Baixe o app para aproveitar ainda mais
Prévia do material em texto
���������� /����� KWWS���ZZZ�SODQDOWR�JRY�EU�FFLYLOB���B$WR���������������/HL�/������KWP ��� 3UHVLGrQFLD�GD�5HS~EOLFD &DVD�&LYLO 6XEFKHILD�SDUD�$VVXQWRV�-XUtGLFRV /(,�1���������'(����'(�-$1(,52�'(������ 0HQVDJHP�GH�YHWR ,QVWLWXL�R�(VWDWXWR�GD�0HWUySROH��DOWHUD�D�/HL�Q R�������� GH����GH�MXOKR�GH�������H�Gi�RXWUDV�SURYLGrQFLDV� $�35(6,'(17$�'$�5(3Ò%/,&$�)DoR�VDEHU�TXH�R�&RQJUHVVR�1DFLRQDO�GHFUHWD�H�HX�VDQFLRQR�D�VHJXLQWH /HL� &$3Ë78/2�, ',6326,d®(6�35(/,0,1$5(6 $UW���R� �(VWD�/HL��GHQRPLQDGD�(VWDWXWR�GD�0HWUySROH��HVWDEHOHFH�GLUHWUL]HV�JHUDLV�SDUD�R�SODQHMDPHQWR��D JHVWmR�H�D�H[HFXomR�GDV�IXQo}HV�S~EOLFDV�GH�LQWHUHVVH�FRPXP�HP�UHJL}HV�PHWURSROLWDQDV�H�HP�DJORPHUDo}HV XUEDQDV� LQVWLWXtGDV�SHORV�(VWDGRV��QRUPDV�JHUDLV�VREUH�R�SODQR�GH�GHVHQYROYLPHQWR�XUEDQR� LQWHJUDGR�H�RXWURV LQVWUXPHQWRV�GH�JRYHUQDQoD�LQWHUIHGHUDWLYD��H�FULWpULRV�SDUD�R�DSRLR�GD�8QLmR�D�Do}HV�TXH�HQYROYDP�JRYHUQDQoD LQWHUIHGHUDWLYD�QR�FDPSR�GR�GHVHQYROYLPHQWR�XUEDQR��FRP�EDVH�QRV�LQFLVRV�;;�GR�DUW������ ,;�GR�DUW�����H� ,�GR DUW������QR����GR�DUW�����H�QR�DUW������GD�&RQVWLWXLomR�)HGHUDO� ��R�$OpP�GDV�UHJL}HV�PHWURSROLWDQDV�H�GDV�DJORPHUDo}HV�XUEDQDV��DV�GLVSRVLo}HV�GHVWD�/HL�DSOLFDP�VH� QR�TXH�FRXEHU� ,�±�jV�PLFURUUHJL}HV�LQVWLWXtGDV�SHORV�(VWDGRV�FRP�IXQGDPHQWR�HP�IXQo}HV�S~EOLFDV�GH�LQWHUHVVH�FRPXP FRP�FDUDFWHUtVWLFDV�SUHGRPLQDQWHPHQWH�XUEDQDV� ,,�±��9(7$'2�� ��R�1D�DSOLFDomR�GDV�GLVSRVLo}HV�GHVWD� /HL�� VHUmR�REVHUYDGDV�DV� QRUPDV�JHUDLV� GH�GLUHLWR� XUEDQtVWLFR HVWDEHOHFLGDV�QD�/HL�QR���������GH����GH�MXOKR�GH��������(VWDWXWR�GD�&LGDGH��TXH�UHJXODPHQWD�RV�DUWV������H���� GD�&RQVWLWXLomR�)HGHUDO�� HVWDEHOHFH� GLUHWUL]HV� JHUDLV� GD� SROtWLFD� XUEDQD� H� Gi� RXWUDV� SURYLGrQFLDV�� H� HP�RXWUDV OHLV� IHGHUDLV�� EHP� FRPR� DV� UHJUDV� TXH� GLVFLSOLQDP� D� SROtWLFD� QDFLRQDO� GH� GHVHQYROYLPHQWR� XUEDQR�� D� SROtWLFD QDFLRQDO� GH� GHVHQYROYLPHQWR� UHJLRQDO� H� DV� SROtWLFDV� VHWRULDLV� GH� KDELWDomR�� VDQHDPHQWR� EiVLFR�� PRELOLGDGH XUEDQD�H�PHLR�DPELHQWH� $UW���R�3DUD�RV�HIHLWRV�GHVWD�/HL��FRQVLGHUDP�VH� ,� ±� DJORPHUDomR� XUEDQD�� XQLGDGH� WHUULWRULDO� XUEDQD� FRQVWLWXtGD� SHOR� DJUXSDPHQWR� GH� �� �GRLV�� RX� PDLV 0XQLFtSLRV� OLPtWURIHV�� FDUDFWHUL]DGD� SRU� FRPSOHPHQWDULGDGH� IXQFLRQDO� H� LQWHJUDomR� GDV� GLQkPLFDV� JHRJUiILFDV� DPELHQWDLV��SROtWLFDV�H�VRFLRHFRQ{PLFDV� ,,�±�IXQomR�S~EOLFD�GH�LQWHUHVVH�FRPXP��SROtWLFD�S~EOLFD�RX�DomR�QHOD�LQVHULGD�FXMD�UHDOL]DomR�SRU�SDUWH�GH