR GLVSRVLWLYR H D GHVDJUHJDomR GDV
SDUWtFXODVVmRGHWHUPLQDGRVSHODKDELOLGDGHGHLQDODomRGRSDFLHQWHTXHQRFDVRGH
GRHQoD UHVSLUDWyULD SRGH HVWDU SUHMXGLFDGD 8P DXPHQWR QR IOX[R GH DU WXUEXOHQWR
RULJLQDGR SHOR DXPHQWR QD YHORFLGDGH GH DU LQDODGR DXPHQWD D GHVDJUHJDomR GDV
SDUWtFXODV HPHUJHQWHV PDV WDPEpP DXPHQWD R SRWHQFLDO GH FROLVmR LQHUFLDO QDV YLDV
UHVSLUDWyULDV VXSHULRUHV H QD JDUJDQWD R TXH UHTXHU XPD VROXomR FRQFLOLDWyULD $OpP
GLVVR RV '3,V VmR H[SRVWRV D FRQGLo}HV DWPRVIpULFDV GR DPELHQWH R TXH SRGH
FRPSURPHWHU D HVWDELOLGDGH GD IRUPXODomR 3RU H[HPSOR D XPLGDGH HOHYDGD SRGH
FDXVDUDDJUHJDomRGRVSyV)LQDOPHQWHRV'3,VVmRJHUDOPHQWHPHQRVHILFLHQWHVFRPR
VLVWHPDVGHOLEHUDomRGHIiUPDFRVTXHRVS0',VID]HQGRFRPTXHVHMDQHFHVViULRR
GREUR GD GRVH QRUPDOPHQWH UHTXHULGD SDUD OLEHUDomR HP '3, HP FRPSDUDomR FRP R
S0',HTXLYDOHQWH
)RUPXODomRGHLQDODGRUHVGHSyVVHFRV
3DUDSURGX]LUSDUWtFXODVGHXPWDPDQKRDGHTXDGRGHSUHIHUrQFLDPHQRUHVTXHPP
RV SyV GH IiUPDFRV SDUD XVR HP VLVWHPDV GH LQDODomR VmR JHUDOPHQWH PLFURQL]DGRV
&RPR DOWHUQDWLYD DR SURFHVVR GH PLFURQL]DomR WHPRV DV WHFQRORJLDV GH IOXLGR QR
HVWDGR VXSHUFUtWLFR VHFDJHP SRU DWRPL]DomR VSUD\ GU\LQJ H OLRILOL]DomR IUHH]H
GU\LQJ 2V SyV REWLGRV SRU PLFURQL]DomR SRVVXHP DOWD HQHUJLD GH VXSHUItFLH H
SURSULHGDGHV GH IOX[R SREUHV GHYLGR D VXD QDWXUH]D HVWiWLFD FRHVLYD H DGHVLYD $
IOXLGH] GH XP Sy p DIHWDGD SRU VXDV SURSULHGDGHV ItVLFDV FRPR WDPDQKR H IRUPD GD
SDUWtFXOD GHQVLGDGH UXJRVLGDGH GD VXSHUItFLH GXUH]D WHRU GH XPLGDGH H GHQVLGDGH
DSDUHQWH
3DUD PHOKRUDU VXDV SURSULHGDGHV GH IOX[R SDUWtFXODV GR IiUPDFR FRP EDL[D IOXLGH]
VmR JHUDOPHQWH PLVWXUDGDV FRP SDUWtFXODV PHQVDJHLUDV PDLRUHV WDPDQKR PpGLR
JHUDOPHQWHHQWUHHPPGHXPH[FLSLHQWHLQHUWHJHUDOPHQWHODFWRVHĮODFWRVH
PRQRKLGUDWDGD$VSDUWtFXODVGRIiUPDFRHPHQVDJHLUDVVmRPLVWXUDGDVSDUDSURGX]LU
XPDPLVWXUDRUGHQDGDQDTXDODVSHTXHQDVSDUWtFXODVGRIiUPDFRVHDGHUHPjVXSHUItFLH
GDV SDUWtFXODV PHQVDJHLUDV ,VVR QmR Vy PHOKRUD D OLEHUDomR GR IiUPDFR D SDUWLU GR
GLVSRVLWLYRGHLQDODomRPHOKRUDQGRRIOX[RFRPRWDPEpPPHOKRUDDXQLIRUPLGDGHGH
HQFKLPHQWR GD FiSVXOD RX GR GLVSRVLWLYR 8PD YH] OLEHUDGR GR GLVSRVLWLYR R IOX[R
WXUEXOHQWRGHDUJHUDGRQRLQWHULRUGRGLVSRVLWLYRGHLQDODomRGHYHVHUVXILFLHQWHSDUD
SURPRYHU D GHVDJUHJDomR GRV DJUHJDGRV IiUPDFRFDUUHDGRU $V JUDQGHV SDUWtFXODV
PHQVDJHLUDVFROLGHPFRPDVXSHUItFLHGDJDUJDQWDHQTXDQWRDVSDUWtFXODVPHQRUHVGR
IiUPDFR VmR WUDQVSRUWDGDV QR DU LQDODGR SDUD UHJL}HV PDLV SURIXQGDV GR WUDWR
UHVSLUDWyULR
2VXFHVVRGHIRUPXODo}HVSDUD'3,GHSHQGHGDDGHVmRGRIiUPDFRHGDVSDUWtFXODV
PHQVDJHLUDV GXUDQWH D PLVWXUD H R HQFKLPHQWR GRV GLVSRVLWLYRV RX GDV FiSVXODV GH
JHODWLQDGXUDHGDFDSDFLGDGHGRIiUPDFRGHVHGHVSUHQGHUGDVSDUWtFXODVPHQVDJHLUDV
GXUDQWHDLQDODomRGHWDOPRGRTXHRIiUPDFROLYUHHVWHMDGLVSRQtYHOSDUDSHQHWUDUQDV
YLDV DpUHDV SHULIpULFDV $ DGHVmR H R GHVFRODPHQWR GHSHQGHUmR GD PRUIRORJLD GD
VXSHUItFLHGDVSDUWtFXODVHGDVHQHUJLDVGHVXSHUItFLHTXHSRGHPVHULQIOXHQFLDGDVSHOD
QDWXUH]D TXtPLFD GRV PDWHULDLV HQYROYLGRV H SHOD QDWXUH]D GR SURFHVVDPHQWR GR Sy
$OpPGLVVRXPDPLVWXUDWHUQiULDSRGHVHUXWLOL]DGDGHIRUPDTXHSHTXHQDVSDUWtFXODV
GH ODFWRVH SRVVDP VHU DGLFLRQDGDV j ODFWRVH FRQYHQFLRQDO SDUD RFXSDU RV ORFDLV GH
HOHYDGD HQHUJLD GDV SDUWtFXODV PHQVDJHLUDV 6RPHQWH RV ORFDLV GH EDL[D HQHUJLD
SHUPDQHFHUmR GLVSRQtYHLV SDUD D LQWHUDomR IiUPDFRFDUUHDGRU DXPHQWDQGR R
GHVSUHQGLPHQWRGDVSDUWtFXODVGHIiUPDFRGXUDQWHDLQDODomRGDIRUPXODomR'DPHVPD
IRUPDPDWHULDLVFRPRDOHXFLQDHRHVWHDUDWRGHPDJQpVLRSRGHPVHUDGLFLRQDGRVjV
IRUPXODo}HVSDUDPRGLILFDUDVSURSULHGDGHVGHDGHVmRHQWUHDVSDUWtFXODVGRIiUPDFRH
DVPHQVDJHLUDV$VLQWHUDo}HVHQWUHRVIiUPDFRVPLFURQL]DGRVHDVJUDQGHVSDUWtFXODV
PHQVDJHLUDVHPIRUPXODo}HVSDUD'3,VmRGLVFXWLGDVQR&DStWXOR
