0(72'2/2*,$'(352-(72(,03/(0(17$d­2'(5('(931

9,578$/35,9$7(1(7:25.62%5($,17(51(792/7$'$$
,17(*5$d­2'$6,167,78,d®(6'((16,12683(5,25,(6
5DLPXQGR9LpJDV-XQLRU/XL]$IIRQVR+*GH2OLYHLUD

5HVXPR  (VWH WUDEDOKR DSUHVHQWD XPD PHWRGRORJLD GH 5HGH3ULYDGD9LUWXDORX9319LUWXDO3ULYDWH1HWZRUNpD

SURMHWRSDUD5HGH3ULYDGD9LUWXDO931FRPRREMHWLYRGH LPSOHPHQWDomR VHJXUD GH XPD UHGH GH ORQJD GLVWkQFLD
HVWHQGHU D ,QWUDQHW GD 8)3$ 8QLYHUVLGDGH )HGHUDO GR XWLOL]DQGRDLQIUDHVWUXWXUDH[LVWHQWHSULYDGDRXS~EOLFDSDUD
3DUiDWpRVFDPSLVGR LQWHULRU HRXD FDVD GRV GRFHQWHV H
DGPLQLVWUDGRUHVXWLOL]DQGRRVVHUYLoRVS~EOLFRVGD,QWHUQHW
1HVVD VROXomR RV GDGRV WUDIHJDP DWUDYpV GH W~QHLV
FULSWRJUDIDGRV HQWUH RV GLYHUVRV SRQWRV GD UHGH (VWD
VROXomR SHUPLWLX XPD JUDQGH UHGXomR GH FXVWRV FRP R
WUDIHJDU GDGRV DWUDYpV GH XP W~QHO GH FULSWRJUDILD HQWUH
WRGRV RV SRQWRV DXWRUL]DGRV GD UHGH >@ 2V GDGRV VmR
FULSWRJUDIDGRV GH WDO PDQHLUD TXH XVXiULRV DXWRUL]DGRV
FRQVHJXHPWHUDFHVVRjVLQIRUPDo}HVQDVXDIRUPDRULJLQDO
3DUDTXHDV931VSRVVDPXVDUREDFNERQH GD,QWHUQHWpYLWDO
DOXJXHO GH OLQNV SULYDGRV GH FRPXQLFDomR GH GDGRV $
PHWRGRORJLDTXHSRGHVHUUHXWLOL]DGDHPRXWUDVLQVWLWXLo}HV
VLVWHPDWL]D DV HWDSDV GD LPSODQWDomR GD 931 HP XP
FRQMXQWR GH SDVVRV EDVHDGD HP LQIRUPDo}HV HVWUDWpJLFDV
DGPLQLVWUDWLYDV H WpFQLFDV JDUDQWLQGR D TXDOLGDGH GR
SURMHWRHPLQLPL]DQGRRVULVFRVGHVHJXUDQoD
ËQGLFH GH 7HUPRV ± 0HWRGRORJLD GH 3URMHWR 5HGH 3ULYDGD
9LUWXDO931
,1752'8d­2
2 JUDQGH GHVHQYROYLPHQWR WHFQROyJLFR H[SHULPHQWDGR QDV
iUHDV GD LQIRUPiWLFD H GDV WHOHFRPXQLFDo}HV WHP DPSOLDGR
GH IRUPD VHP SUHFHGHQWHV D TXDQWLGDGH GH LQIRUPDo}HV
GLVSRQLELOL]DGDV DR SHVVRDO GDV LQVWLWXLo}HV GH HQVLQR 2
VLVWHPD GHFLVyULR HP WRGRV RV QtYHLV GD DGPLQLVWUDomR p
HQULTXHFLGR QD PHGLGD HP TXH SHVVRDV H[HFXWDQGR WDUHIDV
HP GLIHUHQWHV VHWRUHV GHVVDV LQVWLWXLo}HV SRGHP DFHVVDU RV
PHVPRVGDGRVGHIRUPDFRPSDUWLOKDGDLQWHJUDQGRDVDo}HV
H DXPHQWDQGR D FRQILDELOLGDGH GDV LQIRUPDo}HV JHUDGDV
8PDIRUPDGHDFHVVDUGDGRVHVLVWHPDVGHTXDOTXHUORFDOHD
TXDOTXHU KRUD p XWLOL]DQGR VHUYLoRV TXH RSHUDP VREUH D
,QWHUQHW (P GHFRUUrQFLD GLVWR R GHVHQYROYLPHQWR GH XPD
PHWRGRORJLD GH SURMHWR H LPSOHPHQWDomR GH 931 VREUH D
,QWHUQHW QHFHVVDULDPHQWH FRQWULEXL SDUD XPD PDLRU
IOH[LELOLGDGHHGLVSRQLELOLGDGHGRVVHUYLoRVRQOLQHSURYLGRV
SHODV ,(6 DRV VHXV XVXiULRV GH LQWUDQHW H DR VHX S~EOLFR GH
LQWHUQHW $ YDQWDJHP GH XPD 931 p SRVVLELOLGDGH GH
UHXWLOL]DomR VREUH D :HE GH VLVWHPDV FOLHQWHVHUYLGRU
RULJLQDOPHQWH GHVHQYROYLGRV SDUD DPELHQWHV GH LQWUDQHW
$OpP GD UHXWLOL]DomR GH VRIWZDUH XPD 931 FRQWULEXL SDUD
UHGXomR GH FXVWRV FRP FRPXQLFDo}HV SRLV SRVVLELOLWD D
H[HFXomR GH VLVWHPDV TXH H[LJHP OLQNV GHGLFDGRV VREUH D
LQIUDHVWUXWXUDS~EOLFDGD,QWHUQHW>@
&$5$&7(5Ë67,&$6'(9316

5DLPXQGR9LpJDV-XQLRU8QLYHUVLGDGH)HGHUDOGR3DUi&DPSXV*XDPi5XD$XJXVWR&RUUHD%HOpP3$%UDVLOUYLHJDV#XISDEU

/XL]$IIRQVR+*GH2OLYHLUD8QLYHUVLGDGH)HGHUDOGR5LR*UDQGHGR1RUWH&DPSXV/DJRD1RYD1DWDO51%UDVLODIIRQVR#GFDXIUQEU
TXH HODV VHMDP FRPSDWtYHLV FRP R SURWRFROR ,QWHUQHW ,3
XWLOL]DQGRHQGHUHoRV,3RILFLDLV>@
$SHVDU GD UHGXomR GH FXVWRV FRP FRPXQLFDomR H
