Professional Documents
Culture Documents
3iJLQD
127$7e&1,&$3URMHomRGHSDJDPHQWRVGH3UHFDWyULRVGXUDQWHDYLJrQFLDGR3ODQR
GH5HFXSHUDomR)LVFDO
, ,QWURGXomR
$ SUHVHQWH QRWD WUDWD GD PHWRGRORJLD XWLOL]DGD QD SUHYLVmR GH SDJDPHQWR GH
SUHFDWyULRV GXUDQWH D YLJrQFLD GR 3ODQR GH 5HFXSHUDomR )LVFDO LQVWLWXtGR SHOD /HL
&RPSOHPHQWDUQGHGHPDLRGH
'HYLGR DR KLVWyULFR GH LQDGLPSOrQFLD QRV SDJDPHQWRV GH SUHFDWyULRV SHORV
(VWDGRV H 0XQLFtSLRV D (PHQGD &RQVWLWXFLRQDO Q GH GH GH]HPEUR GH
DOWHURX R DUWLJR GD &RQVWLWXLomR )HGHUDO H DFUHVFHQWRX R DUWLJR DR $WR GDV
'LVSRVLo}HV &RQVWLWXFLRQDLV 7UDQVLWyULDV LQVWLWXLQGR UHJLPH HVSHFLDO GH SDJDPHQWR GH
SUHFDWyULRV
$RV (VWDGRV H 0XQLFtSLRV TXH HVWLYHVVHP HP PRUD QRV SDJDPHQWRV GRV
SUHFDWyULRVSDVVDULDDYDOHURUHJLPHHVSHFLDOGHSDJDPHQWRHVWDEHOHFLGRQRDUWLJRDR
$WRGDV'LVSRVLo}HV&RQVWLWXFLRQDLV7UDQVLWyULDVFRQIRUPHGHVFULWRDEDL[R
³$UW$WpTXHVHMDHGLWDGDDOHLFRPSOHPHQWDUGHTXHWUDWDR
GRDUWGD&RQVWLWXLomR)HGHUDORV(VWDGRVR'LVWULWR
)HGHUDO H RV 0XQLFtSLRV TXH QD GDWD GH SXEOLFDomR GHVWD
(PHQGD &RQVWLWXFLRQDO HVWHMDP HP PRUD QD TXLWDomR GH
SUHFDWyULRV YHQFLGRV UHODWLYRV jV VXDV DGPLQLVWUDo}HV GLUHWD H
LQGLUHWD LQFOXVLYH RV HPLWLGRV GXUDQWH RSHUtRGR GH YLJrQFLD GR
UHJLPH HVSHFLDO LQVWLWXtGR SRU HVWH DUWLJR IDUmR HVVHV
SDJDPHQWRV GH DFRUGR FRP DV QRUPDV D VHJXLU HVWDEHOHFLGDV
VHQGR LQDSOLFiYHO R GLVSRVWR QR DUW GHVWD &RQVWLWXLomR
)HGHUDOH[FHWRHPVHXVHHVHP
SUHMXt]RGRVDFRUGRVGHMXt]RVFRQFLOLDWyULRVMiIRUPDOL]DGRVQD
GDWDGHSURPXOJDomRGHVWD(PHQGD&RQVWLWXFLRQDO
ϭ
$1(;2
3iJLQD
, SHOR GHSyVLWR HP FRQWD HVSHFLDO GR YDORU UHIHULGR SHOR
GHVWHDUWLJRRX
,,SHODDGRomRGRUHJLPHHVSHFLDOSHORSUD]RGHDWpTXLQ]H
DQRV FDVR HP TXH R SHUFHQWXDO D VHU GHSRVLWDGR QD FRQWD
HVSHFLDO D TXH VH UHIHUH R GHVWH DUWLJR FRUUHVSRQGHUi
