Tfin50 1 PT

7),1B
&RQWDELOLGDGH ¿QDQFHLUD ,
3DUWH GH
6$3 (53 )LQDQFLDOV
'DWD
&HQWUR GH
7UHLQDPHQWR
,QVWUXWRUHV
3iJLQD GH
7UHLQDPHQWR
0DQXDO GR SDUWLFLSDQWH
9HUVmR GR FXUVR
'XUDomR GR FXUVR GLDV
1~PHUR GR PDWHULDO
8P FXUVR 6$3 &RPSDVV XWLOL]HR FRPR IHUUDPHQWD GH DSUHQ

GL]DJHP H FRQVXOWD QR VHX WUDEDOKR
'LUHLWRV DXWRUDLV
'LUHLWRV DXWRUDLV 6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV
1HQKXPD SDUWH GHVWD SXEOLFDomR SRGH VHU UHSURGX]LGD RX WUDQVPLWLGD GH QHQKXPD IRUPD RX SDUD
QHQKXP SURSyVLWR VHP DXWRUL]DomR H[SOtFLWD GD 6$3 $* $ LQIRUPDomR DTXL FRQWLGD SRGH VHU
PRGL¿FDGD VHP DYLVR SUpYLR
$OJXQV SURGXWRV GH VRIWZDUH FRPHUFLDOL]DGRV SHOD 6$3 $* H VHXV GLVWULEXLGRUHV FRQWpP

FRPSRQHQWHV GH VRIWZDUH TXH VmR SURSULHGDGHV GH RXWURV YHQGHGRUHV
0DUFDV UHJLVWUDGDV
0LFURVRIW :,1'2:6 17 (;&(/ :RUG 3RZHU3RLQW H 64/ 6HUYHU VmR

PDUFDV UHJLVWUDGDV GD 0LFURVRIW &RUSRUDWLRQ
,%0 '% 26 '% 3DUDOOHO 6\VSOH[ 096(6$ 56 $,;
6 $6 26 DQG 26 VmR PDUFDV UHJLVWUDGDV GD ,%0 &RUSRUDWLRQ
25$&/( p PDUFD UHJLVWUDGD GD 25$&/( &RUSRUDWLRQ
,1)250,;2Q/LQH GD 6$3 H ,1)250,; '\QDPLF 6HUYHU70 VmR PDUFDV UHJLVWUDGDV GD
,QIRUPL[ 6RIWZDUH ,QFRUSRUDWHG
81,; ;2SHQ 26) H 0RWLI VmR PDUFDV UHJLVWUDGDV GR 2SHQ *URXS
&LWUL[ R &LWUL[ ORJR ,&$ 3URJUDP 1HLJKERUKRRG 0HWD)UDPH :LQ)UDPH
9LGHR)UDPH 0XOWL:LQ H RXWURV QRPHV GH SURGXWRV GD &LWUL[ DTXL UHIHUHQFLDGRV VmR
PDUFDV GD &LWUL[ 6\VWHPV ,QF
+70/ '+70/ ;0/ ;+70/ VmR PDUFDV RX PDUFDV UHJLVWUDGDV GH :& :RUOG :LGH
:HE &RQVRUWLXP 0DVVDFKXVHWWV ,QVWLWXWH RI 7HFKQRORJ\
-$9$ p PDUFD UHJLVWUDGD GD 6XQ 0LFURV\VWHPV ,QF
-$9$6&5,37 p PDUFD UHJLVWUDGD GD 6XQ 0LFURV\VWHPV ,QF XVDGD FRP OLFHQoD SDUD
WHFQRORJLDV GHVHQYROYLGDV H LPSOHPHQWDGDV SHOD 1HWVFDSH
6$3 6$3 /RJR 5 5,9$ 5 6$3 $UFKLYH/LQN 6$3 %XVLQHVV :RUNÀRZ :HE)ORZ 6$3
(DUO\:DWFK %$3, 6$33+,5( 0DQDJHPHQW &RFNSLW P\6$3FRP /RJR H P\6$3FRP
VmR PDUFDV RX PDUFDV UHJLVWUDGDV GD 6$3 $* QD $OHPDQKD H HP PXLWRV RXWURV SDtVHV
GR PXQGR 7RGRV RV RXWURV SURGXWRV PHQFLRQDGRV VmR PDUFDV RX PDUFDV UHJLVWUDGDV GDV
UHVSHFWLYDV FRPSDQKLDV
([RQHUDomR GH UHVSRQVDELOLGDGHV
(67(6 0$7(5,$,6 62 )251(&,'26 3(/$ 6$3 &20 %$6( (0 80$ 5(/$d2 $6
,6 ( $ 6$3 1(*$ (;35(66$0(17( 72'$ ( 48$/48(5 *$5$17,$ (;35(66$ 28
3(','$ ,1&/8,1'2 *$5$17,$6 6(0 /,0,7( '( &20(5&,$/,=$d2 ( $37,'2
3$5$ 80 2%-(7,92 (63(&Ë),&2 &20 5(63(,72 $ (67(6 0$7(5,$,6 ( $ 6(59,d26
,1)250$d2 7(;72 *5È),&26 /,1.6 28 287526 0$7(5,$,6 ( 352'8726
$48, ,1&/8Ë'26 (0 1(1+80 &$62 $ 6$3 32'(5È 6(5 5(63216$%,/,=$'$ 325
'$126 ',5(726 ,1',5(726 (63(&,$,6 $&,'(17$,6 &216(4h(1&,$,6 28 '(
381,d2 '( 48$/48(5 25'(0 ,1&/8,1'2 3(5'$ '( 5(1'$6 28 '( /8&526
6(0 /,0,7$d2 48( 3266$0 5(68/7$5 '2 862 '(67(6 0$7(5,$,6 28 '2
&20321(17( '( 62)7:$5( ,1&/8Ë'2
J
6REUH HVWH PDQXDO
2 REMHWLYR GHVWH PDWHULDO p FRPSOHPHQWDU D DSUHVHQWDomR GR LQVWUXWRU H VHUYLU
FRPR PDWHULDO GH UHIHUrQFLD 1mR p LQGLFDGR FRPR PDWHULDO DXWRGLGiWLFR
&RQYHQo}HV WLSRJUi¿FDV
$V VHJXLQWHV FRQYHQo}HV WLSRJUi¿FDV WDPEpP VHUmR XVDGDV QHVWH PDQXDO
(VWLOR 'HVFULomR
7H[WR GH H[HPSOR 3DODYUDV RX FDUDFWHUHV TXH DSDUHFHP QD WHOD ,QFOXHP

QRPHV GH FDPSRV WtWXORV GH WHODV ERW}HV DVVLP FRPR
QRPH FDPLQKRV H RSo}HV GH PHQX
7DPEpP XVDGR FRPR UHIHUrQFLD HP RXWUDV
GRFXPHQWDo}HV LQWHUQDV H H[WHUQDV
7H[WR GH H[HPSOR (QIDWL]D SDODYUDV RX IUDVHV QR WH[WR HP WtWXORV GH

JUi¿FRV H WDEHODV
7(;72 '( 1RPHV GH HOHPHQWRV QR VLVWHPD ,QFOXHP QRPHV

(;(03/2 GH UHSRUWV GH SURJUDPDV FyGLJRV GH WUDQVDo}HV
QRPHV GH WDEHODV H SDODYUDVFKDYH LQGLYLGXDLV GH XPD
OLQJXDJHP GH SURJUDPDomR VH DFRPSDQKDGRV GR WH[WR
SULQFLSDO FRPR SRU H[HPSOR 6(/(&7 H ,1&/8'(
7H[WR GH H[HPSOR 6DtGD HP WHOD ,QFOXL QRPHV GH ¿OHV H GLUHWyULRV H

VHXV FDPLQKRV PHQVDJHQV QRPHV GH YDULiYHLV H
GH SDUkPHWURV H SDVVDJHQV GR WH[WR IRQWH GH XP
SURJUDPD
7H[WR GH (QWUDGD H[DWD GR XVXiULR 6mR SDODYUDV H FDUDFWHUHV

H[HPSOR HQWUDGRV QR VLVWHPD H[DWDPHQWH FRPR DSDUHFHP QD
GRFXPHQWDomR
7H[WR GH (QWUDGD YDULiYHO GR XVXiULR &ROFKHWHV LQGLFDP TXH

H[HPSOR! SDODYUDV H FDUDFWHUHV SRGHP VHU VXEVWLWXtGRV SRU
HQWUDGDV DSURSULDGDV
6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV LLL

6REUH HVWH PDQXDO 7),1B
ËFRQHV QR WH[WR
2V VHJXLQWHV tFRQHV VmR XVDGRV QHVWH PDQXDO
ËFRQH 6LJQL¿FDGR
3DUD PDLRUHV LQIRUPDo}HV GLFDV RX EDFNJURXQG
2EVHUYDo}HV H PDLRUHV H[SOLFDo}HV VREUH R WySLFR

DQWHULRU
([FHo}HV RX DWHQomR
3URFHGLPHQWRV
,QGLFD TXH R LWHP HVWi LQFOXtGR QD DSUHVHQWDomR GR

LQVWUXWRU
LY 6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV

ËQGLFH
9LVmR JHUDO GR FXUVR YLL
0HWDV GR FXUVR YLL
2EMHWLYRV GR FXUVR YLL
&DStWXOR &RQ¿JXUDo}HV JOREDLV

8QLGDGHV RUJDQL]DFLRQDLV
&RQ¿JXUDo}HV EiVLFDV QD &RQWDELOLGDGH JHUDO
3ULQFtSLR GD YDULDQWH
([HUFtFLR
0RHGDV
&DStWXOR 'DGRV PHVWUH

&RQWDV GR 5D]mR
&HQWUR GH OXFUR H VHJPHQWR
&RQWDV GH UD]mR DX[LOLDU
&DStWXOR &RQWUROH GH GRFXPHQWRV

(VWUXWXUD GR GRFXPHQWR
3HUtRGRV FRQWiEHLV
$XWRUL]Do}HV GH ODQoDPHQWR
'RFXPHQWRV VLPSOHV QD &RQWDELOLGDGH ¿QDQFHLUD
&DStWXOR &RQWUROH GH ODQoDPHQWR

5HSDUWLomR GH GRFXPHQWR
9DORUHV SURSRVWRV
&RQWUROH GH PRGL¿FDomR
(VWRUQR GH GRFXPHQWR
&RQGLo}HV GH SDJDPHQWR H GHVFRQWRV
,PSRVWRV
2SHUDo}HV LQWHUHPSUHVDULDLV
,QWHJUDomR HP WHPSR UHDO
&DStWXOR &RPSHQVDomR

&RPSHQVDomR GH SDUWLGDV HP DEHUWR
(QWUDGD GH SDJDPHQWRV H SDJDPHQWRV D HIHWXDU
'LIHUHQoDV GH SDJDPHQWR
'LIHUHQoDV GH FkPELR
6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV Y

ËQGLFH 7),1B
&DStWXOR /LYUR FDL[D

&RQ¿JXUDomR GR OLYUR FDL[D
7UDQVDomR GH OLYUR FDL[D
&DStWXOR 3HUVSHFWLYD RXWURV WySLFRV

2XWURV WySLFRV QD &RQWDELOLGDGH JHUDO QRYD
$QH[R &DPLQKRV GH PHQX
$QH[R 'D FRQWDELOLGDGH JHUDO FOiVVLFD j QRYD QRYR

5D]mR
$QH[R &DPLQKRV GH PHQX QD &RQWDELOLGDGH JHUDO

FOiVVLFD
ËQGLFH
YL 6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV

9LVmR JHUDO GR
FXUVR
3~EOLFRDOYR
(VWH FXUVR IRL HODERUDGR SDUD RV VHJXLQWHV JUXSRV
&RQVXOWRUHV UHVSRQViYHLV SRU LPSOHPHQWDU D &RQWDELOLGDGH ¿QDQFHLUD FRP R
6$3 (53 )LQDQFLDOV
3UpUHTXLVLWRV GR FXUVR
&RQKHFLPHQWRV QHFHVViULRV
0RGDOLGDGH HPSUHVDULDO QD iUHD GH &RQWDELOLGDGH ¿QDQFHLUD &RQWDELOLGDGH
6$3 1DYHJDomR 6$3
7(53 6$3 (53 ,QWURGXomR
7(53 6$3 (53 ,QWURGXomR DR 6$3 1HW:HDYHU
7(53 6$3 (53 ,QWURGXomR DRV SURFHVVRV HP &RQWDELOLGDGH ¿QDQFHLUD
60 ,QWURGXomR DR 6$3 6ROXWLRQ 0DQDJHU
0HWDV GR FXUVR
(VWH FXUVR SUHSDUD R DOXQR SDUD
(IHWXDU D FRQ¿JXUDomR EiVLFD GR FRPSRQHQWH 6$3 (53 )LQDQFLDOV

&RQWDELOLGDGH JHUDO QRYD
5HDOL]DU SURFHVVRV HPSUHVDULDLV FHQWUDLV GH &RQWDELOLGDGH ¿QDQFHLUD
2EMHWLYRV GR FXUVR
1R ¿QDO GHVWH FXUVR YRFr GHYHUi HVWDU DSWR D
&ULDU XQLGDGHV RUJDQL]DFLRQDLV SDUD D &RQWDELOLGDGH ¿QDQFHLUD
$WXDOL]DU GDGRV PHVWUH
,QÀXHQFLDU D HQWUDGD GH RSHUDo}HV GH ODQoDPHQWR
$QDOLVDU H H[SOLFDU RSHUDo}HV GH ODQoDPHQWR
6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV YLL

9LVmR JHUDO GR FXUVR 7),1B
YLLL 6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV

&DStWXOR
&RQ¿JXUDo}HV JOREDLV
9LVmR JHUDO GR FDStWXOR

8QLGDGHV RUJDQL]DFLRQDLV LPSRUWDQWHV SDUD D FRQWDELOLGDGH SRU H[HPSOR
HPSUHVDV
([HUFtFLR
0RHGDV
3ULQFtSLR YDULDQWH
2EMHWLYRV GR FDStWXOR
1R ¿QDO GHVWH FDStWXOR YRFr GHYHUi HVWDU DSWR D
0DSHDU D HVWUXWXUD FRQWiELO GH VXD HPSUHVD XWLOL]DQGR XQLGDGHV
RUJDQL]DFLRQDLV GR 6$3 (53 )LQDQFLDOV
([SOLFDU R VLJQL¿FDGR GH REMHWRV RUJDQL]DFLRQDLV EiVLFRV GD FRQWDELOLGDGH
¿QDQFHLUD
&ULDU VXD SUySULD HPSUHVD H VRFLHGDGH
)D]HU XPD GHVFULomR HP OLQKDV JHUDLV GD &RQWDELOLGDGH JHUDO QRYD XVDQGR
RV WHUPRV OHGJHU H FHQiULR
'HVFUHYHU DV FRQ¿JXUDo}HV EiVLFDV IXQGDPHQWDLV QD &RQWDELOLGDGH JHUDO
QRYD
$WLYDU OHGJHUV QmR SULQFLSDLV H DVVRFLiORV D VLWXDo}HV HPSUHVDULDLV
SDUWLFXODUHV XVDQGR FHQiULRV
([SOLFDU D XWLOL]DomR H DV YDQWDJHQV GR SULQFtSLR GD YDULDQWH
([SOLFDU D QHFHVVLGDGH H D XWLOL]DomR GH XPD YDULDQWH GR H[HUFtFLR
([SOLFDU RV GLIHUHQWHV WLSRV GH YDULDQWHV GH H[HUFtFLR
'H¿QLU XPD YDULDQWH GR H[HUFtFLR GH DFRUGR FRP VXDV QHFHVVLGDGHV
$WULEXLU D YDULDQWH GR H[HUFtFLR D XPD HPSUHVD
'H¿QLU PRHGDV QR VLVWHPD 6$3 (53
([SOLFDU R VLJQL¿FDGR GH GLIHUHQWHV FDWHJRULDV GH WD[DV GH FkPELR
$WXDOL]DU WD[DV GH FkPELR
8WLOL]DU DV GLYHUVDV IHUUDPHQWDV GH DWXDOL]DomR GDV WD[DV GH FkPELR
6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV

&DStWXOR &RQ¿JXUDo}HV JOREDLV 7),1B
([SOLFDU DV RSo}HV GH DWXDOL]DomR GDV WD[DV GH FkPELR
&RQWH~GR GR FDStWXOR
/LomR 8QLGDGHV RUJDQL]DFLRQDLV
([HUFtFLR 8QLGDGHV RUJDQL]DFLRQDLV
/LomR &RQ¿JXUDo}HV EiVLFDV QD &RQWDELOLGDGH JHUDO
([HUFtFLR &RQ¿JXUDomR GR QRYR 5D]mR
/LomR 3ULQFtSLR GD YDULDQWH
/LomR ([HUFtFLR
([HUFtFLR 2 H[HUFtFLR
/LomR 0RHGDV
([HUFtFLR 0RHGDV

7),1B /LomR 8QLGDGHV RUJDQL]DFLRQDLV
/LomR 8QLGDGHV RUJDQL]DFLRQDLV
9LVmR JHUDO GD OLomR

5HÀHWLU DV XQLGDGHV RUJDQL]DFLRQDLV QD &RQWDELOLGDGH FRP R 6$3 (53
([SOLFDU RV WHUPRV PDQGDQWH HPSUHVD FHQWUR GH OXFUR VHJPHQWR VRFLHGDGH
H GLYLVmR
&ULDU HPSUHVDV
&RSLDU HPSUHVDV
(IHWXDU FRQ¿JXUDo}HV HVSHFt¿FDV GH SDtV
2EMHWLYRV GD OLomR
1R ¿QDO GHVWD OLomR YRFr GHYHUi HVWDU DSWR D
¿QDQFHLUD
&HQiULR GH QHJyFLRV
$ FRPSDQKLD GH VHX FOLHQWH p XPD FRUSRUDomR PpGLD VHGLDGD QHVWH SDtV $
FRUSRUDomR WHP XPD ~QLFD HQWLGDGH OHJDO
)LJXUD 8QLGDGHV RUJDQL]DFLRQDLV QR 6$3 (53 )LQDQFLDOV

2 PDQGDQWH p R QtYHO PDLV HOHYDGR QD KLHUDUTXLD GR VLVWHPD 6$3 (53 $V

HVSHFL¿FDo}HV RX RV GDGRV YiOLGRV SDUD WRGDV DV XQLGDGHV RUJDQL]DFLRQDLV HP
WRGDV DV DSOLFDo}HV GR 6$3 (53 FRPR WD[DV GH FkPELR VmR LQVHULGRV QR QtYHO
GR PDQGDQWH ,VVR HOLPLQD D QHFHVVLGDGH GH LQVHULU HVVDV LQIRUPDo}HV PDLV
GH XPD YH] &DGD PDQGDQWH p XPD XQLGDGH WHFQLFDPHQWH LQGHSHQGHQWH FRP
UHJLVWURV PHVWUH VHSDUDGRV H XP FRQMXQWR FRPSOHWR GH WDEHODV H GDGRV (P
WHUPRV HPSUHVDULDLV R QtYHO GH PDQGDQWH FRUUHVSRQGH PXLWDV YH]HV DR JUXSR
GH HPSUHVDV RX JUXSR GH HPSUHVDV D¿OLDGDV 2V XVXiULRV SUHFLVDP LQVHULU XPD
FKDYH GH PDQGDQWH H WHU XP UHJLVWUR PHVWUH GH XVXiULR QR PDQGDQWH SDUD SRGHU
ID]HU ORJRQ QR VLVWHPD
$ XQLGDGH RUJDQL]DFLRQDO PDLV LPSRUWDQWH GD FRQWDELOLGDGH ¿QDQFHLUD p D HPSUHVD
$ HPSUHVD UHSUHVHQWD XPD HQWLGDGH FRQWiELO OHJDOFRP EDODQoR LQGHSHQGHQWH
8P H[HPSOR VHULD XPD HPSUHVD FRP FRQWDV LQGHSHQGHQWHV HP XP JUXSR GH
HPSUHVDV %DODQoRV H GHPRQVWUDo}HV GH UHVXOWDGRV H[LJLGRV SRU OHL SRGHP VHU
FULDGRV QR QtYHO GD HPSUHVD 3RUWDQWR D HPSUHVD p D HVWUXWXUD PtQLPD QHFHVViULD
QR 6$3 (53 )LQDQFLDOV (P QHJyFLRV LQWHUQDFLRQDLV DV RSHUDo}HV VmR FRP
IUHTXrQFLD HVSDOKDGDV SRU QXPHURVRV SDtVHV &RPR D PDLRULD GDV DXWRULGDGHV
JRYHUQDPHQWDLV H ¿VFDLV H[LJH R UHJLVWUR GH XPD HQWLGDGH OHJDO SDUD FDGD HPSUHVD
HP JHUDO p FULDGD XPD HPSUHVD VHSDUDGD SRU SDtV
7RGD RUJDQL]DomR SDUD D TXDO GHYHP VHU FULDGRV XP EDODQoR ¿QDQFHLUR H XPD
GHPRQVWUDomR GH UHVXOWDGRV GHYH VHU DUPD]HQDGD FRPR HPSUHVD QR VLVWHPD GD
6$3

)LJXUD &ULDomR GH XPD HPSUHVD
'LFD 2 ,0* VXJHUH D VHJXLQWH VHTXrQFLD

&RSLDU HOLPLQDU YHUL¿FDU HPSUHVD
3URFHVVDU GDGRV GD HPSUHVD
&RSLDU XPD HPSUHVD H[LVWHQWH ,VWR WHP D YDQWDJHP GH FRSLDU WDPEpP
RV SDUkPHWURV HVSHFt¿FRV GD HPSUHVD H[LVWHQWH 'HSRLV GH IHLWD D FySLD
SRGHVH SURFHVVDU GDGRV QD QRYD HPSUHVD
9RFr WHP GH VHOHFLRQDU XP FyGLJR DOIDQXPpULFR GH TXDWUR FDUDFWHUHV
FRPR R FyGLJR GD HPSUHVD (VWH FyGLJR LGHQWL¿FD D HPSUHVD H GHYH VHU
HQWUDGR SRVWHULRUPHQWH SRU H[HPSOR DR ODQoDU WUDQVDo}HV FRQWiEHLV RX
DR FULDU GDGRV PHVWUH HVSHFt¿FRV GD HPSUHVD
'LFD $ XWLOL]DomR GD IXQomR GH FySLD p RSFLRQDO 7DPEpP p SRVVtYHO

GH¿QLU D HPSUHVD H H[HFXWDU VXD SUySULD FRQ¿JXUDomR VHP XWLOL]DU XPD
HPSUHVD GH UHIHUrQFLD

)LJXUD (PSUHVD
2V REMHWRV QD DWLYLGDGH 3URFHVVDU GDGRV GD HPSUHVD LQFOXHP

2V GDGRV GH HQGHUHoR VmR QHFHVViULRV SDUD FRUUHVSRQGrQFLD H UHJLVWUDGRV
QRV UHODWyULRV GH DQiOLVH
e QHFHVViULR GH¿QLU XPD PRHGD SDUD FDGD HPSUHVD $V FRQWDV VmR
DGPLQLVWUDGDV QD PRHGD GD HPSUHVD 7RGDV DV RXWUDV PRHGDV VmR
FRQVLGHUDGDV FRPR HVWUDQJHLUDV 2 VLVWHPD FRQYHUWH RV PRQWDQWHV ODQoDGRV
HP PRHGD HVWUDQJHLUD SDUD D PRHGD GD HPSUHVD $ PRHGD GH¿QLGD QD
HPSUHVD p FRQKHFLGD QR 6$3 (53 )LQDQFLDOV FRPR PRHGD LQWHUQD
e QHFHVViULR LQVHULU XP FyGLJR GH LGLRPD SDUD TXH R VLVWHPD SRVVD FULDU
WH[WRV DXWRPDWLFDPHQWH QR LGLRPD FRUUHWR SRU H[HPSOR QD HPLVVmR GH
FKHTXHV
2 FyGLJR GR SDtV LQGLFD TXDO GHYH VHU FRQVLGHUDGR R SDtV IRUQHFHGRU 2
VLVWHPD FRQVLGHUD WRGRV RV GHPDLV FRPR HVWUDQJHLURV ,VWR p LPSRUWDQWH
SDUD WUDQVDo}HV FRQWiEHLV RX GH SDJDPHQWR XPD YH] TXH VmR QHFHVViULRV
IRUPXOiULRV GLIHUHQWHV SDUD RSHUDo}HV GH SDJDPHQWRV HVWUDQJHLUDV 2 VLVWHPD
WDPEpP VXSRUWD GLIHUHQWHV IRUPDWRV GH HQGHUHoR SDUD FRUUHVSRQGrQFLD
HVWUDQJHLUD
4XDQGR YRFr GH¿QH XPD GLYLVmR Vy WHP GH LQVHULU XP FyGLJR DOIDQXPpULFR
GH TXDWUR FDUDFWHUHV H XPD GHVFULomR EUHYH 6HJPHQWRV WrP GH] FDUDFWHUHV
VRFLHGDGHV WrP VHLV FDUDFWHUHV QXPpULFRV RX DOIDQXPpULFRV

)LJXUD 0RGHORV GR SDtV
1R VLVWHPD VWDQGDUG GR 6$3 (53 D HPSUHVD p XP PRGHOR SDUD XPD

HPSUHVD JHUDO FRP SODQR GH FRQWDV LQWHUQDFLRQDO ,17 H VHP HVSHFL¿FDo}HV
HVSHFLDLV SDUD R SDtV
6H YRFr QHFHVVLWDU GH XPD HPSUHVD SDUD XP SDtV FRP XP PRGHOR GR SDtV SRGH
XWLOL]DU R SURJUDPD GH LQVWDODomR GH SDtV SDUD FRSLDU DV WDEHODV HVSHFt¿FDV GH
SDtV D SDUWLU GR PRGHOR GR SDtV SDUD D HPSUHVD $ HPSUHVD ¿FD HQWmR
FRQ¿JXUDGD SDUD R SDtV FRUUHVSRQGHQWH 'HYHVH HQWmR FRSLDU HVVD HPSUHVD SDUD
VXD QRYD HPSUHVD 3RGHVH HQWmR LQLFLDU QRYDPHQWH R SURJUDPD GH LQVWDODomR GH
SDtV SDUD FULDU XP PRGHOR SDUD RXWUR SDtV H DVVLP SRU GLDQWH
'LFD 2 SURJUDPD GH LQVWDODomR GH SDtV QmR FULD DSHQDV XP PRGHOR

GH HPSUHVD HVSHFt¿FR GR SDtV PDV WDPEpP XP PRGHOR HVSHFt¿FR GR
SDtV SDUD iUHDV GH FRQWDELOLGDGH GH FXVWRV FHQWURV RUJDQL]Do}HV GH
FRPSUDV RUJDQL]Do}HV GH YHQGDV iUHDV GH FRQWUROH GH FUpGLWRV iUHDV GH
DGPLQLVWUDomR ¿QDQFHLUD HWF
$WHQomR 1mR VH HVTXHoD GH FRSLDU R PRGHOR GR SDtV DQWHV GH FRQWLQXDU

$ HPSUHVD QmR GHYH VHU XWLOL]DGD FRPR D HPSUHVD SURGXWLYD
SRUTXH R SURJUDPD GH YHUVmR ORFDOL]DGD VHPSUH D XWLOL]D FRPR D HPSUHVD
GHVWLQDWiULD
$OpP GLVVR R SURJUDPD GH LQVWDODomR GH SDtV GHYH VHU H[HFXWDGR DSHQDV
HP XPD LQVWDODomR LQLFLDO GR 6$3 (53 H QmR HP XPD LQVWDODomR GH
XSJUDGH ,VWR SRUTXH D HVWUXWXUD GR &XVWRPL]LQJ HVSHFt¿FR GH SDtV SRGH
WHU VLGR DOWHUDGD GH XPD YHUVmR GR 6$3 (53 SDUD RXWUD

$OpP GD HPSUHVD H[LVWHP RXWUDV XQLGDGHV RUJDQL]DFLRQDLV LPSRUWDQWHV QD

&RQWDELOLGDGH ¿QDQFHLUD (ODV DR FRQWUiULR GD HPSUHVD SRUpP VmR HOHPHQWRV
RSFLRQDLV
$TXL RV UHTXLVLWRV OHJDLV RX DV QHFHVVLGDGHV GH FRQWDELOLGDGH LQWHUQDV H[HUFHP
XP SDSHO GHFLVLYR QR VHJXLQWH
3DUD TXDLV iUHDVVHJPHQWRV GD HPSUHVD p SRVVtYHO HODERUDU UHODWyULRV
VHSDUDGDPHQWH
3DUD TXDLV FDPSRV GH iUHD GH DWLYLGDGHUHVSRQVDELOLGDGH p SRVVtYHO FULDU XP
EDODQoR ¿QDQFHLUR RX GHPRQVWUDomR GH UHVXOWDGRV
([LVWHP PXLWDV RXWUDV XQLGDGHV RUJDQL]DFLRQDLV TXH SRGHP VHU XVDGDV SDUD
HVVDV QHFHVVLGDGHV GH HPLVVmR GH GHPRQVWUDo}HV ¿QDQFHLUDV $V VXDV HVFROKDV
GHSHQGHP GH IDWRUHV EDVWDQWH GLYHUVRV 8PD GHODV p R KLVWyULFR LVWR p TXDLV
HOHPHQWRV IRUDP XWLOL]DGRV FRP IUHTXrQFLD QR SDVVDGR

2XWUDV XQLGDGHV RUJDQL]DFLRQDLV LPSRUWDQWHV QD &RQWDELOLGDGH ¿QDQFHLUD

'LYLVmR $V GLYLV}HV UHSUHVHQWDP iUHDV GH RSHUDomR VHSDUDGDV GHQWUR GH
XPD RUJDQL]DomR H SRGHP VHU XVDGDV SRU WRGD D HPSUHVD 6mR HQWLGDGHV FRP
EDODQoR TXH SRGHP FULDU VHX SUySULR FRQMXQWR GH EDODQoRV H GHPRQVWUDo}HV
GH UHVXOWDGRV SDUD ¿QV LQWHUQRV RX H[WHUQRV 3RUWDQWR p SRVVtYHO JUDYDU H
DQDOLVDU PRYLPHQWDo}HV QR SHUtRGR SDUD FDGD GLYLVmR
([HPSOR GH FDPSRV GH GLYLVmRHQWLGDGH HFRQ{PLFD SULQFLSDO WUHLQDPHQWR
FRQVXOWRULD H GHVHQYROYLPHQWR GH VRIWZDUH
&HQWUR GH OXFUR 2 IDWXUDPHQWR GR FHQWUR GH OXFUR p XP WHUP{PHWUR
GR r[LWR GH iUHDV LQGLYLGXDLV LQGHSHQGHQWHV GD HPSUHVD (VVDV iUHDV VmR
UHVSRQViYHLV SRU FXVWRV H UHFHLWDV 2 REMHWLYR GD IDWXUD GR FHQWUR GH OXFUR p
SURSRUFLRQDU XPD DQiOLVH LQWHUQD GRV OXFURV 'H XP SRQWR GH YLVWD FRQWiELO
GHYHVH GHWHUPLQDU VH p QHFHVViULR FULDU DSHQDV XPD GHPRQVWUDomR GH
UHVXOWDGRV QR QtYHO GR FHQWUR GH OXFUR HVWUXWXUD KLHUiUTXLFD GH GRFXPHQWRV
LQDWLYD RX VH WDPEpP GHYH VHU FULDGR XP EDODQoR ¿QDQFHLUR HVWUXWXUD
KLHUiUTXLFD GH UHVXOWDGRV DWLYD
([HPSOR iUHD GH VDOD GH WUHLQDPHQWR iUHD GH WUHLQDPHQWR HVSHFt¿FR DR
FOLHQWH iUHD DGPLQLVWUDWLYD GH WUHLQDPHQWRV
6HJPHQWR 'H DFRUGR FRP RV SULQFtSLRV FRQWiEHLV LQWHUQDFLRQDLV ,)56
H 6)$6 DV HPSUHVDV HVWmR REULJDGDV D IRUQHFHU LQIRUPDo}HV HP
VHXV UHODWyULRV VREUH RV UHVXOWDGRV ¿QDQFHLURV GRV VHJPHQWRV HPSUHVDULDLV
VHJPHQWRV RSHUDFLRQDLV ,VVR p HIHWXDGR SRU PHLR GD ³DERUGDJHP
DGPLQLVWUDWLYD´ TXH H[LJH TXH DV LQIRUPDo}HV GRV VHJPHQWRV QRV UHODWyULRV
LQWHUQRV VH HVWUXWXUHP GD PHVPD PDQHLUD FRP TXH WDLV LQIRUPDo}HV VmR
XWLOL]DGDV SDUD WRPDU GHFLV}HV VREUH D DORFDomR GH UHFXUVRV QRV VHJPHQWRV H
DYDOLDU R GHVHPSHQKR
([HPSOR GH FDPSRV VHJPHQWRHQWLGDGH HFRQ{PLFD SULQFLSDO WUHLQDPHQWR
FRQVXOWRULD H GHVHQYROYLPHQWR GH VRIWZDUH
6RFLHGDGH $V VRFLHGDGHV VmR XWLOL]DGDV FRPR EDVH SDUD DV IXQo}HV GH
FRQVROLGDomR GD FRQWDELOLGDGH ¿QDQFHLUD QR VLVWHPD GD 6$3 8PD VRFLHGDGH
SRGH FRQWHU XPD RX PDLV HPSUHVDV 2 XVR GHVWDV ID] SDUWH GRV SUHSDUDWLYRV
SDUD D FRQVROLGDomR
8PD VRFLHGDGH PDWUL] DORFD R Q~PHUR GH VRFLHGDGH D XPD VXEVLGLiULD
XPD VHJXQGD VXEVLGLiULD UHFHEH R Q~PHUR 3HOD HVSHFL¿FDomR GHVVH
Q~PHUR GH LGHQWL¿FDomR QR SURFHVVDPHQWR HPSUHVDULDO DV UHODo}HV GHQWUR GR
JUXSR SRGHP VHU PDSHDGDV H H[LELGDV HOLPLQDomR GH YHQGDV &,
ÈUHD IXQFLRQDO 1D FRQWDELOLGDGH GH FXVWRV GH YHQGDV RV FXVWRV
RSHUDFLRQDLV VmR RUGHQDGRV GH DFRUGR FRP D IXQomR DGPLQLVWUDWLYD YHQGDV
HWF

2 XVR GH GLYLV}HV FHQWURV GH OXFUR VHJPHQWRV VRFLHGDGHV H iUHDV IXQFLRQDLV YLVD

D DWHQGHU jV QHFHVVLGDGHV GH FRQWDELOLGDGH LQWHUQD H H[WHUQD GRV FOLHQWHV $R
FRQWUiULR GDV HPSUHVDV R XVR GHVWHV REMHWRV p RSFLRQDO
$V TXHVW}HV PDLV LPSRUWDQWHV SDUD D VHOHomR GRV REMHWRV RUJDQL]DFLRQDLV XWLOL]DGRV
QD FRQWDELOLGDGH VmR
4XDO p R SULQFtSLR FRQWiELO PDLV LPSRUWDQWH HP PHX HPSUHHQGLPHQWR RX
JUXSR GH HPSUHVDV"
6HJXQGR TXDLV SULQFtSLRV FRQWiEHLV DV FLIUDV VmR UHSRUWDGDV
LQWHUQDH[WHUQDPHQWH HP PLQKD VRFLHGDGH"
0LQKD VRFLHGDGH HVWUXWXUD VXD GHPRQVWUDomR GH UHVXOWDGRV GH DFRUGR FRP RV
FXVWRV WRWDLV RX FRP D FRQWDELOLGDGH GH FXVWRV GH YHQGDV"
0LQKD VRFLHGDGH HVWi REULJDGD SRU OHL D HPLWLU UHODWyULRV SRU VHJPHQWR"
0LQKD VRFLHGDGH SUHFLVD HPLWLU GHPRQVWUDWLYRV ¿QDQFHLURV FRQVROLGDGRV"
$V UHVSRVWDV D HVWDV SHUJXQWDV FRQVWLWXHP D EDVH SDUD VH WRPDU D GHFLVmR DFHUFD
GH TXDLV REMHWRV RUJDQL]DFLRQDLV XVDU H GH¿QLU VHQGR WRPDGDV FRPR PRGHOR SHOD
FRQWDELOLGDGH ¿QDQFHLUD
)LJXUD 1RUPDV FRQWiEHLV LQWHUQDFLRQDLV
2 FOLHQWH TXH GHVHMDU IRUPXODU GHPRQVWUDWLYRV ¿QDQFHLURV SRU GLYLVmR FHQWUR GH

OXFUR RX VHJPHQWR GHYH DWLYDU D HVWUXWXUD KLHUiUTXLFD GH GRFXPHQWRV

$WHQomR 2 FHQiULR VWDQGDUG GD 6$3 1RWD 6$3 GHULYD

RV VHJPHQWRV GR FHQWUR GH OXFUR DERUGDJHP DGPLQLVWUDWLYD XVR GH
VHJPHQWRV SDUD UHSRUWLQJ H[WHUQR GH DFRUGR FRP DV REULJDo}HV OHJDLV
H XVR GH FRQWDELOLGDGH GH FHQWUR GH OXFUR QD FRQWDELOLGDGH JHUDO QRYD
SDUD FRQWUROH LQWHUQR
ÈUHD GH FRQWDELOLGDGH GH FXVWRV
)LJXUD ÈUHD GH FRQWDELOLGDGH GH FXVWRV
$ iUHD GH FRQWDELOLGDGH GH FXVWRV p R HOHPHQWR RUJDQL]DFLRQDO PDLV LPSRUWDQWH

QR &RQWUROOLQJ 8PD iUHD GH FRQWDELOLGDGH GH FXVWRV LGHQWL¿FD XPD HVWUXWXUD
RUJDQL]DFLRQDO LQGHSHQGHQWH RQGH RV FXVWRV H UHFHLWDV SRGHP VHU DGPLQLVWUDGRV H
DORFDGRV (OD UHSUHVHQWD XPD XQLGDGH GH FRQWDELOLGDGH GH FXVWRV VHSDUDGD
e SRVVtYHO DWULEXLU PDLV GH XPD HPSUHVD D XPD iUHD GH FRQWDELOLGDGH GH FXVWRV
,VVR SHUPLWH D FRQWDELOLGDGH GH FXVWRV LQWHUHPSUHVDULDLV HQWUH DV HPSUHVDV
DWULEXtGDV
&RQWXGR D DWULEXLomR GH PDLV GH XPD HPSUHVD j PHVPD iUHD GH FRQWDELOLGDGH GH
FXVWRV VHUi SRVVtYHO DSHQDV VH WRGDV DV HPSUHVDV DWULEXtGDV XWLOL]DUHP R PHVPR
SODQR GH FRQWDV RSHUDFLRQDO H WLYHUHP D PHVPD YDULDQWH GH H[HUFtFLR ¿VFDO
1RUPDOPHQWH DV iUHDV GH FRQWDELOLGDGH GH FXVWRV VmR FRQ¿JXUDGDV SRU
HPSUHJDGRV GR &RQWUROOLQJ 7RGDYLD FRPR H[LVWHP UHODo}HV LPSRUWDQWHV HQWUH D
FRQWDELOLGDGH ¿QDQFHLUD H JHUHQFLDO WDPEpP YHUHPRV HVVD iUHD FRPR XP WRGR


([HUFtFLR 8QLGDGHV RUJDQL]DFLRQDLV

2EMHWLYR GRV H[HUFtFLRV
1R ¿QDO GHVWH H[HUFtFLR GHYHUi HVWDU DSWR D
&ULDU XPD HPSUHVD
&ULDU XP Q~PHUR GH VRFLHGDGH
&HQiULR GH QHJyFLRV
$ VRFLHGDGH GH VHX FOLHQWH ID] SDUWH GH XP JUXSR $ VHGH ORFDOL]DVH QR SDtV HP
TXH R FXUVR HVWi DFRQWHFHQGR
7DUHID
&ULH XPD HPSUHVD *5 TXH UHSUHVHQWH D VRFLHGDGH GH VHX PDQGDQWH 1R ¿QDO GR
FXUVR HVWDUi WUDEDOKDQGR QHVWD HPSUHVD
'HL[H D PRHGD GD HPSUHVD FRPR (85 D PHQRV TXH UHFHED RULHQWDo}HV HP
FRQWUiULR GH VHX LQVWUXWRU
$ HPSUHVD Mi FRQWpP WRGDV DV FRQ¿JXUDo}HV H GDGRV QHFHVViULRV
&RSLH D HPSUHVD SDUD VXD QRYD HPSUHVD *5
&RSLH WDPEpP DV FRQWDV GR 5D]mR QHVWH PRPHQWR
0RGL¿TXH D GH¿QLomR GH VXD HPSUHVD *5
1RPH GD HPSUHVD *UXSR

3DtV 3DtV GR FXUVR
0RHGD 0RHGD LQWHUQD (85
,GLRPD ,GLRPD ORFDO
9RFr SRGH SUHHQFKHU RV RXWURV FDPSRV SDUD DWHQGHU D VXDV QHFHVVLGDGHV
7DUHID
6XD VRFLHGDGH ID] SDUWH GH XP JUXSR H p LGHQWL¿FDGD SRU XP Q~PHUR *( p R
Q~PHUR GH VRFLHGDGH GH VXD HPSUHVD QR JUXSR 2 JUXSR QRUPDOPHQWH DORFD
HVVH Q~PHUR
&ULH R Q~PHUR GH VRFLHGDGH *( SDUD VXD HPSUHVDVRFLHGDGH
&RQWLQXD QD SUy[LPD SiJLQD

7DUHID
$ VHJXLU YHUL¿TXH DV FRQ¿JXUDo}HV JOREDLV GH VXD HPSUHVD *5 HP SDUWLFXODU
D FRQ¿JXUDomR GH EDODQoR ¿QDQFHLUR SRU GLYLVmR $WULEXD R QRYR Q~PHUR GH
VRFLHGDGH j VXD HPSUHVD
([LED RV SDUkPHWURV JOREDLV GH VXD HPSUHVD $WULEXD R Q~PHUR GH VRFLHGDGH
*( j VXD HPSUHVD *5
(P VHJXLGD REVHUYH D FRQ¿JXUDomR %DODQoRV GH GLYLVmR QRV SDUkPHWURV
JOREDLV GH VXD HPSUHVD 8VH D IXQomR GH DMXGD ) FRPR DX[tOLR j VXD
FRPSUHHQVmR
7DUHID
9HUGDGHLUR RX IDOVR"
9RFr SRGH DWULEXLU GLUHWDPHQWH XPD GLYLVmR D XPD HPSUHVD

,QGLTXH VH HVWD D¿UPDomR p YHUDGHLUD RX IDOVD
Ƒ 9HUGDGHLUR
Ƒ )DOVR
7DUHID
$WULEXD VXD QRYD HPSUHVD *5 j iUHD GH FRQWDELOLGDGH GH FXVWRV
$ iUHD GH FRQWDELOLGDGH GH FXVWRV Mi HVWi SUHVHQWH HP VXD HPSUHVD
VHQGR QHFHVViULD DSHQDV D DWULEXLomR GH VXD QRYD HPSUHVD *5

6ROXomR 8QLGDGHV RUJDQL]DFLRQDLV

7DUHID
&ULH XPD HPSUHVD *5 TXH UHSUHVHQWH D VRFLHGDGH GH VHX PDQGDQWH 1R ¿QDO GR
FXUVR HVWDUi WUDEDOKDQGR QHVWD HPSUHVD
'HL[H D PRHGD GD HPSUHVD FRPR (85 D PHQRV TXH UHFHED RULHQWDo}HV HP
FRQWUiULR GH VHX LQVWUXWRU
$ HPSUHVD Mi FRQWpP WRGDV DV FRQ¿JXUDo}HV H GDGRV QHFHVViULRV
&RSLH D HPSUHVD SDUD VXD QRYD HPSUHVD *5
&RSLH WDPEpP DV FRQWDV GR 5D]mR QHVWH PRPHQWR
D 3DUD QDYHJDU DWp R *XLD GH ,PSOHPHQWDomR ,0* ± FDPLQKR GH PHQX
GR ,0*
)HUUDPHQWDV ĺ &XVWRPL]LQJ ĺ ,0* ĺ 3URFHVVDPHQWR GH SURMHWR
6HOHFLRQH ,0* GH UHIHUrQFLD 6$3 ERWmR QD EDUUD GH IHUUDPHQWDV GD
DSOLFDomR
)HUUDPHQWDV ĺ &XVWRPL]LQJ ĺ ,0* ĺ 3URFHVVDPHQWR GH SURMHWR
6HOHFLRQH ,0* GH UHIHUrQFLD 6$3
&yGLJR GH WUDQVDomR ,0* 6352
&RSLDU HPSUHVD
,0* (VWUXWXUD GR HPSUHHQGLPHQWR ĺ 'H¿QLomR ĺ &RQWDELOLGDGH
¿QDQFHLUD ĺ 3URFHVVDU FRSLDU HOLPLQDU YHUL¿FDU HPSUHVD ĺ &RSLDU
HOLPLQDU YHUL¿FDU HPSUHVD
0HQX 2EMHWR RUJDQL]DFLRQDO ĺ &RSLDU REMHWR RUJ RX VHOHFLRQH R
ERWmR ³&RSLDU REMHWR RUJ´
1RPH GR FDPSR RX WLSR GH GDGRV 9DORUHV

'D HPSUHVD
3DUD D HPSUHVD *5
6HOHFLRQH ³(QWHU´

3UHWHQGH FRSLDU RV GDGRV GD 6LP
HPSUHVD GDV FRQWDV GR 5D]mR
WDPEpP"

3UHWHQGH DWULEXLU XPD RXWUD PRHGD 1mR

LQWHUQD j HPSUHVD GH GHVWLQR"
&RQ¿UPH D FDL[D GH GLiORJR ,QIRUPDomR DOJXQV GDGRV QmR IRUDP

FRSLDGRV YHU WH[WR GHVFULWLYR SUHVVLRQDQGR (QWHU
&RQ¿UPDU RXWUDV PHQVDJHQV GH DGYHUWrQFLD SUHVVLRQDQGR (QWHU H
FRQWLQXDU FRSLDQGR
0RGL¿TXH D GH¿QLomR GH VXD HPSUHVD *5

3DtV 3DtV GR FXUVR
,GLRPD ,GLRPD ORFDO
9RFr SRGH SUHHQFKHU RV RXWURV FDPSRV SDUD DWHQGHU D VXDV QHFHVVLGDGHV

D 6HOHFLRQH D VHWD YHUGH SDUD UHWRUQDU j FDL[D GH GLiORJR H PDUTXH
3URFHVVDU GDGRV GD HPSUHVD RX VLJD R FDPLQKR GH PHQX VHJXLQWH
0RGL¿TXH D GH¿QLomR GH VXD HPSUHVD
,0* (VWUXWXUD GR HPSUHHQGLPHQWR ĺ 'H¿QLomR ĺ &RQWDELOLGDGH
¿QDQFHLUD ĺ 3URFHVVDU FRSLDU HOLPLQDU YHUL¿FDU HPSUHVD ĺ
3URFHVVDU GDGRV GD HPSUHVD FOLTXH GXDV YH]HV
0DUFDU *5

&LGDGH 4XDOTXHU ORFDO
3DtV 3DtV GR FXUVR
,GLRPD ,GLRPD ORFDO
6HOHFLRQH *UDYDU
2EVHUYDomR 3DUDEpQV 6XD HPSUHVD DFDED GH VHU FULDGD

7DUHID
6XD VRFLHGDGH ID] SDUWH GH XP JUXSR H p LGHQWL¿FDGD SRU XP Q~PHUR *( p R
Q~PHUR GH VRFLHGDGH GH VXD HPSUHVD QR JUXSR 2 JUXSR QRUPDOPHQWH DORFD
HVVH Q~PHUR
&ULH R Q~PHUR GH VRFLHGDGH *( SDUD VXD HPSUHVDVRFLHGDGH
D ,0* (VWUXWXUD GR (PSUHHQGLPHQWR ĺ 'H¿QLomR ĺ &RQWDELOLGDGH
¿QDQFHLUD ĺ 'H¿QLU VRFLHGDGH
6HOHFLRQH ³(QWUDGDV QRYDV´ QD EDUUD GH IHUUDPHQWDV GD DSOLFDomR
,QVLUD RV VHJXLQWHV YDORUHV

6RFLHGDGH *(
1RPH GD VRFLHGDGH *UXSR GH VRFLHGDGHV
(1'(5(d2 6HOHFLRQDGR SHOR DOXQR
3DtV 3DtV GR FXUVR

0RHGD 0HVPD PRHGD GD HPSUHVD
(85
*UDYH VXDV HQWUDGDV VHOHFLRQDQGR R ERWmR ³*UDYDU´

7DUHID
$ VHJXLU YHUL¿TXH DV FRQ¿JXUDo}HV JOREDLV GH VXD HPSUHVD *5 HP SDUWLFXODU
D FRQ¿JXUDomR GH EDODQoR ¿QDQFHLUR SRU GLYLVmR $WULEXD R QRYR Q~PHUR GH
VRFLHGDGH j VXD HPSUHVD
([LED RV SDUkPHWURV JOREDLV GH VXD HPSUHVD $WULEXD R Q~PHUR GH VRFLHGDGH
*( j VXD HPSUHVD *5
D 6HOHFLRQH
,0* ,0* &RQWDELOLGDGH ¿QDQFHLUD QY ĺ &RQ¿JXUDo}HV JOREDLV
FRQWDELOLGDGH ¿QDQFHLUD QRYR ĺ 3DUkPHWURV JOREDLV SDUD D HPSUHVD
ĺ 9HUL¿FDU H FRPSOHWDU SDUkPHWURV JOREDLV
0DUTXH VXD HPSUHVD SRVLFLRQDQGR R FXUVRU VREUH HOD
&OLFDQGR GXDV YH]HV D VtQWHVH GRV GDGRV JOREDLV GH VXD HPSUHVD p
H[LELGD
2 FDPSR ³6RFLHGDGH´ DSDUHFH QD iUHD GH WHOD ³2UJDQL]DomR FRQWiELO´

6RFLHGDGH *(
*UDYH VXDV HQWUDGDV VHOHFLRQDQGR R ERWmR ³*UDYDU´ 3HUPDQHoD QD

PHVPD WHOD
(P VHJXLGD REVHUYH D FRQ¿JXUDomR %DODQoRV GH GLYLVmR QRV SDUkPHWURV
JOREDLV GH VXD HPSUHVD 8VH D IXQomR GH DMXGD ) FRPR DX[tOLR j VXD
FRPSUHHQVmR
D 1R ODGR GLUHLWR GD iUHD GH WHOD ³3DUkPHWURV GH SURFHVVDPHQWR´
HQFRQWUDVH R FDPSR ³%DODQoRV ¿QDQFHLURV SRU GLYLVmR´ &OLTXH QR
ERWmR GLDQWH GR WH[WR 'HSRLV SUHVVLRQH ) 8PD H[SOLFDomR GD IXQomR
GHVVH ERWmR p H[LELGD
2EVHUYDomR %DODQoRV GH GLYLVmR
8VR 'H¿QLGR R LQGLFDGRU R FDPSR 'LYLVmR ¿FD VHPSUH
GLVSRQtYHO SDUD HQWUDGD GXUDQWH R ODQoDPHQWR GH GRFXPHQWRV D
GHVSHLWR GRV FRQWUROHV GH FDPSR UHODWLYRV D FKDYHV H FRQWDV
'H¿QLU HVVH LQGLFDGRU SURGX] D REULJDWRULHGDGH GH HQWUDGDV QRV
FRPSRQHQWHV &RQWUROOLQJ $GPLQLVWUDomR GH PDWHULDLV 00
H 9HQGDV H GLVWULEXLomR 6'

7DUHID
9RFr SRGH DWULEXLU GLUHWDPHQWH XPD GLYLVmR D XPD HPSUHVD
5HVSRVWD )DOVR
$V GLYLV}HV QmR VmR DWULEXtGDV GLUHWDPHQWH D HPSUHVDV ,VVR WDPEpP SHUPLWH
DQDOLVDU PRYLPHQWDo}HV QR SHUtRGR HP FDGD GLYLVmR SDUD DOpP GDV IURQWHLUDV
GD HPSUHVD
7DUHID
$WULEXD VXD QRYD HPSUHVD *5 j iUHD GH FRQWDELOLGDGH GH FXVWRV
$ iUHD GH FRQWDELOLGDGH GH FXVWRV Mi HVWi SUHVHQWH HP VXD HPSUHVD
VHQGR QHFHVViULD DSHQDV D DWULEXLomR GH VXD QRYD HPSUHVD *5
D ,0*
(VWUXWXUD GR HPSUHHQGLPHQWR ĺ $WULEXLomR ĺ &RQWUROOLQJ ĺ $WULEXLU
HPSUHVD j iUHD GH FRQWDELOLGDGH GH FXVWRV
0DUTXH &2 (XURSD FOLFDQGR QR ERWmR QR LQtFLR GR LWHPOLQKD
QR ODGR GLUHLWR GD WHOD
&OLTXH GXDV YH]HV HP $WULEXLomR GH HPSUHVDV QR ODGR HVTXHUGR GD
WHOD VHJXQGR QtYHO
1R ODGR HVTXHUGR GD WHOD YrHPVH DV HPSUHVDV Mi DWULEXtGDV
&OLTXH HP (QWUDGDV QRYDV QD EDUUD GH IHUUDPHQWDV GD DSOLFDomR
,QVLUD VXD HPSUHVD *5 PDQXDOPHQWH RX PDUTXHD XVDQGR R ERWmR )
3UHVVLRQH (QWHU 2 QRPH GH VXD HPSUHVD DJRUD p H[LELGR
*UDYH VXDV HQWUDGDV VHOHFLRQDQGR R tFRQH GH GLVTXHWH
$ VHJXLU VDLD GHVVD iUHD XVDQGR D VHWD YHUGH YROWDU GD EDUUD GH
IHUUDPHQWDV VWDQGDUG

5HVXPR GD OLomR
9RFr DJRUD GHYH HVWDU DSWR D
¿QDQFHLUD

7),1B /LomR &RQ¿JXUDo}HV EiVLFDV QD &RQWDELOLGDGH JHUDO
/LomR &RQ¿JXUDo}HV EiVLFDV QD &RQWDELOLGDGH JHUDO
2EMHWLYRV GD OLomR
QRYD
&HQiULR GH QHJyFLRV
$ &RQWDELOLGDGH ¿QDQFHLUD DEUDQJH PXLWDV XQLGDGHV RUJDQL]DFLRQDLV $V
H[LJrQFLDV OHJDLV D TXH VXD VRFLHGDGH HVWi VXMHLWD GHYHP VHU FRQ¿JXUDGDV QR
&XVWRPL]LQJ 3DUD DVVHJXUDU R FXPSULPHQWR GH WRGDV DV H[LJrQFLDV FDEtYHLV
D SULPHLUD FRLVD D VHU IHLWD VmR DV FRQ¿JXUDo}HV EiVLFDV GH UHTXLVLWRV SDUD D
&RQWDELOLGDGH JHUDO QRYD
7HQGR GH¿QLGR RV HOHPHQWRV SDUD RV TXDLV VmR QHFHVViULRV UHODWyULRV VHSDUDGRV
EDODQoRV ¿QDQFHLURV GH XP GHWHUPLQDGR FHQWUR GH OXFUR SRU H[HPSOR YRFr SRGH
HIHWXDU R &XVWRPL]LQJ GD &RQWDELOLGDGH JHUDO QRYD GH¿QLQGR HQWLGDGHV
$ &RQWDELOLGDGH JHUDO QRYD SHUPLWH R XVR GH SULVPDV GH DYDOLDomR
SDUDOHORVSUHVWDomR GH FRQWDV SDUDOHOD SHOD XWLOL]DomR GH OHGJHUV GLIHUHQWHV

)LJXUD /HGJHUV H VROXomR GR OHGJHU QD &RQWDELOLGDGH JHUDO QRYD
$ 6$3 RIHUHFH R OHGJHU SULQFLSDO / H D WDEHOD GH WRWDLV )$*/)/(;7 FRP R

VLVWHPD VWDQGDUG $OpP GR OHGJHU SULQFLSDO SRU H[HPSOR ,)56 RX 86*$$3
FRPR SULQFtSLR FRQWiELO GD VRFLHGDGH YRFr WDPEpP SRGH GH¿QLU RXWURV OHGJHUV
QmR SULQFLSDLV SUHVWDomR GH FRQWDV SDUDOHOD SDUD SRU H[HPSOR QRUPDV ORFDLV 1R
5D]mR QRYR LVVR p FRQKHFLGR FRPR VROXomR GR OHGJHU 1RWH TXH QmR p QHFHVViULR
GH¿QLU XP OHGJHU DGLFLRQDO SRU HPSUHVD SDUD FDGD SULQFtSLR FRQWiELO ORFDO SDUD
HVVH ¿P EDVWD XP OHGJHU QmR SULQFLSDO
6H XVDU YiULRV OHGJHUV VROXomR GR OHGJHU YRFr WHUi D RSomR GH GH¿QLU XP
H[HUFtFLR ¿VFDO GLIHUHQWH QRV OHGJHUV QmR SULQFLSDLV
([LVWH XP H DSHQDV XP OHGJHU SULQFLSDO 6RPHQWH RV YDORUHV GR OHGJHU SULQFLSDO
VmR ODQoDGRV QR &2 QR VLVWHPD VWDQGDUG
$OpP GD VROXomR GR OHGJHU H[LVWH DLQGD D VROXomR SDUD FRQWDV 1HVVD VROXomR
SULPDV GH DYDOLDomR H DYDOLDo}HV GLIHUHQWHV VmR ODQoDGDV HP FRQWDV GLIHUHQWHV 1D
SUHSDUDomR GRV EDODQoRV ¿QDQFHLURV R VLVWHPD GHWHUPLQD DV FRQWDV UHOHYDQWHV H
GH DYDOLDomR QHFHVViULD SDUD R ,$6 SRU H[HPSOR GH DFRUGR FRP D UHVSHFWLYD
³HVWUXWXUD GR EDODQoR'5(´
$ VtQWHVH D VHJXLU GHVWDFD DOJXQV SRQWRV TXH GHYHP VHU OHYDGRV HP FRQVLGHUDomR
QHVVDV GXDV VROXo}HV

)LJXUD 6ROXomR SDUD FRQWDV [ VROXomR GR OHGJHU
)LJXUD &HQiULRV ± GH¿QLomR H DWULEXLomR
2V FDPSRV DWXDOL]DGRV SHORV FHQiULRV SRGHP VHU XVDGRV SDUD PDSHDU FHUWDV
VLWXDo}HV HPSUHVDULDLV FRPR GHPRQVWUDo}HV ¿QDQFHLUDV SRU VHJPHQWR
2V FHQiULRV GLVSRQtYHLV HQFRQWUDPVH QR &XVWRPL]LQJ
9RFr QmR SRGH GH¿QLU FHQiULRV SUySULRV
2V FHQiULRV IRUQHFLGRV VmR DWULEXtGRV DRV OHGJHUV QR &XVWRPL]LQJ

,PSRUWDQWH 8P OHGJHU VHPSUH R OHGJHU SULQFLSDO SRGH WHU XP RX PDLV

FHQiULRV DWULEXtGRV RX DWp WRGRV RV VHLV GH XPD YH]
$ GHFLVmR UHODWLYD D TXDQWRV FHQiULRV GHYHP VHU DWULEXtGRV GHSHQGH VRPHQWH GH
TXDLV ³IDWRV´³DVSHFWRV HPSUHVDULDLV´ YRFr GHVHMD PDSHDU QD &RQWDELOLGDGH JHUDO
9RFr QmR SUHFLVD QHFHVVDULDPHQWH GH¿QLU OHGJHUV QmR SULQFLSDLV R TXH
VLJQL¿FD TXH WDPEpP QmR p QHFHVViULR DWULEXLU FHQiULRV D OHGJHUV QmR SULQFLSDLV
,PSRUWDQWH 1mR p QHFHVViULR XP OHGJHU SDUD FDGD FHQiULR
/HGJHUV P~OWLSORVQmR SULQFLSDLV VmR ~WHLV SDUD UHSUHVHQWDU D FRQWDELOLGDGH GH
DFRUGR FRP SULQFtSLRV FRQWiEHLV GLIHUHQWHV

([HUFtFLR &RQ¿JXUDomR GR QRYR 5D]mR

&RQ¿JXUDU RV OHGJHUV GD &RQWDELOLGDGH JHUDO QRYD &RPSUHHQGHU R
VLJQL¿FDGR GR FRQFHLWR GH FHQiULR QD &RQWDELOLGDGH JHUDO QRYD H FRPR DWLYDU
OHGJHUV QmR SULQFLSDLV
&HQiULR GH QHJyFLRV
7DUHID
9HUL¿TXH DV FRQ¿JXUDo}HV GH &XVWRPL]LQJ SDUD GHVFREULU R ,' GR OHGJHU
SULQFLSDO EHP FRPR D WDEHOD GH WRWDLV HP TXH RV YDORUHV IRUDP JUDYDGRV
4XDLV FHQiULRV HVWmR DWULEXtGRV DR OHGJHU SULQFLSDO /"
'LFD ([HUFtFLR GH FRQWUROH ± 1mR PRGL¿TXH D FRQ¿JXUDomR GR

VLVWHPD
1D SUy[LPD HWDSD YRFr YHUL¿FDUi VH RV OHGJHUV / H / VmR SHUPLWLGRV SDUD

VXD HPSUHVD*5
1R OHGJHU QmR SULQFLSDO / YRFr TXHU PDSHDU GHPRQVWUDo}HV ¿QDQFHLUDV
SRU VHJPHQWR H XPD GHPRQVWUDomR GH UHVXOWDGRV GH DFRUGR FRP D $QiOLVH
GH FXVWRV GH YHQGDV 9HUL¿TXH VH LVVR p SRVVtYHO

6ROXomR &RQ¿JXUDomR GR QRYR 5D]mR

7DUHID
9HUL¿TXH DV FRQ¿JXUDo}HV GH &XVWRPL]LQJ SDUD GHVFREULU R ,' GR OHGJHU
SULQFLSDO EHP FRPR D WDEHOD GH WRWDLV HP TXH RV YDORUHV IRUDP JUDYDGRV
D ,0* &XVWRPL]LQJ ĺ &RQWDELOLGDGH ¿QDQFHLUD QRYD ĺ
&RQ¿JXUDo}HV JOREDLV GH FRQWDELOLGDGH ¿QDQFHLUD QRYD ĺ /LYURV ĺ
/HGJHU ĺ 'H¿QLU OHGJHUV GD &RQWDELOLGDGH JHUDO
E ĺ 2 ,' p /
F ĺ 2 QRPH GD WDEHOD GH WRWDLV p )$*/)/(;7
4XDLV FHQiULRV HVWmR DWULEXtGRV DR OHGJHU SULQFLSDO /"
'LFD ([HUFtFLR GH FRQWUROH ± 1mR PRGL¿TXH D FRQ¿JXUDomR GR

VLVWHPD
D ,0* &RQWDELOLGDGH ¿QDQFHLUD QRYD ĺ &RQ¿JXUDo}HV JOREDLV GH

FRQWDELOLGDGH ¿QDQFHLUD QRYD ĺ /LYURV ĺ /HGJHU ĺ $WULEXLU
FHQiULRV H FDPSRV GR FOLHQWH D OHGJHUV
E 0DUTXH R OHGJHU / &OLTXH GXDV YH]HV SDUD PDUFDU D HQWUDGD
³&HQiULRV´ QD HVWUXWXUD GR GLiORJR 2V VHJXLQWHV FHQiULRV SRGHUmR
HVWDU YLVtYHLV
),1B&216 3UHSDUDWLYRV SDUD D FRQVROLGDomR

),1B*6%(5 'LYLVmR
),1B3&$ $WXDOL]DomR GR FHQWUR GH OXFUR
),1B6(*0 6HJPHQWDomR
),1B8.9 $QiOLVH GH FXVWRV GH YHQGDV

1D SUy[LPD HWDSD YRFr YHUL¿FDUi VH RV OHGJHUV / H / VmR SHUPLWLGRV SDUD

VXD HPSUHVD*5
D ,0* &RQWDELOLGDGH ¿QDQFHLUD QRYD ĺ &RQ¿JXUDo}HV JOREDLV GD
&RQWDELOLGDGH ¿QDQFHLUD QRYD ĺ /LYURV ĺ /HGJHU ĺ 'H¿QLU H
DWLYDU OHGJHUV QmR SULQFLSDLV
E 1D FDL[D GH GLiORJR 'HWHUPLQDU iUHD GH WUDEDOKR HQWUDGD PDUTXH R
OHGJHU QmR SULQFLSDO / H FOLTXH HP $FHLWDU (17(5
F 2 OHGJHU / p DWLYDGR SDUD VXD HPSUHVD *5 FRSLDQGRVH D HPSUHVD

G 5HSLWD HVWD YHUL¿FDomR SDUD R OHGJHU /
1R OHGJHU QmR SULQFLSDO / YRFr TXHU PDSHDU GHPRQVWUDo}HV ¿QDQFHLUDV
SRU VHJPHQWR H XPD GHPRQVWUDomR GH UHVXOWDGRV GH DFRUGR FRP D $QiOLVH
GH FXVWRV GH YHQGDV 9HUL¿TXH VH LVVR p SRVVtYHO
&RQWDELOLGDGH ¿QDQFHLUD QRYD ĺ /LYURV ĺ /HGJHU ĺ $WULEXLU
FHQiULRV H FDPSRV GR FOLHQWH D OHGJHUV
E 6HOHFLRQH R OHGJHU / H FOLTXH GXDV YH]HV SDUD VHOHFLRQDU D HQWUDGD
&HQiULRV QD HVWUXWXUD GH GLiORJR
F 'HQWUH RXWURV YrHPVH RV FHQiULRV 6HJPHQWDomR H $QiOLVH GH FXVWRV
GH YHQGDV
G 6DLD GD WHOD XVDQGR D VHWD YHUGH

5HVXPR GD OLomR
QRYD

7),1B /LomR 3ULQFtSLR GD YDULDQWH
/LomR 3ULQFtSLR GD YDULDQWH

9RFr WHUi XPD VtQWHVH WHyULFD GR XVR GR SULQFtSLR GH YDULDQWH QR VLVWHPD 6$3 (53
2EMHWLYRV GD OLomR
&HQiULR GH QHJyFLRV
6HX FOLHQWH IRL LQIRUPDGR SRU XP FRQVXOWRU H[SHULHQWH GH TXH H[LVWH XP SULQFtSLR
QR 6$3 (53 TXH DSDUHFH HP YiULDV WDEHODV GH FRQ¿JXUDomR H TXH VLPSOL¿FD R
VLVWHPD
)LJXUD 2 SULQFtSLR GD YDULDQWH

2 H[HPSOR D VHJXLU GHYH HVFODUHFHU HVWH SULQFtSLR &ULDomR GH XPD YDULDQWH GH

H[HUFtFLR
'H¿QD D YDULDQWH . p D VXD YDULDQWH GH H[HUFtFLR
'H¿QD YDORUHV SDUD D YDULDQWH . 'H¿QD DV SURSULHGDGHV GD YDULDQWH GH
H[HUFtFLR .
$WULEXD D YDULDQWH D REMHWRV GR 6$3 (53 $WULEXD D . D GLYHUVDV HPSUHVDV
TXH XWLOL]DP HVWH H[HUFtFLR
$ SULQFLSDO YDQWDJHP GR XVR GD YDULDQWH p TXH p PDLV IiFLO DWXDOL]DU
SURSULHGDGHV TXH VHMDP FRPXQV HQWUH GLYHUVRV REMHWRV

7),1B /LomR 3ULQFtSLR GD YDULDQWH
5HVXPR GD OLomR

/LomR ([HUFtFLR

(VWD OLomR H[SOLFD FRPR VH GH¿QHP GLIHUHQWHV YDULDQWHV GR H[HUFtFLR
2EMHWLYRV GD OLomR
&HQiULR GH QHJyFLRV
2 H[HUFtFLR GD VRFLHGDGH FRUUHVSRQGH DR DQR FLYLO 2 JHUHQWH GD FRQWDELOLGDGH
TXHU TXDWUR SHUtRGRV H[WUDRUGLQiULRV SDUD ODQoDPHQWRV SDUD R HQFHUUDPHQWR GR
H[HUFtFLR
)LJXUD 2 H[HUFtFLR
3DUD DWULEXLU DV WUDQVDo}HV FRQWiEHLV D SHUtRGRV GLIHUHQWHV WHP GH GH¿QLU XP

H[HUFtFLR FRP SHUtRGRV FRQWiEHLV 'H¿QD R H[HUFtFLR FRPR XPD YDULDQWH TXH
p DWULEXtGD j HPSUHVD
$ YDULDQWH GR H[HUFtFLR FRQWpP D GH¿QLomR GH SHUtRGRV FRQWiEHLV H SHUtRGRV
H[WUDRUGLQiULRV 2V SHUtRGRV H[WUDRUGLQiULRV VmR XWLOL]DGRV SDUD ODQoDPHQWRV
TXH QmR VmR DWULEXtGRV D SHUtRGRV GH WHPSR PDV DR SURFHVVR HPSUHVDULDO GH
³HQFHUUDPHQWR GR H[HUFtFLR´ 1R WRWDO SRGHPVH GH¿QLU SHUtRGRV

7),1B /LomR ([HUFtFLR
2 VLVWHPD UHWLUD R SHUtRGR FRQWiELO GD GDWD GH ODQoDPHQWR 6H D GDWD GH ODQoDPHQWR

FDL GHQWUR GR ~OWLPR SHUtRGR FRQWiELO QRUPDO SRGHVH ODQoDU D WUDQVDomR HP XP
GRV SHUtRGRV H[WUDRUGLQiULRV
([HPSOR 2 JUi¿FR PRVWUD XP H[HUFtFLR FRP SHUtRGRV FRQWiEHLV H SHUtRGRV
H[WUDRUGLQiULRV 6H D GDWD GH ODQoDPHQWR FDLU QR SHUtRGR SRGHVH ODQoDU D
WUDQVDomR HP XP GRV TXDWUR SHUtRGRV H[WUDRUGLQiULRV
$V YDULDQWHV VWDQGDUG GR H[HUFtFLR Mi HVWmR GH¿QLGDV QR VLVWHPD H SRGHP VHU
XVDGDV FRPR PRGHORV
'LFD $ YDULDQWH GR H[HUFtFLR QmR LQGLFD VH R SHUtRGR VH HQFRQWUD DEHUWR

RX IHFKDGR (VWHV GDGRV VmR DGPLQLVWUDGRV HP RXWUD WDEHOD $ YDULDQWH
GR H[HUFtFLR GH¿QH DSHQDV R Q~PHUR GH SHUtRGRV H VXDV GDWDV GH LQtFLR H
GH ¿P
)LJXUD 9DULDQWH GR H[HUFtFLR LQGHSHQGHQWH GR DQR
6H FDGD H[HUFtFLR GH XPD YDULDQWH GR H[HUFtFLR XWLOL]DU D PHVPD TXDQWLGDGH GH

SHUtRGRV H RV SHUtRGRV FRQWiEHLV WLYHUHP LQtFLR H ¿P VHPSUH QR PHVPR GLD GR
DQR D YDULDQWH p LQGHSHQGHQWH GR DQR 8PD YDULDQWH GR H[HUFtFLR LQGHSHQGHQWH
GR DQR SRGH VHU GH¿QLGD FRPR
$QR FLYLO
$QR QmRFLYLO
6H R H[HUFtFLR IRU GH¿QLGR FRPR R DQR FLYLO RV SHUtRGRV FRQWiEHLV VHUmR LJXDLV
DRV PHVHV GR DQR 3RUWDQWR XP H[HUFtFLR TXH VHMD XP DQR FLYLO SUHFLVD WHU
SHUtRGRV FRQWiEHLV

6H R H[HUFtFLR IRU GH¿QLGR FRPR XP DQR QmRFLYLO p QHFHVViULR GH¿QLU RV SHUtRGRV

FRQWiEHLV DWULEXLQGR GDWDV GH ¿P D FDGD SHUtRGR 8P H[HUFtFLR GLYHUJHQWH GR
DQR FLYLO SRGH WHU HQWUH H SHUtRGRV FRQWiEHLV 6H R DQR QmRFLYLO QmR WLYHU
LQtFLR HP GH MDQHLUR RV SHUtRGRV GR DQR SHUWHQFHQWHV DR H[HUFtFLR DQWHULRU RX
IXWXUR WrP GH WHU XP FyGLJR RX
2 H[HPSOR DFLPD j GLUHLWD PRVWUD XP H[HUFtFLR GLYHUJHQWH GR DQR FLYLO FRP
SHUtRGRV FRQWiEHLV TXH DEUDQJHP GH DEULO D PDUoR $VVLP RV PHVHV GH MDQHLUR D
PDUoR DLQGD SHUWHQFHP DR H[HUFtFLR DQWLJR H SUHFLVDP WHU XP FyGLJR
6H R H[HUFtFLR GLIHULU GR DQR FLYLO PDV RV SHUtRGRV FRQWiEHLV FRUUHVSRQGHUHP DRV
PHVHV GR FDOHQGiULR R OLPLWH GH IHYHUHLUR GHYHUi VHU R GLD SDUD FRQVLGHUDU
RV DQRV ELVVH[WRV
*HUDOPHQWH RV H[HUFtFLRV VmR LQGHSHQGHQWHV GR DQR
)LJXUD 9DULDQWHV GR H[HUFtFLR HVSHFt¿FDV GR DQR
$ YDULDQWH GR H[HUFtFLR GHYHUi VHU GH¿QLGD FRPR HVSHFt¿FD GR DQR VH XPD RX

DPEDV DV VHJXLQWHV FRQGLo}HV IRUHP YHUGDGHLUDV DV GDWDV GH LQtFLR H GH ¿P GRV
SHUtRGRV FRQWiEHLV GH DOJXQV H[HUFtFLRV ¿VFDLV IRUHP GLIHUHQWHV GDV GDWDV GH RXWURV
H[HUFtFLRV $OJXQV H[HUFtFLRV XWLOL]DP XP Q~PHUR GLIHUHQWH GH SHUtRGRV FRQWiEHLV
6H WRGRV RV H[HUFtFLRV GH XPD YDULDQWH GR H[HUFtFLR WLYHUHP R PHVPR Q~PHUR GH
SHUtRGRV FRQWiEHLV VRPHQWH p QHFHVViULR GH¿QLU DV GDWDV GH SHUtRGR GLIHUHQWHV
SDUD RV GLYHUVRV H[HUFtFLRV FRQVXOWH H[HPSOR j HVTXHUGD
6H XP DQR GD YDULDQWH GR H[HUFtFLR WLYHU PHQRV SHUtRGRV FRQWiEHLV TXH RV
GHPDLV p FKDPDGR H[HUFtFLR UHGX]LGR FRQVXOWH H[HPSOR j GLUHLWD ,VWR SRGH VHU
QHFHVViULR SRU H[HPSOR VH R HQFHUUDPHQWR WLYHU GH VHU H[HFXWDGR DQWHV GR ¿P GR
H[HUFtFLR QRUPDO SRU H[HPSOR VH R LQtFLR GR H[HUFtFLR WLYHU GH VHU PRGL¿FDGR RX
VH D HPSUHVD IRL YHQGLGD e QHFHVViULR GH¿QLU R H[HUFtFLR UHGX]LGR H R Q~PHUR
UHVSHFWLYR GH SHUtRGRV FRQWiEHLV DQWHV GH SRGHU GH¿QLU DV GDWDV GR SHUtRGR 3DUD
HVWH DQR VRPHQWH DWULEXLU XP Q~PHUR PHQRU GH SHUtRGRV FRQWiEHLV

([HUFtFLR 2 H[HUFtFLR
&ULDU XPD YDULDQWH GR H[HUFtFLR FRP EDVH QR DQR FLYLO H DWULEXtOD j VXD
HPSUHVD
&ULDU XPD YDULDQWH GR H[HUFtFLR FRP EDVH WULPHVWUDO
&HQiULR GH QHJyFLRV
2 H[HUFtFLR GD VRFLHGDGH FRUUHVSRQGH DR DQR FLYLO 2 JHUHQWH GD FRQWDELOLGDGH
TXHU TXDWUR SHUtRGRV H[WUDRUGLQiULRV SDUD ODQoDPHQWRV SDUD R HQFHUUDPHQWR GR
H[HUFtFLR
7DUHID
9HUL¿TXH DV SURSULHGDGHV GDV YDULDQWHV GR H[HUFtFLR 'H¿QD DV YDULDQWHV GR
H[HUFtFLR
4XDLV GDV YDULDQWHV GH H[HUFtFLR SUHGH¿QLGDV VmR
$QR FLYLO
(VSHFt¿FR GR DQR
&RP TXH REMHWLYRV VmR QRUPDOPHQWH XWLOL]DGDV DV YDULDQWHV HVSHFt¿FDV GR

DQR"
&ULDU XPD YDULDQWH GH H[HUFtFLR SDUD D HPSUHVD FRP DSHQDV SHUtRGRV

FRQWiEHLV H TXDWUR SHUtRGRV H[WUDRUGLQiULRV
'LFD $GLFLRQH DR VHX Q~PHUR GH JUXSR XPD YH] TXH DOJXQV

GRV GDGRV H[LVWHQWHV FRPHoDP SRU HWF 3RU H[HPSOR VH
VHX Q~PHUR GH JUXSR IRU DGLFLRQH H HQWUH SDUD VXD
YDULDQWH GR H[HUFtFLR

$WULEXD D YDULDQWH GH H[HUFtFLR FULDGD j HPSUHVD *5

&ULDU XPD YDULDQWH GH H[HUFtFLR SDUD XP H[HUFtFLR FRP DSHQDV TXDWUR
SHUtRGRV FRQWiEHLV H XP SHUtRGR H[WUDRUGLQiULR 8P SHUtRGR FRQWiELO WHP
WUrV PHVHV 2 H[HUFtFLR GHFRUUH GH DEULO D PDUoR

6ROXomR 2 H[HUFtFLR
7DUHID
9HUL¿TXH DV SURSULHGDGHV GDV YDULDQWHV GR H[HUFtFLR 'H¿QD DV YDULDQWHV GR
H[HUFtFLR
4XDLV GDV YDULDQWHV GH H[HUFtFLR SUHGH¿QLGDV VmR
$QR FLYLO . . . . .

(VSHFt¿FR GR DQR $$ $0 5 8/ :.
&RP TXH REMHWLYRV VmR QRUPDOPHQWH XWLOL]DGDV DV YDULDQWHV HVSHFt¿FDV GR

DQR"
5HVSRVWD $V YDULDQWHV GR H[HUFtFLR GHSHQGHQWHV GR DQR VmR XWLOL]DGDV
6H DV GDWDV GH LQtFLR H GH ¿P GRV SHUtRGRV FRQWiEHLV IRUHP GLIHUHQWHV
GH H[HUFtFLR SDUD H[HUFtFLR
6H XP H[HUFtFLR WLYHU PHQRV SHUtRGRV FRQWiEHLV GR TXH RXWURV
H[HUFtFLR UHGX]LGR

&ULDU XPD YDULDQWH GH H[HUFtFLR SDUD D HPSUHVD FRP DSHQDV SHUtRGRV

FRQWiEHLV H TXDWUR SHUtRGRV H[WUDRUGLQiULRV
'LFD $GLFLRQH DR VHX Q~PHUR GH JUXSR XPD YH] TXH DOJXQV

GRV GDGRV H[LVWHQWHV FRPHoDP SRU HWF 3RU H[HPSOR VH
VHX Q~PHUR GH JUXSR IRU DGLFLRQH H HQWUH SDUD VXD
D &ULH XPD YDULDQWH GR H[HUFtFLR EDVHDGD QR DQR FLYLO

,0* &RQWDELOLGDGH ¿QDQFHLUD QRYD ĺ &RQ¿JXUDo}HV JOREDLV
GD &RQWDELOLGDGH ¿QDQFHLUD QRYD ĺ /LYURV ĺ ([HUFtFLR ¿VFDO H
SHUtRGRV FRQWiEHLV DWXDOL]DU YDULDQWH GH H[HUFtFLR ¿VFDO DWXDOL]DU
H[HUFtFLR UHGX]LGR
3URFHVVDU ĺ (QWUDGDV QRYDV

9(
'LFD $GLFLRQH DR VHX Q~PHUR GH JUXSR XPD YH] TXH

DOJXQV GRV GDGRV H[LVWHQWHV FRPHoDP SRU HWF 3RU
H[HPSOR VH VHX Q~PHUR GH JUXSR IRU DGLFLRQH H
HQWUH SDUD VXD YDULDQWH GR H[HUFtFLR
1RPH GR FDPSR RX WLSR GH 9DORUHV

GDGRV
'HVFULomR SHUtRGRV DQR FLYLO
$QR FLYLO
1~PHUR GH SHUtRGRV FRQWiEHLV
1~PHUR GH SHUtRGRV
H[WUDRUGLQiULRV
6HOHFLRQH *UDYDU

$WULEXD D YDULDQWH GH H[HUFtFLR FULDGD j HPSUHVD *5

D $WULEXD D YDULDQWH GR H[HUFtFLR D XPD HPSUHVD
SHUtRGRV FRQWiEHLV ĺ $WULEXLU HPSUHVD D YDULDQWH GH H[HUFtFLR
&RQ¿UPH TXDOTXHU LQIRUPDomR FRP ³(QWHU´

GDGRV
9DULDQWH GR H[HUFtFLR
6HOHFLRQH *UDYDU
&ULDU XPD YDULDQWH GH H[HUFtFLR SDUD XP H[HUFtFLR FRP DSHQDV TXDWUR
SHUtRGRV FRQWiEHLV H XP SHUtRGR H[WUDRUGLQiULR 8P SHUtRGR FRQWiELO WHP
WUrV PHVHV 2 H[HUFtFLR GHFRUUH GH DEULO D PDUoR
D 'H¿QD XPD YDULDQWH GR H[HUFtFLR FRP TXDWUR SHUtRGRV FRQWiEHLV H XP
SHUtRGR H[WUDRUGLQiULR
,0* &RQWDELOLGDGH ¿QDQFHLUD QY ĺ &RQ¿JXUDo}HV JOREDLV GD
&RQWDELOLGDGH ¿QDQFHLUD QRYR ĺ /LYURV ĺ ([HUFtFLR ¿VFDO H
SHUtRGRV FRQWiEHLV ĺ DWXDOL]DU YDULDQWH GH H[HUFtFLR DWXDOL]DU
H[HUFtFLR UHGX]LGR
3URFHVVDU ĺ (QWUDGDV QRYDV RX ERWmR (QWUDGDV QRYDV

GDGRV
9(
'HVFULomR SHUtRGRV *UXSR
1~PHUR GH SHUtRGRV FRQWiEHLV
1~PHUR GH SHUtRGRV
H[WUDRUGLQiULRV
6HOHFLRQH *UDYDU
6HOHFLRQH D VHWD YHUGH SDUD UHWRUQDU j WHOD GH VtQWHVH
'H¿QD DV GDWDV GH SHUtRGRV
6HOHFLRQH D YDULDQWH GR H[HUFtFLR
&OLTXH GXDV YH]HV HP 3HUtRGRV QD HVWUXWXUD GH GLiORJR

3URFHVVDU ĺ (QWUDGDV QRYDV RX ERWmR (QWUDGDV QRYDV
0rV 'LD 3HUtRGR 'LIHULPHQWR GH H[HUFtFLR

6HOHFLRQH *UDYDU
2EVHUYDomR 9RFr DFDERX GH FULDU XPD YDULDQWH GR H[HUFtFLR

GH DQR FLYLO H DWULEXLXD D VXD HPSUHVD
7DPEpP FULRX XPD YDULDQWH GH H[HUFtFLR GLYHUJHQWH GR DQR
FLYLO

5HVXPR GD OLomR

/LomR 0RHGDV

(VWD OLomR DSUHVHQWD DV RSo}HV GH FRQ¿JXUDomR QHVWD iUHD
2EMHWLYRV GD OLomR
&HQiULR GH QHJyFLRV
$ VRFLHGDGH WHP FOLHQWHV H IRUQHFHGRUHV HP GLYHUVRV SDtVHV 2 UHVSRQViYHO SHOD
FRQWDELOLGDGH HVWi SUHRFXSDGR FRP R IDWR GH D DWXDOL]DomR GDV WD[DV GH FkPELR QR
VLVWHPD SRGHU HQYROYHU XP HOHYDGR YROXPH GH WUDEDOKR 9RFr SUHFLVD FRQYHQFrOR
GH TXH R WUDEDOKR VHUi PHQRU GR TXH R HVSHUDGR VH IRUHP XWLOL]DGDV DV IHUUDPHQWDV
RIHUHFLGDV SHOR 6$3 (53
)LJXUD 0RHGDV H FDWHJRULDV GH WD[DV GH FkPELR

7),1B /LomR 0RHGDV
8P FyGLJR GD PRHGD WHP GH VHU DWULEXtGR D WRGDV DV PRHGDV XWLOL]DGDV $

PDLRU SDUWH GDV PRHGDV Mi HVWi GH¿QLGD QR VLVWHPD 6$3 FRP FyGLJRV GD PRHGD
LQWHUQDFLRQDLV VWDQGDUG &DGD FyGLJR GH PRHGD SRGH WHU XPD GDWD GH YDOLGDGH
3DUD WRGDV DV FRPELQDo}HV GH GXDV PRHGDV p SRVVtYHO DWXDOL]DU GLYHUVDV WD[DV
GH FkPELR TXH VH GLVWLQJXHP SRU XPD FDWHJRULD GH WD[D GH FkPELR (VVDV
GLIHUHQWHV WD[DV GH FkPELR SRGHP VHU XWLOL]DGDV SDUD GLYHUVRV ¿QV FRPR DYDOLDomR
FRQYHUVmR H SODQHMDPHQWR
)LJXUD )DWRUHV GH FRQYHUVmR
$ UHODomR HQWUH PRHGDV GHYH VHU DWXDOL]DGD SRU SDUHV GH FDWHJRULD GH WD[D GH
FkPELR H PRHGD XWLOL]DQGR IDWRUHV GH FRQYHUVmR (P JHUDO LVWR GHYH VHU IHLWR
DSHQDV XPD YH]
&RPR D LQÀDomR SRGH LQÀXHQFLDU SURIXQGDPHQWH D UHODomR HQWUH DV PRHGDV RV
IDWRUHV GH FRQYHUVmR SRGHP VHU DWXDOL]DGRV HP XPD EDVH WHPSRUDO

)LJXUD $WXDOL]DomR GDV WD[DV GH FkPELR
$ DWXDOL]DomR GDV WD[DV GH FkPELR p XPD WDUHID FRQWtQXD

3DUD UHGX]LU D PDQXWHQomR R 6$3 (53 RIHUHFH YiULDV IHUUDPHQWDV 3DUD FDGD
FDWHJRULD GH WD[D GH FkPELR SRGHVH XWLOL]DU XPD GDV VHJXLQWHV IHUUDPHQWDV
,QYHUVmR D PDLV DQWLJD GDV IHUUDPHQWDV GLVSRQtYHLV DWXDOPHQWH VXD
XWLOL]DomR p UDUD
0RHGD EDVH
0DUJHQV GD WD[D GH FkPELR
'LFD 6y p SRVVtYHO XWLOL]DU XPD GHVWDV IHUUDPHQWDV SDUD FDGD FDWHJRULD GH

WD[D GH FkPELR 1R HQWDQWR p SRVVtYHO XWLOL]DU GLYHUVDV IHUUDPHQWDV SDUD
YiULDV FDWHJRULDV GH WD[D GH FkPELR
8WLOL]DQGR R SURJUDPD 5)7%)) TXH SHUPLWH WUDQVIHULU YDORU GH PHUFDGR

H[WHUQR HP IRUPDWR GH DUTXLYR SRGHVH DWXDOL]DU DXWRPDWLFDPHQWH D WDEHOD GH
WD[DV GH FkPELR HIHWXDQGR R XSORDG GH XP DUTXLYR HQWUDGD HP IRUPDWR 0XOWLFDVK
7DPEpP p SRVVtYHO XVDU RV SURJUDPDV 5)7%') H 5)7%') SDUD WUDQVIHULU
WD[DV GH FkPELR RV GDGRV VHUmR WUDQVIHULGRV HP WHPSR UHDO XWLOL]DQGR XPD
LQWHUIDFH GDWDIHHG VH R GDWDIHHG H[WHUQR VXSRUWDU SURYLVmR GH WD[DV GH FkPELR HP
WHPSR UHDO 8PD 5HPRWH )XQFWLRQ &DOO 5)& FULD XPD OLJDomR HQWUH XP VLVWHPD
H[WHUQR H R VLVWHPD 6$3 3DUD PDLV LQIRUPDo}HV VREUH R IRUPDWR GH HQWUDGD GR
DUTXLYR SURYHGRUHV GH GDGRV HVWUXWXUDV GH DUTXLYR H DVVLP SRU GLDQWH FRQVXOWH D
GRFXPHQWDomR GHVWH SURJUDPD

7),1B /LomR 0RHGDV
)LJXUD 0DUJHQV GDV WD[DV GH FkPELR
$V PDUJHQV GDV WD[DV GH FkPELR HQWUH D WD[D GH FRPSUDYHQGD GR EDQFR H D WD[D

GH FkPELR PpGLD SHUPDQHFHP HP JHUDO FRQVWDQWHV 6H D PDUJHP GD WD[D GH
FkPELR GH XPD FDWHJRULD GH WD[D GH FkPELR IRU LQVHULGD QR VLVWHPD VRPHQWH
GHYH VHU DWXDOL]DGD D WD[D GH FkPELR PpGLD XPD YH] TXH D WD[D GH FRPSUD H GH
YHQGD SRGH VHU GHULYDGD SHOD DGLomRVXEWUDomR GD PDUJHP GD WD[D GH FkPELR jGD
WD[D GH FkPELR PpGLD
&RPELQDomR GH PRHGD EDVH H PDUJHQV GD WD[D GH FkPELR
8PD FRPELQDomR PXLWR H¿FLHQWH GDV IHUUDPHQWDV GH WD[D GH FkPELR p
8VR GH XPD PRHGD EDVH SDUD D WD[D GH FkPELR PpGLD 0
8VR GDV PDUJHQV GH WD[D GH FkPELR SDUD FDOFXODU DV WD[DV GH FRPSUD H GH
YHQGD % H *

)LJXUD 0RHGD EDVH
8PD PRHGD EDVH SRGH VHU DWULEXtGD D XPD FDWHJRULD GH WD[D GH FkPELR (P
VHJXLGD DSHQDV GHYHP VHU DWXDOL]DGDV DV WD[DV GH FkPELR SDUD WRGDV DV RXWUDV
PRHGDV QHVVD PRHGD EDVH 8PD FRQYHUVmR HQWUH GXDV PRHGDV HVWUDQJHLUDV p
FDOFXODGD SRU PHLR GD PRHGD EDVH RX VHMD FRPELQDQGR GXDV WD[DV GH FkPELR
$Wp R UHOHDVH $ QmR VH SRGLD XWLOL]DU PDLV GH XPD PRHGD EDVH SRU FDWHJRULD GH
WD[D GH FkPELR ([LJrQFLDV OHJDLV SRGHP WRUQDU QHFHVViULR XWLOL]DU PRHGDV EDVH
GLVWLQWDV SDUD D FRQYHUVmR HP PRHGDV GLIHUHQWHV
)LJXUD &RWDomR GLUHWDLQGLUHWD GH WD[DV GH FkPELR

7),1B /LomR 0RHGDV
7RGDV DV DSOLFDo}HV H IXQo}HV GR 6$3 (53 SURFHVVDP WD[DV GH FkPELR SRU PHLR
GH FRWDomR WDQWR GLUHWD TXDQWR LQGLUHWD $ GH¿QLomR RX FRPXQLFDomR GD WD[D GH
FkPELR SHOR PpWRGR GLUHWR RX LQGLUHWR GH FRWDomR GHSHQGH GR SDGUmR GR PHUFDGR
RX GD WUDQVDomR FRQWiELO LQGLYLGXDO 2 XVR GH FRWDomR LQGLUHWD QmR p GH DSOLFDomR
QHP HVSHFt¿FD GH SDtV HOD DIHWD WRGRV RV FRPSRQHQWHV RQGH VmR XVDGDV WD[DV GH
FkPELR
1D FRWDomR GLUHWD XPD XQLGDGH GH PRHGD HVWUDQJHLUD p FRWDGD SDUD D PRHGD
LQWHUQD HQTXDQWR QD FRWDomR LQGLUHWD XPD XQLGDGH GH PRHGD LQWHUQD p FRWDGD
SDUD D PRHGD HVWUDQJHLUD
([HPSOR 0RHGD LQWHUQD (85 PRHGD HVWUDQJHLUD 86'
&RWDomR GLUHWD 86' (85
8PD XQLGDGH GD PRHGD HVWUDQJHLUD 86 FXVWD D TXDQWLGDGH H[LELGD GH
XQLGDGHV GD PRHGD LQWHUQD
&RWDomR LQGLUHWD (85 86'
8PD XQLGDGH GD PRHGD HVWUDQJHLUD 86 FXVWD D TXDQWLGDGH H[LELGD GH
XQLGDGHV GD PRHGD LQWHUQD
3RGHVH GH¿QLU SDUD FDGD FRPELQDomR GH PRHGDV D FRWDomR GLUHWD RX LQGLUHWD
FRPR D FRWDomR SDGUmR GD WD[D GH FkPELR 6H QmR WLYHU D PHVPD FRWDomR GD
FRWDomR SDGUmR DTXL FRQ¿JXUDGD D WD[D GH FkPELR LQVHULGD p GHVWDFDGD SDUD
HYLGHQFLDU LVWR
)LJXUD /LVWDV GH WUDEDOKR SDUD DWXDOL]DomR GH WD[DV GH FkPELR