VLPSOLILFDomR GD DGPLQLVWUDomR GD UHGH p SUHFLVR PXLWD
DWHQomRFRPDVHJXUDQoDTXDQGRVHFRQVWUyLXPDUHGH931
VREUH D ,QWHUQHW 1D 931 RV VLVWHPDV GD LQVWLWXLomR QmR
HVWmR PDLV UHVWULWRV D XP OLQN GHGLFDGR SULYDGR HP YH]
GLVVRRVGDGRVHVLVWHPDVWUDIHJDPD PDLRUSDUWHGRWHPSR
QXPDUHGHS~EOLFDVXMHLWDDDWDTXHV3RUHVWHPRWLYRRXVR
GDFULSWRJUDILDQDV931VpIXQGDPHQWDO2WHPDVHJXUDQoDp
D SULPHLUD SUHRFXSDomR QR SURMHWR GH XPD 931
$FRVWXPDGDV FRP D SULYDFLGDGH JDUDQWLGD SHODV UHGHV
SURSULHWiULDV PXLWDV ,(6 SRGHP FRQVLGHUDU D ,QWHUQHW
EDVWDQWH DEHUWD SDUD D FULDomR GH XPD UHGH SULYDGD 0DV
WRPDQGRVH DV GHYLGDV SUHFDXo}HV D ,QWHUQHW S~EOLFD SRGH
VHUWRUQDUWmRSULYDGDFRPRDUHGHGHWHOHIRQLDFRPXWDGD
$ GLVSRQLELOLGDGH p XP IDWRU TXH DEUDQJH R WHPSR GH
IXQFLRQDPHQWR GD UHGH H VHX GHVHPSHQKR ([LVWHP UHGHV
SULYDGDV TXH DVVHJXUDP GHWHUPLQDGRV QtYHLV GH VHUYLoR
TXDQWR D HVVH SDUkPHWUR 'LIHUHQWH GHVWDV UHGHV SULYDGDV D
,QWHUQHW DWXDOPHQWH QmR SRVVXL WDO JDUDQWLD GH VHUYLoRV  $
H[SDQVmR GD ,QWHUQHW RFRUUH GH IRUPD GHVHQIUHDGD H
GHVFRQWURODGD VHP R EHQHItFLR GH XPD RUJDQL]DomR TXH
VXSHUYLVLRQD R VHX FUHVFLPHQWR 3RU RXWUR ODGR D ,QWHUQHW
SRVVXL UHGXQGkQFLD H HODVWLFLGDGH PXLWR PDLV UREXVWDV GR
TXHXPDWtSLFDUHGHSULYDGD>@(VWDUREXVWH]SHUPLWHHYLWDU
FDWiVWURIHV HP ODUJD HVFDOD GHL[DQGR RV SUREOHPDV GH
VHUYLoRVLVRODGRVHPVXDVORFDOLGDGHVGHRULJHP3RUWDQWRp
UD]RiYHO GL]HU TXH D ,QWHUQHW RIHUHFH FRQILDELOLGDGH
VXILFLHQWHSDUDDJUDQGHPDLRULDGHDSOLFDo}HVHGXFDFLRQDLV
HPWHUPRVGHGLVSRQLELOLGDGH
35272&2/26'( 683257($ 9316
2VSURWRFRORVGHWXQHODPHQWRVmRUHVSRQViYHLVSHODDEHUWXUD
H JHUHQFLDPHQWR GH VHVV}HV GH W~QHLV HP 931V >@ (VWHV
SURWRFRORV GHILQLGRV SHOR PRGHOR26,,62 2SHQ 6\VWHPV
,QWHUFRQQHFWLRQ,QWHUQDWLRQDO6WDQGDUGV 2UJDQL]DWLRQ >@ ,QWHJUDomR ,QVWLWXFLRQDO /HYDQWDU D QHFHVVLGDGH GH
VmRGLYLGLGRVHPGRLVJUXSRV LQWHJUDomR GRV FDPSLV j VHGH GD LQVWLWXLomR OHYDQGRVH HP
x 3URWRFRORV GH FDPDGD GH HQODFH 333 3RLQW WR 3RLQW FRQWD DV OLQKDV GH SHVTXLVD GHVHQYROYLGDV TXH SRGHP WHU
3URWRFRO VREUH ,3 ,QWHUQHW 3URWRFRO WUDQVSRUWDP GHVGH DWXDomR QDFLRQDO RX LQWHUQDFLRQDO 1HVWH TXHVLWR p
LQIRUPDo}HV GD &DPDGD GH UHGH XWLOL]DQGR TXDGURV LPSRUWDQWH WDPEpP OHYDQWDU RV PDLRUHV SDUFHLURV GD
FRPR XQLGDGH GH WURFD RV SDFRWHV VmR ³HQFDSVXODGRV´ LQVWLWXLomRHVHHVWHVQHFHVVLWDPLQWHJUDUVHjUHGHGD,(6
HPTXDGURV333>@>@>@
x 3URWRFRORVGHUHGH,3VREUH,3³HQFDSVXODP´SDFRWHV (VWUXWXUD $GPLQLVWUDWLYD 1HVWH TXHVLWR R SURMHWLVWD GHYH
,3 FRP FDEHoDOKRV GHVWH PHVPR SURWRFROR DQWHV GH REWHU LQIRUPDo}HV H HQWHQGHU FRPR IXQFLRQD D HVWUXWXUD
HQYLiORV>@ RSHUDFLRQDO OHYDQWDQGR FRPR HVWi RUJDQL]DGD D LQVWLWXLomR
2 W~QHO 931 XWLOL]DGR QD &DPDGD GRLV (QODFH p
VLPLODUDXPDVHVVmRRQGHDVGXDVH[WUHPLGDGHVQHJRFLDPD
FRQILJXUDomR GRV SDUkPHWURV SDUD HVWDEHOHFLPHQWR GR
HQGHUHoDPHQWRFULSWRJUDILDHSDUkPHWURVGHFRPSUHVVmRGR
W~QHO >@ $ JHUrQFLD p UHDOL]DGD DWUDYpV GH SURWRFRORV
HVSHFtILFRV GH PDQXWHQomR GR W~QHO 1HVWHV FDVRV p
WDLV FRPR 'HSDUWDPHQWRV &HQWURV GH 3HVTXLVD 3Uy
5HLWRULDV H FRPR D LQWHJUDomR GD UHGH HGXFDFLRQDO YDL