DQXDOPHQWHDRVDOGRWRWDOGRVSUHFDWyULRVGHYLGRVDFUHVFLGRGR
tQGLFHRILFLDOGHUHPXQHUDomREiVLFDGDFDGHUQHWDGHSRXSDQoD
HGHMXURVVLPSOHVQRPHVPRSHUFHQWXDOGHMXURVLQFLGHQWHVVREUH
D FDGHUQHWD GH SRXSDQoD SDUD ILQV GH FRPSHQVDomR GD PRUD
H[FOXtGD D LQFLGrQFLD GH MXURV FRPSHQVDWyULRV GLPLQXtGR GDV
DPRUWL]Do}HVHGLYLGLGRSHORQ~PHURGHDQRVUHVWDQWHVQRUHJLPH
HVSHFLDOGHSDJDPHQWR´
2 (VWDGR GR 5LR GH -DQHLUR DGHULX DR UHJLPH HVSHFLDO GH SDJDPHQWR GH
SUHFDWyULRV QRV PROGHV GR DUWLJR LQFLVR ,, GR $WR GH 'LVSRVLo}HV
&RQVWLWXFLRQDLV 7UDQVLWyULDV SRU PHLR GR 'HFUHWR (VWDGXDO Q GH GH
IHYHUHLUR GH SHOR TXDO GHYHUi TXLWDU R VHX HVWRTXH GH SUHFDWyULRV HP DWp
TXLQ]HDQRV
'XUDQWHRUHJLPHHVSHFLDOGHSDJDPHQWRGHSUHFDWyULRVDGRWDGRSHOR(VWDGRGR
5LR GH -DQHLUR GHYHUi VHU WUDQVIHULGR DQXDOPHQWH RV UHFXUVRVILQDQFHLURV DR 7ULEXQDO
GH -XVWLoD SDUD UHDOL]DomR GRV SDJDPHQWRV GH SUHFDWyULRV 'HVVH PRGR QRV DQRV GH
H R (VWDGR GR 5LR GH -DQHLUR UHDOL]RX DV WUDQVIHUrQFLDV GRV UHFXUVRV
ILQDQFHLURVDR7ULEXQDOGH-XVWLoD
1RDQRGHR(VWDGRGR5LRGH-DQHLURXWLOL]DQGRRVYDORUHVGRVGHSyVLWRV
MXGLFLDLVQmRWULEXWiULRVFRQIRUPH/HL&RPSOHPHQWDU(VWDGXDOQGHMXQKRGH
TXHGLVS}HVREUH DXWLOL]DomRGHSDUFHODGRVGHSyVLWRVMXGLFLDLVSDUDSDJDPHQWR
GHSUHFDWyULRV HUHTXLVLo}HVGHSHTXHQRYDORU HIHWXRXUHSDVVHYROXQWiULRDR7ULEXQDO
GH-XVWLoDQRYDORUGH5WUrVELOK}HVGX]HQWRVHQRYHQWDHFLQFR
Ϯ
$1(;2
3iJLQD
PLOK}HVQRYHFHQWRVHTXDUHQWDHFLQFRPLOVHLVFHQWRVHRLWHQWDHGRLVUHDLVHFLQTXHQWD
HGRLVFHQWDYRVSDUDSDJDPHQWRVGRVSUHFDWyULRV'HVWDIRUPDHPGHGH]HPEURGH
R (VWDGR GR 5LR GH -DQHLUR TXLWRX WRGRV RV SUHFDWyULRV SHQGHQWHV DSWRV DR
SDJDPHQWRDWpRH[HUFtFLRRUoDPHQWiULRGH
1RVDQRVVHJXLQWHVR(VWDGRGR5LRGH-DQHLURFRPRVYDORUHVGRVGHSyVLWRV
MXGLFLDLVWULEXWiULRVHQmRWULEXWiULRVTXLWRXRVSUHFDWyULRVGHYLGRVQRVDQRVGHH