(P PXLWDV HPSUHVDV D DWXDOL]DomR GD WDEHOD GH WD[DV GH FkPELR 7&855 p

FRPSDUWLOKDGD SRU YiULRV HPSUHJDGRV 3RGHP RFRUUHU RV VHJXLQWHV SUREOHPDV
2V HPSUHJDGRV DWXDOL]DP WD[DV GH FkPELR LQFRUUHWDV LQDGYHUWLGDPHQWH
RX LQYROXQWDULDPHQWH
2V HPSUHJDGRV PDQWrP DV WD[DV GH FkPELR FRP D FRWDomR LQFRUUHWD LQGLUHWD
DR LQYpV GH GLUHWD RX YLFH YHUVD
$ WDEHOD p PXLWR JUDQGH H D VXD DWXDOL]DomR p PXLWR GHPRUDGD p QHFHVViULR
SDJLQDU
$ WDEHOD 7&855 QmR SRGH VHU DWXDOL]DGD SRU PDLV GH XP XVXiULR
VLPXOWDQHDPHQWH
'HVGH D YHUVmR 5 (QWHUSULVH YRFr SRGH GH¿QLU OLVWDV GH WUDEDOKR H GHSRLV
DWXDOL]DU DV WD[DV GH FkPELR XWLOL]DQGR D WUDQVDomR 7&85017 ,VVR WHP DV
VHJXLQWHV YDQWDJHQV
6RPHQWH p SRVVtYHO DWXDOL]DU DV WD[DV GH FkPELR UHOHYDQWHV 9RFr WDPEpP
SRGH DWULEXLU DXWRUL]Do}HV SDUD OLVWDV GH WUDEDOKR
6RPHQWH p SRVVtYHO DWXDOL]DU D FRWDomR UHOHYDQWH
$ OLVWD GH WUDEDOKR p PHQRU H SRU LVVR PDLV FODUD
e SRVVtYHO R SURFHVVDPHQWR SDUDOHOR GH GLYHUVDV OLVWDV GH WUDEDOKR
)LJXUD 'H¿QLomR GH WD[D GH FkPELR HP FRWDo}HV GLIHUHQWHV

7),1B /LomR 0RHGDV
e SRVVtYHO LQVHULU WD[DV GH FkPELR FRPR FRWDomR GLUHWD RX LQGLUHWD 3RGHVH

DWXDOL]DU GRLV SUH¿[RV TXH SRGHP VHU XWLOL]DGRV SDUD GLVWLQJXLU HQWUH WD[DV GH
FkPELR GH FRWDo}HV GLUHWDV H LQGLUHWDV GXUDQWH D HQWUDGD H D H[LELomR 6H QmR
LQVHULU XP SUH¿[R p YiOLGD D FRQ¿JXUDomR VWDQGDUG
³ ´ HP EUDQFR VHP XP SUH¿[R SDUD WD[DV GH FkPELR GH FRWDomR GLUHWD
³´ SDUD WD[DV GH FkPELR GH FRWDomR LQGLUHWD
&HQiULR 6H YRFr WUDEDOKDU PDMRULWDULDPHQWH FRP FRWDomR GLUHWD H Vy HP
UDUDV YH]HV XWLOL]DU FRWDo}HV LQGLUHWDV XVH D FRQ¿JXUDomR SDGUmR 'HVWD PDQHLUD
SRGHVH LQVHULU WD[DV GH FkPELR GH FRWDomR GLUHWD VHP XP SUH¿[R
&HQiULR 6H YRFr FDGD YH] PDLV XVD WDQWR FRWDomR LQGLUHWD TXDQWR FRWDomR
GLUHWD GH¿QD XP SUH¿[R DOWHUQDWLYR SDUD DV GXDV 3RU H[HPSOR
³ ´ SDUD FRWDomR GLUHWD ³´ SDUD FRWDomR LQGLUHWD
&DVR DGRWH HVWD VXJHVWmR FRPR D FRQ¿JXUDomR QmR SHUPLWH D HQWUDGD GH
WD[DV GH FkPELR VHP SUH¿[R VHUi HPLWLGD XPD PHQVDJHP GH HUUR 'HVWD
IRUPD RV XVXiULRV VmR REULJDGRV D FRQVLGHUDU TXDO D FRWDomR FRUUHWD H D
LQVHULU D WD[D FRP XP SUH¿[R YiOLGR
&HQiULR 6H D FRWDomR LQGLUHWD IRU D QRWDomR PDLV ODUJDPHQWH XWLOL]DGD HP
VXD HPSUHVD YRFr SRGHUi GH¿QLU DV FRQ¿JXUDo}HV GHVWD PDQHLUD
³ ´ SDUD FRWDomR GLUHWD ³ ´ HP EUDQFR SDUD FRWDomR LQGLUHWD
(VWD FRQ¿JXUDomR SHUPLWH D HQWUDGD GH WD[DV GH FkPELR GH FRWDomR LQGLUHWD
VHP XP SUH¿[R HQTXDQWR DV WD[DV GH FkPELR GH FRWDomR GLUHWD PHQRV
XWLOL]DGDV WrP GH VHU LQVHULGDV FRP XP SUH¿[R
1D 1RWD 6$3 Q YRFr HQFRQWUDUi XPD VtQWHVH GH SHUJXQWDV PDLV IUHTXHQWHV
VREUH FRQYHUVmR GH PRHGDV


7),1B /LomR 0RHGDV
([HUFtFLR 0RHGDV
9HUL¿FDU VHXV FRQKHFLPHQWRV VREUH D DWXDOL]DomR GH WD[DV GH FkPELR QR
6$3 (53
&HQiULR GH QHJyFLRV
$ VRFLHGDGH WHP FOLHQWHV H IRUQHFHGRUHV HP GLYHUVRV SDtVHV 2 UHVSRQViYHO SHOD
FRQWDELOLGDGH HVWi SUHRFXSDGR FRP R YROXPH GH WUDEDOKR SDUD PDQWHU DV WD[DV GH
FkPELR DWXDOL]DGDV QR VLVWHPD 9RFr SUHFLVD FRQYHQFrOR GH TXH R WUDEDOKR VHUi
PHQRU GR TXH R HVSHUDGR VH IRUHP XWLOL]DGDV DV IHUUDPHQWDV RIHUHFLGDV SHOR 6$3
(53
7DUHID
5HVSRQGD j TXHVWmR D VHJXLU
5HODFLRQDU DV IHUUDPHQWDV GH DWXDOL]DomR GDV WD[DV GH FkPELR
7DUHID
1R 6$3 (53 DV PRHGDV VmR GH¿QLGDV SRU PHLR GH

3UHHQFKD RV HVSDoRV YD]LRV SDUD FRPSOHWDU D IUDVH

7DUHID
5HODFLRQDU DV WUrV FDWHJRULDV GH WD[DV GH FkPELR PDLV XWLOL]DGDV H SDUD TXr

VmR XVDGDV
7DUHID
,QGLTXH R FDPLQKR GR ,0* RQGH GH¿QH D PRHGD EDVH

7),1B /LomR 0RHGDV
6ROXomR 0RHGDV
7DUHID
5HODFLRQDU DV IHUUDPHQWDV GH DWXDOL]DomR GDV WD[DV GH FkPELR
5HVSRVWD
,QYHUVmR
0RHGD EDVH
0DUJHQV GD WD[D GH FkPELR
7DUHID
1R 6$3 (53 DV PRHGDV VmR GH¿QLGDV SRU PHLR GH FyGLJRV GH PRHGD
5HVSRVWD FyGLJRV GH PRHGD
7DUHID
5HODFLRQDU DV WUrV FDWHJRULDV GH WD[DV GH FkPELR PDLV XWLOL]DGDV H SDUD TXr
VmR XVDGDV
5HVSRVWD
0 7D[D GH FkPELR PpGLD SDUD ODQoDPHQWR H FRPSHQVDomR
* 7D[D GH FRPSUD
% 7D[D SDUD YHQGD
7DUHID
,QGLTXH R FDPLQKR GR ,0* RQGH GH¿QH D PRHGD EDVH
5HVSRVWD 6$3 1HW:HDYHU ĺ &RQ¿JXUDo}HV JHUDLV ĺ 0RHGDV ĺ 9HUL¿FDU
FDWHJRULDV GH WD[D GH FkPELR

5HVXPR GD OLomR

7),1B 5HVXPR GR FDStWXOR
5HVXPR GR FDStWXOR
¿QDQFHLUD
QRYD

5HVXPR GR FDStWXOR 7),1B

&DStWXOR
'DGRV PHVWUH
'H¿QLU H XWLOL]DU XP SODQR GH FRQWDV
'HVFUHYHU D HVWUXWXUD GH XPD FRQWD GR 5D]mR
&RQWURODU R IRUPDWR GH XPD FRQWD GR 5D]mR
1RPHDU H GHVFUHYHU RV GLYHUVRV WLSRV GH FRQWDV GR 5D]mR
&ULDU DWXDOL]DU H FRQWURODU FRQWDV GR 5D]mR
'HVFUHYHU FRPR PRGL¿FDU YiULDV FRQWDV GR 5D]mR DR PHVPR WHPSR
([SOLFDU DV YDQWDJHQV H DV GHVYDQWDJHQV GH SODQRV GH FRQWDV GH JUXSR H
GH SDtV
([SOLFDU FRP GHWDOKHV RV WHUPRV FHQWUR GH OXFUR H VHJPHQWR
'HVFUHYHU DV RSo}HV GH GHULYDomR GRV VHJPHQWRV
'HVFUHYHU D HVWUXWXUD GH FRQWDV GH UD]mR DX[LOLDU
'LVFRUUHU VREUH DV VHPHOKDQoDV H GLIHUHQoDV HQWUH FRQWDV GR 5D]mR H FRQWDV
GH UD]mR DX[LOLDU
&RQWURODU H DWXDOL]DU FRQWDV GH UD]mR DX[LOLDU
([SOLFDU UHODo}HV HQWUH FRQWDV GH UD]mR DX[LOLDU
/LomR &RQWDV GR 5D]mR
([HUFtFLR &RQWDV GR 5D]mR
/LomR &HQWUR GH OXFUR H VHJPHQWR
([HUFtFLR &HQWUR GH OXFUR H VHJPHQWRV
/LomR &RQWDV GH UD]mR DX[LOLDU
([HUFtFLR &RQWDV GH UD]mR DX[LOLDU

&DStWXOR 'DGRV PHVWUH 7),1B
/LomR &RQWDV GR 5D]mR

9RFr VHUi DSUHVHQWDGR DRV UHJLVWURV PHVWUH GH FRQWDV GR 5D]mR
2EMHWLYRV GD OLomR
GH SDtV
&HQiULR GH QHJyFLRV
2 JHUHQWH GD FRQWDELOLGDGH GHFLGLX TXH DV FRQ¿JXUDo}HV GR SODQR GH FRQWDV H
GD HPSUHVD SDUD DV FRQWDV GR 5D]mR SRGHP VHU FRSLDGDV GD HPSUHVD 1R
HQWDQWR R GHSDUWDPHQWR GH FRQWDELOLGDGH QHFHVVLWD GH FRQWDV GR 5D]mR DGLFLRQDLV
SDUD SURFHVVDU GHVSHVDV GH YLDJHP H SDJDPHQWRV 2V Q~PHURV GDV FRQWDV GH
GHVSHVD WrP GH SHUWHQFHU D XP LQWHUYDOR GH QXPHUDomR j SDUWH
)LJXUD 3ODQR GH FRQWDV
2 SODQR GH FRQWDV p XPD YDULDQWH TXH FRQWpP D HVWUXWXUD H DV LQIRUPDo}HV EiVLFDV

VREUH DV FRQWDV GR 5D]mR

7),1B /LomR &RQWDV GR 5D]mR
'H¿QD R SODQR GH FRQWDV FRP XP ,' GH TXDWUR FDUDFWHUHV

'H¿QD RV FRPSRQHQWHV LQGLYLGXDLV GR SODQR GH FRQWDV FRPR SRU H[HPSOR
LGLRPD FRPSULPHQWR GR Q~PHUR GD FRQWD GR 5D]mR SODQRV GH FRQWDV GR JUXSR GH
HPSUHVDV VWDWXV
2 SODQR GH FRQWDV WHP GH VHU DWULEXtGR D WRGDV DV HPSUHVDV SDUD DV TXDLV VHUmR
GH¿QLGDV FRQWDV FRP EDVH QD HVWUXWXUD HP TXHVWmR
)LJXUD 'H¿QLomR GR SODQR GH FRQWDV
2 LGLRPD GH DWXDOL]DomR p DTXHOH QR TXDO VmR DWXDOL]DGDV DV GHVFULo}HV GH FRQWDV

2 FRPSULPHQWR GRV Q~PHURV GDV FRQWDV GR 5D]mR SRGH VHU GH D GtJLWRV
3RU PHLR GR WLSR GH LQWHJUDomR HQWUH DV FRQWDV GR 5D]mR H DV FODVVHV GH FXVWRV
SRGHVH FRQWURODU DWp TXH SRQWR R UHJLVWUR PHVWUH GH FXVWR p DWXDOL]DGR TXDQGR VH
DWXDOL]DP RV UHJLVWURV PHVWUH GH FRQWDV GR 5D]mR GH GHPRQVWUDomR GH UHVXOWDGRV
9RFr SRGH DWXDOL]DU PDQXDOPHQWH DV FODVVHV GH FXVWRV FRQWXGR WDPEpP
WHP D RSomR GH DWXDOL]iODV DXWRPDWLFDPHQWH $R JUDYDU XPD QRYD FRQWD GR
5D]mR R WLSR GH FXVWR FRUUHVSRQGHQWH p FULDGR DXWRPDWLFDPHQWH 1R HQWDQWR R
SUpUHTXLVLWR p TXH VHMD GH¿QLGR XP YDORU SURSRVWR SDUD D FDWHJRULD GD FODVVH GH
FXVWR XPD YH] TXH VH QmR H[LVWLU XP YDORU SURSRVWR R VLVWHPD DVVXPH TXH QmR
GHYH VHU FULDGD TXDOTXHU FODVVH GH FXVWR
3RGHVH DWULEXLU XP Q~PHUR GH FRQWD GH JUXSR D FDGD FRQWD GR 5D]mR (VWH Q~PHUR
GH FRQWD p XWLOL]DGR SDUD UHODWyULRV LQWHUHPSUHVDULDLV VH DV HPSUHVDV XWLOL]DUHP
SODQRV GH FRQWDV GLIHUHQWHV 6H LQVHULU XP SODQR GH FRQWDV GR JUXSR GH HPSUHVDV
QR SODQR GH FRQWDV R VLVWHPD GH¿QH XP Q~PHUR GH FRQWD GH JUXSR QR FDPSR
FRUUHVSRQGHQWH GD GH¿QLomR GH FRQWD GR 5D]mR FDPSR REULJDWyULR H YHUL¿FD VH R
Q~PHUR GD FRQWD GH JUXSR LQVHULGR H[LVWH QR SODQR GH FRQWDV GR JUXSR GH HPSUHVDV

8P SODQR GH FRQWDV DLQGD QmR FRQFOXtGR SRGH VHU EORTXHDGR GH IRUPD TXH
QHQKXPD HPSUHVD SRVVD XWLOL]iOR DWp TXH HVWHMD SURQWR
3RGHVH REWHU XP GLUHWyULR GDV FRQWDV GR 5D]mR HP VHX SODQR GH FRQWDV SDUD ¿QV
LQIRUPDWLYRV RX GH GRFXPHQWDomR SRU PHLR GR UHODWyULR 5)6.3/ 8WLOL]H R
SODQR GH FRQWDV GR 5D]mR SDUD H[LELU GDGRV PHVWUH GH FRQWDV GR 5D]mR H SDUD
LPSULPLU OLVWDV GH FRQWDV GR 5D]mR
)LJXUD $WULEXLomR GR SODQR GH FRQWDV
7RGDV DV HPSUHVDV SUHFLVDP WHU XP SODQR GH FRQWDV DWULEXtGR 8P SODQR GH FRQWDV

SRGH VHU DWULEXtGR D YiULDV HPSUHVDV SULQFtSLR YDULDQWH
2 FRPSRQHQWH &RQWUROOLQJ XWLOL]D R PHVPR SODQR GH FRQWDV TXH R FRPSRQHQWH
&RQWDELOLGDGH ¿QDQFHLUD 6H DV HPSUHVDV TXLVHUHP XWLOL]DU FRQWUROOLQJ
LQWHUHPSUHVDULDO GHYHP XWLOL]DU R PHVPR SODQR GH FRQWDV 1R H[HPSOR DFLPD
DV HPSUHVDV H SRGHP ID]HU FRQWUROOLQJ LQWHUHPSUHVDULDO PDV QmR DV
H
3RGHVH XWLOL]DU R SURJUDPD 5)6.9= SDUD YHU R GLUHWyULR GH FRQWDV GR 5D]mR
FRP GDGRV HVSHFt¿FRV GH SODQR GH FRQWDV H GH HPSUHVD

)LJXUD 6HJPHQWR GR SODQR GH FRQWDV
2 SODQR GH FRQWDV FRQWpP LQIRUPDo}HV EiVLFDV VREUH DV FRQWDV $V LQIRUPDo}HV GH

XPD FRQWD VmR UHVXPLGDV HP XP VHJPHQWR GR SODQR GH FRQWDV
2 VHJPHQWR FRQWpP
1~PHUR GD FRQWD
1RPH GD FRQWD FRP WH[WR EUHYH H GHVFULWLYR
&DPSRV GH FRQWUROH FRQVXOWH RV JUi¿FRV VHJXLQWHV
&DPSRV GH FRQVROLGDomR
3RGHVH WUDGX]LU R SODQR GH FRQWDV SDUD RXWURV LGLRPDV D ¿P GH H[LELU R QRPH
GD FRQWD QR LGLRPD GH ORJRQ DGHTXDGR GXUDQWH D H[LELomR GH GDGRV PHVWUH H D
UHDOL]DomR GH ODQoDPHQWRV 6H R SODQR GH FRQWDV QmR IRL WUDGX]LGR SDUD R LGLRPD
GH DFHVVR DGHTXDGR R QRPH GD FRQWD DSDUHFHUi QR LGLRPD GH DWXDOL]DomR
7H[WRV FRP GLYHUVDV LQIRUPDo}HV SRGHP VHU DWULEXtGRV D FDGD VHJPHQWR GR SODQR
GH FRQWDV

)LJXUD &DPSRV QR VHJPHQWR GR SODQR GH FRQWDV
$V LQIRUPDo}HV LQVHULGDV QR VHJPHQWR GR SODQR GH FRQWDV UHODWLYDV D XPD FRQWD GR

5D]mR DSOLFDPVH D WRGDV DV HPSUHVDV
(VWDV LQIRUPDo}HV VmR LQVHULGDV DSHQDV XPD YH] 6HPSUH TXH LQVHULU LQIRUPDo}HV
GH XPD HPSUHVD SDUD XP Q~PHUR GH FRQWD DV LQIRUPDo}HV GR VHJPHQWR GR SODQR
GH FRQWDV VmR DFHVVDGDV DXWRPDWLFDPHQWH SDUD TXH QmR VHMD QHFHVViULR LQVHULODV
QRYDPHQWH
2V WH[WRV LQVHULGRV QR VHJPHQWR GR SODQR GH FRQWDV VmR DGPLQLVWUDGRV SRU ,'
GH WH[WR H LGLRPD e SRVVtYHO H[LELU WH[WRV XWLOL]DQGR R UHODWyULR ³0DQXDO GH
FODVVL¿FDomR FRQWiELO´ 5)6.7+
e SRVVtYHO SURFXUDU Q~PHURV GH FRQWDV XWLOL]DQGR SDODYUDVFKDYH
e SRVVtYHO GH¿QLU H PRGL¿FDU R OD\RXW GDV ¿FKDV GH UHJLVWUR SDUD R SURFHVVDPHQWR
LQGLYLGXDO GRV GDGRV PHVWUH GH FRQWD GR 5D]mR 3RGHVH GH¿QLU
2 Q~PHUR GH ¿FKDV GH UHJLVWUR
2V WtWXORV GDV ¿FKDV GH UHJLVWUR
2V JUXSRV GH FDPSRV GH TXH QHFHVVLWD H UHVSHFWLYDV SRVLo}HV QDV ¿FKDV GH
UHJLVWUR
3RGHVH VHOHFLRQDU RV OD\RXWV SDUD R SURFHVVDPHQWR FHQWUDO H R SURFHVVDPHQWR
QD iUHD HVSHFt¿FD GH SODQR GH FRQWDV H GH HPSUHVD 2 VLVWHPD VWDQGDUG
FRQWpP OD\RXWV SDUD HVWDV IXQo}HV GH SURFHVVDPHQWR FRPHoDP SRU 6$3
3RGHVH FRSLDU HVWHV OD\RXWV DMXVWiORV jV VXDV QHFHVVLGDGHV H GHSRLV
DWULEXtORV D VHX SODQR GH FRQWDV RX VHXV JUXSRV GH FRQWDV

)LJXUD 6HJPHQWR GD HPSUHVD
3DUD XWLOL]DU XPD GDV FRQWDV GR SODQR GH FRQWDV DWULEXtGR HP VXD HPSUHVD p
QHFHVViULR FULDU XP VHJPHQWR GD HPSUHVD SDUD D FRQWD (VWH VHJPHQWR GD HPSUHVD
p DGLFLRQDGR DR VHJPHQWR GR SODQR GH FRQWDV H HP FRQMXQWR HVVHV GRLV VHJPHQWRV
IRUPDP D FRQWD
2 VHJPHQWR GD HPSUHVD FRQWpP LQIRUPDo}HV UHODWLYDV H[FOXVLYDPHQWH j HPSUHVD
HP TXHVWmR (VVDV LQIRUPDo}HV FRQWURODP D HQWUDGD GH GRFXPHQWRV FRQWiEHLV
H D DGPLQLVWUDomR GH GDGRV FRQWiEHLV
1R JUi¿FR ³6HJPHQWR GD HPSUHVD´ D HPSUHVD QmR XWLOL]D D FRQWD PDV
RXWUD HPSUHVD GH VHX JUXSR SRGH XWLOL]iOD (VWD SRGH VHU SRU H[HPSOR XPD
FRQWD GR EDODQoR HP PRHGD HVWUDQJHLUD DGPLQLVWUDGD QD PRHGD GR SDtV HP
TXH D HPSUHVD GR JUi¿FR QmR SRVVXL SDUFHLURV GH QHJyFLRV PDV RXWUD HPSUHVD
GR JUXSR SRVVXL
)LJXUD &DPSRV QR VHJPHQWR GD HPSUHVD

2 VHJPHQWR GD HPSUHVD SDUD D PHVPD FRQWD GR 5D]mR SRGH VHU GLIHUHQWH

FRQIRUPH DV QHFHVVLGDGHV GD HPSUHVD 3RU H[HPSOR GH¿QD R FyGLJR ³&DWHJRULD
¿VFDO´ SDUD XPD HPSUHVD HVSHFt¿FD D ¿P GH LQFOXLU LPSRVWRV TXDQGR VH XWLOL]DP
FRQWDV GH GHVSHVDV 3DUD RXWUDV HPSUHVDV SRGHVH QmR GH¿QLU R FyGLJR
'H¿QD DV LQIRUPDo}HV UHOHYDQWHV SDUD FDGD HPSUHVD
0RHGD
,PSRVWRV
&RQWD GH FRQFLOLDomR
([LELomR GH SDUWLGDV LQGLYLGXDLV
&KDYH GH RUGHQDomR
*UXSR GH VWDWXV GH FDPSR
%DQFR GD HPSUHVD
,QIRUPDo}HV VREUH FiOFXOR GH MXURV
&RQIRUPH PHQFLRQDGR QR JUi¿FR GR VHJPHQWR GH SODQR GH FRQWDV RV WH[WRV VmR
DGPLQLVWUDGRV SRU ,' GH WH[WR H LGLRPD 2V WH[WRV SRGHP VHU H[LELGRV SRU PHLR GR
UHODWyULR ³0DQXDO GH FODVVL¿FDomR FRQWiELO´
)LJXUD 8P SODQR GH FRQWDV GLYHUVDV HPSUHVDV
7RGDV DV HPSUHVDV TXH TXLVHUHP XWLOL]DU XPD FRQWD GR SODQR GH FRQWDV DWULEXtGR
GHYHP FULDU VHX SUySULR VHJPHQWR GD HPSUHVD &RPR R Q~PHUR H R QRPH GD FRQWD
VmR DWXDOL]DGRV QR SODQR GH FRQWDV D FRQWD WHP R PHVPR QRPH H Q~PHUR HP
WRGDV DV HPSUHVDV DWULEXtGDV

)LJXUD &RQWDV GH EDODQoR H GH UHVXOWDGRV
1R VHJPHQWR GR SODQR GH FRQWDV p QHFHVViULR LQGLFDU VH D FRQWD p GR EDODQoR

RX GH UHVXOWDGRV
(VWHV GRLV WLSRV GH FRQWDV VmR WUDWDGRV GH IRUPD GLIHUHQWH QR SURFHGLPHQWR GH
HQFHUUDPHQWR
1DV FRQWDV GH EDODQoR R VDOGR p WUDQVSRUWDGR SDUD D PHVPD FRQWD
1DV FRQWDV GH UHVXOWDGRV R VDOGR p WUDQVSRUWDGR SDUD XPD FRQWD GH UHVXOWDGR
WUDQVSRUWDGR H D FRQWD GH UHVXOWDGRV p ]HUDGD e DWULEXtGD XPD FKDYH SRU
H[HPSOR ³;´ j FRQWD SDUD D TXDO R VDOGR p WUDQVSRUWDGR ,QVLUD HVWD FKDYH
QR FDPSR 7LSR GH GHPRQVWUDomR GH UHVXOWDGRV QR VHJPHQWR GR SODQR GH
FRQWDV
1R &XVWRPL]LQJ RV XVXiULRV GH¿QHP D FRQWD GH UHVXOWDGR WUDQVSRUWDGR TXH
HVWi DWULEXtGD jV FRQWDV GH GHVSHVD GXUDQWH D FULDomR GR UHJLVWUR PHVWUH GR
5D]mR 6H KRXYHU DSHQDV XPD FRQWD GH UHVXOWDGR WUDQVSRUWDGR R VLVWHPD XWLOL]D
DXWRPDWLFDPHQWH D FRQWD GH¿QLGD HP &XVWRPL]LQJ 6H KRXYHU PDLV GH XPD FRQWD
GH UHVXOWDGR WUDQVSRUWDGR QD FULDomR GH XP UHJLVWUR PHVWUH p SRVVtYHO VHOHFLRQDU D
FRQWD GH UHVXOWDGR WUDQVSRUWDGR SDUD FDGD FRQWD GH UHVXOWDGRV

)LJXUD *UXSRV GH FRQWDV SDUD FRQWDV GR 5D]mR
&RPR XP SODQR GH FRQWDV FRQWpP PXLWRV WLSRV GLIHUHQWHV GH FRQWDV HODV SRGHP
VHU DJUXSDGDV HP GLIHUHQWHV JUXSRV GH FRQWDV 1RUPDOPHQWH XP JUXSR GH FRQWDV
UH~QH FRQWDV FRP GH PHVPD QDWXUH]D QR 5D]mR SRU H[HPSOR FRQWDV GH FDL[D GH
PDWHULDO GH LPRELOL]DGR GH UHVXOWDGRV HWF
&RP D DWULEXLomR GH XP LQWHUYDOR GH QXPHUDomR D XP JUXSR GH FRQWDV SRGHVH
JDUDQWLU TXH DV FRQWDV GR PHVPR WLSR ¿TXHP QR PHVPR LQWHUYDOR GH QXPHUDomR
2V LQWHUYDORV GH Q~PHURV SDUD RV UHJLVWURV PHVWUH GD FRQWD GR 5D]mR SRGHP VH
VREUHSRU
e QHFHVViULR LQVHULU R JUXSR GH FRQWDV QR VHJPHQWR GR SODQR GH FRQWDV HVWH
FRQWUROD D DSDUrQFLD GR VHJPHQWR GD HPSUHVD GH XPD FRQWD GR 5D]mR 3RU
H[HPSOR SDUD WRGDV DV FRQWDV GH FDL[D YRFr GHVHMD SRGHU H[LELU WRGDV DV SDUWLGDV
LQGLYLGXDLV 1R &XVWRPL]LQJ GH VHX JUXSR GH FRQWDV ³&RQWDV GH FDL[D´ PRGL¿TXH
R VWDWXV GR FDPSR SDUD WRUQDU ³H[LELomR GH SDUWLGD LQGLYLGXDO´ XPD HQWUDGD
REULJDWyULD
2 6$3 (53 IRUQHFH JUXSRV GH FRQWDV SUHGH¿QLGRV

)LJXUD 6WDWXV GR FDPSR
2 VWDWXV GR FDPSR SRVVLELOLWD FRQWURODU D H[LELomR H D DWXDOL]DomR GRV GDGRV

PHVWUH GH XPD FRQWD
3RGHVH DWULEXLU DRV FDPSRV TXH QmR VH XWLOL]DP R VWDWXV 2FXOWDU
2V FDPSRV FXMRV YDORUHV QmR SRGHP VHU PRGL¿FDGRV SRGHP WHU R VWDWXV
([LELU PHVPR QR PRGR GH PRGL¿FDomR
3DUD RV FDPSRV QRV TXDLV p QHFHVViULR LQVHULU XP YDORU SRGHVH GH¿QLU R
VWDWXV 2EULJDWyULR
2V FDPSRV TXH SRGHP FRQWHU XPD HQWUDGD PDV TXH QmR VmR REULJDWyULRV
SRGHP VHU GH¿QLGRV FRPR (QWUDGD RSFLRQDO
'HWHUPLQDGRV FDPSRV VmR DJUXSDGRV H VHXV VWDWXV GH FDPSR VmR YiOLGRV SDUD
WRGR R JUXSR SRU H[HPSOR FyGLJR GH FiOFXOR GH MXURV FLFOR GH MXURV H ~OWLPD
GDWD ¿[DGD GH FiOFXOR GH MXURV
2V FDPSRV ³0RHGD GD FRQWD´ H ³*UXSR GH VWDWXV GR FDPSR´ VmR VHPSUH
REULJDWyULRV (VWH VWDWXV QmR SRGH VHU PRGL¿FDGR
'LFD &DPSRV VXSULPLGRV SRGHP FRQWHU YDORUHV DLQGD YLJHQWHV

)LJXUD 6WDWXV GH FDPSR SDUD GDGRV PHVWUH
2V FDPSRV H[LELGRV QR UHJLVWUR PHVWUH GD FRQWD GR 5D]mR QmR VmR FRQWURODGRV

DSHQDV SHOR JUXSR GH FRQWDV PDV WDPEpP SHOD WUDQVDomR TXH HVWi VHQGR
XWLOL]DGD SDUD SURFHVVDU RV GDGRV PHVWUH FRQWUROH HVSHFt¿FR GH WUDQVDomR SRU
H[HPSOR &ULDU 0RGL¿FDU ([LELU 6H SUHWHQGH TXH DOJXQV FDPSRV QmR SRVVDP
VHU PRGL¿FDGRV GHSRLV GH WHU FULDGR XP UHJLVWUR PHVWUH HVSHFL¿TXH TXH XP
GHWHUPLQDGR FDPSR QmR p PRGL¿FiYHO QD WUDQVDomR ³0RGL¿FDU GDGRV PHVWUH´ QR
&XVWRPL]LQJ 3RU H[HPSOR YRFr TXHU TXH D PRHGD GH VXD FRQWD GH FDL[D VHMD *%3
H QmR TXHU TXH VHMD SRVVtYHO PRGL¿FiOD 1D WUDQVDomR 0RGL¿FDU GDGRV PHVWUH QR
&XVWRPL]LQJ DWULEXD R VWDWXV ³([LELU´ DR FDPSR UHOHYDQWH
$V GH¿QLo}HV GR VWDWXV GR FDPSR GR JUXSR GH FRQWDV H GH WUDQVDomR VmR
FRPELQDGDV HP FDGD FDPSR VHQGR XVDGD DTXHOD GH PDLRU SULRULGDGH $V
SULRULGDGHV VmR D SDUWLU GD PDLV DOWD
2FXOWDU
([LELU
(QWUDGD REULJDWyULD
(QWUDGD RSFLRQDO
2V FDPSRV DFHVVDGRV FRP D WUDQVDomR ([LELU GDGRV PHVWUH VmR VHPSUH H[LELGRV
RX RFXOWDGRV Mi TXH QmR p SRVVtYHO ID]HU XPD HQWUDGD HP XPD WUDQVDomR ³H[LELU´
&DVR QmR GHVHMH XWLOL]DU R FRQWUROH HVSHFt¿FR GH WUDQVDomR R VWDWXV GH WRGRV RV
FDPSRV GHYH VHU GH¿QLGR FRPR RSFLRQDO 8PD YH] TXH HVWH VWDWXV GH FDPSR WHP D
SULRULGDGH PDLV EDL[D p VHPSUH XWLOL]DGR R FRQWUROH HVSHFt¿FR GH JUXSR GH FRQWDV

)LJXUD &RQWDV GH UHFRQFLOLDomR
&RQWDV GH FRQFLOLDomR VmR FRQWDV GR 5D]mR DWULEXtGDV DRV UHJLVWURV PHVWUH GH

SDUFHLUR GH QHJyFLRV SDUD UHJLVWUDU WRGDV DV WUDQVDo}HV QR OLYUR DX[LOLDU
7RGRV RV ODQoDPHQWRV QDV FRQWDV GR OLYUR DX[LOLDU VmR DXWRPDWLFDPHQWH ODQoDGRV
QDV FRQWDV GH FRQFLOLDomR DWULEXtGDV $VVLP R 5D]mR HVWi VHPSUH DWXDOL]DGR
'H¿QD XPD FRQWD GR 5D]mR FRPR FRQWD GH FRQFLOLDomR LQVHULQGR XP GRV VHJXLQWHV
WLSRV GH FRQWD QR FDPSR &RQWD GH FRQFLOLDomR SRU WLSR GH FRQWD
' SDUD &RQWDV D UHFHEHU
. SDUD &RQWDV D SDJDU
$ FRQWD GH FRQFLOLDomR WRUQDVH HQWmR YiOLGD DSHQDV SDUD R WLSR GH FRQWD
HVSHFL¿FDGR
$V FRQWDV GH FRQFLOLDomR WtSLFDV VmR DV ³&RQWDV D UHFHEHU´ H DV ³&RQWDV D SDJDU´
'LFD 1mR p SRVVtYHO ODQoDU PRQWDQWHV GLUHWDPHQWH HP FRQWDV GH

FRQFLOLDomR
3DUD YLVXDOL]DU RV SDUFHLURV GH QHJyFLRV DWULEXtGRV D XPD GHWHUPLQDGD FRQWD GH

FRQFLOLDomR SRGHVH VHOHFLRQDU R FDPSR GD &RQWD GH FRQFLOLDomR QD OLVWD GH
FOLHQWHV RX IRUQHFHGRUHV 5)'.9= RX 5)..=9 SRU PHLR GH VHOHo}HV
OLYUHV

)LJXUD ([LELomR GH SDUWLGDV LQGLYLGXDLV YLVmR GH HQWUDGD
0RYLPHQWDomR QR SHUtRGR p R WRWDO GRV ODQoDPHQWRV GH SDUWLGDV LQGLYLGXDLV QR

ODGR GR GpELWR RX GR FUpGLWR 2 VDOGR p D GLIHUHQoD HQWUH D PRYLPHQWDomR QR
SHUtRGR GH GpELWR H GH FUpGLWR
2 FDPSR ³([LELomR GH SDUWLGDV LQGLYLGXDLV´ p XP FDPSR GH FRQWUROH QR VHJPHQWR
GD HPSUHVD GH XPD FRQWD
3DUD FRQWDV VHP ³H[LELomR GH SDUWLGDV LQGLYLGXDLV´ DSHQDV D
PRYLPHQWDomR QR SHUtRGR p DWXDOL]DGD TXDQGR XP GRFXPHQWR p ODQoDGR
QHVVD FRQWD 4XDQGR XP XVXiULR GHVHMD YLVXDOL]DU HVWD FRQWD RQOLQH HOH
SRGH YHU DSHQDV R VDOGR
3DUD DV FRQWDV FRP ³H[LELomR GH SDUWLGDV LQGLYLGXDLV´ RV GDGRV PDLV
LPSRUWDQWHV GDV SDUWLGDV LQGLYLGXDLV ODQoDGDV VmR DUPD]HQDGRV HP XPD
WDEHOD HVSHFLDO GH tQGLFHV &RPR HVVHV GDGRV VmR DUPD]HQDGRV WDPEpP QRV
GRFXPHQWRV WRUQDPVH UHGXQGDQWHV H SUHFLVDP GH DUPD]HQDJHP H WHPSR GH
VLVWHPD DGLFLRQDLV 4XDQGR XP XVXiULR GHVHMD YLVXDOL]DU HVWD FRQWD RQOLQH
HOH SRGH YHU R VDOGR H DV SDUWLGDV LQGLYLGXDLV 3RGHVH XWLOL]DU R SURJUDPD
5)6(3$ SDUD PDLV WDUGH DWLYDU D H[LELomR GH SDUWLGDV LQGLYLGXDLV OHU D
GRFXPHQWDomR GHVWH SURJUDPD DQWHV GH R H[HFXWDU

8PD YH] TXH D H[LELomR GH SDUWLGDV LQGLYLGXDLV FRQVRPH PDLV UHFXUVRV GR

VLVWHPD HVWD DSHQDV GHYH VHU XWLOL]DGD VH QmR H[LVWLU RXWUD IRUPD GH YHU DV SDUWLGDV
LQGLYLGXDLV 1mR VH GHYH DWLYDU D H[LELomR GH SDUWLGDV LQGLYLGXDLV SDUD
&RQWDV GH FRQFLOLDomR DV SDUWLGDV LQGLYLGXDLV VmR DGPLQLVWUDGDV QRV OLYURV
DX[LOLDUHV
&RQWDV GH UHFHLWDV DV SDUWLGDV LQGLYLGXDLV VmR DGPLQLVWUDGDV SHOD DSOLFDomR
*HUHQFLDPHQWR GD RUGHP GR FOLHQWH
&RQWDV GH HVWRTXH GH PDWHULDO DV SDUWLGDV LQGLYLGXDLV VmR DGPLQLVWUDGDV
SHOD DSOLFDomR $GPLQLVWUDomR GH FRPSUDV
&RQWDV GH LPSRVWRV RV LWHQV GH LPSRVWRV Vy VmR ~WHLV HP OLJDomR FRP
R GRFXPHQWR RV PRQWDQWHV GH LPSRVWRV Mi IRUDP YHUL¿FDGRV TXDQGR R
GRFXPHQWR IRL ODQoDGR
7RGDV DV LQIRUPDo}HV QHFHVViULDV HQFRQWUDPVH QRV OLYURV DX[LOLDUHV
$ &RQWDELOLGDGH JHUDO QRYD DWLYD GLVS}H GH XPD ³9LVmR GH HQWUDGD´ H XPD ³9LVmR
GR 5D]mR´ GRV GRFXPHQWRV (ODV VmR H[SOLFDGDV GHWDOKDGDPHQWH QR FDStWXOR
³5HSDUWLomR GH GRFXPHQWR FRQWUROH GH ODQoDPHQWR´
1D &RQWDELOLGDGH JHUDO QRYD R GHPRQVWUDWLYR UHODFLRQDGR DR FRQWUROH GD
DGPLQLVWUDomR GH SDUWLGDV LQGLYLGXDLV QD FRQWD VH UHIHUH DSHQDV j YLVmR GH HQWUDGD
GRV GRFXPHQWRV 1D YLVmR GR 5D]mR DV SDUWLGDV LQGLYLGXDLV GH WRGDV DV FRQWDV
HVWmR VHPSUH YLVtYHLV ,VVR QmR SRGH VHU PRGL¿FDGR SRLV QD &RQWDELOLGDGH JHUDO
QRYD XP OLYUR DX[LOLDU QmR p PDLV FDSD] GH H[SOLFDU WRWDOPHQWH R 5D]mR LVWR p
FHQWUR GH OXFUR H VHJPHQWR QDV SDUWLGDV GXUDQWH D UHSDUWLomR GR GRFXPHQWR
)LJXUD $GPLQLVWUDomR GH SDUWLGDV HP DEHUWR

$V SDUWLGDV LQGLYLGXDLV GDV FRQWDV FRP DGPLQLVWUDomR GH SDUWLGDV HP DEHUWR VmR

LQGLFDGDV FRPR DEHUWDV RX FRPSHQVDGDV
$V FRQWDV FRP DGPLQLVWUDomR GH SDUWLGDV HP DEHUWR SUHFLVDP WHU D H[LELomR GH
SDUWLGD LQGLYLGXDO´ DWLYDGD
$ DGPLQLVWUDomR GH SDUWLGDV HP DEHUWR p XP SUpUHTXLVLWR VH QHFHVVLWDU YHUL¿FDU VH
H[LVWH XP ODQoDPHQWR GH FRQWUDSDUWLGD SDUD XPD GHWHUPLQDGD WUDQVDomR FRQWiELO
3RGHVH H[LELU HP VHSDUDGR DV SDUWLGDV HP DEHUWR H DV FRPSHQVDGDV H SRUWDQWR
¿FD IiFLO YHUL¿FDU TXH WUDQVDo}HV FRQWiEHLV DLQGD SUHFLVDP VHU FRPSHQVDGDV
'HYHVH XWLOL]DU D DGPLQLVWUDomR GH SDUWLGDV HP DEHUWR SDUD DV VHJXLQWHV FRQWDV
&RQWDV GH FRPSHQVDomR EDQFiULD
&RQWDV GH FRPSHQVDomR SDUD HQWUDGD GH PHUFDGRULDVHQWUDGD GH IDWXUD
&RQWDV GH FRPSHQVDomR GH VDOiULR
6RPHQWH p SRVVtYHO DWLYDU RX GHVDWLYDU D DGPLQLVWUDomR GH SDUWLGDV HP DEHUWR VH D
FRQWD WLYHU VDOGR ]HUR
$GHQGR 1RUPDOPHQWH DV FRQWDV VmR DGPLQLVWUDGDV RX QmR VHJXQGR DV 3$V
3RUpP VH D DGPLQLVWUDomR SRU 3$V HVWLYHU FRQ¿JXUDGD SRU OLYUR DX[LOLDU D
IXQFLRQDOLGDGH ³&RPSHQVDomR HVSHFt¿FD GR JUXSR GH OHGJHUV´ DGPLQLVWUDomR GH
3$V SRU OHGJHU HVWDUi GLVSRQtYHO D SDUWLU GR (+3 3DFRWH GH $PSOLDomR (VVD
IXQomR WDPEpP SRGHUi VHU H[HFXWDGD SRVWHULRUPHQWH VH FHUWDV FRQGLo}HV IRUHP
VDWLVIHLWDV (ODV VHUmR GHVFULWDV QR $& 2 FRQWH~GR GR FXUVR $& QmR DV
DEUDQJH
)LJXUD &RQWD HP PRHGD LQWHUQD

e SRVVtYHO VHOHFLRQDU XPD GDV VHJXLQWHV PRHGDV FRPR PRHGD GD FRQWD

0RHGD LQWHUQD
0RHGD HVWUDQJHLUD
&RPR SUHGH¿QLomR D PRHGD LQWHUQD p SURSRVWD FRPR PRHGD GD FRQWD TXDQGR
VH FULD XPD FRQWD GR 5D]mR
6H D PRHGD GD FRQWD IRU D PRHGD LQWHUQD D FRQWD SRGHUi UHFHEHU ODQoDPHQWRV
HP TXDOTXHU PRHGD $V RXWUDV PRHGDV VHUmR FRQYHUWLGDV QD PRHGD LQWHUQD SDUD
FDGD SDUWLGD LQGLYLGXDO
$ PRYLPHQWDomR QR SHUtRGR p DGPLQLVWUDGD SDUD FDGD PRHGD
0RHGD LQWHUQD WRWDO GH WRGRV RV PRQWDQWHV GH ODQoDPHQWR FRQYHUWLGR SDUD D
PRHGD LQWHUQD
0RHGD WRWDO GH WRGRV RV PRQWDQWHV ODQoDGRV QD PRHGD SRGH VHU D
PRHGD LQWHUQD
0RHGD WRWDO GH WRGRV RV PRQWDQWHV ODQoDGRV QD PRHGD
0RHGD WRWDO GH WRGRV RV PRQWDQWHV ODQoDGRV QD PRHGD
( DVVLP SRU GLDQWH
,VWR VH DSOLFD VH D H[LELomR GH SDUWLGD LQGLYLGXDO HVWLYHU RX QmR DWLYDGD
)LJXUD DSHQDV VDOGRV HP PRHGD LQWHUQD
6H R LQGLFDGRU ³$SHQDV VDOGRV HP PRHGD LQWHUQD´ HVWLYHU PDUFDGR QR UHJLVWUR

GH GDGRV PHVWUH D PRYLPHQWDomR QR SHUtRGR VHUi DGPLQLVWUDGD DSHQDV SDUD
PRQWDQWHV FRQYHUWLGRV QD PRHGD LQWHUQD

6HOHFLRQH HVWH FDPSR SDUD DV FRQWDV GH FRPSHQVDomR QDV TXDLV TXHLUD FRPSHQVDU
FRQWDV DWULEXLQGR SDUWLGDV FRP R PHVPR PRQWDQWH HP PRHGD LQWHUQD HQWUH VL VHP
SUHFLVDU ODQoDU GLIHUHQoDV GH FkPELR
2 FyGLJR WHP GH VHU GH¿QLGR HP FRQWDV GH GHVFRQWR H GH FRPSHQVDomR (0()
(OH QmR GHYH VHU GH¿QLGR HP FRQWDV GH FRQFLOLDomR SDUD FOLHQWHV RX IRUQHFHGRUHV
2 FyGLJR p GH¿QLGR HP JHUDO HP FRQWDV GR EDODQoR TXH QmR VmR DGPLQLVWUDGDV HP
PRHGDV HVWUDQJHLUDV H TXH QmR VmR DGPLQLVWUDGDV FRP EDVH HP SDUWLGDV HP DEHUWR
)LJXUD &RQWD HP PRHGD HVWUDQJHLUD
&RQWDV FXMD PRHGD IRU PRHGD HVWUDQJHLUD SRGHUmR UHFHEHU ODQoDPHQWRV

H[FOXVLYDPHQWH QHVVD PRHGD HVWUDQJHLUD
0DQXDOPHQWH
± 8PD HWDSD &ULDU RV GRLV VHJPHQWRV VLPXOWDQHDPHQWH FHQWUDOPHQWH
± 'XDV HWDSDV
6HJPHQWR GR SODQR GH FRQWDV
6HJPHQWR GH HPSUHVD
&ySLD
± &ySLD GH XPD FRQWD GR 5D]mR FRP UHIHUrQFLD D RXWUD FRQWD GR 5D]mR
± &ySLD GH WRGR R VHJPHQWR GD HPSUHVD
± &ySLD GH WRGR R VHJPHQWR GR SODQR GH FRQWDV
7UDQVIHUrQFLD GH GDGRV

± 7UDQV¿UD XP QRYR SODQR GH FRQWDV GH XP VLVWHPD H[WHUQR

&ULDU PDQXDOPHQWH
± &RP R PpWRGR HP GXDV HWDSDV FULH R VHJPHQWR GR SODQR GH FRQWDV
GH IRUPD VHSDUDGD GR VHJPHQWR GD HPSUHVD ,VVR OKH SHUPLWH FULDU D
FRQWD GR 5D]mR DSHQDV QR VHJPHQWR GR SODQR GH FRQWDV RX HP YiULRV
VHJPHQWRV GR SODQR GH FRQWDV
± 8WLOL]H R PpWRGR HP XPD HWDSD SDUD FULDU XPD FRQWD GR UD]mR HP XPD
HPSUHVD LQGLFDGD 5HSLWD D HWDSD GR PpWRGR HP GXDV HWDSDV RX VHMD
FULDomR QR VHJPHQWR GD HPSUHVD SDUD FULDU D FRQWD GR UD]mR HP RXWUDV
HPSUHVDV FRQIRUPH QHFHVViULR
&ULDomR GH FRQWDV GR 5D]mR SRU PHLR GH FySLD
± 3DUD FULDU XPD FRQWD TXH WHQKD DV PHVPDV SURSULHGDGHV GH XPD FRQWD
H[LVWHQWH LVWR p XPD RXWUD FRQWD GH IXQGRV OtTXLGRV p SUHFLVR FULDU D
QRYD FRQWD UHODFLRQDGD j FRQWD H[LVWHQWH H PRGL¿FDU R QRPH GD FRQWD
GH PDQHLUD FRUUHVSRQGHQWH
± 6H WRGDV DV FRQWDV GR 5D]mR GH XPD HPSUHVD H[LVWHQWH IRUHP
QHFHVViULDV HP RXWUD HPSUHVD SRGHVH FRSLDU WRGR R VHJPHQWR GH
HPSUHVD SDUD D QRYD HPSUHVD
± 7DPEpP p SRVVtYHO FRSLDU D WRWDOLGDGH GR SODQR GH FRQWDV SDUD XP QRYR
SODQR GH FRQWDV LQFOXLQGR D GHWHUPLQDomR GH FRQWDV 7DPEpP SRGHVH
FRSLDU D HVWUXWXUD GR EDODQoR'5(
7UDQVIHUrQFLD GH GDGRV
± 3DUD UHGX]LU D HQWUDGD GH GDGRV SURJUDPDV FRPR R 5)%,6$
LQWHUIDFHV EDWFK LQSXW SDUD GDGRV PHVWUH GD FRQWD GR 5D]mR SRGHP
VHU PRGL¿FDGRV SHOD HTXLSH GR $%$3 SDUD WUDQVIHULU QRYRV SODQRV GH
FRQWDV

)LJXUD 3URFHVVDPHQWR FROHWLYR
2 VLVWHPD 6$3 (53 IRUQHFH IXQo}HV GH SURFHVVDPHQWR FROHWLYR SDUD RV UHJLVWURV

PHVWUH GD FRQWD GR 5D]mR
e SRVVtYHO PRGL¿FDU RV GDGRV PHVWUH QR VHJPHQWR GR SODQR GH FRQWDV QR
VHJPHQWR GD HPSUHVD RX RV QRPHV GH YiULDV FRQWDV GR 5D]mR DR PHVPR WHPSR
$V FRQWDV GR UD]mR SRGHP VHU GH SODQRV GH FRQWDV GLIHUHQWHV
e SRVVtYHO ID]HU DOWHUDo}HV QDV FRQWDV GR UD]mR H[LELGDV
9RFr SRGH VHOHFLRQDU RV FDPSRV TXH GHYHP VHU PRGL¿FDGRV
3RGHVH PRGL¿FDU RV YDORUHV GRV FDPSRV H[LELGRV 3DUD VXEVWLWXLU RV YDORUHV
H[LVWHQWHV LQVLUD RV QRYRV YDORUHV QD FROXQD ³1RYRV YDORUHV´ 2 YDORU DQWLJR
p VXEVWLWXtGR SHOR QRYR HP WRGDV DV FRQWDV GR 5D]mR VHOHFLRQDGDV
'LFD 0RGL¿FDo}HV HP FRQWDV GR 5D]mR H[LVWHQWHV HQWUDP HP YLJRU DVVLP

TXH VmR JUDYDGDV H SRGHP WHU FRQVHTXrQFLDV YDVWDV 3RU LVVR GHYHVH
YHUL¿FDU DV PRGL¿FDo}HV DQWHV GH JUDYiODV

)LJXUD 3ODQR GH FRQWDV GR JUXSR GH HPSUHVDV
3DUD ¿QV LQWHUQRV SRGHP VHU ~WHLV RV UHODWyULRV LQWHUHPSUHVDULDLV SRU H[HPSOR
EDODQoRV ¿QDQFHLURV TXH FRQWrP RV LWHQV GH YiULDV HPSUHVDV
1mR KDYHUi SUREOHPDV GHVGH TXH WRGDV DV HPSUHVDV XVHP R PHVPR SODQR GH
FRQWDV (QWUHWDQWR DOJXPDV HPSUHVDV SRGHP SUHFLVDU XVDU SODQRV GH FRQWDV
HVSHFLDLV HP YLUWXGH GH H[LJrQFLDV OHJDLV 6H HVWH IRU R FDVR DSOLFDVH R VHJXLQWH
SURFHGLPHQWR SDUD R UHODWyULR LQWHUQR
9RFr SRGH XVDU XP SODQR GH FRQWDV GR JUXSR HP HPSUHVDV (VWH SODQR GH
FRQWDV GR JUXSR GH HPSUHVDV GHYH FRQWHU WRGDV DV FRQWDV GR JUXSR
2 SODQR GH FRQWDV GR JUXSR GH HPSUHVDV GHYH VHU DWULEXtGR D FDGD SODQR GH
FRQWDV RSHUDWLYR 6H LVVR IRU IHLWR R FDPSR ³1~PHUR GD FRQWD GR JUXSR´
QRV VHJPHQWRV GR SODQR GH FRQWDV GRV SODQRV GH FRQWDV RSHUDWLYRV VH WRUQDUi
REULJDWyULR
e QHFHVViULR LQVHULU R Q~PHUR GD FRQWD GR JUXSR QR VHJPHQWR GR SODQR
GH FRQWDV GD FRQWD RSHUDWLYD $V GLIHUHQWHV FRQWDV GH XP SODQR GH FRQWDV
RSHUDWLYR SRGHP ID]HU UHIHUrQFLD j PHVPD FRQWD GR JUXSR
e QHFHVViULR XP EDODQoR ¿QDQFHLUR'5( SDUD R SODQR GH FRQWDV GR JUXSR
GH HPSUHVDV
'HVYDQWDJHP &RPR DV HPSUHVDV XVDP SODQRV GH FRQWDV RSHUDFLRQDLV GLIHUHQWHV
QmR SRGH VHU H[HFXWDGR QHQKXP FRQWUROOLQJ LQWHUHPSUHVDULDO

)LJXUD 3ODQR GH FRQWDV GR SDtV
8PD DOWHUQDWLYD j XWLOL]DomR GR SODQR GH FRQWDV GR JUXSR GH HPSUHVDV p D

XWLOL]DomR GR SODQR GH FRQWDV GR SDtV 7RGDV DV HPSUHVDV XWLOL]DP R PHVPR SODQR
GH FRQWDV RSHUDWLYR $V HPSUHVDV TXH PHVPR DVVLP H[LJHP XP SODQR GH FRQWDV
HVSHFLDO SDUD UHODWyULRV H[WHUQRV WrP D VHJXLQWH RSomR
e DWULEXtGR XP SODQR GH FRQWDV GR SDtV
2 Q~PHUR GR SODQR GH FRQWDV GR SDtV Q~PHUR GH FRQWD DOWHUQDWLYR p LQVHULGR
HP WRGRV RV VHJPHQWRV GD HPSUHVD &DGD Q~PHUR GH SODQR GH FRQWDV GR
SDtV SRGH VHU XVDGR DSHQDV XPD YH]
'LFD &RPR WRGDV DV HPSUHVDV ID]HP R ODQoDPHQWR QR PHVPR SODQR GH

FRQWDV RSHUDWLYR p SRVVtYHO ID]HU R FRQWUROOLQJ LQWHUHPSUHVDULDO
'HVYDQWDJHP 2V UHVSRQViYHLV TXH HVWmR IDPLOLDUL]DGRV FRP R SODQR GH FRQWDV

GR SDtV YmR SUHFLVDU VH DFRVWXPDU FRP D XWLOL]DomR GR SODQR GH FRQWDV RSHUDWLYR

)LJXUD &HQiULR 3ODQRV GH FRQWDV SDUD XP JUXSR GH HPSUHVDV
1R FHQiULR GH XP JUXSR LQWHUQDFLRQDO FRPR R TXH VH Yr QR JUi¿FR D

FRQWDELOLGDGH GH FXVWRV LQWHUHPSUHVDULDO p SRVVtYHO SDUD DV HPSUHVDV HXURSHLDV
XPD YH] TXH DV HPSUHVDV QD (VSDQKD QD $OHPDQKD H QR 5HLQR 8QLGR XWLOL]DP R
PHVPR SODQR GH FRQWDV RSHUDWLYR 7RGDV DV HPSUHVDV HXURSpLDV XWLOL]DP R SODQR
GH FRQWDV ,17 FRPR VHX SODQR GH FRQWDV RSHUDWLYR
$V HPSUHVDV GRV (VWDGRV 8QLGRV GD $PpULFD H QR &DQDGi XWLOL]DP R SODQR
GH FRQWDV &$86 FRPR VHX SODQR GH FRQWDV RSHUDWLYR $VVLP R FRQWUROOLQJ
LQWHUHPSUHVDULDO WDPEpP p SRVVtYHO QD $PpULFD GR 1RUWH
3DUD FULDU UHODWyULRV FRP R SODQR GH FRQWDV GR SDtV D GLUHomR GR JUXSR GHFLGLX
GH¿QLU SODQRV GH FRQWDV HVSHFt¿FRV GH SDtV SDUD DV HPSUHVDV
$ GLUHomR WDPEpP GHFLGLX TXH R JUXSR QmR QHFHVVLWD GH FRQWUROOLQJ FRQMXQWR SDUD
D (XURSD H SDUD D $PpULFD GR 1RUWH PDV JRVWDULDP TXH RFRUUHVVH D FRQVROLGDomR
$VVLP IRL GH¿QLGR XP SODQR GH FRQWDV GR JUXSR GH HPSUHVDV &216 SDUD RV
SODQRV GH FRQWDV RSHUDWLYRV ,17 H &$86


([HUFtFLR &RQWDV GR 5D]mR

&ULDU H XWLOL]DU XP SODQR GH FRQWDV
&ULDU FRQWDV GR 5D]mR
&ULDU JUXSRV GH FRQWDV
9HUL¿FDU VHX FRQKHFLPHQWR VREUH FRQWDV GR 5D]mR
&HQiULR GH QHJyFLRV
2 GHSDUWDPHQWR GH FRQWDELOLGDGH QHFHVVLWD GH FRQWDV GR 5D]mR DGLFLRQDLV SDUD
SURFHVVDU DV GHVSHVDV GH YLDJHP H GHVHPEROVRV DXWRUL]DGRV 8PD GHVSHVD GH
YLDJHP DXWRUL]DGD p XPD GHVSHVD VXSHULRU D XQLGDGHV GD PRHGD LQWHUQD
DSURYDGD SHOR JHUHQWH GD FRQWDELOLGDGH 2V Q~PHURV GD FRQWD GH GHVSHVDV GHYHP
HVWDU QR LQWHUYDOR GH $( D $( 2V Q~PHURV GD FRQWD GH GHVHPEROVR
GHYHP HVWDU QR LQWHUYDOR GH &' D &'
7DUHID
([HFXWH DV VHJXLQWHV WDUHIDV
8PD FRQWD GR 5D]mR FRPS}HVH GH TXH VHJPHQWRV"
$R FRSLDU D HPSUHVD QR H[HUFtFLR DQWHULRU YRFr WDPEpP FRSLRX R SODQR

GH FRQWDV H R VHJPHQWR GH HPSUHVD GD VXD HPSUHVD 2V JUXSRV GH FRQWDV
DVVRFLDGRV WDPEpP IRUDP FRSLDGRV FRP R SODQR GH FRQWDV 2 GHSDUWDPHQWR
GH FRQWDELOLGDGH SUHFLVD GH GRLV JUXSRV GH FRQWDV DGLFLRQDLV SDUD DV FRQWDV
GR 5D]mR PHQFLRQDGDV QR FHQiULR HPSUHVDULDO XP SDUD DV GHVSHVDV H RXWUR
SDUD RV GHVHPEROVRV
&RSLH R JUXSR GH FRQWDV ³(5*´ HP VHX SODQR GH FRQWDV ,17 SDUD R
QRYR JUXSR GH FRQWDV $( FRP D GHVFULomR ³'HVSHVDV DXWRUL]DGDV ´
0RGL¿TXH DSURSULDGDPHQWH R LQWHUYDOR GH QXPHUDomR GR JUXSR GH FRQWDV
$( SDUD $($(

&RSLH R JUXSR GH FRQWDV ³6$.2´ HP VHX SODQR GH FRQWDV ,17 SDUD R QRYR
JUXSR GH FRQWDV &' FRP D GHVFULomR 'HVSHVDV j YLVWD 0RGL¿TXH
DSURSULDGDPHQWH R LQWHUYDOR GH QXPHUDomR GR JUXSR GH FRQWDV &' SDUD
&'&'
&ULH WUrV FRQWDV GR 5D]mR 'XDV SDUD GHVSHVDV DXWRUL]DGDV GHVSHVDV GH
UHSUHVHQWDomR DOXJXHO GH FDUUR HVSRUWLYR H XPD SDUD SDJDPHQWRV j YLVWD
3DUD FULDU DV FRQWDV XVH DV FRQWDV GH UHIHUrQFLD IRUQHFLGDV 8WLOL]H R QRYR
JUXSR GH FRQWDV $( RX R &' SDUD DV QRYDV FRQWDV $ VHJXLU H[LED
R SODQR GH FRQWDV GH VXD HPSUHVD
1~PHUR GD FRQWD $( $( &'

1~PHURV GH FRQWD
GH UHIHUrQFLD
SDUD DV FRQWDV $( H $( ĺ FRQWD GR
5D]mR
SDUD D FRQWD &' ĺ FRQWD GR 5D]mR
'LFD 8WLOL]H R Q~PHUR GH FRQWD GH JUXSR ³2XWUDV GHVSHVDV

JHUDLV´ SDUD DV QRYDV FRQWDV SDUD GHVSHVDV DXWRUL]DGDV 9RFr SRGH
XWLOL]DU R Q~PHUR GH FRQWD GH JUXSR SDUD D QRYD FRQWD GH
GHVHPEROVRV HP GLQKHLUR 9RFr HQFRQWUDUi PDLV LQIRUPDo}HV VREUH
Q~PHURV GH FRQWDV GH UHIHUrQFLD QR FDStWXOR ³'DGRV PHVWUH´
'LFD $QWHV GH JUDYDU HOLPLQH D HQWUDGD GR FDPSR 1~PHUR GH

FRQWD DOWHUQDWLYR
5HODFLRQDU DV SRVVtYHLV EDUUDV GH VWDWXV GR FDPSR SRU RUGHP GH SULRULGDGH
(PSUHVDV GLIHUHQWHV SRGHP XWLOL]DU R PHVPR

2 FRQWUROD D H[LELomR GH FDPSRV SDUD RV

GDGRV GD HPSUHVD QR UHJLVWUR PHVWUH GH FRQWR GR 5D]mR

$V FRQWrP R WRWDO GD
PRYLPHQWDomR QR SHUtRGR SDUD DV FRQWDV GR OLYUR DX[LOLDU FRUUHVSRQGHQWHV
7DUHID
$V FRQWDV GH FRQFLOLDomR VmR DWXDOL]DGDV XPD YH] SRU GLD

Ƒ 9HUGDGHLUR
Ƒ )DOVR
9RFr SRGH VHPSUH H[LELU DV SDUWLGDV LQGLYLGXDLV GH XPD FRQWD GR 5D]mR

Ƒ 9HUGDGHLUR
Ƒ )DOVR
$V FRQWDV GR 5D]mR FRP DGPLQLVWUDomR GH SDUWLGDV HP DEHUWR SUHFLVDP WHU D

H[LELomR GH SDUWLGD LQGLYLGXDO DWLYDGD
Ƒ 9HUGDGHLUR
Ƒ )DOVR
$V FRQWDV GR 5D]mR DGPLQLVWUDGDV HP PRHGD LQWHUQD VRPHQWH SRGHP VHU

ODQoDGDV QHVVD PRHGD
Ƒ 9HUGDGHLUR
Ƒ )DOVR
$V FRQWDV GR 5D]mR DGPLQLVWUDGDV HP PRHGD HVWUDQJHLUD Vy SRGHP VHU

ODQoDGDV QHVWD PRHGD HVWUDQJHLUD
Ƒ 9HUGDGHLUR
Ƒ )DOVR
&RPR DV HPSUHVDV XWLOL]DP SODQRV GH FRQWDV RSHUDWLYRV GLIHUHQWHV QmR p

SRVVtYHO H[HFXWDU FRQWUROOLQJ LQWHUHPSUHVDULDO
Ƒ 9HUGDGHLUR
Ƒ )DOVR

6ROXomR &RQWDV GR 5D]mR

7DUHID
8PD FRQWD GR 5D]mR FRPS}HVH GH TXH VHJPHQWRV"
5HVSRVWD
6HJPHQWR GR SODQR GH FRQWDV
6HJPHQWR GH HPSUHVD
$R FRSLDU D HPSUHVD QR H[HUFtFLR DQWHULRU YRFr WDPEpP FRSLRX R SODQR
GH FRQWDV H R VHJPHQWR GH HPSUHVD GD VXD HPSUHVD 2V JUXSRV GH FRQWDV
DVVRFLDGRV WDPEpP IRUDP FRSLDGRV FRP R SODQR GH FRQWDV 2 GHSDUWDPHQWR
GH FRQWDELOLGDGH SUHFLVD GH GRLV JUXSRV GH FRQWDV DGLFLRQDLV SDUD DV FRQWDV
GR 5D]mR PHQFLRQDGDV QR FHQiULR HPSUHVDULDO XP SDUD DV GHVSHVDV H RXWUR
SDUD RV GHVHPEROVRV
&RSLH R JUXSR GH FRQWDV ³(5*´ HP VHX SODQR GH FRQWDV ,17 SDUD R
QRYR JUXSR GH FRQWDV $( FRP D GHVFULomR ³'HVSHVDV DXWRUL]DGDV ´
0RGL¿TXH DSURSULDGDPHQWH R LQWHUYDOR GH QXPHUDomR GR JUXSR GH FRQWDV
$( SDUD $($(
&RSLH R JUXSR GH FRQWDV ³6$.2´ HP VHX SODQR GH FRQWDV ,17 SDUD R QRYR
JUXSR GH FRQWDV &' FRP D GHVFULomR 'HVSHVDV j YLVWD 0RGL¿TXH
DSURSULDGDPHQWH R LQWHUYDOR GH QXPHUDomR GR JUXSR GH FRQWDV &' SDUD
&'&'
D &RSLDU JUXSR GH FRQWDV GR 5D]mR
,0* &RQWDELOLGDGH ¿QDQFHLUD QRYD ĺ &RQWDELOLGDGH JHUDO QRYD
ĺ 'DGRV PHVWUH ĺ &RQWDV GR 5D]mR ĺ 3UHSDUDU ĺ 'H¿QLU JUXSR GH
FRQWDV
5RODU SDUD EDL[R DWp VHX SODQR GH FRQWDV ,17
6HOHFLRQH RV JUXSRV GH FRQWDV 6$.2 &RQWDV GR 5D]mR ,, H (5*
&RQWDV GH UHVXOWDGRV SDUD VHX SODQR GH FRQWDV H R tFRQH GH ³&RSLDU
FRPR´

(P VHJXLGD VREUHJUDYH R JUXSR GH FRQWDV (5* FRP DV
LQIRUPDo}HV D VHJXLU
*UXSR GH FRQWDV $(
'HQRPLQDomR 'HVSHVDV DXWRUL]DGDV

'D FRQWD $(

$Wp D FRQWD $(
(P VHJXLGD VREUHJUDYH R JUXSR GH FRQWDV 6$.2 FRP DV
LQIRUPDo}HV D VHJXLU
*UXSR GH FRQWDV &'
'HQRPLQDomR 'HVHPEROVRV HP GLQKHLUR
'D FRQWD &'
$Wp D FRQWD &'
6HOHFLRQH ³(QWHU´ H ³*UDYDU´

&ULH WUrV FRQWDV GR 5D]mR 'XDV SDUD GHVSHVDV DXWRUL]DGDV GHVSHVDV GH
UHSUHVHQWDomR DOXJXHO GH FDUUR HVSRUWLYR H XPD SDUD SDJDPHQWRV j YLVWD
3DUD FULDU DV FRQWDV XVH DV FRQWDV GH UHIHUrQFLD IRUQHFLGDV 8WLOL]H R QRYR
JUXSR GH FRQWDV $( RX R &' SDUD DV QRYDV FRQWDV $ VHJXLU H[LED
R SODQR GH FRQWDV GH VXD HPSUHVD
1~PHUR GD FRQWD $( $( &'

1~PHURV GH FRQWD
GH UHIHUrQFLD
SDUD DV FRQWDV $( H $( ĺ FRQWD GR
5D]mR
SDUD D FRQWD &' ĺ FRQWD GR 5D]mR
'LFD 8WLOL]H R Q~PHUR GH FRQWD GH JUXSR ³2XWUDV GHVSHVDV

JHUDLV´ SDUD DV QRYDV FRQWDV SDUD GHVSHVDV DXWRUL]DGDV 9RFr SRGH
XWLOL]DU R Q~PHUR GH FRQWD GH JUXSR SDUD D QRYD FRQWD GH
GHVHPEROVRV HP GLQKHLUR 9RFr HQFRQWUDUi PDLV LQIRUPDo}HV VREUH
Q~PHURV GH FRQWDV GH UHIHUrQFLD QR FDStWXOR ³'DGRV PHVWUH´
'LFD $QWHV GH JUDYDU HOLPLQH D HQWUDGD GR FDPSR 1~PHUR GH

FRQWD DOWHUQDWLYR
D &ULDU FRQWDV GR 5D]mR FRQWDV GH GHVSHVDV

0HQX 6$3 (DV\ $FFHVV &RQWDELOLGDGH ĺ &RQWDELOLGDGH ¿QDQFHLUD
ĺ 5D]mR ĺ 'DGRV PHVWUH ĺ &RQWDV GR 5D]mR ĺ 3URFHVVDPHQWR
LQGLYLGXDO ĺ &HQWUDO
2X R FyGLJR GH WUDQVDomR )6


GDGRV
&RQWD GR 5D]mR $(
(PSUHVD *5
6HOHFLRQH &RQWD GR 5D]mR ĺ &ULDU FRP PRGHOR

GDGRV
1~PHUR GD FRQWD
(PSUHVD *5
6HOHFLRQH ³$YDQoDU´
'LFD (IHWXH FRQ¿JXUDo}HV GH PRGR TXH YRFr SRVVD H[LELU

LQIRUPDo}HV VREUH FKDYHV SRU H[HPSOR $( &' HP
WRGDV DV OLVWDV GURSGRZQ
8WLOL]H R DWDOKR ³$OW)´ SDUD DFHVVDU R &XVWRPL]LQJ GR
/D\RXW ORFDO (P ³2So}HV´ VHOHFLRQH D ¿FKD GH UHJLVWUR
³(VSHFLDOLVWD´
6HOHFLRQH D HQWUDGD ³([LELU FKDYHV HP WRGDV DV OLVWDV
GURSGRZQ´ &RSLH D FRQ¿JXUDomR

GDGRV
*UXSR GH FRQWDV $( GHVSHVDV DXWRUL]DGDV
7H[WR EUHYH 5HSUHVHQWDomR
7H[WR GHVFULWLYR GD FRQWD GR 'HVSHVDV GH UHSUHVHQWDomR
5D]mR
1~PHUR GD FRQWD GR JUXSR
6HOHFLRQH D ¿FKD ³'DGRV GH FRQWUROH´ H HOLPLQH D HQWUDGD GR FDPSR

³1~PHUR GH FRQWD DOWHUQDWLYR´
6HOHFLRQH *UDYDU
6H QHFHVViULR FRQ¿UPH DV PHQVDJHQV LQIRUPDWLYDV FRP ³(QWHU´
5HSLWD HVWH SURFHVVR SDUD FULDU D FRQWD GH GHVSHVD DGLFLRQDO $(
SDUD GHVSHVD GH DOXJXHO GH FDUUR HVSRUWLYR

E &ULH XPD FRQWD GR 5D]mR JHUDO FRQWDV GH SDJDPHQWR j YLVWD

ĺ 5D]mR ĺ 5HJLVWUR PHVWUH ĺ &RQWDV GR 5D]mR ĺ 3URFHVVDPHQWR
LQGLYLGXDO ĺ &HQWUDO

GDGRV
&RQWD GR 5D]mR &'
(PSUHVD *5
6HOHFLRQH &RQWD GR 5D]mR ĺ &ULDU FRP PRGHOR

GDGRV
1~PHUR GD FRQWD
(PSUHVD *5

GDGRV
*UXSR GH FRQWDV 'HVHPEROVRV HP GLQKHLUR
7H[WR EUHYH 'HVHPEROVRV *5
7H[WR GHVFULWLYR GD FRQWD GR 'HVHPEROVRV HP GLQKHLUR *5
5D]mR
1~PHUR GD FRQWD GR JUXSR
6HOHFLRQH D ¿FKD ³GDGRV GH FRQWUROH´ H HOLPLQH R Q~PHUR GH FRQWD

DOWHUQDWLYR
6HOHFLRQH *UDYDU
6H QHFHVViULR FRQ¿UPH DV PHQVDJHQV LQIRUPDWLYDV FRP ³ (QWHU ´
F ([LELomR GR SODQR GH FRQWDV
ĺ 5D]mR ĺ 6LVWHPD GH LQIRUPDomR ĺ 5HODWyULRV GR 5D]mR QRYR
ĺ 'DGRV PHVWUH ĺ /LVWD GH FRQWDV GR 5D]mR
1D WHOD GH VHOHomR LQVLUD DV VHJXLQWHV LQIRUPDo}HV


GDGRV
3ODQR GH FRQWDV ,17
(PSUHVD *5
6HOHFLRQH ([HFXWDU
(VWH UHODWyULR PRVWUD GDGRV PHVWUH SDUD WRGDV DV FRQWDV GR 5D]mR
8WLOL]H R tFRQH GRV ELQyFXORV &WUO ) SDUD QDYHJDU SDUD DV QRYDV
FRQWDV GR 5D]mR TXH YRFr FULRX
0DUFDU D VHWD YHUGH SDUD UHWRUQDU j WHOD GH VHOHomR
5HPRYD WRGDV DV PDUFDV GH VHOHomR GDV FDL[DV QD VHomR ³&RQWUROH
GH VDtGD´ H H[HFXWH R UHODWyULR QRYDPHQWH
$JRUD R UHODWyULR IRUQHFHUi R Q~PHUR GD FRQWD H R WH[WR GHVFULWLYR
GD FRQWD GR 5D]mR
2EVHUYDomR 9RFr DFDERX GH DGLFLRQDU WUrV QRYDV FRQWDV GR

5D]mR D VHX SODQR GH FRQWDV H H[HFXWRX XP UHODWyULR SDUD
YHUL¿FDU R SODQR GH FRQWDV GH VXD HPSUHVD
5HODFLRQDU DV SRVVtYHLV EDUUDV GH VWDWXV GR FDPSR SRU RUGHP GH SULRULGDGH

5HVSRVWD
2FXOWDU
([LELU
(QWUDGD REULJDWyULD
(QWUDGD RSFLRQDO
(PSUHVDV GLIHUHQWHV SRGHP XWLOL]DU R PHVPR SODQR GH FRQWDV
5HVSRVWD SODQR GH FRQWDV
2 JUXSR GH FRQWDV FRQWUROD D H[LELomR GH FDPSRV SDUD RV GDGRV GD HPSUHVD
QR UHJLVWUR PHVWUH GH FRQWR GR 5D]mR
5HVSRVWD JUXSR GH FRQWDV
$V FRQWDV GH FRQFLOLDomR FRQWrP R WRWDO GD PRYLPHQWDomR QR SHUtRGR SDUD DV
FRQWDV GR OLYUR DX[LOLDU FRUUHVSRQGHQWHV
5HVSRVWD FRQWDV GH FRQFLOLDomR

7DUHID
$V FRQWDV GH FRQFLOLDomR VmR DWXDOL]DGDV XPD YH] SRU GLD
5HVSRVWD )DOVR
$V FRQWDV GH FRQFLOLDomR VmR DWXDOL]DGDV HP WHPSR UHDO
9RFr SRGH VHPSUH H[LELU DV SDUWLGDV LQGLYLGXDLV GH XPD FRQWD GR 5D]mR
5HVSRVWD )DOVR
6y VH SRGH H[LELU DV SDUWLGDV LQGLYLGXDLV VH D FRQWD IRU DGPLQLVWUDGD FRP
H[LELomR GH SDUWLGD LQGLYLGXDO
$V FRQWDV GR 5D]mR FRP DGPLQLVWUDomR GH SDUWLGDV HP DEHUWR SUHFLVDP WHU D
H[LELomR GH SDUWLGD LQGLYLGXDO DWLYDGD
5HVSRVWD 9HUGDGHLUR
9RFr QmR SRGH GH¿QLU XPD FRQWD GR 5D]mR FRP DGPLQLVWUDomR GH SDUWLGDV
HP DEHUWR VHP VHOHFLRQDU D RSomR ³([LELomR GH SDUWLGD LQGLYLGXDO´
$V FRQWDV GR 5D]mR DGPLQLVWUDGDV HP PRHGD LQWHUQD VRPHQWH SRGHP VHU
ODQoDGDV QHVVD PRHGD
5HVSRVWD )DOVR
e SRVVtYHO ODQoDU HP TXDOTXHU PRHGD DV FRQWDV GR 5D]mR HP PRHGD LQWHUQD
$V FRQWDV GR 5D]mR DGPLQLVWUDGDV HP PRHGD HVWUDQJHLUD Vy SRGHP VHU
ODQoDGDV QHVWD PRHGD HVWUDQJHLUD
5HVSRVWD 9HUGDGHLUR
6H YRFr VHOHFLRQDU XPD PRHGD HVWUDQJHLUD FRPR PRHGD GD FRQWD VRPHQWH
SRGHUi ODQoDU PRQWDQWHV QHVWD FRQWD QHVVD PRHGD HVWUDQJHLUD
&RPR DV HPSUHVDV XWLOL]DP SODQRV GH FRQWDV RSHUDWLYRV GLIHUHQWHV QmR p
SRVVtYHO H[HFXWDU FRQWUROOLQJ LQWHUHPSUHVDULDO
5HVSRVWD 9HUGDGHLUR
9RFr SRGH H[HFXWDU FRQWUROOLQJ LQWHUHPSUHVDULDO VH FDGD HPSUHVD XWLOL]DU RV
PHVPRV SODQRV GH FRQWDV RSHUDWLYRV

5HVXPR GD OLomR
GH SDtV

7),1B /LomR &HQWUR GH OXFUR H VHJPHQWR
/LomR &HQWUR GH OXFUR H VHJPHQWR
2EMHWLYRV GD OLomR
&HQiULR GH QHJyFLRV
&RP D &RQWDELOLGDGH JHUDO QRYD FDGD VRFLHGDGH SRGH GH¿QLU SDUD VL TXDLV
HOHPHQWRVREMHWRV SRGHP VHU XVDGRV SDUD FULDU DV GHPRQVWUDo}HV ¿QDQFHLUDV
EDODQoRUHVXOWDGRV $ HVVH UHVSHLWR PXLWDV YH]HV R VHJPHQWR p D RSomR IHLWD
)LJXUD 8WLOL]DomR GD HQWLGDGH ³VHJPHQWR´
2V VHJPHQWRV SRGHP VHU XVDGRV SDUD DWHQGHU jV QRUPDV GRV SULQFtSLRV FRQWiEHLV
LQWHUQDFLRQDLV ! ,$6,)5686 *$$3 UHIHUHQWHV jV ³³GHPRQVWUDo}HV SRU
VHJPHQWR´´
([FHUWR GR ,)56 6(*0(1726 (035(6$5,$,6
2 VHJPHQWR HPSUHVDULDO p XPD SDUWH GH XPD VRFLHGDGH

D TXH UHDOL]D DWLYLGDGHV FRPHUFLDLV TXH JHUDP UHFHLWDV HP YLVWD GDV TXDLV
GHVSHVDV SRGHP VHU LQFRUULGDV LQFOXVLYH UHFHLWDV H GHVSHVDV UHODFLRQDGDV D
WUDQVDo}HV FRP RXWUDV iUHDV GD PHVPD VRFLHGDGH
E FXMRV OXFURV RSHUDFLRQDLV VmR UHJXODUPHQWH LQVSHFLRQDGRV SHOR SULQFLSDO
UHVSRQViYHO GD VRFLHGDGH SRU GHFLV}HV VREUH D DORFDomR GH UHFXUVRV SDUD HVVH
VHJPHQWR H D DQiOLVH GH VXD UHQWDELOLGDGH H
F VREUH D TXDO H[LVWHP LQIRUPDo}HV ¿QDQFHLUDV FRUUHVSRQGHQWHV
$ 'LYLVmR RX REMHWRV GR &HQWUR GH OXFUR SRGHP VHU XVDGRV FRPR DOWHUQDWLYDV
2 VHJPHQWR p IRUQHFLGR DGLFLRQDOPHQWH SRUTXH D GLYLVmR HRX FHQWUR GH OXFUR
IRUDP XVDGRV IUHTXHQWHPHQWH SDUD RXWURV REMHWLYRV QR SDVVDGR H SDUD DWHQGHU
D RXWUDV QHFHVVLGDGHV
)LJXUD 'HULYDomR GH XP VHJPHQWR
2 VLVWHPD (53 SHUPLWH JUDYDU XP VHJPHQWR QRV GDGRV PHVWUH GR FHQWUR GH OXFUR
2 VHJPHQWR p ODQoDGR DXWRPDWLFDPHQWH TXDQGR R FHQWUR GH OXFUR p ODQoDGR
1mR Ki ³ODQoDPHQWR GH VHJPHQWR GXPP\´ FRPR QD OyJLFD GR FHQWUR GH OXFUR
FDVR R FHQWUR GH OXFUR QmR WHQKD XP VHJPHQWR QmR KDYHUi WDPEpP FODVVL¿FDomR
FRQWiELO GH VHJPHQWR
2 PpWRGR VWDQGDUG p GHULYDU R VHJPHQWR GR FHQWUR GH OXFUR 2V FOLHQWHV WDPEpP
SRGHP SURJUDPDU VROXo}HVGHULYDo}HV SRU VL PHVPRV

)LJXUD 'HULYDomR GH XP VHJPHQWR
2 VHJPHQWR p GHULYDGR GD FDUDFWHUtVWLFD &HQWUR GH OXFUR SRLV HVWH Mi H[LVWH

HP GLYHUVRV REMHWRV GR 6$3 H D FDUDFWHUtVWLFD 6HJPHQWR p GHOD GHULYDGD
DXWRPDWLFDPHQWH
6REUH HVVH WySLFR Ki D 1RWD 6$3 $ XWLOL]DomR GH VHJPHQWRV VHUi
DSURYDGD R¿FLDOPHQWH SHOD 6$3 DSHQDV VH VLPXOWDQHDPHQWH IRUHP XWLOL]DGRV
FHQWURV GH OXFUR 6HJPHQWRV SRGHP VHU GHULYDGRV DXWRPDWLFDPHQWH DSHQDV SHOR
XVR GH FHQWURV GH OXFUR (P PXLWDV WUDQVDo}HV FRPHUFLDLV SDUWLFXODUPHQWH HP
ORJtVWLFD QmR p SRVVtYHO LQVHULU R VHJPHQWR PDQXDOPHQWH 'LYHUVDV LQWHUIDFHV
VWDQGDUG WDPEpP QmR VXSRUWDP VHJPHQWR 3RU HVVHV PRWLYRV R XVR GH VHJPHQWRV
Vy VHUi R¿FLDOPHQWH DSURYDGR VH YRFr WDPEpP HVWLYHU XVDQGR FHQWURV GH OXFUR
6H QmR IRU SRVVtYHO GHULYDU D FDUDFWHUtVWLFD 6HJPHQWR GR UHJLVWUR PHVWUH GH XP
FHQWUR GH OXFUR VHUi QHFHVViULR HQFRQWUDU RXWUDV IRUPDV GH DWULEXLU XP VHJPHQWR
$ UHSDUWLomR GR GRFXPHQWR IRUQHFH DV VHJXLQWHV RSo}HV
HQWUDGD PDQXDO
,PSOHPHQWDomR GH %$G, )$*/B'(5,9(B6(*0(17
GH¿QLomR GH UHJUDV GH VXEVWLWXLomR
H FODVVL¿FDomR FRQWiELO VWDQGDUG
$ &RQWDELOLGDGH GH FHQWURV GH OXFUR WHP VXD RULJHP KLVWyULFD QR &RQWUROOLQJ
'HYLGR SRUpP D VXD LPSRUWkQFLD FDGD YH] PDLRU SDUD D FRQWDELOLGDGH H[WHUQD
HOD DJRUD WDPEpP ID] SDUWH GD &RQWDELOLGDGH ¿QDQFHLUD &DEH D FDGD VRFLHGDGH
GHFLGLU VH D &RQWDELOLGDGH GH FHQWURV GH OXFUR GHYH VHU XP LQVWUXPHQWR GH
FRQWDELOLGDGH LQWHUQD RX H[WHUQD +i XP FXUVR VREUH &RQWDELOLGDGH GH FHQWURV
GH OXFUR QR FXUUtFXOR GH &RQWUROOLQJ


([HUFtFLR &HQWUR GH OXFUR H VHJPHQWRV

&ULDU VHJPHQWRV H FHQWURV GH OXFUR
'HVFUHYHU D GHULYDomR GR FHQWUR GH OXFUR H VHJPHQWRV D SDUWLU GRV REMHWRV GH
FRQWUROOLQJ
&HQiULR GH QHJyFLRV
9RFr TXHU PDSHDU D &RQWDELOLGDGH GH FHQWURV GH OXFURV H DV GHPRQVWUDo}HV
¿QDQFHLUDV SRU VHJPHQWR HP VXD VRFLHGDGH QD &RQWDELOLGDGH JHUDO QRYD 3DUD
WDQWR YRFr SUHFLVD FULDU H DWULEXLU RV REMHWRV
7DUHID
&ULH XP VHJPHQWR 6( FDPSR GH DWXDomR SULQFLSDO GH VXD VRFLHGDGH
GH QRPH ³6HUYLoRV´
&ULH XP FHQWUR GH OXFUR 35 QD iUHD GH FRQWDELOLGDGH GH FXVWRV
&RPR PRGHOR YRFr SRGH XVDU R FHQWUR GH OXFUR QD iUHD GH
FRQWDELOLGDGH GH FXVWRV
$WXDOL]H RV VHJXLQWHV GDGRV SDUD R FHQWUR GH OXFUR

3HUtRGR GH YDOLGDGH D
'HQRPLQDomR *UXSR &HQ/FU
7H[WR GHVFULWLYR *UXSR GH FHQWURV GH OXFUR
8VXiULR UHVSRQViYHO 'HL[H HP EUDQFR
5HVSRQViYHO *UXSR
'HSDUWDPHQWR 7UHLQDPHQWR
ÈUHD GH KLHUDUTXLD + 7UHLQDPHQWR
6HJPHQWR 6(
$WLYH VHX QRYR FHQWUR GH OXFUR

&ULH R FHQWUR GH FXVWR &2&( GH QRPH ³*UXSR GH FHQWURV GH FXVWR ´
&RPR PRGHOR XVH R FHQWUR GH FXVWR QD iUHD GH FRQWDELOLGDGH GH FXVWRV

$WXDOL]H RV VHJXLQWHV GDGRV SDUD R FHQWUR GH FXVWR


&HQWUR GH FXVWR &2&( FRP PRGHOR
3HUtRGR GH YDOLGDGH 9iOLGR GH D
'HQRPLQDomR &HQWUR GH FXVWR
7[WGHVFULWLYR *UXSR GH FHQWURV GH FXVWR
5HVSRQViYHO *UXSR
7LSR GH FHQWUR GH FXVWR $GPLQLVWUDomR
ÈUHD GH KLHUDUTXLD + 6HUYLoRV LQWHUQRV
(PSUHVD *5
'LYLVmR
ÈUHD IXQFLRQDO $GPLQLVWUDomR
&HQWUR GH OXFUR 35
&HUWL¿TXHVH GH WHU VHOHFLRQDGR D HPSUHVD FRUUHWD QRUPDOPHQWH *5

H VHX FHQWUR GH OXFUR 35
5HVXOWDGR 3RU WUiV GH VHX FHQWUR GH FXVWR &2&( HVWi VHX FHQWUR GH OXFUR
35 H SRU WUiV GHVWH VHX VHJPHQWR 6(
2V VHJPHQWRV WrP XPD UHIHUrQFLD WHPSRUDO"

Ƒ 9HUGDGHLUR
Ƒ )DOVR
2V VHJPHQWRV HVWmR DWULEXtGRV D XPD KLHUDUTXLD"

Ƒ 9HUGDGHLUR
Ƒ )DOVR
3RVVR DWULEXLU R PHVPR VHJPHQWR D YiULRV FHQWURV GH OXFUR"

Ƒ 9HUGDGHLUR
Ƒ )DOVR

6ROXomR &HQWUR GH OXFUR H VHJPHQWRV

7DUHID
&ULH XP VHJPHQWR 6( FDPSR GH DWXDomR SULQFLSDO GH VXD VRFLHGDGH
GH QRPH ³6HUYLoRV´
D ,0* (VWUXWXUD GR (PSUHHQGLPHQWR ĺ 'H¿QLomR ĺ &RQWDELOLGDGH
¿QDQFHLUD ĺ 'H¿QLU 6HJPHQWR
1RYD HQWUDGD

GDGRV
6( *UXSR GH VHUYLoRV
&ULH XP FHQWUR GH OXFUR 35 QD iUHD GH FRQWDELOLGDGH GH FXVWRV

&RPR PRGHOR YRFr SRGH XVDU R FHQWUR GH OXFUR QD iUHD GH
FRQWDELOLGDGH GH FXVWRV
$WXDOL]H RV VHJXLQWHV GDGRV SDUD R FHQWUR GH OXFUR

5HVSRQViYHO *UXSR
6HJPHQWR 6(

$WLYH VHX QRYR FHQWUR GH OXFUR

D 6$3 (DV\ $FFHVVĺ &RQWDELOLGDGH ĺ &RQWDELOLGDGH ¿QDQFHLUD
ĺ 5D]mR ĺ 'DGRV PHVWUH ĺ &HQWUR GH OXFUR ĺ 3URFHVVDPHQWR
LQGLYLGXDO ĺ &ULDU .(
1D FDL[D GH GLiORJR VHOHFLRQH (&3&$ &ULDU FHQWUR GH OXFUR
E &ULH XPD QRYD HQWUDGD XVDQGR XP FHQWUR GH OXFUR PRGHOR FRPR
GHVFULWR QR H[HUFtFLR

GDGRV
5HVSRQViYHO *UXSR
6HJPHQWR 6(
*UDYH VHX QRYR FHQWUR GH OXFUR XVDQGR R tFRQH GH ³GLVTXHWH´

$WLYH VHX FHQWUR GH OXFUR FRP R ERWmR ³$WLYDU´ GD EDUUD GH IHUUDPHQWDV
GD DSOLFDomR
&ULH R FHQWUR GH FXVWR &2&( GH QRPH ³*UXSR GH FHQWURV GH FXVWR ´
&RPR PRGHOR XVH R FHQWUR GH FXVWR QD iUHD GH FRQWDELOLGDGH GH FXVWRV

$WXDOL]H RV VHJXLQWHV GDGRV SDUD R FHQWUR GH FXVWR

&HQWUR GH FXVWR &2&( FRP PRGHOR
3HUtRGR GH YDOLGDGH 9iOLGR GH D
'HQRPLQDomR &HQWUR GH FXVWR
7[WGHVFULWLYR *UXSR GH FHQWURV GH FXVWR
5HVSRQViYHO *UXSR

7LSR GH FHQWUR GH FXVWR $GPLQLVWUDomR

ÈUHD GH KLHUDUTXLD + 6HUYLoRV LQWHUQRV
(PSUHVD *5
'LYLVmR
ÈUHD IXQFLRQDO $GPLQLVWUDomR
&HQWUR GH OXFUR 35
&HUWL¿TXHVH GH WHU VHOHFLRQDGR D HPSUHVD FRUUHWD QRUPDOPHQWH *5

H VHX FHQWUR GH OXFUR 35
5HVXOWDGR 3RU WUiV GH VHX FHQWUR GH FXVWR &2&( HVWi VHX FHQWUR GH OXFUR
35 H SRU WUiV GHVWH VHX VHJPHQWR 6(
D 0HQX 6$3 (DV\ $FFHVV ĺ &RQWDELOLGDGH ĺ &RQWUROOLQJ ĺ
&RQWDELOLGDGH GH FHQWURV GH FXVWR ĺ 'DGRV PHVWUH ĺ &HQWUR GH FXVWR
ĺ 3URFHVVDPHQWR LQGLYLGXDO ĺ &ULDU
,QVLUD RV GDGRV GH DFRUGR FRP D GHVFULomR GDGD QR H[HUFtFLR *UDYH
RV GDGRV
2V VHJPHQWRV WrP XPD UHIHUrQFLD WHPSRUDO"
5HVSRVWD )DOVR
1mR p SRVVtYHO H[LELU DWLYDU RX PRGL¿FDU VHJPHQWRV GHQWUR GR LQWHUYDOR
2V VHJPHQWRV HVWmR DWULEXtGRV D XPD KLHUDUTXLD"
5HVSRVWD )DOVR
&RPR D GLYLVmR RV VHJPHQWRV QmR VmR DWULEXtGRV D QHQKXPD HVWUXWXUD H
SRGHP VHU XWLOL]DGRV HQWUH HPSUHVDV
3RVVR DWULEXLU R PHVPR VHJPHQWR D YiULRV FHQWURV GH OXFUR"
5HVSRVWD 9HUGDGHLUR
$ XWLOL]DomR GH VHJPHQWRV FRUUHVSRQGH JHUDOPHQWH jV H[LJrQFLDV OHJDLV
1RUPDOPHQWH VRPHQWH DOJXQV SRXFRV VHJPHQWRV FDPSRV GH DWXDomR
SULQFLSDO VmR XVDGRV RV TXDLV HQWmR VmR DWULEXtGRV D XP Q~PHUR PXLWR
PDLRU GH FHQWURV GH OXFUR

5HVXPR GD OLomR

7),1B /LomR &RQWDV GH UD]mR DX[LOLDU
/LomR &RQWDV GH UD]mR DX[LOLDU

9RFr VHUi LQWURGX]LGR QRV UHJLVWURV PHVWUH GH FRQWDV GH UD]mR DX[LOLDU
2EMHWLYRV GD OLomR
GH UD]mR DX[LOLDU
&HQiULR GH QHJyFLRV
2 JHUHQWH GD FRQWDELOLGDGH SURFXUD VHPHOKDQoDV H GLIHUHQoDV HQWUH DV FRQWDV GR
5D]mR H DV FRQWDV GR OLYUR DX[LOLDU (OH HVWi LQWHUHVVDGR QD HVWUXWXUD GDV FRQWDV GH
UD]mR DX[LOLDU $FLPD GH WXGR HOH TXHU VDEHU TXH RSo}HV D DMXGD SDUD SHVTXLVD OKH
RIHUHFH
)LJXUD $ YLVmR &RQWDELOLGDGH GD FRQWD FRUUHQWH

&RPR DFRQWHFH FRP DV FRQWDV GR 5D]mR DV FRQWDV GH UD]mR DX[LOLDU WDPEpP

WrP GRLV VHJPHQWRV
8P VHJPHQWR QR QtYHO GR PDQGDQWH TXH FRQWpP GDGRV JHUDLV (VWHV GDGRV
SRGHP VHU DFHVVDGRV HP WRGD D RUJDQL]DomR
8P VHJPHQWR QR QtYHO GD HPSUHVD TXH FRQWpP GDGRV HVSHFt¿FRV GD
HPSUHVD 4XDOTXHU HPSUHVD TXH TXHLUD ID]HU QHJyFLRV FRP XP FOLHQWH RX
IRUQHFHGRU HVSHFt¿FR GHYH FULDU XP VHJPHQWR GD HPSUHVD SDUD HVVH FOLHQWH
RX IRUQHFHGRU ,VWR WDPEpP FULD XPD FRQWD GH UD]mR DX[LOLDU
8WLOL]DQGR RV SURJUDPDV 5)%,'(5)%,.5 SRGHVH WUDQVIHULU GDGRV PHVWUH
GH FOLHQWHIRUQHFHGRU GH XPD HPSUHVD IRQWH SDUD RXWUD HPSUHVD
)LJXUD $ YLVmR 9HQGDV GD FRQWD GR FOLHQWH
&RPR R GHSDUWDPHQWR GH YHQGDV H GLVWULEXLomR WDPEpP SHUPDQHFH HP FRQWDWR