XP�0XQLFtSLR��LVRODGDPHQWH��VHMD�LQYLiYHO�RX�FDXVH�LPSDFWR�HP�0XQLFtSLRV�OLPtWURIHV� ,,,�±�JHVWmR�SOHQD��FRQGLomR�GH�UHJLmR�PHWURSROLWDQD�RX�GH�DJORPHUDomR�XUEDQD�TXH�SRVVXL� D��IRUPDOL]DomR�H�GHOLPLWDomR�PHGLDQWH�OHL�FRPSOHPHQWDU�HVWDGXDO� E��HVWUXWXUD�GH�JRYHUQDQoD�LQWHUIHGHUDWLYD�SUySULD��QRV�WHUPRV�GR�DUW���R�GHVWD�/HL��H F��SODQR�GH�GHVHQYROYLPHQWR�XUEDQR�LQWHJUDGR�DSURYDGR�PHGLDQWH�OHL�HVWDGXDO� ���������� /����� KWWS���ZZZ�SODQDOWR�JRY�EU�FFLYLOB���B$WR���������������/HL�/������KWP ��� ,9� ±� JRYHUQDQoD� LQWHUIHGHUDWLYD�� FRPSDUWLOKDPHQWR� GH� UHVSRQVDELOLGDGHV� H� Do}HV� HQWUH� HQWHV� GD )HGHUDomR�HP�WHUPRV�GH�RUJDQL]DomR��SODQHMDPHQWR�H�H[HFXomR�GH�IXQo}HV�S~EOLFDV�GH�LQWHUHVVH�FRPXP� 9�±�PHWUySROH��HVSDoR�XUEDQR�FRP�FRQWLQXLGDGH� WHUULWRULDO�TXH��HP� UD]mR�GH�VXD�SRSXODomR�H� UHOHYkQFLD SROtWLFD� H� VRFLRHFRQ{PLFD�� WHP� LQIOXrQFLD� QDFLRQDO� RX� VREUH� XPD� UHJLmR� TXH� FRQILJXUH�� QR�PtQLPR�� D� iUHD� GH LQIOXrQFLD�GH�XPD�FDSLWDO�UHJLRQDO��FRQIRUPH�RV�FULWpULRV�DGRWDGRV�SHOD�)XQGDomR�,QVWLWXWR�%UDVLOHLUR�GH�*HRJUDILD H�(VWDWtVWLFD���,%*(� 9,� ±� SODQR� GH� GHVHQYROYLPHQWR� XUEDQR� LQWHJUDGR�� LQVWUXPHQWR� TXH� HVWDEHOHFH�� FRP� EDVH� HP� SURFHVVR SHUPDQHQWH� GH� SODQHMDPHQWR�� DV� GLUHWUL]HV� SDUD� R� GHVHQYROYLPHQWR� XUEDQR� GD� UHJLmR� PHWURSROLWDQD� RX� GD DJORPHUDomR�XUEDQD� 9,,�±�UHJLmR�PHWURSROLWDQD��DJORPHUDomR�XUEDQD�TXH�FRQILJXUH�XPD�PHWUySROH� 3DUiJUDIR�~QLFR���2V�FULWpULRV�SDUD�D�GHOLPLWDomR�GD�UHJLmR�GH�LQIOXrQFLD�GH�XPD�FDSLWDO�UHJLRQDO��SUHYLVWRV QR�LQFLVR�9�GR�FDSXW�GHVWH�DUWLJR�FRQVLGHUDUmR�RV�EHQV�H�VHUYLoRV�IRUQHFLGRV�SHOD�FLGDGH�j�UHJLmR��DEUDQJHQGR SURGXWRV� LQGXVWULDLV�� HGXFDomR�� VD~GH�� VHUYLoRV� EDQFiULRV�� FRPpUFLR�� HPSUHJRV� H� RXWURV� LWHQV� SHUWLQHQWHV�� H VHUmR�GLVSRQLELOL]DGRV�SHOR�,%*(�QD�UHGH�PXQGLDO�GH�FRPSXWDGRUHV� &$3Ë78/2�,, '$�,167,78,d2�'(�5(*,®(6�0(75232/,7$1$6�(�'(�$*/20(5$d®(6�85%$1$6 $UW���R�2V�(VWDGRV��PHGLDQWH� OHL�FRPSOHPHQWDU��SRGHUmR� LQVWLWXLU� UHJL}HV�PHWURSROLWDQDV�H�DJORPHUDo}HV XUEDQDV��FRQVWLWXtGDV�SRU�DJUXSDPHQWR�GH�0XQLFtSLRV�OLPtWURIHV��SDUD�LQWHJUDU�D�RUJDQL]DomR��R�SODQHMDPHQWR�H�D H[HFXomR�GH�IXQo}HV�S~EOLFDV�GH�LQWHUHVVH�FRPXP� 3DUiJUDIR� ~QLFR�� � (VWDGR� H� 0XQLFtSLRV� LQFOXVRV� HP� UHJLmR� PHWURSROLWDQD� RX� HP� DJORPHUDomR� XUEDQD IRUPDOL]DGD� H� GHOLPLWDGD� QD� IRUPD� GR�FDSXW� GHVWH� DUWLJR� GHYHUmR� SURPRYHU� D� JRYHUQDQoD� LQWHUIHGHUDWLYD�� VHP