Arquivo PDF

Prévia do material em texto

��
� 352&(',0(1726 '(�$8',725,$
2V� SURFHGLPHQWRV GH DXGLWRULD� VmR RV PHFDQLVPRV XWLOL]DGRV SHOR DXGLWRU SDUD D�
REWHQomR GH HYLGrQFLDV RX SURYDV GH DXGLWRULD� 5HSUHVHQWDP R FRQMXQWR GH WpFQLFDV RX�
PpWRGRV TXH SHUPLWHP DR DXGLWRU REWHU HOHPHQWRV SUREDWyULRV GH IRUPD VXILFLHQWH H�
DGHTXDGD SDUD IXQGDPHQWDU VHXV FRPHQWiULRV��TXDQGR GD HODERUDomR GR VHX UHODWyULR���
6HJXQGR R &)&� FRPR Mi GHVFULWR QR FDStWXOR �� RV SURFHGLPHQWRV GH DXGLWRULD SRGHP�
VHU DJUXSDGRV� HP WHVWHV GH REVHUYkQFLD D HP� WHVWHV VXEVWDQWLYRV� 2V SULPHLURV VmR�
UHODFLRQDGRV FRP D YDOLGDomR GH FRQWUROH LQWHUQRV� 2V WHVWHV VXEVWDQWLYRV VH UHODFLRQDP�
FRP RV H[DPHV GH VDOGRV GH EDODQoRV H D�WRWDOLGDGH GRV YDORUHV��
2V SURFHGLPHQWRV GH DXGLWRULD QmR VmR UtJLGRV� SRGHQGR YDULDU GH DXGLWRULD SDUD�
DXGLWRULD� GH PRGR D VH�DMXVWDUHP jV FLUFXQVWkQFLDV HVSHFtILFDV GH FDGD FDVR HP H[DPH��
$ DSOLFDomR GRV SURFHGLPHQWRV GH DXGLWRULD SRGH VHU UHDOL]DGD DWUDYpV GH H[DPHV��
SURYDV VHOHWLYDV� WHVWHV H�DPRVWUDJHQV HP UD]mR�GD�FRPSOH[LGDGH�H�YROXPH GDV RSHUDo}HV�
GH FDGD HQWLGDGH DXGLWDGD� FDEHQGR DR SURILVVLRQDO GD DXGLWRULD� FRP EDVH QD DQiOLVH GH�
ULVFRV HQYROYLGRV H RXWURV HOHPHQWRV GH TXH GLVSXVHU� GHWHUPLQDU D DPSOLWXGH RX R HVFRSR�
GRV H[DPHV QHFHVViULRV j REWHQomR GRV HOHPHQWRV SUREDWyULRV TXH VHMDP YiOLGRV SDUD R�
WRGR DXGLWDGR��
2V SULQFLSDLV SURFHGLPHQWRV GH DXGLWRULD VmR��
‡ ([DPH GRV 5HJLVWURV� YHULILFDomR GD DGHTXDomR GRV UHJLVWURV FRQWiEHLV H�
DX[LOLDUHV��
‡ ([DPH 'RFXPHQWDO��p D DQiOLVH GD DGHTXDomR GRV GRFXPHQWRV FRPSUREDWyULRV GRV�
IDWRV DXGLWDGRV� HQWUH RXWURV GRFXPHQWRV TXH QRUPDOPHQWH VmR H[DPLQDGRV� SRGH�
VH FLWDU QRWDV ILVFDLV� FDXWHODV� GXSOLFDWDV TXLWDGDV� FRQWUDWRV� 4XDQGR R DXGLWRU�
UHDOL]D R H[DPH GRV GRFXPHQWRV RULJLQDLV� GHYH HVWDU DWHQWR SDUD D DXWHQWLFLGDGH��
QRUPDOLGDGH��DSURYDomR H UHJLVWUR��
‡ &RQIHUrQFLD GH &iOFXORV� UHYLVmR GRV SULQFLSDLV �UHOHYDQWHV� FiOFXORV UHDOL]DGRV�
SHOD HQWLGDGH DXGLWDGD� GH PRGR D YHULILFDU VXD H[DWLGmR� (QWUH DV FRQIHUrQFLDV GH�
FiOFXORV IXQGDPHQWDLV HVWi D FRQIHUrQFLD GH VRPD��
‡ (QWUHYLVWDV� TXHVW}HV GLULJLGDV GH IRUPD�WpFQLFD DRV DXGLWDGRV GH PRGR D GHWDOKDU H�
HVFODUHFHU SURFHGLPHQWRV� 3RGH VHU UHDOL]DGD GH IRUPD HVWUXWXUDGD �TXHVW}HV�
SDGURQL]DGDV� RX QmR�HVWUXWXUDGDV��
��
‡ ,QVSHomR )tVLFD��H[DPH GD H[LVWrQFLD GH EHQV��(VWH SURFHGLPHQWR GHYH VHU DSOLFDGR�
GH IRUPD FXLGDGRVD SHOR DXGLWRU� TXH GHYH HVWDU DWHQWR DRV GHWDOKHV HQYROYLGRV QD�
XWLOL]DomR GRV EHQV� 6HJXQGR R &)&� D LQVSHomR ItVLFD HQYROYH WDPEpP R H[DPH�
GRV WtWXORV H RXWURV GRFXPHQWRV FRPSUREDWyULRV� 1D DSOLFDomR GHVWH SURFHGLPHQWR�
GHYHP VHU FRQVLGHUDGDV� LGHQWLILFDomR� H[LVWrQFLD� DXWHQWLFLGDGH� TXDQWLGDGH H�
TXDOLGDGH��
‡ &LUFXODUL]DomR� p D FRQILUPDomR GH VDOGRV H LQIRUPDo}HV PDQWLGRV FRP WHUFHLURV��
6ROLFLWDGD SHOR DXGLWRU� p�HODERUDGD�SHOD HQWLGDGH DXGLWDGD� 7RGDYLD� p�R DXGLWRU TXH�
GHYHUi UHFHEHU GLUHWDPHQWH DV UHVSRVWDV� $ FLUFXODUL]DomR LPSOLFD D REWHQomR GH�
GHFODUDomR�IRUPDO H LVHQWD�GH SHVVRDV LQGHSHQGHQWHV FRP UHODomR DR HQWH DXGLWDGR��
2V SURFHGLPHQWRV D VHJXLU HVWmR UHODFLRQDGRV FRP RV H[DPHV GH FRQILUPDomR��
VHOHomR FULWHULRVD GRV LWHQV� SDUD VHUHP H[DPLQDGRV� FRQWUROH GRV SHGLGRV GH�
FRQILUPDomR� SDUD VHUHP GHVSDFKDGRV DRV GHVWLQDWiULRV� SURFHGLPHQWR DOWHUQDWLYR�
GH YHULILFDomR SDUD DV UHVSRVWDV GH FRQILUPDo}HV QmR UHFHELGDV� DV UHVSRVWDV GR�
SHGLGR GH FRQILUPDomR GHYHP VHU HQGHUHoDGDV DR DXGLWRU H DOJXPDV FRQILUPDo}HV�
GHYHP VHU REWLGDV SHVVRDOPHQWH��QRV FDVRV MXOJDGRV DSURSULDGRV SHOR DXGLWRU��
$ FLUFXODUL]DomR SRGH VHU��
SUHWD� TXDQWR IRUQHFH R VDOGR D VHU FRQILUPDGR��
EUDQFD� TXDQGR QmR IRUQHFH R VDOGR D VHU FRQILUPDGR��
QHJDWLYD� TXDQGR LQIRUPD TXH QmR p QHFHVViULD D UHVSRVWD TXDQGR R DXGLWDGR�
FRQFRUGD FRP R YDORU LQIRUPDGR��
SRVLWLYD� TXDQGR LQIRUPD TXH p QHFHVViULD D UHVSRVWD��
‡ 2EVHUYDomR� p D DQiOLVH GRV IDWRV GXUDQWH D VXD RFRUUrQFLD��
‡ &RUUHODomR� p D UHODomR HQWUH XP IDWR H[DPLQDGR HP XPD iUHD FRP VHXV LPSDFWRV�
HP RXWUDV��
‡ 3URFHGLPHQWR GH UHYLVmR DQDOtWLFD� p D DYDOLDomR GRV GDGRV FRP EDVH HP WHVWHV�
JOREDLV� DSOLFDomR GH tQGLFHV GH DQiOLVH GH EDODQoR H DQiOLVH GH YDULDo}HV� 1D�
DSOLFDomR GRV SURFHGLPHQWRV GH UHYLVmR DQDOtWLFD R DXGLWRU GHYH FRQVLGHUDU D�
GLVSRQLELOLGDGH GDV LQIRUPDo}HV� VXD FRQILDELOLGDGH��UHOHYkQFLD H FRPSDUDELOLGDGH��
$ 5HVROXomR Q�ž ������ GR &)&� HVWDEHOHFH TXH D DSOLFDomR GRV SURFHGLPHQWRV GH�
DXGLWRULD�³GHYH�VHU UHDOL]DGD� HP UD]mR�GD FRPSOH[LGDGH H YROXPH�GDV�RSHUDo}HV��SRU PHLR�
��
GH SURYDV VHOHWLYDV� WHVWHV H DPRVWUDJHQV� FDEHQGR DR DXGLWRU� FRP EDVH QD DQiOLVH GH�
ULVFRV GH�DXGLWRULD�H�RXWURV HOHPHQWRV GH TXH�GLVSXVHU� GHWHUPLQDU D DPSOLWXGH�GRV H[DPHV�
QHFHVViULRV j REWHQomR GRV HOHPHQWRV GH FRQYLFomR TXH VHMDP YiOLGRV SDUD R WRGR´��
$LQGD VHJXQGR R�&)&� QD DSOLFDomR GRV WHVWHV GH REVHUYkQFLD H VXEVWDQWLYRV� R DXGLWRU�
GHYH FRQVLGHUDU RV VHJXLQWHV SURFHGLPHQWRV WpFQLFRV EiVLFRV��
D� LQVSHomR ± H[DPH GH UHJLVWURV� GRFXPHQWRV H GH DWLYRV�WDQJtYHLV��
E� REVHUYDomR ± DFRPSDQKDPHQWR GH SURFHVVR RX SURFHGLPHQWR TXDQGR GH VXD�
H[HFXomR��
F� LQYHVWLJDomR H FRQILUPDomR ± REWHQomR GH LQIRUPDo}HV MXQWR D SHVVRDV RX HQWLGDGHV�
FRQKHFHGRUDV GD WUDQVDomR��GHQWUR RX IRUD GD HQWLGDGH��
G� FiOFXOR ± FRQIHUrQFLD GD H[DWLGmR DULWPpWLFD GH GRFXPHQWRV FRPSUREDWyULRV��
UHJLVWURV H GHPRQVWUDo}HV FRQWiEHLV H RXWUDV FLUFXQVWkQFLDV� H�
H� UHYLVmR DQDOtWLFD ± YHULILFDomR GR FRPSRUWDPHQWR GH YDORUHV VLJQLILFDWLYRV� PHGLDQWH�
tQGLFHV� TXRFLHQWHV� TXDQWLGDGHV DEVROXWDV RX RXWURV PHLRV� FRP YLVWDV j LGHQWLILFDomR�
GH VLWXDomR RX WHQGrQFLDV DWtSLFDV��
��� 7,326 '( 7(67(6 (0 È5($6 (63(&Ë),&$6 '$6 '(021675$d®(6�
&217È%(,6�
6mR DSUHVHQWDGDV D VHJXLU� VHP SUHWHQGHU HVJRWDU D OLVWD� DOJXQV REMHWLYRV H�
SURFHGLPHQWRV GH DXGLWRULD HP DOJXPDV iUHDV GR %DODQoR 3DWULPRQLDO��D VDEHU��
‡ 'LVSRQtYHO
2V REMHWLYRV GH DXGLWRULD GR GLVSRQtYHO VmR YHULILFDU VH��
D� RV YDORUHV UHJLVWUDGRV QR GLVSRQtYHO UHSUHVHQWDP RV GLVSRQLELOLGDGHV GD RUJDQL]DomR��
E� RV YDORUHV UHJLVWUDGRV QR GLVSRQtYHO HVWmR DGHTXDGDPHQWH FODVVLILFDGRV��
F� DV GLYXOJDo}HV UHODWLYDV DR GLVSRQtYHO�IRUDP GHYLGDPHQWH UHDOL]DGDV��
G� QmR Ki JUDYDPHV RX ULVFRV VREUH R GLVSRQtYHO��
H� D OHJLVODomR FRUUHVSRQGHQWH IRL VHJXLGD��
I� WRGR R GLVSRQtYHO GH SURSULHGDGH GD RUJDQL]DomR�IRL GHYLGDPHQWH DSUHVHQWDGR��
J� RV 3ULQFtSLRV )XQGDPHQWDLV GH�&RQWDELOLGDGH�IRUDP GHYLGDPHQWH DSOLFDGRV��
2V SULQFLSDLV SURFHGLPHQWRV GH DXGLWRULD GR GLVSRQtYHO VmR��
D� FRQWDJHP ItVLFD GR QXPHUiULR HP FDL[D� TXH GHYH VHU IHLWD VHPSUH QD SUHVHQoD GR�
UHVSRQViYHO� GHYHQGR VHU REWLGD XPD GHFODUDomR SRU HVFULWR GH TXH RV YDORUHV�
FRQWDGRV�IRUDP GHYROYLGRV QD WRWDOLGDGH��
E� FRQILUPDomR GRV VDOGRV EDQFiULRV��
F� FRQILUPDomR GDV DSOLFDo}HV ILQDQFHLUDV��
��
G� FRQILUPDomR GDV SHVVRDV DXWRUL]DGDV D PRYLPHQWDU DV FRQWDV EDQFiULDV H�
DSOLFDo}HV ILQDQFHLUD��
H� DQiOLVH GRV FRQWUROHV GH GLVWULEXLomR GH VHQKDV��
I� YHULILFDomR GD H[LVWrQFLD GH OLPLWHV GH DOoDGDV��
J� FRQIHUrQFLD GH VRPDV GDV FRQFLOLDo}HV EDQFiULDV H EROHWLQV GH FDL[D��
K� UHYLVmR GDV FRQFLOLDo}HV EDQFiULDV��
L� FRQIHUrQFLD GH FiOFXORV GD UHPXQHUDomR GDV DSOLFDo}HV ILQDQFHLUDV��
M� FRUUHODomR FRP D iUHD GH HPSUpVWLPRV�
N� REVHUYDomR GD DGHTXDGD FODVVLILFDomR GDV FRQWDV���
O� REVHUYDomR GD DGHTXDGD DSOLFDomR GRV 3ULQFtSLRV )XQGDPHQWDLV GH�&RQWDELOLGDGH��
‡ &RQWDV D 5HFHEHU�
2V REMHWLYRV GH DXGLWRULD GR FRQWDV D UHFHEHU VmR YHULILFDU VH��
D� RV YDORUHV UHJLVWUDGRV HP FRQWDV D UHFHEHU UHSUHVHQWDP YHUGDGHLUDPHQWH YDORUHV�
UHDOL]iYHLV GD RUJDQL]DomR���
E� RV YDORUHV UHJLVWUDGRV HP FRQWDV D UHFHEHU HVWmR DGHTXDGDPHQWH FODVVLILFDGRV�
F� DV GLYXOJDo}HV UHODWLYDV DR FRQWDV D UHFHEHU�IRUDP GHYLGDPHQWH UHDOL]DGDV���
G� QmR Ki JUDYDPHV RX ULVFRV VREUH R FRQWDV D UHFHEHU�
H� D OHJLVODomR FRUUHVSRQGHQWH IRL VHJXLGD���
I� WRGR R FRQWDV D UHFHEHU GH SURSULHGDGH GD RUJDQL]DomR�IRL GHYLGDPHQWH DSUHVHQWDGR�
J� RV 3ULQFtSLRV )XQGDPHQWDLV GH�&RQWDELOLGDGH�IRUDP GHYLGDPHQWH DSOLFDGRV���
2V SULQFLSDLV SURFHGLPHQWRV GH DXGLWRULDGR FRQWDV D UHFHEHU VmR��
D� FRQWDJHP GH GXSOLFDWDV H�WtWXORV D UHFHEHU� VH DSOLFiYHO���
E� FRQILUPDomR GH FRQWDV D UHFHEHU UHOHYDQWHV�
F� FRQIHUrQFLD GH FiOFXOR GH MXURV H FRUUHo}HV TXH IRUDP DSURSULDGRV���
G� UHYLVmR GDV FODVVLILFDo}HV GH FXUWR H ORQJR SUD]R���
H� FRQIHUrQFLD GD�DGHTXDomR GRV YDORUHV FRQVLGHUDGRV FRPR SURYLVmR SDUD GHYHGRUHV�
GXYLGRVRV�
I� H[DPH GR UHJLVWUR GR UD]mR DQDOtWLFR GR FRQWDV D UHFHEHU�
J� H[DPH GD OLTXLGDomR VXEVHTHQWH�
K� FRUUHODomR FRP D iUHD GH YHQGDV�
L� REVHUYDomR GD DGHTXDGD FODVVLILFDomR GDV FRQWDV��
M� REVHUYDomR GD DGHTXDGD DSOLFDomR GRV 3ULQFtSLRV )XQGDPHQWDLV GH�&RQWDELOLGDGH�
‡ (VWRTXHV�
2V REMHWLYRV GH DXGLWRULD GRV HVWRTXHV VmR YHULILFDU VH��
��
D� RV EHQV UHJLVWUDGRV FRPR HVWRTXHV H[LVWHP ILVLFDPHQWH�
E� RV YDORUHV UHJLVWUDGRV QR HVWRTXH UHSUHVHQWDP YHUGDGHLUDPHQWH�EHQV UHDOL]iYHLV GD�
RUJDQL]DomR���
F� RV YDORUHV UHJLVWUDGRV QR HVWRTXH HVWmR DGHTXDGDPHQWH FODVVLILFDGRV���
G� RV YDORUHV UHJLVWUDGRV QR HVWRTXH HVWmR DGHTXDGDPHQWH DYDOLDGRV�
H� DV GLYXOJDo}HV UHODWLYDV DR HVWRTXH IRUDP GHYLGDPHQWH UHDOL]DGDV��
I� QmR Ki JUDYDPHV RX ULVFRV VREUH R HVWRTXH���
J� D OHJLVODomR FRUUHVSRQGHQWH IRL VHJXLGD���
K� WRGR R HVWRTXH GH SURSULHGDGH GD RUJDQL]DomR�IRL GHYLGDPHQWH DSUHVHQWDGR��
L� RV 3ULQFtSLRV )XQGDPHQWDLV GH�&RQWDELOLGDGH IRUDP GHYLGDPHQWH DSOLFDGRV�
2V SULQFLSDLV SURFHGLPHQWRV GH DXGLWRULD GR HVWRTXH VmR��
D� FRQWDJHP ItVLFD GR HVWRTXH SRU DPRVWUDJHP�
E� UHYLVmR GRV SURFHGLPHQWRV XWLOL]DGRV SHOR DXGLWDGR QD UHDOL]DomR GH LQYHQWiULRV��
F� UHYLVmR GRV PDSDV GH LQYHQWiULR��
G� H[DPH GRV GRFXPHQWRV GH HQWUDGD H VDtGD GR HVWRTXH�
H� DQiOLVH GRV HVWRTXH GH EDL[D URWDWLYLGDGH RX PRURVRV�
I� DQDOLVH GRV HVWRTXHV REVROHWRV RX LPSURYiYHLV GH UHDOL]DomR�
J� H[DPH GD DGRomR GR FULWpULR GH FXVWR RX PHUFDGR� GRV GRLV R PHQRU�
K� FRQILUPDomR GRV HVWRTXHV HP SRGHU GH�WHUFHLURV���
L� FRQILUPDomR GRV HVWRTXHV GH�WHUFHLURV HP SRGHU GD RUJDQL]DomR�
M� FRQILUPDomR GDV LPSRUWDo}HV HP DQGDPHQWR
N� FRQIHUrQFLD GH FiOFXORV GH DSURSULDomR GH FXVWRV�
O� FRUUHODomR FRP R FXVWR GDV YHQGDV H FRP R FRQWDV D DSDJDU�
P� REVHUYDomR GD�DGHTXDGD FODVVLILFDomR GDV FRQWDV�
Q� REVHUYDomR GD DGHTXDGD DSOLFDomR GRV 3ULQFtSLRV )XQGDPHQWDLV GH�&RQWDELOLGDGH��
‡ 'HVSHVDV�$QWHFLSDGDV