FRP R FOLHQWH H SUHFLVD FRQKHFHU RV GDGRV HVSHFt¿FRV VREUH HOH SRGH VHU FULDGR
XP VHJPHQWR GD iUHD GH YHQGDV SDUD FDGD FOLHQWH
4XDOTXHU iUHD GH YHQGDV GLVSRVWD D ID]HU QHJyFLRV FRP XP FOLHQWH GHYH SULPHLUR
FULDU XP VHJPHQWR GD iUHD GH YHQGDV 2 VHJPHQWR GD iUHD GH YHQGDV FRQWpP
GDGRV HVSHFt¿FRV GHVVD iUHD

)LJXUD $ YLVmR 00 GD FRQWD GR IRUQHFHGRU
'D PHVPD IRUPD TXH H[LVWH R VHJPHQWR GD iUHD GH YHQGDV SDUD FOLHQWHV H[LVWHP
RV VHJPHQWRV GD RUJDQL]DomR GH FRPSUDV SDUD IRUQHFHGRUHV
4XDOTXHU RUJDQL]DomR GH FRPSUDV TXH TXHLUD ID]HU QHJyFLRV FRP XP IRUQHFHGRU
GHYH SULPHLUR FULDU XP VHJPHQWR GD RUJDQL]DomR GH FRPSUDV 2 VHJPHQWR GD
RUJDQL]DomR GH FRPSUDV FRQWpP GDGRV HVSHFt¿FRV GD RUJDQL]DomR GH FRPSUDV
)LJXUD $ FRQWD WRWDO GR FOLHQWH
8PD FRQWD WRWDO GR FOLHQWH p IRUPDGD SHORV WUrV VHJPHQWRV VHJXLQWHV

'DGRV JHUDLV QR QtYHO GR PDQGDQWH
6HJPHQWR GH HPSUHVD
6HJPHQWR GD iUHD GH YHQGDV

(P JHUDO R VHJPHQWR GD iUHD GH YHQGDV WHP SHOR PHQRV GH VHU FULDGR SDUD D iUHD
GH YHQGDV DWULEXtGD j HPSUHVD
'LFD e SRVVtYHO TXH RXWUDV iUHDV GH YHQGDV WDPEpP HVWHMDP QHJRFLDQGR

FRP R FOLHQWH
2 Q~PHUR GD FRQWD p DWULEXtGR DR FOLHQWH QR QtYHO GR PDQGDQWH ,VWR DVVHJXUD

TXH R Q~PHUR GD FRQWD SDUD XP FOLHQWH VHMD R PHVPR SDUD WRGDV DV HPSUHVDV H
iUHDV GH YHQGDV
)LJXUD $ FRQWD WRWDO GR IRUQHFHGRU
8PD FRQWD WRWDO GH IRUQHFHGRU FRPS}HVH GRV WUrV VHJPHQWRV VHJXLQWHV

'DGRV JHUDLV QR QtYHO GR PDQGDQWH
6HJPHQWR GH HPSUHVD
6HJPHQWR GD RUJDQL]DomR GH FRPSUDV
(P JHUDO GHYH VHU FULDGR SHOR PHQRV R VHJPHQWR GH RUJDQL]DomR GH FRPSUDV SDUD
D RUJDQL]DomR GH FRPSUDV DWULEXtGD j HPSUHVD 1RWD 7DPEpP SRGHP H[LVWLU
RXWUDV RUJDQL]Do}HV GH FRPSUDV ID]HQGR QHJyFLRV FRP R IRUQHFHGRU
2 Q~PHUR GD FRQWD p DWULEXtGR DR IRUQHFHGRU QR QtYHO GR PDQGDQWH ,VWR JDUDQWH
TXH R Q~PHUR GD FRQWD SDUD R IRUQHFHGRU VHMD R PHVPR SDUD WRGDV DV HPSUHVDV H
RUJDQL]Do}HV GH FRPSUDV

)LJXUD $WXDOL]DomR FHQWUDOL]DGD YHUVXV GHVFHQWUDOL]DGD &RQWDV D

UHFHEHU
2 VLVWHPD RIHUHFH IXQo}HV VHSDUDGDV SDUD D DWXDOL]DomR GRV UHJLVWURV PHVWUH GR

FOLHQWH GH DFRUGR FRP DV QHFHVVLGDGHV GD RUJDQL]DomR (VWHV UHJLVWURV GH GDGRV
SRGHP VHU DWXDOL]DGRV FHQWUDOPHQWH SDUD WRGDV DV iUHDV RX VHSDUDGDPHQWH SDUD D
&RQWDELOLGDGH ¿QDQFHLUD H HP 9HQGDV H GLVWULEXLomR
1R UHVWDQWH GHVWH FXUVR VHUi GDGR GHVWDTXH j DWXDOL]DomR GH UHJLVWUR PHVWUH GH
FOLHQWH QD &RQWDELOLGDGH ¿QDQFHLUD
'LFD $R LPSOHPHQWDU &RQWDV D UHFHEHU H 9HQGDV H GLVWULEXLomR RV

PHPEURV GHVVDV GXDV HTXLSHV GH LPSOHPHQWDomR GHYHP WUDEDOKDU MXQWRV
SDUD GHFLGLU FRPR FRQ¿JXUDU RV UHJLVWURV PHVWUH GH FOLHQWH H TXHP VHUi
UHVSRQViYHO SRU VXD DWXDOL]DomR

)LJXUD $WXDOL]DomR FHQWUDOL]DGD YHUVXV GHVFHQWUDOL]DGD &RQWDV D SDJDU
&RPR RFRUUH FRP RV UHJLVWURV PHVWUH GR FOLHQWH RV UHJLVWURV PHVWUH GR IRUQHFHGRU

SRGHP VHU DWXDOL]DGRV FHQWUDOPHQWH HP WRGDV DV iUHDV RX VHSDUDGDPHQWH QD
&RQWDELOLGDGH ¿QDQFHLUD H QD $GPLQLVWUDomR GH PDWHULDLV
1R UHVWDQWH GHVWH FXUVR VHUi GDGR GHVWDTXH j DWXDOL]DomR GH UHJLVWURV PHVWUH GH
IRUQHFHGRU QD &RQWDELOLGDGH ¿QDQFHLUD
'LFD $R LPSOHPHQWDU &RQWDV D SDJDU H $GPLQLVWUDomR GH PDWHULDLV RV

PHPEURV GHVVDV GXDV HTXLSHV GH LPSOHPHQWDomR GHYHP WUDEDOKDU MXQWRV
SDUD GHFLGLU FRPR FRQ¿JXUDU RV UHJLVWURV PHVWUH GH IRUQHFHGRU H TXHP
VHUi UHVSRQViYHO SRU VXD DWXDOL]DomR

)LJXUD &RPSDUDomR GH GDGRV PHVWUH
6H YRFr XWLOL]DU RV FRPSRQHQWHV $GPLQLVWUDomR GH FRPSUDV HRX *HUHQFLDPHQWR

GD RUGHP GR FOLHQWH RV FOLHQWHV H RV IRUQHFHGRUHV GHYHP VHU DWXDOL]DGRV SDUD
RV GRLV FRPSRQHQWHV e PDLV IiFLO FULDU UHJLVWURV PHVWUH GH FOLHQWHIRUQHFHGRU
FHQWUDOL]DGDPHQWH SDUD JDUDQWLU VXD FRUUHWD GH¿QLomR &RQWXGR HP DOJXQV FDVRV
D $GPLQLVWUDomR GH FRPSUDVR *HUHQFLDPHQWR GD RUGHP GR FOLHQWH FULDP VHXV
SUySULRV VHJPHQWRV GR UHJLVWUR PHVWUH DVVLP FRPR D &RQWDELOLGDGH 1HVWH FDVR
Ki R ULVFR GD FULDomR LQFRPSOHWD RX GXSOLFDGD GH UHJLVWURV PHVWUH 3DUD HQFRQWUDU
H FRUULJLU HVVDV FRQWDV LQFRPSOHWDV SRGHVH H[HFXWDU R UHODWyULR 5)'.$*
&RPSDUDomR GH GDGRV PHVWUH GH FOLHQWH RX R 5)..$* &RPSDUDomR GH GDGRV
PHVWUH GH IRUQHFHGRU H ID]HU DV FRUUHo}HV QHFHVViULDV 3RGHVH HQWmR FRUULJLU
DV FRQWDV
3RGHVH HYLWDU D FULDomR GH FRQWDV GXSOLFDGDV GD VHJXLQWH PDQHLUD
8WLOL]H R PDWFKFRGH DQWHV GH FULDU XPD QRYD FRQWD
$WLYH D YHUL¿FDomR DXWRPiWLFD GH GXSOLFDomR

)LJXUD 3iJLQDV GD FRQWD FRUUHQWH
3DUD PRGL¿FDU RX H[LELU XPD FRQWD SRGHVH LU GLUHWDPHQWH SDUD FDGD SiJLQD
VHOHFLRQDQGRD QD SULPHLUD WHOD
2V FDPSRV LPSRUWDQWHV VmR
7HUPRV GH SHVTXLVD 9RFr SRGH LQVHULU QHVWHV FDPSRV XPD DEUHYLDWXUD GR
QRPH GH FOLHQWHIRUQHFHGRU 2 IRUPDWR p GH¿QLGR SRU GLUHWUL]HV H SUiWLFDV
GD VRFLHGDGH
*UXSR &OLHQWHV RX IRUQHFHGRUHV SHUWHQFHQWHV DR PHVPR JUXSR GH HPSUHVDV
SRGHP VHU DJUXSDGRV SRU XPD FKDYH GH JUXSR GH¿QLGD SHOR XVXiULR
(VWH JUXSR HPSUHVDULDO SRGH VHU XWLOL]DGR SDUD D H[HFXomR GH UHODWyULRV
SURFHVVDPHQWR GH WUDQVDo}HV RX SDUD PDWFKFRGHV
5HVSRQViYHOFRQWDELOLGDGH 2 QRPH GR UHVSRQViYHO GHYH VHU JUDYDGR FRP
XP ,' 9RFr SRGH LQVHULU R ,' QRV UHJLVWURV PHVWUH GH FOLHQWHIRUQHFHGRU
SHORV TXDLV R HPSUHJDGR p UHVSRQViYHO 2 QRPH GR UHVSRQViYHO p HQWmR
LPSUHVVR DXWRPDWLFDPHQWH QD FRUUHVSRQGrQFLD 7DPEpP p SRVVtYHO XWLOL]DU
HVWH ,' SDUD RUGHQDU OLVWDV GH DGYHUWrQFLDV H GH SURSRVWDV GH SDJDPHQWR
2V WH[WRV H[SOLFDWLYRV SRGHP VHU LQVHULGRV HP WRGRV RV VHJPHQWRV
$ H[LELomR GH SDUWLGD LQGLYLGXDO H D DGPLQLVWUDomR GH SDUWLGDV HP DEHUWR VmR
FRQ¿JXUDGDV FRPR VWDQGDUG SDUD WRGDV DV FRQWDV GH UD]mR DX[LOLDU
7DPEpP SRGHVH FULDU QRYRV UHJLVWURV PHVWUH GH FOLHQWH H IRUQHFHGRU FRP
UHIHUrQFLD D XP UHJLVWUR PHVWUH H[LVWHQWH 6RPHQWH RV GDGRV TXH QmR VH UHIHUHP
GLUHWDPHQWH DR FOLHQWHIRUQHFHGRU VmR FRSLDGRV GD FRQWD GH UHIHUrQFLD SDUD D

QRYD FRQWD RX VHMD QHQKXPD LQIRUPDomR GH HQGHUHoR HWF 2V GDGRV FRSLDGRV

GHYHP VHU FRQIHULGRV H VH QHFHVViULR PRGL¿FDGRV DQWHV GH VH JUDYDU R UHJLVWUR
5HFRPHQGDPRV TXH VH FULH XPD FRQWD GH UHIHUrQFLD SDUD FDGD JUXSR GH FRQWDV
)LJXUD *UXSRV GH FRQWDV SDUD FOLHQWHVIRUQHFHGRUHV
$R FULDU UHJLVWURV PHVWUH GH FOLHQWHIRUQHFHGRU LQVLUD R JUXSR GH FRQWDV QD

SULPHLUD WHOD 1D &RQWDELOLGDGH ¿QDQFHLUD DSyV D FULDomR GH XPD FRQWD GH UD]mR
DX[LOLDU D PRGL¿FDomR GR JUXSR GH FRQWDV GHL[D GH VHU SRVVtYHO 3RUpP VH XWLOL]DU
IXQo}HV GH SDUFHLUR HP 9HQGDV H GLVWULEXLomR HP DOJXQV FDVRV YRFr SRGHUi
PRGL¿FDU R JUXSR GH FRQWDV SRU H[HPSOR GH XP HQGHUHoR GR SHGLGR SDUD XP
HQGHUHoR GH HQWUHJD 3DUD REWHU PDLV LQIRUPDo}HV FRQVXOWH D %LEOLRWHFD 6$3 HP
9HQGDV H GLVWULEXLomR

)LJXUD ,QWHUYDORV GH QXPHUDomR SDUD FOLHQWHVIRUQHFHGRUHV
([LVWHP LQWHUYDORV GH QXPHUDomR VHSDUDGRV SDUD DV FRQWDV GR FOLHQWH H GR

IRUQHFHGRU 2 LQWHUYDOR GH Q~PHURV GH FRQWDV SRVVtYHLV HVWi GLYLGLGR HP
LQWHUYDORV GH QXPHUDomR PHQRUHV 2V LQWHUYDORV GH QXPHUDomR QmR SRGHP
VREUHS{UVH
3DUD FDGD LQWHUYDOR GH QXPHUDomR p SRVVtYHO GH¿QLU VH D DWULEXLomR GH Q~PHURV
p LQWHUQD RX H[WHUQD 2V Q~PHURV LQWHUQRV VmR DWULEXtGRV SHOR VLVWHPD HQTXDQWR
RV H[WHUQRV VmR LQVHULGRV SHOR XVXiULR TXH FULD R UHJLVWUR 2V Q~PHURV H[WHUQRV
SRGHP VHU DOIDQXPpULFRV
&RP D DWULEXLomR LQWHUQD GH Q~PHURV R VLVWHPD DWULEXL VHPSUH j QRYD FRQWD R
Q~PHUR VHJXLQWH GLVSRQtYHO QR LQWHUYDOR 3DUD VDEHU TXDQWRV Q~PHURV UHVWDP HP
XP GHWHUPLQDGR LQWHUYDOR GH QXPHUDomR p SRVVtYHO H[LELU D 3RV,QWHUY1XPHUDomR
&RP D DWULEXLomR H[WHUQD GH Q~PHURV R XVXiULR VHOHFLRQD R Q~PHUR GD FRQWD
1mR p SUHFLVR DWULEXLU RV Q~PHURV HP VHTrQFLD SRUWDQWR R Q~PHUR DWXDO QmR
SRGH VHU H[LELGR
7RGRV RV LQWHUYDORV GH QXPHUDomR SRGHP VHU DWULEXtGRV D XP RX PDLV JUXSRV
GH FRQWDV

)LJXUD &RQWD QRUPDO RX FRQWD RFDVLRQDO
3DUD WRGRV RV FOLHQWHV RX IRUQHFHGRUHV FRP RV TXDLV UDUDPHQWH VH ID]HP QHJyFLRV

GHYH VHU FULDGR XP UHJLVWUR PHVWUH HVSHFLDO GH FOLHQWH H GH IRUQHFHGRU (VWHV
UHJLVWURV PHVWUH FRQWrP FRQWDV D UHFHEHU H D SDJDU SDUD FOLHQWHVIRUQHFHGRUHV
RFDVLRQDLV FRQWDV RFDVLRQDLV (P FRQWUDVWH FRP RXWURV UHJLVWURV PHVWUH
XP UHJLVWUR PHVWUH GH FRQWD RFDVLRQDO QmR FRQWpP LQIRUPDo}HV VREUH XP
FOLHQWHIRUQHFHGRU HVSHFt¿FR XPD YH] TXH HVVD FRQWD p XWLOL]DGD SDUD PDLV GH XP
FOLHQWHIRUQHFHGRU 3RUWDQWR RV FDPSRV HVSHFt¿FRV GH FOLHQWHIRUQHFHGRU GHYHP
SHUPDQHFHU RFXOWRV
,QVLUD QR GRFXPHQWR RV GDGRV HVSHFt¿FRV SDUD FOLHQWHVIRUQHFHGRUHV RFDVLRQDLV
GXUDQWH R ODQoDPHQWR

)LJXUD 6WDWXV GRV FDPSRV QR UHJLVWUR PHVWUH
2 JUXSR GH FRQWDV p XWLOL]DGR SDUD FRQWURODU RV FDPSRV H[LELGRV QR UHJLVWUR

PHVWUH 3RU H[HPSOR SDUD JDUDQWLU TXH WRGD D FRUUHVSRQGrQFLD WHQKD LQIRUPDo}HV
FRPSOHWDV GH HQGHUHoR YRFr GHYH PRGL¿FDU R VWDWXV GR FDPSR GH IRUPD TXH WRGRV
RV FDPSRV GH HQGHUHoR VHMDP PDUFDGRV FRPR ³HQWUDGD REULJDWyULD´
)LJXUD &RQWUROH GR VWDWXV GR FDPSR

2 OD\RXW GDV WHODV GH GDGRV PHVWUH GR FOLHQWHIRUQHFHGRU SRGH VHU DIHWDGR SRU
GLYHUVRV IDWRUHV
&RQWUROH HVSHFt¿FR GR JUXSR GH FRQWDV KDELWXDOPHQWH R VWDWXV GR FDPSR p
FRQWURODGR VRPHQWH SHOR JUXSR GH FRQWDV ,VVR VLJQL¿FD TXH WRGDV DV FRQWDV GH XP
JUXSR GH FRQWDV DSUHVHQWDP D PHVPD HVWUXWXUD GH WHOD
&RQWUROH GHSHQGHQWH GH WUDQVDomR2 VWDWXV GR FDPSR SRGH GHSHQGHU GD
WUDQVDomR GH GDGRV PHVWUH &ULDU 0RGL¿FDU RX ([LELU 2 VWDWXV GR FDPSR
GHSHQGHQWH GH WUDQVDomR GHYH VHU GH¿QLGR FRPR ³H[LELU´ SDUD D WUDQVDomR
³PRGL¿FDU´ SDUD TXH QmR VHMD SRVVtYHO PRGL¿FDU R FDPSR DSyV D UHVSHFWLYD
FULDomR FRPR R FDPSR ³FRQWD GH FRQFLOLDomR´ SRU H[HPSOR
&RQWUROH GHSHQGHQWH GD HPSUHVD 9RFr Mi HVWi IDPLOLDUL]DGR FRP R VWDWXV GH
FDPSR GHSHQGHQWH GH JUXSR GH FRQWDV RX GH WUDQVDomR GRV JUXSRV GH FRQWDV
GR 5D]mR 3RGHVH FRQWURODU R VWDWXV GR FDPSR SDUD FDPSRV GR VHJPHQWR GD
HPSUHVD GH UHJLVWURV PHVWUH GH FOLHQWH H GH IRUQHFHGRU SRU PHLR GD HVWUXWXUD GH
WHOD HVSHFt¿FD GD HPSUHVD e SRVVtYHO RFXOWDU FDPSRV TXH QmR VmR XWLOL]DGRV HP
XPD HPSUHVD HVSHFt¿FD PDV HQWUH YDORUHV QHVWHV FDPSRV HP RXWUDV HPSUHVDV 3RU
H[HPSOR VH XPD HPSUHVD QmR TXLVHU XWLOL]DU R SURJUDPD GH DGYHUWrQFLD RFXOWH RV
FDPSRV UHOHYDQWHV SDUD HVWD HPSUHVD
6mR FRPSDUDGRV RV VWDWXV GH FDPSR HVSHFt¿FR GH JUXSR GH FRQWDV R VWDWXV GH
FDPSR HVSHFt¿FR GH WUDQVDomR H R VWDWXV GH FDPSR HVSHFt¿FR GH HPSUHVD H p
XWLOL]DGR R VWDWXV GH FDPSR FRP D SULRULGDGH PDLV HOHYDGD
2V FDPSRV DFHVVDGRV FRP D WUDQVDomR ³H[LELU´ VmR VHPSUH H[LELGRV RX VXSULPLGRV
SRLV YRFr QmR SRGH HIHWXDU XPD HQWUDGD HP XPD WUDQVDomR ³H[LELU´
&DVR QmR VH TXHLUD XWLOL]DU R FRQWUROH HVSHFt¿FR GH WUDQVDomR RX GH HPSUHVD
GHYHVH GH¿QLU R VWDWXV GH WRGRV RV FDPSRV FRPR RSFLRQDO 8PD YH] TXH HVWH
VWDWXV GH FDPSR WHP D SULRULGDGH PDLV EDL[D p VHPSUH XWLOL]DGR R FRQWUROH
HVSHFt¿FR GH JUXSR GH FRQWDV

)LJXUD 3ULQFtSLR GH FRQWUROH GXSOR
3RGHVH DJRUD GH¿QLU TXH XPD SHVVRD IDoD PRGL¿FDo}HV QRV GDGRV PHVWUH GH
FOLHQWH RX GH IRUQHFHGRU HQTXDQWR RXWUD p UHVSRQViYHO SHOD FRQ¿UPDomR GDV
PRGL¿FDo}HV QRUPDOPHQWH SDUD PRGL¿FDo}HV FUtWLFDV GH FOLHQWHIRUQHFHGRU
3ULPHLUR p SUHFLVR GH¿QLU RV FDPSRV GH SULQFtSLR GH FRQWUROH GXSOR QRV UHJLVWURV
PHVWUH GH FOLHQWHIRUQHFHGRU QR ,0*
6H YRFr GH¿QLU XP FDPSR QR UHJLVWUR PHVWUH GH FOLHQWHIRUQHFHGRU FRPR
³VHQVtYHO´ R FOLHQWHIRUQHFHGRU FRUUHVSRQGHQWH VHUi EORTXHDGR SDUD SDJDPHQWR
FDVR D HQWUDGD VHMD PRGL¿FDGD 2 EORTXHLR p UHPRYLGR TXDQGR XPD VHJXQGD
SHVVRD FRP DXWRUL]DomR YHUL¿FD D PRGL¿FDomR H D FRQ¿UPD RX UHMHLWD
$ FRQ¿UPDomR GDV PRGL¿FDo}HV SRGHP VHU IHLWDV SDUD XP FOLHQWHIRUQHFHGRU
LQGLYLGXDO RX SRGHVH REWHU XPD OLVWD $ OLVWD SRGH VHU UHVWULQJLGD SRU
&OLHQWHIRUQHFHGRU
(PSUHVD
&RQWDV DLQGD QmR FRQ¿UPDGDV
&RQWDV UHFXVDGDV
&RQWDV D VHUHP FRQ¿UPDGDV SHOR UHVSRQViYHO
9RFr SRGH H[LELU DV PRGL¿FDo}HV IHLWDV DR UHJLVWUR PHVWUH GH FOLHQWH
RX GH IRUQHFHGRU GH WRGDV DV FRQWDV XWLOL]DQGR RV UHODWyULRV 5)'$%/
RX 5).$%/

)LJXUD &RPSHQVDomR GR FOLHQWHIRUQHFHGRU
6H XP FOLHQWH IRU WDPEpP XP IRUQHFHGRU RX YLFHYHUVD R SURJUDPD GH SDJDPHQWR

H R GH DGYHUWrQFLD SRGHUmR FRPSHQVDU SDUWLGDV HP DEHUWR UHFLSURFDPHQWH
$V SDUWLGDV HP DEHUWR GD FRQWD DWULEXtGD SRGHP WDPEpP VHU H[LELGDV QD WHOD GH
H[LELomR GH SDUWLGD LQGLYLGXDO QDV WHODV GH VHOHomR GH SDUWLGDV HP DEHUWR
3DUD FRPSHQVDU SDUWLGDV HP DEHUWR GHYHP VHU UHDOL]DGDV DV VHJXLQWHV HWDSDV
9RFr SUHFLVD LQVHULU R Q~PHUR GD FRQWD GH IRUQHFHGRU QD FRQWD GH FOLHQWH
RX YLFH YHUVD
&DGD HPSUHVD SRGH GHFLGLU HP VHSDUDGR VH GHVHMD FRPSHQVDU SDUWLGDV HP
DEHUWR HQWUH FOLHQWHV H IRUQHFHGRUHV 3DUD XWLOL]DU D FRPSHQVDomR YRFr GHYH
VHOHFLRQDU R FDPSR ³&RPSHQVDomR FRP IRUQHFHGRU´ QD FRQWD GR FOLHQWH RX
R FDPSR FRUUHVSRQGHQWH QD FRQWD GR IRUQHFHGRU
6H GH¿QLU R ³&RQWUROH H VWDWXV GH FRQWDV´ HP ³6HOHo}HV DGLFLRQDLV´ QR UHODWyULR
GD OLVWD GH FOLHQWHV RX GH IRUQHFHGRUHV 5)'.9= RX 5)..9= TXDQGR R
UHODWyULR IRU LPSUHVVR YRFr SRGHUi YHU DV UHODo}HV GH SDUFHULD FRP R UHVSHFWLYR
FOLHQWH

)LJXUD 3DJDGRUUHFHEHGRU DOWHUQDWLYR
1RV QtYHLV GR FOLHQWH H GD HPSUHVD SRGHVH LQVHULU XP SDJDGRUUHFHEHGRU

DOWHUQDWLYR GR SDJDPHQWR $ HQWUDGD QR VHJPHQWR GD HPSUHVD WHP XPD
SULRULGDGH PDLV HOHYDGD GR TXH QR QtYHO GH PDQGDQWH
([LVWHP YiULDV RSo}HV SDUD XWLOL]DU HVWD IXQomR GHQWUR GR UHJLVWUR PHVWUH 6H
YRFr GH¿QLU R FyGLJR ³(QWUDGDV LQGLYLGXDLV´ DR FULDU XPD IDWXUD SRGHUi LQVHULU
LQIRUPDo}HV VREUH XP SDJDGRUUHFHEHGRU GH SDJDPHQWR LQGLYLGXDO SDUD XP
FOLHQWHIRUQHFHGRU TXH QmR WHQKD VLGR FULDGR QR P\6$3 (53
6H R SDJDGRUUHFHEHGRU DOWHUQDWLYR GR SDJDPHQWR IRU XP FOLHQWH RX XP
IRUQHFHGRU H[LVWHQWH SRGHVH LQVHULU R Q~PHUR GD FRQWD GH FOLHQWHIRUQHFHGRU QR
UHJLVWUR PHVWUH 'XUDQWH D HQWUDGD GD IDWXUD p SRVVtYHO VHOHFLRQDU XP GHVVHV
SDJDGRUHVUHFHEHGRUHV GR SDJDPHQWR XWLOL]DQGR PDWFKFRGHV
$R LQVHULU XP SDJDGRU DOWHUQDWLYR R PRQWDQWH SDUD FRPSHQVDU DV SDUWLGDV HP
DEHUWR QD FRQWD p SDJR SHOR SDJDGRU DOWHUQDWLYR
$R LQVHULU XP UHFHEHGRU DOWHUQDWLYR GR SDJDPHQWR R PRQWDQWH TXH D VRFLHGDGH
WHP GH SDJDU SDUD FRPSHQVDU DV SDUWLGDV HP DEHUWR YHQFLGDV p SDJR DR UHFHEHGRU
DOWHUQDWLYR GR SDJDPHQWR QRUPDOPHQWH RV SDJDPHQWRV LULDP SRU H[HPSOR SDUD
R DGPLQLVWUDGRU GD IDOrQFLD
6H GH¿QLU R FyGLJR ³'DGRV GH SDJDPHQWR´ HP ³6HOHo}HV DGLFLRQDLV´ QR UHODWyULR
GD OLVWD GH FOLHQWHV RX GH IRUQHFHGRUHV 5)'.9= RX 5)..9= TXDQGR R
UHODWyULR IRU LPSUHVVR YRFr SRGHUi YHU R SDJDGRU DOWHUQDWLYR SDUD R UHVSHFWLYR
FOLHQWH RX R UHFHEHGRU DOWHUQDWLYR GR SDJDPHQWR SDUD R IRUQHFHGRU

)LJXUD 6HGH)LOLDO
2V FOLHQWHV HP DOJXQV VHWRUHV LQGXVWULDLV UHDOL]DP VHXV SHGLGRV ORFDOPHQWH RX

VHMD DWUDYpV GH VXDV ¿OLDLV PDV SDJDP VXDV IDWXUDV GH PDQHLUD FHQWUDOL]DGD GD
VHGH ([LVWH XPD GLIHUHQoD HQWUH R ÀX[R GH PHUFDGRULDV H R ÀX[R GH FDL[D ,VWR
SRGH VHU UHÀHWLGR QR VLVWHPD 6$3 SRU PHLR GDV FRQWDV GD VHGH H GD ¿OLDO
7RGRV RV LWHQV ODQoDGRV HP XPD FRQWD GH ¿OLDO VmR DXWRPDWLFDPHQWH WUDQVIHULGRV
SDUD D FRQWD GD VHGH 1RUPDOPHQWH DV FDUWDV GH DGYHUWrQFLD YmR SDUD D VHGH H p
D VHGH TXH HIHWXD H UHFHEH SDJDPHQWRV &RQWXGR VH R FDPSR ³3URFHVVDPHQWR
GHVFHQWUDOL]DGR´ HVWLYHU VHOHFLRQDGR QR UHJLVWUR PHVWUH GD VHGH RV SURJUDPDV GH
DGYHUWrQFLD H GH SDJDPHQWR XWLOL]DP D FRQWD GD ¿OLDO
6H GH¿QLU R FyGLJR ³&RQWUROH H VWDWXV GH FRQWDV´ HP ³6HOHo}HV DGLFLRQDLV´ QR
UHODWyULR GD OLVWD GH FOLHQWHV RX GH IRUQHFHGRUHV 5)'.9= RX 5)..9=
TXDQGR R UHODWyULR IRU LPSUHVVR YRFr SRGHUi YHU DV VHGHV SRVVtYHLV SDUD FDGD
XPD GDV ¿OLDLV


([HUFtFLR &RQWDV GH UD]mR DX[LOLDU

&ULDU JUXSRV GH FRQWDV GH UD]mR DX[LOLDU
&ULDU FRQWDV GH UD]mR DX[LOLDU
9HUL¿FDU VHX FRQKHFLPHQWR VREUH FRQWDV GH UD]mR DX[LOLDU
&HQiULR GH QHJyFLRV
2V GDGRV PHVWUH GH FOLHQWH H IRUQHFHGRU VmR FULDGRV SHOR GHSDUWDPHQWR GH
FRQWDELOLGDGH
&RQWDV GH FOLHQWHV
2 Q~PHUR GH FRQWD p DWULEXtGR DXWRPDWLFDPHQWH
$V FRQGLo}HV GH SDJDPHQWR GHYHP VHU DWXDOL]DGDV SHOR UHVSRQViYHO
&RQWDV GH IRUQHFHGRUHV
2 Q~PHUR GD FRQWD p DWULEXtGR SHOR UHVSRQViYHO
2 JHUHQWH GR GHSDUWDPHQWR GH FRQWDV D SDJDU TXHU SRGHU XWLOL]DU D SHVTXLVD
DPSOLDGD RQGH RV GRLV WHUPRV GH SHVTXLVD WHUPR GH SHVTXLVD H WHUPR
GH SHVTXLVD GHYHP VHU LQVHULGRV
&HUWL¿TXHVH GH TXH R WHUPR GH SHVTXLVD VHMD XP FDPSR VHQVtYHO D
PRGL¿FDo}HV
7DUHID
1mR PRGL¿TXH RV LQWHUYDORV GH QXPHUDomR SRUTXH HVWHV VmR YiOLGRV SDUD
WRGDV DV HPSUHVDV
&ULH XP JUXSR GH FRQWDV ' FRP D GHVFULomR ³&OLHQWHV ´ SDUD DV FRQWDV
GH FOLHQWHV UHJXODUHV ,VWR GHYH VHU IHLWR FRP D FySLD GR JUXSR GH FRQWDV
.81$ H D FRQ¿JXUDomR GH ' GH DFRUGR FRP DV QHFHVVLGDGHV GR FHQiULR
HPSUHVDULDO $WULEXD R LQWHUYDOR GH QXPHUDomR DR JUXSR GH FRQWDV
&ULH XPD FRQWD GH FOLHQWH UHJXODU FRP R QRYR JUXSR GH FRQWDV ' 3UHHQFKD
RV FDPSRV D VHJXLU FRP RV GDGRV DEDL[R

7HUPR GH SHVTXLVD *5

,' JUXSR
&RQWD GH FRQFLOLDomR &RQWDV D UHFHEHU FOLHQWHV
QDFLRQDO
&RQGLo}HV GH SDJDPHQWR
&ULH XP JUXSR GH FRQWDV . FRP D GHVFULomR ³)RUQHFHGRUHV ´ SDUD DV

FRQWDV GH IRUQHFHGRUHV UHJXODUHV )DoD LVVR FRSLDQGR R JUXSR GH FRQWDV
.5(' H FRQ¿JXUDQGR . GH DFRUGR FRP DV QHFHVVLGDGHV GR FHQiULR
HPSUHVDULDO $WULEXLU R LQWHUYDOR GH QXPHUDomR ;; DR JUXSR GH FRQWDV
'LFD ;; p R LQWHUYDOR GH QXPHUDomR 12 VHX Q~PHUR GR JUXSR
&ULDU XPD FRQWD GH IRUQHFHGRU UHJXODU )RUQHF FRP R QRYR JUXSR GH

FRQWDV . 9RFr SRGH XVDU R IRUQHFHGRU QD HPSUHVD FRPR
PRGHOR ,QVLUD RV GDGRV D VHJXLU QRV FDPSRV
1RPH GR FDPSR RX FDWHJRULD GH 9DORUHV

GDGRV
7HUPR GH SHVTXLVD $ *5
7HUPR GH SHVTXLVD % ÒOWLPR QRPH GR IRUQHFHGRU
'LFD
2X 9RFr DFDERX GH SHUFHEHU TXH QmR SRGH LQVHULU XP VHJXQGR
WHUPR GH SHVTXLVD 4XDO SRGHULD VHU R PRWLYR YRFr YHUi D UHVSRVWD
QD WDUHID
2X 9RFr FRQVHJXLX HIHWXDU XPD HQWUDGD SDUD R WHUPR GH SHVTXLVD
% R PRWLYR p DSUHVHQWDGR QR SRQWR GD DWLYLGDGH
,' JUXSR

&RQWD GH FRQFLOLDomR &RQWDV D SDJDU
*UXSR GH SUHYLVmR GH WHVRXUDULD $

7DUHID
5HYLVDQGR XP SRXFR PDLV VHXV UHJLVWURV PHVWUH YRFr SHUFHEHUi TXH XPD GDV
FRQGLo}HV QmR IRL DWHQGLGD QmR VH SRGH LQVHULU DPERV RV WHUPRV GH SHVTXLVD QR
UHJLVWUR PHVWUH GR IRUQHFHGRU
9HUL¿TXH VH RV FDPSRV GRV WHUPRV GH SHVTXLVD VmR REULJDWyULRV QR UHJLVWUR
PHVWUH
9HUL¿TXH VH R FDPSR ³7HUPR GH SHVTXLVD %´ 7HUPR GH SHVTXLVD IRL
GH¿QLGR FRPR FDPSR REULJDWyULR QR JUXSR GH FRQWDV
3RU TXH R FDPSR QmR p H[LELGR QR UHJLVWUR PHVWUH" 9HUL¿TXH R VWDWXV GH
FDPSR GHSHQGHQWH GH WUDQVDomR SDUD FULDU UHJLVWURV PHVWUH GH IRUQHFHGRU
9HUL¿TXH SRU TXH LVVR DFRQWHFHX
'LFD &OLTXH GXDV YH]HV QD GRFXPHQWDomR GD DWLYLGDGH ,0* MXQWR D 'H¿QLU
HVWUXWXUD GD WHOD SRU DWLYLGDGH IRUQHFHGRUHV
7DUHID
23&,21$/0(17(
2 JHUHQWH GD FRQWDELOLGDGH GHFLGH HQWmR TXH R WLSR GH IRUQHFHGRU GHYH VHU
UHJLVWUDGR QR SULPHLUR WHUPR GH SHVTXLVD 1HVWH H[HPSOR VXSULPHQWRV
HTXLSDPHQWR HWF H R Q~PHUR GD HPSUHVD QR VHJXQGR WHUPR GH SHVTXLVD 2
SULPHLUR WHUPR GH SHVTXLVD p XP FDPSR VHQVtYHO 2 JHUHQWH GD FRQWDELOLGDGH WHP
HQWmR GH FRQ¿UPDU WRGDV DV PRGL¿FDo}HV GHVWH FDPSR
'H¿QD R 7HUPR GH SHVTXLVD $ FRPR XP FDPSR VHQVtYHO
$WXDOL]DU R UHJLVWUR PHVWUH GH IRUQHFHGRU FRP D QRYD LQIRUPDomR
&RQ¿UPDU DV PRGL¿FDo}HV IHLWDV SHOR DOXQR DR ODGR HP VHX UHJLVWUR PHVWUH
GH IRUQHFHGRU

8PD FRQWD GH FOLHQWH FRPSOHWD FRPS}HVH GDV VHJXLQWHV SDUWHV
8PD FRQWD GH IRUQHFHGRU FRPSOHWD FRPS}HVH GDV VHJXLQWHV SDUWHV
7DUHID
$V FRQWDV GH UD]mR DX[LOLDU GHYHP VHU VHPSUH DWXDOL]DGDV FHQWUDOL]DGDPHQWH

Ƒ 9HUGDGHLUR
Ƒ )DOVR
8P LQWHUYDOR GH QXPHUDomR Vy SRGH VHU DWULEXtGR D XP JUXSR GH FRQWDV

Ƒ 9HUGDGHLUR
Ƒ )DOVR
7DUHID
&RPSOHWH D IUDVH
$WULEXLomR GH Q~PHURV VLJQL¿FD TXH R VLVWHPD 6$3 (53

DWULEXL RV Q~PHURV DXWRPDWLFDPHQWH
2 UHJLVWUR PHVWUH GH FOLHQWHIRUQHFHGRU p DWXDOL]DGR

VH RV VHJPHQWRV GD &RQWDELOLGDGH
¿QDQFHLUD IRUHP FULDGRV VLPXOWDQHDPHQWH FRP RV VHJPHQWRV GR
*HUHQFLDPHQWR GD RUGHP GR FOLHQWHGD $GPLQLVWUDomR GH FRPSUDV

$V FRQWDV GR 5D]mR WrP DWULEXLomR GH Q~PHURV DR SDVVR

TXH RV UHJLVWURV PHVWUH GH FOLHQWHV H IRUQHFHGRUHV SRGHP WHU DWULEXLomR
RX GH Q~PHURV

6ROXomR &RQWDV GH UD]mR DX[LOLDU

7DUHID
1mR PRGL¿TXH RV LQWHUYDORV GH QXPHUDomR SRUTXH HVWHV VmR YiOLGRV SDUD
WRGDV DV HPSUHVDV
&ULH XP JUXSR GH FRQWDV ' FRP D GHVFULomR ³&OLHQWHV ´ SDUD DV FRQWDV
GH FOLHQWHV UHJXODUHV ,VWR GHYH VHU IHLWR FRP D FySLD GR JUXSR GH FRQWDV
.81$ H D FRQ¿JXUDomR GH ' GH DFRUGR FRP DV QHFHVVLGDGHV GR FHQiULR
HPSUHVDULDO $WULEXD R LQWHUYDOR GH QXPHUDomR DR JUXSR GH FRQWDV
D &ULH XP JUXSR GH FRQWDV SDUD FOLHQWHV
,0* &RQWDELOLGDGH ¿QDQFHLUD QRYD ĺ &RQWDELOLGDGH GH FOLHQWHV H
IRUQHFHGRUHV ĺ &RQWDV GH FOLHQWHV ĺ 'DGRV PHVWUH ĺ 3UHSDUDWLYRV
SDUD FULDomR GH GDGRV PHVWUH GH FOLHQWHV ĺ 'H¿QLU JUXSRV GH FRQWDV
FRP HVWUXWXUD GD WHOD FOLHQWHV
6HOHFLRQH ³&OLHQWH JHUDO .81$´
3URFHVVDU ĺ &RSLDU FRPR
6REUHJUDYDU RV VHJXLQWHV GDGRV

*UXSR GH FRQWDV '
'HQRPLQDomR &OLHQWHV
&OLTXH GXDV YH]HV HP ³'DGRV GD HPSUHVD´ SDUD SURFHVVDU R VWDWXV

GR FDPSR
&OLTXH GXDV YH]HV HP ³3DJDPHQWRV´

GDGRV
&RQGLo}HV GH SDJDPHQWR (QWUDGD REULJDWyULD
6HOHFLRQH ³*UDYDU´
$WULEXD XP LQWHUYDOR GH QXPHUDomR DR JUXSR GH FRQWDV
,0* &RQWDELOLGDGH ¿QDQFHLUD QRYD ĺ &RQWDELOLGDGH GH FOLHQWHV H
IRUQHFHGRUHV ĺ &RQWDV GH FOLHQWHV ĺ 'DGRV PHVWUH ĺ 3UHSDUDWLYRV
SDUD FULDomR GH GDGRV PHVWUH GH FOLHQWHV ĺ $WULEXLU LQWHUYDORV GH
QXPHUDomR D JUXSRV GH FRQWDV SFOLHQWHV


GDGRV
*UXSR '
,QWHUYDOR GH QXPHUDomR
&ULH XPD FRQWD GH FOLHQWH UHJXODU FRP R QRYR JUXSR GH FRQWDV ' 3UHHQFKD
RV FDPSRV D VHJXLU FRP RV GDGRV DEDL[R

,' JUXSR
&RQWD GH FRQFLOLDomR &RQWDV D UHFHEHU FOLHQWHV
QDFLRQDO
D &ULH XPD FRQWD GH FOLHQWH VWDQGDUG

0HQX 6$3 (DV\ $FFHVV &RQWDELOLGDGH ĺ &RQWDELOLGDGH GH FOLHQWHV
ĺ 5HJLVWURV PHVWUH ĺ &ULDU

GDGRV
*UXSR GH FRQWDV &OLHQWHV '
&OLHQWH (P EUDQFR
(PSUHVD *5
&OLHQWH GH UHIHUrQFLD
(PSUHVD GH UHIHUrQFLD
6HOHFLRQH ³(QWHU´
)LFKD GH UHJLVWUR ³(QGHUHoR´

GDGRV
1RPH 6HOHFLRQDGR SHOR DOXQR e
SUHFLVR VHU FULDWLYR
5XDQ~PHUR 6HOHFLRQDGR SHOR DOXQR

&yGLJR SRVWDOFLGDGH 6HOHFLRQDGR SHOR DOXQR

3DtVUHJLmR 3DtV GR FXUVR
6HOHFLRQH D ¿FKD GH UHJLVWUR ³'DGRV GH FRQWUROH´

GDGRV
*UXSR HPSUHVDULDO
6HOHFLRQH ³'DGRV GD HPSUHVD´

6HOHFLRQH D ¿FKD ³$GPLQLVWUDomR GH FRQWDV´

GDGRV
&RQWD GH FRQFLOLDomR 6HOHFLRQH DV (QWUDGDV SRVVtYHLV
H GHSRLV &RQWDV D UHFHEHU
FOLHQWHV QDFLRQDO
6HOHFLRQH D ¿FKD GH UHJLVWUR ³3DJDPHQWRV´
1RPH GR FDPSR RX FDWHJRULD 9DORUHV

GH GDGRV
5HJLVWUH R Q~PHUR GR FOLHQWH BBBBBBBBBBBBBBBBBBBBBBBBBB
&ULH XP JUXSR GH FRQWDV . FRP D GHVFULomR ³)RUQHFHGRUHV ´ SDUD DV
FRQWDV GH IRUQHFHGRUHV UHJXODUHV )DoD LVVR FRSLDQGR R JUXSR GH FRQWDV
.5(' H FRQ¿JXUDQGR . GH DFRUGR FRP DV QHFHVVLGDGHV GR FHQiULR
HPSUHVDULDO $WULEXLU R LQWHUYDOR GH QXPHUDomR ;; DR JUXSR GH FRQWDV
'LFD ;; p R LQWHUYDOR GH QXPHUDomR 12 VHX Q~PHUR GR JUXSR
D &ULH XP JUXSR GH FRQWDV SDUD IRUQHFHGRUHV

,0* &RQWDELOLGDGH ¿QDQFHLUD QRYD ĺ &RQWDELOLGDGH GH FOLHQWHV
H IRUQHFHGRUHV ĺ &RQWDV GH IRUQHFHGRUHV ĺ 'DGRV PHVWUH ĺ
3UHSDUDWLYRV SDUD FULDomR GH GDGRV PHVWUH GH IRUQHFHGRUHV ĺ 'H¿QLU
JUXSRV GH FRQWDV FRP HVWUXWXUD GD WHOD IRUQHFHGRUHV
6HOHFLRQH ³.5(' )RUQHFHGRUHV´



GH GDGRV
*UXSR GH FRQWDV .
1RPH )RUQHF
&OLTXH GXDV YH]HV HP ³'DGRV JHUDLV´ SDUD SURFHVVDU R VWDWXV GR

FDPSR
&OLTXH GXDV YH]HV HP ³(QGHUHoR´

GH GDGRV
7HUPR GH SHVTXLVD % (QWUDGD REULJDWyULD
6HOHFLRQH ³9ROWDU´ VHWD YHUGH

&OLTXH GXDV YH]HV HP ³3HVVRDV GH FRQWDWR´

GH GDGRV
3HVVRD GH FRQWDWR 2FXOWDU
$WULEXD XP LQWHUYDOR GH QXPHUDomR DR JUXSR GH FRQWDV
3UHSDUDWLYRV SDUD FULDomR GH GDGRV PHVWUH GH IRUQHFHGRUHV ĺ $WULEXLU
LQWHUYDORV GH QXPHUDomR D JUXSRV GH FRQWDV SDUD IRUQHFHGRUHV

GH GDGRV
*UXSR .
,QWHUYDOR GH QXPHUDomR ;;
1RWD ;; p R LQWHUYDOR GH QXPHUDomR 12 VHX Q~PHUR GR JUXSR


&ULDU XPD FRQWD GH IRUQHFHGRU UHJXODU )RUQHF FRP R QRYR JUXSR GH

FRQWDV . 9RFr SRGH XVDU R IRUQHFHGRU QD HPSUHVD FRPR
PRGHOR ,QVLUD RV GDGRV D VHJXLU QRV FDPSRV

GDGRV
'LFD
2X 9RFr DFDERX GH SHUFHEHU TXH QmR SRGH LQVHULU XP VHJXQGR
WHUPR GH SHVTXLVD 4XDO SRGHULD VHU R PRWLYR YRFr YHUi D UHVSRVWD
QD WDUHID
2X 9RFr FRQVHJXLX HIHWXDU XPD HQWUDGD SDUD R WHUPR GH SHVTXLVD
% R PRWLYR p DSUHVHQWDGR QR SRQWR GD DWLYLGDGH
,' JUXSR

&RQWD GH FRQFLOLDomR &RQWDV D SDJDU
*UXSR GH SUHYLVmR GH WHVRXUDULD $
D &ULH XPD FRQWD GH IRUQHFHGRU UHJXODU

ĺ )RUQHFHGRUHVĺ 'DGRV PHVWUH ĺ &ULDU

GH GDGRV
)RUQHFHGRU )RUQHF
(PSUHVD *5
*UXSR GH FRQWDV .
6HOHFLRQH ³(QWHU´
)LFKD GH UHJLVWUR ³(QGHUHoR´

GH GDGRV

'HQRPLQDomR 6HOHFLRQDGR SHOR DOXQR 6HMD

FULDWLYR
5XDQ~PHUR 6HOHFLRQDGR SHOR DOXQR
&yGLJR SRVWDOFLGDGH 6HOHFLRQDGR SHOR DOXQR
3DtVUHJLmR 3DtV GR FXUVR
2X 9RFr DFDERX GH SHUFHEHU TXH QmR SRGH LQVHULU XP VHJXQGR WHUPR
GH SHVTXLVD 4XDO SRGHULD VHU R PRWLYR YRFr YHUi D UHVSRVWD QD
WDUHID
2X 9RFr FRQVHJXLX HIHWXDU XPD HQWUDGD SDUD R WHUPR GH SHVTXLVD R
PRWLYR p DSUHVHQWDGR QR SRQWR GD DWLYLGDGH
,U SDUD ĺ 7HOD VHJXLQWH
1RPH GR FDPSR RX 7LSR GH 9DORUHV

GDGRV
*UXSR HPSUHVDULDO
,U SDUD ĺ 7HOD VHJXLQWH ³3DJDPHQWRV´

,U SDUD ĺ 7HOD VHJXLQWH ³,QIRUPDo}HV FRQWiEHLV &RQWDELOLGDGH´
1RPH GR FDPSR RX 7LSR GH 9DORUHV

GDGRV
&RQWD GH FRQFLOLDomR 6HOHFLRQH DV (QWUDGDV SRVVtYHLV
H GHSRLV &RQWDV D SDJDU
IRUQHFHGRUHV QDFLRQDO

*UXSR GH DGPLQLVWUDomR GH $
WHVRXUDULD
,U SDUD ĺ 7HOD VHJXLQWH ³0RGL¿FDU IRUQHFHGRU $GPLQLVWUDomR

FRQWD &RQWDELOLGDGH´

GH GDGRV
&RQGLomR GH SDJDPHQWR

7DUHID
5HYLVDQGR XP SRXFR PDLV VHXV UHJLVWURV PHVWUH YRFr SHUFHEHUi TXH XPD GDV
FRQGLo}HV QmR IRL DWHQGLGD QmR VH SRGH LQVHULU DPERV RV WHUPRV GH SHVTXLVD QR
UHJLVWUR PHVWUH GR IRUQHFHGRU
9HUL¿TXH VH RV FDPSRV GRV WHUPRV GH SHVTXLVD VmR REULJDWyULRV QR UHJLVWUR
PHVWUH
D 9HUL¿TXH VH R FDPSR HUD XP FDPSR REULJDWyULR QR UHJLVWUR PHVWUH
ĺ &RQWDELOLGDGH GH IRUQHFHGRUHVĺ 'DGRV PHVWUH ĺ 0RGL¿FDU

GDGRV
)RUQHFHGRU )RUQHFHGRU
(PSUHVD *5
(QGHUHoR
6HOHFLRQH ³(QWHU´
2 VHJXQGR WHUPR GH SHVTXLVD QmR DSDUHFH QD WHOD HP ³7HUPRV GH
SHVTXLVD´ $ WHOD WHP XP HVSDoR HP EUDQFR QR ORFDO RQGH GHYHULD
HVWDU R FDPSR GR VHJXQGR WHUPR GH SHVTXLVD

9HUL¿TXH VH R FDPSR ³7HUPR GH SHVTXLVD %´ 7HUPR GH SHVTXLVD IRL

GH¿QLGR FRPR FDPSR REULJDWyULR QR JUXSR GH FRQWDV
D 9HUL¿TXH R VWDWXV GR FDPSR GR JUXSR GH FRQWDV GR IRUQHFHGRU 9HUL¿TXH
VH R FDPSR HVWi GH¿QLGR FRPR XP FDPSR REULJDWyULR
JUXSRV GH FRQWDV FRP HVWUXWXUD GD WHOD IRUQHFHGRUHV
&OLTXH GXDV YH]HV HP VHX JUXSR GH FRQWDV .
&OLTXH GXDV YH]HV HP ³'DGRV JHUDLV´ SDUD H[LELU R VWDWXV GR FDPSR

9HUL¿FDU RV GDGRV D VHJXLU

GDGRV

3RU TXH R FDPSR QmR p H[LELGR QR UHJLVWUR PHVWUH" 9HUL¿TXH R VWDWXV GH

FDPSR GHSHQGHQWH GH WUDQVDomR SDUD FULDU UHJLVWURV PHVWUH GH IRUQHFHGRU
D 9HUL¿TXH R VWDWXV GR FDPSR GHSHQGHQWH GH WUDQVDomR &RQ¿UD VH R
FDPSR HVWi GH¿QLGR FRPR XP FDPSR REULJDWyULR
&OLTXH GXDV YH]HV HP ³&ULDU IRUQHFHGRU FRQWDELOLGDGH´
&OLTXH GXDV YH]HV HP ³'DGRV JHUDLV´ SDUD H[LELU R VWDWXV GR FDPSR

,QVLUD RV VHJXLQWHV GDGRV 2 FDPSR ³7HUPRV GH SHVTXLVD %´
WHP R VWDWXV ³RFXOWDU´" 6H DVVLP IRU HIHWXH D VHJXLQWH FRUUHomR

GDGRV
9HUL¿TXH D PHVPD LQIRUPDomR QD WUDQVDomR ³ 0RGL¿FDU IRUQHFHGRU ´
8VH D VHWD YHUGH SDUD UHWRUQDU j WHOD GH VtQWHVH
&OLTXH GXDV YH]HV HP &ULDU IRUQHFHGRU &RQWDELOLGDGH
&OLTXH GXDV YH]HV HP 'DGRV JHUDLV SDUD H[LELU R VWDWXV GR FDPSR
&OLTXH GXDV YH]HV HP (QGHUHoR
&HUWL¿TXHVH GH TXH R 7HUPR GH SHVTXLVD % VHMD GH HQWUDGD
REULJDWyULD
*UDYH VXDV HQWUDGDV
5HVXOWDGR $JRUD WRGRV RV SDUWLFLSDQWHV GR FXUVR SRGHP LQVHULU
GDGRV QR FDPSR ³7HUPR GH SHVTXLVD %´ 0RWLYR $ GH¿QLomR
GR VWDWXV GR FDPSR GHSHQGHQWH GH WUDQVDomR QmR p HVSHFt¿FD GH
XPD GHWHUPLQDGD HPSUHVD
9HUL¿TXH SRU TXH LVVR DFRQWHFHX

'LFD &OLTXH GXDV YH]HV QD GRFXPHQWDomR GD DWLYLGDGH ,0* MXQWR D 'H¿QLU

D $ RFXOWDomR GH XP FDPSR WHP D SULRULGDGH PDLV HOHYDGD $
VHTXrQFLD p D VHJXLQWH ³([LELU´ ³(QWUDGD REULJDWyULD´ H ³(QWUDGD
RSFLRQDO´
,VVR UHVXOWD HP
*UXSR GH FRQWDV (QWUDGD REULJDWyULD

2SHUDomR 2FXOWDU
5HVXOWDGR 2FXOWDU
7DUHID
23&,21$/0(17(
2 JHUHQWH GD FRQWDELOLGDGH GHFLGH HQWmR TXH R WLSR GH IRUQHFHGRU GHYH VHU
UHJLVWUDGR QR SULPHLUR WHUPR GH SHVTXLVD 1HVWH H[HPSOR VXSULPHQWRV
HTXLSDPHQWR HWF H R Q~PHUR GD HPSUHVD QR VHJXQGR WHUPR GH SHVTXLVD 2
SULPHLUR WHUPR GH SHVTXLVD p XP FDPSR VHQVtYHO 2 JHUHQWH GD FRQWDELOLGDGH WHP
HQWmR GH FRQ¿UPDU WRGDV DV PRGL¿FDo}HV GHVWH FDPSR
'H¿QD R 7HUPR GH SHVTXLVD $ FRPR XP FDPSR VHQVtYHO
D 'H¿QD R 7HUPR GH SHVTXLVD $ FRPR XP FDPSR VHQVtYHO
FDPSRV VHQVtYHLV SDUD SULQFtSLR GH FRQWUROH GXSOR IRUQHFHGRUHV
6HOHFLRQH ³(QWUDGDV QRYDV´
&OLTXH QDV HQWUDGDV SRVVtYHLV GR FDPSR ³1RPH GR FDPSR´ H FOLTXH
GXDV YH]HV QR WHUPR GH SHVTXLVD $ $'5&6257
'LFD $ GH¿QLomR GH FDPSRV VHQVtYHLV QmR p HVSHFt¿FD GH

HPSUHVD $VVLP HVWH FDPSR SRGH Mi WHU VLGR FRQ¿JXUDGR
SHOR LQVWUXWRU RX SRU RXWUR SDUWLFLSDQWH

$WXDOL]DU R UHJLVWUR PHVWUH GH IRUQHFHGRU FRP D QRYD LQIRUPDomR

D 0RGL¿TXH R UHJLVWUR PHVWUH GH IRUQHFHGRU
ĺ &RQWDELOLGDGH GH IRUQHFHGRUHVĺ 'DGRV PHVWUH ĺ 0RGL¿FDU

GDGRV
)RUQHFHGRU )RUQHFHGRU
(PSUHVD *5
(QGHUHoR
6HOHFLRQH ³(QWHU´

GDGRV
7HUPR GH SHVTXLVD 6XSULPHQWRV *5832
&DVR VHMD QHFHVViULR FRQ¿UPH TXDOTXHU LQIRUPDomR FRP ³(QWHU´

6HOHFLRQH ³(QWHU´ TXDQGR DSDUHFHU D PHQVDJHP SDUD D
FRQ¿UPDomR GH VXDV PRGL¿FDo}HV

&RQ¿UPDU DV PRGL¿FDo}HV IHLWDV SHOR DOXQR DR ODGR HP VHX UHJLVWUR PHVWUH

GH IRUQHFHGRU
D &RQ¿UPH DV PRGL¿FDo}HV GR UHJLVWUR PHVWUH GH IRUQHFHGRU
ĺ )RUQHFHGRUHV ĺ 'DGRV PHVWUH ĺ &RQ¿UPDomR GH PRGL¿FDomR ĺ
,QGLYLGXDO

GH GDGRV
)RUQHFHGRU )RUQHF GH VHX FROHJD DR ODGR
(PSUHVD *5 GH VHX FROHJD DR ODGR
6HOHFLRQH ³(QWHU´
6HOHFLRQH ³0RGL¿FDo}HV QRV FDPSRV VHQVtYHLV´ SDUD YHUL¿FDU DV
DOWHUDo}HV &OLTXH GXDV YH]HV SRU YiULDV YH]HV QR QRPH GR FDPSR
SDUD H[LELU LQIRUPDo}HV GHWDOKDGDV VREUH DV PRGL¿FDo}HV
6HOHFLRQH D VHWD YHUGH SDUD UHWRUQDU j WHOD SULQFLSDO
6HOHFLRQH ³&RQ¿UPDU´ SDUD FRQ¿UPDU D PRGL¿FDomR GR FROHJD
DR ODGR
2EVHUYDomR 9RFr DFDERX GH

&ULDU QRYRV JUXSRV GH FRQWDV SDUD UHJLVWURV PHVWUH GH
FOLHQWH H IRUQHFHGRU
&ULDU XP QRYR UHJLVWUR PHVWUH GH FOLHQWH H IRUQHFHGRU
'H¿QLU R SULPHLUR WHUPR GH SHVTXLVD FRPR XP FDPSR
VHQVtYHO QR UHJLVWUR PHVWUH GH IRUQHFHGRU
0RGL¿FDU VHX UHJLVWUR PHVWUH GH IRUQHFHGRU
&RQ¿UPDU DV PRGL¿FDo}HV HIHWXDGDV SHOR FROHJD GR ODGR
HP VHX UHJLVWUR PHVWUH GH IRUQHFHGRU
8PD FRQWD GH FOLHQWH FRPSOHWD FRPS}HVH GDV VHJXLQWHV SDUWHV

5HVSRVWD
'DGRV JHUDLV
6HJPHQWR GH HPSUHVD
6HJPHQWR GD iUHD GH YHQGDV

8PD FRQWD GH IRUQHFHGRU FRPSOHWD FRPS}HVH GDV VHJXLQWHV SDUWHV

5HVSRVWD
'DGRV JHUDLV
6HJPHQWR GH HPSUHVD
6HJPHQWR GD RUJDQL]DomR GH FRPSUDV
7DUHID
$V FRQWDV GH UD]mR DX[LOLDU GHYHP VHU VHPSUH DWXDOL]DGDV FHQWUDOL]DGDPHQWH
5HVSRVWD )DOVR
$V FRQWDV GH UD]mR DX[LOLDU SRGHP VHU DWXDOL]DGDV FHQWUDOL]DGD RX
GHVFHQWUDOL]DGDPHQWH
8P LQWHUYDOR GH QXPHUDomR Vy SRGH VHU DWULEXtGR D XP JUXSR GH FRQWDV
5HVSRVWD )DOVR
e SRVVtYHO DWULEXLU XP LQWHUYDOR GH QXPHUDomR SDUD YiULRV JUXSRV GH FRQWDV
7DUHID
&RPSOHWH D IUDVH
$WULEXLomR LQWHUQD GH Q~PHURV VLJQL¿FD TXH R VLVWHPD 6$3 (53 DWULEXL RV
Q~PHURV DXWRPDWLFDPHQWH
5HVSRVWD LQWHUQD
2 UHJLVWUR PHVWUH GH FOLHQWHIRUQHFHGRU p DWXDOL]DGR FHQWUDOPHQWH VH RV
VHJPHQWRV GD &RQWDELOLGDGH ¿QDQFHLUD IRUHP FULDGRV VLPXOWDQHDPHQWH FRP
RV VHJPHQWRV GR *HUHQFLDPHQWR GD RUGHP GR FOLHQWHGD $GPLQLVWUDomR GH
FRPSUDV
5HVSRVWD FHQWUDOPHQWH
$V FRQWDV GR 5D]mR WrP DWULEXLomR H[WHUQD GH Q~PHURV DR SDVVR TXH RV
UHJLVWURV PHVWUH GH FOLHQWHV H IRUQHFHGRUHV SRGHP WHU DWULEXLomR LQWHUQD RX
H[WHUQD GH Q~PHURV
5HVSRVWD H[WHUQD LQWHUQD H[WHUQD

5HVXPR GD OLomR
GH UD]mR DX[LOLDU

5HVXPR GR FDStWXOR
GH SDtV
GH UD]mR DX[LOLDU

&DStWXOR
&RQWUROH GH GRFXPHQWRV
&ODVVL¿FDU GRFXPHQWRV FRQWiEHLV
([LELU GRFXPHQWRV FRQWiEHLV
'HVFUHYHU D HVWUXWXUD GH GRFXPHQWRV FRQWiEHLV
$EULU H IHFKDU SHUtRGRV FRQWiEHLV
$EULU H IHFKDU SHUtRGRV GH IRUPD GLIHUHQWH SDUD GLIHUHQWHV WLSR GH FRQWD
'H¿QLU RV PRQWDQWHV TXH JUXSRV HVSHFt¿FRV GH UHVSRQViYHLV WrP DXWRUL]DomR
SDUD ODQoDU
$WULEXLU XVXiULRV D XP JUXSR GH WROHUkQFLD SDUD PRQWDQWHV PDLV HOHYDGRV
/DQoDU GRFXPHQWRV VLPSOHV QD &RQWDELOLGDGH ¿QDQFHLUD
/LomR (VWUXWXUD GR GRFXPHQWR
([HUFtFLR &DEHoDOKR GR GRFXPHQWR
([HUFtFLR 3DUWLGD LQGLYLGXDO
/LomR 3HUtRGRV FRQWiEHLV
([HUFtFLR 3HUtRGRV FRQWiEHLV
/LomR $XWRUL]Do}HV GH ODQoDPHQWR
([HUFtFLR $XWRUL]Do}HV GH ODQoDPHQWR
/LomR 'RFXPHQWRV VLPSOHV QD &RQWDELOLGDGH ¿QDQFHLUD
([HUFtFLR 'RFXPHQWRV VLPSOHV QD &RQWDELOLGDGH ¿QDQFHLUD

&DStWXOR &RQWUROH GH GRFXPHQWRV 7),1B
/LomR (VWUXWXUD GR GRFXPHQWR
2EMHWLYRV GD OLomR
&HQiULR GH QHJyFLRV
'LDULDPHQWH VmR FULDGDV QD VRFLHGDGH FHQWHQDV GH GRFXPHQWRV ¿QDQFHLURV
3DUD VLPSOL¿FDU R DUPD]HQDPHQWR GRV GRFXPHQWRV RULJLQDLV WDLV GRFXPHQWRV
QHFHVVLWDP VHU GLYLGLGRV HP GLIHUHQWHV FDWHJRULDV 2V DXGLWRUHV LQWHUQRV JRVWDULDP
TXH WRGRV RV GRFXPHQWRV GH GHVSHVDV DXWRUL]DGRV IRVVHP LGHQWL¿FDGRV SRU XP
WLSR GH GRFXPHQWR H[FOXVLYR H RULJLQDGRV GH XP LQWHUYDOR GH QXPHUDomR GLVWLQWR
$V GLYHUVDV WUDQVDo}HV FRPHUFLDLV H[LJHP GLIHUHQWHV GDGRV HP XP GRFXPHQWR
$OJXQV GDGRV SRGHP VHU REULJDWyULRV SDUD ODQoDPHQWRV HVSHFt¿FRV
2 FOLHQWH TXHU XPD GHVFULomR GHWDOKDGD GD MXVWL¿FDWLYD GD GHVSHVD D VHU LQVHULGD
SDUD FDGD LWHP QD FRQWD GH GHVSHVDV DXWRUL]DGDV
)LJXUD 'RFXPHQWR QR 6$3 (53 )LQDQFLDOV

7),1B /LomR (VWUXWXUD GR GRFXPHQWR
2 VLVWHPD GD 6$3 IXQFLRQD GH DFRUGR FRP R SULQFtSLR GH GRFXPHQWR e JUDYDGR

XP GRFXPHQWR SDUD FDGD ODQoDPHQWR 2 GRFXPHQWR SHUPDQHFH FRPR XPD
XQLGDGH FRPSOHWD QR VLVWHPD DWp VHU DUTXLYDGR
7RGRV RV GRFXPHQWRV VmR LGHQWL¿FDGRV GH PRGR H[FOXVLYR SHORV FDPSRV D VHJXLU
1~PHUR GR GRFXPHQWR
(PSUHVD
([HUFtFLR ¿VFDO
'RFXPHQWRV QR 6$3 (53 )LQDQFLDOV FRQWrP R VHJXLQWH
8P FDEHoDOKR GR GRFXPHQWR LQIRUPDo}HV TXH VH DSOLFDP DR GRFXPHQWR
LQWHLUR
(QWUH D SDUWLGDV LQGLYLGXDLV LQIRUPDo}HV HVSHFt¿FDV GH FDGD SDUWLGD
LQGLYLGXDO 6H YRFr ODQoDU GRFXPHQWRV SRU PHLR GD LQWHUIDFH $& SRU
H[HPSOR D SDUWLU GR *HUHQFLDPHQWR GD RUGHP GR FOLHQWH GD $GPLQLVWUDomR
GH FRPSUDV RX GH RXWUDV DSOLFDo}HV LVVR SURGX]LUi LWHQV QR GRFXPHQWR
FRQWiELO TXH VmR LGrQWLFRV HP TXDVH WRGRV RV FDPSRV 6H TXLVHU UHVXPLU RV
GRFXPHQWRV FRQWiEHLV OHLD D 1RWD 6$3 H FRQVXOWH DV RXWUDV 1RWDV
6$3 HVSHFL¿FDGDV
e SRVVtYHO H[LELU GDGRV GHWDOKDGRV VREUH R FDEHoDOKR GR GRFXPHQWR H DV SDUWLGDV
LQGLYLGXDLV
'XDV FKDYHV GH FRQWUROH LPSRUWDQWHV
7LSR GH GRFXPHQWR SDUD R FDEHoDOKR GR GRFXPHQWR
&KDYH GH ODQoDPHQWR SDUD RV LWHQV GR GRFXPHQWR
2 VLVWHPD GD 6$3 JHUD SHOR PHQRV XP GRFXPHQWR SDUD FDGD WUDQVDomR FRPHUFLDO
&DGD GRFXPHQWR UHFHEH XP Q~PHUR GH GRFXPHQWR H[FOXVLYR
2 VLVWHPD SRGH DWULEXLU RV Q~PHURV GH GRFXPHQWR DWULEXLomR LQWHUQD GH
Q~PHURV RX R XVXiULR SRGH DWULEXLU R Q~PHUR GXUDQWH D HQWUDGD GR GRFXPHQWR
DWULEXLomR H[WHUQD GH Q~PHURV
8PD WUDQVDomR FRQWiELO SRGH FULDU XP RX PDLV GRFXPHQWRV 3RU H[HPSOR TXDQGR
FKHJDP PHUFDGRULDV GH XP IRUQHFHGRU p FULDGR XP GRFXPHQWR GH PDWHULDO
SDUD UHJLVWUDU GDGRV TXH VmR LPSRUWDQWHV SDUD DGPLQLVWUDomR GH LQYHQWiULR 8P
GRFXPHQWR FRQWiELO p FULDGR D ¿P GH UHJLVWUDU LQIRUPDo}HV ¿QDQFHLUDPHQWH
UHOHYDQWHV FRPR FRQWDV GR 5D]mR H PRQWDQWHV
1R VLVWHPD VmR JHUDGRV GRFXPHQWRV SDUD DV GLYHUVDV WUDQVDo}HV FRPHUFLDLV VHP
D FULDomR VLPXOWkQHD GH XP GRFXPHQWR FRQWiELO SRUTXH D FRQWDELOLGDGH QmR p
DIHWDGD 8P H[HPSOR GLVWR VHULD XP SHGLGR QD $GPLQLVWUDomR GH PDWHULDLV
'RFXPHQWRV UHODFLRQDGRV VmR YLQFXODGRV QR VLVWHPD SDUD TXH YRFr WHQKD XPD
VtQWHVH GH FDGD WUDQVDomR FRPHUFLDO QR VLVWHPD

8WLOL]DQGRVH R SURJUDPD 5)%(/- SRGHVH FULDU QR VLVWHPD XP GLiULR GH

GRFXPHQWRV FRPSDFWR (OH FRQWpP XPD WDEHOD FRP RV GDGRV PDLV LPSRUWDQWHV
GRV GRFXPHQWRV VHOHFLRQDGRV H[WUDtGRV GRV FDEHoDOKRV H GDV SDUWLGDV LQGLYLGXDLV
3RGHVH XWLOL]DU RV SURJUDPDV 5)%8(% H 5)%8(% SDUD SURFXUDU
GRFXPHQWRV QR VLVWHPD
)LJXUD 7LSRV GH GRFXPHQWR
2 WLSR GH GRFXPHQWR FRQWUROD R FDEHoDOKR GR GRFXPHQWR H p XWLOL]DGR SDUD

GLVWLQJXLU DV WUDQVDo}HV FRPHUFLDLV D ODQoDU SRU H[HPSOR IDWXUDV GH IRUQHFHGRUHV
SDJDPHQWRV GH FOLHQWHV HWF 2V WLSRV GH GRFXPHQWR VmR GH¿QLGRV QR QtYHO GR
PDQGDQWH H SRU LVVR VmR YiOLGRV SDUD WRGDV DV HPSUHVDV 2 VLVWHPD VWDQGDUG p
IRUQHFLGR FRP WLSRV GH GRFXPHQWRV TXH SRGHP VHU PRGL¿FDGRV RX FRSLDGRV
2V WLSRV GH GRFXPHQWR GH¿QHP R VHJXLQWH
,QWHUYDORV GH QXPHUDomR SDUD Q~PHURV GH GRFXPHQWRV
7LSRV GH FRQWD DXWRUL]DGRV SDUD ODQoDPHQWRV
2V WLSRV GH GRFXPHQWR WDPEpP GH¿QHP R VHJXLQWH
2 VWDWXV GRV FDPSRV ³7H[WR GR FDEHoDOKR´ H ³1~PHUR GH UHIHUrQFLD´ QR
FDEHoDOKR GR GRFXPHQWR
6H DV IDWXUDV VmR ODQoDGDV FRP R SURFHVVR GH FRQWDELOL]DomR OtTXLGD

1R SURFHGLPHQWR UHFRPHQGDGR SHOD 6$3 SDUD DUPD]HQDPHQWR GH GRFXPHQWRV

RULJLQDLV R WLSR GH GRFXPHQWR FRQWUROD R DUPD]HQDPHQWR GR GRFXPHQWR *UDYH
VHPSUH RV GRFXPHQWRV RULJLQDLV VRE R Q~PHUR GR GRFXPHQWR GH VLVWHPD &DVR R
GRFXPHQWR RULJLQDO WHQKD XP Q~PHUR H[WHUQR
,QVLUD R Q~PHUR H[WHUQR GR GRFXPHQWR RULJLQDO QR FDPSR ³1~PHUR GH
UHIHUrQFLD´ QR FDEHoDOKR GR GRFXPHQWR
$QRWH R Q~PHUR GR GRFXPHQWR GH VLVWHPD QR GRFXPHQWR RULJLQDO
)LJXUD ,PSRUWDQWHV WLSRV GH GRFXPHQWRV VWDQGDUG
2 WLSR GH GRFXPHQWR $% SHUPLWH ODQoDPHQWRV HP WRGRV RV WLSRV GH FRQWD

7RGRV RV RXWURV WLSRV GH GRFXPHQWR OLPLWDP RV WLSRV GH FRQWD HP TXH p SRVVtYHO
ID]HU ODQoDPHQWR 2 WLSR GH GRFXPHQWR '* SRU H[HPSOR SHUPLWH DSHQDV ID]HU
ODQoDPHQWRV QR FOLHQWH ' H QDV FRQWDV GR 5D]mR 6
3DUD WUDQVIHULU GRFXPHQWRV GH IDWXUDPHQWR GR VLVWHPD GH IDWXUDPHQWR GR 6$3
(53 p QHFHVViULR XP GRV VHJXLQWHV WLSRV GH GRFXPHQWR
59 R WLSR GH GRFXPHQWR SURSRVWR SDUD GRFXPHQWRV GH IDWXUDPHQWR GH
*HUHQFLDPHQWR GD RUGHP GR FOLHQWH IDWXUDV GH FOLHQWHV
5( R WLSR GH GRFXPHQWR SURSRVWR SDUD GRFXPHQWRV GH IDWXUDPHQWR GH
$GPLQLVWUDomR GH PDWHULDLV IDWXUDV GH IRUQHFHGRUHV

4XDQGR D DWULEXLomR GH Q~PHURV LQWHUQRV p XWLOL]DGD R VLVWHPD DWULEXL XP QRYR

Q~PHUR SDUD FDGD GRFXPHQWR QR FRPSRQHQWH &RQWDELOLGDGH ¿QDQFHLUD 1D
DWULEXLomR GH Q~PHURV H[WHUQRV R VLVWHPD WUDQVIHUH R Q~PHUR GR GRFXPHQWR GH
IDWXUDPHQWR SDUD R GRFXPHQWR FRQWiELO GHVGH TXH HVVH Q~PHUR DLQGD QmR WHQKD
VLGR DWULEXtGR
2 SURJUDPD GH SDJDPHQWR XWLOL]D SULQFLSDOPHQWH R WLSR GH GRFXPHQWR =3 SDUD
ODQoDPHQWRV DXWRPiWLFRV
)LJXUD ,QWHUYDORV GH QXPHUDomR GH GRFXPHQWRV
2 LQWHUYDOR GH QXPHUDomR GH GRFXPHQWRV GH¿QH R LQWHUYDOR GRV Q~PHURV TXH

GHYHP VHU DWULEXtGRV FRPR Q~PHURV GH GRFXPHQWR (VWHV LQWHUYDORV GH QXPHUDomR
QmR SRGHP VHU VREUHSRVWRV
1XPHUDomR LQWHUQD 2 VLVWHPD JUDYD QR FDPSR 1~PHUR DWXDO R ~OWLPR
Q~PHUR GH GRFXPHQWR REWLGR GR LQWHUYDOR GH QXPHUDomR H DWULEXL R Q~PHUR
VHJXLQWH FRPR SUy[LPR Q~PHUR GH GRFXPHQWR FRQVXOWH D )LJXUD ³,QWHUYDORV
GH QXPHUDomR GH GRFXPHQWRV´ H[HPSORV H
$WULEXLomR H[WHUQD GH Q~PHURV 2 XVXiULR LQVHUH R Q~PHUR GR GRFXPHQWR
RULJLQDO RX R Q~PHUR p WUDQVIHULGR DXWRPDWLFDPHQWH GH RXWUR VLVWHPD
*HUDOPHQWH RV Q~PHURV QmR VmR XWLOL]DGRV HP VHTXrQFLD UD]mR SHOD TXDO R
VLVWHPD QmR SRGH JUDYDU XP Q~PHUR DWXDO H[HPSOR 2V Q~PHURV SRGHP
VHU DOIDQXPpULFRV

2 LQWHUYDOR GH QXPHUDomR GH GRFXPHQWR GHYH VHU GH¿QLGR SDUD R H[HUFtFLR HP

TXH p XWLOL]DGR ([LVWHP GXDV RSo}HV
3DUD XP H[HUFtFLR ¿VFDO QR IXWXUR 1R LQtFLR GH XP QRYR H[HUFtFLR R
VLVWHPD FRQWLQXD XVDQGR FRPR Q~PHUR VHJXLQWH R Q~PHUR TXH VH VHJXH DR
Q~PHUR DWXDO 1mR UHFRPHoD QR SULPHLUR Q~PHUR GR LQWHUYDOR GH QXPHUDomR
3DUD FDGD H[HUFtFLR 1R LQtFLR GH XP QRYR H[HUFtFLR R VLVWHPD FRPHoD
QRYDPHQWH FRP R SULPHLUR Q~PHUR GR LQWHUYDOR GH QXPHUDomR ,VWR DMXGD D
JDUDQWLU TXH R LQWHUYDOR GH QXPHUDomR p VX¿FLHQWH
$GHQGR 6H D VROXomR GR OHGJHU IRU PDSHDGD QD &RQWDELOLGDGH JHUDO QRYD OHGJHUV
GLIHUHQWHV SRGHUmR XVDU YDULDQWHV GH H[HUFtFLR GLIHUHQWHV 7UDWDVH GH XP FDVR
PXLWR UDUR (P YLVWD GLVVR p QHFHVViULR ID]HU FRQ¿JXUDo}HV HVSHFLDLV SDUD HVVHV
OHGJHUV QR &XVWRPL]LQJ
2V LQWHUYDORV GH QXPHUDomR GH GRFXPHQWRV VmR DUPD]HQDGRV SDUD D YLVmR
GR 5D]mR
2V LQWHUYDORV GH QXPHUDomR VmR DWULEXtGRV DRV WLSRV GH GRFXPHQWR GD YLVmR
GR 5D]mR
3DUD HVVHV LQWHUYDORV GH QXPHUDomR GHYH VHU GH¿QLGD DWULEXLomR LQWHUQD GH Q~PHUR
$GHQGR 6H D VROXomR GR OHGJHU IRU XVDGD QD &RQWDELOLGDGH JHUDO QRYD WLSRV GH
GRFXPHQWR TXH VH GHVWLQDP H[FOXVLYDPHQWH D ODQoDPHQWRV HP XP OHGJHU QmR
SULQFLSDO GHYHUmR VHU DWULEXtGRV LQWHUYDORV GH QXPHUDomR GLVWLQWRV ,VVR p IHLWR SDUD
DVVHJXUDU TXH QmR KDMD ODFXQDV QD DWULEXLomR GH GRFXPHQWRV QD YLVmR SULQFLSDO
e SRVVtYHO DWULEXLU XP LQWHUYDOR GH QXPHUDomR SDUD YiULRV WLSRV GH GRFXPHQWR
3RGHVH FRSLDU LQWHUYDORV GH QXPHUDomR GH GRFXPHQWRV GH XPD HPSUHVD SDUD
RXWUD RX FRSLDU LQWHUYDORV GH QXPHUDomR GH XP H[HUFtFLR SDUD RXWUR
3RGHVH XWLOL]DU R SURJUDPD 5)%180 SDUD SURFXUDU ODFXQDV QD DWULEXLomR GH
Q~PHURV GH GRFXPHQWR
)LJXUD )XQo}HV GDV FKDYHV GH ODQoDPHQWR

7DO FRPR RV WLSRV GH GRFXPHQWRV DV FKDYHV GH ODQoDPHQWR WDPEpP VmR GH¿QLGDV

QR QtYHO GR PDQGDQWH
$OpP GDV IXQo}HV GH FRQWUROH DFLPD PHQFLRQDGDV D FKDYH GH ODQoDPHQWR WDPEpP
HVSHFL¿FD
6H D SDUWLGD LQGLYLGXDO HVWi OLJDGD D XPD WUDQVDomR GH SDJDPHQWR (VVD
LQIRUPDomR p QHFHVViULD SDUD D DQiOLVH GR KLVWyULFR GH SDJDPHQWRV H D FULDomR
GH DYLVRV GH SDJDPHQWR
6H R ODQoDPHQWR p UHOHYDQWH SDUD YHQGDV H RV YROXPHV GH YHQGDV GD FRQWD
GHYHP VHU DWXDOL]DGRV SHOD WUDQVDomR SRU H[HPSOR SHOR ODQoDPHQWR GH XPD
IDWXUD GH FOLHQWH
$V FKDYHV GH ODQoDPHQWR IRUDP DPSOLDGDV SDUD DV IXQo}HV GH HQWUDGD GH
GRFXPHQWRV (QMR\6$3 1DV RSHUDo}HV VWDQGDUG DV FKDYHV GH ODQoDPHQWR VmR
LGHQWL¿FDGDV FRPR ³GpELWR´ H ³FUpGLWR´ 2V VHJXLQWHV YDORUHV SURSRVWRV VmR
IRUQHFLGRV QR &XVWRPL]LQJ GR VLVWHPD 6$3 (53
3DUD ODQoDPHQWR HP FRQWD GR 5D]mR ³'pELWR´ p D FKDYH GH ODQoDPHQWR
³&UpGLWR´ p D FKDYH GH ODQoDPHQWR
3DUD IDWXUDV ϮGH FOLHQWH ³'pELWR´ p D FKDYH GH ODQoDPHQWR ³&UpGLWR´ p
D FKDYH GH ODQoDPHQWR
3DUD IDWXUDV ϮGH FOLHQWH ³'pELWR´ p D FKDYH GH ODQoDPHQWR ³&UpGLWR´ p
D FKDYH GH ODQoDPHQWR
)LJXUD 6WDWXV GH FDPSR GH GRFXPHQWR
'XUDQWH D HQWUDGD GH GRFXPHQWRV VmR H[LELGRV GLIHUHQWHV FDPSRV GH DFRUGR FRP

D RSHUDomR H DV FRQWDV XWLOL]DGDV 3RU H[HPSOR GXUDQWH R ODQoDPHQWR GH GHVSHVDV
R FHQWUR GH FXVWR H GDGRV GH LPSRVWR QRUPDOPHQWH GHYHP VHU HVSHFL¿FDGRV (P

FRQWUDVWH HVVDV LQIRUPDo}HV QmR VmR QHFHVViULDV SDUD R ODQoDPHQWR GH IXQGRV

OtTXLGRV $V LQIRUPDo}HV H[LELGDV GXUDQWH R SURFHVVDPHQWR GH XP GRFXPHQWR
VmR FRQWURODGDV SHOR VWDWXV GR FDPSR
&RPR UHJUD JHUDO R VWDWXV GH FDPSRV GHSHQGHQWHV GH FRQWDV GR 5D]mR p GH¿QLGR
QR &XVWRPL]LQJ 3DUD GDGRV GH FOLHQWHV H IRUQHFHGRUHV R VWDWXV GH FDPSRV
GHSHQGHQWHV GH FKDYH GH ODQoDPHQWR p GH¿QLGR QR &XVWRPL]LQJ GH DFRUGR FRP
DV VXDV QHFHVVLGDGHV
$VVLP FRPR QR FDVR GRV VWDWXV GH¿QLGRV SDUD FDPSRV QDV FRQWDV GR 5D]mR p
XWLOL]DGR R VWDWXV GH FDPSR GH PDLRU SULRULGDGH $ SULRULGDGH p DSUHVHQWDGD DFLPD
([FHo}HV D HVWD UHJUD
6H VmR XWLOL]DGDV GLYLV}HV R FDPSR GLYLVmR GHYH HVWDU SURQWR SDUD UHFHEHU
HQWUDGDV 9RFr SRGH DWLYiOR SHOD DWLYDomR GH EDODQoRV ¿QDQFHLURV SRU
GLYLVmR SDUD D HPSUHVD $SHQDV SRGHVH XWLOL]DU R VWDWXV GH FDPSR SDUD
GH¿QLU VH R FDPSR p REULJDWyULR RX RSFLRQDO
6y p SRVVtYHO HIHWXDU HQWUDGDV QRV FDPSRV GH LPSRVWR VH D FRQWD GR 5D]mR
IRU UHOHYDQWH SDUD LPSRVWR
2 VWDWXV GH FDPSR 2FXOWDU QmR SRGH VHU FRPELQDGR FRP R VWDWXV GH FDPSR
(QWUDGD REULJDWyULD (VWD FRPELQDomR JHUD HUUR
)LJXUD *UXSRV GH VWDWXV GR FDPSR
3DUD FDGD JUXSR GH FRQWDV GR 5D]mR FRPR SRU H[HPSOR FRQWDV ¿QDQFHLUDV
FRQWDV GH GHVSHVDV p QHFHVViULR GH¿QLU R VWDWXV GH FDGD FDPSR GH HQWUDGD GH
GRFXPHQWR 4XDQGR VmR LQVHULGRV GRFXPHQWRV SDUD HVVDV FRQWDV GR 5D]mR R

FDPSR GH WH[WR GHYH VHU REULJDWyULR RSFLRQDO RX RFXOWR" 4XDQGR VmR LQVHULGRV
GRFXPHQWRV SDUD HVVDV FRQWDV GR 5D]mR R FDPSR GH FHQWUR GH FXVWR GHYH VHU
REULJDWyULR RSFLRQDO RX RFXOWR" ( DVVLP SRU GLDQWH
(VWDV LQIRUPDo}HV GLYLGHPVH HP JUXSRV GH VWDWXV GH FDPSR SDUD FDGD JUXSR GH
FRQWDV GR 5D]mR
*UXSRV GH VWDWXV GH FDPSR VmR DWULEXtGRV jV FRQWDV GR 5D]mR FRUUHVSRQGHQWHV QRV
UHJLVWURV PHVWUH GH FRQWDV GR 5D]mR
2V JUXSRV GH VWDWXV GH FDPSR VmR UHVXPLGRV HP XPD YDULDQWH GH VWDWXV GH
FDPSR
$ YDULDQWH GH VWDWXV GH FDPSR p DWULEXtGD jV VXDV HPSUHVDV 1HQKXP
ODQoDPHQWR SRGH VHU IHLWR DWp TXH HVWHMD FRQFOXtGR *HUDOPHQWH D PHVPD YDULDQWH
GH VWDWXV GH FDPSR p DWULEXtGD D WRGDV DV HPSUHVDV GH IRUPD TXH DV PHVPDV
LQIRUPDo}HV GH VWDWXV GH FDPSR VH DSOLTXHP D YiULDV HPSUHVDV
'LYHUVRV JUXSRV GH VWDWXV GH FDPSR HVWmR GLVSRQtYHLV QR VLVWHPD 6$3 (53
VWDQGDUG 5HFRPHQGDVH FRSLDU RV JUXSRV GH VWDWXV GH FDPSR VWDQGDUG H
PRGL¿FiORV FRQIRUPH D QHFHVVLGDGH
6H XP GRFXPHQWR p ODQoDGR HP XPD FRQWD GR OLYUR DX[LOLDU XWLOL]DVH R JUXSR GH
VWDWXV GH FDPSR GD FRQWD GH FRQFLOLDomR
)LJXUD &KDYHV GH ODQoDPHQWR VWDQGDUG
$ 6$3 UHFRPHQGD D XWLOL]DomR GDV FKDYHV GH ODQoDPHQWR VWDQGDUG IRUQHFLGDV

6H YRFr PRGL¿FDU DV FKDYHV H[LVWHQWHV RX GH¿QLU QRYDV FKDYHV GH ODQoDPHQWR
WRGDV DV WDEHODV TXH IDoDP UHIHUrQFLD D HVVDV FKDYHV GHYHP WDPEpP VHU
DWXDOL]DGDV

&KDYHV GH ODQoDPHQWR SDUD LPRELOL]DGRV H PDWHULDLV Vy SRGHP VHU XWLOL]DGDV VH RV

FRPSRQHQWHV FRUUHVSRQGHQWHV 6$3 HVWLYHUHP LQVWDODGRV
0RGL¿FDQGR DV GH¿QLo}HV GH VWDWXV GH FDPSR GDV FKDYHV GH ODQoDPHQWR H R JUXSR
GH VWDWXV GH FDPSR p SRVVtYHO WRUQDU R VWDWXV GH FDPSR GHSHQGHQWH GD WUDQVDomR H
GHSHQGHQWH GD FRQWD
8PD YH] TXH DV FRQWDV GR OLYUR DX[LOLDU QmR WrP XP JUXSR GH VWDWXV GH
FDPSR D GLVWLQomR GRV ODQoDPHQWRV p IHLWD SULQFLSDOPHQWH SHOD GLIHUHQoD
GH FKDYHV GH ODQoDPHQWR 3RU HVVH PRWLYR H[LVWHP LQ~PHUDV FKDYHV GH
ODQoDPHQWR SDUD FRQWDV GH OLYUR DX[LOLDU
/DQoDPHQWRV HP FRQWDV GR 5D]mR VmR GLVWLQJXLGRV SULQFLSDOPHQWH SRU PHLR
GD GLVWLQomR GH JUXSRV GH VWDWXV GH FDPSR 3RUWDQWR DSHQDV GXDV FKDYHV GH
ODQoDPHQWR H VmR QHFHVViULDV SDUD ODQoDPHQWRV QR 5D]mR
$GHQGR $OpP GRV VWDWXV GH FDPSRV GHSHQGHQWHV GH FRQWD H GH FKDYH GH
ODQoDPHQWR SDUD RV ODQoDPHQWRV FDPSRV REULJDWyULRV WDPEpP VmR FRQWURODGRV GH
PRGR FHQWUDOL]DGR SDUD REMHWRV GH UHSDUWLomR GH GRFXPHQWR FRPR R VHJPHQWR RX R
FHQWUR GH OXFUR TXDQGR HVWD p XWLOL]DGD 8PD H[SOLFDomR GHWDOKDGD D HVVH UHVSHLWR
HQFRQWUDVH QR FDStWXOR ³5HSDUWLomR GH GRFXPHQWR´ FRQWUROH GH ODQoDPHQWR


([HUFtFLR &DEHoDOKR GR GRFXPHQWR

9HUL¿FDU VHX FRQKHFLPHQWR GH WLSRV GH GRFXPHQWRV H LQWHUYDORV GH QXPHUDomR
&ULDU XP WLSR GH GRFXPHQWR H XP LQWHUYDOR GH QXPHUDomR
9HUL¿FDU DV DWULEXLo}HV GRV LQWHUYDORV GH QXPHUDomR SDUD WLSRV GH
GRFXPHQWRV
3UHSDUDU XP QRYR WLSR GH GRFXPHQWR SDUD D UHSDUWLomR GH GRFXPHQWR
&HQiULR GH QHJyFLRV
'LDULDPHQWH VmR FULDGDV QD VRFLHGDGH FHQWHQDV GH GRFXPHQWRV ¿QDQFHLURV
3DUD VLPSOL¿FDU R DUPD]HQDPHQWR GRV GRFXPHQWRV RULJLQDLV WDLV GRFXPHQWRV
QHFHVVLWDP VHU GLYLGLGRV HP GLIHUHQWHV FDWHJRULDV
2V DXGLWRUHV LQWHUQRV JRVWDULDP TXH WRGRV RV GRFXPHQWRV GH GHVSHVDV DXWRUL]DGRV
IRVVHP LGHQWL¿FDGRV SRU XP WLSR GH GRFXPHQWR H[FOXVLYR H RULJLQDGRV GH XP
LQWHUYDOR GH QXPHUDomR GLVWLQWR 2 Q~PHUR GD DXWRUL]DomR GR UHVSRQViYHO SHOD
FRQWDELOLGDGH GHYH VHU LQVHULGR QR FDEHoDOKR GR GRFXPHQWR
7DUHID
4XDLV VmR DV IXQo}HV GH FRQWUROH PDLV LPSRUWDQWHV GR WLSR GH GRFXPHQWR"
7DUHID
&RPSOHWH D IUDVH
6H R XVXiULR DWULEXLU R Q~PHUR GR GRFXPHQWR PDQXDOPHQWH HVVD VHUi XPD

DWULEXLomR GH Q~PHURV

7DUHID
&RPSOHWH D IUDVH
2V Q~PHURV SRGHP VHU DOIDQXPpULFRV

7DUHID
7RGD HPSUHVD SRGH GH¿QLU VHXV SUySULRV WLSRV GH GRFXPHQWRV

Ƒ 9HUGDGHLUR
Ƒ )DOVR
7RGD HPSUHVD SRGH GH¿QLU VHXV SUySULRV LQWHUYDORV GH QXPHUDomR GH

GRFXPHQWRV
Ƒ 9HUGDGHLUR
Ƒ )DOVR
1R LQtFLR GH XP QRYR H[HUFtFLR R VLVWHPD VHPSUH LQLFLD QRYDPHQWH D

QXPHUDomR GH GRFXPHQWRV QR LQtFLR GR LQWHUYDOR GH QXPHUDomR
Ƒ 9HUGDGHLUR
Ƒ )DOVR
,QWHUYDORV GH QXPHUDomR GH GRFXPHQWR QmR GHYHP VHU VREUHSRVWRV

Ƒ 9HUGDGHLUR
Ƒ )DOVR

7DUHID
4XDQWRV LQWHUYDORV GH QXPHUDomR SRGHP VHU DWULEXtGRV D XP WLSR GH

GRFXPHQWR VLPXOWDQHDPHQWH"
7DUHID
5HDOL]H D VHJXLQWH WDUHID
2 JHUHQWH GH FRQWDELOLGDGH GH VHX FOLHQWH TXHU
$ XWLOL]DomR GH WLSRV GH GRFXPHQWR SDUD DJUXSDU RV GRFXPHQWRV HP
FDWHJRULDV QR VLVWHPD
$ XWLOL]DomR GH DWULEXLomR LQWHUQD GH Q~PHURV
4XH RV Q~PHURV GH GRFXPHQWRV UHFDLDP QRV VHJXLQWHV LQWHUYDORV GH
QXPHUDomR
6$ 'RFXPHQWR GD FRQWD GR

