DECRETO N. 2.844
Publicado no DOE de 03.02.97
2 *29(51$'25 '2 (67$'2 '2 3$5$1È QR XVR GDV DWULEXLo}HV TXH OKH
FRQIHUH R DUW 9 GD &RQVWLWXLomR (VWDGXDO H WHQGR HP YLVWD R GLVSRVWR QD /HL Qž
GHGHQRYHPEURGH
'(&5(7$
$UW ž )LFDP LQWURGX]LGDV QR 5HJXODPHQWR GR ,&06 DSURYDGR SHOR 'HFUHWR
QGHGHGH]HPEURGHDVVHJXLQWHVDOWHUDo}HV
$OWHUDomR  2V LQFLVRV , H ,, GR DUW SDVVDP D YLJRUDU FRP D VHJXLQWH
UHGDomRDFUHVFHQWDQGRVHOKHRLQFLVR,,,
³, SDUD DV RSHUDo}HV H SUHVWDo}HV LQWHUHVWDGXDLV TXH GHVWLQHP EHQV
PHUFDGRULDV RX VHUYLoRV D FRQWULEXLQWHV HVWDEHOHFLGRV QRV (VWDGRV GH 0LQDV *HUDLV 5LR
*UDQGH GR 6XO 5LR GH -DQHLUR 6DQWD &DWDULQD H 6mR 3DXOR UHVVDOYDGR R GLVSRVWR QR
LQFLVR,,,GHVWHDUWLJR
,, SDUD DV RSHUDo}HV H SUHVWDo}HV LQWHUHVWDGXDLV TXH GHVWLQHP EHQV
PHUFDGRULDV RX VHUYLoRV D FRQWULEXLQWHV HVWDEHOHFLGRV QR 'LVWULWR )HGHUDO H QRV GHPDLV
(VWDGRVQmRUHODFLRQDGRVQRLQFLVRDQWHULRUUHVVDOYDGRRGLVSRVWRQRLQFLVRVHJXLQWH
,,, QDV SUHVWDo}HV GH VHUYLoR GH WUDQVSRUWH DpUHR LQWHUHVWDGXDO GH
SDVVDJHLURFDUJDHPDODSRVWDO5HVROXomRQGR6HQDGR)HGHUDO´
$OWHUDomR2†žGRDUWSDVVDDYLJRUDUFRPDVHJXLQWHUHGDomR
³† ž 2 HVWDEHOHFLPHQWR SUHVWDGRU GH VHUYLoR GH WUDQVSRUWH LQWHUHVWDGXDO RX
LQWHUPXQLFLSDO LQVFULWR QR &DGDVWUR GH &RQWULEXLQWHV GR (VWDGR &$',&06 TXH QmR
RSWDU SHOR FUpGLWR SUHVXPLGR SUHYLVWR QRV LQFLVRV ; H ;, GR DUW SRGHUi DSURSULDUVH
GR FUpGLWR GR LPSRVWR GDV RSHUDo}HV WULEXWDGDV GH DTXLVLomR GH FRPEXVWtYHLV
OXEULILFDQWHVyOHRVDGLWLYRVIOXtGRVSQHXVFkPDUDVGHDUHGHPDLVPDWHULDLVURGDQWHV
SHoDVGHUHSRVLomRHRXWURVSURGXWRVGHPDQXWHQomRGDIURWDLQFOXVLYHGHOLPSH]DEHP
FRPR GH PHUFDGRULDV GHVWLQDGDV DR DWLYR SHUPDQHQWH REVHUYDGRRGLVSRVWRQR†žGR
DUWHIHWLYDPHQWHXWLOL]DGRVQDSUHVWDomRGHVHUYLoRLQLFLDGRQHVWH(VWDGR´
$OWHUDomR$DOtQHD³F´GR†žGRDUWSDVVDDYLJRUDUFRPDVHJXLQWH
UHGDomR
³F HVWDEHOHFLPHQWR GH IRUQHFHGRU D WtWXOR GH SDJDPHQWR GH PHUFDGRULDV
HQHUJLD HOpWULFD SQHXV PDWpULDVSULPDV PDWHULDLV LQWHUPHGLiULRV VHFXQGiULRV RX GH
HPEDODJHQV H GH EHQV GHVWLQDGRV DR DWLYR IL[R H[FOXVLYH YHtFXORV H[FHWR RV GH FDUJD
FRP FDSDFLGDGH LJXDO RX VXSHULRU D TXDWUR WRQHODGDV DWp R OLPLWH GH GR YDORU GH
FDGD DTXLVLomR UHVVDOYDGD D KLSyWHVH SUHYLVWD QR LQFLVR ,9 GHVWH DUWLJR TXH WHUi SRU
OLPLWHRYDORUGDDTXLVLomR´
$OWHUDomR  )LFDP DFUHVFHQWDGRV RV LQFLVRV ; ;, H ;,, H R † ž DR DUW FRPDVHJXLQWHUHGDomR
³;DRVHVWDEHOHFLPHQWRVSUHVWDGRUHVGHVHUYLoRGHWUDQVSRUWHH[FHWRDpUHR
QR SHUFHQWXDO GH GR YDORU GR ,&06 GHYLGR QD SUHVWDomR TXH VHUi DGRWDGR
RSFLRQDOPHQWH SHOR FRQWULEXLQWH HP VXEVWLWXLomR DR VLVWHPD GH WULEXWDomR QRUPDO
FRQIRUPH † ž GR DUW REVHUYDGR R GLVSRVWR QR † ž GHVWH DUWLJR &RQYrQLR ,&06
;,DRVSUHVWDGRUHVGHVHUYLoRVGHWUDQVSRUWHDpUHRQDVSUHVWDo}HVLQWHUQDV
QR SHUFHQWXDO TXH UHVXOWH QD FDUJD WULEXWiULD FRUUHVSRQGHQWH D TXH VHUi DGRWDGR
RSFLRQDOPHQWH SHOR FRQWULEXLQWH HP VXEVWLWXLomR DR VLVWHPD GH WULEXWDomR QRUPDO
FRQIRUPH † ž GR DUW REVHUYDGR R GLVSRVWR QR † ž GHVWH DUWLJR &RQYrQLR ,&06
;,,
DR
HVWDEHOHFLPHQWR
TXH
SURPRYHU
RSHUDomR
LQWHUQD
WULEXWDGD
DQWHFHGHQWH j H[SRUWDomR FRP PHWDLV H SHGUDV SUHFLRVDV H VHPLSUHFLRVDV FODVVLILFDGRV
QDV SRVLo}HV D GD 1%06+ QR SHUFHQWXDO TXH UHVXOWH QD FDUJD WULEXWiULD
FRUUHVSRQGHQWH D YHGDGR R DSURYHLWDPHQWR GH TXDLVTXHU RXWURV FUpGLWRV &RQYrQLR
