Buscar

A Lei de Responsabilidade Fiscal no Contexto da Reforma do Estado_P

Prévia do material em texto

Biblioteca Digital
http://www.bndes.gov.br/bibliotecadigital
 
 
 
A lei de responsabilidade fiscal no contexto da 
reforma do estado
 
 
 
Cid Heraclito de Queiroz
/HL�GH�
5HVSRQVDELOLGDGH�
)LVFDO
$�/HL�GH�5HVSRQVDELOLGDGH�)LVFDO
QR�&RQWH[WR�GD�5HIRUPD�GR�(VWDGR
&LG�+HUDFOLWR�GH�4XHLUR]
0DLR�GH������
$ GLYXOJDomR GHVWH WUDEDOKR VH LQVHUH QR kPELWR GH FRQYrQLR
GH FRRSHUDomR WpFQLFD ILUPDGR FRP RV 0LQLVWpULRV GR
3ODQHMDPHQWR H GR 'HVHQYROYLPHQWR H FRP D (1$3� YLVDQGR
DSRLDU D LPSODQWDomR GD /HL &RPSOHPHQWDU Q� ����
GH ��������� LQFOXVLYH SDUD HIHLWR GH DWHQGLPHQWR GR
GLVSRVWR HP VHX DUW� ���
(VWH GRFXPHQWR SRGH VHU UHSURGX]LGR� HP SDUWH RX
LQWHJUDOPHQWH� GHVGH TXH GHYLGDPHQWH FLWDGD D IRQWH�
$V RSLQL}HV DTXL H[SUHVVDV VmR GH H[FOXVLYD UHVSRQVDELOLGDGH
GH VHX DXWRU H QmR UHIOHWHP� QHFHVVDULDPHQWH� D SRVLomR GRV
yUJmRV IHGHUDLV�
2 DUW� �� GD /HL GH 5HVSRQVDELOLGDGH )LVFDO �/HL &RPSOHPHQWDU Qº ���� GH
��������� SUHYr TXH� ´$ 8QLmR SUHVWDUi DVVLVWrQFLD WpFQLFD H FRRSHUDomR
ILQDQFHLUD DRV 0XQLFtSLRV SDUD D PRGHUQL]DomR GDV UHVSHFWLYDV DGPLQLV�
WUDo}HV WULEXWiULD� ILQDQFHLUD� SDWULPRQLDO H SUHYLGHQFLiULD� FRP YLVWDV DR
FXPSULPHQWR GDV QRUPDV GHVWD /HL &RPSOHPHQWDU�µ
2 3UHVLGHQWH )HUQDQGR +HQULTXH &DUGRVR� HP VHX SURJUDPD GH UiGLR
GHGLFDGR j VDQomR GHVVD /HL �HP ����������� DQXQFLRX VXD GHWHUPLQDomR
SDUD TXH R 0LQLVWpULR GR 3ODQHMDPHQWR H R %1'(6 GHVHQYROYHVVHP R
6LPSOHV 0XQLFLSDO� XP FRQMXQWR GH Do}HV YROWDGDV HVSHFLDOPHQWH SDUD
3UHIHLWXUDV GH SHTXHQR SRUWH H GR LQWHULRU� YLVDQGR IDFLOLWDU D DGPLQLVWUDomR
GH VXDV FRQWDV H� DR PHVPR WHPSR� DVVHJXUDU D LPSODQWDomR GH XP QRYR
UHJLPH ILVFDO UHVSRQViYHO�
$ SXEOLFDomR GHVWH WUDEDOKR VH LQVHUH QHVVH HVIRUoR JRYHUQDPHQWDO SDUD
WRPDU PDLV IiFLO H PDLV HILFD] DV DGPLQLVWUDo}HV ORFDLV� )D] SDUWH GD VHJXLQWH
VpULH GH WUDEDOKRV HODERUDGRV SRU HQWLGDGHV H WpFQLFRV GH QRWyULD HV�
SHFLDOL]DomR QD iUHD� H[FOXVLYRV UHVSRQViYHLV SHODV RSLQL}HV� PDV FXMD
GLVWULEXLomR p DSRLDGD SHORV yUJmRV IHGHUDLV SRU DMXGDUHP QD FRPSUHHQVmR
GD OHL H QD LPSODQWDomR GH XP QRYR UHJLPH ILVFDO�
x ´0DQXDO GH 2ULHQWDomR SDUD &UHVFLPHQWR GD 5HFHLWD 3UySULD 0XQLFLSDOµ�
GD (VFROD GH $GPLQLVWUDomR GH (PSUHVDV GH 6mR 3DXOR� )XQGDomR*HWXOLR
9DUJDV� 6mR 3DXOR� ����
x ´��� 'LFDV ² ,GpLDV SDUD $omR 0XQLFLSDOµ� GR OQVWLWXWR GH (VWXGRV�
)RUPDomR H $VVHVVRULD HP 3ROtWLFDV 6RFLDLV ² 3Ð/O6� 6mR 3DXOR� ����
x ´*XLD GH 2ULHQWDomR SDUD DV 3UHIHLWXUDVµ� GH $PLU $QW{QLR .KDLU� 6mR
3DXOR� PDLR ����
x ´0DQXDO %iVLFR GR 7ULEXQDO GH&RQWDV GR (VWDGRGH 6mR3DXORµ� 6mR 3DXOR�
MXQKR GH ����
x ´0DQXDO GH 3URFHGLPHQWRV SDUD $SOLFDomR GD /HL GH 5HVSRQVDELOLGDGH
)LVFDO GR 7ULEXQDO GH &RQWDV GR (VWDGR GR 5LR *UDQGH GR 6XOµ� 5LR *UDQGH
GR 6XO� QRYHPEUR GH ����
$�/HL�GH�5HVSRQVDELOLGDGH�)LVFDO��6LPSOHV�0XQLFLSDO
x ´$ /HL GH 5HVSRQVDELOLGDGH )LVFDO H D 3UHYLGrQFLD GRV 6HUYLGRUHV 3~EOLFRV
0XQLFLSDLVµ� GH 0DUFHOR 9LDQD (VWHYmR GH 0RUDHV� 5LR GH -DQHLUR�
GH]HPEUR GH ����
x ´$V 7UDQVJUHVV}HV j /HL GH 5HVSRQVDELOLGDGH )LVFDO H &RUUHVSRQGHQWHV
3XQLo}HV )LVFDLV H 3HQDLVµ� GH $PLU $QW{QLR .KDLU� 5LR GH -DQHLUR�
GH]HPEUR GH ����
x ´3URSRVWD GH 3DGURQL]DomR GRV 5HODWyULRV GD *HVWmR )LVFDOµ� GR ,QVWLWXWR
5X\ %DUERVD� 6mR 3DXOR� GH]HPEUR GH ����
x ´*XLD GH 2ULHQWDomR SDUD DV 3UHIHLWXUDVµ� �ª HGLomR� UHYLVWD H DPSOLDGD�
GH $PLU $QW{QLR .KDLU� 6mR 3DXOR� IHYHUHLUR GH ����
x &DGHUQR ,%$0 � ² ´&RPHQWiULRV j /HL GH 5HVSRQVDELOLGDGH )LVFDOµ� GR
,QVWLWXWR %UDVLOHLUR GH $GPLQLVWUDomR 0XQLFLSDO ² ,%$0� 5LR GH -DQHLUR�
DEULO GH ����
x &DGHUQR ,%$0 � ² ´,PSDFWRV GD /5) VREUH D /HL Qº ����µ� GR ,QVWLWXWR
%UDVLOHLUR GH $GPLQLVWUDomR 0XQLFLSDO ² ,%$0� 5LR GH -DQHLUR� DEULO GH
����
x &DGHUQR ,%$0 � ² ´(ODERUDomR GR 3ODQR 3OXULDQXDOµ� GR ,QVWLWXWR %UDVL�
OHLUR GH $GPLQLVWUDomR 0XQLFLSDO ² ,%$0� 5LR GH -DQHLUR� DEULO GH ����
x &DGHUQR ,%$0 � ² ´(ODERUDomR GDV 'LUHWUL]HV 2UoDPHQWiULDV H GR 2UoD�
PHQWRµ� GR ,QVWLWXWR %UDVLOHLUR GH $GPLQLVWUDomR 0XQLFLSDO ² ,%$0� 5LR
GH -DQHLUR� DEULO GH ����
x &DGHUQR ,%$0 � ² ´$FRPSDQKDPHQWR GD ([HFXomR 2UoDPHQWiULDµ� GR
,QVWLWXWR %UDVLOHLUR GH $GPLQLVWUDomR 0XQLFLSDO ² ,%$0� 5LR GH -DQHLUR�
DEULO GH ����
x &DGHUQR ,%$0 � ² ´*HVWmR GH 5HFXUVRV +XPDQRV H D /5)µ� GR ,QVWLWXWR
%UDVLOHLUR GH $GPLQLVWUDomR 0XQLFLSDO ² ,%$0� 5LR GH -DQHLUR� DEULO GH
����
x &DGHUQR ,%$0 � ² ´2 3DSHO GD &kPDUD 0XQLFLSDO QD *HVWmR )LVFDOµ� GR
,QVWLWXWR %UDVLOHLUR GH $GPLQLVWUDomR 0XQLFLSDO ² ,%$0� 5LR GH -DQHLUR�
DEULO GH ����
2FRQWH~GR LQWHJUDO GHVWHPDQXDO H GDV SXEOLFDo}HV DFLPD FLWDGDV HVWi GLVSRQtYHO QD OQWHUQHW
SDUD DFHVVR JUDWXLWR H XQLYHUVDO� DWUDYpV GH FRQVXOWD RX GH GRZQORDG� QR VLWH PDQWLGR SHOR
%1'(6 H HVSHFLDOL]DGR HP ILQDQoDV S~EOLFDV H IHGHUDOLVPR ILVFDO QR HQGHUHoR�
ZZZ�IHGHUDWLYR�EQGHV�JRY�EU
x $SUHVHQWDomR �
x 3UHIiFLR �
x $ /HL GH 5HVSRQVDELOLGDGH )LVFDO QR &RQWH[WR GD 5HIRUPD GR (VWDGR ��
�� $ 5HIRUPD GR (VWDGR ��
�� $ 5HIRUPD GDV )LQDQoDV 3~EOLFDV $ 5HIRUPD GDV )LQDQoDV
3~EOLFDV ��
�� $ /HL &RPSOHPHQWDU 1º ���� GH ��������� ��
�� $ 0DWpULD &ULPLQDO ��
�� &RQFOXVmR ��
x $QH[R ��
/HL &RPSOHPHQWDU 1º ���� GH �������� ² ([HJHVH GR DUW� �º� � �º ��
6XPiULR
$ /HL GH 5HVSRQVDELOLGDGH )LVFDO WUD] XPD PXGDQoD LQVWLWXFLRQDO H
FXOWXUDO QR WUDWR FRP R GLQKHLUR S~EOLFR� GLQKHLUR GD VRFLHGDGH� (VWDPRV
JHUDQGR XPD UXSWXUD QD KLVWyULD SROtWLFR�DGPLQLVWUDWLYD GR 3DtV� (VWDPRV
LQWURGX]LQGR D UHVWULomR RUoDPHQWiULD QD OHJLVODomR EUDVLOHLUD�
$ VRFLHGDGH QmR WROHUD PDLV FRQYLYHU FRP DGPLQLVWUDGRUHV LUUHVSRQViYHLV
H KRMH HVWi FDGD YH] PDLV FRQVFLHQWH GH TXH TXHP SDJD D FRQWD GR PDX
XVR GR GLQKHLUR S~EOLFR p R FLGDGmR� R FRQWULEXLQWH�
$ LUUHVSRQVDELOLGDGH SUDWLFDGD KRMH� HP TXDOTXHU QtYHO GH JRYHUQR� UHVXO�
WDUi DPDQKm HPPDLV LPSRVWRV� PHQRV LQYHVWLPHQWRV RX PDLV LQIODomR� TXH
p R PDLV SHUYHUVR GRV LPSRVWRV SRLV LQFLGH VREUH RV PDLV SREUHV�
2 JRYHUQR QmR IDEULFD GLQKHLUR�
(VWD DILUPDomR SRGH SDUHFHU yEYLD SDUD DOJXQV� PDV QmR SDUD DTXHOHV TXH
DGPLQLVWUDP FRQWDV S~EOLFDV JDVWDQGR PDLV GR TXH DUUHFDGDP� 'HL[DQGR
GtYLGDV SDUD VHXV VXFHVVRUHV H DVVXPLQGR FRPSURPLVVRV TXH VDEHP� GH
DQWHPmR� QmR SRGHUmR KRQUDU� e HVWH WLSR GH SRVWXUD� GDQRVD SDUD R 3DtV�
TXH p FRLELGD SHOD /HL GH 5HVSRQVDELOLGDGH )LVFDO� $ GHFLVmR GH DXPHQWDU
JDVWRV� LQGHSHQGHQWHPHQWH GH VHX PpULWR� SUHFLVD HVWDU DFRPSDQKDGD GH
XPD IRQWH GH ILQDQFLDPHQWR�
$ /HL UHIRUoD RV SULQFtSLRV GD )HGHUDomR� *RYHUQDQWHV GH (VWDGRV H 0XQL�
FtSLRV QmR WHUmR TXH SUHVWDU FRQWDV GH VHXV DWRV DR JRYHUQR IHGHUDO PDV DR
VHX UHVSHFWLYR /HJLVODWLYR� RX VHMD� j FRPXQLGDGH TXH RV HOHJHX� 7XGR LVVR
VHUi IHLWR GH IRUPD VLPSOLILFDGD SDUD TXH D VRFLHGDGH SRVVD H[HUFHU R VHX
GLUHLWR GH ILVFDOL]DomR� 2V JRYHUQDQWHV VHUmR MXOJDGRV SHORV HOHLWRUHV� SHOR
PHUFDGR H� VH GHVFXPSULUHP DV UHJUDV� VHUmR SXQLGRV�
-i HQWUDPRV QD HUD GD UHVSRQVDELOLGDGH ILVFDO� 7HU XPD SRVWXUD UHVSRQViYHO
p GHYHU GH FDGD JRYHUQDQWH�
0DUWXV 7DYDUHV
0LQLVWUR GH (VWDGR GR 3ODQHMDPHQWR� 2UoDPHQWR H *HVWmR
$SUHVHQWDomR
$SUHVHQWDPRV HVWD HGLomR GR OLYUR $ /HL GH 5HVSRQVDELOLGDGH )LVFDO QR
&RQWH[WR GD 5HIRUPD GR (VWDGR� HODERUDGR SHOR 'U� &LG +HUDFOLWR GH
4XHLUR]� DGYRJDGR H H[�3URFXUDGRU�*HUDO GD )D]HQGD 1DFLRQDO� FRP R
SDWURFtQLR GR %1'(6� FRP FHUWH]D DEVROXWD GH TXH VHUi GH JUDQGH YDOLD
SDUD RULHQWDU DV PXQLFLSDOLGDGHV HP UHODomR jV PHGLGDV D VHUHP DGRWDGDV
SDUD D DGHTXDomR jV QRUPDV HVWDEHOHFLGDV SHOD /HL GH 5HVSRQVDELOLGDGH
)LVFDO� 7DUHID LPSRUWDQWH QD JHVWmR HILFLHQWH H UHVSRQViYHO GD FRLVD S~EOLFD�
PHWD SHUIHLWDPHQWH DOFDQoiYHO SRU WRGRV RV JRYHUQRV ORFDLV� H TXH FRQWULEXL
SDUD D 5HIRUPD GR (VWDGR�
'H IDWR� FRPR XPD GDV SULQFLSDLV LQVWLWXLo}HV GH 3ROtWLFD (FRQ{PLFD GH
ORQJR SUD]R QR %UDVLO� R %1'(6 YHP SDUWLFLSDQGR DWLYDPHQWH GH Do}HV
YROWDGDV SDUD D UHIRUPXODomR GR SDSHO GR (VWDGR� QRV GLYHUVRV QtYHLV GD
)HGHUDomR %UDVLOHLUD� 1HVWH VHQWLGR� WHP VLGR JUDQGH R VHX HPSHQKR HP
DSRLDU D PRGHUQL]DomR GD DGPLQLVWUDomR WULEXWiULD H D PHOKRULD GD TXDOL�
GDGH GR JDVWR S~EOLFR� FRP XPD SHUVSHFWLYD GH GHVHQYROYLPHQWR ORFDO
VXVWHQWDGR�
$OpP GRV YiULRV SURJUDPDV WUDGLFLRQDLV GH ILQDQFLDPHQWR� R %1'(6 LPSOH�
PHQWRX R 3URJUDPD GH 0RGHUQL]DomR GD $GPLQLVWUDomR 7ULEXWiULD H GD
*HVWmRGRV 6HWRUHV 6RFLDLV %iVLFRV �30$7�SDUD SURSRUFLRQDU DRV PXQL�
FtSLRV EUDVLOHLURV SRVVLELOLGDGHV GH DSHUIHLoRDU VXD FDSDFLGDGH GH DUUHFD�
GDomR H� DR PHVPR WHPSR� LQFUHPHQWDU D TXDOLGDGH GRV VHUYLoRV SUHVWDGRV
j SRSXODomR�
7DPEpP IRL FULDGR XP VLWH QD ,QWHUQHW �KWWS���IHGHUDWLYR�EQGHV�JRY�EU�
SDUD GLYXOJDomR GH LQIRUPDo}HV H HVWDWtVWLFDV VREUH R VHWRU S~EOLFR� EHP
FRPR SDUD D WURFD GH H[SHULrQFLDV HQWUH DGPLQLVWUDGRUHV S~EOLFRV� SHVTXL�
VDGRUHV� RUJDQL]Do}HV QmR�JRYHUQDPHQWDLV H HYHQWXDLV LQWHUHVVDGRV HP
SROtWLFDV S~EOLFDV� &RP HIHLWR� R %DQFR )HGHUDWLYR WHP SURFXUDGR WUDWDU
GRV PDLV YDULDGRV WHPDV UHODFLRQDGRV j )HGHUDomR %UDVLOHLUD� FRPR D
5HIRUPD 7ULEXWiULD H D /HL GH 5HVSRQVDELOLGDGH )LVFDO� DOpP GH DSUHVHQWDU
3UHIiFLR
�
LQGLFDGRUHV WULEXWiULRV H ILVFDLV� (VWH IyUXPGH GHEDWHV GHPRFUiWLFR H DEHUWR
FUHVFHX H VH GLQDPL]RX DWUDYpV GH YiULDV SDUFHULDV FRP RXWURV yUJmRV H
LQVWLWXWRV GH SHVTXLVD�
0DLV LQIRUPDomR H PDLV WUDQVSDUrQFLD VmR� VHP G~YLGD� D JDUDQWLD SHUHQH
GR HIHWLYR FRQWUROH SRSXODU H GR DSUHQGL]DGR GD FLGDGDQLD�
)UDQFLVFR 5REHUWR $QGUp *URV
3UHVLGHQWH GR %1'(6
��
&LG +HUDFOLWR GH 4XHLUR]�
���$�5()250$�'2�(67$'2
2 SURSyVLWR GH SURPRYHU D 5HIRUPD GR (VWDGR� GH PRGR D TXH R 3DtV
DOFDQFH QRYR HVWiJLR GH GHVHQYROYLPHQWR HFRQ{PLFR H UHDOL]H XPD RUGHP
VRFLDO PDLV MXVWD SDUHFH VHU XP FRQVHQVR QDFLRQDO� 2 DXPHQWR GD ULTXH]D
QDFLRQDO H D PHOKRULD QD GLVWULEXLomR GD UHQGD VmR XPD DVSLUDomR GH WRGD
D 1DomR� XP REMHWLYR QDFLRQDO�
�� 1HVVH FDPLQKR� D &RQVWLWXLomR GH ����� DYDQoRX EDVWDQWH QD SURWHomR
GRV GLUHLWRV LQGLYLGXDLV H FROHWLYRV H GRV GLUHLWRV VRFLDLV� $YDQoRX WDPEpP
QR FDPSR GDV ILQDQoDV S~EOLFDV H QRXWURV SRQWRV� 7RGDYLD� UHSUHVHQWRX XP
UHWURFHVVR QD RUGHP SROtWLFD H HFRQ{PLFD�
�� (VVD &DUWD� FKDPDGD DWpPHVPR GH ´LQIODFLRQiULDµ� DPSOLRX R DUFDERXoR
SROtWLFR�DGPLQLVWUDWLYR GR (VWDGR H R HOHQFR GRV HQFDUJRV HVWDWDLV�
SURYRFDQGR R DXPHQWR GDV GHVSHVDV S~EOLFDV� VREUHWXGR DV IHGHUDLV� &ULRX