5D]mR
'* 1RWD GH FUpGLWR GR FOLHQWH
.* 1RWD GH FUpGLWR GR
IRUQHFHGRU
'5 )DWXUD GH FOLHQWH
.5 )DWXUD GH IRUQHFHGRU
9HUL¿TXH VH R VHJXLQWH VH DSOLFD DRV LQWHUYDORV GH QXPHUDomR OLVWDGRV SDUD

VXD HPSUHVD
)RUDP FULDGRV
)RUDP DWULEXtGRV DRV WLSRV GH GRFXPHQWRV FRUUHVSRQGHQWHV
6H RV LQWHUYDORV GH QXPHUDomR GH GRFXPHQWR QmR H[LVWLUHP FRSLHRV GD
HPSUHVD RX GH VXD HPSUHVD HVSHFt¿FD GR SDtV SDUD R H[HUFtFLR GH
GHVWLQR

7DUHID
&ULH R WLSR GH GRFXPHQWR SDUD GRFXPHQWRV GH GHVSHVDV DXWRUL]DGDV
FRQVXOWH R FHQiULR HPSUHVDULDO QRPH 'HVSHVD DXWRUL]DGD 2 WLSR
GH GRFXPHQWR GH HVWRUQR p $% 'HYH VHU SRVVtYHO ID]HU ODQoDPHQWRV QRV
UHJLVWURV PHVWUH GH IRUQHFHGRU H QDV FRQWDV GR 5D]mR
$WULEXD R LQWHUYDOR GH QXPHUDomR GH GRFXPHQWR ±
D HVVH WLSR GH GRFXPHQWR FRP DWULEXLomR LQWHUQD GH Q~PHUR
SDUD R H[HUFtFLR ¿VFDO DWXDO 2 FDPSR GH UHIHUrQFLD QR FDEHoDOKR GR
GRFXPHQWR GHYH VHU XP FDPSR GH HQWUDGD REULJDWyULR
7DUHID
3DUD VHU SRVVtYHO ODQoDU FRP R QRYR WLSR GH GRFXPHQWR SRVWHULRUPHQWH VHUi
QHFHVViULD XPD FRQ¿JXUDomR DGLFLRQDO QR &XVWRPL]LQJ QD &RQWDELOLGDGH
JHUDO QRYD 2 WLSR GH GRFXPHQWR GHYH HVWDU SUHSDUDGRFODVVL¿FDGR SDUD
UHSDUWLomR GH GRFXPHQWR
3DUD PDLRUHV LQIRUPDo}HV VREUH UHSDUWLomR GH GRFXPHQWR FRQVXOWH D OLomR
FRUUHVSRQGHQWH QR FDStWXOR &RQWUROH GH ODQoDPHQWRV

6ROXomR &DEHoDOKR GR GRFXPHQWR

7DUHID
4XDLV VmR DV IXQo}HV GH FRQWUROH PDLV LPSRUWDQWHV GR WLSR GH GRFXPHQWR"
5HVSRVWD
,QWHUYDORV GH QXPHUDomR SDUD Q~PHURV GH GRFXPHQWRV
7LSRV GH FRQWD DXWRUL]DGRV SDUD ODQoDPHQWRV
7DUHID
&RPSOHWH D IUDVH
6H R XVXiULR DWULEXLU R Q~PHUR GR GRFXPHQWR PDQXDOPHQWH HVVD VHUi XPD
DWULEXLomR H[WHUQD GH Q~PHURV
5HVSRVWD H[WHUQD
7DUHID
&RPSOHWH D IUDVH
2V Q~PHURV H[WHUQRV SRGHP VHU DOIDQXPpULFRV
5HVSRVWD H[WHUQRV
7DUHID
7RGD HPSUHVD SRGH GH¿QLU VHXV SUySULRV WLSRV GH GRFXPHQWRV
5HVSRVWD )DOVR
8PD YH] TXH RV WLSRV GH GRFXPHQWR VmR GH¿QLGRV QR QtYHO GR PDQGDQWH
VmR YiOLGRV SDUD WRGDV DV HPSUHVDV
7RGD HPSUHVD SRGH GH¿QLU VHXV SUySULRV LQWHUYDORV GH QXPHUDomR GH
GRFXPHQWRV
5HVSRVWD 9HUGDGHLUR
2 Q~PHUR GR GRFXPHQWR LGHQWL¿FD GH PRGR XQtYRFR FDGD GRFXPHQWR HP
XPD HPSUHVD GHQWUR GH XP H[HUFtFLR $VVLP RV LQWHUYDORV GH QXPHUDomR GH
GRFXPHQWRV VmR GH¿QLGRV FRPR GHSHQGHQWHV GD HPSUHVD

1R LQtFLR GH XP QRYR H[HUFtFLR R VLVWHPD VHPSUH LQLFLD QRYDPHQWH D

QXPHUDomR GH GRFXPHQWRV QR LQtFLR GR LQWHUYDOR GH QXPHUDomR
5HVSRVWD )DOVR
2 VLVWHPD VRPHQWH UHLQLFLD D QXPHUDomR QR LQtFLR GH XP QRYR H[HUFtFLR VH R
LQWHUYDOR GH QXPHUDomR GR GRFXPHQWR IRU GH¿QLGR SRU FDGD H[HUFtFLR
,QWHUYDORV GH QXPHUDomR GH GRFXPHQWR QmR GHYHP VHU VREUHSRVWRV
5HVSRVWD 9HUGDGHLUR
,VWR JDUDQWH XP Q~PHUR GH GRFXPHQWR XQtYRFR HP XPD HPSUHVD GHQWUR
GH XP H[HUFtFLR
7DUHID
4XDQWRV LQWHUYDORV GH QXPHUDomR SRGHP VHU DWULEXtGRV D XP WLSR GH
GRFXPHQWR VLPXOWDQHDPHQWH"
5HVSRVWD ,QGLFDVH XP LQWHUYDOR GH QXPHUDomR D FDGD WLSR GH GRFXPHQWR
1R HQWDQWR YRFr SRGH XWLOL]DU XP LQWHUYDOR GH QXPHUDomR SDUD YiULRV WLSRV
GH GRFXPHQWR
7DUHID
2 JHUHQWH GH FRQWDELOLGDGH GH VHX FOLHQWH TXHU
$ XWLOL]DomR GH WLSRV GH GRFXPHQWR SDUD DJUXSDU RV GRFXPHQWRV HP
FDWHJRULDV QR VLVWHPD
$ XWLOL]DomR GH DWULEXLomR LQWHUQD GH Q~PHURV
4XH RV Q~PHURV GH GRFXPHQWRV UHFDLDP QRV VHJXLQWHV LQWHUYDORV GH
QXPHUDomR
6$ 'RFXPHQWR GD FRQWD GR

5D]mR
'* 1RWD GH FUpGLWR GR FOLHQWH
.* 1RWD GH FUpGLWR GR
IRUQHFHGRU
'5 )DWXUD GH FOLHQWH
.5 )DWXUD GH IRUQHFHGRU

9HUL¿TXH VH R VHJXLQWH VH DSOLFD DRV LQWHUYDORV GH QXPHUDomR OLVWDGRV SDUD

VXD HPSUHVD
)RUDP FULDGRV
)RUDP DWULEXtGRV DRV WLSRV GH GRFXPHQWRV FRUUHVSRQGHQWHV
6H RV LQWHUYDORV GH QXPHUDomR GH GRFXPHQWR QmR H[LVWLUHP FRSLHRV GD
HPSUHVD RX GH VXD HPSUHVD HVSHFt¿FD GR SDtV SDUD R H[HUFtFLR GH
GHVWLQR
D 9HUL¿TXH D GH¿QLomR GRV LQWHUYDORV GH QXPHUDomR
&RQWDELOLGDGH ¿QDQFHLUD QRYR ĺ 'RFXPHQWR ĺ 7LSRV GH GRFXPHQWR
ĺ 'H¿QLU WLSRV GH GRFXPHQWRV GD YLVmR GH HQWUDGD GH GDGRV

(PSUHVD *5
,QWHUYDOR ĺ 0RGL¿FDU
9HUL¿TXH VH RV LQWHUYDORV GH QXPHUDomR HVWmR GH¿QLGRV FRUUHWDPHQWH
FRQVXOWH R HQXQFLDGR GR H[HUFtFLR &DVR QmR HVWHMDP FRSLDU RV
LQWHUYDORV GH QXPHUDomR GD HPSUHVD
&RSLDU LQWHUYDORV GH QXPHUDomR GR H[HUFtFLR GH RULJHP SDUD R
H[HUFtFLR GH GHVWLQR
&RQWDELOLGDGH ¿QDQFHLUD QRYR ĺ 'RFXPHQWR ĺ ,QWHUYDORV GH
QXPHUDomR GH GRFXPHQWRV ĺ 'RFXPHQWRV QD YLVmR GH HQWUDGD ĺ
'H¿QLU LQWHUYDORV GH QXPHUDomR GR GRFXPHQWR GD YLVmR GH HQWUDGD
GH GDGRV

GDGRV
1~PHUR GR LQWHUYDOR GH *5
QXPHUDomR
([HUFtFLR
(PSUHVD IRQWH RX VXD HPSUHVD HVSHFt¿FD GR
SDtV
(PSUHVD GH GHVWLQR *5
6HOHFLRQH ³([HFXWDU´

9HUL¿FDU D DWULEXLomR GRV LQWHUYDORV GH QXPHUDomR D WLSRV GH

GRFXPHQWRV
&RQWDELOLGDGH ¿QDQFHLUD QRYR ĺ 'RFXPHQWR ĺ 7LSRV GH GRFXPHQWR
ĺ 'H¿QLU WLSRV GH GRFXPHQWR GD YLVmR GH HQWUDGD GH GDGRV
&OLTXH GXDV YH]HV HP FDGD WLSR GH GRFXPHQWR SDUD YHUL¿FDU VH HOH HVWi
FRUUHWDPHQWH DWULEXtGR DRV LQWHUYDORV GH QXPHUDomR
7DUHID
&ULH R WLSR GH GRFXPHQWR SDUD GRFXPHQWRV GH GHVSHVDV DXWRUL]DGDV
FRQVXOWH R FHQiULR HPSUHVDULDO QRPH 'HVSHVD DXWRUL]DGD 2 WLSR
GH GRFXPHQWR GH HVWRUQR p $% 'HYH VHU SRVVtYHO ID]HU ODQoDPHQWRV QRV
UHJLVWURV PHVWUH GH IRUQHFHGRU H QDV FRQWDV GR 5D]mR
$WULEXD R LQWHUYDOR GH QXPHUDomR GH GRFXPHQWR ±
D HVVH WLSR GH GRFXPHQWR FRP DWULEXLomR LQWHUQD GH Q~PHUR
SDUD R H[HUFtFLR ¿VFDO DWXDO 2 FDPSR GH UHIHUrQFLD QR FDEHoDOKR GR
GRFXPHQWR GHYH VHU XP FDPSR GH HQWUDGD REULJDWyULR
D &ULH XP LQWHUYDOR GH QXPHUDomR
&RQWDELOLGDGH ¿QDQFHLUD QRYR ĺ 'RFXPHQWR ĺ ,QWHUYDORV GH
QXPHUDomR GH GRFXPHQWRV ĺ 'RFXPHQWRV QD YLVmR GH HQWUDGD ĺ
'H¿QLU LQWHUYDORV GH QXPHUDomR GR GRFXPHQWR GD YLVmR GH HQWUDGD
GH GDGRV

(PSUHVD *5
,QWHUYDOR ĺ 0RGL¿FDU
3URFHVVDU ĺ ,QVHULU LQWHUYDOR

1
$QR $QR DWXDO
'R Q~PHUR
$Wp R Q~PHUR
1~PHUR DWXDO

([W (P EUDQFR
6HOHFLRQH ³(QWHU´
&RQ¿UPH FRP ³(17(5´ D FDL[D GH GLiORJR ³7UDQVSRUWDU LQWHUYDORV
FRQVHFXWLYRV GH QXPHUDomR´
&ULH XP WLSR GH GRFXPHQWR &ULH XP WLSR GH GRFXPHQWR
,0* &RQWDELOLGDGH ¿QDQFHLUD QRYD ĺ &RQ¿JXUDo}HV JOREDLV GD
&RQWDELOLGDGH ¿QDQFHLUD QRYD ĺ 'RFXPHQWR ĺ 7LSRV GH GRFXPHQWR
ĺ 'H¿QLU WLSRV GH GRFXPHQWRV SDUD D YLVmR GH HQWUDGD

7LSR GH GRFXPHQWR
,QWHUYDOR GH QXPHUDomR
7LSR GH GRFXPHQWR GH HVWRUQR $%
7LSRV GH FRQWD SHUPLWLGRV
,PRELOL]DGR 1mR VHOHFLRQH
&OLHQWH 1mR VHOHFLRQH
)RUQHFHGRU ¥
0DWHULDO 1mR VHOHFLRQH
&RQWD GR 5D]mR ¥
2EULJDWyULR GXUDQWH D HQWUDGD GH
GRFXPHQWRV
1~PHUR GH UHIHUrQFLD ¥
6HOHFLRQH D VHWD YHUGH SDUD UHWRUQDU XPD WHOD H LQVHULU R QRPH

'HVFULomR 'HVSHVD DXWRUL]DGD

'LFD $FDED GH VHU FULDGR XP QRYR LQWHUYDOR GH QXPHUDomR

GH GRFXPHQWR H WLSR GH GRFXPHQWR $ VHJXLU IRL DWULEXtGR R
LQWHUYDOR GH QXPHUDomR DR WLSR GH GRFXPHQWR
7DUHID
3DUD VHU SRVVtYHO ODQoDU FRP R QRYR WLSR GH GRFXPHQWR SRVWHULRUPHQWH VHUi
QHFHVViULD XPD FRQ¿JXUDomR DGLFLRQDO QR &XVWRPL]LQJ QD &RQWDELOLGDGH
JHUDO QRYD 2 WLSR GH GRFXPHQWR GHYH HVWDU SUHSDUDGRFODVVL¿FDGR SDUD
3DUD PDLRUHV LQIRUPDo}HV VREUH UHSDUWLomR GH GRFXPHQWR FRQVXOWH D OLomR
FRUUHVSRQGHQWH QR FDStWXOR &RQWUROH GH ODQoDPHQWRV
D 3UHSDUH R WLSR GH GRFXPHQWR SDUD UHSDUWLomR GH GRFXPHQWR
,0* &RQWDELOLGDGH ¿QDQFHLUD QY ĺ &RQWDELOLGDGH JHUDO QRYR
ĺ 7UDQVDo}HV FRQWiEHLV ĺ (VWUKLHUiUGRFV ĺ &ODVVL¿FDU WLSRV GH
GRFXPHQWR SDUD HVWUXWXUD KLHUDUTXLFD GH GRFXPHQWRV
8VH R ERWmR ³3RVLomR´ SDUD VHOHFLRQDU VHX WLSR GH GRFXPHQWR

7UDQVDomR IDWXUD GH IRUQHFHGRU
9DULDQWH
³*UDYH´ VXDV HQWUDGDV

([HUFtFLR 3DUWLGD LQGLYLGXDO

9HUL¿FDU VHX FRQKHFLPHQWR VREUH FKDYHV GH ODQoDPHQWR H VWDWXV GH FDPSR GR
GRFXPHQWR
&ULDU XP JUXSR GH VWDWXV GH FDPSR H DWULEXtOR D XPD FRQWD
&HQiULR GH QHJyFLRV
'LIHUHQWHV WUDQVDo}HV FRQWiEHLV QHFHVVLWDP GH GLIHUHQWHV GDGRV QRV GRFXPHQWRV
$OJXQV GDGRV SRGHP VHU REULJDWyULRV SDUD ODQoDPHQWRV HVSHFLDLV
([HPSOR 2 FOLHQWH TXHU XPD GHVFULomR GHWDOKDGD GD MXVWL¿FDWLYD GD GHVSHVD D VHU
LQVHULGD SDUD FDGD LWHP QD FRQWD GH GHVSHVDV DXWRUL]DGDV
7DUHID
4XDLV VmR DV SULQFLSDLV IXQo}HV GH FRQWUROH GH XPD FKDYH GH ODQoDPHQWR"
7DUHID
&LWH GRLV HOHPHQWRV TXH LQÀXHQFLDP R VWDWXV GRV FDPSRV GR GRFXPHQWR

7DUHID
1RV FHQiULRV D VHJXLU GHFODUDU FRPR R FDPSR GH WH[WR VHUi WUDWDGR QD WHOD GH
HQWUDGD GR GRFXPHQWR
&KDYH GH *UXSR GH VWDWXV GH 7HOD GH HQWUDGD

ODQoDPHQWR FDPSR GR GRFXPHQWR
7H[WR RFXOWR 7H[WR RSFLRQDO
7H[WR RSFLRQDO 7H[WR REULJDWyULR
7H[WR REULJDWyULR 7H[WR RFXOWR
7DUHID
4XDLV VmR DV FKDYHV GH ODQoDPHQWR VWDQGDUG SDUD FRQWDV GR 5D]mR H HP TXH

ODGR GD FRQWD ID]HP ODQoDPHQWRV"
7DUHID
$V FKDYHV GH ODQoDPHQWR VmR GH¿QLGDV QR QtYHO GR PDQGDQWH

Ƒ 9HUGDGHLUR
Ƒ )DOVR

7DUHID
&RPSOHWH D IUDVH
2 JUXSR FRQWUROD D H[LELomR GH FDPSRV

GXUDQWH D HQWUDGD GR GRFXPHQWR
7DUHID
&RPSOHWH D IUDVH
&DGD WHP XP JUXSR GH VWDWXV GH FDPSR

7DUHID
3DUD UDVWUHDU RV WLSRV GH FDUURV TXH VmR DOXJDGRV WRUQH R FDPSR 7H[WR
REULJDWyULR SDUD LWHQV GR GRFXPHQWR GD FRQWD GH GHVSHVDV GH DOXJXHO GH FDUURV
HVSRUWLYRV &ULH XP QRYR JUXSR GH VWDWXV GH FDPSR )6 FRP D GHVFULomR
'HVSHVDV DXWRUL]DGDV
&ULH HVWH JUXSR GH VWDWXV GH FDPSR )6 FRSLDQGR R JUXSR GH VWDWXV GH
FDPSR * QD YDULDQWH GH VWDWXV GH FDPSR
7RUQH R FDPSR ´7H[WR´ XPD HQWUDGD REULJDWyULD
$WULEXLU R JUXSR GH VWDWXV GH FDPSR D VXD FRQWD GR 5D]mR SDUD GHVSHVDV GH
DOXJXHO GH FDUUR HVSRUWLYR $(

6ROXomR 3DUWLGD LQGLYLGXDO

7DUHID
4XDLV VmR DV SULQFLSDLV IXQo}HV GH FRQWUROH GH XPD FKDYH GH ODQoDPHQWR"
5HVSRVWD
'HWHUPLQDomR GRV WLSRV GH FRQWDV TXH SRGHP UHFHEHU ODQoDPHQWRV
/DGR GD FRQWD GpELWR RX FUpGLWR
6WDWXV GR FDPSR GD FODVVL¿FDomR FRQWiELO DGLFLRQDO
7DUHID
&LWH GRLV HOHPHQWRV TXH LQÀXHQFLDP R VWDWXV GRV FDPSRV GR GRFXPHQWR
5HVSRVWD *UXSR GH VWDWXV GH FDPSR FKDYH ODQoDPHQWR
7DUHID
1RV FHQiULRV D VHJXLU GHFODUDU FRPR R FDPSR GH WH[WR VHUi WUDWDGR QD WHOD GH
HQWUDGD GR GRFXPHQWR
&KDYH GH *UXSR GH VWDWXV GH 7HOD GH HQWUDGD

ODQoDPHQWR FDPSR GR GRFXPHQWR
7H[WR RFXOWR 7H[WR RSFLRQDO
7H[WR RSFLRQDO 7H[WR REULJDWyULR
7H[WR REULJDWyULR 7H[WR RFXOWR
5HVSRVWD
2FXOWR
(QWUDGD REULJDWyULD
(UUR

7DUHID
4XDLV VmR DV FKDYHV GH ODQoDPHQWR VWDQGDUG SDUD FRQWDV GR 5D]mR H HP TXH
ODGR GD FRQWD ID]HP ODQoDPHQWRV"
5HVSRVWD
'pELWR FKDYH GH ODQoDPHQWR
&UpGLWR FKDYH GH ODQoDPHQWR
7DUHID
$V FKDYHV GH ODQoDPHQWR VmR GH¿QLGDV QR QtYHO GR PDQGDQWH
5HVSRVWD 9HUGDGHLUR
$VVLP FRPR RV WLSRV GH GRFXPHQWR DV FKDYHV GH ODQoDPHQWR WDPEpP VmR
GH¿QLGDV QR QtYHO GR PDQGDQWH
7DUHID
&RPSOHWH D IUDVH
2 JUXSR VWDWXV GR FDPSR FRQWUROD D H[LELomR GH FDPSRV GXUDQWH D HQWUDGD GR
GRFXPHQWR
5HVSRVWD VWDWXV GR FDPSR
7DUHID
&RPSOHWH D IUDVH
&DGD FRQWD GR 5D]mR WHP XP JUXSR GH VWDWXV GH FDPSR
5HVSRVWD FRQWD GR 5D]mR

7DUHID
3DUD UDVWUHDU RV WLSRV GH FDUURV TXH VmR DOXJDGRV WRUQH R FDPSR 7H[WR
REULJDWyULR SDUD LWHQV GR GRFXPHQWR GD FRQWD GH GHVSHVDV GH DOXJXHO GH FDUURV
HVSRUWLYRV &ULH XP QRYR JUXSR GH VWDWXV GH FDPSR )6 FRP D GHVFULomR
'HVSHVDV DXWRUL]DGDV
&ULH HVWH JUXSR GH VWDWXV GH FDPSR )6 FRSLDQGR R JUXSR GH VWDWXV GH
FDPSR * QD YDULDQWH GH VWDWXV GH FDPSR
D 'HWHUPLQDU D YDULDQWH GH VWDWXV GH FDPSR DWULEXtGD j HPSUHVD
,0* &RQWDELOLGDGH ¿QDQFHLUD ĺ &RQ¿JXUDomR FRQWDELOLGDGH
¿QDQFHLUD ĺ (PSUHVD ĺ 9HUL¿FDU H FRPSOHWDU SDUkPHWURV JOREDLV
$OWHUQDWLYD ,0* &RQWDELOLGDGH ¿QDQFHLUD QRYD ĺ &RQ¿JXUDo}HV
JOREDLV GD &RQWDELOLGDGH ¿QDQFHLUD QRYD ĺ /LYURV ĺ &DPSRV ĺ
$WULEXLU YDULDQWHV GH VWDWXV GH FDPSR j HPSUHVD
&OLTXH GXDV YH]HV HP VXD HPSUHVD
5HJLVWUH D YDULDQWH GH VWDWXV GH FDPSR DWULEXtGD j HPSUHVD BBBBBBBBBB
&RSLDU XP QRYR JUXSR GH VWDWXV GH FDPSR
&RQWDELOLGDGH ¿QDQFHLUD QRYD ĺ /LYURV ĺ &DPSRV ĺ 'H¿QLU
YDULDQWHV GH VWDWXV GH FDPSR
6HOHFLRQH D YDULDQWH GH VWDWXV GH FDPSR DWULEXtGD D VXD HPSUHVD
1D HVWUXWXUD GH GLiORJR FOLTXH GXDV YH]HV HP *UXSRV GH VWDWXV GH
FDPSRV
0DUFDU *

GDGRV
*UXSR GH VWDWXV GH FDPSR )6
7H[WR 'HVSHVDV DXWRUL]DGDV
6HOHFLRQH (QWHU
6HOHFLRQH *UDYDU
1mR VDLD DLQGD GHVWD WHOD

7RUQH R FDPSR ´7H[WR´ XPD HQWUDGD REULJDWyULD

D 0RGL¿TXH R VWDWXV GR FDPSR QR JUXSR GH VWDWXV GH FDPSR
&OLTXH GXDV YH]HV HP )6
&OLTXH GXDV YH]HV HP 'DGRV JHUDLV

GDGRV
7H[WR (QWUDGD REULJDWyULD
6HOHFLRQH *UDYDU
$WULEXLU R JUXSR GH VWDWXV GH FDPSR D VXD FRQWD GR 5D]mR SDUD GHVSHVDV GH
DOXJXHO GH FDUUR HVSRUWLYR $(
D 0HQX 6$3 (DV\ $FFHVV &RQWDELOLGDGH ĺ &RQWDELOLGDGH ¿QDQFHLUD
ĺ 5D]mR ĺ 'DGRV PHVWUH ĺ &RQWDV GR 5D]mR ĺ 3URFHVVDPHQWR
LQGLYLGXDO ĺ 1D HPSUHVD

GDGRV
&RQWD GR 5D]mR $(
(PSUHVD *5
&RQWD GR 5D]mR ĺ 0RGL¿FDU

6HOHFLRQH D ¿FKD GH UHJLVWUR ³&ULDUEDQFRMXURV´

GDGRV
*UXSR GH VWDWXV GH FDPSR )6
'LFD 9RFr FULRX XP QRYR JUXSR GH VWDWXV GH FDPSR H R

DWULEXLX D VXD FRQWD ³'HVSHVDV GH DOXJXHO GH FDUUR´

5HVXPR GD OLomR

7),1B /LomR 3HUtRGRV FRQWiEHLV
/LomR 3HUtRGRV FRQWiEHLV

(VWD OLomR GHVFUHYH D IXQomR GD WDEHOD GH SHUtRGRV FRQWiEHLV
2EMHWLYRV GD OLomR
&HQiULR GH QHJyFLRV
2 GHSDUWDPHQWR GH FRQWDELOLGDGH GHWHUPLQD TXH QR ¿QDO GH XP SHUtRGR FRQWiELO
RV OLYURV DX[LOLDUHV VHMDP HQFHUUDGRV SRUpP WDPEpP TXHU TXH DV FRQWDV GR 5D]mR
SHUPDQHoDP DEHUWDV SRU PDLV WHPSR SDUD TXH KDMD WHPSR SDUD UHFRQFLOLDU RV
5D]}HV GD &RQWDELOLGDGH ¿QDQFHLUD H GR &RQWUROOLQJ GR ~OWLPR SHUtRGR
)LJXUD 3HUtRGRV FRQWiEHLV
3HUtRGRV FRQWiEHLV VmR GH¿QLGRV QD YDULDQWH GR H[HUFtFLR

3DUD HYLWDU TXH GRFXPHQWRV VHMDP ODQoDGRV HP XP SHUtRGR FRQWiELO HUUDGR
SRGHVH HQFHUUDU GHWHUPLQDGRV SHUtRGRV FRQWiEHLV

*HUDOPHQWH R SHUtRGR FRQWiELO DWXDO HVWi HP DEHUWR H WRGRV RV RXWURV HVWmR

IHFKDGRV 1R ¿QDO GH XP SHUtRGR HOH p HP JHUDO IHFKDGR H R SHUtRGR VHJXLQWH p
DEHUWR 8P SHUtRGR p DEHUWR SHOD HQWUDGD GH XP LQWHUYDOR QD YDULDQWH GR SHUtRGR
FRQWiELO TXH DEUDQJH HVVH SHUtRGR 9RFr SRGH WHU D TXDQWLGDGH GH SHUtRGRV TXH
TXLVHU
'XUDQWH R HQFHUUDPHQWR GR SHUtRGR DEUHPVH SHUtRGRV HVSHFLDLV SDUD
ODQoDPHQWRV GH HQFHUUDPHQWR
'XUDQWH R HQFHUUDPHQWR GHYHP HVWDU DEHUWRV VLPXOWDQHDPHQWH GRLV LQWHUYDORV GH
SHUtRGR 3RUWDQWR SRGHP VHU LQVHULGRV GRLV LQWHUYDORV GH SHUtRGR QD WDEHOD GH
SHUtRGR FRQWiELO
)LJXUD 9DULDQWH GR SHUtRGR FRQWiELO
9iULDV HPSUHVDV SRGHP XWLOL]DU D PHVPD YDULDQWH GH SHUtRGR FRQWiELO 3DUD

WRGDV DV HPSUHVDV DWULEXtGDV RV SHUtRGRV FRQWiEHLV VmR DEHUWRV H IHFKDGRV
VLPXOWDQHDPHQWH ,VWR VLPSOL¿FD D DWXDOL]DomR GH SHUtRGRV

)LJXUD 9HUL¿FDo}HV GH SHUtRGR SRU WLSR GH FRQWD
1R FDEHoDOKR GR GRFXPHQWR VmR YHUL¿FDGRV RV SHUtRGRV DWULEXtGRV DR WLSR GH

FRQWD ³´ (VWD p D SULPHLUD YHUL¿FDomR 3RUWDQWR R WLSR GH FRQWD ³´ GHYH VHU
DEHUWR SDUD WRGRV RV SHUtRGRV TXH GHYHP HVWDU DEHUWRV SDUD TXDOTXHU RXWUR WLSR
GH FRQWD $ YDULDQWH GH SHUtRGR FRQWiELO WHP GH FRQWHU SHOR PHQRV R WLSR GH
FRQWD ³´ 6H RV SHUtRGRV FRQWiEHLV GRV GLIHUHQWHV WLSRV GH FRQWD IRUHP WRGRV
SURFHVVDGRV GR PHVPR PRGR VHUi VX¿FLHQWH HIHWXDU R FRQWUROH FRP D HQWUDGD ³´
2V SHUtRGRV FRQWiEHLV SRGHP VHU WUDWDGRV GH IRUPD GLVWLQWD SDUD RV GLIHUHQWHV
WLSRV GH FRQWD RX VHMD SDUD GHWHUPLQDGR SHUtRGR FRQWiELO SRGHP VHU SHUPLWLGRV
ODQoDPHQWRV HP FRQWDV GH FOLHQWH H QmR SHUPLWLGRV HP FRQWDV GH IRUQHFHGRU
1R QtYHO GD SDUWLGD LQGLYLGXDO R VLVWHPD YHUL¿FD R WLSR GH FRQWD GD FKDYH GH
ODQoDPHQWR SDUD JDUDQWLU TXH R SHUtRGR HVWi HP DEHUWR SDUD R WLSR GH FRQWD
DWULEXtGR
2 LQWHUYDOR GH FRQWD WHP VHPSUH FRQWDV GR 5D]mR $R HQWUDU GHWHUPLQDGDV FRQWDV
GH FRQFLOLDomR TXH HVWmR SRU WUiV GH WLSRV GH FRQWD GR OLYUR DX[LOLDU HVVDV FRQWDV
GR OLYUR DX[LOLDU SRGHP VHU WUDWDGDV GLIHUHQWHPHQWH GDV FRQWDV FRP FRQWD GH
FRQFLOLDomR GLIHUHQWH

)LJXUD 2V GRLV SULPHLURV LQWHUYDORV GH SHUtRGRV
'LFD $ SDUWLU GR (53 (K3 H[LVWH XP WHUFHLUR LQWHUYDOR SDUD D

LQWHJUDomR HP WHPSR UHDO GR &RQWUROOLQJ j &RQWDELOLGDGH TXH VHUi WUDWDGR
HP PDLRU GHWDOKH PDLV DGLDQWH QHVWH FXUVR (VVH LQWHUYDOR SRGH VHU
XVDGR DSHQDV SDUD R WLSR GH FRQWD ³´
'XUDQWH R HQFHUUDPHQWR GHYHP HVWDU DEHUWRV VLPXOWDQHDPHQWH GRLV LQWHUYDORV GH

SHUtRGR 3RUWDQWR SRGHP VHU LQVHULGRV GRLV LQWHUYDORV GH SHUtRGR QD WDEHOD GH
SHUtRGR FRQWiELO
8P JUXSR GH DXWRUL]Do}HV SRGH VHU DWULEXtGR DR SULPHLUR LQWHUYDOR GH SHUtRGR
(QWmR DSHQDV RV XVXiULRV TXH SHUWHQFHP D HVVH JUXSR HVWmR DXWRUL]DGRV D
ODQoDU QR SULPHLUR LQWHUYDOR GR SHUtRGR e UD]RiYHO XWLOL]DU R SULPHLUR LQWHUYDOR
SDUD SHUtRGRV H[WUDRUGLQiULRV H DXWRUL]DU DSHQDV RV FRQWDGRUHV HQYROYLGRV QR
HQFHUUDPHQWR SDUD ID]HU ODQoDPHQWRV QHVVHV SHUtRGRV H[WUDRUGLQiULRV
2 XVXiULR GHYH SRVVXLU DXWRUL]DomR SDUD R REMHWR GH DXWRUL]DomR )B%.3)B%83
GRFXPHQWR FRQWiELO DXWRUL]DomR SDUD SHUtRGRV FRQWiEHLV FRP R PHVPR YDORU QR
FDPSR JUXSR GH DXWRUL]Do}HV TXH VH HQFRQWUD QD WDEHOD GH SHUtRGRV FRQWiEHLV
&RP D &RQWDELOLGDGH JHUDO QRYD XP WHUFHLUR LQWHUYDOR GH SHUtRGRV p H[LELGR 1HOH
RV SHUtRGRV VmR DUPD]HQDGRV SDUD D LQWHJUDomR HP WHPSR UHDO GR &2 ĺ ), $
LQWHJUDomR HP WHPSR UHDO VHUi WUDWDGD HP PDLRU GHWDOKH HP XP FDStWXOR SRVWHULRU
2 WHUFHLUR LQWHUYDOR p XVDGR SDUD FRQWURODU VH RV ODQoDPHQWRV QR ), DFLRQDGRV SHOR
&2 UHDOPHQWH GHYHP SRGHU VHU ODQoDGRV QHVVHV SHUtRGRV 6H R WHUFHLUR LQWHUYDOR
QmR IRU SUHHQFKLGR DV HQWUDGDV QRV LQWHUYDORV H WDPEpP VHUmR YiOLGDV SDUD
HVVHV ODQoDPHQWRV

&RP D &RQWDELOLGDGH JHUDO QRYD H[LVWH DLQGD D RSomR GH FRQWURODU FRP PDLRU
SUHFLVmR TXDLV YDORUHV GH TXDLV REMHWRV LQGLYLGXDLV GH FODVVL¿FDomR FRQWiELO SRGHP
VHU ODQoDGRV H TXDQGR ([HPSOR GHYH VHU SRVVtYHO ODQoDU QR FHQWUR GH OXFUR
HPERUD R UHVSRQViYHO SHOR FHQWUR GH OXFUR QmR TXHLUD SHUPLWLU PDLV
ODQoDPHQWRV 8P QRYD VHomR QR &XVWRPL]LQJ FXLGD GLVVR
)LJXUD 'HWHUPLQDomR GH SHUtRGRV FRQWiEHLV GXUDQWH R ODQoDPHQWR
$R LQVHULU XP GRFXPHQWR HQWUH RXWURV LWHQV LQVLUD D GDWD GH ODQoDPHQWR R

VLVWHPD GHWHUPLQD DXWRPDWLFDPHQWH R SHUtRGR FRQWiELO H R H[HUFtFLR EDVHDGR QD
GDWD GH ODQoDPHQWR LQVHULGD
1D VtQWHVH GH GRFXPHQWRV VmR H[LELGRV D GDWD GH ODQoDPHQWR R SHUtRGR FRQWiELO H
R H[HUFtFLR 2 SHUtRGR FRQWiELO GHWHUPLQDGR p LQVHULGR QR GRFXPHQWR H RV YDORUHV
GD WUDQVDomR SDUD HVWH SHUtRGR FRQWiELO VmR DWXDOL]DGRV
6H IRU H[LELGR R VDOGR GH XPD FRQWD VmR H[LELGRV RV YDORUHV GD WUDQVDomR SDUD
RV SHUtRGRV FRQWiEHLV


([HUFtFLR 3HUtRGRV FRQWiEHLV

9HUL¿FDU VHXV FRQKHFLPHQWRV VREUH YDULDQWHV GR SHUtRGR FRQWiELO
&ULDU XPD YDULDQWH GR SHUtRGR FRQWiELO H DWULEXtOD D VXD HPSUHVD
&HQiULR GH QHJyFLRV
2 GHSDUWDPHQWR GH FRQWDELOLGDGH GHWHUPLQD TXH QR ¿QDO GH XP SHUtRGR FRQWiELO
RV OLYURV DX[LOLDUHV VHMDP HQFHUUDGRV SRUpP WDPEpP TXHU TXH DV FRQWDV GR
5D]mR SHUPDQHoDP DEHUWDV SRU PDLV WHPSR SDUD SHUPLWLU TXH RV 5D]}HV GD
&RQWDELOLGDGH ¿QDQFHLUD H GR &RQWUROOLQJ GR ~OWLPR SHUtRGR VHMDP UHFRQFLOLDGRV
7DUHID
&ULH XPD YDULDQWH GH SHUtRGR FRQWiELO ³33´FRP R QRPH ³3HUtRGRV
FRQWiEHLV *5´ ,VWR SUHHQFKH RV UHTXLVLWRV GR GHSDUWDPHQWR GH
FRQWDELOLGDGH RX VHMD TXH RV OLYURV DX[LOLDUHV VRPHQWH HVWHMDP DEHUWRV
SDUD R PrV DWXDO HQTXDQWR R 5D]mR HVWHMD DEHUWR SDUD R PrV DWXDO H SDUD R
DQWHULRU $WULEXLU HVWD YDULDQWH GH SHUtRGR FRQWiELO j HPSUHVD
7DUHID
&RPSOHWH D IUDVH
$ YDULDQWH GH SHUtRGR FRQWiELO p DWULEXtGD D

8PD YDULDQWH GH SHUtRGR FRQWiELO WHP GH FRQWHU SHOR PHQRV XPD OLQKD FRP D
HQWUDGD
2 LQWHUYDOR GH FRQWD QD YDULDQWH GH SHUtRGR FRQWiELO FRPS}HVH GH


7DUHID
2V SHUtRGRV FRQWiEHLV VmR DEHUWRV H IHFKDGRV GH IRUPD DXWRPiWLFD

Ƒ 9HUGDGHLUR
Ƒ )DOVR
1R Pi[LPR GRLV SHUtRGRV SRGHP VHU DEHUWRV DR PHVPR WHPSR

Ƒ 9HUGDGHLUR
Ƒ )DOVR
2 JUXSR GH DXWRUL]Do}HV QD YDULDQWH GH SHUtRGR FRQWiELO DSOLFDVH VRPHQWH j

DXWRUL]DomR SDUD ODQoDPHQWR HP SHUtRGRV H[WUDRUGLQiULRV
Ƒ 9HUGDGHLUR
Ƒ )DOVR

6ROXomR 3HUtRGRV FRQWiEHLV

7DUHID
&ULH XPD YDULDQWH GH SHUtRGR FRQWiELO ³33´FRP R QRPH ³3HUtRGRV
FRQWiEHLV *5´ ,VWR SUHHQFKH RV UHTXLVLWRV GR GHSDUWDPHQWR GH
FRQWDELOLGDGH RX VHMD TXH RV OLYURV DX[LOLDUHV VRPHQWH HVWHMDP DEHUWRV
SDUD R PrV DWXDO HQTXDQWR R 5D]mR HVWHMD DEHUWR SDUD R PrV DWXDO H SDUD R
DQWHULRU $WULEXLU HVWD YDULDQWH GH SHUtRGR FRQWiELO j HPSUHVD
D &ULH XPD YDULDQWH SDUD SHUtRGRV FRQWiEHLV HP DEHUWR
SHUtRGRV FRQWiEHLV ĺ 3HUtRGRV FRQWiEHLV ĺ 'H¿QLU YDULDQWHV S
SHUtRGRV GH ODQoDPHQWR DEHUWRV
6HOHFLRQDU 3URFHVVDU ĺ (QWUDGDV QRYDV

9DULDQWH 33
'HQRPLQDomR 3HUtRGRV FRQWiEHLV *5
6HOHFLRQH *UDYDU
'H¿QLU RV SHUtRGRV QD YDULDQWH
&RQWDELOLGDGH ¿QDQFHLUD QRYD ĺ /LYURV ĺ ([HUFtFLR ¿VFDO H SHUtRGRV
FRQWiEHLV ĺ 3HUtRGRV FRQWiEHLV ĺ $EULU H IHFKDU SHUtRGRV FRQWiEHLV
1HVWD HWDSD p SRVVtYHO FULDU RX FRSLDU D SDUWLU GH LQWHUYDORV H[LVWHQWHV
3DUD FULDU 3URFHVVDU ĺ (QWUDGDV QRYDV

LWHP
9DULDQWH 33
& YiOLGR SDUD WRGDV DV FRQWDV
'D FRQWD (P EUDQFR
$Wp D FRQWD (P EUDQFR
'R SHUtRGR 0rV DQWHULRU
$QR $QR GR PrV DQWHULRU

$Wp R SHUtRGR 0rV DWXDO

$QR $QR FRUUHQWH

LWHP
9DULDQWH 33
& '
'D FRQWD 9D]LD
$Wp D FRQWD ==========
'R SHUtRGR 0rV DWXDO
$QR $QR FRUUHQWH
$QR $QR FRUUHQWH

LWHP
9DULDQWH 33
& .
'D FRQWD 9D]LD
$Wp D FRQWD ==========
'R SHUtRGR 0rV DWXDO
$QR ([HUFtFLR FRUUHQWH
$QR $QR FRUUHQWH
6HOHFLRQH *UDYDU
3DUD FRSLDU XP LQWHUYDOR H[LVWHQWH
FRQWiEHLV ĺ 3HUtRGRV FRQWiEHLV ĺ $EULU H IHFKDU SHUtRGRV FRQWiEHLV
6HOHFLRQDU RV WLSRV GH FRQWD ' . H 6 SDUD D YDULDQWH GH ODQoDPHQWR

6HOHFLRQH 3URFHVVDU ĺ &RSLDU FRPR
6REUHJUDYDU D VHJXLQWH LQIRUPDomR SDUD FDGD WLSR GH FRQWD


9DULDQWH 33
9HUL¿FDU VH RV GDGRV HVWmR FRUUHWRV XWLOL]DQGR DV LQIRUPDo}HV DFLPD

6HOHFLRQH *UDYDU
$WULEXLU YDULDQWH GH SHUtRGR FRQWiELO HP DEHUWR j HPSUHVD
FRQWiEHLV ĺ 3HUtRGRV FRQWiEHLV ĺ $WULEXLU YDULDQWHV SDUD HPSUHVD

(PSUHVD *5
9DULDQWH 33
6HOHFLRQH *UDYDU
2EVHUYDomR 9RFr DFDED GH

&ULDU XPD YDULDQWH SDUD SHUtRGRV FRQWiEHLV HP DEHUWR
'H¿QLU DV GDWDV GRV SHUtRGRV HP DEHUWR
$WULEXLU D YDULDQWH GH SHUtRGR FRQWiELO j VXD HPSUHVD
(VWH p XP H[HPSOR GR SULQFtSLR GD YDULDQWH
7DUHID
&RPSOHWH D IUDVH
$ YDULDQWH GH SHUtRGR FRQWiELO p DWULEXtGD D HPSUHVD
5HVSRVWD HPSUHVD
8PD YDULDQWH GH SHUtRGR FRQWiELO WHP GH FRQWHU SHOR PHQRV XPD OLQKD FRP D
HQWUDGD 9iOLGR SDUD WRGDV DV FRQWDV
5HVSRVWD 9iOLGR SDUD WRGDV DV FRQWDV
2 LQWHUYDOR GH FRQWD QD YDULDQWH GH SHUtRGR FRQWiELO FRPS}HVH GH FRQWDV
GR 5D]mR
5HVSRVWD FRQWDV GR 5D]mR

7DUHID
2V SHUtRGRV FRQWiEHLV VmR DEHUWRV H IHFKDGRV GH IRUPD DXWRPiWLFD
5HVSRVWD )DOVR
$ YDULDQWH GH SHUtRGR FRQWiELO TXH FRQWpP RV SHUtRGRV HP DEHUWR WHP GH
VHU DWXDOL]DGD PDQXDOPHQWH
1R Pi[LPR GRLV SHUtRGRV SRGHP VHU DEHUWRV DR PHVPR WHPSR
5HVSRVWD )DOVR
)DOVR 3RGHP HVWDU DEHUWRV VLPXOWDQHDPHQWH WRGRV RV SHUtRGRV TXH VH
GHVHMDU 1R HQWDQWR DSHQDV GRLV LQWHUYDORV GH SHUtRGR SRGHP HVWDU DEHUWRV
VLPXOWDQHDPHQWH
2 JUXSR GH DXWRUL]Do}HV QD YDULDQWH GH SHUtRGR FRQWiELO DSOLFDVH VRPHQWH j
DXWRUL]DomR SDUD ODQoDPHQWR HP SHUtRGRV H[WUDRUGLQiULRV
5HVSRVWD )DOVR
)DOVR 2 JUXSR GH DXWRUL]Do}HV VH DSOLFD DR SULPHLUR LQWHUYDOR GR SHUtRGR
(VWH WDPEpP SRGH VHU XP LQWHUYDOR GRV SHUtRGRV FRQWiEHLV QRUPDLV

5HVXPR GD OLomR

/LomR $XWRUL]Do}HV GH ODQoDPHQWR

(VWD OLomR DSUHVHQWD D GHWHUPLQDomR GH PRQWDQWHV Pi[LPRV GXUDQWH R ODQoDPHQWR
GH GRFXPHQWRV
2EMHWLYRV GD OLomR
SDUD ODQoDU
&HQiULR GH QHJyFLRV
2 JHUHQWH GD FRQWDELOLGDGH TXHU GH¿QLU GLYHUVDV DXWRUL]Do}HV SDUD ODQoDPHQWR GH
PRQWDQWHV HOHYDGRV SDUD RV UHVSRQViYHLV H SDUD VL SUySULR
)LJXUD 0RQWDQWHV Pi[LPRV
1HVWD VHomR R GHVWDTXH YDL SDUD RV OLPLWHV VXSHULRUHV SDUD RSHUDo}HV GH

ODQoDPHQWR GHQWUR GRV JUXSRV GH WROHUkQFLD

7),1B /LomR $XWRUL]Do}HV GH ODQoDPHQWR
1RV JUXSRV GH WROHUkQFLD SRGHVH LQVHULU OLPLWHV VXSHULRUHV SDUD R VHJXLQWH

0RQWDQWH WRWDO SRU GRFXPHQWR
0RQWDQWH SRU LWHP GH FOLHQWHIRUQHFHGRU
'HVFRQWR TXH XP XVXiULR SRGH FRQFHGHU QHVVH JUXSR GH WROHUkQFLD
$ PRHGD p D PRHGD LQWHUQD GD HPSUHVD
)LJXUD $WULEXLomR GH DXWRUL]Do}HV GH ODQoDPHQWR
e SRVVtYHO FULDU XP Q~PHUR LOLPLWDGR GH JUXSRV GH WROHUkQFLD e SRVVtYHO DWULEXLU

H[SOLFLWDPHQWH FDGD XVXiULR D XP JUXSR GH WROHUkQFLD
6H RV XVXiULRV QmR IRUHP DWULEXtGRV D XP JUXSR GH WROHUkQFLD HVSHFt¿FR DV
HQWUDGDV QR JUXSR GH WROHUkQFLD BBBB VHUmR YiOLGDV SDUD HOHV
(VWH p R JUXSR GH WROHUkQFLD SURSRVWR
*HUDOPHQWH R JUXSR GH WROHUkQFLD BBBB FRQWpP YDORUHV TXH GHYHP VHU YiOLGRV
SDUD D PDLRULD GRV HPSUHJDGRV
3DUD IXQFLRQiULRV FRP OLPLWHV PXLWR DOWRV RX EDL[RV GHYH VHU FULDGR H DWULEXtGR
XP JUXSR GH WROHUkQFLD HVSHFLDO SDUD VHX ,' GH DFHVVR GH XVXiULR


([HUFtFLR $XWRUL]Do}HV GH ODQoDPHQWR

&ULDU JUXSRV GH WROHUkQFLD
$WULEXLU XP JUXSR GH WROHUkQFLD DR XVXiULR
&HQiULR GH QHJyFLRV
2V DXGLWRUHV LQWHUQRV VROLFLWDUDP D GH¿QLomR GDV VHJXLQWHV DXWRUL]Do}HV Pi[LPDV
SDUD R GHSDUWDPHQWR GH FRQWDELOLGDGH
5HVSRQViYHLV
XQLGDGHV GH PRHGD LQWHUQD SRU GRFXPHQWR
XQLGDGHV GH PRHGD LQWHUQD SRU SDUWLGD HP DEHUWR
GH GHVFRQWR
*HUHQWH GD FRQWDELOLGDGH
XQLGDGHV GH PRHGD LQWHUQD SRU GRFXPHQWR
XQLGDGHV GH PRHGD LQWHUQD SRU SDUWLGD HP DEHUWR
GH GHVFRQWR
7DUHID
2 JUXSR GH WROHUkQFLD SDUD UHVSRQViYHLV p R JUXSR GH WROHUkQFLD ³HP EUDQFR´
e SUHFLVR FULDU XP QRYR JUXSR GH WROHUkQFLD 6839 SDUD R JHUHQWH GD
FRQWDELOLGDGH ¿QDQFHLUD OHYDQGRVH HP FRQVLGHUDomR RV GDGRV QR FHQiULR
HPSUHVDULDO PHQFLRQDGR DQWHULRUPHQWH
$WULEXLU R JUXSR GH WROHUkQFLD GR JHUHQWH GD FRQWDELOLGDGH D VHX SUySULR
XVXiULR

6ROXomR $XWRUL]Do}HV GH ODQoDPHQWR

7DUHID
2 JUXSR GH WROHUkQFLD SDUD UHVSRQViYHLV p R JUXSR GH WROHUkQFLD ³HP EUDQFR´
e SUHFLVR FULDU XP QRYR JUXSR GH WROHUkQFLD 6839 SDUD R JHUHQWH GD
FRQWDELOLGDGH ¿QDQFHLUD OHYDQGRVH HP FRQVLGHUDomR RV GDGRV QR FHQiULR
HPSUHVDULDO PHQFLRQDGR DQWHULRUPHQWH
D 0RGL¿TXH R JUXSR GH WROHUkQFLD HP EUDQFR
GD &RQWDELOLGDGH ¿QDQFHLUD QRYD ĺ 'RFXPHQWR ĺ *UXSRV GH
WROHUkQFLD ĺ 'H¿QLU JUXSRV GH WROHUkQFLD SDUD IXQFLRQiULRV
&OLTXH GXDV YH]HV HP VXD HPSUHVD *5

0RQWDQWH SRU GRFXPHQWR
0RQWDQWH SRU SDUWLGD HP DEHUWR
'HVFRQWR SRU LWHP GR GRFXPHQWR
6HOHFLRQH *UDYDU 8VH D VHWD YHUGH SDUD UHWRUQDU j WHOD GH VtQWHVH

&ULDU JUXSR GH WROHUkQFLD 6839
3DUD WDQWR VHOHFLRQH R JUXSR GH WROHUkQFLD TXH YRFr DFDERX GH
PRGL¿FDU

*UXSR 6839
(PSUHVD *5
0RQWDQWH SRU GRFXPHQWR
0RQWDQWH SRU LWHP GH FRQWD GH
SDUWLGD HP DEHUWR
'HVFRQWR SRU SDUWLGD LQGLYLGXDO
6HOHFLRQH (QWHU
6HOHFLRQH *UDYDU

$WULEXLU R JUXSR GH WROHUkQFLD GR JHUHQWH GD FRQWDELOLGDGH D VHX SUySULR

XVXiULR
D $WULEXD XP JUXSR GH WROHUkQFLD DR XVXiULR
GD &RQWDELOLGDGH ¿QDQFHLUD QRYD ĺ 'RFXPHQWR ĺ *UXSRV GH
WROHUkQFLD ĺ $WULEXLU XVXiULRVWROHUkQFLD

1RPH GR XVXiULR 6HX QRPH GH XVXiULR
*UXSR GH WROHUkQFLD 6839
6HOHFLRQH *UDYDU
2EVHUYDomR YRFr DFDED GH

&ULDU XP QRYR JUXSR GH WROHUkQFLD SDUD VXSHUYLVRUHV
$GLFLRQDU QRYRV OLPLWHV GH WROHUkQFLD D VHX VXSHUYLVRU
$WULEXLU R JUXSR GH WROHUkQFLD GR JHUHQWH DR VHX SUySULR
XVXiULR
(VWH p XP H[HPSOR GR SULQFtSLR GD YDULDQWH

5HVXPR GD OLomR
SDUD ODQoDU

7),1B /LomR 'RFXPHQWRV VLPSOHV QD &RQWDELOLGDGH ¿QDQFHLUD
/LomR 'RFXPHQWRV VLPSOHV QD &RQWDELOLGDGH

¿QDQFHLUD

(VWD OLomR H[SOLFD FRPR VH ODQoDP GRFXPHQWRV VLPSOHV FRP D WUDQVDomR (QMR\
2EMHWLYRV GD OLomR
&HQiULR GH QHJyFLRV
2 FOLHQWH RXYLX IDODU GD IDFLOLGDGH GH XWLOL]DomR GDV WUDQVDo}HV (1-2< H TXHU
YrODV H H[SHULPHQWiODV
)LJXUD /DQoDPHQWRV VLPSOHV QR 6$3 (53 )LQDQFLDOV

2 FRPSRQHQWH &RQWDELOLGDGH ¿QDQFHLUD GD 6$3 XWLOL]D XPD WUDQVDomR GH

ODQoDPHQWR SDUD YiULRV ODQoDPHQWRV GLIHUHQWHV SRU H[HPSOR
/DQoDPHQWRV QD FRQWD GR 5D]mR
/DQoDPHQWRV GH IDWXUDV GH FOLHQWH
/DQoDPHQWRV GH QRWDV GH FUpGLWR GR FOLHQWH
/DQoDPHQWRV GH IDWXUDV GH IRUQHFHGRU
/DQoDPHQWRV GH QRWDV GH FUpGLWR GR IRUQHFHGRU
)LJXUD 7HOD GH ODQoDPHQWR (QMR\ &DEHoDOKR H SDUWLGD LQGLYLGXDO
,QVLUD RV GDGRV JHUDLV SDUD R GRFXPHQWR GH ODQoDPHQWR QD WHOD QR FDEHoDOKR

GR GRFXPHQWR SRU H[HPSOR GDWD GH IDWXUD H GH ODQoDPHQWR WH[WR HWF 3DUD
LQVHULU IDWXUDV H QRWDV GH FUpGLWR UHFHELGDV SRGHVH GH¿QLU XP WLSR GH GRFXPHQWR
SDUD FDGD WUDQVDomR TXH GHSRLV DSDUHFH FRPR YDORU SURSRVWR JHUDO 3RGHVH
VREUHJUDYDU HVWH WLSR GH GRFXPHQWR SURSRVWR D TXDOTXHU PRPHQWR GHVGH TXH R
FDPSR GR WLSR GH GRFXPHQWR HVWHMD SURQWR SDUD UHFHEHU HQWUDGDV GXUDQWH D HQWUDGD
GR GRFXPHQWR 6H QmR GH¿QLU XP WLSR GH GRFXPHQWR R VLVWHPD SURS}H WLSRV GH
GRFXPHQWRV VWDQGDUG SRU H[HPSOR .5 SDUD D HQWUDGD GH IDWXUDV GH IRUQHFHGRU
2V FDPSRV GH HQWUDGD LPSRUWDQWHV HVWmR HP SULPHLUR SODQR HP XPD ¿FKD GH
UHJLVWUR H RV FDPSRV XWLOL]DGRV FRP PHQRV IUHTrQFLD HVWmR QDV ¿FKDV GH UHJLVWUR
VXEVHTXHQWHV
&RP DV IDWXUDV GH FOLHQWH H IRUQHFHGRU RV GDGRV PHVWUH GR SDUFHLUR GH QHJyFLRV
VmR LQVHULGRV QHVWD VHomR MXQWDPHQWH FRP R PRQWDQWH GD IDWXUD RX GD QRWD GH
FUpGLWR $R VHOHFLRQDU (QWHU RV GDGRV PHVWUH GR SDUFHLUR GH QHJyFLRV WDPEpP VmR
H[LELGRV MXQWR DR QRPH GD FRQWD HQGHUHoR H GDGRV EDQFiULRV 3RGHVH H[LELU XPD
OLVWD GH SDUWLGDV HP DEHUWR SUHVVLRQDQGR R ERWmR ³3DUWLGDV HP DEHUWR´
$OpP GRV GDGRV GR FDEHoDOKR H GR LWHP YHU JUi¿FR D VHJXLU D WHOD GH HQWUDGD
WDPEpP FRQWpP XPD iUHD LQIRUPDWLYD RQGH VH SRGH YHU R VDOGR

&RP R ERWmR ³ÈUYRUH´ SRGHVH DFHVVDU YDULDQWHV GH WHOD PRGHORV GH FODVVL¿FDomR

FRQWiELO H GRFXPHQWRV PHPRUL]DGRV TXH SRGHP VHU XVDGRV FRPR PRGHORV 2V
XVXiULRV SRGHP QDYHJDU GH XPD HVWUXWXUD HP iUYRUH QR ODGR HVTXHUGR GD WHOD
)LJXUD 7HOD GH ODQoDPHQWR (QMR\ 3DUWLGDV LQGLYLGXDLV DGLFLRQDLV
,QVLUD DV SDUWLGDV LQGLYLGXDLV DGLFLRQDLV SDUD R GRFXPHQWR QD WDEHOD TXH VH

HQFRQWUD QD VHomR LQIHULRU GD WHOD 2 QRPH GD FRQWD DSDUHFH GHSRLV GH WHU HIHWXDGR
H FRQ¿UPDGR VXDV HQWUDGDV
3RGHVH VHOHFLRQDU GLYHUVRV FDPSRV RX FROXQDV H PRGL¿FDU VHX WDPDQKR H
VHTXrQFLD 7DPEpP p SRVVtYHO FRSLDU SDUWLGDV LQGLYLGXDLV
1D SDUWH VXSHULRU GD WHOD YRFr SRGH VHOHFLRQDU 3UpHGLWDU /DQoDU RX 0DQWHU SDUD
FRQFOXLU D WUDQVDomR GH HQWUDGD GR GRFXPHQWR TXDQGR R VDOGR IRU ]HUR
$LQGD p SRVVtYHO XWLOL]DU D WUDQVDomR VWDQGDUG SDUD LQVHULU ODQoDPHQWRV
3DUD ODQoDPHQWRV FRPSOH[RV SRGHVH DFHVVDU D RSHUDomR GH ODQoDPHQWRV
FRPSOH[RV SRU PHLR GR PHQX 'HVWD RSHUDomR GH ODQoDPHQWR FRPSOH[R QmR p
SRVVtYHO YROWDU j SULPHLUD WHOD
3RGHVH LQVHULU XP WH[WR H[SOLFDWLYR SDUD D SDUWLGD LQGLYLGXDO (VWH WH[WR SRGH VHU
XWLOL]DGR LQWHUQD RX H[WHUQDPHQWH 6H IRU SUHWHQGLGD D XWLOL]DomR GRV WH[WR SDUD
¿QV H[WHUQRV SRU H[HPSOR HP FRUUHVSRQGrQFLD FDUWDV GH DGYHUWrQFLD DYLVRV GH
SDJDPHQWR HWF LQVLUD XP ³ ´ D VHJXLU DR WH[WR R ³ ´ p UHWLUDGR GD LPSUHVVmR
1R &XVWRPL]LQJ SRGHVH GH¿QLU PRGHORV GH WH[WR FRP XPD FKDYH GH TXDWUR
GtJLWRV HVWHV PRGHORV GH WH[WR VmR FRSLDGRV SDUD D SDUWLGD LQGLYLGXDO TXDQGR VH
LQVHUH D FKDYH UHOHYDQWH QR FDPSR GH WH[WR GXUDQWH D HQWUDGD GR GRFXPHQWR


([HUFtFLR 'RFXPHQWRV VLPSOHV QD

&RQWDELOLGDGH ¿QDQFHLUD
&HQiULR GH QHJyFLRV
$JRUD TXH FRQFOXLX D FRQ¿JXUDomR GR FRQWUROH GH GRFXPHQWRV GH DFRUGR FRP DV
QHFHVVLGDGHV GR FOLHQWH HVWH ~OWLPR SHGLX SDUD WHVWDU DV FRQ¿JXUDo}HV TXH GH¿QLX
3RU LVVR YRFr GHYH ODQoDU DOJXQV GRFXPHQWRV VLPSOHV QR VLVWHPD GD 6$3
7DUHID
$WHQomR /HPEUHVH GH TXH QR ~OWLPR H[HUFtFLR YRFr DWULEXLX R JUXSR
GH WROHUkQFLD GR JHUHQWH GD FRQWDELOLGDGH D VHX SUySULR XVXiULR ,VWR
VLJQL¿FD TXH RV OLPLDUHV GH PRQWDQWH GH¿QLGRV QR JUXSR GH WROHUkQFLD
6839 DJRUD WDPEpP VH DSOLFDP D VL
6H IRU QHFHVViULR DOWHUH QRYDPHQWH VHX JUXSR GH WROHUkQFLD SDUD (0
%5$1&2

/DQoDPHQWR HP FRQWD GR 5D]mR
XQLGDGHV HP GLQKHLUR GH PRHGD LQWHUQD VmR VDFDGDV GD FRQWD GR EDQFR
GD HPSUHVD H FRORFDGDV QR IXQGR GH FDL[D /DQoDU HVWD WUDQVDomR FRQWD
¿QDQFHLUD SRVLomR GH FRQWD EDQFiULD FDGD FRP FHQWUR
GH OXFUR
5HJLVWUH R Q~PHUR GR GRFXPHQWR
'LFD 6HOHFLRQH R ERWmR ³'HVDWLYDU iUYRUH´ SDUD TXH D MDQHOD GH

HQWUDGD GR GRFXPHQWR RFXSH WRGD D WHOD
)DWXUD GH IRUQHFHGRU
6HX JHUHQWH GD FRQWDELOLGDGH DOXJRX XP FDUUR SDUD XPD FRQIHUrQFLD IRUD GD
FLGDGH /DQFH XPD IDWXUD GH IRUQHFHGRU GH XQLGDGHV GD PRHGD
LQWHUQD QD FRQWD GH IRUQHFHGRU FULDGD DQWHULRUPHQWH IRUQHF 6HOHFLRQH D
RSomR ³&DOFXODU ,9$´ 8WLOL]H R FyGLJR GH LPSRVWR O ,9$ VXSRUWDGR
FXUVR ,QVLUD QR FDPSR GH UHIHUrQFLD R Q~PHUR GH DXWRUL]DomR $ TXH
UHFHEHX GR JHUHQWH GD FRQWDELOLGDGH /DQFH D GHVSHVD QD FRQWD $(

³'HVSHVD GH DOXJXHO GH FDUUR HVSRUWLYR´ TXH YRFr FULRX H QR FHQWUR GH OXFUR

35 8WLOL]H R WLSR GH GRFXPHQWR H LQVLUD XPD GHVFULomR ³&RQIHUrQFLD
´ QR FDPSR REULJDWyULR ³7H[WR´ GD SDUWLGD LQGLYLGXDO
$QRWH R Q~PHUR GR GRFXPHQWR

HQWUDGD GR GRFXPHQWR SUHHQFKD WRGD D WHOD
6H YRFr QmR FRQVHJXLU LQVHULU R WLSR GH GRFXPHQWR QR FDEHoDOKR GR
GRFXPHQWR 8WLOL]H R ERWmR ³2So}HV GH SURFHVVDPHQWR´ H HPEDL[R
GH 2SomR GH WLSR GH GRFXPHQWR VHOHFLRQH ³(QWUDGD FRP QRPH
DEUHYLDGR´ QD OLVWD GURSGRZQ
)DWXUD GR IRUQHFHGRU
'XUDQWH D FRQIHUrQFLD R JHUHQWH GD FRQWDELOLGDGH OHYD FOLHQWHV SDUD MDQWDU
IRUD /DQFH XPD IDWXUD DGLFLRQDO GH XQLGDGHV GH PRHGD LQWHUQD
QD ³FRQWD 'HVSHVDV GH UHSUHVHQWDomR´ $( FRP RV PHVPRV FULWpULRV
GR H[HUFtFLR DQWHULRU
5HJLVWUH VHX Q~PHUR GH GRFXPHQWR
)DWXUD GH FOLHQWH
/DQFH XPD IDWXUD GH FOLHQWH GH XQLGDGHV GH PRHGD LQWHUQD HP VXD
FRQWD GR FOLHQWH 6HOHFLRQH D RSomR ³&DOFXODU ,9$´ 8WLOL]H R FyGLJR GH
LPSRVWR 2 ,9$ OLTXLGDGR FXUVR /DQFH QD FRQWD GH UHFHLWDV

1RWD GH FUpGLWR GH FOLHQWH

/DQFH XPD QRWD GH FUpGLWR GH FOLHQWH GH XQLGDGHV GD PRHGD LQWHUQD
QD FRQWD GH FOLHQWH FULDGD DQWHULRUPHQWH 8VH R FyGLJR GH LPSRVWR 2 ,9$
OLTXLGDGR H D FRQWD GH UHFHLWDV

([LED VXDV SDUWLGDV LQGLYLGXDLV GR FOLHQWH HRX IRUQHFHGRU SDUD YHUL¿FDU

RV ODQoDPHQWRV TXH HIHWXRX

6ROXomR 'RFXPHQWRV VLPSOHV QD

&RQWDELOLGDGH ¿QDQFHLUD
7DUHID
$WHQomR /HPEUHVH GH TXH QR ~OWLPR H[HUFtFLR YRFr DWULEXLX R JUXSR
GH WROHUkQFLD GR JHUHQWH GD FRQWDELOLGDGH D VHX SUySULR XVXiULR ,VWR
VLJQL¿FD TXH RV OLPLDUHV GH PRQWDQWH GH¿QLGRV QR JUXSR GH WROHUkQFLD
6839 DJRUD WDPEpP VH DSOLFDP D VL
6H IRU QHFHVViULR DOWHUH QRYDPHQWH VHX JUXSR GH WROHUkQFLD SDUD (0
%5$1&2

/DQoDPHQWR HP FRQWD GR 5D]mR
XQLGDGHV HP GLQKHLUR GH PRHGD LQWHUQD VmR VDFDGDV GD FRQWD GR EDQFR
GD HPSUHVD H FRORFDGDV QR IXQGR GH FDL[D /DQoDU HVWD WUDQVDomR FRQWD
¿QDQFHLUD SRVLomR GH FRQWD EDQFiULD FDGD FRP FHQWUR
GH OXFUR
5HJLVWUH R Q~PHUR GR GRFXPHQWR

D /DQoDPHQWR HP FRQWD GR 5D]mR

ĺ 5D]mR ĺ /DQoDPHQWR ĺ (QWUDU GRFXPHQWR GH FRQWD GR 5D]mR
6H VROLFLWDGR LQVLUD VXD HPSUHVD *5 H HP VHJXLGD VHOHFLRQH
³(QWHU´
'LFD 6HOHFLRQH R ERWmR ³'HVDWLYDU iUYRUH´ SDUD TXH D MDQHOD

GH HQWUDGD GR GRFXPHQWR RFXSH WRGD D WHOD

'DGRV EiVLFRV
'DWD GR GRFXPHQWR 'DWD DWXDO
'DWD GH ODQoDPHQWR 'DWD DWXDO
3ULPHLUR LWHP

&RQWD GR 5D]mR

'& 'pELWR
0RQWDQWH HP PRHGD GR GRFXPHQWR
&HQWUR GH OXFUR
6HJXQGR LWHP
&RQWD GR 5D]mR
'& &UpGLWR
&HQWUR GH OXFUR
'RFXPHQWR ĺ 6LPXODU
9HUL¿TXH R GRFXPHQWR &OLTXH GXDV YH]HV HP XPD SDUWLGD LQGLYLGXDO
SDUD H[LELU RX PRGL¿FDU GDGRV
6HOHFLRQH ³/DQoDU´ SDUD JUDYDU R GRFXPHQWR $QRWH R Q~PHUR GR
GRFXPHQWR
)DWXUD GH IRUQHFHGRU
6HX JHUHQWH GD FRQWDELOLGDGH DOXJRX XP FDUUR SDUD XPD FRQIHUrQFLD IRUD GD
FLGDGH /DQFH XPD IDWXUD GH IRUQHFHGRU GH XQLGDGHV GD PRHGD
LQWHUQD QD FRQWD GH IRUQHFHGRU FULDGD DQWHULRUPHQWH IRUQHF 6HOHFLRQH D
RSomR ³&DOFXODU ,9$´ 8WLOL]H R FyGLJR GH LPSRVWR O ,9$ VXSRUWDGR
FXUVR ,QVLUD QR FDPSR GH UHIHUrQFLD R Q~PHUR GH DXWRUL]DomR $ TXH
UHFHEHX GR JHUHQWH GD FRQWDELOLGDGH /DQFH D GHVSHVD QD FRQWD $(
³'HVSHVD GH DOXJXHO GH FDUUR HVSRUWLYR´ TXH YRFr FULRX H QR FHQWUR GH OXFUR
35 8WLOL]H R WLSR GH GRFXPHQWR H LQVLUD XPD GHVFULomR ³&RQIHUrQFLD
´ QR FDPSR REULJDWyULR ³7H[WR´ GD SDUWLGD LQGLYLGXDO

HQWUDGD GR GRFXPHQWR SUHHQFKD WRGD D WHOD
6H YRFr QmR FRQVHJXLU LQVHULU R WLSR GH GRFXPHQWR QR FDEHoDOKR GR
GRFXPHQWR 8WLOL]H R ERWmR ³2So}HV GH SURFHVVDPHQWR´ H HPEDL[R
GH 2SomR GH WLSR GH GRFXPHQWR VHOHFLRQH ³(QWUDGD FRP QRPH
DEUHYLDGR´ QD OLVWD GURSGRZQ
D )DWXUD GR IRUQHFHGRU
ĺ )RUQHFHGRUHV ĺ /DQoDPHQWR ĺ )DWXUD


³(QWHU´


GH GDGRV
'DGRV EiVLFRV
)RUQHFHGRU )RUQHF
'DWD GD IDWXUD 'DWD DWXDO
5HIHUrQFLD $
7LSR GH GRFXPHQWR 'HVSHVDV DXWRUL]DGDV VH R
WLSR GH GRFXPHQWR QmR HVWLYHU
SUHSDUDGR SDUD HQWUDGD 6HOHFLRQH
R ERWmR ³2So}HV GH HGLomR´
H PDUTXH ³(QWUDGD FRP QRPH
EUHYH´ QD RSomR 7LSR GRF
0RQWDQWH
0RHGD 0RHGD GD HPSUHVD
&DOFXODU ,9$
&yGLPSRVWR O ,9$ VXSRUWDGR FXUVR
,WHQV
&RQWD GR 5D]mR $(
'& 'pELWR
0RQWDQWH HP PRHGD GR
GRFXPHQWR
&yGLPSRVWR O ,9$ VXSRUWDGR FXUVR
7H[WR &RQIHUrQFLD
&HQWUR GH OXFUR 35


GRFXPHQWR
'LFD 6H QHQKXP FHQWUR GH OXFUR IRU HVSHFL¿FDGR RX GHULYDGR

SRU XP REMHWR GH FRQWUROOLQJ SDUD XPD FRQWD DIHWDGD QR
VLVWHPD GD ,'(6 R FHQWUR GH OXFUR SURSRVWR 1*/B 5(:(
7UHLQDPHQWR VHUi GH¿QLGR DXWRPDWLFDPHQWH HP VXEVWLWXLomR
)DWXUD GR IRUQHFHGRU
'XUDQWH D FRQIHUrQFLD R JHUHQWH GD FRQWDELOLGDGH OHYD FOLHQWHV SDUD MDQWDU
IRUD /DQFH XPD IDWXUD DGLFLRQDO GH XQLGDGHV GH PRHGD LQWHUQD
QD ³FRQWD 'HVSHVDV GH UHSUHVHQWDomR´ $( FRP RV PHVPRV FULWpULRV
GR H[HUFtFLR DQWHULRU
5HJLVWUH VHX Q~PHUR GH GRFXPHQWR
D 5HSLWD DV HWDSDV DFLPD SDUD ODQoDU XPD IDWXUD DGLFLRQDO GH IRUQHFHGRU
UHODWLYD D XQLGDGHV GH PRHGD LQWHUQD QD FRQWD ³&XVWRV GH
UHSUHVHQWDomR´ $( 5HJLVWUH VHX Q~PHUR GH GRFXPHQWR
)DWXUD GH FOLHQWH
FRQWD GR FOLHQWH 6HOHFLRQH D RSomR ³&DOFXODU ,9$´ 8WLOL]H R FyGLJR GH
LPSRVWR 2 ,9$ OLTXLGDGR FXUVR /DQFH QD FRQWD GH UHFHLWDV


D )DWXUD GH FOLHQWH
ĺ &OLHQWHV ĺ /DQoDPHQWR ĺ )DWXUD
6H VROLFLWDGR LQVLUD VXD HPSUHVD *5 XVDQGR R ERWmR ³(PSUHVD´
H HP VHJXLGD VHOHFLRQH ³(QWHU´


GH GDGRV
'DGRV EiVLFRV
&OLHQWH 6HX FOLHQWH
0RQWDQWH
&DOFXODU ,9$
&yGLPSRVWR 2 ,9$ OLTXLGDGR FXUVR
,WHQV
&RQWD GR 5D]mR
'& &UpGLWR
GRFXPHQWR
&yGLJR GH LPSRVWR 2 ,9$ OLTXLGDGR
&HQWUR GH OXFUR 35
'RFXPHQWR ĺ 6LPXODU 9HUL¿TXH VHX GRFXPHQWR &OLTXH GXDV YH]HV

HP XPD SDUWLGD LQGLYLGXDO SDUD H[LELU RX PRGL¿FDU GDGRV
6HOHFLRQH ³/DQoDU´ SDUD JUDYDU R GRFXPHQWR 5HJLVWUH VHX Q~PHUR
GH GRFXPHQWR

1RWD GH FUpGLWR GH FOLHQWH

/DQFH XPD QRWD GH FUpGLWR GH FOLHQWH GH XQLGDGHV GD PRHGD LQWHUQD
QD FRQWD GH FOLHQWH FULDGD DQWHULRUPHQWH 8VH R FyGLJR GH LPSRVWR 2 ,9$
OLTXLGDGR H D FRQWD GH UHFHLWDV

D 1RWD GH FUpGLWR GH FOLHQWH

ĺ &OLHQWHV ĺ /DQoDPHQWR ĺ &UpGLWR
³(QWHU´

1RPH GR FDPSR RX 9DORUHV

FDWHJRULD GH GDGRV
'DGRV EiVLFRV
&OLHQWH 6HX FOLHQWH
0RQWDQWH
&DOFXODU ,9$
&yGLPSRVWR 2 2 ,9$ OLTXLGDGR
,WHQV
&RQWD GR 5D]mR
'E&U 'pELWR
GRFXPHQWR
&yGLPSRVWR 2 ,9$ OLTXLGDGR
&HQWUR GH OXFUR 35

GRFXPHQWR
([LED VXDV SDUWLGDV LQGLYLGXDLV GR FOLHQWH HRX IRUQHFHGRU SDUD YHUL¿FDU
D ([LED VXDV SDUWLGDV LQGLYLGXDLV GR FOLHQWH HRX IRUQHFHGRU SDUD YHUL¿FDU
([LELU SDUWLGDV LQGLYLGXDLV GH FOLHQWHIRUQHFHGRU
ĺ &OLHQWHV)RUQHFHGRUHV ĺ &RQWD ĺ ([LELUPRGL¿FDU SDUWLGDV

&RQWD GH FOLHQWH RX GH IRUQHFHGRU ,QVHULU R Q~PHUR GR FOLHQWH RX
GR IRUQHFHGRU
(PSUHVD *5
6HOHFLRQH ³([HFXWDU´
2EVHUYDomR 9RFr DFDERX GH ODQoDU GXDV IDWXUDV GH IRUQHFHGRU

XP FUpGLWR GH FOLHQWH H XPD IDWXUD GH FOLHQWH 'HSRLV H[LELX
DV SDUWLGDV LQGLYLGXDLV SDUD YHUL¿FDU VHXV ODQoDPHQWRV GDV
SDUWLGDV LQGLYLGXDLV

5HVXPR GD OLomR

7),1B 5HVXPR GR FDStWXOR
5HVXPR GR FDStWXOR
SDUD ODQoDU


&DStWXOR
&RQWUROH GH ODQoDPHQWR
'HVFUHYHU R FRQFHLWR GH UHSDUWLomR GH GRFXPHQWR QD &RQWDELOLGDGH JHUDO
QRYD
([SOLFDU D GLIHUHQoD HQWUH UHSDUWLomR GH GRFXPHQWR DWLYD H SDVVLYD
,QVHULU UHSDUWLomR GH GRFXPHQWR QR &XVWRPL]LQJ
'H¿QLU YDORUHV SURSRVWRV
&RQ¿JXUDU YDORUHV SURSRVWRV HVSHFt¿FRV GH XVXiULR
'HWHUPLQDU YDORUHV SURSRVWRV QR VLVWHPD H QD FRQ¿JXUDomR
([SOLFDU DV UHJUDV TXH UHJHP DV PRGL¿FDo}HV HP GRFXPHQWRV
0RGL¿FDU GRFXPHQWRV
$QDOLVDU PRGL¿FDo}HV HP GRFXPHQWRV
(VWRUQDU GRFXPHQWRV
3URFXUDU PRWLYRV GH HVWRUQR QR &XVWRPL]LQJ
'H¿QLU FRQGLo}HV GH SDJDPHQWR
([SOLFDU D GHWHUPLQDomR GH FRQWDV SDUD ODQoDPHQWRV DXWRPiWLFRV GH
GHVFRQWRV
'HVFUHYHU DV IRUPDV GH SURFHVVDPHQWR GH LPSRVWRV QR 6$3 (53 )LQDQFLDOV
&ULDU FyGLJRV GH LPSRVWR H GH¿QLU FRQWDV GH LPSRVWRV QD FRQ¿JXUDomR
([SOLFDU DV RSHUDo}HV LQWHUHPSUHVDULDLV
/DQoDU RSHUDo}HV LQWHUHPSUHVDULDLV
([SOLFDU R WHUPR LQWHJUDomR HP WHPSR UHDO H VHX HVFRSR GH IXQFLRQDOLGDGH
&RQ¿JXUDU LQWHJUDomR HP WHPSR UHDO QR &XVWRPL]LQJ
/LomR 5HSDUWLomR GH GRFXPHQWR
([HUFtFLR 5HSDUWLomR GH GRFXPHQWR

&DStWXOR &RQWUROH GH ODQoDPHQWR 7),1B
/LomR 9DORUHV SURSRVWRV

([HUFtFLR 9DORUHV SURSRVWRV
/LomR &RQWUROH GH PRGL¿FDomR
([HUFtFLR 5HJUDV GH PRGL¿FDomR GH GRFXPHQWRV
/LomR (VWRUQR GH GRFXPHQWR
([HUFtFLR (VWRUQR GH GRFXPHQWR
/LomR &RQGLo}HV GH SDJDPHQWR H GHVFRQWRV
([HUFtFLR &RQGLo}HV GH SDJDPHQWR H GHVFRQWRV
/LomR ,PSRVWRV
([HUFtFLR ,PSRVWRV
/LomR 2SHUDo}HV LQWHUHPSUHVDULDLV
([HUFtFLR 2SHUDo}HV LQWHUHPSUHVDULDLV
/LomR ,QWHJUDomR HP WHPSR UHDO
([HUFtFLR ,QWHJUDomR HP WHPSR UHDO

7),1B /LomR 5HSDUWLomR GH GRFXPHQWR
/LomR 5HSDUWLomR GH GRFXPHQWR
2EMHWLYRV GD OLomR
QRYD
&HQiULR GH QHJyFLRV
)LJXUD 9LVmR GH HQWUDGD H YLVmR GR 5D]mR QD &RQWDELOLGDGH JHUDO QRYD
$ H[LELomR GH XP GRFXPHQWR QD YLVmR GH HQWUDGD H QD YLVmR GR 5D]mR p GH¿QLGD QD

&RQWDELOLGDGH JHUDO QRYD H QmR SRGH VHU DWLYDGD RX GHVDWLYDGD SHOR &XVWRPL]LQJ
6H XP FOLHQWH XVDU D &RQWDELOLGDGH JHUDO FOiVVLFD R GRFXPHQWR VHUi H[LELGR HP
DSHQDV XPD YLVmR 7DO YLVmR FRUUHVSRQGH j YLVmR GH HQWUDGD GD &RQWDELOLGDGH
JHUDO QRYD

)LJXUD 5HSDUWLomR GH GRFXPHQWR
$ H[LELomR GD GHPRQVWUDomR GRV UHVXOWDGRV SRU FHQWUR GH OXFUR GLYLVmR RX

VHJPHQWR QXQFD p SUREOHPiWLFD SRLV DV SRVLo}HV YLJHQWHV VmR VHPSUH IRUQHFLGDV
FRP RV REMHWRV FRUUHVSRQGHQWHV H[FOXVLYRV SHOR REMHWR GH FRQWUROOLQJ RULJLQDO
1R HQWDQWR VH IRU QHFHVViULR FULDU XP EDODQoR SDUD XP GHVVHV REMHWRV KDYHUi R
SUREOHPD GH TXH DV SDUWLGDV LQGLYLGXDLV H[HPSOR QD WUDQVSDUrQFLD FRQWDV D SDJDU
H LPSRVWRV QmR SRGHP VHU UHSDUWLGDV QD YLVmR GH HQWUDGD ,VVR DFRQWHFH DSHQDV QD
YLVmR GR 5D]mR SRU PHLR GD UHSDUWLomR GH GRFXPHQWR
'LFD 1RWD D UHSDUWLomR GH GRFXPHQWR GHVWLQDVH DSHQDV D FOLHQWHV TXH

WHQKDP RX TXHLUDP LQVHULU PDLV XPD FDUDFWHUtVWLFD FRPR XP VHJPHQWR
DOpP GD HPSUHVD QR EDODQoR

)LJXUD 5HSDUWLomR GH GRFXPHQWR ± 5HSDUWLomR DWLYD
$V HQWLGDGHV GH¿QLGDV FRPR FDUDFWHUtVWLFDV GH UHSDUWLomR FDUDFWHUtVWLFDV GH

EDODQoR VmR KHUGDGDV HP OLQKDV GH ODQoDPHQWR QmR DWULEXtGDV D FRQWDV &RPR VH
Yr QD WUDQVSDUrQFLD R VDOGR GDV FDUDFWHUtVWLFDV VHOHFLRQDGDV p ]HUR
$V SDUWLGDV GH IRUQHFHGRU H GH LPSRVWR LWHQV H QD YLVmR GR 5D]mR VmR
UHSDUWLGDV GH DFRUGR FRP DV OLQKDV GH GHVSHVD LWHQV H FRQWDV GH GHVSHVDV
H
$ UHSDUWLomR GH GRFXPHQWR WDPEpP IUHTXHQWHPHQWH FKDPDGD GH UHSDUWLomR
RQOLQH DVVHJXUD TXH DV HPSUHVDV SRVVDP FULDU EDODQoRV FRPSOHWRV SDUD REMHWRV
VHOHFLRQDGRV
6H D UHSDUWLomR GH GRFXPHQWR QmR IRU DWLYDGD QRUPDOPHQWH QmR KDYHUi GLIHUHQoD
HQWUH D YLVmR GH HQWUDGD H D YLVmR GR 5D]mR

)LJXUD $WLYDomR GD UHSDUWLomR GH GRFXPHQWR
$ UHSDUWLomR GH GRFXPHQWR p DWLYDGD QR &XVWRPL]LQJ

2 PpWRGR GH UHSDUWLomR p R SURFHGLPHQWR SUHGH¿QLGR IRUQHFLGR
SHOD 6$3 H JHUDOPHQWH p FRSLDGR SDUD XP HQWUDGD GR PDQGDQWH SRU H[HPSOR
=
1RWD XPD YH] TXH D UHSDUWLomR GH GRFXPHQWR QmR SRGH VHU DWLYDGD SDUD FDGD
PDQGDQWH H GHVDWLYDGD SDUD FDGD HPSUHVD D GHFLVmR GH UHSDUWLU RX QmR R
GRFXPHQWR p WRPDGD QR QtYHO GD HPSUHVD 3RUpP WRGDV DV HPSUHVDV GH XP
PDQGDQWH SRGHP XVDU VRPHQWH XP SURFHGLPHQWR GH UHSDUWLomR GH GRFXPHQWR RX
VHMD QmR SRGHP VHU DWULEXtGRV SURFHGLPHQWRV GLVWLQWRV D HPSUHVDV GLIHUHQWHV
2 FRQFHLWR GH KHUDQoD
6H XP REMHWR GH FODVVL¿FDomR FRQWiELO IRU H[FOXVLYR HP XP GRFXPHQWR HOH VHUi
KHUGDGR RQOLQH HP WRGDV DV SRVLo}HV IDOWDQWHV 2 FyGLJR VHPSUH GHYHUi VHU
GH¿QLGR TXDQGR D FRQ¿JXUDomR GR GRFXPHQWR IRU DWLYDGD
2 FRQFHLWR GH FODVVL¿FDomR FRQWiELO SUHGH¿QLGD
e SRVVtYHO WUDEDOKDU FRP FODVVL¿FDomR FRQWiELO SUHGH¿QLGD RX VHMD VH SRU DOJXP
PRWLYR D SRVLomR QmR GLVSXVHU GR REMHWR QHFHVViULR XP YDORU SURSRVWR FRPR XP
FHQWUR GH OXFUR RX VHJPHQWR SRGHUi VHU GH¿QLGR DXWRPDWLFDPHQWH
3DUD XVDU XPD FODVVL¿FDomR FRQWiELO SUHGH¿QLGD p QHFHVViULR SULPHLUR GH¿QLU
XPD FRQVWDQWH QR &XVWRPL]LQJ

2EVHUYH TXH XVDU XP YDORU SURSRVWR SRGH UHGX]LU D TXDOLGDGH GRV GDGRV 5HJUDV
LQFRUUHWDV GH UHSDUWLomR GH GRFXPHQWR QmR VHUmR UHFRQKHFLGDV Mi TXH FDGD REMHWR
IDOWDQWH VHUi VXEVWLWXtGR SRU HVVD FRQVWDQWH 6H TXLVHU XVDU FODVVL¿FDomR FRQWiELO
SUHGH¿QLGD IDoD XP WHVWH VHP YDORUHV SURSRVWRV D ¿P GH ORFDOL]DU SRVVtYHLV HUURV
)LJXUD (WDSDV HQYROYLGDV QD 5HSDUWLomR GH GRFXPHQWR 1RWD
5HSDUWLomR SDVVLYD
³'XUDQWH D FRPSHQVDomR´ DV HQWLGDGHV FRPR VHJPHQWRV GR GRFXPHQWRV TXH
HVWi VHQGR FRPSHQVDGR VmR FRSLDGDV SDUD R GRFXPHQWR GH FRPSHQVDomR VHP
VHUHP PRGL¿FDGDV
([HPSOR SDJDPHQWR GH XPD IDWXUD UHFHELGD H DWULEXtGD D YiULDV FRQWDV $ IDWXUD
UHFHELGD IRL GLYLGLGD SRU GRLV VHJPHQWRV $ H % QD SURSRUomR 'XUDQWH D
FRPSHQVDomR R SDJDPHQWR p UHSDUWLGR HP SHORV VHJPHQWRV VRPHQWH QD
YLVmR GR 5D]mR
5HSDUWLomR DWLYD
3DUD GRFXPHQWRV ³TXH QmR H[LEHP FRPSHQVDomR´ UHJUDV GH GLVWULEXLomR
LQGLYLGXDLV SRGHP VHU FULDGDV QR &XVWRPL]LQJ SDUD GHWHUPLQDU TXDLV SRVLo}HV GH
XP GRFXPHQWR VHUmR GLYLGLGDV GH DFRUGR FRP TXDLV SRVLo}HV EiVLFDV 2 WLSR GH
GRFXPHQWR VHUYH GH EDVH SDUD D UHJUD
([HPSOR XPD IDWXUD UHFHELGD H DWULEXtGD D YiULDV FRQWDV
$ FULDomR GH OLQKDV GH FRPSHQVDomRIRUPDomR GH VDOGR ]HUR VHUi VHPSUH
XWLOL]DGD VH DOpP GR GRFXPHQWR FRPSOHWR RV REMHWRV D VHUHP VDOGDGRV ³QR´
GRFXPHQWR H[ FHQWUR GH OXFUR VHJPHQWR QHFHVVLWDUHP WHU R VDOGR LJXDODGR D

([HPSOR 6HP HVVD IXQomR XP ODQoDPHQWR GR VHJPHQWR $ SDUD R VHJPHQWR % QD

PHVPD FRQWD FULDULD DSHQDV GXDV SDUWLGDV LQGLYLGXDLV &RP D IRUPDomR GH VDOGR
]HUR PDLV GXDV OLQKDV GH FRPSHQVDomR VmR FULDGDV DV TXDLV SRGHP VHU HQWHQGLGDV
FRPR DV UHODo}HV HQWUH HVVHV GRLV VHJPHQWRV FRQWDV D UHFHEHU GR VHJPHQWR $
SDUD % H FRQWDV D SDJDU GH % SDUD $
2 VLVWHPD VHPSUH SURFHVVD D UHSDUWLomR GH GRFXPHQWR QD VHTXrQFLD PRVWUDGD
QD WUDQVSDUrQFLD
$WHQomR $ 1RWD GHVFUHYH D UHSDUWLomR GH GRFXPHQWR

GHWDOKDGDPHQWH H FRQWpP GLYHUVRV DQH[RV 3') FRP H[HPSORV $
UHSDUWLomR GH GRFXPHQWR SRGH VHU DWLYDGD HP VHJXLGD SHOD PLJUDomR
GRV GDGRV H[LVWHQWHV FHQiULR $V FRQ¿JXUDo}HV GH UHSDUWLomR GH
GRFXPHQWR JHUDOPHQWH QmR SRGH VHU PRGL¿FDGDV GHSRLV GLVVR VWDWXV
1RWD PXLWD LPSRUWDQWH 5D]mR QRYRUHSDUWLomR GH
GRFXPHQWR ULVFRV GH PRGL¿FDo}HV VXEVHTXHQWHV (P FRQWUDVWH FRP
RXWURV WySLFRV QD FRQWDELOLGDGH QmR p SRVVtYHO ID]HU XPD FRUUHomR XVDQGR
XP SURJUDPD GHYLGR DR FRPSOH[R DUPD]HQDPHQWR GH LQIRUPDo}HV HP
YiULDV WDEHODV )$*/)/(; H )$*/B63/,1)2 WDEHOD GH WRWDLV GH
REMHWRV H GH UHSDUWLomR
)LJXUD &DUDFWHUtVWLFDV GD UHSDUWLomR GH GRFXPHQWR SDUD ),
$V FDUDFWHUtVWLFDV GH UHSDUWLomR GH GRFXPHQWR GHWHUPLQDP SDUD TXDLV REMHWRV VHUi

XWLOL]DGD UHSDUWLomR RQGH GLYLGLUVDOGDU

6HPSUH GH¿QD R FyGLJR 6DOGR LJXDO D ]HUR VH TXLVHU FULDU XP EDODQoR ¿QDQFHLUR
SDUD D FDUDFWHUtVWLFD 2 VDOGR GDV HQWLGDGHV GH¿QLGDV p SRUWDQWR VHPSUH SDUD
³WRGR ODQoDPHQWR´ JDUDQWLQGR D FRPSHQVDomR GD HQWLGDGH
2 FyGLJR &DPSR REULJDWyULR WHP GRLV VHQWLGRV
(P SULPHLUR OXJDU HOH p XPD H[WHQVmR GR VWDWXV GR FDPSR SDUD FRQWDV
QDV TXDLV DV FDUDFWHUtVWLFDV QmR SRGHP VHU ³LQVHULGDV´ GXUDQWH D HQWUDGD GH
GRFXPHQWR HRX SDUD FRQWDV TXH QmR SRGHP VHU FRQWURODGDV XVDQGR R VWDWXV
GR FDPSR ([HPSOR DV SDUWLGDV GH IRUQHFHGRUHV GHYHP VHPSUH LQFOXLU XP
FHQWUR GH OXFUR RX XP VHJPHQWR
(P VHJXQGR OXJDU HOH p XPD YHUL¿FDomR SDUD VDEHU VH XPD YDULDQWH GH
WUDQVDomR FRPHUFLDO HTXLYDOHQWH GH SURFHVVR HPSUHVDULDO IRL VHOHFLRQDGD R
TXH GHWHUPLQD VH XPD UHJUD GH UHSDUWLomR SRGH VHU HQFRQWUDGD
2 FyGLJR &DPSR REULJDWyULR IXQFLRQD DGLFLRQDOPHQWH DR FRQWUROH GH VWDWXV GR
FDPSR QD FRQWD RX QD FKDYH GH ODQoDPHQWR
)LJXUD 5HSDUWLomR ± /yJLFD GH UHSDUWLomR UHSDUWLomR DWLYD
8P SURFHGLPHQWR GH UHSDUWLomR HP VXPD p R WRWDO GH WRGDV DV UHJUDV GH

UHSDUWLomR GH WRGDV DV WUDQVDo}HV FRPHUFLDLV &RPR WDO R SURFHGLPHQWR GH
UHSDUWLomR GH¿QH FRPR H VRE TXDLV FLUFXQVWkQFLDV VHUmR HIHWXDGDV UHSDUWLo}HV
GH GRFXPHQWRV 'H IRUPD GHWDOKDGD LVVR VLJQL¿FD TXH FDGD SURFHGLPHQWR
GH UHSDUWLomR GH¿QH FRPR FDGD FDWHJRULD GH SDUWLGD p WUDWDGD QDV WUDQVDo}HV