,&06
†ž(PUHODomRDRGLVSRVWRQRVLQFLVRV;H;,RFRQWULEXLQWHTXHRSWDUSHOR
EHQHItFLRQmRSRGHUiDSURYHLWDUTXDLVTXHURXWURVFUpGLWRV´
$OWHUDomR)LFDDFUHVFHQWDGRR†DRDUWFRPDVHJXLQWHUHGDomR
³†3DUDRVILQVGRGLVSRVWRQHVWHDUWLJRHPUHODomRDRLPSRVWRGHFODUDGR
D *,$5,&06 VRPHQWH SRGHUi VHU XWLOL]DGD TXDQGR R SDJDPHQWR RFRUUHU QR PrV GH
YHQFLPHQWR GR LPSRVWR VHQGR TXH QDV GHPDLV KLSyWHVHV R SDJDPHQWR GHYHUi VHU
HIHWXDGRDWUDYpVGH*5RX*15´
$OWHUDomR  $ DOtQHD ³E´ GR LQFLVR ,9 GR DUW SDVVD D YLJRUDU FRP D
VHJXLQWHUHGDomR
³E &LD &DFLTXH GH &DIp 6RO~YHO LQVFULWD QR &$',&06 VRE R Q
FRP GHVWLQR j 5HIULR $UPD]pQV *HUDLV )ULJRUtILFRV /WGD HVWDEHOHFLGD QD
5RG 5pJLV %LWWHQFRXUW NP 0XQLFtSLR GH ,WDSHFLULFD GD 6HUUD 63 LQVFULo}HV
HVWDGXDO Q H QR &*& Q j $UIULR 6 $ $UPD]pQV *HUDLV )ULJRUtILFRV HVWDEHOHFLGD QD $Y %DQGHLUDQWHV Q 0XQLFtSLR GH
6DQWRV 63 LQVFULo}HV HVWDGXDO Q H QR &*& Q RX j $YDQWH 6 $ $UPD]pQV *HUDLV )ULJRUtILFRV HVWDEHOHFLGD QD $Y 9HUHDGRU $OIUHGR
1HYHV Q %DLUUR $OHPmR 0XQLFtSLR GH 6DQWRV 63 LQVFULo}HV HVWDGXDO Q
HQR&*&Q3URWRFROR,&06´
$OWHUDomR2†žGRDUWSDVVDDYLJRUDUFRPDVHJXLQWHUHGDomR
³† ž 4XDQGR VH WUDWDU GH DOWHUDo}HV FRQWUDWXDLV RX HVWDWXWiULDV GHYHP VHU
HIHWXDGDV DWUDYpV GH 'RFXPHQWR $X[LOLDU GH &DGDVWUR '$& RX 'RFXPHQWR
&RPSOHPHQWDU GH 6yFLRV '&6 QDV $JrQFLDV GH 5HQGDV RX GH IRUPD ³RQ OLQH´ QDV
'HOHJDFLDV5HJLRQDLVGD5HFHLWDRXQR3RVWRGH6HUYLoRGD'55LQVWDODGRQRHVFULWyULRGD
-8&(3$5&RQYrQLRHQWUHD6()$HD6(-8-8&(3$5GH´
$OWHUDomR  2 ³FDSXW´ H D DOtQHD ³E´ GR † ž GR DUW SDVVDP D YLJRUDU
FRPDVHJXLQWHUHGDomR
³$UW 1D VDtGD GH SURGXWR LQGXVWULDOL]DGR GH RULJHP QDFLRQDO FRP
GHVWLQR j =RQD )UDQFD GH 0DQDXV TXH FRPSUHHQGH RV 0XQLFtSLRV GH 0DQDXV 5LR 3UHWR
GD (YD H 3UHVLGHQWH )LJXHLUHGR H jV =RQDV GH /LYUH &RPpUFLR GH 0DFDSi 6DQWDQD
%RQILP 3DFDUDLPD 7DEDWLQJD *XDMDUDPLULP %UDVLOpLD FRP H[WHQVmR DR 0XQLFtSLR GH
(SLWDFLROkQGLD H &UX]HLUR GR 6XO EHQHILFLDGD FRP LVHQomR RX UHGXomR QD EDVH GH
FiOFXOR D QRWD ILVFDO VHUi HPLWLGD QR PtQLPR HP FLQFR YLDV TXH WHUmR D VHJXLQWH
GHVWLQDomR &RQYrQLR 6,1,() GH DUW &RQYrQLRV ,&06 H$MXVWHV6,1,()H
E jV =RQDV GH /LYUH &RPpUFLR GH 0DFDSi 6DQWDQD %RQILP 3DFDUDLPD
7DEDWLQJD *XDMDUDPLULP %UDVLOpLD FRP H[WHQVmR DR 0XQLFtSLR GH (SLWDFLROkQGLD H
&UX]HLUR GR 6XO R LQWHUQDPHQWR VHUi IRUPDOL]DGR WDPEpP SHODV 6HFUHWDULDV GD )D]HQGD
GRV(VWDGRVGR$PDSi5RUDLPD$PD]RQDV5RQG{QLDH$FUHPHGLDQWHILOLJUDQDomRQRV
GRFXPHQWRV´
$OWHUDomR  2 ³FDSXW´ GRV LQFLVRV , H ,, GR DUW SDVVD D YLJRUDU FRP D
VHJXLQWHUHGDomR
³, HP TXDWUR YLDV QDV KLSyWHVHV GR DUW , ³D´ H ³E´ H † ž ³D´ TXH
WHUmRDVHJXLQWHGHVWLQDomR
,,HPTXDWURYLDVQDVKLSyWHVHVGRDUW,³F´³G´³H´H³I´TXHWHUmR
DVHJXLQWHGHVWLQDomR´
$OWHUDomR  )LFD DFUHVFHQWDGR R † ž DR DUW SDVVDQGR R † ž D
YLJRUDUFRPDVHJXLQWHUHGDomR
³† ž 1D KLSyWHVH GR ³FDSXW´ GHVWH DUWLJR VH DR ILQDO GD SUHVWDomR UHVXOWDU
SDJDPHQWRDPHQRUGRLPSRVWRDGLIHUHQoDVHUiUHFROKLGDQDIRUPDHSUD]RGHILQLGRVQR
DUW
† ž 2 WUDQVSRUWDGRU HVWDEHOHFLGR QHVWH (VWDGR H LQVFULWR QR &$',&06 TXH
SUHVWDU VHUYLoR GH WUDQVSRUWH LQLFLDGR HP RXWUD XQLGDGH GD IHGHUDomR FRP UHFROKLPHQWR
GR LPSRVWR H GLVSHQVD GH HPLVVmR GR GRFXPHQWR ILVFDO GH SUHVWDomR GH VHUYLoR GH
WUDQVSRUWHSURFHGHUiGDVHJXLQWHIRUPD&RQYrQLR,&06FOiXVXODTXDUWD
