Buscar

Sucessão testamentaria

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 104 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 104 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 104 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

��
'$�68&(66ƒ2�7(67$0(175,$
ɺ�������,1752'8‡ƒ2
([DPLQDGD�D�VXFHVV£R�OHJ­WLPD��HP�TXH�D�GHYROX§£R�GD�KHUDQ§D�RSHUD�SRU�IRU§D�GH�OHL��SDVVD�VH�DJRUD
DR�HVWXGR�GD�VXFHVV£R�WHVWDPHQW¡ULD��QD�TXDO�D�WUDQVPLVV£R�VH�G¡�SRU�DWR�GH�ºOWLPD�YRQWDGH�
ɸ�6XFHVV£R�OHJ­WLPD
6H� XPD� SHVVRD� IDOHFH� VHP� WHU�PDQLIHVWDGR� D� VXD� YRQWDGH� HP� WHVWDPHQWR�� VXSUH� D� OHL� WDO� RPLVV£R� H
GHWHUPLQD�D�YRFD§£R�OHJ­WLPD��'¡�VH��DVVLP��D�VXFHVV£R�OHJ­WLPD�TXDQGR�D�KHUDQ§D�©�GHIHULGD�D�SHVVRDV
GD�IDP­OLD�GR�GH�FXMXV�
ɸ�SRU�Q£R�WHU�HVWH�GHL[DGR�WHVWDPHQWR�
ɸ�SRU�LQHILFD]�RX�FDGXFR�R�VHX�DWR�GH�ºOWLPD�YRQWDGH�
ɸ�VH�R� WHVWDPHQWR�Q£R�FRPSUHHQGH�WRGRV�RV�EHQV�GR�WHVWDGRU�� UHJXODQGR�D� OHL�D�VXFHVV£R�QR�TXH
FRQFHUQH�DRV�EHQV�Q£R�DEUDQJLGRV�
ɸ�VH�R�WHVWDPHQWR�FDGXFDU�RX�IRU�LQYDOLGDGR ����
&RPR�R�DXWRU�GD�KHUDQ§D�SRGH�GLVSRU�GH� VHX�SDWULP´QLR�� DOWHUDQGR�D�RUGHP�GD�YRFD§£R�KHUHGLW¡ULD
SUHYLVWD�QD�OHL��UHVSHLWDGRV�RV�GLUHLWRV�GRV�KHUGHLURV�QHFHVV¡ULRV��VH�Q£R�IH]�WHVWDPHQWR�SUHVXPH�VH�HVWDU
GH�DFRUGR�FRP�D�UHIHULGD�RUGHP��3RU�LVVR�VH�GL]�TXH�D�VXFHVV£R�OHJ­WLPD�UHSUHVHQWD�D�YRQWDGH�SUHVXPLGD
GR�GH�FXMXV�H�WHP�FDU¡WHU�VXSOHWLYR�
ɸ�6XFHVV£R�WHVWDPHQW¡ULD
$� VXFHVV£R� WHVWDPHQW¡ULD� GHFRUUH� GH� H[SUHVVD�PDQLIHVWD§£R� GH� ºOWLPD� YRQWDGH�� HP� WHVWDPHQWR� RX
FRGLFLOR�� $� YRQWDGH� GR� IDOHFLGR�� D� TXHP� D� OHL� DVVHJXUD� D� OLEHUGDGH� GH� WHVWDU�� OLPLWDGD� DSHQDV� SHORV
GLUHLWRV�GRV�KHUGHLURV�QHFHVV¡ULRV��FRQVWLWXL��QHVVH�FDVR��D�FDXVD�QHFHVV¡ULD�H�VXILFLHQWH�GD�VXFHVV£R��7DO
HVS©FLH� SHUPLWH� D� LQVWLWXL§£R� GH�KHUGHLURV� H� OHJDW¡ULRV�� TXH� V£R�� UHVSHFWLYDPHQWH�� VXFHVVRUHV� D� W­WXOR
XQLYHUVDO�H�SDUWLFXODU�
(P�QRVVR�SD­V�SUHSRQGHUD��GR�SRQWR�GH�YLVWD�TXDQWLWDWLYR��D�VXFHVV£R�OHJ­WLPD�VREUH�D�WHVWDPHQW¡ULD�
(PERUD�Q£R�VH�DGPLWDP�RV�SDFWRV�VXFHVV³ULRV��TXH�WªP�SRU�REMHWR�KHUDQ§D�GH�SHVVRD�YLYD��&&��DUW�
������FRQVLGHUD�VH�Y¡OLGD�D�SDUWLOKD�HP�YLGD�� VRE�D� IRUPD�GH�GRD§£R�GR�DVFHQGHQWH�DRV�GHVFHQGHQWHV�
FRPR�GLVSµH�R�DUW��������GR�GLSORPD�FLYLO��Y��Q���������6XFHVV£R�FRQWUDWXDO��UHWUR��
ɺ�������&21&(,72�'(�7(67$0(172
$�FO¡VVLFD�GHILQL§£R�GH�0RGHVWLQR��SURYHQLHQWH�GR�GLUHLWR�DQWLJR��WHP�SHUGXUDGR�DWUDY©V�GRV�V©FXORV�
Ȑ7HVWDPHQWXP� HVW� YROXQWDWLV� QRVWUDH� MXVWD� VHQWHQWLD�� GH� HR�� TXRG� TXLV� SRV�PRUWHP� VXDP� ILHUL� YHOLWȑ
�7HVWDPHQWR�©�D� MXVWD�PDQLIHVWD§£R�GH�QRVVD�YRQWDGH�VREUH�DTXLOR�TXH�TXHUHPRV�TXH�VH�ID§D�GHSRLV�GD
PRUWH��
&LHQWH�GH�TXH�Q£R�FDEH�DR� OHJLVODGRU��PDV� �GRXWULQD��HP�UHJUD��DSUHVHQWDU�GHILQL§µHV�GRV� LQVWLWXWRV
MXU­GLFRV��RPQLV�GHILQLWLR�LQ�MXUH�FLYLOL�SHULFXORVD���R�&³GLJR�&LYLO�GH������Q£R�UHSURGX]LX�R�DUW�������
GR�GLSORPD�GH�������VHJXQGR�R�TXDO�WHVWDPHQWR�©�ȐR�DWR�UHYRJ¡YHO�SHOR�TXDO�DOJX©P��GH�FRQIRUPLGDGH
FRP�D�OHL��GLVSµH��QR�WRGR�RX�HP�SDUWH��GR�VHX�SDWULP´QLR��SDUD�GHSRLV�GD�VXD�PRUWHȑ��7RGDYLD��D�QR§£R
GH�WHVWDPHQWR�WUDQVSDUHFH�QLWLGDPHQWH�QRV�DUWV���������FDSXW��H��������GR�QRYR�GLSORPD��VHJXQGR�RV�TXDLV
R�WHVWDPHQWR�FRQVWLWXL�DWR�SHUVRQDO­VVLPR�H�UHYRJ¡YHO�SHOR�TXDO�DOJX©P�GLVSµH�GD�WRWDOLGDGH�GRV�VHXV
EHQV��RX�GH�SDUWH�GHOHV��SDUD�GHSRLV�GH�VXD�PRUWH�
(VVD�QR§£R� OLPLWD� D�PDQLIHVWD§£R� GH� YRQWDGH�  V� GLVSRVL§µHV� SDWULPRQLDLV�� TXDQGR� VH� VDEH� TXH� D
YRQWDGH�GR�WHVWDGRU�SRGH�VHU�H[WHUQDGD�SDUD�ILQV�GH�UHFRQKHFLPHQWR�GH�ILOKRV�KDYLGRV�IRUD�GR�FDVDPHQWR
�&&��DUW��������� ,,,���QRPHD§£R�GH� WXWRU�SDUD� ILOKR�PHQRU� �DUW���������SDU¡JUDIR�ºQLFR��� UHDELOLWD§£R�GR
LQGLJQR��DUW����������LQVWLWXL§£R�GH�IXQGD§£R��DUW�������LPSRVL§£R�GH�FO¡XVXODV�UHVWULWLYDV�VH�KRXYHU�MXVWD
FDXVD��DUW���������HWF�
3RU� HVVD� UD]£R�� R� UHIHULGR� GLSORPD� DFUHVFHQWD�� QR� h� �z� GR� FLWDGR� DUW�� ������� TXH� ȐV£R� Y¡OLGDV� DV
GLVSRVL§µHV�WHVWDPHQW¡ULDV�GH�FDU¡WHU�Q£R�SDWULPRQLDO��DLQGD�TXH�R�WHVWDGRU�VRPHQWH�D�HODV�VH�WHQKD
OLPLWDGRȑ��(��QR�h��z�� FRQILUPD�D� UHJUD�GH�TXH�D� OHJ­WLPD�SHUWHQFH�DRV�KHUGHLURV�QHFHVV¡ULRV�GH�SOHQR
GLUHLWR��DUW����������SUHVFUHYHQGR��Ȑ$�OHJ­WLPD�GRV�KHUGHLURV�QHFHVV¡ULRV�Q£R�SRGHU¡�VHU� LQFOX­GD�QR
WHVWDPHQWRȑ�
(VVD� FRQFHS§£R� DFRPSDQKD� R� HQXQFLDGR� GH� RXWURV� F³GLJRV� GDV� QD§µHV� FLYLOL]DGDV�� TXH� HP� VXD
JHQHUDOLGDGH�FRPSUHHQGHP�R�WHVWDPHQWR�FRPR�R�DWR�UHYRJ¡YHO�SHOR�TXDO�DOJX©P��GH�FRQIRUPLGDGH�FRP
D� OHL�� GLVSµH� WRWDO� RX� SDUFLDOPHQWH� GH� VHX� SDWULP´QLR�� SDUD� GHSRLV� GH� VXD� PRUWH�� RX� ID]� RXWUDV
GHFODUD§µHV�GH�ºOWLPD�YRQWDGH�
ɺ�������&$5$&7(567,&$6�'2�7(67$0(172
$V�SULQFLSDLV�FDUDFWHU­VWLFDV�GR�WHVWDPHQWR�V£R�
‰�XP�DWR�SHUVRQDO­VVLPR��SULYDWLYR�GR�DXWRU�GD�KHUDQ§D�
1£R�VH�DGPLWH�D�VXD�IHLWXUD�SRU�SURFXUDGRU��QHP�PHVPR�FRP�SRGHUHV�HVSHFLDLV��$VVLP�GLVSµH�R�DUW�
������GR�&³GLJR�&LYLO��ȐR�WHVWDPHQWR�©�DWR�SHUVRQDO­VVLPR��SRGHQGR�VHU�PXGDGR�D�TXDOTXHU�WHPSRȑ�
1DGD�LPSHGH��WRGDYLD��TXH�XP�WHUFHLUR��XP�WDEHOL£R��XP�DGYRJDGR�RX�RXWUD�SHVVRD��UHGLMD��D�SHGLGR
GR�WHVWDGRU�H�VHJXLQGR�VXD�RULHQWD§£R��XPD�PLQXWD�GR�WHVWDPHQWR��RX�DFRPSDQKH�H�DVVHVVRUH�R�WHVWDGRU�
TXDQGR� GD� HODERUD§£R�� GHVGH� TXH� VH� WUDWH� GH� XPD� SDUWLFLSD§£R� GHVLQWHUHVVDGD�� KRQHVWD� H� QRUPDO�� VHP
QHQKXPD�LQWHUIHUªQFLD�QR�FRQWHºGR�GD�YRQWDGH�GR�WHVWDGRU ����
&RQVWLWXL�QHJ³FLR�MXU­GLFR�XQLODWHUDO�� LVWR�©��DSHUIHL§RD�VH�FRP�XPD�ºQLFD�PDQLIHVWD§£R�GH�YRQWDGH��D
GR� WHVWDGRU��GHFODUD§£R�Q£R�UHFHSW­FLD�GH�YRQWDGH���H�SUHVWD�VH� �SURGX§£R�GH�GLYHUVRV�HIHLWRV�SRU�HOH
GHVHMDGRV�H�WXWHODGRV�QD�RUGHP�MXU­GLFD�
&RP� HIHLWR�� D� V³� YRQWDGH�� SHVVRDOPHQWH� PDQLIHVWDGD�� GR� WHVWDGRU� ©� VXILFLHQWH�  � IRUPD§£R� GR
WHVWDPHQWR��1£R�WHP�R�EHQHILFL¡ULR�GH�LQWHUYLU�SDUD�D�VXD�SHUIHL§£R�H�YDOLGDGH��3RVWHULRUPHQWH��GHSRLV
GD�PRUWH�GR�WHVWDGRU��TXDQGR�DEHUWD�D�VXFHVV£R��©�TXH�VH�PDQLIHVWD�D�DFHLWD§£R�GHVWH��&&��DUWV��������H
��������D�TXDO�Q£R�©�HOHPHQWR�RX�FRQGL§£R�HVVHQFLDO�GR�DWR ����
$OL¡V��FRPR�SHUFXFLHQWHPHQWH�DVVHYHUD�=HQR�9HORVR �����ȐVH�FRPSDUHFHVVH�DR�WHVWDPHQWR�XP�KHUGHLUR
LQVWLWX­GR�� RX� XP� OHJDW¡ULR�� DFHLWDQGR�� SUHYLDPHQWH�� DV� GLVSRVL§µHV� TXH� OKH� IDYRUHFHVVHP�� HVWDU�VH�LD
GLDQWH�GH�XP�SDFWR�VXFHVV³ULR�� WHUPLQDQWHPHQWH�SURLELGRȑ��FRQIRUPH�R�DUW������GR�&³GLJR�&LYLO��Ȑ1£R
SRGH�VHU�REMHWR�GH�FRQWUDWR�D�KHUDQ§D�GH�SHVVRD�YLYDȑ�
‰�SURLELGR��&&��DUW���������R�WHVWDPHQWR�FRQMXQWLYR��GH�P£R�FRPXP�RX�PDQFRPXQDGR���IHLWR�SRU�GXDV
RX� PDLV� SHVVRDV�� VHMD� VLPXOW¢QHR� �GLVSRVL§£R� FRQMXQWD� HP� IDYRU� GH� WHUFHLUD� SHVVRD��� UHF­SURFR
�LQVWLWXLQGR�EHQHI­ ݺFLRV�PºWXRV��RX�FRUUHVSHFWLYR��GLVSRVL§µHV�HP�UHWULEXL§£R�GH�RXWUDV�FRUUHVSRQGHQWHV��
-XVWLILFD�VH�D�SURLEL§£R�SRUTXH� WDLV�GLVSRVL§µHV�FRQVWLWXHP�HVS©FLHV�GH�SDFWR�VXFHVV³ULR� H� FRQWUDULDP
XPD�FDUDFWHU­VWLFD�HVVHQFLDO�GR�WHVWDPHQWR��TXH�©�D�UHYRJDELOLGDGH�
1DGD� LPSHGH� TXH� R� FDVDO�� GHVHMDQGR� WHVWDU� VLPXOWDQHDPHQWH�� FRPSDUH§D� DR�&DUW³ULR� GH�1RWDV� H� DOL
FDGD�TXDO� ID§D� R� VHX� WHVWDPHQWR�� HP� F©GXODV� WHVWDPHQW¡ULDV� GLVWLQWDV�� ‰� YHGDGD� VRPHQWH� D� IHLWXUD
FRQMXQWD�SRU�PDULGR�H�PXOKHU��QR�PHVPR�LQVWUXPHQWR��(ODERUDQGR�RV�VHSDUDGDPHQWH��DLQGD�TXH�QD�PHVPD
RFDVL£R�H�SHUDQWH�R�PHVPR�WDEHOL£R��SRGHP�GHL[DU�RV�EHQV�XP�SDUD�R�RXWUR��1HVVH�FDVR��RV�WHVWDPHQWRV
Q£R�V£R�FRQVLGHUDGRV�FRQMXQWLYRV��SRLV�FDGD�TXDO�FRQVHUYD�D�VXD�DXWRQRPLD ����
‰�VROHQH�� V³� WHU¡�YDOLGDGH�VH� IRUHP�REVHUYDGDV� WRGDV�DV� IRUPDOLGDGHV�HVVHQFLDLV�SUHVFULWDV�QD� OHL� �DG
VROHPQLWDWHP��
1£R� SRGHP� HODV� VHU� SRVWHUJDGDV�� VRE� SHQD� GH� QXOLGDGH� GR� DWR ����� ([FHWXD�VH� R� WHVWDPHQWR
QXQFXSDWLYR��GH�YLYD�YR]���DGPLVV­YHO�VRPHQWH�FRPR�HVS©FLH�GH�WHVWDPHQWR�PLOLWDU��&&��DUW����������$
H[FHVVLYD�IRUPDOLGDGH�GR� WHVWDPHQWR�YLVD�DVVHJXUDU�D�VXD�DXWHQWLFLGDGH�H�D� OLEHUGDGH�GR� WHVWDGRU��EHP
FRPR�FKDPDU�D�DWHQ§£R�GR�DXWRU�SDUD�D�VHULHGDGH�GR�DWR�TXH�HVW¡�SUDWLFDQGR ����
7HP�D�MXULVSUXGªQFLD�� WRGDYLD��DPHQL]DGR�D�ULJLGH]�IRUPDO�TXDQGR�D�YRQWDGH�GR� WHVWDGRU�VH�PRVWUD
EHP�SDWHQWHDGD�QR�LQVWUXPHQWR��1HVVD�OLQKD�GHFLGLX�R�6XSHULRU�7ULEXQDO�GH�-XVWL§D�
Ȑ7HVWDPHQWR��'HVFXPSULPHQWR�GH� IRUPDOLGDGH��&LUFXQVW¢QFLD� TXH�GHYH� VHU� DFHQWXDGD�RX�PLQRUDGD�GH�PROGH� D� DVVHJXUDU� D� YRQWDGH�GR
WHVWDGRU�H�SURWHJHU�R�GLUHLWR�GH�VHXV�KHUGHLURV��VREUHWXGR�RV�ILOKRVȑ ����
‰�XP�DWR�JUDWXLWR��SRLV�Q£R�YLVD� �REWHQ§£R�GH�YDQWDJHQV�SDUD�R�WHVWDGRU�$�LPSRVL§£R�GH�HQFDUJR�DR�EHQHILFL¡ULR�Q£R�OKH�UHWLUD�WDO�FDUDFWHU­VWLFD��$�JUDWXLGDGH�©��HIHWLYDPHQWH�
GD� HVVªQFLD�GR�DWR��TXH�Q£R�FRPSRUWD� FRUUHVSHFWLYR��(�D� OLEHUDOLGDGH� H[LVWH�� DLQGD�QRV� OHJDGRV� FRP
HQFDUJR��2UR]LPER�1RQDWR��GHSRLV�GH�DILUPDU�VHUHP�GH�VLPSOHV�DSDUªQFLD�DV�GHUURJD§µHV�GR�SULQF­SLR
GH� JUDWXLGDGH�� QD� VXEVWLWXL§£R� ILGHLFRPLVV¡ULD� H� QRV� OHJDGRV� FRQGLFLRQDLV� H� FRP� HQFDUJR�� FRQFOXL�� Ȑ$
LQWUXV£R� GH� FHUWR� HOHPHQWR� RQHURVR� QR� DWR� JUDWXLWR� Q£R� OKH� DSDJD� R� FDU¡WHU� OLEHUDO�� VDOYR� VH
SUHSRQGHUDQWHȑ ����
‰�HVVHQFLDOPHQWH�UHYRJ¡YHO��&&��DUW����������VHQGR�LQY¡OLGD�D�FO¡XVXOD�TXH�SUR­EH�D�VXD�UHYRJD§£R�
$�UHYRJDELOLGDGH�©�GD�HVVªQFLD�GR�WHVWDPHQWR��Q£R�HVWDQGR�R�WHVWDGRU�REULJDGR�D�GHFOLQDU�RV�PRWLYRV
GH� VXD� D§£R�� 3RGH� R� WHVWDGRU�� SRLV�� XVDU� GR� GLUHLWR� GH� UHYRJ¡�OR�� WRWDO� RX� SDUFLDOPHQWH�� TXDQWDV� YH]HV
TXLVHU��Y��DUW��������GR�&&��UHWURWUDQVFULWR��
2�SRGHU�GH�UHYRJDU�WHVWDPHQWR��QR�WRGR�RX�HP�SDUWH��©�LUUHQXQFL¡YHO��XPD�YH]�TXH�D�UHYRJDELOLGDGH
FRQVWLWXL� SULQF­SLR� GH� RUGHP� SºEOLFD�� ,QY¡OLGD�� SRUWDQWR�� FRPR� GLWR�� VHULD� D� FO¡XVXOD� FRQWU¡ULD�  � VXD
UHYRJDELOLGDGH�HVVHQFLDO��GHQRPLQDGD�UHYRFDW³ULD�RX�GHUURJDW³ULD��(OD�Q£R�FRQWDPLQD�R�WHVWDPHQWR��PDV
GHYH�FRQVLGHUDU�VH�Q£R�HVFULWD ����
+¡��QR�HQWDQWR��XPD�H[FH§£R�DR�SULQF­SLR�GD�UHYRJDELOLGDGH�GR�DWR�GH�ºOWLPD�YRQWDGH��SRU�IRU§D�GR
DUW���������,,,��GR�PHVPR�GLSORPD��R�WHVWDPHQWR�©�LUUHYRJ¡YHO�QD�SDUWH�HP�TXH��HYHQWXDOPHQWH��R�WHVWDGRU
WHQKD�UHFRQKHFLGR�XP�ILOKR�KDYLGR�IRUD�GR�PDWULP´QLR�
$� YRQWDGH� TXH� VH� UHVSHLWD� ©� D� ºOWLPD�� 3RU� LVVR�� VH� R� LQGLY­GXR� IDOHFH� FRP� GLYHUVRV� WHVWDPHQWRV
VXFHVVLYRV��YDOH�R�ºOWLPR��D�PHQRV�TXH�VH�GHVWLQH�D�FRPSOHWDU�R�DQWHULRU��FRQFRUUHQGR�SDUD�FRQVWLWXLU�D
