&2'(02
&¾',*232578*8¶63$5$(678'26'(0(5&$'2(23,1, 2
1RYHPEURGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
,1752'8d 2
$ $VVRFLDomR3RUWXJXHVDGH(PSUHVDVGH(VWXGRVGH0HUFDGRH2SLQLmR$32'(02
DFRUGRX GHVHQYROYHU XP FyGLJR GH TXDOLGDGH SDUD WRGR R SURFHVVR GH LQYHVWLJDomR HP
HVWXGRVGHPHUFDGRHRSLQLmRTXHGHYHVHUDSOLFDGRjVHPSUHVDVVXDVDVVRFLDGDVHTXHGHYH
FRQVWLWXLUXPSRQWRGHUHIHUrQFLDSDUDWRGRRVHFWRUGRVHVWXGRVGHPHUFDGRHP3RUWXJDO
(VWH GRFXPHQWR HVSHFLILFD R FyGLJR TXH IRL DSURYDGR SHOD $32'(02 FRQVLGHUDGR
FRPR R FRQMXQWR GH UHTXLVLWRV PtQLPRV GH TXDOLGDGH QHFHVViULRV SDUD DV DFWLYLGDGHV
UHODFLRQDGDV FRP RV HVWXGRV GH PHUFDGR H RSLQLmR 7UDWDQGRVH GH UHTXLVLWRV PtQLPRV
GHYHUmR WRGDV DV HPSUHVDV DVVRFLDGDV FRPSURPHWHUVH D FXPSULORV QD WRWDOLGDGH GD VXD
DFWLYLGDGH HPERUD FDGD HPSUHVD SRVVD VXSHUDU TXDOTXHU UHJUD FRQFUHWD GHVWH FyGLJR
HQTXDQWRQRUPDHVSHFtILFDGDHPSUHVD
(VWH GRFXPHQWR &¾',*2 32578*8¶6 3$5$ (678'26 '( 0(5&$'2 (
23,1, 2TXHDSDUWLUGHDJRUDGHQRPLQDUHPRV&2'(02GHILQHRVGLIHUHQWHVUHTXLVLWRV
DSOLFiYHLV j DFWLYLGDGH GRV HVWXGRV GH PHUFDGR H RSLQLmR HP 3RUWXJDO $ FRHUrQFLD GHVWHV
UHTXLVLWRV FRP RV H[SUHVVRV QD QRUPD GH *DUDQWLD GD 4XDOLGDGH ,62 IDFLOLWDUi D HYHQWXDO
FHUWLILFDomRSRUHVWDQRUPDGDVHPSUHVDVTXHRVFXPSUHP
2&2'(02SRGHGHQRPLQDUXPHVWXGRLQYHVWLJDomRFRPRSURMHFWR§RXWDPEpPFRPR
WUDEDOKR 'HILQHVH FRPR 7pFQLFR UHVSRQViYHO SHOR SURMHFWR XP PHPEUR GR SHVVRDO GD
HPSUHVD UHVSRQViYHO SRU UHDOL]DU Vy RX FRP RXWUDV SHVVRDV XP WUDEDOKR 2 7pFQLFR
UHVSRQViYHO SHOR SURMHFWR SRGH RFXSDU GLIHUHQWHV SRVWRV GHQWUR GD HPSUHVD LQFOXVLYH R GH
3UHVLGHQWHRX'LUHFWRU*HUDO
$HPSUHVDGHYHDVVHJXUDUTXHWRGRVRVSDUWLFLSDQWHVQDVGLIHUHQWHVIDVHVGHLQYHVWLJDomR
TXHVHLQFOXHPQR&2'(02FRQKHoDRVVHXVSULQFtSLRVHFRQKHoD
x
R&yGLJR,QWHUQDFLRQDO,&&(620$5
x
RXWUDVRULHQWDo}HV(620$5
x
R(0546GD()$052
x
DV GLUHFWLYDV GD &RPLVVmR 1DFLRQDO GH 3URWHFomR GH 'DGRV H D OHJLVODomR SRUWXJXHVD
HPYLJRUUHODWLYDDVRQGDJHQVHHVWXGRVGHPHUFDGR
SHOR PHQRV QRV VHXV SULQFtSLRV JHUDLV H UHODWLYDPHQWH DRV SUHFHLWRV TXH DIHFWDP R VHX
WUDEDOKR GH PRGR D TXH WRGDV DV IDVHV GD LQYHVWLJDomR VH UHDOL]HP GH DFRUGR FRP HVWDV
QRUPDV
$32'(02
3iJGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
*$5$17,$'$48$/,'$'(
$QHFHVVLGDGHGHJDUDQWLUDTXDOLGDGH
2 REMHFWLYR GHVWD VHFomR p GHILQLUDHVWUXWXUDTXHGHYHWHUXP6LVWHPDGH*DUDQWLDGD
4XDOLGDGH IXQGDPHQWDGR QR FXPSULPHQWRGR&2'(02HFRQVXEVWDQFLDGRQDGHILQLomRGH
XP FRQMXQWR GH UHJUDV GH WUDEDOKR TXH JDUDQWDP TXH HVWH FyGLJR VH DSOLFD GH IRUPD
VLVWHPiWLFDDWRGRVRVWUDEDOKRVTXHVHUHDOL]DP
7RGDDHPSUHVDTXHDVVXPDR&2'(02GHYHQRPHDUXPUHVSRQViYHOSHODLQVHUomRH
PDQXWHQomRGR6LVWHPDGH*DUDQWLDGD4XDOLGDGHTXHVHMDPHPEURGD(620$5HTXHWHQKD
SRGHUH[HFXWLYRHDXWRQRPLDVREUHDPDWpULD
3URFHGLPHQWRVGH*DUDQWLDGD4XDOLGDGH
&DGD HPSUHVD GHYHUi HODERUDU D GRFXPHQWDomR UHTXHULGD SHOR 6LVWHPD GH *DUDQWLD GD
4XDOLGDGH 0DQXDO GH 4XDOLGDGH GH PRGR D DEUDQJHU GH PDQHLUD HIHFWLYD WRGD D
RUJDQL]DomR
(VWDGRFXPHQWDomRGHYHLQFOXLUWRGRVRVUHTXLVLWRVUHIHULGRVQR&2'(02HSRGHDSUHVHQWDU
VHHPTXDOTXHUVXSRUWHLQFOXLQGRRLQIRUPiWLFR
(PUHODomRjGRFXPHQWDomRHVSHFtILFDGHFDGDSURFHVVRDHPSUHVDGHYHUiJDUDQWLU
x TXHHVWHMDDRDOFDQFHGHWRGRRSHVVRDOHQYROYLGR
x TXHDVFySLDVHPXVRVHMDPLJXDLVHDFWXDOL]DGDV
2FXPSULPHQWRGRVSURFHGLPHQWRVSRUSDUWHGDHPSUHVDGHYHSRGHUVHUFRPSURYDGRHR
VLVWHPDDXGLWDGRSHULRGLFDPHQWH'HSRLVGDUHDOL]DomRGHFDGDIDVHGHXPSURMHFWRGHYHVHU
SRVVtYHO GHWHUPLQDU VH VH UHVSHLWRX R SURFHGLPHQWR WDO FRPR IRL GHILQLGR H[ H[DPLQDQGR
DUTXLYRVJUDYDo}HVUHJLVWRVGHTXDOLGDGH
&RQWUDWRVFRPFOLHQWHV
2VSURFHGLPHQWRVGR6LVWHPDGH4XDOLGDGHGHYHPJDUDQWLUDGRFXPHQWDomRUHODWLYDDRV
DFRUGRV FRP RV FOLHQWHV YHUEDLV RX HVFULWRV GH IRUPD D SHUPLWLU D SRVWHULRU YHULILFDomR GR
VHXFXPSULPHQWR1RPRPHQWRGDFRQILUPDomRDFHLWDomRSRUSDUWHGRFOLHQWHRFRQWUDWRGHYH
VHUUHYLVWRSHODSHVVRDGHVLJQDGDSDUDWDOGHPRGRDTXHILTXHJDUDQWLGRTXHVHGLVS}HPGRV
UHFXUVRVQHFHVViULRVSDUDFXPSULURVUHTXLVLWRVGRFRQWUDWR
$V DOWHUDo}HVUHYLV}HV IHLWDV DR FRQWUDWR SRVWHULRUPHQWH j VXD FRQILUPDomR GHYHP VHU
GRFXPHQWDGDVHHQYLDGDVDRFOLHQWH
$32'(02
3iJGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
3ODQLILFDomRFRQWURORHUHYLVmRGDVIDVHVGHXPSURMHFWR
7RGDV DV IDVHV GH XP SURMHFWR LQFOXLQGR DV GD SODQLILFDomR LQLFLDO H[ SURSRVWDV
TXHVWLRQiULRVHWFGHYHUmRGHVHQYROYHUVHGHDFRUGRFRPSURFHGLPHQWRVSDUDDJDUDQWLDGD
TXDOLGDGH FRP R REMHFWLYR GH FXPSULU VDWLVIDWRULDPHQWH RV UHTXLVLWRV GR FRQWUDWR &XPSULU
HVWHREMHFWLYRLQFOXL
x DWULEXLURWUDEDOKRDSHVVRDOGHYLGDPHQWHTXDOLILFDGR
x LQIRUPDU H LQVWUXLU SRQWXDOPHQWH R SHVVRDO LPSOLFDGR GH TXDOTXHU PXGDQoD RFRUULGD QR
FRQWUDWRGHSRLVGDVXDDSURYDomR
x D JDUDQWLD GD UHDOL]DomR GR WUDEDOKR DSURSULDGR DWUDYpV GH IRUPDomR VXSHUYLVmR H
LQVWUXo}HVHVFULWDV
x RFXPSULPHQWRGRVSURFHGLPHQWRVHVFULWRV
$ PDQXWHQomR GH WRGR R WLSR GH HTXLSDPHQWR H PDWHULDO LQFOXLQGR R LQIRUPiWLFR ¤
KDUGZDUH H VRIWZDUH GHYH S{U HVSHFLDO rQIDVH QD SUHYHQomR FRQVLGHUDQGR VROXo}HV SDUD DV
SRVVtYHLVFRQVHTXrQFLDVGHYLGDVDDYDULDVRXPDXIXQFLRQDPHQWR
&RPSUDV
6HXPDHPSUHVDVHFRPSURPHWHDFXPSULUR&2'(02GHYHUiDVVHJXUDUTXHQRFDVR
GHVXEFRQWUDWDUDOJXPDIDVHGHXPSURMHFWRDXPIRUQHFHGRUH[WHUQRWDPEpPHOHHVWHMDHP
FRQGLo}HVGHJDUDQWLURFXPSULPHQWRGRVUHTXLVLWRVHQYROYLGRVQR&2'(02SDUDDIDVHHP
FDXVD
3DUDHVWHVHIHLWRVFRQVLGHUDPVHFRPR¦IDVHVGHXPSURMHFWR§DVVHJXLQWHV
x DSURSRVWD
x DHODERUDomRGDDPRVWUD
x DHODERUDomRGRTXHVWLRQiULRJXLmR
x RWUDEDOKRGHFDPSR
x DFRGLILFDomR
x DJUDYDomRGHGDGRV
x RWUDWDPHQWRGHLQIRUPDomR
x DDQiOLVHGHUHVXOWDGRVHDUHGDFomRGRUHODWyULR
$TXDQGRGDSURSRVWDGHYHYLUH[SOLFLWDPHQWHPHQFLRQDGDDLQWHQomRGHVXEFRQWUDWDomR
GH XPD SDUWH GH XP SURMHFWR 6H WDO QmR WLYHU VLGR PHQFLRQDGR H VH SRU TXDOTXHU UD]mR
LPSUHYLVWD YLHU D VHU QHFHVViULR R FOLHQWH GHYH VHU DYLVDGR H GDU R VHX FRQVHQWLPHQWR
H[SOtFLWR
$32'(02
3iJGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
e GD UHVSRQVDELOLGDGH GD HPSUHVD DVVHJXUDU TXH RV VXEFRQWUDWDGRV FXPSUDP GH
LJXDOIRUPDR6LVWHPDGH*DUDQWLDGD4XDOLGDGH(VWHVIRUQHFHGRUHVVHUmRLGHQWLILFDGRVSHORV
SURGXWRVVHUYLoRVTXHIRUQHoDP$HPSUHVDGHHVWXGRVGHPHUFDGRHRSLQLmRpLQWHLUDPHQWH
UHVSRQViYHOSHORWUDEDOKRVXEFRQWUDWDGR
4XDQGRXPDHPSUHVDWHPDVXDSUySULDUHGHGHFDPSRHVWDFRQVLGHUDUVHiFRPRSDUWH
GDPHVPDHFRQVHTXHQWHPHQWHVXMHLWDDRPHVPR6LVWHPDGH*DUDQWLDGD4XDOLGDGH
2VSURFHGLPHQWRVGHYHPHYLGHQFLDURFRQWURORGRVIRUQHFHGRUHVLQFOXLQGRXPUHJLVWR
GHDYDOLDomRGDHILFiFLDQRTXDOWDPEpPH[LVWDXPUHJLVWRGRVDVSHFWRVLQVDWLVIDWyULRVGR
VHUYLoRSRUHVWHVSUHVWDGR2VPpWRGRVGHDYDOLDomRHFRQWURORXWLOL]DGRVFRPIRUQHFHGRUHV
LQGLYLGXDLVSRGHPGHSHQGHUGDQDWXUH]DGRVHUYLoRHRXSURGXWRIRUQHFLGRHGRVHXLPSDFWR
QDTXDOLGDGHGHWUDEDOKRRIHUHFLGDSHODHPSUHVDDVVLPFRPRGRVDQWHFHGHQWHVGDTXDOLGDGH
SURILVVLRQDOGRIRUQHFHGRUTXHSRGHPVHUFRQVLGHUDGRVIDFWRUHVUHOHYDQWHVQDDYDOLDomRTXH
VHIDoD
(VWXGRVPXOWLQDFLRQDLV
4XDOTXHUHPSUHVDGHHVWXGRVGHPHUFDGRHRSLQLmRTXHUHFHEDXPDHQFRPHQGDGHXP
HVWXGR LQWHUQDFLRQDO RX HVWHMD HQFDUUHJDGD GD FRRUGHQDomR GH XP SURMHFWR PXOWLQDFLRQDO
GHYHUi HVWDU VXMHLWD jV PHVPDV REULJDo}HV GH TXDOLGDGH LQFOXLQGR DV UHODWLYDV j
VXEFRQWUDWDomRTXHQRVSURMHFWRVQDFLRQDLV
2 FOLHQWH GH XP SURMHFWR GH FRRUGHQDomR PXOWLQDFLRQDO GHYHUi VHU LQIRUPDGR QD
SURSRVWDRXHPGRFXPHQWRGHSODQLILFDomRLQLFLDOVREUH
x DGLVWULEXLomRGDVWDUHIDVHQWUHDHPSUHVDGHHVWXGRVGHPHUFDGRHRSLQLmRFRRUGHQDGRUDH
DVHPSUHVDVVXEFRQWUDWDGDVQRVGLYHUVRVSDtVHV
x R PRGRFRPRRVLQTXLULGRUHVUHFUXWDGRUHVHPRGHUDGRUHVGHFDGDSDtVVHUmRLQVWUXtGRV
VXSHUYLVLRQDGRVHFRQWURODGRV
x DVQRUPDVTXHVHUmRDSOLFDGDVQDFRGLILFDomRLQWURGXomRYHULILFDomRHOLPSH]DGRVGDGRV
HPFDGDSDtV
x DV FDSDFLGDGHV OLQJXtVWLFDV GD HPSUHVD GH HVWXGRV GH PHUFDGR H RSLQLmR FRRUGHQDGRUD
UHODWLYDPHQWHjVOtQJXDVORFDLVTXHVHUmRXWLOL]DGDVQRHVWXGR
x RJUDXGHFRPXQLFDomRGDHPSUHVDGHHVWXGRVGHPHUFDGRHRSLQLmRFRRUGHQDGRUDFRPDV
HPSUHVDVVXEFRQWUDWDGDVORFDLVDRORQJRGHWRGDDFRQGXomRGRSURMHFWR
$HPSUHVDGHHVWXGRVGHPHUFDGRHRSLQLmRHVSHFLILFDUiRPRGRFRPRRVTXHVWLRQiULRV
RV JXL}HV GDV GLVFXVV}HV GH JUXSR RX RXWURV GRFXPHQWRV VHQVtYHLV VHUmR WUDGX]LGRV H
DGDSWDGRVTXDQGRHVHQHFHVViULRDVVLPFRPRRPRGRGHYHULILFDomRGDVWUDGXo}HV
7RGRV RV WUDGXWRUHV GHYHUmR VHU QDWLYRV H WHUHP FRPR OtQJXDPmH SHOR PHQRV XPD GDV
OtQJXDV GRV SDtVHV HP FDXVD 6H WrP FRPR OtQJXDPmH DSHQDV XPD GDVOtQJXDVGHYHUmRVHU
WDPEpPIOXHQWHVHPSHORPHQRVXPDGDVRXWUDVOtQJXDV
$32'(02
3iJGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
)RUPDomRGHSHVVRDO
8PDFWLYRLPSRUWDQWHGHXPDHPSUHVDGHHVWXGRVGHPHUFDGRHRSLQLmRpDTXDOLILFDomR
GR VHX SHVVRDO D WRGRV RV QtYHLV LQFOXLQGR R SHVVRDO GH FDPSR H RXWURV GH FRQWUDWDomR
WHPSRUiULD$VVLPDIRUPDomRGHYHFRQVLGHUDUVHXPIDFWRUIXOFUDOSDUDDTXDOLGDGH
7RGRRSHVVRDOTXHWUDEDOKHQXPSURMHFWRGHYHUHFHEHUDIRUPDomRDGHTXDGDRXWHUDGHYLGD
FRPSHWrQFLDSDUDGHVHPSHQKDUDWDUHIDHPFDXVD
$IRUPDomRGHYHDEUDQJHUWRGRVRVDVSHFWRVUHODFLRQDGRVFRPRWUDEDOKRGHHVWXGRVGH
PHUFDGR H RSLQLmR H WDPEpP DV WDUHIDV HVSHFLILFDPHQWH UHODFLRQDGDV FRP R 6LVWHPD GH
*DUDQWLDGD4XDOLGDGHH[RVPpWRGRVGHFRQWUROR
'HYHPH[LVWLUSURFHGLPHQWRVGRFXPHQWDGRV UHODWLYRV j IRUPDomRDFo}HVGHIRUPDomR
DGPLQLVWUDGDVGDWDVHFRQWH~GRVEHPFRPRRVHXREMHFWLYR
7UDWDPHQWRGRVSUREOHPDV
2 6LVWHPD GH *DUDQWLD GD 4XDOLGDGH GHYH LQFOXLU SURFHGLPHQWRV SDUD LGHQWLILFDU
DVVXPLUHUHFWLILFDURVHUURVQRWUDEDOKRDVVLPFRPRRXWURVSUREOHPDVPDLVJHUDLVTXHVXUMDP
QRSURFHVVRGDLQYHVWLJDomRHGDSUHVWDomRGHVHUYLoRVDRFOLHQWH
'DGRTXHPXLWRVGRVSUREOHPDVTXHVXUJHPQRWUDEDOKRHVWmRORFDOL]DGRVHPGLIHUHQWHV
GRFXPHQWRV H[ TXHVWLRQiULRV WDEXODo}HV HWF UHTXHUVH R DGHTXDGR FRQWUROR TXH JDUDQWD
TXHpDYHUVmRILQDOGHXPGRFXPHQWRTXHSDVVDjVVHJXLQWHVIDVHVGRSURFHVVRLQFOXVLYHDR
FOLHQWH
,VWRLPSOLFDDLGHQWLILFDomRVHJXLPHQWRHDGHTXDGDFRQVHUYDomRGRVGRFXPHQWRVVXEPHWLGRV
DPXGDQoDVFRUUHFo}HVFRPRPHGLGDGHJDUDQWLDLQGLVSHQViYHOSDUDHYLWDURXVRGHYHUV}HV
LQFRUUHFWDV