, HPLWLUi R FRQKHFLPHQWR FRUUHVSRQGHQWH DR VHUYLoR QR ILQDO GD SUHVWDomR
FRPGHVWDTXHGRLPSRVWR
,, HVFULWXUDUi R FRQKHFLPHQWR HPLWLGR QD IRUPD GR LQFLVR DQWHULRU QR OLYUR
5HJLVWUR GH 6DtGDV QDV FROXQDV UHODWLYDV D ³'RFXPHQWR )LVFDO´ H ³2EVHUYDo}HV´
DQRWDQGR QHVWD TXH R LPSRVWR IRL SDJR j XQLGDGH IHGHUDGD GH LQtFLR GD SUHVWDomR
GHL[DQGRjGLVSRVLomRGRILVFRRFRPSURYDQWHGHSDJDPHQWR´
$OWHUDomR  $R † ž GR DUW ILFD DFUHVFHQWDGR R LWHP j DOtQHD ³D´
SDVVDQGRDDOtQHD³E´DYLJRUDUFRPDVHJXLQWHUHGDomR
³ D GHFODUDomR HVWLYHU VHQGR DSUHVHQWDGD DSyV R PrV GH YHQFLPHQWR GR
LPSRVWR
E *XLD GH ,QIRUPDomR $SXUDomR H 5HFROKLPHQWR GR ,&06 *,$5,&06
TXDQGR R UHFROKLPHQWR GR LPSRVWR RFRUUHU FRQFRPLWDQWHPHQWH FRP D DSUHVHQWDomR GD
GHFODUDomRQRPrVGHYHQFLPHQWRGRLPSRVWR´
$OWHUDomR  2 ³FDSXW´ GR DUW SDVVD D YLJRUDU FRP D VHJXLQWH
UHGDomRDFUHVFHQWDQGRVHOKHR†ž
³$UW 5HVVDOYDGDV DV KLSyWHVHV SUHYLVWDV QR † ž GR DUWLJR DQWHULRU H
QRV †† ž ž H ž GHVWH DUWLJR R FRQWULEXLQWH GHYHUi HQWUHJDU D JXLD HP DJrQFLD GR
%DQFR GR (VWDGR GR 3DUDQi 6 $ %$1(67$'2 VLWXDGD QHVWH (VWDGR QR PrV
VXEVHTHQWH DR GDV RSHUDo}HV RX SUHVWDo}HV GH DFRUGR FRP R DOJDULVPR ILQDO GD
QXPHUDomR VHTHQFLDO HVWDGXDO GR Q~PHUR GH LQVFULomR QR &$',&06 QRV VHJXLQWHV
SUD]RV
†ž(PVHWUDWDQGRGHDSUHVHQWDomRGH*,$,&06DSyVRPrVGHYHQFLPHQWR
GR LPSRVWR GHYHUi VHU HQWUHJXH VRPHQWH QD $JrQFLD GH 5HQGDV GR GRPLFtOLR WULEXWiULR
GRFRQWULEXLQWHTXDQGRVHUmRSURFHGLGDVDVYHULILFDo}HVILVFDLVGHWHUPLQDGDVHPQRUPD
GHSURFHGLPHQWR´
$OWHUDomR  2 LQFLVR 9, GR DU SDVVD D YLJRUDU FRP D VHJXLQWH
UHGDomR
³9, VpULH Q~PHUR H GDWD GD QRWD ILVFDO GR HVWDEHOHFLPHQWR UHPHWHQWH H GR
GHVWLQDWiULRH[SRUWDGRUGDPHUFDGRULD&RQYrQLR,&06´
$OWHUDomR2VLQFLVRV,H,,GRDUWSDVVDPDYLJRUDUFRPDVHJXLQWH
UHGDomRDFUHVFHQWDQGRVHOKHR†ž
³, ODQoDU D QRWD ILVFDO GR IRUQHFHGRU H R GRFXPHQWR ILVFDO UHODWLYR DR
UHVSHFWLYRVHUYLoRGHWUDQVSRUWHGRTXDOIRLWRPDGRUQDFROXQD³2XWUDV2SHUDo}HVRX
3UHVWDo}HVVHP&UpGLWRGR,PSRVWR´GROLYUR5HJLVWURGH(QWUDGDV
,, FDOFXODU R LPSRVWR GHYLGR SRU VXEVWLWXLomR WULEXWiULD PHGLDQWH D
DSOLFDomRGDDOtTXRWDYLJHQWHSDUDDVRSHUDo}HVLQWHUQDVVREUHDEDVHGHFiOFXORSUySULD
SDUD D VXEVWLWXLomR WULEXWiULD GHGX]LQGRVH GR YDORU UHVXOWDQWH R PRQWDQWH GR LPSRVWR
SDJRQDRSHUDomRHSUHVWDomRGHHQWUDGDFRUUHVSRQGHQWHHVFULWXUDQGRRYDORUREWLGRHD
QRWDILVFDOGRIRUQHFHGRUQDFROXQD³2EVHUYDo}HV´GROLYUR5HJLVWURGH6DtGDV
†ž3DUDILQVGRFiOFXORGHTXHWUDWDRLQFLVR,,GHVWHDUWLJRTXDQGRRYDORU
GH SDUWLGD SDUD D IRUPDomR GD EDVH GH FiOFXOR IRU R SUHoR SUDWLFDGR SHOR VXEVWLWXWR
DGRWDUVHiFRPRWDORYDORUFRQVWDQWHGRGRFXPHQWRILVFDOGHHQWUDGD´
$OWHUDomR  2 SDU ~QLFR GR DUW SDVVD D YLJRUDU FRP D VHJXLQWH
UHGDomR
³3DUiJUDIR~QLFR$UHVSRQVDELOLGDGHSHODUHWHQomRHUHFROKLPHQWRGRLPSRVWR
ILFD WDPEpP DWULEXtGD DRV HVWDEHOHFLPHQWRV ORFDOL]DGRV QRV (VWDGRV GR $FUH $PDSi
%DKLD (VStULWR 6DQWR 0DWR *URVVR 0DWR *URVVR GR 6XO 0LQDV *HUDLV 3DUi 3DUDtED
3HUQDPEXFR 5LR *UDQGH GR 6XO 5LR GH -DQHLUR 5RQG{QLD 6DQWD &DWDULQD H 6mR 3DXOR
LQFOXVLYHGLVWULEXLGRUGHSyVLWRRXDWDFDGLVWD3URWRFROR,&06´
$OWHUDomR2DUWSDVVDDYLJRUDUFRPDVHJXLQWHUHGDomR
³$UW $ EDVH GH FiOFXOR SDUD D UHWHQomR GR LPSRVWR VHUi &RQYrQLR
,&06
, HP UHODomR DRV YHtFXORV VDtGRV UHDO RX VLPEROLFDPHQWH GDV PRQWDGRUDV
