Professional Documents
Culture Documents
&RQWDELOLGDGH JHUHQFLDO ,
6$3 (53 )LQDQFLDOV
'DWD
&HQWUR GH
7UHLQDPHQWR
,QVWUXWRUHV
3iJLQD GH
7UHLQDPHQWR
0DQXDO GR SDUWLFLSDQWH
9HUVmR GR FXUVR
'XUDomR GR FXUVR GLD V
1~PHUR GR PDWHULDO
1HQKXPD SDUWH GHVWD SXEOLFDomR SRGH VHU UHSURGX]LGD RX WUDQVPLWLGD GH QHQKXPD IRUPD RX SDUD
QHQKXP SURSyVLWR VHP DXWRUL]DomR H[SOtFLWD GD 6$3 $* $ LQIRUPDomR DTXL FRQWLGD SRGH VHU
PRGL¿FDGD VHP DYLVR SUpYLR
0DUFDV UHJLVWUDGDV
([RQHUDomR GH UHVSRQVDELOLGDGHV
(67(6 0$7(5,$,6 62 )251(&,'26 3(/$ 6$3 &20 %$6( (0 80$ 5(/$d2 $6
,6 ( $ 6$3 1(*$ (;35(66$0(17( 72'$ ( 48$/48(5 *$5$17,$ (;35(66$ 28
3(','$ ,1&/8,1'2 *$5$17,$6 6(0 /,0,7( '( &20(5&,$/,=$d2 ( $37,'2
3$5$ 80 2%-(7,92 (63(&Ë),&2 &20 5(63(,72 $ (67(6 0$7(5,$,6 ( $ 6(59,d26
,1)250$d2 7(;72 *5È),&26 /,1.6 28 287526 0$7(5,$,6 ( 352'8726
$48, ,1&/8Ë'26 (0 1(1+80 &$62 $ 6$3 32'(5È 6(5 5(63216$%,/,=$'$ 325
'$126 ',5(726 ,1',5(726 (63(&,$,6 $&,'(17$,6 &216(4h(1&,$,6 28 '(
381,d2 '( 48$/48(5 25'(0 ,1&/8,1'2 3(5'$ '( 5(1'$6 28 '( /8&526
6(0 /,0,7$d2 48( 3266$0 5(68/7$5 '2 862 '(67(6 0$7(5,$,6 28 '2
&20321(17( '( 62)7:$5( ,1&/8Ë'2
J
6REUH HVWH PDQXDO
2 REMHWLYR GHVWH PDWHULDO p FRPSOHPHQWDU D DSUHVHQWDomR GR LQVWUXWRU H VHUYLU
FRPR PDWHULDO GH UHIHUrQFLD 1mR p LQGLFDGR FRPR PDWHULDO DXWRGLGiWLFR
&RQYHQo}HV WLSRJUi¿FDV
$V VHJXLQWHV FRQYHQo}HV WLSRJUi¿FDV WDPEpP VHUmR XVDGDV QHVWH PDQXDO
(VWLOR 'HVFULomR
ËFRQHV QR WH[WR
2V VHJXLQWHV tFRQHV VmR XVDGRV QHVWH PDQXDO
ËFRQH 6LJQL¿FDGR
([FHo}HV RX DWHQomR
3URFHGLPHQWRV
ËQGLFH
3~EOLFRDOYR
(VWH FXUVR IRL HODERUDGR SDUD RV VHJXLQWHV JUXSRV
&RQVXOWRUHV GH VROXomR UHVSRQViYHLV SHOD LPSOHPHQWDomR GD &RQWDELOLGDGH
LQWHUQD FRP R 6$3 (53 )LQDQFLDOV
3UpUHTXLVLWRV GR FXUVR
&RQKHFLPHQWRV QHFHVViULRV
6$3 1DYHJDomR 6$3
(53 *HUHQFLDPHQWR DXWRUL]DGR SHOR 6$3 (53
(53 *HUHQFLDPHQWR DXWRUL]DGR SHOR 6$3 (53 )LQDQFLDOV
0HWDV GR FXUVR
(VWH FXUVR SUHSDUD R DOXQR SDUD
'H¿QLU R 3ODQHMDPHQWR GH FXVWRV GR SURGXWR FRP 6$3 (53 )LQDQFLDOV
'H¿QLU D &RQWDELOLGDGH GH REMHWRV GH FXVWR FRP R 6$3 (53 )LQDQFLDOV
2EMHWLYRV GR FXUVR
1R ¿QDO GHVWH FXUVR YRFr GHYHUi HVWDU DSWR D
'H¿QLU R 3ODQHMDPHQWR GH FXVWRV GR SURGXWR FRP 6$3 (53 )LQDQFLDOV
'H¿QLU D &RQWDELOLGDGH GH REMHWRV GH FXVWR FRP R 6$3 (53 )LQDQFLDOV
2EMHWLYRV GR FDStWXOR
1R ¿QDO GHVWH FDStWXOR YRFr GHYHUi HVWDU DSWR D
,QGLFDU RV REMHWLYRV GR SODQHMDPHQWR GH FXVWRV GR SURGXWR
'HVFUHYHU R FLFOR GH YLGD GR SURGXWR
'HVFUHYHU RV YiULRV PpWRGRV GH FiOFXOR GH FXVWR
'LVWLQJXLU HQWUH EHQV WDQJtYHLV H EHQV LQWDQJtYHLV
&RQWH~GR GR FDStWXOR
/LomR 6tQWHVH GR SODQHMDPHQWR GH FXVWRV GR SURGXWR
2EMHWLYRV GD OLomR
1R ¿QDO GHVWD OLomR YRFr GHYHUi HVWDU DSWR D
,QGLFDU RV REMHWLYRV GR SODQHMDPHQWR GH FXVWRV GR SURGXWR
'HVFUHYHU R FLFOR GH YLGD GR SURGXWR
'HVFUHYHU RV YiULRV PpWRGRV GH FiOFXOR GH FXVWR
'LVWLQJXLU HQWUH EHQV WDQJtYHLV H EHQV LQWDQJtYHLV
&HQiULR GH QHJyFLRV
6XD HPSUHVD TXHU LQVWDODU R FRPSRQHQWH GH SODQHMDPHQWR GH FXVWRV GR SURGXWR QR
6$3 (53 &RPR PHPEUR GD HTXLSH GR SURMHWR YRFr QHFHVVLWD GHFLGLU TXDLV VmR DV
IXQo}HV GH &23&3&3 SODQHMDPHQWR GH FXVWRV GR SURGXWR TXH VmR QHFHVViULDV
j HPSUHVD H TXDQGR VHUmR QHFHVViULDV 9RFr QHFHVVLWD LPSOHPHQWDU HVVDV IXQo}HV
6H YRFr SODQHMDU XP QRYR SURGXWR SDUD R TXDO QmR H[LVWHP GDGRV PHVWUH QR 6$3
(53 SRGH H[HFXWDU R SODQHMDPHQWR LQLFLDO H SURMHo}HV GH FXVWRV FULDQGR XP
&RPSRQHQWH PHGLDQWH R &iOFXOR GH FXVWRV GH UHIHUrQFLD H GH VLPXODomR 0HGLDQWH
HVWH PpWRGR YRFr SODQHMD PDQXDOPHQWH RV FXVWRV SDUD XP LWHP
4XDQGR RV SULPHLURV GDGRV PHVWUH GH PDWHULDLV VmR FULDGRV QR 6$3 (53 YRFr
SRGH XWLOL]DU R &iOFXOR GH FXVWRV GR PDWHULDO VHP HVWUXWXUD TXDQWLWDWLYD SDUD
SODQHMDU PDQXDOPHQWH RV FXVWRV GH SURGXomR H R FXVWR GH SURGXWRV YHQGLGRV SDUD
R SURGXWR 9RFr SRGH XWLOL]DU R FiOFXOR GH FXVWR SRU FRPSRQHQWH FRPR UHIHUrQFLD
SDUD LVVR (VWmR GLVSRQtYHLV GRLV PpWRGRV SDUD R SODQHMDPHQWR GR FiOFXOR GH
%HQV WDQJtYHLV
$V PHUFDGRULDV SRGHP VHU SURGX]LGDV LQWHUQDPHQWH VXEFRQWUDWDGDV RX
VXSULGDV H[WHUQDPHQWH 2V GDGRV SDUD HVWDV PHUFDGRULDV HVWmR ORFDOL]DGRV
QRV FRPSRQHQWHV GH ORJtVWLFD 33 333, H 00 (VWHV GDGRV VmR DFHVVDGRV
TXDQGR p HIHWXDGR R FiOFXOR GH FXVWRV GDV PHUFDGRULDV
2V FiOFXORV GH FXVWRV GR SURGXWR WDPEpP SRGHP VHU XWLOL]DGRV SDUD DYDOLDomR
GH HVWRTXH H SDUD ¿QV GH FRPSDUDomR QD &RQWDELOLGDGH GH REMHWRV GH FXVWR
(VWH FXUVR IRUQHFH H[HPSORV TXH LOXVWUDP FRPR RV PpWRGRV H FRQFHLWRV GR
SODQHMDPHQWR GH FXVWRV GR SURGXWR VmR XWLOL]DGRV QD SURGXomR SDUD HVWRTXH
%HQV LQWDQJtYHLV
([SHGLomR UHHPEDODJHP GR FRQWDLQHU DUPD]HQDPHQWR YHUL¿FDomR GH
TXDOLGDGH
7HOHFRPXQLFDo}HV XPD FKDPDGD LQWHUXUEDQD GH XP PLQXWR
&RQVXOWRULD XPD VtQWHVH GH &2 GH GRLV GLDV
+RVSLWDO XPD FLUXUJLD GR FRUDomR
7UHLQDPHQWR XPD VHVVmR GH WUHLQDPHQWR GH SURGXWRV QDV LQVWDODo}HV GR
FOLHQWH
2V EHQV LQWDQJtYHLV VmR LQWURGX]LGRV QHVWH FXUVR PHGLDQWH D XWLOL]DomR GR H[HPSOR
GR FiOFXOR GH FXVWR SRU FRPSRQHQWH 0pWRGRV VLPLODUHV GH FiOFXOR GH FXVWRV VmR
IRUQHFLGRV SDUD VHUYLoRV VRE D IRUPD GH XPD HVWLPDWLYD GH FXVWRV VHP HVWUXWXUD
TXDQWLWDWLYD
5HVXPR GD OLomR
9RFr DJRUD GHYH HVWDU DSWR D
,QGLFDU RV REMHWLYRV GR SODQHMDPHQWR GH FXVWRV GR SURGXWR
'HVFUHYHU R FLFOR GH YLGD GR SURGXWR
'HVFUHYHU RV YiULRV PpWRGRV GH FiOFXOR GH FXVWR
'LVWLQJXLU HQWUH EHQV WDQJtYHLV H EHQV LQWDQJtYHLV
5HVXPR GR FDStWXOR
9RFr DJRUD GHYH HVWDU DSWR D
,QGLFDU RV REMHWLYRV GR SODQHMDPHQWR GH FXVWRV GR SURGXWR
'HVFUHYHU R FLFOR GH YLGD GR SURGXWR
'HVFUHYHU RV YiULRV PpWRGRV GH FiOFXOR GH FXVWR
'LVWLQJXLU HQWUH EHQV WDQJtYHLV H EHQV LQWDQJtYHLV
5HVSRVWDV
1R 6$3 (53 RV PDWHULDLV VmR DYDOLDGRV FRP XP SUHoR TXH SRGH VHU GH¿QLGR
SRU XP FiOFXOR GH FXVWRV SODQHMDGRV
5HVSRVWD 9HUGDGHLUR
4XDQGR XP FiOFXOR GH FXVWRV FRP HVWUXWXUD TXDQWLWDWLYD p FULDGR R VLVWHPD
XWLOL]D RV GDGRV PHVWUH D SDUWLU GH /RJtVWLFD FRPR OLVWDV WpFQLFDV H URWHLURV
5HVSRVWD $ & (
3DUD EHQV WDQJtYHLV RV PDWHULDLV SRGHP VHU SURGX]LGRV LQWHUQDPHQWH
VXEFRQWUDWDGRV RX VXSULGRV H[WHUQDPHQWH 2V GDGRV SDUD HVWHV PDWHULDLV
HVWmR ORFDOL]DGRV QRV FRPSRQHQWHV GH ORJtVWLFD 33 333, H 00 2V FiOFXORV
GH FXVWRV GR SURGXWR VmR XWLOL]DGRV SDUD DYDOLDomR GH HVWRTXH e SRVVtYHO
DFHVVDU GDGRV TXDQGR RV FXVWRV GRV PDWHULDLV IRUHP FDOFXODGRV 2V FiOFXORV
GH FXVWRV GR SURGXWR SRGHP VHU XWLOL]DGRV SDUD ¿QV GH FRPSDUDomR QD
FRQWDELOLGDGH GH REMHWRV GH FXVWR
2EMHWLYRV GR FDStWXOR
1R ¿QDO GHVWH FDStWXOR YRFr GHYHUi HVWDU DSWR D
'H¿QLU DV YLV}HV PDLV LPSRUWDQWHV GR PHVWUH GH PDWHULDLV SDUD R FiOFXOR
GH FXVWRV GR PDWHULDO
'HVFUHYHU RV FDPSRV UHOHYDQWHV SDUD R FiOFXOR GH FXVWRV
'HVFUHYHU RV SUHoRV QR PHVWUH GH PDWHULDLV
([HFXWDU XP FiOFXOR GH FXVWR XQLWiULR SDUD PDWHULDLV
([HFXWDU XP FiOFXOR GH FXVWR XQLWiULR PXOWLQtYHO SDUD PDWHULDLV
/LVWDU DV HWDSDV EiVLFDV GR FiOFXOR GH FXVWR XQLWiULR PXOWLQtYHO
'H¿QLU H GHVFUHYHU RV WUrV WLSRV GH UHVXOWDGRV GR FiOFXOR GH FXVWRV SDUD XP
FiOFXOR GH FXVWRV GR PDWHULDO
&RQWH~GR GR FDStWXOR
/LomR 0HVWUH GH PDWHULDLV
/LomR &iOFXORV GH FXVWRV XQLWiULRV
2EMHWLYRV GD OLomR
1R ¿QDO GHVWD OLomR YRFr GHYHUi HVWDU DSWR D
'H¿QLU DV YLV}HV PDLV LPSRUWDQWHV GR PHVWUH GH PDWHULDLV SDUD R FiOFXOR
GH FXVWRV GR PDWHULDO
'HVFUHYHU RV FDPSRV UHOHYDQWHV SDUD R FiOFXOR GH FXVWRV
'HVFUHYHU RV SUHoRV QR PHVWUH GH PDWHULDLV
&HQiULR GH QHJyFLRV
$ DGPLQLVWUDomR GHFLGH LQFOXLU QR SURJUDPD GH SURGXomR D ERPED FXMRV FXVWRV
YRFr Mi FDOFXORX FRP D XWLOL]DomR GR &iOFXOR GH FXVWRV GH UHIHUrQFLD H GH
VLPXODomR 2V FXVWRV GH SURGXomR &3 H R FXVWR GH SURGXWRV YHQGLGRV &2*6
GHYHP VHU FDOFXODGRV DQWHV GH YRFr SRGHU FULDU DV OLVWDV WpFQLFDV H RV URWHLURV
¿QDLV 9RFr QHFHVVLWD HVWXGDU H FRPSUHHQGHU DV YLV}HV GH FiOFXOR GR SUHoR H DV
YLV}HV GD FRQWDELOLGDGH GR PHVWUH GH PDWHULDLV SRUTXH Mi H[LVWH XP UHJLVWUR PHVWUH
GH PDWHULDLV SDUD D QRYD ERPED QR 6$3 (53
5HVXPR GD OLomR
9RFr DJRUD GHYH HVWDU DSWR D
'H¿QLU DV YLV}HV PDLV LPSRUWDQWHV GR PHVWUH GH PDWHULDLV SDUD R FiOFXOR
GH FXVWRV GR PDWHULDO
'HVFUHYHU RV FDPSRV UHOHYDQWHV SDUD R FiOFXOR GH FXVWRV
'HVFUHYHU RV SUHoRV QR PHVWUH GH PDWHULDLV
2EMHWLYRV GD OLomR
1R ¿QDO GHVWD OLomR YRFr GHYHUi HVWDU DSWR D
([HFXWDU XP FiOFXOR GH FXVWR XQLWiULR SDUD PDWHULDLV
([HFXWDU XP FiOFXOR GH FXVWR XQLWiULR PXOWLQtYHO SDUD PDWHULDLV
/LVWDU DV HWDSDV EiVLFDV GR FiOFXOR GH FXVWR XQLWiULR PXOWLQtYHO
'H¿QLU H GHVFUHYHU RV WUrV WLSRV GH UHVXOWDGRV GR FiOFXOR GH FXVWRV SDUD XP
FiOFXOR GH FXVWRV GR PDWHULDO
&HQiULR GH QHJyFLRV
$ DGPLQLVWUDomR GD VXD HPSUHVD GHFLGH LQFOXLU QR SURJUDPD GH SURGXomR D ERPED
FXMRV FXVWRV YRFr FDOFXORX FRP D XWLOL]DomR GR &iOFXOR GH FXVWRV GH UHIHUrQFLD H
GH VLPXODomR 2V &XVWRV GH SURGXomR &3 H R &XVWR GH SURGXWRV YHQGLGRV &39
GHYHP VHU FDOFXODGRV DQWHV GD FULDomR GDV OLVWDV WpFQLFDV H GRV URWHLURV ¿QDLV 9RFr
XWLOL]DUi R FiOFXOR GH FXVWRV GR PDWHULDO VHP HVWUXWXUD TXDQWLWDWLYD LQFRUSRUDQGR R
FRPSRQHQWH H[LVWHQWH XPD YH] TXH Mi H[LVWH XP UHJLVWUR PHVWUH GH PDWHULDLV SDUD
D QRYD ERPED QR 6$3 (53 3RU PRWLYRV WpFQLFRV R GHSDUWDPHQWR GH HQJHQKDULD
HVWi FRQVLGHUDQGR VH GHYH RX QmR XWLOL]DU XPD URGD PyYHO HP DoR HP YH] GH XPD
URGD PyYHO QRUPDO 9RFr QHFHVVLWD VLPXODU D PRGL¿FDomR SURSRVWD PHGLDQWH D
XWLOL]DomR GR FiOFXOR GH FXVWR XQLWiULR PXOWLQtYHO
(QWUH R PDWHULDO H SODQHMH R FiOFXOR GH FXVWRV SDUD R TXDO R PDWHULDO GHYH VHU FULDGR
0DUTXH XPD YDULDQWH GH FiOFXOR GH FXVWRV
4XDQGR YRFr PDUFDU XPD YDULDQWH GH FiOFXOR GH FXVWRV HVWDEHOHFH D
HVWUDWpJLD GH DYDOLDomR SDUD RV LWHQV GH FiOFXOR GH FXVWRV
$OpP GLVVR D YDULDQWH GH FiOFXOR GH FXVWRV SURS}H GDWDV GH YDOLGDGH SDUD D
YDULDQWH GH FiOFXOR GH FXVWRV H GDWDV GH DYDOLDomR SDUD SUHoRV GR PDWHULDO
H WDULIDV
6H YRFr QmR HQWUDU XP WDPDQKR GR ORWH R VLVWHPD XWLOL]DUi R WDPDQKR GR
ORWH D SDUWLU GR PHVWUH GH PDWHULDLV
8P FDEHoDOKR GR FiOFXOR GH FXVWRV p FULDGR DXWRPDWLFDPHQWH ,VVR SRGH VHU
XWLOL]DGR SDUD
0RGL¿FDU R WDPDQKR GR ORWH
(QWUDU YiULRV WH[WRV
4XDQGR YRFr JUDYDU RV LWHQV GH FiOFXOR GH FXVWRV RV FXVWRV LQGLUHWRV H RV FXVWRV
GH SURFHVVR VHUmR FDOFXODGRV DXWRPDWLFDPHQWH $ HVSHFL¿FDomR GR LWHP H D
HVWUDWL¿FDomR GH FXVWRV ¿FDP HQWmR GLVSRQtYHLV SDUD DQiOLVH
$SyV D JUDYDomR GRV LWHQV GH FiOFXOR GH FXVWRV R FiOFXOR GH FXVWRV GR PDWHULDO p
DWXDOL]DGR QR EDQFR GH GDGRV
2 FiOFXOR GH FXVWR XQLWiULR PXOWLQtYHO p XPD WHOD DOWDPHQWH ÀH[tYHO TXH SHUPLWH
R SURFHVVDPHQWR GD HVWUXWXUD KLHUiUTXLFD GH FRPSRQHQWHV H PDWHULDLV VHP OLVWDV
WpFQLFDV H URWHLURV 2 FiOFXOR GH FXVWR XQLWiULR DSHQDV VXSRUWD R SURFHVVDPHQWR
GH XP ~QLFR FRPSRQHQWH RX PDWHULDO
2 FiOFXOR GH FXVWR XQLWiULR PXOWLQtYHO SRGH VHU XWLOL]DGR QRV VHJXLQWHV FHQiULRV
&HQiULR QRYR SURGXWR
(VWmR VHQGR FULDGRV QRYRV PHVWUHV GH PDWHULDLV RX FiOFXORV GH FXVWRV SDUD
QRYRV PDWHULDLV
&RPR UHJUD D HVWUXWXUD p FULDGD YHUWLFDOPHQWH DWUDYpV GH UH¿QDPHQWRV
DGLFLRQDLV
&HQiULR SURGXWR VLPLODU
'HVHMDVH FDOFXODU R FXVWR GH XP QRYR SURGXWR VLPLODU D XP H[LVWHQWH
9RFr SRGH FRSLDU D HVWUXWXUD VXERUGLQDGD SDUD R QRYR SURGXWR H HIHWXDU
PRGL¿FDo}HV QD QRYD HVWUXWXUD FRSLDGD
&HQiULR PRGL¿FDo}HV GR SURGXWR
9RFr TXHU HIHWXDU PRGL¿FDo}HV HP XP SURGXWR H[LVWHQWH
&RSLDU R FiOFXOR GH FXVWRV H[LVWHQWH H HIHWXDU DV DOWHUDo}HV QD FySLD
5HVXPR GD OLomR
9RFr DJRUD GHYH HVWDU DSWR D
([HFXWDU XP FiOFXOR GH FXVWR XQLWiULR SDUD PDWHULDLV
([HFXWDU XP FiOFXOR GH FXVWR XQLWiULR PXOWLQtYHO SDUD PDWHULDLV
/LVWDU DV HWDSDV EiVLFDV GR FiOFXOR GH FXVWR XQLWiULR PXOWLQtYHO
'H¿QLU H GHVFUHYHU RV WUrV WLSRV GH UHVXOWDGRV GR FiOFXOR GH FXVWRV SDUD XP
FiOFXOR GH FXVWRV GR PDWHULDO
5HVXPR GR FDStWXOR
9RFr DJRUD GHYH HVWDU DSWR D
'H¿QLU DV YLV}HV PDLV LPSRUWDQWHV GR PHVWUH GH PDWHULDLV SDUD R FiOFXOR
GH FXVWRV GR PDWHULDO
'HVFUHYHU RV FDPSRV UHOHYDQWHV SDUD R FiOFXOR GH FXVWRV
'HVFUHYHU RV SUHoRV QR PHVWUH GH PDWHULDLV
([HFXWDU XP FiOFXOR GH FXVWR XQLWiULR SDUD PDWHULDLV
([HFXWDU XP FiOFXOR GH FXVWR XQLWiULR PXOWLQtYHO SDUD PDWHULDLV
/LVWDU DV HWDSDV EiVLFDV GR FiOFXOR GH FXVWR XQLWiULR PXOWLQtYHO
'H¿QLU H GHVFUHYHU RV WUrV WLSRV GH UHVXOWDGRV GR FiOFXOR GH FXVWRV SDUD XP
FiOFXOR GH FXVWRV GR PDWHULDO
4XH DFRQWHFH TXDQGR YRFr PDUFD XPD YDULDQWH GH FiOFXOR GH FXVWRV"
$ H[LELomR GRV FXVWRV QD OLVWD WpFQLFD PXOWLQtYHO DYDOLDGD GHSHQGH GH TXH
IDWRUHV"
4XDLV VmR DV LQIRUPDo}HV TXH D HVWUDWL¿FDomR GH FXVWRV IRUQHFH VREUH FDGD
SURGXWR"
5HVSRVWDV
8P FiOFXOR GH FXVWRV GR LQYHQWiULR SRGH XWLOL]DU SUHoRV ¿VFDLV H FRPHUFLDLV
SDUD DYDOLDU H HQWmR DWXDOL]DU RV UHVXOWDGRV GR FiOFXOR GH FXVWRV GH SURGXWRV
DFDEDGRV H VHPLDFDEDGRV QHVVHV FDPSRV
5HVSRVWD 9HUGDGHLUR
2V SUHoRV ¿VFDLV H FRPHUFLDLV VmR HQWUDGRV SDUD DV SHoDV DGTXLULGDV QR
FiOFXOR GH FXVWRV GR LQYHQWiULR SDUD GHWHUPLQDU YDORUHV FRPR R YDORU PDLV
EDL[R
5HVSRVWD 9HUGDGHLUR
$ FODVVH GH DYDOLDomR FRQWUROD D GHWHUPLQDomR GH FRQWDV
5HVSRVWD 9HUGDGHLUR
2 VLVWHPD SRGH H[LELU H SURFHVVDU VLPXOWDQHDPHQWH XPD OLVWD WpFQLFD
PXOWLQtYHO DYDOLDGD P~OWLSORV FiOFXORV GH FXVWRV GR PDWHULDO FRP H VHP
HVWUXWXUD TXDQWLWDWLYD H FRPSRQHQWHV QD HVWUXWXUD GH FiOFXOR GH FXVWRV
5HVSRVWD 9HUGDGHLUR
$ OLVWD GH WUDEDOKR HVWi FRQFHELGD GH PRGR TXH DV HVWUXWXUDV H RV UHFXUVRV
IUHTHQWHPHQWH XWLOL]DGRV HVWHMDP GLVSRQtYHLV SDUD R SODQHMDGRU GH FXVWRV
4XH DFRQWHFH TXDQGR YRFr PDUFD XPD YDULDQWH GH FiOFXOR GH FXVWRV"
$ H[LELomR GRV FXVWRV QD OLVWD WpFQLFD PXOWLQtYHO DYDOLDGD GHSHQGH GH TXH
IDWRUHV"
4XDLV VmR DV LQIRUPDo}HV TXH D HVWUDWL¿FDomR GH FXVWRV IRUQHFH VREUH FDGD
SURGXWR"
2EMHWLYRV GR FDStWXOR
1R ¿QDO GHVWH FDStWXOR YRFr GHYHUi HVWDU DSWR D
([SOLFDU R REMHWLYR GD YDULDQWH GH FiOFXOR GH FXVWRV
'HVFUHYHU RV FRPSRQHQWHV GD YDULDQWH GH FiOFXOR GH FXVWRV
([SOLFDU R REMHWLYR GD HVWUDWL¿FDomR GH FXVWRV
'HVFUHYHU DV YLV}HV GRV UHVXOWDGRV GR FiOFXOR GH FXVWRV GR PDWHULDO
'HVFUHYHU R HVTXHPD GH HOHPHQWRV
'HVFUHYHU R REMHWLYR GD HVWUDWL¿FDomR GH FXVWRV SULPiULRV
([SOLFDU R FRQFHLWR GH FXVWRV LQGLUHWRV
'HVFUHYHU GHWDOKDGDPHQWH R HVTXHPD GH FiOFXOR GH FXVWRV
'HVFUHYHU R FXVWHLR EDVHDGR QD DWLYLGDGH
$WULEXLU PRGHORV D FiOFXORV GH FXVWRV GR SURGXWR
&RQWH~GR GR FDStWXOR
/LomR 9DULDQWH GH FiOFFXVWRV
2EMHWLYRV GD OLomR
1R ¿QDO GHVWD OLomR YRFr GHYHUi HVWDU DSWR D
([SOLFDU R REMHWLYR GD YDULDQWH GH FiOFXOR GH FXVWRV
'HVFUHYHU RV FRPSRQHQWHV GD YDULDQWH GH FiOFXOR GH FXVWRV
&HQiULR GH QHJyFLRV
6XD HPSUHVD QHFHVVLWD SURGX]LU FiOFXORV GH FXVWRV SDUD YiULDV ¿QDOLGDGHV PHGLDQWH
YiULDV HVWUDWpJLDV GH DYDOLDomR H YiULRV PpWRGRV GH DORFDomR GH FXVWRV LQGLUHWRV
FRPR HVTXHPDV GH FXVWRV LQGLUHWRV H FXVWRV GH SURFHVVR 6XD WDUHID p GHWHUPLQDU
FRPR D YDULDQWH GH FiOFXOR GH FXVWRV FRQWUROD RV UHVXOWDGRV GR FiOFXOR GH FXVWRV
4XDQGR YRFr FULD XP FiOFXOR GH FXVWRV HVVH FiOFXOR HVWDUi VHPSUH OLJDGR D XPD
YDULDQWH GH FiOFXOR GH FXVWRV TXH FRQWHQKD WRGDV DV LQIRUPDo}HV QHFHVViULDV j
H[HFXomR GH XP FiOFXOR GH FXVWRV GR PDWHULDO
9RFr GH¿QH H YHUL¿FD YDULDQWHV GH FiOFXOR GH FXVWRV QR &XVWRPL]LQJ GH
3ODQHMDPHQWR GH FXVWRV GR SURGXWR
&RQWUDULDPHQWH j ¿JXUD DFLPD LQGLFDGD D YDULDQWH GH FiOFXOR GH FXVWRV GR
FRPSRQHQWH FRQWpP DSHQDV RV SDUkPHWURV SDUD R WLSR GH FiOFXOR GH FXVWRV H SDUD D
YDULDQWH GH DYDOLDomR
2XWUR
3DUWH GH FXVWRV SDUD FXVWRV LQGLUHWRV 9RFr LQGLFD D YLVmR GRV HOHPHQWRV GH
FXVWR TXH GHYH VHU R REMHWR GD DSOLFDomR VXSOHPHQWDU GH FXVWRV LQGLUHWRV
QRUPDOPHQWH RV FXVWRV GH SURGXomR
(VWUDWL¿FDomR GH FXVWRV GH SDUFHLUR XQLGDGH HPSUHVDULDO TXH p SDUWH GD
FDGHLD GH FULDomR GH YDORU DJUHJDGR 9RFr SRGH GH¿QLU XP SDUFHLUR HP XPD
EDVH PXOWLGLPHQVLRQDO D SDUWLU GDV VHJXLQWHV XQLGDGHV RUJDQL]DFLRQDLV
&HQWUR HPSUHVD FHQWUR GH OXFUR H GLYLVmR
$ HVWUDWpJLD SDUD DYDOLDU XPD DWLYLGDGH SURFHVVDGD H[WHUQDPHQWH SRGH VHU R SUHoR
GR UHJLVWUR LQIR SDUD FRPSUDV RX R SUHoR GD RSHUDomR QR URWHLUR 2 URWHLUR HVWi
GLVSRQtYHO DSHQDV GXUDQWH R FiOFXOR GH FXVWRV FRP HVWUXWXUD TXDQWLWDWLYD
3DUD PDWHULDLV VXEFRQWUDWDGRV RV SUHoRV VmR VHOHFLRQDGRV D SDUWLU GRV GDGRV GH
FRPSUDV
$ XQLGDGH 2XWURV PpWRGRV GH DYDOLDomR GHVFUHYH WDQWR DV DWLYLGDGHV
SURFHVVDGDV H[WHUQDPHQWH FRPR D VXEFRQWUDWDomR
1R FiOFXOR GH FXVWRV R FRQWUROH GH GDWDV SRGH VHU XWLOL]DGR SDUD FULDU HVWUXWXUDV
TXDQWLWDWLYDV H GH YDORU EDVHDGDV HP GLYHUVDV GDWDV (OH LQGLFD R VHJXLQWH
3DUD FiOFXOR GH FXVWRV GH PDWHULDLV FRP HVWUXWXUD TXDQWLWDWLYD
± R SHUtRGR GH YDOLGDGH GRV FiOFXOR GH FXVWRV
± D GDWD HP TXH D HVWUXWXUD TXDQWLWDWLYD p GHWHUPLQDGD GDWD GD HVWUXWXUD
TXDQWLWDWLYD
± D GDWD HP TXH D HVWUXWXUD TXDQWLWDWLYD p DYDOLDGD GDWD GH DYDOLDomR
3DUD FiOFXOR GH FXVWRV GR PDWHULDO VHP HVWUXWXUD TXDQWLWDWLYD
± R SHUtRGR GH YDOLGDGH GRV FiOFXOR GH FXVWRV
± D GDWD HP TXH RV LWHQV GH FiOFXOR GH FXVWRV VmR DYDOLDGRV GDWD GD
DYDOLDomR
2 FRQWUROH GH GDWDV GHWHUPLQD DV GDWDV TXH VmR SURSRVWDV RX H[LELGDV SHOR VLVWHPD
SDUD R FiOFXOR GH FXVWRV H VH HVVDV GDWDV SRGHP VHU PRGL¿FDGDV
&HQiULR GH QHJyFLRV
6XD HPSUHVD QHFHVVLWD SURGX]LU FiOFXORV GH FXVWRV SDUD YiULDV ¿QDOLGDGHV PHGLDQWH
YiULDV HVWUDWpJLDV GH DYDOLDomR H YiULRV WLSRV GH FiOFXOR GH FXVWRV 9RFr QHFHVVLWD
GHWHUPLQDU FRPR D FRQ¿JXUDomR GD YDULDQWH GH FiOFXOR GH FXVWRV FRQWUROD LVVR
9RFr WDPEpP p UHVSRQViYHO SHOD UHYLVmR GD FRQ¿JXUDomR GD HVWUDWL¿FDomR GH
FXVWRV
7DUHID
&KDPH R *XLD GH LPSOHPHQWDomR GR &RQWUROOLQJ GH FXVWRV GR SURGXWR
9i SDUD R &iOFXOR GH FXVWRV GR SURGXWR FRP HVWUXWXUD TXDQWLWDWLYD H H[LED D
YDULDQWH GH FiOFXOR GH FXVWRV 33&
4XH WLSR GH FiOFXOR GH FXVWRV HVWi DWULEXtGR D HVWD YDULDQWH GH FiOFXOR GH
FXVWRV"
7LSR GH FiOFXOR GH FXVWRV
4XH SUHoRV QR PHVWUH GH PDWHULDLV SRGHP VHU DWXDOL]DGRV SRU XP FiOFXOR GH
FXVWRV TXH XWLOL]D HVVH WLSR GH FiOFXOR GH FXVWRV"
&RPSDUH HVWH WLSR GH FiOFXOR FRP RV WLSRV GH FiOFXOR GH FXVWRV GR LQYHQWiULR
¿VFDO WLSR GH FiOFXOR GH FXVWRV H GH XP FiOFXOR GH FXVWRV PRGL¿FDGR
WLSR GH FiOFXOR GH FXVWRV 4XH SUHoRV QR PHVWUH GH PDWHULDLV SRGHP VHU
DWXDOL]DGRV SRU XP FiOFXOR GH FXVWRV TXH XWLOL]D HVVHV WLSRV GH FiOFXOR GH
FXVWRV"
4XDLV VmR DV GLIHUHQoDV QRV SDUkPHWURV GH FRQWUROH GH GDWDV UHIHUHQFLDGRV
QDV YDULDQWHV GH FiOFXOR GH FXVWRV 33& H 33&" $ YDULDQWH GH FiOFXOR GH
FXVWRV 33& XWLOL]D R FRQWUROH GH GDWDV 3& D YDULDQWH GH FiOFXOR GH FXVWRV
33& XWLOL]D R FRQWUROH GH GDWDV 3&
3RU TXH YRFr SRGH TXHUHU SDUkPHWURV GH FRQWUROH GH GDWDV GLIHUHQWHV SDUD
GLIHUHQWHV WLSRV GH FiOFXORV GH FXVWRV"
3RU TXH YRFr SRGH TXHUHU SDUkPHWURV GH FRQWUROH GH GDWDV GLIHUHQWHV SDUD
GLIHUHQWHV WLSRV GH FiOFXORV GH FXVWRV"
D $R FULDU XP FiOFXOR GH FXVWRV GR SURGXWR GXUDQWH R H[HUFtFLR
QyV SRGHPRV TXHUHU WHU D OLVWD WpFQLFD H R URWHLUR PDLV DWXDLV
DVVLP FRPR D DYDOLDomR PDLV DWXDO SDUD QRVVRV PDWHULDLV H QRVVDV
DWLYLGDGHV $V GDWDV HIHWLYDV GR QRVVR FiOFXOR FRQWURODP TXDQGR
QyV SRGHPRV XWLOL]DU HVWH FiOFXOR GH FXVWRV
5HVXPR GD OLomR
9RFr DJRUD GHYH HVWDU DSWR D
([SOLFDU R REMHWLYR GD YDULDQWH GH FiOFXOR GH FXVWRV
'HVFUHYHU RV FRPSRQHQWHV GD YDULDQWH GH FiOFXOR GH FXVWRV
2EMHWLYRV GD OLomR
1R ¿QDO GHVWD OLomR YRFr GHYHUi HVWDU DSWR D
([SOLFDU R REMHWLYR GD HVWUDWL¿FDomR GH FXVWRV
'HVFUHYHU DV YLV}HV GRV UHVXOWDGRV GR FiOFXOR GH FXVWRV GR PDWHULDO
'HVFUHYHU R HVTXHPD GH HOHPHQWRV
'HVFUHYHU R REMHWLYR GD HVWUDWL¿FDomR GH FXVWRV SULPiULRV
&HQiULR GH QHJyFLRV
6XD HPSUHVD QHFHVVLWD FiOFXORV GH FXVWRV SDUD YiULDV ¿QDOLGDGHV PHGLDQWH YiULDV
HVWUDWpJLDV GH DYDOLDomR H YiULRV PpWRGRV GH DORFDomR GH FXVWRV LQGLUHWRV FRPR
HVTXHPDV GH FXVWRV LQGLUHWRV H FXVWRV GH SURFHVVR
9RFr WDPEpP QHFHVVLWD DWXDOL]DU D HVWUDWL¿FDomR GH FXVWRV 9RFr GHWHUPLQRX FRPR
D YDULDQWH GH FiOFXOR GH FXVWRV FRQWUROD RV UHVXOWDGRV GR FiOFXOR GH FXVWRV
&HQiULR GH QHJyFLRV
6XD HPSUHVD VROLFLWD FiOFXORV GH FXVWRV SDUD YiULDV ¿QDOLGDGHV PHGLDQWH D
XWLOL]DomR GH YiULDV HVWUDWpJLDV GH DYDOLDomR H YiULRV WLSRV GH FiOFXOR GH FXVWRV
9RFr SUHFLVD GHWHUPLQDU FRPR D FRQ¿JXUDomR GD YDULDQWH GH FiOFXOR GH FXVWRV