SUHMXt]R�GH�RXWUDV�GHWHUPLQDo}HV�GHVWD�/HL� $UW�� �R� $� LQVWLWXLomR� GH� UHJLmR� PHWURSROLWDQD� RX� GH� DJORPHUDomR� XUEDQD� TXH� HQYROYD� 0XQLFtSLRV SHUWHQFHQWHV� D� PDLV� GH� XP� (VWDGR� VHUi� IRUPDOL]DGD� PHGLDQWH� D� DSURYDomR� GH� OHLV� FRPSOHPHQWDUHV� SHODV DVVHPEOHLDV�OHJLVODWLYDV�GH�FDGD�XP�GRV�(VWDGRV�HQYROYLGRV� 3DUiJUDIR�~QLFR���$Wp�D�DSURYDomR�GDV�OHLV�FRPSOHPHQWDUHV�SUHYLVWDV�QR�FDSXW�GHVWH�DUWLJR�SRU�WRGRV�RV (VWDGRV�HQYROYLGRV�� D� UHJLmR�PHWURSROLWDQD�RX�D�DJORPHUDomR�XUEDQD� WHUi� YDOLGDGH�DSHQDV�SDUD� RV�0XQLFtSLRV GRV�(VWDGRV�TXH�Mi�KRXYHUHP�DSURYDGR�D�UHVSHFWLYD�OHL� $UW���R�$V�OHLV�FRPSOHPHQWDUHV�HVWDGXDLV�UHIHULGDV�QRV�DUWV���R�H��R�GHVWD�/HL�GHILQLUmR��QR�PtQLPR� ,�±�RV�0XQLFtSLRV�TXH�LQWHJUDP�D�XQLGDGH�WHUULWRULDO�XUEDQD� ,,�±�RV�FDPSRV�IXQFLRQDLV�RX�IXQo}HV�S~EOLFDV�GH�LQWHUHVVH�FRPXP�TXH�MXVWLILFDP�D�LQVWLWXLomR�GD�XQLGDGH WHUULWRULDO�XUEDQD� ,,,�±�D�FRQIRUPDomR�GD�HVWUXWXUD�GH�JRYHUQDQoD�LQWHUIHGHUDWLYD��LQFOXLQGR�D�RUJDQL]DomR�DGPLQLVWUDWLYD�H�R VLVWHPD�LQWHJUDGR�GH�DORFDomR�GH�UHFXUVRV�H�GH�SUHVWDomR�GH�FRQWDV��H ,9�±�RV�PHLRV�GH�FRQWUROH�VRFLDO�GD�RUJDQL]DomR��GR�SODQHMDPHQWR�H�GD�H[HFXomR�GH�IXQo}HV�S~EOLFDV�GH LQWHUHVVH�FRPXP� ��R�1R� SURFHVVR� GH� HODERUDomR� GD� OHL� FRPSOHPHQWDU�� VHUmR� H[SOLFLWDGRV� RV� FULWpULRV� WpFQLFRV� DGRWDGRV SDUD�D�GHILQLomR�GR�FRQWH~GR�SUHYLVWR�QRV�LQFLVRV�,�H�,,�GR�FDSXW�GHVWH�DUWLJR� ��R�5HVSHLWDGDV�DV�XQLGDGHV� WHUULWRULDLV�XUEDQDV�FULDGDV�PHGLDQWH� OHL�FRPSOHPHQWDU�HVWDGXDO�DWp�D�GDWD GH� HQWUDGD� HP� YLJRU� GHVWD� /HL�� D� LQVWLWXLomR� GH� UHJLmR� PHWURSROLWDQD� LPS}H� D� REVHUYkQFLD� GR� FRQFHLWR HVWDEHOHFLGR�QR�LQFLVR�9,,�GR�FDSXW�GR�DUW���R� ���������� /����� KWWS���ZZZ�SODQDOWR�JRY�EU�FFLYLOB���B$WR���������������/HL�/������KWP ��� &$3Ë78/2�,,, '$�*29(51$1d$�,17(5)('(5$7,9$�'(�5(*,®(6�0(75232/,7$1$6�(�'(�$*/20(5$d®(6 85%$1$6 $UW���R�$�JRYHUQDQoD�LQWHUIHGHUDWLYD�GDV�UHJL}HV�PHWURSROLWDQDV�H�GDV�DJORPHUDo}HV�XUEDQDV�UHVSHLWDUi�RV VHJXLQWHV�SULQFtSLRV� ,�±�SUHYDOrQFLD�GR�LQWHUHVVH�FRPXP�VREUH�R�ORFDO� ,,�±�FRPSDUWLOKDPHQWR�GH�UHVSRQVDELOLGDGHV�SDUD�D�SURPRomR�GR�GHVHQYROYLPHQWR�XUEDQR�LQWHJUDGR� ,,,�±�DXWRQRPLD�GRV�HQWHV�GD�)HGHUDomR� ,9�±�REVHUYkQFLD�GDV�SHFXOLDULGDGHV�UHJLRQDLV�H�ORFDLV� 9�±�JHVWmR�GHPRFUiWLFD�GD�FLGDGH��FRQVRDQWH�RV�DUWV�����D����GD�/HL�QR���������GH����GH�MXOKR�GH������ 9,�±�HIHWLYLGDGH�QR�XVR�GRV�UHFXUVRV�S~EOLFRV� 9,,�±�EXVFD�GR�GHVHQYROYLPHQWR�VXVWHQWiYHO� $UW���R�$OpP�GDV�GLUHWUL]HV�JHUDLV� HVWDEHOHFLGDV� QR� DUW���R� GD� /HL� QR� �������� GH� ��� GH� MXOKR� GH� ������ D