2 GHVHPSHQKR GRV VLVWHPDV '3, p DVVLP IRUWHPHQWH GHSHQGHQWH GD IRUPXODomR
2XWURVIDWRUHVTXHDIHWDPDOLEHUDomRHDGHSRVLomRGRDHURVVROLQFOXHPDDUTXLWHWXUD
GRGLVSRVLWLYRGHOLEHUDomRHGDWpFQLFDGHLQDODomRGRSDFLHQWH
'LVSRVLWLYRVGHGRVHXQLWiULDFRPIiUPDFRVHPFiSVXODVGHJHODWLQD
GXUD
2 SULPHLUR GLVSRVLWLYR '3, IRL R 6SLQKDOHU 5K{QH3RXOHQF 5RUHU GHVHQYROYLGR
SDUD D OLEHUDomR GH FURPRJOLFDWR GH VyGLR &DGD GRVH FRQWLGD HP XPD FiSVXOD GH
JHODWLQD GXUD HUD FRORFDGD LQGLYLGXDOPHQWH QR GLVSRVLWLYR HP XP URWRU IURX[DPHQWH
DMXVWDGR $ FiSVXOD HUD SHUIXUDGD SRU GXDV DJXOKDV GH PHWDO HP DPERV RV ODGRV GD
FiSVXOD H R IOX[R GH DU LQDODGR DWUDYpV GR GLVSRVLWLYR FDXVDYD XP SDGUmR
WXUERYLEUDWyULRGHDUFRPRRGHXPURWRUURGDGRJLUDQGRUDSLGDPHQWHTXHUHVXOWDYDQD
GLVSHUVmR GR Sy SDUD DV SDUHGHV GD FiSVXOD H QD VXEVHTXHQWH VDtGD GRV SyV QR DU
LQVSLUDGRDWUDYpVGDVSHUIXUDo}HV$SHVDUGHDWHQGrQFLDDWXDOVHUR GHVHQYROYLPHQWR
GHGLVSRVLWLYRVPXOWLGRVHRXWURVGLVSRVLWLYRVTXHXWLOL]DPFiSVXODVGHJHODWLQDGXUDH
SULQFtSLRV VHPHOKDQWHV DLQGD HVWmR GLVSRQtYHLV FRPR R +DQGL+DOHU %RHKULQJHU
,QJHOKHLP3IL]HUHR$HUROL]HU&\FORKDOHU1RYDUWLV7HYD)LJ
)LJ,QDODGRUGHSyVHFR$HUROL]HU&\FORKDOHU&RPSRVWRSRUFDSDEDVHERFDOFkPDUDGDFiSVXOD
ERWmRFRQHFWDGRDRVSLQRVSDUDDSHUIXUDomRGDFiSVXODFDQDOGHHQWUDGDDU
'LVSRVLWLYRVPXOWLGRVHFRPIiUPDFRVHPEOtVWHUHV
$SULQFLSDOGHVYDQWDJHPGRVGLVSRVLWLYRVTXHXWLOL]DPFiSVXODVGHJHODWLQDGXUDPDLV
SUHFLVDPHQWH D QHFHVVLGDGH GH FDUUHJDPHQWR LQGLYLGXDO GH FDGD GRVH IRL VXSHUDGD
FRPRGHVHQYROYLPHQWRGR'LVNKDOHU*OD[R6PLWK.OLQH1HVVHVLVWHPDRIiUPDFRp
PLVWXUDGR FRP SDUWtFXODV PHQVDJHLUDV JUDQGHV GH ODFWRVH HP XP EOtVWHU GLVFRLGDO GH
DOXPtQLR (VVH EOtVWHU p FRORFDGR SHOR SDFLHQWH VREUH XP GLVFRVXSRUWH GHQWUR GR
GLVSRVLWLYR)LJ&DGDGLVFRFRQWpPTXDWURRXRLWRGRVHVGRIiUPDFRHREOtVWHU
p SHUIXUDGR FRP XPD DJXOKD PHGLDQWH DODYDQFDJHP PHFkQLFD GD WDPSD 4XDQGR R
SDFLHQWHDVSLUDSHORERFDOGRGLVSRVLWLYRRDUTXHIOXLSHOREOtVWHUID]FRPTXHRSyVH
GLVSHUVH 2V EOtVWHUHV VmR QXPHUDGRV GH PRGR TXH R SDFLHQWH FRQKHFH R Q~PHUR GH
GRVHVUHPDQHVFHQWHV
)LJ2LQDODGRUGHSyVHFR'LVNKDOHU
'LVSRVLWLYRVPXOWLGRVHFRPIiUPDFRVSUpFDUUHJDGRVQRLQDODGRU
$HYROXomRGR'LVNKDOHUOHYRXDRLQDODGRU$FFXKDOHURX'LVNXV*OD[R6PLWK.OLQH
QR TXDO D PLVWXUD IiUPDFRPHQVDJHLUR p SUpFDUUHJDGD QR GLVSRVLWLYR GHQWUR GH XP
EOtVWHU FRP SHTXHQRV DOYpRORV UHFREHUWRV SRU XPD IROKD TXH FRQWpP GRVHV )LJ
$IROKDTXHUHFREUHRVDOYpRORVFRQWHQGRDPLVWXUDpGHVWDFDGDjPHGLGDTXHDV
GRVHVVmRDSOLFDGDVGHIRUPDTXHREOtVWHUHDIROKDVmRHQURODGRVVHSDUDGDPHQWHQR
LQWHULRU GR GLVSRVLWLYR H GHVFDUWDGRV DR WpUPLQR GDV GRVHV &RPR FDGD GRVH p
DFRQGLFLRQDGD VHSDUDGDPHQWH H VRPHQWH H[SRVWD jV FRQGLo}HV GR PHLR DPELHQWH QR
PRPHQWR GD LQDODomR R 'LVNKDOHU H R $FFXKDOHU VmR UHODWLYDPHQWH LQVHQVtYHLV j
XPLGDGHHPUHODomRDRVVLVWHPDVTXHXWLOL]DPFiSVXODVGHJHODWLQDGXUD
)LJ,QDODGRUGHSyVHFR$FFXKDOHU'LVNXVPRVWUDQGRDXPGLDJUDPDHVTXHPiWLFRHEXPD
UHSUHVHQWDomRHPFRUWHWUDQVYHUVDOGRGLVSRVLWLYR5HSURGX]LGDFRPSHUPLVVmRGH3ULPHHWDO
8PDDERUGDJHPDOWHUQDWLYDpRGLVSRVLWLYRGRWLSRUHVHUYDWyULRQRTXDOXPDGRVHGR
IiUPDFR p SUHFLVDPHQWH PHGLGD H OLEHUDGD D SDUWLU GH XP UHVHUYDWyULR 1R '3,
&OLFNKDOHU ,QQRYDWD %LRPHG XPD PLVWXUD IiUPDFRODFWRVH p DUPD]HQDGD QXP
UHVHUYDWyULR3HTXHQRVUHFLSLHQWHVGHPHGLomRVmRHQFKLGRVSRUJUDYLGDGHHOLEHUDGRV
SDUDXPDFkPDUDGHLQDODomRDSDUWLUGDTXDODGRVHpLQDODGD2GLVSRVLWLYRpDJLWDGR
DQWHVGDXWLOL]DomR2GLVSRVLWLYRFRQWpPDWpGRVHVHSRVVXLXPFRQWDGRUGHGRVHV
TXHLQGLFDRQ~PHURGHGRVHVPHGLGDVHLQIRUPDRSDFLHQWHVREUHRHVYD]LDPHQWRGR
GLVSRVLWLYRTXHXPDYH]HVJRWDGRpGHVFDUWDGR$SyVD~OWLPDGRVHVHUGLVSHQVDGD
RFRUUHXPEORTXHLRGRGLVSRVLWLYRSDUDHYLWDUQRYDXWLOL]DomR
2 7XUERKDOHU $VWUD=HQHFD FRQWRUQRX D QHFHVVLGDGH WDQWR GDV SDUWtFXODV