LPSDFWDUQDWRPDGDGHGHFLV}HVGRVDGPLQLVWUDGRUHV
*UXSRV GH 8VXiULRV ,GHQWLILFDU RV PDLRUHV JUXSRV GH
XVXiULRV GD UHGH LQVWLWXFLRQDO H TXDLV VXDV DWXDLV H IXWXUDV
QHFHVViULRTXHRW~QHOVHMDFULDGRPDQWLGRHHQFHUUDGR1DV QHFHVVLGDGH GH FRPXQLFDomR VHUYLoRV GH UHGH YHULILFDQGR
WHFQRORJLDV GH &DPDGD WUrV 5HGH p DQiORJD SRUpP QmR WDPEpPDSRVVLELOLGDGHGHLPSODQWDomRGHXPD,QWUDQHWFDVR
H[LVWHDIDVHGHPDQXWHQomRGRW~QHO>@3DUDDVWpFQLFDVGH DLQGD QmR H[LVWD FRP D ILQDOLGDGH GH DXPHQWDU D
WXQHODPHQWR 931 VREUH ,QWHUQHW DWXDOPHQWH HP XVR TXDWUR SURGXWLYLGDGHGRVSURIHVVRUHVHWpFQLFRVGD,(6
SURWRFRORVVHGHVWDFDUDPHPRUGHPGHVXUJLPHQWR
x 33733RLQWWR3RLQW7XQQHOLQJ3URWRFRO>@ *UXSR *HVWRU ,GHQWLILFDU RV UHVSRQViYHLV QD ,(6 SHOR
x /)/D\HU)RUZDUGLQJ>@ SURMHWR GH 931 YHULILFDQGR D TXHP FRPSHWH DFHLWDU RX
x /73/D\HU7XQQHOLQJ3URWRFRO>@H UHMHLWDUR PRGHOR GH LPSODQWDomR SURSRVWR 'LVFXWLQGR FRP
x ,36HF,36HFXULW\3URWRFRO>@ RV DGPLQLVWUDGRUHV UHVSRQViYHLV GH FRPR R SURMHWR GHYH
&DGDSURWRFRORWHPVXDVYDQWDJHQVHGHVYDQWDJHPPDV LQWHJUDUDLQVWLWXLomRHTXDLVRVVHXVLPSDFWRVJOREDLVGHVGH
VHPSUH TXDQGR SRVVtYHO XWLOL]DUHPRV SDGU}HV DEHUWRV DGRomRGHSROtWLFDVGHVHJXUDQoDDWUHLQDPHQWRGRVXVXiULRV
UHFRPHQGDGRVSHOR,QWHUQHW(QJLQHHULQJ7DVN)RUFH ,(7)
9,6­2*(5$/'$ 0(72'2/2*,$
$ PHWRGRORJLD SURSRVWD SDUD R SURMHWR H LPSOHPHQWDomR GH
931XWLOL]DQGRD,QWHUQHWpEDVHDGDHPWUrVHWDSDV>@ WRSRORJLDGRWLSREDUUDPHQWRRXDQHO
x q (WDSD±/HYDQWDPHQWRGDV,QIRUPDo}HVGD,(6
x q (WDSD±3URMHWROyJLFRGD931
x q (WDSD±0RGHORGH,PSOHPHQWDomRGD931
(7$3$'$ 0(72'2/2*,$
/HYDQWDPHQWRGDV,QIRUPDo}HVGD,(61HVWDHWDSDID]VH
R OHYDQWDPHQWR GDV PDFURV LQIRUPDo}HV LQFOXLQGRVH DV
DWXDLVFDUDFWHUtVWLFDVGDUHGHGHFRPSXWDGRUHVGHVGHDQiOLVH
SDUDDXWLOL]DomRGRVQRYRVVHUYLoRVGLVSRQtYHLV
7RSRORJLD)tVLFD /HYDQWDUTXDOpDWRSRORJLDItVLFDHOyJLFD
DGRWDGD QD UHGHGD ,(6 *HUDOPHQWH D WRSRORJLD ItVLFD p GR
WLSR HVWUHOD DSHVDU GH DLQGD H[LVWLUHP ,(6 RSHUDQGR FRP
,QIUDHVWUXWXUD(OpWULFD/HYDQWDUFRPRHVWiLPSOHPHQWDGD
D LQIUDHVWUXWXUD GH GLVWULEXLomR GH HQHUJLD HOpWULFD SDUD RV
FRPSXWDGRUHV $QDOLVDQGRVH WDPEpP D H[LVWrQFLD GH XP
VLVWHPDGHIRUQHFLPHQWRHPHUJHQFLDOGHHQHUJLDWDLVFRPR
JHUDGRUHVHQREUHDNVGHSDUWDPHQWDLVRXLQGLYLGXDLV
,QIUDHVWUXWXUD /yJLFD /HYDQWDU FRPR HVWi LPSOHPHQWDGD
D LQIUDHVWUXWXUD ItVLFD GH FDEHDPHQWR OyJLFR GD UHGH
GR SURMHWR ItVLFR HOHPHQWRV DWLYRV H SDVVLYRV H OyJLFR %DVLFDPHQWH Ki GRLV PRGHORV GH FDEHDPHQWR OyJLFR
WRSRORJLD VLVWHPD RSHUDFLRQDO H VHUYLoRV GH UHGH TXH H[LVWHQWH2HVWUXWXUDGRFDUDFWHUL]DVHSHODXWLOL]DomRGHXP
FRPS}HP R DPELHQWH GH LQIRUPiWLFD GD LQVWLWXLomR DWp D WLSRGH FDER OyJLFR FDWHJRULD RX VXSHULRUHV SDUD WUiIHJR
QHFHVVLGDGH GH FRPXQLFDomR 1HVWD IDVH REMHWLYDVH D
LQWHJUDomR GR DPELHQWH HGXFDFLRQDO SRLV LVWR p GH
IXQGDPHQWDO LPSRUWkQFLD SDUD R VXFHVVR GD LPSODQWDomR GR
SURMHWR
2EMHWLYR SULQFLSDO GD LPSODQWDomR GR SURMHWR /HYDQWDU
FRPRVJUXSRVGHXVXiULRVRTXHDLQVWLWXLomRHVSHUDFRPD
QRYD UHGH GH FRPXQLFDo}HV FRPR VHUi XWLOL]DGD H FRPR
DXPHQWDUiDSURGXWLYLGDGH3RUH[HPSORUHGX]LUFXVWRVFRP
WHOHFRPXQLFDo}HV RIHUHFHU DFHVVR UHPRWR DRV SURIHVVRUHV H