JRYHUQDQoD� LQWHUIHGHUDWLYD� GDV� UHJL}HV� PHWURSROLWDQDV� H� GDV� DJORPHUDo}HV� XUEDQDV� REVHUYDUi� DV� VHJXLQWHV GLUHWUL]HV�HVSHFtILFDV� ,�±�LPSODQWDomR�GH�SURFHVVR�SHUPDQHQWH�H�FRPSDUWLOKDGR�GH�SODQHMDPHQWR�H�GH�WRPDGD�GH�GHFLVmR�TXDQWR DR�GHVHQYROYLPHQWR�XUEDQR�H�jV�SROtWLFDV�VHWRULDLV�DIHWDV�jV�IXQo}HV�S~EOLFDV�GH�LQWHUHVVH�FRPXP� ,,� ±� HVWDEHOHFLPHQWR� GH� PHLRV� FRPSDUWLOKDGRV� GH� RUJDQL]DomR� DGPLQLVWUDWLYD� GDV� IXQo}HV� S~EOLFDV� GH LQWHUHVVH�FRPXP� ,,,�±�HVWDEHOHFLPHQWR�GH�VLVWHPD�LQWHJUDGR�GH�DORFDomR�GH�UHFXUVRV�H�GH�SUHVWDomR�GH�FRQWDV�,9� ±� H[HFXomR� FRPSDUWLOKDGD� GDV� IXQo}HV� S~EOLFDV� GH� LQWHUHVVH� FRPXP�� PHGLDQWH� UDWHLR� GH� FXVWRV SUHYLDPHQWH�SDFWXDGR�QR�kPELWR�GD�HVWUXWXUD�GH�JRYHUQDQoD�LQWHUIHGHUDWLYD� 9� ±� SDUWLFLSDomR� GH� UHSUHVHQWDQWHV� GD� VRFLHGDGH� FLYLO� QRV� SURFHVVRV� GH� SODQHMDPHQWR� H� GH� WRPDGD� GH GHFLVmR��QR�DFRPSDQKDPHQWR�GD�SUHVWDomR�GH�VHUYLoRV�H�QD�UHDOL]DomR�GH�REUDV�DIHWDV�jV�IXQo}HV�S~EOLFDV�GH LQWHUHVVH�FRPXP� 9,� ±� FRPSDWLELOL]DomR� GRV� SODQRV� SOXULDQXDLV�� OHLV� GH� GLUHWUL]HV� RUoDPHQWiULDV� H� RUoDPHQWRV� DQXDLV� GRV HQWHV�HQYROYLGRV�QD�JRYHUQDQoD�LQWHUIHGHUDWLYD� 9,,� ±� FRPSHQVDomR� SRU� VHUYLoRV� DPELHQWDLV� RX� RXWURV� VHUYLoRV� SUHVWDGRV� SHOR� 0XQLFtSLR� j� XQLGDGH WHUULWRULDO�XUEDQD��QD�IRUPD�GD�OHL�H�GRV�DFRUGRV�ILUPDGRV�QR�kPELWR�GD�HVWUXWXUD�GH�JRYHUQDQoD�LQWHUIHGHUDWLYD� 3DUiJUDIR� ~QLFR�� 1D� DSOLFDomR� GDV� GLUHWUL]HV� HVWDEHOHFLGDV� QHVWH� DUWLJR�� GHYHP� VHU� FRQVLGHUDGDV� DV HVSHFLILFLGDGHV�GRV�0XQLFtSLRV�LQWHJUDQWHV�GD�XQLGDGH�WHUULWRULDO�XUEDQD�TXDQWR�j�SRSXODomR��j�UHQGD��DR�WHUULWyULR H�jV�FDUDFWHUtVWLFDV�DPELHQWDLV� $UW�� �R� $� JRYHUQDQoD� LQWHUIHGHUDWLYD� GDV� UHJL}HV� PHWURSROLWDQDV� H� GDV� DJORPHUDo}HV� XUEDQDV FRPSUHHQGHUi�HP�VXD�HVWUXWXUD�EiVLFD� ,� ±� LQVWkQFLD� H[HFXWLYD� FRPSRVWD� SHORV� UHSUHVHQWDQWHV� GR� 3RGHU� ([HFXWLYR� GRV� HQWHV� IHGHUDWLYRV LQWHJUDQWHV�GDV�XQLGDGHV�WHUULWRULDLV�XUEDQDV� ���������� /����� KWWS���ZZZ�SODQDOWR�JRY�EU�FFLYLOB���B$WR���������������/HL�/������KWP ��� ,,�±�LQVWkQFLD�FROHJLDGD�GHOLEHUDWLYD�FRP�UHSUHVHQWDomR�GD�VRFLHGDGH�FLYLO� ,,,�±�RUJDQL]DomR�S~EOLFD�FRP�IXQo}HV�WpFQLFR�FRQVXOWLYDV��H ,9�±�VLVWHPD�LQWHJUDGR�GH�DORFDomR�GH�UHFXUVRV�H�GH�SUHVWDomR�GH�FRQWDV� &$3Ë78/2�,9 '26�,167580(1726�'(�'(6(192/9,0(172�85%$12�,17(*5$'2 $UW�� �R� 6HP� SUHMXt]R� GD� OLVWD� DSUHVHQWDGD� QR� DUW�� �R� GD� /HL� QR� �������� GH� ��� GH� MXOKR� ������ QR