PDQWHQGRVHDGLPSOHQWHSHUDQWHRUHJLPHHVSHFLDODGRWDGR
(P R PRQWDQWH GH SUHFDWyULRV D SDJDU GR RUoDPHQWR GR H[HUFtFLR IRL GH
5 XPELOKmR FHQWR H WULQWDH GRLV PLOK}HV GX]HQWRV H RLWHQWD WUrV
PLOFHQWRHQRYHQWDHVHLVUHDLVHVHVVHQWDHQRYHFHQWDYRV(PFRQWUDSDUWLGDR(VWDGR
HQFRQWUDYDVH GHVHQTXDGUDGR QR YDORU PtQLPR GR IXQGR GH GHSyVLWRV MXGLFLDV SDUD
HIHWXDU VDTXH GRV YDORUHV SDUD R SDJDPHQWR GH SUHFDWyULRV 'HYLGR D VLWXDomR
DSUHVHQWDGDR(VWDGRQmRFRQVHJXLXHIHWXDUHPRSDJDPHQWRGRVSUHFDWyULRVGR
H[HUFtFLR (P GH GH]HPEUR GH 2 (VWDGR WRUQDVH LQDGLPSOHQWH QRV
SDJDPHQWRVGHSUHFDWyULRV
(PGHGH]HPEURGHIRLSURPXOJDGDD(PHQGD&RQVWLWXFLRQDOQ
DOWHUDQGRRDUWLJRGD&RQVWLWXLomR)HGHUDOHDFUHVFHQWDQGRRVDUWLJRVDQR
$WRGDV'LVSRVLo}HV&RQVWLWXFLRQDLV7UDQVLWyULDV
³$UW2V(VWDGRVR'LVWULWR)HGHUDOHRV0XQLFtSLRVTXH
HP GH PDUoR GH HVWLYHUHP HP PRUD FRP RSDJDPHQWR
GH VHXV SUHFDWyULRV TXLWDUmR DWp GH GH]HPEUR GH VHXV
GpELWRV YHQFLGRV H RV TXH YHQFHUmR GHQWUR GHVVH SHUtRGR
GHSRVLWDQGR PHQVDOPHQWH HP FRQWD HVSHFLDO GR 7ULEXQDO GH
-XVWLoD ORFDO VRE ~QLFD H H[FOXVLYD DGPLQLVWUDomR GHVVH
XP GR]H DYRV GR YDORU FDOFXODGR SHUFHQWXDOPHQWH VREUH DV
UHVSHFWLYDVUHFHLWDVFRUUHQWHVOtTXLGDVDSXUDGDVQRVHJXQGRPrV
DQWHULRU DR PrV GH SDJDPHQWR HP SHUFHQWXDO VXILFLHQWH SDUD D
ϯ
$1(;2
3iJLQD
TXLWDomRGHVHXVGpELWRVHDLQGDTXHYDULiYHOQXQFDLQIHULRUHP
FDGD H[HUFtFLR j PpGLD GR FRPSURPHWLPHQWR SHUFHQWXDO GD
UHFHLWD FRUUHQWH OtTXLGD QR SHUtRGR GH D HP
FRQIRUPLGDGH FRP SODQR GH SDJDPHQWR D VHU DQXDOPHQWH
DSUHVHQWDGRDR7ULEXQDOGH-XVWLoDORFDO´
,, 3UHPLVVDV8WLOL]DGDV
3DUD FDOFXODU D SURMHomR GR SDJDPHQWR GH SUHFDWyULRV FRQVLGHURXVH D KLSyWHVH GH
DGHVmR SHOR R (VWDGR DR QRYR UHJLPH HVSHFLDO GH SDJDPHQWR HVWDEHOHFLGR QD (PHQGD
&RQVWLWXFLRQDOQGHGHGH]HPEURGH