RX GH VXDV FRQFHVVLRQiULDV HP RSHUDomR LQWHUHVWDGXDO R YDORU FRUUHVSRQGHQWH DR SUHoR
GH YHQGD D FRQVXPLGRU FRQVWDQWH GH WDEHOD HVWDEHOHFLGD SRU yUJmR FRPSHWHQWH RX
VXJHULGR DR S~EOLFR RX QD IDOWD GHVWD D WDEHOD VXJHULGD SHOR IDEULFDQWH DFUHVFLGR GR
YDORUGRIUHWHGR,3,HGRVDFHVVyULRVDTXHVHUHIHUHRDUW†žDOtQHD³D´
,, HP UHODomR jV GHPDLV VLWXDo}HV R SUHoR Pi[LPR RX ~QLFR GH YHQGD
XWLOL]DGR SHOR FRQWULEXLQWH VXEVWLWXtGR IL[DGR SHOD DXWRULGDGH FRPSHWHQWH RX QD IDOWD
GHVVH SUHoR R YDORU GD RSHUDomR SUDWLFDGR SHOR VXEVWLWXWR LQFOXtGRV RV YDORUHV
FRUUHVSRQGHQWHV D IUHWH FDUUHWR VHJXUR LPSRVWRV H RXWURV HQFDUJRV WUDQVIHUtYHLV DR
YDUHMLVWDDFUHVFLGRGRYDORUUHVXOWDQWHGDDSOLFDomRGRSHUFHQWXDOGH
†ž(PVHWUDWDQGRGHYHtFXORLPSRUWDGRRYDORUGDRSHUDomRSUDWLFDGRSHOR
VXEVWLWXWR D TXH VH UHIHUH R LQFLVR ,, SDUD HIHLWR GH DSXUDomR GD EDVH GH FiOFXOR QmR
SRGHUi VHU LQIHULRU DR TXH VHUYLX GH EDVH GH FiOFXOR SDUD SDJDPHQWR GRV LPSRVWRV GH
LPSRUWDomRHVREUHSURGXWRVLQGXVWULDOL]DGRV
† ž $SOLFDPVH jV LPSRUWDGRUDV TXH SURPRYHUHP D VDtGD GRV YHtFXORV
FRQVWDQWHV GD WDEHOD VXJHULGD SHOR IDEULFDQWH UHIHULGD QR LQFLVR , DV GLVSRVLo}HV QHOH
FRQWLGDVLQFOXVLYHFRPDXWLOL]DomRGRVYDORUHVGDWDEHOD
† ž (P UHODomR DRV YHtFXORV PRWRUL]DGRV GH GXDV URGDV D EDVH GH FiOFXOR
SDUDUHWHQomRGRLPSRVWRVHUi&RQYrQLRV,&06H
D QR TXH VH UHIHUH DRV GH IDEULFDomR QDFLRQDO R YDORU FRUUHVSRQGHQWH DR
SUHoRGHYHQGDDFRQVXPLGRUFRQVWDQWHGHWDEHODHVWDEHOHFLGDSRUyUJmRFRPSHWHQWHRX
VXJHULGRDRS~EOLFRRXQDIDOWDGHVWDSHORIDEULFDQWHDFUHVFLGRGRYDORUGRIUHWHHGRV
DFHVVyULRVDTXHVHUHIHUHRDUW†žDOtQHD³D´
E QR TXH VH UHIHUH DRV LPSRUWDGRV R SUHoR Pi[LPR RX ~QLFR GH YHQGD
XWLOL]DGR SHOR FRQWULEXLQWH VXEVWLWXtGR IL[DGR SHOD DXWRULGDGH FRPSHWHQWH DFUHVFLGR GR
YDORUGRIUHWHHGRVDFHVVyULRVDTXHVHUHIHUHRDUW†žDOtQHD³D´
†ž,QH[LVWLQGRRVYDORUHVGHTXHWUDWDPDVDOtQHDVGRSDUiJUDIRDQWHULRUD
EDVH GH FiOFXOR VHUi REWLGD WRPDQGRVH SRU EDVH R YDORU GD RSHUDomR SUDWLFDGD SHOR
VXEVWLWXWR LQFOXtGRV RV YDORUHV FRUUHVSRQGHQWHV D IUHWH FDUUHWR VHJXURV LPSRVWRV H
RXWURV HQFDUJRV WUDQVIHUtYHLV DR YDUHMLVWD DFUHVFLGR GR YDORU UHVXOWDQWH GD DSOLFDomR GR
SHUFHQWXDOGH
† ž 1D LPSRVVLELOLGDGHGHLQFOXVmRGRYDORUGRIUHWHQDFRPSRVLomRGDEDVH
GH
FiOFXOR
R
UHFROKLPHQWR
GR
LPSRVWR
FRUUHVSRQGHQWH
VHUi
HIHWXDGR
SHOR
HVWDEHOHFLPHQWR GHVWLQDWiULR PHGLDQWH GpELWR GR YDORU QR FDPSR ³2XWURV 'pELWRV´ GR
OLYUR5HJLVWURGH$SXUDomRGR,&06QRPrVGDVDTXLVLo}HV´
$OWHUDomR  2V SHUFHQWXDLV FRQVWDQWHV GRV LWHQV H GDV DOtQHDV ³D´ H
³E´ GR † ž H GDV DOtQHDV ³D´ H ³E´ GR † ž GR DUW ILFDP DOWHUDGRV
UHVSHFWLYDPHQWH SDUD H &RQYrQLR,&06
$OWHUDomR2†žGRDUWSDVVDDYLJRUDUFRPDVHJXLQWHUHGDomR
³† ž ,QH[LVWLQGR R YDORU GH TXH WUDWD R ³FDSXW´ D EDVH GH FiOFXOR VHUi R
PRQWDQWH IRUPDGR SHOR SUHoR SUDWLFDGR SHOR VXEVWLWXWR LQFOXtGRV R ,3, R IUHWH H DV
GHPDLV GHVSHVDV GHELWDGDV DR HVWDEHOHFLPHQWR GHVWLQDWiULR DGLFLRQDGR GD SDUFHOD
UHVXOWDQWHGDDSOLFDomRGRVVHJXLQWHVSHUFHQWXDLV&RQYrQLR,&06
D SQHXV GRV WLSRV XWLOL]DGRV HP DXWRPyYHLV GH SDVVDJHLURV LQFOXtGRV RV
YHtFXORVGHXVRPLVWRFDPLRQHWDVHRVDXWRPyYHLVGHFRUULGD
E
SQHXV
GRV
WLSRV
XWLOL]DGRV
HP
FDPLQK}HV
LQFOXVLYH
SDUD
RV
IRUDGHHVWUDGD {QLEXV DYL}HV PiTXLQDV GH WHUUDSOHQDJHP GH FRQVWUXomR H
