&21),*85$d­2'26'$'26'(5('(±(67$d­2'(75$%$/+2
120('2&20387$'25+2671$0(12'20Ë1,2


3DUDLQLFLDUDFRQILJXUDomRGRVGDGRVGHUHGHGD(VWDomRGH7UDEDOKRVHOHFLRQHDVRSo}HVQDVHJXLQWHRUGHP,QLFLDU!3DLQHOGH
&RQWUROHFRQIRUPHPRVWUDGRQDILJXUDDEDL[R


























6HDSDUHFHUDWHODDEDL[RDOWHUDURPRGRGHH[LELomRGR3DLQHOGH&RQWUROH&OLTXHQDRSomR³$OWHUDUSDUDRPRGRGHH[LELomR
FOiVVLFR´ORFDOL]DGRQDiUHDVXSHULRUHVTXHUGDFRQIRUPHGHVWDTXHHPYHUPHOKRHQWmRDSDUHFHUiXPDWHODVLPLODUDPRVWUDGDQRLWHP
6HQmRDSDUHFHUXPDWHODVLPLODUDPRVWUDGDDEDL[RSDVVHSDUDRLWHP




































$SDUHFHQGRDWHODPRVWUDGDDEDL[RGDUXPGXSORFOLTXHQDRSomR³6LVWHPD´ORFDOL]DGRQDSDUWHLQIHULRUGDWHODFRQIRUPHLWHP
GHVWDFDGRFRPXPFtUFXORYHUPHOKR































4XDQGRDSDUHFHUXPDWHODVLPLODUjILJXUDPRVWUDGDDEDL[RVHOHFLRQHDDED³1RPHGR&RPSXWDGRU´GHVWDTXHOHWUD$HP
YHUPHOKRGHSRLVFOLTXHQRERWmR³$OWHUDU´GHVWDTXHOHWUD%HPYHUPHOKR









































4XDQGRDSDUHFHUXPDWHODVLPLODUjILJXUDDEDL[RLQIRUPHRQRPHGRFRPSXWDGRUKRVWQDPHFRQIRUPHFtUFXORHPGHVWDTXHQD
OHWUD$HRQRPHGRGRPtQLRFtUFXORHPGHVWDTXHQDOHWUD%'HSRLVGHLQIRUPDGRVRVGDGRVUHIHUHQWHVjVOHWUDV$H%FOLFDUQRERWmR
³0DLV´HPGHVWDTXHQDOHWUD&SDUDLQIRUPDURVHUYLGRU'16GDUHGHFRQIRUPHPRVWUDDILJXUDDEDL[R
































4XDQGRDSDUHFHUDILJXUDDEDL[RLQIRUPDURVXIL[R'16SULPiULR6HUYLGRU'163ULPiULRGDUHGHSDUDRFRPSXWDGRUFRQIRUPHFDPSR
GHVWDFDGRSHODOHWUD$HPVHJXLGDVHOHFLRQDURLWHP$OWHUDUVXIL[R'16SULPiULRTXDQGRDSDUWLFLSDomRQRGRPtQLRIRUDOWHUDGD
ORFDOL]DGDORJRDEDL[RGRFDPSRFRQIRUPHH[HPSORPRVWUDGRDVHJXLU$SyVSUHHQFKHUFRPRVGDGRVVROLFLWDGRVFOLFDUQRERWmR2.






































'HYHUiDSDUHFHUXPDWHODVLPLODUjPRVWUDGDDEDL[RSHGLQGRRXVXiULRHVHQKDGR$GPLQLVWUDGRUGR'RPtQLRRXXPXVXiULRFRP
SHUPLVVmRSDUDLQFOXLUDPiTXLQDQDUHGH,QIRUPHRXVXiULRHUHVSHFWLYDVHQKDFRQIRUPHPRVWUDPRVFDPSRV$H%QDILJXUDDEDL[R
GHSRLVFOLTXHQRERWmR2.SDUDFRQWLQXDU























$SDUHFHUXPDWHODLQIRUPDQGRTXHRFRPSXWDGRUGHYHUiVHUUHLQLFLDOL]DGRFRQIRUPHPRVWUDGRDEDL[RFOLTXHQRERWmR2.SDUDUHWRUQDU
DWHODDQWHULRUHHPVHJXLGDFOLTXHPDLVXPDYH]QRERWmR2.SDUDFRQWLQXDU












$SDUHFHUiDWHODDEDL[RSHUJXQWDQGRVHGHVHMDUHLQLFLDURFRPSXWDGRU&OLTXHQRERWmR1­2HPGHVWDTXHSRLVDLQGDWHUHPRVTXH
LQFOXLURHQGHUHoR,3GDPiTXLQDSDUDVyDSyVHVVHSURFHGLPHQWRUHLQLFLDURFRPSXWDGRU
















 (1'(5(&2,3),;20È6&$5$'(5('((6(59,'25'16



3DUDLQLFLDUDFRQILJXUDomRGRVGDGRVGHUHGHHQGHUHoR,3PiVFDUDGHUHGHH6HUYLGRU'16GD(VWDomRGH7UDEDOKRVHOHFLRQHDV
RSo}HVQDVHJXLQWHRUGHP,QLFLDU!&RQILJXUDo}HV!&RQH[}HVGH5HGHFRQIRUPHPRVWUDGRQDILJXUDDEDL[R


