FRQWUROD LVVR 9RFr WDPEpP p UHVSRQViYHO SHOD UHYLVmR GD FRQ¿JXUDomR GD
HVWUDWL¿FDomR GH FXVWRV
7DUHID
9i SDUD D WHOD GH GHWDOKHV GD YDULDQWH GH FiOFXOR GH FXVWRV 33& H XWLOL]H D
IXQomR 9LVXDOL]DU LPSUHVVmR SDUD H[LELU WRGRV RV SDUkPHWURV GH FRQWUROH SDUD
HVWD YDULDQWH GH FiOFXOR GH FXVWRV
'D YLVXDOL]DomR GH LPSUHVVmR GHWHUPLQH TXDO p R HVTXHPD GH HOHPHQWRV
TXH HVWi DWULEXtGR D HVWD YDULDQWH GH FiOFXOR GH FXVWRV SDUD D HVWUDWL¿FDomR
SULQFLSDO" 1R FHQWUR "
(VTXHPD GH HOHPHQWRV
4XH FODVVHV GH FXVWR HVWmR DWULEXtGDV DR HOHPHQWR GH FXVWR GHVWH HVTXHPD
GH HOHPHQWRV SODQR GH FRQWDV ,17 "
&ODVVHV GH FXVWR
7DUHID
6DLD GD H[LELomR GD YDULDQWH GH FiOFXOR GH FXVWRV H FKDPH D GRFXPHQWDomR
SDUD GH¿QLU RV HOHPHQWRV GH FXVWR
2EVHUYH D GRFXPHQWDomR VREUH D 'H¿QLomR GH HOHPHQWRV GH FXVWR 2 TXH p
XP HOHPHQWR GH FXVWR"
'D GRFXPHQWDomR GHWHUPLQH TXDQWRV HOHPHQWRV GH FXVWR TXH FRQWrP R FXVWR
WRWDO SRGHP VHU FULDGRV"
7DUHID
6DLD GD H[LELomR GD YDULDQWH GH FiOFXOR GH FXVWRV H FKDPH D GRFXPHQWDomR
SDUD GH¿QLU RV HOHPHQWRV GH FXVWR
D 1R ,0*
&RQWUROOLQJ ĺ &RQWUROOLQJ GH FXVWRV GR SURGXWR ĺ 3ODQHMDPHQWR GH
FXVWRV GR SURGXWR ĺ &RQ¿JXUDo}HV JOREDLV SDUD FiOFXOR GH FXVWRV
GR PDWHULDO
&OLTXH GXDV YH]HV QR tFRQH GH GRFXPHQWDomR SDUD ³'H¿QLU
HVTXHPD GH HOHPHQWRV´
2EVHUYH D GRFXPHQWDomR VREUH D 'H¿QLomR GH HOHPHQWRV GH FXVWR 2 TXH p
XP HOHPHQWR GH FXVWR"
D $JUXSDPHQWR GH FODVVHV GH FXVWR FRPR FXVWRV GH XP PDWHULDO
XP WLSR GH DWLYLGDGH RX XP SURFHVVR HPSUHVDULDO GH DFRUGR FRP
DV QHFHVVLGDGHV GD DYDOLDomR GH PDWHULDO H GD GHPRQVWUDomR GH
UHVXOWDGRV
5HVXPR GD OLomR
9RFr DJRUD GHYH HVWDU DSWR D
([SOLFDU R REMHWLYR GD HVWUDWL¿FDomR GH FXVWRV
'HVFUHYHU DV YLV}HV GRV UHVXOWDGRV GR FiOFXOR GH FXVWRV GR PDWHULDO
'HVFUHYHU R HVTXHPD GH HOHPHQWRV
'HVFUHYHU R REMHWLYR GD HVWUDWL¿FDomR GH FXVWRV SULPiULRV
2EMHWLYRV GD OLomR
1R ¿QDO GHVWD OLomR YRFr GHYHUi HVWDU DSWR D
([SOLFDU R FRQFHLWR GH FXVWRV LQGLUHWRV
'HVFUHYHU GHWDOKDGDPHQWH R HVTXHPD GH FiOFXOR GH FXVWRV
&HQiULR GH QHJyFLRV
$ HPSUHVD HVWi FRQVLGHUDQGR FRPR LPSXWDU D VREUHWD[D GH FXVWRV LQGLUHWRV DR VHX
FXVWR GR SURGXWR )RL VROLFLWDGR D YRFr UHYLVDU D HVWUXWXUD GH XP HVTXHPD GH
FiOFXOR GH FXVWRV H DV FRQ¿JXUDo}HV GH FXVWRPL]LQJ TXH QHFHVVLWDP VHU HIHWXDGDV
SDUD HVWH PpWRGR GH DSOLFDomR VXSOHPHQWDU GH FXVWRV LQGLUHWRV 9RFr HIHWXDUi LVVR
PHGLDQWH D GHWHUPLQDomR GRV HOHPHQWRV GH XP HVTXHPD GH FiOFXOR GH FXVWRV D
DWULEXLomR GR HVTXHPD GH FiOFXOR GH FXVWRV D XPD YDULDQWH GH DYDOLDomR D FULDomR
GH XP FiOFXOR GH FXVWRV H D UHYLVmR GR FiOFXOR GH VREUHWD[D
&XVWRV LQGLUHWRV
%DVH GH FiOFXOR
9RFr SRGH FRPELQDU FODVVHV GH FXVWR HP OLQKDV GH EDVH 9RFr WDPEpP SRGH GLYLGLU
FODVVHV GH FXVWRV SRU RULJHP FRPR PDWpULDVSULPDV DSHQDV FRP RULJHP HP ;<=
$OpP GLVVR YRFr SRGH GLYLGLU D EDVH GH FiOFXOR HP FXVWRV ¿[RV H YDULiYHLV
&XVWRV LQGLUHWRV
9RFr SRGH FDOFXODU FXVWRV LQGLUHWRV QDV OLQKDV GD EDVH GH FiOFXOR 9RFr SRGH
GH¿QLU D VREUHWD[D SHUFHQWXDO GH FXVWRV LQGLUHWRV GH IRUPD D GLIHUHQFLDU HQWUH
RV FXVWRV SODQHMDGRV RV FXVWRV UHDLV H D iUHD GH YDOLGDGH FRP EDVH HP FDPSRV
HVSHFt¿FRV 9RFr WDPEpP SRGH DORFDU D VREUHWD[D GH FXVWRV LQGLUHWRV EDVHDGD QD
TXDQWLGDGH FRPR 86' SDUD FDGD SHoDV
&UpGLWR
9RFr DWULEXL XPD FKDYH GH FUpGLWR D FDGD OLQKD GH FXVWRV LQGLUHWRV QR HVTXHPD GH
FiOFXOR GH FXVWRV
2 PRQWDQWH GRV FXVWRV LQGLUHWRV p FUHGLWDGR HP XP FHQWUR GH FXVWR SURFHVVR
HPSUHVDULDO RX HP XPD RUGHP VRE XPD FODVVH GH FXVWR VHFXQGiULR $ FODVVH
GH FXVWR p LPSRUWDQWH QR 3ODQHMDPHQWR GH FXVWRV GR SURGXWR SRUTXH FRQWUROD RV
FXVWRV LQGLUHWRV 9RFr SRGH LQGLFDU D VREUHWD[D SHUFHQWXDO GH FXVWRV LQGLUHWRV TXH
FRUUHVSRQGH DRV FXVWRV ¿[RV
&HQiULR GH QHJyFLRV
$ HPSUHVD HVWi FRQVLGHUDQGR FRPR LPSXWDU D VREUHWD[D GH FXVWRV LQGLUHWRV DR VHX
FXVWR GR SURGXWR )RL VROLFLWDGR D YRFr UHYLVDU D HVWUXWXUD GH XP HVTXHPD GH
FiOFXOR GH FXVWRV H DV FRQ¿JXUDo}HV GH FXVWRPL]LQJ TXH QHFHVVLWDP VHU HIHWXDGDV
SDUD HVWH PpWRGR GH DSOLFDomR VXSOHPHQWDU GH FXVWRV LQGLUHWRV 9RFr HIHWXDUi LVVR
PHGLDQWH D GHWHUPLQDomR GRV HOHPHQWRV GH XP HVTXHPD GH FiOFXOR GH FXVWRV D
DWULEXLomR GR HVTXHPD GH FiOFXOR GH FXVWRV D XPD YDULDQWH GH DYDOLDomR D FULDomR
GH XP FiOFXOR GH FXVWRV H D UHYLVmR GR FiOFXOR GH VREUHWD[D
7DUHID
2 HVTXHPD GH FiOFXOR GH FXVWRV p GHWHUPLQDGR DXWRPDWLFDPHQWH GXUDQWH D FULDomR
GH XP FiOFXOR GH FXVWRV &RP R ,0* GHWHUPLQH R HVTXHPD GH FiOFXOR GH FXVWRV
TXH p VHOHFLRQDGR SDUD XP FiOFXOR GH FXVWRV FULDGR SRU PHLR GD YDULDQWH GH
FiOFXOR GH FXVWRV 33&
'HWHUPLQH D YDULDQWH GH DYDOLDomR DWULEXtGD j YDULDQWH GH FiOFXOR GH FXVWRV
33&
'HWHUPLQH R HVTXHPD GH FiOFXOR GH FXVWRV DWULEXtGR D HVWD YDULDQWH GH
DYDOLDomR
(VTXHPD GH FiOFXOR GH FXVWRV
7DUHID
2 HVTXHPD GH FiOFXOR GH FXVWRV FRQVLVWH QD EDVH GH FiOFXOR QD VREUHWD[D
SHUFHQWXDO GH FXVWRV LQGLUHWRV H QR UHFHSWRU GR FUpGLWR GH FXVWRV LQGLUHWRV
$ EDVH SRGH VHU GH¿QLGD SRU FODVVH GH FXVWR H VH QHFHVViULR VXEGLYLGLGD
SRU RULJHP 'R ,0* GHWHUPLQH R VHJXLQWH SDUD R HVTXHPD GH FiOFXOR GH
FXVWRV &2*6 iUHD GH FRQWDELOLGDGH GH FXVWRV
4XDO p R LQWHUYDOR GD FODVVH GH FXVWR GD EDVH GH FiOFXOR SDUD RV FXVWRV
LQGLUHWRV GH PDWHULDO"
7DUHID
7DUHID
2 HVTXHPD GH FiOFXOR GH FXVWRV FRQVLVWH QD EDVH GH FiOFXOR QD VREUHWD[D
SHUFHQWXDO GH FXVWRV LQGLUHWRV H QR UHFHSWRU GR FUpGLWR GH FXVWRV LQGLUHWRV
$ EDVH SRGH VHU GH¿QLGD SRU FODVVH GH FXVWR H VH QHFHVViULR VXEGLYLGLGD
SRU RULJHP 'R ,0* GHWHUPLQH R VHJXLQWH SDUD R HVTXHPD GH FiOFXOR GH
FXVWRV &2*6 iUHD GH FRQWDELOLGDGH GH FXVWRV
D )HUUDPHQWDV ĺ &XVWRPL]LQJ ĺ ,0* ĺ ([HFXWDU SURMHWR
0DUTXH ,0* GH UHIHUrQFLD 6$3
*XLD GH LPSOHPHQWDomR GH &XVWRPL]LQJ 6$3 ĺ &RQWUROOLQJ ĺ
&RQWUROOLQJ GH FXVWRV GR SURGXWR ĺ 3ODQHMDPHQWR GH FXVWRV GR
SURGXWR ĺ &RQ¿JXUDo}HV JOREDLV SDUD FiOFXOR GH FXVWRV GR PDWHULDO
ĺ 6REUHWD[DV GH FXVWRV LQGLUHWRV ĺ 'H¿QLU HVTXHPDV GH FiOFXOR
GH FXVWRV
4XDO p R LQWHUYDOR GD FODVVH GH FXVWR GD EDVH GH FiOFXOR SDUD RV FXVWRV
LQGLUHWRV GH PDWHULDO"
D 0DUTXH R HVTXHPD GH FiOFXOR GH FXVWRV &2*6 HP VHJXLGD PDUTXH
DV OLQKDV GR HVTXHPD GH FiOFXOR GH FXVWRV D SDUWLU GD HVWUXWXUD GH
GLiORJR 0DUTXH D OLQKD TXH FRQWpP %DVH % H PDUTXH %DVH D
SDUWLU GD HVWUXWXUD GH GLiORJR (QWUH D ÈUHD GH FRQWDELOLGDGH GH
FXVWRV
,QWHUYDOR GD FODVVH GH FXVWR DWp
'HSHQGHQGR GR VLVWHPD GH WUHLQDPHQWR SRGH HVWDU LQFOXtGD D
FODVVH GH FXVWR
4XDO p D VREUHWD[D GH FXVWRV LQGLUHWRV GH PDWHULDO SDUD D iUHD GH
FRQWDELOLGDGH GH FXVWRV WLSR GH FXVWRV VXSOHPHQWDUHV FKDYH GH
FXVWRV VXSOHPHQWDUHV 6$3"
D 9ROWH jV /LQKDV GR HVTXHPD GH FiOFXOR GH FXVWRV VtQWHVH H PDUTXH
D OLQKD TXH FRQWpP D &KDYH GH FXVWRV VXSOHPHQWDUHV & 0DUTXH
D 6REUHWD[D GH FXVWRV LQGLUHWRV D SDUWLU GD HVWUXWXUD GH GLiORJR
6REUHWD[D GH FXVWRV LQGLUHWRV
3DUD LPSXWDU GLIHUHQWHV VREUHWD[DV GH FXVWRV LQGLUHWRV FRP EDVH QR SURGXWR
HP SURGXomR D FKDYH GH FXVWRV VXSOHPHQWDUHV SRGH VHU DWULEXtGD D XP JUXSR
GH FXVWRV LQGLUHWRV SDUD XP PDWHULDO 2QGH p R JUXSR GH FXVWRV LQGLUHWRV
HVSHFL¿FDGR SDUD XP PDWHULDO"
D 2 JUXSR GH FXVWRV LQGLUHWRV HVWi DWULEXtGR QD YLVmR GH FiOFXOR GR
SUHoR GR UHJLVWUR PHVWUH GH PDWHULDLV
4XH FODVVH GH FXVWR H FHQWUR GH FXVWR VmR LQGLFDGRV SDUD UHFHEHU R FUpGLWR
UHIHUHQWH DRV FXVWRV LQGLUHWRV GH PDWHULDO FDOFXODGRV"
D 9ROWH jV /LQKDV GR HVTXHPD GH FiOFXOR GH FXVWRV VtQWHVH H PDUTXH
D OLQKD TXH FRQWpP D &KDYH GH FUpGLWR ( 0DUTXH &UpGLWR D
SDUWLU GD HVWUXWXUD GH GLiORJR (QWUH D ÈUHD GH FRQWDELOLGDGH GH
FXVWRV
&ODVVH GH FXVWR
&HQWUR GH FXVWR
4XDO p D VREUHWD[D GRV FXVWRV LQGLUHWRV GH DGPLQLVWUDomR SDUD D iUHD GH
FRQWDELOLGDGH GH FXVWRV "
D 9ROWH jV /LQKDV GR HVTXHPD GH FiOFXOR GH FXVWRV VtQWHVH H PDUTXH
D OLQKD TXH FRQWpP D &KDYH GH FXVWRV VXSOHPHQWDUHV $ 0DUTXH
D 6REUHWD[D GH FXVWRV LQGLUHWRV D SDUWLU GD HVWUXWXUD GH GLiORJR
6REUHWD[D
4XH FODVVH GH FXVWR H FHQWUR GH FXVWR VmR LQGLFDGRV SDUD UHFHEHU R FUpGLWR
UHIHUHQWH DRV FXVWRV LQGLUHWRV GH DGPLQLVWUDomR FDOFXODGRV"
D 9ROWH jV /LQKDV GR HVTXHPD GH FiOFXOR GH FXVWRV VtQWHVH H PDUTXH
D OLQKD TXH FRQWpP D &KDYH GH FUpGLWR ( 0DUTXH &UpGLWR D
SDUWLU GD HVWUXWXUD GH GLiORJR (QWUH D ÈUHD GH FRQWDELOLGDGH GH
FXVWRV
&ODVVH GH FXVWR
&HQWUR GH FXVWR
0HGLDQWH R HVTXHPD GH HOHPHQWRV SODQR GH FRQWDV ,17 GHWHUPLQH D TXH
JUXSR GH HOHPHQWRV GH FXVWR D FODVVH GH FXVWR SDUD RV FXVWRV LQGLUHWRV GH
DGPLQLVWUDomR HVWi DWULEXtGD"
D )HUUDPHQWDV ĺ &XVWRPL]LQJ ĺ ,0* ĺ ([HFXWDU SURMHWR 6352
0DUTXH ,0* GH UHIHUrQFLD 6$3
*XLD GH LPSOHPHQWDomR GH &XVWRPL]LQJ 6$3 ĺ &RQWUROOLQJ ĺ
&RQWUROOLQJ GH FXVWRV GR SURGXWR ĺ 3ODQHMDPHQWR GH FXVWRV GR
SURGXWR ĺ &RQ¿JXUDo}HV JOREDLV SDUD FiOFXOR GH FXVWRV GR PDWHULDO
ĺ 'H¿QLU HVTXHPD GH HOHPHQWRV
0DUTXH R (VTXHPD GH HOHPHQWRV HP VHJXLGD VHOHFLRQH
$WULEXLomR (OHPHQWR GH FXVWR ± ,QWHUYDOR GH FODVVHV GH FXVWR
3DUD R (VTXHPD GH HOHPHQWRV 3ODQR GH FRQWDV ,17 D FODVVH GH
FXVWR HVWi DWULEXtGD DR JUXSR GH HOHPHQWRV GH FXVWR
&XVWRV LQGLUHWRV GH DGPLQLVWUDomR
7DUHID
5HVXPR GD OLomR
9RFr DJRUD GHYH HVWDU DSWR D
([SOLFDU R FRQFHLWR GH FXVWRV LQGLUHWRV
'HVFUHYHU GHWDOKDGDPHQWH R HVTXHPD GH FiOFXOR GH FXVWRV
2EMHWLYRV GD OLomR
1R ¿QDO GHVWD OLomR YRFr GHYHUi HVWDU DSWR D
'HVFUHYHU R FXVWHLR EDVHDGR QD DWLYLGDGH
$WULEXLU PRGHORV D FiOFXORV GH FXVWRV GR SURGXWR
&HQiULR GH QHJyFLRV
6XD HPSUHVD VROLFLWD FiOFXORV GH FXVWRV D VHUHP SURGX]LGRV SDUD YiULDV ¿QDOLGDGHV
PHGLDQWH YiULDV HVWUDWpJLDV GH DYDOLDomR H YiULRV PpWRGRV GH DORFDomR GH FXVWRV
LQGLUHWRV FRPR HVTXHPDV GH FXVWRV LQGLUHWRV H FXVWRV GH SURFHVVR
$ HPSUHVD FRQ¿RX D YRFr D WDUHID GH GHWHUPLQDU VH D HPSUHVD GHYH XWLOL]DU R
FXVWHLR EDVHDGR QD DWLYLGDGH H D DORFDomR EDVHDGD QD RULJHP GH EORFRV GH FXVWRV
LQGLUHWRV SDUD DORFDU FXVWRV GH SURFHVVR D VHXV SURGXWRV H VH LVVR GHYH VHU HIHWXDGR
HP XPD HWDSD SRVWHULRU
2 REMHWLYR GHVWD VHomR p DX[LOLDU YRFr D GHFLGLU VH VXD HPSUHVD GHYH XWLOL]DU R
&XVWHLR EDVHDGR QD DWLYLGDGH H D DORFDomR EDVHDGD QD RULJHP GH EORFRV GH FXVWRV
LQGLUHWRV RX VH LVVR GHYH VHU HIHWXDGR HP XPD HWDSD SRVWHULRU
2 FRPSRQHQWH &XVWHLR EDVHDGR QD DWLYLGDGH p LOXVWUDGR SRU H[HPSORV VLPSOHV FRP
LGpLDV VREUH D XWLOL]DomR GD WHFQRORJLD GH PRGHORV
2 FXUVR $& &XVWHLR EDVHDGR QD DWLYLGDGH GHVFUHYH GHWDOKDGDPHQWH D IXQomR
GR &XVWHLR EDVHDGR QD DWLYLGDGH QD FRQWDELOLGDGH GH FXVWRV
2 FXUVR WDPEpP H[SOLFD D XWLOL]DomR D DSOLFDomR H R FXVWRPL]LQJ GD
DORFDomRPRGHOR
5HVXPR GD OLomR
9RFr DJRUD GHYH HVWDU DSWR D
'HVFUHYHU R FXVWHLR EDVHDGR QD DWLYLGDGH
$WULEXLU PRGHORV D FiOFXORV GH FXVWRV GR SURGXWR
5HVXPR GR FDStWXOR
9RFr DJRUD GHYH HVWDU DSWR D
([SOLFDU R REMHWLYR GD YDULDQWH GH FiOFXOR GH FXVWRV
'HVFUHYHU RV FRPSRQHQWHV GD YDULDQWH GH FiOFXOR GH FXVWRV
([SOLFDU R REMHWLYR GD HVWUDWL¿FDomR GH FXVWRV
'HVFUHYHU DV YLV}HV GRV UHVXOWDGRV GR FiOFXOR GH FXVWRV GR PDWHULDO
'HVFUHYHU R HVTXHPD GH HOHPHQWRV
'HVFUHYHU R REMHWLYR GD HVWUDWL¿FDomR GH FXVWRV SULPiULRV
([SOLFDU R FRQFHLWR GH FXVWRV LQGLUHWRV
'HVFUHYHU GHWDOKDGDPHQWH R HVTXHPD GH FiOFXOR GH FXVWRV
'HVFUHYHU R FXVWHLR EDVHDGR QD DWLYLGDGH
$WULEXLU PRGHORV D FiOFXORV GH FXVWRV GR SURGXWR
5HVSRVWDV
$V YDULDQWHV GH FiOFXOR GH FXVWRV VmR GH¿QLGDV H YHUL¿FDGDV QR &XVWRPL]LQJ
GH 3ODQHMDPHQWR GH FXVWRV GR SURGXWR
5HVSRVWD UROOXS
5HVSRVWD )DOVR
3DUD FiOFXORV GH FXVWRV SODQHMDGRV WLSR GH FiOFXOR GH FXVWRV p SHUPLWLGR
DSHQDV XP HVTXHPD GH HOHPHQWRV SRU HPSUHVD
5HVSRVWD )DOVR
$ GHWHUPLQDomR GH SUHoRV SRU PHLR GD LWHUDomR GH WDULID SODQHMDGD p XP GRV
UHTXLVLWRV SDUD FULDU HVWUDWL¿FDo}HV GH FXVWRV SULPiULRV
5HVSRVWD 9HUGDGHLUR
2 PRGHOR SRGH VHU XWLOL]DGR SDUD DORFDU SDUFHODV GH FXVWRV TXH QmR HVWHMDP
FRQWLGDV QD OLVWD WpFQLFD RX QR URWHLUR
2 VLVWHPD VWDQGDUG FRQWpP IXQo}HV TXH DWULEXHP DPELHQWHV DRV PRGHORV
5HVSRVWD DPELHQWHV
2EMHWLYRV GR FDStWXOR
1R ¿QDO GHVWH FDStWXOR YRFr GHYHUi HVWDU DSWR D
$QDOLVDU RV UHVXOWDGRV GH XP FiOFXOR GH FXVWRV GR PDWHULDO FRP HVWUXWXUD
TXDQWLWDWLYD
8WLOL]DU D OLVWD WpFQLFD SDUD GHWHUPLQDU RV FXVWRV GH PDWHULDO
8WLOL]DU R URWHLUR H RV FHQWURV GH WUDEDOKR SDUD GHWHUPLQDU FXVWRV GH IDEULFDomR
/LJDU FHQWURV GH WUDEDOKR D FHQWURV GH FXVWR SDUD DYDOLDU FXVWRV GH IDEULFDomR
'HVFULomR GDV HQWUDGDV UHTXHULGDV QRV GDGRV PHVWUH GH /RJtVWLFD
&ULDU XP FiOFXOR GH FXVWRV GR PDWHULDO FRP HVWUXWXUD TXDQWLWDWLYD
$QDOLVDU RV UHVXOWDGRV GH XP FiOFXOR GH FXVWRV GR PDWHULDO FRP HVWUXWXUD
TXDQWLWDWLYD
$WXDOL]DU SUHoRV QR PHVWUH GH PDWHULDLV
8WLOL]DU WpFQLFDV GH FRQWUROH GH SUHoR QD DYDOLDomR GR PDWHULDO
8WLOL]DU DV IXQo}HV GH FiOFXOR GH FXVWRV GR PDWHULDO FRP HVWUXWXUD
TXDQWLWDWLYD FRP H¿FLrQFLD
&RQWH~GR GR FDStWXOR
/LomR 3ULQFtSLRV EiVLFRV GR FiOFXOR GH FXVWRV GR PDWHULDO FRP HVWUXWXUD
TXDQWLWDWLYD
([HUFtFLR ([LELomR GH XP FiOFXOR GH FXVWRV GR PDWHULDO
/LomR &iOFXOR GH FXVWRV GR PDWHULDO
([HUFtFLR &ULDomR GH XP FiOFXOR GH FXVWRV GR PDWHULDO
/LomR 3UHoRV QR PHVWUH GH PDWHULDLV
2EMHWLYRV GD OLomR
1R ¿QDO GHVWD OLomR YRFr GHYHUi HVWDU DSWR D
$QDOLVDU RV UHVXOWDGRV GH XP FiOFXOR GH FXVWRV GR PDWHULDO FRP HVWUXWXUD
TXDQWLWDWLYD
8WLOL]DU D OLVWD WpFQLFD SDUD GHWHUPLQDU RV FXVWRV GH PDWHULDO
8WLOL]DU R URWHLUR H RV FHQWURV GH WUDEDOKR SDUD GHWHUPLQDU FXVWRV GH IDEULFDomR
/LJDU FHQWURV GH WUDEDOKR D FHQWURV GH FXVWR SDUD DYDOLDU FXVWRV GH IDEULFDomR
'HVFULomR GDV HQWUDGDV UHTXHULGDV QRV GDGRV PHVWUH GH /RJtVWLFD
&HQiULR GH QHJyFLRV
&RPR SODQHMDGRU GH FXVWRV GD VXD HPSUHVD VXD WDUHID p YHUL¿FDU R FiOFXOR GH
FXVWRV PDLV UHFHQWH SDUD XPD ERPED TXH DWXDOPHQWH HVWi VHQGR SURGX]LGD HP
XP SURFHVVR GH SURGXomR UHSHWLWLYD 2 HQJHQKHLUR GH SURGXomR UHVSRQViYHO SHOR
PDWHULDO QHFHVVLWD D FRQ¿UPDomR GD H[DWLGmR GRV FXVWRV SRUTXH VHX VXSHUYLVRU
TXHU FRPSDUDU LQWHUQDPHQWH RV FXVWRV GH IDEULFDomR GHVWH PDWHULDO FRP D FRPSUD
GD ERPED GH XP IRUQHFHGRU TXHU FRPR XQLGDGH FRPSOHWD TXHU HP FRQMXQWRV
/LVWD WpFQLFD
&DWHJRULD GR LWHP
/ PDWHULDO HVWRFiYHO DYDOLDomR VHJXQGR D HVWUDWpJLD GH DYDOLDomR GR
PDWHULDO RX HVWLPDWLYD VHSDUDGD GH FXVWRV
1 LWHP QmR HVWRFDGR YHU D SUy[LPD ¿JXUD
5 LWHP GH GLPHQVmR EUXWD DYDOLDomR VHJXQGR D HVWUDWpJLD GH DYDOLDomR GR
PDWHULDO RX HVWLPDWLYD VHSDUDGD GH FXVWRV
0DWHULDLV QmR HVWRFiYHLV VmR PDWHULDLV TXH QmR VmR PDQWLGRV HP HVWRTXH (OHV VmR
VHPSUH VXSULGRV H[WHUQDPHQWH H DWULEXtGRV GLUHWDPHQWH j RUGHP
2V PDWHULDLV QmR HVWRFiYHLV QmR WrP PHVWUH GH PDWHULDLV RX VmR DWXDOL]DGRV FRP
XP PHVWUH GH PDWHULDLV QmR HVWRFiYHLV SDUD R DVVLVWHQWH GH HQWUDGD
3DUD RV PDWHULDLV QmR HVWRFiYHLV VHP XP PHVWUH GH PDWHULDLV RV GDGRV
UHOHYDQWHV SDUD R FiOFXOR GH FXVWRV FRPR SUHoRV VmR HQWUDGRV GLUHWDPHQWH
QR LWHP GD OLVWD WpFQLFD GDGRV GH FRPSUDV
3DUD RV PDWHULDLV QmR HVWRFiYHLV FRP XP PHVWUH GH PDWHULDLV QHQKXP SUHoR
SRGH VHU DWXDOL]DGR H RV PDWHULDLV VmR DYDOLDGRV GH DFRUGR FRP D HVWUDWpJLD
HVSHFL¿FDGD QD YDULDQWH GH FiOFXOR GH FXVWRV 2 SUHoR YLVXDOL]DGR QD OLVWD
WpFQLFD QmR QHFHVVLWD VHU R PHVPR GR FiOFXOR GH FXVWRV VHOHFLRQDGR GH
DFRUGR FRP D HVWUDWpJLD GH DYDOLDomR
2 URWHLURFHQWUR GH WUDEDOKR SRGHP VHU DGDSWDGRV D HVVDV iUHDV SRUTXH SRGHP VHU
XWLOL]DGRV FRPR GDGRV EiVLFRV SRU PXLWDV DSOLFDo}HV
$ FKDYH GH YDORU VWDQGDUG SHUPLWH D YRFr GH¿QLU DWp VHLV YDORUHV VWDQGDUG SDUD
XPD RSHUDomR 2 VLVWHPD DWULEXL XPD FKDYH GH SDUkPHWUR DRV YDORUHV VWDQGDUG
GD RSHUDomR H GR WUDEDOKR QD WDUHID GR GLDJUDPD GH UHGH (VWD FKDYH SDUDPpWULFD
HVSHFL¿FD R VHJXLQWH
$ H[LELomR GH XPD SDODYUD FKDYH FRP R YDORU VWDQGDUG FRPR SUHSDUDomR
PiTXLQD SHVVRDO GHVPRQWDJHP H DVVLP SRU GLDQWH
'LPHQVmR WHPSR TXDQWLGDGH YROXPH HWF QD TXDO RV YDORUHV VWDQGDUG
GHYHP VHU DWXDOL]DGRV
$R PHVPR WHPSR DV FKDYHV SDUDPpWULFDV UHSUHVHQWDP RV QRPHV GRV
SDUkPHWURV GDV IyUPXODV 9RFr SRGH XWLOL]DU RV SDUkPHWURV GD IyUPXOD SDUD
UHSUHVHQWDU RV YDORUHV VWDQGDUG HP XPD IyUPXOD SDUD GHWHUPLQDU R VHJXLQWH
WHPSR GH H[HFXomR QHFHVVLGDGHV GH FDSDFLGDGH H FXVWRV
$ FKDYH GH FRQWUROH LQGLFD DV IXQo}HV HPSUHVDULDLV TXH YRFr TXHU H[HFXWDU FRP
XPD RSHUDomR
3URJUDPDomR
3ODQHMDPHQWR GH FDSDFLGDGHV
&iOFXOR GH FXVWRV LVWR DVVHJXUD D LQFOXVmR GD RSHUDomR QR FiOFXOR GH FXVWRV
&RQ¿UPDomR DTXL YRFr LQGLFD VH H FRPR D RSHUDomR p FRQ¿UPDGD
3URFHVVDPHQWR H[WHUQR DTXL YRFr LQGLFD VH D RSHUDomR p SURFHVVDGD LQWHUQD
H[WHUQDPHQWH RX GDV GXDV PDQHLUDV
2 FRH¿FLHQWH WHPSRUDO p R FRH¿FLHQWH GH HTXLYDOrQFLD GR WHPSR GH GXUDomR
SUHYLVWR SDUD R WHPSR UHDO DOFDQoDGR 2V WHPSRV VWDQGDUG XWLOL]DGRV SHOR
SODQHMDPHQWR GH FDSDFLGDGHV H SHOR FiOFXOR GH FXVWRV VmR PRGL¿FDGRV SRU HVWH
FRH¿FLHQWH
/LJDo}HV
3RGHP H[LVWLU DWp VHLV YDORUHV VWDQGDUG QD RSHUDomR 6H QmR KRXYHU VLGR LQIRUPDGR
XP WLSR GH DWLYLGDGH SDUD XP WHPSR SDGUmR HOH QmR VHUi LQFOXtGR QD HVWLPDWLYD
GH FXVWRV
$ FKDYH GH YDORU VWDQGDUG SHUPLWH D YRFr GH¿QLU DWp VHLV YDORUHV VWDQGDUG QD
RSHUDomR 2 VLVWHPD DWULEXL XPD FKDYH GH SDUkPHWUR DRV YDORUHV VWDQGDUG GD
RSHUDomR H GR WUDEDOKR QD WDUHID GR GLDJUDPD GH UHGH (VWD FKDYH SDUDPpWULFD
HVSHFL¿FD R VHJXLQWH
$ H[LELomR GH XPD SDODYUD FKDYH FRP R YDORU VWDQGDUG FRPR SUHSDUDomR
PiTXLQD SHVVRDO GHVPRQWDJHP H DVVLP SRU GLDQWH
'LPHQVmR FRPR WHPSR TXDQWLGDGH YROXPH HWF QD TXDO RV YDORUHV
VWDQGDUG GHYHP VHU DWXDOL]DGRV
$R PHVPR WHPSR DV FKDYHV SDUDPpWULFDV UHSUHVHQWDP RV QRPHV GRV
SDUkPHWURV GDV IyUPXODV 9RFr SRGH XWLOL]DU RV SDUkPHWURV GD IyUPXOD SDUD
UHSUHVHQWDU RV YDORUHV VWDQGDUG HP XPD IyUPXOD SDUD GHWHUPLQDU R VHJXLQWH
WHPSR GH H[HFXomR QHFHVVLGDGHV GH FDSDFLGDGH H FXVWRV
)yUPXOD YRFr SRGH XWLOL]DU RV SDUkPHWURV GD IyUPXOD DRV TXDLV YRFr DWULEXLX
YDORUHV (VWHV SDUkPHWURV SRGHP HQWmR VHU OLJDGRV SRU RSHUDo}HV PDWHPiWLFDV
FRPR DGLomR VXEWUDomR PXOWLSOLFDomR RX GLYLVmR
([HPSOR )yUPXOD 9DORU VWDQGDUG 4XDQWLGDGH GD RSHUDomR4XDQWLGDGH EDVH
$V IyUPXODV VmR DWXDOL]DGDV QR &XVWRPL]LQJ GR FHQWUR GH WUDEDOKR
9HUVmR GH SURGXomR
&HQiULR GH QHJyFLRV
&RPR SODQHMDGRU GH FXVWRV GD VXD HPSUHVD VXD WDUHID p YHUL¿FDU R FiOFXOR GH
FXVWRV PDLV UHFHQWH SDUD XPD ERPED TXH DWXDOPHQWH HVWi VHQGR SURGX]LGD HP XP
SURFHVVR GH SURGXomR UHSHWLWLYD 2 HQJHQKHLUR GH SURGXomR QHFHVVLWD FRQ¿UPDU D
H[DWLGmR GRV FXVWRV SRUTXH VHX VXSHULRU TXHU FRPSDUDU LQWHUQDPHQWH RV FXVWRV GH
IDEULFDomR GHVWH PDWHULDO FRP D FRPSUD GD ERPED GH XP IRUQHFHGRU TXHU FRPR
XQLGDGH FRPSOHWD TXHU HP FRQMXQWRV
7DUHID
([LED R FiOFXOR GH FXVWRV PDLV UHFHQWH SDUD R PDWHULDO 3 QR FHQWUR TXH
WHQKD R VWDWXV )5 OLEHUDGR VHP HUURV H VHMD YiOLGR QD GDWD GH KRMH 8WLOL]H D
YDULDQWH GH FiOFXOR GH FXVWRV 33& H D YHUVmR GH FiOFXOR GH FXVWRV
2 HQJHQKHLUR GH SURGXomR GHVHMD VDEHU HP TXDQWDV XQLGDGHV RV FXVWRV GH
SUHSDUDomR HVWmR EDVHDGRV 'HWHUPLQDU GHVWD IRUPD R WDPDQKR GR ORWH SDUD
FiOFXOR GH FXVWRV
2V FXVWRV QRUPDOPHQWH VmR GHWHUPLQDGRV SRU XQLGDGH 'H¿QD D EDVH GH
FiOFXOR GH FXVWRV GH PRGR TXH R FXVWR SRU XQLGDGH VHMD H[LELGR 0DQWHQKD
HVWD FRQ¿JXUDomR GH PRGR TXH YRFr SRVVD UHVSRQGHU jV SHUJXQWDV VHJXLQWHV
7DUHID
5HVSRQGHU DJRUD D DOJXPDV TXHVW}HV UHODFLRQDGDV j VLWXDomR GH FXVWRV GD ERPED
2 HQJHQKHLUR GH SURGXomR GHVHMD VDEHU TXDLV RV FRPSRQHQWHV TXH WrP RV FXVWRV
PDLV HOHYDGRV H TXDLV DV iUHDV TXH LQFRUUHUDP HP FXVWRV VLJQL¿FDWLYRV
4XDO p R FXVWR GH SURGXomR WRWDO GD ERPED H TXDLV VmR RV FXVWRV ¿[RV"
$ DGPLQLVWUDomR HVWi DYDOLDQGR VH GHYH DGTXLULU H[WHUQDPHQWH GHWHUPLQDGRV
FRPSRQHQWHV 4XDO FRQMXQWR WHP RV FXVWRV PDLV HOHYDGRV" 4XDO p R FXVWR GH
SURGXomR GHVVH FRQMXQWR" 4XDO p R Q~PHUR GH PDWHULDO GHVWH FRPSRQHQWH"
4XDO URWHLUR RSHUDFLRQDO WHP RV FXVWRV PDLV HOHYDGRV"
0DUTXH XP OD\RXW GR UHODWyULR DGHTXDGR H GHWHUPLQH RV FXVWRV WRWDLV GH
PDWHULDO YLVmR GH FXVWRV GH SURGXomR
7DUHID
2 GHSDUWDPHQWR GH FRPSUDV LQIRUPRX TXH R SUHoR GH XP GRV PDWHULDLV XWLOL]DGRV
FRPSUDGRV SDUD SURGXomR VHUi UHGX]LGR GHYLGR DRV HVWRTXHV HP H[FHVVR
GR IRUQHFHGRU $ WDUHID p VXJHULU FRPR RV FiOFXORV GH FXVWRV IXWXURV SRGHP OHYDU
HP FRQVLGHUDomR HVWD PXGDQoD GH SUHoRV 3DUD DWXDOL]DU R FDPSR FRUUHWR GH SUHoR