FRQVHUYDomRGHHVWUDGDVPiTXLQDVHWUDWRUHVDJUtFRODVSiFDUUHJDGHLUD
FSQHXVSDUDPRWRFLFOHWDV
GSURWHWRUHVFkPDUDVGHDUHRXWURVWLSRVGHSQHXV´
$OWHUDomR  2 ³FDSXW´ H R LQFLVR ,; GR DUW SDVVDP D YLJRUDU FRP D
VHJXLQWHUHGDomR
³$UW $R HVWDEHOHFLPHQWR LQGXVWULDO RX LPSRUWDGRU p DWULEXtGD D
FRQGLomR GH VXMHLWR SDVVLYR SRU VXEVWLWXLomR SDUD HIHLWR GH UHWHQomR H UHFROKLPHQWR GR
,&06 UHODWLYR jV RSHUDo}HV VXEVHTHQWHV QD VDtGD FRP GHVWLQR D UHYHQGHGRUHV
ORFDOL]DGRV QHVWH(VWDGRGRVSURGXWRVFODVVLILFDGRVQDVSRVLo}HVVXESRVLo}HVHFyGLJRV
VHJXLQWHV GD 1RPHQFODWXUD %UDVLOHLUD GH 0HUFDGRULDV6LVWHPD +DUPRQL]DGR 1%06+
DUW,9GD/HL&RQYrQLRV,&06H
,;[DGUH]HSyVDVVHPHOKDGRVH[FHWRSLJPHQWRjEDVHGHGLy[LGRGHWLWkQLR
FODVVLILFDGR QR FyGLJR VXESRVLomR FyGLJR H
SRVLomR&RQYrQLR,&06´
$OWHUDomR  2 ³FDSXW´ GR SDU ~QLFR GR DUW SDVVD D YLJRUDU FRP D
VHJXLQWHUHGDomR
³3DUiJUDIR ~QLFR 2 VXMHLWR SDVVLYR SRU VXEVWLWXLomR DSURYHLWD GR FUpGLWR
SUHVXPLGR SUHYLVWR QR LQFLVR ; GR DUW ILFDQGR QD KLSyWHVH GR DUW ,
FRQGLFLRQDGRDTXH´
$OWHUDomR2†žGRDUWSDVVDDYLJRUDUFRPDVHJXLQWHUHGDomR
³†ž2GLVSRVWRQHVWHFDStWXORDSOLFDVHjVRSHUDo}HVGHFRPSUDHYHQGDGH
SURGXWRV DJUtFRODV SURPRYLGDV SHOR *RYHUQR )HGHUDO H DPSDUDGDV SRU FRQWUDWRV GH
RSo}HV GHQRPLQDGRV ³0HUFDGR GH 2So}HV GR (VWRTXH (VWUDWpJLFR´ SUHYLVWRV HP
OHJLVODomR HVSHFtILFD DV TXDLV VHUmR HIHWXDGDV VRE D PHVPD LQVFULomR QR &$',&06
XWLOL]DGDSHOD&21$%3*30&RQYrQLRV,&06H´
$OWHUDomR  )LFD DFUHVFHQWDGR R LQFLVR 9,,, DR DUW FRP D VHJXLQWH
UHGDomR
³9,,, ILFD D &21$% UHODWLYDPHQWH jV RSHUDo}HV SUHYLVWDV QHVWH FDStWXOR
DXWRUL]DGD D HPLWLU GRFXPHQWRV ILVFDLV EHP FRPR D HIHWXDU D VXD HVFULWXUDomR SHOR
VLVWHPD HOHWU{QLFR GH SURFHVVDPHQWR GH GDGRV LQGHSHQGHQWHPHQWH GD IRUPDOL]DomR GR
SHGLGRGHTXHWUDWDRVDUWVHGHYHQGRFRPXQLFDUHVWDRSomRjUHSDUWLomRILVFDO
DTXHHVWLYHUYLQFXODGRRHVWDEHOHFLPHQWR&RQYrQLR,&06´
$OWHUDomR  )LFD DFUHVFHQWDGR R &DStWXOR ;;;9 DR 7tWXOR ,,, FRP D
VHJXLQWHUHGDomR
³&$3Ë78/2;;;9
'$623(5$d®(65(/$&,21$'$6&20$'(6752&$'(%27,-®(6
9$=,26'(67,1$'26
$2$&21',&,21$0(172'(*/35($/,=$'$6&2026&(17526'(
'(6752&$
$UW $ (P UHODomR jV RSHUDo}HV FRP ERWLM}HV YD]LRV GHVWLQDGRV DR
DFRQGLFLRQDPHQWR GH JiV OLTXHIHLWR GH SHWUyOHR */3 UHDOL]DGDV FRP RV &HQWURV GH
'HVWURFDVHUmRREVHUYDGDVDVQRUPDVSUHYLVWDVQHVWHFDStWXOR&RQYrQLR,&06
†
ž
6mR
&HQWURV
GH
'HVWURFD
RV
HVWDEHOHFLPHQWRV
TXH
UHDOL]DP
H[FOXVLYDPHQWH VHUYLoRV GH GHVWURFD GH ERWLM}HV GHVWLQDGRV DR DFRQGLFLRQDPHQWR GH
*/3
† ž 6RPHQWH UHDOL]DUmR RSHUDo}HV FRP RV &HQWURV GH 'HVWURFD DV
GLVWULEXLGRUDV GH */3 FRPR WDLV GHILQLGDV SHOD OHJLVODomR IHGHUDO HVSHFtILFD H RV VHXV
UHYHQGHGRUHV FUHGHQFLDGRV QRV WHUPRV GR DUW ž GD 3RUWDULD Q GH GH RXWXEUR
GHGR0LQLVWpULRGD,QIUD(VWUXWXUD
† ž e YHGDGD D RSHUDomR GH FRPSUD H YHQGD GH ERWLM}HV SRU SDUWH GRV
&HQWURVGH'HVWURFD
$UW % 2V &HQWURV GH 'HVWURFD GHYHUmR LQVFUHYHUVH QR &$',&06 H
ILFDP GLVSHQVDGRV GD HPLVVmR GH GRFXPHQWRV ILVFDLV H GD HVFULWXUDomR GH OLYURV ILVFDLV
FRP H[FHomR GR OLYUR 5HJLVWUR GH 8WLOL]DomR GH 'RFXPHQWRV )LVFDLV H 7HUPR GH
2FRUUrQFLDVGHYHQGRHPVXEVWLWXLomRHPLWLURVIRUPXOiULRVDVHJXLULQGLFDGRV
,$XWRUL]DomRSDUD0RYLPHQWDomRGH9DVLOKDPHV$09
,,&RQWUROH'LiULRGR6DOGRGH9DVLOKDPHVSRU0DUFD690
,,,&RQVROLGDomR6HPDQDOGD0RYLPHQWDomRGH9DVLOKDPHV&60