$SDUHFHUiXPDWHODVLPLODUjPRVWUDGDDEDL[R











































$SDUHFHUiXPDWHODVLPLODUjPRVWUDGDDEDL[RHQWmRFOLTXHFRPRERWmRGLUHLWRVREUHRtFRQH³&RQH[mRORFDO´HVHOHFLRQHDRSomR
³3URSULHGDGHV´HPGHVWDTXH



4XDQGRDSDUHFHUDWHODDEDL[RQRTXDGUR³(VWDFRQH[mRXVDHVWHVLWHQV´VHOHFLRQH³3URWRFROR7&3,3´HPGHVWDTXHQDOHWUD$
HPVHJXLGDFOLTXHQRERWmR³3URSULHGDGHV´HPGHVWDTXHSHODOHWUD%







































4XDQGRDSDUHFHUXPDWHODDEDL[RLJXDOjPRVWUDGDDVHJXLUGLJLWDUDVLQIRUPDo}HVGHUHGHQRTXDGUR³8VDURVHJXLQWHHQGHUHoR
,3´HPGHVWDTXHSHODOHWUD$HQGHUHoR,3PiVFDUDGHUHGHHVHUYLGRU'161RFDPSR³(QGHUHoR,3LQIRUPDUR,3´LQIRUPDUR,3
TXHVHUiGHVLJQDGRSDUDHVVDPiTXLQDFRQIRUPHLWHPGHVWDFDGRSHODOHWUD%1RFDPSR³0iVFDUDGHVXEUHGH´LQIRUPDUDPiVFDUD
GHUHGHFRQIRUPHGHVWDFDGRSHODOHWUD&1RTXDGUR³8VDURVVHJXLQWHVHQGHUHoRVGHVHUYLGRU'16´GHVWDFDGRSHODOHWUD'GHYHUi
LQIRUPDURVHUYLGRU'16GRGRPtQLRHQWmRGHYHUiGLJLWDURHQGHUHoR,3GR6HUYLGRU'16FRQIRUPHGHVWDFDGRSHODOHWUD($ILJXUD
DEDL[RPRVWUDFRPRSURFHGHU$SyVSUHHQFKHURVGDGRVFRUUHWDPHQWHFOLTXHQRERWmR2.SDUDUHWRUQDUDWHODDQWHULRU



































4XDQGRUHWRUQDUDWHODDQWHULRUFOLFDUQRERWmR)(&+$5FRQIRUPHPRVWUDGRDEDL[R


































5HLQLFLDURFRPSXWDGRU$JXDUGH

$SyVRFRPSXWDGRUUHLQLFLDUDSDUHFHUDWHODGHORJRQHQWmRORJXHQDUHGHFRPRXVXiULRVXSRUWHVHQKDSURP#SH

8PDYH]ORJDGRQDUHGHSURFHGHURVWHVWHVGHYHULILFDomRGRVGDGRVGDUHGHFRPRHQGHUHoR,3QRPHGDPiTXLQDHWF(QWmRFOLTXH
QDRSomR,1,&,$5ORFDOL]DGRQDSDUWHLQIHULRUGRGHVNWRSHHPGHVWDTXHSHODOHWUD$GHSRLVQDRSomR(;(&87$5HPGHVWDTXHSHOD
OHWUD%FRQIRUPHPRVWUDDILJXUDDEDL[R




































4XDQGRDSDUHFHUDWHODPRVWUDGDDEDL[RQRFDPSR³$EULU´GLJLWHRFRPDQGRFPGHPGHVWDTXHSHODOHWUD$HGHSRLVFOLTXHQRERWmR
2.HPGHVWDTXHSHODOHWUD%



















(QWmRGHYHUiDSDUHFHUDWHODGRSURPSW'26FRQIRUPHPRVWUDGRDEDL[R































4XDQGRDSDUHFHUDWHODGRSURPSW'26GLJLWHRFRPDQGR,3&21),*$//HGHYHUmRDSDUHFHULQIRUPDo}HVVLPLODUHVjVPRVWUDGDV
QDWHODDEDL[R































1HVVDPHVPDWHODQRSURPSW'26GHYHUiSURFHGHURXWURVWHVWHVGHUHGHFRPRORFDOL]DomRGRVHUYLGRUGLJLWDQGRRVFRPDQGRV
PRVWUDGRVDEDL[R

SLQJ (VWHpRHQGHUHoR,3GRVHUYLGRU&RQWURODGRUGH'RPtQLRGD5HGH(QFRQWUDVHQDSiJLQDGR
GRFXPHQWR1RUPDWL]DomRGH1RPHQFODWXUDGD5HGH&RUSRUDWLYD
SLQJWEEVYSURPDWD (VWHpRQRPHGRVHUYLGRU&RQWURODGRUGH'RPtQLRGD5HGH(QFRQWUDVHQDSiJLQDGRGRFXPHQWR
1RUPDWL]DomRGH1RPHQFODWXUDGD5HGH&RUSRUDWLYD




'HYHUmRDSDUHFHULQIRUPDo}HVVLPLODUHVjVPRVWUDGDVQDWHODDEDL[R































6HDSDUHFHUDVLQIRUPDo}HVDFLPDYLVXDOL]DGDVDVFRQILJXUDo}HVGHUHGHSDUDD(VWDomRGH7UDEDOKRHVWmRFRUUHWDV3URQWRpVyIHFKDU
DWHODGR3URPSW'26