FRPHUFLDLV LQGLYLGXDLV SRU H[HPSOR VH D FODVVL¿FDomR FRQWiELO GH XP LWHP

GH FOLHQWH p FRSLDGD RX QmR GR LWHP GH UHFHLWD SDUD XPD IDWXUD GH FOLHQWH !
&RQVXOWDU SDUWLomR EDVHDGD HP UHJUD
$ WUDQVDomR FRPHUFLDO p XP GHWDOKDPHQWR JHUDO GRV SURFHVVRV HPSUHVDULDLV
UHDLV TXH D 6$3 RIHUHFH DWULEXtGD D XPD DPSOD JDPD GH FDWHJRULDV GH SDUWLGD
$ YDULDQWH GH WUDQVDomR FRPHUFLDO p XPD YHUVmR HVSHFt¿FD GH WUDQVDo}HV
FRPHUFLDLV SUHGH¿QLGDV RIHUHFLGDV SHOD 6$3 H D PRGHODJHP WpFQLFD GH XP
SURFHVVR HPSUHVDULDO UHDO SDUD D UHSDUWLomR GH GRFXPHQWR
8PD FDWHJRULD GH SDUWLGD p XP PDSD WpFQLFR GH WRGDV DV SDUWLGDV
LQGLYLGXDLV ODQoDGDV (OD GHVFUHYH DV SDUWLGDV TXH DSDUHFHP HP XP
GRFXPHQWR WUDQVDomR FRPHUFLDO 'HULYDPVH GHQWUH RXWUDV FRLVDV GDV
FDWHJRULDV GH FRQWD GR 5D]mR
± (P RXWUDV SDODYUDV D FDWHJRULD GH SDUWLGD p D GHVFULomR VHPkQWLFD GD
8PD UHJUD GH UHSDUWLomR LQGLYLGXDO GH¿QH TXDLV FDWHJRULDV GH SDUWLGD
SRGHPSRGHUmR VHU UHSDUWLGDV ĺ FDWHJRULDV GH SDUWLGD D VHUHP
SURFHVVDGDV H DR PHVPR WHPSR TXDO EDVH SRGH VHU XVDGD ĺ FDWHJRULDV
GH SDUWLGD EiVLFDV

([HUFtFLR 5HSDUWLomR GH GRFXPHQWR

'HVFUHYHU D IXQFLRQDOLGDGH GH UHSDUWLomR GH GRFXPHQWR
&HQiULR GH QHJyFLRV
8PD IDWXUD HPLWLGD IRL GLYLGLGD H DWULEXtGD D REMHWRV GLIHUHQWHV GRLV FHQWURV GH
OXFUR FRP VHJPHQWRV GLIHUHQWHV $V FRQWDV D UHFHEHU H R LPSRVWR GHYHP VHU
UHSDUWLGRV GH DFRUGR FRP DV SDUWLGDV LQGLYLGXDLV
7DUHID
$ UHSDUWLomR GH GRFXPHQWR SRGH VHU DWLYDGD SRU HPSUHVD $ HPSUHVD GH
UHIHUrQFLD SDUD D HPSUHVD *5 FRSLDGD IXQFLRQD FRP UHSDUWLomR GH
GRFXPHQWR DWLYD 9HUL¿TXH VH R FyGLJR IRL FRSLDGR FRP D HPSUHVD SRU
RFDVLmR GD FySLD GHVWD
6H D UHSDUWLomR GH GRFXPHQWR HVWLYHU DWLYDGD 5HSDUWLomR FRPR
FXVWRV SyVSURGXomR RQOLQH WRGDV DV HPSUHVDV HVWD FRQ¿JXUDomR YDOH HP
WRGR R PDQGDQWH XVDP R PpWRGR GH UHSDUWLomR GH GRFXPHQWR
Mi GH¿QLGR $VVHJXUH TXH D KHUDQoD HVWHMD DWLYD HP WRGR R PDQGDQWH
1mR p QHFHVViULR GH¿QLU D FODVVL¿FDomR FRQWiELO VWDQGDUG XVDQGR XPD
FRQVWDQWH
$JRUD LQVLUD XPD IDWXUD GH FOLHQWH SDUD RXWUDV UHFHLWDV FRP RV VHJXLQWHV
GDGRV

(PSUHVD *5
&OLHQWH 6HX FOLHQWH
'DWD GD IDWXUD H GR ODQoDPHQWR 'DWD DWXDO
0RQWDQWH 0RHGD GD HPSUHVD
&DOFXODU ,9$ 'HVPDUTXH
0RQWDQWH GH LPSRVWR 0RHGD GD HPSUHVD
7H[WR 2XWUR JUXSR GH YHQGDV
,WHP FRQWD GR 5D]mR
&RQWD GR 5D]mR


&ODVVL¿FDomR FRQWiELO UHOHYDQWH 35 VHJPHQWR 6(59
SDUD &2 &HQWUR GH OXFUR
,WHP FRQWD GR 5D]mR
&RQWD GR 5D]mR
&ODVVL¿FDomR FRQWiELO UHOHYDQWH VHJPHQWR &216
$QWHV GH JUDYDU VLPXOH VHX GRFXPHQWR

3ULPHLUR FRP D RSomR GH VLPXODomR FOiVVLFD YrVH D YLVmR GH HQWUDGD
VXEVHTXHQWH GR GRFXPHQWR GR ), %DUUD GH IHUUDPHQWDV GD DSOLFDomR
ERWmR 6LPXODU
(P VHJXLGD VLPXOH D YLVmR GR 5D]mR 0HQX 'RFXPHQWR ĺ 6LPXODU
5D]mR $V FDUDFWHUtVWLFDV &HQWUR GH OXFUR H 6HJPHQWR GHYHP HVWDU YLVtYHLV
HP WRGDV DV OLQKDV GR GRFXPHQWR
1DYHJXH GD VLPXODomR GR 5D]mR SDUD R PRGR HVSHFLDOLVWD ERWmR 0RGR
HVSHFLDOLVWD H Oi ORFDOL]H RV VHJXLQWHV SDUkPHWURV H LQIRUPDo}HV
± 7LSR GH GRFXPHQWR XWLOL]DGR

± 7UDQVDomR FRPHUFLDO XWLOL]DGD
± 9DULDQWH GH WUDQVDomR FRPHUFLDO XWLOL]DGD
± 7LSR GH SDUWLGD GR LWHP GH GHVSHVDLWHP EiVLFR
± &RP EDVH HP TXDLV LWHQV GH ODQoDPHQWR D FRQWD GH FUpGLWRV ! FRQWD
p UHSDUWLGD"
6DLD GR PRGR HVSHFLDOLVWD H GD VLPXODomR GR 5D]mR H JUDYHODQFH VHX

GRFXPHQWR
([LED R GRFXPHQWR SULPHLUR QD YLVmR GH HQWUDGD H GHSRLV QD YLVmR GR
5D]mR D FDUDFWHUtVWLFD 6HJPHQWR GHYH DJRUD HVWDU YLVtYHO QDV FRQWDV D SDJDU
H QDV SDUWLGDV LQGLYLGXDLV GH LPSRVWR
$ UHSDUWLomR GH GRFXPHQWR HVWi DWLYD )DoD DV FRQ¿JXUDo}HV QR &XVWRPL]LQJ
QD RUGHP D VHJXLU 1mR PRGL¿TXH DV FRQ¿JXUDo}HV YLVWR TXH WRGRV RV
JUXSRV HVWmR IXQFLRQDQGR FRP DV PHVPDV FRQ¿JXUDo}HV
7RGRV RV SRQWRV GH &XVWRPL]LQJ QHFHVViULRV VH HQFRQWUDP QR GLUHWyULR
FHQWUDO HP 5HSDUWLomR GH GRFXPHQWR

,0* &RQWDELOLGDGH ¿QDQFHLUD QY ĺ &RQWDELOLGDGH JHUDO QRYR ĺ

7UDQVDo}HV FRQWiEHLV ĺ (VWUKLHUiUGRFV
(WDSD
9HUL¿TXH TXDLV FRQWDV GR 5D]mR HVWmR FODVVL¿FDGDV SDUD D UHSDUWLomR GH
GRFXPHQWR
$ TXDLV FDWHJRULDV GH SDUWLGD DV FRQWDV GR 5D]mR H
HVWmR DWULEXtGDV"
(WDSD
9HUL¿TXH TXDLV WLSRV GH GRFXPHQWR HVWmR FODVVL¿FDGRV SDUD D UHSDUWLomR GH
GRFXPHQWR
'HWHUPLQH D TXH WUDQVDomR FRPHUFLDO H D TXH YDULDQWH R WLSR GH GRFXPHQWR
)DW&OLHQWH IDWXUD GR FOLHQWH HVWi DWULEXtGR
(WDSD
([LED DV SURSULHGDGHV GDV YDULDQWHV GH WUDQVDomR FRPHUFLDO
)DoD DV FRQ¿JXUDo}HV SDUD D IDWXUD GH FOLHQWH
4XH HQWUDGD p REULJDWyULR QR GRFXPHQWR"
8P FOLHQWH SRGH VHU ODQoDGR YiULDV YH]HV HP XPD IDWXUD GH FOLHQWH"
(WDSD
([LED DV UHJUDV GH UHSDUWLomR GH GRFXPHQWR GD IDWXUD GH FOLHQWH SURFHVVR
WUDQVDomR FRPHUFLDO YDULDQWH
4XDLV FDWHJRULDV GH SDUWLGD GHYHP VHU SURFHVVDGDV"
4XDLV FDWHJRULDV GH LWHP EiVLFR HVWmR DWULEXtGRV DR FOLHQWH &DW "

6ROXomR 5HSDUWLomR GH GRFXPHQWR

7DUHID
$ UHSDUWLomR GH GRFXPHQWR SRGH VHU DWLYDGD SRU HPSUHVD $ HPSUHVD GH
UHIHUrQFLD SDUD D HPSUHVD *5 FRSLDGD IXQFLRQD FRP UHSDUWLomR GH
GRFXPHQWR DWLYD 9HUL¿TXH VH R FyGLJR IRL FRSLDGR FRP D HPSUHVD SRU
RFDVLmR GD FySLD GHVWD
6H D UHSDUWLomR GH GRFXPHQWR HVWLYHU DWLYDGD 5HSDUWLomR FRPR
FXVWRV SyVSURGXomR RQOLQH WRGDV DV HPSUHVDV HVWD FRQ¿JXUDomR YDOH HP
WRGR R PDQGDQWH XVDP R PpWRGR GH UHSDUWLomR GH GRFXPHQWR
Mi GH¿QLGR $VVHJXUH TXH D KHUDQoD HVWHMD DWLYD HP WRGR R PDQGDQWH
1mR p QHFHVViULR GH¿QLU D FODVVL¿FDomR FRQWiELO VWDQGDUG XVDQGR XPD
FRQVWDQWH
D ,0* &RQWDELOLGDGH ¿QDQFHLUD QY ĺ &RQWDELOLGDGH JHUDO QRYR
ĺ 7UDQVDo}HV FRQWiEHLV ĺ (VWUKLHUiUGRFV ĺ $WLYDU HVWUXWXUD
KLHUiUTXLFD GH GRFXPHQWRV
9RFr YHUi TXH R SURFHVVR GH UHSDUWLomR GH GRFXPHQWR HVWi
GH¿QLGR D KHUDQoD HVWi DWLYD H QmR p XVDGD XPD FRQVWDQWH
8WLOL]DQGR D ³'HVDWLYDomR SRU HPSUHVD´ YrVH TXH VXD HPSUHVD *5
IXQFLRQD FRP UHSDUWLomR GH GRFXPHQWR DWLYD
1mR PRGL¿TXH DV FRQ¿JXUDo}HV
$JRUD LQVLUD XPD IDWXUD GH FOLHQWH SDUD RXWUDV UHFHLWDV FRP RV VHJXLQWHV
GDGRV

(PSUHVD *5
&OLHQWH 6HX FOLHQWH
'DWD GD IDWXUD H GR ODQoDPHQWR 'DWD DWXDO
0RQWDQWH 0RHGD GD HPSUHVD
&DOFXODU ,9$ 'HVPDUTXH
0RQWDQWH GH LPSRVWR 0RHGD GD HPSUHVD
7H[WR 2XWUR JUXSR GH YHQGDV
,WHP FRQWD GR 5D]mR
&RQWD GR 5D]mR

&ODVVL¿FDomR FRQWiELO UHOHYDQWH 35 VHJPHQWR 6(59

,WHP FRQWD GR 5D]mR
&RQWD GR 5D]mR
&ODVVL¿FDomR FRQWiELO UHOHYDQWH VHJPHQWR &216
$QWHV GH JUDYDU VLPXOH VHX GRFXPHQWR

3ULPHLUR FRP D RSomR GH VLPXODomR FOiVVLFD YrVH D YLVmR GH HQWUDGD
VXEVHTXHQWH GR GRFXPHQWR GR ), %DUUD GH IHUUDPHQWDV GD DSOLFDomR
ERWmR 6LPXODU
(P VHJXLGD VLPXOH D YLVmR GR 5D]mR 0HQX 'RFXPHQWR ĺ 6LPXODU
5D]mR $V FDUDFWHUtVWLFDV &HQWUR GH OXFUR H 6HJPHQWR GHYHP HVWDU YLVtYHLV
HP WRGDV DV OLQKDV GR GRFXPHQWR
1DYHJXH GD VLPXODomR GR 5D]mR SDUD R PRGR HVSHFLDOLVWD ERWmR 0RGR
HVSHFLDOLVWD H Oi ORFDOL]H RV VHJXLQWHV SDUkPHWURV H LQIRUPDo}HV
± 7LSR GH GRFXPHQWR XWLOL]DGR

± 7UDQVDomR FRPHUFLDO XWLOL]DGD
± 9DULDQWH GH WUDQVDomR FRPHUFLDO XWLOL]DGD
± 7LSR GH SDUWLGD GR LWHP GH GHVSHVDLWHP EiVLFR
± &RP EDVH HP TXDLV LWHQV GH ODQoDPHQWR D FRQWD GH FUpGLWRV ! FRQWD
p UHSDUWLGD"

6DLD GR PRGR HVSHFLDOLVWD H GD VLPXODomR GR 5D]mR H JUDYHODQFH VHX

GRFXPHQWR
6H VROLFLWDGR LQVLUD VXD HPSUHVD *5 XVDQGR R ERWmR ³(PSUHVD´
H HP VHJXLGD VHOHFLRQH ³(QWHU´
'LFD 6HOHFLRQH R ERWmR ÈUYRUH SDUD TXH D MDQHOD GH HQWUDGD GR

GRFXPHQWR RFXSH WRGD D WHOD
E $QWHV GH JUDYDU VLPXOH VHX GRFXPHQWR 3ULPHLUR FRP D RSomR

GH VLPXODomR FOiVVLFD YrVH D YLVmR GH HQWUDGD VXEVHTXHQWH GR
GRFXPHQWR GR ),
F (P VHJXLGD VLPXOH D YLVmR GR 5D]mR DV FDUDFWHUtVWLFDV &HQWUR GH OXFUR
H 6HJPHQWR GHYHP HVWDU YLVtYHLV HP WRGDV DV OLQKDV GR GRFXPHQWR
G 6H HVVD VtQWHVH QmR IRU LQIRUPDWLYD R EDVWDQWH PDUTXH D FROXQD
0RQWDQWH H XVH SDUD FULDU XP WRWDO JHUDO (P VHJXLGD PDUTXH D
FROXQD 6HJPHQWR H XVH SDUD FULDU XP VXEWRWDO
H 8VH &RQ¿JXUDo}HV ĺ /D\RXW ĺ *UDYDU SDUD JUDYDU LQGLYLGXDOPHQWH
*UDYDU OD\RXW *5

'HVFULomR 6XEWRWDO GH FDGD VHJPHQWR
6HOHomR GH ³&RQ¿JXUDo}HV HVSHFt¿FD GR XVXiULR´ H ³&RQ¿JXUDo}HV

SUHOLPLQDUHV´
I 9RFr GHYH UHFHEHU DV LQIRUPDo}HV GHWDOKDGDV DEDL[R GD VLPXODomR HP
PRGR HVSHFLDOLVWD
6H QmR SXGHU YHU RV FDPSRV H[LEDRV FOLFDQGR QR ODGR GLUHLWR GR
tFRQH HP 0RGL¿FDU OD\RXW SRU H[HPSOR FDWHJRULD GD SDUWLGD
RULJHP GD DWULEXLomR
7LSR GH GRFXPHQWR XWLOL]DGR )DWFOLHQWH
7UDQVDomR FRPHUFLDO XWLOL]DGD )DWXUD GH FOLHQWH
9DULDQWH GH WUDQVDomR FRPHUFLDO XWLOL]DGD VWDQGDUG
&DWHJRULD GD SDUWLGD GR LWHP GH GHVSHVDLWHP EiVLFR UHFHLWD
&RP EDVH HP TXDLV LWHQV GH ODQoDPHQWR D FRQWD GH FUpGLWRV !
FRQWD p UHSDUWLGD" 5HFHLWD H LPSRVWR


([LED R GRFXPHQWR SULPHLUR QD YLVmR GH HQWUDGD H GHSRLV QD YLVmR GR

5D]mR D FDUDFWHUtVWLFD 6HJPHQWR GHYH DJRUD HVWDU YLVtYHO QDV FRQWDV D SDJDU
H QDV SDUWLGDV LQGLYLGXDLV GH LPSRVWR
D 3HUPDQHoD QD WHOD ,QVHULU IDWXUD GR FOLHQWH H VHOHFLRQH 'RFXPHQWR ĺ
([LELU
1D YLVmR GH HQWUDGD GRV GDGRV Mi VH Yr TXH D UHFHLWD IRL GLYLGLGD
3DVVH DJRUD SDUD D YLVmR GR 5D]mR $JRUD GHYH KDYHU VHLV SDUWLGDV
LQGLYLGXDLV HP YH] GH TXDWUR SDUWLGDV LQGLYLGXDLV GH ODQoDPHQWR
E 6H HVVD VtQWHVH QmR IRU LQIRUPDWLYD R EDVWDQWH PDUTXH D FROXQD
0RQWDQWH H XVH SDUD FULDU XP WRWDO JHUDO (P VHJXLGD PDUTXH D
FROXQD 6HJPHQWR H XVH SDUD FULDU XP VXEWRWDO
F *UDYHR FRPR VXD YDULDQWH SUySULD FOLFDQGR QR ODGR GLUHLWR tFRQH
*UDYDU OD\RXW FRPR
*UDYDU OD\RXW *5

'HVFULomR 6XEWRWDO GH FDGD VHJPHQWR
6HOHomR GH ³&RQ¿JXUDo}HV HVSHFt¿FD GR XVXiULR´ H ³&RQ¿JXUDo}HV

SUHOLPLQDUHV´
$ UHSDUWLomR GH GRFXPHQWR HVWi DWLYD )DoD DV FRQ¿JXUDo}HV QR &XVWRPL]LQJ
QD RUGHP D VHJXLU 1mR PRGL¿TXH DV FRQ¿JXUDo}HV YLVWR TXH WRGRV RV
JUXSRV HVWmR IXQFLRQDQGR FRP DV PHVPDV FRQ¿JXUDo}HV
7RGRV RV SRQWRV GH &XVWRPL]LQJ QHFHVViULRV VH HQFRQWUDP QR GLUHWyULR
FHQWUDO HP 5HSDUWLomR GH GRFXPHQWR
7UDQVDo}HV FRQWiEHLV ĺ (VWUKLHUiUGRFV
(WDSD
9HUL¿TXH TXDLV FRQWDV GR 5D]mR HVWmR FODVVL¿FDGDV SDUD D UHSDUWLomR GH
GRFXPHQWR
$ TXDLV FDWHJRULDV GH SDUWLGD DV FRQWDV GR 5D]mR H
HVWmR DWULEXtGDV"
(WDSD
9HUL¿TXH TXDLV WLSRV GH GRFXPHQWR HVWmR FODVVL¿FDGRV SDUD D UHSDUWLomR GH
GRFXPHQWR
'HWHUPLQH D TXH WUDQVDomR FRPHUFLDO H D TXH YDULDQWH R WLSR GH GRFXPHQWR
)DW&OLHQWH IDWXUD GR FOLHQWH HVWi DWULEXtGR
(WDSD

([LED DV SURSULHGDGHV GDV YDULDQWHV GH WUDQVDomR FRPHUFLDO

)DoD DV FRQ¿JXUDo}HV SDUD D IDWXUD GH FOLHQWH
4XH HQWUDGD p REULJDWyULR QR GRFXPHQWR"
8P FOLHQWH SRGH VHU ODQoDGR YiULDV YH]HV HP XPD IDWXUD GH FOLHQWH"
(WDSD
([LED DV UHJUDV GH UHSDUWLomR GH GRFXPHQWR GD IDWXUD GH FOLHQWH SURFHVVR
WUDQVDomR FRPHUFLDO YDULDQWH
4XDLV FDWHJRULDV GH SDUWLGD GHYHP VHU SURFHVVDGDV"
4XDLV FDWHJRULDV GH LWHP EiVLFR HVWmR DWULEXtGRV DR FOLHQWH &DW "
D (WDSD
$WULEXLomR GH FRQWDV GR 5D]mR D FDWHJRULDV GH SDUWLGD ĺ &ODVVL¿FDU
FRQWDV GR 5D]mR SDUD HVWUXWXUD KLHUiUTXLFD GH GRFXPHQWRV
3ODQR GH FRQWDV ,17
&RQWD FRQWDV D UHFHEHU HQWUH H &DWHJRULD
FRQWD GH EDODQoR
&RQWD FRQWDV D UHFHEHU HQWUH H &DWHJRULD ,9$
&RQWD FRQWDV D UHFHEHU HQWUH H &DWHJRULD
FRQWDV D UHFHEHU
E (WDSD
$WULEXLomR GR WLSR GH GRFXPHQWR D XPD WUDQVDomR FRPHUFLDO ¿[D
H YDULDQWHV GH WUDQVDomR FRPHUFLDO SRGHP VHU PRGL¿FDGRV YLD
&XVWRPL]LQJ ĺ &ODVVL¿FDU WLSRV GH GRFXPHQWR SDUD HVWUXWXUD
KLHUiUTXLFD GH GRFXPHQWRV
)DWFOLHQWH )DWXUD GH FOLHQWH /LJDGD FRP

7UDQVDomR )DWXUD GH FOLHQWH
9DULDQWH 6WDQGDUG
F (WDSD
9HUL¿FDU DV YDULDQWHV GH WUDQVDomR FRPHUFLDO (VWUXWXUD KLHUiUTXLFD GH
GRFXPHQWR DPSOLDGD ĺ 'H¿QLU YDULDQWH GH WUDQVDomR FRQWiELO
0DUTXH D WUDQVDomR FRPHUFLDO QR QtYHO PDLV DOWR
0DUTXH D YDULDQWH QR VHJXQGR QtYHO
0DUTXH DV FDWHJRULDV GH SDUWLGD UHOHYDQWHV QR QtYHO PDLV EDL[R

1HOH p SRVVtYHO FRQWURODU VH XPD SRVLomR HVSHFt¿FD p REULJDWyULD QHVWH

FDVR R FOLHQWH SRU GH¿QLomR H VH XPD FDWHJRULD GH SDUWLGD SRGH
DSDUHFHU DSHQDV QR GRFXPHQWR SRU H[HPSOR
G (WDSD
9HUL¿FDU D UHJUD GH UHSDUWLomR GH GRFXPHQWR 5HSDUWLomR GH GRFXPHQWR
DPSOLDGD ĺ 'H¿QLU UHJUD GH UHSDUWLomR GH GRFXPHQWR
1R QtYHO PDLV DOWR PDUTXH R SURFHVVR FRP D
WUDQVDomR FRPHUFLDO H D YDULDQWH
1R VHJXQGR QtYHO PDUTXH D FDWHJRULD GH SDUWLGD D VHU SURFHVVDGD
FOLHQWH
$WHQomR 2 VLVWHPD UHFRQKHFH D FRQWD GH FRQFLOLDomR
FRPR WDO WLSR GH FRQWD ' H FKDPD D FDWHJRULD GH
SDUWLGD FOLHQWH DXWRPDWLFDPHQWH
0DUTXH DV FDWHJRULDV GH LWHP EiVLFR UHOHYDQWHV QR QtYHO PDLV

EDL[R
$V FRQWDV D UHFHEHU VmR GLYLGLGDV GH DFRUGR FRP RV VHJXLQWHV LWHQV
EiVLFRV
&RQWD GR EDODQoR

&RPSHQVDomR GD HPSUHVD
,9$
,PSRVWR UHWLGR QD IRQWH
,PRELOL]DGR
'HVSHVD
5HFHLWD

5HVXPR GD OLomR
QRYD

7),1B /LomR 9DORUHV SURSRVWRV
/LomR 9DORUHV SURSRVWRV

(VWD OLomR ID] XPD VtQWHVH GDV GLYHUVDV RSo}HV GH YDORUHV SURSRVWRV QR VLVWHPD
6$3 (53
2EMHWLYRV GD OLomR
&HQiULR GH QHJyFLRV
2 XVXiULR QmR TXHU WHU GH HQWUDU VHPSUH RV GDGRV 3RU LVVR YRFr TXHU GH¿QLU
YDORUHV SURSRVWRV QR VLVWHPD
)LJXUD 9DORUHV SURSRVWRV SDUD FRQ¿JXUDomR GR XVXiULR

$V LGHQWL¿FDo}HV GH SDUkPHWUR SHUPLWHP DRV XVXiULRV GH¿QLU YDORUHV SURSRVWRV

SDUD FDPSRV FXMRV YDORUHV QmR VH PRGL¿FDP FRP IUHTrQFLD SRU H[HPSOR
HPSUHVD PRHGD 4XDQGR H[HFXWDU D WUDQVDomR HVWHV YDORUHV DSDUHFHP
DXWRPDWLFDPHQWH QRV FDPSRV FRUUHVSRQGHQWHV 3RU LVVR QmR p QHFHVViULR LQVHULU
HVWHV YDORUHV PDQXDOPHQWH H SRGHVH HYLWDU HUURV GH HQWUDGD
8WLOL]DQGR DV RSo}HV GH SURFHVVDPHQWR SRGHVH FRQ¿JXUDU VXDV WHODV SDUD DV
VHJXLQWHV iUHDV
(QWUDGD GH UHFLER RV XVXiULRV SRGHP RFXOWDU FDPSRV TXH WDOYH] VHMDP
LUUHOHYDQWHV SDUD VHX WUDEDOKR FRPR PRHGD HVWUDQJHLUD RX WUDQVDo}HV
LQWHUHPSUHVDULDLV 7DPEpP SRGHVH XWLOL]DU RSo}HV GH SURFHVVDPHQWR
HVSHFLDLV SDUD DV WUDQVDo}HV HP WHOD ~QLFD
([LELomR GH GRFXPHQWR 8WLOL]DQGR R /LVW 9LHZHU R XVXiULR SRGH VHOHFLRQDU
GLIHUHQWHV RSo}HV GH H[LELomR SDUD H[LELU GRFXPHQWRV
3DUWLGDV HP DEHUWR 2V XVXiULRV SRGHP VHOHFLRQDU H[LELo}HV GH HVWUXWXUD GH
OLQKDV H RSo}HV GH ODQoDPHQWR SDUD SURFHVVDU SDUWLGDV HP DEHUWR RX VHMD
SRGHP LQVHULU R PRQWDQWH GH XP SDJDPHQWR SDUFLDO RX R VDOGR GD QRYD
SDUWLGD HP DEHUWR
4XDQGR RV XVXiULRV ID]HP ORJRQ QR VLVWHPD 6$3 (53 VHXV ,'V GH XVXiULR WrP
SURSULHGDGHV HVSHFt¿FDV DSOLFiYHLV DR VLVWHPD LQWHLUR LGLRPD GH ORJRQ IRUPDWR
GH GDWD H QRWDomR GHFLPDO 2V XVXiULRV WDPEpP SRGHP GH¿QLU XPD LPSUHVVRUD
GHIDXOW SDUD VL SUySULRV 3RGHVH VLPSOL¿FDU R WUDEDOKR GH DWXDOL]DomR GH XVXiULR
FULDQGR SULPHLUR XP XVXiULR GXPP\ H DWXDOL]DQGR RV YDORUHV GH DFRUGR FRP RV
UHTXLVLWRV FRQWiEHLV H GHSRLV FRSLDQGR HVWH XVXiULR
)LJXUD 'HIDXOWV GH VLVWHPD H FRQWiEHLV

2 VLVWHPD IRUQHFH YDORUHV SURSRVWRV EiVLFRV SDUD D HQWUDGD GH GRFXPHQWRV 3RU

H[HPSOR GXUDQWH D HQWUDGD GH GRFXPHQWRV RV GDGRV DWXDLV VmR SURSRVWRV FRPR
GDWD GH ODQoDPHQWR
6H Mi WLYHU LQVHULGR XP GRFXPHQWR SDUD R SUy[LPR GRFXPHQWR RV VLVWHPD SURS}H
D HPSUHVD LQVHULGD QR ~OWLPR GRFXPHQWR
2 VLVWHPD IXQFLRQD GH DFRUGR FRP R 3ULQFtSLR GH GRFXPHQWR WRGRV RV
GRFXPHQWRV GHYHP VHU VDOGDGRV SDUD TXH SRVVDP VHU ODQoDGRV
3DUD LQVHULU DV GLIHUHQWHV WUDQVDo}HV FRQWiEHLV QD FRQWDELOLGDGH R VLVWHPD RIHUHFH
WLSRV GH GRFXPHQWRV SUHGH¿QLGRV H FKDYHV GH ODQoDPHQWR QR FRQ¿JXUDomR 3RU
H[HPSOR XPD IDWXUD GH IRUQHFHGRU WHP R WLSR GH GRFXPHQWR .5 R ODQoDPHQWR GH
FUpGLWR p H[HFXWDGR FRP D FKDYH GH ODQoDPHQWR
1R VLVWHPD SRGHVH FRQWURODU VH R H[HUFtFLR p SURSRVWR TXDQGR VH H[LEH RX
PRGL¿FD GRFXPHQWRV 1DV HPSUHVDV FRP QD PDLRULD GDV YH]HV DWULEXLomR GH
Q~PHURV GH GRFXPHQWRV HVSHFt¿FD GR DQR p ~WLO TXH R H[HUFtFLR VHMD SURSRVWR R
VLVWHPD SURS}H HQWmR R Q~PHUR GR ~OWLPR GRFXPHQWR SURFHVVDGR H R H[HUFtFLR
UHOHYDQWH 7DPEpP p SRVVtYHO ID]HU FRP TXH VHMD SURSRVWD D GDWD GD &38
1R QtYHO GD HPSUHVD LQVLUD D GLIHUHQoD Pi[LPD SHUPLWLGD HQWUH D WD[D GH FkPELR
QR FDEHoDOKR GR GRFXPHQWR GH XPD WUDQVDomR FRQWiELO H D WD[D GH FkPELR QD
WDEHOD GH WD[DV GH FkPELR 6H R VLVWHPD GHWHUPLQDU TXH HVWD GLIHUHQoD Pi[LPD GH
SRUFHQWDJHP IRL H[FHGLGD HPLWH XPD PHQVDJHP GH DGYHUWrQFLD 'HVWD IRUPD DV
HQWUDGDV LQFRUUHWDV VHUmR UHFRQKHFLGDV H FRUULJLGDV HP WHPSR


([HUFtFLR 9DORUHV SURSRVWRV

([SOLFDU D RULJHP GH YDORUHV SURSRVWRV
&HQiULR GH QHJyFLRV
2 XVXiULR QmR TXHU WHU GH LQVHULU GDGRV GXDV YH]HV 3RU LVVR YRFr TXHU GH¿QLU
YDORUHV SURSRVWRV QR VLVWHPD
7DUHID
5HVSRQGD jV VHJXLQWHV TXHVW}HV H FRQ¿JXUH QR VLVWHPD DV YDORUHV SURSRVWRV
FRUUHVSRQGHQWHV
/LVWH DOJXPDV RULJHQV GH YDORUHV TXH VmR SURSRVWRV SHOR VLVWHPD SDUD D
HQWUDGD GH XP GRFXPHQWR
6H RV XVXiULRV TXLVHUHP WHU FHUWH]D GH TXH QmR YmR DFLGHQWDOPHQWH PRGL¿FDU

R WLSR GH GRFXPHQWR GXUDQWH D HQWUDGD GR GRFXPHQWR RQGH SRGHP ID]HU
HVWD FRQ¿JXUDomR"
$ GDWD HIHWLYD p QHFHVViULD SDUD UHÀHWLU D WUDQVDomR HP $GPLQLVWUDomR GH
FDL[D $WLYDU D IXQomR TXH SURS}H D GDWD YDORU DR SURFHVVDU XP GRFXPHQWR
2 GHVYLR Pi[LPR GH FkPELR IRL 2 FRQWDELOLVWD ¿QDQFHLUR H[SUHVVRX
D SUHRFXSDomR GH TXH HVVD SRUFHQWDJHP HVWi PXLWR DOWD eOKH SHGLGR TXH
GH¿QD R GHVYLR Pi[LPR GH FkPELR GH VXD HPSUHVD SDUD

6ROXomR 9DORUHV SURSRVWRV

7DUHID
5HVSRQGD jV VHJXLQWHV TXHVW}HV H FRQ¿JXUH QR VLVWHPD DV YDORUHV SURSRVWRV
FRUUHVSRQGHQWHV
/LVWH DOJXPDV RULJHQV GH YDORUHV TXH VmR SURSRVWRV SHOR VLVWHPD SDUD D
HQWUDGD GH XP GRFXPHQWR
5HVSRVWD
5HJLVWURV PHVWUH GH XVXiULR
0HPyULD GR SDUkPHWUR
'DGRV GR VLVWHPD
5HJLVWUR PHVWUH GD FRQWD
)XQo}HV FRQWiEHLV
6H RV XVXiULRV TXLVHUHP WHU FHUWH]D GH TXH QmR YmR DFLGHQWDOPHQWH PRGL¿FDU
R WLSR GH GRFXPHQWR GXUDQWH D HQWUDGD GR GRFXPHQWR RQGH SRGHP ID]HU
HVWD FRQ¿JXUDomR"
D $ SDUWLU GH XPD WHOD GH HQWUDGD GH GRFXPHQWR GR 5D]mR GR IRUQHFHGRU
RX GR FOLHQWH VHOHFLRQH R ERWmR 2So}HV GH HGLomR

GDGRV
2SomR GH WLSR GH GRFXPHQWR 7LSR GH GRFXPHQWR RFXOWR
$ GDWD HIHWLYD p QHFHVViULD SDUD UHÀHWLU D WUDQVDomR HP $GPLQLVWUDomR GH
FDL[D $WLYDU D IXQomR TXH SURS}H D GDWD YDORU DR SURFHVVDU XP GRFXPHQWR
D $WLYDU SURSRVWD GH GDWD YDORU
,0* &RQWDELOLGDGH ¿QDQFHLUD QY ĺ &RQ¿JXUDo}HV JOREDLV
FRQWDELOLGDGH ¿QDQFHLUD QRYR ĺ 'RFXPHQWR ĺ 9DOVSURSRVWRV ĺ
3URSRU GDWD HIHWLYD

(PSUHVD *5
3URSRU GDWD HIHWLYD
6HOHFLRQH *UDYDU

2 GHVYLR Pi[LPR GH FkPELR IRL 2 FRQWDELOLVWD ¿QDQFHLUR H[SUHVVRX

D SUHRFXSDomR GH TXH HVVD SRUFHQWDJHP HVWi PXLWR DOWD eOKH SHGLGR TXH
GH¿QD R GHVYLR Pi[LPR GH FkPELR GH VXD HPSUHVD SDUD
D 0RGL¿TXH R GHVYLR Pi[LPR GH FkPELR
FRQWDELOLGDGH ¿QDQFHLUD QRYR ĺ 3DUkPHWURV JOREDLV SDUD D HPSUHVD
ĺ 0RHGDV ĺ 'HVYLR Pi[LPR WD[D GH FkPELR ĺ *UDYDU GHVYLR GH
FkPELR Pi[LPR SRU HPSUHVD

(PSUHVD *5
'LIHUHQoD Pi[LPD GH FkPELR
6HOHFLRQH *UDYDU
2EVHUYDomR 9RFr DFDERX GH GH¿QLU RV YDORUHV SURSRVWRV GR

VLVWHPD TXH DIHWDUmR WUDQVDo}HV FRQWiEHLV IXWXUDV

5HVXPR GD OLomR

7),1B /LomR &RQWUROH GH PRGL¿FDomR
/LomR &RQWUROH GH PRGL¿FDomR

(VWD OLomR GHVFUHYH D IXQomR GH FRQWUROH SDUD D PRGL¿FDomR GH GRFXPHQWRV
2EMHWLYRV GD OLomR
&HQiULR GH QHJyFLRV
2 JHUHQWH GD FRQWDELOLGDGH QmR TXHU TXH VHMD SRVVtYHO PRGL¿FDU WRGRV RV FDPSRV
TXH RIHUHFHP HVVD SRVVLELOLGDGH DSyV R ODQoDPHQWR GR GRFXPHQWR QR 6$3 (53
)LJXUD 0RGL¿FDomR GH GRFXPHQWRV
e SRVVtYHO PRGL¿FDU GRFXPHQWRV Mi ODQoDGRV (QWUHWDQWR FRP EDVH HP UHJUDV

GLIHUHQWHV DSHQDV FHUWRV FDPSRV SRGHP VHU PRGL¿FDGRV (VWDV UHJUDV SRGHP VHU
SUHGH¿QLGDV SHOR VLVWHPD RX SRGHP VHU HVSHFt¿FDV GH XVXiULR

3RGHVH PRGL¿FDU GHWHUPLQDGRV FDPSRV GR FDEHoDOKR GR GRFXPHQWR H GDV

SDUWLGDV LQGLYLGXDLV
&DEHoDOKR GR GRFXPHQWR VRPHQWH R Q~PHUR GH UHIHUrQFLD H R WH[WR GR
FDEHoDOKR GR GRFXPHQWR SRGHP VHU PRGL¿FDGRV
3DUWLGDV ,QGLYLGXDLV R VLVWHPD QmR SHUPLWH PRGL¿FDo}HV QR PRQWDQWH QD
FKDYH GH ODQoDPHQWR QD FRQWD RX HP TXDOTXHU RXWUR FDPSR TXH DIHWH D
FRQFLOLDomR GH XP ODQoDPHQWR
¬ PHGLGD TXH RV XVXiULRV PRGL¿FDP RV GRFXPHQWRV DV VHJXLQWHV LQIRUPDo}HV
VmR UHJLVWUDGDV
2 FDPSR TXH IRL PRGL¿FDGR
2V YDORUHV QRYRV H DQWLJRV
2 XVXiULR TXH IH] D PRGL¿FDomR
$ KRUD H D GDWD GD PRGL¿FDomR
)LJXUD 5HJUDV GH PRGL¿FDomR GH GRFXPHQWRV
3RGHVH GLVWLQJXLU HQWUH UHJUDV GH PRGL¿FDomR GH GRFXPHQWRV GH DFRUGR FRP

RV VHJXLQWHV FULWpULRV
7LSR GH FRQWD R WLSR GH FRQWD SHUPLWH TXH RV XVXiULRV GH¿QDP UHJUDV SDUD
FRQWDV GH FOLHQWH IRUQHFHGRU H GR 5D]mR
&ODVVH GD WUDQVDomR DV FODVVHV GH WUDQVDomR VmR XWLOL]DGDV DSHQDV SDUD
WUDQVDo}HV GR 5D]mR HVSHFLDO OHWUDV GH FkPELR H DGLDQWDPHQWRV
(PSUHVD 6H R FDPSR HVWLYHU HP EUDQFR D QRUPD VH DSOLFD D WRGDV DV
HPSUHVDV

$V FRQGLo}HV SDUD D PRGL¿FDomR GH XP FDPSR VmR SUHGH¿QLGDV 3RGHP VHU

PRGL¿FDGDV FRPR VHJXH
2 SHUtRGR FRQWiELO DLQGD HVWi HP DEHUWR
$ SDUWLGD LQGLYLGXDO DLQGD QmR HVWi FRPSHQVDGD
$ SDUWLGD LQGLYLGXDO p XP GpELWR HP FRQWD GH FOLHQWH RX XP FUpGLWR HP
FRQWD GH IRUQHFHGRU
2 GRFXPHQWR QmR p XPD QRWD GH FUpGLWR SDUD XPD IDWXUD
2 GRFXPHQWR QmR p XP FUpGLWR GHFRUUHQWH GH XP DGLDQWDPHQWR
3RGHVH H[LELU PRGL¿FDo}HV GH GRFXPHQWRV SDUD WRGRV RV GRFXPHQWRV FRP R
UHODWyULR 5)%$%/ 1HVWH UHODWyULR H[LVWHP RSo}HV GH VHOHomR TXH LQFOXHP D
HPSUHVD RV Q~PHURV GH GRFXPHQWR R H[HUFtFLR D GDWD GD PRGL¿FDomR H R QRPH
GH XVXiULR GD SHVVRD TXH HIHWXRX D PRGL¿FDomR


([HUFtFLR 5HJUDV GH PRGL¿FDomR GH

GRFXPHQWRV
$SOLFDU DV UHJUDV SDUD D PRGL¿FDomR GH GRFXPHQWRV
&HQiULR GH QHJyFLRV
2 FDPSR GH DWULEXLomR GHWHUPLQD TXDO GRFXPHQWR GR *HUHQFLDPHQWR GD RUGHP GR
FOLHQWH FRQVWLWXL D EDVH GR GRFXPHQWR FRQWiELO 2V DXGLWRUHV LQWHUQRV VROLFLWDUDP
TXH VH HYLWH PRGL¿FDU R FDPSR GH DWULEXLomR DSyV D FULDomR GH XPD WUDQVDomR
7DUHID
)DoD FRP TXH QmR VHMD SRVVtYHO PRGL¿FDU R FDPSR GH DWULEXLomR
9HUL¿TXH VH R FDPSR GH DWULEXLomR SRGH VHU PRGL¿FDGR HP XP GRV
GRFXPHQWRV TXH YRFr ODQoRX QR H[HUFtFLR DQWHULRU &DVR VHMD SRVVtYHO DOWHUH
DV UHJUDV GH PRGL¿FDomR SDUD RV WLSRV GDV FRQWDV ' . H 6 SDUD HYLWDU
PRGL¿FDo}HV IXWXUDV QR FDPSR GH DWULEXLomR 'HSRLV GLVVR GHPRQVWUH TXH R
FDPSR GH DWULEXLomR QmR SRGH PDLV VHU PRGL¿FDGR
'LFD 2 QRPH GR FDPSR DWULEXLomR p %6(*=8215´

6ROXomR 5HJUDV GH PRGL¿FDomR GH

GRFXPHQWRV
7DUHID
)DoD FRP TXH QmR VHMD SRVVtYHO PRGL¿FDU R FDPSR GH DWULEXLomR
9HUL¿TXH VH R FDPSR GH DWULEXLomR SRGH VHU PRGL¿FDGR HP XP GRV
GRFXPHQWRV TXH YRFr ODQoRX QR H[HUFtFLR DQWHULRU &DVR VHMD SRVVtYHO DOWHUH
DV UHJUDV GH PRGL¿FDomR SDUD RV WLSRV GDV FRQWDV ' . H 6 SDUD HYLWDU
PRGL¿FDo}HV IXWXUDV QR FDPSR GH DWULEXLomR 'HSRLV GLVVR GHPRQVWUH TXH R
'LFD 2 QRPH GR FDPSR DWULEXLomR p %6(*=8215´
D 2 FDPSR GH DWULEXLomR SRGH VHU PRGL¿FDGR"

$SOLFDomR &RQWDELOLGDGH ĺ &RQWDELOLGDGH ¿QDQFHLUD ĺ &OLHQWHV ĺ
'RFXPHQWR ĺ 0RGL¿FDU

1 GR GRFXPHQWR 'R FDStWXOR DQWHULRU
(PSUHVD *5
([HUFtFLR $QR DWXDO
&OLTXH GXDV YH]HV QD SDUWLGD LQGLYLGXDO GR FOLHQWH H REVHUYH TXH R
FDPSR GH DWULEXLomR SRGH VHU PRGL¿FDGR
&ULH XPD QRYD UHJUD GH PRGL¿FDomR
FRQWDELOLGDGH ¿QDQFHLUD QRYR ĺ 'RFXPHQWR ĺ 5HJUDV GH
PRGL¿FDomR GH GRFXPHQWR ĺ 5HJUDV GH PRGL¿FDomR GH GRFXPHQWR
LWHP GR GRFXPHQWR ĺ (QWUDGDV QRYDV

1RPH GR FDPSR %6(*=8215
7LSR GH FRQWD 6
&ODVVH GH RSHUDomR (0 %5$1&2
(PSUHVD *5

&DPSR PRGL¿FiYHO (0 %5$1&2
'HVWDTXH D UHJUD TXH YRFr DFDERX GH FULDU

7LSR GH FRQWD '
(PSUHVD *5
6HOHFLRQH ³(QWHU´
'HVWDTXH D UHJUD TXH YRFr DFDERX GH FULDU

7LSR GH FRQWD .
(PSUHVD *5
6HOHFLRQH ³(QWHU´
3DUD YHUL¿FDU VH R FDPSR QmR p PDLV PRGL¿FiYHO UHSLWD D SULPHLUD
HWDSD H FKDPH R GRFXPHQWR SDUD PRGL¿FiOR
'RFXPHQWR ĺ 0RGL¿FDU

1~PHUR GR GRFXPHQWR 'R FDStWXOR DQWHULRU
(PSUHVD *5

([HUFtFLR $QR FRUUHQWH
&OLTXH GXDV YH]HV QD SDUWLGD LQGLYLGXDO GR FOLHQWH H REVHUYH TXH R
2EVHUYDomR $FDERX GH FULDU XPD UHJUD GH PRGL¿FDomR GH

GRFXPHQWR TXH HVWDEHOHFH TXH SDUD ODQoDPHQWRV GH FOLHQWH
IRUQHFHGRU H GR 5D]mR R FDPSR GH DWULEXLomR QmR SRGH VHU
PRGL¿FDGR DSyV R ODQoDPHQWR

5HVXPR GD OLomR

/LomR (VWRUQR GH GRFXPHQWR

(VWD OLomR DSUHVHQWD GRLV PRGRV SDUD HVWRUQDU GRFXPHQWRV QR VLVWHPD
2EMHWLYRV GD OLomR
(VWRUQDU GRFXPHQWRV
&HQiULR GH QHJyFLRV
$OJXPDV YH]HV XP GRFXPHQWR p LQVHULGR H ODQoDGR LQFRUUHWDPHQWH 'HYH VHU
HVWRUQDGR H LQVHULGR QRYDPHQWH GH PDQHLUD FRUUHWD $ DGPLQLVWUDomR GHVHMD SRGHU
FRUULJLU D PRYLPHQWDomR QR SHUtRGR DR HVWRUQDU XP GRFXPHQWR
)LJXUD 'RFXPHQWRV GH HVWRUQR
2V XVXiULRV SRGHP FRPHWHU HUURV TXDQGR LQVHUHP GRFXPHQWRV &RPR UHVXOWDGR

R GRFXPHQWR FULDGR FRQWpP LQIRUPDo}HV LQFRUUHWDV 3DUD UHJLVWUDU HP ORJ DV
FRUUHo}HV R GRFXPHQWR LQFRUUHWR WHP SULPHLUR GH VHU HVWRUQDGR 2 GRFXPHQWR
SRGH HQWmR VHU LQVHULGR QRYDPHQWH GH PDQHLUD FRUUHWD

7),1B /LomR (VWRUQR GH GRFXPHQWR
2 VLVWHPD IRUQHFH XPD IXQomR SDUD HVWRUQDU GRFXPHQWRV GR 5D]mR GH FOLHQWHV H

GH IRUQHFHGRUHV LQGLYLGXDOPHQWH RX HP XP HVWRUQR HP PDVVD
e SRVVtYHO HVWRUQDU XP GRFXPHQWR GH XPD GDV VHJXLQWHV PDQHLUDV
/DQoDPHQWR GH HVWRUQR QRUPDO
/DQoDPHQWR QHJDWLYR
4XDQGR HVWRUQDU XP GRFXPHQWR GHYHVH LQVHULU XP PRWLYR GR HVWRUQR TXH
H[SOLTXH R HVWRUQR 2 PRWLYR GR HVWRUQR WDPEpP FRQWUROD VH D GDWD GR HVWRUQR
SRGH VHU GLIHUHQWH GD GDWD GH ODQoDPHQWR RULJLQDO
e LPSRVVtYHO HVWRUQDU GRFXPHQWRV FRP SDUWLGDV OLTXLGDGDV 3ULPHLUDPHQWH R
GRFXPHQWR GHYH VHU DQXODGR
)LJXUD /DQoDPHQWR GH HVWRUQR QRUPDO /DQoDPHQWR QHJDWLYR
2 ODQoDPHQWR GH HVWRUQR QRUPDO ID] FRP TXH R VLVWHPD ODQFH LQFRUUHWDPHQWH R

GpELWR FRPR FUpGLWR H R FUpGLWR FRPR GpELWR 2 ODQoDPHQWR GH HVWRUQR QRUPDO
SURYRFD DVVLP XP DXPHQWR QD PRYLPHQWDomR QR SHUtRGR
2 ODQoDPHQWR QHJDWLYR WDPEpP ODQoD R GpELWR LQFRUUHWR FRPR FUpGLWR H R
FUpGLWR LQFRUUHWR FRPR GpELWR 'HVWD YH] R PRQWDQWH ODQoDGR QmR p DGLFLRQDGR j
PRYLPHQWDomR QR SHUtRGR PDV p VXEWUDtGR GHVVD PRYLPHQWDomR QR RXWUR ODGR GD
FRQWD ,VWR ID] FRP TXH D PRYLPHQWDomR QR SHUtRGR YROWH D VHU R TXH HUD DQWHV GH
WHU RFRUULGR R ODQoDPHQWR LQFRUUHWR

*HUDOPHQWH R VLVWHPD XWLOL]D R ODQoDPHQWR GH HVWRUQR QRUPDO SDUD HVWRUQDU

GRFXPHQWRV 3DUD H[HFXWDU ODQoDPHQWRV QHJDWLYRV RV VHJXLQWHV SUpUHTXLVLWRV
GHYHP VHU DWHQGLGRV
$ HPSUHVD SHUPLWH ODQoDPHQWRV QHJDWLYRV
2 PRWLYR GR HVWRUQR WHP GH VHU GH¿QLGR SDUD HVWRUQR QHJDWLYR
2V ODQoDPHQWRV QHJDWLYRV WDPEpP SRGHP VHU XWLOL]DGRV SDUD H[HFXWDU
WUDQVIHUrQFLDV GH SDUWLGDV LQGLYLGXDLV LQFRUUHWDV 2 LWHP p UHPRYLGR GD FRQWD
HUUDGD SRU XP ODQoDPHQWR QHJDWLYR R TXH DQXOD D PRYLPHQWDomR QR SHUtRGR H
IHLWR QD FRQWD FRUUHWD SRU XP ODQoDPHQWR QRUPDO ,VVR Vy SRGH VHU IHLWR FRP XP
WLSR GH GRFXPHQWR TXH SHUPLWD FODUDPHQWH ODQoDPHQWRV QHJDWLYRV

([HUFtFLR (VWRUQR GH GRFXPHQWR

(VWRUQDU GRFXPHQWRV
&RQ¿JXUDU VXD HPSUHVD SDUD SHUPLWLU ODQoDPHQWRV QHJDWLYRV
&HQiULR GH QHJyFLRV
$OJXPDV YH]HV XP GRFXPHQWR p LQVHULGR H ODQoDGR LQFRUUHWDPHQWH 1HVWH FDVR
R GRFXPHQWR SUHFLVD VHU HVWRUQDGR H LQVHULGR QRYDPHQWH GD PDQHLUD FRUUHWD $
DGPLQLVWUDomR GHVHMD SRGHU FRUULJLU D PRYLPHQWDomR QR SHUtRGR DR HVWRUQDU XP
GRFXPHQWR
7DUHID
5HVSRQGD jV TXHVW}HV D VHJXLU
&LWDU DV GXDV PDQHLUDV SRVVtYHLV GH HVWRUQDU XP GRFXPHQWR QR VLVWHPD 6$3

(53 )LQDQFLDOV
4XDLV VmR RV GRLV SUpUHTXLVLWRV QHFHVViULRV SDUD SURFHVVDU ODQoDPHQWRV

QHJDWLYRV"
9HUL¿TXH VH VXD HPSUHVD SHUPLWH ODQoDPHQWRV QHJDWLYRV

9HUL¿FDU TXH PRWLYRV GR HVWRUQR SRGHP VHU XWLOL]DGRV SDUD UHDOL]DU R HVWRUQR
SRU PHLR GH ODQoDPHQWRV QHJDWLYRV
9HUL¿TXH R VDOGR GH VXD FRQWD ¿QDQFHLUD GR H[HUFtFLR ³'RFXPHQWRV
VLPSOHV QD &RQWDELOLGDGH ¿QDQFHLUD´ ([LED RV GRFXPHQWRV TXH YRFr ODQoRX
H DQRWH R WLSR H R Q~PHUR GH GRFXPHQWR XWLOL]DGR
(VWRUQH R GRFXPHQWR GR 5D]mR UHFpPFULDGR H D VHJXLU YHUL¿TXH R VDOGR GD
FRQWD SDUD REVHUYDU R LPSDFWR GH XP HVWRUQR QHJDWLYR

6ROXomR (VWRUQR GH GRFXPHQWR

7DUHID
&LWDU DV GXDV PDQHLUDV SRVVtYHLV GH HVWRUQDU XP GRFXPHQWR QR VLVWHPD 6$3
(53 )LQDQFLDOV
5HVSRVWD
/DQoDPHQWR GH HVWRUQR QRUPDO
(VWRUQR FRP ODQoDPHQWR QHJDWLYR
4XDLV VmR RV GRLV SUpUHTXLVLWRV QHFHVViULRV SDUD SURFHVVDU ODQoDPHQWRV
QHJDWLYRV"
5HVSRVWD
$ HPSUHVD GHYH SHUPLWLU ODQoDPHQWRV QHJDWLYRV
2 PRWLYR GR HVWRUQR WHP GH VHU GH¿QLGR SDUD HVWRUQR QHJDWLYR
9HUL¿TXH VH VXD HPSUHVD SHUPLWH ODQoDPHQWRV QHJDWLYRV
D 3HUPLWLU ODQoDPHQWRV QHJDWLYRV QD HPSUHVD
7UDQVDo}HV FRQWiEHLV ĺ /DQoDPHQWR GH FRUUHomRHVWRUQR ĺ $GPLWLU
ODQoDPHQWRV QHJDWLYRV

GDGRV
(PSUHVD *5
/DQoDPHQWRV QHJDWLYRV
DXWRUL]DGRV
6HOHFLRQH ³*UDYDU´ VH YRFr GH¿QLU R FyGLJR ³/DQoDPHQWRV QHJDWLYRV

DXWRUL]DGRV´
9HUL¿FDU TXH PRWLYRV GR HVWRUQR SRGHP VHU XWLOL]DGRV SDUD UHDOL]DU R HVWRUQR
SRU PHLR GH ODQoDPHQWRV QHJDWLYRV
D ,0* &RQWDELOLGDGH ¿QDQFHLUD QY ĺ &RQWDELOLGDGH JHUDO QRYR ĺ
7UDQVDo}HV FRQWiEHLV ĺ /DQoDPHQWR GH FRUUHomRHVWRUQR ĺ 'H¿QLU
PRWLYRV GH HVWRUQR
9HUL¿FDU PRWLYRV GR HVWRUQR
2 FyGLJR ³/DQoDPHQWR QHJDWLYR´ p GH¿QLGR SDUD RV PRWLYRV GH HVWRUQR
5(

9HUL¿TXH R VDOGR GH VXD FRQWD ¿QDQFHLUD GR H[HUFtFLR ³'RFXPHQWRV

VLPSOHV QD &RQWDELOLGDGH ¿QDQFHLUD´ ([LED RV GRFXPHQWRV TXH YRFr ODQoRX
H DQRWH R WLSR H R Q~PHUR GH GRFXPHQWR XWLOL]DGR
D ([LED R VDOGR GD FRQWD R WLSR GH GRFXPHQWR H R Q~PHUR GH GRFXPHQWR
$SOLFDomR &RQWDELOLGDGH ĺ &RQWDELOLGDGH ¿QDQFHLUD ĺ 5D]mR ĺ
&RQWD ĺ ([LELU VDOGRV

GDGRV
&RQWD GR 5D]mR
(PSUHVD *5
([HUFtFLR $QR DWXDO
6HOHFLRQH ([HFXWDU
5HJLVWUH RV VDOGRV GR SHUtRGR DWXDO
'pELWR BBBBBBBBBBBBBBB
&UpGLWR BBBBBBBBBBBBB
&OLTXH GXDV YH]HV QR VDOGR GHYHGRU GR SHUtRGR DWXDO 6mR H[LELGDV DV
SDUWLGDV LQGLYLGXDLV TXH FULDUDP R VDOGR
2 WLSR GH GRFXPHQWR p 6$ ODQoDPHQWR GH FRQWD GR 5D]mR
(VWRUQH R GRFXPHQWR GR 5D]mR UHFpPFULDGR H D VHJXLU YHUL¿TXH R VDOGR GD
FRQWD SDUD REVHUYDU R LPSDFWR GH XP HVWRUQR QHJDWLYR
D 5HDOL]H XP HVWRUQR QHJDWLYR
$SOLFDomR &RQWDELOLGDGH ĺ &RQWDELOLGDGH ¿QDQFHLUD ĺ 5D]mR ĺ
'RFXPHQWR ĺ (VWRUQDU ĺ (VWRUQR LQGLYLGXDO

GDGRV
1 GR GRFXPHQWR 1~PHUR PDUFDGR QR GRFXPHQWR
GD FRQWD GR 5D]mR
(PSUHVD *5
([HUFtFLR $QR DWXDO
0RWLYR GR HVWRUQR RX RXWUR TXH UHDOL]H HVWRUQR
QHJDWLYR
,U SDUD ĺ ([LELU DQWHV GH HVWRUQDU


6HOHFLRQH /DQoDU SDUD JUDYDU VHX GRFXPHQWR
9HUL¿FDU R VDOGR GD FRQWD
)iFLO DFHVVR 6$3 &RQWDELOLGDGH ĺ &RQWDELOLGDGH ¿QDQFHLUD ĺ 5D]mR
ĺ &RQWD ĺ ([LELU VDOGRV

GDGRV
&RQWD GR 5D]mR
(PSUHVD *5
([HUFtFLR $QR FRUUHQWH
6HOHFLRQH ([HFXWDU
5HJLVWUDU RV VDOGRV GR SHUtRGR DWXDO
'pELWR &UpGLWR
&RPSDUDU HVVHV YDORUHV DRV VDOGRV UHJLVWUDGRV DQWHV GR HVWRUQR

&RQ¿JXUDU VXD HPSUHVD SDUD SHUPLWLU ODQoDPHQWRV
QHJDWLYRV
9HUL¿FDU TXH WLSRV GH GRFXPHQWR VmR SHUPLWLGRV SDUD
,GHQWL¿FDU RV FyGLJRV GH PRWLYR XWLOL]DGRV FRP

5HVXPR GD OLomR
(VWRUQDU GRFXPHQWRV

/LomR &RQGLo}HV GH SDJDPHQWR H GHVFRQWRV

(VWD OLomR GHVFUHYH FRQGLo}HV GH SDJDPHQWR GLIHUHQWHV H VHX HIHLWR VREUH R
ODQoDPHQWR DXWRPiWLFR GH GHVFRQWRV
2EMHWLYRV GD OLomR
GHVFRQWRV
&HQiULR GH QHJyFLRV
$ HPSUHVD XWLOL]D GLIHUHQWHV FRQGLo}HV GH SDJDPHQWR 2V GHVFRQWRV GHYHP VHU
ODQoDGRV DXWRPDWLFDPHQWH SHOR VLVWHPD $ VRFLHGDGH QHJRFLD FRQWLQXDPHQWH
QRYDV FRQGLo}HV GH SDJDPHQWR FRP XP IRUQHFHGRU H HVWDV GHYHP VHU UHÀHWLGDV
SHOR VLVWHPD
)LJXUD &RQGLo}HV GH SDJDPHQWR
$V FRQGLo}HV GH SDJDPHQWR VmR FRQGLo}HV HVWDEHOHFLGDV HQWUH SDUFHLURV

GH QHJyFLRV SDUD R SDJDPHQWR GH IDWXUDV $V FRQGLo}HV GH¿QHP D GDWD GH
YHQFLPHQWR GD IDWXUD H R GHVFRQWR RIHUHFLGR SDUD SDJDPHQWR GD IDWXUD GHQWUR
GH XP GHWHUPLQDGR SHUtRGR

7),1B /LomR &RQGLo}HV GH SDJDPHQWR H GHVFRQWRV
$OJXPDV FRQGLo}HV GH SDJDPHQWR VmR SUHGH¿QLGDV QR VLVWHPD SRGHVH DGLFLRQDU

QRYDV VH GHVHMDU
$V FRQGLo}HV GH SDJDPHQWR SHUPLWHP DR VLVWHPD FDOFXODU XP GHVFRQWR H XPD
GDWD GH YHQFLPHQWR GD IDWXUD
3DUD LVVR R VLVWHPD QHFHVVLWD GRV GDGRV D VHJXLU
'DWD EDVH $ GDWD TXH Gi RULJHP DR YHQFLPHQWR
&RQGLo}HV GH GHVFRQWR $V FRQGLo}HV SDUD D FRQFHVVmR GR GHVFRQWR
3HUFHQWXDO GH GHVFRQWR 2 SHUFHQWXDO XWLOL]DGR SDUD FDOFXODU R GHVFRQWR
4XDQGR SURFHVVDU XP GRFXPHQWR GHYHVH LQVHULU DV FRQGLo}HV GH SDJDPHQWR SDUD
TXH R VLVWHPD SRVVD FDOFXODU DV FRQGLo}HV GH SDJDPHQWR QHFHVViULDV
6H WLYHU LQVHULGR FRQGLo}HV GH SDJDPHQWR QR UHJLVWUR PHVWUH HVWDV VmR SURSRVWDV
7DPEpP p SRVVtYHO LQVHULU RX PRGL¿FiODV GXUDQWH R SURFHVVDPHQWR
)LJXUD &RQGLo}HV GH SDJDPHQWR HP IDWXUDV
3RGHVH LQVHULU FRQGLo}HV GH SDJDPHQWR QR VHJPHQWR GD HPSUHVD QR VHJPHQWR

GD iUHD GH YHQGDV H QR VHJPHQWR GD RUJDQL]DomR GH FRPSUDV GH XP UHJLVWUR
PHVWUH GH FOLHQWHIRUQHFHGRU

$V FRQGLo}HV GH SDJDPHQWR SURSRVWDV QR ODQoDPHQWR GH XPD IDWXUD GHSHQGHP

GR ORFDO GH FULDomR GD IDWXUD
6H D IDWXUD WLYHU VLGR FULDGD HP )LQDQoDV DV FRQGLo}HV GH SDJDPHQWR GR
VHJPHQWR GD HPSUHVD VHUmR SUHGH¿QLGDV
6H XPD IDWXUD GH FOLHQWH IRU FULDGD QR *HUHQFLDPHQWR GD RUGHP GR FOLHQWH DV
FRQGLo}HV GH SDJDPHQWR GR VHJPHQWR GD iUHD GH YHQGDV VHUmR SUHGH¿QLGDV
4XDQGR YRFr ODQoD D IDWXUD GR *HUHQFLDPHQWR GD RUGHP GR FOLHQWH DV
FRQGLo}HV GH SDJDPHQWR VmR FRSLDGDV SDUD D IDWXUD GH ), TXH p FULDGD
DXWRPDWLFDPHQWH
6H XPD IDWXUD GH IRUQHFHGRU IRU FULDGD QD $GPLQLVWUDomR GH FRPSUDV DV
FRQGLo}HV GH SDJDPHQWR GR VHJPHQWR GD RUJDQL]DomR GH FRPSUDV VHUmR
SUHGH¿QLGDV 4XDQGR YRFr ODQoD HVWD IDWXUD DV FRQGLo}HV GH SDJDPHQWR VmR
DXWRPDWLFDPHQWH FRSLDGDV SDUD R GRFXPHQWR FRQWiELO
$R LQVHULU XPD IDWXUD GH IRUQHFHGRU WDPEpP p SRVVtYHO GH¿QLU XP PRQWDQWH GH
GHVFRQWR ¿[R RX XPD SRUFHQWDJHP GH GHVFRQWR 2X VHMD R GHVFRQWR p FRQFHGLGR
LQGHSHQGHQWHPHQWH GR SHUtRGRGDWD GH SDJDPHQWR 3DUD LVVR YRFr GHYH HIHWXDU D
HQWUDGD DSURSULDGD QR FDPSR ³'HVFRQWR´
)LJXUD &RQGLo}HV GH SDJDPHQWR HP QRWDV GH FUpGLWR
1RWDV GH FUpGLWR UHIHUHQWHV D IDWXUD

$V QRWDV GH FUpGLWR SRGHP VHU OLJDGDV j IDWXUD RULJLQDO DWUDYpV GD HQWUDGD
GR Q~PHUR GH IDWXUD QR FDPSR 5HIHUrQFLD GH IDWXUD GXUDQWH D HQWUDGD GH
GRFXPHQWRV 1HVWH FDVR DV FRQGLo}HV GH SDJDPHQWR VmR FRSLDGDV GD IDWXUD
GH IRUPD TXH D IDWXUD H D QRWD GH FUpGLWR WHQKDP D PHVPD GDWD GH YHQFLPHQWR

2XWURV FUpGLWRV
&RQGLo}HV GH SDJDPHQWR QRXWUDV QRWDV GH FUpGLWR VmR LQYiOLGDV (VVDV QRWDV
GH FUpGLWR YHQFHP QD GDWD EDVH 3DUD DWLYDU DV FRQGLo}HV GH SDJDPHQWR
QHVVDV QRWDV GH FUpGLWR QmR UHIHUHQWHV D IDWXUD LQVLUD XP 9 QR FDPSR
)DWXUD UHODFLRQDGD GXUDQWH D HQWUDGD GR GRFXPHQWR
)LJXUD &RQGLo}HV GH SDJDPHQWR GDGRV EiVLFRV
*HUDO
2 GLDOLPLWH p R GLD GR FDOHQGiULR DWp R TXDO DV FRQGLo}HV GH SDJDPHQWR
VmR YiOLGDV 8WLOL]DQGR R GLDOLPLWH YRFr SRGH DUTXLYDU FRQGLo}HV GH
SDJDPHQWR HP XPD ~QLFD RX P~OWLSODV SDUWHV HP XPD FKDYH GH FRQGLo}HV
GH SDJDPHQWR QR JUi¿FR FKDYH GH FRQGLo}HV GH SDJDPHQWR
$ GHVFULomR GH FRQGLo}HV GH SDJDPHQWR LQFOXL RV VHJXLQWHV HOHPHQWRV XPD
H[SOLFDomR JHUDGD DXWRPDWLFDPHQWH SHOR VLVWHPD TXH SRGH VHU VXEVWLWXtGD
SRU VXD SUySULD H[SOLFDomR GDV FRQGLo}HV GH SDJDPHQWR H XP WH[WR GR
*HUHQFLDPHQWR GD RUGHP GR FOLHQWH SDUD LPSUHVVmR QDV IDWXUDV
2 WLSR GH FRQWD GH¿QH R OLYUR DX[LOLDU RQGH DV FRQGLo}HV GH SDJDPHQWR
SRGHP VHU XWLOL]DGDV 3DUD XWLOL]DU FRQGLo}HV GH SDJDPHQWR SDUD IRUQHFHGRUHV
H SDUD FOLHQWHV YRFr GHYH GH¿QLODV XWLOL]DQGR FKDYHV GH FRQGLo}HV GH
SDJDPHQWR VHSDUDGDV H GHSRLV XWLOL]iODV VRPHQWH SDUD XP WLSR GH FRQWD HP
FRQIRUPLGDGH ,VWR HYLWD TXH TXDOTXHU PRGL¿FDomR HIHWXDGD QDV FRQGLo}HV
GH SDJDPHQWR GH VHXV FOLHQWHV SRU H[HPSOR PRGL¿FDomR GD SRUFHQWDJHP
GH GHVFRQWR GH SDUD VH DSOLTXH D ODQoDPHQWRV HP VHXV IRUQHFHGRUHV
LQGHVHMiYHO

)LJXUD &RQGLo}HV GH SDJDPHQWR FRQWUROHV GH SDJDPHQWR
&RQWUROH GH SDJDPHQWR
8WLOL]DQGR FKDYHV GH EORTXHLR TXH SRGHP VHU LQVHULGDV HP SDUWLGDV
LQGLYLGXDLV RX HP FRQWDV SRGHVH EORTXHDU R SDJDPHQWR RX D FREUDQoD GH
SDUWLGDV LQGLYLGXDLV RX FRQWDV (VWDV FKDYHV GH EORTXHLR WDPEpP SRGHP VHU
LQVHULGDV HP FRQGLo}HV GH SDJDPHQWR
8PD IRUPD GH SDJDPHQWRSDUD FDGD SDtV R VLVWHPD WHP IRUPDV GH
SDJDPHQWR GH¿QLGDV SDUD XWLOL]DU QHVVH SDtV p LQVHULGD QDV SDUWLGDV
LQGLYLGXDLV RX QDV FRQWDV 7DO FRPR RV EORTXHLRV GH SDJDPHQWR DV IRUPDV
GH SDJDPHQWR SRGHP VHU LQVHULGDV QDV FRQGLo}HV GH SDJDPHQWR
8PD FKDYH GH EORTXHLR H IRUPD GH SDJDPHQWR GH¿QLGDV HP FRQGLo}HV GH
SDJDPHQWR VmR SURSRVWDV QD SDUWLGD LQGLYLGXDO TXDQGR DV FRQGLo}HV GH SDJDPHQWR
VmR XWLOL]DGDV 6H HVWLYHU XWLOL]DQGR R *HUHQFLDPHQWR GD RUGHP GR FOLHQWH OHLD DV
QRWDV H

)LJXUD 'DWD EDVH
'DWD EDVH
$ GDWD EDVH p D GDWD GH LQtFLR TXH R VLVWHPD XWLOL]D SDUD FDOFXODU R YHQFLPHQWR GD
IDWXUD $SOLFDPVH DV VHJXLQWHV UHJUDV QR FiOFXOR GD GDWD EDVH
2V YDORUHV SURSRVWRV D SDUWLU GRV TXDLV p SRVVtYHO GHWHUPLQDU D GDWD
EDVH VmR RV VHJXLQWHV QHQKXPD SURSRVWD GDWD GH GRFXPHQWR GDWD GH
ODQoDPHQWR RX GDWD GH HQWUDGD
(VSHFL¿FDo}HV SDUD FiOFXOR GD GDWD EDVH 'LD ¿[R XWLOL]DGR SDUD VXEVWLWXLU
R GLD GH FDOHQGiULR GD GDWD EDVH
2 Q~PHUR GH PHVHV D VHUHP DGLFLRQDGRV DR PrV GH FDOHQGiULR GR PrV
EDVH
3DUD PDLV LQIRUPDo}HV VREUH R FRPSRUWDPHQWR GR VLVWHPD FRP YDORUHV SURSRVWRV
SDUD D GDWD EDVH GH FRQGLo}HV GH SDJDPHQWR H PRGL¿FDomR GD GDWD DGLFLRQDQGR
PHVHV FRQVXOWH D QRWD

)LJXUD 'HVFRQWR
3DUD FDOFXODU R GHVFRQWR LQVLUD XPD SRUFHQWDJHP QDV FRQGLo}HV GH SDJDPHQWR

,QVLUD WDPEpP QD PHVPD OLQKD R Q~PHUR GH GLDV HP TXH D SRUFHQWDJHP p YiOLGD
7DPEpP p SRVVtYHO DGLFLRQDU GLDV H PHVHV ¿[RV
2V GLDV H PHVHV LQGLFDGRV QDV FRQGLo}HV GH SDJDPHQWR VmR XWLOL]DGRV HP FRQMXQWR
FRP D GDWD EDVH SDUD FDOFXODU R PRQWDQWH GH GHVFRQWR FRUUHWR SDUD D GDWD GR
SDJDPHQWR
3RGHVH LQVHULU DWp WUrV YDOLGDGHV GR GHVFRQWR
)LJXUD 'LDVOLPLWH
2V GLDVOLPLWH SHUPLWHP FRQGLo}HV GH SDJDPHQWR HVSHFt¿FDV GD GDWD HP XPD

FKDYH GH FRQGLo}HV GH SDJDPHQWR
3RGHVH GH¿QLU GLYHUVDV YHUV}HV GH FRQGLo}HV GH SDJDPHQWR FDGD XPD GHODV FRP
GLIHUHQWHV GLDVOLPLWH

2 GLDOLPLWH p D GDWD EDVH DWp j TXDO VH DSOLFD D YHUVmR GH FRQGLo}HV GH SDJDPHQWR

3DUD FRQGLo}HV GH SDJDPHQWR TXH GHSHQGHP SRU H[HPSOR GR IDWR GH D GDWD
EDVH VHU DQWHV GR GLD GR PrV YRFr SRGH LQVHULU FRQGLo}HV GH SDJDPHQWR HP
GXDV SDUWHV QD PHVPD FKDYH GH FRQGLo}HV GH SDJDPHQWR $ HQWUDGD GR GLDOLPLWH
LQGLFDGR p DGLFLRQDGD j FKDYH GH FRQGLo}HV GH SDJDPHQWR LVWR UHVXOWD HP GXDV
HQWUDGDV RQGH VH SRGH GH¿QLU GLYHUVDV FRQGLo}HV GH SDJDPHQWR
$V VHJXLQWHV FRQGLo}HV GH SDJDPHQWR H[LJHP D LQGLFDomR GH XP GLDOLPLWH
'RFXPHQWRV FRP GDWD GD IDWXUD DWp DR GLD GR PrV SRGHP VHU SDJDV QR
~OWLPR GLD GR PrV VHJXLQWH
'RFXPHQWRV FRP XPD GDWD GD IDWXUD SRVWHULRU SRGHP VHU SDJRV QR GLD
GR PrV VHJXLQWH
)LJXUD 3DJDPHQWRV GH SUHVWDo}HV
8P SODQR GH SDJDPHQWR HP SUHVWDo}HV SRVVLELOLWD TXH R SDJDPHQWR GH XPD IDWXUD

VHMD IHLWR DR ORQJR GH YiULRV PHVHV RX TXH XPD SDUWH GR PRQWDQWH GD IDWXUD VHMD
UHWLGD SDUD SDJDPHQWR HP GDWD SRVWHULRU
2 PRQWDQWH WRWDO GD IDWXUD GLYLGHVH HP PRQWDQWHV SDUFLDLV FRP YHQFLPHQWR HP
GDWDV GLIHUHQWHV
2 VLVWHPD H[HFXWD DXWRPDWLFDPHQWH HVWD SDUWLomR VH R SDJDPHQWR GH SUHVWDo}HV
HVWLYHU GH¿QLGR QDV FRQGLo}HV GH SDJDPHQWR
3DUD LVVR VHOHFLRQH SDJDPHQWR GH SUHVWDomR H QmR DWULEXD YDOLGDGHV GH GHVFRQWR
QHP SHUFHQWXDLV GH GHVFRQWR

'H¿QD XP Q~PHUR GH SUHVWDomR XPD SRUFHQWDJHP H FRQGLo}HV GH SDJDPHQWR

SDUD FDGD SUHVWDomR
$V SRUFHQWDJHQV LQGLFDGDV GHYHP WRWDOL]DU
2 VLVWHPD FULD XPD SDUWLGD LQGLYLGXDO SDUD FDGD SUHVWDomR GHWHUPLQDGD
2V PRQWDQWHV GDV SDUWLGDV LQGLYLGXDLV FRUUHVSRQGHP jV SRUFHQWDJHQV GR PRQWDQWH
WRWDO 2 WRWDO GRV PRQWDQWHV GDV SDUWLGDV LQGLYLGXDLV FRUUHVSRQGH DR PRQWDQWH WRWDO
$V FRQGLo}HV GH SDJDPHQWR SDUD DV SDUWLGDV LQGLYLGXDLV VmR DV GH¿QLGDV SDUD DV
SUHVWDo}HV LQGLYLGXDLV
)LJXUD 0RQWDQWH EiVLFR GH GHVFRQWR
'HSHQGHQGR GDV UHJXODPHQWDo}HV QDFLRQDLV GH VHX SDtV R PRQWDQWH EiVLFR GH

GHVFRQWR p R YDORU OtTXLGR VRPD GD FRQWD GR 5D]mR H GDV SDUWLGDV LQGLYLGXDLV
GR DWLYR ¿[R LPSRVWRV QmR LQFOXtGRV SRU H[HPSOR QRV (8$ RX R YDORU EUXWR
LQFOXLQGR LPSRVWRV FRPR DFRQWHFH QD $OHPDQKD 3DUD FDGD HPSUHVD RX FyGLJR
GR GRPLFtOLR ¿VFDO LQGLTXH TXH YDORU R VLVWHPD GHYH XWLOL]DU FRPR EDVH GH
GHVFRQWR HVWD FRQ¿JXUDomR SHUWHQFH DRV SDUkPHWURV JOREDLV GH XPD HPSUHVD

)LJXUD /DQoDPHQWR GH GHVFRQWR SURFHGLPHQWR EUXWR
2 PRQWDQWH GR GHVFRQWR p HQWUDGR QD IDWXUD PDQXDO RX DXWRPDWLFDPHQWH SHOR

VLVWHPD TXH XWLOL]D DV WD[DV H[LVWHQWHV QDV FRQGLo}HV GH SDJDPHQWR $LQGD p
SRVVtYHO PRGL¿FDU R GHVFRQWR GHSRLV GH ODQoDU D IDWXUD
4XDQGR VH FRPSHQVD XPD SDUWLGD HP DEHUWR GH XPD FRQWD GH FOLHQWH RX IRUQHFHGRU
R GHVFRQWR SRVVtYHO p DXWRPDWLFDPHQWH ODQoDGR HP XPD FRQWD GH GHVSHVD GH
GHVFRQWR RX GHVFRQWR UHFHELGR
'H¿QD QD FRQ¿JXUDomR DV FRQWDV SDUD GHVSHVD SRU GHVFRQWR H SDUD UHFHLWD SRU
GHVFRQWR

)LJXUD 3URFHVVR GH FRQWDELOL]DomR OtTXLGD IDWXUD H SDJDPHQWR
6H ODQoDU XPD IDWXUD GH IRUQHFHGRU FRP XP WLSR GH GRFXPHQWR SDUD R SURFHVVR GH

FRQWDELOL]DomR OtTXLGD R PRQWDQWH ODQoDGR QD FRQWD GH GHVSHVDV RX GR EDODQoR p
UHGX]LGR SHOR PRQWDQWH GR GHVFRQWR 2 PHVPR PRQWDQWH WDPEpP p ODQoDGR HP
XPD FRQWD GH FRPSHQVDomR GH GHVFRQWR SDUD FRPSHQVDU R ODQoDPHQWR
4XDQGR VH XWLOL]D R SURFHVVR GH FRQWDELOL]DomR OtTXLGD R PRQWDQWH GR GHVFRQWR p
DXWRPDWLFDPHQWH ODQoDGR GXUDQWH R ODQoDPHQWR GD IDWXUD
4XDQGR D IDWXUD p SDJD R VLVWHPD H[HFXWD XP ODQoDPHQWR GH FRPSHQVDomR QD
FRQWD GH FRPSHQVDomR GR GHVFRQWR
6H D IDWXUD IRU SDJD DSyV R SUD]R GR GHVFRQWR D SHUGD GR GHVFRQWR p ODQoDGD
HP XPD FRQWD VHSDUDGD
$ FRQWD GH FRPSHQVDomR GR GHVFRQWR WHP GH VHU DGPLQLVWUDGD FRP EDVH QD SDUWLGD
HP DEHUWR

([HUFtFLR &RQGLo}HV GH SDJDPHQWR H

GHVFRQWRV
&RQ¿JXUDU FRQGLo}HV GH SDJDPHQWR
/DQoDU GHVFRQWRV DXWRPDWLFDPHQWH
&HQiULR GH QHJyFLRV
$ HPSUHVD XWLOL]D GLIHUHQWHV FRQGLo}HV GH SDJDPHQWR 2V GHVFRQWRV GHYHP VHU
ODQoDGRV DXWRPDWLFDPHQWH SHOR VLVWHPD $ HPSUHVD QHJRFLRX QRYDV FRQGLo}HV GH
SDJDPHQWR FRP XP IRUQHFHGRU
7DUHID
&ULH XPD QRYD FKDYH GH FRQGLo}HV GH SDJDPHQWR
9RFr WHP GH LPSOHPHQWDU XPD QRYD FKDYH GH FRQGLo}HV GH SDJDPHQWR
$& H WHVWiOD SDUD FHUWL¿FDUVH GH TXH IXQFLRQD $V QRYDV FRQGLo}HV
QHJRFLDGDV FRP R IRUQHFHGRU VmR
SDUD SDJDPHQWR LPHGLDWR
GH GHVFRQWR SDUD SDJDPHQWR GHQWUR GH GLDV
1HQKXP GHVFRQWR SDUD SDJDPHQWR GHQWUR GH GLDV
$ GDWD GH ODQoDPHQWR p D GDWD EDVH
7DUHID
$WULEXD DV QRYDV FRQGLo}HV GH SDJDPHQWR D VHX IRUQHFHGRU
7DUHID
8WLOL]H D QRYD FKDYH GH FRQGLo}HV GH SDJDPHQWR QD SUy[LPD YH] TXH HQWUDU XPD
IDWXUD
7HVWH VXD QRYDV FRQGLo}HV GH SDJDPHQWR FRP R ODQoDPHQWR GH XPD
IDWXUD GH XQLGDGHV GH PRHGD LQWHUQD 8VH VXD FRQWD GH GHVSHVDV
GH UHSUHVHQWDomR $( R FHQWUR GH OXFUR 35 H R FyGLJR GH ,9$
VXSRUWDGR , SDUD R ODQoDPHQWR GR GpELWR

7DUHID
$V QRWDV GH FUpGLWR SRGHP VHU OLJDGDV D IDWXUDV SDUD DVVHJXUDU TXH DV IDWXUDV
H DV QRWDV GH FUpGLWR WHQKDP YHQFLPHQWR QD PHVPD GDWD
Ƒ 9HUGDGHLUR
Ƒ )DOVR
2V GLDVOLPLWH GH¿QHP DV GDWDV GDV YDOLGDGHV GH GHVFRQWR

Ƒ 9HUGDGHLUR
Ƒ )DOVR
7RGDV DV SUHVWDo}HV GH XP SODQR GH SUHVWDo}HV WrP GH WHU VXDV SUySULDV

FRQGLo}HV GH SDJDPHQWR
Ƒ 9HUGDGHLUR
Ƒ )DOVR
7DUHID
&RQGLo}HV GH SDJDPHQWR p XP FDPSR GRV VHJPHQWRV H

GR UHJLVWUR PHVWUH GR FOLHQWH
7DUHID
$ p D GDWD GH LQtFLR TXH R VLVWHPD XWLOL]D SDUD GHWHUPLQDU

D GDWD GH YHQFLPHQWR GD IDWXUD

7DUHID
4XH FRQWDV GH GHVFRQWR VmR XWLOL]DGDV QR SURFHVVR GH FRQWDELOL]DomR OtTXLGD"
7DUHID
4XH FRQWDV GH GHVFRQWR VmR XWLOL]DGDV QR SURFHGLPHQWR EUXWR"

6ROXomR &RQGLo}HV GH SDJDPHQWR H

GHVFRQWRV
7DUHID
&ULH XPD QRYD FKDYH GH FRQGLo}HV GH SDJDPHQWR
9RFr WHP GH LPSOHPHQWDU XPD QRYD FKDYH GH FRQGLo}HV GH SDJDPHQWR
$& H WHVWiOD SDUD FHUWL¿FDUVH GH TXH IXQFLRQD $V QRYDV FRQGLo}HV
QHJRFLDGDV FRP R IRUQHFHGRU VmR
SDUD SDJDPHQWR LPHGLDWR
GH GHVFRQWR SDUD SDJDPHQWR GHQWUR GH GLDV
1HQKXP GHVFRQWR SDUD SDJDPHQWR GHQWUR GH GLDV

$ GDWD GH ODQoDPHQWR p D GDWD EDVH

D &ULH FRQGLo}HV GH SDJDPHQWR
,0* &RQWDELOLGDGH ¿QDQFHLUD QY ĺ &RQWDELOLGDGH GH FOLHQWHV H
IRUQHFHGRUHV ĺ 7UDQVDo}HV FRQWiEHLV ĺ (QWUDGD GH IDWXUDHQWUDGD GH
QRWD GH FUpGLWR ĺ $WXDOL]DU FRQGLo}HV GH SDJDPHQWR
3URFHVVDU ĺ 1RYDV HQWUDGDV

GDGRV
&RQGLo}HV GH SDJDPHQWR $&
7LSR GH FRQWD
&OLHQWH (0 %5$1&2
)RUQHFHGRU
9DORU SURSRVWR SDUD GDWD EDVH 'DWD GH ODQoDPHQWR
&RQGLomR
3RUFHQWDJHP
1 GH GLDV (0 %5$1&2
&RQGLomR
3RUFHQWDJHP
1 GH GLDV
&RQGLomR
1 GH GLDV
1D iUHD ³([SOLFDo}HV´ DV FRQGLo}HV GH SDJDPHQWR VmR DXWRPDWLFDPHQWH
GHVFULWDV SRU H[WHQVR 9HUL¿TXH VH FRQVLGHURX FRUUHWDPHQWH DV

7DUHID
D ,QVLUD FRQGLo}HV GH SDJDPHQWR QR UHJLVWUR PHVWUH GH IRUQHFHGRU
ĺ )RUQHFHGRUHV ĺ 'DGRV PHVWUH ĺ 0RGL¿FDU

GDGRV
)RUQHFHGRU )RUQHF
(PSUHVD *5
'DGRV GD HPSUHVD
2SHUDo}HV GH SDJDPHQWR
6HOHFLRQH (QWHU

GDGRV
&RQGLo}HV GH SDJDPHQWR $&
7DUHID
8WLOL]H D QRYD FKDYH GH FRQGLo}HV GH SDJDPHQWR QD SUy[LPD YH] TXH HQWUDU XPD
IDWXUD
7HVWH VXD QRYDV FRQGLo}HV GH SDJDPHQWR FRP R ODQoDPHQWR GH XPD
IDWXUD GH XQLGDGHV GH PRHGD LQWHUQD 8VH VXD FRQWD GH GHVSHVDV
GH UHSUHVHQWDomR $( R FHQWUR GH OXFUR 35 H R FyGLJR GH ,9$
VXSRUWDGR , SDUD R ODQoDPHQWR GR GpELWR
D )DoD R ODQoDPHQWR GD IDWXUD GR IRUQHFHGRU
ĺ )RUQHFHGRUHV ĺ /DQoDPHQWR ĺ )DWXUD
4XDQGR VROLFLWDGR LQVLUD VXD HPSUHVD *5 H HP VHJXLGD VHOHFLRQH
³(QWHU´

GDGRV

'DGRV EiVLFRV
)RUQHFHGRU )RUQHF
0RQWDQWH
0RHGD 0RHGD LQWHUQD
&DOFXODU LPSRVWR
&yGLJR GH LPSRVWR , ,9$ VXSRUWDGR WUHLQDPHQWR

,WHP
&RQWD GR 5D]mR $(
'& 'pELWR
GRFXPHQWR
&yGLJR GH LPSRVWR , ,9$ VXSRUWDGR WUHLQDPHQWR

7H[WR GR LWHP -DQWDU SDUD D HTXLSH
&HQWUR GH OXFUR 35
&OLTXH QD ¿FKD GH UHJLVWUR ³3DJDPHQWRV´ SDUD YHUL¿FDU VH DV FRQGLo}HV

GH SDJDPHQWR VmR SURSRVWDV D SDUWLU GR UHJLVWUR PHVWUH GH IRUQHFHGRU
6HOHFLRQH ³/DQoDU´ SDUD JUDYDU R GRFXPHQWR

&ULDU QRYDV FRQGLo}HV GH SDJDPHQWR
$WULEXtODV D VHX UHJLVWUR PHVWUH GH IRUQHFHGRU
4XDQGR ODQoRX XPD IDWXUD DV QRYDV FRQGLo}HV GH SDJDPHQWR
IRUDP SURSRVWDV GR UHJLVWUR PHVWUH GR IRUQHFHGRU ([LED DV
SDUWLGDV LQGLYLGXDLV SDUD YHUL¿FDU VH LVVR UHDOPHQWH DFRQWHFHX
VHJXLQGR R FDPLQKR GH PHQX &RQWDELOLGDGH ĺ &RQWDELOLGDGH
¿QDQFHLUD ĺ &RQWDELOLGDGH GH IRUQHFHGRUHV ĺ &RQWD ĺ
([LELUPRGL¿FDU SDUWLGDV LQGLYLGXDLV

,QVLUD VHX Q~PHUR GH IRUQHFHGRU H HPSUHVD QD WHOD GH VHOHomR H

H[HFXWH R UHODWyULR &OLTXH GXDV YH]HV QD SDUWLGD LQGLYLGXDO GD
TXDO GHVHMD YHU DV FRQGLo}HV GH SDJDPHQWR LQGLYLGXDLV
7DUHID
$V QRWDV GH FUpGLWR SRGHP VHU OLJDGDV D IDWXUDV SDUD DVVHJXUDU TXH DV IDWXUDV
H DV QRWDV GH FUpGLWR WHQKDP YHQFLPHQWR QD PHVPD GDWD
5HVSRVWD 9HUGDGHLUR
6H YRFr OLJDU XPD QRWD GH FUpGLWR j IDWXUD RULJLQDO DV FRQGLo}HV GH
SDJDPHQWR VHUmR FRSLDGDV GD IDWXUD GH PRGR TXH D IDWXUD H D QRWD GH FUpGLWR
WHQKDP D PHVPD GDWD GH YHQFLPHQWR
2V GLDVOLPLWH GH¿QHP DV GDWDV GDV YDOLGDGHV GH GHVFRQWR
5HVSRVWD )DOVR
2V GLDVOLPLWH VmR XWLOL]DGRV SDUD JUDYDU GLYHUVDV YHUV}HV GH FRQGLo}HV GH
SDJDPHQWR VRE D PHVPD FKDYH GH FRQGLomR GH SDJDPHQWR
7RGDV DV SUHVWDo}HV GH XP SODQR GH SUHVWDo}HV WrP GH WHU VXDV SUySULDV
5HVSRVWD 9HUGDGHLUR
$V FRQGLo}HV GH SDJDPHQWR SDUD DV SDUWLGDV LQGLYLGXDLV VmR DV GH¿QLGDV
SDUD DV SUHVWDo}HV LQGLYLGXDLV
7DUHID
&RQGLo}HV GH SDJDPHQWR p XP FDPSR GRV VHJPHQWRV HPSUHVD H iUHD GH
YHQGDV GR UHJLVWUR PHVWUH GR FOLHQWH
5HVSRVWD HPSUHVD iUHD GH YHQGDV
9RFr SRGH GH¿QLU FRQGLo}HV GH SDJDPHQWR QR VHJPHQWR GD HPSUHVD H QR
VHJPHQWR GD iUHD GH YHQGDV GH XP UHJLVWUR PHVWUH GH FOLHQWH $R FULDU XP
GRFXPHQWR GH IDWXUDPHQWR DSOLFDVH R SULQFtSLR GD RULJHP

7DUHID
$ GDWD EDVH p D GDWD GH LQtFLR TXH R VLVWHPD XWLOL]D SDUD GHWHUPLQDU D GDWD GH
YHQFLPHQWR GD IDWXUD
5HVSRVWD GDWD EDVH
3DUD FDOFXODU YDOLGDGHV GH GHVFRQWRV R VLVWHPD WHP GH FRQVHJXLU DFHVVDU
XPD GDWD EDVH FRPR GDWD LQLFLDO
7DUHID
4XH FRQWDV GH GHVFRQWR VmR XWLOL]DGDV QR SURFHVVR GH FRQWDELOL]DomR OtTXLGD"
5HVSRVWD
&RQWD GH FRPSHQVDomR GH GHVFRQWR
&RQWD SHUGDV SRU GHVFRQWR
7DUHID
4XH FRQWDV GH GHVFRQWR VmR XWLOL]DGDV QR SURFHGLPHQWR EUXWR"
5HVSRVWD
&RQWD GH UHFHLWD GH GHVFRQWR
&RQWD GH GHVSHVD GH GHVFRQWR

5HVXPR GD OLomR
GHVFRQWRV

7),1B /LomR ,PSRVWRV
/LomR ,PSRVWRV

(VWD OLomR GHVFUHYH DV FRQ¿JXUDo}HV SDUD FyGLJRV GH LPSRVWR QR VLVWHPD
2EMHWLYRV GD OLomR
&HQiULR GH QHJyFLRV
$ DGPLQLVWUDomR VROLFLWRX TXH GHYLGR jV UHVWULo}HV GH WHPSR R DOXQR IRUQHoD RV
UHTXLVLWRV EiVLFRV GH LPSRVWRV GR VHX SDtV SDUD R SURWyWLSR )RL VXJHULGR TXH YRFr
XWLOL]H R PRGHOR GH LPSRVWRV GR 6$3 (53 SDUD VHX SDtV
)LJXUD ,PSRVWRV
$ 6$3 VXSRUWD RV VLVWHPDV ¿VFDLV GH GLYHUVRV SDtVHV

,9$
,PSRVWR VREUH YHQGDV GRV (8$
,PSRVWRV DGLFLRQDLV HVSHFt¿FR GH SDtV SRU H[HPSOR LPSRVWR GH
LQYHVWLPHQWR QD 1RUXHJD LPSRVWR GH FRPSHQVDomR QD %pOJLFD
,PSRVWR UHWLGR QD IRQWH QmR DERUGDGR QHVWH FXUVR

([LVWHP EDVLFDPHQWH GRLV WLSRV GH WULEXWDomR TXH SRGHP VHU SURFHVVDGRV QR

VLVWHPD 6$3 (53
,PSRVWRV DUUHFDGDGRV QR QtYHO QDFLRQDO FRP WD[DV XQLIRUPHPHQWH GH¿QLGDV
,PSRVWRV DUUHFDGDGRV QR QtYHO HVWDGXDOGRPLFtOLR ¿VFDO FRP WD[DV GH¿QLGDV
SHOR HVWDGRGRPLFtOLR ¿VFDO 'HYLGR jV FRPSOLFDo}HV HQYROYLGDV QHVVH WLSR
GH WULEXWDomR H[LVWHP PDLV GH GRPLFtOLRV ¿VFDLV SRVVtYHLV QRV (8$
XP VRIWZDUH GH RXWUR IDEULFDQWH p JHUDOPHQWH XWLOL]DGR SDUD GHWHUPLQDU D
DORFDomR GH LPSRVWRV 2 6$3 RIHUHFH XP VRIWZDUH GH LQWHUIDFH JHQpULFD
SDUD DSRLDU HVVH VRIWZDUH GH WHUFHLURV
(P DOJXQV SDtVHV SRU H[HPSOR &DQDGi ËQGLD %UDVLO RV LPSRVWRV VmR
DUUHFDGDGRV HP DPERV RV QtYHLV
,PSRVWRV VREUH YHQGDV H GH FRQVXPR GRV (8$ VmR H[HPSORV WtSLFRV GH LPSRVWRV
DEDL[R GR QtYHO QDFLRQDO
)LJXUD ,PSRVWR &RPSDWLELOLGDGH
2 VLVWHPD p FRPSDWtYHO FRP R WUDWDPHQWR GH LPSRVWR GDV VHJXLQWHV IRUPDV