QR PHVWUH GH PDWHULDLV p QHFHVViULR LGHQWL¿FDU TXDO R SUHoR XWLOL]DGR FRP EDVH
QD HVWUDWpJLD GH DYDOLDomR QD YDULDQWH GH DYDOLDomR
2EVHUYDU SULPHLUDPHQWH TXDO IRL D OLVWD WpFQLFD XWLOL]DGD QR FiOFXOR GH FXVWRV
SDUD D ERPED
8WLOL]DQGR D IHUUDPHQWD H[SOLFDWLYD GD YDULDQWH GH FiOFXOR GH FXVWRV 33&
GHVFREULU TXDO IRL D YDULDQWH GH DYDOLDomR XVDGD
4XDO p D HVWUDWpJLD GH¿QLGD SDUD D DYDOLDomR GR SUHoR GR PDWHULDO QHVWD
YDULDQWH GH DYDOLDomR"
4XH FDPSR GR SUHoR SRGH VHU PRGL¿FDGR QR PHVWUH GH PDWHULDLV SDUD
D ¿P GH FRQVLGHUDU D PRGL¿FDomR GR SUHoR SODQHMDGR TXH QmR
DIHWDULD R SUHoRSDGUmR DWXDO GR HVWRTXH"
7DUHID
2V FXVWRV GH SURGXomR SDUD D ERPED 3 VmR GHULYDGRV GR URWHLUR XWLOL]DGR SDUD
R FiOFXOR GH FXVWRV FRP HVWUXWXUD TXDQWLWDWLYD 2 HQJHQKHLUR GH SURGXomR GHVHMD
VDEHU FRPR RV FXVWRV IRUDP FDOFXODGRV H DV iUHDV QR VLVWHPD QDV TXDLV RV GDGRV
IRUDP REWLGRV 8WLOL]DU XP WDPDQKR GH ORWH SDUD FiOFXOR GH FXVWRV GH ERPEDV
H HQWUDU RV GDGRV QD WDEHOD QR ¿QDO GHVWH H[HUFtFLR 0RGL¿TXH D H[LELomR GH FXVWRV
SDUD YROWDU DR WDPDQKR GR ORWH SDUD FiOFXOR GH FXVWRV
4XDO IRL R URWHLUR XWLOL]DGR SDUD GHWHUPLQDU DV DWLYLGDGHV" 9HUL¿FDU RV GDGRV
GD HVWUXWXUD TXDQWLWDWLYD SDUD HOH
0DWHULDO 3
&HQWUR
9DULDQWH GH FiOFXOR GH FXVWRV 33&
9HUVmR GH FiOFXOR GH FXVWRV
9iOLGR HP 'DWD GH KRMH
0DWHULDO 3
&HQWUR
7DUHID
5HVSRQGHU DJRUD D DOJXPDV TXHVW}HV UHODFLRQDGDV j VLWXDomR GH FXVWRV GD ERPED
2 HQJHQKHLUR GH SURGXomR GHVHMD VDEHU TXDLV RV FRPSRQHQWHV TXH WrP RV FXVWRV
PDLV HOHYDGRV H TXDLV DV iUHDV TXH LQFRUUHUDP HP FXVWRV VLJQL¿FDWLYRV
4XDO p R FXVWR GH SURGXomR WRWDO GD ERPED H TXDLV VmR RV FXVWRV ¿[RV"
D 9i SDUD D ¿FKD &XVWRV 2V FXVWRV GH SURGXomR SDUD XPD ERPED
VmR BBB (85 2V FXVWRV ¿[RV VmR BB (85
$ DGPLQLVWUDomR HVWi DYDOLDQGR VH GHYH DGTXLULU H[WHUQDPHQWH GHWHUPLQDGRV
FRPSRQHQWHV 4XDO FRQMXQWR WHP RV FXVWRV PDLV HOHYDGRV" 4XDO p R FXVWR GH
SURGXomR GHVVH FRQMXQWR" 4XDO p R Q~PHUR GH PDWHULDO GHVWH FRPSRQHQWH"
D 1D iUHD LQIHULRU GLUHLWD GD WHOD PDUTXH R tFRQH GR
UHODWyULR GH HVSHFL¿FDomR GR LWHP PDUTXH R OD\RXW 6$3
&RQMXQWRVPDWpULDVSULPDV VtQWHVH 2 FRQMXQWR KDVWH
WHP RV FXVWRV PDLV HOHYDGRV 2V FXVWRV GH SURGXomR GR FRQMXQWR
VmR BB (85
2EVHUYDomR $VVHJXUHVH GH TXH D YLVmR GH FXVWRV GH SURGXomR
WHQKD VLGR VHOHFLRQDGD QD iUHD GD WHOD DFLPD LQGLFDGD
7DUHID
2 GHSDUWDPHQWR GH FRPSUDV LQIRUPRX TXH R SUHoR GH XP GRV PDWHULDLV XWLOL]DGRV
FRPSUDGRV SDUD SURGXomR VHUi UHGX]LGR GHYLGR DRV HVWRTXHV HP H[FHVVR
GR IRUQHFHGRU $ WDUHID p VXJHULU FRPR RV FiOFXORV GH FXVWRV IXWXURV SRGHP OHYDU
HP FRQVLGHUDomR HVWD PXGDQoD GH SUHoRV 3DUD DWXDOL]DU R FDPSR FRUUHWR GH SUHoR
QR PHVWUH GH PDWHULDLV p QHFHVViULR LGHQWL¿FDU TXDO R SUHoR XWLOL]DGR FRP EDVH
QD HVWUDWpJLD GH DYDOLDomR QD YDULDQWH GH DYDOLDomR
2EVHUYDU SULPHLUDPHQWH TXDO IRL D OLVWD WpFQLFD XWLOL]DGD QR FiOFXOR GH FXVWRV
SDUD D ERPED
D 3DUD YHUL¿FDU RV GDGRV GD HVWUXWXUD TXDQWLWDWLYD Yi SDUD D ¿FKD
(VWUXWXUD TXDQWLWDWLYD
7DUHID
2V FXVWRV GH SURGXomR SDUD D ERPED 3 VmR GHULYDGRV GR URWHLUR XWLOL]DGR SDUD
R FiOFXOR GH FXVWRV FRP HVWUXWXUD TXDQWLWDWLYD 2 HQJHQKHLUR GH SURGXomR GHVHMD
VDEHU FRPR RV FXVWRV IRUDP FDOFXODGRV H DV iUHDV QR VLVWHPD QDV TXDLV RV GDGRV
IRUDP REWLGRV 8WLOL]DU XP WDPDQKR GH ORWH SDUD FiOFXOR GH FXVWRV GH ERPEDV
H HQWUDU RV GDGRV QD WDEHOD QR ¿QDO GHVWH H[HUFtFLR 0RGL¿TXH D H[LELomR GH FXVWRV
SDUD YROWDU DR WDPDQKR GR ORWH SDUD FiOFXOR GH FXVWRV
4XDO IRL R URWHLUR XWLOL]DGR SDUD GHWHUPLQDU DV DWLYLGDGHV" 9HUL¿FDU RV GDGRV
GD HVWUXWXUD TXDQWLWDWLYD SDUD HOH
D 0DUTXH &RQ¿JXUDo}HV ĺ ([LELomR GH FXVWRV SDUD PDUFDU R
WDPDQKR GR ORWH SDUD FiOFXOR GH FXVWRV 0DUTXH (17(5
3DUD YHUL¿FDU RV GDGRV GR URWHLUR Yi SDUD D ¿FKD (VWUXWXUD
TXDQWLWDWLYD H FRQVXOWH R ODGR GLUHLWR GD iUHD GH WHOD
(QWUH R VHJXLQWH
9HUVmR
'H SHUtRGR
$ SHUtRGR
([HUFtFLR 'DWDDQR GH DYDOLDomR
GR FiOFXOR GH FXVWRV
3
&HQWUR GH FXVWR
7LSR GH DWLYLGDGH
9RFr SRGH DJRUD FDOFXODU RV FXVWRV GD DWLYLGDGH LQWHUQD H YHUL¿FDU D H[DWLGmR
GR UHVXOWDGR FRP D XWLOL]DomR GD HVSHFL¿FDomR GR LWHP
D
$WLYLGDGH
4XDQWLGDGH EDVH So
&KDYH GH IyUPXOD
)yUPXOD
6$3
0mRGHREUD 4XDQWLGDGH GD
RSHUDomR4XDQWLGDGH EDVH
5HVXPR GD OLomR
9RFr DJRUD GHYH HVWDU DSWR D
$QDOLVDU RV UHVXOWDGRV GH XP FiOFXOR GH FXVWRV GR PDWHULDO FRP HVWUXWXUD
TXDQWLWDWLYD
8WLOL]DU D OLVWD WpFQLFD SDUD GHWHUPLQDU RV FXVWRV GH PDWHULDO
8WLOL]DU R URWHLUR H RV FHQWURV GH WUDEDOKR SDUD GHWHUPLQDU FXVWRV GH IDEULFDomR
/LJDU FHQWURV GH WUDEDOKR D FHQWURV GH FXVWR SDUD DYDOLDU FXVWRV GH IDEULFDomR
'HVFULomR GDV HQWUDGDV UHTXHULGDV QRV GDGRV PHVWUH GH /RJtVWLFD
2EMHWLYRV GD OLomR
1R ¿QDO GHVWD OLomR YRFr GHYHUi HVWDU DSWR D
&ULDU XP FiOFXOR GH FXVWRV GR PDWHULDO FRP HVWUXWXUD TXDQWLWDWLYD
$QDOLVDU RV UHVXOWDGRV GH XP FiOFXOR GH FXVWRV GR PDWHULDO FRP HVWUXWXUD
TXDQWLWDWLYD
&HQiULR GH QHJyFLRV
)RL GHVHQYROYLGR FRP VXFHVVR R SURWyWLSR GH XP QRYR SURGXWR H VXD IDEULFDomR
GHYH FRPHoDU HP EUHYH $ WDUHID DJRUD p FDOFXODU RV FXVWRV GH XPD QRYD ERPED
9RFr SRGH FULDU XP FiOFXOR GH FXVWRV DXWRPiWLFR SRUTXH R SODQHMDPHQWR GR
WUDEDOKR Mi GH¿QLX OLVWDV WpFQLFDV H URWHLURV $SyV D H[HFXomR GR FiOFXOR GH
FXVWRV R GHSDUWDPHQWR GH HQJHQKDULD LQIRUPD TXH XP PDWHULDO DGLFLRQDO H RXWURV
FXVWRV GHYHP VHU DGLFLRQDGRV j OLVWD WpFQLFD H DR URWHLUR SDUD VHX SURGXWR 1R
HQWDQWR D HQJHQKDULD DLQGD QmR ODQoRX HVVDV PRGL¿FDo}HV QRV GDGRV GD HVWUXWXUD
TXDQWLWDWLYD 'HFLGLXVH VLPXODU RV FXVWRV XWLOL]DQGR R FiOFXOR GH FXVWR XQLWiULR
PXOWLQtYHO GH IRUPD TXH RV PHVPRV VHMDP LQFOXtGRV QR FiOFXOR GH FXVWRV DWXDO
(¿FLrQFLD DPSOLDGD
&HQiULR GH QHJyFLRV
6XD WDUHID p FDOFXODU RV FXVWRV GH XPD QRYD ERPED 9RFr SRGH FULDU XP FiOFXOR GH
FXVWRV DXWRPiWLFR SRUTXH R SODQHMDPHQWR GD SURGXomR Mi GH¿QLX OLVWDV WpFQLFDV H
URWHLURV
$SyV D H[HFXomR GR FiOFXOR GH FXVWRV R GHSDUWDPHQWR GH HQJHQKDULD LQIRUPD
TXH XP PDWHULDO DGLFLRQDO H RXWURV FXVWRV GHYHP VHU DGLFLRQDGRV j OLVWD WpFQLFD
H DR URWHLUR SDUD VHX SURGXWR 1R HQWDQWR R GHSDUWDPHQWR GH HQJHQKDULD DLQGD
QmR ODQoRX HVVDV PRGL¿FDo}HV QRV GDGRV GD HVWUXWXUD TXDQWLWDWLYD 'HFLGLXVH
VLPXODU RV FXVWRV XWLOL]DQGR R FiOFXOR GH FXVWR XQLWiULR PXOWLQtYHO GH IRUPD TXH RV
PHVPRV VHMDP LQFOXtGRV QR FiOFXOR GH FXVWRV DWXDO
7DUHID
&ULDomR GH XP FiOFXOR GH FXVWRV GR PDWHULDO FRP HVWUXWXUD TXDQWLWDWLYD SDUD R
PDWHULDO 5) 8WLOL]H D YDULDQWH GH FiOFXOR GH FXVWRV 33& FHQWUR
WDPDQKR GR ORWH SDUD FiOFXOR GH FXVWRV SHoDV H YHUVmR GH FiOFXOR GH FXVWRV
1mR HQWUH GDGRV GD OLVWD WpFQLFD RX GR URWHLUR 2 FiOFXOR GH FXVWRV GHYH VHU YiOLGR
QR LQtFLR GR SUy[LPR H[HUFtFLR 3DUD D GDWD GH )LP GR FiOFXOR GH FXVWRV HQWUH D
GDWD Pi[LPD $FHLWDU DV GDWDV SURSRVWDV GD HVWUXWXUD TXDQWLWDWLYD H GH DYDOLDomR
4XDO p R VWDWXV GR FiOFXOR GH FXVWRV"
4XDLV VmR RV FXVWRV WRWDLV GH SURGXomR GD ERPED"
3RUTXH IRL HPLWLGR XP ORJ" ([DPLQH D OLVWD GH PHQVDJHQV H GHWHUPLQH RV
WLSRV GH PHQVDJHQV TXH GHYHP DSDUHFHU QR ORJ
4XDLV FRPSRQHQWHV IRUDP FXVWHDGRV" $FHVVH R UHVXOWDGR GR FiOFXOR GH
FXVWRV SDUD D URGD PyYHO GD VXD ERPED 5% 4XDO p R FXVWR WRWDO GH
SURGXomR GHVWH YRODQWH"
7DUHID
2SFLRQDO
)RL GHFLGLGR QmR ODQoDU TXDOTXHU GDGR GH HVWUXWXUD TXDQWLWDWLYD QD SULPHLUD WHOD GR
FiOFXOR GH FXVWRV
,GHQWL¿FDU D OLVWD WpFQLFD H R URWHLUR OLGRV SHOR VLVWHPD SDUD R FiOFXOR GH
FXVWRV DXWRPiWLFR XWLOL]DQGR R UHJLVWUR SDUD D HVWUXWXUD TXDQWLWDWLYD
2QGH R VLVWHPD REWHYH DV LQIRUPDo}HV SDUD RV GDGRV GD OLVWD WpFQLFD H GR
URWHLUR"
4XH DSOLFDomR GD OLVWD WpFQLFD H ,' GH VHOHomR GR URWHLUR IRUDP OLGRV SHOR
VLVWHPD"
4XDO R URWHLUR SURFXUDGR SHOR VLVWHPD FRPR VXD SULPHLUD SULRULGDGH"
7DUHID
*UDYH R FiOFXOR GH FXVWRV
*UDYDU R FiOFXOR GH FXVWRV FRP D HVWUDWL¿FDomR GH FXVWRV HVSHFL¿FDomR
GR LWHP H ORJ
7DUHID
9i SDUD R VLVWHPD GH LQIRUPDomR SDUD R FiOFXOR GH FXVWRV GR PDWHULDO H PDUTXH XP
UHODWyULR GHWDOKDGR TXH HVSHFL¿TXH R LWHP GR FiOFXOR GH FXVWRV SDUD R PDWHULDO
7ϣ) 6HOHFLRQDU D YLVmR &3
4XDO p R WRWDO GRV FXVWRV GR PDWHULDO GR FiOFXOR GH FXVWRV"
4XDO R FXVWR WRWDO GD DWLYLGDGH LQWHUQD"
9RFr TXHU DJRUD IRFDOL]DU RV FXVWRV TXH H[FHGHP (85 'H¿QLU R ¿OWUR
DSURSULDGR
(OLPLQH R ¿OWUR
4XDLV VmR RV FXVWRV WRWDLV GH WRGRV RV FRQMXQWRV" 3DUD UHVSRQGHU D HVWD
TXHVWmR PDUTXH XP OD\RXW GR UHODWyULR DGHTXDGR
7DUHID
2SFLRQDO
$ HQJHQKDULD LQIRUPRX TXH QR IXWXUR SUy[LPR VHUmR DGLFLRQDGRV QRYRV
FRPSRQHQWHV j OLVWD WpFQLFD 3DUD LQFOXLU DJRUD HVWHV FXVWRV HP XP QRYR FiOFXOR
GH FXVWRV SDUD D ERPED XWLOL]DU R FiOFXOR GH FXVWR XQLWiULR PXOWLQtYHO SDUD VLPXODU
D PRGL¿FDomR 0DUTXH R FiOFXOR GH FXVWRV VHP HVWUXWXUD TXDQWLWDWLYD H SURFHVVHR
HP XPD EDVH PXOWLQtYHO
&ULH XP FiOFXOR GH FXVWRV GR PDWHULDO QD HVWUXWXUD GH FiOFXOR GH FXVWRV SDUD
R PDWHULDO 7ϣ) QR FHQWUR 0DUTXH D YDULDQWH GH FiOFXOR GH FXVWRV
33& FRP XP WDPDQKR GR ORWH GH 3DUD ¿QV GH FRPSDUDomR PDUTXH D
YHUVmR GR FiOFXOR GR SUHoR $FHLWH DV GDWDV SUHGH¿QLGDV
3DUD SURFHVVDU R FiOFXOR GH FXVWRV FULDGR FRP HVWUXWXUD TXDQWLWDWLYD XWLOL]H D
IXQomR ([SDQGLU FiOFXOR GH FXVWRV GR PDWHULDO H H[SDQGD R FiOFXOR GH FXVWRV
GR PDWHULDO 5) DWp XP QtYHO $VVHJXUHVH GH TXH PDUFD R FiOFXOR GH
FXVWRV FULDGR QR H[HUFtFLR DQWHULRU
1D SULPHLUD OLQKD GH LWHP GLVSRQtYHO HQWUH SHoDV DGLFLRQDLV GR PDWHULDO
GR FHQWUR VRE D FDWHJRULD GR LWHP UHOHYDQWH
&ULDU XP LWHP YDULiYHO SHoD 2 SUHoR p (85 SRU SHoD GR TXDO
p ¿[R (QWUDU R HOHPHQWR GH FXVWR H XPD GHVFULomR j HVFROKD *UDYDU
RV UHVXOWDGRV
7UDQV¿UD VHXV LWHQV GH FiOFXOR GH FXVWRV SDUD D HVWUXWXUD GH FiOFXOR GH FXVWRV
H UHDYDOLH VXD ERPED QD HVWUXWXUD GH FiOFXOR GH FXVWRV
4XDLV VmR RV FXVWRV WRWDLV GH SURGXomR H R FXVWR WRWDO GH SURGXWRV YHQGLGRV
GD ERPED"
7DUHID
2SFLRQDO
)RL GHFLGLGR QmR ODQoDU TXDOTXHU GDGR GH HVWUXWXUD TXDQWLWDWLYD QD SULPHLUD WHOD GR
FiOFXOR GH FXVWRV
,GHQWL¿FDU D OLVWD WpFQLFD H R URWHLUR OLGRV SHOR VLVWHPD SDUD R FiOFXOR GH
FXVWRV DXWRPiWLFR XWLOL]DQGR R UHJLVWUR SDUD D HVWUXWXUD TXDQWLWDWLYD
D &OLTXH QD ¿FKD (VWUXWXUD TXDQWLWDWLYD
)RL OLGD D VHJXLQWH OLVWD WpFQLFD
/LVWD WpFQLFD
8WLOL]DomR
$OWHUQDWLYD
)RL OLGR R VHJXLQWH URWHLUR
7LSR GH OLVWD GH WDUHIDV 1
*UXSR HPSUHVDULDO
1XPHUDGRU GH JUXSRV
7DUHID
*UDYH R FiOFXOR GH FXVWRV
*UDYDU R FiOFXOR GH FXVWRV FRP D HVWUDWL¿FDomR GH FXVWRV HVSHFL¿FDomR
GR LWHP H ORJ
D *UDYDU R FiOFXOR GH FXVWRV FRP D HVWUDWL¿FDomR GH FXVWRV
HVSHFL¿FDomR GR LWHP H ORJ
7DUHID
9i SDUD R VLVWHPD GH LQIRUPDomR SDUD R FiOFXOR GH FXVWRV GR PDWHULDO H PDUTXH XP
UHODWyULR GHWDOKDGR TXH HVSHFL¿TXH R LWHP GR FiOFXOR GH FXVWRV SDUD R PDWHULDO
7ϣ) 6HOHFLRQDU D YLVmR &3
4XDO p R WRWDO GRV FXVWRV GR PDWHULDO GR FiOFXOR GH FXVWRV"
D 0HQX ĺ &RQWDELOLGDGH ĺ &RQWUROOLQJ ĺ &RQWUROOLQJ GH FXVWRV
GR SURGXWR ĺ 3ODQHMDPHQWR GH FXVWRV GR SURGXWR ĺ 6LVWHPD
GH LQIRUPDomR ĺ 5HODWyULRV GHWDOKDGRV ĺ 3DUD PDWHULDO ĺ
(VSHFL¿FDomR GR LWHP &.B
(IHWXH DV VHJXLQWHV FRQ¿JXUDo}HV
0DWHULDO 5)
&HQWUR
9DULDQWH GH FiOFXOR GH FXVWRV 33&
9HUVmR GH FiOFXOR GH FXVWRV
'DWD GH FiOFXOR GH FXVWRV GLD GR PrV VHJXLQWH
%DVH GH FiOFXOR GH FXVWRV
9LVmR GRV HOHPHQWRV GH FXVWR &XVWRV GH SURGXomR
([HFXWH R UHODWyULR
2 UHODWyULR p RUGHQDGR SRU FDWHJRULD GR LWHP 2V FXVWRV WRWDLV GH
PDWHULDO PDWHULDLV XWLOL]DGRV H FRQMXQWRV VmR BBB (85
4XDO R FXVWR WRWDO GD DWLYLGDGH LQWHUQD"
D 2V FXVWRV GDV DWLYLGDGHV LQWHUQDV VmR BBB (85
9RFr TXHU DJRUD IRFDOL]DU RV FXVWRV TXH H[FHGHP (85 'H¿QLU R ¿OWUR
DSURSULDGR
D 0DUTXH D FROXQD 9DORU WRWDO &OLTXH QR VtPEROR 'H¿QLU ¿OWUR RX QR
FDPLQKR GH PHQX 3URFHVVDU ĺ 'H¿QLU ¿OWUR
6HOHFLRQH R FDPSR 9DORU WRWDO H FOLTXH QR tFRQH 2So}HV GH VHOHomR
QRV FULWpULRV GH ¿OWUDJHP H PDUTXH 0DLRU TXH RX LJXDO D SDUD R
FDPSR 9DORU WRWDO (P VHJXLGD FOLTXH HP &RQWLQXDU (QWHU
1R FDPSR 9DORU WRWDO LQVLUD (85 H FRQ¿UPH FRP ([HFXWDU
(QWHU
(OLPLQH R ¿OWUR
D (OLPLQH R ¿OWUR VHOHFLRQDQGR 3URFHVVDU ĺ (OLPLQDU ¿OWUR
7DUHID
2SFLRQDO
$ HQJHQKDULD LQIRUPRX TXH QR IXWXUR SUy[LPR VHUmR DGLFLRQDGRV QRYRV
FRPSRQHQWHV j OLVWD WpFQLFD 3DUD LQFOXLU DJRUD HVWHV FXVWRV HP XP QRYR FiOFXOR
GH FXVWRV SDUD D ERPED XWLOL]DU R FiOFXOR GH FXVWR XQLWiULR PXOWLQtYHO SDUD VLPXODU
D PRGL¿FDomR 0DUTXH R FiOFXOR GH FXVWRV VHP HVWUXWXUD TXDQWLWDWLYD H SURFHVVHR
HP XPD EDVH PXOWLQtYHO
&ULH XP FiOFXOR GH FXVWRV GR PDWHULDO QD HVWUXWXUD GH FiOFXOR GH FXVWRV SDUD
R PDWHULDO 7ϣ) QR FHQWUR 0DUTXH D YDULDQWH GH FiOFXOR GH FXVWRV
33& FRP XP WDPDQKR GR ORWH GH 3DUD ¿QV GH FRPSDUDomR PDUTXH D
YHUVmR GR FiOFXOR GR SUHoR $FHLWH DV GDWDV SUHGH¿QLGDV
D 0HQX ĺ &RQWDELOLGDGH ĺ &RQWUROOLQJ ĺ &RQWUROOLQJ GH FXVWRV
GR SURGXWR ĺ 3ODQHMDPHQWR GH FXVWRV GR SURGXWR ĺ &iOFXOR GH
FXVWRV GR PDWHULDO ĺ &iOFXOR GH FXVWRV VHP HVWUXWXUD TXDQWLWDWLYDĺ
3URFHVVDU PXOWLQtYHO &.8&
&OLTXH QR VtPEROR &ULDU 6HOHFLRQH &ULDU FiOFXOR GH FXVWRV GR
PDWHULDO H HQWUH RV VHJXLQWHV GDGRV
0DWHULDO 5)
&HQWUR
9DULDQWH GH FiOFXOR GH FXVWRV 33&
9HUVmR GH FiOFXOR GH FXVWRV
7DPDQKR GR ORWH SDUD FiOFXOR GH FXVWRV
&OLTXH QD ¿FKD 'DWDV $FHLWH DV GDWDV SUHGH¿QLGDV
&RQ¿UPH FRP (17(5 QD iUHD VXSHULRU HVTXHUGD GD WHOD
&RQ¿UPH TXDLVTXHU DGYHUWrQFLDV VREUH R WDPDQKR GR ORWH
PDUFDQGR (17(5 iUHD VXSHULRU HVTXHUGD GD WHOD
&ULDU XP LWHP YDULiYHO SHoD 2 SUHoR p (85 SRU SHoD GR TXDO
p ¿[R (QWUDU R HOHPHQWR GH FXVWR H XPD GHVFULomR j HVFROKD *UDYDU
RV UHVXOWDGRV
D 0DUTXH D SUy[LPD OLQKD GH LWHP GLVSRQtYHO
&DWHJRULD GR LWHP 9
4XDQWLGDGH
8QLGDGH 81
'HVFULomR LWHP YDULiYHO
3UHoR WRWDO
3UHoR ¿[R
8QLGDGH GH SUHoR
(OHPHQWR GH FXVWR
&RQ¿UPH FRP (17(5
7UDQV¿UD VHXV LWHQV GH FiOFXOR GH FXVWRV SDUD D HVWUXWXUD GH FiOFXOR GH FXVWRV
H UHDYDOLH VXD ERPED QD HVWUXWXUD GH FiOFXOR GH FXVWRV
D 0DUTXH 7UDQVIHULU
0DUTXH D HVWUXWXUD GH FiOFXOR GH FXVWRV SRVLFLRQH VHX FXUVRU QD
ERPED H SUHVVLRQH R ERWmR GLUHLWR GR PRXVH &OLTXH HP 5HDYDOLDU
HVWUXWXUD SDUFLDO
4XDLV VmR RV FXVWRV WRWDLV GH SURGXomR H R FXVWR WRWDO GH SURGXWRV YHQGLGRV
GD ERPED"
D 2V FXVWRV GH SURGXomR H R FXVWR GH SURGXWRV YHQGLGRV SRGHP VHU
H[LELGRV D SDUWLU GR FDEHoDOKR GR FiOFXOR GH FXVWRV 0DUTXH R tFRQH
&DEHoDOKR TXH VH HQFRQWUD DR ODGR GR Q~PHUR GR PDWHULDO DFLPD
GRV ,WHQV GH FiOFXOR GH FXVWRV ± YLVmR EiVLFD
2V FXVWRV WRWDLV GH SURGXomR GD ERPED VmR BBBBBBBB (85
2 FXVWR WRWDO GH SURGXWRV YHQGLGRV GD ERPED p BBBBBBBB (85
*UDYDU D VHVVmR GH WUDEDOKR
5HVXPR GD OLomR
9RFr DJRUD GHYH HVWDU DSWR D
&ULDU XP FiOFXOR GH FXVWRV GR PDWHULDO FRP HVWUXWXUD TXDQWLWDWLYD
$QDOLVDU RV UHVXOWDGRV GH XP FiOFXOR GH FXVWRV GR PDWHULDO FRP HVWUXWXUD
TXDQWLWDWLYD
2EMHWLYRV GD OLomR
1R ¿QDO GHVWD OLomR YRFr GHYHUi HVWDU DSWR D
$WXDOL]DU SUHoRV QR PHVWUH GH PDWHULDLV
8WLOL]DU WpFQLFDV GH FRQWUROH GH SUHoR QD DYDOLDomR GR PDWHULDO
8WLOL]DU DV IXQo}HV GH FiOFXOR GH FXVWRV GR PDWHULDO FRP HVWUXWXUD
TXDQWLWDWLYD FRP H¿FLrQFLD
&HQiULR GH QHJyFLRV
)RL GHVHQYROYLGR FRP VXFHVVR R SURWyWLSR GH XP QRYR SURGXWR H VXD IDEULFDomR
GHYH FRPHoDU HP EUHYH $ WDUHID p DVVHJXUDU TXH VHMD FDOFXODGR H HVWDEHOHFLGR
XP SUHoR VWDQGDUG LQLFLDO SUHFLVR 'HVWD IRUPD GHYHVH DVVHJXUDU TXH VHMDP IHLWDV
WRGDV DV RSo}HV QHFHVViULDV SDUD D DYDOLDomR H TXH VHMDP XVDGRV RV GDGRV FRUUHWRV
GH HVWUXWXUD TXDQWLWDWLYD
,QWHJUDomR H SURFHGLPHQWR
&HQiULR GH QHJyFLRV
9RFr FULD XP FiOFXOR GH FXVWRV GR PDWHULDO SDUD D ERPED 5) H DQDOLVD R
UHVXOWDGR JUDYDGR (VWH UHVXOWDGR GR FiOFXOR GH FXVWRV p XWLOL]DGR SDUD H[HFXWDU
D UHDYDOLDomR GH VHXV HVWRTXHV ,QLFLDOPHQWH DSHQDV R UHVXOWDGR GR FiOFXOR GH
FXVWRV GH XP FRQMXQWR GR SURGXWR VHPLDFDEDGR GHYH VHU DWXDOL]DGR QR FDPSR GR
SUHoRSDGUmR QR PHVWUH GH PDWHULDLV 2 UHVXOWDGR GR SURFHVVR GH DWXDOL]DomR GH
SUHoR p REVHUYDGR QR PHVWUH GH PDWHULDLV
7DUHID
1RV H[HUFtFLRV VHJXLQWHV YRFr DWXDOL]DUi RV FDPSRV GRV FXVWRV VWDQGDUG QR PHVWUH
GH PDWHULDLV FRP RV UHVXOWDGRV GR FiOFXOR GH FXVWRV GR PDWHULDO
([LED RV UHJLVWURV PHVWUH GH PDWHULDLV GR VHX SURGXWR 5ϣ) H GR SURGXWR
VHPLDFDEDGR 5ϣ% QR FHQWUR 0DUTXH DV YLV}HV GD FRQWDELOLGDGH H
GH FiOFXOR GH FXVWRV
(QWUDU RV SUHoRV QD WDEHOD DEDL[R
7DUHID
&ULH XP FiOFXOR GH FXVWRV SODQHMDGRV SDUD R SURGXWR 5)
8WLOL]H R FHQWUR D YDULDQWH GH FiOFXOR GH FXVWRV 33& H D YHUVmR GH
FiOFXOR GH FXVWRV (QWUH XP WDPDQKR GR ORWH SDUD FiOFXOR GH FXVWRV GH
SHoDV 6HOHFLRQH D GDWD GH KRMH FRPR D GDWD GH LQtFLR GR FiOFXOR GH FXVWRV 2
FiOFXOR GH FXVWRV GHYH VHU YiOLGR DWp $FHLWDU D GDWD SURSRVWD GD
HVWUXWXUD TXDQWLWDWLYD H GD DYDOLDomR
4XDO R VWDWXV GH HUUR GR FiOFXOR GH FXVWRV"
6DOWDU SDUD D VtQWHVH GH PDWHULDO 4XDLV IRUDP RV SURGXWRV FXVWHDGRV QHVWD
WUDQVDomR"
9i SDUD R &XVWRPL]LQJ PHGLDQWH DV IHUUDPHQWDV H[SOLFDWLYDV H YHUL¿TXH
VH YRFr SRGH DWXDOL]DU R SUHoRSDGUmR SDUD R FRQMXQWR 5% FRP HVWH
UHVXOWDGR
*UDYDU R FiOFXOR GH FXVWRV LQFOXVLYH R ORJ
7DUHID
9i SDUD D RSomR GH PHQX GD DWXDOL]DomR GH SUHoR SDUD YHUL¿FDU TXH D PDUFDomR
SDUD D HPSUHVD p SHUPLWLGD SDUD R SHUtRGR FRQWiELO DWXDO
3DUD TXH YDULDQWH H YHUVmR GH FiOFXOR GH FXVWRV D PDUFDomR H D OLEHUDomR
IRUDP SHUPLWLGDV SDUD R SHUtRGR DWXDO"
7DUHID
0DUTXH R FiOFXOR GH FXVWRV GR FRQMXQWR 5% FHQWUR SDUD R SHUtRGR DWXDO
QR H[HUFtFLR FRUUHQWH
'HVDWLYDU QDV RSo}HV GH SURFHVVDPHQWR R LGHQWL¿FDGRU SDUD H[HFXomR GH
WHVWH 1mR HQFHUUH D OLVWD GH UHVXOWDGRV DWp UHVSRQGHU jV SHUJXQWDV H
7DUHID
([LED R UHJLVWUR PHVWUH GH PDWHULDLV GR VHX FRPSRQHQWH 5%
$ SDUWLU GD OLVWD GH UHVXOWDGRV H[LED R UHJLVWUR PHVWUH GH PDWHULDLV GR VHX
FRPSRQHQWH 5% QR FHQWUR PDUFDQGR R PDWHULDO D SDUWLU GD OLVWD GH
UHVXOWDGRV 0DUTXH D YLVmR GH FiOFXOR GR SUHoR
(QWUDU RV SUHoRV QD WDEHOD DEDL[R
4XDO p R SHUtRGR"
7DUHID
/LEHUH R FiOFXOR GH FXVWRV 5% FHQWUR
9i SDUD R ORJ QD OLVWD GH UHVXOWDGRV H QDYHJDU D SDUWLU GR GRFXPHQWR GH
PRGL¿FDomR GR SUHoR SDUD H[LELU RV GRFXPHQWRV FRQWiEHLV 1mR VDLD GD OLVWD
GH UHVXOWDGRV DWp UHVSRQGHU jV SHUJXQWDV QD 7DUHID
7DUHID
([LED R UHJLVWUR PHVWUH GH PDWHULDLV GH 5%
$ SDUWLU GD OLVWD GH UHVXOWDGRV H[LED R UHJLVWUR PHVWUH GH PDWHULDLV GH 5%
QR FHQWUR 9i SDUD D YLVmR GH FiOFXOR GR SUHoR
4XDLV VmR RV SUHoRV"
4XDO p R SHUtRGR"
7DUHID
9i SDUD R UHJLVWUR PHVWUH GH PDWHULDLV GR SURGXWR DFDEDGR 5) H PDUTXH
D 9LVmR GH FiOFXOR GR SUHoR
2 FDPSR GR SUHoR TXH YRFr HQWURX DQWHULRUPHQWH IRL PRGL¿FDGR"
$SUHVHQWH RV PRWLYRV SDUD VXD UHVSRVWD
7DUHID
&ULH XP FiOFXOR GH FXVWRV SODQHMDGRV SDUD R SURGXWR 5)
8WLOL]H R FHQWUR D YDULDQWH GH FiOFXOR GH FXVWRV 33& H D YHUVmR GH
FiOFXOR GH FXVWRV (QWUH XP WDPDQKR GR ORWH SDUD FiOFXOR GH FXVWRV GH
SHoDV 6HOHFLRQH D GDWD GH KRMH FRPR D GDWD GH LQtFLR GR FiOFXOR GH FXVWRV 2
FiOFXOR GH FXVWRV GHYH VHU YiOLGR DWp $FHLWDU D GDWD SURSRVWD GD
HVWUXWXUD TXDQWLWDWLYD H GD DYDOLDomR
D 0HQX ĺ &RQWDELOLGDGH ĺ &RQWUROOLQJ ĺ &RQWUROOLQJ GH FXVWRV GR
SURGXWR ĺ 3ODQHMDPHQWR GH FXVWRV GR SURGXWR ĺ &iOFXOR GH FXVWRV
GR PDWHULDO ĺ &iOFXOR GH FXVWRV FRP HVWUXWXUD TXDQWLWDWLYD ĺ &ULDU
&.1
(QWUH R VHJXLQWH
0DWHULDO 5)
&HQWUR
9DULDQWH GH FiOFXOR GH FXVWRV 33&
9HUVmR GH FiOFXOR GH FXVWRV
7DPDQKR GR ORWH SDUD FiOFXOR GH FXVWRV
9i SDUD D ¿FKD 'DWDV 6HOHFLRQH DV 'DWDV SUHGH¿QLGDV H HP
VHJXLGD PRGL¿TXH DV GDWDV SUHGH¿QLGDV GD VHJXLQWH IRUPD
'DWD GH LQtFLR GR FiOFXOR GH FXVWRV GDWD GH KRMH
'DWD GH ¿P GR FiOFXOR GH FXVWRV GH GH]HPEUR GH
'DWD GD HVWUXWXUD TXDQWLWDWLYD GLD GR PrV VHJXLQWH
'DWD GH DYDOLDomR GLD GR PrV VHJXLQWH
6HOHFLRQH (17(5 2 VLVWHPD H[HFXWD DXWRPDWLFDPHQWH R FiOFXOR
GH FXVWRV
4XDO R VWDWXV GH HUUR GR FiOFXOR GH FXVWRV"
D 9i SDUD D ¿FKD 'DGRV GR FiOFXOR GH FXVWRV 2 VWDWXV GR FiOFXOR GH
FXVWRV GHYH VHU &DOFXODGR VHP HUURV
7DUHID
9i SDUD D RSomR GH PHQX GD DWXDOL]DomR GH SUHoR SDUD YHUL¿FDU TXH D PDUFDomR
SDUD D HPSUHVD p SHUPLWLGD SDUD R SHUtRGR FRQWiELO DWXDO
3DUD TXH YDULDQWH H YHUVmR GH FiOFXOR GH FXVWRV D PDUFDomR H D OLEHUDomR
IRUDP SHUPLWLGDV SDUD R SHUtRGR DWXDO"
D 0HQX ĺ &RQWDELOLGDGH ĺ &RQWUROOLQJ ĺ &RQWUROOLQJ GH FXVWRV GR
SURGXWR ĺ 3ODQHMDPHQWR GH FXVWRV GR SURGXWR ĺ &iOFXOR GH FXVWRV
GR PDWHULDO ĺ $WXDOL]DomR GH SUHoR &.