'R PHVPR PRGR JHUDPVH SRU YH]HV GRFXPHQWRV TXH DFDEDP SRU VH WRUQDU LQYiOLGRV SDUD
XVR SRVWHULRU H[ TXHVWLRQiULRV LQVDWLVIDWRULDPHQWH SUHHQFKLGRV SDUD RV TXDLV WDPEpP
GHYHPH[LVWLUFRQWURORVTXHJDUDQWDPTXHQmRVHUmRXWLOL]DGRVSRUHQJDQRH[QDDQiOLVHGH
GDGRV 'HYHP VHU UHJLVWDGDV DV RFRUUrQFLDV H DV PHGLGDV GH FRUUHFomR WRPDGDV DQWHV GH
TXDOTXHUGHVWUXLomRGRVGRFXPHQWRVLQYiOLGRV
$32'(02
3iJGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
2V SURFHGLPHQWRV GH FRQWUROR SDUD HYLWDU TXH VXUMDP SUREOHPDV GHVWH JpQHUR GHYHUmR
LQFOXLU
x XPVLVWHPDGHLGHQWLGDGH~QLFRSDUDFDGDWUDEDOKRFRPRpDDWULEXLomRGHXPQ~PHURD
FDGDSURMHFWRRXVLPLODU
x QXPHUDomR GDV VXFHVVLYDV YHUV}HV GRV GRFXPHQWRV TXH VH JHUDP GHQWUR GH XP PHVPR
WUDEDOKR
x DXWLOL]DomRGHSDVWDVGHDUTXLYRSDUDFDGDSURMHFWR
x OLVWDJHPGHHVSHFLILFDo}HVFRQFUHWDVDFRQWURODU
x FRUUHFWDLGHQWLGDGHUyWXORGRVGRFXPHQWRVQmRYiOLGRVUHMHLWDGRV
1RVFDVRVHPTXHVHGHWHFWHPSUREOHPDVFRPRVSURFHGLPHQWRVRXFRPR6LVWHPDGH
*DUDQWLDGD4XDOLGDGHLQFOXtGRVRVTXHHQYROYDPUHFODPDo}HVGHFOLHQWHVHVWHVGHYHPVHU
WUDWDGRV HILFD]PHQWH LGHQWLILFDQGR DV VXDV FDXVDV H DSOLFDQGR VROXo}HV TXH HYLWHP D VXD
UHSHWLomR
&RQVHTXHQWHPHQWHRVSURFHGLPHQWRVGHYHUmRLQFOXLUGRFXPHQWDomRUHODFLRQDGDFRP
x D UHFROKD GRFXPHQWDomR H WUDWDPHQWR GDV UHFODPDo}HV GRV FOLHQWHV RX RXWURV UHODWyULRV
VREUHIDOKDVQRWUDEDOKR
x DLQYHVWLJDomRGDVFDXVDVGRSUREOHPD
x RVPpWRGRVDGRSWDGRVSDUDGHILQLUDVDFo}HVGHVWLQDGDVDUHVROYHURSUREOHPDHDHYLWDUD
VXDUHFRUUrQFLD
x RV PHLRV H DV UHVSRQVDELOLGDGHV TXH VH GHVLJQDP SDUD JDUDQWLU TXH DV FRUUHFo}HV VH
UHDOL]DPHSDUDFRPSURYDUTXHDWLQJHPRVHXREMHFWLYR
1RTXHGL]UHVSHLWRDRDUTXLYRHjVHJXUDQoDGHGRFXPHQWRVHPDWHULDLVWRGRHTXDOTXHU
SURMHFWRGHYHWHUXPDLGHQWLGDGHJOREDO(VWDLGHQWLGDGHH[Q~PHURGHHVWXGRGHYHILJXUDU
HPWRGRVRVGRFXPHQWRVLPSRUWDQWHVGRPHVPRRTXHJDUDQWLUiDVXDIiFLOORFDOL]DomR(VWH
UHTXLVLWRGHYHUiHVSHFLILFDUVHQRVSURFHGLPHQWRVHVFULWRV
2V GRFXPHQWRV H UHJLVWRV SURGX]LGRV QD DSOLFDomR GR 6LVWHPD GH *DUDQWLD GD 4XDOLGDGH
GHYHP FRQVHUYDUVH SRU XP SHUtRGR PtQLPR GH XP DQR GHVGH D ILQDOL]DomR GR SURMHFWR
'XUDQWH HVVH SHUtRGR GHYHP VHU IiFHLV GH ORFDOL]DU H GH XWLOL]DU (VWD GRFXPHQWDomR SRGH
FRQVHUYDUVH VH DVVLP VH GHFLGLU HP IRUPDWR HOHFWUyQLFR SDUD R TXH VH GHYHUmR WRPDU
PHGLGDVH[FySLDVSDUDHYLWDUSRVVtYHLVSHUGDV
$32'(02
3iJGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
'H XPD PDQHLUD HVSHFtILFD GHYH FRQVHUYDUVH WRGD D LQIRUPDomR UHOHYDQWH GR SURMHFWR RX
VHMD
‡ GRFXPHQWDomRGDSURSRVWDHUHFWLILFDo}HVSRVWHULRUHV
‡ YHUVmRILQDOGRVTXHVWLRQiULRVRXJXL}HV
‡ PDWHULDOSULPiULRGHFDPSRFRPRYtGHRVFDVVHWHVHWF
‡ LQIRUPDomR SULPiULD DGLFLRQDO H[ TXHVWLRQiULRV TXDQWLWDWLYRV SUHHQFKLGRV UHJLVWRV
TXDOLWDWLYRV WUDQVFULo}HV LQWHJUDLV GH DXGLRYtGHR RX QRWDV UHFROKLGDV FDVR QmR VHMD
SRVVtYHODJUDYDomR
‡ UHJLVWRVGRFRQWURORGDTXDOLGDGHGRWUDEDOKR
‡ HVSHFLILFDo}HV SDUD R SURFHVVDPHQWR GH GDGRV IROKDV GH FRGLILFDomR GH GHSXUDomR RX
TXDOTXHURXWURPDWHULDOVLJQLILFDWLYRUHIHUHQWHDRSURFHVVDPHQWRGHGDGRV
‡ FySLDVHOHFWUyQLFDVRXGHRXWURWLSRGRPDWHULDOHQWUHJXHDRVFOLHQWHVH[UHODWyULRV
7RGRHVWHPDWHULDOGHYHURWXODUVHFODUDPHQWHGHIRUPDDTXHVHSRVVDIDFLOPHQWHLGHQWLILFDU
ORFDOL]DURXDVVRFLDUDXPSURMHFWRHVSHFtILFR
'HYHPHVWDEHOHFHUVHSURFHGLPHQWRVGHVWLQDGRVDFRQWURODUDTXDOLGDGHHDFRQVHUYDomR
GRV GRFXPHQWRV GXUDQWH R VHX SHUtRGR GH DUTXLYR DWHQGHQGR j QHFHVVLGDGH GH TXH HVWHV VH
PDQWHQKDP
‡ OHJtYHLV
‡ LGHQWLILFDGRV
‡ DFHVVtYHLV
‡ FODVVLILFDGRV
‡ UHJLVWDGRV
2VSURFHGLPHQWRVGHYHPWDPEpPFRQWHPSODUWRGRVRVGRFXPHQWRVSURGX]LGRVGXUDQWH
DUHDOL]DomRGHXPSURMHFWRWHQGRHPFRQVLGHUDomRDVQHFHVVLGDGHVGHVHJXUDQoDTXHLPS}HR
&yGLJR,QWHUQDFLRQDO,&&(620$5
1RVSURFHGLPHQWRVGHYHLQFOXLUVHDVHJXUDQoDGRVPDWHULDLVWDLVFRPRSURGXWRVSDUDUHDOL]DU
WHVWHV GH PDQHLUD TXH VH JDUDQWD D VXD QmR GHWHULRUDomR H R FXPSULPHQWR GD OHJLVODomR
YLJHQWH LQFOXLQGR RV DVSHFWRV UHODWLYRV j VD~GH H j VHJXUDQoD VHJXQGR DV QRUPDV
GHWHUPLQDGDV SHOR IDEULFDQWH (VWDV SRU VXD YH] GHYHUmR WHU VLGR VROLFLWDGDV SHOR ¦7pFQLFR
UHVSRQViYHOSHORSURMHFWR§GHIRUPDH[SOtFLWDHDWHPSDGDPHQWH
4XDOTXHU PDWHULDO SURSRUFLRQDGR SHOR FOLHQWH SDUD R GHVHQYROYLPHQWR GH XP SURMHFWR
GHYHPDQWHUVHFRQWURODGRHFRPDVDGHTXDGDVPHGLGDVGHVHJXUDQoDDILPGHJDUDQWLUDVXD
FRQILGHQFLDOLGDGH (VWH PDWHULDO LQFOXL TXDOTXHU LQIRUPDomR DVVLP FRPR TXHVWLRQiULRV
OLVWDJHQV DPRVWUDLV H TXDLVTXHU RXWURV GDGRV RX PDWHULDO GH HVWtPXOR H[ SURGXWRV SDUD
UHDOL]DomRGHWHVWHV
$32'(02
3iJGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
*(67 2'26$63(&7267e&1,&26'$,19(67,*$d 2
5HVSRVWDDXPSHGLGRGHWUDEDOKRSRUSDUWHGHXPFOLHQWH
2WpFQLFRUHVSRQViYHOSHODUHVSRVWDDRSHGLGRGHWUDEDOKRpTXHPGHILQLUiVHHODUHTXHU
XPD SURSRVWDRXXPRUoDPHQWR +iXPDFODUDGLIHUHQoDHQWUHDPERV SURSRVWDLQFOXLXP
GHVHQKRGHLQYHVWLJDomRHQTXDQWRTXHXPRUoDPHQWRSUHVVXS}HDHVSHFLILFDomRGHXPSUHoR
HPWURFDGHXPGHWHUPLQDGRVHUYLoR
$HVWULWDFRQILGHQFLDOLGDGHGHWRGDVDVFRPSRQHQWHVGHXPDSURSRVWDRXRUoDPHQWRFRQVWLWXL
XPDH[LJrQFLDpWLFDDTXHDPEDVDVSDUWHVILFDPREULJDGDVDHPSUHVDGHHVWXGRVGHPHUFDGR
H RSLQLmR H R FOLHQWH 3RU XP ODGR RV GHWDOKHV GR SHGLGR GR FOLHQWH VHUmR WUDWDGRV
FRQILGHQFLDOPHQWHSHODVHPSUHVDVFDQGLGDWDV3RURXWURODGRVDOYRGLVSRVLo}HVHPFRQWUiULR
RVGLUHLWRVGHDXWRUGDSURSRVWDHGHWRGRVRVRXWURVGRFXPHQWRVGHLQYHVWLJDomRWDOFRPRR
TXHVWLRQiULRRJXLmRGDGLVFXVVmRGHJUXSRHWFVmRSURSULHGDGHGDHPSUHVDGHHVWXGRVGH
PHUFDGRHRSLQLmRQmRGHYHQGRVHUGLYXOJDGDTXDOTXHULQIRUPDomRDWHUFHLURV
7RGRVRVFRQWUDWRVSURSRVWDRXRUoDPHQWRGHYHPWHUSRUEDVHXPDHVSHFLILFDomRFODUD
VREUHXQLYHUVRGLPHQVmRGDDPRVWUDPpWRGRGHUHFROKDGHLQIRUPDomRPDWHULDODHQWUHJDU
SUD]RV SUHoR H RXWUD LQIRUPDomR QHFHVViULD GHYHQGR WDPEpP VHU PHQFLRQDGDV WRGDV DV
FRQGLo}HVFRPHUFLDLVUHOHYDQWHV
6HPSUH TXH QmR p GDGR XP SUHoR IL[RGHILQLWLYR GHYHUVHi LQGLFDU FODUDPHQWH QD
GRFXPHQWDomR TXH HVVH SUHoR QmR p IL[R HRX GHSHQGH GH IDFWRUHV GHVFRQKHFLGRV SRU
H[HPSORQtYHLVGHSHQHWUDomRHVWDEHOHFLGRVDRORQJRGRWUDEDOKRGHFDPSR
$ HPSUHVD GH HVWXGRV GH PHUFDGR H RSLQLmR p UHVSRQViYHO SRU OHYDU D FDER WRGDV DV
DFo}HVQHFHVViULDVSDUDGHIRUPDH[DXVWLYDUHVSRQGHUDRVUHTXLVLWRVH[SHFWDWLYDVGRFOLHQWH
$ HPSUHVD GH HVWXGRV GH PHUFDGR H RSLQLmR GHYH DVVHJXUDUVH PHGLDQWH XP PpWRGR
GHILQLGRGHTXHSRVVXLRVUHFXUVRVHFRQKHFLPHQWRVQHFHVViULRVSDUDUHVSRQGHUjVROLFLWDomR
HDREULHILQJGHXPFOLHQWH
$SyV D DFHLWDomR GR UHIHULGR SHGLGR GH WUDEDOKR D HPSUHVD GH HVWXGRV GH PHUFDGR H
RSLQLmRGHYHUiGHILQLUGHIRUPDGRFXPHQWDGDRQRPHGDSHVVRDUHVSRQViYHOSHODHODERUDomR
GDUHVSRVWDDRSHGLGR
6H D HPSUHVD GH HVWXGRV GH PHUFDGR H R FOLHQWH IL[DP XPD GDWD GH HQWUHJD SDUD D
SURSRVWDRXRUoDPHQWRHVWDGHYHVHUUHVSHLWDGD6HPSUHTXHVHSUHYHMDXPDWUDVRQDUHVSRVWD
RFOLHQWHGHYHUiVHULQIRUPDGRFRPDQWHFHGrQFLDHGHYHUiVHUDFRUGDGDXPDQRYDGDWD
$32'(02
3iJGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
$UHVSRVWDDHVWXGRVTXHUHTXHUHPGHVHQKRGDLQYHVWLJDomRDSURSRVWD
3DUD UHVSRQGHU DR SHGLGR GH XP FOLHQWH TXH UHTXHU GHVHQKR GH LQYHVWLJDomR GHYH VHU
HODERUDGDXPDSURSRVWD(VVDSURSRVWDGHYHUiLQFOXLUXPDGHVFULomRGRWUDEDOKRDUHDOL]DURX
ID]HU UHIHUrQFLD D GRFXPHQWRV HVSHFtILFRV GR EULHILQJ HRX HVWXGRV DQWHULRUHV $ SURSRVWD
GHYHUiWHUFRPRUHTXLVLWRVPtQLPRVRVVHJXLQWHVHOHPHQWRV
$UD]mRGHVHUHRVREMHFWLYRVGRHVWXGRWDOFRPRDFRUGDGRFRPRFOLHQWH
$ PHWRGRORJLD GH LQYHVWLJDomR DGHTXDGD SDUD UHVSRQGHU DRV REMHFWLYRV DFRUGDGRV
FRQVLGHUDQGRRVQtYHLVGHH[DFWLGmRUHTXHULGRVDVVLPFRPRDVVXDVYDQWDJHQVHOLPLWDo}HV
'HYHUi VHU GRFXPHQWDGD FRP R QtYHOGHGHWDOKHDGHTXDGRHGHYHUiDEUDQJHUSHORPHQRVRV
VHJXLQWHVSRQWRV
D'DGRVVHFXQGiULRV
&DVR R PpWRGR SURSRVWR LQFOXD D HYHQWXDO UHFROKD RX XWLOL]DomR GH GDGRV VHFXQGiULRV D
SURSRVWDGHYHUiUHIHULU
DIRQWHGHVNUHVHDUFKRQOLQHUHVHDUFKRSUySULRFOLHQWHHWF
HDVXDXWLOL]DomRH[DFWD
'HYHUmRVHUHVSHFLILFDGDVTXDLVTXHUOLPLWDo}HVFRQKHFLGDVGRVGDGRVVHFXQGiULRVDXWLOL]DU
E'HILQLomRGRXQLYHUVR
$ SURSRVWDGHYHUi GHILQLU FRP H[DFWLGmRRVHOHPHQWRVGDSRSXODomRHOHJtYHLVHLQFOXLUXPD
GHVFULomRSUHFLVDGRVFULWpULRVHSURFHGLPHQWRVDXWLOL]DUSDUDDVHOHFomRGRVLQTXLULGRV
F+LSyWHVHVGHSHQHWUDomR
8PDSURSRVWDGHYHUiLQGLFDUVHPSUHTXHSRVVtYHOTXDLVIRUDPRVSUHVVXSRVWRVGHSHQHWUDomR
H DV VXDV IRQWHV XWLOL]DGRV QD SUHSDUDomR GR RUoDPHQWR H GD FDOHQGDUL]DomR GR SURMHFWR
8PD SURSRVWD GHYHUi VHPSUH UHIHULU RX DSUHVHQWDU D PHOKRU HVWLPDWLYD GD SURSRUomR GD
SRSXODomR WRWDO TXH R XQLYHUVR GD DPRVWUD UHSUHVHQWD 4XDOTXHU DOWHUDomR VLJQLILFDWLYD
RFRUULGDQDVIDVHVLQLFLDLVGHXPSURMHFWRUHODWLYDPHQWHDRVSUHVVXSRVWRVRULJLQDLVGHYHUiVHU
FRPXQLFDGD DR FOLHQWH (YHQWXDLV LPSOLFDo}HV QR RUoDPHQWR RX FDOHQGDUL]DomR GR SURMHFWR
VHUmRGLVFXWLGDVFRPHVWH
G'LPHQVmRGDDPRVWUD
(P IXQomR GRV REMHFWLYRV GD LQYHVWLJDomR D SURSRVWD GHYHUi LQGLFDU D GLPHQVmR WRWDO GD
DPRVWUD VHJPHQWDGD SRU YDULiYHLVGHPRJUiILFDVRXRXWURWLSRGHFODVVLILFDomR1RVHVWXGRV
SRVWDLVGHYHUVHiDLQGDID]HUFRQVWDURtQGLFHGHUHVSRVWDHVWLPDGD
$32'(02
3iJGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
H0pWRGRGHSURFHVVDPHQWRGHGDGRV
I3HUJXQWDVDEHUWDV
2Q~PHURSUHYLVWRGHTXHVW}HVDEHUWDVGHYHUiYLUUHIHULGRQDSURSRVWDDVVLPFRPRRPpWRGR
DXWLOL]DUSDUDDSUHSDUDomRGRVSODQRVGHFRGLILFDomR$SURSRVWDLQGLFDUiWDPEpPVHVHUmR
IRUQHFLGDVFLWDo}HVYHUEDWLPHRXWDEHODVGHIUHTXrQFLD
J3RQGHUDomRGRVGDGRV
$QDWXUH]DGDHYHQWXDOSRQGHUDomRGRVGDGRVDVHUDSOLFDGDGHYHUiILFDUGHVFULWDQDSURSRVWD
K7pFQLFDHSURFHGLPHQWRVGHDPRVWUDJHP
$ SURSRVWD GHYHUi GHVFUHYHU WDQWR R PpWRGR GH DPRVWUDJHP HVFROKLGR FRPR D WpFQLFD H RV
SURFHGLPHQWRVDOHDWyULRTXDVHDOHDWyULRRXSRUTXRWDV
'HYHUmR VHU DLQGD UHIHULGRV R Q~PHUR SUHYLVWR H R PpWRGR GH VHOHFomR GRV SRQWRV GH
DPRVWUDJHP R ORFDO GH UHDOL]DomR GR LQTXpULWR R Q~PHUR SUHYLVWR GH LQTXLULGRUHV RX
PRGHUDGRUHV QR FDVR GDV GLVFXVV}HV GH JUXSR HYHQWXDLV LQFHQWLYRV SDUD RV LQTXLULGRV H
TXDLVTXHURXWUDVLQIRUPDo}HVTXHWHQKDPLPSDFWRQRFXVWRHQDTXDOLGDGHGRSURMHFWR
'HYHUmRVHULJXDOPHQWHHVSHFLILFDGRVTXDLVTXHUFULWpULRVSUpGHWHUPLQDGRVDVHUXWLOL]DGRVQD
