/HLGH

5HVSRQVDELOLGDGH
)LVFDO
&$'(5126,%$0

$FRPSDQKDPHQWRGD
([HFXomR2UoDPHQWiULD

$EULOGH

$ GLYXOJDomR GHVWH WUDEDOKR VH LQVHUH QR kPELWR GH FRQYrQLR

GH FRRSHUDomR WpFQLFD ILUPDGR FRP RV 0LQLVWpULRV GR

3ODQHMDPHQWR H GR 'HVHQYROYLPHQWR H FRP D (1$3 YLVDQGR

DSRLDU D LPSODQWDomR GD /HL &RPSOHPHQWDU Qž 

GH  LQFOXVLYH SDUD HIHLWR GH DWHQGLPHQWR GR

GLVSRVWR HP VHX DUW 

$V RSLQL}HV DTXL H[SUHVVDV VmR GH H[FOXVLYD UHVSRQVDELOLGDGH

GH VHX DXWRU H QmR UHIOHWHP QHFHVVDULDPHQWH D SRVLomR GRV

yUJmRV IHGHUDLV

(VWH GRFXPHQWR SRGH VHU UHSURGX]LGR HP SDUWH RX

LQWHJUDOPHQWH GHVGH TXH GHYLGDPHQWH FLWDGD D IRQWH

&$'(512 
 3XEOLFDomR HODERUDGD SHOR ,QVWLWXWR %UDVLOHLUR GH $GPLQLVWUDomR
0XQLFLSDO ² ,%$0 VRE R SDWURFtQLR GR %DQFR 1DFLRQDO GH
'HVHQYROYLPHQWR (FRQ{PLFR H 6RFLDO ² %1'(6

&RRUGHQDomR *HUDO
3DXOR 7LPP

&RRUGHQDomR 7pFQLFD
+HUDOGR GD &RVWD 5HLV

&RRUGHQDomR ([HFXWLYD
*OHLVL +HLVOHU 1HYHV

(ODERUDomR
&OiXGLR 1DVFLPHQWR

&RRUGHQDomR (GLWRULDO
6DQGUD 0DJHU

)LFKD &DWDORJUiILFD
&DWDORJDomR QD )RQWH SHOD %LEOLRWHFD GR ,%$0
1DVFLPHQWR &OiXGLR
$FRPSDQKDPHQWR GD H[HFXomR RUoDPHQWiULD  &OiXGLR 1DVFLPHQWR 5LR GH
-DQHLUR ,%$0 
S FP ² /HL GH UHVSRQVDELOLGDGH ILVFDO 
3DWURFtQLR %1'(6
 'HVSHVD 3~EOLFD , ,QVWLWXWR %UDVLOHLUR GH $GPLQLVWUDomR 0XQLFLSDO
 &''  HG

&$'(512 
 $/HLGH5HVSRQVDELOLGDGH)LVFDO6LPSOHV0XQLFLSDO

2 DUW  GD /HL GH 5HVSRQVDELOLGDGH )LVFDO /HL &RPSOHPHQWDU Qº  GH

 SUHYr TXH ´$ 8QLmR SUHVWDUi DVVLVWrQFLD WpFQLFD H FRRSHUDomR
ILQDQFHLUD DRV 0XQLFtSLRV SDUD D PRGHUQL]DomR GDV UHVSHFWLYDV DGPLQLV
WUDo}HV WULEXWiULD ILQDQFHLUD SDWULPRQLDO H SUHYLGHQFLiULD FRP YLVWDV DR
FXPSULPHQWR GDV QRUPDV GHVWD /HL &RPSOHPHQWDUµ
2 3UHVLGHQWH )HUQDQGR +HQULTXH &DUGRVR HP VHX SURJUDPD GH UiGLR
GHGLFDGR j VDQomR GHVVD /HL HP  DQXQFLRX VXD GHWHUPLQDomR
SDUD TXH R 0LQLVWpULR GR 3ODQHMDPHQWR H R %1'(6 GHVHQYROYHVVHP R
6LPSOHV 0XQLFLSDO XP FRQMXQWR GH Do}HV YROWDGDV HVSHFLDOPHQWH SDUD
3UHIHLWXUDV GH SHTXHQR SRUWH H GR LQWHULRU YLVDQGR IDFLOLWDU D DGPLQLVWUDomR
GH VXDV FRQWDV H DR PHVPR WHPSR DVVHJXUDU D LPSODQWDomR GH XP QRYR
UHJLPH ILVFDO UHVSRQViYHO

$ SXEOLFDomR GHVWH WUDEDOKR VH LQVHUH QHVVH HVIRUoR JRYHUQDPHQWDO SDUD

WRPDU PDLV IiFLO H PDLV HILFD] DV DGPLQLVWUDo}HV ORFDLV )D] SDUWH GD VHJXLQWH
VpULH GH WUDEDOKRV HODERUDGRV SRU HQWLGDGHV H WpFQLFRV GH QRWyULD HV
SHFLDOL]DomR QD iUHD H[FOXVLYRV UHVSRQViYHLV SHODV RSLQL}HV PDV FXMD
GLVWULEXLomR p DSRLDGD SHORV yUJmRV IHGHUDLV SRU DMXGDUHP QD FRPSUHHQVmR
GD OHL H QD LPSODQWDomR GH XP QRYR UHJLPH ILVFDO

x ´0DQXDO GH 2ULHQWDomR SDUD &UHVFLPHQWR GD 5HFHLWD 3UySULD 0XQLFLSDOµ

GD (VFROD GH $GPLQLVWUDomR GH (PSUHVDV GH 6mR 3DXOR )XQGDomR *HWXOLR
9DUJDV 6mR 3DXOR 
x ´ 'LFDV ² ,GpLDV SDUD $omR 0XQLFLSDOµ GR OQVWLWXWR GH (VWXGRV
)RUPDomR H $VVHVVRULD HP 3ROtWLFDV 6RFLDLV ² 3Ð/O6 6mR 3DXOR 
x ´*XLD GH 2ULHQWDomR SDUD DV 3UHIHLWXUDVµ GR $PLU $QW{QLR .KDLU 6mR
3DXOR PDLR 
x ´0DQXDO %iVLFR GR7ULEXQDOGH&RQWDVGR(VWDGRGH6mR3DXORµ 6mR 3DXOR
MXQKR GH 
x ´0DQXDO GH 3URFHGLPHQWRV SDUD $SOLFDomR GD /HL GH 5HVSRQVDELOLGDGH
)LVFDO GR 7ULEXQDO GH &RQWDV GR (VWDGR GR 5LR *UDQGH GR 6XOµ 5LR *UDQGH
GR 6XO QRYHPEUR GH 

&$'(512 
x ´$ /HL GH 5HVSRQVDELOLGDGH )LVFDO H D 3UHYLGrQFLD GRV 6HUYLGRUHV 3~EOLFRV
0XQLFLSDLVµ GH 0DUFHOR 9LDQD (VWHYmR GH 0RUDHV 5LR GH -DQHLUR
GH]HPEUR GH 
x ´$V 7UDQVJUHVV}HV j /HL GH 5HVSRQVDELOLGDGH )LVFDO H &RUUHVSRQGHQWHV
3XQLo}HV )LVFDLV H 3HQDLVµ GH $PLU $QW{QLR .KDLU 5LR GH -DQHLUR
GH]HPEUR GH 
x ´3URSRVWD GH 3DGURQL]DomR GRV 5HODWyULRV GD *HVWmR )LVFDOµ GR ,QVWLWXWR
5X\ %DUERVD 6mR 3DXOR GH]HPEUR GH 
x ´*XLD GH 2ULHQWDomR SDUD DV 3UHIHLWXUDVµ ª HGLomR UHYLVWD H DPSOLDGD
GH $PLU $QW{QLR .KDLU 6mR 3DXOR IHYHUHLUR GH 

2 FRQWH~GR LQWHJUDO GHVWH PDQXDO H GDV SXEOLFDo}HV DFLPD FLWDGDV HVWi GLVSRQtYHO QD OQWHUQHW
SDUD DFHVVR JUDWXLWR H XQLYHUVDO DWUDYpV GH FRQVXOWD RX GH GRZQORDG QR VLWH PDQWLGR SHOR
%1'(6 H HVSHFLDOL]DGR HP ILQDQoDV S~EOLFDV H IHGHUDOLVPR ILVFDO QR HQGHUHoR ZZZIHGH
UDWLYREQGHVJRYEU

Banco Federativo
Site do

5(63216$%,/,'$'( ),6&$/

p
$'0,1,675$d®2 (),&,(17(

p
&,'$'( 0(/+25

2 %1'(6 DSyLD HVVD LGpLD 3DUWLFLSH WDPEpP

&$'(512 
 6XPiULR

x $SUHVHQWDomR 

x 3UHIiFLR 

x $SUHVHQWDomR GR ,%$0 

x $FRPSDQKDPHQWR GD ([HFXomR 2UoDPHQWiULD 

,QWURGXomR 

([HFXomR 2UoDPHQWiULD H )LQDQFHLUD &RQFHLWR 

3URJUDPDomR )LQDQFHLUD H &URQRJUDPD GH 'HVHPEROVR 
(VWDEHOHFHQGR D 3URJUDPDomR GD 5HFHLWD 
(VWDEHOHFHQGR D 3URJUDPDomR GD 'HVSHVD 
4XDGURV GD 5HFHLWD H GD 'HVSHVD 
5HFHLWD 
(WDSDV GH 5HDOL]DomR GD 5HFHLWD 
1mR &XPSULPHQWR GDV 0HWDV )LVFDLV GH 5HFHLWD 
5HQ~QFLD GH 5HFHLWD 
&RQWUROH GD ([HFXomR 2UoDPHQWiULD H )LQDQFHLUD GD 5HFHLWD
VHJXQGR D /5) 
'HVSHVD 
/LFLWDomR 
([HFXomR 2UoDPHQWiULD 
([HFXomR )LQDQFHLUD 
'HVSHVD 3~EOLFD *HUDomR H &RQWLQXLGDGH 
&RQWUROH GD ([HFXomR 2UoDPHQWiULD H )LQDQFHLUD GD 'HVSHVD
VHJXQGR D /5) 
'HVSHVD FRP 3HVVRDO 
&RPR &RQWURODU D 'HVSHVD FRP 3HVVRDO 
'D 'tYLGD H GR (QGLYLGDPHQWR 
&RQFHLWR 
5HVWRV D 3DJDU 
2SHUDo}HV GH &UpGLWR 
2SHUDomR GH &UpGLWR SRU $QWHFLSDomR GD 5HFHLWD 2UoDPHQWiULD 
'tYLGD &RQVROLGDGD 

&$'(512 
&$'(512 
 $SUHVHQWDomR

$ /HL GH 5HVSRQVDELOLGDGH )LVFDO WUD] XPD PXGDQoD LQVWLWXFLRQDO H

FXOWXUDO QR WUDWR FRP R GLQKHLUR S~EOLFR GLQKHLUR GD VRFLHGDGH (VWDPRV
JHUDQGR XPD UXSWXUD QD KLVWyULD SROtWLFRDGPLQLVWUDWLYD GR 3DtV (VWDPRV
LQWURGX]LQGR D UHVWULomR RUoDPHQWiULD QD OHJLVODomR EUDVLOHLUD
$ VRFLHGDGH QmR WROHUD PDLV FRQYLYHU FRP DGPLQLVWUDGRUHV LUUHVSRQViYHLV
H KRMH HVWi FDGD YH] PDLV FRQVFLHQWH GH TXH TXHP SDJD D FRQWD GR PDX
XVR GR GLQKHLUR S~EOLFR p R FLGDGmR R FRQWULEXLQWH
$ LUUHVSRQVDELOLGDGH SUDWLFDGD KRMH HP TXDOTXHU QtYHO GH JRYHUQR UHVXO
WDUi DPDQKm HP PDLV LPSRVWRV PHQRV LQYHVWLPHQWRV RX PDLV LQIODomR TXH
p R PDLV SHUYHUVR GRV LPSRVWRV SRLV LQFLGH VREUH RV PDLV SREUHV
2 JRYHUQR QmR IDEULFD GLQKHLUR
(VWD DILUPDomR SRGH SDUHFHU yEYLD SDUD DOJXQV PDV QmR SDUD DTXHOHV TXH
DGPLQLVWUDP FRQWDV S~EOLFDV JDVWDQGR PDLV GR TXH DUUHFDGDP 'HL[DQGR
GtYLGDV SDUD VHXV VXFHVVRUHV H DVVXPLQGR FRPSURPLVVRV TXH VDEHP GH
DQWHPmR QmR SRGHUmR KRQUDU e HVWH WLSR GH SRVWXUD GDQRVD SDUD R 3DtV
TXH p FRLELGD SHOD /HL GH 5HVSRQVDELOLGDGH )LVFDO $ GHFLVmR GH DXPHQWDU
JDVWRV LQGHSHQGHQWHPHQWH GH VHX PpULWR SUHFLVD HVWDU DFRPSDQKDGD GH
XPD IRQWH GH ILQDQFLDPHQWR
$ /HL UHIRUoD RV SULQFtSLRV GD )HGHUDomR *RYHUQDQWHV GH (VWDGRV H 0XQL
FtSLRV QmR WHUmR TXH SUHVWDU FRQWDV GH VHXV DWRV DR JRYHUQR IHGHUDO PDV DR
VHX UHVSHFWLYR /HJLVODWLYR RX VHMD j FRPXQLGDGH TXH RV HOHJHX 7XGR LVVR
VHUi IHLWR GH IRUPD VLPSOLILFDGD SDUD TXH D VRFLHGDGH SRVVD H[HUFHU R VHX
GLUHLWR GH ILVFDOL]DomR 2V JRYHUQDQWHV VHUmR MXOJDGRV SHORV HOHLWRUHV SHOR
PHUFDGR H VH GHVFXPSULUHP DV UHJUDV VHUmR SXQLGRV
-i HQWUDPRV QD HUD GD UHVSRQVDELOLGDGH ILVFDO 7HU XPD SRVWXUD UHVSRQViYHO
p GHYHU GH FDGD JRYHUQDQWH

0DUWXV 7DYDUHV
0LQLVWUR GH (VWDGR GR 3ODQHMDPHQWR 2UoDPHQWR H *HVWmR

&$'(512 
&$'(512 
 3UHIiFLR

$SUHVHQWDPRV D FROHomR &DGHUQRV ,%$0 HODERUDGD SHOR ,QVWLWXWR %UDVL

OHLUR GH $GPLQLVWUDomR 0XQLFLSDO ² ,%$0 VRE R SDWURFtQLR GR %1'(6
FRQVWDQGR GH XPD FROHWkQHD FRP VHWH YROXPHV GH PDQXDLV RULHQWDGRUHV
SDUD D LPSODQWDomR GD /HL &RPSOHPHQWDU Qº  GH PDLR GH  FRP
FHUWH]D DEVROXWD GH TXH VHUi GH JUDQGH YDOLD SDUD RULHQWDU DV PXQLFLSD
OLGDGHV HP UHODomR jV PHGLGDV D VHUHP DGRWDGDV SDUD D DGHTXDomR jV
QRUPDV HVWDEHOHFLGDV SHOD /HL GH 5HVSRQVDELOLGDGH )LVFDO 7DUHID LPSRU
WDQWH QD JHVWmR HILFLHQWH H UHVSRQViYHO GD FRLVD S~EOLFD PHWD SHUIHLWD
PHQWH DOFDQoiYHO SRU WRGRV RV JRYHUQRV ORFDLV H TXH FRQWULEXL SDUD D
5HIRUPD GR (VWDGR

'H IDWR FRPR XPD GDV SULQFLSDLV LQVWLWXLo}HV GH 3ROtWLFD (FRQ{PLFD GH

ORQJR SUD]R QR %UDVLO R %1'(6 YHP SDUWLFLSDQGR DWLYDPHQWH GH Do}HV
YROWDGDV SDUD D UHIRUPXODomR GR SDSHO GR (VWDGR QRV GLYHUVRV QtYHLV GD
)HGHUDomR %UDVLOHLUD 1HVWH VHQWLGR WHP VLGR JUDQGH R VHX HPSHQKR HP
DSRLDU D PRGHUQL]DomR GD DGPLQLVWUDomR WULEXWiULD H D PHOKRULD GD TXDOL
GDGH GR JDVWR S~EOLFR FRP XPD SHUVSHFWLYD GH GHVHQYROYLPHQWR ORFDO
VXVWHQWDGR

$OpP GRV YiULRV SURJUDPDV WUDGLFLRQDLV GH ILQDQFLDPHQWR R %1'(6 LPSOH

PHQWRX R 3URJUDPD GH 0RGHUQL]DomR GD $GPLQLVWUDomR 7ULEXWiULD H GD
*HVWmR GRV 6HWRUHV 6RFLDLV %iVLFRV 30$7 SDUD SURSRUFLRQDU DRV PXQL
FtSLRV EUDVLOHLURV SRVVLELOLGDGHV GH DSHUIHLoRDU VXD FDSDFLGDGH GH DU
UHFDGDomR H DR PHVPR WHPSR LQFUHPHQWDU D TXDOLGDGH GRV VHUYLoRV
SUHVWDGRV j SRSXODomR

7DPEpP IRL FULDGR XP VLWH QD ,QWHUQHW KWWSIHGHUDWLYREQGHVJRYEU

SDUD GLYXOJDomR GH LQIRUPDo}HV H HVWDWtVWLFDV VREUH R VHWRU S~EOLFR EHP
FRPR SDUD D WURFD GH H[SHULrQFLDV HQWUH DGPLQLVWUDGRUHV S~EOLFRV SHVTXL
VDGRUHV RUJDQL]Do}HV QmRJRYHUQDPHQWDLV H HYHQWXDLV LQWHUHVVDGRV HP
SROtWLFDV S~EOLFDV &RP HIHLWR R %DQFR )HGHUDWLYR WHP SURFXUDGR WUDWDU
GRV PDLV YDULDGRV WHPDV UHODFLRQDGRV j )HGHUDomR %UDVLOHLUD FRPR D
5HIRUPD 7ULEXWiULD H D /HL GH 5HVSRQVDELOLGDGH )LVFDO DOpP GH DSUHVHQWDU

&$'(512 
LQGLFDGRUHV WULEXWiULRV H ILVFDLV (VWH IyUXP GH GHEDWHV GHPRFUiWLFR H DEHUWR
FUHVFHX H VH GLQDPL]RX DWUDYpV GH YiULDV SDUFHULDV FRP RXWURV yUJmRV H
LQVWLWXWRV GH SHVTXLVD
0DLV LQIRUPDomR H PDLV WUDQVSDUrQFLD VmR VHP G~YLGD D JDUDQWLD SHUHQH
GR HIHWLYR FRQWUROH SRSXODU H GR DSUHQGL]DGR GD FLGDGDQLD

)UDQFLVFR 5REHUWR $QGUp *URV

3UHVLGHQWH GR %1'(6

&$'(512 
 $SUHVHQWDomRGR,%$0

( VWH GRFXPHQWR p SDUWH GH XPD VpULH HODERUDGD SHOR ,QVWLWXWR %UDVLOHLUR

GH $GPLQLVWUDomR 0XQLFLSDO ² ,%$0 FRP R SDWURFtQLR GR %DQFR 1DFLRQDO
GH 'HVHQYROYLPHQWR (FRQ{PLFR H 6RFLDO ² %1'(6 FXMR REMHWLYR p SUHSDUDU
RV 0XQLFtSLRV SDUD LPSODQWDU DV PXGDQoDV WRUQDGDV REULJDWyULDV FRP D
HQWUDGD HP YLJRU GD /HL &RPSOHPHQWDU Qº  GH  GH PDLR GH  PDLV
FRQKHFLGD FRPR /HL GH 5HVSRQVDELOLGDGH )LVFDO ² /5) 7UDWDVH GH XPD
FRQWULEXLomR SDUD GDU FRQVHTrQFLD DR GLVSRVWR QR DUW  GHVVD /HL TXH
SUHYr SDUD D 8QLmR XP SDSHO HVWUDWpJLFR QD DVVLVWrQFLD WpFQLFD H FRRSHUDomR
ILQDQFHLUD SDUD D PRGHUQL]DomR GDV $GPLQLVWUDo}HV 0XQLFLSDLV QD SUHSD
UDomR GRV *RYHUQRV /RFDLV SDUD D DSOLFDomR GDV QRYDV QRUPDV OHJDLV
$ LPSRUWkQFLD GHVVH SDSHO p LQHJiYHO Mi TXH D /& Qº  LPS}H XP
VDOWR TXDOLWDWLYR HP WHUPRV GD JHVWmR H TXDOLILFDomR GH TXDGURV S~EOLFRV
ORFDLV TXH VHUi HVSHFLDOPHQWH GLItFLO SDUD RV 0XQLFtSLRV PHQRV GHVHQYRO
YLGRV
$ VpULH D TXH VH UHIHUH R LQtFLR GHVWD $SUHVHQWDomR VHUi LQWHJUDGD SHORV
VHJXLQWHV GRFXPHQWRV
x &RPHQWiULRV j /HL GH 5HVSRQVDELOLGDGH )LVFDO
x ,PSDFWRV GD /HL &RPSOHPHQWDU Qº  VREUH D /HL Qº  GH 
GH PDUoR GH 
x $ (ODERUDomR GR 3ODQR 3OXULDQXDO 33$
x $ (ODERUDomR GD /HL GH 'LUHWUL]HV 2UoDPHQWiULDV /'2 H GR 2UoDPHQWR
/2$
x $FRPSDQKDPHQWR GD ([HFXomR 2UoDPHQWiULD
x *HVWmR GH 5HFXUVRV +XPDQRV H D 5HGXomR GDV 'HVSHVDV GH 3HVVRDO
x $ &kPDUD 0XQLFLSDO H D VXD 5HVSRQVDELOLGDGH QD *HVWmR )LVFDO 3RVLomR
H 3DSHO
(VVHV GRFXPHQWRV VHUmR GLVWULEXtGRV jV &kPDUDV H 3UHIHLWXUDV GH WRGRV RV
0XQLFtSLRV EUDVLOHLURV HPERUD HVWHMDP GLULJLGRV PDLV HVSHFLILFDPHQWH DRV
GH PHQRV GH  KDELWDQWHV SHODV GLILFXOGDGHV H[SRVWDV (VWHV UHSUH
VHQWDP D HVPDJDGRUD PDLRULD RX VHMD  XQLGDGHV GR XQLYHUVR GRV



&$'(512 
 H[LVWHQWHV QR SDtV QR PRPHQWR GD HODERUDomR GHVWH GRFXPHQWR R
TXH HYLGHQFLD D LPSRUWkQFLD GD LQLFLDWLYD
$ /& Qº  YLVD DQWHV GH WXGR GLVFLSOLQDU R FRPSRUWDPHQWR GR
JHVWRU S~EOLFR j OX] GRV SULQFtSLRV pWLFRV OLJDGRV j $GPLQLVWUDomR FRPR
SODQHMDPHQWR HTXLOtEULR ILQDQFHLUR HFRQRPLFLGDGH SURGXWLYLGDGH WUDQV
SDUrQFLD FRQWUROH H UHVSRQVDELOLGDGH 6HX IRFR p D JHVWmR ILVFDO FRQFHLWR
TXH DPSOLRX HP UHODomR DR XVR FRUUHQWH GR WHUPR SRLV LQFOXLX QHOH
DVSHFWRV UHODWLYRV DR SODQHMDPHQWR DR RUoDPHQWR j SURJUDPDomR ILQDQ
FHLUD H DR IOX[R GH FDL[D j UHFHLWD LQFOXVLYH j WULEXWDomR H j GHVSHVD j
H[HFXomR RUoDPHQWiULD H ILQDQFHLUD jV WUDQVIHUrQFLDV DR HQGLYLGDPHQWR
DR SDWULP{QLR S~EOLFR H j SUHYLGrQFLD VRFLDO
2 DGYHQWR GH XPD OHL FRP HVVDV SUHRFXSDo}HV REHGHFH D XPD WHQGrQFLD
PXQGLDO UHIOH[R WDQWR GD FULVH SULQFLSDOPHQWH ILQDQFHLUD GR (VWDGR FRPR
GR IRUWDOHFLPHQWR H FUHVFHQWHV PRELOL]DomR H SUHVVmR GD VRFLHGDGH FLYLO
HP EXVFD GR DSULPRUDPHQWR H GR FRQWUROH VRFLDO GD JHVWmR S~EOLFD
3RU HVVH PRWLYR SRGHVH FRQVLGHUDU TXH R HVStULWR H REMHWLYRV GHVVD /HL
OHYDP HP FRQWD YDORUHV H PRYLPHQWRV XQLYHUVDLV H SRUWDQWR WrP XPD IRUoD
LUUHYHUVtYHO (P RXWUDV SDODYUDV PHVPR TXH FRP R WHPSR H VXD DSOLFDomR
SUiWLFD PRVWUHPVH QHFHVViULDV UHYLV}HV QHVVD /HL SRU PHLR VHMD OHJLVODWLYR
VHMD MXGLFLDO RV JHVWRUHV S~EOLFRV WHUmR TXH EXVFDU VH DMXVWDU DRV VHXV
PDQGDPHQWRV H GLULJLU VXD DGPLQLVWUDomR QR VHQWLGR GR DWHQGLPHQWR GHVVH
HVStULWR SULQFtSLRV H REMHWLYRV
$ LQWHQomR GHVWH GRFXPHQWR p IDFLOLWDU LVVR WHQWDQGR LQFOXVLYH FULDU XPD
DWLWXGH SRVLWLYD HP UHODomR j /HL HOLPLQDQGR SRVVtYHLV UHVLVWrQFLDV DR
SURMHWR DWUDYpV GR VHX PDLRU FRQKHFLPHQWR