PHQVDJHLUDV TXDQWR GR FDUUHJDPHQWR LQGLYLGXDO GDV GRVHV )LJ 2 GLVSRVLWLYR
FRQWpP XP JUDQGH Q~PHUR GH GRVHV DWp GH IiUPDFR PLFURQL]DGR QmR GLOXtGR H
IURX[DPHQWHDJUHJDGRTXHpDUPD]HQDGRQXPUHVHUYDWyULRDSDUWLUGRTXDOIOXLSDUDXP
GLVFR URWDWyULR FRQWLGR QD XQLGDGH GH GRVHDPHQWR 2V SHTXHQRV RULItFLRV GHQWUR GR
GLVFRHVWmRFKHLRVGHIiUPDFRVHQGRRH[FHVVRUHPRYLGRFRPRDX[tOLRGHXPDOkPLQD
DSDUDGRUD ¬ PHGLGD TXH R GLVFR URWDWyULR JLUD PRYHQGR SDUD IUHQWH H SDUD WUiV XP
PHFDQLVPRGHHPEUHDJHPXPDGRVHPHGLGDpFRORFDGDGHQWURGRFDQDOGHDVSLUDomR
$VVLP R IiUPDFR p LQDODGR SHOR SDFLHQWH SRU PHLR GR IOX[R WXUEXOHQWR GH DU FULDGR
GHQWUR GR GLVSRVLWLYR R TXDO p FDSD] GH GHVPDQFKDU TXDOTXHU DJUHJDGR GH Sy TXH
SRVVDWHUVLGRIRUPDGR1HVVHPRPHQWRRFRQWDGRUGHGRVHVpDFLRQDGR27XUERKDOHU
H[LJH XP PDLRU HVIRUoR LQVSLUDWyULR TXH R 'LVNKDOHU GHYLGR j VXD PDLRU UHVLVWrQFLD
LQWHUQDDRIOX[RGHDU$OpPGLVVRpPDLVVHQVtYHODRVHIHLWRVGDXPLGDGHVHQmRIRU
IHFKDGRUDSLGDPHQWHDSyVFDGDXWLOL]DomR
)LJ27XUERKDOHU&RUWHVLDGH$VWUD=HQHFD
'LVSRVLWLYRVDFLRQDGRVSHODUHVSLUDomR
9iULRVGLVSRVLWLYRVTXHUHGX]HPRXHOLPLQDPRHVIRUoRLQVSLUDWyULRGRSDFLHQWHSDUD
GLVSHUVDU R IiUPDFR WrP VLGR GHVHQYROYLGRV ,VVR p YDQWDMRVR TXDQGR R HVIRUoR
LQVSLUDWyULR SRGH VHU DIHWDGR SHOD LGDGH HRX FRQGLomR FOtQLFD GR SDFLHQWH 3RU
H[HPSORD1HNWDU7KHUDSHXWLFVSURGX]LXXPGLVSRVLWLYRSDUDDOLEHUDomRGHLQVXOLQDQD
IRUPDGHXPSyILQRQRTXDODUFRPSULPLGRIRLXVDGRSDUDGLVSHUVDURIiUPDFRFRQWLGR
HPXPDGRVHXQLWiULDFDUUHJDGDQRLQWHULRUGHXPDFkPDUDGHUHWHQomRDSDUWLUGDTXDO
p LQDODGD SHOR SDFLHQWH 2 GLVSRVLWLYR IRL FRPHUFLDOL]DGR SRU XP EUHYH SHUtRGR GH
WHPSR SHOD 3IL]HU SDUD D OLEHUDomR GH LQVXOLQD SRU LQDODomR PDV IRL UHWLUDGR GR
PHUFDGR SRU DOJXPDV UD]}HV GHQWUH HODV R FXVWR D DUTXLWHWXUD FRPSOLFDGD GR
GLVSRVLWLYR H D QHFHVVLGDGH GD DSOLFDomR GH LQMHo}HV GH LQVXOLQD SDUD VXSOHPHQWDU D
TXDQWLGDGH LQDODGD 2XWUR QRYR GLVSRVLWLYR R '3, 6SLURV 'XUD )LJ p XP
GLVSRVLWLYR DWLYDGR SHOD UHVSLUDomR TXH XWLOL]D XP URWRU PRYLGR D EDWHULD SDUD
GHVDJUHJDUHGLVSHUVDURIiUPDFRHPSyORFDOL]DGRQXPFDVVHWHURWDWLYR2GLVSRVLWLYR
p UHODWLYDPHQWH LQGHSHQGHQWH GR IOX[R LQVSLUDWyULR GR SDFLHQWH H SRGH VHU XVDGR SRU
SDFLHQWHVFRPEDL[DFDSDFLGDGHLQVSLUDWyULD
)LJ'3,6SLURV&RUWHVLDGH1HOVRQHWDOFRPSHUPLVVmR
1HEXOL]DGRUHV
2V QHEXOL]DGRUHV OLEHUDP YROXPHV UHODWLYDPHQWH JUDQGHV GR IiUPDFR HP VROXo}HV RX
VXVSHQV}HV H VmR IUHTXHQWHPHQWH XWLOL]DGRV SDUD IiUPDFRV TXH QmR SRGHP VHU
FRQYHQLHQWHPHQWH IRUPXODGRV HP S0',V RX '3,V RX TXDQGR D GRVH WHUDSrXWLFD p
JUDQGHGHPDLVSDUDVHUOLEHUDGDSRUHVVHVVLVWHPDV2VQHEXOL]DGRUHVWDPEpPSRVVXHP
XPDYDQWDJHPVREUHRVVLVWHPDVS0',H'3,XPDYH]TXHRIiUPDFRSRGHVHULQDODGR
SHOREXFDORXSRUXPDPiVFDUDDFRPSDQKDQGRRULWPRGDUHVSLUDomRQRUPDOGHIRUPD
TXH HOHV VmR ~WHLV SDUD FULDQoDV LGRVRV H SDFLHQWHV FRP DUWULWH TXH SRVVXHP
GLILFXOGDGHV FRP S0',V ([LVWHP WUrV FDWHJRULDV GH QHEXOL]DGRUHV FRPHUFLDOPHQWH
GLVSRQtYHLVQHEXOL]DGRUHVDMDWRXOWUDVV{QLFRVHGHPDOKD
1HEXOL]DGRUHVDMDWR
1HEXOL]DGRUHV D MDWR WDPEpP FKDPDGRV GH QHEXOL]DGRUHV GH MDWR GH DU RX GH DU
FRPSULPLGRXVDPJiVFRPSULPLGRDURXR[LJrQLRIRUQHFLGRSRUXPFLOLQGURGHJiV
FRPSULPLGRXPDOLQKDGHDUHPKRVSLWDLVRXXPFRPSUHVVRUHOpWULFRSDUDFRQYHUWHUXP
OtTXLGR QRUPDOPHQWH XPD VROXomR DTXRVD HP XP VSUD\ 2 MDWR GH JiV D DOWD
YHORFLGDGHSDVVDWDQJHQFLDOPHQWHRXFRD[LDOPHQWHSRUXPDYiOYXODGH9HQWXULHVWUHLWD
QRUPDOPHQWHFRPGLkPHWURHQWUHHPP8PDiUHDGHSUHVVmRQHJDWLYDVLWXDGD
QR ORFDO RQGH R MDWR GH DU HPHUJH ID] FRP TXH R OtTXLGR VHMD VXJDGR SHOR HIHLWR
%HUQRXOOLGRUHVHUYDWyULRSDUDRWXERGHDOLPHQWDomR)LJ2OtTXLGRHPHUJHQD
IRUPD GH ILODPHQWRV ILQRV RV TXDLV SRU HIHLWR GD WHQVmR VXSHUILFLDO FRODSVDP
IRUPDQGR JRWtFXODV $ IUDomR GR DHURVVRO UHVXOWDQWH DHURVVRO SULPiULR DEDQGRQD
