3217,)Ë&,$81,9(56,'$'(&$7Ï/,&$'(623$8/2 38&63 &e/,$0$5,=$'(2/,9(,5$:$/9,6 $35(9$/Ç1&,$'2&Ï',*2'('()(6$'2&21680,'251$ 3527(d2'2868È5,2'(6(59,d23Ò%/,&2 0(675$'2(0',5(,72 6mR3DXOR 3217,)Ë&,$81,9(56,'$'(&$7Ï/,&$'(623$8/2 38&63 &e/,$0$5,=$'(2/,9(,5$:$/9,6 $35(9$/Ç1&,$'2&Ï',*2'('()(6$'2&21680,'251$ 3527(d2'2868È5,2'(6(59,d23Ò%/,&2 0(675$'2(0',5(,72 'LVVHUWDomR DSUHVHQWDGD j %DQFD ([DPLQDGRUD GD 3RQWLItFLD 8QLYHUVLGDGH &DWyOLFD GH 6mR 3DXOR FRPR H[LJrQFLD SDUFLDO SDUD REWHQomR GR WtWXOR GH 0HVWUH HP 'LUHLWR GDV 5HODo}HV 6RFLDLV VRE D RULHQWDomR GD 3URIHVVRUD 6X]DQD 0DULD 3LPHQWD&DWWD3UHWD)HGHULJKL 6mR3DXOR 3217,)Ë&,$81,9(56,'$'(&$7Ï/,&$'(623$8/2 38&63 %DQFD([DPLQDGRUD 'HGLFR HVWH WUDEDOKR j PLQKD PmH 0DULD $SDUHFLGD TXH FRP R GHVYHOR GR DPRU LQFRQGLFLRQDODEGLFRXGHVHXVVRQKRV SDUDTXHHXSXGHVVHUHDOL]DURVPHXV $R PHX HVSRVR 3HWHU TXH FRP DPRU H SDFLrQFLD VH GHGLFRX j QRVVD IDPtOLD FRODERUDQGR HP WRGRV RV PRPHQWRV VXSULQGR D PLQKD DXVrQFLD GXUDQWH D UHDOL]DomRGHVWHWUDEDOKR ¬ PLQKD HQWHDGD $OLGD SHOR FDULQKR FRPSDQKHLULVPR H DMXGD GH YDORU LQHVWLPiYHO ¬PLQKDLUPm/~FLDSHORFDULQKRIUDWHUQDO HLQFHQWLYRFRQVWDQWH ¬PLQKDILOKD/RXLVHJUDQGHVHUKXPDQR TXH 'HXV FRORFRX HP PLQKD YLGD H TXH DQVHLRHPPHXVVRQKRVWHURSULYLOpJLRGR FRQYtYLRSRUWRGDYLGD ¬PHPyULDGHPHXVRJUR5DSKDHOPDLRU H[HPSOR GH VXSHUDomR TXH Mi FRQKHFL QRVVDHWHUQDVDXGDGH $R *DEULHO PHX VREULQKR TXH WURX[H WDQWD DOHJULD H FDULQKR SDUD R VHLR GH QRVVDIDPtOLD $*5$'(&,0(1726 $ UHDOL]DomR GR SUHVHQWH WUDEDOKR VRPHQWH IRL SRVVtYHO HP UD]mR GD H[LVWrQFLD H SDUWLFLSDomR GH SHVVRDV YDORURVDV TXH VHPSUH DR ORQJR GR FDPLQKR QRVHVWHQGHPDPmRTXHQRVDFROKHPHDPSDUDP 'LDQWH GD GLILFXOGDGH HP H[SUHVVDU PLQKD JUDWLGmR D WRGRV HVWHV HQWHV TXHULGRV SRU PHLR GH SDODYUDV SRLV MDPDLV VHULDP VXILFLHQWHV GH PRGR VLQJHOR H[SUHVVRRPHXDJUDGHFLPHQWR $QWHVGHWXGRHVREUHWXGRD'HXVSHORGRPGDYLGD ¬ PLQKD RULHQWDGRUD 6X]DQD 0DULD 3LPHQWD &DWWD 3UHWD )HGHULJKL SHOR H[HPSOR GH YLGD DFDGrPLFD SHOD EULOKDQWH FRQGXomR GR WUDEDOKR SHORV FRQKHFLPHQWRVWUDQVPLWLGRVHSHORSULYLOpJLRGHPHSHUPLWLUHQYHUHGDUQRHVWXGRGR GLUHLWRGRFRQVXPLGRU ¬ UHYLVRUD GR WUDEDOKR 6XHOL 'XDUWH $UDJmR TXH ODERURX LQFDQVDYHOPHQWHDWpGDUFDERGDWDUHIDTXHDVVXPLXFRPLPHQVDGHGLFDomR ¬*ODXFLDSHODHVSHFLDODWHQomRHSDFLrQFLDDWpRILQDOGDPLQKDMRUQDGD $ WRGRV RV PHXVDPLJRV SUHVHQoDV HQFRUDMDGRUDV HDIHWXRVDVHPPHX FDPLQKR 6$/02 ³ (OHYR RV PHXV ROKRV SDUD RV PRQWHV GHRQGHPHYLUiRVRFRUUR" 2 PHX VRFRUUR YHP 6HQKRU TXHIH] R FpXHDWHUUD (OH QmR SHUPLWLUi TXH RV WHXV SpV YDFLOHP QmR GRUPLWDUi DTXHOH TXH WH JXDUGD eFHUWRTXHQmRGRUPLWDQHPGRUPHR JXDUGDGH,VUDHO 26HQKRUpTXHPWHJXDUGDR6HQKRU pWXDVRPEUDjWXDGLUHLWD 'HGLDQmR WHPROHVWDUi R VRO QHPGH QRLWHDOXD 2 6HQKRU WH JXDUGDUi GH WRGR R PDO JXDUGDUiDWXDDOPD 26HQKRUJXDUGDUiDWXDVDtGDHDWXD HQWUDGDGHVGHDJRUDHSDUDVHPSUH´ 5(6802 :$/9,6 &pOLD 0DUL]D GH 2OLYHLUD $ SUHYDOrQFLD GR &yGLJR GH 'HIHVD GR &RQVXPLGRU QD SURWHomR GR XVXiULR GH VHUYLoR S~EOLFR I 'LVVHUWDomR 0HVWUDGR HP 'LUHLWR3RQWLItFLD 8QLYHUVLGDGH &DWyOLFD GH 6mR 3DXOR 6mR 3DXOR 2 SUHVHQWH WUDEDOKR TXH WUD] FRPR REMHWR GH HVWXGR D SUHYDOrQFLD GR &yGLJR GH 'HIHVDGR&RQVXPLGRUQDSURWHomRGRXVXiULRGHVHUYLoRS~EOLFRSUHWHQGHDQDOLVDU DTXHVWmRUHODFLRQDGDjFRQWLQXLGDGHGDSUHVWDomRGRVVHUYLoRVS~EOLFRVHVVHQFLDLV j OX] GR DUWLJR FDSXW GD OHL GH UHJrQFLD GDV UHODo}HV GH FRQVXPR /HL Q HGRDUWLJRLQFLVR,,GD/HLQTXHGLVS}HVREUHRUHJLPH GHFRQFHVVmRHSHUPLVVmRGDSUHVWDomRGHVHUYLoRVS~EOLFRVSUHYLVWRQRDUWGD &RQVWLWXLomR GD 5HS~EOLFD )HGHUDWLYD GR %UDVLO $ SHVTXLVD WHYH FRPR VXSRUWH PHWRGROyJLFR D DERUGDJHP GHGXWLYD H D QDWXUH]D p ELEOLRJUiILFD 2 HVWXGR HP VL HVWiRUJDQL]DGRHPWUrVSDUWHV$SULPHLUDSDUWHWUDoDXPSDQRUDPDJHUDODUHVSHLWR GRVHUYLoRS~EOLFRHGDWUDQVIHUrQFLDGDVXDH[HFXomRjLQLFLDWLYDSULYDGDSRUPHLR GRVLQVWLWXWRVGDFRQFHVVmRHGDSHUPLVVmR$VHJXQGDpGHGLFDGDH[FOXVLYDPHQWH DRHVWXGRGRGLSORPDOHJDOFRQVXPHULVWDQRLQWXLWRGHFRPSUHHQGHUTXHDUHODomR MXUtGLFD WUDYDGD HQWUH IRUQHFHGRU GH VHUYLoRV S~EOLFRV H XVXiULRFRQVXPLGRU GHVWHV VHUYLoRVpFDUDFWHUL]DGDFRPRUHODomRGHFRQVXPR$WHUFHLUDH~OWLPDSDUWHDQDOLVD D LPSRUWkQFLD GR SDSHO GDV DJrQFLDV UHJXODGRUDV QD SDFLILFDomR GRV FRQIOLWRV GH FRQVXPRDSURWHomRGRXVXiULRHDSUHVWDomRGHVHUYLoRVS~EOLFRVHVVHQFLDLV&RP EDVH QRV DSRUWHV GRXWULQiULRV H MXULVSUXGHQFLDLV DQDOLVDGRV YHULILFRXVH TXH R UHJUDPHQWR GR &yGLJR GH 'HIHVDGR &RQVXPLGRU GHYH SUHYDOHFHU QD SURWHomR GRV XVXiULRVGHVHUYLoRVS~EOLFRVHVVHQFLDLVHPGHWULPHQWRGDOHJLVODomRTXHGLVFLSOLQD DFRQFHVVmRHDSHUPLVVmRGHVHUYLoRVS~EOLFRVSHORHQWHHVWDWDO 3DODYUDVFKDYH $GPLQLVWUDomR 3~EOLFD 6HUYLoR 3~EOLFR &yGLJR GH 'HIHVD GR &RQVXPLGRU/HLGDV&RQFHVV}HV6HUYLoRVS~EOLFRVHVVHQFLDLV $%675$&7 :DOYLV&HOLD0DUL]DGH2OLYHLUD7KHSUHYDOHQFHRIWKH&RQVXPHU¶V3URWHFWLRQ&RGH LQ DVVLVWLQJ WKH XVHU RI SXEOLF VHUYLFHV S 'LVVHUWDWLRQ 0DVWHU LQ /DZ &DWKROLF8QLYHUVLW\RI6mR3DXOR6mR3DXOR 7KH SUHVHQW GLVVHUWDWLRQ KDV DV LW¶V REMHFW RI VWXG\ WKH SUHYDOHQFH RI WKH &RQVXPHU¶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¶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È5,2 ,1752'8d2 3$57(, '266(59,d263Ò%/,&26 &$3Ë78/2±6(59,d263Ò%/,&263$125$0$*(5$/ &216,'(5$d®(6,1,&,$,6 &21&(3d2-85Ë',&$'((67$'2 (92/8d2'$$7,9,'$'(35(67$&,21$/'2(67$'2 &21&(,72'(6(59,d23Ò%/,&2 &/$66,),&$d2'266(59,d263Ò%/,&26 35,1&Ë3,261257($'25(6'266(59,d263Ò%/,&26 266(59,d263Ò%/,&261225'(1$0(172-85Ë',&2%5$6,/(,52 26VHUYLoR6S~EOLFR6QD&RQVWLWXLomR)HGHUDOEUDVLOHLUD $FRPSHWrQFLDGHFDGDHQWHIHGHUDWLYRQDSUHVWDomRGHVHUYLoR S~EOLFR &$3Ë78/2±$'(/(*$d2'(6(59,d263Ò%/,&26 )250$6'(35(67$d2'266(59,d263Ò%/,&26 3UHVWDomRGHIRUPDFHQWUDOL]DGD 3UHVWDomRGHIRUPDGHVFHQWUDOL]DGD 25,*(0'$6&21&(66®(6 1$785(=$-85Ë',&$'$&21&(662'(6(59,d263Ò%/,&26 &21&(,72'(&21&(662'(6(59,d23Ò%/,&2 &2175$72'(&21&(662 3(50,662'(6(59,d23Ò%/,&2 3$57(,, 266(59,d263Ò%/,&26(2&Ï',*2'('()(6$'2&21680,'25 &$3Ë78/2±6(59,d263Ò%/,&26(&Ï',*2'('()(6$'2 &21680,'25 &Ï',*2'('()(6$'2&21680,'25(6&25d2+,67Ï5,&2 32678/$'26%È6,&26(35,1&Ë3,26,1)250$7,926 6RFLHGDGHGHFRQVXPRH&yGLJRGH'HIHVDGR&RQVXPLGRU 2&yGLJRGH'HIHVDGR&RQVXPLGRUFRPRPLFURVVLVWHPD 2FDUiWHUFRJHQWHGDVQRUPDVGR&yGLJRGH'HIHVDGR&RQVXPLGRU 3ULQFtSLRVMXUtGLFRVIXQGDPHQWDLVGR&yGLJRGH'HIHVDGR&RQVXPLGRU 3ULQFtSLRVLQIRUPDWLYRVGR&yGLJRGH'HIHVDGR&RQVXPLGRUDSOLFDGRV DRVVHUYLoRVS~EOLFRV 3ULQFtSLRGDYXOQHUDELOLGDGH 3ULQFtSLRGRGHYHUJRYHUQDPHQWDO 3ULQFtSLRGDERDIpREMHWLYD 3ULQFtSLRGDLQIRUPDomR 3ULQFtSLRGDDGHTXDomRHPHOKRULDGRVVHUYLoRVS~EOLFRV &$3Ë78/2±5(/$d2'(&21680268-(,726(2%-(72 5(/$d2'(&216802 68-(,726'$5(/$d2'(&216802 &RQVXPLGRUQR&yGLJRGH'HIHVDGR&RQVXPLGRU )RUQHFHGRUQR&yGLJRGH'HIHVDGR&RQVXPLGRU 22%-(72'$5(/$d2'(&216802352'872(6(59,d2 &$3Ë78/2±$3/,&$%,/,'$'('2&Ï',*2'('()(6$'2&21680,'25 $266(59,d263Ò%/,&26 )81'$0(172&2167,78&,21$/'$$3/,&$%,/,'$'('2&Ï',*2'( '()(6$'2&21680,'25$266(59,d263Ò%/,&26 266(59,d263Ò%/,&2612&Ï',*2'('()(6$'2&21680,'25 $3/,&$%,/,'$'('2&Ï',*2'('()(6$'2&21680,'25$26 6(59,d263Ò%/,&26 25(48,6,72'$5(081(5$d2&202&5,7e5,2'($3/,&$%,/,'$'( '2&Ï',*2'('()(6$'2&21680,'25$266(59,d263Ò%/,&26 $5(081(5$d2'266(59,d263Ò%/,&267$;$287$5,)$ ,1$3/,&$%,/,'$'('2&Ï',*2'('()(6$'2&21680,'25$26 6(59,d263Ò%/,&265(081(5$'263250(,2'(7$;$ 3$57(,,, '()(6$'2868È5,2'(6(59,d23Ò%/,&2 &$3Ë78/2±$6$*Ç1&,$65(*8/$'25$6 25,*(0'$6$*Ç1&,$65(*8/$'25$6 $75$16)250$d2'23$3(/'2(67$'2($6$*Ç1&,$6 5(*8/$'25$6 1$785(=$((6758785$'$6$*Ç1&,$65(*8/$'25$6$872120,$6 32/Ë7,&2$'0,1,675$7,9$((&21Ð0,&2),1$1&(,5$ 232'(51250$7,92'$6$*Ç1&,$65(*8/$'25$6 23$3(/'$6$*Ç1&,$65(*8/$'25$61$3$&,),&$d2'26 &21)/,726'(&216802 $6289,'25,$6'$6$*Ç1&,$65(*8/$'25$60(,2'($&(662'2 &21680,'25868È5,2'(6(59,d263Ò%/,&26 &$3Ë78/2±$3527(d2'2868È5,2($35(67$d2'(6(59,d26 3Ò%/,&26(66(1&,$,6 868È5,2(&21680,'25'(6(59,d263Ò%/,&26 $&217,18,'$'('$35(67$d2'(6(59,d263Ò%/,&26 (66(1&,$,6 ,17(5583$d2'2)251(&,0(172'266(59,d263Ò%/,&26 (66(1&,$,63(/2,1$',03/(0(172'2&21680,'25868È5,2 35(9$/Ç1&,$'2&Ï',*2'('()(6$'2&21680,'251$3527(d2 '2868È5,2'(6(59,d263Ò%/,&26 &21&/862 5()(5Ç1&,$6 2WHPDTXHQRUWHLDHVWHWUDEDOKRDOXGHjTXHVWmRUHODFLRQDGDjSUHVWDomR GRV VHUYLoRV S~EOLFRVHVVHQFLDLV REMHWRGDUHODomRGH FRQVXPRHVSHFLDOPHQWHQR TXH WDQJH j VXVSHQVmR GR IRUQHFLPHQWR GHVWHV VHUYLoRV HP GHFRUUrQFLD GR LQDGLPSOHPHQWRGRVHXXVXiULRFRQVXPLGRU $ &RQVWLWXLomR GD 5HS~EOLFD )HGHUDWLYD GR %UDVLO &5)% FRQIHULX WUDWDPHQWRHVSHFLDOjSDUWHYXOQHUiYHOGDUHODomRGHFRQVXPRDRDOoDUDGHIHVDGR FRQVXPLGRU D GLUHLWR IXQGDPHQWDO H D SULQFtSLR RULHQWDGRU GD DWLYLGDGH HFRQ{PLFD DUWLJRVH 1RLQWXLWRGHHIHWLYDUHVVHVGLUHLWRVIRLDSURYDGDD/HLQGHGH VHWHPEUR GH TXH Gi SHUVRQDOLGDGH DR &yGLJR GH 'HIHVD GR &RQVXPLGRU &'& R TXDO HQWUH RXWURV SUHYr H[SUHVVDPHQWH QR DUWLJR D DGHTXDGD HILFLHQWHHVHJXUDSUHVWDomRGHVHUYLoRVS~EOLFRVHPJHUDO $ WHPiWLFD REMHWR GHVWH HVWXGR EXVFD HQWmR HQIRFDU D UHOHYkQFLD GR DUWLJR GR GLSORPD OHJDO FRQVXPHULVWD QD SURWHomR GR XVXiULRFRQVXPLGRU GH VHUYLoRV S~EOLFRV SRLV WDPEpP GHWHUPLQD TXH VHUYLoRV S~EOLFRV HVVHQFLDLV GHYHP VHUSUHVWDGRVGHIRUPDFRQWtQXD$GHPDLVDPDWpULDWHPQDWXUH]DKtEULGDHDVVLP SDUDRVHXGHVHQYROYLPHQWRHPGHFRUUrQFLDGRFDUiWHUPXOWLGLVFLSOLQDUGRGLUHLWRGH GHIHVDGRFRQVXPLGRUIRLQHFHVViULRUHFRUUHUDLQVWLWXWRVGRGLUHLWRDGPLQLVWUDWLYRH GR GLUHLWR WULEXWiULR QR GHVLGHUDWR GH HOXFLGDU DVSHFWRV FRQWURYHUWLGRV TXH R WHPD VXVFLWD e FHGLoR TXH DV WUDQVIRUPDo}HV SHODV TXDLV R (VWDGR WrP SDVVDGR QRV ~OWLPRVDQRVHPFRQVHTXrQFLDGDFULVHGR(VWDGRGREHPHVWDUVRFLDOFRQGX]LXR DDGRWDUQRYDSRVLomRGHL[DQGRGHODGRDSROtWLFDGHSURYHGRUSDUDVyDWXDUFRPR (VWDGRJHUHQWH (VVD QRYD SRVWXUD DGYLQGD GR SURFHVVR GH SULYDWL]DomR GH DOJXPDV HPSUHVDV HVWDWDLV DFDUUHWRX SURIXQGDV PXGDQoDV TXDQWR DR PRGR GH SUHVWDomRGRVVHUYLoRVS~EOLFRVVREUHWXGRTXDQGRR(VWDGRFRPRYLpVGH(VWDGR PtQLPRSHUVHJXHDUHGXomRGHVXDVDWLYLGDGHV $ PXGDQoD GH SDUDGLJPD GR (VWDGR TXH GH LQWHUYHQWRU SDVVD D VHU UHJXODGRU DUWLJR GD &5)% UHVXOWD GDQHFHVVLGDGH GH DGDSWDomR j HFRQRPLD GHPHUFDGRHDRVLPSHUDWLYRVGDJOREDOL]DomR 2 QRYR PRGHOR HVWDWDO DJRUD FDUHFH GH LQYHVWLPHQWRV GR FDSLWDO SULYDGR SDUDDPDQXWHQomRHDPSOLDomRGHGHWHUPLQDGRVVHUYLoRVS~EOLFRVTXHFRPRWRGRV RV GHPDLV VHUYLoRV S~EOLFRV VmR GH FRPSHWrQFLD H[FOXVLYD GR 3RGHU 3~EOLFR HP GHFRUUrQFLDGRVHXFDUiWHUGHUHOHYkQFLDVRFLDO 1HVVD QRYD FRQILJXUDomR GR SDSHO GR (VWDGR RV VHUYLoRV S~EOLFRV SDVVDP D VHU SUHVWDGRV SHOD LQLFLDWLYD SULYDGD VRE D IRUPD GH FRQFHVVmR RX SHUPLVVmRDUWLJRVGD&5)%HLQFLVR,,GD/HLQ $ SRVVLELOLGDGH GH SDUWLFXODUHV SUHVWDUHP VHUYLoRV S~EOLFRV VXVFLWD D TXHVWmR GHFRUUHQWH GR FRQIOLWR HQWUH R REMHWLYR GH OXFUR DOPHMDGR SHOD LQLFLDWLYD SULYDGD H R EHP GD FROHWLYLGDGH D VHU JDUDQWLGR SHOR (VWDGR (VVD TXHVWmR SRU GHPDLVLQWULQFDGDYHPFDXVDQGRGLVFXVV}HVHPVHGHGRXWULQiULDHMXULVSUXGHQFLDO VREUHWXGRQD UHODomR MXUtGLFD FRQWUDWXDO HQWUHIRUQHFHGRU H FRQVXPLGRUGH VHUYLoRV S~EOLFRV QRWDGDPHQWH TXDQGR HQYROYH D VXVSHQVmR GR IRUQHFLPHQWR GR VHUYLoR HVVHQFLDOSRUIDOWDGHSDJDPHQWR $VVLP QR DIm GH HQFRQWUDU UHVSRVWD SDUD HVWD TXHVWmR VXUJLX D SUHWHQVmR GH HODERUDU HVWH WUDEDOKR TXH VH HQFRQWUD GLYLGLGR HP WUrV SDUWHV QDV TXDLV VHUmR DERUGDGRV WHPDV UHOHYDQWHV UHODFLRQDGRV DRV VHUYLoRV S~EOLFRV DR &yGLJR GH 'HIHVDGR&RQVXPLGRU Hj SURWHomR GR FRQVXPLGRUXVXiULR GH VHUYLoRV S~EOLFRVHVVHQFLDLV 'HQWUR GHVVH FRQWH[WR R HVWXGR REMHWLYD DQDOLVDU D SUHYDOrQFLD GR &'& QD SURWHomR GR XVXiULR GH VHUYLoR S~EOLFR QRWDGDPHQWH D TXHVWmR UHODFLRQDGD j FRQWLQXLGDGH GD SUHVWDomR GRV VHUYLoRV S~EOLFRV HVVHQFLDLV j OX] GR DUWLJR FDSXWGD/HLQHGRDUWLJRLQFLVR,,GD/HLQTXHGLVS}H VREUH R UHJLPH GH FRQFHVVmR H SHUPLVVmR GD SUHVWDomR GH VHUYLoRV S~EOLFRV SUHYLVWRQRDUWGD&5)%FRQIRUPHMiPHQFLRQDGR 4XDQWR DR SODQR GD PHWRGRORJLD D SHVTXLVD RULHQWDVH SHOR UDFLRFtQLR GHGXWLYR DVVLP HQWHQGLGR DTXHOH TXH SDUWH GH FRQFHSo}HV JHQpULFDV VREUH GHWHUPLQDGR WHPD SDUD FRP EDVH QR UHIHUHQFLDO WHyULFR HVFROKLGR H[SOLFDU XP SUREOHPDHVSHFtILFR3DUDWDQWRHVFROKHXVHDSHVTXLVDELEOLRJUiILFDQDPHGLGDHP TXH VH UHWLUDP DSRUWHV GLVSRQLELOL]DGRV QD GRXWULQD H HP DUWLJRV FLHQWtILFRV LPSUHVVRV HP SXEOLFDo}HV HVSHFLDOL]DGDV H GH FRQKHFLPHQWR JHUDO $OpP GLVVR ODQoRXVH PmR SRU yEYLR GRV UHJUDPHQWRV HVWDPSDGRV QD &5)% QR &'& H HP OHJLVODo}HV TXH GLVS}HP VREUH D WHPiWLFD SURSRVWD EHP FRPR GH SRVLo}HV MXULVSUXGHQFLDLV FXMRV PDJLVWUDGRV Mi HQIUHQWDUDP R SUREOHPD GD DSOLFDomR GR GLSORPDFRQVXPHULVWDjVOLGHVTXHWrPFRPRSDUWHVRXVXiULRHRFRQFHVVLRQiULRRX SHUPLVVLRQiULRGHVHUYLoRVS~EOLFRV 2HVWXGRTXHUHVXOWDQHVWHUHODWyULRGHSHVTXLVDHVWiRUJDQL]DGRHPWUrV SDUWHV TXH VHJXHP D SUHVHQWH LQWURGXomR QHFHVViULD SDUD DSUHVHQWDU D FRQWH[WXDOL]DomRGRWHPDRVREMHWLYRVDMXVWLILFDWLYDHDPHWRGRORJLDXWLOL]DGD 1D 3DUWH , TXH SRVVXL GRLV FDStWXORV VmR REMHWRV GR WUDEDOKR XPD DERUGDJHP D UHVSHLWR GD FRQFHSomR MXUtGLFD GR (VWDGR EHP FRPR D HYROXomR GD VXD DWLYLGDGH SUHVWDFLRQDO DWp XPD DPSOD H[SODQDomR D UHVSHLWR GRV VHUYLoRV S~EOLFRV FRP VXSRUWH QD GRXWULQD DGPLQLVWUDWLYLVWD TXH HPERUD QmR XQtVVRQD IRUQHFH RV FRQFHLWRV QHFHVViULRV SDUD D GHILQLomR SULQFtSLRV QRUWHDGRUHV H FODVVLILFDomR GHVVHV VHUYLoRV EHP FRPR D SRVVLELOLGDGH GH VHUHP H[HUFLGRV SRU SDUWLFXODUHV$SDUWLUGDtRHVWXGRFHQWUDVHQDGHOHJDomRGRVVHUYLoRVS~EOLFRVSRU PHLRGRVLQVWLWXWRVGDFRQFHVVmRHGDSHUPLVVmR $ 3DUWH ,, TXH WHP WUrV FDStWXORV p GHVWLQDGD D YHULILFDU VH p SRVVtYHO HQTXDGUDU D UHODomR HQWUH IRUQHFHGRU GH VHUYLoRV S~EOLFRV H XVXiULRFRQVXPLGRU FRPR UHODomR GH FRQVXPR H VH WDLV VHUYLoRV SRGHP VHU REMHWR GHVWD UHODomR $GHPDLV EXVFDVH WDPEpP GHPRQVWUDU TXH R &'& WHP DSOLFDomR DRV VHUYLoRV S~EOLFRV 3DUD HVVD DQiOLVH IRL QHFHVViULR WHFHU FRQVLGHUDo}HV D UHVSHLWR GR VXUJLPHQWR GR &'& H GD VRFLHGDGHGH FRQVXPR VXDSRVLomRGH PLFURVVLVWHPDR FDUiWHU FRJHQWH GH VXDV QRUPDV DWp VHXV SULQFtSLRV LQIRUPDWLYRV DSOLFDGRV DRV VHUYLoRV S~EOLFRV (P VHJXLGD DQDOLVDPVH RV HOHPHQWRV SUHVHQWHV QD UHODomR GH FRQVXPR FRPR DV ILJXUDV GR FRQVXPLGRU H GR IRUQHFHGRU DOpP GR REMHWR TXH FRPR VH GHPRQVWUD SRGH VHU VHUYLoR S~EOLFR 2XWURVVLP HYLGHQFLDPVH TXDLV VHUYLoRV S~EOLFRV VRIUHP D LQFLGrQFLD GR &'& D SDUWLU GD DQiOLVH GD &5)% GD OHJLVODomR LQIUDFRQVWLWXFLRQDO H WDPEpP GR GLUHLWR WULEXWiULR HVWH ~OWLPR TXDQGR VH DERUGRXDQDWXUH]DMXUtGLFDGDUHPXQHUDomRGHVVHVVHUYLoRV 3RUILPD3DUWH,,,TXHDOEHUJDGRLVFDStWXORVFXLGDGDGHIHVDGRXVXiULR GHVHUYLoRVS~EOLFRVLQLFLDQGRSHODDQiOLVHGDLPSRUWkQFLDGDVDJrQFLDVUHJXODGRUDV DSyVD WUDQVIHUrQFLD GD SUHVWDomRGH VHUYLoRV S~EOLFRV j LQLFLDWLYD SULYDGD FULDGDV FRPRILWRGHDPSOLDURSDSHOGR(VWDGRQDUHJXODomRHILVFDOL]DomRGHVVHVVHUYLoRV H DWLYLGDGHV HFRQ{PLFDV 1HVWH SRQWR D LQWHQomR p WUDoDU XP EUHYH SDQRUDPD GHVGHDVXDRULJHPHGHVHQYROYLPHQWRDWpRVHXSDSHOQDSDFLILFDomRGRVFRQIOLWRV GHFRQVXPR $FUHVFHQWDVH SRU GHUUDGHLUR TXH D DWHQomR GHVWD GLVVHUWDomR HVWi YROWDGDSDUDDDQiOLVHGDSURWHomRGRXVXiULRHDSUHVWDomRGRVVHUYLoRVS~EOLFRV FRQWH[WRHPTXHVHSURFXUDDERUGDUDILJXUDGRXVXiULRHGRFRQVXPLGRUGHVHUYLoRV S~EOLFRV D DSOLFDomR GR SULQFtSLR GD FRQWLQXLGDGH GD SUHVWDomR GRV VHUYLoRV S~EOLFRV DRV VHUYLoRV HVVHQFLDLV H D TXHVWmR GD VXD LQWHUUXSomR SHOR LQDGLPSOHPHQWR GR XVXiULRFRQVXPLGRU PHVPR DSyV R SUpYLR DYLVR j OX] GDV GLVSRVLo}HVHVWDPSDGDVQR&'&HQD/HLGH&RQFHVV}HV & / 0 &216,'(5$d®(6,1,&,$,6 'H LQtFLR FXPSUH PHQFLRQDU TXH SDUD R GHVHQYROYLPHQWR GHVWH HVWXGR KRXYHDQHFHVVLGDGHGHWUDoDUXPSDQRUDPDJHUDODUHVSHLWRGRVHUYLoRS~EOLFRQR LQWXLWR GH EHP FRPSUHHQGHU D LQFLGrQFLD GR &'& UHODWLYDPHQWH D DOJXPDV DWLYLGDGHVGHVHQYROYLGDVSHOR(VWDGR $VVLP FRP VXSHGkQHR QD GRXWULQD DGPLQLVWUDWLYLVWD SURFXUDVH GHOLQHDU RTXHpVHUYLoRS~EOLFRFRPDDGYHUWrQFLDGHTXHQmRVHWUDWDGHWDUHIDGDVPDLV IiFHLV%HPSRULVVRRHVWXGRGRVHUYLoRS~EOLFRUHSUHVHQWDXPJUDQGHGHVDILRSDUD DTXHOHVTXHVHGHGLFDPDRGLUHLWRS~EOLFR $ LPSRUWkQFLD GR VHUYLoR S~EOLFR HVWi OLJDGD DR GHVHQYROYLPHQWR H jV WUDQVIRUPDo}HV VRIULGDV SHOR (VWDGR DR ORQJR GRV WHPSRV VREUHWXGR QD EXVFD GH VXDSUHFtSXDILQDOLGDGH±REHPFRPXP±DFDGDQRYDFRQFHSomR1mRpSRURXWUD UD]mR TXH R VHUYLoR S~EOLFR FRP R GHVHQYROYLPHQWR GD VRFLHGDGH YHVWHVH FRP XPD QRYD URXSDJHP SURFXUDQGR DWHQGHU DR LQWHUHVVH S~EOLFR Q~FOHR GD IXQomR DGPLQLVWUDWLYD $OLFH *RQ]iOHV %RUJHV DVVLQDOD TXH ³R LQWHUHVVH S~EOLFR VHJXQGR D PHOKRU GRXWULQD p XP VRPDWyULRGHLQWHUHVVHVLQGLYLGXDLVFRLQFLGHQWHVHPWRUQRGHXPEHPGDYLGDTXHOKHVVLJQLILFDXP YDORUSURYHLWRRXXWLOLGDGHGHRUGHPPRUDORXPDWHULDOTXHFDGDSHVVRDGHVHMDDGTXLULUFRQVHUYDU RX PDQWHU HP VXD SUySULD HVIHUD GH YDORUHV (VVH LQWHUHVVH SDVVD D VHU S~EOLFR TXDQGR GHOH SDUWLFLSDP H FRPSDUWLOKDP XP WDO Q~PHUR GH SHVVRDV FRPSRQHQWHV GH XPD FRPXQLGDGH GHWHUPLQDGDTXHRPHVPRSDVVDDVHUWDPEpPLGHQWLILFDGRFRPRLQWHUHVVHGHWRGRRJUXSRRXSHOR PHQRV FRPR XP TXHUHU YDORUDWLYR SUHGRPLQDQWH QD FRPXQLGDGH >VLF@´ 9DORUHV D VHUHP FRQVLGHUDGRV QR FRQWUROH MXULVGLFLRQDO GD $GPLQLVWUDomR 3~EOLFD 5HYLVWD ,QWHUHVVH 3~EOLFR 3RUWR $OHJUH1RWDGH]QMXOVHWS &HOVR$QWRQLR%DQGHLUDGH0HOORDILUPDTXH³$IXQomRDGPLQLVWUDWLYDpDIXQomRTXHR(VWDGRRX TXHP OKH IDoD DV YH]HV H[HUFH QD LQWLPLGDGH GH XPD HVWUXWXUD H UHJLPH KLHUiUTXLFR H TXH QR VLVWHPD FRQVWLWXFLRQDO EUDVLOHLUR VH FDUDFWHUL]D SHOR IDWR GH VHU GHVHPSHQKDGD PHGLDQWH FRPSRUWDPHQWR LQIUDOHJDO RX H[FHSFLRQDOPHQWH LQIUDFRQVWLWXFLRQDLV VXEPLVVRV WRGRV D FRQWUROH GH OHJDOLGDGHSHOR3RGHU-XGLFLiULR>VLF@´&XUVRGHGLUHLWRDGPLQLVWUDWLYRHG6mR3DXOR0DOKHLURV S 3RLV EHP 7HU HP PHQWH D H[DWD QRomR GH VHUYLoR S~EOLFR YLJHQWH QR HVWiJLR DWXDO GR QRVVR RUGHQDPHQWR MXUtGLFR p GH IDWR WDUHID TXH H[LJH GR LQWpUSUHWHGHWLGRHVIRUoRKHUPHQrXWLFRGDGDVDVSHFXOLDULGDGHVSHODVTXDLVDTXHOD QRomR Mi HVWHYH VXMHLWD DR ORQJR GDV VXFHVVLYDV DOWHUDo}HV QR SURJUDPD GDV DWULEXLo}HVHVWDWDLV (P RXWURV WHPSRV FKHJRX D VH IRUPDU QD )UDQoD D (VFROD GH 6HUYLoR 3~EOLFR TXH SURSXJQDYD DWp PHVPR SHOD VXEVWLWXLomR GD QRomR GH VREHUDQLD QDFLRQDOHPGHWULPHQWRGRVHUYLoRS~EOLFR 1DGRXWULQDIUDQFHVDDQRomRGHVHUYLoRS~EOLFRHQFRQWURXHQWmRRVHX PDLV DOWR JUDX GH GHVHQYROYLPHQWR FLHQWtILFR TXH GH DFRUGR FRP 0DULD 6\OYLD =DQHOOD 'L 3LHWUR ³>@ IRUDP WmR DPSODV TXH DEUDQJLDP DOJXPDV GHODV WRGDV DV DWLYLGDGHVGR(VWDGR´ 'HDFRUGRFRP2GHWH0HGDXDURWHPDVHUYLoRS~EOLFR >@ YHP VHQGR UHYLVLWDGR LQREVWDQWH R IDWR GH WHU SDVVDGR SRU XP SHUtRGR GH DEDQGRQR H DWp SRU XPD µFULVH¶ VREUH D VXD QRomR QD GpFDGD GH GR VpFXOR SDVVDGR $ YDULHGDGH GH H[SUHVV}HV TXH KRMH HPHUJHP QR HVWXGR VREUH R VHUYLoR S~EOLFR SRU YH]HV SDUD EXVFDU VXEVWLWXLU HVVD QRomR FOiVVLFD SRU YH]HV SDUD DVVLQDODU VXD QRYD FRQIRUPDomR QmR SDUHFH VLJQLILFDU VHX GHVDSDUHFLPHQWR PHVPRQRSDQRUDPDHXURSHX $ DXWRUD DILUPD DLQGD TXH D QRomR GH VHUYLoR S~EOLFR ³>@ QD )UDQoD QmR HVWi DEROLGD DR FRQWUiULR GHVSHUWRX GH PDQHLUD IRUWH D UHDomR D IDYRU GR VHUYLFHSXEOLFjIUDQoDLVH 'RXWULQDGRUHV FRPR p R FDVR GH 2GHWH 0HGDXDU GHIHQGHQGR D QHFHVVLGDGH GH DGDSWDU D FRQFHSomR IUDQFHVD j HXURSpLD PHQFLRQDP D SUHGRPLQkQFLDGRVHUYLoRS~EOLFRPDVMDPDLVDVXDH[WLQomR $WXDOPHQWH FRP D HYROXomR GR GLUHLWR FRPXQLWiULR HXURSHX VXUJHP QRo}HVSRVLWLYDGDVTXHFRPHoDPDFKDPDUDDWHQomRGRVGRXWULQDGRUHVWDLVFRPR VHUYLoRVGHLQWHUHVVHHFRQ{PLFRJHUDOHVHUYLoRVXQLYHUVDLV 3,(7520DULD6\OYLD=DQHOOD'LUHLWRDGPLQLVWUDWLYRHG6mR3DXOR$WODVS 0('$8$5 2GHWH 6HUYLoR S~EOLFR 5HYLVWD GH 'LUHLWR $GPLQLVWUDWLYR 5LR GH -DQHLUR (GLWRUD )RUHQVHYMXOVHWS 0('$8$52GHWH1RYDFULVHGRVHUYLoRS~EOLFR",Q*5$8(URV5REHUWR&81+$6pUJLR6pUYXOR GDFRRUGV(VWXGRVGH'LUHLWR&RQVWLWXFLRQDOHPKRPHQDJHPD-RVp$IRQVRGD6LOYD6mR3DXOR 0DOKHLURVS 7UDWDVHSDUDDOJXQVDXWRUHVGRPRGHORHXURSHL]DGRGHVHUYLoRS~EOLFRFRPQtWLGDLQFOLQDomRSDUD DFRQFHSomRDQJORVD[{QLD1HVWDQRYDOLQKDRWH[WRPDLVVLJQLILFDWLYRHVWiQRDUWGR7UDWDGR GH5RPDTXHpRDUWQDYHUVmRFRQVROLGDGDFRPRVHJXLQWHWHRU³$VHPSUHVDVHQFDUUHJDGDV 1R %UDVLO D SDUWLU GR WUDWDPHQWR HQFHWDGR UHODWLYDPHQWH j PDWpULD SHOR OHJLVODGRU FRQVWLWXLQWH GH H WDPEpP FRP R UHVVXUJLPHQWR GH LQFOLQDo}HV OLEHUDLV DGDSWiYHLV D XPD FRQFHSomR GH (VWDGR LGHQWLILFDGD FRPR SyVVRFLDO LPS}HVH YHULILFDU RV QRYRV OLQHDPHQWRV H[LVWHQWHV QR WUDWDPHQWR GRV VHUYLoRV S~EOLFRV (P ULJRU R TXH VH SURS}H QHVWH VpFXOR ;;, pD UHGHILQLomR GRSDSHOGR (VWDGR TXH GH LQWHUYHQFLRQLVWD SURWHFLRQLVWD H SURYHGRU SDVVD D DWXDU FRPR DJHQWH ILVFDOL]DGRU H UHJXODGRU DUW GD &5)% UHVJXDUGDQGR WRGDV DV FRQTXLVWDVDGYLQGDVGHOXWDVVRFLDLVHJDUDQWLDVLQFRUSRUDGDVSHOR(VWDGRVRFLDO $VVLP RV VHUYLoRV S~EOLFRV GH QDWXUH]D HFRQ{PLFD DQWHV SUHVWDGRV GLUHWDPHQWHSHOR(VWDGRFRPDVSULYDWL]Do}HVSDVVDPDVHUGHOHJDGRVjLQLFLDWLYD GH VHUYLoRV GH LQWHUHVVH HFRQ{PLFR JHUDO RX DSUHVHQWDQGR R FDUiWHU GH XP PRQRSyOLR ILVFDO HVWmR VXMHLWDVjVQRUPDVGRSUHVHQWH7UDWDGRHPHVSHFLDOjVUHJUDVGHFRQFRUUrQFLDQRVOLPLWHVHPTXHD DSOLFDomR GH WDLV QRUPDV QmR REVWH R FXPSULPHQWR HP WHUPRV GH GLUHLWR H GH IDWR GD HVSHFtILFD PLVVmRTXHOKHVpDWULEXtGD2GHVHQYROYLPHQWRGDVWURFDVQmRGHYHVHUFRPSURPLVVDGRHPPHGLGD FRQWUiULDDRVLQWHUHVVHVGDFRPXQLGDGH´9rVHTXHQRGLVSRVLWLYRRVVHUYLoRVS~EOLFRVQRPHDGRV VHUYLoRV GH LQWHUHVVH HFRQ{PLFR JHUDO VXMHLWDPVH jV UHJUDV GD FRQFRUUrQFLD H D WRGDV DV GHPDLV QRUPDV GR 7UDWDGR 0DV D SDUWH ILQDO DGPLWH H[FHo}HV VH KRXYHU FRPSURPHWLPHQWR GD PLVVmR DWULEXtGD j DWLYLGDGH 0('$8$5 2GHWH 1RYD &ULVH GR 6HUYLoR 3~EOLFR" ,Q *5$8 (URV 5REHUWR &81+$ 6pUJLR 6pUYXOR GD FRRUGV (VWXGRV GH 'LUHLWR &RQVWLWXFLRQDO HP KRPHQDJHP D -RVp $IRQVRGD6LOYDS $RVSRXFRVD H[SUHVVmR ³VHUYLoRXQLYHUVDO´IRLVHQGRXVDGD QRVWH[WRVGD &RPXQLGDGH (XURSpLD VREUHWXGR QRV VHJXLQWHV /LYUR 9HUGH VREUH R 0HUFDGR GH 6HUYLoRV H (TXLSDPHQWRV GH 7HOHFRPXQLFDo}HV GH /LYUR 9HUGH VREUH RV 6HUYLoRV 3RVWDLV GD &RPXQLGDGH GH 'HFODUDomR GD &RPLVVmR GH 1RV WH[WRV UHFHQWHV DILUPDVH TXH R REMHWLYR GR VHUYLoR XQLYHUVDO p FRORFDU j GLVSRVLomR GH WRGR XVXiULR XP VHUYLoR PtQLPR RX EiVLFR VHJXQGR XPD TXDOLGDGHGHILQLWLYD HDXPSUHoRDFHVVtYHO0('$8$52GHWH1RYD&ULVHGR6HUYLoR 3~EOLFR",Q *5$8 (URV 5REHUWR &81+$ 6pUJLR 6pUYXOR GD FRRUGV (VWXGRV GH 'LUHLWR &RQVWLWXFLRQDO HP KRPHQDJHPD-RVp$IRQVRGD6LOYDS $ LGHRORJLD GR QHROLEHUDOLVPR RX UHQDVFLPHQWR GRV LGHDLV OLEHUDLV SUHFRQL]D D ILUPH FRQYLFomR GH FRPEDWHU WRGD H TXDOTXHU SROtWLFD JRYHUQDPHQWDO EDVHDGD QD RULHQWDomR NH\QHVLDQD FRQFHSomR OLEHUDO GH .H\QHV GR (VWDGR GH EHPHVWDU VRFLDO RX (VWDGR SURYLGrQFLD FRQVLGHUDGR SHORV SHQVDGRUHV GH RULHQWDomR QHROLEHUDO GHVWUXLGRU GDV OLEHUGDGHV GRV FLGDGmRV H GD FRPSHWLomR $OHUWDYDP TXH D VREUHFDUJD GR (VWDGR OHYDULD LPSUHWHULYHOPHQWH j LQJRYHUQDELOLGDGH GDV GHPRFUDFLDV3RUWDQWRSUHJDYDPDQHFHVVLGDGHXUJHQWHGHOLPLWDUDSDUWLFLSDomRSROtWLFDGLVWDQFLDU DVRFLHGDGHHRVLVWHPDSROtWLFRHVXEWUDLUDVGHFLV}HVDGPLQLVWUDWLYDVDRFRQWUROHSROtWLFR2(VWDGR GHYHULD GHVUHJXODU WUDQVIHULQGR DRV VHWRUHV SULYDGRV GHWHUPLQDGDV DWLYLGDGHV SURGXWLYDV GD HFRQRPLD1DVHTXrQFLDR(VWDGRGHYHULDUHJXODPHQWDUVHQRVHQWLGRGHGLPLQXLUDLQWHUIHUrQFLDGRV SRGHUHV S~EOLFRV VREUH RV HPSUHHQGLPHQWRV SULYDGRV DWXDQGR VRPHQWH FRPR ILVFDOL]DGRU 2/,9(,5$0DULD-RVp*DOOHQRGH6RX]D*OREDOL]DomRGDSREUH]DLPSDFWRVGDVSROtWLFDVVRFLDLVQR (VWDGR 1HROLEHUDO QDV GHPRFUDFLDV GRV SDtVHV ODWLQRDPHULFDQRV 'LVSRQtYHO HP KWWSZZZFHVXFSHW/$%!$FHVVRHPMXO $SULYDWL]DomRSRGHVHUHQWHQGLGDFRPRXPSURFHVVRGHGHVYLQFXODomRGHDWLYLGDGHVHFRQ{PLFDV RXGHVHUYLoRVTXHVHHQFRQWUDPDFDUJRGR3RGHU3~EOLFRSDVVDQGRRVSDUDDDWLYLGDGHSULYDGD$ ILJXUD GD FRQFHVVmR GH VHUYLoRV S~EOLFRV SRGH VHU FRQVLGHUDGD FRPR IRUPD GH SULYDWL]DomR 1D YHUGDGHDSULYDWL]DomRQmRFRQVLVWHVRPHQWHHPXPSURFHVVRGHWUDQVIHUrQFLDGRFRQWUROHVRFLHWiULR GHHPSUHVDVGH SURSULHGDGHHVWDWDOTXH SRVVXHPQDWXUH]D GH GLUHLWRSULYDGR FRQIRUPHRDUW GD &5)% SDUD DV PmRV GD DWLYLGDGH SULYDGD HOD UHSUHVHQWD XP SURFHVVR PDLV FRPSOH[R XP YHUGDGHLURSRQWRGHSDUWLGDSDUDRDWHQGLPHQWRGDVSURSRVWDVSROtWLFDV$SULYDWL]DomRSRGHVHUYLVWD FRPR SDUWH LQWHJUDQWH GDV QRYDV HVWUDWpJLDV GH GHVHQYROYLPHQWR H FRPSHWLomR FRP YLVWDV DR SULYDGD'HVVDIRUPDRVXVXiULRVGHVVHVVHUYLoRVWrPGHVHVXEPHWHUjVUHJUDVGR PHUFDGRHDRLQWHUHVVHSDUWLFXODUGRVGHOHJDWiULRVQDREWHQomRGHOXFUR 1HVVHVHQWLGRHQWmRFRPSHWHDR(VWDGRFULDUPHFDQLVPRVSDUDHYLWDUD SUHSRQGHUkQFLD GR LQWHUHVVH SULYDGR VREUH R LQWHUHVVH GD FROHWLYLGDGH VREUHWXGR HPVHWUDWDQGRGDSURWHomRGRVXVXiULRVGHVHUYLoRVS~EOLFRVHVVHQFLDLV 3DUD DWLQJLU HVVH GHVLGHUDWR DVVXPH SDSHO GH UHOHYR R FyGLJR FRQVXPHULVWD GLSORPD OHJDO GH UHJrQFLD GDV UHODo}HV HQWUH FRQVXPLGRUHV H IRQHUFHGRUHV QR PHUFDGR EUDVLOHLUR TXDLVTXHU TXH VHMDP RV EHQV H VHUYLoRV YDOH GL]HUFRPXQVQDVVRFLHGDGHVFDSLWDOLVWDVGHSURGXomR &21&(3d2-85Ë',&$'2(67$'2 $QWHV GH EXVFDU R FRQWH~GR GD QRomR KRGLHUQD GH VHUYLoR S~EOLFR FRQVLGHURXVH QHFHVViULR WHFHU DOJXPDV FRQVLGHUDo}HV D UHVSHLWR GD FRQFHSomR MXUtGLFD GH (VWDGR FRPR IRUPD GH RIHUHFHU XPD YLVmR JHUDO VREUH R XQLYHUVR GDV DWULEXLo}HVHVWDWDLV $ LPSRUWkQFLD GHVVD DERUGDJHP DGYpP GR IDWR GH TXH D HYROXomR GR VHUYLoRS~EOLFRVHPSUHUHIOHWLXDHYROXomRGDVRFLHGDGHHGR(VWDGRVRERLPSDFWR GHIDWRUHVVRFLDLVHFRQ{PLFRVHWHFQROyJLFRV $ RULJHP HWLPROyJLFD GD SDODYUD ³(VWDGR´ GHULYD GR ODWLP VWDWXV $ UHVSHLWR1HOVRQGH6RX]D6DPSDLRDVVHYHUDTXH $ RUJDQL]DomR SROtWLFD SRU H[FHOrQFLD p GHVLJQDGD SHOR QRPH GH (VWDGR 1D 5RPD $QWLJD HUD HPSUHJDGR SDUD GHVLJQDU FRQGLomR JHUDOVWDWXVIDPLOLHVWDWXVOLEHUWDWLVVHQGRFRQKHFLGDDGHILQLomRGH 8OSLQR GH TXH R GLUHLWR S~EOLFR p DTXHOH TXH GL] UHVSHLWR DG VWDWXP UHLURPDQDH DXPHQWRGDSURGXWLYLGDGHLVWRHPGHFRUUrQFLDGDIDOrQFLDGRVHWRUS~EOLFRTXHWRUQRXLQVXSRUWiYHOD PDQXWHQomRGHHPSUHVDVGHILFLWiULDVHDSURPRomRGRQtYHOUHTXHULGRGHLQYHVWLPHQWRQDVHPSUHVDV HVWDWDLV $ SULYDWL]DomR HVWi VHQGR XWLOL]DGD HP PXLWRV SDtVHV SDUD GLPLQXLU D PiTXLQD HVWDWDO OLEHUDU H SURPRYHU R FUHVFLPHQWR HFRQ{PLFR FRP OLEHUGDGH GH SUHoR GH FUpGLWR H FRQFRUUrQFLD´ 2/,9(,5$ -RVp &DUORV &RQFHVV}HV H SHUPLVV}HV GH VHUYLoRV S~EOLFRV GD 8QLmR (VWDGRV 0XQLFtSLRVHHQWHVUHJXODGRUHV%DXUX63(GLSURS 0('$8$5 2GHWH $LQGD H[LVWH VHUYLoR S~EOLFR" ,Q 7Ð55(6 +HOHQR 7DYHLUD FRRUG 6HUYLoRV S~EOLFRVHGLUHLWRWULEXWiULR6mR3DXOR4XDUWLHU/DWLQS 6$03$,21HOVRQGH6RX]D3UyORJRjWHRULDGR(VWDGRLGHRORJLDHFLrQFLDSROtWLFDHG5LRGH -DQHLUR)RUHQVHS 5HLQKROG=LSSHOLXVDVVHYHUDTXH $FRPXQLGDGHHVWDWDOpXPDWRWDOLGDGHGHLQGLYtGXRVFXMDVFRQGXWDV VmR FRRUGHQDGDV GH PDQHLUD HVSHFtILFD D FRPXQLGDGH QR IXQGR FRQVWLWXLVH FRPR HVWUXWXUD GH FRQGXWDV RULHQWDGDV SRU XP GHWHUPLQDGRVHQWLGRHDFRPXQLGDGHHVWDWDOHPHVSHFLDOFRQVWLWXL VH FRPR HVWUXWXUD GH DomR MXULGLFDPHQWH RUJDQL]DGD 'HVWD FRQFHSomRDSUR[LPDVHXPGRVVLJQLILFDGRVRULJLQiULRVGR YRFiEXOR µVWDWXV¶ TXH GHVLJQD XP HVWDGR XPD GHWHUPLQDGD µFRQVWLWXLomR¶ GH FRQYLYrQFLD $FRQFHLWXDomRFLHQWtILFDVDWLVIDWyULDGH(VWDGRpDOJRLPSHQViYHOGLDQWH GDVLQ~PHUDVFRUUHQWHVGRXWULQiULDVTXHVHSRVLFLRQDPVREUHRWHPD 0DLVXPDYH]RSRUWXQRpRHQVLQDPHQWRGH1HOVRQGH6RX]D6DPSDLR SDUDTXHP³2QRPH(VWDGRSRGHVHUFRQIHULGRDWRGDDVVRFLDomRKXPDQDTXHYLYD VRE XP JRYHUQR FDSD] GH PDQWHU D RUGHP GHQWUR GH XPD iUHD WHUULWRULDO GHWHUPLQDGD SRU PHLR GH XP SRGHU RULJLQiULR GH GRPLQDomR´ ( SURVVHJXH DSyV ID]HUGLJUHVV}HVDFHUFDGDVGLILFXOGDGHVHGRVSHULJRVGHVHIRUPXODUXPFRQFHLWR GH(VWDGRDILUPDQGRTXH 2 (VWDGR p XPD DVVRFLDomR SROtWLFD GH EDVH WHUULWRULDO FRP FDSDFLGDGH MXUtGLFD LQWHUQD H H[WHUQD FXMR JRYHUQR p GRWDGR GR SRGHU RULJLQiULR GH VDQomR GLUHWD H LQFRQGLFLRQDGD EHP FRPR GH DWULEXLomRGHFRQIHULUDSHVVRDVHEHQVDFRQGLomRGHQDFLRQDOLGDGH TXHRVGLVWLQJXHQDyUELWDLQWHUQDFLRQDO $ FRQFHSomR MXUtGLFD GR (VWDGR GHFRUUH SRUWDQWR GD FRQIRUPDomR KLVWyULFD GRV SRGHUHV DWULEXLo}HV FRPSHWrQFLDV H OLPLWDo}HV LPSRVWDV SHOD VXD &RQVWLWXLomR H SHODV OHLV HP JHUDO UHJHQGR DV UHODo}HV H[LVWHQWHV HQWUH (VWDGR VRFLHGDGHJUXSRVHLQGLYtGXRV 1R %UDVLO DSyV RV YDULDGRV VREUHVVDOWRV LQVWLWXFLRQDLV H D SDUWLU GD SURPXOJDomR GD &5)% WHPVH IL[DGR TXH R (VWDGR VH RUJDQL]D VRE D IRUPD IHGHUDWLYD $VVLP GLVS}H R DUW GR WH[WR FRQVWLWXFLRQDO TXDQGR DGRWD R QRPHP =,33(/,86 5HLQKROG 7HRULD JHUDO GR (VWDGR ,Q &$127,/+2 -RVp -RDTXLP *RPHV FRRUG 7UDGXomRGH.DULQ3UDHINH$LUHV&RXWLQKR/LVERD(G)XQGDomR&DORXVWH*XOEHQNLDQS $QRWHVHTXHDDQiOLVHVREUHDFRQFHLWXDomRGH(VWDGRWLSRVGH(VWDGRIRUPDVGH(VWDGRIRUPDV H UHJLPHV GH JRYHUQR SRU QDWXUH]D REMHWRV GD FLrQFLD SROtWLFD QmR ID] SDUWH GD LQYHVWLJDomR SUHWHQGLGDQHVWHHVWXGRHSRUHVWDUD]mRQmRVHUiDERUGDGDHVSHFLILFDPHQWHSRUHVWHSULVPD 'DOPRGH$EUHX'DOODULFRQFHLWXD(VWDGRFRPRD³RUGHPMXUtGLFDVREHUDQDTXHWHPSRUILPREHP FRPXPGHXPSRYRVLWXDGRHPGHWHUPLQDGRWHUULWyULR´(OHPHQWRVGH7HRULD *HUDOGR(VWDGR 6mR 3DXOR6DUDLYDS 6$03$,21HOVRQGH6RX]D3UyORJRjWHRULDGR(VWDGRLGHRORJLDHFLrQFLDSROtWLFDS 6$03$,21HOVRQGH6RX]D3UyORJRjWHRULDGR(VWDGRLGHRORJLDHFLrQFLDSROtWLFDS MXULV5HS~EOLFD)HGHUDWLYDGR%UDVLOIRUPDGDSHODXQLmRLQGLVVRO~YHOGRV(VWDGRVH 0XQLFtSLRVHGR'LVWULWR)HGHUDO (P LQFRQWUDVWiYHO HQWHQGLPHQWR -RVp $IRQVR GD 6LOYD DYHUED TXH ³$ IHGHUDomR FRQVLVWH QD XQLmR GH FROHWLYLGDGHV UHJLRQDLV DXW{QRPDV TXH D GRXWULQD FKDPDGH(VWDGRVIHGHUDGRV(VWDGRVPHPEURVRXVLPSOHVPHQWH(VWDGR´ $ DWLYLGDGH HVWDWDO SRU VXD YH] p WULSDUWLGD HQWUH DV IXQo}HV OHJLVODWLYD H[HFXWLYD H MXULVGLFLRQDO (P OLQKDV JHUDLV D IXQomR OHJLVODWLYD p LQFXPELGD GH SURPRYHU DV IRUPXODo}HV QRUPDWLYDV OHLV JHUDLV H DEVWUDWDV DSOLFiYHLV HP GHWHUPLQDGRHVSDoRJHRJUiILFRHHPFHUWDpSRFDHVWDEHOHFHQGRRVILQVGR(VWDGR ¬IXQomRH[HFXWLYDLQFXPEHSURPRYHUDDSOLFDomRGRVPDQGDPHQWRVOHJDLVDWUDYpV GH DWRV FRQFUHWRV YROWDGRV SDUD D UHDOL]DomR GRV ILQV HVWDWDLV GH VDWLVIDomR GDV QHFHVVLGDGHV FROHWLYDV HQTXDQWR TXH j IXQomR MXULVGLFLRQDO LQFXPEH ]HODU SHOD FRUUHWD DSOLFDomR GD QRUPD QD ³VROXomR GH FRQIOLWRV H QD DSOLFDomR FRDWLYD GDV OHLV´ 1HVVH GLDSDVmR LPSHULRVR WUD]HU R HQVLQDPHQWR GH 3DXOR 0RGHVWR TXDQGR DQDOLVD R WHPD GDV IXQo}HV HVWDWDLV VRE R FULWpULR IRUPDO HVWULWDPHQWH MXUtGLFR 1D VXD FODVVLILFDomR DV IXQo}HV S~EOLFDV VmR WLGDV FRPR IRUPDV GH HPDQDomR GH DWRV GH SURGXomR MXUtGLFD TXH LQWURGX]HP DOWHUDo}HV QXPD GDGD RUGHPMXUtGLFDFRPDOFDQFHHHIHLWRVGLYHUVRV D D OHJLVODomR YHP FDUDFWHUL]DGD FRPR D HPDQDomR GH DWRV MXUtGLFRV SULPiULRV IXQGDGRV GLUHWD H LPHGLDWDPHQWH QR SRGHU VREHUDQR TXH SURGX] XPD LQRYDomR SULPiULD QD RUGHP MXUtGLFD DQWHULRUPHGLDQWHDOHLRXH[HUFLWDQGRDIXQomROHJLVODWLYDR(VWDGR GLVFLSOLQDUHODo}HVSHUPDQHFHQGRDFLPDHjPDUJHPGHODV E D MXULVGLomR YHP FDUDFWHUL]DGD FRPR D HPDQDomR GH DWRV GH SURGXomR MXUtGLFD VXEVLGLiULRV GRV DWRV SULPiULRV GLULJLGD j FRQFUHomRHDWXDomRFRDWLYDGHVWHV~OWLPRVSHUPDQHFHQGRRyUJmR HVWDWDODFLPDHjPDUJHPGDVUHODo}HVDTXHRVDWRVUHIHUHP F D DGPLQLVWUDomR YHP GHILQLGD FRPR D HPDQDomR GH DWRV GH SURGXomRMXUtGLFDFRPSOHPHQWDUSRLVVmRDSOLFDomRFRQFUHWDGRDWR GHSURGXomRMXUtGLFDSULPiULRHDEVWUDWRFRQWLGRQDQRUPDOHJLVODWLYD QHVVDDWLYLGDGHRyUJmRHVWDWDODWXDFRPRSDUWHGDVUHODo}HVDTXH RV DWRV VH UHIHUHP j VHPHOKDQoD GR TXH RFRUUH QDV UHODo}HV GH GLUHLWRSULYDGRPDVFRPDGLIHUHQoDGHDJLUFRPRSDUWHHPVLWXDomR GHVXSHULRULGDGHSRGHQGRXQLODWHUDOPHQWHLQWHUYLUQDHVIHUDMXUtGLFD GHWHUFHLURVSRGHUH[WURYHUVR>JULIRGRDXWRU@ $)2162'$ 6,/9$-RVp&XUVRGHGLUHLWRFRQVWLWXFLRQDOSRVLWLYRHG 6mR 3DXOR0DOKHLURV S 3,(7520DULD6\OYLD=DQHOOD'LUHLWRDGPLQLVWUDWLYRS 02'(6723DXOR)XQomRDGPLQLVWUDWLYD5HYLVWD (OHWU{QLFD'LiORJR-XUtGLFR 6DOYDGRU%$ HG ,'3%±,QVWLWXWR3~EOLFRGH'LUHLWRGD%DKLDDQR,Y,QMXOKRS 9rVH SRLV TXH D FRQFHSomR GR (VWDGR HVWi OLJDGD DRV ILQV SDUD RV TXDLVHVWHpFRJLWDGRQRVHLRVRFLDOGHGHWHUPLQDGDpSRFDHHPHVSDoRJHRJUiILFR 0DQRHO 5LEHLUR DVVHYHUD TXH FRPR LQVWLWXLomR FRPSUHHQGHVH QR (VWDGR ³ D LGpLD GH REUD D VH UHDOL]DU HP XP JUXSR VRFLDO R SRGHU RUJDQL]DGRSDUDDUHDOL]DomRGHVWDLGpLDHDVPDQLIHVWDo}HVGHFRPXQKmRTXH VHSURGX]HPQRJUXSRHPUHODomRjLGpLDHVXDUHDOL]DomR´ 2FRQVWLWXLQWHGHFXLGRXGHHVWDEHOHFHUSUHFHLWRVUHODFLRQDGRVFRP RV ILQV GR (VWDGR H GD VRFLHGDGH EUDVLOHLUD QD IRUPD GR TXH GLVS}H R DUW GD &5)% H TXH FRQVWLWXHP RV REMHWLYRV IXQGDPHQWDLV GD 5HS~EOLFD )HGHUDWLYD GR %UDVLO , ± FRQVWUXLU XPD VRFLHGDGH OLYUH MXVWD H VROLGiULD ,, ± JDUDQWLU R GHVHQYROYLPHQWRQDFLRQDO,,,±HUUDGLFDUDSREUH]DHDPDUJLQDOL]DomRHUHGX]LUDV GHVLJXDOGDGHVVRFLDLVHUHJLRQDLV,9±SURPRYHUREHPGHWRGRVVHPSUHFRQFHLWR GHRULJHPUDoDVH[RFRULGDGHHTXDLVTXHURXWUDVIRUPDVGHGLVFULPLQDomR -XVWDPHQWH QHVWH SRQWR FRQYpP UHODFLRQDU H GLVWLQJXLU DV WDUHIDV H DV DWULEXLo}HVGR(VWDGRFRQIURQWDQGRDVVXDVUDt]HVGHH[LVWrQFLD$VWDUHIDVRXDV DWULEXLo}HVGRHQWHHVWDWDOVmRFKDPDGDVGHIXQo}HVGR(VWDGR 3DUD -RUJH 0LUDQGD GRLV VmR RV VHQWLGRV SRVVtYHLV GH IXQomR GR (VWDGR 1RSULPHLURVHQWLGRDIXQomRWUDGX]XPGHWHUPLQDGRHQODFHHQWUHD VRFLHGDGH H R (VWDGR DVVLP FRPR XP SULQFtSLR RX XPD WHQWDWLYD GH OHJLWLPDomR GR SRGHU $ FUHVFHQWH FRPSOH[LGDGH GDV IXQo}HV DVVXPLGDV SHOR (VWDGR ± GD JDUDQWLD GD VHJXUDQoD SHUDQWH R H[WHULRUGDMXVWLoDHGDSD]FLYLOjSURPRomRGREHPHVWDUGDFXOWXUD H GD GHIHVD GR DPELHQWH ± GHFRUUH GR DODUJDPHQWR GDV QHFHVVLGDGHV KXPDQDV GDV SUHWHQV}HV GH LQWHUYHQomR GRV JRYHUQDQWHV H GRV PHLRV GH TXH VH SRGHP GRWDU H p DLQGD XPD PDQHLUD GH R (VWDGR RX RV JRYHUQDQWHV HP FRQFUHWR MXVWLILFDUHP D VXDH[LVWrQFLDRXDVXDSHUPDQrQFLDQRSRGHU1RVHJXQGRVHQWLGR DIXQomR±DJRUDQmRWDQWRDOJRGHSHQVDGRTXDQWRDOJRGHUHDOL]DGR ± HQFRQWUD QRV DFWRV H DFWLYLGDGHV TXH R (VWDGR FRQVWDQWHPHQWH UHSHWLGD H UHSHWLWLYDPHQWH YDL GHVHQYROYHQGR GH KDUPRQLD FRP DV UHJUDV TXH R FRQGLFLRQDP H FRQIRUPDP GHILQHVH DWUDYpV GDV HVWUXWXUDV H GDV IRUPDV GHVVHV DFWRV H DFWLYLGDGHV H UHYHODVH LQGLVVRFLiYHO GD SOXUDOLGDGH GH SURFHVVRV H SURFHGLPHQWRV GH VXMHLWRVHGHUHVXOWDGRVGHWRGDDGLQkPLFDMXUtGLFRS~EOLFD 5,%(,52 0DQXHO $ LQVWLWXFLRQDOL]DomR GHPRFUiWLFD GR SRGHU HG 6DOYDGRU %$ (G 'LVWULEXLGRUDGH/LYURVS 0,5$1'$-RUJH0DQXDOGHGLUHLWRFRQVWLWXFLRQDO&RLPEUD3RUWXJDO&RLPEUDW9S &DLR7iFLWRDVHXWXUQROHPEUDDGLFRWRPLDHQWUHRVILQVDGPLQLVWUDWLYRV GR (VWDGR GLVWLQJXLQGR D DWLYLGDGH MXUtGLFD H D DWLYLGDGH VRFLDO GD $GPLQLVWUDomR 3~EOLFD$VVLPQDDWLYLGDGHMXUtGLFD³>@FRPRH[HUFtFLRGDVREHUDQLDGR(VWDGRH GH VHX SRGHU GH LPSpULR DWHQGHVH j SUHVHUYDomR GR GLUHLWR REMHWLYR j RUGHP S~EOLFDjSD]HjVHJXUDQoDFROHWLYDV´HQTXDQWRTXH >@ QD DWLYLGDGH VRFLDO DR FRQWUiULR D $GPLQLVWUDomR FXLGD GH DVVXQWRVGHLQWHUHVVHFROHWLYRYLVDQGRDREHPHVWDUHDRSURJUHVVR VRFLDO PHGLDQWH R IRUQHFLPHQWR GH VHUYLoRV DRV SDUWLFXODUHV ¬ SULPHLUDDWLYLGDGHFRUUHVSRQGHXPDDomRDGPLQLVWUDWLYDjVHJXQGD XPDSUHVWDomRDGPLQLVWUDWLYD 1D OLomR GR FLWDGR GRXWULQDGRU H[LVWHP DWLYLGDGHV LQJrQLWDV DR (VWDGR UHODFLRQDGDV QR QtYHO H[WHUQR FRP R DVSHFWR GD VREHUDQLD GD GHIHVD QDFLRQDO FRP RV SULQFtSLRV GD DXWRGHWHUPLQDomR GRV SRYRV H GD QmR LQWHUYHQomR WDPEpP FRPRVSULQFtSLRVGDLJXDOGDGHHQWUHRV(VWDGRVHGDGHIHVDGDSD]HQTXDQWRTXH QR QtYHO LQWHUQR FRP D PDQXWHQomR GD RUGHP S~EOLFD FRP D HVWUXWXUDomR GR RUGHQDPHQWR MXUtGLFRSRVLWLYR FRP D JDUDQWLD GD OLEHUGDGH GD LJXDOGDGH H GD VHJXUDQoDMXUtGLFDRXVHMDDWLYLGDGHVGHDWHQGLPHQWRGRVILQVGR(VWDGR ([LVWHPSRUpPRXWUDVDWLYLGDGHVGR(VWDGRTXHHVWmRDIHWDVjSUHVWDomR GH XWLOLGDGHV FRORFDGDV j GLVSRVLomR H HP EHQHItFLR GD FROHWLYLGDGH SUHVWDGDV GH IRUPDH[FOXVLYDRXFRQFRPLWDQWHPHQWHFRPRVSDUWLFXODUHVWDLVFRPRRVVHUYLoRVGH VD~GHDVVLVWrQFLDVRFLDOWUDQVSRUWHVFRPXQLFDo}HVVDQHDPHQWRHHQHUJLD 7È&,72&DLR'LUHLWRDGPLQLVWUDWLYR6mR3DXOR6DUDLYDS 7È&,72&DLR'LUHLWRDGPLQLVWUDWLYRS 7È&,72&DLR'LUHLWRDGPLQLVWUDWLYRS &DUORV $UL 6XQGIHOG ID] XPD FODVVLILFDomR GDV DWLYLGDGHV GR (VWDGR TXH GH DFRUGR FRP R VHX FRQWH~GRVmRGLYLGLGDVHPDWLYLGDGHVLQVWUXPHQWDLVHDWLYLGDGHVILPVHQGRTXHDVSULPHLUDVVHUYHP SDUDRDSDUHOKDPHQWRGR(VWDGRHQTXDQWRTXHDV~OWLPDVMXVWLILFDPDVXDH[LVWrQFLD1HVWHVHQWLGR HQWUHDVDWLYLGDGHVLQVWUXPHQWDLVSRGHPVHUFLWDGDVDDFDSWDomRGHUHFXUVRVILQDQFHLURVSRUPHLR GHHPSUpVWLPRVODQoDPHQWRVGHWtWXORVGDGtYLGDS~EOLFDHFREUDQoDGHWULEXWRVHVWD~OWLPDUHJXODGD SHOR GLUHLWR WULEXWiULR E D JHVWmR GH UHFXUVRV ILQDQFHLURV GR 3RGHU 3~EOLFR UHJLGD SHOR GLUHLWR ILQDQFHLURFDHVFROKDGRVDJHQWHVS~EOLFRVSRUPHLRGHHOHLo}HVQRFDVRGRVDJHQWHVSROtWLFRVH GR FRQFXUVR QD PDLRU SDUWH GRV DJHQWHV SURILVVLRQDLV D SULPHLUD UHJLGD SHOR GLUHLWR HOHLWRUDO H D ~OWLPDSHORGLUHLWRDGPLQLVWUDWLYRGDREWHQomRGRVEHQVLQGLVSHQViYHLVDRVXSRUWHGDDWLYLGDGHGR (VWDGR PHGLDQWH DTXLVLomR GHVDSURSULDomR FRPSUD HWF SURGXomR LPSUHVVmR GH 'LiULR 2ILFLDO HWF H FRQVWUXomR GH HGLItFLRV S~EOLFRV DWLYLGDGHV HVWDV WDPEpP GLVFLSOLQDGDV SHOR GLUHLWR DGPLQLVWUDWLYR (QWUH DV DWLYLGDGHVILP GLVWLQJXHPVH DV DWLYLGDGHV GH UHODFLRQDPHQWR FRP RXWURV (VWDGRVRXFRPHQWLGDGHVLQWHUQDFLRQDLVDVDWLYLGDGHVGHFRQWUROHVRFLDOHDVDWLYLGDGHVGHJHVWmR DGPLQLVWUDWLYD VHQGR TXH DV DWLYLGDGHV GH UHODFLRQDPHQWR FRP RXWURV (VWDGRV RX FRP HQWLGDGHV LQWHUQDFLRQDLV VHJXQGR OHFLRQD R DXWRU ³>@ FRQVLVWHP QR HVWDEHOHFLPHQWR H PDQXWHQomR GH YtQFXORV FRP HQWLGDGHV LQWHUQDFLRQDLV H FRP (VWDGRV HVWUDQJHLURV EHP FRPR QD GHIHVD FRQWUD LQYDV}HVGRWHUULWyULRQDFLRQDO´&RPUHODomRjVDWLYLGDGHVGHFRQWUROHVRFLDOGHVWLQDPVHDUHJXODUD YLGD HP VRFLHGDGH XWLOL]DPVH GR SRGHU GH FRHUomR RUGHQDQGR R FRPSRUWDPHQWR GRV LQGLYtGXRV DWLYLGDGH OHJLVODWLYD MXGLFLiULD H DGPLQLVWUDomR RUGHQDGRUD EHP DVVLP DV DWLYLGDGHV GH JHVWmR 7HQGR HP YLVWD R WHPD DERUGDGR QHVWD GLVVHUWDomR LQWHUHVVD SRLV H[DPLQDU D DWLYLGDGH SUHVWDFLRQDO GR (VWDGR FRQVXEVWDQFLDGD QD SUHVWDomR GH VHUYLoRV S~EOLFRV HVVHQFLDLV QRWDGDPHQWH DTXHOHV TXH WrP D VXD H[HFXomR WUDQVIHULGD j LQLFLDWLYD SULYDGD SRU PHLR GR LQVWLWXWR GD GHOHJDomR GRV TXDLV VmR H[HPSORV RV VHUYLoRV GH WHOHIRQLD HQHUJLD HOpWULFD IRUQHFLPHQWR GH JiV PDV FXMD WLWXODULGDGHFRQWLQXDVHQGRHVWDWDOSRUIRUoDGRDUWGD&5)% (92/8d2'$$7,9,'$'(35(67$&,21$/'2(67$'2 $ DWLYLGDGH GR (VWDGR FRPR SUHVWDGRU GH VHUYLoR S~EOLFR DSHVDU GH VHXV DQWHFHGHQWHV VHUHP UHPRWRV SRGHVH GL]HU TXH HPHUJLX HVH GHVHQYROYHX D SDUWLU GR VpFXOR ;9,,, YLQGR D DOFDQoDU QD DWXDOLGDGH UHOHYDQWH GLPHQVmR 1HVVD HYROXomR QR FHQiULR EUDVLOHLUR p SRVVtYHO GLVWLQJXLU DOJXPDV HWDSDV TXH VHUmR DGLDQWHDSUHVHQWDGDVDLQGDTXHIRUPDVXFLQWD 1R (VWDGR GH SROtFLD D SUHVWDomR S~EOLFD GH VHUYLoR HUD GH FDUiWHU DVVLVWHQFLDO PDV QmR VH WUDWDYD GH DWLYLGDGH PRQRSROtVWLFD SRLV FDELD DR (VWDGR SUHVWiOD H VXVWHQWiOD VHP FRQWXGR DVVXPLU D WLWXODULGDGH H[FOXVLYD GHVVDV DWLYLGDGHV 1HVVH SHUtRGR IRUDP HVWDEHOHFLGRV FRPR VHUYLoRV S~EOLFRV FRUUHLRV HQVLQRHVHJXULGDGHVRFLDO 1XPDVHJXQGDIDVHDSDUWLUGDSULPHLUDPHWDGHGRVpFXOR;,;R(VWDGR WDPEpPILFRXUHVSRQViYHOSHORVHUYLoRS~EOLFRGHQDWXUH]DHFRQ{PLFDPDVSRUXP SHUtRGR GH WHPSR UHODWLYDPHQWH FXUWR SRLV HVVDV DWLYLGDGHV SDVVDUDP D VHU SUHVWDGDVSRUSDUWLFXODUHVHPGHFRUUrQFLDGRSHQVDPHQWROLEHUDOUHLQDQWHjpSRFD TXH QmR FRQVLGHUDYD R (VWDGR XP ERP HPSUHViULR &RQWXGR FRQVHUYDYD D WLWXODULGDGHMXUtGLFDVREUHDDWLYLGDGHHFRQ{PLFDOLPLWDQGRVHWmRVRPHQWHDJDUDQWLU R VHX GHVHPSHQKR 1HVVH SHUtRGR VXUJHP RV FOiVVLFRV VHUYLoRV S~EOLFRV WDLV FRPRIHUURYLDVLOXPLQDomRS~EOLFDJiVHOHWULFLGDGHWHOpJUDIRHWHOHIRQH DGPLQLVWUDWLYDTXH³YLVDPFULDUXWLOLGDGHVHPIDYRUGRFRUSRVRFLDOSRUIRUoDGLUHWDGDDWXDomRHVWDWDO´ )XQGDPHQWRVGHGLUHLWRS~EOLFRHG6mR3DXOR0DOKHLURVS 3DUDHVWDEUHYHH[SODQDomRDUHVSHLWRGDHYROXomRGDDWLYLGDGHSUHVWDFLRQDOGR(VWDGRSURFXURX VHRVXSRUWHGDGRXWULQDGH$OH[DQGUH6DQWRVGH$UDJmR'LUHLWRGRVVHUYLoRVS~EOLFRVHG5LRGH -DQHLUR)RUHQVH $SRVWDJHPGHL[RXGHVHUQRVpFXOR;9,,,XPVHUYLoRH[FOXVLYRGD&RURDVXSRQGRDGRXWULQDTXH RFRPHoRGRFRUUHLRYHPDVHUXPGRVSULPHLURVVHUYLoRVS~EOLFRV 1DWHUFHLUDIDVHHMiDGHQWUDQGRRVpFXOR;;WHQGRFRPRPDUFRGLYLVyULR D 3ULPHLUD *XHUUD 0XQGLDO D DWLYLGDGH GH VHUYLoR S~EOLFR DWp HQWmR SUHVWDGD SRU SDUWLFXODUHV SDVVRX D VHU UHDOL]DGD GLUHWDPHQWH SHOR (VWDGR TXH RV UHWRPRX DWUDYpVGRSURFHVVRGDUHYHUVmRRXGHUHVJDWHGHYLGRDRGHVFXPSULPHQWRGHFHUWDV FRQFHVV}HVSULQFLSDOPHQWHDTXHODVUHODFLRQDGDVjVHVWUDGDVGHIHUUR $LQGD QD SULPHLUD PHWDGH GR VpFXOR SDVVDGR DWp DSUR[LPDGDPHQWH R SHUtRGRTXHDQWHFHGHXjHFORVmRGD6HJXQGD*XHUUD0XQGLDOR(VWDGRDVVXPLXR GHVHQYROYLPHQWR GH DWLYLGDGHV HVWULWDPHQWHHPSUHVDULDLV QR LQWXLWR GH GLQDPL]DU D DWLYLGDGH LQGXVWULDO HQWmR HP FULVH H D SURGXomR GH EHQV 1HVVH SHUtRGR GHVHQYROYHXVH D LGpLD GH PXQLFLSDOL]DomR H GH QDFLRQDOL]DomR GRV VHUYLoRV S~EOLFRVTXHWHPOXJDUDWpRILQDOGRVDQRVVHWHQWDGRVpFXOR;; 1DVHTXrQFLDpSRVVtYHOGHOLQHDUXPDTXDUWDIDVHTXHVXUJHDSDUWLUGR TXHDGRXWULQDGHVLJQRXFKDPDUGHFULVHGR(VWDGRGREHPHVWDUVRFLDOXPDYH] TXHR(VWDGRDJLJDQWRXVHHPGHPDVLDGHWDOIRUPDTXHQmRFRQVHJXLDPDLVJHULU WRGDV DV DWLYLGDGHV TXH DEDUFRX LVWR GHYLGR jV GLILFXOGDGHV HQIUHQWDGDV QD SUHVWDomRGRVHUYLoRS~EOLFRHQDVDWLYLGDGHVHFRQ{PLFDVHPSUHVDULDLVHVWDWDLV $VVLPQRLQtFLRGDGpFDGDGHGRVpFXORSDVVDGRDSDUWLFLSDomRGLUHWD GR (VWDGR QD SUHVWDomR GH VHUYLoRV S~EOLFRV VRIUHX XP UHWURFHVVR HP UD]mR GR HOHYDGR GpILFLW ILVFDO GHFRUUHQWHV GH DQRV GH LQYHVWLPHQWRV HVWDWDLV QmR OXFUDWLYRV $GHPDLV R DYDQoR GD WHFQRORJLD SDVVRX D FULDU QRYRV PHUFDGRV VXUJH D JOREDOL]DomR H D SROtWLFD QHROLEHUDO IRPHQWDGRUD GH XPD LQWHUYHQomR PHQRU GR (VWDGRQDVDWLYLGDGHVHFRQ{PLFDV 2(VWDGRGHEHPHVWDUVRFLDOWDPEpPGHQRPLQDGRVHPDOWHUDo}HVPXLWRVLJQLILFDWLYDVGHZHOIDUH VWDWH (VWDGR VRFLDO RX (VWDGR LQWHUYHQFLRQLVWD FDUDFWHUL]RXVH SRU XP JUDQGH DXPHQWR GR Q~PHUR GH VHUYLoRV S~EOLFRV H DWLYLGDGHV HFRQ{PLFDV HP JHUDO H[SORUDGDV SHOR (VWDGR WHQGR KDYLGR XP UHFXR GR LQVWLWXWR GD FRQFHVVmR Mi TXH R (VWDGR SDVVRX D DVVXPLU GLUHWDPHQWH LQFOXVLYH SRU VXD $GPLQLVWUDomR ,QGLUHWD D VXD SUHVWDomR &I $5$*2 $OH[DQGUH 6DQWRV GH 'LUHLWR GRV VHUYLoRV S~EOLFRVS $ JOREDOL]DomR TXH QR FDPSR WHyULFR UHFHEHX YiULDV GHQRPLQDo}HV WDLV FRPR DOGHLD JOREDO WHUFHLUD RQGD GHVWHUULWRULDOL]DomR RX PXQGLDOL]DomR WUDWDVH QD UHDOLGDGH GH XP SURFHVVR FXMD RULJHP UHPRQWD DR VpFXOR ;9 FRP D H[SDQVmR PDUtWLPD H FRPHUFLDO HXURSpLD LQLFLDGD FRP D GHVFREHUWDGD$PpULFDHDIRUPDomRGHFRO{QLDVLPSRUWDQWHVFHQWURVGHDWLYLGDGHVFRPHUFLDLVSDUD R IRUWDOHFLPHQWR SROtWLFR GRV FRORQL]DGRUHV SRUTXDQWR HUDP IRQWHV LQHVJRWiYHLV GH UHFXUVRV HFRQ{PLFRV 1R VpFXOR ;,; D JOREDOL]DomR VH GHVHQYROYHX DLQGD PDLV HP FRQVHTrQFLD GD 5HYROXomR,QGXVWULDOHGRVXUJLPHQWRGHGXDVSRWrQFLDV(VWDGRV8QLGRVGD$PpULFDH-DSmR2XWUR H[HPSOR TXH DQWHFHGH D DWXDO JOREDOL]DomRpD H[SDQVmR HXURSpLD QDÈIULFDHQD ÈVLDTXH HUDPIRQWHVGHPDWpULDVSULPDVSDUDDSURGXomRGHDOLPHQWRVHWDPEpPPHUFDGRVFRQVXPLGRUHV$ H[SDQVmR HXURSpLD GRV VpFXORV ;9 D ;,; DOpP GH VHU HFRQ{PLFD H FRPHUFLDO VHUYLX SDUD D LPSRVLomRGHLQWHUHVVHVSROtWLFRVFXOWXUDLVHUHOLJLRVRVVREUHDVFLYLOL]Do}HVTXHVHHQFRQWUDYDPQRV &RQWLQHQWHV $PHULFDQRV $IULFDQRV H $VLiWLFRV 1RV ~OWLPRV DQRV GR VpFXOR ;; D LGpLD GH JOREDOL]DomR UHVVXUJLX FRP IRUoD WRWDO YLVDQGR DXPHQWDU SULQFLSDOPHQWH R FRQVXPR H IRUWDOHFHU R FDSLWDOLVPR TXH LQJUHVVRX HP XP QRYD HWDSD QR SURFHVVR GH SURGXomR DSyV D TXHGD GR 0XUR GH $ SDUWLU GDt FRPHoD D VHU GHVHQYROYLGD XPD SROtWLFD SDUD D SULYDWL]DomR GR VHWRU S~EOLFR VRE D MXVWLILFDWLYD GH TXH VHULD HVWD D VROXomR SDUD D FULVH GR (VWDGRGREHPHVWDUVRFLDO$SUHVWDomRGRVHUYLoRS~EOLFRHQWmRGHYHULDUHWRUQDU j HVIHUD SULYDGD TXH GRUDYDQWH VH LQFXPELULD GH VDWLVID]HU DV QHFHVVLGDGHV FROHWLYDV &RQWXGR PHVPR TXH R (VWDGR GHL[H GH SUHVWDU GLUHWDPHQWH DOJXQV VHUYLoRV S~EOLFRV GH UHOHYkQFLD VRFLDO GHYLGR j FRQFRUUrQFLD JOREDOL]DGD H j QHFHVVLGDGHGHUHGXomRGRVJDVWRVFRPDDWXDomRGLUHWDQDHFRQRPLDFXPSUHQmR VHSHUGHUGHYLVWDTXHMXVWDPHQWHSHORFDUiWHUGHUHOHYkQFLDVRFLDOHVVHVVHUYLoRV WrPFRPRREMHWREHQVGHQDWXUH]DUHVWULWDHTXHSRULVVRQHFHVVLWDPGHUHJXODomR 1HVVHVHQWLGR$OH[DQGUH6DQWRVGH$UDJmRSRQWXDTXH (VVD p D IRUPD TXH SUHYDOHFH QR PXQGR FRQWHPSRUkQHR LQFOXVLYH QR%UDVLOVHQGRRVVHUYLoRVS~EOLFRVXPGRVSULQFLSDLVPHFDQLVPRV GHR(VWDGRFRUULJLUGLVWRUo}HVHIHWLYDVRXSRWHQFLDLVQDUHODomRHQWUH RIHUWD H SURFXUD GH EHQV H VHUYLoRV HVVHQFLDLV SDUD WRGRV RV FLGDGmRV2VVHUYLoRVS~EOLFRVWrPFRPRREMHWREHQVHVFDVVRVYLD GH UHJUD FRQGLFLRQDQWHV GD SUySULD GLJQLGDGH GD SHVVRD KXPDQD TXHVHQmRSDVVDVVHPDVHUGDUHVSRQVDELOLGDGHGR(VWDGRILFDQGR DSHQDV VRE D JHVWmR GD OLYUH LQLFLDWLYD QmR VHULDP HILFLHQWHPHQWH IRUQHFLGRVDWRGDVDVUHJL}HVHFODVVHVVRFLDLVGRSDtV $FUHVFHQWHVH SRU ~OWLPR TXH HVVD DWLWXGH GR HQWH HVWDWDO SRGH HYLWDU TXH RV LQGLYtGXRV ILTXHP DR DOYHGULR GDV UHJUDV GH PHUFDGR H GD FRPSHWLWLYLGDGH 3DUD WDQWR VHUi QHFHVViULR TXH R (VWDGR HOH PHVPR HQYLGH WRGRV RV HVIRUoRV FRP R LQWXLWR GH JDUDQWLU TXH WRGD D SRSXODomR WHQKD LJXDO DFHVVR DRV VHUYLoRV S~EOLFRVDRPHQRUFXVWRSRVVtYHO &21&(,72'(6(59,d2 &RQIRUPH VH FRQVLJQRX SDVVRV DWUiV D WDUHID GH FRQFHLWXDU R VHUYLoR S~EOLFR p DVVD] GLILFXOWRVD PDV SDUD DOFDQoDU RV REMHWLYRV GHVWD SHVTXLVD p %HUOLP H D GHUURFDGD GRV SDtVHV TXH VHJXLDP R VLVWHPD VRFLDOLVWD LPSODQWDGR DSyV D 5HYROXomR 5XVVD GH 2/,9(,5$ 0DULD -RVp *DOOHQR GH 6RX]D *OREDOL]DomR GD SREUH]D LPSDFWRV GDV SROtWLFDVVRFLDLVQR(VWDGRQHROLEHUDOQDVGHPRFUDFLDVGRVSDtVHVODWLQRDPHULFDQRV'LVSRQtYHOHP KWSSZZZFHVXFSHW/$%!