GHVHQYROYLPHQWR�XUEDQR�LQWHJUDGR�GH�UHJL}HV�PHWURSROLWDQDV�H�GH�DJORPHUDo}HV�XUEDQDV�VHUmR�XWLOL]DGRV��HQWUH RXWURV��RV�VHJXLQWHV�LQVWUXPHQWRV� ,�±�SODQR�GH�GHVHQYROYLPHQWR�XUEDQR�LQWHJUDGR� ,,�±�SODQRV�VHWRULDLV�LQWHUIHGHUDWLYRV� ,,,�±�IXQGRV�S~EOLFRV� ,9�±�RSHUDo}HV�XUEDQDV�FRQVRUFLDGDV�LQWHUIHGHUDWLYDV� 9�±�]RQDV�SDUD�DSOLFDomR�FRPSDUWLOKDGD�GRV�LQVWUXPHQWRV�XUEDQtVWLFRV�SUHYLVWRV�QD�/HL�QR���������GH��� GH�MXOKR�GH������ 9,�±�FRQVyUFLRV�S~EOLFRV��REVHUYDGD�D�/HL�QR���������GH���GH�DEULO�GH������ 9,,�±�FRQYrQLRV�GH�FRRSHUDomR� 9,,,�±�FRQWUDWRV�GH�JHVWmR� ,;� ±� FRPSHQVDomR� SRU� VHUYLoRV� DPELHQWDLV� RX� RXWURV� VHUYLoRV� SUHVWDGRV� SHOR� 0XQLFtSLR� j� XQLGDGH WHUULWRULDO�XUEDQD��FRQIRUPH�R�LQFLVR�9,,�GR�FDSXW�GR�DUW���R�GHVWD�/HL� ;�±�SDUFHULDV�S~EOLFR�SULYDGDV�LQWHUIHGHUDWLYDV� $UW�� ���� � $V� UHJL}HV� PHWURSROLWDQDV� H� DV� DJORPHUDo}HV� XUEDQDV� GHYHUmR� FRQWDU� FRP� SODQR� GH GHVHQYROYLPHQWR�XUEDQR�LQWHJUDGR��DSURYDGR�PHGLDQWH�OHL�HVWDGXDO� ��R�5HVSHLWDGDV�DV�GLVSRVLo}HV�GR�SODQR�SUHYLVWR�QR�FDSXW�GHVWH�DUWLJR��SRGHUmR�VHU� IRUPXODGRV�SODQRV VHWRULDLV�LQWHUIHGHUDWLYRV�SDUD�SROtWLFDV�S~EOLFDV�GLUHFLRQDGDV�j�UHJLmR�PHWURSROLWDQD�RX�j�DJORPHUDomR�XUEDQD� ��R� $� HODERUDomR� GR� SODQR� SUHYLVWR� QR�FDSXW� GHVWH� DUWLJR� QmR� H[LPH� R� 0XQLFtSLR� LQWHJUDQWH� GD� UHJLmR PHWURSROLWDQD�RX�DJORPHUDomR�XUEDQD�GD�IRUPXODomR�GR�UHVSHFWLYR�SODQR�GLUHWRU��QRV�WHUPRV�GR���R�GR�DUW����� GD�&RQVWLWXLomR�)HGHUDO�H�GD�/HL�QR���������GH����GH�MXOKR�GH������ � �R� 1DV� UHJL}HV� PHWURSROLWDQDV� H� QDV� DJORPHUDo}HV� XUEDQDV� LQVWLWXtGDV� PHGLDQWH� OHL� FRPSOHPHQWDU HVWDGXDO��R�0XQLFtSLR�GHYHUi�FRPSDWLELOL]DU�VHX�SODQR�GLUHWRU�FRP�R�SODQR�GH�GHVHQYROYLPHQWR�XUEDQR� LQWHJUDGR GD�XQLGDGH�WHUULWRULDO�XUEDQD� � �R� 2� SODQR� SUHYLVWR� QR� FDSXW� GHVWH� DUWLJR� VHUi� HODERUDGR� QR� kPELWR� GD� HVWUXWXUD� GH� JRYHUQDQoD LQWHUIHGHUDWLYD� H� DSURYDGR� SHOD� LQVWkQFLD� FROHJLDGD� GHOLEHUDWLYD� D� TXH� VH� UHIHUH� R� LQFLVR� ,,� GR�FDSXW� GR� DUW�� �R GHVWD�/HL��DQWHV�GR�HQYLR�j�UHVSHFWLYD�DVVHPEOHLD�OHJLVODWLYD�HVWDGXDO� $UW�������$�OHL�HVWDGXDO�TXH�LQVWLWXLU�R�SODQR�GH�GHVHQYROYLPHQWR�XUEDQR� LQWHJUDGR�GH�UHJLmR�PHWURSROLWDQD RX�GH�DJORPHUDomR�XUEDQD�GHYHUi�VHU�UHYLVWD��SHOR�PHQRV��D�FDGD�����GH]��DQRV� ���������� /����� KWWS���ZZZ�SODQDOWR�JRY�EU�FFLYLOB���B$WR���������������/HL�/������KWP ��� $UW�������2�SODQR�GH�GHVHQYROYLPHQWR�XUEDQR�LQWHJUDGR�GH�UHJLmR�PHWURSROLWDQD�RX�GH�DJORPHUDomR�XUEDQD