0DUD 'DUF\ %LDVL )HUUDUL 3LQWR

6XSHULQWHQGHQWH *HUDO GR ,%$0



&$'(512 
 $FRPSDQKDPHQWRGD([HFXomR2UoDPHQWiULD

,1752'8d®2

(P RXWUR PDQXDO GHVWD VpULH IRUDP DERUGDGDV TXHVW}HV UHODWLYDV j HODER

UDomR GR RUoDPHQWR GDV HQWLGDGHV JRYHUQDPHQWDLV
2 FRQWH~GR GR SUHVHQWH GRFXPHQWR WUDWD GD H[HFXomR GR RUoDPHQWR
S~EOLFR H H[S}H RV FRQFHLWRV H DV QRUPDV OHJDLV SHUWLQHQWHV e SUHFLVR TXH
VH HVFODUHoD QR HQWDQWR TXH D H[HFXomR GR RUoDPHQWR QmR VH HQFHUUD HP
VL PHVPD PDV HVWi LQVHULGD HP XP FRQWH[WR PDLV DPSOR TXH p R SURFHVVR
GH UHDOL]DomR GRV REMHWLYRV GD HQWLGDGH
$V HQWLGDGHV JRYHUQDPHQWDLV WrP SRU PLVVmR R EHPHVWDU VRFLDO GD FRPX
QLGDGH D TXH VHUYHP UHDOL]DQGR SDUD WDQWR XP FRQMXQWR GH DWLYLGDGHV GH
QDWXUH]D GLYHUVD $ H[HFXomR GHVVDV DWLYLGDGHV HQYROYH DVSHFWRV ILQDQFHL
URV R TXH VLJQLILFD GL]HU TXH VXD UHDOL]DomR LPSOLFD D H[HFXomR GR RUoD
PHQWR 2X VHMD SDUD TXH R (VWDGR DWLQMD VHXV ILQV p QHFHVViULR TXH DV VXDV
Do}HV VH FRQFUHWL]HP PHGLDQWH D XWLOL]DomR HILFLHQWH GRV LQVXPRV VHQGR
SUHFLVR SDUD WDQWR R LQJUHVVR GH UHFXUVRV ILQDQFHLURV QRV FRIUHV S~EOLFRV
(VWH PDQXDO DERUGD DOpP GD H[HFXomR RUoDPHQWiULD H ILQDQFHLUD RV
PHFDQLVPRV GH LQIRUPDomR VREUH D JHVWmR GRV UHFXUVRV S~EOLFRV UHIOHWLGRV
QDV GHPRQVWUDo}HV FRQWiEHLV H UHODWyULRV SHUWLQHQWHV
2 TXDGUR D VHJXLU DSUHVHQWD XPD YLVmR JOREDO GD H[HFXomR RUoDPHQWiULD H
ILQDQFHLUD 3DUD WDQWR VmR HVSHFLILFDGRV RV SULQFLSDLV LWHQV UHIHUHQWHV j
H[HFXomR RUoDPHQWiULD H ILQDQFHLUD DVVRFLDGRV DRV LQVWUXPHQWRV GH LQIRU
PDomR UHVSHFWLYRV



&$'(512 
 ,7(16 '$ (;(&8d®2 25d$0(17É5,$ ,QVWUXPHQWR GH ,QIRUPDomR
( ),1$1&(,5$
 3URJUDPDoDR )LQDQFHLUD 4XDGUR GH FRWDV ELPHVWUDLV GH GRWDo}HV
SRU XQLGDGHV RUoDPHQWiULDV
)OX[R GH FDL[D
 5HFHLWD
D (WDSDV GD UHDOL]DomR

 /DQoDPHQWR 'LUHWR 5HODWyULRV SUySULRV

 $UUHFDGDomR 5HODWyULR 5HVXPLGR GD ([HFXomR 2UoDPHQWiULD
 5HFROKLPHQWR H 5HODWyULR GH *HVWmR )LVFDO
E 5HQ~QFLD GH UHFHLWD (VWLPDWLYD GR LPSDFWR RUoDPHQWiULRILQDQFHLUR
F 1mR FXPSULPHQWR GDV PHWDV GH UHFHLWD

 'HVSHVD
D (WDSDV GD UHDOL]DomR 
 /LFLWDomR
5HODWyULR 5HVXPLGR GD ([HFXomR
 &RQWUDWDomR 2UoDPHQWiULD H 5HODWyULR GH JHVWmR ILVFDO
 (PSHQKR
 /LTXLGDomR
 3DJDPHQWR
E *HUDomR H &RQWLQXLGDGH
(VWLPDWLYD GR LPSDFWR
 ([SDQVmR $PSOLDomR RX
RUoDPHQWiULRILQDQFHLUR
$SHUIHLoRDPHQWR GD DomR
&RPSURYDomR GH TXH D GHVSHVD FULDGD RX
JRYHUQDPHQWDO DXPHQWDGD QmR DIHWDUi DV PHWDV GH
 &ULDomR RX DXPHQWR GH GHVSHVD UHVXOWDGRV ILVFDLV
REULJDWyULD GH FDUiWHU FRQWLQXDGR
 (QGLYLGDPHQWR 3~EOLFR
D 5HVWRV D 3DJDU
E (PSUpVWLPRV SRU $QWHFLSDomR GD 5HODWyULR 5HVXPLGR GD ([HFXomR
5HFHLWD $52 2UoDPHQWiULD H 5HODWyULR GH *HVWmR )LVFDO
F 'tYLGD &RQVROLGDGD
 3UHVWDomR GH &RQWDV 'HPRQVWUDo}HV &RQWiEHLV
5HODWyULR GH 3UHVWDomR GH &RQWDV

(;(&8d®225d$0(17É5,$(),1$1&(,5$&21&(,72

$ H[HFXomR RUoDPHQWiULD H ILQDQFHLUD FRUUHVSRQGH j FRQFUHWL]DomR GR

RUoDPHQWR RX VHMD DR PRPHQWR HP TXH R JRYHUQR PHGLDQWH D FRQVHFX
omR GH XP FRQMXQWR GH DWLYLGDGHV DUUHFDGD DV UHFHLWDV HVWLPDGDV H UHDOL]D
RV SURJUDPDV GH WUDEDOKR IL[DGRV



&$'(512 
1R TXH GL] UHVSHLWR j H[HFXomR RUoDPHQWiULD YHULILFDVH TXH

x D UHFHLWD p H[HFXWDGD PHGLDQWH DWRV TXH WUDQVIRUPDP RV YDORUHV HV

WLPDGRV HP FUpGLWRV SDUD D HQWLGDGH WDLV FRPR R ODQoDPHQWR ILVFDO RX
DV OHLV TXH HVWLSXODP TXDLV UHFHLWDV H TXH YDORUHV VHUmR WUDQVIHULGRV GH
XP HQWH SDUD RXWUR GD )HGHUDomR
x D GHVSHVD WHP VXD H[HFXomR LQLFLDGD FRP R HPSHQKR HWDSD SRVWHULRU j
OLFLWDomR H j DGMXGLFDomR GR FRQWUDWR

-i D H[HFXomR ILQDQFHLUD VH Gi

x QD UHFHLWD SHOD DUUHFDGDomR H SHOR UHFROKLPHQWR

x QD GHVSHVD SHOD OLTXLGDomR H SHOD H[WLQomR GD REULJDomR

$ /5) LQWURGX]LX DOJXPDV PHGLGDV GH FRQWUROH H GH LQIRUPDomR VREUH D

H[HFXomR RUoDPHQWiULD 1R HQWDQWR p LPSRUWDQWH HVFODUHFHU TXH DV QRUPDV
IXQGDPHQWDLV GD H[HFXomR RUoDPHQWiULD H ILQDQFHLUD FRQWLQXDP VHQGR DV
HVWDEHOHFLGDV SHOD /HL Qº  GH IRUPD TXH RV GLVSRVLWLYRV GD /5)
DWXDP HP XP FDPSR GLIHUHQWH GR GD /HL DQWHULRU PDV UHODFLRQDGR DR
PHVPR

&DEH UHVVDOWDU DLQGD TXH

$ OHL DSURYDGD GR RUoDPHQWR QmR FULD GLUHLWRV H REULJDo}HV SRLV QDGD

PDLV p TXH XP DWR IRUPDO SRUWDQWR VLPSOHVPHQWH DXWRUL]DWLYR $
H[HFXomRGR RUoDPHQWRp RULHQWDGDDWUDYpV GHDWRV DVVLPFODVVLILFDGRV
, OHJDLV ² TXH REHGHFHP D GHWHUPLQDo}HV FRQWLGDV HP OHLV HVSHFLDLV
RX RUGLQiULDV DQWHULRUHV j GR RUoDPHQWR
([HPSORV
² GHVSHVDV FRP SHVVRDO TXHU VXMHLWR DR UHJLPH HVWDWXWiULR TXHU
VXMHLWR DR GD &/7
² VXEYHQo}HV RX WUDQVIHUrQFLDV GHWHUPLQDGDV HP OHL HVSHFLDO DQ
WHULRU
2V VHUYLoRV GD GtYLGD S~EOLFD DPRUWL]Do}HV H MXURV FXMRV UHFXUVRV VmR
HVWDEHOHFLGRV QD SUySULD OHL TXH DXWRUL]D D RSHUDomR GH FUpGLWR



&$'(512 
 ,, SXUDPHQWH DGPLQLVWUDWLYDV ² TXH GHSHQGHP H[FOXVLYDPHQWH GD
YRQWDGH GR DGPLQLVWUDGRU GH UHDOL]DU D GHVSHVD RX QmR H QmR GH OHL
HVSHFLDOµ

3URJUDPDomR)LQDQFHLUDH&URQRJUDPDGH'HVHPEROVR

$ SURJUDPDomR ILQDQFHLUD QmR p XP LQVWUXPHQWR LQWURGX]LGR SHOD /5) R

TXH HVWD IH] IRL UDWLILFDU D QHFHVVLGDGH GD $GPLQLVWUDomR 3~EOLFD XWLOL]DU WDO
PHFDQLVPR 6XD DGRomR SHORV yUJmRV JRYHUQDPHQWDLV Mi FRQVWLWXtD XPD
H[LJrQFLD GR 'HFUHWROHL Qº  $ /HL Qº  WDPEpP WUDWD GHVWD
TXHVWmR DR HVWDEHOHFHU HP VHX DUW  R VHJXLQWH
$UW  ² ,PHGLDWDPHQWH DSyV SURPXOJDomR GD /HL GH 2UoDPHQWR H
FRP EDVH QRV OLPLWHV QHOD IL[DGRV R 3RGHU ([HFXWLYR DSURYDUi XP
TXDGUR GH FRWDV WULPHVWUDLV GD GHVSHVD TXH FDGD XQLGDGH RUoDPHQWi
ULD ILFD DXWRUL]DGD D XWLOL]DU
2 TXH VH YHULILFDYD QD PDLRULD GDV HQWLGDGHV JRYHUQDPHQWDLV QR HQWDQWR
HUD R QmR FXPSULPHQWR GHVWH GLVSRVLWLYR OHJDO
2 DUW  OHWUDV D H E GD /HL Qº  D VHJXLU WUDQVFULWRV GLVS}H VREUH
D FRPSDWLELOL]DomR GD UHFHLWD FRP D GHVSHVD
$UW  ² $ IL[DomR GDV FRWDV D TXH VH UHIHUH R DUWLJR DQWHULRU DWHQGHUi DRV
VHJXLQWHV REMHWLYRV
D DVVHJXUDU jV XQLGDGHV RUoDPHQWiULDV HP WHPSR ~WLO D VRPD GH
UHFXUVRV QHFHVViULRV H VXILFLHQWHV j PHOKRU H[HFXomR GR VHX SURJUDPD
DQXDO GH WUDEDOKR H
E PDQWHU GXUDQWH R H[HUFtFLR QD PHGLGD GR SRVVtYHO R HTXLOtEULR
HQWUH D UHFHLWD DUUHFDGDGD H D GHVSHVD UHDOL]DGD GH PRGR D UHGX]LU
DR PtQLPR HYHQWXDLV LQVXILFLrQFLDV GH WHVRXUDULD
$ SURJUDPDomR ILQDQFHLUD p DVVLP D GLVWULEXLomR GH GRWDo}HV IL[DGDV QR
RUoDPHQWR SRU FRWDV HP IXQomR GDV H[SHFWDWLYDV GH UHFHLWD SDUD GHWHUPL
QDGR SHUtRGR

 5(,6 +HUDOGR GD &RVWD &RQWDELOLGDGH 0XQLFLSDO WHRULD H SUiWLFD ª HG UHY DXP 5LR
GH -DQHLUR ,%$0 



&$'(512 
&RPR EDVH QD SURJUDPDomR ILQDQFHLUD p TXH VH HVWDEHOHFH R FURQRJUDPD
GH GHVHPEROVR LQVWUXPHQWR TXH SHUPLWH TXH RV $GPLQLVWUDGRUHV SODQHMHP
D H[HFXomR GD GHVSHVD GH DFRUGR FRP R HIHWLYR LQJUHVVR GDV UHFHLWDV
5HVVDOWDVH TXH HVWH LQVWUXPHQWR QmR DERUGD VRPHQWH DV UHFHLWDV H RV JDVWRV
UHJLVWUDGRV QR RUoDPHQWR PDV D PRYLPHQWDomR ILQDQFHLUD GH WRGR H TXDOTXHU
YDORU PRQHWiULR GD RUJDQL]DomR LQGHSHQGHQWHPHQWH GD ILQDOLGDGH
1D SURJUDPDomR ILQDQFHLUD GHYHP VHU FRQVLGHUDGRV DLQGD RV FUpGLWRV
DGLFLRQDLV H DV RSHUDo}HV H[WUDRUoDPHQWiULDV
$ HODERUDomR GD SURJUDPDomR ILQDQFHLUD H GR FURQRJUDPD GH GHVHPEROVR
OHYDUi HP FRQWD DV VHJXLQWHV LQIRUPDo}HV
x DV GLVSRQLELOLGDGHV H[LVWHQWHV
x D DIOXrQFLD SURYiYHO GD UHFHLWD SUySULD
x D DIOXrQFLD SURYiYHO GD UHFHLWD WUDQVIHULGD
x RUoDPHQWR DSURYDGR FRP D GLVFULPLQDomR SRU XQLGDGH RUoDPHQWiULD
x RXWURV GpELWRV RX FRPSURPLVVRV FRPR RV RULXQGRV GH FUpGLWRV HVSHFLDLV
RV UHVWRV D SDJDU RV FRPSURPLVVRV GD GtYLGD S~EOLFD H RXWURV GHVVD
QDWXUH]D
x RXWURV FRPSURPLVVRV H RXWUDV FLUFXQVWkQFLDV TXH SRVVDP LQIOXLU QR
FRPSRUWDPHQWR HIHWLYR GDV UHFHLWDV H QD UHDOL]DomR GD GHVSHVDµ
$ SURJUDPDomR ILQDQFHLUD H R FURQRJUDPD GH GHVHPEROVR GHYHUmR VHU
HODERUDGRV QR SUD]R GH WULQWD GLDV DSyV D SXEOLFDomR GRV RUoDPHQWRV QRV
WHUPRV HP TXH GLVSXVHU D /HL GH 'LUHWUL]HV 2UoDPHQWiULD ² /'2

(VWDEHOHFHQGR D 3URJUDPDomR GD 5HFHLWD

$ /5) HVWDEHOHFH QR VHX DUW  TXH WULQWD GLDV DSyV D SXEOLFDomR GRV
RUoDPHQWRV DV UHFHLWDV SUHYLVWDV VHUmR GHVGREUDGDV SHOR 3RGHU ([HFXWLYR
HP PHWDV ELPHVWUDLV GH DUUHFDGDomR FRP D HVSHFLILFDomR HP VHSDUDGR
TXDQGR FDEtYHO GDV PHGLGDV GH FRPEDWH j HYDVmR H j VRQHJDomR GD
TXDQWLGDGH H GRV YDORUHV GDV Do}HV DMXL]DGDV SDUD D FREUDQoD GD GtYLGD
DWLYD EHP FRPR GD HYROXomR GR PRQWDQWH GRV FUpGLWRV WULEXWiULRV SDVVtYHLV
GH FREUDQoD DGPLQLVWUDWLYD

 $ /HL  FRPHQWDGD  - 7HL[HLUD 0DFKDGR -U H +HUDOGR GD &RVWD 5HLV HG UHY H
DWXDO 5LR GH -DQHLUR ,%$0 



&$'(512 
(VVD SRUWDQWR VHUi D SULQFLSDO WDUHID GR UHVSRQViYHO SHOR FURQRJUDPD GH
GHVHPEROVR TXDQWR j UHFHLWD 9HULILFDVH DVVLP TXH D SUHYLVmR GH UHFHLWD
VHUi DSUHVHQWDGD GD VHJXLQWH IRUPD

/'2
0HWD )LVFDO $QXDO

/2$
(VWLPDWLYD GH $UUHFDGDomR
$QXDO

352* 5(&(,7$
0HWD %LPHVWUDO GH
$UUHFDGDomR

&RP EDVH QD HVWLPDWLYD GH DUUHFDGDomR IHLWD QD /HL GH 2UoDPHQWR $QXDO

² /2$ R DGPLQLVWUDGRU LUi IL[DU DV PHWDV ELPHVWUDLV GH DUUHFDGDomR 7DLV
PHWDV GHYHUmR VHU FDOFXODGDV HP IXQomR

x GD UHFHLWD HVWLPDGD QD /2$ SRU IRQWH

x GR IOX[R GH DUUHFDGDomR GDV UHFHLWDV SUySULDV ² LVWR VLJQLILFD TXH D
$GPLQLVWUDomR 3~EOLFD GHYHUi FRQKHFHU R FRPSRUWDPHQWR GD HQWUDGD
GDV UHFHLWDV WULEXWiULDV SDWULPRQLDLV GH DWLYLGDGHV HFRQ{PLFDV H[HUFLGDV
H GH GtYLGD DWLYD HQWUH RXWUDV 3DUD WDQWR VHUi HVWXGDGR R FRPSRUWD
PHQWR GD UHFHLWD HP DQRV DQWHULRUHV EHP FRPR VHUmR DQDOLVDGDV DV
GHFLV}HV DGPLQLVWUDWLYDV TXDQWR j DUUHFDGDomR GH UHFHLWD SDUD R H[HUFtFLR
HP TXH VH HODERUDP DV UHIHULGDV PHWDV
x GR IOX[R GH DUUHFDGDomR GDV UHFHLWDV WUDQVIHULGDV ² GHYHUi VHU FRQKHFLGR
SHORV DGPLQLVWUDGRUHV R FRPSRUWDPHQWR GR LQJUHVVR GH WUDQVIHUrQFLDV
FRQVWLWXFLRQDLV OHJDLV H FRQYHQLDGDV QRV DQRV DQWHULRUHV 7DPEpP WrP
TXH VHU DQDOLVDGRV RV SRVVtYHLV IDWRUHV TXH SRGHP DIHWDU R YDORU GHVVDV
WUDQVIHUrQFLDV QR SUHVHQWH
x GD PRYLPHQWDomR ILQDQFHLUD HQWUH RV IXQGRV HVSHFLDLV GD PHVPD HQWLGD
GH QmR UHJLVWUDGD HP RUoDPHQWR
x GD PRYLPHQWDomR ILQDQFHLUD UHIHUHQWH jV OLEHUDo}HV GRV UHFXUVRV ILQDQ
FHLURV SHOR 3RGHU ([HFXWLYR SDUD R 3RGHU /HJLVODWLYR SDUD R FXPSULPHQ



&$'(512 
 WR GR PDQGDPHQWR FRQVWLWXFLRQDO GR DUW  FRPELQDGR FRP DV
GLVSRVLo}HV GD (PHQGD &RQVWLWXFLRQDO Qº 

$ WLWXOR GH H[HPSOR DSUHVHQWDVH D VHJXLU XP TXDGUR TXH GHPRQVWUD

SRVVtYHLV SDUkPHWURV SDUD R HVWDEHOHFLPHQWR GH PHWDV ELPHVWUDLV GH DU
UHFDGDomR

)RQWH GH 5HFHLWD 3DUkPHWUR

5HFHLWD WULEXWiULD
5HFHLWD SDWULPRQLDO
5HFHLWD GH VHUYLoRV
)XQGR GH 3DUWLFLSDomR GRV 0XQLFtSLRV &DOHQGiULR GH UHSDVVHV
5HFHLWD GH GtYLGD DWLYD
5HFHLWD GH 2SHUDo}HV GH &UpGLWR
&DOHQGiULR ILVFDO HVWLSXODGR
'DWDV GH YHQFLPHQWR GH DOXJXpLV
'DWD GH UHPXQHUDomR GH DSOLFDo}HV ILQDQFHLUDV
&RQWUDWRV ILUPDGRV RX D VHUHP ILUPDGRV
3UHYLVmR GD GHPDQGD GH VHUYLoRV QR ELPHVWUH
&RQWUDWRV ILUPDGRV RX D VHUHP ILUPDGRV
3UD]R GH MXOJDPHQWR GDV Do}HV SDUD FREUDQoD
&DOHQGiULR GH FREUDQoDV DGPLQLVWUDWLYDV
'DWD SUHYLVWD SDUD R LQJUHVVR GD UHFHLWD GH
RSHUDomR GH FUpGLWR

(VWDEHOHFHQGR D 3URJUDPDomR GD 'HVSHVD

$ SDUWLU GR IOX[R GH UHFHLWD HODERUDGR VHUi IHLWD D SURJUDPDomR GD GHVSHVD

$ /5) QmR HVWDEHOHFH FRPR VHUi IHLWD D SURJUDPDomR DR FRQWUiULR GR TXH
RFRUUH FRP D UHFHLWD FRPR Mi YLVWR &RQFOXLVH HQWmR TXH DV UHJUDV
DSOLFiYHLV SDUD VH SURJUDPDU D GHVSHVD VmR RV GLVSRVLWLYRV GD /HL Qº
 PDLV SUHFLVDPHQWH RV DUWLJRV  D 

(VWHV GLVSRVLWLYRV GHWHUPLQDP TXH D SURJUDPDomR GD GHVSHVD p IHLWD

PHGLDQWH FRWDV WULPHVWUDLV SRU XQLGDGH RUoDPHQWiULD 0DV FRPR SRGH D
GHVSHVD VHU SURJUDPDGD WULPHVWUDOPHQWH Mi TXH D UHFHLWD SRU GHWHUPL
QDomR GD /5) GHYHUi VHU SURJUDPDGD SRU ELPHVWUH" 9HULILFDVH SRUWDQ
WR D QHFHVVLGDGH GH XPD DGHTXDomR GRV PDQGDPHQWRV OHJDLV 'HVWD
IRUPD QR WH[WR GD /HL Qº  RQGH VH Or FRWDV WULPHVWUDLV OHLDVH
FRWDV ELPHVWUDLV

2EVHUYDVH DVVLP TXH D IL[DomR GD GHVSHVD RFRUUHUi GR VHJXLQWH PRGR



&$'(512 
 /'2
0HWD )LVFDO $QXDO

/2$
'HVSHVD D 5HDOL]DU QR
$QR

352* '(63(6$
&RWD %LPHVWUDO GD
'HVSHVD

&RPR Mi IRL GLWR D IL[DomR GH FRWDV FRPR HVWLSXOD D /HL Qº  WHP
RV VHJXLQWHV REMHWLYRV
x DVVHJXUDU jV XQLGDGHV RUoDPHQWiULDV HP WHPSR ~WLO D VRPD GH UHFXUVRV
QHFHVViULRV H VXILFLHQWHV j PHOKRU H[HFXomR GR VHX SURJUDPD DQXDO GH
WUDEDOKR H
x PDQWHU GXUDQWH R H[HUFtFLR QD PHGLGD GR SRVVtYHO R HTXLOtEULR HQWUH D
UHFHLWD DUUHFDGDGD H D GHVSHVD UHDOL]DGD GH PRGR D UHGX]LU DR PtQLPR
HYHQWXDLV LQVXILFLrQFLDV GH WHVRXUDULD
2 FiOFXOR GDV FRWDV GH GHVSHVD OHYDUi HP FRQVLGHUDomR
x DV PHWDV IL[DGDV QD /'2 SRU VHWRU GH DWXDomR GR JRYHUQR
x D GHVSHVD IL[DGD QD /2$ SRU XQLGDGH RUoDPHQWiULD
x FRPSRUWDPHQWR SUHYLVWR GD UHFHLWD
x DV REULJDo}HV GH GHVSHVD H[LVWHQWHV HP IXQomR GH PDQGDPHQWRV FRQV
WLWXFLRQDLV H OHJDLV EHP FRPR GH DFRUGRV FRQWUDWRV H FRQYrQLRV DV
VLQDGRV
x DV REULJDo}HV GH GHVSHVD TXH D $GPLQLVWUDomR 3~EOLFD SUHWHQGH DVVXPLU
SDUD UHDOL]DomR GDV Do}HV SURSRVWDV
6XJHUHVH TXH R FiOFXOR GDV FRWDV GH GHVSHVD FRQVLGHUH GHQWUR GH FDGD
XQLGDGH RUoDPHQWiULD RV JDVWRV IL[DGRV SRU FDWHJRULD HFRQ{PLFD
7DPEpP D WLWXOR GH H[HPSOR p DSUHVHQWDGR D VHJXLU XP TXDGUR TXH
GHPRQVWUD SRVVtYHLV SDUkPHWURV SDUD R HVWDEHOHFLPHQWR GH FRWDV ELPHVWUDLV
GH GHVSHVD



&$'(512 
 'HVSHVD 3DUkPHWUR
3HVVRDO 9DORU GD IROKD GH SDJDPHQWR PHQVDO
2XWURV 6HUYLoRV H (QFDUJRV 6HUYLoRV D VHUHP XWLOL]DGRV
7UDQVIHUrQFLDV ,QWUDJRYHUQDPHQWDLV &DOHQGiULR GH UHSDVVH
2EUDV H ,QVWDODo}HV &URQRJUDPD GH REUDV

7HQGR HP YLVWD TXH D SURJUDPDomR GD GHVSHVD FRPSUHHQGH D WRWDOLGDGH

GH UHFXUVRV PRYLPHQWDGRV SHOD HQWLGDGH p SURYiYHO TXH VXD HODERUDomR
ILTXH D FDUJR GR yUJmR ID]HQGiULR FRP D FRODERUDomR GDV GHPDLV XQLGDGHV

4XDGURV GD 5HFHLWD H GD 'HVSHVD

6mR DSUHVHQWDGRV D VHJXLU RV IRUPDWRV VXJHULGRV SDUD RV TXDGURV GD UHFHLWD

H GD GHVSHVD GH XPD HQWLGDGH JRYHUQDPHQWDO SUHHQFKLGRV D SDUWLU GR
VHJXLQWH H[HPSOR
8P 0XQLFtSLR HVWLPD DUUHFDGDU 5  QR DQR VHQGR 5 GH
,378 5 GH ,66 5 UHIHUHQWH DR )30 5 GH XP
FRQYrQLR QD iUHD GD VD~GH H 5 UHODWLYRV j FRQWUDWDomR GH XPD
RSHUDomR GH FUpGLWR &RP EDVH QR RUoDPHQWR YHULILFDVH TXH FDEHUi j
6HFUHWDULD GH 2EUDV H[HFXWDU SURJUDPDV FXMRV FUpGLWRV VRPDP 5
SDUD JDVWRV FRP SHVVRDO PDWHULDO GH FRQVXPR RXWURV VHUYLoRV H HQFDUJRV
REUDV H LQVWDODo}HV H HTXLSDPHQWRV H PDWHULDO SHUPDQHQWH