,9&RQVROLGDomR0HQVDOGD0RYLPHQWDomRGH9DVLOKDPHV&90
9&RQWUROH0HQVDOGH0RYLPHQWDomRGH9DVLOKDPHVSRU0DUFD090
† ž $ LPSUHVVmR GD $09 GHSHQGHUi GH SUpYLD DXWRUL]DomR GD $JrQFLD GH
5HQGDVGRGRPLFtOLRWULEXWiULRGR&HQWURGH'HVWURFD
† ž 2V IRUPXOiULRV SUHYLVWRV QRV LQFLVRV ,, D 9 VHUmR QXPHUDGRV
WLSRJUDILFDPHQWHHPRUGHPFUHVFHQWHGHD
†ž2VIRUPXOiULRVGH&90VHUmRDQXDOPHQWHHQFDGHUQDGRVODYUDQGRVHRV
WHUPRV GH DEHUWXUD H GH HQFHUUDPHQWR H OHYDGRV j UHSDUWLomR ILVFDO D TXH HVWLYHU
YLQFXODGRR&HQWURGH'HVWURFDSDUDDXWHQWLFDomR
† ž 2 IRUPXOiULR GH TXH WUDWD R LQFLVR 9 VHUi HPLWLGR QR PtQLPR HP GXDV
YLDV GHYHQGR D  YLD VHU HQYLDGD j GLVWULEXLGRUD DWp FLQFR GLDV FRQWDGRV GD GDWD GD
VXDHPLVVmR
$UW & $V RSHUDo}HV GH TXH WUDWD HVWH FDStWXOR VXMHLWDPVH j
REVHUYkQFLDGDVGHPDLVGLVSRVLo}HVSUHYLVWDVQR&RQYrQLR,&06´
$OWHUDomR  )LFDP DFUHVFHQWDGRV RV LWHQV $ $ $ H $ DR
$QH[R,SDVVDQGRRVLWHQVHHR³FDSXW´GRLWHPDYLJRUDUFRPDVHJXLQWH
UHGDomR
³$ 6DtGDV HP RSHUDo}HV LQWHUQDV &RQYrQLRV ,&06 H
D HQWUH HVWDEHOHFLPHQWRV GH XPD PHVPD HPSUHVD GH %(16 LQWHJUDGRV DR
DWLYR LPRELOL]DGR H SURGXWRV TXH WHQKDP VLGR DGTXLULGRV GH WHUFHLURV H QmR VHMDP
XWLOL]DGRVSDUDFRPHUFLDOL]DomRRXSDUDLQWHJUDUXPQRYRSURGXWRRXDLQGDFRQVXPLGRV
QRUHVSHFWLYRSURFHVVRGHLQGXVWULDOL]DomR
E GH EHQV LQWHJUDGRV DR DWLYR LPRELOL]DGR EHP FRPR GH PROGHV PDWUL]HV
JDEDULWRVSDGU}HVFKDSHORQDVPRGHORVHHVWDPSRVSDUDIRUQHFLPHQWRGHVHUYLoRVIRUD
GRHVWDEHOHFLPHQWRRXFRPGHVWLQRDRXWURHVWDEHOHFLPHQWRLQVFULWRFRPRFRQWULEXLQWH
SDUDVHUHPXWLOL]DGRVQDHODERUDomRGHSURGXWRVHQFRPHQGDGRVSHORUHPHWHQWHHGHVGH
TXHGHYDPUHWRUQDUDRHVWDEHOHFLPHQWRGHRULJHP
F GRV EHQVDTXHVHUHIHUHDDOtQHDDQWHULRUHPUHWRUQRDRHVWDEHOHFLPHQWR
GHRULJHP
6DtGDV UHODFLRQDGDV FRP D GHVWURFD GH %27,-®(6 9$=,26 YDVLOKDPHV
GHVWLQDGRV DR DFRQGLFLRQDPHQWR GH JiV OLTXHIHLWR GH SHWUyOHR */3 SURPRYLGDV SRU
GLVWULEXLGRU GH JiV FRPR WDO GHILQLGR SHOD OHJLVODomR IHGHUDO HVSHFtILFD VHXV
UHYHQGHGRUHV FUHGHQFLDGRV H SHORV HVWDEHOHFLPHQWRV UHVSRQViYHLV SHOD GHVWURFD GRV
ERWLM}HV&RQYrQLRV,&06H
$ 2SHUDo}HV GH VDtGD GH YHtFXORV GH ERPEHLURV GHVWLQDGRV D HTXLSDU RV
DHURSRUWRV
QDFLRQDLV
DGTXLULGRV
SHOD
(PSUHVD
%UDVLOHLUD
GH
,QIUD(VWUXWXUD
$HURSRUWXiULD ,1)5$(52 DWUDYpV GH OLFLWDomR QD PRGDOLGDGH GH &RQFRUUrQFLD
,QWHUQDFLRQDOQ'$'/6('(&RQYrQLR,&06
1RWD R GLVSRVWR QHVWH LWHP HVWHQGHVH jV RSHUDo}HV GH VDtGDV H DRV
UHFHELPHQWRV GHFRUUHQWHV GH LPSRUWDomR GR H[WHULRU GH FKDVVL H FRPSRQHQWHV GH
VXSHUHVWUXWXUDTXDQGRGHVWLQDGRVDLQWHJUDURVYHtFXORVDQWHVPHQFLRQDGRV
$6DtGDVDWpHPRSHUDo}HVLQWHUQDVGH0$7(5,$/'(862(
&216802GHXPSDUDRXWURHVWDEHOHFLPHQWRGDPHVPDHPSUHVDGHVGHTXHWHQKDVLGR
DGTXLULGR GH WHUFHLURV H QmR VH GHVWLQH j XWLOL]DomR RX FRQVXPR HP SURFHVVR GH
LQGXVWULDOL]DomR RX FRPHUFLDOL]DomR SHOR HVWDEHOHFLPHQWR GHVWLQDWiULR &RQYrQLR ,&0
$2SHUDo}HVDWpFRPPHUFDGRULDVEHPFRPRDVSUHVWDo}HVGH
VHUYLoRV
GH
WUDQVSRUWH
D
HODV
UHODWLYDV
GHVWLQDGDV
DR
352*5$0$
'(
)257$/(&,0(172 ( 02'(51,=$d­2 '$ È5($ ),6&$/ (67$'8$/ DGTXLULGDV
DWUDYpV GH OLFLWDo}HV RX FRQWUDWDo}HV HIHWXDGDV GHQWUR GDV QRUPDV HVWDEHOHFLGDV SHOR
%DQFR,QWHUDPHULFDQRGH'HVHQYROYLPHQWR%,'&RQYrQLR,&06
,PSRUWDomRGRVSURGXWRV 7+,0,',1$FyGLJRGD1%06+
=LGRYXGLQD
IiUPDFR$=7
FyGLJRV
H
GD
1%06+
=DOFLWDELQD 'LGDQRVLQD 6DTXLQDYLU H 6XOIDWR GH ,QGLQDYLU FODVVLILFDGRV QR FyGLJR