YRQWDGH�GR�WHVWDGRU��'H�UHJUD��SRU©P��FRQVLGHUDP�VH�UHYRJDGRV�RV�TXH�SUHFHGHUDP�R�GHUUDGHLUR ����
‰��WDPE©P��DWR�FDXVD�PRUWLV��SURGX]�HIHLWRV�VRPHQWH�DS³V�D�PRUWH�GR�WHVWDGRU�
'HVVH�PRGR�� DW©� R� IDOHFLPHQWR� GRV� GLVSRQHQWHV� ILFD� VHP� REMHWR� R� DWR� HP� TXH� D� SHVVRD� GLVSµH� GR
SDWULP´QLR� SDUD� GHSRLV� GR� SU³SULR� ³ELWR��$� DEHUWXUD� GD� VXFHVV£R� ©� UHTXLVLWR� SULPRUGLDO� SDUD� VH
FXPSULUHP�RV�IDWRV�MXU­GLFRV�QHOH�SUHYLVWRV��&KDPD�VH�FDXVD�PRUWLV�H[DWDPHQWH�SRUTXH�©�SUHVVXSRVWR
QHFHVV¡ULR��SDUD�TXH�WHQKD�HILFLªQFLD��D�PRUWH�GR�SURODWRU�
6HJXQGR� &DUORV� 0D[LPLOLDQR�� DV� VHJXLQWHV� GLIHUHQ§DV� H[WUHPDP� DV� OLQKDV� OLP­WURIHV� HQWUH� DWRV
MXU­GLFRV�HQWUH�YLYRV�H�R�GH�ºOWLPD�YRQWDGH�
ȐD��R�PHQRU��TXH�KDMD�FRPSOHWDGR�GH]HVVHLV�DQRV��UHDOL]D�HVWH��H�Q£R�DTXHOHV�
E��RV�SULPHLURV�V£R�PDLV�RX�PHQRV�OLYUHV�TXDQWR�DRV�UHTXLVLWRV�H[WHUQRV��R�VHJXQGR�REHGHFH�D�IRUPDV�ULJRURVDV�H�PDLV�FRPSOLFDGDV�
F��R�GH�ºOWLPD�YRQWDGH�SRGH�UHIHULU�VH�D�EHQV�IXWXURV��RV�RXWURV��Q£R�
G��DWRV�HQWUH�YLYRV�H[LJHP�UHJLVWUR��SDUD�YDOHUHP�FRQWUD�WHUFHLUR��R�FDXVD�PRUWLV��Q£R��R�VHX�UHJLVWUR�WHP�RXWUD�ILQDOLGDGHȑ ����
ɺ�������5(6802
'$�68&(66ƒ2�7(67$0(175,$
&21&(,72
ɺ�$�VXFHVV£R�WHVWDPHQW¡ULD�GHFRUUH�GH�H[SUHVVD�PDQLIHVWD§£R�GH�ºOWLPD�YRQWDGH��HP�WHVWDPHQWR
RX�FRGLFLOR��2�WHVWDPHQWR�FRQVWLWXL�DWR�GH�ºOWLPD�YRQWDGH��SHOR�TXDO�R�DXWRU�GD�KHUDQ§D�GLVSµH�GH
VHXV�EHQV�SDUD�GHSRLV�GD�PRUWH�H�ID]�RXWUDV�GLVSRVL§µHV��&&��DUWV��������H��������
&$5$&7(567,&$6
ɺ�©�DWR�SHUVRQDO­VVLPR��SULYDWLYR�GR�DXWRU�GD�KHUDQ§D�
ɺ�FRQVWLWXL�QHJ³FLR�MXU­GLFR�XQLODWHUDO��‰�SURLELGR�R�WHVWDPHQWR�FRQMXQWLYR��VHMD�VLPXOW¢QHR��VHMD
UHF­SURFR�RX�FRUUHVSHFWLYR��&&��DUW���������
ɺ�©�DWR�VROHQH�
ɺ�©�DWR�JUDWXLWR�
ɺ�©�DWR�HVVHQFLDOPHQWH�UHYRJ¡YHO��DUW���������
ɺ�©�WDPE©P�DWR�FDXVD�PRUWLV��SURGX]�HIHLWRV�VRPHQWH�DS³V�D�PRUWH�GR�WHVWDGRU�
��
'$�&$3$&,'$'(�'(�7(67$5
ɺ�������$�&$3$&,'$'(�7(67$0(175,$�$7,9$�&202�5(*5$
$� FDSDFLGDGH� WHVWDPHQW¡ULD� SRGH� VHU� DWLYD� �WHVWDPHQWL� IDFWLR� DFWLYD�� H� SDVVLYD� �WHVWDPHQWL� IDFWLR
SDVVLYD���$�SULPHLUD�GL]�UHVSHLWR�DRV�TXH�SRGHP�GLVSRU�SRU�WHVWDPHQWR��D�VHJXQGD�LQGLFD�RV�TXH�SRGHP
DGTXLULU�SRU�WHVWDPHQWR�
$� FDSDFLGDGH� GR� DJHQWH� ©� UHTXLVLWR� GH� YDOLGDGH� GR� WHVWDPHQWR�� 'LVSµH�� HIHWLYDPHQWH� H� GH� IRUPD
JHQ©ULFD��R�DUW������GR�&³GLJR�&LYLO�
Ȑ$�YDOLGDGH�GR�QHJ³FLR�MXU­GLFR�UHTXHU�
,�ȉ�DJHQWH�FDSD]�
,,�ȉ�REMHWR�O­FLWR��SRVV­YHO��GHWHUPLQDGR�RX�GHWHUPLQ¡YHO�
,,,�ȉ�IRUPD�SUHVFULWD�RX�Q£R�GHIHVD�HP�OHLȑ�
'HVVH�PRGR��SDUD�TXH�R�WHVWDPHQWR�VHMD�Y¡OLGR�©�PLVWHU�WHQKD�R�WHVWDGRU�FDSDFLGDGH�WHVWDPHQW¡ULD�
&RPSUHHQGH�HVWD�RV�SUHVVXSRVWRV�GH�LQWHOLJªQFLD�H�YRQWDGH�� LVWR�©��R�HQWHQGLPHQWR�GR�TXH�UHSUHVHQWD�R
DWR��H�D�PDQLIHVWD§£R�GR�TXH�R�DJHQWH�TXHU��,VVR�VHP�SUHMX­]R�GD�FDSDFLGDGH�JHQ©ULFD�SDUD�D�UHDOL]D§£R�GH
TXDOTXHU�QHJ³FLR�MXU­GLFR��TXH�GH�IDWR�©�R�WHVWDPHQWR ����
2EWHPSHUD� &DUORV� 0D[LPLOLDQR� TXH� D� FDSDFLGDGH� ȐFRQVWLWXL� D� UHJUD�� D� LQFDSDFLGDGH�� H[FH§£R�
SRGHP�ID]HU�WHVWDPHQWR�WRGRV�RV�TXH�Q£R�HVW£R�SURLELGRV�SRU�OHL�ȉ�RPQHV�WHVWDPHQWXP�IDFHUH�SRVVXQW
TXL�QRQ�SURKLEHQWXUȑ ����
$�FDSDFLGDGH�WHVWDPHQW¡ULD�DWLYD�FRQVWLWXL��SRUWDQWR��D�UHJUD�
'LVSµH�R�DUW��������GR�&³GLJR�&LYLO�
Ȑ$O©P�GRV�LQFDSD]HV��Q£R�SRGHP�WHVWDU�RV�TXH��QR�DWR�GH�ID]ª�OR��Q£R�WLYHUHP�SOHQR�GLVFHUQLPHQWR�
3DU¡JUDIR�ºQLFR��3RGHP�WHVWDU�RV�PDLRUHV�GH�GH]HVVHLV�DQRVȑ�
2�GLVSRVLWLYR�HP�DSUH§R�PHQFLRQD�VRPHQWH�RV�TXH�Q£R�SRGHP�WHVWDU�
ɸ�RV�LQFDSD]HV��H
ɸ�RV�TXH��QR�DWR�GH�ID]ª�OR��Q£R�WLYHUHP�SOHQR�GLVFHUQLPHQWR�
&RPSUHHQGH�VH�TXH��H[FHWR�HVVDV��WRGDV�DV�SHVVRDV�SRGHP�ID]HU�WHVWDPHQWR�Y¡OLGR�
1HVVD�FRQIRUPLGDGH��SRGHP�WHVWDU��SRU�H[HPSOR��R�FHJR��R�DQDOIDEHWR��R�IDOLGR�HWF���HPERUD�HP�DOJXQV
FDVRV� D� OHL� UHVWULQMD� R� GLUHLWR� D� FHUWDV� IRUPDV� GH� WHVWDPHQWR��2� WHVWDGRU�� SRU� H[HPSOR�� Q£R� VDEHQGR� D
O­QJXD�QDFLRQDO��Q£R�SRGH�WHVWDU�GH�IRUPD�SºEOLFD��SRLV��SDUD�ILJXUDU�QRV�OLYURV�SºEOLFRV��©�HVVHQFLDO�TXH
VHMD�R�WHVWDPHQWR�UHGLJLGR�HP�SRUWXJXªV��2�FHJR�V³�SRGH�WHVWDU�VRE�D�IRUPD�SºEOLFD��&&��DUW����������$R
TXH�Q£R�VDEH�RX�Q£R�SRGH�OHU�©�GHIHVR�GLVSRU�GH�VHXV�EHQV�HP�WHVWDPHQWR�FHUUDGR��DUW���������
6£R��GHVWDUWH��WD[DWLYRV�RV�SUHFHLWRV�TXH�GHWHUPLQDP�D�LQFDSDFLGDGH��$V�QRUPDV�UHVWULWLYDV�GH�GLUHLWRV
V³�DEUDQJHP�RV�FDVRV�TXH�HVSHFLILFDP��7RGDV�DV�SHVVRDV�Q£R�LQFOX­GDV�QD�SURLEL§£R�SRGHP�WHVWDU�
ɸ�$V�SHVVRDV�MXU­GLFDV
6³�DV�SHVVRDV�QDWXUDLV��HQWUHWDQWR��SRGHP�ID]HU� WHVWDPHQWR��$V�SHVVRDV� MXU­GLFDV�HVW£R� LQLELGDV�GH�R
ID]HU ����
(IHWLYDPHQWH��DV�SHVVRDV� MXU­GLFDV� H[WLQJXHP�VH� SRU� GLVVROX§£R�� H� Q£R� SRU�PRUWH�� $� H[WLQ§£R� RX
GLVVROX§£R�GD�SHVVRD�MXU­GLFD��VXD�OLTXLGD§£R��R�GHVWLQR�XOWHULRU�GR�VHX�SDWULP´QLR�H�D�GLYLV£R�GH�VHXV
EHQV�Q£R�WªP�UHOD§£R�FRP�D�PRUWH�I­VLFD�
ɺ�������,1&$3$&,'$'(�(0�5$=ƒ2�'$�,'$'(
ɸ�2V�PHQRUHV�GH����DQRV
2V�PHQRUHV�GH����DQRV�V£R�DEVROXWDPHQWH�LQFDSD]HV�H��QHVVD�FRQGL§£R��Q£R�SRGHP�WHVWDU��)DOWDQGR�
OKHV�R�SRGHU�GH�GHOLEHUDU��D�OHL�GHVSUH]D�D�VXD�YRQWDGH��Q£R�YLVOXPEUDQGR�QHOD�D�FRQVLVWªQFLD�QHFHVV¡ULD
SDUD�SURGX]LU�FRQVHTXªQFLDV�SRVW�PRUWHP�
‰� QDWXUDO� TXH� R� OHJLVODGRU� Q£R� FRQVLGHUH� D� YRQWDGH� GH� SHVVRDV� TXH� DLQGD� Q£R� WªP�PDWXULGDGH� H
ILUPH]D� VXILFLHQWH� SDUD� GLVSRU� GH� VHXV� EHQV�� 3DUD� SURWHJª�ODV�� FRQVLGHUD� QXOR� R� WHVWDPHQWR� SRU� HODV
HODERUDGR�
ɸ�2V�PDLRUHV�GH����DQRV
'LYHUVD��FRQWXGR��©�D�VLWXD§£R�GRV�PDLRUHV�GH����DQRV��UHODWLYDPHQWH�LQFDSD]HV��'HQWUH�RV�LQFDSD]HV
HP�JHUDO��V³�HOHV��SRU�H[FH§£R��SRGHP�WHVWDU��&&��DUW���������SDU¡JUDIR�ºQLFR���PHVPR�VHP�D�DVVLVWªQFLD
GH� UHSUHVHQWDQWH� OHJDO�� 0DOJUDGR� GHOD� QHFHVVLWHP�� SRU� IRU§D� GDV� UHJUDV� GH� FDU¡WHU� JHUDO� VREUH
FDSDFLGDGH��SDUD�D�SU¡WLFD�GRV�GHPDLV�DWRV�GD�YLGD�FLYLO��SRGHP�GLVSHQV¡�OD�SDUD�ID]HU�WHVWDPHQWR��SRLV�D
UHJUD�HVSHFLDO�GR�SDU¡JUDIR�ºQLFR�GR�DUW��������SUHYDOHFH�VREUH�DTXHODV�H�V³�FRQVLGHUD�LQFDSD]HV��SDUD
HVVH�ILP��RV�PHQRUHV�GH����DQRV��2V�TXH�M¡�DWLQJLUDP�HVVD�LGDGH�V£R��SRUWDQWR��FDSD]HV�SDUD�WHVWDU��DJLQGR
VR]LQKRV�
1£R�REVWDQWH�GHWHUPLQDU�R�&³GLJR�&LYLO�TXH�DRV�SDLV��DUWV���������9��H��������H�DR�WXWRU��DUW���������,�
FRPSHWH�DVVLVWLU�R�PHQRU��DS³V�RV����DQRV�GH�LGDGH�H�DW©�FRPSOHWDU�D�PDLRULGDGH��QRV�DWRV�GD�YLGD�FLYLO�
SDUD� D� IDF§£R� WHVWDPHQW¡ULD� DWLYD� R�PHQRU� Q£R� SUHFLVD� GD� DVVLVWªQFLD� GH� VHX�UHSUHVHQWDQWH� OHJDO�
SRUTXH�� FRPR� VDOLHQWD� ,WDEDLDQD� GH� 2OLYHLUD�� R� WHVWDPHQWR� ©� DWR� SHUVRQDO­VVLPR�� TXH� Q£R� DGPLWH
SURFXUDGRU�QHP�DMXGDQWH��FRPR�©�R�WHVWHPXQKR ����
$�FDSDFLGDGH�WHVWDPHQW¡ULD�DWLYD��TXH�VH�DOFDQ§D�DRV����DQRV�GH� LGDGH��©�XPD�FDSDFLGDGH�HVSHFLDO�
GLYHUVD� GD� JHUDO�� TXH� VH� DGTXLUH� DRV� ��� DQRV� FRPSOHWRV� �&&�� DUW�� �z�� FDSXW��� 'H� IDWR�� VHQGR� R
WHVWDPHQWR� XP� QHJ³FLR� HVVHQFLDOPHQWH� UHYRJ¡YHO�� H� TXH� V³� SURGX]� HIHLWRV� DS³V� D� PRUWH� GR� WHVWDGRU�
SRGHU¡�R� UHODWLYDPHQWH� LQFDSD]��TXH� IH]�R� VHX� WHVWDPHQWR�TXDQGR�DLQGD� LPDWXUR��UHYRJ¡�OR�D�TXDOTXHU
WHPSR��RX�PRGLILF¡�OR��SDUD�DMXVWDU�D�VXD�PDQLIHVWD§£R�GH�ºOWLPD�YRQWDGH� V�VXDV�FRQYHQLªQFLDV�DWXDLV�
ɺ�������,1&$3$&,'$'(�325�)$/7$�'(�',6&(51,0(172�28�(1)(50,'$'(�0(17$/
2V�SULYDGRV�GR�QHFHVV¡ULR�GLVFHUQLPHQWR�SDUD� D�SU¡WLFD�GRV� DWRV�GD�YLGD�FLYLO�� SRU� HQIHUPLGDGH�RX
GHILFLªQFLD�PHQWDO��HUDP�FRQVLGHUDGRV�DEVROXWDPHQWH�LQFDSD]HV�SHOR�DUW���z��,,��GR�&³GLJR�&LYLO�H��SRU
HVVH�PRWLYR��LQLELGRV�GH�WHVWDU��DUW����������k�SDUWH��
&RQVLGHUDP�VH�SRUWDGRUHV�GH�HQIHUPLGDGH�RX�GHILFLªQFLD�PHQWDO�RV�DOLHQDGRV�GH�TXDOTXHU�HVS©FLH�
FRPR�RV�SHUWXUEDGRV�PHQWDOPHQWH��RV�DPHQWDLV��RV�PHQWHFDSWRV��RV� IXULRVRV��RV� LGLRWDV��RV� LPEHFLV��RV
GHPHQWHV� H� RV� DIHWDGRV� SRU� GRHQ§DV� SV­TXLFDV� GH� LQWHQVLGDGH� FDSD]� GH� SULY¡�ORV� GR� QHFHVV¡ULR
GLVFHUQLPHQWR�SDUD�RV�DWRV�GD�YLGD�FLYLO�
$� /HL� Q�� �������� GH� �� GH� MXOKR� GH� ������ GHQRPLQDGD� Ȑ(VWDWXWR� GD� 3HVVRD� FRP� 'HILFLªQFLDȑ�
SURPRYHX�XPD�SURIXQGD�PXGDQ§D�QR� VLVWHPD�GDV� LQFDSDFLGDGHV�� DOWHUDQGR� VXEVWDQFLDOPHQWH� D� UHGD§£R
GRV�DUWV���z�H��z�GR�&³GLJR�&LYLO��TXH�SDVVRX�D�VHU�D�VHJXLQWH�
Ȑ$UW���z�6£R�DEVROXWDPHQWH�LQFDSD]HV �GH�H[HUFHU�SHVVRDOPHQWH�RV�DWRV�GD�YLGD�FLYLO�RV�PHQRUHV�GH�����GH]HVVHLV��DQRV�
$UW���z�6£R�LQFDSD]HV��UHODWLYDPHQWH�D�FHUWRV�DWRV �RX� �PDQHLUD�GH�RV�H[HUFHU�
,�ȉ�RV�PDLRUHV�GH�GH]HVVHLV�H�PHQRUHV�GH�GH]RLWR�DQRV�
,,�ȉ�RV�©EULRV�KDELWXDLV�H�RV�YLFLDGRV�HP�W³[LFR�
,,,�ȉ�DTXHOHV�TXH��SRU�FDXVD�WUDQVLW³ULD�RX�SHUPDQHQWH��Q£R�SXGHUHP�H[SULPLU�VXD�YRQWDGH�
,9�ȉ�RV�SU³GLJRV�
3DU¡JUDIR�ºQLFR��$�FDSDFLGDGH�GRV�LQG­JHQDV�VHU¡�UHJXODGD�SRU�OHJLVOD§£R�HVSHFLDOȑ�
2EVHUYD�VH�TXH�R�DUW���z��TXH�WUDWD�GRV�DEVROXWDPHQWH�LQFDSD]HV��WHYH�WRGRV�RV�VHXV�LQFLVRV�UHYRJDGRV�
DSRQWDQGR�QR�FDSXW��FRPR�ºQLFDV�SHVVRDV�FRP�HVVD�FODVVLILFD§£R��ȐRV�PHQRUHV�GH�����GH]HVVHLV��DQRVȑ�
3RU�VXD�YH]��R�DUW���z��TXH�UHODFLRQD�RV� UHODWLYDPHQWH� LQFDSD]HV��PDQWHYH��QR� LQF�� ,��RV�ȐPDLRUHV� GH
GH]HVVHLV�H�PHQRUHV�GH�GH]RLWR�DQRVȑ��PDV�VXSULPLX��QR�LQF��,,��ȐRV�TXH��SRU�GHILFLªQFLD�PHQWDO��WHQKDP
R�GLVFHUQLPHQWR�UHGX]LGRȑ��0DQWHYH�DSHQDV�ȐRV�©EULRV�KDELWXDLV�H�RV�YLFLDGRV�HP�W³[LFRȑ��(��QR�LQF��,,,�
VXSULPLX� ȐRV� H[FHSFLRQDLV�� VHP� GHVHQYROYLPHQWR� PHQWDO� FRPSOHWRȑ�� VXEVWLWXLQGR�RV� SHORV� TXH�� ȐSRU
FDXVD�WUDQVLW³ULD�RX�SHUPDQHQWH��Q£R�SXGHUHP�H[SULPLU�VXD�YRQWDGHȑ��2V�SU³GLJRV�SHUPDQHFHP�QR
LQF��,9�FRPR�UHODWLYDPHQWH�LQFDSD]HV�
'HVWLQD�VH� D� DOXGLGD� /HL� Q�� ������������� FRPR� SURFODPD� R� DUW�� �z�� ȐD� DVVHJXUDU� H� D� SURPRYHU�� HP
FRQGL§µHV� GH� LJXDOGDGH�� R� H[HUF­FLR� GRV� GLUHLWRV� H� GDV� OLEHUGDGHV� IXQGDPHQWDLV� SRU� SHVVRD� FRP
GHILFLªQFLD��YLVDQGR� �VXD�LQFOXV£R�VRFLDO�H�FLGDGDQLDȑ��(P�VXPD��SDUD�D�UHIHULGD�OHL�R�GHILFLHQWH�WHP�XPD
TXDOLGDGH�TXH�RV�GLIHUH�GDV�GHPDLV�SHVVRDV��PDV�Q£R�XPD�GRHQ§D��3RU�HVVD�UD]£R�©�H[FOX­GR�GR�URO�GRV
LQFDSD]HV�H�VH�HTXLSDUD� �SHVVRD�FDSD]�
$�FRQVHTXªQFLD�GLUHWD�H�LPHGLDWD�GHVVD�DOWHUD§£R�OHJLVODWLYD�©�H[DWDPHQWH�HVVD��UHSLWD�VH��R�GHILFLHQWH
©�DJRUD�FRQVLGHUDGR�SHVVRD�SOHQDPHQWH�FDSD]��&RPR�DILUPRX�3DEOR�6WRO]H��HP�FRPHQW¡ULR� �QRYD�OHL�
ȐD�SHVVRD� FRP�GHILFLªQFLD�ȉ�DTXHOD�TXH� WHP� LPSHGLPHQWR�GH� ORQJR�SUD]R��GH�QDWXUH]D� I­VLFD��PHQWDO�
LQWHOHFWXDO�RX�VHQVRULDO��QRV�WHUPRV�GR�DUW���z�ȉ�Q£R�GHYH�VHU�PDLV�WHFQLFDPHQWH�FRQVLGHUDGD�FLYLOPHQWH