&$'(512 
 )RQWH GH 5HFHLWD 3DUkPHWUR 9DORU GD 0HWD %LPHVWUDO
,378 &DOHQGiULR ILVFDO HVWLSXODGR 'H DFRUGR FRP R FDOHQGiULR GH
UHFROKLPHQWR GR ,378 H R KLVWyULFR GD
DUUHFDGDomR HP H[HUFtFLRV DQWHULRUHV 
p SUHYLVWR R VHJXLQWH IOX[R GH
DUUHFDGDomR SDUD R LPSRVWR
x 5 HP MDQIHY
x 5 HP PDUDEU
x 5 HP PDLMXQ
x 5 HP MXODJR
,66 &DOHQGiULR ILVFDO HVWLSXODGR 'H DFRUGR FRP R FDOHQGiULR GH
UHFROKLPHQWR GR ,66 H R KLVWyULFR GD
DUUHFDGDomR HP H[HUFtFLRV DQWHULRUHV 
p SUHYLVWR R VHJXLQWH IOX[R GH
DUUHFDGDomR SDUD R LPSRVWR
x 5 HP MDQIHY
x 5 HP PDUDEU
x 5 HP PDLMXQ
x 5 HP MXODJR
x 5 HP VHWRXW
x 5 HP QRYGH]
)30 &DOHQGiULR GH UHSDVVHV 'H DFRUGR FRP DV LQIRUPDo}HV REWLGDV
MXQWR j 8QLmR H R FDOHQGiULR GH
UHSDVVH GD WUDQVIHUrQFLD YHULILFDVH
TXH R 0XQLFtSLR UHFHEHUi SRU
ELPHVWUH R HTXLYDOHQWH D 5
&RQYrQLR 'DWD GH UHSDVVH GRV 3HOR DFRUGR DVVLQDGR R UHSDVVH GR
UHFXUVRV H FURQRJUDPD GH YDORU LQWHJUDO H D UHDOL]DomR GR REMHWR
UHDOL]DomR GR REMHWR GR GR FRQYrQLR RFRUUHUmR QR PrV GH PDLR
FRQYrQLR
2SHUDo}HV GH 'DWD SUHYLVWD SDUD R 2V DGPLQLVWUDGRUHV SUHYrHP
&UpGLWR LQJUHVVR GD UHFHLWD GH RSHUDo}HV GH FUpGLWR QR PrV GH
RSHUDomR GH FUpGLWR QRYHPEUR QR YDORU GH 5
2 FiOFXOR GDV PHWDV ELPHVWUDLV HP IXQomR GH YDORUHV KLVWyULFRV SRGHUi VHU IHLWR PHGLDQWH R XVR
GH HVWDWtVWLFD

$ PHWDV ELPHVWUDLV GH UHFHLWD VHUmR FDOFXODGDV GD VHJXLQWH IRUPD



&$'(512 
 'HVSHVD 3DUkPHWUR 9DORU GD 0HWD %LPHVWUDO
3HVVRDO &DOHQGiULR GH $ IROKD GH SDJDPHQWR PHQVDO HVWi
SDJDPHQWR HVWLPDGD HP 5
0DWHULDO GH 2UoDPHQWR GH &RPSUDV (P IXQomR GDV PHWDV HVWDEHOHFLGDV QD
&RQVXPR /'2 SDUD DV Do}HV JRYHUQDPHQWDLV
IRUDP HVWLPDGDV DV VHJXLQWHV PHWDV
ELPHVWUDLV SDUD HVWD GHVSHVD
x 5 HP MDQIHY
x 5 HP PDUDEU
x 5 HP MXODJR
x 5 HP QRYGH]
2XWURV 6HUYLoRV H 'DWDV DFRUGDGDV RX (P IXQomR GRV VHUYLoRV FXMD XWLOL]DomR
(QFDUJRV SUHYLVWDV GH SDJDPHQWRV HVWi SUHYLVWD SDUD R DQR IRUDP
SRU VHUYLoRV XWLOL]DGRV HVWLPDGDV DV VHJXLQWHV PHWDV ELPHVWUDLV
SDUD HVWD GHVSHVD
x 5 HP MDQIHY
x 5 HP PDUDEU
x 5 HP PDLMXQ
x 5 HP MXODJR
x 5 HP VHWRXW
x 5 HP QRYGH]
2EUDV H ,QVWDODo}HV &URQRJUDPD GH 2EUDV (P IXQomR GR FURQRJUDPD GH H[HFXomR
GDV REUDV GR 0XQLFtSLR QR DQR IRL
HVWLPDGD D VHJXLQWH PHWD ELPHVWUDO SDUD
HVWD GHVSHVD
x 5 HP PDLMXQ
(TXLSDPHQWRV H 2UoDPHQWR GH &RPSUDV (P IXQomR GRV PHWDV HVWDEHOHFLGDV QD
0DWHULDO &URQRJUDPD GH 2EUDV /'2 SDUD DV Do}HV JRYHUQDPHQWDLV H GR
3HUPDQHQWH FURQRJUDPD GH H[HFXomR GDV REUDV GR
0XQLFtSLR QR DQR IRUDP HVWLPDGDV DV
VHJXLQWHV PHWDV ELPHVWUDLV SDUD HVWD
GHVSHVD
x 5 HP PDLMXQ
x 5 HP QRYGH]

'HSRLV GH FDOFXODGDV DV PHWDV ELPHVWUDLV GH UHFHLWD H GDV FRWDV GH GHVSHVD

IRL HODERUDGD D SURJUDPDomR ILQDQFHLUD FRPR VH VHJXH



&$'(512 
 4XDGUR GDV 0HWDV %LPHVWUDLV GH 5HFHLWD

3HUtRGR 5HFHLWD
)RQWH 9DORU HP 5
ž ELPHVWUH ,66 
,378 
)30 
7RWDO 
ž ELPHVWUH ,66 
,378 
)30 
7RWDO 
ž ELPHVWUH ,66 
,378 
)30 
&RQYrQLR GD 6D~GH 
7RWDO 
ž ELPHVWUH ,66 
,378 
)30 
7RWDO 
ž ELPHVWUH ,66 
)30 
WRWDO 
ž ELPHVWUH ,66 
)30 
2SHUDomR GH &UpGLWR 
7RWDO 
7RWDO *HUDO 



&$'(512 
 4XDGUR GDV &RWDV %LPHVWUDLV GH 'HVSHVD

8QLGDGH 2UoDPHQWiULD 6HFUHWDULD GH 2EUDV

3HUtRGR 'HVSHVD
,QVXPR 9DORUHV HP 5
3HVVRDO 
ž ELPHVWUH 0DWHULDO GH FRQVXPR 
2RXWURV VHUYLoRV H HQFDUJRV 
7RWDO 
3HVVRDO 
ž ELPHVWUH 2XWURV VHUYLoRV H HQFDUJRV 
0DWHULDO GH FRQVXPR 
7RWDO 
3HVVRDO 
ž ELPHVWUH 2XWURV VHUYLoRV H HQFDUJRV 
2EUDV H LQVWDODo}HV 
(TXLSDPHQWRV H PDWHULDO SHUPDQHQWH 
7RWDO 
3HVVRDO 
ž ELPHVWUH 2XWURV VHUYLoRV H HQFDUJRV 
0DWHULDO GH FRQVXPR 
7RWDO 
3HVVRDO 
ž ELPHVWUH 2XWURV VHUYLoRV H HQFDUJRV 
7RWDO 
3HVVRDO 
ž ELPHVWUH 0DWHULDO GH FRQVXPR 
2XWURV VHUYLoRV H HQFDUJRV 
(TXLSDPHQWRV H PDWHULDO SHUPDQHQWH 
7RWDO 
7RWDO *HUDO 

5HFHLWD

$ UHFHLWD S~EOLFD WHRULFDPHQWH SRGH VHU FRQFHLWXDGD QXP VHQWLGR PDLV

DPSOR FRPR R FRQMXQWR GH LQJUHVVRV ILQDQFHLURV TXH SURGX]HP RX QmR
DFUpVFLPR DR SDWULP{QLR GD HQWLGDGH JRYHUQDPHQWDO 1D SUiWLFD YHULILFDVH



&$'(512 
TXH D PDLRU SDUWH GHVVDV UHFHLWDV p REWLGD GH IRQWHV SUySULDV H SHUPDQHQWHV
GD HQWLGDGH TXH SDVVD D LQWHJUDU R SDWULP{QLR QD TXDOLGDGH GH HOHPHQWR
QRYR VHP JHUDU REULJDo}HV UHVHUYDV RX UHLYLQGLFDo}HV GH WHUFHLURV 7DLV
UHFHLWDV UHVXOWDP GH OHLV FRQWUDWRV FRQYrQLRV WULEXWRV GH ODQoDPHQWR
GLUHWR H RXWURV
$OJXQV YDORUHV DR LQJUHVVDUHP QR SDWULP{QLR GD HQWLGDGH QR HQWDQWR
JHUDP SDUD D PHVPD REULJDo}HV GH YDORU LJXDO 7DLV UHFHLWDV GLIHUHQWH
PHQWH GDV DQWHULRUHV QmR VmR UHJLVWUDGDV QR RUoDPHQWR VHQGR SRU LVWR
GHQRPLQDGDV H[WUDRUoDPHQWiULDV e R FDVR GRV YDORUHV UHWLGRV QRV FRIUHV
S~EOLFRV D WtWXOR GH FRQVLJQDo}HV SRU H[HPSOR

$ UHFHLWD TXH FRQVWD QD /2$ p GHQRPLQDGD UHFHLWD SUHYLVWD RX HVWLPDGD

RX VHMD FRUUHVSRQGH D XPD H[SHFWDWLYD GH HQWUDGD GH GLQKHLUR QR FRIUH GR
0XQLFtSLR $VVLP D HIHWLYD DUUHFDGDomR GHVVHV YDORUHV FRUUHVSRQGH j
H[HFXomR RUoDPHQWiULD H ILQDQFHLUD GD UHFHLWD

&RQIRUPH HVWDEHOHFH R DUW  GD /HL Qº  SHUWHQFHP DR H[HUFtFLR

ILQDQFHLUR DV UHFHLWDV TXH QHOH IRUHP DUUHFDGDGDV e DGRWDGR SDUD D UHFHLWD
S~EOLFD R UHJLPH GH FDL[D D JHVWmR ILQDQFHLUD JRYHUQDPHQWDO UHFRQKHFHUi
FRPR UHFHLWD GH XP H[HUFtFLR RV YDORUHV DUUHFDGDGRV QHVWH PHVPR SHUtRGR

(WDSDV GH 5HDOL]DomR GD 5HFHLWD

3DUD TXH D UHFHLWD LQJUHVVH QRV FRIUHV S~EOLFRV VmR QHFHVViULRV RV VHJXLQWHV
DWRV

/DQoDPHQWR ILVFDO
e R DWR DGPLQLVWUDWLYR YLQFXODGR H REULJDWyULR DWUDYpV GR TXDO VH FRQVWLWXL R
FUpGLWR ILVFDO 1D PDLRULD GRV FDVRV R ODQoDPHQWR p XWLOL]DGR SDUD D
FRQVWLWXLomR GR FUpGLWR GH QDWXUH]D WULEXWiULD

'H DFRUGR FRP RV FRQFHLWRV HVWDEHOHFLGRV SHOD OHJLVODomR WULEXWiULD VmR

REMHWR GH ODQoDPHQWR WRGRV RV WULEXWRV YDULDQGR D PRGDOLGDGH GH ODQoD
PHQWR FRQIRUPH DV FDUDFWHUtVWLFDV GH FDGD HVSpFLH WULEXWiULD

 $ /HL  FRPHQWDGD - 7HL[HLUD 0DFKDGR -U H +HUDOGR GD &RVWD 5HLV HG UHY H
DWXDO 5LR GH -DQHLUR ,%$0 



&$'(512 
([LVWHP WUrV PRGDOLGDGHV GH ODQoDPHQWRV

 ² TXDQGR p IHLWR SRU LQLFLDWLYD GD DXWRULGDGH DGPLQLVWUDWLYD

GH RItFLR
LQGHSHQGHQWHPHQWH GH TXDOTXHU FRODERUDomR GR FRQWULEXLQWH ([HP
SOR ,378
 SRU GHFODUDomR ² TXDQGR p IHLWR PHGLDQWH GHFODUDomR IRUQHFLGD SHOR
FRQWULEXLQWH RX SRU WHUFHLUR FRP DV LQIRUPDo}HV QHFHVViULDV SDUD D
FRQVWLWXLomR GR FUpGLWR LGHQWLILFDomR GR FRQWULEXLQWH GR YDORU D SDJDU
HWF ([HPSOR ,PSRVWR GH 5HQGD ² ,5
 SRU KRPRORJDomR ² TXDQGR p IHLWR QR FDVR GRV WULEXWRV FXMD OHJLVODomR
DWULEXL DR FRQWULEXLQWH R GHYHU GH DQWHFLSDU R SDJDPHQWR VHP SUpYLR
H[DPH GD DXWRULGDGH DGPLQLVWUDWLYD QR TXH FRQFHUQH j VXD GHWHUPLQD
omR 1HVWD VLWXDomR R WUDEDOKR GH ID]HU R ODQoDPHQWR p GR FRQWULEXLQWH
FDEHQGR DR (VWDGR FRUURERUDU WDO ODQoDPHQWR DWUDYpV GD KRPRORJDomR
([HPSOR ,66 $V OHLV JHUDOPHQWH QmR IL[DP SUD]RV SDUD D KRPRORJDomR
SUHYDOHFHQGR DVVLP D UHJUD GD KRPRORJDomR WiFLWD QR SUD]R GH FLQFR
DQRV D FRQWDU GD RFRUUrQFLD GR IDWR JHUDGRU )LQGR HVVH SUD]R VHP XP
SURQXQFLDPHQWR GD )D]HQGD 3~EOLFD FRQVLGHUDVH KRPRORJDGR R ODQ
oDPHQWR H GHILQLWLYDPHQWH H[WLQWR R FUpGLWR WULEXWiULR VDOYR VH FRPSUR
YDGD D RFRUUrQFLD GH GROR IUDXGH RX VLPXODomR

$UUHFDGDomR
e D RSHUDomR SHOD TXDO R FRQWULEXLQWH RX GHYHGRU GD )D]HQGD 3~EOLFD
HQWUHJD DR DJHQWH DUUHFDGDGRU R YDORU GHYLGR 7DLV DJHQWHV SRGHP VHU

x S~EOLFRV ² UHSDUWLo}HV GR JRYHUQR FRP DWULEXLo}HV OHJDLV SDUD DUUHFDGDU

UHFHLWDV S~EOLFDV
x SULYDGRV ² EDQFRV RILFLDLV DXWRUL]DGRV FRP DWULEXLo}HV OHJDLV SDUD DU
UHFDGDU UHFHLWDV S~EOLFDV

5HVVDOWDVH DLQGD D ILJXUD GR GHSRVLWiULR TXH VHUYH GH LQWHUPHGLiULR HQWUH

R FRQWULEXLQWH H R DJHQWH DUUHFDGDGRU FRPR SRU H[HPSOR DV HPSUHVDV
TXH GHGX]HP GRV VDOiULRV GH VHXV IXQFLRQiULRV R ,PSRVWR GH 5HQGD 5HWLGR
QD )RQWH ² ,55) H DV FRQWULEXLo}HV SUHYLGHQFLiULDV

5HFROKLPHQWR
e R DWR SHOR TXDO RV DJHQWHV DUUHFDGDGRUHV HQWUHJDP DR 7HVRXUR 3~EOLFR R
SURGXWR GD DUUHFDGDomR &RPR HP JHUDO RV DJHQWHV DUUHFDGDGRUHV VmR RV



&$'(512 
EDQFRV H HVWHV ID]HP DWXDOPHQWH XVR GH DYDQoDGD WHFQRORJLD RV DWRV GH
DUUHFDGDomR H UHFROKLPHQWR DFDEDP ILFDQGR PXLWR SUy[LPRV QD SUiWLFD
&RPR HVWDEHOHFH R DUW  GD /HL Qº  R UHFROKLPHQWR GH WRGDV DV
UHFHLWDV VHUi IHLWR HP HVWULWD REVHUYkQFLD DR SULQFtSLR GH XQLGDGH GH
WHVRXUDULD YHGDGD TXDOTXHU IUDJPHQWDomR SDUD D FULDomR GH FDL[DV HV
SHFLDLV

5HVVDOWDVH SRUpP TXH RV IXQGRV HVSHFLDLV FRQVWLWXHP XPD H[FHomR DR

SULQFtSLR GD XQLGDGH GH WHVRXUDULD H VH FDUDFWHUL]DP SHOD YLQFXODomR GH
UHFHLWDV TXH VmR GHSRVLWDGDV HP FDL[DV VHSDUDGRV D ILQDOLGDGHV HVSHFtILFDV

1mR &XPSULPHQWR GDV 0HWDV )LVFDLV GH 5HFHLWD

$ HVWLPDWLYD GH UHFHLWD H R HVWDEHOHFLPHQWR GH PHWDV ILVFDLV VmR WDUHIDV

LQHUHQWHV D XP SURFHVVR GH SODQHMDPHQWR ILQDQFHLUR JRYHUQDPHQWDO 4XDQ
GR EHP H[HFXWDGDV SURSLFLDP XPD DSOLFDomR HILFLHQWH HILFD] H HFRQ{PLFD
GH UHFXUVRV SRVWRV j GLVSRVLomR GD $GPLQLVWUDomR 3~EOLFD 3RUpP PXLWDV
YH]HV SRU PHOKRU TXH VH SODQHMH XPD DomR HOD QmR RFRUUH H[DWDPHQWH
FRPR R HVSHUDGR ( LVWR WDPEpP SRGH DFRQWHFHU FRP D UHFHLWD S~EOLFD
9iULRV VmR RV PRWLYRV TXH OHYDP DV UHFHLWDV HVWLPDGDV D QmR LQJUHVVDUHP
QRV FRIUHV S~EOLFRV 2 SULQFLSDO D VHU DERUGDGR QHVWH PDQXDO QR HQWDQWR
QmR VmR DV FDXVDV PDV VLP DV FRQVHTrQFLDV GD QmR DUUHFDGDomR SDUD DV
HQWLGDGHV GH JRYHUQR ( p SDUD PLQLPL]DU RV HIHLWRV GH WDLV FRQVHTrQFLDV
TXH D /5) LQGLFD Do}HV D VHUHP SRVWDV HP SUiWLFD TXDQGR D DUUHFDGDomR
GD UHFHLWD QmR VH FRPSRUWD FRPR R HVSHUDGR

e FODUR TXH DV PHGLGDV PDLV LPSRUWDQWHV GHYHP SDUWLU GR SUySULR DGPLQLV

WUDGRU TXH SHUFHEHQGR D LPSRVVLELOLGDGH GH VHUHP UHDOL]DGDV DV Do}HV
TXH REMHWLYDP R EHPHVWDU VRFLDO XWLOL]DULD VHX SRGHU H VXD FDSDFLGDGH
JHUHQFLDO SDUD FRQWRUQDU RV SUREOHPDV VXUJLGRV 1R HQWDQWR D /HL LQGLFD
HP SULQFtSLR DV PHGLGDV TXH SRGHP DX[LOLiOR QHVWD WDUHID 7UDWDVH GD
OLPLWDomR GH HPSHQKR H GD PRYLPHQWDomR ILQDQFHLUD

(VWDV PHGLGDV QmR UHVROYHP R SUREOHPD HPERUD SRVVDP UHVWDEHOHFHU

DLQGD TXH WHPSRUDULDPHQWH R HTXLOtEULR GDV FRQWDV S~EOLFDV e FRPR QD
YLGD SDUWLFXODU GH FDGD XP GH QyV TXDQGR VH JDQKD PHQRV JDVWDVH PHQRV
RX SHOR PHQRV VH GHYHULD &RPR PHQFLRQDGR FDEH DR DGPLQLVWUDGRU
SURYLGHQFLDU DV PHGLGDV QHFHVViULDV SDUD VDQDU D IDOWD GH UHFXUVRV



&$'(512 
$ OLPLWDomR GH HPSHQKR H GD PRYLPHQWDomR ILQDQFHLUD GHYHUi VHU IHLWD
TXDQGR D $GPLQLVWUDomR 3~EOLFD YHULILFDU DR ILP GH FDGD ELPHVWUH TXH D
UHDOL]DomR GD UHFHLWD SRGHUi QmR FRPSRUWDU R FXPSULPHQWR GDV PHWDV GH
UHVXOWDGR SULPiULR RX QRPLQDO HVWDEHOHFLGDV QR $QH[R GH 0HWDV )LVFDLV
WHQGR SDUD LVWR R SUD]R GH WULQWD GLDV VXEVHTHQWHV j GDWD GD YHULILFDomR

2EVHUYH R OHLWRU TXH R WHUPR XWLOL]DGR SHOD OHL p OLPLWDomR GH HPSHQKRV H

PRYLPHQWDomR ILQDQFHLUD LVWR p D OLPLWDomR RFRUUHUi VREUH RV VDOGRV GH
GRWDo}HV GLVSRQtYHLV SDUD HPSHQKR EHP FRPR VREUH SDJDPHQWRV D VHUHP
HIHWXDGRV

2V FULWpULRV SDUD DGRomR GHVWH PHFDQLVPR VHUmR IL[DGRV QD /'2 GD

HQWLGDGH JRYHUQDPHQWDO ( TXH FULWpULRV VHUmR HVVHV" 1mR Ki XPD UHJUD
~QLFD SDUD R HVWDEHOHFLPHQWR GH WDLV FULWpULRV FDEHQGR j $GPLQLVWUDomR GH
FDGD HQWLGDGH JRYHUQDPHQWDO DGRWDU DTXHOHV TXH OKHV IRUHP PDLV DGHTXD
GRV 6mR GLVFULPLQDGRV D VHJXLU D WtWXOR GH VXJHVWmR DOJXQV FULWpULRV PDLV
DEUDQJHQWHV

(VFROKD GDV GHVSHVDV D VHUHP OLPLWDGDV

6H R REMHWLYR GHVWD PHGLGD p OLPLWDU D GHVSHVD D SULPHLUD FRLVD D VHU
GHWHUPLQDGD p TXDO R JDVWR D VHU FRUWDGR 2 FULWpULR SDUD D HVFROKD GDV
GRWDo}HV RX GRV SDJDPHQWRV H GDV WUDQVIHUrQFLDV TXH VHUmR OLPLWDGRV
GHYHUi VHU GHWHUPLQDGR HP IXQomR GD HVVHQFLDOLGDGH GR JDVWR $ SUySULD
/5) RULHQWD D OLPLWDomR QHVWH VHQWLGR DR HVWDEHOHFHU QR † º GR DUW º TXH
QmR VHUmR REMHWR GH OLPLWDomR DV GHVSHVDV TXH UHVXOWDP GH PDQGDPHQWRV
FRQVWLWXFLRQDLV FRPR DV WUDQVIHUrQFLDV LQWHUJRYHUQDPHQWDLV H RV JDVWRV QDV
iUHDV GR HQVLQR GD VD~GH H GD DVVLVWrQFLD VRFLDO LQFOXVLYH DTXHODV GHV
WLQDGDV DR SDJDPHQWR GR VHUYLoR GD GtYLGD EHP FRPR DV GHVSHVDV UHV
VDOYDGDV SHOD /'2

(P WHUPRV SUiWLFRV RULHQWDVH D HODERUDomR GH XPD UHODomR RQGH DV

GHVSHVDV VHMDP FRORFDGDV HP RUGHP GHFUHVFHQWH GH HVVHQFLDOLGDGH $VVLP
SULPHLUR VHUmR OLVWDGDV DV TXH VmR PDLV HVVHQFLDLV SDUD D HQWLGDGH H HP
VHJXLGD DV PHQRV HVVHQFLDLV (VWD OLVWDJHP SRGHUi DSUHVHQWDU WUrV JUXSRV
QD VHJXLQWH RUGHP

º GHVSHVDV TXH SRU IRUoD GH OHL RX SRU YRQWDGH GD $GPLQLVWUDomR 3~EOLFD

QmR SRGHP VHU OLPLWDGDV



&$'(512 
º GHVSHVDV HVVHQFLDLV GD HQWLGDGH VH KRXYHU OLPLWDomR HODV VHUmR DV
~OWLPDV D VHUHP OLPLWDGDV
º GHVSHVDV QmR HVVHQFLDLV GD HQWLGDGH VH KRXYHU OLPLWDomR HODV VHUmR DV
SULPHLUDV D VHUHP OLPLWDGDV
'HSRLV GH HODERUDGD D OLVWD R VHX FRQWH~GR GHYHUi VHU WUDQVSRUWDGR SDUD
R WH[WR GD /'2 FRQIRUPH Mi RULHQWDGR QR PDQXDO VREUH HODERUDomR
RUoDPHQWiULD
'HWHUPLQDomR GD IRUPD GH VH ID]HU D OLPLWDomR
8PD YH] GHWHUPLQDGDV DV GHVSHVDV TXH SRGHUmR VHU OLPLWDGDV GHYHPVH
HVWDEHOHFHU FULWpULRV SDUD VDEHU FRPR D DGPLQLVWUDomR DV OLPLWDUi (VWD
PHGLGD GHSHQGHUi GD IRUPD FRPR R FRQWUROH HVWHMD HVWUXWXUDGR QR yUJmR
GRV VLVWHPDV GH LQIRUPiWLFD GD HQWLGDGH XWLOL]DGRV SDUD FRQWUROH H GR JUDX
GH DXWRQRPLD GHOHJDGD SHOR &KHIH GR ([HFXWLYR D VHXV VXERUGLQDGRV HQWUH
RXWURV
4XDOTXHU TXH VHMD D IRUPD HVFROKLGD R UHVXOWDGR GHYHUi VHU R EORTXHLR
SDUD VH ID]HUHP HPSHQKRV QDV GRWDo}HV SDVVtYHLV GH OLPLWDomR EHP FRPR
GDV WUDQVIHUrQFLDV ILQDQFHLUDV UHDOL]DGDV SHOD DGPLQLVWUDomR 8PD YH] UHV
WDEHOHFLGD D UHFHLWD SUHYLVWD DLQGD TXH SDUFLDOPHQWH IDUVHi R GHVEORTXHLR
GDV GRWDo}HV H WUDQVIHUrQFLDV OLPLWDGDV SURSRUFLRQDOPHQWH jV UHGXo}HV
HIHWLYDGDV
'H DFRUGR FRP RV FULWpULRV HVWDEHOHFLGRV QD /'2 FDEH DR &KHIH GR 3RGHU
([HFXWLYR OLPLWDU DV GHVSHVDV GRV GHPDLV 3RGHUHV FDVR HVWHV QmR SURPRYDP
D OLPLWDomR GDV VXDV GHVSHVDV QR SUD]R HVWDEHOHFLGR QR FDSXW GR DUW º GD
/5)