$FHVVRHPMXO $5$*2$OH[DQGUHGRV6DQWRVGH'LUHLWRGRVVHUYLoRVS~EOLFRVS LPSRUWDQWH GHOLQHDU RV SULQFLSDLV DVSHFWRV GHVWH LQVWLWXWR SDUD QD VHTXrQFLD DQDOLVDUVREUHTXDLVVHUYLoRVLQFLGLULDR&'& )HUQDQGR+HUUHQGH$JXLDUREVHUYDTXHDGLILFXOGDGHHPVHHVWDEHOHFHU FRQFHLWRGHVHUYLoRS~EOLFRFRQVLVWHQRIDWRGHTXHVHGHVHMDGHILQLUDOJRFXMRREMHWR RVFLOD GH DFRUGR FRP R WHPSR H FRP DV WUDQVIRUPDo}HV VRFLDLV $VVHYHUD TXH RV DXWRUHV WHQWDP HODERUDU XP FRQFHLWR LPXQH jV PXGDQoDV PDV VHX REMHWR p WRWDOPHQWH SRU HODV DWLQJLGR &RQWLQXD DLQGD GL]HQGR TXH D JUDQGH GLILFXOGDGH HQIUHQWDGD SRU DTXHOHV TXH SUHWHQGHP FRQFHLWXDU VHUYLoR S~EOLFR p D GXSOD GHIDVDJHP KLVWyULFD GHVVH VHUYLoR UHYHODGD SHOD PXWDELOLGDGH H SOXUDOLGDGH GRV FRQFHLWRVH[LVWHQWHVHSHODPXWDELOLGDGHGRREMHWRFRQFHLWXDGR (URV 5REHUWR *UDX GLVWLQJXH QRomR H FRQFHLWR SDUWLQGR GD SUHPLVVD VHJXQGRDTXDODVLJQLILFDomRGRTXHVHMDVHUYLoRS~EOLFRQmRSRGHVHUDOFDQoDGD SRU XP FRQFHLWR $QRWD HP VHJXLGD TXH RV FRQFHLWRV VmR GHILQLGRV GH PRGR DWHPSRUDO SRUWDQWR LPXWiYHLV LQYDULiYHLV H LPXQHV D LQJHUrQFLDV H[WHUQDV -i DV QRo}HVQmRGHVFDUWDPRIHQ{PHQRGDWHPSRUDOLGDGHDRFRQWUiULRVmRUHFHSWLYDVD HOHSHUPLWLQGRXPFRQVWDQWHGHVHQYROYLPHQWR3DUDRDXWRUDQRomRMXUtGLFDpLGpLD TXH VH GHVHQYROYH D VL PHVPD SRU FRQWUDGLo}HV H VXSHUDo}HV VXFHVVLYDV VHQGR SRLVKRPRJrQHDDRGHVHQYROYLPHQWRGDVFRLVDV 'HVVDVOLo}HVLQIHUHVHTXHDGLILFXOGDGHHPFRQFHLWXDURVHUYLoRS~EOLFR DGYpP GDV PXWDo}HV SHODV TXDLV HVWmR VXMHLWDV DV DWLYLGDGHV HVWDWDLV QR GHFRUUHU GR WHPSR SRUTXDQWR R TXH KRMH p DVVLP FRQVLGHUDGR IXWXUDPHQWH SRGHUi VRIUHU WUDQVIRUPDo}HVTXHLUmRLPSDFWDUDIRUPDGHSUHVWDomRGRVVHUYLoRVS~EOLFRVRTXH FRQGX]jLQDUUHGiYHOFRQFOXVmRGHTXHRVHXVLJQLILFDGRHYROXLQRWHPSR3RUWDQWR LPSHQGH FRPSDUWLOKDU GR HQWHQGLPHQWR GH )HUQDQGR +HUUHQ GH $JXLOODU GH TXH ³PXGD DTXLOR TXH p FRQVLGHUDGR VHUYLoR S~EOLFR DR ORQJR GR WHPSR H PXGDP RV FRQFHLWRVGHVHUYLoRS~EOLFRDRORQJRGRWHPSR´ $VVLP GLDQWH GR UHFRQKHFLPHQWR GD GRXWULQD PDMRULWiULD GH TXH RV VHUYLoRVS~EOLFRVVRIUHPRLPSDFWRGDVPRGLILFDo}HVVRFLDLVHGDVIXQo}HVHVWDWDLV HGHTXHQRVHXFRQFHLWRDOJXQVHOHPHQWRVSRVVXHPHODVWLFLGDGHFRPRpRFDVRGR LQWHUHVVHVRFLDOGRUDYDQWHSRGHVHXWLOL]DUDWHUPLQRORJLDFRQFHLWRRXQRomR $*8,//$5 )HUQDQGR +HUUHQ GH &RQWUROH VRFLDO GH VHUYLoRV S~EOLFRV 6mR 3DXOR 0D[ /LPRQDG S *5$8(URV5REHUWR$RUGHPHFRQ{PLFDQD&RQVWLWXLomRGHHG6mR3DXOR0DOKHLURV S $*8,//$5)HUQDQGR+HUUHQGH&RQWUROHVRFLDOGHVHUYLoRVS~EOLFRVS 3RLV EHP $ QRomR GH VHUYLoR S~EOLFR VH GHVHQYROYHX QD )UDQoD IRUWDOHFHQGRVHFRPWDPDQKDPDJQLWXGHTXHSDVVRXDIXQGDPHQWDUWDQWRRGLUHLWR S~EOLFRFRPRDVHUYLUGHFULWpULRSDUDDUHSDUWLomRGHFRPSHWrQFLDVHQWUHDMXULVGLomR DGPLQLVWUDWLYDHR&RQVHOKRGH(VWDGR 2V SULQFLSDLV H[SRHQWHV IUDQFHVHV GD GHQRPLQDGD (VFROD GH 6HUYLoR 3~EOLFR GR LQtFLR GR VpFXOR ;; IRUDP /pRQ 'XJXLW VHX IXQGDGRU H *DVWRQ -q]H TXH MXQWRV IRUPDUDP D EDVH GD QRomR GH VHUYLoR S~EOLFR TXH VH DOLFHUoRX GHILQLWLYDPHQWH QR RUGHQDPHQWR IUDQFrV 2V VHXV VHJXLGRUHV ILUPDUDP R HQWHQGLPHQWR GH TXH R VHUYLoR S~EOLFR HUD D LGpLD FHQWUDO GR GLUHLWR DGPLQLVWUDWLYR TXDOVHMDDLGpLDGHVHUYLoRVDRVDGPLQLVWUDGRV /pRQ'XJXLWGHILQLDVHUYLoRS~EOLFRFRPR >@WRGD DWLYLGDGH FXMRFXPSULPHQWR GHYH VHUUHJXODGR DVVHJXUDGR HILVFDOL]DGRSHORVJRYHUQDQWHVSRUVHULQGLVSHQViYHOjUHDOL]DomRH DR GHVHQYROYLPHQWR GD LQWHUGHSHQGrQFLD VRFLDO H GH WDO QDWXUH]D TXH QmR SRGH VHU DVVHJXUDGR FRPSOHWDPHQWH D QmR VHU SHOD LQWHUYHQomRGDIRUoDJRYHUQDQWH (PVXPDDILUPDYDTXHXPVHUYLoRpFRQVLGHUDGRVHUYLoRS~EOLFRTXDQGR p RUJDQL]DGR SHORV JRYHUQDQWHV TXH GHYH DVVHJXUDU VHX IXQFLRQDPHQWR LQLQWHUUXSWDPHQWH 1RHQWHQGLPHQWRGH*DVWRQ-q]H >@ GL]HU TXH HP GHWHUPLQDGD KLSyWHVH H[LVWH VHUYLoR S~EOLFR HTXLYDOH D DILUPDU TXH RV DJHQWHV S~EOLFRV SDUD GDUHP VDWLVIDomR UHJXODU H FRQWtQXD D FHUWD FDWHJRULD GH QHFHVVLGDGHV GH LQWHUHVVH JHUDOSRGHPDSOLFDURVSURFHGLPHQWRVGHGLUHLWRS~EOLFRTXHUGL]HU XPUHJLPHMXUtGLFRHVSHFLDO 3RUWDQWR WRGD YH] TXH VH HVWi QD SUHVHQoD GH XP VHUYLoR S~EOLFR YHULILFDVHDH[LVWrQFLDGHXPUHJLPHMXUtGLFRGHGLUHLWRS~EOLFR %$1'(,5$'(0(//2&HOVR$QWRQLR&XUVRGHGLUHLWRDGPLQLVWUDWLYRSQRWDQ '8*8,7/HRQ7UDLWpGHGURLWFRQVWLWXWLRQQHOHG3DULV(GH%RFFDUGWS³>@ WRXWH DFWLYLWp GRQW O¶DFFRPSOLVVHPHQW GRLW rWUH DVVXUp UpJOp HW FRQWU{Op SDU OHV JRXYHUQDQWV SDUFH TXH O¶DFFRPSOLVVHPHQW GH FHWWH DFWLYLWp HVW LQGLVSHQVDEOH j OD UpDOLVDWLRQ HW DX GpYHORSSPHQW GH O¶LQWHUGpSHQGHQFHVRFLDO HWTX¶HOOH HVWGHWHOOHQDWXUHTX¶HOOHQHSHXWrWUHUpDOLVpHFRPSOqWPHQWTXH SDUO¶LQWHUYHQWLRQGHODIRUFHJRXYHUQDQWH´ '8*8,7/HRQ7UDLWpGHGURLWFRQVWLWXWLRQQHOS -Ê=( *DVWyQ 3ULQFLSLRV JHQHUDOHV GHO GHUHFKR DGPLQLVWUDWLYR 7UDGXomR GH -XOLR 1 6DQ 0LOOiQ $OPDJUR%XHQRV$LUHV(GLWRULDO'HSDOPDW,,S³>@GHFLUTXHHPGHWHUPLQDGDKLSyWHVLV H[LVWH VHUYLFLR S~EOLFR HTXLYDOH D DILUPDU TXH ORV DJHQWHV S~EOLFRV SDUD GDU VDWLVIDFFLyQ UHJXODU \ FRQWLQXDDFLHUWDFDWHJRULDGHQHFHVLGDGHVGHLQWHUpVJHQHUDOSXHGHPDSOLFDUORVSURFHGLPLHQWRVGH GHUHFKRS~EOLFRYDOHGHFLUXPUpJLPHQMXUtGLFRHVSHFLDO´ -HDQ5LYHURDSURSyVLWRID]DVXDFUtWLFDDRVDXWRUHVIUDQFHVHVDFLPD PHQFLRQDGRVDILUPDQGRTXHDWDPEpPFKDPDGD(VFRODGH%RUGHDX[ >@ DFUHGLWRX SRGHU H[SOLFDU WRGDV DV SDUWLFXODULGDGHV GR GLUHLWR DGPLQLVWUDWLYR SHODV QHFHVVLGDGHV GR VHUYLoR S~EOLFR QR HQWDQWR FRPHWHXRHUURGHQmRSUHVWDUDWHQomRjH[FHomRTXHDFRPSDQKDYD R SULQFtSLR TXHU GL]HU D JHVWmR SULYDGD GRV VHUYLoRV S~EOLFRV DWULEXLQGR DVVLP DR SULQFtSLR XP DOFDQFH PDLV ODWR GR TXH D MXULVSUXGrQFLDOKHGDYD 'HQRWDVH DVVLP TXH D LGpLD GH VHUYLoR S~EOLFR FRPR EDVH GR GLUHLWR DGPLQLVWUDWLYRIUDQFrVVHUYLXSDUDXPDpSRFDHPTXHVyR(VWDGRSUHVWDYDVHUYLoR S~EOLFR VHQGR SRUWDQWR PDLV IiFLO D GLVWLQomR HQWUH VHUYLoRV S~EOLFRV H DWLYLGDGHV SULYDGDV 3DUD$OH[DQGUH6DQWRVGH$UDJmR 2 VHUYLoR S~EOLFR QR %UDVLO H[SUHVVD HP JUDQGH SDUWH D LGpLD IUDQFHVD GH VHUYLoR S~EOLFR UD]mR SHOD TXDO PXLWDV GDV GLVFXVV}HV H[LVWHQWHVDFHUFDGRVHUYLoRS~EOLFRQRGLUHLWREUDVLOHLURUHSURGX]HP GLVFXVV}HV TXH RULJLQDOPHQWH VH GHUDP H VH GmR QD )UDQoD H HP RXWURVSDtVHVVREVXDLQIOXrQFLDFXOWXUDO 2GHWH 0HGDXDU HVWXGDQGR D HYROXomR GD QRomR GH VHUYLoR S~EOLFR SRQWLILFDTXH $ SDUWLU GH DFHQWXDQGRVH QRV DQRV H GpFDGDV VHJXLQWHV FRPHoDUDPDVXUJLUSHUWXUEDo}HVQDLGHQWLILFDomRGRVHUYLoRS~EOLFR DFDUUHWDGDV SRU VLWXDo}HV TXH HQYROYLDP HOHPHQWRV SULYDGRV WDLV FRPR JHVWmR SRU SDUWLFXODUHV VHUYLoR S~EOLFR UHDOL]DGR SRU QRUPDV GH GLUHLWR SULYDGR $GPLQLVWUDomR 3~EOLFD H[HUFHQGR DWLYLGDGHV FRPHUFLDLV H LQGXVWULDLV 7DLV VLWXDo}HV LQILUPDUDP D FRQFHSomR GD (VFROD GH 6HUYLoR 3~EOLFR OHYDQGR HQWmR j FKDPDGD FULVH GD QRomR GH VHUYLoR S~EOLFR QRPH GDGR j REUD GH -HDQ/RXLV &RUDLO SXEOLFDGDQDGpFDGDGHGRVpFXOR;;$OJXQVDXWRUHVIUDQFHVHV FRPR (LVHQPDQQ SDVVDUDP D DSUHJRDU R ILP GD QRomR GH VHUYLoR S~EOLFRRXGDVXDDSRVHQWDGRULD 1mRREVWDQWHDSURSDODGDFULVHDQRomRGHVHUYLoRS~EOLFRVXEVLVWLXSDUD UHSUHVHQWDUGRUDYDQWHDWUDQVIRUPDomRGDFRQFHSomRRULXQGDGD(VFRODGH6HUYLoR -Ê=(*DVWyQ3ULQFLSLRVJHQHUDOHVGHOGHUHFKRDGPLQLVWUDWLYRS 5,9(52-HDQ'LUHLWRDGPLQLVWUDWLYR7UDGXomRGH 5RJpULR (KUKDUGW6RDUHV &RLPEUD$OPHGLQD S $5$*2$OH[DQGUH6DQWRVGH'LUHLWRGRVVHUYLoRVS~EOLFRVS 0('$8$5 2GHWH $LQGD H[LVWH VHUYLoR S~EOLFR" ,Q 7Ð55(6 +HOHQR 7DYHLUD FRRUG 6HUYLoRV S~EOLFRVHGLUHLWRWULEXWiULRS 3~EOLFR SRUTXDQWR QD )UDQoD SDVVRXVH D DGPLWLU D JHVWmR SULYDGD H D DSOLFDomR GHQRUPDVGRGLUHLWRSULYDGRQRUHJLPHMXUtGLFRGRVHUYLoRS~EOLFR $ GpFDGD GH GR VpFXOR SDVVDGR PDUFDGD SHOR LQtFLR GR LQWHQVR PRYLPHQWR HVWDWL]DQWH FRQGX]LX R (VWDGR D DEVRUYHU HP UHJLPH GH PRQRSyOLR YiULRV VHUYLoRV S~EOLFRV RXWURUD H[HFXWDGRV SHOR VHWRU SULYDGR 6HJXLXVH D SDUWLU GDtXPUHWURFHVVRQRWHPDUHODWLYRDRVHUYLoRS~EOLFR $VVLP FRP DV WUDQVIRUPDo}HV SHODV TXDLV SDVVDUDP R (VWDGR QR GHFRUUHUGRVpFXOR;;LQFOXLQGRGHVGHHOHPHQWRVHFRQ{PLFRVDWpQRYRVSURFHVVRV GH DSDUHOKDPHQWR QD VXD HVWUXWXUD KRXYH D QHFHVVLGDGH GH UHRUJDQL]DU D IXQomR DGPLQLVWUDWLYD HVWDWDO R TXH DFDERX SRU DEDODU R FRQFHLWR GH VHUYLoR S~EOLFR GDGR SHORVDXWRUHVFOiVVLFRV $ FRQVHTrQFLD OyJLFD GHVVD HYROXomR GD DWLYLGDGH GR (VWDGR QmR IRL D VXSUHVVmRGDQRomRGHVHUYLoRS~EOLFRPDVVLPDVXDPXWDomR 1D GRXWULQD SRUWXJXHVD 0DUFHOOR &DHWDQR FKDPD GH VHUYLoR S~EOLFR ³>@ R PRGR GH DFWXDU GD DXWRULGDGH S~EOLFD D ILP GH IDFXOWDU SRU PRGR UHJXODU H FRQWtQXR D TXDQWRV GHOHV FDUHoDP RV PHLRV LG{QHRV SDUD VDWLVIDomR GH XPD QHFHVVLGDGHFROHFWLYDLQGLYLGXDOPHQWHVHQWLGD´ $VGLYHUJrQFLDVHQWUHRVSXEOLFLVWDVDUHVSHLWRGDVYiULDVFRQFHSo}HVGH VHUYLoR S~EOLFR VRPHQWH SXGHUDP VHU UHVROYLGDV SHOD DGRomR GH WUrV FULWpULRV GLVWLQWRVDGRWDGRVLVRODGDPHQWHRXHPFRQMXQWRFRPRLQWXLWRGHGHILQLURTXHYHP DVHUVHUYLoRS~EOLFR(VVHVFULWpULRVVmRRVXEMHWLYRRREMHWLYRHRIRUPDO 2 FULWpULR VXEMHWLYR SURFXURX OHYDU HP FRQWD D SHVVRD SUHVWDGRUD GR VHUYLoR S~EOLFR H D SDUWLU GDt D DWLYLGDGH HVWDWDO VHULD R FRQMXQWR GH SHVVRDV H yUJmRV GR 3RGHU 3~EOLFR GHVWLQDGR D IRUQHFHU j FROHWLYLGDGH RV VHUYLoRV D HOD LQGLVSHQViYHLV 'H DFRUGR FRP HVWH FULWpULR VHUYLoR S~EOLFR FRUUHVSRQGH jTXHODV DWLYLGDGHVSUHVWDGDVSHORHQWHHVWDWDO 3HOR SULVPD GR FULWpULR REMHWLYR R VHUYLoR S~EOLFR SRGH VHU HQWHQGLGR FRPR XPD DWLYLGDGH TXH DEDUFD WRGDV DV GHPDLV DWLYLGDGHV D FDUJR GD $GPLQLVWUDomR 3~EOLFD LQGLVSHQViYHLV SDUD DWHQGHU jV QHFHVVLGDGHV GH LQWHUHVVH JHUDOTXHILFDULDPSUHMXGLFDGDVFDVRQmRKRXYHVVHDLQWHUYHQomRHVWDWDO$QRomR GHVHUYLoRS~EOLFRGH'XJXLWFRQIRUPHFRQVLJQDGRDOKXUHVLQVHUHVHQHVWHFULWpULR &$(7$120DUFHOOR0DQXDOGHGLUHLWRDGPLQLVWUDWLYR&RLPEUD$OPHGLQDW,,S $5$*2$OH[DQGUH6DQWRVGH'LUHLWRGRVVHUYLoRVS~EOLFRVS $5$*2$OH[DQGUH6DQWRVGH'LUHLWRGRVVHUYLoRVS~EOLFRVS SRUTXDQWR D VXD LGpLD FHQWUDO HUD GH XPD REULJDomR TXH VH LPS}H DRV JRYHUQDQWHV $ QRomR GH VHUYLoR S~EOLFR QD yWLFD GR FULWpULR IRUPDO EDVHLDVH QR UHJLPHMXUtGLFRTXHUHJHDVXDDSOLFDomRRXVHMDUHJLPHMXUtGLFRGHGLUHLWRS~EOLFR FDUDFWHUL]DGRSRUUHJUDPHQWRHVSHFLDO &HOVR $QWRQLR %DQGHLUD GH 0HOOR FLWDQGR %HUQDUG &KHQRW TXH QR VHX HQWHQGHU WUDGX]LX ODSLGDUPHQWH D FRQFHSomR GR FULWpULR IRUPDO DILUPD ³'L]HU TXH XPD DWLYLGDGH p VHUYLoR S~EOLFR p GL]HU TXH HVWi VXEPHWLGD DR UHJLPH GH 'LUHLWR 3~EOLFR´ $ FRQMXJDomR GRV WUrV FULWpULRV PHQFLRQDGRV GXUDQWH PXLWR WHPSR IRL VXILFLHQWH SDUD LQGLYLGXDOL]DU R VHUYLoR S~EOLFR TXH FRUUHVSRQGHULD HQWmR DR FRPSOH[R GH DWLYLGDGHV SUHVWDGDV SHOR (VWDGR REMHWLYDQGR VDWLVID]HU DV QHFHVVLGDGHV GH LQWHUHVVH JHUDO VRE UHJLPH GH GLUHLWR S~EOLFR 7RGDYLD JUDGXDOPHQWHDSDUWLUGHPHDGRVGRVpFXORSDVVDGRR(VWDGRSDVVRXDLQWHUYLUHP GLYHUVDV iUHDV FDXVDQGR LPSDFWR QD GHILQLomR FOiVVLFD GH VHUYLoR S~EOLFR R TXH OHYRXDOJXQVSXEOLFLVWDVDUHDFHQGHUQRYDPHQWHDGLVFXVVmRDUHVSHLWRGDFULVHGD QRomRGHVHUYLoRS~EOLFR )DWRpTXHLVVRVHGHXHPGHFRUUrQFLDGDGHOHJDomRGHDWLYLGDGHVSHOR (VWDGR D SHVVRDV GH GLUHLWR SULYDGR H WDPEpP GHYLGR j SDUWLFLSDomR GR HQWH JRYHUQDPHQWDO HP SUiWLFDV UHODFLRQDGDV FRP D LQG~VWULD H R FRPpUFLR iUHDV DWp HQWmRUHVHUYDGDVjLQLFLDWLYDSULYDGD&RQWXGRDHYROXomRGDDWLYLGDGHSUHVWDFLRQDO GR(VWDGRQmRFDXVRXRGHVDSDUHFLPHQWRGDQRomRGHVHUYLoRS~EOLFRDRFRQWUiULR GRTXHDILUPDYDPDOJXQVHVWXGLRVRVPDVVLPDVXDWUDQVIRUPDomR 6HSRUXPODGRRVFULWpULRVVXEMHWLYRHIRUPDOIRUDPDIHWDGRVPHGLDQWHD GHOHJDomR GH DWLYLGDGHV HVWDWDLV SDUD HQWHV SULYDGRV H D SUHVWDomR GH DOJXQV VHUYLoRVVREUHJLPHSDUFLDOPHQWHS~EOLFRLVVRSURSRUFLRQRXXPDQRYDYLVmRGHVVHV PHVPRVFULWpULRVPDVQmRDVXDH[FOXVmR $QRWDVH TXH UHODWLYDPHQWH DR RUGHQDPHQWR EUDVLOHLUR RV DXWRUHV FRVWXPDP EDVHDUVH QRV FULWpULRV REMHWLYR VXEMHWLYR H IRUPDO SDUD HODERUDU VHXV FRQFHLWRVDOJXQVGHIRUPDPDLVDPSODRXWURVGHIRUPDPDLVUHVWULWD $5$*2$OH[DQGUH6DQWRVGH'LUHLWRGRVVHUYLoRVS~EOLFRVS %$1'(,5$'(0(//2&HOVR$QWRQLR&XUVRGHGLUHLWRDGPLQLVWUDWLYRSQRWD $VVLPQR%UDVLOVmRDGHSWRVGDDFHSomRPDLVDPSODGHVHUYLoRS~EOLFR -RVp &UHWHOOD -~QLRU 'LyJHQHV *DVSDULQL H +HO\ /RSHV 0HLUHOOHV FXMRV FRQFHLWRV VHUmRDSUHVHQWDGRVQDVHTXrQFLD -RVp &UHWHOOD -~QLRU HQVLQD TXH VHUYLoR S~EOLFR p WRGD H TXDOTXHU DWLYLGDGHH[HUFLGDSHOR(VWDGRGLUHWDPHQWHRXSRUTXHPOKHIDoDVDVYH]HVFRPD ILQDOLGDGHGHVDWLVID]HUQHFHVVLGDGHVS~EOLFDV 1HVVHFRQFHLWRRGRXWULQDGRULQFOXLWRGDVDVDWLYLGDGHVGR(VWDGRVHMDP HODV GHFRUUHQWHV GR H[HUFtFLR GH IXQo}HV HVWDWDLV DGPLQLVWUDWLYDV OHJLVODWLYD RX MXULVGLFLRQDO RX QmR GHIHQGHQGR FODUDPHQWH TXH R ³VHUYLoR S~EOLFR SRGH VHU DGPLQLVWUDWLYROHJLVODWLYRHMXGLFLiULR´ 'LyJHQHV *DVSDULQL SRU VHX WXUQR DVVHYHUD TXH RV VHUYLoRV S~EOLFRV VmR DV DWLYLGDGHV SUHVWDGDV SHOD $GPLQLVWUDomR 3~EOLFD RX VHXV GHOHJDGRV GH FRPRGLGDGHV PDWHULDLV IRUQHFLPHQWR GH HQHUJLD HOpWULFD H iJXD GRPLFLOLDU H MXUtGLFDVVHUYLoRVFDUWRUiULRVSDVVtYHLVGHXWLOL]DomRGLUHWDWUDQVSRUWHFROHWLYRRX LQGLUHWD VHJXUDQoD S~EOLFD GH IRUPD SUHSRQGHUDQWH SHORV DGPLQLVWUDGRV VRE XP UHJLPHMXUtGLFRGHGLUHLWRS~EOLFR)LFDPH[FOXtGDVSRUFRQVHTrQFLDDVDWLYLGDGHV H[HUFLGDVSHOR/HJLVODWLYRHSHOR-XGLFLiULR &RPSDUWLOKDDLQGDGRDPSORFRQFHLWR+HO\/RSHV0HLUHOOHVSDUDTXHP ³VHUYLoRS~EOLFRpWRGRDTXHOHSUHVWDGRSHOD$GPLQLVWUDomRRXSRUVHXVGHOHJDGRV VRE QRUPDV H FRQWUROHV HVWDWDLV SDUD VDWLVID]HU QHFHVVLGDGHV HVVHQFLDLV RX VHFXQGiULDVGDFROHWLYLGDGHRXVLPSOHVFRQYHQLrQFLDVGR(VWDGR´ $QDOLVDQGR R FRQFHLWR GR DGPLQLVWUDWLYLVWD DFLPD FLWDGR 0DULD 6\OYLD =DQHOOD'L3LHWURDVVHYHUDTXHHOHWUD]XPDGHILQLomRPHQRVDPSODGRTXHDTXHOD HODERUDGD SRU -RVp &UHWHOOD -~QLRU SRUTXDQWR DR VH UHSRUWDU j $GPLQLVWUDomR 3~EOLFDDIDVWDDVDWLYLGDGHVOHJLVODWLYDHMXGLFLiULDSRUpPQmRGLVWLQJXHRVVHUYLoRV S~EOLFRV GH RXWUDV DWLYLGDGHV DGPLQLVWUDWLYDV D H[HPSOR GR H[HUFtFLR GR SRGHU GH SROtFLD 3RU RXWUR ERUGR SDUWH GD GRXWULQD RSWD SRU DWULEXLU D VHUYLoR S~EOLFR VHQWLGRPDLVUHVWULWR(QWUHRVDXWRUHVTXHSHUILOKDPHVWHHQWHQGLPHQWRHVWmR&HOVR &5(7(//$-Ò1,25-RVp$GPLQLVWUDomR,QGLUHWDEUDVLOHLUD5LRGH-DQHLUR)RUHQVHS &5(7(//$-Ò1,25-RVp$GPLQLVWUDomR,QGLUHWDEUDVLOHLUDS *$63$5,1,'LyJHQHV'LUHLWRDGPLQLVWUDWLYRHG6mR3DXOR6DUDLYDS 0(,5(//(6 +HO\ /RSHV 'LUHLWR DGPLQLVWUDWLYR EUDVLOHLUR HG 6mR 3DXOR 0DOKHLURV S ',3,(7520DULD6\OYLD=DQHOOD'LUHLWRDGPLQLVWUDWLYRS $QWRQLR %DQGHLUD GH 0HOOR 0DULD 6\OYLD =DQHOOD 'L 3LHWUR H 2GHWH 0HGDXDU FXMRV FRQFHLWRVWDPEpPVHUmRDSRQWDGRVDVHJXLU &HOVR $QWRQLR %DQGHLUD GH 0HOOR UHFRQKHFH QR VHUYLoR S~EOLFR D DWLYLGDGHSUHVWDGDSHOR(VWDGRGLUHWDRXLQGLUHWDPHQWHTXHSURSRUFLRQDXWLOLGDGHRX FRPRGLGDGH PDWHULDO FDSD] GH DWHQGHU D LQWHUHVVHV GD FROHWLYLGDGH HP JHUDO PDV GHVIUXWiYHO GLUHWDPHQWH SHORV DGPLQLVWUDGRV VRE XP UHJLPH GH GLUHLWR S~EOLFR 6XVWHQWDRGRXWULQDGRUDLQGDTXHRFRQFHLWRGHVHUYLoRS~EOLFRHVWiDPSDUDGRHP GRLVHOHPHQWRVTXDLVVHMDPRPDWHULDOHRIRUPDO 1DFRQWLQXLGDGHGDVXDOLomRRDGPLQLVWUDWLYLVWDDVVHYHUDTXHRHOHPHQWR PDWHULDO p FDUDFWHUL]DGR SHOR RIHUHFLPHQWR GH FRPRGLGDGH RX XWLOLGDGH PDWHULDO FRPR IRUQHFLPHQWR GH iJXD OX] WHOHIRQH DWLYLGDGHV FRORFDGDV j GLVSRVLomR GRV DGPLQLVWUDGRV HP JHUDO ± PDV XVXIUXtYHLV LQGLYLGXDOPHQWH GH SHU VH ± FXMD WLWXODULGDGH R (VWDGR DVVXPH HP UD]mR GD VXD LPSRUWkQFLD SDUD D VRFLHGDGH HP GDGR PRPHQWR KLVWyULFR 3RU VXD YH] R HOHPHQWR IRUPDO LPSOLFD D VXEPLVVmR GR VHUYLoRS~EOLFRDUHJLPHMXUtGLFRDGPLQLVWUDWLYRHDRVSULQFtSLRVGHOHGHFRUUHQWHV2 DXWRUUHVVDOWDDIXQGDPHQWDOUHOHYkQFLDGHVVHFULWpULRSRUTXDQWRGHQDGDDGLDQWDULD TXDOLILFDU GHWHUPLQDGD DWLYLGDGH FRPR VHUYLoR S~EOLFR VH HOD SXGHVVH VHU SUHVWDGD HP UHJLPH GH LQLFLDWLYD SULYDGD VHP VH DWHU D SULQFtSLRV SXEOLFLVWDV GR WLSR VXSUHPDFLD GR LQWHUHVVH S~EOLFR VREUH R SDUWLFXODU LPSHVVRDOLGDGH FRQWLQXLGDGH PRGLFLGDGHGDVWDULIDVHQWUHRXWURV 0DULD 6\OYLD =DQHOOD 'L 3LHWUR FRPSDUWLOKD GR HQWHQGLPHQWR GR DXWRU SUHFHGHQWH FRP UHODomR DR IRUQHFLPHQWR GH DWLYLGDGH PDWHULDO SHOR SUySULR (VWDGR RX SRU PHLR GH VHXV GHOHJDGRV QR LQWXLWR GH DWHQGHU FRQFUHWDPHQWH jV QHFHVVLGDGHV FROHWLYDV PDV SRU RXWUR ODGR HQWHQGH VHU SRVVtYHO R H[HUFtFLR GR VHUYLoRS~EOLFRVREUHJLPHWRWDORXSDUFLDOPHQWHS~EOLFR 1RFRQFHLWRGHVHUYLoRS~EOLFRDSUHVHQWDGRSRU2GHWH0HGDXDUGHQRWD VHTXHHODFRPEDWHLQWHUSUHWDomRPXLWRDPSODGHVHUYLoRS~EOLFR3RQGHUDDDXWRUD TXH p FRPXP LQFOXtUHPVH QHVWD H[SUHVVmR DV DWLYLGDGHV GRV 3RGHUHV /HJLVODWLYR ([HFXWLYRH-XGLFLiULRFRQWXGRDVVHYHUDTXH³>@DtDH[SUHVVmRQmRVHUHYHVWHGH %$1'(,5$'(0(//2&HOVR$QWRQLR&XUVRGHGLUHLWRDGPLQLVWUDWLYRS %$1'(,5$'(0(//2&HOVR$QWRQLR&XUVRGHGLUHLWRDGPLQLVWUDWLYRS ',3,(7520DULD6\OYLD=DQHOOD'LUHLWRDGPLQLVWUDWLYRS 0('$8$52GHWH'LUHLWRDGPLQLVWUDWLYRPRGHUQRHG6mR3DXOR5HYLVWDGRV7ULEXQDLV S VHQWLGR WpFQLFR QHP WDLV DWLYLGDGHV VXMHLWDPVH DRV SUHFHLWRV QRUWHDGRUHV GD DWLYLGDGHWHFQLFDPHQWHFDUDFWHUL]DGDFRPRVHUYLoRS~EOLFR´ ,QVWD GHVWDFDU DLQGD TXH D DXWRUD UHWURFLWDGD UHFRQKHFH QR VHUYLoR S~EOLFR D DWLYLGDGH SUHVWDFLRQDO UHDOL]DGD QR kPELWR GDV DWULEXLo}HV GD $GPLQLVWUDomR3~EOLFDTXDOVHMDGR3RGHU([HFXWLYR3URVVHJXHDVXDH[SODQDomR GL]HQGR TXH FKDPD DWLYLGDGH SUHVWDFLRQDO SRUTXH R 3RGHU 3~EOLFR SUHVWD DOJR QHFHVViULR j YLGD FROHWLYD SURSRUFLRQDQGR GLUHWDPHQWH EHQHItFLRV SDUD RV DGPLQLVWUDGRV VHMDPSUHVWDo}HV HVSHFtILFDV SDUD GHWHUPLQDGRV LQGLYtGXRV ± iJXD HQHUJLD HOpWULFD H WUDQVSRUWHV XUEDQRV ± RX SUHVWDo}HV JHQpULFDV ± LOXPLQDomR S~EOLFD H OLPSH]D XUEDQD (P FRQWUDSDUWLGD DV DWLYLGDGHVPHLR SRU HOD GHQRPLQDGDV DTXHODV DWLYLGDGHV LQVWUXPHQWDLV SDUD R RIHUHFLPHQWR GH VHUYLoR S~EOLFRSRUH[HPSORDUUHFDGDomRGHWULEXWRVHYLJLOkQFLDGHUHSDUWLo}HVILFDPIRUD GHVVHFRQFHLWR 6HJXQGR HQVLQDPHQWR GH (URV 5REHUWR *UDX R VHUYLoR S~EOLFR p XPD DWLYLGDGH HFRQ{PLFD FXMR GHVHQYROYLPHQWR FRPSHWH SUHIHUHQFLDOPHQWH DR VHWRU S~EOLFR SRUpP VHP H[FOXVLYLGDGH YLVWR TXH R VHWRU SULYDGR SUHVWD VHUYLoR S~EOLFR HP UHJLPH GH FRQFHVVmR H SHUPLVVmR DWULEXLQGR D VLJQLILFDomR GH JrQHUR j DWLYLGDGH HFRQ{PLFD FRPSUHHQGLGD HVWD HP GXDV HVSpFLHV R VHUYLoR S~EOLFR H D DWLYLGDGH HFRQ{PLFD 2 DXWRU WUDoD DVVLP XPD GLVWLQomR HQWUH VHUYLoR S~EOLFR H DWLYLGDGHHFRQ{PLFDHPVHQWLGRHVWULWRSRLVFRPSUHHQGHTXHRFRQFHLWRGHVHUYLoR S~EOLFRpDEHUWRHTXHFXPSUHSUHHQFKrORFRPRVGDGRVGDUHDOLGDGHGHYHQGRVXD VLJQLILFDomRVHUUHVJDWDGDGDUHDOLGDGHVRFLDO 'HVVXPHVHGRTXDQWRH[SRVWRDWpDTXLTXHRVHUYLoRS~EOLFRpSDVVtYHO GHDOWHUDomRQRWHPSRHQRHVSDoRHTXHSRUPDLVLQFHVVDQWHTXHVHMDDEXVFDSRU VXDGHILQLomRpFHUWRTXHRUHFRQKHFLPHQWRGHFHUWDDWLYLGDGHFRPRVHUYLoRS~EOLFR GHFRUUHGHXPDHVFROKDSROtWLFDLQVFULWDQRSUySULRWH[WRFRQVWLWXFLRQDOHQDVOHLV $VVLP YrVH TXH QmR Ki VHUYLoR S~EOLFR SRU QDWXUH]D SRUTXDQWR VHMD SDUD WUDoDU VHX FRQFHLWR RX VXD QRomR Ki TXH VH UHFRQKHFHU D LQWHUIHUrQFLD GH GLYHUVRVIDWRUHVSDUDTXHGHWHUPLQDGDDWLYLGDGHVHMDDVVLPFRQVLGHUDGD 0('$8$52GHWH'LUHLWRDGPLQLVWUDWLYRPRGHUQRS *5$8(URV5REHUWR$RUGHPHFRQ{PLFDQD&RQVWLWXLomRGHS 'LQRUi$GHODLGH0XVVHWWL*URWWLDYHUEDTXH³&DGDSRYRGL]RTXHpVHUYLoRS~EOLFRHPVHXVLVWHPD MXUtGLFR$TXDOLILFDomRGH XPDGDGDDWLYLGDGHFRPRVHUYLoRS~EOLFRUHPHWHDR SODQRGDFRQFHSomR GR(VWDGRVREUHVHXSDSHOeRSODQRGDHVFROKDSROtWLFDTXHSRGHHVWDUIL[DGDQD&RQVWLWXLomRGR SDtV QD OHL QD MXULVSUXGrQFLD H QRV FRVWXPHV YLJHQWHV HP XP GDGR WHPSR KLVWyULFR´ 2 VHUYLoR S~EOLFRHD&RQVWLWXLomR%UDVLOHLUDGH6mR3DXOR0DOKHLURVS 'HVVD IHLWD FRP DV WUDQVIRUPDo}HV SHODV TXDLV SDVVRX R (VWDGR QR GHFRUUHUGRVpFXOR;;LQFOXLQGRGHVGHHOHPHQWRVHFRQ{PLFRVDWpQRYRVSURFHVVRV GH DSDUHOKDPHQWR QD VXD HVWUXWXUD KRXYH D QHFHVVLGDGH GH UHRUJDQL]DU D IXQomR DGPLQLVWUDWLYD HVWDWDO TXH DEDORX LQGXELWDYHOPHQWH R FRQFHLWR GH VHUYLoR S~EOLFR GDGRSHORVDXWRUHVFOiVVLFRV &RQWXGR D FRQVHTXrQFLD OyJLFD GD HYROXomR GD DWLYLGDGH SUHVWDFLRQDO HVWDWDOQmRIRLRGHVDSDUHFLPHQWRGRVHUYLoRS~EOLFRFRPRMiFRQVLJQDGRPDVVLP DVXDHYROXomRTXHWHYHTXHSDVVDUSRUXPSURFHVVRGHDGDSWDomRDRQRYRSDSHO DVVXPLGRSHOR(VWDGRDSDUWLUGD~OWLPDTXDGUDGRVpFXORSDVVDGR &/$66,),&$d2'266(59,d263Ò%/,&26 2V HVWXGLRVRV GR GLUHLWR DGPLQLVWUDWLYR IRUPXODUDP D FODVVLILFDomR GR VHUYLoRS~EOLFRXWLOL]DQGRVHSDUDWDQWRGRVPDLVYDULDGRVFULWpULRV +HO\ /RSHV 0HLUHOOHV FODVVLILFD RV VHUYLoRV S~EOLFRV HP S~EOLFRV H GH XWLOLGDGH S~EOLFD SUySULRV H LPSUySULRV GR (VWDGR DGPLQLVWUDWLYRV H LQGXVWULDLV XWL XQLYHUVLHXWLVLQJXOL2DXWRUHQWHQGHWRGDYLD TXHGHYHPVHUFRQVLGHUDGRVQHVVD FODVVLILFDomR RV VHJXLQWHV FULWpULRV HVVVHQFLDOLGDGH DGHTXDomR H RV GHVWLQDWiULRV GRV VHUYLoRV 'HQRPLQD RV VHUYLoRV SUySULRV GH XWL XQLYHUVL H RV LPSUySULRV GH XWL VLQJXOL $FODVVLILFDomRPDLVDVVHQWHQDGRXWULQDFRQWXGRpDTXHODTXHGLYLGHR VHUYLoRS~EOLFRHPSUySULRVHLPSUySULRVFDOFDGRQRDVSHFWRGDHVVHQFLDOLGDGH $SURSyVLWR(GPLU1HWWRGH$UD~MRDGRWDHVVDFODVVLILFDomR4XDQWRDRV VHUYLoRV S~EOLFRV H[SOLFD TXH GRXWULQDULDPHQWH DXWRUHV HVWUDQJHLURV HQWHQGLDP FRPR VHUYLoRV S~EOLFRV SUySULRV DTXHOHV TXH R (VWDGR DVVXPH H H[HFXWD GLUHWDPHQWHSRUDJHQWHVGHVHXVyUJmRVRXHQWLGDGHVRXLQGLUHWDPHQWHQRUHJLPH GH FRQFHVV}HV 1R WRFDQWH DRV VHUYLoRV S~EOLFRV LPSUySULRV FRPHQWD TXH D SRVLomR GRV DXWRUHV HVWUDQJHLURV p D GH LQFOXLU VHUYLoRV TXH UHSUHVHQWHP QHFHVVLGDGHV FROHWLYDV QmR H[HFXWDGDV SHOR (VWDGR GLUHWD RX LQGLUHWDPHQWH PDV 0(,5(//(6+HO\/RSHV'LUHLWRDGPLQLVWUDWLYREUDVLOHLURS $5$Ò-2(GPLU1HWWRGH$GPLQLVWUDomR,QGLUHWDEUDVLOHLUD5LRGH-DQHLUR)RUHQVH8QLYHUVLWiULD S TXH GHSHQGHP SDUD R SDUWLFXODU TXH RV GHVHPSHQKH GH UHJXODPHQWDomR HRX DXWRUL]DomRGR3RGHU3~EOLFR -RVp&UHWHOOD-~QLRUOHFLRQDVREUHDFODVVLILFDomRFLWDGDDFLPD 6HUYLoRV S~EOLFRV SUySULRV VmR DTXHOHV TXH R (VWDGR H[HFXWD GLUHWDPHQWHSRUPHLRGHVHXVDJHQWHVRXLQGLUHWDPHQWHUHJLPHGH FRQFHVV}HV 6HUYLoRV S~EOLFRV LPSUySULRV VmR RV TXH HPERUD DWHQGHQGR jV QHFHVVLGDGHV FROHWLYDV FRPR RV DQWHULRUHV QmR VmR H[HFXWDGRVSHOR(VWDGRQHPGLUHWDQHPLQGLUHWDPHQWHVHEHPTXH UHFHEDP DXWRUL]DomR SHUPLVVmR RX FRQFHVVmR GR yUJmR HVWDWDO D TXHPLQFXPEHDWDUHIDGHUHJXODPHQWiORV 1R WRFDQWH D GLVWLQomR GH VHUYLoRV S~EOLFRV SUySULRV H LPSUySULRV HVFODUHFHRDLQGDDXWRU 3DUD GHWHUPLQDU TXDQGR XP VHUYLoR S~EOLFR GHYH FRQVLGHUDUVH SUySULR LVWR p UHDOL]DGR SHOR (VWDGR p QHFHVViULR FRQVLGHUDU R LQWHUHVVHMXUtGLFRUHODWLYRDR(VWDGRHPVHXFRQFHLWRGHQHFHVViULD RUJDQL]DomR MXUtGLFRSROtWLFD H DV QHFHVVLGDGHV GRV KDELWDQWHV RX VHMDDSRSXODomRTXHpHOHPHQWRHVVHQFLDOGR(VWDGR $ $GPLQLVWUDomR 3~EOLFD DR FRQVWLWXLU XP VHUYLoR S~EOLFR WHP D VXD WLWXODULGDGH 3RUpP SRGHUi HVFROKHU D IRUPD FRPR VH GDUi HVWD SUHVWDomR SRUTXDQWRKiVHUYLoRVS~EOLFRVTXHR(VWDGRIRUoRVDPHQWHKiGHH[HFXWDUSRUVL Vy GH IRUPD GLUHWD XPD YH] TXH QmR FRPSRUWDP HVSHFXODomR OXFUDWLYD H H[LJHP HPDOJXPDVRSRUWXQLGDGHVDWpFRDomRItVLFDVREUHRVDGPLQLVWUDGRVGRVTXDLVVmR H[HPSORVDDWLYLGDGHMXUtGLFDHGHVHJXUDQoDEHPDVVLPDDWLYLGDGHGRFDPSRGD DomRFLYLOFRPRDVD~GHS~EOLFD 0DULR 0DVDJmR GLVVHUWDQGR D UHVSHLWR LQIRUPD TXH Ki VHUYLoRV TXH D $GPLQLVWUDomR 3~EOLFD SRGH SUHIHULU HQWUHJDU D SHVVRDV ItVLFDV RX MXUtGLFDV SDUD JHULORVGHVGHTXHSUHHQFKDPRVUHTXLVLWRVH[LJLGRVSDUDWDOILQDOLGDGH 'HVVD IRUPD RV VHUYLoRV S~EOLFRV SRGHP VHU FHQWUDOL]DGRV H GHVFHQWUDOL]DGRVSUHVWDGRVGLUHWDRXLQGLUHWDPHQWH 4XDQWR j IRUPD GH SUHVWDomR R VHUYLoR S~EOLFR SRGH VHU FHQWUDOL]DGR TXDQGRpGHVHPSHQKDGRSHOD$GPLQLVWUDomR'LUHWD8QLmRHVWDGRPHPEUR'LVWULWR &5(7(//$-Ò1,25-RVp&XUVRGHGLUHLWR DGPLQLVWUDWLYR 5LRGH-DQHLUR)RUHQVH S &5(7(//$-Ò1,25-RVp&XUVRGHGLUHLWRDGPLQLVWUDWLYRS 0$6$*20DULR1DWXUH]DMXUtGLFDGDFRQFHVVmRGHVHUYLoRVS~EOLFRV6mR3DXOR6DUDLYD S )HGHUDOHPXQLFtSLR'HVVDDVVHUWLYDH[WUDLVHTXHR(VWDGRpWLWXODUHSUHVWDGRUGR VHUYLoR $ FHQWUDOL]DomR QR HVFyOLR GH -RVp &UHWHOOD -~QLRU p SRLV D ³FRQYHUJrQFLD GH VHUYLoRV S~EOLFRV QR FHQWUR QDV PmRV GDV SHVVRDV MXUtGLFDV S~EOLFDVSROtWLFDVGHH[LVWrQFLDQHFHVViULD8QLmR(VWDGRV0XQLFtSLRVQRVyUJmRV FHQWUDLV´$GHIHVDGRLQWHUHVVHS~EOLFRMXVWLILFDDSUHVHQoDGR(VWDGRQDSUHVWDomR GRVHUYLoRS~EOLFR 4XDQWRjIRUPDGHSUHVWDomRRVHUYLoRS~EOLFRSRGHVHUGHVFHQWUDOL]DGR RX VHMD TXDQGR R 3RGHU 3~EOLFR WUDQVIHUH D WLWXODULGDGH RX D H[HFXomR GR VHUYLoR SRU PHLR GD RXWRUJD RX GD GHOHJDomR D WHUFHLURV TXH SRGH VHU RXWUD HQWLGDGH RX SHVVRD GLVWLQWD GD DGPLQLVWUDomR RX VHMD FRQIRUPH OLomR GH (GPLU 1HWWR GH $UD~MR >@ GHVORFDVH D DWLYLGDGH RX WmR VRPHQWH R VHX H[HUFtFLR GD $GPLQLVWUDomR3~EOLFDFHQWUDOSDUDRXWUDSHVVRDMXUtGLFDSULYDGDRX S~EOLFDRXJRYHUQDPHQWDOQDQRPHQFODWXUDGR'HFUHWROHLQ DSULPHLUDVHPVHQWLGRHVWULWRpD$GPLQLVWUDomR'LUHWDDVHJXQGD UHIHUHVH j SUHVWDomR GH VHUYLoRV GH IRUPD LQGLUHWD VRE UHJLPH GH FRQFHVVmRRXSHUPLVVmR 1RTXHWDQJHjH[HFXomRRVHUYLoRS~EOLFRSRGHVHUGLYLGLGRHPVHUYLoR S~EOLFRGHH[HFXomRGLUHWDHVHUYLoRS~EOLFRGHH[HFXomRLQGLUHWD2SULPHLURRFRUUH TXDQGR D SHVVRD UHVSRQViYHO XWLOL]D VHXV SUySULRV UHFXUVRV H PHLRV SDUD D SUHVWDomR 6mR RV GHQRPLQDGRV VHUYLoRV HP H[HFXomR GLUHWD DTXHOHV TXH R UHVSRQViYHO SRU VHX RIHUHFLPHQWR DR S~EOLFR R UHDOL]D SHVVRDOPHQWH SRU PHLR GH yUJmRV RX SRU VHXV SUHSRVWRV 3RU VHX WXUQR R VHUYLoR S~EOLFR GH H[HFXomR LQGLUHWD RFRUUH TXDQGR R UHVSRQViYHO SHOD VXD SUHVWDomR WUDQVIHUH D WHUFHLURV HVWD IXQomR GHYHQGR VHU UHVSHLWDGDV DV FRQGLo}HV UHJXODPHQWDUHV 3DUD TXH R VHUYLoR S~EOLFRVHMDH[HFXWDGRLQGLUHWDPHQWHGHSHQGHGHVXDQDWXUH]DMXUtGLFDSRUTXDQWR KiVHUYLoRVHPTXHQmRpDGPLVVtYHOTXHVHXH[HFXWRUVHMDVXEVWLWXtGRFRPRRFRUUH FRP D DWLYLGDGH MXULVGLFLRQDO H D VHJXUDQoD S~EOLFD H Ki RXWURV TXH D SUySULD RXWRUJDRXGHOHJDomRSURtEHTXHDH[HFXomRVHMDGDGDDWHUFHLUR &5(7//$-Ò1,25-RVp&XUVRGHGLUHLWRDGPLQLVWUDWLYRS $5$Ò-2(GPLU1HWWRGH$GPLQLVWUDomR,QGLUHWDEUDVLOHLUDS 0(,5(//(6+HO\/RSHV'LUHLWRDGPLQLVWUDWLYREUDVLOHLURS 'LyJHQHV *DVSDULQL H[SOLFDQGR D IRUPD GH H[HFXomR GRV VHUYLoRV S~EOLFRV DILUPD TXH ³2V VHUYLoRV S~EOLFRV GH H[HFXomR GLUHWD VmR DTXHOHV RIHUHFLGRV SHOD $GPLQLVWUDomR 3~EOLFD SRU VHXV yUJmRVHDJHQWHV´RVGHH[HFXomRLQGLUHWDVmRRV³RIHUHFLGRVSHOD$GPLQLVWUDomR3~EOLFD SRUVHXV $ &5)% QR TXH VH UHIHUH j SUHVWDomR GH VHUYLoR S~EOLFR HVFROKHX D IRUPD GLUHWD H LQGLUHWD GLDQWH GR PDQGDPHQWR LQVHUWR QR DUWLJR FDSXW QRV VHJXLQWHV WHUPRV ³,QFXPEH DR 3RGHU 3~EOLFR QDIRUPD GD OHL GLUHWDPHQWH RX VRE UHJLPH GH FRQFHVVmR H SHUPLVVmR VHPSUH DWUDYpV GH OLFLWDomR D SUHVWDomR GH VHUYLoRVS~EOLFRV´ 'R SUHFHLWR FRQVWLWXFLRQDO FLWDGR DLQGD SRGHP VHU H[WUDtGDV DOJXPDV GLUHWUL]HV DWLQHQWHV j SUHVWDomR GR VHUYLoR S~EOLFR 3ULPHLUDPHQWH GHVVXPHVH GR PDQGDPHQWR FRQVWLWXFLRQDO TXH R UHJLPH MXUtGLFR GR VHUYLoR S~EOLFR LPS}H REULJDo}HVHOLPLWHVSRVLWLYRVHQHJDWLYRVGHDomRGR3RGHU3~EOLFRQRVWUrVQtYHLV GLIHUHQFLDGRV GH SRGHU ± IHGHUDO HVWDGXDOGLVWULWDO H PXQLFLSDO ± REHGHFHQGRVH R SULQFtSLR IHGHUDWLYR DUW GD &5)% SDUD D H[HFXomR GHVVHV VHUYLoRV H D VDWLVIDomRGHVHXVXVXiULRV $LQGD p SRVVtYHO H[WUDLU D GLUHWUL] VHJXQGR D TXDO R 3RGHU 3~EOLFR FRQWLQXDVHQGRRWLWXODUGRVHUYLoRS~EOLFRUHJXODPHQWDQGRRTXDQWRDRVHXREMHWR DVXDIRUPDDVXDH[HFXomRDSUHVWDomRGRVHUYLoRSHORSDUWLFXODUHDVREULJDo}HV GRVSUHVWDGRUHVHGRVVHXVXVXiULRV (P ULJRU D SUHVWDomR GR VHUYLoR p R PRPHQWR HP TXH D DGPLQLVWUDomR DJHSDUDRVHUYLoRFKHJDUDWpRXVXiULRSRULQWHUPpGLRGDHQWLGDGHS~EOLFDRXSRU TXHP UHFHED D GHOHJDomR DGPLQLVWUDWLYD RX OHJLVODWLYD SDUD WDO PLVWHU $ RXWRUJD p H[FOXVLYDGRH[HFXWLYR (PDUUHPDWHYDOHOHPEUDUTXHRFRQVWLWXLQWHGHDOpPGHGHWHUPLQDU D IRUPD GH SUHVWDomR GR VHUYLoR S~EOLFR GLUHWD RX LQGLUHWDPHQWH FHQWUDOL]DGD RX GHVFHQWUDOL]DGDQmRVHROYLGRXGHGHWHUPLQDUTXDLVRVLQVWLWXWRVTXHSRGHULDPVHU DGRWDGRV QR FDVR GH VHU D SUHVWDomR LQGLUHWD ILJXUDV FOiVVLFDV QR PRGR GH SUHVWDomRGRVVHUYLoRVS~EOLFRVTXHVmRDFRQFHVVmRHDSHUPLVVmR yUJmRV H DJHQWHV´ H RV GH H[HFXomR LQGLUHWD VmR DTXHOHV ³SUHVWDGRV SRU WHUFHLURV´ 'LUHLWR DGPLQLVWUDWLYRS 1mR REVWDQWH R WH[WR FRQVWLWXFLRQDO VH UHIHULU j SUHVWDomR GR VHUYLoR GH IRUPD LQGLUHWD SRU FRQFHVVLRQiULRV RX SHUPLVVLRQiULRV HQFRQWUDVH QD /HL Q TXH HVWDEHOHFH QRUPDV SDUD RXWRUJDHSURUURJDo}HVGDVFRQFHVV}HVHSHUPLVV}HVHWDPEpPQDV/HLVQVH TXHUHJXODPHQWDPUHVSHFWLYDPHQWHRVVHUYLoRVGHWHOHFRPXQLFDo}HVHGHHQHUJLDHOpWULFDSUHYLVmR GR H[HUFtFLR GHVWDV DWLYLGDGHV PHGLDQWH R LQVWUXPHQWR GD DXWRUL]DomR (P RXWUDV DWLYLGDGHV D $GPLQLVWUDomR3~EOLFDSRGHUiUHFRUUHUDRVLQVWLWXWRVGRVFRQVyUFLRVS~EOLFRVIUDQTXLDWHUFHLUL]DomRH DUUHQGDPHQWRTXHGHYLGRjVVXDVHVSHFLILFLGDGHVQmRVHUmRWUDWDGDVQHVWHWUDEDOKR 35,1&Ë3,261257($'25(6'266(59,d263Ò%/,&26 2V VHUYLoRV S~EOLFRV VH VXEPHWHP D GHWHUPLQDGRV SUHFHLWRV H GHVVD IRUPD WrPVH SULQFtSLRV TXH DOpP GH DMXGDU QD LQGLYLGXDOL]DomR GHVVHV VHUYLoRV EXVFDP R VHX SHUIHLWR IXQFLRQDPHQWR VREUHWXGR SRU HVWDU SUHVHQWH QD VXD GHWHUPLQDomRRLQWHUHVVHS~EOLFR &HOVR $QWRQLR %DQGHLUD GH 0HOOR GLVFRUUH D UHVSHLWR GHVVHV SULQFtSLRV 6XDVOLo}HVPHUHFHPVHUWUDQVFULWDV 2V SULQFtSLRV VmR PDQGDPHQWRV QXFOHDUHV GH XP VLVWHPD VHX YHUGDGHLUR DOLFHUFH GLVSRVLomR IXQGDPHQWDO TXH VH LUUDGLD VREUH GLIHUHQWHV QRUPDV FRPSRQGROKHV R HVStULWR H VHUYLQGR GH FULWpULR SDUD VXD H[DWD FRPSUHHQVmR e R FRQKHFLPHQWR GRV SULQFtSLRV TXH SUHVLGH D LQWHOHFomR GDV GLIHUHQWHV SDUWHV FRPSRQHQWHV GR WRGR XQLWiULRTXHKiSRUQRPHVLVWHPDMXUtGLFRSRVLWLYR 2VVHUYLoRVS~EOLFRVFRPRRXWURVLQVWLWXWRVMXUtGLFRVSRVVXHPSULQFtSLRV SUySULRV TXH VHUYHP FRPR EDOL]DGRUHV GDV DWLYLGDGHV GR (VWDGR RX GH VHXV GHOHJDGRVHDRPHVPRWHPSRJDUDQWHPRVGLUHLWRVGRVVHXVXVXiULRV 1HVWHSRQWRGRWUDEDOKRSUHWHQGHVHVDOLHQWDURVSULQFtSLRVLQHUHQWHVDRV VHUYLoRVS~EOLFRVHPJHUDOHGHIRUPDHVSHFLDODTXHOHVGHQRPLQDGRVGHVHUYLoRV LPSUySULRV RX XWL VLQJXOL SRU VH HQWHQGHU TXH HVWHV VmR SDVVtYHLV GH GHOHJDomR j LQLFLDWLYDSULYDGD 2 SULQFtSLR GD DGHTXDomR GRV VHUYLoRV YHP GLIXQGLGR HP DOJXQV GLVSRVLWLYRV GR RUGHQDPHQWR MXUtGLFR EUDVLOHLUR $VVLP GLVS}H D &5)% QR DUWLJR SDUiJUDIR~QLFRLQFLVR ,9 TXHD OHL RUGLQiULD HVWDEHOHFHUiR GHWDOKDPHQWR GR 'HDFRUGRFRP+HO\/RSHV0HLUHOOHV³2VUHTXLVLWRVGRVHUYLoRS~EOLFRRXGHXWLOLGDGHS~EOLFDVmR VLQWHWL]DGRVPRGHUQDPHQWHHPFLQFRSULQFtSLRVTXHDDGPLQLVWUDomRGHYHWHUSUHVHQWHVSDUDH[LJL ORVGHTXHPRVSUHVWHVRSULQFtSLRGDSHUPDQrQFLDLPS}HFRQWLQXLGDGHQRVHUYLoRRGDJHQHUDOLGDGH LPS}HVHUYLoR LJXDOSDUD WRGRVRGD HILFLrQFLDH[LJHDWXDOL]DomRGRVHUYLoRR GDPRGLFLGDGH H[LJH WDULIDV UD]RiYHLV H R GD FRUWHVLD WUDGX] HP ERP WUDWDPHQWR SDUD FRP R S~EOLFR )DOWDQGR TXDOTXHU GHVVHV UHTXLVLWRV HP XP VHUYLoR S~EOLFR RX GH XWLOLGDGH S~EOLFD p GHYHU GD DGPLQLVWUDomR LQWHUYLU SDUD UHVWDEHOHFHU VHX UHJXODU IXQFLRQDPHQWR RX UHWRPDU VXD SUHVWDomR >JULIR GR DXWRU@´ 'LUHLWR DGPLQLVWUDWLYREUDVLOHLURS %$1'(,5$'(0(//2&HOVR$QWRQLR&XUVRGHGLUHLWRDGPLQLVWUDWLYRS 'LQRUi$GHODLGH0XVHWWL*URWLHQVLQDTXHRVSULQFtSLRVGRVVHUYLoRVS~EOLFRVVHUHODFLRQDPFRPRV ILQVGR(VWDGRHFRPRVSULQFtSLRVFRQVWLWXFLRQDLVJDUDQWLGRUHVGDGLJQLGDGHGDSHVVRDKXPDQDDUW ,,, &5)% LJXDOGDGH DUW FDSXW &5)% EHP FRPR FRP RV REMHWLYRV IXQGDPHQWDLV GD 5HS~EOLFD )HGHUDWLYD GR %UDVLO DUW GD &5)% 2V VHUYLoRV S~EOLFRV QD &RQVWLWXLomR )HGHUDO GH S VHUYLoR S~EOLFR DGHTXDGR ³$ OHL GLVSRUi VREUH D REULJDomR GH PDQWHU VHUYLoR DGHTXDGR´ 3RLVEHP$WHQGHQGRDRVUHFODPHVFRQVWLWXFLRQDLVD/HLQ/HL GDV &RQFHVV}HV UHJXODPHQWRX DV FRQGLo}HV SDUD D SUHVWDomR GRV VHUYLoRV S~EOLFRV VRE R UHJLPH GH FRQFHVVmR RX SHUPLVVmR $ PHVPD OHL WUD] HP VHX ERMR XPFRQFHLWRGHVHUYLoRDGHTXDGRFRPGHVWDTXHSDUDRVSULQFtSLRVTXHRQRUWHLDP OLWWHULV ³6HUYLoR DGHTXDGR p R TXH VDWLVID] DV FRQGLo}HV GH UHJXODULGDGH FRQWLQXLGDGH HILFLrQFLD VHJXUDQoD DWXDOLGDGH JHQHUDOLGDGH FRUWHVLD QD VXD SUHVWDomRHPRGLFLGDGHGHQDVWDULIDV´DUW ,PSHULRVR VDOLHQWDU SRU SHUWLQHQWH TXH R SUHFHSWLYR DFLPD GD /HL GDV &RQFHVV}HVpGHJUDQGHLPSRUWkQFLDQRHQFDPLQKDPHQWRGRWHPDGHVWHWUDEDOKR SRLVFRPSOHPHQWDDQRUPDGR&'&TXHWUD]HPVHXERMRDSUHYLVmRGHSUHVWDomR GHVHUYLoRVS~EOLFRVDGHTXDGDVHPFRQWXGRGHILQLURVHXVLJQLILFDGRSDUDILQVGH SURWHomRGRUHVSHFWLYRXVXiULRFRQVXPLGRU 1D FRQFHSomR GH 'LQRUi $GHODLGH 0XVVHWWL *URWWL RV SULQFtSLRV PDLV UHOHYDQWHV GRV VHUYLoRV S~EOLFRV VmR RV VHJXLQWHV FRQWLQXLGDGH UHJXODULGDGH LJXDOGDGH RX XQLIRUPLGDGH QHXWUDOLGDGH JHQHUDOLGDGH RX XQLYHUVDOLGDGH REULJDWRULHGDGH PXWDELOLGDGH RX DGDSWDomR FRQVWDQWH PRGLFLGDGH SDUWLFLSDomR GRVXVXiULRVFRUWHVLDHHILFLrQFLDHUHVSRQVDELOLGDGH ,PSRUWDQWHDQRWDUHPSULPHLURTXHWHQGRHPYLVWDRWHPDGHVWHWUDEDOKR GRUDYDQWH D DERUGDJHP VH HQFDPLQKDUi DSHQDV SDUD RV SULQFtSLRV TXH JXDUGDP HVWUHLWD UHODomR FRP R VHX REMHWR HP VHJXQGR TXH DV GHILQLo}HV VREUH UHIHULGRV SULQFtSLRVDVHJXLUDSUHVHQWDGDVHLVTXHQmRHVWiFRQWHPSODGRQRIRFRSULQFLSDOGR HVWXGREDVHLDVHQDGRXWULQDGH'LQRUi$GHODLGH0XVVHWWL*URWWL 2SULQFtSLRGDFRQWLQXLGDGHFRQVLVWHQRFDUiWHULQGLVSHQViYHOHHVVHQFLDO GR VHUYLoR S~EOLFRRTXDO GHYH VHU SUHVWDGR VHP LQWHUUXSo}HV 2 SULQFtSLR HP WHOD VHUiDQDOLVDGRGHPDLVGHWLGRQR~OWLPRFDStWXORGRSUHVHQWHWUDEDOKRYH]TXHHVWi GLUHWDPHQWHUHODFLRQDGRDRVHXWHPDFHQWUDO 2SULQFtSLRGDUHJXODULGDGHHVWiLQWLPDPHQWHUHODFLRQDGRjFRQWLQXLGDGHH SUHVVXS}H TXH RV VHUYLoRV GHYDP VHU SUHVWDGRV GH DFRUGR FRP DV QRUPDV H 2 DUW Û LQF ; GR &'& SUHVFUHYH TXH XP GRV GLUHLWRV EiVLFRV GR FRQVXPLGRU p D DGHTXDGD H HILFD]SUHVWDomRGRVVHUYLoRVS~EOLFRVHPJHUDO2DUWGRPHVPRGLSORPDOHJDOGHWHUPLQDTXHR 3RGHU3~EOLFRRXVHXVGHOHJDGRVVmRREULJDGRVDIRUQHFHUVHUYLoRVS~EOLFRVDGHTXDGRV *5277,'LQRUi$GHODLGH0XVVHWWL2VHUYLoRS~EOLFRHD&RQVWLWXLomR%UDVLOHLUDGHS FRQGLo}HV SUHHVWDEHOHFLGDV SDUD HVVD ILQDOLGDGH RX GH FRQVRQkQFLD FRP DTXHODV TXHOKHVVHMDPDSOLFiYHLV 2 SULQFtSLR GD LJXDOGDGH RX XQLIRUPLGDGH DGRWD FULWpULRV GH UD]RDELOLGDGHHGHSURSRUFLRQDOLGDGHSDUDHVWDEHOHFHUTXHRVXVXiULRVHPVLWXDomR VHPHOKDQWH GHYHP WHU LJXDO DFHVVR j SUHVWDomR GRV VHUYLoRV S~EOLFRV 5HIHULGR DFHVVR GHYH VHU YLDELOL]DGR D WRGRV PHVPR jTXHOHV XVXiULRV PHQRV FDSDFLWDGRV HFRQRPLFDPHQWHHPGHFRUUrQFLDGRFDUiWHUS~EOLFRHVRFLDOGRVVHUYLoRVS~EOLFRV TXHQmRSRGHPHVWDUVXMHLWRVVRPHQWHjVIRUoDVGRPHUFDGR(PGHFRUUrQFLDGHVWH SULQFtSLR HQFRQWUDVH D PRWLYDomR SDUD D FREUDQoD GH WDULIDV GLIHUHQFLDGDV GH DFRUGR FRP DV FRQGLo}HV VRFLRHFRQ{PLFDV GR XVXiULR FRQIRUPH GHWHUPLQDGR QR DUWGD/HLQ 2SULQFtSLRGDJHQHUDOLGDGHRXXQLYHUVDOLGDGHpFRUROiULRGRSULQFtSLRGD LJXDOGDGH6LJQLILFDTXHRVHUYLoRS~EOLFRGHYHDWHQGHULQGLVWLQWDPHQWHDWRGRVRV XVXiULRV TXH GHOH QHFHVVLWDP LQGHSHQGHQWHPHQWH GH SRGHU DTXLVLWLYR /HL Q DUW/HLQDUW,9 &RP UHODomR DR SULQFtSLR GD PRGLFLGDGH DSOLFDVH jTXHOHV VHUYLoRV S~EOLFRV UHPXQHUDGRV SRU PHLR GH WDULID 0RGLFLGDGH QR HQWDQWR VLJQLILFD SRQGHUDomR PRGHUDomR OLPLWH QD FREUDQoD GD UHPXQHUDomR SHOD SUHVWDomR GRV VHUYLoRV S~EOLFRV 'HVVH PRGR R SULQFtSLR DWULEXL DR SUHVWDGRU R GHYHU GH IL[DU YDORUHVTXHYLDELOL]HPRDFHVVRDRVHUYLoRHVHMDPFRPSDWtYHLVFRPDVXDQDWXUH]D GHFDUiWHUVRFLDO $ GHWHUPLQDomR GR SULQFtSLR GD SDUWLFLSDomR GRV XVXiULRV JDUDQWH D ILVFDOL]DomR H R FRQWUROH GD SUHVWDomR GRV VHUYLoRV FRP EDVH QR PDQGDPHQWR FRQVWLWXFLRQDOLQVHUWRQRDUWLQF, $ SURSyVLWR GHVVH SULQFtSLR R HQWH IHGHUDWLYR FRPSHWHQWH SDUD D SUHVWDomRGRVHUYLoRGHYHUiGLVSRUVREUHDVIRUPDVGHSDUWLFLSDomRPHGLDQWHOHLDV TXDLV SRGHP DVVXPLU DVSHFWRV GLVWLQWRV RXYLGRULDV DXGLrQFLDV S~EOLFDV FRQVXOWRULDVS~EOLFDVHQWUHRXWURV ³$UW$VWDULIDVSRGHUmRVHUGLIHUHQFLDGDVHPIXQomRGDVFDUDFWHUtVWLFDVWpFQLFDVHGRVFXVWRV HVSHFtILFRVSURYHQLHQWHVGRDWHQGLPHQWRDRVGLVWLQWRVVHJPHQWRVGHXVXiULRV´ $/HLQÛTXHUHJXODRVVHUYLoRVGHWHOHFRPXQLFDo}HVSUHYrPHFDQLVPRVGHSDUWLFLSDomR FRQWUROHHILVFDOL]DomRDUWVH'DPHVPDIRUPDGLVS}HD/HLQTXHLQVWLWXLXD $1((/DUWH 'H DFRUGR FRP R SULQFtSLR GD FRUWHVLD R DJHQWH S~EOLFR WHP R GHYHU GH EHPDFROKHURXVXiULRHRS~EOLFRHPJHUDOeSRUWDQWRXPSULQFtSLRSRVLWLYDGRDUW GD/HLQWUDQVFHQGHQGRDHVIHUDPRUDO 3RU ILP R SULQFtSLR GD HILFLrQFLD TXH IRL LQWURGX]LGR QD &5)% DUW FDSXW SRU IRUoD GD (PHQGD &RQVWLWXFLRQDO Q GHWHUPLQD TXH R VHUYLoR S~EOLFR GHYH VDWLVID]HU DV QHFHVVLGDGHV GRV XVXiULRV GH PRGR TXH RV RQHUH R PtQLPRSRVVtYHOSDXWDQGRDRWLPL]DomRQDDSOLFDomRGRVUHFXUVRVS~EOLFRV 266(59,d263Ò%/,&261225'(1$0(172-85Ë',&2%5$6,/(,52 &.2.