GLUHWDPHQWH R QHEXOL]DGRU HQTXDQWR TXH DV JRWtFXODV PDLRUHV QmR SDVVtYHLV GH
LQDODomRFROLGHPFRPVHSWRVGHIOHWRUHVRXFRPDVSDUHGHVGDFkPDUDGHQHEXOL]DomRH
UHWRUQDPDRUHVHUYDWyULRGROtTXLGR
)LJ'LDJUDPDHVTXHPiWLFRGHXPQHEXOL]DGRUDMDWR2JiVFRPSULPLGRSDVVDDWUDYpVGHXPDYiOYXODGH
9HQWXULRQGHXPD]RQDGHSUHVVmRQHJDWLYDpFULDGD2OtTXLGRpIRUoDGRSDUDRWXERGHDOLPHQWDomRQDIRUPDGH
JRWtFXODV$VJRWtFXODVPDLRUHVFROLGHPFRQWUDRVGHIOHWRUHVHQTXDQWRDVPHQRUHVVmROHYDGDVSHODFRUUHQWHGHDUGR
LQDODGRU
2V QHEXOL]DGRUHV VmR RSHUDGRV FRQWLQXDPHQWH H GHYLGR j IDVH GH LQVSLUDomR TXH
FRQVWLWXL DSUR[LPDGDPHQWH D WHUFHLUD SDUWH GR FLFOR UHVSLUDWyULR D PDLRU SDUWH GR
DHURVVROHPLWLGRQmRpLQDODGDPDVOLEHUDGDSDUDRDPELHQWH1HEXOL]DGRUHVGHYD]mR
OLYUHTXH LQFRUSRUDPYiOYXODVGH LQDODomRHH[DODomR FRPR p RFDVR GRQHEXOL]DGRU
3DUL/&3DULIRUDPGHVHQYROYLGRVSDUDTXHDSUySULDUHVSLUDomRGRSDFLHQWHUHJXOH
DHILFLrQFLDGRQHEXOL]DGRUGHPRGRTXHDSURGXomRGHDHURVVRODGDSWDVHDRYROXPHH
DR ULWPR UHVSLUDWyULR GR SDFLHQWH R TXH DVVHJXUD GH PRGR FRQVLGHUiYHO D OLEHUDomR
HIHWLYDGRIiUPDFR4XDQGRRSDFLHQWHH[SLUDRDHURVVROSURGX]LGRFRQWpPXQLFDPHQWH
JiVSURYHQLHQWHGRVLVWHPDFRPSUHVVRURTXHPLQLPL]DRGHVSHUGtFLRGHPHGLFDPHQWR
1RV QHEXOL]DGRUHV D MDWR D UD]mR GH IOX[R GH JiV TXH JRYHUQD D DWRPL]DomR GR
OtTXLGRpRIDWRUGHWHUPLQDQWHGRWDPDQKRGDVJRWtFXODVGHDHURVVROHGDYHORFLGDGHGH
OLEHUDomR GR IiUPDFR $VVLP SRU H[HPSOR SRGH KDYHU XPD UHGXomR GH DWp QD
PDVVDGRGLkPHWURDHURGLQkPLFRPHGLDQRTXDQGRDUD]mRGHIOX[RpDXPHQWDGDGH
SDUD/PLQFRPXPDXPHQWROLQHDUQDSURSRUomRGHJRWtFXODVFRPGLkPHWURLQIHULRUD
PP
1HEXOL]DGRUHVXOWUDVV{QLFRV
(P QHEXOL]DGRUHV XOWUDVV{QLFRV D HQHUJLD QHFHVViULD SDUD DWRPL]DU R OtTXLGR YHP GH
XP FULVWDO SLH]RHOpWULFR TXH YLEUD D DOWD IUHTXrQFLD 6RE LQWHQVLGDGH YLEUDFLRQDO
VXILFLHQWHPHQWH DOWD IRUPDVH XPD FRUUHQWH GH OtTXLGR GHQWUR GD FkPDUD GH
QHEXOL]DomR 1D SDUWH VXSHULRU GHVVD FRUUHQWH GH OtTXLGR VmR HPLWLGDV JRWtFXODV
JUDQGHVHQTXDQWRQDSDUWHLQIHULRUpHPLWLGDXPD³QpYRD´GHSHTXHQDVJRWtFXODV)LJ
$OJXQVPRGHORVSRVVXHPXPDYHQWRLQKDSDUDLPSHOLUSDUDIRUDGRGLVSRVLWLYR
DV JRWtFXODV SDVVtYHLV GH DVSLUDomR HQTXDQWR HP RXWURV PRGHORV R DHURVVRO Vy VH
WRUQDGLVSRQtYHOSDUDRSDFLHQWHGXUDQWHDLQDODomR
)LJ'LDJUDPDHVTXHPiWLFRGHXPQHEXOL]DGRUXOWUDVVV{QLFR5HSURGX]LGRFRPSHUPLVVmRGH$WNLQVHWDO
1HEXOL]DGRUHVGHPDOKD
1RVQHEXOL]DGRUHVGHPDOKDGLVSRQtYHLVFRPHUFLDOPHQWHRVDHURVVyLVVmRJHUDGRVSHOD
SDVVDJHPGHOtTXLGRVDWUDYpVGHXPDPDOKDGHYLEUDomRRXGHXPDSODFDFRPP~OWLSODV
DEHUWXUDV$HQHUJLDGHYLEUDomRYHPGHXPFULVWDOSLH]RHOpWULFRYLEUDWyULROLJDGRDXP
WUDQVGXWRUGHFRUQHWDTXHWUDQVPLWHYLEUDo}HVSDUDXPDSODFDSHUIXUDGDFRPDWp
RULItFLRVF{QLFRV)LJRXGHXPJHUDGRUGHDHURVVROTXHFRPSUHHQGHXPDSODFD
GHDEHUWXUDGHF~SXODFRPDWpIXURVHXPHOHPHQWRYLEUDWyULRTXHVHFRQWUDLH
VHH[SDQGHSDUDJHUDURDHURVVRO(VVHVGLVSRVLWLYRVJHUDPDHURVVyLVFRPXPDJUDQGH
IUDomRGHSDUWtFXODVILQDVOLEHUDPIOXLGRVUDSLGDPHQWHHSRVVXHPXPYROXPHUHVLGXDO
PXLWRSHTXHQRYHUHPVHJXLGDHPFRPSDUDomRFRPQHEXOL]DGRUHVXOWUDVV{QLFRV8P
GHVHQYROYLPHQWR UHFHQWH IRL R VLVWHPD $GDSWLYH $HURVRO 'HOLYHU\ $$' HPSUHJDGR
QRQHEXOL]DGRUGHPDOKD,1HE$$'3KLOLSV5HVSLURQLFVTXHDQDOLVDRSDGUmRGH
UHVSLUDomRGRSDFLHQWHHHPLWHDHURVVRODSHQDVGXUDQWHDLQDODomRHOLPLQDQGRDVVLPR
GHVSHUGtFLRGXUDQWHDH[DODomR
)LJ'LDJUDPDGHSURGXomRGHDHURVVROQXPQHEXOL]DGRUGHPDOKD&RUWHVLDGD2PURQ+HDOWK&DUH
)RUPXODomRGHIOXLGRVSDUDQHEXOL]DGRUHV
2VIOXLGRVSDUDQHEXOL]DGRUHVVmRIRUPXODGRVHPiJXDHYHQWXDOPHQWHFRPDDGLomRGH
XP FRVVROYHQWH FRPR R HWDQRO H FRP D DGLomR GH DJHQWHV WHQVRDWLYRV SDUD DV
IRUPXODo}HVGRWLSRVXVSHQVmR&RPRVROXo}HVKLSRVPyWLFDVHKLSHURVPyWLFDVSRGHP
FDXVDU EURQFRHVSDVPR DVVLP FRPR VROXo}HV FRP HOHYDGD FRQFHQWUDomR GH tRQV
KLGURJrQLR QRUPDOPHQWH XWLOL]DPVH VROXo}HV LVRVPyWLFDV FRP S+ PDLRU TXH