5HQ~QFLD GH 5HFHLWD

&RQIRUPH HVWDEHOHFLGR QD /&  DUW  † º D UHQ~QFLD GH UHFHLWD

FRPSUHHQGH
 D DQLVWLD ² p D H[FOXVmR GR FUpGLWR WULEXWiULR UHODWLYR D SHQDOLGDGHV
SHFXQLiULDV RX VHMD DV PXOWDV H MXURV GH PRUD 3HOD DQLVWLD R OHJLVODGRU
H[WLQJXH DV SHQDOLGDGHV FRPHWLGDV SHOR FRQWULEXLQWH LQIUDWRU GD OHJLVOD
omR WULEXWiULD LPSHGLQGR D FRQVWLWXLomR GR FUpGLWR 6H R FUpGLWR Mi



&$'(512 
 HVWLYHU FRQVWLWXtGR R OHJLVODGRU SRGHUi GLVSHQViOR SHOD UHPLVVmR PDV
QmR SHOD DQLVWLD
 D UHPLVVmR ² p D GLVSHQVD FRQFHGLGD DR FRQWULEXLQWH GH SDJDU R FUpGLWR
WULEXWiULR FRUUHVSRQGHQWH Mi FRQVWLWXtGR 3RGH VHU WRWDO RX SDUFLDO H YLVD
DWHQGHU
² j VLWXDomR HFRQ{PLFD GR FRQWULEXLQWH
² DR HUUR RX j LJQRUkQFLD HVFXViYHLV GR FRQWULEXLQWH TXDQWR D PDWpULD
GH IDWR
² j GLPLQXWD LPSRUWkQFLD GR FUpGLWR WULEXWiULR
² D FRQVLGHUDo}HV GH HTXLGDGH
² D FRQGLo}HV SHFXOLDUHV GH GHWHUPLQDGD UHJLmR WHUULWRULDO GD HQWLGDGH
WULEXWDQWH
 VXEVtGLR ² p D GLIHUHQoD HQWUH R SUHoR UHDO GH XP SURGXWR H R SUHoR
SHOR TXDO HVWH p SRVWR D YHQGD QR PHUFDGR JHUDOPHQWH EHP DEDL[R GR
SUHoR UHDO 2 JRYHUQR YHULILFDQGR TXH R SURGXWR p HVVHQFLDO SDUD D
SRSXODomR FREUH D GLIHUHQoD *HUDOPHQWH R VXEVtGLR p IHLWR DWUDYpV GH
GRWDo}HV IL[DGDV QR RUoDPHQWR DQXDO VRE D FODVVLILFDomR VXEYHQomR
HFRQ{PLFD
 FUpGLWR SUHVXPLGR ² HVWH FRQFHLWR QmR VH DSOLFD QR kPELWR GD DGPLQLV
WUDomR PXQLFLSDO
 D FRQFHVVmR GH LVHQomR ² TXDQGR XP WULEXWR p LQVWLWXtGR D UHVSHFWLYD
OHL HVWDEHOHFH HQWUH RXWUDV DV VLWXDo}HV GH LQFLGrQFLD GR WULEXWR 6mR
DV KLSyWHVHV GH LQFLGrQFLD $ LVHQomR p D H[FOXVmR SDUFLDO RX WRWDO GD
KLSyWHVH GH LQFLGrQFLD 2X VHMD D FRQFHVVmR GH LVHQomR UHWLUD GR
FRQMXQWR GH KLSyWHVHV GH LQFLGrQFLD DTXHOD TXH PHVPR RFRUUHQGR
QmR GDUi RULJHP DR WULEXWR
 D DOWHUDomR GH DOtTXRWD RX PRGLILFDomR GD EDVH GH FiOFXOR ² D DOtTXRWD
H D EDVH GH FiOFXOR VmR HOHPHQWRV IXQGDPHQWDLV SDUD D GHWHUPLQDomR
GR YDORU GR WULEXWR D VHU UHFROKLGR $VVLP XPD YH] IL[DGD TXDOTXHU
DOWHUDomR TXH OKH p IHLWD TXH FDXVH D GLPLQXLomR GR YDORU GR WULEXWR H
FRQVHTHQWHPHQWH GD UHFHLWD WULEXWiULD p FRQVLGHUDGD XPD UHQ~QFLD
GH UHFHLWD

&RQIRUPH Mi H[SRVWR QR PDQXDO TXH WUDWD GD HODERUDomR GD /'2 H GD /2$

D /5) DERUGD D TXHVWmR VREUH D UHQ~QFLD GH UHFHLWD HP GRLV GH VHXV
GLVSRVLWLYRV 2 DUW º † º 9 GLVS}H TXH R $QH[R GH 0HWDV )LVFDLV FRQWHUi
GHPRQVWUDWLYR GD HVWLPDWLYD H FRPSHQVDomR GD UHQ~QFLD GH UHFHLWD GD
HODERUDomR RUoDPHQWiULD /'2 H R DUW  QD H[HFXomR RUoDPHQWiULD



&$'(512 
FDVR D $GPLQLVWUDomR UHVROYD UHDOL]DU D UHQ~QFLD DLQGD TXH QmR D WHQKD
SUHYLVWR 6HUi DERUGDGD DTXL D VHJXQGD VLWXDomR

'H DFRUGR FRP D /5) SDUD D HIHWLYDomR GD UHQ~QFLD GH UHFHLWD D $GPLQLV

WUDomR WHUi TXH ID]HU D HVWLPDWLYD GR VHX LPSDFWR RUoDPHQWiULRILQDQFHLUR
QR H[HUFtFLR HP TXH HQWUDUi HP YLJRU H QRV GRLV VHJXLQWHV (VWLPDU R LPSDFWR
RUoDPHQWiULRILQDQFHLUR p ID]HU XP FiOFXOR GR YDORU TXH GHL[DUi GH DU
UHFDGDU HP IXQomR GD UHFHLWD SUHYLVWD QD /2$ VREUH D TXDO LQFLGLUi D
UHQ~QFLD

$ /5) GHWHUPLQD DLQGD TXH D UHQ~QFLD GH UHFHLWD VH IDUi GH DFRUGR FRP

R TXH HVWDEHOHFH D /'2 FDVR D PHVPD WHQKD VLGR SUHYLVWD TXDQGR GD
HODERUDomR GHVWD OHL

3DUD TXH XP SRVVtYHO GHVHTXLOtEULR HP UD]mR GH UHQ~QFLD VHMD HYLWDGR D

$GPLQLVWUDomR GHPRQVWUDUi TXH D PHVPD IRL FRQVLGHUDGD QD HVWLPDWLYD GD
UHFHLWD H TXH QmR DIHWDUi DV PHWDV SUHYLVWDV GH UHVXOWDGRV ILVFDLV e SUHFLVR
WDPEpP TXH D $GPLQLVWUDomR HVWLSXOH DV PHGLGDV GH FRPSHQVDomR GD
UHQ~QFLD PHGLDQWH R DXPHQWR GH UHFHLWDV WULEXWiULDV SHOD HOHYDomR GH
DOtTXRWDV DPSOLDomR GD EDVH GH FiOFXOR PDMRUDomR RX FULDomR GH WULEXWR

'H DFRUGR FRP R WLSR GH LQFHQWLYR RX EHQHItFLR WULEXWiULR D VHU FRQFHGLGR

RV DGPLQLVWUDGRUHV LUmR HVWLPDU R YDORU UHQXQFLDGR GH UHFHLWD HP GHWHUPL
QDGR SHUtRGR H TXDO R VHX LPSDFWR RUoDPHQWiULRILQDQFHLUR

&RPSDUDGR FRP DV HVWLPDWLYDV GH PHWDV ILVFDLV HVWH FiOFXOR p PDLV VLPSOHV

SRLV XWLOL]D GDGRV Mi H[LVWHQWHV FRPR HVSHFLILFDGR QR TXDGUR D VHJXLU

,QFHQWLYREHQHItFLR WULEXWiULR 'DGRV SDUD FiOFXOR GD HVWLPDWLYD GH UHQ~QFLD

$QLVWLD 9DORU GDV PXOWDV SHODV LQIUDo}HV FRPHWLGDV
5HPLVVmR 9DORU GR FUpGLWR WULEXWiULR H[WLQWR
,VHQomR H UHGXomR GH DOtTXRWD RX 9DORU GR WULEXWR TXH VHULD FREUDGR DR WRWDO GH
EDVH GH FiOFXOR FRQWULEXLQWHV FRPSUHHQGLGR SHOD LVHQomR RX SHOD
UHGXomR GH DOtTXRWD RX EDVH GH FiOFXOR

$ HVWLPDWLYD GR LPSDFWR RUoDPHQWiULRILQDQFHLUR VHUi DSUHVHQWDGD HP

GRFXPHQWR VHSDUDGR TXH DFRPSDQKDUi D OHL TXH FRQFHGHU RX DPSOLDU R
LQFHQWLYR RX R EHQHItFLR WULEXWiULR H TXH WLYHU JHUDGR D UHQ~QFLD HP TXHVWmR
(VWH GHPRQVWUDWLYR SRGHUi WHU R VHJXLQWH IRUPDWR



&$'(512 
 ,QFHQWLYR 5HFHLWD $QR HP TXH ž DQR VHJXLQWH ž DQR VHJXLQWH
EHQHItFLR UHQXQFLDGD SDVVDUi D YLJRUDU jTXHOH HP TXH jTXHOH HP TXH
WULEXWiULR D R LQFHQWLYR SDVVDUi D YLJRUDU SDVVDUi D YLJRUDU
VHU FRQFHGLGR EHQHItFLR R LQFHQWLYR R LQFHQWLYR
EHQHItFLR EHQHItFLR

9DORU GR LPSDFWR RUoDPHQWiULRILQDQFHLUR

$ HVWLPDWLYD GR LPSDFWR RUoDPHQWiULRILQDQFHLUR GD UHQ~QFLD GH UHFHLWD

VHUi GHPRQVWUDGD HP PRHGD FRUUHQWH
6XSRQKD TXH D $GPLQLVWUDomR 0XQLFLSDO UHVROYD FRQFHGHU LVHQomR GH ,378
SDUD XPD LQG~VWULD TXH VHUi LQVWDODGD QD FLGDGH QR DQR  )HLWRV RV
FiOFXORV HVWLPDVH TXH R 0XQLFtSLR GHL[DUi GH DUUHFDGDU 5 HP
PpGLD GR UHIHULGR WULEXWR QR H[HUFtFLR GH  H QRV GRLV VHJXLQWHV $VVLP
ILFDULD R GHPRQVWUDWLYR GD HVWLPDWLYD GD UHQ~QFLD GH UHFHLWD
,QFHQWLYREHQHItFLR 5HFHLWD   
WULEXWiULR D VHU FRQFHGLGR UHQXQFLDGD
,VHQomR FRQIRUPH OHL Qž ; ,378 5 5 5

&RQWUROH GD ([HFXomR 2UoDPHQWiULD H )LQDQFHLUD GD 5HFHLWD

VHJXQGR D /5)

3HOD /5) R FRQWUROH GD H[HFXomR RUoDPHQWiULD GD UHFHLWD VHUi IHLWR QR

UHODWyULR UHVXPLGR GD H[HFXomR RUoDPHQWiULD HP GHPRQVWUDWLYRV FXMRV
PRGHORV DSUHVHQWDGRV D VHJXLU IRUDP HVWDEHOHFLGRV SHOD 3RUWDULD Qº 
GD 671



&$'(512 
 5HODWyULR 5HVXPLGR GD ([HFXomR 2UoDPHQWiULD
%DODQoR 2UoDPHQWiULR
2UoDPHQWRV )LVFDO H GD 6HJXULGDGH 6RFLDO
/5) DUW  LQFLVR , DOtQHDV ´Dµ H ´Eµ ² $QH[R ,
5 0LO
5(&(,7$6 35(9,6®2 32 5(&(,7$6 6$/'2
(;(5&Ì&,2 5($/,=$'$6
$7e 2 0È6
5HFHLWDV &RUUHQWHV
5HFHLWD 7ULEXWiULD
5HFHLWD GH &RQWULEXLo}HV
5HFHLWD 3DWULPRQLDO
5HFHLWD $JURSHFXiULD
5HFHLWD ,QGXVWULDO
5HFHLWD GH 6HUYLoRV
7UDQVIHUrQFLDV &RUUHQWHV
2XWUDV 5HFHLWDV &RUUHQWHV
5HFHLWDV GH &DSLWDO
2SHUDo}HV GH &UpGLWR
$OLHQDomR GH %HQV
$PRUWL]Do}HV GH (PSUpVWLPRV
7UDQVIHUrQFLDV GH &DSLWDO
2XWUDV 5HFHLWDV GH &DSLWDO
6XEWRWDO
'pILFLW
727$/



&$'(512 
 '(63(6$6 '27$d®2 32 '(63(6$6 6$/'2
(;(5&Ì&,2 /,48,'$'$6
$7e 2 0È6
'HVSHVDV &RUUHQWHV

'HVSHVDV GH &DSLWDO

5HVHUYD GH &RQWLQJrQFLD
6XEWRWDO
6XSHUiYLW
7RWDO
)RQWH
1RWD e SDUWH LQWHJUDQWH GHVWD GHPRQVWUDomR R $QH[R ,, RQGH VH GHWDOKD D 5HFHLWD SRU &DWHJRULD
6XEFDWHJRULD H )RQWH



&$'(512 
 5HODWyULR 5HVXPLGR GD ([HFXomR 2UoDPHQWiULD
'HPRQVWUDWLYR GH 5HFHLWDV H 'HVSHVDV
2UoDPHQWRV )LVFDO H GD 6HJXULGDGH 6VRFLDO
3HUtRGR GH 5HIHUrQFLD
/5) $UW  LQFLVR ,, DOtQHD ´Dµ ² $QH[R ,,
5 0LO
5(&(,7$6 35(9,6®2 35(9,6®2 5(&(,7$6 5($/,=$'$6 6$/'2
,1,&,$/ 32 1R  $Wp R 
(;(5&Ì&,,2 %LPHVWUH %LPHVWUH
5(&(,7$6 &255(17(6
5HFHLWD 7ULEXWDULD
,PSRVWRV
7D[DV
&RQWULEXLomR GH 0HOKRULD
5HFHLWD GH &RQWULEXLo}HV
&RQWULEXLo}HV 6RFLDLV
&RQWULEXLo}HV (FRQ{PLFDV
&RQWULEXLo}HV 3UHYLGHQFLiULDV
5HFHLWD 3DWULPRQLDO
5HFHLWDV GH %HQV
5HFHLWDV GH 9DORUHV
5HFHLWDV GH 'LUHLWRV
5HFHLWD $JURSHFXiULD
5HFHLWD GH 3URGXomR $JURSHFXiULD
5HFHLWD ,QGXVWULDO
5HF ,QG GH 7UDQVI &RQVW ([WUDWLYD
5HFHLWD GH 6HUYLoRV
5HFHLWD GH 6HUYLoRV 6RFLDLV
5HFHLWD GH 6HUYLoRV (FRQ{PLFRV
6HUYLoRV GH ,QIUD(VWUXWXUD
6HUYLoRV &LHQWtILFRV H 7HFQROyJLFRV
6HUY 5HJ &RP H $WLY $GPLQLVWUDWLYDV
6HUYLoRV $JURSHFXiULRV
2XWUDV 5HFHLWDV GH 6HUYLoRV
7UDQVIHUrQFLDV &RUUHQWHV
7UDQVI ,QWHUJRYHUQDPHQWDLV
7UDQVI GH ,QVWLWXLo}HV 3ULYDGDV
7UDQVI GR ([WHULRU
7UDQVI GH 3HVVRDV
7UDQVI GH &RQYrQLRV
2XWUDV 5HFHLWDV &RUUHQWHV
0XOWDV H -XURV GH 0RUD
,QGHQL]Do}HV H 5HVWLWXLo}HV
5HFHLWD GD 'tYLGD $WLYD
5HFHLWDV &RUUHQWHV 'LYHUVDV
5(&(,7$6 '( &$3,7$/
23(5$&2(6 '( &5(',72
2SHUDo}HV GH &UpGLWR ,QWHUQDV
2SHUDo}HV GH &UpGLWR ([WHUQDV
$/,(1$&$2 '( %(16
$OLHQDomR GH %HQV 0yYHLV
$OLHQDomR GH %HQV ,PyYHLV
$PRUW (PSU)LQDQFLDPHQWR
$PRUW (PSU )LQ H 5HILQDQFLDPHQWR



&$'(512 
'HVSHVD

1D OLQJXDJHP FRUUHQWH R FRQFHLWR GH GHVSHVD FRQIXQGHVH FRP R DWR GH

SDJDU 6HX FRQFHLWR QD $GPLQLVWUDomR 3~EOLFD QR HQWDQWR p PDLV DPSOR
DSUHVHQWDQGR YiULRV VLJQLILFDGRV

'HVWH PRGR YHULILFDVH TXH D GHVSHVD QDV HQWLGDGHV JRYHUQDPHQWDLV

SRGHUi UHSUHVHQWDU

x D FRPSUD GH XP EHP WDQJtYHO

x R SDJDPHQWR GH XPD DPRUWL]DomR
x R FRQVXPR GH EHQV RX VHUYLoRV DORFDGRV SDUD XP SURJUDPD GH WUDEDOKR
$ UHDOL]DomR GD GHVSHVD QD $GPLQLVWUDomR 3~EOLFD FRQVWLWXL XP SURFHVVR
TXH WHQGR HP YLVWD RV SUHFHLWRV OHJDLV YLJHQWHV p IRUPDGR SRU WUrV
SULQFLSDLV HWDSDV D OLFLWDomR D H[HFXomR RUoDPHQWiULD H D H[HFXomR
ILQDQFHLUD $ VHJXLU VmR DSUHVHQWDGRV RV FRQFHLWRV GH FDGD XPD

$ UHDOL]DomR GD GHVSHVD QD $GPLQLVWUDomR 3~EOLFD WHQGR HP YLVWD RV

SUHFHLWRV OHJDLV YLJHQWHV FRQVWLWXL XP SURFHVVR TXH p IRUPDGR SHODV WUrV
VHJXLQWHV H SULQFLSDLV HWDSDV D OLFLWDomR D H[HFXomR RUoDPHQWiULD H D
H[HFXomR ILQDQFHLUD FXMRV FRQFHLWRV D VHJXLU VmR DSUHVHQWDGRV

/LFLWDomR

/LFLWDU p WRUQDU S~EOLFR TXH D $GPLQLVWUDomR GHVHMD FRQWUDWDU D H[HFXomR

GH XP VHUYLoR RX GH XPD REUD RX DGTXLULU PDWHULDO SDUD D UHDOL]DomR GRV
REMHWLYRV GD HQWLGDGH 3DUD WDQWR VROLFLWD DRV LQWHUHVVDGRV D DSUHVHQWDomR
GH SURSRVWDV D ILP GH HVFROKHU D TXH PHOKRU DWHQGD DRV VHXV LQWHUHVVHV H
RV GD SRSXODomR

3DUD TXH D $GPLQLVWUDomR UHDOL]H XPD OLFLWDomR SULPHLUR p QHFHVViULR TXH

SXEOLTXH R HGLWDO H UHFHED DV SURSRVWDV GHQWUH DV TXDLV HVFROKH D TXH
PHOKRU DWHQGD RV VHXV LQWHUHVVHV H RV GD SRSXODomR FRPR Mi GLVVH

$ /HL Qº  HP VHX DUW  GLVS}H VREUH DV PRGDOLGDGHV GH OLFLWDomR

TXH VmR D FRQFRUUrQFLD D WRPDGD GH SUHoRV R FRQYLWH R FRQFXUVR H R
OHLOmR 7DLV PRGDOLGDGHV REHGHFHP D OLPLWHV IL[DGRV QD OHJLVODomR HVSHFtILFD



&$'(512 
$ OLFLWDomR p REULJDWyULD H[FHWR QRV FDVRV HP TXH D OHL GLVSHQVD RX LQH[LJH
D VXD UHDOL]DomR
,PHGLDWDPHQWH DSyV R SURFHVVR OLFLWDWyULR RX GLVSHQVDGR RX LQH[LJLGR QD
IRUPD GD OHJLVODomR SHUWLQHQWH H YLJHQWH p DGMXGLFDGR H ILUPDGR R FRQWUDWR
R TXDO HQWUDUi HP SOHQD H[HFXomR DSyV FXPSULU DV IRUPDOLGDGHV H[LJLGDV
SHODV QRUPDV JHUDLV GH GLUHLWR ILQDQFHLUR GD /HL Qº 

([HFXomR 2UoDPHQWiULD

8PD YH] OLFLWDGD p QHFHVViULR TXH VH SURFHGD DR VHJXQGR SDVVR SDUD TXH
D GHVSHVD SRVVD VH UHDOL]DU H FRQVHTHQWHPHQWH D DomR UHVSHFWLYD VHMD
FRQFUHWL]DGD p D H[HFXomR RUoDPHQWiULD

$ H[HFXomR RUoDPHQWiULD GD GHVSHVD p QRUPDOL]DGD SHOD /HL Qº 

WHQGR D /&  HQWUHWDQWR HVWDEHOHFLGR QRUPDV FRPSOHPHQWDUHV

$ H[HFXomR RUoDPHQWiULD GD GHVSHVD VLJQLILFD XWLOL]DU RV FUpGLWRV IL[DGRV QR

2UoDPHQWR PHGLDQWH R HPSHQKR GD GHVSHVD SDUD TXH DV Do}HV VHMDP
OHYDGDV D HIHLWR

$ /HL Qº  QR VHX DUWLJR  GLVS}H TXH R HPSHQKR GD GHVSHVD p

R DWR HPDQDGR GH DXWRULGDGH FRPSHWHQWH TXH FULD SDUD R (VWDGR D
REULJDomR GH SDJDPHQWR SHQGHQWH RX QmR GR LPSOHPHQWR GH FRQGLomR

2 HPSHQKR p R LQVWUXPHQWR TXH VH GHVWLQD D

x 5HDOL]DU D GHVSHVD FRQIRUPH R GLVSRVWR QR DUW  GD /HL  FXMR

YDORU p VXEWUDtGR GD GRWDomR TXH OKH p IL[DGD QR RUoDPHQWR
x JDUDQWLU R FUpGLWR DR FRQWUDWDGR PHGLDQWH D HPLVVmR GH XP GRFXPHQWR
GHQRPLQDGR QRWD GH HPSHQKR FXMR FRQWH~GR p GHWHUPLQDGR SHOR DUW
 GD /HL Qº  $ JDUDQWLD GR FUpGLWR VLJQLILFD QHVWH FDVR TXH R
YDORU HPSHQKDGR VH YLQFXOD DR FRQWUDWR VHQGR SDJR DR FUHGRU GHVGH
TXH R LPSOHPHQWR GH FRQGLomR VHMD FXPSULGR
x FRQWURODU DV GHVSHVDV TXH FRUUHP j FRQWD GD GRWDomR RUoDPHQWiULD
HVSHFtILFD 2 HPSHQKR p XP LQVWUXPHQWR GH FRQWUROH SUpYLR GD H[HFX
omR RUoDPHQWiULD PHGLDQWH R TXDO R LQVXPR p DORFDGR DR yUJmR
JRYHUQDPHQWDO SDUD TXH FXPSUD FRP D VXD ILQDOLGDGH QD RUJDQL]DomR H
FRP RV REMHWLYRV GD HQWLGDGH



&$'(512 
2 HPSHQKR p SRU QDWXUH]D RUGLQiULR R TXH VLJQLILFD GL]HU TXH HOH GHYH VHU
IHLWR FRP R FRQKHFLPHQWR GR YDORU GD GHVSHVD D VHU UHDOL]DGD $ OHL QR
HQWDQWR SHUPLWH DV GXDV VHJXLQWHV H[FHo}HV DR HPSHQKR RUGLQiULR

x HPSHQKR SRU HVWLPDWLYD ² SDUD DV GHVSHVDV FXMR PRQWDQWH QmR VH SRGH

GHWHUPLQDU
x HPSHQKR JOREDO ² SDUD GHVSHVDV FRQWUDWXDLV H RXWUDV VXMHLWDV D SDUFHOD
PHQWR

([HFXomR )LQDQFHLUD

$ H[HFXomR ILQDQFHLUD FRUUHVSRQGH j HWDSD ILQDO GH UHDOL]DomR GD GHVSHVD

TXH VH LQLFLD FRP D YHULILFDomR GD FHUWH]D GH OLTXLGH] GR FUHGRU RX VHMD
VH HVWH FXPSULX LQWHJUDOPHQWH FRP R LPSOHPHQWR GH FRQGLomR RX FRP R
REMHWR GR FRQWUDWR (VWD p FRQGLomR HVVHQFLDO HVWDEHOHFLGD QR DUWLJR  GD
/HL  SDUD TXH D REULJDomR GH SDJDPHQWR VHMD FXPSULGD SRU SDUWH GD
HQWLGDGH JRYHUQDPHQWDO FRQWUDWDQWH

$ REULJDomR GD $GPLQLVWUDomR GH SDJDU SHOR IRUQHFLPHQWR GR EHP SHOD

SUHVWDomR GR VHUYLoR RX SHOD H[HFXomR GD REUD SHOR FRQWUDWDGR VXUJH FRP
D OLTXLGDomR GD GHVSHVD TXH FRQVLVWH QD YHULILFDomR GR GLUHLWR DGTXLULGR
SHOR FUHGRU WHQGR SRU EDVH RV WtWXORV H GRFXPHQWRV FRPSUREDWyULRV GR
UHVSHFWLYR FUpGLWR

(VWD IDVH GD H[HFXomR GD GHVSHVD DEUDQJH RV VHJXLQWHV SURFHGLPHQWRV

x  TXH FRQVLVWH QR H[DPH SUpYLR QR ORFDO GR VHUYLoR

YHULILFDomR ItVLFD
SUHVWDGR RX GR PDWHULDO VROLFLWDGR H IRUQHFLGR RX GD REUD H[HFXWDGD
x YHULILFDomR GRFXPHQWDO FXMR REMHWLYR p DSXUDU D RULJHP GR TXH VH GHYH
GD LPSRUWkQFLD H[DWD D SDJDU H D TXHP VH GHYH SDJDU SDUD H[WLQJXLU D
REULJDomR (VWD YHULILFDomR FRQVLVWH QR H[DPH GH GRFXPHQWRV FRQVWDQWHV
GR SURFHVVR GH GHVSHVD FRPR FRQWUDWRV WHUPRV GH FRQYrQLRV QRWDV GH
HPSHQKR IDWXUDV GXSOLFDWDV QRWDV ILVFDLV H RXWURV QHFHVViULRV j FRP
SURYDomR GD H[HFXomR GR FRQWUDWR