9HUL¿FD R PRQWDQWH GH LPSRVWR LQVHULGR RX FDOFXOD R LPSRVWR
DXWRPDWLFDPHQWH
/DQoD R PRQWDQWH GH LPSRVWR HP FRQWDV GH LPSRVWRV
([HFXWD DMXVWHV GH LPSRVWR SDUD GHVFRQWRV RX RXWUDV IRUPDV GH GHGXomR
2 PRQWDQWH GH GHVSHVDV RX GH UHQGLPHQWR p R PRQWDQWH EDVH TXH SRGH LQFOXLU
XP GHVFRQWR D EDVH GR LPSRVWR p EUXWD RX H[FOXLU XP GHVFRQWR D EDVH GR
LPSRVWR p OtTXLGD
2 FyGLJR GH LPSRVWR p XWLOL]DGR SDUD R SURFHGLPHQWR GH FiOFXOR QHFHVViULR SDUD
UHDOL]DU IXQo}HV GH WULEXWDomR QR VLVWHPD GD 6$3

$V UHJXODPHQWDo}HV QDFLRQDLV GHWHUPLQDP VH R PRQWDQWH EDVH GR LPSRVWR GHYH

VHU
0RQWDQWH OtTXLGR LWHQV WULEXWiYHLV GH GHVSHVDV RX GH UHFHLWD PHQRV R
GHVFRQWR
0RQWDQWH EUXWR LWHQV WULEXWiYHLV GH GHVSHVDV RX GH UHFHLWD LQFOXLQGR
R GHVFRQWR
'H¿QD R PRQWDQWH D XWLOL]DU SDUD FDGD HPSUHVD RX SDUD R QtYHO PDLV DOWR GR
FyGLJR GH GRPLFtOLR ¿VFDO
)LJXUD ,9$
2 ,9$ p R VDOGR GR LPSRVWR VREUH YHQGDV WHUPR GD 6$3 ,9$ OLTXLGDGR H GR

LPSRVWR VREUH FRPSUDV WHUPR GD 6$3 ,9$ VXSRUWDGR
2 ,9$ OLTXLGDGR p DUUHFDGDGR VREUH R YDORU OtTXLGR GDV PHUFDGRULDV H
TXH p IDWXUDGR DR FOLHQWH e XP SDVVLYR GD HPSUHVD HP UHODomR j UHSDUWLomR
S~EOLFD GH ¿QDQoDV
2 ,9$ VXSRUWDGR p DUUHFDGDGR VREUH R PRQWDQWH OtTXLGR GD IDWXUD H p
IDWXUDGR SHOR IRUQHFHGRU 2 ,9$ VXSRUWDGR p XPD FRQWD D UHFHEHU TXH D
VRFLHGDGH VROLFLWD GD UHSDUWLomR S~EOLFD GH ¿QDQoDV
(P GHWHUPLQDGDV FLUFXQVWkQFLDV XPD HPSUHVD SRGH GHGX]LU ,9$ VXSRUWDGR GH VHX
SDVVLYR GH LPSRVWRV SDUD D UHSDUWLomR S~EOLFD GH ¿QDQoDV 6RPHQWH RV LPSRVWRV
DUUHFDGDGRV VREUH R YDORU DJUHJDGR GDV PHUFDGRULDV GHYHP VHU SDJRV j UHSDUWLomR
S~EOLFD GH ¿QDQoDV 2 SDVVLYR GH LPSRVWRV PHQRV R ,9$ VXSRUWDGR p LJXDO DRV
HQFDUJRV

$ UHSDUWLomR S~EOLFD GH ¿QDQoDV SRGH GH¿QLU TXH SDUWH GR ,9$ VXSRUWDGR QmR VHMD
GHGXWtYHO (VWH PRQWDQWH SRGH VHU ODQoDGR HP XPD FRQWD GH GHVSHVDV VHSDUDGD RX
VHU GLVWULEXtGR QD FRQWD GR 5D]mR H SDUWLGDV LQGLYLGXDLV GR DWLYR SDWULPRQLDO
)LJXUD ,PSRVWR VREUH YHQGDV H FRPSUDV GRV (8$ ,9$
1RV (8$ H[LVWH XPD GLVWLQomR HQWUH LPSRVWR GH YHQGDV H LPSRVWR GH FRQVXPR
2V GRLV LPSRVWRV DSOLFDPVH DSHQDV D PHUFDGRULDV FRQVXPLGDV SHOR FOLHQWH $V
PHUFDGRULDV XVDGDV QD SURGXomR RX SDUD UHYHQGD D WHUFHLURV QmR VmR WULEXWDGDV 6H
XPD PHUFDGRULD WULEXWiYHO IRU YHQGLGD p DUUHFDGDGR R LPSRVWR GH YHQGDV RX R GH
FRQVXPR 3RUWDQWR FDGD PHUFDGRULD p WULEXWDGD DSHQDV XPD YH]
(VWH JUi¿FR PRVWUD R PRGR FRPR VmR ODQoDGRV RV LPSRVWRV GH YHQGDV 2
LPSRVWR VREUH YHQGDV p FREUDGR SRU XP IRUQHFHGRU VREUH XPD YHQGD H UHPHWLGR
DR GRPLFtOLR ¿VFDO GR FOLHQWH
2 VLVWHPD FDOFXOD R LPSRVWR GH YHQGDV FRP EDVH QR PDWHULDO H QD ORFDOL]DomR
GR FOLHQWH H ID] R ODQoDPHQWR QR *HUHQFLDPHQWR GD RUGHP GR FOLHQWH H QD
$GPLQLVWUDomR GH FRPSUDV 6H RV FOLHQWHV IRUHP LVHQWRV GH LPSRVWRV LVWR GHYH VHU
LQGLFDGR HP VHXV UHJLVWURV PHVWUH FRP D HQWUDGD GR FyGLJR DGHTXDGR

)LJXUD ,PSRVWR VREUH YHQGDV H FRPSUDV GRV (8$ 8VH 7D[
1RV (8$ H[LVWH XPD GLVWLQomR HQWUH LPSRVWR GH YHQGDV H LPSRVWR GH FRQVXPR
2V GRLV LPSRVWRV DSOLFDPVH DSHQDV D PHUFDGRULDV FRQVXPLGDV SHOR FOLHQWH $V
PHUFDGRULDV XVDGDV QD SURGXomR RX SDUD UHYHQGD D WHUFHLURV QmR VmR WULEXWDGDV 6H
XPD PHUFDGRULD WULEXWiYHO IRU YHQGLGD p DUUHFDGDGR R LPSRVWR GH YHQGDV RX R GH
FRQVXPR 3RUWDQWR FDGD PHUFDGRULD p WULEXWDGD DSHQDV XPD YH]
(VWH JUi¿FR PRVWUD R PRGR FRPR VmR ODQoDGRV RV LPSRVWRV GH FRQVXPR 2
FOLHQWH DSHQDV WHP TXH SDJDU LPSRVWR VREUH FRQVXPR VH R IRUQHFHGRU QmR OKH WLYHU
FREUDGR R LPSRVWR VREUH YHQGDV ,VWR SRGH DFRQWHFHU SRU H[HPSOR VH R IRUQHFHGRU
QmR HVWLYHU UHJLVWUDGR QR HVWDGR GR FOLHQWH RX VH R FOLHQWH SRVVXLU DXWRUL]DomR
SDUD ID]HU VHX SUySULR UHFROKLPHQWR 2 FOLHQWH GHWHUPLQD R PRQWDQWH GR LPSRVWR
GH FRQVXPR H HQYLDR DR GRPLFtOLR ¿VFDO RQGH D PHUFDGRULD p FRQVXPLGD

)LJXUD 3URFHGLPHQWR SDUD FiOFXOR GH LPSRVWRV
e DWULEXtGR XP SURFHGLPHQWR SDUD R FiOFXOR GH LPSRVWRV D WRGRV RV SDtVHV 2

VLVWHPD 6$3 (53 p IRUQHFLGR FRP SURFHGLPHQWRV SDUD FiOFXOR GH LPSRVWRV
SUpFRQ¿JXUDGRV SDUD D PDLRULD GRV SDtVHV
2 SURFHGLPHQWR SDUD FiOFXOR GH LPSRVWRV FRQWpP
$ RUGHP GDV HWDSDV TXH GHYHP VHU VHJXLGDV QR HVTXHPD GH FiOFXOR GR
LPSRVWR D HWDSD GH LQGLFD RQGH R VLVWHPD FKDPD R YDORU EDVH SDUD D
HWDSD
2V WLSRV GH LPSRVWR WLSRV GH FRQGLomR TXH VH DSOLFDP DR SDtV 2 VLVWHPD
p IRUQHFLGR FRP RV WLSRV GH FRQGLomR QHFHVViULRV D FDGD WLSR GH FiOFXOR
GH LPSRVWR 2 SURFHGLPHQWR SDUD FiOFXOR GH LPSRVWRV Mi DEUDQJH RV WLSRV
GH FRQGLomR FRUUHWRV
&KDYH GH FRQWDFKDYH GH WUDQVDomR TXH DEUDQJH HVSHFL¿FDo}HV DGLFLRQDLV
H TXH p XWLOL]DGD QD GHWHUPLQDomR DXWRPiWLFD GH FRQWDV SDUD RV LPSRVWRV HP
TXHVWmR 2 VLVWHPD 6$3 (53 LQFOXL FKDYHV GH FRQWDV SUHGH¿QLGDV 1yV
UHFRPHQGDPRV TXH YRFr XWLOL]H HVWDV FKDYHV GH FRQWD SDGUmR
3DUD RV (8$ VmR UHOHYDQWHV GRLV SURFHGLPHQWRV SDUD FiOFXOR GH LPSRVWRV
7$;86- 3URFHGLPHQWR VWDQGDUG SDUD FiOFXOR GH LPSRVWRV TXH LQFOXL
SURFHVVDPHQWR GH FyGLJRV GH GRPLFtOLR ¿VFDO
7$;86; 3URFHGLPHQWR SDUD FiOFXOR GH LPSRVWRV DGRWDGR TXDQGR VH XWLOL]D
XP SDFRWH GH LPSRVWRV H[WHUQRV
2V WLSRV GH FRQGLomR VmR FiOFXORV GH LPSRVWRV YiOLGRV SDUD R SDtV
2 PRQWDQWH EiVLFR p XP LWHP GH GHVSHVDV RX GH UHFHLWDV

)LJXUD &yGLJR GH GRPLFtOLR ¿VFDO
2 FyGLJR GH GRPLFtOLR ¿VFDO p XPD FRPELQDomR GRV FyGLJRV GH UHSDUWLo}HV

S~EOLFDV ¿VFDLV TXH WULEXWDP PRYLPHQWRV GH PHUFDGRULDV H XWLOL]DP VXDV SUySULDV
WD[DV GH LPSRVWRV ([LVWHP TXDWUR QtYHLV SRVVtYHLV DEDL[R GR QtYHO QDFLRQDO
(VWDGR FRQGDGR FLGDGH RX GLVWULWR
$ XWLOL]DomR GH FyGLJRV GH GRPLFtOLR ¿VFDO HQYROYH GXDV HWDSDV
e QHFHVViULR GH¿QLU R FRPSULPHQWR GRV HOHPHQWRV LQGLYLGXDLV GR FyGLJR
SDUD R IRUPDWR GR FyGLJR GH GRPLFtOLR ¿VFDO (VWD DWLYLGDGH WDPEpP DOWHUQD
DXWRPDWLFDPHQWH R FiOFXOR GR ,56 GHVWH SURFHGLPHQWR WULEXWiULR SDUD R
PpWRGR GH FyGLJR GR GRPLFtOLR ¿VFDO
2V FyGLJRV GH GRPLFtOLR ¿VFDO WrP GH VHU GH¿QLGRV HP FDGD QtYHO SRU
H[HPSOR
SDUD QtYHO HVWDGXDO
SDUD QtYHO GH FRQGDGR
SDUD QtYHO GH FLGDGH
SDUD QtYHO LQIHULRU j FLGDGH
4XDQGR ODQoDU LPSRVWRV FRP XP FyGLJR GH GRPLFtOLR ¿VFDO SRGHVH LQVHULU RV
LPSRVWRV SRU FyGLJR GH GRPLFtOLR ¿VFDO RX SRU QtYHO GH LPSRVWR

)LJXUD &yGLJR GH LPSRVWR
,QVLUD R FyGLJR GH LPSRVWR TXDQGR ODQoDU R GRFXPHQWR H HVWD p D OLJDomR SULQFLSDO

FRP R FiOFXOR GH LPSRVWR (VWD OLJDomR p GLIHUHQWH GHSHQGHQGR GH R SDtV XWLOL]DU
RX QmR XP SURFHGLPHQWR SDUD FiOFXOR GH LPSRVWRV FRP FyGLJRV GH GRPLFtOLR
¿VFDO 2 FyGLJR GH LPSRVWR HVWi OLJDGR D XP GRV VHJXLQWHV
&yGLJR GR SDtV
&RPELQDomR GH FyGLJR GR SDtV H FyGLJR GH GRPLFtOLR ¿VFDO
2V FyGLJRV GH LPSRVWR HP XP PpWRGR GH WULEXWDomR GH GRPLFtOLR ¿VFDO
VmR HVSHFt¿FRV GD GDWD 1D FRQ¿JXUDomR SRGHVH VHOHFLRQDU VH D GDWD
GR GRFXPHQWR RX D GDWD GR ODQoDPHQWR GHYH VHU YiOLGD SDUD R FiOFXOR GH
LPSRVWR
)LJXUD 7D[DV GH LPSRVWR

$OpP GH RXWUDV LQIRUPDo}HV R FyGLJR GH LPSRVWR LQFOXL DV WD[DV GH LPSRVWR $V

WD[DV GH LPSRVWR VmR DWULEXtGDV DRV WLSRV GH LPSRVWRV XWLOL]DGRV QR SURFHGLPHQWR
SDUD FiOFXOR GH LPSRVWRV 8P FyGLJR GH LPSRVWR SRGH WHU YiULDV WD[DV GH LPSRVWR
SDUD GLIHUHQWHV WLSRV GH LPSRVWR VH XPD SDUWLGD LQGLYLGXDO IRU WULEXWDGD FRP
YiULRV WLSRV GH LPSRVWR PDV HP JHUDO DSHQDV XPD WD[D GH LPSRVWR p LQVHULGD
([HPSOR GH FyGLJR GH LPSRVWR FRP PDLV GH XPD WD[D GH LPSRVWR
GH ,9$ VXSRUWDGR VREUH XP LWHP GR PRQWDQWH GH LPSRVWR QmR p
GHGXWtYHO SDUD DV WD[DV GH LPSRVWR LVWR VLJQL¿FD GH ,9$ VXSRUWDGR
GH ,9$ VXSRUWDGR QmR GHGXWtYHO
$OJXQV ODQoDPHQWRV HP FRQWDV GR 5D]mR UHOHYDQWHV SDUD LPSRVWR WrP GH WHU XPD
WD[D GH LPSRVWR ]HUR ,VWR DSOLFDVH D
,WHQV LVHQWRV GH LPSRVWR PDV TXH WrP GH VHU FRPXQLFDGRV j UHSDUWLomR
S~EOLFD ¿VFDO 3DUD HVVHV LWHQV p FULDGR XP FyGLJR GH LPSRVWR HVSHFLDO FRP
XPD WD[D GH LPSRVWR ]HUR
,WHQV TXH VmR FULDGRV SRU WUDQVDo}HV LVHQWDV GH LPSRVWR FRPR D VDtGD GH
PHUFDGRULDV R PRYLPHQWR GH PHUFDGRULDV HWF e QHFHVViULR DWULEXLU XP
FyGLJR GH LPSRVWR HVSHFLDO D HVWDV WUDQVDo}HV QD FRQ¿JXUDomR
$ GH¿QLomR GR WLSR GH LPSRVWR GHWHUPLQD VH R PRQWDQWH EDVH p SRUFHQWDJHP
LQFOXtGD RX SRUFHQWDJHP VHSDUDGD
6H R VLVWHPD GHWHFWDU XP GHVYLR HQWUH R LPSRVWR FDOFXODGR H R PRQWDQWH GR LPSRVWR
LQVHULGR HPLWLUi XPD PHQVDJHP GH HUUR FyGLJR GH YHUL¿FDomR GH¿QLGR RX GH
DGYHUWrQFLD FyGLJR GH YHUL¿FDomR QmR GH¿QLGR 2 FyGLJR GH YHUL¿FDomR QmR
GHYH VHU GH¿QLGR SDUD FyGLJRV GH ,9$ VXSRUWDGR SRUTXH R XVXiULR WHP GH ODQoDU R
LPSRVWR D SDUWLU GD IDWXUD LQGHSHQGHQWHPHQWH GH D IDWXUD HVWDU FRUUHWD RX QmR

)LJXUD /DQoDPHQWRV GH LPSRVWRV
/DQoDPHQWRV GH LPSRVWRV
2V LPSRVWRV FDOFXODGRV SHOR VLVWHPD VmR HP JHUDO ODQoDGRV SRU XPD SDUWLGD
LQGLYLGXDO VHSDUDGD HP XPD FRQWD GH LPSRVWR HVSHFLDO (VWH p R FHQiULR
VWDQGDUG
,PSRVWRV FRP GHWHUPLQDGDV FKDYHV GH WUDQVDomRFRQWD SRU H[HPSOR 199
VmR GLVWULEXtGRV SDUD R LWHP GH GHVSHVDVUHFHLWD UHOHYDQWH (VWH p R FDVR GRV
HQFDUJRV ,9$ GH RXWUR ,9$ VXSRUWDGR QmR GHGXWtYHO

)LJXUD 'HWHUPLQDomR GH FRQWD GH LPSRVWRV
3DUD DWLYDU D GHWHUPLQDomR DXWRPiWLFD GH FRQWDV GH LPSRVWRV GHYHVH DWULEXLU

RV GDGRV VHJXLQWHV jV FKDYHV GH FRQWDWUDQVDomR TXH JHUDP RV LWHQV GH LPSRVWR
GXUDQWH R ODQoDPHQWR
&KDYHV GH ODQoDPHQWR UHFRPHQGDVH H
$V UHJUDV TXH GHWHUPLQDP HP TXH FDPSRV VH EDVHLD D GHWHUPLQDomR GH
FRQWDV D GHWHUPLQDomR GH FRQWDV SRGH VH EDVHDU QR FyGLJR GH LPSRVWR RX QD
FKDYH GH FRQWD
&RQWDV GH LPSRVWRV
$V GLIHUHQoDV GH WD[D GH FkPELR RFRUULGDV HP IXQomR GH DMXVWHV GH LPSRVWR HP
PRHGDV HVWUDQJHLUDV JHUDOPHQWH VmR ODQoDGDV QD FRQWD FRPXP GH GLIHUHQoDV GH
WD[D GH FkPELR 1R HQWDQWR SDUD FDGD HPSUHVD SRGHVH LQGLFDU TXH D WD[D GH
FkPELR SDUD LWHQV GH LPSRVWR WDPEpP SRGH VHU LQVHULGD PDQXDOPHQWH RX VHU
GHWHUPLQDGD SHOD GDWD GR ODQoDPHQWR RX GR GRFXPHQWR $V GLIHUHQoDV UHVXOWDQWHV
VmR ODQoDGDV HP XPD FRQWD HVSHFLDO

)LJXUD &RQWDV GH LPSRVWR
'H¿QD FRQWDV GH LPSRVWR RX VHMD FRQWDV RQGH VmR ODQoDGRV LWHQV GH LPSRVWR QR
FDPSR &DWHJRULD GH LPSRVWR LQVHULQGR XP GRV VLQDLV D VHJXLU
3DUD ,9$ VXSRUWDGR
! 3DUD ,9$ OLTXLGDGR
$V SURSULHGDGHV GR FyGLJR GH LPSRVWR GH¿QHP VH R LPSRVWR ODQoDGR p XP
,9$ VXSRUWDGR RX XP ,9$ OLTXLGDGR
6H QmR TXLVHU ODQoDU LPSRVWRV PDQXDOPHQWH VHOHFLRQH /DQoDU DSHQDV
DXWRPDWLFDPHQWH
)LJXUD 2XWUDV FRQWDV GR 5D]mR

7RGDV DV RXWUDV FRQWDV GR 5D]mR SRGHP WHU XPD GDV VHJXLQWHV HQWUDGDV QR FDPSR
&DWHJRULD GH LPSRVWR
Ä ³ 3DUD ODQoDPHQWRV QmR UHOHYDQWHV SDUD LPSRVWR SRU H[HPSOR ODQoDPHQWRV
EDQFiULRV
³´ 3DUD ODQoDPHQWRV TXH QHFHVVLWDP GH XP FyGLJR GH ,9$ VXSRUWDGR SRU
H[HPSOR FRQWD GH FRQFLOLDomR SDUD FRQWDV D SDJDU GH PHUFDGRULDV H VHUYLoRV
³´ 3DUD ODQoDPHQWRV TXH QHFHVVLWDP GH XP FyGLJR GH ,9$ OLTXLGDGR
SRU H[HPSOR FRQWD GH FRQFLOLDomR SDUD FRQWDV D UHFHEHU GH PHUFDGRULDV H
VHUYLoRV
³ ´ 3DUD ODQoDPHQWRV TXH QHFHVVLWDP GH TXDOTXHU FyGLJR GH LPSRVWR
[[ 3DUD ODQoDPHQWRV FRP R FyGLJR GH LPSRVWR [[ SUHGH¿QLGR
$V SURSULHGDGHV GR FyGLJR GH LPSRVWR GH¿QHP VH R LPSRVWR ODQoDGR p XP
,9$ VXSRUWDGR RX XP ,9$ OLTXLGDGR
6H R FDPSR /DQoDPHQWRV VHP LPSRVWR DXWRUL]DGRV HVWLYHU VHOHFLRQDGR YRFr
SRGHUi HIHWXDU ODQoDPHQWRV QHVVD FRQWD GR 5D]mR VHP LQGLFDU XP FyGLJR GH
LPSRVWR ,VWR p SDUWLFXODUPHQWH QHFHVViULR SDUD ODQoDPHQWRV GH LPSRVWRV HP XP
SURFHGLPHQWR WULEXWiULR GH FyGLJR GH GRPLFtOLR ¿VFDO SDUD FOLHQWHV HVWUDQJHLURV
TXH QmR SRVVXHP XP FyGLJR GH GRPLFtOLR ¿VFDO
'LFD $V FRQWDV GH GHVFRQWRV QHFHVVLWDP GH XPD HQWUDGD QR FDPSR

&DWHJRULD GH LPSRVWR FDVR R VLVWHPD GHYD ODQoDU DMXVWHV GH LPSRVWRV
2V IRUQHFLPHQWRV D FOLHQWHV GH SDtVHV QmR SHUWHQFHQWHV j 8QLmR (XURSpLD HVWmR

LVHQWRV GH LPSRVWRV GH ,9$ OLTXLGDGR 2 FOLHQWH WHP TXH SDJDU R LPSRVWR GH
LPSRUWDomR TXH HP JHUDO p LJXDO DR ,9$ VXSRUWDGR QDFLRQDO
1R PHUFDGR FRPXP HXURSHX DSOLFDPVH RV SULQFtSLRV GR SDtV GH GHVWLQR ,VWR
VLJQL¿FD TXH RV IRUQHFLPHQWRV VmR LVHQWRV GH LPSRVWRV GH ,9$ OLTXLGDGR H
R ,9$ GH DTXLVLomR p DUUHFDGDGR QR SDtV GH GHVWLQR

$V UHVWULo}HV GH LPSRUWDomR H H[SRUWDomR IRUDP VXEVWLWXtGDV SRU UHODWyULRV PDLV

DEUDQJHQWHV SDUD DV UHPHVVDV HQWUH HPSUHVDV GRV SDtVHV GD 8QLmR (XURSpLD
2 FOLHQWH UDWHLD R ,9$ GH DTXLVLomR H FRPXQLFDR jV UHSDUWLo}HV S~EOLFDV GH
¿QDQoDV HP XPD GHFODUDomR SUpYLD H DPSOLDGD GR ,9$ 1R PHVPR UHODWyULR
R ,9$ GH DTXLVLomR SRGH VHU VROLFLWDGR FRPR ,9$ VXSRUWDGR $VVLP D
HPSUHVD QmR WHP GH SDJDU LPSRVWRV TXDQGR DGTXLUH PHUFDGRULDV 2 ,9$ GH
DTXLVLomR p XWLOL]DGR SDUD FRPXQLFDU D DTXLVLomR GH PHUFDGRULDV GHQWUR GD
8QLmR (XURSpLD jV UHSDUWLo}HV S~EOLFDV GH ¿QDQoDV
2 IRUQHFHGRU WHP TXH UHODWDU RV IRUQHFLPHQWRVPRYLPHQWRV GH PHUFDGRULDV
LVHQWRV GH LPSRVWRV TXH FRQVWDP GH XPD OLVWD GH YHQGDV GD 8QLmR (XURSpLD
SDUD VXD UHSDUWLomR S~EOLFD GH ¿QDQoDV (VWD OLVWD WDPEpP FRQWpP RV
GHVWLQDWiULRV GDV PHUFDGRULDV 3DUD LGHQWL¿FDU RV GHVWLQDWiULRV FDGD HPSUHVD
UHFHEH XP Q~PHUR GH LGHQWL¿FDomR ¿VFDO GH ,9$ (VWH Q~PHUR GHYH VHU
LQGLFDGR HP FDGD IDWXUD HPLWLGD HQWUH DV HPSUHVDV GD 8(
)LJXUD &yGLJRV GH ,9$ GH DTXLVLomR
&yGLJRV GH LPSRVWR HVSHFLDLV

2 FyGLJR GH ,9$ GH DTXLVLomR JHUD GRLV LWHQV GH ODQoDPHQWR )D] R
ODQoDPHQWR GR ,9$ GH DTXLVLomR FRPR FUpGLWR QD FRQWD GH ,9$ OLTXLGDGR
GH DTXLVLomR H ODQoD R PHVPR PRQWDQWH FRPR GpELWR QD FRQWD GH ,9$
VXSRUWDGR GH DTXLVLomR
2 FyGLJR GH ,9$ OLTXLGDGR SDUD IRUQHFLPHQWRV LVHQWRV GH LPSRVWRV WHP
GH WHU XP FyGLJR 8( SDUD PHUFDGRULDV VHUYLoRV H VXEFRQWUDWDomR QD 8QLmR
(XURSpLD SDUD GHWHUPLQDU DV YHQGDV UHOHYDQWHV SDUD D OLVWD GH YHQGDV GD
8QLmR (XURSpLD 3RU UD]}HV GH RUGHP WpFQLFD GHYHVH DWULEXLU XPD FRQWD GH
LPSRVWR DR FyGLJR GH LPSRVWR HPERUD QHQKXP LPSRVWR VHMD ODQoDGR

([HUFtFLR ,PSRVWRV

&ULDU XP QRYR FyGLJR GH LPSRVWR
/DQoDU XPD IDWXUD GH FOLHQWH FRP LPSRVWRV
&HQiULR GH QHJyFLRV
$ DGPLQLVWUDomR VROLFLWRX TXH GHYLGR jV UHVWULo}HV GH WHPSR R DOXQR IRUQHoD RV
UHTXLVLWRV EiVLFRV GH LPSRVWRV GR VHX SDtV SDUD R SURWyWLSR )RL VXJHULGR TXH YRFr
XWLOL]H R PRGHOR GH LPSRVWRV GR 6$3 (53 SDUD VHX SDtV

7DUHID
&LWH RV GRLV WLSRV GH WULEXWDomR TXH SRGHP VHU PDSHDGRV QR VLVWHPD 6$3
(53
7DUHID
4XH GDGRV VmR QHFHVViULRV SDUD D GHWHUPLQDomR DXWRPiWLFD GH FRQWDV SDUD

PRQWDQWHV GH LPSRVWR"
7DUHID
&ULDU XP QRYR FyGLJR GH LPSRVWR &RQFOXD D WDUHID RX GH DFRUGR FRP RV
UHTXLVLWRV GH VHX SDtV
,PSRVWRV LQGHSHQGHQWHV GR GRPLFtOLR ¿VFDO R JRYHUQR IHGHUDO GR SDtV
LPSOHPHQWD XPD UHIRUPD WULEXWiULD H HVWDEHOHFH D WD[D GR ,9$ HP &ULH
XP QRYR FyGLJR GH ,9$ OLTXLGDGR SDUD VH DMXVWDU jV QRYDV H[LJrQFLDV
WULEXWiULDV
,PSRVWRV HVSHFt¿FRV GH GRPLFtOLR ¿VFDO 2 LQVWUXWRU IRUQHFHUi R FyGLJR GH
XP GRPLFtOLR ¿VFDO TXH UHFHQWHPHQWH PRGL¿FRX D WD[D GH LPSRVWR VREUH
YHQGDV SDUD $ HPSUHVD GR DOXQR HVWi SUHVHQWH QHVVH GRPLFtOLR ¿VFDO H
HVWi SRUWDQWR REULJDGD D UHFROKHU LPSRVWR VREUH YHQGDV &ULH XP QRYR
FyGLJR GH ,9$ OLTXLGDGR SDUD VH DMXVWDU jV QRYDV H[LJrQFLDV WULEXWiULDV
'H¿QD TXH R QRYR FyGLJR GH LPSRVWR p UHOHYDQWH SDUD ³IDWXUDV HPLWLGDV
HP &RQWDELOLGDGH ¿QDQFHLUD´ H TXH SRU LVVR GHYH VHU GLVSRQLELOL]DGR QDV
HQWUDGDV SRVVtYHLV QDV WUDQVDo}HV (QMR\

7DUHID
7HVWH R QRYR FyGLJR GH LPSRVWR HQWUDQGR XPD IDWXUD GH FOLHQWH
FRQWD GR FOLHQWH 6HOHFLRQH D RSomR &DOFXODU LPSRVWR 8WLOL]H R FyGLJR GH
LPSRVWR TXH FULRX H VH QHFHVViULR R UHVSHFWLYR FyGLJR GH GRPLFtOLR ¿VFDO
/DQFH QD FRQWD GH UHFHLWDV H QR FHQWUR GH OXFUR 35
'LFD e QHFHVViULR DQRWDU R Q~PHUR GH GRFXPHQWR QD IROKD GH GDGRV

6ROXomR ,PSRVWRV

7DUHID
&LWH RV GRLV WLSRV GH WULEXWDomR TXH SRGHP VHU PDSHDGRV QR VLVWHPD 6$3
(53
5HVSRVWD
7ULEXWDomR QR QtYHO QDFLRQDO
7ULEXWDomR QR QtYHO UHJLRQDOFyGLJR GH GRPLFtOLR ¿VFDO
7DUHID
4XH GDGRV VmR QHFHVViULRV SDUD D GHWHUPLQDomR DXWRPiWLFD GH FRQWDV SDUD
PRQWDQWHV GH LPSRVWR"
5HVSRVWD
5HJUDV
&KDYH GH ODQoDPHQWR
&RQWDV GH LPSRVWRV
7DUHID
&ULDU XP QRYR FyGLJR GH LPSRVWR &RQFOXD D WDUHID RX GH DFRUGR FRP RV
UHTXLVLWRV GH VHX SDtV
,PSRVWRV LQGHSHQGHQWHV GR GRPLFtOLR ¿VFDO R JRYHUQR IHGHUDO GR SDtV
LPSOHPHQWD XPD UHIRUPD WULEXWiULD H HVWDEHOHFH D WD[D GR ,9$ HP &ULH
XP QRYR FyGLJR GH ,9$ OLTXLGDGR SDUD VH DMXVWDU jV QRYDV H[LJrQFLDV
WULEXWiULDV
D &ULDU XP QRYR FyGLJR GH LPSRVWR
,PSRVWRV LQGHSHQGHQWHV GR GRPLFtOLR ¿VFDO &ULDU FyGLJR GH LPSRVWR
FRQWDELOLGDGH ¿QDQFHLUD QRYR ĺ ,9$ ĺ &iOFXOR ĺ 'H¿QLU FyGLJR
,9$

GDGRV
3DtV 3DtV GR FXUVR

6HOHFLRQH ³(QWHU´

GDGRV
&yGLJR GH LPSRVWR
6HOHFLRQH (QWHU

GDGRV
&yGLJR GH LPSRVWR
'HVFULomR GH ,9$ OLTXLGDGR
7LSR GH LPSRVWR $
6HOHFLRQH &RQWLQXDU

GDGRV
7LSR GH LPSRVWR ,9$ OLTXLGDGR
&KFWD 0:6
3RUFHQWDJHP GH LPSRVWR
6HOHFLRQH (QWHU
$WULEXLU XPD FRQWD GH LPSRVWRV
6HOHFLRQH R ERWmR &RQWDV GH LPSRVWR

GDGRV
3ODQR GH FRQWDV ,17
6HOHFLRQH &RQWLQXDU

GDGRV
0:6
6HOHFLRQH *UDYDU

,PSRVWRV HVSHFt¿FRV GH GRPLFtOLR ¿VFDO 2 LQVWUXWRU IRUQHFHUi R FyGLJR GH

XP GRPLFtOLR ¿VFDO TXH UHFHQWHPHQWH PRGL¿FRX D WD[D GH LPSRVWR VREUH
YHQGDV SDUD $ HPSUHVD GR DOXQR HVWi SUHVHQWH QHVVH GRPLFtOLR ¿VFDO H
HVWi SRUWDQWR REULJDGD D UHFROKHU LPSRVWR VREUH YHQGDV &ULH XP QRYR
FyGLJR GH ,9$ OLTXLGDGR SDUD VH DMXVWDU jV QRYDV H[LJrQFLDV WULEXWiULDV
D ,PSRVWRV GHSHQGHQWHV GR GRPLFtOLR ¿VFDO &ULDU FyGLJR GH LPSRVWR
&RQWDELOLGDGH ¿QDQFHLUD QRYD ĺ ,9$ ĺ &iOFXOR ĺ 'H¿QLU FyGLJRV
,9$

GDGRV
3DtV 3DtV GR FXUVR
6HOHFLRQH &RQWLQXDU

GDGRV
&yGLJR GH LPSRVWR
&yGLJR GH GRPLFtOLR ¿VFDO 6HX LQVWUXWRU IRUQHFHUi HVVDV
LQIRUPDo}HV
6HOHFLRQH (QWHU

GDGRV
&yGLJR GH LPSRVWR
'HVFULomR ,9$
7LSR GH LPSRVWR $
9HUL¿FDomR
6HOHFLRQH (QWHU

GDGRV
7LSR GH LPSRVWR ,9$ GH &5
&KFWD 0:
3RUFHQWDJHP GH LPSRVWR

$WULEXLU XPD FRQWD GH LPSRVWRV

6HOHFLRQH R ERWmR &RQWDV GH LPSRVWR

GDGRV
3ODQR GH FRQWDV ,17
6HOHFLRQH &RQWLQXDU

GDGRV
0: 6HX LQVWUXWRU IRUQHFHUi D FRQWD GH
SDVVLYRV GH LPSRVWR
6HOHFLRQH *UDYDU
'H¿QD TXH R QRYR FyGLJR GH LPSRVWR p UHOHYDQWH SDUD ³IDWXUDV HPLWLGDV
HP &RQWDELOLGDGH ¿QDQFHLUD´ H TXH SRU LVVR GHYH VHU GLVSRQLELOL]DGR QDV
HQWUDGDV SRVVtYHLV QDV WUDQVDo}HV (QMR\
D 'H¿QD VHX FyGLJR GH LPSRVWR SDUD D WUDQVDomR (QMR\
,0* &RQWDELOLGDGH ¿QDQFHLUD QY ĺ &RQWDELOLGDGH GH FOLHQWHV H
IRUQHFHGRUHV ĺ 7UDQVDo}HV FRQWiEHLV ĺ (QWUDGD GH IDWXUDHQWUDGD GH
QRWD GH FUpGLWR ĺ (QWUDGD GH IDWXUDQRWD GH FUpGLWR (QMR\ ĺ 'H¿QLU
FyGLJR GH LPSRVWR SRU RSHUDomR

GDGRV
&yGLJR GR SDtV 3DtV GR FXUVR
6HOHFLRQH &RQWLQXDU
6HOHFLRQH (QWUDGDV QRYDV

GDGRV
&yGLJR GH LPSRVWR
2SHUDomR )DWXUDV HPLWLGDV HP &RQWDELOLGDGH
¿QDQFHLUD
6HOHFLRQH *UDYDU

7DUHID
7HVWH R QRYR FyGLJR GH LPSRVWR HQWUDQGR XPD IDWXUD GH FOLHQWH
FRQWD GR FOLHQWH 6HOHFLRQH D RSomR &DOFXODU LPSRVWR 8WLOL]H R FyGLJR GH
LPSRVWR TXH FULRX H VH QHFHVViULR R UHVSHFWLYR FyGLJR GH GRPLFtOLR ¿VFDO
/DQFH QD FRQWD GH UHFHLWDV H QR FHQWUR GH OXFUR 35
'LFD e QHFHVViULR DQRWDU R Q~PHUR GH GRFXPHQWR QD IROKD GH GDGRV
D $SOLFDomR &RQWDELOLGDGH ĺ &RQWDELOLGDGH ¿QDQFHLUD ĺ &OLHQWHV

ĺ /DQoDPHQWR ĺ )DWXUD

GDGRV
'DGRV EiVLFRV
&OLHQWH 6HX FOLHQWH
0RQWDQWH
0RHGD 0RHGD LQWHUQD
&DOFXODU LPSRVWR
&yGLJR GH LPSRVWR VHX QRYR FyGLJR GH LPSRVWR
,WHP
&RQWD GR 5D]mR
'& &UpGLWR
GRFXPHQWR
&yGLJR GH LPSRVWR 1RYR FyGLJR GH LPSRVWR
&HQWUR GH OXFUR 35
9HUL¿TXH VHX GRFXPHQWR &OLTXH GXDV YH]HV HP XPD SDUWLGD LQGLYLGXDO

0DUTXH /DQoDU SDUD JUDYDU R GRFXPHQWR

&ULDU XP QRYR FyGLJR GH LPSRVWR
$WULEXLU XPD FRQWD GR 5D]mR DR FyGLJR GH LPSRVWR SDUD
SRVVLELOLWDU ODQoDPHQWRV DXWRPiWLFRV
'H¿QLU VHX FyGLJR GH LPSRVWR TXH VHUi XWLOL]DGR QD
WUDQVDomR (QMR\
/DQoDU XPD IDWXUD GH FOLHQWH SDUD GHPRQVWUDU R
ODQoDPHQWR DXWRPiWLFR GH LPSRVWRV

5HVXPR GD OLomR

7),1B /LomR 2SHUDo}HV LQWHUHPSUHVDULDLV
/LomR 2SHUDo}HV LQWHUHPSUHVDULDLV

(VWD OLomR RIHUHFH XPD VtQWHVH VREUH RSHUDo}HV LQWHUHPSUHVDULDLV
2EMHWLYRV GD OLomR
&HQiULR GH QHJyFLRV
$ JHUrQFLD HVWi FRQVLGHUDQGR HVWDEHOHFHU PDLV XPD VXEVLGLiULD QDFLRQDO H HVWi VH
SHUJXQWDQGR VH R 6$3 (53 p FDSD] GH SURFHVVDU ODQoDPHQWRV LQWHUHPSUHVDULDLV
)LJXUD 2SHUDomR LQWHUHPSUHVDULDO

)LJXUD 2SHUDomR LQWHUHPSUHVDULDO
8PD RSHUDomR LQWHUHPSUHVDULDO HQYROYH GXDV RX PDLV HPSUHVDV HP XPD

WUDQVDomR FRQWiELO ([HPSORV
8PD HPSUHVD FRPSUD GH RXWUDV HPSUHVDV VXSULPHQWR FHQWUDOL]DGR
8PD HPSUHVD SDJD IDWXUDV GH RXWUDV HPSUHVDV SDJDPHQWR FHQWUDO
8PD HPSUHVD YHQGH PHUFDGRULDV SDUD RXWUDV HPSUHVDV
8PD RSHUDomR LQWHUHPSUHVDULDO ID] ODQoDPHQWRV HP FRQWDV GH YiULDV HPSUHVDV
,VWR QmR SRGH VHU IHLWR FRP R ODQoDPHQWR GH DSHQDV XP GRFXPHQWR SRUTXH XP
GRFXPHQWR VHPSUH p DWULEXtGR D XPD ~QLFD HPSUHVD (P YH] GLVVR R VLVWHPD FULD
H ODQoD XP GRFXPHQWR HP VHSDUDGR SDUD FDGD HPSUHVD HQYROYLGD
3DUD VDOGDU GpELWRV H FUpGLWRV QHVVHV GRFXPHQWRV R VLVWHPD JHUD LWHQV GH
GRFXPHQWR DXWRPiWLFRV TXH VmR ODQoDGRV HP FRQWDV GH FRPSHQVDomR SDUD
FRQWDV D SDJDU RX D UHFHEHU
2V GRFXPHQWRV SHUWHQFHQWHV D XPD RSHUDomR LQWHUHPSUHVDULDO VmR OLJDGRV SRU XP
Q~PHUR GH RSHUDomR LQWHUHPSUHVDULDO FRPXP
3RGHVH XWLOL]DU R UHODWyULR 5)%925 SDUD H[LELU RSHUDo}HV LQWHUHPSUHVDULDLV

)LJXUD 6XSULPHQWR FHQWUDO H[HPSOR
$ LPDJHP ³6XSULPHQWR FHQWUDO H[HPSOR´ H[LEH XP H[HPSOR GH XPD WUDQVDomR

LQWHUHPSUHVDULDO 8P IRUQHFHGRU HQWUHJD PHUFDGRULDV j HPSUHVD H RXWUDV
PHUFDGRULDV j HPSUHVD PDV HQYLD DSHQDV XPD IDWXUD UHODWLYD D WRGDV DV
PHUFDGRULDV SDUD D HPSUHVD ,QVLUD XPD SDUWH GD GHVSHVD H ODQFH D IDWXUD
QD FRQWD GH IRUQHFHGRU GD HPSUHVD $R LQVHULU D IDWXUD WHP GH ODQoDU D
RXWUD SDUWH GDV GHVSHVDV QD HPSUHVD 2V ODQoDPHQWRV GH FRPSHQVDomR H R
ODQoDPHQWR GH LPSRVWR VmR FULDGRV DXWRPDWLFDPHQWH
2 LPSRVWR QmR p GLVWULEXtGR HQWUH DV HPSUHVDV GH DFRUGR FRP VXDV GHVSHVDV
3RUWDQWR HVVD IXQomR Vy SRGH VHU XWLOL]DGD TXDQGR D SUySULD WUDQVDomR QmR IRU
UHOHYDQWH SDUD LPSRVWR RX VH DV HPSUHVDV IRUPDUHP XPD HQWLGDGH ¿VFDO
2 LPSRVWR FDOFXODGR p VHPSUH ODQoDGR QD HPSUHVD GR SULPHLUR LWHP 3RUWDQWR
SDUD JDUDQWLU TXH R LPSRVWR VHMD ODQoDGR QD PHVPD HPSUHVD TXH D IDWXUD R LWHP
GD IDWXUD GHYH VHU VHPSUH LQVHULGR HP SULPHLUR OXJDU
$ OHJLVODomR ¿VFDO GH DOJXQV SDtVHV SRU H[HPSOR -DSmR H 'LQDPDUFD H[LJH
TXH RV PRQWDQWHV GH LPSRVWR VHMDP ODQoDGRV QDV HPSUHVDV RQGH RFRUUHUDP DV
GHVSHVDV 'HVVH PRGR R LPSRVWR GHYH VHU GLVWULEXtGR GD SULPHLUD HPSUHVD SDUD DV
GHPDLV H GH DFRUGR FRP VHXV PRQWDQWHV GH GHVSHVDV 3RGHVH ID]HU LVVR FRP R
UHODWyULR 5)%867

)LJXUD &RQWDV GH FRPSHQVDomR
$V FRQWDV GH FRPSHQVDomR GHYHP VHU GH¿QLGDV HP FDGD HPSUHVD DQWHV GD

H[HFXomR GH XPD RSHUDomR LQWHUHPSUHVDULDO $V FRQWDV WUDQVLWyULDV SRGHP VHU
FRQWDV GR 5D]mR GH FOLHQWH RX GH IRUQHFHGRU
1D FRQ¿JXUDomR p QHFHVViULR DWULEXLU FRQWDV WUDQVLWyULDV SDUD FDGD SRVVtYHO
FRPELQDomR GH GXDV HPSUHVDV D ¿P GH SHUPLWLU ODQoDPHQWRV LQWHUHPSUHVDULDLV
HQWUH HVVDV FRPELQDo}HV SRU H[HPSOR WUrV HPSUHVDV SUHFLVDP GH FRQWDV
GH FRPSHQVDomR
3DUD GLPLQXLU D TXDQWLGDGH GH FRQWDV GH FRPSHQVDomR SRGHVH XWLOL]DU DSHQDV XPD
HPSUHVD FRPR HPSUHVD GH FRPSHQVDomR 1HVWH FDVR DSHQDV p QHFHVViULR DWULEXLU
FRQWDV GH FRPSHQVDomR D FDGD FRPELQDomR GD HPSUHVD GH FRPSHQVDomR FRP DV
RXWUDV HPSUHVDV LVWR p WUrV HPSUHVDV SUHFLVDP GH FRQWDV GH FRPSHQVDomR
e QHFHVViULR DWULEXLU FKDYHV GH ODQoDPHQWR jV FRQWDV GH FRPSHQVDomR SDUD
LGHQWL¿FDU RV WLSRV GH FRQWD

)LJXUD 1~PHUR SDUD RSHUDomR LQWHUHPSUHVDULDO
1R ODQoDPHQWR GR GRFXPHQWR LQWHUHPSUHVDULDO R VLVWHPD JHUD XP Q~PHUR SDUD

RSHUDomR LQWHUHPSUHVDULDO SDUD LQWHUOLJDU WRGRV RV QRYRV GRFXPHQWRV
2 Q~PHUR GR GRFXPHQWR p XPD FRPELQDomR GR Q~PHUR GR GRFXPHQWR GD SULPHLUD
HPSUHVD GR Q~PHUR GD SULPHLUD HPSUHVD H GR H[HUFtFLR (OH p DUTXLYDGR QR
FDEHoDOKR GH WRGRV RV GRFXPHQWRV FULDGRV SDUD XPD WULOKD GH DXGLWRULD FRPSOHWD
2V GRFXPHQWRV LQWHUHPSUHVDULDLV SRGHP VHU HVWRUQDGRV 3DUD LVVR XWLOL]H D
IXQomR GH HVWRUQR SDUD WUDQVDo}HV LQWHUHPSUHVDULDLV


([HUFtFLR 2SHUDo}HV LQWHUHPSUHVDULDLV

FRQ¿JXUDU D HPSUHVD SDUD UHDOL]DU RSHUDo}HV LQWHUHPSUHVDULDLV
ODQoDU XPD RSHUDomR LQWHUHPSUHVDULDO
&HQiULR GH QHJyFLRV
$ JHUrQFLD HVWi FRQVLGHUDQGR HVWDEHOHFHU XPD VXEVLGLiULD QR H[WHULRU H HVWi VH
SHUJXQWDQGR VH R 6$3 (53 p FDSD] GH SURFHVVDU ODQoDPHQWRV LQWHUHPSUHVDULDLV
7DUHID
5HODFLRQDU GRLV H[HPSORV GH RSHUDo}HV LQWHUHPSUHVDULDLV
7DUHID
8PD RSHUDomR LQWHUHPSUHVDULDO HQYROYH SHOR PHQRV GRLV GRFXPHQWRV

Ƒ 9HUGDGHLUR
Ƒ )DOVR
2V PRQWDQWHV GH LPSRVWR GH XPD RSHUDomR LQWHUHPSUHVDULDO VmR

DXWRPDWLFDPHQWH GLVWULEXtGRV jV HPSUHVDV RQGH RFRUUHUDP GHVSHVDVUHFHLWDV
Ƒ 9HUGDGHLUR
Ƒ )DOVR
&RQWDV WUDQVLWyULDV LQWHUHPSUHVDULDLV GHYHP VHU FRQWDV GR 5D]mR

Ƒ 9HUGDGHLUR
Ƒ )DOVR

$V HPSUHVDV GH XPD RSHUDomR LQWHUHPSUHVDULDO SRGHP WHU PRHGDV LQWHUQDV

GLIHUHQWHV
Ƒ 9HUGDGHLUR
Ƒ )DOVR
7DUHID
'HVFUHYD RV FRPSRQHQWHV TXH R VLVWHPD XWLOL]D SDUD FULDU R Q~PHUR GD

RSHUDomR LQWHUHPSUHVDULDO
7DUHID
&RQ¿JXUH ODQoDPHQWR DXWRPiWLFR GH RSHUDo}HV LQWHUHPSUHVDULDLV HQWUH VXD
HPSUHVD *5 H D HPSUHVD GR LQVWUXWRU QRUPDOPHQWH *5 'H¿QD D FRQWD
SDUD VXD HPSUHVD H D FRQWD SDUD D HPSUHVD GR LQVWUXWRU
UHVSHFWLYDPHQWH SDUD FRQWDV D UHFHEHU H D SDJDU
'LFD (VWD FRQ¿JXUDomR p XP SUpUHTXLVLWR SDUD R H[HUFtFLR GH LQWHJUDomR

HP WHPSR UHDO
'H¿QD DPEDV DV FRQWDV HVSHFL¿FDGDV QR &XVWRPL]LQJ SDUD RSHUDo}HV

LQWHUHPSUHVDULDLV

7DUHID
'LFD (OLPLQH VXDV DWULEXLo}HV GH XVXiULR DR JUXSR GH WROHUkQFLD 6839

RX QmR WHUi DXWRUL]DomR SDUD HIHWXDU ODQoDPHQWRV QD HPSUHVD GR LQVWUXWRU
GR FXUVR
9RFr SRGH HQFRQWUDU VXDV DWULEXLo}HV GH XVXiULR SDUD R JUXSR GH WROHUkQFLD QR

,0* HP &RQWDELOLGDGH ¿QDQFHLUD QY ĺ &RQ¿JXUDo}HV JOREDLV FRQWDELOLGDGH
¿QDQFHLUD QRYR ĺ 'RFXPHQWR ĺ *UXSRV GH WROHUkQFLD ĺ 'H¿QLU JUXSRV GH
WROHUkQFLD SDUD IXQFLRQiULRV H $WULEXLU XVXiULRJUXSRV GH WROHUkQFLD
/DQFH XP H[HPSOR GH RSHUDomR SDUD FRPSUDV FHQWUDLV
9RFr UHFHEH GH VHX IRUQHFHGRU XPD IDWXUD HP PRHGD LQWHUQD GH
XQLGDGHV GR PDWHULDO DGTXLULGR FRQMXQWDPHQWH WDPEpP SDUD D HPSUHVD GR
LQVWUXWRU 9RFr SHGLX GRLV TXLQWRV GR PDWHULDO SDUD D HPSUHVD GR LQVWUXWRU
8WLOL]H R FyGLJR GH LPSRVWR O ,9$ VXSRUWDGR FXUVR /DQFH XPD
IDWXUD LQWHUHPSUHVDULDO SDUD LQVHULU D IDWXUD HP VXD HPSUHVD H RV FXVWRV QD
HPSUHVD GR LQVWUXWRU FRQWD GH GHVSHVDV SDUD DPEDV DV HPSUHVDV
FHQWUR GH FXVWR &2&( VXD HPSUHVD FHQWUR GH FXVWR &2&( HPSUHVD
GR LQVWUXWRU 5HJLVWUH VHXV Q~PHURV GH GRFXPHQWR

8WLOL]H DV EDUUDV GH URODJHP KRUL]RQWDLV VH QmR FRQVHJXLU YHU WRGRV
RV FDPSRV QHFHVViULRV
7DUHID
9HUL¿TXH VHX ODQoDPHQWR
2EVHUYH QRYDPHQWH VHX GRFXPHQWR LQWHUHPSUHVDULDO

6ROXomR 2SHUDo}HV LQWHUHPSUHVDULDLV

7DUHID
5HODFLRQDU GRLV H[HPSORV GH RSHUDo}HV LQWHUHPSUHVDULDLV
5HVSRVWD
&RPSUDV FHQWUDOL]DGDV
3DJDPHQWRV FHQWUDOL]DGRV
7DUHID
8PD RSHUDomR LQWHUHPSUHVDULDO HQYROYH SHOR PHQRV GRLV GRFXPHQWRV
5HVSRVWD 9HUGDGHLUR
8PD RSHUDomR LQWHUHPSUHVDULDO ID] ODQoDPHQWRV HP FRQWDV GH HPSUHVDV
GLIHUHQWHV 1mR p SRVVtYHO ODQoDU DSHQDV XP GRFXPHQWR VR]LQKR SRUTXH XP
GRFXPHQWR p VHPSUH DWULEXtGR D H[DWDPHQWH XPD HPSUHVD
2V PRQWDQWHV GH LPSRVWR GH XPD RSHUDomR LQWHUHPSUHVDULDO VmR
DXWRPDWLFDPHQWH GLVWULEXtGRV jV HPSUHVDV RQGH RFRUUHUDP GHVSHVDVUHFHLWDV
5HVSRVWD )DOVR
2 LPSRVWR p WRWDOPHQWH ODQoDGR QD SULPHLUD HPSUHVD (P DOJXQV SDtVHV
'LQDPDUFD -DSmR %pOJLFD RV PRQWDQWHV SURSRUFLRQDLV GH FDGD HPSUHVD
GHYHP VHU OLVWDGRV VHSDUDGDPHQWH 2 UHODWyULR 5)%867 SHUPLWH TXH YRFr
IDoD LVVR
&RQWDV WUDQVLWyULDV LQWHUHPSUHVDULDLV GHYHP VHU FRQWDV GR 5D]mR
5HVSRVWD )DOVR
&RQWDV WUDQVLWyULDV LQWHUHPSUHVDULDLV SRGHP VHU FRQWDV GR 5D]mR EHP FRPR
FRQWDV FRQWDV GH UD]mR DX[LOLDU
$V HPSUHVDV GH XPD RSHUDomR LQWHUHPSUHVDULDO SRGHP WHU PRHGDV LQWHUQDV
GLIHUHQWHV
5HVSRVWD 9HUGDGHLUR
'LFD (P XPD YHUVmR DQWHULRU GD 6$3 DV HPSUHVDV GHYLDP WHU D

PHVPD PRHGD LQWHUQD ,VVR QmR p PDLV QHFHVViULR

7DUHID
'HVFUHYD RV FRPSRQHQWHV TXH R VLVWHPD XWLOL]D SDUD FULDU R Q~PHUR GD
RSHUDomR LQWHUHPSUHVDULDO
5HVSRVWD 2 Q~PHUR GD RSHUDomR LQWHUHPSUHVDULDO p IRUPDGR SHOR Q~PHUR
GH GRFXPHQWR QD SULPHLUD HPSUHVD GR Q~PHUR GD SULPHLUD HPSUHVD H R
H[HUFtFLR
7DUHID
&RQ¿JXUH ODQoDPHQWR DXWRPiWLFR GH RSHUDo}HV LQWHUHPSUHVDULDLV HQWUH VXD
HPSUHVD *5 H D HPSUHVD GR LQVWUXWRU QRUPDOPHQWH *5 'H¿QD D FRQWD
SDUD VXD HPSUHVD H D FRQWD SDUD D HPSUHVD GR LQVWUXWRU
UHVSHFWLYDPHQWH SDUD FRQWDV D UHFHEHU H D SDJDU
'LFD (VWD FRQ¿JXUDomR p XP SUpUHTXLVLWR SDUD R H[HUFtFLR GH LQWHJUDomR

HP WHPSR UHDO
'H¿QD DPEDV DV FRQWDV HVSHFL¿FDGDV QR &XVWRPL]LQJ SDUD RSHUDo}HV

LQWHUHPSUHVDULDLV
D 6HOHFLRQH
7UDQVDo}HV FRQWiEHLV ĺ 3UHSDUDU RSHUDo}HV LQWHUHPSUHVDV

GDGRV
(PSUHVD 6XD HPSUHVD QRUPDOPHQWH
*5
(PSUHVD $ HPSUHVD GH VHX LQVWUXWRU
QRUPDOPHQWH *5
9rHPVH GLYHUVRV FDPSRV GH HQWUDGD QD WHOD )DoD DV HQWUDGDV SDUD VXD
HPSUHVD *5 QD SDUWH VXSHULRU H SDUD D VHJXQGD HPSUHVD QD SDUWH
LQIHULRU

GDGRV
(PSUHVD

$ UHFHEHU &KDYH GH ODQoDPHQWR

GHYHGRU

'pELWR HP FRQWD

$ SDJDU &KDYH GH ODQoDPHQWR

HP FUpGLWR

&UpGLWR HP FRQWD

(PSUHVD
$ UHFHEHU &KDYH GH ODQoDPHQWR
GHYHGRU

'pELWR HP FRQWD

$ SDJDU &KDYH GH ODQoDPHQWR

HP FUpGLWR

&UpGLWR HP FRQWD

*UDYH VXDV HQWUDGDV
7DUHID
'LFD (OLPLQH VXDV DWULEXLo}HV GH XVXiULR DR JUXSR GH WROHUkQFLD 6839

RX QmR WHUi DXWRUL]DomR SDUD HIHWXDU ODQoDPHQWRV QD HPSUHVD GR LQVWUXWRU
GR FXUVR
9RFr SRGH HQFRQWUDU VXDV DWULEXLo}HV GH XVXiULR SDUD R JUXSR GH WROHUkQFLD QR

,0* HP &RQWDELOLGDGH ¿QDQFHLUD QY ĺ &RQ¿JXUDo}HV JOREDLV FRQWDELOLGDGH
¿QDQFHLUD QRYR ĺ 'RFXPHQWR ĺ *UXSRV GH WROHUkQFLD ĺ 'H¿QLU JUXSRV GH
WROHUkQFLD SDUD IXQFLRQiULRV H $WULEXLU XVXiULRJUXSRV GH WROHUkQFLD
/DQFH XP H[HPSOR GH RSHUDomR SDUD FRPSUDV FHQWUDLV
9RFr UHFHEH GH VHX IRUQHFHGRU XPD IDWXUD HP PRHGD LQWHUQD GH
XQLGDGHV GR PDWHULDO DGTXLULGR FRQMXQWDPHQWH WDPEpP SDUD D HPSUHVD GR
LQVWUXWRU 9RFr SHGLX GRLV TXLQWRV GR PDWHULDO SDUD D HPSUHVD GR LQVWUXWRU
8WLOL]H R FyGLJR GH LPSRVWR O ,9$ VXSRUWDGR FXUVR /DQFH XPD
IDWXUD LQWHUHPSUHVDULDO SDUD LQVHULU D IDWXUD HP VXD HPSUHVD H RV FXVWRV QD

HPSUHVD GR LQVWUXWRU FRQWD GH GHVSHVDV SDUD DPEDV DV HPSUHVDV

FHQWUR GH FXVWR &2&( VXD HPSUHVD FHQWUR GH FXVWR &2&( HPSUHVD
GR LQVWUXWRU 5HJLVWUH VHXV Q~PHURV GH GRFXPHQWR

8WLOL]H DV EDUUDV GH URODJHP KRUL]RQWDLV VH QmR FRQVHJXLU YHU WRGRV
RV FDPSRV QHFHVViULRV
D )DWXUD LQWHUHPSUHVDULDO
1D WHOD 6$3 (DV\ $FFHVV VHOHFLRQH &RQWDELOLGDGH ĺ &RQWDELOLGDGH
¿QDQFHLUD ĺ )RUQHFHGRUHV ĺ /DQoDPHQWR ĺ )DWXUD

GDGRV
'DGRV EiVLFRV
)RUQHFHGRU )RUQHF
7LSR GH GRFXPHQWR )DWXUD GH IRUQHFHGRU
0RQWDQWH
0RHGDWD[D GH FkPELR 0RHGD LQWHUQD
&DOFXODU ,9$ 1mR PDUTXH R FDPSR GH VHOHomR
0RQWDQWH GH LPSRVWR
,' GR LPSRVWR , ,9$ VXSRUWDGR
,WHQV LWHPOLQKD
&RQWD GR 5D]mR FRQWD GH
GHVSHVDV
'& 'pELWR
GRFXPHQWR
&yGLJR GH LPSRVWR , GH ,9$ VXSRUWDGR
(PSUHVD (PSUHVD GR DOXQR
&HQWUR GH FXVWR &2&(
,WHQV LWHPOLQKD


GHVSHVDV
'& 'pELWR
GRFXPHQWR
&yGLJR GH LPSRVWR , GH ,9$ VXSRUWDGR
(PSUHVD (PSUHVD GR LQVWUXWRU
QRUPDOPHQWH *5
&HQWUR GH FXVWR &HQWUR GH FXVWR GR LQVWUXWRU
SDUD H[LELU RX PRGL¿FDU GDGRV 2EVHUYH DV HQWUDGDV QD FRQWD GH
FRPSHQVDomR LQWHUHPSUHVDULDO
6HOHFLRQH ³/DQoDU´ SDUD JUDYDU R GRFXPHQWR 1 GR GRFXPHQWR
7DUHID
9HUL¿TXH VHX ODQoDPHQWR
2EVHUYH QRYDPHQWH VHX GRFXPHQWR LQWHUHPSUHVDULDO
D ([LELU VHX GRFXPHQWR LQWHUHPSUHVDULDO
1D WHOD 6$3 (DV\ $FFHVV VHOHFLRQH &RQWDELOLGDGH ĺ &RQWDELOLGDGH
¿QDQFHLUD ĺ )RUQHFHGRUHV ĺ 'RFXPHQWR ĺ 2SHUHQWUH HPSUHVDV
ĺ ([LELU
,QVLUD R Q~PHUR GR VHX GRFXPHQWR VH QHFHVViULR
6HOHFLRQH ³(QWHU´ SDUD H[LELU VHX GRFXPHQWR

&ULDU XPD FRQWD GR 5D]mR SDUD RSHUDo}HV
LQWHUHPSUHVDULDLV
&RQ¿JXUDU RV ODQoDPHQWRV DXWRPiWLFRV GH FRPSHQVDomR
LQWHUHPSUHVDULDO FRP D HPSUHVD GR LQVWUXWRU
/DQoDU XP GRFXPHQWR LQWHUHPSUHVDULDO

5HVXPR GD OLomR

/LomR ,QWHJUDomR HP WHPSR UHDO
2EMHWLYRV GD OLomR
&HQiULR GH QHJyFLRV
(P VXD VRFLHGDGH RV FXVWRV VmR ODQoDGRV HQWUH HPSUHVDV
)LJXUD ,QWHJUDomR HP WHPSR UHDO &2),
(P PXLWRV ODQoDPHQWRV GR &RQWUROOLQJ Ki REMHWRV GH FRQWDELOLGDGH ¿QDQFHLUD

HQYROYLGRV (VVHV FDVRV VmR LPSOHPHQWDGRV SRU PHLR GD LQWHJUDomR HP WHPSR
UHDO &2 ĺ ), QD FRQWDELOLGDGH ¿QDQFHLUD 9DULDQWHV GH¿QLGDV QR &XVWRPL]LQJ
VmR XVDGDV SDUD GHWHUPLQDU HP TXDLV REMHWRV RV ODQoDPHQWRV GHVVH WLSR GHYHP RX
SUHFLVDP VHU FULDGRV

7),1B /LomR ,QWHJUDomR HP WHPSR UHDO
$ LQWHJUDomR HP WHPSR UHDO DIHWD PDMRULWDULDPHQWH RV VHJXLQWHV FDVRV

(P FRQVHTXrQFLD GH XP ODQoDPHQWR HQWUH REMHWRV GH FRQWUROOLQJ XPD
PRGL¿FDomR UHVXOWD HP XP REMHWR FRQWiELO FHQWUR GH OXFUR VHJPHQWR
GLYLVmR RX iUHD IXQFLRQDO DUPD]HQDGR HP XP REMHWR GH FRQWUROOLQJ
2V FXVWRV VmR ODQoDGRV HQWUH HPSUHVDV QD FRQWDELOLGDGH GH FXVWRV
LQWHUHPSUHVDULDLV 1HVVH FDVR WDLV ODQoDPHQWRV WDPEpP GHYHP VHU
PDSHDGRV GH IRUPD FRUUHVSRQGHQWH QD FRQWDELOLGDGH
)LJXUD ,QWHJUDomR HP WHPSR UHDO &2 ± ), ([HPSOR GH Q~PHURV
$ WUDQVSDUrQFLD GHPRQVWUD D LQWHJUDomR HP WHPSR UHDO &2ĺ ), EDVHDGD QD

FDUDFWHUtVWLFDHQWLGDGH ÈUHD IXQFLRQDO
$V FDUDFWHUtVWLFDV FHQWUR GH OXFUR VHJPHQWR H GLYLVmR IRUDP RPLWLGDV GR H[HPSOR
HP SURO GD FODUH]D
&DUDFWHUtVWLFDV HVSHFLDLV GR GRFXPHQWR GD &RQWDELOLGDGH ¿QDQFHLUD E
2V ODQoDPHQWRV VmR HIHWXDGRV HP WHPSR UHDO SDUD FDGD GRFXPHQWR GR &2
1HVVH FDVR R GRFXPHQWR VXEVHTXHQWH ), QmR SRVVXL FRQWDV GH
FRPSHQVDomR $V OLQKDV GH FRPSHQVDomR VHUmR QHFHVViULDV DSHQDV VH D
DWLYLGDGH HP &RQWDELOLGDGH JHUHQFLDO &2 UHVXOWDU HP XPD PRGL¿FDomR
GD HQWLGDGH GH EDODQFHDPHQWR
9RFr SRGH QDYHJDU GR GRFXPHQWR VXEVHTXHQWH GD &RQWDELOLGDGH ¿QDQFHLUD
HP WHPSR UHDO SDUD R GRFXPHQWR GD &RQWDELOLGDGH JHUHQFLDO D H
YLFHYHUVD $ LGHLD IXQGDPHQWDO DTXL p JDUDQWLU D UDVWUHDELOLGDGH GRV
GRFXPHQWRV FRQWiEHLV

)LJXUD 9DULDQWHV GH LQWHJUDomR &2 ± ), HP WHPSR UHDO
$V YDULDQWHV GD LQWHJUDomR HP WHPSR UHDO &2 ĺ ), VmR GH¿QLGDV QR &XVWRPL]LQJ

(P XPD HWDSD DGLFLRQDO HODV VmR DWULEXtGDV D XPD HPSUHVD
3DUD GHWHUPLQDU TXDLV PRGL¿FDo}HV GH FDUDFWHUtVWLFD LUmR JHUDU SDUWLGDV LQGLYLGXDLV
), HP WHPSR UHDO YRFr SRGH XVDU RV FDPSRV GH VHOHomR GH¿QLU UHJUDV ERROHDQDV
RX LPSOHPHQWDU XP %$GO FRP VXD SUySULD OyJLFD GH SURJUDPD
1RWH TXH QmR p ~WLO VHOHFLRQDU FDUDFWHUtVWLFDV TXH YRFr QmR WHQKD DWULEXtGR D
SHOR PHQRV XP OHGJHU QRV FHQiULRV
$ DWLYDomR GD GDWD ¿[DGD GH¿QH TXDQGR GH TXDO GDWD GH ODQoDPHQWR GR GRFXPHQWR
&2 D UHFRQFLOLDomR &2), p SRVVtYHO DWUDYpV GH LQWHJUDomR HP WHPSR UHDO
9RFr WDPEpP SRGH FULDU GRFXPHQWRV GH &RQWDELOLGDGH ¿QDQFHLUD SDUD GRFXPHQWRV
&2 LQVHULGRV DQWHV GD DWLYDomR GR QRYR 5D]mR

([HUFtFLR ,QWHJUDomR HP WHPSR UHDO

&RPSUHHQGHU D LQWHJUDomR HP WHPSR UHDO
&HQiULR GH QHJyFLRV
7DUHID
&XVWRPL]LQJ GD LQWHJUDomR HP WHPSR UHDO &2 ĺ ),
9RFr YDL FRQ¿JXUDU H WHVWDU D LQWHJUDomR HP WHPSR UHDO HQWUH R &2 H R
), 3DUD WDQWR GH¿QD VXD SUySULD YDULDQWH SDUD LQWHJUDomR HP WHPSR UHDO
FRP R ,' 9 $ LQWHJUDomR HP WHPSR UHDO GHYH HVWDU DWLYD GHVGH R LQtFLR
GR DQR FRUUHQWH $ GHWHUPLQDomR GH FRQWDV GHYH HVWDU DWLYD 2 WLSR GH
GRFXPHQWR &2 GHYH VHU XVDGR H R JUXSR GH OHGJHUV ), / GHYH VHU LQFOXtGR
LQWHUHPSUHVDULDO FHQWUR GH OXFUR H VHJPHQWR 8P ORJ UDVWUHDPHQWR GHYH
VHU JUDYDGR H RV GRFXPHQWRV UHVXPLGRV
$WHQomR 9RFr QmR SUHFLVD DWLYDU QHFHVVDULDPHQWH D IXQomR GH

UDVWUHDPHQWR ORJ QD YDULDQWH HOD SRGHUi VHU DWLYDGD D TXDOTXHU
KRUD FRQIRUPH D QHFHVVLGDGH
$WULEXD D YDULDQWH GH LQWHJUDomR HP WHPSR UHDO D XPD HPSUHVD

$JRUD DWULEXD VXD QRYD YDULDQWH9 D VXD HPSUHVD *5
(IHLWRV GR &XVWRPL]LQJ HP XP H[HPSOR
)RUDP GHELWDGRV (85 GR FHQWUR GH FXVWR HUUDGR 3RU LVVR p
QHFHVViULR ID]HU XPD FRUUHomR QR &2 2 PRQWDQWH p WUDQVIHULGR GH XP FHQWUR
GH FXVWR SDUD RXWUR
/DQFH R PRQWDQWH GH (85 GH VHX FHQWUR GH FXVWR &2&( HP VXD
HPSUHVD *5 QR FHQWUR GH FXVWR GH VHX LQVWUXWRU QRUPDOPHQWH &2&(
QD HPSUHVD FRUUHVSRQGHQWH QRUPDOPHQWH *5 $PEDV DV HPSUHVDV
SHUWHQFHP j iUHD GH FRQWDELOLGDGH GH FXVWRV
([LED R GRFXPHQWR GR &RQWUROOLQJ H RV GRFXPHQWRV GH FRQWD FULDGRV HP
WHPSR UHDO
23&,21$/0(17( /RJ ± ,QWHJUDomR &2),

6H R UDVWUHDPHQWR HVWLYHU DWLYR QD LQWHJUDomR HP WHPSR UHDO YRFr SRGHUi

REVHUYDU VH D LQWHJUDomR HP WHPSR UHDO HQWUH &2 H ), IXQFLRQRX TXDLV
GRFXPHQWRV IRUDP FULDGRV H TXDLV HQWLGDGHV IRUDP PRGL¿FDGDV QD WUDQVDomR
)$*/&2),75$&($'0,1
6HOHFLRQH ([LELU UDVWUHDPHQWR VHOHomR OLYUH
1D FDL[D GH GLiORJR 6HOHomR GH FDPSR VHOHFLRQH (PSUHVD ), H DGRWH
RV GDGRV ! (QWHU
1D FDL[D GH GLiORJR 'HWHUPLQDU ÈUHD GH WUDEDOKR HQWUDGD FDL[D GH GLiORJR
LQVLUD VXD HPSUHVD *5 H DSOLTXH RV GDGRV ! (QWHU
2 ORJ SURGX] XPD HQWUDGD
3DUD H[LELU RV GHWDOKHV GR UDVWUHDPHQWR H UHVSRQGHU jV SHUJXQWDV D VHJXLU
FOLTXH GXDV YH]HV QR Q~PHUR GR GRFXPHQWR
2 GRFXPHQWR IRL WUDQVIHULGR"
4XH PRGR GH ODQoDPHQWR IRL XVDGR"

6ROXomR ,QWHJUDomR HP WHPSR UHDO

7DUHID
&XVWRPL]LQJ GD LQWHJUDomR HP WHPSR UHDO &2 ĺ ),
9RFr YDL FRQ¿JXUDU H WHVWDU D LQWHJUDomR HP WHPSR UHDO HQWUH R &2 H R
), 3DUD WDQWR GH¿QD VXD SUySULD YDULDQWH SDUD LQWHJUDomR HP WHPSR UHDO
FRP R ,' 9 $ LQWHJUDomR HP WHPSR UHDO GHYH HVWDU DWLYD GHVGH R LQtFLR
GR DQR FRUUHQWH $ GHWHUPLQDomR GH FRQWDV GHYH HVWDU DWLYD 2 WLSR GH
GRFXPHQWR &2 GHYH VHU XVDGR H R JUXSR GH OHGJHUV ), / GHYH VHU LQFOXtGR
LQWHUHPSUHVDULDO FHQWUR GH OXFUR H VHJPHQWR 8P ORJ UDVWUHDPHQWR GHYH
VHU JUDYDGR H RV GRFXPHQWRV UHVXPLGRV

$WHQomR 9RFr QmR SUHFLVD DWLYDU QHFHVVDULDPHQWH D IXQomR GH

UDVWUHDPHQWR ORJ QD YDULDQWH HOD SRGHUi VHU DWLYDGD D TXDOTXHU
KRUD FRQIRUPH D QHFHVVLGDGH

&RQWDELOLGDGH ¿QDQFHLUD QRYD ĺ /LYURV ĺ ,QWHJUDomR HP WHPSR UHDO
GH &RQWUROOLQJ FRP D &RQWDELOLGDGH ¿QDQFHLUD ĺ 'H¿QLU YDULDQWHV
SDUD LQWHJUDomR HP WHPSR UHDO
6HOHFLRQH ³1RYDV HQWUDGDV´

GDGRV
,QWHJUDomR HP WHPSR UHDO DWLYD 'H¿QLU PDUFDomR
'DWD ¿[DGD $WLYR GHVGH H[HUFtFLR DWXDO
'HWHUPLQDomR GH FRQWDV DWLYD 'H¿QLU PDUFDomR
7LSR GRF &2
*UXSR GH OHGJHUV ), /
7H[WR 9DULDQWH SDUD LQWHJUDomR HP
WHPSR UHDO JUXSR
ÈUHD GD WHOD ³6HOHomR GH SDUWLGDV GR GRFXPHQWR SDUD LQWHJUDomR
HP WHPSR UHDO &2 ĺ ),´
8VDU FDPSRV GH VHOHomR 'H¿QLU PDUFDomR
,QWHUHPSUHVDULDO 'H¿QLU PDUFDomR
9iOLGR SDUD WRGRV RV FHQWURV GH 'H¿QLU PDUFDomR
FXVWR
9iOLGR SDUD WRGRV RV VHJPHQWRV 'H¿QLU PDUFDomR
ÈUHD GD WHOD ³&RQ¿JXUDo}HV WpFQLFDV´
5DVWUHDPHQWR DWLYR ORJ 'H¿QLU PDUFDomR
1mR FRPSDFWDU GRFXPHQWRV 1mR GH¿QLU PDUFDomR
*UDYH VHXV GDGRV VHOHFLRQDQGR R ERWmR ³*UDYDU´

$WULEXD D YDULDQWH GH LQWHJUDomR HP WHPSR UHDO D XPD HPSUHVD

$JRUD DWULEXD VXD QRYD YDULDQWH9 D VXD HPSUHVD *5

D &XVWRPL]LQJ &RQWDELOLGDGH ¿QDQFHLUD QRYD ĺ &RQ¿JXUDo}HV
JOREDLV GD &RQWDELOLGDGH ¿QDQFHLUD QRYD ĺ /LYURV ĺ ,QWHJUDomR HP
WHPSR UHDO GH &RQWUROOLQJ FRP D &RQWDELOLGDGH ¿QDQFHLUD ĺ $WULEXLU
YDULDQWHV SDUD LQWHJUDomR HP WHPSR UHDO D HPSUHVDV
&KDPH VXD HPSUHVD *5 FRP R ERWmR ³3RVLFLRQDU´
,QVLUD VXD QRYD YDULDQWH QR FDPSR ³9DULDQWH SDUD LQWHJUDomR HP WHPSR
UHDO´ *UDYH RV GDGRV
(IHLWRV GR &XVWRPL]LQJ HP XP H[HPSOR
)RUDP GHELWDGRV (85 GR FHQWUR GH FXVWR HUUDGR 3RU LVVR p
QHFHVViULR ID]HU XPD FRUUHomR QR &2 2 PRQWDQWH p WUDQVIHULGR GH XP FHQWUR
GH FXVWR SDUD RXWUR
/DQFH R PRQWDQWH GH (85 GH VHX FHQWUR GH FXVWR &2&( HP VXD
HPSUHVD *5 QR FHQWUR GH FXVWR GH VHX LQVWUXWRU QRUPDOPHQWH &2&(
QD HPSUHVD FRUUHVSRQGHQWH QRUPDOPHQWH *5 $PEDV DV HPSUHVDV
SHUWHQFHP j iUHD GH FRQWDELOLGDGH GH FXVWRV
D $SOLFDomR &RQWDELOLGDGH ĺ &RQWUROOLQJ ĺ &RQWDELOLGDGH GH FHQWURV
GH FXVWR ĺ /DQoDPHQWRV UHDLV ĺ 7UDQVIHUrQFLD PDQXDO GH FXVWRV
ĺ (QWUDU .%1
,QVLUD RV GDGRV HVSHFL¿FDGRV QD WDEHOD SDUD D WUDQVIHUrQFLD
E

GDGRV
'DWD GH GRFXPHQWR H GDWD GH 'DWD GH KRMH
ODQoDPHQWR
&HQWUR GH FXVWR DQWLJR &2&(
&ODVVH GH FXVWR
0RQWDQWH
0RHGD (85
&HQWUR GH FXVWR QRYR 1RUPDOPHQWH &2&( FHQWUR
GH FXVWR GR LQVWUXWRU
7H[WR 7UDQVIHUrQFLD GH FXVWRV
F *UDYHODQFH RV GDGRV

([LED R GRFXPHQWR GR &RQWUROOLQJ H RV GRFXPHQWRV GH FRQWD FULDGRV HP

WHPSR UHDO
D 6$3 (DV\ $FFHVV &RQWDELOLGDGH ĺ &RQWUROOLQJ ĺ &RQWDELOLGDGH GH
FHQWURV GH FXVWR ĺ /DQoDPHQWRV UHDLV ĺ 7UDQVIHUrQFLD PDQXDO GH
FXVWRV ĺ ([LELU .%1
2 VLVWHPD DQRWRX R GRFXPHQWR GR ~OWLPR H[HUFtFLR 6HOHFLRQDQGR
,U SDUD ĺ 'RFXPHQWRV ),&2 SHUFHEHVH TXH R VLVWHPD FULRX XP
GRFXPHQWR SRU HPSUHVD
'LFD 8P GRFXPHQWR GH FHQWUR GH OXFUR VHSDUDGR WDPEpP p

FULDGR YLVWR TXH D FRQWDELOLGDGH GH FHQWURV GH OXFUR FOiVVLFD
FRQWLQXD DWLYD QR VLVWHPD
23&,21$/0(17( /RJ ± ,QWHJUDomR &2),

6H R UDVWUHDPHQWR HVWLYHU DWLYR QD LQWHJUDomR HP WHPSR UHDO YRFr SRGHUi
REVHUYDU VH D LQWHJUDomR HP WHPSR UHDO HQWUH &2 H ), IXQFLRQRX TXDLV
GRFXPHQWRV IRUDP FULDGRV H TXDLV HQWLGDGHV IRUDP PRGL¿FDGDV QD WUDQVDomR
)$*/&2),75$&($'0,1
6HOHFLRQH ([LELU UDVWUHDPHQWR VHOHomR OLYUH
1D FDL[D GH GLiORJR 6HOHomR GH FDPSR VHOHFLRQH (PSUHVD ), H DGRWH
RV GDGRV ! (QWHU
1D FDL[D GH GLiORJR 'HWHUPLQDU ÈUHD GH WUDEDOKR HQWUDGD FDL[D GH GLiORJR
LQVLUD VXD HPSUHVD *5 H DSOLTXH RV GDGRV ! (QWHU
2 ORJ SURGX] XPD HQWUDGD
3DUD H[LELU RV GHWDOKHV GR UDVWUHDPHQWR H UHVSRQGHU jV SHUJXQWDV D VHJXLU
FOLTXH GXDV YH]HV QR Q~PHUR GR GRFXPHQWR
2 GRFXPHQWR IRL WUDQVIHULGR"
4XH PRGR GH ODQoDPHQWR IRL XVDGR"
D ,QVLUD QIDJOFR¿WUDFHDGPLQ QR FDPSR GH FRPDQGRV
E 2 GRFXPHQWR IRL WUDQVIHULGR" 6LP
F 4XH PRGR GH ODQoDPHQWR IRL XVDGR" /DQoDPHQWR RQOLQH
'LFD $ WUDQVDomR p XVDGD FRPR SURYD GH TXH WRGDV DV

PRGL¿FDo}HV GHVHMDGDV H QHFHVViULDV IRUDP LPSOHPHQWDGDV
QD FRQWDELOLGDGH

5HVXPR GD OLomR

5HVXPR GR FDStWXOR
QRYD
(VWRUQDU GRFXPHQWRV
GHVFRQWRV

&DStWXOR
&RPSHQVDomR
([SOLFDU R SURFHVVR GH FRPSHQVDomR
&RPSHQVDU XPD FRQWD
)D]HU ODQoDPHQWR FRP FRPSHQVDomR
/DQoDU HQWUDGDV H VDtGDV GH SDJDPHQWRV
$QXODU FRPSHQVDomR
/DQoDU GLIHUHQoDV GH SDJDPHQWR
'HVFUHYHU JUXSRV GH WROHUkQFLD H VHX SDSHO QR ODQoDPHQWR GH GLIHUHQoDV GH
SDJDPHQWR
/DQoDU SDJDPHQWRV SDUFLDLV H UHVLGXDLV
&ULDU H XWLOL]DU PRWLYRV GH GLIHUHQoD GH SDJDPHQWR
([SOLFDU FRPR R VLVWHPD OLGD FRP GLIHUHQoDV GH FkPELR
/LomR &RPSHQVDomR GH SDUWLGDV HP DEHUWR
([HUFtFLR &RPSHQVDomR GH SDUWLGDV HP DEHUWR
/LomR (QWUDGD GH SDJDPHQWRV H SDJDPHQWRV D HIHWXDU
([HUFtFLR )D]HU ODQoDPHQWR FRP FRPSHQVDomR
/LomR 'LIHUHQoDV GH SDJDPHQWR
([HUFtFLR 'LIHUHQoDV GH SDJDPHQWR
/LomR 'LIHUHQoDV GH FkPELR
([HUFtFLR 'LIHUHQoDV GH FkPELR

&DStWXOR &RPSHQVDomR 7),1B
/LomR &RPSHQVDomR GH SDUWLGDV HP DEHUWR
2EMHWLYRV GD OLomR
&RPSHQVDU XPD FRQWD
&HQiULR GH QHJyFLRV
$V SDUWLGDV HP DEHUWR SUHFLVDP VHU FRPSHQVDGDV SDUD VHUHP FRQFOXtGDV 2 6$3
(53 IRUQHFH GXDV WUDQVDo}HV EiVLFDV SDUD FRPSHQVDomR DPEDV LQWHUHVVDP j VXD
HPSUHVD
)LJXUD &RPSHQVDomR GH SDUWLGDV HP DEHUWR
3DUWLGDV HP DEHUWR VmR WUDQVDo}HV LQFRPSOHWDV WDLV FRPR IDWXUDV TXH QmR IRUDP
SDJDV
3DUD TXH XPD WUDQVDomR VHMD FRQVLGHUDGD FRQFOXtGD HVWD WHP GH VHU FRPSHQVDGD
8PD WUDQVDomR p FRPSHQVDGD TXDQGR VH H[HFXWD XP ODQoDPHQWR GH FRPSHQVDomR
SDUD XP LWHP RX JUXSR GH LWHQV GH IRUPD TXH R VDOGR UHVXOWDQWH GDV SDUWLGDV VHMD
]HUR
2V GRFXPHQWRV FRP SDUWLGDV HP DEHUWR QmR SRGHP VHU DUTXLYDGRV H SHUPDQHFHP
QR VLVWHPD DWp TXH WRGDV DV SDUWLGDV HP DEHUWR VHMDP FRPSHQVDGDV

7),1B /LomR &RPSHQVDomR GH SDUWLGDV HP DEHUWR
([HPSOR GH ODQoDPHQWR FRP FRPSHQVDomR FRQVXOWH R JUi¿FR DFLPD

e ODQoDGD XPD IDWXUD HP XPD FRQWD GH FOLHQWH (VVD IDWXUD p PHQFLRQDGD
FRPR XPD SDUWLGD HP DEHUWR SRUTXH DWp DJRUD QmR IRL SDJD
2 FOLHQWH SDJD D IDWXUD H R SDJDPHQWR p DWULEXtGR j SDUWLGD HP DEHUWR
$ IDWXUD p FRPSHQVDGD FRP R SDJDPHQWR H R VDOGR UHVXOWDQWH p ]HUR
([HPSOR GH FRPSHQVDomR GH FRQWD
)D]HU PDQXDOPHQWH D FRPSHQVDomR GH XP IDWXUD HP DEHUWR FRP XP FUpGLWR
UHODFLRQDGR H SDJDPHQWR QD FRQWD
8PD RSHUDomR GH FRPSHQVDomR FULD VHPSUH XP GRFXPHQWR GH FRPSHQVDomR
)LJXUD )D]HU ODQoDPHQWR FRP FRPSHQVDomR
4XDQGR XVDU D IXQomR /DQoDPHQWR FRP FRPSHQVDomR LQVLUD R PRQWDQWH

GR GRFXPHQWR GH FRPSHQVDomR H GHSRLV VHOHFLRQH DV SDUWLGDV HP DEHUWR D
FRPSHQVDU
6H R PRQWDQWH WRWDO GH SDUWLGDV HP DEHUWR VHOHFLRQDGDV IRU HTXLYDOHQWH DR
PRQWDQWH GR GRFXPHQWR GH FRPSHQVDomR R VLVWHPD FRPSHQVD DV SDUWLGDV
HP DEHUWR FULDQGR XP RX PDLV LWHQV GH FRPSHQVDomR
6H R PRQWDQWH WRWDO GH SDUWLGDV HP DEHUWR VHOHFLRQDGDV QmR IRU LJXDO DR
PRQWDQWH GR GRFXPHQWR GH FRPSHQVDomR R VLVWHPD SHUPLWH R ODQoDPHQWR
GD GLIHUHQoD
2 ³ODQoDPHQWR FRP FRPSHQVDomR´ SRGH VHU IHLWR VLPXOWDQHDPHQWH SDUD YiULDV
FRQWDV H WLSRV GH FRQWD H SDUD TXDOTXHU PRHGD

e SRVVtYHO H[HFXWDU D WUDQVDomR ³/DQoDPHQWR FRP FRPSHQVDomR´ GH IRUPD PDQXDO

RX DXWRPiWLFD XWLOL]DQGR R SURJUDPD GH SDJDPHQWR DXWRPiWLFR
)LJXUD &RPSHQVDomR GH FRQWDV
8WLOL]DQGR D IXQomR ³&RPSHQVDomR GH FRQWD´ VHOHFLRQH DV SDUWLGDV HP DEHUWR

GH XPD FRQWD FXMR VDOGR VHMD ]HUR 2 VLVWHPD PDUFD DV SDUWLGDV HP DEHUWR FRPR
FRPSHQVDGDV H FULD XP GRFXPHQWR GH FRPSHQVDomR 2 Q~PHUR GR GRFXPHQWR GH
FRPSHQVDomR H D GDWD GH FRPSHQVDomR VmR LQVHULGRV QRV LWHQV FRPSHQVDGRV $
GDWD GH FRPSHQVDomR SRGH VHU D GDWD DWXDO RX XPD GDWD GH¿QLGD SHOR XVXiULR
$ IXQomR ³&RPSHQVDomR GH FRQWD´ IXQFLRQD SDUD WRGD FRQWD DGPLQLVWUDGD FRP
EDVH HP SDUWLGDV HP DEHUWR QR 5D]mR H QRV OLYURV DX[LOLDUHV
$ WUDQVDomR ³&RPSHQVDomR GH FRQWD´ SRGH VHU H[HFXWDGD GH IRUPD PDQXDO RX
DXWRPiWLFD SRU PHLR GR SURJUDPD GH FRPSHQVDomR

)LJXUD 3URJUDPD GH FRPSHQVDomR
2 XVXiULR SRGH FRPSHQVDU SDUWLGDV HP DEHUWR GH FRQWDV GR 5D]mR H GR OLYUR

DX[LOLDU FRP R SURJUDPD GH FRPSHQVDomR DXWRPiWLFD
2 SURJUDPD DJUXSD LWHQV GH XPD FRQWD TXH WHQKDP DV PHVPDV HQWUDGDV QRV
VHJXLQWHV FDPSRV
1~PHUR GH FRQWD GH FRQFLOLDomR
0RHGD
&yGLJR GH 5D]mR HVSHFLDO
&LQFR FULWpULRV OLYUHPHQWH GH¿QLGRV GR FDEHoDOKR RX LWHP GR GRFXPHQWR RX
VHMD FDPSR GH DWULEXLomR Q~PHUR GH UHIHUrQFLD HWF
6H R VDOGR HP PRHGD LQWHUQD GRV LWHQV GH XP JUXSR IRU ]HUR R VLVWHPD IDUi D
FRPSHQVDomR DXWRPDWLFDPHQWH H FULDUi GRFXPHQWRV GH FRPSHQVDomR
7RGDV DV FRQWDV TXH H[LJHP FRPSHQVDomR DXWRPiWLFD SUHFLVDP VHU GH¿QLGDV QR
&XVWRPL]LQJ
2 SURJUDPD GH FRPSHQVDomR DXWRPiWLFD QmR FRPSHQVD
3DUWLGDVPHPR
/DQoDPHQWRV HVWDWtVWLFRV H GHWHUPLQDGDV WUDQVDo}HV HVSHFLDLV GR 5D]mR
UHODWLYDV D OHWUDV GH FkPELR
2V DGLDQWDPHQWRV VRPHQWH SRGHP VHU FRPSHQVDGRV VH RV LWHQV GH
FRPSHQVDomR GH DGLDQWDPHQWR FRP R PHVPR PRQWDQWH Mi WLYHUHP VLGR
ODQoDGRV
,WHQV FRP HQWUDGDV GH LPSRVWR UHWLGR QD IRQWH

)LJXUD 2 FDPSR GH VHOHomR FRPR FDPSR GH RUGHQDomR
4XDQGR LWHQV VmR ODQoDGRV R VLVWHPD SUHHQFKH DXWRPDWLFDPHQWH R FDPSR

$WULEXLomR GH XPD SDUWLGD LQGLYLGXDO GH DFRUGR FRP D HQWUDGD ³&DPSR GH
RUGHQDomR´ QR UHJLVWUR PHVWUH
2 FDPSR GH VHOHomR SRGH VHU XPD FRPELQDomR GH DWp FDPSRV FRP XP Pi[LPR
GH FDUDFWHUHV 3RU H[HPSOR SDUD H[LELU R Q~PHUR GR GRFXPHQWR FDUDFWHUHV
H D GDWD GH ODQoDPHQWR FDUDFWHUHV HVVHV QRPHV GH FDPSR VmR LQFOXtGRV QD
GH¿QLomR GH FDPSR GH VHOHomR
3RU H[HPSOR VH D FKDYH GH RUGHQDomR IRU GH¿QLGD FRPR Q~PHUR GH SHGLGR QR
UHJLVWUR PHVWUH GR SDUFHLUR GH QHJyFLRV R FDPSR DWULEXLomR QD SDUWLGD LQGLYLGXDO
GR SDUFHLUR GH QHJyFLRV VHUi SUHHQFKLGR FRP HVVH Q~PHUR GH SHGLGR
(QWUHWDQWR VH D FKDYH GH RUGHQDomR IRU GH¿QLGD FRPR FHQWUR GH FXVWR HP XP
UHJLVWUR PHVWUH GR 5D]mR R FDPSR DWULEXLomR QD SDUWLGD LQGLYLGXDO GR 5D]mR
VHUi SUHHQFKLGR FRP R Q~PHUR GR FHQWUR GH FXVWR TXDQGR HVVD FRQWD GR 5D]mR
IRU XWLOL]DGD

$ RUGHQDomR GH SDUWLGDV LQGLYLGXDLV QDV IXQo}HV GH H[LELomR H FRPSHQVDomR

GH SDUWLGDV LQGLYLGXDLV p EDVHDGD QR FDPSR GH DWULEXLomR 8P H[HPSOR GH
DSOLFDomR
4XDQGR XPD IDWXUD p ODQoDGD QR *HUHQFLDPHQWR GD RUGHP GR FOLHQWH XP
GRFXPHQWR FRQWiELO p FULDGR QD &RQWDELOLGDGH ¿QDQFHLUD 2 GRFXPHQWR
FRQWiELO WHP XP Q~PHUR TXH QRUPDOPHQWH GLIHUH GR Q~PHUR GD IDWXUD GR
*HUHQFLDPHQWR GD RUGHP GR FOLHQWH 9RFr SRGH XWLOL]DU D UHIHUrQFLD H D
DWULEXLomR SDUD UDVWUHDU HP TXH GRFXPHQWR GR *HUHQFLDPHQWR GD RUGHP GR
FOLHQWH VH EDVHLD R GRFXPHQWR FRQWiELO $ UHIHUrQFLD H D DWULEXLomR QR
GRFXPHQWR FRQWiELO VmR FRSLDGDV GD UHIHUrQFLD H GD DWULEXLomR QR GRFXPHQWR
GH IDWXUDPHQWR GR *HUHQFLDPHQWR GD RUGHP GR FOLHQWH 9RFr SRGH GH¿QLU RV
Q~PHURV SHGLGR RUGHP UHPHVVD RX Q~PHUR GR GRFXPHQWR GH IDWXUDPHQWR
TXH GHYHP VHU FRSLDGRV SDUD R GRFXPHQWR GR *HUHQFLDPHQWR GD RUGHP
GR FOLHQWH FRPR UHIHUrQFLD H DWULEXLomR H GHSRLV WUDQVIHULGRV SDUD D
&RQWDELOLGDGH ¿QDQFHLUD 3RGHVH HQWmR XWLOL]DU HVWHV FDPSRV FRPR FULWpULRV
GH VHOHomR QD &RQWDELOLGDGH ¿QDQFHLUD