$JHQWHV HVWDELOL]DGRUHV FRPR DQWLR[LGDQWHV H FRQVHUYDQWHV WDPEpP SRGHP VHU
DGLFLRQDGRV HPERUD HOHV WDPEpP SRVVDP FDXVDU EURQFRHVSDVPR H SRU HVVD UD]mR
HYLWDVH R XVR GH VXOILWRV FRPR DQWLR[LGDQWHV (PERUD HVWHMDP GLVSRQtYHLV
FRPHUFLDOPHQWH SUHSDUDo}HV PXOWLGRVH FRQWHQGR FRQVHUYDQWHV TXtPLFRV DV
IRUPXODo}HV SDUD QHEXOL]DomR VmR JHUDOPHQWH DSUHVHQWDGDV FRPR GRVHV XQLWiULDV
HVWpUHLVJHUDOPHQWHP/LVRW{QLFDVHVHPFRQVHUYDQWH
(QTXDQWR D PDLRULD GDV IRUPXODo}HV SDUD QHEXOL]DGRUHV FRQVLVWH HP VROXo}HV
WDPEpPHVWmRGLVSRQtYHLVVXVSHQV}HVGHIiUPDFRVPLFURQL]DGRVSDUDOLEHUDomRDSDUWLU
GH QHEXOL]DGRUHV (P JHUDO DV VXVSHQV}HV VmR SRXFR OLEHUDGDV D SDUWLU GH
QHEXOL]DGRUHV XOWUDVV{QLFRV DR SDVVR TXH QHEXOL]DGRUHV GH PDOKD VmR FRQVLGHUDGRV
PDLV DGHTXDGRV &RP QHEXOL]DGRUHV D MDWR D HILFLrQFLD GD OLEHUDomR GR IiUPDFR
DXPHQWDQDPHGLGDHPTXHRWDPDQKRGDSDUWtFXODGRIiUPDFRHPVXVSHQVmRGLPLQXL
PDVFRPXPDOLEHUDomRHVFDVVDRXQXODTXDQGRRWDPDQKRGDVSDUWtFXODVH[FHGHRGD
JRWtFXODGRDHURVVROQHEXOL]DGR
&RPR D IRUPXODomR GH OtTXLGRV SDUD OLEHUDomR SRU QHEXOL]DGRUHV p UHODWLYDPHQWH
VLPSOHVGLVSRVLWLYRVGHVVHWLSRVmRIUHTXHQWHPHQWHRVSULPHLURVDVHUHPHPSUHJDGRV
TXDQGRVHLQYHVWLJDDOLEHUDomRSXOPRQDUGHQRYDVVXEVWkQFLDV5HFHQWHPHQWHHOHVWrP
VLGRXWLOL]DGRVSDUDDOLEHUDomRGHSURGXWRVELRIDUPDFrXWLFRVHVLVWHPDVGHOLEHUDomR
GH IiUPDFRV FRPR OLSRVVRPDV (P JHUDO QHEXOL]DGRUHV XOWUDVV{QLFRV QmR WrP VLGR
XWLOL]DGRVFRPVXFHVVRSDUDDOLEHUDomRGHSURGXWRVELRIDUPDFrXWLFRVRXOLSRVVRPDV
GHYLGR j GHVQDWXUDomR UHVXOWDQWH GDV HOHYDGDV WHPSHUDWXUDV SURGX]LGDV 3RU
FRQVHJXLQWH RV QHEXOL]DGRUHV XOWUDVV{QLFRV VmR H[SUHVVDPHQWH H[FOXtGRV SDUD D
OLEHUDomR GH GHVR[LUULERQXFOHDVH KXPDQD UHFRPELQDQWH QR WUDWDPHQWR GD ILEURVH
FtVWLFD1HEXOL]DGRUHVGHPDOKDHDMDWRWrPVLGRXWLOL]DGRVFRPVXFHVVRSDUDOLEHUDU
DOJXQVSHSWtGHRViFLGRVQXFOHLFRVHIRUPXODo}HVGHOLSRVVRPDVHPERUDDVIRUoDVGH
FLVDOKDPHQWR TXH RFRUUHP HP QHEXOL]DGRUHV D MDWR SRVVDP SURGX]LU GDQRV WHPSR
GHSHQGHQWHVSDUDDOJXQVPDWHULDLV
3URSULHGDGHVItVLFRTXtPLFDVGRVIOXLGRVSDUDQHEXOL]DGRUHV
$ YLVFRVLGDGH H D WHQVmR VXSHUILFLDO GH XP OtTXLGR D VHU QHEXOL]DGR SRGHP DIHWDU D
HILFLrQFLDGRQHEXOL]DGRUXPDYH]TXHpQHFHVViULDXPDFHUWDHQHUJLDSDUDVXSHUDUD
YLVFRVLGDGHHFULDUXPDQRYDVXSHUItFLH1RHQWDQWRDVHOHWLYLGDGHGHWDPDQKRSUHYLVWD
QRGHVHQKRHQDVGLPHQV}HVGRQHEXOL]DGRUTXHSHUPLWHTXHPDLVGHGDPDVVDGH
DHURVVROSULPiULRVHMDUHFLFODGDQRUHVHUYDWyULROtTXLGRLPSOLFDTXHDVDOWHUDo}HVQD
GLVWULEXLomR GH WDPDQKR GR DHURVVRO SULPiULR UHVXOWDQWHV GD DOWHUDomR QDV
SURSULHGDGHV GD VROXomR TXH HVWi VHQGR DWRPL]DGD QHP VHPSUH UHIOLWDPVH QD
GLVWULEXLomR GH WDPDQKR GH JRWtFXOD GR DHURVVRO HPLWLGR 'H PRGR JHUDO HP
QHEXOL]DGRUHV D MDWR H GH PDOKD R WDPDQKR GDV JRWtFXODV GR DHURVVRO p LQYHUVDPHQWH
SURSRUFLRQDOjYLVFRVLGDGHHHPQHEXOL]DGRUXOWUDVV{QLFRGLUHWDPHQWHSURSRUFLRQDOj
YLVFRVLGDGH VHQGR TXH DV VROXo}HV PDLV YLVFRVDV QHFHVVLWDP GH PDLV WHPSR SDUD
DWLQJLUDVHFXUDGHL[DQGRPDLRUHVYROXPHVUHVLGXDLVQRQHEXOL]DGRUDSyVDDWRPL]DomR
2VHIHLWRVGH WHQVmR VXSHUILFLDOVmRPDLVFRPSOH[RVPDV HPJHUDODVXD GLPLQXLomR
HVWiDVVRFLDGDDXPDUHGXomRQRWDPDQKRPpGLRGDVJRWtFXODVGRDHURVVRO
2VHIHLWRVGDWHPSHUDWXUDGXUDQWHDQHEXOL]DomR
2DHURVVROGHXPQHEXOL]DGRUDMDWRpFRPSRVWRSHODVROXomRTXHFRQWpPRIiUPDFRH
SHORYDSRUGRVROYHQWHTXHVDWXUDPRDUGHVDtGD,VVRID]FRPTXHDFRQFHQWUDomRGH
VROXWRDXPHQWHFRPRWHPSRHUHVXOWHQXPDUiSLGDTXHGDGDWHPSHUDWXUDGROtTXLGRD
VHU QHEXOL]DGR GH FHUFD GH D & (VVD GLPLQXLomR QD WHPSHUDWXUD SRGH VHU
FOLQLFDPHQWH LPSRUWDQWH XPD YH] TXH SDFLHQWHV DVPiWLFRV SRGHP VRIUHU
EURQFRFRQVWULomRTXDQGRLQDODPVROXo}HVIULDV$OpPGLVVRRHIHLWRGHUHVIULDPHQWRQR
LQWHULRUGRUHVHUYDWyULRGHIOXLGRSRGHUHGX]LUDVROXELOLGDGHGRIiUPDFRHFDXVDUXP