2 GRFXPHQWR HPLWLGR SHOD OLTXLGDomR GD GHVSHVD p D RUGHP GH SDJDPHQWR

TXH GHWHUPLQD TXH D GHVSHVD VHUi SDJD DR FUHGRU



&$'(512 
2 SDJDPHQWR p D H[WLQomR GD REULJDomR ILQDQFHLUD GD HQWLGDGH JRYHUQD
PHQWDO PHGLDQWH D HQWUHJD GH GLQKHLUR HTXLYDOHQWH DR YDORU GHYLGR DR
FUHGRU

'H DFRUGR FRP D OHJLVODomR R SDJDPHQWR GD GHVSHVD Vy VHUi HIHWXDGR DSyV

D OLTXLGDomR GD PHVPD VHQGR HIHWXDGR SRU WHVRXUDULD RX SDJDGRULD
UHJXODUPHQWH LQVWLWXtGDV SRU HVWDEHOHFLPHQWRV EDQFiULRV FUHGHQFLDGRV H
HP FDVRV H[FHSFLRQDLV SRU PHLR GH DGLDQWDPHQWR

$ UHVSHLWR GR SDJDPHQWR GHVWDFDPVH GXDV TXHVW}HV R SDJDPHQWR GH

VHQWHQoDV MXGLFLiULDV H RV DGLDQWDPHQWRV

$ &RQVWLWXLomR )HGHUDO HP VHX DUW  HVWDEHOHFH R VHJXLQWH TXDQWR DRV

SDJDPHQWRV GHFRUUHQWHV GH GHFLV}HV MXGLFLDLV

$UW  ­ H[FHomR GRV FUpGLWRV GH QDWXUH]D DOLPHQWtFLD RV SDJDPHQ

WRV GHYLGRV SHOD )D]HQGD )HGHUDO (VWDGXDO RX 0XQLFLSDO HP YLUWXGH
GH VHQWHQoD MXGLFLiULD IDUVHmR H[FOXVLYDPHQWH QD RUGHP FURQROyJLFD
GH DSUHVHQWDomR GRV SUHFDWyULRV H j FRQWD GRV FUpGLWRV UHVSHFWLYRV
SURLELGD DV GHVLJQDomR GH FDVRV RX GH SHVVRDV QDV GRWDo}HV RUoDPHQ
WiULDV H QRV FUpGLWRV DGLFLRQDLV DEHUWRV SDUD HVWH ILP
†º e REULJDWyULD D LQFOXVmR QR RUoDPHQWR GDV HQWLGDGHV GH GLUHLWR
S~EOLFR GH YHUED QHFHVViULD DR SDJDPHQWR GH VHXV GpELWRV FRQVWDQWHV
GH SUHFDWyULRV MXGLFLiULRV DSUHVHQWDGRV DWp º GH MXOKR GDWD HP TXH
WHUmR DWXDOL]DGRV VHXV YDORUHV ID]HQGRVH R SDJDPHQWR DWp R ILQDO GR
H[HUFtFLR VHJXLQWH
†º $V GRWDo}HV RUoDPHQWiULDV H RV FUpGLWRV DEHUWRV VHUmR FRQVLJQDGRV
DR 3RGHU -XGLFLiULR UHFROKHQGRVH DV LPSRUWkQFLDV UHVSHFWLYDV j UH
SDUWLomR FRPSHWHQWH FDEHQGR DR 3UHVLGHQWH GR 7ULEXQDO TXH SURIHULU
D GHFLVmR H[HTHQGD GHWHUPLQDU R SDJDPHQWR VHJXQGR DV SRV
VLELOLGDGHV GR GHSyVLWR H DXWRUL]DU D UHTXHULPHQWR GR FUHGRU H
H[FOXVLYDPHQWH SDUD R FDVR GH SUHWHULPHQWR GH VHX GLUHLWR GH SUHFH
GrQFLD R VHTHVWUR GD TXDQWLD QHFHVViULD j VDWLVIDomR GR GpELWR
†º 2 GLVSRVWR QR FDSXW GHVWH DUWLJR UHODWLYDPHQWH j H[SHGLomR GH
SUHFDWyULRV QmR VH DSOLFD DRV SDJDPHQWRV GH REULJDo}HV GHILQLGDV HP
OHL FRPR GH SHTXHQR YDORU TXH D )D]HQGD )HGHUDO (VWDGXDO RX



&$'(512 
 0XQLFLSDO GHYD ID]HU HP YLUWXGH GH VHQWHQoD MXGLFLDO WUDQVLWDGD HP
MXOJDGR
$ UHJUD WUDQVFULWD DFLPD WHP SRU ILP HYLWDU D DWUDVR QRV SDJDPHQWRV RULXQGRV
GH GHFLV}HV MXGLFLDLV

3HOD QRUPD FRQVWLWXFLRQDO QmR SRGH KDYHU QR 2UoDPHQWR LGHQWLILFDomR GRV

FDVRV RX GDV SHVVRDV D TXH VH UHIHUHP DV GHFLV}HV MXGLFLDLV 1R HQWDQWR
SDUD TXH VHMD REVHUYDGD D RUGHP FURQROyJLFD GHVWHV SDJDPHQWRV D /5)
IL[D HP VHX DUW  TXH D H[HFXomR RUoDPHQWiULD H ILQDQFHLUD LGHQWLILTXH
RV EHQHILFLiULRV GH SDJDPHQWR GH VHQWHQoDV MXGLFLDLV SRU PHLR GH VLVWHPD
GH FRQWDELOLGDGH H GH DGPLQLVWUDomR ILQDQFHLUD

2 UHJLPH GH DGLDQWDPHQWR FRQIRUPH R DUW  GD /HL Qº  p

DSOLFiYHO DRV FDVRV GH GHVSHVDV H[SUHVVDPHQWH GHILQLGRV HP OHL H FRQVLVWH
QD HQWUHJD GH QXPHUiULR D VHUYLGRU VHPSUH SUHFHGLGD GH HPSHQKR QD
GRWDomR SUySULD SDUD R ILP GH UHDOL]DU GHVSHVDV TXH QmR SRVVDP VHU
VXERUGLQDGDV DR SURFHVVR QRUPDO GH DSOLFDomR

$ OHL HVWDEHOHFH DLQGD TXH QmR p SHUPLWLGR ID]HU DGLDQWDPHQWRV D VHUYLGRU

HP DOFDQFH QHP DTXHOH Mi UHVSRQViYHO SRU GRLV DGLDQWDPHQWRV 2 DOFDQFH
VH FDUDFWHUL]D SHOD QmR SUHVWDomR GH FRQWDV QR SUD]R HVWDEHOHFLGR RX SHOD
QmR DSURYDomR GDV FRQWDV HP YLUWXGH GH DSOLFDomR GR YDORU DGLDQWDGR HP
GHVSHVDV GLIHUHQWHV GDTXHODV SDUD DV TXDLV IRL IRUQHFLGR R DGLDQWDPHQWR

'HVSHVD 3~EOLFD *HUDomR H &RQWLQXLGDGH

$ PLVVmR SULPRUGLDO GR (VWDGR p SURPRYHU R EHPHVWDU GD VRFLHGDGH TXH

UHSUHVHQWD 3DUD DWHQGHU HVWD PLVVmR R *RYHUQR UHDOL]D XP FRQMXQWR GH
Do}HV GLVSRVWDV QR 2UoDPHQWR 7DLV Do}HV XPD YH] FULDGDV SRGHP VHU
H[SDQGLGDV RX DSHUIHLoRDGDV

,PDJLQHVH XP 0XQLFtSLR TXH VHUi LQVWDODGR QR DQR GH  3DUD TXH R

*RYHUQR 0XQLFLSDO FXPSUD VXD PLVVmR VHUmR LQLFLDGDV VXDV SULPHLUDV
Do}HV $R ORQJR GR WHPSR HP IXQomR GH IDWRUHV FRPR R GHVHQYROYLPHQWR
ORFDO H R FUHVFLPHQWR GD SRSXODomR HVVDV Do}HV FULDGDV VHUmR H[SDQGLGDV
RX PHVPR DSHUIHLoRDGDV $ $GPLQLVWUDomR 0XQLFLSDO SRGH GDU LQtFLR QR
DQR GH  jV VHJXLQWHV Do}HV SDUD DWHQGLPHQWR j VD~GH S~EOLFD SRU
H[HPSOR



&$'(512 
 FRQVWUXomR GH XP SRVWR DPEXODWRULDO
 PDQXWHQomR GR SRVWR DPEXODWRULDO FRQVWUXtGR PHGLDQWH
² D FRQWUDWDomR GH  SURILVVLRQDLV GD iUHD KRVSLWDODU
² D FRPSUD GH  XQLGDGHV GH PDWHULDO PpGLFRKRVSLWDODU H IDUPD
FrXWLFR YDULDGR
² D FRPSUD GH  HTXLSDPHQWRV PpGLFRKRVSLWDODUHV

6HJXLQGR R H[HPSOR GDGR XPD VLWXDomR GH FULDomR GH QRYDV Do}HV GH

DWHQGLPHQWR j VD~GH S~EOLFD PXQLFLSDO SRGHULD RFRUUHU FRP D FRQVWUXomR
GH PDLV XP SRVWR DPEXODWRULDO 3RU VXD YH] D DomR GH PDQXWHQomR GR
SRVWR FRQVWUXtGR HP  SRGHULD VHU H[SDQGLGD SHOD FRQWUDWDomR GH PDLV
 SURILVVLRQDLV H DSHUIHLoRDGD FRP XP FXUVR GH FDSDFLWDomR SDUD RV 
SURILVVLRQDLV FRQWUDWDGRV

7RGD DomR JRYHUQDPHQWDO DR VHU H[HFXWDGD JHUD XPD GHVSHVD FRUUHVSRQ

GHQWH 2 YDORU GD GHVSHVD GHSHQGHUi GRV LQVXPRV TXH HVWD DomR LUi
FRQVXPLU UHFXUVRV KXPDQRV PDWHULDLV WHFQROyJLFRV HWF $R ORQJR GR
WHPSR HQTXDQWR D H[HFXomR GH XPD DomR FRQVXPLU D PHVPD TXDQWLGDGH
GH LQVXPRV R YDORU GD GHVSHVD VHUi DFUHVFLGR EDVLFDPHQWH GRV HIHLWRV
LQIODFLRQiULRV 1R HQWDQWR FDVR XPD DomR VHMD FULDGD H[SDQGLGD RX
DSHUIHLoRDGD QRYRV LQVXPRV VHUmR FRQVXPLGRV H FRQVHTHQWHPHQWH D
GHVSHVD SRGHUi DXPHQWDU

3RGHVH FRQFOXLU HQWmR TXH R WRWDO GD GHVSHVD GH XPD HQWLGDGH JRYHUQD

PHQWDO SRGHUi DXPHQWDU HP IXQomR GD FULDomR GH XPD QRYD DomR H GD
H[SDQVmR RX DSHUIHLoRDPHQWR GH XPD DomR Mi FULDGD

2EVHUYDPVH Dt WUrV TXHVW}HV LPSRUWDQWHV

 D SULPHLUD p TXH HP WRGR PRPHQWR Do}HV JRYHUQDPHQWDLV VmR FULDGDV

H[SDQGLGDV H DSHUIHLoRDGDV $OJXQV GHVWHV FDVRV RFRUUHP GH XP H[HU
FtFLR SDUD RXWUR GHYHQGR SRUWDQWR HVWDUHP SUHYLVWRV QR 2UoDPHQWR
UHVSHFWLYR (P DOJXPDV VLWXDo}HV QR HQWDQWR LVWR VH Gi QR PHLR GD
H[HFXomR RUoDPHQWiULD R TXH FRQVHTHQWHPHQWH DOWHUD R 2UoDPHQWR
HODERUDGR
 D FULDomR H[SDQVmR RX DSHUIHLoRDPHQWR GH XPD DomR GR JRYHUQR QmR
VLJQLILFD R DXPHQWR DXWRPiWLFR GD GHVSHVD $ $GPLQLVWUDomR 3~EOLFD
SRGH UHVROYHU SURPRYHU SRU H[HPSOR XPD FDPSDQKD GH YDFLQDomR



&$'(512 
 LQIDQWLO DSHQDV FRP PHGLFDPHQWRV H PDWHULDO GRDGRV H SHVVRDO FRQ
WUDWDGR SDUD RXWUDV DWLYLGDGHV HP DQGDPHQWR
 DR PHVPR WHPSR HP TXH Do}HV JRYHUQDPHQWDLV VmR FULDGDV H[SDQGLGDV
RX DSHUIHLoRDGDV RXWUDV GHL[DP GH VHU H[HFXWDGDV SHOD $GPLQLVWUDomR
3~EOLFD ,VWR VLJQLILFD TXH D GHVSHVD WRWDO GH XP 0XQLFtSLR SRGH YDULDU
QR TXH GL] UHVSHLWR D VXD FRPSRVLomR PDV SHUPDQHFHU D PHVPD HP
VHX YDORU QmR KDYHQGR QHVWHV FDVRV XP DXPHQWR GD GHVSHVD 7DQWR p
DVVLP TXH R DUW  GD /5) WUDWD GD VLWXDomR HP TXH D FULDomR H[SDQVmR
RX DSHUIHLoRDPHQWR DFDUUHWD DXPHQWR GD GHVSHVD RX VHMD TXDQWR WDLV
IDWRV QmR SURYRFDUHP DXPHQWR GH GHVSHVD QmR KDYHUi D QHFHVVLGDGH
GRV DGPLQLVWUDGRUHV FXPSULUHP R TXH p HVWDEHOHFLGR QR PHQFLRQDGR
GLVSRVLWLYR OHJDO

'HVWH PRGR YHULILFDVH TXH GLIHUHQWHV SURYLGrQFLDV GHYHUmR VHU WRPDGDV

QR PRPHQWR HP TXH XPD DomR p FULDGD H[SDQGLGD RX DSHUIHLoRDGD

$V Do}HV JRYHUQDPHQWDLV SRGHP VHU FODVVLILFDGDV HP GRLV SULQFLSDLV JUXSRV

Do}HV FRQWtQXDV H Do}HV WHPSRUiULDV 9ROWDQGR DR H[HPSOR DQWHULRU YHUL
ILFDVH TXH D DomR GH FRQVWUXomR GR SRVWR DPEXODWRULDO p WHPSRUiULD SRLV
WHP LQtFLR PHLR H ILP HQTXDQWR D PDQXWHQomR GR SRVWR p FRQWtQXD XPD
YH] TXH GHYHUi VHU H[HFXWDGD HQTXDQWR H[LVWLU D RIHUWD GR VHUYLoR GH VD~GH
QDTXHOH ORFDO

'H DFRUGR FRP R DUW  GD /5) FRQVLGHUDVH REULJDWyULD GH FDUiWHU

FRQWLQXDGR D GHVSHVD FRUUHQWH GHULYDGD GH OHL PHGLGD SURYLVyULD RX DWR
DGPLQLVWUDWLYR QRUPDWLYR TXH IL[HP SDUD R HQWH D REULJDomR OHJDO GH VXD
H[HFXomR SRU XP SHUtRGR VXSHULRU D GRLV H[HUFtFLRV ILQDQFHLURV

e LPSRUWDQWH HVFODUHFHU TXH D FRQWLQXLGDGH QmR VH UHIHUH j GHVSHVD

HVSHFLILFDPHQWH PDV VLP j RUJDQL]DomR (QTXDQWR R 0XQLFtSLR H[LVWLU
Do}HV GH JRYHUQR VHUmR H[HFXWDGDV H SRUWDQWR GHVSHVDV VHUmR UHDOL]DGDV
$ RUJDQL]DomR p TXH p FRQWtQXD H SRU FRQVHTrQFLD PXLWDV GH VXDV Do}HV
H DV GHVSHVDV JHUDGDV SRU WDLV Do}HV WDPEpP VHUmR FRQWtQXDV

2EVHUYH R OHLWRU TXH D /&  QmR FODVVLILFD DV GHVSHVDV GH FDSLWDO

FRPR GH FDUiWHU FRQWLQXDGR ,VWR SRUTXH D UHDOL]DomR GH XPD GHVSHVD GH
FDSLWDO p WHPSRUiULD SRU QDWXUH]D XPD YH] TXH RV LQYHVWLPHQWRV VmR
UHDOL]DGRV SRU XP WHPSR GHWHUPLQDGR 8PD REUD SRU H[HPSOR WHP LQtFLR
PHLR H ILP



&$'(512 
 5HDOL]DomR GH
$o}HV 'HVSHVDV
&RQWtQXDV 2EULJDWyULDV GH
&DUiWHU
&RQWLQXDGR

5HDOL]DomR GH
'HVSHVDV GH
0XQLFtSLR &DUiWHU 1mR
SRU SULQFtSLR p &RQWLQXDGR
FRQWtQXR DTXHODV QmR
PHQFLRQDGDV QR
DUW  GD /5)

5HDOL]DomR GH
'HVSHVDV GH
&DUiWHU 1mR
$o}HV &RQWLQXDGR
7HPSRUiULDV DTXHODV QmR
PHQFLRQDGDV QR
DUW  GD /5)

$ H[HFXomR GH XPD DomR FRQWtQXD JHUD D UHDOL]DomR GH GHVSHVDV REULJDWyULDV

GH FDUiWHU FRQWLQXDGR EHP FRPR D UHDOL]DomR GH GHVSHVDV QmR FRQWLQXD
GDV 8PD DomR GH PDQXWHQomR GR SRVWR DPEXODWRULDO JHUD GHVSHVDV
REULJDWyULDV GH FDUiWHU FRQWLQXDGR FRPR DV UHODWLYDV DR XVR GD IRUoD GH
WUDEDOKR GRV VHUYLGRUHV TXH WUDEDOKDP QR SRVWR H GHVSHVDV QmR FRQWLQXD
GDV FRPR D DTXLVLomR GH XP QRYR HTXLSDPHQWR PpGLFR

3RU VXD YH] XPD DomR WHPSRUiULD LUi JHUDU D UHDOL]DomR GH GHVSHVDV
WHPSRUiULDV 'HVWH PRGR SHOR H[HPSOR FLWDGR D DomR GH FRQVWUXomR GR
SRVWR DPEXODWRULDO JHUD FRPR GHVSHVDV WHPSRUiULDV DV TXH VH UHIHUHP DRV
JDVWRV FRP REUDV H LQVWDODo}HV H FRP D FRPSUD GH HTXLSDPHQWRV H PDWHULDO
SHUPDQHQWH SDUD R SRVWR EHP FRPR DV GHVSHVDV FRUUHQWHV QHFHVViULDV SDUD
D VXD FRQVWUXomR WDLV FRPR D FRQWUDWDomR GH VHUYLoRV GH HQJHQKDULD H D
FRPSUD GH PDWHULDO GH FRQVXPR SDUD D H[HFXomR GD REUD

&DEH HVFODUHFHU QR HQWDQWR TXH PXLWDV YH]HV D H[HFXomR GH XPD DomR

WHPSRUiULD Vy WHP VHQWLGR FDVR Do}HV FRQWtQXDV VHMDP H[HFXWDGDV SRV
WHULRUPHQWH WDPEpP 'H DFRUGR FRP R H[HPSOR FLWDGR VHULD XPD LUUHV
SRQVDELOLGDGH GH JHVWmR ILVFDO D $GPLQLVWUDomR 3~EOLFD FRQVWUXLU XP SRVWR



&$'(512 
DPEXODWRULDO H QmR FRORFiOR HP IXQFLRQDPHQWR SRUTXH D GHVSHVD FRP D
FRQVWUXomR UHSUHVHQWDULD XP GHVSHUGtFLR GH GLQKHLUR
$VVLP R DGPLQLVWUDGRU S~EOLFR GHYHUi DWHQWDU SDUD R IDWR GH TXH D H[HFXomR
GH XPD DomR JRYHUQDPHQWDO WHPSRUiULD JHUD QXP SULPHLUR PRPHQWR D
UHDOL]DomR WHPSRUiULD GH XPD GHVSHVD PDV SRGHUi JHUDU WDPEpP QXP
PRPHQWR VHJXLQWH D UHDOL]DomR GH GHVSHVDV REULJDWyULDV GH FDUiWHU FRQWL
QXDGR ,VWR VLJQLILFD TXH DR UHDOL]DU XP LQYHVWLPHQWR GHYHUi R DGPLQLV
WUDGRU SHQVDU QDV VXDV FRQVHTrQFLDV IXWXUDV
$ SDUWLU GD SXEOLFDomR GD /&  D FULDomR D H[SDQVmR RX R
DSHUIHLoRDPHQWR GH XPD DomR GH JRYHUQR TXH DFDUUHWH DXPHQWR GH
GHVSHVD GHYHUmR VHU SUHFHGLGRV GDV SURYLGrQFLDV GLVFULPLQDGDV QR IOX[R
D VHJXLU FRQIRUPH R TXH HVWDEHOHFH RV DUWLJRV  H  GD UHIHULGD OHL



&$'(512 
 Se gerar
aumento de
despesa não * fazer estimativa do impacto orçamentário-financeiro – art. 16, I (1)
continuada * fixar a despesa no Orçamento (2)

* fazer estimativa do impacto orçamentário-financeiro – art. 16, I (1)

De um exercício * demonstrar a origem de recursos para o seu custeio – art. 17, §1º (3)
Criar, expandir e financeiro para * comprovar que a despesa criada ou aumentada não afetará as metas
aperfeiçoar uma outro de resultado fiscais, mediante a compensação pelo aumento permanente
ação Se gerar de receita ou pela redução permanente de despesa – art. 17, §2º (4)
governamental, aumento de * fixar a despesa no Orçamento (2)
acarretando despesa
o aumento de continuada
No decorrer do (superior a 2 * fazer estimativa do impacto
despesa orçamentário-financeiro – art. 16, I (1)
exercício anos)


financeiro * obter declaração do ordenador de despesa
Se gerar – art. 16, II (6)
* abrir
aumento de * alterar o Orçamento (7)

&$'(512 
crédito
adicional – despesa não
arts. 40 a 46 continuada
da Lei * fazer estimativa do impacto orçamentário-financeiro
4.320/64 (5) – art. 16, I (1)
* obter declaração do ordenador de despesa – art. 16,
II (6)
Se gerar * demonstrar a origem de recursos para o seu custeio
aumento de
– art. 17, §1º (3)
despesa
* comprovar que a despesa criada ou aumentada não
continuada
afetará as metas de resultado fiscais, mediante a
(superior a 2
compensação pelo aumento permanente de receita
anos)
ou pela redução permanente de despesa – art. 17,
§2º (4)
* alterar o Orçamento (7)
1RWDV

 ² (VWLPDU R ,PSDFWR 2UoDPHQWiULR H )LQDQFHLUR

$VVLP FRPR SDUD D UHQ~QFLD GH UHFHLWD R DXPHQWR GH GHVSHVD HP IXQomR

GD FULDomR H[SDQVmR RX DSHUIHLoRDPHQWR GH DomR JRYHUQDPHQWDO WDPEpP
UHTXHU R FiOFXOR GD HVWLPDWLYD GR LPSDFWR GH WDO DXPHQWR VREUH R RUoDPHQ
WR H DV ILQDQoDV GD HQWLGDGH
(VWLPDU R LPSDFWR RUoDPHQWiULRILQDQFHLUR p LGHQWLILFDU QHVWH FDVR HP
TXDQWR R DXPHQWR GD GHVSHVD DIHWD R RUoDPHQWR H R FDL[D GD HQWLGDGH
QmR Vy QR TXH GL] UHVSHLWR DR YDORU PDV WDPEpP VH R DXPHQWR LPSOLFD QD
QmR H[HFXomR GH RXWUDV GHVSHVDV RX QD KLSyWHVH GH WDO DXPHQWR VH VRPDU
DV GHVSHVDV Mi H[LVWHQWHV TXDO VHULD D IRQWH D ILQDQFLiOR $ /& 
HVWDEHOHFH TXH D HVWLPDWLYD GR LPSDFWR RUoDPHQWiULRILQDQFHLUR GHYHUi VHU
UHDOL]DGD QR H[HUFtFLR HP TXH WHP LQtFLR D YLJrQFLD GD UHQ~QFLD H QRV GRLV
VHJXLQWHV
2 LPSDFWR GR DXPHQWR GD GHVSHVD VHUi VHPSUH RUoDPHQWiULR SRLV D
GHVSHVD SUHFLVD VHU FRQWHPSODGD QR 2UoDPHQWR SDUD TXH SRVVD VHU H[HFX
WDGD PDV QHP VHPSUH ILQDQFHLUR WHQGR HP YLVWD TXH D GHVSHVD IL[DGD QR
2UoDPHQWR UHSUHVHQWD XPD DXWRUL]DomR DR JDVWR H QmR D REULJDomR GH VXD
UHDOL]DomR RX VHMD D REULJDomR GH SDJDU XPD GHVSHVD Vy LUi H[LVWLU FDVR D
$GPLQLVWUDomR 3~EOLFD H[HFXWH D GHVSHVD
'H DFRUGR FRP D DomR FULDGD H[SDQGLGD RX DSHUIHLoRDGD RV DGPLQLV
WUDGRUHV LUmR HVWLPDU R DXPHQWR JHUDGR QD GHVSHVD R TXH FRUUHVSRQGHUi
DR LPSDFWR RUoDPHQWiULRILQDQFHLUR (VWH FiOFXOR FRQVLGHUDUi RV LQVXPRV D
VHUHP XWLOL]DGRV QD DomR GH JRYHUQR D VHU FULDGD RX PRGLILFDGD FRPR
GHPRQVWUDGR QR TXDGUR D VHJXLU