DGPLQLVWUDGRUHVDDSOLFDo}HVHGDGRVSHUWHQFHQWHD,(6
GH YR] WHOHI{QLFR H GDGRV 2 QmRHVWUXWXUDGR SHUPLWH
DSHQDV R WUiIHJR GH GDGRV SRLV H[LVWH XP FDEHDPHQWR
WHOHI{QLFRHVSHFLILFRSDUDYR]>@,GHQWLILFDUWDPEpPTXDLV
RV HOHPHQWRV DWLYRV TXH FRPS}HP D UHGH TXH SRGHP VHU
KXEVVZLWFKHV HURWHDGRUHVHFRPRHVWmRLQWHUFRQHFWDGRVVH
YLD FDER RX RQGDV GH UiGLR DQDOLVDQGR VH HVWHV HOHPHQWRV
DWLYRV HVWmR FRP D FDSDFLGDGH VDWLVIDWyULD SDUD VXSRUWDU RV
VHUYLoRVGHUHGHVDWXDLV
(VTXHPD )tVLFR GD 5HGH /HYDQWDU D H[LVWrQFLD GH XP
PDSD GD UHGH TXH LQFOXL D ORFDOL]DomR GRV VHJPHQWRV H
GLVSRVLWLYRVGHFRQH[mRGHVFUHYHQGRWRGDVDVFDUDFWHUtVWLFDV
ItVLFDVGDVLQVWDODo}HVHHTXLSDPHQWRVTXHFRPS}HPDUHGH
WDLV FRPR WHFQRORJLD XWLOL]DGD QRV HQODFH SURYHGRU GH
VHUYLoRV GH WHOHFRPXQLFDo}HV ORFDOL]DomR GRV KXEV
VZLWFKHV URWHDGRUHV VHUYLGRUHV PDLQIUDPHV H HVWDo}HV GH
JHUrQFLDGDUHGH
7RSRORJLD/yJLFD9HULILFDUTXDODWRSRORJLDOyJLFDGDUHGH
DGRWDGDVHEDUUDPHQWRRXDQHOSRLVHODLQGLFDRVVHJPHQWRV
GHUHGHQD&DPDGDGRLVHWUrVGRPRGHOR26,,62SRQWRVGH
LQWHUFRQH[mRHTXDORDOFDQFHGDUHGH>@
FRQILGHQFLDOLGDGH GHYHP VHU FRQVLGHUDGDV H FDXWHORVDPHQWH
LPSOHPHQWDGDV $ 931 SRGH VHU LPSODQWDGD FRP UHODomR j
DEUDQJrQFLD GH WUrV IRUPDV GLVWLQWDV VmR HODV ,QWUDQHW
([WUDQHWH931LQWHUQD>@$VHJXLUGHVFUHYHPVHHVWDVWUrV
IRUPDV
,QWUDQHW D 931 HP XPD ,QWUDQHW SRGH VHU FULDGD HQWUH D
VHGHGDRUJDQL]DomRHXPFDPSLUHPRWR'HVWHPRGRHODVy
p XVDGD GHQWUR GD UHGH GD RUJDQL]DomR H p DFHVVDGD DSHQDV
SRU XVXiULRV DXWHQWLFDGRV WDLV FRPR DGPLQLVWUDGRUHV
WpFQLFRV H SURIHVVRUHV TXH SRGHP XWLOL]DU FRQH[}HV
3URWRFROR H (QGHUHoDPHQWR GD 5HGH /HYDQWDU TXDO p R
SURWRFRORGHUHGHHTXDODFODVVHGHHQGHUHoDPHQWRXWLOL]DGD
SUHIHUHQFLDOPHQWH R SURWRFROR 7&3,3 SRLV HVWH LQGLFD D
DWULEXLomR GH HQGHUHoRV GH FDPDGD GH UHGH H GH UHFXUVRV
GLVSRQtYHLV>@
GHGLFDGDVGRWLSR/$1/RFDO$UHD1HWZRUNSDUD/$1RX
GLVFDGDVGRWLSR&OLHQWHSDUD/$1>@
([WUDQHW 8PD931HPXPD([WUDQHWSRGHVHUFULDGDHQWUH
XPD RUJDQL]DomR HGXFDFLRQDO H VHXV SDUFHLURV RX
SURYHGRUHV $ ([WUDQHW SHUPLWLUi R DFHVVR D 931 XVDQGR R
6LVWHPD 2SHUDFLRQDO GH 5HGH H (VWDo}HV GH 7UDEDOKR DOJXP RXWUR VHUYLoR H SURWRFROR DMXVWDGR SHORV XVXiULRV
/HYDQWDUTXDORVLVWHPDRSHUDFLRQDOXWLOL]DGRQRVVHUYLGRUHV
H HVWDo}HV GH WUDEDOKR SRLV QmR REULJDWRULDPHQWH Ki XPD
KHJHPRQLD QR XVR GH XP ~QLFR SURJUDPD YLVWR TXH Ki
QHFHVVLGDGHV HVSHFLILFDV TXH FDGD VRIWZDUH VH SURS}H D
VXSULUHPGHWHUPLQDGRVVHWRUHVGD,(6
6HUYLoRV GH 5HGH /HYDQWDU TXDLV VmR RV VHUYLoRV GH UHGHV
DWXDOPHQWH GLVSRQtYHLV DRV XVXiULRV ,QVWLWXFLRQDLV WDLV
FRPR FRUUHLR HOHWU{QLFR FRPDQGR UHPRWR WUDQVIHUrQFLD GH
DUTXLYRVHDFHVVRD,QWHUQHWRXD,QWUDQHWGDLQVWLWXLomR
*HUrQFLD GH 5HGHV /HYDQWDU TXDO D HVWUDWpJLD GH
JHUHQFLDPHQWR XWLOL]DGD QD UHGH LQVWLWXFLRQDO TXH SRGH VHU
FODVVLILFDGD HP FHQWUDOL]DGD RX GLVWULEXtGD H VH HVWD
HVWUDWpJLDXWLOL]DDOJXPWLSRGHSURWRFRORHVSHFtILFRWDOFRPR
SURWRFROR+773+LSHUWH[W7UDQVIHU3URWRFRORXXWLOL]DQGR
HQYROYLGRV>@(VWHSURFHVVRpPXLWRXWLOL]DGRKRMHHP GLD
QDVDSOLFDo}HVFRPHUFLDLV
931,QWHUQD8PD931LQWHUQDSRGHHGHYHVHUXVDGDSDUD
GDUPDLRUVHJXUDQoDSDUDDRUJDQL]DomRQDFRPXQLFDomRGDV