VHOHFomR RX H[FOXVmR GRV LQGLYtGXRV D LQTXLULU WDLV FRPR XWLOL]DomR GH XP SURGXWR HP
SDUWLFXODUVHRLQGLYtGXRWUDEDOKDQXPDDJrQFLDGHSXEOLFLGDGHRXQmRHWF
L6HOHFomRGRVLQTXLULGRVGHQWURGHDJUHJDGRVIDPLOLDUHVRXRUJDQL]Do}HV
4XDQGR R REMHFWLYR p VHOHFFLRQDU DSHQDV XPD SHVVRD GH XP DJUHJDGR IDPLOLDU RX GH XPD
RUJDQL]DomR D SURSRVWD GHYHUi GHVFUHYHU R SURFHGLPHQWR D XWLOL]DU SDUD HIHFWXDU HVVD
VHOHFomR
1RVHVWXGRVTXDOLWDWLYRVGHYHUiVHULQGLFDGRTXDORSUD]RPtQLPRTXHWHUiTXHWHUGHFRUULGR
GHVGH D ~OWLPD SDUWLFLSDomR GR LQGLYtGXR QXPD GLVFXVVmR GH JUXSR RX QXPD HQWUHYLVWD
LQGLYLGXDODSURIXQGDGD$VSURSRVWDVSDUDHVWHWLSRGHHVWXGRVGHYHPDLQGDGHL[DUFODURTXDO
R PRGR GH UHFUXWDPHQWR GRV LQTXLULGRV GH QRYR D SDUWLU GH XP SDLQHO SUpUHFUXWDGR RX
VHOHFFLRQDGRVSRURXWURVPHLRV
M)DVHSLORWR
&DVR H[LVWD D SURSRVWD GHYHUi GHVFUHYHU RV REMHFWLYRV H RV PpWRGRV GD IDVH SLORWR GR
SURMHFWR
$32'(02
3iJGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
N0pWRGRVGHUHFROKDGHLQIRUPDomRTXDQWLWDWLYRV
$SURSRVWDGHYHUiLQGLFDURPpWRGRGHUHFROKDDXWLOL]DUSHVVRDOQDUXDHPFDVDQRORFDOGH
WUDEDOKRHPVDODHWFWHOHIyQLFRSRVWDOFRPSUDVLPXODGDRWLSRGHTXHVWLRQiULRRXVRGH
PpWRGRV GH UHFROKD GH GDGRV SRU FRPSXWDGRU RX RXWURV PpWRGRV 'HYHUi LQGLFDU DLQGD D
SHUFHQWDJHP GH WUDEDOKR FRQWURODGR VXSHUYLVLRQDGR H R WLSR GH VXSHUYLVmR HIHFWXDGD
SHVVRDO WHOHIyQLFD RX RXWUD 6H R ORFDO SURSRVWR SDUD D FRQGXomR GDV HQWUHYLVWDV UHTXHUHU
DXWRUL]DomRSUpYLDQXPDORMDSRUH[HPSORHVVHUHTXLVLWRGHYHUiFRQVWDUQDSURSRVWD3DUD
DOpPGRORFDOGHYHUmRVHUWDPEpPHVSHFLILFDGRVRVGLDVGDVHPDQDHDVKRUDVDTXHDV
HQWUHYLVWDVVHUmRHIHFWXDGDV
6HPSUHTXHVHMXVWLILTXHDH[LVWrQFLDGHXPSUpWHVWHHVWDQHFHVVLGDGHGHYHUiVHUH[SOLFDGDH
ID]HUSDUWHGDSURSRVWD
O0pWRGRVGHUHFROKDGHLQIRUPDomRTXDOLWDWLYRV
'HYHUi VHU LQGLFDGR R Q~PHUR GH GLVFXVV}HV GH JUXSR HQ~PHURSUHYLVWRGHLQTXLULGRVSRU
JUXSRGHHQWUHYLVWDVHPSURIXQGLGDGHRXGHRXWURVPpWRGRV1RVHVWXGRVTXDOLWDWLYRVVHUi
HVSHFLILFDGR R ORFDO GDV HQWUHYLVWDV HRX UHXQL}HV GH JUXSR HP FDVD QXP KRWHO QXP
HVFULWyULRHVHHVWmRRXQmRGLVSRQtYHLVGLVSRVLWLYRVGHYLVLRQDPHQWRHRXVHRFOLHQWHSRGH
DVVLVWLUDTXDOTXHUGRVJUXSRVRXHQWUHYLVWDVLQGLYLGXDLV
P'XUDomRGDHQWUHYLVWD
8PDSURSRVWDGHYHUiVHPSUHLQFOXLUDGXUDomRGRLQTXpULWRTXHUHPWHUPRVGHWHPSRTXHU
HP QXPHUR GH SHUJXQWDV RX GDV GLVFXVV}HV GH JUXSR FRP EDVH QD TXDO R RUoDPHQWR IRL
HODERUDGR 6H R TXHVWLRQiULRJXLmR UHTXHULGR SHOR FOLHQWH H[FHGHU HVVD GXUDomR R FXVWR H
SRVVLYHOPHQWHDFDOHQGDUL]DomRGRSURMHFWRSRGHUmRVRIUHUDOWHUDo}HV
Q2kPELWRGRLQVWUXPHQWRGHUHFROKDGHLQIRUPDomR
$ SURSRVWD GHYHUi GHOLQHDU RV WySLFRV TXH VHUmR FREHUWRV SHOR TXHVWLRQiULRJXLmR RX SRU
RXWUDVIHUUDPHQWDVGHUHFROKDGHLQIRUPDomR$IRUPXODomRH[DFWDGRTXHVWLRQiULRJXLmRVHUi
UHDOL]DGDVRPHQWHDSyVRFOLHQWHWHUIRUPDOPHQWHHQFRPHQGDGRRSURMHFWR
R'LVFXVVmRGHPpWRGRVDOWHUQDWLYRV
6HPSUH TXH GLYHUVRV WLSRV GH GDGRV RX GLYHUVRV PpWRGRV DOWHUQDWLYRV GH UHFROKD GH GDGRV
VHMDPUHOHYDQWHVSDUDRSUREOHPDDSURSRVWDGHYHUiUHIHULUDVYDQWDJHQVHGHVYDQWDJHQVGRV
PpWRGRV DOWHUQDWLYRV TXH SRGHUmR VHU XWLOL]DGRV $V UD]}HV SRU TXH VH RSWD SRU XPD
GHWHUPLQDGDDERUGDJHPGHYHUmRVHULQGLFDGDV
$32'(02
3iJGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
S0pWRGRGHUHFROKDGHGDGRVGHEDVH
$SURSRVWDGHYHUiLQFOXLUXPDGHVFULomRSUHFLVDGRPpWRGRGHUHFROKDTXHUHFRPHQGD7RGRV
RV PDWHULDLV GH HVWtPXOR QHFHVViULRV VHUmR PLQXFLRVDPHQWH H[SOLFDGRV HP WHUPRV GH
REMHFWLYRVHIRUPDWR6HDDERUGDJHPIRUH[SHULPHQWDORXGHVHQYROYLGDHVSHFLILFDPHQWHSDUD
R SURMHFWR HP FDXVD HP FRQWUDVWH FRP XPD DERUGDJHP GH UHFROKD PXLWR FRQKHFLGD H
XWLOL]DGDHVWHIDFWRGHYHUiVHUFODUDPHQWHUHIHULGR
T(VWtPXORVHSURGXWRVGHWHVWH
$SURSRVWDGHYHUiGHVFUHYHUFRPH[DFWLGmRTXDORWLSRGHPDWHULDLVGHHVWtPXORHSURGXWRVGH
WHVWH VH p TXH DOJXP LUmR VHU QHFHVViULRV H HP TXH TXDQWLGDGHV $ SURSRVWD GHYHUi
HVSHFLILFDUVHIRLLQFOXtGDQR RUoDPHQWRRXQmRDSURYLVmRGHVVHVPDWHULDLVHSURGXWRV1R
FDVR GRV SURGXWRV SDUD WHVWH VHUHP IRUQHFLGRV SHOR FOLHQWH GHYHUi FRQVWDU R VHX ORFDO GH
HQWUHJD'HYHUiDLQGDYLUHVSHFLILFDGRVHRVSURGXWRVVHUmRRXQmRGHYROYLGRVDRFOLHQWHDSyV
DFRQFOXVmRGRSURMHFWR$SURSRVWDGHYHUiDLQGDUHIHULUTXHTXDOTXHUSURGXWRHRXHVWtPXOR
IRUQHFLGR SHOR FOLHQWH GHYHUi REHGHFHU D WRGRV RV UHTXLVLWRV OHJDLV 2 FOLHQWH p UHVSRQViYHO
SRU TXDLVTXHU DFo}HV OHJDLV TXH SRVVDPUHVXOWDUGRXVRGXUDQWHDFRQGXomRGRSURMHFWRGH
TXDLVTXHU SURGXWRV HRX HVWtPXORV IRUQHFLGRV SHOR FOLHQWH H GHYHUi LVHQWDU D HPSUHVD GH
HVWXGRV GH PHUFDGR H RSLQLmR GH TXDLVTXHU UHVSRQVDELOLGDGHV GLVSRQLELOL]DQGR SDUD WDO XP
GRFXPHQWRJDUDQWLQGRDVHJXUDQoDHTXDOLGDGHGRVSURGXWRVHPWHVWH
U2PpWRGRGREULHILQJGHFDPSR
$SURSRVWDGHYHUiFRQWHUXPDGHVFULomRGRPpWRGRGHEULHILQJGHFDPSRDVHUXWLOL]DGRFRP
RV VXSHUYLVRUHV RV LQTXLULGRUHV H RV UHFUXWDGRUHVLVWRpXPDUHXQLmRSHVVRDOFRPWRGRVRV
LQTXLULGRUHVDSHQDVFRPRVVXSHUYLVRUHVRXDSHQDVLQVWUXo}HVHQYLDGDVDWRGRVSRUFRUUHLRH
PDLOWHOHIRQHHWF
V&RQWURORGHTXDOLGDGH
6HHTXDQGRUHTXHULGRSHORFOLHQWHDHPSUHVDIRUQHFHUiLQIRUPDo}HVVREUH
x RVSURFHGLPHQWRVGHFRQWURORGHTXDOLGDGHTXHVHUmRXWLOL]DGRV
x DSURSRUomRHWLSRVGHYHULILFDomRGDVHQWUHYLVWDVLQFOXLQGRRUHFUXWDPHQWRSDUDRV
HVWXGRVTXDOLWDWLYRV
x RWLSRGHHGLomRRX¦OLPSH]D§GHGDGRVDVHUXWLOL]DGR
x HDLQGDWRGDVDVGHPDLVPHGLGDVWRPDGDVSDUDPLQLPL]DUDVIRQWHVGHHUURHPWRGDV
DVIDVHVGRSURMHFWR
$32'(02
3iJGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
2SURGXWRILQDODHQWUHJDU
D$QiOLVHVVXSOHPHQWDUHV
8PD SURSRVWD GHYHUi FRQWHU D LQGLFDomR GD SURIXQGLGDGH GD DQiOLVH GRV GDGRV RX HP TXH
SHUtRGRGHWHPSRXPDHYHQWXDODQiOLVHVXSOHPHQWDUSRGHVHUIRUQHFLGDFRPRSDUWHQRUPDOGR
FRQWUDWR 3DUD DOpP GHVWH OLPLWH TXDOTXHU DQiOLVH VXSOHPHQWDU VHUi IDFWXUDGD FRPR VHUYLoR
DGLFLRQDOQmRLQFOXtGRQRFRQWUDWREDVH
E'DGRVH[FOXVLYRVYVGDGRVFRPSDUWLOKDGRV
$SURSRVWDGHYHUiHVSHFLILFDUVHRVGDGRVUHFROKLGRVVHUmRH[FOXVLYRVRXFRPSDUWLOKDGRVRX
TXDLVDVSDUWHVGRVUHVXOWDGRVTXHVHUmRH[FOXVLYDVRXFRPSDUWLOKDGDV
F2IRUPDWRGRUHODWyULR
$ SURSRVWD GHYHUi LQGLFDU R IRUPDWR HP TXH RV UHVXOWDGRV VHUmR HQWUHJXHV QR WHUPR GR
SURMHFWR UHODWyULR FRPSOHWR UHODWyULR UHVXPR WDEHODV FUX]DGDV RX ILFKHLURV GH GDGRV
LQGLYLGXDLV2VGRFXPHQWRVSRGHPWDPEpPVHUIRUQHFLGRVHPSDSHOHPIRUPDWRHOHFWUyQLFR
RX DPERV R TXH FRQVWDUi GD SURSRVWD DVVLP FRPR R Q~PHUR GH H[HPSODUHV GR UHODWyULR
LQFOXtGRQRRUoDPHQWRHDOtQJXDGDVXDUHGDFomR
1RVHVWXGRVTXDOLWDWLYRVDSURSRVWDGHYHUiLQGLFDUVHVHUmRLQFOXtGRVQRUHODWyULRFRPHQWiULRV
YHUEDWLPGDVHQWUHYLVWDVHRXGLVFXVV}HVGHJUXSR
$SURSRVWDGHYHUiDLQGDHVSHFLILFDUVHDDSUHVHQWDomRGRVUHVXOWDGRVHVWiRXQmRLQFOXtGDQR
RUoDPHQWRRXVHpSURSRVWDFRPRRSomR
'HVHQYROYLPHQWRGHQRYRVSURGXWRVWpFQLFDVSUpGHILQLGRV
4XDQGR IRU QHFHVViULR XWLOL]DU WpFQLFDV HVSHFLDLV WDO FRPR WpFQLFDVSURMHFWLYDVRXVLPLODUHV
HP HVWXGRV TXDOLWDWLYRV RX WpFQLFDV HVWDWtVWLFDV FRPR DQiOLVHV FRQMRLQW HP HVWXGRV
TXDQWLWDWLYRVGHYHUmRVHUHVSHFLILFDGDVDVVXDVFDUDFWHUtVWLFDVJHUDLVEHPFRPRDUD]mRSRU
TXH HODV VmR D PHOKRU UHVSRVWD DR EULHILQJ 4XDQGR UHOHYDQWH D VHOHFomR GD PHWRGRORJLD
TXDQWLWDWLYDRXTXDOLWDWLYDGHYHUiLJXDOPHQWHVHUMXVWLILFDGD
5HFXUVRDHPSUHVDVH[WHULRUHV
'HYHUVHiLQIRUPDUGDSRVVLELOLGDGHGHVXEFRQWUDWDUHPSUHVDVUHIHUHQFLDQGRDVHLQGLFDQGR
DVVXDViUHDVGHDFWXDomR
$32'(02
3iJGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
2VSUD]RVSDUDDUHDOL]DomRGRWUDEDOKRRXVXJHULGRVSHODHPSUHVDRXFRQILUPDQGRRV
HVSHFLILFDGRVSHORFOLHQWH
$VFRQGLo}HVJHUDLVGDSURSRVWDLQFOXLQGRDVSHFWRVLPSRUWDQWHVWDLVFRPR
‡ DVFRQGLo}HVGHSDJDPHQWR
‡ RSUD]RGHYDOLGDGHGDSURSRVWD
‡ DSURSULHGDGHGRVGDGRV
‡ RSHUtRGRGHDUPD]HQDPHQWRGRVTXHVWLRQiULRV
6DWLVID]HUDVH[SHFWDWLYDVGRFOLHQWH
2 REMHFWLYR GR IRUQHFHGRU GHYH VHU VHPSUH VDWLVID]HU DV H[SHFWDWLYDV H[SOtFLWDV GR
FOLHQWH SDUD R TXH p IXQGDPHQWDO D TXDOLGDGH GD DQiOLVH D DSUHVHQWDomR H RV UHODWyULRV GR
WUDEDOKR
2 ¦7pFQLFR UHVSRQViYHO SHOR SURMHFWR§ p UHVSRQViYHO SRU UHQHJRFLDU DV FRQGLo}HV GH
WUDEDOKRTXDQGRMXOJDURSRUWXQRSRUH[HPSORRFDOHQGiULR
2¦7pFQLFRUHVSRQViYHOSHORSURMHFWR§VHUiUHVSRQViYHOSRUDFRUGDUHFRQILUPDUFRPR
FOLHQWH WRGDV DV PXGDQoDV TXH DOWHUHP PDWHULDOPHQWH D HVSHFLILFDomR FXVWR RX SUD]RV GR
SURMHFWRFRPDPDLRUEUHYLGDGHSRVVtYHO
e LQHYLWiYHO TXH RFDVLRQDOPHQWH RFRUUDP SUREOHPDV FRPR DWUDVRV QR FDOHQGiULR SRU
GLYHUVDVFLUFXQVWkQFLDVDOJXPDVLPSUHYLVtYHLVeLPSRUWDQWHTXHR¦7pFQLFRUHVSRQViYHOSHOR
SURMHFWR§ DGPLWD D GLILFXOGDGH DFHLWH D UHVSRQVDELOLGDGH GR SUREOHPD H DFWXH FRP UDSLGH]
SDUDOLPLWDURVGDQRV,VWRJHUDOPHQWHH[LJHFRPXQLFDURSUREOHPDDRFOLHQWHTXDQWRDQWHVH
UHFRPHQGDURXVXJHULUDDFomRRXDFo}HVTXHGHYHPVHUOHYDGDVDFDER
$32'(02
3iJGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
&DOHQGDUL]DomRGRSURMHFWR
$SyV D DSURYDomR GD SURSRVWD R UHVSRQViYHO SHOR SURMHFWR GHYH FRQILUPDU MXQWR GR
FOLHQWH D VXD FDOHQGDUL]DomR SUD]RV Mi SUHYLDPHQWH HVWLPDGRV QD SURSRVWD DVVLP FRPR D
DWULEXLomRGHUHVSRQVDELOLGDGHVFRQVRDQWHVHDSOLTXHP
x FDOHQGiULRGRWUDEDOKRGHFDPSR
x UHVSRQVDELOLGDGH UHODWLYDPHQWH j GHILQLomR GH FRQFHLWRV H jV GDWDV SDUD GLVSRQLELOL]DomR
GHPDWHULDLVGHHVWtPXORSURGXWRVGHWHVWHLQFHQWLYRVDVVLPFRPRRUHVSHFWLYROXJDUGH
HQWUHJD
x GDWDSDUDDSURYDomRGRVTXHVWLRQiULRVRXJXLmRVSRUSDUWHGRFOLHQWH
x UHVSRQVDELOLGDGH GH REWHU SHUPLVVmR SDUD R XVR GH ORFDLV GH UHDOL]DomR GR HVWXGR FDVR
VHMDQHFHVViULR
x GDWDVSDUDHQWUHJDGRVUHVXOWDGRV
x FDOHQGiULRSDUDDSURYDomRGDHVSHFLILFDomRGDVDQiOLVHVFDVRRFOLHQWHRVROLFLWH
x FRQVHTXrQFLDVUHVXOWDQWHVGRDWUDVRQDVWDUHIDVDUHDOL]DUSHORFOLHQWHSRUH[HPSORDGDWD
GH HQWUHJDGHPDWHULDLVGHHVWtPXOR HWF HLPSOLFDo}HV UHVXOWDQWHVGRQmRFXPSULPHQWR
GHVWDV
x DGDWDPDLVEUHYHSRVVtYHOSDUDXPDDSUHVHQWDomRSUHOLPLQDUGRVUHVXOWDGRV
x GDWDVSRVVtYHLVSDUDDDSUHVHQWDomRHSDUDUHODWyULRTXDQGRUHTXHULGRV
&DOHQGiULRGHSDUWLFLSDomRGRFOLHQWH
6HPSUH TXH R FOLHQWH GHVHMDU SDUWLFLSDU QR WUDEDOKR GH FDPSR GHYHUi VHUOKH IDFXOWDGR XP
FDOHQGiULRFRPSOHWRFRPGDWDVHORFDLVGHWRGDVDVRSHUDo}HVGRWUDEDOKRGHFDPSRGHVGHTXH
LVVRQmRLPSOLTXH
x DWUDVRQDVRSHUDo}HVGRWUDEDOKRGHFDPSR