'HDFRUGRFRPDPHWRGRORJLDGHSDJDPHQWRGD(PHQGD&RQVWLWXFLRQDOQGHGH
GH]HPEURGHXWLOL]RXVHDSUHPLVVDTXHR(VWDGRDQXDOPHQWHHIHWXDUiRUHSDVVHPtQLPR
HVWDEHOHFLGR LVWR p UHSDVVH PHQVDO QXQFD LQIHULRU HP FDGD H[HUFtFLR j PpGLD GH
FRPSURPHWLPHQWRSHUFHQWXDOGDUHFHLWDFRUUHQWHOtTXLGDQRSHUtRGRGHD
1RFDVRGHUHSDVVHPtQLPRDQXDOGHDFRUGRFRPRDFLPDFLWDGRR(VWDGRQmRTXLWDUi
R VDOGR WRWDO GH SUHFDWyULRV DWp GH GH]HPEUR GH QHVWH FDVR HVWi FRQVLGHUDQGR D
KLSyWHVH GH REWHU XPD RSHUDomR GH FUpGLWR SDUD TXLWDomR WRWDO GR VDOGR GHYHGRU FRQIRUPH
SUHYLVWRQRLQFLVR,,,GRDUWLJRGR$WRGDV'LVSRVLo}HV&RQVWLWXFLRQDLV7UDQVLWyULDV
&DEHUHVVDOWDUTXHFRPRR(VWDGRHQFRQWUDYDVHDGLPSOHQWHQDGDWDGHGHPDUoRGH
PDV KDYLD DGHULGR DR UHJLPH HVSHFLDO GH SDJDPHQWR GH SUHFDWyULRV GD (PHQGD
&RQVWLWXFLRQDO Q GH GH GH]HPEUR GH D FRQILUPDomR GD SRVVLELOLGDGH DGHVmR DR
QRYRUHJLPHGHSDJDPHQWRDJXDUGDFRQVXOWDMXUtGLFD
$GHPDLVSDUDTXLWDomRGRVYDORUHVGRH[HUFtFLRGHFRQVLGHURXVHDPDQXWHQomR
GR(VWDGRDRUHJLPHHVSHFLDOGHSDJDPHQWRGHSUHFDWyULRVGD(PHQGD&RQVWLWXFLRQDOQGH
GHGH]HPEURGH
,,, 0HWRGRORJLD
3DUDSDJDPHQWRGRVSUHFDWyULRVGRH[HUFtFLRGHFRQVLGHURXVHRYDORUGH
5 GX]HQWRV GH TXDUHQWD H GRLV PLOK}HV GX]HQWRV H YLQWH H RLWR PLO
QRYHFHQWRVHVHWHQWDHRLWRUHDLVHQRYHQWDHVHWHFHQWDYRVLQIRUPDGRSHOR7ULEXQDOGH
ϰ
$1(;2
3iJLQD
-XVWLoDDSDJDUFRQIRUPHUHJLPHHVSHFLDOHVWDEHOHFLGRQDGD(PHQGD&RQVWLWXFLRQDOQ
GH GH GH]HPEUR GH 2 YDORU QmR SDJR GR RUoDPHQWR GH IRL
LQFRUSRUDGRDRHVWRTXHGHSUHFDWyULRVSDUDRDQRGH
3DUD D SURMHomR GR SDJDPHQWR GR VDOGR GH HVWRTXH GH FRQVLGHURXVH R
UHJLPH HVSHFLDO HVWDEHOHFLGR QD (PHQGD &RQVWLWXFLRQDO Q GH GH GH]HPEUR GH
FRPRSDJDPHQWRPtQLPRHVWDEHOHFLGRGHUHSDVVHPHQVDOQXQFDLQIHULRUHPFDGD
H[HUFtFLR j PpGLD GH FRPSURPHWLPHQWR SHUFHQWXDO GD UHFHLWD FRUUHQWH OtTXLGD QR
SHUtRGRGHD
3DUDREWHURFRPSURPHWLPHQWRGHSDJDPHQWRGHSUHFDWyULRGLYLGLXVHRYDORUGR