GD 1%06+ 5LWRQDYLU FyGLJR GD 1%06+ H 6WDYXGLQD
FODVVLILFDGD QRV FyGLJRV H GD 1%06+ GHVGH TXH
EHQHILFLDGDFRPLVHQomRRXDOtTXRWD]HURGRLPSRVWRGHLPSRUWDomRRXGRLPSRVWRVREUH
SURGXWRVLQGXVWULDOL]DGRV&RQYrQLRV,&06H
6DtGDV HP RSHUDo}HV LQWHUQDV H LQWHUHVWDGXDLV GHVGH TXH EHQHILFLDGDV
FRP LVHQomR RX DOtTXRWD ]HUR GR LPSRVWR VREUH SURGXWRV LQGXVWULDOL]DGRV &RQYrQLRV
,&06H
D
GRV
IiUPDFRV
=,'298',1$
FyGLJR
GD
1%06+
*DQFLFORYLU FyGLJR GD 1%06+ H 6WDYXGLQD FyGLJR GD
1%06+ GHVWLQDGRV j SURGXomR GH PHGLFDPHQWR GH XVR KXPDQR SDUD R WUDWDPHQWR GD
$,'6
EGRVVHJXLQWHVPHGLFDPHQWRVGHXVRKXPDQRGHVWLQDGRVDRWUDWDPHQWRGD
$,'6 R FODVVLILFDGR QR FyGLJR GD 1%06+ TXH WHQKD =LGRYXGLQD
IiUPDFR$=7 FRPR SULQFtSLR DWLYR EiVLFR R FODVVLILFDGR QR FyGLJR GD
1%06+ TXH WHQKD FRPR SULQFtSLR DWLYR EiVLFR R *DQFLFORYLU R =DOFLWDELQD D
'LGDQRVLQD R 6DTXLQDYLU H R 6XOIDWR GH ,QGLQDYLU FODVVLILFDGRV QR FyGLJR GD 1%06+ R FODVVLILFDGR QR FyGLJR GD 1%06+ TXH WHQKD FRPR
SULQFtSLRDWLYRR5LWRQDYLU
6DtGDV DWp GH SURGXWRV LQGXVWULDOL]DGRV GH RULJHP QDFLRQDO
SDUD FRPHUFLDOL]DomR RX LQGXVWULDOL]DomR QDV =21$6 '( /,95( &20e5&,2 '(
0$&$3È(6$17$1$12(67$'2'2$0$3È%21),0(3$&$5$,0$12(67$'2
'( 525$,0$ 7$%$7,1*$ 12 (67$'2 '2 $0$=21$6 *8$-$5$0,5,0 12
(67$'2 '( 521'Ð1,$ ( %5$6,/e,$ &20 (;7(16­2 $2 081,&Ë3,2 '(
(3,7$&,2/Æ1',$ ( &58=(,52 '2 68/ 12 (67$'2 '2 $&5( H[FHWR DUPDV H
PXQLo}HV DXWRPyYHLV GH SDVVDJHLURV EHELGDV DOFRyOLFDV IXPR SHUIXPHV RX SURGXWRV
DUURODGRVQD7DEHOD,,GR$QH[R,,GHVWH5HJXODPHQWRREVHUYDGRRGLVSRVWRQRDUW
H GHVGH TXH &RQYrQLRV ,&06 H´
$OWHUDomR  )LFDP H[FOXtGRV GR LWHP GR $QH[R , RV SURGXWRV ³3UyWHVH
IHPXUDO &yG GD 1%06+´ H ³2XWUDV SUyWHVHV DUWLFXODUHV &yG
GD 1%06+´ H LQFOXtGRV RV SURGXWRV ³3UyWHVHV DUWLFXODUHV H RXWURV
DSDUHOKRV GH RUWRSHGLD RX SDUD IUDWXUDV H[FHWR DV FODVVLILFDGDV QRV FyGLJRV
H GD 1%06+ 6XESRVLomR GD 1%06+´ &RQYrQLR
,&06
$OWHUDomR  2 LWHP GD DOtQHD ³D´ GR LWHP GD 7DEHOD , GR $QH[R ,,
SDVVDDYLJRUDUFRPDVHJXLQWHUHGDomR
³ EDQKD GH SRUFR EDWDWD H IHLMmR ORQJD YLGD GHVGH TXH GLVSHQVDGRV GH
UHIULJHUDomRGHVFDVFDGRVHVWHULOL]DGRVHFR]LGRVDYDSRU´
$OWHUDomR  $ GLVFULPLQDomR GD PHUFDGRULD FRUUHVSRQGHQWH DR FyGLJR
1%06+ FRQVWDQWH GR LWHP GD 7DEHOD , GR $QH[R ,, SDVVD D VHU
³(OHYDGRUHVGHFDUJDGHXVRLQGXVWULDOHPRQWDFDUJDV&RQYrQLR,&06´
$OWHUDomR2³FDSXW´GRLWHPGD7DEHOD,GR$QH[R,,SDVVDDYLJRUDU
FRPDVHJXLQWHUHGDomRILFDQGRVXSULPLGDVDVDOtHQDV³D´³E´H³F´
³ $ EDVH GH FiOFXOR p UHGX]LGD DWp QD SUHVWDomR GH 6(59,d26
'( 5$',2&+$0$'$ SDUD R SHUFHQWXDO TXH UHVXOWH QD FDUJD WULEXWiULD HTXLYDOHQWH D
&RQYrQLRV,&06H´
$OWHUDomR  2V FyGLJRV H GD 1%06+
FRQVWDQWHV GD 7DEHOD ,, GR $QH[R ,,, ILFDP UHWLILFDGRV SDUD H
UHVSHFWLYDPHQWH
$OWHUDomR  2 LWHP GD 1RWD GD 7DEHOD ,9 GR $QH[R 9, SDVVD D YLJRUDU
FRPDVHJXLQWHUHGDomR
³ RFRUUHU D DOLHQDomR GR EHP DQWHV GH GHFRUULGR R SUD]R GH FLQFR DQRV
FRQWDGR GD GDWD GD VXD DTXLVLomR KLSyWHVH HP TXH R HVWRUQR VHUi GH SRU DQR RX
IUDomR TXH IDOWDU SDUD FRPSOHWDU R TLQTrQLR UHVVDOYDGR R GLVSRVWR QR LWHP $ GR
$QH[R,´
$OWHUDomR2VFyGLJRVHFRQVWDQWHVGR$QH[R
9 7DEHOD , ³$´ SDVVDP D YLJRUDU FRP D VHJXLQWH UHGDomR DFUHVFHQWDQGRVHOKH RV
FyGLJRVH
³
&RPSUD SDUD R DWLYR LPRELOL]DGR $MXVWH 6,1,()