3HUtRGR FRQWiELO PrV DWXDO
([HUFtFLR ¿VFDO H[HUFtFLR FRUUHQWH
6HOHFLRQH $XWRUL]DomR GH PDUFDomR
0DUTXH D HPSUHVD
9DULDQWH GH FiOFXOR GH FXVWRV SHUPLWLGD SDUD FiOFXOR GH FXVWRV
SODQHMDGRV 33&
9HUVmR GH FiOFXOR GH FXVWRV
6DLD GD H[LELomR
7DUHID
0DUTXH R FiOFXOR GH FXVWRV GR FRQMXQWR 5% FHQWUR SDUD R SHUtRGR DWXDO
QR H[HUFtFLR FRUUHQWH
'HVDWLYDU QDV RSo}HV GH SURFHVVDPHQWR R LGHQWL¿FDGRU SDUD H[HFXomR GH
WHVWH 1mR HQFHUUH D OLVWD GH UHVXOWDGRV DWp UHVSRQGHU jV SHUJXQWDV H
D 0HQX &RQWDELOLGDGH ĺ &RQWUROOLQJ ĺ &RQWUROOLQJ GH FXVWRV GR
SURGXWR ĺ 3ODQHMDPHQWR GH FXVWRV GR SURGXWR ĺ &iOFXOR GH FXVWRV
GR PDWHULDO ĺ $WXDOL]DomR GH SUHoR &.
)DoD DV VHJXLQWHV HQWUDGDV
3HUtRGR FRQWiELO PrV DWXDO
([HUFtFLR ¿VFDO H[HUFtFLR FRUUHQWH
(PSUHVD
&HQWUR
0DWHULDO 5%
'HVPDUTXH R FyGLJR ([HFXomR GH WHVWH H VHOHFLRQH ([HFXWDU
7DUHID
([LED R UHJLVWUR PHVWUH GH PDWHULDLV GR VHX FRPSRQHQWH 5%
$ SDUWLU GD OLVWD GH UHVXOWDGRV H[LED R UHJLVWUR PHVWUH GH PDWHULDLV GR VHX
FRPSRQHQWH 5% QR FHQWUR PDUFDQGR R PDWHULDO D SDUWLU GD OLVWD GH
UHVXOWDGRV 0DUTXH D YLVmR GH FiOFXOR GR SUHoR
(QWUDU RV SUHoRV QD WDEHOD DEDL[R
4XDO p R SHUtRGR"
7DUHID
/LEHUH R FiOFXOR GH FXVWRV 5% FHQWUR
9i SDUD R ORJ QD OLVWD GH UHVXOWDGRV H QDYHJDU D SDUWLU GR GRFXPHQWR GH
PRGL¿FDomR GR SUHoR SDUD H[LELU RV GRFXPHQWRV FRQWiEHLV 1mR VDLD GD OLVWD
GH UHVXOWDGRV DWp UHVSRQGHU jV SHUJXQWDV QD 7DUHID
D 0HQX ĺ &RQWDELOLGDGH ĺ &RQWUROOLQJ ĺ &RQWUROOLQJ GH FXVWRV GR
SURGXWR ĺ 3ODQHMDPHQWR GH FXVWRV GR SURGXWR ĺ &iOFXOR GH FXVWRV
GR PDWHULDO ĺ $WXDOL]DomR GH SUHoR &.
6HOHFLRQH R ERWmR /LEHUDU
(QWUH R VHJXLQWH
3HUtRGR FRQWiELO PrV DWXDO
([HUFtFLR ¿VFDO H[HUFtFLR FRUUHQWH
(PSUHVD
&HQWUR
0DWHULDO 5%
'HVPDUTXH R FyGLJR ([HFXomR GH WHVWH H VHOHFLRQH ([HFXWDU
2V FiOFXORV GH FXVWRV GHYHP WHU R VWDWXV )5 OLEHUDGR VHP HUURV
3DUD HQFRQWUDU R GRFXPHQWR GH PRGL¿FDomR GR SUHoR SDJLQH SDUD
D GLUHLWD GD OLVWD GH UHVXOWDGRV ([LED R GRFXPHQWR GH PRGL¿FDomR
GR SUHoR FRORFDQGR R FXUVRU QR Q~PHUR GR GRFXPHQWR SDUD R
GRFXPHQWR GH PRGL¿FDomR GR SUHoR
2 GRFXPHQWR GH PRGL¿FDomR GR SUHoR p H[LELGR
6HOHFLRQH 'RFXPHQWRV ),&2
6HOHFLRQH 'RFXPHQWR FRQWiELO 9ROWH j OLVWD GH UHVXOWDGRV
7DUHID
([LED R UHJLVWUR PHVWUH GH PDWHULDLV GH 5%
$ SDUWLU GD OLVWD GH UHVXOWDGRV H[LED R UHJLVWUR PHVWUH GH PDWHULDLV GH 5%
QR FHQWUR 9i SDUD D YLVmR GH FiOFXOR GR SUHoR
D &RORTXH VHX FXUVRU QR PDWHULDO FDL[D 5% QR GRFXPHQWR
GH PRGL¿FDomR GR SUHoR 9i SDUD D YLVmR &iOFXOR GH FXVWRV GR
PHVWUH GH PDWHULDLV SDUD YHU R HIHLWR GD PRGL¿FDomR GH SUHoR
4XDLV VmR RV SUHoRV"
D 2V SUHoRV HQFRQWUDPVH QD YLVmR &iOFXOR GH FXVWRV
4XDO p R SHUtRGR"
D 2 SUHoR YHP GR SHUtRGR DWXDO QR H[HUFtFLR DWXDO
7DUHID
9i SDUD R UHJLVWUR PHVWUH GH PDWHULDLV GR SURGXWR DFDEDGR 5) H PDUTXH
D 9LVmR GH FiOFXOR GR SUHoR
D 0HQX ĺ /RJtVWLFD ĺ $GPLQLVWUDomR GH PDWHULDLV ĺ 0HVWUH GH
PDWHULDLV ĺ 0DWHULDO ĺ ([LELU ĺ ([LELU DWXDO 00
0DWHULDO 5)
6HOHomR GH YLV}HV FiOFXOR GR SUHoR FRQWDELOLGDGH
6HOHFLRQH (17(5
(QWUH R FHQWUR
2 FDPSR GR SUHoR TXH YRFr HQWURX DQWHULRUPHQWH IRL PRGL¿FDGR"
D 1HQKXP FDPSR GH SUHoR IRL PRGL¿FDGR
$SUHVHQWH RV PRWLYRV SDUD VXD UHVSRVWD
D $ PDUFDomR H D OLEHUDomR IRUDP H[HFXWDGDV DSHQDV SDUD R
FRQMXQWR 5% 2V FRQMXQWRV UHVWDQWHV H R UHVXOWDGR ¿QDO QmR VmR
DIHWDGRV SRU LVWR
6H R UHVXOWDGR GR FiOFXOR GH FXVWRV GR PDWHULDO 5) GHYHU VHU
HVFULWR QR FDPSR GR SUHoRSDGUmR D PDUFDomR H D OLEHUDomR GHYHP
VHU H[HFXWDGDV HVSHFL¿FDPHQWH SDUD HVWH PDWHULDO
5HVXPR GD OLomR
9RFr DJRUD GHYH HVWDU DSWR D
$WXDOL]DU SUHoRV QR PHVWUH GH PDWHULDLV
8WLOL]DU WpFQLFDV GH FRQWUROH GH SUHoR QD DYDOLDomR GR PDWHULDO
8WLOL]DU DV IXQo}HV GH FiOFXOR GH FXVWRV GR PDWHULDO FRP HVWUXWXUD
TXDQWLWDWLYD FRP H¿FLrQFLD
5HVXPR GR FDStWXOR
9RFr DJRUD GHYH HVWDU DSWR D
$QDOLVDU RV UHVXOWDGRV GH XP FiOFXOR GH FXVWRV GR PDWHULDO FRP HVWUXWXUD
TXDQWLWDWLYD
8WLOL]DU D OLVWD WpFQLFD SDUD GHWHUPLQDU RV FXVWRV GH PDWHULDO
8WLOL]DU R URWHLUR H RV FHQWURV GH WUDEDOKR SDUD GHWHUPLQDU FXVWRV GH IDEULFDomR
/LJDU FHQWURV GH WUDEDOKR D FHQWURV GH FXVWR SDUD DYDOLDU FXVWRV GH IDEULFDomR
'HVFULomR GDV HQWUDGDV UHTXHULGDV QRV GDGRV PHVWUH GH /RJtVWLFD
&ULDU XP FiOFXOR GH FXVWRV GR PDWHULDO FRP HVWUXWXUD TXDQWLWDWLYD
$QDOLVDU RV UHVXOWDGRV GH XP FiOFXOR GH FXVWRV GR PDWHULDO FRP HVWUXWXUD
TXDQWLWDWLYD
$WXDOL]DU SUHoRV QR PHVWUH GH PDWHULDLV
8WLOL]DU WpFQLFDV GH FRQWUROH GH SUHoR QD DYDOLDomR GR PDWHULDO
8WLOL]DU DV IXQo}HV GH FiOFXOR GH FXVWRV GR PDWHULDO FRP HVWUXWXUD
TXDQWLWDWLYD FRP H¿FLrQFLD
&RPR YRFr SRGH PRGL¿FDU R SUHoRSDGUmR VHP OLEHUDU XP FiOFXOR GH FXVWRV"
5HVSRVWDV
2 FiOFXOR GH FXVWRV GR PDWHULDO FRP HVWUXWXUD TXDQWLWDWLYD SRGH LGHQWL¿FDU
D HVWUXWXUD GR SURGXWR H RV SODQRV GH SURGXomR HQWUDGRV QD /RJtVWLFD H
FRQYHUWrORV QDV HVWUXWXUDV GD HVSHFL¿FDomR GR LWHP H GD HVWUDWL¿FDomR GH
FXVWRV
5HVSRVWD FiOFXOR GH FXVWRV GR PDWHULDO FRP HVWUXWXUD TXDQWLWDWLYD
5HVSRVWD '
2V YDORUHV VWDQGDUG GH FiOFXOR GH FXVWRV VmR R WDPDQKR GR ORWH DV GDWDV H D
HVWUXWXUD TXDQWLWDWLYD
&RPR YRFr SRGH PRGL¿FDU R SUHoRSDGUmR VHP OLEHUDU XP FiOFXOR GH FXVWRV"
2EMHWLYRV GR FDStWXOR
1R ¿QDO GHVWH FDStWXOR YRFr GHYHUi HVWDU DSWR D
&ULDU XPD H[HFXomR GH FiOFXOR GH FXVWRV
&ULDU XPD OLVWD GH VHOHomR PHGLDQWH D XWLOL]DomR GD VHOHomR ÀH[tYHO GH
PDWHULDO SDUD XPD H[HFXomR GH FiOFXOR GH FXVWRV
(IHWXDU XPD H[HFXomR GH FiOFXOR GH FXVWRV
$QDOLVDU R UHVXOWDGR GH XPD H[HFXomR GH FiOFXOR GH FXVWRV
8WLOL]DU H¿FLHQWHPHQWH D H[HFXomR GH FiOFXOR GH FXVWRV DWUDYpV GR WUDWDPHQWR
HIHWLYR GH HUURV
&RQWH~GR GR FDStWXOR
/LomR ([HFXomR GH FiOFXOR GH FXVWRV QR 3ODQHMDPHQWR GH FXVWRV GR
SURGXWR
([HUFtFLR ([HFXomR GH FiOFXOR GH FXVWRV
2EMHWLYRV GD OLomR
1R ¿QDO GHVWD OLomR YRFr GHYHUi HVWDU DSWR D
&ULDU XPD H[HFXomR GH FiOFXOR GH FXVWRV
&ULDU XPD OLVWD GH VHOHomR PHGLDQWH D XWLOL]DomR GD VHOHomR ÀH[tYHO GH
PDWHULDO SDUD XPD H[HFXomR GH FiOFXOR GH FXVWRV
(IHWXDU XPD H[HFXomR GH FiOFXOR GH FXVWRV
$QDOLVDU R UHVXOWDGR GH XPD H[HFXomR GH FiOFXOR GH FXVWRV
8WLOL]DU H¿FLHQWHPHQWH D H[HFXomR GH FiOFXOR GH FXVWRV DWUDYpV GR WUDWDPHQWR
HIHWLYR GH HUURV
&HQiULR GH QHJyFLRV
9RFr IRUQHFH UHJXODUPHQWH WRGRV RV FiOFXORV GH FXVWRV FRPR SODQHMDGRV WHyULFRV
H RXWURV FiOFXORV GH FXVWRV SDUD RV SURGXWRV H PDWHULDLV GD VXD HPSUHVD
e XWLOL]DGD D H[HFXomR GH FiOFXOR GH FXVWRV FRP XPD IHUUDPHQWD SDUD R
SODQHMDPHQWR GR FXVWRV GR SURGXWR SDUD SURFHVVDU HVVD PDVVD GH GDGRV
9RFr WDPEpP QHFHVVLWD PRQLWRUDU DV PRGL¿FDo}HV GH FXVWRV WDQWR SRVLWLYDV FRPR
QHJDWLYDV HIHWXDQGR FRPSDUDo}HV UHJXODUHV
8PD RXWUD WDUHID p D GH DQDOLVDU H MXVWL¿FDU RV GHVYLRV GH FiOFXOR GH FXVWRV EHP
FRPR FRUULJLU HUURV QRV GDGRV PHVWUH HRX QD DWXDOL]DomR GH SUHoR
6tQWHVH H SURFHVVR
2 VLVWHPD VWDQGDUG IRUQHFH GLYHUVDV YDULDQWHV GHVWH UHODWyULR SDUD YiULRV ¿QV
GH DQiOLVH 9RFr SRGH DFHVVDU HVVHV UHODWyULRV QD H[HFXomR GH FiOFXOR GH
FXVWRV PHGLDQWH D VHOHomR GD RSomR GH PHQX &RQ¿JXUDo}HV RX SHOR VLVWHPD GH
LQIRUPDomR IRUD GD H[HFXomR GH FiOFXOR GH FXVWRV
5HVXOWDGRV GD H[HFXomR GH FiOFXOR GH FXVWRV H[LEH RV UHVXOWDGRV GH XPD
H[HFXomR GH FiOFXOR GH FXVWRV
3UHoR YHUVXV FiOFXOR GH FXVWRV YRFr SRGH FRPSDUDU RV FiOFXORV GH FXVWRV
VHOHFLRQDGRV FRP XP GRV SUHoRV QR PHVWUH GH PDWHULDLV 3RGH VHU VLPXODGD D
UHDYDOLDomR GRV HVWRTXHV TXH UHVXOWDULD VH RV FiOFXORV GH FXVWRV PDUFDGRV
WLYHVVHP VLGR OLEHUDGRV
'HVYLRV HQWUH H[HFXo}HV GH FiOFXOR GH FXVWRV SHUPLWH D YRFr FRPSDUDU
GXDV H[HFXo}HV GH FiOFXOR GH FXVWRV
3DUD XPD VtQWHVH GH WRGDV DV RSo}HV GH UHODWyULR XWLOL]H D RSomR 7RGDV DV VHOHo}HV
([FHo}HV FRPSDUD R YDORU FRP R TXDO RV YDORUHV OLPLDUHV GHYHP VHU FDOFXODGRV
6H R YDORU GH FRPSDUDomR IRU XP SUHoR GR PHVWUH GH PDWHULDLV YRFr QHFHVVLWD
HQWUDU R SUHoR D VHU YHUL¿FDGR VRE 6DtGD
e SRVVtYHO VDOWDU GD OLVWD GH REMHWR SDUD RV UHODWyULRV GHWDOKDGRV 3RU H[HPSOR
H[LELU FiOFXOR GH FXVWRV OLVWD WpFQLFD PXOWLQtYHO HVSHFL¿FDomR GR LWHP
HVWUDWL¿FDomR GH FXVWRV
3DUD PDLV LQIRUPDo}HV VREUH D DQiOLVH GH H[HFXo}HV GH FiOFXOR GH FXVWRV FRQVXOWH
D ELEOLRWHFD 6$3
&iOFXOR GH FXVWRV SRU QtYHO GH FiOFXOR GH FXVWRV TXDQGR YRFr FDOFXOD RV FXVWRV
GRV GDGRV GH PDVVD SHOD SULPHLUD YH] H TXDQGR SUHYr HUURV QXPHURVRV RX D
TXDOLGDGH GRV GDGRV PHVWUH p Pi p UHFRPHQGDGR TXH YRFr H[HFXWH R FiOFXOR GH
FXVWRV SRU QtYHO GH FiOFXOR GH FXVWRV
1RV SDUkPHWURV SDUD D DWLYLGDGH &iOFXOR GH FXVWRV PDUTXH RV QtYHLV GH
FiOFXOR GH FXVWRV UHOHYDQWHV H FRQWLQXH FRP R FiOFXOR GH FXVWRV 3URFHVVH RV
HUURV H HOLPLQH VXDV FDXVDV ([HFXWH R FiOFXOR GH FXVWRV QRYDPHQWH DWp RV
UHVXOWDGRV VHUHP VDWLVIDWyULRV
1RV SDUkPHWURV GD PHVPD H[HFXomR GH FiOFXOR GH FXVWRV VHOHFLRQDU RV QtYHLV
GH FiOFXOR PDLV DOWRV 2V FiOFXORV GH FXVWRV GR PDWHULDO GRV QtYHLV LQIHULRUHV
VmR LQFOXtGRV DXWRPDWLFDPHQWHϮ
$SHQDV FiOFXORV GH FXVWRV FRP HUURV HVWH SURFHGLPHQWR p UHFRPHQGDGR TXDQGR
VmR SUHYLVWRV SRXFRV HUURV RX QR FDVR GDV VLWXDo}HV DFLPD LQGLFDGDV SDUD XP RX
PDLV QtYHLV GH FiOFXOR GH FXVWRV VHOHFLRQDGRV
2 H[HPSOR PRVWUDGR DFLPD j GLUHLWD LOXVWUD XP FDVR HP TXH WRGRV RV QtYHLV
GH FiOFXOR GH FXVWRV VmR FDOFXODGRV (P WDLV FDVRV D JUDYLGDGH GR HUUR
GD PHQVDJHP &. GHYH VHU GH¿QLGD FRPR (UUR QD PHQVDJHP GH HUUR
GH¿QLGD SHOR XVXiULR GH PRGR TXH WRGRV RV FiOFXORV GH FXVWRV TXH FRQWrP
FiOFXORV GH FXVWRV FRP HUURV VHMDP PDUFDGRV HP FRQIRUPLGDGH
3DUD FiOFXORV GH FXVWRV UHSHWLGRV GH¿QD R FyGLJR $SHQDV FiOFXORV GH FXVWRV
FRP HUURV QR SDUkPHWUR &iOFXOR GH FXVWRV
&HQiULR GH QHJyFLRV
2 REMHWLYR p FDOFXODU H¿FLHQWHPHQWH RV FXVWRV GRV PDWHULDLV 9RFr XWLOL]DUi D
H[HFXomR GH FiOFXOR GH FXVWRV SDUD FDOFXODU VLPXOWDQHDPHQWH RV FXVWRV GH GLYHUVRV
PDWHULDLV FRP VHXV FRQMXQWRV H PDWHULDLV XWLOL]DGRV 9RFr H[HFXWDUi DV YiULDV
DWLYLGDGHV GD H[HFXomR GH FiOFXOR GH FXVWRV H XWLOL]DUi DV RSo}HV GH DQiOLVH
7DUHID
&ULH XPD OLVWD GH VHOHomR ÀH[tYHO
&ULH XPD OLVWD GH VHOHomR ÀH[tYHO SDUD VHOHFLRQDU PDWHULDLV SDUD VXD H[HFXomR
GH FiOFXOR GH FXVWRV 0DUTXH RV PDWHULDLV 5) H 5) SDUD R FHQWUR
$WULEXD R QRPH 0DUFDU j VXD OLVWD GH VHOHomR (QWUH XPD GHVFULomR EUHYH j
HVFROKD
7DUHID
&ULH XPD H[HFXomR GH FiOFXOR GH FXVWRV FRP R QRPH *5 PHGLDQWH D XWLOL]DomR
GD GDWD DWXDO FRPR D GDWD GH H[HFXomR GH FiOFXOR GH FXVWRV
(QWUH D GHVFULomR &iOFXOR GH FXVWRV GXUDQWH R H[HUFtFLR GR JUXSR
8WLOL]DU D YDULDQWH GH FiOFXOR GH FXVWRV 33& H D YHUVmR GH FiOFXOR GH FXVWRV
(IHWXDU D H[HFXomR GH FiOFXOR GH FXVWRV SDUD D iUHD GH FRQWDELOLGDGH GH
FXVWRV H HPSUHVD
7DUHID
([LED DV DWLYLGDGHV GH SURFHVVR SDUD D H[HFXomR GH FiOFXOR GH FXVWRV H
DWULEXD VXD OLVWD GH VHOHomR ÀH[tYHO 0DUFDU SDUD VHOHomR GH PDWHULDO 1DV
RSo}HV GH SURFHVVDPHQWR GHVPDUFDU R LGHQWL¿FDGRU GH SURFHVVDPHQWR HP
EDFNJURXQG H JUDYDU DV HQWUDGDV
([HFXWH D HWDSD GH VHOHomR $ SUpVHOHomR GH PDWHULDLV GHYH H[LELU GRLV
PDWHULDLV FRP R VWDWXV 6( VHOHFLRQDGR VHP HUURV 9HUL¿FDU R UHVXOWDGR GR
FiOFXOR GH FXVWRV QD OLVWD GH QtYHLV GH FiOFXOR GH FXVWRV
7DUHID
$WXDOL]H RV SDUkPHWURV SDUD D SUy[LPD HWDSD GH H[HFXomR GH FiOFXOR GH
FXVWRV D H[SORVmR GD HVWUXWXUD 'HVPDUTXH R FyGLJR 3URFHVVDPHQWR HP
EDFNJURXQG GH PRGR TXH D DWLYLGDGH SRVVD VHU H[HFXWDGD RQOLQH
$JRUD TXH YRFr DWXDOL]RX RV SDUkPHWURV SRGH H[HFXWDU D HWDSD GH H[SORVmR
GD HVWUXWXUD
4XDQWRV QtYHLV GH FiOFXOR GH FXVWRV IRUDP VHOHFLRQDGRV" 4XDO R PRWLYR
GLVVR"
4XDLV RV QRYRV PDWHULDLV TXH DSDUHFHP QD VtQWHVH GH PDWHULDO GD H[HFXomR
GH FiOFXOR GH FXVWRV"
9LVXDOL]H R VWDWXV GH VHOHomR 6( GD OLVWD GH VtQWHVH GH PDWHULDLV SRU PHLR GD
PRGL¿FDomR QR OD\RXW GD OLVWD 6$3
7DUHID
3URVVHJXLU FRP D HWDSD GH FiOFXOR GH FXVWRV
9i SDUD D DWXDOL]DomR GH SDUkPHWURV GD HWDSD GH FiOFXOR GH FXVWRV H
GHVPDUTXH R FyGLJR 3URFHVVDPHQWR HP EDFNJURXQG *DUDQWLU TXH R ORJ
HVWHMD GH¿QLGR SDUD QtYHLV GH FiOFXOR GH FXVWRV
$SyV JUDYDU DV RSo}HV H[HFXWDU R FiOFXOR GH FXVWRV
$ SDUWLU GD VtQWHVH GH PDWHULDLV DVVHJXUHVH GH TXH WRGRV RV PDWHULDLV
FDOFXODGRV WrP XP VHPiIRUR DPDUHOR RX YHUGH
7DUHID
'HVHMDVH DJRUD DQDOLVDU RV UHVXOWDGRV GR FiOFXOR GH FXVWRV FRP D XWLOL]DomR GH
UHODWyULRV HVSHFLDLV
1RV SDUkPHWURV GH DQiOLVH VHOHFLRQDU D YDULDQWH GH H[LELomR 6$3
8WLOL]DQGR RV SDUkPHWURV VHOHFLRQDU D H[HFXomR GH FiOFXOR GH FXVWRV *5
FRP D GDWD GH FiOFXOR GH FXVWRV UHOHYDQWH H JUDYiOD
([HFXWH D DQiOLVH H PDUTXH XP OD\RXW TXH FRPSDUH R UHVXOWDGR GR FiOFXOR
GH FXVWRV FRP R SUHoRSDGUmR GH WRGRV RV PDWHULDLV SDUD YHU R LPSDFWR TXH
RFRUUHUi VH HVVHV UHVXOWDGRV IRUHP OLEHUDGRV FRPR RV QRYRV FXVWRV VWDQGDUG
$ SDUWLU GR UHODWyULR H[LED R UHODWyULR GD OLVWD WpFQLFD PXOWLQtYHO
7DUHID
0DUFDU RV UHVXOWDGRV GH FiOFXOR GH FXVWRV 9HUL¿FDU SULPHLUDPHQWH VH D
PDUFDomR IRL SHUPLWLGD SDUD D YDULDQWH GH FiOFXOR GH FXVWRV QR SHUtRGR DWXDO
'HVPDUTXH RV FyGLJRV 3URFHVVDPHQWR HP EDFNJURXQG H ([HFXomR GH WHVWH
QDV FRQ¿JXUDo}HV GH SDUkPHWURV ([HFXWDU R SURFHVVDPHQWR UHDO
$ SDUWLU GD VtQWHVH GH PDWHULDLV YHUL¿TXH R UHVXOWDGR GR FiOFXOR GH FXVWRV GH
XP GHWHUPLQDGR PDWHULDO FOLFDQGR GXDV YH]HV QR Q~PHUR GR PDWHULDO
9i SDUD R PHVWUH GH PDWHULDLV 9LVmR GH FiOFXOR GR SUHoR SDUD HVVHV
PDWHULDLV 3RVLFLRQDU R FXUVRU QR Q~PHUR GR PDWHULDO FOLFDU FRP R ERWmR
GLUHLWR GR PRXVH H LU SDUD R PHVWUH GH PDWHULDLV $VVHJXUHVH GH TXH R FDPSR
GR SUHoR &iOFXOR GH FXVWRV SODQHMDGRV IXWXUR IRL DWXDOL]DGR
7DUHID
)LQDOPHQWH OLEHUDU RV UHVXOWDGRV GR FiOFXOR GH FXVWRV $VVHJXUDU TXH D
OLEHUDomR VHMD HIHWXDGD HP WHPSR UHDO H H[HFXWiOD 1mR HIHWXH XPD H[HFXomR
GH WHVWH
$ SDUWLU GD OLVWD $WXDOL]DomR GH SUHoR OLEHUDU SUHoRSDGUmR DVVHJXUHVH
GH TXH WRGRV RV PDWHULDLV WrP R VWDWXV )5 OLEHUDGR VHP HUURV 1DYHJXH
SDUD R PHVWUH GH PDWHULDLV GLUHWDPHQWH GD OLVWD $WXDOL]DomR GH SUHoR OLEHUDU
SUHoRSDGUmR VHOHFLRQDQGR R PDWHULDO 9HUL¿TXH RV UHVXOWDGRV GD OLEHUDomR
QDV YLV}HV GD &RQWDELOLGDGH H GH &iOFXOR GR SUHoR
$ SDUWLU GD OLVWD $WXDOL]DomR GH SUHoR OLEHUDU SUHoRSDGUmR H[LED R
GRFXPHQWR FRQWiELO SDUD D UHDYDOLDomR GR HVWRTXH 4XH PDWHULDLV FDXVDUDP
D UHDYDOLDomR GR HVWRTXH FRQWiELO"
1D WHOD 3URFHVVDU H[HFXomR GH FiOFXOR GH FXVWRV Yi SDUD D VtQWHVH GD
H[HFXomR GH FiOFXOR GH FXVWRV QR 6FKHGXOH 0DQDJHU SDUD H[LELU DV DWLYLGDGHV
HIHWXDGDV QD H[HFXomR GH FiOFXOR GH FXVWRV
7DUHID
&ULH XPD H[HFXomR GH FiOFXOR GH FXVWRV FRP R QRPH *5 PHGLDQWH D XWLOL]DomR
GD GDWD DWXDO FRPR D GDWD GH H[HFXomR GH FiOFXOR GH FXVWRV
(QWUH D GHVFULomR &iOFXOR GH FXVWRV GXUDQWH R H[HUFtFLR GR JUXSR
8WLOL]DU D YDULDQWH GH FiOFXOR GH FXVWRV 33& H D YHUVmR GH FiOFXOR GH FXVWRV
(IHWXDU D H[HFXomR GH FiOFXOR GH FXVWRV SDUD D iUHD GH FRQWDELOLGDGH GH
FXVWRV H HPSUHVD
D 0HQX ĺ &RQWDELOLGDGH ĺ &RQWUROOLQJ ĺ &RQWUROOLQJ GH FXVWRV GR
SURGXWR ĺ 3ODQHMDPHQWR GH FXVWRV GR SURGXWR ĺ &iOFXOR GH FXVWRV
GR PDWHULDO ĺ ([HFXomR GH FiOFXOR GH FXVWRV ĺ 3URFHVVDU H[HFXomR
GH FiOFXOR GH FXVWRV &.1
6HOHFLRQH D IXQomR ([HFXomR GH FiOFXOR GH FXVWRV ĺ &ULDU
(QWUH RV VHJXLQWHV GDGRV
([HFXomR GH FiOFXOR GH FXVWRV *5
'HVFULomR FiOFXOR GH FXVWRV GXUDQWH R H[HUFtFLR GR JUXSR
'DWD GH H[HFXomR GH FiOFXOR GH FXVWRV GDWD DWXDO
9DULDQWH GH FiOFXOR GH FXVWRV 33&
9HUVmR GH FiOFXOR GH FXVWRV
ÈUHD GH FRQWDELOLGDGH GH FXVWRV
(PSUHVD
6HOHFLRQH &RQWLQXDU (17(5
2 FiOFXOR GH FXVWRV GHYH VHU PDUFDGR H OLEHUDGR KRMH )D]HU DV RSo}HV
UHOHYDQWHV
D (IHWXH DV VHJXLQWHV FRQ¿JXUDo}HV
'DWD GH LQtFLR GR FiOFXOR GH FXVWRV GDWD DWXDO
'DWD GH ¿P GR FiOFXOR GH FXVWRV GDWD Pi[LPD
$FHLWH D GDWD SUHGH¿QLGD GD HVWUXWXUD TXDQWLWDWLYD H D GDWD GH
DYDOLDomR
*UDYDU D H[HFXomR GH FiOFXOR GH FXVWRV
D *UDYH D H[HFXomR VHOHFLRQDQGR ([HFXomR GH FiOFXOR GH FXVWRV ĺ
*UDYDU
2EVHUYDomR 9RFr HQFRQWUDVH QD HWDSD GH SURFHVVDPHQWR
GD H[HFXomR GH FiOFXOR GH FXVWRV 2 VLVWHPD H[LEH D VtQWHVH
GDV DWLYLGDGHV GH SURFHVVDPHQWR D VHUHP H[HFXWDGDV
7DUHID
([LED DV DWLYLGDGHV GH SURFHVVR SDUD D H[HFXomR GH FiOFXOR GH FXVWRV H
DWULEXD VXD OLVWD GH VHOHomR ÀH[tYHO 0DUFDU SDUD VHOHomR GH PDWHULDO 1DV
RSo}HV GH SURFHVVDPHQWR GHVPDUFDU R LGHQWL¿FDGRU GH SURFHVVDPHQWR HP
EDFNJURXQG H JUDYDU DV HQWUDGDV
D 3DUD D HWDSD GH SURFHVVR 6HOHomR FOLTXH QR tFRQH GHQWUR GD FROXQD
3DUkPHWUR 2 VLVWHPD H[LEH D WHOD 0RGL¿FDU SDUkPHWURV SDUD D
HWDSD 6HOHomR
(QWUH D OLVWD GH VHOHomR 0DUFDU
'HVPDUTXH R FyGLJR 3URFHVVDPHQWR HP EDFNJURXQG QD iUHD 2So}HV
GH SURFHVVDPHQWR *UDYH VXDV HQWUDGDV H YROWH j WHOD 3URFHVVDU
H[HFXomR GH FiOFXOR GH FXVWRV
([HFXWH D HWDSD GH VHOHomR $ SUpVHOHomR GH PDWHULDLV GHYH H[LELU GRLV
PDWHULDLV FRP R VWDWXV 6( VHOHFLRQDGR VHP HUURV 9HUL¿FDU R UHVXOWDGR GR
FiOFXOR GH FXVWRV QD OLVWD GH QtYHLV GH FiOFXOR GH FXVWRV
D 9RFr SRGH DJRUD YHU R VtPEROR ([HFXWDU QD FROXQD ([HFXWDU SDUD D
HWDSD 6HOHomR &OLTXH QHVWH VtPEROR SDUD FRQWLQXDU FRP HVWD HWDSD
([SDQGD RV 5HVXOWDGRV GR FiOFXOR GH FXVWRV 0DUTXH D OLQKD GR
QtYHO GH FiOFXOR GH FXVWRV H HP VHJXLGD VHOHFLRQH 6tQWHVH GH
PDWHULDLV 9RFr YHUi RV GRLV PDWHULDLV 5) H 5) TXH IRUDP
VHOHFLRQDGRV VHP HUURV QR QtYHO GH FiOFXOR GH FXVWRV
7DUHID
$WXDOL]H RV SDUkPHWURV SDUD D SUy[LPD HWDSD GH H[HFXomR GH FiOFXOR GH
FXVWRV D H[SORVmR GD HVWUXWXUD 'HVPDUTXH R FyGLJR 3URFHVVDPHQWR HP
EDFNJURXQG GH PRGR TXH D DWLYLGDGH SRVVD VHU H[HFXWDGD RQOLQH
D &OLTXH QD FROXQD 3DUkPHWUR SDUD D HWDSD ([SORVmR GD HVWUXWXUD
2 VLVWHPD H[LEH D WHOD 0RGL¿FDU SDUkPHWURV SDUD HVWD HWDSD
'HVPDUFDU R LGHQWL¿FDGRU GH SURFHVVDPHQWR HP EDFNJURXQG H
JUDYDU DV HQWUDGDV 9ROWH j WHOD 3URFHVVDU H[HFXomR GH FiOFXOR GH
FXVWRV
$JRUD TXH YRFr DWXDOL]RX RV SDUkPHWURV SRGH H[HFXWDU D HWDSD GH H[SORVmR
GD HVWUXWXUD
D 9RFr SRGH DJRUD YHU R VtPEROR ([HFXWDU QD FROXQD ([HFXWDU SDUD D
HWDSD ([SORVmR GD HVWUXWXUD &OLTXH QHVWH VtPEROR SDUD FRQWLQXDU
FRP HVWD HWDSD
7DUHID
3URVVHJXLU FRP D HWDSD GH FiOFXOR GH FXVWRV
9i SDUD D DWXDOL]DomR GH SDUkPHWURV GD HWDSD GH FiOFXOR GH FXVWRV H
GHVPDUTXH R FyGLJR 3URFHVVDPHQWR HP EDFNJURXQG *DUDQWLU TXH R ORJ
HVWHMD GH¿QLGR SDUD QtYHLV GH FiOFXOR GH FXVWRV
D &OLTXH QD FROXQD 3DUkPHWUR QD HWDSD &iOFXOR GH FXVWRV 2 VLVWHPD
H[LEH D WHOD 0RGL¿FDU SDUkPHWURV SDUD HVWD HWDSD 'HVPDUTXH R
FyGLJR 3URFHVVDPHQWR HP EDFNJURXQG H PDUTXH R FyGLJR 3URWRFROR
SRU QtYHO GH FiOFXOR GH FXVWRV
7DUHID
'HVHMDVH DJRUD DQDOLVDU RV UHVXOWDGRV GR FiOFXOR GH FXVWRV FRP D XWLOL]DomR GH
UHODWyULRV HVSHFLDLV
1RV SDUkPHWURV GH DQiOLVH VHOHFLRQDU D YDULDQWH GH H[LELomR 6$3
8WLOL]DQGR RV SDUkPHWURV VHOHFLRQDU D H[HFXomR GH FiOFXOR GH FXVWRV *5
FRP D GDWD GH FiOFXOR GH FXVWRV UHOHYDQWH H JUDYiOD
D &OLTXH QD FROXQD 3DUkPHWUR SDUD D HWDSD $QiOLVH 0DUTXH D
YDULDQWH 6$3 5HVXOWDGRV GD H[HFXomR GH FiOFXOR GH FXVWRV H
VHOHFLRQH (17(5 2 VLVWHPD H[LEH D WHOD 0RGL¿FDU SDUkPHWURV SDUD
HVWD HWDSD
(QWUH RV VHJXLQWHV GDGRV
([HFXomR GH FiOFXOR GH FXVWRV *5
'DWD GH FiOFXOR GH FXVWRV GDWD DWXDO
*UDYH VXDV FRQ¿JXUDo}HV H YROWH j WHOD 3URFHVVDU H[HFXomR GH
FiOFXOR GH FXVWRV
([HFXWH D DQiOLVH H PDUTXH XP OD\RXW TXH FRPSDUH R UHVXOWDGR GR FiOFXOR
GH FXVWRV FRP R SUHoRSDGUmR GH WRGRV RV PDWHULDLV SDUD YHU R LPSDFWR TXH
RFRUUHUi VH HVVHV UHVXOWDGRV IRUHP OLEHUDGRV FRPR RV QRYRV FXVWRV VWDQGDUG
D 9RFr SRGH DJRUD YHU R VtPEROR ([HFXWDU QD FROXQD ([HFXWDU SDUD D
HWDSD $QiOLVH &OLTXH QHVWH VtPEROR SDUD FRQWLQXDU FRP HVWD HWDSD