HVWDo}HV FRP RV VHUYLGRUHV >@ SUHYHQLQGRVH GH SRVVtYHLV
DWDTXHV GH XVXiULRV PDO LQWHQFLRQDGRV 7RGD FRPXQLFDomR
LQWHUQD TXH YHQKD D VHU FRQVLGHUDGD FUtWLFD HP WHUPR GH
VHJXUDQoD SRGH WUDIHJDU SRU XP W~QHO 931 QD UHGH GD
LQVWLWXLomR
7RSRORJLDVGH931
+iPXLWRVWLSRVGHWRSRORJLDVGH931TXHSRGHUmRVH
DGHTXDU jV QHFHVVLGDGHV GD LQVWLWXLomR RX VH DGDSWDU D XPD
FRQILJXUDomR GH UHGH Mi H[LVWHQWH (VWDV WRSRORJLDV SRGHP
R61036LQJOH1HWZRUN0DQDQJHPHQW3URWRFRO>@SDUDR
JHUHQFLDPHQWRGDUHGHGDLQVWLWXLomR
6HJXUDQoD GH 5HGHV /HYDQWDU VH H[LVWH DOJXP VLVWHPD GH
VHJXUDQoD GH GDGRV LPSODQWDGR QD ,QVWLWXLomR TXH QHFHVVLWH
GH SROtWLFDV HVSHFtILFDV TXH GHYHUmR VHU LPSODQWDGDV QR XVR
GD931,QVWLWXFLRQDO
(7$3$'$ 0(72'2/2*,$
3URMHWR/yJLFRGD931'HSRVVHGHWRGDVDVLQIRUPDo}HV
OHYDQWDGDVQDHWDSDDQWHULRUGHILQLVHTXDOD WRSRORJLD D VHU
DGRWDGD SHOD VROXomR 931 H RV UHTXLVLWRV GH SURMHWR EHP
FRPR D FRQILJXUDomR OyJLFD GD UHGH H DV IDFLOLGDGHV GH
JHUrQFLD GHVHPSHQKR H VHJXUDQoD 2V PyGXORV QHVWD HWDSD
VmR WUDWDGRV GH IRUPD LQGHSHQGHQWH H SRGHP VHU
GHVHQYROYLGRV VLPXOWDQHDPHQWH QR SURMHWR GH PRGR D
VXSRUWDUHDWHQGHUDVQHFHVVLGDGHVOHYDQWDGDV
VHU GHILQLGDV EDVLFDPHQWH FRPR &OLHQWH SDUD /$1 H /$1
SDUD/$1
&OLHQWH SDUD /$1 $ DUTXLWHWXUD GH 931 EDVHDGD HP
FOLHQWHSDUD/$1VXUJHTXDQGRXPXVXiULRUHPRWRTXHSRGH
VHUXPDGPLQLVWUDGRUSURIHVVRURXWpFQLFRWHQWDHVWDEHOHFHU
XPDFRQH[mRFRPVXDLQVWLWXLomR,VWRLPSOLFDQDFULDomRGH
XP W~QHO FRP R VHUYLGRU LQWHUQR (VWH W~QHO SRGHUi YLU GD
,QWHUQHW RX GH XPD OLQKD GLVFDGD 3DUD TXH VH FRQVLJD D
FRPXQLFDomR FRP R VHUYLGRU LQWHUQR p QHFHVViULR SULPHLUR
SDVVDUSHORVHUYLGRUGHDFHVVRTXHSRGHUiVHUXPURWHDGRU
ILUHZDOO EODFNER[ RX VHUYLGRUHV GH DXWHQWLFDomR VWDQG±
DORQH TXH OKH JDUDQWLUi R DFHVVR UHTXLVLWDGR VHQGR TXH R
FOLHQWH RSFLRQDOPHQWH SRGH WHU WDPEpP LQVWDODGR XP
VRIWZDUHGHFULSWRJUDILDFRPSDWtYHOFRPRGRILUHZDOO>@
931 /$1 SDUD /$1 (VWH WLSR GH WRSRORJLD 931 p
$EUDQJrQFLDGR3URMHWR931
1D UHGH GD LQVWLWXLomR DOJXQV SULQFtSLRV FRPR
SULYDFLGDGH LQWHJULGDGH GRV GDGRV DXWHQWLFLGDGH H
XWLOL]DGR TXDQGR p QHFHVViULR LQWHUOLJDU UHGHV ORFDLV /$1
VHSDUDGDV JHRJUDILFDPHQWH >@ $V /DQV SRGHUmR HVWDU
RSHUDQGRHPGLIHUHQWHVSODWDIRUPDVFRPRSRUH[HPSORXP
ILUHZDOO XWLOL]DQGRRVLVWHPDRSHUDFLRQDO*18/LQX[GHXP
ODGR H XP ILUHZDOO :LQGRZV 17 GR RXWUR (OHV HVWDUmR
URGDQGR VRIWZDUH GH 931 GLIHUHQWHV PDV WrP TXH HVWDU *HUHQFLDPHQWR'HVHPSHQKRH6HJXUDQoDHP931V
XVDQGR R PHVPR SURWRFROR GH WXQHODPHQWR DOJRULWPR GH
+iWUrVFRPSRQHQWHVSULQFLSDLVTXDQWRjVHJXUDQoDGH
FULSWRJUDILD H HVWDUHP FRQILJXUDGRV SDUD GHWHFWDU
XPD 931 EDVHDGD QD ,QWHUQHW SURYHGRU ,QWHUQHWJDWHZD\V
DXWRPDWLFDPHQWHTXDQGRKRXYHUDOJXPWLSR GH WUiIHJR SDUD
931HVHUYLGRUHVGHVHJXUDQoD>@GHVFULWRVDEDL[R
DUHGH931
x 3URYHGRU ,QWHUQHW /HYDQWDU TXDO VHUi D HPSUHVD GH
$UTXLWHWXUD931 WHOHFRPXQLFDo}HV RX SURYHGRU GH DFHVVR D ,QWHUQHW TXH
GHYHUi SURYHU D LQIUDHVWUXWXUD GH FRPXQLFDomR EiVLFD
([LVWHP PXLWRV WLSRV GH DUTXLWHWXUDV GH 931 TXH
SDUDDLPSOHPHQWDomRGD931
SRGHUmR VH DGHTXDU jV QHFHVVLGDGHV GD LQVWLWXLomR DEDL[R
VmRGHVFULWRVDVSULQFLSDLV x *DWHZD\V 931 /HYDQWDU VH GHQWUR GD ,(6 H[LVWH D