XP VLVWHPD WULEXWiULR WRWDOPHQWH GLYRUFLDGR GD GLYLVmR GH HQFDUJRV HQWUH
RV WUrV QtYHLV GH JRYHUQR� R IHGHUDO� R HVWDGXDO H R PXQLFLSDO� H TXH QmR
SRVVXL DV FRQGLo}HV HVVHQFLDLV ² D TXH VH UHIHUH R 3URI� %HUQDUGR 5LEHLUR GH
0RUDHV ² GH VXILFLrQFLD �FDSDFLGDGH GH SURGX]LU D UHQGD DGHTXDGD��
HODVWLFLGDGH �FDSDFLGDGH GH SURGX]LU PDLRU UHQGD� VH QHFHVViULR� H IOH[LEL�
OLGDGH �FDSDFLGDGH GH VH DGDSWDU UDSLGDPHQWH jV H[LJrQFLDV GR PRPHQWR��
0DQWHYH RV PRQRSyOLRV HVWDWDLV HQWmR H[LVWHQWHV� 3RU VHU PLQXFLRVD H
FRQVLGHUDGD D PDLV GHWDOKDGD GR PXQGR� D QRYD &DUWD HQWUDYRX R SURFHVVR
GH PRGHUQL]DomR GR 3DtV� HP SOHQD HUD GD LOLPLWDGD YHORFLGDGH GD LQIRU�
PiWLFD�
$�/HL�GH�5HVSRQVDELOLGDGH�)LVFDO�QR�&RQWH[WR�GD
5HIRUPD�GR�(VWDGR
��
� $GYRJDGR H H[�3URFXUDGRU�*HUDO GD )D]HQGD 1DFLRQDO ����������
�� $ &RQVWLWXLomR GH ���� IRL HODERUDGD FRPR XPD HVSpFLH GH UHVSRVWD
UDGLFDO GD QRYD GHPRFUDFLD j DXWRFUDFLD GD &DUWD GH ����� DSyV D (PHQGD
Qº �� GH ����� GHVSUH]DQGR RV FRQVWLWXLQWHV D OLomR GH XP OtGHU VRFLDOLVWD
LQVXVSHLWR� -RmR 0DQJDEHLUD� ´XPD &RQVWLWXLomR� VDOYR D KLSyWHVH GD YLWyULD
GH XPD UHYROXomR VRFLDO� VHUi VHPSUH XPD IyUPXOD GH HTXLOtEULR H WUDQVDomR
HQWUH LGpLDV� FRUUHQWHV H LQWHUHVVHV TXH DWXDP QXP PHLR VRFLDO GHWHUPLQD�
GRµ� DGX]LQGR R LOXVWUH MXULVWD TXH� ´D FRPHoDU SHOD PDLV DQWLJD� WXGR QD
&RQYHQomR GD )LODGpOILD IRL WUDQVLJrQFLD� HFOHWLVPR H FRQFLOLDomRµ� ([HPSOR
GHVVH UDGLFDOLVPR IRL R UHS~GLR DR GHFUHWR�OHL� XWLOL]DGR HP RXWURV SDtVHV�
SDUD FHGHU OXJDU j PHGLGD SURYLVyULD� LQVWUXPHQWR OHJLVODWLYR TXH Gi DR
([HFXWLYR SRGHUHV YHUGDGHLUDPHQWH GLWDWRULDLV�
�� 3RU LVVR PHVPR� R *RYHUQR H D FODVVH SROtWLFD FRQYHQFHUDP�VH GH TXH R
SURMHWR QDFLRQDO PDLV LPSRUWDQWH GHYHULD VHU R GDV UHIRUPDV� 7UDWDYD�VH� QD
UHDOLGDGH� GH UHIRUPDU D &RQVWLWXLomR H HGLWDU QRYDV OHLV� QRV FDPSRV
SROtWLFR� DGPLQLVWUDWLYR� SUHYLGHQFLiULR� WULEXWiULR H ILQDQFHLUR� GH PRGR D
DMXVWDU R 3DtV jV SUySULDV H[LJrQFLDV GD VRFLHGDGH EUDVLOHLUD� TXH� QD ~OWLPD
GpFDGD� DPSOLRX� DFHQWXDGDPHQWH� RV VHXV FRQKHFLPHQWRV VREUH RV QtYHLV
H DV FRQGLo}HV GH YLGD QRV SDtVHV GHVHQYROYLGRV� VHMD SHOR WXULVPR� VHMD SHOD
HPLJUDomR� VHMD SHOD SDUWLFLSDomR HP FXUVRV H VHPLQiULRV RX HP DWLYLGDGHV
SURILVVLRQDLV QR H[WHULRU� VHMD� VREUHWXGR� SHOD WHOHYLVmR YLD VDWpOLWH H SHOD
LQWHUQHW�
�� 'LDQWH GHVVH TXDGUR� R JRYHUQR� DFHUWDGDPHQWH� GHX LQtFLR D XP
SURFHVVR GH UHIRUPDV� &KHJRX D FULDU XP 0LQLVWpULR SDUD D 5HIRUPD GR
(VWDGR�
�� $PDLV UHOHYDQWH GDV UHIRUPDV VHULD D SROtWLFD� DVVLP HQWHQGLGD D UHIRUPD
GD RUJDQL]DomR GR (VWDGR )HGHUDO H D UHIRUPD GD RUJDQL]DomR GRV
3RGHUHV� $R PHVPR WHPSR� UHYHODYDP�VH LQGLVSHQViYHLV D PRGLILFDomR GH
GLVSRVLo}HV FRQVWLWXFLRQDLV UHODWLYDV j RUGHP HFRQ{PLFD �PRQRSyOLRV HV�
WDWDLV�� j SUHYLGrQFLD VRFLDO H DR VLVWHPD WULEXWiULR� EHP DVVLP D LPSOH�
PHQWDomR GD OHL FRPSOHPHQWDU SDUD UHJXODU DV GLVSRVLo}HV UHIHUHQWHV jV
ILQDQoDV S~EOLFDV�
�� $ UHIRUPD GD RUJDQL]DomR GR (VWDGR HQYROYHULD D UHYLVmR H D FODUD
GHILQLomR GRV HQFDUJRV DIHWRV j 8QLmR� DRV (VWDGRV H DRV 0XQLFtSLRV� H D
TXHVWmR GD PXOWLSOLFLGDGH GH PXQLFtSLRV� FULDGRV D JUDQHO� QD YHUGDGH SDUD
SURSLFLDU QRYRV PDQGDWRV OHJLVODWLYRV H H[HFXWLYRV H PDLV FDUJRV S~EOLFRV
SDUD RV DSDQLJXDGRV GR SRGHU� )DOD�VH� KRMH� HP PXQLFtSLRV SHQVLRQLVWDV�
��
LVWR p� RV TXH YLYHP j FRQWD GD SHQVmR GRV LPSRVWRV IHGHUDLV H HVWDGXDLV�
$ UHIRUPD KDYHULD� DLQGD� GH UHGX]LU D SUHVHQoD H[FHVVLYD GR HVWDGR QD YLGD
GRV FLGDGmRV H D UHJXODPHQWDomR LPRGHUDGD�
�� $ UHIRUPD GD RUJDQL]DomR GRV 3RGHUHVHQYROYHULD D UHYLVmR GD HVWUXWXUD
H GR IXQFLRQDPHQWR GR /HJLVODWLYR� GR ([HFXWLYR H GR -XGLFLiULR H D
UHDYDOLDomR GD SRVLomR GR 0LQLVWpULR 3~ELFR H VXD LQWHJUDomR D XP GHOHV�
SDUD TXH QmR VH YLROHQWH R FOiVVLFR SULQFtSLR GD WULSDUWLomR H VHSDUDomR GRV
SRGHUHV GHOLQHDGD SRU $ULVWyWHOHV� IRUPXODGD SRU /RFNH H DSHUIHLoRDGD SRU
0RQWHVTXLHX� TXH� QR GL]HU GH 0DGLVRQ� ´p R RUiFXOR VHPSUH FRQVXOWDGR
H FLWDGR D UHVSHLWRµ�
��� 7RGDYLD� D ~QLFD PHGLGD FRQFUHWL]DGD IRL D SHUPLVVmR SDUD D UHHOHLomR
GR 3UHVLGHQWH GD 5HS~EOLFD� GRV *RYHUQDGRUHV H GRV 3UHIHLWRV PXQLFLSDLV�
��� 1R TXH VH UHIHUH DR /HJLVODWLYR� D UHIRUPD WHULD GH HQFRQWUDU VROXomR
SDUD R JUDYH SUREOHPD GD EDL[D OHJLWLPLGDGH GD QRVVD UHSUHVHQWDomR
SROtWLFD� VHQGR FRJLWDGD D LQWURGXomR GR ´YRWR GLVWULWDO�PLVWRµ� SDUD DSUR�
[LPDU R HOHLWRU H RV FDQGLGDWRV H UHGX]LU D LQIOXrQFLD GR SRGHU HFRQ{PLFR
QDV HOHLo}HV SURSRUFLRQDLV� H GD ´FOiXVXOD GH EDUUHLUDµ SDUD HYLWDU D SUROL�
IHUDomR GRV SDUWLGRV SROtWLFRV� EHP DVVLP D VXSUHVVmR GD ILJXUD GR VXSOHQWH
GH 6HQDGRU� TXH QmR UHFHEH R VXIUiJLR GLUHWR GR HOHLWRU� 6HULD QHFHVViULR�
DLQGD� UHGX]LU R WDPDQKR GDV UHSUHVHQWDo}HV GR SRYR� VREUHWXGR QDV
DVVHPEOpLDV HVWDGXDLV H QDV FkPDUDV PXQLFLSDLV� H[WLQJXLU D ILJXUD GR
WHUFHLUR 6HQDGRU GH FDGD (VWDGR� KHUDQoD GR FKDPDGR ´DXWRULWDULVPRµ� H
UHVWDEHOHFHU D JUDWXLGDGH GR PDQGDWR GH 9HUHDGRU QRV PXQLFtSLRV GH
SHTXHQR SRUWH� DWp SDUD HVWLPXODU DV YHUGDGHLUDV YRFDo}HV SROtWLFDV�
��� $ 5HIRUPD GR /HJLVODWLYR WHULD DLQGD GH DIDVWDU D LQVWDELOLGDGH MXUtGLFD
GRV GLDV DWXDLV� GHULYDGD GH XPD OHJLVODomR WRUUHQFLDO� FRPPXLWDV HPHQGDV
FRQVWLWXFLRQDLV H FHQWHQDV GH PHGLGDV SURYLVyULDV H VXDV UHHGLo}HV� FRP
DOWHUDo}HV D WRGR LQVWDQWH� R TXH FRQIXQGH R SRYR� FDXVD SHUSOH[LGDGH j
FRPXQLGDGH MXUtGLFD� DIDVWD RV LQYHVWLPHQWRV SULYDGRV H LQWUDQT�LOL]D D
VRFLHGDGH�
��� $R FRPSOHWDU R VHX GpFLPR�VHJXQGR DQLYHUViULR� D &RQVWLWXLomR GH
���� Mi KDYLD LQFRUSRUDGR �� �WULQWD� (PHQGDV� DIRUD DV � �VHLV� (PHQGDV
GH 5HYLVmR� PDLV GR TXH D ~QLFD &RQVWLWXLomR QRUWH�DPHULFDQD� TXH� QRV
VHXV ��� �GX]HQWRV H YLQWH H WUrV� DQRV GH YLJrQFLD� UHFHEHX �� �YLQWH H VHLV�
(PHQGDV� 7DLV (PHQGDV LQWURGX]LUDP RX PRGLILFDUDP ��� �WUH]HQWRV�
��
SUHFHLWRV� R TXH GHPRQVWUD� D XP Vy WHPSR� RV QXPHURVRV HUURV GH QRVVRV
FRQVWLWXLQWHV H RV HVIRUoRV GR *RYHUQR H GR &RQJUHVVR 1DFLRQDO SDUD
FRUULJL�ORV� PXLWR HPERUD QD GLUHomR HUUDGD� LVWR p� DFUHVFHQWDQGR PDLV
UHJUDV DR H[WHQVR WH[WR FRQVWLWXFLRQDO� HP OXJDU GH VXSULPL�ODV� GH PRGR D
TXH PXLWDV PDWpULDV YROWDVVHP D VHU REMHWR GD OHJLVODomR RUGLQiULD� PDLV
IOH[tYHO H DGDSWiYHO jV VXFHVVLYDV FRQMXQWXUDV�
��� 1R FRQFHUQHQWH DR 3RGHU -XGLFLiULR� HVWi HP FXUVRXP SURMHWR GH
HPHQGD FRQVWLWXFLRQDO� FXMRV SRQWRV SULQFLSDLV VmR D LQVWLWXLomR GR FKDPD�
GR FRQWUROH H[WHUQR� XPD LGpLD H[WUDYDJDQWH �QD SUiWLFD FULDU�VH�LD XPSRGHU
PRGHUDGRU�� H D DGRomR GDV V~PXODV YLQFXODQWHV� SDUD UHGX]LU D TXDQWLGDGH
GH UHFXUVRV� (QWUHWDQWR� QmR WUDWD GDV FDXVDV PDLRUHV GD VREUHFDUJD GR
-XGLFLiULR� D TXDQWLGDGH GHVPHGLGD GH IHLWRV MXGLFLDLV�PLOKDUHV GH OLWLJtRV
GHULYDP GH IDOKDV� HUURV� ODFXQDV H GHVPDQGRV OHJLVODWLYRV ² OHLV H PHGLGDV
SURYLVyULDV�� SUREOHPD SDVVtYHO GH VROXomR PHGLDQWH PHGLGDV OHJLVODWLYDV
DGHTXDGDV� H DV SUiWLFDV SURFHVVXDLV H[FHVVLYDPHQWH IRUPDLV� FRP
LPHQVD JDPD GH UHFXUVRV H LQVWkQFLDV� SUREOHPD SDVVtYHO GH VROXomR VHJXQ�
GR DV SURSRVWDV GRV SUySULRV 0DJLVWUDGRV� FRP R TXH VH SRGHULD UHGX]LU R
WDPDQKR GRV WULEXQDLV� H[WLQJXLU PXLWDV YDUDV MXGLFLiULDV H VXVSHQGHU D
FRQVWUXomR GH QRYDV VHGHV�
��� 5HODWLYDPHQWH j HVWUXWXUD GR ([HFXWLYR� KRXYH XPQRWiYHO DYDQoR FRP
R 3URJUDPD 1DFLRQDO GH 'HVHVWDWL]DomR� TXH DOFDQoRX DPSOR VXFHVVR QRV
VHWRUHV VLGHU~UJLFR� SHWURTXtPLFR H GH WHOHIRQLD� DEUDQJHX WRGR R VHWRU
IHUURYLiULR� D &LD� 9DOH GR 5LR 'RFH H RXWUDV HPSUHVDV H DYDQoD QRV VHWRUHV
GH HQHUJLD HOpWULFD� EDQFRV� URGRYLDV H RXWURV� )RUDP DSURYDGDV H SURPXO�
JDGDV HPHQGDV FRQVWLWXFLRQDLV SDUD H[WLQJXLU RV PRQRSyOLRV HVWDWDLV QRV
VHWRUHV GR SHWUyOHR �(& Qº ������ VHUYLoRV WHOHI{QLFRV H WHOHJUiILFRV �(& Qº
������ UHVVHJXURV �(& Qº ������ H VHUYLoRV GH JiV FDQDOL]DGR �(& Qº ������
��� $SHVDU GLVVR� R ([HFXWLYR YROWRX D FUHVFHU� FRPR D ´IrQL[µ TXH UHQDVFH
GDV FLQ]DV� QmR Vy HP IDFH GR Q~PHUR H[DJHUDGR GH 0LQLVWpULRV� FRPR
WDPEpP HP IDFH GR ´IHVWLYDO GH DJrQFLDVµ� SDUD XVDU�VH D H[SUHVVmR TXH
VHUYLX GH WtWXOR D XP DUWLJR GH DXWRULD GR 3UHVLGHQWH GD &RQIHGHUDomR
1DFLRQDO GR &RPpUFLR� $QWRQLR 2OLYHLUD 6DQWRV �-RUQDO GR %UDVLO GH
���������� RX VHMD� D XWLOL]DomR GD LGpLD GH FULDomR GH DXWDUTXLDV HVSHFLDLV
SDUD D UHJXODPHQWDomR GH VHUYLoRV S~EOLFRV WUDQVIHULGRV DR VHWRU SULYDGR
PHGLDQWH FRQFHVV}HV� D ILP GH GDU PDLV SRGHU H DXWRQRPLD D GLYHUVRV
yUJmRV GD $GPLQLVWUDomR )HGHUDO� TXH GHYHULDP SHUPDQHFHU QD HVWUXWXUD
��
GRV QXPHURVRV 0LQLVWpULRV� FRPR VHFUHWDULDV RX VXSHULQWHQGrQFLDV� 2V
(VWDGRV H 0XQLFtSLRV WDPEpP PDQWrP XP Q~PHUR H[DJHUDGR GH VHFUHWD�
ULDV� DXWDUTXLDV H HPSUHVDV S~EOLFDV� VHPTXH VH FRQKHoD TXDOTXHU LQLFLDWLYD
GH *RYHUQDGRUHV H 3UHIHLWRV SDUD PRGLILFDU HVVH TXDGUR�
��� 1R TXH WDQJH DR H[HUFtFLR GD IXQomR H[HFXWLYD� D VRFLHGDGH TXHU TXH
VHMDP HQFRQWUDGDV VROXo}HV SDUD RV PDLV YDULDGRV SUREOHPDV� FRPR RV
GHVPDQGRV H R GHVSUHSDUR GH DXWRULGDGHV QDV WUrV HVIHUDV GH JRYHUQR� DV
DOWDV WD[DV GH GHVHPSUHJR H GD SREUH]D� D LQVHJXUDQoD LQWHUQD� GDGD D
LQHILFLrQFLD GD SROtFLD H D LPSXQLGDGH GRV FULPLQRVRV� D TXHVWmR KDELWDFLR�
QDO� FXMD VROXomR HVEDUUD QDV WD[DV GH MXURV H HP LQFLGrQFLDV WULEXWiULDV
�&30)� ,7%, H ,5�� H� LQREVWDQWH GLYHUVDV Do}HV JRYHUQDPHQWDLV HILFD]HV H
HILFLHQWHV� DV GHILFLrQFLDV QRV FDPSRV GD VD~GH H GD HGXFDomR� $ HVVH
TXDGUR� VRPDP�VH DV SUHRFXSDo}HV FRP FHUWRV H[FHVVRV GR 0LQLVWpULR
3~EOLFR H GRV PHLRV GH FRPXQLFDomR� D GHWHULRUDomR GRV FRVWXPHV� D OLYUH
H[SORUDomR GD Ip UHOLJLRVD HWF� 7DPEpP SRGHP VHU FLWDGDV DV SUHRFXSDo}HV
FRP D FRELoD H[WHUQD VREUH D $PD]{QLD� D TXHVWmR GRV LQGtJHQDV H GR
QDUFRWUiILFR� D YXOQHUDELOLGDGHGHQRVVD IURQWHLUD QRUWH HR HQIUDTXHFLPHQWR
GDV )RUoDV $UPDGDV�
��� $IRUD LVVR� UHYHOD�VH LQGLVSHQViYHO j GHILQLWLYD HVWDELOL]DomR GD PRHGD
QDFLRQDO H j FRQVROLGDomR GR IHVWHMDGR 3ODQR5HDO� D UHDOL]DomR GHXP DMXVWH
ILVFDO� RX VHMD� XP DMXVWH QDV FRQWDV S~EOLFDV� D FRQWHQomR GDV GHVSHVDV
S~EOLFDV jV UHDLV SRVVLELOLGDGHV GD UHFHLWD WULEXWiULD� QDWXUDOPHQWH OLPLWDGD
SHOD FDSDFLGDGH FRQWULEXWLYD GDV SHVVRDV ItVLFDV H MXUtGLFDV�
��� 6HP HQFRQWUDU UHFHSWLYLGDGH QR &RQJUHVVR 1DFLRQDO SDUD D UHIRUPD
SROtWLFD� R JRYHUQR� HQTXDQWR GHVHQYROYH Do}HV SDUD VROXFLRQDU RV SUREOH�
PDV TXH OKH VmR DIHWRV� WUDWRX GH SURPRYHU DV UHIRUPDV DGPLQLVWUDWLYD�
SUHYLGHQFLiULD H WULEXWiULD� EHP DVVLP D LPSOHPHQWDomR GD UHIRUPD GDV
ILQDQoDV S~EOLFDV�
��� $ 5HIRUPD $GPLQLVWUDWLYD IRL FRQFUHWL]DGD DWUDYpV GD (PHQGD &RQV�
WLWXFLRQDO Qº ��� GH ������� H D 5HIRUPD 3UHYLGHQFLiULDDWUDYpV GD (PHQGD
&RQVWLWXFLRQDO Qº ��� GH ��������� DV TXDLV LQWURGX]LUDP� UHVSHFWLYDPHQWH�
�� �VHWHQWD H QRYH� H �� �RLWHQWD� QRYDV UHJUDV j &RQVWLWXLomR GH ����� PDV
TXH QmR SURGX]LUDP RV UHVXOWDGRV HVSHUDGRV� WDQWR DVVLP TXH DOJXQV GH
VHXV SUHFHLWRV Mi VmR REMHWR GH QRYDV SURSRVWDV GH HPHQGDV�
��
��� 3RU VXD YH]� D 5HIRUPD 7ULEXWiULD p REMHWR GH 3URSRVWD GH (PHQGD�
FRP 6XEVWLWXWLYR� FXMR H[DPH VH HQFRQWUD SDUDOLVDGR QD &kPDUD GRV
'HSXWDGRV� SRU IDOWD GH FRQVHQVR HQWUH R JRYHUQR IHGHUDO H RV JRYHUQRV
HVWDGXDLV� H TXH QmR UHGX]� PDV� DR FRQWUiULR� DJUDYD RV SUREOHPDV SULQFL�
SDLV GRV FRQWULEXLQWHV� XPD YH] TXH HOHYD D FDUJD WULEXWiULD� DXPHQWD R
Q~PHUR GH WULEXWRV H DSURIXQGD D EXURFUDFLD ILVFDO�
���$�5()250$�'$6�),1$1d$6�3Ô%/,&$6
��� 1HVVH FRQWH[WR� HP TXH D UHIRUPD SROtWLFD QmR DYDQoD� DV UHIRUPDV
DGPLQLVWUDWLYD H SUHYLGHQFLiULD QmR SURGX]LUDP RV UHVXOWDGRV HVSHUDGRV H
D UHIRUPD WULEXWiULD QmR YHQFH DV GLYHUJrQFLDV HQWUH D 8QLmR H RV (VWDGRV H
QmR DFHQD FRP PHOKRUHV SHUVSHFWLYDV SDUD RV FRQWULEXLQWHV� D UHIRUPD GDV
ILQDQoDV S~EOLFDV� LQGLVSHQViYHO DR DMXVWH ILVFDO SDVVRX D PHUHFHU DWHQomR
HVSHFLDO GR *RYHUQR H GR &RQJUHVVR 1DFLRQDO�
��� e RSRUWXQR GHVWDFDU TXH� QR PRGHOR GR (VWDGR IHGHUDO EUDVLOHLUR� D
SDUWLOKD GR SRGHU ILQDQFHLUR� HQWUH D 8QLmR� RV (VWDGRV� R 'LVWULWR )HGHUDO
H RV 0XQLFtSLRV� SDUD DSURYDU RV RUoDPHQWRV� LQVWLWXLU� HOHYDU� UHJXODU H
DUUHFDGDU RV WULEXWRV H FRQWULEXLo}HV� UHDOL]DU DV GHVSHVDV H FRQWUDLU RX
DVVXPLU GtYLGDV H RXWUDV REULJDo}HV� VXMHLWD�VH DRV SULQFtSLRV� YHGDo}HV�
QRUPDV H OLPLWHV HVWDEHOHFLGRV QD &RQVWLWXLomR )HGHUDO H� FRPR HVWD SUH�
FHLWXD� HP OHLV FRPSOHPHQWDUHV H RUGLQiULDV� LQFOXVLYH DV RUoDPHQWiULDV H
DV WULEXWiULDV�
��� $ &RQVWLWXLomR )HGHUDO WUDWD GDV )LQDQoDV 3~EOLFDV QR &DStWXOR ,, GH VHX
7tWXOR 9,� DEUDQJHQGR� QD 6HomR ,� DV 1RUPDV *HUDLV� H� QD 6HomR ,,� RV
2UoDPHQWRV� HVWHV HQJOREDQGR DV OHLV UHODWLYDV DR SODQR SOXULDQXDO� jV
GLUHWUL]HV RUoDPHQWiULDV H DRV RUoDPHQWRV DQXDLV�
��� &RQVRDQWH R DUW� ���� LQFLVR ,� FRQVWDQWH GD 6HomR ,� XPD OHL FRPSOH�
PHQWDU GHYH GLVSRU VREUH ILQDQoDV S~EOLFDV� HP VHQWLGR ODWR� H� LQREVWDQWH
D DPSOLWXGH GHVVH SUHFHLWR� RV LQFLVRV ,, D 9,, HQIDWL]DP TXH WDO OHL FRPSOH�
PHQWDU GHYH UHJXODU GHWHUPLQDGDV PDWpULDV� TXH LQWHJUDP D HVIHUD GDV
ILQDQoDV S~EOLFDV�
��� $LQGD QD 6HomR ,� R DUW� ��� WUDoD UHJUDV SHUWLQHQWHV jV UHODo}HV
ILQDQFHLUDV HQWUH R 7HVRXUR 1DFLRQDO H R %DQFR &HQWUDO GR %UDVLO�
��
��� 1D 6HomR ,,� HQFRQWUDP�VH QmR Vy GLVSRVLWLYRV D UHVSHLWR GDV OHLV
RUGLQiULDV GR SODQR SOXULDQXDO� GH GLUHWUL]HV RUoDPHQWiULDV H GRV RUoD�
PHQWRV �DUWV� ��� D ����� PDV WDPEpP RXWURV SUHFHLWRV� D VHUHP REMHWR GH
OHL FRPSOHPHQWDU �DUW� ����� WRGRV� QR HQWDQWR� SHUWLQHQWHV jV ILQDQoDV
S~EOLFDV�
��� &XPSUH VHMD DFHQWXDGR TXH D &RQVWLWXLomR QmR H[LJH XPD OHL FRPSOH�
PHQWDU ~QLFD VREUH WRGDV HVVDV PDWpULDV� 7DPEpP QmR H[LJH D VHSDUDomR
GDVPDWpULDV GR DUW� ��� HGR � �ºGR DUW� ���� 'HVWDUWH� QmR YHGD D UHJXODomR
GHVVDV PDWpULDV PHGLDQWH GLYHUVDV OHLV FRPSOHPHQWDUHV� $ HVFROKD GR
PpWRGR p IXQomR GH PHUR FULWpULR SROtWLFR GR *RYHUQR H GR &RQJUHVVR
1DFLRQDO�
��� $OpP GLVVR� D &RQVWLWXLomR� QR VHX DUW� ��� DWULEXL FRPSHWrQFLD DR
6HQDGR )HGHUDO SDUD� D� DXWRUL]DU RSHUDo}HV H[WHUQDV GH QDWXUH]D ILQDQFHL�
UD� GH LQWHUHVVH GD 8QLmR� GRV (VWDGRV� GR 'LVWULWR )HGHUDO H GRV0XQLFtSLRV�
E� IL[DU� SRU SURSRVWD GR 3UHVLGHQWH GD 5HS~EOLFD� OLPLWHV JOREDLV SDUD R
PRQWDQWH GD GtYLGD FRQVROLGDGD GD 8QLmR� GRV (VWDGRV� GR 'LVWULWR )HGHUDO
H GRV 0XQLFtSLRV� H F� GLVSRU VREUH OLPLWHV JOREDLV H FRQGLo}HV SDUD DV
RSHUDo}HV GH FUpGLWR H[WHUQR H LQWHUQR GRV HQWHV S~EOLFRV� OLPLWHV H
FRQGLo}HV SDUD D FRQFHVVmR GH JDUDQWLD GD 8QLmR HP RSHUDo}HV GH FUpGLWR
H[WHUQR H LQWHUQR H OLPLWHV H FRQGLo}HV SDUD RPRQWDQWH GD GtYLGDPRELOLiULD
GRV (VWDGRV� 'LVWULWR )HGHUDO H 0XQLFtSLRV�
��� &RPR VH Yr� D &RQVWLWXLomR HVWDEHOHFH DV QRUPDV EiVLFDV SDUD D
OHJLVODomR FRPSOHPHQWDU UHODWLYD jV ILQDQoDV S~EOLFDV� 'HVVH PRGR� D
FKDPDGD UHIRUPD GDV )LQDQoDV3~EOLFDV QmR GHSHQGLD GH HPHQGD FRQV�
WLWXFLRQDO� PDV� WmR�VRPHQWH� GD HGLomR GDV OHLV FRPSOHPHQWDUHV SUHYLVWDV
QDTXHOD &DUWD�
��� 3DUD HODERUDU XP DQWHSURMHWR GH OHL FRPSOHPHQWDU GH ILQDQoDV S~EOLFDV�
D ILP GH UHJXODU DV GLVSRVLo}HV FRQVWLWXFLRQDLV DQWHV UHIHULGDV� R *RYHUQR
RUJDQL]RX� QR %DQFR 1DFLRQDO GH 'HVHQYROYLPHQWR (FRQ{PLFR H 6RFLDO
�%1'(6�� XP JUXSR GH HVWXGRV� FRPSRVWR SRU HVSHFLDOLVWDV� WHQGR j IUHQWH
R FRPSHWHQWH H GHGLFDGR HFRQRPLVWD -RVp 5REHUWR $IRQVR�
��� 1HVVH H[DXVWLYR WUDEDOKR� IRUDP FRQVLGHUDGRV RV HVWXGRV GHVHQYROYLGRV
SRU RUJDQLVPRV LQWHUQDFLRQDLV� FRPR R )0,� R %,5'� R %,'� D 2&'( H D
&(3$/� XQkQLPHV TXDQWR j QHFHVVLGDGH GH XPD GLVFLSOLQD ILVFDO UtJLGD�
FRPR FRQGLomR j HVWDELOLGDGH PRQHWiULD H j RUGHP HFRQ{PLFD H VRFLDO�
��
PXLWR HPERUD QmR KDMD HQWUH HOHV XP FRQVHQVR TXDQWR DR PRGHOR D VHU
DGRWDGR� HP IDFH GDV SHFXOLDULGDGHV H GD FXOWXUD GH FDGD SDtV�
��� 7DPEpP IRUDP WRPDGDV QD GHYLGD FRQWD DV UHJUDV GH GLVFLSOLQD ILVFDO
DGRWDGDV SHOD 8QLmR (XURSpLD �7UDWDGR GH 0DDVWULFKW� GH ������ SHORV
(VWDGRV 8QLGRV �%XGJHW (QIRUFHPHQW $FW ² %($� GH ����� H SHOD 1RYD
=HOkQGLD �)LVFDO 5HVSRQVDELOLW\ $FW GH ����� HPHQGDGR HP ������ HVWDV
FRQVLGHUDGDV FRPR XP PRGHOR GH WUDQVSDUrQFLD ILVFDO�
��� 'HVVHV HVWXGRV H GD FRQWULEXLomR GH WpFQLFRV GH GLYHUVRV 0LQLVWpULRV H
yUJmRV� GH FHUFD GH ����� VXJHVW}HV H� HP HVSHFLDO� GD SDUWLFLSDomR SHVVRDO
GR 0LQLVWUR GR 3ODQHMDPHQWR� 2UoDPHQWR H *HVWmR� 'U� 0DUWXV 7DYDUHV ²
VHUYLGRU H[HPSODU ² UHVXOWRX R H[FHOHQWH DQWHSURMHWR GH OHL FRPSOHPHQWDU
VXEPHWLGR DR &RQJUHVVR 1DFLRQDO� SHOR 3UHVLGHQWH GD 5HS~EOLFD� FRP D
0HQVDJHP Qº ���� GH �������� H TXH VH UHYHODYD LQWHLUDPHQWH LQRYDGRU�
SRLV QmR VH IXQGDPHQWDYD HP TXDOTXHU WH[WR GD OHJLVODomR QDFLRQDO RX
HVWUDQJHLUD�
��� 2 UHIHULGR SURMHWR WLQKD SRU REMHWR UHJXODU R DUW� ���� LQFLVRV ,� ,,� ,,, H
,9� H R DUW� ��� GD &RQVWLWXLomR� GLVSRQGR VREUH RV SULQFtSLRV IXQGDPHQWDLV
H DV QRUPDV JHUDLV GH ILQDQoDV S~EOLFDV H HVWDEHOHFHQGR R UHJLPH GH JHVWmR
ILVFDO UHVSRQViYHO�
��� $ HVSLQKD GRUVDO GR SURMHWR UHVLGLD QD HQXPHUDomR GRV SULQFtSLRV
IXQGDPHQWDLV GD JHVWmR UHVSRQViYHO GDV ILQDQoDV S~EOLFDV� GHVGREUDGRV HP
QRUPDV FRHUFLWLYDV SDUD SUHYHQLU H FRUULJLU RV HYHQWXDLV GHVYLRV GH FRPSRU�
WDPHQWR GDV DXWRULGDGHV UHVSRQViYHLV SHORV DWRV H Do}HV FRQFHUQHQWHV j
JHUDomR H j UHDOL]DomR GD GHVSHVD S~EOLFD� QRWDGDPHQWH QD iUHD GH SHVVRDO
H GD VHJXULGDGH VRFLDO H RXWUDV GH GXUDomR FRQWLQXDGD� H QDV VLWXDo}HV
LPSUHYLVWDV� EHP DVVLP DV SHUWLQHQWHV j UHDOL]DomR GH LQYHVWLPHQWRV� j
DVVXQomR GH GtYLGDV H RXWUDV REULJDo}HV H DR WUDWDPHQWR GDV GLVSRQLELOL�
GDGHV GH FDL[D H GDV VLWXDo}HV GH LQVXILFLrQFLD GHVWD�
��� 2V SULQFtSLRV IXQGDPHQWDLV GD JHVWmR ILVFDO UHVSRQViYHO VHULDP� ,� D
SUHYHQomR GH GpILFLWV LPRGHUDGRV H UHLWHUDGRV� ,,� D OLPLWDomR GD GtYLGD D
QtYHO SUXGHQWH� DVVLP HQWHQGLGR R FRPSDWtYHO FRP D UHFHLWD WULEXWiULD
HIHWLYD H R SDWULP{QLR OtTXLGR� ,,,� D JHVWmR DSURSULDGD GH FXVWRV H SUD]RV
GH PDWXUDomR GD GtYLGD� ,9� D SUHVHUYDomR GR SDWULP{QLR OtTXLGR HP QtYHO
DGHTXDGR� 9� D DGRomR GH SROtWLFD WULEXWiULD SUHYLVtYHO� 9,� D OLPLWDomR GRV
JDVWRV FRQWLQXDGRV� 9,,� D FRPSHQVDomR GRV HIHLWRV GHFRUUHQWHV GR DXPHQ�
��
WR GXUDGRXUR GRV JDVWRV� 9,,,� D SUHYHQomR GH GHVHTXLOtEULRV HVWUXWXUDLV QDV
FRQWDV S~EOLFDV� ,;� D DGPLQLVWUDomR SUXGHQWH GH ULVFRV ILVFDLV� DVVLP HQWHQ�
GLGRV RV SDVVLYRV FRQWLQJHQWHV H RV HYHQWRV LPSUHYLVWRV� ;� D DGRomR GH
SURFHVVR SHUPDQHQWH GH SODQHMDPHQWR� ;,� D WUDQVSDUrQFLD QD HODERUDomR
H GLYXOJDomR GH GRFXPHQWRV ILVFDLV� ;,,� R DPSOR DFHVVR GD VRFLHGDGH jV
FRQWDV S~EOLFDV� H ;,,� D DGRomR GH PHGLGDV FRUUHWLYDV H SXQLWLYDV GH
HYHQWXDLV GHVYLRV�
��� &RPR LQVWUXPHQWR UHOHYDQWH SDUD JDUDQWLU D ILHO H[HFXomR GDV QRUPDV
GH JHVWmR ILVFDO H DVVHJXUDU D HIHWLYD WUDQVSDUrQFLD GDV FRQWDV S~EOLFDV� R
SURMHWR SUHYLD XPD GHFODUDomR GH JHVWmR ILVFDO UHVSRQViYHO� D VHU ILUPDGD
WULPHVWUDOPHQWH SHORV FKHIHV GRV WUrV 3RGHUHV H GR 0LQLVWpULR 3~EOLFR� QDV
HVIHUDV IHGHUDO� HVWDGXDO H PXQLFLSDO�
��� 2 SURMHWR GH OHL FRPSOHPHQWDU HUD DFRPSDQKDGR GH XP SURMHWR GH OHL
RUGLQiULD HVWDEHOHFHQGR QRYRV WLSRV SHQDLV GH FULPHV GH UHVSRQVDELOLGDGH
H GH FULPHV FRQWUD DV ILQDQoDV S~EOLFDV�
��� 1D &kPDUD GRV 'HSXWDGRV� R WH[WR GR SURMHWR GR ([HFXWLYR IRL
VXEVWDQFLDOPHQWH PRGLILFDGR� FRP D VXSUHVVmR GH QXPHURVRV SUHFHLWRV H
FDStWXORV LQWHLURV H R DFUpVFLPR GH RXWURV WHPDV� GDQGR RULJHP D XP
VXEVWLWXWLYR� TXH� DSURYDGR QD&kPDUD H� VHP HPHQGDV� QR 6HQDGR )HGHUDO�
UHFHEHX� QXP PRPHQWR KLVWyULFR� D VDQomR GR 3UHVLGHQWH )HUQDQGR +HQ�
ULTXH &DUGRVR �FRP TXLQ]H YHWRV�� WUDQVIRUPDQGR�VH� DVVLP� QD /HL &RP�
SOHPHQWDU Qº ���� GH ��������� TXH ´HVWDEHOHFH QRUPDV GH ILQDQoDV
S~EOLFDV YROWDGDV SDUD D UHVSRQVDELOLGDGH QD JHVWmR ILVFDOµ�
��� 2 WH[WR DSURYDGR SHOR &RQJUHVVR 1DFLRQDO DSULPRURX� HP DOJXQV
DVSHFWRV� R SURMHWR GR ([HFXWLYR� 1RXWUDV PRGLILFDo}HV� WRGDYLD� DWLQJLX
WRGD D HVWUXWXUD GR SURMHWR GR JRYHUQR� GHVFRQHFWDQGR H H[FOXLQGR SDUWHV
HVVHQFLDLV GH XPD VLVWHPiWLFD GH FRQWUROH GD JDVWDQoD S~EOLFD� WpFQLFD H
PLQXFLRVDPHQWH HODERUDGD� FRPR� SRU H[HPSOR� DV UHODWLYDV j SUXGrQFLD
QD DGPLQLVWUDomR ILQDQFHLUD H SDWULPRQLDO� j HVWUXWXUDomR GDV FRQWDV S~EOL�
FDV H jV QRUPDV FRHUFLWLYDV SDUD FRUUHomR GRV GHVYLRV ILVFDLV� LQFOXVLYH RV
HILFD]HV LQVWUXPHQWRV GR FRUWH DXWRPiWLFR GH GHVSHVD H GD GHVDWLYDomR
WHPSRUiULD RX H[WLQomR GH yUJmRV� XQLGDGHV RX VXE�XQLGDGHV� VHP DIHWDU
R IXQFLRQDPHQWR GH VHUYLoRV HVVHQFLDLV�
��� $ QRYD OHL JXDUGD SRXFD VHPHOKDQoD FRP R WH[WR GR SURMHWR GH OHL
VXEPHWLGR DR &RQJUHVVR 1DFLRQDO SHOR 3UHVLGHQWH GD 5HS~EOLFD� IDWR TXH
��
SDUHFH WHU HVFDSDGR DR QRWLFLiULR GRV PHLRV GH FRPXQLFDomR H DRV FRPHQ�
WiULRV GRV DUWLFXOLVWDV H HVSHFLDOLVWDV�
��� 'H TXDOTXHU IRUPD� D QRYD OHL� DR SUHHQFKHU XPD ODFXQD QR FDPSR GDV
ILQDQoDV S~EOLFDV H DR UHJXODU DV GLVSRVLo}HV FRQVWLWXFLRQDLV SHUWLQHQWHV�
UHSUHVHQWD XP QRWiYHO DYDQoR QD OLPLWDomR GR SURFHVVR DSDUHQWHPHQWH
LQFRQWUROiYHO GD JDVWDQoD S~EOLFD� QRV WUrV QtYHLV GH JRYHUQR H QRV WUrV
SRGHUHV�
��� 1RXWUD RSRUWXQLGDGH� QXPPHOKRU HVWiJLR GH QRVVD FXOWXUD SROtWLFD� SRU