(QWUDGDSRUFRPSUDGHVWLQDGDDRDWLYRLPRELOL]DGR
7UDQVIHUrQFLDSDUDDWLYRLPRELOL]DGR
(QWUDGD GH EHP GHVWLQDGR DR DWLYR LPRELOL]DGR
WUDQVIHULGR GH RXWUR HVWDEHOHFLPHQWR GD PHVPD
HPSUHVD
&RPSUDGHPDWHULDOSDUDXVRRXFRQVXPR
(QWUDGD SRU FRPSUD GH PDWHULDO GHVWLQDGR DR XVR RX
FRQVXPR
7UDQVIHUrQFLDGHPDWHULDOSDUDXVRRXFRQVXPR
(QWUDGD GH PDWHULDO SDUD XVR RX FRQVXPR WUDQVIHULGR
GHRXWURHVWDEHOHFLPHQWRGDPHVPDHPSUHVD´
$OWHUDomR)LFDPSURUURJDGDV
DDWpDVGLVSRVLo}HVFRQWLGDV
QRLWHPGD7DEHOD,GR$QH[R,,&RQYrQLR,&06
QRLQFLVR,,GRDUW&RQYrQLRV,&06H
EDWpDVGLVSRVLo}HVFRQWLGDV
QRLQFLVR9GRDUW
QRLWHPGD7DEHOD,GR$QH[R,,
F DWp DV GLVSRVLo}HV FRQWLGDV QRV LWHQV H GR $QH[R ,
&RQYrQLR,&06FOiXVXODSULPHLUDLQFLVR,,,DOtQHDV³E´H³F´
GDWpDVGLVSRVLo}HVFRQWLGDV
QRV LQFLVRV ,,, H 9, GR DUW &RQYrQLR ,&06 FOiXVXOD SULPHLUD
LQFLVR,9DOtQHDV³E´H³F´
QDDOtQHD³F´GR†žGRDUW&RQYrQLR,&06FOiXVXODSULPHLUD
LQFLVR,9DOtQHD³G´
QR LWHP GR $QH[R , &RQYrQLR ,&06 FOiXVXOD SULPHLUD LQFLVR
,9DOLQHD³D´
H SRU SUD]R LQGHWHUPLQDGR DV GLVSRVLo}HV FRQWLGDV QRV LWHQV H GR
$QH[R,&RQYrQLR,&06FOiXVXODSULPHLUDLQFLVR9DOtQHDV³D´H³E´´
$OWHUDomR  )LFDP UHYRJDGRV R † GR DUW H RV LWHQV H GD
7DEHOD,GR$QH[R,,&RQYrQLRV,&06H
$UW ž 2V FRQWULEXLQWHV Mi DXWRUL]DGRV D HPLWLU 1RWD )LVFDO GH 9HQGD D
&RQVXPLGRU PRGHOR SRU VLVWHPD HOHWU{QLFR GH SURFHVVDPHQWR GH GDGRV GHYHUmR
DGHTXDUVHDRGLVSRVWRQR&DStWXOR;9,GR7tWXOR,,,GR5HJXODPHQWRGR,&06DSURYDGR
SHOR'HFUHWRQGHGHGH]HPEURGHDWp&RQYrQLRV,&06
H
1RYD UHGDomR GDGD DR DUWLJR SHOR DUW ž GR 'HFUHWR Q GH SURGX]LQGRHIHLWRVDSDUWLUGH
5HGDomRRULJLQDOHPYLJRUQRSHUtRGRGHžD
$UW ž )LFD DXWRUL]DGD DWp D HPLVVmR GH 1RWD )LVFDO GH 9HQGD D
&RQVXPLGRU QD IRUPD SUHYLVWD QR &DStWXOR ;9, GR 7tWXOR ,,, GR 5HJXODPHQWR GR ,&06
DSURYDGRSHOR'HFUHWRQGHVHPDREVHUYkQFLDGRGLVSRVWRQR†žGR
DUWGRUHIHULGRGLSORPDOHJDO&RQYrQLR,&06
3DUiJUDIR~QLFR2VFRQWULEXLQWHVMiDXWRUL]DGRVDHPLWLU1RWD)LVFDOGH9HQGD
D &RQVXPLGRU PRGHOR SRU VLVWHPD HOHWU{QLFR GH SURFHVVDPHQWR GH GDGRV GHYHUmR
DGHTXDUVH DR GLVSRVWR QR &DStWXOR ;9, GR 7tWXOR ,,, GR 5HJXODPHQWR GR ,&06 DWp
$UWž (VWH'HFUHWRHQWUDUiHPYLJRUQDGDWDGHVXDSXEOLFDomRSURGX]LQGR
HIHLWRV GHVGH ž HP UHODomR jV DOWHUDo}HV  H  H DRV LWHQV $ H $ GD
DOWHUDomRGHHPUHODomRjVDOWHUDo}HVHGHHPUHODomRjV
DOWHUDo}HV  H  GH HP UHODomR jV DOWHUDo}HV  H  GH HP
UHODomR jV DOWHUDo}HV  H  GH ž HP UHODomR jV DOWHUDo}HV    
    H  H DR DUW ž GH HP UHODomR jV DOWHUDo}HV   H
 GH HP UHODomR jV DOWHUDo}HV      H DRV LWHQV $ $ H GD DOWHUDomR  GH ž HP UHODomR j DOWHUDomR  H D
SDUWLUGDGDWDGDSXEOLFDomRHPUHODomRDRVGHPDLVGLVSRVLWLYRV
1RYDUHGDomRGDGDDRDUWLJRSHORDUWžGR'HFUHWRQGHž
5HGDomRRULJLQDOHPYLJRUQRSHUtRGRGHD
$UWž(VWH'HFUHWRHQWUDUiHPYLJRUQDGDWDGHVXDSXEOLFDomRSURGX]LQGR
HIHLWRV GHVGH ž HP UHODomR jV DOWHUDo}HV  H  H DRV LWHQV $ H $ GD
DOWHUDomRGHHPUHODomRjVDOWHUDo}HVHGHHPUHODomRjV
DOWHUDo}HV  H  GH HP UHODomR jV DOWHUDo}HV  H  GH HP
UHODomR jV DOWHUDo}HV  H  GH ž HP UHODomR jV DOWHUDo}HV    
HHDRDUWžGHHPUHODomRjVDOWHUDo}HV
HDRVLWHQV$$HGDDOWHUDomRGHžHP
UHODomR j DOWHUDomR  H D SDUWLU GD GDWD GD SXEOLFDomR HP UHODomR DRV GHPDLV
GLVSRVLWLYRV
&XULWLED HP GH IHYHUHLUR GH ž GD ,QGHSHQGrQFLD H ž GD
5HS~EOLFD
-$,0(/(51(5
*RYHUQDGRUGR(VWDGR
0,*8(/6$/20­2
6HFUHWiULRGD)D]HQGD