$ SDUWLU GR UHODWyULR VHOHFLRQH R VtPEROR 0DUFDU OD\RXW H PDUTXH R
OD\RXW 6$3 3UHoRSDGUmR YHUVXV FiOFXOR GH FXVWRVUHDYDOLDomR
&RSLH D FRQ¿JXUDomR H FRQWLQXH DSyV D PHQVDJHP GH LQIRUPDomR
$ SDUWLU GR UHODWyULR H[LED R UHODWyULR GD OLVWD WpFQLFD PXOWLQtYHO
D 0DUTXH 5) HP VHJXLGD PDUTXH R tFRQH 5HODWyULR GHWDOKDGR
OLVWD WpFQLFD PXOWLQtYHO
7DUHID
0DUFDU RV UHVXOWDGRV GH FiOFXOR GH FXVWRV 9HUL¿FDU SULPHLUDPHQWH VH D
PDUFDomR IRL SHUPLWLGD SDUD D YDULDQWH GH FiOFXOR GH FXVWRV QR SHUtRGR DWXDO
D 9ROWH j WHOD 3URFHVVDU H[HFXomR GH FiOFXOR GH FXVWRV H FOLTXH QD
FROXQD $XWRUL]DomR SDUD D HWDSD 0DUFDomR &OLTXH QD HPSUHVD
2EVHUYH TXH D PDUFDomR H D OLEHUDomR p SHUPLWLGD SDUD D
YDULDQWH GH FiOFXOR GH FXVWRV 33&
9RFr DWULEXLX HVWD YDULDQWH GH FiOFXOR GH FXVWRV QRV SDUkPHWURV
SDUD D H[HFXomR GR FiOFXOR GH FXVWRV
9ROWH j WHOD 3URFHVVDU H[HFXomR GH FiOFXOR GH FXVWRV
'HVPDUTXH RV FyGLJRV 3URFHVVDPHQWR HP EDFNJURXQG H ([HFXomR GH WHVWH
QDV FRQ¿JXUDo}HV GH SDUkPHWURV ([HFXWDU R SURFHVVDPHQWR UHDO
D &OLTXH QD FROXQD 3DUkPHWUR SDUD D HWDSD 0DUFDomR 'HVPDUTXH R
FyGLJR 3URFHVVDPHQWR HP EDFNJURXQG H R FyGLJR ([HFXomR GH WHVWH H
JUDYH VXDV HQWUDGDV 9ROWH j WHOD 3URFHVVDU H[HFXomR GH FiOFXOR GH
FXVWRV
9RFr SRGH DJRUD YHU R VtPEROR ([HFXWDU QD FROXQD ([HFXWDU SDUD
D HWDSD 0DUFDomR &OLTXH QHVWH VtPEROR SDUD FRQWLQXDU FRP HVWD
HWDSD
9ROWH j WHOD 3URFHVVDU H[HFXomR GH FiOFXOR GH FXVWRV
$ SDUWLU GD VtQWHVH GH PDWHULDLV YHUL¿TXH R UHVXOWDGR GR FiOFXOR GH FXVWRV GH
XP GHWHUPLQDGR PDWHULDO FOLFDQGR GXDV YH]HV QR Q~PHUR GR PDWHULDO
D 9i SDUD D VtQWHVH GH PDWHULDLV QRV UHVXOWDGRV GR FiOFXOR GH FXVWRV
'DU XP FOLTXH GXSOR HP TXDOTXHU Q~PHUR GH PDWHULDO 9RFr SRGH
DQDOLVDU GHWDOKDGDPHQWH R UHVXOWDGR GR FiOFXOR GH FXVWRV OLVWD
WpFQLFD PXOWLQtYHO YLV}HV GH FiOFXOR GR SUHoR HVSHFL¿FDomR GR
LWHP
9ROWH j VtQWHVH GH PDWHULDLV
9i SDUD R PHVWUH GH PDWHULDLV 9LVmR GH FiOFXOR GR SUHoR SDUD HVVHV
PDWHULDLV 3RVLFLRQDU R FXUVRU QR Q~PHUR GR PDWHULDO FOLFDU FRP R ERWmR
GLUHLWR GR PRXVH H LU SDUD R PHVWUH GH PDWHULDLV $VVHJXUHVH GH TXH R FDPSR
GR SUHoR &iOFXOR GH FXVWRV SODQHMDGRV IXWXUR IRL DWXDOL]DGR
D 3HUPDQHoD QD VtQWHVH GH PDWHULDLV 3RVLFLRQDU R FXUVRU HP
XP PDWHULDO 3UHVVLRQH R ERWmR GLUHLWR GR PRXVH H VHOHFLRQH
6XSOHPHQWRV ĺ 0HVWUH GH PDWHULDLV 3DJLQH SHODV ¿FKDV DWp FKHJDU
DR &iOFXOR GR SUHoR
1R &iOFXOR GR SUHoR YRFr SRGH YHU R UHVXOWDGR GD VXD PDUFDomR
QR FDPSR 3UHoR SODQHMDGR IXWXUR
&RQWLQXD QD SUy[LPD SiJLQD
7DUHID
)LQDOPHQWH OLEHUDU RV UHVXOWDGRV GR FiOFXOR GH FXVWRV $VVHJXUDU TXH D
OLEHUDomR VHMD HIHWXDGD HP WHPSR UHDO H H[HFXWiOD 1mR HIHWXH XPD H[HFXomR
GH WHVWH
D 1D WHOD 3URFHVVDU H[HFXomR GH FiOFXOR GH FXVWRV FOLTXH QD FROXQD
3DUkPHWUR SDUD D HWDSD /LEHUDomR 'HVPDUTXH RV FyGLJRV
3URFHVVDPHQWR HP EDFNJURXQG H ([HFXomR GH WHVWH *UDYH VXDV
FRQ¿JXUDo}HV H YROWH j WHOD 3URFHVVDU H[HFXomR GH FiOFXOR GH FXVWRV
9RFr SRGH DJRUD YHU R VtPEROR ([HFXWDU QD FROXQD ([HFXWDU SDUD
D HWDSD /LEHUDomR &OLTXH QHVWH VtPEROR SDUD FRQWLQXDU FRP HVWD
HWDSD
3HUPDQHoD HP $WXDOL]DomR GH SUHoR OLEHUDU SUHoR SDGUmR
$ SDUWLU GD OLVWD $WXDOL]DomR GH SUHoR OLEHUDU SUHoRSDGUmR DVVHJXUHVH
GH TXH WRGRV RV PDWHULDLV WrP R VWDWXV )5 OLEHUDGR VHP HUURV 1DYHJXH
SDUD R PHVWUH GH PDWHULDLV GLUHWDPHQWH GD OLVWD $WXDOL]DomR GH SUHoR OLEHUDU
SUHoRSDGUmR VHOHFLRQDQGR R PDWHULDO 9HUL¿TXH RV UHVXOWDGRV GD OLEHUDomR
QDV YLV}HV GD &RQWDELOLGDGH H GH &iOFXOR GR SUHoR
D $ OLVWD $WXDOL]DomR GH SUHoR OLEHUDU SUHoRSDGUmR p LPHGLDWDPHQWH
H[LELGD DSyV D H[HFXomR GD OLEHUDomR GRV FiOFXORV GH FXVWRV $
SDUWLU GD OLVWD $WXDOL]DomR GH SUHoR OLEHUDU SUHoRSDGUmR R VWDWXV
GR FiOFXOR GH FXVWRV p H[LELGR 9RFr YHUi TXH WRGRV RV PDWHULDLV WrP
R VWDWXV )5 OLEHUDGR VHP HUURV
3HUPDQHoD QD PHVPD OLVWD H FOLTXH HP TXDOTXHU XP GRV Q~PHURV
GRV PDWHULDLV ,VWR OHYDUi YRFr GLUHWDPHQWH DR PHVWUH GH PDWHULDLV
3DJLQH SHODV ¿FKDV DWp FKHJDU j &RQWDELOLGDGH H DR &iOFXOR GR
SUHoR
1R &iOFXOR GR SUHoR YRFr SRGH YHU R UHVXOWDGR GD VXD OLEHUDomR
QR FDPSR 3UHoR SODQHMDGR DWXDO 9RFr WDPEpP SRGH YHU R
SUHoRSDGUmR QRYR QD ¿FKD &RQWDELOLGDGH 4XDLVTXHU PDWHULDLV
QR HVWRTXH H[LVWHQWH VXMHLWRV DR FRQWUROH GR SUHoR 6 VmR UHDYDOLDGRV
FRP HVVH SUHoR
5HVXPR GD OLomR
9RFr DJRUD GHYH HVWDU DSWR D
&ULDU XPD H[HFXomR GH FiOFXOR GH FXVWRV
&ULDU XPD OLVWD GH VHOHomR PHGLDQWH D XWLOL]DomR GD VHOHomR ÀH[tYHO GH
PDWHULDO SDUD XPD H[HFXomR GH FiOFXOR GH FXVWRV
(IHWXDU XPD H[HFXomR GH FiOFXOR GH FXVWRV
$QDOLVDU R UHVXOWDGR GH XPD H[HFXomR GH FiOFXOR GH FXVWRV
8WLOL]DU H¿FLHQWHPHQWH D H[HFXomR GH FiOFXOR GH FXVWRV DWUDYpV GR WUDWDPHQWR
HIHWLYR GH HUURV
5HVXPR GR FDStWXOR
9RFr DJRUD GHYH HVWDU DSWR D
&ULDU XPD H[HFXomR GH FiOFXOR GH FXVWRV
&ULDU XPD OLVWD GH VHOHomR PHGLDQWH D XWLOL]DomR GD VHOHomR ÀH[tYHO GH
PDWHULDO SDUD XPD H[HFXomR GH FiOFXOR GH FXVWRV
(IHWXDU XPD H[HFXomR GH FiOFXOR GH FXVWRV
$QDOLVDU R UHVXOWDGR GH XPD H[HFXomR GH FiOFXOR GH FXVWRV
8WLOL]DU H¿FLHQWHPHQWH D H[HFXomR GH FiOFXOR GH FXVWRV DWUDYpV GR WUDWDPHQWR
HIHWLYR GH HUURV
9RFr GHYH LPSULPLU R ORJ HP FDGD HWDSD GH XPD JUDQGH H[HFXomR GH FiOFXOR
GH FXVWRV
,QGLTXH VH HVWD D¿UPDomR p YHUDGHLUD RX IDOVD
Ƒ 9HUGDGHLUR
Ƒ )DOVR
5HVSRVWDV
2V GDGRV DGPLQLVWUDWLYRV HP XPD H[HFXomR GH FiOFXOR GH FXVWRV QXQFD
GHYHP VHU HOLPLQDGRV
5HVSRVWD )DOVR
'HSRLV GH XPD H[HFXomR GH FiOFXOR GH FXVWRV H GH VXDV DWLYLGDGHV GH
SURFHVVDPHQWR VHUHP FRQFOXtGDV FRP r[LWR HVVD H[HFXomR SRGHUi VHU
HOLPLQDGD 2V GDGRV DGPLQLVWUDWLYRV QD H[HFXomR GH FiOFXOR GH FXVWRV
WDPEpP VmR HOLPLQDGRV
9RFr GHYH LPSULPLU R ORJ HP FDGD HWDSD GH XPD JUDQGH H[HFXomR GH FiOFXOR
GH FXVWRV
5HVSRVWD )DOVR
9RFr SRGH LPSULPLU R ORJ HP FDGD HWDSD GH XPD H[HFXomR GH FiOFXOR GH
FXVWRV (P XPD JUDQGH H[HFXomR GH FiOFXOR GH FXVWRV D LPSUHVVmR HP FDGD
HWDSD DXPHQWD R WHPSR GH SURFHVVDPHQWR H XWLOL]D XP YROXPH FRQVLGHUiYHO
GRV UHFXUVRV GR VLVWHPD VSRROV ,VWR p XPD ERD LGpLD SDUD JUDYDU R ORJ
H DQDOLViOR SRVWHULRUPHQWH
2EMHWLYRV GR FDStWXOR
1R ¿QDO GHVWH FDStWXOR YRFr GHYHUi HVWDU DSWR D
'HVFUHYHU D SRVLomR H R REMHWLYR GD ³&RQWDELOLGDGH GH REMHWRV GH FXVWR´ QR
PyGXOR &RQWUROOLQJ
([SOLFDU RV WHUPRV ³FiOFXOR GH FXVWRV SUHOLPLQDU FiOFXOR GH FXVWRV
VLPXOWkQHR FiOFXOR GH FXVWRV ¿QDO´
([SOLFDU RV WHUPRV ³&RQWUROOLQJ GH SURGXWR SRU RUGHP &RQWUROOLQJ SHULyGLFR
GH SURGXWR H &RQWUROOLQJ SRU RUGHP GR FOLHQWH´
'LIHUHQFLDU HQWUH &RQWUROOLQJ QR QtYHO GR SURGXWR H QR QtYHO GD RUGHP
&RQWH~GR GR FDStWXOR
/LomR 6tQWHVH GRV FRPSRQHQWHV GH &RQWDELOLGDGH GH REMHWRV GH FXVWR
2EMHWLYRV GD OLomR
1R ¿QDO GHVWD OLomR YRFr GHYHUi HVWDU DSWR D
'HVFUHYHU D SRVLomR H R REMHWLYR GD ³&RQWDELOLGDGH GH REMHWRV GH FXVWR´ QR
PyGXOR &RQWUROOLQJ
([SOLFDU RV WHUPRV ³FiOFXOR GH FXVWRV SUHOLPLQDU FiOFXOR GH FXVWRV
VLPXOWkQHR FiOFXOR GH FXVWRV ¿QDO´
([SOLFDU RV WHUPRV ³&RQWUROOLQJ GH SURGXWR SRU RUGHP &RQWUROOLQJ SHULyGLFR
GH SURGXWR H &RQWUROOLQJ SRU RUGHP GR FOLHQWH´
'LIHUHQFLDU HQWUH &RQWUROOLQJ QR QtYHO GR SURGXWR H QR QtYHO GD RUGHP
&HQiULR GH QHJyFLRV
9RFr WUDEDOKD HP XPD HPSUHVD TXH XWLOL]D YiULRV SURFHVVRV GH SURGXomR GH EHQV
H VHUYLoRV 9RFr JRVWDULD GH FRQKHFHU PpWRGRV GH PDSHDPHQWR DGHTXDGRV SDUD
HVVHV SURFHVVRV GH SURGXomR QR VLVWHPD 6$3 (53
$UTXLWHWXUD
&RPR SRGHPRV UHGX]LU QRVVRV FXVWRV LQGLUHWRV" 0XLWDV VRFLHGDGHV HVWmR YHQGR
VHXV FXVWRV LQGLUHWRV DXPHQWDUHP HVSHWDFXODUPHQWH (QWUH HOHV HVWmR RV FXVWRV
TXH QmR SRGHP VHU DWULEXtGRV GLUHWDPHQWH D SURGXWRV RX VHUYLoRV (QTXDQWR DV
iUHDV GH SURGXomR PXLWDV YH]HV LQGLFDP XP JUDQGH SURJUHVVR HP WHUPRV GH
FRQWUROH GH FXVWRV H GH RWLPL]DomR GH SURFHVVRV RV FXVWRV LQGLUHWRV FRQWLQXDP
IRUQHFHQGR SRXFD WUDQVSDUrQFLD $ HQWUDGD H DORFDomR GH FXVWRV LQGLUHWRV GH
DFRUGR FRP DV FDXVDV VmR VXSRUWDGDV SHORV VHJXLQWHV FRPSRQHQWHV QR &RQWUROOLQJ
GRV FXVWRV LQGLUHWRV &220
$V iUHDV GH UHVSRQVDELOLGDGH HVWmR GH IDWR WUDEDOKDQGR FRP H¿FLrQFLD" $
&RQWDELOLGDGH GH FHQWURV GH FXVWR &220&&$ YHUL¿FD D RULJHP GRV FXVWRV
LQGLUHWRV GHQWUR GD RUJDQL]DomR 9RFr SRGH DORFDU RV FXVWRV LQGLUHWRV GH VXEiUHDV
RUJDQL]DFLRQDLV SDUD FDXVDV GH FXVWRV UHDLV 9RFr GLVS}H GH XPD JUDQGH YDULHGDGH
GH PpWRGRV GH DORFDomR TXH FRQVLGHUDP QmR Vy TXDQWLGDGHV FRPR WDPEpP
YDORUHV (P SDUWLFXODU D DORFDomR GH DWLYLGDGH SHUPLWH D DORFDomR EDVHDGD HP
FDXVDV GH PXLWRV FXVWRV QD IRUPD GH DWLYLGDGHV TXH QRUPDOPHQWH QmR VHULDP
DWULEXtGDV D SURGXWRV
2V FXVWRV GH DWLYLGDGHV RUJDQL]DFLRQDLV VmR DOWRV" (VWmR GHQWUR GR RUoDPHQWR"
$V 2UGHQV GH FXVWRV LQGLUHWRV 23$ 2UGHU 3URFHVV $FFRXQWLQJ UH~QHP H
FRQWURODP RV FXVWRV LQFRUULGRV FRP PHGLGDV WRPDGDV SHOD RUJDQL]DomR 9RFr
SRGH DGPLQLVWUDU RUoDPHQWRV GH RUGHQV H PRQLWRUDU D UHVSHFWLYD FRQIRUPLGDGH
FRP R VLVWHPD
± &XVWRV VWDQGDUG
± &XVWRV UHDLV TXH XWLOL]DP R FRPSRQHQWH &iOFXOR GH FXVWR UHDO/HGJHU
GH PDWHULDLV $&0/
$YDOLDomR GH SURGXWRV DFDEDGRV H VHPLDFDEDGRV
± 3UHoRVSDGUmR IRUQHFLGRV SRU FiOFXORV GH FXVWRV
± &ULDomR GH FiOFXORV GH FXVWRV DOWHUQDWLYRV SDUD EDODQoRV H DWLYLGDGHV
GH HQFHUUDPHQWR
'HWHUPLQDomR H DYDOLDomR GR PDWHULDO HP SURFHVVR QR HQFHUUDPHQWR GR
SHUtRGR
'HOLPLWDomR GH FXVWRV FRP EDVH QR SHUtRGR FRP SURYLV}HV SDUD ULVFRV GH
SHUGD
± $PELHQWH GH SURGXomR VRE HQFRPHQGD
± $WXDOL]Do}HV FRUUHVSRQGHQWHV GH VDOGRV H GHPRQVWUDo}HV GH UHVXOWDGRV
2 PDWHULDO HP SURFHVVR SRGH VHU GHWHUPLQDGR FRP EDVH QRV FXVWRV UHDLV TXDQGR
VH XWLOL]D D DSURSULDomR JOREDO GH FXVWRV RX FRP EDVH QRV FXVWRV WHyULFRV TXDQGR
VH XWLOL]D D DSURSULDomR SHULyGLFD
$ GHWHUPLQDomR GH GHVYLR GHWHUPLQD RV FXVWRV WHyULFRV GH XPD RUGHP H QHVVD
PHVPD EDVH D FRPSDUDomR UHDOWHyULFR 2 UHIXJR p FDOFXODGR FRP EDVH QRV FXVWRV
WHyULFRV
3DUD RV REMHWRV TXH QmR SRGHP VHU IRUQHFLGRV DR GHSyVLWR VHUi H[HFXWDGD XPD
'HWHUPLQDomR GR UHVXOWDGR DR LQYpV GH XPD GHWHUPLQDomR :,3 H GH GHVYLR
$ DSURSULDomR GH FXVWRV p D ~OWLPD HWDSD GR HQFHUUDPHQWR GR SHUtRGR QD
&RQWDELOLGDGH GH REMHWRV GH FXVWR 2V YDORUHV GHWHUPLQDGRV VmR DSURSULDGRV HP
RXWURV FRPSRQHQWHV WDLV FRPR ), H &23$ H DR PHVPR WHPSR VmR FULDGDV DV
SDUWLGDV LQGLYLGXDLV DGHTXDGDV WDPEpP QR /HGJHU GH PDWHULDLV
$OJXQV REMHWRV GH FXVWR DSHQDV SRGHP VHU FRQWURODGRV SRU RUGHP H RXWURV DSHQDV
SRU SHUtRGR
([LVWHP REMHWRV GH FXVWR UHODFLRQDGRV j RUGHP TXH SRGHP SDVVDU SDUD FRQWUROOLQJ
SHULyGLFR QR FXVWRPL]LQJ
HQTXDQWR TXH FRP D SURGXomR SRU RUGHP GH FOLHQWH HOHV VmR YHQGLGRV SULPHLUR H
Vy GHSRLV SURGX]LGRV &RP D ³ SURGXomR SRU RUGHP GH FOLHQWH FRP FRQWUROOLQJ
SRU RUGHP GR FOLHQWH ´ XP LWHP GH RUGHP GR FOLHQWH p XP REMHWR GH FXVWR
$PERV FHQiULRV VmR SRVVtYHLV SDUD D SURGXomR H R FRPpUFLR GH PHUFDGRULDV
3RUpP XP VHUYLoR DSHQDV SRGH VHU PDSHDGR FRPR SURGXomR SRU RUGHP GH FOLHQWH
6H D RUGHP GR FOLHQWH QmR IRUQHFHU SRU VL Vy WRGDV DV IXQo}HV RX RSo}HV SDUD D
LQWHJUDomR TXH GHVHMD YRFr SRGH FRPELQDU D RUGHP GR FOLHQWH FRP RXWURV REMHWRV
GH FXVWR WDLV FRPR SURMHWRV RX UHGHV ,VVR p SDUWLFXODUPHQWH UHFRPHQGDGR SDUD
FHQiULRV GH SURGXomR VRE HQFRPHQGD FRPSOH[RV WDLV FRPR
3URGXomR VRE HQFRPHQGD PHGLDQWH HVSHFL¿FDo}HV GR FOLHQWHϮ
3URGXWRV FRPSOH[RV FRPR HVWUXWXUDV HPEDUFDo}HV HWF
3URGXomR FRP YDULDQWHV GH JUDQGH HVFDOD
2 &RQWUROOLQJ SRU RUGHP GR FOLHQWH H R 3URMHWR GH FOLHQWH SHUPLWHP D YRFr
&DOFXODU H DQDOLVDU FXVWRV SODQHMDGRV H FXVWRV UHDLV SRU LWHP GH RUGHP GR
FOLHQWH RX HOHPHQWR 3(3
&DOFXODU H DQDOLVDU D UHFHLWD SODQHMDGD H D UHFHLWD UHDO SRU LWHP GH RUGHP GR
FOLHQWH RX HOHPHQWR 3(3 GHSHQGHQGR GR FyGLJR RSHUDFLRQDO GR HOHPHQWR
3(3
&DOFXODU R YDORU GR HVWRTXH GH SURGXWRV DFDEDGRV H VHPLDFDEDGRV
&ULDU SURYLV}HV DXWRPDWLFDPHQWH
7UDQVIHULU GDGRV SDUD D &RQWDELOLGDGH ¿QDQFHLUD ),
7UDQVIHULU GDGRV SDUD D $QiOLVH GH UHQWDELOLGDGH &23$
7UDQVIHULU GDGRV SDUD D &RQWDELOLGDGH GH FHQWURV GH OXFUR (&3&$
9RFr WDPEpP SRGH LQGLFDU TXH R FRQWUROOLQJ GHYH RFRUUHU HP XP QtYHO PDLV DOWR
RX VHMD QR QtYHO GR SURGXWR 1HVVH FDVR RV REMHWRV ORJtVWLFRV WDLV FRPR DV RUGHQV
GH SURGXomR QmR VmR REMHWRV GH FXVWR RV FXVWRV VmR VLP ODQoDGRV HP XP FROHWRU
5HVXPR GD OLomR
9RFr DJRUD GHYH HVWDU DSWR D
'HVFUHYHU D SRVLomR H R REMHWLYR GD ³&RQWDELOLGDGH GH REMHWRV GH FXVWR´ QR
PyGXOR &RQWUROOLQJ
([SOLFDU RV WHUPRV ³FiOFXOR GH FXVWRV SUHOLPLQDU FiOFXOR GH FXVWRV
VLPXOWkQHR FiOFXOR GH FXVWRV ¿QDO´
([SOLFDU RV WHUPRV ³&RQWUROOLQJ GH SURGXWR SRU RUGHP &RQWUROOLQJ SHULyGLFR
GH SURGXWR H &RQWUROOLQJ SRU RUGHP GR FOLHQWH´
'LIHUHQFLDU HQWUH &RQWUROOLQJ QR QtYHO GR SURGXWR H QR QtYHO GD RUGHP
5HVXPR GR FDStWXOR
9RFr DJRUD GHYH HVWDU DSWR D
'HVFUHYHU D SRVLomR H R REMHWLYR GD ³&RQWDELOLGDGH GH REMHWRV GH FXVWR´ QR
PyGXOR &RQWUROOLQJ
([SOLFDU RV WHUPRV ³FiOFXOR GH FXVWRV SUHOLPLQDU FiOFXOR GH FXVWRV
VLPXOWkQHR FiOFXOR GH FXVWRV ¿QDO´
([SOLFDU RV WHUPRV ³&RQWUROOLQJ GH SURGXWR SRU RUGHP &RQWUROOLQJ SHULyGLFR
GH SURGXWR H &RQWUROOLQJ SRU RUGHP GR FOLHQWH´
'LIHUHQFLDU HQWUH &RQWUROOLQJ QR QtYHO GR SURGXWR H QR QtYHO GD RUGHP
2EMHWLYRV GR FDStWXOR
1R ¿QDO GHVWH FDStWXOR YRFr GHYHUi HVWDU DSWR D
'HVFUHYHU R SURFHVVDPHQWR GD RUGHP GR FOLHQWH
'HVFUHYHU R ÀX[R GH YDORUHV SDUD D SURGXomR SRU RUGHP GH FOLHQWH FRP H
VHP &RQWUROOLQJ SRU RUGHP GR FOLHQWH
([SOLFDU R ÀX[R GH YDORUHV SDUD FHQiULRV FRP HVWRTXH DYDOLDGR H QmR
DYDOLDGR GD RUGHP GR FOLHQWH
&RQWH~GR GR FDStWXOR
/LomR &HQiULRV GH SURGXomR SRU RUGHP GH FOLHQWH
2EMHWLYRV GD OLomR
1R ¿QDO GHVWD OLomR YRFr GHYHUi HVWDU DSWR D
'HVFUHYHU R SURFHVVDPHQWR GD RUGHP GR FOLHQWH
'HVFUHYHU R ÀX[R GH YDORUHV SDUD D SURGXomR SRU RUGHP GH FOLHQWH FRP H
VHP &RQWUROOLQJ SRU RUGHP GR FOLHQWH
([SOLFDU R ÀX[R GH YDORUHV SDUD FHQiULRV FRP HVWRTXH DYDOLDGR H QmR
DYDOLDGR GD RUGHP GR FOLHQWH
&HQiULR GH QHJyFLRV
9RFr WUDEDOKD HP XPD HPSUHVD TXH XWLOL]D YiULRV SURFHVVRV GH SURGXomR GH
EHQV H VHUYLoRV 9RFr JRVWDULD GH FRQKHFHU PpWRGRV GH PDSHDPHQWR DGHTXDGRV
SDUD HVVHV SURFHVVRV GH SURGXomR QR VLVWHPD 6$3 (53 $OpP GRV SURFHVVRV
GH SURGXomR QR HVWRTXH YRFr WDPEpP FULD DWLYLGDGHV SDUD RUGHQV GH FOLHQWHV
GLUHWDPHQWH SURGXWRV RX VHUYLoRV
2 IRUQHFLPHQWR VXSRUWDϮϮ
&ULDomR GH GRFXPHQWRV GH UHPHVVDϮ
&ULDomR GH RUGHQV GH WUDQVIHUrQFLD QR GHSyVLWR SLFNLQJ Ϯ
(PEDODJHP VH QHFHVViULR Ϯ
6DtGD GH PHUFDGRULDV
2 IRUQHFLPHQWR FULD XP GRFXPHQWR GH UHPHVVD SDUD R TXDO VmR WUDQVIHULGRV
GHWHUPLQDGRV GDGRV GD RUGHP GR FOLHQWH FRPR SRU H[HPSOR PDWHULDLV H
TXDQWLGDGHV
2 GRFXPHQWR GH UHPHVVD p R PHLR HOHWU{QLFR TXH FRQWULEXL SDUD D DGPLQLVWUDomR
GH WRGDV DV DWLYLGDGHV GR SURFHVVDPHQWR GD UHPHVVD LQFOXLQGR D VHOHomR UDFLRQDO
GH SURGXWRV R HPSDFRWDPHQWR SODQHMDPHQWR H PRQLWRUDomR GRV WUDQVSRUWHV
SUHSDUDomR GH GRFXPHQWRV GH WUDQVSRUWH H UHJLVWUR GH VDtGDV GH PHUFDGRULDV
2 IDWXUDPHQWR VXSRUWDϮϮ
&ULDomR GH IDWXUDV SDUD IRUQHFLPHQWRV H VHUYLoRVϮ
&ULDomR GH QRWDV GH FUpGLWR H GpELWR EDVHDGDV HP RUGHQV
&DQFHODPHQWR GH WUDQVDo}HV HPSUHVDULDLVϮ
7UDQVIHUrQFLD GH GDGRV GH IDWXUDPHQWR SDUD D FRQWDELOLGDGH ¿QDQFHLUDϮ
2 IDWXUDPHQWR FULD XP GRFXPHQWR GH IDWXUDPHQWR XWLOL]DQGR GDGRV GD RUGHP
GR FOLHQWH H R GRFXPHQWR GH UHPHVVD
2 GRFXPHQWR GH IDWXUDPHQWR SUHVWDVH D YiULDV IXQo}HV LPSRUWDQWHV
2 GRFXPHQWR GH IDWXUDPHQWR ), p FULDGR FRP EDVH QR GRFXPHQWR GH
IDWXUDPHQWR ), UHVXOWDGR GR GRFXPHQWR GH IDWXUDPHQWR )XQFLRQD FRPR
IRQWH SDUD D &RQWDELOLGDGH ¿QDQFHLUD ), H DMXGD YRFr D PRQLWRUDU H
DGPLQLVWUDU RV SDJDPHQWRV GR FOLHQWH
4XDQGR YRFr FULD XP GRFXPHQWR GH IDWXUDPHQWR SRGH REVHUYDU D DWXDOL]DomR
DXWRPiWLFD QR 5D]mR $ FRQWDELOLGDGH GH FOLHQWHV GR FOLHQWH p GHELWDGD H D
FRQWD GH UHFHLWDV p FUHGLWDGD
$GPLQLVWUDomR GH RUGHQV 3DJDPHQWR
$PELHQWHV
&RQWUROOLQJ GD SURGXomR FHQWUDGR HP JUXSRV GH SURGXWRV
*UDQGH YROXPH GH SURGXomR
&RQWUROOLQJ SRU RUGHP GR FOLHQWH VHPHOKDQWH D SURGXomR SRU HVWRTXH
([HPSORV
0RQWDJHP VHJXQGR FDWiORJR
3URGXomR VRE HQFRPHQGD FRP YDULDQWHV GH HPEDODJHP
$V QRYDV IXQo}HV GR 6$3 (53 SDUD R HVWRTXH DYDOLDGR SRU RUGHP GR FOLHQWH
DSUHVHQWDGDV QR UHOHDVH VLJQL¿FDP TXH R VLVWHPD SURFHVVD D SURGXomR VRE
HQFRPHQGD GH IRUPD VHPHOKDQWH j SURGXomR SDUD HVWRTXH
1R UHOHDVH HVWH HVWRTXH QXQFD p DYDOLDGR $ SDUWLU GR UHOHDVH YRFr
SRGH RSWDU SRU DGPLQLVWUDU HVVH HVWRTXH GD RUGHP GR FOLHQWH FRPR DYDOLDGR RX
QmR DYDOLDGR
(VWRTXH DYDOLDGR GH RUGHP GH FOLHQWH
$ SULPHLUD HQWUDGD GH PHUFDGRULDV VROLFLWD XPD DYDOLDomR FRP EDVH HP XPD GDV
HVWUDWpJLDV VXEVHTHQWHV H IXQFLRQD FRPR D EDVH GH DYDOLDomR GHVVH SRQWR HP
GLDQWH
2 VLVWHPD FDOFXOD R SUHoRSDGUmR FRP EDVH QR H[LW GH FOLHQWH &23&3
$YDOLDomR GH PDWHULDO SDUD HVWRTXH DYDOLDGR GD RUGHP GR FOLHQWH
2 VLVWHPD FDOFXOD R SUHoRSDGUmR XWLOL]DQGR XP FiOFXOR GH FXVWRV GD RUGHP
GR FOLHQWH SUpGHVLJQDGR (VWH FiOFXOR GH FXVWRV GD RUGHP GR FOLHQWH SRGH
VHU EDVHDGR HP XP FiOFXOR GH FXVWR XQLWiULR RX HP XP FiOFXOR GH FXVWR
GR SURGXWR
2 VLVWHPD GHWHUPLQD R SUHoRSDGUmR XWLOL]DQGR R FiOFXOR GH FXVWRV GD RUGHP
GH SURGXomR RX RV FXVWRV SODQHMDGRV SDUD R HOHPHQWR 3(3 &DVR KDMD YiULDV
RUGHQV GH SURGXomR SDUD R PHVPR LWHP GD RUGHP GR FOLHQWH R VLVWHPD XWLOL]D
R SUHoRSDGUmR UHVXOWDQWH GD RUGHP GH SURGXomR IRUQHFLGD SULPHLUR
(VWRTXH QmR DYDOLDGR SDUD RUGHP GR FOLHQWH
3RU FRQVHJXLQWH
5HVXPR GD OLomR
9RFr DJRUD GHYH HVWDU DSWR D
'HVFUHYHU R SURFHVVDPHQWR GD RUGHP GR FOLHQWH
'HVFUHYHU R ÀX[R GH YDORUHV SDUD D SURGXomR SRU RUGHP GH FOLHQWH FRP H
VHP &RQWUROOLQJ SRU RUGHP GR FOLHQWH
([SOLFDU R ÀX[R GH YDORUHV SDUD FHQiULRV FRP HVWRTXH DYDOLDGR H QmR
DYDOLDGR GD RUGHP GR FOLHQWH
5HVXPR GR FDStWXOR
9RFr DJRUD GHYH HVWDU DSWR D
'HVFUHYHU R SURFHVVDPHQWR GD RUGHP GR FOLHQWH
'HVFUHYHU R ÀX[R GH YDORUHV SDUD D SURGXomR SRU RUGHP GH FOLHQWH FRP H
VHP &RQWUROOLQJ SRU RUGHP GR FOLHQWH
([SOLFDU R ÀX[R GH YDORUHV SDUD FHQiULRV FRP HVWRTXH DYDOLDGR H QmR
DYDOLDGR GD RUGHP GR FOLHQWH
2EMHWLYRV GR FDStWXOR
1R ¿QDO GHVWH FDStWXOR YRFr GHYHUi HVWDU DSWR D
&ULDU RV GDGRV PHVWUH SDUD XPD RUGHP GH SURGXomR H XP FROHWRU GH FXVWRV
GR SURGXWR
([SOLFDU R FXVWRPL]LQJ SDUD XP ³FHQiULR GH VHSDUDomR´
([HFXWDU FiOFXOR GH FXVWRV SUHOLPLQDU SDUD XP FROHWRU GH FXVWRV GR SURGXWR
([HFXWDU PRYLPHQWRV GH PHUFDGRULDV H FRQ¿UPDo}HV SDUD D RUGHP GH
SURGXomR
(IHWXDU ODQoDPHQWRV GLUHWRV GD &RQWDELOLGDGH ¿QDQFHLUD SDUD R FROHWRU GH
FXVWRV GR SURGXWR
'HVFUHYHU DV HWDSDV WtSLFDV GR HQFHUUDPHQWR GR SHUtRGR QD SURGXomR SDUD
HVWRTXH FRP &RQWUROOLQJ SHULyGLFR GH SURGXWR
'HWHUPLQDU R PDWHULDO HP SURFHVVR :,3 VHJXQGR R FXVWR WHyULFR H H[SOLFDU
R FXVWRPL]LQJ DVVRFLDGR
([HFXWDU DQiOLVH GH GHVYLR
'HVFUHYHU D LQWHJUDomR GR HQFHUUDPHQWR GR SHUtRGR
'HVFUHYHU D SURGXomR UHSHWLWLYD
$YDOLDU DV GLIHUHQWHV HVWUDWpJLDV GH DYDOLDomR GR PDWHULDO
&RQWH~GR GR FDStWXOR
/LomR 'DGRV PHVWUH H FiOFXOR GH FXVWRV SUHOLPLQDU
([HUFtFLR 'DGRV PHVWUH H FiOFXOR GH FXVWRV SUHOLPLQDU
/LomR &iOFXOR GH FXVWRV VLPXOWkQHR
([HUFtFLR &iOFXOR GH FXVWRV VLPXOWkQHR &ROHWRUHV GH FXVWRV GR
SURGXWR
2EMHWLYRV GD OLomR
1R ¿QDO GHVWD OLomR YRFr GHYHUi HVWDU DSWR D
&ULDU RV GDGRV PHVWUH SDUD XPD RUGHP GH SURGXomR H XP FROHWRU GH FXVWRV
GR SURGXWR
([SOLFDU R FXVWRPL]LQJ SDUD XP ³FHQiULR GH VHSDUDomR´
([HFXWDU FiOFXOR GH FXVWRV SUHOLPLQDU SDUD XP FROHWRU GH FXVWRV GR SURGXWR