FHUWR RV JRYHUQDQWHV� SRU LQLFLDWLYD SUySULD RX SRU H[LJrQFLD GD FROHWLYLGDGH�
WUDWDUmR GH DSHUIHLoRDU D OHJLVODomR UHODWLYD j JHVWmR UHVSRQViYHO GDV ILQDQoDV
S~EOLFDV� GH PRGR D HOLPLQDU� GHILQLWLYDPHQWH� D ´EDGHUQD ILVFDOµ UHDOL]DGD
LPSXQHPHQWH j FRQWD GR VRIULGR EROVR GRV FRQWULEXLQWHV EUDVLOHLURV� SDUD
DOoDU R %UDVLO DR JUXSR GRV SDtVHV� FRPR RV GD 8QLmR (XURSpLD� TXH ]HODP�
HIHWLYDPHQWH� SHOR HPSUHJR GH FDGD FHQWDYR GD UHFHLWD S~EOLFD�
��� (QILP� R SURMHWR GR ([HFXWLYR HUD XP EHOR LGHDO WpFQLFR� DR QtYHO GDV
QRUPDV GD 8QLmR (XURSpLD H GD 1RYD =HOkQGLD� $ /HL &RPSOHPHQWDU Qº
��� p D UHDOLGDGH EUDVLOHLUD IDFWtYHO� &RQIRUPH D PHPRUiYHO REVHUYDomR GH
-D\PH GH $OWDYLOOD �2ULJHP GRV 'LUHLWRV GRV 3RYRV�� ´RV DUWtILFHV GRV GLUHLWRV
GRV SRYRV QmR IL]HUDP RXWUD FRLVD VHQmR ROKDU DUJXWDPHQWH D VXD VRFLHGDGH
H SLQWi�ODµ� )RL R TXH IH] R &RQJUHVVR 1DFLRQDO�
���$�/(,�&203/(0(17$5�1º������'(����������
��� $ /HL &RPSOHPHQWDU Qº ��� HVWi GLYLGLGD HP GH] FDStWXORV� 2 &DStWXOR
LQLFLDO DEUDQJH DV GLVSRVLo}HV SUHOLPLQDUHV� 2 DUW� �º LQGLFD TXH D OHL WHP
´DPSDUR QR &DStWXOR ,, GR 7tWXOR 9, GD &RQVWLWXLomRµ� R TXH FRQVWLWXL XPD
LPSURSULHGDGH� SRLV� QD UHDOLGDGH� D OHL UHJXOD DOJXPDV GLVSRVLo}HV FRQV�
WLWXFLRQDLV� R DUW� ���� LQFLVRV ,� ,, H ,,, �ILQDQoDV S~EOLFDV HP VHQWLGR DPSOR�
GtYLGD S~EOLFD LQWHUQD H H[WHUQD� FRQFHVVmR GH JDUDQWLD SHODV HQWLGDGHV
S~EOLFDV�� R LQFLVR ,, GR � �º GR DUW� ��� �QRUPDV GH JHVWmR ILQDQFHLUD H
SDWULPRQLDO GD DGPLQLVWUDomR GLUHWD H LQGLUHWD� H R DUW� ��� �OLPLWHV SDUD DV
GHVSHVDV UHODWLYDV D SHVVRDO DWLYR H LQDWLYR�� GHL[DQGRGH UHJXODU� QXPD JUDYH
RPLVVmR� R LQFLVR ,9 GR DUW� ���� RX VHMD� D HPLVVmR H UHVJDWH GH WtWXORV GD
GtYLGD S~EOLFD� PDWpULD GH UHOHYDQWH LQWHUHVVH S~EOLFR�
��
��� $ OHL UHIHUH�VH DR SODQR SOXULDQXDO H j OHL GH GLUHWUL]HV RUoDPHQWiULDV�
PDV QmR GLVS}H VREUH R H[HUFtFLR ILQDQFHLUR� D YLJrQFLD� RV SUD]RV� D
HODERUDomR H D RUJDQL]DomR GHVVDV OHLV� GHL[DQGR� DVVLP� GH UHJXODU WRGD D
PDWpULD SUHYLVWD QR LQFLVR , GR � �º GR DUW� ��� GD &RQVWLWXLomR� 7DPEpP
QmR FRQWpP QRUPDV GHILQDQoDV S~EOLFDV UHODWLYDV j RUJDQL]DomR GRV
RUoDPHQWRV� GRV EDODQoRV H GD FRQWDELOLGDGH S~EOLFD� PDWpULD TXH FRQWLQXD
UHJXODGD SHOD /HL Qº ������ GH �������� TXH HVWDEHOHFH ´QRUPDV JHUDLV GH
GLUHLWR ILQDQFHLURµ� $ UHXQLmR GH WRGDV HVVDV PDWpULDV QXPD Vy OHL FRPSOH�
PHQWDU FRQVWLWXLULD XP YHUGDGHLUR &yGLJR GH )LQDQoDV 3~EOLFDV� TXH� QR
IXWXUR� FHUWDPHQWH VHUi HODERUDGR�
��� $ DQiOLVH GH WRGR R WH[WR GD /HL &RPSOHPHQWDU Qº �������� SHUPLWH
DR H[HJHWD GHOH H[WUDLU XPD VLVWHPiWLFD� RULJLQiULD GR SURMHWR GR ([HFXWLYR
H TXH VREUHYLYHX jV DOWHUDo}HV UHGDFLRQDLV LQWURGX]LGDV QD &kPDUD GRV
'HSXWDGRV�
��� 7DO VLVWHPiWLFD REMHWLYD D GHIHVD GDV ILQDQoDV S~EOLFDV H FRPS}H�VH
GH GH] SDUWHV LQWHJUDGDV� QRYH GDV TXDLV VH VXFHGHP QR WH[WR GD /HL
&RPSOHPHQWDU Qº �������� H D ~OWLPD FRQVWLWXL R FRQWH~GR GH XPD OHL
RUGLQiULD GH QDWXUH]D FULPLQDO� (VVDV GH] SDUWHV DVVLP SRGHP VHU HQXPH�
UDGDV�
�ª� D REULJDWyULD LQFOXVmR� QDV /HLV GH 'LUHWUL]HV 2UoDPHQWiULDV� GH XP
$QH[R GH 0HWDV )LVFDLV DQXDLV SDUD UHFHLWDV� GHVSHVDV� GtYLGD S~EOLFD H
GDGRV VREUH SDWULP{QLR OtTXLGR� VLWXDomR ILQDQFHLUD H DWXDULDO H UHJLPH GH
SUHYLGrQFLD� WXGR SDUD WUrV H[HUFtFLRV� H XP $QH[R GH 5LVFRV )LVFDLV� SDUD
DYDOLDU RV SDVVLYRV FRQWLQJHQWHV �JDUDQWLDV FRQFHGLGDV� LQGHQL]Do}HV SUHYLV�
WDV HP OHL� FRQGHQDo}HV MXGLFLDLV� H RXWURV FDSD]HV GH DOWHUDU DV FRQWDV
S~EOLFDV� FRP SUHYLVmR GH PHGLGDV FRUUHWLYDV�
�ª� YHGDo}HV�
�ª� OLPLWHV�
�ª� QRUPDV�
�ª� VDQo}HV SDUD GHVYLRV ILVFDLV�
�ª� PHGLGDV SDUD FRUUHomR GH GHVYLRV ILVFDLV�
�ª� 5HODWyULR GH *HVWmR )LVFDO�
�ª� ILVFDOL]DomR�
�ª� WUDQVSDUrQFLD ILVFDO� H
��ª� UHVSRQVDELOL]DomR FULPLQDO�
��
��� 7UDWDQGR�VH GH XPD OHL H[WHQVD ² �� �VHWHQWD H FLQFR� DUWLJRV� GLVSRVWRV
HP �� �GH]� &DStWXORV ²� DILJXUD�VH PDLV DGHTXDGR� DRV OLPLWHV GHVWH
WUDEDOKR� GHVWDFDU RV SRQWRV PDLV LPSRUWDQWHV�
&DStWXOR ,
'DV 'LVSRVLo}HV 3UHOLPLQDUHV
��� 5HVXPLQGR RV SULQFtSLRV IXQGDPHQWDLV GR SURMHWR GR ([HFXWLYR� D OHL
GLVS}H TXH�
´$ UHVSRQVDELOLGDGH QD JHVWmR ILVFDO SUHVVXS}H D DomR SODQHMDGD� HP
TXH VH SUHYLQHP ULVFRV H FRUULJHP GHVYLRV FDSD]HV GH DIHWDU R
HTXLOtEULR GDV FRQWDV S~EOLFDV� PHGLDQWH R FXPSULPHQWR GH PHWDV
GH UHVXOWDGRV HQWUH UHFHLWDV H GHVSHVDV H D REHGLrQFLD D OLPLWHV H
FRQGLo}HV QR TXH WDQJH D UHQ~QFLD GH UHFHLWD� JHUDomR GH GHVSHVDV
FRP SHVVRDO� GD VHJXULGDGH VRFLDO H RXWUDV� GtYLGD FRQVROLGDGD H
PRELOLiULD� RSHUDo}HV GH FUpGLWR� LQFOXVLYH SRU DQWHFLSDomR GH UHFHL�
WD� FRQFHVVmR GH JDUDQWLD H LQVFULomR HP 5HVWRV D 3DJDU�µ �DUW� �º� � �º�
��� $V GLVSRVLo}HV GD QRYD OHL VmR DSOLFiYHLV ² FRP EDVH FRQVWLWXFLRQDO ²
QmR Vy j 8QLmR� PDV WDPEpP DRV (VWDGRV� DR 'LVWULWR )HGHUDO H DRV
0XQLFtSLRV� EHP DVVLP DRV WUrV 3RGHUHV� DR 0LQLVWpULR 3~EOLFR H DRV
7ULEXQDLV GH &RQWDV �DUW� �º� �� �º H �º� LQFLVRV ,� DOtQHD D� ,, H ,,,�� ( VmR
DSOLFiYHLV QmR Vy j DGPLQLVWUDomR GLUHWD� PDV WDPEpP D IXQGRV� DXWDUTXLDV�
IXQGDo}HV H HPSUHVDV HVWDWDLV GHSHQGHQWHV �DUW� �º� � �º� LQFLVR ,� DOtQHD E��
LVWR p� DV TXH UHFHEDP ´GR HQWH FRQWURODGRU UHFXUVRV ILQDQFHLURV SDUD
SDJDPHQWR GH GHVSHVDV FRP SHVVRDO RX GH FXVWHLR HP JHUDO RX GH FDSLWDO�
H[FOXtGRV� QR ~OWLPR FDVR� DTXHOHV SURYHQLHQWHV GH DXPHQWR GD SDUWLFLSD�
omR DFLRQiULDµ �DUW��º� LQFLVR ,,,��
&DStWXOR ,,
'R 3ODQHMDPHQWR
��� 6RE R WtWXOR ´'R 3ODQHMDPHQWRµ� D OHL HQYROYH QRUPDV VREUH�
�º� R 3ODQR 3OXULDQXDO� HP DUWLJR ~QLFR �DUW� �º�� TXH IRL YHWDGR SHOR
3UHVLGHQWH GD 5HS~EOLFD� HP IDFH GD H[LJ�LGDGH GRV SUD]RV SDUD D
VXD HODERUDomR �TXDWUR PHVHV� H YRWDomR �GRLV PHVHV�� 'DGD D UHGD�
omR GR GLVSRVLWLYR� R YHWR DWLQJLX R SDUiJUDIR TXH HVWDEHOHFLD D
��
LQFOXVmR� QR 3ODQR 3OXULDQXDO� GH XP $QH[R GH 3ROtWLFD )LVFDO� FRP
RV REMHWLYRV H PHWDV SOXULDQXDLV�
�º� D /HL GH 'LUHWUL]HV 2UoDPHQWiULDV� TXH VHUi LQWHJUDGD SRU XP
$QH[R GH 0HWDV )LVFDLV� HP TXH VHUmR HVWDEHOHFLGDV PHWDV DQXDLV�
HP YDORUHV FRUUHQWHV H FRQVWDQWHV� UHODWLYDV D UHFHLWDV� GHVSHVDV�
UHVXOWDGR QRPLQDO H SULPiULR H PRQWDQWH GD GtYLGD S~EOLFD SDUD R
H[HUFtFLR D TXH VH UHIHULUHP H SDUD RV GRLV VHJXLQWHV� H XP $QH[R GH
5LVFRV )LVFDLV� ´RQGH VHUmR DYDOLDGRV RV SDVVLYRV FRQWLQJHQWHV H RXWURV
ULVFRV FDSD]HV GH DOWHUDU DV FRQWDV S~EOLFDVµ �DUW� �º�� H
�º� D /HL 2UoDPHQWiULD DQXDO� TXH FRQWHUi� HP DQH[R� XP GHPRQV�
WUDWLYR GH FRPSDWLELOLGDGH GD SURJUDPDomR GRV RUoDPHQWRV FRP RV
REMHWLYRV H PHWDV FRQVWDQWHV GR $QH[R GH 0HWDV )LVFDLV GD /HL GH
'LUHWUL]HV 2UoDPHQWiULDV� H� DLQGD� XPD UHVHUYD GH FRQWLQJrQFLD
GHVWLQDGD D DWHQGHU DRV SDVVLYRV FRQWLQJHQWHV H RXWURV ULVFRV H
HYHQWRV ILVFDLV LPSUHYLVWRV �DUW� �º��
��� $R GLVFLSOLQDU D H[HFXomR RUoDPHQWiULD� D OHL� HP LQRYDomR GH LPHQVD
LPSRUWkQFLD SDUD R HTXLOtEULR GDV FRQWDV S~EOLFDV� GLVS}H TXH ´VH YHULILFDGR�
DR ILQDO GH XP ELPHVWUH� TXH D UHDOL]DomR GD UHFHLWD SRGHUi QmR FRPSRUWDU
R FXPSULPHQWR GDV PHWDV GH UHVXOWDGR SULPiULR >UHVXOWDGR HQWUH DV UHFHLWDV
H DV GHVSHVDV S~EOLFDV QmR�ILQDQFHLUDV@ RX QRPLQDO >UHVXOWDGR HQWUH DV
UHFHLWDV H DV GHVSHVDV S~EOLFDV� LQFOXLQGR UHFHLWDV H GHVSHVDV ILQDQFHLUDV�
EHP DVVLP RV HIHLWRV GD LQIODomR �FRUUHomR PRQHWiULD� H GD YDULDomR
FDPELDO@� HVWDEHOHFLGDV QR $QH[R GH 0HWDV )LVFDLVµ GD /HL GH 'LUHWUL]HV
2UoDPHQWiULDV ² /'2� RV WUrV 3RGHUHV H R0LQLVWpULR 3~EOLFR ´SURPRYHUmR�
SRU DWR SUySULR H QRV PRQWDQWHV QHFHVViULRV� QRV WULQWD GLDV VXEVHT�HQWHV�
OLPLWDomR GH HPSHQKR H PRYLPHQWDomR ILQDQFHLUD� VHJXQGR RV FULWpULRV
IL[DGRV SHOD OHL GH GLUHWUL]HV RUoDPHQWiULDVµ �DUW� �º� FDSXW��
��� 1R FDVR GH RV 3RGHUHV /HJLVODWLYR H -XGLFLiULR H R 0LQLVWpULR 3~EOLFR
QmR SURPRYHUHP D OLPLWDomR QR SUD]R HVWDEHOHFLGR� QR FDSXW GR DUW� �º� R
3RGHU ([HFXWLYR� FRPR SUHFHLWXD R � �º� HVWDUi ´DXWRUL]DGR D OLPLWDU RV
YDORUHV ILQDQFHLURV >R UHSDVVH RX HQWUHJD GH UHFXUVRV@ VHJXQGR RV FULWpULRV
IL[DGRV SHOD OHL GH GLUHWUL]HV RUoDPHQWiULDVµ�
��� $OJXQV HQWHQGHP TXH HVVH GLVSRVLWLYR DGPLWLULD XPD HVSpFLH GH LQJH�
UrQFLD GR ([HFXWLYR VREUH R /HJLVODWLYR� R -XGLFLiULR H R 0LQLVWpULR 3~EOLFR
H� SRU FRQVHT�rQFLD� YLRODULD R SULQFtSLR FRQVWLWXFLRQDO GD LQGHSHQGrQFLD
��
HQWUH RV 3RGHUHV� 7DO HQWHQGLPHQWR� HQWUHWDQWR� LPSURFHGH� $ OLPLWDomR
HVWi VXMHLWD� HVWULWDPHQWH� DRV FULWpULRV� LVWR p� jV FRQGLo}HV HVWDEHOHFLGDV
HP OHL� 1D KLSyWHVHGH RPLVVmR GR /HJLVODWLYR� GR -XGLFLiULR RX GR0LQLVWpULR
3~EOLFR� D OHL REULJD R ([HFXWLYR D SUDWLFDU XP DWR DGPLQLVWUDWLYR� QD VXD
HVIHUD GH FRPSHWrQFLD� RUoDPHQWiULD H ILQDQFHLUD� H QD FRQIRUPLGDGH GR
GLVSRVWR QD OHL GH GLUHWUL]HV RUoDPHQWiULDV�
��� $V OHLV GH ILQDQoDV S~EOLFDV WrP IRUoD FRQVWLWXFLRQDO SDUD IL[DU RV
PRQWDQWHV GDV GRWDo}HV GHVWLQDGDV DRV WUrV SRGHUHV �DUW� ���� LQFLVR ,,,� �
�º� LQFLVR ,� H � �º�� HVWDEHOHFHU QRUPDV GH JHVWmR ILQDQFHLUD �DUW� ���� � �º�
LQFLVR ,,�� H� PDLV HVSHFLILFDPHQWH� GLVSRU VREUH D IRUPD GH HQWUHJD� SHOR
([HFXWLYR� DR /HJLVODWLYR� DR -XGLFLiULR H DR0LQLVWpULR 3~EOLFR� GRV ´UHFXUVRV
FRUUHVSRQGHQWHV jV GRWDo}HV RUoDPHQWiULDV� FRPSUHHQGLGRV RV FUpGLWRV
VXSOHPHQWDUHV H HVSHFLDLVµ �DUW� ����� 7DLV OHLV� VRE R LPSpULR GR SULQFtSLR
EDVLODU GH HTXLOtEULR GDV FRQWDV S~EOLFDV �/& Qº ��������� DUW� �º� � �º�� WrP
IRUoD� SRLV� SDUD LPSRU FRQWLQJrQFLDV D WRGRV RV 3RGHUHV� D ILP GH DMXVWDU D
H[HFXomR RUoDPHQWiULD jV GLVSRQLELOLGDGHV GR 7HVRXUR 1DFLRQDO� DV TXDLV
GHSHQGHP GD DUUHFDGDomR� FXMD UHDOL]DomR� DR ORQJR GR H[HUFtFLR ILQDQFHL�
UR� QHP VHPSUH FRUUHVSRQGH jV HVWLPDWLYDV� HP IDFH GH IDWRV LPSUHYLVWRV H
GD SUySULD FRQMXQWXUD HFRQ{PLFD�
��� &RP HVVHV IXQGDPHQWRV FRQVWLWXFLRQDLV H HP IXQomR GH WDLV SUHVVXSRV�
WRV� R DUW� �º GD /& Qº �������� DWULEXL DR ([HFXWLYR R HQFDUJR GH
HVWDEHOHFHU� HP FDGD H[HUFtFLR� ´D SURJUDPDomR ILQDQFHLUD H R FURQRJUDPD
GH H[HFXomR PHQVDO GH GHVHPEROVRµ H R SUHFLWDGR DUW� �º LPSXWD� DRV WUrV
3RGHUHV H DR 03� D SUiWLFD GH DWRV SDUD D ´OLPLWDomR GH HPSHQKRV H GH
PRYLPHQWDomR ILQDQFHLUDµ� VHJXQGR ´RV FULWpULRV HVWDEHOHFLGRV QD OHL GH
GLUHWUL]HV RUoDPHQWiULDVµ� LVVR QD KLSyWHVH GH VH YHULILFDU� DR ILQDO GH XP
ELPHVWUH� R GHVFXPSULPHQWR GDV PHWDV HVWDEHOHFLGDV QR $QH[R GH 0HWDV
)LVFDLV�
��� &RPR FRUROiULR GHVVD UHJUD H SDUD JDUDQWLU D VXD HILFiFLD� R � �º GR DUW�
�º LPS}H� DR ([HFXWLYR� XP SURFHGLPHQWR VXSOHPHQWDU� GLWDGR SHOD SUHYD�
OrQFLD GR SULQFtSLR GR HTXLOtEULR HQWUH UHFHLWDV H GHVSHVDVS~EOLFDV H TXH
QmR WHP D QDWXUH]D GH DWR OHJLVODWLYR RX MXGLFLDO� QHP LPSRUWD HP LQYDVmR
GD iUHD GH FRPSHWrQFLD GR /HJLVODWLYR� GR -XGLFLiULR H GR 0LQLVWpULR
3~EOLFR�
��� $ILQDO� LQFXPEH DR ([HFXWLYR SURPRYHU D UHDOL]DomR GDV UHFHLWDV
S~EOLFDV H HQWUHJDU DRV RXWURV 3RGHUHV RV YDORUHV FRUUHVSRQGHQWHV jV
��
GRWDo}HV TXH OKH IRUHP FRQVLJQDGDV QR 2UoDPHQWR� GH DFRUGR FRP D
SURJUDPDomR ILQDQFHLUD H R FURQRJUDPD GH H[HFXomR PHQVDO GH GHVHPEROVR�
��� (YLGHQWHPHQWH� VH DV UHFHLWDV QmR FRUUHVSRQGHUHP j HVWLPDWLYD RUoD�
PHQWiULD� WRUQDU�VH�i QHFHVViULD D DGRomR GH PHGLGDV GH FRQWHQomR� DWp
SRUTXH R ([HFXWLYR� QHVVH FDVR� QmR SRGHUi HQWUHJDU DRV RXWURV 3RGHUHV
UHFXUVRV GH TXH QmR GLVSRQKD� WDQWR PDLV TXH� KRMH� D QRFLYD SUiWLFD GDV
HPLVV}HV HVWi GHILQLWLYDPHQWH H[WLQWD HP QRVVR 3DtV� +DYHULD� QR FDVR� XPD
LPSRVVLELOLGDGH PDWHULDO LQWUDQVSRQtYHO�
��� 3RU FRQVHJXLQWH� R SUHFHLWR GR � �º GR DUW� �º GD /& Qº �������� QmR
SUHVFUHYH XPD LQWHUIHUrQFLD GR ([HFXWLYR QD LQGHSHQGrQFLD GR /HJLVODWLYR
H GR -XGLFLiULR� 7DO GLVSRVLWLYR WHP D QDWXUH]D GH XPD UHJUD GH JHVWmR ILVFDO
LQGLVSHQViYHO j H[HFXomR GR RUoDPHQWR� QD PHGLGD HP TXH� j OX] GR
SULQFtSLR GR HTXLOtEULR HQWUH UHFHLWDV H GHVSHVDV� OLPLWD D UHDOL]DomR GD
GHVSHVD j FRUUHVSRQGHQWH UHDOL]DomR GD UHFHLWD S~EOLFD�
��� 3DUHFH RSRUWXQR REVHUYDU TXH R GLVSRVLWLYR HP IRFR IRL LQVHULGR QR
6XEVWLWXWLYR HODERUDGR SHOD &kPDUD GRV 'HSXWDGRV� HP VXEVWLWXLomR j
VLVWHPiWLFD� PXLWR PDLV UDFLRQDO� FRQVWDQWH GR SURMHWR GR ([HFXWLYR� TXDO
VHMD� D GR GHQRPLQDGR ´FRUWH DXWRPiWLFR GD GHVSHVDµ� PHGLDQWH D DSOLFD�
omR GH ´UHGXomR OLQHDU VREUH RV VDOGRV GDV GRWDo}HV RUoDPHQWiULDV GDV
GHVSHVDV GH WRGRV RV 3RGHUHVµ� H[FHWR DV GHVWLQDGDV DR SDJDPHQWR GR
SHVVRDO H GRV UHVSHFWLYRV HQFDUJRV VRFLDLV�
&DStWXOR ,,,
'D 5HFHLWD 3~EOLFD
��� 7HQGR SRU UHDLV GHVWLQDWiULRV RV (VWDGRV H0XQLFtSLRV TXH QmR LQVWLWXHP
RX QmR DUUHFDGDPRV WULEXWRV GH VXD FRPSHWrQFLD FRQVWLWXFLRQDO� FXVWHDQGR
DV GHVSHVDV FRP R SURGXWR GDV WUDQVIHUrQFLDV HVWDEHOHFLGDV SHOD &RQV�
WLWXLomR� D OHL GLVS}H TXH ´FRQVWLWXHP UHTXLVLWRV HVVHQFLDLV GD UHVSRQVD�
ELOLGDGH QD JHVWmR ILVFDO D LQVWLWXLomR� SUHYLVmR H HIHWLYD DUUHFDGDomR GH
WRGRV RV WULEXWRV GD FRPSHWrQFLD FRQVWLWXFLRQDO GR HQWH GD )HGHUDomRµ�
VHQGR YHGDGDV DV WUDQVIHUrQFLDV YROXQWiULDV GH UHFXUVRV SDUD R HQWH TXH
LQREVHUYDU WDO UHJUD �DUW�����
��
&DStWXOR ,9
'D 'HVSHVD 3~EOLFD
6HomR ,
'D *HUDomR GH 'HVSHVD
��� $ OHL FRQVLGHUD FRPR ´QmR DXWRUL]DGDV� LUUHJXODUHV H OHVLYDV DR SDWULP{�
QLR S~EOLFR D JHUDomR GH GHVSHVD RX DVVXQomR GH REULJDomR TXH QmR
DWHQGDP R GLVSRVWRµ HP VHXV SUHFHLWRV �DUW� ����
��� 2EMHWLYDQGR FRLELU D JHUDomR GH GHVSHVD� VHP IRQWH GH UHFXUVRV
SUHYLDPHQWH GHILQLGD� D OHL GLVS}H ² FRP IDOKDV UHGDFLRQDLV ² TXH ´D FULDomR�
H[SDQVmR RX DSHUIHLoRDPHQWR GH DomR JRYHUQDPHQWDO TXH DFDUUHWH DXPHQ�
WR GD GHVSHVDµ VHUi DFRPSDQKDGD GH ´HVWLPDWLYD GR LPSDFWR RUoDPHQWi�
ULR�ILQDQFHLUR QR H[HUFtFLR HP TXH GHYD HQWUDU HP YLJRU �"� H QRV VXEVH�
T�HQWHVµ H GH ´GHFODUDomR GR RUGHQDGRU GD GHVSHVD GH TXH R DXPHQWR
WHP DGHTXDomR RUoDPHQWiULD H ILQDQFHLUD FRP D OHL RUoDPHQWiULD DQXDO H
FRPSDWLELOLGDGH FRP R SODQR SOXULDQXDO H FRP D OHL GH GLUHWUL]HV RUoDPHQ�
WiULDVµ �DUW� ��� FDSXW H LQFLVRV , H ,,��
6XEVHomR ,
'D 'HVSHVD 2EULJDWyULD GH &DUiWHU &RQWLQXDGR
��� 7DPEpP WHUi GH VHU LQVWUXtGD FRP D HVWLPDWLYD GH LPSDFWR RUoDPHQWi�
ULR� EHP DVVLP FRP D GHPRQVWUDomR GD RULJHPGH UHFXUVRV SDUD R UHVSHFWLYR
FXVWHLR� D GHVSHVD ´REULJDWyULD GH FDUiWHU FRQWLQXDGRµ� DVVLP FRQVLGHUDGD
´D GHVSHVD FRUUHQWH GHULYDGD GH OHL� PHGLGD SURYLVyULD RX DWR DGPLQLVWUDWLYR
QRUPDWLYR TXH IL[HP SDUD R HQWH D REULJDomR OHJDO GH VXD H[HFXomR SRU XP
SHUtRGR VXSHULRU D GRLV H[HUFtFLRVµ �DUW� ��� FDSXW H � �º��
��� 2 DWR TXH FULDU RX DXPHQWDU D GHVSHVD REULJDWyULD GH FDUiWHU FRQWLQXD�
GR QmR SRGHUi DIHWDU DV PHWDV GH UHVXOWDGRV ILVFDLV SUHYLVWDV QR $QH[R GH
0HWDV )LVFDLV GD OHL GH GLUHWUL]HV RUoDPHQWiULDV H RV VHXV HIHLWRV ILQDQFHLURV
QRV H[HUFtFLRV VHJXLQWHV WHUmR GH VHU FRPSHQVDGRV SHOR ´DXPHQWR SHUPD�
QHQWH GH UHFHLWD RX SHOD UHGXomR SHUPDQHQWH GH GHVSHVDµ �� �º��
��� 3DUD HVVH ILP� FRQVLGHUD�VH ´DXPHQWR SHUPDQHQWH GH UHFHLWDµ� WmR�VR�
PHQWH� R TXH IRU ´SURYHQLHQWH GD HOHYDomR GH DOtTXRWDV� DPSOLDomR GD EDVH
GH FiOFXOR� PDMRUDomR RX FULDomR GH WULEXWR RX FRQWULEXLomRµ �� �º�� ILFDQGR
��
YHGDGR R DUWLItFLR GDPHUD ´SUHYLVmR GR DXPHQWR GH DUUHFDGDomRµ� R HXIHPLV�
PR D TXH VHPSUH UHFRUUHUDPRV JRYHUQDQWHV SDUD GLVVLPXODU R GpILFLW� GLVWRUFHU
R RUoDPHQWR H YLRODU R SULQFtSLR GR HTXLOtEULR HQWUH UHFHLWDV H GHVSHVDV �/HL Qº
��������� DUW� ��� DOtQHD E�� $ SURUURJDomR� SRU TXDOTXHU PRWLYR� GH GHVSHVD
FULDGD SRU SUD]R GHWHUPLQDGR p FRQVLGHUDGD DXPHQWR GH GHVSHVD �� �º��
6HomR ,,
'DV 'HVSHVDV FRP 3HVVRDO
��� 8P GRV PDLV LPSRUWDQWHV GLVSRVLWLYRV GD QRYD OHL p R DUW� ��� TXH�
UHJXODQGR R GLVSRVWR QR FDSXW GR DUW� ��� GD &RQVWLWXLomR� DSURIXQGD DV
UHJUDV GD /HL &RPSOHPHQWDU Qº ��� GH ������� �D FKDPDGD ´/HL &DPDWDµ�
UHODWLYDV D OLPLWHV SDUD DV GHVSHVDV UHODWLYDV DR SHVVRDO DWLYR� DRV LQDWLYRV
H DRV UHVSHFWLYRV SHQVLRQLVWDV� IL[DGRV PHGLDQWH SHUFHQWXDLV HP UHIHUrQFLD
j UHFHLWD FRUUHQWH OtTXLGD�
��� $ FLWDGD /& Qº ����� IL[DYD RV OLPLWHV GH ��� SDUD D 8QLmR� ��� SDUD
RV (VWDGRV H 'LVWULWR )HGHUDO H ��� SDUD RV 0XQLFtSLRV� &RQWXGR� LQGX]LD
j GLVSXWD HQWUH RV WUrV 3RGHUHV SRU XPD IDWLD PDLRU GHQWUR GR OLPLWH�
��� -i D /& Qº ��� PDQWpP RV SHUFHQWXDLV IL[DGRV SHOD /& Qº ������ PDV
HVWDEHOHFH� HP FDGD HVIHUD GH JRYHUQR �IHGHUDO� HVWDGXDO H PXQLFLSDO��
SHUFHQWXDLV SDUD FDGD 3RGHU H SDUD R 0LQLVWpULR 3~EOLFR� VHQGR�
, ² QD HVIHUD IHGHUDO� ���� SDUD R /HJLVODWLYR� LQFOXtGR R 7ULEXQDO GH
&RQWDV� ��SDUD R -XGLFLiULR� ����SDUD R0LQLVWpULR 3~EOLFR GD8QLmR
H ����� SDUD R ([HFXWLYR� GRV TXDLV �� SDUD DV GHVSHVDV FRP SHVVRDO
GR -XGLFLiULR� 0LQLVWpULR 3~EOLFR� 'HIHQVRULD 3~EOLFD� SROtFLDV FLYLO H
PLOLWDU� FRUSR GH ERPEHLURV H VHUYLoRV S~EOLFRV GR 'LVWULWR )HGHUDO
�HVVH VXSHUSULYLOpJLR p SUHVFULWR SHOD &RQVWLWXLomR� DUW� ��� ;,,, H ;,9�
H SDUD R SHVVRDO GRV DQWLJRV 7HUULWyULRV GR $PDSi H GH 5RUDLPD �DUW�
�� GD (�&� Qº ���� SRUWDQWR� VmR DSHQDV ����� SDUD R SHVVRDO GD
SUySULD 8QLmR�
,, ² QD HVIHUD HVWDGXDO� �� SDUD R /HJLVODWLYR� LQFOXtGR R 7ULEXQDO GH
&RQWDV� �� SDUD R -XGLFLiULR� ��� SDUD R ([HFXWLYR� H �� SDUD R
0LQLVWpULR 3~EOLFR� H
,,, ² QD HVIHUD PXQLFLSDO� �� SDUD R /HJLVODWLYR� LQFOXtGR R 7ULEXQDO
GH &RQWDV� TXDQGR KRXYHU� H ��� SDUD R ([HFXWLYR �DUW� ����
��
��� 8PD UHOHYDQWH GHFRUUrQFLD GD IL[DomR GH OLPLWHV SDUD DV GHVSHVDV
UHODWLYDV D SHVVRDO GH FDGD 3RGHU p D GH TXH D HQWUHJD GH UHFXUVRV� SHOR
([HFXWLYR� DR /HJLVODWLYR� DR -XGLFLiULR H DR 0LQLVWpULR 3~EOLFR� FRQIRUPH
SUHFHLWXD R DUW� ��� GD &RQVWLWXLomR ² TXH OKHV DVVHJXUD D FKDPDGD
DXWRQRPLD ILQDQFHLUD ²� VHUi IHLWD PHGLDQWH D DSOLFDomR GRV PHQFLRQDGRV
SHUFHQWXDLV VREUH D UHFHLWD FRUUHQWH OtTXLGD� DTXHOHV H HVWD DSXUDGRV QR
PrV HP UHIHUrQFLD FRP DV GRV RQ]H PHVHV LPHGLDWDPHQWH DQWHULRUHV �DUW�
��� � �º�� (VVD LQRYDomR HOLPLQDUi XPD FRQVWDQWH IRQWH GH DWULWRV H LQFRP�
SUHHQV}HV HQWUH DV DXWRULGDGHV GRV WUrV 3RGHUHV�
��� 6H DV GHVSHVDV FRP SHVVRDO� HP FDGD 3RGHU RX QR 03� H[FHGHU D ���
GR UHVSHFWLYR OLPLWH� ILFDUmR YHGDGRV� FRP DV UHVVDOYDV LQGLFDGDV� D� D
FRQFHVVmR GH YDQWDJHP� DXPHQWR� UHDMXVWH RX DGHTXDomR GD UHPXQHUDomR
D TXDOTXHU WtWXOR�E� D FULDomR GH FDUJR� HPSUHJR RX IXQomR� F� R SURYLPHQWR
GH FDUJR S~EOLFR H D DGPLVVmR RX FRQWUDWDomR GH SHVVRDO D TXDOTXHU WtWXOR�
H G� D FRQWUDWDomR GH KRUD�H[WUD �DUW� ����
��� 6H� QR HQWDQWR� D GHVSHVD FRP SHVVRDO H[FHGHU DR SUySULR OLPLWH� R
H[FHVVR WHUi GH VHU HOLPLQDGR QRV GRLV TXDGULPHVWUHV VHJXLQWHV� DGRWDQGR�
VH DV PHGLGDV SUHYLVWDV QR DUW� ��� GD &RQVWLWXLomR� D VDEHU� UHGXomR HP
SHOR PHQRV ��� GDV GHVSHVDV FRP FDUJRV HP FRPLVVmR H IXQo}HV GH
FRQILDQoD� H[RQHUDomR GH VHUYLGRUHV QmR�HVWiYHLV H� VH QHFHVViULR� D H[R�
QHUDomR GH VHUYLGRUHV HVWiYHLV �VRE R HXIHPLVPR GH ´R VHUYLGRU HVWiYHO
SRGHUi SHUGHU R FDUJRµ�� 7DPEpP SRGHUmR VHU DGRWDGDV D UHGXomR GRV
YDORUHV DWULEXtGRV DRV FDUJRV HP FRPLVVmR �R TXH GHSHQGH GH OHL� H D
UHGXomR WHPSRUiULD GD MRUQDGD GH WUDEDOKR FRP DGHTXDomR GRV YHQFLPHQ�
WRV j QRYDFDUJD KRUiULD �DUW� ��� FDSXW H �� �º H �º��
��� 1mR DOFDQoDGD D UHGXomR GR H[FHVVR GD GHVSHVD FRP SHVVRDO� QR SUD]R
OHJDO� R HQWH S~EOLFR QmR SRGHUi UHFHEHU WUDQVIHUrQFLDV YROXQWiULDV GH
UHFXUVRV� REWHU JDUDQWLD GH RXWUR HQWH RX FRQWUDWDU RSHUDomR GH FUpGLWR �DUW�
��� � �º��
6HomR ,,,
'DV 'HVSHVDV FRP D 6HJXULGDGH 6RFLDO
��� 2 DUW� �� UHSURGX] D QRUPD GR � �º GR DUW� ��� GD &RQVWLWXLomR�
GLVSRQGR TXH ´QHQKXP EHQHItFLR RX VHUYLoR UHODWLYR j VHJXULGDGH VRFLDO
SRGHUi VHU FULDGR� PDMRUDGR RX HVWHQGLGR VHP D LQGLFDomR GD IRQWH GH
��
FXVWHLR WRWDOµ� 7DO YHGDomR ² H[SOLFLWD R � �º ² ´DSOLFD�VH D EHQHItFLR RX
VHUYLoR GH VD~GH� SUHYLGrQFLD H DVVLVWrQFLD VRFLDO� LQFOXVLYH RV GHVWLQDGRV
DRV VHUYLGRUHV S~EOLFRV H PLOLWDUHVµ�
&DStWXOR 9
'DV 7UDQVIHUrQFLDV 9ROXQWiULDV
��� 2 DUW� �� SHUPLWH D ´WUDQVIHUrQFLD YROXQWiULDµ� GHILQLGD FRPR ´D HQWUHJD
GH UHFXUVRV FRUUHQWHV RX GH FDSLWDO D RXWUR HQWH GD )HGHUDomR� D WtWXOR GH
FRRSHUDomR� DX[tOLR RX DVVLVWrQFLD ILQDQFHLUD� TXH QmR GHFRUUD GH GHWHUPL�
QDomR FRQVWLWXFLRQDO� OHJDO RX RV GHVWLQDGRV DR 6LVWHPD ÔQLFR GH 6D~GHµ�
DWHQGLGDV DV FRQGLo}HV QHOH IL[DGDV�
��� (VVH GLVSRVLWLYR SRGH VHU WLGR FRPR LQFRQVWLWXFLRQDO� SRLV DGPLWH D
LQYDVmR GD HVIHUD GH FRPSHWrQFLDGRV (VWDGRV� 'LVWULWR )HGHUDO H 0XQLFt�
SLRV� FRPR WDPEpP DGPLWH D XWLOL]DomR GH UHFHLWDV GD 8QLmR RX GH XPD
XQLGDGH GD )HGHUDomR SDUD DWHQGHU GHVSHVD GH RXWUR HQWH� HVWDEHOHFLGD QD
OHL RUoDPHQWiULD GHVWH� 'HVWDUWH� VXEYHUWH WDQWR D SDUWLOKD FRQVWLWXFLRQDO
GR SRGHU ILQDQFHLUR� FRPR D GLYLVmR GH HQFDUJRV HQWUH D 8QLmR� (VWDGRV
H 0XQLFtSLRV H PDQWpP D QHIDVWD SROtWLFD GH GHSHQGrQFLD GRV JRYHUQRV
HVWDGXDLV H PXQLFLSDLV DR SRGHU FHQWUDO� $FUHVFHQWH�VH TXH D FRRSHUDomR
ILQDQFHLUD HQWUH RV GLYHUVRV QtYHLV GH JRYHUQR ² DGPLWLGD SRU -HDQ $QDV�
WRSXORV� HP VXD H[FHOHQWH REUD VREUH R IHGHUDOLVPR ILQDQFHLUR ² HVWi� HQWUH
QyV� SUHVFULWD ² H LPSOLFLWDPHQWH OLPLWDGD² SHOD &RQVWLWXLomR� DWUDYpV GDV
WUDQVIHUrQFLDV GH UHFHLWDV WULEXWiULDV� EHP DVVLP GH UHFXUVRV SDUD DV
