Buscar

Evolução da administração pública no Brasil

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 73 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 73 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 73 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

�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ�  Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?�
�
� � �
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ?�
��� 2V� WUrV� PRGHORV� GH� $GPLQLVWUDomR� 3~EOLFD��
SDWULPRQLDOLVWD��EXURFUiWLFD�H�JHUHQFLDO�1*3��
0DWLDV�3HUHLUD��������GHILQH�DGPLQLVWUDomR�S~EOLFD�FRPR�³R�DSDUHOKR�
GR�(VWDGR�RUJDQL]DGR�FRP�D�IXQomR�GH�H[HFXWDU�VHUYLoRV��YLVDQGR�j�VDWLVIDomR�
GDV�QHFHVVLGDGHV�GD�SRSXODomR´��2�PHVPR�DXWRU�GL]�TXH��³HP�RXWUDV�SDODYUDV��
p� XP� FRQMXQWR� GH� DWLYLGDGHV� GHVWLQDGDV� j� H[HFXomR� GH� REUDV� H� VHUYLoRV��
FRPLVVLRQDGRV�DR�JRYHUQR�SDUD�R�LQWHUHVVH�GD�VRFLHGDGH´��
1mR�VH�WUDWD�DTXL�GH�GLVFXWLU�DV�GLIHUHQWHV�DFHSo}HV�GH�³DGPLQLVWUDomR�
S~EOLFD´�VHJXQGR�D�GRXWULQD��2�QRVVR�IRFR�p�EDVWDQWH�SUDJPiWLFR�SDUD�D�SURYD��
DGPLQLVWUDomR� S~EOLFD� p� R� DSDUHOKR� GR� HVWDGR� TXH� H[HFXWD� H� S}H� HP�
SUiWLFD�DV�SROtWLFDV�H�VHUYLoRV�GLVSRQLELOL]DGRV�SHOR�JRYHUQR��
'H� PRGR� DPSOR�� H[LVWHP� WUrV� IRUPDV� VRE� DV� TXDLV� HVVDV� HVWUXWXUDV�
DGPLQLVWUDWLYDV�VmR�WLSLFDPHQWH�DGPLQLVWUDGDV��D�SDWULPRQLDOLVWD��D�EXURFUiWLFD�
H�D�JHUHQFLDO��
/RJR�DSyV�R�VXUJLPHQWR�GRV�(VWDGRV�QDFLRQDLV��RV�EHQV�GR�VREHUDQR�
QmR� VH� VHSDUDYDP� GDV� SURSULHGDGHV� S~EOLFDV�� UHSUHVHQWDQGR� XPD� Vy� FRLVD��
1HVWH� SHUtRGR�� HUD� FRPXP� R� XVR� GD� FRLVD� S~EOLFD� HP� IDYRU� GRV� PRQDUFDV��
7UDWDYD�VH� GR� PRGHOR� SDWULPRQLDOLVWD� GD� DGPLQLVWUDomR� S~EOLFD�� RQGH� R�
(VWDGR�HUD�XVDGR�FRPR�XPD�H[WHQVmR�GDV�SRVVHV�GR�PRQDUFD��
6HP� D� FODUD� VHSDUDomR� HQWUH� D� UHV� S~EOLFD� H� D� UHV� SULQFLSLV�
�SURSULHGDGH� S~EOLFD� H� SURSULHGDGH� GR� VREHUDQR��� QD� DGPLQLVWUDomR�
SDWULPRQLDOLVWD� HUDP� FRPXQV� FRLVDV� FRPR� R� XVR� GH� LPyYHLV� S~EOLFRV� SHORV�
JRYHUQDQWHV�� $OpP� GLVVR�� VRE� HVVH� PRGHOR� RV� FDUJRV� S~EOLFRV� HUDP�
SUHHQFKLGRV� GH� DFRUGR� FRP� D� YRQWDGH� SHVVRDO� GR� JRYHUQDQWH�� VHQGR� PXLWDV�
YH]HV� XWLOL]DGRV� FRPR� IRUPD� GH� SUHVHQWHDU� LQGLYtGXRV� TXH� VXSRUWDYDP� R�
UHJLPH��R�TXH�IDYRUHFLD�D�FRUUXSomR��
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ�  Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?�
�
� � �
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ?�
'XUDQWH�D�VHJXQGD�PHWDGH�GR�VpFXOR�;,;��DLQGD�QD�pSRFD�GR�(VWDGR�
/LEHUDO�� 0D[� :HEHU� FULD� R� PRGHOR� GD� DGPLQLVWUDomR� S~EOLFD� EXURFUiWLFD��
FRPR� UHVSRVWD� j� HYROXomR� GDV�GHPDQGDV�GD� SRSXODomR� VREUH�R� (VWDGR�� (VWH�
GHYHULD�SRVVXLU�FRPR�FDUDFWHUtVWLFD�D�FODUD�VHSDUDomR�HQWUH�R�TXH�p�S~EOLFR�H�R�
TXH�p�SULYDGR��HP�FRQWUDSRQWR�DR�HQIRTXH�SDWULPRQLDOLVWD��
3DUD� DWLQJLU� HVWH� SURSyVLWR�� EDVHDGR� QD� FRQFHSomR� GH� EXURFUDFLD� GH�
0D[� :HEHU�� GHVHQKRX�VH� XPD� DGPLQLVWUDomR� IRUPDOLVWD�� FHQWUDGD� QRV�
SURFHGLPHQWRV� D� VHUHP� VHJXLGRV� H� QD� KLHUDUTXLD� GDV� GHFLV}HV�� +RXYH� XP�
DYDQoR� HP� UHODomR� DR� SDWULPRQLDOLVPR�� XPD� YH]� TXH� R� QHSRWLVPR� H� D�
FRUUXSomR� WtSLFRV� GHVWH� PRGHOR� SRGHULDP� VHU� HYLWDGRV� VH� DV� IRUPDOLGDGHV�
HVWDEHOHFLGDV� IRVVHP� FXPSULGDV�� 1HVWH� PRGHOR�� :HEHU� EXVFRX� DSOLFDU� R�
PRGHOR� GH� RUJDQL]DomR� EXURFUiWLFD� �� TXH� VHULD� R� LGHDO� SDUD� XPD� GRPLQDomR�
UDFLRQDO�OHJDO� VREUH� DV� SHVVRDV� �XVR� GH� DXWRULGDGH� EDVHDGD� QD� UD]mR��
KLHUDUTXLD�� QRUPDV� H� UHJUDV� �� FDEH� OHPEUDU� TXH� SDUD� HOH� RXWURV� WLSRV� GH�
DXWRULGDGH� SRGHULDP� H[LVWLU�� PDV� QmR� VHULDP� DSOLFiYHLV� j� EXURFUDFLD�� D�
WUDGLFLRQDO� �� LQIOXrQFLD�EDVHDGD�HP� WUDGLo}HV��FOmV�� HWF��� H� D�FDULVPiWLFD� ��
LQIOXrQFLD�EDVHDGD�QDV�FDUDFWHUtVWLFDV�SHVVRDLV�GR�OtGHU���
e�SRVVtYHO�UHVXPLU�DV�FDUDFWHUtVWLFDV�GD�EXURFUDFLD�GD�VHJXLQWH�IRUPD��
���1RUPDV�H�UHJXODPHQWRV�SRVVXHP�FDUiWHU�OHJDO��
��� $V�FRPXQLFDo}HV�VmR�IRUPDOL]DGDV�H�RILFLDLV��
���2�WUDEDOKR�p�GLYLGLGR�GH�IRUPD�UDFLRQDO��
���2V�UHODFLRQDPHQWRV�VmR�LPSHVVRDLV��
��� $�DXWRULGDGH�VHJXH�D�KLHUDUTXLD�RUJDQL]DFLRQDO��
��� $V�URWLQDV�H�SURFHGLPHQWRV�VmR�SDGURQL]DGRV��
��� $�FRPSHWrQFLD�WpFQLFD�p�YDORUL]DGD�DWUDYpV�GD�PHULWRFUDFLD��
��� $�DGPLQLVWUDomR�p�HVSHFLDOL]DGD��QmR�Ki�SDWULPRQLDOLVPR���
���2V�PHPEURV�GD�RUJDQL]DomR�VmR�SURILVVLRQDLV�
���� 2�IXQFLRQDPHQWR�GD�RUJDQL]DomR�p�FRPSOHWDPHQWH�SUHYLVtYHO��
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ�  Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?�
�
� � �
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ?�
$�EXURFUDFLD� WUiV� DOJXPDV� YDQWDJHQV�� 3DUD�:HEHU�� DV� YDQWDJHQV� GD�
EXURFUDFLD�VmR��
���$�UDFLRQDOLGDGH�GRV�REMHWLYRV��
��� &DUJRV�H�WDUHIDV�EHP�GHILQLGDV��
���5DSLGH]�QDV�GHFLV}HV��Mi�TXH�HODV�HVWmR�SUHYLVWDV��
��� ,QWHUSUHWDomR�~QLFD�H�FODUD�GRV�UHJXODPHQWRV�H�QRUPDV��SRU�
TXHP�QHFHVVLWH�VDEHU��
��� $�XQLIRUPLGDGH�GH�SURFHGLPHQWRV�H�URWLQDV�GH�WUDEDOKR��
��� $� PDQXWHQomR� GD� FRQWLQXLGDGH� GD� RUJDQL]DomR�� TXH� VH�
SHUSHWXD�SURILVVLRQDOPHQWH��
��� $�GLPLQXLomR�GRV�DWULWRV�HQWUH�RV� LQGLYtGXRV�� Mi� TXH� FDGD�
XP�VDEH�FODUDPHQWH�R�VHX�SDSHO��
��� (VWDELOLGDGH�GDV�GHFLV}HV��FRQVWkQFLD��� Mi� TXH� DV�PHVPDV�
GHFLV}HV� VHUmR� WRPDGDV� QRV� PHVPRV� FDVRV�� TXDQGR� HOHV� VH�
UHSHWLUHP��
���$OWD� FRQILDELOLGDGH� GDV� GHFLV}HV�� Mi� TXH� ID]HP� SDUWH� GH�
URWLQDV�H�UHJUDV�LPSHVVRDLV��
���� ([LVWrQFLD� GH� EHQHItFLRV� SDUD� DV� SHVVRDV� QD�
RUJDQL]DomR�� Mi� TXH� Ki� KLHUDUTXLD� IRUPDO�� GLYLVmR� FODUD� GR�
WUDEDOKR��UDFLRQDOLGDGH��WUHLQDPHQWR�H�PHULWRFUDFLD��
�
$SHVDU� GH� WDQWRV� PpULWRV�� R� TXH� VH� REVHUYD� p� TXH� D� EXURFUDFLD�
WDPEpP� SRGH� JHUDU� FHUWDV� GLVIXQo}HV�� RX� FRQVHTXrQFLDV� LQHVSHUDGDV� GD�
DSOLFDomR�GR�PRGHOR��$V�GLVIXQo}HV�GD�EXURFUDFLD�VmR��
���$�LQWHUQDOL]DomR�GDV�UHJUDV�H�R�DSHJR�DRV�UHJXODPHQWRV��
DV� UHJUDV� H� UHJXODPHQWRV�� SRU� VHUHP� WmR� LPSRUWDQWHV�� GHL[DP�
GH�VHU�PHLRV�H�SDVVDP�D�VHU�R�SUySULR�REMHWLYR�GD�RUJDQL]DomR��
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ�  Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?�
�
� � �
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ?�
��� ([FHVVR� GH� IRUPDOLVPR� H� GH� SDSHOyULR�� $� QHFHVVLGDGH� GH�
GRFXPHQWDU�WXGR�ID]�FRP�TXH�KDMD�H[FHVVR�GH�IRUPDOLVPR�H�GH�
SDSHOyULR�DFXPXODGR�SHOD�RUJDQL]DomR��
���5HVLVWrQFLD� jV� PXGDQoDV�� &RPR� WXGR� QD� EXURFUDFLD� p�
SDGURQL]DGR�� R� IXQFLRQiULR� VH� DFRVWXPD� DRV� SDGU}HV� SUp�
HVWDEHOHFLGRV� H� ILFD� PDLV� GLItFLO� LPSOHPHQWDU� PXGDQoDV� QD�
RUJDQL]DomR��TXDQGR�LVWR�VH�ID]�QHFHVViULR��$V�SHVVRDV�WHQGHP�
D�UHVLVWLU�jV�PXGDQoDV�H�FODVVLILFi�ODV�FRPR�GHVQHFHVViULDV��
���'HVSHUVRQDOL]DomR� GRV� UHODFLRQDPHQWRV�� &RPR� D�
EXURFUDFLD�p� LPSHVVRDO�QR� WUDWDPHQWR�GR�UHODFLRQDPHQWR�HQWUH�
RV� IXQFLRQiULRV��TXH� VmR� WUDWDGRV� FRPR� LJXDLV�H� HP� IXQomR�GH�
VHXV�FDUJRV�QD�RUJDQL]DomR��R�UHODFLRQDPHQWR�HQWUH�DV�SHVVRDV�
SDVVD� D� VHJXLU� WDPEpP� HVWH� ULWR�� GH� PRGR� TXH� DV� SHVVRDV�
SDVVDP� D� QmR� FRQKHFHU� RV� FROHJDV� SHOR� QRPH�� PDV� VLP� SHOR�
FDUJR�� Q~PHUR� GH� PDWUtFXOD�� HWF��� FKHJDQGR� DR� SRQWR� GH� QmR�
EXVFDUHP� TXDOTXHU� DSUR[LPDomR� SHVVRDO� FRP� RV� FROHJDV� GH�
WUDEDOKR��
��� &DWHJRUL]DomR� FRPR� EDVH� GR� SURFHVVR� GHFLVyULR�� $V�
GHFLV}HV�VmR�FDWHJRUL]DGDV�SDUD�VHUHP�GHILQLGDV�FRP�EDVH�HP�
GHWHUPLQDGR� QtYHO� KLHUiUTXLFR� RX� FRP� EDVH� HP� UHJXODPHQWRV��
GHL[DQGR� SRXFR� HVSDoR� SDUD� TXH� DV� GHFLV}HV� VHMDP� WRPDGDV�
SRU�TXHP�PDLV�HQWHQGH�GR�DVVXQWR�RX�FRP�EDVH�HP�SURFHVVRV�
GHFLVyULRV�PDLV�FULDWLYRV�HP�EXVFD�GH�XPD�VROXomR�UHDO�SDUD�R�
SUREOHPD��
��� 6XSHUFRQIRUPLGDGH� jV� URWLQDV� H� SURFHGLPHQWRV�� &RPR� D�
EXURFUDFLD� VH� EDVHLD� QD� REULJDomR� GH� VHJXLU� URWLQDV� H�
SURFHGLPHQWRV�� DV� SHVVRDV� SRGHP� ILFDU� SURIXQGDPHQWH�
OLPLWDGDV� QR� VHX� SRGHU� GH� DJLU� OLYUHPHQWH� SDUD� D� EXVFD� GH�
PHOKRUHV�FDPLQKRV�SDUD�D�RUJDQL]DomR��
��� ([LELomR�GH�VLQDLV�GH�DXWRULGDGH��FRPR�D�EXURFUDFLD�HQIDWL]D�D�KLHUDUTXLD�GH�DXWRULGDGH��WRUQD�VH�QHFHVViULR�XP�VLVWHPD�TXH�
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ�  Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?�
�
� � �
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ?�
GHL[H�FODUR�R�SRGHU�GH�GHWHUPLQDGRV�FDUJRV�VREUH�RXWURV��(VWHV�
VLQDLV� YrP� SRU� PHLR� GH� XQLIRUPHV�� VDODV�� PHVDV�� WtWXOR� GRV�
FDUJRV��HWF���
���'LILFXOGDGH� QR� DWHQGLPHQWR� D� FOLHQWHV� H� FRQIOLWRV� FRP� R�
S~EOLFR�� XPD� YH]� TXH� D� EXURFUDFLD� p� FHQWUDGD� QDV� QRUPDV� H�
SURFHGLPHQWRV�� SDVVD� D� KDYHU� XPD� GLILFXOGDGH� GH� WUDWDPHQWR�
FRP� R� S~EOLFR� H[WHUQR�� TXH� VH� LPSRUWD� PXLWR� PDLV� FRP� RV�
UHVXOWDGRV� REWLGRV� GR� TXH� FRP� DV� QRUPDV� TXH� GHYHP� VHU�
VHJXLGDV��
�
$OpP�GDV�GLVIXQo}HV�WtSLFDV�GHVVH�PRGHOR��GHYH�VH�WHU�HP�FRQWD�DLQGD�
TXH�HOH�WDPEpP�SRVVXL�FUtWLFDV��TXH�OHYDQWDP�R�SUREOHPD�GH�VXD�UDFLRQDOLGDGH�
H[FHVVLYD�� YLVmR� PHFDQLFLVWD� GD� RUJDQL]DomR� HP� XP� VLVWHPD� IHFKDGR��
FRQVHUYDGRULVPR�WHyULFR��HWF��
�
'XUDQWH� D� FULVH� GR� SDSHO� GR� HVWDGR� RFRUULGD� QD� 'pFDGD� GH� ������
YiULDV� GLVFXVV}HV� VREUH� D� HILFLrQFLD� H� HILFiFLD� GD� PiTXLQD� S~EOLFD� WRPDUDP�
FRQWD�GR�GHEDWH� VREUH�DGPLQLVWUDomR�S~EOLFD��HVSHFLDOPHQWH�QR�5HLQR�8QLGR��
QRV�(VWDGRV�8QLGRV�GD�$PpULFD�H�QD�1RYD�=HOkQGLD��2�UHVXOWDGR�GDV�SUiWLFDV�
DGPLQLVWUDWLYDV�SRVWDV�HP�SUiWLFD�SRU�HVVHV�SDtVHV�H�DPSODPHQWH�GLVFXWLGDV�QR�
kPELWR� DFDGrPLFR� IRL� D� SURSRVWD� GH� DGPLQLVWUDomR� S~EOLFD� JHUHQFLDO�� QR�
kPELWR�GH�XPD�QRYD�JHVWmR�S~EOLFD���
$�$GPLQLVWUDomR�3~EOLFD�*HUHQFLDO� IRL�FULDGD�QD�VHJXQGD�PHWDGH�
GR�6pFXOR�;;��SRU�YROWD�GH������������FRPR�UHVSRVWD�j�H[SDQVmR�GDV�IXQo}HV�
HFRQ{PLFDV� H� VRFLDLV� GR� (VWDGR� H� DR� DSURIXQGDPHQWR� GD� JOREDOL]DomR� H�
GHVHQYROYLPHQWR�WHFQROyJLFR�RFRUULGRV�QHVWH�SHUtRGR��7HP�RULJHP�SULQFLSDO�QD�
DGPLQLVWUDomR� S~EOLFD� QRUWH� DPHULFDQD� H� LQJOHVD�� LQFRUSRUDQGR� QR� VHX�
GHVHQYROYLPHQWR� DV� H[SHULrQFLDV� QHR]HODQGHVD� H� DXVWUDOLDQD�� (OD� Yr� D�
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ�  Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?�
�
� � �
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ?�
VRFLHGDGH� FRPR� XP� FDPSR� GH� FRQIOLWR�� FRRSHUDomR� H� LQFHUWH]D�� RQGH� RV�
FLGDGmRV� GHIHQGHP� VHXV� LQWHUHVVHV� H� DILUPDP� VXDV� SRVLo}HV� LGHROyJLFDV�� 2�
IRFR� GHL[D� GH� VHU� R� FRQWUROH� GH� SURFHVVRV� H� SDVVD� D� VHU� R� FRQWUROH� GRV�
UHVXOWDGRV�� $SHVDU� GH� QmR� KDYHU� OLJDomR� GLUHWD�� HOD� FRVWXPD� VHU� UHODFLRQDGD�
FRP�D�LGHRORJLD�QHROLEHUDO�SRU�FRQWD�GR�IDWR�GH�TXH�DV�PHGLGDV�JHUHQFLDOLVWDV�
FRVWXPDP� VHU� XWLOL]DGDV� HP� FRQMXQWR� FRP� DMXVWHV� HVWUXWXUDLV� GD� PiTXLQD�
DGPLQLVWUDWLYD�GR�(VWDGR�SDUD�TXH�R�GpILFLW�ILVFDO�VHMD�UHGX]LGR��
$OJXPDV� TXHVW}HV� YmR� GL]HU� TXH� D� DGPLQLVWUDomR� S~EOLFD� JHUHQFLDO�
WHP� RULJHP� HQTXDQWR� PRGHOR� QD� GpFDGD� GH� ������ EXVFDQGR� LQFRUSRUDU�
IHUUDPHQWDV� GR� VHWRU� SULYDGR� jV� RUJDQL]Do}HV� S~EOLFDV�� FRP� EDVH� HP�
PHOKRUDPHQWRV�GH�JHVWmR�TXH�VH�LQLFLDUDP�QDV�GpFDGDV�GH������������$FHLWH�
LVVR��
�7UrV� PRGHORV� SULQFLSDLV� GH� DGPLQLVWUDomR� S~EOLFD� HPHUJHP� GR�
PRGHOR�JHUHQFLDO��R�PRGHOR�JHUHQFLDO�SXUR��R�FRP�IRFR�QR�FRQVXPLGRU�H�R�
RULHQWDGR�DR�VHUYLoR�S~EOLFR��
2� PRGHOR� JHUHQFLDO� SXUR� SRVVXL� FRPR� SRQWR� FHQWUDO� D� EXVFD� GD�
HILFLrQFLD��3DUD�LVVR��HOH�SDUWH�GR�SUHVVXSRVWR�GH�TXH�p�SUHFLVR�PXGDU�R�PRGR�
GH� IXQFLRQDPHQWR� EXURFUiWLFR�ZHEHULDQR�� $o}HV� FRPR� D� GHILQLomR� GD�
UHVSRQVDELOLGDGH�GH�IXQFLRQiULRV�H�R�DXPHQWR�GD�FRQVFLrQFLD�VREUH�R�YDORU�GRV�
UHFXUVRV� S~EOLFRV� SDUD� UHGX]LU� FXVWRV� H� PD[LPL]DU� D� HILFLrQFLD� VmR�
FDUDFWHUtVWLFDV� WtSLFDV� GHVWH� PRGHOR�� (VWi� EDVHDGR� QD� FKDPDGD� OyJLFD� ILVFDO�
�JDVWDU�RV� UHFXUVRV�DUUHFDGDGRV�GD�PHOKRU� IRUPD��JHUDQGR�HILFLrQFLD��� WHQGR�
FRPR� SULQFLSDLV� LQVWUXPHQWRV� D� DYDOLDomR� GH� GHVHPSHQKR� H� R� FRQWUROH� GR�
RUoDPHQWR��'LVFXVV}HV�VREUH�R�TXH�KRMH�UHSUHVHQWD�HVWH�PRGHOR�UHPRQWDP�DR�
6pFXOR�;,;�QRV�(VWDGRV�8QLGRV��PDV�p�D�SDUWLU�GDV�'pFDGDV�GH���������TXH�RV�
GHEDWHV� VmR� UHWRPDGRV� FRP� YLJRU�� ID]HQGR� FRP� TXH� HOH� WRPH� D� IRUPD� TXH�
FRQKHFHPRV�KRMH��
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ�  Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?�
�
� � �
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?�
³DFFRXQWDELOLW\´� �WHUPR� VHP� WUDGXomR� HVSHFtILFD�� UHODFLRQDGR� j�
UHVSRQVDELOL]DomR�VREUH�D�FRLVD�S~EOLFD���GH�WUDQVSDUrQFLD��RV�PHFDQLVPRV�GH�
DGPLQLVWUDomR�S~EOLFD�VRFLHWDO��FRP�SDUWLFLSDomR�GD�VRFLHGDGH��H�GD�HTXLGDGH��
FLGDGDQLD� H� MXVWLoD� QD� SUHVWDomR� GRV� VHUYLoRV� S~EOLFRV� QR� PRGHOR� JHUHQFLDO��
(VWD�SHUVSHFWLYD� DLQGD�HVWi� HP� IDVH� GH�DPDGXUHFLPHQWR�� DSHVDU� GH� UHWRPDU�
TXHVW}HV�GD�GpFDGD�GH�����$�UHIOH[mR�VREUH�HVWH�PRGHOR�SDVVD�SRU�WHPDV�GR�
UHSXEOLFDQLVPR� H� GD� GHPRFUDFLD�� XWLOL]DQGR�VH� GH� FRQFHLWRV� FRPR�
³DFFRXQWDELOLW\´�� WUDQVSDUrQFLD�� SDUWLFLSDomR� SROtWLFD�� HTXLGDGH� H� MXVWLoD��
TXHVW}HV�SUDWLFDPHQWH�DXVHQWHV�QRV�GHEDWHV�UHDOL]DGRV�VRE�D�yWLFD�GRV�RXWURV�
PRGHORV�GH�DGPLQLVWUDomR�JHUHQFLDO��
7RGD� HVVD� GLVFXVVmR� VREUH� RV� PRGHORV� JHUHQFLDLV� FRQVWLWXHP� R�
FHUQH� GD� 1RYD� *HVWmR� 3~EOLFD� �1*3�� �� WUDGX]LGD� FRPR� DGPLQLVWUDomR�
JHUHQFLDO��QR�%UDVLO��%DU]HOD\��������DSXG�0DULQL���������OHPEUD�TXH�D�1*3�p��
DQWHV�GH� WXGR��XP�kPELWR�GH�GHEDWH��GLiORJR��SURILVVLRQDO�VREUH�D�HVWUXWXUD��
JHVWmR� H� FRQWUROH� GD� DGPLQLVWUDomR� S~EOLFD�� HQYROYHQGR� D� FRPXQLGDGH�
DFDGrPLFD� H� IXQFLRQiULRV� H� FRPR� WDO� GHYH�VH� GHVFDUWDU� D� WHQWDomR� GH�
GHILQLo}HV� IRUPDLV� FRQFHQWUDQGR� R� GHEDWH� QD� EXVFD� GH� UHVSRVWDV�� VHJXQGR�
GHWHUPLQDGDV�FLUFXQVWkQFLDV��SDUD�DV�TXHVW}HV�GH�FRPR�HVWUXWXUDU��JHUHQFLDU�H�
FRQWURODU�RV�VLVWHPDV�EXURFUiWLFRV�S~EOLFRV��
0DUWLQV� ������� DILUPD� TXH� D� QRYD� JHVWmR� S~EOLFD� DEDUFD� GXDV�
SHUVSHFWLYDV�HVVHQFLDOPHQWH�FRPSOHPHQWDUHV��8PD�HVWUDWpJLFD�RX�ILQDOtVWLFD��H�
XPD� SHUVSHFWLYD� PHLR�� $� SHUVSHFWLYD� ILQDOtVWLFD� HVWi� OLJDGD� DR� FRQFHLWR� GH�
HILFiFLD� H� HIHWLYLGDGH� GD� JHVWmR� S~EOLFD�� 6RE� HVVD� YLVmR�� D� DGPLQLVWUDomR�
S~EOLFD� GHYH� EXVFDU� UHVXOWDGRV� SDUD� R� FLGDGmR� H� JHUDU� LPSDFWRV� UHDLV� QD�
VRFLHGDGH�SRU�PHLR�GDV�SROtWLFDV�S~EOLFDV� LPSOHPHQWDGDV��$�SHUVSHFWLYD�PHLR�
HVWi�OLJDGD�D�XPD�JHVWmR�HILFLHQWH�GD�PiTXLQD�S~EOLFD��
3HUFHED�TXH�D�QRYD�JHVWmR�S~EOLFD�p�XP�PRYLPHQWR�PDLV�DPSOR�SDUD�
D�PHOKRULD�GD�JHVWmR��WUD]HQGR�GHQWUR�GH�Vt�D�DGPLQLVWUDomR�S~EOLFD�JHUHQFLDO��
TXH� FRQVLVWH�HP�EXVFDU� LPSOHPHQWDU�QD�JHVWmR�S~EOLFD� FDUDFWHUtVWLFDV� WtSLFDV�
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ�  Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?�
�
� � �
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?�
GD�JHVWmR�SULYDGD�TXH��HP�WHVH��VHULD�PDLV�HILFLHQWH�H�HILFD]�GR�TXH�D�S~EOLFD��
3DUD�HIHLWR�GH�FRQFXUVRV��YRFrV�SRGHP�Wr�ODV��JHUDOPHQWH��FRPR�VLQ{QLPRV��
&RPR� YLPRV�� R� FDUiWHU� QD� 1RYD� *HVWmR� 3~EOLFD� p� HPLQHQWHPHQWH�
JHUHQFLDOLVWD� H� SURS}H� XPD� JHVWmR� S~EOLFD� EDVHDGD� HP� �0DUWLQV�� ������� ���
SURFHVVR�GHFLVyULR�RULHQWDGR�D�UHVXOWDGRV�HVWUDWpJLFR�����GHVFHQWUDOL]DomR�����
IOH[LELOLGDGH�� ��� GHVHPSHQKR� FUHVFHQWH� H� SDJDPHQWR� SRU�
GHVHPSHQKR�SURGXWLYLGDGH�� ��� FRPSHWLWLYLGDGH� LQWHUQD� H� H[WHUQD�� ���
GLUHFLRQDPHQWR� HVWUDWpJLFR�� ��� WUDQVSDUrQFLD� H� FREUDQoD� GH� UHVXOWDGRV�
�DFFRXQWDELOLW\���
$OpP� GLVVR�� RXWUDV� FDUDFWHUtVWLFDV� VmR� LPSRUWDQWHV�� WDLV� FRPR��
SDGU}HV� GLIHUHQFLDGRV� GH� GHOHJDomR� H� GLVFULFLRQDULHGDGH� GHFLVyULD�� VHSDUDomR�
HQWUH� SROtWLFD� H� JHVWmR�� GHVHQYROYLPHQWR� GH� KDELOLGDGHV� JHUHQFLDLV��
WHUFHLUL]DomR��OLPLWDomR�GD�HVWDELOLGDGH�GH�VHUYLGRUHV�H�UHJLPHV�WHPSRUiULRV�GH�
HPSUHJR��H�HVWUXWXUDV�GLIHUHQFLDGDV��(P� RXWUDV� SDODYUDV�� YRFr� GHYH� WHU� HP� PHQWH� TXH� R� IRFR� GD�
DGPLQLVWUDomR� S~EOLFD� JHUHQFLDO� HVWi� FHQWUDGR� QRV� UHVXOWDGRV� D� VHUHP�
DWLQJLGRV�� XWLOL]DQGR� WpFQLFDV� PDLV� IOH[tYHLV� GH� JHVWmR�� WtSLFDV� GD� LQLFLDWLYD�
SULYDGD�� (VWH� PRGHOR� p� RULHQWDGR� SDUD� D� VDWLVIDomR� GDV� QHFHVVLGDGHV� GR�
FOLHQWH�FLGDGmR� H� SDUD� R� DWHQGLPHQWR� GRV� REMHWLYRV� TXH� D� DGPLQLVWUDomR�
S~EOLFD� VH� SURS}H� D� DWLQJLU�� (VWHV� SURSyVLWRV� VmR� DWLQJLGRV� DWUDYpV� GH� XP�
VLVWHPD� GH� GHFLV}HV� GHVFHQWUDOL]DGDV�� FRP� HVWUXWXUDV� KRUL]RQWDOL]DGDV� H�
LQFHQWLYRV�DR�XVR�GD�FULDWLYLGDGH��LQRYDomR�H�IRUPDV�IOH[tYHLV�GH�JHVWmR���
1R� FRQMXQWR�� R� TXH� VH� YHULILFD� p� TXH� D� IOH[LELOLGDGH�� R� IRFR� HP�
UHVXOWDGRV��D�SHUVSHFWLYD�GR�FOLHQWH�FLGDGmR�H�GH�PDLRU�DFFRXQWDELOLW\�� WtSLFRV�
GR� PRGHOR� JHUHQFLDO�� ID]� FRP� TXH� HOH� VHMD� R� PDLV� DGHTXDGR� SDUD� D�
DGPLQLVWUDomR� S~EOLFD� PRGHUQD�� TXH� SUHFLVD� VH� DGDSWDU� jV� FRQVWDQWHV�
PXGDQoDV�QR�DPELHQWH�H�PDQWHU�R�IRFR�QRV�UHVXOWDGRV�GD�DomR�S~EOLFD�VREUH�D�
SRSXODomR��
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ�  Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?�
�
� � �
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?�
��� (YROXomR�GD�$GPLQLVWUDomR�3~EOLFD�QR�%UDVLO�GHVGH������
��5HIRUPDV�$GPLQLVWUDWLYDV��
$� IRUPD� GH� DGPLQLVWUDomR� S~EOLFD� SDWULPRQLDOLVWD� IRL� GRPLQDQWH� QR�
%UDVLO� DWp� D� 'pFDGD� GH� ������ TXDQGR� DV� UHIRUPDV� LPSOHPHQWDGDV� GXUDQWH� R�
(VWDGR� 1RYR� GHUDP� YLJRU� j� LPSODQWDomR� GR� SDUDGLJPD� EXURFUiWLFR� QD�
$GPLQLVWUDomR�3~EOLFD�%UDVLOHLUD��
2XWUR�PRYLPHQWR�PDUFRX�R�LQtFLR�GD�WUDQVLomR�GR�PRGHOR�EXURFUiWLFR�
SDUD�R�PRGHOR�JHUHQFLDO��SyV�EXURFUiWLFR��QD�$GPLQLVWUDomR�3~EOLFD�%UDVLOHLUD��
D�HGLomR�GR�'HFUHWR�/HL���������GXUDQWH�R�UHJLPH�PLOLWDU��
8P� WHUFHLUR� PRYLPHQWR� PDUFDQWH� SDUD� D� LPSOHPHQWDomR� GD� 1RYD�
*HVWmR� 3~EOLFD� QR� %UDVLO� IRL� D� UHIRUPD� HPSUHHQGLGD� SRU� %UHVVHU�3HUHLUD� QD�
'pFDGD�GH������SRU�PHLR�GR�3ODQR�'LUHWRU�GD�5HIRUPD�GR�$SDUHOKR�GR�(VWDGR�
�3'5$(���
6mR�HVVDV�DV�SULQFLSDLV�UHIHUHQFLDV�UHIRUPLVWDV�FREUDGDV�HP�FRQFXUVR�
S~EOLFR�� H� p� QLVVR� TXH� YDPRV� QRV� IRFDU� GDTXL� SDUD� IUHQWH� QD� DXOD�� 9DPRV�
HQWHQGHU�PHOKRU�FDGD�XP�GHVVHV�PRYLPHQWRV��
�
�����$�5HIRUPD�$GPLQLVWUDWLYD�GD�GpFDGD�GH�������
1R� FDPSR� GD� DGPLQLVWUDomR� GD� PDTXLQD� S~EOLFD� EUDVLOHLUD� RV� DQRV�
����� UHSUHVHQWDUDP� XPD� IRUWH� LQIOH[mR�� $Wp� DOL�� QmR� KDYLD� FODUD� VHSDUDomR�
HQWUH�D�SURSULHGDGH�S~EOLFD�H�D�SURSULHGDGH�SULYDGD�GRV�JRYHUQDQWHV��VHQGR�R�
PRGHOR�SDWULPRQLDOLVWD�DPSODPHQWH�XWLOL]DGR�QD�SUiWLFD�DGPLQLVWUDWLYD��
1D� GpFDGD� GH� ������ HQWUHWDQWR�� R� %UDVLO� YLYHX� XP� PRPHQWR� GH�
WUDQVLomR��*HW~OLR� 9DUJDV� LPSODQWRX� XP� UHJLPH�DXWRULWiULR� QR�3DtV�� FKDPDGR�
GH�(VWDGR�1RYR��H�EXVFDYD�ID]HU�XPD�UDFLRQDOL]DomR�EXURFUiWLFR�DGPLQLVWUDWLYD�
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ�  Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?�
�
� � �
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?�
QR�%UDVLO�SDUD�TXH��FHQWUDOL]DQGR�DV�GHFLV}HV��SXGHVVH�LQWHUYLU�PDLV�IRUWHPHQWH�
QR�VHWRU�SURGXWLYR�GH�EHQV�H�VHUYLoRV�SDUD�R�PHUFDGR��1D�YHUGDGH��D�DGRomR�
GH� FDUDFWHUtVWLFDV� EXURFUiWLFDV� QD� DGPLQLVWUDomR� S~EOLFD� p� XPD� FRQVHTXrQFLD�
FODUD� GD� HPHUJrQFLD� GH� XP� FDSLWDOLVPR� PRGHUQR� QR� SDtV� �%UHVVVHU�3HUHLUD��
�������
'LIHUHQWHV�SHUVSHFWLYDV�RULHQWDUDP�R�PRYLPHQWR�UHIRUPLVWD�GD�GpFDGD�
GH� ������ 6HJXQGR� R� ,3($� �������� ³HVTXHPDWLFDPHQWH�� R� PRYLPHQWR� GH�
UHIRUPD� DGPLQLVWUDWLYD� HQYROYHX�� L�� D� FULDomR�� HP� ������ GD� &RPLVVmR�
3HUPDQHQWH�GH�3DGURQL]DomR�GH�0DWHULDO��LL��D�LQVFULomR��HP�������GR�VLVWHPD�
GH�PpULWR�QD�&RQVWLWXLomR�� LLL�� D� LQVWLWXLomR�SHOR�SUHVLGHQWH�GD�5HS~EOLFD��HP�
������GD�&RPLVVmR�0LVWD�GH�5HIRUPD�(FRQ{PLFD�H�)LQDQFHLUD��D�SDUWLU�GD�TXDO�
IRL�FULDGR�R�&RQVHOKR�)HGHUDO�GR�6HUYLoR�3~EOLFR�&LYLO��&)63&���H�GD�/HL�QR������
HVWDEHOHFHQGR� DV� QRUPDV� EiVLFDV� GD� DGPLQLVWUDomR� GH� SHVVRDO� H� FULDQGR� XP�
VLVWHPD� GH� FODVVLILFDomR� GH� FDUJRV�� LY�� D� FULDomR�� DLQGD� HP� ������ GR�
'HSDUWDPHQWR�$GPLQLVWUDWLYR�GR�6HUYLoR�3~EOLFR��HP�YLUWXGH�GH�PDQGDPHQWR�
FRQVWLWXFLRQDO�� H� Y�� D� GHFUHWDomR�� HP� ������ GR� SULPHLUR� (VWDWXWR� GR�
)XQFLRQiULR��VXEVWLWXtGR��HP�������SHOD�/HL�QR������´��
6H�REVHUYDUPRV�EHP��GH�XPD�IRUPD�DLQGD�PDLV�HVTXHPiWLFD�SDUD�R�
VHX�FRQFXUVR��YRFr�GHYH�OHPEUDU�TXH�D�UHIRUPD�GD�GpFDGD�GH������SRVVXtD�R�
VHJXLQWH�WULSp��
���$GPLQLVWUDomR�GH�0DWHULDLV�
���$GPLQLVWUDomR�GH�3HVVRDO�
���$GPLQLVWUDomR�)LQDQFHLUD�
2�SUySULR�UHJLPH�DXWRULWiULR�LPSOHPHQWDGR�SRU�PHLR�GR�(VWDGR�1RYR��
TXH�EXVFDYD�R�DXPHQWR�GR�SRGHU�GR�(VWDGR�QD�VRFLHGDGH��UHTXHULD�XP�yUJmR�
TXH� DX[LOLDVVH� R� FKHIH� GR� 3RGHU� ([HFXWLYR� QD� RULHQWDomR�� FRRUGHQDomR� H�
ILVFDOL]DomR� GR� VHUYLoR� S~EOLFR�� GH� PRGR� D� HOLPLQDU� D� GHVRUJDQL]DomR�
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ�  Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?�
�
� � �
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?�
DGPLQLVWUDWLYD� TXH� GHFRUULD� GD� LQWHUIHUrQFLD� SROtWLFR�SDUWLGiULD� QR�
IXQFLRQDPHQWR�GD�PiTXLQD�DGPLQLVWUDWLYD��
2�yUJmR�TXH�GHYHULD�H[HUFHU�HVVD�IXQomR�VHULD�R�'$63��'HSDUWDPHQWR�
$GPLQLVWUDWLYR� GR� 6HUYLoR� 3~EOLFR��� TXH� �� SUHYLVWR� GHVGH� ����� �� Vy� IRL�
HIHWLYDPHQWH�RUJDQL]DGR�HP�������SRU�PHLR�GR�'HFUHWR�/HL�����������VHQGR�
UHVSRQViYHO� SHODV� DWLYLGDGHV� GR� WULSp� Mi� PHQFLRQDGR�� 6XD� FULDomR� IRL� XP�
YHUGDGHLUR� DSURIXQGDPHQWR� GD� UHIRUPD� DGPLQLVWUDWLYD� EXURFUiWLFD� GR� (VWDGR�
EUDVLOHLUR�QD�GpFDGD�GH�������6HJXQGR�HVWH�QRUPDWLYR��FRPSHWLD�DR�'$63��
D���R�HVWDGR�SRUPHQRUL]DGR�GDV�UHSDUWLo}HV��GHSDUWDPHQWRV�H�
HVWDEHOHFLPHQWRV� S~EOLFRV�� FRP� R� ILP� GH� GHWHUPLQDU�� GR�
SRQWR� GH� YLVWD� GD� HFRQRPLD� H� HILFLrQFLD�� DV� PRGLILFDo}HV� D�
VHUHP� IHLWDV� QD� RUJDQL]DomR� GRV� VHUYLoRV� S~EOLFRV�� VXD�
GLVWULEXLomR� H� DJUXSDPHQWRV�� GRWDo}HV� RUoDPHQWiULDV��
FRQGLo}HV� H�SURFHVVRV�GH� WUDEDOKR�� UHODo}HV�GH�XQV� FRP�RV�
RXWURV�H�FRP�R�S~EOLFR��
E�� RUJDQL]DU� DQXDOPHQWH�� GH� DFRUGR� FRP� DV� LQVWUXo}HV� GR�
3UHVLGHQWH� GD� 5HS~EOLFD�� D� SURSRVWD� RUoDPHQWiULD� D� VHU�
HQYLDGD�SRU�HVWH�j�&kPDUD�GRV�'HSXWDGRV��
F�� ILVFDOL]DU�� SRU� GHOHJDomR�GR�3UHVLGHQWH�GD�5HS~EOLFD�H�QD�
FRQIRUPLGDGH�GDV�VXDV�LQVWUXo}HV��D�H[HFXomR�RUoDPHQWiULD��
G�� VHOHFLRQDU� RV� FDQGLGDWRV� DRV� FDUJRV� S~EOLFRV� IHGHUDLV��
H[FHWXDGRV� RV� GDV�6HFUHWDULDV� GD�&kPDUD� GRV�'HSXWDGRV� H�
GR�&RQVHOKR�)HGHUDO�H�RV�GR�PDJLVWpULR�H�GD�PDJLVWUDWXUD��
H�� SURPRYHU� D� UHDGDSWDomR� H� R� DSHUIHLoRDPHQWR� GRV�
IXQFLRQiULRV�FLYLV�GD�8QLmR��
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ�  Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?�
�
� � �
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?�
I�� HVWXGDU� H� IL[DU� RV� SDGU}HV� H� HVSHFLILFDo}HV� GR� PDWHULDO�
SDUD�XVR�QRV�VHUYLoRV�S~EOLFRV��
J��DX[LOLDU�R�3UHVLGHQWH�GD�5HS~EOLFD�QR�H[DPH�GRV�SURMHWRV�
GH�OHL�VXEPHWLGRV�D�VDQomR��
K��LQVSHFLRQDU�RV�VHUYLoRV�S~EOLFRV��
L��DSUHVHQWDU�DQXDOPHQWH�DR�3UHVLGHQWH�GD�5HS~EOLFD�UHODWyULR�
SRUPHQRUL]DGR�GRV�WUDEDOKRV�UHDOL]DGRV�H�HP�DQGDPHQWR��
�
2V� SRQWRV� PDLV� PDUFDQWHV� GD� UHIRUPD� HPSUHHQGLGD� SHOR� '$63�
LQFOXtUDP� D� LQVWLWXFLRQDOL]DomR� GH� XP� VLVWHPD� GH� PHULWRFUDFLD�� FRQWUROH� GH�
SURFHVVRV� H� UHDOL]DomR� GH� FRQFXUVRV� S~EOLFRV�� 6REUH� HVWH� ~OWLPR� SRQWR�� IRL�
PDUFDQWH�D�QHFHVVLGDGH�GH�DFDEDU�FRP�D�QRPHDomR�GH�VHUYLGRUHV�S~EOLFRV�SRU�
PHLR� GH� FULWpULRV� QmR� PHULWRFUiWLFRV�� SDUD� TXH� VH� SXGHVVH� WHU� QR� SDtV� XP�
PRGHOR�UDFLRQDO�H�PRGHUQR�GH�DGPLQLVWUDomR�S~EOLFD��$VVLP��XPD�GDV�PHGLGDV�LQLFLDLV�GHVVH�yUJmR�IRL�D�LPSODQWDomR�GR�VLVWHPD�GH�PpULWR��SDUD�TXH�SXGHVVH�
KDYHU�LJXDOGDGH�GH�RSRUWXQLGDGHV��HILFLrQFLD�GRV�TXDGURV�GR�VHUYLoR�S~EOLFR�H�
QHXWUDOLGDGH� DGPLQLVWUDWLYD�� 2� VtPEROR� GD� LPSODQWDomR� GHVVH� VLVWHPD� GH�
PpULWR�IRL�D�VHOHomR�GH�SHVVRDO�SRU�PHLR�GH�FRQFXUVR�S~EOLFR��
$SHVDU�GLVVR��PXLWRV�IXQFLRQiULRV�DLQGD�FRQWLQXDYDP�LQJUHVVDQGR�VHP�
D� UHDOL]DomR� GH� FRQFXUVR� S~EOLFR�� 1D� YHUGDGH�� D� /HL� ��������� GHILQLD� GXDV�
FDWHJRULDV� GH� HPSUHJDGRV� TXH� LQJUHVVDULDP� GH� IRUPD� GLIHUHQWH� QR� VHUYLoR�
S~EOLFR�� RV� IXQFLRQiULRV�� FRQWUDWDGRV� SRU� PHLR� GH� FRQFXUVR� S~EOLFR�� H� RV�
H[WUDQXPHUiULRV�� TXH� FRQWLQXDYDP� VHQGR� FRQWUDWDGRV� SRU� PHLR� GH� FULWpULRV�
SROtWLFRV�RX�SHVVRDLV��
2�TXH�VH�REVHUYRX�p�TXH��QD�SUiWLFD��RV�DOWRV�HVFDO}HV�GD�EXURFUDFLD�
SDVVDUDP� D� VHU� SUHHQFKLGRV� SRU� PHLR� GH� FRQFXUVRV� S~EOLFRV�� VHQGR�
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ�  Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?�
�
� � �
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?�
RUJDQL]DGRV� HP�FDUUHLUD� H� VH� XWLOL]DQGR�GH� FULWpULRV�PHULWRFUiWLFRV�� (QTXDQWR�
LVVR�� RV� HVFDO}HV� LQIHULRUHV� FRQWLQXDUDP� FRP� LQGLFDo}HV� FOLHQWHOLVWDV� SDUD�
HPSUHJRV� S~EOLFRV�� PRVWUDQGR� TXH� DOJXPDV� GDV� FDUDFWHUtVWLFDV� GR�
SDWULPRQLDOLVPR� FRQWLQXDUDP� YLJHQWHV� PHVPR� GXUDQWH� HVVH� SHUtRGR� �H� DWp�
KRMH��QD�YHUGDGH����
2�'$63�SDVVRX� SRU� XP�SURFHVVR� GH� FUHVFLPHQWR� GH� VHX�SRGHU� H�� D�
SDUWLU�GH�FHUWR�SRQWR��SDVVRX�D�VHU�XWLOL]DGR�FRPR�LQVWUXPHQWR�GH�SRGHU�SHOR�
&KHIH� GR� ([HFXWLYR�� VHQGR� GHVYLUWXDGR� GH� VXD� IXQomR� GH� UDFLRQDOL]DomR� H�
PRGHUQL]DomR�GD�DGPLQLVWUDomR��
&RP�D�PXGDQoD�GR�DPELHQWH�SROtWLFR�� QR� LQtFLR� GD�GpFDGD�GH�������
YiULRV�SURWHVWRV�VXUJLUDP�FRQWUD�R�SRGHU�FHQWUDO�GH�*HW~OLR�9DUJDV��&RP�VXD�
GHSRVLomR�GR�JRYHUQR�HP�������R�'$63�SDVVRX�SRU�XPD�UHHVWUXWXUDomR�TXH�
OHYRX� j� SHUGD� GH� YiULDV� GH� VXDV� IXQo}HV� GH� FRRUGHQDomR� DGPLQLVWUDWLYD� H�
HODERUDomR�GR�SODQHMDPHQWR�HFRQ{PLFR�SRU�PHLR�GR�RUoDPHQWR��$�SDUWLU�GDt��R�
'$63�GHL[RX�GH�VHU�R�VXSHULQWHQGHQWH�GD�DGPLQLVWUDomR�IHGHUDO�H�SDVVRX�D�VHU�
XP� PHUR� yUJmR� FRQVXOWLYR�� HQFDUUHJDGR� GD� UHDOL]DomR� GH� HVWXGRV� H� GH�
RULHQWDomR� DGPLQLVWUDWLYD�� R� TXH� GLILFXOWRX� R� IXQFLRQDPHQWR� GD� PiTXLQD� H� D�
FRRUGHQDomR�GR�JDVWR�S~EOLFR��,3($���������
2� HQIUDTXHFLPHQWR� GR� '$63� SRVVLELOLWRX� XP� DXPHQWR� GDV� YHOKDV�
SUiWLFDV� GH� GLVWULEXLomR� GH� HPSUHJRV� S~EOLFRV� SRU� LQGLFDomR� SROtWLFD� H� JHURX�
XPD�HQRUPH�GHVRUJDQL]DomR�GDV�FRQWDV�S~EOLFDV��
'XUDQWH� R� UHJLPH� PLOLWDU�� Mi� FRP� VXDV� IXQo}HV� HVYD]LDGDV�� R� '$63�
WHYH�VHX�QRPH�PRGLILFDGR�SDUD�'HSDUWDPHQWR�$GPLQLVWUDWLYR�GR�3HVVRDO�&LYLO�
�PDV� PDQWHYH� D� VLJOD� ³'$63´�� H� IRL� UHWUDQVIRUPDGR�� HP� VHJXLGD�� HP�
'HSDUWDPHQWR� $GPLQLVWUDWLYR� GR� 6HUYLoR� 3~EOLFR�� VREUHYLYHQGR� DWp� ������
TXDQGR�IRL�ILQDOPHQWH�H[WLQWR��
,PSRUWDQWH� GHVWDFDU� DLQGD�� SDUD� HIHLWR� GH� FRQFXUVRV�� TXH� R�
SODQHMDPHQWR�GD�DomR�HVWDWDO�QR�%UDVLO�WHP�VHX�PDUFR�LQLFLDO�HP�������GXUDQWH�
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ�  Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?�
�
� � �
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?�
R�*RYHUQR�(XULFR�*DVSDU�'XWUD��FRP�D� LQVWLWXLomR�GR�3ODQR�6$/7(��7UDWRX�VH�
GH� XP� SODQR� HODERUDGR� FRP� EDVH� HP� HVWXGRV� GH� WpFQLFRV� GR� '$63� SDUD�
GLIHUHQWHV�iUHDV�VHWRULDLV��6D~GH��$OLPHQWDomR��7UDQVSRUWH�H�(QHUJLD���6$/7(����
(OH�IRL�HODERUDGR�GXUDQWH�R�*RYHUQR�'XWUD�FRPR�XPD�RULHQWDomR�SDUD�
RV�JDVWRV�S~EOLFRV�GD�pSRFD�SDUD�XP�SHUtRGR�GH�FLQFR�DQRV��QmR�IRL�XP�SODQR�
HFRQ{PLFR�RX�DGPLQLVWUDWLYR�DPSOR��
3RGHPRV�GL]HU�TXH�VH�WUDWD�GH�XP�DQWHFHVVRU�GRV�DWXDLV�33$V��SODQRV�
SOXULDQXDLV��� &RP� R� SDVVDU� GR� WHPSR� HOH� GHL[RX� GH� H[LVWLU� H� D� IXQomR� GH�
SODQHMDPHQWR�WHYH�FRPR�EDVH�R�3ODQR�GH�0HWDV��'HSRLV��IRUDP�FULDGRV�RV�33$V�
FRPR� LQVWUXPHQWRV� GH� SODQHMDPHQWR� GD� DomR� HVWDWDO�� e� SRVVtYHO� GL]HU� DLQGD�
TXH�VH�WUDWD�GD�SULPHLUD�WHQWDWLYD�GH�SODQHMDPHQWR�TXH�EXVFD�FRPSUHHQGHU�D�
QHFHVVLGDGH� GH� DUWLFXODomR� HVWDWDO� SDUD� FRQVHJXLU� UHDOL]DU� Do}HV� UHOHYDQWHV��
(VWD�DUWLFXODomR�GHYHULD�VH�GDU�QRV�WUrV�QtYHLV��IHGHUDO��HVWDGXDO�H�PXQLFLSDO��
�
�����5XPR� D� XPD� $GPLQLVWUDomR� *HUHQFLDO� �� 5HIRUPD� GH�
�����H�RXWURV��
7HQGR�FRPR�EDVH�DV�VXDV� LQDGHTXDo}HV��R�PRGHOR�GH�DGPLQLVWUDomR�
EXURFUiWLFD�TXH�IRL�LPSOHPHQWDGR�QR�%UDVLO�D�SDUWLU�GD�GpFDGD�GH������VRIUHX�
YiULDV�WHQWDWLYDV�GH�UHIRUPD��FRPR�D�FULDomR�GH�FRPLVV}HV�HVSHFLDLV��WDLV�TXDO�
D� &RPLVVmR� GH� (VWXGRV� H� 3URMHWRV� $GPLQLVWUDWLYRV�� H� D� &RPLVVmR� GH�
6LPSOLILFDomR�%XURFUiWLFD�GRV�DQRV�-.��$OpP�GLVVR��FRQVROLGDYDP�VH�RV�JUDQGHV�
JUXSRV� HVWDWDLV� QD� HVWUDWpJLD� GH� LQGXVWULDOL]DomR� SURPRYLGD� SHOR� JRYHUQR��
$SHVDU�GLVVR��QHQKXPD�GHVVDV�LQLFLDWLYDV�UHSUHVHQWRX�XP�JUDQGH�DYDQoR�SDUD�
XP�QRYR�PRGHOR�GH�DGPLQLVWUDomR�S~EOLFR��
$SyV�FHUFD�GH����DQRV�GD�UHIRUPD�HPSUHHQGLGD�SHOR�'$63�VXUJH�XPD�
LQLFLDWLYD� TXH� UHSUHVHQWDULD� XP� QRYR� PDUFR� QD� DGPLQLVWUDomR� S~EOLFD�
EUDVLOHLUD��D�HGLomR�GR�'HFUHWR�/HL�����GH�������
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ�  Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?�
�
� � �
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?�
4XDQGR�GD�HGLomR�GHVVH�'HFUHWR�/HL��R�%UDVLO�YLYLD�PDLV�XP�UHJLPH�
DXWRULWiULR�� D� GLWDGXUD� PLOLWDU�� $SHVDU� GR� FHQWUDOLVPR� SROtWLFR�� R� UHJLPH�
EXVFDYD� GHVHQYROYHU� R� SDtV� DWUDYpV� GH� XPD� IRUWH� LQWHUYHQomR� GR� (VWDGR� QD�
(FRQRPLD��1HVVH�PRPHQWR��D�YLVmR�HUD�GLIHUHQWH�GD�'pFDGD�GH�������SRLV�Mi�
QmR�VH�DFUHGLWDYD�QD�FDSDFLGDGH�GR�(VWDGR�FRQVHJXLU�JHUHQFLDU�XP�JUDQGH�H�
LPSRUWDQWH�DSDUHOKR�DGPLQLVWUDWLYR��FRQIRUPH�MXOJDYDP�QD�pSRFD��SRU�PHLR�GH�
XPD� JUDQGH� FHQWUDOL]DomR� DGPLQLVWUDWLYD�� VHQGR� LPSHUDWLYD� D� UHDOL]DomR� GH�
XPD� PDLRU� GHVFHQWUDOL]DomR� DGPLQLVWUDWLYD�� WUD]LGD� SHOR� '/� �������� SDUD� D�
PDLRU�HILFLrQFLD�GD�DGPLQLVWUDomR�S~EOLFD��
1HVVH�VHQWLGR��R�VXUJLPHQWR�GH�YiULDV�DXWDUTXLDV�H�DOJXPDV�HVWDWDLV�
TXH� VH� GHX� D� SDUWLU� GD� GpFDGD� GH� ����� IRL� UHIRUoDGR� SHODV� SRVVLELOLGDGHV�
DEHUWDV� SHOR� '/� �������� TXH� JDUDQWLX� jV� HPSUHVDV� HVWDWDLV� FRQGLo}HV� GH�
IXQFLRQDPHQWR� LGrQWLFDV� jV� XWLOL]DGDV� SHODV� HPSUHVDV� SULYDGDV�� LQFOXVLYH� QR�
TXH�GL]�UHVSHLWR�jV�SROtWLFDV�GH�UHFUXWDPHQWR�H�VHOHomR�GH�SHVVRDO��
7UDWD�VH� GH� XPD� LPSRUWDQWH� LQIOH[mR� GR�PRGHOR� GH� JHVWmR� XWLOL]DGR�
QR� SDtV�� VDLQGR� GH� XPD� DGPLQLVWUDomR� S~EOLFD� EXURFUiWLFD� SDUD� XP� IRFR�
JHUHQFLDO�� � $V� FDUDFWHUtVWLFDV� GR� PRGHOR� EXURFUiWLFR� OHYDYDP� j� FHQWUDOL]DomR�
GDV� GHFLV}HV�� DR� IRFR� QRV� SURFHGLPHQWRV� H� j� IDOWD� GH� IOH[LELOLGDGH�
DGPLQLVWUDWLYD��(P�VHQWLGR�RSRVWR��R�'/��������EXVFRX�IOH[LELOL]DU�D�JHVWmR�GH�
PiTXLQD� DGPLQLVWUDWLYD� GR� (VWDGR� EUDVLOHLUR� DWUDYpV� GD� DGRomR� GH� DOJXPDV�
FDUDFWHUtVWLFDV� WtSLFDV� GR� PRGHOR� JHUHQFLDO� GH� DGPLQLVWUDomR�� $� FDUDFWHUtVWLFD�
PDLV�PDUFDQWH�GR�'HFUHWR�/HL��������p� D�GHVFHQWUDOL]DomR�GD�$GPLQLVWUDomR�
3~EOLFD��GH�PRGR�TXH�SDUWH�GDV�DWLYLGDGHV�GR�(VWDGR�VHMD�UHDOL]DGD�FRP�PDLRU�
SUR[LPLGDGH�DR�FLGDGmR��SRU�PHLR�GD�$GPLQLVWUDomR�,QGLUHWD��
%UHVVHU�3HUHLUD��������GHVWDFD�TXH�³D�UHIRUPD�RSHUDGD�HP������SHOR�
'HFUHWR�/HL������HQWUHWDQWR��FRQVWLWXL�XP�PDUFR�QD�WHQWDWLYD�GH�VXSHUDomR�GD�
ULJLGH]�EXURFUiWLFD��SRGHQGR�VHU�FRQVLGHUDGD�FRPR�XP�SULPHLUR�PRPHQWR�GD�
DGPLQLVWUDomR�JHUHQFLDO�QR�%UDVLO��0HGLDQWH�R�UHIHULGR�GHFUHWR�OHL��UHDOL]RX�VH�D�
WUDQVIHUrQFLD� GH� DWLYLGDGHV� SDUD� DXWDUTXLDV�� IXQGDo}HV�� HPSUHVDV� S~EOLFDV� H�
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ�  Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?�
�
� � �
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ����������������������������WĄŐŝŶĂ� ? ?�ĚĞ� ?�
VRFLHGDGHV�GH�HFRQRPLD�PLVWD��D�ILP�GH�REWHU�VH�PDLRU�GLQDPLVPR�RSHUDFLRQDO�
SRU� PHLR� GD� GHVFHQWUDOL]DomR� IXQFLRQDO�� ,QVWLWXtUDP�VH� FRPR� SULQFtSLRV� GH�
UDFLRQDOLGDGH� DGPLQLVWUDWLYD� R� SODQHMDPHQWR� H� R� RUoDPHQWR�� R�
GHVFRQJHVWLRQDPHQWR� GDV� FKHILDV� H[HFXWLYDV� VXSHULRUHV�
�GHVFRQFHQWUDomR�GHVFHQWUDOL]DomR��� D� WHQWDWLYD� GH� UHXQLU� FRPSHWrQFLD� H�
LQIRUPDomR� QR� SURFHVVR� GHFLVyULR�� D� VLVWHPDWL]DomR�� D� FRRUGHQDomR� H� R�
FRQWUROH´��
(VVH� PHVPR� DXWRU� GHVWDFD� DLQGD� TXH� ³R� SDUDGLJPD� JHUHQFLDO� GD�
pSRFD�� FRPSDWtYHO� FRP� R� PRQRSyOLR� HVWDWDO� QD� iUHD� SURGXWLYD� GH� EHQV� H�
VHUYLoRV�� RULHQWRX� D� H[SDQVmR� GD� DGPLQLVWUDomR� LQGLUHWD�� QXPD� WHQWDWLYD� GH�
�IOH[LELOL]DU�D�DGPLQLVWUDomR��FRP�R�REMHWLYR�GH�DWULEXLU�PDLRU�RSHUDFLRQDOLGDGH�
jV� DWLYLGDGHV� HFRQ{PLFDV� GR� (VWDGR�� (QWUHWDQWR�� DV� UHIRUPDV� RSHUDGDV� SHOR�
'HFUHWR�/HL��������QmR�GHVHQFDGHDUDP�PXGDQoDV�QR�kPELWR�GD�DGPLQLVWUDomR�
EXURFUiWLFD� FHQWUDO�� SHUPLWLQGR� D� FRH[LVWrQFLD� GH� Q~FOHRV� GH� HILFLrQFLD� H�
FRPSHWrQFLD� QD� DGPLQLVWUDomR� LQGLUHWD� H� IRUPDV� DUFDLFDV� H� LQHILFLHQWHV� QR�
SODQR�GD�DGPLQLVWUDomR�GLUHWD�RX�FHQWUDO��2�Q~FOHR�EXURFUiWLFR�IRL��QD�YHUGDGH��
HQIUDTXHFLGR�LQGHYLGDPHQWH�DWUDYpV�GH�XPD�HVWUDWpJLD�RSRUWXQLVWD�GR�UHJLPH�
PLOLWDU�� TXH� QmR� GHVHQYROYHX� FDUUHLUDV� GH� DGPLQLVWUDGRUHV� S~EOLFRV� GH� DOWR�
QtYHO��SUHIHULQGR��DR� LQYpV��FRQWUDWDU�RV�HVFDO}HV�VXSHULRUHV�GD�DGPLQLVWUDomR�
DWUDYpV�GDV�HPSUHVDV�HVWDWDLV´��
$SyV� D� UHIRUPD� GR� '/� �������� R� DSDUHOKR� GR� HVWDGR� SDVVRX� D� VHU�
FRQVWLWXtGR� SRU� DGPLQLVWUDomR� GLUHWD� H� LQGLUHWD�� HVVD� ~OWLPD� VH� GLYLGLQGR� HP�
DXWDUTXLDV�� HPSUHVDV� S~EOLFDV�� VRFLHGDGHV� GH� HFRQRPLD� PLVWD� H� IXQGDo}HV�
S~EOLFDV��$OpP�GLVVR��p�LPSRUWDQWH�GHVWDFDU�TXH�DV�DWLYLGDGHV�GD�DGPLQLVWUDomR�
S~EOLFD�IHGHUDO�GHYHULDP�VH�JXLDU�SHORV�VHJXLQWHV�SULQFtSLRV��
x� 3ODQHMDPHQWR�
x� &RRUGHQDomR�
x� 'HVFHQWUDOL]DomR�
x� 'HOHJDomR�GH�&RPSHWrQFLD�
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ�  Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?�
�
� � �
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?�
x� &RQWUROH�
9DPRV� YHU� R� TXH� R� '/� ������� GL]LD�� HVVHQFLDOPHQWH�� D� UHVSHLWR� GH�
FDGD�XP�GHOHV��
3ODQHMDPHQWR�
$UW�� �ž� $� DomR� JRYHUQDPHQWDO� REHGHFHUi� D� SODQHMDPHQWR�
TXH�YLVH�D�SURPRYHU�R�GHVHQYROYLPHQWR�HFRQ{PLFR�VRFLDO�GR�
3DtV�H�D�VHJXUDQoD�QDFLRQDO��QRUWHDQGR�VH�VHJXQGR�SODQRV�H�
SURJUDPDV� HODERUDGRV�� QD� IRUPD� GR� 7tWXOR� ,,,�� H�
FRPSUHHQGHUi� D� HODERUDomR� H� DWXDOL]DomR� GRV� VHJXLQWHV�
LQVWUXPHQWRV�EiVLFRV���
D��SODQR�JHUDO�GH�JRYrUQR���
E�� SURJUDPDV� JHUDLV�� VHWRULDLV� H� UHJLRQDLV�� GH� GXUDomR�
SOXULDQXDO���
F��RUoDPHQWR�SURJUDPD�DQXDO���
G��SURJUDPDomR�ILQDQFHLUD�GH�GHVHPE{OVR���
�3HUFHED�TXH�D�YLVmR�WUD]LGD�SHOR�'/��������HUD�GH�TXH�R�JRYHUQR�
GHYHULD�SODQHMDU�DV�VXDV�Do}HV��H�QmR�DJLU�VHP�TXDOTXHU�UXPR��2�RUoDPHQWR�
SURJUDPD��GHVGH�HQWmR��UHSUHVHQWD�XPD�LPSRUWDQWH�SHoD�GH�SODQHMDPHQWR�QR�
%UDVLO��
&RRUGHQDomR�
$UW�� �ž� $V� DWLYLGDGHV� GD� $GPLQLVWUDomR� )HGHUDO� H��
HVSHFLDOPHQWH�� D� H[HFXomR� GRV� SODQRV� H� SURJUDPDV� GH�
JRYrUQR��VHUmR�REMHWR�GH�SHUPDQHQWH�FRRUGHQDomR��
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ�  Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?�
�
� � �
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?�
†� �ž� $� FRRUGHQDomR� VHUi� H[HUFLGD� HP� WRGRV� RV� QtYHLV� GD�
DGPLQLVWUDomR��PHGLDQWH�D�DWXDomR�GDV�FKHILDV�LQGLYLGXDLV��D�
UHDOL]DomR� VLVWHPiWLFD� GH� UHXQL}HV� FRP� D� SDUWLFLSDomR� GDV�
FKHILDV� VXERUGLQDGDV� H� D� LQVWLWXLomR� H� IXQFLRQDPHQWR� GH�
FRPLVV}HV�GH�FRRUGHQDomR�HP�FDGD�QtYHO�DGPLQLVWUDWLYR��
†� �ž� 1R� QtYHO� VXSHULRU� GD� $GPLQLVWUDomR� )HGHUDO�� D�
FRRUGHQDomR� VHUi� DVVHJXUDGD� DWUDYpV� GH� UHXQL}HV� GR�
0LQLVWpULR��UHXQL}HV�GH�0LQLVWURV�GH�(VWDGR�UHVSRQViYHLV�SRU�
iUHDV� DILQV�� DWULEXLomR� GH� LQFXPErQFLD� FRRUGHQDGRUD� D� XP�
GRV� 0LQLVWURV� GH� (VWDGR� �DUW�� ����� IXQFLRQDPHQWR� GDV�
6HFUHWDULDV�*HUDLV��DUW������†��ž��H�FRRUGHQDomR�FHQWUDO�GRV�
VLVWHPDV�GH�DWLYLGDGHV�DX[LOLDUHV��DUW��������
†� �ž� 4XDQGR� VXEPHWLGRV� DR� 3UHVLGHQWH� GD� 5HS~EOLFD�� RV�
DVVXQWRV� GHYHUmR� WHU� VLGR� SUqYLDPHQWH� FRRUGHQDGRV� FRP�
WRGRV� RV� VHWRUHV� QrOHV� LQWHUHVVDGRV�� LQFOXVLYH� QR� TXH�
UHVSHLWD� DRV� DVSHFWRV� DGPLQLVWUDWLYRV� SHUWLQHQWHV�� DWUDYpV�
GH� FRQVXOWDV� H� HQWHQGLPHQWRV�� GH� PRGR� D� VHPSUH�
FRPSUHHQGHUHP�VROXo}HV� LQWHJUDGDV� H� TXH� VH� KDUPRQL]HP�
FRP� D� SROtWLFD� JHUDO� H� VHWRULDO� GR� *RYrUQR�� ,GrQWLFR�
SURFHGLPHQWR� VHUi� DGRWDGR� QRV� GHPDLV� QtYHLV� GD�
$GPLQLVWUDomR�)HGHUDO�� DQWHV�GD� VXEPLVVmR�GRV�DVVXQWRV� j�
GHFLVmR�GD�DXWRULGDGH�FRPSHWHQWH���
$UW�� �ž� 2V� yUJmRV� TXH� RSHUDP� QD� PHVPD� iUHD� JHRJUiILFD�
VHUmR� VXEPHWLGRV� j� FRRUGHQDomR� FRP� R� REMHWLYR� GH�
DVVHJXUDU�D�SURJUDPDomR�H�H[HFXomR�LQWHJUDGD�GRV�VHUYLoRV�
IHGHUDLV��
������
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ�  Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?�
�
� � �
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?�
��1RWH� TXH� R� SULQFtSLR� GD� FRRUGHQDomR�� QR� *RYHUQR� )HGHUDO��
FRQVLVWLD� HP� FRRUGHQDU� DV� DWLYLGDGHV� HP� FDGD� QtYHO� KLHUiUTXLFR�
FRPSHWHQWH� SDUD� KDUPRQL]DU� DV� SUiWLFDV� LPSOHPHQWDGDV� FRP� R�
SODQHMDPHQWR�JRYHUQDPHQWDO��
�
'HVFHQWUDOL]DomR�
$UW������$�H[HFXomR�GDV�DWLYLGDGHV�GD�$GPLQLVWUDomR�)HGHUDO�
GHYHUi�VHU�DPSODPHQWH�GHVFHQWUDOL]DGD���
†� �ž� $� GHVFHQWUDOL]DomR� VHUi� SRVWD� HP� SUiWLFD� HP� WUrV�
SODQRV�SULQFLSDLV���
D�� GHQWUR� GRV� TXDGURV� GD� $GPLQLVWUDomR� )HGHUDO��
GLVWLQJXLQGR�VH� FODUDPHQWH� R� QtYHO� GH� GLUHomR� GR� GH�
H[HFXomR���
E��GD�$GPLQLVWUDomR�)HGHUDO�SDUD�D�GDV�XQLGDGHV�IHGHUDGDV��
TXDQGR� HVWHMDP� GHYLGDPHQWH� DSDUHOKDGDV� H� PHGLDQWH�
FRQYrQLR���
F��GD�$GPLQLVWUDomR�)HGHUDO�SDUD�D�yUELWD�SULYDGD��PHGLDQWH�
FRQWUDWRV�RX�FRQFHVV}HV���
������
�7UDWD�VH� GD� GHVFHQWUDOL]DomR� DGPLQLVWUDWLYD� SURSRVWD� SHOR� '/�
�������H�TXH�IH]�UHVXOWDU�QXP�JUDQGH�DXPHQWR�GD�DGPLQLVWUDomR�
LQGLUHWD�QR�%UDVLO��
��(VWi� OLJDGD� j� WUDQVIHUrQFLD� GD� UHVSRQVDELOLGDGH� GH� XPD� SHVVRD�
MXUtGLFD�SDUD�RXWUD��e�H[WHUQD�DR�SUySULR�yUJmR��
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ�  Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?�
�
� � �
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?�
�
'HOHJDomR�GH�&RPSHWrQFLD�
$UW�� ���� $� GHOHJDomR� GH� FRPSHWrQFLD� VHUi� XWLOL]DGD� FRPR�
LQVWUXPHQWR� GH� GHVFHQWUDOL]DomR� DGPLQLVWUDWLYD�� FRP� R�
REMHWLYR� GH� DVVHJXUDU� PDLRU� UDSLGH]� H� REMHWLYLGDGH� jV�
GHFLV}HV��VLWXDQGR�DV�QD�SUR[LPLGDGH�GRV�IDWRV��SHVVRDV�RX�
SUREOHPDV�D�DWHQGHU���5HJXODPHQWR��
$UW� �� ��� �� e� IDFXOWDGR� DR� 3UHVLGHQWH� GD� 5HS~EOLFD�� DRV�
0LQLVWURV� GH� (VWDGR� H�� HP� JHUDO�� jV� DXWRULGDGHV� GD�
$GPLQLVWUDomR� )HGHUDO� GHOHJDU� FRPSHWrQFLD� SDUD� D� SUiWLFD�
GH� DWRV� DGPLQLVWUDWLYRV�� FRQIRUPH� VH� GLVSXVHU� HP�
UHJXODPHQWR���5HJXODPHQWR��
3DUiJUDIR�~QLFR��2�DWR�GH�GHOHJDomR�LQGLFDUi�FRP�SUHFLVmR�D�
DXWRULGDGH� GHOHJDQWH�� D� DXWRULGDGH� GHOHJDGD� H� DV�
DWULEXLo}HV�REMHWR�GH�GHOHJDomR���
�7UDWD�VH� GD� GHOHJDomR� GH� FRPSHWrQFLD� SDUD� UHDOL]DomR� GH� DWRV�
DGPLQLVWUDWLYRV� SDUD� RXWUDV� SHVVRDV� ItVLFDV� GHQWUR� GR� PHVPR�
yUJmR�� HVSHFLILFDQGR�VH� FODUDPHQWH� TXHP� GHOHJD�� SDUD� TXHP�
GHOHJD�H�R�TXH�p�GHOHJDGR��
�
�
&RQWUROH�
$UW�����2�FRQWU{OH�GDV�DWLYLGDGHV�GD�$GPLQLVWUDomR�)HGHUDO�
GHYHUi�H[HUFHU�VH�HP�WRGRV�RV�QtYHLV�H�HP�WRGRV�RV�yUJmRV��
FRPSUHHQGHQGR��SDUWLFXODUPHQWH���
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ�  Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ�縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?�
�
� � �
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?�
D�� R� FRQWU{OH�� SHOD� FKHILD� FRPSHWHQWH�� GD� H[HFXomR� GRV�
SURJUDPDV� H� GD� REVHUYkQFLD� GDV� QRUPDV� TXH� JRYHUQDP� D�
DWLYLGDGH�HVSHFtILFD�GR�yUJmR�FRQWURODGR���
E�� R� FRQWU{OH�� SHORV� yUJmRV� SUySULRV� GH� FDGD� VLVWHPD�� GD�
REVHUYkQFLD�GDV�QRUPDV�JHUDLV�TXH�UHJXODP�R�H[HUFtFLR�GDV�
DWLYLGDGHV�DX[LOLDUHV���
F�� R� FRQWU{OH� GD� DSOLFDomR� GRV� GLQKHLURV� S~EOLFRV� H� GD�
JXDUGD�GRV�EHQV�GD�8QLmR�SHORV�yUJmRV�SUySULRV�GR�VLVWHPD�
GH�FRQWDELOLGDGH�H�DXGLWRULD���
$UW�� ���� 2� WUDEDOKR� DGPLQLVWUDWLYR� VHUi� UDFLRQDOL]DGR�
PHGLDQWH� VLPSOLILFDomR� GH� SURFHVVRV� H� VXSUHVVmR� GH�
FRQWU{OHV�TXH�VH�HYLGHQFLDUHP�FRPR�SXUDPHQWH�IRUPDLV�RX�
FXMR�FXVWR�VHMD�HYLGHQWHPHQWH�VXSHULRU�DR�ULVFR���
��2� FRQWUROH�GDV�DWLYLGDGHV�GHYHULD� VHU�H[HFXWDGR�HP�FDGD�XP�GH�
VHXV�QtYHLV��(P�DWLYLGDGHV�HVSHFtILFDV�GR�yUJmR�R�FRQWUROH�GHYHULD�
VHU� GD� FKHILD�� 4XDQWR� j� REVHUYkQFLD� GDV� QRUPDV�� R� FRQWUROH�
GHYHULD� VHU� IHLWR� SRU� yUJmRV� SUySULRV�� 4XDQWR� DR� FRQWUROH� GD�
DSOLFDomR� GR� GLQKHLUR� S~EOLFR�� R� FRQWUROH� GHYHULD� VHU� IHLWR� SRU�
yUJmRV�GR�VLVWHPD�GH�FRQWDELOLGDGH�H�DXGLWRULD��
��$OpP�GLVVR�� IRL� FULDGD�D� ILJXUD�GR�FRQWUROH�PLQLVWHULDO��VHJXQGR�R�
TXDO�WRGR�H�TXDOTXHU�yUJmR�HVWDULD�VXMHLWR�DR�FRQWUROH�GR�0LQLVWUR�
FRPSHWHQWH��VHQGR�GD�DGPLQLVWUDomR�GLUHWD��SUySULR�0LQLVWpULR��RX�
LQGLUHWD� �DXWDUTXLDV�� IXQGDo}HV� S~EOLFDV�� HPSUHVDV� S~EOLFDV��
VRFLHGDGHV�GH�HFRQRPLD�PLVWD���
&RPR� FRQVHTXrQFLD� GH� WRGDV� DV� PHGLGDV� WRPDGDV�� R� TXH� VH� S{GH�
REVHUYDU�QHVVH�SHUtRGR�IRL�D�FULDomR�GH�EROV}HV�GH�HILFLrQFLD�QD�iUHD�HP�TXH�R�
HVWDGR� DWXDYD� HFRQRPLFDPHQWH�� RX� VHMD�� QDV� HPSUHVDV� HVWDWDLV�� 1HODV�� RV�
UHFXUVRV� KXPDQRV� SRVVXtDP� FDSDFLGDGH� WpFQLFD� H� FRQKHFLPHQWRV�
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ�  Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?�
�
� � �
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?�
HVSHFLDOL]DGRV�� H� KDYLD� DXWRQRPLD� ILQDQFHLUD� SDUD� TXH� D� JHVWmR� IRVVH� EHP�
UHDOL]DGD�� $SHVDU� GLVVR�� SRU� QmR� VHU� R� IRFR� GD� UHIRUPD� GH� ������ D�
DGPLQLVWUDomR�GLUHWD�SRXFR�PXGRX��
&RP�R�LQtFLR�GDV�PXGDQoDV�TXH�WHUPLQDUDP�JHUDQGR�D�FULVH�GR�SDSHO�
GR�HVWDGR�QD�GpFDGD�GH�������R�GHVHPSHQKR�HFRQ{PLFR�GR�SDtV�GHFDLX�PXLWR��
OHYDQGR� D� XPD� DQiOLVH� PDLV� FULWHULRVD� GR� IXQFLRQDPHQWR� GD� VXSHUYLVmR�
PLQLVWHULDO�VREUH�D�DGPLQLVWUDomR� LQGLUHWD��R�TXH�UHYHORX�YiULRV�SUREOHPDV�QD�
HILFiFLD�GD�VXSHUYLVmR�PLQLVWHULDO��
6HJXQGR� R� ,3($� ������� PXLWDV� HUDP� DV� FUtWLFDV� D� UHVSHLWR� GD�
VXSHUYLVmR�PLQLVWHULDO�� ³L��PXLWDV� YH]HV�� LQH[LVWLD� FODUH]D�PDLRU� FRP� UHVSHLWR�
DR� SDSHO� GHVHPSHQKDGR� SHODV� HVWDWDLV�� LL�� QmR� KDYLD� VXILFLHQWH� SHVVRDO�
TXDOLILFDGR� HQYROYLGR� QDV� DWLYLGDGHV� GH� VXSHUYLVmR�� LLL�� RFRUULDP� FDVRV� GH�
GXSOLFDomR�GRV�yUJmRV�GH�FRQWUROH��FRP�DV�DVVHVVRULDV� MXQWR�DRV�PLQLVWURV�VH�
VREUHSXMDQGR� VREUH� RV� yUJmRV� QRUPDWLYRV� VHWRULDLV� UHJXODUHV�� LY�� R� FRQWUROH�
SULRUL]DYD� RV� PHLRV� DRV� ILQV�� SUHYDOHFHQGR� R� DVSHFWR� UDFLRQDO�OHJDO� HP�
GHWULPHQWR�GRV�IDWRUHV�VXEVWDQWLYRV��Y��RV�LQVWUXPHQWRV�GH�FRQWUROH�HUDP�PDLV�
DSURSULDGRV� DRV� VLVWHPDV� IHFKDGRV�� VHP� FRQVLGHUDU� R� DPELHQWH� H[WHUQR� jV�
HQWLGDGHV�� H� YL�� D� FDSDFLGDGH� GH� VXSHUYLVmR� H� FRQWUROH� HUD� LQYHUVDPHQWH�
SURSRUFLRQDO�DR�WDPDQKR�H�j�LPSRUWkQFLD�HFRQ{PLFD�H�ILQDQFHLUD�GD�FRUSRUDomR�
�� DOJXPDV� HPSUHVDV� VH� UHSRUWDYDP� GLUHWDPHQWH� DR� SUHVLGHQWH� GD� QDomR��
SDVVDQGR�DR�ODUJR�GRV�FRQWUROHV�PLQLVWHULDLV´��
1HVVH�tQWHULP��DLQGD�QD�WHQGrQFLD�LQLFLDGD�SHOR�'/��������GH�RULHQWDU�
D�DGPLQLVWUDomR�S~EOLFD�SDUD�XP�IRFR�JHUHQFLDO��QD�GpFDGD�GH������IRL�FULDGD�D�
6HFUHWDULD� GH� 0RGHUQL]DomR� $GPLQLVWUDWLYD� �6(025��� TXH� SDVVRX� D� WHU� D�
UHVSRQVDELOLGDGH� GH� LQWHJUDU� R� WULSp� SODQHMDPHQWR�RUoDPHQWR�JHVWmR�� &ULDGD�
SRU� XP� JUXSR� GH� MRYHQV� DGPLQLVWUDGRUHV� S~EOLFRV� FRP� IRUPDomR� GH� SyV�
JUDGXDomR�QR�H[WHULRU��D�6(025�EXVFRX�LQFRUSRUDU�QRYDV�WpFQLFDV�GH�JHVWmR�j�
DGPLQLVWUDomR�S~EOLFD��WHQGR�LPSRUWDQWH�SDSHO�QD�LQWURGXomR�GH�QRYDV�WpFQLFDV�
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ�  Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?�
�
� � �
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?�
GH� JHVWmR�� HP� HVSHFLDO� QDV� iUHDV� GH� UHFXUVRV� KXPDQRV� H� GHVHQYROYLPHQWR�
RUJDQL]DFLRQDO��
'HYH� VHU� GHVWDFDGR� DLQGD� R� SDSHO� GD� FULDomR� GR� 0LQLVWpULR� GD�
'HVEXURFUDWL]DomR�H�GR�3URJUDPD�1DFLRQDO�GH�'HVEXURFUDWL]DomR�QR�FDPLQKDU�
SDUD� XPD� DGPLQLVWUDomR� S~EOLFD� JHUHQFLDO� QR� %UDVLO�� 6XDV� DWLYLGDGHV�� TXH�
EXVFDYDP� VLPSOLILFDU� RV� SURFHVVRV� DGPLQLVWUDWLYRV� H� SURPRYHU� D� HILFLrQFLD��
WLYHUDP�GRLV�IRFRV�SULQFLSDLV��D�GHVEXURFUDWL]DomR�GDV�QRUPDV�H�SURFHGLPHQWRV�
DGPLQLVWUDWLYRV� H� D� FULDomR� GR� 3URJUDPD� 1DFLRQDO� GH� 'HVHVWDWL]DomR�� SDUD�
UHGX]LU� R� WDPDQKR� GR� DSDUHOKR� GR� (VWDGR�� LQFKDGR� FRPR� FRQVHTXrQFLD� GR�
HVWtPXOR�GDGR�SHOR�'/��������j�H[SDQVmR�GD�DGPLQLVWUDomR�LQGLUHWD��
�
�����$� 5HGHPRFUDWL]DomR� H� D� $GPLQLVWUDomR� 3~EOLFD�
%UDVLOHLUD�HP�������
2� SURFHVVR� GH� UHGHPRFUDWL]DomR� EUDVLOHLUD� HP� ����� SURSLFLRX� XP�
YHUGDGHLUR�UHWURFHVVR�QD�IRUPD�GH�JHVWmR�GD�DGPLQLVWUDomR�S~EOLFD�EUDVLOHLUD��
GDQGR�IRUoD�D�XPD�QRYD�GLYLVmR�GH�FDUJRV�S~EOLFRV�SRU�FULWpULRV�SROtWLFRV��FRPR�
FRQVHTXrQFLD�GH�DFRUGRV�HVS~ULRV�IHLWRV�SRU�YiULRV�SROtWLFRV�GD�pSRFD��
$OpP�GLVVR��QHVVH�PHVPR�SHUtRGR��R�PXQGR�SDVVDYD�SRU�XPD�FULVH�
GR� SDSHO� GR� (VWDGR� �GH� EHP�HVWDU��� FRPR� FRQVHTXrQFLD� GR� JUDQGH�
HQGLYLGDPHQWR� GRV� HVWDGRV� QDFLRQDLV� H� GR� ILP� GR� FLFOR� GH� FUHVFLPHQWR�
HFRQ{PLFR�PXQGLDO�SURSRUFLRQDGR�SHORV�SODQRV�GH�UHFRQVWUXomR�SyV���*XHUUD��
1R� %UDVLO�� D� PiTXLQD� S~EOLFD� KDYLD� LQFKDGR� H� RV� DOWRV� EXURFUDWDV� EUDVLOHLURV�
SDVVDUDP�D�VHU� UHVSRQVDELOL]DGRV�SRU�SDUWH�GD�VRFLHGDGH�EUDVLOHLUD�SHOD�FULVH�
GR�(VWDGR��
2� QRYR� SRSXOLVPR� SDWULPRQLDOLVWD� YLJHQWH� SUHFLVDYD� VHU� FRQWURODGR��
$OpP�GLVVR��DFXVDGRV�SHOD�VRFLHGDGH�GH�VHUHP�UHVSRQViYHLV�SHORV�SUREOHPDV�
GR�(VWDGR��RV�VHUYLGRUHV�SUHFLVDYDP�VH�SURWHJHU��
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ�  Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?�
�
� � �
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?�
(VVDV�GXDV� IRUoDV�HP�FRQMXQWR� FRQWULEXtUDP�SDUD�R� IRUWH� UHWURFHVVR�
EXURFUiWLFR�YLYLGR�FRPR�FRQVHTXrQFLD�GD�³QRYD´�FRQVWLWXLomR�GH�������$OJXQV�
SRQWRV�GHVVH�UHWURFHVVR�EXURFUiWLFR�YLYLGR�FRPR�FRQVHTXrQFLD�GD�&RQVWLWXLomR�
GH������IRUDP��
x� $� UHWLUDGD� GD� DXWRQRPLD� GR� 3RGHU� ([HFXWLYR� SDUD� HVWUXWXUDU�
yUJmRV� S~EOLFRV�� TXH� SDVVDUDP� D� SUHFLVDU� GH� OHLV� LQVWLWXLGRUDV�
RX�DXWRUL]DWLYDV��
x� $�REULJDWRULHGDGH�GR�5HJLPH�-XUtGLFR�ÒQLFR�SDUD�RV�VHUYLGRUHV�
FLYLV�GD�8QLmR��(VWDGRV�H�0XQLFtSLRV��
x� 5HGXomR�GD�IOH[LELOLGDGH�GD�DGPLQLVWUDomR�LQGLUHWD��TXH�SDVVRX�
D� IXQFLRQDU� FRP� QRUPDV� SUDWLFDPHQWH� LJXDLV� jV� GD�
DGPLQLVWUDomR�GLUHWD��$VVLP��RV�HQWHV�GHVFHQWUDOL]DGRV�ILFDUDP�
VXMHLWRV� jV� PHVPDV� UHJUDV� GH� FRQWUROH� IRUPDO� XWLOL]DGDV� QD�
DGPLQLVWUDomR�S~EOLFD�GLUHWD��
$� SUHPLVVD� FHQWUDO� QHVVH� SHUtRGR� HUD� R� IRUWDOHFLPHQWR� GD�
DGPLQLVWUDomR� GLUHWD� HP� GHWULPHQWR� GD� LQGLUHWD�� TXH� VH� DSUHVHQWDYD�
SROLWLFDPHQWH� ORWHDGD�� R� TXH� LQYLDELOL]DYD� D� VXD� FRRUGHQDomR� SDUD� R�
GHVHQYROYLPHQWR�GH�Do}HV�JRYHUQDPHQWDLV�HIHWLYDV��
$V� FRQVHTXrQFLDV� GR� PRGHOR� DGPLQLVWUDWLYR�EXURFUiWLFR� UHWRPDGR�
SHOD�&RQVWLWXLomR�GH������JHUDUDP�DOJXPDV�FRQVHTXrQFLDV�TXH�ORJR�VH�IL]HUDP�
VHQWLU��VHQGR�D�EDVH�GDV�UHDo}HV�DGPLQLVWUDWLYDV�WRPDGDV�QR�*RYHUQR�&ROORU��
FRQIRUPH�YHUHPRV�QR�SUy[LPR�WySLFR�GD�DXOD���
�����$V�0XGDQoDV�GR�*RYHUQR�&ROORU�
2� HQJHVVDPHQWR� SURGX]LGR� SHOD� FRQVWLWXLomR� GH� ����� VREUH� D�
DGPLQLVWUDomR�S~EOLFD� IRL�GHVDVWURVR�� UHGX]LQGR� IRUWHPHQWH�R�GHVHPSHQKR�GR�
VHWRU�S~EOLFR�EUDVLOHLUR��
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ�  Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?�
�
� � �
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?�
&RPR�UHVSRVWD�D�HVVD�SHUGD�GH�GHVHPSHQKR��R�JRYHUQR�&ROORU�������
������ WRPRX� DOJXPDV� PHGLGDV� DLQGD� PDLV� GHVDVWURVDV�� ID]HQGR� FRP� TXH� R�
%UDVLO�DWLQJLVVH�R�TXH�DOJXQV�DXWRUHV�FRQVLGHUDP�R�IXQGR�GR�SRoR�QR�SURFHVVR�
GH� UHWURFHVVRV� HP� UHODomR� j� LPSOHPHQWDomR� GH� XPD� DGPLQLVWUDomR� S~EOLFD�
JHUHQFLDO�QR�%UDVLO��(VVDV�PHGLGDV�LQFOXtUDP��
x� 5HGXomR�GR�WDPDQKR�GD�PiTXLQD�HVWDWDO��
x� 5HGXomR�GRV�VDOiULRV�GRV�VHUYLGRUHV�S~EOLFRV��
x� 5HGXomR�GR�Q~PHUR�GH�VHUYLGRUHV�S~EOLFRV��
$FRQWHFH� TXH� HVVH� SURFHVVR� JHURX� XP� GHVPRQWH� GD� FDSDFLGDGH� GH�
DWXDomR�GR�(VWDGR��DOpP�GH�UHGXQGDU�HP�PLOKDUHV�GH�Do}HV�MXGLFLDLV�FRQWUD�R�
JRYHUQR��TXH�DWp�KRMH�p�REULJDGR�D�DFHLWDU�VHUYLGRUHV�GHPLWLGRV�³FRQWUD�D�OHL´�
QDTXHOD� pSRFD�� SDJDQGR� LQGHQL]Do}HV� PLOLRQiULDV� SRU� FRQWD� GR� WHPSR� QmR�
WUDEDOKDGR�SHOR�VHUYLGRU��
$SyV� D� GHVWLWXLomR� GH� &ROORU� GR� SRGHU�� R� JRYHUQR� ,WDPDU� )UDQFR�
������������EXVFRX�UHFRPSRU�D�UHPXQHUDomR�GR�VHUYLGRU�S~EOLFRV�TXH�KDYLD�
VLGR�YLROHQWDPHQWH�UHGX]LGD�QR�JRYHUQR�DQWHULRU��
e�DSHQDV�QR�*RYHUQR�)HUQDQGR�+HQULTXH�&DUGR]R��)+&��TXH�VH�YROWD�
D� IDODU� HP� XP� PRYLPHQWR� GH� UHIRUPD� DGPLQLVWUDWLYD� UXPR� D� XPD�
DGPLQLVWUDomR�JHUHQFLDO��SRU�PHLR�GR�3ODQR�'LUHWRU�GD�5HIRUPD�GR�$SDUHOKR�GR�
(VWDGR��3'5$(���
�
�����2� 3ODQR� 'LUHWRU� GD� 5HIRUPD� GR� $SDUHOKR� GR� (VWDGR�
�3'5$(��
-i�QR�LQtFLR�GR�JRYHUQR�)+&��HP�������R�0LQLVWpULR�GD�$GPLQLVWUDomR�
)HGHUDO� H� 5HIRUPD� GR� (VWDGR� �0$5(��� FDSLWDQHDGR� SHOR� 0LQLVWUR� /XLV� &DUORV�
%UHVVHU�3HUHLUD�� SURS}H� XPD� QRYD� UHIRUPD� DGPLQLVWUDWLYD� SDUD� R� (VWDGR�
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ�  Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?�
�
� � �
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?�
%UDVLOHLUR�� SDUWLQGR� GR� SULQFtSLR� GD� FULVH� GR� (VWDGR� H� FRPSUHHQGHQGR� D�
QHFHVVLGDGH�GH�PHOKRUDU�VXD�HILFLrQFLD��HILFiFLD�H�HIHWLYLGDGH���
3DUD� LVVR��DLQGD�HP������� IRL� FULDGR�R�3ODQR�'LUHWRU�GD�5HIRUPD�GR�
$SDUHOKR� GR� (VWDGR� �3'5$(��� TXH� EXVFDYD� HQIUHQWDU� HVSHFLILFDPHQWH� R�
HQFDUHFLPHQWR�GR� FXVWHLR�GD�PDTXLQD�DGPLQLVWUDWLYD�H�D�EDL[D�HILFLrQFLD�GRV�
VHUYLoRV� S~EOLFRV��2� QRYR� IRFR� GHYHULD� HVWDU� HP� UHGX]LU� R� FXVWR� GD�PiTXLQD�
HVWDWDO�H�DXPHQWDU�QmR�Vy�VXD�HILFLrQFLD�H�HILFiFLD��PDV�WDPEpP�D�HIHWLYLGDGH�
GDV�Do}HV�S~EOLFDV��TXH�GHYHULDP�HVWDU�YROWDGDV�SDUD�R�FLGDGmR�H�QmR�SDUD�Vt�D�
SUySULD�DWXDomR�HVWDWDO��
$� JUDQGH� LQVSLUDomR� GR� 3'5$(� HUDP� DV� PRGHUQDV� GLVFXVV}HV�
EULWkQLFDV� H� DPHULFDQDV� VREUH� D� 1RYD� *HVWmR� 3~EOLFD�� FRQVLGHUDQGR� R�
SDUDGLJPD�JHUHQFLDO�GH�XPD�IRUPD�SUDJPiWLFD�H�DSOLFDGD�j�JHVWmR�S~EOLFD��
$�UHIRUPD�GR�DSDUHOKR�GR�HVWDGR�SURSRVWD�SHOR�3'5$(�SDVVDULD�HQWmR�
SHODV�VHJXLQWHV�GLPHQV}HV��
���'LPHQVmR� LQVWLWXFLRQDO�OHJDO�� UHODFLRQDGD�DRV�REVWiFXORV�GH�
RUGHP�OHJDO�SDUD�R�DOFDQFH�GH�XPD�PDLRU�HILFLrQFLD�GR�DSDUHOKR�
GR� (VWDGR�� 4XHVW}HV� FRPR� UHJLPH� MXUtGLFR� GRV� VHUYLGRUHV��
UHJUDV�GH�OLFLWDomR��HVWDELOLGDGH�DEVROXWD�GRV�VHUYLGRUHV��HWF���VH�
HQFRQWUDP�QHVVD�GLPHQVmR��
���'LPHQVmR� FXOWXUDO�� GHILQLGD� SHOD� FRH[LVWrQFLD� GH� YDORUHV�
SDWULPRQLDOLVWDV� H� SULQFLSDOPHQWH� EXURFUiWLFRV� FRP� QRYRV�
YDORUHV� JHUHQFLDLV� H� PRGHUQRV� QD� DGPLQLVWUDomR� S~EOLFD�
EUDVLOHLUD�� 'HYHULD� KDYHU� XPD� PXGDQoD� FXOWXUDO� SDUD� TXH� RV�
SULQFtSLRV� GD� DGPLQLVWUDomR� S~EOLFD� JHUHQFLDO� IRVVHP�
FRPSOHWDPHQWH� DFHLWRV� H� D� YLVmR� SDWULPRQLDOLVWD� IRVVH�
FRPSOHWDPHQWH�UHMHLWDGD��
���'LPHQVmR� JHUHQFLDO� �RX� GLPHQVmR�JHVWmR��� p� XPD�
GLPHQVmR� DVVRFLDGD� jV� SUiWLFDV� DGPLQLVWUDWLYDV��'L]� UHVSHLWR� D�
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ�  Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?�
�
� � �
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?�
³FRPR� ID]HU´� QD�DGPLQLVWUDomR�S~EOLFD��$�ERD�JHVWmR�p� DTXHOD�
TXH� GHILQH� FODUDPHQWH� RV� REMHWLYRV�� UHFUXWD� DV� PHOKRUHV�
SHVVRDV� SRU� PHLR� GH� FRQFXUVR� S~EOLFR� RX� SURFHVVRV� VHOHWLYRV��
WUHLQD� SHUPDQHQWHPHQWH� RV� IXQFLRQiULRV�� GHVHQYROYH� VLVWHPDV�
GH�PHGLomR�FRP�P~OWLSODV�DERUGDJHQV�H�FREUD�RV�UHVXOWDGRV��
�
&RQVLGHUD�VH� TXH� KRXYH� VXFHVVR� QDV� GLPHQV}HV� LQVWLWXFLRQDO� H�
FXOWXUDO�� PDV� D� GLPHQVmR� JHUHQFLDO� QmR� REWHYH� R� VXFHVVR� GHVHMDGR�� SRLV� DV�
IHUUDPHQWDV� QmR� SXGHUDP� VHU� SHUIHLWDPHQWH� LQVWDODGDV� QD� DGPLQLVWUDomR�
S~EOLFD�EUDVLOHLUD��TXH�FRQWLQXRX�FRP�XPD�EDVH�UDFLRQDO�OHJDO��
&RPR�FRQVHTXrQFLD�GHVVD�YLVmR��R�3'5$(� LGHQWLILFRX�TXDWUR�VHWRUHV�
HP�TXH�R�(VWDGR�RSHUD��FDGD�XP�FRP�FDUDFWHUtVWLFDV�GLVWLQWDV��TXH�MXVWLILFDYD�
UHJLPHV�GH�SURSULHGDGH�H�WLSRV�GH�LQVWLWXLo}HV�GLVWLQWDV�RSHUDQGR�GHQWUR�GHOHV��
$� LGHLD� FHQWUDO� HUD� TXH� R� (VWDGR� GHYHULD� VH� SUHRFXSDU� PDLV� FRP� R� TXH� p� R�
SDSHO� FHQWUDO� GR� (VWDGR�� UHGX]LQGR� VHXV� FXVWRV� H� LQHILFLrQFLDV� DR� GHL[DU� GH�
RSHUDU�RQGH�D�LQLFLDWLYD�SULYDGD�SRGHULD�ID]r�OR�FRP�PDLRU�HILFLrQFLD�H�HILFiFLD���
$VVLP�� R� 3'5$(�� EXVFDQGR� LQWURGX]LU� QD� FRQILJXUDomR� GR� (VWDGR�
%UDVLOHLUR� FDUDFWHUtVWLFDV� PDLV� PRGHUQDV� HP� EXVFD� GH� PDLRU� HILFLrQFLD�
RSHUDFLRQDO�� LGHQWLILFRX� RV� VHJXLQWHV� VHWRUHV� HP� TXH� R� HVWDGR� DWXDYD�� ��� R�
Q~FOHR�HVWUDWpJLFR�����DV�DWLYLGDGHV�H[FOXVLYDV�����RV�VHUYLoRV�QmR�H[FOXVLYRV��
H����R�VHWRU�GH�SURGXomR�GH�EHQV�H�VHUYLoRV�SDUD�R�PHUFDGR��
2� Q~FOHR� HVWUDWpJLFR� GR� HVWDGR� IRL� FDUDFWHUL]DGR� FRPR� VHQGR� R�
VHWRU�TXH�GHILQH�DV� OHLV�H�DV�SROtWLFDV�S~EOLFDV�� FREUDQGR�GD�SRSXODomR�R�VHX�
FXPSULPHQWR�� e� QHVWH� VHWRU� TXH� DV� GHFLV}HV� HVWUDWpJLFDV� VmR� WRPDGDV�� SRU�
LVWR��D�HIHWLYLGDGH�GDV�GHFLV}HV�p�XPD�GDV�FDUDFWHUtVWLFDV�PDLV�PDUFDQWHV�QD�
VXD� IRUPD� GH� JHVWmR�� 2� UHJLPH� GH� SURSULHGDGH� WtSLFR� GHVWH� VHWRU� p� D�
SURSULHGDGH�S~EOLFD� HVWDWDO��XPD� YH]� TXH� QmR� VH�GHYHP�GHOHJDU� DV�GHFLV}HV�
HVWUDWpJLFDV�� $V� LQVWLWXLo}HV� TXH� SUHYDOHFHP� QHVWH� VHWRU� VmR� RV� yUJmRV�
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ�  Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?�
�
� � �
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?�
S~EOLFRV�� 1HVVH� VHWRU�� DR� FRQWUiULR� GRV� GHPDLV�� D� DGPLQLVWUDomR� EXURFUiWLFD�
GHYHULD�FRQWLQXDU�H[LVWLQGR�HP�FRQMXQWR�FRP�D�DGPLQLVWUDomR�JHUHQFLDO��SRLV�D�
EXURFUDFLD� SRVVLELOLWD� XPD� PDLRU� VHJXUDQoD� H� HIHWLYLGDGH� GDV� GHFLV}HV�� 1RV�
GHPDLV�VHWRUHV��TXH�YRFrV�YHUmR�D�VHJXLU��D� UHJUD�p�D�DGPLQLVWUDomR�S~EOLFD�
JHUHQFLDO�H�R�FRQWUROH�GH�UHVXOWDGRV�DR�LQYpV�GR�FRQWUROH�GH�SURFHVVRV��
1D�iUHD�GDV�DWLYLGDGHV�H[FOXVLYDV�p�TXH�R�(VWDGR�SUHVWD�VHUYLoRV�
JRYHUQDPHQWDLV�WtSLFRV�j�VRFLHGDGH��e�QHOD�TXH�VmR�UHDOL]DGDV�DV�DWLYLGDGHV�GH�
ILVFDOL]DomR��UHJXODPHQWDomR�H�IRPHQWR��FRPR�QD�SUHYLGrQFLD�VRFLDO��R�VHUYLoR�
GH�WUkQVLWR��HWF��$TXL�D�HILFLrQFLD�VH�WRUQD�IXQGDPHQWDO��RV�VHUYLoRV�GHYHP�VHU�
H[HFXWDGRV�� FRQIRUPH� GHILQLGR� SHOR� Q~FOHR� HVWUDWpJLFR�� FRP� R� PHQRU� XVR�
SRVVtYHO�GH�UHFXUVRV��HP�EXVFD�GH�XPD�yWLPD�UHODomR�HQWUH�FXVWR�H�EHQHItFLR��
2�UHJLPH�GH�SURSULHGDGH�GHVWH�VHWRU�p�R�S~EOLFR�HVWDWDO��XPD�YH]�TXH�DTXL�VH�
WRPDP�GHFLV}HV�TXH�HQYROYHP�R�3RGHU�([WURYHUVR�GR�(VWDGR�H�VXD�FDSDFLGDGH�
GH�IRUPDU��XQLODWHUDOPHQWH��REULJDo}HV�SDUD�WHUFHLURV��,QVWLWXLo}HV�TXH�GHYHP�
SUHYDOHFHU�QHVWH�VHWRU�VmR�RV�yUJmRV�S~EOLFRV�H�DV�DJrQFLDV�DXW{QRPDV��
1R�VHWRU�GH�VHUYLoRV�QmR�H[FOXVLYRV��R�(VWDGR�GHYHULD� UHDOL]DU�D�SXEOLFL]DomR� SDUD� DWXDU� DWUDYpV� GH� RUJDQL]Do}HV� S~EOLFDV� QmR� HVWDWDLV�� DV�
2UJDQL]Do}HV� 6RFLDLV�� DR� PHVPR� WHPSR� HP� TXH� DV� RUJDQL]Do}HV� SULYDGDV�
FRQWLQXDULDP�PDQWHQGR�VXD�SUHVWDomR�GH�VHUYLoR�QR�VHWRU��(VWHV�VHUYLoRV�VmR�
FDUDFWHUL]DGRV�SRU�QmR�VHUHP�H[FOXVLYRV�GR�(VWDGR��PDV�HQYROYHUHP�DVSHFWRV�
JRYHUQDPHQWDLV��FRPR�VD~GH�H�HGXFDomR��$TXL� WDPEpP�VH�EXVFD�D�HILFLrQFLD�
QD� DSOLFDomR� GRV� UHFXUVRV� S~EOLFRV� QDV� SROtWLFDV� GHOLQHDGDV� QR� Q~FOHR�
HVWUDWpJLFR�� 2� UHJLPH� GH� SURSULHGDGH� TXH� GHYH� VHU� DGRWDGR� QHVWH� VHWRU� p� R�
S~EOLFR�QmR�HVWDWDO��RQGH�R�(VWDGR�FRQWLQXD�GHWHQGR�R�SRGHU�GH�LQIOXrQFLD��PDV�
R� FRQWUROH� VRFLDO� p�PDLRU� H� D� IOH[LELOLGDGH�GH�JHVWmR� WDPEpP��$V� LQVWLWXLo}HV�
WtSLFDV�TXH�VH�YHULILFDP�DTXL�VmR�DV�RUJDQL]Do}HV�VRFLDLV��
-i� R� VHWRU� GH�SURGXomR� GH�EHQV� H� VHUYLoRV� SDUD� R� PHUFDGR� p�
FDUDFWHUL]DGR� SHODV� DWLYLGDGHV� HFRQ{PLFDV� YROWDGDV� SDUD� R� OXFUR�� PDV� TXH�
DLQGD�SHUPDQHFHP�QD�HVWUXWXUD�GR�(VWDGR�SRU�UD]}HV�GLYHUVDV��1HVWD�iUHD��R�
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ�  Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?�
�
� � �
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?�
UHJLPH� GH� SURSULHGDGH� GHYH� VHU� R� SULYDGR�� GDGD� D� SRVVLELOLGDGH� GH�
FRRUGHQDomR� YLD� PHUFDGR�� $V� LQVWLWXLo}HV� SUHVHQWHV� QHVWH� VHWRU� VmR� DV�
HPSUHVDV�� H� R� (VWDGR� Vy� GHYHULD� DWXDU� QHVVH� VHWRU� TXDQGR� H[WUHPDPHQWH�
QHFHVViULR��
3DUD� D� H[HFXomR� SURSULDPHQWH� GLWD� GR� SODQR� IRUDP� SUHYLVWRV� WUrV�
SURMHWRV� SULQFLSDLV� GH� UHIRUPD� SDUD� VHUHP� LPSODQWDGRV�� ³$YDOLDomR�
(VWUXWXUDO´�� ³$JrQFLDV� $XW{QRPDV´� H� ³2UJDQL]Do}HV� 6RFLDLV´�� &DGD� XP� GHOHV�
VHUi�H[SOLFDGR�QDV�SUy[LPDV�OLQKDV��
2�SURMHWR�³$YDOLDomR�(VWUXWXUDO´�FRQVLVWLD�HP�H[DPLQDU��GH�IRUPD�
JOREDO�� D� HVWUXWXUD� GR� DSDUHOKR� GR� (VWDGR�� WHQGR� FRPR� REMHWLYRV� DQDOLVDU� DV�
PLVV}HV� GRV� yUJmRV� H� HQWLGDGHV� JRYHUQDPHQWDLV�� FRP� IRFR� HP� LGHQWLILFDU�
VXSHUSRVLo}HV�� LQDGHTXDomR� GH� IXQo}HV� H� SRVVLELOLGDGHV� GH� GHVFHQWUDOL]DomR��
SDUD�GDU�DR�(VWDGR�XPD�HVWUXWXUD�RUJDQL]DFLRQDO�PRGHUQD��iJLO��H�SHUPHiYHO�j�
SDUWLFLSDomR� SRSXODU�� $� RSHUDFLRQDOL]DomR� GHVWH� SURMHWR� GHYHULD� VH� GDU� GH�
IRUPD�SHUPDQHQWH��SRU�PHLR�GD�HODERUDomR�GH�UHVSRVWDV�D�GLYHUVDV�SHUJXQWDV�
VREUH� RV� yUJmRV� H� DWLYLGDGHV� GR� (VWDGR�� GH� PRGR� TXH� VH� SXGHVVH� FKDJDU� D�
SURSRVWDV� GH� H[WLQomR�� SULYDWL]DomR�� SXEOLFL]DomR�� GHVFHQWUDOL]DomR��
LQFRUSRUDomR�H�FULDomR�GH�yUJmRV�QD�$GPLQLVWUDomR�3~EOLFD��
2� SURMHWR� ³$JrQFLDV� $XW{QRPDV´�� SRU� VXD� YH]�� QDVFHX� GD�
QHFHVVLGDGH� GH� PDLRU� DXWRQRPLD� GH� JHVWmR� FRP� EDVH� QD� UHVSRQVDELOL]DomR�
SHORV�UHVXOWDGRV��$WXDQGR�GH�IRUPD�YHUWLFDO�QR�QtYHO�GDV�DWLYLGDGHV�H[FOXVLYDV�
GH� (VWDGR�� VHX� REMHWLYR� SULQFLSDO� IRL� D� WUDQVIRUPDomR� GH� DXWDUTXLDV� H�
IXQGDo}HV�S~EOLFDV�H[HFXWRUDV�GH�DWLYLGDGHV�H[FOXVLYDV�GH�(VWDGR�HP�DJrQFLDV�
DXW{QRPDV��(P�WHRULD��HVVDV�DJrQFLDV�VHULDP�GRWDGDV�GH�PDLRU�IOH[LELOLGDGH�GH�
JHVWmR�H��SRU�LVVR��WHULDP�PDLV�IDFLOLGDGH�SDUD�DWLQJLU�RV�ILQV�S~EOLFRV�DRV�TXDLV�
VH�GHVWLQDULDP��
2� ~OWLPR� GRV� SURMHWRV� EiVLFRV�� LQWLWXODGR� ³2UJDQL]Do}HV� 6RFLDLV´��
EXVFDYD� DWXDU� QR� QtYHO� GRV� VHUYLoRV� QmR� H[FOXVLYRV� GR� (VWDGR�� VHQGR�
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ�  Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?�
�
� � �
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?�
DFRPSDQKDGR�� QHVWH� FDVR�� SRU� XP� SURJUDPD� GH� SXEOLFL]DomR� GRV� UHIHULGRV�
VHUYLoRV��RX�VHMD��VXD�WUDQVIHUrQFLD�GR�VHWRU�HVWDWDO�SDUD�R�QmR�HVWDWDO��RQGH�
DV� RUJDQL]Do}HV� VRFLDLV� DVVXPLULDP� R� FRQWUROH� GHVVDV� IXQo}HV� S~EOLFDV�� 2�
SULQFLSDO� REMHWLYR� GHVWH� SURMHWR� HUD� SHUPLWLU� D� GHVFHQWUDOL]DomR� GH� DWLYLGDGHV�
QmR� H[FOXVLYDV�� RQGH� QmR� H[LVWH� R� 3RGHU� ([WURYHUVR� GR� (VWDGR� ±� GH��
XQLODWHUDOPHQWH�� FULDU� REULJDo}HV� SDUD� WHUFHLURV�� 2� SUHVVXSRVWR� FHQWUDO� p� GH�
TXH�RV�VHUYLoRV�S~EOLFRV��QHVVH�FDVR��VHUmR�UHDOL]DGRV�GH�IRUPD�PDLV�HILFLHQWH�
VH� H[HFXWDGRV� SHOR� VHWRU� S~EOLFR� QmR� HVWDWDO�� VHQGR� PDQWLGR� R� VHX�
ILQDQFLDPHQWR�SRU�SDUWH�GR�(VWDGR��
&RPR� FRQVHTXrQFLD� GR� 3'5$(�� IRL� HGLWDGD� H� SURPXOJDGD� D�(PHQGD�
&RQVWLWXFLRQDO�QR�����GH�������TXH�UHDOL]RX�DOJXPDV�LPSRUWDQWHV�PXGDQoDV�QD�
GLPHQVmR�LQVWLWXFLRQDO�OHJDO�GD�DGPLQLVWUDomR�S~EOLFD��FRPR��
��� ,QFOXVmR�GR�SULQFtSLR�GD�HILFLrQFLD�QD�&RQVWLWXLomR��
��� 3UHYLVmR� GH� XPD� /HL� TXH� WUDWH� GD� SDUWLFLSDomR� GR� XVXiULR� QD�
DGPLQLVWUDomR� S~EOLFD� �FRPR� IRUPD� GH� FRQWUROH� VRFLDO�IRFR� QR�
FOLHQWH�FLGDGmR���
��� 3UHYLVmR� GH� PDLRU� DXWRQRPLD� JHUHQFLDO�� RUoDPHQWiULD� H�
ILQDQFHLUD� DWUDYpV� GR� XVR� GH� FRQWUDWRV� GH� JHVWmR� �DFRUGR�
SURJUDPD���YLVDQGR�PDLRU�IRFR�HP�UHVXOWDGRV��
��� )LP� GR� 5HJLPH� -XUtGLFR� ÒQLFR� GRV� VHUYLGRUHV� FLYLV� �TXH� IRL�
GHUUXEDGR�SHOR�67)��YROWDQGR��SRUWDQWR��R�5-8���
��� &ULDomR�GH�QRYDV�SRVVLELOLGDGHV�GH�SHUGD�GR�FDUJR�S~EOLFR�SHOR�
VHUYLGRU��
D�� 3RU�PHLR�GH�DYDOLDomR�SHULyGLFD�GH�GHVHPSHQKR��
E�� ([RQHUDomR� GRV� VHUYLGRUHV� S~EOLFRV� HP� YLUWXGH� GH�
H[FHVVR� GH� JDVWRV� GH� SHVVRDO� D� VHUHP� GHILQLGRV� HP� /HL�
&RPSOHPHQWDU��QR�FDVR��D�/HL�GH�5HVSRQVDELOLGDGH�)LVFDO��
/HL� &RPSOHPHQWDU� ����������� $� FRQVWLWXLomR� SDVVRX� D�
SRVVLELOLWDU� D� H[RQHUDomR� WDQWR� GH� VHUYLGRUHV� HVWiYHLV�
TXDQWR�GH�QmR�HVWiYHLV��HP�FDVRV�HVSHFtILFRV��
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ�  Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?�
�
� � �
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?�
�
2� 0$5(� DSUHVHQWRX� DV� SULQFLSDLV� PXGDQoDV� FRQVWLWXFLRQDLV� QD�
$GPLQLVWUDomR� 3~EOLFD� FRPR� FRQVHTXrQFLD� GD� (&� ��� HP� XP� WH[WR�
�KWWS���ZZZ�EUHVVHUSHUHLUD�RUJ�EU�GRFXPHQWV�PDUH�FDGHUQRVPDUH�FDGHUQR���
SGI���'DGD�D� LPSRUWkQFLD�SDUD�FRQFXUVRV�GH� WXGR�TXH�p�FRORFDGR�QR�TXDGUR�
UHVXPR�GR�WH[WR�RULJLQDO��RSWHL�SRU�WUDQVFUHYr�OR�DTXL��
5HYLVmR�GDV�5HJUDV�GD�(VWDELOLGDGH�GR�6HUYLGRU��
���([LJrQFLD�GH���DQRV�SDUD�DTXLVLomR�GD�HVWDELOLGDGH��)LFD�DPSOLDGR�
SDUD���DQRV�R�SHUtRGR�UHTXHULGR�SDUD�DTXLVLomR�GD�HVWDELOLGDGH��SHOR�VHUYLGRU�
S~EOLFR���
��� $YDOLDomR� GH� GHVHPSHQKR� SDUD� DTXLVLomR� GD� HVWDELOLGDGH�� $�
DYDOLDomR�GH�GHVHPSHQKR�SDVVD�D�VHU�H[LJLGD�FRPR�UHTXLVLWR�SDUD�D�DTXLVLomR�
GD�HVWDELOLGDGH���
���$YDOLDomR�GH�GHVHPSHQKR�SHULyGLFD�GR�VHUYLGRU��2�VHUYLGRU�SRGHUi�
SHUGHU� R� FDUJR� SRU� PRWLYR� GH� LQVXILFLrQFLD� GH� GHVHPSHQKR�� DSXUDGD� HP�
SURFHGLPHQWR�GH�DYDOLDomR�SHULyGLFD���
��� *DUDQWLDV� HVSHFLDLV� SDUD� VHUYLGRUHV� HP� DWLYLGDGHV� H[FOXVLYDV� GH�
(VWDGR��3RGHUmR�VHU�GHILQLGRV�FULWpULRV�H�JDUDQWLDV�HVSHFLDLV�D�HVWHV�VHUYLGRUHV��
QRV� FDVRV� GH� GHPLVVmR� SRU� H[FHVVR� GH� GHVSHVDV� H� SRU� LQVXILFLrQFLD� GH�
GHVHPSHQKR���
���'LVSRQLELOLGDGH�FRP�UHPXQHUDomR�SURSRUFLRQDO��$�UHPXQHUDomR�GRV�
VHUYLGRUHV� HP� GLVSRQLELOLGDGH� SDVVD� D� VHU� FDOFXODGD� SURSRUFLRQDOPHQWH� DR�
WHPSR�GH�VHUYLoR��
&RQWUROH�GRV�*DVWRV�H�(TXLOtEULR�GDV�&RQWDV�3~EOLFDV��
���5HGXomR�GH�GHVSHVDV�FRP�FDUJRV�HP�FRQILDQoD��$�8QLmR��(VWDGRV��
'LVWULWR� )HGHUDO� H� 0XQLFtSLRV�� QR� FDVR� GH� GHVFXPSULPHQWR� GRV� OLPLWHV� GH�
GHVSHVDV�FRP�SHVVRDO��IL[DGRV�HP�OHL�FRPSOHPHQWDU��GHYHUmR�UHGX]LU�HP�SHOR�
PHQRV�����DV�GHVSHVDV�FRP�FDUJRV�HP�FRPLVVmR�H�IXQo}HV�GH�FRQILDQoD���
���([RQHUDomR�GH�VHUYLGRUHV�QmR�HVWiYHLV��$OpP�GR�UHIHULGR�QR� LWHP�
DQWHULRU�� GHYHUmR� VHU� H[RQHUDGRV� RV� VHUYLGRUHV� DGPLWLGRV� VHP� FRQFXUVR�
S~EOLFR��TXH�QmR�WHQKDP�DGTXLULGR�D�HVWDELOLGDGH�SRU�IRUoD�GD�&RQVWLWXLomR�GH�
�������
���3HUPLVVmR�SDUD�H[RQHUDomR�GH�VHUYLGRUHV�HVWiYHLV��3RGHUi�RFRUUHU�
D�H[RQHUDomR�GH�VHUYLGRUHV�HVWiYHLV��VH�HVJRWDGDV�DV�PHGLGDV�GH�DMXVWDPHQWR�
SUHYLVWDV�QRV�LWHQV���H���SUHFHGHQWHV���
��� ,QGHQL]DomR�SDUD�SHUGD�GR�FDUJR�SRU�VHUYLGRU�HVWiYHO��2�VHUYLGRU�HVWiYHO� TXH� SHUGHU� R� FDUJR�QD� KLSyWHVH� SUHYLVWD�QR� LWHP�DQWHULRU�� IDUi� MXV� D�
LQGHQL]DomR�GH�XP�PrV�GH�UHPXQHUDomR�SRU�DQR�GH�VHUYLoR��
��� ([WLQomR� GH� FDUJRV� H� SURLELomR� GH� VXD� UHFULDomR�� 2V� FDUJRV�
RFXSDGRV�SRU�VHUYLGRUHV�H[RQHUDGRV�FRP�YLVWDV�DR�FXPSULPHQWR�GRV�OLPLWHV�GH�
GHVSHVD� IL[DGRV� SHOD� OHL� FRPSOHPHQWDU�� VHUmR� H[WLQWRV� H� QmR� SRGHUmR� VHU�
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ�  Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?�
�
� � �
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?�
UHFULDGRV� FRP� DWULEXLo}HV� LJXDLV� RX� DVVHPHOKDGDV�� GXUDQWH� R� SHUtRGR� GH� ��
DQRV���
���6XVSHQVmR�GH�UHSDVVHV�GH�YHUEDV�SDUD�(VWDGRV�H�0XQLFtSLRV��6HUmR�
VXVSHQVRV� RV� UHSDVVHV� GH� YHUEDV� IHGHUDLV� H� HVWDGXDLV� DRV� (VWDGRV�� 'LVWULWR�
)HGHUDO�H�0XQLFtSLRV�TXH�QmR�SURPRYHUHP�R�DMXVWH�GH�VXDV�FRQWDV�DRV�OLPLWHV�
GH� GHVSHVDV� FRP� SHVVRDO�� SUHYLVWRV� HP� OHL� FRPSOHPHQWDU�� HVJRWDGR� R� SUD]R�
SUHYLVWR�QD�UHIHULGD�OHL���
��� 3URLELomR� GH� DX[tOLR� ILQDQFHLUR� SDUD� SDJDPHQWR� GH� SHVVRDO�� )LFD�
SURLELGD�D�WUDQVIHUrQFLD�YROXQWiULD�GH�UHFXUVRV�RX�D�FRQFHVVmR�GH�HPSUpVWLPRV�
HQWUH�HQWHV� IHGHUDGRV��SDUD�SDJDPHQWR�GH�GHVSHVDV�GH�SHVVRDO�GRV�(VWDGRV��
'LVWULWR�)HGHUDO�H�0XQLFtSLRV��
1RYRV�/LPLWHV�H�&ULWpULRV�SDUD�D�)L[DomR�GDV�5HPXQHUDo}HV�
��� ([LJrQFLD� GH� OHL� SDUD� IL[DomR� RX� DOWHUDomR� GH� UHPXQHUDomR� GH�
VHUYLGRU�� )LFD� HVWDEHOHFLGD� D� H[LJrQFLD� GH� DSURYDomR� GH� SURMHWR� GH� OHL�
HVSHFtILFR�� VXMHLWR� D� YHWR� SUHVLGHQFLDO�� SDUD� D� IL[DomR� RX� DOWHUDomR� GH�
UHPXQHUDomR�GRV�VHUYLGRUHV�S~EOLFRV�H�PHPEURV�GH�3RGHU���
���7HWR�GH�UHPXQHUDomR�~QLFR��UHIHUHQFLDGR�QR�VXEVtGLR�GRV�0LQLVWURV�
GR� 67)�� e� GHILQLGD� QRYD� UHJUD� SDUD� R� WHWR� GH� UHPXQHUDomR�� TXH� VHUi�
HTXLYDOHQWH�DR�YDORU�GR�VXEVtGLR�IL[DGR�SDUD�RV�0LQLVWURV�GR�6XSUHPR�7ULEXQDO�
)HGHUDO�� ILFDQGR�VXEPHWLGRV�DR�PHVPR�RV�WUrV�3RGHUHV�H�RV�(VWDGRV��'LVWULWR�
)HGHUDO� H� 0XQLFtSLRV�� $OpP� GLVVR�� VHUmR� HQTXDGUDGRV� QR� WHWR� DV� YDQWDJHQV�
SHVVRDLV� RX� GH� TXDOTXHU� RXWUD� QDWXUH]D� H� DV� VLWXDo}HV� GH� DFXPXODomR� GH�
UHPXQHUDo}HV�RX�GH�SURYHQWRV���
���5HPXQHUDomR�QD�IRUPD�GH�VXEVtGLR��SDUD�GHWHUPLQDGDV�FDWHJRULDV��
$� UHPXQHUDomR�QD� IRUPD�GHQRPLQDGD� VXEVtGLR�� QmR� SHUPLWLGR�TXDLVTXHU� WLSR�
GH�DFUpVFLPR��DGLFLRQDO�RX�SDUFHOD�UHPXQHUDWyULD��VHUi�DSOLFDGD�D�PHPEURV�GH�
3RGHU�� GHWHQWRUHV� GH� PDQGDWR� HOHWLYR�� 0LQLVWURV�� 6HFUHWiULRV� HVWDGXDLV� H�
PXQLFLSDLV��H�RXWURV�FDUJRV�H�FDWHJRULDV�SUHYLVWRV�QD�&RQVWLWXLomR�RX�HP�OHL���
���(QTXDGUDPHQWR�GDV�UHPXQHUDo}HV�DR�QRYR�WHWR��$V�UHPXQHUDo}HV�
H� VXEVtGLRV� VHUmR� HQTXDGUDGRV� QR� QRYR� WHWR� FRQVWLWXFLRQDO�� SRGHQGR� KDYHU�
UHGXomR�QRPLQDO�GH�YDORU���
��� 3URLELomR� GH� YDQWDJHQV� FRP� LQFLGrQFLD� FXPXODWLYD�� $V� YDQWDJHQV�
TXH�FRPSOHPHQWDP�R�YHQFLPHQWR�GR�VHUYLGRU�QmR�SRGHUmR�VHUYLU�GH�UHIHUrQFLD�
SDUD� D� IL[DomR� GR� YDORU� GH� YDQWDJHQV� XOWHULRUHV�� RX� VHMD�� VRPHQWH� R�
YHQFLPHQWR�SRGH�VHU�XVDGR�FRPR�EDVH�SDUD�R� FiOFXOR�GR�YDORU�GH�YDQWDJHQV�
TXH�LQWHJUHP�D�UHPXQHUDomR��
����3ROtWLFD�GH�UHPXQHUDomR�GRV�VHUYLGRUHV��2�VLVWHPD�UHPXQHUDWyULR�
GRV�VHUYLGRUHV�GHYHUi�FRPSUHHQGHU�D� IL[DomR�GH�SDGU}HV�GH�YHQFLPHQWR�TXH�
FRQVLGHUHP� DV� SHFXOLDULGDGHV�� FRPSOH[LGDGH�� UHVSRQVDELOLGDGH� H� H[LJrQFLDV�
SDUD�D�LQYHVWLGXUD�HP�FDGD�FDUJR���
���&RQVHOKR�GH�SROtWLFD�GH�DGPLQLVWUDomR�H�UHPXQHUDomR�GH�SHVVRDO��
6HUi� LQVWLWXtGR� R� UHIHULGR� FRQVHOKR� QD� 8QLmR�� (VWDGRV�� 'LVWULWR� )HGHUDO� H�
0XQLFtSLRV�� FRP� SDUWLFLSDomR� GH� VHUYLGRUHV� GHVLJQDGRV� SHORV� UHVSHFWLYRV�
3RGHUHV��
)OH[LELOL]DomR�GR�5HJLPH�GH�$GPLVVmR�GRV�6HUYLGRUHV�
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ�  Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?�
�
� � �
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?�
���6XSUHVVmR�GD�SUHYLVmR�GH�UHJLPH�MXUtGLFR�~QLFR�SDUD�DGPLVVmR�GH�
VHUYLGRUHV��'HL[D�GH�VHU�REULJDWyULD�D�DGRomR�GH�UHJLPH�MXUtGLFR�~QLFR�SDUD�RV�
VHUYLGRUHV�GD�DGPLQLVWUDomR�S~EOLFD�GLUHWD��DXWiUTXLFD�H�IXQGDFLRQDO���
���3HUPLVVmR�SDUD�UHTXLVLWRV�GLIHUHQFLDGRV�GH�DGPLVVmR�GR�VHUYLGRU��$�
OHL�SRGHUi�IL[DU�UHTXLVLWRV�GLIHUHQFLDGRV�SDUD�DGPLVVmR�GR�VHUYLGRU��TXDQGR�DV�
FDUDFWHUtVWLFDV�GR�FDUJR�DVVLP�R�H[LJLUHP���
��� $GHTXDomR� GR� FRQFXUVR� S~EOLFR� j� QDWXUH]D� H� FRPSOH[LGDGH� GR�
FDUJR�� 3HUPLWH� D� UHJXODPHQWDomR� HP� OHL� GRV� SURFHGLPHQWRV� GR� FRQFXUVR�
S~EOLFR�GH�PRGR�D�FRQVLGHUDU��HP�FDGD�FDVR��D�QDWXUH]D�H�D�FRPSOH[LGDGH�GR�
FDUJR�RX�HPSUHJR��
3URILVVLRQDOL]DomR�GD�)XQomR�3~EOLFD�
��� 5HVHUYD� GH� FDUJRV� H� IXQo}HV� SDUD� VHUYLGRUHV� GH� FDUUHLUD�� )LFD�
SUHYLVWD� D� RFXSDomR� GDV� IXQo}HV�GH� FRQILDQoD�H[FOXVLYDPHQWH�SRU� VHUYLGRUHV�
GHWHQWRUHV�GH�FDUJR�HIHWLYR�H�D� IL[DomR�GH�SHUFHQWXDO�PtQLPR�GRV�FDUJRV�HP�
FRPLVVmR��SDUD�VHUYLGRUHV�GH�FDUUHLUD���
���$WULEXLo}HV�GRV�FDUJRV�HP�FRPLVVmR�H�IXQo}HV�GH�FRQILDQoD��6HUi�
REULJDWyULD� D� GHVWLQDomR� GHVWHV� FDUJRV� H� IXQo}HV� SDUD� R� H[HUFtFLR� GH�
DWULEXLo}HV�GH�GLUHomR��FKHILD�H�DVVHVVRUDPHQWR���
��� 0DQXWHQomR� GH� (VFRODV� GH� *RYHUQR�� $� 8QLmR�� RV� (VWDGRV� H� R�
'LVWULWR� )HGHUDO� GHYHUmR� PDQWHU� HVFRODV� GH� JRYHUQR� SDUD� VHXV� VHUYLGRUHV��
VHQGR�D�SDUWLFLSDomR�HP�VHXV�FXUVRV�UHTXLVLWR�SDUD�D�SURPRomR�GR�VHUYLGRU�QDV�
FDUUHLUDV���
��� $SURYHLWDPHQWR� GH� HVWUDQJHLURV� QD� DGPLQLVWUDomR� S~EOLFD�� )LFD�
SHUPLWLGR� R� DFHVVR� GH� HVWUDQJHLURV� D� FDUJRV�� HPSUHJRV� H� IXQo}HV� S~EOLFDV��
GHVGH�TXH�H[SUHVVDPHQWH�SUHYLVWR�HP�OHL��
'HVHQYROYLPHQWR�GD�*HVWmR��7UDQVSDUrQFLD�H�&RQWUROH�6RFLDO��
��� (ILFLrQFLD� FRPR� SULQFtSLR� GD� DGPLQLVWUDomR� S~EOLFD�� )LFD� LQFOXtGR��
HQWUH�RV�SULQFtSLRV�D�VHUHP�REVHUYDGRV�SHOD�DGPLQLVWUDomR�S~EOLFD��D�HILFLrQFLD���
��� $GRomR� GH� FRQWUDWRV� GH� JHVWmR� QD� DGPLQLVWUDomR� S~EOLFD�� )LFD�
SUHYLVWD� OHL� TXH� UHJXODPHQWDUi� D� DPSOLDomR� GD� DXWRQRPLD� GRV� yUJmRV� H�
HQWLGDGHV� GD� DGPLQLVWUDomR� S~EOLFD� TXH� ILUPHP� FRQWUDWRV�� FRP� D� IL[DomR� GH�
REMHWLYRV�H�PHWDV�GH�GHVHPSHQKR���
��� %RQLILFDo}HV� SRU� HFRQRPLD� GH� GHVSHVDV�� 3RGHUmR� VHU� LQVWLWXtGRV�
DGLFLRQDLV� RX� SUrPLRV� D� WtWXOR� GH� ERQLILFDomR� SRU� HFRQRPLDV� REWLGDV� FRP�
GHVSHVDV� FRUUHQWHV� HP� FDGD� yUJmR�� DXWDUTXLD� RX� IXQGDomR� GD� DGPLQLVWUDomR�
S~EOLFD�� 2V� UHFXUVRV� SRGHUmR�� DLQGD�� VHU� DSOLFDGRV� HP� SURJUDPDV� GH�
WUHLQDPHQWR�RX�GH�PHOKRULD�GDV�FRQGLo}HV�GH�WUDEDOKR�QR�VHUYLoR�S~EOLFR���
��� 'HVFHQWUDOL]DomR� GD� SUHVWDomR� GH� VHUYLoRV� S~EOLFRV�� $� OHL� SRGHUi�
GLVFLSOLQDU� D� WUDQVIHUrQFLD� GH� VHUYLGRUHV� H� EHQV� S~EOLFRV� HQWUH� RV� HQWHV�
IHGHUDGRV�H�D�IRUPDomR�GH�FRQVyUFLRV�SDUD�D�SUHVWDomR�GH�VHUYLoRV�S~EOLFRV���
��� 3XEOLFDomR� GRV� YDORUHV� GH� UHPXQHUDomR� GRV� FDUJRV�� 6HUi�
REULJDWyULD�D�SXEOLFDomR�SHULyGLFD�GH�WDEHOD�FRP�YDORUHV�GH�UHPXQHUDomR�H�GH�
VXEVtGLR�GRV�FDUJRV�H�HPSUHJRV�S~EOLFRV���
���3DUWLFLSDomR�GR�FLGDGmR�QD�DGPLQLVWUDomR�S~EOLFD��)LFD�SUHYLVWD�OHL�
TXH�WUDWDUi�GR�DFHVVR�GR�XVXiULR�D�UHJLVWURV�DGPLQLVWUDWLYRV�H�LQIRUPDo}HV��GD�
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ�  Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?�
�
� � �
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?�
UHSUHVHQWDomR�FRQWUD�DEXVR�RX�QHJOLJrQFLD�GH�VHUYLGRU�H�GR�HQFDPLQKDPHQWR�
GH�UHFODPDo}HV�UHODWLYDV�j�SUHVWDomR�GH�VHUYLoRV�S~EOLFRV�HP�JHUDO���
���$FHVVR�SHOR�VHUYLGRU�D� LQIRUPDo}HV�SULYLOHJLDGDV��)LFD�SUHYLVWD� OHL�
TXH�HVWDEHOHFHUi�UHTXLVLWRV�H�UHVWULo}HV�DR�VHUYLGRU�TXH�YHQKD�D�RFXSDU�FDUJR�
S~EOLFR�� LQFOXVLYH� DSyV� R� VHX� DIDVWDPHQWR�� HP� VLWXDo}HV� TXH� SURSLFLHP� R�
DFHVVR�D�LQIRUPDo}HV�SULYLOHJLDGDV���
$PSOLDomR�GD�$XWRQRPLD�GH�*HVWmR�GD�$GPLQLVWUDomR�,QGLUHWD��
��� (VWDWXWR� GD� HPSUHVD� S~EOLFD� H� GD� VRFLHGDGH� GH� HFRQRPLD�PLVWD��
)LFD�SUHYLVWD�OHL�TXH�HVWDEHOHFHUi�D�IXQomR�VRFLDO��PHFDQLVPRV�GH�ILVFDOL]DomR��iUHDV� GH� DWXDomR�� REULJDo}HV� LQHUHQWHV� DR� UHJLPH� GDV� HPSUHVDV� SULYDGDV��
DYDOLDomR� H� UHVSRQVDELOL]DomR� GRV� VHXV� GLULJHQWHV� H� QRUPDV� GH� OLFLWDomR� H�
FRQWUDWRV��SDUD�HVWDV�HQWLGDGHV���
���1RUPDV�GH�OLFLWDomR�SDUD�HPSUHVDV�HVWDWDLV��$�UHJXODPHQWDomR�GH�
OLFLWDo}HV� H� FRQWUDWDo}HV� QDV� HPSUHVDV� S~EOLFDV� H� VRFLHGDGHV� GH� HFRQRPLD�
PLVWD�VHUi�REMHWR�GH�OHJLVODomR�HVSHFtILFD��GLVWLQWD�GD�TXH�UHJH�D�DGPLQLVWUDomR�
S~EOLFD�GLUHWD��DXWiUTXLFD�H�IXQGDFLRQDO���
��� 1mR�LQFLGrQFLD� GRV� WHWRV� GH� UHPXQHUDomR� VREUH� DV� HPSUHVDV�
HVWDWDLV�� 2� WHWR� GH� UHPXQHUDomR� FRQVWLWXFLRQDO� Vy� VH� DSOLFDUi� jV� HPSUHVDV�
S~EOLFDV� H� VRFLHGDGHV� GH� HFRQRPLD� PLVWD� TXH� UHFHEDP� UHFXUVRV� GR� 3RGHU�
3~EOLFR�SDUD�R�SDJDPHQWR�GH�VXDV�GHVSHVDV�GH�SHVVRDO�H�GH�FXVWHLR���
���5HYLVmR�GRV�HVWDWXWRV�GDV�HQWLGDGHV�GD�DGPLQLVWUDomR�LQGLUHWD��1R�
SUD]R�GH���DQRV��VHUmR�UHYLVWRV�RV�HVWDWXWRV�GH�HPSUHVDV�HVWDWDLV�H�IXQGDo}HV�
S~EOLFDV�� FRP� YLVWDV� j� FRUUHomR� GH� GHVYLRV� H� LQDGHTXDo}HV� GD� VXD� IRUPD�
MXUtGLFD���
���$IDVWDPHQWR�GH�HPSUHJDGR�GH�HPSUHVD�HVWDWDO�SDUD�H[HUFtFLR�GH�
PDQGDWR�HOHWLYR��'HL[DP�GH�VH�DSOLFDU�DR�HPSUHJDGR�GH�HPSUHVD�S~EOLFD�H�GH�
VRFLHGDGH� GH� HFRQRPLD� PLVWD�� DV� GLVSRVLo}HV� TXH� SHUPLWHP� D� RSomR� SHOD�
UHPXQHUDomR� GR� FDUJR� RX� HPSUHJR� H� D� FRQWDJHP� GH� WHPSR� GH� VHUYLoR� SDUD�
REWHQomR�GH�EHQHItFLRV��
�
$SHVDU� GH� WHU� SURSRVWR� XPD� UHIRUPD� FODUDPHQWH� LQVSLUDGD� QR�
PRGHUQR�PRGHOR�GD�1RYD�*HVWmR�3~EOLFD��RULJLQiULR�GDV�GLVFXVV}HV�DFDGrPLFDV�
H� SUiWLFDV� RFRUULGDV� QD� ,QJODWHUUD� H� QRV� (VWDGRV� 8QLGRV�� R� 3'5$(� QmR�
FRQVHJXLX�R�PHVPR�VXFHVVR�HP�VXD�LPSOHPHQWDomR�TXH�IRL�REWLGR�QRV�SDtVHV�
GH� RQGH� HVVDV� LGHLDV� VH� RULJLQDUDP�� ([LVWLDP� YiULDV� GLYHUJrQFLDV� GH� RSLQLmR�
TXDQWR�jV�SURSRVWDV�GR�SODQR��TXH�QmR�IRUDP�LQWHJUDOPHQWH�DSOLFDGDV��
2�JUDQGH�PpULWR�GR�3'5$(��QD�YHUGDGH��IRL�D�LPSOHPHQWDomR�GH�XP�
QRYR�SDGUmR�GH�FXOWXUDO�SDUD�D�$GPLQLVWUDomR�3~EOLFD�EUDVLOHLUD��TXH�SDVVRX�D�
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ�  Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?�
�
� � �
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?�
VHU�SDXWDGD�SRU�XP�PDLRU�IRFR�HP�UHVXOWDGRV�H�QD�HIHWLYLGDGH�GD�DomR�S~EOLFD�
HP�WRGDV�DV�VXDV�HVIHUDV��
$SHVDU� GLVVR�� DVSHFWRV� SDWULPRQLDOLVWDV� H� EXURFUiWLFRV� FRQWLQXDP�
H[LVWLQGR�DWp�KRMH�QD�DGPLQLVWUDomR�S~EOLFD�EUDVLOHLUD��2�JUDQGH�GHVDILR�DWXDO�p�
DSURIXQGDU� D�PRGHUQL]DomR�DGPLQLVWUDWLYD� FULDQGR�HVWUXWXUDV�PDLV� IOH[tYHLV�H�
HPSUHHQGHGRUDV��
1R� FRQWH[WR� GR� 3'5$(�� VXUJH� D� LGHLD� GH� FRQWUDWXDOL]DomR� GH�
UHVXOWDGRV��GR�XVR�GH�SURJUDPDV�GH�H[FHOrQFLD�HP�TXDOLGDGH�QD�DGPLQLVWUDomR�
S~EOLFD� H� WDPEpP� D� QHFHVVLGDGH� GH� FULDomR� GH� DJrQFLDV� UHJXODGRUDV� SDUD�
DFRPSDQKDU�D�SUHVWDomR�GH�VHUYLoRV�S~EOLFRV��
1R� TXH� GL]� UHVSHLWR� j� JHVWmR� S~EOLFD� SURSULDPHQWH� GLWD�� FKDPD�
DWHQomR�R�FRQWUDWR�GH�JHVWmR��PRWLYR�SHOR�TXDO�LUHL�IDODU�PDLV�GHWDOKHV�VREUH�R�
PHVPR�D�VHJXLU��
�
2�FRQWUDWR�GH�JHVWmR�SDUD�D�FRQWUDWXDOL]DomR�GH�UHVXOWDGRV�
2�DFRUGR�SURJUDPD��WDPEpP�FKDPDGR�GH�FRQWUDWR�GH�JHVWmR��p�XP�
SDFWR� ILUPDGR� HQWUH� yUJmRV� H� HQWLGDGHV� GR� VHWRU� S~EOLFR� FRP� LQWHUHVVHV�
FRQYHUJHQWHV�H�WHUFHLURV��(OH�SRVVXL�GLIHUHQWHV�IRUPDV�GH�HVWUXWXUDomR�H�QmR�p�
XQkQLPH� TXDQWR� D� VXD� DSOLFDomR�� $SHVDU� GLVWR�� FRQILJXUD�VH� HP� XPD�
LPSRUWDQWH�IHUUDPHQWD�GH�JHVWmR�PRGHUQD�QD�$GPLQLVWUDomR�3~EOLFD���
&RPR� EDVH� GH� VHX� FRQFHLWR�� XPD� GDV� SDUWHV� VLJQDWiULDV� EXVFD� SRU�
UHFXUVRV� SDUD� DWLQJLU� VHXV� REMHWLYRV�� HQTXDQWR� D� RXWUD� WHP� LQWHUHVVH� TXH� RV�
UHVXOWDGRV�GHVHMDGRV�SRVVDP�VHU�REWLGRV��3DUD� LVWR��QR�DFRUGR�SURJUDPD�VmR�
HVWDEHOHFLGRV� LQGLFDGRUHV�� PHWDV� H� REMHWLYRV� FODURV�� (P� FRQWUDSDUWLGD� SHOR�
FRPSURPLVVR� DVVXPLGR� SHOD� SULPHLUD� SDUWH� LQWHUHVVDGD�� KDYHUi� D�
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ�  Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?�
�
� � �
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?�
GLVSRQLELOL]DomR� GH� UHFXUVRV� SHOD� VHJXQGD�� GH� PRGR� TXH� RV� REMHWLYRV�
SURPHWLGRV�SRVVDP�VHU�DWLQJLGRV��
(VWHV�DFRUGRV�SRGHP�DVVXPLU�WUrV�HVWUXWXUDV�GLVWLQWDV��
��� 8PD�GHODV�p�D�IRUPDomR�GH�XPD�SDUFHULD�HQWUH�R�3RGHU�3~EOLFR�
H� HQWLGDGHV� D� HOH� YLQFXODGDV�� FRQIHULQGR� D� HVWDV� XPD� PDLRU�
DXWRQRPLD� JHUHQFLDO�� RUoDPHQWiULD� H� ILQDQFHLUD�� (P�
FRQWUDSDUWLGD�� HVWDV� HQWLGDGHV� SDVVDP� D� WHU� REULJDomR� GH�
FXPSULU�FRP�DV�PHWDV�H�REMHWLYRV�SDFWXDGRV���
��� $� VHJXQGD� FRQILJXUDomR� SHUPLWH� D� DVVLQDWXUD� GH� FRQWUDWRV� GH�
JHVWmR�HQWUH�XP�HQWH�GD�$GPLQLVWUDomR�3~EOLFD�H�XPD�HQWLGDGH�
GR� WHUFHLUR� VHWRU�� 1HVWH� VHQWLGR�� D� /HL� ������������ TXH� WUDWD�
GDV� 2UJDQL]Do}HV� 6RFLDLV�� Gi� D� SRVVLELOLGDGH� GH� DVVLQDWXUD� GH�
FRQWUDWRV� GH� JHVWmR�� ILFDQGR� HVWDV� REULJDGDV� D� DWLQJLU� PHWDV�
UHODFLRQDGDV�D�VHUYLoRV�H�DWLYLGDGHV�GH�LQWHUHVVH�S~EOLFR��FRPR�
DV�UHODWLYDV�jV�iUHDV�GH�HQVLQR��FXOWXUD�H�VD~GH��SRU�H[HPSOR��
(P� FRQWUDSDUWLGD�� HVWDV� HQWLGDGHV� UHFHEHP� DX[tOLR� GD�
$GPLQLVWUDomR�3~EOLFD�PHGLDQWH�UHSDVVH�GH�UHFXUVRV�RX�FHVVmR�
GH�EHQV�H�VHUYLGRUHV���
��� $� WHUFHLUD� SRVVLELOLGDGH� VHULD� D� FHOHEUDomR� GH� XP� DFRUGR�
SURJUDPD� HQWUH� R� 3RGHU� 3~EOLFR� H� VHXV� SUySULRV� yUJmRV��
XQLGDGHV� DGPLQLVWUDWLYDV� GHVSHUVRQDOL]DGDV�� (VWD� IRUPD� GH�
FRQILJXUDomR� YHP� VHQGR� REMHWR� GH� FUtWLFDV� SRU� SDUWH� GD�
GRXWULQD�� FRPR� D� GH� TXH� RV� yUJmRV�� SRU� VHUHP�
GHVSHUVRQDOL]DGRV��QmR�SRGHULDP�DVVLQDU�FRQWUDWRV��$OpP�GHVWD�
FUtWLFD��RXWUD� VH�DSRLD�QD� LGHLD�GH�TXH�R� WHUPR� ILUPDGR�QmR�p�
OHL�� SRU� LVVR� QmR� SRGHULD� LQFUHPHQWDU� D� DXWRQRPLD�
RUoDPHQWiULR�ILQDQFHLUD�GD�SUySULD�$GPLQLVWUDomR���
3DUD� RV� FUtWLFRV� R� DFRUGR�SURJUDPD� VHULD�� QD� UHDOLGDGH�� XP� DFRUGR�
RSHUDFLRQDO�� HVSpFLH� GH� FRQYrQLR� DGPLQLVWUDWLYR�� SRU� PHLR� GR� TXDO� R� 3RGHU�
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ�  Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?�
�
� � �
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?�
3~EOLFR� JDUDQWLULD� PDLRU� DXWRQRPLD� DGPLQLVWUDWLYD� DRV� yUJmRV�� HP� WURFD� GH�
PDLRU�HILFLrQFLD��FRP�GHVHQKR�GH�PHWDV�H�GH�LQGLFDGRUHV�GH�GHVHPSHQKR��
$OpP�GDV�FUtWLFDV�GLUHFLRQDGDV�D�HVWD�~OWLPD�IRUPD�GH�HVWUXWXUDomR��R�
SUySULR�QRPH�³FRQWUDWR�GH�JHVWmR´�WrP�VLGR�REMHWR�GH�MXOJDPHQWRV�QHJDWLYRV��
$UJXPHQWD�VH� TXH� RV� FRQWUDWRV� VmR� ILUPDGRV� HQWUH� SDUWHV� TXH� SRVVXHP�
LQWHUHVVHV�GLYHUJHQWHV�H�VHUYHP�SDUD�UHJXODU�HVVHV�LQWHUHVVHV��&RPR�LVVR�QmR�
DFRQWHFH�QR�FDVR�GR�FRQWUDWR�GH�JHVWmR��QmR�VH�SRGHULD� IDODU�HP�³FRQWUDWR´��
PDV�VLP�HP�DFRUGR�RX�FRQYrQLR��
$SHVDU�GDV�FUtWLFDV�TXH� IRUDP� IHLWDV��p� IXQGDPHQWDO�TXH�YRFr� WHQKD�
HP� PHQWH� D� LPSRUWkQFLD� GR� DFRUGR�SURJUDPD� SDUD� D� PRGHUQL]DomR� H�
IOH[LELOL]DomR�GD�$GPLQLVWUDomR�3~EOLFD�QR�%UDVLO��
�
&RQVLGHUDQGR�D�QHFHVVLGDGH�GH�IRFR�HP�UHVXOWDGRV�GD�DGPLQLVWUDomR�
S~EOLFD�� PDV� FRP� XPD� YLVmR� PDLV� FHQWUDGD� QR� IRUWDOHFLPHQWR� GD� PiTXLQD�
(VWDWDO�� QRYDV� SURSRVWDV� GH� PXGDQoD� DFRQWHFHUDP� QR� *RYHUQR� /XOD�� FRPR�
YHUHPRV�D�VHJXLU��
�
�����$�5HYLWDOL]DomR�GR�(VWDGR��*RYHUQR�/XOD��
2�*RYHUQR�/XOD�������������WUD]�j�WRQD�D�QHFHVVLGDGH�GH�XP�(VWDGR�
IRUWH�H�DWXDQWH�QR�VHQWLGR�GH�VH�FRQVWUXLU�XPD�VRFLHGDGH�GLQkPLFD��PRGHUQD��
FRP� JHUDomR� GH� HPSUHJRV� H� MXVWLoD� VRFLDO� ±� DOLQKDGD� FRP� RV� LGHDLV� GH�
HTXLGDGH�H�GLQDPLVPR��
3DUD�LVVR��IRL�FULDGR�R�3ODQR�GH�*HVWmR�3~EOLFD�SDUD�XP�3DtV�GH�7RGRV��
(VVH�SODQR�SUHYLD�D�QHFHVVLGDGH�GH�LPSRUWDQWHV�H�VLJQLILFDWLYDV�WUDQVIRUPDo}HV�
QD�JHVWmR�S~EOLFD��FRP�RV�REMHWLYRV�GH��
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ�  Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?�
�
� � �
WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ�

Continue navegando

Outros materiais