([HUFtFLR &RPSHQVDomR GH SDUWLGDV

HP DEHUWR
([SOLFDU DV GXDV RSo}HV SDUD FRPSHQVDU SDUWLGDV HP DEHUWR
&RPSHQVDU XPD FRQWD
&HQiULR GH QHJyFLRV
$V SDUWLGDV HP DEHUWR SUHFLVDP VHU FRPSHQVDGDV SDUD TXH D WUDQVDomR VHMD
H[HFXWDGD 3DUD WDQWR R 6$3 (53 )LQDQFLDOV IRUQHFH GXDV WUDQVDo}HV
7DUHID
,QGLFDU DV GXDV WUDQVDo}HV EiVLFDV TXH SRGHP VHU XWLOL]DGDV SDUD FRPSHQVDU
SDUWLGDV HP DEHUWR
7DUHID
'RFXPHQWRV FRP SDUWLGDV HP DEHUWR QmR SRGHP VHU DUTXLYDGRV SRUTXH

SDUWLGDV HP DEHUWR UHSUHVHQWDP WUDQVDo}HV QmR FRQFOXtGDV
Ƒ 9HUGDGHLUR
Ƒ )DOVR
2 SURJUDPD GH FRPSHQVDomR DXWRPiWLFD 6$3) QmR SRGH H[HFXWDU

Ƒ 9HUGDGHLUR
Ƒ )DOVR

7DUHID
$ FRPSHQVDomR GH XPD QRWD GH FUpGLWR FRP XPD IDWXUD SHQGHQWH p XP

H[HPSOR GH
2 ODQoDPHQWR GH XP SDJDPHQWR GH XPD IDWXUD SHQ

GHQWH FRP XP VDOGR UHVXOWDQWH GH ]HUR p XP H[HPSOR GH

7DUHID
5HDOL]H R VHJXLQWH H[HUFtFLR VREUH ³&RPSHQVDomR GH FRQWD´
/DQFH XPD IDWXUD GH FOLHQWH GH XQLGDGHV GH PRHGD LQWHUQD 4XDQGR
LQVHULU D IDWXUD GR FOLHQWH PRGL¿TXH D FKDYH GH FRQGLo}HV GH SDJDPHQWR
SURSRVWD SDUD ³´ SDJDPHQWR LPHGLDWR 8VH R FyGLJR GH LPSRVWR 2
,9$ OLTXLGDGR D FRQWD GH UHFHLWDV H R FHQWUR GH OXFUR 35
'HSRLV FRPSHQVH RV LWHQV FRP D QRWD GH FUpGLWR TXH FULRX SDUD R PHVPR
PRQWDQWH H YHUL¿TXH DV SDUWLGDV LQGLYLGXDLV QD FRQWD GR FOLHQWH DQWHV H DSyV
D FRPSHQVDomR
'LFD 7RGDV DV SDUWLGDV HP DEHUWR IRUDP VHOHFLRQDGDV SDUD

SURFHVVDPHQWR ([LVWHP YiULDV IRUPDV GH GHVDWLYDU FDGD LWHP
&OLTXH GXDV YH]HV QR PRQWDQWH GH FDGD LWHP %UXWR
6HOHFLRQH 6HOHFLRQDU WXGR QD SDUWH LQIHULRU GD WHOD

'HSRLV VHOHFLRQH 'HVDWLYDU LWHQV SDUD GHVDWLYDU WRGRV RV
LWHQV
&OLTXH GXDV YH]HV QRV PRQWDQWHV GDV SDUWLGDV LQGLYLGXDLV TXH
GHVHMD FRPSHQVDU HP FRQMXQWR
3URFHVVH WUDQVDo}HV FRQWiEHLV DGLFLRQDLV VHOHFLRQDQGR R ERWmR
³2So}HV GH HGLomR´
6HOHFLRQH R FyGLJR ³,WHQV VHOHFLRQDGRV LQLFLDOPHQWH LQDWLYRV´
SDUD TXH WRGRV RV LWHQV VHMDP GHVDWLYDGRV QD SUy[LPD YH] TXH D
WUDQVDomR FRQWiELO IRU SURFHVVDGD
'LFD 3DUD FRPSHQVDU R GHVFRQWR LQVLUD R YDORU

]HUR QR FDPSR ³'HVFRQWR´

6ROXomR &RPSHQVDomR GH SDUWLGDV HP

DEHUWR
7DUHID
,QGLFDU DV GXDV WUDQVDo}HV EiVLFDV TXH SRGHP VHU XWLOL]DGDV SDUD FRPSHQVDU
SDUWLGDV HP DEHUWR
5HVSRVWD
&RPSHQVDomR GH FRQWDV
7DUHID
'RFXPHQWRV FRP SDUWLGDV HP DEHUWR QmR SRGHP VHU DUTXLYDGRV SRUTXH
SDUWLGDV HP DEHUWR UHSUHVHQWDP WUDQVDo}HV QmR FRQFOXtGDV
5HVSRVWD 9HUGDGHLUR
2 SURJUDPD GH FRPSHQVDomR DXWRPiWLFD 6$3) QmR SRGH H[HFXWDU

5HVSRVWD )DOVR
2 SURJUDPD GH FRPSHQVDomR DXWRPiWLFD SRGH UHDOL]DU ODQoDPHQWRV
DXWRPiWLFRV GHVGH R UHOHDVH GR 5
7DUHID
$ FRPSHQVDomR GH XPD QRWD GH FUpGLWR FRP XPD IDWXUD SHQGHQWH p XP
H[HPSOR GH FRPSHQVDomR GH FRQWD
5HVSRVWD FRPSHQVDomR GH FRQWD
$ WUDQVDomR ³&RPSHQVDomR GH FRQWD´ p XPD RSomR SDUD FRPSHQVDU SDUWLGDV
HP DEHUWR

2 ODQoDPHQWR GH XP SDJDPHQWR GH XPD IDWXUD SHQGHQWH FRP XP VDOGR

UHVXOWDQWH GH ]HUR p XP H[HPSOR GH ODQoDPHQWR FRP FRPSHQVDomR
5HVSRVWD ODQoDPHQWR FRP FRPSHQVDomR
$ WUDQVDomR ³/DQoDU FRP FRPSHQVDomR´ p D VHJXQGD RSomR SDUD FRPSHQVDU
SDUWLGDV HP DEHUWR VHQGR H[HFXWDGD GXUDQWH D HQWUDGD GH XP SDJDPHQWR
UHFHELGR
7DUHID
5HDOL]H R VHJXLQWH H[HUFtFLR VREUH ³&RPSHQVDomR GH FRQWD´
/DQFH XPD IDWXUD GH FOLHQWH GH XQLGDGHV GH PRHGD LQWHUQD 4XDQGR
LQVHULU D IDWXUD GR FOLHQWH PRGL¿TXH D FKDYH GH FRQGLo}HV GH SDJDPHQWR
SURSRVWD SDUD ³´ SDJDPHQWR LPHGLDWR 8VH R FyGLJR GH LPSRVWR 2
,9$ OLTXLGDGR D FRQWD GH UHFHLWDV H R FHQWUR GH OXFUR 35
'HSRLV FRPSHQVH RV LWHQV FRP D QRWD GH FUpGLWR TXH FULRX SDUD R PHVPR
PRQWDQWH H YHUL¿TXH DV SDUWLGDV LQGLYLGXDLV QD FRQWD GR FOLHQWH DQWHV H DSyV
D FRPSHQVDomR

SURFHVVDPHQWR ([LVWHP YiULDV IRUPDV GH GHVDWLYDU FDGD LWHP

'HSRLV VHOHFLRQH 'HVDWLYDU LWHQV SDUD GHVDWLYDU WRGRV RV
LWHQV
&OLTXH GXDV YH]HV QRV PRQWDQWHV GDV SDUWLGDV LQGLYLGXDLV TXH
GHVHMD FRPSHQVDU HP FRQMXQWR
3URFHVVH WUDQVDo}HV FRQWiEHLV DGLFLRQDLV VHOHFLRQDQGR R ERWmR
³2So}HV GH HGLomR´
6HOHFLRQH R FyGLJR ³,WHQV VHOHFLRQDGRV LQLFLDOPHQWH LQDWLYRV´
SDUD TXH WRGRV RV LWHQV VHMDP GHVDWLYDGRV QD SUy[LPD YH] TXH D
WUDQVDomR FRQWiELO IRU SURFHVVDGD

D )DWXUD GH FOLHQWH


'DGRV EiVLFRV
&OLHQWH 6HX FOLHQWH
0RQWDQWH
0RHGD 0RHGD LQWHUQD
&DOFXODU ,9$
,' GR LPSRVWR 2 ,9$ OLTXLGDGR
FXUVR
,WHQV ± OLQKD GHWDOKDGD

&RQWD GR 5D]mR
'& &UpGLWR
,' GR LPSRVWR 2 ,9$ OLTXLGDGR
FXUVR
&HQWUR GH OXFUR 35
9HUL¿TXH VHX GRFXPHQWR &OLTXH GXDV YH]HV HP XPD SDUWLGD LQGLYLGXDO
([LED DV SDUWLGDV LQGLYLGXDLV GH VXD FRQWD GH FOLHQWH
ĺ &OLHQWHVĺ &RQWD ĺ ([LELUPRGL¿FDU SDUWLGDV

&OLHQWH 6HX FOLHQWH
(PSUHVD *5
6HOHomR GH SDUWLGD LQGLYLGXDO 6HOHFLRQH ³7RGRV RV LWHQV´

6HOHFLRQH ³([HFXWDU´ SDUD H[LELU RV YDORUHV ODQoDGRV HP VXD FRQWD GH

FOLHQWH 2EVHUYH TXH D IDWXUD GH XQLGDGHV H D QRWD GH FUpGLWR VmR
SDUWLGDV HP DEHUWR
/LTXLGDU D FRQWD
ĺ &OLHQWHV ĺ &RQWD ĺ &RPSHQVDU

&RQWD 6HX FOLHQWH
(PSUHVD *5
6HOHFLRQH ³3URFHVVDU SDUWLGDV HP DEHUWR´

SURFHVVDPHQWR ([LVWHP YiULDV IRUPDV GH GHVDWLYDU FDGD
SDUWLGD FRP H[FHomR GD IDWXUD GH FRPSHQVDomR UHODWLYD D
XQLGDGHV H GD QRWD GH FUpGLWR
'HSRLV VHOHFLRQH 'HVDWLYDU LWHQV SDUD GHVDWLYDU WRGRV
RV LWHQV
&OLTXH GXDV YH]HV QRV PRQWDQWHV GDV SDUWLGDV LQGLYLGXDLV
TXH GHVHMD FRPSHQVDU HP FRQMXQWR
3URFHVVH WUDQVDo}HV FRQWiEHLV DGLFLRQDLV VHOHFLRQDQGR
³2So}HV GH SURFHVVDPHQWR´
6HOHFLRQH R FyGLJR ³,WHQV VHOHFLRQDGRV LQLFLDOPHQWH
LQDWLYRV´ GH PRGR TXH WRGRV RV LWHQV VHMDP GHVDWLYDGRV
QD SUy[LPD YH] TXH D WUDQVDomR IRU FKDPDGD


([LED DV SDUWLGDV LQGLYLGXDLV GH VXD FRQWD GH FOLHQWH


&OLHQWH 6HX FOLHQWH
(PSUHVD *5
6HOHomR GH SDUWLGD LQGLYLGXDO 6HOHFLRQH ³7RGRV RV LWHQV´
6HOHFLRQH ³([HFXWDU´ SDUD H[LELU WRGRV RV FXVWRV ODQoDGRV HP VXD FRQWD

GH FOLHQWH 1RWH TXH D IDWXUD GH XQLGDGHV H D QRWD GH FUpGLWR VmR
DJRUD SDUWLGDV FRPSHQVDGDV

5HVXPR GD OLomR
&RPSHQVDU XPD FRQWD

7),1B /LomR (QWUDGD GH SDJDPHQWRV H SDJDPHQWRV D HIHWXDU
/LomR (QWUDGD GH SDJDPHQWRV H SDJDPHQWRV D HIHWXDU

(VWD OLomR H[SOLFD FRPR GHYHP VHU ODQoDGRV D HQWUDGD GH SDJDPHQWRV PDQXDLV H RV
SDJDPHQWRV PDQXDLV D HIHWXDU
2EMHWLYRV GD OLomR
$QXODU FRPSHQVDomR
&HQiULR GH QHJyFLRV
2V FOLHQWHV SDJDP IDWXUDV HP DEHUWR DSURYHLWDQGR GHVFRQWRV 2 GHVFRQWR GHYH VHU
ODQoDGR DXWRPDWLFDPHQWH QR VLVWHPD
)LJXUD 3URFHVVR GH SDJDPHQWR PDQXDO
8P SDJDPHQWR PDQXDO p XPD WUDQVDomR TXH FRPSHQVD XPD SDUWLGD HP DEHUWR

JHUDOPHQWH XPD IDWXUD SHOD DWULEXLomR PDQXDO GH XP PRQWDQWH GH FRPSHQVDomR
8PD HQWUDGD GH SDJDPHQWR JHUDOPHQWH XWLOL]DGD HP &RQWDV D UHFHEHU FRPSHQVD
XP PRQWDQWH GHYHGRU HP DEHUWR
8PD VDtGD GH SDJDPHQWR JHUDOPHQWH XWLOL]DGD HP &RQWDV D SDJDU FRPSHQVD XP
PRQWDQWH GH FUpGLWR HP DEHUWR

8P SDJDPHQWR PDQXDO p SURFHVVDGR HP WUrV HWDSDV

2V GDGRV VmR LQVHULGRV QR FDEHoDOKR GRFXPHQWR
$V SDUWLGDV HP DEHUWR VmR VHOHFLRQDGDV SDUD FRPSHQVDomR
$ WUDQVDomR p JUDYDGD
3RVVtYHLV GLIHUHQoDV GH SDJDPHQWR VHUmR SURFHVVDGDV QD SUy[LPD OLomR
)LJXUD &DEHoDOKR GR GRFXPHQWR FDEHoDOKR GR SDJDPHQWR
2V GDGRV LQVHULGRV QR FDEHoDOKR GR GRFXPHQWR VmR VLPLODUHV jTXHOHV LQVHULGRV

QR ODQoDPHQWR GH IDWXUDV 2 FDEHoDOKR GR GRFXPHQWR FRQVLVWH HP WUrV VHo}HV 2
FDEHoDOKR GR SDJDPHQWR RV GDGRV EDQFiULRV H D VHOHomR GH SDUWLGDV HP DEHUWR

e SUHFLVR LQVHULU D VHJXLQWH LQIRUPDomR QD VHomR GH FDEHoDOKR GR SDJDPHQWR

QR FDEHoDOKR GR GRFXPHQWR
,QVLUD D GDWD GR GRFXPHQWR (VVD p D GDWD GR GRFXPHQWR ItVLFR
2 VLVWHPD SURS}H R WLSR GH GRFXPHQWR GHSHQGHQWH GD WUDQVDomR FKDPDGD
FRQVXOWH D OLomR ³9DORUHV SURSRVWRV´
6H D HPSUHVD QmR IRU SURSRVWD p QHFHVViULR LQVHULOD FRQVXOWH D OLomR
³9DORUHV SURSRVWRV´
$V HVSHFL¿FDo}HV GR SHUtRGR LQFOXHP D GDWD GH ODQoDPHQWR H R SHUtRGR
FRQWiELO $ GDWD DWXDO p SURSRVWD FRPR D GDWD GH ODQoDPHQWR H R SHUtRGR
FRQWiELO p GHULYDGR GD GDWD GH ODQoDPHQWR
$V HVSHFL¿FDo}HV GD PRHGD LQFOXHP R FyGLJR GD PRHGD D WD[D GH FkPELR
H D GDWD GH FRQYHUVmR GD PRHGD 6H QHQKXPD WD[D GH FkPELR RX GDWD GH
FRQYHUVmR IRU LQVHULGD VHUi XWLOL]DGD D WD[D GH FkPELR GD WDEHOD GH WD[DV
GH FkPELR QD GDWD GR ODQoDPHQWR
4XDLVTXHU UHIHUrQFLDV QHFHVViULDV SDUD LGHQWL¿FDU D HQWUDGD GH SDJDPHQWR
SRGHP VHU LQVHULGDV QRV FDPSRV Q~PHUR GH GRFXPHQWR GH UHIHUrQFLD
WH[WR GH FDEHoDOKR GR GRFXPHQWR H WH[WR GD FRPSHQVDomR
)LJXUD &DEHoDOKR GR GRFXPHQWR GDGRV EDQFiULRV

,QVLUD RV VHJXLQWHV GDGRV EDQFiULRV QD SUy[LPD VHomR GR FDEHoDOKR GR GRFXPHQWR

$ FRQWD p XPD FRQWD GR 5D]mR XWLOL]DGD SDUD HQWUDGD H VDtGD GH SDJDPHQWRV
2 PRQWDQWH GR SDJDPHQWR p R PRQWDQWH WRWDO GR SDJDPHQWR
2 EDQFR SRGH FREUDU HQFDUJRV EDQFiULRV SHORV VHXV VHUYLoRV H HVWHV VmR
DXWRPDWLFDPHQWH ODQoDGRV HP XPD FRQWD GH GHVSHVDV HVSHFLDO (P HQWUDGDV
GH SDJDPHQWR R VLVWHPD DGLFLRQD RV HQFDUJRV EDQFiULRV DR PRQWDQWH
GH SDJDPHQWR SDUD IRUPDU R PRQWDQWH GH FRPSHQVDomR (P VDtGDV GH
SDJDPHQWR RV HQFDUJRV EDQFiULRV VmR VXEWUDtGRV DR PRQWDQWH GR SDJDPHQWR
SDUD GHWHUPLQDU R PRQWDQWH GH FRPSHQVDomR
$ GDWD HIHWLYD p D GDWD XWLOL]DGD SDUD DQDOLVDU D SRVLomR HP $GPLQLVWUDomR
GH FDL[D (VWD GDWD SRGH VHU SURSRVWD SHOR VLVWHPD FRQVXOWH D OLomR ³9DORUHV
SURSRVWRV´
2 WH[WR p XPD GHVFULomR RSFLRQDO GR LWHP ,QLFLH D OLQKD FRP SDUD
SHUPLWLU TXH R WH[WR VHMD LPSUHVVR WDPEpP QD FRUUHVSRQGrQFLD H[WHUQD
7DPEpP p SRVVtYHO WUDEDOKDU FRP PRGHORV GH WH[WR R XVXiULR SRGH
VHOHFLRQDU XPD HQWUDGD GD OLVWD GH WH[WRV VWDQGDUG
2 Q~PHUR GH DWULEXLomR p FULDGR SHOR VLVWHPD RX SRGHVH LQVHULOR
PDQXDOPHQWH
)LJXUD &DEHoDOKR GR GRFXPHQWR VHOHomR GH SDUWLGD HP DEHUWR

,QVLUD RV VHJXLQWHV GDGRV GH VHOHomR GH SDUWLGDV HP DEHUWR QD VHomR VHJXLQWH

GR FDEHoDOKR GR GRFXPHQWR
&RQWD H WLSR GD FRQWD 1HVVD iUHD &RQWD VH UHIHUH DR Q~PHUR GH FRQWD
GR SDUFHLUR GH QHJyFLRV H DR WLSR GHVVD FRQWD $ FRQWD H R WLSR GH FRQWD VmR
QHFHVViULRV SDUD GHWHUPLQDU D FRQWD TXH FRQWpP DV SDUWLGDV HP DEHUWR
3DUWLGDV HP DEHUWR QRUPDLV HRX WUDQVDo}HV GR 5D]mR HVSHFLDO 9RFr
SRGH VHOHFLRQDU SDUWLGDV HP DEHUWR QRUPDLV HRX WUDQVDo}HV GR 5D]mR
(VSHFLDO SDUD SURFHVVDPHQWR
1~PHUR GR DYLVR GH SDJDPHQWR 9RFr SRGH XWLOL]DU R Q~PHUR GH XP DYLVR
GH SDJDPHQWR LQVHULGR PDQXDOPHQWH RX FULDGR SHOR VLVWHPD SDUD VHOHFLRQDU
DV SDUWLGDV HP DEHUWR
2XWUDV FRQWDV 9RFr SRGH VHOHFLRQDU RXWUDV FRQWDV SDUD SURFHVVDU DV
UHVSHFWLYDV SDUWLGDV HP DEHUWR DR PHVPR WHPSR
6HOHo}HV DGLFLRQDLV 9RFr SRGH XWLOL]DU FULWpULRV GH VHOHomR DGLFLRQDLV
GH¿QLGRV QD FRQ¿JXUDomR SDUD VHOHFLRQDU SDUWLGDV HP DEHUWR 9RFr SRGH XVDU
DV IXQo}HV ³GLVWULEXLU SRU LGDGH´ RX ³SHVTXLVD DXWRPiWLFD´ SDUD DFHOHUDU R
SURFHVVR GH VHOHomR
)LJXUD 3URFHVVDU SDUWLGDV HP DEHUWR
$ SUy[LPD WHOD OLVWD WRGDV DV SDUWLGDV HP DEHUWR QmR DWULEXtGDV 3RGHP VHU
SDJDPHQWRV QRWDV GH GpELWR RX GH FUpGLWR RX IDWXUDV 'HSHQGHQGR GH VXDV
FRQ¿JXUDo}HV WRGRV DV SDUWLGDV SRGHP VH HQFRQWUDU DWLYDV RX LQDWLYDV
$ SULPHLUD HWDSD QR SURFHVVDPHQWR GH SDUWLGDV HP DEHUWR p D DWLYDomR GDV SDUWLGDV
LQGLYLGXDLV QHFHVViULDV DQWHV GH SRGHU DWULEXLU XP SDJDPHQWR

2 PRQWDQWH LQVHULGR p DWULEXtGR jV SDUWLGDV LQGLYLGXDLV DGHTXDGDV H DR UHVSHFWLYR

GHVFRQWR
([LVWHP GLYHUVDV RSo}HV SDUD DWLYDU RX GHVDWLYDU SDUWLGDV LQGLYLGXDLV
2So}HV GH SURFHVVDPHQWR GH SDUWLGDV HP DEHUWR 'H¿QD R FyGLJR ³3DUWLGDV
VHOHFLRQDGDV LQLFLDOPHQWH LQDWLYDV´
&OLTXH GXDV YH]HV QR PRQWDQWH
6HOHomR GH PHQXV GH DomR H WHFODV GH IXQomR (VWmR GLVSRQtYHLV GLYHUVRV
PHQXV H WHFODV
3RGHVH ODQoDU R GRFXPHQWR VH R PRQWDQWH LQVHULGR IRU LGrQWLFR DR PRQWDQWH
DWULEXtGR
2 GHVFRQWR FRQFHGLGR p GHWHUPLQDGR SHODV FRQGLo}HV GH SDJDPHQWR GD SDUWLGD
LQGLYLGXDO 2 GHVFRQWR FRQVLGHUDGR QR FiOFXOR GR PRQWDQWH DWULEXtGR
9RFr SRGH PRGL¿FDU R GHVFRQWR VREUHJUDYDQGR R GHVFRQWR DEVROXWR RX
PRGL¿FDQGR D SRUFHQWDJHP GR GHVFRQWR 1mR VH SRGH H[FHGHU RV OLPLWHV GH¿QLGRV
QDV WROHUkQFLDV
)LJXUD /DQoDPHQWR GR SDJDPHQWR
3RGHVH HQWmR YHUL¿FDU R GRFXPHQWR UHJLVWUDGR

3RU PHLR GH 'RFXPHQWR ĺ 6LPXODU YRFr SRGH H[LELU WRGRV RV LWHQV LQFOXLQGR
RV TXH IRUDP FULDGRV DXWRPDWLFDPHQWH
6H RV GpELWRV H RV FUpGLWRV FRLQFLGLUHP SRGHVH ODQoDU D WRWDOLGDGH GR GRFXPHQWR
6H SRVWHULRUPHQWH GHVFREULU TXH R GRFXPHQWR FRQWpP XP HUUR H SUHFLVD VHU
FRUULJLGR DQXOH DV SDUWLGDV FRPSHQVDGDV GHSRLV HVWRUQH R GRFXPHQWR 'HYHVH
HQWmR SURFHGHU QRYDPHQWH DR ODQoDPHQWR GH IRUPD FRUUHWD

)LJXUD /DQoDPHQWRV DXWRPiWLFRV SDUD FRPSHQVDomR GH SDUWLGDV HP

DEHUWR
6H QHFHVViULR R VLVWHPD H[HFXWD ODQoDPHQWRV DXWRPiWLFRV GXUDQWH D

FRPSHQVDomR -i YLPRV D FRQ¿JXUDomR GD PDLRULD GHVWHV ODQoDPHQWRV
DXWRPiWLFRV HP OLo}HV DQWHULRUHV
e SRVVtYHO LQVHULU HQFDUJRV EDQFiULRV TXDQGR LQVHULU RV GDGRV EDQFiULRV HVWHV
VmR ODQoDGRV DXWRPDWLFDPHQWH QD FRQWD GR 5D]mR
3DUD HIHWXDU SDJDPHQWRV LQWHUHPSUHVDULDLV PDQXDLV YRFr GHYH DWULEXLU XPD
WUDQVDomR GH FRPSHQVDomR ³(QWUDGD GH SDJDPHQWR´ RX ³6DtGD GH SDJDPHQWR´
j FRPELQDomR GH HPSUHVD SDJDGRUD H HPSUHVD j TXDO R SDJDPHQWR HVWi VHQGR
HIHWXDGR 'HSRLV TXDQGR VHOHFLRQDU SDUWLGDV HP DEHUWR HVWDV VmR H[LELGDV GH
FDGD HPSUHVD
2 SURFHVVDPHQWR GH SDJDPHQWRV D PDLRU H D PHQRU p DERUGDGR QD OLomR
³'LIHUHQoDV GH SDJDPHQWR´

)LJXUD $QXODomR GH FRPSHQVDomR
2V XVXiULRV SRGHP DQXODU D FRPSHQVDomR GH GRFXPHQWRV LQGLYLGXDLV $R DQXODU

D FRPSHQVDomR RV GDGRV GH FRPSHQVDomR VmR UHPRYLGRV GDV SDUWLGDV LQGLYLGXDLV
$V PRGL¿FDo}HV VmR UHJLVWUDGDV HP ORJ H SRGHP VHU H[LELGDV HP GRFXPHQWRV GH
PRGL¿FDomR (P &RQWDV D UHFHEHU R KLVWyULFR GH SDJDPHQWR H R OLPLWH GH FUpGLWR
VmR FRUULJLGRV VH DSOLFiYHO

([HUFtFLR )D]HU ODQoDPHQWR FRP

FRPSHQVDomR
/DQoDU XPD HQWUDGD GH SDJDPHQWR FRP GHVFRQWR
&HQiULR GH QHJyFLRV
2V FOLHQWHV SDJDP IDWXUDV HP DEHUWR DSURYHLWDQGR GHVFRQWRV
7DUHID
)DoD R H[HUFtFLR GH ³ODQoDPHQWR FRP FRPSHQVDomR´ D VHJXLU
9RFr UHFHEHX GR FOLHQWH XP SDJDPHQWR GH XQLGDGHV HP PRHGD
LQWHUQD SDUD FRPSHQVDU D SDUWLGD HP DEHUWR GH XQLGDGHV TXH YRFr
ODQoRX QD OLomR ³'RFXPHQWRV VLPSOHV QR 6$3 (53 )LQDQFLDOV´ 6H QmR
FRQFHGHX XP GHVFRQWR TXDQGR LQVHULX D IDWXUD LQVLUD PDQXDOPHQWH
XQLGDGHV GH GHVFRQWR 8VH D FRQWD EDQFiULD GH FRPSHQVDomR
7DUHID
2SFLRQDO 5HSDUWLomR GH GRFXPHQWR
6H YRFr UHSHWLU R H[HUFtFLR TXH DFDERX GH ID]HU VRE DV PHVPDV FRQGLo}HV
H FRP R PRQWDQWH GH SDJDPHQWR GH (85 SDUD DV SDUWLGDV
LQGLYLGXDLV GH (85 GD WDUHID QR H[HUFtFLR GH UHSDUWLomR GH
GRFXPHQWR YHUi FRPR IXQFLRQD D UHSDUWLomR SDVVLYD $ UHSDUWLomR GR FUpGLWR
GH DFRUGR FRP RV FHQWURV GH OXFUR H RV VHJPHQWR GDV SDUWLGDV GH UHFHLWD p
DGRWDGD QR ODQoDPHQWR GR SDJDPHQWR

6ROXomR )D]HU ODQoDPHQWR FRP

FRPSHQVDomR
7DUHID
)DoD R H[HUFtFLR GH ³ODQoDPHQWR FRP FRPSHQVDomR´ D VHJXLU
9RFr UHFHEHX GR FOLHQWH XP SDJDPHQWR GH XQLGDGHV HP PRHGD
LQWHUQD SDUD FRPSHQVDU D SDUWLGD HP DEHUWR GH XQLGDGHV TXH YRFr
ODQoRX QD OLomR ³'RFXPHQWRV VLPSOHV QR 6$3 (53 )LQDQFLDOV´ 6H QmR
FRQFHGHX XP GHVFRQWR TXDQGR LQVHULX D IDWXUD LQVLUD PDQXDOPHQWH
XQLGDGHV GH GHVFRQWR 8VH D FRQWD EDQFiULD GH FRPSHQVDomR
D (QWUDGD GH SDJDPHQWRV
/DQoDPHQWR ĺ (QWUDGD GH SDJDPHQWRV

&DEHoDOKR GR GRFXPHQWR
7LSR GH GRFXPHQWR '=
(PSUHVD *5
0RHGD 0RHGD LQWHUQD
'DGRV EDQFiULRV
&RQWD
0RQWDQWH
'DWD YDORU 'DWD DWXDO
6HOHomR GH SDUWLGDV HP DEHUWR
&RQWD 6HX FOLHQWH

6HOHFLRQH D IDWXUD GH XQLGDGHV HP PRHGD LQWHUQD 6H
QHFHVViULR LQVLUD XP GHVFRQWR GH
4XDQGR R YDORU ³1mR DWULEXtGR´ IRU LJXDO D ]HUR

2EVHUYDomR $JRUD YRFr HVWi IDPLOLDUL]DGR FRP GXDV RSo}HV

GH FRPSHQVDomR
&RPSHQVDomR GH FRQWDV 1D OLomR ³&RPSHQVDomR GH
SDUWLGDV HP DEHUWR´ YRFr FRPSHQVRX XPD IDWXUD HP
DEHUWR FRP XPD QRWD GH FUpGLWR HP DEHUWR
/DQoDPHQWR FRP FRPSHQVDomR 1HVWD OLomR YRFr
ODQoRX XPD HQWUDGD GH SDJDPHQWR GH XP FOLHQWH HP
UHODomR D XPD IDWXUD HP DEHUWR
7DUHID
6H YRFr UHSHWLU R H[HUFtFLR TXH DFDERX GH ID]HU VRE DV PHVPDV FRQGLo}HV
H FRP R PRQWDQWH GH SDJDPHQWR GH (85 SDUD DV SDUWLGDV
LQGLYLGXDLV GH (85 GD WDUHID QR H[HUFtFLR GH UHSDUWLomR GH
GRFXPHQWR YHUi FRPR IXQFLRQD D UHSDUWLomR SDVVLYD $ UHSDUWLomR GR FUpGLWR
GH DFRUGR FRP RV FHQWURV GH OXFUR H RV VHJPHQWR GDV SDUWLGDV GH UHFHLWD p
DGRWDGD QR ODQoDPHQWR GR SDJDPHQWR
D *XLHVH SHOR ~OWLPR H[HUFtFLR

5HVXPR GD OLomR
$QXODU FRPSHQVDomR

7),1B /LomR 'LIHUHQoDV GH SDJDPHQWR
/LomR 'LIHUHQoDV GH SDJDPHQWR

(VWD OLomR GHVFUHYH PpWRGRV GH ODQoDPHQWR QR FRQWH[WR GDV GLIHUHQoDV GH
SDJDPHQWR
2EMHWLYRV GD OLomR
SDJDPHQWR
&HQiULR GH QHJyFLRV
2V FOLHQWHV SDJDP IUHTXHQWHPHQWH IDWXUDV FRP GHGXo}HV TXH SRU YH]HV H[FHGHP
RV OLPLWHV GH WROHUkQFLDV GD VRFLHGDGH
)LJXUD *UXSRV GH WROHUkQFLD

1D FRQWDELOLGDGH DV WROHUkQFLDV SRGHP VHU GLYLGLGDV HP WUrV WLSRV JUXSRV GH

WROHUkQFLD GH HPSUHJDGRV JUXSRV GH WROHUkQFLD GH FRQWDV GR 5D]mR H JUXSRV GH
WROHUkQFLD GH FOLHQWHIRUQHFHGRU
2 JUXSR GH WROHUkQFLD GH HPSUHJDGRV p XWLOL]DGR SDUD FRQWURODU
/LPLWHV VXSHULRUHV SDUD WUDQVDo}HV GH ODQoDPHQWR YHU D OLomR $XWRUL]Do}HV
GH ODQoDPHQWR
'LIHUHQoDV GH SDJDPHQWR DXWRUL]DGDV
2 JUXSR GH WROHUkQFLD GH FRQWDV GR 5D]mR p XWLOL]DGR SDUD FRQWURODU
'LIHUHQoDV GH SDJDPHQWR DXWRUL]DGDV SRU H[HPSOR SDUD SURFHGLPHQWRV
DXWRPiWLFRV GH FRPSHQVDomR
2V JUXSRV GH WROHUkQFLD GH FOLHQWHIRUQHFHGRU IRUQHFHP HVSHFL¿FDo}HV SDUD
2SHUDo}HV GH FRPSHQVDomR
'LIHUHQoDV GH SDJDPHQWR DXWRUL]DGDV
/DQoDPHQWR GH SDUWLGDV UHVLGXDLV GH GLIHUHQoDV GH SDJDPHQWR
7ROHUkQFLDV SDUD DYLVRV GH SDJDPHQWR
&RQ¿JXUDomR GH JUXSRV GH WROHUkQFLD
*UXSRV GH WROHUkQFLD SDUD HPSUHJDGRV SRU H[HPSOR
± &RQWDGRU ,
± &RQWDGRU ,,
± *HUHQWH GD FRQWDELOLGDGH
*UXSRV GH WROHUkQFLD SDUD FOLHQWHVIRUQHFHGRUHV SRU H[HPSOR
± %RQV FOLHQWHVIRUQHFHGRUHV
± &OLHQWHVIRUQHFHGRUHV QmR WmR ERQV
± &OLHQWHVIRUQHFHGRUHV DSHQDV GH SDJDPHQWRV HP IXQGRV OtTXLGRV
*UXSRV GH WROHUkQFLD SDUD FRQWDV GR 5D]mR SRU H[HPSOR
± &RQWDV GH FRPSHQVDomR VXSULPHQWR H[WHUQR
± &RQWDV GH FRPSHQVDomR SURGXomR LQWHUQD
8VH WROHUkQFLDV SDUD GH¿QLU GLIHUHQoDV GH SDJDPHQWR SHUPLWLGDV
$WULEXD RV JUXSRV GH WROHUkQFLD D
'DGRV PHVWUH GH XVXiULR
5HJLVWURV PHVWUH GH FRQWD GR 5D]mR
5HJLVWURV PHVWUH GH FOLHQWHIRUQHFHGRU

'HYHVH H[HFXWDU GXDV HWDSDV SDUD XWLOL]DU JUXSRV GH WROHUkQFLD

'H¿QLomR GH JUXSR
± 2 JUXSR GH WROHUkQFLD p GH¿QLGR SRU XP JUXSR HPSUHVDULDO HPSUHVD
H FyGLJR GH PRHGD
± $ FKDYH GH JUXSR HPSUHVDULDO p XPD FKDYH GH TXDWUR FDUDFWHUHV
DOIDQXPpULFRV
± $ FKDYH BBBB (0 %5$1&2 p R JUXSR GH WROHUkQFLD SDGUmR H p
QHFHVViULD FRPR JUXSR GH WROHUkQFLD PtQLPR
$WULEXLomR GR JUXSR
± *UXSRV GH WROHUkQFLD GH HPSUHJDGRV SRGHP VHU DWULEXtGRV D
HPSUHJDGRV
± 2V JUXSRV GH WROHUkQFLD GH FRQWD GR 5D]mR SRGHP VHU DWULEXtGRV D
UHJLVWURV PHVWUH GH FRQWDV GR 5D]mR
± *UXSRV GH WROHUkQFLD GH FOLHQWHIRUQHFHGRU SRGHP VHU DWULEXtGRV D XP
UHJLVWUR PHVWUH GH FOLHQWH RX IRUQHFHGRU
± 6H QmR IRUDP DWULEXtGDV WROHUkQFLDV DSOLFDVH R JUXSR GH WROHUkQFLD
SURSRVWR BBBB HP EUDQFR
)LJXUD 'LIHUHQoDV GH SDJDPHQWR DXWRUL]DGDV
$V HVSHFL¿FDo}HV SDUD GLIHUHQoDV GH SDJDPHQWR DXWRUL]DGDV SRGHP VHU

HQFRQWUDGDV QRV GRLV WLSRV GH JUXSRV GH WROHUkQFLD (ODV FRQWURODP R ODQoDPHQWR
DXWRPiWLFR GH DMXVWHV GH GHVFRQWR H GHGXo}HV GH FOLHQWH QmR DXWRUL]DGDV

2 VLVWHPD OHYD HP FRQWD DV HQWUDGDV GRV GRLV JUXSRV GXUDQWH D FRPSHQVDomR

$ GLIHUHQoD GH SDJDPHQWR WHP GH VH HQTXDGUDU QDV GXDV WROHUkQFLDV SDUD VHU
SURFHVVDGD DXWRPDWLFDPHQWH SRU H[HPSOR
8PD GLIHUHQoD GH SDJDPHQWR WHP GH VHU LQIHULRU D H XQLGDGHV GH
PRHGD SDUD VHU OLTXLGDGD DXWRPDWLFDPHQWH FRPR XP DMXVWH GH GHVFRQWR
8PD GLIHUHQoD GH SDJDPHQWR WHP GH VHU LQIHULRU D H XQLGDGHV
GH PRHGD H LQIHULRU D H GR PRQWDQWH HP DEHUWR SDUD VHU OLTXLGDGD
DXWRPDWLFDPHQWH FRPR XPD GHGXomR QmR DXWRUL]DGD $SOLFDVH D PDLV
EDL[D GDV GXDV WROHUkQFLDV 3DUD XP PRQWDQWH HP DEHUWR GH XQLGDGHV
GH PRHGD VHULD XPD GHGXomR GH FOLHQWH QmR DXWRUL]DGD GH XQLGDGHV GH
PRHGD SDUD XP PRQWDQWH HP DEHUWR GH XQLGDGH GH PRHGD VHULD
XPD GHGXomR GH FOLHQWH QmR DXWRUL]DGD GH XQLGDGHV GH PRHGD
$V HQWUDGDV QRV JUXSRV GH WROHUkQFLD VmR VHPSUH HP PRHGD LQWHUQD
)LJXUD 'LIHUHQoDV GH SDJDPHQWR
8PD GLIHUHQoD GH SDJDPHQWR JHUDOPHQWH DFRQWHFH GXUDQWH D FRPSHQVDomR GH XPD

SDUWLGD HP DEHUWR $ GLIHUHQoD p HQWmR FRPSDUDGD FRP RV JUXSRV GH WROHUkQFLD GR
HPSUHJDGR H GR FOLHQWHIRUQHFHGRU H p SURFHVVDGD HP FRQIRUPLGDGH
'HQWUR GDV WROHUkQFLDV
7ROHUkQFLDV DXWRPDWLFDPHQWH ODQoDGDV FRPR DMXVWH GH GHVFRQWR RX GHGXomR
QmR DXWRUL]DGD
)RUD GDV WROHUkQFLDV
3URFHVVDGD PDQXDOPHQWH

)LJXUD 3URFHVVDPHQWR GH GLIHUHQoDV GH SDJDPHQWR
6H D GLIHUHQoD GH SDJDPHQWR IRU LUUHOHYDQWH HOD SRGH VHU SURFHVVDGD

DXWRPDWLFDPHQWH SHUPLWLQGR DR VLVWHPD DMXVWDU R GHVFRQWR DWp GHWHUPLQDGRV
PRQWDQWHV RX OLTXLGiOD HP XPD FRQWD HVSHFLDO 2V OLPLWHV TXH GH¿QHP VH D
GLIHUHQoD p FRQVLGHUDGD LUUHOHYDQWH VmR GH¿QLGRV QRV JUXSRV GH WROHUkQFLD 'HQWUR
GR JUXSR GH WROHUkQFLD GH XP HPSUHJDGR SRGHVH SHUPLWLU XP DMXVWH GR GHVFRQWR
GHQWUR GH OLPLWHV GH¿QLGRV SDUD TXH R HPSUHJDGR WHQKD DXWRUL]DomR SDUD HIHWXDU
R DMXVWH
6H D GLIHUHQoD GH SDJDPHQWR IRU PXLWR DOWD SDUD VHU FRQVLGHUDGD LUUHOHYDQWH HOD
GHYH VHU SURFHVVDGD PDQXDOPHQWH 2 SDJDPHQWR SRGH VHU ODQoDGR GD VHJXLQWH
IRUPD
3DJDPHQWR SDUFLDO
$ GLIHUHQoD GH SDJDPHQWR SRGH VHU ODQoDGD FRPR XPD SDUWLGD UHVLGXDO
$ GLIHUHQoD GH SDJDPHQWR SRGH VHU ODQoDGD HP XPD FRQWD DWULEXtGD D XP
PRWLYR RX OLTXLGDGD SHOD HQWUDGD PDQXDO GH XP QRYR LWHP GH ODQoDPHQWR
3DJDPHQWR SRU FRQWD

)LJXUD 3DJDPHQWRV SDUFLDLV H UHVLGXDLV
6H D GLIHUHQoD GH SDJDPHQWR ¿FDU IRUD GDV WROHUkQFLDV WHP GH VHU SURFHVVDGD

PDQXDOPHQWH 2 XVXiULR SRGH
/DQoDU R SDJDPHQWR FRPR XP SDJDPHQWR SDUFLDO RQGH WRGRV RV
GRFXPHQWRV SHUPDQHFHP QD FRQWD FRPR SDUWLGDV HP DEHUWR
/DQoDU D GLIHUHQoD GH SDJDPHQWR FRPR XPD SDUWLGD UHVLGXDO RQGH VRPHQWH
D QRYD SDUWLGD UHVLGXDO SHUPDQHFH QD FRQWD H R GRFXPHQWR RULJLQDO H R
SDJDPHQWR VmR FRPSHQVDGRV e FULDGR XP QRYR Q~PHUR GH GRFXPHQWR FRP
UHIHUrQFLD DRV GRFXPHQWRV RULJLQDLV
/DQoDU D GLIHUHQoD GH SDJDPHQWR HP XPD FRQWD GLIHUHQWH FRPR XP
ODQoDPHQWR GH GLIHUHQoD XWLOL]DQGR PRWLYRV H GHWHUPLQDomR DXWRPiWLFD
/LTXLGDU D GLIHUHQoD FODVVL¿FDomR FRQWiELO PDQXDO
2V JUXSRV GH WROHUkQFLD GH FOLHQWHIRUQHFHGRU SRGHP FRQWHU HQWUDGDV TXH
FRQWURODP DV SDUWLGDV LQGLYLGXDLV (ODV LQGLFDP
6H DV FRQGLo}HV GH SDJDPHQWR GH XPD SDUWLGD UHVLGXDO VmR DV PHVPDV TXH
DV GD SDUWLGD FRPSHQVDGD RX VH DV FRQGLo}HV GH SDJDPHQWR VmR ¿[DV
6H R GHVFRQWR p FRQFHGLGR VRPHQWH SDUFLDOPHQWH H QmR SDUD D WRWDOLGDGH
GR PRQWDQWH
,QGLFDQGR XPD FKDYH GH DGYHUWrQFLD VH D SDUWLGD UHVLGXDO WHP XP QtYHO
Pi[LPR GH DGYHUWrQFLD RX VH p LPSUHVVD VHSDUDGDPHQWH
6H IRU FRQKHFLGR R PRWLYR GH XPD GLIHUHQoD GH SDJDPHQWR SRGHVH LQVHULU XP
PRWLYR GD GLIHUHQoD

)LJXUD 0RWLYRV GD GLIHUHQoD
2V PRWLYRV GD GLIHUHQoD VmR XWLOL]DGRV SDUD GHVFUHYHU R PRWLYR GD GLIHUHQoD GH

SDJDPHQWR 3DUD DWULEXLU PDLV GH XP PRWLYR D XPD GLIHUHQoD GH SDJDPHQWR
FOLTXH HP GLVWULEXLU GLIHUHQoD
2V PRWLYRV GD GLIHUHQoD SRGHP VHU DWULEXtGRV D
/DQoDPHQWRV GH GLIHUHQoDV
3DJDPHQWRV SDUFLDLV
3DUWLGDV UHVLGXDLV
2V PRWLYRV GD GLIHUHQoD SRGHP VHU XWLOL]DGRV SDUD DQDOLVDU H SURFHVVDU
SRVWHULRUPHQWH GLIHUHQoDV GH SDJDPHQWR 2XWUDV IXQo}HV RSFLRQDLV VmR
&RQWUROH GR WLSR GH DYLVR GH SDJDPHQWR TXH p HQYLDGR DR FOLHQWH
&RQWUROH GD FRQWD HP TXH p ODQoDGD XPD SDUWLGD UHVLGXDO
/DQoDPHQWR DXWRPiWLFR GH XPD SDUWLGD UHVLGXDO HP XPD FRQWD GR 5D]mR
HVSHFL¿FDGD
([FOXVmR GH SDUWLGDV UHVLGXDLV GH YHUL¿FDo}HV GH OLPLWH GH FUpGLWR SRUTXH
VmR OLWLJLRVDV


([HUFtFLR 'LIHUHQoDV GH SDJDPHQWR

,QVHULU XP SDJDPHQWR SDUFLDO
&ULDU XP PRWLYR GD GLIHUHQoD SDUD PHUFDGRULD GDQL¿FDGD
/DQoDU XPD HQWUDGD GH SDJDPHQWR FRP GHVFRQWR H XP PRWLYR GD GLIHUHQoD
&HQiULR GH QHJyFLRV
$OJXQV GH VHXV FOLHQWHV VRPHQWH HIHWXDP SDJDPHQWRV SDUFLDLV GH IDWXUDV HP DEHUWR
(VVHV SDJDPHQWRV D PHQRU GHYHP VHU ODQoDGRV QD FRQWDELOLGDGH GH FOLHQWHV
7DUHID
8PD FRPSHQVD D IDWXUD H R SDJDPHQWR SDUD

FULDU XPD QRYD SDUWLGD HP DEHUWR
8P UHVXOWD HP TXH D IDWXUD HP DEHUWR

H D HQWUDGD GH SDJDPHQWR SHUPDQHFHP QD FRQWD GR FOLHQWH FRPR SDUWLGDV
HP DEHUWR
8P FOLHQWH WHP SUREOHPDV GH OLTXLGH] H QmR SRGH SDJDU D WRWDOLGDGH GD IDWXUD

&RPR EDVH SDUD D HQWUDGD GH SDJDPHQWR ODQFH XPD IDWXUD GH FOLHQWH GH
XQLGDGHV GH PRHGD LQWHUQD HP VXD FRQWD GH FOLHQWH 6HOHFLRQH D
RSomR ³&DOFXODU ,9$´ 8WLOL]H R FyGLJR GH LPSRVWR 2 ,9$ OLTXLGDGR
FXUVR /DQFH QD FRQWD GH UHFHLWDV H QR FHQWUR GH OXFUR 35
9RFr UHFHEH GH VHX FOLHQWH XPD HQWUDGD GH SDJDPHQWR GH XQLGDGHV GH
PRHGD LQWHUQD FRQWD EDQFiULD GH FRPSHQVDomR UHODWLYD j IDWXUD
GH XQLGDGHV GH PRHGD LQWHUQD TXH YRFr DFDERX GH ODQoDU /DQFH D
HQWUDGD GH SDJDPHQWR FRPR XP SDJDPHQWR SDUFLDO HP VXD FRQWD GH FOLHQWH
([LED DV SDUWLGDV LQGLYLGXDLV GH VHX FOLHQWH SDUD YHUL¿FDU RV ODQoDPHQWRV
TXH YRFr HIHWXRX

23&,21$/0(17( 2V FOLHQWHV HVWmR UHGX]LQGR VHXV SDJDPHQWRV FRPR

UHVXOWDGR GH GDQRV TXH RFRUUHP QD PHUFDGRULD GXUDQWH R WUDQVSRUWH 9RFr
TXHU UHJLVWUDU HVWHV PRQWDQWHV 9RFr GHFLGH FULDU XP PRWLYR GD GLIHUHQoD
³0HUFDGRULD GDQL¿FDGD GXUDQWH R WUDQVSRUWH´ = SDUD OLTXLGDU HVWD
GLIHUHQoD
23&,21$/0(17( 2 FOLHQWH IH] XP SDJDPHQWR GH XQLGDGHV
GH PRHGD LQWHUQD TXH GHYH VHU ODQoDGR QD SDUWLGD HP DEHUWR GH
XQLGDGHV 6HX FOLHQWH HVWi VROLFLWDQGR XPD UHGXomR GH SUHoR SDUD R PRQWDQWH
UHVWDQWH XPD YH] TXH D PHUFDGRULD VH GDQL¿FRX HP WUkQVLWR /DQFH D
GLIHUHQoD FRPR XPD SDUWLGD UHVLGXDO XWLOL]DQGR R PRWLYR GD GLIHUHQoD TXH
FULRX = &RQWD EDQFiULD GH FRPSHQVDomR

6ROXomR 'LIHUHQoDV GH SDJDPHQWR

7DUHID
8PD SDUWLGD UHVLGXDO FRPSHQVD D IDWXUD H R SDJDPHQWR SDUD FULDU XPD QRYD
SDUWLGD HP DEHUWR
5HVSRVWD SDUWLGD UHVLGXDO
8P SDJDPHQWR SDUFLDO UHVXOWD HP TXH D IDWXUD HP DEHUWR H D HQWUDGD GH
SDJDPHQWR SHUPDQHFHP QD FRQWD GR FOLHQWH FRPR SDUWLGDV HP DEHUWR
5HVSRVWD SDJDPHQWR SDUFLDO
8P FOLHQWH WHP SUREOHPDV GH OLTXLGH] H QmR SRGH SDJDU D WRWDOLGDGH GD IDWXUD
&RPR EDVH SDUD D HQWUDGD GH SDJDPHQWR ODQFH XPD IDWXUD GH FOLHQWH GH
XQLGDGHV GH PRHGD LQWHUQD HP VXD FRQWD GH FOLHQWH 6HOHFLRQH D
RSomR ³&DOFXODU ,9$´ 8WLOL]H R FyGLJR GH LPSRVWR 2 ,9$ OLTXLGDGR
FXUVR /DQFH QD FRQWD GH UHFHLWDV H QR FHQWUR GH OXFUR 35
9RFr UHFHEH GH VHX FOLHQWH XPD HQWUDGD GH SDJDPHQWR GH XQLGDGHV GH
PRHGD LQWHUQD FRQWD EDQFiULD GH FRPSHQVDomR UHODWLYD j IDWXUD
GH XQLGDGHV GH PRHGD LQWHUQD TXH YRFr DFDERX GH ODQoDU /DQFH D
HQWUDGD GH SDJDPHQWR FRPR XP SDJDPHQWR SDUFLDO HP VXD FRQWD GH FOLHQWH
([LED DV SDUWLGDV LQGLYLGXDLV GH VHX FOLHQWH SDUD YHUL¿FDU RV ODQoDPHQWRV
TXH YRFr HIHWXRX

GDGRV
(PSUHVD *5
&OLHQWH 6HX FOLHQWH
'DWD GR ODQoDPHQWR 'DWD DWXDO
0RQWDQWH
&DOFXODU LPSRVWR
&yGLJR GH LPSRVWR 2 ,9$ OLTXLGDGR FXUVR
,WHQV


UHFHLWDV
GRFXPHQWR
&yGLJR GH LPSRVWR 2 ,9$ OLTXLGDGR FXUVR
&HQWUR GH OXFUR 35
6HOHFLRQH ³/DQoDU´
E 0HQX 6$3 (DV\ $FFHVV &RQWDELOLGDGH ĺ &RQWDELOLGDGH ¿QDQFHLUD
ĺ &OLHQWHV ĺ /DQoDPHQWR ĺ (QWUDGD GH SDJDPHQWRV

GDGRV
(PSUHVD *5
0RHGD GD FRQWD 0RHGD LQWHUQD
'DGRV EDQFiULRV
&RQWD FRQWD GR 5D]mRFRQWD
EDQFiULD GH FRPSHQVDomR
0RQWDQWH
'DWD HIHWLYD 'DWD DWXDO
&RQWD 6HX FOLHQWH

6HOHFLRQH D SDUWLGD HP DEHUWR GH XQLGDGHV
(P VHJXLGD VHOHFLRQH D ¿FKD GH UHJLVWUR ³3DJDPHQWR SDUFLDO´
&OLTXH GXDV YH]HV QR PRQWDQWH QR FDPSR ³ 0RQWDQWH GR SDJDPHQWR ´
SDUD DWXDOL]DU R YDORU FRP R PRQWDQWH GR SDJDPHQWR SDUFLDO
6HOHFLRQH ³/DQoDU´
F 0HQX 6$3 (DV\ $FFHVV &RQWDELOLGDGH ĺ &RQWDELOLGDGH ¿QDQFHLUD


GDGRV
&RQWD GH FOLHQWH 6HX FOLHQWH
(PSUHVD *5
6HOHomR GH SDUWLGD LQGLYLGXDO
3DUWLGDV HP DEHUWR 6HOHFLRQDU
(P DEHUWR QD GDWD ¿[DGD 'DWD DWXDO
5HVXOWDGR 2 SDJDPHQWR SDUFLDO H D IDWXUD DWULEXtGD SHUPDQHFHP FRPR

SDUWLGDV HP DEHUWR
&OLTXH GXDV YH]HV QR SDJDPHQWR SDUFLDO H H[LED D UHIHUrQFLD GD IDWXUD
QR FDPSR ³ 3DJDPHQWR GH ´

23&,21$/0(17( 2V FOLHQWHV HVWmR UHGX]LQGR VHXV SDJDPHQWRV FRPR

UHVXOWDGR GH GDQRV TXH RFRUUHP QD PHUFDGRULD GXUDQWH R WUDQVSRUWH 9RFr
TXHU UHJLVWUDU HVWHV PRQWDQWHV 9RFr GHFLGH FULDU XP PRWLYR GD GLIHUHQoD
³0HUFDGRULD GDQL¿FDGD GXUDQWH R WUDQVSRUWH´ = SDUD OLTXLGDU HVWD
GLIHUHQoD
D ,0* &RQWDELOLGDGH ¿QDQFHLUD QRYD ĺ &RQWDELOLGDGH GH FOLHQWHV H
IRUQHFHGRUHV ĺ 7UDQVDo}HV FRQWiEHLV ĺ (QWUDGD GH SDJDPHQWRV ĺ
&RQ¿JXUDomR SDUD HQWUDGD GH SDJDPHQWR ĺ 'LIHUHQoDV GH SDJDPHQWR
ĺ 'H¿QLU PRWLYRV GH GLIHUHQoD

GDGRV
(PSUHVD *5
6HOHFLRQH ³(QWHU´

GDGRV
0RWLYR =
7H[WR EUHYH 'DQRV HP WUkQVLWR SRU H[HPSOR
7H[WR GHVFULWLYR 0HUFDGRULDV GDQL¿FDGDV HP
WUkQVLWR
% FREUDQoD GH GLIHUHQoD YLD FRQWD
VHSDUDGD
6HOHFLRQH *UDYDU
9HUL¿FDU FRQWDV SDUD GLIHUHQoDV GH SDJDPHQWR
,0* &RQWDELOLGDGH ¿QDQFHLUD ĺ &RQWDELOLGDGH GH FOLHQWHV H
IRUQHFHGRUHV ĺ 7UDQVDo}HV FRQWiEHLV ĺ (QWUDGD GH SDJDPHQWRV ĺ
&RQ¿JXUDomR SDUD HQWUDGD GH SDJDPHQWR ĺ 'LIHUHQoDV GH SDJDPHQWR
ĺ 'H¿QLU FRQWDV SDUD GLIHUHQoDV GH SDJDPHQWR
6HOHFLRQH R SODQR GH FRQWDV
6HOHFLRQH ³9ROWDU´ VHP PRGL¿FDU D GHWHUPLQDomR GH FRQWDV
23&,21$/0(17( 2 FOLHQWH IH] XP SDJDPHQWR GH XQLGDGHV
GH PRHGD LQWHUQD TXH GHYH VHU ODQoDGR QD SDUWLGD HP DEHUWR GH
XQLGDGHV 6HX FOLHQWH HVWi VROLFLWDQGR XPD UHGXomR GH SUHoR SDUD R PRQWDQWH

UHVWDQWH XPD YH] TXH D PHUFDGRULD VH GDQL¿FRX HP WUkQVLWR /DQFH D

GLIHUHQoD FRPR XPD SDUWLGD UHVLGXDO XWLOL]DQGR R PRWLYR GD GLIHUHQoD TXH
FULRX = &RQWD EDQFiULD GH FRPSHQVDomR
D (QWUDGD GH SDJDPHQWR FRP GLIHUHQoD
0HQX 6$3 (DV\ $FFHVV &RQWDELOLGDGH ĺ &RQWDELOLGDGH ¿QDQFHLUD ĺ
&RQWDELOLGDGH GH &OLHQWHV ĺ /DQoDPHQWR ĺ (QWUDGD GH SDJDPHQWRV

GDGRV
(PSUHVD *5
0RHGD 0RHGD LQWHUQD
'DGRV EDQFiULRV
&RQWD
0RQWDQWH
'DWD YDORU 'DWD DWXDO
&RQWD 6HX FOLHQWH

6HOHFLRQH D SDUWLGD HP DEHUWR GH XQLGDGHV
(OLPLQH R PRQWDQWH GH GHVFRQWR RX HQWUH 'HSRLV VHOHFLRQH
³$YDQoDU´
&ULH XPD SDUWLGD UHVLGXDO
6HOHFLRQH D ¿FKD GH UHJLVWUR ³3DUWLGDV UHVLGXDLV´
,QVLUD R PRQWDQWH GH SDJDPHQWR LQVHULQGR RV YDORUHV D VHJXLU RX
FOLFDQGR GXDV YH]HV QR FDPSR ³3DUWLGDV UHVLGXDLV´

GDGRV
3DUWLGD UHVLGXDO
0RWLYR =

5HVXOWDGR D SDUWLGD UHVLGXDO p OLTXLGDGD XWLOL]DQGR R PRWLYR GD

GLIHUHQoD =
GRFXPHQWR

&ULDU PRWLYR GD GLIHUHQoD GH OLTXLGDomR
/DQoDU XPD HQWUDGD GH SDJDPHQWR FRP XPD GLIHUHQoD
&ULDU XPD SDUWLGD UHVLGXDO
$WULEXLU R PRWLYR GD GLIHUHQoD GH OLTXLGDomR

5HVXPR GD OLomR
SDJDPHQWR

/LomR 'LIHUHQoDV GH FkPELR
2EMHWLYRV GD OLomR
&HQiULR GH QHJyFLRV
$ HPSUHVD SRVVXL XP JUDQGH Q~PHUR GH IRUQHFHGRUHV FRP VHGH QR HVWUDQJHLUR
2 GHSDUWDPHQWR GH FRQWDELOLGDGH TXHU VDEHU FRPR DV GLIHUHQoDV GH FkPELR
UHDOL]DGDV ÀXHP SDUD D FRQWDELOLGDGH
)LJXUD 'LIHUHQoDV GH FkPELR UHDOL]DGDV
1D FRPSHQVDomR GH SDUWLGDV HP DEHUWR HP PRHGD HVWUDQJHLUD SRGHP RFRUUHU

GLIHUHQoDV GH FkPELR GHYLGR D ÀXWXDo}HV QDV WD[DV GH FkPELR
2 VLVWHPD ODQoD HVVDV GLIHUHQoDV GH FkPELR DXWRPDWLFDPHQWH FRPR JDQKRV RX
SHUGDV UHDOL]DGRV
2 VLVWHPD ODQoD DV GLIHUHQoDV DXWRPDWLFDPHQWH QD FRQWD GH UHFHLWDGHVSHVD
SDUD GLIHUHQoDV GH FkPELR TXH IRL GH¿QLGD GXUDQWH D FRQ¿JXUDomR ,VWR HYLWD
ODQoDPHQWRV LQFRUUHWRV
$ GLIHUHQoD UHDOL]DGD p JUDYDGD QD SDUWLGD LQGLYLGXDO FRPSHQVDGD

7),1B /LomR 'LIHUHQoDV GH FkPELR
$V GLIHUHQoDV GH FkPELR WDPEpP VmR ODQoDGDV TXDQGR DV SDUWLGDV HP DEHUWR VmR

DYDOLDGDV SDUD RV EDODQoRV'5( (VVDV GLIHUHQoDV GH FkPELR GD DYDOLDomR VmR
ODQoDGDV HP RXWUD FRQWD GH GLIHUHQoD GH FkPELR H HP XPD FRQWD GH DMXVWH GR
EDODQoR'5( 1D FRPSHQVDomR GH XPD SDUWLGD HP DEHUWR Mi DYDOLDGD R VLVWHPD
HVWRUQD D FRQWD GH FRUUHomR GR EDODQoR H ODQoD D GLIHUHQoD GH FkPELR UHVWDQWH QD
FRQWD SDUD GLIHUHQoDV GH FkPELR UHDOL]DGDV
)LJXUD 'HWHUPLQDomR GH FRQWDV
7RGDV DV FRQWDV GH FRQFLOLDomR H WRGDV DV FRQWDV GR 5D]mR FRP RSHUDo}HV

GH SDUWLGDV HP DEHUWR HP PRHGD HVWUDQJHLUD WrP GH WHU DWULEXtGDV FRQWDV GH
UHFHLWDGHVSHVDV SDUD SHUGDV H JDQKRV UHDOL]DGRV
8PD FRQWD GH SHUGDVJDQKRV SRGH VHU DWULEXtGD
$ WRGDV DV PRHGDV H WLSRV GH PRHGDV
3RU PRHGDV H WLSR GH PRHGD
3RU PRHGD
3RU WLSR GH PRHGD


([HUFtFLR 'LIHUHQoDV GH FkPELR

([SOLFDU RV IXQGDPHQWRV GDV GLIHUHQoDV GH FkPELR
&HQiULR GH QHJyFLRV
$ DGPLQLVWUDomR SHQVD HP FRPSUDU PHUFDGRULDV GH XP SDtV HVWUDQJHLUR H GHVHMD
FRQVHJXLU ODQoDU TXDOTXHU GLIHUHQoD GH FkPELR
7DUHID
2 VLVWHPD 6$3 (53 JHUD DXWRPDWLFDPHQWH DV GLIHUHQoDV GH FkPELR

Ƒ 9HUGDGHLUR
Ƒ )DOVR
$V FRQWDV GR 5D]mR WrP GH VHU GH¿QLGDV SDUD SHUGDV RX JDQKRV SRU YDULDomR
FDPELDO
Ƒ 9HUGDGHLUR
Ƒ )DOVR
7DUHID
'HVFUHYHU DV YiULDV PDQHLUDV GH GHWHUPLQDU D FRQWD GR 5D]mR SDUD GLIHUHQoDV

GH FkPELR

6ROXomR 'LIHUHQoDV GH FkPELR

7DUHID
2 VLVWHPD 6$3 (53 JHUD DXWRPDWLFDPHQWH DV GLIHUHQoDV GH FkPELR
5HVSRVWD 9HUGDGHLUR
1D FRPSHQVDomR GH SDUWLGDV HP DEHUWR HP PRHGD HVWUDQJHLUD SRGHP RFRUUHU
GLIHUHQoDV GH FkPELR GHYLGR D ÀXWXDo}HV QDV WD[DV GH FkPELR 2 VLVWHPD
ODQoD HVVDV GLIHUHQoDV DXWRPDWLFDPHQWH FRPR JDQKRV RX SHUGDV UHDOL]DGRV
$V FRQWDV GR 5D]mR WrP GH VHU GH¿QLGDV SDUD SHUGDV RX JDQKRV SRU YDULDomR
FDPELDO
5HVSRVWD 9HUGDGHLUR
2 VLVWHPD ODQoD DV GLIHUHQoDV DXWRPDWLFDPHQWH QD FRQWD GH UHFHLWDVGHVSHVDV
3RU LVVR YRFr GHYH GH¿QLU DV FRQWDV GXUDQWH D FRQ¿JXUDomR
7DUHID
'HVFUHYHU DV YiULDV PDQHLUDV GH GHWHUPLQDU D FRQWD GR 5D]mR SDUD GLIHUHQoDV
GH FkPELR
5HVSRVWD 3RGH VHU XWLOL]DGD XPD ~QLFD FRQWD GR 5D]mR SDUD WRGDV DV
PRHGDV H WLSRV GH PRHGD
3RGH VHU XWLOL]DGD XPD ~QLFD FRQWD GR 5D]mR SRU FDGD PRHGD H WLSR
GH PRHGD
3RGH VHU XWLOL]DGD XPD ~QLFD FRQWD GR 5D]mR SRU FDGD PRHGD
3RGH VHU XWLOL]DGD XPD ~QLFD FRQWD GR 5D]mR SRU FDGD WLSR GH PRHGD

5HVXPR GD OLomR

5HVXPR GR FDStWXOR
&RPSHQVDU XPD FRQWD
$QXODU FRPSHQVDomR
SDJDPHQWR

&DStWXOR
/LYUR FDL[D
&ULDU XP OLYUR FDL[D H DWULEXtOR D XPD FRQWD GR 5D]mR
([SOLFDU DV FDWHJRULDV GH WUDQVDo}HV FRQWiEHLV
&ULDU WUDQVDo}HV FRQWiEHLV
*UDYDU H ODQoDU WUDQVDo}HV FRQWiEHLV QR OLYUR FDL[D
/LomR &RQ¿JXUDomR GR OLYUR FDL[D
([HUFtFLR &RQ¿JXUDomR GH XP OLYUR FDL[D H FULDomR GH WUDQVDo}HV
FRPHUFLDLV
/LomR 7UDQVDomR GH OLYUR FDL[D
([HUFtFLR 2XWUDV WUDQVDo}HV FRQWiEHLV QR OLYUR FDL[D

&DStWXOR /LYUR FDL[D 7),1B
/LomR &RQ¿JXUDomR GR OLYUR FDL[D
2EMHWLYRV GD OLomR
&HQiULR GH QHJyFLRV
2 GHSDUWDPHQWR GH FRQWDELOLGDGH QHFHVVLWD GH FRQWDV HVSHFLDLV GR 5D]mR SDUD
SURFHVVDU R OLYUR FDL[D 9RFr TXHU SRGHU ODQoDU DXWRPDWLFDPHQWH QHVWD FRQWD
)LJXUD $WULEXLomR GH OLYUR FDL[D
2 OLYUR FDL[D p XPD IHUUDPHQWD SDUD DGPLQLVWUDomR GH FDL[D LQFOXtGD QD YHUVmR

GR VLVWHPD 5 GD 6$3 2 ODQoDPHQWR GH UHFHLWDV GH FDL[D H RV SDJDPHQWRV j
YLVWD VmR SRVVtYHLV
&RP HVWD IHUUDPHQWD SRGHVH
&ULDU XP OLYUR FDL[D VHSDUDGR SDUD FDGD PRHGD
)D]HU ODQoDPHQWRV HP FRQWDV GH FOLHQWH GH IRUQHFHGRU H GR 5D]mR
([HFXWDU YiULRV OLYURV FDL[D HP FDGD HPSUHVD
6HOHFLRQDU XP Q~PHUR DOHDWyULR SDUD LGHQWL¿FDomR GR OLYUR FDL[D XPD FKDYH
DOIDQXPpULFD GH GtJLWRV

7),1B /LomR &RQ¿JXUDomR GR OLYUR FDL[D
)LJXUD 'H¿QLomR GR OLYUR FDL[D
3DUD GH¿QLU XP QRYR OLYUR FDL[D SDUD XPD HPSUHVD GHYHVH LQVHULU RV YDORUHV
DSURSULDGRV SDUD RV VHJXLQWHV FDPSRV
$ HPSUHVD RQGH VH TXHU XWLOL]DU R OLYUR FDL[D
2 QRPH H D LGHQWL¿FDomR GH TXDWUR GtJLWRV GR OLYUR FDL[D
$V FRQWDV GR 5D]mR RQGH VH TXHU ODQoDU DV WUDQVDo}HV FRQWiEHLV GR OLYUR FDL[D
$ PRHGD HP TXH VH TXHU H[HFXWDU R OLYUR FDL[D
2V WLSRV GH GRFXPHQWR SDUD
± /DQoDPHQWRV QD FRQWD GR 5D]mR
± 6DtGDV GH SDJDPHQWR D IRUQHFHGRUHV
± (QWUDGD GH SDJDPHQWRV GH IRUQHFHGRUHV
± 6DtGDV GH SDJDPHQWRV D FOLHQWHV
± (QWUDGD GH SDJDPHQWRV GH FOLHQWHV

)LJXUD 7LSRV GH WUDQVDomR FRQWiELO
1R OLYUR FDL[D SRGHVH SURFHVVDU GLYHUVDV WUDQVDo}HV GH¿QLGDV DQWHFLSDGDPHQWH

FRP D XWLOL]DomR GH FDWHJRULDV GH RSHUDomR FRQWiELO $EDL[R HVWmR FDWHJRULDV GH
RSHUDomR FRQWiELO VWDQGDUG H UHVSHFWLYRV ODQoDPHQWRV
'HVSHVDV (
'HVSHVD&DL[D
5HFHLWDV 5
&DL[D5HFHLWD
7UDQVIHUrQFLD GH IXQGRV OtTXLGRV
'R OLYUR FDL[D SDUD R EDQFR %
%DQFR&DL[D
'R EDQFR SDUD R OLYUR FDL[D &
&DL[D%DQFR
&RQWDV D UHFHEHU '
(QWUDGD GH SDJDPHQWR GH FOLHQWH &DL[DFOLHQWH
6DtGD GH SDJDPHQWR D FOLHQWH &OLHQWHFDL[D
&RQWDV D SDJDU .
6DtGD GH SDJDPHQWR SDUD IRUQHFHGRU )RUQHFHGRUFDL[D
(QWUDGD GH SDJDPHQWR GH IRUQHFHGRU /LYUR FDL[D)RUQHFHGRU

)LJXUD &ULDomR GH WUDQVDo}HV FRQWiEHLV
([LVWHP GRLV OXJDUHV HP TXH YRFr SRGH GH¿QLU QRYDV WUDQVDo}HV FRQWiEHLV GH
OLYUR FDL[D QR SUySULR OLYUR FDL[D RX QR &XVWRPL]LQJ ,0* 4XDQGR VH DWULEXL
XP QRPH j WUDQVDomR FRQWiELO p SRVVtYHO EDVHiOR QR WLSR GD WUDQVDomR FRQWiELO
3RU H[HPSOR SDUD D WUDQVDomR FRQWiELO GH FULDomR GH ODQoDPHQWRV HP YHQGDV D
GLQKHLUR SRGHULD DWULEXLUVH R QRPH ³9HQGD D GLQKHLUR´
3DUD FULDU XPD WUDQVDomR FRQWiELO HIHWXH DV VHJXLQWHV FRQ¿JXUDo}HV
$ HPSUHVD RQGH D WUDQVDomR FRQWiELO GHYH VHU FULDGD
2 WLSR GH WUDQVDomR FRQWiELO QRWD QmR p SRVVtYHO ID]HU XPD HQWUDGD QR
FDPSR FRQWD GR 5D]mR SDUD RV WLSRV GH WUDQVDomR FRQWiELO ' H .
,QGLTXH FyGLJRV GH LPSRVWR SDUD DV WUDQVDo}HV FRQWiEHLV ( 'HVSHVD H 5
5HFHLWD
3DUD DV FDWHJRULDV GH WUDQVDomR FRQWiELO ( 5 & H % SRGHVH GH¿QLU XP
FyGLJR SDUD DWLYDU D FRQWD GR 5D]mR SDUD D WUDQVDomR FRQWiELO D PRGL¿FDU
TXDQGR R GRFXPHQWR p LQVHULGR 1HVWH FDVR D FRQWD GR 5D]mR p DSHQDV XP
YDORU SURSRVWR
3DUD DV FDWHJRULDV GH WUDQVDomR FRQWiELO ( H 5 SRGHVH GH¿QLU XP FyGLJR
SDUD DWLYDU R FyGLJR GH LPSRVWR SDUD D WUDQVDomR FRQWiELO D PRGL¿FDU TXDQGR
R GRFXPHQWR p LQVHULGR 6H QmR IRU GH¿QLGR XP FyGLJR GH LPSRVWR GHYHVH
LQGLFDU XP VH IRU H[LJLGR SHOD FRQWD TXDQGR FULDU R GRFXPHQWR
'HSRLV GH JUDYDGD D WUDQVDomR FRQWiELO DXWRPDWLFDPHQWH UHFHEHUi XP
Q~PHUR 'XUDQWH D HQWUDGD GR GRFXPHQWR D WUDQVDomR FRQWiELO SRGH VHU
FKDPDGD SRU VHX QRPH RX Q~PHUR
9RFr SRGH GH¿QLU XP FyGLJR TXH EORTXHLD ODQoDPHQWRV SRVWHULRUHV GD
WUDQVDomR FRQWiELO


([HUFtFLR &RQ¿JXUDomR GH XP OLYUR

FDL[D H FULDomR GH WUDQVDo}HV FRPHUFLDLV
'H¿QLU VHX OLYUR FDL[D
&ULDU WUDQVDo}HV FRPHUFLDLV SDUD R OLYUR FDL[D
&HQiULR GH QHJyFLRV
1R IXWXUR VXD VRFLHGDGH JRVWDULD GH PDSHDU RSHUDo}HV j YLVWD XVDQGR D IXQomR
GH OLYUR FDL[D 6XD WDUHID p FRQ¿JXUDU R OLYUR FDL[D H DV WUDQVDo}HV FRPHUFLDLV
QHFHVViULDV
7DUHID
([HFXWH R &XVWRPL]LQJ SDUD D GH¿QLomR GH XP OLYUR FDL[D HP VXD HPSUHVD
&ULH R OLYUR FDL[D SDUD VXD HPSUHVD FRP D PRHGD GR FXUVR -i IRL FULDGD
XPD FRQWD GR 5D]mR SDUD R OLYUR FDL[D IXQGR GH FDL[D FRP OLYUR
FDL[D 8WLOL]H RV WLSRV GH GRFXPHQWR ³$%´ SDUD ODQoDPHQWRV HP FRQWD GR
5D]mR ³.=´ SDUD SDJDPHQWRV DGH IRUQHFHGRUHV H ³'=´ SDUD SDJDPHQWRV
GHSDUD FOLHQWHV $WULEXD R QRPH ³&DL[D ´ D VHX OLYUR FDL[D H YHUL¿TXH VH R
LQWHUYDOR GH QXPHUDomR SDUD VHXV GRFXPHQWRV GH OLYUR FDL[D IRL FULDGR
7DUHID
&RQ¿JXUDU WUDQVDo}HV FRPHUFLDLV SDUD R OLYUR FDL[D
&ULH XPD WUDQVDomR FRPHUFLDO ³(QWUDGDV HP FDL[D´ HP VXD HPSUHVD
6HOHFLRQH XPD FDWHJRULD GH WUDQVDomR FRPHUFLDO DGHTXDGD H XVH D FRQWD GR
5D]mR SDUD ODQoDU D DWLYLGDGH QR EDQFR
&ULH RXWUD WUDQVDomR FRPHUFLDO SDUD ³&RPSUD GH PDWHULDLV GH HVFULWyULR
D GLQKHLUR´ 1HVVD WUDQVDomR FRPHUFLDO D FRQWD GR 5D]mR H R FyGLJR GR
LPSRVWR GHYHP VHU PRGL¿FiYHLV QD DSOLFDomR &RQWD PDWHULDLV
GH HVFULWyULR FyGLJR GH LPSRVWR ,
&ULH XPD ~OWLPD WUDQVDomR FRPHUFLDO SDUD ³&RPSUD GH PDWHULDLV SXEOLFLWiULRV
D GLQKHLUR´ &RQWD FyGLPSRVWR , $ FRQWD GR 5D]mR H R FyGLJR GH
LPSRVWR GHYHP WDPEpP GHVWD YH] VHU PRGL¿FiYHLV QD DSOLFDomR

2 IXQGR GH FDL[D p SUHHQFKLGR FRP XQLGDGHV PRHGD LQWHUQD GD FRQWD

EDQFiULD FHQWUR GH OXFUR 35 *UDYH VXDV HQWUDGDV ORFDOPHQWH QR OLYUR
DX[LOLDU GR OLYUR FDL[D 9HUL¿TXH D H[LELomR GH VDOGRV GR SHUtRGR PRVWUDGR
/DQFH DV HQWUDGDV JUDYDGDV GR OLYUR FDL[D QD FRQWD GR 5D]mR H YHUL¿TXH RV
e UHWLUDGR R YDORU GH XQLGDGHV PRQHWiULDV GH VXD PRHGD LQWHUQD GR IXQGR
GH FDL[D SDUD RV PDWHULDLV GH HVFULWyULR FHQWUR GH FXVWR &2&( 3ULPHLUR
ODQFH R PRQWDQWH ORFDOPHQWH QR OLYUR FDL[D GHSRLV QD FRQWDELOLGDGH JHUDO

6ROXomR &RQ¿JXUDomR GH XP OLYUR

FDL[D H FULDomR GH WUDQVDo}HV FRPHUFLDLV
7DUHID
([HFXWH R &XVWRPL]LQJ SDUD D GH¿QLomR GH XP OLYUR FDL[D HP VXD HPSUHVD
&ULH R OLYUR FDL[D SDUD VXD HPSUHVD FRP D PRHGD GR FXUVR -i IRL FULDGD
XPD FRQWD GR 5D]mR SDUD R OLYUR FDL[D IXQGR GH FDL[D FRP OLYUR
FDL[D 8WLOL]H RV WLSRV GH GRFXPHQWR ³$%´ SDUD ODQoDPHQWRV HP FRQWD GR
5D]mR ³.=´ SDUD SDJDPHQWRV DGH IRUQHFHGRUHV H ³'=´ SDUD SDJDPHQWRV
GHSDUD FOLHQWHV $WULEXD R QRPH ³&DL[D ´ D VHX OLYUR FDL[D H YHUL¿TXH VH R
LQWHUYDOR GH QXPHUDomR SDUD VHXV GRFXPHQWRV GH OLYUR FDL[D IRL FULDGR
D &ULDU OLYUR FDL[D
,0* &RQWDELOLGDGH ¿QDQFHLUD QRYD ĺ &RQWDELOLGDGH EDQFiULD ĺ
7UDQVDo}HV FRQWiEHLV ĺ /LYUR FDL[D ĺ ,QVWDODU OLYUR FDL[D
6HOHFLRQH ³(QWUDGDV QRYDV´ H LQVLUD DV VHJXLQWHV LQIRUPDo}HV

(PSUHVD *5
1~PHUR GR OLYUR FDL[D
1~PHUR GD FRQWD )XQGR GH
FDL[D FRP OLYUR
FDL[D
0RHGD 0RHGD LQWHUQD
7LSR GH GRFXPHQWR /DQoDPHQWR HP FRQWD $%
GR 5D]mR
7LSR GH GRFXPHQWR SDUD VDtGD GH 'HL[DU HP EUDQFR
ODQoDPHQWRV HP FRQWD GR 5D]mR
7LSR GH GRFXPHQWR 3DJDPHQWR D .=
IRUQHFHGRU
7LSR GH GRFXPHQWR 3DJDPHQWR GH .=
IRUQHFHGRU
7LSR GH GRFXPHQWR 3DJDPHQWR GH FOLHQWH '=
7LSR GH GRFXPHQWR 3DJDPHQWR D FOLHQWH '=
&yGLJR GH SDUWLomR 'HL[DU HP EUDQFR
'HQRPLQDomR &DL[D

'HWHUPLQH VH R LQWHUYDOR GH QXPHUDomR Mi IRL SUHGH¿QLGR SHOR

VLVWHPD
,0* &RQWDELOLGDGH ¿QDQFHLUD ĺ &RQWDELOLGDGH EDQFiULD ĺ
7UDQVDo}HV FRQWiEHLV ĺ /LYUR FDL[D ĺ 'H¿QLU LQWHUYDOR FRQVHFXWLYR
GH QXPHUDomR SDUD GRFXPHQWRV GH OLYUR FDL[D

(PSUHVD *5
6HOHFLRQH ³([LELU LQWHUYDORV´

6H R LQWHUYDOR GH QXPHUDomR QmR HVWLYHU SUHGH¿QLGR
6HOHFLRQH ³0RGL¿FDU LQWHUYDORV´
6HOHFLRQH ³,QVHULU LQWHUYDOR´

1~PHUR
'H
$Wp
6HOHFLRQH ,QVHULU
6HOHFLRQH *UDYDU
6HOHFLRQH (QWHU SDUD FRQ¿UPDU D PHQVDJHP GH LQIRUPDomR VREUH
WUDQVSRUWH GH LQWHUYDORV GH QXPHUDomR
7DUHID
&RQ¿JXUDU WUDQVDo}HV FRPHUFLDLV SDUD R OLYUR FDL[D
&ULH XPD WUDQVDomR FRPHUFLDO ³(QWUDGDV HP FDL[D´ HP VXD HPSUHVD
6HOHFLRQH XPD FDWHJRULD GH WUDQVDomR FRPHUFLDO DGHTXDGD H XVH D FRQWD GR
5D]mR SDUD ODQoDU D DWLYLGDGH QR EDQFR
&ULH RXWUD WUDQVDomR FRPHUFLDO SDUD ³&RPSUD GH PDWHULDLV GH HVFULWyULR
D GLQKHLUR´ 1HVVD WUDQVDomR FRPHUFLDO D FRQWD GR 5D]mR H R FyGLJR GR
LPSRVWR GHYHP VHU PRGL¿FiYHLV QD DSOLFDomR &RQWD PDWHULDLV
GH HVFULWyULR FyGLJR GH LPSRVWR ,
&ULH XPD ~OWLPD WUDQVDomR FRPHUFLDO SDUD ³&RPSUD GH PDWHULDLV SXEOLFLWiULRV
D GLQKHLUR´ &RQWD FyGLPSRVWR , $ FRQWD GR 5D]mR H R FyGLJR GH
LPSRVWR GHYHP WDPEpP GHVWD YH] VHU PRGL¿FiYHLV QD DSOLFDomR
D &ULH WUDQVDo}HV FRPHUFLDLV SDUD R OLYUR FDL[D

,0* &RQWDELOLGDGH ¿QDQFHLUD QY ĺ &RQWDEEDQFiULD ĺ 7UDQVDo}HV

FRQWiEHLV ĺ /LYUR FDL[D ĺ &ULDU PRGL¿FDU HOLPLQDU WUDQVDo}HV
FRQWiEHLV
6HOHFLRQH R ERWmR ³(QWUDGDV QRYDV´ H LQVLUD DV VHJXLQWHV LQIRUPDo}HV

7UDQVDomR FRQWiELO SDUD HQWUDGDV
HP FDL[D
(PSUHVD *5
&DWHJRULD GH WUDQVDomR FRQWiELO &
&RQWD GR 5D]mR
1RPH GD WUDQVDomR 7UDQVIHUrQFLD GR EDQFR SDUD
R OLYUR
7UDQVDomR FRQWiELO SDUD FRPSUD GH
PDWHULDLV GH HVFULWyULR D GLQKHLUR
(PSUHVD *5
&DWHJRULD GH WUDQVDomR FRQWiELO ( 'HVSHVD
&RQWD GR 5D]mR
&yGLJR GH LPSRVWR O ,9$ VXSRUWDGR ± FXUVR

1RPH GD WUDQVDomR &RPSUD GH PDWHULDLV GH
HVFULWyULR D GLQKHLUR
&RQWD PRGL¿FiYHO 'H¿QLU PDUFDomR
,PSRVWR PRGL¿FiYHO 'H¿QLU PDUFDomR
7UDQVDomR FRQWiELO SDUD FRPSUD GH
PDWHULDLV GH SXEOLFLGDGH D GLQKHLUR
(PSUHVD *5
&DWHJRULD GH WUDQVDomR FRQWiELO ( 'HVSHVD
&RQWD GR 5D]mR
&yGLJR GH LPSRVWR O ,9$ VXSRUWDGR ± FXUVR

1RPH GD WUDQVDomR &RPSUD GH PDWHULDLV GH
SXEOLFLGDGH D GLQKHLUR
FRQWDGR
&RQWD PRGL¿FiYHO 'H¿QLU PDUFDomR
,PSRVWR PRGL¿FiYHO 'H¿QLU PDUFDomR

2 IXQGR GH FDL[D p SUHHQFKLGR FRP XQLGDGHV PRHGD LQWHUQD GD FRQWD
EDQFiULD FHQWUR GH OXFUR 35 *UDYH VXDV HQWUDGDV ORFDOPHQWH QR OLYUR
DX[LOLDU GR OLYUR FDL[D 9HUL¿TXH D H[LELomR GH VDOGRV GR SHUtRGR PRVWUDGR
/DQFH DV HQWUDGDV JUDYDGDV GR OLYUR FDL[D QD FRQWD GR 5D]mR H YHUL¿TXH RV
e UHWLUDGR R YDORU GH XQLGDGHV PRQHWiULDV GH VXD PRHGD LQWHUQD GR IXQGR
GH FDL[D SDUD RV PDWHULDLV GH HVFULWyULR FHQWUR GH FXVWR &2&( 3ULPHLUR
ODQFH R PRQWDQWH ORFDOPHQWH QR OLYUR FDL[D GHSRLV QD FRQWDELOLGDGH JHUDO
D ,QVLUD DV WUDQVDo}HV FRPHUFLDLV QR OLYUR FDL[D
$SOLFDomR &RQWDELOLGDGH ĺ &RQWDELOLGDGH ¿QDQFHLUD ĺ %DQFRV ĺ
(QWUDGDV ĺ /LYUR FDL[D

(PSUHVD *5
/LYUR FDL[D
,QVLUD D WUDQVIHUrQFLD GH FDL[D QR OLYUR FDL[D
6HOHFLRQH D ¿FKD ³(QWUDGDV HP FDL[D´ H LQVLUD DV VHJXLQWHV LQIRUPDo}HV

GDGRV
7UDQVDomR FRQWiELO %DQFR SDUD R FDL[D
0RQWDQWH XQLGDGHV GH PRHGD LQWHUQD
7H[WR 7UDQVIHUrQFLD GH GLQKHLUR SDUD R
OLYUR FDL[D
&HQWUR GH OXFUR 35
,QVLUD DV GHVSHVDV QR OLYUR FDL[D DSHQDV SDUD HPSUHVDV 6(0 FyGLJR
GH GRPLFtOLR ¿VFDO
6HOHFLRQH D ¿FKD GH UHJLVWUR ³3DJDPHQWRV j YLVWD´ H LQVLUD DV VHJXLQWHV
LQIRUPDo}HV

GDGRV

7UDQVDomR FRQWiELO &RPSUD GH PDWHULDLV GH HVFULWyULR

D GLQKHLUR
7H[WR )XQGRV OtTXLGRV SDUD PDWHULDLV GH
HVFULWyULR FRPSUDGRV
3DUD JUDYDU DV HQWUDGDV QR OLYUR DX[LOLDU H WUDQVIHULODV SDUD R 5D]mR DR
PHVPR WHPSR VHOHFLRQH R ERWmR /DQoDU 3DUD H[LELU RV GRFXPHQWRV
FRQWiEHLV VHOHFLRQH D WUDQVDomR FRQWiELO H VHOHFLRQH ,U SDUD ĺ
'RFXPHQWRV VXEVHTXHQWHV ),

5HVXPR GD OLomR

7),1B /LomR 7UDQVDomR GH OLYUR FDL[D
/LomR 7UDQVDomR GH OLYUR FDL[D

(VWD OLomR GHVFUHYH FRPR GHYHP VHU ODQoDGDV WUDQVDo}HV FRQWiEHLV QR OLYUR FDL[D
2EMHWLYRV GD OLomR
&HQiULR GH QHJyFLRV
1RVVR GHSDUWDPHQWR DLQGD SURFHVVD GLYHUVRV WLSRV GH WUDQVDo}HV HP GLQKHLUR
(VWDV WUDQVDo}HV SUHFLVDP VHU JUDYDGDV ORFDOPHQWH H ODQoDGDVWUDQVIHULGDV
GLDULDPHQWH SDUD R 5D]mR
)LJXUD /DQoDPHQWR GH WUDQVDo}HV FRQWiEHLV QR OLYUR FDL[D
2 OLYUR FDL[D p XPD GDV WUDQVDo}HV FRQWiEHLV (QMR\ TXH YRFr SRGH SURFHVVDU
HP XPD ~QLFD WHOD 1HVWD WHOD YRFr SRGH LQVHULU H[LELU H PRGL¿FDU HQWUDGDV GR
OLYUR FDL[D
3RGHVH JUDYDU HQWUDGDV GH OLYUR FDL[D ORFDOPHQWH QR OLYUR DX[LOLDU GR OLYUR FDL[D
H FRSLiODV RX HOLPLQiODV $V HQWUDGDV GR OLYUR FDL[D JUDYDGDV VmR ODQoDGDV QR
5D]mR SRU H[HPSOR QR ¿QDO GR GLD GH WUDEDOKR

7DPEpP p SRVVtYHO LPSULPLU DV HQWUDGDV GR OLYUR FDL[D JUDYDGDV HQWUDGDV

EHP FRPR DV HQWUDGDV GR OLYUR FDL[D ODQoDGDV QR SHUtRGR GH WHPSR H[LELGR 2V
IRUPXOiULRV LPSUHVVRV VmR VHOHFLRQDGRV HP &XVWRPL]LQJ
6mR H[LELGRV RV GRFXPHQWRV VXEVHTXHQWHV TXH VmR ODQoDGRV FRPR UHVXOWDGR GH
HQWUDGDV GR OLYUR FDL[D
7DPEpP p SRVVtYHO FRSLDU H HOLPLQDU HQWUDGDV GR OLYUR FDL[D JUDYDGDV H H[LELU
DV HQWUDGDV GR OLYUR FDL[D HOLPLQDGDV
'HVGH R UHOHDVH & WDPEpP p SRVVtYHO LQVHULU FKHTXHV QR OLYUR FDL[D
)LJXUD 'RFXPHQWR GH OLYUR FDL[D FRP SDUWLomR GH GRFXPHQWR
1R VLVWHPD GD 6$3 YRFr SRGH LQVHULU XP GRFXPHQWR GH OLYUR FDL[D FRP XPD
UHSDUWLomR GH GRFXPHQWR (P RXWUDV SDODYUDV XP GRFXPHQWR GH OLYUR FDL[D
SRGH FRQWHU YiULRV LWHQV FRP GLIHUHQWHV FyGLJRV GH LPSRVWR HRX FODVVL¿FDo}HV
FRQWiEHLV UHOHYDQWHV SDUD FRQWDELOLGDGH GH FXVWRV 4XDQGR R GRFXPHQWR GH OLYUR
FDL[D p HQFDPLQKDGR SDUD D &RQWDELOLGDGH ¿QDQFHLUD VRPHQWH p FULDGR XP
GRFXPHQWR FRQWiELO

)LJXUD 'RFXPHQWR GH OLYUR FDL[D FRP FRQWD RFDVLRQDO
1R OLYUR FDL[D YRFr SRGH FULDU XPD WUDQVDomR FRQWiELO OLJDGD D XPD FRQWD
RFDVLRQDO 6H YRFr XWLOL]DU XPD FRQWD RFDVLRQDO QR OLYUR FDL[D D FDL[D GH GLiORJR
SDUD D HQWUDGD GH GDGRV RFDVLRQDLV VHUi FKDPDGD DXWRPDWLFDPHQWH H DV HQWUDGDV
VHUmR JUDYDGDV QR OLYUR FDL[D


([HUFtFLR 2XWUDV WUDQVDo}HV FRQWiEHLV

QR OLYUR FDL[D
/DQoDU XP SDJDPHQWR j YLVWD FRP UHSDUWLomR GH GRFXPHQWR
3URFHVVDU XPD WUDQVDomR FRPHUFLDO FRP IRUQHFHGRU RFDVLRQDO XVDQGR R OLYUR
FDL[D
&HQiULR GH QHJyFLRV
e IHLWR XP SDJDPHQWR j YLVWD SHOD DTXLVLomR GH PDWHULDLV GH HVFULWyULR H GH
SXEOLFLGDGH
2V QRVVRV FOLHQWHV JRVWDP GRV GRFHV TXH GLVSRQLELOL]DPRV QD iUHD GD HQWUDGD
3DUD JDUDQWLU TXH HOHV QXQFD IDOWHP FRPSUDPRV PDLV HVWRTXH FRQVWDQWHPHQWH
HP YiULRV PHUFDGRV VHPDQDLV 1RVVR GHSDUWDPHQWR TXHU UHJLVWUDU XPD WUDQVDomR
QR OLYUR FDL[D SDUD FRPSUDV GH GRFHV D GLQKHLUR GH SHTXHQRV IRUQHFHGRUHV FRPR
SDUFHLURV GH QHJyFLRV RFDVLRQDLV
7DUHID
$V WUDQVDo}HV FRPHUFLDLV VmR LQVHULGDV H ODQoDGDV QD DSOLFDomR GH OLYUR FDL[D
3ULPHLUR p IHLWR XP SDJDPHQWR j YLVWD SHOD FRPSUD GH PDWHULDLV GH HVFULWyULR
H GH SXEOLFLGDGH
23&,21$/ 2XWUD SDJDPHQWR j YLVWD p IHLWR SRU PHLR GR OLYUR FDL[D
XQLGDGHV PRHGD LQWHUQD VmR ODQoDGDV HP ³&RPSUD GH PDWHULDLV GH HVFULWyULR
D GLQKHLUR´ H XQLGDGHV PRHGD LQWHUQD HP ³&RPSUD GH PDWHULDLV GH
SXEOLFLGDGH D GLQKHLUR´ $PEDV DV DWLYLGDGHV VmR ODQoDGDV QR FHQWUR GH FXVWR
&2&( ([HFXWH D HQWUDGD H R ODQoDPHQWR UHSDUWLomR GH GRFXPHQWR
7DUHID
&ULH XP UHJLVWUR PHVWUH SDUD IRUQHFHGRUHV RFDVLRQDLV H ODQFH XPD WUDQVDomR
FRPHUFLDO
&ULH XPD FRQWD SDUD IRUQHFHGRUHV RFDVLRQDLV HP VXD HPSUHVD 8WLOL]H R
IRUQHFHGRU GD HPSUHVD FRPR PRGHOR
,QVLUD XPD WUDQVDomR FRQWiELO SDUD XPD FRPSUD GH GRFHV D GLQKHLUR FRP XP
YDORU GH XQLGDGHV GH PRHGD $ WUDQVDomR HQYROYH FDUDPHORV GH TXDOLGDGH
GH FODVVH $ GH XP YHQGHGRU DPEXODQWH 6U 6 8JDU FRP HQGHUHoR j UXD

6ZHHW 6WUHHW &DQG\WRZQ FyGLJR SRVWDO 8WLOL]H XPD WUDQVDomR
FRQWiELO H[LVWHQWH *UDYH SULPHLUR D WUDQVDomR FRQWiELO QR OLYUR FDL[D
'HSRLV ODQFH D WUDQVDomR FRQWiELO H REVHUYH R GRFXPHQWR FRQWiELO

6ROXomR 2XWUDV WUDQVDo}HV FRQWiEHLV

QR OLYUR FDL[D
7DUHID
$V WUDQVDo}HV FRPHUFLDLV VmR LQVHULGDV H ODQoDGDV QD DSOLFDomR GH OLYUR FDL[D
3ULPHLUR p IHLWR XP SDJDPHQWR j YLVWD SHOD FRPSUD GH PDWHULDLV GH HVFULWyULR
H GH SXEOLFLGDGH
23&,21$/ 2XWUD SDJDPHQWR j YLVWD p IHLWR SRU PHLR GR OLYUR FDL[D
XQLGDGHV PRHGD LQWHUQD VmR ODQoDGDV HP ³&RPSUD GH PDWHULDLV GH HVFULWyULR
D GLQKHLUR´ H XQLGDGHV PRHGD LQWHUQD HP ³&RPSUD GH PDWHULDLV GH
SXEOLFLGDGH D GLQKHLUR´ $PEDV DV DWLYLGDGHV VmR ODQoDGDV QR FHQWUR GH FXVWR
&2&( ([HFXWH D HQWUDGD H R ODQoDPHQWR UHSDUWLomR GH GRFXPHQWR
D ,QVLUD DV WUDQVDo}HV FRPHUFLDLV QR OLYUR FDL[D
(QWUDGDV ĺ /LYUR FDL[D

(PSUHVD *5
/LYUR FDL[D
6HOHFLRQH R ERWmR ³$YDQoDU´

6HOHFLRQH D ¿FKD GH UHJLVWUR ³3DJDPHQWRV j YLVWD´ H LQVLUD DV VHJXLQWHV
LQIRUPDo}HV

GDGRV
1RPH GD RSHUDomR &RPSUD GH PDWHULDLV GH HVFULWyULR
D GLQKHLUR
6HOHFLRQH R ERWmR ³5HSDUWLU´

GDGRV
,WHP
7UDQVDomR FRQWiELO &RPSUD GH PDWHULDLV GH HVFULWyULR
D GLQKHLUR


,WHP
7UDQVDomR FRQWiELO &RPSUD GH PDWHULDLV GH SXEOLFLGDGH
D GLQKHLUR
6HOHFLRQH R ERWmR &23,$5

6HOHFLRQH R ERWmR *5$9$5
6HOHFLRQH R ERWmR /$1d$5
6HOHFLRQH R LWHP TXH YRFr DFDERX GH ODQoDU FOLTXH QR ERWmR
'2&80(1726 68%6(48(17(6 H VHOHFLRQH R GRFXPHQWR FRQWiELO
3DUD JUDYDU DV HQWUDGDV QR OLYUR DX[LOLDU H WUDQVIHULODV SDUD R 5D]mR DR
PHVPR WHPSR VHOHFLRQH R ERWmR ³/DQoDU´ 3DUD H[LELU RV GRFXPHQWRV
FRQWiEHLV VHOHFLRQH D WUDQVDomR FRQWiELO H VHOHFLRQH ,U SDUD ĺ
'RFXPHQWRV VXEVHTXHQWHV ),
7DUHID
&ULH XP UHJLVWUR PHVWUH SDUD IRUQHFHGRUHV RFDVLRQDLV H ODQFH XPD WUDQVDomR
FRPHUFLDO
&ULH XPD FRQWD SDUD IRUQHFHGRUHV RFDVLRQDLV HP VXD HPSUHVD 8WLOL]H R
IRUQHFHGRU GD HPSUHVD FRPR PRGHOR
D &ULH VHX IRUQHFHGRU RFDVLRQDO
$SOLFDomR &RQWDELOLGDGH ĺ &RQWDELOLGDGH ¿QDQFHLUD ĺ
)RUQHFHGRUHV ĺ 5HJLVWURV PHVWUH ĺ &ULDU

)RUQHFHGRU
(PSUHVD *5
0RGHOR

)RUQHFHGRU
(PSUHVD
$FHLWH RV GDGRV GR IRUQHFHGRU PRGHOR H VHOHFLRQH *5$9$5


,QVLUD XPD WUDQVDomR FRQWiELO SDUD XPD FRPSUD GH GRFHV D GLQKHLUR FRP XP
YDORU GH XQLGDGHV GH PRHGD $ WUDQVDomR HQYROYH FDUDPHORV GH TXDOLGDGH
GH FODVVH $ GH XP YHQGHGRU DPEXODQWH 6U 6 8JDU FRP HQGHUHoR j UXD
6ZHHW 6WUHHW &DQG\WRZQ FyGLJR SRVWDO 8WLOL]H XPD WUDQVDomR
FRQWiELO H[LVWHQWH *UDYH SULPHLUR D WUDQVDomR FRQWiELO QR OLYUR FDL[D
'HSRLV ODQFH D WUDQVDomR FRQWiELO H REVHUYH R GRFXPHQWR FRQWiELO

D ,QVLUD R SDJDPHQWR j YLVWD UHODWLYR DRV GRFHV

6DtGDV ĺ /LYUR FDL[D

(PSUHVD *5
/LYUR FDL[D
6HOHFLRQH (17(5
6HOHFLRQH D ¿FKD GH UHJLVWUR 3DJDPHQWRV j YLVWD

7UDQVDomR FRQWiELO 3DJDPHQWR D IRUQHFHGRU
0RQWDQWH
7H[WR 'RFHV
)RUQHFHGRU
6HOHFLRQH (17(5
,QVLUD R HQGHUHoR GR 6U 6 8JDU

7tWXOR 6U
'HQRPLQDomR 6 8JDU
5XD 6ZHHW 6WUHHW
&yGLJR SRVWDO
&LGDGH &DQG\WRZQ
6HOHFLRQH (17(5
6HOHFLRQH R ERWmR *5$9$5
6HOHFLRQH R ERWmR /$1d$5
6HOHFLRQH R ERWmR '2&80(1726 68%6(48(17(6 H VHOHFLRQH R
GRFXPHQWR GH ODQoDPHQWR

5HVXPR GD OLomR

5HVXPR GR FDStWXOR

&DStWXOR
3HUVSHFWLYD RXWURV WySLFRV
&RPSUHHQGHU RV WHUPRV DORFDo}HV H SODQHMDPHQWR QD &RQWDELOLGDGH
JHUDO QRYD
&RPSUHHQGHU R WHUPR JUXSR GH OHGJHUV
/LomR 2XWURV WySLFRV QD &RQWDELOLGDGH JHUDO QRYD

&DStWXOR 3HUVSHFWLYD RXWURV WySLFRV 7),1B
/LomR 2XWURV WySLFRV QD &RQWDELOLGDGH JHUDO QRYD

3ODQHMDPHQWR
$ORFDomR
2EMHWLYRV GD OLomR
JHUDO QRYD
&HQiULR GH QHJyFLRV
)LJXUD $ORFDo}HV UHDLV

7),1B /LomR 2XWURV WySLFRV QD &RQWDELOLGDGH JHUDO QRYD
8P WtSLFR HQFHUUDPHQWR GH SHUtRGR SDUD DORFDo}HV SRGH HQYROYHU DV HWDSDV D

VHJXLU 6HTXrQFLD GH DORFDomR
$ORFDomR GRV FHQWURV GH FXVWR FRPR DQWHV QR &2
7DUHIDV GH ¿P GH SHUtRGR QR ), ! DYDOLDomR HP PRHGD HVWUDQJHLUD
$ORFDomR GRV FHQWURV GH OXFUR RX VHJPHQWRV QR ),
±
$WHQomR 1mR Ki PDLV QHQKXPD ³WUDQVDomR´ QRV FHQWURV GH
FXVWR SRU H[HPSOR 6H VHJPHQWRV GLIHUHQWHV IRUHP DWULEXtGRV
DRV FHQWURV GH OXFUR FRUUHVSRQGHQWHV HOHV WDPEpP VHUmR
DORFDGRV
&RPR VmR DV DORFDo}HV GRV GLIHUHQWHV FRPSRQHQWHV LQWHJUDGRV DR ), TXDQGR D

&RQWDELOLGDGH JHUDO QRYD HVWi DWLYD"
$ORFDo}HV UHDLV QR &220 $V PRGL¿FDo}HV WDPEpP VHUmR DWXDOL]DGDV QR
5D]mR QRYR VH D LQWHJUDomR HP WHPSR UHDO &2 ! ), HVWLYHU DWLYD
$ORFDo}HV UHDLV GD FRQWDELOLGDGH GH FHQWURV GH OXFUR FOiVVLFD 1HQKXPD
DWXDOL]DomR QR ), p FULDGR XP GRFXPHQWR (&3&$ SXUR
$ORFDo}HV UHDLV QR 5D]mR QRYR 1HQKXPD LQWHJUDomR FRP RXWURV
FRPSRQHQWHV p FULDGR XP GRFXPHQWR ), SXUR
2V YDORUHV GH XP FHQWUR GH OXFUR SUHGH¿QLGR SRU H[HPSOR VmR OLTXLGDGRV HP
UHODomR D REMHWRV GH GHVWLQR SRU PHLR GH UDWHLR XWLOL]DomR GH XPD FRQWD GH UDWHLR
RX GLVWULEXLomR XWLOL]DomR GD FRQWD RULJLQDO ,VVR RFRUUH DWUDYpV GH UHODo}HV
HPLWHQWHUHFHEHGRU GD WpFQLFD GH VHJPHQWRV HP FLFOR

)LJXUD *UXSRV GH OHGJHUV ± 1RYDV WUDQVDo}HV
4XDQGR D VROXomR GR OHGJHU p XVDGD QR 5D]mR QRYR DV GLIHUHQoDV GH DYDOLDomR

QmR DSDUHFHP HP FRQWDV GLIHUHQWHVPDV VLP SHOD XWLOL]DomR GH OHGJHUV GLIHUHQWHV
QD PHVPD FRQWD 3RU H[HPSOR Ki GLIHUHQoDV GH DYDOLDomR FRP D GHPRQVWUDomR
¿QDQFHLUD GH SUHVWDomR GH FRQWDV SDUDOHOD HP FRQWDELOLGDGH GR LPRELOL]DGR
DYDOLDomR HP PRHGD HVWUDQJHLUD RX UHVHUYDV
&RPR DV GLIHUHQoDV GH DYDOLDomR VmR ODQoDGDV QRV OHGJHUV"
2 REMHWR XVDGR SDUD SURFHVVDU FRQWDV GH OHGJHUV HVSHFt¿FRV p R DVVLP FKDPDGR
JUXSR GH OHGJHUV $ PDLRULD GDV WUDQVDo}HV VmR ODQoDGDV HP WRGRV RV OHGJHUV
1HQKXP JUXSR GH OHGJHUV p HVSHFL¿FDGR SDUD HVVHV GRFXPHQWRV SRU H[HPSOR
IDWXUDV SDJDPHQWRV HWF 6H SRUpP KRXYHU GLIHUHQoDV GH DYDOLDomR RV
SURJUDPDV GH HQFHUUDPHQWR FRPR H[HFXomR GH ODQoDPHQWR GH GHSUHFLDomR
DYDOLDomR HP PRHGD HVWUDQJHLUD IRUQHFHUmR R JUXSR GH OHGJHUV DSURSULDGR SRU
PHLR GH XPD DWULEXLomR QR &XVWRPL]LQJ RX VHUmR XWLOL]DGDV WUDQVDo}HV VHSDUDGDV
SDUD D LQGLFDomR PDQXDO GR JUXSR GH OHGJHUV 1HVWHV FDVRV R YDORU p ODQoDGR
DSHQDV QRV OHGJHUV GDTXHOH JUXSR
&DPLQKR GH PHQX GDV QRWDV GR LQVWUXWRU &XVWRPL]LQJ ĺ &RQWDELOLGDGH ¿QDQFHLUD
QRYD ĺ &RQ¿JXUDo}HV JOREDLV GD &RQWDELOLGDGH ¿QDQFHLUD QRYD ĺ /LYURV
ĺ /HGJHU ĺ 'H¿QLU JUXSR GH OHGJHUV
7UDWDVH GH XPD UHODomR Q R TXH VLJQL¿FD TXH XP JUXSR GH OHGJHU SRGH WHU
XP RX YiULRV OHGJHUV

)LJXUD 3ODQHMDPHQWR QR ),
$WLYH D WDEHOD GH WRWDLV &XVWRPL]LQJ ! &RQWDELOLGDGH ¿QDQFHLUD QRYD !