iUHDV GH HQVLQR H VD~GH� 2 HVFRSR FRQVWLWXFLRQDO p R GH H[FHSFLRQDU D
SDUWLOKD GR SRGHU ILQDQFHLUR� HVWDEHOHFHQGR� QHVVHV FDVRV� D FRRSHUDomR
HQWUH RV HQWHV GD )HGHUDomR� DLQGD TXH GH PRGR REULJDWyULR� HP IDFH GR
LQWHUHVVH S~EOLFR�
��� 'HYH VHU DVVLQDODGR TXH R SURMHWR GR ([HFXWLYR� DR FRQWUiULR� H[SUHV�
VDPHQWH YHGDYD ´j 8QLmR H DRV (VWDGRV GHVWLQDU UHFXUVRV SDUD DWHQGHU jV
GHVSHVDV FRP Do}HV H VHUYLoRV S~EOLFRV SUySULRV GRV GHPDLV HQWHV GD
)HGHUDomRµ� UHVVDOYDGDV DV GHVWLQDo}HV FRQVWLWXFLRQDLV QDV iUHDV GD VD~GH
H GD HGXFDomR H RV FDVRV GH FDODPLGDGH S~EOLFD�
��
&DStWXOR 9,
'D 'HVWLQDomR GH 5HFXUVRV SDUD R 6HWRU 3ULYDGR
��� $ SDU GH HVWDEHOHFHU FRQGLo}HV TXDQWR j WUDQVIHUrQFLD GH UHFXUVRV SDUD
R VHWRU SULYDGR� D OHL� HP VHX DUW� ��� LQFOXtGR QR 6XEVWLWXWLYR HODERUDGR QD
&kPDUD GRV 'HSXWDGRV� YHLR H[SUHVVDPHQWH SHUPLWLU D XWLOL]DomR GH UHFXU�
VRV S~EOLFRV� PHGLDQWH OHL HVSHFtILFD� SDUD ´VRFRUUHUµ ² D H[SUHVVmR p GR
WH[WR OHJDO ² LQVWLWXLo}HV GR 6LVWHPD )LQDQFHLUR 1DFLRQDO� DLQGD TXH PH�
GLDQWH D FRQFHVVmR GH HPSUpVWLPRV GH UHFXSHUDomR RX ILQDQFLDPHQWRV SDUD
PXGDQoD GH FRQWUROH DFLRQiULR�� R TXH LPSRUWD QR HQWHQGLPHQWR� D FRQ�
WUiULR VHQVR� GH TXH DV RSHUDo}HV GH ´VRFRUURµ D LQVWLWXLo}HV ILQDQFHLUDV
DQWHULRUPHQWH UHDOL]DGDV QmR GLVSXQKDP GH SHUPLVVLYR OHJDO�
��� (VVD GLVSRVLomR FRQWUDULD RV SURSyVLWRV GD /& Qº ��� H p LPSHUWLQHQWH�
SRLV D OHL GR 6LVWHPD )LQDQFHLUR 1DFLRQDO ² GH TXH WUDWD R DUW� ��� GD
&RQVWLWXLomR ² p TXH SRGHULD GLVSRU VREUH D FRQFHVVmR GH HPSUpVWLPRV ² H
QXQFD GH ´VRFRUURµ ² SHOR %DQFR &HQWUDO D LQVWLWXLo}HV ILQDQFHLUDV LQVROYHQ�
WHV� HP IXQomR GR LQWHUHVVH S~EOLFR QD SUHVHUYDomR GD SRXSDQoD SRSXODU�
&DStWXOR 9,,
'D 'tYLGD H GR (QGLYLGDPHQWR
D� D GtYLGD S~EOLFD
��� $ OHL GHILQH GtYLGD S~EOLFD FRQVROLGDGD� GtYLGD S~EOLFD PRELOLiULD�
RSHUDomR GH FUpGLWR� FRQFHVVmR GH JDUDQWLD H UHILQDQFLDPHQWR GD GtYLGD
PRELOLiULD �DUW� ���� PDV H[FOXL RXWUDV GHILQLo}HV H FODVVLILFDo}HV FRQVWDQWHV
GR SURMHWR GR ([HFXWLYR� WDLV FRPR� GtYLGD H[WHUQD� GtYLGD LQWHUQD� GtYLGD
IOXWXDQWH �FRPSURPLVVRV DVVXPLGRV VHP DXWRUL]DomR OHJLVODWLYD SUpYLD H
HVSHFtILFD� ´UHVWRV D SDJDUµ� GHSyVLWRV GH WHUFHLURV H VDOGRV GDV RSHUDo}HV
GH FUpGLWR SRU DQWHFLSDomR GH UHFHLWD� H GtYLGDV GH FXUWR H GH ORQJR SUD]R�
��� 2V PRQWDQWHV GD GtYLGD FRQVROLGDGD H GDV RSHUDo}HV GH FUpGLWR
H[WHUQR H LQWHUQR GRV GLYHUVRV HQWHV GD )HGHUDomR HVWDUmR VXMHLWRV D ´OLPLWHV
JOREDLVµ IL[DGRV SHOR 6HQDGR )HGHUDO� PDV WDLV OLPLWHV VHUmR GHILQLGRV ´HP
WHUPRV GH UHFHLWD OtTXLGDµ H ´SDUD FDGD HVIHUD GH JRYHUQRµ �DUW� ��� �� �º H
�º�� 2 PRQWDQWH GD GtYLGD PRELOLiULD IHGHUDO VHUi IL[DGR HP OHL RUGLQiULD�
QRV WHUPRV GR GLVSRVWR QR LQFLVR ;,9 GR DUW� �� GD &RQVWLWXLomR� HQTXDQWR
RV UHIHUHQWHV j GtYLGD PRELOLiULD GRV (VWDGRV� 'LVWULWR )HGHUDO H 0XQLFtSLRV
��
VHUmR IL[DGRV SHOR 6HQDGR )HGHUDO� 3DUD D KLSyWHVH GH D GtYLGD FRQVROLGDGD
GH XP HQWH GD )HGHUDomR XOWUDSDVVDU R UHVSHFWLYR OLPLWH� D OHL IL[D SUD]RV
SDUD D FRUUHomR GHVVH GHVYLR ILVFDO H HVWDEHOHFH GLYHUVDV YHGDo}HV HQTXDQWR
SHUGXUDU R H[FHVVR �DUW� ����
��� ,QFXPELUi� GRUDYDQWH� DR 0LQLVWpULR GD )D]HQGD ² QDWXUDOPHQWH SRU
LQWHUPpGLR GD 6HFUHWDULD GR 7HVRXUR 1DFLRQDO H GD 3URFXUDGRULD�*HUDO GD
)D]HQGD 1DFLRQDO� HP IDFH GH VXDV FRPSHWrQFLDV OHJDLV H UHJLPHQWDLV ² R
FRQWUROH GRV ´OLPLWHV H FRQGLo}HVµ GDV RSHUDo}HV GH FUpGLWR LQWHUQR H
H[WHUQR GDV HQWLGDGHV IHGHUDLV� HVWDGXDLV H PXQLFLSDLV� LQFOXVLYH VXDV
DXWDUTXLDV H HPSUHVDV HVWDWDLV �DUW� ��� FDSXW�� 7DPEpPFDEHUi DR0LQLVWpULR
GD )D]HQGD HIHWXDU� VHP SUHMXt]R GDV DWULEXLo}HV GR 6HQDGR )HGHUDO H GR
%DQFR &HQWUDO� R ´UHJLVWUR HOHWU{QLFR FHQWUDOL]DGR H DWXDOL]DGR GDV GtYLGDV
S~EOLFDV LQWHUQD H H[WHUQD� JDUDQWLGR R DFHVVR S~EOLFRµ DRV UHVSHFWLYRV
GDGRV �DUW� ��� � �º��
E� DV RSHUDo}HV GH FUpGLWR
��� $ YDOLGDGH H HILFiFLD GDV RSHUDo}HV GH FUpGLWR H[WHUQR H LQWHUQR
GHSHQGHUmR GH QXPHURVDV FRQGLo}HV �DUW� ���� PDV IRUDP H[FOXtGDV DV
UHJUDV GR SURMHWR GR ([HFXWLYR TXH H[SOLFLWDYDP R LQFLVR ,,, GR DUW� ��� GD
&RQVWLWXLomR� VHJXQGR R TXDO R PRQWDQWH GHVVDV RSHUDo}HV QmR SRGH
H[FHGHU R PRQWDQWH GDV GHVSHVDV GH FDSLWDO� FRP DV UHVVDOYDV QHOH LQ�
GLFDGDV�
��� 2EMHWLYDQGR FRLELU D SUiWLFD DUGLORVD� SRU SDUWH GH LQVWLWXLo}HV ILQDQFHL�
UDV� GH RSHUDo}HV GH FUpGLWR FRP HQWHV S~EOLFRV HP GHVDFRUGR FRP DV
QRUPDV OHJDLV DSOLFiYHLV� D OHL SUHVFUHYH D QXOLGDGH GD RSHUDomR GH FUpGLWR
UHDOL]DGD FRP LQIUDomR GH VXDV QRUPDV� SURFHGHQGR�VH DR VHX FDQFHODPHQ�
WR� PHGLDQWH D GHYROXomR GR SULQFLSDO� YHGDGRV R SDJDPHQWR GH MXURV H
GHPDLV HQFDUJRV ILQDQFHLURV �DUW� ��� � �º��
��� 6HUmR HTXLSDUDGDV D RSHUDo}HV GH FUpGLWR H HVWmR YHGDGDV� D� D
FDSWDomR GH UHFXUVRV D WtWXOR GH DQWHFLSDomR GH UHFHLWD GH WULEXWR RX
FRQWULEXLomR FXMR IDWR JHUDGRU DLQGD QmR WHQKD RFRUULGR� E� R UHFHELPHQWR
DQWHFLSDGR GH YDORUHV GH HPSUHVD HP TXH R SRGHU S~EOLFR GHWHQKD� GLUHWD
RX LQGLUHWDPHQWH� D PDLRULD GR FDSLWDO FRP GLUHLWR D YRWR� VDOYR OXFURV H
GLYLGHQGRV� QD IRUPD GD OHJLVODomR� F� D DVVXQomR GLUHWD GH FRPSURPLVVRV�
FRQILVVmR GH GtYLGD RX RSHUDomR DVVHPHOKDGD� FRP IRUQHFHGRU GH EHQV�
��
PHUFDGRULDV RX VHUYLoRV� PHGLDQWH DFHLWH RX DYDO GH WtWXOR GH FUpGLWR� H G�
D DVVXQomR GH REULJDomR� VHPDXWRUL]DomR RUoDPHQWiULD� FRP IRUQHFHGRUHV�
SDUD SDJDPHQWR D SRVWHULRUL GH EHQV H VHUYLoRV �DUW� ���� WRGDV SUiWLFDV
DEXVLYDV FRQVWDQWHPHQWH FRPSURYDGDV�
��� &RLELQGR XPD GDV GLVWRUo}HV PDLV QRFLYDV jV ILQDQoDV S~EOLFDV� HP
QRVVR 3DtV� R DUW� �� YHGD ´D UHDOL]DomR GH RSHUDomR GH FUpGLWR HQWUH XP
HQWH GD )HGHUDomR� GLUHWDPHQWH RX SRU LQWHUPpGLR GH IXQGR� DXWDUTXLD�
IXQGDomR RX HPSUHVD HVWDWDO GHSHQGHQWH� H RXWUR� LQFOXVLYH VXDV HQWLGDGHV
GD DGPLQLVWUDomR LQGLUHWD� DLQGD TXH VRE D IRUPD GH QRYDomR� UHILQDQFLD�
PHQWR RX SRVWHUJDomR GH GtYLGD FRQWUDtGD DQWHULRUPHQWHµ�
��� 3RU HVVH GLVSRVLWLYR VDQHDGRU� ILFDP� DILQDO� YHGDGDV DV RSHUDo}HV GH
DVVXQomR� UHILQDQFLDPHQWR H QRYDomR GH GtYLGDV GRV (VWDGRV H 0XQLFtSLRV�
LPSRVWDV DR 7HVRXUR 1DFLRQDO SRU OHLV LQFRQVWLWXFLRQDLV� VHMD SRU LPSRUWDU
HP HPSUpVWLPRV FRPSXOVyULRV QmR DXWRUL]DGRV SHOD &RQVWLWXLomR� VHMD SRU
YLRODU DV UHJUDV FRQVWLWXFLRQDLV UHODWLYDV j SDUWLOKD GR SRGHU ILQDQFHLUR� HQWUH
D 8QLmR� RV(VWDGRV H RV 0XQLFtSLRV� 3RU IRUoD GH WDLV OHLV� IUXWR GD SUHVVmR
SROtWLFD GH JRYHUQDGRUHV H SUHIHLWRV� R 7HVRXUR 1DFLRQDO IRL REULJDGR D
DVVXPLU R FXVWHLR GH GHVSHVDV TXH� SHOD &RQVWLWXLomR� GHYHP VH DWHQGLGDV
SHODV UHFHLWDV HVWDGXDLV H PXQLFLSDLV�
��� 7DPEpP ´p SURLELGD D RSHUDomR GH FUpGLWR HQWUH XPD LQVWLWXLomR
ILQDQFHLUD HVWDWDO H R HQWH GD )HGHUDomR TXH D FRQWUROH� QD TXDOLGDGH GH
EHQHILFLiULR GR HPSUpVWLPRµ �DUW� ����
��� $ YHGDomR FRQVWLWXFLRQDO j FRQFHVVmR GH HPSUpVWLPRV GR %DQFR &HQWUDO
DR 7HVRXUR 1DFLRQDO �DUW� ���� ��º�� UHVVDOYDGD D FRPSUD GH WtWXORV GH
HPLVVmR GHVWH� FRP R REMHWLYR GH UHJXODU D RIHUWD GH PRHGD RX D WD[D GH
MXURV �DUW� ���� � �º�� p HVWHQGLGD D WRGRV RV HQWHV GD )HGHUDomR� DEUDQJHQGR
WDO SURLELomR QmR Vy DV RSHUDo}HV GH P~WXR� PDV WDPEpP DV GH SHUPXWD
GH WtWXORV GD GtYLGD S~EOLFD H D FRQFHVVmR GH JDUDQWLD �DUW� ����
F� D FRQFHVVmR GH JDUDQWLDV SRU SDUWH GRV HQWHV S~EOLFRV
��� $ OHL UHJXOD D FRQFHVVmR GH JDUDQWLDV HP RSHUDo}HV GH FUpGLWR� SRU SDUWH
GRV HQWHV S~EOLFRV� PDV GH IRUPD LQFRPSOHWD� XPD YH] TXH IRUDP H[FOXtGDV
GLYHUVDV QRUPDV GR SURMHWR GR ([HFXWLYR�
��
��� 3RU RXWUR ODGR� IRL RSRVWR YHWR SUHVLGHQFLDO ² VHJXQGR D LPSUHQVD� HP
UD]mR GH VROLFLWDomR GH *RYHUQDGRUHV H 3UHIHLWRV ² D GLVSRVLWLYR GR SURMHWR
GH OHL DSURYDGR SHOR &RQJUHVVR 1DFLRQDO H FRQVWDQWH GR WH[WR SURSRVWR
SHOR SUySULR ([HFXWLYR� VHJXQGR R TXDO R HQWH S~EOLFR FRQFHGHQWH GH
JDUDQWLD HP RSHUDomR GH FUpGLWR SRGHULD FREUDU XPD FRPLVVmR� FRQIRUPH
D SUiWLFD GR PHUFDGR ILQDQFHLUR� DOpP GR UHVVDUFLPHQWR GDV GHVSHVDV
HIHWXDGDV SHOR JDUDQWLGRU j FRQWD GD RSHUDomR� 'HVVHPRGR� R HQWH S~EOLFR
SUHVWDUi JDUDQWLD JUDWXLWD H DLQGD FXVWHDUi DV GHVSHVDV TXH HIHWXDU SDUD D
RXWRUJD GD JDUDQWLD� R TXH� GDWD YHQLD� FRQWUDULD R HOHYDGR SURSyVLWR GD OHL
HP IRFR H UHYRJD D OHJLVODomR DQWHULRU �DUW� �º GR 'HFUHWR�OHL Qº ������ GH
���������
G� RSHUDo}HV GH FUpGLWR SRU DQWHFLSDomR GH UHFHLWD
��� $V VLWXDo}HV GH LQVXILFLrQFLD GH FDL[D GXUDQWH R H[HUFtFLR ILQDQFHLUR
VHUmR DWHQGLGDV SHOD UHDOL]DomR GH RSHUDo}HV GH FUpGLWR SRU DQWHFLSDomR
GH UHFHLWD� DV TXDLV WHUmR GH VHU OLTXLGDGDV� FRP MXURV� D WD[DV SUHYLDPHQWH
IL[DGDV RX LQGH[DGDV j WD[D EiVLFD ILQDQFHLUD� DWp R GLD GH] GH GH]HPEUR
GH FDGD DQR� (VVDV RSHUDo}HV QmR SRGHUmR VHU FHOHEUDGDV� HQTXDQWR
RSHUDomR DQWHULRU GDPHVPD QDWXUH]D QmR IRU LQWHJUDOPHQWH OLTXLGDGD� QHP
WDPSRXFR QR ~OWLPR DQR GR PDQGDWR GR 3UHVLGHQWH� *RYHUQDGRU RX
3UHIHLWR 0XQLFLSDO �DUW� ����
H� RV ´UHVWRV D SDJDUµ
��� $ LQVFULomR GH GHVSHVDV HP ´UHVWRV D SDJDUµ FRQVWLWXL RXWUR LQVWUXPHQWR
SDUD DWHQGHU D VLWXDo}HV GH LQVXILFLrQFLD GH FDL[D GXUDQWH R H[HUFtFLR
ILQDQFHLUR�
��� ´5HVWRV D SDJDUµ� QR FRQFHLWR DGRWDGR SHOR DUW� �� GD /HL Qº ������ GH
�������� VmR ´DV GHVSHVDV HPSHQKDGDV� PDV QmR SDJDV DWp R GLD �� GH
GH]HPEUR� GLVWLQJXLQGR�VH DV SURFHVVDGDV GDV QmR SURFHVVDGDVµ� $VSURFHV�
VDGDV FRUUHVSRQGHP D HPSHQKRV GH GHVSHVDV OLTXLGDGDV H HP FRQGLo}HV
GH SDJDPHQWR SHOD $GPLQLVWUDomR 3~EOLFD� DVVLP JHUDQGR GLUHLWR OtTXLGR H
FHUWR SDUD RV UHVSHFWLYRV FUHGRUHV� $V QmR�SURFHVVDGDV FRUUHVSRQGHP D
HPSHQKRV UHODWLYRV D IRUQHFLPHQWRV RX VHUYLoRV HP IDVH GH H[HFXomR� HP
TXH D REULJDomR GH SDJDPHQWR� SHOD $GPLQLVWUDomR� SHQGH GR LPSOHPHQWR
GH XPD FRQGLomR� GH PRGR JHUDO D FRQFOXVmR� DLQGD TXH GH XPD HWDSD� GR
��
IRUQHFLPHQWR RX GR VHUYLoR� 2V UHVWRV D SDJDU VmR� SRUWDQWR� UHVtGXRV
SDVVLYRV GH H[HUFtFLRV HQFHUUDGRV H LQWHJUDP D GtYLGD IOXWXDQWH GRV HQWHV
S~EOLFRV�
��� 'H DFRUGR FRP R SURMHWR GR ([HFXWLYR� VRPHQWH VHULDP LQVFULWDV HP
´UHVWRV D SDJDUµ DV GHVSHVDV HPSHQKDGDV H HIHWLYDPHQWH UHDOL]DGDV DWp R
~OWLPR GLD ~WLO GR H[HUFtFLR ILQDQFHLUR H FXMD OLTXLGDomR VH YHULILFDVVH QR
SUySULR H[HUFtFLR RX SXGHVVH RFRUUHU DWp R HQFHUUDPHQWR GR SULPHLUR PrV
GR H[HUFtFLR VXEVHT�HQWH� 2PRQWDQWH GDV LQVFULo}HV VHULD OLPLWDGR DR VDOGR
GD GLVSRQLELOLGDGH ILQDQFHLUD� QR ~OWLPR GLD GR H[HUFtFLR� ( RV HPSHQKRV
QmR OLTXLGDGRV DWp R ILQDO GR H[HUFtFLR RX TXH QmR WLYHVVHP VLGR LQVFULWRV
HP ´UHVWRV D SDJDUµ SRU IRUoD GDV YHGDo}HV DQWHV UHIHULGDV FRQVWLWXLULDP