GHYHUi�FRQVLGHUDU�R�FRQMXQWR�GH�0XQLFtSLRV�TXH�FRPS}HP�D�XQLGDGH�WHUULWRULDO�XUEDQD�H�DEUDQJHU�iUHDV�XUEDQDV�H UXUDLV� ��R�2�SODQR�SUHYLVWR�QR�FDSXW�GHVWH�DUWLJR�GHYHUi�FRQWHPSODU��QR�PtQLPR� ,� ±� DV� GLUHWUL]HV� SDUD� DV� IXQo}HV� S~EOLFDV� GH� LQWHUHVVH� FRPXP�� LQFOXLQGR� SURMHWRV� HVWUDWpJLFRV� H� Do}HV SULRULWiULDV�SDUD�LQYHVWLPHQWRV� ,,�±�R�PDFUR]RQHDPHQWR�GD�XQLGDGH�WHUULWRULDO�XUEDQD� ,,,�±�DV�GLUHWUL]HV�TXDQWR�j�DUWLFXODomR�GRV�0XQLFtSLRV�QR�SDUFHODPHQWR��XVR�H�RFXSDomR�QR�VROR�XUEDQR� ,9� ±� DV� GLUHWUL]HV� TXDQWR� j� DUWLFXODomR� LQWHUVHWRULDO� GDV� SROtWLFDV� S~EOLFDV� DIHWDV� j� XQLGDGH� WHUULWRULDO XUEDQD� 9�±�D�GHOLPLWDomR�GDV�iUHDV�FRP�UHVWULo}HV�j�XUEDQL]DomR�YLVDQGR�j�SURWHomR�GR�SDWULP{QLR�DPELHQWDO�RX FXOWXUDO��EHP�FRPR�GDV�iUHDV�VXMHLWDV�D�FRQWUROH�HVSHFLDO�SHOR�ULVFR�GH�GHVDVWUHV�QDWXUDLV��VH�H[LVWLUHP��H 9,�±�R�VLVWHPD�GH�DFRPSDQKDPHQWR�H�FRQWUROH�GH�VXDV�GLVSRVLo}HV� � �R� 1R� SURFHVVR� GH� HODERUDomR� GR� SODQR� SUHYLVWR� QR� FDSXW� GHVWH� DUWLJR� H� QD� ILVFDOL]DomR� GH� VXD DSOLFDomR��VHUmR�DVVHJXUDGRV� ,�±�D�SURPRomR�GH�DXGLrQFLDV�S~EOLFDV�H�GHEDWHV�FRP�D�SDUWLFLSDomR�GH�UHSUHVHQWDQWHV�GD�VRFLHGDGH�FLYLO H�GD�SRSXODomR��HP�WRGRV�RV�0XQLFtSLRV�LQWHJUDQWHV�GD�XQLGDGH�WHUULWRULDO�XUEDQD� ,,�±�D�SXEOLFLGDGH�TXDQWR�DRV�GRFXPHQWRV�H�LQIRUPDo}HV�SURGX]LGRV��H ,,,�±�R�DFRPSDQKDPHQWR�SHOR�0LQLVWpULR�3~EOLFR� &$3Ë78/2�9 '$�$78$d2�'$�81,2 6HomR�, 'R�$SRLR�GD�8QLmR�DR�'HVHQYROYLPHQWR�8UEDQR�,QWHJUDGR $UW�� ���� � (P� VXDV� Do}HV� LQFOXVDV� QD� SROtWLFD� QDFLRQDO� GH� GHVHQYROYLPHQWR� XUEDQR�� D� 8QLmR� DSRLDUi� DV LQLFLDWLYDV�GRV�(VWDGRV�H�GRV�0XQLFtSLRV� YROWDGDV�j� JRYHUQDQoD� LQWHUIHGHUDWLYD�� REVHUYDGRV�DV� GLUHWUL]HV� H� RV REMHWLYRV�GR�SODQR�SOXULDQXDO��DV�PHWDV�H�DV�SULRULGDGHV�IL[DGDV�SHODV�OHLV�GH�GLUHWUL]HV�RUoDPHQWiULDV�H�R�OLPLWH GDV�GLVSRQLELOLGDGHV�SURSLFLDGDV�SHODV�OHLV�RUoDPHQWiULDV�DQXDLV� $UW�������3DUD�R�DSRLR�GD�8QLmR�j�JRYHUQDQoD�LQWHUIHGHUDWLYD�HP�UHJLmR�PHWURSROLWDQD�RX�HP�DJORPHUDomR XUEDQD��VHUi�H[LJLGR�TXH�D�XQLGDGH�WHUULWRULDO�XUEDQD�SRVVXD�JHVWmR�SOHQD��QRV�WHUPRV�GR� LQFLVR�,,,�GR�FDSXW�GR DUW���R�GHVWD�/HL� ��R� $OpP� GR� GLVSRVWR� QR�FDSXW�GHVWH� DUWLJR�� R� DSRLR� GD� 8QLmR� j� JRYHUQDQoD� LQWHUIHGHUDWLYD� HP� UHJLmR PHWURSROLWDQD�LPS}H�D�REVHUYkQFLD�GR�LQFLVR�9,,�GR�FDSXW�GR�DUW���R�GHVWD�/HL� � �R� $GPLWH�VH� R� DSRLR� GD� 8QLmR� SDUD� D� HODERUDomR� H� D� UHYLVmR� GR� SODQR� GH� GHVHQYROYLPHQWR� XUEDQR LQWHJUDGR�GH�TXH�WUDWDP�RV�DUWV�����D����GHVWD�/HL� � �R� 