x LQWHUIHUrQFLDV QD FRQGXomR HILFLHQWH H QD RUJDQL]DomR GR WUDEDOKR GH FDPSR FRPR SRU
H[HPSORRFDVRGDIRUPDomRRXDYDOLDomRGRVLQTXLULGRUHV
x S{UHPULVFRDFRUUHFWDUHFROKDGRVGDGRVTXDQGRRWHPDHPFDXVDpGHQDWXUH]DGHOLFDGD
x S{UHPULVFRRDQRQLPDWRGRVSDUWLFLSDQWHVLQTXLULGRV
1RV HVWXGRV TXDOLWDWLYRV D DVVLVWrQFLDRXYLVLRQDPHQWRSRUSDUWHGRFOLHQWHVHUiLJXDOPHQWH
UHJLGDSHORSUHVHQWHGRFXPHQWR
4XHVWLRQiULRVH*XL}HV
'HSRLV GH UHFHEHU D DSURYDomR GD SURSRVWD D HPSUHVD GHYH SUHSDUDU XP
TXHVWLRQiULRJXLmRTXHVWLRQiULRGHUHFUXWDPHQWRSDUDDOFDQoDURVREMHFWLYRVGDLQYHVWLJDomR
8PDYH]SUHSDUDGRRPHVPRGHYHVHUUHYLVWRSHOR¦7pFQLFRUHVSRQViYHOSHORSURMHFWR§SDUD
FRPSDUDomRFRPRVREMHFWLYRVGDLQYHVWLJDomR
$32'(02
3iJGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
(VWDVLWXDomRWDPEpPpYiOLGDSDUDHQWUHYLVWDVDVVLVWLGDVSRUFRPSXWDGRUHSDUDTXHVWLRQiULRV
TXHQHFHVVLWHPGHWUDGXomR
2FOLHQWHWHPGHDSURYDURTXHVWLRQiULRRXJXLmRSRGHQGRHVVDDSURYDomRVHULPSOtFLWD
RXH[SOtFLWD6HUiQHFHVViULDDDSURYDomRH[SOtFLWDVHHVWDWLYHUVLGRDFRUGDGD
2 ¦7pFQLFR UHVSRQViYHO SHOR SURMHFWR§ p UHVSRQViYHO SRU JDUDQWLU TXH R SHVVRDO GH
FDPSRUHFHEDLQIRUPDo}HVHLQVWUXo}HVVXILFLHQWHVSDUDDUHDOL]DomRGRWUDEDOKR
(VSHFLILFDomRSDUDDDQiOLVHLQYHVWLJDomRTXDQWLWDWLYD
2¦7pFQLFRUHVSRQViYHOSHORSURMHFWR§pUHVSRQViYHOSRU
x SURSRUFLRQDU DR DQDOLVWD GH SURFHVVDPHQWR GH GDGRV XPD HVSHFLILFDomR FODUD RX XP
EULHILQJGRHVWXGRTXHHVWHMDGRFXPHQWDGR
x PDUFDUDGDWDSDUDDOLVWDJHPGHFyGLJRVHSODQRGHFRGLILFDomR
x GLVSRQLELOL]DURSODQRGHWDEXODomR
x PDUFDUDGDWDGDHGLomRGHWDEXODo}HVHSURYDVGHFRQVLVWrQFLDLQWHUQDGHGDGRV
x HVSHFLILFDURVPpWRGRVGHYDOLGDomRGHGDGRV
25HODWyULRGRSURMHFWR
*HQHUDOLGDGHV
2 UHODWyULR GR SURMHFWR GHYHUi VHU VHPSUH VXILFLHQWHPHQWH GHWDOKDGR SDUD SHUPLWLU D
UHSURGXomRGRSURMHFWRRXDUHDOL]DomRGHXPDDQiOLVHVHFXQGiULDFRPSOHWD
(QWHQGHVHSRU¦UHODWyULRGRSURMHFWR§RFRQMXQWRGDVLQIRUPDo}HVDHQWUHJDUDRFOLHQWH7DQWR
HPHVWXGRVGHPHWRGRORJLDTXDQWLWDWLYDFRPRTXDOLWDWLYDRUHODWyULRGRSURMHFWRGHYHLQFOXLU
RVVHJXLQWHVJUDQGHVJUXSRVGHLQIRUPDomRVHPSUHTXHDGHTXDGRHHPIXQomRGDQDWXUH]DH
PHWRGRORJLDXWLOL]DGD
x
LQIRUPDomRPHWRGROyJLFD
x
UHVXOWDGRV
x
WDEXODomRGRVUHVXOWDGRV
x
PDWHULDOGHDSRLR
$32'(02
3iJGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
,QIRUPDomRPHWRGROyJLFD
e FRQVWLWXtGD SHOR FRQMXQWR GH LQIRUPDo}HV GH FDUiFWHU WpFQLFR H PHWRGROyJLFR HP TXH VH
DSRLRXDH[HFXomRGRSURMHFWRHGHYHLQFOXLU
D5HODWLYDPHQWHjHVWUXWXUDomRSUpYLDGRSURMHFWR
x
LGHQWLILFDomRGDHPSUHVD
x
LGHQWLILFDomRGR¦7pFQLFRUHVSRQViYHOSHORSURMHFWR§
x
GHVFULomR GRV DQWHFHGHQWHV H REMHFWLYRV JHUDLV H HVSHFtILFRV WDO FRPR GHILQLGR QD
SURSRVWDDFHLWHSHORFOLHQWHLQFOXLQGRREMHFWLYRVHYHQWXDOPHQWHDFRUGDGRVDSRVWHULRUL
HQWUHDVSDUWHV
x
PHWRGRORJLDXWLOL]DGDWpFQLFDVHORFDOGHUHFROKDGHLQIRUPDomRHPpWRGRGHVHOHFomR
GRVLQTXLULGRV
x
GHVFULomRHFDUDFWHUL]DomRGRkPELWRGDSRSXODomRDOYRXQLYHUVR
E5HODWLYDPHQWHjIDVHGHUHFROKDGHLQIRUPDomR
x
GLPHQVmRHFDUDFWHUL]DomRGDDPRVWUDSUHYLVWDHREWLGDUHDO
x
SHUtRGRGDUHFROKDGHLQIRUPDomR
x
GXUDomRPpGLDGDVHQWUHYLVWDV
x
Q~PHURGHLQTXLULGRUHVSDUWLFLSDQWHVQRVHVWXGRVTXDQWLWDWLYRV
x
WRGDVDVIRQWHVLGHQWLILFDGDVGHSRWHQFLDOLQFRUUHFomRGRVUHVXOWDGRVSRUH[HYHQWXDLV
DFRQWHFLPHQWRV H[yJHQRV GHWHFWDGRV QR GHFRUUHU GR HVWXGR SDVVtYHLV GH LQIOXHQFLDU
VLJQLILFDWLYDPHQWHRVUHVXOWDGRVRXDVFRQFOXV}HVSDUDDOpPGDVTXHVHSRVVDPLQIHULU
UD]RDYHOPHQWHDSDUWLUGRVGHWDOKHVPHWRGROyJLFRVUHIHULGRV
x
RVQtYHLVGHSHQHWUDomRLQFLGrQFLDQRVHVWXGRVTXDQWLWDWLYRV
F5HODWLYDPHQWHDRFRQWURORHWUDWDPHQWRGDLQIRUPDomR
x
PtQLPDHIRUPDVGHFRQWURORGHTXDOLGDGHVREUHRWUDEDOKRGHFDPSR
x
WLSR GH FRQWURORLQIRUPiWLFRVREUHDFRQVLVWrQFLDGDLQIRUPDomRFRUUHFomRDXWRPiWLFD
RXQmR
x
H[LVWrQFLDHMXVWLILFDomRGHSRQGHUDomRGDVEDVHVDPRVWUDLVQRVHVWXGRVTXDQWLWDWLYRV
x
DV EDVHV SUp H SyV SRQGHUDomR GH WRGDV DV SHUFHQWDJHQV FDOFXODGDV QRV HVWXGRV
TXDQWLWDWLYRV
$32'(02
3iJGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
2V VHJXLQWHV HOHPHQWRV GHYHUmR LJXDOPHQWH VHU LQFOXtGRV TXDQGR UHOHYDQWHV H GHYHUmR
VHPSUHVHUIRUQHFLGRVVHSHGLGRV
x
HYHQWXDLV GDGRV VHFXQGiULRV XWLOL]DGRV H D VXD IRQWH SRU H[ SDUD D FRQVWLWXLomR GD
DPRVWUD
x
SODQR GD DPRVWUD GLDV GD VHPDQD RX SHUtRGRV KRUiULRV HP TXH GHFRUUHUDP DV
HQWUHYLVWDVTXHVWLRQiULRGHUHFUXWDPHQWRHWFž
x
LGHQWLILFDomRGRJUXSRGHWUDEDOKRGHFDPSRH[WHUQRRXTXDOTXHURXWURVXEFRQWUDWDGR
XWLOL]DGRQDVSDUWHVSULQFLSDLVGRSURMHFWR
x
GHVFULomRGRVPpWRGRVGHSRQGHUDomRXWLOL]DGRV
x
GHVFULomRGDQDWXUH]DGRVHYHQWXDLVHVWtPXORVjSDUWLFLSDomRGRVLQTXLULGRV¦EULQGHV§
5HVXOWDGRV
&RQVWLWXHPRFRQMXQWRGDLQIRUPDomRVREUHRTXHIRLREWLGR0HGLDQWHDFRUGRFRPRFOLHQWH
x RV UHVXOWDGRV GRV HVWXGRV TXDQWLWDWLYRV SRGHUmR VHU HQWUHJXHV QmR WUDWDGRV HP EUXWR
QRUPDOPHQWH HP VXSRUWH LQIRUPiWLFR DSHQDV WDEXODGRV RX LQFOXLQGR XPD DQiOLVH GRV
UHVXOWDGRVHVWXGRFRPSOHWR
x RV UHVXOWDGRV GRV HVWXGRV TXDOLWDWLYRV SRGHUmR VHU HQWUHJXHV QmR WUDWDGRV WUDQVFULo}HV
JUDYDo}HVHPYtGHRRXDXGLRRXLQFOXLQGRXPDDQiOLVHGRVUHVXOWDGRV
1RFDVRGHVHDFRUGDUTXHRVUHVXOWDGRVGRHVWXGRVHMDPHQWUHJXHVHPVXSRUWHLQIRUPiWLFRR
IRUPDWRDXWLOL]DUGHYHUiVHUSUHYLDPHQWHDFRUGDGRFRPRFOLHQWH
D$QiOLVHGHUHVXOWDGRV
1R FDVR HP TXH HVWHMD SUHYLVWD D HODERUDomR GH XPD DQiOLVH GRV UHVXOWDGRV HVWD GHYHUi VHU
VXILFLHQWHPHQWH DSURIXQGDGD SDUD SHUPLWLU DR OHLWRU XPD FRUUHFWD SHUFHSomR GR TXH IRL
HVWXGDGR H GR TXH IRL REWLGR H GHYHUi GDU UHVSRVWD SRQWR SRU SRQWR D FDGD XP GRV
REMHFWLYRVHVSHFtILFRVGRHVWXGR
7RGDV DV YDULiYHLV GH DQiOLVH GHYHUmRHVWDUFODUDPHQWHLGHQWLILFDGDV7RGRVRVFRPSRQHQWHV
GH TXDLVTXHU FRPELQDo}HV GH YDULiYHLV GHYHUmR VHU H[SOLFDGRV GH IRUPD D WRUQDU D OyJLFD
LQWHJUDOPHQWH FRPSUHHQVtYHO DR OHLWRU VHQGR DSHQDV H[FHSomR PRGHORV RX H[HUFtFLRV GH
VLPXODomRH[FOXVLYRVHSRULVVRFRQILGHQFLDLV
$LQWHUSUHWDomRGRVUHVXOWDGRVRXDQiOLVHLQWHUSUHWDWLYDLPSOLFDo}HVHUHFRPHQGDo}HVGHYHUi
HVWDUFODUDPHQWHLGHQWLILFDGDHVHSDUDGDGDDQiOLVHGHVFULWLYDWDQWRQDDSUHVHQWDomRFRPRQR
UHODWyULRILQDO
6HPSUH TXH WLYHU VLGR HIHFWXDGD XPD DQiOLVH PXOWLYDULDGD GHYH VHU UHIHULGD D WpFQLFD
XWLOL]DGDRPRGRFRPRHODGHYHVHULQWHUSUHWDGDHDPHGLGDHVWDWtVWLFDGRVHXVLJQLILFDGR
$32'(02
3iJGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
E7DEXODomRGRVUHVXOWDGRVHPHVWXGRVTXDQWLWDWLYRV
'HYHLQFOXLUWRGDVDVWDEHODVDSXUDGDVFRPUHVXOWDGRVGLUHFWRVRXLQGLUHFWRVFUX]DPHQWRVGH
GDGRVGHGLIHUHQWHVSHUJXQWDV
'HYHFRQWHUGHIRUPDLGHQWLILFDGDDVEDVHVSUpHSyVSRQGHUDomRFDVRWHQKDKDYLGRGHWRGDV
DVSHUFHQWDJHQVFDOFXODGDV
0DWHULDOGHDSRLR
x
TXHVWLRQiULRTXDQWLWDWLYRRXJXLmRTXDOLWDWLYRXWLOL]DGR
x
PDWHULDOGHHVWtPXOROLVWDVFDUW}HVIRWRVHWF
x
GHVFULomRGRVSURGXWRVRXHPEDODJHQVWHVWDGDV
&RQVWLWXHPH[FHSomRDRDUWLFXODGRDFLPDRVHVWXGRVGHQDWXUH]DFRQWtQXDRXHPYDJDVHP
TXHGHYHUiVHUSUHYLDPHQWHDFRUGDGRFRPRFOLHQWHDIUHTXrQFLDHFRQWH~GRGRVUHODWyULRVGH
FDGDIDVHRXLQWHUPpGLRV
2 ¦7pFQLFR UHVSRQViYHO SHOR SURMHFWR§ p UHVSRQViYHO SRU JDUDQWLU TXH D LQIRUPDomR D
HQWUHJDU DR FOLHQWH HP FRQVHTXrQFLD GR SURMHFWR GHVHQYROYLGR VDWLVIDoD FDEDOPHQWH D
WRWDOLGDGHHDOFDQFHGRVREMHFWLYRVHVWLSXODGRV
,QIRUPDomRHPDWHULDLVSURSRUFLRQDGRVSHORFOLHQWH
2¦7pFQLFRUHVSRQViYHOSHORSURMHFWR§GHYHDVVHJXUDUTXHVHMDPGDGDVLQVWUXo}HVDGHTXDGDV
QR VHQWLGR GH JDUDQWLU GXUDQWH D UHDOL]DomR GR SURMHFWR DV FRQGLo}HV GH XWLOL]DomR RX D
SRVWHULRU GHVWUXLomR RX GHYROXomR VH DFRUGDGR GD LQIRUPDomR SRU H[ ILFKHLURV GRV
SURGXWRVRXGRVPDWHULDLVIRUQHFLGRVSHORFOLHQWH
$32'(02
3iJGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
5HWHQomRHFRQVHUYDomRGRVUHJLVWRVGHXPSURMHFWR
$ HPSUHVD GHYH DVVHJXUDUVH GH TXH RV UHJLVWRV UHOHYDQWHV GH FDGD SURMHFWR VHMDP
FRQVHUYDGRVHPVHJXUDQoDSRUXPSHUtRGRPtQLPRGHXPDQRDSyVRTXDOVHSRGHSURFHGHUj
VXDGHVWUXLomR3RUUHJLVWRVGHXPSURMHFWRHQWHQGHVH
x
DGRFXPHQWDomRGDVIDVHVGRSURMHFWRHDVVXDVHPHQGDVEULHILQJGRFOLHQWHSURSRVWD
DSURYDGDXOWLPDYHUVmRGRTXHVWLRQiULRHPDWHULDOGHDSRLRXWLOL]DGRHWF
x
DV HVSHFLILFDo}HV WpFQLFDV H UHJLVWRV GH FRQWUROR GH TXDOLGDGH UHODWLYRV j UHFROKD GH
LQIRUPDomRWUDEDOKRGHFDPSR
x
UHJLVWRVGHGDGRVSULPiULRVDWRWDOLGDGHGRVTXHVWLRQiULRVSUHHQFKLGRVHXWLOL]DGRVSDUD
R DSXUDPHQWR GH GDGRV D LQIRUPDomR UHFROKLGD QR kPELWR GH HVWXGRV WLSR ¦GHVN
UHVHDUFK§HWF
x
DV HVSHFLILFDo}HV H GRFXPHQWRV UHODWLYRV DR WUDWDPHQWR GD LQIRUPDomR WUDQVFULo}HV
SODQR GH FRGLILFDomR H GH WDEXODomR HWF H UHVSHFWLYRV UHJLVWRV GH FRQWUROR GH
TXDOLGDGH
x
FySLDVSHORPHQRVXPDGRPDWHULDOHQWUHJXHDRFOLHQWHDSUHVHQWDomRHUHODWyULRVHP
IRUPDWRHOHFWUyQLFRRXRXWUR
7RGRV RV UHJLVWRV JXDUGDGRV RX DUTXLYDGRV GH XP SURMHFWR GHYHP VHU GHYLGDPHQWH
LGHQWLILFDGRV HWLTXHWDGRV QR VHQWLGR GH SHUPLWLU XP IiFLO DFHVVR SDUD FRQVXOWD RX XOWHULRU
YHULILFDomR
$ HPSUHVD GHYH SURYLGHQFLDU DGHTXDGDV FRQGLo}HV GH DUPD]HQDPHQWR GRV UHJLVWRV
JDUDQWLQGR
x
DVXDQmRGHWHULRUDomR
x
DSRVVLELOLGDGHGHDFHVVRGXUDQWHXPSHUtRGRGHDQR
x
DVXDFRQILGHQFLDOLGDGH
&RPSURYDo}HV
2¦7pFQLFRUHVSRQViYHOSHORSURMHFWR§pUHVSRQViYHOSHODFRPSURYDomRHH[DFWLGmRGRVGDGRV
IRUQHFLGRV
$32'(02
3iJGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
6HJXUDQoDGRVPDWHULDLVHSURGXWRVSDUDWHVWH
'HYHUi KDYHU XP DFRUGR H[SOLFLWR HQWUH D HPSUHVD H R FOLHQWH UHODWLYDPHQWH j
UHVSRQVDELOLGDGHSRUSURGXWRVHPDWHULDLVDDYDOLDU
e GD UHVSRQVDELOLGDGH GR ¦7pFQLFR UHVSRQViYHOSHORSURMHFWR§RFXPSULPHQWRGRVVHJXLQWHV
SURFHGLPHQWRV
x
JDUDQWLUDVHJXUDQoDHFRQILGHQFLDOLGDGHGRVPDWHULDLVGLVSRQLELOL]DGRVSHORFOLHQWHSDUD
HIHLWRVGHDYDOLDomROLVWDVGHGDGRVPDWHULDLVGHHVWtPXORSURGXWRVWHVWHHWF
x
DVVHJXUDUTXHRVSURGXWRVHRXWURVPDWHULDLVVHUmRFRUUHFWDPHQWHJXDUGDGRVHXWLOL]DGRV
GXUDQWHRWHPSRGHLQYHVWLJDomRSUHVHUYDQGRDVVXDVFDUDFWHUtVWLFDVLQLFLDLV
x
VROLFLWDULQIRUPDomRVREUHRPRGRGHFRQVHUYDomRGRVSURGXWRVSDUDSURYDIRUQHFLGRV
GLUHFWDPHQWH SHOR FOLHQWH GH PRGR D JDUDQWLU DV PHOKRUHV FRQGLo}HV GH VD~GH H
VHJXUDQoDGHDFRUGRFRPDOHJLVODomRYLJHQWHHHYLWDUDVXDGHWHULRUDomR1RFDVRGH
IRUQHFLPHQWR LQGLUHFWR DTXLVLomR QR PHUFDGR DVVHJXUDUVH GR ERP HVWDGR GH