GHVSHVD D VHU UHJXODUPHQWH RUoDGD H HPSHQKDGD QR H[HUFtFLR VXEVHT�HQWH�
VHQGR SDJDV SULRULWDULDPHQWH H UHVSHLWDGD D HVWULWD RUGHP FURQROyJLFD GDV
GDWDV GH VXD H[LJLELOLGDGH�
��� 7RGDV HVVDV QRUPDV� LQREVWDQWH R HYLGHQWH HVFRSR PRUDOL]DGRU H RV
VDGLRV HIHLWRV SDUD DV FRQWDV S~EOLFDV� IRUDP PRGLILFDGDV RX H[FOXtGDV QR
VXEVWLWXWLYR HODERUDGR QD &kPDUD GRV 'HSXWDGRV� FXMD UHGDomR SHUPLWLD�
SULPHLUDPHQWH� LQVFUHYHU HP ´UHVWRV D SDJDUµ QmR Vy DV GHVSHVDV HPSH�
QKDGDV H OLTXLGDGDV �D GHVSHVD FXMD FRQWUDSUHVWDomR HP EHQV RX VHUYLoRV
WHQKD VLGR GHFODUDGD FRPR HIHWLYDPHQWH H[HFXWDGD H FRPSURYDGD�� FRPR
WDPEpP DV GHVSHVDV HPSHQKDGDV� PDV QmR OLTXLGDGDV� TXH FRUUHVSRQGDP
D FRPSURPLVVRV HIHWLYDPHQWH DVVXPLGRV� LQGHSHQGHQWHPHQWH GD H[LV�
WrQFLD GH GLVSRQLELOLGDGHV GH FDL[D�
���� 6XVWHQWDQGR TXH HVVH GLVSRVLWLYR� FRPR DSURYDGR SHOR &RQJUHVVR
1DFLRQDO� FULDULD ´WUDQVWRUQRV SDUD D H[HFXomR GR RUoDPHQWRµ H RFDVLRQDULD
´R FUHVFLPHQWR GH UHVWRV D SDJDU� TXH HTXLYDOH� HP WHUPRV ILQDQFHLURV� D
FUHVFLPHQWR GD GtYLGD S~EOLFDµ� R 6HQKRU 3UHVLGHQWH GD 5HS~EOLFD� QRV
WHUPRV GH PDQLIHVWDomR GRV 0LQLVWURV GR 3ODQHMDPHQWR H GD )D]HQGD�
DFHUWDGDPHQWH� UHVROYHX YHWi�OR�
���� 5HODWLYDPHQWH D ´UHVWRV D SDJDUµ� D /HL Qº ��������� HP VHX DUW� ���
SUHVFUHYH UHVWULomR H[WUHPDPHQWH DPSOD� SRUTXDQWR YHGD� ´DR WLWXODU GH
3RGHU RX yUJmR UHIHULGR QR DUW� ��� QRV GRLV ~OWLPRV TXDGULPHVWUHV GR VHX
PDQGDWR� FRQWUDLU REULJDomR GH GHVSHVD TXH QmR SRVVD VHU FXPSULGD
LQWHJUDOPHQWH GHQWUR GHOH� RX TXH WHQKD SDUFHODV D VHUHP SDJDV QR H[HUFt�
FLR VHJXLQWH� VHP TXH KDMD VXILFLHQWH GLVSRQLELOLGDGH GH FDL[D SDUD HVWH
��
HIHLWRµ� VHQGR FRQVLGHUDGRV� SDUD HVVVH ILP� ´RV HQFDUJRV H GHVSHVDV
FRPSURPLVVDGDV D SDJDU DWp R ILQDO GR H[HUFtFLRµ�
���� 2XWUDV GLVSRVLo}HV GD /HL &RPSOHPHQWDU Qº �������� FRQWrP UHJUDV
SHUWLQHQWHV D ´UHVWRV D SDJDUµ�2 DUW� ��� LQFLVR 9� REULJD TXH� QD HVFULWXUDomR
GDV FRQWDV S~EOLFDV� DV LQVFULo}HV HP ´UHVWRV D SDJDUµ VHMDP ´HVFULWXUDGDV
GH PRGR D HYLGHQFLDU D YDULDomR GD GtYLGD S~EOLFD QR SHUtRGR� GHWDOKDQGR�
SHOR PHQRV� D QDWXUH]D H R WLSR GH FUHGRUµ� 2 ´5HODWyULR 5HVXPLGR GH
([HFXomR 2UoDPHQWiULDµ� GH TXH WUDWD R � �º GR DUW� ��� GD &RQVWLWXLomR�
WHP GH VHU SXEOLFDGR� QR yUJmR RILFLDO� DWp WULQWD GLDV DSyV R HQFHUUDPHQWR
GH FDGD ELPHVWUH H GHYH DEUDQJHU� FRQIRUPH SUHVFUHYH R DUW� ��� LQFLVR 9�
XP GHPRQVWUDWLYR GRV ´UHVWRV D SDJDUµ� GHWDOKDQGR� HP UHODomR DRV WUrV
3RGHUHV H DR 0LQLVWpULR 3~EOLFR� ´RV YDORUHV LQVFULWRV� RV SDJDPHQWRV
UHDOL]DGRV H R PRQWDQWH D SDJDUµ�
���� $ VHX WXUQR� R DUW� ��� LQFLVR ,,,� DOtQHD E� GHWHUPLQD TXH R 5HODWyULR
GH *HVWmR )LVFDO HPLWLGR DR ILQDO GR ~OWLPR TXDGULPHVWUH GR H[HUFtFLR
FRQWHQKD XP GHPRQVWUDWLYR ´GD LQVFULomR� HP 5HVWRV D 3DJDU� GDV GHVSHVDV�
GLVFULPLQDQGR� �� DV OLTXLGDGDV� �� DV HPSHQKDGDV H QmR OLTXLGDGDV�
LQVFULWDV SRU DWHQGHUHP D XPD GDV FRQGLo}HV GR LQFLVR ,, GR DUW� ��
>GLVSRVLWLYR YHWDGR@� �� DV HPSHQKDGDV H QmR OLTXLGDGDV� LQVFULWDV DWp R
OLPLWH GR VDOGR GD GLVSRQLELOLGDGH GH FDL[D� H �� DV QmR LQVFULWDV SRU IDOWD
GH GLVSRQLELOLGDGH GH FDL[D H FXMRV HPSHQKRV IRUDP >WHQKDP VLGR@ FDQFH�
ODGRVµ� 7UDWD�VH� HP YHUGDGH� GH XP GHPRQVWUDWLYR GH ´GHVSHVDV HPSH�
QKDGDVµ� LQVFULWDV� RX QmR� HP ´UHVWRV D SDJDUµ� SRLV QmR VH SRGHULD�
ORJLFDPHQWH� LQFOXLU� QXP GHPRQVWUDWLYR GH ´UHVWRV D SDJDUµ� GHVSHVDV QmR
LQVFULWDV�
���� 'HYH VHU DFHQWXDGR TXH R DOXGLGR LWHP � DGPLWH� DLQGD TXH GH IRUPD
LQDGHTXDGD ² SRU QmR UHYHVWLU FDUiWHU LPSHUDWLYR²� R FDQFHODPHQWR GH
HPSHQKRV SRU IDOWD GH GLVSRQLELOLGDGH GH FDL[D� 2 HPSHQKR UHODWLYR D
GHVSHVD OLTXLGDGD SURGX] HIHLWRV MXUtGLFRV� FULDQGR� SDUD R IRUQHFHGRU RX
SUHVWDGRU GH VHUYLoRV� XP GLUHLWR GH FUpGLWR� 6H� DR ILQDO GR H[HUFtFLR�
KRXYHU GLVSRQLELOLGDGH GH FDL[D� HVWD GHYHUi VHU FRPSXWDGD FRPR UHFHLWD
H[WUD�RUoDPHQWiULD GR H[HUFtFLR VHJXLQWH �/HL Qº ������ GH�������� DUW� ����
SDU� ~QLFR�� H D GHVSHVD HPSHQKDGD VHUi SDJD j FRQWD GHVVHV UHFXUVRV� 6H�
DR FRQWUiULR� QmR KRXYHU GLVSRQLELOLGDGH GH FDL[D� R HPSHQKR� PHVPR TXH
SURFHVVDGR H PHVPR TXH LQVFULWR HP ´UHVWRV D SDJDUµ� SHUGHUi D HILFiFLD�
HP IDFH GR HQFHUUDPHQWR GRH[HUFtFLR�
��
���� 8PD YH] HQFHUUDGR R H[HUFtFLR� D GRWDomR� DLQGD TXH SDUFLDOPHQWH
HPSHQKDGD� GHL[D GH WHU YDOLGDGH H� FRQVHT�HQWHPHQWH� R SDJDPHQWR GD
GHVSHVD HPSHQKDGD H OLTXLGDGD� HP IDFH GR UHJLPH GH FRPSHWrQFLD�
VRPHQWH SRGHUi RFRUUHU j FRQWD GH GRWDomR FRQVLJQDGD� QR H[HUFtFLR
VHJXLQWH� VRE D UXEULFD ´'HVSHVDV GH ([HUFtFLRV $QWHULRUHVµ� FRQIRUPH R
´HVTXHPD GH GLVFULPLQDomR RX HVSHFLILFDomR GD GHVSHVDµ� D TXH VH UHIHUH
R DUW� �� GD /HL Qº ���������
���� 1HVVH FDVR� RV HPSHQKRV OLTXLGDGRV FRQWHUmR GDGRV UHOHYDQWHV �UH�
SUHVHQWDomR H LGHQWLILFDomR GR GLUHLWR GR FUHGRU� SDUD D UHDOL]DomR GD
GHVSHVD QR H[HUFtFLR VHJXLQWH� HVSHFLDOPHQWH TXDQWR j REVHUYkQFLD GD
RUGHP FURQROyJLFD� VHJXQGR DV GDWDV GH H[LJLELOLGDGH GRV FUpGLWRV�
UHODWLYDPHQWH D FDGD yUJmR H D FDGD FDWHJRULD HFRQ{PLFD� H[ YL GR GLVSRVWR
QR DUW� ��� LQ ILQH� GD /HL Qº ��������� H QR DUW� �º GD /HL Qº ������ GH �������
�/HL GDV /LFLWDo}HV H &RQWUDWRV GD $GPLQLVWUDomR 3~EOLFD��
&DStWXOR 9,,,
'D *HVWmR 3DWULPRQLDO
���� 1R &DStWXOR 9,,,� D OHL GLVS}H VREUH GLVSRQLELOLGDGHV GH FDL[D� SUHVHU�
YDomR GR SDWULP{QLR S~EOLFR H HPSUHVDV FRQWURODGDV SHOR VHWRU S~EOLFR
�DUWV� �� D ���� 0HUHFH GHVWDTXH D UHJUD TXH YHGD D DSOLFDomR GDV GLV�
SRQLELOLGDGHV GH FDL[D GRV UHJLPHV SUHYLGHQFLiULRV� QD VXEVFULomR RX
DTXLVLomR GH WtWXORV GD GtYLGD S~EOLFD HVWDGXDO H PXQLFLSDO� EHP FRPR HP
Do}HV H RXWURV SDSpLV UHODWLYRV jV HPSUHVDV FRQWURODGDV SHOR UHVSHFWLYR HQWH
GD )HGHUDomR RX� DLQGD� HP HPSUpVWLPRV� GH TXDOTXHU QDWXUH]D� DRV
VHJXUDGRV H DR 3RGHU 3~EOLFR� LQFOXVLYH VXDV HPSUHVDV FRQWURODGDV �DUW� ���
� �º��
���� 2 DUW� ��� GDQGR PDLRU HILFiFLD j QRUPD GR � �º GR DUW� ��� GD
&RQVWLWXLomR �´DV GHVDSURSULDo}HV GH LPyYHLV XUEDQRV VHUmR IHLWDV FRP
SUpYLD H MXVWD LQGHQL]DomR HP GLQKHLURµ�� SUHVFUHYH D QXOLGDGH� GH SOHQR
GLUHLWR� GR DWR GH GHVDSURSULDomR GH LPyYHO XUEDQR H[SHGLGR VHP D SUpYLD
H MXVWD LQGHQL]DomR HP GLQKHLUR �GHVDSURSULDomR DPLJiYHO� RX R SUpYLR
GHSyVLWR MXGLFLDO GR YDORU GD LQGHQL]DomR�
��
&DStWXOR ,;
'D 7UDQVSDUrQFLD� &RQWUROH H )LVFDOL]DomR
���� $R ODGR GH GLVSRVLo}HV SHUWLQHQWHV j WUDQVSDUrQFLD GD JHVWmR ILVFDO� j
HVFULWXUDomR H FRQVROLGDomR GDV FRQWDV S~EOLFDV� DR UHODWyULR ELPHVWUDO
UHVXPLGR GD H[HFXomR RUoDPHQWiULD �SUHYLVWR QR � �º GR DUW� ��� GD
&RQVWLWXLomR� H jV SUHVWDo}HV GH FRQWDV� PHUHFHPGHVWDTXH� QHVVH &DStWXOR�
DV GLVSRVLo}HV UHODWLYDV DR 5HODWyULR GH *HVWmR )LVFDO H j ILVFDOL]DomR GD
JHVWmR ILVFDO�
���� 2 5HODWyULR GH *HVWmR )LVFDO IRL LQFOXtGR� QR VXEVWLWXWLYR HODERUDGR
QD &kPDUD GRV 'HSXWDGRV� HP VXEVWLWXLomR j'HFODUDomR GH *HVWmR )LVFDO
5HVSRQViYHO SUHYLVWD QR SURMHWR GR ([HFXWLYR H PXLWR PDLV HILFD] HP
IXQomR GRV SURSyVLWRV GH H[LJLU GRV FKHIHV GRV WUrV 3RGHUHV H GR 0LQLVWpULR
3~EOLFR D SOHQD FRQVFLrQFLD GH VXDV REULJDo}HV� FRPR HVWDEHOHFLGDV QD OHL
FRPSOHPHQWDU�
���� $ 'HFODUDomR GH *HVWmR )LVFDO 5HVSRQViYHO GHVWLQDYD�VH D FRPSURYDU
D ILHO REVHUYkQFLD GDV GLVSRVLo}HV GD OHL FRPSOHPHQWDU� IL[DU D UHVSRQVD�
ELOLGDGH GRV UHVSHFWLYRV VLJQDWiULRV H SRVVLELOLWDU R DPSOR DFHVVR GD VRFLH�
GDGH D LQIRUPDo}HV VXEVWDQFLDLV H FRQFLVDV VREUH DV FRQWDV S~EOLFDV HP
JHUDO� VHQGR DGPLWLGD D LQGLFDomR GH HYHQWXDO GHVYLR ILVFDO� FRP D LQGLFDomR
GDV PHGLGDV FRUUHWLYDV DGRWDGDV RX D VHUHP DGRWDGDV�
���� 7UDWDYD�VH� DILQDO� GH FDUDFWHUL]DU H[SUHVVDPHQWH D UHVSRQVDELOLGDGH
GDV PDLV DOWDV DXWRULGDGHV GR 3DtV� QRV SODQRV IHGHUDO� HVWDGXDO H PXQLFLSDO�
DIDVWDQGR� HP FRQVHT�rQFLD� D LPSXWDomR GH UHVSRQVDELOLGDGHV D IXQFLR�
QiULRV GH HVFDO}HV LQIHULRUHV�
���� 2 5HODWyULR GH *HVWmR )LVFDO� SUHVFULWR SHOR DUW� �� GD /& Qº ���� p
XP LQVWUXPHQWR PDLV EUDQGR� 6HUi ILUPDGR� DR ILQDO GH FDGD TXDGULPHVWUH�
SHOR &KHIH GR 3RGHU ([HFXWLYR� SHOR 3UHVLGHQWH H GHPDLV0HPEURV GD0HVD
'LUHWRUD GRV yUJmRV GR 3RGHU /HJLVODWLYR� SHORV 3UHVLGHQWHV GRV 7ULEXQDLV H
PHPEURV GH VHXV FROHJLDGRV DGPLQLVWUDWLYRV RX HTXLYDOHQWHV H SHOR FKHIH
GR 0LQLVWpULR 3~EOLFR� 7DPEpP VHUi DVVLQDGR SHODV DXWRULGDGHV UHVSRQ�
ViYHLV SHOD DGPLQLVWUDomR ILQDQFHLUD H SHOR FRQWUROH LQWHUQR�
���� 2 5HODWyULR GHYHUi FRQWHU DV LQIRUPDo}HV EiVLFDV VREUH DV FRQWDV
S~EOLFDV QR H[HUFtFLR� GHVSHVD WRWDO FRP SHVVRDO� GtYLGD FRQVROLGDGD H
PRELOLiULD� FRQFHVVmR GH JDUDQWLDV� RSHUDo}HV GH FUpGLWR� LQGLFDomR GDV
��
PHGLGDV FRUUHWLYDV DGRWDGDV� VH XOWUDSDVVDGR TXDOTXHU OLPLWH� H GHPRQV�
WUDWLYRV� QR ~OWLPR TXDGULPHVWUH� GR PRQWDQWH GDV GLVSRQLELOLGDGHV GH
FDL[D� GDV LQVFULo}HV HP ´UHVWRV D SDJDUµ H GH LQIRUPDo}HV VREUH RSHUDo}HV
GH FUpGLWR SRU DQWHFLSDomR GH UHFHLWD �DUW�����
���� 3HOD SXEOLFDomR GR 5HODWyULR� QR yUJmR RILFLDO� H GLYXOJDomR SRU PHLR
HOHWU{QLFR� D VRFLHGDGH VHUi LQGX]LGD D XPD SRVWXUD ILVFDOL]DGRUD� GDt
UHVXOWDQGR XP QRYR FRPSRUWDPHQWR VRFLDO GLDQWH GRV JRYHUQDQWHV �DUW� ���
� �º��
���� $ OHL QmR SUHVFUHYH� FRPR SUHYLD R SURMHWR GR ([HFXWLYR� D UHPHVVD
GR 5HODWyULR DR 7ULEXQDO GH &RQWDV� SDUD DSUHFLDomR� MXOJDPHQWR H DGRomR
GH SURYLGrQFLDV FDEtYHLV QRV FDVRV GH LQREVHUYkQFLD GH VXDV UHJUDV� 0HVPR
DVVLP� D &RUWH GH &RQWDV H R0LQLVWpULR 3~EOLFR GHOH WRPDUmR FRQKHFLPHQWR
SHOD UHVSHFWLYD SXEOLFDomR QR yUJmR RILFLDO H WHUmR GH DGRWDU� GH RItFLR� DV
GHYLGDV SURYLGrQFLDV� QR FDVR GH VHU FRQVWDWDGD DOJXPD LUUHJXODULGDGH�
���� 'H TXDOTXHU IRUPD� D DVVLQDWXUD GR 5HODWyULR IL[DUi D UHVSRQVDEL�
OLGDGH GDV DXWRULGDGHV VLJQDWiULDV� SDUD WRGRV RV HIHLWRV GH GLUHLWR�
LQFOXVLYH HYHQWXDO UHVSRQVDELOLGDGH SHQDO�
���� $ ILVFDOL]DomR GD JHVWmR ILVFDO FDEHUi DR 3RGHU /HJLVODWLYR� FRP R
DX[tOLR GR 7ULEXQDO GH &RQWDV� H DR VLVWHPD GH FRQWUROH LQWHUQR GH FDGD
3RGHU H GR 0LQLVWpULR 3~EOLFR �DUW� ��� FDSXW�� ´2V 7ULEXQDLV GH &RQWDV
DOHUWDUmR ² p D H[SUHVVmR GR DUW� ��� � �º ² RV yUJmRV UHIHULGRV QR DUW� �� >RV
WUrV 3RGHUHV H R0LQLVWpULR 3~EOLFR@ TXDQGR FRQVWDWDUHPµ DV LUUHJXODULGDGHV
TXH HQXPHUD� &DEHU�OKHV�i� RXWURVVLP ´YHULILFDUµ RV FiOFXORV GRV OLPLWHV GD
GHVSHVD WRWDO FRP SHVVRDO GH FDGD 3RGHU H GR 03 H ´DFRPSDQKDUµ R
FXPSULPHQWR GDV GLVSRVLo}HV UHODWLYDV j DTXLVLomR GH WtWXORV GD 8QLmR� SHOR
%DQFR&HQWUDO� H j SURLELomR GH R 7HVRXUR1DFLRQDO DGTXLULU WtWXORV GD GtYLGD
S~EOLFD IHGHUDO H[LVWHQWHV QD FDUWHLUD GDTXHOD LQVWLWXLomR �DUW� ����
���� $ FRPSHWrQFLD GRV 7ULEXQDLV GH &RQWDV� SDUD DSUHFLDU H MXOJDU RV DWRV
TXH LPSRUWHP HP GHVFXPSULPHQWR GDV QRUPDV GD /& Qº ���� QmR HVWi
H[SUHVVDPHQWH HVWDEHOHFLGD� FRPR SUHYLD R SURMHWR GR ([HFXWLYR� PDV
GHFRUUH GR GLVSRVWR QR DUW� �� GD &RQVWLWXLomR�
��
&DStWXOR ;
'LVSRVLo}HV )LQDLV H 7UDQVLWyULDV
���� 0HUHFHP GHVWDTXH� QR &DStWXOR ILQDO GD QRYD OHL� RV DUWV� �� H ��� 2
SULPHLUR GXSOLFD DOJXQV SUD]RV� QR FDVR GH ´FUHVFLPHQWR UHDO EDL[R RX
QHJDWLYR GR 3URGXWR ,QWHUQR %UXWR �3,%� QDFLRQDO� UHJLRQDO RX HVWDGXDOµ�
PDWpULD TXH� QR SURMHWR GR ([HFXWLYR� WLQKD SRVLomR H WUDWDPHQWR PXLWR
PDLV DGHTXDGRV� FRPR QRUPDV SDUD DV ´VLWXDo}HV GH EDL[R FUHVFLPHQWR
HFRQ{PLFRµ� QR FDStWXOR UHIHUHQWH j FRUUHomR GRV GHVYLRV ILVFDLV�
���� 7DPEpP LPSURSULDPHQWH LQFOXtGR QDV GLVSRVLo}HV ILQDLV GR VXEV�
WLWXWLYR HODERUDGR QD &kPDUD GRV 'HSXWDGRV� R DUW� �� FULD XP FRQVHOKR
GH JHVWmR ILVFDO� FRQVWLWXtGR SRU UHSUHVHQWDQWHV GRV WUrV 3RGHUHV H GR 03
GDV HVIHUDV IHGHUDO� HVWDGXDO H PXQLFLSDO H FRPSHWrQFLD SDUD KDUPRQL]DU H
FRRUGHQDU RV HQWHV GD )HGHUDomR� GLVVHPLQDU ERDV SUiWLFDV ILVFDLV� DGRWDU
QRUPDV GH FRQVROLGDomR GDV FRQWDV S~EOLFDV H GLYXOJDU HVWXGRV H DQiOLVHV�
$ FRPSRVLomR HIHWLYD H R IXQFLRQDPHQWR GHVVH FROHJLDGR GHSHQGHUmR GH
XQD OHL RUGLQiULD� 7UDWD�VH� D WRGD HYLGrQFLD� GH PDLV XP yUJmR EXURFUiWLFR�
GHVQHFHVViULR� VHP SRGHU FRHUFLWLYR H TXH VHTXHU PHUHFHX XPD RUJDQL]D�
omR DGHTXDGD QD QRYD OHL�
���$�0$7e5,$�&5,0,1$/
D� D /HL Qº ������� GH ����������
���� &RQMXQWDPHQWH FRP R SURMHWR TXH VH FRQYHUWHX QD /& Qº ���� R
3UHVLGHQWH GD 5HS~EOLFD VXEPHWHX DR &RQJUHVVR 1DFLRQDO XP SURMHWR GH
OHL RUGLQiULD� SDUD LQFOXLU� QR &yGLJR 3HQDO� XP FDStWXOR WUDWDQGR GRV FULPHV
FRQWUD DV ILQDQoDV S~EOLFDV� FRP GH] QRYRV WLSRV SHQDLV� H� QD OHL TXH GHILQH
RV FULPHV GH UHVSRQVDELOLGDGH� RLWR QRYRV WLSRV SHQDLV� DPSOLDQGR� RXWURV�
VLP� R HOHQFR GH DXWRULGDGHV D TXH HVVD ~OWLPD OHL SDVVDULD D VHU DSOLFiYHO�
���� (VVH SURMHWR GHX OXJDU� QD &kPDUD GRV 'HSXWDGRV� D XP VXEVWLWXWLYR�
TXH LQWURGX]LXRXWURV WLSRV SHQDLV� DJUDYRX SHQDV H FULRX R TXH GHQRPLQD
GH ´LQIUDomR DGPLQLVWUDWLYD FRQWUD DV OHLV GH ILQDQoDV S~EOLFDVµ� SXQtYHO FRP
PXOWD SHFXQLiULD� VHQGR DV LQIUDo}HV DSUHFLDGDV H MXOJDGDV SHORV 7ULEXQDLV
GH &RQWDV�
��
���� 7DO VXEVWLWXWLYR IRL DSURYDGR SHOR 6HQDGR )HGHUDO H VDQFLRQDGR SHOR
3UHVLGHQWH GD 5HS~EOLFD� WUDQVIRUPDQGR�VH QD /HL Qº ������� GH
����������� $Wp HQWmR� D /& Qº ��� UHYHODYD�VH LQHILFD]� SHOD DXVrQFLD GH
SHQDV SDUD DV LQIUDo}HV jV VXDV GLVSRVLo}HV�
���� (P VHX DUW� �º� D QRYD OHL LQFOXLX� QR 7tWXOR ;, ² ´'RV &ULPHV FRQWUD D
$GPLQLVWUDomR 3~EOLFDµ GR &yGLJR 3HQDO� R &DStWXOR ,9� SDUD WLSLILFDU RV
´&ULPHV FRQWUD DV )LQDQoDV 3~EOLFDVµ� SXQLGRV FRP SHQD SULYDWLYD GD
OLEHUGDGH� D VDEHU�
D� RUGHQDU� DXWRUL]DU RX UHDOL]DU RSHUDomR GH FUpGLWR� LQWHUQR RX
H[WHUQR� VHP SUpYLD DXWRUL]DomR OHJLVODWLYD �DUW� ����$�� FRP LQREVHU�
YkQFLD GH OLPLWH� FRQGLomR RX PRQWDQWH HVWDEHOHFLGR HP OHL RX HP
UHVROXomR GR 6HQDGR )HGHUDO �SDUiJUDIR ~QLFR� LQFLVR ,� RX TXDQGR R
PRQWDQWH GD GtYLGD FRQVROLGDGD XOWUDSDVVDU R OLPLWH DXWRUL]DGR SRU
OHL �SDUiJUDIR ~QLFR� LQFLVR ,,��
E� RUGHQDU RX DXWRUL]DU D LQVFULomR� HP UHVWRV D SDJDU� GH GHVSHVD
TXH QmR WHQKD VLGR SUHYLDPHQWH HPSHQKDGD RX TXH H[FHGD OLPLWH
HVWDEHOHFLGR HP OHL �DUW� ����%��
F� RUGHQDU RX DXWRUL]DU D DVVXQomR GH REULJDomR� QRV GRLV ~OWLPRV
TXDGULPHVWUHV GR ~OWLPR DQR GRPDQGDWR RX OHJLVODWXUD� FXMD GHVSHVD
QmR SRVVD VHU SDJD QR PHVPR H[HUFtFLR ILQDQFHLUR RX� FDVR UHVWH
SDUFHOD D VHU SDJD QR H[HUFtFLR VHJXLQWH� TXH QmR WHQKD FRQWUDSDUWLGD
VXILFLHQWH GH GLVSRQLELOLGDGH GH FDL[D �DUW� ����&��
G� RUGHQDU GHVSHVD QmR DXWRUL]DGD SRU OHL �DUW� ����'��
H� SUHVWDU JDUDQWLD HP RSHUDomR GH FUpGLWR VHP TXH WHQKD VLGR
FRQVWLWXtGD FRQWUDJDUDQWLD HP YDORU LJXDO RX VXSHULRU DR YDORU GD
JDUDQWLD SUHVWDGD� QD IRUPD GD OHL �DUW� ����(��
I� GHL[DU GH RUGHQDU� GH DXWRUL]DU RX GH SURPRYHU R FDQFHODPHQWR
GRPRQWDQWH GH UHVWRV D SDJDU LQVFULWR HP YDORU VXSHULRU DR SHUPLWLGR
HP OHL �DUW� ����)��
J� RUGHQDU� DXWRUL]DU RX H[HFXWDU DWR TXH DFDUUHWH DXPHQWR GH
GHVSHVD WRWDO FRP SHVVRDO� QRV FHQWR H RLWHQWD GLDV DQWHULRUHV DR ILQDO
GR PDQGDWR RX GD OHJLVODWXUD �DUW� ����*��
��
K� RUGHQDU� DXWRUL]DU RX SURPRYHU D RIHUWD S~EOLFD RX D FRORFDomR�
QR PHUFDGR ILQDQFHLUR� GH WtWXORV GD GtYLGD S~EOLFD VHP TXH WHQKDP
VLGR FULDGRV SRU OHL RX VHP TXH HVWHMDP UHJLVWUDGRV HP VLVWHPD
FHQWUDOL]DGR GH OLTXLGDomR H FXVWyGLD �DUW� ����+��
���� 1R DUW� �º� D FLWDGD OHL LQFOXLX� QR HOHQFR GRV ´&ULPHV FRQWUD D /HL
2UoDPHQWiULDµ WLSLILFDGRV QR DUW� �� GD /HL TXH GHILQH RV FULPHV GH
UHVSRQVDELOLGDGH �/HL Qº ������ GH ��������� RLWR WLSRV SHQDLV�
D� GHL[DU GH RUGHQDU D UHGXomR GR PRQWDQWH GD GtYLGD FRQVROLGDGD
QRV SUD]RV HVWDEHOHFLGRV HP OHL� TXDQGR XOWUDSDVVDU R YDORU UHVXOWDQWH
GD DSOLFDomR GR OLPLWH Pi[LPR IL[DGR SHOR 6HQDGR )HGHUDO�
E� RUGHQDU RX DXWRUL]DU D DEHUWXUD GH FUpGLWR HP GHVDFRUGR FRP RV
OLPLWHV HVWDEHOHFLGRV SHOR 6HQDGR )HGHUDO� VHP IXQGDPHQWR QD OHL
RUoDPHQWiULD RX QD GH FUpGLWR DGLFLRQDO RX FRP LQREVHUYkQFLD GH
SUHVFULomR OHJDO�
F� GHL[DU GH SURPRYHU RX GH RUGHQDU� QD IRUPD GD OHL� R FDQFHODPHQ�
WR� D DPRUWL]DomR RX D FRQVWLWXLomR GH UHVHUYD SDUD DQXODU RV HIHLWRV
GH RSHUDomR GH FUpGLWR UHDOL]DGD FRP LQREVHUYkQFLD GH OLPLWH� FRQ�
GLomR RX PRQWDQWH HVWDEHOHFLGR HP OHL�
G� GHL[DU GH SURPRYHU RX GH RUGHQDU D OLTXLGDomR LQWHJUDO GH
RSHUDomR GH FUpGLWR SRU DQWHFLSDomR GH UHFHLWD RUoDPHQWiULD� LQFOX�
VLYH RV UHVSHFWLYRV MXURV H GHPDLV HQFDUJRV� DWp R HQFHUUDPHQWR GR
H[HUFtFLR ILQDQFHLUR�
H� RUGHQDU RX DXWRUL]DU� HP GHVDFRUGR FRP D OHL� D UHDOL]DomR GH
RSHUDomR GH FUpGLWR FRP TXDOTXHU XP GRV GHPDLV HQWHV GD )HGHUD�
omR� LQFOXVLYH VXDV HQWLGDGHV GD DGPLQLVWUDomR LQGLUHWD� DLQGD TXH QD
IRUPD GH QRYDomR� UHILQDQFLDPHQWR RX SRVWHUJDomR GH GtYLGD FRQ�
WUDtGD DQWHULRUPHQWH�
I� FDSWDU UHFXUVRV D WtWXOR GH DQWHFLSDomR GH UHFHLWD GH WULEXWR RX
FRQWULEXLomR FXMR IDWR JHUDGRU DLQGD QmR WHQKD RFRUULGR�
J� RUGHQDU RX DXWRUL]DU D GHVWLQDomR GH UHFXUVRV SURYHQLHQWHV GD
HPLVVmR GH WtWXORV SDUD ILQDOLGDGH GLYHUVD GD SUHYLVWD QD OHL TXH D
WHQKD DXWRUL]DGR�
��
K� UHDOL]DU RX UHFHEHU WUDQVIHUrQFLD YROXQWiULD HP GHVDFRUGR FRP
OLPLWH RX FRQGLomR HVWDEHOHFLGD HP OHL�
���� 1R DUW� �º� D PHQFLRQDGD OHL LQWURGX]LX� QR DUW� �º GR 'HFUHWR�OHL Qº ����
GH �������� TXH ´GLVS}H VREUH D UHVSRQVDELOLGDGH GRV SUHIHLWRV H YHUHDGRUHVµ�
RLWR QRYRV WLSRV SHQDLV �RV PHVPRV LQFOXtGRV QD /HL Qº ����������
���� $IRUD LVVR� D /HL Qº ����������� FULRX D ILJXUD GD ´LQIUDomR DGPLQLV�
WUDWLYD FRQWUD DV ILQDQoDV S~EOLFDVµ� SXQLGD DSHQDV FRP PXOWD GH WULQWD SRU
FHQWR GRV YHQFLPHQWRV GR DJHQWH TXH OKH GHU FDXVD H SURFHVVDGD H MXOJDGD
SHOR 7ULEXQDO GH &RQWDV� $V HVSpFLHV GHVVD LQIUDomR VmR DV VHJXLQWHV�
D� GHL[DU GH GLYXOJDU RX GH HQYLDU DR 3RGHU /HJLVODWLYR H DR 7ULEXQDO
GH &RQWDV R UHODWyULR GH JHVWmR ILVFDO� QRV SUD]RV H FRQGLo}HV HV�
WDEHOHFLGRV HP OHL�
E� SURSRU OHL GH GLUHWUL]HV RUoDPHQWiULDV DQXDO TXH QmR FRQWHQKD DV
PHWDV ILVFDLV QD IRUPD GD OHL�
F� GHL[DU GH H[SHGLU DWR GHWHUPLQDQGR OLPLWDomR GH HPSHQKR H PRYL�
PHQWDomR ILQDQFHLUD� QRV FDVRV H FRQGLo}HV HVWDEHOHFLGRV HP OHL�
G� GHL[DU GH RUGHQDU RX GH SURPRYHU� QD IRUPD H QRV SUD]RV GD OHL�
D H[HFXomR GH PHGLGD SDUD D UHGXomR GR PRQWDQWH GD GHVSHVD WRWDO
FRP SHVVRDO TXH KRXYHU H[FHGLGR D UHSDUWLomR SRU 3RGHU GR OLPLWH
Pi[LPR�
���� &RPR UHGLJLGRV� WRGRV HVVHV WLSRV SHQDLV GHYHUmR LQGX]LU RV QRVVRV
JRYHUQDQWHV H GHPDLV UHVSRQViYHLV SHOD JHVWmR GRV UHFXUVRV S~EOLFRV j ILHO
REVHUYkQFLD GDV QRUPDV GD /& Qº ��������� FRQVWLWXLQGR�VH� DVVLP� QD ~OWLPD
SDUWH GD VLVWHPiWLFD� DQWHV UHIHULGD� GH GHIHVD GDV ILQDQoDV S~EOLFDV� (YLWD�VH�
GHVVD PDQHLUD� D UHSHWLomR GR LQVXFHVVR GH GLYHUVDV OHLV GH GHIHVD GR (UiULR�
SRU IDOWD GH OHJLVODomR SHQDO DGHTXDGD SDUD D SXQLomR GRV LQIUDWRUHV�
E� D OHJLVODomR DQWHULRU
���� $QWHV GD FRQFOXVmR� DILJXUD�VH RSRUWXQR OHPEUDU TXH D OHJLVODomR
DQWHULRU� HP SOHQD YLJrQFLD� WLSLILFD GLYHUVRV FULPHV GH UHVSRQVDELOLGDGH� QD
iUHD GDV ILQDQoDV S~EOLFDV�
��
���� 'H IDWR� D /HL Qº ��������� DQWHV FLWDGD� GHILQH FULPHV FRQWUD D OHL
RUoDPHQWiULD �DUW� ��� H FULPHV FRQWUD D JXDUGD H OHJDO HPSUHJR GRV
GLQKHLURV S~EOLFRV �DUW� ����
���� 2V FULPHV FRQWUD D OHL RUoDPHQWiULD VmR RV VHJXLQWHV�
D� QmR DSUHVHQWDU DR &RQJUHVVR 1DFLRQDO D SURSRVWD GH RUoDPHQWR
GD 5HS~EOLFD GHQWUR GRV SULPHLURV GRLV PHVHV GH FDGD VHVVmR OHJLV�
ODWLYD�
E� H[FHGHU RX WUDQVSRUWDU� VHP DXWRUL]DomR OHJDO� DV YHUEDV GR RUoD�
PHQWR�
F� UHDOL]DU R HVWRUQR GH YHUEDV�
G� LQIULQJLU� SDWHQWHPHQWH� H GH TXDOTXHU PRGR� GLVSRVLWLYR GD OHL
RUoDPHQWiULD�
���� 2 WLSR UHIHULGR QD OHWUD ´Gµ� VXSUD� p EDVWDQWH DPSOR� DEUDQJHQGR D
LQIULQJrQFLD jV GLVSRVLo}HV GD OHL GR RUoDPHQWR H GD OHL GH GLUHWUL]HV
RUoDPHQWiULDV�
���� 2V FULPHV FRQWUD D JXDUGD H OHJDO HPSUHJR GRV GLQKHLURV S~EOLFRV VmR
RV VHJXLQWHV�
D� RUGHQDU GHVSHVDV QmR DXWRUL]DGDV SRU OHL RX VHP REVHUYkQFLD GDV
SUHVFULo}HV OHJDLV UHODWLYDV jV PHVPDV�
E� DEULU FUpGLWR VHP IXQGDPHQWR HP OHL RX VHP DV IRUPDOLGDGHV OHJDLV�
F� FRQWUDLU HPSUpVWLPR� HPLWLU PRHGD FRUUHQWH RX DSyOLFHV� RX HIHWXDU
RSHUDomR GH FUpGLWR VHP DXWRUL]DomR OHJDO�
G� DOLHQDU LPyYHLV QDFLRQDLV RX HPSHQKDU UHQGDV S~EOLFDV VHP
DXWRUL]DomR HP OHL�
H� QHJOLJHQFLDU D DUUHFDGDomR GDV UHQGDV� LPSRVWRV H WD[DV� EHP FRPR
D FRQVHUYDomR GR SDWULP{QLR QDFLRQDO�
���� 2V FULPHV GH UHVSRQVDELOLGDGH LPSXWiYHLV D SUHIHLWRV H YHUHDGRUHV
HVWmR WLSLILFDGRV QR 'HFUHWR�OHL Qº ���� GH �������� PHUHFHQGR GHVWDTXH
RV VHJXLQWHV�
��
D� DSURSULDU�VH GH EHQV RX UHQGDV S~EOLFDV� RX GHVYLi�ORV HP SURYHLWR
SUySULR RX DOKHLR�
E� XWLOL]DU�VH� LQGHYLGDPHQWH� HP SURYHLWR SUySULR RX DOKHLR� GH EHQV�
UHQGDV RX VHUYLoRV S~EOLFRV�
F� GHVYLDU� RX DSOLFDU LQGHYLGDPHQWH� UHQGDV RX YHUEDV S~EOLFDV�
G� HPSUHJDU VXEYHQo}HV� DX[tOLRV� HPSUpVWLPRV RX UHFXUVRV GH TXDO�
TXHU QDWXUH]D� HP GHVDFRUGR FRP RV SODQRV H SURJUDPDV D TXH VH
GHVWLQDP�
H� RUGHQDU RX HIHWXDU GHVSHVDV QmR DXWRUL]DGDV HP OHL� RX UHDOL]i�ODV
HP GHVDFRUGR FRP DV QRUPDV ILQDQFHLUDV SHUWLQHQWHV�
I� GHL[DU GH SUHVWDU FRQWDV DQXDLV GD DGPLQLVWUDomR ILQDQFHLUD GR
0XQLFtSLR j &kPDUD GRV 9HUHDGRUHV� RX DR yUJmR TXH D &RQVWLWXLomR

Continue navegando