DXPHQWRGDWHQVmRVXSHUILFLDOHGDYLVFRVLGDGHGROtTXLGR$SUHFLSLWDomRpLQFRPXP
FRPEURQFRGLODWDGRUHVTXHSRVVXHPHOHYDGDVROXELOLGDGHHPiJXDPDVSRGHPVXUJLU
SUREOHPDV FRP IiUPDFRV PHQRV VRO~YHLV (P WDLV FDVRV R XVR GH XP QHEXOL]DGRU
XOWUDVV{QLFR SRGH VHU DSURSULDGR FRQVLGHUDQGRVH TXH WDLV GLVSRVLWLYRV SRGHP
DXPHQWDU D WHPSHUDWXUD GD VROXomR HP DWp & &RPR LQGLFDGR DFLPD HVVH
DXPHQWR GH WHPSHUDWXUD SRGH WHU HIHLWRV SUHMXGLFLDLV QRV PDWHULDLV VHQVtYHLV DR FDORU
XWLOL]DGRV SDUD QHEXOL]DomR 1HEXOL]DGRUHV GH PDOKD SUDWLFDPHQWH QmR LQIOXHQFLDP D
WHPSHUDWXUDGROtTXLGR
'XUDomRGDQHEXOL]DomRHRYROXPHUHVLGXDO
&OLQLFDPHQWHRVOtTXLGRVSRGHPVHUQHEXOL]DGDVSRUXPSHUtRGRGHWHUPLQDGRGHWHPSR
RX R TXH p PDLV FRPXP HOHV SRGHP VHU QHEXOL]DGRV DWp D ³VHFXUD´ TXH SRGH VHU
LQWHUSUHWDGRFRPRRWHPSRGHFUHSLWDomRRXVHMDRPRPHQWRQRTXDOFRPHoDDHQWUDU
DUQRWXERGHLQtFLRGDFUHSLWDomR2WHPSRWRWDOGHQHEXOL]DomRUHSUHVHQWDRSHUtRGR
GHWHUPLQDGRSHORWpUPLQRGDSURGXomRGHDHURVVRO
,QGHSHQGHQWH GD GXUDomR GD QHEXOL]DomR QHP WRGR R YROXPH GR OtTXLGR FRQWLGR QR
UHVHUYDWyULRSRGHUiVHUQHEXOL]DGR8PSHTXHQRYROXPHGROtTXLGRJHUDOPHQWHFHUFD
GHP/SDUDQHEXOL]DGRUHVDMDWRHXOWUDVV{QLFRVSHUPDQHFHFRPRYROXPH³PRUWR´RX
³UHVLGXDO´QRVGHIOHWRUHVGHIOX[RQDVHVWUXWXUDVLQWHUQDVHQDVSDUHGHVGRQHEXOL]DGRU
$IUDomRGRIiUPDFRUHWLGDQRYROXPHUHVLGXDOpSURSRUFLRQDOPHQWHPDLVDFHQWXDGDQRV
SHTXHQRVYROXPHVGHHQFKLPHQWRDVVLPSDUDXPYROXPHGHOtTXLGRGHQHEXOL]DomRGH
P/ FHUFD GH SHUPDQHFHUmR QR QHEXOL]DGRU QmR VHQGR GLVSRQLELOL]DGRV DR
SDFLHQWH (VVD SHUGD VH UHGX] D DSUR[LPDGDPHQWH SDUD XP YROXPH GH P/
DSHVDU GH KDYHU XP DXPHQWR SURSRUFLRQDO GR WHPSR QHFHVViULR SDUD QHEXOL]DU DWp D
VHFXUD 3RU HVVD UD]mR SHTXHQRV YROXPHV GH OtTXLGR SDUD QHEXOL]DomR SRGHP VHU
GLOXtGRV SDUD XP YROXPH PDLRU SHOD DGLomR GH XP GLOXHQWH DGHTXDGR JHUDOPHQWH
VROXomR HVWpULO GH FORUHWR GH VyGLR D 1HEXOL]DGRUHV GH PDOKD SRVVXHP XP
YROXPH UHVLGXDO PXLWR PHQRU GR TXH RV QHEXOL]DGRUHV D MDWR RX XOWUDVV{QLFRV R TXH
VLJQLILFDTXHDGRVHQRPLQDORXYROXPHGDGRVHXVDGDHPQHEXOL]DGRUGHPDOKDGHYH
VHUUHGX]LGDHPUHODomRjTXHODXWLOL]DGDHPXPQHEXOL]DGRUFRQYHQFLRQDO
9DULDELOLGDGHHQWUHQHEXOL]DGRUHV
'LYHUVRVPRGHORVGHQHEXOL]DGRUHFRPSUHVVRUHVWmRFRPHUFLDOPHQWHGLVSRQtYHLVHR
WDPDQKR GRV DHURVVyLV SURGX]LGRV H D GRVH OLEHUDGD SRGHP YDULDU HQRUPHPHQWH $
YDULDomR QmR H[LVWH DSHQDV HQWUH GLIHUHQWHV QHEXOL]DGRUHV PDV WDPEpP HQWUH
QHEXOL]DGRUHV GH XP PHVPR WLSR 2 XVR UHSHWLGR GH XP PHVPR QHEXOL]DGRU SRGH
DSUHVHQWDU YDULDELOLGDGH GHYLGR DR GHVJDVWH GRV GHIOHWRUHV GH IOX[R H j IDOWD GH
XQLIRUPLGDGH QD PRQWDJHP GR GLVSRVLWLYR 2V QHEXOL]DGRUHV DR FRQWUiULR GRV
GLVSRVLWLYRV '3, H S0', QmR VmR SURGX]LGRV SHORV IDEULFDQWHV GH PHGLFDPHQWRV $
HVFROKDGRQHEXOL]DGRUDVHUXWLOL]DGRSDUDDOLEHUDomRGRPHGLFDPHQWRSRUWDQWRQmR
VRIUHLQIOXrQFLDGDLQG~VWULDIDUPDFrXWLFD
1RYRVGLVSRVLWLYRVGHOLEHUDomR
1RYRV GLVSRVLWLYRV GH LQDODomR HVWmR HP GHVHQYROYLPHQWR (OHV GLIHUHP GRV
WUDGLFLRQDLVS0','3,HQHEXOL]DGRUHVXPDYH]TXHSRVVXHPSULQFtSLRVGHRSHUDomR
DOWHUQDWLYRV 'RLV GHVVHV QRYRV GLVSRVLWLYRV VmR RV LQDODGRUHV GH OtTXLGRV FRP
GLVSRVLWLYR GRVDGRU FKDPDGRV5HVSLPDW %RHKULQJHU ,QJHOKHLP)LJ H$(5[
3XOPRQDU\'HOLYHU\6\VWHP$UDGLJP)LJ2LQDODGRU5HVSLPDW6RIW0LVWp
XP GLVSRVLWLYR SRUWiWLO FRP XP UHVHUYDWyULR PXOWLGRVH TXH OLEHUD XPD QXYHP GH
VHJXQGRVGHGXUDomR(VVDOLEHUDomRpPXLWRPDLVOHQWDTXHRVS0',VFRQYHQFLRQDLV
SHUPLWLQGR PDLV WHPSR SDUD D VLQFURQL]DomR HQWUH R DFLRQDPHQWR GR GLVSRVLWLYR H D
LQDODomR2GLVSRVLWLYRpDFLRQDGRPHFDQLFDPHQWHVHPRHPSUHJRGHXPSURSHOHQWH2
DHURVVROJHUDGRSHORGLVSRVLWLYRWHPPHQRUYHORFLGDGHHPHQRUWDPDQKRGHSDUWtFXOD
TXH R JHUDGR FRP XP S0', FRQYHQFLRQDO R TXH UHVXOWD QXPD PDLRU GHSRVLomR
SXOPRQDU SHULIpULFD 1R VLVWHPD GH OLEHUDomR SXOPRQDU $(5[ R IiUPDFR HVWi