& 3 34-5+6 3 789#+( 3 '! '3:+:"+6 4,4-!# 9-!3+#4+-! 2OHJLVODGRUFRQVWLWXLQWHGHGLIHUHQFLRXVHUYLoRS~EOLFRGHDWLYLGDGH HFRQ{PLFD 'H DFRUGR FRP R HVWDEHOHFLGR QR DUWLJR YDOH IULVDU ³,QFXPEH DR 3RGHU 3~EOLFR QD IRUPD GD OHL GLUHWDPHQWH RX VRE UHJLPH GH FRQFHVVmR H SHUPLVVmRVHPSUHDWUDYpVGHOLFLWDomRDSUHVWDomRGHVHUYLoRVS~EOLFRV´ &XPSULQGR HVVH PDQGDPHQWR FRQVWLWXFLRQDO D /HL Q GH GH IHYHUHLURGHUHJXODPHQWRXRFLWDGRDUWLJREHPFRPRRVHXSDUiJUDIR~QLFR $ VHX WXUQR R DUWLJR GD &5)% DWULEXL DR VHWRU SULYDGR SUHFLSXDPHQWHDUHDOL]DomRGDDWLYLGDGHHFRQ{PLFDQRVVHJXLQWHVWHUPRV 5HVVDOYDGRV RV FDVRV SUHYLVWRV QHVWD &RQVWLWXLomR D H[SORUDomR GLUHWDGHDWLYLGDGHHFRQ{PLFDSHOR(VWDGRVyVHUiSHUPLWLGDTXDQGR QHFHVViULD DRV LPSHUDWLYRV GD VHJXUDQoD QDFLRQDO RX D UHOHYDQWH LQWHUHVVHFROHWLYRFRQIRUPHGHILQLGRVHPOHL $ SDUWLU GH HP GHFRUUrQFLD GDV HPHQGDV GDV (PHQGDV &RQVWLWXFLRQDLV QÛV H GH H GH DOJXQV PRQRSyOLRV DFDEDUDPVHQGRIOH[LELOL]DGRVQRWRGRRXHPSDUWHHGHVHQFDGHDUDPSULYDWL]Do}HV SDUFLDLV GH VHUYLoRV S~EOLFRV R TXH YHLR D DFDUUHWDU UHIOH[RV QD LQWHUSUHWDomR GR DUWLJR -RVp $IRQVR GD 6LOYD FRP SUHFLVmR GLVWLQJXH DWLYLGDGH HFRQ{PLFD GH VHUYLoRS~EOLFR$VXDOLomRPHUHFHVHUWUDQVFULWD $ DWLYLGDGH HFRQ{PLFD QR UHJLPH FDSLWDOLVWD FRPR p R QRVVR GHVHQYROYHVH QR UHJLPH GD OLYUH LQLFLDWLYD VRE D RULHQWDomR GH DGPLQLVWUDGRUHV GD HPSUHVD SULYDGD 2 VHUYLoR S~EOLFR p SRU VXD QDWXUH]D HVWDWDO 7HP FRPR WLWXODU XPD HQWLGDGH S~EOLFD 3RU FRQVHJXLQWHILFD VHPSUH VRE R UHJLPH MXUtGLFR GH GLUHLWR S~EOLFR 2 TXH VH WHP TXH GHVWDFDU DTXL H DJRUD p TXH QmR FDEH WLWXODULGDGH SULYDGDQHPPHVPRVREUHVHUYLoRVS~EOLFRVGHFRQWH~GRHFRQ{PLFR FRPR VmR SRU H[HPSOR DTXHOHV UHIHULGRV QR DUW ;, H ;,, GD &RQVWLWXLomR)HGHUDO (QWHQGHVH DVVLP D SDUWLU GRV HQVLQDPHQWRV GH DXWRUHV GH HVFRO TXH QmRVHFRDGXQDFRPRRUGHQDPHQWREUDVLOHLURFRQVLGHUDURVHUYLoRS~EOLFRDWLYLGDGH HFRQ{PLFD VLPSOHVPHQWH SRUTXDQWR R DUW GH IRUPD LQHTXtYRFD DWULEXL R VHUYLoR S~EOLFR DR 3RGHU 3~EOLFR SRGHQGR VHU UHDOL]DGR SHOR VHWRU SULYDGR PHGLDQWHGHOHJDomRSRUPHLRGRVLQVWLWXWRVGDFRQFHVVmRRXSHUPLVVmR,QIHUHVH DGHPDLVTXHRFRQVWLWXLQWHGHIL[RXXPYtQFXORGHSUHVHQoDGR3RGHU3~EOLFR QDDWLYLGDGHTXDOLILFDGDFRPRVHUYLoRS~EOLFRGHIRUPDPDLVRXPHQRVLQWHQVDPDV VHPDIDVWiORFRPSOHWDPHQWHGHVWDIXQomR 3RURXWURERUGRYHULILFDVHTXHDOJXQVSUHFHLWRVFRQWLGRVQRDUWGD &5)% H GHVWLQDGRV D QRUWHDU D DWLYLGDGH HFRQ{PLFD QmR VH DSOLFDP DR VHUYLoR S~EOLFR e R FDVR GD OLYUH LQLFLDWLYD SRUTXDQWR QmR VH SRGH GL]HU TXH D SUHVWDomR GRV VHUYLoRV S~EOLFRV p LQIRUPDGD SHOD OLYUH LQLFLDWLYD $ GHFLVmR GH WUDQVIHULU D H[HFXomRDRVHWRUSULYDGRpVHPSUHGR3RGHU3~EOLFR 1HVVD OLQKD WDPSRXFR VH SRGH DSOLFDU DR VHUYLoR S~EOLFR R GLVSRVWR QR SDUiJUDIR ~QLFR GR PHQFLRQDGR DUW XPD YH] TXH WRGRV RV VHUYLoRV S~EOLFRV SUHVWDGRV SRU SDUWLFXODUHV GHYHP VrOR PHGLDQWH WLWXODomR QD TXDO HVWi VXEHQWHQGLGR R FRQVHQWLPHQWR GR 3RGHU 3~EOLFR HLV TXH H[SUHVVD XPD DWLYLGDGH VXEPHWLGD QmR jV ~QLFDV OHLV GR PHUFDGR PDV D UHJUDV GH IXQFLRQDPHQWR GR (VWDGR TXH LPS}HP D HVWH XPD H[LJrQFLD $QRWHVH TXH HVVH HOHPHQWR GH H[LJrQFLDpSUHFLRVRSRUTXHpHOHPHQWRGHSURWHomRGHFODVVHVPHQRVIDYRUHFLGDV HHPXPDGLPHQVmRPDLRUpHOHPHQWRGHSURWHomRGHWRGDDFROHWLYLGDGH $)2162'$6,/9$-RVp&XUVRGHGLUHLWRFRQVWLWXFLRQDOSRVLWLYRS 0('$8$5 2GHWH 6HUYLoRV S~EOLFRV H GLUHLWR WULEXWiULR ,Q 7Ð55(6 +HOHQR 7DYHLUD FRRUG 6HUYLoRVS~EOLFRVHGLUHLWRWULEXWiULRS 3RU GHUUDGHLUR GLDQWH GR HQIRTXH SHUVHJXLGR QR SUHVHQWH HVWXGR UHODWLYDPHQWH DR GLUHLWR GR FRQVXPLGRU FRPR XVXiULR GH VHUYLoR S~EOLFR WDO FRPR GLVSRVWRQRDUWLJRGR&'&VHUiREMHWRGHDERUGDJHPSRUPHQRUL]DGDQR~OWLPR FDStWXORGHVWHWUDEDOKR &.2.$ ( *74:;'(+! ,4 (!,! 4':4 <4,4-!:+5 '! 7-43:!6 ,4 34-5+6 789#+( 5HJLVWUDVH GH SODQR TXH D &5)% QmR WUD] HP VHX ERMR R FRQFHLWR GH VHUYLoR S~EOLFR 1R HQWDQWR D SDU GH HVWDEHOHFHU TXDLV RV VHUYLoRV TXH FRQVLGHUD S~EOLFRGLVS}HDUHVSHLWRGDUHSDUWLomRGHFRPSHWrQFLDGDVXDSUHVWDomRHQWUHFDGD HQWHGDIHGHUDomRGHIRUPDH[FOXVLYDRXQmR $VVLP 8QLmR WHP FRPSHWrQFLD DGPLQLVWUDWLYD SDUD SUHVWDU FRP H[FOXVLYLGDGH DV DWLYLGDGHV GH FRPRGLGDGH H XWLOLGDGH PDWHULDO IUXtYHO GLUHWDPHQWH SHORVSDUWLFXODUHVFRQIRUPHSUHYrRDUWLJRGD&5)%DVDEHURVHUYLoRSRVWDOH R FRUUHLR DpUHR QDFLRQDO LQF ; VHUYLoRV GH WHOHFRPXQLFDo}HV LQF ;, UDGLRGLIXVmRVRQRUDGHVRQVHLPDJHQVVHUYLoRVHLQVWDODo}HVGHHQHUJLDHOpWULFDH DSURYHLWDPHQWRHQHUJpWLFRGRVFXUVRVGHiJXDHPDUWLFXODomRFRPRV(VWDGRVRQGH VH VLWXDP RV SRWHQFLDLV KLGURHQHUJpWLFRV QDYHJDomR DpUHD DHURHVSDFLDO H LQIUD HVWUXWXUDDHURSRUWXiULDVHUYLoRVGHWUDQVSRUWHIHUURYLiULRHDTXDYLiULRHQWUHSRUWRV EUDVLOHLURV H IURQWHLUDV QDFLRQDLV RX TXH WUDQVSRQKDP RV OLPLWHV GH HVWDGR RX WHUULWyULR RV VHUYLoRV GH WUDQVSRUWH URGRYLiULR LQWHUHVWDGXDO H LQWHUQDFLRQDO GH SDVVDJHLURVRVSRUWRVPDUtWLPRVIOXYLDLVHODFXVWUHVLQF;,, 2VHVWDGRVGDIHGHUDomRSRUVHXWXUQRWrPFRPSHWrQFLDDGPLQLVWUDWLYD UHVLGXDO $ HVWHV HQWHV VmR UHVHUYDGDV DV FRPSHWrQFLDV TXH QmR OKHV VHMDP YHGDGDV SRU LPSRVLomR FRQVWLWXFLRQDO DUW 3RGHP SUHVWDU HP FRQMXQWR FRP D 8QLmR H FRP RV PXQLFtSLRV RV VHUYLoRV GH WUDQVSRUWH FROHWLYR URGRYLiULR LQWHUPXQLFLSDOGHSDVVDJHLURVDUWV;,,H9HRVGHWUDQVSRUWHIHUURYLiULRRX DTXDYLiULRHQWUHPXQLFtSLRVDUW;,,G(DLQGDGHDFRUGRFRPRDUWp DWULEXLomRGRVHVWDGRVDSUHVWDomRGHVHUYLoRVORFDLVGHJiVFDQDOL]DGR &RP UHODomR DRV PXQLFtSLRV D FRPSHWrQFLD DGPLQLVWUDWLYD UHVLGXDO RXWRUJDGD SHOR WH[WR FRQVWLWXFLRQDO FLQJHVH j SUHVWDomR GH VHUYLoRV GH LQWHUHVVH ORFDOFRQVXEVWDQFLDGRQRWUDQVSRUWHFROHWLYRGHFXQKRHVVHQFLDODUWLQF91R TXH GL] UHVSHLWR DR 'LVWULWR )HGHUDO DEDUFD DV FRPSHWrQFLDV UHVHUYDGDV DRV HVWDGRVHDRVPXQLFtSLRVDUW 1R WRFDQWH DRV VHUYLoRV GH VD~GH H DVVLVWrQFLD S~EOLFD D SURWHomR H JDUDQWLD GDV SHVVRDV SRUWDGRUDV GH GHILFLrQFLD DUW ,, RV VHUYLoRV GH RIHUHFLPHQWR GH PHLRV GH DFHVVR j FXOWXUD j HGXFDomR H j FLrQFLD DUW 9 H RV SDUD SURPRYHU RV SURJUDPDV GH PRUDGLD SRSXODU H D PHOKRULD GDV FRQGLo}HV KDELWDFLRQDLV H GH VDQHDPHQWR EiVLFR DUW ,; D &5)% SUHYr FRPSHWrQFLDV FRPXQVDWRGDVDVSHVVRDVSROtWLFDV $ OHL LQIUDFRQVWLWXFLRQDO WDPEpP SRGH LQVWLWXLU GHWHUPLQDGRV VHUYLoRV S~EOLFRV 2GHWH0HGDXDUFLWDFRPRH[HPSORD/HLIHGHUDOQGHGHMXOKR GH TXH LQGLFD RV VHUYLoRV GH EDUUDJHQV FRQWHQo}HV HFOXVDV GLTXHV H LUULJDo}HVFRPRVHUYLoRVS~EOLFRV &HOVR $QWRQLR %DQGHLUD GH 0HOOR DVVHYHUD TXH HQWUH RV VHUYLoRV TXH QmR SRGHP VHU VHUYLoRV S~EOLFRV H RV VHUYLoRV TXH R VmR REULJDWRULDPHQWH H[LVWH ³>@ D PDUJHP OHJDO SDUD GHILQLU RV GHPDLV VHUYLoRV S~EOLFRV 'HVGH TXH QmR VHMD DIURQWDGD D RULHQWDomR FRQVWLWXFLRQDO LQGLFDGD H R VHQWLGR FRUUHQWH GD ORFXomR DWLYLGDGHHFRQ{PLFDROHJLVODGRURUGLQiULRSRGHUiFULDURXWURVVHUYLoRVS~EOLFRV´( DGHPDLVDQDOLVDRDXWRU e OyJLFR HQWUHWDQWR TXH HP GHVSHLWR GHVWD PDUJHP GH OLEHUGDGH QmR Ki SDUD R OHJLVODGRU OLEHUGDGH DEVROXWD ¬ IDOWD GH XPD GHILQLomR FRQVWLWXFLRQDO Ki TXH VH HQWHQGHU TXH R FRQVWLWXLQWH VH UHPHWHX DR VHQWLGR FRPXP GH H[SUHVVmR LVWR p DR SUHYDOHQWH DR OXPH GRV SDGU}HV GH FXOWXUD GH XPD pSRFD GDV FRQYLFo}HV SUHGRPLQDQWHV QD VRFLHGDGH 3RU LVVR PHVPR QmR p WRWDO D OLEHUGDGHGROHJLVODWLYRVRESHQDGHVHUUHWLUDGRTXDOTXHUFRQWH~GR GH YRQWDGH DR GLVSRVLWLYR GD &DUWD 0DJQD WRUQDQGRD OHWUD PRUWD GHVWLWXtGDGHTXDOTXHUYDOLDHVLJQLILFDGR 'LDQWH GD H[SODQDomR DFHUFD GR VHUYLoR S~EOLFR QR FDStWXOR VHJXLQWH FXPSUH LQYHVWLJDU FRPR RFRUUH D VXD GHOHJDomR SRU PHLR GRV LQVWLWXWRV GD FRQFHVVmRHGDSHUPLVVmR 0('$8$52GHWH'LUHLWRDGPLQLVWUDWLYRPRGHUQRS %$1'(,5$'(0(//2&HOVR$QWRQLR&XUVRGHGLUHLWRDGPLQLVWUDWLYRS %$1'(,5$'(0(//2&HOVR$QWRQLR&XUVRGHGLUHLWRDGPLQLVWUDWLYRS $ / $GHOHJDomRGHVHUYLoRVS~EOLFRVWHPIXQGDPHQWRQRWH[WRFRQVWLWXFLRQDO DUWTXHGHWHUPLQDVHUHPDFRQFHVVmRHDSHUPLVVmRIRUPDVGHGHOHJDomR GDH[HFXomRGHVHUYLoRVS~EOLFRVGR(VWDGRSDUDHQWHVGDLQLFLDWLYDSULYDGD $OpP GLVVR R OHJLVODGRU FRQVWLWXLQWH GH GHWHUPLQRX QR SUHFHSWLYR FLWDGRTXHRFRQWUDWRGHFRQFHVVmRHSHUPLVVmRGHYHUiVHUSUHFHGLGRGHOLFLWDomR TXHpRSURFHGLPHQWRTXHUHJXODRPRGRGHDWXDUGD$GPLQLVWUDomR3~EOLFD ,PSRUWDQWHPHQFLRQDUTXHQmRREVWDQWHRWH[WRFRQVWLWXFLRQDOVHUHIHULUj SUHVWDomR GRV VHUYLoRV S~EOLFRV GH IRUPD LQGLUHWD SRU FRQFHVVLRQiULRV RX SHUPLVVLRQiULRV QD /HL Q TXH HVWDEHOHFH QRUPDV SDUD RXWRUJDV H SURUURJDo}HV GDV FRQFHVV}HV H SHUPLVV}HV H WDPEpP QDV /HLV QV H TXHUHJXODPHQWDPUHVSHFWLYDPHQWHRVVHUYLoRVGHWHOHFRPXQLFDo}HVHGH HQHUJLD HOpWULFD HQFRQWUDVH SUHYLVmR GR H[HUFtFLR GHVWDV DWLYLGDGHV PHGLDQWH R LQVWUXPHQWRGHDXWRUL]DomR $LQGD HP RXWUDV DWLYLGDGHV SUHVWDFLRQDLV D $GPLQLVWUDomR 3~EOLFD SRGHUi UHFRUUHU DRV LQVWLWXWRV GRV FRQVyUFLRV S~EOLFRV IUDQTXLD WHUFHLUL]DomR H DUUHQGDPHQWR TXH QmR VHUmR DERUGDGRV QHVWH WUDEDOKR Mi TXH QmR HVWmR FRQWHPSODGRVQR HVFRSR GR WHPD HVFROKLGR TXH EXVFD VREUHWXGR DQDOLVDU RV VHUYLoRVS~EOLFRVSUHVWDGRVSRUPHLRGRLQVWLWXWRGDFRQFHVVmR )250$6'(35(67$d2'266(59,d263Ò%/,&26 1R GHFRUUHU GD KLVWyULD R VHUYLoR S~EOLFR SDVVRX SRU PXLWDV WUDQVIRUPDo}HVTXHLPSDFWDUDPDVXDRSHUDFLRQDOL]DomR ³$UW,QFXPEHDR3RGHU3~EOLFRQDIRUPDGDOHLGLUHWDPHQWHRXVREUHJLPHGHFRQFHVVmRRX SHUPLVVmRVHPSUHDWUDYpVGHOLFLWDomRDSUHVWDomRGHVHUYLoRVS~EOLFRV 3DUiJUDIR~QLFR$OHLGLVSRUiVREUH ,RUHJLPHGDVHPSUHVDVFRQFHVVLRQiULDVHSHUPLVVLRQiULDVGHVHUYLoRVS~EOLFRVRFDUiWHUHVSHFLDO GHVHXFRQWUDWRHGHVXDSURUURJDomREHPFRPRDVFRQGLo}HVGHFDGXFLGDGHILVFDOL]DomRHUHVFLVmR GDFRQFHVVmRRXSHUPLVVmR ,,RVGLUHLWRVGRVXVXiULRV ,,,SROtWLFDWDULIiULD 3DUD FXPSULU DV VXDV IXQo}HV SUHFtSXDV R (VWDGR SHUVRQDOL]DGR QRV GLVWLQWRV HQWHV SROtWLFRV GD IHGHUDomR SUHFLVRX EXVFDU QRYRV IRUPDWRV GH RUJDQL]DomR 2 LQWXLWR HUD DVVHJXUDU R GHVHQYROYLPHQWR GH VXDV DWLYLGDGHV SUHVWDFLRQDLV VHP GHVFXUDU GD PDQXWHQomR GR YtQFXOR RUJkQLFR TXH FDUDFWHUL]D D VXDSUHVHQoDQDSUHVWDomRGRVVHUYLoRVS~EOLFRV 5X\ &LUQH /LPD OHFLRQDQGR VREUH D GHVFHQWUDOL]DomR GRV VHUYLoRV S~EOLFRVDQRWD 2 FUHVFLPHQWR GD UHGH GH VHUYLoRV S~EOLFRV HP SURSRUo}HV VXUSUHHQGHQWHVQDV~OWLPDVGpFDGDVFULRXXPSUREOHPDDRPHVPR WHPSR SROtWLFR H DGPLQLVWUDWLYR SROtWLFR QR TXH WDQJH jV UHVWULo}HV DVVLP HVWDEHOHFLGDV j OLEHUGDGH LQGLYLGXDO DGPLQLVWUDWLYR QR TXH UHVSHLWD j H[HFXomR VDWLVIDWyULD GRV VHUYLoRV PHVPRV )RLOKH DSRQWDGDDVROXomRGDGHVFHQWUDOL]DomR>@ )HLWDV HVVDV FRQVLGHUDo}HV QD SUy[LPD VHomR SDVVDVH D GLVWLQJXLU HQWmR DV GXDV SULQFLSDLV IRUPDV GH SUHVWDomR GH VHUYLoRV S~EOLFRV FHQWUDOL]DGD H GHVFHQWUDOL]DGD $.&.& -43:!6 ,4 < -*! (4':-!#+>!,! &DUDFWHUL]D D IRUPD GH SUHVWDomR FHQWUDOL]DGD DTXHOD UHDOL]DGD SHORV HQWHV IHGHUDWLYRV SRU PHLR GH VHXV SUySULRV yUJmRV (P RXWUDV SDODYUDV D $GPLQLVWUDomR 3~EOLFD 'LUHWD GHWpP D TXDOLGDGH GH WLWXODU H p DR PHVPR WHPSR D SUHVWDGRUDGRVVHUYLoRVS~EOLFRV $ $GPLQLVWUDomR 'LUHWD SRGHUi WRGDYLD SUHVWDU RV VHUYLoRV S~EOLFRV GH IRUPDGHVFRQFHQWUDGDRXVHMDFRQWLQXDVHQGRDSUHVWDGRUDPDVSRUPHLRGHXP yUJmR TXH SHUWHQFH j VXD HVWUXWXUD RUJkQLFD GRWDGR GH HVSHFLDOL]DomR QHFHVViULD DRRIHUHFLPHQWRGRVHUYLoRTXHILFDLQFXPELGRGHWDOPLVWHU 0DOJUDGR R IDWR GH R HQWH SROtWLFR SRGHU GHVWDFDU DOJXP yUJmR FRPSRQHQWH GD VXD HVWUXWXUD RUJDQL]DFLRQDO SDUD SUHVWDU GHWHUPLQDGR VHUYLoR S~EOLFR ,9DREULJDomRGHPDQWHUVHUYLoRDGHTXDGR´ &,51(/,0$5X\ 3ULQFtSLRV GR GLUHLWRDGPLQLVWUDWLYRHGLomRUHYLVWDHUHHODERUDGDSRU3DXOR $OEHUWR3DVTXDOLQL6mR3DXOR0DOKHLURVS 0DUFHO,R &DHWDQR QmR FRQFRUGD FRP HVWD IRUPD GH SUHVWDomR FHQWUDOL]DGDHID]DVHJXLQWHREVHUYDomR >@ HVVD IRUPD GH SUHVWDomR ± FHQWUDOL]DGD ± QmR p DGHTXDGD j SUHVWDomRGHFXQKRHPSUHVDULDOFDUDFWHUtVWLFDGRVVHUYLoRVS~EOLFRV HFRQ{PLFRV RQGH VH GHPDQGD DXWRQRPLD H DJLOLGDGH GH JHVWmR Vy DOFDQoiYHLVSRUSHVVRDVMXUtGLFDVQmRSRUPHURVyUJmRV 6REUHD GLVWULEXLomR LQWHUQDGH FRPSHWrQFLDH GH VHUYLoR D GHQRPLQDGD ³GHVFRQFHQWUDomR´ 'LRJHQHV *DVSDULQL ID] LPSRUWDQWH DGYHUWrQFLD QR VHQWLGR GH TXHQmRVHSRGHFRQIXQGLODFRPD³GHVFHQWUDOL]DomR´ $.&.$ -43:!6 ,4 < -*! ,43(4':-!#+>!,! 1DSUHVWDomRGHVFHQWUDOL]DGDR3RGHU3~EOLFRWUDQVIHUHDWLWXODULGDGHRX VRPHQWHD H[HFXomRGR VHUYLoR SRU PHLRGD RXWRUJD RXGHOHJDomR jHQWLGDGH GD $GPLQLVWUDomR,QGLUHWDRXDSDUWLFXODU&RQWXGRKDYHUiWUDQVIHUrQFLDGDWLWXODULGDGH HGDH[HFXomRGRVHUYLoRVHDHQWLGDGHGHVWLQDWiULDWLYHUSHUVRQDOLGDGHMXUtGLFDGH GLUHLWR S~EOLFR FRPR RFRUUH FRP DV DXWDUTXLDV H DV IXQGDo}HV S~EOLFDV GH GLUHLWR S~EOLFR 3RU RXWUR ERUGR VH D HQWLGDGH GHVWLQDWiULD IRU SHVVRD MXUtGLFD GH GLUHLWR SULYDGR TXH LQWHJUH D $GPLQLVWUDomR ,QGLUHWD FRPR RFRUUH FRP DV IXQGDo}HV GH GLUHLWRSULYDGRHPSUHVDVS~EOLFDVHVRFLHGDGHGHHFRQRPLDPLVWDRXQmRFRPRp RFDVRGRVFRQFHVVLRQiULRVHSHUPLVVLRQiULRVGHVHUYLoRVS~EOLFRVDWUDQVIHUrQFLD VHUiDSHQDVGDH[HFXomRGRVHUYLoR &$(7$12 0DUFHOOR 3ULQFtSLRV IXQGDPHQWDLV GR GLUHLWR DGPLQLVWUDWLYR &RLPEUD $OPHGLQD S *$63$5,1,'LRJHQHV'LUHLWRDGPLQLVWUDWLYRHG6mR3DXOR6DUDLYDS 1mRWUDWDUHPRVGDDXWRUL]DomRFRPRIRUPDGHGHVFHQWUDOL]DomRGDH[HFXomRGHVHUYLoRVS~EOLFRV SRUTXDQWRFRPSDUWLOKDPRVGRHQWHQGLPHQWRHVSRVDGRSRU0DULD6\OYLD=DQHOOD'L3LHWURGHTXHDV DXWRUL]Do}HV QmR FRQVWLWXHP LQVWUXPHQWR GH GHOHJDomR GH VHUYLoRV S~EOLFRV PDV VLP UHJXODomR GH DWLYLGDGH HFRQ{PLFD $VVLP H[SOLFD D GRXWULQDGRUD ³$ DXWRUL]DomR GH VHUYLoR S~EOLFR GD PHVPD IRUPD TXH D DXWRUL]DomR H XVR GH EHP S~EOLFR p GDGD QR LQWHUHVVH H[FOXVLYR GR SDUWLFXODU TXH D REWpPHOHQmRH[HUFHXPDDWLYLGDGHTXHYiVHUXVXIUXtGDSRUWHUFHLURVPDVDSHQDVSRUHOHPHVPR 9DOH GL]HU TXH DTXHOD PHVPD DWLYLGDGH TXH FRQVWLWXL VHUYLoR S~EOLFR SURSULDPHQWH GLWR TXDQGR SUHVWDGD GLUHWDPHQWH SHOR 3RGHU 3~EOLFR RX DSHQDV SHODV FRQFHVVLRQiULDV RX SHUPLVVLRQiULDV SUDWLFDPHQWH SHUGH HVVD TXDOLGDGH TXDQGR SUHVWDGD PHGLDQWH DXWRUL]DomR SRU IDOWDUOKH XPD FDUDFWHUtVWLFDHVVHQFLDOTXHpRDWHQGLPHQWRGHQHFHVVLGDGHVFROHWLYDV>@3UHFLVDPHQWHSRUVHUD DXWRUL]DomRGDGDQRLQWHUHVVHH[FOXVLYRGRSDUWLFXODUQmRKiQHFHVVLGDGHGHTXHVHMDPGHOHJDGDV &XPSUHREVHUYDUTXHQDVGXDVKLSyWHVHVGHGHVFHQWUDOL]DomRGRVHUYLoR S~EOLFRPHQFLRQDGDVKDYHUiDSUHVHQoDGHXPDLQWHUSRVWDSHVVRDHQWUHDHQWLGDGH SROtWLFDFRPSHWHQWHSDUDRVHUYLoRHDILJXUDGRXVXiULRGHVWHPHVPRVHUYLoR $ WUDQVIHUrQFLD GD H[HFXomR GR VHUYLoR S~EOLFR DGHPDLV SRGH VHU IHLWD SRUPHLRGHOHLSRUFRQWUDWRRXSRUDWRDGPLQLVWUDWLYRFRQIRUPHHQWHQGLPHQWRTXH VHUiDSUHVHQWDGRPDLVDGLDQWH $VVLPKiRXWRUJDTXDQGRDWUDQVIHUrQFLDRFRUUHSRUOHLjHQWLGDGHFULDGD SRUGHWHUPLQDGRHQWHIHGHUDWLYRHLQWHJUDQWHGDVXD$GPLQLVWUDomR,QGLUHWDVHMDHOD DXWDUTXLDIXQGDomRS~EOLFDHPSUHVDS~EOLFDRXVRFLHGDGHGHHFRQRPLDPLVWD $VHXWXUQRKiGHOHJDomRTXDQGRR(VWDGRWUDQVIHUHPHGLDQWHFRQWUDWR GH FRQFHVVmR RX SHUPLVVmR D H[HFXomR GR VHUYLoR D SDUWLFXODU PDQWHQGR HQWUHWDQWRDVVXDVFRQGLo}HVUHJXODPHQWDUHVHRFRQWUROHGDDWLYLGDGHSUHVWDFLRQDO $ RXWRUJD VHQGR RULXQGD GD OHL WHP D SULRUL FXQKR GH GHILQLWLYLGDGH $ GHOHJDomR GLDQWH GD VXD JrQHVH FRQYHQFLRQDO H LQIUDOHJDO /HL Q GHYH WHU SUD]R GHWHUPLQDGR GHVGH R VHX QDVFHGRXUR DSHVDU GH SRGHU VHU UHYRJDGD RX PRGLILFDGD DGPLQLVWUDWLYDPHQWH 1RV GRLV FDVRV SRUpP R VHUYLoR FRQWLQXD VHQGR S~EOLFRHWmRVRPHQWHGHVFHQWUDOL]DGR 25,*(0'$6&21&(66®(6 $LQGD TXH GH PDQHLUD EUHYH Ki QHFHVVLGDGH GH SHUFRUUHUPRV RV SULQFLSDLVPRPHQWRVGDHYROXomRKLVWyULFDGRLQVWLWXWRGDFRQFHVVmRXPDYH]TXH QRGL]HUGH0DQRHO$ORQVR2OHD >@ SURYDYHOPHQWH QmR H[LVWH LQVWLWXLomR MXUtGLFD LQWHLUDPHQWH FRPSUHHQVtYHO VHP XPD H[SRVLomR KLVWyULFD GH VXD RULJHP H GHVHQYROYLPHQWR SRUTXDQWR VmR HVWHV TXH GHWHUPLQDP D IRUPD FRPR DTXHOD LQVWLWXLomR MXUtGLFD DSDUHFH HVWUXWXUDGD H GmR D UD]mR GHVHXVFDUDFWHUHVHSHFXOLDULGDGHV(PDLVpRHVWXGRKLVWyULFRTXH Gi EDVH D GHILQLo}HV TXH GH RXWUD IRUPD SDUHFHULDP VH QmR DUWLILFLRVDVSHORPHQRVGHPDVLDGDPHQWHGRJPiWLFDV SUHUURJDWLYDV S~EOLFDV 2 3RGHU 3~EOLFR WLWXODU GR VHUYLoR Gi DXWRUL]DomR FRP EDVH QR SRGHU GH SROtFLDGR(VWDGRHFRPEDVHQHVVHPHVPRSRGHUHVWDEHOHFHDVFRQGLo}HVHPTXHDDWLYLGDGHVHUi H[HUFLGDHILVFDOL]DRH[HUFtFLRGDDWLYLGDGH´3DUFHULDVQD$GPLQLVWUDomR3~EOLFDHG6mR3DXOR $WODVS 2/($0DQXHO$ORQVR,QWURGXomRDRGLUHLWRGRWUDEDOKR3RUWR$OHJUH6XOLQDS (P REHGLrQFLD D HVWH LPSHUDWLYR PHWRGROyJLFR p SRVVtYHO DILUPDU TXH D JrQHVHGRLQVWLWXWRGDVFRQFHVV}HVUHPRQWDj,GDGH0pGLDTXDQGRRVSDUWLFXODUHV FRPHoDUDPDSUHVWDUVHUYLoRVS~EOLFRV $OH[DQGUH6DQWRVGH$UDJmRDUHVSHLWRSRQWLILFD 2LQVWLWXWRGDFRQFHVVmRQDVVXDVRULJHQVPDLVUHPRWDVHQD7HRULD *HUDOGR'LUHLWRUHPHWHjLGpLDGHWUDQVODomRGHXPIHL[HGHGLUHLWRV GHXPVXMHLWRGHOHVWLWXODUDRXWURTXHRULJLQDULDPHQWHQmRWLQKDD SRVVLELOLGDGH GH H[HUFHU DV IDFXOGDGHV FRUUHVSRQGHQWHV D WDLV GLUHLWRV GH PDQHLUD TXH FRP D FRQFHVVmR DPSOLD D VXD HVIHUD MXUtGLFD 0DLVDGLDQWHRFLWDGRDXWRUOHFLRQD 1DVFRQFHVV}HVGHVHUYLoRVS~EOLFRVHVVDFLUFXQVWkQFLDDPSOLDWLYDp EHP FODUD Mi TXH SRVVLELOLWD DR FRQFHVVLRQiULR R H[HUFtFLR GH DWLYLGDGHVS~EOLFDVQmRGHDWLYLGDGHVTXHMiHVWmRQDyUELWDGDOLYUH LQLFLDWLYDSULYDGD(VVHpRSULQFLSDOSRQWRGHGLVWLQomRHPUHODomRjV DXWRUL]Do}HV H GHPDLV DWRV DGPLQLVWUDWLYRV GH SROtFLD SUpYLD GH ILVFDOL]DomR GH DWLYLGDGHV RULJLQDOPHQWH GD SUySULD HVIHUD SULYDGD TXHQmRSRVVXHPHIHLWRVDPSOLDWLYRVGDHVIHUDMXUtGLFD 2GHWH 0HGDXDU D VHX WXUQR DILUPD HQFRQWUDUVH QD ,GDGH 0pGLD RV DQWHFHGHQWHVPDLVUHPRWRVGDVFRQFHVV}HV >@ LQGLFDQGR FRPR VHQGR HVWDV j pSRFD VHQKRULDLV H UHDLV (VSHFLILFDPHQWHVREUHDVVHQKRULDLVRFRUULDPSDUDWUDQVIHUrQFLDGD DGPLQLVWUDomR GH IHXGRV RX SDUD H[SORUDomR GH DWLYLGDGHV HP GRPtQLRV SHUWHQFHQWHV DR VHQKRU IHXGDO 1R 6pFXOR ;9,, R WHUPR FRQFHVVmR HUD XWLOL]DGR SDUD GHQRPLQDU DWRV GH EHQHYROrQFLD GR VREHUDQR $VHXWXUQR5RGROIR%DUUDFRPHQWDTXHQHVVDpSRFD 2 (VWDGR QmR HUD HPSUHViULR QD UHDOLGDGH HUD UHSXJQDQWH TXH R IRVVHSRUTXHVLJQLILFDULDDWUDLomRDRVSRVWXODGRVOLEHUDLVQRVTXDLV VHIXQGDYD$VVLPDSDUHFHVRERDVSHFWRGHVXDRULJHPFRQFHLWXDO MXUtGLFD PDV QmR QHFHVVDULDPHQWH FURQROyJLFR D WpFQLFD GD FRQFHVVmR GH VHUYLoRV S~EOLFRV TXH SHUPLWH HVWHQGHU R FDPSR GD $5$*2 $OH[DQGUH 6DQWRV GH 'LUHLWR GRV VHUYLoRV S~EOLFRV HG 5LR GH -DQHLUR )RUHQVH S $5$*2$OH[DQGUH6DQWRVGH'LUHLWRGRVVHUYLoRVS~EOLFRVS 0('$8$52GHWH&RQFHVVmRGHVHUYLoRS~EOLFR6mR3DXOR5HYLVWDGRV7ULEXQDLVS %$55$ 5RGROIR & +DFLD XQD ,QWHUSUHWDFLyQ UHVWULFWLYD GHO FRQFHSWR GH VHUYLFLR S~EOLFR %XHQRV $LUHV(GLWRUD/D/H\S SXEOLFDWLR VHP QHFHVVLGDGH GH DPSOLDU GHVPHVXUDGDPHQWH D SUHVHQoDGR(VWDGRQDYLGDVRFLDO>7UDGXomRQRVVD@ $LQGDVREUHDRULJHPGDVFRQFHVV}HV2GHWH0HGDXDUUHODWD 1D )UDQoD QR SHUtRGR GR HVWDGR DEVROXWR UHJLVWUDVH D H[LVWrQFLD GH FRQWUDWRV GH JHVWmR GH VHUYLoRV S~EOLFRV HP TXH RV UHSUHVHQWDQWHVGR3RGHU3~EOLFRH[HUFHPSRGHUGHGLUHomREDL[DP GLUHWUL]HV LPS}HP XQLODWHUDOPHQWH DFUpVFLPRV SRGHP UHVFLQGLU R FRQWUDWR2VFRQFHVVLRQiULRVWrPVLWXDomRGHVXMHLomRHPEHQHItFLR GRVHUYLoRS~EOLFR1RVpF;9,,SRXFDVVmRDVJDUDQWLDVGDGDVDRV FRQFHVVLRQiULRV 2 TXDGUR VH DOWHUD QR VpF ;9,,, DPSOLDQGRVH DV JDUDQWLDV Mi VH SUHYrHP GLUHLWRV GH LQGHQL]DomR HP FDVR GH FXOSD GD$GPLQLVWUDomRDXPHQWRGHREUDUHVFLVmRXQLODWHUDOVHPFXOSDGR FRQFHVVLRQiULRRFRUUrQFLDGHVLWXDo}HVLPSUHYLVWDV $ FRQFHVVmR FRP DV FRQRWDo}HV DWXDLV H[LVWH H IRL XWLOL]DGD GHVGH R VpFXOR ;,; QD (XURSD VREUHWXGR QD )UDQoD ,QLFLDOPHQWH IRL FULDGD SDUD VHUYLoRV TXH H[LJLDP JUDQGHV LQYHVWLPHQWRV ILQDQFHLURV H SHVVRDO WpFQLFR HVSHFLDOL]DGR HQFDUJRV HVWHV TXH R 3RGHU 3~EOLFR QmR SRGLD DVVXPLU $V SULPHLUDV FRQFHVV}HV GHVWLQDUDPVH SULQFLSDOPHQWH D HVWUDGDV GH IHUUR IRUQHFLPHQWR GH iJXD JiV HOHWULFLGDGH H WUDQVSRUWHV XUEDQRV $ FRQFHVVmR WLQKD D FDUDFWHUtVWLFD GD ORQJD GXUDomRSDUDSURSLFLDUUHWRUQRGRLQYHVWLPHQWRDSOLFDGR 1R %UDVLO DV SULPHLUDV FRQFHVV}HV VXUJLUDP GXUDQWH R ,PSpULR HP HVSHFLDO DV IHUURYLDV $ QHFHVVLGDGH GH VXD UHJXODPHQWDomR GHX D]R j HGLomR GD /HLQGHTXHSHUPLWLXDFRQVWUXomRHDH[SORUDomRGDSULPHLUDIHUURYLD QR%UDVLOOLJDQGRDVSURYtQFLDVGR5LRGH-DQHLUR0LQDV*HUDLVH6mR3DXOR 6HJXQGR $OH[DQGUH GRV 6DQWRV GH $UDJmR D HOHWULFLGDGH DSDUHFH QR ILQDOGR,PSpULR2DXWRUDLQGDLQIRUPDTXH 1R DQR GH VXUJH D KLGUHOHWULFLGDGH QR %UDVLO PHVPR QmR GLVSRQGR GH XP LQVWUXPHQWR IRUPDO GH FRQFHVVmR XP PLQHUDGRU FRQVWUyL XPD XVLQD KLGUHOpWULFD QR 5LEHLUmR GR ,QIHUQR DIOXHQWH GR 5LR -HTXLWLQKRQKD HP 'LDPDQWLQD 0LQDV *HUDLV SDUD PRYLPHQWDU 1DSXEOLFDWLRRQGHR(VWDGRpWLWXODUGDDWLYLGDGHGHVHUYLoRS~EOLFRFRPDSOLFDomRREULJDWyULDGH UHJLPH MXUtGLFR HVSHFLDO p WUDoR FDUDFWHUtVWLFR GD FRQFHSomR IUDQFHVD GH VHUYLoR S~EOLFR SURIXQGDPHQWH DUUDLJDGD QR %UDVLO (P WHUPRV RSRVWRV QRV SDtVHV DQJORVD[}HV GR FRPPRQ ODZ RVVHUYLoRVGHLQWHUHVVHJHUDOHVWmRVXMHLWRVDXPDVpULHGHREULJDo}HVPDVQmRKiSXEOLFDWLRUD]mR SHOD TXDO DV GHQRPLQDGDV SXEOLF XWLOLWLHV QmR VmR HTXLYDOHQWHV j QRomR HXURSpLD H EUDVLOHLUD GH VHUYLoR S~EOLFR &I 02'(672 3DXOR 5HIRUPD GR (VWDGR IRUPDV GH SUHVWDomR GH VHUYLoRV DR S~EOLFR H SDUFHULDV S~EOLFRSULYDGDV 5HYLVWD GH 'LUHLWR (OHWU{QLFR GH 'LUHLWR $GPLQLVWUDWLYR (FRQ{PLFR6DOYDGRUQPDLRMXQMXOS 0('$8$52GHWH&RQFHVVmRGHVHUYLoRS~EOLFRS 0('$8$52GHWH&RQFHVVmRGHVHUYLoRS~EOLFRS $5$*2$OH[DQGUHGRV6DQWRVGH'LUHLWRGRVVHUYLoRVS~EOLFRVS GXDV ERPEDV GH GHVPRQWH KLGUHOpWULFR TXH FRP MDWRV G¶iJXD UHYROYLDP R WHUUHQR H SURSLFLDYDP D GHVFREHUWD GH GLDPDQWHV 1R PHVPRDQRRVSULPHLURVERQGHVHOpWULFRVFRPHoDUDPDFLUFXODUHP 1LWHUyL H HP &DPSRV 7DPEpP QHVVD &LGDGH &DPSRV QR (VWDGR GR 5LR GH -DQHLUR HUD LQDXJXUDGR R VLVWHPD GH LOXPLQDomR S~EOLFD TXHFRPWULQWDHQRYHOkPSDGDVLOXPLQDYDSHODSULPHLUDYH]XPD &LGDGHQD$PpULFDGR6XO (XULFR GH $QGUDGH $]HYHGR H 0DULD /~FLD 0D]]HL GH $OHQFDU GLVFRUUHQGRVREUHDHYROXomRGRLQVWLWXWRGDFRQFHVVmRDQRWDP 1RV WHPSRV GR (VWDGRSROtFLD VHUYLoRV HVVHQFLDLV HUDP FRQVLGHUDGRV DSHQDV D PDQXWHQomR GD VHJXUDQoD S~EOLFD H D DGPLQLVWUDomR GD -XVWLoD $ UHYROXomR LQGXVWULDO R DXPHQWR GD SRSXODomR XUEDQD D 3ULPHLUD *XHUUD 0XQGLDO D FULVH GH IL]HUDP FRP TXH ± PDLV H PDLV ± R (VWDGR IRVVH DPSOLDQGR D VXD DWXDomR QR PHLR VRFLDO SDVVDQGR D VHU FRQVLGHUDGR FRPR (VWDGR SUHVWDGRU GH VHUYLoRV LQJUHVVDQGR DWp HP iUHDV TXH QmR OKH FDELDP QHFHVVLWDQGR GD FRODERUDomR GR HPSUHViULR SDUWLFXODU DR PHVPRWHPSRHPTXHFRQVHUYDYDDWLWXODULGDGHGRVHUYLoR 2 SURFHVVR GH SUHVWDomR GH VHUYLoRV S~EOLFRV SRU SDUWLFXODUHV SRU PHLR GDFRQFHVVmRFRQWLQXRXVHH[SDQGLQGRQR%UDVLODWpDGpFDGDGHTXDQGRWHP LQtFLRRSURFHVVRGHHVWDWL]DomRGRVVHUYLoRVS~EOLFRV $SHVDU GDV YDQWDJHQV WUD]LGDV SHODV FRQFHVV}HV DVVLVWHVH DR VHX GHFOtQLR FRP R SURFHVVR GH LQWHUYHQomR GR (VWDGR GLUHWDPHQWH QD HFRQRPLD WRPDQGRSDUDVLDSUHVWDomRGRVVHUYLoRVS~EOLFRV $SyV D6HJXQGD *XHUUD 0XQGLDO KRXYH DFHQWXDGD WHQGrQFLDHVWDWL]DQWH H JUDQGH SDUWH GDV DWLYLGDGHV FRQFHGLGDV IRL QDFLRQDOL]DGD FXOPLQDQGR FRP D FULDomR GH HPSUHVDV HVWDWDLV TXH SDVVDUDP D DEVRUYHU SDUWH H[SUHVVLYD GDV FRQFHVV}HVGRVHWRUSULYDGR$SDUWLUGDtDVVLVWHVHDRVXUJLPHQWRGHFRQFHVV}HV RXWRUJDGDV QmR PDLV DR VHWRU SULYDGR QRV PROGHV RULJLQiULRV PDV D HQWHV GD $GPLQLVWUDomR3~EOLFD,QGLUHWDRXGHVFHQWUDOL]DGDHPSUHVDVS~EOLFDVHVRFLHGDGHV GHHFRQRPLDPLVWD $=(9('2 (XULFR GH $QGUDGH $/(1&$5 0DULD /~FLD 0D]]HL GH &RQFHVVmR GH VHUYLoRV S~EOLFRVFRPHQWiULRVjV/HLVH6mR3DXOR0DOKHLURVS 2LQVWLWXWRGDFRQFHVVmRQRGLUHLWREUDVLOHLURIRLWUDWDGRQDV&RQVWLWXLo}HVGHDUWGH DUWGHDUWGHDUW,D,,,H(PHQGD&RQVWLWXFLRQDOQGH DUW $SHVDU GH KDYHU HP DOJXQV GHVWHV GLVSRVLWLYRV FRQVWLWXFLRQDLV PHQomR j OHJLVODomR LQIUDFRQVWLWXFLRQDO SDUD UHJXODU RV VHUYLoRV FRQFHGLGRV QmR Ki QRWtFLDV TXH WDO IDWR WHQKD RFRUULGR H[FHomR IHLWD DR 'HFUHWROHL Q TXH GLVSXQKD VREUH DV OLFLWDo}HV H FRQWUDWRV GD $GPLQLVWUDomR3~EOLFDIHGHUDO $5$*2$OH[DQGUH6DQWRVGH'LUHLWRVGRVVHUYLoRVS~EOLFRVS $SDUWLUGDGpFDGDGHUHVVXUJHRLQWHUHVVHSHODFRQFHVVmRVyTXH HP RXWUR FRQWH[WR SRUpP VRE D PHVPD MXVWLILFDWLYD TXH GHOLQHRX R LQVWLWXWR QR VpFXOR ;,; RX VHMD D H[HFXomR GRV VHUYLoRV VHP {QXV ILQDQFHLUR SDUD D $GPLQLVWUDomR3~EOLFD 6REUHRSURFHVVRGHGHVHVWDWL]DomR$OH[DQGUH6DQWRVGH$UDJmRID]R VHJXLQWHFRPHQWiULR &RPDFULVHGR(VWDGR GHEHPHVWDUVRFLDOHRVVXFHVVLYRVGpILFLWV GDVHPSUHVDVHVWDWDLVFRPHoRXVHDYLYHUDSDUWLUGDGpFDGDGH GR VpFXOR SDVVDGR XP UHWRUQR GR SrQGXOR XP SURFHVVR GH GHVHVWDWL]DomR FRP D DOLHQDomR GH HVWDWDLV H D GHOHJDomR GH VHUYLoRVS~EOLFRVjLQLFLDWLYDSULYDGD $ UHVSHLWR GD UHWRPDGD GD WUDQVIHUrQFLD GD SUHVWDomR GH VHUYLoRV S~EOLFRVjLQLFLDWLYDSULYDGD'LQRUi$GHODLGH0XVHWWL*URWWLH[SOLFD 2 LQVWLWXWR GD FRQFHVVmR p YHOKR SRU WHU VLGR R SULPHLUR PRGR GH GHVFHQWUDOL]DomR GH VHUYLoRV S~EOLFRV 0DV D FRQFHVVmR FRP R REMHWLYR GH SULYDWL]DU p QRYD $ FRQFHVVmR UHQDVFHX FRP DOJXPDV PRGLILFDo}HV LPSRUWDQWHV SRUTXH QR SDVVDGR HP VXDV RULJHQV D FRQFHVVmR GH VHUYLoR S~EOLFR HVWHYH IRUWHPHQWH OLJDGD j RXWRUJD SDUD FHUWRV HPSUHHQGHGRUHV TXH TXHULDP LPSODQWDU R VHUYLoR PRQRSyOLFR &RP D FULDomR GR 3ODQR 1DFLRQDO GH 'HVHVWDWL]DomR 31' LQVWLWXtGR SHOD/HLQ|VXEVWLWXtGDSRVWHULRUPHQWHSHOD/HLQ|ILFRXSUHYLVWR GHIRUPDH[SUHVVDRVHJXLQWHಯ $UW|3RGHUmRVHUREMHWRGHGHVHVWDWL]DomRQRV WHUPRV GHVWD /HL >@ ,,,VHUYLoRV S~EOLFRV REMHWR GH FRQFHVVmR SHUPLVVmR RX DXWRUL]DomR>@ರ $VVLP FRP D SULYDWL]DomR GH YiULDV HPSUHVDV HVWDWDLV UHQDVFH R LQVWLWXWRGDFRQFHVVmRQRERMRGDW{QLFDGDUHGXomRGRWDPDQKRGR(VWDGRFRPD WUDQVIHUrQFLDGHDWULEXLo}HVHGHHQFDUJRVSDUDRVHWRUSULYDGR $5$*2$OH[DQGUH6DQWRVGH'LUHLWRGRVVHUYLoRVS~EOLFRVS (VVH LU H YLU GD +LVWyULD IRL GHVFULWR SRU &DLR 7iFLWR FRPR UHWRUQR GR SrQGXOR 2 UHWRUQR GR SrQGXORVHUYLoRS~EOLFRHHPSUHVDSULYDGD7HPDVGH'LUHLWR3~EOLFR(VWXGRVH3DUHFHUHV5LRGH -DQHLUR5HQRYDUYS *5277,'LQRUi$GHODLGH0XVVHWWL2VHUYLoRS~EOLFRHD&RQVWLWXLomR%UDVLOHLUDGHS $ /HL Q GH GH DEULO GH WUDWD GD SULYDWL]DomR GH HPSUHVDV HVWDWDLV TXH VH SURFHVVDSHODYHQGDGHDo}HVDRVHWRUSULYDGR(VVDPRGDOLGDGHSRGHVHUFRQVLGHUDGDSULYDWL]DomR HP VHQWLGR HVWULWR (P VHQWLGR DPSOR SRGH RFRUUHU D SULYDWL]DomR VRE D URXSDJHP GH QRYDV FRQFHVV}HV R TXH QD SUiWLFD UHVWULQJH R FDPSR GH DWXDomR GR 3RGHU 3~EOLFR 2V HQWHV HVWDWDLV 1$785(=$-85Ë',&$'$&21&(662'(6(59,d263Ò%/,&26 $ GRXWULQD p GLVVRQDQWH D UHVSHLWR GD QDWXUH]D MXUtGLFD GD FRQFHVVmR SRUTXDQWRHQYROYHLQWHUHVVHVDQWDJ{QLFRVSURWDJRQL]DQGRGHXPODGRR(VWDGRH RLQWHUHVVHS~EOLFRYDULiYHOFRQIRUPHDVQHFHVVLGDGHVGDFROHWLYLGDGHGHRXWURR SDUWLFXODU TXH LQJUHVVD QR QHJyFLR MXUtGLFR YLVDQGR DR OXFUR QHFHVVLWDQGR SDUD WDQWRTXHOKHVHMDJDUDQWLGDVHJXUDQoDMXUtGLFDQRLQWXLWRGHREWHUUHWRUQRGRDSRUWH GHFDSLWDOLQYHVWLGRGXUDQWHDYLJrQFLDGDFRQFHVVmR $OH[DQGUH6DQWRVGH$UDJmR GHOLQHLDDVSULQFLSDLVFRUUHQWHVDUHVSHLWR GD QDWXUH]D MXUtGLFD GD FRQFHVVmR RULJLQiULDV GDV GLVFXVV}HV WUDYDGDV HQWUH RV GRXWULQDGRUHVVREUHDQDWXUH]DGRVFRQWUDWRVDGPLQLVWUDWLYRVHPJHUDO9HMDPRV $WR 8QLODWHUDO SRUTXH WRGDV DV FOiXVXODV GD FRQFHVVmR VHULDP IL[DGDV XQLODWHUDOPHQWH SHOD $GPLQLVWUDomR 3~EOLFD $ FRQFRUGkQFLD GR SDUWLFXODU VHULD DSHQDV XPD FRQGLomR GD HILFiFLD GR DWR D H[HPSORGRTXHRFRUUHHPWRGRDWRDGPLQLVWUDWLYRQHJRFLDO 'RLV $WRV 8QLODWHUDLV KDYHULD R DWR GD $GPLQLVWUDomR IL[DQGR WRGDVDVFOiXVXODVHRDWRGRSDUWLFXODUSRVWHULRUFRQFRUGDQGRFRP HODV &RQWUDWRGH'LUHLWR3ULYDGRQmRGLIHULULDGRVGHPDLVFRQWUDWRVGR 'LUHLWR3ULYDGR &RQWUDWR GH 'LUHLWR 3~EOLFR WHULD XPD IRUPDomR ELODWHUDO FRPR TXDOTXHUFRQWUDWRPDVVHULDUHJLGRSRUFOiXVXODVH[RUELWDQWHVWtSLFDV GR'LUHLWR$GPLQLVWUDWLYR &RQWUDWRGH'LUHLWR3~EOLFRH3ULYDGRHVWDULDVXMHLWRSDUFLDOPHQWH DDPEDVDVVHDUDVGR'LUHLWR4XDQWRjVFOiXVXODVH[RUELWDQWHVVHULD GH 'LUHLWR 3~EOLFR HP UHODomR jV JDUDQWLDV HFRQ{PLFDV GD FRQFHVVLRQiULDVHULDGH'LUHLWR3ULYDGR 7HRULD 0LVWD D FRQFHVVmR VHULD XP DWR XQLODWHUDO QR TXH UHVSHLWD jV FOiXVXODV UHJXODPHQWDUHV H XP FRQWUDWR HP UHODomR DR HTXLOtEULRHFRQ{PLFRILQDQFHLUR HQFDUUHJDGRV GR VHUYLoR S~EOLFR SULYDWL]DGR WrP UHGX]LGR VHX REMHWR RX SRGHP DWp PHVPR VHU H[WLQWRVSHODSHUGDGHREMHWRVHQmRIRUHPWUDQVIRUPDGRVHPyUJmRVUHJXODWyULRVRXILVFDOL]DWyULRVGD DWLYLGDGHSDUWLFXODU $5$*2$OH[DQGUH6DQWRVGH'LUHLWRGRVVHUYLoRVS~EOLFRVS 2VZDOGR $UDQKD %DQGHLUD GH 0HOOR FRQVLJQD TXH ³>@ LQH[LVWH FRQWUDWR DGPLQLVWUDWLYR DSHQDV DOJXQV DWRV DGPLQLVWUDWLYRV VmR FRPSOHPHQWDGRV SRU FRQWUDWRV D UHVSHLWR GD HTXDomR HFRQ{PLFR ILQDQFHLUD TXH D HOHV VHU UHIHUHP´ 3ULQFtSLRV JHUDLV GH GLUHLWR DGPLQLVWUDWLYR 5LR GH -DQHLUR )RUHQVH Y , S 3DUD &HOVR $QWRQLR %DQGHLUD GH 0HOOR ³&RQFHVVmR p R LQVWLWXWR DWUDYpVGRTXDOR(VWDGRDWULEXLRH[HUFtFLRGHXPVHUYLoRS~EOLFRDDOJXpPTXHDFHLWDSUHVWiORHP QRPH SUySULR SRU VXD FRQWD H ULVFR QDV FRQGLo}HV IL[DGDV H DOWHUiYHLV XQLODWHUDOPHQWH SHOR 3RGHU 3~EOLFR PDV VRE JDUDQWLD FRQWUDWXDO GH XP HTXLOtEULR HFRQ{PLFRILQDQFHLUR UHPXQHUDQGRVH SHOD SUySULD H[SORUDomR GR VHUYLoR HP JHUDO H EDVLFDPHQWH PHGLDQWH WDULIDV FREUDGDV GLUHWDPHQWH GRV XVXiULRVGRVHUYLoRXPDUHODomRMXUtGLFDFRPSOH[DFRPSRVWDGHXPDWRUHJXODPHQWDUHGHXPDWR FRQGLomR2(VWDGRIL[DXQLODWHUDOPHQWHDVFRQGLo}HVDVHUHPREVHUYDGDVSHORFRQFHVVLRQiULRTXHD 0DOJUDGR D GLVFXVVmR GRXWULQiULD DSRQWDGD SHOR DXWRU UHWURFLWDGR FRP VXSRUWH QD OLomR GH +HO\ /RSHV 0HLUHOOHV HQWHQGHPRV TXH KRGLHUQDPHQWH QmR VHGLVFXWHTXHDQDWXUH]DMXUtGLFDGDFRQFHVVmRGHVHUYLoRS~EOLFRpDGH³FRQWUDWR DGPLQLVWUDWLYRELODWHUDOFRPXWDWLYRUHPXQHUDGRHUHDOL]DGRLQWXLWXSHUVRQDH´ 0XLWR HPERUD R FRQWUDWR GH FRQFHVVmR QmR WUDJD HP VHX ERMR WRGDV DV FRQGLo}HV SHODV TXDLV R VHUYLoR S~EOLFR VHUi UHJLGR HODV SRGHUmR VHU HQFRQWUDGDV HP OHLV RX UHJXODPHQWRV 2EVHUYHVH TXH D DYHQoD VH SHUID] FRP D FRQFRUGkQFLD GHDPEDVDVSDUWHVFRQWUDWDQWHV±HQWHSROtWLFRFRQFHGHQWHHFRQFHVVLRQiULR±TXH DVVXPHPRFRPSURPLVVRGH]HODUSHODJDUDQWLDGRHTXLOtEULRHFRQ{PLFRILQDQFHLUR QHFHVViULRjPDQXWHQomRGRQHJyFLRMXUtGLFR &21&(,72'(&21&(662'(6(59,d23Ò%/,&2 (WLPRORJLFDPHQWH D SDODYUD ³FRQFHGHU´ GD TXDO GHULYD FRQFHVVmR VLJQLILFDSHUPLWLUIDFXOWDUGDUHQWUHJDURXWRUJDUDGPLWLUSRUKLSyWHVHFRQYLUDQXLU FRQFRUGDU LVWR p D DTXLHVFrQFLD GH DOJXpP TXH GHWpP R SRGHU RX R GLUHLWR VREUH DOJRWLWXODULGDGHSDUDDomRGHRXWUHP HODVYROXQWDULDPHQWHDGHUHFRPDILQDOLGDGHGHREWHQomRGHOXFURXPDYH]DVVHJXUDGDDJDUDQWLD HFRQ{PLFRILQDQFHLUD´ &XUVR GH 'LUHLWR $GPLQLVWUDWLYR HG (G 0DOKHLURV 6mR 3DXOR 3 /23(6+HO\/RSHV0HLUHOOHV'LUHLWRDGPLQLVWUDWLYREUDVLOHLURHG6mR3DXOR0DOKHLURV S 0DULD 6\OYLD =DQHOOD 'L 3LHWUR DILUPD TXH ³$ FRQFHVVmR GH VHUYLoR p XP FRQWUDWR DGPLQLVWUDWLYR SHORTXDODDGPLQLVWUDomRGHOHJDDRXWUHPDH[HFXomRGHXPVHUYLoRS~EOLFRSDUDTXHRH[HFXWHHP VHX SUySULR QRPH SRU VXD FRQWD H ULVFR PHGLDQWH WDULID SDJD SHOR XVXiULR RX RXWUD IRUPD GH UHPXQHUDomRGHFRUUHQWHGDH[SORUDomRGRVHUYLoR´'LUHLWRDGPLQLVWUDWLYRHG6mR3DXOR$WODV S2GHWH0HGDXDUSRUVXDYH]SHUILOKDRVHJXLQWHHQWHQGLPHQWR³$FRQFHVVmRIRUPDOL]D VHSRULQVWUXPHQWRFRQWUDWXDOVHQGRSRUWDQWRXPWLSRGHFRQWUDWRDGPLQLVWUDWLYR$VVLPRVSUHFHLWRV JHUDLVVREUHRVFRQWUDWRVDGPLQLVWUDWLYRVDSOLFDPVHDHVVDILJXUD´&RQFHVVmRGHVHUYLoRS~EOLFRS 0DUoDO -XVWHQ )LOKR SRU VHX WXUQR DSUHJRD ³$ FRQFHVVmR FRPXP GH VHUYLoR S~EOLFR GHQRPLQDGD FRPXP FRP D FULDomR GDV FKDPDGDV SDUFHULDV S~EOLFRSULYDGDV p XP FRQWUDWR SOXULODWHUDO GH QDWXUH]D RUJDQL]DFLRQDO H DVVRFLDWLYD SRU PHLR GR TXDO D SUHVWDomR GH XP VHUYLoR S~EOLFRpWHPSRUDULDPHQWHGHOHJDGDSHOR(VWDGRDXPVXMHLWRSULYDGRTXHDVVXPHVHXGHVHPSHQKR GLUHWDPHQWH HP IDFH GRV XVXiULRV PDV VRE FRQWUROH HVWDWDO H GD VRFLHGDGH FLYLO PHGLDQWH UHPXQHUDomR H[WUDtGD GR HPSUHHQGLPHQWR´ &XUVR GH GLUHLWR DGPLQLVWUDWLYR HG 6mR 3DXOR 6DUDLYDS $5$Ò-2 (GPLU 1HWWR GH $GPLQLVWUDomR ,QGLUHWD EUDVLOHLUD 6mR 3DXOR )RUHQVH 8QLYHUVLWiULD S $FRQFHVVmRGHVHUYLoRS~EOLFRpRPRGRGHJHVWmRGHXPVHUYLoRQR TXDO XPD SHVVRD GH GLUHLWR S~EOLFR FRQFHGHQWH HQFDUUHJD XPD SHVVRD GH GLUHLWR SULYDGRFRQFHVVLRQiULRSRUPHLRGHXPFRQWUDWRSDUDJHULURVHUYLoRGXUDQWHXP SHUtRGRGHWHPSRSRUVXDFRQWDHULVFRDVVXPLQGRWRGRVRVHQFDUJRVPHGLDQWHR GLUHLWRGHVHUUHPXQHUDGRDWUDYpVGHSUHVWDo}HVSDJDVSHORVXVXiULRVGRVVHUYLoRV S~EOLFRVFRORFDGRVjVXDGLVSRVLomR *HRUJHV9HGHOH3LHUUH'HOYRYpVREUHDFRQFHVVmRHQVLQDP $ FRQFHVVmR GH VHUYLoRV S~EOLFRV VH EDVHLD HP GXDV LGpLDV DQWLWpWLFDV FXMR HTXLOtEULR FRQVWLWXL WRGD D WHRULD GR FRQWUDWR GH FRQFHVVmR TXDLV VHMDP GH XP ODGR D LGpLD GH XP VHUYLoR S~EOLFR TXH GHYH IXQFLRQDU GH DFRUGR FRP R LQWHUHVVH JHUDO H VRE D DXWRULGDGHGDDGPLQLVWUDomRGHRXWURXPDHPSUHVDFDSLWDOLVWDSDUD TXHPLQWHUHVVDREWHURPi[LPRGHEHQHItFLRV>7UDGXomRQRVVD@ 5HQDWR$OHVVLDILUPDTXHQD,WiOLDDGPLWHVHDH[LVWrQFLDGHFRQWUDWRV UHJLGRV SHOR GLUHLWR SULYDGR TXDQGR HVWHMDP HP FDXVD LQWHUHVVHV SDWULPRQLDLV GR (VWDGRVHFXQGiULRVSRUWDQWRHQmRLQWHUHVVHVS~EOLFRVSULPiULRV 1R %UDVLO R FRQFHLWR OHJDO GH FRQFHVV}HV H SHUPLVV}HV GH VHUYLoRV S~EOLFRV p SUHYLVWR QR DUWLJR ,, GD /HL Q 'H DFRUGR FRP HVWH GLVSRVLWLYROHJDOFRQVLGHUDVH ,,FRQFHVVmRGHVHUYLoRS~EOLFRDGHOHJDomRGHVXDSUHVWDomRIHLWD SHOR SRGHU FRQFHGHQWH PHGLDQWH OLFLWDomR QD PRGDOLGDGH GH FRQFRUUrQFLD j SHVVRD MXUtGLFD RX FRQVyUFLR GH HPSUHVDV TXH GHPRQVWUHFDSDFLGDGHSDUDVHXGHVHPSHQKRSRUVXDFRQWDHULVFR HSRUSUD]RGHWHUPLQDGR>@ ,QIHUHVH DVVLP GR FRQFHLWR OHJDO GH FRQFHVVmR DV VXDV SULQFLSDLV FDUDFWHUtVWLFDV TXDLV VHMDP D Ki XP 3RGHU 3~EOLFR FRQFHGHQWH E D FRQFHVVLRQiULD p SHVVRD MXUtGLFD RX FRQVyUFLR GH HPSUHVDV TXH H[HFXWD R VHUYLoR 0DULD6\OYLD=DQHOOD'L3LHWURREVHUYDTXH³>@QRFXUVRGHVXDHYROXomRIRLVHILUPDQGRDLGpLD GH TXH R FRQWUDWR GH FRQFHVVmR SRU WHU SRU REMHWR D H[HFXomR GH XP VHUYLoR S~EOLFR H YLVDU SRUWDQWR R LQWHUHVVH JHUDO GHYH VHU HVVHQFLDOPHQWH PXWiYHO H IOH[tYHO GH PRGR D DVVHJXUDU D FRQWLQXLGDGHQD SUHVWDomRGRVHUYLoR´3DUFHULDV QD$GPLQLVWUDomR 3~EOLFDFRQFHVVmRSHUPLVVmR IUDQTXLDWHUFHLUL]DomRSDUFHULDS~EOLFRSULYDGDHRXWUDVIRUPDVHG6mR3DXOR$WODVS 9('(/ *HRUJHV '(/929e 3LHUUH 'URLW DGPLQLVWUDWLI HG 3DULV 38) S ± QR RULJLQDO±³/DFRQFHVVLRQGHVVHUYLFHVSXEOLFVUHSRVHVXUGHX[LGpHVDQWLWKpWLTXHVTXLFRQVWLWXHQWOD WRWDOLWpGHODWKpRULHGXFRQWUDWGHFRQFHVVLRQjVDYRLUG¶XQH SDUWO¶LGpHG¶XQVHUYLFHSXEOLFTXLGRLW IRQFWLRQQHU HQ FRQIRUPLWp DYHF O¶LQWpUrW JpQpUDO HW VRXV O¶DXWRULWp GX JRXYHUQHPHQW O¶DXWUH XQ HQWUHSULVHFDSLWDOLVWHTXLHVWLQWHUHVVHjREWHQLU/HPD[LPXPG¶DYDQWDJHV´ $/(66, 5HQDWR 6LVWHPD ,LVWLWX]LRQDOH GHO GLULWWR DGPPLQLVWUDWLYR LWDOLDQR 0LOmR 'RWW $*LXIIUq YS±QRRULJLQDO±³LQ,WiOLDVLDFFHWWDFKHFLVRQRGHLFRQWUDWLUHJRODWLSHULGLULWWLSULYDWL SRU VXD FRQWD H ULVFR SRU SUD]R GHWHUPLQDGR F D FRQFHVVLRQiULD UHFHEH UHPXQHUDomRGLUHWDPHQWHGRXVXiULRPHGLDQWHSDJDPHQWRGHWDULIDVSHORVHUYLoR SUHVWDGRGDVQRUPDVGHUHDOL]DomRGRVVHUYLoRVVmRIL[DGDVSHORFRQFHGHQWHHH D FRQFHVVmR VH IRUPDOL]D SRU XP LQVWUXPHQWR FRQWUDWXDO VHQGR SRUWDQWR XPD HVSpFLH GH FRQWUDWR DGPLQLVWUDWLYR R TXH DXWRUL]D D DSOLFDomR GRV VHXV SUHFHLWRV jTXHOHLQVWLWXWRGHGHOHJDomRGHVHUYLoRVS~EOLFRV 3DUD UHJXODPHQWDU H GDU FXPSULPHQWR DR GLVSRVWR QR DUWLJR GD &RQVWLWXLomR)HGHUDOIRLHGLWDGDD/HLQGHGHIHYHUHLURGHFRPDV PRGLILFDo}HVDSUHVHQWDGDVSHOD/HLQGHGHMXOKRGHGLVFLSOLQDQGRR UHJLPHGHFRQFHVVmRHSHUPLVVmRGHVHUYLoRVHREUDVS~EOLFDV 3RU~OWLPRFRPRDGYHQWRGD/HLQIRUWDOHFHVHDLPSRUWkQFLD GRV UHJLPHV GH FRQFHVVmR H SHUPLVVmR FRPR LQVWUXPHQWRV LQGLVSHQViYHLV j SDUFHULD HQWUH R 3RGHU 3~EOLFR H D LQLFLDWLYD SULYDGD QR REMHWLYR GH EXVFDU D PHOKRULDGDSUHVWDomRGRVVHUYLoRVS~EOLFRV &2175$72'(&21&(662 &RQWUDWR GH FRQFHVVmR p WHPD QHFHVViULRj FRPSUHHQVmR GD GHOHJDomR GRVVHUYLoRVS~EOLFRVjLQLFLDWLYDSULYDGDTXHQRPDLVGDVYH]HVIRUPDOL]DVHSRU PHLRGRFRQWUDWRLQGXELWDYHOPHQWHQDPRGDOLGDGHGHFRQWUDWRDGPLQLVWUDWLYR 3RLV EHP 1HVWH SRQWR LPSHQGH DQDOLVDU R FRQWUDWR GH FRQFHVVmR MXVWR SDUDFRPSUHHQGHUPHOKRUDVUD]}HVTXHIXQGDPHQWDPDWUDQVIHUrQFLDGDH[HFXomR GRVVHUYLoRVS~EOLFRVDRVHWRUSULYDGR TXHVWR VXFFHGH TXDQGR VRQR FRLQYROWL GLULWWL SDWULPRQLDOL GHOOR 6WDWRR VHFXQGDUL GXQTXH H QR GLULWWL SXEOLFLSULPDUL´ -RVp GRV 6DQWRV &DUYDOKR )LOKR ID] D VHJXLQWH SRQGHUDomR ³$ &RQVWLWXLomR HP YLJRU GLYHUVDPHQWHGDDQWHULRUOLPLWRXVHDGL]HUTXHDOHLUHJXODGRUDGDVFRQFHVV}HVGHYHUiGLVFLSOLQDUD SROtWLFDWDULIiULDDUWSDUiJUDIR~QLFR,,,$GHVSHLWRGDVLPSOLFLGDGHGDH[SUHVVmRQmRVHSRGH GHL[DUGHUHFRQKHFHUTXHRFRQFHVVLRQiULRWHPRGLUHLWRVXEMHWLYRjIL[DomRGDVWDULIDVHPPRQWDQWH VXILFLHQWH SDUD VHU GHYLGDPHQWH SUHVWDGR R VHUYLoR $ IL[DomR GDV WDULIDV p R YHUGDGHLUR PROGH GR SULQFtSLR GR HTXLOtEULR HFRQ{PLFRILQDQFHLUR GR FRQWUDWR ([DWDPHQWH SRU LVVR p QHFHVViULD D VXD UHYLVmR SHULyGLFD SDUD FRPSDWLELOL]iOD DRV FXVWRV GR VHUYLoR jV QHFHVVLGDGHV GH H[SDQVmR DTXLVLomR GR HTXLSDPHQWR H DR SUySULR OXFUR GR FRQFHVVLRQiULR´ 0DQXDO GH GLUHLWR DGPLQLVWUDWLYR HG5LRGH-DQHLUR/XPHQ-XULVS $OH[DQGUH6DQWRVGH$UDJmRFRQVLJQDTXHRFRQWUDWRGHFRQFHVVmRp R LQVWUXPHQWR TXH GHILQH R VHUYLoR FRQFHGLGR GHOLPLWD D VXD iUHD GHWHUPLQD D IRUPDHRWHPSRGDVXDH[SORUDomRHHVWDEHOHFHRVGLUHLWRVHREULJDo}HVGDVSDUWHV HGRVXVXiULRVGRVHUYLoR $/HLQTXHGLVS}HVREUHRUHJLPHGHFRQFHVVmRHSHUPLVVmR GD SUHVWDomR GH VHUYLoRV S~EOLFRV QR VHX DUW HVWDEHOHFH DV FOiXVXODV QHFHVViULDVDRVFRQWUDWRVGHFRQFHVVmR $OH[DQGUH 6DQWRV GH $UDJmR DSyV DFXUDGD DQiOLVH GD FLWDGD OHL GHOLQHLDDVSULQFLSDLVFDUDFWHUtVWLFDVGRVFRQWUDWRVGHFRQFHVVmR D $ WDULID D VHU FREUDGD GRV XVXiULRV YLD GH UHJUD D SULQFLSDO IRQWH GH UHPXQHUDomR GD FRQFHVVLRQiULD p IL[DGD GXUDQWH R SURFHVVR GH OLFLWDomR DUW /HL Q GH DFRUGR FRP DV QRUPDV SUHIL[DGDV QR HGLWDO TXH SRGH LQFOXVLYH SUHGHWHUPLQiODV GHL[DQGRDFRPSHWLomRDSHQDVQRVDVSHFWRVGDWpFQLFDHRXGRYDORU GD RXWRUJD DUW /HL Q $R ORQJR GR FRQWUDWR PDQWHU VHiWDPEpPDSUHUURJDWLYDGRSRGHUFRQFHGHQWHUHDMXVWDUHUHYHUDV WDULIDVGHDFRUGRFRPRHVWLSXODGRQRFRQWUDWR E $ FRQFHVVmR QmR GHYH VHU FHOHEUDGD FRP FDUiWHU GH H[FOXVLYLGDGH VDOYR HP FDVR GH LQYLDELOLGDGH WpFQLFD RX HFRQ{PLFD DUW/HLQ$UHJUDpGHH[WUHPDLPSRUWkQFLDMiTXH LQYHUWH D OyJLFD WUDGLFLRQDO GH RV VHUYLoRV S~EOLFRV VHUHP SUHVWDGRV HP UHJLPH GH H[FOXVLYLGDGH $WXDOPHQWH R H[FOXVLYR p D H[FHomR GHYHQGR VHPSUH VHU FDEDOPHQWH MXVWLILFDGR LQFOXVLYH j OX] GR SULQFtSLR GD SURSRUFLRQDOLGDGH QR VHQWLGR GH TXH FDGD UHVWULomR j SOXUDOLGDGH GH FRQFHVVLRQiULRV Vy VHUi OHJtWLPD VH HQWUH RV PHLRV DGHTXDGRV SDUD UHDOL]DU DV ILQDOLGDGHV GR VHUYLoR S~EOLFR IRU D PHQRVUHVWULWLYDGDFRQFRUUrQFLD F $ /HL Q QmR IL[D SUD]R Pi[LPR SDUD RV FRQWUDWRV GH FRQFHVVmR PDV HOHV GHYHP WHU SUD]RV GHWHUPLQDGRV VHQGR LQFRQVWLWXFLRQDO D VXD SURUURJDomR GLUHWDPHQWH SRU OHL H DLQGD TXH IHLWD SHOD $GPLQLVWUDomR H[LJHVH TXH D SURUURJDomR DWHQGD D UHTXLVLWRVREMHWLYRVSUHIL[DGRVRXVLPSOHVPHQWHVHMDLQVWUXPHQWRGH UHFRPSRVLomR GD HTXDomR HFRQ{PLFRILQDQFHLUD $ SHUHQL]DomR RX SHUSHWXLGDGH