FRQVHUYDomRGRSURGXWRQRSRQWRGHYHQGDHDSyVRWUDQVSRUWH
x
FHUWLILFDUVH TXH RV LQTXLULGRV UHFHEHP DV LQVWUXo}HV DGHTXDGDV VREUH D XWLOL]DomR GR
SURGXWRWHVWHGHDFRUGRFRPDVQRUPDVGRIDEULFDQWH
eGDUHVSRQVDELOLGDGHGRFOLHQWH
x
GLVSRQLELOL]DU DWHPSDGDPHQWH RV PDWHULDLV QHFHVViULRV j FRQGXomR GR SURMHFWR GH
DFRUGRFRPRVSDUkPHWURVGHILQLGRVQDSURSRVWD1RPHDGDPHQWHRQ~PHURHYDULHGDGH
GH HVWtPXORV YLVXDLV D DSUHVHQWDU HPEDODJHQV SHoDV SXEOLFLWiULDV SURPRFLRQDLV RX
RXWURVHRSUySULRIRUPDWRGRVPDWHULDLVDWHVWDUH[FRQFHLWRVHPERDUGVWRU\ERDUGV
ILOPHVHPYtGHRSURWyWLSRVGHHPEDODJHQVHWF
x
IRUQHFHUSURGXWRVSDUDSURYDTXHFXPSUDPWRGDVDVQRUPDVGHVDQLGDGHYLJHQWHVEHP
FRPRDVLQVWUXo}HVQHFHVViULDVSDUDDVXDXWLOL]DomRDGHTXDGD
x
GDULQGLFDo}HVVREUHRSURFHVVRGHGHVWUXLomRRXGHGHYROXomRGRVSURGXWRVHPDWHULDLV
GLVSHQVDGRVSDUDWHVWH
2¦7pFQLFRUHVSRQViYHOSHORSURMHFWR§MXQWDPHQWHFRPRFOLHQWHGHYHUiFKHJDUDXPDFRUGR
SUpYLRVREUHRPRGRGHDJLUSHUDQWHSRVVtYHLVTXHL[DVRXHVWUDJRVSURYHQLHQWHVGDXWLOL]DomR
GHSURGXWRVHPPiVFRQGLo}HVSDUDDVD~GHRXVHJXUDQoDGRVLQTXLULGRV
3URGXWRVPDWHULDLVSURSRUFLRQDGRVSHORFOLHQWH
1R GHFRUUHU GR SURMHFWR R FOLHQWH p UHVSRQViYHO SRU TXDLVTXHU DFo}HV OHJDLV TXH SRVVDP
UHVXOWDU GR XVR GH TXDLVTXHU SURGXWRV HRX HVWtPXORV SRU HOH IRUQHFLGRV H GHYHUi LVHQWDU D
HPSUHVDGHTXDLVTXHUUHVSRQVDELOLGDGHV
$32'(02
3iJGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
5(&2/+$'('$'26
+DUPRQL]DomRGDUHFROKDGHGDGRV
$VDFWLYLGDGHVFRUUHVSRQGHQWHVjUHFROKDGHGDGRVTXHVHLQFOXHPQHVWDVHFomRVmRWRGDVDV
TXH VH UHIHUHP j UHFROKD GH GDGRV QR GRPtQLR GRV HVWXGRV GH PHUFDGR H GH RSLQLmR 3RU
H[HPSOR
x LQTXpULWRV SHVVRDLV H GLUHFWRV QR ODU GRV LQTXLULGRV QD UXD HP KDOO RX QR SRVWR GH
WUDEDOKR
x UHFUXWDPHQWRGHLQTXLULGRVSDUDGLVFXVV}HVGHJUXSRRXHQWUHYLVWDVHPSURIXQGLGDGH
x LQTXpULWRVWHOHIyQLFRV
x UHFROKDGHLQIRUPDomRGHDXGLWRUHVGHORMDV
x UHFROKDGHGDGRVDWUDYpVGHFOLHQWHVPLVWpULR
x LQTXpULWRVSRVWDLV
x LQTXpULWRV&$:,&RPSXWHU$VVLVWHG:HE,QWHUYLHZLQJ
x DXGLPHWULD
x 'HVN5HVHDUFK
'LUHFomRHDGPLQLVWUDomRGRHVFULWyULRFHQWUDO
'RFXPHQWDomRGHLQTXLULGRUHVUHFUXWDGRUHVVXSHUYLVRUHVHFOLHQWHVPLVWpULR
$VHPSUHVDVGHYHPDVVHJXUDUTXHWRGDDLQIRUPDomRHGRFXPHQWDomRHVWiGLVSRQtYHOSDUDVHU
UHYLVWD WDQWR QR HVFULWyULR FHQWUDO FRPR HP HVFULWyULRV UHJLRQDLV RX QXP FHQWUR WHOHIyQLFR
VHSDUDGR
1DVHPSUHVDVTXHFRQWDPFRPVLVWHPDVLQIRUPiWLFRVGHDUTXLYRVRDXGLWRUH[WHUQRGHYHWHU
DFHVVRDHVVDLQIRUPDomR
'HYHUiHVWDUGLVSRQtYHODVHJXLQWHGRFXPHQWDomRGHFDGDLQTXLULGRUUHFUXWDGRURXVXSHUYLVRU
x IRUPXOiULRGHLQVFULomR
x GDWD GD HQWUHYLVWD GH VHOHFomR DQWHV GD DFHLWDomR H IRUPDomR UHFHELGD DQWHV GH LQLFLDU R
WUDEDOKR
x GDWDGDDFHLWDomR
x UHODWyULRVREUHDIRUPDomRFRQFHGLGDjVHTXLSDVGHWUDEDOKRGHWDOKDQGRRVWLSRVGHFXUVRV
UHFHELGRVGDWDVHGXUDomRGDIRUPDomRUHFHELGD
x TXDOTXHUUHIHUrQFLDUHFHELGDGRFRQWUDWDGR
x UHODWyULRGHDYDOLDomRGRSULPHLURWUDEDOKRUHDOL]DGRQmRSDUDVXSHUYLVRUHV
x WUDEDOKRVQRVTXDLVWHQKDSDUWLFLSDGRQmRSDUDVXSHUYLVRUHV
x UHODWyULRGHDYDOLDomRDQXDOQmRSDUDVXSHUYLVRUHV
x GHWDOKHV GH GHILFLrQFLDV VLJQLILFDWLYDV HQFRQWUDGDV H DFo}HV DGRSWDGDV QmR SDUD
VXSHUYLVRUHV
$32'(02
3iJGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
127$$FHLWDVHTXH
DWp TXH D HPSUHVD DGRSWH R &2'(02 RV UHJLVWRV DQWHULRUHV HVWHMDP
LQFRPSOHWRV
RV UHJLVWRV SRVVDP QmR VHU FRQVHUYDGRV QR PHVPR ILFKHLUR H HQFRQWUDUVH HP
GLIHUHQWHVVLVWHPDV
RVUHJLVWRVGRVLQTXLULGRUHVUHFUXWDGRUHVHVXSHUYLVRUHVFXMDFRODERUDomRQmRVH
SUHYHMDQRIXWXURVHPDQWHQKDPGLVSRQtYHLVGXUDQWHXPPtQLPRGHPHVHVMi
TXHSRGHUmRVHUSHGLGRVGXUDQWHXPDLQVSHFomR
3HGLGRVGHUHIHUrQFLDV
1mRpREULJDWyULRSHGLUUHIHUrQFLDVGRVSURILVVLRQDLVDRVTXDLVpGDGDXPDIRUPDomREiVLFD
FRPSOHWDGHVFULWDQDVHFomR
1R FDVR GRV LQGLYtGXRV DRV TXDLV p GDGD XPD IRUPDomR HVSHFtILFD WDO FRPR VH GHILQH QD
VHFomR GHYHP SHGLUVH UHIHUrQFLDV SDUD FRQILUPDU TXH R LQGLYtGXR IRL SUHYLDPHQWH
IRUPDGRRXWUDEDOKRXQHVVDVIXQo}HVSDUDXPDHPSUHVDGD$32'(02
&yGLJR,QWHUQDFLRQDO,&&(620$5
'HYHUi VHU FRORFDGD j GLVSRVLomR GH WRGRV LQTXLULGRUHV UHFUXWDGRUHV H VXSHUYLVRUHV XPD
YHUVmRDFWXDOL]DGDGR&yGLJR,QWHUQDFLRQDO,&&(620$5TXHLQFOXDSHORPHQRVDVVHFo}HV
TXHDIHFWDPGLUHFWDPHQWHRVHXWUDEDOKR
1RUPDVGHFRUWHVLDSDUDFRPRS~EOLFRHPJHUDO
1R ILQDO GH TXDOTXHU HQWUHYLVWD SHVVRDO RX GLVFXVVmR GH JUXSR GHYHUi VHU HQWUHJXH DR
LQTXLULGR XP GRFXPHQWR FRP XPD QRWD GH DJUDGHFLPHQWR SHOD FRODERUDomR SUHVWDGD DVVLP
FRPR FRP R QRPH H R HQGHUHoR GD HPSUHVD GH HVWXGRV GH PHUFDGR H RSLQLmR FRP XP
Q~PHURGHWHOHIRQHGHFRQWDFWR
1R FDVR GDV HQWUHYLVWDV WHOHIyQLFDV SDUD DOpP GR DJUDGHFLPHQWR YHUEDO HVWH GRFXPHQWR
SRGHUiVHUVXEVWLWXtGRSHODLQGLFDomRGHXPQ~PHURGHWHOHIRQHSDUDFRQWDFWR
2 LQTXLULGRU IDFXOWDUi DR LQTXLULGR D VXD LGHQWLILFDomR SHVVRDOSURILVVLRQDO VHPSUH TXH
VROLFLWDGD
0DQXDOGH3ULQFtSLRV*HUDLV
$HPSUHVDGHHVWXGRVGHPHUFDGRHRSLQLmRpUHVSRQViYHOSRUFRORFDUjGLVSRVLomRGHWRGRV
RV LQTXLULGRUHV H UHFUXWDGRUHV XP 0DQXDO GH 3ULQFtSLRV *HUDLV FRQWHQGR LQVWUXo}HV
DSURSULDGDV SDUD DV WDUHIDV TXH GHYHUmR GHVHPSHQKDU DR VHUYLoR GD HPSUHVD (VWH PDQXDO
GHYH HVWDU FRUUHFWDPHQWH LGHQWLILFDGR UHYLVWR H DFWXDOL]DGR H GHYH LQFOXLU D DVVLQDWXUD H
UHJLVWRGRQRPHGRUHVSRQViYHOSHODDSOLFDomRGR&2'(02
$32'(02
3iJGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
5HIHUrQFLDDR&yGLJRGD(620$5
(PDOJXPDSDUWHGRTXHVWLRQiULRGHWRGRVRVLQTXpULWRVGHYHLQFOXLUVHDIUDVHUHDOL]DGRGH
DFRUGR FRP DV QRUPDV GR &yGLJR ,QWHUQDFLRQDO ,&&(620$5 -XQWR D HVWD GHFODUDomR
GHYHUi H[LVWLU XP HVSDoR SDUD UHFROKHU D DVVLQDWXUD GR LQTXLULGRU RX UHFUXWDGRU DR ILQDOL]DU
FDGDWUDEDOKR
1RVFDVRVHPTXHQmRVHMDSRVVtYHOLH&$7,&$3,RXTXHVWLRQiULRIRUQHFLGRSHORFOLHQWH
WHUiTXHVHUFRPSOHWDGDHDVVLQDGDDUHIHULGDGHFODUDomRSRUXPDGDVVHJXLQWHVIRUPDV
x QXPD IROKD j SDUWH DEUDQJHQGR XP SHUtRGR HVSHFtILFR GH WHPSR H LGHQWLILFDGD SHOR
Q~PHURHQRPHGRSURMHFWR
x QRHFUmQRLQtFLRRXQRILQDOGHFDGDHQWUHYLVWDUHTXHUHQGRTXHRLQTXLULGRUUHFUXWDGRUD
FRQILUPH
5HTXLVLWRVGRWUDEDOKRTXDQWLWDWLYR
%ULHILQJGRSURMHFWR
D 2V LQTXLULGRUHV WrP GH UHFHEHU XP EULHILQJ DSURSULDGR H DGHTXDGR D FDGD SURMHFWR
(VWH SRGH VHU SHVVRDO HVFULWR HP FDVVHWH DXGLR RX YtGHR RX SRU WHOHIRQH SDUD
HVFODUHFLPHQWRVGHG~YLGDV
1R EULHILQJ GHYHUi VHU H[SOLFDGD D PHWRGRORJLD D XWLOL]DU DV GDWDV GR WUDEDOKRGHFDPSRH
RXWURVDVSHFWRVFRQVLGHUDGRVUHOHYDQWHVSDUDVHUIHLWDXPDUHFROKDHILFD]
6y SRGHP SDUWLFLSDU QXP SURMHFWR RV LQTXLULGRUHV TXH UHFHEHP R EULHILQJ 7RGD D
GRFXPHQWDomR GR PHVPR WHP GH ILFDU UHJLVWDGD TXHVWLRQiULR PDWHULDO GH DSRLR IROKD GH
DVVLVWrQFLD DR EULHILQJ H EULHILQJ HVFULWR RX JUDYDGR H GLVSRQtYHO SDUD VHU FRQVXOWDGD D
TXDOTXHUPRPHQWR
E)RUPDomR%ULHILQJGHFRPSUDPLVWpULR
2V FOLHQWHVPLVWpULR GHYHP HVWDUDSURSULDGDPHQWHLQIRUPDGRVHWUHLQDGRVHPFDGDSURMHFWR
SDUDJDUDQWLUTXHRWUDEDOKRVHUHDOL]HGHXPDPDQHLUDILiYHO
2 PpWRGR D XWLOL]DU SDUD R EULHILQJ VHUi DFRUGDGR HQWUH D HPSUHVD H R FOLHQWH HP FDGD
SURMHFWR H GHYH ILFDU GRFXPHQWDGR (VWH GRFXPHQWR GHYH PDQWHUVH QR DUTXLYR SDUD
LQVSHFomR
$FDGDFOLHQWHPLVWpULRVHUiSURSRUFLRQDGDXPDGRFXPHQWDomRGRSURMHFWRTXHGHVFUHYDHP
GHWDOKH
x FRPRDFWXDUTXHPpHRTXHGHYHID]HU
x FRPRSUHHQFKHURIRUPXOiULRGRUHODWyULRTXHVWLRQiULR
$32'(02
3iJGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
$ GRFXPHQWDomR GHYH FRQWHU VHPSUH DV LQVWUXo}HV FRPSOHWDV H DGHTXDGDV SDUD R WUDEDOKR
LQVWUXo}HVHVFULWDVRXXP EULHILQJHPFDVVHWHRXXPYtGHRGHIRUPDomR$HPSUHVDGHYHUi
JDUDQWLU D FRUUHFWD LGHQWLILFDomR GR EULHILQJ QR TXDO GHYH FRQVWDU D GDWD R Q~PHUR GR
SURMHFWRHWF
F$LGHQWLGDGHGRFOLHQWHQmRGHYHVHUUHYHODGDDRVLQTXLULGRVVDOYRTXDQGRDHPSUHVDH
RFOLHQWHGHFLGLUHPFRQMXQWDPHQWHTXHH[LVWHPUD]}HVYiOLGDVSDUDWDO
0DQXWHQomRGRVUHJLVWRVGDVHQWUHYLVWDV
$VHJXLQWHLQIRUPDomRHGRFXPHQWDomRGHYHUiHVWDUGLVSRQtYHOHORFDOL]iYHOSDUDLQVSHFomR
x RVQRPHVGDVSHVVRDVTXHWHQKDPSDUWLFLSDGRQRWUDEDOKR
x DPRVWUDDOFDQoDGDLHRQ~PHURWRWDOGHHQWUHYLVWDVIHLWDVRXTXHVWLRQiULRVHQYLDGRV
x LQVWUXo}HVGHEULHILQJ
x XPDFySLDGRTXHVWLRQiULRPDWHULDOGHLQTXpULWR
x PpWRGRVGHVXSHUYLVmRXWLOL]DGRVQ~PHURGHVXSHUYLV}HVIHLWDVHRVVHXVUHVXOWDGRVSDUD
FDGDLQTXLULGRURXUHFUXWDGRUFXMRWUDEDOKRWHQKDVLGRFRPSURYDGR
5HTXLVLWRVDGLFLRQDLVSDUD+DOO7HVW
$HPSUHVDGHYHDVVHJXUDUVHTXHRORFDOHVFROKLGRpDSURSULDGRSDUDRWUDEDOKRHXPDSHVVRD
FRPUHVSRQVDELOLGDGHHFRPIRUPDomRHVSHFtILFDGHYHUiHVWDUSUHVHQWHQRLQtFLRGRWUDEDOKR
GHFDPSRHPFDGD+DOO
5HTXLVLWRVGRWUDEDOKRTXDOLWDWLYR
'RFXPHQWDomRGRUHFUXWDPHQWR
3DUD UHFUXWDU WRGRV RV SDUWLFLSDQWHV GH UHXQL}HV GH JUXSR H HQWUHYLVWDV HP SURIXQGLGDGH
GHYHPXWLOL]DUVHTXHVWLRQiULRVGHUHFUXWDPHQWR(VWHVGHYHUmRLQFOXLU
‰ FULWpULRHVSHFtILFRGHHOHJLELOLGDGHGHDFRUGRFRPRVUHTXHULPHQWRVGRHVWXGR
¾VWDWXV
¾DVSHFWRVVRFLRGHPRJUiILFRV
¾DVSHFWRVGHFRQVXPR
¾RXWURV
‰ ILOWURGHH[FOXVmRHVSHFLILFRGHSHQGHQGRGRHVWXGRHSDUWLFLSDomRDQWHULRUHPHQWUHYLVWDV
RXUHXQL}HVGHJUXSR
‰ LGHQWLILFDomRGRLQTXLULGRQRPHHFRQWDFWR
$32'(02
3iJGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
&RQWUROHGHSDUWLFLSDQWHV
4XDQGR QmR IRU SRVVtYHO FXPSULU TXDOTXHU UHTXLVLWR GH UHFUXWDPHQWR FRQWLGR QD SURSRVWD p
QHFHVViULDDXWRUL]DomRH[SUHVVDGRFOLHQWH
'DWDHGXUDomRGDHQWUHYLVWD
'HYHUmRVHUUHJLVWDGDVDGDWDHDGXUDomRGHWRGDVDVHQWUHYLVWDVRXGLVFXVV}HVGHJUXSR
1RFDVRGDVHQWUHYLVWDVRXGLVFXVV}HVGHJUXSRTXHIRUDPJUDYDGDVHPDXGLRRXYtGHRVHUi
FRORFDGD QD ILWD XPD HWLTXHWD FRP D GDWD GD JUDYDomR $ GXUDomR ILFDUi FODUD D SDUWLU GD
JUDYDomR
0RGHUDGRUHV
7RGRV RV PRGHUDGRUHV GHYHUmR IDPLOLDUL]DUVH FRP RV REMHFWLYRV GR HVWXGR DV TXHVW}HV D
VHUHPH[SORUDGDVRPDWHULDOGHHVWtPXORHDVWpFQLFDVHVSHFtILFDVDVHUHPXWLOL]DGDVTXDQGR
UHOHYDQWH DQWHV GR LQtFLR GR WUDEDOKR GH FDPSR (VWH UHTXLVLWR HVWi VXMHLWR j XWLOL]DomR GH
PDWHULDOFXMDH[LVWrQFLDHVWHMDIRUDGRFRQWURORGDHPSUHVDGHHVWXGRVGHPHUFDGRHRSLQLmR
8PD YH] UHDOL]DGR R HVWXGR GHYH SHGLUVH DR PRGHUDGRUD D VXD RSLQLmR SDUD FDGD
JUXSRHQWUHYLVWDVREUH
x DVVLVWrQFLDHFXPSULPHQWRGRVUHTXLVLWRVGRVSDUWLFLSDQWHV