6HUmR� HVWDEHOHFLGRV� HP� UHJXODPHQWR� UHTXLVLWRV� DGLFLRQDLV� SDUD� R� DSRLR� GD� 8QLmR� j� JRYHUQDQoD LQWHUIHGHUDWLYD�� EHP� FRPR� SDUD� DV� PLFURUUHJL}HV� H� FLGDGHV� UHIHULGDV� QR� � �R� GR� DUW�� �R� GHVWD� /HL� H� SDUD� RV FRQVyUFLRV� S~EOLFRV� FRQVWLWXtGRV� SDUD� DWXDomR� HP� IXQo}HV� S~EOLFDV� GH� LQWHUHVVH� FRPXP� QR� FDPSR� GR ���������� /����� KWWS���ZZZ�SODQDOWR�JRY�EU�FFLYLOB���B$WR���������������/HL�/������KWP ��� GHVHQYROYLPHQWR�XUEDQR� $UW�������$�UHJLmR�PHWURSROLWDQD�LQVWLWXtGD�PHGLDQWH�OHL�FRPSOHPHQWDU�HVWDGXDO�TXH�QmR�DWHQGD�R�GLVSRVWR QR�LQFLVR�9,,�GR�FDSXW�GR�DUW���R�GHVWD�/HL�VHUi�HQTXDGUDGD�FRPR�DJORPHUDomR�XUEDQD�SDUD�HIHLWR�GDV�SROtWLFDV S~EOLFDV� D� FDUJR� GR� *RYHUQR� )HGHUDO�� LQGHSHQGHQWHPHQWH� GH� DV� Do}HV� QHVVH� VHQWLGR� HQYROYHUHP� RX� QmR WUDQVIHUrQFLD�GH�UHFXUVRV�ILQDQFHLURV� $UW�� ���� � $� 8QLmR� PDQWHUi� Do}HV� YROWDGDV� j� LQWHJUDomR� HQWUH� FLGDGHV� JrPHDV� ORFDOL]DGDV� QD� IDL[D� GH IURQWHLUD�FRP�RXWURV�SDtVHV��HP�UHODomR�j�PRELOLGDGH�XUEDQD��FRPR�SUHYLVWR�QD�/HL�QR���������GH���GH�MDQHLUR�GH ������H�D�RXWUDV�SROtWLFDV�S~EOLFDV�DIHWDV�DR�GHVHQYROYLPHQWR�XUEDQR�6HomR�,, 'R�)XQGR�1DFLRQDO�GH�'HVHQYROYLPHQWR�8UEDQR�,QWHJUDGR $UW��������9(7$'2�� $UW��������9(7$'2�� &$3Ë78/2�9, ',6326,d®(6�),1$,6 $UW��������9(7$'2�� $UW�� ���� � $� DSOLFDomR� GDV� GLVSRVLo}HV� GHVWD� /HL� VHUi� FRRUGHQDGD� SHORV� HQWHV� S~EOLFRV� TXH� LQWHJUDP� R 6LVWHPD�1DFLRQDO�GH�'HVHQYROYLPHQWR�8UEDQR���61'8��DVVHJXUDQGR�VH�D�SDUWLFLSDomR�GD�VRFLHGDGH�FLYLO� � �R� 2� 61'8� LQFOXLUi� XP� VXEVLVWHPD� GH� SODQHMDPHQWR� H� LQIRUPDo}HV�PHWURSROLWDQDV�� FRRUGHQDGR� SHOD 8QLmR�H�FRP�D�SDUWLFLSDomR�GRV�*RYHUQRV�HVWDGXDLV�H�PXQLFLSDLV��QD�IRUPD�GR�UHJXODPHQWR� � �R� 2� VXEVLVWHPD� GH� SODQHMDPHQWR� H� LQIRUPDo}HV� PHWURSROLWDQDV� UHXQLUi� GDGRV� HVWDWtVWLFRV� FDUWRJUiILFRV�� DPELHQWDLV�� JHROyJLFRV� H� RXWURV� UHOHYDQWHV� SDUD� R� SODQHMDPHQWR�� D� JHVWmR� H� D� H[HFXomR� GDV IXQo}HV�S~EOLFDV�GH�LQWHUHVVH�FRPXP�HP�UHJL}HV�PHWURSROLWDQDV�H�HP�DJORPHUDo}HV�XUEDQDV� ��R�$V�LQIRUPDo}HV�UHIHULGDV�QR���R�GHVWH�DUWLJR�GHYHUmR�HVWDU�SUHIHUHQFLDOPHQWH�JHRUUHIHUHQFLDGDV� $UW�������,QFRUUH�HP�LPSURELGDGH�DGPLQLVWUDWLYD��QRV�WHUPRV�GD�/HL�QR��������GH���GH�MXQKR�GH������ ,� ±� R� JRYHUQDGRU� RX� DJHQWH� S~EOLFR� TXH� DWXH� QD� HVWUXWXUD� GH� JRYHUQDQoD� LQWHUIHGHUDWLYD� TXH� GHL[DU� GH WRPDU�DV�SURYLGrQFLDV�QHFHVViULDV�SDUD� D�� JDUDQWLU� R� FXPSULPHQWR� GR� GLVSRVWR� QR� FDSXW� GR� DUW�� ��� GHVWD� /HL�� QR� SUD]R� GH� �� �WUrV�� DQRV� GD