GD FRQFHVVmR HTXLYDOH D XPD WUDQVIHUrQFLD QmR GD SUHVWDomRPDVGRSUySULRVHUYLoRS~EOLFRREMHWRGDFRQFHVVmR 'HVVH TXDGUR GHOLQHDGR SHOR FLWDGR DXWRU LQIHUHVH TXH R FRQWUDWR GH FRQFHVVmR FRQIRUPH D OHL p XP GRFXPHQWR HVFULWR TXH HQFHUUD D GHOHJDomR GR $5$*2$OH[DQGUH6DQWRVGH'LUHLWRGRVVHUYLoRVS~EOLFRVS $5$*2$OH[DQGUH6DQWRVGH'LUHLWRGRVVHUYLoRVS~EOLFRVS 0DULD6\OYLD=DQHOOD'L3LHWURFRQVLJQDTXHRXVXiULRWHPGLUHLWRjSUHVWDomRGRVHUYLoRVHHVWH OKH IRU LQGHYLGDPHQWH QHJDGR SRGH H[LJLU MXGLFLDOPHQWH R FXPSULPHQWR GD REULJDomR SHOR FRQFHVVLRQiULRpFRPXPRFRUUHUHPFDVRVGHLQWHUUXSomRQDSUHVWDomRGHVHUYLoRVFRPRRVGHOX] iJXD JiV TXDQGR R XVXiULR LQWHUURPSH R SDJDPHQWR PHVPR QHVWDV FLUFXQVWkQFLDV H[LVWH MXULVSUXGrQFLD QmR XQkQLPH QR VHQWLGR GH TXH R VHUYLoR VHQGR HVVHQFLDO QmR SRGH VHU VXVSHQVR SRGHUFRQFHGHQWHGHILQHRREMHWRGDFRQFHVVmRGHOLPLWDDiUHDIRUPDHWHPSRGD H[SORUDomRHVWDEHOHFHRVGLUHLWRVHRVGHYHUHVGDVSDUWHVHGRVXVXiULRVGRVHUYLoR S~EOLFRHFRPRpFHGLoRGHYHVHUVHPSUHSUHFHGLGRGHOLFLWDomR $SURSyVLWRGDH[WLQomRGRFRQWUDWRGHFRQFHVVmR0DUoDO-XVWHQ)LOKR ID]DVHJXLQWHREVHUYDomR $ QDWXUH]D MXUtGLFD GD FRQFHVVmR HQYROYH D WHPSRUDULHGDGH GR YtQFXOR 3RU LVVR D GHVWLQDomR GD FRQFHVVmR p H[WLQJXLUVH FRP R GHVDSDUHFLPHQWRGDUHODomRMXUtGLFDHQWUHDVSDUWHV0DVDH[WLQomR QHP VHPSUH UHIOHWH HVVH FXUVR QRUPDO GRV IDWRV HP TXH D UHODomR MXUtGLFD DWLQJH VHX WHUPR H VH H[DXUH DXWRPDWLFDPHQWH +i RXWURV FDVRV HP TXH R WpUPLQR VH SURGX] DQWHV GR WHUPR ILQDO FRQWUDWXDO HPYLUWXGHGHPRWLYRVHVSHFtILFRV 2 FRQWUDWR GH FRQFHVVmR SRGH FKHJDU D VHX WHUPR ILQDO SRU GLYHUVDV PDQHLUDV RSRUWXQLGDGH HP TXH FHVVDP WRGRV RV VHXV HIHLWRV QR WRFDQWH D SUHVWDomRGRVHUYLoRS~EOLFRSHORFRQFHVVLRQiULR 2 DUW GD /HL Q SUHFHLWXD DV KLSyWHVHV GH H[WLQomR GD FRQFHVVmR DGYHQWR GR WHUPR FRQWUDWXDO HQFDPSDomR FDGXFLGDGH UHVFLVmR DQXODomR IDOrQFLD H H[WLQomR GD HPSUHVD FRQFHVVLRQiULD H IDOHFLPHQWR RX LQFDSDFLGDGHGRWLWXODU FDEHQGR DR FRQFHVVLRQiULR FREUDU GR XVXiULR DV SUHVWDo}HV GHYLGDV XVDQGR GDV Do}HV MXGLFLDLV FDEtYHLV'LUHLWRDGPLQLVWUDWLYREUDVLOHLURS -867(1),/+20DUoDO7HRULDJHUDOGDVFRQFHVV}HVUHLPSUHVVmR6mR3DXOR'LDOpWLFD S 9HUD0RQWHLURDYHUEDTXH³$WUDGLFLRQDOFRQFHVVmRGHVHUYLoRS~EOLFRHQWUHQyVUHJXODGDSHOD/HL Q WDPEpP p WLGD FRPR XPD DYHQoD TXH VH VXEPHWH j WHRULD FOiVVLFD GR FRQWUDWR DGPLQLVWUDWLYR LQFLGLQGR VREUH HOD R UHJLPH GH GLUHLWR S~EOLFR SRUTXH D D GHWHUPLQDomR H[DWD GR REMHWRpIHLWDSRVWHULRUPHQWHjVXDFHOHEUDomRSRUDWRVDGPLQLVWUDWLYRVXQLODWHUDLVEDVSUHWHQV}HV GD $GPLQLVWUDomR VH PDWHULDOL]DP HP GHFLV}HV DXWRH[HFXWyULDV H F p LQWDQJtYHO R HTXLOtEULR GD HTXDomR HFRQ{PLFRILQDQFHLUD LQLFLDOPHQWH HVWDEHOHFLGR´ &RQFHVVmR 6mR 3DXOR 0DOKHLURV S 2 GLVSRVLWLYR WHP D UHGDomR DGLDQWH UHSURGX]LGD ³([WLQJXHVH D FRQFHVVmR SRU , ± DGYHQWR GR WHUPR FRQWUDWXDO ,, ± HQFDPSDomR ,,, ± FDGXFLGDGH ,9 ± UHVFLVmR 9 ± DQXODomR H 9 ± IDOrQFLD RX H[WLQomRGDHPSUHVDFRQFHVVLRQiULDRXIDOHFLPHQWRRXLQFDSDFLGDGHGRWLWXODUQRFDVRGHHPSUHVD LQGLYLGXDO([WLQWDDFRQFHVVmRUHWRUQDPDRSRGHUFRQFHGHQWHWRGRVRVEHQVUHYHUVtYHLVGLUHLWRV H SULYLOpJLRV WUDQVIHULGRV DR FRQFHVVLRQiULR FRQIRUPH SUHYLVWR QR HGLWDO H HVWDEHOHFLGR QR FRQWUDWR ([WLQWD D FRQFHVVmR KDYHUi D LPHGLDWD DVVXQomR GR VHUYLoR SHOR SRGHU FRQFHGHQWH SURFHGHQGRVHDRVOHYDQWDPHQWRVDYDOLDo}HVHOLTXLGDo}HVQHFHVViULRV$DVVXQomRGRVHUYLoR DXWRUL]D D RFXSDomR GDV LQVWDODo}HV H XWLOL]DomR SHOR SRGHU FRQFHGHQWH GH WRGRV RV EHQV UHYHUVtYHLV´ $HQFDPSDomRp RQRPHGDGR SHODGRXWULQD jUHVFLVmRXQLODWHUDOGDFRQFHVVmRDQWHVGR SUD]R HVWDEHOHFLGR H HTXLYDOH j UHWRPDGD GD H[HFXomR GR VHUYLoR SHOR SRGHU FRQFHGHQWH TXDQGR D FRQFHVVmR VH UHYHODU FRQWUiULD DR LQWHUHVVH S~EOLFR FRP R UHVVDUFLPHQWR GR FRQFHVVLRQiULR ', 3,(7520DULD6\OYLD=DQHOOD'LUHLWRDGPLQLVWUDWLYRS &DGXFLGDGH RX GHFDGrQFLD p D PRGDOLGDGH GH HQFHUUDPHQWR GD FRQFHVVmR SRU DWR GR FRQFHGHQWH DQWHV GD FRQFOXVmR GR SUD]R LQLFLDOPHQWH IL[DGR HP UD]mR GH LQDGLPSOrQFLD GR &XPSUH GHVWDFDU DLQGD TXH HP TXDOTXHU GRV FDVRV GH H[WLQomR HOHQFDGRV QR DUW GD PHQFLRQDGD /HL Q R SRGHU FRQFHGHQWH SRGH LQFRUSRUDU RV EHQV GR FRQFHVVLRQiULR QHFHVViULRV j SUHVWDomR GR VHUYLoR S~EOLFR GHVGH TXH KDMD D GHYLGD LQGHQL]DomR DUW SURFHGLPHQWR HVWH GHQRPLQDGR GH UHYHUVmRFXMRIXQGDPHQWRHQFRQWUDVXSRUWHQRSULQFtSLRGDFRQWLQXLGDGHGRVHUYLoR S~EOLFR 3(50,662'(6(59,d23Ò%/,&2 $&RQVWLWXLomR)HGHUDOWUDWDGDSHUPLVVmRQRVDUWLJRVH;,H;,,H D HTXLSDUD j HVSpFLH GH GHOHJDomR GH VHUYLoRV S~EOLFRV DR ODGR GD FRQFHVVmR GHWHUPLQDQGRTXHDPEDVGHYDPVHUSUHFHGLGDVGHOLFLWDomR $/HLQFXLGDGDSHUPLVVmRGHVHUYLoRS~EOLFRQRVDUWLJRV,9 H TXH VHJXH QR TXH OKH IRU DSOLFiYHO RV GHPDLV GLVSRVLWLYRV TXH WUDWDP GD FRQFHVVmR 2LQVWLWXWRGDSHUPLVVmRpDWRSUHFiULRHXQLODWHUDOPHGLDQWHRTXDOR 3RGHU3~EOLFRWUDQVIHUHDSUHVWDomRGHVHUYLoRS~EOLFR$SHUPLVVmRFDUDFWHUL]DVH SRUVHUUHPXQHUDGDPHGLDQWHWDULIDHWHUQDWXUH]DLQWXLWXSHUVRQDH $OH[DQGUH 6DQWRVGH$UDJmR GLVFRUUHQGR VREUH D QDWXUH]D MXUtGLFD GD SHUPLVVmRDILUPDTXH $SyV D SURPXOJDomR GD &RQVWLWXLomR GH DQWHV PHVPR GD /HL Q FRPHoRX D VH VXVWHQWDU FRQWUDULDQGR D GRXWULQD FOiVVLFDTXHDSHUPLVVmRGHVHUYLoRS~EOLFRQmRVHULDPDLVXPDWR DGPLQLVWUDWLYR PDV VLP XP FRQWUDWR Mi TXH R DUW GD &RQVWLWXLomRWUDWDDVFRQFHVV}HVHSHUPLVV}HVGHVHUYLoRVS~EOLFRV LQGLVFULPLQDGDPHQWH GHQWUR GD PHVPD DFHSomR FRQWUDWXDO &RP LVVR D SHUPLVVmR WHULD SDVVDGR D VHU WDO FRPR D FRQFHVVmR XP FRQWUDWR FRQFHVVLRQiULR%$1'(,5$'(0(//2&HOVR$QWRQLR&XUVRGHGLUHLWRDGPLQLVWUDWLYRHG6mR 3DXOR0DOKHLURVS &HOVR$QWRQLR%DQGHLUDGH0HOORFRQVLGHUDLPSUHFLVmRWpFQLFDGROHJLVODGRUFRQVWLWXLQWHGH FRQIHULU j SHUPLVVmR D QDWXUH]D MXUtGLFD FRQWUDWXDO 2 DXWRU DLQGD FULWLFD R OHJLVODGRU LQIUDFRQVWLWXFLRQDO GD /HL Q TXH WHULD GLVSHQVDGR DR LQVWLWXWR WUDWDPHQWR JURWHVFR H WHUDWROyJLFR&XUVRGHGLUHLWRDGPLQLVWUDWLYRS $5$*2$OH[DQGUH6DQWRVGH'LUHLWRGRVVHUYLoRVS~EOLFRVS 1mR REVWDQWH R PDQGDPHQWR FRQVWLWXFLRQDO SRGHVH DILUPDU TXH WHULD KDYLGR LPSURSULHGDGH GD OHL XPD YH] TXH R WUDoR GLVWLQWLYR HQWUH RV GRLV LQVWLWXWRV VHULDDQDWXUH]DMXUtGLFDGHFXQKRFRQWUDWXDOSDUDDFRQFHVVmRHGHFDUiWHUSUHFiULR SDUDDSHUPLVVmR &RPSDUWLOKDGHVVHUDFLRFtQLR$ODRU&DIIp$OYHV $SHUPLVVmRTXHHQYROYHRSHUPLWHQWHHDSHUPLVVLRQiULDpXPDWR DGPLQLVWUDWLYR ± H QmR XP FRQWUDWR ± H FRPR WDO HOH p DSHQDV GH SRGHU GH LPSpULR XQLODWHUDO $SHQDV SHUPLWH FRP D DGHVmR GR SHUPLVVLRQiULRPDVGHUHVWRUHIHUHVHDSHQDVjDomRLPSHUDWLYDGR WLWXODUGRVHUYLoR6ySRGHID]rORGHIRUPDSUHFiULDWUDQVLWyULDHQD HVFDODGDVGLPHQV}HVGHXUJrQFLD6HXPDHPSUHVDFRQFHVVLRQiULD GH VHUYLoR S~EOLFR QmR R HVWi UHDOL]DQGR DGHTXDGDPHQWH SRGH R (VWDGR HQWUHJiOR SURYLVRULDPHQWH D XPD SHUPLVVLRQiULD DWp TXH WHQKD FRQGLo}HV GH QRYDPHQWH ID]rOR GH IRUPD PDLV DUWLFXODGD H H[WHQVD 7XGR VH ID] DWUDYpV GH OLFLWDomR SRU H[LJrQFLD FRQVWLWXFLRQDO RTXH LQIOH[LELOL]D R LQVWLWXWR $PHX YHU D SHUPLVVmR GHYHULD VHU IHLWD VHP HVVD OLFLWDomR PDV >D OLFLWDomR@ p R TXH D &RQVWLWXLomRHVWDEHOHFHHPVHXDUWLJR (QWHQGLPHQWR GLYHUVR DSRQWD TXH R WH[WR FRQVWLWXFLRQDO GHYH VHU LQWHUSUHWDGROLWHUDOPHQWHRTXHFRQGX]LULDjLQDUUHGiYHOFRQFOXVmRGHTXHDSDUWLUGD &RQVWLWXLomR )HGHUDO GH D SHUPLVVmR WHULD DOoDGR D QDWXUH]D MXUtGLFD GH FRQWUDWRDGPLQLVWUDWLYR 1HVVHVHQWLGRpDOLomRGH5RPHX)HOLSH%DFHOODU)LOKR %DVWD YHULILFDU TXH R DUW FDSXW H SDUiJUDIR ~QLFR LQFLVR , GD &DUWD 0DJQD DOWHURX DQDWXUH]D MXUtGLFD GD SHUPLVVmR RXWRUJDQGR OKH FXQKR FRQWUDWXDO H HOLPLQDQGR HP SULQFtSLR TXDOTXHU GLVWLQomR TXHSXGHVVHVHUIHLWDHQWUHHVWDHDFRQFHVVmR0HVPRXPDOHLWXUD JUDPDWLFDOGRWH[WRHYLGHQFLDDVSURIXQGDVDOWHUDo}HVSURGX]LGDVQD QDWXUH]D MXUtGLFD GD SHUPLVVmR &RPR GLWR FRQFHLWXDGD SHOD GRXWULQD FRPR UHVXOWDQWH GH XP µDWR DGPLQLVWUDWLYR XQLODWHUDO GLVFULFLRQiULRHSUHFiULR¶DSHUPLVVmRLQVWUXPHQWDOL]DGDSRUFRQWUDWR GHQDWXUH]DHVSHFLDOSDVVRXDWHUQR%UDVLOFXQKRELODWHUDOVHQGR LQFRQWURYHUVR TXH D VXERUGLQDomR GH VXD H[LVWrQFLD j OLFLWDomR LPS}H SDUD VXD RXWRUJD SURFHGLPHQWR DGPLQLVWUDWLYR HPLQHQWHPHQWH YLQFXODGR VRE R SULVPD FRQVWLWXFLRQDO SRLV D DOWHUDomRSURGX]LGDpYLVFHUDO $ /HL Q HGLWDGD SDUD UHJXODPHQWDU D QRUPD FRQVWLWXFLRQDO SDUHFH TXH S{V ILP j GLVFXVVmR WUDYDGD HQWUH RV DGPLQLVWUDWLYLVWDV D UHVSHLWR GD $/9(6 $ODRU &DIIp 3ULYDWL]DomR GRV VHUYLoRV S~EOLFRV 5HYLVWD GD 3URFXUDGRULD GR (VWDGR GH 6mR3DXOR6mR3DXORYMDQGH]S %$&(//$5),/+25RPHX)HOLSH2FRQWUDWRDGPLQLVWUDWLYRQR%UDVLO5HYLVWDGR$GYRJDGR6mR 3DXOR(G$VVRFLDomRGRV$GYRJDGRVGH6mR3DXORQDQR;;,;GH]S QDWXUH]DMXUtGLFDGDSHUPLVVmReTXHDFLWDGDOHLQRDUWIL[RXTXHHVWDIRUPDGH GHOHJDomRGHVHUYLoRS~EOLFRVHIRUPDOL]DPHGLDQWHFRQWUDWRGHDGHVmRSRQGRHP UHOHYR R FDUiWHU ELODWHUDO GR LQVWLWXWR SHFXOLDU j ILJXUD GR FRQWUDWR 0HVPR DVVLP FDXVRX HVSpFLH D DOJXQV GRXWULQDGRUHV D RSomR IHLWD SHOR OHJLVODGRU LQIUDFRQVWLWXFLRQDOFRPRDQDOLVD-RVpGRV6DQWRV&DUYDOKR)LOKR $ RSomR VH QRV DILJXURX LQIHOL] H Vy DXPHQWRX D FRQIXVmR HQWUH RV HVWXGLRVRV H RV DGPLQLVWUDGRUHV S~EOLFRV SRUTXH QD SUiWLFD GHVDSDUHFHX D GLIHUHQoD HQWUH WDLV GHOHJDo}HV &RPR Mi IRL GLWR RXWURUD TXDOLILFDPRV D SHUPLVVmR FRPR DWR DGPLQLVWUDWLYR PDV WHQGR HP YLVWD R DEVXUGR DGRWDGR SHOD OHL VRPRV IRUoDGRV D QRV UHQGHU j FDUDFWHUL]DomR QHOD HVWDEHOHFLGD TXDO VHMD D GH FRQWUDWR DGPLQLVWUDWLYR GH DGHVmR 2 GLUHLWR p OyJLFD H SUHFLVmR FLHQWtILFD H QDGD OKH p PDLV GHYDVWDGRU GR TXH D LQFRQJUXrQFLD H D LUUD]RDELOLGDGH (P VXPD WHPRV TXH D QDWXUH]D MXUtGLFD GD SHUPLVVmR GH VHUYLoR S~EOLFR H[ YL OHJLV p D GH FRQWUDWR DGPLQLVWUDWLYRGHDGHVmR $V SHFXOLDULGDGHV WUD]LGDV SHORV GLVSRVLWLYRV GD /HL Q SDUD DV SHUPLVV}HV FRPSDUDWLYDPHQWH jV FRQFHVV}HV GH VHUYLoRV S~EOLFRV QD OLomR GH $OH[DQGUH6DQWRVGH$UDJmRVmRDVVHJXLQWHV DRSHUPLVVLRQiULRSRGHVHUSHVVRDItVLFD E QmR Ki UHIHUrQFLD H[SUHVVD j QHFHVVLGDGH GH SRVVXLU SUD]R GHWHUPLQDGR QmR TXHU GL]HU TXH DV SHUPLVV}HV SRVVDP VH GDU SRU SUD]RLQGHWHUPLQDGR F QmR GHPDQGDP QHFHVVDULDPHQWH D PRGDOLGDGH OLFLWDWyULD GD FRQFRUUrQFLD GHYHQGR R SURFHGLPHQWR FDEtYHO VHU GHWHUPLQDGR QRV WHUPRV GD HVFDOD GH YDORUHV GR DUW GD /HL Q Ki WDPEpP D SRVVLELOLGDGH GH DGRomR GR OHLOmR QRV WHUPRV GD OHJLVODomR GR 3URJUDPD 1DFLRQDO GH 'HVHVWDWL]DomR ± /HL Q GVmRTXDOLILFDGDVFRPRFRQWUDWRVGHDGHVmR HVmRSUHFiULDVHUHYRJiYHLV IQmRKiSUHYLVmRGHSHUPLVV}HVGHREUDVS~EOLFDV $VVLPFXPSUHDILUPDUTXHjSHUPLVVmRGHYLGRjVXDQDWXUH]DFRQWUDWXDO FRQIHULGD SHOR OHJLVODGRU FRQVWLWXLQWH DSOLFDPVHOKH DV UHJUDV H DV JDUDQWLDV LQVWLWXtGDVSDUDDFRQFHVVmR 3RUGHUUDGHLURDRHQVHMRGHILQDOL]DomRGHVWDVHomRRSRUWXQDVHPRVWUD DVHJXLQWHDGYHUWrQFLDGH5RPHX)HOLSH%DFHOODU)LOKR &$59$/+2),/+2-RVpGRV6DQWRV0DQXDOGHGLUHLWRDGPLQLVWUDWLYRS $5$*2$OH[DQGUH6DQWRVGH'LUHLWRGRVVHUYLoRVS~EOLFRVS 6LJQLILFDWLYD p D FRQVWDWDomR GH TXH D GHOHJDomR FRPR UHSDVVH FRPR WHUFHLUL]DomR GD DWLYLGDGH QmR OKH UHWLUD D FDUDFWHUL]DomR GH µVHUYLoR S~EOLFR¶ VHQGR SODXVtYHO TXH HP FDVR GH Pi SUHVWDomR GHVYLUWXDPHQWR GRV REMHWLYRV RX LQDGLPSOrQFLD GR DJHQWH GHOHJDGR R3RGHU3~EOLFRGLVSRQKDGHXPYHUGDGHLURDUVHQDOSDUDDUHWRPDGD GDV DWLYLGDGHV 'H VXPD LPSRUWkQFLD SRLV TXH RV VLVWHPDV GH FRQWUROHILVFDOL]DomR H QRUPDWL]DomR GDV DWLYLGDGHV ± SRU PHLR GDV $JrQFLDV5HJXODGRUDV±IXQFLRQHPDFRQWHQWRLVWRpFRPHILFLrQFLD 'HVWDUWH FRPSDUWLOKDPRV GR SHQVDPHQWR GR DXWRU DFLPD UHODWLYDPHQWH DR SDSHO GDV DJrQFLDV UHJXODGRUDV IUHQWH DRV GHOHJDWiULRV GH VHUYLoRV S~EOLFRV QRWDGDPHQWH QD SURWHomR GRV XVXiULRV GHVWHV VHUYLoRV WHPD TXH VHUi DERUGDGR FRPPDLRUGHWHQoDQRFDStWXORGHVWLQDGRjVDTXHODVDJrQFLDV 2 OHJLVODGRU DR HVWDEHOHFHU QD /HL Q TXH D SHUPLVVmR p SUHFiULD H UHYRJiYHO XVRX HVWHVWHUPRVFRPRLQWXLWRGHGHL[DUFODURTXHDH[WLQomRGDVSHUPLVV}HVDLQGDTXHDQWHVGRSUD]R HVWDEHOHFLGRQmRJHUDGLUHLWRDLQGHQL]DomRFRQWUDR(VWDGR %$&(//$5 ),/+2 5RPHX )HOLSH 2 FRQWUDWR DGPLQLVWUDWLYR QR %UDVLO 5HYLVWD GR $GYRJDGR S & / &Ï',*2 '( '()(6$ '2 &21680,'25 (6&25d2 +,67Ï5,&2 32678/$'26%È6,&26(35,1&Ë3,26,1)250$7,926 &.&.& (+4,!,4 ,4 ( '3"* 4 @,+A ,4 4<43! , '3"*+, - 3URSHGHXWLFDPHQWHDQWHVGDDERUGDJHPGRVXUJLPHQWRGR&'&FXPSUH UHPHPRUDU D JrQHVH GR PRYLPHQWR FRQVXPHULVWD TXH UHPRQWD DR LQtFLR GR GHVHQYROYLPHQWRGRVPHUFDGRVGHFRQVXPRHVXDH[SDQVmRQRVTXDLVVHYHULILFRX DQHFHVVLGDGHGHDSHUIHLoRDPHQWRGRVLQVWUXPHQWRVGHGHIHVDGRVFRQVXPLGRUHV (VWXGDQGR D RULJHP GD VRFLHGDGH GH FRQVXPR 1HLO 0DF.HQGULFN FUHGLWD R VHX VXUJLPHQWR j 5HYROXomR ,QGXVWULDO TXH WHULD GHVHQFDGHDGR D UHYROXomR GR FRQVXPLGRU RFRUULGD QD ,QJODWHUUD QR VpFXOR ;9,,, 1DV SDODYUDV GR DXWRU $UHYROXomRGRFRQVXPRIRLRODGRGDGHPDQGDDQiORJRDRGDRIHUWD SURSRUFLRQDGD SHOD 5HYROXomR ,QGXVWULDO 7RGDV DV FODVVHV SDUWLFLSDUDP GHVWD UHYROXomR FDUDFWHUL]DGD SRU XPD QRYD SURVSHULGDGH H QRYDV WpFQLFDV GH SURGXomR H GH PDUNHWLQJ $ UHYROXomR GR FRQVXPLGRU p GHFLVLYD QD KLVWyULD GD H[SHULrQFLD KXPDQD>7UDGXomRQRVVD@ ([SUHVVmRDOFXQKDGDSRU-HDQ%DXGULOODUG/DVRFLpWpGHFRQVRPPDWLRQ3DULV'HQRsOS 0$&.(1'5,&.1HLO7KHFRQVXPHUVRFLHW\%ORRPLQJWRQ,QGLDQD8QLYHUVLW\3UHVVS WK ³%RWKWKHLQGXVWULDODGFRQVXPHUUHYROXWLRQVWRRNSODFHLQWKH8QLWHG.LQJGRPGXULQJ FHQWXU\7KH FRQVXPHUUHYROXWLRQZDVDQDORJWRWKHQHZSURGXFWVDYDLODELOLW\FUHDWHGE\WKHLQGXVWULDORQH$OOWKH VRFLDOFODVVHVKDGDPDMRUSDUWLFLSDWLRQLQWKLVUHYROXWLRQWKDWZDVPDUNHWE\DQHZDJHRISURVSHULW\ QHZSURGXFWLRQPHWKRGVDQGPDUNHWLQJ7KH&RQVXPHUUHYROXWLRQLVGHFLVLYHLQKXPDQH[SHULHQFH´ $VVLP p FHUWR DILUPDU TXH D VRFLHGDGH GH FRQVXPR VXUJLX HQWUH RV VpFXORV ;9,,, H ;,; 7RGDYLD FRP UHODomR jV SULPHLUDV HQWLGDGHV GH GHIHVD GRV FRQVXPLGRUHVDKLVWyULDpPDLVUHFHQWHXPDYH]TXHDSDUHFHUDPVRPHQWHQRLQtFLR GR VpFXOR ;; H DV SULPHLUDV OHLV GH FXQKR SURWHWLYR DSyV D GpFDGD GH 1RV GHQRPLQDGRVSDtVHVGHSULPHLURPXQGRDSURWHomRDRVFRQVXPLGRUHVFRPHoRXGH IRUPDLQFLSLHQWHQRFRPHoRGRVpFXOR;;DIORURXDSyVD6HJXQGD*XHUUD0XQGLDO FRP R FUHVFLPHQWR GD VRFLHGDGH GH FRQVXPR ILUPDQGRVH VRPHQWH QR ~OWLPR TXDUWHOGRVpFXOR;; -HDQ &DODLV$XOR\ H )UDQN 6WHLQPHW] HVWXGDQGR R PRYLPHQWR FRQVXPHULVWDDVVHYHUDPTXH³2VDQRVHWHVWHPXQKDUDPDHFORVmRHD PXOWLSOLFDomRGHRUJDQL]Do}HVGHGHIHVDHUHJUDVSURWHWLYDVWDQWRQD)UDQoDFRPR QRVSDtVHVYL]LQKRV´>7UDGXomRQRVVD@ $VHXWXUQRQDGRXWULQDSRUWXJXHVD&DUORV)HUUHLUDGH$OPHLGDSRQWLILFD TXHRVDQRVIRUDPGHVXPDLPSRUWkQFLDSDUDDIRUPDomRGHXPPRYLPHQWRGH GHIHVDGRFRQVXPLGRU $ TXDOLGDGH GH YLGD ± GH TXH D SURWHomR GRV FRQVXPLGRUHV p R DVSHFWR PDWHULDO PDLV UHOHYDQWH ± FRQVWLWXL D ILQDOLGDGH GR GHVHQYROYLPHQWR WHPD H UD]mR GH VHU GH DOJXPDV RUJDQL]Do}HV LQWHUQDFLRQDLV GH LQFLGrQFLD HFRQ{PLFD 1DWXUDOPHQWH TXH RV SUREOHPDV GRV FRQVXPLGRUHV KDYHULDP GH SUHRFXSDU DV LQVWLWXLo}HV HXURSpLDV TXH HP HVSHFLDO QRV SULPHLURV DQRV GD GpFDGD GH DVVXPLUDPDOLGHUDQoDGDVLQWHQo}HVGHVHQYROYLPHQWLVWDV 1R HVFyOLR GH -HDQ &DODLV$XOR\ H )UDQN 6WHLQPHW] D SURWHomR GRV FRQVXPLGRUHVpRUHVXOWDGRGRIDWRGHWHUKDYLGRDSyVD6HJXQGD*XHUUD0XQGLDO XP HQRUPH GHVHQYROYLPHQWR GD FKDPDGD VRFLHGDGH GH FRQVXPR FRPR QXQFD YLVWR&RQIRUPHQRWLFLDPRVDXWRUHV 62'5e0DUFHOR*RPHV$&RQVWUXomRGR'LUHLWRGR&RQVXPLGRU(G$WODV6mR3DXOR $8/2<-HDQ&DODLV67(,10(7=)UDQN'URLWGHODFRQVXPPDWLRQHG3DULV'DOOR]S ³4XHOTXHV DQQpHV SOXV WDUG OHV SD\V G¶(XURSH RFFLGHQWDOH RQW HX[ DXVVL SULV FRQVFLHQFH GHV GDQJHUVFRXUXVSDUOHVFRQVRPPDWHXUV/HVDQQpVHWRQWYXO¶pFORVLRQHWODPXOWLSOLFDWLRQ HQ)UDQFHFRPPHGDQVOHVSD\VYRLVLQVG¶RUJDQLVPHVGHGHIHQVHHWGHUqJOHVSURWHFWULFHV´ $/0(,'$&DUORV)HUUHLUD2VGLUHLWRVGRFRQVXPLGRU&RLPEUD$OPHGLQDS $8/2< -HDQ &DODLV 67(,10(7= )UDQN 'URLW GH OD FRQVRPPDWLRQ S ³&¶HVW j SDUWLU GHV DQQpHV TXH OHV FRQVRPPDWHXUV SRVqUHQW j OHXU WRXU XP SUREOqPH GH VRFLpWp &HWWH pSRTXH FRUUHVSRQGSRXUWDQWjXP GpYHORSSHPHQWpFRQRPLTXHVDQVSUpFpGHQWTXL PXOWLSOLH OHVELHQVHW OHV VHUYLFHVSURSRVpVDX[FRQVRPPDWHXUV0DLVHOOHFRUUHVSRQGDXVVLjO¶DFFURLVVHPHQWGHODWDLOOHGHV HQWUHSULVHVjODFRPSOH[LWpSOXVJUDQGHGHVSURGXLWVHWGHVVHUYLFHVDXGpYHORSSHPHQWGXFUpGLWGH OD SXEOLFLWp HW GX PDUNHWLQJ 3DU Oj V¶DFFURvW OH GpVpTXLOLEUH HQWUH OHV SDUWHQDLUHV pFRQRPLTXHV OHV SURILVVLRQQHOVVHWURXYHQWGHSOXVHQSOXVHQSRVLWLRQGHIRUFHYLVjYLVGHVFRQVRPPDWHXUV´ e D SDUWLU GRV DQRV TXH RV FRQVXPLGRUHV WRUQDPVH SRU VXD YH]XPSUREOHPDVRFLDO(VWDpSRFDFRUUHVSRQGHQRHQWDQWRDXP GHVHQYROYLPHQWRHFRQ{PLFRVHPSUHFHGHQWHTXHPXOWLSOLFDRVEHQV H VHUYLoRV RIHUHFLGRV DRV FRQVXPLGRUHV 0DV HOD FRUUHVSRQGH WDPEpP DR FUHVFLPHQWR GD HVWUXWXUD GDV HPSUHVDV j PDLRU FRPSOH[LGDGHGHSURGXWRVHVHUYLoRVDRGHVHQYROYLPHQWRGRFUpGLWR GRPDUNHWLQJ3RUHVWHIDWRFUHVFHRGHVHTXLOtEULRHQWUHRVSDUFHLURV HFRQ{PLFRV HP UHODomR DRV FRQVXPLGRUHV RV SURILVVLRQDLV VH HQFRQWUDPFDGDYH]PDLVHPSRVLomRVXSHULRU>7UDGXomRQRVVD@ 1HZWRQGH/XFFDWDPEpPGHVFUHYHHVWHSHUtRGR ePDLVRXPHQRVDSDUWLUGDVGpFDGDVGHHGRVpFXOR;;FRP R FUHVFLPHQWR LPSUHVVLRQDQWH GDV PDFURHPSUHVDV H FRP D VRILVWLFDomR GRV SURGXWRV H GRV PpWRGRV GH SURGXomR TXH D JURWHVFDLGpLDGDµGLWDGXUDGRFRQVXPLGRU¶IRLSDXODWLQDPHQWHVHQGR SRVWD D QX WRUQDQGRVH FODUR H LQFRQWURYHUVR TXH RV FRQVXPLGRUHV HVWDYDP PDLV SDUD µHVFUDYRV¶ GR TXH HYLGHQWHPHQWH SDUD VXVHUDQRV 1R RFLGHQWH FDSLWDOLVWD RV (VWDGRV 8QLGRV IRUDP R SDtV TXH OLGHURX DV VLJQLILFDWLYDV PXGDQoDV DWLQHQWHV j GLVFLSOLQD GDV UHODo}HV GH FRQVXPR (VSHFLDOPHQWHQRDQRGHDGLVFXVVmRVHDYXOWRXTXDQGRRHQWmR3UHVLGHQWH -RKQ ) .HQQHG\ HQFDPLQKRX PHQVDJHP DR &RQJUHVVR FRQWHQGR GLVSRVLo}HV HVSHFtILFDV QR LQWXLWRGH SURPRYHU D SURWHomR GRV LQWHUHVVHV GRFRQVXPLGRU (VWD DWLWXGH DFDERX FRQVDJUDQGR R GLUHLWR j VHJXUDQoD j LQIRUPDomR R GLUHLWR GH VHU RXYLGR H R GLUHLWR GH HVFROKHU FRPR GLUHLWRV EiVLFRV GR LQGLYtGXR FRQVLGHUDGR D SDUWHPDLVYXOQHUiYHOGROLDPHMXUtGLFRFRQVXPHULVWD $ SURWHomR MXUtGLFD DOoDGD SHOR FRQVXPLGRU DGYHLR GD SHUFHSomR GRV HIHLWRV GR PRGR GH GHVHQYROYLPHQWR GRV PHUFDGRV GH FRQVXPR H SDVVRX D FRQVWLWXLU WHPD GH LQWHUHVVH VXSUDQDFLRQDO FRQWDQGR FRP HIHWLYR DX[tOLR H SDUWLFLSDomRGHH[SUHVVLYRQ~PHURGHQDo}HVDSRLRTXHFXOPLQRXFRPDDSURYDomR /8&&$1HZWRQ'LUHLWR GRFRQVXPLGRUDVSHFWRVSUiWLFRVSHUJXQWDVHUHVSRVWDVHG5LR GH -DQHLUR(GLSURS (VWDPHQVDJHPSDUWHGHXPDFRQVWDWDomRTXHVHWRUQRXVtPERORSDUDWRGRRPRYLPHQWR'LVVHj pSRFD R 3UHVLGHQWH -RKQ ) .HQQHG\ HP PHQVDJHP DR &RQJUHVVR GRV (VWDGRV 8QLGRV ³&RQVXPLGRUHV SRU GHILQLomR VRPRV WRGRV QyV (OHV VmR RV PDLRUHV JUXSRV HFRQ{PLFRV QD HFRQRPLD DIHWDQGR H VHQGR DIHWDGRV SRU TXDVH WRGD GHFLVmR HFRQ{PLFD S~EOLFD RX SULYDGD 2V FRQVXPLGRUHV UHVSRQGHP SRU GRLV WHUoRV GH WXGR JDVWR QD HFRQRPLD 0DV HOHV VmR R ~QLFR JUXSR LPSRUWDQWHQDHFRQRPLDTXHQmRVmRHIHWLYDPHQWHRUJDQL]DGRVFXMDRSLQLmRIUHTHQWHPHQWHQmR p RXYLGD´ >7UDGXomR QRVVD@ &I 38%/,& 3$3(56 2) 7+( 35(6,'(176 6SHFLDO 0HVVDJH WR WKH &RQJUHVVR RQ 3URWHFWLQJ WKH &RQVXPHU 0DUFK S ³&RQVXPHUV E\ GHILQLWLRQ LQFOXGH XV DOO 7KH\ DUH WKH ODUJHVW HFRQRPLF JURXS LQ WKH HFRQRP\ DIIHFWLQJ DQG DIIHFWHG E\ DOPRVW HYHU\ SXEOLFDQGSULYDWHHFRQRPLFGHFLVLRQ7ZRWKLUGVRIDOOVSHQGLQJLQWKHHFRQRP\LVE\FRQVXPHUV%XW WKH\DUHWKHRQO\LPSRUWDQWJURXSLQWKHHFRQRP\ZKRDUHQRWHIIHFWLYHO\RUJDQL]HGZKRVHYLHZVDUH RIWHQQRWKHDUG´ GD 5HVROXomR Q DR VHU SURFODPDGD D 'HFODUDomR GDV 1Do}HV 8QLGDVSDUDRSURJUHVVRHGHVHQYROYLPHQWRVRFLDO (PD&RPLVVmRGH'LUHLWRV+XPDQRVGD2UJDQL]DomRGDV1Do}HV 8QLGDV 218 DYDQoD PDLV QR VHQWLGR GR UHFRQKHFLPHQWR H[SUHVVR GRV GLUHLWRV IXQGDPHQWDLVHXQLYHUVDLVGRFRQVXPLGRU 2SRUWXQD DVVLP p D REVHUYDomR GH *DEULHO $ 6WLJOLW] H 5XEpQ 6 6WLJOLW] +LVWyULFD H XQLYHUVDOPHQWH R PRYLPHQWR GH SURWHomR MXUtGLFD GR FRQVXPLGRU LQLFLD VHX GHVHQYROYLPHQWR DWUDYpV GD IRUPXODomR GH GLYHUVDV GHFODUDo}HV GH GLUHLWRVIXQGDPHQWDLV GRV FRQVXPLGRUHV e R SULPHLUR UHVXOWDGR GH XPD HYROXomR VXSHUDGRUD GDV FRQFHSo}HV GR GLUHLWR WUDGLFLRQDO 0DV D GHFODUDomR GRV GLUHLWRV GR FRQVXPLGRU SRU VL QmR SDVVD GH FRQVWLWXLU DSHQDV XP PDUFR SDUD R GHVHQYROYLPHQWRGHXPYHUGDGHLURVLVWHPDGHSURWHomRTXHUHTXHU DGLFLRQDOPHQWH D IRUPXODomR GH QRUPDV HVSHFLDLV SURWHWRUDV SUHYHQWLYDV HIHWLYDV H FROHWLYDV H GH SROtWLFDV JRYHUQDPHQWDLV FRQFUHWDVHSDUWLFXODUPHQWHGLULJLGDDRVFRQVXPLGRUHVFRPPDLRUHV FDUrQFLDVHFRQ{PLFDVHVRFLDLV>7UDGXomRQRVVD@ (P SRUPHLRGD 5HVROXomR Q D 218IL[RX DOJXPDV QRUPDV SURWHWLYDV GR FRQVXPLGRU GHQRWDQGR HVSHFLDO DWHQomR DR WHPD SRLV UHFRQKHFHX GH IRUPD H[SOtFLWD D H[LVWrQFLD GH GHVHTXLOtEULRV HFRQ{PLFRV H 6,'282WRQ3URWHomRDR&RQVXPLGRU(G)RUHQVH5LRGH-DQHLURS $/0(,'$-RmR%DWLVWDGH0DQXDOGH'LUHLWRGR&RQVXPLGRUHG(G6DUDLYD $/0(,'$-RmR%DWLVWD0DQXDOGH'LUHLWRGR&RQVXPLGRUHG(G6DUDLYD6mR3DXOR S 67,*/,7=*DEULHO$67,*/,7=5XEpQ6'HUHFKRV\GHIHQVHGHOFRQVXPLGRU%XHQRV$LUHV/D 5RFFDS³+LVWyULFD\XQLYHUVDOPHQWHHOPRYLPLHQWRGHSURWHFFLyQMXUtGLFDGHOFRQVXPLGRU LQLFLD VX GHVDUUROR D WUDYpV GH OD IRUPXODFLyQ GH GLYHUVDV GHFODUDFLRQHV GH ORV GHUHFKRV IXQGDPHQWDOHV GH ORV FRQVXPLGRUHV (V HO SULPHU UHVXOWDGR GH XQD HYROXFLyQ VXSHUDGRUD GH ODV FRQFHSFLRQHVGHOGHUHFKRWUDGLFLRQDO3HURODGHFODUDFLyQGHORVGHUHFKRVGHOFRQVXPLGRUSRUVtQR SDVDGHFRQVWLWXLUDSHQDVXQPDUFRSDUDHOGHVHQYROYLPLHQWRGHXPYHUGDGHURVLVWHPDGHSURWHFFLyQ TXHUHTXLHUHDGLFLRQDOPHQWHODIRUPXODFLyQGHQRUPDVHVSHFLDOHVSURWHFWRUDVSUHYHQWLYDVHIHFWLYDV \FROHFWLYDV\GHSROtWLFDVJXEHUQDPHQWDOHVFRQFUHWDV\SDUWLFXODUPHQWHGLULJLGDVDORVFRQVXPLGRUHV FRQPD\RUHVFDUHQFLDVHFRQyPLFDV\VRFLDOHV´ -RmR %DWLVWD GH $OPHLGD OHFLRQD TXH D 2UJDQL]DomR GDV 1Do}HV 8QLGDV 218 UHFRQKHFHX H[SUHVVDPHQWHTXHRVFRQVXPLGRUHVVHGHSDUDPFRPGHVHTXLOtEULRVHPWHUPRVHFRQ{PLFRVQtYHLV HGXFDFLRQDLV H SRGHU DTXLVLWLYR $VVHYHUD TXH WDLV QRUPDV GH DFRUGR FRP D 218 WHULDP RV VHJXLQWHV REMHWLYRV ³D DX[LOLDU SDtVHV D DWLQJLU RX PDQWHU XPD SURWHomR DGHTXDGD SDUD D VXD SRSXODomR FRQVXPLGRUD E RIHUHFHU SDGU}HV GH FRQVXPR H GLVWULEXLomR TXH SUHHQFKDP DV QHFHVVLGDGHV H RV GHVHMRV GRV FRQVXPLGRUHV F LQFHQWLYDU DOWRV QtYHLV GH FRQGXWD pWLFD SDUD DTXHOHVHQYROYLGRVQDSURGXomRHGLVWULEXLomRGHEHQVHVHUYLoRVSDUDRVFRQVXPLGRUHVGDX[LOLDU SDtVHV D GLPLQXLU SUiWLFDV FRPHUFLDLV DEXVLYDV XVDQGR GH WRGRV RV PHLRV WDQWR HP QtYHO QDFLRQDO FRPR LQWHUQDFLRQDO TXH HVWHMDP SUHMXGLFDQGR RV FRQVXPLGRUHV H DMXGDU QR GHVHQYROYLPHQWR GH JUXSRVLQGHSHQGHQWHVHFRQVXPLGRUHVISURPRYHUDFRRSHUDomRLQWHUQDFLRQDOQDiUHDGHSURWHomR DR FRQVXPLGRU H J LQFHQWLYDU R GHVHQYROYLPHQWR GDV FRQGLo}HV GH PHUFDGR TXH RIHUHoDP DRV FRQVXPLGRUHVPDLRUHVFROKDFRPSUHoRVPDLVEDL[RV5HVLWHP´0DQXDOGHGLUHLWR GRFRQVXPLGRUHG6mR3DXOR6DUDLYDS HGXFDFLRQDLVTXHGHXPDIRUPDRXGHRXWUDDWLQJHPRVFRQVXPLGRUHVPRUPHQWH SHODLQHYLWiYHOYXOQHUDELOLGDGHIUHQWHDRIRUQHFHGRU$GHPDLVREVHUYHVHTXHQHVWD UHVROXomRHQFRQWUDVHDRULJHPGRVGLUHLWRVEiVLFRVGRFRQVXPLGRU $FUHVFHQWHVH TXH D PHQFLRQDGD 5HVROXomR Q DOpP GH UHSUHVHQWDU XP JUDQGH DYDQoR SDUD D GHIHVD GR FRQVXPLGRU WHP FDUiWHU SULQFLSLROyJLFR QD PHGLGD HP TXH D SDUWLU GD VXD YLJrQFLD RV GLULJHQWHV HVWDWDLV WrPRFRPSURPLVVRGHGHVHQYROYHUHPDQWHUXPDSROtWLFDDGHTXDGDDRDWHQGLPHQWR GDV QHFHVVLGDGHV GR FRQVXPLGRU FRPR SRU H[HPSOR IDFLOLWDU R DFHVVR jV LQIRUPDo}HV FRUUHWDV D UHVSHLWR GRV SURGXWRV FRP D ILQDOLGDGH GH FDSDFLWiORV D ID]HUHVFROKDVGHDFRUGRFRPVHXHIHWLYRGHVHMRLQGLYLGXDO $HVVHUHVSHLWR-RmR%DWLVWDGH$OPHLGDID]DVHJXLQWHSRQGHUDomR 2HORJLiYHOWUDEDOKRGD218QmRFRQVWLWXLWRGDYLDLQLFLDWLYDLVRODGD H SLRQHLUD PDV UHVXOWDGR GH FRQVWDQWH YHULILFDomR GRV SUREOHPDV TXH DIOLJLDP RV FRQVXPLGRUHV H GH FRPR VH SURFHVVDYDP RV PHFDQLVPRV GH SURWHomR QRV SDtVHV QRWDGDPHQWH RV GD (XURSD $QWHVPHVPRGDPDQLIHVWDomRGD218GLYHUVRVSDtVHVMiFXLGDYDP GR WHPD TXHU HODERUDQGR OHJLVODomR SHUWLQHQWHTXHU FULDQGR yUJmRV TXHSXGHVVHPJDUDQWLUHIHWLYDPHQWHDVXDSURWHomR $ WHPiWLFD UHODWLYD j GHIHVD GRV FRQVXPLGRUHV VH IH] SUHVHQWH WDPEpP QD(XURSDSUDWLFDPHQWHHPWRGRVRVSDtVHVFRQIRUPHUHODWD2WKRQ6LGRX $ SDUWLU GH R &RPLWr (XURSHX GH &RRSHUDomR -XUtGLFD SRU LQWHUPpGLR GH XP 6XEFRPLWr GH 3URWHomR /HJDO DR &RQVXPLGRU UHDOL]RXDPSODLQYHVWLJDomRVREUHRDVVXQWRFKHJDQGRjFRQFOXVmR GHTXHWRGRVRVSDtVHVGHPRQVWUDUDPHVWDUGHOHFXLGDQGROHJLVODWLYD H DGPLQLVWUDWLYDPHQWH KDYHQGR RUJDQL]Do}HV SULYDGDV H yUJmRV S~EOLFRV OHJLWLPDGRV D DWXDUHP HP MXt]R HP GHIHVD GRV FRQVXPLGRUHV&RPRVXUJLPHQWRGD&RPXQLGDGH(XURSpLDRGLUHLWR FRPXQLWiULR HXURSHX FRQKHFHX DV 'LUHWUL]HV SXEOLFLGDGH H -RmR %DWLVWD GH $OPHLGD OHFLRQD TXH D 2UJDQL]DomR GDV 1Do}HV 8QLGDV 218 UHFRQKHFHX H[SUHVVDPHQWHTXHRVFRQVXPLGRUHVVHGHSDUDPFRPGHVHTXLOtEULRVHPWHUPRVHFRQ{PLFRVQtYHLV HGXFDFLRQDLV H SRGHU DTXLVLWLYR $VVHYHUD TXH WDLV QRUPDV GH DFRUGR FRP D 218 WHULDP RV VHJXLQWHV REMHWLYRV ³D DX[LOLDU SDtVHV D DWLQJLU RX PDQWHU XPD SURWHomR DGHTXDGD SDUD D VXD SRSXODomR FRQVXPLGRUD E RIHUHFHU SDGU}HV GH FRQVXPR H GLVWULEXLomR TXH SUHHQFKDP DV QHFHVVLGDGHV H RV GHVHMRV GRV FRQVXPLGRUHV F LQFHQWLYDU DOWRV QtYHLV GH FRQGXWD pWLFD SDUD DTXHOHVHQYROYLGRVQDSURGXomRHGLVWULEXLomRGHEHQVHVHUYLoRVSDUDRVFRQVXPLGRUHVGDX[LOLDU SDtVHV D GLPLQXLU SUiWLFDV FRPHUFLDLV DEXVLYDV XVDQGR GH WRGRV RV PHLRV WDQWR HP QtYHO QDFLRQDO FRPR LQWHUQDFLRQDO TXH HVWHMDP SUHMXGLFDQGR RV FRQVXPLGRUHV H DMXGDU QR GHVHQYROYLPHQWR GH JUXSRVLQGHSHQGHQWHVHFRQVXPLGRUHVISURPRYHUDFRRSHUDomRLQWHUQDFLRQDOQDiUHDGHSURWHomR DR FRQVXPLGRU H J LQFHQWLYDU R GHVHQYROYLPHQWR GDV FRQGLo}HV GH PHUFDGR TXH RIHUHoDP DRV FRQVXPLGRUHVPDLRUHVFROKDFRPSUHoRVPDLVEDL[RV5HVLWHP´0DQXDOGHGLUHLWR GRFRQVXPLGRUHG6mR3DXOR6DUDLYDS $/0(,'$-RmR%DWLVWDGH0DQXDOGH'LUHLWRGR&RQVXPLGRUS $/0(,'$-RmR%DWLVWDGH0DQXDOGHGLUHLWRGRFRQVXPLGRUS 6,'282WKRQ3URWHomRDRFRQVXPLGRU6mR3DXOR)RUHQVHS UHVSRQVDELOLGDGH FLYLO SHORV DFLGHQWHV GH FRQVXPR IRQWHV GHLQVSLUDomRGR&yGLJR%UDVLOHLUR 2 %UDVLO D VHX WXUQR Mi VRIULD R LPSDFWR GD LQWHUYHQomR GR (VWDGR QDV UHODo}HV SULYDGDV GH IRUPD TXH R FRQFHLWR FOiVVLFR GH FRQWUDWR QmR PDLV VH FRDGXQDYDFRPDUHDOLGDGHFDPELDQWH$GPLWLDVHSDXODWLQDPHQWHRHVYD]LDPHQWR GR &yGLJR &LYLO GH FRP R DGYHQWR GH XPD VpULH GH WUDQVIRUPDo}HV OHJLVODWLYDV $GDOEHUWR3DVTXDORWWRGHVFUHYHRLPSDFWRGHVVDVPXGDQoDV $VVLP QR GLUHLWR GH IDPtOLD UHIOHWLQGR PXGDQoDV GRV FRVWXPHV 7DPEpP D FRQFHQWUDomR XUEDQD GLWDQGR D QHFHVVLGDGH GH VXFHVVLYDV OHLV HVSHFLDLV GH LQTXLOLQDWR 1R VHWRU KDELWDFLRQDO XP FRPSOH[R VLVWHPD IRL HVWUXWXUDGR SDUD SURSRUFLRQDU DFHVVR j FDVD SUySULD FRP DUWLFXODomR GH GLYHUVRV QHJyFLRV MXUtGLFRV GHVGH D LQFRUSRUDomR LPRELOLiULD DWp R ILQDQFLDPHQWR DTXLVLWLYR DWUDYpV GR P~WXR EDQFiULR DOpP GRV VHJXURV FRP IXQomR GH JDUDQWLD GR PXWXDQWHHTXLWDomRHPIDYRUGRVEHQHILFLiULRVGRPXWXiULR 'HVWDUWHDFRQVROLGDomRGDVRFLHGDGHFDSLWDOLVWDDSDUWLUGDFULDomRGH XPPHUFDGRGHEHQVGHFRQVXPRGHXD]RDRVSULPHLURVPRYLPHQWRVRUJDQL]DGRV GH IRUQHFHGRUHV H FRQVXPLGRUHV SRUTXDQWR DV QRUPDV GH FXQKR LQGLYLGXDOLVWD Mi QmR PDLV RIHUHFLDP UHVSRVWDV H VROXo}HV DRV SUREOHPDV GD QRYD VRFLHGDGH PDVVLILFDGDHPTXHDSURGXomRHPODUJDHVFDODHDFRQFRUUrQFLDFULDYDPSRU PHLRGDLQIRUPDomRHGDSXEOLFLGDGHQHFHVVLGDGHVLQpGLWDVDRVLQGLYtGXRV 1DDYDOLDomRGH0DXUR&DSSHOOHWWL 3$648$/2772 $GDOEHUWR 2 &yGLJR GH 'HIHVD GR &RQVXPLGRU HP IDFH GR &yGLJR &LYLO GH ,Q BBBBB 3)(,))(5 5REHUWR $XJXVWR &DVWHOODQR &RRUGV &yGLJR GH 'HIHVD GR &RQVXPLGRUHR&yGLJR&LYLOGHFRQYHUJrQFLDVHDVVLPHWULD6mR3DXOR57S &DSLWDOLVPR p R VLVWHPD HFRQ{PLFR TXH VH FDUDFWHUL]D SHOD SURSULHGDGH SULYDGD GRV EHQV GH SURGXomR 7DPEpP GHQRPLQDGD GH WpFQLFD SyVLQGXVWULDO GH LQIRUPDomR GH FRPXQLFDomR GH FRQVXPR HQWUH RXWURV TXDOLILFDWLYRV $ VRFLHGDGH GH FRQVXPR DVSHFWR UHOHYDQWH GD VRFLHGDGH GH PDVVDV IXQGDPHQWDGD QD UHODomR MXUtGLFD GH FRQVXPR DSUHVHQWD TXDWUR FDUDFWHUtVWLFDV EiVLFDV D DQRQLPDWRGHVHXVDWRUHVEDFRPSOH[LGDGHHDYDULDELOLGDGHGHVHXVEHQVFRSDSHOHVVHQFLDOGR PDUNHWLQJHGRFUpGLWRGDYHORFLGDGHGHVXDVWUDQVDo}HV&I9$6&21&(//26$QW{QLR+HUPDQ GH 9DVFRQFHOORV H %HQMDPLQ &yGLJR %UDVLOHLUR GH 'HIHVD GR &RQVXPLGRU FRPHQWDGR SHORV DXWRUHV GR$QWHSURMHWRHG5LRGH-DQHLUR)RUHQVH8QLYHUVLWiULDS 1HZWRQGH/XFFDDVVHYHUDTXHDFRQFRUUrQFLDpDFRPSHWLomRHQWUHGLYHUVRVDJHQWHVHFRQ{PLFRV TXHDWXDPQRPHUFDGR'LUHLWRGRFRQVXPLGRUHG6mR3DXOR4XDUWLHU/DWLQS &$33(//(77, 0DXUR 2 DFHVVR GRV FRQVXPLGRUHV j MXVWLoD 5HYLVWD )RUHQVH (GLWRUD 5HYLVWD )RUHQVH 5LR GH -DQHLUR Y DQR S 2 DUWLJR SXEOLFDGR QD FLWDGD UHYLVWD DOXGH j WUDGXomRGDFRQIHUrQFLDSURIHULGDHPQRHQFHUUDPHQWRGR,,&RQJUHVVR,QWHUQDFLRQDOGH 'LUHLWRGR&RQVXPLGRU >@ XPD ViELD SROtWLFD GH SURWHomR GRV FRQVXPLGRUHV ORQJH GH VHU LQVWUXPHQWR GH GLVWRUomR GR PHUFDGR FRQVWLWXL FRP D SROtWLFD WHQGHQWH D DVVHJXUDU D OLYUH FRQFRUUrQFLD LQVWUXPHQWR KRMH LPSUHVFLQGtYHO SDUD JDUDQWLU D HIHWLYD OLEHUGDGH GR PHUFDGR &RP HIHLWR XPD ViELD SROtWLFD GH SURWHomR GRV FRQVXPLGRUHV WHQGH D UHVWDEHOHFHU R HTXLOtEULR SHUGLGR UHVWLWXLQGR DR FRQVXPLGRU DTXHOD HIHWLYDFDSDFLGDGHGHHVFROKDTXHVHUYHSUHFLVDPHQWHGHJXLDHGH HVWtPXORSDUDRSURGXWRUDVVHJXUDQGRDVVLPQRLQWHUHVVHFRPXP DHILFLrQFLDGDHFRQRPLD 1R %UDVLO D PXGDQoD OHJLVODWLYD WmR DOPHMDGD TXDQWR QHFHVViULD VRPHQWH IRL VHQWLGD D SDUWLU GD SURPXOJDomR GD &RQVWLWXLomR )HGHUDO QR DQR GH HLVTXHDWpHQWmRDSHQDVDOHJLVODomRLQIUDFRQVWLWXFLRQDOHDMXULVSUXGrQFLD FXLGDYDP GDV PRGLILFDo}HV PDLV LPSRUWDQWHV DWLQHQWHV j GHIHVD GR FRQVXPLGRU GLVWDQFLDQGRVHFDGDYH]PDLVGDVGLVSRVLo}HVGR&yGLJR&LYLOGH 2 FRQVWLWXLQWH GH QD HVWHLUD GR FRQVHQVR PXQGLDO GH TXH RV FRQVXPLGRUHV GHYHULDP PHUHFHU SURWHomR FRQVWLWXFLRQDO WULOKDQGR R FDPLQKR WUDoDGR SHORV RXWURV SDtVHV GH SUHYHU HP VHXV RUGHQDPHQWRV MXUtGLFRV D WXWHOD GRV FRQVXPLGRUHV HULJLX D GHIHVD GR FRQVXPLGRU DR SDWDPDU GH SULQFtSLR (P VXUJLX HP kPELWR HVWDGXDO R SULPHLUR yUJmR GH GHIHVD GR FRQVXPLGRU R 3URFRQ ± *UXSR([HFXWLYRGH3URWHomRH2ULHQWDomRDR&RQVXPLGRUGH6mR3DXORFULDGRSHOD/HLQGH (P kPELWR IHGHUDO Vy HP IRL FULDGR R &RQVHOKR 1DFLRQDO GH 'HIHVD GR &RQVXPLGRU 'HFUHWRQ$SDUWLUGDtSDVVRVLPSRUWDQWHVIRUDPGDGRV(PIRLSURPXOJDGDD/HL QTXHGLVFLSOLQDDDomRFLYLOS~EOLFDGHUHVSRQVDELOLGDGHSRUGDQRVFDXVDGRVDRFRQVXPLGRU DOpPGHRXWURVEHQVWXWHODGRVLQLFLDQGRGHVVDIRUPDDWXWHODMXULVGLFLRQDOGRVLQWHUHVVHVGLIXVRVHP QRVVRSDtV1DPHVPDGDWDIRLDVVLQDGRR'HFUHWRIHGHUDOQDOWHUDGRSHORGHQGH FULDQGRR&RQVHOKR1DFLRQDOGH'HIHVDGR&RQVXPLGRU&1')TXHWLQKDFRPRIXQomR DVVHVVRUDU R 3UHVLGHQWH GD 5HS~EOLFD QD IRUPXODomR H FRQGXomR GD SROtWLFD QDFLRQDO GH GHIHVD GR FRQVXPLGRU FRP FRPSHWrQFLD EDVWDQWH H[WHQVD PDV VHP SRGHU FRHUFLWLYR 7DO yUJmR FROHJLDGR IRL H[WLQWRQRLQtFLRGR*RYHUQR&ROORUGH0HORHVXEVWLWXtGRSRURXWURVLQJXODUR'HSDUWDPHQWR1DFLRQDO GH 3URWHomR H 'HIHVD GR &RQVXPLGRU VXERUGLQDGR j 61'( QD HVWUXWXUD GR 0LQLVWpULR GD -XVWLoD *DQKRXVHHPWHUPRVGHDJLOLGDGHHGHXQLIRUPLGDGHGHSURFHGLPHQWRHPUHODomRjiUHDGHGHIHVD HFRQ{PLFDSHUGHXVHHPUHSUHVHQWDWLYLGDGHQRTXHVHUHIHUHjSDUWLFLSDomRGRVyUJmRVHVWDGXDLVH PXQLFLSDLV GDV HQWLGDGHV SULYDWLYDV GH GHIHVD GR FRQVXPLGRU H GD VRFLHGDGH FLYLO &RQDU 2$% &RQIHGHUDomR GR HPSUHVDULDGR LQG~VWULD DJULFXOWXUD H FRPpUFLR TXH LQWHJUDYDP R H[WLQWR &RQVHOKR&I$/0(,'$-RmR%DWLVWDGH0DQXDOGHGLUHLWRGRFRQVXPLGRUS $ &RQVWLWXLomR EUDVLOHLUD DGRWD R PRGHOR GHVLJQDGR SRU &DQRWLOKR GH FRQVWLWXLomR GLULJHQWH 2EVHUYD R DXWRU TXH QHOD VH HQFRQWUD XP SURJUDPD GH Do}HV H OLQKDV GH RULHQWDomR GLULJLGRV DR (VWDGRFRPYLVWDDGHVHQYROYHUDIXQomRVRFLDO3RUpPGHYHVHHVFODUHFHUTXHDWXDOPHQWHFRPD UHIRUPD GR (VWDGR LPSRVWD SHORV JRYHUQRV Ki QHFHVVLGDGH GH UHYHU R FRQFHLWR GH FRQVWLWXLomR GLULJHQWH &$127,/+2 -RVp -RDTXLP *RPHV 'LUHLWR FRQVWLWXFLRQDO H WHRULD GD FRQVWLWXLomR HG &RLPEUD$OPHGLQDS 1HZWRQGH/XFFDH[SOLFDTXHVmRSRXFRVRVSDtVHVTXHLQVHULUDPQD&RQVWLWXLomRGLVSRVLo}HVHP IDYRU GRV FRQVXPLGRUHV 1D (XURSD 3RUWXJDO H (VSDQKD R IL]HUDP H[SUHVVDPHQWH 1D $PpULFD GR 6XOR3HUXHR%UDVLO'LUHLWRGRFRQVXPLGRUDVSHFWRVSUiWLFRVSHUJXQWDVHUHVSRVWDVS 5RQDOGR 3RUWR 0DFHGR -U FRQVLJQD TXH ³$ KLVWyULD GR GLUHLWR GR FRQVXPLGRU HVWi DVVRFLDGD GLUHWDPHQWHDRVXUJLPHQWRGRVPHUFDGRVGHPDVVDHVSHFLDOPHQWHDSyVD6HJXQGD*XHUUD0XQGLDO SHUtRGR HP TXH KRXYH XPD H[SDQVmR QR FRQVXPR GH EHQV GXUiYHLV MDPDLV YLVWD QD KLVWyULD GR FDSLWDOLVPR (VSHFLDOPHQWH QHVWH SHUtRGR YLXVH GHVHQYROYHU GH PDQHLUD EDVWDQWH JHQHUDOL]DGD HQWUH DV HFRQRPLDV FDSLWDOLVWDV PXQGLDLV D µVRFLHGDGH GH FRQVXPR¶ QRV SDGU}HV SLRQHLUDPHQWH HVWDEHOHFLGRVQRV(VWDGRV8QLGRVHUDSLGDPHQWHDFRPSDQKDGDSHODVGHPDLVVRFLHGDGHVFDSLWDOLVWDV FRQVWLWXFLRQDO $VVLP D SURWHomR GR FRQVXPLGRU DOoRX D FRQGLomR GH GLUHLWR IXQGDPHQWDO&5)%DUW;;;,,HSULQFtSLRGDRUGHPHFRQ{PLFD&5)%DUW LQFLVR9 1R WtWXOR GHVWLQDGR j 2UGHP (FRQ{PLFD D GHIHVD GR FRQVXPLGRU p DSUHVHQWDGD FRP XPD GDV IDFHV MXVWLILFDGRUDV GD LQWHUYHQomR GR (VWDGR QD HFRQRPLD&5)%DUW9 $HVVHUHVSHLWR6X]DQD0DULD3LPHQWD&DWWD3UHWD)HGHULJKLDVVHYHUD TXH $ &RQVWLWXLomR )HGHUDO HGLWDGD HP H HP YLJRU SULYLOHJLRX XPD HFRQRPLD GH FRQWRUQRV DLQGD OLEHUDLV PDV DFHQWXRX HP FRQWUDSRVLomR SRVVLELOLGDGHV GH LQWHUYHQomR GR (VWDGR H GD VRFLHGDGH FLYLO SDUD UHJXODU QmR VRPHQWH DV UHODo}HV HFRQ{PLFDV SUHVVXSRQGRWRUQDUHIHWLYDVDVJDUDQWLDVEiVLFDVQHODSUHYLVWDV 'HQWUR GHVVH UHJUDPHQWR FRQVWLWXFLRQDO D GHIHVDGR FRQVXPLGRU LQVHUH VH QDV SUHVWDo}HV SRVLWLYDV RSRQtYHLV HP IDFH GR (VWDGR GH IHLomR QLWLGDPHQWH VRFLDO $WHQGHQGRDVVLPRPDQGDPHQWRFRQVWLWXFLRQDOGLVSRVWRQRDUWLJRGR $WRGDV'LVSRVLo}HV&RQVWLWXFLRQDLV7UDQVLWyULDVQRGLDIRLSXEOLFDGRR &'&FRQVXEVWDQFLDGRQD/HLQ'HYLGRjPDJQLWXGHTXHKDYLDDOFDQoDGR DTXHVWmRFRQVXPHULVWDDQWHVPHVPRGDSURPXOJDomRGD&RQVWLWXLomR)HGHUDOIRL FRQVWLWXtGD SHOR &RQVHOKR 1DFLRQDO GH 'HIHVD GR &RQVXPLGRU D FRPLVVmR FRP R REMHWLYRGHDSUHVHQWDU$QWHSURMHWRGH&yGLJRGH'HIHVDGR&RQVXPLGRUMiSUHYLVWR SHOD$VVHPEOpLD&RQVWLWXLQWH 5HIHULGDFRPLVVmRDSDUGHFXLGDUGDVHVSHFLILFLGDGHVQDFLRQDLVEXVFRX QD OHJLVODomR HVWUDQJHLUD DV YLJDV PHVWUDV SDUD D HODERUDomR GR GLSORPD FRQVXPHULVWD$PDLRULQIOXrQFLDIRLHQFRQWUDGDQD)UDQoDQR3URMHFWGH&RGHGH/D &RQVRPPDWLRQPDVWDPEpPSRGHPVHUPHQFLRQDGDVLQIOXrQFLDVGD(VSDQKD/H\ DYDQoDGDVeSUySULRSRLVDILUPDUTXHDVRFLHGDGH GHFRQVXPRFRPS}HRDPELHQWHQRLQWHULRUGR TXDO LUi VH GHVHQYROYHU R GLUHLWR GR FRQVXPLGRU´ &RQWUDWRV UHODFLRQDLV H GHIHVD GR FRQVXPLGRU HG6mR3DXOR5HYLVWDGRV7ULEXQDLVS )('(5,*+, 6X]DQD 0DULD 3LPHQWD &DWWD 3UHWD 3XEOLFLGDGH DEXVLYD LQFLWDomR j YLROrQFLD 6mR 3DXOR-XDUH]GH2OLYHLUDS 0$&('2-55RQDOGR3RUWR&RQWUDWRVUHODFLRQDLVHDGHIHVDGRFRQVXPLGRUS $FHUFD GRV GHWDOKDPHQWRV VREUH RV PHPEURV TXH FRPSXQKDP D FRPLVVmR EHP FRPR GRV VXFHVVLYRV WUDEDOKRV UHDOL]DGRV H WRGD D WUDPLWDomR OHJLVODWLYD ),/20(12 -RVp *HUDOGR %ULWR *5,129(5 $GD 3HOOHJULQL %(1-$0,1 $QW{QLR +HUPDQ GH 9DVFRQFHOORV ),1. 'DQLHO 5REHUWR 1(5< -Ò1,25 1HOVRQ :$7$1$%( .D]XR '(1$5, =HOPR &yGLJR %UDVLOHLUR GH 'HIHVD GR *HQHUDO SDUD /D 'HIHQVD GH ORV &RQVXPLGRUHV \ 8VXDULRV /HL Q GH 3RUWXJDO /HL Q GH GR 0p[LFR /HL )HGHUDO GH 3URWHFFLyQ DO &RQVXPLGRU GH GH 4XHEHF /RL VXU 3URWHFWLRQ 'X &RQVRPPDWHXU SURPXOJDGDHPHGRV(VWDGRV8QLGRVGD$PpULFD)HGHUDO7UDGH&RPPLVLRQ $FW&RQVXPHU3URGXFW6DIHW\$FW7UXWKLQ/HQGLQJ$FW)DLU&UHGLW5HSRUWLQJ$FWH )DLU'HEW&ROOHFWLRQ3UDWLFHV$FW ,JXDOPHQWH LPSRUWDQWHV QD IRUPXODomR GR DVSHFWR OHJDO SDUD R FRQWUROH GDV FOiXVXODV JHUDLV GH FRQWUDWDomR GR &'& IRUDP DV OHJLVODo}HV GH 3RUWXJDO 'HFUHWR/HL Q GH GH RXWXEUR H $OHPDQKD *HVHW] ]XU 5HJHOXQJ GHV 5HFKWV $OOJHPHLQHQ *HVFKDIWVEHGLQJXQJHQ ± $*% *HVHW] GH GH GH]HPEUR GH 'HVVD IHLWD R &'& LQDXJXUD R UHJLPH EDVHDGR IXQGDPHQWDOPHQWH QD GHVLJXDOGDGHHQWUHIRUQHFHGRUHFRQVXPLGRUUHFRQKHFHQGRHVWH~OWLPRFRPRRHOR PDLVIUDFR GD UHODomR FRQWUDWXDO UHSOHWRGH PHFDQLVPRV GH EXVFD GRHTXLOtEULR GH IRUoDHQWUHHVWHVFRQWUDWDQWHV 1DSUHFLVDH[SOLFDomRGH6X]DQD0DULD3LPHQWD&DWWD3UHWD)HGHULJKL 8P GRV SRXFRV VLVWHPDV QRUPDWLYRV TXH VH SRGH GL]HU WHU VXUJLGR HPIDFHGRVUHFODPRVGDVRFLHGDGHFLYLOIRLR&yGLJRGH'HIHVDGR &RQVXPLGRU $ HGLomR GH WDO GLSORPD OHJDO LPSRUWD D LPSRVLomR GH OLPLWHV DR FDPSR YROLWLYR GDV SDUWHV R UHFRQKHFLPHQWR GH XPD KLSRVVXILFLrQFLDMXUtGLFDGRFRQVXPLGRUGHVORFDQGRVHSDUDRFDPSR HIHWLYRGRVLQWHUHVVHVGLIXVRVHFROHWLYRVXPDUHODomREDVHTXHHUD WUDWDGDGHIRUPDLQGLVFULPLQDGDSHORUHJUDPHQWRGRGLUHLWRSULYDGR 'HVWDUWH R OHJLVODGRU FRQVXPHULVWD DOpP GH SUHVHUYDU RV GLUHLWRV GRV FRQVXPLGRUHV FRPR IRUPD LQHTXtYRFD GH DYDQoR VRFLDO H HFRQ{PLFR QmR VH ROYLGRX GH LPSXOVLRQDU D HFRQRPLD VHQGR LQGLVFXWtYHO TXH XP PHUFDGR LVHQWR GH GHVYLRV GH FRQGXWDV LQFHQWLYD R FRQVXPR VHJXUR H SRU FRQVHJXLQWH D SUySULD HFRQRPLDHRVDYDQoRVWHFQROyJLFRV &RQVXPLGRU FRPHQWDGR SHORV DXWRUHV GH $QWHSURMHWR HG 5LR GH -DQHLUR )RUHQVH 8QLYHUVLWiULD S *5,129(5 $GD 3HOOHJULQL %(1-$0,1 $QW{QLR +HUPDQ GH 9DVFRQFHOORV &yGLJR EUDVLOHLUR GH 'HIHVD GR &RQVXPLGRU FRPHQWDGR SHORV DXWRUHV GR $QWHSURMHWR HG 5LR GH -DQHLUR )RUHQVH 8QLYHUVLWiULDS 7È&,72&DLR'LUHLWRDGPLQLVWUDWLYRS )('(5,*+, 6X]DQD0DULD3LPHQWD&DWWD 3UHWD3XEOLFLGDGH $EXVLYDLQFLWDomRjYLROrQFLD 6mR 3DXOR-XDUH]GH2OLYHLUDS 3$6626'DQLHOGH/LPD$UHVSRQVDELOLGDGHGRVyUJmRVS~EOLFRVQDVUHODo}HVGHFRQVXPR,Q 62'5e 0DUFHOR *RPHV 0(,5$ )DEtROD &$/'(,5$ 3DWUtFLD RUJV &RPHQWiULRV DR &yGLJR GH 'HIHVDGR&RQVXPLGRUVmR3DXOR9HUEDWLQS 1HOVRQ 1HU\ -~QLRU DVVHYHUD TXH R &'& QmR YHLR SDUD SXQLU R HPSUHViULRPDVSDUDGRWDURFRQVXPLGRUGHPDLRUSRGHUGHQHJRFLDomRGLDQWHGD SDWRORJLDGDUHODomRGHFRQVXPR 'HVVDV OLo}HV LQIHUHVH TXH R UHHTXLOtEULR GD UHODomR GH FRQVXPR p R QRYRSDUDGLJPDGRGLSORPDFRQVXPHULVWD &.&.$ @,+A ,4 4<43! , '3"*+, - ( * *+(- 33+3:4*! 