x DGHTXDomRGRORFDOHPDWHULDOGHDSRLR
x DSHVVRDTXHUHFHEHRJUXSR
(VWD LQIRUPDomR GHYH ILFDU UHJLVWDGD WDQWR GLUHFWDPHQWH SHOR PRGHUDGRUD FRPR SHOR
¦7pFQLFR UHVSRQViYHO SHOR SURMHFWR§ RX GLUHFWRU WpFQLFR DRV TXDLV R PRGHUDGRU GDUi D
LQIRUPDomR (VWHV ~OWLPRV HP FDVR GH SUREOHPDV RX GHILFLrQFLDV VLJQLILFDWLYRV GHYHP
LQIRUPDURGHSDUWDPHQWRGHFDPSR
$32'(02
3iJGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
%ULHILQJGRHVWXGRDRSHVVRDOGHUHFUXWDPHQWR
$VSHVVRDVUHVSRQViYHLVSHORUHFUXWDPHQWRTXHULQWHUQDVTXHUHPVXEFRQWUDWDomRGHYHP
UHFHEHU XP EULHILQJ SRU HVFULWR TXH SRGH VHU FRPSRVWR SRU YiULRV GRFXPHQWRV IHLWRV
H[SUHVVDPHQWHSDUDHVVHHIHLWRRXQmRDFRPSDQKDGRVHPSUHTXHSRVVtYHOGHXPEULHILQJRUDO
SHVVRDORXWHOHIyQLFR(VWHEULHILQJGHYHFRQWHU
x
LQIRUPDomRGHWDOKDGDVREUHRXQLYHUVRDLQTXLULUHFRQGLo}HVGRUHFUXWDPHQWR
x
FXLGDGRVDWHUFRPWDUJHWVSURMHFWRVHVSHFLDLV
x
H[FOXV}HVUHVWULo}HVSDUDLQTXLULGRVTXHMiWHQKDPSDUWLFLSDGRHPHVWXGRVTXDOLWDWLYRV
x
DPRVWUDHLQGLFDo}HVFRPSOHPHQWDUHV
x
RXWUDVLQIRUPDo}HVFRQVLGHUDGDVUHOHYDQWHVSDUDRSURMHFWRHTXHFRQVWHPQDSURSRVWD
x
GLPHQVmRGDXQLGDGHDPRVWUDOQ~PHURPtQLPRHPi[LPRDFHLWiYHO
x
WHPSRPpGLRSUHYLVWRGHGXUDomRGDVHQWUHYLVWDVRXUHXQL}HV
x
GDWDVSODQHDGDVGHUHDOL]DomR
x
LGHQWLILFDomRGRUHVSRQViYHOGRSURMHFWRRXSHVVRDTXHSRVVDWLUDUG~YLGDV
x
LQIRUPDomRVREUHRVUHTXLVLWRVGDVVDODVRXGRVHTXLSDPHQWRVWpFQLFRVGHDSRLR
x
UHIHUrQFLDFKDPDGD SDUD R FXPSULPHQWR GDV QRUPDV JOREDLV D VHUHP HVWDEHOHFLGDV
(620$5RXRXWUDVHVSHFtILFDVFULDGDVSHOD$32'(02
5HYLVmRGDVVDODVGHUHXQL}HVSUySULDV
4XDQGRVHGLVS}HGHVDODVSUySULDVSDUDDUHDOL]DomRGRWUDEDOKRTXDOLWDWLYRHDQWHVGRLQLFLR
GH FDGD UHXQLmR RX HQWUHYLVWD DSURIXQGDGD RD UHVSRQViYHO SHOR FDPSR GHYHUi FXPSULU RV
VHJXLQWHVSURFHGLPHQWRV
x
YHULILFDU DV ERDV FRQGLo}HV GH FRQIRUWR H KLJLHQH GD VDOD GH UHXQL}HV EHP FRPR GRV
HVSDoRVGHVWLQDGRVDRYLVLRQDPHQWRGRVJUXSRVDWUDYpVGHXPVLVWHPDGHHVSHOKRVRX
GHXPFLUFXLWRLQWHUQRGH79
x
DVVHJXUDURERPIXQFLRQDPHQWRGHWRGRVRVHTXLSDPHQWRVSUySULRVRXGHDOXJXHUSDUD
HIHLWRV GH DSUHVHQWDomR GH HVWtPXORV DXGLRYLVXDLV HRX UHJLVWR LQWHJUDO GD LQIRUPDomR
UHFROKLGD79YtGHRJUDYDGRUHVDXGLRFkPDUDVGHYtGHRPLFURIRQHVHWF
,QVSHFomRGHQRYDVVDODVGHUHXQL}HVDOXJXHU
4XDQGR VH HVFROKH XPD QRYD VDOD SDUD UHDOL]DU XP WUDEDOKR HVWD GHYHUi VHU LQVSHFFLRQDGD
DQWHV GHVHUXWLOL]DGDSHODSULPHLUDYH]SDUDDVVHJXUDUTXHWHPFRQGLo}HVDGHTXDGDVSDUDR
WUDEDOKRTXDOLWDWLYRDGHVHQYROYHU
(VWDLQVSHFomRGHYHVHUUHDOL]DGDSRUXPDSHVVRDTXHWHQKDUHFHELGRXPEULHILQJDSURSULDGR
SDUDDWDUHIDHGHYHVHUGHYLGDPHQWHGRFXPHQWDGDDVVDODVGHKRWHORXRXWUDVSUHSDUDGDVFRP
VLVWHPDGHYLVLRQDPHQWRVHUmRQRUPDOPHQWHFRQVLGHUDGDVDGHTXDGDV
$32'(02
3iJGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
$REVHUYDomRGHUHXQL}HVGHJUXSRHHQWUHYLVWDVSRUSDUWHGRFOLHQWH
2 FOLHQWH RXRVVHXVUHSUHVHQWDQWHVSRGHPYLVLRQDUHQWUHYLVWDVRXUHXQL}HVGHJUXSRDWUDYpV
GH XP HVSHOKR XQLGLUHFLRQDO RX GH FLUFXLWR LQWHUQR GH 79 PDV RVSDUWLFLSDQWHVGHYHUmRVHU
LQIRUPDGRV GR IDFWR H GDU R VHX FRQVHQWLPHQWR DQWHV GR LQtFLR GD VHVVmR 6HUi FRQVLGHUDGD
SURYD VXILFLHQWH GH LVWR WHU VLGR IHLWR VH XPD DILUPDomR VREUH HVWD TXHVWmR IRU LQFOXtGD H
JUDYDGDQRLQtFLRGHFDGDUHXQLmRGHJUXSRRXHQWUHYLVWD
6H KRXYHU D SRVVLELOLGDGH GH R FOLHQWH SRGHU LGHQWLILFDU DOJXP SDUWLFLSDQWH TXHU FRPR
FRQKHFLPHQWR SHVVRDO TXHU FRPR PHPEUR GH XPD HPSUHVD QmR GHYHUi VHU SHUPLWLGR DR
FOLHQWHYLVLRQDUDVHVVmR
7RGRVRVFOLHQWHVTXHYLVLRQHPHQWUHYLVWDVLQGLYLGXDLVRXUHXQL}HVGHJUXSRGHYHUmRDVVLQDU
XP GRFXPHQWR GHFODUDQGR TXH TXDOTXHU REVHUYDomR REWLGD GXUDQWH R YLVLRQDPHQWR GDV
HQWUHYLVWDVRXUHXQL}HVGHJUXSRVHUiH[FOXVLYDPHQWHXWLOL]DGRQRkPELWRGRHVWXGRHPFDXVD
2V REVHUYDGRUHV H[WHUQRV j HPSUHVD GHYHUmR WDPEpP DFHLWDU DJLU HP FRQIRUPLGDGH FRP R
&yGLJR,QWHUQDFLRQDO,&&(620$5HTXDLVTXHUFyGLJRVHGLUHFWLYDVSURILVVLRQDLVQDFLRQDLV
UHOHYDQWHVHGHYHUmRUHFHEHUH[HPSODUHVGHVWHVFDVRQmRRVSRVVXDPMi
&RQILGHQFLDOLGDGHHTXDOLILFDomR
6HPSUH TXH VH XWLOL]HP PRGHUDGRUHV RX FRODERUDGRUHV H[WHUQRV RX ¦IUHHODQFHUV§ LH
LQGLYtGXRVTXHQmRSHUWHQFHPDRVTXDGURVGDHPSUHVDGHHVWXGRVGHPHUFDGRHRSLQLmRHP
OLJDomR FRP XP HVWXGR D HPSUHVD GH HVWXGRV GH PHUFDGR H RSLQLmR GHYHUi LQFOXLU XPD
FOiXVXOD GH FRQILGHQFLDOLGDGH QR FRQWUDWR TXH HIHFWXD FRP HVWHV LQGLYtGXRV UHODWLYDPHQWH D
TXDOTXHULQIRUPDomRTXHSRVVDPREWHUGXUDQWHDFRQGXomRGRHVWXGR
$SHGLGRRFOLHQWHSRGHUiUHFHEHUXPDGHVFULomRGDVTXDOLILFDo}HVHH[SHULrQFLDGHWRGRVRV
FRODERUDGRUHVLQTXLULGRUHVGHHQWUHYLVWDVDSURIXQGDGDVRXPRGHUDGRUHVGHUHXQL}HVGHJUXSR
TXHFRODERUDPQRHVWXGRHPFDXVD
5HFUXWDPHQWRHIRUPDomRGHLQTXLULGRUHVUHFUXWDGRUHVDXGLWRUHVGHORMDHFOLHQWHV
PLVWpULR
5HFUXWDPHQWR
6HXPFDQGLGDWRMiIRUFRQKHFLGRSRUSHVVRDUHVSRQViYHOGRHVFULWyULRFHQWUDOUHJLRQDORXGD
HTXLSD VXSHUYLVRUD QmR VH FRQVLGHUD QHFHVViULD XPD HQWUHYLVWD LQLFLDO 1HVWHV FDVRV D
UHODomRSUpYLDHDFRQYHQLrQFLDGDSHVVRDGHYHPVHUGRFXPHQWDGDV
$32'(02
3iJGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
1RXWUDV VLWXDo}HV WRGRV RV LQTXLULGRUHV UHFUXWDGRUHV DXGLWRUHV GH ORMD H FOLHQWHVPLVWpULR
GHYHUmR SDVVDU SRU XPD HQWUHYLVWD TXH VHUi UHDOL]DGD SRU XPD SHVVRD UHVSRQViYHO GR
HVFULWyULR FHQWUDOUHJLRQDO GD FHQWUDO WHOHIyQLFD RX GD HTXLSD VXSHUYLVRUD DV TXDLV OKH
DWULEXLUmR D QRPHDomR FRUUHVSRQGHQWH 6H D HQWUHYLVWD VH ID] SHORWHOHIRQHDHPSUHVDGHYH
DVVHJXUDUVHGDDGHTXDomRGRFDQGLGDWRGXUDQWHRSHUtRGRGHIRUPDomRDTXHVHUiVXEPHWLGR
$ HQWUHYLVWD GH UHFUXWDPHQWR GHYH ILFDU UHJLVWDGD FRP D GDWD H DVVLQDWXUD GD DSURYDomR GD
SHVVRDUHVSRQViYHOTXHDUHDOL]RX
7UDEDOKRGHHVWUDQJHLURV
4XDQGRVHUHFUXWDPHVWUDQJHLURVRVFDQGLGDWRVGHYHPVXEPHWHUVHDXPDSHTXHQDHQWUHYLVWD
RX D XP WHVWH HVFULWR TXH SHUPLWD DYDOLDU VH R VHX SRUWXJXrV p VXILFLHQWH SDUD HQWHQGHU D
LQIRUPDomRTXHVHUiFRQFHGLGDGXUDQWHDIRUPDomRH EULHILQJVSRVWHULRUHV2VUHJLVWRVVREUH
HVWHWHPDGHYHPJXDUGDUVHQRDUTXLYRGRFDQGLGDWR
6H R FDQGLGDWR GHPRQVWUD TXH R VHX FRQKHFLPHQWR GH SRUWXJXrV p LQVXILFLHQWH Vy SRGHUi
FRODERUDU FRP WUDEDOKRV MXQWR GH SRSXODomR TXH IDOH D OtQJXD TXH GRPLQH1HVVHFDVRVHUi
DFRQVHOKiYHO TXH VHMD DVVLVWLGR SRU XPD SHVVRD GD HPSUHVD XP VXSHUYLVRULQTXLULGRU
UHFUXWDGRU ELOLQJXH GXUDQWH D IRUPDomR H RV EULHILQJV SRVWHULRUHV SDUD TXH WXGR OKH VHMD
WUDGX]LGR2VUHJLVWRVGHVWDVLWXDomRGHYHUmRLQFOXLUVHQRDUTXLYRGRFDQGLGDWR
)RUPDomR¤3ULQFtSLRV*HUDLV
$ HPSUHVD pUHVSRQViYHOSRUDVVHJXUDU TXH WRGRV RV LQTXLULGRUHVUHFUXWDGRUHVDXGLWRUHVGH
ORMDV H FOLHQWHVPLVWpULR HVWHMDP DGHTXDGDPHQWH IRUPDGRV SDUD UHDOL]DU R WUDEDOKR TXH OKHV
VHMDDWULEXtGR'HYHPJXDUGDUVHQRDUTXLYRSDUDSRVVtYHLVUHYLV}HVRVGHWDOKHVGDIRUPDomR
GDGDSHODHPSUHVDHVHVHFRQVLGHUDURSRUWXQRDH[SHULrQFLDSUpYLD'HYHPILFDUUHJLVWDGDV
DVGDWDVHDGXUDomRGDIRUPDomRLQLFLDODVVLPFRPRRQRPHGRUHVSRQViYHOTXHDFRQFHGHX
2UHODWyULRVREUHDSULPHLUDPRQLWRUL]DomRHDYDOLDomRGRQRYRLQTXLULGRUUHFUXWDGRUDXGLWRU
GHORMDRXFOLHQWHPLVWpULRGHYHJXDUGDUVHWDPEpPQRDUTXLYR2PDWHULDOGDIRUPDomRGHYH
HVWDUGLVSRQtYHOTXDQGRR LQVSHFWRURVROLFLWDU$IRUPDomRGHYHUiVHUGDGDSRUXPDSHVVRD
TXHWHQKDVLGRIRUPDGDSUHYLDPHQWHSDUDHVWDIXQomR
1RFDVRGHHPSUHVDVTXHSDUWLOKHPDIRUPDomRHVWDVGHYHUmR
x VHUPHPEURVGD$32'(02
x WHUXPDFRUGRHVFULWRSDUDSDUWLOKDUDIRUPDomR
x IRUQHFHUXPDGHFODUDomRVREUHRFRQWH~GRGDIRUPDomRGHPRQVWUDQGRTXHRLQTXLULGRURX
UHFUXWDGRUIRLWUHLQDGRSHODVRXWUDVHPSUHVDVHQYROYLGDV
3DUD TXH R LQTXLULGRU SRVVD RSWDU SHOD IRUPDomR HVSHFtILFD TXH VH H[S}H QR 4XDGUR D
HPSUHVD GHYH UHFHEHU SUHYLDPHQWH XPD UHIHUrQFLD VDWLVIDWyULD SRU H[ ID[ RX FRUUHLR GH
RXWUDHPSUHVDFRQILUPDQGRTXHRFDQGLGDWRIRLWUHLQDGRRXWHPWUDEDOKDGRFRPXPDHPSUHVD
FHUWLILFDGDFRPR&2'(02
$32'(02
3iJGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
6H QmR SRGH GDUVH XPD UHIHUrQFLD GHVWH WLSR PLQLVWUDVH DR FDQGLGDWR D IRUPDomR EiVLFD
FRPSOHWDTXHVHPHQFLRQDQR4XDGUR
2SURJUDPDGHIRUPDomRFRQFOXLUiFRPXPDDYDOLDomRILQDOTXHXPDYH]VXSHUDGDSHUPLWLUi
jSHVVRDFRPHoDUDWUDEDOKDU
4XDGUR&RQWH~GRGDIRUPDomRSDUDLQTXLULGRUHV
,QWURGXomRjHPSUHVDSURFHGLPHQWRVGHSHVVRDOH
DGPLQLVWUDWLYRV
(VWXGRVGHPHUFDGRGHILQLomRHREMHFWLYRV
$ LPSRUWkQFLD GH LQTXLULU HWLFDPHQWH H FRP
H[DFWLGmR
([SOLFDomRGRVWLSRVGHHVWXGRVTXHVHUHDOL]DP
2 &yGLJR GH &RQGXWD ,&&(620$5 *DUDQWLD
GHFRQILGHQFLDOLGDGHHDQRQLPDWRGRLQTXLULGR
&XLGDGRHVSHFLDOTXDQGRVHHQWUHYLVWDPFULDQoDV
UHIRUPDGRVSHQVLRQLVWDVHWF
8WLOL]DomR GH LGHQWLILFDomR H OLQKDV GH WHOHIRQH
SDUDFRQWDFWRFRPDHPSUHVD
)RUPDVGHLQFHQWLYDUDSDUWLFLSDomRGRLQTXLULGR
7HUPLQRORJLDXWLOL]DGDQRVHVWXGRVGHPHUFDGRH
RSLQLmR
)RUPDV GH FRQTXLVWDU D FRQILDQoDGRS~EOLFRHP
JHUDO
8VRGHPDQXDLVGDHPSUHVD
3DSHOGRVXSHUYLVRU
0RQLWRUL]DomRGRSURJUHVVRGRWUDEDOKR
2TXHID]HUTXDQGRVXUJHPSUREOHPDV
3URFHGLPHQWRVGHDYDOLDomR
3URFHGLPHQWRVGHFRQWURORGDTXDOLGDGH
0pWRGRVGHDPRVWUDJHP
0pWRGRVGHUHFUXWDPHQWR
&RQWURORGHTXRWDV
(GXFDomRFRUWHVLDGRLQTXLULGRU
7pFQLFDVSDUDHQWUHYLVWDV
7LSRV GH SHUJXQWDV LQFOXLQGR RV QtYHLV GH
HVSRQWDQHLGDGH
$SOLFDomRHUHDOL]DomRGRTXHVWLRQiULR
8WLOL]DomR GH HVWtPXORV YLVXDLV GH SURGXWRV RX
GHFRQFHLWRV
&ODVVLILFDomRGHPRJUiILFDVRFLDO
5HTXLVLWRVGDHPSUHVDTXDQWRDFRPXQLFDo}HV
([SHULrQFLDSUiWLFDGHUHDOL]DomRGHHQWUHYLVWDV
$32'(02
)RUPDomR
EiVLFD
)RUPDomR
HVSHFtILFD
6LP
6LP
6LP
6LP
6LP
6LP
6LP
6LP
6LP
6LP
6LP
6LP
6LP
6LP
6LP
6LP
6LP
6LP
6LP
6LP
6LP
6LP
6LP
6LP
6LP
6LP
6LP
6LP
6LP
6LP
6LP
6LP
6LP
6LP
6LP
6LP
6LP
6LP
6LP
6LP
6LP
6LP
6LP
3iJGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
2 FRQWH~GR GD IRUPDomR SDUD FOLHQWHVPLVWpULR RX LQTXLULGRUHV SDUD HVWXGRV SRU
REVHUYDomR GLUHFWD DSHQDV QHFHVVLWD GH LQFOXLU RV VHJXLQWHV SRQWRV GR 4XDGUR IRUPDomR
EiVLFDSRQWRVDDHIRUPDomRHVSHFtILFDSRQWRVDH
(VWHV LQTXLULGRUHV GHYHUmR HVWDU DSWRV D UHDOL]DU R VHX WUDEDOKR WHQGR HP FRQWD DV
FDUDFWHUtVWLFDV GDV WDUHIDV D GHVHPSHQKDU H DV FDUDFWHUtVWLFDV GR XQLYHUVR HP HVWXGR
5HFRPHQGDVHTXHDVVXDVFDSDFLGDGHVVHMDPYHULILFDGDVDQWHVGRLQtFLRGRVHXWUDEDOKRSRU
H[HPSORWUDYpVGDXWLOL]DomRGHWHVWHVHVSHFtILFRV