LQFDSD]��QD�PHGLGD�HP�TXH�RV�DUWV���z�H�����GR�PHVPR�GLSORPD��GHL[DP�FODUR�TXH�D�GHILFLªQFLD�Q£R�DIHWD
D�SOHQD�FDSDFLGDGH�FLYLO�GD�SHVVRDȑ����
2� FLWDGR� DUW�� �z� GHFODUD�� HIHWLYDPHQWH�� TXH� Ȑ$� GHILFLªQFLD� Q£R� DIHWD� D� SOHQD� FDSDFLGDGH� FLYLO� GD
SHVVRD�� LQFOXVLYH� SDUD�� ,� ȉ� FDVDU�VH� H� FRQVWLWXLU� XQL£R� HVW¡YHO�� ,,� ȉ� H[HUFHU� GLUHLWRV� VH[XDLV� H
UHSURGXWLYRV��,,,�ȉ�H[HUFHU�R�GLUHLWR�GH�GHFLGLU�VREUH�R�QºPHUR�GH�ILOKRV�H�GH�WHU�DFHVVR�D�LQIRUPD§µHV
DGHTXDGDV� VREUH� UHSURGX§£R�H�SODQHMDPHQWR� IDPLOLDU�� ,9�ȉ�FRQVHUYDU� VXD� IHUWLOLGDGH�� VHQGR�YHGDGD�D
HVWHULOL]D§£R�FRPSXOV³ULD��9�ȉ�H[HUFHU�R�GLUHLWR� �IDP­OLD�H� �FRQYLYªQFLD�IDPLOLDU�H�FRPXQLW¡ULD��H�9,
ȉ�H[HUFHU�R�GLUHLWR� �JXDUGD�� �WXWHOD�� �FXUDWHOD�H� �DGR§£R��FRPR�DGRWDQWH�RX�DGRWDQGR��HP�LJXDOGDGH
GH�RSRUWXQLGDGHV�FRP�DV�GHPDLV�SHVVRDVȑ�
3RU� VHX� WXUQR�� R� PHQFLRQDGR� DUW�� ��� HVWDWXL�� FDWHJRULFDPHQWH�� TXH� Ȑ$� SHVVRD� FRP� GHILFLªQFLD� WHP
DVVHJXUDGR�R�GLUHLWR�DR�H[HUF­FLR�GH�VXD�FDSDFLGDGH� OHJDO�HP� LJXDOGDGH�GH�FRQGL§µHV� FRP�DV�GHPDLV
SHVVRDVȑ��4XDQGR� QHFHVV¡ULR�� DGX]� R� h� �z�� ȐD� SHVVRD� FRP� GHILFLªQFLD� VHU¡� VXEPHWLGD�  � FXUDWHOD�
FRQIRUPH� D� OHLȑ�� $� GHILQL§£R� GH� FXUDWHOD� GH� SHVVRD� FRP� GHILFLªQFLD�� FRPSOHPHQWD� R� h� �z�� ȐFRQVWLWXL
PHGLGD� SURWHWLYD� H[WUDRUGLQ¡ULD�� SURSRUFLRQDO�  V� QHFHVVLGDGHV� H�  V� FLUFXQVW¢QFLDV� GH� FDGD� FDVR�� H
GXUDU¡�R�PHQRU�WHPSR�SRVV­YHOȑ�
3UHWHQGHX� R� OHJLVODGRU�� FRP� HVVDV� LQRYD§µHV�� LPSHGLU� TXH� D� SHVVRD� GHILFLHQWH� VHMD� FRQVLGHUDGD� H
WUDWDGD�FRPR�LQFDSD]��WHQGR�HP�YLVWD�RV�SULQF­SLRV�FRQVWLWXFLRQDLV�GD�LJXDOGDGH�H�GD�GLJQLGDGH�KXPDQD�
7RGDYLD��WªP�HODV�VLGR�REMHWR�GH�SHVDGDV�FU­WLFDV�IRUPXODGDV�SHOD�GRXWULQD��SHOR�IDWR��SULQFLSDOPHQWH��GH
GHVSURWHJHU�DTXHOHV�TXH�PHUHFHP�D�SURWH§£R�OHJDO�
3HUPDQHFHP�DVVLP��FRPR�M¡�GLWR��FRPR�DEVROXWDPHQWH�LQFDSD]HV�VRPHQWH�RV�PHQRUHV�GH����DQRV�
1D�FRQIRUPLGDGH�GR�GLVSRVWR�QD�VHJXQGD�SDUWH�GR�DUW��������GR�&³GLJR�&LYLO��VHU¡�QXOR�R�WHVWDPHQWR
HIHWXDGR�SRU�TXHP��QR�DWR�GH�WHVWDU��ȐQ£R�WHQKD�SOHQR�GLVFHUQLPHQWRȑ��PHVPR�Q£R�VHQGR�PDLV�FRQVLGHUDGR
DEVROXWDPHQWH�LQFDSD]�SHOD�FLWDGD�/HL�Q����������GH���GH�MXOKR�GH�������GHQRPLQDGD�Ȑ(VWDWXWR�GD�3HVVRD
FRP�'HILFLªQFLDȑ��1£R� VH� WUDWD�� FRPR� M¡� GLWR�� GH� DPHQWDLV�� DSHQDV� Q£R� VH� HQFRQWUDP�� QR�PRPHQWR� GH
WHVWDU��HP�VHX�SHUIHLWR�MX­]R��HP�YLUWXGH�GH�DOJXPD�FDXVD�WUDQVLW³ULD��3HVVRDV�TXH�VH�HQFRQWUDP�QHVVD
VLWXD§£R�SDVVDUDP�D�VHU�FRQVLGHUDGDV�UHODWLYDPHQWH�LQFDSD]HV�QR�LQF��,,,��ȐDTXHOHV�TXH��SRU�FDXVD
WUDQVLW³ULD� RX� SHUPDQHQWH��Q£R� SXGHUHP� H[SULPLU� VXD� YRQWDGHȑ�� GR� DUW�� �z� GR� &³GLJR� &LYLO�� SHOR
PHQFLRQDGR�Ȑ(VWDWXWR�GD�3HVVRD�FRP�'HILFLªQFLDȑ��6H�WLYHU�RFRUULGR�LQWHUGL§£R��KDYHU¡�SUHVXQ§£R�MXULV
HW� GH� MXUH� GD� DXVªQFLD� GR� SOHQR� GLVFHUQLPHQWR�� ‰� SRVV­YHO�� QR� HQWDQWR�� SURQXQFLDU�VH� D� QXOLGDGH� GR
WHVWDPHQWR�QHVVH�FDVR��PHVPR�DQWHV�GD�GHFUHWD§£R�MXGLFLDO�GH�VXD�LQWHUGL§£R��GHVGH�TXH�SURYDGD�D�IDOWD
GR�SOHQR�GLVFHUQLPHQWR��XPD�YH]�TXH�©�HVWD��H�Q£R�D�VHQWHQ§D�GH�LQWHUGL§£R��TXH�GHWHUPLQD�D�LQFDSDFLGDGH
GH� WHVWDU��$� GLIHUHQ§D� ©� TXH�� VH� R� DWR� IRL� SUDWLFDGR� DS³V� D� VHQWHQ§D� GH� LQWHUGL§£R�� VHU¡� QXOR� GH� SOHQR
GLUHLWR�� VH�� SRU©P�� IRL� SUDWLFDGR� DQWHV�� D� GHFUHWD§£R� GD� QXOLGDGH� GHSHQGHU¡� GD� SURGX§£R� GH� SURYD
LQHTX­YRFD�GD�LQVDQLGDGH����
ɸ�(QIHUPLGDGH�RX�GHILFLªQFLD�PHQWDO��&&��DUW���z��,,�
1D�FRQIRUPLGDGH�GR�GLVSRVWR�QD�SULPHLUD�SDUWH�GR�DUW��������GR�&³GLJR�&LYLO��VHU¡�QXOR�R�WHVWDPHQWR
HIHWXDGR�SRU�TXHP�Q£R� VH�DFKH�QR�JR]R�GH� VXDV� IDFXOGDGHV�PHQWDLV�� 6H� WLYHU� RFRUULGR� LQWHUGL§£R�
KDYHU¡�SUHVXQ§£R�MXULV�HW�GH�MXUH�GD�LQFDSDFLGDGH��‰�SRVV­YHO��QR�HQWDQWR��SURQXQFLDU�VH�D�QXOLGDGH�GR
WHVWDPHQWR�IHLWR�SHOR�DOLHQDGR�PHQWDO��PHVPR�DQWHV�GD�GHFUHWD§£R�MXGLFLDO�GH�VXD�LQWHUGL§£R��GHVGH�TXH
SURYDGD�D�VXD�LQVDQLGDGH�PHQWDO��XPD�YH]�TXH�©�HVWD��H�Q£R�D�VHQWHQ§D�GH� LQWHUGL§£R��TXH�GHWHUPLQD�D
LQFDSDFLGDGH��$�GLIHUHQ§D�©�TXH��VH�R�DWR�IRL�SUDWLFDGR�DS³V�D�VHQWHQ§D�GH�LQWHUGL§£R��VHU¡�QXOR�GH�SOHQR
GLUHLWR�� VH�� SRU©P�� IRL� SUDWLFDGR� DQWHV�� D� GHFUHWD§£R� GD� QXOLGDGH� GHSHQGHU¡� GD� SURGX§£R� GH� SURYD
LQHTX­YRFD�GD�LQVDQLGDGH ����
1£R�WHQGR�KDYLGR�LQWHUGL§£R��K¡�GH�VH�SUHVXPLU�D�FDSDFLGDGH�GR�DJHQWH��LQFXPELQGR�DR�LQWHUHVVDGR�QDGHFODUD§£R�GH�QXOLGDGH�GR�WHVWDPHQWR�D�SURSRVLWXUD�GH�D§£R�DXW´QRPD�H�D�SURGX§£R�GH�SURYD�FDEDO�GD
DOHJDGD�LQFDSDFLGDGH��1D�GºYLGD��GHFLGH�VH�SHOD�YDOLGDGH�GR�DWR��HP�UHVSHLWR�DR�SULQF­SLR�LQ�GXELR�SUR
FDSDFLWDWH�
2V� WULEXQDLV� PRVWUDP�VH�� HP� UHJUD�� FDXWHORVRV� H� H[LJHQWHV� QD� DQ¡OLVH� H� DIHUL§£R� GD� SURYD� GHVVD
LQFDSDFLGDGH�� VRPHQWH� GHFODUDQGR� D� LQYDOLGDGH� GR� WHVWDPHQWR� TXDQGR� H[DXVWLYDPHQWH� SURYDGD� D
LQFDSDFLGDGH�GR�WHVWDGRU� �©SRFD�GD�SU¡WLFD�GR�DWR�
ɸ�&DUªQFLD�GH�SOHQR�GLVFHUQLPHQWR
6LPSOHV�HQIUDTXHFLPHQWR�GD�PHP³ULD��SRU�VL�V³��Q£R�DFDUUHWD�LQFDSDFLGDGH�
5HSLVH�VH� R� TXH� IRL� GLWR� DFLPD� D� UHVSHLWR� GD� IDOWD� GH� GLVFHUQLPHQWR�� D� LQFDSDFLGDGH� V³� GHYH� VHU
UHFRQKHFLGD� HP� D§£R� GHFODUDW³ULD� GH� QXOLGDGH��PHGLDQWH� SURYD� YHHPHQWH� H� H[DXVWLYD� GR� IDWR� DOHJDGR�
XPD�YH]�TXH��QD�GºYLGD��YDOH�R�WHVWDPHQWR�
ɺ�������,1&$3$&,'$'(�7(67$0(175,$�'26�5(/$7,9$0(17(�,1&$3$=(6
3URFODPDQGR� R� DUW�� ������ GR� &³GLJR� &LYLO�� JHQHULFDPHQWH�� VHP� ID]HU� TXDOTXHU� GLVWLQ§£R�� TXH� RV
LQFDSD]HV� Q£R� SRGHP� WHVWDU�� ILFDP� LQLELGRV� GH� ID]ª�OR�� WDPE©P�� RV� UHODWLYDPHQWH� LQFDSD]HV�� H[FHWR� RV
PDLRUHV�GH����DQRV��FXMD�VLWXD§£R�©�UHVVDOYDGD�QR�SDU¡JUDIR�ºQLFR�GR�PHQFLRQDGR�GLVSRVLWLYR�OHJDO�
'HVVH� PRGR�� Q£R� SRGHP� WHVWDU� DTXHOHV� TXH�� SRU� FDXVD� WUDQVLW³ULD� RX� SHUPDQHQWH�� Q£R� SXGHUHP
H[SULPLU� VXD� YRQWDGH�� RV� ©EULRV� KDELWXDLV� H� RV� YLFLDGRV� HP� W³[LFR� �&&�� DUW�� �z�� ,,� H� ,,,��� QD
FRQIRUPLGDGH�GD�QRYD�UHGD§£R�FRQIHULGD�DR�DUW��������GR�&³GLJR�&LYLO�SHOD�FLWDGD�/HL�Q����������GH���GH
MXOKR�GH�������(VWDWXWR�GD�3HVVRD�FRP�'HILFLªQFLD��
2V� PHQFLRQDGRV� LQFDSD]HV� HVW£R� VXMHLWRV� D� FXUDWHOD� �&&�� DUW�� ������� ,� H� ,,,��� 6H� LQWHUGLWDGRV�� H
HQTXDQWR�R�OHJLVODGRU�Q£R�DOWHUDU�R�DUW���������D�LQFDSDFLGDGH�WHVWDPHQW¡ULD�DWLYD�VHU¡�SUHVXPLGD�GH
IRUPD�DEVROXWD��MXULV�HW�GH�MXUH���VDOYR�VH�R�MXL]��QD�VHQWHQ§D��DR�IL[DU�RV�OLPLWHV�GD�FXUDWHOD�FRP�EDVH�QR
DUW�� ������� DIDVWDU� D� SURLEL§£R� GH� WHVWDU� RX� FLUFXQVFUHYª�ORV�  V� UHVWUL§µHV� LPSRVWDV� DR� SU³GLJR� �DUW�
�������
‰�SRVV­YHO��QR�HQWDQWR��FRPR�M¡�FRPHQWDGR�HP�UHOD§£R�DRV�DEVROXWDPHQWH�LQFDSD]HV��SURQXQFLDU�VH�D
QXOLGDGH�GR�WHVWDPHQWR�IHLWR�SHORV�UHODWLYDPHQWH�LQFDSD]HV��PHVPR�DQWHV�GD�GHFUHWD§£R�MXGLFLDO�GH�VXD
LQWHUGL§£R�� GHVGH� TXH� SURYDGD� D� GHSHQGªQFLD� GR� ¡OFRRO� RX� GH� W³[LFR�� RX� DLQGD� D� LPSRVVLELOLGDGH� GH
H[SULPLU� VXD� YRQWDGH�� XPD� YH]� TXH� V£R� WDLV� IDWRV�� H� Q£R� D� VHQWHQ§D� GH� LQWHUGL§£R�� TXH� GHWHUPLQDP� D
LQFDSDFLGDGH��2�PHVPR�VH�SRGH�GL]HU�GRV�H[FHSFLRQDLV��VHP�GHVHQYROYLPHQWR�PHQWDO�FRPSOHWR�
&RPR� D� FDSDFLGDGH� VH� SUHVXPH�� D� DOHJDGD� LQFDSDFLGDGH� WHU¡� GH� VHU�� VHJXUD� H� YHHPHQWHPHQWH�
GHPRQVWUDGD�HP�FDGD�FDVR�SHOR�DXWRU�GD�D§£R�GHFODUDW³ULD�GH�QXOLGDGH�ȉ�TXDQGR�HQW£R�VH�YHULILFDU¡�D
H[WHQV£R�GR�Y­FLR�H�GD�GHSHQGªQFLD�GR�DJHQWH��EHP�FRPR�VXDV�FRQVHTXªQFLDV�VREUH�R�VHX�GLVFHUQLPHQWR�H
R�HQWHQGLPHQWR�TXH�WLQKD�GR�DWR��QR�PRPHQWR�HP�TXH�R�SUDWLFRX��1D�GºYLGD��FRPR�IRL�GLWR��SUHYDOHFH�R
WHVWDPHQWR�
ɸ�$�VLWXD§£R�GR�SU³GLJR
$�GRXWULQD� HP�JHUDO�PDQLIHVWD�VH� QR� VHQWLGR�GH� TXH�Q£R�K¡�PRWLYR�SDUD�TXH�R�SU³GLJR��PDOJUDGR
LQFOX­GR�QR�URO�GRV�UHODWLYDPHQWH�LQFDSD]HV��DUW���z��,9���Q£R�SRVVD�WHVWDU��&RP�HIHLWR��D�LQWHUGL§£R�GR
SU³GLJR� V³� R� SULYDU¡� GH�� VHP� FXUDGRU�� SUDWLFDU� DWRV� TXH� SRVVDP� FRPSURPHWHU� R� VHX� SDWULP´QLR� �RV
HQXPHUDGRV�QR�DUW��������GR�&³GLJR�&LYLO���FRQGX]LQGR�R�D�XP�HPSREUHFLPHQWR��'HQWUH�HVVHV�DWRV�Q£R
ILJXUD� R� WHVWDPHQWR�� $� VLPSOHV�PDQLIHVWD§£R� GD� VXD� ºOWLPD� YRQWDGH� Q£R� OKH� SRGHU¡� DFDUUHWDU� QHQKXP
SUHMX­ ݺ]R��SRLV�Q£R�HVWDU¡�GLODSLGDQGR�R�VHX�SDWULP´QLR��XPD�YH]�TXH�DV�GLVSRVL§µHV�WHVWDPHQW¡ULDV�K£R�GH
YLJRUDU�VRPHQWH�GHSRLV�GH�VXD�PRUWH ����
ɸ�$�VLWXD§£R�GR�VXUGR�PXGR
1£R�SRGH�WHVWDU�R�VXUGR�PXGR�TXH�Q£R�SXGHU�H[SULPLU�VXD�YRQWDGH��&&��DUW���z��,,,���2�TXH�UHFHEHX
HGXFD§£R� DGHTXDGD� H� DSUHQGHX� D� H[SULPL�OD�� VHP� WHU� R� VHX� GLVFHUQLPHQWR� UHGX]LGR�� Q£R� SHUGH� D
FDSDFLGDGH� WHVWDPHQW¡ULD� DWLYD�� SRLV� Q£R� VXEVLVWH� D� UHJUD� VXUGXV� HW� PXWXV� WHVWDPHQWXP� IDFHUH� QRQ
SRVVXQW�� 'HVVH� PRGR�� D� VXUGR�PXGH]� VRPHQWH� ©� FDXVD� GH� LQFDSDFLGDGH� TXDQGR� LPSRVVLELOLWD� D
PDQLIHVWD§£R�GD�YRQWDGH�
2� DWXDO� &³GLJR�&LYLO�PDQWHYH� D� H[LJªQFLD�� FRQVWDQWH� GR� DQWHULRU�� GH� TXH� R� WHVWDPHQWR� SºEOLFR� VHMD
HVFULWR�SHOR�WDEHOL£R�GH�DFRUGR�FRP�ȐDV�GHFODUD§µHVȑ�GR�WHVWDGRU��SHUPLWLQGR�TXH��SDUD�ID]ª�ODV��VLUYD�
VH�GH�ȐPLQXWD��QRWDV�RX�DSRQWDPHQWRVȑ��DUW���������,��
$R�VXUGR��PDV�Q£R�PXGR��©�O­FLWR�WHVWDU�SRU�TXDOTXHU�IRUPD��LQFOXVLYH�D�SºEOLFD��6HJXQGR�GLVSµH�R�DUW�
������GR�&³GLJR�&LYLO��ȐVDEHQGR�OHU��OHU¡�R�VHX�WHVWDPHQWR��H��VH�Q£R�R�VRXEHU��GHVLJQDU¡�TXHP�R�OHLD�HP
VHX�OXJDU��SUHVHQWHV�DV�WHVWHPXQKDVȑ�
1£R�VH�HTXLSDUD�DR�PXGR�DTXHOH�TXH� VH�H[SULPH�FRP�H[WUHPD�GLILFXOGDGH��PXLWR�PDO��SRU©P�VH� ID]
FRPSUHHQGHU��QHP�DR�VXUGR�R�TXH�RXYH�PDO��GHVGH�TXH�Q£R�OKH�IDOWH�R�VHQWLGR�GD�DXGL§£R ����
ɺ�������+,3“7(6(6�1ƒ2�*(5$'25$6�'(�,1&$3$&,'$'(
2V�FDVRV�GH�LQFDSDFLGDGH�WHVWDPHQW¡ULD�DWLYD��FRPR�M¡�PHQFLRQDGR��V£R�IL[DGRV�SHOR�&³GLJR�&LYLO�HP
WRP�H[FHSFLRQDO��WD[DWLYR��([FHWR�DV�H[SUHVVDPHQWH�PHQFLRQDGDV�QR�DUW���������WRGDV�DV�SHVVRDV�SRGHP
ID]HU�WHVWDPHQWR�Y¡OLGR��SRLV�D�FDSDFLGDGH�FRQVWLWXL�D�UHJUD�
ɸ�,GDGH�DYDQ§DGD
$� OHL� Q£R� HVWDEHOHFH� OLPLWH� WHPSRUDO� SDUD� D� FDSDFLGDGH� WHVWDPHQW¡ULD� DWLYD��$� VHQHFWXGH� RX� LGDGH
DYDQ§DGD�Q£R�LQLEH�R�LQGLY­GXR�GH�WHVWDU��(P�VL�PHVPD��Q£R�FRQVWLWXL�PRWLYR�GH�LQFDSDFLGDGH��7RGDYLD�
VH�HP�UD]£R�GH�FRQGL§µHV�SDWRO³JLFDV�TXH�DFRPSDQKDP�D�YHOKLFH��FRPR�D�DUWHULRVFOHURVH��D�GHELOLGDGH
PHQWDO�H�RXWUDV��D�OXFLGH]�GH�HVS­ULWR�IRU�DIHWDGD��LQVWDODQGR�VH�SURFHVVR�GH�LQYROX§£R�VHQLO��FDUDFWHUL]DU�
VH�¡� D� LQFDSDFLGDGH�� ‰� PLVWHU� SURYDU�� WRGDYLD�� TXH� D� VHQLOLGDGH� DEDORX� VHULDPHQWH� R� F©UHEUR�
LPSHGLQGR�D�PDQLIHVWD§£R�GD�YRQWDGH�
6HJXQGR� 2UR]LPER� 1RQDWR�� D� LGDGH� DYDQ§DGD�� GH� VL� V³�� Q£R� H[FOXL� R� H[HUF­FLR� GD� IDFXOGDGH� GH
WHVWDU�� VHQGR� ȐFRPXP� JXDUGDU�VH� DLQGD� HP� LGDGH� SURYHFWD�� FHUWR� HTXLO­EULR� GH� IDFXOGDGHV�� SRVWR
HQIUDTXHFLGDV��(VVH�HQIUDTXHFLPHQWR�Q£R�OKHV�WLUD��DRV�YHOKRV��DLQGD�QR�FUHSºVFXOR�GD�YLGD��D�IDFXOGDGH
GH� WHVWDUȑ�� 6H�� DGX]�� ȐD� YHOKLFH� GHL[RX� GH� VXVFLWDU� DOWHUD§µHV� QRW¡YHLV� QR� WHVWDGRU�� VH� OKH� Q£R� FDXVRX
GHPªQFLD��GHVFRQVWLWXL��GH�VL�V³��FDXVD�GH�LQFDSDFLGDGH�GH�WHVWDUȑ ����
ɸ�3UR[LPLGDGH�GD�PRUWH
$�SUR[LPLGDGH�GD�PRUWH��LJXDOPHQWH��Q£R�DFDUUHWD�LQFDSDFLGDGH�WHVWDPHQW¡ULD�DWLYD��VH�D�PRO©VWLD
GH�TXH�SDGHFH�R� WHVWDGRU�Q£R�SURGX]�GHO­ULR�RX�SHUWXUED§£R�GD�PHQWH��&O³YLV�%HYLO¡TXD�� QHVVD� WULOKD�
GHFODUD�� Ȑ$� SUR[LPLGDGH� GD�PRUWH� V³� SRGH� GHWHUPLQDU� LQFDSDFLGDGH� WHVWDPHQW¡ULD� VH� D� PRO©VWLD�� TXH
LPSHOH�R�WHVWDGRU�DR�WºPXOR��SURGX]�GHO­ULR�RX�HVWDGR�GH�REQXELOD§£R�PHQWDOȑ ����
$LQGD� DJRQL]DQWH�� D� EDOEXFLDU�� GL]� 3RQWHV� GH� 0LUDQGD�� ȐK¡� GH� SUHVXPLU�VH� FRP� MX­]R� SHUIHLWR� R
WHVWDGRUȑ ����
1£R�©��SRLV��D�LGDGH��PDLV�RX�PHQRV�DYDQ§DGD��QHP�WDPSRXFR�D�SUR[LPLGDGH�GD�PRUWH�TXH�GHWHUPLQDP
D� RFRUUªQFLD� RX� Q£R� GH� FDSDFLGDGH�� TXH� VHU¡� H[DPLQDGD� FDVR� D� FDVR�� OHYDQGR�VH� HP� FRQVLGHUD§£R� DV
FDUDFWHU­VWLFDV�PDQLIHVWDGDV�SRU�FDGD�WHVWDGRU ����
ɸ�(QIHUPLGDGHV�JUDYHV
(QIHUPLGDGHV� JUDYHV�� GRUHV� DJXGDV� H� LQGLVSRVL§£R� SV­TXLFD� SRGHP� FRORFDU� R� VHU� KXPDQR� HP
SURVWUD§£R� H� GHV¢QLPR�� 6H�� QR� HQWDQWR�� R� GRHQWH� FRQVHUYD� R� SOHQR� GLVFHUQLPHQWR�� Q£R� K¡� IDODU� HP
LQFDSDFLGDGH�WHVWDPHQW¡ULD�DWLYD��+¡��FRP�HIHLWR��HQIHUPRV�JUDYHV�TXH�FRQVHUYDP�D�SHUIHLWD�OXFLGH]�DW©
R� ºOWLPR�PRPHQWR� GH� YLGD��$� FDSDFLGDGH� GH� WHVWDU�� FRPR�GL]�6­OYLR�9HQRVD�� ȐUHTXHU� D� FDSDFLGDGH� GH
PHQWH��Q£R�GR�FRUSRȑ ����
ɸ�3HVVRD�LUDGD�RX�IRUWHPHQWH�HPRFLRQDGD
$� SHVVRD� LUDGD� RX� HQFROHUL]DGD�� RX� IRUWHPHQWH� HPRFLRQDGD�� SRGH� SHUGHU� PRPHQWDQHDPHQWH� D
UDFLRQDOLGDGH� QD� SHUFHS§£R� GDV� FRLVDV� H� GRV� IDWRV� TXH� D� FHUFDP��PDV� Q£R� SRGH� VHU� FRQVLGHUDGD
LQFDSD]�� 6³� KDYHU¡� LQFDSDFLGDGH� WHVWDPHQW¡ULD� VH� UHVWDU� SURYDGR� TXH� ȐD� F³OHUD�� TXDOTXHU� SDL[£R
YLROHQWD��RX�IRUWH�DFHVVR�GH�FLºPH�� SHUWXUEDYD��GH�PRGR�V©ULR�� D�PHQWH�GR�GH�FXMXV� QR� WHPSR� HP�TXH
GLVS´V�GR�SDWULP´QLRȑ ����
ɸ�6XLF­GLR�GR�WHVWDGRU
2�VXLF­GLR�GR�WHVWDGRU��DLQGD�TXH�LPHGLDWDPHQWH�VXEVHTXHQWH� �IHLWXUD�GR�WHVWDPHQWR��Q£R�LQGX]��HP�VL
PHVPR��LQFDSDFLGDGH��PDOJUDGR�SRVVD�VHU�SRQGHUDGR�FRPR�LQG­FLR�GH�LPSRVVLELOLGDGH�GH�PDQLIHVWD§£R
GD�YRQWDGH��7DO�LPSRVVLELOLGDGH�WHU¡��SRU©P��GH�VHU�GHPRQVWUDGD�PHGLDQWH�SURYD�FRPSOHPHQWDU�VHJXUD�H
FRQYLQFHQWH�
ɸ�)DOLGR��LQVROYHQWH��DXVHQWH��FHJR�H�DQDOIDEHWR
'R�PHVPR�PRGR�Q£R�K¡� IDODU� HP� LQFDSDFLGDGH�SDUD�R� IDOLGR��R� LQVROYHQWH� H�R�DXVHQWH�� $� FHJXHLUD
FRQVWLWXL�DSHQDV�UHVWUL§£R� V�IRUPDV�FHUUDGD�H�SDUWLFXODU�GH�WHVWDU��SRLV�D�OHL�SHUPLWH�DR�FHJR�WHVWDU�SHOD
IRUPD�SºEOLFD��&&��DUW����������EHP�FRPR�DR�DQDOIDEHWR��DUW���������
ɸ�6LOY­FRODV
2V� ­QGLRV� Q£R� IRUDP� LQFOX­GRV� QR� URO� GRV� LQLELGRV� GH� WHVWDU�� €� PHGLGD� TXH� Y£R� VH� DGDSWDQGR�  
FLYLOL]D§£R�� SRGHP�HPDQFLSDU�VH�GR� UHJLPH� WXWHODU� HVSHFLDO� D�TXH� V£R� VXEPHWLGRV��2�VLPSOHV� IDWR�GH
SRGHUHP� H[SULPLU� YRQWDGH� WHVWDPHQW¡ULD� M¡� FRPSURYD� HVWDUHP� SOHQDPHQWH� HQWURVDGRV� QD
VRFLHGDGH�� 2UD�� GL]� 3RQWHV� GH� 0LUDQGD�� ȐVH� XP� VLOY­FROD� FRPSDUHFH� H� IDOD� HP� O­QJXD� QDFLRQDO� DR
WDEHOL£R��SRGHU¡�WHVWDU�SRU�WHVWDPHQWR�SºEOLFR��6H�HVFUHYH�R�VHX�WHVWDPHQWR��RX��HVFULWR�D�URJR��R�DVVLQD��H
R� OHYD�� HP�SUHVHQ§D��SHOR�PHQRV��GH�FLQFR� WHVWHPXQKDV�� DR�RILFLDO�SºEOLFR��TXH�R�DSURYH�ȉ�YDOH�HVWH
WHVWDPHQWR�FHUUDGR��&RP�PDLRULD�GH�UD]£R��VH�R�HVFUHYH�WRGR�H�R�DVVLQD��FRP�DV�PDLV�IRUPDOLGDGHV�GR
WHVWDPHQWR�KRO³JUDIR��'RQGH�VH�WLUD�R�SULQF­SLR��R�H[HUF­FLR�GD�WHVWDPHQWLIDF§£R�SHOR�VLOY­FROD�SURYD��SRU
VL��R�HVWDGR�HP�TXH�VH�DFKDYD�GH�VXILFLªQFLD�VRFLDO��6H�WHVWRX��HUD�FDSD]ȑ ����
ɺ�������020(172�(0�48(�6(�(;,*(�$�&$3$&,'$'(
'LVSµH�R�DUW��������GR�&³GLJR�&LYLO�
Ȑ$� LQFDSDFLGDGH� VXSHUYHQLHQWH� GR� WHVWDGRU� Q£R� LQYDOLGD� R� WHVWDPHQWR�� QHP�R� WHVWDPHQWR� GR� LQFDSD]� VH� YDOLGD� FRP� D� VXSHUYHQLªQFLD� GD
FDSDFLGDGHȑ�
$�FDSDFLGDGH�WHVWDPHQW¡ULD�DWLYD�©�H[LJLGD��SRUWDQWR��QR�PRPHQWR�HP�TXH�VH�UHGLJH�RX�VH�HODERUD�R
WHVWDPHQWR�� ‰� QHVVH� LQVWDQWH� TXH� GHYH� VHU� DIHULGD�� 6H� R� WHVWDGRU�� QR� DWR� GH� WHVWDU�� WLQKD� SOHQR
GLVFHUQLPHQWR�� R� WHVWDPHQWR� VHU¡� Y¡OLGR�PHVPR� TXH� HOH� YHQKD� D� SHUGHU�� SRVWHULRUPHQWH�� D� OXFLGH]�
DVVLP� FRPR� QXOR� VHU¡� R� WHVWDPHQWR� HODERUDGR� SRU� TXHP�� QR� DWR�� HQFRQWUDYD�VH� FRPSOHWDPHQWH
HPEULDJDGR�� DLQGD� TXH� QR� GLD� VHJXLQWH� HVWLYHVVH� FXUDGR� GD� HPEULDJXH]�� RX� SRU� TXHP� VH� HQFRQWUDYD
SULYDGR�GR�QHFHVV¡ULR�GLVFHUQLPHQWR��PHVPR�TXH��SRVWHULRUPHQWH��WLYHVVH�UHFXSHUDGR�R�MX­]R�
1HVWH� ºOWLPR� FDVR�� R� TXH� UHFREUD� D� UD]£R� H� GHVHMD� PDQWHU� R� TXH� GHWHUPLQDUD� QR� SHU­RGR� GD
LQFDSDFLGDGH��SDVVDJHLUD�RX�GXUDGRXUD��WHP�V³�XP�FDPLQKR�D�WULOKDU��WHVWDU�GH�QRYR��1£R�EDVWD�UDWLILFDU
DV�GLVSRVL§µHV�WHVWDPHQW¡ULDV��SRLV�ȐR�QHJ³FLR�MXU­GLFR�QXOR�Q£R�©�VXVFHW­YHO�GH�FRQILUPD§£Rȑ��&&��DUW�
�����
1£R�VH�WRUQD�QHFHVV¡ULR��GHVWDUWH��TXH�R�WHVWDGRU�FRQVHUYH�D�FDSDFLGDGH�GXUDQWH�R�WHPSR�TXH�PHGLDU
HQWUH�D�PDQLIHVWD§£R�GH�ºOWLPD�YRQWDGH�H�D�DEHUWXUD�GD�VXFHVV£R��LQFDSDFLGDGH�LQWHUFRUUHQWH�Q£R�DIHWD�R
DWR��PHGLD�WHPSRUH�QRQ�QRFHW� ����
$�OHL�TXH�UHJXOD�D�WHVWDPHQWL�IDFWLR�DFWLYD�©��DVVLP��D�YLJHQWH�QD�©SRFD�HP�TXH�R�QHJ³FLR�MXU­GLFR�IRL
UHDOL]DGR�� Q£R� D� GR� WHPSR� GD� DEHUWXUD� GD� VXFHVV£R�� RX� GH� TXDOTXHU� RXWUR�� LQWHUP©GLR�� 1HVVH� FDPSR
SUHYDOHFH� LQWHLUDPHQWH� D� UHJUD� WHPSXV� UHJLW� DFWXP�� RX� VHMD�� D� FDSDFLGDGH� WHVWDPHQW¡ULD� DWLYD� ©� D� GR
WHPSR� GR� WHVWDPHQWR�� Q£R� VH� LQYDOLGDQGR� HVWH� SHOD� VXSHUYHQLªQFLD� GD� LQFDSDFLGDGH�� QHP� VH� YDOLGDQGR
SHOD�VXSHUYHQLªQFLD�GD�FDSDFLGDGH ����
$� FDSDFLGDGH� GHYH� H[LVWLU�� HQIDWL]D� &DUORV�0D[LPLOLDQR�� ȐSDUD� R� WHVWDPHQWR� SºEOLFR�� HP� R� GLD� GR
ODQ§DPHQWR� HP� QRWDV�� SDUD� R� FHUUDGR�� QR� GD� DSURYD§£R�� Q£R� TXDQGR� IRL� HVFULWR� RX� DVVLQDGR�� SDUD� R
SDUWLFXODU�� TXDQGR� R� HVFUHYHUDP� H� DVVLQDUDP�� QDGD� LPSRUWDQGR� R� TXH� VH� YHULILFDYD� QD� GDWD� GD
SXEOLFD§£R�� SDUD� RV� HVSHFLDLV�� QR� GLD� GDV� VXDV� GLVSRVL§µHV�� (P� WRGR� R� WHPSR� HP� TXH� SHUVLVWH� D
LQFDSDFLGDGH��H�V³�GXUDQWH�D�PHVPD��R�LQGLY­GXR�Q£R�SRGH�WHVWDUȑ ����
ɺ�������,038*1$‡ƒ2�'$�9$/,'$'(�'2�7(67$0(172��&$37$‡ƒ2�'$�9217$'(
6RPHQWH� DS³V� D� PRUWH� GR� WHVWDGRU� VH� SRGHU¡� TXHVWLRQDU� VREUH� D� YDOLGDGH� GR� DWR� GH� ºOWLPD
YRQWDGH�� (QTXDQWR� HVWLYHU� YLYR� SHUPDQHFHU¡� DIDVWDGD� D� SRVVLELOLGDGH� GH� VRIUHU� LPSXJQD§µHV�� SRLV� VH
WUDWD� GH� QHJ³FLR� MXU­GLFR�PRUWLV� FDXVD�� 'R� FRQWU¡ULR� HVWDU�VH�LD� SHUPLWLQGR� D� LQVWDXUD§£R� GH� OLW­JLR
DFHUFD�GH�KHUDQ§D�GH�SHVVRD�YLYD�
'LVSµH�R�DUW��������GR�&³GLJR�&LYLO�
Ȑ([WLQJXH�VH�HP�FLQFR�DQRV �R�GLUHLWR�GH�LPSXJQDU�D�YDOLGDGH�GR�WHVWDPHQWR��FRQWDGR�R�SUD]R�GD�GDWD�GR�VHX�UHJLVWURȑ�
$EHUWD� D� VXFHVV£R�� R� WHVWDPHQWR� GHYHU¡� VHU� DSUHVHQWDGR� HP� MX­]R� H� UHJLVWUDGR�� SDUD� VHU� PDQGDGR
FXPSULU��$�FRQWDJHP�GR�TXLQTXªQLR�GHFDGHQFLDO�G¡�VH�FRP�D�DSUHVHQWD§£R�GR�WHVWDPHQWR�DR�MXL]��TXH��VH
OKH�Q£R�DFKDU�Y­FLR�H[WHUQR�TXH�R�WRUQH�VXVSHLWR�GH�QXOLGDGH�RX�IDOVLGDGH��PDQGDU¡�TXH�VHMD�UHJLVWUDGR�
DUTXLYDGR�H�FXPSULGR��&3&�������DUW������H�SDU¡JUDIRV���‰�D�SDUWLU�GR�UHJLVWUR��H�Q£R�GD�DEHUWXUD�GD
VXFHVV£R��TXH�VH�FRQWD�R�DOXGLGR�SUD]R�GHFDGHQFLDO��8PD�YH]�HVJRWDGR��R�WHVWDPHQWR�Q£R�PDLV�SRGH�VHU
LPSXJQDGR��PHVPR�TXH�HLYDGR�GH�QXOLGDGH�
2�DUW������GR�&³GLJR�&LYLO�HVWDEHOHFH�UHJUD�DSOLF¡YHO�DRV�QHJ³FLRV�HP�JHUDO�
Ȑ2�QHJ³FLR�MXU­GLFR�QXOR�Q£R�©�VXVFHW­YHO�GH�FRQILUPD§£R��QHP�FRQYDOHVFH�SHOR�GHFXUVR�GR�WHPSRȑ�
'HVVH�PRGR��HP�SULQF­SLR��SRU�PDLV�ORQJR�TXH�VHMD�R�WHPSR�GHFRUULGR��Q£R�FRQYDOLGD�R�QHJ³FLR�QXOR�
TXRG�LQLWLR�YLWLRVXP�HVW��QRQ�SRWHVW�WUDFWXV�WHPSRULV�FRQYDOHVFHUH�
(P�PDW©ULD�GH�WHVWDPHQWR��SRU©P��R�DUW��������VXSUDWUDQVFULWR�LQRYD��LQWURGX]LQGR�HP�QRVVR�VLVWHPD�XP
UHJLPH�HVSHFLDO�SDUD�D�QXOLGDGH�GR�QHJ³FLR�MXU­GLFR�WHVWDPHQW¡ULR��IL[DQGR�XP�SUD]R�GH�FDGXFLGDGH�SDUD
TXH�D�D§£R�SU³SULD�VHMD�LQWHQWDGD�H�GHUURJDQGR��LSVR�IDFWR��D�UHJUD�JHUDO�HVWDEHOHFLGD�QR�DUW������
2�&³GLJR�&LYLO��QR�FDS­WXOR�FRQFHUQHQWH� � LQYDOLGDGH�GR�QHJ³FLR� MXU­GLFR��FRQVWDQWH�GD�3DUWH�*HUDO
�DUWV�� ���� D� ������ WUDWD� GD� QXOLGDGH� H� GD� DQXODELOLGDGH�� 2� YRF¡EXOR� ȐLQYDOLGDGHȑ� ©� HPSUHJDGR� SDUD
GHVLJQDU�R�QHJ³FLR�TXH�Q£R�SURGX]�RV�HIHLWRV�GHVHMDGRV�SHODV�SDUWHV��R�TXDO�©�FODVVLILFDGR�SHOD� IRUPD
PHQFLRQDGD�GH�DFRUGR�FRP�R�JUDX�GH�LPSHUIHL§£R�YHULILFDGR�
2� DUW�� ������� DSOLF¡YHO� VRPHQWH� DRV� QHJ³FLRV� MXU­GLFRV� WHVWDPHQW¡ULRV�� UHIHUH�VH�  � LPSXJQD§£R� GD
YDOLGDGH�GR� WHVWDPHQWR��GDQGR�D� HQWHQGHU�TXH� HOD�SRGH�RFRUUHU� HP�DPERV�RV� FDVRV�� GH�QXOLGDGH� H� GH
DQXODELOLGDGH�
2� WHVWDPHQWR�SRGH� VHU�QXOR�� SRU�Q£R�REVHUYDU� DV� IRUPDOLGDGHV� OHJDLV��SRU� VHU� FRQMXQWLYR�RX�SRU� WHU
VLGR�FRQIHFFLRQDGR�SRU�LQFDSD]��SRU�H[HPSOR�
3RU�VXD�YH]��HVWDWXL�R�DUW��������GR�&³GLJR�&LYLO�
Ȑ6£R�DQXO¡YHLV�DV�GLVSRVL§µHV�WHVWDPHQW¡ULDV�LQTXLQDGDV�GH�HUUR��GROR�RX�FRD§£R�
3DU¡JUDIR�ºQLFR��([WLQJXH�VH�HP�TXDWUR�DQRV �R�GLUHLWR�GH�DQXODU�D�GLVSRVL§£R��FRQWDGRV�GH�TXDQGR�R�LQWHUHVVDGR�WLYHU�FRQKHFLPHQWR
GR�Y­FLRȑ�
7DO� GLVSRVLWLYR� WHP� FDXVDGR� FHUWD� SHUSOH[LGDGH�� HP� FRQIURQWR� FRP� R� DUW�� ������� SRU� WHU� HVWH� XVDGR
H[SUHVV£R�JHQ©ULFD�ȐLPSXJQDUȑ��TXH�DEUDQJH�WDQWR�DV�KLS³WHVHV�GH�QXOLGDGH�FRPR�DV�GH�DQXODELOLGDGH��(�
WDPE©P�� SRUTXH� R� SUD]R� GH� TXDWUR� DQRV� ©� SRU� GHPDLV� HO¡VWLFR�� SRGHQGR� HVWHQGHU�VH� SRU� WHPSR
LQGHWHUPLQDGR�� GDGD� D� LPSUHFLV£R� GH� VHX� WHUPR� LQLFLDO�� XPD� YH]� TXH� V³� FRPH§D� D� IOXLU� ȐTXDQGR� R
LQWHUHVVDGR�WLYHU�FRQKHFLPHQWR�GR�Y­FLRȑ�
$�LQFRQJUXªQFLD�GR�OHJLVODGRU�©�EHP�GHPRQVWUDGD�SRU�=HQR�9HORVR��DR�GL]HU�TXH�R�DSRQWDGR�FULW©ULR
JHUD� LQVWDELOLGDGH� H� Q£R� ©� ERP�� Ȑ8P� WHVWDPHQWR� QXOR�� SRU� H[HPSOR�� Q£R� SRGH� PDLV� WHU� D� YDOLGDGH
LPSXJQDGD�GHSRLV�GH�FLQFR�DQRV�GR�VHX�UHJLVWUR��0DV�XPD�GLVSRVL§£R�TXH�HOH�FRQW©P��VRE�R�DUJXPHQWR�GH
TXH�R�WHVWDGRU�HUURX��GHOLEHURX�PHGLDQWH�GROR��RX�IRL�Y­WLPD�GH�FRD§£R��SRGH�VHU�DQXODGD�PXLWR�GHSRLV