2V SRVWXODGRV EiVLFRV TXH GHFRUUHP GDV QRUPDV GR &'& VmR GH GXDV RUGHQVVLVWHPDDXW{QRPRHFDUiWHUPXOWLGLVFLSOLQDU 2SULPHLURSRVWXODGRDOXGHTXHR&'&pXPPLFURVVLVWHPDMXUtGLFRLVWR p XP VLVWHPD DXW{QRPR H LQGHSHQGHQWH FRP SULQFtSLRV TXH OKH VmR SUySULRV GHVWLQDGRVDDWHQGHUGHWHUPLQDGDVLWXDomRMXUtGLFD $ SURSyVLWR GHVVH SRVWXODGR 6X]DQD 0DULD 3LPHQWD &DWWD 3UHWD )HGHULJKLDGYHUWH 2 &yGLJR GR &RQVXPLGRU QmR YHLR j OX] SDUD FRPSOHWDU TXDOTXHU VLVWHPD Mi H[LVWHQWH PDV VLP SDUD LPSOHPHQWDU XP GLUHLWR Mi FRQVWLWXFLRQDOPHQWH FRQFHGLGR PDV FDUHQWH GH XPD LQVWUXPHQWDOL]DomR PDLV FRPSOHWD H DGHTXDGD $ FRQVHTrQFLD p FRPRMiVHIULVRXQHVWHWUDEDOKRDFULDomRGHXPPLFURVVLVWHPDTXH FRQWpPXPDFRHUrQFLDLQWHUQDOyJLFDTXHQmRKiFRPRVHUPLWLJDGD >JULIRQRVVR@ 9LGDO 6HUUDQR 1XQHV -~QLRU H <RODQGD $OYHV 3LQWR 6HUUDQR GH 0DWRV FRQILUPDPRFDUiWHUPLFURVVLVWrPLFRGR&'&HDSRQWDPGRLVDVSHFWRVEiVLFRV D R 'LUHLWR GR &RQVXPLGRU QmR FRQVWLWXL GHVGREUDPHQWR GRV VXEVLVWHPDV GR 'LUHLWR 3~EOLFR RX GR 'LUHLWR 3ULYDGR PDV SRVVXL SDUkPHWURV H SULQFtSLRV HVSHFtILFRV GLVWLQWRV GRV TXH RULHQWDP WDLV SURYtQFLDVGR'LUHLWR ER&yGLJRGH'HIHVDGR&RQVXPLGRUQDPHGLGDHPTXHFRQVDJUD DV UHJUDV EiVLFDV GR PLFURVVLVWHPD SRVVXL FDUiWHU SULQFLSLROyJLFR VHUYLQGR SRUWDQWR GH QRUPD JHUDO HP UHODomR jV OHLV TXH UHJXODP UHODo}HV GH FRQVXPR VHWRUL]DGDV YJ DVVLVWrQFLD PpGLFD RX 1(5< -Ò1,25 1HOVRQ 2V SULQFtSLRV JHUDLV GR &yGLJR %UDVLOHLUR GH 'HIHVD GR &RQVXPLGRU 5HYLVWDGH'LUHLWRGR&RQVXPLGRU6mR3DXORQVHWGH]SS )('(5,*+,6X]DQD0DULD3LPHQWD&DWWD3UHWD3XEOLFLGDGHDEXVLYDLQFLWDomRjYLROrQFLDS 181(6-Ò1,259LGDO6HUUDQR0$726<RODQGD$OYHV3LQWR6HUUDQRGH&yGLJRGH'HIHVDGR &RQVXPLGRU,QWHUSUHWDGRHG6mR3DXOR6DUDLYDS UHODo}HVDHURQiXWLFDV$VVLPKDYHQGRFRQWUDGLomRHQWUHR&yGLJRH DOHLVHWRULDODSOLFDVHDTXHOHDIDVWDQGRVHDLQFLGrQFLDGDOHL 2 VHJXQGR SRVWXODGR GL] UHVSHLWR DR VHX FDUiWHU PXOWLGLVFLSOLQDU Mi TXH YHUVD VREUH GLUHLWR FLYLO GLUHLWR SHQDO GLUHLWR DGPLQLVWUDWLYR H GLUHLWR SURFHVVXDO &RQWXGR WRGDV HVVDV PDWpULDV LQVHUWDV QR &'& HQIRFDP D UHODomR GH FRQVXPR UD]mRSHODTXDORVHXPLFURVVLVWHPDSUHYDOHFHVREUHRVGHPDLVVLVWHPDV 1R WRFDQWH D PXOWLGLVFLSOLQDULHGDGH GR GLUHLWR GDV UHODo}HV GH FRQVXPR -HDQ&DODLV$XOR\H)UDQN6WHQPHW]DQRWDP +i DOJXP WHPSR D QDWXUH]D GDV UHJUDV HVWXGDGDV HUD R ~QLFR FULWpULR GD FODVVLILFDomR GDV GLVFLSOLQDV MXUtGLFDV GLVWLQJXLQGRVH R 'LUHLWR &LYLO R 'LUHLWR 3HQDO R 'LUHLWR 3URFHVVXDO GHQWUH RXWURV 3RUpP D HVVD FODVVLILFDomR WUDGLFLRQDO RV MXULVWDV VXSHUS}HP XPD RXWUDIXQGDGDVREUHDIXQomRGDUHJUDMXUtGLFDHTXHQmRpLVRODGD GD SULPHLUD PDV VLP SHUSHQGLFXODU D HOD UD]mR SHOD TXDO FDGD GLVFLSOLQD GD VHJXQGD FDWHJRULD FRPR R 'LUHLWR GR 7UDEDOKR R 'LUHLWR GD &RQFRUUrQFLD R 'LUHLWR $PELHQWDO H R 'LUHLWR GR &RQVXPLGRU LQYRFD DV GLYHUVDV GLVFLSOLQDV GD SULPHLUD >7UDGXomR QRVVD@ e MXVWDPHQWH QHVVH VHQWLGR TXH RV DXWRUHV IUDQFHVHV UHFRQKHFHP D SOXULGLVFLSOLQDULGDGHGRGLUHLWRGRFRQVXPLGRUTXHQmRpXPDPDWpULDKHWHURJrQHD PDVDSHQDVLPSXOVLRQDGRSHODQHFHVVLGDGHGHSURWHJHURVFRQVXPLGRUHVFRQWUDDV IRUoDVGDTXHOHVTXHGHWrPRSRGHUHFRQ{PLFR 1D HVWHLUD GHVVH UDFLRFtQLR -RmR %DWLVWD GH $OPHLGD FRQVLJQD TXH R &'& p XP PLFURVVLVWHPD MXUtGLFR LQWHUGLVFLSOLQDU TXH SUHYDOHFH VREUH RV GHPDLV VLVWHPDVHLVTXH³>@IRUPDGRSRUQRUPDVMXUtGLFDVQXPPHVPRFRUSROHJLVODWLYR WRGDV HODV FRRUGHQDGDV HQWUH VL WHQGR SRU REMHWLYR D GHIHVD GR FRQVXPLGRU QRV SODQRVOHJDOHPDWHULDO$OHLFRQVXPHULVWDpFRPSRVWDGHDUWLJRVHFRQVWLWXLXP VLVWHPD´ ),/20(12 -RVp *HUDOGR %ULWR *5,129(5 $GD 3HOOHJULQL %(1-$0,1 $QWRQLR +HUPDQ GH 9DVFRQFHOORV),1.'DQLHO5REHUWR1(5<-Ò1,251HOVRQ:$7$1$%(.D]XR'(1$5,=HOPR &yGLJR%UDVLOHLURGH'HIHVDGR&RQVXPLGRUFRPHQWDGRSHORVDXWRUHVGRDQWHSURMHWRS $8/2<-HDQ&DODLV67(,10(7=)UDQN'URLWGHODFRQVRPPDWLRQS³/RQJWHPSVODQDWXUH GHV UqJOHV pWXGLpHV D pWp OH VHXO FULWqUH GH FODVVLILFDWLRQ GHV GLVFLSOLQHV MXULGLTXHV GURLW FLYLO GURLW FRPPHUFLDO GURLW SpQDO GURLW MXGLFLDLUH GURLW DGPLQLVWUDWLYH $ FHWWH FODVVLILFDWLRQ WUDGLWLRQQHOOH OHV MXULVWHVVXSHUSRVHQWDXMRXUG¶KXLXQHDXWUHFODVVLILFDWLRQIRQGpHVXUODIXQFWLRQGHODUqJOHMXUXGLTXH /HGURLWGXWUDYDLODFRQVWLWXpVDQVGRXWHOHSUHPLHUH[HPSOHGHFHVGLVSOLQHVQRXYHOOHVOHGURLWGHOD FRQFXUUHQFH OH GURLW GH OD GLVWULEXLWLRQ OH GURLW GH O¶pQYLURQQHPHQW OH GURLW GH OD FRQVRPPDWLRQ UHOqYHQW GH OD PrPH FODVVLILFDWLRQ IRQFWLRQQHOOH &HWWH FODVVLILFDWLRQ HVW HQ TXHOTXH VRUWH SHUSHQGLFXODLUH j OD SUHPLqUH FKDTXH GLVFLSOLQH GH OD VHFRQGH FDWpJRULH UHFRXSH OHV GLYHUVHV GLVFLSOLQHVGHODSUHPLqUHFDWpJRULH´ (SURVVHJXHRDXWRUDVVHYHUDQGRTXH 7DO FRRUGHQDomR p HVVHQFLDO SRLV GR FRQWUiULR QmR Ki IDODU HP VLVWHPD 9rVH TXH R &'& SULPHLUR HQXQFLD RV GLUHLWRV EiVLFRV GR FRQVXPLGRU DUW HP VHJXLGD HQXQFLD DV QRUPDV TXH R IRUQHFHGRUGHYHUiREVHUYDUSDUDJDUDQWLUDTXDOLGDGHGHSURGXWRVH VHUYLoRV PDLV D SUHYHQomR H D UHSDUDomR GRV GDQRV DUWV H 3RU ILP DILUPD TXH R PLFURVVLVWHPD HVWDEHOHFH D UHVSRQVDELOLGDGH FLYLO SRUIDWRVHYtFLRVGHFRUUHQWHVGRSURGXWRRXGRVHUYLoRDUWVDHTXHVXD³>@ VHTXrQFLD OyJLFRQRUPDWLYD SDUD JDUDQWLU D TXDOLGDGH D SUHYHQomR H D UHSDUDomR VHPSUHFRPRREMHWLYRGHRIHUHFHUSURWHomRDRFRQVXPLGRU´ &.&.= (!-C:4- ( A4':4 ,!3 ' -*!3 , @,+A ,4 4<43! , '3"*+, - 1RV WHUPRV GR DUWLJR GR GLSORPD FRQVXPHULVWD ³$UW 2 SUHVHQWH &yGLJRHVWDEHOHFHQRUPDVGHSURWHomRGRFRQVXPLGRUGHRUGHPS~EOLFDHLQWHUHVVH VRFLDO QRV WHUPRV GR DUW LQFLVR ;;,, LQFLVR 9 GD &RQVWLWXLomR )HGHUDO H DUWLJRGHVXDV'LVSRVLo}HV7UDQVLWyULDV´ 4XDQGRR&'&DGRWDHVWHSRVWXODGRQRUPDVGHRUGHPS~EOLFDTXHUGL]HU TXHVXDVQRUPDVVmRFRJHQWHVRXVHMDLQGHUURJiYHLVSRUYRQWDGHGDVSDUWHV -RVp *HUDOGR %ULWR )LORPHQR DR DERUGDU R DVVXQWR ID] D VHJXLQWH REVHUYDomR 2FDUiWHUFRJHQWHWRGDYLDILFDEHPPDUFDGRVREUHWXGRQD6HomR,, GR &DStWXOR 9, DLQGD GR 7tWXOR , TXDQGR VH WUDWD GDV FKDPDGDV µFOiXVXODV DEXVLYDV¶ IXOPLQDGDV GH QXOLGDGH FI DUW GR &yGLJR RX HQWmR Mi DQWHV QRVDUWV D TXH YHUVDP VREUH DV µSUiWLFDV DEXVLYDV¶ 'R SRQWR GH YLVWD SUiWLFR TXHU GL]HU TXH HP GHPDQGDV MXGLFLDLV R MXL] GHYHDSUHFLDUDDSOLFDomRGDVQRUPDVGR&'&H[RIILFLR $/0(,'$-RmR%DWLVWDGH$SURWHomRMXUtGLFDGRFRQVXPLGRUHG6mR3DXOR6DUDLYDS $/0(,'$-RmR%DWLVWDGH$SURWHomRMXUtGLFDGRFRQVXPLGRUS $/0(,'$-RmR%DWLVWDGH$SURWHomRMXUtGLFDGRFRQVXPLGRUS ),/20(12 -RVp *HUDGR %ULWR &yGLJR %UDVLOHLUR GH 'HIHVD GR &RQVXPLGRU FRPHQWDGR SHORV DXWRUHVGR$QWHSURMHWRS 1HOVRQ 1HU\ -~QLRU H[SOLFD TXH ³VREUH HODV >DV QRUPDV GR &'&@ QmR VH DSOLFD D SUHFOXVmR H DV TXHVW}HV TXH GHODV SRGHP VHU GHFLGLGDV H UHYLVWDV D TXDOTXHUWHPSRHJUDXGHMXULVGLomR´ 6REUH R WHUPR µLQWHUHVVH VRFLDO¶ LQVHULGR QR DUW GR GLSORPD FRQVXPHULVWD-RVp*HUDOGR%ULWR)LORPHQRSRQWXD >@WHQKDVHHPFRQWDTXHR&yGLJRRUDFRPHQWDGRYLVDDUHVJDWDUD LPHQVDFROHWLYLGDGHGHFRQVXPLGRUHVGDPDUJLQDOL]DomRQmRDSHQDV HPIDFHGRSRGHUHFRQ{PLFRFRPRWDPEpPGRWiODGHLQVWUXPHQWRV DGHTXDGRV SDUD R DFHVVR j MXVWLoD GR SRQWR GH YLVWD LQGLYLGXDO H VREUHWXGRFROHWLYR 1HOVRQ 1HU\ -~QLRU GHVWDFD LPSRUWDQWH FRQVHTrQFLD LPSOtFLWD jV QRUPDVGHLQWHUHVVHVRFLDO1DVSDODYUDVGRGRXWULQDGRU 6HUGHLQWHUHVVHVRFLDOVLJQLILFDHPWHUPRVSUiWLFRVTXHR0LQLVWpULR 3~EOLFR WHP SDUWLFLSDomR REULJDWyULD HP WRGDV DV Do}HV VREUH OLGHV GR FRQVXPLGRU DUW FDSXW &) H TXH VH HQFRQWUD OHJLWLPDGR SDUD GHIHQGHU HP MXt]R RV GLUHLWRV LQGLYLGXDLV KRPRJrQHRV GR FRQVXPLGRUSRLVFRPRVmRGHLQWHUHVVHVRFLDOH[OHJHDUW&'& HVVDGHIHVDDWHQGHVXDILQDOLGDGHLQVWLWXFLRQDODUWFDSXW&) FRPRDXWRUL]DRDUW,;&) (VVHV SRVWXODGRV HOHLWRV SHOR OHJLVODGRU FRQVXPHULVWD LQGLVSHQViYHLV j PXGDQoDGHPHQWDOLGDGHTXHVHSUHWHQGLDjpSRFDH[LJLXGR3RGHU-XGLFLiULRHGR 0LQLVWpULR 3~EOLFR DEDQGRQR DRV LQVWLWXWRV RUWRGR[RV GR GLUHLWR H DGDSWDomR j PRGHUQLGDGHTXHVHDSUHVHQWDYD 'HDFRUGRFRP5XEpQ66WLJOLW]H*DEULHO$6WLJOLW] $ YLJrQFLD GD OHL GH GHIHVD GR FRQVXPLGRU WHUPLQD GH FRQVROLGDU D SUHVHQoD GH XP VLVWHPD GH SURWHomR MXUtGLFD TXH DQWHULRUPHQWH HVWDYDIXQGDGDVRPHQWHHPQRUPDVVXEVWDQWLYDVHDGMHWLYDVJHUDLV QmRGLULJLGDVGLUHWDHHVSHFLILFDPHQWHDRDPSDURGRVFRQVXPLGRUHV &yGLJRV &LYLO &RPHUFLDO H 3URFHVVXDO OHLV GH DEDVWHFLPHQWR OHDOGDGHFRPHUFLDOHGHIHVDGDFRPSHWrQFLDHWF 1(5< -Ò1,25 1HOVRQ 2V SULQFtSLRV JHUDLV GR &yGLJR %UDVLOHLUR GH 'HIHVD GR &RQVXPLGRU 5HYLVWDGH'LUHLWRGR&RQVXPLGRUS ),/20(12 -RVp *HUDOGR %ULWR &yGLJR GH 'HIHVD GR &RQVXPLGRU FRPHQWDGR SHORV $XWRUHV GR $QWHSURMHWRS 1(5< -Ò1,25 1HOVRQ 2V SULQFtSLRV JHUDLV GR &yGLJR %UDVLOHLUR GH 'HIHVD GR &RQVXPLGRU 5HYLVWDGH'LUHLWRGR&RQVXPLGRUS 67,*/,7= *DEULHO $ 67,*/,7= 5XEpQ 6 'HUHFKR \ GHIHQVD GHO FRQVXPLGRU $UJHQWLQD /D 5RFFD S ³(VWD OH\ GH GHIHQVD GHO FRQVXPLGRU WHUPLQD GH FRQVROLGDU OD SUHVHQFLD GH XQ VLVWHPD GH SURWHFFLyQ MXUtGLFD TXH DQWHULRUPHQWH HVWDED IXQGDGR VyOR HQ QRUPDV VXVWDQWLYDV \ DGMHWLYDVJHQHUDOHVQRGLULJLGDVGLUHFWD\HVSHFtILFDPHQWHHODPSDURGHORVFRQVXPLGRUHV&RGLJRV &LYLO GH &RPHUFLR \ 3URFHVDO OH\HV GH DEDVWHFLPLHQWR OHDOWDG FRPHUFLDO \ GHIHQVD GH OD FRPSHWHQFLDHWFpWHUD´ 3UHVWHVDFRPSOHWDUYLQWHDQRVGRDGYHQWRGR&'&SRGHVHDILUPDUTXH DR ORQJR GH TXDVH GXDV GpFDGDV R OHJLVODGRU FRQVXPHULVWD FRQVHJXLX DWLQJLU VHXV REMHWLYRV HQWUH HOHV RV TXH DOXGHP j GHIHVD GRV GLUHLWRV GR FRQVXPLGRU H DR HTXLOtEULRGDVUHODo}HVGHFRQVXPR &.&.D -+'(E7+ 3 F"-E,+( 3 <"',!*4':!+3 , @,+A ,4 4<43! , '3"*+, - 2VSULQFtSLRVGHDFRUGRFRPRHVFyOLRGH/XL]$QWRQLR5L]]DWWR1XQHV VmR YHWRUHV ³YHUGDGHLUDV YLJDV PHVWUDV DOLFHUFHV VREUH RV TXDLV VH FRQVWUyL R VLVWHPDMXUtGLFR´RTXHH[SOLFDDSUHYDOrQFLDGRSULQFtSLRGDGHIHVDGRFRQVXPLGRU (VWDQRUPDMXUtGLFDTXHHVWiHPSRVLomRGHVXSHULRULGDGHHWHPHILFiFLDLPHGLDWD LQVHULGD QDV &RQVWLWXLo}HV DGYLQGDV GD IDVH FXQKDGD GH SyVSRVLWLYLVWD PRUPHQWH SDUDPLWLJDUDGHVLJXDOGDGHPDWHULDOH[LVWHQWHQDUHODomRGHFRQVXPRREMHWLYDGDU JXDULGDjTXHODSDUWHFRQVLGHUDGDPDLVIUDFDHYXOQHUiYHORFRQVXPLGRU 2VSULQFtSLRVJHUDLVGR&'&HVWmRHQXPHUDGRVQRVDUWLJRVDVHQGR WRGRRUHVWDQWHGDVQRUPDVDSURMHomRGHVVHVSULQFtSLRVJHUDLVLVWRpXPDHVSpFLH GH SRUPHQRUL]DomR GDTXHOHV SULQFtSLRV GH PRGR D ID]rORV HIHWLYRV H RSHUDFLRQDOL]iORV 2 DUWLJR GR PHVPR GLSORPD OHJDO GHOLQHLD RV SULQFLSDLV REMHWLYRV GD 3ROtWLFD 1DFLRQDO GDV 5HODo}HV GH &RQVXPR FRQFUHWL]DGRV QR DWHQGLPHQWR GDV QHFHVVLGDGHVGRVFRQVXPLGRUHVRUHVSHLWRjVXDGLJQLGDGHVD~GHHVHJXUDQoDD SURWHomRGHVHXVLQWHUHVVHVHFRQ{PLFRVDPHOKRULDGHVXDTXDOLGDGHGHYLGDEHP FRPRDWUDQVSDUrQFLDHDKDUPRQLDGDVUHODo}HVGHFRQVXPR'HQRWDVHDVVLPR FDUiWHUSULQFLSLROyJLFRFRQIHULGRDHVWHGLVSRVLWLYRGDOHJLVODomRFRQVXPHLULVWD 6REUH R SUHFHSWLYR OHJDO DQWHULRUPHQWH FLWDGR -RVp 5HLQDOGR GH /LPD /RSHVDQDOLVD >@ R SULPHLUR SULQFtSLR SDUHFH WRWDOPHQWH GHVYLQFXODGR GRV RXWURV VHQmR GH WRGRV SRLV DR FRQWUiULR GH WRGDV DV Do}HV SUHYLVWDV GH 5,==$772 181(6 /XL] $QWRQLR &XUVR GH GLUHLWR GR FRQVXPLGRU HG 6mR 3DXOR 6DUDLYD S 1(5<-81,251HOVRQS /23(6-RVp5HLQDOGRGH/LPD'LUHLWRFLYLOHGLUHLWRGRFRQVXPLGRUSULQFtSLRV,Q3$48$/272 $GDOEHUWR3)(,))(55REHUWR$XJXVWR&DVWHOODQR&RRUGV&yGLJRGH'HIHVDGR&RQVXPLGRUHR &yGLJR&LYLOGHFRQYHUJrQFLDVHDVVLPHWULD6mR3DXOR57S PRGR PXLWR JHQpULFR FRP ILQDOLGDGHV LJXDOPHQWH JHQpULFDV KDUPRQL]DUUHODo}HVPHOKRUDUDTXDQWLGDGHGRPHUFDGRGRVEHQV GRV VHUYLoRV HWF R UHFRQKHFLPHQWR GD YXOQHUDELOLGDGH p XP SULQFtSLR GH FDUiWHU HPLQHQWHPHQWH QRUPDWLYR (OH SRGH VHU FRQVLGHUDGR XP FULWpULR JHUDO GH LQWHUSUHWDomR PDLV GR TXH XPD SUHVXQomR XPD GHILQLomR FRQVWLWXWLYD GR FRQVXPLGRU>@ 2V RXWURV LQFLVRV GR DUWLJR IDODP GH FRLVDV GLVWLQWDV IDODP GH REMHWLYRV D DOFDQoDUHGHSURJUDPDV 1RHQWHQGLPHQWRGH(URV5REHUWR*UDXRDUWLJRGDOHLHPFRPHQWR HYLGHQFLD WUrV SULQFtSLRV D SULQFtSLR GR UHFRQKHFLPHQWR GD YXOQHUDELOLGDGH GR FRQVXPLGRU E SULQFtSLR GD KDUPRQL]DomR GRV LQWHUHVVHV GRV SDUWLFLSDQWHV GD UHODomR GH FRQVXPR H F SULQFtSLR GD FRLELomR H UHSUHVVmR HILFLHQWH GH WRGRV RV DEXVRV 1RWRFDQWHDRDUWGR&'&-RVp5HLQDOGRGH/LPD/RSHVDVVHYHUD TXHRSUHFHSWLYROHJDOQmRWHPFDUiWHUSULQFLSLROyJLFRHTXH³>@GHIDWRRDUWp XPD OLVWD H[HPSOLILFDWLYD GR TXH R 3RGHU 3~EOLFR SRGH ID]HU SDUD µDWHQGHU DV QHFHVVLGDGHV GRV FRQVXPLGRUHV¶ PHQFLRQDGRV QR DUW ´ 2 DXWRU FRPHQWD DLQGD TXH R DUW FXLGD GH XP HOHQFR GH GLUHLWRV EiVLFRV GR FRQVXPLGRU TXH p UHSHUFXVVmRGRSULQFtSLRGDYXOQHUDELOLGDGH&RPUHODomRDRSULQFtSLRGDERDIpHOH RLGHQWLILFDQRVLQFLVRV,,,,,H,9GRDUW 3DUD/XL]$QWRQLR5L]]DWWR1XQHVRVSULQFtSLRVIXQGDPHQWDLVGR&'& HVWmRLQVFXOSLGRVQRVDUWLJRVH1DVXDDQiOLVH $ /HL Q HVWDEHOHFH HQWmR FRPR GLWR SULQFtSLRV TXH VH LUUDGLDP SHOR SUySULR WH[WR QRV GLYHUVRV FDStWXORV H VHo}HV H TXH HVWmRILUPDGRVQRVDUWVH6mRHOHVRGRSURWHFLRQLVPRH LPSHUDWLYR GH RUGHP S~EOLFD H LQWHUHVVH VRFLDO TXH SHUPLWH SRU H[HPSOR TXH R PDJLVWUDGR DSOLTXH DV UHJUDV OHJDLV H[ RIILFLR DUW R GD YXOQHUDELOLGDGH DUW , R GD KLSRVVXILFLrQFLD DUW 9,,, R GR HTXLOtEULR H GD ERDIp REMHWLYD DUW ,,, R GHYHU GH LQIRUPDUDUW,,,RGDUHYLVmRGDVFOiXVXODVFRQWUiULDVDUW9 RGDFRQVHUYDomRGRFRQWUDWRDUW9RGDHTXLYDOrQFLDDUW ,,, FF R DUW ,, R GD WUDQVSDUrQFLD DUW FDSXW H R GD VROLGDULHGDGHSDUiJUDIR~QLFRGRDUW *5$8(URV5REHUWR,QWHUSUHWDQGRR&yGLJRGH'HIHVDGR&RQVXPLGRUDOJXPDVQRWDV5HYLVWD GH'LUHLWRGR&RQVXPLGRU576mR3DXORQMDQPDUS /23(6-RVp5HLQDOGRGH/LPD'LUHLWRFLYLOHGLUHLWRGRFRQVXPLGRUSULQFtSLR,Q3$48$/2772 $GDOEHUWR3)(,))(55REHUWR$XJXVWR&DVWHOODQR&RRUGV&yGLJRGH'HIHVDGR&RQVXPLGRUHR &yGLJR&LYLOGHFRQYHUJrQFLDVHDVVLPHWULDS /23(6-RVp5HLQDOGRGH/LPD'LUHLWRFLYLOHGLUHLWRGRFRQVXPLGRUSULQFtSLR,Q3$48$/2772 $GDOEHUWR3)(,))(55REHUWR$XJXVWR&DVWHOODQR&RRUGV&yGLJRGH'HIHVDGR&RQVXPLGRUHR &yGLJR&LYLOGHFRQYHUJrQFLDVHDVVLPHWULDS 5,==$772181(6/XL]$QWRQLR&RPHQWiULRVDR&yGLJRGH'HIHVDGR&RQVXPLGRUHG6mR 3DXOR6DUDLYDS 1HOVRQ 1HU\ -~QLRU DR WUDWDU GD SULQFLSLRORJLD GR &'& GLYLGH RV SULQFtSLRVHPFDWHJRULDVFRQIRUPHVHJXH ,SULQFtSLRVFRQVWLWXFLRQDLVGDRUGHPHFRQ{PLFDSULQFtSLRGDGHIHVD GRFRQVXPLGRUHGDOLYUHLQLFLDWLYD ,,RSULQFtSLRFRQVWLWXFLRQDOGDLVRQRPLD ,,,SULQFtSLRVUHJXODGRUHVGDUHVSRQVDELOLGDGHFLYLOQR&'&SULQFtSLR GD UHVSRQVDELOLGDGH REMHWLYD SULQFtSLR GD LQGHQL]DomR LQWHJUDO H SULQFtSLRGDVROLGDULHGDGH ,9 SULQFtSLRV UHODWLYRV DRV FRQWUDWRV QR &'& SULQFtSLR GD ERDIp SULQFtSLR GD FRQVHUYDomR GR FRQWUDWR SULQFtSLR GD LQWHUSUHWDomR FRQWUDWXDOPDLVIDYRUiYHODRFRQVXPLGRUHSULQFtSLRGDSURLELomRGDV FOiXVXODVDEXVLYDV 9SULQFtSLRVGDSXEOLFLGDGHSULQFtSLRGDLGHQWLILFDomRGDPHQVDJHP SXEOLFLWiULD SULQFtSLR GD YLQFXODomR FRQWUDWXDO GD SXEOLFLGDGH SULQFtSLRGDYHUDFLGDGHSULQFtSLRGDQmRDEXVLYLGDGHGDSXEOLFLGDGH SULQFtSLR GR {QXV GD SURYD D FDUJR GR IRUQHFHGRU H SULQFtSLR GD FRUUHomRGRGHVYLRSXEOLFLWiULR 'HQRWDVHDVVLPTXHQmRKiXQDQLPLGDGHHQWUHRVDXWRUHVDUHVSHLWRGH TXDLV H TXDQWRV VmR RV SULQFtSLRV FRQWLGRV QR &'& 3RU HVVD UD]mR SDUD R GHVHQYROYLPHQWR GR HVWXGR IRUDP VHOHFLRQDGRV DSHQDV RV SULQFtSLRV TXH JXDUGDP HVWUHLWDUHODomRFRPRREMHWRGHVWDGLVVHUWDomR &.&.1 -+'(E7+ 3 +'< -*!:+5 3 , @,+A ,4 4<43! , '3"*+, - !7#+(!, 3 ! 3 34-5+6 3 789#+( 3 3ULQFtSLRGDYXOQHUDELOLGDGH 'HDFRUGRFRP9DOpULR'DO3DL0RUDHV³2SULQFtSLRGDYXOQHUDELOLGDGH IRL SHOD SULPHLUD YH] SRVLWLYDGR QR GLUHLWR EUDVLOHLUR QR DUW , GR &'& FRQVWLWXLQGRVH HP QRUPD EDVH GH WRGR R VLVWHPD GH GHIHVD GD UHODomR GH FRQVXPR´ 'LVS}HRDUW,GRGLSORPDFRQVXPHULVWDTXH 1(5<-81,251HOVRQS 025$(6 3DXOR 9DOpULR 'DO 3DL &RPSDWLELOLGDGH HQWUH SULQFtSLRV GR &yGLJR GH 'HIHVD GR &RQVXPLGRU H RV GR 1RYR &yGLJR &LYLO 5HYLVWD GH 'LUHLWR GR &RQVXPLGRU 6mR 3DXOR 57 Q MDQPDUS $UW $ 3ROtWLFD 1DFLRQDO GH 5HODo}HV GH &RQVXPR WHP SRU REMHWLYR R DWHQGLPHQWR GDV QHFHVVLGDGHV GRV FRQVXPLGRUHV R UHVSHLWR j VXD GLJQLGDGH VD~GH H VHJXUDQoD D SURWHomR GH VHXV LQWHUHVVHV HFRQ{PLFRV D PHOKRULD GH VXD TXDOLGDGH GH YLGD EHP FRPR D WUDQVSDUrQFLD H KDUPRQLD GDV UHODo}HV GH FRQVXPR DWHQGLGRVRVVHJXLQWHVSULQFtSLRV ,±RUHFRQKHFLPHQWRGDYXOQHUDELOLGDGHGRFRQVXPLGRUQRPHUFDGR GHFRQVXPR>@ 2 SULQFtSLR GD YXOQHUDELOLGDGH LGHQWLILFDVH FRP R SULQFtSLR GD LVRQRPLD LQVFXOSLGR QR DUW , &5)% SRUTXDQWR XPD YH] UHFRQKHFLGR R FRQVXPLGRU FRPR D SDUWH PDLV IUDFD GD UHODomR GH FRQVXPR HVWH SULQFtSLR WHP D IXQomR GH FRQIHULUWUDWDPHQWRGHVLJXDOjVSDUWHVTXHVmRHIHWLYDPHQWHGHVLJXDLV $HVVHUHVSHLWR)DELR8OKRD&RHOKRDVVHYHUDTXH $ LJXDOGDGH GDV SDUWHV WUDGX]VH SHOD LGpLD GH TXH D /HL GHYH DVVHJXUDUDRVPHQRVSURYLGRVGHUHFXUVRVHFRQ{PLFRVDVFRQGLo}HV QHFHVViULDVSDUDHQWDEXODUHPHQWHQGLPHQWRVFRPRVPDLVSURYLGRV 2 WUDWDPHQWR LVRQ{PLFR GDV SHVVRDV SULYDGDV FRQVLVWH QD DWXDOLGDGH QD RXWRUJD GH SULYLOpJLRV H QR UHFRQKHFLPHQWR GH SUHIHUrQFLDVDRVHFRQRPLFDPHQWHPDLVIUDFRVFRPYLVWDVDGRWiORV GH PHLRV LQGLVSHQViYHLV SDUD D QHJRFLDomR HP FRQGLo}HV HTXLWDWLYDV1DVUHODo}HVGHFRQVXPRRFRQVXPLGRUVHHQFRQWUDHP VLWXDomRGHYXOQHUDELOLGDGH 0DLVDGLDQWHRPHQFLRQDGRDXWRUOHFLRQDTXHDYXOQHUDELOLGDGHSRGHVHU GLIHUHQFLDGDHPWUrVDVSHFWRV D YXOQHUDELOLGDGH WpFQLFD R FRQVXPLGRU QmR WHP FRQKHFLPHQWRV UHIHUHQWHV DR SURGXWR H VHUYLoR SDUD TXH SRVVD YHULILFDU D FRUUHomR GDVLQIRUPDo}HVUHYHODGDVSHORIRUQHFHGRU E YXOQHUDELOLGDGH MXUtGLFD R FRQVXPLGRU QmR WHP FRQKHFLPHQWR VREUH FRQWRUQRV MXUtGLFRV GR QHJyFLR H VXDV FRQVHTrQFLDV HFRQ{PLFDVSDUDTXHSRVVDHVWDEHOHFHUXPGLiORJRFRPIRUQHFHGRU DUHVSHLWRGDVFRQGLo}HVSURSRVWDV F YXOQHUDELOLGDGH VyFLRHFRQ{PLFD R FRQVXPLGRU QmR WHP DV PHVPDVFRQGLo}HVVRFLDLVHHFRQ{PLFDVTXHWHPRIRUQHFHGRU 2 DUW GD &5)% WHP D VHJXLQWH UHGDomR ³7RGRV VmR LJXDLV SHUDQWH D OHL VHP GLVWLQomR GH TXDOTXHU QDWXUH]D JDUDQWLQGRVH DRV EUDVLOHLURV H DRV HVWUDQJHLURV UHVLGHQWHV QR 3DtV D LQYLRODELOLGDGH GR GLUHLWR j YLGD j OLEHUGDGH j LJXDOGDGH j VHJXUDQoD H j SURSULHGDGH QRV WHUPRV VHJXLQWHV , ± KRPHQV H PXOKHUHV VmR LJXDLV HP GLUHLWRV H REULJDo}HV QRV WHUPRV GHVWD &RQVWLWXLomR´ &2(/+2)DELR8OKRD2HPSUHViULRH RVGLUHLWRVGRFRQVXPLGRU 6mR3DXOR 6DUDLYD S &2(/+2)DELR8OKRD2HPSUHViULRHRVGLUHLWRVGRFRQVXPLGRUS $GD3HOHJULQL*ULQRYHUH$QW{QLR+HUPDQGH9DVFRQFHOORVH%HQMDPLQ H[SOLFDPRFRQWH[WRKLVWyULFRTXHMXVWLILFDDDGRomRGRSULQFtSLRGDYXOQHUDELOLGDGH $VRFLHGDGHGHFRQVXPRDRFRQWUiULRGRTXHVHLPDJLQDQmRWURX[H DSHQDV EHQHItFLRV SDUD RV VHXV DWRUHV 0XLWR DR UHYpV HP FHUWRV FDVRV D SRVLomR GR FRQVXPLGRU GHQWUR GHVVH PRGHOR SLRURX HP YH]GHPHOKRUDU6HDQWHVIRUQHFHGRUHFRQVXPLGRUHQFRQWUDYDPVH HP XPD VLWXDomR GH UHODWLYR HTXLOtEULR GH SRGHU GH EDUJDQKD DWp SRUTXH VH FRQKHFLDP DJRUD p R IRUQHFHGRU IDEULFDQWH SURGXWRU FRQVWUXWRU LPSRUWDGRU RX FRPHUFLDQWHTXH LQHJDYHOPHQWH DVVXPH D SRVLomR GH IRUoD QD UHODomR GH FRQVXPR H TXH SRU LVVR PHVPR µGLWDDVUHJUDV¶2GLUHLWRQmRSRGHILFDUDOKHLRDWDOIHQ{PHQR >@eFRPRVROKRVSRVWRVQHVVDYXOQHUDELOLGDGHGRFRQVXPLGRUTXH VHIXQGDDQRYDGLVFLSOLQDMXUtGLFD $LQGD D UHVSHLWR GR SULQFtSLR GD YXOQHUDELOLGDGH GR FRQVXPLGRU -RmR %DWLVWDGH$OPHLGDID]DVHJXLQWHREVHUYDomR +RMH Ki FRQVHQVR XQLYHUVDO DFHUFD GD YXOQHUDELOLGDGH GR FRQVXPLGRU1mRVHTXHVWLRQDPDLVVREUHHVVHSRQWR(PWRGRVRV SDtVHV GR PXQGR RFLGHQWDO Mi Ki HVVH UHFRQKHFLPHQWR ( D 218Mi VH SURQXQFLRX FODUDPHQWH D UHVSHLWR GR DVVXQWR QD 5HVROXomR Q GHGHDEULOGHUHFRQKHFHXTXHRVFRQVXPLGRUHV VH GHSDUDUDP FRP GHVHTXLOtEULR HP WHUPRV HFRQ{PLFRV QtYHO HGXFDFLRQDOHSRGHUDTXLVLWLYRRTXHFRQIOLWDFRPRGLUHLWRGHDFHVVR DSURGXWRVHVHUYLoRVVHJXURVHLQRIHQVLYRV3DUHFHLQGXYLGRVRTXHD H[SUHVVmR µGHVHTXLOtEULR¶ XVDGD QD UHVROXomR WHP R VLJQLILFDGR GH KLSRVVXILFLrQFLDHSRLVYXOQHUDELOLGDGH &RUURERUDQGR FRP D LGHQWLILFDomR GD YXOQHUDELOLGDGH GR FRQVXPLGRU 5REHUWR 6HQLVH /LVERD p FDWHJyULFR DR DILUPDU TXH ³3DUD LGHQWLILFDU D YXOQHUDELOLGDGH GR FRQVXPLGRU QmR p QHFHVViULR VXEPHWHU R FDVR DR FULWpULR GD UD]RDELOLGDGHSRLVR&yGLJRGH'HIHVDGR&RQVXPLGRUSUHVXPLXLXUHHWGHLXUHVXD H[LVWrQFLDHPXPDUHODomRGHFRQVXPR´ &XPSUH GHVWDFDU SRU SHUWLQHQWH D GLIHUHQoD TXH D YXOQHUDELOLGDGH JXDUGD HP UHODomR j KLSRVVXILFLrQFLD $ YXOQHUDELOLGDGH VH UHIHUH D FRQFHLWR GH GLUHLWRPDWHULDODWUHODGRDWRGRVRVFRQVXPLGRUHV$KLSRVVXILFLrQFLDGL]UHVSHLWRD DVSHFWR SURFHVVXDO GD GHIHVD GR FRQVXPLGRU SDUWLFXODUL]DGDPHQWH 3RUWDQWR WRGR *5,129(5$GD3HOOHJULQL%(1-$0,1$QW{QLR+HUPDQGH9DVFRQFHOORVH&yGLJR%UDVLOHLURGH 'HIHVDGR&RQVXPLGRUFRPHQWDGRSHORVDXWRUHVGR$QWHSURMHWRS $/0(,'$-RmR%DWLVWDGH$SURWHomRMXUtGLFDGRFRQVXPLGRUS 7UDWDVHGD5HVROXomRQGHGHDEULOGHVREUH3URWHomRDR&RQVXPLGRUDGRWDGD SHOD$VVHPEOpLD*HUDOGD218QD6HomR /,6%2$ 5REHUWR 6HQLVH 5HVSRQVDELOLGDGH QDV UHODo}HV GH FRQVXPR 6mR 3DXOR 5HYLVWD GRV 7ULEXQDLVS FRQVXPLGRUpLQH[RUDYHOPHQWHYXOQHUiYHOQRPHUFDGRGHFRQVXPRQmRLPSRUWDQGR VHXSRGHUHFRQ{PLFRHQTXDQWRTXHQHPWRGRFRQVXPLGRUpKLSRVVXILFLHQWH 7DPEpPTXDGUDPHQFLRQDUTXHRSUySULR&'&WUDWDGHPDQHLUDGLIHUHQWH DVILJXUDVGDYXOQHUDELOLGDGHHGDKLSRVVXILFLrQFLD1RDUWLQFLVR,UHFRQKHFHD YXOQHUDELOLGDGH GR FRQVXPLGRU QDV UHODo}HV GH FRQVXPR XPD YH] TXH p R IRUQHFHGRUTXHPSRVVXLWRGDVDVLQIRUPDo}HVHRFRQKHFLPHQWRWpFQLFRDFHUFDGR SURGXWRRXVHUYLoR-iRDUWLQFLVR9,,,FXLGDGRDVSHFWRSURFHVVXDOGDGHIHVDGR FRQVXPLGRUGHPRGRSDUWLFXODU 2OJD0DULDGR9DOWDPEpPVHPDQLIHVWDDFHUFDGRWHPD >@DYXOQHUDELOLGDGHGRFRQVXPLGRUpQDVSDODYUDVGH-RmR%DWLVWD GH$OPHLGDDHVSLQKDGRUVDOGDSURWHomRDRFRQVXPLGRUVREUHTXH VHDVVHQWDWRGDDOLQKDILORVyILFDGRPRYLPHQWReLQGXYLGRVRTXHR FRQVXPLGRU p D SDUWH PDLV IUDFD GDV UHODo}HV GH FRQVXPR DSUHVHQWD HOD VLQDLV GH IUDJLOLGDGH H LPSRWrQFLD GLDQWH GR SRGHU HFRQ{PLFR 2SULQFtSLRGDYXOQHUDELOLGDGHpSRUWDQWRRIXQGDPHQWRGDOHJLVODomRGH SURWHomR DR FRQVXPLGRU TXH OHJLWLPD D DGRomR GH LQVWUXPHQWRV GH SURLELomR RX OLPLWDomR GH FHUWDV SUiWLFDVQRPHUFDGR GH PRGR DSHUPLWLU R UHHTXLOtEULR HQWUH DV SDUWHVQDUHODomRGHFRQVXPR 3ULQFtSLRGRGHYHUJRYHUQDPHQWDO 2SULQFtSLRGRGHYHUJRYHUQDPHQWDOHQFRQWUDVHLQVHUWRQRDUWLQFLVR ,, GR &'& DXWRUL]DQGR D LQWHUYHQomR GR (VWDGR FRP R REMHWLYR GH SURSLFLDU D HIHWLYDWXWHODGRFRQVXPLGRU 1RVWHUPRVGRDUWLQFLVR,,GRGLSORPDFRQVXPHULVWD $UW $ 3ROtWLFD 1DFLRQDO GDV 5HODo}HV GH &RQVXPR WHP SRU REMHWLYR R DWHQGLPHQWR GDV QHFHVVLGDGHV GRV FRQVXPLGRUHV R UHVSHLWR D VXD GLJQLGDGH VD~GH H VHJXUDQoD D SURWHomR GH VHXV LQWHUHVVHV HFRQ{PLFRV D PHOKRULD GH VXD TXDOLGDGH GH YLGD EHP FRPR D WUDQVSDUrQFLD H KDUPRQLD GDV UHODo}HV GH FRQVXPR DWHQGLGRVRVVHJXLQWHVSULQFtSLRV >@ 9$/ 2OJD 0DULD GR 3ROtWLFD 1DFLRQDO GDV 5HODo}HV GH &RQVXPR 5HYLVWD GH 'LUHLWR GR &RQVXPLGRU6mR3DXOR57QMXOVHWS ,, ± DomR JRYHUQDPHQWDO QR VHQWLGR GH SURWHJHU HIHWLYDPHQWH R FRQVXPLGRU DSRULQLFLDWLYDGLUHWD E SRU LQFHQWLYRV j FULDomR H GHVHQYROYLPHQWR GH DVVRFLDo}HV UHSUHVHQWDWLYDV FSHODSUHVHQoDGR(VWDGRQRPHUFDGRGHFRQVXPR GSHODJDUDQWLDGRVSURGXWRVHVHUYLoRVFRPSDGU}HVDGHTXDGRVGH TXDOLGDGHVHJXUDQoDGXUDELOLGDGHHGHVHPSHQKR 2 SUHFHSWLYR OHJDO DFLPD WUDQVFULWR GHL[D SDWHQWH TXH D LQWHUYHQomR GR (VWDGR QD SROtWLFD GDV UHODo}HV GH FRQVXPR WHP R REMHWLYR GH JDUDQWLU DRV FRQVXPLGRUHV R DFHVVR D SURGXWRV H VHUYLoRV FRP TXDOLGDGH H DGHTXDomR SRUTXDQWRREMHWRVGDUHODomRGHFRQVXPR $HVVHUHVSHLWR(ODLQH&DUGRVRGH0DWRV1RYDLVFRQVLJQDTXH $ DWXDomR GR (VWDGR QR VHQWLGR GH YLDELOL]DU D SURWHomR GR FRQVXPLGRU GHFRUUH GR SUySULR SULQFtSLR FRQVWLWXFLRQDO HQFDUWDGR QR DUWLJR LQFLVR ;;;,, QR TXDO VH DPSDUD D FULDomR GH yUJmRV S~EOLFRVYROWDGRVSDUDDGHIHVDHRULHQWDomRGRFRQVXPLGRUFRPRR 3URFRQ H R 'HSDUWDPHQWR GH 3URWHomR GH 'HIHVD GR &RQVXPLGRU OLJDGR DR 0LQLVWpULR GD -XVWLoD2 (VWDGR WDPEpP GHYH LQFHQWLYDU D FULDomRGHDVVRFLDo}HVHDSDUWLFLSDomRRUJDQL]DGDHUHSUHVHQWDWLYD GD VRFLHGDGH FRP R REMHWLYR GH SURWHJHU RV GLUHLWRV GRV FRQVXPLGRUHV GRV TXDLV VmR H[HPSORV D $GHFRQ $VVRFLDomR GH 'HIHVDGRV&RQVXPLGRUHVGR5LR*UDQGHGR6XOHR,'(&,QVWLWXWR %UDVLOHLURGH'HIHVDGR&RQVXPLGRU $LQGD VREUH R SULQFtSLR GR GHYHU JRYHUQDPHQWDO $UUXGD $OYLP DVVLQDOD 2SULQFtSLRGRGHYHUJRYHUQDPHQWDOGHFRUUHQmRVyGRLQF,,GRDUW GR &'& PDV WDPEpP GR SUHFHLWXDGR QRV LQFV 9, UHODWLYR j FRLELomRHUHSUHVVmRGHWRGRVRVDEXVRVSUDWLFDGRVQRPHUFDGRGH FRQVXPR H 9, SUHYr D PHOKRULD H UDFLRQDOL]DomR GRV VHUYLoRV S~EOLFRV 2EVHUYDP HQWmR TXH R GHYHU JRYHUQDPHQWDO GHYH VHU YLVWR VRE GRLV SULVPDV GLVWLQWRV R SULPHLUR HQJORED R GHYHU GR (VWDGR QD TXDOLGDGH GH RUJDQL]DGRU GD VRFLHGDGH UHVSRQViYHO HP SURYHU R FRQVXPLGRU GRV PHFDQLVPRV FDSD]HV GH YLDELOL]DU VXD GHIHVD Mi QR VHJXQGR R (VWDGR p YLVWR SURSULDPHQWH FRPR IRUQHFHGRU VHQGROKH H[LJLGD D PHOKRULD H D UDFLRQDOL]DomR GRV VHUYLoRVS~EOLFRV 'HRXWURERUGRDDomRJRYHUQDPHQWDOWDPEpPSRGHVHFRQFUHWL]DUFRPD SUHVHQoDGR(VWDGRQRPHUFDGRGHFRQVXPRTXHUVHMDQDTXDOLGDGHGHIRUQHFHGRU 129$,6 (ODLQH &DUGRVR GH 0DWRV 2 (VWDGRIRUQHFHGRU GH VHUYLoRV QDV UHODo}HV GH FRQVXPR DSOLFDomRGR&'&DRVVHUYLoRVS~EOLFRV&XULWLED-XUXiS GHVHUYLoRVRXFRPRFRQVXPLGRUSRLVQmRVHSRGHROYLGDUTXHR(VWDGRSRVVDVHU LQVHULGR QD UHODomR GH FRQVXPR HPERUD QmR VHMD FRPXP XPD YH] TXH D YXOQHUDELOLGDGH QmR VH UHVWULQJH j PHQRU FDSDFLGDGH HFRQ{PLFD SRGHQGR PDQLIHVWDUVH VRE D IRUPD WpFQLFD RX FLHQWtILFD 0DV TXDOTXHU TXH YHQKD D VHU D SRVLomR DVVXPLGD SHOR (VWDGR QR PHUFDGR GH FRQVXPR GHYH HOH UHVSHLWDU DV QRUPDVGHSURWHomRDRFRQVXPLGRU 3ULQFtSLRGDERDIpREMHWLYD 2 &'& SRVLWLYRX R SULQFtSLR GD ERDIp REMHWLYD FRPR UHJUD GH FRQGXWD DUW ,,, H FRPR FOiXVXOD JHUDO DUW ,9 WUD]HQGR HP WRGR R VHX FRUSR GH QRUPDVGHYHUHVDQH[RVjVUHODo}HVFRQWUDWXDLVFRPRRGHYHUGHLQIRUPDURGHYHU GHFRRSHUDomRHRGHYHUGHFXLGDGR 1HVVHVHQWLGRR&'&GLVS}HQRVDUWLJRVFLWDGRVTXH $UW$3ROtWLFD1DFLRQDOGH5HODo}HVGH&RQVXPRWHPSRUREMHWLYR RDWHQGLPHQWRGDVQHFHVVLGDGHVGRVFRQVXPLGRUHVRUHVSHLWRjVXD GLJQLGDGH VD~GH H VHJXUDQoD D SURWHomR GH VHXV LQWHUHVVHV HFRQ{PLFRV D PHOKRULD GH VXD TXDOLGDGH GH YLGD EHP FRPR D WUDQVSDUrQFLD H KDUPRQLD GDV UHODo}HV GH FRQVXPR DWHQGLGRV RV VHJXLQWHVSULQFtSLRV >@ ,,,±KDUPRQL]DomRGRVLQWHUHVVHVGRVSDUWLFLSDQWHVGDVUHODo}HVGH FRQVXPR H FRPSDWLELOL]DomR GD SURWHomR GR FRQVXPLGRU FRP D QHFHVVLGDGHGHGHVHQYROYLPHQWRHFRQ{PLFRHWHFQROyJLFRGHPRGR DYLDELOL]DURVSULQFtSLRVQRVTXDLVVHIXQGDDRUGHPHFRQ{PLFDDUW GD &RQVWLWXLomR )HGHUDO 34*7-4 ( * 9!34 '! 9 !<I 4 4J"+#E9-+ '!3 -4#!6K43 4':-4 ( '3"*+, -43 4 < -'4(4, -43 >JULIR QRVVR@ $UW 6mR QXODV GH SOHQR GLUHLWR HQWUH RXWUDV DV FOiXVXODV FRQWUDWXDLVUHODWLYDVDRIRUQHFLPHQWRGHSURGXWRVHVHUYLoRVTXH >@ $/9,0$UUXGD$/9,07KHUH]D&RRUGV&RPHQWiULRVDR&yGLJRGH'HIHVDGR&RQVXPLGRU5LR GH-DQHLUR)RUHQVHS (/$,1(&$5'262'(0$726129$,6 &ODXGLD /LPD 0DUTXHV OHFLRQD TXH R GHYHU GH FRRSHUDomR LPSOLFD R GHYHU GH QmR GLILFXOWDU R DFHVVR GR FRQVXPLGRU D VHXV GLUHLWRV GH UHGLJLU DGHTXDGDPHQWH RV FRQWUDWRV H GH QHJRFLDU DV GtYLGDV GD SDUWH FRQWUDWXDO PDLV IUDFD -i R GHYHU GH FXLGDGR p D REULJDomR GH SUHVHUYDU D LQWHJULGDGHSHVVRDOHSDWULPRQLDOGRFRFRQWUDWDQWH&RQWUDWRVQR&yGLJRGH'HIHVDGR&RQVXPLGRU RQRYRUHJLPHGDVUHODo}HVFRQWUDWXDLVHG6mR3DXOR5HYLVWDGRV7ULEXQDLVS ,9 ± HVWDEHOHoDP REULJDo}HV FRQVLGHUDGDV LQtTXDV DEXVLYDV TXH FRORTXHP R FRQVXPLGRU HP GHVYDQWDJHP H[DJHUDGD RX VHMDP LQFRPSDWtYHLVFRPDERDIpRXDHTXLGDGH e LPSHULRVR VDOLHQWDU TXH HVWD ERDIp SUHFRQL]DGD SHOR &'& p D ERDIp REMHWLYDHQmRDVXEMHWLYD$ERDIpVXEMHWLYDGLVWLQJXHVHGDERDIpREMHWLYDSRUXP HOHPHQWRTXHpDLPSRVLomRGRGHYHUGHFRQGXWDDDOJXpPeEHPYHUGDGHTXHD FRQILDQoDpFDUDFWHUtVWLFDFRPXPjERDIpVXEMHWLYDHREMHWLYDPDVHVWHGDGRQmRp VXILFLHQWHSDUDHTXLSDUiODV 5HQDWD 'RPLQJRV %DUERVD %DOELQR DVVHJXUD TXH D ERDIp REMHWLYD SRVVXL VHQWLGR QHJDWLYR TXH VH WUDGX] QD SURLELomR GH DJLU FRP GHVOHDOGDGH HP UHODomR j RXWUD SDUWH FRQWUDWDQWH H DLQGD VHQWLGR SRVLWLYR TXH p D REULJDomR GDV SDUWHVGHVHSRUWDUHPGHIRUPDFRRSHUDWLYDYLVDQGRDRDGHTXDGRFXPSULPHQWRGR FRQWUDWR e QD YHUGDGH SDGUmR GH FRPSRUWDPHQWR 2V VXMHLWRV GHYHP EXVFDU D KDUPRQL]DomRGHVHXVLQWHUHVVHVRSRVWRVREVHUYDQGRDUHJUDpWLFDTXHRVLPSHGH GH DJLU FRP GHVOHDOGDGH EXVFDQGR YDQWDJHQV GHVDUUD]RDGDV H IUXVWUDQGR DV H[SHFWDWLYDVGDRXWUDSDUWH $ UHJUD GD ERDIp REMHWLYD QmR UHTXHU D DYHULJXDomR GH H[LVWrQFLD GD DVW~FLD RX DUGLO GR VXMHLWR (OD GHYH DYHULJXDU QR PRPHQWR KLVWyULFR H R FRQWH[WR VRFLRFXOWXUDO SDUD GHILQLU REMHWLYDPHQWH TXDLV SDGU}HV DGHTXDGRV GH FRQGXWD QRUPDOPHQWH SRGHULDP VHU H[LJLGRV GRV VXMHLWRV H TXDLV RV HIHLWRV GHYHULDP VHU HVSHUDGRVSHORVFRQWUDWDQWHV'HVVHPRGRpSRVVtYHOHVWDEHOHFHUREMHWLYDPHQWHR TXHVHGHYHHVSHUDUGHFDGDXPDGDVSDUWHV 5RQDOGR 3RUWR 0DFHGR -XQLRU DGYHUWH DFHUFD GD GLILFXOGDGH HP FRQFHLWXDUDERDIp 2 FRQFHLWR GH ERDIp FRQWXGR p GRV PDLV FRQWURYHUWLGRV GHQWUR GR GLUHLWR SULYDGR DWXDO FRPSRUWDQGR GLYHUVDV GHILQLo}HV R TXH WRUQD XP FRQFHLWR PXLWDV YH]HV SUREOHPiWLFR 'HQWUH RV VLJQLILFDGRV SRVVtYHLVPDLVFRPXQVKiRVGHUD]RDELOLGDGHOHDOGDGHMXVWLoDµIDLU FRQGXFW¶ µUHDVRQDEOH VWDQGDUGV RI IDLU GHDOLQJ¶ GHFrQFLD FRPSRUWDPHQWR GHFHQWH VHQWLGR pWLFR FRPXP VROLGDULHGDGH OHDOGDGHHSDGU}HVFRPXQVGHMXVWLoD %$/%,12 5HQDWD 'RPLQJXHV %DUERVD 2 SULQFtSLR GD ERDIp REMHWLYD QR 1RYR &yGLJR &LYLO 5HYLVWDGR$GYRJDGR6mR3DXOR$$63QGH]S &58= H 78&&, &LEHOH 3LQKHLUR 0DUoDO 7HRULD JHUDO GD ERDIp REMHWLYD 5HYLVWD GR $GYRJDGR 6mR3DXOR$$63QGH]S 0$&('2-Ò1,255RQDOGR3RUWR&RQWUDWRVUHODFLRQDLVHGHIHVDGRFRQVXPLGRUS /XL] $QWRQLR 5L]]DWR 1XQHV GHILQH D ERDIp REMHWLYD FRPR PRGHOR RX SDGUmRGHFRQGXWDSDXWDGRQDFRUUHomRHQDKRQHVWLGDGH >@ p R GHYHU GDV SDUWHV GH DJLU FRQIRUPH FHUWRV SDUkPHWURV GH KRQHVWLGDGH H OHDOGDGH D ILP GH HVWDEHOHFHU R HTXLOtEULR QDV UHODo}HV HFRQ{PLFDV 1mR R HTXLOtEULR HFRQ{PLFR FRPR SUHWHQGHP DOJXQV PDV R HTXLOtEULR GDV SRVLo}HV FRQWUDWXDLV XPD YH] TXH GHQWURGRFRPSOH[RGHGLUHLWRVHGHYHUHVGDVSDUWHVHPPDWpULDGH FRQVXPR FRPR UHJUD Ki XP GHVHTXLOtEULR GH IRUoDV (QWUHWDQWR SDUD FKHJDU D XP HTXLOtEULR UHDO VRPHQWH FRP DQiOLVH JOREDO GR FRQWUDWRGHXPDFOiXVXODHPUHODomRjVGHPDLVSRLVRTXHSRGHVHU DEXVLYRRXH[DJHUDGRSDUDXPQmRVHUiSDUDRRXWUR $OLomRGH&ODXGLD/LPD0DUTXHVDUHVSHLWRGDERDIpREMHWLYDDSRQWD QRVHJXLQWHVHQWLGR %RDIp REMHWLYD VLJQLILFD SRUWDQWR XPD DWXDomR µUHIOHWLGD¶ XPD DWXDomR UHIOHWLQGR SHQVDQGR QR RXWUR QR SDUFHLUR FRQWUDWXDO UHVSHLWDQGRR UHVSHLWDQGR VHXV LQWHUHVVHV OHJtWLPRV VXDV H[SHFWDWLYDV UD]RiYHLV VHXV GLUHLWRV DJLQGR FRP OHDOGDGH VHP DEXVRVHPREVWUXomRVHPFDXVDUOHVmRRXGHVYDQWDJHPH[FHVVLYD FRRSHUDQGRSDUDDWLQJLURERPILPGDVREULJDo}HVRFXPSULPHQWRGR REMHWLYRFRQWUDWXDOHDUHDOL]DomRGRVLQWHUHVVHVGDVSDUWHV 5REHUWR 6HQLVH /LVERD SRU VHX ODGR DVVHYHUD TXH ³D ERDIp REMHWLYD FRQVWLWXLRIXQGDPHQWRGRGLUHLWRGHLQIRUPDomRHGHWRGRVRVGHYHUHVVHFXQGiULRV GHFRUUHQWHV GDV UHODo}HV QHJRFLDLV FRPR R GHYHU GH OHDOGDGH GH FRRSHUDomR P~WXDHGHDVVLVWrQFLDWpFQLFD´ $ DGRomR GD FOiXVXOD JHUDO GH ERDIp SHOR &'& DLQGD TXH GH PRGR LPSOtFLWR LPSOLFD D VXD LQVHUomR HP WRGDV DV UHODo}HV MXUtGLFDV GH FRQVXPR LQGHSHQGHQWHPHQWHGHVXDLQVFULomRQRLQVWUXPHQWRFRQWUDWXDO$VVLPHODLPSOLFDR GHYHUGDVSDUWHVGHDJLUHPFRPOHDOGDGHQmRDSHQDVQDIDVHFRQWUDWXDOPDVGHVGH DV WUDWDWLYDV SUHOLPLQDUHV DWp D IDVH LPHGLDWDPHQWH SRVWHULRU DR FXPSULPHQWR LQWHJUDOGDVSUHVWDo}HVFRQWUDWXDLV 1RHVFyOLRGH(ODLQH&DUGRVRGH0DWRV1RYDLVpFRPEDVHQDERDIp TXH R DUW ,9 GR &'& GHWHUPLQD VHUHP QXODV GH SOHQR GLUHLWR DV FOiXVXODV FRQWUDWXDLV UHODWLYDV DR IRUQHFLPHQWR GH SURGXWRV H VHUYLoRV TXH HVWDEHOHoDP 5,==$772181(6/XL]$QWRQLR&XUVRGHGLUHLWRGRFRQVXPLGRUS 0$548(6 &ODXGLD /LPD &RQWUDWRV QR &yGLJR GH 'HIHVD GR &RQVXPLGRU R QRYR UHJLPH GDV UHODo}HVFRQWUDWXDLVS /,6%2$5REHUWR6HQLVH5HVSRQVDELOLGDGHFLYLOQDVUHODo}HVGHFRQVXPRS 129$,6 (ODLQH &DUGRVR GH 0DWRV 2 (VWDGRIRUQHFHGRU GH VHUYLoRV QD UHODomR GH FRQVXPR DSOLFDomRGR&'&DRVVHUYLoRVS~EOLFRV&XULWLED-XUXiS REULJDo}HV FRQVLGHUDGDV LQtTXDV DEXVLYDV TXH FRORTXHP R FRQVXPLGRU HP GHVYDQWDJHPH[DJHUDGDRXVHMDPLQFRPSDWtYHLVFRPDERDIpRXDHTXLGDGH $LQGDDOpPGDIXQomRGHSDUDGLJPDGHFRQGXWDSDUDDVSDUWHVDERDIp REMHWLYD HQTXDQWR FOiXVXOD JHUDO p XP LQVWUXPHQWR REMHWLYR GH DSUHHQVmR GD UHDOLGDGHSHORMXL] -XGLWK 0DUWLQV&RVWD FRQVLJQD TXH D VROXomR D VHU GDGD DR FDVR WHP FDUiWHUMXUtGLFRHQmRPRUDODGYLQGRVXDMXULGLFLGDGHGRIDWRGHUHPHWHUHVXEPHWHU D VROXomR GR FDVR FRQFUHWR j HVWUXWXUD jV QRUPDV H DRV PRGHORV GR VLVWHPD FRQVLGHUDGRHVWHGHPRGRDEHUWR 3ULQFtSLRGDLQIRUPDomR 2 SULQFtSLR GD LQIRUPDomR HQFRQWUDVH SRVLWLYDGR QR DUW LQF ,,, GR &'&QRVVHJXLQWHVWHUPRV $UW6mRGLUHLWRVEiVLFRVGRFRQVXPLGRU >@ ,,, ± D LQIRUPDomR DGHTXDGD H FODUD VREUH RV GLIHUHQWHV SURGXWRV H VHUYLoRV FRP HVSHFLILFDomR FRUUHWD GH TXDQWLGDGH FDUDFWHUtVWLFDV FRPSRVLomR TXDOLGDGH H SUHoR EHP FRPR VREUH RV ULVFRV TXH DSUHVHQWHP 2 SULQFtSLR HP TXHVWmR p FRQVLGHUDGR FRPR SUHFHLWR IXQGDPHQWDO GDV UHODo}HV GH FRQVXPR HP GHFRUUrQFLD GD VXD GLVSRVLomR QR DU LQF ,9 GR PHVPR GLSORPD OHJDO SRUTXDQWR R DFHVVR j LQIRUPDomR p SUHVVXSRVWR LQDIDVWiYHO SDUD TXH R FRQVXPLGRU UHDOL]H VXDV HVFROKDV GH IRUPD FRQVFLHQWH DR WHU FRQKHFLPHQWRSUpYLRGRSURGXWRHGRVHUYLoRSRVWRQRPHUFDGRGHFRQVXPR $ HVVH UHVSHLWR &OiXGLD /LPD 0DUTXHV DVVHYHUD TXH ³R GHYHU GH LQIRUPDU p XP LPSRUWDQWH GHYHU DQH[R TXH GHYH VHU YLVXDOL]DGR QD IDVH SUp 0$548(6&ODXGLD/LPD&RQWUDWRVS 0$57,16&267$-XGLWK$ERDIpQRGLUHLWRSULYDGR6mR3DXOR5HYLVWDGRV7ULEXQDLVS 0$548(6&ODXGLD/LPD0DUTXHV&RQWUDWRVS FRQWUDWXDO´ 3RU HVWD UD]mR TXH R DUW GR &'& HQIRFD D QHFHVVLGDGH GH DVVHJXUDUDRFRQVXPLGRULQIRUPDo}HVFRUUHWDVFODUDVSUHFLVDVHVHJXUDV $QWRQLR&DUORV(ILQJDVHXWXUQRFRQVLJQDTXH 9iULDV VmR DV SRVVLELOLGDGHV GH R SULQFtSLR GD LQIRUPDomR VHU LQWHUSUHWDGRFRPYLVWDVQDHIHWLYDomRGRVLQWHUHVVHVGRFRQVXPLGRU $OpP GD LQIRUPDomR FRP FXQKR REULJDFLRQDO GHVWLQDGD D FRQVFLHQWL]DURVFRQVXPLGRUHVDFHUFDGHVHXVGLUHLWRVHODSRGHVHU HQWHQGLGDWDPEpPFRPRGLUHLWRGHREWHULQIRUPDo}HVVREUHSURGXWRV H VHUYLoRV FRORFDGRV QR PHUFDGR EHP FRPR LQIRUPDo}HV HVSHFtILFDVFDSD]HVGHLQIOXHQFLDUUHODo}HVGHFRQVXPRFROLJDGDVD H[HPSOR GDTXHODV FRQWLGDV HP EDQFRV GH GDGRV H FDGDVWUR GH FRQVXPLGRUHV 2GLUHLWRjLQIRUPDomRHVWiLQVHULGRQD&RQVWLWXLomR)HGHUDODUWLQFV ;,9 H ;;;,,, PDV GH DFRUGR FRP R HVFyOLR GH /XL] $QWRQLR 5L]]DWWR 1XQHVQRkPELWRFRQVWLWXFLRQDORGLUHLWRGHVHULQIRUPDGRpPHQRVDPSORGRTXH QR VLVWHPD LQIUDFRQVWLWXFLRQDO GH GHIHVD GR FRQVXPLGRU ( SURVVHJXH R DXWRU QD VXDH[SODQDomRVREUHRGHYHUGHLQIRUPDU %DVLFDPHQWHRWH[WRPDJQRHVWDEHOHFHRGHYHUGHLQIRUPDUTXHWrP RVyUJmRVS~EOLFRV1RTXHWDQJHDRGHYHUGHLQIRUPDUGDVSHVVRDV HPJHUDOHGDVMXUtGLFDVFRPQDWXUH]DMXUtGLFDSULYDGDpR&yGLJRGH 'HIHVD GR &RQVXPLGRU TXH HVWDEHOHFH WDO REULJDWRULHGDGH DR IRUQHFHGRU 7HQGR HP YLVWD TXH D /HL Q QDVFH FRPR YLPRV GDV GHWHUPLQDo}HV FRQVWLWXFLRQDLV TXH REULJDP D TXH VHMD IHLWD D GHIHVD GR FRQVXPLGRU LPSODQWDGD HP PHLR H XPD VpULH GH SULQFtSLRVWRGRVLQWHUSUHWDGRVHDSOLFiYHLVGHIRUPDKDUP{QLFDQmR UHVWD G~YLGD GH TXH R GHYHU GH LQIRUPDU Vy SRGLD VHU LPSRVWR DR IRUQHFHGRU $VVLP VH QmR IRU REHGHFLGD D SUHPLVVD GD LQIRUPDomR FODUD H REMHWLYD HP IDYRU GR FRQVXPLGRU R IRUQHFHGRU QmR HVWDUi DJLQGR FRP KDUPRQLD 2 DUW GR &'& WHP D VHJXLQWH UHGDomR ³$ RIHUWD H D DSUHVHQWDomR GH SURGXWRV RX VHUYLoRV GHYHP DVVHJXUDU LQIRUPDo}HV FRUUHWDV FODUDV SUHFLVDV RVWHQVLYDV H HP OtQJXD SRUWXJXHVD VREUH VXDV FDUDFWHUtVWLFDV TXDOLGDGHV TXDQWLGDGH FRPSRVLomR SUHoR JDUDQWLD SUD]RV GH YDOLGDGH H RULJHP HQWUH RXWURV GDGRV EHP FRPR VREUH RV ULVFRV TXH DSUHVHQWDP j VD~GH H VHJXUDQoD GRV FRQVXPLGRUHV´ (),1* $QWRQLR &DUORV %DQFR GH GDGRV H FDGDVWUR GH FRQVXPLGRUHV 6mR 3DXOR 5HYLVWD GRV 7ULEXQDLVS 2 LQF ;,9 GR DUW GD &5)% WHP D VHJXLQWH UHGDomR ³p DVVHJXUDGR D WRGRV R DFHVVR j LQIRUPDomRHUHVJXDUGDGRRVLJLORGDIRQWHTXDQGRQHFHVViULRDRH[HUFtFLRSURILVVLRQDO´ 2LQF;;;,,,GRDUWGD&5)%WHPDVHJXLQWHUHGDomR³WRGRVWrPGLUHLWRDUHFHEHUGRVyUJmRV S~EOLFRV LQIRUPDo}HV GH VHX LQWHUHVVH SDUWLFXODU RX GH LQWHUHVVH FROHWLYR HP JHUDO TXH VHUmR SUHVWDGDV QR SUD]R GD OHL VRE SHQD GH UHVSRQVDELOLGDGH UHVVDOYDGDV DTXHODV FXMR VLJLOR VHMD LPSUHVFLQGtYHOjVHJXUDQoDGDVRFLHGDGHHGR(VWDGR´ 5,==$72181(6/XL]$QW{QLR&RPHQWiULRVDR&yGLJRGH'HIHVDGR&RQVXPLGRUS 181(6/XL]$QW{QLR5L]]DWWR&RPHQWiULRVS WUDQVSDUrQFLDQHPFRPERDIpREMHWLYDWmRH[LJLGDSDUDTXHRVHUYLoRRXRSURGXWR QmRVHMDPHLYDGRVGHYtFLRVHDEXVLYLGDGHVWDQWRQDIDVHSUpFRQWUDWXDOTXDQWRQD IDVHFRQWUDWXDOSURSULDPHQWHGLWD 3ULQFtSLRGDDGHTXDomRHPHOKRULDGRVVHUYLoRVS~EOLFRV 2&'&SUHYrRSULQFtSLRGDDGHTXDomRHPHOKRULDGRVVHUYLoRVS~EOLFRV QRDUWLQF;(VVDpDVXDUHGDomR³$UW6mRGLUHLWRVEiVLFRVGRFRQVXPLGRU >@;±DDGHTXDGDHHILFD]SUHVWDomRGRVVHUYLoRVS~EOLFRV´ 2SULQFtSLRHPFRPHQWRUHPHWHDRDUWGRPHVPRGLSORPDOHJDOHP FXMR GLVSRVLWLYR R OHJLVODGRU KRXYH SRU EHP LQFOXLU DV SHVVRDV MXUtGLFDV GH GLUHLWR S~EOLFRFRPRIRUQHFHGRUDVGHL[DQGRSDWHQWHTXHHVWDDWLYLGDGHHVWDWDOVXMHLWDVHj OHJLVODomRFRQVXPHULVWD 'D UHGDomR GR FLWDGR GLVSRVLWLYR H[WUDLVH TXH R &'& UHJXODPHQWD WDPEpP D DWLYLGDGH GH SUHVWDomR GH VHUYLoRV S~EOLFRV VHQGR SRUWDQWR XP PHFDQLVPR GH JUDQGH LPSRUWkQFLD QD SURWHomR GRV XVXiULRV GHVVHV VHUYLoRV MXQWDPHQWH FRP DV GLVSRVLo}HV FRQWLGDV QR VHX DUW )DWR p TXH p GHYHU GRV yUJmRVS~EOLFRVSRUVLRXVXDVHPSUHVDVFRQFHVVLRQiULDVSHUPLVVLRQiULDVRXVRE TXDOTXHU RXWUD IRUPD GH HPSUHHQGLPHQWR IRUQHFHU VHUYLoRV DGHTXDGRV HILFLHQWHV VHJXURVHTXDQWRDRVHVVHQFLDLVFRQWtQXRV -RmR%DWLVWDGH$OPHLGDVREUHHVVHSULQFtSLRGLVFRUUH 'HQWURGRUDFLRFtQLRGHTXHR(VWDGRWDPEpPSRGHVHUIRUQHFHGRUH SRLV SUHVWDGRU GH VHUYLoR S~EOLFR &'& DUW H RV VHUYLoRV S~EOLFRV SUHVWDGRV SHODV HQWLGDGHV RILFLDLV SHUPLVVLRQiULDV RX FRQFHVVLRQiULDVWDPEpPGHYHPVHUHILFLHQWHVHVHJXURVRTXHQmR PRVWUD D UHDOLGDGH QDFLRQDO PRUPHQWH QRV FDPSRV GH VD~GH H WUDQVSRUWH IRL DOWDPHQWH RSRUWXQD D LQFOXVmR GHVVH LWHP QR URO GRV GLUHLWRV GR FRQVXPLGRU $R PHVPR WHPSR HP TXH VH UHFRQKHFH D GHILFLrQFLDHDSUHFDULHGDGHGRVVHUYLoRVS~EOLFRVUHFRPHQGDVHDR (VWDGR TXH R IDoD GH IRUPD DGHTXDGD H HILFD] DUW ; $ SURSyVLWR R SUySULR WH[WR FRQVWLWXFLRQDO LQGLFD TXH R 3RGHU 3~EOLFR 2DUWÛGR&'&WUD]DVHJXLQWHUHGDomR³)RUQHFHGRUpWRGDSHVVRDItVLFDRXMXUtGLFDS~EOLFDRX SULYDGDQDFLRQDORXHVWUDQJHLUDEHPFRPRRVHQWHVGHVSHUVRQDOL]DGRVTXHGHVHQYROYHPDWLYLGDGH GHSURGXomRPRQWDJHPFULDomRFRQVWUXomRWUDQVIRUPDomRLPSRUWDomRH[SRUWDomRGLVWULEXLomRRX FRPHUFLDOL]DomRGHSURGXWRVRXSUHVWDomRGHVHUYLoRV´ $/0(,'$-RmR%DWLVWDGH$SURWHomRMXUtGLFDGRFRQVXPLGRUS H[SHGLUi OHL DVVHJXUDQGR RV GLUHLWRV GRV XVXiULRV TXH VmR RV FRQVXPLGRUHVGHVHUYLoRV&)DUW,, &RP UHODomR jV GLVSRVLo}HV GR DUW GD OHJLVODomR FRQVXPHULVWD p QHFHVViULROHPEUDUTXHQmRQRVGHWHUHPRVDTXLVREUHDTXHVWmRTXHHVWHSULQFtSLR VXVFLWDSRUTXDQWRVHUiREMHWRGHHVWXGRQR~OWLPRFDStWXORGHVWDGLVVHUWDomR $VVLP WHFLGDV DV FRQVLGHUDo}HV GH UHOHYR D UHVSHLWR GR &'& SRGHPRV FRQFOXLU TXH HVWH GLSORPD OHJDO WDPEpP UHJXODPHQWD D DWLYLGDGH GH SUHVWDomR GH VHUYLoRVS~EOLFRVVHQGRSRUWDQWRXPLQVWUXPHQWRGHJUDQGHYDOLDSDUDDSURWHomR GRVXVXiULRVGHVVHVVHUYLoRV $ / 0 G G 5(/$d2'(&216802 2 &'& UHJXOD D UHODomR MXUtGLFD GH FRQVXPR DTXHOD QD TXDO HVWmR HQYROYLGRVFRPRVXMHLWRDWLYRRIRUQHFHGRUHFRPRVXMHLWRSDVVLYRRFRQVXPLGRU $ VHX WXUQR FRPR REMHWR HQFRQWUDPVH RV SURGXWRV H RV VHUYLoRV H FRPR ILQDOLGDGHDDTXLVLomRGHVWHVSHORFRQVXPLGRUVHX~OWLPRGHVWLQDWiULR $ UHODomR MXUtGLFD GH FRQVXPR FRPSUHHQGH R FLFOR GH SURGXomR H GLVWULEXLomR GH SURGXWRV RX VHUYLoRV QmR VH OLPLWDQGR j H[LVWrQFLD GH YtQFXOR REULJDFLRQDO HQWUH DV SDUWHV GH VRUWH TXH R ~OWLPR LQWHJUDQWH GD FDGHLD GH IRUQHFLPHQWR ± R GHVWLQDWiULR ILQDO GR SURGXWR RX VHUYLoR ± SRGH UHVSRQVDELOL]DU R SULPHLURHOHPHQWRVHPTXHKDMDHQWUHHOHVXPDUHODomRFRQWUDWXDOSUySULD 1DOLomRGH1HOVRQ1HU\-~QLRU 2 &'& QmR WUDWD GH µFRQWUDWR GH FRQVXPR¶ µDWR GH FRQVXPR¶ RX µQHJyFLR MXUtGLFR GH FRQVXPR¶ PDV GH UHODomR GH FRQVXPR WHUPR TXH WHP VHQWLGR PDLV DPSOR GR TXH DTXHODV H[SUHVV}HV 6mR HOHPHQWRV GD UHODomR GH FRQVXPR VHJXQGR R &'& D FRPR VXMHLWRVRIRUQHFHGRUHRFRQVXPLGRUEFRPRREMHWRRVSURGXWRVH RV VHUYLoRV F FRPR ILQDOLGDGH FDUDFWHUL]DQGRVH FRPR HOHPHQWR WHOHROyJLFR GDV UHODo}HV GH FRQVXPR VHUHP HODV FHOHEUDGDV SDUD TXH R FRQVXPLGRU DGTXLUD SURGXWR RX VH XWLOL]H GH VHUYLoRV FRPR µGHVWLQDWiULRILQDO¶DUWFDSXW~OWLPDSDUWH&'& 2 DXWRU DLQGD DGX] TXH ³$ FLUFXODomR GRV SURGXWRV H VHUYLoRV KDYLGD HQWUHRFRQVXPLGRUHRIRUQHFHGRUHQVHMDDIRUPDomRGDUHODomRGHFRQVXPRREMHWR GRUHJXODPHQWRGR&'&$VGHPDLVUHODo}HVMXUtGLFDVFLYLVFRPHUFLDVWUDEDOKLVWDV HWFQmRVmRUHJXODGDVSHOR&'&´ 3RU FRQVHJXLQWH GHYLGR j LPSRUWkQFLD GD FDUDFWHUL]DomR GD UHODomR GH FRQVXPR HQWUH IRUQHFHGRUHV GH VHUYLoRV S~EOLFRV GH XP ODGR H GH FRQVXPLGRUHV XVXiULRV GHVVHV VHUYLoRV GH RXWUR SDUD R WHPD GHVHQYROYLGR QHVWH WUDEDOKR 1(5<-Ò1,251HOVRQ&yGLJR%UDVLOHLURGH'HIHVDGR&RQVXPLGRUFRPHQWDGRSHORVDXWRUHVGR $QWHSURMHWRS 1(5< -Ò1,25 1HOVRQ 2V SULQFtSLRV JHUDLV GR &yGLJR %UDVLOHLUR GH 'HIHVD GR &RQVXPLGRU 5HYLVWDGH'LUHLWRGR&RQVXPLGRU6mR3DXOR(GLWRUD5HYLVWDGRV7ULEXQDLVQVHWGH]S GRUDYDQWH DQDOLVDUHPRV RV VHXV HOHPHQWRV LQWHJUDQWHV FRP R REMHWLYR GH EHP FRPSUHHQGHUDLQFLGrQFLDGRPLFURVVLVWHPDGR&'& 68-(,726'$5(/$d2'(&216802 $.$.