$omR &ULDGD ([SDQGLGD RX 'DGRV SDUD &iOFXOR GD (VWLPDWLYD GR ,PSDFWR

$SHUIHLoRDGD 2UoDPHQWiULR)LQDQFHLUR
5HFDGDVWUDPHQWR ,PRELOLiULR 9DORU GR VDOiULR H GDV REULJDo}HV SDWURQDLV D VHUHP
SDJDV DR SHVVRDO WHPSRUiULR FRQWUDWDGR SDUD HVWH
VHUYLoR
&RQVWUXomR GH 1RYDV 6DODV GH 9DORU GD REUD H GR PDWHULDO SHUPDQHQWH DGTXLULGR SDUD
$XOD DV QRYDV VDODV EHP FRPR YDORU GR DXPHQWR GDV
GHVSHVDV FRP SHVVRDO PDWHULDO GH FRQVXPR H
IRUQHFLPHQWR GH HQHUJLD H iJXD QHFHVViULRV D
PDQXWHQomR GDV WXUPDV TXH LUmR RFXSDU WDLV VDODV



&$'(512 
$ HVWLPDWLYD GR LPSDFWR RUoDPHQWiULRILQDQFHLUR VHUi DSUHVHQWDGD HP
GRFXPHQWR VHSDUDGR TXH DFRPSDQKDUi D OHL TXH DXWRUL]DUi R DXPHQWR GD
GHVSHVD (VWH GHPRQVWUDWLYR SRGHUi WHU R VHJXLQWH IRUPDWR

$omR 'HVSHVD 'HVSHVD $QR HP TXH ž $QR ž $QR

&ULDGD $XPHQWDGD 5HGX]LGD RX R $XPHQWR 6HJXLQWH DR 6HJXLQWH DR
([SDQGLGD )RQWH GH GD 'HVSHVD TXH R TXH R
RX )LQDQFLDPHQWR (QWUD HP $XPHQWR GD $XPHQWR GD
$SHUIHLoRDGD SDUD R 9LJRU 'HVSHVD 'HVSHVD
$XPHQWR GD (QWUD HP (QWUD HP
'HVSHVD 9LJRU 9LJRU

9DORU GR ,PSDFWR
2UoDPHQWiULR)LQDQFHLUR

$ HVWLPDWLYD GR LPSDFWR RUoDPHQWiULRILQDQFHLUR GR DXPHQWR GH GHVSHVD

VHUi GHPRQVWUDGD HP PRHGD FRUUHQWH

7RPDQGR D H[HPSOR GD DomR GH UHFDGDVWUDPHQWR LPRELOLiULR TXH LPSOLFD

D FRQWUDWDomR GH SHVVRDO SDUD D 6HFUHWDULD GH )D]HQGD YHULILFDVH TXH R
DXPHQWR GD GHVSHVD VHUi GH 5 SRU DQR GXUDQWH GRLV DQRV VHQGR
IHLWR SDUD WDQWR D UHGXomR GDV GHVSHVDV FRP UHIRUPD GH SUpGLRV PXQLFL
SDLV QR PHVPR YDORU

$omR FULDGD 'HVSHVD 'HVSHVD $QR HP TXH R ž $QR

([SDQGLGD RX $XPHQWDGD 5HGX]LGD RX $XPHQWR GD 6HJXLQWH DR
$SHUIHLoRDGD )RQWH GH 'HVSHVD (QWUD TXH R
)LQDQFLDPHQWR HP 9LJRU $XPHQWR GD
SDUD R $XPHQWR 'HVSHVD (QWUD
GD 'HVSHVD HP 9LJRU
5HFDGDVWUDPHQWR 5HPXQHUDomR 2EUDV H 5 5
,PRELOLiULR GH 6HUYLoRV ,QVWDODo}HV
3HVVRDLV

 ² )L[DU D 'HVSHVD QR 2UoDPHQWR

6H D DomR JRYHUQDPHQWDO IRU FULDGD H[SDQGLGD RX DSHUIHLoRDGD GH XP

H[HUFtFLR SDUD RXWUR D HODERUDomR GR 2UoDPHQWR GHVWH QRYR H[HUFtFLR
FRQVLGHUDUi R DXPHQWR GD GHVSHVD FRUUHVSRQGHQWH EDVWDQGR SDUD WDO TXH
R PHVPR HVWHMD FRQWHPSODGR QR 33$ VH IRU R FDVR QD /'2 H QD /2$



&$'(512 
 ² 'HPRQVWUDU D 2ULJHP GR 5HFXUVR SDUD R &XVWHLR GR $XPHQWR GD
 ² 'HVSHVD

4XDQGR SRU IRUoD GH OHL PHGLGD SURYLVyULD RX DWR DGPLQLVWUDWLYR QRUPD

WLYR XPD GHVSHVD REULJDWyULD GH FDUiWHU FRQWLQXDGR IRU FULDGD RX DXPHQ
WDGD GHYHUi D $GPLQLVWUDomR 3~EOLFD GHPRQVWUDU D RULJHP GRV UHFXUVRV SDUD
R FXVWHLR GHVVH DXPHQWR SHUPDQHQWH

&DVR D HQWLGDGH DGRWH R PRGHOR VXJHULGR QHVWH PDQXDO SDUD HVWLPDWLYD GR

LPSDFWR RUoDPHQWiULRILQDQFHLUR GR DXPHQWR GD GHVSHVD D GHPRQVWUDomR
GD RULJHP GR UHFXUVR Mi HVWDUi FRQWHPSODGD

 ² &RPSURYDU TXH D 'HVSHVD &ULDGD RX $XPHQWDGD QmR $IHWDUi DV

 ² 0HWDV GH 5HVXOWDGR )LVFDLV

$ FULDomR RX DXPHQWR GH XPD GHVSHVD REULJDWyULD GH FDUiWHU FRQWLQXDGR

QmR SRGHUi GH DFRUGR FRP D /5) DOWHUDU DV PHWDV GH UHVXOWDGR SULPiULR
H QRPLQDO HVWDEHOHFLGDV QR $QH[R GH 0HWDV )LVFDLV

&RPR HVVHV UHVXOWDGRV VmR REWLGRV SHOD GLIHUHQoD HQWUH UHFHLWDV H GHVSHVDV
FRQIRUPH H[SOLFDGR QR PDQXDO TXH WUDWD GD HODERUDomR GD /'2 SDUD TXH
RV PHVPRV QmR VHMDP DIHWDGRV SHOD FULDomR RX DXPHQWR GH XPD GHVSHVD
REULJDWyULD GH FDUiWHU FRQWLQXDGR VHUi QHFHVViULR SURPRYHU QRV DQRV
VHJXLQWHV XP DXPHQWR SHUPDQHQWH GD UHFHLWD RX XPD UHGXomR SHUPDQHQ
WH GH RXWUD GHVSHVD 'H DFRUGR FRP R †º GR DUW  GD /5) FRQVLGHUDVH
DXPHQWR SHUPDQHQWH GH UHFHLWD R SURYHQLHQWH GD HOHYDomR GH DOtTXRWDV
DPSOLDomR GD EDVH GH FiOFXOR PDMRUDomR RX FULDomR GH WULEXWR RX FRQWUL
EXLomR

(VWD FRPSURYDomR VHUi IHLWD XWLOL]DQGRVH D SUySULD GHPRQVWUDomR GDV PHWDV

GH UHVXOWDGR SULPiULR H QRPLQDO %DVWDUi SDUD WDQWR VH ID]HU R QRYR FiOFXOR
GHVVHV UHVXOWDGRV FRQVLGHUDQGR R DXPHQWR GD GHVSHVD REULJDWyULD GH
FDUiWHU FRQWLQXDQGR EHP FRPR R DXPHQWR SHUPDQHQWH GD UHFHLWD RX D
UHGXomR SHUPDQHQWH GH RXWUD GHVSHVD

 ² $EULU R &UpGLWR $GLFLRQDO

&RPR HVWDEHOHFH D /HL Qº  D DXWRUL]DomR SDUD D UHDOL]DomR GH

GHVSHVDV QmR FRPSXWDGDV RX LQVXILFLHQWHPHQWH GRWDGDV QD /HL GH 2UoD
PHQWR GHQRPLQDVH FUpGLWRV DGLFLRQDLV



&$'(512 
'HVWH PRGR FDVR XPD GHVSHVD VHMD FULDGD RX DXPHQWDGD QR GHFRUUHU GD
H[HFXomR RUoDPHQWiULD DQWHV PHVPR GH VH DWHQGHU DRV GLVSRVLWLYRV GD /&
 VHUi QHFHVViULR TXH R 3RGHU ([HFXWLYR DEUD QD /2$ HP H[HFX
omR R FUpGLWR DGLFLRQDO FRUUHVSRQGHQWH (VWH FUpGLWR SRGH VHU
x VXSOHPHQWDU² TXDQGR GHVWLQDGR D UHIRUoR GH GRWDomR RUoDPHQWiULD
x ² TXDQGR GHVWLQDQGR D GHVSHVDV SDUD DV TXDLV QmR KDMD GRWDomR
HVSHFLDO
RUoDPHQWiULD HVSHFtILFD H
x H[WUDRUGLQiULR ² TXDQGR GHVWLQDGR D GHVSHVDV XUJHQWHV H LPSUHYLVWDV
HP FDVR GH JXHUUD FRPRomR LQWHVWLQD RX FDODPLGDGH S~EOLFD
2V FUpGLWRV VXSOHPHQWDUHV H HVSHFLDLV VmR DXWRUL]DGRV SRU OHL H DEHUWRV SRU
GHFUHWR H[HFXWLYR GHSHQGHQGR WDO DEHUWXUD GD H[LVWrQFLD GH UHFXUVRV
GLVSRQtYHLV SDUD DWHQGHU j GHVSHVD &RQVLGHUDPVH UHFXUVRV SDUD DEHUWXUD
GHVVHV FUpGLWRV GHVGH TXH QmR FRPSURPHWLGRV RV VHJXLQWHV
x VXSHUiYLW ILQDQFHLUR DSXUDGR HP EDODQoR SDWULPRQLDO GR H[HUFtFLR DQWHULRU
x RV SURYHQLHQWHV GH H[FHVVR GH DUUHFDGDomR
x RV UHVXOWDQWHV GH DQXODomR SDUFLDO RX WRWDO GH GRWDo}HV RUoDPHQWiULDV RX
GH FUpGLWRV DGLFLRQDLV DXWRUL]DGRV HP OHL H
x SURGXWR GH RSHUDo}HV GH FUpGLWR DXWRUL]DGDV HP IRUPD TXH MXULGLFD
PHQWH SRVVLELOLWH DR 3RGHU ([HFXWLYR UHDOL]iODV
 ² 2EWHU 'HFODUDomR GR 2UGHQDGRU GH 'HVSHVD

4XDQGR R DXPHQWR GD GHVSHVD RFRUUHU GXUDQWH D H[HFXomR RUoDPHQWiULD

VHUi QHFHVViULR TXH VH WHQKD GHFODUDomR GR RUGHQDGRU GH GHVSHVD GH TXH
R DXPHQWR WHP DGHTXDomR RUoDPHQWiULD H ILQDQFHLUD FRP D /2$ H FRP
SDWLELOLGDGH FRP R 33$ H FRP D /'2
$ /5) FRQVLGHUD TXH D GHVSHVD HVWi DGHTXDGD D /2$ TXDQGR HOD HVWLYHU
FRQWHPSODGD HP GRWDomR HVSHFtILFD H VXILFLHQWH RX DEUDQJLGD SRU FUpGLWR
JHQpULFR GH IRUPD TXH VRPDGDV WRGDV DV GHVSHVDV GD PHVPD HVSpFLH
UHDOL]DGDV H D UHDOL]DU SUHYLVWDV QR SURJUDPD GH WUDEDOKR QmR VHMDP
XOWUDSDVVDGRV RV OLPLWHV HVWDEHOHFLGRV SDUD R H[HUFtFLR
$ FRPSDWLELOLGDGH GD GHVSHVD FRP R 33$ H D /'2 RFRUUHUi TXDQGR WDO
GHVSHVD HVWLYHU GH DFRUGR FRP DV GLUHWUL]HV REMHWLYRV SULRULGDGHV H PHWDV
SUHYLVWRV QHVWHV LQVWUXPHQWRV H QmR LQIULQJLU TXDOTXHU GH VXDV GLVSRVLo}HV
&DEH UHVVDOWDU TXH D GHFODUDomR GR RUGHQDGRU GD GHVSHVD QmR VH ID]
QHFHVViULD TXDQGR R DXPHQWR GD GHVSHVD RFRUUHU GH XP H[HUFtFLR SDUD



&$'(512 
RXWUR SRLV WDO DXPHQWR Mi GHYHUi HVWDU IL[DGR QR 2UoDPHQWR GR DQR
UHVSHFWLYR
 ² $OWHUDU R 2UoDPHQWR

8PD YH] FXPSULGRV WRGRV RV SURFHGLPHQWRV DQWHULRUHV EDVWDUi TXH R

3RGHU ([HFXWLYR DOWHUH D /2$ VH QHFHVViULR SDUD TXH D GHVSHVD DXPHQWDGD
SRVVD VHU H[HFXWDGD

&RQWUROH GD ([HFXomR 2UoDPHQWiULD H )LQDQFHLUD GD 'HVSHVD

VHJXQGR D /5)

3HOD /5) R FRQWUROH GD H[HFXomR RUoDPHQWiULD GD GHVSHVD VHUi IHLWR QR

UHODWyULR UHVXPLGR GD H[HFXomR RUoDPHQWiULD 2V GHPRQVWUDWLYRV FXMRV
PRGHORV VmR DSUHVHQWDGRV D VHJXLU IRUDP HVWDEHOHFLGRV SHOD 3RUWDULD Qº
 GD 671
5HODWyULR 5HVXPLGR GD ([HFXomR 2UoDPHQWiULD
%DODQoR 2UoDPHQWiULR
2UoDPHQWRV )LVFDO H GD 6HJXULGDGH 6RFLDO
3HUtRGR GH 5HIHUrQFLD
/5) $UW LQFLVR , DOtQHDV ´Dµ H ´Eµ ² $QH[R ,
5 0LO
5(&(,7$6 35(9,6®2 32 5(&(,7$6 6$/'2
(;(5&Ì&,2 5($/,=$'$6
$7e 2 0È6
5HFHLWDV &RUUHQWHV
5HFHLWD 7ULEXWiULD
5HFHLWD GH &RQWULEXLo}HV
5HFHLWD 3DWULPRQLDO
5HFHLWD $JURSHFXiULD
5HFHLWD ,QGXVWULDO
5HFHLWD GH 6HUYLoRV
7UDQVIHUrQFLDV &RUUHQWHV
2XWUDV 5HFHLWDV &RUUHQWHV
5HFHLWDV GH &DSLWDO
2SHUDo}HV GH &UpGLWR
$OLHQDomR GH %HQV
$PRUWL]Do}HV GH (PSUpVWLPRV
7UDQVIHUrQFLDV GH &DSLWDO
2XWUDV 5HFHLWDV GH &DSLWDO
6XEWRWDO
'pILFLW
727$/



&$'(512 
 '(63(6$6 '27$d®2 32 '(63(6$6 6$/'2
(;(5&Ì&,2 /,48,'$'$6
$7e 2 0È6
'HVSHVDV &RUUHQWHV

'HVSHVDV GH &DSLWDO

5HVHUYD GH &RQWLQJrQFLD
6XEWRWDO
6XSHUiYLW
7RWDO
)RQWH
1RWD e SDUWH LQWHJUDQWH GHVWD GHPRQVWUDomR R $QH[R ,, RQGH VH GHWDOKD D 5HFHLWD SRU &DWHJRULD
6XEFDWHJRULD H )RQWH

5HODWyULR 5HVXPLGR GD ([HFXomR 2UoDPHQWiULD

'HPRQVWUDWLYR GH 5HFHLWDV H 'HVSHVDV
2UoDPHQWRV )LVFDO H GD 6HJXULGDGH 6RFLDO
3HUtRGR GH 5HIHUrQFLD
/5) $UW  LQFLVR ,, DOtQHD ´Eµ ² $QH[R ,,
5 0LO
'(63(6$6 '27$d®2 '27$d®2 '(63(6$6 6$/'2
,1,&,$/ 3 2 (PSHQKDGD /LTXLGDGD
(;(5&Ì&,2
1R $Wp R 1R  $Wp R 
%LPHVWUH %LPHVWUH %LPHVWUH %LPHVWUH
'HVSHVDV &RUUHQWHV

'HVSHVDV GH &DSLWDO

6XEWRWDO GDV 'HVSHVDV

6XSHUiYLW
7RWDO GDV 'HVSHVDV 



&$'(512 
 5HODWyULR 5HVXPLGR GD ([HFXomR 2UoDPHQWiULD
'HPRQVWUDWLYR GD ([HFXomR GDV 'HVSHVDV SRU )XQomR H 3URJUDPD
2UoDPHQWRV )LVFDO H GD 6HJXULGDGH 6RFLDO
3HUtRGR GH 5HIHUrQFLD
/5) $UW  LQFLVR ,, DOtQHD ´Fµ ² $QH[R ,,,
5 0LO
)81d®2 '27$d®2 '27$d®2 '(63(6$ (03(1+$'$ '(63(6$ /,48,'$'$ )' 6$/'2
352*5$0$ ,1,&,$/ $ 3 2 1R $Wp R 1R $Wp R 
(;(5&Ì&,2 %LPHVWUH %LPHVWUH %LPHVWUH %LPHVWUH )
% & ' ( )

727$/
)RQWH
1RWDV ([FOXtGDV DV WUDQVIHUrQFLDV LQWUDJRYHUQDPHQWDLV



&$'(512 
'HVSHVD FRP 3HVVRDO

1R FRQMXQWR GDV GHVSHVDV D VHUHP UHDOL]DGDV SHOD $GPLQLVWUDomR 3~EOLFD

GHVWDFDVH D UHIHUHQWH DR SDJDPHQWR GDTXHOHV TXH RFXSDP FDUJRV S~EOLFRV
H TXH VHUYHP j PiTXLQD HVWDWDO 7DQWR p DVVLP TXH Ki WHPSRV YrP VHQGR
FULDGRV PHFDQLVPRV SDUD FRQWHU RV JDVWRV GH SHVVRDO GR JRYHUQR FRPR D
/&  /HL &DPDWD H D /&  &RP D /&  D TXHVWmR GD
GHVSHVD FRP SHVVRDO SDVVRX D FRPSUHHQGHU RV SRQWRV DSUHVHQWDGRU D
VHJXLU

&RQFHLWR
'H DFRUGR FRP R DUW  GD /5) D GHVSHVD WRWDO FRP SHVVRDO p R VRPDWyULR
GRV JDVWRV GD HQWLGDGH JRYHUQDPHQWDO

&RP (P
x DWLYRV LQDWLYRV SHQVLRQLVWDV H
UHODWLYRV D PDQGDWRV HOHWLYRV
FDUJRV IXQo}HV RX HPSUHJRV
FLYLV PLOLWDUHV H GH PHPEURV GR
3RGHU
x PmRGHREUD GH REUD
WHUFHLUL]DGD TXH VXEVWLWXD
VHUYLGRUHV H HPSUHJDGRV S~EOLFRV

x TXDLVTXHU HVSpFLHV UHPXQHUDWyULDV WDLV FRPR
YHQFLPHQWRV H YDQWDJHQV IL[DV H YDULiYHLV
VXEVtGLRV SURYHQWRV GH DSRVHQWDGRULDV UHIRUPDV H
SHQV}HV LQFOXVLYH DGLFLRQDLV JUDWLILFDo}HV KRUDV
H[WUDV H YDQWDJHQV SHVVRDLV GH TXDOTXHU QDWXUH]D
x HQFDUJRV VRFLDLV H FRQWULEXLo}HV UHFROKLGDV SHOR
HQWH jV HQWLGDGHV GH SUHYLGrQFLD
x FRQWUDWDomR

1mR VmR FRQVLGHUDGDV QR FiOFXOR GD GHVSHVD WRWDO FRP SHVVRDO QRV 0XQL
FtSLRV SDUD DSOLFDomR GRV OLPLWHV OHJDLV

 LQGHQL]DomR SRU GHPLVVmR GH VHUYLGRUHV RX HPSUHJDGRV

 LQFHQWLYRV j GHPLVVmR YROXQWiULD
 JDVWRV FRP LQDWLYRV H SHQVLRQLVWDV DLQGD TXH SRU LQWHUPpGLR GH IXQGR
HVSHFtILFR FXVWHDGRV SRU UHFXUVRV SURYHQLHQWHV
² GD DUUHFDGDomR GH FRQWULEXLo}HV GRV VHJXUDGRV
² GD FRPSHQVDomR ILQDQFHLUD GH TXH WUDWD R †º GR DUW  GD
&RQVWLWXLomR )HGHUDO
² GDV GHPDLV UHFHLWDV GLUHWDPHQWH DUUHFDGDGDV SRU IXQGR YLQFXODGR D
WDO ILQDOLGDGH LQFOXVLYH R SURGXWR GD DOLHQDomR GD DOLHQDomR GH EHQV
GLUHLWRV H DWLYRV EHP FRPR VHX VXSHUiYLW ILQDQFHLUR



&$'(512 
/LPLWHV

$ /5) HVWDEHOHFH OLPLWHV Pi[LPRV SDUD D GHVSHVD FRP SHVVRDO D VHU UHDOL]DGD
SHOD HQWLGDGH JRYHUQDPHQWDO 2 HVWDEHOHFLPHQWR GH OLPLWHV VH Gi FRP D
IL[DomR GH SDUkPHWURV 1R FDVR GD GHVSHVD FRP SHVVRDO RV SDUkPHWURV VmR

$ 'HVSHVD 7RWDO FRP 3HVVRDO $SXUDGD

6HJXQGR D OHL D GHVSHVD WRWDO FRP SHVVRDO VHUi DSXUDGD VRPDQGRVH D
GHVSHVD UHDOL]DGD QR PrV GH UHIHUrQFLD FRP DV GRV RQ]H PHVHV LPHGLDWD
PHQWH DQWHULRUHV DGRWDQGRVH R UHJLPH GH FRPSHWrQFLD

,VWR VLJQLILFD GL]HU TXH D GHVSHVD WRWDO FRP SHVVRDO DSXUDGD HP XP

GHWHUPLQDGR PrV FRUUHVSRQGHUi j VRPD GD GHVSHVD GHVVH PrV FRP DV
GHVSHVDV UHDOL]DGDV QRV RQ]H PHVHV LPHGLDWDPHQWH DQWHULRUHV FRQVLGHUDQ
GR QmR D GHVSHVD HPSHQKDGD HP FDGD PrV PDV VLP D GHVSHVD TXH WHQKD
VLGR JHUDGD QDTXHOH PrV $ YHULILFDomR GD RFRUUrQFLD GR IDWR JHUDGRU TXH
QR FDVR GD GHVSHVD FRP SHVVRDO p D HIHWLYD SUHVWDomR GR VHUYLoR RFRUUH QR
PRPHQWR GD OLTXLGDomR GD GHVSHVD

$ GHVSHVD WRWDO FRP SHVVRDO DSXUDGD p XP SDUkPHWUR SRUTXH R OLPLWH VHUi

FDOFXODGR HP IXQomR GD GHVSHVD DSXUDGD HP GHWHUPLQDGR SHUtRGR

$ 5HFHLWD &RUUHQWH /tTXLGD

$ UHFHLWD FRUUHQWH OtTXLGD p XP SDUkPHWUR GR OLPLWH GD GHVSHVD FRP SHVVRDO
SRUTXH FRQVWLWXL D EDVH GH FiOFXOR VREUH D TXDO VHUi DSOLFDGR R SHUFHQWXDO
SHUWLQHQWH

2 FRQFHLWR GH UHFHLWD FRUUHQWH OtTXLGD HVWi HVWDEHOHFLGR QR DUW º ,9 GD

/5) TXH D GHILQH FRPR R VRPDWyULR GDV UHFHLWDV WULEXWiULDV GH FRQWULEXL
o}HV SDWULPRQLDLV LQGXVWULDLV DJURSHFXiULDV GH VHUYLoRV WUDQVIHUrQFLDV
FRUUHQWHV H RXWUDV UHFHLWDV WDPEpP FRUUHQWHV GHGX]LGRV QR FDVR GRV
0XQLFtSLRV D FRQWULEXLomR GRV VHUYLGRUHV SDUD R FXVWHLR GR VHX VLVWHPD GH
SUHYLGrQFLD H DVVLVWrQFLD VRFLDO H DV UHFHLWDV SURYHQLHQWHV GD FRPSHQVDomR
ILQDQFHLUD FLWDGD QR †º GR DUW  GD &RQVWLWXLomR )HGHUDO



&$'(512 
(VWDEHOHFH DLQGD D /5) TXH VHUmR FRPSXWDGRV QR FiOFXOR GD UHFHLWD
FRUUHQWH OtTXLGD RV YDORUHV SDJRV H UHFHELGRV HP GHFRUUrQFLD GD /& 
/HL .DQGLU H GR )81'()
$ UHFHLWD FRUUHQWH OtTXLGD VHUi DSXUDGD VRPDQGRVH DV UHFHLWDV DUUHFDGDGDV
QR PrV HP UHIHUrQFLD H QRV RQ]H DQWHULRUHV H[FOXtGDV DV GXSOLFLGDGHV $
GXSOLFLGDGH UHIHUHVH D YDORUHV FRQWDELOL]DGRV FRPR UHFHLWD GD HQWLGDGH
JRYHUQDPHQWDO QR FDVR R 0XQLFtSLR PDLV GH XPD YH] FRPR SRU H[HPSOR
R UHSDVVH GH UHFXUVRV GD DGPLQLVWUDomR FHQWUDO SDUD XPD DXWDUTXLD YLVWR
TXH TXDQGR R GLQKHLUR LQJUHVVD QR FDL[D FHQWUDO HOH p UHJLVWUDGR FRPR
UHFHLWD H TXDQGR LQJUHVVD QR FDL[D GD DXWDUTXLD HOH WDPEpP p UHJLVWUDGR
FRPR UHFHLWD $VVLP SDUD XP FiOFXOR FRUUHWR GD UHFHLWD FRUUHQWH OtTXLGD GR
0XQLFtSLR VHUi QHFHVViULR H[FOXLU XPD GDV UHFHLWDV FLWDGDV R TXH SRU
PpWRGR GH FRQVROLGDomR p IHLWR FRP D GD DXWDUTXLD &DEH REVHUYDU TXH VH
D DXWDUTXLD HVWLYHU DSXUDQGR D VXD UHFHLWD FRUUHQWH OtTXLGD HVWH YDORU QmR
VHUi H[FOXtGR
'H DFRUGR FRP D 3RUWDULD Qº  GD 671 D DSXUDomR GD UHFHLWD
FRUUHQWH OtTXLGD VHUi IHLWD GD VHJXLQWH IRUPD
'HPRQVWUDWLYR GD 5HFHLWD &RUUHQWH /tTXLGD GH DFRUGR FRP R ,QFLVR ,9 GR $UWLJR ž
GD /HL &RPSOHPHQWDU Qž 
2UoDPHQWRV )LVFDO H GD 6HJXULGDGH 6RFLDO
3HUtRGR GH 5HIHUrQFLD
/5) $UW  LQFLVR , ² $QH[R 9
5 0LO
(63(&,),&$d®2 (92/8d®2 '$ 5(&(,7$ 5($/,=$'$ 126 Ô/7,026  0(6(6
0rV $WXDO 0rV $WXDO 0rV $WXDO 0rV $WXDO 0rV $WXDO 0rV $WXDO 0rV $WXDO
²  ²  ² ² ² ² ²
, ² 5HFHLWDV &RUUHQWHV
5HFHLWD 7ULEXWiULD
,378
,66
,7%,
2XWUDV
7UDQVIHUrQFLDV &RUUHQWHV
&RWD3DUWH GR )30
&RWD3DUWH GR ,&06
&RWD3DUWH GR ,39$
7UDQVIHUrQFLD GR )81'()
2XWUDV 7UDQVIHUrQFLDV
'HPDLV 5HFHLWDV &RUUHQWHV
,, ² 'HGXo}HV
&RQWULE 3ODQR 6HJ 6RFLDO 6HUYLGRU
&RQWULE 6HUY &XVW $VVLVW 6RFLDO
&RPSHQVDomR )LQDQFHLUD HQWUH 5HJLPHV
'HGXo}HV SDUD R )81'()
,,, ² 5HFHLWD &RUUHQWH /tTXLGD ,,,