HVWRTXHGRDQRFRPDUHFHLWDFRUUHQWHOtTXLGDGRDQR$SyVREWHURFRPSURPHWLPHQWR
GH SDJDPHQWR GH FDGD DQR GXUDQWH RV DQRV GH D HIHWXRXVH D PpGLD GRV
FRPSURPHWLPHQWRV REWHQGR DVVLP R SHUFHQWXDO PtQLPR GH FRPSURPHWLPHQWR GH
DVHUXWLOL]DGRQDSURMHomRGHSDJDPHQWRGHSUHFDWyULRV
ϱ
$1(;2
3iJLQD
4XDGUR,±&iOFXORFRPSURPHWLPHQWRPtQLPRSDUD3DJDPHQWRGH3UHFDWyULRV
5HJLPHGH3DJDPHQWR3DUFHOD$QXDO(&
(67$'2'25,2'(-$1(,52
5HFHLWD&RUUHQWH/tTXLGD%LPHVWUH 7ULEXQDO &iOFXORGH
7-5-
75)
7575-
727$/
&RPSURPHWLPHQWRGD5&/
0pGLDGRFRPSURPHQWLPHQWRGD5&/QRSHUtRGRD
&ŽŶƚĞ͗^hWͬ^&
3DUD D SUHYLVmR GH HQWUDGD GH SUHFDWyULRV DQXDO QR HVWRTXH GR (VWDGR
FRQVLGHURXVH D HQWUDGD PpGLD GH SUHFDWyULRV QR RUoDPHQWR GRV ~OWLPRV FLQFR DQRV
WRWDOL]DGR5RLWRFHQWRVPLOK}HV
ϲ
$1(;2
3iJLQD
4XDGUR,,±3ODQRGH3DJDPHQWRGH3UHFDWyULRV
W>EKW'DEdKWZdMZ/K^
,9 5LVFRV$VVRFLDGRV
2V ULVFRV QR SDJDPHQWR GH SUHFDWyULR FRQVLGHUDQGR R UHJLPH HVSHFLDO GD
(PHQGD&RQVWLWXFLRQDOQGHGHGH]HPEURGHVmRDVVDQo}HVSUHYLVWDVQR
DUWLJRGR$WRGDV'LVSRVLo}HV&RQVWLWXFLRQDLV7UDQVLWyULDVDEDL[RWUDQVFULWR
³$UW 6H RV UHFXUVRV UHIHULGRV QR DUW GHVWH $WR GDV
'LVSRVLo}HV &RQVWLWXFLRQDLV 7UDQVLWyULDV SDUD R SDJDPHQWR GH
SUHFDWyULRVQmRIRUHPWHPSHVWLYDPHQWHOLEHUDGRVQRWRGRRXHP
SDUWH
ϳ
$1(;2
3iJLQD
,,,D8QLmRUHWHUiRVUHFXUVRVUHIHUHQWHVDRVUHSDVVHVDR)XQGR
GH3DUWLFLSDomRGRV(VWDGRVHGR'LVWULWR)HGHUDOHDR)XQGRGH
3DUWLFLSDomR GRV 0XQLFtSLRV H RV GHSRVLWDUi QD FRQWD HVSHFLDO
UHIHULGD QR DUW GHVWH $WR GDV 'LVSRVLo}HV &RQVWLWXFLRQDLV
7UDQVLWyULDVSDUDXWLOL]DomRFRPRQHOHSUHYLVWR
,9RV(VWDGRVUHWHUmRRVUHSDVVHVSUHYLVWRVQRSDUiJUDIR~QLFR
GR DUW GD &RQVWLWXLomR )HGHUDO H RV GHSRVLWDUmR QD FRQWD
HVSHFLDO UHIHULGD QR DUW GHVWH $WR GDV 'LVSRVLo}HV
&RQVWLWXFLRQDLV7UDQVLWyULDVSDUDXWLOL]DomRFRPRQHOHSUHYLVWR´
ϴ