2 FRQWH~GR GD IRUPDomR SDUD DXGLWRUHV GH ORMD DSHQDV QHFHVVLWD GH LQFOXLU RV VHJXLQWHV
SRQWRV GR 4XDGUR IRUPDomR EiVLFD SRQWRV D D H IRUPDomR HVSHFtILFD
SRQWRVDH
)RUPDomRFRQWtQXD
'HSRLV GH GHYLGDPHQWH LQWHJUDGRV QD HTXLSD GH WUDEDOKR WRGRV RV LQTXLULGRUHV GHYHP VHU
DOYRGHXPDIRUPDomRFRQWtQXDDTXDOLQFOXLQmRVyRVEULHILQJVHVSHFtILFRVGHFDGDXPGRV
SURMHFWRV PDV WDPEpP R VXUJLPHQWR GH QRYRV PpWRGRV GH WUDEDOKR H D FRQVROLGDomR GRV
FRQKHFLPHQWRVDGTXLULGRV
&RPR FRPSOHPHQWR SUiWLFR j IRUPDomR EiVLFD R QRYR LQTXLULGRU UHDOL]DUi R VHX
SULPHLUR GLD GH WUDEDOKR H[ VXD SULPHLUD URWD DFRPSDQKDGR SRU RXWUD SHVVRD FRP
H[SHULrQFLD (VWD VLWXDomR TXH VHUi DYDOLDGD GHYHUi WHU D GXUDomR VXILFLHQWH SDUD SHUPLWLU
FRQFOXLU VH R LQTXLULGRU HVWi FDSDFLWDGR SDUD FRQWLQXDU VHP DFRPSDQKDPHQWR 2 LQTXLULGRU
QmRGHYHUiFRPHoDURVHXWUDEDOKRDWpTXHHVWDVXSHUYLVmRFRPDFRPSDQKDPHQWRWHQKDXPD
DYDOLDomR SRVLWLYD SHOD SHVVRD UHVSRQViYHO 6H SRU TXDOTXHU UD]mRQmRIRUSRVVtYHOUHDOL]DU
HVWH DFRPSDQKDPHQWR j SHVVRD HP SDUWLFXODU GXUDQWH R VHX SULPHLUR GLD GH WUDEDOKR D
HPSUHVD GHYHUi VXSHUYLVLRQDU GR WUDEDOKR UHDOL]DGR SRU HVWD SHVVRD DQWHV GH HOD SRGHU
UHDOL]DUWUDEDOKRHIHFWLYR
([FHSo}HV
1R FDVR GH SURMHFWRV %XVLQHVV WR %XVLQHVV RQGH R WLSR GH WUDEDOKR SRGH QmR UHTXHUHU R
DFRPSDQKDPHQWR DV HQWUHYLVWDV VLPXODGDV RX GH SURYD TXH VH WHQKDP IHLWR GXUDQWH D
IRUPDomR EiVLFD HVWDEHOHFHP TXH D SHVVRD HVWi VXILFLHQWHPHQWH IRUPDGD SDUD FRQWLQXDU Vy
1HVWHV FDVRV GHYHPJUDYDUVHXPDRX PDLV GDV HQWUHYLVWDV UHDOL]DGDV QR SULPHLUR WUDEDOKR
SDUD TXH RXWUD SHVVRD H[SHULPHQWDGD H UHVSRQViYHO SHOD DYDOLDomR DV HVFXWH DQWHV GH R
WUDEDOKRVHUXWLOL]DGR
1RV HVWXGRV FXMD UHFROKD GH LQIRUPDomR VH UHDOL]D HP SHUtRGRV PXLWR EUHYHV H TXH
UHTXHUHPRFRQFXUVRGHXPQ~PHURPXLWRDPSORGHLQTXLULGRUHVSRUH[HPSORDVVRQGDJHQVj
ERFDGHXUQD SRGHUi GLVSHQVDUVH D IRUPDomR EiVLFD GRV LQTXLULGRUHV TXH QmR D SRVVXDP
VXEVWLWXLQGRD SRU XP EULHILQJ H GRFXPHQWDomR HVFULWD H[SOLFDWLYD GDV URWLQDV GHUHFROKDGH
LQIRUPDomRDSOLFiYHODRFDVRHDRVSURFHGLPHQWRVHVSHFtILFRVGHVROXomRGHSUREOHPDV
$32'(02
3iJGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
'XUDomRGDIRUPDomREiVLFDSDUDDVXSHUYLVmRGHFDPSR
5HIHUHVH jTXHODV SHVVRDV TXH YmR H[FOXVLYDPHQWH VXSHUYLVLRQDU FDPSR H TXH QmR WHQKDP
UHFHELGRXPDIRUPDomRSUpYLDGHXPDHPSUHVDGD$32'(022IXWXURVXSHUYLVRUGHYHVHU
DFRPSDQKDGRGXUDQWHRVHXSULPHLURWUDEDOKRSRUSHVVRDH[SHULPHQWDGDRTXHGHYHID]HUVH
RPDLVSUy[LPRSRVVtYHOGRLQtFLRGRVHXWUDEDOKRSDUDVHGHWHUPLQDUVHHVWiDGHTXDGDPHQWH
SUHSDUDGRSDUDFRQWLQXDUVHPDFRPSDQKDPHQWR
)RUPDomRSDUDQRYRVWLSRVGHWUDEDOKR
6H VH GHFLGH HPSUHJDU SRVWHULRUPHQWH XPD SHVVRD QXPWLSRGHWUDEDOKR H[ VXSHUYLVmR RX
UHFUXWDPHQWRGHJUXSRSDUDRTXDOQmRWHQKDUHFHELGRXPDIRUPDomRSUpYLDQXPDHPSUHVD
GD $32'(02 HVWD GHYHUi UHFHEHU XPD IRUPDomR DGHTXDGD VXSOHPHQWDU DQWHV GH OKH VHU
GLVWULEXtGRWUDEDOKR
&RQILUPDomRGDIRUPDomRUHFHELGD
$ SHVVRD TXH UHFHEH D IRUPDomR GHYH DVVLQDU XP GRFXPHQWR TXH GHYHUi VHU UHJLVWDGR H
DUTXLYDGRFRQILUPDQGRDGDWDDGXUDomRHRFRQWH~GRGDIRUPDomRGDGD
$YDOLDomRGHLQTXLULGRUHV
$VSHFWRV*HUDLV
$ DYDOLDomRIRUPDOGDVSHVVRDVTXHWUDEDOKDPFRPRLQTXLULGRUHVUHFUXWDGRUHVDXGLWRUHVGH
ORMDRXFOLHQWHVPLVWpULRGHYHVHUUHDOL]DGDDWUDYpVGHDYDOLDo}HVVLVWHPiWLFDV
$V DYDOLDo}HV GHYHP VHU UHDOL]DGDV SRU XP VXSHUYLVRU RX SRU RXWUD SHVVRD GHVLJQDGD SHOD
HPSUHVDSDUDUHDOL]DUHVWDWDUHID3DUDFDGDDYDOLDomRGHYHVHUIHLWRXPUHODWyULRHVFULWRTXH
GHYHUiVHUHODERUDGRHDVVLQDGRSRUHVVDSHVVRDGHVLJQDGDSHODHPSUHVD
)UHTXrQFLDGDDYDOLDomR
'HYHVH UHDOL]DU XPD DYDOLDomR IRUPDO SHOR PHQRV XPD YH] SRU DQR D WRGDV DV SHVVRDV
HQYROYLGDV6HQRPRPHQWRGHUHDOL]DUDDYDOLDomRIRUPDORLQTXLULGRUQmRHVWLYHUDWUDEDOKDU
QD HPSUHVD GHYH UHDOL]DUVH XPD DYDOLDomR IRUPDO QR SULPHLUR HVWXGR HP TXH WUDEDOKDU
QRYDPHQWHQDHPSUHVD
2UHVXOWDGRGDDYDOLDomRGHYHVHUGDWDGRHJXDUGDGRHPDUTXLYRGXUDQWHDQRV
$32'(02
3iJGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
6XSHUYLVmR
,QWURGXomR
2 UHVXOWDGR ILQDO GH WRGR H TXDOTXHU HVWXGR GH PHUFDGR GHSHQGH FDWHJRULFDPHQWH GD
TXDOLGDGHGDUHFROKDGHGDGRV
$SDUWLUGRPRPHQWRHPTXHDPDLRUSDUWHGRWUDEDOKRGHUHFROKDGHLQIRUPDomRpIHLWRVHP
VXSHUYLVmRLPHGLDWDDVXSHUYLVmRFRPRFRPSURYDomRGRVGDGRVpIXQGDPHQWDO
$ VXSHUYLVmR GHYH UHDOL]DUVH QXP SUD]R Pi[LPR GH GXDV VHPDQDV DSyV D UHFROKD SRU XP
VXSHUYLVRU GHYLGDPHQWH TXDOLILFDGR H D IRUPD GH ID]rOR YDULDUi GH DFRUGR FRP D
PHWRGRORJLDGRHVWXGRHPTXHVWmR
2VVXSHUYLVRUHVDQDOLVDUmRSRUFDGDLQTXLULGRUDVKRUDVGRGLDHPTXHDVHQWUHYLVWDVIRUDP
HIHFWXDGDV D IUHTXrQFLD GLiULD H D WD[D GH VXFHVVR SURSRUomR GH HQWUHYLVWDV EHP VXFHGLGDV
SRUFDGDFRQWDFWRVTXDQGRUHOHYDQWH2VUHJLVWRVGHYHUmRSHUPLWLUDDQiOLVHGRQ~PHURGH
TXHVWLRQiULRVSUHHQFKLGRVSRUFDGDLQTXLULGRU
6XSHUYLVmRGHHQWUHYLVWDVGLUHFWDV
$VXSHUYLVmRGHYHDEUDQJHUGRSHVVRDOTXHWUDEDOKRXQDUHFROKDHQRPtQLPRGR
WRWDOGHTXHVWLRQiULRVYiOLGRV
$V HQWUHYLVWDV UHDOL]DGDV SRUWD D SRUWD SRGHP VHU YHULILFDGDV DWUDYpV GH WHOHIRQHRXGHXPD
UHYLVLWD1RTXHVWLRQiULRGHVXSHUYLVmRGHYHFRQILUPDUVHDUHDOL]DomRGDHQWUHYLVWDRKRUiULR
DVTXRWDVHWRGDVDVTXHVW}HVPDLVUHOHYDQWHV
'HYHVHUGDGDXPDDWHQomRHVSHFLDODFRQMXQWRVGHTXHVWLRQiULRVFRPJUDQGHWD[DGHUHFXVD
GHIRUQHFLPHQWRGHXPFRQWDFWRWHOHIyQLFRSRUSDUWHGRLQTXLULGR
$RVHUGHWHFWDGDIUDXGHQXPTXHVWLRQiULRWRGRRWUDEDOKRGRLQTXLULGRUTXHRUHDOL]RXGHYH
VHU VXSHUYLVLRQDGR RX WRWDOPHQWH DQXODGR &DVR VHMD GHWHFWDGD IUDXGH HP PDLV GH GR
WUDEDOKRGRLQTXLULGRUWRGRRVHXWUDEDOKRGHYHVHUDQXODGRHUHIHLWRSRURXWURSURILVVLRQDO
6XSHUYLVmRGHHQWUHYLVWDVWHOHIyQLFDV
$ VXSHUYLVmR GDV HQWUHYLVWDV WHOHIyQLFDV SRGH VHU IHLWD XWLOL]DQGR XP GDV WUrV RSo}HV
VHJXLQWHV
6HPSUHTXHDOHJLVODomRSHUPLWLUDWUDYpVGHHVFXWDVLPXOWkQHDRQGHRVXSHUYLVRUWUDEDOKD
DR PHVPR WHPSR TXH D HTXLSD GH LQTXLULGRUHV WHOHIyQLFRV RXYLQGR DSUR[LPDGDPHQWH GDVHQWUHYLVWDVGHGDDPRVWUDHPWHPSRUHDO
*UDYDomRGDVHQWUHYLVWDVSDUDSRVWHULRUDQiOLVHGRVXSHUYLVRU
5HFRQWDFWRGHGRVLQTXLULGRVYHULILFDQGRRILOWURDGDWDHSDUWHGRTXHVWLRQiULR
$32'(02
3iJGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
6XSHUYLVmRGHHQWUHYLVWDVHPSURIXQGLGDGHGHUHXQL}HVGHJUXSRGHHQWUHYLVWDVD
SURILVVLRQDLVGHHOLWHGHDXGLWRULDVGHSUHoRVVWRFNVRXHPEDODJHQVQRVSRQWRVGHYHQGD
GHSDLQHOFRQWtQXRHGHFRPSUDPLVWpULR
'HYH H[LVWLU XP GRFXPHQWR UHODWDQGR D VXSHUYLVmR UHDOL]DGD H RV UHVXOWDGRV REWLGRV (VVD
VXSHUYLVmR GHYH WHU VLGR DQWHULRUPHQWH DFRUGDGD FRP R FOLHQWH HP IXQomR GDV GLILFXOGDGHV
PHWRGROyJLFDVRXRSHUDFLRQDLVGRSURMHFWR1RFDVRGHQmRWHUH[LVWLGRTXDOTXHUVXSHUYLVmRp
QHFHVViULRGRFXPHQWRTXHDWHVWHRDFRUGRSUpYLRGRFOLHQWH
6XSHUYLVmRGHGDGRVHPLGLRPDVTXHQmRVHMDPSRUWXJXrV
7RGD D VXSHUYLVmR GH HQWUHYLVWDV UHDOL]DGDV QRXWURV LGLRPDV GHYHP VHU UHDOL]DGDV SRU XP
VXSHUYLVRUFRPVXILFLHQWHVFRQKHFLPHQWRVGRLGLRPDSDUDSRGHUYHULILFDUVHRWUDEDOKRHVWiD
VHUUHDOL]DGRFRUUHFWDPHQWH
4XDQGR QmR p SRVVtYHO XWLOL]DU XP VXSHUYLVRU SDUD HVWDV WDUHIDV SRGHUi XWLOL]DUVH RXWUD
SHVVRDTXHQmRVHMDLQTXLULGRUHPERUDGHYLGDPHQWHIRUPDGDSDUDWDO
$VXSHUYLVmRGHYHUHDOL]DUVHVHPSUHTXHVHMDSRVVtYHO$GPLWHVHTXHRFDVLRQDOPHQWHQmR
VHSRVVDUHDOL]DUHQHVWHFDVRDVUD]}HVGHYHPILFDUVHPSUHPHQFLRQDGDVHPDUTXLYR
'RFXPHQWDomR
7RGRRSURFHVVRGHVXSHUYLVmRGHYHVHUGRFXPHQWDGRHDUTXLYDGRGXUDQWHXPDQR$SURYD
GDVXSHUYLVmRGHYHVHPSUHVHUDUTXLYDGDMXQWRFRPRSURMHFWR
1DV HQWUHYLVWDV GLUHFWDV D SURYD p D IROKD GH VXSHUYLVmR FRQVWDQGR RV LQTXLULGRV
UHFRQWDFWDGRVHDVUHVSHFWLYDVGDWDV
1DV HQWUHYLVWDV WHOHIyQLFDV D SURYD GD VXSHUYLVmR SRGH VHU D FDVVHWH JUDYDGD GH GDV
HQWUHYLVWDVRXIROKDGHVXSHUYLVmRSUHHQFKLGDGXUDQWHRUHFRQWDFWRRXPRQLWRUL]DomR
5HYLVmRGHTXHVWLRQiULRVTXDQWLWDWLYRV
$UHYLVmRGRVTXHVWLRQiULRVGHYHVHUWRWDO
(P FDVR GH H[LVWLUHP TXHVWLRQiULRV FRP LQIRUPDomR FRQVLGHUDGD LQFRPSOHWD HVWHV GHYHP
YROWDUDRFDPSRSDUDFRPSOHWDURXUHID]HU
$IROKDGHUHYLVmRGHYHVHUDUTXLYDGDFRPRGRFXPHQWDomRFRPRQ~PHURGRSURMHFWRSDUD
IiFLOORFDOL]DomR
$32'(02
3iJGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
3URWHFomRGHGDGRV
7RGDV DV RSHUDo}HV GH WUDEDOKR GH FDPSR H GH UHJLVWR GH GDGRV GHYHUmR VHU HIHFWXDGDV GH
DFRUGRFRPTXDOTXHUOHJLVODomRUHOHYDQWHGHSURWHFomRGRVGDGRV1HQKXPTXHVWLRQiULRILWD
GHDXGLRRXGHYtGHRHPTXHVHSRVVDLGHQWLILFDURLQTXLULGRQHPTXDOTXHURXWURUHJLVWRGH
GDGRV HP TXH FRQVWH R QRPH GR LQTXLULGR VHUi IDFXOWDGR DR FOLHQWH RX D TXDOTXHU WHUFHLUD
SDUWHVDOYRFRQVHQWLPHQWRH[SOtFLWRGRLQTXLULGRHHVWULWDPHQWHSDUDILQVGRHVWXGR1mRVHUmR
PDQWLGRV QD HPSUHVD GH HVWXGRV GH PHUFDGR H RSLQLmR UHJLVWRV FRQWHQGR GHWDOKHV SHVVRDLV
LGHQWLILFiYHLVGRVLQTXLULGRVSRUPDLVWHPSRGRTXHRQHFHVViULRSDUDRFRQWURORGRWUDEDOKR
GHFDPSRHVXEVHTXHQWHVYHULILFDo}HVGHFRQWURORHHYHQWXDLVVHJXQGDVHQWUHYLVWDV
6H R UHFUXWDPHQWR GH LQTXLULGRV RX SDUWLFLSDQWHV HQYROYHU D XWLOL]DomR GH OLVWDV IRUQHFLGDV
SHOR FOLHQWH D XWLOL]DomR GDV UHIHULGDV OLVWDV GHYHUi REHGHFHU j OHJLVODomR HP YLJRU VREUH D
SURWHFomRGHGDGRV
$32'(02
3iJGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
35(3$5$d 2(352&(66$0(172'('$'26
*HVWmRGDSUHSDUDomRHGRSURFHVVDPHQWRGHGDGRVGHXPSURMHFWR
(VWD VHFomR WHP SRU REMHFWR HVWDEHOHFHU RV UHTXLVLWRV TXH GHYHUmR FRQVLGHUDUVH QD
SODQLILFDomR H H[HFXomR GD SUHSDUDomR H SURFHVVDPHQWR GH GDGRV GH PDQHLUD D TXH D
LQYHVWLJDomR RIHUHoD DR FOLHQWH D VHJXUDQoD GH TXH RV GDGRV UHFHELGRV FXPSUHP FRP R
SUHYLDPHQWHHVWLSXODGR
2V LQGLYtGXRV UHVSRQViYHLV SHORFRQWURORUHODWLYRjSUHSDUDomRHDRSURFHVVDPHQWRGD
LQIRUPDomRGHXPSURMHFWRLQFOXLQGRRLQYHVWLJDGRUVHUmRUHIHULGRVQHVWHGRFXPHQWRFRPR
7pFQLFR GH 3URFHVVDPHQWR GH 'DGRV 7pFQLFR 3' (VWH FDUJR SRGH VHU GHVHPSHQKDGR SRU
XP DQDOLVWD RX DOJXpP HVSHFLILFDPHQWH GHVWLQDGR H WUHLQDGR SDUD SODQLILFDUHGHVHQYROYHUR
SODQRGHH[SORUDomRHSURFHVVDPHQWRGHGDGRV
2 Q~PHUR GR SURMHFWRWUDEDOKR GHYH ILJXUDU HP FDGD TXHVWLRQiULR SDUD IDFLOLWDU R VHX
VHJXLPHQWR
1R FDVR GH SURMHFWRV FRQWtQXRV WRGRV RV UHJLVWRV D TXH VH ID] UHIHUrQFLD QHVWH