XWLOL]DomRGHSURGXWRH[FOXVLYRGHXP~QLFRIRUQHFHGRU
931 %DVHDGD HP)LUHZDOO 931 EDVHDGD HPILUHZDOO p D GH VROXomR GH UHGHV SRLV D DGLomR GH VXSRUWH D
IRUPD PDLV FRPXP GH LPSOHPHQWDU XPD 931 JHUDOPHQWH FULSWRJUDILD QHVWHV SURGXWRV UHGX] RV FXVWRV GD 931
DV VROXo}HV FRPHUFLDLV GH LPSOHPHQWDomR GH 931 VH 3RU RXWUR ODGR SRU H[HPSOR DFUHVFHQWDU WDUHIDV GH
EDVHLDP QHVWD PRGDOLGDGH>@ $V LQVWLWXLo}HV SHOR VLPSOHV FULSWRJUDILD D XP HTXLSDPHQWR TXH Mi IXQFLRQD FRPR
IDWR GH Mi SRVVXtUHP XP ILUHZDOO RSWDP SRU HVWD URWHDGRU DXPHQWD RV ULVFRV RX VHMD QXPD IDOKD GR
LPSOHPHQWDomR GHFLGLQGR DSHQDV TXDO SURWRFROR GH URWHDGRUIDOKDWDPEpPD931
WXQHODPHQWR XWLOL]DU /) 3373 /73 H ,36HF 8P FDVR x 6HUYLGRUGH6HJXUDQoD(VWHVHUYLGRUPDQWpPDVOLVWDV
SDUWLFXODU WtSLFR p R ILUHZDOO 931 FRP 1$7 1HWZRUN GHFRQWUROHGHDFHVVRHRXWUDVLQIRUPDo}HVUHIHUHQWHVDR
$GUUHVV7UDQVODWLRQTXHVHEDVHLDQRSURFHVVRGHPXGDUR
HQGHUHoR,3GDRUJDQL]DomRSDUDXPHQGHUHoR,3S~EOLFR>@
931%DVHDGDHP'LVSRVLWLYRV%ODFN%R[&RQVLVWHHPXP
GLVSRVLWLYR FRQWHQGR VRIWZDUH GH FULSWRJUDILD H KDUGZDUH
LQWHJUDGR SDUD FULDU XP W~QHO 931 (VWH QRUPDOPHQWH HVWi
ORFDOL]DGR DWUiV GH XPILUHZDOO >@ 4XDQGR R SDFRWH FKHJD
QR ILUHZDOO HOH p H[DPLQDGR RX VHMD RILUHZDOO YHULILFD VH
HVWHSDFRWHWHPSHUPLVVmRSDUDHQWUDURXQmRQDUHGHSRLVR
ILUHZDOO FRQWpPXPDVpULHGHUHJUDVHSROtWLFDVGHVHJXUDQoD
LPSOHPHQWDGDV GH DFRUGR FRP RV FULWpULRV GHILQLGRV SHOR
DGPLQLVWUDGRU GD UHGH GD ,(6 $FRQWHFH TXH RV SDFRWHV
YLQGRV GH XP W~QHO 931 HVWmR FULSWRJUDIDGRV WRUQDQGR R
ILUHZDOO LQFDSD] GH H[DPLQiOR e QHVWH SRQWR TXH GHYHUi
H[LVWLU DOJXPD UHJUD LPSOHPHQWDGD SDUD TXH HVWHV SDFRWHV
TXH HVWmR FULSWRJUDIDGRV VHMDP SDVVDGRV SDUD R GLVSRVLWLYR
931TXHVyDVVLPSRGHUiDXWHQWLFiORVGHVFULSWRJUDIiORVH
HQYLiORVSDUDVHXGHVWLQR
931 %DVHDGD HP 5RWHDGRUHV 2V URWHDGRUHV GHYHP
H[DPLQDUHSURFHVVDUFDGDSDFRWHTXHGHL[DD/$1SRULVWR
HVWHWLSRGH931SRVVXLXPFXVWRUHODWLYDPHQWHDOWRGHYLGR
DR LQYHVWLPHQWR HP URWHDGRUHV $WXDOPHQWH H[LVWHP GRLV
WLSRVGH931EDVHDGDVHPURWHDGRUHV2SULPHLURVHEDVHLD
HP XPVRIWZDUH TXH p DGLFLRQDGR DR URWHDGRU SDUD JDUDQWLU
TXH R SURFHVVR GH FULSWRJUDILD RFRUUD 2 VHJXQGR FRQVLVWH
HPXPGLVSRVLWLYRTXHpLQVHULGRQRURWHDGRUSHUPLWLQGRXP
PDLRU Q~PHUR GH URWDV RX DLQGD D LPSOHPHQWDomR GH XP
DOJRULWPRGHFULSWRJUDILD>@
6RIWZDUHV GH 931 6mR SURJUDPDV LQVWDODGRV HP HVWDo}HV
GHWUDEDOKRTXHGLVSRQLELOL]DPDFULDomRHDGPLQLVWUDomRGH
W~QHLVWDQWRHQWUHXPSDUGHJDWHZD\V GHVHJXUDQoDTXDQWR
HQWUH XP FOLHQWH UHPRWR SDUD RJDWHZD\ GH VHJXUDQoD >@
(VWHV VRIWZDUHV GH VLVWHPDV 931 VmR HP JHUDO XPD ERD
HVFROKDGHEDL[RFXVWRSDUDVLVWHPDVUHODWLYDPHQWHSHTXHQRV
HTXHQmRH[LMDPXPSURFHVVDPHQWRGHWUiIHJRLQWHQVR
XVXiULR TXH R JDWHZD\ XWLOL]D SDUD GHWHUPLQDU TXH
WUiIHJRpDXWRUL]DGR3RU H[HPSOR HP DOJXQV VLVWHPDV
R DFHVVR SRGH VHU FRQWURODGR DWUDYpV GH VHUYLGRU GH
DXWHQWLFDomR
7DPEpP VH GHYH FRQVLGHUDU D LQWHJUDomR GR FRQWUROH
GHRXWUDVIXQo}HVUHODWLYDVjUHGHFRPRUHVHUYDGHUHFXUVRV
HFRQWUROHGHEDQGD$LQWHJUDomRGRFRQWUROHGHWUiIHJRFRP
DXWHQWLFDomR H FRQWUROH GH DFHVVR VmR LPSOHPHQWDGDV
FRQIRUPHDSROtWLFDGHJHUHQFLDPHQWRGHUHGHGDLQVWLWXLomR