& '3"*+, - ' @,+A ,4 4<43! , '3"*+, - 2FRQFHLWRGHFRQVXPLGRUHVWiLQVHULGRQRDUWGR&'&VHQGRREMHWR GH PXLWDV FRQWURYpUVLDV GHVGH R DGYHQWR GHVWH GLSORPD OHJDO QR FHQiULR MXUtGLFR 'LVS}HDVVLPRDUWLQYHUELV³&RQVXPLGRUpWRGDSHVVRDItVLFDRXMXUtGLFDTXH DGTXLUHRXXWLOL]DSURGXWRRXVHUYLoRFRPRGHVWLQDWiULRILQDO´ $GHILQLomRDGRWDGDSHOR&'&QmRpWmRVLPSOHVTXDQWRSRVVDSDUHFHUD XPD DQiOLVH SHUIXQFWyULD SRUTXDQWR VXVFLWD D LQGDJDomR GR TXH YHP D VHU GHVWLQDWiULRILQDO $HVVHUHVSHLWR7KLHUU\%RXUJRLJQLHID]DVHJXLQWHSRQGHUDomR >@ GL]HU TXH XVDU SURGXWR RX VHUYLoR D WtWXOR SULYDGR RX FRPR GHVWLQDWiULRILQDOQmRVLJQLILFDTXHHOHVHMDQHFHVVDULDPHQWHXWLOL]DGR SHORDGTXLUHQWHSRGHQGRVHUXVDGRSRUDOJXPPHPEURGDIDPtOLDRX RXWUDSHVVRDTXDOTXHU'RPHVPRPRGRRXVRSULYDGRQmRLPSOLFD XVR QmROXFUDWLYR SRLV RV FRQVXPLGRUHV SRGHP GHSRVLWDU VHXV GLQKHLUR QR EDQFR H REWHUHP UHQGLPHQWRV RX SRGHP FRPSUDU REUDV GHDUWHHYrODVYDORUL]DUVH 1R WRFDQWH DR VLJQLILFDGR GR WHUPR GHVWLQDWiULR ILQDO D GRXWULQD UHSDUWLX VH HP GXDV FRUUHQWHV ILQDOLVWD H PD[LPDOLVWD $ FRUUHQWH ILQDOLVWD ILUPD R %285*2,*1,( 7KLHUU\ 2 FRQFHLWR MXUtGLFR GH FRQVXPLGRU 5HYLVWD GH 'LUHLWR GR &RQVXPLGRU 6mR 3DXOR (GLWRUD 5HYLVWD GRV 7ULEXQDLV Q S >7UDGXomR GH $QD /~FLD $PDUDO 3URFXUDGRUD GD 5HS~EOLFD HP 6mR 3DXOR@ (VWH WH[WR IRL H[FHUWDGR GR OLYUR eOpPHQWHV SRXU XPD WKpRULH GR GURLW GH OD FRQVRPPDWLRQ %UX[HOOHV 6WRU\ 6FLHQWLD H GHSRLV UHYLVWR PRGLILFDGR H DWXDOL]DGRSHORDXWRUHVSHFLDOPHQWHSDUDDUHYLVWD $OLQKDGHSUHFHGHQWHVDGRWDGDSHODV4XDUWDH6H[WD7XUPDVGR6XSHULRU7ULEXQDOGH-XVWLoDYmR DRHQFRQWURGDGHQRPLQDGDWHRULDILQDOLVWDRXVXEMHWLYDUHVWULQJLQGRDH[HJHVHGRDUWGR&'&DR GHVWLQDWiULR ILQDO IiWLFR H WDPEpP HFRQ{PLFR GR EHP RX VHUYLoR GRV TXDLV VmR H[HPSORV RV VHJXLQWHVMXOJDGRV67-5HVS0*5HO0LQ%DUURV0RQWHLUR7XQkQLPH'- 67- 5HVS 56 5HO 0LQ %DUURV 0RQWHLUR 7 XQkQLPH '- 67- 5HVS *25HO0LQ3DXOR0HGLQD7XQkQLPH'- $ 3ULPHLUD H D 7HUFHLUD 7XUPDV GR 6XSHULRU 7ULEXQDO GH -XVWLoD DGRWDP RV SUHVVXSRVWRV GD GHQRPLQDGDWHRULDREMHWLYDRXPD[LPDOLVWDFRQVLGHUDQGRVHFRQVXPLGRURGHVWLQDWiULRILQDOIiWLFRGR HQWHQGLPHQWR GH TXH R FRQVXPLGRU QmR SRGH VHU PDLV XP LQWHUPHGLiULR GHQWUR GD FDGHLDSURGXWLYDVHQGRFRQGLomRVLQHTXDQRQDVXDTXDOLGDGHGHGHVWLQDWiULRILQDO GH SURGXWRV RX VHUYLoRV 3RU RXWUR ODGR RV PD[LPDOLVWDV LQWHUSUHWDP R DUW GR &'& H[WHQVLYDPHQWH SDUD TXH VXDV QRUPDV VHMDP DSOLFDGDV D XP Q~PHUR FDGD YH]PDLRUGHUHODo}HVQRPHUFDGRGHFRQVXPR &ODXGLD/LPD0DUTXHVDGHSWDGDFRUUHQWHILQDOLVWDSRQWXD 3DUD RV ILQDOLVWDV SLRQHLURV GR FRQVXPHULVPR D GHILQLomR GH FRQVXPLGRUpRSLODUTXHVXVWHQWDDWXWHODHVSHFLDODJRUDFRQFHGLGD DRV FRQVXPLGRUHV (VWD WXWHOD Vy H[LVWH SRUTXH R FRQVXPLGRU p D SDUWHYXOQHUiYHOQDVUHODo}HVFRQWUDWXDLVQRPHUFDGRFRPRDILUPDR SUySULR &'& QR DUW LQF , /RJR FRQYpP GHOLPLWDU FODUDPHQWH TXHP PHUHFH HVWD WXWHOD H TXHP QmR D QHFHVVLWD TXHP p FRQVXPLGRU H TXHP QmR p 3URS}HP HQWmR TXH VH LQWHUSUHWH D H[SUHVVmR GHVWLQDWiULR ILQDO GR DUW GH PDQHLUD UHVWULWD FRPR UHTXHUHPRVSULQFtSLRV EiVLFRVGR&'&H[SRVWRVQRVDUWVH (VVD LQWHUSUHWDomR UHVWULQJH D ILJXUD GR FRQVXPLGRU jTXHOH TXH DGTXLUH XWLOL]D XP SURGXWR SDUD XVR SUySULR H GH VXD IDPtOLD FRQVXPLGRUVHULDRQmRSURILVVLRQDOSRLVRILPGR&'&pWXWHODUGH PDQHLUDHVSHFLDOXPJUXSRGDVRFLHGDGHTXHpPDLVYXOQHUiYHO 3DUD D FRUUHQWH PD[LPDOLVWD R DUW GR &'& GHYH VHU LQWHUSUHWDGR GH PDQHLUD H[WHQVLYD SRXFR LPSRUWDQGR VH D SHVVRD ItVLFD RX MXUtGLFD DGTXLUH R SURGXWRRXXWLOL]DRVHUYLoRFRPDILQDOLGDGHGHREWHUOXFUR &ODXGLD/LPD0DUTXHVWDPEpPGLVFRUUHDUHVSHLWRGHVVDFRUUHQWH >@RVPD[LPDOLVWDVYrHPQDVQRUPDVGR&'&RQRYRUHJXODPHQWR GR PHUFDGR GH FRQVXPR EUDVLOHLUR H QmR QRUPDV RULHQWDGDV SDUD SURWHJHU VRPHQWH R FRQVXPLGRU QmRSURILVVLRQDO 2 &'& VHULD XP &yGLJR JHUDO VREUH R FRQVXPR XP &yGLJR SDUD VRFLHGDGH GH FRQVXPR R TXDO LQVWLWXL QRUPDV H SULQFtSLRV SDUD WRGRV RV DJHQWHV GRPHUFDGRRVTXDLVSRGHPDVVXPLURVSDSpLVRUDGHIRUQHFHGRUHV RUDGHFRQVXPLGRUHV>@ 'HVWLQDWiULR ILQDO VHULD R GHVWLQDWiULR IiWLFR GR SURGXWR DTXHOH TXH UHWLUD GR PHUFDGR H R XWLOL]D R FRQVRPH SRU H[HPSOR DIiEULFD GH WRDOKDVTXHFRPSUDRDOJRGmRSDUDWUDQVIRUPDUDIiEULFDGHFHOXORVH TXHFRPSUDFDUURVSDUDRWUDQVSRUWHGRVYLVLWDQWHVRDGYRJDGRTXH FRPSUDXPDPiTXLQDGHHVFUHYHUSDUDRVHXHVFULWyULRRXPHVPRR EHPRXVHUYLoRDLQGDTXHYHQKDDXWLOL]iORQRH[HUFtFLRSURILVVLRQDORXGHHPSUHVDGRVTXDLVVmR H[HPSORV RV VHJXLQWHV MXOJDGRV 67- 5HVS 56 5HO 0LQ $QWRQLR GH 3iGXD 5LEHLUR 5HO S$&0LQ&DUORV$OEHUWR0HQH]HV'LUHLWR7PDLRULD'-67-5HVS0*5HO 0LQLVWUD1DQF\$QGULJKLXQkQLPH'-67-5HVS635HO0LQ&DUORV$OEHUWR 0HQH]HV 'LUHLWR 7 XQkQLPH '- 67- 5HVS 06 5HO 0LQ &DVWUR ILOKR 7 XQkQLPH'- 0$548(6 &ODXGLD /LPD &RQWUDWRV QR &yGLJR GH 'HIHVD GR &RQVXPLGRU R QRYR UHJLPH GDV UHODo}HVFRQWUDWXDLVS 0$548(6 &ODXGLD /LPD &RQWUDWRV QR &yGLJR GH 'HIHVD GR &RQVXPLGRU R QRYR UHJLPH GDV UHODo}HVFRQWUDWXDLVS (VWDGRTXDQGRDGTXLUHFDQHWDVSDUDXVRQDVUHSDUWLo}HVHpFODURD GRQDGHFDVDTXHDGTXLUHSURGXWRVDOLPHQWtFLRVSDUDDIDPtOLD $ H[SUHVVmR ³GHVWLQDWiULR IiWLFR´ XWLOL]DGD SHOD GRXWULQD PD[LPDOLVWD p DVVLPGHILQLGDSRU$GDOEHUWR3DVTXDORWWR³>@VHULDRDGTXLUHQWHRXXVXiULRTXH UHWLUDREHPGHFLUFXODomRLQGHSHQGHQWHPHQWHGDILQDOLGDGHTXHSDUWLFXODUPHQWHYDL DWULEXLUOKH5HDOL]DSRUWDQWRRIDWRGDUHWLUDGDGREHPGHFLUFXODomR $ GRXWULQD ILQDOLVWD FRPR YLVWR UHVWULQJH D LQWHUSUHWDomR GR FRQFHLWR WUD]LGR SHOR DUW GR &'& $R VXVWHQWDU TXH R &'& WHP SRU REMHWLYR WXWHODU GH PDQHLUD HVSHFLDO R JUXSR GD VRFLHGDGH TXH p PDLV YXOQHUiYHO RV ILQDOLVWDV SDUD GHILQLURFRQVXPLGRUSDUWHPGDH[SUHVVmR³GHVWLQDWiULRHFRQ{PLFR´ $GDOEHUWR3DVTXDORWWRWDPEpPH[SOLFDDDEUDQJrQFLDGDH[SUHVVmR >@ QD H[SUHVVmR GHVWLQDWiULR HFRQ{PLFR Vy p FRPSUHHQGLGR R FRQVXPLGRU TXH VH HQFRQWUD QD HWDSD GHUUDGHLUD GD DWLYLGDGH HFRQ{PLFD (VWD FRUUHQWH DSURYHLWD FRQFHLWRV GD WHRULD HFRQ{PLFD VHJXQGR D TXDO DV DWLYLGDGHV HFRQ{PLFDV FRPSUHHQGHP SURGXomR FLUFXODomRGLVWULEXLomRHFRQVXPR3RUWDQWRVyVHULDSURWHJLGRSHOR &'&RGHVWLQDWiULRILQDOGDSURGXomRXPFRQVXPLGRUVWULFWRVHQVX 3DUD RV DGHSWRV GD GRXWULQD ILQDOLVWD R FRQVXPLGRU VHULD DTXHOH TXH DGTXLUHEHQVRXXWLOL]DVHUYLoRV³HPSURYHLWRSUySULRVDWLVID]HQGRXPDQHFHVVLGDGH SHVVRDOHQmRSDUDUHYHQGDRXHQWmRSDUDDFUHVFHQWiORjFDGHLDSURGXWLYD´ 'HSUHHQGHVH SRUWDQWR GR FRWHMR GDV GXDV WHRULDV TXH DPEDV DSUHVHQWDPSHTXHQRVSRQWRVGHDILQLGDGHV /23(6 -RVp 5HLQDOGR GH /LPD 'LUHLWR FLYLO H GLUHLWR GR FRQVXPLGRU SULQFtSLRV ,Q 3$48$/2772$GDOEHUWR3)(,))(55REHUWR$XJXVWR&DVWHOODQR&RRUGV&yGLJRGH'HIHVDGR &RQVXPLGRUHR&yGLJR&LYLOGHFRQYHUJrQFLDVHDVVLPHWULDS 3$648$/2772 $GDOEHUWR 2V VHUYLoRV S~EOLFRV QR &yGLJR GH 'HIHVD GR &RQVXPLGRU 5HYLVWD GH'LUHLWRGR&RQVXPLGRUS &$53(1$+HORtVD$ILQDOTXHPpRFRQVXPLGRU"&DPSRGHDSOLFDomRGR&'&jOX]GRSULQFtSLR GDYXOQHUDELOLGDGH5HYLVWD7ULPHVWUDOGH'LUHLWR&LYLO5LRGH-DQHLUR3DGPDQMXOVHWS 0HVPR UHFRQKHFHQGR R GRPtQLR GD WHRULD VXEMHWLYD RX ILQDOLVWD R 6XSHULRU 7ULEXQDO GH -XVWLoD IOH[LELOL]D HVWH HQWHQGLPHQWR PHWRGROyJLFR DR UHFRQKHFHU TXH HP VLWXDo}HV HVSHFLDLV GHYH VHU DEUDQGDGR R FULWpULR VXEMHWLYR GR FRQFHLWR GH FRQVXPLGRU SDUD DGPLWLU D DSOLFDomR GR &'& QDV UHODo}HV HQWUH IRUQHFHGRUHV H FRQVXPLGRUHVHPSUHViULRV HP TXH ILTXH HYLGHQFLDGD D UHODomR GH FRQVXPR LVWR p D UHODomR IRUPDGD HQWUH IRUQHFHGRU H FRQVXPLGRU YXOQHUiYHO WpFQLFD MXUtGLFD RX HFRQRPLFDPHQWHGHIRUPDSUHVXPLGDPHQWHRXQmR&ODXGLD/LPD0DUTXHVFRQVLJQDTXHGHSRLVGD HQWUDGD HP YLJRU GR && D YLVmR PD[LPDOLVWD GLPLQXLX HP IRUoD WHQGR VLGR PXLWR LPSRUWDQWH SDUDWDO DDWXDomRGR67-eXPDLQWHUSUHWDomRILQDOLVWDPDLVDSURIXQGDGDHPDGXUDTXHGHYHVHU VDXGDGD (P FDVRV GLItFHLV HQYROYHQGR SHTXHQDV HPSUHVDV TXH XWLOL]DP LQVXPRV SDUD VXD SURGXomR PDV QmR HP VXD iUHD GH H[SHUWLVH RX FRP XPD XWLOL]DomR PLVWD SULQFLSDOPHQWH QD iUHD GRV VHUYLoRV SURYDGD D YXOQHUDELOLGDGH FRQFOXLVH SHOD GHVWLQDomR ILQDO GH FRQVXPR SUHYDOHQWH (VVDQRYDOLQKDHPHVSHFLDOGR67-WHPXWLOL]DGRVRERFULWpULRILQDOLVWDHVXEMHWLYRH[SUHVVDPHQWH DHTXLSDUDomRGRDUWGR&'&HPVHWUDWDQGRGHSHVVRDMXUtGLFDTXHFRPSURYHVHUYXOQHUiYHOH $SURSyVLWR+HORtVD&DUSHQDDVVHYHUD (PERUD WRGRV DGPLWDP D SRVVLELOLGDGH GH D SHVVRD MXUtGLFD VHU FRQVXPLGRUD GLYHUJHP TXDQWR jV KLSyWHVHV HP TXH RVWHQWDUi WDO TXDOLILFDomR3DUDRVPD[LPDOLVWDVVHPSUHTXHVHSRVLFLRQDUQRILP GRFLFORHFRQ{PLFRGREHPRXVHUYLoRLVWRpTXDQGRIRUDTXHOHTXH RUHWLUDGRPHUFDGRSDUDRVILQDOLVWDVHPSULQFtSLRDHPSUHVDQmRp FRQVXPLGRUD FRPSRUWDQGR H[FHo}HV j UHJUD $FRUGDP TXDQWR DR UHYHQGHGRU TXH QmR VH XWLOL]D GR SURGXWR RX VHUYLoR VLWXDomR TXH QmR RIHUHFH TXDOTXHU GLILFXOGDGH UHVWDQGR SRUpP R SUREOHPD GR FRQVXPLGRU SURILVVLRQDO R TXDO SRGH GHVWLQDU D DTXLVLomR SDUD R SUySULRSURFHVVRSURGXWLYRRXPDLVDPSODPHQWHSDUDVXDDWLYLGDGH 2 TXH GHOLPLWD R kPELWR GH DSOLFDomR GD SUySULD OHL p D LGpLD GH YXOQHUDELOLGDGHTXHpRFHUQHGRFRQFHLWRGHFRQVXPLGRUHSULQFtSLR TXH RULHQWD VHJXUDPHQWH D LQWHUSUHWDomR GD H[SUHVVmR GHVWLQDWiULR ILQDO -RVp*HUDOGR%ULWR)LORPHQRHQWHQGHTXHSHODSUySULDILORVRILDGR&'&D SHVVRD MXUtGLFD QmR GHYHULD HP SULQFtSLR VHU FRORFDGD FRPR FRQVXPLGRUD GH SURGXWRVHVHUYLoRVPDVWHQGRR&'&RIHLWRD³LQWHUSUHWDomRGHYHVHUREMHWLYDH FDVRDFDVR´6REUHRDVVXQWRRDXWRUSRQWXD (PERUD HP SULQFtSLR UHSLWDVH QmR VH FRQFHED D SHVVRD MXUtGLFD FRPR FRQVXPLGRUD D UHDOLGDGH p TXH R SUySULR WH[WR OHJDO VRE DQiOLVHDVVLPGLVS}H)DORWRGDYLDGHPDQHLUDOLPLWDGDQmRDSHQDV HP GHFRUUrQFLD GR SULQFtSLR GD YXOQHUDELOLGDGH GD SHVVRD MXUtGLFD FRQVXPLGRUDWDOFRPRDSHVVRDItVLFDFRPRWDPEpPSHODXWLOL]DomR QmRSURILVVLRQDOGRVSURGXWRVHVHUYLoRV *DEULHO $ 6WLJOLW] H 5XEpQ 6 6WLJOLW] FRPXQJDP GD RSLQLmR GR DXWRU DQWHULRUPHQWH FLWDGR FRQVLJQDQGR TXH D SHVVRD MXUtGLFD IRL DGPLWLGD FRPR FRQVXPLGRUDGHEHQVHVHUYLoRVSHODOHLDUJHQWLQDHDGX]HPTXH³>@LVWRVLJQLILFD GL]HUTXHQmRVHUiDTXHODTXHDGTXLUHDWtWXORRQHURVREHQVHVHUYLoRVSDUDLQWHJUi ORV DR PHUFDGR HP XP SURFHVVR HFRQ{PLFR QmR HVJRWDGR FRPR QmR VHUi DTXHOD TXHDGTXLUHSRUVXDYH]SDUDFRPHUFLDOL]iORV´ DWXH IRUD GR kPELWR GH VXD HVSHFLDOLGDGH FRPR KRWHO TXH FRPSUD JiV ,VVR RFRUUH SRUTXH R &'& FRQKHFHRXWUDVGHILQLo}HVGHFRQVXPLGRU2FRQFHLWRFKDYHDTXLpRGDYXOQHUDELOLGDGH0$548(6 &ODXGLD/LPD0DQXDOGH'LUHLWRGR&RQVXPLGRUHG(G576mR3DXORSS &$53(1$+HORtVD$ILQDOTXHPpRFRQVXPLGRU"&DPSRGHDSOLFDomRGR&'&jOX]GRSULQFtSLR GDYXOQHUDELOLGDGH5HYLVWD7ULPHVWUDOGH'LUHLWR&LYLO5LRGH-DQHLUR3DGPDQSMXOVHW S ),/20(12 -RVp *HUDOGR %ULWR &yGLJR %UDVLOHLUR GH 'HIHVD GR &RQVXPLGRU FRPHQWDGR SHORV DXWRUHVGRDQWHSURMHWRS 67,*/,7=*DEULHO$6,7*/,7=65XEpQ'HUHFKRV\GHIHQVDGHORVFRQVXPLGRUHVS³(OOR VLJQLILFDSRUGDUXPHMHPSORTXHQRORVHUiODTXHDGTXLHUDDWtWXORRQHURVRELHQHVRVHUYLFLRVSDUD LQWHJUDUORVDOPHUFDGRDXPSURFHVRHFRQyPLFRQRDJRWDGRFRPRORVHUiODTXHORVDGTXLHUDDVX YH]SDUDFRPHUFLDOL]DUORV´ $ OLQKD GH UDFLRFtQLR GHVVHV DXWRUHV HVWi HP FRQVRQkQFLD FRP WHUFHLUD WHRULD TXH &OiXGLD /LPD 0DUTXHV GHQRPLQD GH ³ILQDOLVPR DSURIXQGDGR´ RX GD ³LQWHUSUHWDomRILQDOLVWDDSURIXQGDGD´FXMRIXQGDPHQWRHVFRUDVHQmRVyQDQRomRGH FRQVXPLGRU ILQDO LPHGLDWR PDV WDPEpP QD YXOQHUDELOLGDGH LQ FRQFUHWR (VVD p D WHRULD GH PHLR TXH YHP VHQGR DGRWDGD SHOR 6XSHULRU 7ULEXQDO GH -XVWLoD H TXH QmRGHL[DGHSHUTXLULUDFHUFDGRXVRSURILVVLRQDORXQmRGREHPRXVHUYLoRDSHQDV HPFDUiWHUH[FHSFLRQDOHjYLVWDGDYXOQHUDELOLGDGHFRQFUHWDRSURILVVLRQDOSDVVDD VHUFRQVLGHUDGRFRQVXPLGRU /RJR GLDQWH GR H[SRVWR SDUHFH TXH D GHILQLomR PDLV DGHTXDGD p D GH TXHRFRQVXPLGRUpDTXHOHTXHDGTXLUHEHQVRXXWLOL]DVHUYLoRVHPSURYHLWRSUySULR VDWLVID]HQGR QHFHVVLGDGH SHVVRDO H QmR DTXHOH TXH XWLOL]D R EHP RX VHUYLoR SDUD FRQWLQXDU D SURGX]LU (P ULJRU FDEHUi VHPSUH DYDOLDU QR FDVR GH SHVVRD MXUtGLFD FRQVXPLGRUDVHDYXOQHUDELOLGDGHHVWiSUHVHQWHQDTXHODVLWXDomRMXUtGLFDSRLVHP VH WUDWDQGR GH SHVVRDV MXUtGLFDV HP Sp GH LJXDOGDGH D UHODomR GHYHUi VHU UHJLGD SHOR&yGLJR&LYLO $OpPGRFRQFHLWRGRSDGUmRRXVWDQGDUGDUWFDSXWR&'&FRQWpP PDLVWUrVFRQFHLWRVGHFRQVXPLGRUDVVLPLGHQWLILFDGRV D FROHWLYLGDGH GH SHVVRDV DLQGD TXH LQGHWHUPLQiYHLV TXH KDMD LQWHUYLQGRQDVUHODo}HVGHFRQVXPRDUWSDUiJUDIR~QLFR EDVYtWLPDVGRDFLGHQWHGHFRQVXPRDUWDILPGHTXHSRVVDP YDOHUVHGRVPHFDQLVPRVHLQVWUXPHQWRVGR&'&QDGHIHVDGHVHXV GLUHLWRV F DTXHOH TXH HVWLYHU H[SRVWR jV SUiWLFDV FRPHUFLDLV SXEOLFLGDGH RIHUWD FOiXVXODV JHULDV GRV FRQWUDWRV SUiWLFDV FRPHUFLDLV DEXVLYDV HWFDUW ³$ SDUWLU GH FRP D HQWUDGD HP YLJRU GR && SDUHFH HVWDU DSDUHFHQGR XPD WHUFHLUD WHRULD VXEGLYLVmR GD SULPHLUD ± TXH DTXL SDVVR D GHQRPLQDU GH µILQDOLVPR DSURIXQGDGR¶ ± QD MXULVSUXGrQFLD HP HVSHFLDO QR 67- GHPRQVWUDQGR DR PHVPR WHPSR H[WUHPR GRPtQLR GD LQWHUSUHWDomR ILQDOLVWD H GR &'& PDV FRP UD]RDELOLGDGH H SUXGrQFLD LQWHUSUHWDQGR D H[SUHVVmR µGHVWLQDWiULR ILQDO¶ GR DUW GR &'& GH IRUPD GLIHUHQFLDGD H PLVWD´ &I 0$548(6 &OiXGLD /LPD &RQWUDWRVQR&yGLJRGH'HIHVDGR&RQVXPLGRURQRYRUHJLPHGDVUHODo}HVFRQWUDWXDLVS 2 6XSHULRU 7ULEXQDO GH -XVWLoD H[FHSFLRQD D DSOLFDomR GR &'& TXDQGR R VXMHLWR p XPD JUDQGH HPSUHVD TXH FRQVRPH SRU H[HPSOR HQHUJLD ³2 TXH TXDOLILFD XPD SHVVRD MXUtGLFD FRPR FRQVXPLGRUD p D DTXLVLomR RX XWLOL]DomR GH SURGXWRV RX VHUYLoRV HP EHQHItFLR SUySULR LVWR p SDUD VDWLVIDomR GH VXDV QHFHVVLGDGHV SHVVRDLV VHP WHU R LQWHUHVVH GH UHSDVViORV D WHUFHLURV QHP HPSUHJiORVQDJHUDomRGHRXWURVEHQVRXVHUYLoRV'HVVHPRGRQmRVHQGRDHPSUHVDGHVWLQDWiULD ILQDO GRV EHQV DGTXLULGRV RX VHUYLoRV SUHVWDGRV QmR HVWi FDUDFWHUL]DGD D UHODomR GH FRQVXPR´ %5$6,/6XSHULRU7ULEXQDOGH-XVWLoD$J5JQ0*5HO0LQ'HQLVH$UUXGDM KWWS?ZZZVWMJRYEU!$FHVVRHPDJR ),/20(12 -RVp *HUDOGR %ULWR &yGLJR %UDVLOHLUR GR &RQVXPLGRU FRPHQWDGR SHORV DXWRUHV GR $QWHSURMHWRS $V FDWHJRULDV UHWURPHQFLRQDGDV GL]HP UHVSHLWR DRV FRQFHLWRV GH FRQVXPLGRUSRUHTXLSDUDomRDEUDQJLGRVSHOR&'& 0DUFR$QWRQLR=DQHOODWRGLVFRUUHVREUHHVVDVFDWHJRULDV >@ R OHJLVODGRU FRQVXPHULVWD DVVHVVRUDGR SRU SURHPLQHQWHV MXULVWDV GHXVH FRQWD GH TXH Vy R FRQFHLWR SDGUmR GH FRQVXPLGRU QLWLGDPHQWHLQVSLUDGRQDOHLHVSDQKRODGHGHIHVDGRFRQVXPLGRUQmR VHULD VXILFLHQWH SDUD JDUDQWLU D DSOLFDomR GR &'& D WRGDV DV VLWXDo}HV GHULYDGDV GH YLRODomR GH VXDV QRUPDV 3RU LVVR LQWHOLJHQWHPHQWH DODUJDQGR HVVH FRQFHLWR LQWURGX]LX QR 3URMHWR GR &yGLJRRVFKDPDGRVFRQFHLWRVGHFRQVXPLGRUSRUHTXLSDUDomRTXH VH HQFRQWUDP FRQVXEVWDQFLDGRV QDV QRUPDV GR DUWLJR SDU ~Q >VLF@DUWHDUWWRGRVGR&'& 2 FRQFHLWR HVWDPSDGR QR DUW SDUiJUDIR ~QLFR UHIOHWH D GLPHQVmR FROHWLYDGDVUHODo}HVGHFRQVXPRWRUQDQGRSRVVtYHODWXWHODGRVLQWHUHVVHVGLIXVRV FROHWLYRV H LQGLYLGXDLV KRPRJrQHRV FXMDV GHILQLo}HV HQFRQWUDPVH QR SDUiJUDIR ~QLFRGRDUWGR&'&TXHQmRVHUmRDSUHVHQWDGDVQHVWHWUDEDOKRSRUTXDQWR QmRFRPS}HPRVHXREMHWLYR -i R DUWLJR HTXLSDUD D FRQVXPLGRU R WHUFHLUR TXH VH WRUQD YtWLPD GH HYHQWRGDQRVRFDXVDGRSRUGHWHUPLQDGRSURGXWRRXVHUYLoR &ODXGLD /LPD 0DUTXHV HVFODUHFH TXH ³>@ EDVWD VHU µYtWLPD¶ GH XP SURGXWR RX VHUYLoR SDUD VHU SULYLOHJLDGR FRP D SRVLomR GH FRQVXPLGRU OHJDOPHQWH SURWHJLGR SHODV QRUPDV VREUH UHVSRQVDELOLGDGH REMHWLYD SHOR IDWR GR SURGXWR SUHVHQWHVQR&'&´ ,QIHUHVH DVVLP TXH DV YtWLPDV WUDWDGDV QR DUW VmR PHURV H[SHFWDGRUHVTXHIRUDPDWLQJLGRVSHORDFLGHQWHGHFRQVXPR 'LVS}HRDUWTXH³3DUDILQVGHVWH&DStWXORHGRVHJXLQWHHTXLSDUDP VHDRVFRQVXPLGRUHVWRGDVDVSHVVRDVGHWHUPLQiYHLVRXQmRH[SRVWDVjVSUiWLFDV QHOHSUHYLVWDV´ =$1(/$7720DUFR$QWRQLR&RQVLGHUDo}HVVREUHRFRQFHLWRMXUtGLFRGHFRQVXPLGRU5HYLVWDGH 'LUHLWRGR&RQVXPLGRU6mR3DXOR57QMDQPDUS 2DUWGR&'&WHPDVHJXLQWHUHGDomR³$GHIHVDGRVLQWHUHVVHVHGLUHLWRVGRVFRQVXPLGRUHVH GDVYtWLPDVSRGHUiVHUH[HUFLGDHP-Xt]RLQGLYLGXDOPHQWHRXDWtWXORFROHWLYR&RQVXPLGRU3DUiJUDIR ~QLFR±$GHIHVDFROHWLYDVHUiH[HUFLGDTXDQGRVHWUDWDUGH,±LQWHUHVVHVRXGLUHLWRVGLIXVRVDVVLP HQWHQGLGRV SDUD HIHLWRV GHVWH &yGLJR RV WUDQVLQGLYLGXDLV GH QDWXUH]D LQGLYLVtYHO GH TXH VHMDP WLWXODUHV SHVVRDV LQGHWHUPLQDGDV H OLJDGDV SRU FLUFXQVWkQFLDV GH IDWR ,, ± LQWHUHVVHV RX GLUHLWRV FROHWLYRVDVVLPHQWHQGLGRVSDUDHIHLWRVGHVWH&yGLJRRVWUDQVLQGLYLGXDLVGHQDWXUH]DLQGLYLVtYHOGH TXHVHMDWLWXODUJUXSRFDWHJRULD RXFODVVHGHSHVVRDVOLJDGDVHQWUHVLRXFRPDSDUWHFRQWUiULDSRU XPDUHODomRMXUtGLFDEDVH,,,±LQWHUHVVHVRXGLUHLWRVLQGLYLGXDLVKRPRJrQHRV DVVLPHQWHQGLGRVRV GHFRUUHQWHVGHRULJHPFRPXP´ $QW{QLR +HUPDQ GH 9DVFRQFHOORV H %HQMDPLQ GLVFRUUH D UHVSHLWR GD QRUPDHPFRPHQWR &RPRQRDUWDVSHVVRDVDTXLUHIHULGDVSRGHPVHUGHWHUPLQiYHLV RX QmR e LQGLIHUHQWH TXH HVWHMDP HVVDV SHVVRDV LGHQWLILFDGDV LQGLYLGXDOPHQWH RX DR UHYpV IDoDP SDUWH GH XPD FROHWLYLGDGH LQGHWHUPLQDGDRXFRPSRVWDVyGHSHVVRDVItVLFDVRXVyGHSHVVRDV MXUtGLFDVRXDWpGHSHVVRDVMXUtGLFDVHGHSHVVRDVItVLFDV2~QLFR UHTXLVLWRpTXHHVWHMDPH[SRVWDVjVSUiWLFDVFRPHUFLDLVHFRQWUDWXDLV DEUDQJLGDVSHOR&yGLJR 3DUD 0DUFR $QWRQLR =DQHOODWR D HTXLSDUDomR IHLWD SHOR GLVSRVLWLYR OHJDO WUDQVFULWRpH[WUHPDPHQWHDPSODHSRULVVRRDUWQmRSRGHVHULQWHUSUHWDGRGH IRUPDLVRODGDPDVVLPVLVWHPDWLFDPHQWH &OiXGLD /LPD 0DUTXHV DR FRPHQWDU R DUW UHODWD TXH R 67- YHP DGRWDQGR D OLQKD GR ILQDOLVPR DSURIXQGDGR FRQIRUPH Mi H[SRVWR DOpP GH H[LJLU D SURYD GD YXOQHUDELOLGDGH H GD GHVWLQDomR ILQDO H SULYLOHJLDU UHDOPHQWH DTXHOHV FRQVXPLGRUHVHTXLSDUDGRVTXHVHHQFRQWUDPHPVLWXDomRIiWLFDGHYXOQHUDELOLGDGH ,PSHULRVR IULVDU SRU RSRUWXQR TXH HP UHODomR DRV VHUYLoRV S~EOLFRV SRGHP VHU HTXLSDUDGRV D FRQVXPLGRUHV RV XVXiULRV GH GHWHUPLQDGRV VHUYLoRV S~EOLFRV HP YLVWD GH VH HQFRQWUDU QHVWHV WRGRV RV HOHPHQWRV FDUDFWHUL]DGRUHV GDTXHOHVSRUIRUoDGRDUWGR&'& $.$.$ -'4(4, - ' @,+A ,4 4<43! , '3"*+, - $ GHILQLomR GH IRUQHFHGRU HQFRQWUDVH LQVHUWD QR DUW GR &'& QRV VHJXLQWHVWHUPRV $UW )RUQHFHGRU p WRGD SHVVRD ItVLFD RX MXUtGLFD S~EOLFD RX SULYDGD QDFLRQDO RX HVWUDQJHLUD EHP FRPR RV HQWHV GHVSHUVRQDOL]DGRV TXH GHVHQYROYHP DWLYLGDGH GH SURGXomR 0$548(6 &ODXGLD /LPD &RQWUDWRV QR &yGLJR GH 'HIHVD GR &RQVXPLGRU R QRYR UHJLPH GDV UHODo}HVFRQWUDWXDLVS %(1-$0,1 $QW{QLR +HUPDQ GH 9DVFRQFHOORV H &yGLJR %UDVLOHLUR GH 'HIHVD GR &RQVXPLGRU FRPHQWDGRSHORVDXWRUHVGR$QWHSURMHWRS =$1(/$7720DUFR$QWRQLR&RQVLGHUDo}HVVREUHRFRQFHLWRMXUtGLFRGHFRQVXPLGRU5HYLVWDGH 'LUHLWRGR&RQVXPLGRUS %(1-$0,1 $QW{QLR +HUPDQ 9DVFRQFHOORV H 0$548(6 &ODXGLD /LPD %(66$ /HRQDUGR 5RVFRH0DQXDOGHGLUHLWRGRFRQVXPLGRUHG6mR3DXOR5HYLVWDGRV7ULEXQDLVS PRQWDJHP FULDomR FRQVWUXomR WUDQVIRUPDomR LPSRUWDomR H[SRUWDomR GLVWULEXLomR RX FRPHUFLDOL]DomR GH SURGXWRV RX SUHVWDomRGHVHUYLoRV 3URGXWRpTXDOTXHUEHPPyYHORXLPyYHOPDWHULDORXLPDWHULDO 6HUYLoRpTXDOTXHUDWLYLGDGHIRUQHFLGDQRPHUFDGRGHFRQVXPR PHGLDQWHUHPXQHUDomRLQFOXVLYHDVGHQDWXUH]DEDQFiULDILQDQFHLUD GH FUpGLWR H VHFXULWiULD VDOYR DV GHFRUUHQWHV GDV SUHVWDo}HV GH FDUiWHUWUDEDOKLVWD 2&'&DGRWRXDGHILQLomRDPSODGHIRUQHFHGRUDEUDQJHQGRWRGRDJHQWH TXHSUDWLFDDOJXPDDWLYLGDGHQRPHUFDGRGHFRQVXPR $ UHVSHLWR GD DPSOLWXGH GR FRQFHLWR GH IRUQHFHGRU -RVp *HUDOGR %ULWR )LORPHQR DVVHYHUD >@ SDUD 3OiFLGR H 6LOYD µIRUQHFHGRU¶ GHULYDGR GR IUDQFrV IRXUQLU IRUQLVVHXUpWRGRFRPHUFLDQWHRXHVWDEHOHFLPHQWRTXHDEDVWHFHRX IRUQHFH KDELWXDOPHQWH XPD FDVD RX XP RXWUR HVWDEHOHFLPHQWR GRV JrQHURVHPHUFDGRULDVQHFHVViULDVDVHXFRQVXPR 1HVVH VHQWLGR SRU FRQVHJXLQWH p TXH VmR FRQVLGHUDGRV WRGRV TXDQWRV SURSLFLHP D RIHUWD GH SURGXWRV H VHUYLoRV QR PHUFDGR H FRQVXPRGHPDQHLUDDDWHQGHUjVQHFHVVLGDGHVGRVFRQVXPLGRUHV VHQGRGHVSLFLHQGRLQGDJDUVHDTXHWtWXOR>@ 7HPVH SRU FRQVHJXLQWH TXH IRUQHFHGRU p TXDOTXHU SHVVRD ItVLFD RXVHMDTXDOTXHUXPTXHDWtWXORVLQJXODUPHGLDQWHGHVHPSHQKRGH DWLYLGDGH PHUFDQWLO RX FLYLO GH IRUPD KDELWXDO RIHUHoD QR PHUFDGR SURGXWRV RX VHUYLoRV H D MXUtGLFD GD PHVPD IRUPD PDV HP DVVRFLDomRPHUFDQWLORXFLYLOHGHIRUPDKDELWXDO 2 FDSXW GR DUW p EHP JHQpULFR H SURFXUD DEUDQJHU WRGR H TXDOTXHU PRGHORGHSHVVRDMXUtGLFDS~EOLFDRXSULYDGDQDFLRQDORXHVWUDQJHLUDFRPRXVHP VHGH QR SDtV VRFLHGDGHV DQ{QLPDV VRFLHGDGHV SRU TXRWD GH UHVSRQVDELOLGDGH OLPLWDGDVRFLHGDGHVFLYLVFRPRXVHPILQVOXFUDWLYRVIXQGDo}HVDVVRFLHGDGHVGH HFRQRPLDPLVWDDVHPSUHVDVS~EOLFDVDXWDUTXLDVyUJmRVDV$GPLQLVWUDomR'LUHWD HQWUHRXWURV 0DOJUDGRDDPSOLWXGHGRFRQFHLWRGHIRUQHFHGRUTXHR&'&DSUHVHQWDp SUHFLVR TXH VH REVHUYH XP HOHPHQWR IXQGDPHQWDO TXDO VHMD D DWLYLGDGH GHVHQYROYLGDSHORVXMHLWR 'HVVDIRUPDFRQIRUPHVXJHUHDGHILQLomRWUDQVFULWDDFLPDIRUPXODGDSRU -RVp*HUDOGR%ULWR)LORPHQRVypREMHWRGDUHODomRGHFRQVXPRDDWLYLGDGHUHJXODU GHVHQYROYLGD KDELWXDOPHQWH SHOR IRUQHFHGRU VHMD HVVD DWLYLGDGH GH SURGXomR ),/20(12 -RVp *HUDOGR %ULWR &yGLJR %UDVLOHLUR GH 'HIHVD GR &RQVXPLGRU FRPHQWDGR SHORV DXWRUHVGR$QWHSURMHWRS PRQWDJHPFULDomRFRQVWUXomRWUDQVIRUPDomRLPSRUWDomRH[SRUWDomRGLVWULEXLomR RXFRPHUFLDOL]DomRGHSURGXWRVRXSUHVWDomRGHVHUYLoRV 1R WRFDQWH DR IRUQHFLPHQWR GH VHUYLoRV HVSHFLILFDPHQWH VREUHWXGR VHUYLoRV S~EOLFRV WHPD D VHU DERUGDGRQRSUy[LPR FDStWXOR GHVWH WUDEDOKRR &'& H[LJHRUHTXLVLWRGDUHPXQHUDomR $RWUDWDUGRWHPD&OiXGLD/LPD0DUTXHVH[SOLFDTXH >@DH[SUHVVmRXWLOL]DGDSHORDUWGR&'&SDUDLQFOXLURVVHUYLoRV GH FRQVXPR µPHGLDQWH UHPXQHUDomR¶ p ViELD DGDSWDGD DR PXQGR DWXDO RQGH WXGR SRGH SDUHFHU µJUDWXLWR¶ R FRQVXPLGRU LGRVR SRU H[HPSOR QmR SDJD R WUDQVSRUWH XUEDQR PDV p VDELGDPHQWH UHPXQHUDGR H QmR XPD DWLYLGDGH GH FRUWHVLD RX EHQHVVH ORJR p VXILFLHQWHPHQWH DEUDQJHQWH (P YHUGDGH VLJQLILFD XPD WURFD LQWHQFLRQDO HQWUH D FOiVVLFD FODVVLILFDomR GRV QHJyFLRV FRPR µRQHURVRV¶HJUDWXLWRVSRUUHPXQHUDGRVHQmRUHPXQHUDGRV3DUHFH PH TXH D RSomR SHOD H[SUHVVmR µUHPXQHUDGR¶ VLJQLILFD XPD LPSRUWDQWH DEHUWXUD SDUD LQFOXLU RV VHUYLoRV GH FRQVXPR UHPXQHUDGRV LQGLUHWDPHQWH LVWR p TXDQGR QmR p R FRQVXPLGRU LQGLYLGXDO TXH SDJD PDV D FROHWLYLGDGH IDFLOLGDGH GLOXtGD QR SUHoR GHWRGRVRXTXDQGRHODSDJDLQGLUHWDPHQWHRµEHQHItFLRJUDWXLWR¶TXH HVWiUHFHEHQGR (VVDVFRQVLGHUDo}HVHRXWUDVDWLQHQWHVjTXHVWmRGDUHPXQHUDomRVHUmR DERUGDGDV QR PRPHQWR GD DQiOLVH GD DSOLFDELOLGDGH GR &'& j SUHVWDomR GH VHUYLoRV S~EOLFRV 3RU HQTXDQWR p FHUWR DILUPDU TXH KDYHQGR KDELWXDOLGDGH H UHPXQHUDomRDLQGDTXHLQGLUHWDRSUHVWDGRUHQTXDGUDVHQRFRQFHLWRGHIRUQHFHGRU GR&'&HSRUWDQWRDUHODomRVHUiUHJUDGDSHORGLSORPDFRQVXPHULVWD 22%-(72'$5(/$d2'(&216802352'872(6(59,d2 'HQRPLQDVHUHODomRGHFRQVXPRDTXHODFDUDFWHUL]DGDSHODSUHVHQoDGH IRUQHFHGRU H FRQVXPLGRU WHQGR FRPR REMHWR D DTXLVLomR GH SURGXWRV RX D XWLOL]DomRGHVHUYLoRVSHORFRQVXPLGRU 3URGXWRV SRU VXD YH] DOXGHP D TXDLVTXHU EHQV FRORFDGRV QR PHUFDGR GHFRQVXPR %(1-$0,1 $QW{QLR +HUPDQ 9DVFRQFHOORV H 0$548(6 &ODXGLD /LPD %(66$ /HRQDUGR 5RVFRH0DQXDOGHGLUHLWRGRFRQVXPLGRUS $ UHVSHLWR GD GHILQLomR GHSURGXWRWUD]LGD SHOR &'& -RVp *HUDOGR %ULWR )LORPHQR DGYHUWH 2GRDUWGRPHQFLRQDGR&yGLJRIDODHPµSURGXWR¶GHILQLQGRR FRPRTXDOTXHUEHPPyYHORXLPyYHOPDWHULDORXLPDWHULDO 0HOKRUHQWUHWDQWRQRQRVVRHQWHQGLPHQWRVHULDIDODUVHHPµEHQV¶H QmRµSURGXWRV¶PHVPRSRUTXHFRPRQRWyULRRSULPHLURWHUPRpEHP PDLVDEUDQJHQWHGRTXHRVHJXQGRDFRQVHOKDQGRWDOQRPHQFODWXUD DOLiVERDWpFQLFDEHPFRPRDHFRQRPLDSROtWLFD>JULIRGRDXWRU@ (DLQGDSURVVHJXHRDXWRUHPVXDH[SODQDomR 'HVWD IRUPD H DWp SDUD HIHLWRV SUiWLFRV GLUVHLD TXH SDUD ILQV GR &yGLJR GH 'HIHVD GR &RQVXPLGRU SURGXWR HQWHQGDVH µEHQV¶ p TXDOTXHU REMHWR GH LQWHUHVVH HP GDGD UHODomR GH FRQVXPR H GHVWLQDGR D VDWLVID]HU XPD QHFHVVLGDGH GR DGTXLUHQWH FRPR GHVWLQDWiULRILQDO $R ODGR GR SURGXWR R VHUYLoR WDPEpP DVVXPH D SRVLomR GH REMHWR GD UHODomR MXUtGLFD GH FRQVXPR FRUUHVSRQGHQGR j DWLYLGDGH j SUHVWDomR LQVHULGD QR PHUFDGRGHFRQVXPRHGHVWLQDGDDSURSLFLDUXPDYDQWDJHPSDUDRFRQVXPLGRU 'LIHUHQWHPHQWHGRTXHDFRQWHFHFRPRVSURGXWRVTXHQmRSUHFLVDPVHU UHPXQHUDGRV R &'& HVWDEHOHFHX FRPR UHTXLVLWR HVVHQFLDO SDUD D FDUDFWHUL]DomR GRVVHUYLoRVDUHPXQHUDomR &ODXGLD/LPD0DUTXHVDILUPDTXH³DUHPXQHUDomRGRVHUYLoRpR~QLFR HOHPHQWR FDUDFWHUL]DGRU H QmR D SURILVVLRQDOLGDGH GH TXHP R SUHVWD GHL[DQGR SDWHQWHDLQGLVSHQVDELOLGDGHGHVVHUHTXLVLWR´ $FHUFDGDQHFHVVLGDGHGHUHPXQHUDomRGLUHWDRXLQGLUHWDDGRXWULQDQmR FKHJD D XP FRQVHQVR TXHVWmR HVWD TXH VHUi DERUGDGD RSRUWXQDPHQWH QHVWH WUDEDOKR 'HVVD IHLWD ILQGD D DQiOLVH VREUH VXMHLWRV H REMHWR GD UHODomR GH FRQVXPRQRFDStWXORVHJXLQWHHVWDUHODomRVHUiHQIRFDGDTXDQGRGDH[SODQDomRD UHVSHLWRGDDSOLFDomRGR&'&DRVVHUYLoRVS~EOLFRV ),/20(12 -RVp *HUDOGR %ULWR &yGLJR %UDVLOHLUR GH 'HIHVD GR &RQVXPLGRU FRPHQWDGR SHORV DXWRUHVGR$QWHSURMHWRS ),/20(12 -RVp *HUDOGR %ULWR &yGLJR %UDVLOHLUR GH 'HIHVD GR &RQVXPLGRU FRPHQWDGR SHORV DXWRUHVGR$QWHSURMHWRS %(1-$0,1$QW{QLR+HUPDQ9DVFRQFHOORVH0$48(6&ODXGLD/LPD%(66$/HRQDUGR5RVFRH 0DQXDOGHGLUHLWRGRFRQVXPLGRUHG6mR3DXOR5HYLVWDGRV7ULEXQDLVS = / )81'$0(172 &2167,78&,21$/ '$ $3/,&$%,/,'$'( '2 &Ï',*2 '( '()(6$'2&21680,'25$266(59,d263Ò%/,&26 $&RQVWLWXLomR)HGHUDOHPVHXDUWHVWDEHOHFHXRGHYHULQHVFXViYHO DR (VWDGR GH SURPRYHU D SUHVWDomR GH VHUYLoRV S~EOLFRV FRP D REULJDomR GH IRUQHFrORVDGHTXDGDPHQWHQRVVHJXLQWHVWHUPRV $UW,QFXPEHDR3RGHU3~EOLFRQDIRUPDGDOHLGLUHWDPHQWHRX VREUHJLPHGHFRQFHVVmRRXSHUPLVVmRVHPSUHDWUDYpVGHOLFLWDomR DSUHVWDomRGHVHUYLoRVS~EOLFRV 3DUiJUDIR~QLFR$OHLGLVSRUiVREUH >@ ,9±DREULJDomRGHPDQWHUVHUYLoRDGHTXDGR 'HVWDUWH p FHGLoR TXH D DWLYLGDGH GD $GPLQLVWUDomR 3~EOLFD GHYH VHU RULHQWDGD H GLUHFLRQDGD GH DFRUGR FRP RV SULQFtSLRV TXH OKH VmR YLQFXODQWHV GRV TXDLVSRGHPRVGHVWDFDUDOHJDOLGDGHDLPSHVVRDOLGDGHDPRUDOLGDGHDSXEOLFLGDGH HUHVVDOWHVHDHILFLrQFLDFRQVRDQWHRDUWGD&5)% 3DUD FRORFDU HVVHV SULQFtSLRV HP SUiWLFD R GR FLWDGR DUW HVWDEHOHFHX TXH D OHL GLVFLSOLQDUi DV IRUPDV GH SDUWLFLSDomR GR XVXiULR QD $GPLQLVWUDomR 3~EOLFD 'LUHWD H LQGLUHWD UHJXODQGR HVSHFLDOPHQWH DV UHFODPDo}HV UHODWLYDVjSUHVWDomRGRVVHUYLoRVS~EOLFRVHPJHUDODVVHJXUDGDVDPDQXWHQomRGH VHUYLoRV GH DWHQGLPHQWR DR XVXiULR H D DYDOLDomR SHULyGLFD H[WHUQD H LQWHUQD GD TXDOLGDGHGRVVHUYLoRV $ FRORFDomR GRV VHUYLoRV S~EOLFRV QR VLVWHPD GR &'& QmR IRL GHWHUPLQDGD XQLFDPHQWH SHOR IDWR GH R OHJLVODGRU FRQVXPHULVWD WHU FRQVLGHUDGR DV SHVVRDV MXUtGLFDV GH GLUHLWR S~EOLFR FRPR IRUQHFHGRUDV GHVVHV VHUYLoRV /RQJH GLVVR SRUTXDQWR QRV WHUPRV GR DUW FDSXW GD &5)% R 3RGHU 3~EOLFR SRGH GHVHQYROYHU DWLYLGDGH HFRQ{PLFD DLQGD TXH HP FDUiWHU H[FHSFLRQDO TXDQGR QHFHVViULR DRV LPSHUDWLYRV GD VHJXUDQoD QDFLRQDO RX UHOHYDQWH LQWHUHVVH FROHWLYR RXGHPRQRSyOLRGHDFRUGRFRPRDUWGRSHUPLVVLYRFRQVWLWXFLRQDO $GHPDLV LPSRUWDQWH UHVVDOWDU TXH R IDWR GH D GHIHVD GR FRQVXPLGRU WHU DOoDGR j FDWHJRULD GH XP GRV SULQFtSLRV GD RUGHP HFRQ{PLFD H[SUHVVR QR DUWLJR 9GD&5)%UHIRUoDDDSOLFDELOLGDGHGR&'&DRVVHUYLoRVS~EOLFRVWUDGX]LGRV QR PDLV GDV YH]HV HP GHVHQYROYLPHQWR GH DWLYLGDGHV HFRQ{PLFDV TXHU SHOD DGPLQLVWUDomR GLUHLWD H LQGLUHWD TXHU SRU HPSUHVDV SULYDGDV QD TXDOLGDGH GH GHOHJDWiULDV 3RU ILP FXPSUH REVHUYDU TXH R FLGDGmR HQTXDQWR XVXiULR GH VHUYLoR S~EOLFRDOpPGDSURWHomRFRQVWLWXFLRQDOSDVVRXDUHFHEHUWUDWDPHQWROHJDOWDPEpP HQTXDQWRFRQVXPLGRUWHQGRVXDGHIHVDDEDUFDGDSHOR&'& 266(59,d263Ò%/,&2612&Ï',*2'('()(6$'2&21680,'25 2&'&HPYiULRVDUWLJRVFXLGDGRVVHUYLoRVS~EOLFRVGHIRUPDTXHUHVWD LQHTXtYRFR TXH VH VXEPHWHP j OHJLVODomR FRQVXPHULVWD 3RUpPR GLSORPD OHJDO QmRHVWDEHOHFHTXDODDEUDQJrQFLDGRVHXVLJQLILFDGRQDVUHODo}HVGHFRQVXPRQmR GLVWLQJXHVREUHTXDLVVHUYLoRVS~EOLFRVKDYHULDDVXDLQFLGrQFLDWDPSRXFRHPTXH PHGLGDDHOHVVHDSOLFD 'HVWDUWH WHQGR HP FRQWD R FDUiWHU PXOWLGLVFLSOLQDU GR &'& FRQIRUPH FRQVLJQDPRV HP RXWUR SRQWR GHVWH WUDEDOKR D EXVFD GR DX[tOLR GR GLUHLWR DGPLQLVWUDWLYR SDUD D FRQFHLWXDomR GR VHUYLoR S~EOLFR REWHQomR GH VXDV QRo}HV IXQGDPHQWDLV H DLQGD D IRUPD SHOD TXDO VmR SUHVWDGRVIRL GH JUDQGH LPSRUWkQFLD SDUD R GHVHQYROYLPHQWR GD SUHVHQWH SHVTXLVD (VVDV LQIRUPDo}HV VmR SULPRUGLDLV SDUD D FRPSUHHQVmR GRV VHUYLoRV S~EOLFRV FRPR REMHWR GD UHODomR GH FRQVXPR EHPFRPRSDUDHVWDEHOHFHURDOFDQFHGDSURWHomRGRVHXXVXiULRFRQVXPLGRU 3RUWDQWR QD DXVrQFLD GR FRQFHLWR GH VHUYLoR S~EOLFR QR &'& LQIHUHVH TXHQmRKiyELFHDOJXPHPEXVFiORQRGLUHLWRDGPLQLVWUDWLYRRTXHVyIRUWDOHFHR FXQKRGHMXULGLFLGDGHGHUHIHULGRFRQFHLWR $ MXULVSUXGrQFLD GR 6XSHULRU 7ULEXQDO GH -XVWLoD p ILUPH QR VHQWLGR GD DSOLFDomR GR &'& DRV VHUYLoRV GH LQWHUHVVH JHUDO ³$SOLFDVH R &yGLJR GH 'HIHVD GR &RQVXPLGRU jV UHODo}HV PDQWLGDV HQWUH XVXiULRHFRQFHVVLRQiULD GHVHUYLoR S~EOLFRQRVWHUPRVGRDUW GD/HL Q$JUDYR UHJLPHQWDO LPSURYLGR´ %5$6,/ 6XSHULRU 7ULEXQDO GH -XVWLoD $J5J QR $J56 5HO 0LQ 6LGQHL%HQHWLM'LVSRQtYHOHPKWWS?ZZZVWMJRYEU!$FHVVRHPDJR 7HFLGDV HVVDV FRQVLGHUDo}HV GH UHOHYR FXPSUH GRUDYDQWH DERUGDU TXDLV RV GLVSRVLWLYRV TXH WUDWDP GRV VHUYLoRV S~EOLFRV QR &'& SDUD SRVWHULRUPHQWHDQDOLVDUVHDOHJLVODomRFRQVXPHULVWDLQFLGLULDVREUHWRGRHTXDOTXHU VHUYLoRS~EOLFR $ /HL Q HP VHX DUWLJR FDSXW HVWDEHOHFH TXH IRUQHFHGRU p WRGD SHVVRD ItVLFD RX MXUtGLFD S~EOLFD RX SULYDGD QDFLRQDO RX HVWUDQJHLUD DVVLP FRPR RV HQWHV GHVSHUVRQDOL]DGRV TXH SURGX]DP PRQWHP FULHP FRQVWUXDP WUDQVIRUPHPLPSRUWHPH[SRUWHPGLVWULEXDPRXFRPHUFLDOL]HPSURGXWRVRXSUHVWHP VHUYLoRV -RVp *HUDOGR %ULWR )LORPHQR FRPHQWDQGR HVVH GLVSRVLWLYR OHJDO DILUPD TXH ³2 IRUQHFHGRU SRGH VHU S~EOLFR RX SULYDGR HQWHQGHQGRVH QR SULPHLUR FDVR R SUySULR 3RGHU 3~EOLFR SRU VL RX HQWmR SRU VXDV HPSUHVDV S~EOLFDV TXH GHVHQYROYDP DWLYLGDGH GH SURGXomR RX DLQGD DV FRQFHVVLRQiULDV GH VHUYLoRV S~EOLFRV´ 2 OHJLVODGRU FRQVXPHULVWD RSWRX SRU FRORFDU DV SHVVRDV MXUtGLFDV GH GLUHLWRS~EOLFRHSULYDGRQDUHODomRGHSRVVtYHLVIRUQHFHGRUHVGHL[DQGRSDWHQWHTXH D $GPLQLVWUDomR 3~EOLFD VHMD HOD GLUHWD RX LQGLUHWD RX DLQGD SRU PHLR GH VHXV GHOHJDWiULRV TXDQGR SUHVWDU VHUYLoRV S~EOLFRV ILFDUi VXMHLWD REULJDWRULDPHQWH DR GLVFLSOLQDPHQWRGR&'& 2 DUWLJR GD OHL HP FRPHQWR TXH FXLGD GD 3ROtWLFD 1DFLRQDO GDV 5HODo}HV GH &RQVXPR HVWDEHOHFH VHXV REMHWLYRV WUDGX]LGRV QR DWHQGLPHQWR j QHFHVVLGDGH GRV FRQVXPLGRUHV R UHVSHLWR j VXD GLJQLGDGH VD~GH H VHJXUDQoD D SURWHomR GH VHXV LQWHUHVVHV HFRQ{PLFRV D PHOKRULD GH VXD TXDOLGDGH GH YLGD DVVLPFRPRDWUDQVSDUrQFLDHKDUPRQLDGDVUHODo}HVGHFRQVXPRDWHQGLGRVHQWUH RXWURVUHTXLVLWRVRGDUDFLRQDOLGDGHHPHOKRULDGRVVHUYLoRVS~EOLFRVLQF9,, 2 SUHFHSWLYR OHJDO DFLPD D SDU GH HVWDEHOHFHU SULQFtSLRV GH GHIHVD GR FRQVXPLGRUDYDQoDQRVHQWLGRGHLQGLFDURVSUHFHLWRVEDOL]DGRUHVGDVUHODo}HVGH FRQVXPRHQWUHIRUQHFHGRUHVHFRQVXPLGRUHV 1R WRFDQWH D UDFLRQDOLGDGH H PHOKRULD GRV VHUYLoRV S~EOLFRV REMHWLYR D VHUSHUVHJXLGRSHOD3ROtWLFD1DFLRQDOGDV5HODo}HVGH&RQVXPRFRPRYLVWRDFLPD FXPSUH FRQVLJQDU TXH WDO TXDO j LQLFLDWLYD SULYDGD D $GPLQLVWUDomR 3~EOLFD H DV SHVVRDV GH GLUHLWR SULYDGR SUHVWDGRUDV GH VHUYLoRV S~EOLFRV GHYHP SULPDU SRU ),/20(12 -RVp *HUDOGR %ULWR &yGLJR %UDVLOHLUR GH 'HIHVD GR &RQVXPLGRU FRPHQWDGR SHORV DXWRUHVGR$QWHSURMHWRS RIHUHFrORVDRVXVXiULRVFRPJDUDQWLDGHVHJXUDQoDSURWHomRjVD~GHTXDOLGDGHH DGHTXDomRLVWRSRUTXHRLQWHUHVVHVXEMDFHQWHpGDFROHWLYLGDGHFRPRXPWRGR &RQVLGHUDGR FRPR QRUPD GH FXQKR SULQFLSLROyJLFR FRQIRUPH GHVWDFDGR DQWHULRUPHQWH R DUW LQFLVR ; GR &'& GHWHUPLQD TXH p GLUHLWR EiVLFR GR FRQVXPLGRU³DDGHTXDGDHHILFD]SUHVWDomRGRVVHUYLoRVS~EOLFRVHPJHUDO´ &RPHQWDQGR R GLVSRVLWLYR HP TXHVWmR /XL] $QW{QLR 5L]]DWWR 1XQHV DILUPDTXH 2OHJLVODGRUTXLVGL]HUTXHQmREDVWDKDYHUDGHTXDomRQHPHVWDUj GLVSRVLomR GDV SHVVRDV 2 VHUYLoR WHP GH VHU UHDOPHQWH HILFLHQWH WHPGHFXPSULUVXDILQDOLGDGHQDUHDOLGDGHFRQFUHWD2VLJQLILFDGRGH HILFLrQFLDUHPHWHDRUHVXOWDGRpHILFLHQWHDTXLORTXHIXQFLRQD (DLQGDSURVVHJXHRDXWRUDVVHYHUDQGRTXH $HILFLrQFLDpXPSOXVQHFHVViULRGDDGHTXDomR2LQGLYtGXRUHFHEH VHUYLoR S~EOLFR HILFLHQWH TXDQGR D QHFHVVLGDGH SDUD TXDO HVWH IRL FULDGR p VXSULGD FRQFUHWDPHQWH e LVVR R TXH R SULQFtSLR FRQVWLWXFLRQDO GD HILFLrQFLD SUHYLVWR QR DUWLJR FDSXW GD &RQVWLWXLomR )HGHUDO SUHWHQGH ( p LVVR R TXH GLVS}H D /HL Q 5HVWD SRLV LQGHQH GH G~YLGD TXH RV VHUYLoRV S~EOLFRV VmR REMHWR GH UHODomR GH FRQVXPR R TXH ILFD PDLV HYLGHQFLDGR DLQGD QR DUW GD OHJLVODomR FRQVXPHULVWD TXH GLVS}H VREUH D REULJDomR GRV yUJmRV S~EOLFRV GD DGPLQLVWUDomR GLUHLWDHLQGLUHWDGDVFRQFHVVLRQiULDVHSHUPLVVLRQiULDVHVRETXDOTXHURXWUDIRUPD GHHPSUHHQGLPHQWRGHIRUQHFHUVHUYLoRVDGHTXDGRVHILFLHQWHVVHJXURVHTXDQWR DRVHVVHQFLDLVFRQWtQXRV ,PSRUWDQWH FRQVLJQDU TXH GHYLGR j JUDQGH LPSRUWkQFLD GR SUHFHSWLYR OHJDOUHWURFLWDGRQDSURWHomRGRFRQVXPLGRUXVXiULRGRVVHUYLoRVS~EOLFRVFRUROiULR GRV GHPDLV GLVSRVLWLYRV GR &'& TXH FXLGDP GHVVHV VHUYLoRV WHFHUHPRV PDLRUHV FRQVLGHUDo}HVDVHXUHVSHLWRQR~OWLPRFDStWXORGHVWHWUDEDOKR $LQGD FXPSUH GHVWDFDU TXH R SDUiJUDIR ~QLFR GR DUW GR &'& GHWHUPLQDTXHHPFDVRGHGHVFXPSULPHQWRGHVVDREULJDomRDVSHVVRDVMXUtGLFDV VHUmRREULJDGDVDFXPSULODEHPFRPRUHSDUDURVGDQRVFDXVDGRVHPGHFRUUrQFLD GDPiSUHVWDomRGRVHUYLoRS~EOLFR 5,==$772181(6/XLV$QW{QLR&RPHQWiULRDR&yGLJRGH'HIHVDGR&RQVXPLGRUS 5,==$772181(6/XL]$QWRQLR&RPHQWiULRDR&yGLJRGH'HIHVDGR&RQVXPLGRUS $HVVHUHVSHLWRPDLVXPDYH]RSRUWXQDpDOLomRGH/XL]$QW{QLR5L]]DWWR 1XQHV 2OHJLVODGRULQVHULXDQRUPDQRFRQWH[WRGRDUWDSHQDVPDLVXPD YH]SDUDGHL[DUSDWHQWHDUHVSRQVDELOLGDGHGRSUHVWDGRUGRVHUYLoR S~EOLFR 2 LQWXLWR IRL HYLWDU TXH VXUJLVVH DOJXP WLSR GH DUJXPHQWR SUHWHQGHQGR HOLGLU D UHVSRQVDELOLGDGH GR SUHVWDGRU 1HVVH DVSHFWR IH]EHPROHJLVODGRUXPDYH]TXHFRPRYLPRVPHVPRFRPRWH[WR H[SUHVVR GR FDSXW GR DUW H[LVWHP IRUQHFHGRUHV GH VHUYLoRV S~EOLFRV TXH SUHWHQGHP VXVWHQWDU R LQVXVWHQWiYHO TXH QmR HVWmR VXEPHWLGRV jV UHJUDV GD /HL Q $VVLP DSHQDV SDUD GHFODUDU FRQVLJQHVH TXH R SUHVWDGRU GR VHUYLoR S~EOLFR HVWi VXEPHWLGR H[DWDPHQWH D WRGDV DV PHVPDV QRUPDV TXH UHFDHP VREUHRSUHVWDGRUGRVHUYLoRSULYDGR 1DHVWHLUDGDDERUGDJHPGRVGLVSRVLWLYRVGR&'&TXHWUDWDPGRVHUYLoR S~EOLFR FXPSUH LQYRFDU R GLVSRVWR QR DUWLJR TXH FXLGD GDV VDQo}HV DGPLQLVWUDWLYDV H LPS}H SHQD GH FDVVDomR GD FRQFHVVmR j FRQFHVVLRQiULD GH VHUYLoR S~EOLFR TXDQGR YLRODU REULJDomR OHJDO RX FRQWUDWXDO (VVH SUHFHSWLYR OHJDO YHPFRQILUPDUTXHDVHPSUHVDVSULYDGDVSUHVWDGRUDVGHVHUYLoRS~EOLFRVXMHLWDPVH jV GLVSRVLo}HV OHJDLV TXH UHJXODP D GHIHVD GR FRQVXPLGRU QRWDGDPHQWH DTXHODV TXHFRtEHPRFRPHWLPHQWRGHLQIUDo}HVTXHWrPFRPRREMHWLYRDSURWHomRGDSDUWH YXOQHUiYHOGDUHODomRGHFRQVXPR 'HQRWDVH GHVVD H[SODQDomR TXH R OHJLVODGRU FRQVXPHULVWD FXLGRX GH SURWHJHU R FRQVXPLGRU GH VHUYLoRV S~EOLFRV HP YiULRV GH VHXV GLVSRVLWLYRV OHJDLV JDUDQWLQGR VREUHPDQHLUD D FRQWLQXLGDGH GD SUHVWDomR GRV VHUYLoRV S~EOLFRV HVVHQFLDLV XPD YH] TXH HVWmR LQWULQVHFDPHQWH UHODFLRQDGRV DR SULQFtSLR FRQVWLWXFLRQDOGDGLJQLGDGHGDSHVVRDKXPDQDDUW,,,&5)% $3/,&$%,/,'$'( '2 &Ï',*2 '( '()(6$ '2 &21680,'25 $26 6(59,d263Ò%/,&26 $LQFOXVmRGRVVHUYLoRVS~EOLFRVQRGLVFLSOLQDPHQWRGR&'&EHPFRPRD VXEPLVVmR GH VHXV SUHVWDGRUHV TXHU SHODV HPSUHVDV SULYDGDV QD TXDOLGDGH GH 5,==$772181(6/XL]$QW{QLR&RPHQWiULRVDR&yGLJRGH'HIHVDGR&RQVXPLGRUS GHOHJDWiULDV TXHU SHOD $GPLQLVWUDomR 'LUHWD H LQGLUHWD IRUQHFHGRUHV TXH VmR GDTXHOHV VHUYLoRV UHSUHVHQWD XP JUDQGH DYDQoR WUD]LGR SHOD OHJLVODomR FRQVXPHULVWD $OH[DQGUH 6DQWRV GH $UDJmR GLVFRUUHQGR VREUH R WHPD HP FRPHQWR DVVHYHUDTXH >@ QmR Ki G~YLGD TXDQWR j DSOLFDELOLGDGH GR &yGLJR GH 'HIHVD GR &RQVXPLGRU &'& DRV VHUYLoRV S~EOLFRV HP UD]mR GH GLVSRVLWLYRV H[SUHVVRV QHVVH VHQWLGR SRU XP ODGR R DUW FDSXW GD /HL GDV &RQFHVV}HVH3HUPLVV}HVGH6HUYLoRV3~EOLFRV±/HLQ± ID]UHPLVVmRJHQpULFDjDSOLFDomRGR&'&DRVXVXiULRVGHVHUYLoRV S~EOLFRV SRU RXWUR ODGR R &'& RV FRQWHPSOD H[SUHVVDPHQWH QRV DUWV,,UHIHUrQFLDjPHOKRULDGRVVHUYLoRVS~EOLFRVFRPRSULQFtSLR GD 3ROtWLFD 1DFLRQDO GDV 5HODo}HV GH &RQVXPR ; SUHVWDomR DGHTXDGD GRV VHUYLoRV S~EOLFRV FRPR GLUHLWR GRV FRQVXPLGRUHV H REULJDomR GR (VWDGR H GH VHXV GHOHJDWiULRV SHOD SUHVWDomR GH VHUYLoRVDGHTXDGRV (DUUHPDWDFRPDVHJXLQWHDILUPDomR $ DSOLFDomR GR 'LUHLWR GRV &RQVXPLGRUHV DRV VHUYLoRV S~EOLFRV p XPD GHFRUUrQFLD IXQGDPHQWDO GR PRYLPHQWR GH OLEHUDOL]DomR HFRQ{PLFD GD GpFDGD GH RLWHQWD H VHJXLQWHV $SHQDV XP VHUYLoR OLEHUDOL]DGRVXMHLWRjOyJLFDHFRQ{PLFDGDFRQFRUUrQFLDKDYHUVHLD GHFRJLWDUGDDSOLFDomRHPPDLRURXPHQRUHVFDODGRGLUHLWRFRPXP GHSURWHomRGRVFRQVXPLGRUHV /XL]$QW{QLR5L]]DWWR1XQHVSRUVXDYH]FRQVLJQDTXH >@HVWmRFRPSUHHQGLGRVQDDPSODUHJXODomRGDOHLFRQVXPHULVWDRV VHUYLoRV S~EOLFRV VHP UHVVDOYDV 6H VH OHYDU HP FRQVLGHUDomRTXH DV GXDV H[FHo}HV SDUD QmRDEUDQJrQFLD GR &'& QR TXH UHVSHLWD DRV VHUYLoRV VHP HIHWLYD UHPXQHUDomR H FXVWR RV GH FDUiWHU WUDEDOKLVWD WHUVHi GH FRQFOXLU TXH SUDWLFDPHQWH WRGRV RV VHUYLoRV S~EOLFRVHVWmRSURWHJLGRVSHOD/HLQ (PULJRUHVWDQGRRVHUYLoRS~EOLFRLQFOXtGRQRUROGRVVHUYLoRVSRUIRUoD GRDUWGR&'&FHUWRpTXHHOHVHUiREMHWRGDVUHODo}HVGHFRQVXPR$ PHVPD FHUWH]D QmR HQFRQWUD HFR QD GRXWULQD QR WRFDQWH j TXHVWmR UHODWLYD j 2DUW ,,, GD &5)% WHPDVHJXLQWHUHGDomR³$ 5HS~EOLFD)HGHUDWLYDGR %UDVLOIRUPDGDSHOD XQLmR LQGLVVRO~YHO GRV (VWDGRV H 0XQLFtSLRV H GR 'LVWULWR )HGHUDO FRQVWLWXLVH HP (VWDGR 'HPRFUiWLFRGH'LUHLWRHWHPFRPRIXQGDPHQWRV,,,±DGLJQLGDGHGDSHVVRDKXPDQD´ $5$*2$OH[DQGUH6DQWRVGH'LUHLWRGRVVHUYLoRVS~EOLFRVS $5$*2$OH[DQGUH6DQWRVGH'LUHLWRGRVVHUYLoRVS~EOLFRVS 5,==$772181(6/XL]$QW{QLR&RPHQWiULRVDR&yGLJRGH'HIHVDGR&RQVXPLGRUS QDWXUH]D MXUtGLFD GD FRQWUDSUHVWDomR TXH R FRQVXPLGRUXVXiULR ILQDO GH VHUYLoRV S~EOLFRV RIHUHFH DR IRUQHFHGRU SHOD DWLYLGDGH GLYLVtYHO FRORFDGD QR PHUFDGR GH FRQVXPRFRQIRUPHVHHVWXGDUiDGLDQWH 2 5(48,6,72 '$ 5(081(5$d2 &202 &5,7e5,2 '( $3/,&$%,/,'$'( '2&Ï',*2'('()(6$'2&21680,'25$266(59,d263Ò%/,&26 8PDYH]HVWDEHOHFLGDDSUHPLVVDGHTXHRVHUYLoRpHOHPHQWRGDUHODomR GHFRQVXPRSRUIRUoDGRDUWGR&'&FRQIRUPHMiFRQVLJQDGRGRUDYDQWH FDEH DERUGDU D TXHVWmR UHODWLYD j VXD FRQWUDSUHVWDomR VRE D IRUPD GH UHPXQHUDomR $HVVHUHVSHLWRKiGLVVHQVRQDGRXWULQDHGRLVVmRRVHQWHQGLPHQWRVR SULPHLUR UHIHUH TXH D FRQWUDSUHVWDomR SHOR VHUYLoR S~EOLFR SUHVWDGR SRGH VHU IHLWD WDQWR GH IRUPD GLUHWD FRPR LQGLUHWD R VHJXQGR DSUHJRD TXH VRPHQWH VREUH RV VHUYLoRV UHPXQHUDGRV GH IRUPD GLUHWD KDYHULD D LQFLGrQFLD GD OHJLVODomR FRQVXPHULVWD $SDUGLVVRSRGHVHGL]HUTXHKDYHULDHQWmRDLQFLGrQFLDGR&'&DWRGR HTXDOTXHUVHUYLoRS~EOLFRWDQWRQDTXHOHVFDVRVHPTXHDUHPXQHUDomRpUHDOL]DGD GLUHWDPHQWH SHOR FRQVXPLGRU FRPR RFRUUH SRU H[HPSOR QRV VHUYLoRV GH HQHUJLD HOpWULFDRXGHIRUPDLQGLUHWDQRVFDVRVHPTXHRVHUYLoRS~EOLFRpVXEVLGLDGRSRU PHLRGHRXWURVUHFXUVRVWUDQVIHULGRVDR(VWDGRSURYHQLHQWHVGDVIRQWHVWULEXWiULDV &RP UHODomR DRV VHUYLoRV UHPXQHUDGRV GH IRUPD LQGLUHWD WDPEpP GHQRPLQDGRV VHUYLoRV S~EOLFRV XWL XQLYHUVL HVWHV WrP SRU HVFRSR SURSRUFLRQDU XWLOLGDGHVjFROHWLYLGDGHHQmRDEHQHILFLiULRVLQGLYLGXDOPHQWH([HPSORVGHVHUYLoRV XWL XQLYHUVL VmR RV VHUYLoRV GH VD~GH HGXFDomR FRQVXODUHV VHJXUDQoD S~EOLFD H MXVWLoD &RPEDVHQHVVDGHILQLomRSDUWHGDGRXWULQDQmRDGPLWHDJUDWXLGDGHGH DOJXQV VHUYLoRV S~EOLFRV SDUD HIHLWR GD LQFLGrQFLD GD OHJLVODomR FRQVXPHULVWD DGPLWLQGRQRHQWDQWRTXHSRGHPVHUUHPXQHUDGRVGHIRUPDGLUHWDRXLQGLUHWD $UWLJR GR &yGLJR GH 'HIHVD GR &RQVXPLGRU ³6HUYLoR p TXDOTXHU DWLYLGDGH IRUQHFLGD QR PHUFDGR GH FRQVXPR PHGLDQWH UHPXQHUDomR LQFOXVLYH DV GH QDWXUH]D EDQFiULD ILQDQFHLUD GH FUpGLWRHVHFXULWiULDVDOYRDVGHFRUUHQWHVGHUHODo}HVGHFDUiWHUWUDEDOKLVWD>JULIRQRVVR@´ &RPSDUWLOKD GR HQWHQGLPHQWR DFLPD R DGPLQLVWUDWLYLVWD DUJHQWLQR +pFWRU -RUJH(VFRODTXDQGRDILUPDTXH³(PSULQFtSLRWRGRVRVVHUYLoRVS~EOLFRVVmRGH DOJXPD PDQHLUD UHWULEXtGRV Mi TXH VHXV XVXiULRV RX EHQHILFLiULRV SDJDP SRU VXD SUHVWDomRDOJXPDFRPSHQVDomRVHMDVREDIRUPDGHXPLPSRVWRXPDWD[DRXXP SUHoR´ $VHXWXUQR/XL]$QW{QLR5L]]DWWR1XQHVDVVHYHUDTXH 2IDWRGHRVHUYLoRS~EOLFRQmRVHUSDJRGLUHWDPHQWHRXVHTXHUVHU FREUDGR QmR UHWLUD D DEUDQJrQFLD GR &'& SRLV QHQKXP VHUYLoR S~EOLFRSRGHVHUFRQVLGHUDGRHIHWLYDPHQWHJUDWXLWRMiTXHWRGRVVmR FULDGRV PDQWLGRV H RIHUHFLGRV D SDUWLU GD UHFHLWD DGYLQGD GD DUUHFDGDomRGHWULEXWRV 5RGULJR3ULROOLGH2OLYHLUDDSUHJRDQGRDDSOLFDomRGR&'&DWRGRVRV VHUYLoRVS~EOLFRVSDUDILQVGHUHPXQHUDomRUHJLVWUD $/HLQQmRID]QHQKXPDGLVWLQomRHQWUHVHUYLoRVS~EOLFRV GH PRGR TXH D FRQFHSomR DGPLQLVWUDWLYLVWD GHVVD DWLYLGDGH HVWDWDO GHYH VHU DIDVWDGD FRP R LQWXLWR GH FRQIHULU PDLRU DEUDQJrQFLD SRVVtYHO DR &'& GDGD VXD LPSRUWkQFLD FRPR IHUUDPHQWD DSWD D JDUDQWLUDFLGDGDQLD/RJRRVVHUYLoRVS~EOLFRVSUySULRVHLPSUySULRV HQVHMDPUHODomRGHFRQVXPRDXWRUL]DQGRDLQFLGrQFLDGR&'& $LQGD QR HVFyOLR GR PHVPR DXWRU MXVWLILFDQGR R VHX SRVLFLRQDPHQWR WHPVHRVHJXLQWHFRPHQWiULR $ OHL GH SURWHomR DR FRQVXPLGRU UHWLUD GH VHX UDLR GH LQFLGrQFLD DSHQDV DV UHODo}HV WUDEDOKLVWDV H LPS}H DR (VWDGR R GHYHU GH SUHVWDUVHUYLoRVS~EOLFRVDGHTXDGRVHILFLHQWHVVHJXURVHFRQWtQXRV 3RUHVVDUD]mRFRQFOXRTXHTXDQGRRFLGDGmRSOHLWHLDMXGLFLDOPHQWH D TXDOLGDGH GR VHUYLoR S~EOLFR HOH QmR SRGH VHU VXEPHWLGR D XPD GLVFXVVmRGRXWULQiULDVREUHRVHUYLoRGHPDQGDGRSDUDGL]HUVHHOHp FRQVXPLGRU RX VH p FRQWULEXLQWH GHYHQGR VHU DOFDQoDGR SHODV SUHYLV}HVGR&'& +iDXWRUHVTXHGHIHQGHPRHQWHQGLPHQWRGHTXHVyH[LVWHUHPXQHUDomR SHOR VHUYLoR S~EOLFR SUHVWDGR TXDQGR D FRQWUDSUHVWDomR p RIHUHFLGD GLUHWDPHQWH (6&2/$+pFWRU-RUJH&RPSHQGLRGH'HUHFKR$GPLQLVWUDWLYR%XHQRV$LUHV'HSDOPDY S ³'RFWULQDOPHQWH VH Ki VHxDODGR TXH HQ SULQFLSLR WRGRV ORV VHUYLFLRV S~EOLFRV VRQ GH DOJXQD PDQHUD UHWULEXtGRV \D TXH ORV XVXDULRV R EHQHILFLiULRV GH HOORV SDJDQ SRU VX SUHVWDFLyQ DOJXQDFRPSHQVDFLyQ\DVHDEDMRODIRUPDGHXPLPSXHVWRXQDWDVDRXQSUHFLR´ 5,==$772181(6/XL]$QW{QLR&RPHQWiULRVDR&yGLJRGH'HIHVDGR&RQVXPLGRUS 2/,9(,5$),/+25RGULJR3ULROOL5HODomRGHFRQVXPRVHUYLoRVS~EOLFRVQR&yGLJRGH'HIHVDGR &RQVXPLGRU6mR3DXOR$OWDPLUDS 2/,9(,5$),/+25RGULJR3ULROOL5HODomRGHFRQVXPRVHUYLoRVS~EOLFRVQR&yGLJRGH'HIHVDGR &RQVXPLGRU6mR3DXOR$OWDPLUDS SHOR FRQVXPLGRU 3RU HVWH SULVPD ILFDP H[FOXtGRV GD LQFLGrQFLD GR &'& DTXHOHV VHUYLoRVVXEVLGLDGRVSRUPHLRGDDUUHFDGDomRGHWULEXWRV 1HVVH VHQWLGR p R HQVLQDPHQWR GH -RVp *HUDOGR %ULWR )LORPHQR TXH GLIHUHQFLDDVILJXUDVGHFRQVXPLGRUHFRQWULEXLQWHOHFLRQD 23RGHU3~EOLFRFRPRSURGXWRUGHEHQVHRXSUHVWDGRUGHVHUYLoRV UHPXQHUDGRVQmRPHGLDQWHDDWLYLGDGHWULEXWiULDHPJHUDOLPSRVWRV WD[DVHFRQWULEXLo}HVGHPHOKRULDPDVSRUWDULIDRXµSUHoRS~EOLFR¶ VHVXMHLWDjVQRUPDVRUDHVWDWXtGDVHPWRGRVRVVHQWLGRVHDVSHFWRV YHUVDGRV SHORV GLVSRVLWLYRV GR QRYR &yGLJR GR &RQVXPLGRU VHQGR DOLiVFDWHJyULFRQRVHXDUW &RP HIHLWR YDOH UHJLVWUDU TXH R FLWDGR GRXWULQDGRU XP GRV DXWRUHV GR $QWHSURMHWR GR &'& TXDQGR HVWHYH j IUHQWH GDV 3URPRWRULDV GH -XVWLoD GR &RQVXPLGRUQR(VWDGRGH6mR3DXORIRLRUHVSRQViYHOSHODHGLomRGD6~PXODQ UHVXOWDQWH GH HVWXGRV GR &HQWUR GH $SRLR 2SHUDFLRQDO GH UHIHULGRV yUJmRV TXH WUDGX]VXDRSLQLmRDUHVSHLWRGDUHPXQHUDomRGRVVHUYLoRVS~EOLFRVYHMDPRV 6HUYLoRS~EOLFR2EMHWRGHSURWHomRSHOR&yGLJRGR&RQVXPLGRU±µXWL VLQJXOL¶6mRREMHWRGHWXWHODSHOR&yGLJRGH'HIHVDGR&RQVXPLGRU H GH DWULEXLomR GDV 3URPRWRULDV GH -XVWLoD GR &RQVXPLGRU RV VHUYLoRV S~EOLFRV SUHVWDGRV µXWL VLQJXOL¶ H PHGLDQWH UHWULEXLomR SRU WDULIDRXSUHoRS~EOLFRTXHUSHOR3RGHU3~EOLFRGLUHWDPHQWHTXHUSRU FRQFHVVLRQiULDV RX SHUPLVVLRQiULDV VREUHWXGR SDUD RV HIHLWRV GR VHX DUW 1mR RV VmR SRUpP RV VHUYLoRV SUHVWDGRV µXWL XQLYHUVL¶ FRPR GHFRUUrQFLD GD DWLYLGDGH SUHFtSXD GR 3RGHU 3~EOLFR H UHWULEXtGRSRUWD[DRXSHODFRQWULEXLomRDWtWXORGHWULEXWRVHPJHUDO 1HVVHFDVRWDLVVHUYLoRVSRGHUmRVHUREMHWRGHLQTXpULWRFLYLOHDomR FLYLO S~EOLFD SHOR 0LQLVWpULR 3~EOLFR PDV SRU LQWHUPpGLR GR VHWRU GH GHIHVDGRVGLUHLWRVGRFLGDGmR &RPR YLVWR XPD SDUWH GD GRXWULQD SHUILOKD R HQWHQGLPHQWR GH TXH D UHPXQHUDomR FRPSUHHQGH D UHWULEXLomR GLUHWD H LQGLUHWD HQTXDQWR RXWUD DSHQDV D GLUHWD $ PDLRULD GRV GRXWULQDGRUHV QR HQWDQWR DFHLWD TXDOTXHU YDQWDJHP RX SURYHLWR GLUHWRRX LQGLUHWR FRPR FDSD] GH FDUDFWHUL]DU D UHPXQHUDomR DSRQWDGD QR DUWGRGLSORPDFRQVXPHULVWD ),/20(12 -RVp *HUDOGR %ULWR &yGLJR %UDVLOHLUR GH 'HIHVD GR &RQVXPLGRU &RPHQWDGR SHORV DXWRUHVGR$QWHSURMHWRS ),/20(12 -RVp *HUDOGR %ULWR 3URPRWRULDV GH -XVWLoD GR &RQVXPLGRU DWXDomR SUiWLFD 6mR 3DXOR(GLWRUD$VVRFLDomR3DXOLVWDGR0LQLVWpULR3~EOLFRGH6mR3DXORS $VVLPQRHVFyOLRGH&ODXGLD/LPD0DUTXHV³2VVHUYLoRVUHPXQHUDGRV QmR VLJQLILFDP VHUYLoRV RQHURVRV DYDQoDQGR R &'& SDUD Dt LQFOXLU RV VHUYLoRV UHPXQHUDGRVLQGLUHWDPHQWH´ $5(081(5$d2'266(59,d263Ò%/,&267$;$287$5,)$ 7HFLGDVFRQVLGHUDo}HVDUHVSHLWRGDUHPXQHUDomRGRVVHUYLoRVS~EOLFRV SRGHVH ILUPDU R HQWHQGLPHQWR GH TXH VRPHQWH DTXHOHV UHPXQHUDGRV GH IRUPD GLUHWD HVWDULDP DJDVDOKDGRV SHOD OHJLVODomR FRQVXPHULVWD RX VHMD RV VHUYLoRV XWL VLQJXOL LVWR SRUTXH UHIXWDPRV D WHVH GH TXH D SUHVWDomR GH VHUYLoRV XWL XQLYHUVL HVWHMDVXMHLWDjVQRUPDVGR&'& 'RUDYDQWH HQWmR SURFXUDUHPRV DQDOLVDU D QDWXUH]D MXUtGLFD GD UHPXQHUDomR GHVVD FRQWUDSUHVWDomR VH WD[D RX WDULID FDSD] GH DXWRUL]DU D LQFLGrQFLDGR&'&MiDGYHUWLQGRTXHVREUHHVWDTXHVWmRWDPEpPKiGLVVHQVRQD GRXWULQD 3RLV EHP 3DUD DWLQJLU HVVH GHVLGHUDWR HP GHFRUUrQFLD GD PXOWLGLVFLSOLQDULGDGH GR GLUHLWR GDV UHODo}HV GH FRQVXPR Mi FRQVLJQDGD DQWHULRUPHQWHHGDHVSHFLDOLGDGHGRWHPDDQDOLVDGREXVFDUHPRVDX[tOLRQRGLUHLWR WULEXWiULR &RP UHODomR j WD[D HVSpFLH GR JrQHUR ³WULEXWR´ DVVLP SUHFHLWXD R DUW GD&5)% $UW $ 8QLmR RV (VWDGRV R 'LVWULWR )HGHUDO H RV 0XQLFtSLRV SRGHUmRLQVWLWXLURVVHJXLQWHVWULEXWRV ,LPSRVWRV ,, :!)