DFRQGLFLRQDGRDXPEOtVWHUGHGRVHXQLWiULD$OLEHUDomRGRIiUPDFRpFRQWURODGDSRU
FRPSXWDGRU H HQYROYH D H[WUXVmR GR OtTXLGR DWUDYpV GH XPD FkQXOD GH XVR ~QLFR
FRQWHQGR LQ~PHURV EXUDFRV HVIpULFRV FRP VDtGDV GH DSUR[LPDGDPHQWH PP GH
GLkPHWUR,VVRSURGX]XPDHURVVROPXLWRILQRHDGHTXDGRSDUDDOLEHUDomRGHSURGXWRV
ELRIDUPDFrXWLFRV FRPR D LQVXOLQD SDUD DV YLDV DpUHDV SHULIpULFDV 2 GLVSRVLWLYR
PRQLWRUDHOHWURQLFDPHQWHDWD[DGHIOX[RLQVSLUDWyULRGRSDFLHQWHHOLEHUDRIiUPDFRQR
PRPHQWRPDLVDGHTXDGR
)LJ2LQDODGRU5HVSLPDW6RIW0LVW%RHKULQJHU,QJHOKHLP,QWHUQDWLRQDO*PE+±
)LJ6LVWHPDGHOLEHUDomRSXOPRQDU$(5[&RUWHVLD$UDGLJP
0pWRGRVGHDQiOLVHGRWDPDQKRGRDHURVVRO
$ GLVWULEXLomR GRV DHURVVyLV QDV GLIHUHQWHV UHJL}HV GDV YLDV DpUHDV SRGH VHU PHGLGD
GLUHWDPHQWH XWLOL]DQGR JFLQWLORJUDILD SRU JRWtFXODV RX SDUWtFXODV PDUFDGDV SRU XP
HOHPHQWRUDGLRDWLYRFRPWHPSRGHPHLDYLGDFXUWDHHPLVVRUGHUDGLDomRJRWHFQpFLR
P P7F 1RHQWDQWR DVPHGLo}HVLQ YLWUR GH WDPDQKR GDV SDUWtFXODV GR DHURVVRO
VmRXWLOL]DGDVSDUDSUHYHURGHVHPSHQKRFOtQLFR2VSULQFLSDLVPpWRGRVTXHWrPVLGR
XWLOL]DGRVSDUDDFDUDFWHUL]DomRGRWDPDQKRGRVDHURVVyLVVmRPLFURVFRSLDGLIUDomRGH
UDLRVODVHUHLPSDFWRHPFDVFDWD
2V PpWRGRV GH PHGLomR GR WDPDQKR ItVLFR GH SDUWtFXODV GH DHURVVyLV SRU
PLFURVFRSLD yWLFD VmR WUDEDOKRVRV H QmR IRUQHFHP XPD LQGLFDomR GD SRVVtYHO
GHSRVLomR GDV SDUWtFXODV DR VHUHP FDUUHJDGDV SRU XPD FRUUHQWH GH DU SDUD R LQWHULRU
GDVYLDVDpUHDV~PLGDV&RPRVPpWRGRVGHDQiOLVHEDVHDGRVQDGLIUDomRGHODVHUDV
JRWtFXODVRXSDUWtFXODVFRQWLGDVQRDHURVVROVmRPHGLGDVFRQIRUPHDWUDYHVVDPXPIHL[H
GHOX]ODVHUHRWDPDQKRpH[SUHVVRFRPRXPGLkPHWURYROXPHPHGLDQR1RYDPHQWHDV
SURSULHGDGHVDHURGLQkPLFDVGHXPDHURVVROQmRVmRSDVVtYHLVGHPHGLomR$OpPGLVVR
DVJRWtFXODVQHEXOL]DGDVGHQWURGRIHL[HID]HPFRPTXHDVSDUWtFXODVILTXHPH[SRVWDVjV
FRQGLo}HVGHWHPSHUDWXUDHGHXPLGDGHDPELHQWDLVRTXHSRGHUHVXOWDUQDHYDSRUDomR
GRVROYHQWH
,PSDFWDGRUHVHPFDVFDWDHLPSDFWDGRUHVOtTXLGRV
,PSDFWDGRUHVHPFDVFDWDFRPSUHHQGHPXPDVpULHGHMDWRVGHDUSURJUHVVLYDPHQWHPDLV
ILQRV H GH SODFDV FROHWRUDV TXH SHUPLWHP R IUDFLRQDPHQWR GRV DHURVVyLV VHJXQGR R
YDORU GH VHX WDPDQKR DHURGLQkPLFR GH GLVWULEXLomR QD PHGLGD HP TXH R DHURVVRO p
DVSLUDGR DWUDYpV GR GLVSRVLWLYR D XPD WD[D GH IOX[R FRQKHFLGD 3DUWtFXODV JUDQGHV H
GHQVDVVHGHSRVLWDPQDUHJLmRVXSHULRUGRLPSDFWDGRUDRSDVVRTXHSDUWtFXODVPHQRUHV
H PHQRV GHQVDV DFRPSDQKDUmR R IOX[R GH DU H Vy VH GHSRVLWDUmR TXDQGR UHFHEHUHP
tPSHWRRVXILFLHQWHHQTXDQWRDFHOHUDPSHORVMDWRVGHDUPDLVILQRVORFDOL]DGRVQDSDUWH
LQIHULRU GR LPSDFWDGRU )LJ 2 SULPHLUR HVWiJLR GH XP LPSDFWDGRU p
QRUPDOPHQWH SUHFHGLGR SRU XPD FXUYDWXUD GH QR GXFWR GH PHWDO RX YLGUR
SURFXUDQGR LPLWDU D JDUJDQWD KXPDQD ,PSDFWDGRUHV HP FDVFDWD WUDGLFLRQDLV VmR
FRQVWUXtGRV HP PHWDO 2V GRLV PDLV FRPXPHQWH XWLOL]DGRV VmR R LPSDFWDGRU HP
FDVFDWDGH$QGHUVHQ$&,TXHFRPSUHHQGHRLWRHVWiJLRVGHLPSDFWDomRFRPSODFDV
FROHWRUDV PHWiOLFDV VHJXLGDV SRU XP ILOWUR WHUPLQDO H R 1H[W *HQHUDWLRQ ,PSDFWRU
1*, TXH FRQVLVWH GH VHWH HVWiJLRV GH LPSDFWDomR VHJXLGRV SRU XP PLFUR RULItFLR
FROHWRUTXHQDPDLRULDGRVFDRVSRGHVHUXVDGRQROXJDUGHXPILOWURWHUPLQDO21*,
XWLOL]DFRSRVFROHWRUHVHPYH]GHSODFDVHSRGHVHUXVDGRFRPWD[DVGHIOX[RHQWUH
/PLQ)LJ2VGLkPHWURVGHFRUWHSDUDFDGDHVWiJLRDXPDWD[DGHIOX[R
SDUWLFXODU SRGHP VHU GHWHUPLQDGRV XVDQGR DHURVVyLV PRQRGLVSHUVRV RX FDOFXODGRV
XVDQGR FXUYDV GH FDOLEUDomR 3DUD D GHWHUPLQDomR GR WDPDQKR GH SDUWtFXOD GH XP
DHURVVRO XWLOL]DVH XP JUiILFR GH SHUFHQWDJHP DFXPXODGD GDV IUDo}HV GH DHURVVRO
GHSRVLWDGDVHPFDGDHVWiJLRHPIXQomRGRGLkPHWURGHFRUWHGHFDGDHVWiJLRGHPRGR
D FDOFXODU R YDORU GH '$00 ,PSDFWDGRUHV GH FDVFDWD VmR XWLOL]DGRV SDUD DYDOLDomR
DHURGLQkPLFDGHSDUWtFXODVILQDVHPS0',VH'3,V863H3K(XU
)LJ3ULQFtSLRGHRSHUDomRGRLPSDFWDGRUGHFDVFDWD&RUWHVLD&RSOH\,QVWUXPHQWRV