&RQWDELOLGDGH JHUDO QRYD ! 3ODQHMDPHQWR ! $MXGD WpFQLFD ! ,QVWDODU WDEHOD
GH WRWDLV
,PSRUWH RV OD\RXW GH SODQHMDPHQWR &XVWRPL]LQJ ! &RQWDELOLGDGH ¿QDQFHLUD
QRYD ! &RQWDELOLGDGH JHUDO QRYD ! 3ODQHMDPHQWR ! $MXGD WpFQLFD !
,PSRUWDU OD\RXW GH SODQHMDPHQWR
'H¿QLU SHU¿O GR SODQHMDGRU $SOLFDomR ĺ 5D]mR ! 7DUHIDV SHULyGLFDV !
3ODQHMDPHQWR ! 'H¿QLU SHU¿O GR SODQHMDGRU
&ULH XP WLSR GH GRFXPHQWR GH SODQHMDPHQWR &XVWRPL]LQJ ! &RQWDELOLGDGH
¿QDQFHLUD QRYD ! &RQWDELOLGDGH JHUDO QRYD ! 3ODQHMDPHQWR ! 'H¿QLU
WLSRV GH GRFXPHQWR GH SODQHMDPHQWR
'H¿QLU YHUVmR GR SODQR &XVWRPL]LQJ ! &RQWDELOLGDGH ¿QDQFHLUD QRYD !
&RQWDELOLGDGH JHUDO QRYD ! 3ODQHMDPHQWR ! 9HUVmR GR SODQR ! 'H¿QLU
YHUV}HV GR SODQR
$WULEXLU YHUVmR GR SODQR D XP H[HUFtFLR &XVWRPL]LQJ ! &RQWDELOLGDGH
¿QDQFHLUD QRYD ! &RQWDELOLGDGH JHUDO QRYD ! 3ODQHMDPHQWR ! 9HUV}HV
GR SODQR ! 3DUkPHWURV GH YHUVmR GHSHQGHQWHV GH H[HUFtFLR ! $WULEXLU YHUVmR
GR SODQR DR H[HUFtFLR H DWLYDU
2 FyGLJR GH WUDQVDomR SDUD SODQHMDPHQWR QR 5D]mR QRYR p *31
(P VHJXLGD YRFr SRGH GH¿QLU RX DWLYDU D FULDomR GH SDUWLGDV LQGLYLGXDLV GR
SODQR HP XPD HWDSD VHSDUDGD PDLRUHV LQIRUPDo}HV PDLV DGLDQWH QHVWH FXUVR

2V WySLFRV GH 3ODQHMDPHQWR H $ORFDo}HV VmR GLVFXWLGRV PDLV GHWDOKDGDPHQWH QR

FXVWR $& &RQWDELOLGDGH GH FHQWURV GH OXFUR

5HVXPR GD OLomR
JHUDO QRYD

5HVXPR GR FDStWXOR
JHUDO QRYD

7),1B 5HVXPR GR FXUVR
5HVXPR GR FXUVR
&ULDU XQLGDGHV RUJDQL]DFLRQDLV SDUD D &RQWDELOLGDGH ¿QDQFHLUD
$WXDOL]DU GDGRV PHVWUH
,QÀXHQFLDU D HQWUDGD GH RSHUDo}HV GH ODQoDPHQWR
$QDOLVDU H H[SOLFDU RSHUDo}HV GH ODQoDPHQWR

5HVXPR GR FXUVR 7),1B

$QH[R
&DPLQKRV GH PHQX
&DStWXOR &RQ¿JXUDo}HV EiVLFDV &yGLJRV GH WUDQVDomR
*XLD GH LPSOHPHQWDomR SDUD R

&XVWRPL]LQJ GR 6$3 (53 ,0* ĺ 6$3
1HW:HDYHU ĺ &RQ¿JXUDo}HV JHUDLV ĺ
0RHGDV
¥ 9HUL¿FDU FyGLJRV GH PRHGD 2<

¥ 'H¿QLU RSo}HV GH FDVDV GHFLPDLV SDUD 2<
PRHGDV
¥ 'HWHUPLQDU FRWDomR VWDQGDUG SDUD WD[DV 2127
GH FkPELR
¥ ,QVHULU SUH¿[RV SWD[DV GH FkPELR FRP 235)
FRWDomR GLUHWDLQGLUHWD
¥ 9HUL¿FDU FDWHJRULDV GH WD[D GH FkPELR 2%
¥ *UDYDU WD[DV GH FRQYHUVmR SDUD 2%%6
FRQYHUVmR GH PRHGD
¥ ,QVHULU WD[DV GH FkPELR 2%
¥ $WXDOL]DU PDUJHQV GH FkPELR 2%'
¥ *UDYDU UHJUDV GH DUUHGRQGDPHQWR SDUD 2%
PRHGDV
¥ *UDYDU OLVWD GH WUDEDOKR SDUD HQWUDGD GH
WD[D GH FkPELR
¥ $WULEXLU WD[D GH FkPELR j OLVWD GH
WUDEDOKR

$QH[R &DPLQKRV GH PHQX 7),1B
ĺ (VWUXWXUD GR HPSUHHQGLPHQWR ĺ 2

/RFDOL]DU XQLGDGHV RUJDQL]DFLRQDLV
PRGHOR
ĺ (VWUXWXUD GR HPSUHHQGLPHQWR ĺ
'H¿QLomR ĺ &RQWDELOLGDGH ¿QDQFHLUD
¥ *UDYDU HPSUHVD
¥ 3URFHVVDU FRSLDU HOLPLQDU YHUL¿FDU (&
HPSUHVD
¥ *UDYDU GLYLVmR
¥ *UDYDU VHJPHQWR
$WULEXLomR ĺ &RQWUROOLQJ
¥ $WULEXLU HPSUHVD j iUHD GH FRQWDELOLGDGH
GH FXVWRV
ĺ &RQWDELOLGDGH ¿QDQFHLUD QRYD ĺ

&RQ¿JXUDo}HV JOREDLV GH FRQWDELOLGDGH
¿QDQFHLUD QRYD ĺ /LYURV ĺ ([HUFtFLR
¿VFDO H SHUtRGRV FRQWiEHLV
¥ $WXDOL]DU YDULDQWH GH H[HUFtFLR 2%
$WXDOL]DU H[HUFtFLR UHGX]LGR
¥ $WULEXLU HPSUHVD j YDULDQWH GH H[HUFtFLR 2%
&DStWXOR 'DGRV PHVWUH &yGLJRV GH WUDQVDomR RX

WUDQVDomR 60 GHSRLV
7DEHOD9LVmR

&XVWRPL]LQJ ,0* GR 6$3 (53
&RQWDELOLGDGH JHUDO QRYD ĺ 'DGRV
PHVWUH ĺ &RQWDV GR 5D]mR ĺ 3UHSDUDU
¥ 3URFHVVDU OLVWD GH SODQRV GH FRQWDV 2%

7),1B $QH[R &DPLQKRV GH PHQX

WUDQVDomR 60 GHSRLV
7DEHOD9LVmR
¥ $WULEXLU HPSUHVD D SODQR GH FRQWDV 2%
¥ 'H¿QLU JUXSR GH FRQWDV 2%'
¥ 'HWHUPLQDU FRQWD GR UHVXOWDGR 2%
WUDQVSRUWDGR

PHVWUH ĺ &RQWDV GR 5D]mR ĺ 3UHSDUDU
ĺ $WLYLGDGHV DGLFLRQDLV
¥ 'H¿QLU HVWUXWXUD GD WHOD SRU WUDQVDomR 2%
&RQWDELOLGDGH ¿QDQFHLUD QRYD ĺ

PHVWUH ĺ &RQWDV GR 5D]mR ĺ &ULDomR H
SURFHVVDPHQWR GH FRQWD GR 5D]mR
¥ &ULDU FRQWDV GR 5D]mR FRP PRGHOR 2%B*/$&&

PHVWUH ĺ &RQWDV GR 5D]mR ĺ &ULDomR
H SURFHVVDPHQWR GH FRQWD GR 5D]mR
ĺ 0RGL¿FDU FRQWDV GR 5D]mR HP
SURFHVVDPHQWR FROHWLYR
¥ 0RGL¿FDU GDGRV GR SODQR GH FRQWDV 2%B*/$&&
¥ 0RGL¿FDU GDGRV GD HPSUHVD 2%B*/$&&
¥ 0RGL¿FDU GHQRPLQDomR GH FRQWDV 2%B*/$&&

H SURFHVVDPHQWR GH FRQWD GR 5D]mR ĺ
3URFHVVDU FRQWD GR 5D]mR SURFHVVDPHQWR
LQGLYLGXDO
¥ 3URFHVVDU FRQWDV GR 5D]mR FHQWUDOPHQWH )6
¥ 3URFHVVDU GDGRV GR SODQR GH FRQWDV )63


WUDQVDomR 60 GHSRLV
7DEHOD9LVmR
¥ 3URFHVVDU GDGRV GD HPSUHVD )66

H SURFHVVDPHQWR GH FRQWD GR 5D]mR ĺ
3URFHGLPHQWRV DOWHUQDWLYRV ĺ &RSLDU
FRQWDV GR 5D]mR
¥ &RSLDU SODQR GH FRQWDV 2%<
¥ &RSLDU HPSUHVD 2%<
¥ 'H¿QLU VHJPHQWR
$SOLFDomR ĺ &RQWDELOLGDGH ĺ
&RQWDELOLGDGH ¿QDQFHLUD ĺ 5D]mR ĺ
'DGRV PHVWUH ĺ &HQWUR GH OXFUR ĺ
3URFHVVDPHQWR LQGLYLGXDO
¥ &ULDU .(
$SOLFDomR ĺ &RQWDELOLGDGH ĺ
&RQWUROOLQJ ĺ &RQWDELOLGDGH GH FHQWUR
GH FXVWR ĺ 'DGRV PHVWUH ĺ &HQWUR GH
FXVWR ĺ 3URFHVVDPHQWR LQGLYLGXDO
¥ &ULDU

&RQWDELOLGDGH GH FOLHQWHV H IRUQHFHGRUHV
ĺ &RQWDV GH FOLHQWHV ĺ 'DGRV PHVWUH
ĺ 3UHSDUDWLYRV SDUD D FULDomR GH GDGRV
PHVWUH GH FOLHQWHV
¥ 'H¿QLU JUXSR GH FRQWDV FRP HVWUXWXUD 2%'
GH WHOD FOLHQWHV
¥ 'H¿QLU HVWUXWXUD GH WHOD SRU HPSUHVD 2%
FOLHQWHV


WUDQVDomR 60 GHSRLV
7DEHOD9LVmR
¥ 'H¿QLU HVWUXWXUD GH WHOD SRU DWLYLGDGH 2%
FOLHQWHV
¥ &ULDU LQWHUYDORV GH QXPHUDomR SDUD ;'1
FRQWDV GH FOLHQWHV
¥ $WULEXLU LQWHUYDORV GH QXPHUDomR D 2%$5
JUXSRV GH FRQWDV GH FOLHQWHV
¥ 'H¿QLU FDPSRV VHQVtYHLV SDUD SULQFtSLR 9B7)
GH FRQWUROH GXSOR FOLHQWHV

ĺ &RQWDV GH IRUQHFHGRUHV ĺ 'DGRV
PHVWUH ĺ 3UHSDUDWLYRV SDUD D FULDomR GH
GDGRV PHVWUH GH IRUQHFHGRUHV
¥ 'H¿QLU JUXSR GH FRQWDV FRP HVWUXWXUD 2%'
GH WHOD IRUQHFHGRUHV
IRUQHFHGRUHV
¥ 'H¿QLU HVWUXWXUD GH WHOD SRU DWLYLGDGH 2%
ϮIRUQHFHGRUHV
¥ &ULDU LQWHUYDORV GH QXPHUDomR SDUD ;.1
FRQWDV GH IRUQHFHGRUHV
JUXSRV GH FRQWDV GH IRUQHFHGRUHV
GH FRQWUROH GXSOR IRUQHFHGRUHV
&DStWXOR &RQWUROH GH GRFXPHQWRV &yGLJRV GH WUDQVDomR RX

WUDQVDomR 60 GHSRLV
7DEHOD9LVmR

&XVWRPL]LQJ ,0* GR 6$3 (53ĺ
&RQWDELOLGDGH ¿QDQFHLUD QRYD ĺ


WUDQVDomR 60 GHSRLV
7DEHOD9LVmR
¿QDQFHLUD QRYD ĺ /LYURV ĺ ([HUFtFLR
¿VFDO H SHUtRGRV FRQWiEHLV ĺ 3HUtRGRV
FRQWiEHLV
¥ 'H¿QLU YDULDQWHV SDUD SHUtRGRV GH

ODQoDPHQWR HP DEHUWR
¥ $EULU H HQFHUUDU SHUtRGRV GH ODQoDPHQWR
SRU REMHWRV GH FODVVL¿FDomR FRQWiELO GR
5D]mR
¥ $EULU H IHFKDU SHUtRGRV FRQWiEHLV
¥ $WULEXLU HPSUHVDV D YDULDQWHV

¿QDQFHLUD QRYD ĺ 'RFXPHQWR ĺ
,QWHUYDORV GH QXPHUDomR GH GRFXPHQWRV
ĺ 'RFXPHQWRV QD YLVmR GH HQWUDGD
¥ 'H¿QLU LQWHUYDORV GH QXPHUDomR GR )%1
GRFXPHQWR GD YLVmR GH HQWUDGD GH GDGRV
¥ &RSLDU SDUD HPSUHVD 2%+
¥ &RSLDU SDUD H[HUFtFLR ¿VFDO 2%+

¿QDQFHLUD QRYD ĺ 'RFXPHQWR ĺ 7LSRV
GH GRFXPHQWR
¥ 'H¿QLU WLSRV GH GRFXPHQWRV GD YLVmR GH 2%$
HQWUDGD GH GDGRV
¥ 'H¿QLU WLSRV GH GRFXPHQWR GD YLVmR GH
HQWUDGD GH GDGRV HP XP OHGJHU
¥ 'H¿QLU WLSRV GH GRFXPHQWR GD YLVmR GR
5D]mR

¿QDQFHLUD QRYD ĺ 'RFXPHQWR


WUDQVDomR 60 GHSRLV
7DEHOD9LVmR
¥ 'H¿QLU FKDYHV GH ODQoDPHQWR 2%

¿QDQFHLUD QRYD ĺ /LYURV ĺ &DPSRV
¥ 'H¿QLU YDULDQWHV GH VWDWXV GH FDPSR 9B7)
¥ $WULEXLU YDULDQWHV GH VWDWXV GH FDPSR j 2%&
HPSUHVD

*UXSRV GH WROHUkQFLD
¥ 'H¿QLU JUXSRV GH WROHUkQFLD SDUD 2%$
IXQFLRQiULRV
¥ $WULEXLU XVXiULRVJUXSRV GH WROHUkQFLD 2%

ĺ 7UDQVDo}HV FRQWiEHLV ĺ (QWUDGD GH
IDWXUDVQRWDV GH FUpGLWR ĺ (QWUDGD GH
IDWXUDVQRWDV GH FUpGLWR (QMR\
¥ 'H¿QLU WLSRV GH GRFXPHQWR SDUD 2%=2
WUDQVDomR HQMR\
¥ 'H¿QLU FyGLJR GH LPSRVWR SRU RSHUDomR 2%=7
¥ *UDYDU FKDYH GH ODQoDPHQWR SDUD 2%;-
HQWUDGD GH IDWXUDGH FUpGLWR

IDWXUDVQRWDV GH FUpGLWR ĺ (QWUDGD GH
IDWXUDVQRWDV FUpGLWR (QMR\
WUDQVDomR HQMR\


WUDQVDomR 60 GHSRLV
7DEHOD9LVmR
HQWUDGD GH IDWXUDGH FUpGLWR
&DStWXOR &RQWUROH GH ODQoDPHQWR &yGLJRV GH WUDQVDomR RX

WUDQVDomR 60 GHSRLV
7DEHOD9LVmR
&RQWDELOLGDGH JHUDO QRYD ĺ 7UDQVDo}HV
FRQWiEHLV ĺ (VWKLHUiUGRFV
¥ $WLYDU HVWUXWXUD KLHUiUTXLFD GH
GRFXPHQWRV

FRQWiEHLV ĺ 5HSDUWLomR GH GRFXPHQWR
¥ &ODVVL¿FDU FRQWDV GR 5D]mR SDUD
HVWUXWXUD KLHUiUTXLFD GH GRFXPHQWRV
¥ &ODVVL¿FDU WLSRV GH GRFXPHQWR SDUD
HVWUXWXUD KLHUiUTXLFD GH GRFXPHQWRV
¥ (VWUXWXUD KLHUiUTXLFD GH GRFXPHQWRV
DPSOLDGD ĺ 'H¿QLU YDULDQWH GH WUDQVDomR
FRQWiELO
¥ (VWUXWXUD KLHUiUTXLFD GH GRFXPHQWRV
DPSOLDGD ĺ 'H¿QLU UHJUD GH SDUWLomR GH
GRFXPHQWR

5HJUDV SDUD PRGL¿FDU GRFXPHQWRV
¥ 5HJUDV GH PRGL¿FDomR GH GRFXPHQWRV
¥ 5HJUDV GH PRGL¿FDomR GH GRFXPHQWRV
LWHP GR GRFXPHQWR


WUDQVDomR 60 GHSRLV
7DEHOD9LVmR
ĺ &RQWDELOLGDGH ¿QDQFHLUD QRYD

¿QDQFHLUD QRYD ĺ 3DUkPHWURV JOREDLV
GH HPSUHVD ĺ 0RHGDV ĺ 'HVYLR Pi[LPR
WD[D GH FkPELR
¥ *UDYDU GHVYLR GH FkPELR Pi[LPR SRU
HPSUHVD
¥ *UDYDU GHVYLR Pi[LPR GH FkPELR SRU
PRHGD HVWUDQJHLUD

¿QDQFHLUD QRYD ĺ 'RFXPHQWR
¥ *UDYDU WH[WRV SDUD LWHQV GH GRFXPHQWR 2%

9DOVSURSRVWRV
¥ 'H¿QLU YDORUHV SURSRVWRV 2%8
¥ 3RVVLELOLWDU SURSRVWD GH H[HUFtFLR 2%
¥ 3URSRU GDWD HIHWLYD 2%
¥ 0RGL¿FDU FRQWUROH GH PHQVDJHQV SDUD 9B7&
SURFHVVDPHQWR GH GRFXPHQWR

ĺ &RQ¿JXUDo}HV JOREDLV GH
FRQWDELOLGDGH ¿QDQFHLUD QRYD ĺ
,9$ ĺ &RQ¿JVJOREDLV
¥ 9HUL¿FDU HVTXHPD GH FiOFXOR 2%4
¥ $WULEXLU SDtV D HVTXHPD GH FiOFXOR 9BB(
¥ 9HUL¿FDU H PRGL¿FDU RSo}HV SSURFHVVR 2%&1
GH WULEXWDomR


WUDQVDomR 60 GHSRLV
7DEHOD9LVmR
¥ 'HWHUPLQDU HVWUXWXUD SDUD FyGLJR GH 2%&2
GRPLFtOLR ¿VFDO
¥ 'H¿QLU ORFDO GH LPSRVWRV 2%&3

¿QDQFHLUD QRYD ĺ ,9$ ĺ &iOFXOR
¥ 'H¿QLU FyGLJRV GH ,9$ )7;3
¥ 'H¿QLU PRQWDQWH EDVH 2%

¿QDQFHLUD QRYD ĺ ,9$ ĺ /DQoDPHQWR
¥ 'H¿QLU FRQWDV GH LPSRVWR 2%
¥ *UDYDU FRQWD SODQoDPHQWR GH GLIHUHQoD 2%<<
GH FkPELR
¥ $WULEXLU FyGLJRV GH LPSRVWR SDUD 2%&/
RSHUDo}HV QmR UHOHYDQWHV SLPS

FRQWiEHLV
¥ 3UHSDUDU RSHUDo}HV LQWHUHPSUHVDV 2%<$

IDWXUDVHQWUDGD GH QRWDV GH FUpGLWR
¥ $WXDOL]DU FRQGLo}HV GH SDJDPHQWR 2%%
¥ 'H¿QLU FRQGLo}HV GH SDJDPHQWR SDUD 2%%
SUHVWDo}HV
¥ 'H¿QLU EDVH GH GHVFRQWR SDUD HQWUDGD 2%
GH IDWXUDV


WUDQVDomR 60 GHSRLV
7DEHOD9LVmR
¥ *UDYDU FRQWD SSURFHVVR GH 2%;$
FRQWDELOL]DomR OtTXLGD SDUD IRUQ

ĺ 7UDQVDo}HV FRQWiEHLV ĺ 6DtGD GH
SDJDPHQWRV ĺ &RQ¿JXUDomR SDUD VDtGD
GH SDJDPHQWR
¥ 'H¿QLU FRQWDV SDUD UHQGLPHQWR SRU 2%;8
GHVFRQWR
¥ 'H¿QLU FRQWDV SDUD SHUGD GH GHVFRQWR 2%;9

IDWXUDHQWUDGD GH QRWD GH FUpGLWR
SUHVWDo}HV
GH IDWXUD
¥ 'H¿QLU FRQWDV GH LPSRVWR SDUD IDWXUDV 2%
HPLWLGDV

ĺ 7UDQVDo}HV FRQWiEHLV ĺ (QWUDGD
GH SDJDPHQWRV ĺ &RQ¿JXUDo}HV SDUD
HQWUDGD GH SDJDPHQWRV
¥ 'H¿QLU FRQWDV SDUD GHVSHVD SRU GHVFRQWR 2%;,


WUDQVDomR 60 GHSRLV
7DEHOD9LVmR
ĺ 7UDQVDo}HV FRQWiEHLV ĺ /DQoDPHQWR
GH FRUUHomRHVWRUQR
¥ /DQoDPHQWRV QHJDWLYRV DGPLWLGRV 9BB13
¥ 'H¿QLU PRWLYRV GH HVWRUQR 7B&
ĺ &RQWDELOLGDGH ¿QDQFHLUD 1RYD ĺ

¿QDQFHLUD QRYD ĺ /LYURV ĺ ,QWHJUDomR
HP WHPSR UHDO GR FRQWUROOLQJ FRP D
FRQWDELOLGDGH ¿QDQFHLUD
¥ 'H¿QLU YDULDQWHV SDUD LQWHJUDomR HP
WHPSR UHDO
¥ $WULEXLU YDULDQWHV SDUD LQWHJUDomR HP
WHPSR UHDO D HPSUHVDV
$SOLFDomR &RQWDELOLGDGH ĺ &RQWUROOLQJ

ĺ &RQWDELOLGDGH GH FHQWURV GH FXVWR
ĺ /DQoDPHQWRV UHDLV ĺ 7UDQVIHUrQFLD
PDQXDO GH FXVWRV
¥ (QWUDU .%1
&DStWXOR &RPSHQVDomR &yGLJRV GH WUDQVDomR RX

WUDQVDomR 60 GHSRLV
7DEHOD9LVmR

ĺ &RQWDELOLGDGH JHUDO QRYD ĺ
7UDQVDo}HV FRQWiEHLV ĺ &RPSHQVDomR
GH SDUWLGD HP DEHUWR
¥ 'H¿QLU FKDYHV GH ODQoDPHQWR SDUD 2%;+

FRPSHQVDomR
¥ *UDYDU FRQWDV SDUD GLIHUHQoDV GH 2%
FkPELR


WUDQVDomR 60 GHSRLV
7DEHOD9LVmR
¥ 3UHSDUDU FRPSHQVDomR DXWRPiWLFD 9B7)

ĺ &RQWDELOLGDGH JHUDO QRYD ĺ
7UDQVDo}HV FRQWiEHLV ĺ &RPSHQVDomR
GH SDUWLGD HP DEHUWR ĺ 'LIHUHQoDV GH
FRPSHQVDomR
¥ 'H¿QLU JUXSRV GH WROHUkQFLD SDUD FRQWDV 767
GR 5D]mR
¥ 'H¿QLU JUXSRV GH WROHUkQFLD 9B77
SDUDϮHPSUHJDGRV
¥ $WULEXLU XVXiULRV D JUXSRV GH WROHUkQFLD 9B7
¥ *UDYDU FRQWDV SDUD GLIHUHQoDV QD 2%;=
FRPSHQVDomR

SDJDPHQWRV ĺ &RQ¿JXUDomR SDUD VDtGD
GH SDJDPHQWRV
¥ 'H¿QLU FRQWDV SDUD SDJDPHQWR 2%;/
H[FHVVLYRDEDL[R GR YDORU
¥ *UDYDU FRQWDV SDUD GLIHUHQoDV GH WD[D 2%
GH FkPELR
DUUHGRQGDPHQWR
¥ 'H¿QLU FRQWDV SDUD GHVSHVDV EDQFiULDV 2%;.
IRUQHFHGRUHV
FRPSHQVDomR

SDJDPHQWRV ĺ 6DtGD GH SDJDPHQWRV
PDQXDO


WUDQVDomR 60 GHSRLV
7DEHOD9LVmR
¥ 'H¿QLU WROHUkQFLDV IRUQHFHGRUHV 2%$
¥ 3UHSDUDWLYRV SDUD SDJDPHQWR 9B7%
PDQXDOϮLQWHUHPSUHVDV
¥ &RQWURODU PRWLYRV GH EORTXHLR GH 9B7
SDJDPHQWR

SDJDPHQWRV ĺ 6DtGD GH SDJDPHQWRV
PDQXDO ĺ 'LIHUHQoDV GH SDJDPHQWR
¥ 'H¿QLU PRWLYRV GD GLIHUHQoD VDtGD GH 9B75
SDJDPHQWR PDQXDO
¥ *UDYDU FRQWDV SDUD GLIHUHQoDV GH 2%;/
SDJDPHQWR VDtGD GH SDJDPHQWR PDQXDO

HQWUDGD GH SDJDPHQWRV
GH FkPELR
DUUHGRQGDPHQWR
¥ 'H¿QLU FRQWDV SDUD HQFDUJRV EDQFiULRV 2%;.
FOLHQWHV
FRPSHQVDomR


WUDQVDomR 60 GHSRLV
7DEHOD9LVmR
HQWUDGD GH SDJDPHQWRV ĺ 'LIHUHQoDV GH
SDJDPHQWR
¥ 'H¿QLU PRWLYRV GD GLIHUHQoD 9B75
¥ 'H¿QLU FRQWDV SDUD GLIHUHQoDV GH 2%;/
SDJDPHQWR

GH SDJDPHQWRV ĺ (QWUDGD PDQXDO GH
SDJDPHQWRV
¥ 'H¿QLU JUXSRV GH WROHUkQFLD SDUD 9B77
IXQFLRQiULRV
¥ 'H¿QLU WROHUkQFLDV FOLHQWHV 2%$
¥ 3UHSDUDWLYRV SDUD SDJDPHQWR 9B7%
PDQXDOϮLQWHUHPSUHVDV

ĺ 7UDQVDo}HV FRQWiEHLV ĺ &RPSHQVDomR
GH FkPELR
¥ *UDYDU FKDYH GH ODQoDPHQWR SDUD 2%;+
FRPSHQVDomR 3$


WUDQVDomR 60 GHSRLV
7DEHOD9LVmR
GH SDUWLGD HP DEHUWR ĺ 'LIHUHQoDV GH
FRPSHQVDomR
¥ 'H¿QLU WROHUkQFLDV SDUD 2%$
FOLHQWHVIRUQHFHGRUHV
¥ 'H¿QLU JUXSRV GH WROHUkQFLD 9B77
SDUDϮHPSUHJDGRV
¥ 'H¿QLU FRQWDV SDUD GLIHUHQoDV QD 2%;/
FRPSHQVDomR
&DStWXOR /LYUR FDL[D &yGLJRV GH WUDQVDomR RX

WUDQVDomR 60 GHSRLV
7DEHOD9LVmR

&RQWDELOLGDGH EDQFiULD ĺ 7UDQVDo}HV
FRQWiEHLV ĺ /LYUR FDL[D
¥ &ULDU FRQWD GR 5D]mR SDUD OLYUR FDL[D )6

¥ 'H¿QLU WLSRV GRFSGRFVOLYUR FDL[D 2%$
¥ 'H¿QLU LQWHUYDORV FRQVHFXWLYRV GH )%&-&
QXPHUDomR SDUD GRFXPHQWRV GH OLYUR
FDL[D
¥ ,QVWDODU OLYUR FDL[D )%&-&
¥ &ULDU PRGL¿FDU HOLPLQDU WUDQVDo}HV )%&-&
FRQWiEHLV
¥ ,QVWDODU SDUkPHWURV GH LPSUHVVmR S )%&-&
OLYUR FDL[D

$QH[R
'D FRQWDELOLGDGH JHUDO FOiVVLFD j QRYD QRYR 5D]mR
(VWH DQH[R FRQWpP PDWHULDLV DGLFLRQDLV VREUH D &RQWDELOLGDGH JHUDO QRYD (VVHV
PDWHULDLV QmR ID]HP SDUWH GR FXUVR 7),1 HP VL
2V JUi¿FRV D VHJXLU IRUQHFHP XP EUHYH UHVXPR GDV YDQWDJHQV PDLV LPSRUWDQWHV
GD QRYD &RQWDELOLGDGH JHUDO QR 6$3 (53
)LJXUD 2 QRYR 5D]mR
9RFr WDPEpP SRGH REWHU XPD VtQWHVH GDV YDQWDJHQV GH XWLOL]DU D QRYD
&RQWDELOLGDGH JHUDO QD 1RWD 6$3
6H TXLVHU VDEHU PDLV VREUH D &RQWDELOLGDGH JHUDO QRYD SDUWLFLSDQGR GH XP FXUVR
GH IRUPDomR GH FOLHQWHV GD 6$3 LQVFUHYDVH QRV FXUVRV $& 2 QRYR 5D]mR
QR 6$3 (53 H $& 3URFHVVRV HPSUHVDULDLV QD &RQWDELOLGDGH ¿QDQFHLUD
H JHUHQFLDO

$QH[R 'D FRQWDELOLGDGH JHUDO FOiVVLFD j QRYD QRYR 5D]mR 7),1B
,QIRUPDomR SDUD FOLHQWHV H[LVWHQWHV 6H FRQVLGHUDU DV YDQWDJHQV GHVFULWDV QDV

WUDQVSDUrQFLDV D VHJXLU LPSRUWDQWHV H HVVHQFLDLV SDUD VXD HPSUHVD YRFr SRGHUi
SDVVDU D DGRWDU D &RQWDELOLGDGH JHUDO QRYD HP VHXV SURMHWRV HIHWXDQGR R XSJUDGH
GR VHX VLVWHPD SDUD R 6$3 (53
2 6$3 (53 RIHUHFH IHUUDPHQWDV GH PLJUDomR VWDQGDUG SDUD D WUDQVIHUrQFLD
GH YDORUHV KLVWyULFRV SDUD D QRYD &RQWDELOLGDGH JHUDO
)LJXUD 9DQWDJHQV GR ),*/ QRYR ± 2V TXDWUR SLODUHV GD QRYD

&RQWDELOLGDGH JHUDO
$ &RQWDELOLGDGH JHUDO QRYD ID] FRP TXH

7RGDV DV QHFHVVLGDGHV FRQFHEtYHLV PXQGLDOPHQWH HP FRQWDELOLGDGH H[WHUQD
OHJDO VHMDP WUDWDGDV D SDUWLU GH XP PHVPR FRQMXQWR GH GDGRV
$V FRQWDV SRVVDP VHU FODVVL¿FDGDV SDUD REMHWRV DOpP GD HPSUHVD FRPR
FHQWUR GH OXFUR VHJPHQWRV HWF SRU PHLR GD UHSDUWLomR GH GRFXPHQWRV
$ &RQWDELOLGDGH ¿QDQFHLUD H R &RQWUROOLQJ VHMDP XQLGRV ELODWHUDOPHQWH SRU
PHLR GH LQWHJUDomR HP WHPSR UHDO
6HMD SRVVtYHO SUHVWDomR GH FRQWDV SDUDOHOD QRV GLIHUHQWHV OHGJHUV QD QRYD
&RQWDELOLGDGH ¿QDQFHLUD R TXH VLJQL¿FD TXH D PRYLPHQWDomR QR SHUtRGR p
JHUHQFLDGD QmR DSHQDV SDUD FDGD FRQWD PDV WDPEpP SDUD FDGD OHGJHU YLVmR
$V WUDQVSDUrQFLDV D VHJXLU H[SOLFDP FDGD EHQHItFLR
8PD EUHYH H[SOLFDomR GD QRYD &RQWDELOLGDGH JHUDO SRGHULD VHU D QRYD
&RQWDELOLGDGH JHUDO FRQWpP IXQo}HV TXH FRPELQDP D &RQWDELOLGDGH JHUDO FOiVVLFD
FRP /HGJHUV HVSHFLDLV
$WHQomR $V ³LQWHUIDFHV´ SDUD D FULDomR H R ODQoDPHQWR GH GDGRV

VmR SUDWLFDPHQWH LGrQWLFDV SDUD R XVXiULR DSHVDU GH WRGDV DV QRYDV
FDUDFWHUtVWLFDV PHQFLRQDGDV

7),1B $QH[R 'D FRQWDELOLGDGH JHUDO FOiVVLFD j QRYD QRYR 5D]mR
)LJXUD 9DQWDJHQV HP GHWDOKH ± (VWUXWXUD GH GDGRV DPSOLDGD
$JRUD R FDPSR ÈUHD IXQFLRQDO WDPEpP p JUDYDGR QR 5D]mR ,VVR VLJQL¿FD TXH
GHL[D GH VHU QHFHVViULR DWLYDU R OHGJHU GH FXVWRV GH YHQGDV ) SDUD FULDU XPD
GHPRQVWUDomR GH UHVXOWDGRV GH DFRUGR FRP D DQiOLVH GH FXVWRV GH YHQGDV
2 FDPSR &HQWUR GH OXFUR H R FDPSR &HQWUR GH OXFUR GH SDUFHLURV WDPEpP p
DWXDOL]DGR QR 5D]mR /RJR p SRVVtYHO UHDOL]DU DQiOLVHV GH JHUHQFLDPHQWR SRU
PHLR GR 5D]mR
&RP R 6$3 (53 &HQWUDO &RPSRQHQW YRFr SRGH PDSHDU QR 5D]mR XPD YHUVmR
H[WUHPDPHQWH VLPSOL¿FDGD GD &RQWDELOLGDGH JHUHQFLDO ! ³&2 /LJKW´ 2V
REMHWRV GLVSRQtYHLV VmR FHQWURV GH FXVWR H FODVVHV GH FXVWR SULPiULR
2 FDPSR 6HJPHQWR p XPD QRYD HQWLGDGH FDUDFWHUtVWLFDFDWHJRULD 9RFr SRGH
XWLOL]iOD SDUD H[HFXWDU GHPRQVWUDo}HV ¿QDQFHLUDV SRU VHJPHQWR
$ HVWUXWXUD GH WDEHOD QR QRYR 5D]mR SRGH VHU DPSOLDGD GH PRGR ÀH[tYHO ,VVR
VLJQL¿FD TXH p SRVVtYHO LQFOXLU FDPSRV GH FOLHQWHV H DWXDOL]DU VHXV WRWDLV
+i DQiOLVHV GLVSRQtYHLV SDUD WRGRV RV ¿QV UHODFLRQDGRV DFLPD

)LJXUD 9DQWDJHQV HP GHWDOKH ± 5HSDUWLomR GH GRFXPHQWR SDUWLomR

RQOLQH ,
7DQWR D H[LELomR FRPR D HQWUDGD GR GRFXPHQWR ¿QDQFHLUR VmR LGrQWLFDV j YHUVmR

DQWHULRU
8P ,9$ VXSRUWDGR GH p FRQVLGHUDGR D QRUPD
$WXDOPHQWH D 6$3 VXSRUWD D GHULYDomR GR VHJPHQWR GR FHQWUR GH OXFUR 3RU VXD
YH] R FHQWUR GH OXFUR SRGH VHU GHULYDGR SRU H[HPSOR GH XP FHQWUR GH FXVWR GH
XPD RUGHP LQWHUQD GR &2 RX GH XP SURMHWR

)LJXUD 9DQWDJHQV HP GHWDOKH ± 5HSDUWLomR GH GRFXPHQWR SDUWLomR

RQOLQH ,,
3DUD JDUDQWLU D UHSDUWLomR XQLIRUPH GD FDUDFWHUtVWLFD VHJPHQWR RX TXDOTXHU RXWUD

HQWLGDGH p QHFHVViULR DWLYDU D UHSDUWLomR GH GRFXPHQWRV $ VHJPHQWDomR
VLVWHPiWLFD VLJQL¿FD TXH D ³SRVLomR GH VDOGR LJXDO D ]HUR´ p DOFDQoDGD SDUD FDGD
GRFXPHQWR FRP UHODomR j HQWLGDGH HP TXHVWmR
7DO FRPR D SDUWLomR D LOXVWUDomR GHPRQVWUD FODUDPHQWH R PRGR SHOR TXDO D
HQWLGDGH VHJPHQWR p KHUGDGD SHODV FRQWDV D SDJDU H SHORV LWHQV GH LPSRVWR QR
GRFXPHQWR
$ SDUWLomR RQOLQH H D KHUDQoD HOLPLQD D QHFHVVLGDGH GDV SUHSDUDo}HV SDUD R
HQFHUUDPHQWR GR SHUtRGR ³DMXVWH GR EDODQoR´ ! 6$3) H ³DMXVWH SRVWHULRU
'5(´ ! 6$3)
$WHQomR $ UHSDUWLomR GH GRFXPHQWRV WDPEpP IXQFLRQD QDWXUDOPHQWH

FRP ³SURFHVVRV GH SURFHVVDPHQWR SRVWHULRU´ FRPR SDJDPHQWRV 2
GHVFRQWR UHFHELGR RX DV GHVSHVDV SRU GHVFRQWR VmR GLVWULEXtGRV SHODV
HQWLGDGHV GH DFRUGR FRP R PRQWDQWH GR ODQoDPHQWR RULJLQDO GH GHVSHVDV
QR FDVR GH XPD IDWXUD RULJLQDO GR IRUQHFHGRU
$V IDWXUDV GH FOLHQWHV FXMDV UHFHLWDV VmR GLVWULEXtGDV SRU YiULDV HQWLGDGHV VmR
WUDWDGDV GR PHVPR PRGR

)LJXUD 9DQWDJHQV HP GHWDOKH ± ,QWHJUDomR HP WHPSR UHDO &2 ĺ ),
(VWD WUDQVSDUrQFLD PRVWUD FRPR H[HPSOR D LQWHJUDomR HP WHPSR UHDO GH &2

ĺ ), SRU PHLR GD FDUDFWHUtVWLFD RX GR FULWpULR ÈUHD IXQFLRQDO &RQWXGR YRFr
WDPEpP SRGH GH¿QLU LQWHJUDomR HP WHPSR UHDO SDUD RV FULWpULRV HPSUHVD GLYLVmR
FHQWUR GH OXFUR VHJPHQWR IXQGR H D UHFHEHU $ VHOHomR QmR p XPD ³GHFLVmR SRU
XP RX RXWUR´ YRFr WDPEpP SRGH DWLYDU VLPXOWDQHDPHQWH D LQWHJUDomR HP WHPSR
UHDO SDUD WRGDV HVVDV FDUDFWHUtVWLFDV
&DUDFWHUtVWLFDV HVSHFLDLV GR GRFXPHQWR GD &RQWDELOLGDGH ¿QDQFHLUD ! E
2V ODQoDPHQWRV VmR IHLWRV HP WHPSR UHDO SRU GRFXPHQWR 'HL[D GH
H[LVWLU D QHFHVVLGDGH GH UHFRQFLOLDomR ! >VRPHQWH@ HP UHVXPR SDUD FDGD
FRQWD GH GHVSHVDVFODVVH GH FXVWRV XWLOL]DQGR R OHGJHU GH UHFRQFLOLDomR QD
&RQWDELOLGDGH GH FODVVHV GH FXVWR SRU PHLR GD WUDQVDomR .$/&
7UDWDVH GH XP GRFXPHQWR TXH QmR UHTXHU FRQWDV GH FRPSHQVDomR 3RUpP
FRQWDV GH FRPSHQVDomR DLQGD VmR QHFHVViULDV QR 6$3 (53 SRU H[HPSOR
SDUD RSHUDo}HV LQWHUHPSUHVDULDLV
1R GRFXPHQWR GH &RQWDELOLGDGH ¿QDQFHLUD FULDGR HP WHPSR UHDO YRFr
SRGH DOWHUQDU FRP R GRFXPHQWR GD &RQWDELOLGDGH JHUHQFLDO ! D H
YLFHYHUVD ¿QDOLGDGH UDVWUHDPHQWR GRV GRFXPHQWRV FRQWiEHLV
2V GRFXPHQWRV GH LQWHJUDomR HP WHPSR UHDO &2 ĺ ), SRGHP VHU UHJLVWUDGRV HP
ORJ H DQDOLVDGRV FRP XP UDVWUHDPHQWR

)LJXUD 9DQWDJHQV HP GHWDOKH ± 3UHVWDomR GH FRQWDV SDUDOHOD
1R QRYR 5D]mR XP OHGJHU WHP D IXQomR GH OHGJHU ³SULQFLSDO´ $ FRQVROLGDomR

FRQWiELO QRUPDOPHQWH p PDSHDGD QHVVH OHGJHU
3DUD D SUHVWDomR GH FRQWDV SDUDOHOD SRGHP VHU XWLOL]DGRV RXWURV OHGJHUV QR QRYR
5D]mR DOpP GR OHGJHU SULQFLSDO
1R FRQWH[WR GR 6$3 (53 LVVR p FRQKHFLGR FRPR VROXomR GR OHGJHU QR
QRYR 5D]mR

$WHQomR (VWHV QmR VmR RV PHVPRV OHGJHUV GR FRPSRQHQWH /HGJHUV
HVSHFLDLV GR 5HOHDVH 5 (QWHUSULVH
&RQWXGR FRPR DQWHV D SUHVWDomR GH FRQWDV SDUDOHOD SRGH VHU PDSHDGD FRP R XVR
GH FRQWDV DGLFLRQDLV ! VROXomR SDUD FRQWDV 1HVVH FDVR H[LVWH VRPHQWH XP
OHGJHU QR 5D]mR R OHGJHU SULQFLSDO
1R 6$3 (53 D VROXomR GR OHGJHU QR QRYR 5D]mR H D VROXomR SDUD FRQWDV VmR
YLVWDV FRPR LJXDLV FRQVXOWH WDPEpP D 1RWD 6$3
9RFr SRGH FRQWLQXDU D XWLOL]DU DV RSo}HV GH H[LELomR GH YHUV}HV DQWLJDV WDLV
FRPR D VROXomR GR OHGJHU HVSHFLDO RX D VROXomR SRU HPSUHVDV GHVGH TXH HVVDV
VROXo}HV WHQKDP VLGR LQVWDODGDV DQWHV GR 6$3 (53 &RQWXGR QmR Ki SRVVLELOLGDGH
GH DPSOLDomR FRUUHVSRQGHQWH


$QH[R
&DPLQKRV GH PHQX QD &RQWDELOLGDGH JHUDO FOiVVLFD

&XVWRPL]LQJ GR 6$3 (53 ,0* ĺ 6$3
1HW:HDYHU ĺ &RQ¿JXUDo}HV JHUDLV ĺ
0RHGDV
¥ 9HUL¿FDU FyGLJRV GH PRHGD 2<

¥ 'H¿QLU RSo}HV GH FDVDV GHFLPDLV SDUD 2<
DV PRHGDV
¥ 'HWHUPLQDU FRWDomR VWDQGDUG SDUD WD[DV 2127
GH FkPELR
¥ ,QGLFDU SUH¿[R WD[D GH FkPELR SFRWDomR 235)
LQGLUHWD H GH SUHoRV
¥ 9HUL¿FDU FDWHJRULDV GH WD[D GH FkPELR 2%
¥ *UDYDU WD[DV GH FkPELR SDUD FRQYHUVmR 2%%6
GH PRHGDV
¥ (QWUDU WD[DV GH FkPELR 2%
¥ $WXDOL]DU PDUJHQV GH FkPELR 2%'
¥ 'H¿QLU UHJUDV GH DUUHQGRQGDPHQWR SDUD 2%
PRHGDV
¥ 'HWHUPLQDU OLVWD GH WUDEDOKR SDUD D
HQWUDGD GH WD[D GH FkPELR
¥ $WULEXLU WD[D GH FkPELR j OLVWD GH
WUDEDOKR

$QH[R &DPLQKRV GH PHQX QD &RQWDELOLGDGH JHUDO FOiVVLFD 7),1B
ĺ (VWUXWXUD GR HPSUHHQGLPHQWR ĺ 2

/RFDOL]DU XQLGDGHV RUJDQL]DFLRQDLV
PRGHOR
¥ 'H¿QLU FRSLDU HOLPLQDU YHUL¿FDU (&
HPSUHVD
¥ 'H¿QLU GLYLVmR
ĺ &RQWDELOLGDGH ¿QDQFHLUD ĺ
&RQ¿JXUDomR &RQWDELOLGDGH ¿QDQFHLUD
ĺ ([HUFtFLR
¥ $WXDOL]DU YDULDQWH GH H[HUFtFLR 2%
$WXDOL]DU H[HUFtFLR UHGX]LGR
¥ $WULEXLU HPSUHVD j YDULDQWH GH H[HUFtFLR 2%

WUDQVDomR 60 GHSRLV
7DEHOD9LVmR

&XVWRPL]LQJ ,0* GR 6$3 (53
&RQWDELOLGDGH JHUDO ĺ &RQWDV GR 5D]mR
ĺ 'DGRV PHVWUH ĺ 3UHSDUDU
¥ 3URFHVVDU OLVWD GH SODQRV GH FRQWDV 2%
¥ $WULEXLU HPSUHVD D SODQR GH FRQWDV 2%
¥ 'H¿QLU XP JUXSR GH FRQWDV 2%'
¥ 'HWHUPLQDU FRQWD GR UHVXOWDGR 2%
WUDQVSRUWDGR

7),1B $QH[R &DPLQKRV GH PHQX QD &RQWDELOLGDGH JHUDO FOiVVLFD

WUDQVDomR 60 GHSRLV
7DEHOD9LVmR
&RQWDELOLGDGH JHUDO ĺ &RQWDV GR
5D]mR ĺ 'DGRV PHVWUH ĺ 3UHSDUDU ĺ
$WLYLGDGHV DGLFLRQDLV
¥ 'H¿QLU HVWUXWXUD GD WHOD SRU WUDQVDomR 2%
&RQWDELOLGDGH *HUDO ĺ &RQWDV GR
5D]mR ĺ 'DGRV PHVWUH ĺ &ULDomR H
SURFHVVDPHQWR GDV FRQWDV GR 5D]mR
¥ &ULDU FRQWDV GR 5D]mR FRP PRGHOR 2%B*/$&&
¥ :RUNEHQFK GH WUDQVIHUrQFLD GH GDGRV 6;'$
5D]mR ĺ 'DGRV PHVWUH ĺ &ULDomR H
SURFHVVDPHQWR GDV FRQWDV GR 5D]mR
ĺ 0RGL¿FDU FRQWDV GR 5D]mR HP
SURFHVVDPHQWR FROHWLYR
¥ 0RGL¿FDU GDGRV GR SODQR GH FRQWDV 2%B*/$&&
¥ 0RGL¿FDU GDGRV GD HPSUHVD 2%B*/$&&
¥ 0RGL¿FDU GHQRPLQDomR GH FRQWDV 2%B*/$&&
5D]mR ĺ 'DGRV PHVWUH ĺ &ULDomR
H SURFHVVDPHQWR GDV FRQWDV GR
5D]mR ĺ 3URFHVVDU FRQWDV GR 5D]mR
SURFHVVDPHQWR LQGLYLGXDO
¥ 3URFHVVDU FRQWDV GR 5D]mR FHQWUDOPHQWH )6
¥ 3URFHVVDU GDGRV GR SODQR GH FRQWDV )63
¥ 3URFHVVDU GDGRV GD HPSUHVD )66


WUDQVDomR 60 GHSRLV
7DEHOD9LVmR
&RQWDELOLGDGH JHUDO ĺ &RQWDV GR 5D]mR
ĺ 5HJLVWURV PHVWUH ĺ &ULDomR GH FRQWD
GR 5D]mR ĺ 3URFHGLPHQWR DOWHUQDWLYR ĺ
&RSLDU FRQWDV GR 5D]mR
¥ &RSLDU SODQR GH FRQWDV 2%<
¥ &RSLDU HPSUHVD 2%<
ĺ &RQWDV GH FOLHQWHV ĺ 'DGRV PHVWUH
ĺ 3UHSDUDWLYRV SDUD FULDomR GH GDGRV
PHVWUH GH FOLHQWH
¥ 'H¿QLU JUXSRV GH FRQWDV FRP HVWUXWXUD 2%'
GH WHOD FOLHQWHV
FOLHQWHV
FOLHQWHV
¥ &ULDU LQWHUYDORV GH QXPHUDomR SDUD ;'1
FRQWDV GH FOLHQWHV
JUXSRV GH FRQWDV GH FOLHQWHV
GH FRQWUROH GXSOR FOLHQWHV
ĺ &RQWDV GH IRUQHFHGRUHV ĺ 'DGRV
PHVWUH ĺ 3UHSDUDWLYRV SDUD FULDomR GH
GDGRV PHVWUH GH IRUQHFHGRUHV
¥ 'H¿QLU JUXSRV GH FRQWDV FRP HVWUXWXUD 2%'
GH WHOD IRUQHFHGRUHV
IRUQHFHGRUHV


WUDQVDomR 60 GHSRLV
7DEHOD9LVmR
IRUQHFHGRUHV
¥ &ULDU LQWHUYDORV GH QXPHUDomR SDUD ;.1
FRQWDV GH IRUQHFHGRUHV
JUXSRV GH FRQWDV GH IRUQHFHGRUHV
GH FRQWUROH GXSOR IRUQHFHGRUHV

WUDQVDomR 60 GHSRLV
7DEHOD9LVmR

&XVWRPL]LQJ ,0* GR 6$3
(53ĺ &RQWDELOLGDGH ¿QDQFHLUD ĺ
¿QDQFHLUD ĺ 'RF ĺ 3HUtRGRV FRQWiEHLV
¥ 'H¿QLU YDULDQWHV SDUD SHUtRGRV FRQWiEHLV 2%%2

DEHUWRV
¥ $EULU H IHFKDU SHUtRGRV FRQWiEHLV 2%
¥ $WULEXLU HPSUHVDV D YDULDQWHV 2%%3
ĺ 'RF ĺ ,QWHUYDORV GH QXPHUDomR GH
GRFXPHQWRV
¥ 'H¿QLU LQWHUYDORV GH QXPHUDomR GH )%1
GRFXPHQWRV
¥ &RSLDU SDUD HPSUHVD 2%+
¥ &RSLDU SDUD H[HUFtFLR ¿VFDO 2%+


WUDQVDomR 60 GHSRLV
7DEHOD9LVmR
ĺ 'RF ĺ &DEHoDOKR GR GRFXPHQWR
¥ 'H¿QLU WLSRV GH GRFXPHQWRV 2%$
&RQ¿JXUDo}HV GH FRQWDELOLGDGH
¿QDQFHLUD ĺ 'RFXPHQWR ĺ ,WHP GR
GRFXPHQWR ĺ &RQWUROHV
¥ 'H¿QLU FKDYHV GH ODQoDPHQWR 2%
¥ 'H¿QLU YDULDQWHV GH VWDWXV GH FDPSR 9B7)
¥ $WULEXLU YDULDQWHV GH VWDWXV GH FDPSR j 2%&
HPSUHVD
ĺ 'RF ĺ ,WHP GR GRFXPHQWR
¥ 'H¿QLU JUXSRV GH WROHUkQFLD SDUD 2%$
IXQFLRQiULRV
¥ $WULEXLU XVXiULRVJUXSRV GH WROHUkQFLD 2%
IDWXUDVHQWUDGD GH QRWDV GH FUpGLWR ĺ
(QWUDGD IDWXUDVQRWDV FUpGLWR (QMR\
¥ 'H¿QLU WLSRV GH GRFXPHQWR 2%=2
SDUDϮWUDQVDomR HQMR\
HQWUDGD GH IDWXUDVQRWDV GH FUpGLWR


WUDQVDomR 60 GHSRLV
7DEHOD9LVmR
IDWXUDVVDtGD GH QRWDV GH FUpGLWR ĺ 6DtGD
IDWXUDVQRWDV FUpGLWR (QMR\
WUDQVDomR HP WHOD ~QLFD
¥ 'H¿QLU FKDYH GH ODQoDPHQWR SDUD 2%;-
HPLVVmR GH IDWXUDVQRWDV GH FUpGLWR

WUDQVDomR 60 GHSRLV
7DEHOD9LVmR

¿QDQFHLUD ĺ 'RF ĺ &DEHoDOKR GR
GRFXPHQWR
¥ 5HJUDV GH PRGL¿FDomR GH GRFXPHQWRV 9B7%$(5

ĺ 'RF ĺ &DEHoDOKR GR GRFXPHQWR ĺ
9DULDomR FDPELDO Pi[LPD
¥ *UDYDU GHVYLR GH FkPELR Pi[LPR SRU 2%
HPSUHVD
¥ *UDYDU GHVYLR Pi[LPR GH FkPELR SRU 9B7&85'
PRHGD HVWUDQJHLUD


WUDQVDomR 60 GHSRLV
7DEHOD9LVmR
ĺ 'RF ĺ ,WHP GR GRFXPHQWR
¥ *UDYDU WH[WRV SDUD LWHQV GH GRFXPHQWR 2%
¥ 5HJUDV GH PRGL¿FDomR GH GRFXPHQWRV 9B7%$(5
LWHP GR GRFXPHQWR
ĺ 'RF ĺ 9DORUHV SURSRVWRV SDUD
¥ 'H¿QLU YDORUHV SURSRVWRV 2%8
¥ 3RVVLELOLWDU SURSRVWD GH H[HUFtFLR 2%
¥ 3URSRU GDWD HIHWLYD 2%
¥ 0RGL¿FDU FRQWUROH GH PHQVDJHQV SDUD 9B7&
¿QDQFHLUD ĺ ,9$ ĺ &RQ¿JXUDo}HV
JOREDLV
¥ 9HUL¿FDU HVTXHPD GH FiOFXOR 2%4
¥ $WULEXLU SDtV D HVTXHPD GH FiOFXOR 9BB(
¥ 9HUL¿FDU H PRGL¿FDU FRQ¿JXUDo}HV SDUD 2%&1
SURFHVVR GH WULEXWDomR
¿QDQFHLUD ĺ ,9$ ĺ &iOFXOR
¥ 'H¿QLU FyGLJR ,9$ )7;3
¥ $WULEXLU HPSUHVD j GDWD GH GRFXPHQWR 9BB=
SDUD GHWHUPLQDomR GH LPSRVWRV
¥ 'HWHUPLQDU PRQWDQWH EDVH 2%


WUDQVDomR 60 GHSRLV
7DEHOD9LVmR
¿QDQFHLUD ĺ ,9$ ĺ /DQoDPHQWR
¥ 'H¿QLU FRQWDV GH LPSRVWR 2%
¥ *UDYDU FRQWD SODQoDPHQWR GH GLIHUHQoD 2%<<
GH FkPELR
¥ $WULEXLU FyGLJRV GH LPSRVWR SDUD 2%&/
RSHUDo}HV QmR UHOHYDQWHV SLPS
&RQWDELOLGDGH JHUDO ĺ 7UDQVDo}HV
FRQWiEHLV
¥ 3UHSDUDU RSHUDo}HV LQWHUHPSUHVDV 2%<$
IDWXUDVHQWUDGD GH QRWDV GH FUpGLWR
SUHVWDo}HV
GH IDWXUDV
¥ *UDYDU FRQWD SSURFHVVR GH 2%;$
FRQWDELOL]DomR OtTXLGD SDUD IRUQ
SDJDPHQWRV ĺ 6DtGD GH SDJDPHQWRV ĺ
&RQ¿JXUDomR SDUD VDtGD GH SDJDPHQWR
¥ 'H¿QLU FRQWDV SDUD UHQGLPHQWR SRU 2%;8
GHVFRQWR
¥ 'H¿QLU FRQWDV SDUD SHUGD GH GHVFRQWR 2%;9


WUDQVDomR 60 GHSRLV
7DEHOD9LVmR
IDWXUDHQWUDGD GH QRWD ϮGH FUpGLWR
SUHVWDo}HV
¥ 'H¿QLU FRQGLo}HV GH SDJDPHQWR SDUD 2%
SUHVWDo}HV
¥ 'H¿QLU FRQWDV GH LPSRVWR SDUD IDWXUDV 2%
HPLWLGDV
GH SDJDPHQWRV ĺ &RQ¿JXUDomR SDUD
(QWUDGD GH SDJDPHQWRV
¥ 'H¿QLU FRQWDV SDUD GHVSHVD SRU GHVFRQWR 2%;,
ĺ 7UDQVDo}HV FRQWiEHLV ĺ /DQoDPHQWR
GH FRUUHomRHVWRUQR
¥ /DQoDPHQWRV QHJDWLYRV DGPLWLGRV 9BB13
¥ 'H¿QLU PRWLYRV GH HVWRUQR 7B&

WUDQVDomR 60 GHSRLV
7DEHOD9LVmR



WUDQVDomR 60 GHSRLV
7DEHOD9LVmR
FRQWiEHLV ĺ &RPSHQVDomR GH SDUWLGDV
HP DEHUWR

FRPSHQVDomR
FkPELR
¥ 'H¿QLU UHJUDV GH FRPSHQVDomR 9B7)$*
¥ $WULEXLU UHJUDV GH FRPSHQVDomR D WLSRV 9B7)$*0
GH FRQWDV
FRQWiEHLV ĺ &RPSHQVDomR GH SDUWLGDV
HP DEHUWR ĺ 'LIHUHQoDV GH FRPSHQVDomR
¥ 'H¿QLU JUXSRV GH WROHUkQFLD SDUD FRQWDV 767
GR 5D]mR
IXQFLRQiULRV
¥ *UDYDU FRQWDV SDUD GLIHUHQoDV QD 2%;=
FRPSHQVDomR
SDJDPHQWRV ĺ 6DtGD GH SDJDPHQWRV ĺ
&RQ¿JXUDomR SDUD VDtGD GH SDJDPHQWR
FkPELR
DUUHGRQGDPHQWR


WUDQVDomR 60 GHSRLV
7DEHOD9LVmR
IRUQHFHGRUHV
FRPSHQVDomR
SDJDPHQWRV ĺ 6DtGD GH SDJDPHQWR
PDQXDO
¥ 'H¿QLU WROHUkQFLDV IRUQHFHGRUHV 2%$
¥ 3UHSDUDWLYRV SDUD SDJDPHQWRV PDQXDLV 9B7%
LQWHUHPSUHVDULDLV
¥ &RQWURODU PRWLYRV GH EORTXHLR GH 9B7
SDJDPHQWR
SDJDPHQWRV ĺ 3DJDPHQWR D PDLRUD
PHQRU
¥ 'H¿QLU PRWLYRV GD GLIHUHQoD VDtGD GH 9B75
SDJDPHQWR PDQXDO
¥ *UDYDU FRQWDV SDUD GLIHUHQoDV GH 2%;/
SDJDPHQWR VDtGD GH SDJDPHQWR PDQXDO
(QWUDGD GH SDJDPHQWRV
¥ *UDYDU FRQWDV SDUD SDJDPHQWRV D 2%;/
PDLRUD PHQRU
GH FkPELR


WUDQVDomR 60 GHSRLV
7DEHOD9LVmR
DUUHGRQGDPHQWR
FOLHQWHV
FRPSHQVDomR
HQWUDGD GH SDJDPHQWRV ĺ 3DJDPHQWR D
PDLRUD PHQRU
¥ *UDYDU PRWLYR GD GLIHUHQoD 9B75
¥ 'H¿QLU FRQWDV SDUD GLIHUHQoDV GH 2%;/
SDJDPHQWR
GH SDJDPHQWRV ĺ (QWUDGD PDQXDO GH
SDJDPHQWRV
IXQFLRQiULRV
¥ $WULEXLU XVXiULRVJUXSRV GH WROHUkQFLD 9B7
¥ 'H¿QLU WROHUkQFLDV FOLHQWHV 2%$
¥ 3UHSDUDWLYRV SDUD SDJDPHQWRV PDQXDLV 9B7%
LQWHUHPSUHVDULDLV
GH FkPELR


WUDQVDomR 60 GHSRLV
7DEHOD9LVmR
¥ *UDYDU FKDYH GH ODQoDPHQWR SDUD 2%;+
FRPSHQVDomR GH SDUWLGDV HP DEHUWR
GH SDUWLGDV HP DEHUWR ĺ 'LIHUHQoDV QD
FRPSHQVDomR
¥ 'H¿QLU WROHUkQFLDV SDUD 2%$
FOLHQWHVIRUQHFHGRUHV
IXQFLRQiULRV
¥ $WULEXLU XVXiULRJUXSRV GH WROHUkQFLD 9B7
¥ 'H¿QLU FRQWDV SDUD GLIHUHQoDV QD 2%;/
FRPSHQVDomR

WUDQVDomR 60 GHSRLV
7DEHOD9LVmR

&RQWDELOLGDGH EDQFiULD ĺ 7UDQVDo}HV
FRQWiEHLV ĺ /LYUR FDL[D
¥ &ULDU FRQWD GR 5D]mR SDUD OLYUR FDL[D )6

¥ 'H¿QLU WLSRV GH GRFXPHQWR SDUD 2%$
GRFXPHQWRV GH OLYUR FDL[D
¥ 'H¿QLU LQWHUYDORV FRQVHFXWLYRV GH )%&-&
QXPHUDomR SDUD GRFXPHQWRV GH OLYUR
FDL[D


WUDQVDomR 60 GHSRLV
7DEHOD9LVmR
¥ ,QVWDODU OLYUR FDL[D )%&-&
¥ &ULDU PRGL¿FDU HOLPLQDU WUDQVDo}HV )%&-&
FRPHUFLDLV
¥ ,QVWDODU SDUkPHWUR GH LPSUHVVmR SOLYUR )%&-&
GH FDL[D


ËQGLFH
$ FKDYH GH FRQWD
DGPLQLVWUDomR GH SDUWLGDV HP YHU WDPEpP FKDYH GD
DEHUWR RSHUDomR
DMXVWH GH GHVFRQWR FKDYH GH ODQoDPHQWR
DSHQDV VDOGRV HP PRHGD FKDYH GH RUGHQDomR
LQWHUQD YHU WDPEpP FDPSR GH
iUHD GH FRQWDELOLGDGH GH VHOHomR
FXVWRV FOLHQWH RFDVLRQDO
iUHD IXQFLRQDO YHU WDPEpP FRQWD RFDVLRQDO
DWXDOL]DomR FHQWUDOL]DGD FyGLJR GD PRHGD
± FyGLJR GH GRPLFtOLR ¿VFDO
YHU WDPEpP FRQWD GH
FOLHQWH FRQWD GH FyGLJR GH LPSRVWR
IRUQHFHGRU SDUWLomR
DWXDOL]DomR GHVFHQWUDOL]DGD 8(
± FyGLJR GH ,9$ GH DTXLVLomR
YHU WDPEpP FRQWD GH 8(
FOLHQWH FRQWD GH FyGLJR GH ,9$ OLTXLGDGR
IRUQHFHGRU 8(
DXWRUL]DomR GH ODQoDPHQWR FyGLJR GH YHUL¿FDomR
FRPSHQVDomR
JUXSR GH WROHUkQFLD DQXODU
FRQWD ±
% ODQoDPHQWR DXWRPiWLFR
EDVH GH GHVFRQWR
& ODQoDU FRP
FDEHoDOKR GR GRFXPHQWR FRPSHQVDomR GH SDUWLGDV HP
FDEHoDOKR GR SDJDPHQWR DEHUWR
FDPSR GH VHOHomR FRQGLomR GH SDJDPHQWR
YHU WDPEpP FKDYH GH FRQGLo}HV GH SDJDPHQWR
RUGHQDomR FKDYH GH EORTXHLR
FDPSRV VHQVtYHLV IRUPD GH SDJDPHQWR
YHU WDPEpP SULQFtSLR GH FRQWD GH FOLHQWH
FRQWUROH GXSOR GDGRV JHUDLV
FDWHJRULD GH LPSRVWR VHJPHQWR GD iUHD GH
FDWHJRULD GH WD[D GH FkPELR YHQGDV
VHJPHQWR GD HPSUHVD
FHQWUR GH OXFUR WHUPR GH SHVTXLVD
FRQWD GH FRPSHQVDomR

ËQGLFH 7),1B
FRQWD GH IRUQHFHGRU HQWLGDGH ¿VFDO

GDGRV JHUDLV HVWRUQR
VHJPHQWR GD HPSUHVD H[HUFtFLR
VHJPHQWR GD RUJDQL]DomR H[LELomR GH SDUWLGDV
GH FRPSUDV LQGLYLGXDLV
&RQWD GH IRUQHFHGRU )
7HUPR GH SHVTXLVD
FRQWD GH UHFRQFLOLDomR IDWRUHV GH FRQYHUVmR
FRQWD GH UHVXOWDGR ¿OLDO
WUDQVSRUWDGR IRUQHFHGRU RFDVLRQDO
FRQWD GH UHVXOWDGRV YHU WDPEpP FRQWD RFDVLRQDO
FRQWD GR EDODQoR *
FRQWD RFDVLRQDO JUXSR GH FRQWDV
FRQWDV GH FRPSHQVDomR *UXSR GH FRQWDV
FRWDomR GLUHWD JUXSR GH VWDWXV GH FDPSR
FRWDomR LQGLUHWD JUXSR GH WROHUkQFLD
' FOLHQWH H IRUQHFHGRU
GDGRV EDQFiULRV &RQWD GR 5D]mR
GDWD EDVH HPSUHJDGR
GHGXomR GH FOLHQWH JUXSRV GH WROHUkQFLD
QmR DXWRUL]DGD ,
GHVFRQWR LGHQWL¿FDomR GH SDUkPHWUR
SURFHGLPHQWR EUXWR
SURFHVVR GH FRQWDELOL]DomR LPSRVWR GH YHQGDV
OtTXLGD SDUD LPSRVWR VREUH FRQVXPR
IRUQHFHGRUHV LQWHUYDOR GH QXPHUDomR
GHWHUPLQDomR GH FRQWDV DWULEXLomR H[WHUQD GH
GLIHUHQoD GH FkPELR Q~PHURV
GHWHUPLQDomR GH FRQWDV GH DWULEXLomR LQWHUQD GH
LPSRVWRV Q~PHUR
GLDOLPLWH LQYHUVmR
GLIHUHQoD GH FkPELR ,9$ OLTXLGDGR
UHDOL]DGD ,9$ VXSRUWDGR
GLIHUHQoD GH SDJDPHQWR
DXWRUL]DGD /
GHQWUR GD WROHUkQFLD ODQoDPHQWR GH LPSRVWRV
IRUD GD WROHUkQFLD YHU WDPEpP GHWHUPLQDomR
GLYLVmR GH FRQWDV GH LPSRVWRV
GRFXPHQWR ODQoDPHQWR QHJDWLYR
GRFXPHQWR GH FRPSHQVDomR ODQoDPHQWRV QR
OLYUR FDL[D
OLYUR FDL[D
( FRQ¿JXUDomR
HPSUHVD
HQFDUJRV 0
HQFDUJRV EDQFiULRV 0DQGDQWH

7),1B ËQGLFH
PDQXDO GH FODVVL¿FDomR 9DULDQWH GH SHUtRGR

FRQWiELO FRQWiELO
PDUJHQV GD WD[D GH FkPELR SHUtRGRV FRQWiEHLV
SHUtRGRV H[WUDRUGLQiULRV
PRGHOR GR SDtV SODQR GH FRQWDV
PRGL¿FDomR GH GRFXPHQWR SODQR GH FRQWDV GR JUXSR GH
HPSUHVDV
PRHGD EDVH SULQFtSLR GD RULJHP
PRHGD GD FRQWD SULQFtSLR GD YDULDQWH
PRHGD HVWUDQJHLUD ± SULQFtSLR GH FRQWUROH GXSOR
PRHGD LQWHUQD
PRQWDQWH EDVH SURFHGLPHQWR SDUD FiOFXOR GH
LPSRVWR LPSRVWRV
PRWLYR GD GLIHUHQoD SURFHVVDPHQWR FROHWLYR
PRWLYR GR HVWRUQR SURFHVVR GH SDJDPHQWR
PRYLPHQWDomR QR SHUtRGR PDQXDO
1 SURJUDPD GH FRPSHQVDomR

QRWD GH FUpGLWR SURSRVWD GR H[HUFtFLR
RXWUR
UHIHUHQWH D IDWXUD 5
Q~PHUR GH GRFXPHQWR UHFHEHGRU GR SDJDPHQWR
Q~PHUR GH WUDQVDomR DOWHUQDWLYR
FyGLJR LQWHUHPSUHVDULDO UHJUDV GH PRGL¿FDomR GH
GRFXPHQWRV
Q~PHUR GR DYLVR GH 6
SDJDPHQWR
VHGH
2 VHJPHQWR
RSo}HV GH SURFHVVDPHQWR VHJPHQWR GD HPSUHVD
3 6HJPHQWR GR SODQR GH FRQWDV

SDJDGRU VRFLHGDGH
DOWHUQDWLYR VWDWXV GH FDPSR GH
SDJDPHQWR GH SUHVWDomR GRFXPHQWR
SDJDPHQWR SDUFLDO VWDWXV GR FDPSR ±
SDUWLGD
HP DEHUWR 7
SDUWLGD LQGLYLGXDO WD[D GH FkPELR
SDUWLGD UHVLGXDO WD[D GH LPSRVWR
SHUtRGR FRQWiELO WHODV GH ODQoDPHQWR (QMR\
GRLV LQWHUYDORV GH SHUtRGR
7HUPR GH SHVTXLVD
JUXSR GH DXWRUL]Do}HV YHU WDPEpP &RQWD GH
FOLHQWH &RQWD GH
3HUtRGR FRQWiELO IRUQHFHGRU
WLSR GH FRQGLomR

ËQGLFH 7),1B
YHU WDPEpP WLSR GH LPSRVWR FULDU

WLSR GH GRFXPHQWR 9
WLSR GH LPSRVWR
YHU WDPEpP WLSR GH YDOLGDGH GR GHVFRQWR
FRQGLomR YDORU SURSRVWR
WLSR GH WULEXWDomR YDULDQWH GH VWDWXV GH FDPSR
WLSRV GH WUDQVDomR FRQWiELO
WUDQVDo}HV FRQWiEHLV

)HHGEDFN
$ 6$3 $* HPSHQKRXVH DR Pi[LPR QD SUHSDUDomR GHVWH FXUVR SDUD DVVHJXUDU
XP FRQWH~GR FRPSOHWR H DGHTXDGR 6H YRFr WLYHU DOJXPD FRUUHomR RX VXJHVWmR
D ID]HU SDUD TXH R PHVPR VHMD PHOKRUDGR LQFOXD HVWDV QR HVSDoR DSURSULDGR GD
DYDOLDomR GR FXUVR

Tfin50 1 PT

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Tfin50 1 PT

Uploaded by

Copyright:

Available Formats

7),1B

8P FXUVR 6$3 &RPSDVV  XWLOL]HR FRPR IHUUDPHQWD GH DSUHQ

'LUHLWRV DXWRUDLV   6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV

$OJXQV SURGXWRV GH VRIWZDUH FRPHUFLDOL]DGRV SHOD 6$3 $* H VHXV GLVWULEXLGRUHV FRQWpP

 0LFURVRIW :,1'2:6 17 (;&(/ :RUG 3RZHU3RLQW H 64/ 6HUYHU VmR

7H[WR GH H[HPSOR 3DODYUDV RX FDUDFWHUHV TXH DSDUHFHP QD WHOD ,QFOXHP

7H[WR GH H[HPSOR (QIDWL]D SDODYUDV RX IUDVHV QR WH[WR HP WtWXORV GH

7(;72 '( 1RPHV GH HOHPHQWRV QR VLVWHPD ,QFOXHP QRPHV

7H[WR GH H[HPSOR 6DtGD HP WHOD ,QFOXL QRPHV GH ¿OHV H GLUHWyULRV H

7H[WR GH (QWUDGD H[DWD GR XVXiULR 6mR SDODYUDV H FDUDFWHUHV

7H[WR GH (QWUDGD YDULiYHO GR XVXiULR &ROFKHWHV LQGLFDP TXH

   6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV LLL

3DUD PDLRUHV LQIRUPDo}HV GLFDV RX EDFNJURXQG

2EVHUYDo}HV H PDLRUHV H[SOLFDo}HV VREUH R WySLFR

,QGLFD TXH R LWHP HVWi LQFOXtGR QD DSUHVHQWDomR GR

LY   6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV 

&DStWXOR  &RQ¿JXUDo}HV JOREDLV  

&DStWXOR  'DGRV PHVWUH  

&DStWXOR  &RQWUROH GH GRFXPHQWRV 

&DStWXOR  &RQWUROH GH ODQoDPHQWR 

&DStWXOR  &RPSHQVDomR  

   6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV Y

&DStWXOR  /LYUR FDL[D 

&DStWXOR  3HUVSHFWLYD RXWURV WySLFRV  

$QH[R  &DPLQKRV GH PHQX  

$QH[R  'D FRQWDELOLGDGH JHUDO FOiVVLFD j QRYD QRYR

$QH[R  &DPLQKRV GH PHQX QD &RQWDELOLGDGH JHUDO

YL   6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV 

 (IHWXDU D FRQ¿JXUDomR EiVLFD GR FRPSRQHQWH 6$3 (53 )LQDQFLDOV

   6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV YLL

YLLL   6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV 

9LVmR JHUDO GR FDStWXOR

   6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV 

 ([SOLFDU DV RSo}HV GH DWXDOL]DomR GDV WD[DV GH FkPELR

   6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV 

/LomR 8QLGDGHV RUJDQL]DFLRQDLV

9LVmR JHUDO GD OLomR

)LJXUD  8QLGDGHV RUJDQL]DFLRQDLV QR 6$3 (53 )LQDQFLDOV

   6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV 

2 PDQGDQWH p R QtYHO PDLV HOHYDGR QD KLHUDUTXLD GR VLVWHPD 6$3 (53 $V

   6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV 

)LJXUD  &ULDomR GH XPD HPSUHVD

'LFD 2 ,0* VXJHUH D VHJXLQWH VHTXrQFLD

'LFD $ XWLOL]DomR GD IXQomR GH FySLD p RSFLRQDO 7DPEpP p SRVVtYHO

   6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV 

2V REMHWRV QD DWLYLGDGH 3URFHVVDU GDGRV GD HPSUHVD LQFOXHP

   6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV 

)LJXUD  0RGHORV GR SDtV

1R VLVWHPD VWDQGDUG GR 6$3 (53 D HPSUHVD  p XP PRGHOR SDUD XPD

'LFD 2 SURJUDPD GH LQVWDODomR GH SDtV QmR FULD DSHQDV XP PRGHOR

$WHQomR 1mR VH HVTXHoD GH FRSLDU R PRGHOR GR SDtV DQWHV GH FRQWLQXDU

   6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV 

$OpP GD HPSUHVD H[LVWHP RXWUDV XQLGDGHV RUJDQL]DFLRQDLV LPSRUWDQWHV QD

   6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV 

2XWUDV XQLGDGHV RUJDQL]DFLRQDLV LPSRUWDQWHV QD &RQWDELOLGDGH ¿QDQFHLUD

   6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV 

2 XVR GH GLYLV}HV FHQWURV GH OXFUR VHJPHQWRV VRFLHGDGHV H iUHDV IXQFLRQDLV YLVD

)LJXUD  1RUPDV FRQWiEHLV LQWHUQDFLRQDLV

2 FOLHQWH TXH GHVHMDU IRUPXODU GHPRQVWUDWLYRV ¿QDQFHLURV SRU GLYLVmR FHQWUR GH

   6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV 

$WHQomR 2 FHQiULR VWDQGDUG GD 6$3 1RWD 6$3  GHULYD

ÈUHD GH FRQWDELOLGDGH GH FXVWRV

7),1B

8P FXUVR 6$3 &RPSDVV XWLOL]HR FRPR IHUUDPHQWD GH DSUHQ

'LUHLWRV DXWRUDLV 6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV

0LFURVRIW :,1'2:6 17 (;&(/ :RUG 3RZHU3RLQW H 64/ 6HUYHU VmR

7H[WR GH H[HPSOR 3DODYUDV RX FDUDFWHUHV TXH DSDUHFHP QD WHOD ,QFOXHP

7H[WR GH H[HPSOR (QIDWL]D SDODYUDV RX IUDVHV QR WH[WR HP WtWXORV GH

7(;72 '( 1RPHV GH HOHPHQWRV QR VLVWHPD ,QFOXHP QRPHV

7H[WR GH H[HPSOR 6DtGD HP WHOD ,QFOXL QRPHV GH ¿OHV H GLUHWyULRV H

7H[WR GH (QWUDGD H[DWD GR XVXiULR 6mR SDODYUDV H FDUDFWHUHV

7H[WR GH (QWUDGD YDULiYHO GR XVXiULR &ROFKHWHV LQGLFDP TXH

6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV LLL

3DUD PDLRUHV LQIRUPDo}HV GLFDV RX EDFNJURXQG

LY 6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV

&DStWXOR &RQ¿JXUDo}HV JOREDLV

&DStWXOR 'DGRV PHVWUH

&DStWXOR &RQWUROH GH GRFXPHQWRV

&DStWXOR &RQWUROH GH ODQoDPHQWR

&DStWXOR &RPSHQVDomR

6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV Y

&DStWXOR /LYUR FDL[D

&DStWXOR 3HUVSHFWLYD RXWURV WySLFRV

$QH[R &DPLQKRV GH PHQX

$QH[R 'D FRQWDELOLGDGH JHUDO FOiVVLFD j QRYD QRYR

$QH[R &DPLQKRV GH PHQX QD &RQWDELOLGDGH JHUDO

YL 6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV

(IHWXDU D FRQ¿JXUDomR EiVLFD GR FRPSRQHQWH 6$3 (53 )LQDQFLDOV

6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV YLL

YLLL 6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV

6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV

([SOLFDU DV RSo}HV GH DWXDOL]DomR GDV WD[DV GH FkPELR

6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV

/LomR 8QLGDGHV RUJDQL]DFLRQDLV

)LJXUD 8QLGDGHV RUJDQL]DFLRQDLV QR 6$3 (53 )LQDQFLDOV

6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV

2 PDQGDQWH p R QtYHO PDLV HOHYDGR QD KLHUDUTXLD GR VLVWHPD 6$3 (53 $V

6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV

)LJXUD &ULDomR GH XPD HPSUHVD

'LFD 2 ,0* VXJHUH D VHJXLQWH VHTXrQFLD

'LFD $ XWLOL]DomR GD IXQomR GH FySLD p RSFLRQDO 7DPEpP p SRVVtYHO

6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV

2V REMHWRV QD DWLYLGDGH 3URFHVVDU GDGRV GD HPSUHVD LQFOXHP

6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV

)LJXUD 0RGHORV GR SDtV

1R VLVWHPD VWDQGDUG GR 6$3 (53 D HPSUHVD p XP PRGHOR SDUD XPD

'LFD 2 SURJUDPD GH LQVWDODomR GH SDtV QmR FULD DSHQDV XP PRGHOR

$WHQomR 1mR VH HVTXHoD GH FRSLDU R PRGHOR GR SDtV DQWHV GH FRQWLQXDU

6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV

$OpP GD HPSUHVD H[LVWHP RXWUDV XQLGDGHV RUJDQL]DFLRQDLV LPSRUWDQWHV QD

6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV

2XWUDV XQLGDGHV RUJDQL]DFLRQDLV LPSRUWDQWHV QD &RQWDELOLGDGH ¿QDQFHLUD

6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV

2 XVR GH GLYLV}HV FHQWURV GH OXFUR VHJPHQWRV VRFLHGDGHV H iUHDV IXQFLRQDLV YLVD

)LJXUD 1RUPDV FRQWiEHLV LQWHUQDFLRQDLV

2 FOLHQWH TXH GHVHMDU IRUPXODU GHPRQVWUDWLYRV ¿QDQFHLURV SRU GLYLVmR FHQWUR GH

6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV

$WHQomR 2 FHQiULR VWDQGDUG GD 6$3 1RWD 6$3 GHULYD

)LJXUD ÈUHD GH FRQWDELOLGDGH GH FXVWRV

6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV

6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV

([HUFtFLR 8QLGDGHV RUJDQL]DFLRQDLV

1RPH GD HPSUHVD *UXSR

9RFr SRGH SUHHQFKHU RV RXWURV FDPSRV SDUD DWHQGHU D VXDV QHFHVVLGDGHV

6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV

9RFr SRGH DWULEXLU GLUHWDPHQWH XPD GLYLVmR D XPD HPSUHVD

6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV

6ROXomR 8QLGDGHV RUJDQL]DFLRQDLV

6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV

3UHWHQGH DWULEXLU XPD RXWUD PRHGD 1mR

&RQ¿UPH D FDL[D GH GLiORJR ,QIRUPDomR DOJXQV GDGRV QmR IRUDP

1RPH GD HPSUHVD *UXSR

9RFr SRGH SUHHQFKHU RV RXWURV FDPSRV SDUD DWHQGHU D VXDV QHFHVVLGDGHV

2EVHUYDomR 3DUDEpQV 6XD HPSUHVD DFDED GH VHU FULDGD

6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV

UDYH VXDV HQWUDGDV VHOHFLRQDQGR R ERWmR ³UDYDU´

6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV

UDYH VXDV HQWUDGDV VHOHFLRQDQGR R ERWmR ³UDYDU´ 3HUPDQHoD QD

6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV

6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV

6$3 $* 7RGRV RV GLUHLWRV UHVHUYDGRV

/LomR &RQ¿JXUDo}HV EiVLFDV QD &RQWDELOLGDGH JHUDO