&HQiULR GH QHJyFLRV
8P IDEULFDQWH SURGX] YiULRV WLSRV GH ERPEDV SDUD HVWRTXH 2 FRQWUROOLQJ GH
YHQGDV p UHDOL]DGR DSHQDV QD 'HPRQVWUDomR GH UHVXOWDGRV &23$
2V WLSRV PDLV SURFXUDGRV VmR SURGX]LGRV HP XP SURFHVVR GH SURGXomR FRQWtQXD
H PDSHDGRV QR VLVWHPD FRP SURGXomR UHSHWLWLYD 3RU VHX ODGR XP WLSR PHQRV
SURFXUDGR DSHQDV GHYH VHU SURGX]LGR FRP EDVH QR WDPDQKR GR ORWH FRP RUGHQV GH
SURGXomR H DSHQDV TXDQGR R HVWRTXH GHVFH DEDL[R GR SRQWR GH UHDEDVWHFLPHQWR
3DUD XPD PHOKRU FRPSDUDomR GRV REMHWRV GH FXVWR WRGRV RV SURFHVVRV GH SURGXomR
GHYHP VHU DFRPSDQKDGRV SRU XP FRQWUROOLQJ SHULyGLFR &DGD ERPED WHP XPD
YHUVmR GH SURGXomR SDUD D SURGXomR UHSHWLWLYD H RXWUD SDUD D SURGXomR SRU RUGHP
1HVWH H[HPSOR LUHPRV QRV FRQFHQWUDU QD SURGXomR TXH UHFRUUH D RUGHQV GH
SURGXomR
8PD RUGHP GH SURGXomR GHYH VHU FULDGD QRV GDGRV PHVWUH HQTXDQWR XP FROHWRU
GH FXVWRV GR SURGXWR GHYH IXQFLRQDU FRPR XP REMHWR GH FXVWR SDUD &RQWUROOLQJ
SRU SHUtRGR
'DGRV PHVWUH
2 SURFHVVR GH SURGXomR WHP FDUDFWHUtVWLFDV FRP YDORUHV ~QLFRV SDUD HVVH SURFHVVR
GH SURGXomR 9RFr LQGLFD DV FDUDFWHUtVWLFDV TXH VHUmR DWXDOL]DGDV SDUD R SURFHVVR
GH SURGXomR SRU PHLR GR QtYHO GH FRQWUROOLQJ
+i XP QtYHO GH FRQWUROOLQJ VHSDUDGR SDUD FDGD PDWHULDO GH FHQWUR H FDWHJRULD
GH SURFHVVR $ FDWHJRULD GH SURFHVVR UHOHYDQWH QD &RQWDELOLGDGH GH REMHWRV GH
FXVWR p SURGXomR
4XDQGR YRFr FULD R FROHWRU GH FXVWRV GR SURGXWR GHFLGH R QtYHO HP TXH RV FXVWRV
GHYHUmR VHU FROHWDGRV QR FROHWRU GH FXVWRV GR SURGXWR ([LVWHP RV VHJXLQWHV QtYHLV
9HUVmR GD SURGXomR
4XDOTXHU FRPELQDomR GH OLVWD WpFQLFDURWHLUR
0DWHULDO SRU FHQWUR
$ UHJUD GHIDXOW 33 SHULyGLFD GHYH VHU LQGLFDGD SDUD R WLSR GH RUGHP GD RUGHP
GH SURGXomR
$ YDULDQWH GH FiOFXOR GH FXVWRV H D GH DYDOLDomR LQGLFDGDV QR WLSR GH RUGHP SDUD D
RUGHP GH SURGXomR VmR XVDGDV SDUD D HVWLPDWLYD GH FXVWRV SUHOLPLQDU SDUD D RUGHP
GH SURGXomR HVWD HVWLPDWLYD GH FXVWRV p DSHQDV SDUD ¿QV GH LQIRUPDomR 6H YRFr
QmR TXLVHU TXH R VLVWHPD FULH HVWH FiOFXOR GH FXVWRV QmR p SUHFLVR HQWUDU D YDULDQWH
GH FiOFXOR GH FXVWRV RX D GH DYDOLDomR
1mR p LQGLFDGD QHQKXPD FKDYH GH GHWHUPLQDomR GR UHVXOWDGR QR WLSR GH RUGHP
SRLV D :,3 p FDOFXODGD QR FROHWRU GH FXVWRV GR SURGXWR
&HQiULR GH QHJyFLRV
2 FRQMXQWR GH ERPED 5) p XP SURGXWR DFDEDGR FRP XP SURFHVVR GH
SURGXomR HVWiYHO TXH XWLOL]D RUGHQV GH SURGXomR 9RFr TXHU XWLOL]DU R FRQFHLWR GH
&RQWUROOLQJ SHULyGLFR GH SURGXWR SDUD R FRQWUROOLQJ GH FXVWRV
9RFr p XP PHPEUR GR GHSDUWDPHQWR GH FRQWUROOLQJ H GHFLGLX XWLOL]DU R FROHWRU
GH FXVWRV GR SURGXWR FRPR REMHWR GH FXVWR 3DUD LVVR YRFr FULD XP FROHWRU GH
FXVWRV GR SURGXWR SDUD D ERPED H DQDOLVD RV GDGRV GH FXVWRV GR FROHWRU GH FXVWRV
7DPEpP p QHFHVViULR FULDU XPD RUGHP GH SURGXomR H UHYLVDU RV GDGRV GH FRQWUROH
WUDQVIHULGRV GR FROHWRU GH FXVWRV GR SURGXWR SDUD D RUGHP GH SURGXomR
$SHVDU GH WRGR R FXVWRPL]LQJ HVWDU FRQFOXtGR YRFr LUi SUHFLVDU YHUL¿FDU DV
FRQ¿JXUDo}HV GRV WLSRV GH RUGHQV H DV YDULDQWHV GH FiOFXOR GH FXVWRV UHOHYDQWHV
SDUD R FHQiULR &RQWUROOLQJ SHULyGLFR GH SURGXWR
7DUHID
3DUD DGPLQLVWUDU D FRQWDELOLGDGH GH REMHWRV GH FXVWR SDUD R FRQMXQWR GH ERPED
5) GHYHUi VHU FULDGR XP FROHWRU GH FXVWRV GR SURGXWR 2 QtYHO GH FRQWUROOLQJ
SDUD D ERPED VHUi R QtYHO /LVWD WpFQLFDURWHLUR
&ULH XP FROHWRU GH FXVWRV GR SURGXWR SDUD R FRQMXQWR GH ERPED 5) QR
FHQWUR 2 WLSR GH RUGHP p 50 2 FROHWRU GH FXVWRV GR SURGXWR WHP
TXH VHU YiOLGR SDUD XPD OLVWD WpFQLFD H XP URWHLUR $R FULDU R FROHWRU GH
FXVWRV HQWUH D XWLOL]DomR GD OLVWD WpFQLFD DOWHUQDWLYD H SURFXUH XP URWHLUR
7DUHID
)RL FULDGR XP FiOFXOR SUHOLPLQDU GH FXVWRV SDUD VHX FROHWRU GH FXVWRV GR SURGXWR
5HYLVH RV UHVXOWDGRV GR FiOFXOR GH FXVWRV H H[LED DV FRQ¿JXUDo}HV GR FXVWRPL]LQJ
SDUD D YDULDQWH GH FiOFXOR GH FXVWRV SODQHMDGRV H WLSR GH RUGHP 50
([LED R FiOFXOR SUHOLPLQDU GH FXVWRV SDUD R FROHWRU GH FXVWRV GR SURGXWR
4XDLV VmR RV FXVWRV GH SURGXomR SRU XQLGDGHV"
&XVWRV GH SURGXomR
([LED R UHODWyULR GH HVSHFL¿FDomR GR LWHP SDUD 5) 'HWHUPLQH RV FXVWRV
FDOFXODGRV SDUD R FRQMXQWR 5%
&XVWRV BBBBBBBBBBBB
&ULH RXWUD VHVVmR ([LED R FiOFXOR GH FXVWRV DWXDO SDUD R FRQMXQWR 5)
&RPSDUH R FiOFXOR SUHOLPLQDU GH FXVWRV FDOFXODGR SDUD R FROHWRU GH FXVWRV GR
SURGXWR SDUD R FRQMXQWR 5) FRP R FiOFXOR GH FXVWRV SODQHMDGRV DWXDO
SDUD HVWH PDWHULDO &RPR SRGH KDYHU GLIHUHQoDV HQWUH HVVHV GRLV SUHoRV"
6WDQGDUG BBBBBBBBBBBB
2V FXVWRV SODQHMDGRV IRUDP FDOFXODGRV XWLOL]DQGR D YDULDQWH GH FiOFXOR GH
FXVWRV 35(0 9HUL¿TXH D DWULEXLomR GHVWD YDULDQWH GH FiOFXOR GH FXVWRV DR
WLSR GH RUGHP 50 QRV YDORUHV SURSRVWRV GR FHQWUR 4XDO YDULDQWH GH
FiOFXOR GH FXVWRV IRL DWULEXtGD SDUD HVWH FiOFXOR GH FXVWRV VLPXOWkQHR"
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
([LED DV FRQ¿JXUDo}HV GR FXVWRPL]LQJ SDUD R FiOFXOR GRV FXVWRV GH PDWHULDO
SODQHMDGRV SDUD R FROHWRU GH FXVWRV GR SURGXWR 4XDO YDULDQWH GH DYDOLDomR
IRL DWULEXtGD SDUD FDOFXODU RV FXVWRV GD RUGHP SODQHMDGRV SDUD D YDULDQWH
GH FiOFXOR GH FXVWRV 35(0"
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
4XDLV WLSRV GH FXVWRV SRGHP VHU DWXDOL]DGRV FRP D YDULDQWH GH FiOFXOR GH
FXVWRV"
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
4XDO HVWUDWpJLD GH VHOHomR GH SUHoR p VHOHFLRQDGD SDUD FDOFXODU RV PDWHULDLV
XWLOL]DGRV"
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
4XDO HVWUDWpJLD GH VHOHomR GH SUHoR p VHOHFLRQDGD SDUD FDOFXODU DV DWLYLGDGHV
GH SURGXomR"
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
7DUHID
&ULDU XPD RUGHP GH SURGXomR H DQDOLVDU D FRQH[mR FRP R SURFHVVR GH SURGXomR H
R FROHWRU GH FXVWRV GR SURGXWR
&ULH XPD RUGHP GH SURGXomR SDUD XQLGDGHV GH PDWHULDO 5) XWLOL]DQGR
R FHQWUR GH SURGXomR WLSR GH RUGHP 33 8WLOL]H D SURJUDPDomR
SURJUHVVLYD H HQWUH D GDWD GH KRMH FRPR D GDWD GH LQtFLR
&RQWLQXD QD SUy[LPD SiJLQD
7DUHID
$ XWLOL]DomR GH XP FROHWRU GH FXVWRV GR SURGXWR GHSHQGH GR WLSR GH RUGHP
VHOHFLRQDGR SDUD D RUGHP GH SURGXomR ([LED RV YDORUHV SURSRVWRV GR WLSR GH
RUGHP SDUD R FHQWUR H R WLSR GH RUGHP 33 H UHYLVH DV FRQ¿JXUDo}HV
GR FXVWRPL]LQJ
7LSR GH RUGHP
1 GD RUGHP
3URFHVVR GH SURGXomR
D 2 FROHWRU GH FXVWRV GR SURGXWR p H[LELGR GH LPHGLDWR
$V VHJXLQWHV LQIRUPDo}HV VmR H[LELGDV QD ¿FKD 'DGRV
(VTXHPD GH FiOFXOR GH FXVWRV &XVWRV GHϮϮ SURGXomR
&KDYH GH FXVWRV VXSOHPHQWDUHV 6$3
&KDYH GH GHWHUPLQDomR GR UHVXOWDGR )(573
&KDYH GH GHVYLR
$V VHJXLQWHV LQIRUPDo}HV VmR H[LELGDV QD ¿FKD &DEHoDOKR
7LSR GH RUGHP 50
1 GD RUGHP
$V VHJXLQWHV LQIRUPDo}HV VmR H[LELGDV QD ¿FKD 3URFHVVR GH SURGXomR
1~PHUR GR SURFHVVR GH SURGXomR
9HUL¿TXH D YDULDQWH GH FiOFXOR GH FXVWRV SODQHMDGRV H D YDULDQWH GH FiOFXOR
GH FXVWRV UHDO UHODWLYD DR FROHWRU GH FXVWRV GR SURGXWR 8PD YDULDQWH GH
FiOFXOR GH FXVWRV GLIHUHQWH p LQGLFDGD SDUD RV FXVWRV SODQHMDGRV H QmR SDUD RV
FXVWRV UHDLV 3RU TXH PRWLYR p LVVR QHFHVViULR"
9DULDQWH GH FiOFXOR GH FXVWRV SODQHMDGRV
9DULDQWH GH FiOFXOR GH FXVWRV UHDLV
7DUHID
)RL FULDGR XP FiOFXOR SUHOLPLQDU GH FXVWRV SDUD VHX FROHWRU GH FXVWRV GR SURGXWR
5HYLVH RV UHVXOWDGRV GR FiOFXOR GH FXVWRV H H[LED DV FRQ¿JXUDo}HV GR FXVWRPL]LQJ
SDUD D YDULDQWH GH FiOFXOR GH FXVWRV SODQHMDGRV H WLSR GH RUGHP 50
([LED R FiOFXOR SUHOLPLQDU GH FXVWRV SDUD R FROHWRU GH FXVWRV GR SURGXWR
4XDLV VmR RV FXVWRV GH SURGXomR SRU XQLGDGHV"
&XVWRV GH SURGXomR
D 2 FiOFXOR GH FXVWRV p H[LELGR QD ¿FKD GH UHJLVWUR &DEHoDOKR 6HOHFLRQH
([LELU FiOFXOR GH FXVWRV
3DUD H[LELU R FXVWR SRU XQLGDGHV PRGL¿TXH D HQWUDGD GH &XVWRV
EDVHDGRV HP SDUD (QWUDGD GR XVXiULR H HQWUH QR FDPSR GH
TXDQWLGDGH
2V FXVWRV GH SURGXomR SDUD XQLGDGHV VmR H[LELGRV
([LED R UHODWyULR GH HVSHFL¿FDomR GR LWHP SDUD 5) 'HWHUPLQH RV FXVWRV
FDOFXODGRV SDUD R FRQMXQWR 5%
&XVWRV BBBBBBBBBBBB
D 2 YDORU SDUD XQLGDGH GH 5% p H[LELGR QR 5HODWyULR GH
HVSHFL¿FDomR GR LWHP
&ULH RXWUD VHVVmR ([LED R FiOFXOR GH FXVWRV DWXDO SDUD R FRQMXQWR 5)
&RPSDUH R FiOFXOR SUHOLPLQDU GH FXVWRV FDOFXODGR SDUD R FROHWRU GH FXVWRV GR
SURGXWR SDUD R FRQMXQWR 5) FRP R FiOFXOR GH FXVWRV SODQHMDGRV DWXDO
SDUD HVWH PDWHULDO &RPR SRGH KDYHU GLIHUHQoDV HQWUH HVVHV GRLV SUHoRV"
6WDQGDUG BBBBBBBBBBBB
D &ULH RXWUD VHVVmR 6LVWHPD ĺ &ULDU VHVVmR
/RJtVWLFD ĺ $GPLQLVWUDomR GH PDWHULDLV ĺ 0HVWUH GH PDWHULDLV ĺ
0DWHULDO ĺ ([LELU ĺ ([LELU HVWDGR DWXDO 00
$QWHV GH LQLFLDU D WDUHID VHOHFLRQH $GLFLRQDU D IDYRULWRV
(QWUH R PDWHULDO 5)
0DUTXH (QWHU
0DUTXH D YLVmR &iOFXOR GR SUHoR
0DUTXH (QWHU
(QWUH R FHQWUR
0DUTXH (QWHU
2 FiOFXOR GH FXVWRV SODQHMDGRV DWXDO p H[LELGR QD FROXQD $WXDO
$ YDULDQWH GH FiOFXOR GH FXVWRV XWLOL]DGD SDUD R FiOFXOR GH FXVWRV
SODQHMDGRV H D YDULDQWH GH FiOFXOR GH FXVWRV XWLOL]DGD SDUD FDOFXODU
R FROHWRU GH FXVWRV GR SURGXWR SRGHUmR XWLOL]DU GLIHUHQWHV YDULDQWHV
GH DYDOLDomR 3RUpP DLQGD TXH DV PHVPDV YDULDQWHV GH DYDOLDomR
VHMDP XWLOL]DGDV RV SUHoRV GRV PDWHULDLV XWLOL]DGRV SRGHP WHU VRIULGR
PRGL¿FDo}HV HQWUH R PRPHQWR HP TXH R FiOFXOR GH FXVWRV SODQHMDGRV
IRL FULDGR H R PRPHQWR HP TXH R FXVWR IRL FDOFXODGR SDUD R FROHWRU
GH FXVWRV GR SURGXWR 'D PHVPD IRUPD D OLVWD WpFQLFD RX R URWHLUR
DWXDO HVWUXWXUD TXDQWLWDWLYD SRGHP GLYHUJLU GD HVWUXWXUD TXDQWLWDWLYD
XWLOL]DGD QR FiOFXOR GH FXVWRV SODQHMDGRV
$OpP GLVVR VH KRXYHU PDLV GR TXH XP SURFHVVR GH VXSULPHQWR
GLVSRQtYHO SDUD 5) p SRVVtYHO TXH R FiOFXOR GH FXVWRV PLVWR SRVVD
WHU VLGR XWLOL]DGR SDUD FDOFXODU RV FXVWRV VWDQGDUG
2V FXVWRV SODQHMDGRV IRUDP FDOFXODGRV XWLOL]DQGR D YDULDQWH GH FiOFXOR GH
FXVWRV 35(0 9HUL¿TXH D DWULEXLomR GHVWD YDULDQWH GH FiOFXOR GH FXVWRV DR
WLSR GH RUGHP 50 QRV YDORUHV SURSRVWRV GR FHQWUR 4XDO YDULDQWH GH
FiOFXOR GH FXVWRV IRL DWULEXtGD SDUD HVWH FiOFXOR GH FXVWRV VLPXOWkQHR"
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
D )HUUDPHQWDV ĺ &XVWRPL]LQJ ĺ ,0* ĺ ([HFXWDU SURMHWR 6352
$QWHV GH LQLFLDU D WDUHID VHOHFLRQH $GLFLRQDU D IDYRULWRV
6HOHFLRQH ,0* GH UHIHUrQFLD 6$3
&RQWUROOLQJ ĺ &RQWUROOLQJ GH FXVWRV GR SURGXWR ĺ &RQWDELOLGDGH GH
REMHWRV GH FXVWR ĺ &RQWUROOLQJ SHULyGLFR GH SURGXWR ĺ &ROHWRUHV GH
FXVWRV GR SURGXWR ĺ $WXDOL]DU YDORUHV SURSRVWRV UHOHYDQWHV SDUD D
FRQWDELOLGDGH GH FXVWRV SDUD WLSRV GH RUGHQV H FHQWURV 2.=
0DUTXH R FHQWUR WLSR GH RUGHP 50
6HOHFLRQH 'HWDOKHV
$ YDULDQWH GH FiOFXOR GH FXVWRV SDUD R FiOFXOR GH FXVWRV VLPXOWkQHR
p 333
([LED DV FRQ¿JXUDo}HV GR FXVWRPL]LQJ SDUD R FiOFXOR GRV FXVWRV GH PDWHULDO
SODQHMDGRV SDUD R FROHWRU GH FXVWRV GR SURGXWR 4XDO YDULDQWH GH DYDOLDomR
IRL DWULEXtGD SDUD FDOFXODU RV FXVWRV GD RUGHP SODQHMDGRV SDUD D YDULDQWH
GH FiOFXOR GH FXVWRV 35(0"
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
D 9ROWH DR Qy GR ,0* &ROHWRU GH FXVWRV GR SURGXWR VHOHFLRQH 9HUL¿FDU
YDULDQWHV GH FiOFXOR GH FXVWRV SDUD FROHWRUHV GH FXVWRV GR SURGXWR ĺ
9DULDQWH GH FiOFXOR GH FXVWRV SDUD GHWHUPLQDU YROXPHV GH DWLYLGDGHV
2..1
0DUTXH D YDULDQWH GH FiOFXOR GH FXVWRV 35(0
6HOHFLRQH 'HWDOKHV
9DULDQWH GH DYDOLDomR &iOFXOR SUHOLPLQDU GH FXVWRV
$EDQGRQH D YDULDQWH GH DYDOLDomR
4XDLV WLSRV GH FXVWRV SRGHP VHU DWXDOL]DGRV FRP D YDULDQWH GH FiOFXOR GH
FXVWRV"
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
D 0DUTXH D YLVmR 7LSR GH FiOFXOR GH FXVWRV QD WHOD 'HWDOKHV
0DUTXH D ¿FKD 2XWURV
2 WLSR GH FiOFXOR GH FXVWRV GHWHUPLQRX TXH R FiOFXOR SUHOLPLQDU GH
FXVWRV SDUD R FROHWRU GH FXVWRV GR SURGXWR p DWXDOL]DGR
4XDO HVWUDWpJLD GH VHOHomR GH SUHoR p VHOHFLRQDGD SDUD FDOFXODU RV PDWHULDLV
XWLOL]DGRV"
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
D 0DUTXH D YLVmR 9DULDQWH GH DYDOLDomR QD WHOD 'HWDOKHV
$ HVWUDWpJLD GH VHOHomR p
3UHoR GR UHJLVWUR LQIR FRPSUDV
3UHoR SODQHMDGR
3UHoR SDGUmR
3UHoR PpGLR PyYHO
4XDO HVWUDWpJLD GH VHOHomR GH SUHoR p VHOHFLRQDGD SDUD FDOFXODU DV DWLYLGDGHV
GH SURGXomR"
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
D 0DUTXH D YLVmR 9DULDQWH GH DYDOLDomR QD WHOD 'HWDOKHV
0DUTXH D ¿FKD 7LSRV GH DWLYLGDGHVSURFHVVRV
$ HVWUDWpJLD GH VHOHomR p
7DULID SODQHMDGD FRPR PpGLD GH WRGRV RV SHUtRGRV GR H[HUFtFLR
¿VFDO
7DULID SODQHMDGD GR SHUtRGR
7DUHID
&ULDU XPD RUGHP GH SURGXomR H DQDOLVDU D FRQH[mR FRP R SURFHVVR GH SURGXomR H
R FROHWRU GH FXVWRV GR SURGXWR
&ULH XPD RUGHP GH SURGXomR SDUD XQLGDGHV GH PDWHULDO 5) XWLOL]DQGR
R FHQWUR GH SURGXomR WLSR GH RUGHP 33 8WLOL]H D SURJUDPDomR
SURJUHVVLYD H HQWUH D GDWD GH KRMH FRPR D GDWD GH LQtFLR
D /RJtVWLFD ĺ 3URGXomR ĺ &RQWUROH GH SURGXomR ĺ 2UGHP ĺ &ULDU
ĺ &RP PDWHULDO &2
$QWHV GH LQLFLDU D WDUHID VHOHFLRQH $GLFLRQDU D IDYRULWRV
(QWUH R PDWHULDO 5)
(QWUH R FHQWUR GH SURGXomR
(QWUH R WLSR GH RUGHP 33
0DUTXH (QWHU
(QWUH D TXDQWLGDGH GH
(QWUH FRPR GDWD GH LQtFLR D GDWD GH KRMH
0RGL¿TXH R WLSR GH SURJUDPDomR SDUD 3URJUHVVLYD
9HUL¿TXH RV GDGRV GH FRQWUROH SDUD D RUGHP GH SURGXomR &RPR IRUDP
GHWHUPLQDGRV SDUD D RUGHP GH SURGXomR DV YDULDQWHV GH FiOFXOR GH FXVWRV
SDUD GDGRV UHDLV R HVTXHPD GH FiOFXOR GH FXVWRV H D FKDYH GH FXVWRV
VXSOHPHQWDUHV" (OHV SRGHP VHU PRGL¿FDGRV SDUD D RUGHP GH SURGXomR"
5HVSRVWD 6HOHFLRQH D YLVmR &RQWUROH
$V YDULDQWHV GH FiOFXOR GH FXVWRV UHDLV R HVTXHPD GH FiOFXOR GH FXVWRV H D
FKDYH GH FXVWRV VXSOHPHQWDUHV IRUDP DWULEXtGRV j RUGHP SRU PHLR GR FROHWRU
GH FXVWRV GR SURGXWR 1HVWH FHQiULR RV FXVWRV QmR VmR DWXDOL]DGRV SDUD D
RUGHP GH SURGXomR PDV SDUD R FROHWRU GH FXVWRV GR SURGXWR $ H[LELomR
GHVWHV FDPSRV p DSHQDV LQIRUPDWLYD Mi TXH HOHV QmR SRGHP VHU PRGL¿FDGRV
QD RUGHP GH SURGXomR 6RPHQWH D YDULDQWH GH FiOFXOR GH FXVWRV SDUD FXVWRV
SODQHMDGRV SRGH VHU PRGL¿FDGD
4XDO VWDWXV GD RUGHP HVWi UHODFLRQDGR j XWLOL]DomR GH XP FROHWRU GH FXVWRV
GR SURGXWR"
5HVSRVWD 0DUTXH 6WDWXV 2 VWDWXV &&3 LQGLFD TXH XP FROHWRU GH FXVWRV GR
SURGXWR HVWi VHQGR XWLOL]DGR
7DUHID
$ XWLOL]DomR GH XP FROHWRU GH FXVWRV GR SURGXWR GHSHQGH GR WLSR GH RUGHP
VHOHFLRQDGR SDUD D RUGHP GH SURGXomR ([LED RV YDORUHV SURSRVWRV GR WLSR GH
RUGHP SDUD R FHQWUR H R WLSR GH RUGHP 33 H UHYLVH DV FRQ¿JXUDo}HV
GR FXVWRPL]LQJ
D )DYRULWRV ĺ )HUUDPHQWDV ĺ &XVWRPL]LQJ ĺ ,0* ĺ ([HFXWDU
SURMHWR 6352
6HOHFLRQH ,0* GH UHIHUrQFLD 6$3
&RQWUROOLQJ ĺ &RQWUROOLQJ GH FXVWRV GR SURGXWR ĺ &RQWDELOLGDGH
GH REMHWRV GH FXVWR ĺ &RQWUROOLQJ GH SURGXWR SRU RUGHP ĺ 2UGHQV
GH SURGXomR ĺ $WXDOL]DU YDORUHV SURSRVWRV UHOHYDQWHV SDUD D
FRQWDELOLGDGH GH FXVWRV SDUD WLSRV GH RUGHQV H FHQWURV 2.=
0DUTXH R FHQWUR WLSR GH RUGHP 33
6HOHFLRQH 'HWDOKHV
2 FyGLJR GR FROHWRU GH FXVWRV GR SURGXWR HVWi VHOHFLRQDGR"
5HVSRVWD 6LP R FyGLJR GR FROHWRU GH FXVWRV GR SURGXWR HVWi VHOHFLRQDGR
4XDO D UHJUD GHIDXOW SDUD D DSURSULDomR GH FXVWRV &2"
5HVSRVWD $ UHJUD GHIDXOW SDUD D DSURSULDomR GH FXVWRV &2 p 33
DSURSULDomR SHULyGLFD
6H XP FROHWRU GH FXVWRV GR SURGXWR IRU HQFRQWUDGR SDUD XP PDWHULDO D &KDYH
GH GHWHUPLQDomR GR UHVXOWDGR H D 9DULDQWH GH FiOFXOR GH FXVWRV VHUmR RV
YDORUHV SURSRVWRV GR WLSR GH RUGHP 33"
5HVSRVWD 1mR D FKDYH GH GHWHUPLQDomR GR UHVXOWDGR H D YDULDQWH GH
FiOFXOR GH FXVWRV SDUD R WLSR GH RUGHP 33 QmR VHUmR RV YDORUHV SURSRVWRV
GD RUGHP GH SURGXomR 6HUmR XWLOL]DGDV DV FRQ¿JXUDo}HV GR FROHWRU GH
FXVWRV GR SURGXWR
5HVXPR GD OLomR
9RFr DJRUD GHYH HVWDU DSWR D
&ULDU RV GDGRV PHVWUH SDUD XPD RUGHP GH SURGXomR H XP FROHWRU GH FXVWRV
GR SURGXWR
([SOLFDU R FXVWRPL]LQJ SDUD XP ³FHQiULR GH VHSDUDomR´
([HFXWDU FiOFXOR GH FXVWRV SUHOLPLQDU SDUD XP FROHWRU GH FXVWRV GR SURGXWR
2EMHWLYRV GD OLomR
1R ¿QDO GHVWD OLomR YRFr GHYHUi HVWDU DSWR D
([HFXWDU PRYLPHQWRV GH PHUFDGRULDV H FRQ¿UPDo}HV SDUD D RUGHP GH
SURGXomR
(IHWXDU ODQoDPHQWRV GLUHWRV GD &RQWDELOLGDGH ¿QDQFHLUD SDUD R FROHWRU GH
FXVWRV GR SURGXWR
&HQiULR GH QHJyFLRV
8P IDEULFDQWH SURGX] YiULRV WLSRV GH ERPEDV SDUD HVWRTXH 2 FRQWUROOLQJ GH
YHQGDV p UHDOL]DGR DSHQDV QD $QiOLVH GH UHQWDELOLGDGH &23$
2V WLSRV PDLV SURFXUDGRV VmR SURGX]LGRV HP XP SURFHVVR GH SURGXomR FRQWtQXD
H PDSHDGRV QR VLVWHPD FRP SURGXomR UHSHWLWLYD 3RU VHX ODGR XP WLSR PHQRV
SURFXUDGR DSHQDV GHYH VHU SURGX]LGR FRP EDVH QR WDPDQKR GR ORWH FRP RUGHQV GH
SURGXomR H DSHQDV TXDQGR R HVWRTXH GHVFH DEDL[R GR SRQWR GH UHDEDVWHFLPHQWR
3DUD XPD PHOKRU FRPSDUDomR GRV REMHWRV GH FXVWR WRGRV RV SURFHVVRV GH SURGXomR
GHYHP VHU DFRPSDQKDGRV SRU XP FRQWUROOLQJ SHULyGLFR &DGD ERPED WHP XPD
YHUVmR GH SURGXomR SDUD D SURGXomR UHSHWLWLYD H RXWUD SDUD D SURGXomR SRU RUGHP
1HVWH H[HPSOR LUHPRV QRV FRQFHQWUDU QD SURGXomR TXH UHFRUUH D RUGHQV GH
SURGXomR
'XUDQWH D H[HFXomR GD SURGXomR DV VDtGDV GH PHUFDGRULDV H FRQ¿UPDo}HV
GD RUGHP GH SURGXomR VmR H[HFXWDGDV HQTXDQWR RV ODQoDPHQWRV GLUHWRV GD
&RQWDELOLGDGH ¿QDQFHLUD YLVDP GLUHWDPHQWH R FROHWRU GH FXVWRV GR SURGXWR
&HQiULR GH QHJyFLRV
2V FXVWRV UHDLV GH XPD RUGHP GH SURGXomR VmR ODQoDGRV FRP HQWUDGDV H VDtGDV GH
PHUFDGRULDV DVVLP FRPR FRP FRQ¿UPDo}HV GH RSHUDo}HV
3DUD D SURGXomR GR FRQMXQWR GH ERPED D VDtGD GRV FRPSRQHQWHV p IHLWD
PDQXDOPHQWH SRU PHLR GD DGPLQLVWUDomR GH HVWRTXHV 6H IRUHP VXFDWHDGRV
FRPSRQHQWHV GXUDQWH D SURGXomR VHUmR HPLWLGDV TXDQWLGDGHV DGLFLRQDLV SDUD D
RUGHP GH SURGXomR $ SURGXomR UHJLVWUD R SURJUHVVR SURGXWRV IDEULFDGRV WHPSRV
GH H[HFXomR GH XPD RUGHP GH SURGXomR XWLOL]DQGR FRQ¿UPDo}HV GH RUGHQV
'XUDQWH D FRQ¿UPDomR YRFr SRGH PRGL¿FDU RV WHPSRV GH H[HFXomR VXJHULGRV
$V HQWUDGDV GH PHUFDGRULDV SRGHP VHU SURFHVVDGDV PDQXDOPHQWH XWLOL]DQGR D
$GPLQLVWUDomR GH PDWHULDLV RX DXWRPDWLFDPHQWH XWLOL]DQGR D FRQ¿UPDomR GH
SURGXomR ,VVR GHSHQGH GD FKDYH GH FRQWUROH GD RSHUDomR 1R QRVVR FDVR D
HQWUDGD GH PHUFDGRULDV p DWXDOL]DGD DXWRPDWLFDPHQWH FRP D FRQ¿UPDomR 'XUDQWH
D FRQ¿UPDomR YRFr SRGH HQWUDU TXDQWLGDGHV GH UHIXJR
7RGDV DV PRGL¿FDo}HV QDV TXDQWLGDGHV VXJHULGDV TXDQWLGDGHV WHyULFDV RULJLQDP
GHVYLRV GH TXDQWLGDGH SDUD D GHWHUPLQDomR GH GHVYLR H[HFXWDGD SRVWHULRUPHQWH
GXUDQWH R HQFHUUDPHQWR GR SHUtRGR
7DUHID
&RPR D RUGHP GH SURGXomR IRL OLEHUDGD SDUD SURGXomR DV WUDQVDo}HV GH HVWRTXH
H FRQ¿UPDo}HV GH SURGXomR SRGHP VHU ODQoDGDV QD RUGHP 2 FiOFXOR GH FXVWRV
VLPXOWkQHR p UHJLVWUDGR QR FROHWRU GH FXVWRV GR SURGXWR DWULEXtGR
(QWUH D VDtGD GH PHUFDGRULDV SDUD D RUGHP GH SURGXomR 'HYLGR D XP UHIXJR
GH PDWHULDO RFRUULGR GXUDQWH D PRQWDJHP PRGL¿TXH D TXDQWLGDGH GH UHWLUDGD
GR PDWHULDO 5% GH SDUD (VWD PRGL¿FDomR GH TXDQWLGDGH VHUi
UHSRUWDGD FRPR XP GHVYLR"
7DUHID
8WLOL]H R UHODWyULR &RPSDUDomR UHDOSODQHMDGR SDUD UHYLVDU DV LQIRUPDo}HV GH
FXVWRV UHDLV SDUD R FROHWRU GH FXVWRV GR SURGXWR GR PDWHULDO 5)
([LED D TXDQWLGDGH GH PDWHULDO 5% TXH IRL GHELWDGD SDUD R FROHWRU GH
FXVWRV GR SURGXWR ([LED DV DWLYLGDGHV TXH IRUDP GHELWDGDV SDUD R FROHWRU
GH FXVWRV GR SURGXWR
4XDO YDORU IRL XWLOL]DGR SDUD FUHGLWDU R FROHWRU GH FXVWRV GR SURGXWR SHOD
HQWUDGD GH PHUFDGRULDV GR FRQMXQWR GH ERPED" 3RU TXr"
7DUHID
2V FXVWRV UHDLV GDV DWLYLGDGHV IRUDP FDOFXODGRV XWLOL]DQGR D YDULDQWH GH FiOFXOR GH
FXVWRV 333 5HYLVH DV FRQ¿JXUDo}HV GR FXVWRPL]LQJ SDUD R FiOFXOR GH FXVWRV
VLPXOWkQHR SDUD R FROHWRU GH FXVWRV GR SURGXWR
([LED D DWULEXLomR GHVWD YDULDQWH GH FiOFXOR GH FXVWRV SDUD R WLSR GH RUGHP
50 QRV YDORUHV SURSRVWRV GR FHQWUR
4XDO YDULDQWH GH DYDOLDomR p DWULEXtGD SDUD FDOFXODU RV FXVWRV GD RUGHP UHDLV