GDTXHOH�SUD]R��SRLV�D�GHFDGªQFLD�GR�GLUHLWR�GH�DWDFDU�D�GLVSRVL§£R�FRPH§D�D�VHU�FRQWDGD�GH�ȌTXDQGR�RLQWHUHVVDGR� WLYHU� FRQKHFLPHQWR� GR� Y­FLRȍ�� $� VROX§£R� Q£R� ©� O³JLFD�� Q£R� ©� UD]R¡YHO�� 2� WHPD� FDUHFH� GH
UHIRUPD��GHYH�VHU�RUGHQDGR��VLVWHPDWLFDPHQWHȑ ����
$�SXUD� H� VLPSOHV� VXSUHVV£R�GR�SDU¡JUDIR�ºQLFR� M¡� VHULD� VXILFLHQWH� SDUD� UHVROYHU� R� SUREOHPD�� SRLV
SUHYDOHFHULD�HQW£R��SDUD�DPERV�RV�FDVRV��GH�QXOLGDGH�H�GH�DQXODELOLGDGH��R�SUD]R�GHFDGHQFLDO�GH�FLQFR
DQRV�GR�DUW���������FRQWDGR�GD�GDWD�GR�UHJLVWUR�GR�WHVWDPHQWR��HPERUD�R�SUD]R�TXLQTXHQDO�GHVWRH�GD
UHJUD�JHUDO�GH�TXH�©�GH�TXDWUR�DQRV�R�SUD]R�GHFDGHQFLDO�SDUD�SOHLWHDU�D�DQXOD§£R�GR�QHJ³FLR�MXU­GLFR�HP
FDVR�GH�Y­FLRV�GR�FRQVHQWLPHQWR��&&��DUW�������
ɸ�&DSWD§£R�GD�YRQWDGH�GR�WHVWDGRU
+LS³WHVH�GH�GROR�UHODFLRQDGR�DR�WHVWDPHQWR�©�D�FDSWD§£R�GD�YRQWDGH�GR�WHVWDGRU��TXH�R�WRUQD�DQXO¡YHO
SRU�Y­FLR�GR�FRQVHQWLPHQWR��6HJXQGR�&O³YLV�%HYLO¡TXD�� FRQVLVWH� D�FDSWD§£R�QR�ȐHPSUHJR�GH�DUWLI­FLRV
SDUD�FRQTXLVWDU�D�EHQHYROªQFLD�GH�DOJX©P��QR�LQWXLWR�LQWHUHVVDGR�GH�REWHU�OLEHUDOLGDGHV�GH�VXD�SDUWH��HP
IDYRU�GR�FDSWDQWH�RX�GH�WHUFHLURVȑ ����
$�FDSWD§£R�HP�VL�PHVPD�� OLPLWDGD� �GHPRQVWUD§£R�GH�DIHL§£R�SHOR� WHVWDGRU�H� � WHQWDWLYD�GH�VH� ID]HU
HVWLPDU� SRU� HOH�� FRP� R� REMHWLYR� GH� VHU� FRQWHPSODGR� QR� WHVWDPHQWR�� VHP� R� UHFXUVR� D� PDQREUDV
IUDXGXOHQWDV��GHVWLQDGDV�D� LQIOXHQFLDU�GLUHWDPHQWH�R�DWR�GH�GLVSRVL§£R�WHVWDPHQW¡ULD��FRQVWLWXL�IHQ´PHQR
JHUDO� H� FRPXP� HQWUH� RV� KRPHQV�� Q£R� VHQGR� VXILFLHQWH� SDUD� YLFL¡�OR��6RPHQWH� D� FDSWD§£R� PDOLFLRVD�
LPSUHJQDGD�GH�GROR��WHP�HVVH�FRQG£R��Q£R�D�LQRFHQWH��2�TXH�VH�SURFXUD�FRPEDWHU�Q£R�©�D�FDSWD§£R�
PDV�R�GROR ����
1R�HOHQFR�GDV�PDQREUDV�FDSWDW³ULDV�GRORVDV�PHQFLRQDGDV�SHOD�GRXWULQD�HQFRQWUDP�VH��SRU�H[HPSOR��DV
FDOºQLDV� OHYDQWDGDV� FRQWUD� KHUGHLURV� OHJ­WLPRV�� DV�PHQWLUDV�� R� DEXVR� GH� LQIOXªQFLD� RX� GH� DXWRULGDGH�� R
LPSHGLPHQWR� GR� DFHVVR� GH�PHPEURV� GD� IDP­OLD� DR� WHVWDGRU�� R� DIDVWDPHQWR� GH� DPLJRV�� D� GHVSHGLGD� GH
FULDGRV�GH�FRQILDQ§D��D�LQJHUªQFLD�GHVFDELGD�H�FRQVWDQWH�HP�VHXV�QHJ³FLRV�HWF�
$� FDSWD§£R� GRORVD� VRPHQWH� WRUQD� DQXO¡YHO� R� WHVWDPHQWR�� WRGDYLD�� TXDQGR� ©� D� FDXVD� GD� GLVSRVL§£R
YLFLDGD��SRLV��VHQGR�HVS©FLH�GH�GROR��VXMHLWD�VH�DRV�GLWDPHV�GR�DUW������GR�&³GLJR�&LYLO��VHJXQGR�R�TXDO
ȐV£R�RV�QHJ³FLRV�MXU­GLFRV�DQXO¡YHLV�SRU�GROR��TXDQGR�HVWH�IRU�D�VXD�FDXVDȑ�
ɸ�$SOLFD§£R�GR�LQVWLWXWR�GD�FRQYHUV£R�DRV�WHVWDPHQWRV
,QGDJD�VH� VH� VHULD� SRVV­YHO� FRQYHUWHU� R� WHVWDPHQWR� QXOR� HP� RXWUR� TXH� Q£R� FRQWLYHVVH� RV� PHVPRV
UHTXLVLWRV��FRP�EDVH�QR�DUW������GR�&³GLJR�&LYLO��TXH�HVWDWXL�
Ȑ6H��SRU©P��R�QHJ³FLR�MXU­GLFR�QXOR�FRQWLYHU�RV�UHTXLVLWRV�GH�RXWUR��VXEVLVWLU¡�HVWH�TXDQGR�R�ILP�D�TXH�YLVDYDP�DV�SDUWHV�SHUPLWLU�VXSRU�TXH�R
WHULDP�TXHULGR��VH�KRXYHVVHP�SUHYLVWR�D�QXOLGDGHȑ�
$� FRQYHUV£R� GR� QHJ³FLR� MXU­GLFR� SRGH� VHU� IRUPDO� RX� VXEVWDQFLDO�� 2FRUUH� D� SULPHLUD� TXDQGR
GHWHUPLQDGR� QHJ³FLR� SRGH� VHU� FHOHEUDGR� SRU� Y¡ULDV� IRUPDV� H�� VHQGR� LQY¡OLGR� QD� TXH� IRL� DGRWDGD�� ©
DSURYHLWDGR�H�YDOLGDGR�VRE�IRUPD�GLYHUVD��GHVGH�TXH�REVHUYDGRV�RV�UHTXLVLWRV�GHVWD��'¡�VH�D�FRQYHUV£R
VXEVWDQFLDO�TXDQGR�VH�DOWHUD�R� WLSR�FRQWUDWXDO��VHQGR�FRQYHUWLGR�R�FRQWHºGR�QHJRFLDO��FRPR�QR�FDVR�GD
QRWD�SURPLVV³ULD�HPLWLGD�VHP�REVHUY¢QFLD�GH�WRGRV�RV�UHTXLVLWRV�IRUPDLV�H�TXH�VH�FRQYHUWH�HP�FRQILVV£R
GH�G­YLGD��1R� LQWXLWR�GH� VDOYDU�R�QHJ³FLR� MXU­GLFR��TXH�SDGHFH�GH�Y­FLR� LQVDQ¡YHO��SHUPLWH�D� OHL� D� VXD
FRQYHUV£R��FRPR�GHFRUUªQFLD�GLUHWD�GR�SULQF­SLR�GD�FRQYHUV£R�GRV�QHJ³FLRV�MXU­GLFRV�
)O¡YLR� 7DUWXFH� H� -RV©� )HUQDQGR� 6LP£R� IRUQHFHP� R� VHJXLQWH� H[HPSOR� GH� DSOLFD§£R� GR� LQVWLWXWR� GD
FRQYHUV£R� DRV� WHVWDPHQWRV�� Ȑ,PDJLQH�VH� XP� WHVWDPHQWR� SºEOLFR� TXH� FRQWD� FRP� D� DVVLQDWXUD� GH� TXDWUR
WHVWHPXQKDV� �DSHVDU�GH� D� OHL� V³� H[LJLU� GXDV��� TXH�� SRU�XP� ODSVR�� GHL[D�GH� VHU� DVVLQDGR�SHOR�7DEHOL£R�
&RPR�LQVWUXPHQWR�SºEOLFR��R�WHVWDPHQWR�©�QXOR��PDV�FRQYHUWH�VH�HP�WHVWDPHQWR�SDUWLFXODU��TXH�V³�H[LJH�D
SUHVHQ§D�GH�WUªV�WHVWHPXQKDV���RFRUUHQGR�D�FRQYHUV£R�IRUPDO��SRLV�D�IRUPD�SºEOLFD�QXOD�FRQYHUWH�VH�HP
IRUPD�SDUWLFXODU�Y¡OLGD��1RWH�VH�TXH�R�QHJ³FLR�MXU­GLFR�RULJLQDO�©�XP�WHVWDPHQWR�H�R�FRQYHUWLGR�WDPE©P�R
©ȑ ����
ɺ�������5(6802
'$�&$3$&,'$'(�'(�7(67$5
ɺ�$�FDSDFLGDGH�WHVWDPHQW¡ULD�DWLYD�FRQVWLWXL�D�UHJUD��2�DUW��������GR�&&�GHFODUD�TXH�V³�Q£R�SRGHP�WHVWDU�RV�LQFDSD]HV�H
RV�TXH��QR�DWR�GH�ID]ª�OR��Q£R�WLYHUHP�SOHQR�GLVFHUQLPHQWR�
ɺ�'HQWUH�RV�LQFDSD]HV�HP�JHUDO��V³�RV�PDLRUHV�GH�GH]HVVHLV�DQRV��SRU�H[FH§£R��SRGHP�WHVWDU��DUW���������SDU¡JUDIR�ºQLFR��
PHVPR�VHP�D�DVVLVWªQFLD�GH�VHX�UHSUHVHQWDQWH�OHJDO�
ɺ�6£R�LQFDSD]HV�SDUD�ID]HU�WHVWDPHQWR��RV�PHQRUHV�GH����DQRV��RV�TXH��SRU�FDXVD�WUDQVLW³ULD�RX�SHUPDQHQWH��Q£R�SXGHUHP
H[SULPLU�VXD�YRQWDGH��RV�©EULRV�KDELWXDLV�H�RV�YLFLDGRV�HP�W³[LFR��&&��DUWV��������H��z��,,�H�,,,��
ɺ� $� LQFDSDFLGDGH� VXSHUYHQLHQWH� GR� WHVWDGRU� Q£R� LQYDOLGD� R� WHVWDPHQWR�� QHP� R� WHVWDPHQWR� GR� LQFDSD]� VH� YDOLGD� FRP� D
VXSHUYHQLªQFLD�GD�FDSDFLGDGH��DUW���������
��
'$6�)250$6�25',15,$6�'(�7(67$0(172
ɺ�������,1752'8‡ƒ2
2�&³GLJR�&LYLO�DGPLWH�DV�VHJXLQWHV�IRUPDV�GH�WHVWDPHQWRV�
&DUDFWHUL]DP�VH�SHOD�H[LJªQFLD�GR�FXPSULPHQWR�GH�Y¡ULDV�IRUPDOLGDGHV��GHVWLQDGDV�D�GDU�VHULHGDGH
H� PDLRU� VHJXUDQ§D�  V� PDQLIHVWD§µHV� GH� ºOWLPD� YRQWDGH�� H[FH§£R� IHLWD� DR� WHVWDPHQWR� QXQFXSDWLYR�
GLVFLSOLQDGR� FRPR�PRGDOLGDGH� GH� WHVWDPHQWR� PLOLWDU�� FRPR� QR� GLSORPD� GH� ������ TXH� SRGH� VHU� IHLWR
RUDOPHQWH��SHUDQWH�GXDV�WHVWHPXQKDV��SRU�PLOLWDUHV�HP�FRPEDWH��RX�IHULGRV��DUW���������
2�FDVDPHQWR�H�R� WHVWDPHQWR� V£R�FRQVLGHUDGRV�RV�GRLV�DWRV�PDLV� VROHQHV�GR�QRVVR�GLUHLWR��/RQJH�GH
UHSUHVHQWDU� XP�REVW¡FXOR�  � IDFXOGDGH� GH� WHVWDU�� R� IRUPDOLVPR� YDOH� FRPR�JDUDQWLD� H� VDOYDJXDUGD� GHVVD
IDFXOGDGH�� 4XDQGR� R� OHJLVODGRU� FULD� DV� H[LJªQFLDV� GH� IRUPD�� WHP� HP�PLUD� SUHVHUYDU� D� LGRQHLGDGH
SVLFRO³JLFD� GR� WHVWDGRU�� SURWHJHQGR� D� DXWHQWLFLGDGH� GD� PDQLIHVWD§£R� YROLWLYD� FRQWUD� DV� LQVLQXD§µHV
FDSWDW³ULDV��GHIRUPD§£R�H�GHVFRPSDVVR�HQWUH�R�TXHUHU�DXWªQWLFR�H�D�H[WHUQD§£R�GR�TXHUHU ����
2� OHJLVODGRU�Q£R�GHL[RX�DR�DOYHGULR�GR� WHVWDGRU�D�HVFROKD�GD�PDQHLUD�GH�PDQLIHVWDU�D� VXD� LQWHQ§£R�
(VWDEHOHFHX�SUHYLDPHQWH�DV�IRUPDV�Y¡OLGDV��GHYHQGR�D�SHVVRD�TXH�GHVHMDU�WHVWDU�HVFROKHU�XP�GRV�WLSRV
SRU�HOH�FULDGRV��VHP�SRGHU�LQYHQWDU�XP�QRYR��PHGLDQWH�D�FRPELQD§£R�GRV�H[LVWHQWHV�
1£R�K¡�RXWUD�IRUPD�SRVV­YHO�GH�WHVWDPHQWR�RUGLQ¡ULR�DO©P�GDV�WUªV�UHWURPHQFLRQDGDV��3URFODPD�R�DUW�
������ GR� &³GLJR� &LYLO� TXH�� LJXDOPHQWH�� ȐQ£R� VH� DGPLWHP� RXWURV� WHVWDPHQWRV� HVSHFLDLV� DO©P� GRV
FRQWHPSODGRV�QHVWH�&³GLJRȑ�
$�IRUPD�UHSUHVHQWD��DVVLP��XP�SUHVVXSRVWR�QHFHVV¡ULR�GR�QHJ³FLR�MXU­GLFR�WHVWDPHQW¡ULR��7HVWDPHQWR
TXH�Q£R�REHGHFHU� �QRUPD�VREUH�IRUPD�ȉ�TXH�©�FRJHQWH��GH�RUGHP�SºEOLFD�ȉ�©�QXOR�GH�SOHQR�GLUHLWR�H
Q£R�WHP�HIHLWR�DOJXP��$�GHFODUD§£R�SRVW�PRUWHP�SHOD�TXDO�XPD�SHVVRD�GLVSµH�GH�VHXV�EHQV��DLQGD�TXH
DXWªQWLFD�H�VROHQH��Q£R�WHU¡�YDOLGDGH�VH�H[WHUQDGD�SRU�PRGR�GLYHUVR�GR�SUHVFULWR�HP�OHL��&&��DUW������
,,,� ����
ɺ�������,19$/,'$'(�'2�7(67$0(172�&21-817,92
2�&³GLJR�&LYLO�SUR­EH�H[SUHVVDPHQWH��QR�DUW���������R�WHVWDPHQWR�FRQMXQWLYR�
Ȑ‰�SURLELGR�R�WHVWDPHQWR�FRQMXQWLYR��VHMD�VLPXOW¢QHR��UHF­SURFR�RX�FRUUHVSHFWLYRȑ�
7HVWDPHQWR� FRQMXQWLYR�� GH�P£R� FRPXP� RX�PDQFRPXQDGR� ©� DTXHOH� HP� TXH�GXDV� RX�PDLV� SHVVRDV�
PHGLDQWH�XP�V³�LQVWUXPHQWR��SRUWDQWR��QXP�PHVPR�DWR���ID]HP�GLVSRVL§µHV�GH�ºOWLPD�YRQWDGH�DFHUFD�GH
VHXV�EHQV��‰�
ɸ�VLPXOW¢QHR��TXDQGR�RV�WHVWDGRUHV�GLVSµHP�HP�EHQHI­FLR�GH�WHUFHLURV��QXP�V³�DWR��XQR�FRQWH[WX��
ɸ�UHF­SURFR��TXDQGR�LQVWLWXHP�EHQHI­FLRV�PºWXRV��GH�PRGR�TXH�R�VREUHYLYHQWH�UHFROKD�D�KHUDQ§D�GR
RXWUR�
ɸ�FRUUHVSHFWLYR��TXDQGR�RV�WHVWDGRUHV�HIHWXDP�GLVSRVL§µHV�HP�UHWULEXL§£R�GH�RXWUDV�FRUUHVSRQGHQWHV�
-XVWLILFD�VH� D� SURLEL§£R�GR� WHVWDPHQWR� FRQMXQWLYR�� HP� WRGDV� DV� VXDV� IRUPDV�� SRUTXH� WDLV� GLVSRVL§µHV
FRQVWLWXHP�HVS©FLHV�GH�SDFWR�VXFHVV³ULR�H�FRQWUDULDP�XPD�FDUDFWHU­VWLFD�HVVHQFLDO�GR�WHVWDPHQWR��TXH�©�D
UHYRJDELOLGDGH�
2� FDU¡WHU� SDFW­FLR� GR� WHVWDPHQWR� FRQMXQWLYR�� FRPR� DVVHYHUD� 6LOYLR� 5RGULJXHV�� Ȑ©� LQHJ¡YHO�
SULQFLSDOPHQWH�QDV�HVS©FLHV�FKDPDGDV�UHF­SURFD�H�FRUUHVSHFWLYD��2UD��FRPR�D�OHL�YHGD�R�FRQWUDWR�VREUHKHUDQ§D�GH�SHVVRD�YLYD��&&��DUW��������SRU�FRQWHU�XP�YRWXP�PRUWLV�GH�LQGLVFXW­YHO�LPRUDOLGDGH��GHYH�
REYLDPHQWH��SURLELU�R�WHVWDPHQWR�GH�P£R�FRPXPȑ ����
1DGD� LPSHGH� TXH� R� FDVDO�� GHVHMDQGR� WHVWDU� VLPXOWDQHDPHQWH�� FRPSDUH§D� DR�&DUW³ULR� GH�1RWDV� H� DOL
FDGD�TXDO�ID§D�R�VHX�WHVWDPHQWR��HP�F©GXODV�WHVWDPHQW¡ULDV�GLVWLQWDV��‰�YHGDGD�VRPHQWH�D�FRQIHF§£R
FRQMXQWD�SRU�PDULGR�H�PXOKHU��QR�PHVPR�LQVWUXPHQWR��(ODERUDQGR�RV�VHSDUDGDPHQWH��DLQGD�TXH�QD�PHVPD
RFDVL£R�H�SHUDQWH�R�PHVPR�WDEHOL£R��SRGHP�GHL[DU�RV�EHQV�XP�SDUD�R�RXWUR��1HVVH�FDVR��RV�WHVWDPHQWRV
Q£R�V£R�FRQVLGHUDGRV�FRQMXQWLYRV��SRLV�FDGD�TXDO�FRQVHUYD�D�VXD�DXWRQRPLD�
ɺ�������3(5'$�28�'(6758,‡ƒ2�(�5(&2167,78,‡ƒ2�'2�7(67$0(172
$� F©GXOD� WHVWDPHQW¡ULD�� SHUGLGD� RX� GHVWUX­GD�� Q£R� FRPSRUWD� UHFRQVWUX§£R�� SHORV� ULVFRV� TXH� WDO
DWLYLGDGH�HQFHUUD�H�SHOD�SRVVLELOLGDGH�GH�HQFREULU�DUWLFXOD§µHV�IUDXGDW³ULDV�GD�YRQWDGH�GR�PRUWR�
(IHWLYDPHQWH��VHP�R�DFHVVR� �F©GXOD� WHVWDPHQW¡ULD�Q£R�VH�SRGH�UHFRPSRU�D�YRQWDGH�GR�WHVWDGRU��VRE
SHQD� GH� FRQWUDULDU� D� SU³SULD� QDWXUH]D� GR� DWR��+DYHULD�� VHP� GºYLGD�� LQWHUIHUªQFLDV� HVWUDQKDV�  � YRQWDGH
WHVWDPHQW¡ULD�
(P� SULQF­SLR�� SRLV�� D� UHFRQVWLWXL§£R� GR� WHVWDPHQWR� ©� LQFRPSDW­YHO� FRP� D� VROHQLGDGH� TXH� UHYHVWH�
5HVVDOYD�VH��FRQWXGR��R�WHVWDPHQWR�SºEOLFR��GH�TXH�R�WUDVODGR�©�PHUD�F³SLD ����
1£R� VH� SRGH� DIDVWDU�� WRGDYLD�� D� SRVVLELOLGDGH� GH� VH� UHVWDXUDU��PHGLDQWH� UHFXUVRV� W©FQLFRV�� D� F©GXOD
WHVWDPHQW¡ULD�TXH�VRIUHX�RV�HIHLWRV�GR�ORQJR�GHFXUVR�GR�WHPSR�H�VH�WRUQRX�GH�GLI­FLO�OHLWXUD��GHVGH�TXH�WDO
WUDEDOKR�Q£R�FRPSURPHWD�R�WH[WR�
ɺ�������7(67$0(172�3š%/,&2
2�WHVWDPHQWR�SºEOLFR�©�HVFULWR�SHOR�WDEHOL£R�HP�VHX�OLYUR�GH�QRWDV��GH�DFRUGR�FRP�DV�GHFODUD§µHV�GR
WHVWDGRU�� IHLWDV� HP� O­QJXD� QDFLRQDO�� SRGHQGR� HVWH� VHUYLU�VH� GH� PLQXWD�� QRWDV� RX� DSRQWDPHQWRV�� HP