$V LPSOHPHQWDo}HV GH 931 XWLOL]DP RV JDWHZD\V GH
VHJXUDQoD931TXHWrPDIXQomRGHVHVLWXDUHQWUHDVUHGHV
S~EOLFDHSULYDGDSUHYHQLQGRDFHVVRVQmRDXWRUL]DGRV
(7$3$'$ 0(72'2/2*,$
0RGHORGH,PSOHPHQWDomRGD9311HVWDHWDSDUHYLVDVH
R OHYDQWDPHQWR GH LQIRUPDo}HV GD ,(6 H R UHILQDPHQWR GR
SURMHWR OyJLFR GD 931 YLVDQGR SRVVtYHLV DMXVWHV GHILQLQGR
RVSURWRFRORVGHWXQHODPHQWRDVHUHPXWLOL]DGRVQRSURMHWR
D DUTXLWHWXUD 931 FRP VXDV SDUWLFXODULGDGHV R QtYHO GH
VHJXUDQoD GR SURMHWR H WLSRV GH DFHVVR DR VLVWHPD GH
FRPXQLFDomR DVVLP FRPR R FXVWR H R SUD]R SDUD
LPSOHPHQWDomR GD VROXomR (VWDEHOHFHQGRVH DVVLP DV
VHJXLQWHV Do}HV FURQRJUDPD GH LPSOHPHQWDomR GD 931
GHILQLomR GRKDUGZDUH H VRIWZDUH SURFHGLPHQWR GH WHVWH H
UHODWyULRWpFQLFRRSHUDFLRQDOGDVROXomR931
3URWRFRORV GH 7XQHODPHQWR 931 &RPR Mi IRL DQDOLVDGR
H[LVWHPGLYHUVRVSURWRFRORVGLVSRQtYHLVSDUDDFRQVWUXomRGH
931V H TXH DR PHVPR WHPSR JDUDQWHP D VHJXUDQoD GD
FRQH[mRPDVFDGDFDVRpXPDVLWXDomRGLIHUHQWHTXHSUHFLVD
VHU DQDOLVDGD SDUD TXH DV UHDLV QHFHVVLGDGHV VHMDP
HVSHFLILFDGDV $ DSOLFDELOLGDGH GH FDGD SURWRFROR GHSHQGH
GRSUREOHPDTXHHVWiVHQGRDSUHVHQWDGRHGDVROXomRTXHVH
GHVHMD REWHU 'HSHQGH WDPEpP GR FRQWUROH H GH FRPR p
IHLWD FDGD LPSOHPHQWDomR GHVWHV SURWRFRORV 2V SURWRFRORV
UHIOHWHP HVVD GXDOLGDGH 3373 /) H /73 VmR YROWDGRV
SDUD 931V GR WLSR &OLHQWH SDUD /$1 HQTXDQWR R ,36HF
IRFDOL]D HP VROXo}HV /$1 SDUD /$1 $ VHOHomR SRUWDQWR
GHYHUiVHEDVHDUQRWLSRGH931TXHVHGHVHMDLPSOHPHQWDU
'HILQLomRGRKDUGZDUH HVRIWZDUH 931'HILQLGRRWLSRGH
VROXomR931VHMD/$1SDUD/$1RXFOLHQWHSDUD/$1HR
QtYHOGHVHJXUDQoDXWLOL]DQGR JDWHZD\VGHYHVHSURFXUDUQR
8)3$ VmR FULDGRV SDUD DWHQGHU D GHPDQGD GH FXUVRV QR
LQWHULRU GR HVWDGR 1HVWH FHQiULR KRMH HQIUHQWDPRV GRLV
SULQFLSDLV SUREOHPDV SRXFD GLVSRQLELOLGDGH GRV OLQNV
GHGLFDGRV HVSDOKDGRV QR LQWHULRU GR HVWDGR H R DOWR YDORU
GRVFXVWRVGRVOLQNV GHGLFDGRVFREUDGRVSHODVRSHUDGRUDVGH
WHOHFRPXQLFDo}HVSRLVDPDLRULDGRVOLQNVSDUDRLQWHULRUp
PHUFDGRXPDVROXomRGHKDUGZDUHSRUH[HPSORURWHDGRUHV YLDVDWpOLWH
931 3RU RXWUR ODGR SRGHVH WHU XPD VROXomR GHVRIWZDUH 1HVWH FRQWH[WR KRXYH D QHFHVVLGDGH GH YLDELOL]DU D
XPD GDV VROXo}HV TXH HVWmR VH GLIXQGLGR UDSLGDPHQWH p LPSODQWDomR GH XPD UHGH 931 YLVDQGR DWHQGHU LQ~PHURV
DTXHODLPSOHPHQWDGDFRPVRIWZDUH OLYUH*18/LQX[TXHVH
EDVHLDHPXPFORQHGRFRQMXQWRGHLQVWUXo}HVGR81,;>@
PRVWUDQGRVH DWXDOPHQWH GH JUDQGH GHVHPSHQKR H EDL[R
FXVWR2XWUDVROXomRVHULDDFRPSUDGHSDFRWHVIHFKDGRVTXH
URGDP HP VLVWHPDV RSHUDFLRQDLV SURSULHWiULRV SRUpP HVWDV
VROXo}HV GHYHP GHPDQGDU FXVWRV FRQVLGHUiYHLV DR SURMHWR
MXVWDPHQWHSRUVHUWUDWDUGHVROXo}HVSURSULHWiULDV
Q~FOHRV DLQGD VHP OLQN GH FRPXQLFDomR H WDPEpP FRPR
XP VHUYLoR DOWHUQDWLYR SDUD RV ORFDLV RQGH WHPRVOLQN FRP
EDL[D GLVSRQLELOLGDGH 1D LPSODQWDomR GD 931 VHJXLXVH D
PHWRGRORJLD GH SURMHWR H LPSOHPHQWDomR SURSRVWRV QHVWH
WUDEDOKR2VXFHVVRGDLPSODQWDomRGRSURMHWRHVWDDQFRUDGD
QD QRVVD UHDO QHFHVVLGDGH GHVVH VHUYLoR DOLDGR DR XVR GH
IHUUDPHQWDV GHVHQYROYLGDV H LQVWDODGDV VREUH SODWDIRUPD GH
KDUGZDUH DEHUWR 3HUVRQDO &RPSXWHU H VRIWZDUH OLYUH
&URQRJUDPD GH LPSODQWDomR GD VROXomR 931 2