&$'(512 
 (63(&,),&$d®2 (92/8d®2 '$ 5(&(,7$ 5($/,=$'$ 126 Ô/7,026  727$/ 35(9,6®2
0(6(6 Ô/7,026 3 2
0rV $WXDO 0rV $WXDO 0rV $WXDO 0rV $WXDO 0rV $WXDO  0(6(6 (;(5&Ì&,2
² ² ² ²
, ² 5HFHLWDV &RUUHQWHV
5HFHLWD 7ULEXWiULD
,378
,66
,7%,
2XWUDV
7UDQVIHUrQFLDV &RUUHQWHV
&RWD3DUWH GR )30
&RWD3DUWH GR ,&06
&RWD3DUWH GR ,39$
7UDQVIHUrQFLD GR )81'()
2XWUDV 7UDQVIHUrQFLDV
'HPDLV 5HFHLWDV &RUUHQWHV
,, ² 'HGXo}HV
&RQWULE 3ODQR 6HJ 6RFLDO 6HUYLGRU
&RQWULE 6HUY &XVW $VVLVW 6RFLDO
&RPSHQVDomR )LQDQFHLUD HQWUH 5HJLPHV
'HGXo}HV SDUD R )81'()
,,, ² 5HFHLWD &RUUHQWH /tTXLGD ,,,

2 OLPLWH Pi[LPR IL[DGR FRP GHVSHVD GH SHVVRDO SDUD RV 0XQLFtSLRV p GH

 VHVVHQWD SRU FHQWR GD GHVSHVD WRWDO FRP SHVVRDO HP FDGD SHUtRGR
GH DSXUDomR 2X VHMD RV JDVWRV FRP SHVVRDO GH WRGRV RV yUJmRV TXH
LQWHJUDP D $GPLQLVWUDomR 3~EOLFD PXQLFLSDO QmR SRGHUmR XOWUDSDVVDU R YDORU
PHQFLRQDGR

$ /&  HVWLSXOD DLQGD D UHSDUWLomR GRV OLPLWHV JOREDLV GD GHVSHVD

FRP SHVVRDO QmR SRGHQGR RV 0XQLFtSLRV H[FHGHU

x  VHLV SRU FHQWR SDUD R 3RGHU /HJLVODWLYR QHVWH FRPSUHHQGLGR D

&kPDUD GH 9HUHDGRUHV H R 7ULEXQDO GH &RQWDV GR 0XQLFtSLR TXDQGR
KRXYHU
x  FLQTHQWD H TXDWUR SRU FHQWR SDUD R 3RGHU ([HFXWLYR
&RQIRUPH R †º GR DUW  GD /5) D $GPLQLVWUDomR 3~EOLFD GH FDGD
HQWLGDGH SRGH UHGX]LU HVWHV OLPLWHV VH DVVLP IRU HVWDEHOHFLGR QD /'2

2 OLPLWH Pi[LPR IL[DGR FRP GHVSHVD GH SHVVRDO SDUD RV 0XQLFtSLRV p GH

 VHVVHQWD SRU FHQWR GD GHVSHVD WRWDO FRP SHVVRDO HP FDGD SHUtRGR
GH DSXUDomR 2X VHMD RV JDVWRV FRP SHVVRDO GH WRGRV RV yUJmRV TXH



&$'(512 
LQWHJUDP D $GPLQLVWUDomR 3~EOLFD PXQLFLSDO QmR SRGHUmR XOWUDSDVVDU R YDORU
PHQFLRQDGR
$VVLP R FiOFXOR GR OLPLWH FRP D GHVSHVD GH SHVVRDO '3 QR FDVR GRV
0XQLFtSLRV REVHUYDUi D VHJXLQWH IyUPXOD

'HVSHVD 7RWDO FRP 3HVVRDO $SXUDGD  GD 5&/

'HVSHVD FRP 3HVVRDO GR 3RGHU /HJLVODWLYR

'LIHUHQWH GR TXH RFRUUH FRP R 3RGHU ([HFXWLYR D GHVSHVD FRP SHVVRDO GR
3RGHU /HJLVODWLYR SRVVXL XPD GLYHUVLGDGH GH OLPLWHV D VHUHP REVHUYDGRV
DOpP GDTXHOH HVWDEHOHFLGR SHOD /5)
2 SULPHLUR OLPLWH TXH DIHWD LQGLUHWDPHQWH D GHVSHVD FRP SHVVRDO UHFDL
VREUH D GHVSHVD WRWDO GR 3RGHU /HJLVODWLYR WHQGR VLGR HVWDEHOHFLGR SHOR DUW
$ GD &RQVWLWXLomR )HGHUDO LQWURGX]LGR SHOD (PHQGD &RQVWLWXFLRQDO QR
 $ SDUWLU GH R GH MDQHLUR GH  DV GHVSHVDV GDV &kPDUDV 0XQLFLSDLV
QmR SRGHUmR XOWUDSDVVDU RV VHJXLQWHV SHUFHQWXDLV

0XQLFtSLR /LPLWH
² $Wp  KDELWDQWHV  'D UHFHLWD WULEXWiULD  UHFHLWD GH
² (QWUH  H  KDELWDQWHV  WUDQVIHUrQFLDV FRQVWLWXFLRQDLV ,2) VREUH R
RXUR † ž GR DUW  ,75 ,39$ FRWDSDUWH
² (QWUH  H  KDELWDQWHV 
GR ,&06 DUW  )30 H ,3,H[S DUW 
² $FLPD GH  KDELWDQWHV  DUUHFDGDGDV QR H[HUFtFLR DQWHULRU DR TXH VH
FDOFXOD R OLPLWH

3DUD ILQV GH REVHUYkQFLD DR OLPLWH D GHVSHVD WRWDO GR 3RGHU /HJLVODWLYR

FRPSUHHQGH RV VXEVtGLRV GRV 9HUHDGRUHV H QmR LQFOXL RV JDVWRV FRP
LQDWLYRV RX VHMD D GHVSHVD WRWDO GD &kPDUD 0XQLFLSDO WHUi FRPR OLPLWH RV
SHUFHQWXDLV PHQFLRQDGRV QR TXDGUR DFLPD DGLFLRQDGD j GHVSHVD FRP RV
UHVSHFWLYRV LQDWLYRV
&RP UHODomR j GHVSHVD GH SHVVRDO GD &kPDUD 0XQLFLSDO HVSHFLILFDPHQWH
RV OLPLWHV D VHUHP REVHUYDGRV VmR DSUHVHQWDGRV QR TXDGUR D VHJXLU
&DEH UHVVDOWDU TXH WHQGR HP YLVWD D PXOWLSOLFLGDGH GH OLPLWHV D VHUHP
REVHUYDGRV SDUD TXH D $GPLQLVWUDomR 0XQLFLSDO DWHQGD D WRGRV EDVWDUi
TXH VHMD YHULILFDGR R PHQRU OLPLWH IL[DGR



&$'(512 
 )81'$0(172 '(63(6$ /,0,7( 2%6(59$d¯(6
/(*$/
$UW  9,, GD &) 7RWDO GD GHVSHVD  GD UHFHLWD GR 0XQLFtSLR
FRP VXEVtGLR GRV
9HUHDGRUHV
0XQLFtSLRV DWp  GR VXEVtGLR 2 VXEVtGLR VHUi IL[DGR SHOD &kPDUD
 KDELWDQWHV GRV 'HSXWDGRV 0XQLFLSDO FDEHQGR DRV 9HUHDGRUHV
(VWDGXDLV HVWDEHOHFHU R OLPLWH GR VXEVtGLR
0XQLFtSLRV GH  GR VXEVtGLR GDTXHOHV TXH RFXSDUmR D OHJLVODWXUD
 D  GRV 'HSXWDGRV VHJXLQWH
KDELWDQWHV (VWDGXDLV &RPR D (&  Vy YLJRUD D SDUWLU GH
 HVVHV OLPLWHV VRPHQWH SRGHUmR VHU
0XQLFtSLRV GH  GR VXEVtGLR
HVWDEHOHFLGRV SDUD RV 9HUHDGRUHV TXH
 D  GRV 'HSXWDGR
$UW  9, GD &) 6XEVtGLR GRV WHUmR VXD OHJLVODWXUD LQLFLDGD HP 
KDELWDQWHV (VWDGXDLV
DOWHUDGR SHOD (&  9HUHDGRUHV $Wp Oi YLJRUD R OLPLWH DWXDO TXH p GH
GH  D  GR VXEVtGLR  GR VXEVtGLR GRV 'HSXWDGRV
 KDELWDQWHV GRV 'HSXWDGRV (VWDGXDLV LQGHSHQGHQWH GD TXDQWLGDGH
(VWDGXDLV GH KDELWDQWHV GR 0XQLFtSLR
0XQLFtSLRV GH  GR VXEVtGLR
 D  GRV 'HSXWDGRV
KDELWDQWHV (VWDGXDLV
0XQLFtSLRV FRP  GR VXEVtGLR
PDLV GH  GRV 'HSXWDGRV
KDELWDQWHV (VWDGXDLV
$UW $ † ž GD &) )ROKD GH $ IROKD GH SDJDPHQWR GD &kPDUD $ IROKD GH SDJDPHQWR FRPSUHHQGH RV
3DJDPHQWR GD 0XQLFLSDO QmR SRGHUi XOWUDSDVVDU  GD YHQFLPHQWRV H VXEVtGLRV DFUHVFLGRV GRV
&kPDUD 0XQLFLSDO UHFHLWD GR 3RGHU /HJLVODWLYR HQFDUJRV SDWURQDLV
$ UHFHLWD GR 3RGHU /HJLVODWLYR p R YDORU
TXH OKH p WUDQVIHULGR SHOR 3RGHU
([HFXWLYR
$UW  ,,, GD /& 'HVSHVD GH SHVVRDO  GD UHFHLWD FRUUHQWH OtTXLGD GR
 GR /HJLVODWLYR 0XQLFtSLR
LQFOXLQGR R
7ULEXQDO GH &RQWDV
GR 0XQLFtSLR
TXDQGR KRXYHU

&RPR &RQWURODU D 'HVSHVD FRP 3HVVRDO

$ /5) HVWDEHOHFHX PHFDQLVPRV GH FRQWUROH H FRQWHQomR GD GHVSHVD FRP

SHVVRDO GH IRUPD TXH WRGD YH] TXH WDO GHVSHVD XOWUDSDVVDU RV OLPLWHV IL[DGRV
RX FKHJDU QXPD VLWXDomR SUy[LPD HOD VHMD UHFRQGX]LGD DRV SDWDPDUHV
OHJDOPHQWH SHUPLWLGRV
2 FRQWUROH GD GHVSHVD FRP SHVVRDO VHUi IHLWR DR ILQDO GH FDGD TXDGULPHVWUH
TXDQGR VHUi YHULILFDGR R FXPSULPHQWR GRV OLPLWHV HVWDEHOHFLGRV WDQWR R
JOREDO TXDQWR R GH FDGD 3RGHU GD HQWLGDGH R TXH SDUD RV 0XQLFtSLRV
FRUUHVSRQGH D  UHSDUWLGRV HP  H  SDUD R 3RGHU /HJLVODWLYR H R
([HFXWLYR UHVSHFWLYDPHQWH
3DUD HIHWXDU HVWH FRQWUROH D 3RUWDULD Qº  GD 671 HVWDEHOHFH D VHJXLQWH
GHPRQVWUDomR



&$'(512 
 5HODWyULR GH *HVWmR )LVFDO
'HPRQVWUDWLYR GD 'HVSHVD GH 3HVVRDO HP 5HODomR j 5HFHLWD &RUUHQWH /tTXLGD
3HUtRGR GH 5HIHUrQFLD
/5) DUW  LQFLVR , DOtQHD ´Dµ ² $QH[R ;,,
'(63(6$6 '( 3(662$/ '(63(6$6 /,48,'$'$6
ÔOWLPRV $Wp R  GD
 4XDGUL 'HVSHVD
0HVHV PHVWUH V 5&/
32'(5 (;(&87,92
'(63(6$ '( 3(662$/
3HVVRDO $WLYR
3HVVRDO ,QDWLYR H 3HQVLRQLVWDV
 3UHFDWyULRV 6HQWHQoDV -XGLFLDLV UHIHUHQWH DR
SHUtRGR GH DSXUDomR
 ,QDWLYRV FRP UHFXUVRV YLQFXODGRV
 ,QGHQL]Do}HV SRU 'HPLVVmR
2XWUDV 'HVSHVDV GH 3HVVRDO DUWLJR  SDUiJUDIR ž
'(63(6$ /Ì48,'$ '( 3(662$/ ,
32'(5 /(*,6/$7,92
'(63(6$ '( 3(662$/
3HVVRDO $WLYR
3HVVRDO ,QDWLYR H 3HQVLRQLVWDV
 3UHFDWyULRV 6HQWHQoDV -XGLFLDLV UHIHUHQWH DR
SHUtRGR GH DSXUDomR
 ,QDWLYRV FRP UHFXUVRV YLQFXODGRV
 &RQYRFDomR ([WUDRUGLQiULD LQFLVR ,, GR † ž GR
DUW  GD &)
 ,QGHQL]Do}HV SRU 'HPLVVmR
2XWUDV 'HVSHVDV GH 3HVVRDO DUWLJR  SDUiJUDIR ž
'(63(6$ /Ì48,'$ '( 3(662$/ ,,
'(63(6$ /Ì48,'$ 727$/ ,,,
5(&(,7$ &255(17( /Ì48,'$ ² 5&/
/,0,7( 358'(1&,$/ 
/,0,7( /(*$/ 
)RQWH
H  ² /LPLWHV GHILQLGRV UHVSHFWLYDPHQWH QR LQFLVR ,,, GR DUWLJR  H QR SDUiJUDIR ~QLFR GR DUWLJR


 GD /HL &RPSOHPHQWDU Qž 



&$'(512 
9iULDV VmR DV PHGLGDV D VHUHP WRPDGDV SHOD $GPLQLVWUDomR 3~EOLFD SDUD D
UHFRQGXomR GD GHVSHVD FRP SHVVRDO DRV OLPLWHV IL[DGRV 7DLV PHGLGDV HVWmR
FRQGLFLRQDGDV DR SDWDPDU GH GHVSHVD FRP SHVVRDO DWLQJLGR SHOD HQWLGDGH
JRYHUQDPHQWDO FRQIRUPH GLVFULPLQDGR QR TXDGUR D VHJXLU
/,0,7( '$ '(63(6$ &20 3(662$/   
 62%5( 5&/  '2 /,0,7(
0É;,02 '(

6LWXDomR , ² 'HVSHVD $EDL[R GR /LPLWH 3HUPLWLGR
 QHQKXPD PHGLGD GH XUJrQFLD SUHFLVD VHU WRPDGD
 FRQVLGHUDU QXOR GH SOHQR GLUHLWR R DWR TXH SURYRTXH
DXPHQWR GD GHVSHVD FRP SHVVRDO H QmR DWHQGD RV
VHJXLQWHV
x HVWDU DFRPSDQKDGR GD HVWLPDWLYD GR LPSDFWR
RUoDPHQWiULRILQDQFHLUR
x HVWDU DFRPSDQKDGR GD GHFODUDomR GR RUGHQDGRU GD
GHVSHVD GH TXH R DXPHQWR WHP DGHTXDomR
RUoDPHQWiULD
x GHPRQVWUDU RULJHP GRV UHFXUVRV SDUD VHX FXVWHLR
x HVWDU DFRPSDQKDGR GH FRPSURYDomR GH TXH D
GHVSHVD DXPHQWDGD QmR DIHWDUi DV PHWDV GH UHVXOWDGRV
ILVFDLV
x QmR HVWDU YLQFXODGR RX HTXLSDUDGR D TXDLVTXHU
HVSpFLHV UHPXQHUDWyULDV
x VHU UHVXOWDGR GD FRQFHVVmR GH TXDOTXHU YDQWDJHP RX
DXPHQWR GH UHPXQHUDomR D FULDomR GH FDUJRV
HPSUHJRV H IXQo}HV RX DOWHUDomR GH HVWUXWXUD GH
FDUUHLUDV EHP FRPR D DGPLVVmR RX FRQWUDWDomR GH
SHVVRDO D TXDOTXHU WtWXOR SHORV yUJmRV H HQWLGDGHV GD
DGPLQLVWUDomR GLUHWD RX LQGLUHWD LQFOXVLYH IXQGDo}HV
LQVWLWXtGDV H PDQWLGDV SHOR SRGHU S~EOLFR VHP TXH
WHQKD KDYLGR
² D SUpYLD GRWDomR RUoDPHQWiULD VXILFLHQWH SDUD
DWHQGHU jV SURMHo}HV GH GHVSHVD GH SHVVRDO H DRV
DFUpVFLPRV GHOD GHFRUUHQWHV
² D DXWRUL]DomR HVSHFtILFD QD OHL GH GLUHWUL]HV
RUoDPHQWiULDV UHVVDOYDGDV DV HPSUHVDV S~EOLFDV H
DV VRFLHGDGHV GH HFRQRPLD PLVWD
x VHU UHVXOWDGR GH DWR H[SHGLGR QRV  FHQWR H
RLWHQWD GLDV DQWHULRUHV DR ILQDO GR PDQGDWR GR WLWXODU GR
UHVSHFWLYR 3RGHU RX yUJmR



&$'(512 
6LWXDomR ,, ² 'HVSHVD DEDL[R GR /LPLWH 3HUPLWLGR
PDV GHQWUR GR /LPLWH 3UXGHQFLDO
 LGHP DR LWHP  GD VLWXDomR ,
 ILFD YHGDGR DR 3RGHU RX yUJmR TXH KRXYHU LQFRUULGR
QR H[FHVVR
x FRQFHGHU YDQWDJHP DXPHQWR UHDMXVWH RX DGHTXDomR
GH UHPXQHUDomR D TXDOTXHU WtWXOR VDOYR RV GHULYDGRV GH
VHQWHQoD MXGLFLDO RX GH GHWHUPLQDomR OHJDO RX
FRQWUDWXDO UHVVDOYDGD D UHYLVmR SUHYLVWD QR LQFLVR ; GR
DUW  GD &RQVWLWXLomR )HGHUDO
x FULDU FDUJR HPSUHJR RX IXQomR
x DOWHUDU HVWUXWXUD GH FDUUHLUD TXH LPSOLTXH DXPHQWR GH
GHVSHVD
x SURYHU FDUJR S~EOLFR DGPLVVmR RX FRQWUDWDomR GH
SHVVRDO D TXDOTXHU WtWXOR UHVVDOYDGD D UHSRVLomR
GHFRUUHQWH GH DSRVHQWDGRULD RX IDOHFLPHQWR GH
VHUYLGRUHV GDV iUHDV GH HGXFDomR VD~GH H VHJXUDQoD
x FRQWUDWDU KRUD H[WUD VDOYR VLWXDo}HV SUHYLVWDV QD /'2
6LWXDomR ,,, ² 'HVSHVD DFLPD GR /LPLWH 3HUPLWLGR
 LGHP DR LWHP  GD VLWXDomR ,
 LGHP DR LWHP  GD VLWXDomR ,,
 R SHUFHQWXDO H[FHGHQWH R TXH XOWUDSDVVDU RV 
WHUi GH VHU HOLPLQDGR QRV GRLV TXDGULPHVWUHV VHJXLQWHV
VHQGR SHOR PHQRV  XP WHUoR QR SULPHLUR
DGRWDQGRVH HQWUH RXWUDV DV VHJXLQWHV SURYLGrQFLDV
x UHGXomR HP SHOR PHQRV  GDV GHVSHVDV FRP FDUJRV
HP FRPLVVmR H IXQo}HV GH FRQILDQoD
x H[RQHUDomR GRV VHUYLGRUHV QmR HVWiYHLV
x FDVR DV PHGLGDV DQWHULRUHV QmR VHMDP VXILFLHQWHV p
SHUPLWLGD D UHWLUDGD GR FDUJR GR VHUYLGRU HVWiYHO GHVGH
TXH DWR QRUPDWLYR PRWLYDGR GH FDGD XP GRV 3RGHUHV
HVSHFLILTXH D DWLYLGDGH IXQFLRQDO R yUJmR RX XQLGDGH
DGPLQLVWUDWLYD REMHWR GH UHGXomR GH SHVVRDO

'D'tYLGDHGR(QGLYLGDPHQWR

$ GtYLGD S~EOLFD UHVXOWD GH XP FRQMXQWR GH RSHUDo}HV GH FUpGLWR GDV

PDLV YDULDGDV QDWXUH]DV UHDOL]DGDV MXQWR D WHUFHLURV SHODV HQWLGDGHV
JRYHUQDPHQWDLV SDUD D REWHQomR GH UHFXUVRV QHFHVViULRV j H[HFXomR GDV
VXDV DWLYLGDGHV



&$'(512 
$ REWHQomR GH UHFXUVRV GH WHUFHLURV GH QDWXUH]D ILQDQFHLUD SDUD D H[HFX
omR GH DWLYLGDGHV JRYHUQDPHQWDLV GHYHUi RFRUUHU HP VLWXDo}HV TXH D
$GPLQLVWUDomR GD HQWLGDGH MXOJDU HVWULWDPHQWH QHFHVViULDV
e LPSRUWDQWH OHPEUDU TXH D /5) WHP FRPR REMHWLYR SULQFLSDO GH DFRUGR
FRP R GLVSRVWR QR DUW º R HTXLOtEULR GDV FRQWDV S~EOLFDV TXH GHYH VHU
HQWHQGLGR FRPR D QHFHVVLGDGH GD HQWLGDGH JRYHUQDPHQWDO SODQHMDU H HP
SULQFtSLR H[HFXWDU DV VXDV DWLYLGDGHV FRP RV SUySULRV UHFXUVRV ILQDQFHLURV
REWLGRV GH DOJXPDV GHVVDV DWLYLGDGHV 'Dt SRU TXH D RSHUDomR GH FUpGLWR
GHYH VHU DQDOLVDGD FRQVLGHUDQGR GHQWUH RXWURV DVSHFWRV D D iUHD HP TXH
R VHX SURGXWR VHUi DSOLFDGR E D UHODomR FXVWREHQHItFLR H F R REMHWLYR
SUHWHQGLGR
$ /5) DR HVWDEHOHFHU QR DUW º , D TXH D /'2 SDVVDUi D GLVSRU VREUH
HTXLOtEULR HQWUH UHFHLWD H GHVSHVD SUHWHQGH HYLWDU H DWp PHVPR HOLPLQDU
D RFRUUrQFLD GH GpILFLW QDV FRQWDV S~EOLFDV TXH HP JUDQGH SDUWH p FDXVDGR
SRU RSHUDo}HV GH FUpGLWR TXH QmR JHUDP EHQHItFLRV SDUD D VRFLHGDGH
e HP IXQomR GLVWR TXH D /&  GLVS}H VREUH R FRQFHLWR H QRUPDV
GH HQGLYLGDPHQWR S~EOLFR 6HUmR DERUGDGRV QHVWH PDQXDO DOpP GH VHX
FRQFHLWR RV DVSHFWRV UHIHUHQWHV j OLPLWDomR H DR FRQWUROH

&RQFHLWR

$ GtYLGD S~EOLFD p FODVVLILFDGD HP GRLV JUDQGHV JUXSRV GtYLGD IOXWXDQWH H

GtYLGD FRQVROLGDGD
$ GtYLGD IOXWXDQWH FRPSUHHQGH FRQIRUPH HVWDEHOHFLGR QR DUW  GD /HL Qº
 DV VHJXLQWHV REULJDo}HV
 RV UHVWRV D SDJDU ² TXH FRUUHVSRQGHP DRV HPSHQKRV SURFHVVDGRV
YLQFXODGRV D FRQWUDWRV GH SUHVWDo}HV GH VHUYLoRV IRUQHFLPHQWRV GH
PDWHULDLV H[HFXomR GH REUDV H RXWURV HQFDUJRV GHVGH TXH QmR VH
UHILUDP D HQFDUJRV ILQDQFHLURV ² MXURV H DPRUWL]Do}HV GH GtYLGDV ² H QmR
SDJRV DR WpUPLQR GR H[HUFtFLR ILQDQFHLUR HP TXH VH RULJLQDUDP
 RV VHUYLoRV GD GtYLGD D SDJDU ² TXH FRUUHVSRQGHP DRV HPSHQKRV GRV
HQFDUJRV ILQDQFHLURV GH GtYLGD FRQWUDWDGD H QmR SDJRV DR WpUPLQR GR
H[HUFtFLR ILQDQFHLUR HP TXH VH RULJLQDUDP
 RV GHSyVLWRV ² TXH VH FRQVWLWXHP GH JDUDQWLDV RX FDXo}HV UHFHELGDV HP
GLQKHLUR GH WHUFHLURV SDUD H[HFXomR GH FRQWUDWRV GH SUHVWDomR GH