LQVWLWXLomR�GD�UHJLmR�PHWURSROLWDQD�RX�GD�DJORPHUDomR�XUEDQD�PHGLDQWH�OHL�FRPSOHPHQWDU�HVWDGXDO� E��HODERUDU�H�DSURYDU��QR�SUD]R�GH����WUrV��DQRV��R�SODQR�GH�GHVHQYROYLPHQWR�XUEDQR�LQWHJUDGR�GDV�UHJL}HV PHWURSROLWDQDV�RX�GDV�DJORPHUDo}HV�XUEDQDV� LQVWLWXtGDV�DWp�D�GDWD�GH�HQWUDGD�HP�YLJRU�GHVWD�/HL�PHGLDQWH� OHL FRPSOHPHQWDU�HVWDGXDO� ,,�±�R�SUHIHLWR�TXH�GHL[DU�GH� WRPDU�DV�SURYLGrQFLDV�QHFHVViULDV�SDUD�JDUDQWLU�R�FXPSULPHQWR�GR�GLVSRVWR QR� � �R� GR� DUW�� ��� GHVWD� /HL�� QR� SUD]R� GH� �� �WUrV�� DQRV� GD� DSURYDomR� GR� SODQR� GH� GHVHQYROYLPHQWR� LQWHJUDGR PHGLDQWH�OHL�HVWDGXDO� $UW������ �$V�GLVSRVLo}HV�GHVWD�/HL�DSOLFDP�VH��QR�TXH�FRXEHU��jV� UHJL}HV� LQWHJUDGDV�GH�GHVHQYROYLPHQWR TXH� WHQKDP� FDUDFWHUtVWLFDV� GH� UHJLmR� PHWURSROLWDQD� RX� GH� DJORPHUDomR� XUEDQD�� FULDGDV� PHGLDQWH� OHL FRPSOHPHQWDU�IHGHUDO��FRP�EDVH�QR�DUW�����GD�&RQVWLWXLomR�)HGHUDO��DWp�D�GDWD�GH�HQWUDGD�HP�YLJRU�GHVWD�/HL� ���������� /����� KWWS���ZZZ�SODQDOWR�JRY�EU�FFLYLOB���B$WR���������������/HL�/������KWP ��� 3DUiJUDIR� ~QLFR�� � $� SDUWLU� GD� GDWD� GH� HQWUDGD� HP� YLJRU� GHVWD� /HL�� D� LQVWLWXLomR� GH� XQLGDGHV� WHUULWRULDLV XUEDQDV�TXH�HQYROYDP�0XQLFtSLRV�SHUWHQFHQWHV�D�PDLV�GH�XP�(VWDGR�GHYH�RFRUUHU�QD�IRUPD�SUHYLVWD�QR�DUW���R� VHP�SUHMXt]R�GD�SRVVLELOLGDGH�GH�FRQVWLWXLomR�GH�FRQVyUFLRV�LQWHUPXQLFLSDLV� $UW�� ���� � ,QGHSHQGHQWHPHQWH� GDV� GLVSRVLo}HV� GHVWD� /HL�� RV� 0XQLFtSLRV� SRGHP� IRUPDOL]DU� FRQYrQLRV� GH FRRSHUDomR�H�FRQVWLWXLU�FRQVyUFLRV�S~EOLFRV�SDUD�DWXDomR�HP� IXQo}HV�S~EOLFDV�GH� LQWHUHVVH�FRPXP�QR�FDPSR GR�GHVHQYROYLPHQWR�XUEDQR��REVHUYDGD�D�/HL�QR���������GH���GH�DEULO�GH������ $UW�������$�/HL�QR���������GH����GH�MXOKR�GH�������SDVVD�D�YLJRUDU�DFUHVFLGD�GR�VHJXLQWH�DUW�����$� ³$UW�� ���$�� � 1DV� UHJL}HV� PHWURSROLWDQDV� RX� QDV� DJORPHUDo}HV� XUEDQDV LQVWLWXtGDV�SRU�OHL�FRPSOHPHQWDU�HVWDGXDO��SRGHUmR�VHU�UHDOL]DGDV�RSHUDo}HV�XUEDQDV FRQVRUFLDGDV�LQWHUIHGHUDWLYDV��DSURYDGDV�SRU�OHLV�HVWDGXDLV�HVSHFtILFDV� 3DUiJUDIR� ~QLFR�� � $V� GLVSRVLo}HV� GRV� DUWV�� ��� D� ��� GHVWD� /HL� DSOLFDP�VH� jV RSHUDo}HV�XUEDQDV�FRQVRUFLDGDV�LQWHUIHGHUDWLYDV�SUHYLVWDV�QR�FDSXW�GHVWH�DUWLJR��QR TXH�FRXEHU�´ $UW�������(VWD�/HL�HQWUD�HP�YLJRU�QD�GDWD�GH�VXD�SXEOLFDomR� %UDVtOLD�����GH�MDQHLUR�GH����������R�GD�,QGHSHQGrQFLD�H����R�GD�5HS~EOLFD� ',/0$�52866()) -RDTXLP�/HY\ 1HOVRQ�%DUERVD *LOEHUWR�.DVVDE *LOEHUWR�9DUJDV (VWH�WH[WR�QmR�VXEVWLWXL�R�SXEOLFDGR�QR�'28�GH���������� � � � � � � � � � �
Compartilhar