Baixe o app para aproveitar ainda mais
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
Compartilhar