FURQRJUDPD GH LPSODQWDomR GD VROXomR 931 GHYH VHU
H[HTtYHOWDQWRGRSRQWRGHYLVWDWpFQLFRFRPRRSHUDFLRQDO
YLVWR TXHKDUGZDUH HVRIWZDUH931 GHYHP VHU PRQWDGRV H
FRQILJXUDGRVREVHUYDQGRWRGDVDVSUHPLVVDVGHGHVHPSHQKR
HVHJXUDQoD3RUpPKiRRXWURODGRRGRVXVXiULRVTXHQmR
GHYHP VHU QHJOLJHQFLDGRV 3RLV FDVR QmR KDMD WUHLQDPHQWR
HIHWLYR PLQLVWUDGR DR JUXSR HVWH ILFDUi LPSRVVLELOLWDGR GH
WLUDURPi[LPRGHYDQWDJHPGDVROXomR931
&XVWR GD 6ROXomR 931 2 FXVWR GHSHQGHUi GR WLSR GH
6LVWHPD 2SHUDFLRQDO *18/LQX[ $ UHGH SULYDGD YLUWXDO
LQVWLWXFLRQDO EHQHILFLD SULQFLSDOPHQWH RV &DPSLV H Q~FOHRV
GRLQWHULRUPDVWDPEpPSHUPLWHTXHXPXVXiULRUHPRWRHP
TXDOTXHUOXJDUGRPXQGRXWLOL]HRVVLVWHPDVFOLHQWHVHUYLGRU
FRPRVHHVWLYHVVHHPQRVVDUHGH,QWUDQHW
5()(5Ç1&,$6
>@ 0XUKDPPHU0DUWLQ$WDNDQ2UFXQ%UHW]6WHIDQ3XJK/DUU\
6XVXNL.D]XQDUL:RRG'DYLG³7&3,37XWRULDOH7pFQLFR´
0$.521%RRNV
>@ *DUILQNHO6LPVRQ6SDQIIRUG*HQH³3UDWLFDO81,;DQG,QWHUQHW
VROXomRDGRWDGD&OLHQWHSDUD/$1RX/$1SDUD/$1VXD 6HFXULW\´2¶5HLOO\
DEUDQJrQFLD,QWUDQHW([WUDQHWRX931LQWHUQDKDUGZDUHH
>@
VRIWZDUH SDUD D LPSODQWDomR GD VROXomR DOHP GR FXVWR GH
LQIUDHVWUXWXUD ItVLFD GHVHQYROYLPHQWR GH SURJUDPDV PmR
>@
'XEUDZVN\,GR³)LUHZDOO(YROXWLRQ±'HHS3DFNHW,QVSHFWLRQ´
6HFXULW\)RFXV
9LUWXDO3ULYDWH1HWZRUN&RQVRUWLXPKWWSZZZYSQFRUJ!DFHVVR
GHREUDFRQVXOWRULD RX SUySULD GD LQVWLWXLomR H R SURYHGRU HP
GHWHOHFRPXQLFDo}HVTXHVXSRUWDUiROLQNFRPD ,QWHUQHW 2
SURMHWLVWD GHYH GHFLGLU GHQWUR GHVWHV IDWRUHV TXDO D PHOKRU >@ %URZQ6WHYHZ³,PSOHPHQWLQJ9LUWXDO3ULYDWH1HWZRUNV´0F*UDZ
+LOO
UHODomR&XVWR;%HQHItFLRSDUDDRUJDQL]DomR
>@ 6FRWW:ROIHDQG(UZLQ&KDOLH3DXODQG0LNH³9LUWXDO3ULYDWH
3URFHGLPHQWR GH 7HVWH GD 6ROXomR 931 2V WHVWHV GD 1HWZRUNV´QG(GLWLRQ2¶5HLOO\
VROXomR 931 VmR EDVLFDPHQWH RV WHVWH GH VHJXUDQoD SDUD >@ 33733URWRFRO
XPD DUTXLWHWXUD GH UHGH GHYH FREULU RV VHJXLQWHV VHUYLoRV KWWSZZZPLFURVRIWFRPZLQGRZVWHFKLQIRUHVNLWHQ
XVGHIDXOWDVS"XUO :,1'2:6WHFKLQIRUHVNLWHQXVLQWZRUNLQE
$XWHQWLFDomR &RQWUROH GH $FHVVR &RQILGHQFLDOLGDGH 1mR HBYSQBQD[HDVS!DFHVVRHP
5HS~GLRH$XGLWRULD>@
>@ /)3URFRO
KWWSZZZFLVFRFRPXQLYHUFGFFWGGRFFLVLQWZNLWRBGRFYSQKWP!
*HUDomRGR5HODWyULR7pFQLFRGD6ROXomR931'HSRVVH DFHVVRHP
GHWRGDVDVLQIRUPDo}HVFRPUHODomRDRVIDWRUHVHQYROYLGRV
>@ /733URWRFROKWWSVHDUFKLHWIRUJLQWHUQHWGUDIWVGUDIWLHWIOWSH[W
QD VROXomR 931 p JHUDGR XP UHODWyULR WpFQLFR TXH p GVW[W!DFHVVRHP
GLVSRQLELOL]DGR DR *UXSR *HVWRU H 8VXiULR VREUH FRPR
FRQGX]LU D LPSODQWDomR GD VROXomR 931 QD ,(6 SDUD TXH >@ ,36(&,QWHUQHW3URWRFRO6HFXULW\6HFXULW\3URMHFWDWWKH7&0
/DERUDWRU\KWWSZZZWFPKXWIL7XWNLPXV,36(&LSVHFKWPO!
KDMDTXDOLGDGHPHQRUSUD]RHFXVWRFRPSHQVDGRU DFHVVRHP

&216,'(5$d®(6 ),1$,6 >@ &DUYDOKR7HUH]D&ULVWLQD0HORGH%ULWR³0HWRGRORJLDH)HUUDPHQWDV

$ 8QLYHUVLGDGH )HGHUDO GR 3DUi RSHUD XPD GDV PDLRUHV
UHGHV ,QWUDQHW GR QRUWH GR SDtV LQWHUOLJDQGR RV SULQFLSDLV
PXQLFtSLRV GR HVWDGR GR 3DUi TXH p JHRJUDILFDPHQWH
H[WHQVR$OpPGLVVRDFDGDDQRGLYHUVRVQRYRV Q~FOHRVGD
GH3URMHWRGH5HGHV/RFDLV´863 
>@ 2OtYHLUD$IIRQVR*+DQG9LpJDV-U5DLPXQGR³0HWRGRORJLDGH
3URMHWRH,PSOHPHQWDomRGH5HGH3ULYDGD9LUWXDO8WLOL]DQGRD
,QWHUQHW´8)3$