SDUD D YDULDQWH GH FiOFXOR GH FXVWRV 333"
9DULDQWH GH DYDOLDomR
4XDO SUHoR p VHOHFLRQDGR SDUD FDOFXODU RV FXVWRV GH SURGXomR" (VWH p R
PHVPR SUHoR TXH IRL XWLOL]DGR SDUD GHWHUPLQDU FXVWRV SODQHMDGRV FiOFXOR
SUHOLPLQDU GH FXVWRV SDUD R FROHWRU GH FXVWRV GR SURGXWR"
7DULID VHOHFLRQDGD SDUD FXVWRV UHDLV
7DULID VHOHFLRQDGD SDUD FXVWRV SODQHMDGRV
7DUHID
8WLOL]H R UHODWyULR &RPSDUDomR UHDOSODQHMDGR SDUD UHYLVDU DV LQIRUPDo}HV GH
FXVWRV UHDLV SDUD R FROHWRU GH FXVWRV GR SURGXWR GR PDWHULDO 5)
([LED D TXDQWLGDGH GH PDWHULDO 5% TXH IRL GHELWDGD SDUD R FROHWRU GH
FXVWRV GR SURGXWR ([LED DV DWLYLGDGHV TXH IRUDP GHELWDGDV SDUD R FROHWRU
GH FXVWRV GR SURGXWR
D &RQWDELOLGDGH ĺ &RQWUROOLQJ ĺ &RQWUROOLQJ GH FXVWRV GR SURGXWR ĺ
&RQWDELOLGDGH GH REMHWRV GH FXVWR ĺ &RQWUROOLQJ SHULyGLFR GH SURGXWR
ĺ 6LVWHPD GH LQIRUPDomR ĺ 5HODWyULRV GH &RQWUROOLQJ SHULyGLFR
GH REMHWR ĺ 5HODWyULRV GHWDOKDGRV ĺ 3DUD FROHWRUHV GH FXVWRV GR
SURGXWR ..%&B3.2
(QWUH R PDWHULDO 5)
(QWUH R FHQWUR
6HOHFLRQH ([HFXWDU
2V WLSRV GH DWLYLGDGH H PDWHULDLV VmR H[LELGRV QD FROXQD 2ULJHP
3DUD H[LELU DV TXDQWLGDGHV UHDLV SDUD DV SDUWLGDV LQGLYLGXDLV
6HOHFLRQH 0RGL¿FDU OD\RXW
$ SDUWLU GR &RQMXQWR GH FROXQDV PDUTXH 4XDQWLGDGH UHDO WRWDO
0DUTXH 0RVWUDU FDPSRV VHOHFLRQDGRV
0DUTXH 7UDQVIHUrQFLD (QWHU
/RFDOL]H R FUpGLWR SDUD R FROHWRU GH FXVWRV GR SURGXWR SHOD HQWUDGD GH
PHUFDGRULDV GH 5) 2 FROHWRU GH FXVWRV IRL FUHGLWDGR SDUD D FRQ¿UPDomR
GR FRQMXQWR TXH IRL UHSRUWDGR FRPR UHIXJR"
5HVSRVWD 2 FROHWRU GH FXVWRV GR SURGXWR IRL FUHGLWDGR SDUD R UHJLVWUR GD
HQWUDGD GH PHUFDGRULDV GH XQLGDGHV XQLGDGH UHSRUWDGD FRPR UHIXJR QmR
p FUHGLWDGD SDUD R FROHWRU GH FXVWRV GR SURGXWR (OD VHUi FDOFXODGD FRPR
YDORU GH UHIXJR TXDQGR RV GHVYLRV IRUHP FDOFXODGRV SDUD R FROHWRU GH FXVWRV
GR SURGXWR
4XDO YDORU IRL XWLOL]DGR SDUD FUHGLWDU R FROHWRU GH FXVWRV GR SURGXWR SHOD
HQWUDGD GH PHUFDGRULDV GR FRQMXQWR GH ERPED" 3RU TXr"
5HVSRVWD 2 FiOFXOR GH FXVWRV SODQHMDGRV IRL XWLOL]DGR SDUD DYDOLDU D HQWUDGD
GH PHUFDGRULDV 7RGRV RV PDWHULDLV TXH XWLOL]DP R FRQWUROH GH SUHoRVSDGUmR
WDPEpP FUHGLWDP R FROHWRU GH FXVWRV GR SURGXWR FRP R SUHoRSDGUmR $SHQDV
RV PDWHULDLV FRP SUHoR PpGLR PyYHO XWLOL]DP XPD YDULDQWH GH DYDOLDomR
SDUD GHWHUPLQDU R FUpGLWR GR REMHWR GH FXVWR QR PRPHQWR GD HQWUDGD GH
PHUFDGRULDV ,VVR SRGH VHU FRQ¿UPDGR H[LELQGR D YLVmR GD FRQWDELOLGDGH GH
5) H ORFDOL]DQGR R FRQWUROH GR SUHoR 3DGUmR H R SUHoRSDGUmR DWXDO
&RQWLQXD QD SUy[LPD SiJLQD
7DUHID
2V FXVWRV UHDLV GDV DWLYLGDGHV IRUDP FDOFXODGRV XWLOL]DQGR D YDULDQWH GH FiOFXOR GH
FXVWRV 333 5HYLVH DV FRQ¿JXUDo}HV GR FXVWRPL]LQJ SDUD R FiOFXOR GH FXVWRV
VLPXOWkQHR SDUD R FROHWRU GH FXVWRV GR SURGXWR
([LED D DWULEXLomR GHVWD YDULDQWH GH FiOFXOR GH FXVWRV SDUD R WLSR GH RUGHP
50 QRV YDORUHV SURSRVWRV GR FHQWUR
D )DYRULWRV ĺ )HUUDPHQWDV ĺ &XVWRPL]LQJ ĺ ,0* ĺ ([HFXWDU
SURMHWR 6352
6HOHFLRQH ,0* GH UHIHUrQFLD 6$3
&RQWUROOLQJ ĺ &RQWUROOLQJ GH FXVWRV GR SURGXWR ĺ &RQWDELOLGDGH GH
REMHWRV GH FXVWR ĺ &RQWUROOLQJ SHULyGLFR GH SURGXWR ĺ &ROHWRU GH
FXVWRV GR SURGXWR ĺ $WXDOL]DU YDORUHV SURSRVWRV UHOHYDQWHV SDUD D
FRQWDELOLGDGH GH FXVWRV SDUD WLSRV GH RUGHQV H FHQWURV 2.=
0DUTXH R FHQWUR WLSR GH RUGHP 50
6HOHFLRQH 'HWDOKHV
$ YDULDQWH GH FiOFXOR GH FXVWRV SDUD R FiOFXOR GH FXVWRV VLPXOWkQHR
p 333
4XDO YDULDQWH GH DYDOLDomR p DWULEXtGD SDUD FDOFXODU RV FXVWRV GD RUGHP UHDLV
SDUD D YDULDQWH GH FiOFXOR GH FXVWRV 333"
9DULDQWH GH DYDOLDomR
D 9ROWH DR Qy GR ,0* &ROHWRUHV GH FXVWRV GR SURGXWR H HP VHJXLGD
VHOHFLRQH
9HUL¿FDU YDULDQWHV GH FiOFXOR GH FXVWRV SDUD FROHWRUHV GH FXVWRV
GR SURGXWR ĺ 9DULDQWHV GH FiOFXOR GH FXVWRV SDUD DYDOLDomR GH
DWLYLGDGHV LQWHUQDV 23/
0DUTXH 9DULDQWH GH FiOFXOR GH FXVWRV 333
6HOHFLRQH 'HWDOKHV
9DULDQWH GH DYDOLDomR 2UGHP GH SURGXomR UHDO
4XDO SUHoR p VHOHFLRQDGR SDUD FDOFXODU RV FXVWRV GH SURGXomR" (VWH p R
PHVPR SUHoR TXH IRL XWLOL]DGR SDUD GHWHUPLQDU FXVWRV SODQHMDGRV FiOFXOR
SUHOLPLQDU GH FXVWRV SDUD R FROHWRU GH FXVWRV GR SURGXWR"
7DULID VHOHFLRQDGD SDUD FXVWRV UHDLV
5HVXPR GD OLomR
9RFr DJRUD GHYH HVWDU DSWR D
([HFXWDU PRYLPHQWRV GH PHUFDGRULDV H FRQ¿UPDo}HV SDUD D RUGHP GH
SURGXomR
(IHWXDU ODQoDPHQWRV GLUHWRV GD &RQWDELOLGDGH ¿QDQFHLUD SDUD R FROHWRU GH
FXVWRV GR SURGXWR
2EMHWLYRV GD OLomR
1R ¿QDO GHVWD OLomR YRFr GHYHUi HVWDU DSWR D
'HVFUHYHU DV HWDSDV WtSLFDV GR HQFHUUDPHQWR GR SHUtRGR QD SURGXomR SDUD
HVWRTXH FRP &RQWUROOLQJ SHULyGLFR GH SURGXWR
'HWHUPLQDU R PDWHULDO HP SURFHVVR :,3 VHJXQGR R FXVWR WHyULFR H H[SOLFDU
R FXVWRPL]LQJ DVVRFLDGR
([HFXWDU DQiOLVH GH GHVYLR
'HVFUHYHU D LQWHJUDomR GR HQFHUUDPHQWR GR SHUtRGR
&HQiULR GH QHJyFLRV
8P IDEULFDQWH SURGX] YiULRV WLSRV GH ERPEDV SDUD HVWRTXH 2 FRQWUROOLQJ GH
YHQGDV p UHDOL]DGR DSHQDV QD 'HPRQVWUDomR GH UHVXOWDGRV &23$
2V WLSRV PDLV SURFXUDGRV VmR SURGX]LGRV HP XP SURFHVVR GH SURGXomR FRQWtQXD
H PDSHDGRV QR VLVWHPD FRP SURGXomR UHSHWLWLYD 3RU VHX ODGR XP WLSR PHQRV
SURFXUDGR DSHQDV GHYH VHU SURGX]LGR FRP EDVH QR WDPDQKR GR ORWH FRP RUGHQV GH
SURGXomR H DSHQDV TXDQGR R HVWRTXH GHVFH DEDL[R GR SRQWR GH UHDEDVWHFLPHQWR
3DUD XPD PHOKRU FRPSDUDomR GRV REMHWRV GH FXVWR WRGRV RV SURFHVVRV GH SURGXomR
GHYHP VHU DFRPSDQKDGRV SRU XP FRQWUROOLQJ SHULyGLFR &DGD ERPED WHP XPD
YHUVmR GH SURGXomR SDUD D SURGXomR UHSHWLWLYD H RXWUD SDUD D SURGXomR SRU RUGHP
1HVWH H[HPSOR LUHPRV QRV FRQFHQWUDU QD SURGXomR TXH UHFRUUH D RUGHQV GH
SURGXomR
2 HQFHUUDPHQWR GR SHUtRGR p H[HFXWDGR WRWDOPHQWH QR REMHWR GH FXVWR QR
&RQWUROOLQJ QHVWH FHQiULR QR FROHWRU GH FXVWRV GR SURGXWR
1HVWH H[HPSOR R FHQWUR GH FXVWR SODQHMDGR GLIHUH GR FXVWR UHDO 2 SUHoR SODQHMDGR
p GH SRU KRUD 3RUpP IRUDP DORFDGDV DSHQDV KRUDV HP YH] GDV
SODQHMDGDV QR FiOFXOR GH FXVWRV SUHOLPLQDU 1R SUHoR SODQHMDGR R UHVXOWDGR p D
DWULEXLomR GH DR FROHWRU GH FXVWRV GR SURGXWR
1R HQFHUUDPHQWR GR SHUtRGR R FXVWR WRWDO UHODFLRQDGR FRP D DWLYLGDGH QR FHQWUR
GH FXVWR p GHWHUPLQDGR FRPR VHQGR &RP D DWULEXLomR GH KRUDV UHVXOWD
QR SUHoR WHyULFR GH SRU KRUD RX VHMD [ QR WRWDO $
GLIHUHQoD GH p FREUDGD QR FROHWRU GH FXVWRV GR SURGXWR FRP D IXQomR GH
UHDYDOLDomR VHJXQGR WDULIDV UHDLV
1HVWH H[HPSOR D UHDYDOLDomR D SUHoRV UHDLV p LOXVWUDGD FRP R HPSUHJR GH WLSR GH
DWLYLGDGH (OD DSOLFDVH WDPEpP DRV SURFHVVRV HPSUHVDULDLV
2 FiOFXOR GH VREUHWD[D UHDO DWULEXL REMHWRV GH FXVWRV FRP FXVWRV LQGLUHWRV UHDLV
2 FXVWR LQGLUHWR p DORFDGR D REMHWRV GH FXVWR XVDQGR TXRWD GH DORFDomR SHUFHQWXDO
RX EDVHDGD QD TXDQWLGDGH
$ DORFDomR GH FXVWRV LQGLUHWRV H[HFXomR GH WHVWH SRGH VHU VLPXODGD
2 SURFHVVR GH FiOFXOR GH VREUHWD[D JHUD RV VHJXLQWHV ODQoDPHQWRV
2V FXVWRV LQGLUHWRV VmR FREUDGRV QRV REMHWRV GH FXVWR FROHWRUHV GH FXVWRV GH
SURGXWR RUGHQV GH SURGXomR RX REMHWRV GH FXVWR JHUDO
2 REMHWR GH FXVWRV LQGLUHWRV FHQWUR GH FXVWR RUGHP SURFHVVR p FUHGLWDGR
2V FXVWRV VmR DWXDOL]DGRV XVDQGR FODVVHV GH FXVWR VHFXQGiULDV LQGLFDGDV QDV OLQKDV
GH FUpGLWR QR HVTXHPD GH FiOFXOR GH FXVWR
2 FiOFXOR GH FXVWRV LQGLUHWRV UHDLV XVD R HVTXHPD GH FiOFXOR GH FXVWR LQWURGX]LGR
QR FROHWRU GH FXVWRV GH SURGXWR
0DWHULDO HP SURFHVVR
9RFr SRGH LQGLFDU XPD YDULDQWH GH DYDOLDomR SDUD VHOHFLRQDU R FiOFXOR GH FXVWRV
SDUD D DYDOLDomR GRV GHVYLRV GH PDWHULDO HP SURFHVVR H GH UHIXJR VHJXQGR R FXVWRV
WHyULFR
2V FXVWRV WHyULFRV SRGHP VHU FDOFXODGRV FRP EDVH HP
&XVWRV SODQHMDGRV LVWR p RV FXVWRV FDOFXODGRV QR FiOFXOR GH FXVWRV
SUHOLPLQDU SDUD D RUGHP GH SURGXomR RX SDUD R FROHWRU GH FXVWRV GR SURGXWR
8P FiOFXOR DOWHUQDWLYR GH FXVWRV GH PDWHULDO FRPR R FiOFXOR GH FXVWRV
SODQHMDGRV PRGL¿FDGR RX R UHDO 3DUD LGHQWL¿FDU R FiOFXOR GH FXVWRV HQWUH
XPD YDULDQWH GH FiOFXOR GH FXVWRV H YHUVmR GH FiOFXOR GH FXVWRV
2 FiOFXOR GH FXVWRV SODQHMDGRV DWXDO
9RFr DWULEXL XPD YDULDQWH GH DYDOLDomR SDUD PDWHULDO HP SURFHVVR H UHIXJR D
XPD FRPELQDomR GH iUHD GH FRQWDELOLGDGH GH FXVWRV YHUVmR GD 'HWHUPLQDomR GR
UHVXOWDGR H FKDYH GH 'HWHUPLQDomR GR UHVXOWDGR
$V ~QLFDV FKDYHV GH 'HWHUPLQDomR GR UHVXOWDGR UHOHYDQWHV VmR DV XWLOL]DGDV SDUD R
FiOFXOR GH PDWHULDO HP SURFHVVR VHJXQGR R FXVWR WHyULFR
1HVWD HWDSD YRFr LQGLFD SRU PHLR GH XPD FDWHJRULD GH GHPRQVWUDomR GR UHVXOWDGR
R PRGR FRPR D 'HWHUPLQDomR GR UHVXOWDGR p SURFHVVDGD H FRP TXH FODVVHV GH
FXVWR GD 'HWHUPLQDomR GR UHVXOWDGR GR WLSR HVVD GHWHUPLQDomR p JUDYDGD QR
REMHWR GH FXVWR
3DUD FXVWRV UHOHYDQWHV SDUD D DYDOLDomR FRPR FXVWRV GLUHWRV GH PDWHULDO p
SUHFLVR FULDU ,'V GH OLQKD GH FDWHJRULD ³.´ FXVWRV
6H YRFr QmR TXLVHU TXH VHMD FULDGR PDWHULDO HP SURFHVVR SDUD XP ,' GH OLQKD
FRPSOHWR SRU H[HPSOR SRUTXH RV FXVWRV VmR FDOFXODGRV p SUHFLVR DWULEXLU
HVVH ,' GH OLQKD j FDWHJRULD ³1´ QmR LQFOXtGR
'HWHUPLQDomR GH GHVYLR
$ SDUWLU GR UHOHDVH YRFr SRGH GHGX]LU RV GHVYLRV GH UHIXJR GRV FXVWRV UHDLV
SDUD FiOFXOR GRV FXVWRV GH FRQWUROH 2 GHVYLR GH UHIXJR p FDOFXODGR DYDOLDQGR DV
TXDQWLGDGHV GH UHIXJR QmR SODQHMDGDV FRP RV FXVWRV WHyULFRV PHQRV RV FXVWRV GH
UHIXJR SODQHMDGRV $ TXDQWLGDGH GH UHIXJR QmR SODQHMDGD UHVXOWD GD GLIHUHQoD
HQWUH D TXDQWLGDGH GH UHIXJR UHDO GD RSHUDomR H D UHVSHFWLYD TXDQWLGDGH GH UHIXJR
WHyULFD
1D GHWHUPLQDomR GH GHVYLR DV YHUV}HV WHyULFDV VmR XVDGDV SULQFLSDOPHQWH
SDUD FRQWURODU R WLSR GH GHVYLR GHVYLR WRWDO GHVYLR GH SURGXomR RX GHVYLR GH
SODQHMDPHQWR 7DPEpP SRGHP VHU XVDGRV SDUD DYDOLDU RV GHVYLRV GH UHIXJR 2
VLVWHPD VWDQGDUG XVD DV VHJXLQWHV YHUV}HV WHyULFDV
9HUVmR WHyULFD GHVYLR WRWDO 2 GHVYLR WRWDO p LJXDO DR VDOGR GD RUGHP
3DUD HVVD YHUVmR VHOHFLRQH FXVWRV UHDLV FRPR FXVWRV GH FRQWUROH H FiOFXOR GH
FXVWRV SODQHMDGRV FRPR FXVWRV WHyULFRV
9HUVmR WHyULFD GHVYLR GH SURGXomR 3DUD HVVD YHUVmR VHOHFLRQH FXVWRV
UHDLV FRPR FXVWRV GH FRQWUROH H FXVWRV SODQHMDGRV FRPR FXVWRV WHyULFRV
9HUVmR WHyULFD GHVYLR GH SODQHMDPHQWR &RP D YHUVmR WHyULFD RV FXVWRV
QR FiOFXOR SUHOLPLQDU GH FXVWRV GD RUGHP VmR LQWHUSUHWDGRV FRPR FXVWRV
GH FRQWUROH 3DUD HVVD YHUVmR VHOHFLRQH FXVWRV SODQHMDGRV FRPR FXVWRV GH
FRQWUROH H FiOFXOR GH FXVWRV SODQHMDGRV DWXDO FRPR FXVWRV WHyULFRV 1mR VH
SRGH FDOFXODU GHVYLRV GH SODQHMDPHQWR SDUD FROHWRUHV GH FXVWRV GR SURGXWR
9HUVmR WHyULFD GHVYLR GH SURGXomR GR SHUtRGR 2V FXVWRV SODQHMDGRV GR
SHUtRGR FDOFXODGR FRP EDVH HP FiOFXOR DOWHUQDWLYR GH FXVWRV GH PDWHULDO
FRPR FiOFXOR GH FXVWRV VWDQGDUG PRGL¿FDGR VmR FRPSDUDGRV FRP RV FXVWRV
UHDLV GR SHUtRGR FRP EDVH QR UHQGLPHQWR IRUQHFLGR DR HVWRTXH QR SHUtRGR $
TXDQWLGDGH EiVLFD SDUD GHWHUPLQDomR GH GHVYLR p R UHQGLPHQWR 3DUD HVVD
YHUVmR VHOHFLRQH FXVWRV UHDLV FRPR FXVWRV GH FRQWUROH H FiOFXOR DOWHUQDWLYR
GH FXVWRV GH PDWHULDO FRPR FXVWRV WHyULFRV
1R &RQWUROOLQJ SHULyGLFR GH SURGXWR RV GHVYLRV GH :,3 H GH UHIXJR VmR VHPSUH
GHGX]LGRV GRV FXVWRV UHDLV
'HVYLRV GH WDPDQKR GH ORWH SRGHP VHU FDOFXODGRV SDUD WRGDV DV YHUV}HV WHyULFDV
TXH UHODWDP GHVYLRV QR ODGR GH VDtGD
2V GHVYLRV GH WDPDQKR GH ORWH VmR FDOFXODGRV FRP D VHJXLQWH IyUPXOD
'HVYLR GH WDPDQKR GH ORWH FXVWRV WHyULFRV LQGHSHQGHQWHV GR WDPDQKR GR
ORWH [ TXDQWLGDGH GH FRQWUROHTXDQWLGDGH SODQHMDGD
6RPHQWH TXDQGR D TXDQWLGDGH SODQHMDGD QmR IRU LJXDO j FRQ¿UPDGD TXDQWLGDGH
HQWUHJXH p TXH VH FDOFXODP RV GHVYLRV GH WDPDQKR GH ORWH
1HVWH H[HPSOR RV FXVWRV LQGHSHQGHQWHV GR WDPDQKR GR ORWH WDLV FRPR FXVWRV GH
SUHSDUDomR H GH GHVPRQWDJHP VmR GH SRU XQLGDGH
([HPSOR 2 SUHoRSDGUmR SDUD XP SURGXWR DFDEDGR FRPR IRL GHWHUPLQDGR
QR FiOFXOR GH FXVWRV SODQHMDGRV p GH
$SURSULDomR GH FXVWRV
&HQiULR GH QHJyFLRV
1R ¿QDO GR SHUtRGR WRGRV RV REMHWRV GH FXVWR VmR SURFHVVDGRV QR HQFHUUDPHQWR
GR SHUtRGR DWUDYpV GDV VHJXLQWHV HWDSDV WtSLFDV DORFDomRPRGHOR UHDYDOLDomR
GH DWLYLGDGH H DORFDomR GH SURFHVVR VHJXQGR D WDULID UHDO GHWHUPLQDomR :,3
GHWHUPLQDomR GH GHVYLR H DSURSULDomR GH REMHWR GH FXVWR
6HX GHSDUWDPHQWR GH FRQWUROOLQJ GHFLGLX XWLOL]DU $%& SDUD DORFDU FXVWRV GH
SURFHVVDPHQWR GH RUGHQV &XVWRV GH DUPD]HQDPHQWR LQGLUHWRV VmR DORFDGRV SDUD
R FROHWRU GH FXVWRV GR SURGXWR XWLOL]DQGR R HVTXHPD GH FiOFXOR GH FXVWRV $SyV
D DORFDomR GH WRGRV RV FXVWRV UHDLV GR SHUtRGR DWXDO SDUD R FROHWRU GH FXVWRV GR
SURGXWR R :,3 WHP TXH VHU FDOFXODGR VHJXQGR R FXVWR WHyULFR H WUDQVIHULGR SDUD
&RQWDELOLGDGH ¿QDQFHLUD 'XUDQWH D VXEVHTHQWH GHWHUPLQDomR GH GHVYLR RV
GHVYLRV FRP EDVH QR SHUtRGR VmR JHUDGRV GH DFRUGR FRP VXDV FDXVDV FDWHJRULDV GH
GHVYLR JUDYDGRV SDUD D RUGHP H SRVWHULRUPHQWH WUDQVIHULGRV SDUD &RQWDELOLGDGH
¿QDQFHLUD FRPR XP WRWDO H $QiOLVH GH UHQWDELOLGDGH HP GHWDOKH
7DUHID
&RPSOHWH D DORFDomR GH FXVWRV EDVHDGD QD DWLYLGDGH SDUD R FROHWRU GH FXVWRV GR
SURGXWR UHODWLYR DR PDWHULDO 5)
8WLOL]DQGR D WUDQVDomR GH SURFHVVDPHQWR LQGLYLGXDO SDUD $ORFDomR GH FXVWRV
EDVHDGD QD DWLYLGDGH HPSUHVDULDO DSOLTXH R FXVWR GH SURFHVVR UHDO j RUGHP
GH SURGXomR SDUD D YHUVmR GR SHUtRGR DWXDO
7DUHID
7DUHID
&DOFXOH RV FXVWRV LQGLUHWRV SDUD R FROHWRU GH FXVWRV GR SURGXWR UHODWLYR D 5)
8WLOL]DQGR D WUDQVDomR GH SURFHVVDPHQWR LQGLYLGXDO FDOFXOH RV FXVWRV
LQGLUHWRV UHODWLYRV DR SHUtRGR DWXDO SDUD R FROHWRU GH FXVWRV GR SURGXWR
7DUHID
&DOFXOH R :,3 SDUD R FROHWRU GH FXVWRV GR SURGXWR
5HFRUUHQGR j WUDQVDomR GH SURFHVVDPHQWR LQGLYLGXDO FDOFXOH R YDORU :,3
SDUD R FROHWRU GH FXVWRV GR SURGXWR XWLOL]DQGR R SHUtRGR DWXDO H D YHUVmR GH
'HWHUPLQDomR GR UHVXOWDGR
$ SDUWLU GD H[LELomR :,3 GR FROHWRU GH FXVWRV GR SURGXWR DFHVVH R UHODWyULR
GHWDOKDGR VHOHFLRQDQGR ([SOLFDomR :,3
2 UHODWyULR H[SDQGH GH IRUPD GLQkPLFD RV GHWDOKHV GR FiOFXOR GH FXVWRV
SDUD D RSHUDomR ,VVR GHYH UHÀHWLU DV TXDQWLGDGHV FRQ¿UPDGDV SDUD DV
WUDQVDo}HV DQWHULRUHV 8PD TXDQWLGDGH ERD GH GH] ERPEDV IRL FRQ¿UPDGD
SDUD D RSHUDomR (P VHJXLGD XPD TXDQWLGDGH ERD GH XQLGDGHV IRL
FRQ¿UPDGD SDUD D RSHUDomR HP TXH XQLGDGH WDPEpP IRL UHSRUWDGD
FRPR UHIXJR ,VVR UHVXOWD HP XPD TXDQWLGDGH :,3 UHVWDQWH GH XQLGDGHV
SDUD D RSHUDomR
&HQWUR
9HUVmR
3HUtRGR 0rV DWXDO
([HUFtFLR $QR DWXDO
7DUHID
7DUHID
&DOFXOH RV FXVWRV LQGLUHWRV SDUD R FROHWRU GH FXVWRV GR SURGXWR UHODWLYR D 5)
8WLOL]DQGR D WUDQVDomR GH SURFHVVDPHQWR LQGLYLGXDO FDOFXOH RV FXVWRV
LQGLUHWRV UHODWLYRV DR SHUtRGR DWXDO SDUD R FROHWRU GH FXVWRV GR SURGXWR
D &RQWDELOLGDGH ĺ &RQWUROOLQJ ĺ &RQWUROOLQJ GH FXVWRV GR SURGXWR ĺ
&RQWDELOLGDGH GH REMHWRV GH FXVWR ĺ &RQWUROOLQJ SHULyGLFR GH SURGXWR
ĺ (QFHUUDPHQWR GR SHUtRGR ĺ )XQo}HV LQGLYLGXDLV &ROHWRU GH
FXVWRV GR SURGXWR ĺ 6REUHWD[DV ĺ 3URFHVVDPHQWR LQGLYLGXDO &2
(QWUH R Q~PHUR GR PDWHULDO
&HQWUR
3HUtRGR 0rV DWXDO
([HUFtFLR $QR DWXDO
7DUHID
&DOFXOH R :,3 SDUD R FROHWRU GH FXVWRV GR SURGXWR
5HFRUUHQGR j WUDQVDomR GH SURFHVVDPHQWR LQGLYLGXDO FDOFXOH R YDORU :,3
SDUD R FROHWRU GH FXVWRV GR SURGXWR XWLOL]DQGR R SHUtRGR DWXDO H D YHUVmR GH
'HWHUPLQDomR GR UHVXOWDGR
D &RQWDELOLGDGH ĺ &RQWUROOLQJ ĺ &RQWUROOLQJ GH FXVWRV GR SURGXWR ĺ
&RQWDELOLGDGH GH REMHWRV GH FXVWR ĺ &RQWUROOLQJ SHULyGLFR GH SURGXWR
ĺ (QFHUUDPHQWR GR SHUtRGR ĺ )XQo}HV LQGLYLGXDLV &ROHWRUHV
GH FXVWRV GR SURGXWR ĺ 0DWHULDO HP SURFHVVR ĺ 3URFHVVDPHQWR
LQGLYLGXDO ĺ &DOFXODU ..$6
(QWUH R Q~PHUR GR PDWHULDO
&HQWUR
:,3 DWp R SHUtRGR 0rV DWXDO
([HUFtFLR ([HUFtFLR DWXDO
9HUVmR GD 'HWHUPLQDomR GR UHVXOWDGR
'HVPDUTXH ([HFXomR GH WHVWH
6HOHFLRQH ([HFXWDU
5HVXPR GD OLomR
9RFr DJRUD GHYH HVWDU DSWR D
'HVFUHYHU DV HWDSDV WtSLFDV GR HQFHUUDPHQWR GR SHUtRGR QD SURGXomR SDUD
HVWRTXH FRP &RQWUROOLQJ SHULyGLFR GH SURGXWR
'HWHUPLQDU R PDWHULDO HP SURFHVVR :,3 VHJXQGR R FXVWR WHyULFR H H[SOLFDU
R FXVWRPL]LQJ DVVRFLDGR
([HFXWDU DQiOLVH GH GHVYLR
'HVFUHYHU D LQWHJUDomR GR HQFHUUDPHQWR GR SHUtRGR
2EMHWLYRV GD OLomR
1R ¿QDO GHVWD OLomR YRFr GHYHUi HVWDU DSWR D
'HVFUHYHU D SURGXomR UHSHWLWLYD
$YDOLDU DV GLIHUHQWHV HVWUDWpJLDV GH DYDOLDomR GR PDWHULDO
&HQiULR GH QHJyFLRV
8P IDEULFDQWH SURGX] YiULRV WLSRV GH ERPEDV SDUD HVWRTXH 2 FRQWUROOLQJ GH
YHQGDV p UHDOL]DGR DSHQDV QD 'HPRQVWUDomR GH UHVXOWDGRV &23$
2V WLSRV PDLV SURFXUDGRV VmR SURGX]LGRV HP XP SURFHVVR GH SURGXomR FRQWtQXD
H PDSHDGRV QR VLVWHPD FRP SURGXomR UHSHWLWLYD 3RU VHX ODGR XP WLSR PHQRV
SURFXUDGR DSHQDV GHYH VHU SURGX]LGR FRP EDVH QR WDPDQKR GR ORWH FRP RUGHQV GH
SURGXomR H DSHQDV TXDQGR R HVWRTXH GHVFH DEDL[R GR SRQWR GH UHDEDVWHFLPHQWR
9RFr SUHWHQGH H[DPLQDU D UHSUHVHQWDomR GD SURGXomR XWLOL]DQGR D ³3URGXomR
UHSHWLWLYD´ H D GLIHUHQoD HQWUH R PDWHULDO VXMHLWR D FRQWUROH GH SUHoRV ³6´ H ³9´
3URGXomR UHSHWLWLYD
$YDOLDomR GH PDWHULDO
$QH[R $YDOLDomR GH PDWHULDO 6tQWHVH
3RU FRQVHJXLQWH
$ DYDOLDomR VHJXQGR R SUHoR PpGLR PyYHO QmR p UHFRPHQGDGD SDUD PDWHULDLV
GH SURGXomR LQWHUQD
5HVXPR GD OLomR
9RFr DJRUD GHYH HVWDU DSWR D
'HVFUHYHU D SURGXomR UHSHWLWLYD
$YDOLDU DV GLIHUHQWHV HVWUDWpJLDV GH DYDOLDomR GR PDWHULDO
5HVXPR GR FDStWXOR
9RFr DJRUD GHYH HVWDU DSWR D
&ULDU RV GDGRV PHVWUH SDUD XPD RUGHP GH SURGXomR H XP FROHWRU GH FXVWRV
GR SURGXWR
([SOLFDU R FXVWRPL]LQJ SDUD XP ³FHQiULR GH VHSDUDomR´
([HFXWDU FiOFXOR GH FXVWRV SUHOLPLQDU SDUD XP FROHWRU GH FXVWRV GR SURGXWR
([HFXWDU PRYLPHQWRV GH PHUFDGRULDV H FRQ¿UPDo}HV SDUD D RUGHP GH
SURGXomR
(IHWXDU ODQoDPHQWRV GLUHWRV GD &RQWDELOLGDGH ¿QDQFHLUD SDUD R FROHWRU GH
FXVWRV GR SURGXWR
'HVFUHYHU DV HWDSDV WtSLFDV GR HQFHUUDPHQWR GR SHUtRGR QD SURGXomR SDUD
HVWRTXH FRP &RQWUROOLQJ SHULyGLFR GH SURGXWR
'HWHUPLQDU R PDWHULDO HP SURFHVVR :,3 VHJXQGR R FXVWR WHyULFR H H[SOLFDU
R FXVWRPL]LQJ DVVRFLDGR
([HFXWDU DQiOLVH GH GHVYLR
'HVFUHYHU D LQWHJUDomR GR HQFHUUDPHQWR GR SHUtRGR
'HVFUHYHU D SURGXomR UHSHWLWLYD
$YDOLDU DV GLIHUHQWHV HVWUDWpJLDV GH DYDOLDomR GR PDWHULDO
2EMHWLYRV GR FDStWXOR
1R ¿QDO GHVWH FDStWXOR YRFr GHYHUi HVWDU DSWR D
&RQWH~GR GR FDStWXOR
/LomR 'DGRV PHVWUH H FiOFXOR GH FXVWRV SUHOLPLQDU
([HUFtFLR 'DGRV PHVWUH H FiOFXOR GH FXVWRV SUHOLPLQDU ± 2UGHP GH
VHUYLoR
/LomR &iOFXOR GH FXVWRV VLPXOWkQHR
2EMHWLYRV GD OLomR
1R ¿QDO GHVWD OLomR YRFr GHYHUi HVWDU DSWR D
([SOLFDU RV ÀX[RV GH TXDQWLGDGHV H YDORUHV QR &RQWUROOLQJ SRU RUGHP GR
FOLHQWH SDUD XP VHUYLoR
([SOLFDU R FXVWR XQLWiULR GH RUGHQV GR FOLHQWH
&RPSUHHQGHU TXDQGR R IDWXUDPHQWR SRU UHFXUVRV XWLOL]DGRV GHYH VHU XVDGR
([SOLFDU DV FRQ¿JXUDo}HV QHFHVViULDV QR FXVWRPL]LQJ
&HQiULR GH QHJyFLRV
8P FOLHQWH JRVWDULD GH XWLOL]DU VHXV VHUYLoRV GH FRQVXOWRULD SRU DOJXQV GLDV &RPR
VH WUDWD GH XP VHUYLoR FRP XPD HVWUXWXUD VLPSOHV YRFr GHFLGLX XWLOL]DU XPD RUGHP
GR FOLHQWH FRPR REMHWR GH FXVWR
$OWHUQDWLYD 8P FOLHQWH HPLWH XP SHGLGR SDUD XPD LQVWDODomR SUR¿VVLRQDO GH
WXUELQDV UHFHQWHPHQWH DGTXLULGDV &RPR VH WUDWD GH XPD PRQWDJHP VLPSOHV QR
ORFDO XPD RUGHP GR FOLHQWH SDUHFH VHU R REMHWR GH FXVWR DGHTXDGR 6H DOpP GLVVR
R FOLHQWH WDPEpP GHVHMDU DV SUySULDV WXUELQDV D FRQFHSomR D FRQVXOWRULD H R
WUHLQDPHQWR R SDFRWH WRWDO DVVXPH FRQWRUQRV PDLV FRPSOH[RV &RPR DV WDUHIDV
VmR IRUQHFLGDV SRU GHSDUWDPHQWRV GLIHUHQWHV GH VXD HPSUHVD PDV TXH GHYHP VHU
VXMHLWDV D XP FRQWUROOLQJ FRPXP H FRQVLVWHQWH YRFr WHUi GH UHFRUUHU D XP SURMHWR
DOpP GD RUGHP GR FOLHQWH
'DGRV PHVWUH
$ FDWHJRULD GD FODVVL¿FDomR FRQWiELO ' QHFHVVLWD TXH YRFr XWLOL]H HVWRTXH QmR
DYDOLDGR GD RUGHP GR FOLHQWH
9RFr SRGH XWLOL]DU R 3URMHFW %XLOGHU SDUD FULDU RX PRGL¿FDU REMHWRV GR SURMHWR