!3 HP UD]mR GR H[HUFtFLR GR SRGHU GH SROtFLD RX SHOD XWLOL]DomRHIHWLYDRXSRWHQFLDOGH34-5+6 3 789#+( 3 4374(E<+( 3 4 ,+5+3E54+3SUHVWDGRVDRFRQWULEXLQWHRXSRVWRVjVXDGLVSRVLomR ,,, FRQWULEXLomR GH PHOKRULD GHFRUUHQWH GH REUDV S~EOLFDV JULIR QRVVR 2 DUW GR &yGLJR 7ULEXWiULR 1DFLRQDO &71 UHLWHUD R SUHFHLWR FRQVWLWXFLRQDOSDUDGHOLPLWDURFDPSRGHLQFLGrQFLDGDWD[D 0$548(6&ODXGLD/LPD&RQWUDWRVQR&yGLJRGH'HIHVDGR&RQVXPLGRUS $UW $V WD[DV FREUDGDV SHOD 8QLmR SHORV (VWDGRV SHOR 'LVWULWR )HGHUDO RX SHORV 0XQLFtSLRV QR kPELWR GH VXDV UHVSHFWLYDV DWULEXLo}HV WrP FRPR IDWR JHUDGRU R H[HUFtFLR UHJXODU GR SRGHU GH SROtFLD RX D XWLOL]DomR HIHWLYD RX SRWHQFLDO GH VHUYLoR S~EOLFR HVSHFtILFR H GLYLVtYHO SUHVWDGR DR FRQWULEXLQWH RX SRVWR j VXD GLVSRVLomR 3RU GHUUDGHLUR R DUW GR PHVPR &yGLJR TXH UHPHWH DR SUHFHSWLYR DFLPD GLVS}H VREUH RV DWULEXWRV GRV VHUYLoRV S~EOLFRV UHPXQHUDGRV SRU PHLR GH WD[D $UW2VVHUYLoRVS~EOLFRVDTXHVHUHIHUHRDUWFRQVLGHUDPVH ,±XWLOL]DGRVSHORFRQWULEXLQWH DHIHWLYDPHQWHTXDQGRSRUHOHXVXIUXtGRVDTXDOTXHUWtWXOR E SRWHQFLDOPHQWH TXDQGR VHQGR GH XWLOL]DomR FRPSXOVyULD VHMDP SRVWRVjVXDGLVSRVLomRPHGLDQWHDWLYLGDGHDGPLQLVWUDWLYDHPHIHWLYR IXQFLRQDPHQWR ,, ± HVSHFtILFRV TXDQGR SRVVDP VHU GHVWDFDGRV HP XQLGDGHV DXW{QRPDVGHLQWHUYHQomRGHXWLOLGDGHRXGHQHFHVVLGDGHS~EOLFD ,,,±GLYLVtYHLVTXDQGRVXVFHWtYHLVGHXWLOL]DomRVHSDUDGDPHQWHSRU SDUWHGHFDGDXPGRVXVXiULRV 'HQRWDVH DVVLP TXH D SULQFLSDO FDUDFWHUtVWLFD GD WD[D p D VXD FRPSXOVRULHGDGH HLV TXH D REULJDomR SHOR VHX SDJDPHQWR GHFRUUH GH GLVSRVLomR OHJDOLQGHSHQGHQWHPHQWHGDYRQWDGHGRFRQWULEXLQWH $LQGD R FDUiWHU FRPSXOVyULR GD WD[D p LQHUHQWH j H[DomR ILVFDO GHQRPLQDGD WULEXWR TXHR DUW GR &71 FRQFHLWXDQRV VHJXLQWHV WHUPRV ³$UW 7ULEXWR p WRGD SUHVWDomR SHFXQLiULD FRPSXOVyULD HP PRHGD RX FXMR YDORU QHOD VH SRVVD H[SULPLU TXH QmR FRQVWLWXD VDQomR GH DWR LOtFLWR LQVWLWXtGD HP OHL H FREUDGD PHGLDQWHDWLYLGDGHDGPLQLVWUDWLYDSOHQDPHQWHYLQFXODGD´ 4XDQWRjWDULIDLPSHQGHYHULILFDURGLVSRVWRQRDUWSDUiJUDIR~QLFR LQFLVR,,,GD&5)% $UW,QFXPEHDR3RGHU3~EOLFRQDIRUPDGDOHLGLUHWDPHQWHRX VREUHJLPHGHFRQFHVVmRRXSHUPLVVmRVHPSUHDWUDYpVGHOLFLWDomR DSUHVWDomRGHVHUYLoRVS~EOLFRV 3DUiJUDIR~QLFR$OHLGLVSRUiVREUH >@ ,,,±SROtWLFDWDULIiULD >@ 'RFRWHMRUHDOL]DGRHQWUHRGLVSRVLWLYRLQFLVR,,GR&71HRDUW SDUiJUDIR ~QLFR LQFLVR ,,, GD &5)% GHVXPHVH R VHJXLQWH L VHQGR R VHUYLoR S~EOLFR SUHVWDGR GLUHWDPHQWH SHOR (VWDGR SRU PHLR GD $GPLQLVWUDomR 'LUHWD RX ,QGLUHWDDIRUPDGHUHPXQHUDomRVHUiQHFHVVDULDPHQWHDWD[DLLTXDQGRR(VWDGR GHOHJDDSUHVWDomRGRVHUYLoRS~EOLFRDIRUPDGHUHPXQHUDomRVHUiDWDULID 'HVWDUWH D GHOHJDomR GH VHUYLoRV S~EOLFRV GHYHUi VHU SUHFHGLGD GH OHL PXQLFLSDOHVWDGXDOGLVWULWDORXIHGHUDOGHDFRUGRFRPRGLVSRVWRQRDUWGD/HL Q TXH DOWHURX DOJXQV GLVSRVLWLYRV GD /HL Q $VVLP HP GHFRUUrQFLD GH GLVSRVLWLYR GH OHL D WDULID SDVVD D VHU D IRUPD GH UHPXQHUDomR GR VHUYLoRS~EOLFRGHOHJDGRjLQLFLDWLYDSULYDGD $ SURSyVLWR -RVp &UHWHOOD -~QLRU GHILQH WDULID RX SUHoR S~EOLFR QRV VHJXLQWHVWHUPRV eRSDJDPHQWRSHORXVXiULRGHVHUYLoRVTXHHPERUDH[HUFLGRVSHOR (VWDGR QmR OKH VmR HP WHVH SULYDWLYRV $ WDULID p R TXH VH GHQRPLQD HP GLUHLWR ILQDQFHLUR GH SUHoR S~EOLFR QmR VHQGR QHP WD[DQHPLPSRVWR(QWUHRVHOHPHQWRVIRUPDGRUHVGDUHFHLWDS~EOLFD Ki XP QRYR HOHPHQWR TXH QmR p WULEXWR QHP SUHoR SULYDGR FRQFLOLDQGR R FULWpULR GR LQWHUHVVH S~EOLFR FRP XP VHQWLGR HFRQ{PLFRpRSUHoRS~EOLFR 7DULID VHULD SRLV D UHPXQHUDomR GRV VHUYLoRV S~EOLFRV SUHVWDGRV SHOR (VWDGR RX SRU VHXV GHOHJDGRV PDV UHJLGRV SRU QRUPDV GH GLUHLWR SULYDGR HP GHFRUUrQFLD GH VHX FXQKR IDFXOWDWLYR FRP SUHGRPtQLR GR HOHPHQWR YROLWLYR H LQVWUXPHQWDOL]DGRSRUXPFRQWUDWRGHRQGHGHFRUUHDLQFLGrQFLDGR&'&SRUTXDQWR FDUDFWHUL]DGDDUHODomRGHFRQVXPR 3RU FRQVHJXLQWH D GLIHUHQoD IXQGDPHQWDO HQWUH WD[D H WDULID FRQVLVWH HQWmR QR FDUiWHU IDFXOWDWLYR GHVWD H D QD REULJDWRULHGDGH GDTXHOD (VVH HQWHQGLPHQWR HVWi SDFLILFDGR QD MXULVSUXGrQFLD FRQIRUPH VH GHSUHHQGH GR (QXQFLDGR GD 6~PXOD GR 6XSUHPR 7ULEXQDO )HGHUDO 67) OLWWHULV ³3UHoRV GH VHUYLoRV S~EOLFRV H WD[DV QmR VH FRQIXQGHP SRUTXH HVWDV GLIHUHQWHPHQWH 1HVVH VHQWLGR GHFLGLX R 67- ³>@ 2V VHUYLoRV S~EOLFRV SRGHP VHU SUySULRV H JHUDLV VHP SRVVLELOLGDGH GH LGHQWLILFDomR GRV GHVWLQDWiULRV 6mR ILQDQFLDGRV SHORV WULEXWRV H SUHVWDGRV SHOR SUySULR(VWDGRWDLVFRPRVHJXUDQoDS~EOLFDVD~GHHHGXFDomRHWF3RGHPVHUWDPEpPLPSUySULRVH LQGLYLGXDLV FRP GHVWLQDWiULRV GHWHUPLQDGRV RX GHWHUPLQiYHLV 1HVWH FDVR WrP XVR HVSHFtILFR H PHQVXUiYHO WDLV FRPR RV VHUYLoRV GH WHOHIRQH iJXD H HQHUJLD HOpWULFD 2V VHUYLoRV S~EOLFRV LPSUySULRVSRGHPVHUSUHVWDGRVSHORVyUJmRVGD$GPLQLVWUDomR3~EOLFD,QGLUHWDRXPRGHUQDPHQWH SRUGHOHJDomRFRPRSUHYLVWRQD&)DUW6mRUHJXODGRVSHOD/HLQTXHGLVS}HVREUH D FRQFHVVmR H SHUPLVVmR GRV VHUYLoRV S~EOLFRV 2V VHUYLoRV SUHVWDGRV SRU FRQFHVVLRQiULDV VmR UHPXQHUDGRVSRUWDULIDVHQGRIDFXOWDWLYDDVXDXWLOL]DomRTXHpUHJLGDSHOR&'&RTXHGLIHUHQFLDGD WD[D HVWD UHPXQHUDomR GR VHUYLoRV S~EOLFR SUySULR >@´ %5$6,/ 6XSHULRU 7ULEXQDO GH -XVWLoD 5HFXUVR (VSHFLDO Q 35 7XUPD 5HO 0LQ (OLDQD &DOPRQ -XOJDGR HP KWWS?ZZZVWMJRYEU! &5(7(//$ -Ò1,25 -RVp 'LFLRQiULR GH GLUHLWR DGPLQLVWUDWLYR HG 5LR GH -DQHLUR )RUHQVH S GDTXHODVVmRFRPSXOVyULDVHWrPVXDFREUDQoDFRQGLFLRQDGDjSUpYLDDXWRUL]DomR RUoDPHQWiULDHPUHODomRjOHLTXHDVLQVWLWXLX´ 1D GRXWULQD Ki TXHP DILUPD LQH[LVWLU FRQIXVmR HQWUH WD[D H WDULID 6DFKD &DOPRQ 1DYDUUR &RrOKR D SURSyVLWR FRPSDUWLOKD GHVVH HQWHQGLPHQWR H GLGDWLFDPHQWHH[SOLFD >@DRSUHoRGHFRUUHULDGROLYUHHQFRQWURGHYRQWDGHVFRQWUDWR$ WD[D ± HVSpFLH WULEXWiULD ± SURYLULD GD µYRQWDGH GD OHL¶ WULEXWR 2 SULPHLURpDXW{QRPRDVHJXQGDKHWHU{QRPDEQRSUHoRSUHGRPLQD D µIDFXOWDWLYLGDGH¶ QD WD[D ± WULEXWR ± D µFRPSXOVRULHGDGH¶ F QR SUHoR GH RULJHP VHPSUH FRQWUDWXDO KDYHULD D SRVVLELOLGDGH GH GHVID]LPHQWR GR SDFWXDGR H DLQGD DQWHV GLVVR D FREUDQoD Vy p SRVVtYHO DSyV D FREUDQoD GR XVXiULR 1D WD[D DR UHYpV SUHGRPLQDULD D YRQWDGH GD OHL H D REULJDomR jV YH]HV H[LVWLQGR D VLPSOHV GLVSRQLELOLGDGH GR VHUYLoR Vy VHULD HOLGtYHO SHOD UHYRJDomR GDQRUPDOHJDOLUUHOHYDQWHRTXHUHUGRREULJDGRGRSUHoRVHULDH[ FRQWUDWX SRU VXSRVWR H D WD[D ± WULEXWR ± H[ OHJH H HP FRQVHTrQFLDRSUHoRUHJHUVHLDSHORVSUHFHLWRVGR'LUHLWR3ULYDGR FRPLQIOX[RVDTXLHDFROiGR'LUHLWR$GPLQLVWUDWLYRSUHoRVS~EOLFRV H D WD[D UHJHUVHLD SHODV UHJUDV GR 'LUHLWR 3~EOLFR H SRUWDQWR HVWDULD VXMHLWD DRV SULQFtSLRV FRQVWLWXFLRQDLV GD OHJDOLGDGH DQWHULRULGDGH H DQXDOLGDGH I RV SUHoRV VHULDP MXV JHVWLRQLV H DV WD[DV MXV LPSHULL J RV SUHoRV SRU LVVR TXH FRQWUDWXDLV VLQDODJPiWLFRV QmR FRPSRUWDULDP µH[WUDILVFDOLGDGH¶ HVWD WtSLFD GD DomR JRYHUQDPHQWDO YLD WULEXWRV LQFOXVLYH WD[DV WHVH GH UHVWR SROrPLFDQRUHVSHLWDQWHjVWD[DVQRVFRQWUDIRUWHVGRSUySULR'LUHLWR 7ULEXWiULR HP UD]mR GD QDWXUH]D FRQWUDSUHVWDFLRQDO GHVWDV K RV SUHoRV VHULDP DGHTXDGRV SDUD UHPXQHUDU DWLYLGDGHV HVWDWDLV GHOHJiYHLVLPSUySULDVDRSDVVRTXHDVWD[DVVHULDPXWLOL]iYHLVSDUD UHPXQHUDU VHUYLoRV HVWDWDLV µSUySULRV¶ LQGHOHJiYHLV WLSR µSROtFLD¶ µMXVWLoD¶ µILVFR¶ HWF L RV SUHoRV HVWDULDP OLYUHV GR FRQWUROH FRQJUHVVXDO SRVVXLQGR PDLRU HODVWLFLGDGH $V WD[DV DR FRQWUiULR SRUTXH VHULDP WULEXWRV HVWDULDP VXMHLWDV DR FRQWUROH GR /HJLVODWLYR GDtDPDLRUULJLGH]GRVHXUHJLPH $XQLIRUPLGDGHGHHQWHQGLPHQWRDFHUFDGDQDWXUH]DMXUtGLFDGDWD[DHGD WDULID EHP FRPR GD GLIHUHQoD TXH H[LVWH HQWUH HODV QmR DFRPSDQKD D TXHVWmR UHODWLYD DR PHLR GH UHPXQHUDomR GRV VHUYLoRV S~EOLFRV TXHU VHMDP HOHVSUHVWDGRV GLUHWDPHQWHSHOR(VWDGRTXHUSRULQWHUPpGLRGHVHXVGHOHJDWiULRV 2EVHUYDVH D UHVSHLWR GHVVD TXHVWmR FHUWD GLYLVmR GH RSLQL}HV KDMD YLVWD GH XP ODGR D SHUFHSomR GH TXH RV VHUYLoRV S~EOLFRV GHYHP QHFHVVDULDPHQWH VHU ILQDQFLDGRV SRU WD[DV GH RXWUR TXH DSHQDV D WDULID VHULD D IRUPDFRUUHWDGHUHPXQHUDomRGHVWHVVHUYLoRV &2Ç/+2 6DFKD &DOPRQ 1DYDUUR &XUVR GH GLUHLWR WULEXWiULR EUDVLOHLUR HG 5LR GH -DQHLUR )RUHQVHS 5HJLQD+HOHQD&RVWDGLVFRUUHQGRVREUHWULEXWDomRHFRQVXPRILOLDVH j FRUUHQWH GRXWULQiULD VHJXQGR D TXDO D QDWXUH]D MXUtGLFD GD UHPXQHUDomR TXH ILQDQFLDRVHUYLoRS~EOLFRHPERUDSUHVWDGDSHORFRQFHVVLRQiULRRXSHUPLVVLRQiULRp GH WD[D H QmR GH WDULID ([WUDLQGR R IXQGDPHQWR GD &5)% H[SOLFD TXH ³$ UHPXQHUDomRSHODSUHVWDomRGHVHUYLoRVS~EOLFRVHVSHFtILFRVHGLYLVtYHLVSUHVWDGRV SHOR FRQWULEXLQWH RX SRVWRV j VXD GLVSRVLomR p IHLWD PHGLDQWH WD[D QD SUHFLVD GLFomRGRDUWLQF,,GD&RQVWLWXLomRGD5HS~EOLFD´(SURVVHJXHMXVWLILFDQGRR VHXSRVLFLRQDPHQWR 1mR VH GHVFRQKHFH D SROrPLFD HP WRUQR GDWHVH VHJXQGR DTXDO D WDULIDFRQVWLWXLXPDSRVVLELOLGDGHGHUHPXQHUDomRSHODSUHVWDomRGH VHUYLoR S~EOLFR VHQGR IDFXOGDGH GR OHJLVODGRU DGRWDU D WDULID RX D WD[DSDUDWDOILQDOLGDGH7RGDYLDDGRWDPRVRHQWHQGLPHQWRVHJXQGR RTXDOD/HL0DLRUHVWDEHOHFHXXPD~QLFDIRUPDSDUDWDQWRTXHpD WD[D VHQGR D WDULID XPD DXWrQWLFD GLVWRUomR QD PHGLGD HP TXH PHGLDQWH D VXD LQVWLWXLomR SUHWHQGHVH VXEPHWHU D UHPXQHUDomR SHOD SUHVWDomR GH XP VHUYLoR S~EOLFR D UHJUDV SUySULDV GR GLUHLWR SULYDGRSURFHGLPHQWRQmRDXWRUL]DGRFRQVWLWXFLRQDOPHQWHDWHRUGR DUWLQF,,GD&) ,QREVWDQWHDSHFXOLDULGDGHGHVXDSRVLomRDUHVSHLWRGDQDWXUH]DMXUtGLFD GDUHPXQHUDomRGRVHUYLoRS~EOLFRDDXWRUDFLWDGDHQWHQGHTXHDFRQWUDSUHVWDomR TXHRFRQVXPLGRUSDJDDRIRUQHFHGRUSRGHVHUIHLWDGHIRUPDGLUHWDRXLQGLUHWDSDUD TXH ILTXH FRQILJXUDGD D UHODomR GH FRQVXPR H VREUH HOD LQFLGD D OHJLVODomR FRQVXPHULVWD 5RTXH$QWRQLR&DUUD]]DSRUVXDYH]HQWHQGHTXHRVHUYLoRS~EOLFRp EHPLQGLVSRQtYHOTXHVXUJHSRULPSHUDWLYRGHOHLSDUDDWHQGHUFRQIRUPHGHWHUPLQDR WH[WR FRQVWLWXFLRQDO DR LQWHUHVVH S~EOLFR e SRUWDQWR UHV H[WUD FRPPHUFLXP H QmR SRGHVHUQHJRFLDGR3DUDRDXWRUFRPRXVHPRSDJDPHQWRGHWD[DR(VWDGRQmR SRGHGHL[DUGHSUHVWiOR *HUDOGR$WDOLED1RJXHLUDSHUILOKDHVVHHQWHQGLPHQWRTXDQGRDVVHYHUD TXH &267$ 5HJLQD +HOHQD $ WULEXWDomR H R FRQVXPLGRU 5HYLVWD GH 'LUHLWR GR &RQVXPLGRU 6mR 3DXOR(GLWRUD5HYLVWDGRV7ULEXQDLVQMDQPDUS &267$5HJLQD+HOHQD$WULEXWDomRHRFRQVXPLGRU5HYLVWDGH'LUHLWRGR&RQVXPLGRUS &$55$==$ 5RTXH $QWRQLR &XUVR GH GLUHLWR WULEXWiULR HG 6mR 3DXOR 0DOKHLURV S 12*8(,5$*HUDOGR$WDOLED6$%(636HUYLoRS~EOLFRHHHOHJDomRDHPSUHVDHVWDWDO,PXQLGDGH DLPSRVWRV5HJLPHGHWD[DV5'36mR3DXOR(GLWRUD5HYLVWDGH'LUHLWR3~EOLFRS 2VHUYLoRS~EOLFRQmRVHYHQGH1mRVHFRPSUD3UHVWDRR(VWDGR SRUTXH D OHL R FRQVWUDQJH HVJRWR OLFHQoD SDUD FRQVWUXLU HWF >@ $GPLWLU VXD UHPXQHUDELOLGDGH SRU SUHoR LPSOLFDULD VXSRU TXH VmR XWLOLGDGHV PDWHULDLV RX LPDWHULDLV GLVSRQtYHLV UHV LQ FRPPHUFLR SURGX]LGRV SRU OLYUH YRQWDGH GR yUJmR RX HQWLGDGH TXH RV µYHQGH¶ HP UHJLPH GH PHUFDGR HP FRQFRUUrQFLD DWXDO RX YLUWXDO FRP SDUWLFXODUHV (P VHQWLGR RSRVWR RXWUD FRUUHQWH GRXWULQiULD DGRWD R HQWHQGLPHQWR GH TXHDUHPXQHUDomRGRVVHUYLoRVS~EOLFRVSRGHVHUIHLWDSRUPHLRGHWD[DRXWDULID $OLRPDU%DOHHLURDGHSWRGHVVDFRUUHQWHDQDOLVD $WD[DQmRWHPSRUEDVHXPFRQWUDWRVHMDGHGLUHLWRSULYDGRVHMDGH GLUHLWR S~EOLFR (OD FRPR WRGR WULEXWR p REULJDomR µH[ OHJHµ &DEH TXDQGR RV VHUYLoRV UHFHELGRV SHOR FRQWULEXLQWH UHVXOWDP GH IXQomR HVSHFtILFD GR (VWDGR DWR GH DXWRULGDGH TXH SRU VXD QDWXUH]D UHSXJQD DR GHVHPSHQKR GR SDUWLFXODU H QmR SRGH VHU REMHWR GH FRQFHVVmRDHVWH )UDQFLVFR %LODF 0RUHLUD 3LQWR FRQFRUGDQGR FRP R HQWHQGLPHQWR GR DXWRUUHWURFLWDGRDILUPDTXH 2 SUHoR p XPD UHFHLWD S~EOLFD GH QDWXUH]D FRQWUDWXDO QmR REULJDWyULD H TXH FRPR R VHX SUySULR QRPH LQGLFD VRPHQWH SRGH VHU LQVWLWXtGR FRPR UHPXQHUDomR GH XP VHUYLoR RX GH XP EHP YHQGLGRSHOR(VWDGRDWHQGLGDVHPSUHDHTXLYDOrQFLDGDVSUHVWDo}HV UHFtSURFDV,QH[LVWLQGRQDHVSpFLHTXDOTXHUSUHVWDomRSRUSDUWHGR (VWDGRHPUHWULEXLomRGRSDJDPHQWRSUHoRQmRSRGHVHU 'LDQWH GRV DUJXPHQWRV DSUHVHQWDGRV SHODV GXDV FRUUHQWHV GRXWULQiULDV DSUHVHQWDGDV YHULILFDVH TXH D ~OWLPD GHODV GHPRQVWUD PDLRU FRHUrQFLD FRP R VLVWHPDMXUtGLFREUDVLOHLURHVSHFLDOPHQWHTXDQWRjQDWXUH]DFRQWUDWXDOTXHH[VXUJH GDDYHQoDHQWUHGHOHJDGRVSUHVWDGRUHVGHVHUYLoRVS~EOLFRVHXVXiULRV $VVLPpSRVVtYHOFRQFOXLUTXHDWDULIDpDIRUPDGHUHPXQHUDomRWtSLFDGH XPD UHODomR FRQWUDWXDO HP TXH XPD GDV SDUWHV p R (VWDGR SRU PHLR GH VHXV GHOHJDGRVWHQGRSRUREMHWRRVHUYLoRS~EOLFR3RUpPQmRVHSRGHSHUGHUGHYLVWD TXH HVWD UHODomR GHYH VHU UHJLGD SHOR SULQFtSLR EDVLODU GRV FRQWUDWRV TXDO VHMD D DXWRQRPLD GD YRQWDGH GDV SDUWHV &RPR p FHGLoR HVWD OLEHUGDGH FRQWUDWXDO p UHODWLYD SRUTXDQWR DOpP GR IDWR GH TXH D DYHQoD QR PDLV GDV YH]HV WUD] D FDUDFWHUtVWLFD GH FRQWUDWRV GH DGHVmR DLQGD HQFRQWUD UHVWULo}HV UHODWLYDPHQWH DRV SULQFtSLRVDIHWRVDRGLUHLWRDGPLQLVWUDWLYR %$/((,52$OLRPDU'LUHLWRWULEXWiULREUDVLOHLURHG5LRGH-DQHLUR)RUHQVHS 5HWRPDQGR R DYHUEDGR OLQKDV DWUiV FXPSUH GHVWDFDU TXH R DUW SDUiJUDIR ~QLFR LQFLVR ,,, GD &5)% p FODUR DR SUHYHU TXH R VHUYLoR S~EOLFR VHUi UHPXQHUDGR SRU WDULID TXDQGR DXWRUL]D D OHL GLVSRU VREUH D SROtWLFD WDULIiULD GRV VHUYLoRV FRQFHGLGRV RX SHUPLWLGRV &RQIRUPH PHQFLRQDGR HP RXWUR SRQWR GHVWH WUDEDOKRFXPSULQGRRSUHFHLWRFRQVWLWXFLRQDOIRLHGLWDGDD/HLQDUWVD TXH UHJXOD D H[SORUDomR GRV VHUYLoRV S~EOLFRV SRU PHLR GH FRQFHVVmR RX SHUPLVVmRHVWDEHOHFHQGRFULWpULRVGDSROtWLFDWDULIiULD &RQFOXLVHDGHPDLVTXHRDUJXPHQWRVXVWHQWDGRSRUDOJXQVDXWRUHVGH TXH WRGR VHUYLoR S~EOLFR Vy SRGH VHU UHPXQHUDGR SRU WD[D FROLGH FRP R SUHFHLWR FRQVWLWXFLRQDOHFRPDOHLLQIUDFRQVWLWXFLRQDOTXHRUHJXODPHQWD)DWRpTXHDVWD[DV HVWmRVXMHLWDVjVOLPLWDo}HVGRVSULQFtSLRVFRQVWLWXFLRQDLVWULEXWiULRVHQTXDQWRDV WDULIDVGHVIUXWDPGHIOH[LELOLGDGHHSRGHPVHUHVWDEHOHFLGDVRXPRGLILFDGDVSRUDWR QRUPDWLYR GD DXWRULGDGH FRPSHWHQWH QmR VH VXMHLWDQGR DR FRQWUROH GR SURFHVVR OHJLVODWLYR $HVWLSXODomRGRYDORUGDWDULIDHPRXWUDVSDODYUDVGLVSHQVDIL[DomRHP OHLHDHVVHUHVSHLWRYDOHWUDQVFUHYHUDOLomRGH'LQRUi$GHODLGH0XVVHWWL*URWWL 3,172)UDQFLVFR%LODF0RUHLUD(VWXGRVGHGLUHLWRS~EOLFR5LRGH-DQHLUR)RUHQVHS ³$UW $ WDULID GR VHUYLoR S~EOLFR FRQFHGLGR VHUi IL[DGD SHOR SUHoR GD SURSRVWD YHQFHGRUD GD OLFLWDomRHSUHVHUYDGDSHODVUHJUDVGHUHYLVmRSUHYLVWDVQHVWD/HLQRHGLWDOHQRFRQWUDWR $ WDULID QmR VHUi VXERUGLQDGD j OHJLVODomR HVSHFtILFD DQWHULRU H VRPHQWH QRV FDVRV H[SUHVVDPHQWH SUHYLVWRV HP OHL VXD FREUDQoD SRGHUi VHU FRQGLFLRQDGD j H[LVWrQFLD GH VHUYLoR S~EOLFRDOWHUQDWLYRHJUDWXLWRSDUDRXVXiULRUHGDomRGDGDSHOD/HLQ 2VFRQWUDWRVSRGHUmRSUHYHUPHFDQLVPRVGHUHYLVmRGDVWDULIDVDILPGHPDQWHUVHRHTXLOtEULR HFRQ{PLFRILQDQFHLUR 5HVVDOYDGRVRVLPSRVWRVVREUHDUHQGDDFULDomRDOWHUDomRRXH[WLQomR GHTXDLVTXHUWULEXWRV RXHQFDUJRVOHJDLVDSyVDDSUHVHQWDomRGDSURSRVWDTXDQGRFRPSURYDGRVHXLPSDFWRLPSOLFDUiD UHYLVmRGDWDULIDSDUDPDLVRXSDUDPHQRVFRQIRUPHRFDVR (P KDYHQGR DOWHUDomR XQLODWHUDO GR FRQWUDWR TXH DIHWH R VHX LQLFLDO HTXLOtEULR HFRQ{PLFR ILQDQFHLURRSRGHUFRQFHGHQWHGHYHUiUHVWDEHOHFrORFRQFRPLWDQWHPHQWHjDOWHUDomR $UW 6HPSUHTXHIRUHPDWHQGLGDVDVFRQGLo}HVGRFRQWUDWRFRQVLGHUDVHPDQWLGRVHX HTXLOtEULR HFRQ{PLFRILQDQFHLUR $UW 1R DWHQGLPHQWR jV SHFXOLDULGDGHV GH FDGD VHUYLoR SRGHUi R SRGHU FRQFHGHQWH SUHYHU HP IDYRU GD FRQFHVVLRQiULD QR HGLWDO GH OLFLWDomR D SRVVLELOLGDGH GH RXWUDV IRQWHV SURYHQLHQWHV GH UHFHLWDV DOWHUQDWLYDV FRPSOHPHQWDUHV DFHVVyULDV RX GH SURMHWRV DVVRFLDGRV FRP RX VHP H[FOXVLYLGDGHFRPYLVWDVDIDYRUHFHUDPRGLFLGDGHGDVWDULIDVREVHUYDGRRGLVSRVWRQRDUWGHVWD /HL 3DUiJUDIR~QLFR$VIRQWHVGHUHFHLWDSUHYLVWDVQHVWHDUWLJRVHUmRREULJDWRULDPHQWHFRQVLGHUDGDVSDUD DDIHULomRGRLQLFLDOHTXLOtEULRHFRQ{PLFRILQDQFHLURGRFRQWUDWR $UW9HWDGR $UW $V WDULIDV SRGHUmR VHU GLIHUHQFLDGDV HP IXQomR GDV FDUDFWHUtVWLFDV WpFQLFDV H GRV FXVWRV HVSHFtILFRVSURYHQLHQWHVGRDWHQGLPHQWRDRVGLVWLQWRVVHJPHQWRVGHXVXiULRV´ $OJXQVSULQFtSLRVFRQVWLWXFLRQDLVDSOLFDPVHDWRGRVRVWULEXWRVFRPRSRUH[HPSORRSULQFtSLRGD OHJDOLGDGHDUW,&)HGDDQWHULRULGDGHDUW,,,E&) $OJXQVSULQFtSLRVFRQVWLWXFLRQDLVDSOLFDPVHDWRGRVRVWULEXWRVFRPRSRUH[HPSORRSULQFtSLRGD OHJDOLGDGHDUW,&)HGDDQWHULRULGDGHDUW,,,E&) *5277,'LQRUi$GHODLGH0XVVHWWL2VHUYLoRS~EOLFRHD&RQVWLWXLomR%UDVLOHLUDGHS ³>@ ID]VH QD YLD DGPLQLVWUDWLYD H SUHVVXS}H D SRVVLELOLGDGH GH VXD DOWHUDomR D TXDOTXHU WHPSR FRPR LQVWUXPHQWR GD LQWDQJLELOLGDGH GD HTXDomR HFRQ{PLFR ILQDQFHLUDGRFRQWUDWRDGPLQLVWUDWLYRDVVHJXUDGDSHORDUW;;,GD/HL0DJQD´ 2XWURVVLP XPD GDV TXHVW}HV PDLV FRQWURYHUWLGDV GHQWUR GD GLVWLQomR HQWUHWD[DHWDULIDpVDEHUTXDLVVHUYLoRVVmRUHPXQHUDGRVSRUDTXHODRXSRUHVWDR TXHQRVUHPHWHDRSUHFLVRHQWHQGLPHQWRGH&pOLR$UPDQGR-DQF]HVNL 7D[D GH PRUDGRU VHUYLGR SRU UHGH S~EOLFD GH iJXD KDYHQGR OHL DGPLQLVWUDWLYD DQWHFHGHQWH REULJDQGR XWLOL]DomR FRPSXOVyULD &71 DUW,µE¶pSRVVtYHOGHVHUFREUDGDSHODPHUDGLVSRQLELOLGDGHGR VHUYLoR0HVPRTXHDOHJXHHVWDUXWLOL]DQGRiJXDGHSRoRSUySULRR FRQWULEXLQWHVHUiREULJDGRDRSDJDPHQWRUHJLPHMXUtGLFRGDVWD[DV SHOD VLPSOHV GLVSRQLELOLGDGH GR VHUYLoR GHVGH TXH UHJXODU H HP IXQFLRQDPHQWR e TXH QHVWH FDVR KDYHUi VHUYLoR XWLOL]DGR SHOR FRQWULEXLQWH PHVPR TXH SRWHQFLDOPHQWH SRVWR j GLVSRVLomR FRP SRVVLELOLGDGH GH VH PHGLU HP TXH SURSRUomR FDGD XP VH XWLOL]D 0HVPR FRQVLGHUDGR VHUYLoR S~EOLFR FROHWLYR VXD XWLOL]DomR p SDUWLFXODUL]DGD 1mR KDYHQGR XWLOL]DomR REULJDWyULD GHWHUPLQDGD SRU OHLDUHPXQHUDomRGRVHUYLoRGHDEDVWHFLPHQWRGHiJXDVHUiSUHoR S~EOLFRVHPtQGROHWULEXWiULD $VVLP VH D UHPXQHUDomR GH GHWHUPLQDGR VHUYLoR S~EOLFR WHP FRPR FDUDFWHUtVWLFD D FRPSXOVRULHGDGH LVWR p VH D RUGHP MXUtGLFD REULJD D XWLOL]DomR GR VHUYLoRS~EOLFRSRUSDUWHGRXVXiULRQmRSHUPLWLQGRRDWHQGLPHQWRSRURXWURVPHLRV DVXDUHPXQHUDomRVHUiSRUPHLRGHWD[D3RURXWURERUGRVHR3RGHU3~EOLFRWHP OLEHUGDGH SDUD IL[DU D WDULID R XVXiULR GHYHUi WHU OLEHUGDGH SDUD XWLOL]DU RX QmR R VHUYLoRFRUUHVSRQGHQWH(HVWH~OWLPRHQWHQGLPHQWRpRTXHGHYHSUHYDOHFHU ,1$3/,&$%,/,'$'( '2 &Ï',*2 '( '()(6$ '2 &21680,'25 $26 6(59,d263Ò%/,&265(081(5$'263250(,2'(7$;$ 6XSHUDGD D GLVFXVVmR VREUH D YLDELOLGDGH GH GHWHUPLQDGRV VHUYLoRV S~EOLFRVVHUHPUHPXQHUDGRVSRUPHLRGHWDULIDVXUJHRXWUDFRQWURYpUVLDDUHVSHLWR GDDSOLFDomRRXQmRGR&'&DRVVHUYLoRVS~EOLFRVUHPXQHUDGRVSRUPHLRGHWD[D $ GRXWULQD QmR p XQkQLPH VREUH HVWD TXHVWmR H DVVLP SRGHPRV HQFRQWUDU GXDV FRUUHQWHV XPD TXH GHIHQGH D DSOLFDomR GR &'& VRPHQWH DRV -$1&=(6.,&pOLR$UPDQGR7D[DVHG&XULWLED-XUXiS VHUYLoRV UHPXQHUDGRV SRU PHLR GH WDULID H RXWUD TXH DGPLWH D LQFLGrQFLD GD OHJLVODomR FRQVXPHULVWD DRV VHUYLoRV S~EOLFRV UHPXQHUDGRV SRU PHLR GH WD[D RX WDULID &ODXGLR %RQDWWR H 3DXOR 9DOpULR 'DO 3DL 0RUDHV DGHSWRV GD SULPHLUD FRUUHQWHH[FOXHPSRLVDLQFLGrQFLDGR&'&DWRGRVRVVHUYLoRVUHPXQHUDGRVSRU WD[DDRFRQVLGHUDUHPTXHVHQGRFLGDGmRWROKLGRQRVHXGLUHLWRGHHVFROKDQmRVH SRGHHQTXDGUiORFRPRFRQVXPLGRU $ UHVSHLWRGR GLUHLWRGH HVFROKD RV PHVPRV DXWRUHV UHPHWHP DR DUW GR&'&FRPRXPGRVGLUHLWRVEiVLFRVGRFRQVXPLGRU >@ QmR p SRVVtYHO UHFRQKHFHU D FRQGLomR GH FRQVXPLGRU RX VHMD jTXHOH TXH SDJD XVD VH XWLOL]D GH XP SURGXWR RX VHUYLoR SDUD VDWLVIDomR GH XPD QHFHVVLGDGH VXD TXDQGR VHTXHU p RXWRUJDGR D HOHRGLUHLWRGHPDQLIHVWDUFRQFRUGkQFLDQRVHQWLGRGHTXHGHIDWR SRVVXLDTXHODQHFHVVLGDGHHVSHFtILFD$VVLPFDVRQmRGHVHMHPDLV GHUHFHEHURVHUYLoRGHWHOHIRQLDRFRQVXPLGRUVLPSOHVPHQWHGHL[D GH SDJDU SRLV p XP SUHoR S~EOLFR H R VHUYLoR VHUi VXVWDGR 2 PHVPR QmR RFRUUH FRP XP VHUYLoR S~EOLFR UHPXQHUDGR SRU WD[D &DVR GHL[H GH SDJDU D SUHVWDomR GD DWLYLGDGH FRQWLQXDUi H R FRQWULEXLQWHVHUiDFLRQDGRSDUDVDOGDUVHXGpELWRVLWXDomRHVWDTXH IHULULDIURQWDOPHQWHRVGLWDPHVGRDUWGR&'& $LQGDDERQDQGRDSULPHLUDFRUUHQWH&ODXGLR%RQDWWRH3DXOR9DOpULR'DO 3DL 0RUDHV DILUPDP TXH D WD[D p XPD LPSRVLomR GR 3RGHU 3~EOLFR H TXH SRU LVVR QmR FRQWpP R FDUiWHU GH YROXQWDULHGDGH HQFRQWUDGR QR DWR GH SDJDU R SUHoR VHMD S~EOLFR RX SULYDGR PHVPR TXDQGR QmR KDMD IUXLomR HIHWLYD GR VHUYLoR 0HQFLRQDPRDUW LQFLVR,,GD &5)% H RDUW GR &71SDUD H[SOLFDU TXHQD FREUDQoDGHWD[DROHJLVODGRUVHUHIHUHDRVXMHLWRSDVVLYRGDUHODomRWULEXWiULDFRPR FRQWULEXLQWHHQmRFRPRFRQVXPLGRU -RVp *HUDOGR %ULWR )LORPHQR D VHX WXUQR SHUILOKD R PHVPR HQWHQGLPHQWR$RFRPHQWDURDUWGR&'&DQRWD ,PSRUWDQWH VDOLHQWDUVH GHVGH ORJR TXH Dt QmR VH LQVHUHP RV µWULEXWRV¶ HP JHUDO RX µWD[DV¶ H µFRQWULEXLo}HV GH PHOKRULD¶ %21$72 &OiXGLR 025$(6 3DXOR 9DOpULR 'DO 3DL 4XHVW}HV FRQWURYHUWLGDV QR &yGLJR GH 'HIHVDGR&RQVXPLGRUHG3RUWR$OHJUH/LYUDULDGR$GYRJDGRS %21$72 &OiXGLR 025$(6 3DXOR 9DOpULR 'DO 3DL 4XHVW}HV FRQWURYHUWLGDV QR &yGLJR GH 'HIHVDGR&RQVXPLGRUS %21$72 &OiXGLR 025$(6 3DXOR 9DOpULR 'DO 3DL 4XHVW}HV FRQWURYHUWLGDV QR &yGLJR GH 'HIHVDGR&RQVXPLGRUS ),/20(12 -RVp *HUDOGR %ULWR &yGLJR %UDVLOHLUR GR &RQVXPLGRU FRPHQWDGR SHORV DXWRUHV GR $QWHSURMHWRHG6mR3DXOR)RUHQVH8QLYHUVLWiULDS HVSHFLDOPHQWHTXH VH LQVHUHP QR kPELWR GDV UHODo}HV GH QDWXUH]D WULEXWiULD 1mRKiGHFRQIXQGLUSRURXWURODGRUHIHULGRVWULEXWRVFRPRµWDULIDV¶ HVWDV VLP LQVHULGDV QR FRQWH[WR GRV µVHUYLoRV¶ RX PDLV SDUWLFXODUPHQWH µSUHoR S~EOLFR¶ SHORV µVHUYLoRV¶ SUHVWDGRV GLUHWDPHQWH SHOR 3RGHU 3~EOLFR RX HQWmR PHGLDQWH VXD FRQFHVVmR RXSHUPLVVmRSHODLQLFLDWLYDSULYDGD 2TXHVHSUHWHQGHGL]HUpTXHRµFRQWULEXLQWH¶QmRVHFRQIXQGHFRPR µFRQVXPLGRU¶MiTXHQRSULPHLURFDVRRTXHVXEVLVWHpXPDUHODomR GH 'LUHLWR 7ULEXWiULR LQVHULGD QD SUHVWDomR GH VHUYLoRV S~EOLFRV JHQpULFD H XQLYHUVDOPHQWH FRQVLGHUDGD QD DWLYLGDGH SUHFtSXD GR (VWDGRRXVHMDDSHUVHFXomRGREHPFRPXP 3RU RXWUR ERUGR SDUD UHGDUJLU HQFRQWUDVH D FRUUHQWH GRXWULQiULD TXH HPERUDGHIHQGDDDSOLFDomRGR&'&DRVVHUYLoRVS~EOLFRVLPSUySULRVRXXWLVLQJXOL HQWHQGHTXHSRGHPVHUUHPXQHUDGRVSRUPHLRGHWD[DRXWDULID 1HVVHVHQWLGRVmRDVFRQVLGHUDo}HVGH$GDOEHUWR3DVTXDORWWR >@ RV VHUYLoRV S~EOLFRV SUySULRV RX XWL XQLYHUVL SUHVWDGRV SHOR (VWDGR QR XVR GH VHX SRGHU GH LPSpULR H TXH VmR PDQWLGRV SHORV WULEXWRVJHUDLVFRPRVHUYLoRVGHVHJXUDQoDSUHVHUYDomRGDVD~GHH LOXPLQDomR S~EOLFD QmR VmR DEUDQJLGRV SHOR &'& KDMD YLVWD IDOWDU OKHV R UHTXLVLWR GD UHPXQHUDomR HVSHFtILFD (P FRQWUDSDUWLGD RV VHUYLoRV S~EOLFRV LPSUySULRV SUHVWDGRV GLUHWD RX LQGLUHWDPHQWH SHOR (VWDGRRXDLQGDSRUPHLRGHFRQFHVVmRDXWRUL]DomRRXSHUPLVVmR HVWmR VRE D WXWHOD GR &'& SRUTXH UHPXQHUDGRV SHOR SDJDPHQWR HVSHFtILFRGHWD[DVRXWDULIDV 0DULD $QWRQLHWD =DQDUGR 'RQDWR$2? GHPRQVWUDQGR D PHVPD OLQKD GH UDFLRFtQLR FRQVLJQD TXH ³2V VHUYLoRV S~EOLFRV UHODWLYRV j IXQomR GR (VWDGR SHFXOLDUHV DR 3RGHU 3~EOLFR QmR VH HQFRQWUDP DEDUFDGRV SHOD OHJLVODomR FRQVXPHULVWD D TXDO UHJXOD VRPHQWH RV VHUYLoRV S~EOLFRV UHPXQHUDGRV PHGLDQWH WD[DRXWDULID´ &ODXGLD /LPD 0DUTXHV QD DSUHVHQWDomR GD REUD GH &OiXGLR %RQDWWR H 3DXOR 9DOpULR 'DO 3DL 0RUDHV p WD[DWLYD DR GHVFRQVLGHUDU TXH R UHTXLVLWR GD OLEHUGDGH IRUPDO GH HVFROKD VHMD XPD FRQGLomR SDUD D GHILQLomR GH FRQVXPLGRU HVWULFWRVHQVX,VVRSRUTXHHPPDWpULDFRQWUDWXDOpFRPXPSULQFLSDOPHQWHQRTXH VHUHIHUHDRVFRQWUDWRVGHDGHVmRDOLPLWDomRjOLEHUGDGHFRQWUDWXDOGRFRQVXPLGRU 3$648$/2772$OGDOEHUWR2VVHUYLoRVS~EOLFRVQR&yGLJRGH'HIHVDGR&RQVXPLGRU5HYLVWD GH'LUHLWRGR&RQVXPLGRU6mR3DXOR(GLWRUD5HYLVWDGRV7ULEXQDLVQS '21$72 0DULD $QWRQLHWD =DQDUGR 3URWHomR DR FRQVXPLGRU FRQFHLWR H H[WHQVmR 6mR 3DXOR 5HYLVWDGRV7ULEXQDLVS %21$72 &OiXGLR 025$(6 3DXOR 9DOpULR 'DO 3DL 4XHVW}HV FRQWURYHUWLGDV QR &yGLJR GH 'HIHVDGR&RQVXPLGRUS OLEHUGDGHGH HVFROKDGR SDUFHLUR H GR FRQWH~GR GDV FOiXVXODV H PXLWDV YH]HV D WRWDOH[FOXVmRGDOLEHUGDGH (PDERQRGRTXDQWRVXVWHQWDDDXWRUDSURFXUDYDOHUVHGRVIXQGDPHQWRV GH RUGHP VRFLDO SDUD MXVWLILFDU D H[SDQVmR GD FREHUWXUD GR &'& DRV XVXiULRV GH VHUYLoRV S~EOLFRV UHPXQHUDGRV SRU PHLR GH WD[D GDGD D VXD VLWXDomR GH YXOQHUDELOLGDGHSHUDQWHR(VWDGR &RQWXGR PDOJUDGR R HVIRUoR GH &ODXGLD /LPD 0DUTXHV QmR FRPSDUWLOKDPRVGDVXDRSLQLmRDQWHRHQWHQGLPHQWRGHTXHTXDQGRR(VWDGRSUHVWD VHUYLoRV XWL XQLYHUVL SDUD VXSULU DV QHFHVVLGDGHV GD FROHWLYLGDGH QmR VH VXMHLWD j OHJLVODomR FRQVXPHULVWD VLWXDomR HP TXH QmR VH FRQILJXUD UHODomR GH FRQVXPR SRUTXDQWR SHOD yWLFD GR &'& HQFRQWUDVH DXVHQWH R UHTXLVLWR GD UHPXQHUDomR HVSHFtILFD $GHPDLV FXPSUH UHIXWDU R DUJXPHQWR GH TXH D LQDSOLFDELOLGDGH GR &'& DRV VHUYLoRV UHPXQHUDGRV SRU PHLR GH WD[D SUHMXGLFDULD R FRQWULEXLQWH SRLV R GHL[DULD GHVDPSDUDGR GLDQWH GD VXD YXOQHUDELOLGDGH SHUDQWH R (VWDGR 6HP HPEDUJRRHQWHHVWDWDOHRVSUHVWDGRUHVGHVHUYLoRVS~EOLFRVQHVWHFDVRHVWDULDP VXMHLWRV j QRUPD GH UHVSRQVDELOLGDGH FLYLO HVWDWXtGD QR DUW GD &5)% TXHVWmRVREUHDTXDOQmRWHFHUHPRVPDLRUHVFRQVLGHUDo}HVSRUTXDQWRQmRpREMHWR GRSUHVHQWHHVWXGR ,PSHULRVRUHVVDOWDUTXHQDVUHODo}HVHPTXHRXVXiULRGHVHUYLoRS~EOLFR QmRHVWHMDJXDUQHFLGRSHOR&'&WHUiDSURWHomRQRUPDWLYDGD/HLQTXH HVWDEHOHFHQRDUWLJRTXDLVVmRRVVHXVGLUHLWRVHREULJDo}HV $VVLP DR HQVHMR GD ILQDOL]DomR GHVWH FDStWXOR FRQFOXtPRV TXH RV VHUYLoRV S~EOLFRV DEUDQJLGRV SHOR &'& GL]HP UHVSHLWR jTXHODV DWLYLGDGHV FRPHUFLDLVHLQGXVWULDLVSUHVWDGDVSHOD$GPLQLVWUDomR3~EOLFD'LUHWDRXLQGLUHWDRX SRULQWHUPpGLRGHFRQFHVVLRQiULRVRXSHUPLVVLRQiULRVFXMDUHPXQHUDomRpUHDOL]DGD %21$72 &OiXGLR 025$(6 3DXOR 9DOpULR 'DO 3DL 4XHVW}HV FRQWURYHUWLGDV QR &yGLJR GH 'HIHVDGR&RQVXPLGRUS 2DUWLJRGD/HLQ/HLGDV&RQFHVV}HVWHPDVHJXLQWHUHGDomR³$UW6HPSUHMXt]R GRGLVSRVWRQD/HLQGHGHVHWHPEURGHVmRGLUHLWRVHREULJDo}HVGRVXVXiULRV,± UHFHEHUVHUYLoRDGHTXDGR,,±UHFHEHUGRSRGHUFRQFHGHQWHHGDFRQFHVVLRQiULDLQIRUPDo}HVSDUDD GHIHVDGHLQWHUHVVHVLQGLYLGXDLVRXFROHWLYRV,,,±REWHUHXWLOL]DURVHUYLoRFRPOLEHUGDGHGHHVFROKD HQWUH RV YiULRV SUHVWDGRUHV GH VHUYLoRV TXDQGR IRU R FDVR REVHUYDGDV DV QRUPDV GR SRGHU FRQFHGHQWH 5HGDomR GDGD SHOD /HL Q GH ,9 ± OHYDU DR FRQKHFLPHQWR GR 3RGHU 3~EOLFR H GD FRQFHVVLRQiULD DV LUUHJXODULGDGHV GH TXH WHQKDP FRQKHFLPHQWR UHIHUHQWHV DR VHUYLoR SUHVWDGR 9± FRPXQLFDU jV DXWRULGDGHV FRPSHWHQWHV RV DWRV LOtFLWRV SUDWLFDGRV SHOD FRQFHVVLRQiULD QDSUHVWDomRGRVHUYLoR 9,±FRQWULEXLUSDUDD SHUPDQrQFLDGDV ERDVFRQGLo}HVGRVEHQV S~EOLFRV DWUDYpVGRVTXDLVOKHVVmRSUHVWDGRVRVVHUYLoRV´ PHGLDQWH WDULID ([FOXtGD ILFD SRUWDQWR D DSOLFDELOLGDGH GR &'& DRV VHUYLoRV S~EOLFRV UHPXQHUDGRV SRU PHLR GH WD[D SRUTXDQWR QmR Ki FRPR VH FRQIXQGLU UHODomR GH FRQVXPR FRP UHODomR MXUtGLFD WULEXWiULD GDGR R FDUiWHU FRPSXOVyULR GR WULEXWR 2 6XSHULRU 7ULEXQDO GH -XVWLoD Mi GHL[RX FRQVLJQDGR TXH RV VHUYLoRV S~EOLFRV GHOHJDGRV VmR UHPXQHUDGRV PHGLDQWH R SDJDPHQWR GH WDULID RX SUHoR S~EOLFR &I %5$6,/ 6XSHULRU 7ULEXQDO GH -XVWLoD 5HVS 63 7 5HODWRUD 0LQ (OLDQD &DOPRQ -XOJDGR HP '- S & / 25,*(0'$6$*Ç1&,$65(*8/$'25$6 $JrQHVHGDVDJrQFLDVUHJXODGRUDVSRGHVHUHQFRQWUDGDQRGLUHLWRDQJOR VD[mR HP SHUtRGR DQWHULRU j LQVWLWXLomR GDV SULPHLUDV SXEOLF XWLOLWLHV TXDQGR R JRYHUQR EULWkQLFR H DV FRO{QLDV DPHULFDQDV SDVVDUDP D UHJXODU FHUWRV SUHoRV H VHUYLoRV 1R HQWDQWR IRL VRPHQWH HP TXH R &RQJUHVVR GRV (VWDGRV 8QLGRV RXWRUJRXjFLGDGHGH:DVKLQJWRQRGLUHLWRGHUHJXODURSUHoRGRSmRGRVHUYLoRGH OLPSH]DGHFKDPLQpHGHDPDUUDQRVFDLV )UDQFLVFR&DPSRVUHODWDTXHDFLGDGHGH5KRGH,VODQGFULRXHP XPD FRPLVVmR UHJXODGRUD QR TXH IRL VHJXLGD SRU 1HZ +DPSVKLUH H SRU &RQQHFWLFXW (VVDV FRPLVV}HV GH FXQKR DFHVVyULR H FRP SRGHUHV GH LQYHVWLJDomR GRV IDWRV H[HUFLDP MXULVGLomR DSHQDV QR WRFDQWH jV LQG~VWULDV GH FRQVWUXomR GH HVWUDGDV GH IHUUR FXLGDQGR WmR VRPHQWH GRV QtYHLV GH VHJXUDQoD SRUTXDQWRQmROKHVFRPSHWLDRFRQWUROHGDVWDULIDV &RQWXGR DV SULPHLUDV DJrQFLDV UHJXODGRUDV HVWDGXDLV ILUPDUDPVH ORJR DSyVRLQtFLRGRPRYLPHQWR*UDQJHU'RSHUtRGRTXHVHLQLFLDHPDWp QRVHVWDGRVGHOOLQRLV,RZD0LQQHVRWDH:LVFRQVLQIRUDPHVWDEHOHFLGDVFRPLVV}HV FRP DXWRULGDGH GH IL[DU WDULIDV Pi[LPDV SDUD SUHYHQLU GLVFULPLQDo}HV H HYLWDU D IRUPDomRGHFDUWpLVHQWUHHPSUHVDVFRQFRUUHQWHVQDVHVWUDGDVGHIHUUR1RILQDOGH $ GHQRPLQDomR SXEOLF XWLOLW\ QR PRGHOR QRUWHDPHULFDQR UHIHUHVH jV HPSUHVDV GH VHUYLoRV S~EOLFRVRXjSUySULDDWLYLGDGHGHVHUYLoRS~EOLFR $ UHJXODomR GRV VHUYLoRV S~EOLFRV WHP VXD RULJHP QR FRPPRQ ODZ EULWkQLFR &I &,1&81(*8, -XDQ 'H 'LRV )XQGDPHQWRV OHJDOHV GH OD UHJXODFLyQ \ HO FRQWURO GH ORV VHUYLFLRV S~EOLFRV /D /H\ %XHQRV$LUHVW'S &$0326)UDQFLVFR'LUHLWRDGPLQLVWUDWLYR5LRGH-DQHLUR,PSUHQVD1DFLRQDOS &$0326)UDQFLVFR'LUHLWRDGPLQLVWUDWLYRS 2 *UDQJHU 0RYHPHQW IRL XP PRYLPHQWR GH RSLQLmR SURPRYLGR SRU ID]HQGHLURV GR PHLRRHVWH QRUWHDPHULFDQRFRQWUDRVDEXVRVGDVHVWUDGDVGHIHUURHPTXHUHVXOWRXQDLQWHUYHQomRGRV DV OHLV *UDQJHU IRUDP GHUURJDGDV H[FHWR HP ,OOLQRLV RQGH DV FRPLVV}HV Mi KDYLDPIL[DGRSDGU}HVTXHIRUDPVHJXLGRVSRURXWURVHVWDGRVQRUWHDPHULFDQRV $ SDUWLU GH RV (VWDGRV 8QLGRV FRPHoDP D H[SDQGLU R FRQWUROH GD UHJXODomRSRUPHLRGDVFRPLVV}HV )UDQFLVFR&DPSRVGHOLQHLDEHPHVWHSHUtRGR 2~OWLPRSURFHVVRGHFRQWUROHpRUHDOL]DGRPHGLDQWHFRPLVV}HVeR XVDGR QRV (VWDGRV 8QLGRV (VVH SURFHVVR WHYH Dt R VHX LQtFLR HP (P SHUtRGR DQWHULRU R ~QLFR VHUYLoR S~EOLFR VXEPHWLGR DR FRQWUROHGHFRPLVV}HVHUDRGHHVWUDGDGHIHUURKDYHQGRHPJUDQGH Q~PHUR GH (VWDGRV FRPLVV}HV HVSHFLDLV SDUD HVWH ILP RX 5DLOURDG &RPPLVVLRQV (P DOJXQV (VWDGRV HVWHQGHUDP D MXULVGLomR GHVVDVFRPLVV}HVDWRGRVRVQHJyFLRVRXVHUYLoRVTXHQRV(VWDGRV 8QLGRV VH GHVLJQDP TXDVL SXEOLF H WDLV FRPLVV}HV SDVVDUDP D GHQRPLQDUVH3XEOLF8WLOLWLHV&RPLVVLRQV 3ULPHLUDPHQWHRV(VWDGRVGH:LVFRQVLQH1HZ<RUNFULDUDP3XEOLF 8WLOLWLHV&RPPLVVLRQVFRPIXQo}HVGHFRQWUROHVREUHRVVHUYLoRVGH SURGXomR H GLVWULEXLomR GH XWLOLGDGHV S~EOLFDV ORJR HP VHJXLGD R (VWDGR GH *HRUJLD HVWHQGHX D FRPSHWrQFLD GH VXD 5DLOURDG &RPPPLVVLRQDRFRQWUROHGDVRXWUDVHPSUHVDVGHVHUYLoRVS~EOLFRV >@ $VVLPVHGLODWRXSRUWRGRRWHUULWyULRDPHULFDQRDLQVWLWXLomRGH3XEOLF 8WLOLWLHV &RPPLVVLRQV GH PDQHLUD TXH HP (VWDGRV DPHULFDQRV WLQKDP FRPLVV}HV HVSHFLDLV GHVWLQDGDV DR FRQWUROH GRV VHUYLoRV S~EOLFRV H[SORUDGRV RX DGPLQLVWUDGRV SRU FRPSDQKLDV RX FRUSRUDo}HV $VVLP SDXODWLQDPHQWH HVWHQGHXVH SRU WRGR R WHUULWyULR DPHULFDQR D LQVWLWXLomRGH3XEOLF8WLOLWLHV&RPPPLVLRQVGHVRUWHTXHHPGRVTXDUHQWDH VHWH HVWDGRV HP TXH KDYLDP FRPLVV}HV GH XWLOLGDGHV S~EOLFDV DSHQDV VHWH GHODV QmRWLQKDPMXULVGLomRVREUHDLQG~VWULD$IXQomRGHVVDVFRPLVV}HVHVWHQGHXVHDRV VHUYLoRV S~EOLFRV VRE JHVWmR SULYDGD HQWUH RV TXDLV FRPSDQKLDV GH {QLEXV GH WHOpJUDIRGHWHOHIRQHJiVHHOHWULFLGDGH 'HQRWDVHGHVVHEUHYHHVFRUoRDUHVSHLWRGRQDVFLPHQWRHGDHYROXomR GDV DJrQFLDV UHJXODGRUDV TXH VXUJLUDP DWUHODGDV j SURWHomR GRV GLUHLWRV GRV OHJLVODWLYRV HVWDGXDLV SRU XPD DomR GLUHWD PHGLDQWH YHUGDGHLUR WRUUHQFLDO GH OHLV H UHJXODPHQWRV IL[DQGRSUHoRVHGHWDOKHVGRVHUYLoR &$0326)UDQFLVFR'LUHLWRDGPLQLVWUDWLYRS &$0326)UDQFLVFR'LUHLWRDGPLQLVWUDWLYRS &$0326)UDQFLVFR'LUHLWRDGPLQLVWUDWLYRS 0DULD 6\OYLD =DQHOOD 'L 3LHWUR HVWXGDQGR R WHPD FRPHQWD TXH QRV (VWDGRV 8QLGRV WRGD RUJDQL]DomR DGPLQLVWUDWLYD VH UHVXPH HP DJrQFLDV YRFiEXOR VLQ{QLPR GH HQWH DGPLQLVWUDWLYR HP QRVVRGLUHLWRDWDOSRQWR TXHVHDILUPDTXHRGLUHLWRDGPLQLVWUDWLYRQRUWHDPHULFDQRpRGLUHLWRGDV DJrQFLDV &RQVLJQD DLQGD TXH QR VLVWHPD HXURSHXFRQWLQHQWDO D $GPLQLVWUDomR 3~EOLFD WHP XPD RUJDQL]DomRFRPSOH[DTXHFRPSUHHQGHXPDVpULHGHyUJmRVTXHLQWHJUDPD$GPLQLVWUDomR'LUHWDH LQGLYtGXRV GLDQWH GRV DEXVRV SHUSHWUDGRV SHODV HPSUHVDV SULYDGDV TXH IRUQHFLDP VHUYLoRV GH VXPD LPSRUWkQFLD SDUD D FROHWLYLGDGH (VWH PRGHOR DFDERX VH H[SDQGLQGR QRWDGDPHQWH GHYLGR jV WUDQVIRUPDo}HV VRFLDLV HFRQ{PLFDV H SROtWLFDV SHODV TXDLV YrP SDVVDQGR RV SDtVHV QDV ~OWLPDV GpFDGDV QR LQWXLWR GH REWHUHP XPDDGPLQLVWUDomR WpFQLFD PDLV LQGHSHQGHQWH H DSDUWDGD GDV LQJHUrQFLDV SROtWLFDV 2%UDVLODVHXWXUQREXVFDQGRLQVSLUDomRQRVPRGHORVDOLHQtJHQDVH DGDSWDQGRRV DR QRVVR RUGHQDPHQWR DGPLQLVWUDWLYR DFDERX WULOKDQGR R PHVPR FDPLQKRTXDQGRROHJLVODGRUSiWULRLQFOXLXQDOHLGDVFRQFHVV}HVHSHUPLVV}HVGH VHUYLoRVS~EOLFRV/HLQÛGHGHIHYHUHLURGHDUWSDUiJUDIR~QLFR HSRVWHULRUPHQWHQRWH[WRFRQVWLWXFLRQDOSRUIRUoDGD(PHQGD&RQVWLWXFLRQDOQÛGH GH DJRVWR GH D FULDomR GH XP yUJmR UHJXODGRU DUW ;, FRP IXQo}HVILVFDOL]DGRUDVFRQWURODGRUDVHUHJXODPHQWDGRUDV HQWLGDGHV TXH FRPS}HP D $GPLQLVWUDomR ,QGLUHWD $ DXWRUD FRQVLGHUD TXH HVVH PRGHOR VHUYLX GH LQVSLUDomRDRGLUHLWREUDVLOHLURQDFULDomRGDVDJrQFLDV'LUHLWRDGPLQLVWUDWLYRS 'LYHUVRVSDtVHVEXVFDUDPLQVSLUDomRQDH[SHULrQFLDQRUWHDPHULFDQDSDVVDQGRDDGRWDUDILJXUD GRVHQWHVUHJXODGRUHV'HDFRUGRFRPGDGRVGR0LQLVWpULRGR3ODQHMDPHQWRH*HVWmRRVSDtVHVTXH SRVVXHP DJrQFLDV UHJXODGRUDV VmR RV VHJXLQWHV (VWDGRV 8QLGRV &DQDGi $UJHQWLQD 'LQDPDUFD +RODQGD%UDVLO$OHPDQKD6XtoDH&KLQD 3OtQLR%UDQFRDRWHFHUFRPHQWiULRVVREUHDVUHJXODPHQWDo}HVSRUPHLRGHFRPLVV}HVGHVHUYLoRV S~EOLFRV EHP DQWHV GR DGYHQWR GD &RQVWLWXLomR GH DOHUWD VREUH R IDWR GH TXH QR %UDVLO QmR SDVVRX GH XPD SVHXGR UHJXODPHQWDomR IUDFDVVDQGR SULQFLSDOPHQWH HP UHODomR DRV VHUYLoRV GH SURGXomRWUDQVPLVVmRHGLVWULEXLomRGHOX]HIRUoDVHUYLoRVGHWUDQVSRUWHVXUEDQRVGHSDVVDJHLURV VHUYLoRV WHOHI{QLFRV H GH GLVWULEXLomR GH JiV $ &RQVWLWXLomR )HGHUDO GH SUHYLD D DGRomR GH FRPLVV}HV SDUD D UHJXODPHQWDomR GHVVHV VHUYLoRV FRP IXQo}HV DGPLQLVWUDWLYDV MXULVGLFLRQDLV H QRUPDWLYDV QmR FDEHQGR UHFXUVR GH VXDV GHFLV}HV SDUD RV WULEXQDLV RUGLQiULRV RX DXWRULGDGHV DGPLQLVWUDWLYDV2WH[WRFRQVWLWXFLRQDORXWRUJRXjVFRPLVV}HVWRGDIXQomRMXULVGLFLRQDOQRVDVVXQWRV TXH IRUHP DWULEXtGRV j VXD FRPSHWrQFLD FRP D YHGDomR GH TXH VREUH HOHV VH PDQLIHVWDVVHP RV WULEXQDLV RUGLQiULRV $R FRQFOXLU R HVWXGR R DXWRU FRPHQWD TXH WRGRV RV TXH ³>@ HVWXGDP RV SUREOHPDVOLJDGRVjUHJXODPHQWDomRGRVVHUYLoRVGHXWLOLGDGHS~EOLFDVDEHPSHUIHLWDPHQWHTXHQRV (VWDGRV 8QLGRV D SUiWLFD GH TXDVH DQRV WHP GHPRQVWUDGR TXH D DomR GR -XGLFLiULR WHP VLGR SHUWXUEDGRUD H DV FRPLVV}HV REULJDGDV DR HVIRUoR YmR GH FRQFUHWL]DU RV FULWpULRV HFRQ{PLFRV GD 6XSUHPD&RUWHFRPDVXDUHJUDGRIDLUYDOXHGHVDUUD]RDGDHLPSUDWLFiYHO´'LUHWUL]HVPRGHUQDVSDUD D FRQFHVVmR GH VHUYLoRV GH XWLOLGDGH S~EOLFD 6mR 3DXOR 3UHIHLWXUD 0XQLFLSDO GH 6mR 3DXOR SS &$0326)UDQFLVFR'LUHLWRDGPLQLVWUDWLYRS 2SRUWXQRHVFODUHFHUTXHDWpRLQFLVR;,GRDUWGD&5)%GHWHUPLQDYDDH[SORUDomRSHOD 8QLmRGLUHWDPHQWHRXPHGLDQWHFRQFHVVmRDHPSUHVDVVREFRQWUROH DFLRQiULRHVWDWDO GRVVHUYLoRV WHOHI{QLFRVWHOHJUiILFRVGHWUDQVPLVVmRGHGDGRVHGHPDLVVHUYLoRVS~EOLFRVGHWHOHFRPXQLFDo}HV DVVHJXUDGD D SUHVWDomR GH VHUYLoRV GH LQIRUPDo}HV SRU HQWLGDGHV GH GLUHLWR SULYDGR SRU PHLR GD UHGHS~EOLFDGHWHOHFRPXQLFDo}HV)RLD (PHQGD&RQVWLWXFLRQDOQGH SURSRVWD SHORHQWmR 3UHVLGHQWH )HUQDQGR +HQULTXH &DUGRVR TXH GHX D UHGDomR DWXDO SHUPLWLQGR D HQWUDGD GR FDSLWDO SULYDGRQDVDWLYLGDGHVGHWHOHFRPXQLFDo}HVGRSDtV0DQWHYHHQWUHWDQWRRUHJLPHGHFRQFHVVmRGD 8QLmR GH PRGR D JDUDQWLU R FRQWUROH GR (VWDGR VREUH R VLVWHPD GH WHOHFRPXQLFDo}HV 5HIHULGD HPHQGDWDPEpPSUHYLXDFULDomRGHXPyUJmRUHJXODGRUHQWHGD $GPLQLVWUDomR,QGLUHWDGHWHQGRR FRQWUROH UHJXODPHQWDU H D ILVFDOL]DomR GDV DWLYLGDGHV GR VHWRU GH WHOHFRPXQLFDo}HV $SyV D DSURYDomR GD (PHQGD &RQVWLWXFLRQDO Q IRL HGLWDGD D /HL Q TXH GLVS{V VREUH D RUJDQL]DomR GRV VHUYLoRV GH WHOHFRPXQLFDo}HV D H[SORUDomR GR VHUYLoR PyYHO FHOXODU GH VHUYLoR OLPLWDGRHGHVHUYLoRGHWUDQVSRUWHVGHVLQDLVGHWHOHFRPXQLFDo}HVSRUVDWpOLWHDXWLOL]DomRGDUHGH $ 75$16)250$d2 '2 3$3(/ '2 (67$'2 ( $6 $*Ç1&,$6 5(*8/$'25$6 $DWXDomRGR(VWDGREUDVLOHLURQDHFRQRPLDUHPRQWDDPHDGRVGRVpFXOR SDVVDGRHPTXHR%UDVLOFRQWDYDFRPXPDLQLFLDWLYDSULYDGDLQFLSLHQWHHUHFRUULDj LPSRUWDomRGHSURGXWRVLQGXVWULDOL]DGRVGRVSDtVHVGHVHQYROYLGRV 2 DJLJDQWDPHQWR GR (VWDGR EUDVLOHLUR FRQWXGR RFRUUHX D SDUWLU GD GpFDGD GH SULQFLSDOPHQWH DSyV R 5HJLPH 0LOLWDU GH H QR GHFRUUHU GH WRGD D GpFDGD GH RFDVLmR HP TXH GH DFRUGR FRP /XLV 5REHUWR %DUURVR IRUDP FULDGDV PDLV GH HPSUHVDV HVWDWDLV (OHWUREUiV 1XFOHEUiV 6LGHUEUiV HQWUHRXWUDV $VVLPGXUDQWHRSHUtRGRGHJRYHUQRGRVPLOLWDUHVGHTXDVHDQRVR %UDVLO WRUQRXVH XP SDtV FRP IRUWHV WHQGrQFLDV HVWDWL]DQWHV $ UHWRPDGD GD GHPRFUDFLD QR LQtFLR GD GpFDGD GH DEULX HVSDoR j FUtWLFD DR PRGHOR EXURFUiWLFRGHDGPLQLVWUDomRPLOLWDUHYLGHQFLDQGRDQHFHVVLGDGHGHXPDUHIRUPDGR (VWDGR$HVVHUHVSHLWR'LQRUi$GHODLGH0XVHWWL*URWWLSRQWLILFD 2 SULPHLUR SDVVR GH LQYHUVmR GD WHQGrQFLD H[SDQVLRQLVWD GD $GPLQLVWUDomR 3~EOLFD EUDVLOHLUD Mi VH PDQLIHVWD QR ILQDO GD GpFDGD GH SUHFLVDPHQWH HP MXOKR GH TXDQGR R 'HFUHWR DGRWD R 3URJUDPD 1DFLRQDO GH 'HVEXURFUDWL]DomR TXH D SDUWLU GH