Buscar

ABC DO SUS

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes
Você viu 3, do total de 10 páginas

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes
Você viu 6, do total de 10 páginas

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes
Você viu 9, do total de 10 páginas

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes

Prévia do material em texto

0,1,67e5,2�'$�6$Ò'(�
6(&5(7$5,$�1$&,21$/�'(�$66,67Ç1&,$�¬�6$Ò'(
'2875,1$6�(�35,1&Ë3,26�
%UDVtOLD�')�
�����
$%&�GR�686���'RXWULQDV�H�3ULQFtSLRV�
0LQLVWpULR�GD�6D~GH���6HFUHWDULD�1DFLRQDO�GH�$VVLVWrQFLD�j�6D~GH� �
$35(6(17$d­2�
2� 0LQLVWpULR� GD� 6D~GH� HQWUHJD� D� SULPHLUD� FDUWLOKD� GR� 6LVWHPD� ÒQLFR� GH� 6D~GH� �� 686��
FRPSUHHQGHQGR�VXDV�GRXWULQDV�H�VHXV�SULQFtSLRV�� LQVSLUDGRV�QD�&RQVWLWXLomR�H�QD�/HL�2UJkQLFD�GD�
6D~GH��
(VWmR�DTXL�FRQVDJUDGDV�FHUWDPHQWH�DV�DVSLUDo}HV�GH�PLOK}HV�GH�EUDVLOHLURV�TXH�GHVHMDP�XP�
686� TXH� UHVJDWH� D� GLJQLGDGH� GR� VHWRU� VD~GH� HP� WRGRV� RV� QtYHLV�� FRP� GHVFHQWUDOL]DomR��
KLHUDUTXL]DomR��XQLYHUVDOL]DomR�H�FHUWDPHQWH�FRP�HILFLrQFLD�H�UHVROXWLYLGDGH��
3DUD�HODERUDU�HVWH�GRFXPHQWR�D�6HFUHWDULD�1DFLRQDO�GH�$VVLVWrQFLD�j�6D~GH��61$6�UHFRUUHX�
j� SDUWLFLSDomR� GH� LQVWLWXLo}HV� H� SURILVVLRQDLV� GH� VD~GH� TXH� VH� HPSHQKDUDP� HP� GHILQLU�� QXPD�
OLQJXDJHP� VLPSOHV� H� GLUHWD�� R� TXH� GHYHPRV� ID]HU� SDUD� WRUQDU� R� 686� PRGHOR� DSOLFDGR� GH� VD~GH��
FRQILiYHO�H�FRP�FUHGLELOLGDGH��
)RUDP�YDOLRVDV�DV�VXJHVW}HV�UHFROKLGDV�GR�&RQVHOKR�1DFLRQDO�GRV�6HFUHWiULRV��(VWDGXDLV�GH�
6D~GH���&21$66�H�GR�&RQVHOKR�1DFLRQDO�GRV�6HFUHWiULRV�0XQLFLSDLV�GH�6D~GH�±�&21$6(06���EHP�
FRPR� GDV� HTXLSHV� PRELOL]DGDV� SHOD� SUySULD� 6HFUHWDULD� SDUD� TXH� KRXYHVVH� XP� FRQVHQVR� GR� PDLV�
DPSOR�SRVVtYHO�H�D�GHOLEHUDomR�GH�TXH�SUHFLVDPRV�DYDQoDU�SDUD�GDUPRV�FRQVLVWrQFLD�jV�Do}HV�GH�
VD~GH��
$� SULPHLUD� FDUWLOKD� FRQVDJUD� ³'RXWULQDV� H�3ULQFtSLRV´� H� D� VHJXQGD�� ³3ODQHMDPHQWR� /RFDO´�� D�
WHUFHLUD�� ³1RPHQFODWXUDV�� 3DUkPHWURV� H� ,QVWUXPHQWRV� GH� 3ODQHMDPHQWR´�� D� 4XDUWD�� � ³&RPXQLFDomR�
9LVXDO�GR�686´��'HVWD�IRUPD��R�0LQLVWpULR�GD�6D~GH�FRORFD�j�GLVSRVLomR�GH�WRGRV�RV�LQWHJUDQWHV�GR�
686�R�FRQMXQWR�LQLFLDO�GDV�Do}HV��DWLWXGHV�H�DWLYLGDGHV�TXH�QHFHVVDULDPHQWH�VHUmR�LPSODQWDGDV��
(VWD�PLVVmR� UHTXHU�GH� WRGRV�QyV�XP�HVIRUoR� UHGREUDGR��SULQFLSDOPHQWH�GRV�TXH�HVWmR�QDV�
DWLYLGDGHV� GH� SRQWD�� $� VD~GH� GHVFHX� QR� %UDVLO� D� QtYHLV� GH� GHVFRQIRUWR� H� GHVHVSHUDQoD�� &DGD�
PXGDQoD�TXH�RSHUDUPRV�QR�kPELWR�GR�686�VHUi�XP�JHVWR�GH�FRPSUHHQVmR�H�JUDQGH]D�SDUD�UHWLUi�OD�
GD�LQDomR�H�GD�LQHILFLrQFLD��
$RV�HVWDGRV�H�PXQLFtSLRV��DRV�SURILVVLRQDLV�GH�VD~GH��jV�LQVWLWXLo}HV�SULYDGDV���ILODQWUySLFDV�H�
GH�HQVLQR��WRGRV�VRPRV�SDUFHLURV�GR�686�SDUD�SURPRYHUPRV�D�PRGHUQLGDGH�GR�6LVWHPD�FRP�PDLV�
Do}HV�GR�TXH�FRP�SDODYUDV��
%UDVtOLD��'H]HPEUR�GH�������
$/&(1,�*8(55$�
0LQLVWUR�GH�(VWDGR�GD�6D~GH�
$%&�GR�686���'RXWULQDV�H�3ULQFtSLRV�
0LQLVWpULR�GD�6D~GH���6HFUHWDULD�1DFLRQDO�GH�$VVLVWrQFLD�j�6D~GH� �
2�48(�+È�'(�1292�1$�6$Ò'("�
(QWUH�DV�GLUHWUL]HV�SROtWLFDV�FRQVROLGDGDV�SHOD�QRYD�&RQVWLWXLomR�QR�FHQiULR�QDFLRQDO�HVWmR�RV�
IXQGDPHQWRV�GH�XPD�UDGLFDO�WUDQVIRUPDomR�GR�VLVWHPD�GH�VD~GH�EUDVLOHLUR��
2�TXH� OHYRX�RV�FRQVWLWXLQWHV�D�SURSRUHP�HVVD�WUDQVIRUPDomR�IRL�R�FRQVHQVR��QD�VRFLHGDGH��
TXDQWR� j� WRWDO� LQDGHTXDomR� GR� VLVWHPD� GH� VD~GH� FDUDFWHUL]DGR� SHORV� VHJXLQWHV� DVSHFWRV�� HQWUH�
RXWURV��
XP�TXDGUR�GH�GRHQoDV�GH�WRGRV�RV�WLSRV�FRQGLFLRQDGRV�SHOR�WLSR�GH�GHVHQYROYLPHQWR��VRFLDO�H�
HFRQ{PLFR�GR�SDtV�H�TXH�R�YHOKR�VLVWHPD�GH�VD~GH�QmR�FRQVHJXLD�HQIUHQWDU�FRP�GHFLVmR��
FRPSOHWD� LUUDFLRQDOLGDGH� H� GHVLQWHJUDomR� GDV� XQLGDGHV� GH� VD~GH�� FRP� VREUH�RIHUWD� GH��
VHUYLoRV�HP�DOJXQV�OXJDUHV�H�DXVrQFLD�HP�RXWURV��
H[FHVVLYD�FHQWUDOL]DomR� LPSOLFDQGR�SRU�YH]HV�HP� LPSURSULHGDGH�GDV�GHFLV}HV�SHOD�GLVWkQFLD�
GH�%UDVtOLD�GRV�ORFDLV�RQGH�RFRUUHP�RV�SUREOHPDV��
UHFXUVRV� ILQDQFHLURV� LQVXILFLHQWHV� HP� UHODomR� jV� QHFHVVLGDGHV� GH� DWHQGLPHQWR� H� HP�
FRPSDUDomR�FRP�RXWURV�SDtVHV��
GHVSHUGtFLR� GRV� UHFXUVRV� DORFDGRV� SDUD� D� VD~GH�� HVWLPDGR� QDFLRQDOPHQWH� HP�� SHOR�PHQRV�
������SURGX]LGR�SRU�LQFRPSHWrQFLD�JHUHQFLDO��
EDL[D� FREHUWXUD� DVVLVWHQFLDO� GD� SRSXODomR�� FRP� VHJPHQWRV� SRSXODFLRQDLV� H[FOXtGRV� GR�
DWHQGLPHQWR��HVSHFLDOPHQWH�RV�PDLV�SREUHV�H�QDV�UHJL}HV�PDLV�FDUHQWHV��
IDOWD� GH� GHILQLomR� FODUD� GDV� FRPSHWrQFLDV� GRV� YiULRV� yUJmRV� H� LQVWkQFLDV� SROtWLFR�
DGPLQLVWUDWLYDV� GR� VLVWHPD�� DFDUUHWDQGR� IUDJPHQWDomR� GR� SURFHVVR� GHFLVyULR� H��
GHVFRPSURPLVVR�FRP�DV�Do}HV�H�IDOWD�GH�UHVSRQVDELOLGDGH�FRP�RV�UHVXOWDGRV��
GHVHPSHQKR� GHVRUGHQDGR� GRV� yUJmRV� S~EOLFRV� H� SULYDGRV� FRQYHQLDGRV� H� FRQWUDWDGRV��
DFDUUHWDQGR�FRQIOLWR�HQWUH�RV�VHWRUHV�S~EOLFR�H�SULYDGR��VXSHUSRVLomR�GH�Do}HV��GHVSHUGtFLRV�
GH�UHFXUVRV�H�PDX�DWHQGLPHQWR�j�SRSXODomR��
LQVDWLVIDomR� GRV� SURILVVLRQDLV� GD� iUHD� GD� VD~GH� TXH� YrP� VRIUHQGR� DV� FRQVHTrQFLDV� GD�
DXVrQFLD�GH�XPD�SROtWLFD�GH�UHFXUVRV�KXPDQRV�MXVWD�H�FRHUHQWH��
LQVDWLVIDomR� GD� SRSXODomR� FRP� RV� SURILVVLRQDLV� GD� VD~GH� SHOD� DSDUHQWH� LUUHVSRQVDELOLGDGH�
SDUD� FRP� RV� GRHQWHV�� JUHYHV� IUHTHQWHV�� IUHTHQWHV� HUURV� PpGLFRV� H� FRUSRUDWLYLVPR� VH�
VREUHSRQGR�j�VD~GH�GR�SRYR��
EDL[D�TXDOLGDGH�GRV�VHUYLoRV�RIHUHFLGRV�HP�WHUPRV�GH�HTXLSDPHQWRV�H�VHUYLoRV�SURILVVLRQDLV��
DXVrQFLD�GH�FULWpULRV�H�GH� WUDQVSDUrQFLD�GRV�JDVWRV�S~EOLFRV��EHP�FRPR�GH�SDUWLFLSDomR� �GD�
SRSXODomR�QD�IRUPXODomR�H�JHVWmR�GDV�SROtWLFDV�GH�VD~GH��
IDOWD�GH�PHFDQLVPRV�GH�DFRPSDQKDPHQWR��FRQWUROH�H�DYDOLDomR�GRV�VHUYLoRV��
LPHQVD�SUHRFXSDomR�H�LQVDWLVIDomR�GD�SRSXODomR�FRP�R�DWHQGLPHQWR�j�VXD�VD~GH��
�� ¬�SDUWLU�GHVVH�GLDJQyVWLFR�H�GH�H[SHULrQFLDV� LVRODGDV�RX�SDUFLDLV�DFXPXODGDV�DR� ORQJR�GRV�
~OWLPRV� ��� DQRV�� H� HVSHFLDOPHQWH� EDVHDQGR�VH� QDV� SURSRVWDV� GD� �� � &RQIHUrQFLD� 1DFLRQDO� GH�
6D~GH�UHDOL]DGD�HP�������D�&RQVWLWXLomR��GH������HVWDEHOHFHX�SHOD�SULPHLUD�YH]�GH�IRUPD�UHOHYDQWH��
XPD�VHomR�VREUH�D�VD~GH�TXH�WUDWD�GH�WUrV�DVSHFWRV�SULQFLSDLV��
(P�SULPHLUR� OXJDU� LQFRUSRUD�R�FRQFHLWR�PDLV�DEUDQJHQWH�GH�TXH�D�VD~GH� WHP�FRPR� IDWRUHV�
GHWHUPLQDQWHV�H�FRQGLFLRQDQWHV�R�PHLR�ItVLFR��FRQGLo}HV�JHRJUiILFDV��iJXD��DOLPHQWDomR��KDELWDomR��
$%&�GR�686���'RXWULQDV�H�3ULQFtSLRV�
0LQLVWpULR�GD�6D~GH���6HFUHWDULD�1DFLRQDO�GH�$VVLVWrQFLD�j�6D~GH� �
HWF����R�PHLR�VyFLR�HFRQ{PLFR�H�FXOWXUD��RFXSDomR�UHQGD��HGXFDomR��HWF����RV�IDWRUHV�ELROyJLFRV
�LGDGH�� VH[R�� KHUDQoD� JHQpWLFD�� HWF���� H� D� RSRUWXQLGDGH� GH� DFHVVR� DRV� VHUYLoRV� TXH� YLVHP� D�
SURPRomR��SURWHomR�H�UHFXSHUDomR�GD�VD~GH��
�� ,VVR� LPSOLFD� TXH�� SDUD� VH� WHU� VD~GH� VmR� QHFHVViULDV� Do}HV� HP� YiULRV� VHWRUHV�� DOpP� GR�
0LQLVWpULR�GD�6D~GH�H�GDV�VHFUHWDULDV�GH�VD~GH��,VWR�Vy�XPD�SROtWLFD�JRYHUQDPHQWDO� LQWHJUDGD�SRGH�
DVVHJXUDU��
�� (P� VHJXQGR� OXJDU�� D� &RQVWLWXLomR� � WDPEpP� OHJLWLPD� R� GLUHLWR� GH� WRGRV� VHP� TXDOTXHU�
GLVFULPLQDomR�jV�Do}HV�GH�VD~GH�HP�WRGRV�RV�QtYHLV��DVVLP�FRPR��H[SOLFLWD�TXH�R�GHYHU�GH�SURYHU�
R�SOHQR�JR]R�GHVVH�GLUHLWR�p�UHVSRQVDELOLGDGH�GR�*RYHUQR��LVWR�p��GR�SRGHU�S~EOLFR��
�� ,VWR�VLJQLILFD�TXH��D�SDUWLU�GD�QRYD�FRQVWLWXLomR��D�~QLFD�FRQGLomR�SDUD�VH�WHU�GLUHLWR�GH�DFHVVR��
DRV�VHUYLoRV�H�Do}HV�GH�VD~GH��p�SUHFLVDU�GHOHV��
3RU�~OWLPR��D�&RQVWLWXLomR�HVWDEHOHFH�R�6LVWHPD�ÒQLFR�GH�6D~GH²686��GH�FDUiWHU�S~EOLFR��
IRUPDGR�SRU�XPD�UHGH�GH�VHUYLoRV�UHJLRQDOL]DGD��KLHUDUTXL]DGD�H�GHVFHQWUDOL]DGD��FRP�GLUHomR�
~QLFD�HP�FDGD�HVIHUD�GH�JRYHUQR��H�VRE�FRQWUROH�GRV�VHXV�XVXiULRV�
�� 2V�VHUYLoRV�SDUWLFXODUHV�TXDQGR�FRQYHQLDGRV�H�FRQWUDWDGRV��SDVVDP�D�VHU�FRPSOHPHQWDUHV�H�
VRE�GLUHWUL]HV�GR�6LVWHPD�ÒQLFR�GH�6D~GH��
$LQGD� TXH� HVVH� FRQMXQWR� GH� LGpLDV�� � GLUHLWRV�� GHYHUHV� H� HVWUDWpJLDV� QmR� SRVVDP� VHU�
LPSODQWDGRV�DXWRPDWLFDPHQWH�H�GH�LPHGLDWR��R�TXH�GHYH�VHU�FRPSUHHQGLGR�p�TXH�D�LPSODQWDomR�GR�
686�WHP�SRU�REMHWLYR�PHOKRUDU�D�TXDOLGDGH�GD�DWHQomR�j�VD~GH�QR�3DtV��URPSHQGR�FRP�XP�SDVVDGR�
GH�GHVFRPSURPLVVR�VRFLDO�H�D�YHOKD� LUUDFLRQDOLGDGH� WpFQLFR�DGPLQLVWUDWLYD��H�p�D� LPDJHP� LGHDO�TXH�
QRUWHDUi�R�WUDEDOKR�GR�0LQLVWpULR�GD�6D~GH�H�GDV�VHFUHWDULDV�HVWDGXDLV�H�PXQLFLSDLV���
�� 3DUD� LVVR�� H� QHFHVViULR� TXH� VH� HQWHQGD� D� OyJLFD� GR� 686�� FRPR� HOH� GHYH� VHU� SODQHMDGR� H�
IXQFLRQDU� SDUD� FXPSULU� HVVH� QRYR� FRPSURPLVVR� TXH� p� DVVHJXUDU� D� WRGRV�� LQGLVFULPLQDGDPHQWH��
VHUYLoRV�H�Do}HV�GH�VD~GH�GH�IRUPD�HTXkQLPH��DGHTXDGD�H�SURJUHVVLYD��
,,���2�48(�e�2�6,67(0$�Ò1,&2�'(�6$Ò'(���686"�e�XPD�QRYD�IRUPXODomR�SROtWLFD�H�RUJDQL]DFLRQDO�SDUD�R�UHRUGHQDPHQWR�GRV�VHUYLoRV�H�
Do}HV�GH�VD~GH�HVWDEHOHFLGD�SHOD�&RQVWLWXLomR�GH�������2�686�QmR�p�R�VXFHVVRU�GR�,1$036�H�QHP�
WDPSRXFR�GR�68'6��2�686�p�R�QRYR�VLVWHPD�GH�VD~GH�TXH�HVWi�HP�FRQVWUXomR���
325�48(�6,67(0$�Ò1,&2"�
3RUTXH�HOH�VHJXH�D�PHVPD�GRXWULQD�H�RV�PHVPRV�SULQFtSLRV�RUJDQL]DWLYRV�HP�WRGR�R�WHUULWyULR�
QDFLRQDO�� VRE� D� UHVSRQVDELOLGDGH� GDV� WUrV� HVIHUDV� DXW{QRPDV� GH� JRYHUQR� IHGHUDO�� HVWDGXDO� H�
PXQLFLSDO�� $VVLP�� R�686�QmR� p� XP� VHUYLoR� RX� XPD� LQVWLWXLomR��PDV� XP�6LVWHPD�TXH� VLJQLILFD� XP�
FRQMXQWR� GH� XQLGDGHV�� GH� VHUYLoRV� H� Do}HV� TXH� LQWHUDJHP� SDUD� XP� ILP� FRPXP�� (VVHV� HOHPHQWRV�
LQWHJUDQWHV� GR� VLVWHPD�� UHIHUHP�VH� DR� PHVPR� WHPSR�� jV� DWLYLGDGHV� GH� SURPRomR�� SURWHomR� H�
UHFXSHUDomR�GD�VD~GH��
48$/�e�$�'2875,1$�'2�686"�
�� %DVHDGR� QRV� SUHFHLWRV� FRQVWLWXFLRQDLV� D� FRQVWUXomR� GR� 686� VH� QRUWHLD� SHORV� � VHJXLQWHV�
SULQFtSLRV�GRXWULQiULRV��
81,9(56$/,'$'(� ±� e� D� JDUDQWLD� GH� DWHQomR� j� VD~GH� SRU� SDUWH� GR� VLVWHPD��D� WRGR� H� TXDOTXHU�
FLGDGmR�� &RP� D� XQLYHUVDOLGDGH�� R� LQGLYtGXR� SDVVD� D� WHU� GLUHLWR� GH� DFHVVR� D� WRGRV� RV� VHUYLoRV�
S~EOLFRV�GH�VD~GH��DVVLP�FRPR�jTXHOHV�FRQWUDWDGRV�SHOR�SRGHU�S~EOLFR��6D~GH�p�GLUHLWR�GH�FLGDGDQLD�
H�GHYHU�GR�*RYHUQR��PXQLFLSDO��HVWDGXDO�H�IHGHUDO��
$%&�GR�686���'RXWULQDV�H�3ULQFtSLRV�
0LQLVWpULR�GD�6D~GH���6HFUHWDULD�1DFLRQDO�GH�$VVLVWrQFLD�j�6D~GH� �
(4h,'$'(�±�e�DVVHJXUDU�Do}HV�H�VHUYLoRV�GH�WRGRV�RV�QtYHLV�GH�DFRUGR�FRP�D�FRPSOH[LGDGH�TXH�
FDGD� FDVR� UHTXHLUD��PRUH� R� FLGDGmR�RQGH�PRUDU�� VHP�SULYLOpJLRV� H� VHP�EDUUHLUDV�� 7RGR�FLGDGmR�p�
LJXDO�SHUDQWH�R�686�H�VHUi�DWHQGLGR�FRQIRUPH�VXDV�QHFHVVLGDGHV�DWp�R�OLPLWH�GR�TXH�R�VLVWHPD�SXGHU�
RIHUHFHU�SDUD�WRGRV��
,17(*5$/,'$'(���e�R�UHFRQKHFLPHQWR�QD�SUiWLFD�GRV�VHUYLoRV�GH�TXH��
FDGD�SHVVRD�p�XP�WRGR�LQGLYLVtYHO�H�LQWHJUDQWH�GH�XPD�FRPXQLGDGH��
DV�Do}HV�GH�SURPRomR��SURWHomR�H�UHFXSHUDomR�GD�VD~GH�IRUPDP�WDPEpP�XP�WRGR�LQGLYLVtYHO�
H�QmR�SRGHP�VHU�FRPSDUWLPHQWDOL]DGDV��
DV� XQLGDGHV� SUHVWDGRUDV� GH� VHUYLoR�� FRP� VHXV� GLYHUVRV� JUDXV� GH� FRPSOH[LGDGH�� IRUPDP�
WDPEpP�XP�WRGR�LQGLYLVtYHO�FRQILJXUDQGR�XP�VLVWHPD�FDSD]�GH�SUHVWDU�DVVLVWrQFLD�LQWHJUDO��
(QILP��
³2�KRPHP�p�XP�VHU�LQWHJUDO��ELR�SVLFR�VRFLDO��H�GHYHUi�VHU�DWHQGLGR�FRP�HVWD�YLVmR�LQWHJUDO�
SRU� XP� VLVWHPD� GH� VD~GH� WDPEpP� LQWHJUDO�� YROWDGR� D� SURPRYHU�� SURWHJHU� H� UHFXSHUDU� VXD�
VD~GH�´�
48$,6�6­2�26�35,1&Ë3,26�48(�5(*(0�$�25*$1,=$d­2�'2�686"�
5(*,21$/,=$d­2� H� +,(5$548,=$d­2� �� 2V� VHUYLoRV� GHYHP� VHU� RUJDQL]DGRV� HP� QtYHLV� GH�
FRPSOH[LGDGH�WHFQROyJLFD�FUHVFHQWH��GLVSRVWRV�QXPD�iUHD�JHRJUiILFD�GHOLPLWDGD�H�FRP�D�GHILQLomR�GD�
SRSXODomR�D�VHU�DWHQGLGD�� ,VWR� LPSOLFD�QD�FDSDFLGDGH�GRV�VHUYLoRV�HP�RIHUHFHU�D�XPD�GHWHUPLQDGD�
SRSXODomR� WRGDV� DV� PRGDOLGDGHV� GH� DVVLVWrQFLD�� EHP� FRPR� R� DFHVVR� D� WRGR� WLSR� GH� WHFQRORJLD�
GLVSRQtYHO��SRVVLELOLWDQGR�XP�yWLPR�JUDX�GH�UHVROXELOLGDGH��VROXomR�GH�VHXV�SUREOHPDV���
2�DFHVVR�GD�SRSXODomR�j�UHGH�GHYH�VH�GDU�DWUDYpV�GRV�VHUYLoRV�GH�QtYHO�SULPiULR�GH�DWHQomR�
TXH� GHYHP� HVWDU� TXDOLILFDGRV� SDUD� DWHQGHU� H� UHVROYHU� RV� SULQFLSDLV� SUREOHPDV� TXH� GHPDQGDP� RV�
VHUYLoRV�GH�VD~GH��2V�GHPDLV��GHYHUmR�VHU� UHIHUHQFLDGRV�SDUD�RV�VHUYLoRV�GH�PDLRU�FRPSOH[LGDGH�
WHFQROyJLFD��
$� UHGH� GH� VHUYLoRV�� RUJDQL]DGD� GH� IRUPD� KLHUDUTXL]DGD� H� UHJLRQDOL]DGD�� SHUPLWH� XP�
FRQKHFLPHQWR�PDLRU�GRV�SUREOHPDV�GH�VD~GH�GD�SRSXODomR�GD�iUHD�GHOLPLWDGD�� IDYRUHFHQGR�Do}HV�
GH�YLJLOkQFLD�HSLGHPLROyJLFD��VDQLWiULD��FRQWUROH�GH�YHWRUHV��HGXFDomR�HP�VD~GH��DOpP�GDV�Do}HV�GH�
DWHQomR�DPEXODWRULDO�H�KRVSLWDODU�HP�WRGRV�RV�QtYHLV�GH�FRPSOH[LGDGH��
5(62/8%,/,'$'(� �� e� D� H[LJrQFLD� GH� TXH�� TXDQGR� XP� LQGLYtGXR� EXVFD�R� DWHQGLPHQWR� RX�
TXDQGR� VXUJH� XP� SUREOHPD� GH� LPSDFWR� FROHWLYR� VREUH� D� VD~GH�� R� VHUYLoR� FRUUHVSRQGHQWH� HVWHMD�
FDSDFLWDGR�SDUD�HQIUHQWi�OR�H�UHVROYr�OR�DWp�R�QtYHO�GD�VXD�FRPSHWrQFLD��
'(6&(175$/,=$d­2� �� � e� HQWHQGLGD� FRPR� XPD� UHGLVWULEXLomR� GDV� � UHVSRQVDELOLGDGHV�
TXDQWR� jV� Do}HV� H� VHUYLoRV� GH� VD~GH� HQWUH� RV� YiULRV� QtYHLV� GH� JRYHUQR�� D� SDUWLU� GD� LGpLD� GH� TXH�
TXDQWR�PDLV� SHUWR� GR� IDWR� D� GHFLVmR� IRU� WRPDGD��PDLV� FKDQFH� � KDYHUi� GH� DFHUWR�� $VVLP�� R� TXH� p�
DEUDQJrQFLD�GH�XP�PXQLFtSLR�GHYH�VHU�GH�UHVSRQVDELOLGDGH�GR�JRYHUQR�PXQLFLSDO��R�TXH�DEUDQJH�XP�
HVWDGR�RX�XPD�UHJLmR�HVWDGXDO�GHYH�HVWDU�VRE�UHVSRQVDELOLGDGH�GR�JRYHUQR�HVWDGXDO��H��R�TXH�IRU�GH�
DEUDQJrQFLD�QDFLRQDO�VHUi�GH�UHVSRQVDELOLGDGH�IHGHUDO��'HYHUi�KDYHU�XPD�SURIXQGD�UHGHILQLomR�GDV�
DWULEXLo}HV�GRV�YiULRV�QtYHLV�GH�JRYHUQR�FRP�XP�QtWLGR�UHIRUoR�GR�SRGHU�PXQLFLSDO�VREUH�D�VD~GH���p�
R�TXH�VH�FKDPD�PXQLFLSDOL]DomR�GD�VD~GH��
$RV�PXQLFtSLRV�FDEH��SRUWDQWR��D�PDLRU� UHVSRQVDELOLGDGH�QD�SURPRomR�GDV�Do}HV�GH�VD~GH�
GLUHWDPHQWH�YROWDGDV�DRV�VHXV�FLGDGmRV��
3$57,&,3$d­2�'26�&,'$'­26���e�D�JDUDQWLD�FRQVWLWXFLRQDO�GH�TXH�D�SRSXODomR��DWUDYpV�
GH�VXDV�HQWLGDGHV�UHSUHVHQWDWLYDV��SDUWLFLSDUi�GR�SURFHVVR�GH�IRUPXODomR�GDV�SROtWLFDV�GH�VD~GH�H�GR�
FRQWUROH�GD�VXD�H[HFXomR��HP�WRGRV�RV�QtYHLV��GHVGH�R�IHGHUDO�DWp�R�ORFDO��
$%&�GR�686���'RXWULQDV�H�3ULQFtSLRV�
0LQLVWpULR�GD�6D~GH���6HFUHWDULD�1DFLRQDO�GH�$VVLVWrQFLD�j�6D~GH� �
(VVD� SDUWLFLSDomR� GHYH� VH� GDU� QRV� &RQVHOKRV� GH� 6D~GH�� FRP� UHSUHVHQWDomR� SDULWiULD� GH�
XVXiULRV��JRYHUQR��SURILVVLRQDLV�GH�VD~GH�H�SUHVWDGRUHV�GH�VHUYLoR��2XWUD�IRUPD�GH�SDUWLFLSDomR�VmR�
DV�FRQIHUrQFLDV�GH�VD~GH��SHULyGLFDV��SDUD�GHILQLU�SULRULGDGHV��H�OLQKDV�GH�DomR�VREUH�D�VD~GH��
'HYH� VHU� WDPEpP� FRQVLGHUDGR� FRPR� HOHPHQWR� GR� SURFHVVR� SDUWLFLSDWLYR� R� GHYHU� GDV�
LQVWLWXLo}HV� RIHUHFHUHP� DV� LQIRUPDo}HV� H� FRQKHFLPHQWRV� QHFHVViULRV� SDUD� TXH� D� SRSXODomR� VH�
SRVLFLRQH�VREUH�DV�TXHVW}HV�TXH�GL]HP�UHVSHLWR�j�VXD�VD~GH��
&203/(0(17$5,('$'(�'2�6(725�35,9$'2���$�&RQVWLWXLomR�GHILQLX�TXH���TXDQGR�SRU�
LQVXILFLrQFLD�GR�VHWRU�S~EOLFR��IRU�QHFHVViULR�D�FRQWUDWDomR�GH�VHUYLoRV�SULYDGRV��LVVR�GHYH�VH�GDU�VRE�
WUrV�FRQGLo}HV��
�� �� D� FHOHEUDomR� GH� FRQWUDWR�� FRQIRUPH� DV� QRUPDV� GH� GLUHLWR� S~EOLFR�� RX� VHMD�� LQWHUHVVH� � S~EOLFR�
SUHYDOHFHQGR�VREUH�R�SDUWLFXODU��
����D�LQVWLWXLomR�SULYDGD�GHYHUi�HVWDU�GH�DFRUGR�FRP�RV�SULQFtSLRV�EiVLFRV�H�QRUPDV�WpFQLFDV�GR�686��
3UHYDOHFHP��DVVLP��RV�SULQFtSLRV�GD�XQLYHUVDOLGDGH��HTLGDGH��HWF���FRPR�VH�R�VHUYLoR�SULYDGR�IRVVH�
S~EOLFR��XPD�YH]�TXH��TXDQGR�FRQWUDWDGR��DWXD�HP�QRPH�GHVWH��
�� �� D� LQWHJUDomR� GRV� VHUYLoRV� SULYDGRV� GHYHUi� VH� GDU� QD�PHVPD� OyJLFD� RUJDQL]DWLYD� GR� 686�� HP�
WHUPRV� GH� SRVLomR� GHILQLGD� QD� UHGH� UHJLRQDOL]DGD� H� KLHUDUTXL]DGD� GRV� VHUYLoRV�� 'HVVD� IRUPD�� HP�
FDGD�UHJLmR��GHYHUi�HVWDU�FODUDPHQWH�HVWDEHOHFLGR��FRQVLGHUDQGR�VH�RV�VHUYLoRV�S~EOLFRV�H�SULYDGRV�
FRQWUDWDGRV��TXHP�YDL�ID]HU�R�TXH��HP�TXH�QtYHO�H�HP�TXH�OXJDU��
'HQWUH� RV� VHUYLoRV� SULYDGRV�� GHYHP� WHU� SUHIHUrQFLD� RV� VHUYLoRV� QmR� OXFUDWLYRV�� FRQIRUPH�
GHWHUPLQD�D�&RQVWLWXLomR��
$VVLP��FDGD�JHVWRU�GHYHUi�SODQHMDU�SULPHLUR�R�VHWRU�S~EOLFR�H��QD�VHTrQFLD��FRPSOHPHQWDU�D�
UHGH�DVVLVWHQFLDO�FRP�R�VHWRU�SULYDGR��FRP�RV�PHVPRV�FRQFHUWRV�GH�UHJLRQDOL]DomR���KLHUDUTXL]DomR�H�
XQLYHUVDOL]DomR��
7RUQD�VH� IXQGDPHQWDO� R� HVWDEHOHFLPHQWR� GH� QRUPDV� H� SURFHGLPHQWRV� D� VHUHP� FXPSULGRV�
SHORV�FRQYHQLDGRV�H�FRQWUDWDGRV��RV�TXDLV�GHYHP�FRQVWDU��HP�DQH[R��GRV�FRQYrQLRV�H�FRQWUDWRV��
,,,���3$3(/�'26�*(6725(6�'2�686�
2�48(�6­2�26�*(6725(6"�
*HVWRUHV�VmR�DV�HQWLGDGHV�HQFDUUHJDGDV�GH�ID]HU�FRP�TXH�R�686�VHMD�LPSODQWDGR�H�IXQFLRQH�
DGHTXDGDPHQWH�GHQWUR�GDV�GLUHWUL]HV�GRXWULQiULDV���GD�OyJLFD�RUJDQL]DFLRQDO�H�VHMD�RSHUDFLRQDOL]DGR�
GHQWUR�GRV�SULQFtSLRV�DQWHULRUPHQWH�HVFODUHFLGRV��
+DYHUi�JHVWRUHV�QDV�WUrV�HVIHUDV�GR�*RYHUQR��LVWR�p��QR�QtYHO�PXQLFLSDO��HVWDGXDO�H�IHGHUDO��
48(0�6­2�26�*(6725(6"�
1RV�PXQLFtSLRV��RV�JHVWRUHV�VmR�DV�VHFUHWDULDV�PXQLFLSDLV�GH�VD~GH�RX�DV�SUHIHLWXUDV��VHQGR�
UHVSRQViYHLV�SHODV�PHVPDV��RV�UHVSHFWLYRV�VHFUHWiULRV�PXQLFLSDLV�H�SUHIHLWRV��
1RV� HVWDGRV�� RV� JHVWRUHV� VmR� RV� VHFUHWiULRV�HVWDGXDLV� GH� VD~GH� H� QR� QtYHO� IHGHUDO� R�
0LQLVWpULR� GD� 6D~GH�� $� UHVSRQVDELOLGDGH� VREUH� DV� Do}HV� H� VHUYLoRV� GH� VD~GH� HP� FDGD� HVIHUD� GH�
JRYHUQR��SRUWDQWR��p�GR�WLWXODU�GD�VHFUHWDULD�UHVSHFWLYD��H�GR�0LQLVWpULR�GD�6D~GH�QR�QtYHO�IHGHUDO��
48$,6�6­2�$6�35,1&,3$,6�5(63216$%,/,'$'(6�'26�*(6725(6"�
1R�QtYHO�PXQLFLSDO��FDEH�DRV�JHVWRUHV�SURJUDPDU��H[HFXWDU�H�DYDOLDU�DV�Do}HV�GH�SURPRomR��
SURWHomR� H� UHFXSHUDomR� GD� VD~GH�� ,VWR� VLJQLILFD� TXH� R� PXQLFtSLR� GHYH� VHU� R� SULPHLUR� H� R� PDLRU�
UHVSRQViYHO�SHODV�Do}HV�GH�VD~GH�SDUD�D�VXD�SRSXODomR��
$%&�GR�686���'RXWULQDV�H�3ULQFtSLRV�
0LQLVWpULR�GD�6D~GH���6HFUHWDULD�1DFLRQDO�GH�$VVLVWrQFLD�j�6D~GH� �
&RPR� RV� VHUYLoRV� GHYHP� VHU� RIHUHFLGRV� HP� TXDQWLGDGH� H� TXDOLGDGH� DGHTXDGDV� jV�
QHFHVVLGDGHV� GH� VD~GH� GD� SRSXODomR�� QLQJXpP�PHOKRU� TXH� RV� JHVWRUHV�PXQLFLSDLV� SDUD� DYDOLDU� H�
SURJUDPDU�DV�Do}HV�GH�VD~GH�HP�IXQomR�GD�SUREOHPiWLFD�GD�SRSXODomR�GR�VHX�PXQLFtSLR��
2�VHFUHWiULR�HVWDGXDO�GH�VD~GH��FRPR�JHVWRU�HVWDGXDO��p�R�UHVSRQViYHO�SHOD�FRRUGHQDomR�GDV�
Do}HV�GH�VD~GH�GR�VHX�HVWDGR��6HX�SODQR�GLUHWRU�VHUi�D�FRQVROLGDomR�GDV�QHFHVVLGDGHV�SURSRVWDV�GH�
FDGD�PXQLFtSLR��DWUDYpV�GH�SODQRV�PXQLFLSDLV��DMXVWDGRV�HQWUH�VL��2�HVWDGR�GHYHUi�FRUULJLU�GLVWRUo}HV�
H[LVWHQWHV�H�LQGX]LU�RV�PXQLFtSLRV�DR�GHVHQYROYLPHQWR�GDV�Do}HV��$VVLP��FDEH�WDPEpP�DRV�HVWDGRV��
SODQHMDU�H�FRQWURODU�R�686�HP�VHX�QtYHO�GH�UHVSRQVDELOLGDGH�H�H[HFXWDU�DSHQDV�DV�Do}HV�GH�VD~GH�
TXH�RV�PXQLFtSLRV�QmR�IRUHP�FDSD]HV�H�RX�TXH�QmR�OKHV�FRXEHU�H[HFXWDU��
$�QtYHO�IHGHUDO��R�JHVWRU�p�R�0LQLVWpULR�GD�6D~GH��H�VXD�PLVVmR�p�OLGHUDU�R�FRQMXQWR�GH�Do}HV�
GH�SURPRomR��SURWHomR�H�UHFXSHUDomR�GD�VD~GH�� LGHQWLILFDQGR�ULVFRV�H�QHFHVVLGDGHV�QDV�GLIHUHQWHV�
UHJL}HV� SDUD� D� PHOKRULD� GD� TXDOLGDGH� GH� YLGD� GR� SRYR� EUDVLOHLUR�� FRQWULEXLQGR� SDUD� R� VHX�
GHVHQYROYLPHQWR��2X�VHMD��HOH�p�R�UHVSRQViYHO�SHOD� IRUPXODomR��FRRUGHQDomR�H�FRQWUROH�GD�SROtWLFD�
QDFLRQDO�GH�VD~GH��7HP�LPSRUWDQWHV�IXQo}HV�QR�SODQHMDPHQWR��ILQDQFLDPHQWR��FRRSHUDomR�WpFQLFD�R�
FRQWUROH�GR�686��
(P�FDGD�HVIHUD�GH�JRYHUQR��R�JHVWRU�GHYHUi�VH�DUWLFXODU�FRP�RV�GHPDLV�VHWRUHV�GD�VRFLHGDGH�
TXH�WrP�LQWHUIHUrQFLD�GLUHWD�RX�LQGLUHWD�QD�iUHD�GD�VD~GH��IRPHQWDQGR�VXD�LQWHJUDomR�H�SDUWLFLSDomR�
QR�SURFHVVR��
$LQGD�TXH�D�VD~GH�VHMD�XP�GLUHLWR�GH� WRGRV�H�XP�GHYHU�GR�(VWDGR�� LVWR�QmR�GLVSHQVD�FDGD�
LQGLYtGXR�GD�UHVSRQVDELOLGDGH�SRU�VHX�DXWR�FXLGDGR��QHP�DV�HPSUHVDV��HVFRODV��VLQGLFDWRV��LPSUHQVD�
H�DVVRFLDo}HV��GH�VXD�SDUWLFLSDomR�QR�SURFHVVR��
1DV� WUrV�HVIHUDV�GHYHUmR�SDUWLFLSDU�� WDPEpP�� UHSUHVHQWDQWHV�GD�SRSXODomR��TXH�JDUDQWLUmR��
DWUDYpV� GR� HQWLGDGHV� UHSUHVHQWDWLYDV�� HQYROYLPHQWR� UHVSRQViYHO� QR� SURFHVVR� GH� IRUPXODomR� GDV�
SROtWLFDV�GH�VD~GH�H�QR�FRQWUROH�GD�VXD�H[HFXomR��
48(0� e� 2� 5(63216È9(/� 3(/2� $7(1',0(172� $2� '2(17(� (� 3(/$� 6$Ò'(� '$�
3238/$d­2"�
2�SULQFLSDO� UHVSRQViYHO� GHYH� VHU� R�PXQLFtSLR�� DWUDYpV� GDV� VXDV� LQVWLWXLo}HV�SUySULDV� RX�GH�
LQVWLWXLo}HV� FRQWUDWDGDV�� 6HPSUH� TXH� D� FRPSOH[LGDGH� GR� SUREOHPD� H[WUDSRODU� D� FDSDFLGDGH� GR�
PXQLFtSLR� UHVROYr�OR�� R� SUySULR� VHUYLoR� PXQLFLSDO� GH� VD~GH� GHYH� HQYLDU� R� SDFLHQWH� SDUD� RXWUR�
PXQLFtSLR�PDLV�SUy[LPR��FDSD]�GH�IRUQHFHU�D�DVVLVWrQFLD�DGHTXDGD��RX�HQFDPLQKDU�R�SUREOHPD�SDUD�
VXSRUWHV� UHJLRQDLV� H� HVWDGXDLV� QDV� iUHDV� GH� DOLPHQWDomR�� VDQHDPHQWR� EiVLFR�� YLJLOkQFLD�
HSLGHPLROyJLFD� H� YLJLOkQFLD� VDQLWiULD��'HYHUi� KDYHU�� VHPSUH�TXH�SRVVtYHO�� XPD� LQWHJUDomR�HQWUH� RV�
PXQLFtSLRV� GH� XPD� GHWHUPLQDGD� UHJLmR� SDUD� TXH� VHMDP� UHVROYLGRV� RV� SUREOHPDV� GH� VD~GH� GD�
SRSXODomR��
&RQIRUPH�R�JUDX�GH�FRPSOH[LGDGH�GR�SUREOHPD��HQWUDP�HP�DomR�DV�VHFUHWDULDV�HVWDGXDLV�GH�
VD~GH�H�RX�R�SUySULR�0LQLVWpULR�GD�6D~GH��
48(0�'(9(�&21752/$5�6(�2�686�(67�)81&,21$1'2�%(0"�
4XHP�GHYH�FRQWURODU�p�D�SRSXODomR��R�SRGHU� OHJLVODWLYR��H�FDGD�JHVWRU�GDV� WUrV�HVIHUDV�GH�
JRYHUQR��$�SRSXODomR�GHYH�WHU�FRQKHFLPHQWR�GH�VHXV�GLUHLWRV�H�UHLYLQGLFi�ORV�DR�JHVWRU�ORFDO�GR�686�
�VHFUHWiULR�PXQLFLSDO�GH�VD~GH���VHPSUH�TXH�RV�PHVPRV�QmR�IRUHP�UHVSHLWDGRV��2�VLVWHPD�GHYH�FULDU�
PHFDQLVPRV�DWUDYpV�GRV�TXDLV�D�SRSXODomR�SRVVD�ID]HU�HVVDV�UHLYLQGLFDo}HV��2V�*HVWRUHV�GHYHP��
WDPEpP��GLVSRU�GH�PHFDQLVPRV�IRUPDLV�GH�DYDOLDomR�H�FRQWUROH�H�GHPRFUDWL]DU�DV�LQIRUPDo}HV��
$%&�GR�686���'RXWULQDV�H�3ULQFtSLRV�
0LQLVWpULR�GD�6D~GH���6HFUHWDULD�1DFLRQDO�GH�$VVLVWrQFLD�j�6D~GH� �
'(�21'(�9(0�2�',1+(,52�3$5$�3$*$5�78'2�,672"�
2V� LQYHVWLPHQWRV�H�R�FXVWHLR�GR�686�VmR� IHLWRV�FRP�UHFXUVRV�GDV� WUrV�HVIHUDV�GH�JRYHUQR�
IHGHUDO��HVWDGXDO�H�PXQLFLSDO��
2V�UHFXUVRV�IHGHUDLV�SDUD�R�686�SURYrP�GR�RUoDPHQWR�GD�6HJXULGDGH�6RFLDO��TXH�WDPEpP�
ILQDQFLD� D� 3UHYLGrQFLD� 6RFLDO� H� D� $VVLVWrQFLD� 6RFLDO�� DFUHVFLGRV� GH� RXWURV� GH� RXWURV� UHFXUVRV� GD�
8QLmR�� FRQVWDQWHV� GD� /HL� GH� 'LUHWUL]HV� 2UoDPHQWiULDV�� DSURYDGD� DQXDOPHQWH� SHOR� &RQJUHVVR�
1DFLRQDO��
(VVHV�UHFXUVRV��JHULGRV�SHOR�0LQLVWpULR�GD�6D~GH��VmR�GLYLGLGRV�HP�GXDV�SDUWHV��XPD�p�UHWLGD�
SDUD�R� LQYHVWLPHQWR�H� FXVWHLR�GDV�Do}HV� IHGHUDLV�� H�D�RXWUD�p� UHSDVVDGD�jV� VHFUHWDULDV�GH� VD~GH��
HVWDGXDLV� H� PXQLFLSDLV�� GH� DFRUGR� FRP� FULWpULRV� SUHYLDPHQWH� GHILQLGRV� HP� IXQomR� GD� SRSXODomR��
QHFHVVLGDGHV�GH�VD~GH�H�UHGH�DVVLVWHQFLDO��
(P� FDGD� HVWDGR�� RV� UHFXUVRV� UHSDVVDGRV� SHOR� 0LQLVWpULR� GD� 6D~GH� VmR� VRPDGRV� DRV�
DORFDGRV� SHOR� SUySULR� JRYHUQR� HVWDGXDO�� GH� VXDV� UHFHLWDV�� H� JHULGRV� SHOD� UHVSHFWLYD� VHFUHWDULD� GH�
VD~GH��DWUDYpV�GH�XP�IXQGR�HVWDGXDO�GH�VD~GH��'HVVH�PRQWDQWH��XPD�SDUWH�ILFD�UHWLGD�SDUD�DV�Do}HV�
H�RV�VHUYLoRV�HVWDGXDLV��HQTXDQWR�RXWUD�SDUWH�p�UHSDVVDGD�DRV�PXQLFtSLRV��GH�DFRUGR�WDPEpP�FRP�
FULWpULRV�HVSHFtILFRV��
)LQDPHQWH��FDEH�DRV�SUySULR�PXQLFtSLRV�GHVWLQDU�SDUWH�DGHTXDGD�GH�VHX�SUySULR�2UoDPHQWR�
SDUD�DV�Do}HV�H�VHUYLoRV�GH�VD~GH�GH�VXD�SRSXODomR��
$VVLP�� FDGD�PXQLFtSLR� LUi� JHULU� RV� UHFXUVRV� IHGHUDLV� UHSDVVDGRV� D� HOH� H� RV� VHXV� SUySULRV�
UHFXUVRV� DORFDGRV� SHOR� JRYHUQR� PXQLFLSDO� SDUD� R� LQYHVWLPHQWR� H� FXVWHLR� GDV� Do}HV� GH� VD~GH� GH�
kPELWR� PXQLFLSDO�� 7DPEpP� RV� PXQLFtSLRV� DGPLQLVWUDUmR� RV� UHFXUVRV� SDUD� D� VD~GH� DWUDYpV� GH� XP�
IXQGR�PXQLFLSDO�GH�VD~GH��
$�FULDomR�GRV�IXQGRV�p�HVVHQFLDO��SRLV�DVVHJXUDP�TXH�RV�UHFXUVRV�GD�VD~GH�VHMDP�JHULGRV�
SHOR�VHWRU�VD~GH��H�QmR�SHODV�VHFUHWDULDV�GH�ID]HQGD��HP�FDL[D�~QLFR��HVWDGXDO�RX�PXQLFLSDO��VREUH�R�
TXDO�D�6D~GH�WHP�SRXFR�DFHVVR��
+RMH��D�PDLRU�SDUWH�GRV�UHFXUVRV�DSOLFDGRV�HP�6D~GH�WHP�RULJHP�QD�3UHYLGrQFLD�6RFLDO��(VWD�
WHQGrQFLD� GHYHUi� DOWHUDU�VH� DWp� TXH� VH� FKHJXH� D� XP� HTXLOtEULR� GDV� WUrV� HVIHUDV� GH� JRYHUQR� HP�
UHODomR�DR�ILQDQFLDPHQWR�GD�VD~GH��3DUD�WDQWR��RV�HVWDGRV�H�PXQLFtSLRV�GHYHUmR�DXPHQWDU�RV�VHXV�
JDVWRV�FRP�VD~GH�DWLQJLQGR�HP� WRUQR�GH�����GH�VHXV� UHVSHFWLYRV�RUoDPHQWRV�� �H�D�8QLmR�GHYHUi�
HOHYDU�D�SDUWLFLSDomR�GR�VHX�RUoDPHQWR�SUySULR��
,9���48$,6�$6�$d®(6�$�6(5(0�'(6(192/9,'$6"�
+LVWRULFDPHQWH�� D� DWHQomR� j� VD~GH� QR� %UDVLO�� YHP� VHQGR� GHVHQYROYLGD� FRP� rQIDVH� QD�
SUHVWDomR�GH�VHUYLoRV�PpGLFRV� LQGLYLGXDLV��GH�HQIRTXH�FXUDWLYR��D�SDUWLU�GD�SURFXUD�HVSRQWkQHD�DRV�
VHUYLoRV��
2�FRQFHLWR�DEUDQJHQWH�GH�VD~GH��GHILQLGR�QD�QRYD�&RQVWLWXLomR��GHYHUi�QRUWHDU�D�PXGDQoD�
SURJUHVVLYD� GRV� VHUYLoRV�� SDVVDQGR� GH� XP�PRGHOR� DVVLVWHQFLDO� FHQWUDGR�QD�GRHQoD� H� EDVHDGR� QR�
DWHQGLPHQWR�D�TXHP�SURFXUD��SDUD�XP�PRGHOR�GH�DWHQomR�LQWHJUDO�j�VD~GH��RQGH�KDMD�D�LQFRUSRUDomR�
SURJUHVVLYD� GH� Do}HV� GH� SURPRomR� H� GH� SURWHomR�� DR� ODGR� GDTXHODV� SURSULDPHQWH� GLWDV� GH�
UHFXSHUDomR��
3DUD�PHOKRU� LGHQWLILFDU�TXDLV�RV�SULQFLSDLV�JUXSRV�GH�Do}HV�GH�SURPRomR��GH�SURWHomR�H�GH�
UHFXSHUDomR�GD�VD~GH��D�VHUHP�GHVHQYROYLGDV�SULRULWDULDPHQWH�p�QHFHVViULR�FRQKHFHU�DV�SULQFLSDLV�
FDUDFWHUtVWLFDV� GR� SHUILO� HSLGHPLROyJLFR� GD� SRSXODomR�� � QmR� Vy� HP� WHUPRV� GH� GRHQoDV� PDLV�
IUHTHQWHV�� FRPR� WDPEpP� HP� WHUPRV� GDV� FRQGLo}HV� VyFLR�HFRQ{PLFDV� GD� FRPXQLGDGH�� GRV� VHXV�
KiELWRV�H�HVWLORV�GH�YLGD��H�GH�VXDV�QHFHVVLGDGHV�GH�VD~GH��VHQWLGDV�RX�QmR�VHQWLGDV��Dt�LQFOXtGD��SRU�
H[WHQVmR��D�LQIUD�HVWUXWXUD�GH�VHUYLoRV�GLVSRQtYHLV��$%&�GR�686���'RXWULQDV�H�3ULQFtSLRV�
0LQLVWpULR�GD�6D~GH���6HFUHWDULD�1DFLRQDO�GH�$VVLVWrQFLD�j�6D~GH� �
$o}HV� GH� SURPRomR� H� SURWHomR� GH� VD~GH�� HVVHV� JUXSRV� GH� Do}HV� SRGHP� VHU�
GHVHQYROYLGRV� SRU� LQVWLWXLo}HV� JRYHUQDPHQWDLV�� HPSUHVDV�� DVVRFLDo}HV� FRPXQLWiULDV� H� LQGLYtGXRV��
7DLV� Do}HV� YLVDP� j� UHGXomR� GH� IDWRUHV� GH� ULVFR�� TXH� FRQVWLWXHP� DPHDoD� j� VD~GH� GDV� SHVVRDV��
SRGHQGR�SURYRFDU�OKHV� LQFDSDFLGDGHV�H�GRHQoDV��(VVHV�JUXSRV�FRPSUHHQGHP�XP�HOHQFR�EDVWDQWH�
YDVWR� H� GLYHUVLILFDGR� GH� Do}HV�� GH� QDWXUH]D� HPLQHQWHPHQWH� SUHYHQWLYD�� TXH�� HP� VHX� FRQMXQWR��
FRQVWLWXHP�XP�FDPSR�GH�DSOLFDomR�SUHFtSXD�GR�TXH�VH�FRQYHQFLRQRX�FKDPDU�� WUDGLFLRQDOPHQWH��GH�
6D~GH�3~EOLFD��RX�VHMD��R�GLDJQyVWLFR�H�WUDWDPHQWR�FLHQWtILFR�GD�FRPXQLGDGH���
1R�FDPSR�GD�SURPRomR�� VmR�H[HPSORV�GH�Do}HV��HGXFDomR�HP�VD~GH�� � ERQV�SDGU}HV�GH�
DOLPHQWDomR�H�QXWULomR�� DGRomR�GH�HVWLORV�GH� YLGD�VDXGiYHLV�� XVR�DGHTXDGR�H�GHVHQYROYLPHQWR�GH�
DSWLG}HV�H�FDSDFLGDGHV��DFRQVHOKDPHQWRV�HVSHFtILFRV��FRPR�RV�GH�FXQKR�JHQpWLFR�H�VH[XDO��$WUDYpV�
GHVVDV� Do}HV�� VmR� HVWLPXODGDV� DV� SUiWLFDV� GD� JLQiVWLFD� H� RXWURV� H[HUFtFLRV� ItVLFRV�� RV� KiELWRV� GH�
KLJLHQH� SHVVRDO�� GRPLFLOLDU� H� DPELHQWDO� H�� HP� FRQWUDSDUWLGD�� GHVHVWLPXODGRV� R� VHGHQWDULVPR�� R�
WDEDJLVPR��R�DOFRROLVPR��R�FRQVXPR�GH�GURJDV��D�SURPLVFXLGDGH�VH[XDO��1R�GHVHQYROYLPHQWR�GHVVDV�
Do}HV� GHYHP� VHU� XWLOL]DGRV�� GH� IRUPD� SURJUDPiWLFD� H� VLVWHPiWLFD�� FRP� HPSUHJR� GH� OLQJXDJHP�
DGHTXDGD�DR�S~EOLFR�DOYR��RV�GLIHUHQWHV�PHLRV�H�YHtFXORV�GLVSRQtYHLV�GH�FRPXQLFDomR�DR�DOFDQFH�GD�
FRPXQLGDGH�� FDUWD]HV�� UiGLR�� MRUQDO�� WHOHYLVmR�� DOWR�IDODQWHV�� SDOHVWUDV� H� GHEDWHV� HP� HVFRODV��
DVVRFLDo}HV�GH�EDLUUR��LJUHMDV��HPSUHVDV��FOXEHV�GH�VHUYLoR�H�OD]HU��GHQWUH�RXWURV��
1R� FDPSR� GD� SURWHomR�� VmR� H[HPSORV� GH� Do}HV�� YLJLOkQFLD� HSLGHPLROyJLFD�� YDFLQDo}HV��
VDQHDPHQWR� EiVLFR�� YLJLOkQFLD� VDQLWiULD�� H[DPHV�PpGLFRV� H� RGRQWROyJLFRV� SHULyGLFRV�� HQWUH� RXWURV��
$WUDYpV� GD� YLJLOkQFLD� HSLGHPLROyJLFD�� VmR� REWLGDV� DV� LQIRUPDo}HV� SDUD� FRQKHFHU� H� DFRPSDQKDU�� D�
WRGR�PRPHQWR��R�HVWDGR�GH�VD~GH�GD�FRPXQLGDGH�H�SDUD�GHVHQFDGHDU��RSRUWXQDPHQWH��DV�PHGLGDV�
GLULJLGDV�j�SUHYHQomR�H�DR�FRQWUROH�GDV�GRHQoDV�H�DJUDYRV�j�VD~GH��
$� YLJLOkQFLD� VDQLWiULD� EXVFD� JDUDQWLU� D� TXDOLGDGH� GH� VHUYLoRV��PHLR� DPELHQWH� GH� WUDEDOKR� H�
SURGXWRV� �DOLPHQWRV�� PHGLFDPHQWRV� FRVPpWLFRV�� VDQHDQWHV� GRPLVVDQLWiULRV�� DJURWy[LFRV� H� RXWURV���
PHGLDQWH�D�LGHQWLILFDomR��R�FRQWUROH�RX�D�HOLPLQDomR�GH�IDWRUHV�GH�ULVFR�j�VD~GH��QHOHV�HYHQWXDOPHQWH�
SUHVHQWHV��6mR�H[HPSORV�GH�VHUYLoRV�VXMHLWRV�j�YLJLOkQFLD�VDQLWiULD��XQLGDGHV�GH�VD~GH��UHVWDXUDQWHV��
DFDGHPLDV�GH�JLQiVWLFD�� LQVWLWXWRV�GH�EHOH]D��SLVFLQDV�S~EOLFDV��HWF�� �1R�PHLR�DPELHQWH��D�YLJLOkQFLD�
VDQLWiULD� SURFXUD� HYLWDU� RX� FRQWURODU� D� SROXLomR� GR� DU�� GR� VROR�� GD� iJXD�� D� FRQWDPLQDomR� SRU�
DJURWy[LFRV�� R� XVR� GR� PHUF~ULR� QRV� JDULPSRV�� HWF�� 1RV� ORFDLV� GH� WUDEDOKR�� D� YLJLOkQFLD� VDQLWiULD�
SUHRFXSD�VH��SRU�H[HPSOR�HP�DVVHJXUDU�FRQGLo}HV�DPELHQWDLV�VDWLVIDWyULDV��LOXPLQDomR��WHPSHUDWXUD��
XPLGDGH��YHQWLODomR��QtYHO�VRQRUR���DGHTXDomR�HUJRPpWULFD�GH�PiTXLQDV��HTXLSDPHQWRV�H�PyYHLV�H�
HOLPLQDomR�GH�VXEVWkQFLDV�H�SURGXWRV�TXH�SRGHP�SURYRFDU�GRHQoDV�RFXSDFLRQDLV��(P� UHODomR�DRV�
SURGXWRV�� D� YLJLOkQFLD� VDQLWiULD� QmR� VH� OLPLWD� DSHQDV� j� ILVFDOL]DomR� GRV� DUWLJRV� Mi� H[SRVWRV� DR�
FRQVXPR�� PDV� HIHWXD�� FRP� SULRULGDGH�� D� LQVSHomR� VDQLWiULD� H� WpFQLFD� GDV� UHVSHFWLYDV� OLQKDV� GH�
IDEULFDomR�� GH� PRGR� D� HYLWDU� D� VXD� FRPHUFLDOL]DomR� HP� FRQGLo}HV� LQVDWLVIDWyULDV� GH� VHJXUDQoD� H�
TXDOLGDGH��
7RGRV�HVVHV�JUXSRV�GH�Do}HV�JHUDOPHQWH�WrP�R�VXSRUWH�GH�OHJLVODomR�HVSHFtILFD��QD�TXDO�VmR�
LQVHULGDV�DV�QRUPDV�H�UHJXODPHQWRV�GH�SURWHomR�j�VD~GH��FRP�YLVWDV�j�VXD�REVHUYkQFLD�SRU�WRGRV��
7RGDV� DV� Do}HV� GH� SURPRomR� H� SURWHomR� GD� VD~GH� DFLPD� GHVFULWDV�� SRGHP� H� GHYHP� VHU�
H[HUFLGDV� �RX� GHVHQFDGHDGDV��� WDPEpP�� GXUDQWH� R� DWHQGLPHQWR� QDV� XQLGDGHV� GH� VD~GH��
DPEXODWRULDLV�H�KRVSLWDODUHV��FRP�REMHWLYRV�H�WpFQLFDV�DGHTXDGRV�D�HVWHV�ORFDLV��
$o}HV� GH� UHFXSHUDomR� �� HVVH� JUXSR� GH� Do}HV� HQYROYH� R� GLDJQyVWLFR� H� R� WUDWDPHQWR� GH�
GRHQoDV��DFLGHQWHV�H�GDQRV�GH�WRGD�QDWXUH]D��D�OLPLWDomR�GD�LQYDOLGH]�H�D�UHDELOLWDomR��(VVDV�Do}HV�
VmR� H[HUFLGDV� SHORV� VHUYLoRV� S~EOLFRV� GH� VD~GH� �DPEXODWyULDV� H� KRVSLWDODUHV�� H�� GH� IRUPD�
FRPSOHPHQWDU��SHORV�VHUYLoRV�SDUWLFXODUHV��FRQWUDWDGRV�RX�FRQYHQLDGRV��TXH�LQWHJUDP�D�UHGH�GR�686��
QRV� QtYHLV� IHGHUDO�� HVWDGXDO� H� PXQLFLSDO�� SDUWLFXODUPHQWH� QRV� GRLV� ~OWLPRV�� RQGH� GHYH� HVWDU�
FRQFHQWUDGD�D�PDLRU�SDUWH�GHVVDV�DWLYLGDGHV��
�'H�WRGR�PRGR��QHVVHV�VHUYLoRV�DV�Do}HV�WtSLFDV�VmR��FRQVXOWDV�PpGLFDV�H�RGRQWROyJLFDV��D�
YDFLQDomR��R�DWHQGLPHQWR�GH�HQIHUPDJHP��H[DPHV�GLDJQyVWLFRV�H�R�WUDWDPHQWR��LQFOXVLYH�HP�UHJLPH�
GH� LQWHUQDomR�� H� HP� WRGRV� RV� QtYHLV� GH� FRPSOH[LGDGH�� $� UHDOL]DomR� GH� WRGDV� HVVDV� Do}HV� SDUD� D�
SRSXODomR� GHYH� FRUUHVSRQGHU� jV� VXDV� QHFHVVLGDGHV� EiVLFDV�� H� HVWDV� WUDQVSDUHFHP� WDQWR� SHOD�
$%&�GR�686���'RXWULQDV�H�3ULQFtSLRV�
0LQLVWpULR�GD�6D~GH���6HFUHWDULD�1DFLRQDO�GH�$VVLVWrQFLD�j�6D~GH� ��
SURFXUD� DRV� VHUYLoRV� �GHPDQGD��� FRPR� SHORV� HVWXGRV� HSLGHPLROyJLFRV� H� VRFLDLV� GH� FDGD� UHJLmR�
�SODQHMDPHQWR�GD�SURGXomR�GH�VHUYLoRV���
2�GLDJQyVWLFR�GHYH�VHU� IHLWR�R�PDLV�SUHFRFHPHQWH�SRVVtYHO��DVVLP�FRPR�R� WUDWDPHQWR�GHYH�
VHU�LQVWLWXtGR�GH�LPHGLDWR��GH�PRGR�D�GHWHU�D�SURJUHVVmR�GD�GRHQoD��3RU�LVVR��RV�VHUYLoRV�GH�VD~GH��
HVSHFLDOPHQWH�RV�GH�QtYHO�SULPiULR�GH�DVVLVWrQFLD��GHYHP�EXVFDU�R�DGHTXDGR�GHVHPSHQKR�GHVVDV�
GXDV�Do}HV� IXQGDPHQWDLV�GH� UHFXSHUDomR�GD�VD~GH� ��R�GLDJQyVWLFR�H�R� WUDWDPHQWR� �� YLVWR�TXH� WDLV�
VHUYLoRV� UHSUHVHQWDP� D� SRUWD� GH� HQWUDGD� GR� VLVWHPD� GH� VD~GH�� � RQGH� D� SRSXODomR� WRPD� RV� VHXV�
SULPHLURV�FRQWDWRV�FRP�D�UHGH�DVVLVWHQFLDO�
2� WUDWDPHQWR�GHYH�VHU�SUHVWDGR�DR�SDFLHQWH�SRUWDGRU�GH�TXDOTXHU�DOWHUDomR�GH�VXD�VD~GH��
GHVGH�XPD��DIHFomR�FRUULTXHLUD��FXMR�DWHQGLPHQWR�SRGH�VHU�HIHWXDGR�SRU�SHVVRDO�GH�QtYHO�HOHPHQWDU��
DWp� XPD� GRHQoD� PDLV� FRPSOH[D�� TXH� H[LJH� D� DWHQomR� SRU� SURILVVLRQDO� HVSHFLDOL]DGR� H� WHFQRORJLD�
DYDQoDGD�� 2� WUDWDPHQWR� GHYH� VHU� FRQGX]LGR�� GHVGH� R� LQtFLR� �� FRP� D� SUHRFXSDomR� GH� LPSHGLU� R�
VXUJLPHQWR�GH�HYHQWXDLV�LQFDSDFLGDGHV�GHFRUUHQWHV�GDV�GLIHUHQWHV�GRHQoDV�H�GDQRV��
$� UHDELOLWDomR� FRQVLVWH� QD� UHFXSHUDomR� SDUFLDO� RX� WRWDO� GDV� FDSDFLGDGHV� QR� SURFHVVR� GH�
GRHQoD�H�QD�UHLQWHJUDomR�GR� LQGLYtGXR�DR�VHX�DPELHQWH�VRFLDO�H�D�VXD�DWLYLGDGH�SURILVVLRQDO�� �&RP�
HVVD� ILQDOLGDGH�� VmR� XWLOL]DGRV� QmR� Vy� RV� VHUYLoRV� KRVSLWDODUHV� FRPR� RV� FRPXQLWiULRV�� � YLVDQGR� D�
UHHGXFDomR� H� WUHLQDPHQWR�� DR� UHHPSUHJR� GR� UHDELOLWDGR� RX� j� VXD� FRORFDomR� VHOHWLYD�� DWUDYpV� GH�
SURJUDPDV�HVSHFtILFRV�MXQWR�iV�LQG~VWULDV�H�DR�FRPpUFLR��SDUD�D�DEVRUomR�GHVVD�PmR�GH�REUD��
$V� Do}HV� GH� UHFXSHUDomR� GD� VD~GH�� QD� PDLRU� SDUWH� GDV� YH]HV� SRGHP� H� GHYHP� VHU�
SODQHMDGDV�� DWUDYpV� GH� HVWXGRV� HSLGHPLROyJLFRV�� GHILQLomR� GH� FREHUWXUD� H� FRQFHQWUDomR� GDV� Do}HV�
DPEXODWRULDLV�H�KRVSLWDODUHV��DSOLFDQGR�VH�SDUkPHWURV�GH�DWHQGLPHQWR�1R�FDVR�GD�DWHQomR�D�JUXSRV�
GH� ULVFR�� D� SUHYLVmR�H� SODQHMDPHQWR� GHVWDV� Do}HV� WRUQDP�VH� FRQMXJDGDV�jV�Do}HV�GH�SURPRomR�H�
SURWHomR�� $VVLP� YLVWDV�� DV� Do}HV� GH� UHFXSHUDomR� GD� VD~GH� GHYHP� VHU� WDPEpP� JHUDGDV� QR�
GLDJQyVWLFR� H� WUDWDPHQWR� FLHQWtILFR� GD� FRPXQLGDGH�� LQWHJUDQGR� MXQWR� jV� Do}HV� SURPRWRUDV� H�
SURWHWRUDV��R�TXH�SRGHPRV�FKDPDU�GH�PRGHUQD�6D~GH�3~EOLFD�
352*5$0$6�'(�6$Ò'(�
�� ([LVWHP� JUXSRV� SRSXODFLRQDLV� TXH� HVWmR� PDLV� H[SRVWRV� D� ULVFRV� QD� VXD� VD~GH�� ,VWR� p�
HYLGHQFLDGR� SHORV� UHJLVWURV� GLVSRQtYHLV� GH� PRUEL�PRUWDOLGDGH�� FRPR� SRU� H[HPSOR�� PHQRUHV� GH� ���
DQR�� JHVWDQWHV�� LGRVRV�� WUDEDOKDGRUHV� XUEDQRV� H� UXUDLV� VRE� FHUWDV� FRQGLo}HV� GH� WUDEDOKR� HWF�� $�
LQWHQVLGDGH� H� D� SHFXOLDULGDGH� GHVVD� H[SRVLomR� YDULDP� EDVWDQWH� FRP� RV� QtYHLV� VRFLDLV� H�
FDUDFWHUtVWLFDV�HSLGHPLROyJLFDV�GH�FDGD�UHJLmR��H�PXLWDV�YH]HV��GD�PLFUR�UHJLmR�$�H[SRVLomR�D�ULVFRV�SRGH� WDPEpP� VHU� YLVWD� H� HQWHQGLGD� HP� IXQomR� GH� FDGD� GRHQoD�� FRPR� QR� FDVR� GD� 7XEHUFXORVH��
&kQFHU�� +DQVHQtDVH�� 'RHQoDV� FDUGLRYDVFXODUHV�� $,'6� H� RXWUDV�� 3RUWDQWR�� QR� SODQHMDPHQWR� GD�
SURGXomR� GDV� Do}HV� GH� HGXFDomR� HP� VD~GH� H� GH� YLJLOkQFLD� HSLGHPLROyJLFD�� YLJLOkQFLD� VDQLWiULD��
FRQWUROH� GH� YHWRUHV� H� DWHQGLPHQWR� DPEXODWRULDO� H� KRVSLWDODU�� GHYHP� VHU� QRUPDOL]DGRV� DOJXQV�
SURFHGLPHQWRV�D�VHUHP�GLULJLGRV�HVSHFLDOPHQWH�D�VLWXDo}HV�GH�ULVFR��FRP�D�ILQDOLGDGH�GH�LQWHQVLILFDU�
D� SURPRomR�� SURWHomR� H� UHFXSHUDomR� GD� VD~GH�� 'Dt� YHP� R� FRQFHLWR� H� SUiWLFD� GRV� SURJUDPDV� GH�
VD~GH�� TXH� VmR� SDUWH� GD� SURGXomR� JHUDO� GDV� Do}HV� GH� VD~GH� SHODV� LQVWLWXLo}HV�� XQLGDGHV� H�
SURILVVLRQDLV� GD� iUHD�� &RPR� WDO�� RV� SURJUDPDV� GH� 6D~GH� VmR� HILFLHQWHV� SDUD� D� SRSXODomR�DOYR��
VRPHQWH�TXDQGR�DV�QRUPDV�QDFLRQDLV�H�HVWDGXDLV�UHVSHLWDP�DV�FRQGLo}HV�VRFLDLV��HSLGHPLROyJLFDV��
LQVWLWXFLRQDLV�H�FXOWXUDLV�H[LVWHQWHV�DR�QtYHO� UHJLRQDO�RX�PLFUR�UHJLRQDO��SDVVDQGR�SRU�DGDSWDo}HV�H�
DWp�UHFULDo}HV�QHVWHV�QtYHLV��

Outros materiais