SUHVHQ§D�GH�GXDV�WHVWHPXQKDV��TXH�GHYHP�DVVLVWLU�D� WRGR�R�DWR��2�&³GLJR�GH������H[LJLD�D�SUHVHQ§D
VLPXOW¢QHD�GH�FLQFR�WHVWHPXQKDV�
(VVDV� IRUPDOLGDGHV� WRUQDP�QR� PDLV� VHJXUR� GR� TXH� DV� RXWUDV� HVS©FLHV� GH� WHVWDPHQWR�� PDOJUDGR
DSUHVHQWH�R�LQFRQYHQLHQWH�GH�SHUPLWLU�D�TXDOTXHU�SHVVRD�R�FRQKHFLPHQWR�GH�VHX�WHRU�
$�SXEOLFLGDGH�Q£R�FRQVLVWH�QR�IDWR�GH�R�WHVWDPHQWR�ILFDU�DEHUWR�DR�FRQKHFLPHQWR�GR�SºEOLFR�GHSRLV�GH
R�DWR�VHU�ODYUDGR�QR�OLYUR�UHVSHFWLYR��&KDPD�VH�ȐSºEOLFRȑ�R�WHVWDPHQWR�HP�UD]£R�GH�R�QRW¡ULR��HP�QRVVR
SD­V��SRU�ORQJR�WHPSR��WHU�VLGR�FKDPDGR��WDPE©P��GH�ȐRILFLDO�SºEOLFRȑ��EHP�FRPR�SHOD�FLUFXQVW¢QFLD�GH�R
DWR� VHU� WHVWHPXQKDGR� SHODV� SHVVRDV� FXMD� SUHVHQ§D� ©� HVVHQFLDO� SDUD� JDUDQWLU� D� VXD� VHULHGDGH� H
UHJXODULGDGH ����
ɺ���������5HTXLVLWRV�H�IRUPDOLGDGHV
2� DUW�� ������ HQXPHUD�� SRUPHQRUL]DGDPHQWH�� RV� UHTXLVLWRV� H� IRUPDOLGDGHV� HVVHQFLDLV� GR� WHVWDPHQWR
SºEOLFR�
Ȑ,�ȉ�VHU�HVFULWR�SRU� WDEHOL£R�RX�SRU�VHX�VXEVWLWXWR� OHJDO�HP�VHX� OLYUR�GH�QRWDV��GH�DFRUGR�FRP�DV�GHFODUD§µHV�GR� WHVWDGRU��SRGHQGR�HVWH
VHUYLU�VH�GH�PLQXWD��QRWDV�RX�DSRQWDPHQWRV�
,,�ȉ� ODYUDGR�R� LQVWUXPHQWR�� VHU� OLGR�HP�YR]�DOWD�SHOR� WDEHOL£R�DR� WHVWDGRU�H�D�GXDV� WHVWHPXQKDV�� D�XP�V³� WHPSR��RX�SHOR� WHVWDGRU�� VH�R
TXLVHU��QD�SUHVHQ§D�GHVWDV�H�GR�RILFLDO�
,,,�ȉ�VHU�R�LQVWUXPHQWR��HP�VHJXLGD� �OHLWXUD��DVVLQDGR�SHOR�WHVWDGRU��SHODV�WHVWHPXQKDV�H�SHOR�WDEHOL£R�
3DU¡JUDIR�ºQLFR��2�WHVWDPHQWR�SºEOLFR�SRGH�VHU�HVFULWR�PDQXDOPHQWH�RX�PHFDQLFDPHQWH��EHP�FRPR�VHU�IHLWR�SHOD�LQVHU§£R�GD�GHFODUD§£R
GH�YRQWDGH�HP�SDUWHV�LPSUHVVDV�GH�OLYUR�GH�QRWDV��GHVGH�TXH�UXEULFDGDV�WRGDV�DV�S¡JLQDV�SHOR�WHVWDGRU��VH�PDLV�GH�XPDȑ�
'HFLGLX�R�7ULEXQDO�GH�-XVWL§D�GH�0LQDV�*HUDLV�TXH�Ȑ©�QXOR�R�WHVWDPHQWR�SºEOLFR� ODYUDGR�IRUD�GRV
OLPLWHV�GD�FLUFXQVFUL§£R�QD�TXDO�D�WDEHOL£�LQGLFDGD�H[HUFH�VXD�GHOHJD§£R��QRWDGDPHQWH�TXDQGR�D�HVFULWXUD
IRL�DVVLQDGD�DSHQDV�SHOD�HVFUHYHQWH��GHVSURYLGD�GH�DWULEXL§£R�OHJDO�SDUD�ILUPDU�R�GRFXPHQWR��&RQTXDQWR
R�DUWLJR�����GR�&3&�>GH�����@�DWULEXD�DR�GRFXPHQWR�SºEOLFR�GHFODUDGR�QXOR�D�HILF¡FLD�SUREDW³ULD�GR
LQVWUXPHQWR�SDUWLFXODU��LQFDE­YHO�FRQYRODU�HP�WHVWDPHQWR�SDUWLFXODU�D�HVFULWXUD�SºEOLFD�GH�WHVWDPHQWR
SºEOLFR�TXDQGR�Q£R�VH�YHULILFD�R�QºPHUR�GH�WHVWHPXQKDV�H[LJLGDV�SDUD�FRQILUPD§£R�GR�DWR�GH�ºOWLPD
YRQWDGH��QRV�PROGHV�GR�DUWLJR�������GR�PHVPR�FRGH[ȑ ����
ɺ�����������/DYUDWXUD�SHOR�WDEHOL£R�RX�VHX�VXEVWLWXWR�OHJDO�HP�VHX�OLYUR�GH�QRWDV
$�YRQWDGH�GR� WHVWDGRU� GHYH� VHU� H[WHUQDGD� DR�RILFLDO� SºEOLFR�� GHQRPLQDGR� WDEHOL£R�� VRE� D� IRUPD� GH
GHFODUD§£R��DGPLWLQGR�VH�D�HQWUHJD�GH�PLQXWD�SUHYLDPHQWH�HODERUDGD��VHJXLGD�GD�GHFODUD§£R�YHUEDO�GH
TXH�FRQW©P�D�VXD�ºOWLPD�YRQWDGH��RX�GH�FRQVXOWD�D�DQRWD§µHV�
7DEHOL£R� ©�R�DJHQWH�TXH�H[HUFH��HP�FDU¡WHU�SULYDGR�H�SRU�GHOHJD§£R�GR�3RGHU�3ºEOLFR��D� IXQ§£R�GH
UHGLJLU��ILVFDOL]DU�H�LQVWUXPHQWDU�DWRV�H�QHJ³FLRV�MXU­GLFRV��FRQIHULQGR�OKHV�DXWHQWLFLGDGH�H�I©�SºEOLFD��‰
WDPE©P� FKDPDGR� GH� QRW¡ULR� �QRWDLUH�� QR� GLUHLWR� IUDQFªV��� H[SUHVV£R� RULXQGD� GR� GLUHLWR� FDQ´QLFR� H
DGRWDGD�QRV�SD­VHV�HXURSHXV ����
1£R� V³� R� WDEHOL£R� PDV� WDPE©P� R� VHX� VXEVWLWXWR� OHJDO� �RILFLDO�PDLRU� RX� HVFUHYHQWH� DXWRUL]DGR� D
VXEVWLWX­�OR��QRV�WHUPRV�GR�DUW�����GD�/HL�Q���������GH�������������TXH�GLVSµH�VREUH�RV�VHUYL§RV�QRWDULDLV
H� GH� UHJLVWURV�� SRGHP� ODYUDU� WHVWDPHQWR�� )LFD�� HP� FRQVHTXªQFLD�� WDFLWDPHQWH� UHYRJDGR� R� h� �z� GR
DOXGLGR�DUW������TXH�SURLELD�RV�VXEVWLWXWRV�GH�SUDWLFDU�WDO�DWR�
$O©P�GR� WDEHOL£R�H�GH�VHX�VXEVWLWXWR� OHJDO�� V£R� WDPE©P�FRPSHWHQWHV�SDUD� ODYUDU� WHVWDPHQWR�SºEOLFR�
GHQRPLQDGR� WHVWDPHQWR� FRQVXODU�� DV� DXWRULGDGHV� GLSORP¡WLFDV�� FRPR� SUHYª� R� DUW�� ��� GD� /HL� GH
,QWURGX§£R� V�1RUPDV�GR�'LUHLWR�%UDVLOHLUR�
ɸ�,GHQWLGDGH�H�FDSDFLGDGH�GR�WHVWDGRU
(P�SULPHLUR�OXJDU�GHYH�R�WDEHOL£R��SRU�GHYHU�GH�RI­FLR��FHUWLILFDU�VH� ݺFXLGDGRVDPHQWH�GD�LGHQWLGDGH�H
GD�FDSDFLGDGH�RX�VDQLGDGH�PHQWDO�GR� WHVWDGRU��6HQGR�WDO� ݺPRGDOLGDGH�WHVWDPHQW¡ULD�FRQIHFFLRQDGD�SRU
LQVWUXPHQWR�SºEOLFR��GHYHP�VHU�REVHUYDGRV�RV� ݺUHTXLVLWRV�JHUDLV�HVWDEHOHFLGRV�SDUD�DV�HVFULWXUDV�SºEOLFDV
QR�DUW�������GHQWUH�RV�TXDLV�RV�FRQVWDQWHV�GR�LQF��,,�GR�h��z��ȐUHFRQKHFLPHQWR�GD�LGHQWLGDGH�H�FDSDFLGDGH
GDV� SDUWHV� H� GH� TXDQWRV� KDMDP� FRPSDUHFLGR� DR� DWR�� SRU� VL�� FRPR� UHSUHVHQWDQWHV�� LQWHUYHQLHQWHV� RX
WHVWHPXQKDVȑ�
ɸ�7HVWHPXQKDV
7DPE©P� DV� WHVWHPXQKDV� SUHFLVDP� FRQKHFHU� R� WHVWDGRU�� SDUD� SRGHU� DILUPDU� D� VXD� LGHQWLGDGH�� %DVWD�
HQWUHWDQWR��TXH�KDMD�VLGR�DSUHVHQWDGR�D�HODV�SRU�TXHP�PHUH§D�DFDWDPHQWR��GHVGH�TXH��VHJXQGR�D�RSLQL£R
GH�&DUORV�0D[LPLOLDQR��ȐHVVH�IDWR�VH�Q£R�WHQKD�YHULILFDGR�LPHGLDWDPHQWH�DQWHV�GD�ODYUDWXUD�GR�DWRȑ ����
$VVLQDOD�� LJXDOPHQWH�� 3RQWHV� GH� 0LUDQGD� TXH� ȐR� RILFLDO� H� DV� WHVWHPXQKDV� GHYHP� FRQKHFHU� R
WHVWDGRU��VHQGR�WDO�H[LJªQFLD�UHTXLVLWR�LQWU­QVHFR�GR�IDWR��6H��GHSRLV��VH�SURYDU�TXH�TXDOTXHU�GHOHV�Q£R�R
FRQKHFLD��©�QXOR�R�WHVWDPHQWR��HPERUD�D�QXOLGDGH�Q£R�VHMD�GH�RUGHP�IRUPDO��RX�VHMD��VH�R�RILFLDO�GHL[RX
GH� GHFODUDU� TXH� R� FRQKHFLD� RX� TXH� R� FRQKHFLDP� DV� GHPDLV� SHVVRDV�� V³� SRU� LVWR� Q£R� VH� GHFUHWD� D
QXOLGDGHȑ ����
ɸ�'HFODUD§µHV�GR�WHVWDGRU
3URVVHJXLQGR�R�ULWXDO�GD�HODERUD§£R�GR�WHVWDPHQWR��R�WHVWDGRU�ID]�VXDV�GHFODUD§µHV�DR�WDEHOL£R��TXH
SURPRYH�D�HVFULWXUD§£R��GH�DFRUGR�FRP�HODV��QR�VHX�OLYUR�GH�QRWDV��3DUD�WDQWR��SRGH�DTXHOH�VHUYLU�VH�GH
QRWDV�� DSRQWDPHQWRV� H�PHVPR� GH� XPD�PLQXWD� GR� WHVWDPHQWR� UHGLJLGD� SRU� DGYRJDGR�� SDUD� PHOKRU
HQFDPLQKDU�R�SHQVDPHQWR�H�EHP�HQXQFLDU�VXD�ºOWLPD�YRQWDGH�
1£R�EDVWD��SRU©P��ȐHQWUHJ¡�OD�DR�QRW¡ULR��VHP�PDLV�QDGD��7HP�GH�Oª�OD�RX��DR�PHQRV��GHFODUDU�R�TXH
QHOD�VH�FRQW©P��GH�PRGR�JHUDO��FRPR�VXD�ºOWLPD�YRQWDGH��1£R�SRGH�R�WHVWDGRU�LQIRUPDU��SRU�HVFULWR��TXH
QDTXHOH�SDSHO� HVW¡�R� VHX� WHVWDPHQWR��$�GHFODUD§£R�GH�TXH� WUDWD�R�DUW��������� ,��GHYH�VHU�RUDO�� TXH� ©� D
UHJUD��QHVVHV�FDVRV��4XDQGR�R� OHJLVODGRU�TXLV�TXH�IRVVH�VXEVWLWX­GD�D�RUDOLGDGH�SRU�XP�HVFULWR��GHL[RX
LVVR�EHP�FODUR�H�H[SUHVVR��FRPR�QR�FDVR�GR�WHVWDPHQWR�FHUUDGR�GR�VXUGR�PXGR��DUW��������ȑ ����
3HUPDQHFH�D�H[LJªQFLD�GH�TXH�R�WHVWDGRU�PDQLIHVWH�D�VXD�YRQWDGH�PHGLDQWH�GHFODUD§£R�DR�WDEHOL£R��DUW�
������� ,��� $� XWLOL]D§£R� GH� PLQXWD�� QRWDV� RX� DSRQWDPHQWRV� ©� SHUPLWLGD� DSHQDV� SDUD�TXH� SRVVD� PHOKRU
HQFDPLQKDU�R�VHX�SHQVDPHQWR��PDV�Q£R�GLVSHQVD�D�GHFODUD§£R�RUDO�ȉ�R�TXH�LPSHGH�R�PXGR�H�R�VXUGR�
PXGR�GH�HVFROKHUHP�R�WHVWDPHQWR�SºEOLFR�
&RPSHWH� DR� WDEHOL£R� UHSURGX]LU� ILHOPHQWH� D� YRQWDGH� PDQLIHVWDGD� SHOR� WHVWDGRU�� 1£R� VH� H[LJH� TXH
UHSURGX]D� OLWHUDOPHQWH�DV�SU³SULDV�SDODYUDV�SRU�HVWH�SURQXQFLDGDV�ȉ�QHP�VHPSUH� W©FQLFDV�RX�EDVWDQWH
FODUDV� H�  V� YH]HV� DW©� UXGHV� RX� LPSU³SULDV� ȉ�� PDV� GHYH� REHGHFHU� DR� SHQVDPHQWR� H�  � YRQWDGH
PDQLIHVWDGRV��VHP�QDGD�RPLWLU�
ɸ�5DVXUDV�H�HQWUHOLQKDV
1£R�EDVWD�TXH�R� LQVWUXPHQWR�SºEOLFR�VHMD�FRPSOHWR��ID]�VH�PLVWHU�TXH�VHMD� WDPE©P�SHUIHLWR�TXDQWR� 
VXD�IRUPD�PDWHULDO��RX�VHMD��TXH�Q£R�FRQWHQKD�LPSHUIHL§µHV��UDVXUDV��ERUUµHV�RX�HQWUHOLQKDV��&RPR�
HQWUHWDQWR��QHP�VHPSUH� VH� WRUQD� I¡FLO� DWLQJLU� HVVH�P¡[LPR�GH�SHUIHL§£R�PDWHULDO��SRGHP�RV�HQJDQRV�H
GHIHLWRV�VHU�VDQDGRV�SHOD�UHVVDOYD�DR�ILP�GD�HVFULWXUD�H�DQWHV�GDV�DVVLQDWXUDV��Ȑ6H�D�YHULILFD§£R�GR
GHIHLWR�VH�GHX�DS³V�DV�DVVLQDWXUDV��HOD�VH�ID]��Q£R�REVWDQWH��GHYHQGR�VHU�DV�DVVLQDWXUDV�UHSHWLGDVȑ ����
6H�D�UHVVDOYD�Q£R�IRL�IHLWD��FDEH�DR�MXL]��HP�IDFH�GH�FDGD�FDVR�FRQFUHWR��GHOLEHUDU�OLYUHPHQWH�VREUH�R
YDORU�SUREDQWH�TXH�VH�GHYH�DWULEXLU�D�GHWHUPLQDGR�GRFXPHQWR�TXH�FRQWHQKD�UDVXUDV�RX�HQWUHOLQKDV��1HVVH
VHQWLGR�SUHFHLWXD�R�DUW������GR�&³GLJR�GH�3URFHVVR�&LYLO�GH�������Ȑ2�MXL]�DSUHFLDU¡�IXQGDPHQWDGDPHQWH
D� I©� TXH� GHYD�PHUHFHU� R� GRFXPHQWR�� TXDQGR� HP�SRQWR� VXEVWDQFLDO� H� VHP� UHVVDOYD� FRQWLYHU� HQWUHOLQKD�
HPHQGD��ERUU£R�RX�FDQFHODPHQWRȑ�
+¡�XPD�V©ULH�GH�FLUFXQVW¢QFLDV�ȐTXH�GHYHP�VHU�DWHQGLGDV� LQ�FDVX�H�TXH�SRGHP�JHUDU�QR�HVS­ULWR�GR
MXOJDGRU�D�FHUWH]D�GH�TXH�RV�Y­FLRV�Q£R�SURYªP�GH�PDQREUD�IUDXGXOHQWD�GH�TXDOTXHU�GDV�SDUWHV�RX��SHOR
PHQRV��GD�SDUWH�TXH�SUHWHQGH��FRP�D�SURGX§£R�MXGLFLDO�GR�GRFXPHQWR��UHDOL]DU�D�SURYDȑ ����
(P� UHJUD�� HYHQWXDLV� UDVXUDV�� ERUUµHV� RX� RXWURV� SHTXHQRV� GHWDOKHV� TXH� Q£R� FRPSURPHWHP� D
HVVªQFLD�GR�DWR�Q£R�YLFLDP�QHP�LQYDOLGDP�WRGR�R�WHVWDPHQWR�
ɸ�'HFODUD§µHV�QD�O­QJXD�QDFLRQDO
2�&³GLJR�&LYLO�GH������Q£R�UHSHWLX�H[SUHVVDPHQWH�D�QHFHVVLGDGH��SUHYLVWD�QR�SDU¡JUDIR�ºQLFR�GR�DUW�
������GR�&³GLJR�&LYLO�GH�������GH�TXH�DV�GHFODUD§µHV�GR�WHVWDGRU�VHMDP�IHLWDV�QD�O­QJXD�QDFLRQDO��SRU�VH
PRVWUDU� GLVSHQV¡YHO� WDO� H[LJªQFLD�� XPD� YH]� TXH�� HP� QRVVR� SD­V�� WRGRV� RV� DWRV� SºEOLFRV� GHYHP� VHU
UHGLJLGRV� QD� O­QJXD� SRUWXJXHVD�� 0HVPR� TXH� DVVLP� Q£R� IRVVH�� VHULD� GH� H[LJLU� R� HPSUHJR� GD� O­QJXD
QDFLRQDO�QRV�WHVWDPHQWRV��HP�IDFH�GD�QHFHVVLGDGH�GH�DV�GLVSRVL§µHV�WHVWDPHQW¡ULDV�VHUHP�FRPSUHHQGLGDV
SHODV�SHVVRDV�SUHVHQWHV�DR�DWR�
ɸ�8WLOL]D§£R�GH�PHLRV�PHF¢QLFRV
2�WHVWDPHQWR��WUDGLFLRQDOPHQWH��©�HVFULWR�QR�OLYUR�GH�QRWDV��GH�SU³SULR�SXQKR��SHOR�WDEHOL£R�RX�SRU�VHX
VXEVWLWXWR�OHJDO��7RGDYLD��R�&³GLJR�&LYLO�GH�������DWHQWR� �HYROX§£R�GD�WHFQRORJLD��SHUPLWH�WDPE©P��QR
SDU¡JUDIR�ºQLFR�GR�DUW���������D�XWLOL]D§£R�GH�PHLRV�PHF¢QLFRV��P¡TXLQD�GH�HVFUHYHU��FRPSXWDGRU���$
WHQGªQFLD�©�TXH�D�XWLOL]D§£R�GR�PLFURFRPSXWDGRU�YHQKD�D�SUHSRQGHUDU��FRPR�VH�SRGH�IDFLOPHQWH�DQWHYHU�
1HVVH�FDVR��XPD�YH]�GLJLWDGR�R�WH[WR��VHU¡�HOH�LPSUHVVR�H�HQFDUWDGR�QR�OLYUR�SU³SULR��SURFHGHQGR�VH� 
OHLWXUD�H� V�GHPDLV�VROHQLGDGHV�GR�DWR�
ɸ�,QVHU§£R�GD�GHFODUD§£R�HP�SDUWHV�LPSUHVVDV�GR�OLYUR�GH�QRWDV
3UHYLX�VH�� DLQGD�� QR� PHVPR� GLVSRVLWLYR�� XPD� WHUFHLUD� PRGDOLGDGH� GH� FROKHLWD� GD� PDQLIHVWD§£R� GR
WHVWDGRU��ȐSHOD�LQVHU§£R�GD�GHFODUD§£R�GH�YRQWDGH�HP�SDUWHV�LPSUHVVDV�GH�OLYUR�GH�QRWDV��GHVGH�TXH
UXEULFDGDV�WRGDV�DV�S¡JLQDV�SHOR�WHVWDGRU��VH�PDLV�GH�XPDȑ�
6XD� XWLOL]D§£R�� SRU� FHUWR�� ILFDU¡� OLPLWDGD� DRV� WHVWDPHQWRV� GH�PHQRU� H[WHQV£R�� FXMR� WH[WR� SRVVD�PDLV
IDFLOPHQWH�DFRPRGDU�VH�HP�HVSD§RV�SUHYLDPHQWH�UHVHUYDGRV� �PDQLIHVWD§£R�GR�WHVWDGRU��GH�DFRUGR�FRP
GHWHUPLQDGR�SDGU£R�SUHHVWDEHOHFLGR��$�UXEULFD�GDV�S¡JLQDV�SHOR� WHVWDGRU�Q£R�GLVSHQVD�D�DVVLQDWXUD�GR
DWR�SRU�HOH��SHOR�WDEHOL£R�H�SHODV�WHVWHPXQKDV�SUHVHQWHV��&&��DUW���������,,,� ����
ɺ�����������/HLWXUD�HP�YR]�DOWD�QD�SUHVHQ§D�GH�GXDV�WHVWHPXQKDV