&$'(512 
 VHUYLoRV GH H[HFXomR GH REUDV H GH IRUQHFLPHQWRV GH PDWHULDLV RX SDUD
UHFXUVRV ILVFDLV EHP FRP DV DUUHFDGDo}HV SRU FRQWD GH WHUFHLURV WDLV
FRPR DV FRQWULEXLo}HV SUHYLGHQFLiULDV GH HPSUHJDGRV H RXWURV YDORUHV
TXH ILFDUmR VRE D JXDUGD H FXVWyGLD GD 7HVRXUDULD GD HQWLGDGH JRYHUQD
PHQWDO
 RV GpELWRV GH WHVRXUDULD ² TXH VH FRQVWLWXHP GRV HPSUpVWLPRV SRU
DQWHFLSDomR GD UHFHLWD RUoDPHQWiULR ² $52 UHDOL]DGRV SDUD DWHQGHU D
LQVXILFLrQFLDV WHPSRUiULDV GH WHVRXUDULD
$ GtYLGD FRQVROLGDGD RX IXQGDGD FRUUHVSRQGH FRPR GHILQLGR QR DUW 
, GD /5) DR PRQWDQWH DSXUDGR VHP GXSOLFLGDGHV GDV REULJDo}HV ILQDQ
FHLUDV GD HQWLGDGH JRYHUQDPHQWDO DVVXPLGDV HP YLUWXGH GH OHLV FRQWUDWRV
FRQYrQLRV RX WUDWDGRV H GD UHDOL]DomR GH RSHUDo}HV GH FUpGLWR SDUD
DPRUWL]DomR QXP SUD]R VXSHULRU D GR]H PHVHV
2 OLPLWH JOREDO GD GtYLGD S~EOLFD H GDV RSHUDo}HV GH FUpGLWR VHUi IL[DGR HP
OHL D VHU SURPXOJDGD SHOR &RQJUHVVR 1DFLRQDO (QTXDQWR LVWR QmR DFRQWHFH
YLJRUDP RV GLVSRVLWLYRV GD 5HVROXomR Qº  GR 6HQDGR )HGHUDO TXH
GLVS}HP VREUH DV RSHUDo}HV GH FUpGLWR LQWHUQR H H[WHUQR GRV (VWDGRV GR
') H GRV 0XQLFtSLRV H GH VXDV UHVSHFWLYDV DXWDUTXLDV H IXQGDo}HV LQFOXVLYH
FRQFHVVmR GH JDUDQWLDV VHXV OLPLWHV H FRQGLo}HV GH DXWRUL]DomR H Gi RXWUDV
SURYLGrQFLDV
'HVVH FRQMXQWR GH RSHUDo}HV UHIHUHQWHV DR HQGLYLGDPHQWR S~EOLFR VHUmR
GHVWDFDGDV WUrV WUDQVDo}HV WLGDV FRPR PDLV UHOHYDQWHV QDV HQWLGDGHV PX
QLFLSDLV RV UHVWRV D SDJDU DV RSHUDo}HV GH FUpGLWR H D $52

5HVWRV D 3DJDU

1R FRQMXQWR GD GtYLGD S~EOLFD GH 0XQLFtSLRV HP HVSHFLDO RV GH SHTXHQR

SRUWH HVWH FRVWXPD VHU R LWHP GH PDLRU VLJQLILFkQFLD PHUHFHQGR SRUWDQWR
R GHVWDTXH TXH OKH p GDGR
&RPR Mi PHQFLRQDGR UHFHEHP D GHQRPLQDomR GH UHVWRV D SDJDU RV
HPSHQKRV UHDOL]DGRV HP XP H[HUFtFLR ILQDQFHLUR FXMD REULJDomR ILQDQFHLUD
FRUUHVSRQGHQWH QmR p H[WLQWD DR ILP GHVWH PHVPR H[HUFtFLR
$ /HL Qº  HVWDEHOHFH TXH R UHJLVWUR GRV UHVWRV D SDJDU VHUi IHLWR SRU
H[HUFtFLR H SRU FUHGRU GLVWLQJXLQGRVH DV GHVSHVDV SURFHVVDGDV GDV QmR
SURFHVVDGDV (QWHQGHVH SRU UHVWRV D SDJDU SURFHVVDGRV RV HPSHQKRV Mi



&$'(512 
OLTXLGDGRV RX VHMD DTXHOHV FXMD REULJDomR ILQDQFHLUD H[LVWH GH IDWR WHQGR
HP YLVWD D R FXPSULPHQWR GR LPSOHPHQWR GH FRQGLomR SRU SDUWH GR FUHGRU
2V UHVWRV D SDJDU QmR SURFHVVDGRV FRUUHVSRQGH DRV HPSHQKRV QmR OLTXL
GDGRV H TXH SRUWDQWR QmR JHUDUDP REULJDomR ILQDQFHLUD SDUD D HQWLGDGH
JRYHUQDPHQWDO
$ GHPRQVWUDomR GRV UHVWRV D SDJDU p IHLWD GH DFRUGR FRP D /HL Qº 
QDV VHJXLQWHV GHPRQVWUDo}HV FRQWiEHLV
x EDODQoR ILQDQFHLUR ² TXH DR GHPRQVWUDU R IOX[R GH FDL[D GD HQWLGDGH
QR H[HUFtFLR LQFOXL RV UHVWRV D SDJDU QD UHFHLWD H[WUDRUoDPHQWiULD SDUD
FRPSHQVDU VXD LQFOXVmR QD GHVSHVD RUoDPHQWiULD
x EDODQoR SDWULPRQLDO ² RQGH RV UHVWRV D SDJDU VmR GHPRQVWUDGRV SRU
FRQVWLWXtUHP XP FRPSRQHQWH GR SDWULP{QLR GD HQWLGDGH UHJLVWUDGR HP
VHX SDVVLYR ILQDQFHLUR
x GHPRQVWUDomR GD GtYLGD IOXWXDQWH ² QD TXDO VmR GHPRQVWUDGRV R VDOGR
LQLFLDO DV LQVFULo}HV DV EDL[DV H R VDOGR ILQDO GRV UHVWRV D SDJDU HQWUH
RXWURV QR H[HUFtFLR ILQDQFHLUR
&RPR QRUPD DGLFLRQDO UHIHUHQWH DRV UHVWRV D SDJDU HVWDEHOHFH D /5) HP
VHX DUW  YHGDomR DR WLWXODU GH 3RGHU RX yUJmR GH FRQWUDLU QRV ~OWLPRV
GRLV TXDGULPHVWUHV GR VHX PDQGDWR REULJDo}HV GH GHVSHVD TXH QmR SRVVD
VHU FXPSULGD LQWHJUDOPHQWH GHQWUR GHOH RX TXH WHQKD SDUFHODV D VHUHP
SDJDV QR H[HUFtFLR VHJXLQWH VHP TXH KDMD VXILFLHQWH GLVSRQLELOLGDGH GH FDL[D
SDUD HVWH HIHLWR
(VWH GLVSRVLWLYR GD /&  IRL FRQVLGHUDGR XP GRV PDLV FRQWURYHUVRV
SRU OLPLWDU R PRQWDQWH GH GtYLGD IOXWXDQWH TXH FRQIRUPH R FLWDGR FRVWXPD
VHU XP LWHP UHOHYDQWH QD GtYLGD S~EOLFD D VHU FRQWUDtGD H SDVVDGD GH XP
JRYHUQDQWH SDUD RXWUR
'H DFRUGR FRP D /5) QR ~OWLPR GH PDQGDQGR D SDUWLU GR PrV GH PDLR
QmR SRGHUi R WLWXODU GH 3RGHU RX yUJmR RUGHQDU D UHDOL]DomR GH GHVSHVD
VHP TXH KDMD GLQKHLUR SDUD VH SDJDU HVVDV GHVSHVDV DWp R WpUPLQR GH VHX
PDQGDWR RX VHP TXH GHL[H UHFXUVRV HP FDL[D SDUD TXH R RFXSDQWH GR
PDQGDWR VHJXLQWH SDJXH DV REULJDo}HV TXH OKH IRUDP GHL[DGDV
1D GHWHUPLQDomR GD GLVSRQLELOLGDGH GH FDL[D VHUmR FRQVLGHUDGRV RV HQFDU
JRV H GHVSHVDV FRPSURPLVVDGDV D SDJDU DWp R ILQDO GR H[HUFtFLR 3HOD /5) D
GLVSRQLELOLGDGH GH FDL[D VHUi GHPRQVWUDWLYD QR UHODWyULR GH JHVWmR ILVFDO
HP GHPRQVWUDWLYR FXMR PRGHOR DSUHVHQWDGR D VHJXLU IRL HVWDEHOHFLGR SHOD
3RUWDULD Qº  GD 671



&$'(512 
 5HODWyULR *HVWmR )LVFDO
'HPRQVWUDWLYR GD 'LVSRQLELOLGDGH GH &DL[D
2UoDPHQWRV )LVFDO H GD 6HJXULGDGH 6RFLDO
3HUtRGR GH 5HIHUrQFLD
/5) DUW  ,QFLVR ,,, DOtQHD ´Dµ ² $QH[R ;9,
5 0LO
(63(&,),&$d®2 9$/25 (63(&,),&$d®2 9$/25
$WLYR 'LVSRQtYHO 3DVVLYR &RQVLJQDGR
'LVSRQLELOLGDGH )LQDQFHLUD 'HSyVLWRV GH 'LYHUVDV 2ULJHQV
&DL[D 5HVWRV D 3DJDU GH ([HUFtFLRV $QWHULRUHV
%DQFR 2XWUDV 2EULJDo}HV )LQDQFHLUDV
&RQWD 0RYLPHQWR
&RQWDV 9LQFXODGDV
$SOLFDo}HV )LQDQFHLUDV
6XEWRWDO 6XEWRWDO
,QVXILFLrQFLD 6XILFLrQFLD
7RWDO 7RWDO

3HOD /5) R FRQWUROH GRV UHVWRV D SDJDU VHUi IHLWR HP GRLV UHODWyULRV R
UHVXPLGR GD H[HFXomR RUoDPHQWiULD H R GH JHVWmR ILVFDO HP GHPRQVWUDWLYRV
FXMRV PRGHORV DSUHVHQWDGRV D VHJXLU IRUDP HVWDEHOHFLGRV SHOD 3RUWDULD Qº
 GD 671
5HODWyULR 5HVXPLGR GD ([HFXomR 2UoDPHQWiULD
'HPRQVWUDWLYR GRV 5HVWRV D 3DJDU SRU 3RGHU H ÐUJmR
2UoDPHQWRV )LVFDO H GD 6HJXULGDGH 6RFLDO
3HUtRGR GH 5HIHUrQFLD
/5) DUW  LQFLVR 9 ² $QH[R 9,,,
5 0LO
32'(5Ð5*®2 6$/'26 '( 53 352&(66$'26 53 1®2352&(66$'26
(;(5&Ì&,26 ,QVFULWRV &DQFHODGRV 3DJRV $ 3DJDU ,QVFULWRV &DQFHODGRV 3DJRV $ 3DJDU
$17(5,25(6
/(*,6/$7,92

(;(&87,92

727$/



&$'(512 
 5HODWyULR GH *HVWmR )LVFDO
'HPRQVWUDWLYR GRV 5HVWRV D 3DJDU SRU 3RGHU H ÐUJmR
2UoDPHQWRV )LVFDO H GD 6HJXULGDGH 6RFLDO
3HUtRGR GH 5HIHUrQFLD
/5) DUW  LQFLVR ,,,DOtQHD ´Eµ ² $QH[R ;9,,
5 0LO
32'(5Ð5*®2 5(6726 $ 3$*$5
6DOGRV GH ,QVFULWRV 'LVSRQLELOLGDGH 1mR ,QVFULWRV SRU
([HUFtFLRV )LQDQFHLUD ,QVXILFLrQFLD
$QWHULRUHV )LQDQFHLUD
3URFHVVDGRV 1mR 3URFHVVDGRV
/(*,6/$7,92



6XEWRWDO ,

(;(&87,92
$GPLQLVWUDomR 'LUHWD 



$GPLQLVWUDomR ,QGLUHWD 



6XEWRWDO ,,
727$/

2SHUDo}HV GH &UpGLWR

$ /5) GHILQH RSHUDomR GH FUpGLWR FRPR R FRPSURPLVVR ILQDQFHLUR DV

VXPLGR HP UD]mR GH P~WXR DEHUWXUD GH FUpGLWR HPLVVmR H DFHLWH GH WtWXOR
DTXLVLomR ILQDQFLDGD GH EHQV UHFHELPHQWR DQWHFLSDGR GH YDORUHV SURYH
QLHQWHV GD YHQGD D WHUPR GH EHQV H VHUYLoRV DUUHQGDPHQWR PHUFDQWLO H



&$'(512 
RXWUDV RSHUDo}HV DVVHPHOKDGDV LQFOXVLYH FRP R XVR GH GHULYDWLYRV ILQDQ
FHLURV

&RPR PHQFLRQDGR D 5HVROXomR Qº  p R LQVWUXPHQWR TXH QRUPDWL]D

D UHDOL]DomR GDV RSHUDo}HV GH FUpGLWR GHILQLQGR VHXV OLPLWHV H IRUPD GH
FRQVHFXomR

$Wp TXH OHL UHJXODQGR R OLPLWH GDV RSHUDo}HV GH FUpGLWR VHMD DSURYDGD
YLJRUDP RV VHJXLQWHV OLPLWHV GLVSRVWRV QRV DUWLJRV º H º GD 5HVROXomR Qº


$UW º $V RSHUDo}HV GH FUpGLWR UHDOL]DGDV SHORV (VWDGRV SHOR 'LVWULWR

)HGHUDO SHORV 0XQLFtSLRV H SRU VXDV UHVSHFWLYDV DXWDUTXLDV H IXQ
GDo}HV HP XP H[HUFtFLR QmR SRGHUmR H[FHGHU R PRQWDQWH GDV
GHVSHVDV GH FDSLWDO IL[DGDV QD OHL RUoDPHQWiULD DQXDO FRUUHVSRQGHQWH
UHVVDOYDGDV DV DXWRUL]DGDV PHGLDQWH FUpGLWRV VXSOHPHQWDUHV RX HV
SHFLDLV FRP ILQDOLGDGH SUHFLVD DSURYDGDV SHOR 3RGHU /HJLVODWLYR SRU
PDLRULD DEVROXWD REVHUYDGD R GLVSRVWR QHVWD 5HVROXomR
†º 3DUD HIHLWR GR GLVSRVWR QHVWH DUWLJR HQWHQGHVH SRU RSHUDo}HV GH
FUpGLWR UHDOL]DGD HP XP H[HUFtFLR R PRQWDQWH GH OLEHUDomR FRQWUDWXDO
PHQWH SUHYLVWR SDUD R PHVPR H[HUFtFLR
†º 1DV RSHUDo}HV GH FUpGLWR FRP OLEHUDomR SUHYLVWD SDUD PDLV GH XP
H[HUFtFLR ILQDQFHLUR R OLPLWH FRPSXWDGR D FDGD DQR OHYDUi HP FRQVL
GHUDomR DSHQDV D SDUFHOD D VHU QHOH OLEHUDGD
$UW º $V RSHUDo}HV GH FUpGLWR LQWHUQR H H[WHUQR GRV (VWDGRV GR
'LVWULWR )HGHUDO GRV 0XQLFtSLRV H GH VXDV UHVSHFWLYDV DXWDUTXLDV H
IXQGDo}HV REVHUYDUmR VLPXOWDQHDPHQWH RV VHJXLQWHV OLPLWHV
, ² R PRQWDQWH JOREDO GDV RSHUDo}HV UHDOL]DGDV HP XP H[HUFtFLR
ILQDQFHLUR QmR SRGHUi VHU VXSHULRU D  GH]RLWR SRU FHQWR GD
5HFHLWD /tTXLGD 5HDO DQXDO GHILQLGD QR †º
,, ² R GLVSrQGLR DQXDO Pi[LPR FRP DV DPRUWL]Do}HV MXURV H GHPDLV
HQFDUJRV GH WRGDV DV RSHUDo}HV GH FUpGLWR Mi FRQWUDWDGDV H D FRQWUD
WDU LQFOXVLYH R RULJLQiULR GH GpELWRV UHQHJRFLDGRV RX SDUFHODGRV
DFUHVFLGR DLQGD GR YDORU GHYLGR YHQFLGR H QmR SDJR QmR SRGHUi
H[FHGHU D  WUH]H SRU FHQWR GD 5HFHLWD /tTXLGD 5HDO



&$'(512 
 ,,, ² R VDOGR WRWDO GD GtYLGD QmR SRGHUi VXSHUDU YDORU HTXLYDOHQWH DR
GREUR GD 5HFHLWD /tTXLGD 5HDO DQXDO GHILQLGD QR †º SDUD RV SOHLWRV
DQDOLVDGRV QR DQR GH  GHFUHVFHQGR HVWD UHODomR j EDVH GH XP
GpFLPR SRU DQR DWp DWLQJLU YDORU HTXLYDOHQWH D XPD 5HFHLWD /tTXLGD
5HDO DQXDO SDUD RV SOHLWRV DQDOLVDGRV QR DQR GH  HP GLDQWH

†º (QWHQGHVH FRPR 5HFHLWD /tTXLGD 5HDO SDUD RV HIHLWRV GHVWD
5HVROXomR D UHFHLWD UHDOL]DGD QRV GR]H PHVHV DQWHULRUHV DR PrV
LPHGLDWDPHQWH DQWHULRU jTXHOH HP TXH VH HVWLYHU DSXUDQGR REVHUYD
GR DLQGD R VHJXLQWH
, ² VHUmR H[FOXtGDV DV UHFHLWDV SURYHQLHQWHV GH RSHUDo}HV GH FUpGLWR
GH DQXODomR GH UHVWRV D SDJDU GH DOLHQDomR GH EHQV GH WUDQVIHUrQFLDV
YLQFXODGDV D TXDOTXHU WtWXOR GH WUDQVIHUrQFLDV YROXQWiULDV RX GRDo}HV
UHFHELGDV FRP R ILP HVSHFtILFR GH DWHQGHU GHVSHVDV GH FDSLWDO H QR
FDVR GRV (VWDGRV DV WUDQVIHUrQFLDV DRV 0XQLFtSLRV SRU SDUWLFLSDo}HV
FRQVWLWXFLRQDLV H OHJDLV
,, ²VHUmR FRPSXWDGDV DV UHFHLWDV RULXQGDV GR SURGXWR GD DUUHFDGDomR
GR ,PSRVWR VREUH 2SHUDo}HV 5HODWLYDV j &LUFXODomR GH 0HUFDGRULDV H
VREUH 3UHVWDomR GH 6HUYLoRV GH 7UDQVSRUWH ,QWHUHVWDGXDO H ,QWHUPXQL
FLSDO H GH &RPXQLFDomR GHVWLQDGR j FRQFHVVmR GH TXDLVTXHU IDYRUHV
ILVFDLV RX ILQDQFHLURV LQFOXVLYH QD IRUPD GH HPSUpVWLPRV RX ILQDQFLD
PHQWRV DLQGD TXH SRU PHLR GH IXQGRV LQVWLWXLo}HV ILQDQFHLUDV RX
RXWUDV HQWLGDGHV FRQWURODGDV SHOR SRGHU S~EOLFR FRQFHGLGDV FRP
EDVH QR UHIHULGR LPSRVWR H TXH UHVXOWH HP UHGXomR RX HOLPLQDomR
GLUHWD RX LQGLUHWD GR UHVSHFWLYR {QXV
3HOD /5) R FRQWUROH GDV RSHUDo}HV GH FUpGLWR VHUi IHLWR HP GRLV UHODWyULRV
R UHVXPLGR GD H[HFXomR RUoDPHQWiULD H R GH JHVWmR ILVFDO HP GHPRQV
WUDWLYRV FXMRV PRGHORV DSUHVHQWDGRV D VHJXLU IRUDP HVWDEHOHFLGRV SHOD
3RUWDULD Qº  GD 671



&$'(512 
 5HODWyULR 5HVXPLGR GD ([HFXomR 2UoDPHQWiULD
'HPRQVWUDWLYR GDV 5HFHLWDV GH 2SHUDo}HV GH &UpGLWR H 'HVSHVD GH &DSLWDO
3HUtRGR GH $SXUDomR
/5) DUW † ž LQFLVR , $QH[R ,;
5 0LO
5(&(,7$6 35(9,6®2 3 2 (;(5&Ì&,2 5(&(,7$6 5($/,=$'$6 6$/'2
$Wp R %LPHVWUH
5HFHLWDV GH 2SHUDo}HV GH &UpGLWR $
'(63(6$6 '27$d®2 3 2 (;(5&Ì&,2 '(63(6$6 /,48,'$'$6 6$/'2
$Wp R %LPHVWUH
'HVSHVDV GH &DSLWDO
 ,QFHQWLYR D &RQWULEXLQWH ² /5) DUWLJR  LQFLVR ,
SDUiJUDIR ž
 ,QFHQWLYR ,QVW)LQDQFHLUD ² /5) DUWLJR  LQFLVR ,,
SDUiJUDIR ž
'(63(6$ '( &$3,7$/ /Ì48,'$ %
',)(5(1d$ $ ² %

5HODWyULR GH *HVWmR )LVFDO

'HPRQVWUDWLYR GDV 2SHUDo}HV GH &UpGLWR LQFOXVLYH $52
2UoDPHQWRV )LVFDO H GD 6HJXULGDGH 6RFLDO
3HUtRGR GH 5HIHUrQFLD
/5) DUW  LQFLVR , DOtQHD ´Gµ ² $QH[R ;9
5 0LO
(63(&,),&$d®2 5(&(,7$6 5($/,=$'$6
$Wp R /LPLWH
4XDGULPHVWUH
9DORU  GH
FRPSURPHWLPHQWR
, ² 5(&(,7$6 '( &$3,7$/
23(5$d¯(6 '( &5e',72
,QWHUQDV
([WHUQDV
,, ² $17(&,3$d®2 '( 5(&(,7$

,,, ² 727$/ $ ,,,

,9 ² 5(&(,7$ &255(17( /Ì48,'$ %
9 ² 5(/$d®2 3(5&(178$/ $%
)RQWH
2EVHUYDo}HV
0HGLGDV DGRWDGDV FDVR XOWUDSDVVH RV OLPLWHV HVWDEHOHFLGRV



&$'(512 
2SHUDomR GH &UpGLWR SRU $QWHFLSDomR GD 5HFHLWD 2UoDPHQWiULD ² $52

$ $52 GHVWLQDVH D DWHQGHU LQVXILFLrQFLD GH FDL[D GXUDQWH R H[HUFtFLR

ILQDQFHLUR e XP HPSUpVWLPR FXMD JDUDQWLD p D UHFHLWD RUoDPHQWiULD D VHU
UHFROKLGD QR DQR $ /5) WUD] DV VHJXLQWHV H[LJrQFLDV SDUD D UHDOL]DomR GD
$52
x HOD Vy SRGHUi VHU UHDOL]DGD D SDUWLU GR GpFLPR GLD GR LQtFLR GR H[HUFtFLR
x GHYHUi VHU OLTXLGDGD FRP MXURV H RXWURV HQFDUJRV LQFLGHQWHV DWp R GLD
GH] GH GH]HPEUR GH FDGD DQR
x QmR VHUi DXWRUL]DGD VH IRUHP FREUDGRV RXWURV HQFDUJRV TXH QmR D WD[D
GH MXURV GD RSHUDomR REULJDWRULDPHQWH SUHIL[DGD RX LQGH[DGD j WD[D
EiVLFD ILQDQFHLUD RX j TXH YLHU D HVWD VXEVWLWXLU
x HVWDUi SURLELGD
D HQTXDQWR H[LVWLU RSHUDomR DQWHULRU GD PHVPD QDWXUH]D QmR LQWHJUDO
PHQWH UHVJDWDGD
E QR ~OWLPR DQR GH PDQGR GR &KHIH GR 3RGHU ([HFXWLYR

'tYLGD &RQVROLGDGD

$ /HL Qº  HVWDEHOHFH TXH D GtYLGD IXQGDGD VHUi HVFULWXUDGD FRP

LQGLYLGXDomR H HVSHFLILFDo}HV TXH SHUPLWDP YHULILFDU D TXDOTXHU PRPHQ
WR D SRVLomR GRV HPSUpVWLPRV EHP FRPR RV UHVSHFWLYRV VHUYLoRV GH
DPRUWL]DomR H MXURV
$ GHPRQVWUDomR GD GtYLGD FRQVROLGDGD p IHLWD GH DFRUGR FRP D /HL Qº
 QDV VHJXLQWHV GHPRQVWUDo}HV FRQWiEHLV
x EDODQoR SDWULPRQLDO ² RQGH D GtYLGD FRQVROLGD p GHPRQVWUDGD SRU
FRQVWLWXLU XP FRPSRQHQWH GR SDWULP{QLR GD HQWLGDGH UHJLVWUDGR HP VHX
SDVVLYR SHUPDQHQWH
x GHPRQVWUDomR GD GtYLGD IXQGDGD LQWHUQD ² QD TXDO VmR GHPRQVWUDGDV
LQIRUPDo}HV VREUH D DXWRUL]DomR GD RSHUDomR GH FUpGLWR R VDOGR DQWHULRU
HP FLUFXODomR R PRYLPHQWR QR H[HUFtFLR H R VDOGR SDUD R H[HUFtFLR
VHJXLQWH QR H[HUFtFLR ILQDQFHLUR
3HOD /5) R FRQWUROH GDV RSHUDo}HV GH FUpGLWR VHUi IHLWR QR UHODWyULR GH JHVWmR
ILVFDO HP GHPRQVWUDWLYR FXMR PRGHOR DSUHVHQWDGR D VHJXLU IRL HVWDEHOHFLGR
SHOD 3RUWDULD Qº  GD 671



&$'(512 
 5HODWyULR GH *HVWmR )LVFDO
'HPRQVWUDWLYR GD 'tYLGD &RQVROLGDGD H 0RELOLiULD
2UoDPHQWRV )LVFDO H GD 6HJXULGDGH 6RFLDO
3HUtRGR GH 5HIHUrQFLD
/5) DUW  LQFLVR , DOtQHD ´Eµ ² $QH[R ;,,,
5 0LO
(63(&,),&$d®2 6$/'2 '2 ž ž ž
(;(5&Ì&,2 48$'5 48$'5 48$'5
$17(5,25
, ² 'Ì9,'$ &2162/,'$'$ $
'tYLGD 0RELOLiULD
2XWUDV
,, ² $7,92 ),1$1&(,52
'LVSRQLELOLGDGH
$SOLFDo}HV )LQDQFHLUDV
'HPDLV $WLYRV )LQDQFHLURV

'Ì9,'$ &2162/,'$'$ /Ì48,'$ % ,,,

5(&(,7$ &255(17( /Ì48,'$ &
5(/$d®2 '&5&/ $&
5(/$d®2 '&/5&/ %&
)RQWH



&$'(512