2V REMHWLYRV GH DXGLWRULD GDV GHVSHVDV DQWHFLSDGDV VmR YHULILFDU VH��
D� RV YDORUHV UHJLVWUDGRV HP GHVSHVDV DQWHFLSDGDV UHSUHVHQWDP YHUGDGHLUDPHQWH�
JDVWRV TXH EHQHILFLDUmR R H[HUFtFLR VHJXLQWH��
E� RV YDORUHV UHJLVWUDGRV HP GHVSHVDV DQWHFLSDGDV HVWmR FRUUHWDPHQWH FODVVLILFDGRV��
F� D OHJLVODomR FRUUHVSRQGHQWH IRL VHJXLGD��
��
G� RV YDORUHV GDV FREHUWXUDV HVWmR FRPSDWtYHLV FRP RV YDORUHV GH PHUFDGR GRV EHQV�
VHJXUDGRV��
H� Ki FREHUWXUD VXILFLHQWH SDUD RV DWLYRV��
I� RV 3ULQFtSLRV )XQGDPHQWDLV GH &RQWDELOLGDGH IRUDP GHYLGDPHQWH DSOLFDGRV��
2V SULQFLSDLV SURFHGLPHQWRV GH DXGLWRULD GDV GHVSHVDV DQWHFLSDGDV VmR��
D� DQiOLVH GD DGHTXDomR GDV DSyOLFHV��
E� DQiOLVH GD DGHTXDomR GRV FRQWUDWRV��
F� FRQILUPDomR GRV YDORUHV GDV DSyOLFHV H GRV SDJDPHQWRV��
G� FRQIHUrQFLD GH FiOFXORV GDV DSURSULDo}HV�IHLWDV SDUD R UHVXOWDGR��
H� REVHUYDomR GD DGHTXDGD FODVVLILFDomR GDV FRQWDV��
I� FRUUHODomR FRP D iUHD GH GHVSHVDV��
J� REVHUYDomR GD DGHTXDGD DSOLFDomR GRV 3ULQFtSLRV )XQGDPHQWDLV GH�&RQWDELOLGDGH��
‡ ,QYHVWLPHQWRV
2V REMHWLYRV GH DXGLWRULD GRV LQYHVWLPHQWRV VmR YHULILFDU VH��
D� RV LQYHVWLPHQWRV HIHWLYDPHQWH H[LVWHP�
E� RV YDORUHV UHJLVWUDGRV FRPR LQYHVWLPHQWRV UHSUHVHQWDP YHUGDGHLUDPHQWH�
SDUWLFLSDo}HV SHUPDQHQWHV HP RXWUDV RUJDQL]Do}HV�
F� RV YDORUHV UHJLVWUDGRV FRPR LQYHVWLPHQWRV HVWmR DGHTXDGDPHQWH FODVVLILFDGRV�
G� DV GLYXOJDo}HV UHODWLYDV DRV LQYHVWLPHQWRV�IRUDP GHYLGDPHQWH UHDOL]DGDV�
H� QmR Ki JUDYDPHV RX ULVFRV VREUH RV LQYHVWLPHQWRV�
I� D OHJLVODomR FRUUHVSRQGHQWH IRL VHJXLGD���
J� WRGRV RV LQYHVWLPHQWRV GH SURSULHGDGH RUJDQL]DomR IRUDP GHYLGDPHQWH�
DSUHVHQWDGRV�
K� RV 3ULQFtSLRV )XQGDPHQWDLV GH�&RQWDELOLGDGH�IRUDP GHYLGDPHQWH DSOLFDGRV�
2V SULQFLSDLV SURFHGLPHQWRV GH DXGLWRULD GRV LQYHVWLPHQWRV VmR��
D� LQVSHomR�ItVLFD GRV WtWXORV GRV SULQFLSDLV YDORUHV FODVVLILFDGRV QRV LQYHVWLPHQWRV���
E� H[DPH GRV GRFXPHQWRV GH HQWUDGD H GH EDL[D GRV LQYHVWLPHQWRV�
F� DQiOLVH GRV LQYHVWLPHQWRV FRQVLGHUDGRV FRPR QmR UHDOL]iYHLV�
G� FRQIHUrQFLD GH FiOFXORV GH DWXDOL]Do}HV UHDOL]DGDV���
H� FRQIHUrQFLD GR FiOFXOR GD HTXLYDOrQFLD SDWULPRQLDO�
I� FRQIHUrQFLD GH FiOFXORV GDV SURYLV}HV SDUD SHUGDV�
��
J FRQILUPDomR FRP WHUFHLURV���
K� FRUUHODomR FRP R UHVXOWDGR�
L� REVHUYDomR GD DGHTXDGD FODVVLILFDomR GDV FRQWDV���
M� REVHUYDomR GD DGHTXDGD DSOLFDomR GRV 3ULQFtSLRV )XQGDPHQWDLV GH�&RQWDELOLGDGH��
‡ ,PRELOL]DGR
2V REMHWLYRV GH DXGLWRULD GR LPRELOL]DGR VmR YHULILFDU VH��
D� RV EHQV UHJLVWUDGRV FRPR LPRELOL]DGR H[LVWHP ILVLFDPHQWH�
E� RV YDORUHV UHJLVWUDGRV QR LPRELOL]DGR UHSUHVHQWDP YHUGDGHLUDPHQWH EHQV H GLUHLWRV�
TXH HVWmR VHQGR XWLOL]DGRV QDV RSHUDo}HV GD RUJDQL]DomR���
F� RV YDORUHV UHJLVWUDGRV QR LPRELOL]DGR HVWmR DGHTXDGDPHQWH FODVVLILFDGRV���
G� DV GLYXOJDo}HV UHODWLYDV DR LPRELOL]DGR IRUDP GHYLGDPHQWH UHDOL]DGDV�
H� QmR Ki JUDYDPHV RX ULVFRV VREUH R LPRELOL]DGR���
I� D OHJLVODomR FRUUHVSRQGHQWH IRL VHJXLGD���
J� WRGR R LPRELOL]DGR GH SURSULHGDGH GD RUJDQL]DomR�IRL GHYLGDPHQWH DSUHVHQWDGR�
K� 2V 3ULQFtSLRV )XQGDPHQWDLV GH &RQWDELOLGDGH IRUDP GHYLGDPHQWH DSOLFDGRV�
2V SULQFLSDLV SURFHGLPHQWRV GH DXGLWRULD GR LPRELOL]DGR VmR��
D� LQVSHomR�ItVLFD GRV SULQFLSDLV YDORUHV FODVVLILFDGRV QR LPRELOL]DGR�
E� H[DPH GRV GRFXPHQWRV GH HQWUDGD H GH EDL[D GR LPRELOL]DGR���
F� DQiOLVH GRV EHQV LPRELOL]DGRV FRQVLGHUDGRV FRPR LQVHUYtYHLV�
G� FRQILUPDomR GDV LPSRUWDo}HV HP DQGDPHQWR�
H� FRQILUPDomR GRV FRQWUDWRV GH DUUHQGDPHQWR PHUFDQWLO�
I� UHYLVmR GRV OLYURV GH LQYHQWiULR���
J� FRQIHUrQFLD GH FiOFXORV GH DSURSULDomR GH GHSUHFLDomR� DPRUWL]DomR H H[DXVWmR�
K� UHYLVmR GDV UHDYDOLDo}HV IHLWDV���
L� DQiOLVH GDV UHDYDOLDo}HV UHDOL]DGDV���
M� FRUUHODomR FRP R UHVXOWDGR�
N� REVHUYDomR GD DGHTXDGD FODVVLILFDomR GDV FRQWDV�
O� REVHUYDomR GD DGHTXDGD DSOLFDomR GRV 3ULQFtSLRV )XQGDPHQWDLV GH�&RQWDELOLGDGH�
��
‡ &RQWDV D 3DJDU
2V REMHWLYRV GH DXGLWRULD GR FRQWDV D SDJDU VmR YHULILFDU VH��
D� RV YDORUHV UHJLVWUDGRV HP FRQWDV D SDJDU UHSUHVHQWDP YHUGDGHLUDPHQWH YDORUHV�
H[LJtYHLV GD RUJDQL]DomR�
E� RV YDORUHV UHJLVWUDGRV HP FRQWDV D SDJDU HVWmR DGHTXDGDPHQWH FODVVLILFDGRV�
F� DV GLYXOJDo}HV UHODWLYDV DR FRQWDV D SDJDU IRUDP GHYLGDPHQWH UHDOL]DGDV�
G� H[LVWHP DWLYRV GDGRV HP JDUDQWLDV RX�YLQFXODGRV DR FRQWDV D SDJDU�
H� WRGRV RV SDVVLYRV FRQWLQJHQWHV IRUDP GHYLGDPHQWH UHJLVWUDGRV�
I� D OHJLVODomR FRUUHVSRQGHQWH IRL VHJXLGD���
J� WRGR R FRQWDV D SDJDU�GD RUJDQL]DomR IRL GHYLGDPHQWH DSUHVHQWDGR���
K� RV 3ULQFtSLRV )XQGDPHQWDLV GH�&RQWDELOLGDGH�IRUDP GHYLGDPHQWH DSOLFDGRV�
2V SULQFLSDLV SURFHGLPHQWRV GH DXGLWRULD GR FRQWDV D SDJDU VmR��
D� H[DPH GDV GXSOLFDWDV H�WtWXORV D SDJDU��VH DSOLFiYHO�
E� FRQILUPDomR GRV VDOGRV GDV FRQWDV D SDJDU�
F� FRQIHUrQFLD GH FiOFXOR GH MXURV H FRUUHo}HV LQFRUULGRV���
G� FRQIHUrQFLD GH FiOFXOR GH LPSRVWRV H FRQWULEXLo}HV GHYLGDV�
H� FRQIHUrQFLD GH FiOFXOR GDV SURYLV}HV GH IpULDV H RXWUDV�
I� UHYLVmR GDV FODVVLILFDo}HV GH FXUWR H ORQJR SUD]R�
J� H[DPH GR UHJLVWUR GR UD]mR DQDOtWLFR GR FRQWDV D SDJDU�
K� FRUUHODomR FRP D iUHD GH FRPSUDV H HVWRTXHV�
L� H[DPH GD OLTXLGDomR VXEVHTXHQWH���
M� REVHUYDomR GD DGHTXDGD FODVVLILFDomR GDV FRQWDV���
N� REVHUYDomR GD DGHTXDGD DSOLFDomR GRV 3ULQFtSLRV )XQGDPHQWDLV GH�&RQWDELOLGDGH�
‡ (PSUpVWLPR�
2V REMHWLYRV GH DXGLWRULD GH HPSUpVWLPR VmR YHULILFDU VH��
D� RV YDORUHV UHJLVWUDGRV FRPR HPSUpVWLPR UHSUHVHQWDP YHUGDGHLUDPHQWH YDORUHV�
H[LJtYHLV GD RUJDQL]DomR�
E� RV YDORUHV UHJLVWUDGRV FRPR HPSUpVWLPR HVWmR DGHTXDGDPHQWH FODVVLILFDGRV�
F� DV GLYXOJDo}HV UHODWLYDV DRV HPSUpVWLPRV IRUDP GHYLGDPHQWH UHDOL]DGDV�
G� H[LVWHP DWLYRV GDGRV HP JDUDQWLDV RX�YLQFXODGRV DRV HPSUpVWLPRV�
��
H� WRGRV RV SDVVLYRV FRQWLQJHQWHV IRUDP GHYLGDPHQWH UHJLVWUDGRV�
I� D OHJLVODomR FRUUHVSRQGHQWH IRL VHJXLGD���J� WRGRV RV HPSUpVWLPRV GD RUJDQL]DomR IRUDP GHYLGDPHQWH DSUHVHQWDGRV�
K� RV 3ULQFtSLRV )XQGDPHQWDLV GH�&RQWDELOLGDGH�IRUDP GHYLGDPHQWH DSOLFDGRV���
2V SULQFLSDLV SURFHGLPHQWRV GH DXGLWRULD GRV HPSUpVWLPRV VmR��
D� H[DPH GRFXPHQWDO GRV FRQWUDWRV GH HPSUpVWLPR���
E� H[DPH GRFXPHQWDO GRV SDJDPHQWRV UHDOL]DGRV��
F� FRQILUPDomR GRV VDOGRV GH HPSUpVWLPRV�
G� FRQIHUrQFLD GH FiOFXOR GH MXURV H YDULDo}HV LQFRUULGRV���
H� UHYLVmR GDV FODVVLILFDo}HV GH FXUWR H ORQJR SUD]R�
I� H[DPH GRV FRQWUROHV SDUDOHORV���
J� FRUUHODomR FRP D iUHD GH GLVSRQLELOLGDGHV H GH GHVSHVDV�
K� H[DPH GD OLTXLGDomR VXEVHTHQWH�
L� REVHUYDomR GD DGHTXDGD FODVVLILFDomR GDV FRQWDV��
M� REVHUYDomR GD DGHTXDGD DSOLFDomR GRV 3ULQFtSLRV )XQGDPHQWDLV GH�&RQWDELOLGDGH�
‡ 3DWULP{QLR /tTXLGR�
2V REMHWLYRV GH DXGLWRULD GR SDWULP{QLR OtTXLGR VmR YHULILFDU VH��
D� RV YDORUHV UHJLVWUDGRV QR SDWULP{QLR OtTXLGR UHSUHVHQWDP YHUGDGHLUDPHQWH YDORUHV�
SHUWHQFHQWHV DRV SURSULHWiULRV GD RUJDQL]DomR�
E� RV YDORUHV UHJLVWUDGRV QR SDWULP{QLR OtTXLGR HVWmR DGHTXDGDPHQWH FODVVLILFDGRV���
F� DV GLYXOJDo}HV UHODWLYDV DR SDWULP{QLR OtTXLGR�IRUDP GHYLGDPHQWH UHDOL]DGDV�
G� D OHJLVODomR FRUUHVSRQGHQWH IRL VHJXLGD�
H� DV QRUPDV HVWDWXWiULDV IRUDP VHJXLGDV���
I� RV 3ULQFtSLRV )XQGDPHQWDLV GH &RQWDELOLGDGH IRUDP GHYLGDPHQWH DSOLFDGRV�
2V SULQFLSDLV SURFHGLPHQWRV GH DXGLWRULD GR SDWULP{QLR OLTXLGR VmR��
D� FRQWDJHP GDV FDXWHODV GH Do}HV�
E� FRQILUPDomR GD�SDUWLFLSDomR DFLRQiULD���
F� FRQILUPDomR GRV YDORUHV FODVVLILFDGRV FRPR UHVHUYDV GH FDSLWDO�
G� FRQIHUrQFLD GH FiOFXOR���
H� FRQIHUrQFLD GH FiOFXOR GDV UHVHUYDV GH OXFUR���
I� FRQIHUrQFLD GH FiOFXOR GDV UHDOL]Do}HV GH UHVHUYDV���
��
J� FRQIHUrQFLD GH FiOFXOR GD GLVWULEXLomR GRV GLYLGHQGRV���
K� UHYLVmR GDV FODVVLILFDo}HV FRQWiEHLV UHDOL]DGDV���
L� H[DPH GDV DWDV GH DVVHPEOpLDV�
M� FRUUHODomR FRP D iUHD GH UHVXOWDGR���
N� REVHUYDomR GD DGHTXDGD DSOLFDomR GRV 3ULQFtSLRV )XQGDPHQWDLV GH�&RQWDELOLGDGH��
‡ 5HVXOWDGR GH ([HUFtFLR
2V REMHWLYRV GH DXGLWRULD GR UHVXOWDGR GR H[HUFtFLR VmR YHULILFDU VH��
D� RV YDORUHV UHJLVWUDGRV QR UHVXOWDGR GR H[HUFtFLR UHSUHVHQWDP YHUGDGHLUDPHQWH�
UHFHLWDV UHDOL]DGDV H GHVSHVDV LQFRUULGDV GD RUJDQL]DomR�
E� WRGRV RV FXVWRV H GHVSHVDV�IRUDP FRQWUDSRVWRV jV UHFHLWDV�
F� RV YDORUHV UHJLVWUDGRV QR UHVXOWDGR GR H[HUFtFLR HVWmR DGHTXDGDPHQWH FODVVLILFDGRV�
G� DV GLYXOJDo}HV UHODWLYDV DR UHVXOWDGR GR H[HUFtFLR IRUDP GHYLGDPHQWH UHDOL]DGDV��
H� D OHJLVODomR FRUUHVSRQGHQWH IRL VHJXLGD���
I� RV 3ULQFtSLRV )XQGDPHQWDLV GH &RQWDELOLGDGH IRUDP GHYLGDPHQWH DSOLFDGRV�
2V SULQFLSDLV SURFHGLPHQWRV GH DXGLWRULD GR UHVXOWDGR GR H[HUFtFLR VmR��
D� FRUUHODomR FRP DV RXWUDV iUHDV GR EDODQoR��
E� FRUUHODomR FRP RV H[DPHV GH FRQWUROH LQWHUQR�
E� H[DPH GRFXPHQWDO GD UHFHLWD H GD GHVSHVD���
F� DQiOLVH GH YDULDo}HV�
G� FRUUHODomR FRP RV UHVXOWDGRV GD UHYLVmR GRV FRQWUROHV LQWHUQRV GDV iUHDV GH�
IDWXUDPHQWR� GH SHVVRDO H GH FXVWR�
H� HVWXGR H DQiOLVH GDV FRQWDV GH UHVXOWDGR�
I� UHYLVmR GH FiOFXORV GH MXURV� UHFHLWDV ILQDQFHLUDV H LPSRVWRV�
J� REVHUYDomR GD DGHTXDGD DSOLFDomR GRV 3ULQFtSLRV )XQGDPHQWDLV GH�&RQWDELOLGDGH�
2V REMHWLYRV H SURFHGLPHQWRV SDUD XPD DXGLWRULD RSHUDFLRQDO GHSHQHP GD QDWXUH]D H�
ILQDOLGDGH GR WUDEDOKR D VHU H[HFXWDGR� R TXH GLILFXOWD HP PXLWR D HODERUDomR GH XP�
HOHQFR SDGURQL]DGR� ,VVR RFRUUH� HP IDFH GD DXGLWRULD RSHUDFLRQDO QmR UHSRXVDU VREUH�
QRUPDV H[SOtFLWDV� FRPR DFRQWHFH FRP D DXGLWRULD FRQWiELO� 2 TXH p SHUIHLWDPHQWH�
DFHLWiYHO� SRLV R FDPSR GH DWXDomR GD DXGLWRULD RSHUDFLRQDO ± XQLYHUVR GD JHVWmR ± QmR�
p H[DWR H R DXGLWRU LQFXPELGR GHVVD WDUHID GHYH DSUHFLDU FDVR D FDVR RV GLIHUHQWHV�
GRPtQLRV GD DGPLQLVWUDomR��
��
��� (9,'Ç1&,$�'( $8',725,$
(YLGrQFLD p WRGD SURYD REWLGD SHOR DXGLWRU��HP IDFH GD DSOLFDomR GRV SURFHGLPHQWRV GH�
DXGLWRULD� SDUD�DYDOLDU VH RV FULWpULRV HVWDEHOHFLGRV HVWmR VHQGR RX QmR DWHQGLGRV��
$ HYLGrQFLD GH DXGLWRULD p FODVVLILFDGD VHJXQGR RV SURFHGLPHQWRV TXH D RULJLQDUDP��
$VVLP��WHP�VH��
D�� (YLGrQFLD� ItVLFD� REWLGD HP GHFRUUrQFLD GH XPD LQVSHomR ItVLFD RX REVHUYDomR�
GLUHWD GH SHVVRDV� EHQV� RX WUDQVDo}HV� 1RUPDOPHQWH p DSUHVHQWDGD VRE D IRUPD GH�
IRWRJUDILDV��JUiILFRV��PHPRUDQGRV GHVFULWLYRV� PDSDV� DPRVWUDV�ItVLFDV� HWF��
E�� (YLGrQFLD GRFXPHQWDO� p DTXHOD REWLGD GRV H[DPHV GH RItFLRV� FRQWUDWRV��
GRFXPHQWRV FRPSUREDWyULRV �QRWDV ILVFDLV� UHFLERV� GXSOLFDWDV TXLWDGDV� HWF�� H GH�
LQIRUPDo}HV SUHVWDGDV SRU SHVVRDV GH GHQWUR H GH IRUD GD HQWLGDGH DXGLWDGD� VHQGR TXH D�
HYLGrQFLD REWLGD GH IRQWHV H[WHUQDV DGHTXDGDV p PDLV ILGHGLJQD TXH D REWLGD QD SUySULD�
RUJDQL]DomR VRE DXGLWRULD��
F�� (YLGrQFLD� WHVWHPXQKDO� p DTXHOD GHFRUUHQWH GD DSOLFDomR GH HQWUHYLVWDV RX�
TXHVWLRQiULRV��
G��(YLGrQFLD DQDOtWLFD� GHFRUUH�GD�FRQIHUrQFLD GH FiOFXORV� FRPSDUDo}HV� FRUUHODo}HV�
H DQiOLVHV IHLWDV SHOR DXGLWRU��GHQWUH RXWUDV���
2 DXGLWRU GHYH DWHQWDU TXH R SURFHVVR GH REWHQomR GH HYLGrQFLDV HP XPD DXGLWRULD�
RSHUDFLRQDO p PXLWR PDLV FRPSOH[R GR TXH HP XPD DXGLWRULD FRQWiELO� ,VVR DFRQWHFH HP�
YLUWXGH GH� QDV�iUHDV�RSHUDFLRQDLV��R�SURFHVVR�GH�LGHQWLILFDomR GRV FULWpULRV� QD PDLRULD GDV�
YH]HV� QmR VHU FODUDPHQWH GHILQLGR FRPR QDV iUHDV ILQDQFHLUDV� $ LGHQWLILFDomR GDV iUHDV�
SUREOHPiWLFDV H FUtWLFDV GHSHQGHUi HQRUPHPHQWH GD SHUVSLFiFLD� H[SHULrQFLD H�
GHWHUPLQDomR GR DXGLWRU��
��� (;(5&Ë&,26�
��� (QWUH RV SURFHGLPHQWRV H WpFQLFDV GH $XGLWRULD� WHP�VH R ([DPH )tVLFR TXH GHYH FRQWHU DV VHJXLQWHV�
FDUDFWHUtVWLFDV��
D� LGHQWLILFDomR��H[LVWrQFLD�FRQWiELO��YDORU��H[LVWrQFLD ItVLFD� DPRVWUDJHP��
E� H[LVWrQFLD�FRQWiELO��DXWHQWLFLGDGH��TXDOLGDGH��TXDQWLGDGH� WDPDQKR��
F� LGHQWLILFDomR��H[LVWrQFLD�ItVLFD� DXWHQWLFLGDGH��TXDQWLGDGH�H TXDOLGDGH��
G� H[LVWrQFLD�FRQWiELO� H[LVWrQFLD ItVLFD��DXWHQWLFLGDGH��YDORU��TXDQWLGDGH��
H� LGHQWLILFDomR��WDPDQKR� YROXPH��YDORU��DPRVWUDJHP� H[LVWrQFLD�ItVLFD��
��
����1D�DSOLFDomR�GRV�WHVWHV�VXEVWDQWLYRV��R DXGLWRU�GHYH�REMHWLYDU�D�VHJXLQWH�FRQFOXVmR��
D� H[LVWrQFLD��
E� RFRUUrQFLD��
F� DYDOLDomR��
G� DEUDQJrQFLD��
H� WRWDOLGDGH��
�����$)36�������2V SURFHGLPHQWRV�UHODFLRQDGRV SDUD�FRPSRU�XP SURJUDPD�GH�DXGLWRULD�VmR GHVHQKDGRV SDUD���
D� GHWHFWDU HUURV�H LUUHJXODULGDGHV�VLJQLILFDWLYDV�
E� SURWHJHU R�DXGLWRU�HP FDVR GH�OLWtJLR OHJDO���
F� DYDOLDU D HVWUXWXUD GRV�FRQWUROHV�LQWHUQRV�
G� FROHWDU�HYLGrQFLDV�VXILFLHQWHV�GH DXGLWRULD�
H� GHVHQYROYHU XP�SODQR�HVWUDWpJLFR�GD HPSUHVD���
��� �$)36������ 2V SURFHGLPHQWRV GH DXGLWRULD VmR XP FRQMXQWR GH WpFQLFDV TXH SHUPLWHP DR DXGLWRU REWHU�
HYLGrQFLDV RX SURYDV VXILFLHQWHV H DGHTXDGDV SDUD IXQGDPHQWDU VXD RSLQLmR VREUH DV GHPRQVWUDo}HV�
FRQWiEHLV�DXGLWDGDV��7DLV�SURFHGLPHQWRV�DEUDQJHP�RV�VHJXLQWHV�WHVWHV�
D� VXEVWDQWLYRV H GH REVHUYkQFLD���
E� GH UHYLVmR DQDOtWLFD H�VXEVWDQWLYRV�
F� VXEVWDQWLYRV H GH FiOFXOR���
G� GH FRQILUPDomR H�GH REVHUYkQFLD���
H� GH LQVSHomR�H UHYLVmR�DQDOtWLFD�
��� �$)5)���� 3URFHGLPHQWRV GH DXGLWRULD VmR R FRQMXQWR GH WpFQLFDV TXH SHUPLWHP DR DXGLWRU REWHU HYLGrQFLD�
RX SURYDV VXILFLHQWHV H DGHTXDGDV SDUD IXQGDPHQWDU VXD RSLQLmR VREUH DV GHPRQVWUDo}HV FRQWiEHLV�
DXGLWDGDV�H�DEUDQJHP��
D� WHVWHV�GH REVHUYkQFLD�H�SURFHGLPHQWRV�GH�UHYLVmR�DQDOtWLFD��
E� WHVWHV�GH�WUDQVDo}HV�H�VDOGRV�H�WHVWHV�VXEVWDQWLYRV��
F� WHVWHV�GH REVHUYkQFLD�H�WHVWHV VXEVWDQWLYRV��
G� WHVWHV�GH�WUDQVDo}HV�H�SURFHGLPHQWRV�GH UHYLVmR�DQDOtWLFD��
H� WHVWHV�VXEVWDQWLYRV�H�SURFHGLPHQWRV GH UHYLVmR DQDOtWLFD�
��� ³2 FRQMXQWR GH WpFQLFDV TXH SHUPLWHP DR DXGLWRU REWHU HYLGrQFLDV RX SURYDV VXILFLHQWHV H DGHTXDGDV SDUD�
IXQGDPHQWDU�VXD�RSLQLmR�VREUH�DV�GHPRQVWUDo}HV�FRQWiEHLV´��2�HQXQFLDGR�UHIHUH�VH�D��
D� 7HVWHV�GH�2EVHUYkQFLD��
E� 7HVWHV 6XEVWDQWLYRV��
F� 5HOHYkQFLD��
G� 3DSpLV�GH�WUDEDOKR��
H� 3URFHGLPHQWRV GH�$XGLWRULD��
��� �$)5)���� 2V SURFHGLPHQWRV GH DXGLWRULD TXH WrP SRU ILQDOLGDGH REWHU HYLGrQFLD TXDQWR j VXILFLrQFLD��
H[DWLGmR�H�YDOLGDGH�GRV GDGRV�JHUDGRV�SHOR�VLVWHPD�GH�FRQWDELOLGDGH�GD HQWLGDGH VmR�GHQRPLQDGRV�WHVWHV��
D� GH REVHUYkQFLD��
E� GH FRQWUROH��
F� VXEVWDQWLYRV��
G� GH DGHUrQFLD��
H� GH H[LVWrQFLD����� �$)5)������(6$)� $ FRQFOXVmR TXDQWR j RFRUUrQFLD HIHWLYD GH XPD WUDQVDomR FRQWiELO p XP GRV REMHWLYRV�
GR�DXGLWRU SDUD D DSOLFDomR GRV�
D� WHVWHV�GH FiOFXORV��
E� WHVWHV�GH REVHUYkQFLD��
F� WHVWHV�GH DEUDQJrQFLD��
G� WHVWHV�VXEVWDQWLYRV��
H� WHVWHV�GH SURFHGLPHQWRV��
��
��� �$)5)���� $ FRQFOXVmR VREUH D DGHTXDGD PHQVXUDomR� DSUHVHQWDomR H GLYXOJDomR GDV WUDQVDo}HV�
HFRQ{PLFR�ILQDQFHLUDV� HP FRQVRQkQFLD FRP RV 3ULQFtSLRV )XQGDPHQWDLV GH &RQWDELOLGDGH� p XP GRV�
REMHWLYRV�GH��
D� WHVWHV�GH REVHUYkQFLD�
E� WHVWHV�GH SURFHGLPHQWR�
F� SURFHGLPHQWRV�GH�FRQILUPDomR�
G� WHVWHV�VXEVWDQWLYRV��
H� SURFHGLPHQWRV�GH�LQVSHomR�
�����$)36������ ,GHQWLILTXH�XP SURFHGLPHQWR�GH DXGLWRULD SDUD�HYLGHQFLDomR GH�XP�HYHQWR VXEVHTHQWH���
D� &LUFXODUL]DomR�GR VDOGR GH FRQWDV D UHFHEHU�GR�SHUtRGR�ILQGR�DXGLWDGR���
E� ,QYHQWiULR�ItVLFR�GRV�VDOGRV�GH DEHUWXUD H�ILQDO�GR�SHUtRGR DXGLWDGR�
F� ([DPH�GRV�SDJDPHQWRV�UHDOL]DGRV�QR�SHUtRGR DXGLWDGR�
G� ([DPH�GH�GHYROXo}HV�GH YHQGDV�UHDOL]DGDV�QR�SHUtRGR VHJXLQWH DXGLWDGR�
H� 7HVWH�GH�DGLo}HV�GH LPRELOL]DGR�UHDOL]DGR�GXUDQWH�R�SHUtRGR�DXGLWDGR�
��� �$)36������ $ FLUFXODUL]DomR p XP SURFHGLPHQWR GH DXGLWRULD TXH DSOLFDGR j iUHD GH FRQWDV D UHFHEHU�
FRQILUPD���
D� RV FiOFXORV�HIHWXDGRV�SHOR DXGLWRU���
E� D�H[LVWrQFLD�ItVLFD�GR�EHP�GD HPSUHVD�
F� D�H[LVWrQFLD�ItVLFD�GR�GRFXPHQWR�JHUDGRU�GR IDWR�
G� D�H[LVWrQFLD�GH�GXSOLFDWDV�GHVFRQWDGDV�
H� R�VDOGR�DSUHVHQWDGR SHOD�HPSUHVD�QR�FOLHQWH�
��� �$)36������ $ DGPLQLVWUDomR GH XPD HQWLGDGH HQYLD XPD FDUWD jV GLYHUVDV LQVWLWXLo}HV ILQDQFHLUDV FRP DV�
TXDLV VH UHODFLRQD FRPHUFLDOPHQWH� VROLFLWDQGR LQIRUPDo}HV GRV VDOGRV HP DEHUWR H[LVWHQWHV QHVVDV�
HPSUHVDV HP XPD GHWHUPLQDGD GDWD� FXMD UHVSRVWD GHYD VHU HQYLDGD GLUHWDPHQWH DRV VHXV DXGLWRUHV�
LQGHSHQGHQWHV� 1HVVH FDVR� RFRUUH XP SURFHGLPHQWR�GH���
D� LQYHVWLJDomR�
E� REVHUYDomR�
F� FRQILUPDomR���
G� UHYLVmR�DQDOtWLFD���
H� LQVSHomR��
��� �$)36������ 1D DSOLFDomR GRV SURFHGLPHQWRV GH UHYLVmR DQDOtWLFD� R DXGLWRU GHYH FRQVLGHUDU D�
BBBBBBBBBBBBBB�GDV LQIRUPDo}HV� VXD�BBBBBBBBBBBBBBBBBBBBB� BBBBBBBBBBBBBB H�FRPSDUDELOLGDGH�
D� IDFLOLGDGH� PDWHULDOLGDGH��LUUHOHYkQFLD��
E� GLVSRQLELOLGDGH��UHOHYkQFLD��FRQILDELOLGDGH�
F� FODUH]D��H[LVWrQFLD� LQGLYLGXDOLGDGH�
G� LQGLVSRQLELOLGDGH��DSUHVHQWDomR��H[LVWrQFLD�
H� IDFLOLGDGH� LUUHOHYkQFLD� PDWHULDOLGDGH�
��� �$)36������ 3DUD GHWHUPLQDomR GD VXILFLrQFLD GH FREHUWXUD GH VHJXURV SDUD DWLYR LPRELOL]DGR GHYH�VH�
SURFHGHU DR�FRQIURQWR GD�FREHUWXUD�GD�DSyOLFH�FRP R YDORU�
D� GD H[LVWrQFLD�ItVLFD�GR�DWLYR LPRELOL]DGR�
E� GDV�GHVSHVDV�DQWHFLSDGDV�
F� WRWDO�GDV GHVSHVDV�GH�VHJXURV���
G� GR VDOGR FRQWiELO�GR�DWLYR LPRELOL]DGR���
H� GR�3DWULP{QLR�/tTXLGR�
��� �$)36������ 1RUPDOPHQWH� R DXGLWRU HIHWXD D FRQIHUrQFLD GD H[DWLGmR GH UHQGLPHQWRV GH DSOLFDo}HV�
ILQDQFHLUDV�GH�ORQJR�SUD]R FRQVLGHUDQGR DV UHFHLWDV�DXIHULGDV�GHVWDV DSOLFDo}HV�GH�DFRUGR FRP R UHJLPH�GH�
FRPSHWrQFLD� (VVH�SURFHGLPHQWR�GH DXGLWRULD p GHQRPLQDGR�
D� LQVSHomR���
E� FiOFXOR�
F� REVHUYDomR�
G� UHYLVmR�DQDOtWLFD���
H� LQYHVWLJDomR�
��
�����$)36������ $VVLQDOH D�RSomR�HP TXH�R�SURFHGLPHQWR GH UHYLVmR�DQDOtWLFD�QmR�HVWi DVVRFLDGR D�FOLHQWHV���
D� $QiOLVH GH IOXWXDo}HV GH YROXPH RX QD�TXDQWLGDGH GH YHQGDV SRU SURGXWR�
E� $QiOLVH GR QtYHO�GH�GHYROXo}HV�H DEDWLPHQWRV�SRU�FOLHQWHV�LQGLYLGXDOPHQWH�
F� 0DUJHP EUXWD�SRU�SURGXWR�RX�SRU ORFDOLGDGH�GH�VHXV SRVWRV GH�YHQGDV�
G� $QiOLVH GH YDULDomR GH�SUHoRV�GH SURGXWRV�HQWUHJXHV�SHORV�IRUQHFHGRUHV�
H� $OWHUDo}HV�QRV�SUHoRV XQLWiULRV H�WD[DV�GH GHVFRQWR SDUD FOLHQWHV HVSHFLDLV�
����$R�DXGLWDU R LPRELOL]DGR R�DXGLWRU�YHULILFD VH RV�YHtFXORV DGTXLULGRV SHOD HQWLGDGH�H[LVWHP� (VWD p�D�DSOLFDomR�
GR VHJXLQWH�SURFHGLPHQWR��
D� FRQIHUrQFLD GH�FiOFXOR��
E� LQVHUomR ItVLFD��
F� H[DPH�GRFXPHQWDO��
G� SURFHGLPHQWR�GH UHYLVmR DQDOtWLFD��
H� REVHUYDomR��
�����$XGLWRU�56� $�FLUFXODUL]DomR�GH�IRUQHFHGRUHV�p XP�SURFHGLPHQWR�EiVLFR�GH��
D� LQVSHomR��
E� REVHUYDomR��
F� LQYHVWLJDomR H FRQILUPDomR��
G� FRQWLQJHQFLDPHQWR��
H� FRQWUROH��
�����$)5)�����'DV RSo}HV�DEDL[R��DVVLQDOH�D�TXH�QmR FRUUHVSRQGH�D�XP SURFHGLPHQWR�GH�DXGLWRULD��
D� H[DPH�ItVLFR��LQVSHomR�H�FRQIHUrQFLD�GH�FiOFXOR��
E� FRQIHUrQFLD GH�FiOFXOR H�H[DPH�GH�HVFULWXUDomR��
F� H[DPHV�GH�GRFXPHQWRV�RULJLQDLV�H�FRQILUPDomR��
G� DQiOLVH�GH�EDODQoR�H�DQiOLVH GH IOX[R�GH�FDL[D��
H� LQVSHomR��LQYHVWLJDomR PLQXFLRVD H REVHUYDomR��
��� �$)5)���� $VVLQDOH D RSomR TXH UHSUHVHQWD DOJXQV SURFHGLPHQWRV WpFQLFRV EiVLFRV GH DXGLWRULD� FRQIRUPH�
DV QRUPDV GH�DXGLWRULD�LQGHSHQGHQWH�GDV GHPRQVWUDo}HV FRQWiEHLV��
D� LQVSHomR��REVHUYDomR� LQYHVWLJDomR�H�FRQILUPDomR��
E� LQVSHomR��REVHUYDomR H�FRPSRVLomR GH VDOGRV�FRQWiEHLV��
F� UHYLVmR�DQDOtWLFD�FiOFXOR�H�FRQFLOLDomR EDQFiULD��
G� LQYHVWLJDomR H FRQILUPDomR��LQYHQWiULR�GH HVWRTXHV��
H� FRPSRVLomR�H�FRQFLOLDomR GH�VDOGRV�GH IRUQHFHGRUHV��
����$�HYLGrQFLD�GH�DXGLWRULD PDLV DSURSULDGD�SDUD�R�DXGLWRU FHUWLILFDU�VH�GD H[LVWrQFLD ItVLFD GH XP EHP�p��
D� LQVSHomR�ItVLFD��
E� UHJLVWUR FRQWiELO��
F� QRWD ILVFDO�GH�FRPSUD��
G� ERQV�FRQWUROHV�LQWHUQRV��
H� GHFODUDomR�GR�DGPLQLVWUDGRU��
�����$)5)�����$�FRQILUPDomR�LPSOLFD D REWHQomR GH GHFODUDomR�IRUPDO�H�LVHQWD�GH�SHVVRDV�LQGHSHQGHQWHV j�&LD��
4XDLV�GRV SURFHGLPHQWRV DEDL[R�QmR HVWmR�UHODFLRQDGRV�FRP�RV�H[DPHV GD FRQILUPDomR"�
D� VHOHomR�FULWHULRVD GRV LWHQV��SRU�VHUHP�H[DPLQDGRV�DWUDYpV�GR SURFHGLPHQWR�GH�FRQILUPDomR��
E� FRQWUROH�GRV SHGLGRV�GH FRQILUPDomR�SRU�VHUHP�GHVSDFKDGRV DRV�GHVWLQDWiULRV��
F� SURFHGLPHQWRV�DOWHUQDWLYR�GH�YHULILFDomR�SDUD DV�UHVSRVWDV��
G� DV UHVSRVWDV�GR�SHGLGR�GH FRQILUPDomR GHYHP�VHU HQGHUHoDGDV�j HPSUHVD�DXGLWDGD��
H� FRQILUPDo}HV REWLGDV SHVVRDOPHQWH� QRV�FDVRV�MXOJDGRV�DSURSULDGRV�SHOR DXGLWRU��
��� �$)5)���� $ LQYHVWLJDomR FRQVWLWXL�VH HP XP GRV SURFHGLPHQWRV GH DXGLWRULD� (VWH GHYH VHU XWLOL]DGR HP�
TXDO FDVR�DEDL[R��
D� H[DPH�GR�VDOGR�FRQWiELO�GH GXSOLFDWDV�D�UHFHEHU H�GRV FRQWUDWRV��
E� H[DPH�GH�VDOGRV�EDQFiULRV GH OLYUH PRYLPHQWDomR H�FRQWUDWRV��
F� H[DPH�GH�FRQWUDWRV�H�GR�VDOGR�GH�FRQWDV D�SDJDU��
��
G� H[DPH�GD YDULDomR�GH�VDOGR�GH�FRQWDV D SDJDU H�GRV�FRQWUROHV��
H� H[DPH�GHWDOKDGRV GDV�DSURYDo}HV�GH�EDL[DV�GH GXSOLFDWDV�LQFREUiYHLV��
����'HQWUH�DV DOWHUQDWLYDV�DEDL[R��DTXHOD TXH�DSUHVHQWD XPD WpFQLFD�EiVLFD�GH DXGLWRULD�p��
D� VHJUHJDomR��
E� FRQWUROH�LQWHUQR��
F� LQWHUGHSHQGrQFLD��
G� SDSpLV GH WUDEDOKR��
H� LQVSHomR�ItVLFD��
��� $ WpFQLFD GH DXGLWRULD TXH FRQVLVWH QD LGHQWLILFDomR GR REMHWR TXH HVWi VHQGR H[DPLQDGR� D ILP GH�
DVVHJXUDU�VH GD VXD H[LVWrQFLD� FRPSUHHQGHQGR D FRQWDJHP� YHULILFDomR GH DXWHQWLFLGDGH H TXDOLGDGH��
OLPLWDGD�D�EHQV PDWHULDLV� GHQRPLQD�VH��
D� FRQILUPDomR��
E� FLUFXODUL]DomR��
F� FRQIHUrQFLD GH�FiOFXORV��
G� H[DPH H�FRQWDJHP�ItVLFD��
H� H[DPH�GRV�OLYURV�DX[LOLDUHV��
�����$XGLWRU�56��2EMHWLYDQGR YHULILFDU D�H[LVWrQFLD GH HVWRTXHV� SHUWHQFHQWHV j HPSUHVD DXGLWDGD� DUPD]HQDGRV�
HP DUPD]pQV S~EOLFRV� R DXGLWRU REWpP GHFODUDomR HVFULWD ILUPDGD SHOR GHSRVLWiULR� RQGH FRQVWD�
GHWDOKDGDPHQWH�R HVWRTXH DVVLP DUPD]HQDGR��$R�REWHU D�LQIRUPDomR DFLPD� R�DXGLWRU XWLOL]RX�D�WpFQLFD GH��
D� H[DPH H�FRQWDJHP�ItVLFD��
E� H[DPH�GRV�OLYURV�DX[LOLDUHV��
F� FRQIHUrQFLD GH�FiOFXORV��
G� FRQILUPDomR��
H� DFRPSDQKDPHQWR GRV�SURFHGLPHQWRV�GH�HVFULWXUDomR��
��� �$XGLWRU�56� $ DSOLFDomR GRV SURFHGLPHQWRV GH DXGLWRULD GHYH VHU UHDOL]DGD DWUDYpV GH SURYDV VHOHWLYDV��
WHVWHV H DPRVWUDJHQV� HP�UD]mR�GD�FRPSOH[LGDGH�H�YROXPH GDV�RSHUDo}HV��
$V QRUPDV GH $XGLWRULD ,QGHSHQGHQWH GDV 'HPRQVWUDo}HV &RQWiEHLV HP UHODomR j DPSOLWXGH GRV H[DPHV�
QHFHVViULRV j�REWHQomR�GRV HOHPHQWRV GH FRQYLFomR�TXH VHMDP YiOLGRV�SDUD�WRGR� SUHVFUHYHP��
D� D�DPSOLWXGH QmR�SRGHUi�VHU LQIHULRU� HP YDORUHV�D�����GDV RSHUDo}HV HP�DQiOLVH��
E� D DPSOLWXGH GHYHUi UHSUHVHQWDU SHOR PHQRV WUrV TXDUWRV GR YDORU GDV RSHUDo}HV DQDOLVDGDV� VDOYR VH�
LGHQWLILFDUHP��
F� HOHPHQWRV LUUHOHYDQWHV HP UHODomR jV�'HPRQVWUDo}HV &RQWiEHLV��
G� D DPSOLWXGH GHYHUi UHSUHVHQWDU� SHOR PHQRV� ��� GRV YDORUHV GDV RSHUDo}HV DQDOLVDGDV�TXDQGR�
LGHQWLILFDUHP�HOHPHQWRV�GH�TXH�UHOHYDQWHV�HP�UHODomR�jV 'HPRQVWUDo}HV�&RQWiEHLV��
H� FDEH DR DXGLWRU� FRP EDVH QD DQiOLVH GH ULVFRV GH DXGLWRULD H RXWURV HOHPHQWRV GH TXH GLVSXVHU� D�
GHWHUPLQDomR GD�DPSOLWXGH�GRV�UHIHULGRV�H[DPHV��
��� 1D DSOLFDomR GRV WHVWHV GH REVHUYkQFLD H VXEVWDQWLYRV� R DXGLWRU GHYH FRQVLGHUDU RV VHJXLQWHV�
SURFHGLPHQWRV WpFQLFRV EiVLFRV��H[FHWR��
D� LQVSHomR��
E� FiOFXOR��
F� DYDOLDomR��
G� 2EVHUYDomR��
H� FRQILUPDomR��
�����%$&(1� $�DSOLFDomR�GRV�SURFHGLPHQWRV GH�DXGLWRULD�GHYH VHU UHDOL]DGD�SRU PHLR GH�SURYDV�VHOHWLYDV��WHVWHV�
H DPRVWUDJHQV� HP UD]mR GD FRPSOH[LGDGH H GR YROXPH GDV RSHUDo}HV� FDEHQGR DR DXGLWRU� FRP EDVH QD�
DQiOLVH GH ULVFRV GD DXGLWRULD H RXWURV HOHPHQWRV GH TXH GLVSXVHU� GHWHUPLQDU D DPSOLWXGH GRV H[DPHV�
QHFHVViULRV j REWHQomR GRV HOHPHQWRV GH FRQYLFomR TXH VHMDP YiOLGRV SDUD R WRGR� 2V SURFHGLPHQWRV�
WpFQLFRV EiVLFRV TXH R DXGLWRU GHYH FRQVLGHUDU QD DSOLFDomR GRV WHVWHV LQFOXHP �YHULILTXH DV FHUWDV H DV�
HUUDGDV���
D� LQVWDXUDomR ± HVWDEHOHFLPHQWR GH FDPLQKR FUtWLFR TXH GHWHUPLQH RV SRQWRV IDOKRV H YtFLRV XWLOL]DGRV SHORV�
LQWHUHVVDGRV QRV�GHVYLRV�SDWULPRQLDLV��
E� UDVWUHDPHQWR ± YHULILFDomR GRV UHODFLRQDPHQWRV GH DWLYLGDGHV H WDUHIDV SDUD OHYDQWDPHQWR GD UHGH GH�
LQWHUDo}HV� QHFHVViULD j FRQVROLGDomR�GRV SODQRV HVWUDWpJLFRV GD RUJDQL]DomR��
F� LQYHVWLJDomR H FRQILUPDomR ± REWHQomR GH LQIRUPDo}HV MXQWR D SHVVRDV RX HQWLGDGHV FRQKHFHGRUDV GD�
WUDQVDomR� GHQWUR RX IRUD�GD�RUJDQL]DomR��
��
G� 2EVHUYDomR��DFRPSDQKDPHQWR GD H[HFXomR�H�SURFHVVR RX SURFHGLPHQWR��
H� LQVSHomR�±�H[DPH GH�UHJLVWURV��GRFXPHQWRV H�DWLYRV WDQJtYHLV��
��� 1D DSOLFDomR GRV WHVWHV GH REVHUYkQFLD H VXEVWDQWLYRV� R DXGLWRU GHYH FRQVLGHUDU RV VHJXLQWHV�
SURFHGLPHQWRV�WpFQLFRV�
D� LQVSHomR��UHYLVmR DQDOtWLFD H H[LVWrQFLD�GR�FRPSRQHQWH�SDWULPRQLDO��
E� DEUDQJrQFLD��UHYLVmR�DQDOtWLFD�H�H[LVWrQFLD GR FRPSRQHQWH SDWULPRQLDO��
F� LQVSHomR��UHYLVmR DQDOtWLFD��LQYHVWLJDomR�H�FRQILUPDomR��
G� LQVSHomR��UHYLVmR DQDOtWLFD H REHGLrQFLD�DRV�SULQFtSLRV IXQGDPHQWDLV��
H� REHGLrQFLD�DRV�SULQFtSLRV IXQGDPHQWDLV H D�H[DWLGmR DULWPpWLFD�GRV�GDGRV��
��� �$)5)���� 1R H[DPH GDV GHPRQVWUDo}HV FRQWiEHLV GH XPD HQWLGDGH� R ULVFR GH FRQWLQXLGDGH QRUPDO GDV�
DWLYLGDGHV GHVWD GHYH VHU REMHWR GH DWHQomR GRV DXGLWRUHV LQGHSHQGHQWHV� $VVLQDOH D RSomR TXH QmR�
UHSUHVHQWD LQGLFDGRUHV GHVWH�WLSR�GH ULVFR�
D� HPSUpVWLPRV H ILQDQFLDPHQWRV GH�FXUWR SUD]R���
E� tQGLFHV�ILQDQFHLURV DGYHUVRV�GH�IRUPD�FRQWtQXD���
F� LQFDSDFLGDGH�GH GHYHGRUHV QD�GDWD GR�YHQFLPHQWR��
G� GLILFXOGDGHV�GH DFHUWRV�FRP�FUHGRUHV���
H� SDVVLYR D GHVFREHUWR��
����'HQWUH�DV DOWHUQDWLYDV�DEDL[R��DTXHOD TXH�DSUHVHQWD XPD WpFQLFD�EiVLFD�GH DXGLWRULD�p��
D� VHJUHJDomR��
E� FRQWUROH�LQWHUQR��
F� LQWHUGHSHQGrQFLD��
G� SDSpLV GH WUDEDOKR��
H� LQYHVWLJDomR PLQXFLRVD���
����3DUD R�&)&��FRUUHVSRQGH�D�H[DPH�GH�UHJLVWURV��GRFXPHQWRV�H GH�DWLYRV WDQJtYHLV��
D� REVHUYDomR��
E� LQVSHomR��
F� LQYHVWLJDomR��
G� FiOFXOR��
H� UHYLVmR�DQDOtWLFD��
����6mR�WLSRV�GH�SURFHGLPHQWRV�GH DXGLWRULD��
D� LQVSHomR�H�REVHUYDomR��
E� FiOFXOR�H�UHYLVmR�DQDOtWLFD��
F� REVHUYDomR�H�FiOFXOR��
G� LQYHVWLJDomR H H[DPH�GRFXPHQWDO��
H� WRGDV DV DOWHUQDWLYDV DQWHULRUHV��
����$�FLUFXODUL]DomR�SRGH�VHU XWLOL]DGD SDUD WHVWDU DV VHJXLQWHV�iUHDV��
D� EDQFRV��
E� HVWRTXHV��
F� DSOLFDomR ILQDQFHLUD��
G� HPSUpVWLPR��
H� WRGDV DV DOWHUQDWLYDV DQWHULRUHV��
��� �$)5)���� 3HGLGR GH FRQILUPDomR �FLUFXODUL]DomR� QR TXDO R DXGLWRU VROLFLWD TXH R GHVWLQDWiULR UHVSRQGD�
DSHQDV VH D LQIRUPDomR HVWi�HUUDGD�p XVXDOPHQWH�GHQRPLQDGR�QD DWLYLGDGH�GH�DXGLWRULD�LQGHSHQGHQWH��
D� 3RVLWLYR��
E� (P SUHWR��
F� (P EUDQFR��
G� 1HJDWLYR��
H� &RP�GLYHUJrQFLD��
��
����$ ([HFXomR�p�D�IDVH�GH DSOLFDomR GRV�SURFHGLPHQWRV�GH DXGLWRULD��e QHVWH HVWiJLR TXH�R DXGLWRU�UHDOL]D VHXV�
H[DPHV��2V�SULQFLSDLV�SURFHGLPHQWRV�GH�DXGLWRULD�VmR��
D� TXHVWLRQDPHQWRV��FRQIHUrQFLD�GH�FiOFXORV� DQiOLVHV��LQVSHomR�PDWHULDO�H�FLUFXODUL]DomR��
E� TXHVWLRQDPHQWRV��FRQILUPDomR��DQiOLVHV��LQVSHomR�PDWHULDO�H�FLUFXODUL]DomR��
F� H[DPH�GRFXPHQWDO� FRQIHUrQFLD�GH�FiOFXORV� HQWUHYLVWDV� LQVSHomR ItVLFD�H�FLUFXODUL]DomR��
G� TXHVWLRQDPHQWRV��FRQILUPDomR��DQiOLVHV��REVHUYDomR��LQVSHomR�PDWHULDO�H�FLUFXODUL]DomR��
H� 7RGDV�DV�DOWHUQDWLYDV DQWHULRUHV�HVWmR�FRUUHWDV��
����2V &RQWUROHV ,QWHUQRV�&RQWiEHLV�VmR��
D� DTXHOHV TXH HVWmR GLUHWDPHQWH UHODFLRQDGRV FRP�D SURWHomR GRV DWLYRV H D YDOLGDGH GRV�UHJLVWURV FRQWiEHLV��
&RPR�H[HPSOR�GHVWHV FRQWUROHV� WHPRV��VHJUHJDomR GH IXQo}HV��VLVWHPDV�GH DXWRUL]DomR�H DSURYDomR� HWF��
E� FRPSUHHQGHP R SODQR GH RUJDQL]DomR H WRGRV RV PpWRGRV H SURFHGLPHQWRV UHODFLRQDGRV FRP D HILFLrQFLD�
RSHUDFLRQDO��EHP�FRPR FRP�R FXPSULPHQWR�GDV�SROtWLFDV�GD DGPLQLVWUDomR��
F� DTXHOHV TXH HVWmR GLUHWDPHQWH UHODFLRQDGRV FRP DVSHFWRV RSHUDFLRQDLV� &RPR H[HPSOR GHVWHV FRQWUROHV��
WHPRV��VHJUHJDomR�GH�IXQo}HV��VLVWHPDV�GH�DXWRUL]DomR�H DSURYDomR��HWF��
G� $ H % HVWmR�FRUUHWDV��
H� 7RGDV�DV�DOWHUQDWLYDV DQWHULRUHV�HVWmR LQFRUUHWDV��
����6mR RV REMHWLYRV�GH &RQWUROH�,QWHUQR��
D� REWHQomR GH LQIRUPDomR DGHTXDGD� SURPRomR GD HILFLrQFLD RSHUDFLRQDO� HVWLPXODomR GD REHGLrQFLD H GR�
UHVSHLWR�jV�SROtWLFDV�GD�DGPLQLVWUDomR��
E� SURWHomR GH DWLYRV� REWHQomR GH LQIRUPDomR DGHTXDGD� SURPRomR GD HILFLrQFLD RSHUDFLRQDO� HVWLPXODomR GD�
REHGLrQFLD�H�GR�UHVSHLWR jV SROtWLFDV GD DGPLQLVWUDomR��
F� SURWHomR GH DWLYRV� REWHQomR GH LQIRUPDomR DGHTXDGD� HVWLPXODomR GD REHGLrQFLD H GR UHVSHLWR jV SROtWLFDV�
GD DGPLQLVWUDomR��
G� $��%�H�& HVWmR FRUUHWDV��
H� 7RGDV�DV�DOWHUQDWLYDV DQWHULRUHV�HVWmR LQFRUUHWDV��
����'XUDQWH D IDVH GH WHVWHV GH REVHUYkQFLD��R�DXGLWRU FRQVWDWRX DOJXPDV LPSHUIHLo}HV QR�FLFOR GH FRPSUDV H�
IRL QHFHVViULR�DXPHQWDU�R�QtYHO GH�ULVFR�GH�GHWHFomR� $VVLP� SRGH�VH�DILUPDU TXH�R�DXGLWRU�GHYH��
D� DXPHQWDU�RV�WHVWHV�GH FRQWUROH��
E� GLPLQXLU�RV�WHVWHV�VXEVWDQWLYRV��
F� DXPHQWDU RV WHVWHV�VXEVWDQWLYRV��
G� GLPLQXLU�RV�WHVWHV�GH�FRQWUROH��
H��PDQWHU RV WHVWHV�VXEVWDQWLYRV��
�����$)7(���51 �������������(P�UHODomR jV HVWLPDWLYDV�FRQWiEHLV��SRGH�VH�DILUPDU TXH�R�DXGLWRU QmR�GHYH��
D� FRPSDUDU DV HVWLPDWLYDV FRQWiEHLV GH�SHUtRGRV�DQWHULRUHV�FRP�RV�UHVXOWDGRV�UHDLV�GHVVHV�SHUtRGRV��
E� ID]HU XVR GH HVWLPDWLYD LQGHSHQGHQWH SDUD LVHQWDU�VH GD UHVSRQVDELOLGDGH GH DYDOLDomR GD HVWLPDWLYD�
SUHSDUDGD�SHOD�DGPLQLVWUDomR��
F� FRQVLGHUDU VH D�UHYLVmR�H�DSURYDomR�IRUDP�IHLWDV�HP QtYHLV�DSURSULDGRV�GD DGPLQLVWUDomR GD�HQWLGDGH��
G� OHYDU�HP�FRQWD�VH IRUDP HYLGHQFLDGDV�QD�GRFXPHQWDomR GH�VXSRUWH�GD�GHWHUPLQDomR�GD HVWLPDWLYD�FRQWiELO��
H� WHVWDU RV�FiOFXORV HIHWXDGRV SHOD DGPLQLVWUDomR GD HQWLGDGH��SDUD DYDOLDU VH HVWmR DGHTXDGRV jV FRQGLo}HV�
GD HQWLGDGH��
�����$)7( � 51 � ���������� $ VHJUHJDomR GH IXQo}HV p XP GRV SURFHGLPHQWRV GH DWLYLGDGHV GH FRQWUROH SDUD�
UHVJXDUGDU TXH DV GLUHWUL]HV GD DGPLQLVWUDomR VHMDP VHJXLGDV� ,QGLTXH TXDO GDV IXQo}HV D VHJXLU� HVWDULD�
DWHQGHQGR DR SURFHGLPHQWR GH VHJUHJDomR GH IXQo}HV� QR SURFHVVR GH UHFHELPHQWRV GH FDL[D� VH�
DFXPXODGD VRE UHVSRQVDELOLGDGH GR�PHVPR LQGLYtGXR��
D� $XWRULGDGH�SDUD�DSURYDU�H�UHJLVWUDU FUpGLWRV HP FRQWDV�GH�FOLHQWHV��
E� $XWRULGDGH�SDUD HIHWXDU�IHFKDPHQWRV�GH FDL[D��
F��6HU UHVSRQViYHO�SHOR�FiOFXOR�GD�SURYLVmR�SDUD�GHYHGRUHV�GXYLGRVRV���
G��3RGHU�HIHWXDU�D�EDL[D GH�FUpGLWRV�FRQVLGHUDGRV LQFREUiYHLV��
H� $XWRULGDGH�SDUD HIHWXDU�GHYROXo}HV�GH YHQGDV��
��� �$)7( � 51 � ���������� 1D DXVrQFLD GH GLVSRVLo}HV HVSHFtILFDV SDUD UHJLVWUR GH IDWRV FRQWiEHLV� SRGH R�
$XGLWRU� QD DYDOLDomR GHVVHV�IDWRV� DGRWDU R SURFHGLPHQWR�GH��
D� DFDWDU DV SUiWLFDV FRQWiEHLV Mi FRQVDJUDGDV SHOD 3URILVVmR &RQWiELO� VHPSUH IRUPDOL]DGDV SHORV VHXV�
RUJDQLVPRV�SUySULRV��
���
E� QmR�DFHLWDU�DV SUiWLFDV�FRQWiEHLV Mi�FRQVDJUDGDV�SHOD�3URILVVmR�&RQWiELO��IRUPDOL]DGDV RX QmR�SHORV�VHXV�
D� RUJDQLVPRV�SUySULRV��
E� GHVFRQVLGHUDU�RV�IDWRV�FRQWiEHLV� YLVWR�QmR�HVWDUHP IRUPDOL]DGRV SHORV�VHXV�RUJDQLVPRV SUySULRV��
F� DFHLWDU DV SUiWLFDV FRQWiEHLV Mi FRQVDJUDGDV SHOD 3URILVVmR &RQWiELO� IRUPDOL]DGDV RXQmR SHORV VHXV�
RUJDQLVPRV�SUySULRV��
G� UHVVDOYDU DV SUiWLFDV FRQWiEHLV Mi FRQVDJUDGDV SHOD 3URILVVmR &RQWiELO H IRUPDOL]DGDV SHORV VHXV�
RUJDQLVPRV�SUySULRV��
�����$)7( � 51 � �����������2 DXGLWRU H[WHUQR� DR DXGLWDU HQWLGDGH TXH FRQWUROH RXWUDV HPSUHVDV H TXH�UHJLVWUH�
VHXV�LQYHVWLPHQWRV�SHOR PpWRGR�GH�HTXLYDOrQFLD SDWULPRQLDO� WHP UHVSRQVDELOLGDGH VREUH�
D� DV GHPRQVWUDo}HV FRQWiEHLV GDV FRQWURODGDV�TXH VHUYLUDP�GH�EDVH SDUD FiOFXOR�GD�HTXLYDOrQFLD SDWULPRQLDO��
E� R�FiOFXOR�GDV�HTXLYDOrQFLDV SDWULPRQLDLV�UHJLVWUDGDV QRV�LQYHVWLPHQWRV GDV�HQWLGDGHV�FRQWURODGDV��
F� D�DSUHVHQWDomR GD�UHVHUYD�GH UHDYDOLDomR�HIHWXDGD QDV�FRQWURODGDV�QR�3DWULP{QLR /tTXLGR GD�&RQWURODGRUD��
G� RV SDUHFHUHV HPLWLGRV�SDUD�DV�HQWLGDGHV�FRQWURODGDV�H HPLWLGRV�SRU�RXWURV DXGLWRUHV LQGHSHQGHQWHV��
H� D�DSUHVHQWDomR GD�UHDYDOLDomR�HIHWXDGD�QDV FRQWURODGDV�H�UHJLVWUDGD�QR�3DWULP{QLR /tTXLGR GD &RQWURODGD��
*$%$5,72�&$3Ë78/2 ���
����&� ����%� ����%�
����(� ����&� ����(�
����'� ����'� ����(�
����$� ��� $� ����'�
����&� ��� $� ����&�
����(� ����'� ��� $�
����&� ����(� ����%�
����'� ����(� ����&�
����'� ����'� ����%�
����'� ����'� ����%�
����(� ����(� ����'�
����&� ����&� ����&�
����%� ����)��)��9��9� 9�
����'� ����&�
����%� ��� $�
����'� ����(