'HSRLV�GH�HVFULWR��R�LQVWUXPHQWR�GR�WHVWDPHQWR�VHU¡�OLGR�ȐHP�YR]�DOWD�SHOR�WDEHOL£R�DR�WHVWDGRU�H�D
GXDV� WHVWHPXQKDV�� D�XP�V³� WHPSR��RX�SHOR� WHVWDGRU�� VH� R�TXLVHU��QD�SUHVHQ§D�GHVWDV� H�GR�RILFLDOȑ
�&&��DUW���������,,��
$� ILQDOLGDGH� GD� OHLWXUD� ©� SRVVLELOLWDU�� WDQWR� DR� WHVWDGRU� FRPR�  V� WHVWHPXQKDV�� TXH� YHULILTXHP� D
FRLQFLGªQFLD�HQWUH�D�YRQWDGH�SRU�HOH�PDQLIHVWDGD�H�R�TXH�IRL�ODQ§DGR�QR�OLYUR�SHOR�WDEHOL£R ����
6HQGR�DVVLP��DV�WHVWHPXQKDV�GHYHP�HVWDU�SUHVHQWHV�GR�SULQF­SLR�DR�ILP��VHP�VROX§£R�GH�FRQWLQXLGDGH�
RX� VHMD�� GHVGH� R� PRPHQWR� HP� TXH� R� WHVWDGRU� GHFODUD� D� VXD� YRQWDGH� DR� WDEHOL£R� H� HVWH� ODYUD� R
LQVWUXPHQWR��FRPR�HQWHQGH�D�GRXWULQD�PDMRULW¡ULD��PDOJUDGR�HVVD�H[LJªQFLD�Q£R�DSDUH§D�H[SUHVVDPHQWH
QR�LQF��,�GR�PHQFLRQDGR�DUW��������GR�&³GLJR�
6H�DVVLP�Q£R�IRU��Q£R�SRGHU£R��HIHWLYDPHQWH��LQIRUPDU��HP�HYHQWXDO�D§£R�GHFODUDW³ULD�GH�QXOLGDGH��VH�D
YRQWDGH� GR� WHVWDGRU� IRL� UHVSHLWDGD� SHOR� WDEHOL£R� H� VH� R� WHRU� GR� LQVWUXPHQWR� UHIOHWH� RX� Q£R� D� VXD� UHDO
LQWHQ§£R�� (� D� SUHVHQ§D� DR� DWR� WHU¡� VLGR� LQºWLO�� 1£R� V£R� HODV� FKDPDGDV� SDUD� SUHVHQFLDU� SDUWH� GD
VROHQLGDGH�� PDV� SDUD� YHU�� RXYLU� H� FRPSUHHQGHU� WXGR� R� TXH� VH� SDVVD�� GR� LQ­FLR� DR� ILP� GR� ULWXDO
SURFHGLPHQWDO�
3RU�HVVH�PRWLYR��Q£R�VH�QRV�DILJXUD�DFHLW¡YHO�D�LQWHUSUHWD§£R�OLWHUDO�QR�VHQWLGR�GH�TXH�ȐR�DUW���������,�
Q£R�PDLV�FRQVLGHUD�UHTXLVLWR�HVVHQFLDO�TXH�DV�WHVWHPXQKDV�VHMDP�SUHVHQWHV�TXDQGR�R�WHVWDGRU�WUDQVPLWH�D
VXD�ºOWLPD�YRQWDGH�DR�WDEHOL£R��QHP�TXDQGR�HVWH�UHGLJH�R�WHVWDPHQWRȑ ����
ɸ�1ºPHUR�OHJDO�GH�WHVWHPXQKDV
2� QºPHUR� OHJDO� GH� GXDV� WHVWHPXQKDV� Q£R� SRGH� VHU� UHGX]LGR�� 3RGH�� QR� HQWDQWR�� VHU� DXPHQWDGR�
HVSHFLDOPHQWH� QD� KLS³WHVH� GR� DUW�� ������ GR�&³GLJR�&LYLO�� TXDQGR� R� WHVWDGRU� Q£R� VRXEHU� RX� Q£R� SXGHU
DVVLQDU�H��HP�YH]�GH�VROLFLWDU�TXH�XPD�GDV�WHVWHPXQKDV�LQVWUXPHQW¡ULDV�DVVLQH�D�VHX�URJR��FRPR�GHWHUPLQD
R�UHIHULGR�GLVSRVLWLYR�OHJDO��ID]�R�SHGLGR�D�RXWUHP��$�SUHVHQ§D�H�D�SDUWLFLSD§£R�GH�XPD�WHUFHLUD�SHVVRD
QR�DWR�WUD]HP�DW©�PDLV�VHJXUDQ§D� �ODYUDWXUD�
ɸ�/HLWXUD�GR�WHVWDPHQWR�HP�YR]�DOWD
$�OHLWXUD�GR� WHVWDPHQWR�HP�YR]�DOWD�SHOR� WDEHOL£R�RX�SHOR� WHVWDGRU�©�H[LJLGD��GHYH�Vª�OR� WDPE©P�GH
IRUPD�LQWHOLJ­YHO��SDUD�TXH�SRVVDP�RV�SUHVHQWHV�YHULILFDU�D�FRUUHVSRQGªQFLD�HQWUH�D�YRQWDGH�GR�WHVWDGRU�H
R� WH[WR� HVFULWR�� FRPR� M¡� PHQFLRQDGR�� 2� LQGLY­GXR� ȐLQWHLUDPHQWH� VXUGR�� VDEHQGR� OHU�� OHU¡� R� VHX
WHVWDPHQWR��H��VH�Q£R�R�VRXEHU��GHVLJQDU¡�TXHP�R�OHLD�HP�VHX�OXJDU��SUHVHQWHV�DV�WHVWHPXQKDVȑ��DUW�
�������
ɸ�7HVWDPHQWR�GR�FHJR
$R�FHJR� V³�VH�SHUPLWH�ȐR�WHVWDPHQWR�SºEOLFR��TXH� OKH�VHU¡� OLGR�HP�YR]�DOWD��GXDV�YH]HV��XPD�SHOR
WDEHOL£R�RX�SRU�VHX�VXEVWLWXWR� OHJDO��H�D�RXWUD�SRU�XPD�GDV� WHVWHPXQKDV��GHVLJQDGD�SHOR� WHVWDGRUȑ��SDUD
UHVJXDUGDU� D� ILGHOLGDGH�GD� ODYUDWXUD�� ȐID]HQGR�VH�GH� WXGR�FLUFXQVWDQFLDGD�PHQ§£R�QR� WHVWDPHQWRȑ� �&&�
DUW���������
ɸ�7HVWDPHQWR�GR�DQDOIDEHWR
2�DQDOIDEHWR� WDPE©P� V³� SRGH� WHVWDU� GH� IRUPD� SºEOLFD�� SRLV� Q£R� OKH� ©� SHUPLWLGR� ID]HU� WHVWDPHQWR
FHUUDGR��&&��DUW���������RX�SDUWLFXODU��DUW���������h��z���&RPR�R�DUW���������,��GR�&³GLJR�&LYLO�H[LJH�TXH
R�WHVWDPHQWR�VHMD�HVFULWR�GH�DFRUGR�FRP�DV�GHFODUD§µHV�GR�WHVWDGRU��TXH�GHYH�RXYLU�D�VXD�OHLWXUD�HP�YR]
DOWD��IHLWD�DR�ILQDO�SHOR�WDEHOL£R��FRQFOXL�VH�TXH�R�VXUGR�PXGR�Q£R�SRGH�WHVWDU�SRU�HVVD�IRUPD�RUGLQ¡ULD�
DLQGD�TXH�VDLED�OHU�H�HVFUHYHU��5HIRU§D�HVVD�FRQYLF§£R�R�IDWR�GH�R�DUW��������GHFODUDU�H[SUHVVDPHQWH�TXH
R�VXUGR�PXGR�SRGH�ID]HU�WHVWDPHQWR�FHUUDGR�
(P�V­QWHVH��V³�Q£R�SRGHP�WHVWDU�SXEOLFDPHQWH�RV�PXGRV�H�RV�VXUGRV�PXGRV��SRU�Q£R�SRGHUHP�ID]HU
GHFODUD§µHV�RUDLV�DR�WDEHOL£R��&&��DUW���������,���3RGHP�ID]ª�OR��RV�VXUGRV��TXH�Q£R�VHMDP�PXGRV���RV
DOIDEHWL]DGRV�HP�JHUDO��RV�DQDOIDEHWRV��DUW���������H�RV�FHJRV��DUW���������
ɺ�����������1HFHVVLGDGH�GD�SUHVHQ§D�GDV�WHVWHPXQKDV�GXUDQWH�WRGR�R�WHPSR
1£R� SRGH� R� WDEHOL£R� ID]HU� D� OHLWXUD� GR� LQVWUXPHQWR� DR� WHVWDGRU� H�  V� WHVWHPXQKDV� VHSDUDGDPHQWH�� $
OHLWXUD�SUHFLVD�VHU�IHLWD�DR�WHVWDGRU�H� V�WHVWHPXQKDV�ȐD�XP�V³�WHPSRȑ��FRPR�H[SUHVVDPHQWH�PHQFLRQD�RLQF��,,�GR�DUW��������GR�&³GLJR�&LYLO��ȐQ£R�VHQGR�SRVV­YHO�D�OHLWXUD�VXFHVVLYD��DR�WHVWDGRU�H��GHSRLV�� V
WHVWHPXQKDV�� SRLV� HVWDULD� YLRODGR� R� SULQF­SLR� GD� XQLWDV� DFWXV�� TXH�� D� SDUWLU� GD� OHLWXUD�� ©� UHTXLVLWR
HVVHQFLDO�GR�WHVWDPHQWR�SºEOLFRȑ ����
(VVD�IRUPD�WHVWDPHQW¡ULD�H[LJH�D�XQLGDGH�GH�FRQWH[WR��D�SUHVHQ§D�VLPXOW¢QHD��FRQMXQWD�H�FRQW­QXD�GR
WHVWDGRU��GR�WDEHOL£R�H�GDV�WHVWHPXQKDV�
$QRWD�:DVKLQJWRQ�GH�%DUURV�0RQWHLUR�TXH�ȐDV�WHVWHPXQKDV�K£R�GH�HVWDU�SUHVHQWHV��GR�SULQF­SLR�DR
ILP��VHP�VROX§£R�GH�FRQWLQXLGDGH��1£R�VH�SHUPLWH�TXH�HODV�VH�DIDVWHP��DLQGD�TXH�SRU�LQVWDQWHV��([LJH�
VH�OKHV� D� SUHVHQ§D� QR� PHVPR� F´PRGR� HP� TXH� VH� ODYUD� R� DWR�� Q£R� VH� FRQGHVFHQGHQGR� FRP� VXD
SHUPDQªQFLD�HP�RXWUR�ORFDO��HPERUD�FRQW­JXRȑ ����
(P�SULQF­SLR��SRLV��©�QXOR�R� WHVWDPHQWR� VH� DV� WHVWHPXQKDV�DSHQDV�DVVLQDUDP�D�HVFULWXUD� VHP� WHUHP
DVVLVWLGR�DR�DWR��RX�PHVPR�VH�XPD�GHODV�VH�DIDVWRX�GXUDQWH�D�VXD�UHDOL]D§£R ����
2EVHUYD�VH�� HQWUHWDQWR�� XPD� WHQGªQFLD� GD� MXULVSUXGªQFLD� HP� DIDVWDU� D� LGRODWULD� DR� IRUPDOLVPR
H[DJHUDGR��VHPSUH�TXH�WDO�GLUHWUL]�Q£R�FRPSURPHWHU�D�HVVªQFLD�GR�DWR�H�D�ILHO�YRQWDGH�PDQLIHVWDGD
SHOR�WHVWDGRU��$VVLP�� M¡� VH� GHFLGLX� TXH� ȐD� DXVªQFLD� WHPSRU¡ULD� GDV� WHVWHPXQKDV�� GXUDQWH� D� HVFULWD� GR
WHVWDPHQWR��Q£R�LQWHUURPSH�R�DWR��SRUTXH�D�VXD�SUHVHQ§D�V³�©�H[LJLGD��SHOD�OHL��SDUD�TXH�YHMDP��RX§DP�H
FRPSUHHQGDP�DR�WHVWDGRU��FHUWLILFDQGR�VH�GH�TXH�D�HVFULWXUD�HQFHUUD�D�YRQWDGH�PDQLIHVWDGDȑ ����
2�ULJRULVPR�� FRP�HIHLWR�� WHP� VLGR� WHPSHUDGR�� FRQVLGHUDQGR�VH�Q£R�TXHEUDGD� D� XQLGDGH�GR� DWR� VH
RFRUUHUHP� EUHYHV� H� PRPHQW¢QHDV� LQWHUUXS§µHV�� SDUD� UHVROYHU� XPD� HPHUJªQFLD� SDVVDJHLUD�� SDUD� R
DWHQGLPHQWR�GH�XP� WHOHIRQHPD�XUJHQWH�RX�SDUD� UHVROYHU�XPD�QHFHVVLGDGH�FRUSRUDO�GDV� WHVWHPXQKDV��GR
WHVWDGRU�RX�PHVPR�GR�WDEHOL£R�
$�SURS³VLWR��GHFLGLX�R�6XSHULRU�7ULEXQDO�GH�-XVWL§D�
Ȑ2�WHVWDPHQWR�©�XP�DWR�VROHQH�TXH�GHYH�VHU�VXEPHWLGR�D�QXPHURVDV�IRUPDOLGDGHV��FDVR�FRQWU¡ULR��SRGH�VHU�DQXODGR��(QWUHWDQWR��WRGDV�DV
HWDSDV� IRUPDLV� Q£R� SRGHP� VHU� FRQVLGHUDGDV� GH�PRGR� H[DFHUEDGR�� SRLV� D� H[LJªQFLD� GHODV� GHYH� OHYDU� HP� FRQWD� D� SUHVHUYD§£R� GH� GRLV
YDORUHV�SULQFLSDLV��DVVHJXUDU�D�YRQWDGH�GR� WHVWDGRU�H�SURWHJHU�R�GLUHLWR�GRV�KHUGHLURV�GR� WHVWDGRU�� VREUHWXGR�GRV�VHXV� ILOKRV�� ������2�Y­FLR
IRUPDO�VRPHQWH�GHYH�VHU�PRWLYR�GH�LQYDOLGD§£R�GR�DWR�TXDQGR�FRPSURPHWHGRU�GD�VXD�HVVªQFLD��TXH�©�D�OLYUH�PDQLIHVWD§£R�GD�YRQWDGH�GR
WHVWDGRU��VRE�SHQD�GH�VH�SUHVWLJLDU�D�OLWHUDOLGDGH�HP�GHWULPHQWR�GD�RXWRUJD�OHJDO� �GLVSRQLELOL]D§£R�SDWULPRQLDO�SHOR�VHX�WLWXODUȑ ����
ɺ�����������'DWD�H�DVVLQDWXUD
$S³V� D� OHLWXUD�� HVWDQGR� HP� RUGHP�� R� WHVWDPHQWR� VHU¡�DVVLQDGR� SHOR� WDEHOL£R� TXH� R� HVFUHYHU�� SHOR
WHVWDGRU�H�SHODV�WHVWHPXQKDV��VHJXLGDPHQWH�H�HP�DWR�FRQW­QXR��&&��DUW���������,,,���6H�ȐR�WHVWDGRU�Q£R
VRXEHU��RX�Q£R�SXGHU�DVVLQDU��R�WDEHOL£R�RX�VHX�VXEVWLWXWR�OHJDO�DVVLP�R�GHFODUDU¡��DVVLQDQGR��QHVWH�FDVR�
SHOR�WHVWDGRU��H��D�VHX�URJR��XPD�GDV�WHVWHPXQKDV�LQVWUXPHQW¡ULDVȑ��DUW���������
1£R�FRQVWLWXL��WRGDYLD��QXOLGDGH�DVVLQDWXUD�D�URJR�SRU�WHUFHLUD�SHVVRD��SRLV�D�SDUWLFLSD§£R�GH�PDLV
XPD� WHVWHPXQKD� QR� DWR� WUD]� PDLV� VHJXUDQ§D�  � ODYUDWXUD�� 6RPHQWH� DS³V� R� ODQ§DPHQWR� GH� WRGDV� DV
DVVLQDWXUDV�R�WHVWDPHQWR�SºEOLFR�HVWDU¡�SHUIHLWR�
2�WHVWDGRU�DSRU¡�D�VXD�DVVLQDWXUD�KDELWXDO�� RX� VHMD��R� VHX�QRPH�HVFULWR�GH�PDQHLUD�SDUWLFXODU��GH
DFRUGR� FRP� D� IRUPD� XWLOL]DGD� QRV� GLYHUVRV� DWRV� TXH� H[LJHP� HVVD� IRUPDOLGDGH�� Q£R� EDVWDQGR� VLPSOHV
UXEULFD�RX�FDULPER��3RGHU¡�DW©�XVDU�SVHXG´QLPR��VH�R�WLYHU�H�IRU�LGHQWLILFDGR�SRU�HOH��XPD�YH]�TXH�R
DUW�����GR�&³GLJR�&LYLO�SUHVFUHYH�TXH�ȐR�SVHXG´QLPR�DGRWDGR�SDUD�DWLYLGDGHV�O­FLWDV�JR]D�GD�SURWH§£R
TXH�VH�G¡�DR�QRPHȑ��1HVVH�FDVR�R�WDEHOL£R��DR�LGHQWLILF¡�OR��GHYH�PHQFLRQDU�R�SVHXG´QLPR�H�R�VHX�QRPH
FLYLO�
ɸ�0RUWH�GR�WHVWDGRU�DS³V�D�OHLWXUD�GR�WHVWDPHQWR
6H��GHSRLV�GH�IHLWDV�DV�GHFODUD§µHV�DR� WDEHOL£R��GH� WHU�VLGR�UHGLJLGR�H� OLGR�R� LQVWUXPHQWR��IDOHFHU�R
WHVWDGRU��DQWHV�GH�DSRU�D�VXD�DVVLQDWXUD��R� WHVWDPHQWR�Q£R�FKHJRX�D�H[LVWLU�H�Q£R�WHU¡��DVVLP��QHQKXP
YDORU��6H�R�IDOHFLPHQWR�RFRUUHU�GHSRLV�GH�R�GLVSRQHQWH�Wª�OR�DVVLQDGR��GHYHP�RV�FRSDUW­FLSHV�ODQ§DU
WDPE©P�DV�VXDV�DVVLQDWXUDV��FHUWLILFDQGR�R� WDEHOL£R�R�RFRUULGR��VDOYDQGR�VH��GHVVD�IRUPD��R� WHVWDPHQWR
TXH�IRL�OLGR�H�DFHLWR�SRU�VHX�DXWRU��$�PRUWH�GH�XPD�GDV�WHVWHPXQKDV�GHSRLV�GH�DVVLQDGR�R�WHVWDPHQWR�SHOR
WHVWDGRU�Q£R�R�LQYDOLGD��GHYHQGR�R�WDEHOL£R�FHUWLILFDU�R�RFRUULGR�H�D�SDUWLFLSD§£R�GD�DOXGLGD�WHVWHPXQKD
GXUDQWH�WRGR�R�DWR ����
ɸ�0HQ§£R�GR�ORFDO�H�GDWD�GD�ODYUDWXUD�GR�WHVWDPHQWR
2PLWLX�VH�R�OHJLVODGRU�S¡WULR�QR�WRFDQWH� �REULJDWRULHGDGH�GH�PHQ§£R��QR�WHVWDPHQWR��GR�ORFDO�H�GDWD
GD� ODYUDWXUD� GR� WHVWDPHQWR��$� DSXUD§£R� GHVVHV� GDGRV� ©�� VHP� GºYLGD�� LPSRUWDQWH�� VH� IRU� TXHVWLRQDGD�D
FDSDFLGDGH�GR�WHVWDGRU�RX�D�FRPSHWªQFLD�GR�QRW¡ULR�
(PERUD�� FRPR� UHJUD�� R� ´QXV� GD� SURYD� GD� LQFDSDFLGDGH� GR� WHVWDGRU� RX� GD� LQFRPSHWªQFLD� GH� TXHP
ODYURX�R�DWR�FDLED� TXHOH�TXH�SUHWHQGHU�LQYDOLG¡�OR��PXLWRV�DXWRUHV�HQFDUHFHP�D�QHFHVVLGDGH�GD�PHGLGD�
DQRWDQGR��SRU©P��TXH�D� MXULVSUXGªQFLD� WHP�VH�HQFDPLQKDGR�QR�VHQWLGR�PDLV� OLEHUDO��$VVLP��PDOJUDGR�D
H[LVWªQFLD�GH�DOJXPDV�SRXFDV�RSLQLµHV�GLVFUHSDQWHV�QR�VHQWLGR�GH�TXH�D�IDOWD�GD�GDWD�QRV�WHVWDPHQWRV
DFDUUHWD� QXOLGDGH� GR� DWR�� 2UODQGR� *RPHV ����� 2UR]LPER� 1RQDWR ����� $UQROGR� :DOG ���� H� 6­OYLR
9HQRVD �����HQWUH�RXWURV�� UHFRQKHFHQGR�HPERUD�D� LPSRUW¢QFLD�GD�VXD� LQVHU§£R�QD�GHFODUD§£R�GH�ºOWLPD
YRQWDGH��FRQFOXHP�SHOD�LQH[LVWªQFLD�GH�QXOLGDGH�
(IHWLYDPHQWH�� RV� FDVRV� GH� QXOLGDGH� V£R� DSHQDV� RV� WD[DWLYDPHQWH� HQXPHUDGRV� QD� OHL�� (�� GLDQWH� GD
RPLVV£R�GR�OHJLVODGRU��Q£R�K¡�FRPR�VXVWHQWDU�D�QXOLGDGH�GH�XP�WHVWDPHQWR�SºEOLFR�SRU�DXVªQFLD�GH
GDWD��FRP�VXSHG¢QHR�QR�DUW�������9��GR�&³GLJR�&LYLO�
1£R� K¡� GºYLGD� GH� TXH� D� LQVHU§£R� GD� GDWD� ©� GD�PDLRU� UHOHY¢QFLD� SDUD� GHWHUPLQDU� TXDO� WHVWDPHQWR� ©
DQWHULRU�H�TXDO�©�SRVWHULRU��EHP�FRPR�SDUD�SRVVLELOLWDU�D�DIHUL§£R�GD�FDSDFLGDGH�GR�WHVWDGRU�QR�PRPHQWR