)LJ$JHUDomRPDLVDWXDOGHLPSDFWDGRUHV&RUWHVLDGH&RSOH\,QVWUXPHQWV
$RWHVWDURV'3,VGHDFRUGRFRPRVUHTXLVLWRVGD863FDOFXODVHDWD[DGHIOX[RGH
DU4QHFHVViULDSDUDSURGX]LUXPDTXHGDGHSUHVVmRGHN3DVREUHRLQDODGRUDVHU
XVDGR6HHVVDWD[DGHIOX[RIRUVXSHULRUD/PLQXWLOL]DVHRYDORUGH/PLQ
2VGLkPHWURVGHFRUWHGHFDGDHVWiJLRQXPDWD[DGHIOX[R4SRGHPVHUFDOFXODGRVD
SDUWLUGDHTXDomR
2QGH'¶4pRGLkPHWURGHFRUWHQDWD[DGHIOX[R4H'¶4QFRUUHVSRQGHDRVYDORUHV
GH FRUWH QRPLQDLV GHWHUPLQDGRV TXDQGR 4Q p GH /PLQ YDORUHV IRUQHFLGRV
DQWHULRUPHQWH
$XWLOL]DomRGHLPSDFWDGRUHVHPFDVFDWDSDUDGHWHUPLQDURWDPDQKRGHSDUWtFXODVGH
DHURVVyLV DSUHVHQWD GLYHUVDV GHVYDQWDJHQV $V HOHYDGDV WD[DV GH IOX[R QRUPDOPHQWH
HQWUH/PLQUHVXOWDPQDUiSLGDHYDSRUDomRGRVROYHQWHHJRWtFXODVSRGHPVHU
UHDUUDVWDGDV QD FRUUHQWH GH DU SRGHQGR ULFRFKHWHDU VREUH RV FROHWRUHV PHWiOLFRV
HPERUD HVWH ~OWLPR HIHLWR SRVVD VHU UHGX]LGR UHYHVWLQGR D VXSHUItFLH GR FROHWRU SRU
H[HPSOR FRP XP IOXLGR GH VLOLFRQH RX JOLFHURO (VVHV HIHLWRV SRGHP FDXVDU XPD
UHGXomR VLJQLILFDWLYD QD PHGLGD GR WDPDQKR GDV SDUWtFXODV GR DHURVVRO $OpP GLVVR
HVVHV GLVSRVLWLYRV GH PHGLomR VmR RSHUDGRV D XPD WD[D GH IOX[R GH DU FRQVWDQWH 1R
HQWDQWRDGLVSHUVmRGRVSyVVHFRVSUHVHQWHVQDVIRUPXODo}HVHRSHUILOGHGHSRVLomRGH
DHURVVyLV LQDODGRV YDULDP FRQVLGHUDYHOPHQWH FRP D WD[D GH IOX[R 3DUD FRQWRUQDU DV
OLPLWDo}HV GH PHGLomR FRP XPD PHVPD WD[D GH IOX[R SRGHVH XVDU XP ³SXOPmR
HOHWU{QLFR´QRTXDOXPrPERORFRQWURODGRSRUFRPSXWDGRUIRUoDDSDVVDJHPGHDUSHOR
LQDODGRUSDUDGHQWURGHXPPHGLGRUGHWDPDQKRGHSDUWtFXODSRULPSDFWDomRVHJXQGR
XPSHUILOGHLQDODomRSUHGHWHUPLQDGR
2VPpWRGRVGHLPSDFWDomRHPFDVFDWDVmRLQYDVLYRVWUDEDOKRVRVHGHPRUDGRVPDV
QHFHVViULRV SDUD REWHU LQIRUPDo}HV VREUH R WDPDQKR DHURGLQkPLFR PpGLR H D
SROLGLVSHUVLYLGDGH GR DHURVVRO 3DUD DVVHJXUDU TXH RV SURGXWRV GH LQDODomR VmR
HIHWLYRVFOLQLFDPHQWHHTXHDVSURSULHGDGHVGHWDPDQKRGDVSDUWtFXODVVmRDGHTXDGDVD
GRVHHPLWLGDpFDOFXODGDHPFRQMXQWRFRPD³IUDomRGHSDUWtFXODVILQDV´DTXHODIUDomR
GD GRVH HPLWLGD PHQRU TXH XP GHWHUPLQDGR WDPDQKR XVXDOPHQWH GH PP RX SRU
YH]HV PP TXH VmR FRPELQDGDV SDUD GDU XPD GRVH RX PDVVD ³WHUDSHXWLFDPHQWH
XVXDO´RX³UHVSLUiYHO´GRVHGHSDUWtFXODVILQDV(PDQiOLVHVGHURWLQDXPLPSDFWDGRU
VLPSOLILFDGR GH YLGUR GH GRLV HVWiJLRV SRGH VHU XWLOL]DGR )LJ 2 DHURVVRO
FROHWDGRQDJDUJDQWDRXQRHVWiJLRVXSHULRUIDVHpFRQVLGHUDGR³QmRUHVSLUiYHO´DR
SDVVR TXH DTXHOH UHFROKLGR QR HVWiJLR LQIHULRU IDVH p FRQVLGHUDGR ³UHVSLUiYHO´
3DUDHVVHGLVSRVLWLYRGHYLGURRGLkPHWURGHFRUWHSDUDRHVWiJLRpGHPPRX
VHMD DHURVVyLV UHFROKLGRV QHVWH HVWiJLR WrP XP GLkPHWUR DHURGLQkPLFR LQIHULRU D
PP H SDUD HVWD WpFQLFD GH PHGLomR FRQVWLWXHP D IUDFomR GH SDUWtFXODV ILQDV (VVH
LPSDFWDGRUGHGRLVHVWiJLRVSRGHVHUXWLOL]DGRSDUDDDYDOLDomRGHSDUWtFXODVILQDVGH
DHURVVyLVJHUDGRVDSDUWLUGHS0',V'3,VHQHEXOL]DGRUHV3K(XUPDVIRUQHFHPXLWR
PHQRVLQIRUPDo}HVVREUHDGLVWULEXLomRGHWDPDQKRGHSDUWtFXODVGHDHURVVROTXHXP
LPSDFWDGRUGHFDVFDWDPXOWLHVWiJLR
)LJ,PSDFWDGRUGHGRLVHVWiJLRV&RUWHVLDGH&RSOH\,QVWUXPHQWV
5HIHUrQFLDV
$WNLQV3-%DUNHU130DWKLVHQ'7KHGHVLJQDQGGHYHORSPHQWRILQKDODWLRQGUXJGHOLYHU\V\VWHPV,Q
+LFNH\$6-HG3KDUPDFHXWLFDO,QKDODWLRQ$HURVRO7HFKQRORJ\0DUFHO'HNNHU1HZ<RUN
1HOVRQ+.HPS-3%LHOHU69DXJKDQ/0+LOO05&RPSDUDWLYHHIILFDF\DQGVDIHW\RIDOEXWDURO
VXOIDWH6SLURVLQKDOHUDQGDOEXWHUROPHWHUHGGRVHLQKDOHU&KHVW±
3ULPH'6ODWHU$/+D\ZRRG3$6PLWK,-$VVHVVLQJGRVHGHOLYHU\IURPWKH)OL[RWLGH'LVNXV,QKDOHU±
DPXOWLGRVHSRZGHULQKDOHU3KDUPDFHXWLFDO7HFKQRORJ\(XURSH±
%LEOLRJUDILD
&DPSHQ/99HQWKR\H*,QKDODWLRQGU\SRZGHU,Q6ZDUEULFN-HG(QF\FORSHGLDRI3KDUPDFHXWLFDO
7HFKQRORJ\UGHGQ,QIRUPD+HDOWKFDUH1HZ<RUN
&DUYDOKR7&3HWHUV-,:LOOLDPV,,,52,QIOXHQFHRISDUWLFOHVL]HRQUHJLRQDOOXQJGHSRVLWLRQ±ZKDW
HYLGHQFHLVWKHUH",QWHUQDWLRQDO-RXUQDORI3KDUPDFHXWLFV±