GH¿QLomR GR SURMHWR HOHPHQWRV 3(3 DWLYLGDGHV HOHPHQWRV GH DWLYLGDGH WH[WRV
36 GRFXPHQWRV PDUFRV PDWHULDLV XWLOL]DGRV 9RFr SRGH WUDEDOKDU FRP WHODV
GHWDOKDGDV OLVWDV RX JUi¿FRV JUi¿FRV GH KLHUDUTXLD JUi¿FRV GH HVWUXWXUD GD
UHGH
9RFr SRGH XWLOL]DU HVWUXWXUDV GH SURMHWR RSHUDFLRQDLV SODQRV GD HVWUXWXUD GR
SURMHWR UHGHV RX HVWUXWXUDV VWDQGDUG SODQRV GD HVWUXWXUD GR SURMHWR VWDQGDUG
UHGHV VWDQGDUG FRPR XP PRGHOR DOpP GH HVWUXWXUDV GH SURMHWR FULDGDV
PDQXDOPHQWH
9RFr SRGH LQFOXLU SODQRV GD HVWUXWXUD GR SURMHWR SODQRV GH HVWUXWXUD GR SURMHWR
VWDQGDUG H UHGHV VWDQGDUG HP XPD HVWUXWXUD GH SURMHWR H[LVWHQWH
4XDQGR YRFr FULD SURMHWRV SRGH FRSLDU XP SURMHWR RSHUDFLRQDO RX SURMHWR
VWDQGDUG LQFOXLQGR WRGRV RV REMHWRV LQIHULRUHV HOHPHQWRV 3(3 DWLYLGDGHV WH[WRV
36 GRFXPHQWRV PDUFRV FRPSRQHQWHV
(VWH H[HPSOR PRVWUD D FULDomR GH XP VHUYLoR FRPR SRU H[HPSOR XPD FRQVXOWD RX
PRQWDJHP UHDOL]DGD SDUD R FOLHQWH &RPR R LWHP GD RUGHP GR FOLHQWH p FRQWURODGR
FRPR XP REMHWR GH FXVWR RV FXVWRV GR VHUYLoR VmR FREUDGRV GLUHWDPHQWH QR LWHP
GD RUGHP GR FOLHQWH
$ RUGHP GR FOLHQWH SRGH VHU IDWXUDGD H RV UHJLVWURV GH FRQGLo}HV HVSHFt¿FRV GR
FOLHQWH RX GD DWLYLGDGH SRGHUmR VHU OHYDGRV HP FRQWD 9RFr SRGH HVFROKHU YiULDV
IRUPDV GH IDWXUDPHQWR
3DUWLQGR GH XP SUHoRSDGUmR XP SUHoR GH YHQGD p GHULYDGR XWLOL]DQGR R
HVTXHPD GH GHWHUPLQDomR GR SUHoR GR 6'
3DUWLQGR GR UHVXOWDGR GR FiOFXOR GH FXVWRV GD RUGHP GR FOLHQWH RX GR SURMHWR
XP SUHoR GH YHQGD p GHULYDGR XWLOL]DQGR R HVTXHPD GH GHWHUPLQDomR GR
SUHoR GR 6'
2 SUHoR GH YHQGD p DSXUDGR FRP EDVH QD GHVSHVD UHDO GR IDWXUDPHQWR SRU
UHFXUVRV XWLOL]DGRV
2 SURFHVVR VHJXLQWH p UHSUHVHQWDGR QR QRVVR H[HPSOR
2V FXVWRV VmR FREUDGRV GD RUGHP SRU PHLR GD VDtGD GH PHUFDGRULDV
ODQoDPHQWR GH DWLYLGDGHV LQWHUQDV UHODWyULR GH GHVSHVDV GH YLDJHP HWF
2 IDWXUDPHQWR SRU UHFXUVRV XWLOL]DGRV p H[HFXWDGR $V UHFHLWDV VmR FDOFXODGDV
QD GHWHUPLQDomR GH SUHoR GH 6' FRP EDVH QDV SDUWLGDV LQGLYLGXDLV IDWXUDGDV
$ RUGHP GR FOLHQWH WHP RV FXVWRV DSURSULDGRV QD 'HPRQVWUDomR GH UHVXOWDGRV
&23$
2SomR )DWXUDPHQWR SRU UHFXUVRV XWLOL]DGRV
2 IDWXUDPHQWR SRGH VHU H[HFXWDGR FRP EDVH QD UHFHLWD SODQHMDGD FRP RX VHP
XP SURJUDPD GH IDWXUDPHQWR RX FRP EDVH QRV FXVWRV UHDLV FRP XP IDWXUDPHQWR
SRU UHFXUVRV XWLOL]DGRV TXH JHUD RV GHQRPLQDGRV ³LWHQV GLQkPLFRV´ D SDUWLU GDV
LQIRUPDo}HV GH FXVWRV SRU H[HPSOR FXVWRV FRP PDWHULDO H SHVVRDO $QWHV GD
FULDomR GD VROLFLWDomR GH IDWXUDPHQWR p H[LELGD XPD WHOD GH VtQWHVH PRGL¿FiYHO
H FRQWHQGR LQIRUPDo}HV UHOHYDQWHV RQGH YRFr SRGHUi GHWHUPLQDU D DSDUrQFLD
GD PHVPD $ VROLFLWDomR GH IDWXUDPHQWR p JHUDGD QHVWD WHOD GH YLVmR JHUDO e
SRVVtYHO XWLOL]DU HVVD WHOD SRU H[HPSOR SDUD VLPXODU SUHoRV RX JUDYDU DV SUySULDV
LQIRUPDo}HV e DTXL WDPEpP TXH YRFr GHWHUPLQD TXDLV GDGRV R VLVWHPD FRSLD SDUD
D VROLFLWDomR GH IDWXUDPHQWR GHSRLV GH GHL[DU GH WUDEDOKDU FRP D WHOD GH VtQWHVH
([LVWHP GRLV QtYHLV GH DJUHJDomR
1tYHO 2 VLVWHPD DJUHJD RV UHJLVWURV GH GDGRV SDUD D WHOD GH VtQWHVH HP
LWHQV GLQkPLFRV
1tYHO 2 VLVWHPD JHUD XPD VROLFLWDomR GH IDWXUDPHQWR XWLOL]DQGR RV GDGRV
GRV LWHQV GLQkPLFRV 6H QHFHVViULR RV GDGRV VmR UHDJUHJDGRV FRP EDVH QRV
PDWHULDLV DWULEXtGRV $ DJUHJDomR GHSHQGH GDV FRQ¿JXUDo}HV SUHVHQWHV QR
SHU¿O GR ³SURFHVVDGRU GH LWHQV GLQkPLFRV´
&DVR QmR VH GHVHMH IDWXUDU XP LWHP GLQkPLFR SDUD XP FOLHQWH p SRVVtYHO HQWUDU
R PRWLYR SRU H[HPSOR JDUDQWLD QD WHOD GH YLVmR JHUDO SDUD LWHQV GLQkPLFRV
FRPR XP PRWLYR GH UDWHLR 2 PRWLYR Vy VHUi XWLOL]DGR SDUD ¿QV LQWHUQRV FRPR D
GHWHUPLQDomR GRV OXFURV
2 SURFHGLPHQWR GHVFULWR DFLPD DSOLFDVH WDPEpP j FULDomR GH XPD FRWDomR GH
XPD RUGHP GH VHUYLoR
1R QRVVR H[HPSOR YRFr FULD XPD RUGHP GR FOLHQWH H HVFROKH SODQHMDU R HVIRUoR
GHVVD RUGHP XWLOL]DQGR XP FiOFXOR GH FXVWR XQLWiULR
1D HWDSD VXEVHTHQWH GD WDUHID YRFr ODQoD RV FXVWRV UHVXOWDQWHV GLUHWDPHQWH QR
LWHP GD RUGHP GR FOLHQWH
$ SDUWLU GR UHOHDVH & R (DV\ &RVW 3ODQQLQJ IRL GLVSRQLELOL]DGR FRPR XPD
VLPSOHV IHUUDPHQWD SDUD SODQHMDU FXVWRV HP HOHPHQWRV 3(3 2 (DV\ &RVW 3ODQQLQJ
SDUD R SURMHWR p FKDPDGR D SDUWLU GR 3URMHFW %XLOGHU H RV LWHQV GH FiOFXOR GH FXVWRV
VmR FULDGRV SDUD RV HOHPHQWRV GH SODQHMDPHQWR 3(3 2V FXVWRV VmR SODQHMDGRV FRP
R (DV\ &RVW 3ODQQLQJ XWLOL]DQGR DV FODVVHV GH FXVWR
9RFr SRGH GH¿QLU YDULDQWHV GH SODQHMDPHQWR SDUD HQWUDU LWHQV GH FiOFXOR GH FXVWRV
H XWLOL]DU YDULiYHLV FDUDFWHUtVWLFDV GXUDQWH R SURFHVVR 3DUD LVVR VmR IRUQHFLGRV
YDORUHV DFLPD SDUD FDUDFWHUtVWLFDV DFLPD ³7UDEDOKR SRU KRUD´ 2V YDORUHV
GH FDUDFWHUtVWLFD GDV YDULDQWHV GH SODQHMDPHQWR HVWmR OLJDGRV D TXDQWLGDGHV
YDORUHV RX Do}HV GH LWHQV GH FiOFXOR GH FXVWRV DFLPD FRP D TXDQWLGDGH GH XPD
DWLYLGDGH LQWHUQD
2V FXVWRV SODQHMDGRV LQVHUHPVH QRV SHUtRGRV GDV GDWDVEDVH GR LQtFLR GRV
HOHPHQWRV 3(3 $V PRGL¿FDo}HV GDV GDWDVEDVH GR LQtFLR H GD UHDYDOLDomR REULJDP
D XPD UHGLVWULEXLomR GRV FXVWRV
2 (DV\ &RVW 3ODQQLQJ SRGH IXQFLRQDU FRPR XP VLPSOHV FiOFXOR GH FXVWRV
SUHOLPLQDU SDUD SURMHWRV SRGHQGR VHU VXEVWLWXtGR HP XPD IDVH SRVWHULRU GR SURMHWR
SRU XP FiOFXOR GH FXVWRV DXWRPiWLFR FRPR SRU H[HPSOR R FiOFXOR GH FXVWRV GH
HVWUXWXUDV TXDQWLWDWLYDV FRPR UHGHV RX RSHUDo}HV 2V UHFXUVRV SODQHMDGRV FRP R
(DV\ &RVW 3ODQQLQJ WDPEpP SRGHP IXQFLRQDU FRPR D EDVH GH ODQoDPHQWRV UHDLV
SRVWHULRUHV VH IRUHP HQWUDGRV FRP RV FRPSURPLVVRV H FXVWRV UHDLV GH ³([HFXWLRQ
6HUYLFHV´
1R FXVWRPL]LQJ GH (DV\ &RVW 3ODQQLQJ YRFr SRGH LQGLFDU RV GDGRV SODQHMDGRV
FRP TXH D YHUVmR GH SODQHMDPHQWR &2 GHYH VHU DWXDOL]DGD $ SDUWLU GR 6$3
5 (QWHUSULVH ([WHQVLRQ YRFr WDPEpP SRGHUi HQWUDU YiULDV YHUV}HV GH
SODQHMDPHQWR &2 DOWHUQDWLYDV SDUD R (DV\ &RVW 3ODQQLQJ 1HVWH FDVR YRFr SRGH
GHFLGLU HP TXH YHUV}HV GH SODQHMDPHQWR &2 DOWHUQDWLYDV R SODQHMDPHQWR GH FXVWRV
GHYH VHU H[HFXWDGR VHPSUH TXH H[HFXWDU R (DV\ &RVW 3ODQQLQJ
&HQiULR GH QHJyFLRV
8P FOLHQWH JRVWDULD GH XWLOL]DU VHXV VHUYLoRV GH FRQVXOWRULD SRU DOJXQV GLDV &RPR
VH WUDWD GH XP VHUYLoR FRP XPD HVWUXWXUD VLPSOHV YRFr GHFLGLX XWLOL]DU XPD RUGHP
GR FOLHQWH FRPR REMHWR GH FXVWR
1R FHQWUR 6 YRFr RIHUHFH HVWHV VHUYLoRV GH FRQVXOWRULD 9RFr FULD XPD RUGHP
GR FOLHQWH SDUD HVWH VHUYLoR H SRGH XWLOL]DU R FiOFXOR GH FXVWR XQLWiULR SDUD FDOFXODU
VHXV FXVWRV SDUD D RUGHP GR FOLHQWH
7DUHID
&RPHFH FULDQGR XPD RUGHP GR FOLHQWH H FDOFXODQGR R FXVWR GD WDUHID GH
FRQVXOWRULD
&ULH XPD RUGHP GR FOLHQWH SDUD R LWHP GH FRQVXOWRULD
(QWUH RV VHJXLQWHV GDGRV
&RPSRQHQWH &RQVXOWLQJ
6HOHFLRQH (QWHU
D &DPLQKR GH PHQX
/RJtVWLFD ĺ 9HQGDV H GLVWULEXLomR ĺ 9HQGDV ĺ 2UGHP ĺ &ULDU
9$
&ULH XP FiOFXOR GH FXVWR XQLWiULR SDUD GHWHUPLQDU RV FXVWRV GH FRQVXOWRULD
6H QHFHVViULR VHOHFLRQH &iOFXOR GH FXVWR XQLWiULR
&DPLQKR GH PHQX
6XSOHPHQWRV ĺ &iOFXOR GH FXVWRV
6HOHFLRQH &iOFXOR GH FXVWR XQLWiULR
1D FDL[D GH GLiORJR HQWUH RV GDGRV VHJXLQWHV
&RPSRQHQWH &RQVXOWLQJ
6HOHFLRQH (QWHU
5HVXPR GD OLomR
9RFr DJRUD GHYH HVWDU DSWR D
([SOLFDU RV ÀX[RV GH TXDQWLGDGHV H YDORUHV QR &RQWUROOLQJ SRU RUGHP GR
FOLHQWH SDUD XP VHUYLoR
([SOLFDU R FXVWR XQLWiULR GH RUGHQV GR FOLHQWH
&RPSUHHQGHU TXDQGR R IDWXUDPHQWR SRU UHFXUVRV XWLOL]DGRV GHYH VHU XVDGR
([SOLFDU DV FRQ¿JXUDo}HV QHFHVViULDV QR FXVWRPL]LQJ
2EMHWLYRV GD OLomR
1R ¿QDO GHVWD OLomR YRFr GHYHUi HVWDU DSWR D
'HELWDU D RUGHP GR FOLHQWH FRP DORFDo}HV GLUHWDV GH DFWLYLGDGH H FRP FXVWRV
UHDLV XWLOL]DQGR D IROKD GH KRUDV GH WUDEDOKR
8WLOL]DU R IDWXUDPHQWR SRU UHFXUVRV XWLOL]DGRV
&RPSUHHQGHU DV FRQ¿UPDo}HV GR GLDJUDPD GH UHGH
&RPSUHHQGHU RV ([HFXWLRQ 6HUYLFHV
&HQiULR GH QHJyFLRV
8P FOLHQWH JRVWDULD GH XWLOL]DU VHXV VHUYLoRV GH FRQVXOWRULD SRU DOJXQV GLDV &RPR
VH WUDWD GH XP VHUYLoR FRP XPD HVWUXWXUD VLPSOHV YRFr GHFLGLX XWLOL]DU XPD RUGHP
GR FOLHQWH FRPR REMHWR GH FXVWR
'HSRLV GH VHX FRQVXOWRU UHJUHVVDU HQWUH HVWHV VHUYLoRV RV UHFLERV HQWUHJXHV H
TXDOTXHU FRQVXPR GH PDWHULDO TXH WHQKD RFRUULGR
&$76 p XPD IXQomR LQWHJUDGD SDUD HQWUDGD GH WHPSRV UHDLV UHOHYDQWHV SDUD DV
iUHDV GH +&0 36 30 60 &2 RX 00659
9RFr SRGH XWLOL]DU R SHU¿O GD HQWUDGD GH GDGRV SDUD GH¿QLU RV OD\RXWV
2V UHODWyULRV WUDQVIHUHP RV GDGRV OLEHUDGRV H VH QHFHVViULR DSURYDGRV SDUD DV
YiULDV DSOLFDo}HV 2V WHPSRV UHDLV SRGHP VHU LPSRUWDQWHV SDUD YiULDV DSOLFDo}HV
DR PHVPR WHPSR ,VVR UHVXOWD HP P~OWLSODV WUDQVIHUrQFLDV SDUD YiULDV DSOLFDo}HV
1RWD VREUH RUGHQV GH SURGXomR 33
9RFr SRGH XWLOL]DU D &$76 SDUD HQWUDU DV KRUDV SDUD R REMHWR UHFHSWRU ³2UGHP GH
SURGXomR´ FDPSR 2UGHP (VWD HQWUDGD GH KRUDV p ODQoDGD QD RUGHP GH SURGXomR
FRPR DORFDomR LQWHUQD GH DWLYLGDGH TXDQGR WUDQVIHULGD SDUD &2 9RFr QmR SRGH
XWLOL]DU D &$76 SDUD HQWUDU FRQ¿UPDo}HV SDUD TXDQWLGDGHV ERDV H TXDQWLGDGHV GH
UHIXJR SDUD RUGHQV GH SURGXomR
6H YRFr XWLOL]DU XP SURMHWR SDUD UHDOL]DU XPD WDUHID SRGHUi HQWUDU H DYDOLDU RXWURV
GDGRV DOpP GH FXVWRV H UHFHLWDV 3DUD HQWUDU RV GDGRV UHDLV YRFr WHP TXH OLEHUDU R
SURMHWR
$V WUDQVDo}HV HPSUHVDULDLV DWXDOL]DP HVVHV GDGRV UHDLV QR SURMHWR D SDUWLU GDV
YiULDV iUHDV GR VLVWHPD GD 6$3 SRU H[HPSOR
$ SDUWLU GR UHOHDVH & YRFr SRGH XWLOL]DU ([HFXWLRQ 6HUYLFHV SDUD HQWUDU
FRPSURPLVVRV H FXVWRV UHDLV SDUD LWHQV SODQHMDGRV FRP R (DV\ &RVW 3ODQQLQJ
6mR SRVVtYHLV RV VHJXLQWHV ODQoDPHQWRV
$ORFDomR LQWHUQD GH DWLYLGDGH SDUD DWLYLGDGHV LQWHUQDV
$ORFDomR GLUHWD GH SURFHVVR SDUD SURFHVVRV
5HVHUYD SDUD LWHQV GH PDWHULDO
6DtGD GH PHUFDGRULDV SDUD PDWHULDLV XWLOL]DGRV
5HTXLVLomR GH FRPSUD
SDUD LWHQV GH PDWHULDO LWHQV GH DWLYLGDGH H[WHUQD LWHQV GH VHUYLoR LWHQV
YDULiYHLV
3HGLGR
SDUD LWHQV GH PDWHULDO LWHQV GH DWLYLGDGH H[WHUQD LWHQV GH VHUYLoR LWHQV
YDULiYHLV
&HQiULR GH QHJyFLRV
8P FOLHQWH JRVWDULD GH UHFHEHU VHXV VHUYLoRV GH FRQVXOWRULD SRU DOJXQV GLDV &RPR
VH WUDWD GH XP VHUYLoR FRP XPD HVWUXWXUD VLPSOHV YRFr GHFLGLX XWLOL]DU XPD RUGHP
GR FOLHQWH FRPR REMHWR GH FXVWR
1R FHQWUR 6 YRFr RIHUHFH HVWHV VHUYLoRV GH FRQVXOWRULD 9RFr FULD XPD RUGHP
GR FOLHQWH SDUD HVWH VHUYLoR H SRGH XWLOL]DU R FiOFXOR GH FXVWR XQLWiULR SDUD FDOFXODU
VHXV FXVWRV SDUD D RUGHP GR FOLHQWH
$OpP GLVVR YRFr SRGH XWLOL]DU D DORFDomR GH DWLYLGDGH H D IROKD GH KRUDV GH
WUDEDOKR &$76 SDUD UHJLVWUDU R WHPSR GH FRQVXOWRULD UHDO QHFHVViULR SDUD R LWHP
GD RUGHP GR FOLHQWH
7DUHID
/DQoDPHQWRV UHDLV
2 HPSUHJDGR HQWUDUi VHX WHPSR SDUD D DWLYLGDGH &2161 QD
)ROKD GH KRUDV GH WUDEDOKR 5HJLVWUH R WHPSR XWLOL]DQGR D )ROKD GH KRUDV GH
WUDEDOKR /HPEUHVH GH OLEHUDU VXDV HQWUDGDV DQWHV GH JUDYDU
&DPLQKR GH PHQX
&RQWDELOLGDGH ĺ &RQWUROOLQJ ĺ &RQWUROOLQJ GH FXVWRV GR SURGXWR ĺ
&RQWDELOLGDGH GH REMHWRV GH FXVWR ĺ &RQWUROOLQJ SRU RUGHP GR FOLHQWH ĺ
/DQoDPHQWRV UHDLV ĺ )ROKD GH KRUDV GH WUDEDOKR ĺ &$76 FOiVVLFR ĺ
5HJLVWUDU KRUiULRV GH WUDEDOKR &$7
(QWUH RV VHJXLQWHV GDGRV
6HOHFLRQH *UDYDU
D &RQ¿UPH D DWLYLGDGH LQWHUQD UHJLVWUDQGR R WHPSR GH FRQVXOWRULD QD
)ROKD GH KRUDV GH WUDEDOKR /HPEUHVH GH OLEHUDU VXDV HQWUDGDV DQWHV
GH JUDYDU
&DPLQKR GH PHQX
&RQWDELOLGDGH ĺ &RQWUROOLQJ ĺ &RQWUROOLQJ GH FXVWRV GR SURGXWR
ĺ &RQWDELOLGDGH GH REMHWRV GH FXVWR ĺ &RQWUROOLQJ SRU RUGHP GR
FOLHQWH ĺ /DQoDPHQWRV UHDLV ĺ )ROKD GH KRUDV GH WUDEDOKR ĺ &$76
FOiVVLFR ĺ 5HJLVWUDU KRUiULRV GH WUDEDOKR &$7
(QWUH RV VHJXLQWHV GDGRV
&DPLQKR GH PHQX
&RQWDELOLGDGH ĺ &RQWUROOLQJ ĺ &RQWUROOLQJ GH FXVWRV GR SURGXWR ĺ
&RQWDELOLGDGH GH REMHWRV GH FXVWR ĺ &RQWUROOLQJ SRU RUGHP GR FOLHQWH
ĺ /DQoDPHQWRV UHDLV ĺ )ROKD GH KRUDV GH WUDEDOKR ĺ 7UDQVIHULU ĺ
&RQWDELOLGDGH &$7
(QWUH RV VHJXLQWHV GDGRV
*UDYDU
6DOWH SDUD R VLVWHPD GH LQIRUPDomR GH &RQWUROOLQJ SRU RUGHP GR FOLHQWH H
YHMD R UHODWyULR GH FXVWR SODQHMDGR SDUD UHDO GD RUGHP GH YHQGDV
&DPLQKR GH PHQX
&RQWDELOLGDGH ĺ &RQWUROOLQJ ĺ &RQWUROOLQJ GH FXVWRV GR SURGXWR ĺ
&RQWDELOLGDGH GH REMHWRV GH FXVWR ĺ &RQWUROOLQJ SRU RUGHP GR FOLHQWH ĺ
6LVWHPD GH LQIRUPDomR ĺ 5HODWyULRV SDUD R &RQWUROOLQJ SRU RUGHP GR
FOLHQWH ĺ 5HODWyULRV GHWDOKDGRV ĺ 3DUD RUGHP GR FOLHQWH ..%&B.81
6HOHFLRQH R tFRQH /D\RXWV H GHSRLV VHOHFLRQH R OD\RXW 6$3 &RPSDUDomR
SODQHMDGDUHDO
(QWUH RV VHJXLQWHV GDGRV
5HVXPR GD OLomR
9RFr DJRUD GHYH HVWDU DSWR D
'HELWDU D RUGHP GR FOLHQWH FRP DORFDo}HV GLUHWDV GH DFWLYLGDGH H FRP FXVWRV
UHDLV XWLOL]DQGR D IROKD GH KRUDV GH WUDEDOKR
8WLOL]DU R IDWXUDPHQWR SRU UHFXUVRV XWLOL]DGRV
&RPSUHHQGHU DV FRQ¿UPDo}HV GR GLDJUDPD GH UHGH
&RPSUHHQGHU RV ([HFXWLRQ 6HUYLFHV
2EMHWLYRV GD OLomR
1R ¿QDO GHVWD OLomR YRFr GHYHUi HVWDU DSWR D
([SOLFDU D 'HWHUPLQDomR GR UHVXOWDGR SDUD D RUGHP GR FOLHQWH
'HVFUHYHU D DSURSULDomR GH FXVWRV GD RUGHP GR FOLHQWH
&HQiULR GH QHJyFLRV
8P FOLHQWH JRVWDULD GH XWLOL]DU VHXV VHUYLoRV GH FRQVXOWRULD SRU DOJXQV GLDV &RPR
VH WUDWD GH XP VHUYLoR FRP XPD HVWUXWXUD VLPSOHV YRFr GHFLGH XWLOL]DU XPD RUGHP
GR FOLHQWH FRPR REMHWR GH FXVWR
$SyV D H[HFXomR GR VHUYLoR QyV SRGHPRV ODQoDU XP IDWXUDPHQWR SRU UHFXUVRV
XWLOL]DGRV H HP VHJXLGD XP HQFHUUDPHQWR GR SHUtRGR QD RUGHP GR FOLHQWH
3RGHUmR VHU REWLGRV GLIHUHQWHV UHVXOWDGRV GD 'HWHUPLQDomR GR UHVXOWDGR
GHSHQGHQGR GD KRUD H GD FROHWD GH GDGRV $V UHFHLWDV FRP EDVH QR SHUtRGR H
RV FXVWRV GH YHQGDV VmR DSURSULDGRV QD $QiOLVH GH UHQWDELOLGDGH R HVWRTXH H DV
SURYLV}HV QD &RQWDELOLGDGH )LQDQFHLUD H QD &RQWDELOLGDGH GH FHQWURV GH OXFUR
6H YRFr GHVHMDU H[HFXWDU R IDWXUDPHQWR SRU UHFXUVRV XWLOL]DGRV FULH XPD QRWD GH
GpELWR VROLFLWDomR GH IDWXUDPHQWR FRP EDVH QDV SDUWLGDV LQGLYLGXDLV GH &2
6H XPD RUGHP GR FOLHQWH WLYHU R VWDWXV ³&iOFXOR ¿QDO´ QmR VmR SUHYLVWDV RXWUDV
UHFHLWDV SDUD HVVH LWHP GD RUGHP GR FOLHQWH 6RPHQWH QRWDV GH GpELWR H GH
FUpGLWR SRGHP VHU HQWUDGDV 3RU HVVH PRWLYR YRFr SRGH FDQFHODU QRUPDOPHQWH
WRGR R HVWRTXH H SURYLV}HV GR ODGR GD UHFHLWD 2 PHVPR p YiOLGR SDUD R VWDWXV
³WHFQLFDPHQWH HQFHUUDGR´ GR ODGR GRV FXVWRV
&HQiULR GH QHJyFLRV
8P FOLHQWH JRVWDULD GH XWLOL]DU VHXV VHUYLoRV GH FRQVXOWRULD SRU DOJXQV GLDV &RPR
VH WUDWD GH XP VHUYLoR FRP XPD HVWUXWXUD VLPSOHV YRFr GHFLGLX XWLOL]DU XPD RUGHP
GR FOLHQWH FRPR REMHWR GH FXVWR
$SyV D H[HFXomR GR VHUYLoR QyV SRGHPRV ODQoDU XP IDWXUDPHQWR SRU UHFXUVRV
XWLOL]DGRV H HP VHJXLGD XP HQFHUUDPHQWR GR SHUtRGR QD RUGHP GR FOLHQWH
3RGHUmR VHU REWLGRV GLIHUHQWHV UHVXOWDGRV GD 'HWHUPLQDomR GR UHVXOWDGR
GHSHQGHQGR GD KRUD H GD FRQVWHODomR GH GDGRV $V UHFHLWDV FRP EDVH QR SHUtRGR H
RV FXVWRV GH YHQGDV VmR DSURSULDGRV QD $QiOLVH GH UHQWDELOLGDGH R HVWRTXH H DV
SURYLV}HV QD &RQWDELOLGDGH )LQDQFHLUD H QD &RQWDELOLGDGH GH FHQWURV GH OXFUR
7DUHID
(QFHUUDPHQWR GR SHUtRGR DQWHV GR IDWXUDPHQWR
([HFXWH D 'HWHUPLQDomR GR UHVXOWDGR H UHYLVH RV UHVXOWDGRV 7RPH QRWD GRV
FXVWRV GH YHQGDV H GDV UHFHLWDV HP H[FHVVR GRV IDWXUDPHQWRV
(QWUH RV VHJXLQWHV GDGRV
7DUHID
)DWXUDPHQWR SRU UHFXUVRV XWLOL]DGRV
&ULH XPD VROLFLWDomR GH QRWD GH GpELWR SDUD DV DWLYLGDGHV GH FRQVXOWRULD
&DPLQKR GH PHQX
/RJtVWLFD ĺ 9HQGDV H GLVWULEXLomR ĺ 9HQGDV ĺ 2UGHP ĺ )XQo}HV
VXEVHTXHQWHV ĺ 'RFXPHQWR GH IDWXUDPHQWR SRU UHFXUVRV XWLOL]DGRV '3
(QWUH RV VHJXLQWHV GDGRV
7DUHID
(QFHUUDPHQWR GR SHUtRGR DSyV IDWXUDPHQWR
([HFXWH QRYDPHQWH D 'HWHUPLQDomR GR UHVXOWDGR YHUL¿TXH RV ORJV H DQDOLVH
RV UHVXOWDGRV &RPR WRGRV RV FXVWRV IRUDP IDWXUDGRV DV UHFHLWDV HP H[FHVVR
GH IDWXUDPHQWRV GHYHP VHU ]HUR
(QWUH RV VHJXLQWHV GDGRV
6HOHFLRQH *UDYDU
D &DPLQKR GH PHQX
&RQWDELOLGDGH ĺ &RQWUROOLQJ ĺ &RQWUROOLQJ GH FXVWRV GR SURGXWR ĺ
&RQWDELOLGDGH GH REMHWRV GH FXVWR ĺ &RQWUROOLQJ SRU RUGHP GR FOLHQWH
ĺ (QFHUUDPHQWR GR SHUtRGR ĺ )XQo}HV LQGLYLGXDLV ĺ $SURSULDomR
GH FXVWRV 9$
E 3DUD H[LELU RV PRQWDQWHV DSURSULDGRV VHOHFLRQH /LVWDV GHWDOKDGDV
0DUTXH D OLQKD GH DSURSULDomR GH FXVWRV H VHOHFLRQH (PLVVRU 5HFHSWRU
RX 'RFVFRQWiEHLV SDUD UHYLVDU RV YDORUHV GD DSURSULDomR GH FXVWRV 6mR
H[LELGRV RV YDORUHV GD DSURSULDomR GH FXVWRV
7DUHID
)DWXUDPHQWR SRU UHFXUVRV XWLOL]DGRV
&ULH XPD VROLFLWDomR GH QRWD GH GpELWR SDUD DV DWLYLGDGHV GH FRQVXOWRULD
&DPLQKR GH PHQX
/RJtVWLFD ĺ 9HQGDV H GLVWULEXLomR ĺ 9HQGDV ĺ 2UGHP ĺ )XQo}HV
VXEVHTXHQWHV ĺ 'RFXPHQWR GH IDWXUDPHQWR SRU UHFXUVRV XWLOL]DGRV '3
(QWUH RV VHJXLQWHV GDGRV
7DUHID
(QFHUUDPHQWR GR SHUtRGR DSyV IDWXUDPHQWR
([HFXWH QRYDPHQWH D 'HWHUPLQDomR GR UHVXOWDGR YHUL¿TXH RV ORJV H DQDOLVH
RV UHVXOWDGRV &RPR WRGRV RV FXVWRV IRUDP IDWXUDGRV DV UHFHLWDV HP H[FHVVR
GH IDWXUDPHQWRV GHYHP VHU ]HUR
(QWUH RV VHJXLQWHV GDGRV
D &DPLQKR GH PHQX
&RQWDELOLGDGH ĺ &RQWUROOLQJ ĺ &RQWUROOLQJ GH FXVWRV GR SURGXWR ĺ
&RQWDELOLGDGH GH REMHWRV GH FXVWR ĺ &RQWUROOLQJ SRU RUGHP GR FOLHQWH
ĺ (QFHUUDPHQWR GR SHUtRGR ĺ )XQo}HV LQGLYLGXDLV ĺ $SURSULDomR
GH FXVWRV 9$
3DUD H[LELU RV PRQWDQWHV DSURSULDGRV PDUTXH /LVWDV GHWDOKDGDV
0DUTXH D OLQKD GH DSURSULDomR GH FXVWRV H VHOHFLRQH (PLVVRU 5HFHSWRU
RX 'RFVFRQWiEHLV SDUD UHYLVDU RV YDORUHV GD DSURSULDomR GH FXVWRV 6mR
H[LELGRV RV YDORUHV GD DSURSULDomR GH FXVWRV
5HVXPR GD OLomR
9RFr DJRUD GHYH HVWDU DSWR D
([SOLFDU D 'HWHUPLQDomR GR UHVXOWDGR SDUD D RUGHP GR FOLHQWH
'HVFUHYHU D DSURSULDomR GH FXVWRV GD RUGHP GR FOLHQWH
/LomR &XVWRPL]LQJ
2EMHWLYRV GD OLomR
1R ¿QDO GHVWD OLomR YRFr GHYHUi HVWDU DSWR D
([SOLFDU R FXVWRPL]LQJ SDUD D FODVVH GH QHFHVVLGDGH
'HVFUHYHU RV PpWRGRV GH 'HWHUPLQDomR GR UHVXOWDGR
([SOLFDU R FXVWRPL]LQJ SDUD IDWXUDPHQWR SRU UHFXUVRV XWLOL]DGRV SHU¿O 3,'
&HQiULR GH QHJyFLRV
8P FOLHQWH JRVWDULD GH XWLOL]DU VHXV VHUYLoRV GH FRQVXOWRULD SRU DOJXQV GLDV &RPR
VH WUDWD GH XP VHUYLoR FRP XPD HVWUXWXUD VLPSOHV YRFr GHFLGLX XWLOL]DU XPD RUGHP
GR FOLHQWH FRPR REMHWR GH FXVWR
1R FXVWRPL]LQJ YRFr GHYH FHUWL¿FDUVH GH TXH R FHQiULR GHFRUUH GHQWUR GR
SODQHMDGR
FXVWRV GH YHQGDV 7RGDV DTXHODV TXH DLQGD QmR WHQKDP VLGR IDWXUDGDV VmR FXVWRV
GH HVWRTXH :,3 $V UHFHLWDV VmR FDOFXODGDV QD GHWHUPLQDomR GH SUHoR GH 6' FRP
EDVH QDV SDUWLGDV LQGLYLGXDLV IDWXUDGDV
3RGHVH GH¿QLU TXDLV PDWHULDLV GH VHUYLoR VmR GHWHUPLQDGRV GRV YDORUHV GDV
FDUDFWHUtVWLFDV GH LWHQV GH VROLFLWDomR GH IDWXUDPHQWR RX FRWDo}HV 2V FULWpULRV GH
VHOHomR WDPEpP VmR HQWUDGRV DTXL VRE D IRUPD GH FRQMXQWRV
5HVXPR GD OLomR
9RFr DJRUD GHYH HVWDU DSWR D
([SOLFDU R FXVWRPL]LQJ SDUD D FODVVH GH QHFHVVLGDGH
'HVFUHYHU RV PpWRGRV GH 'HWHUPLQDomR GR UHVXOWDGR
([SOLFDU R FXVWRPL]LQJ SDUD IDWXUDPHQWR SRU UHFXUVRV XWLOL]DGRV SHU¿O 3,'
5HVXPR GR FDStWXOR
9RFr DJRUD GHYH HVWDU DSWR D
([SOLFDU RV ÀX[RV GH TXDQWLGDGHV H YDORUHV QR &RQWUROOLQJ SRU RUGHP GR
FOLHQWH SDUD XP VHUYLoR
([SOLFDU R FXVWR XQLWiULR GH RUGHQV GR FOLHQWH
&RPSUHHQGHU TXDQGR R IDWXUDPHQWR SRU UHFXUVRV XWLOL]DGRV GHYH VHU XVDGR
([SOLFDU DV FRQ¿JXUDo}HV QHFHVViULDV QR FXVWRPL]LQJ
'HELWDU D RUGHP GR FOLHQWH FRP DORFDo}HV GLUHWDV GH DFWLYLGDGH H FRP FXVWRV
UHDLV XWLOL]DQGR D IROKD GH KRUDV GH WUDEDOKR
8WLOL]DU R IDWXUDPHQWR SRU UHFXUVRV XWLOL]DGRV
&RPSUHHQGHU DV FRQ¿UPDo}HV GR GLDJUDPD GH UHGH
&RPSUHHQGHU RV ([HFXWLRQ 6HUYLFHV
([SOLFDU D 'HWHUPLQDomR GR UHVXOWDGR SDUD D RUGHP GR FOLHQWH
'HVFUHYHU D DSURSULDomR GH FXVWRV GD RUGHP GR FOLHQWH
([SOLFDU R FXVWRPL]LQJ SDUD D FODVVH GH QHFHVVLGDGH
'HVFUHYHU RV PpWRGRV GH 'HWHUPLQDomR GR UHVXOWDGR
([SOLFDU R FXVWRPL]LQJ SDUD IDWXUDPHQWR SRU UHFXUVRV XWLOL]DGRV SHU¿O 3,'
5HVXPR GR FXUVR
9RFr DJRUD GHYH HVWDU DSWR D
'H¿QLU R 3ODQHMDPHQWR GH FXVWRV GR SURGXWR FRP 6$3 (53 )LQDQFLDOV
'H¿QLU D &RQWDELOLGDGH GH REMHWRV GH FXVWR FRP R 6$3 (53 )LQDQFLDOV