GD�ODYUDWXUD�GR�DWR��&RPR�WRGRV�RV�RXWURV�DWRV�QRWDULDLV��GHYH�FRQWHU�D�GDWD�H�R�ORFDO�GH�VXD�HODERUD§£R�
3RU©P��FRPR�HQIDWL]D�3RQWHV�GH�0LUDQGD��ȐGD­�GL]HU�VH�TXH�V£R�QXORV��GH�SOHQR�GLUHLWR��RV� WHVWDPHQWRV
SºEOLFRV�� SHUIHLWRV�� VHP� D� GDWD�� RX� FRP� D� GDWD� LQFRPSOHWD� �)HUUHLUD� $OYHV�� ������ LPSRUWDULD� FULDU
QXOLGDGHV�RQGH�D�OHL�Q£R�DV�DSRQWDȑ ����
ɺ�����������0HQ§£R�GD�REVHUY¢QFLD�GDV�IRUPDOLGDGHV�OHJDLV
2�&³GLJR�&LYLO�GH�������HP�UD]£R�GD�I©�SºEOLFD�FRQIHULGD�SRU�OHL�DRV�DWRV�QRWDULDLV��Q£R�H[LJH�TXH�R
WDEHOL£R� GHFODUH� WHU� FXPSULGR� WRGDV� DV� IRUPDOLGDGHV� OHJDLV�� ‰� GHYHU� LQHUHQWH�  � IXQ§£R� GH� QRW¡ULR
GHVFUHYHU� DV� IRUPDOLGDGHV� GR� DWR� SUDWLFDGR� H� SRUW¡�ODV� SRU� I©� �&&�� DUW�� ����� h� �z�� 9��� $R� DVVLQDU� R
LQVWUXPHQWR��R�WDEHOL£R�GHL[D�LPSO­FLWR�TXH�WRGDV�DV�IRUPDOLGDGHV�OHJDLV�IRUDP�H[DPLQDGDV�
‰�FRPXP�ID]HUHP�RV�QRW¡ULRV�FRQVWDU�GR�LQVWUXPHQWR�HVWDU�R�WHVWDGRU�HP�SOHQR�JR]R�GH�VXDV�IDFXOGDGHV
PHQWDLV��(PERUD� D� FRQVWDWD§£R�GR� IDWR� VHMD�QHFHVV¡ULD�� D� VXD�PHQ§£R�Q£R� FRQVWLWXL�� WRGDYLD�� H[LJªQFLD
OHJDO��PHVPR�SRUTXH�D�RPLVV£R�Q£R�R�H[LPH�GH�LPSXJQD§£R�VRE�HVVH�IXQGDPHQWR�
2�HVVHQFLDO�� FRPR�REVHUYD�=HQR�9HORVR��©�TXH�DV� IRUPDOLGDGHV� OHJDLV� WHQKDP�VLGR�REVHUYDGDV�� H
LVVR�VH�SRGHU¡�FRQFOXLU�GD�SU³SULD� OHLWXUD��GD�DQ¡OLVH�GR� WHVWDPHQWR��2�LPSRUWDQWH�Ȑ©�TXH�D�VROHQLGDGH
WHQKD�H[LVWLGR��WHQKD�VLGR�FXPSULGD��H�Q£R�D�PHQ§£R�GH�TXH�H[LVWLX�R�TXH�H[LVWLXȑ ����
ɺ���������5HJLVWUR�H�FXPSULPHQWR�GR�WHVWDPHQWR�SºEOLFR
6XMHLWD�VH�R�WHVWDPHQWR�D�IRUPDOLGDGHV�SURFHVVXDLV�SDUD�TXH�VH�UHFRQKH§D�VXD�YDOLGDGH�H�VH�GHWHUPLQH
VHX�FXPSULPHQWR��DS³V�R�³ELWR�GR�WHVWDGRU�
3UHFHLWXD�R�DUW�� ����GR�&³GLJR�GH�3URFHVVR�&LYLO�GH������TXH�Ȑ4XDOTXHU� LQWHUHVVDGR�� H[LELQGR� R
WUDVODGR�RX�D� FHUWLG£R�GH� WHVWDPHQWR�SºEOLFR��SRGHU¡� UHTXHUHU� DR� MXL]�TXH�RUGHQH�R� VHX�FXPSULPHQWR�
REVHUYDQGR�VH��QR�TXH�FRXEHU��R�GLVSRVWR�QRV�SDU¡JUDIRV�GR�DUW�����ȑ�
$VVLP��XOWLPDGR�R� WHVWDPHQWR��R� WDEHOL£R� IRUQHFHU¡�DR� WHVWDGRU�R� WUDVODGR�GHVVH�GRFXPHQWR��TXH�©�DSULPHLUD�F³SLD�GR�RULJLQDO��H[WUD­GD�GR�UHVSHFWLYR�OLYUR��$V�GHPDLV�F³SLDV�GHQRPLQDP�VH�FHUWLGµHV�
([LELGR� R� WUDVODGR�� RX� FHUWLG£R�� DR� MXL]� FRPSHWHQWH� SDUD� R� SURFHVVR� GH� LQYHQW¡ULR� �SULPHLUR� VH
UHJLVWUD� R� WHVWDPHQWR�� GHSRLV�� DEUH�VH� R� LQYHQW¡ULR��� RUGHQDU¡� HVWH� R� VHX� UHJLVWUR� H� FXPSULPHQWR�
H[DUDQGR�R�FXPSUD�VH�
+DYHQGR�GºYLGDV�VREUH�D�YDOLGDGH�GR�WHVWDPHQWR��ȐQ£R�SRGH�R�-X­]R�GHL[DU�GH�GHWHUPLQDU�VHX�UHJLVWUR
H�DUTXLYDPHQWR��GHYHQGR�ILFDU�VXVSHQVR��DSHQDV��R�VHX�FXPSULPHQWR�DW©�TXH�KDMD�GHFLV£R�HP�SURFHVVR
FRQWHQFLRVR�VREUH�R�Y­FLR�GHVVH�GRFXPHQWR�SºEOLFRȑ ����
3RU�RXWUR�ODGR��GHFLGLX�R�7ULEXQDO�GH�-XVWL§D�GH�6£R�3DXOR�
Ȑ$�DXVªQFLD�GH�DVVLQDWXUD�GH�XPD�GDV�WHVWHPXQKDV�LQVWUXPHQW¡ULDV�HP�WHVWDPHQWR�SºEOLFR�©�UD]£R�VXILFLHQWH�SDUD�LPSHGLU�R�VHX�UHJLVWUR
SRU�GHVFXPSULPHQWR�GD�IRUPDOLGDGH�GR�DUW��������� ,9��GR�&&��6HP�HPEDUJR�� WDO�Y­FLR�Q£R�DXWRUL]D�TXH�VHMD�GHFODUDGD�D�QXOLGDGH�GR�DWR�
SRLV��VHQGR�R�SURFHGLPHQWR�GH�UHJLVWUR�GH�MXULVGL§£R�YROXQW¡ULD��Q£R�FDEH�D�GLVFXVV£R�D�UHVSHLWR�GD�VXD�YDOLGDGH��GHYHQGR�HVWD�VHU�UHPHWLGD
SDUD�D�YLD�FRQWHQFLRVDȑ ����
ɺ�������7(67$0(172�&(55$'2
7HVWDPHQWR� FHUUDGR�� VHFUHWR� RX� P­VWLFR�� RXWURUD� WDPE©P� FKDPDGR� GH� QXQFXSD§£R� LPSO­FLWD�� ©� R
HVFULWR� SHOR� SU³SULR� WHVWDGRU�� RX� SRU� DOJX©P� D� VHX� URJR� H� SRU� DTXHOH� DVVLQDGR��FRP� FDU¡WHU� VLJLORVR�
FRPSOHWDGR�SHOR� LQVWUXPHQWR�GH�DSURYD§£R�RX�DXWHQWLFD§£R� ODYUDGR�SHOR� WDEHOL£R�RX�SRU�VHX�VXEVWLWXWR
OHJDO��HP�SUHVHQ§D�GR�GLVSRQHQWH�H�GH�GXDV�WHVWHPXQKDV�LG´QHDV�
$� YDQWDJHP� TXH� WDO� PRGDOLGDGH� WHVWDPHQW¡ULD� DSUHVHQWD� FRQVLVWH� QR� IDWR� GH�PDQWHU� HP� VHJUHGR� D
GHFODUD§£R�GH�YRQWDGH�GR� WHVWDGRU�� SRLV� HP� UHJUD� V³� HVWH� FRQKHFH�R� VHX� WHRU��1HP�R�RILFLDO� QHP�DV
WHVWHPXQKDV� WRPDP� FRQKHFLPHQWR� GDV� GLVSRVL§µHV�� TXH�� HP� JHUDO�� V³� YªP� D� VHU� FRQKHFLGDV� TXDQGR� R
LQVWUXPHQWR�©�DEHUWR�DS³V�R�IDOHFLPHQWR�GR�WHVWDGRU�
6H� R� WHVWDGRU� SHUPLWLU�� R� RILFLDO� SºEOLFR� SRGHU¡� Oª�OR� H� YHULILFDU� VH� HVW¡� GH� DFRUGR� FRP� DV
IRUPDOLGDGHV�H[LJLGDV��0DV�LVVR�©�D�H[FH§£R��2�WHVWDGRU�WHP�GLUHLWR�D�HVVH�VHJUHGR��TXH�Q£R�OKH�SRGH
VHU�QHJDGR�SRU�DTXHOH��D�SUHWH[WR�GH�TXH��SDUD�R�DSURYDU��SUHFLVD�Oª�OR��3RGH�VHU��FRPR�SRQGHUD�3RQWHV
GH�0LUDQGD��ȐTXH�R�GLVSRQHQWH�V³�SHOR�VHJUHGR�WHQKD�HVFROKLGR�WDO�IRUPD�WHVWDPHQW¡ULD��TXH�HYLWD�³GLRV�H
GLVF³UGLDV�HQWUH�KHUGHLURV�OHJ­WLPRV�RX�SDUHQWHV�H�HVWUDQKRV�HVSHUDQ§RVRV�GH�KHUDQ§DV�H�OHJDGRVȑ ����
1R�WHVWDPHQWR�FHUUDGR��DGX]�R�FRQVDJUDGR�MXULVWD��ȐK¡�RSRUWXQLGDGH��GLVFUHWD��SDUD�D�GHVHUGD§£R��RX
SHUG£R� D� LQGLJQR�� FODXVXOD§£R�GH� LQDOLHQDELOLGDGH�RX�GH� LQFRPXQLFDELOLGDGH�GRV� EHQV�DE� LQWHVWDWR� RX
LQWHVWDWR�� QRPHD§£R�GH� WXWRU� RX� FXUDGRU�� UHFRQKHFLPHQWR� GH� ILOKRV��PHGLGDV� VREUH� IXQHUDLV�� HVPRODV� H
UHFRPHQGD§µHV�PDLV�RX�PHQRV�YHODGDVȑ ����
2�WHVWDPHQWR�FHUUDGR�©�HVFULWR�SHOR�SU³SULR�WHVWDGRU��RX�SRU�DOJX©P�D�VHX�URJR��H�V³� WHP�HILF¡FLD
DS³V�R�DXWR�GH�DSURYD§£R�ODYUDGR�SRU�WDEHOL£R��QD�SUHVHQ§D�GH�GXDV�WHVWHPXQKDV�
$�LQWHUYHQ§£R�GR�WDEHOL£R�QR�WHVWDPHQWR�FHUUDGR�REMHWLYD�GDU�OKH�FDU¡WHU�GH�DXWHQWLFLGDGH�H[WHULRU�
VRPDQGR�VH� HVVD� SDUWLFLSD§£R�  � YDQWDJHP� GR� VHJUHGR�� 7DO� PRGDOLGDGH�� WRGDYLD�� DSUHVHQWD� R
LQFRQYHQLHQWH�GH�VHU�UHSXWDGR�UHYRJDGR�R�WHVWDPHQWR�VH�DSUHVHQWDGR�HP�MX­]R�FRP�R�ODFUH�URPSLGR�
SUHVXPLQGR�VH��DW©�SURYD�HP�FRQWU¡ULR�� WHU�VLGR�DEHUWR�SHOR�SU³SULR� WHVWDGRU� �&&��DUW����������DO©P�GH
SRGHU�GHVDSDUHFHU�SHOD�D§£R�GRORVD�GH�DOJXP�KHUGHLUR�
ɺ���������5HTXLVLWRV�H�IRUPDOLGDGHV
2�DUW��������GR�&³GLJR�&LYLO�HQXPHUD�RV�UHTXLVLWRV�H�IRUPDOLGDGHV�GR�WHVWDPHQWR�FHUUDGR�
Ȑ2�WHVWDPHQWR�HVFULWR�SHOR�WHVWDGRU��RX�SRU�RXWUD�SHVVRD��D�VHX�URJR��H�SRU�DTXHOH�DVVLQDGR��VHU¡�Y¡OLGR�VH�DSURYDGR�SHOR�WDEHOL£R�RX�VHX
VXEVWLWXWR�OHJDO��REVHUYDGDV�DV�VHJXLQWHV�IRUPDOLGDGHV�
,�ȉ�TXH�R�WHVWDGRU�R�HQWUHJXH�DR�WDEHOL£R�HP�SUHVHQ§D�GH�GXDV�WHVWHPXQKDV�
,,�ȉ�TXH�R�WHVWDGRU�GHFODUH�TXH�DTXHOH�©�R�VHX�WHVWDPHQWR�H�TXHU�TXH�VHMD�DSURYDGR�
,,,�ȉ� TXH� R� WDEHOL£R� ODYUH�� GHVGH� ORJR�� R� DXWR� GH� DSURYD§£R�� QD� SUHVHQ§D� GH� GXDV� WHVWHPXQKDV�� H� R� OHLD�� HP� VHJXLGD�� DR� WHVWDGRU� H
WHVWHPXQKDV�
,9�ȉ�TXH�R�DXWR�GH�DSURYD§£R�VHMD�DVVLQDGR�SHOR�WDEHOL£R��SHODV�WHVWHPXQKDV�H�SHOR�WHVWDGRU�
3DU¡JUDIR� ºQLFR�� 2� WHVWDPHQWR� FHUUDGR� SRGH� VHU� HVFULWR� PHFDQLFDPHQWH�� GHVGH� TXH� VHX� VXEVFULWRU� QXPHUH� H� DXWHQWLTXH�� FRP� D� VXD
DVVLQDWXUD��WRGDV�DV�S¡JLQDVȑ�
(P�V­QWHVH��SRLV��RV�UHTXLVLWRV�HVVHQFLDLV�GR�WHVWDPHQWR�FHUUDGR�V£R�RV�VHJXLQWHV�
ɸ�F©GXOD�WHVWDPHQW¡ULD�
ɸ�DWR�GH�HQWUHJD�
ɸ�DXWR�GH�DSURYD§£R�
ɸ�FHUUDPHQWR�
ɺ�����������&©GXOD�WHVWDPHQW¡ULD
2�WHVWDPHQWR�FHUUDGR��FRPR�VH�SRGH�YHULILFDU�SHOD�OHLWXUD�GR�GLVSRVLWLYR�UHWURWUDQVFULWR��FRPSµH�VH�GH
GXDV�SDUWHV�
ɸ�D�F©GXOD�WHVWDPHQW¡ULD��FRP�D�PDQLIHVWD§£R�GH�YRQWDGH��HVFULWD�SHOR�WHVWDGRU�RX�SRU�DOJX©P��D�VHX
URJR��H
ɸ�R�DXWR�GH�DSURYD§£R��PHOKRU�VHULD�ȐGH�DXWHQWLFD§£Rȑ���H[DUDGR�GHSRLV�H�UHGLJLGR��QHFHVVDULDPHQWH�
SHOR�WDEHOL£R�
5HVXOWD�� SRLV�� GH� RSHUD§£R� FRPSOH[D� GH� HVFULWXUD� SDUWLFXODU� H� LQVWUXPHQWR� SºEOLFR� GH� DSURYD§£R�
DEUDQJHQGR��GHVWDUWH��GXDV�VROHQLGDGHV�
ɸ�(ODERUD§£R�H�DVVLQDWXUD�GD�F©GXOD�WHVWDPHQW¡ULD
2�DUW���������FDSXW��UHWURWUDQVFULWR��GLVSµH�TXH�R�WHVWDPHQWR�FHUUDGR�GHYH�VHU�DVVLQDGR�SHOR�WHVWDGRU�
TXHU�HOH�PHVPR�HVFUHYD�R�GRFXPHQWR��TXHU�WHQKD�D�F©GXOD�VLGR�HVFULWD�SRU�RXWUD�SHVVRD��D�VHX�URJR��$
ȐHVFULWD� DW©� SRGH� VHU� IHLWD� SRU� RXWUHP�� D� URJR�� PDV� D� DVVLQDWXUD� WHP� GH� VHU� GR� SU³SULR� WHVWDGRU�
VHPSUHȑ ����
(VW£R� LQLELGRV� GH� HVFUHYHU� D� F©GXOD� WHVWDPHQW¡ULD� D� URJR� GR� WHVWDGRU�� R� KHUGHLUR� LQVWLWX­GR�� RX
OHJDW¡ULR��R�VHX�F´QMXJH�RX�FRPSDQKHLUR��RX�RV�VHXV�DVFHQGHQWHV�H�LUP£RV��&&��DUW���������,��
2�SU³SULR�WDEHOL£R�SRGH�HVFUHYHU�R�WHVWDPHQWR��D�URJR�GR�WHVWDGRU��TXDQGR�HVWH�Q£R�VRXEHU��RX�Q£R
R�SXGHU�ID]HU�SHVVRDOPHQWH��Q£R�ILFDQGR��SRU�HVVH�PRWLYR��LPSHGLGR�GH��SRVWHULRUPHQWH��ODYUDU�R�DXWR�GH
DSURYD§£R��&&��DUW���������
'LDQWH�GLVVR��QDGD�REVWD�D�TXH�R� WHVWDGRU� VH�YDOKD�GD�DMXGD�RX�DVVHVVRUDPHQWR�GH�XP� WHUFHLUR
SDUD�HODERUDU�R�WHVWDPHQWR��GHVGH�TXH�R�DX[­OLR�VHMD�OHDO�H�GHVLQWHUHVVDGR�H�Q£R�LQIOXD�QR�FRQWHºGR�GD
YRQWDGH�GR�WHVWDGRU��$�SURS³VLWR��M¡�VH�GHFLGLX�
Ȑ,PSµH�VH��RXWURVVLP��R�FXPSULPHQWR�GD�GLVSRVL§£R�VH�R�DVVHVVRUDPHQWR�D�TXHP�HVW¡�D� WHVWDU�Q£R�DIHWD�D�UHJXODULGDGH�RX�VHJXUDQ§D�GR
DWR��2EVHUYDGDV��SRLV��DV�IRUPDOLGDGHV�OHJDLV�LQGLVSHQV¡YHLV� �JDUDQWLD�GD�OLEHUDOLGDGH��Q£R�KDYHQGR�FDSWD§£R�GRORVD�GD�YRQWDGH�GR�WHVWDGRU
RX�LQFDSDFLGDGH�LQWHOHFWXDO�RX�GHILFLªQFLD�PHQWDO��Y¡OLGD�©�D�F©GXODȑ ����
ɸ�2V�LPSHGLGRV�GH�ID]HU�WHVWDPHQWR�FHUUDGR
6H�� DO©P� GH� Q£R� VDEHU� HVFUHYHU�� R� WHVWDGRU� WDPE©P� Q£R� VRXEHU� OHU�� Q£R� SRGHU¡� ID]HU� WHVWDPHQWR
FHUUDGR�� SRLV� Q£R� WHU¡�PHLRV� GH� FHUWLILFDU�VH�� SHOD� OHLWXUD�� GH� TXH� R� WHUFHLUR� TXH�R� UHGLJLX� D� VHX� URJR
VHJXLX�OKH�ILHOPHQWH�DV�LQVWUX§µHV��'LVSµH��FRP�HIHLWR��R�DUW��������GR�&³GLJR�&LYLO�
Ȑ1£R�SRGH�GLVSRU�GH�VHXV�EHQV�HP�WHVWDPHQWR�FHUUDGR�TXHP�Q£R�VDLED�RX�Q£R�SRVVD�OHUȑ�
3RU� FRQVHJXLQWH��PHVPR�TXH� R� WHVWDGRU� Q£R� VDLED� RX� Q£R�SRVVD� DVVLQDU�� SDUD� HODERUDU�� YDOLGDPHQWH�
WHVWDPHQWR�FHUUDGR��WHU¡�GH�VDEHU�H�SRGHU�OHU�
2� DQDOIDEHWR�� GHVWDUWH�� V³� SRGH� WHVWDU� SXEOLFDPHQWH�� R� PHVPR� DFRQWHFHQGR� FRP� R� FHJR� �&&�� DUW�
��������2�VXUGR�PXGR�TXH�VRXEHU�HVFUHYHU�SRGHU¡�ID]HU�WHVWDPHQWR�FHUUDGR��ȐFRQWDQWR�TXH�R�HVFUHYD
WRGR��H�R�DVVLQH�GH�VXD�P£R��H�TXH��DR�HQWUHJ¡�OR�DR�RILFLDO�SºEOLFR��DQWH�DV�GXDV�WHVWHPXQKDV��HVFUHYD�
QD�IDFH�H[WHUQD�GR�SDSHO�RX�GR�HQYROW³ULR��TXH�DTXHOH�©�R�VHX�WHVWDPHQWR��FXMD�DSURYD§£R�OKH�SHGHȑ��DUW�
�������
(P�UHVXPR��Q£R�SRGHP�ID]HU� WHVWDPHQWR�FHUUDGR� RV� DQDOIDEHWRV�� LQFOX­GRV�RV� VXUGRV�PXGRV� �&&�
DUW����������EHP�FRPR�RV�FHJRV��DUW���������
ɸ�5HGD§£R�HP�O­QJXD�QDFLRQDO�RX�HVWUDQJHLUD
$�FDUWD�WHVWDPHQW¡ULD�SRGH�VHU�UHGLJLGD�ȐHP�O­QJXD�QDFLRQDO�RX�HVWUDQJHLUD��SHOR�SU³SULR�WHVWDGRU�
RX�SRU�RXWUHP��D� VHX�URJRȑ�� FRPR� IDFXOWD�R� DUW�� ������GR�&³GLJR�&LYLO�� VH�R� WHVWDGRU�� RX�R� WHUFHLUR�
H[SUHVVDU�VH�PHOKRU�QD� VXD� O­QJXD�S¡WULD��PHVPR�SRUTXH�QHP�R�

Outros materiais