GRFXPHQWR LH GDGRV WUDWDGRV GHYHP JXDUGDUVH SRU XP SHUtRGR GH WHPSR PtQLPR GH XP
DQRGHVGHDGDWDGHHQWUHJDGRUHVXOWDGR
(VWXGRV&$7,&$3,
(P WRGR SURMHFWR GHYH ID]HUVH XP WHVWH GR TXHVWLRQiULR SDUD JDUDQWLU TXH RV ILOWURV
IXQFLRQDP DGHTXDGDPHQWH H TXH DV SHUJXQWDV VXUJHP QDV FRQGLo}HV FRUUHFWDV 8PD YH]
DSOLFDGRV RV WHVWHV GHYHP VHU DVVLQDGRV SHOR UHVSRQViYHO SHOD VXDUHDOL]DomRHHQYLDGRVDR
FOLHQWHSDUDDVXDDFHLWDomR
$V HQWUHYLVWDV &$7,&$3, GHYHP VHU JUDYDGDV FRP GDWD H KRUD H FRP R QRPH GR
LQTXLULGRURXRVHXFyGLJRGHLGHQWLILFDomR
3ODQRGHFRGLILFDomR
$FRGLILFDomRGDVUHVSRVWDVDSHUJXQWDV DEHUWDV p IHLWD FRP EDVH QXP SODQR GHFRGLILFDomR
HODERUDGRDSDUWLUGDVUHVSRVWDVGDGDVSHORVLQTXLULGRV
$ WUDQVFULomR GDV SHUJXQWDV DEHUWDV GHYH VHU IHLWD VHPSUH DSyV D UHYLVmR GRV TXHVWLRQiULRV
SDUDHYLWDUHUURVGHUHVSRVWDVWUDQVFULWDV
$HODERUDomRGRSODQRGHFRGLILFDomRGHYHVHUIHLWDDSDUWLUGDWUDQVFULomRGHXPPtQLPRGH
GDV UHVSRVWDV REWLGDV GH IRUPD D REWHUVH XP SODQR GH FRGLILFDomR R PDLV H[DXVWLYR
SRVVtYHO (VVD SHUFHQWDJHP GHYH VHU GLVWULEXtGD SURSRUFLRQDOPHQWH SHORV VHJPHQWRV GD
DPRVWUDTXHVHUYLUDPGHEDVHSDUDRHVWXGRH[UHJLmRORMDVHWF
$32'(02
3iJGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
1D HODERUDomR GR SODQR GH FRGLILFDomR GHYHUmR VHU DJUXSDGDV DV UHVSRVWDV FRP R PHVPR
VLJQLILFDGRRXVLJQLILFDGRVVHPHOKDQWHVWHQGRHPFRQWDRVREMHFWLYRVGRHVWXGR
2 SODQR GH FRGLILFDomR GHYHUi VHU HODERUDGR SHOR ¦7pFQLFR UHVSRQViYHO SHOR SURMHFWR§ RX
DSURYDGRSHORPHVPRDQWHVGHVHLQLFLDUDFRGLILFDomR
3DUDFDGDSURMHFWRGHYHUiH[LVWLUXPDSHVVRDUHVSRQViYHOSHODFRGLILFDomRFRPH[SHULrQFLD
QDiUHD
6y HP FDVRV HVSHFtILFRV D SHGLGR GR FOLHQWH p QHFHVViULD D DSURYDomR GR SODQR GH
FRGLILFDomRSRUSDUWHGRFOLHQWH$DSURYDomRGHYHVHUIHLWDDQWHVGHVHLQLFLDUDFRGLILFDomR
$ FDWHJRULD RXWUDV QmR GHYHUi XOWUDSDVVDU RV H[FHSWR VH R FOLHQWH DFHLWDU GH IRUPD
H[SOLFLWDRFRQWUiULR
$VUHVSRVWDVQmRVDEHHQmRUHVSRQGHGHYHPHVWDUGLIHUHQFLDGDVQRSODQRGHFRGLILFDomR
DQmRVHUTXHRFRQWUiULRILTXHDFRUGDGRFRPRFOLHQWH
'HSRLVGHDSURYDGRRSODQRGHFRGLILFDomRWRGRVRVTXHVWLRQiULRVGHYHUmRVHUFRGLILFDGRV
6HRVFRGLILFDGRUHVGHWHFWDUHPUHVSRVWDVHPQ~PHURVXILFLHQWHSDUDVHHVWDEHOHFHUXPQRYR
FyGLJRHVWHGHYHUiVHULQFOXtGRQRSODQRGHFRGLILFDomR9HULILFDU
x VHRQRYRSODQRIRLDSOLFDGRDWRGRVRVTXHVWLRQiULRVMiFRGLILFDGRV
x VHWRGRVRVFRGLILFDGRUHVHVWmRDXWLOL]DURQRYRSODQRGHFRGLILFDomR
8WLOL]DomRGRSODQRGHFRGLILFDomR
3DUD FDGD HVWXGR RV FRGLILFDGRUHV GHYHP UHFHEHU XP EULHILQJ TXH FRQWHPSOH RV VHJXLQWHV
HOHPHQWRV
x REMHFWLYRVGRHVWXGR
x LGHQWLILFDomRGDVSHUJXQWDVTXHUHTXHUHPFRGLILFDomRHREMHFWLYRGHFDGDXPDGHODV
x D SHUFHQWDJHP PtQLPD GH UHVSRVWDV D WUDQVFUHYHU H VH QHFHVViULR D LGHQWLILFDomR GH
VHJPHQWRV GD DPRVWUD H TXDQWLGDGH GH UHVSRVWDV SRU VHJPHQWRV TXH GHYHUmR VHU
FRQVLGHUDGDVQDWUDQVFULomR
x TXDLV RV SODQRV GH FRGLILFDomR XVDGRV HP HVWXGRV DQWHULRUHV TXDQGR LJXDLV RX YDJDV
DQWHULRUHV
x RXWUDVLQVWUXo}HVHVSHFtILFDVGRHVWXGR
$32'(02
3iJGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
9HULILFDomRGDFRGLILFDomR
2 UHVSRQViYHO SHOD FRGLILFDomR GHYHUi YHULILFDU GR TXHVWLRQiULRV FRGLILFDGRV GH
FDGDFRGLILFDGRUSRUHVWXGR
x $HPSUHVDGHHVWXGRVGHPHUFDGRHRSLQLmRGHYHUiPDQWHUSURFHGLPHQWRVGHYHULILFDomR
GRFXPHQWDGRV
x 6HDYHULILFDomRGHFRQVLVWrQFLDIRULQDGHTXDGDVHUmRXWLOL]DGRVRXWURVSURFHGLPHQWRVGH
YHULILFDomRWDLVFRPRDGXSODLQWURGXomRFRPSOHWDRXSDUFLDO
x 1RFDVRHPTXHVHGHWHFWHPHUURVKDYHUiGRLVWLSRVGHUHVSRVWD
FRUUHFo}HVSDUDDTXDOLGDGHGRHVWXGR
LQVWUXo}HVUHOHYDQWHVHRXPHGLGDVWRPDGDVUHODWLYDPHQWHDRSHVVRDOHPIDOWD
6HSRUDFDVRIRUHPHQFRQWUDGRVHUURVGHFRGLILFDomRSRUSDUWHGHDOJXPFRGLILFDGRUR
VHX WUDEDOKR GHYHUi VHU UHYLVWR QD WRWDOLGDGH H FRUULJLGRV RV HUURV H[LVWHQWHV 2 FRGLILFDGRU
GHYHUi VHU DOHUWDGR SDUD RV HUURV H[LVWHQWHV H GHYH UHFHEHU QRYDV LQVWUXo}HV GH FRGLILFDomR
SHUDQWHRVHUURVFRQFUHWRV$YHULILFDomRGRUHVWRGRVTXHVWLRQiULRVGHYHUiVHUIHLWDSRURXWUR
FRGLILFDGRU'HYHUiILFDUUHJLVWDGRRUHVXOWDGRGRFRQWURORGDFRGLILFDomRSRUFRGLILFDGRU
(QWUDGDGHGDGRVJUDYDomR
'HYHP UHDOL]DUVH YHULILFDo}HV SDUD JDUDQWLU TXH D JUDYDomR UHIOHFWH FRP H[DFWLGmR R
FRQWH~GR GR TXHVWLRQiULR H TXH FXPSUH FRP DV HVSHFLILFDo}HV SUpYLDV VLPXOWkQHDV RX
SRVWHULRUHVjJUDYDomRRXEHPFRPXPDFRPELQDomRGHVWDV
'HYHFRQVHUYDUVHXPDJUDYDomRRULJLQDOGRVGDGRVDQWHVGHSURFHGHUjGHSXUDomRGRV
PHVPRV
9HULILFDomRGDJUDYDomR
(PFDGDSURMHFWRXPPtQLPRGHGRWUDEDOKRGHFDGDJUDYDGRUGHYHVHUWRWDOPHQWH
YHULILFDGRSRURXWURJUDYDGRU([FOXHPVHRVFDVRVGHSURJUDPDVGHJUDYDomRFRPSURFHVVRV
GHGHWHFomRDXWRPiWLFDGHHUURV
2VHUURVHQFRQWUDGRVQDVYHULILFDo}HVFRPHWLGRVSRUXPJUDYDGRULPSOLFDUmRTXHWRGR
RVHXWUDEDOKRVHMDUHYLVWRRXUHIHLWRHTXHVHMDPLQFOXtGDVQRYDVLQVWUXo}HVSDUDRWUDEDOKR
'HYHFRQVHUYDUVHHPDUTXLYRXPUHJLVWRGDYHULILFDomRQmRFRQIRUPLGDGH
$32'(02
3iJGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
(GLomRRX¦OLPSH]D§GRVGDGRV
6HHTXDQGRUHTXHULGRSHORFOLHQWHDHPSUHVDGHHVWXGRVGHPHUFDGRHRSLQLmRGHYHUi
GRFXPHQWDURPpWRGRGHHGLomRYHULILFDomRGRVGDGRVXWLOL]DGDDSyVDLQWURGXomR5HODWyULR
GD(GLomR(GLomR)RUoDGD
x 2 ¦5HODWyULRGD(GLomR§pDYHULILFDomRTXHID]UHJUHVVDUDRVTXHVWLRQiULRV4XDQGR
HVWHPpWRGRpXWLOL]DGRGHYHUiKDYHUXPUHJLVWRGDVGHFLV}HVWRPDGDVFRPRUHVXOWDGR
GRVUHODWyULRVGHHGLomR
x $ ¦(GLomR )RUoDGD§ p D YHULILFDomR DXWRPiWLFD HIHFWXDGD SRU XP SURJUDPD GH
YHULILFDomR GH FRQVLVWrQFLD H GH FRUUHFomR 4XDQGR D HGLomR IRUoDGD WDPEpP
FKDPDGD ¦OLPSH]D GH GDGRV§ p XWLOL]DGD D OyJLFD GD VXD XWLOL]DomR GHYHUi VHU
UHJLVWDGD SRU HVFULWR H VXEPHWLGD j DSURYDomR GR FOLHQWH VH HVWH R GHVHMDU H VHUmR
HIHFWXDGRV WHVWHV FRP RV UHVXOWDGRV GRFXPHQWDGRV SDUD JDUDQWLU TXH HVWH PpWRGR
SURGX]RVHIHLWRVGHVHMDGRV
3DUD XPD SHVTXLVD FRQWtQXD RQGH Ki QHFHVVLGDGH GH UHVROYHU DV IDOKDV VHP GHPRUD DV
QRUPDVHODERUDGDVSDUDHVWHILPVHUmRGRFXPHQWDGDVHLPHGLDWDPHQWHDSOLFDGDVGHPRGRD
TXHQmRVHMDQHFHVViULRUHYHURXFRQILUPDUDVGHFLV}HVWRPDGDVHPFDGDRFDVLmR
(PWRGRVRVFDVRVRVSULQFLSDLVSURFHGLPHQWRVHQRUPDVGHOLPSH]DGRVGDGRVGHYHUmRILFDU
GRFXPHQWDGDVQXP$QH[R7pFQLFRGR5HODWyULRGR3URMHFWRRXHVWDUHPGLVSRQtYHLVDSHGLGR
6H IRU FRQVLGHUDGR FRQYHQLHQWH GHYH LQIRUPDUVH R FOLHQWH UHODWLYDPHQWH DRV GDGRV
TXH QmR SDVVDUDP DV SURYDV OyJLFDV H GDUOKH D RSomR GH GHFLGLU FRPR GHYHP FRUULJLUVH
'HYHFRQVHUYDUVHRUHJLVWRGHVWHVGDGRV
$32'(02
3iJGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
*HVWmRGHILFKHLURVGHGDGRV
'XUDQWH R WUDWDPHQWR GRV GDGRV p QHFHVViULR DVVHJXUDU DOJXQV DVSHFWRV TXH D VHJXLU VH
GHVFUHYHP
,QH[LVWrQFLDGHUHJLVWRVGXSOLFDGRVQRILFKHLUR
8WLOL]DomRGDYHUVmRFRUUHFWDHPFDGDIDVH
,GHQWLILFDomRFODUDGRVGDGRVRULJLQDLVHRVGDGRVWUDWDGRVFiOFXORVDWULEXLo}HVHWF
$UTXLYRGHFySLDGHFDGDIDVHHUHJLVWRGHWRGDVDVFRUUHFo}HVDSOLFDGDV
6mRFRQVLGHUDGDVIDVHV
D R ILFKHLUR GH GDGRV RULJLQDO UHVXOWDQWH GLUHFWR GD UHFROKD GH GDGRV
LQGHSHQGHQWHPHQWHGRVXSRUWHGHUHFROKD
E R ILFKHLUR SUpYLR j SRQGHUDomR H H[WUDSRODomR GH GDGRV FDVR YHQKDP D VHU
DSOLFDGDV
F RV ILFKHLURV D SDUWLU GRV TXDLV VHMDP UHDOL]DGDV DQiOLVHV GH GDGRV SRU YH]HV DV
DQiOLVHVQmRVmRUHDOL]DGDVDSHQDVDSDUWLUGHXPILFKHLURYiULDVUD]}HVSRGHPOHYDUj
DQiOLVHGHGDGRVDSDUWLUGHPDLVGHXPDYHUVmRGRVUHVXOWDGRVSRUH[HPSOR
L VH DSyV D GLYXOJDomR GRV GDGRV IRUHP HQFRQWUDGDV LQFRUUHFo}HV DSyV D VXD
FRUUHFomRRVGDGRVGHYHUmRVHUGLYXOJDGRVGHQRYR
LL RVGDGRVVmRDOYRGHWUDWDPHQWRSDUDQRYDVDQiOLVHV
4XHVHID]XPDFRQWDJHPGHKROHFRXQWVDQWHVHGHSRLVGDGHSXUDomRGHGDGRV
$V YHUV}HV GH ILFKHLURV GDV YiULDV IDVHV GH WUDEDOKR GHYHUmR VHU LGHQWLILFDGRV SRU XP
VLVWHPDRUGHQDGRGRWLSR¦QRPHGRILFKHLUR§¦Q~PHURGDYHUVmR§
3ODQRGHWDEXODomR
2SODQRGHWDEXODomRRXRXWUDVDQiOLVHVHVSHFLDLVVHH[LVWLUHPSRGHPVHUDFRUGDGRV
HQWUHRFOLHQWHHRWpFQLFR3'HGRFXPHQWDGRVSRQWXDOPHQWH
1HVVDIDVHRUHVSRQViYHOSHORSURMHFWRGHYHUiIRUQHFHUDRWpFQLFR3'
‡ RSODQRGHWDEXODomR
‡ DGHILQLomRGDVYDULiYHLVTXHGHYHUmRFRQVWLWXLUDFDEHFHLUD
‡ DGDWDGHHGLomRGDVWDEXODo}HV
$SUHVHQWDomRGRVGDGRV
'HYHPVHUWLGRVHPFRQVLGHUDomRRVVHJXLQWHVUHTXLVLWRV
x TXDQGR VH WUDWH GH GDGRV SRQGHUDGRV DV WDEXODo}HV GHYHP PRVWUDU WDQWR DV EDVHV
SRQGHUDGDVFRPRDVQmRSRQGHUDGDVGHYHQGRVHLQFOXLUXPDQH[RQRUHODWyULRFRPXPD
H[SODQDomRGRPpWRGRGHSRQGHUDomRXWLOL]DGR
x GHYH ILJXUDU D EDVH GH FDGD FROXQD H OLQKD TXH WHQKD VHUYLGR SDUD D REWHQomR GH
SHUFHQWDJHQV
$32'(02
3iJGH
&2'(02&yGLJR3RUWXJXrVSDUD(VWXGRVGH0HUFDGRH2SLQLmR
9HULILFDomRGDDQiOLVHVGRVGDGRV
7RGDV DV WDEXODo}HV GHYHP WHU XP FRQWUROR GH TXDOLGDGH H VHUHP DSURYDGDV SHOR
¦7pFQLFR UHVSRQViYHO SHOR SURMHFWR§ 2 FRQWUROR HIHFWXDGR GHYH ILFDU GHYLGDPHQWH
GRFXPHQWDGR
6HQDOHLWXUDGDVWDEHODVREWLGDVVHGHWHFWDPHUURVGHYHSURFHGHUVHjVXDFRUUHFomR
DYLVDQGRRFOLHQWHQRFDVRGHOKHWHUVLGRIDFXOWDGDDOJXPDFySLD
(PLVVmRGRVGDGRVSDUDRFOLHQWHHPIRUPDWRHOHFWUyQLFR
6HRVGDGRVIRUHPHQWUHJXHVDRFOLHQWHHPIRUPDWRHOHFWUyQLFRGHYHPID]HUVHDVVHJXLQWHV
YHULILFDo}HV
x TXHRIRUPDWRVHMDFRPSDWtYHOFRPRVRIWZDUHDFRUGDGRFRPRFOLHQWH
x TXHRVILFKHLURVFRQWHQKDPWRGRVRVDUTXLYRVHHVWHVWRGRVRVUHJLVWRV
x TXHFDGDHQYLRVHMD¦URWXODGR§FRPRVHXFRQWH~GRFRPRQ~PHURGHHVWXGRUHVSHFWLYR
HDLQGDFRPLQVWUXo}HVSDUDRVHXXVR
4XDQGRRVGDGRVVHHQYLDPSRUTXDOTXHUSURFHGLPHQWRGHWUDQVPLVVmRHOHFWUyQLFDGHGDGRV
GHYHYHULILFDUVH
x TXHVHWUDWDGRILFKHLURFRUUHFWR
x TXHDWUDQVPLVVmRVHHIHFWXDFRUUHFWDPHQWH
$ DVVLQDWXUD GR WpFQLFR 3' GHYH FRQVWDU QHVWDV YHULILFDo}HV VHQGR HOH LJXDOPHQWH
UHVSRQViYHOSHORHQYLRGDVPHVPDV
0DQXWHQomRGDVFySLDVGHVHJXUDQoDHFRQVHUYDomRGDVJUDYDo}HV
2 DUTXLYR GH GDGRV GDV HQWUHYLVWDV IHLWDV HP IRUPDWR HOHFWUyQLFR GHYH ID]HUVH GH
DFRUGRFRPR&yGLJR,QWHUQDFLRQDO,&&(620$5
'HYHVH WHU HVSHFLDO FXLGDGR HP JDUDQWLU TXH WRGRV RV DUTXLYRV HVWHMDP FODUDPHQWH
LGHQWLILFDGRV TXHU VHMD SRU QRPHV DWULEXtGRV SHOD HPSUHVDGHSDUWDPHQWR RX SHOR XVR GH
DUTXLYRV¦UHDGPH§
3RGHP UHTXHUHUVH DQiOLVHV H[WUD HP TXDOTXHU PRPHQWR SRVWHULRU DR SURFHVVR
SULQFLSDO (VWDV DQiOLVHV HVWmR VXMHLWDV DRV PHVPRV SURFHGLPHQWRV GHVFULWRV DQWHULRUPHQWH
SDUDDWDEXODomRSULQFLSDO
$32'(02
3iJGH