GHILQH D SROtWLFD UHVWULWLYD QD FULDomR GH QRYDV HQWLGDGHV SDUDHVWDWDLVHHVWDEHOHFHDVSULPHLUDVGLUHWUL]HVGHWUDQVIHUrQFLDVGH HPSUHVDVS~EOLFDVSDUDRVHWRUSULYDGR(PR'HFUHWR DSHUIHLoRDRSURJUDPDFRPDFULDomRGR&RQVHOKR,QWHUPLQLVWHULDOGD 3ULYDWL]DomR DR TXDO VXFHGH HP R &RQVHOKR ,QWHUPLQLVWHULDO GH SULYDWL]DomR DR TXDO VXFHGH HP R &RQVHOKR )HGHUDO GH GHVHVWDWL]DomRQRVWHUPRVGR'HFUHWR 2 SDLQHO KLVWyULFR TXH DQWHFHGH j FULDomR GDV DJrQFLDV UHJXODGRUDV VH GHVWDFDSHODVUHIRUPDVHFRQ{PLFDVTXHHQYROYHUDPWUrVWUDQVIRUPDo}HVHVWUXWXUDLV S~EOLFD GH WHOHFRPXQLFDo}HV SDUD D SUHVWDomR GH VHUYLoR GH YDORU DGLFLRQDGR H HVWDEHOHFHX FRQFHLWRVHVSHFtILFRVGDiUHDGHFRPXQLFDo}HVTXHVmRGHJUDQGHLPSRUWkQFLDSDUDDFRPSUHHQVmR GDOHLHGHRXWUDVSRUWDULDVHPLWLGDVSHOR0LQLVWpULRGDV&RPXQLFDo}HV&RPDDSURYDomRGD/HLQ TXHFULRXD$QDWHOHGHXQRYDHVWUXWXUDDRVHWRUGHWHOHFRPXQLFDo}HVD/HLQIRL GHUURJDGD&I*5277,'LQRUi$GHODLGH0XVVHWWL*URWWL2VHUYLoRS~EOLFRHD&RQVWLWXLomR%UDVLOHLUD GHS %$55262 /XtV 5REHUWR $SRQWDPHQWRV VREUH DV $JrQFLDV 5HJXODGRUDV ,Q 025$(6 $OH[DQGUHGHFRRUG$JrQFLDV5HJXODGRUDV6mR3DXOR$WODVS *5277,'LQRUi$GHODLGH0XVVHWWL2VHUYLoRS~EOLFRHD&RQVWLWXLomR%UDVLOHLUDGHS 'HDFRUGRFRP/XtV5REHUWR%DUURVRHVVDVWUDQVIRUPDo}HV >@ VH FRPSOHPHQWDP PDV QmR VH FRQIXQGHP 6mR HODV L D H[WLQomRGHGHWHUPLQDGDVUHVWULo}HVDRFDSLWDOHVWUDQJHLURTXHWHYH OXJDU FRP D (PHQGD &RQVWLWXFLRQDO QÛ GH LL D IOH[LELOL]DomR GRV PRQRSyOLRV HVWDWDLV FRP DV (PHQGDV &RQVWLWXFLRQDLV QÛV GH H GH TXH SDVVDUDPDSHUPLWLUDH[SORUDomRSHODLQLFLDWLYDSULYDGDGRVVHUYLoRV GHJiVFDQDOL]DGRWHOHFRPXQLFDo}HVUDGLRGLIXVmRVRQRUDGHVRQVH LPDJHQVHSHWUyOHRLLLSULYDWL]DomRTXHSUHVFLQGLXGHDOWHUDomRGR WH[WR FRQVWLWXFLRQDO LQVWLWXtGD SHOD /HL QÛ GH ± /HL GR 3URJUDPD 1DFLRQDO GH 3ULYDWL]DomR SRVWHULRUPHQWH VXEVWLWXtGD SHOD/HLQÛGH $VMXVWLILFDWLYDVDSUHVHQWDGDVSHODPHQFLRQDGDOHLSDUDDSULYDWL]DomRGH HPSUHVDV S~EOLFDV SRVVLELOLWDUDP D UHRUGHQDomR GD SRVLomR HVWUDWpJLFD GR (VWDGR QD HFRQRPLD WUDQVIHULQGR j LQLFLDWLYD SULYDGD DWLYLGDGHV H[SORUDGDV SHOR VHWRU S~EOLFR 7DPEpP FRQWULEXtUDP SDUD D PRGHUQL]DomR GR SDUTXH LQGXVWULDO GR SDtV DPSOLDQGRVXDFRPSHWLWLYLGDGHHUHIRUoDQGRDFDSDFLGDGHHPSUHVDULDOQRVGLYHUVRV VHWRUHVGDHFRQRPLD (VVD QRYD YLVmR GR SDSHO GR (VWDGR DGRWD D GHVFHQWUDOL]DomR FRPR HVWUDWpJLD H LPS}H D GLPLQXLomR GH VHX WDPDQKR HQYROYHQGR DV TXHVW}HV GH SULYDWL]DomR WHUFHLUL]DomR H SXEOLFL]DomR D UHFXSHUDomR GD VXD FDSDFLGDGH ILQDQFHLUD H DGPLQLVWUDWLYD D QHFHVVLGDGH GH IRUWDOHFLPHQWR GH VXD IXQomR UHJXODGRUDILVFDOL]DGRUDHIRPHQWDGRUDRGHVPRQWHGR(VWDGRSUHVWDGRUSURGXWRU LQWHUYHQWRUHSURWHFLRQLVWDHRDXPHQWRGDJRYHUQDELOLGDGH 0DULD 6\OYLD =DQHOOD 'L 3LHWUR GLVFRUUHQGR VREUH R DVVXQWR VXEOLQKD TXH $ LGpLD GH SULYDWL]DomR WRPDGD QR VHX VHQWLGR DPSOR DEUDQJH WRGDV DV PHGLGDV DGRWDGDV FRP R ILP GH UHGX]LU D SUHVHQoD GR (VWDGR FRPSUHHQGHQGR D GHVPRQRSROL]DomR GH DWLYLGDGHV HFRQ{PLFDVEDFRQFHVVmRGHVHUYLoRVS~EOLFRVFRPDGHYROXomR GD TXDOLGDGH GH FRQFHVVLRQiULR j HPSUHVD SULYDGD H QmR PDLV j HPSUHVDHVWDWDOFDWHUFHLUL]DomRPHGLDQWHDTXDOD$GPLQLVWUDomR 3~EOLFDEXVFDDSDUFHULDFRPRVHWRUSULYDGRDWUDYpVGHDFRUGRVGH YDULDGRVWLSRVGDGHVUHJXODomRFRPDGLPLQXLomRGDLQWHUYHQomR GR (VWDGR QR GRPtQLR HFRQ{PLFR H D GHVHVWDWL]DomR RX %$55262 /XtV 5REHUWR $SRQWDPHQWRV VREUH DV $JrQFLDV 5HJXODGRUDV ,Q 025$(6 $OH[DQGUHGHFRRUG$JrQFLDV5HJXODGRUDVS *5277,'LQRUi$GHODLGH0XVVHWWL2VHUYLoRS~EOLFRHD&RQVWLWXLomR%UDVLOHLUDGHS ', 3,(752 0DULD 6\OYLD =DQHOOD 3DUFHULDV QD $GPLQLVWUDomR 3~EOLFD FRQFHVVmR SHUPLVVmR IUDQTXLDWHUFHLUL]DomRHRXWUDVIRUPDVS GHVQDFLRQDOL]DomR FRP D YHQGD GH HPSUHVDV HVWDWDLV DR VHWRU SULYDGR &RP D WUDQVIHUrQFLD GD SUHVWDomR GH VHUYLoRV S~EOLFRV DR VHWRU SULYDGR TXH DQWHV HUDP SUHVWDGRV SRU HPSUHVDV HVWDWDLV VXUJH D QHFHVVLGDGH GH UHJXODPHQWDU WDLV DWLYLGDGHV SDUD SURWHJHU GHYLGDPHQWH RV LQWHUHVVHV GD FROHWLYLGDGHGHDGPLQLVWUDGRV 1R%UDVLODVDJrQFLDVUHJXODGRUDVVXUJHPQDGpFDGDGHTXDQGRR (VWDGR DGRWD XPD SRVWXUD GH UHJXODGRU GR PHUFDGR SRU HQFRQWUDUVH LPSRVVLELOLWDGRGHFRQWLQXDUSUHVWDQGRRVVHUYLoRVS~EOLFRVGHIRUPDHILFLHQWHUD]mR TXH R IH] GHVFHQWUDOL]DU VXDV DWLYLGDGHV RXWRUJDQGRDV j LQLFLDWLYD SULYDGD 1HVWH FRQWH[WRpTXHIRUDPFULDGDVDVDJrQFLDVPRUPHQWHFRPDILQDOLGDGHGHILVFDOL]DUD DWXDomRGDVHPSUHVDVQRPHUFDGREUDVLOHLUR]HODQGRSHORFXPSULPHQWRGRVWHUPRV GRVFRQWUDWRVGHFRQFHVVmR $OH[DQGUH 0D]]D HVWXGDQGR D RULJHP GDV DJrQFLDV UHJXODGRUDV UHODWD 2 PRGHOR GDV DJrQFLDV UHJXODGRUDV IRL DGRWDGR QR %UDVLO FRPR FRQVHTrQFLD GH DOWHUDo}HV QR 7H[WR &RQVWLWXFLRQDO GHVWLQDGDV D DEULU D HFRQRPLD H R PHUFDGR EUDVLOHLURV j DomR GR FDSLWDO HVWUDQJHLURUHSUHVHQWDGRSHODVHPSUHVDVHJUXSRVWUDQVQDFLRQDLV DEHUWXUDHVWDIUDQFDPHQWHHVWLPXODGDSHORV(VWDGRV8QLGRVHSHORV GHPDLV SDtVHV GHVHQYROYLGRV H LQWHUPHGLDGD SRU LQVWLWXLo}HV LQWHUQDFLRQDLV GH FUpGLWR FRPR R )XQGR 0RQHWiULR ,QWHUQDFLRQDO H R %DQFR 0XQGLDO 2V DOYRV SULQFLSDLV GHVVH SURFHVVR IRUDP D H[SORUDomRGHUHFXUVRVQDWXUDLVHDSUHVWDomRGHVHUYLoRVS~EOLFRV iUHDV DWp HQWmR SURWHJLGDV FRQVWLWXFLRQDOPHQWH FRQWUD D DomR GH HQWLGDGHVHVWUDQJHLUDVHTXHFRQVLVWLDPQRVVHWRUHVPDLVDWUDHQWHV GRSRQWRGHYLVWDHFRQ{PLFR 1RPHVPRVHQWLGRDQDOLVD*XVWDYR%LQHQERMP ³2V VHUYLoRV S~EOLFRV TXH HUDP SUHVWDGRV SHOR (VWDGR GLUHWDPHQWH RX SRU LQWHUPpGLR GH HPSUHVDV S~EOLFDV RX GH HFRQRPLD PLVWD SDVVDUDP D VHU FRQFHGLGRV D HPSUHVDV FRP R FDSLWDO H[FOXVLYD RX SUHSRQGHUDQWHPHQWH SULYDGR 1HVVHV FDVRV RFRUUHX VREUHWXGR D DOLHQDomR SHOR (VWDGR GR FRQWUROH DFLRQiULR TXH SRVVXtD VREUH DV HPSUHVDV FRQFHVVLRQiULDV TXH H[HFXWDYDP GHWHUPLQDGRV VHUYLoRV S~EOLFRV QRWDGDPHQWH QD iUHD GH HQHUJLD HOpWULFD H WHOHFRPXQLFDo}HV´ &I 3)(,))(55REHUWR$XJXVWR&DVWHOODQRV6HUYLoRV3~EOLFRV&RQFHGLGRVH3URWHomRGR&RQVXPLGRU &RQIHUrQFLDV GR &RQJUHVVR %UDVLOHLUR GH 'LUHLWR GR &RQVXPLGRU 5HYLVWD GH 'LUHLWR GR &RQVXPLGRU6mR3DXOR(GLWRUD5HYLVWDGRV7ULEXQDLVYRXWQRYS 0$==$$OH[DQGUH$JrQFLDV5HJXODGRUDV6mR3DXOR0DOKHLURVS %,1(1%2-1 *XVWDYR $JrQFLDV UHJXODWyULDV LQGHSHQGHQWHV VHSDUDomR GH SRGHUHV H SURFHVVR GHPRFUiWLFR7HPDVGH'LUHLWR$GPLQLVWUDWLYRH&RQVWLWXFLRQDO5LRGH-DQHLUR5HQRYDUS 2 FRQWH[WR SROtWLFR LGHROyJLFR H HFRQ{PLFR HP TXH VH GHX D LPSODQWDomRGDVDJrQFLDVUHJXODGRUDVQR%UDVLOGXUDQWHRVDQRVGH IRL GLDPHWUDOPHQWH RSRVWR DR QRUWHDPHULFDQR &RP HIHLWR R PRGHOR UHJXODWyULR EUDVLOHLUR IRL DGRWDGR QR ERMR GH XP DPSOR SURFHVVRGHSULYDWL]Do}HVHGHVHVWDWL]Do}HVSDUDRTXDODFKDPDGD UHIRUPD GR (VWDGR VH FRQVWLWXtD HP UHTXLVLWR HVVHQFLDO e TXH D DWUDomRGRVHWRUSULYDGRQRWDGDPHQWHRFDSLWDOLQWHUQDFLRQDOSDUDR LQYHVWLPHQWR QDV DWLYLGDGHV HFRQ{PLFDV GH LQWHUHVVH FROHWLYR H VHUYLoRV S~EOLFRV REMHWR GR SURJUDPD GH SULYDWL]Do}HV H GHVHVWDWL]Do}HV HVWDYD FRQGLFLRQDGD j JDUDQWLD GH HVWDELOLGDGH H SUHYLVLELOLGDGHGDVUHJUDVGRMRJRQDVUHODo}HVGRVLQYHVWLGRUHVFRP R3RGHU3~EOLFR>JULIRGRDXWRU@ &RQIRUPH QRWLFLD $OH[DQGUH GH 6DQWRV $UDJmR D SDUWLU GH VmR FULDGDV DV DJrQFLDV VHWRULDLV GH UHJXODomR GRWDGDV GH FRQVLGHUiYHO DXWRQRPLD IUHQWH j $GPLQLVWUDomR 3~EOLFD FHQWUDOL]DGD LQFXPELGDV GR H[HUFtFLR GH IXQo}HV UHJXODWyULDV H GLULJLGDV SRU FROHJLDGR FXMRV PHPEURV VmR QRPHDGRV SRU SUD]R GHWHUPLQDGR SHOR 3UHVLGHQWH GD 5HS~EOLFD DSyV SUpYLD DSURYDomR SHOR 6HQDGR )HGHUDOYHGDGDDH[RQHUDomRDGQXWXP$VDJrQFLDVUHJXODGRUDVHVWmRYLQFXODGDV D XPD SDUWLFXODU FRQFHSomR SROtWLFRLGHROyJLFD TXH YLVD D LPSHGLU LQIOXrQFLDV SROtWLFDVVREUHDUHJXODomRHDGLVFLSOLQDGHFHUWDVDWLYLGDGHVDGPLQLVWUDWLYDV 0DULD'¶DVVXQomR&RVWD0HQH]HOORSRQWLILFDTXH 2 VXUJLPHQWR GDV DJrQFLDV UHJXODGRUDV HP QRVVD HVWUXWXUD OHJDO GHYHVHDXPDDGHTXDomRjVWHQGrQFLDVPXQGLDLVTXHFDPLQKDPQR VHQWLGR GH LPSODQWDU R GHQRPLQDGR µ(VWDGR 0tQLPR¶ R TXDO QmR SUHVWDPDLVVHUYLoRVSDUDUHSDVViORVjLQLFLDWLYDSULYDGDSRUPHLRGH FRQWUDWRVTXHGHWrPRSRGHUGHUHJXODUFRPDILQDOLGDGHGHDOFDQoDU D HILFLrQFLD DGPLQLVWUDWLYD SHUPLWLQGR PDLRU DWXDomR GRV DJHQWHV HFRQ{PLFRVHGRVXVXiULRVQDUHJXODomRGDSUHVWDomRGRVVHUYLoRV S~EOLFRV H QD ILVFDOL]DomR GDV DWLYLGDGHV HFRQ{PLFDV FRQVLGHUDGDV GHLQWHUHVVHS~EOLFRUHWLUDQGRGR(VWDGRVXDH[HFXomRGLUHWD $ FLWDGD DXWRUD SURVVHJXH H[SODQDQGR TXH DV DJrQFLDV UHJXODGRUDV VXUJHPFRPRXPQRYRPRGHORGHLQWHUYHQomRGR(VWDGRQDHFRQRPLDGHPRGRD SHUPLWLU R FRQWUROH QD SUHVWDomR GRV VHUYLoRV S~EOLFRV TXH SDVVD D VHU H[SORUDGR SHOR SDUWLFXODU HPERUD FRP PDLRU SDUWLFLSDomR SRSXODU HP XP DXWrQWLFR H[HUFtFLR GHGHPRFUDFLD6XVWHQWDDLQGDTXH *5277,'LQRUi$GHODLGH0XVVHWWL2VHUYLoRS~EOLFRHD&RQVWLWXLomR%UDVLOHLUDGHS 0(1(=(//20DULD'¶$VVXQomR&RVWD$JrQFLDV5HJXODGRUDVHR'LUHLWR%UDVLOHLUR6mR3DXOR $WODVS e VDELGR TXH HVVHV QRYRV HQWHV DGPLQLVWUDWLYRV VRIUHUDP PXLWDV FUtWLFDV QR HQWDQWR Ki TXH VH YDORUL]DU R HVIRUoR GHVHQYROYLGR SRU SDUWHGR3RGHU3~EOLFRHGRVDJHQWHVUHJXODGRVSDUDFRQVWUXLUFRP GHVWDTXHXPQRYRLQVWLWXWRQRRUGHQDPHQWRMXUtGLFREUDVLOHLUR&RP LVVR WDPEpP SRGHUHPRV GHIURQWDUQRV FRP D SRVVLELOLGDGH GH DSHUIHLoRDPHQWR GRV VHUYLoRV S~EOLFRV FULDQGR XP QRYR KRUL]RQWH PDLV SURPLVVRU SDUD WRGRV 2 GLVVHQVR VREUH DV DJrQFLDV H VHX SRGHU QRUPDWLYR p QRWyULR R TXH SURSLFLD XP UHH[DPH SHUPDQHQWH GHVVH yUJmR >@ 6REUHWXGR YDORUL]DPRV D SRVVLELOLGDGH MXUtGLFD GH FRQFLOLDU XPD JHVWmR SDUWLFLSDWLYD HQWUH XVXiULRV DJHQWHV HFRQ{PLFRV H 3RGHU 3~EOLFR SRGHQGR KDYHU R H[HUFtFLR GH XP FRQWUROHGLUHWRRXLQGLUHWRGDSRSXODomRVREUHDVDJrQFLDV 1RV GL]HUHV GH $UQROGR :DOG H /XL]D 5DQJHO GH 0RUDHV R 3RGHU 3~EOLFR VH GHVYHQFLOKD ³>@ GDV WDUHIDV GH H[HFXomR GH REUDV H VHUYLoRV S~EOLFRV SDUDDVVXPLUDHODERUDomRHDH[HFXomRGDSROtWLFDUHJXODWyULDGHWRGRVRVVHWRUHV GD HFRQRPLD HP TXHDV HPSUHVDV HVWDWDLV DVVXPLUDP R SDSHO GH FRQFHVVLRQiULDV GHVHUYLoRVS~EOLFRV´ $OH[DQGUH6DQWRVGH$UDJmRDVHXWXUQRDVVHYHUDTXH 2 LPSRUWDQWH SDUD R PDUFR UHJXODWyULR GRV VHUYLoRV S~EOLFRV p D PDLRU VDWLVIDomR SRVVtYHO GRV XVXiULRV FRPR PHLR GH DWHQGLPHQWR DRV VHXV GLUHLWRV IXQGDPHQWDLV R TXH PXLWDV YH]HV p DOFDQoDGR QmR SHOD SRWHQFLDOL]DomR GDV SUHUURJDWLYDV GR (VWDGR PXLWDV GHODV OLPLWDGRUDV GH GLUHLWRV VXEMHWLYRV GRV XVXiULRV HP SURO GH XPD FROHWLYLGDGH DEVWUDWDPHQWH FRQVLGHUDGD PDV VLP SHOD UHWLUDGD QXQFD WRWDO GR (VWDGR FRPR DJHQWH HFRQ{PLFR RX FRPR UHJXODGRU GH FHUWDV DWLYLGDGHV QDV TXDLV D FRQFRUUrQFLD SRGH VHU DGRWDGD FRPR R SULQFLSDO LQVWUXPHQWR GH VDWLVIDomR GRV LQWHUHVVHV GRV XVXiULRV 0{QLFD 6SH]LD -XVWHQ SRU VXD YH] DR GLVFRUUHU D UHVSHLWR GR VHUYLoR S~EOLFRQRGLUHLWRHXURSHXDVVHJXUD 0(1(=(//20DULD'¶$VVXQomR&RVWD$JrQFLDV5HJXODGRUDVHR'LUHLWR%UDVLOHLURS :$/' $UQROGR 025$(6 /XL]D 5DQJHO GH $JrQFLDV 5HJXODGRUDV 5HYLVWD GH ,QIRUPDomR /HJLVODWLYD%UDVtOLDQMDQPDUS $5$*2$OH[DQGUH6DQWRVGH'LUHLWRGRVVHUYLoRVS~EOLFRVS 'HQWUHRVGLUHLWRVIXQGDPHQWDLVFXPSUHGHVWDFDUDLPSRUWkQFLDGDGLJQLGDGHGDSHVVRDKXPDQD TXH p ³D TXDOLGDGH LQWUtQVHFD H GLVWLQWLYD GH FDGD VHU KXPDQR TXH R ID] PHUHFHGRU GR PHVPR UHVSHLWR H FRQVLGHUDomR SRU SDUWH GR (VWDGR H GD FRPXQLGDGH LPSOLFDQGR QHVWH VHQWLGR XP FRPSOH[RGHGHYHUHVHGLUHLWRVIXQGDPHQWDLVTXHDVVHJXUHPDSHVVRDWDQWRFRQWUDWRGRHTXDOTXHU DWR GH FXQKR GHJUDGDQWH H GHVXPDQR FRPR YHQKDP D OKHV JDUDQWLU DV FRQGLo}HV H[LVWHQFLDLV PtQLPDV SDUD XPD YLGD VDXGiYHO DOpP GH SURSLFLDU H SURPRYHU VXD SDUWLFLSDomR DWLYD H FR UHVSRQViYHO QRV GHVWLQRV GD SUySULD H[LVWrQFLD H GD YLGD HP FRPXQKmR FRP RV GHPDLV VHUHV KXPDQRV´ &I 6$5/(7 ,QJR :ROIJDQJ $ HILFiFLD GRV GLUHLWRV IXQGDPHQWDLV HG 3RUWR $OHJUH /LYUDULDGR$GYRJDGRS -867(1 0{QLFD 6SH]LD $ QRomR GH VHUYLoR S~EOLFR QR 'LUHLWR (XURSHX 6mR 3DXOR 'LDOpWLFD S >@ TXH D UHJXODomR HP VHUYLoR S~EOLFR VHPSUH H[LVWLUi 2 TXH VH HVWi QHJDQGR p D OyJLFD VHJXQGR D TXDO TXDQWR PDLV UHJXODomR KRXYHUPDLVDWHQGLGRVHVWDUmRRVLQWHUHVVHVGRVXVXiULRV1mRTXH LVVR QmR SRVVD RFRUUHU± H PXLWDV YH]HV GH IDWR RFRUUH ± PDV QmR Ki XPD UHODomR QHFHVViULD HQWUH HOHV 3DUWH GD GRXWULQD GR 'LUHLWR &RPXQLWiULR WDPEpP DILUPD TXH D OLEHUDOL]DomR GDV DWLYLGDGHV HFRQ{PLFDV GH LQWHUHVVH JHUDO QmR SRGH VHU WRWDO SUHVHUYDQGRVH SDUFHODVVXDVFRPRVHUYLoRVS~EOLFRVQRLQWXLWRGHHYLWDUTXHDOJXQV GLUHLWRV IXQGDPHQWDLV VHMDP IUDJLOL]DGRV HP IDFH GD DXVrQFLD GR (VWDGRHPDOJXQVVHWRUHV &HUWR p TXH KRGLHUQDPHQWH R 3RGHU 3~EOLFR SDVVRX D FRQFHQWUDU D DWHQomRQDHODERUDomRGHPHWDVGHSROtWLFDUHJXODWyULDHILVFDOL]DWyULDGRVGLYHUVRV VHWRUHV GD HFRQRPLD GHVFHQWUDOL]DQGR D SUHVWDomR GH VHUYLoRV S~EOLFRV SRU PHLR GH SHUPLVV}HV H FRQFHVV}HV DR VHWRU SULYDGR 'HVHQKDVH DVVLP XP QRYR SDSHO GR(VWDGRQDSUHVWDomRGHVHUYLoRVS~EOLFRV 1mR REVWDQWH DV SRQGHUDo}HV GH SDUWH GD GRXWULQD FRPR PHQFLRQDGDV DOKXUHVGHTXHFRPRDGYHQWRGDVDJrQFLDVUHJXODGRUDVKDYHULDDSRVVLELOLGDGHGH DSHUIHLoRDPHQWR GRV VHUYLoRV S~EOLFRV SRGHPRV FRQFOXLU TXH DSyV GXDV GpFDGDV GR VXUJLPHQWR GHVVHV QRYRV HQWHV DGPLQLVWUDWLYRV FRPR yUJmRV ILVFDOL]DGRUHV H UHJXODGRUHV GHQRWDVH TXH DLQGD QmR HVWmR DWXDQGR GHIRUPD HIHWLYD (VVH IDWRp UHYHODGR SHOD LQVDWLVIDomR GRV FRQVXPLGRUHV H SHOD IDOWD GH FRQWUROH GR 3RGHU 3~EOLFR SDUD ILVFDOL]DU D TXDOLGDGH GR DWHQGLPHQWR GDV HPSUHVDV SUHVWDGRUDV GH VHUYLoRVS~EOLFRV $)XQGDomR3URFRQGH6mR3DXORDRDSUHVHQWDURVHXUDQNLQJHP GH UHFODPDo}HV GRV FRQVXPLGRUHV RFRUULGDV HP GHL[RX FRQVLJQDGR R JUDQGH Q~PHUR GH UHFODPDo}HV FRQWUD DV HPSUHVDV FRQFHVVLRQiULDV GH VHUYLoRV S~EOLFRV QRWDGDPHQWH GR VHWRU GH WHOHIRQLD H GH HQHUJLD HOpWULFD (OHWURSDXOR H (VWDTXHVWmRTXHDIOLJHRVFRQVXPLGRUHVQmRpQRYD7UDQVFRUULGDPDLVGHXPDGpFDGDSRXFR VH DYDQoRX FRQIRUPH GHPRQVWUD R VHJXLQWH DUWLJR YHLFXODGR QR -RUQDO )ROKD GH 6mR 3DXOR ³,QVDWLVIDomR GRV FRQVXPLGRUHV H IDOWD GH FRQWUROH GR JRYHUQR SDUD YLJLDU D TXDOLGDGH GH DWHQGLPHQWR (VVH p R VDOGR GDV SULYDWL]Do}HV QR %UDVLO VHJXQGR SHVTXLVD 'DWDIROKD H GDGRV GDV DJrQFLDVJRYHUQDPHQWDLVFULDGDVSDUDPRQLWRUDUHPSUHVDV1DSUiWLFDDVDJrQFLDVQHPVHTXHUWrP FRPR GL]HU FRPR DQGDP RV VHUYLoRV SRUTXH QmR WrP ILVFDLV SDUD LVVR VXD SULQFLSDO IRQWH GH LQIRUPDomRVmRDVSUySULDVHPSUHVDVTXHFRPSUDUDPDVHVWDWDLV6mRHODVTXHGL]HPDRJRYHUQRVH RDWHQGLPHQWRPHOKRURX RXSLRURXFRPEDVHQHVVHVGDGRV D $QDWHOTXHILVFDOL]DDWHOHIRQLD HD $QHHO HQHUJLD GL]HP TXH R VHUYLoR PHOKRURX 2 Q~PHUR GH UHFODPDo}HV FRQWUDV HPSUHVDV SULYDWL]DGDVSRUpPPRVWUDTXHRFRQVXPLGRUHVWiLQVDWLVIHLWR´5HQDWR&UX]3yV3ULYDWL]DomR)ROKD GH6mR3DXOR&DGHUQR(VSHFLDOSGHDJRVWRGH (PQRWtFLD YHLFXODGD QR 3RUWDO)ROKDRQ OLQHHPGHPDUoRGH LQWLWXODGD³352&21 YDL DXWXDU GXDV HPSUHVDV IRUQHFHGRUDV GH HQHUJLD HOpWULFD HP 63 RQGH XPD GHODV p D (OHWURSDXOR HPSUHVDFRQFHVVLRQiULDGHVHUYLoRS~EOLFRHVVHQFLDOGHPRQVWUDDVXDIDOWDGHSUHSDUR´³$IXQGDomR 3URFRQ63 GHYHUi DXWXDU QHVWD WHUoDIHLUD D $(6 (OHWURSDXOR H D %DQGHLUDQWH GH (QHUJLD UHVSRQViYHLV SHOR IRUQHFLPHQWR GH HQHUJLD QR (VWDGR GH 6mR 3DXOR 6HJXQGR R 3URFRQ DV 7HOHIRQLFD HYLGHQFLDQGR D LQVDWLVIDomR GR FRQVXPLGRU TXDQWR j LQDGHTXDomR GHVWDV HPSUHVDV QR WRFDQWH D SUHVWDomR GH VHUYLoRV S~EOLFRV VREUHWXGR DTXHOHV FRQVLGHUDGRVHVVHQFLDLVSHORDUWGR&'& HPSUHVDV GHYLGR D FRUWHV QR IRUQHFLPHQWR GH HQHUJLD GHL[DUDP GH DWHQGHU RV FRQVXPLGRUHV FRP TXDOLGDGH DOpP GH GHPRUDUHP H[FHVVLYDPHQWH SDUD UHVWDEHOHFHU R VHUYLoR $V HPSUHVDV SRGHUmR VHU PXOWDGDV HP DWp 5 PLOK}HV DSyV UHVSRQGHUDP D SURFHVVR DGPLQLVWUDWLYR 2 3URFRQ LQVWDXURXXPDLQYHVWLJDomRQRLQtFLRGHIHYHUHLURHFRQFOXLXTXHDVGXDVHPSUHVDVQmRWUDEDOKDUDP GHDFRUGRFRPRVSULQFtSLRVGR&'&&yGLJRGH'HIHVDGR&RQVXPLGRU)RLFRQVWDWDGRTXHKRXYH LQWHUUXSo}HVRULJLQDGDVGHIDOKDVHPHTXLSDPHQWRVPDQWLGRVSHODVSUySULDVFRQFHVVLRQiULDVRTXH GHQRWDRGHVFXPSULPHQWRGRGHYHUGHFRQWLQXLGDGHQDSUHVWDomRGHVHUYLoRHVVHQFLDO$GHPDLVDV HPSUHVDV GH HQHUJLD HOpWULFD GHYHP HVWDU SUHSDUDGDV SDUD PLQRUDU RV LPSDFWRV GH HYHQWXDLV LQWHUUXSo}HV ,QIHOL]PHQWH WXGR LQGLFD TXH HVWDV HPSUHVDV QmR HVWmR GLVVH R GLUHWRUH[HFXWLYR GR 3URFRQ63 5REHUWR 3)(,))(5´ )2/+$ 21 /,1( 'LVSRQtYHO HP KWWSZZZIROKDXROFRPEUIROKDFRWLGLDQR!$FHVVRHPPDU (P RXWUD QRWtFLD YHLFXODGD QR -RUQDO R ³(VWDGR GH 6mR 3DXOR FRQVWDWDVH D LQDGHTXDomR GH HPSUHVDFRQFHVVLRQiULDGHWHOHIRQLDHPDWHQGHUDRVVHXVXVXiULRV³$VUHFHQWHVSDQHVGHWHOHIRQLD IL[D H LQWHUQHW SRGHP UHQGHU j 7HOHI{QLFD PXOWDV TXH VRPDGDV SRGHP FKHJDU D 5 PLOK}HV GLYXOJRXQHVWDWHUoDIHLUDR3URFRQ636HUmRFLQFRSURFHVVRVUHODFLRQDGRVjVLQWHUUXSo}HVGRV VHUYLoRVQRVPHVHVGHVHWHPEURMXQKRPDLRDEULOHIHYHUHLURGHVWHDQR2yUJmRDILUPDTXHRXWUDV VDQo}HV SUHYLVWDV QR &yGLJR GH 'HIHVD GR &RQVXPLGRU WDPEpP SRGHUmR VHU DSOLFDGDV H TXH D 7HOHI{QLFDWHUiDVVHJXUDGRRGLUHLWRGHDPSODGHIHVD(FRQWLQXDDUHSRUWDJHPFRPDH[SOLFDomRGH 5REHUWR 3IHLIIHU GLUHWRUH[HFXWLYR GR 3URFRQ63 µ$ 7HOHI{QLFD GHPRQVWUD WHU SUREOHPDV HVWUXWXUDLV JUDYHV TXH FRPSURPHWHP VXD FDSDFLGDGH GH JDUDQWLU D FRQWLQXLGDGH GRV VHUYLoRV LQFOXVLYH R GH WHOHIRQLD IL[D TXH p HVVHQFLDO -i p R TXLQWR HSLVyGLR VRPHQWH HVWH DQR +i XP GDQR LPHQVR j VRFLHGDGH H GHVUHVSHLWR DR FRQWUDWR GH FRQFHVVmR e HVVHQFLDO TXH D $QDWHO FRPR UHJXODGRUD GR VHWRULQYHVWLJXHRVSUREOHPDVHWRPHDVPHGLGDVSUHYHQWLYDVHVDQFLRQDWyULDVFDEtYHLVDVVLPFRPR IH]UHFHQWHPHQWHHPUHODomRDR6SHHG\¶´2(67$'2'(623$8/27HOHI{QLFDSRGHVHUPXOWDGD HP 5 PLOK}HV SRU SDQHV 'LVSRQtYHO HP KWWSZZZHVWDGDRFRPEU QRWLFLDVHFRQRPLD!$FHVVRHPMXO 1HVVH GLDSDVmR YDOH FRODFLRQDU GHFLVmR UHFHQWH SURIHULGD SHOD -Xt]D -DQH )UDQFR 0DUWLQV %HUWROLQL6HUUDHPGHDEULOGHQRERMRGD$omR&LYLO3~EOLFDDMXL]DGDSHOR0LQLVWpULR3~EOLFR GR(VWDGRGH6mR3DXORHPIDFHGD7HOHI{QLFD±7HOHFRPXQLFDo}HVGH6mR3DXOR6$±7HOHVSTXH UHFRQKHFHXDSURFHGrQFLDGHWRGRVRVSHGLGRVIRUPXODGRVSHORSDUTXHWGHLQGHQL]DomRHPSUROGRV DVVLQDQWHVFRQVXPLGRUHVSHORVGDQRVPDWHULDLVHPRUDLVRFRUULGRVQRV~OWLPRVFLQFRDQRVDDomRIRL GLVWULEXtGD HP HP GHFRUUrQFLD GH GLYHUVDV IDOKDV QD SUHVWDomR GRV VHUYLoRV GH WHOHFRPXQLFDo}HVLQFOXVLYHSRUFREUDQoDVLQGHYLGDVHHPGHFRUUrQFLDGRPDXDWHQGLPHQWRSUHVWDGR jTXHOHV TXH SURFXUDUDP D HPSUHVD HP EXVFD GH VROXo}HV H SURYLGrQFLDV $ PDJLVWUDGD VHQWHQFLDQWH HQWHQGHX TXH D Up HPSUHVD FRQFHVVLRQiULD GH VHUYLoR S~EOLFR FDUDFWHUL]DQGRVH R PDLRUFRQJORPHUDGRHPSUHVDULDOSULYDGRHPDWXDomRQRPHUFDGRQmRWHPWUDWDGRRFRQVXPLGRUFRP R GHYLGR UHVSHLWR VHQGR D UHFRUGLVWD GH UHFODPDo}HV QR DQR GH MXQWR j $1$7(/ $JrQFLD 1DFLRQDOGH7HOHFRPXQLFDo}HVGHYHQGRDUFDUFRPRVSUHMXt]RVGHFRUUHQWHVGHIDOKDVQDSUHVWDomR GHXPVHUYLoRHVVHQFLDO$VLQRSVHGR3URFHVVRQpDVHJXLQWH³$omR&LYLO 3~EOLFD LQGHQL]DWyULD )DOKD QD SUHVWDomR GH VHUYLoRV HVVHQFLDLV GH WHOHIRQLD EDQGD ODUJD H 79 D FDER $WHQGLPHQWR GHILFLHQWH jV UHFODPDo}HV H VROLFLWDo}HV GRV DVVLQDQWHV 'HVFXPSULPHQWR GH REULJDo}HV OHJDLV GH FRUWHVLD FRQWLQXLGDGH H HILFLrQFLD 'DQRV PDWHULDLV H PRUDLV FDXVDGRV D PLOK}HV GH FRQVXPLGRUHV 2EULJDomR GH LQGHQL]DU 5HVSRQVDELOLGDGH SRU LOLFLWXGH && DUWV H SRU GHIHLWR GR VHUYLoR &'& DUWV H SDUiJUDIR ~QLFR H SRU YLRODomR GH GLUHLWRV GH XVXiULRV GH VHUYLoRV S~EOLFRV GH WHOHFRPXQLFDo}HV /HL )HGHUDO Q DUW ;,, 5HVSRQVDELOLGDGHREMHWLYDGRIRUQHFHGRU&&DUWVSDUiJUDIR~QLFRH&'&DUW 1$785(=$((6758785$'$6$*Ç1&,$65(*8/$'25$6$872120,$6 32/Ë7,&2$'0,1,675$7,9$((&21Ð0,&2),1$1&(,5$ $V DJrQFLDV UHJXODGRUDV VmR DXWDUTXLDV SHVVRDV MXUtGLFDV GH GLUHLWR S~EOLFR LQWHUQR GRWDGDV GH XP UHJLPH MXUtGLFR HVSHFLDO FRPSRQGR R TXDGUR GD GHQRPLQDGD$GPLQLVWUDomR3~EOLFD,QGLUHWDVXMHLWDVQRTXHVHUHIHUHDRFULWpULRGH FULDomR DRV GLWDPHV GRV DUWLJRV ;,; H ,, ³H´ GD &5)% RX VHMD XPD DJrQFLDUHJXODGRUDGHYHVHUFULDGDSRUOHLHVSHFtILFDGHLQLFLDWLYDSULYDWLYDGR&KHIH GR3RGHU([HFXWLYR $OH[DQGUH6DQWRVGH$UDJmRSRQWLILFDTXHDTXDOLILFDomRGHXPyUJmR RX HQWLGDGH FRPR ³DJrQFLD´ DWp SRU VXD RULJHP HWLPROyJLFD GR ODWLP DJHQWLD GLUHomR FRQGXomR LQFLWDomR GHQRWD D HVSHFLDOLGDGH GH VXDV IXQo}HV HRX D VXD LQGHSHQGrQFLD IXQFLRQDO 2 DXWRU QR HQWDQWR GLVFRUGD GD DVVHUWLYD SRLV QD VXD RSLQLmR WrP PDLV LPSRUWkQFLD DV QRUPDV TXH YHQKDP D HVWDEHOHFHU DV IXQo}HV HVSHFtILFDVHRXDXWRQRPLDGRyUJmRGRTXHDVLPSOHVGHQRPLQDomRGHDJrQFLD 0DULD6\OYLD=DQHOOD'L3LHWURSRUVXDYH]VXEOLQKDTXH $ LGpLD GH µDJrQFLD¶ WUDQVPLWH D QHFHVVLGDGH HP VH REWHU PDLRUHV SRGHUHV H HILFLrQFLD PHGLDQWH DGRomR GH PHFDQLVPRV GH JHVWmR DGPLQLVWUDWLYDQmRKLHUDUTXL]DGD$WHUPLQRORJLDDLQGDpPXLWRQRYD SDUD SHUPLWLU XPD FODVVLILFDomR GDV DJrQFLDV QR GLUHLWR EUDVLOHLUR /XLV5REHUWR%DUURVRDILUPDTXHDLQVWLWXLomRGHXPUHJLPHHVSHFLDOYLVDDSUHVHUYDUDVDJrQFLDV UHJXODGRUDVGHLQJHUrQFLDVLQGHYLGDVLQFOXVLYHHVREUHWXGRSRUSDUWHGR(VWDGRHGHVHXVDJHQWHV 3URFXURXVHGHPDUFDUSRUHVWDUD]mRXPHVSDoRGHOHJtWLPDGLVFULFLRQDULHGDGHFRPSUHGRPtQLRGH MXt]RVWpFQLFRVVREUHDVYDORUDo}HVSROtWLFDV&RQVWDWDGDD QHFHVVLGDGHGHVH UHVJXDUGDUHPHVVDV DXWDUTXLDV HVSHFLDLV GH LQMXQo}HV H[WHUQDV LQDGHTXDGDV IRUDPOKHV RXWRUJDGDV DXWRQRPLD SROtWLFR DGPLQLVWUDWLYDHDXWRQRPLDHFRQ{PLFRILQDQFHLUD$SRQWDPHQWRVVREUHDV$JrQFLDV5HJXODGRUDV,Q 025$(6$OH[DQGUHGHFRRUG$JrQFLDV5HJXODGRUDVS ,PSRUWDQWH WUD]HU j EDLOD D REVHUYDomR IRUPXODGD SHOR DXWRU -XDQ &DUORV &DVVDJQH GH TXH QD $UJHQWLQDQmRKiQRUPDVHPHOKDQWHQRWH[WRFRQVWLWXFLRQDOGDTXHOHSDtVVHQGRSHUPLWLGRDR&KHIH GR3RGHU([HFXWLYRFULDUSHVVRDVMXUtGLFDVYLDGHFUHWR³/DFDQWLGDGGHHQWHVUHJXODGRUHVTXHVHKDQ FUHDGRDUDt]GHOSURFHVRGHSULYDWL]DFLRQHV\ODGLYHUGDGGHUHJtPHQHVGLILFXOWDQVXVLVWHPDWL]DFLyQ 1R REVWDQWH HP OR TXH VLJXH DQDOL]DUHPRV DTXHOORV TXH UHJXODQ ORV VHUYLFLRV S~EOLFRV GH PD\RU WUDQFHQGHQFLD SDUD ORV XVXiULRV TXH UHSUHVHQWDP SRU HVWD UD]yQ HO JUDGR Pi[LPR GH UHJXODFLyQ HFRQyPLFD0LHQWUDVDOJXQRVGHORVHQWHVUHJXODGRUHVJiVHOHWULFLGDG\iJXDKDQVLGRFUHDGRVSRU VXV UHVSHFWLYDV OH\HV OD &RPLVVLRQ 1DFLRQDO GH 7HFRPXQLFDFLRQHV TXH HV HO HQWH UHJXODGRU GHO VHUYLFLRGHWHOpIRQRVIXHFUHDGDSRUXPGHFUHWRGHO3RGHU(MHFXWLYR1DFLRQDO(QHVWH~OWLPRFDVR\ GDGR TXH FRPR VH GHPRQVWUDUi VHJXLGDPDQWH VH WUDWD GH HQWLGDGHV DXWiUTXLFDV FX\R PRGR GH FUHDFLyQQRKiVLGLSUHYLVWRHPOD&RQVWLWXFLyQHO3RGHU(MHFXWLYRVHHQFRQWUDKDELOLWDGRSDUDFUHDU GLFKD &RPLVVLyQ SRU GHFUHWR D SDUWH GH TXH FRPR VH Ki VHxDODGR OD WHVLV TXH OH DVLJQD OD QDWXUDOH]D GH XP UHJODPHQWR GHOHJDGR SHUPLWH VXVWHQWDU VX FRQVWLWXFLRQDOLGDG´'HUHFKR DGPLQLVWUDWLYRHG%XHQRV$LUHV$EHOHGR3HUURWS $5$*2$OH[DQGUH6DQWRVGH$JrQFLDV5HJXODGRUDVS ',3,(7520DULD6\OYLD=DQHOOD'LUHLWRDGPLQLVWUDWLYRS 'XDV PRGDOLGDGHV QR HQWDQWR Mi VH GHOLQHLDP GH IRUPD XP SRXFR PDLVSUHFLVDDVDJrQFLDVH[HFXWLYDVHDVDJrQFLDVUHJXODGRUDV 3RU RSRUWXQR FXPSUH WUDQVFUHYHU D GLIHUHQFLDomR IRUPXODGD SRU $OH[DQGUH6DQWRVGH$UDJmRDUHVSHLWRDVGXDVPRGDOLGDGHVGHDJrQFLDVFLWDGDV HPSDUHFHUIRUPXODGRMXQWRj3URFXUDGRULD*HUDOGR(VWDGRGR5LRGH-DQHLUR 1mR Ki TXH VH FRQIXQGLU $JrQFLD 5HJXODGRUD ,QGHSHQGHQWH FRP $JrQFLD ([HFXWLYD $TXHOD SRVVXL QDWXUH]D MXUtGLFD GH DXWDUTXLD FULDGD SHOR 3RGHU /HJLVODWLYR DSyV DSURYDomR SHOR &KHIH GR 3RGHU ([HFXWLYR H UHFHEH YHUGDGHLUD DXWRQRPLD IUHQWH j HQWLGDGH TXH D FULRX -i D $JrQFLD ([HFXWLYD FRQVWLWXL XPD TXDOLILFDomR GDGD D yUJmRVRXHQWLGDGHVGD$GPLQLVWUDomR3~EOLFDGHTXDOTXHUHVSpFLH TXHPDQWrPDVXDQDWXUH]DRULJLQiULDHTXHGHSRLVGHFHOHEUDGRR FRQWUDWR GH JHVWmR FRP D $GPLQLVWUDomR &HQWUDO DGTXLUHP RX DXPHQWDPDVXDDXWRQRPLDJHUHQFLDO 1RWRFDQWHDDXWRQRPLDSROtWLFRDGPLQLVWUDWLYDDOHJLVODomRLQVWLWXLGRUDGH FDGDDJrQFLDSUHYrXPFRQMXQWRGHSURFHGLPHQWRVJDUDQWLDVHFDXWHODVHQWUHDV TXDLV QRUPDOPHQWH VH LQFOXHP D QRPHDomR GRVGLUHWRUHV FRP ODVWUR SROtWLFR HP kPELWRIHGHUDODQRPHDomRpIHLWDSHOR3UHVLGHQWHGD5HS~EOLFDFRPDSURYDomRGR 6HQDGREPDQGDWRIL[RGHWUrVRXTXDWURDQRVHFLPSRVVLELOLGDGHGHGHPLVVmR GRVGLUHWRUHVVDOYRIDOWDJUDYHDSXUDGDPHGLDQWHGHYLGRSURFHVVROHJDO $LQGD QR TXH VH UHIHUH j DXWRQRPLD SROtWLFRDGPLQLVWUDWLYD DV OHLV LQVWLWXLGRUDVGDVDJrQFLDVWDPEpPSUHYLUDPFRPRUHJUDTXHRVGLULJHQWHVHVWDUmR LPSHGLGRVGHSUHVWDUGLUHWDRXLQGLUHWDPHQWHTXDOTXHUWLSRGHVHUYLoRjVHPSUHVDV VRE VXD UHJXODPHQWDomR RX ILVFDOL]DomR LQFOXVLYH FRQWURODGDV FROLJDGDV RX VXEVLGLiULDV DR ORQJR GH GHWHUPLQDGR SHUtRGR QRUPDOPHQWH GH GR]H PHVHV VXEVHTHQWHVDRWpUPLQRGHVHXVPDQGDWRV &RP UHODomR j DXWRQRPLD HFRQ{PLFRILQDQFHLUD SURFXUDVH FRQIHULU jV DJrQFLDV UHJXODGRUDV DOpP GDV GRWDo}HV RUoDPHQWiULDV JHUDLV D DUUHFDGDomR GH UHFHLWDVSURYHQLHQWHVGHRXWUDVIRQWHVWDLVFRPRWD[DVGHILVFDOL]DomRHUHJXODomR $5$*2$OH[DQGUH6DQWRVGH$JrQFLDV5HJXODGRUDVH$JrQFLDV([HFXWLYDV5HYLVWDGH'LUHLWR $GPLQLVWUDWLYR5LRGH-DQHLUR(GLWRUD5HYLVWDGRV7ULEXQDLVYDEUMXQS $JrQFLD 1DFLRQDO GH (QHUJLD (OpWULFD $11(/ DUW Û GD /HL QÛ $JrQFLD 1DFLRQDO GH 7HOHFRPXQLFDo}HV$1$7(/DUWÛGD/HLQÛ$JrQFLD1DFLRQDOGH3HWUyOHR$13DUWÛ GD /HL QÛ $JrQFLD 1DFLRQDO GH 9LJLOkQFLD 6DQLWiULD $19,6$ DUW Û GD /HL QÛ $JrQFLD 1DFLRQDO GH 6D~GH 6XSOHPHQWDU $16 DUW Û GD /HL QÛ $JrQFLD 1DFLRQDO H ÈJXDV$1$DUWÛGD/HLQÛ$JrQFLD1DFLRQDOGH7UDQVSRUWHV7HUUHVWUHV$177H$JrQFLD 1DFLRQDO GH 7UDQVSRUWHV $TXiWLFRV $17$4 DUW GD /HL QÛ $JrQFLD 1DFLRQDO GH &LQHPDV$1&,1(DUWÛGD03QÛ7RGDVDVDXWDUTXLDVGHUHJLPHHVSHFLDOQRTXHIRUDP VHJXLGDVSHODVOHLVFULDGRUDVGDVDJrQFLDVUHJXODGRUDVGRVGHPDLVHQWHVGDIHGHUDomR RX DLQGD SDUWLFLSDo}HV HP FRQWUDWRV H FRQYrQLRV FRPR RFRUUH SRU H[HPSOR QRV VHWRUHVGHSHWUyOHRHHQHUJLDHOpWULFD 232'(51250$7,92'$6$*Ç1&,$65(*8/$'25$6 $ DWXDomR GDV DJrQFLDV UHJXODGRUDV p HPLQHQWHPHQWH WpFQLFD H EXVFD LPSOHPHQWDUSRUPHLRGHDWRVUHJXODWyULRVDVSROtWLFDVS~EOLFDVWUDoDGDVSHOR3RGHU ([HFXWLYR 'HQWUH DV IXQo}HV GDV DJrQFLDV UHVVDOWDVH D IDFXOGDGH GH HGLomR GH DWRV QRUPDWLYRV UHJXODWyULRV SDUD FXPSULPHQWR GH VXD ILQDOLGDGH 7UDWDVH GR IHQ{PHQR GHQRPLQDGR GH GHVOHJDOL]DomR RX GHVOHJLILFDomR RULJLQiULD GR GLUHLWR IUDQFrV 'LDQWHGDUHJUDWUD]LGDSHORDUWLJR,9GD&5)%FRPSHWHDR&KHIHGR 3RGHU([HFXWLYRDHGLomRGHDWRQRUPDWLYR±RGHFUHWRTXHYHLFXODRUHJXODPHQWR± FRPDILQDOLGDGHGHFRQIHULUPDLRUH[HTLELOLGDGHDXPDOHLLVWRpDHGLomRGHDWR QRUPDWLYR VHFXQGiULR TXH QmR LQRYH QR PXQGR MXUtGLFR VRE SHQD GH YLRODomR DRV SULQFtSLRV GD OHJDOLGDGH DUW ,, &5)% H GD VHSDUDomR GRV SRGHUHV DUW ,,, &5)% $ UHJXODomR p SUHYLVWD QR DUWLJR GD &5)% FRPR LQVWUXPHQWR GD LQWHUYHQomRGR(VWDGRQDHFRQRPLDPHQFLRQDGRDRODGRGDIXQomRQRUPDWLYDFRPR R PHVPR REMHWLYR ,VVR DXWRUL]D IL[DU XPD SUHPLVVD GH TXH HVVD IXQomR QRUPDWLYD VH GHVHQYROYH QD IRUPD GH QRUPDV JHUDLV SUHYLVWDV QR DUWLJR , GD &5)% QRV WHUPRVGDTXDOVHULDH[HFXWDGDDDWLYLGDGHGHUHJXODomR +RGLHUQDPHQWHMiVHGLVFXWHDWHQGrQFLDHPVHDGPLWLUTXHROHJLVODGRU FRQFHGD DPSORV SRGHUHV QRUPDWLYRV j DGPLQLVWUDomR GHVGH TXH RIHUHoD SDUkPHWURVDGHTXDGRVHVXILFLHQWHVSDUDHVVDDWXDomR 2 IHQ{PHQR FRQVLVWH QDV SDODYUDV GH 'LRJR GH )LJXHLUHGR 0RUHLUD 1HWR ³>@ QD UHWLUDGD SHOR SUySULR OHJLVODGRU GH FHUWDV PDWpULDV GR GRPtQLR GD OHL SDVVDQGRDV DR GRPtQLR GR UHJXODPHQWR´ /HJLWLPLGDGHHGLVFULFLRQDULHGDGH±QRYRVUHIOH[RVVREUHRVOLPLWHVHFRQWUROHGDGLVFULFLRQDULHGDGH HG5LRGH-DQHLUR)RUHQVHS 'XDV LPSRUWDQWHV GHFLV}HV GR 6XSHULRU 7ULEXQDO GH -XVWLoD DILUPDP D SRVVLELOLGDGH GH D $GPLQLVWUDomR 3~EOLFD HVWDWXLU QRUPDV SDUD DOFDQoDU DV ILQDOLGDGHV JHQpULFDV GD GLVFLSOLQD GD PDWpULD065HO0LQ+XPEHUWR*RPHVGH%DUURV5(5-5HO 0LQLVWUD (OLDQD &DOPRQ TXH UHFRQKHFLD DWR QRUPDWLYR GD $13 TXH FULRX UHTXLVLWR WpFQLFR SDUD D FRQFHVVmRGHDXWRUL]DomRGHIXQFLRQDPHQWRGHGLVWULEXLGRUDVGHFRPEXVWtYHLV %$55262 /XLV 5REHUWR $SRQWDPHQWRV VREUH R 3ULQFtSLR GD /HJDOLGDGH 7HPDV GH 'LUHLWR &RQVWLWXFLRQDO S 2 FRQVWLWXFLRQDOLVWD DILUPD TXH HVVD WHQGrQFLD p YHULILFDGD DWp PHVPR QR 4XDQWR j HGLomR GH DWRV QRUPDWLYRV SHODV DJrQFLDV UHJXODGRUDV HVFODUHFH0DUFRV-XUXHQD9LOOHOD6RXWR &RPR HP IDFH GR SULQFtSLR GD OHJDOLGDGH Vy D OHL ± QRUPD GH SULPHLUR JUDX ± FULD RV REMHWLYRV H RV GHYHUHV GHFRUUHQWHV GD UHJXODomR FDEH UHDILUPDU TXH D UHJXODomR WUDWDVH GH DWLYLGDGH DGPLQLVWUDWLYD $ OHL FULD D REULJDomR H R UHJXODGRU HVWDEHOHFH R PpWRGR SDUD R VHX FXPSULPHQWR 3DUD WDQWR SRGH ID]rOR SRU PHLR GH QRUPDV UXOHPDNLQJ RX GH DWRV FRQFUHWRV DGMXGLFDWLRQ FRQIRUPHRPDLRURXPHQRUJUDXGHFRQKHFLPHQWRVREUHRVHWRUHR Q~PHURGHGHVWLQDWiULRVHQYROYLGRV $OH[DQGUH 6DQWRV GH $UDJmR D VHX WXUQR ID] R VHJXLQWH DOHUWD FRP UHODomR DR SRGHU QRUPDWLYR GDV DJrQFLDV UHJXODGRUDV ³6HUmR HQILP RV FRQWUROHV VRFLDLVDUHVSRQVDELOLGDGHHRHVStULWRS~EOLFRGRVDJHQWHVHVWDWDLVHSULYDGRVTXH GHWHUPLQDUmR D PDQXWHQomR H D SRWHQFLDOL]DomR GDV HQWLGDGHV LQGHSHQGHQWHV GRWDGDVGHDXWRQRPLDQRUPDWLYD´ 2 3$3(/ '$6 $*Ç1&,$6 5(*8/$'25$6 1$ 3$&,),&$d2 '26 &21)/,726'(&216802 $SyV HVVD EUHYH H[SODQDomR DFHUFD GR WUDoDGR GHVWH QRYHO LQVWLWXWR GHQRPLQDGR GH DJrQFLDV UHJXODGRUDV UHVWD VDEHU FRPR GHYHP SURFHGHU RV XVXiULRV GLDQWH GD GHWHFomR GH IDOKDV QD SUHVWDomR GRV VHUYLoRV S~EOLFRV SHORV DJHQWHV HFRQ{PLFRV GHQRPLQDGRV FRQFHVVLRQiULRV RX SHUPLVVLRQiULRV TXDQGR KRXYHUOHVmRRXDPHDoDDRVVHXVGLUHLWRVFRPRFRQVXPLGRUHVGDTXHOHVVHUYLoRV &XPSUH UHVVDOWDU TXH XPD GDV MXVWLILFDWLYDV TXH VXVWHQWDUDP R PDUFR UHJXODWyULR QR %UDVLO DOpP GD QHFHVVLGDGH GH LQYHVWLPHQWR SULYDGR QRV VHWRUHV GH LQIUDHVWUXWXUDVHPRTXDOQmRSRGHULDKDYHUFUHVFLPHQWRHFRQ{PLFRIRLMXVWDPHQWH D H[WHQVmR GD SUHVWDomR GH VHUYLoRV S~EOLFRV DR PDLRU Q~PHUR GH EHQHILFLiULRV GLUHLWR SULYDGR RQGH FRPR H[HPSOR WHPRV R QRYR &yGLJR &LYLO %UDVLOHLUR TXH UHYHOD XPD FRGLILFDomRHVWUXWXUDGDHPSULQFtSLRVVWDQGDUGVHFOiXVXODVJHUDLVRXVHMDXPVLVWHPDDEHUWR 62872 0DUFRV -XUXHQD 9LOOHOD 'LUHWR DGPLQLVWUDWLYR UHJXODWyULR 5LR GH -DQHLUR /XPHQ -XULV S $5$*2$OH[DQGUH6DQWRVGH2SRGHUQRUPDWLYRGDV$JrQFLDV5HJXODGRUDV5HYLVWD7ULPHVWUDO GH'LUHLWR3~EOLFR6mR3DXOR0DOKHLURVYS EHP FRPR D RIHUWD GH SURGXWRV FRPSDWtYHLV FRP D WHFQRORJLD PRGHUQD RIHUHFLGD QRVGHQRPLQDGRVSDtVHVGHSULPHLURPXQGR 3RU RXWUR ERUGR REVHUYDVH TXH R &'& p OHL SUHH[LVWHQWH DR PDUFR UHJXODWyULR GH PRGR TXH DV QRUPDV HGLWDGDV SHODV DJrQFLDV UHJXODGRUDV GHYHP HVWDU HP FRQVRQkQFLD FRP R PLFURVVLVWHPD FRQVXPHULVWD H DLQGD HP HYHQWXDO IDOKDQDSUHVWDomRGHVHUYLoRVS~EOLFRVUHJXODGRVTXHDFDUUHWHOHVmRRXDPHDoDD GLUHLWR GR FRQVXPLGRU D GHPDQGD GHYH VHU VROXFLRQDGD GH DFRUGR FRP DV UHJUDV FRQVXPHULVWDV 'HVVD IRUPD p IRUoRVR FRQFOXLU TXH DV UHODo}HV GH FRQVXPR FRQILJXUDGDV SRU SUHVWDGRUHV GH VHUYLoRV S~EOLFRV VXERUGLQDGRV jV UHJUDV GH UHJXODomRGHXPODGRHXVXiULRVFRQVXPLGRUHVGHRXWURGHYHPVHUUHJLGDVSHODV UHJUDV GR &'& RX VHMD DLQGD TXH DV OHLV TXH LQVWLWXDP DJrQFLDV UHJXODGRUDV EHP FRPR DV QRUPDV HPDQDGDV SRU WDLV DJrQFLDV HVSHFLILTXHP QRUPDV SUySULDV SDUD FDGD VHWRU DV UHODo}HV GH FRQVXPR IRUPDGDV HP UD]mR GD SUHVWDomR GR VHUYLoRUHJXODGRFRQWLQXDUmRDVHUUHJLGDVSHODOHLFRQVXPHULVWDHPGHFRUUrQFLDGD QDWXUH]DGHQRUPDSULQFLSLROyJLFDDUWGR&'& 5REHUWR$XJXVWR&DVWHOODQRV3ILHIIHUDQRWDTXHDVDJrQFLDVGHYHPWHU SRU IXQomR SUHFtSXD ]HODU SHOD REHGLrQFLD GDV QRUPDV SURWHWLYDV GR FRQVXPLGRU 1HVVHVHQWLGRp DVHJXLQWHGHFLVmR³5HODFLRQDPHQWRFRQVXPLGRUFRQFHVVLRQiULD>@5HSHWLomR GR LQGpELWR HP GREUR DQWH D UHFDOFLWUkQFLD GD UHFRUULGD 3URYLPHQWR SDUFLDO GR UHFXUVR , ± $V DJrQFLDV UHJXODGRUDV TXH VXUJLUDP QR %UDVLO >@ DEDUFDQGR LQLFLDOPHQWH iUHDV GH HQHUJLD WHOHFRPXQLFDo}HVHSHWUyOHRID]HQGRFRPTXHHPWHUPRVFRQVWLWXFLRQDLV±(PHQGD&RQVWLWXFLRQDO Q SDVVDVVH D FRQVWDU QD &DUWD 0DJQD EUDVLOHLUD R LQVWLWXWR GR µyUJmR UHJXODGRU¶ TXH QmR H[LVWHP SDUD GHIHVD GDV FRQFHVVLRQiULDV GH VHUYLoRV S~EOLFRV PDV FRPR R SUySULR QRPH LQGLFD UHJXODU R VHX IXQFLRQDPHQWR FRP RV XVXiULRV FRQVXPLGRUHV (VWi KDYHQGR QD SUiWLFD XPD LQYHUVmR,,±1HQKXPDUHVROXomRRUGHPGHVHUYLoRRXSRUWDULDVHVREUHS}HjVQRUPDVGDOHJLVODomR FRQVXPHULVWDTXHWHPQRGLUHLWRjLQIRUPDomRXPGRVVHXVSLODUHVGHVXVWHQWDomR,,,±'DtSRUTXH p GHYHU GDV FRQFHVVLRQiULDV GH WHOHIRQLD QmR DSHQDV OHJDO PDV VREUHWXGR PRUDO LQIRUPDU DGHTXDGDPHQWHDRVXVXiULRVD RULJHPGRVSXOVRVH DVXDTXDQWLGDGH6HQmR WrPFRQGLo}HVSDUD LQIRUPDUQmRWrPGLUHLWRDFREUDUVRESHQDGHFRUUHUPRVRULVFRGHFRQVDJUDomRGRHQULTXHFLPHQWR VHP FDXVD >@ 9 $ UHFDOFLWUkQFLD GD HPSUHVD GH WHOHIRQLD VXD FRQGXWD FRPR XPD GDV HPSUHVDV LQWHJUDQWHV GR GRORURVR UDQNLQJ GDV PiV SUHVWDGRUDV GH VHUYLoRV DXWRUL]DP D FRQGHQDomR QD GHYROXomR HP GREUR GRV YDORUHV FREUDGRV 9 ± 3DUFLDO SURYLPHQWR GR UHFXUVR´ 5,2 '( -$1(,52 7ULEXQDOGH-XVWLoD$SHODomR&tYHOQ5HODWRU'HV$GHPLU3LPHQWHO-XOJDGRHP 3XEOLFDGRHP'-HKWWS?ZZZWMUMMXVEU! $ HVVHUHVSHLWRHOXFLGD-RVp5HLQDOGRGH /LPD/RSHV³2GLUHLWRGRFRQVXPLGRUQRVWHPSRVGH SULYDWL]DomRpXPGRVPHFDQLVPRVDGHTXDGRVHLPSRUWDQWHVSDUDLPSHGLUTXHDYROWDDRVpFXOR;,; HP WHUPRV LQVWLWXFLRQDLV VHMD FRPSOHWD 0DLV DLQGD R GLUHLWR GR FRQVXPLGRU DR ODGR GR GLUHLWR GD FRQFRUUrQFLD GHILQH R PHUFDGR´ 'LUHLWR GR FRQVXPLGRU H SULYDWL]DomR 5HYLVWD GH 'LUHLWR GR &RQVXPLGRU6mR3DXOR5HYLVWDGRV7ULEXQDLVYDEUMXQS 3)(,))(5 5REHUWR $XJXVWR &DWHOODQRV S 6HUYLoRV 3~EOLFRV &RQFHGLGRV H 3URWHomR GR &RQVXPLGRU5HYLVWDGH'LUHLWRGR&RQVXPLGRU(G576mR3DXORYSRXW1RY S TXH GHYHP LQWHJUDU D SUySULD UHODomR FRQWUDWXDO HVWDEHOHFLGD HQWUH R SRGHU FRQFHGHQWHHRVGHOHJDWiULRVGHVHUYLoRVS~EOLFRV1DDYDOLDomRGRDXWRU >@LQWHUHVVDQWHLQVWUXPHQWRSDUDHVWLPXODUDSDUWLFLSDomRVRFLDOVmR DV DXGLrQFLDV S~EOLFDV HVSDoR QR TXDO RV FRQVXPLGRUHV SRGHUmR H[SRU D VXD RSLQLmR VREUH RV UXPRVTXH D UHJXODomR GHYH WHU EHP FRPRDSUHVHQWDUDVVXDVUHFODPDo}HVVREUHDVSHFWRVHVSHFtILFRV $VVLP SRU H[HPSOR R DUW GR $QH[R , GR 'HF HVWDEHOHFHDREULJDWRULHGDGHGHD$QHHOSURPRYHUDXGLrQFLDS~EOLFD SUHFHGHQGR R SURFHVVR GHFLVyULR SDUD D HODERUDomR GH DWR DGPLQLVWUDWLYRRXDQWHSURMHWRGHOHLTXHWHQKDUHODomRFRPRVGLUHLWRV GRVFRQVXPLGRUHV$OXGLGDDXGLrQFLDWHPSRUREMHWLYR , ± UHFROKHU VXEVtGLRV H LQIRUPDo}HV SDUD R SURFHVVR GHFLVyULRV GD $QHHO ,, ± SURSLFLDU DRV DJHQWHV H FRQVXPLGRUHV D SRVVLELOLGDGH GH HQFDPLQKDPHQWRGHVHXVSOHLWRVRSLQL}HVHVXJHVW}HV ,,, ± LGHQWLILFDU GD IRUPD PDLV DPSOD SRVVtYHO WRGRV RV DVSHFWRV UHOHYDQWHVjPDWpULDREMHWRGHDXGLrQFLDS~EOLFD ,9±GDUSXEOLFLGDGHjDomRUHJXODWyULDGD$QHHO 7UDWDVHSRUWDQWRGHLQVWUXPHQWRLPSRUWDQWHSDUDTXHDSDUWLFLSDomR DWLYD GRV FRQVXPLGRUHV SRVVD UHIRUoDU R FDUiWHU S~EOLFR TXH GHYH SRVVXLU R HVSDoR GHQRPLQDGR PHUFDGR RQGH MDPDLV SRGH VHU SHUPLWLGR TXH RV IRUQHFHGRUHV LPSRQKDP XQLODWHUDOPHQWH RV VHXV LQWHUHVVHV &RPR UHVWRX GHPRQVWUDGR DOKXUHV DV DJrQFLDV UHJXODGRUDV QDGD PDLV VmR GR TXH SDUWH GD $GPLQLVWUDomR 3~EOLFD RUJDQL]DGDV SRU OHLV HVSHFtILFDV H GRWDGDV GH DXWRQRPLD SROtWLFD H ILQDQFHLUD FDUDFWHUL]DQGRVH FRPR XPD ORQJD PDQXVGR3RGHU([HFXWLYRGRWDGRGHWHFQLFLGDGH 3RUFRQVHJXLQWHDLQGDTXHQmRKDMDLQJHUrQFLDGLUHWDGR3RGHU([HFXWLYR QDDGPLQLVWUDomRGDVDJrQFLDVUHJXODGRUDVVXDQDWXUH]DMXUtGLFDGHDXWDUTXLDVRE UHJLPHHVSHFLDOQmRGHVFRQILJXUDVXDQDWXUH]D~OWLPDTXDOVHMDVmRHODVSDUWHGR (VWDGR 3RUWDQWRHPFDVRGHIDOKDQDSUHVWDomRGHVHUYLoRVS~EOLFRVGHYHPDV DJrQFLDV UHJXODGRUDV VHU UHVSRQVDELOL]DGDV MXQWR jV HPSUHVDV SUHVWDGRUDV GH WDLV VHUYLoRSRVWRTXHFXPSUHDHODVSRUGHWHUPLQDomRFRQVWLWXFLRQDODUW&5)% R SODQHMDPHQWR D UHJXODomR H D ILVFDOL]DomR GD FRUUHWD SUHVWDomR GRV VHUYLoRV QRWDGDPHQWH DTXHOHV FRQVLGHUDGRV HVVHQFLDLV SHOD OHJLVODomR FRQVXPHULVWD H GHOHJDGRVjLQLFLDWLYDSULYDGD $6 289,'25,$6 '$6 $*Ç1&,$6 5(*8/$'25$6 0(,2 '( $&(662 '2 &21680,'25868È5,2'(6(59,d263Ò%/,&26 8PD YH] HQWHQGLGR TXH FXPSUH jV DJrQFLDV UHJXODGRUDV ]HODU SHOD SUHVWDomRGHVHUYLoRS~EOLFRHILFD]HDGHTXDGRDUW;&'&UHVWDVDEHUVHKi PHLRV SDUD TXH FRQVXPLGRUXVXiULR IDoD YDOHU RV VHXV GLUHLWRV VHP WHU TXH VH VRFRUUHUGR3RGHU-XGLFLiULR &HUWR p TXHGLDQWH GH VLWXDomR TXHRFDVLRQH OHVmR RX DPHDoDD GLUHLWR GRFRQVXPLGRUDSULPHLUDSURYLGrQFLDDVHUDGRWDGDGHYHVHUFRQWDWDUGLUHWDPHQWH FRPRIRUQHFHGRUGRVVHUYLoRVSDUDWHQWDUGLULPLURFRQIOLWRLPLQHQWH 2XWURVVLPQmRKiFRPRQHJDUTXHDPDLRULDGDVHPSUHVDVSUHVWDGRUDV GHVHUYLoRVS~EOLFRVGHOHJDGRVVHMDPHODVFRQFHVVLRQiULDVRXSHUPLVVLRQiULDVRX D SUySULD $GPLQLVWUDomR 3~EOLFD HQFRQWUDPVH PDO DSDUHOKDGDV QR TXH WDQJH DR DWHQGLPHQWR GR FRQVXPLGRU TXH SUHWHQGD DSUHVHQWDU UHFODPDo}HV VREUH R VHUYLoR SUHVWDGR 'LDQWH GHVVH FHQiULR FXPSUH jV DJrQFLDV UHJXODGRUDV DVVXPLUHP R SDSHO TXH OKHV pDWULEXtGR GH ]HODU SHODHILFD] H DGHTXDGD SUHVWDomR GRV VHUYLoRV S~EOLFRV H GDU DWHQGLPHQWR DRV FRQVXPLGRUHV QRWDGDPHQWH QR TXH VH UHIHUH j VROXomRGRVFRQIOLWRVDSUHVHQWDGRV 1HVVHVHQWLGRpRFRPHQWiULRGH0DUFRV-XUXHQD9LOOHOD6RXWRDFHUFD GD SURWHomR SRU yUJmRV UHJXODGRUHV DR PHQFLRQDU D /HL Q TXH GLVS}H VREUHDRUJDQL]DomRGRVVHUYLoRVGHWHOHFRPXQLFDo}HV $ LQRYDomR YHLR FRP D SUHYLVmR GD ILJXUD GR 2XYLGRU TXH VHUi QRPHDGRSHOR3UHVLGHQWHGD5HS~EOLFDSDUDPDQGDWRGHGRLVDQRV DGPLWLGDXPDUHFRQGXomRRTXDOWHUiDFHVVRDWRGRVRVDVVXQWRVH FRQWDUi FRP R DSRLR DGPLQLVWUDWLYR GH TXH QHFHVVLWDU FRPSHWLQGR OKH SURGX]LU VHPHVWUDOPHQWH RX TXDQGR RSRUWXQR DSUHFLDo}HV FUtWLFDVVREUHDDWXDomRGD$JrQFLDHQFDPLQKDQGRDVDR&RQVHOKR 'LUHWRUDR&RQVHOKR&RQVXOWLYRDR0LQLVWpULRGDV&RPXQLFDo}HVD RXWURVyUJmRVGR3RGHU([HFXWLYRHDR&RQJUHVVR1DFLRQDOID]HQGR SXEOLFiODVSDUDFRQKHFLPHQWRJHUDO $ FULDomR GH 2XYLGRULDV SHODV DJrQFLDV UHJXODGRUDV QRV PROGHV GR TXDQWR HVWDEHOHFLGR SHOD OHL GH WHOHFRPXQLFDo}HV UHSUHVHQWD LQLFLDWLYD GH H[WUHPR 628720DUFRV-XUXHQD 9LOOHOD'HVHVWDWL]DomR SULYDWL]DomRFRQFHVVmRHWHUFHUL]Do}HVHG 5LRGH-DQHLUR/XPHQ-XULVS LQWHUHVVH SDUD D SDFLILFDomR GRV FRQIOLWRV GH FRQVXPR GHFRUUHQWHV GH IDOKD QD SUHVWDomRGHVHUYLoRVUHJXODGRV 'HVVDFRQVWDWDomRH[WUDLVHTXHHVVHFDPLQKRDVHUSHUFRUULGRVHMDXPD GDVPDQHLUDVGHFRPSDWLELOL]DUDKDUPRQL]DomRGRVLQWHUHVVHVGRVSDUWLFLSDQWHVGDV UHODo}HV GH FRQVXPR H D SURWHomR GR FRQVXPLGRU FRP D QHFHVVLGDGH GH GHVHQYROYLPHQWRHFRQ{PLFRHWHFQROyJLFRVHPRTXHQmRVHUiSRVVtYHOYLDELOL]DURV SULQFtSLRVQRVTXDLVVHIXQGDDRUGHPHFRQ{PLFDDUWGD&5)%VHPSUHFRP EDVHQDERDIpHQRHTXLOtEULRQDVUHODo}HVHQWUHFRQVXPLGRUHVHIRUQHFHGRUHVQRV PROGHVSUHFRQL]DGRVSHORDUW,,,GR&'& $R HQVHMR GH ILQDOL]DomR GHVWH FDStWXOR SRGHPRV FRQFOXLU TXH DV DJrQFLDVUHJXODGRUDVMXQWDPHQWHFRPR&'&WrPSDSHOGHUHOHYRQDSURWHomRGRV XVXiULRVGHVHUYLoRVS~EOLFRVPDVDLQGDKiPXLWRDVHUIHLWRGLDQWHGDLQVDWLVIDomR GRV FRQVXPLGRUHV H GD IDOWD GH SUHSDUR GHPRQVWUDGD SRU DOJXQV GHVWHV HQWHV QD ILVFDOL]DomRHFRQWUROHGRVVHUYLoRVGHOHJDGRVjLQLFLDWLYDSULYDGD $ / 868È5,2(&21680,'25'(6(59,d263Ò%/,&26 &RP EDVH QDV LPSRUWDQWHV FRQVLGHUDo}HV DWp DTXL DSUHVHQWDGDV UHODWLYDPHQWH DR WUDWDPHQWR GRV VHUYLoRV S~EOLFRV QR &'& H D SDUWLU GR HVWXGR SRUPHQRUL]DGR GRV FRQFHLWRV GH FRQVXPLGRU IRUQHFHGRU H VHUYLoR FRQIRUPH HVWDWXtGRV QRV DUWV H GR PHVPR GLSORPD OHJDO HQWHQGLGR TXH ILJXUDP FRPR REMHWR GD UHODomR GH FRQVXPR DJRUD p D YH] GH FDUDFWHUL]DU GHWLGDPHQWH R VXMHLWR GHVWD UHODomR TXDQGR HQWUD HP FHQD D SUHVWDomR GRV VHUYLoRV S~EOLFRV HVVHQFLDLVDWHRUGRGLVSRVWRDUWGR&'& $ SURSyVLWR TXDQGR VH HVWXGD D TXHVWmR GD LQFLGrQFLD GR GLSORPD FRQVXPHULVWD QD SUHVWDomR GH VHUYLoRV S~EOLFRV HVVHQFLDLV YHULILFDVH TXH QmR Ki XQLIRUPLGDGH GH HQWHQGLPHQWRV QD GRXWULQD 1D GLVFXVVmR GR WHPD DV FRUUHQWHV LQWHQWDP H[SOLFDU GH XP ODGR TXH L WUDWDVH GH VLWXDo}HV MXUtGLFDV GLVWLQWDV HQYROYHQGR R XVXiULR H R FRQVXPLGRU H TXH SRU HVWD UD]mR D OHJLVODomR FRQVXPHULVWDQmRSRGHULDVHUDSOLFDGDDRXVXiULRGHVHUYLoRVS~EOLFRVLLGHRXWUR QmR Ki FRPR QHJDU TXH R XVXiULR GH VHUYLoRV S~EOLFRV p VXMHLWR GD UHODomR GH FRQVXPR H TXH SRUWDQWR SRU RVWHQWDU D TXDOLGDGH GH FRQVXPLGRU PHUHFH D SURWHomRGR&'& ³$UW&RQVXPLGRUpWRGDSHVVRDItVLFDRXMXUtGLFDTXHDGTXLUHRXXWLOL]DSURGXWRRXVHUYLoRFRPR GHVWLQDWiULRILQDO 3DUiJUDIR ~QLFR (TXLSDUDVH D FRQVXPLGRU D FROHWLYLGDGH GH SHVVRDV DLQGD TXH LQGHWHUPLQiYHLV TXHKDMDLQWHUYLQGRQDVUHODo}HVGHFRQVXPR´ ³$UW )RUQHFHGRU p WRGD SHVVRD ItVLFD RX MXUtGLFD S~EOLFD RX SULYDGD QDFLRQDO RX HVWUDQJHLUD EHPFRPRRVHQWHVGHVSHUVRQDOL]DGRVTXHGHVHQYROYHPDWLYLGDGHGHSURGXomRPRQWDJHPFULDomR FRQVWUXomR WUDQVIRUPDomR LPSRUWDomR H[SRUWDomR GLVWULEXLomR RX FRPHUFLDOL]DomR GH SURGXWRV RX SUHVWDomRGHVHUYLoRV 3URGXWRpTXDOTXHUEHPPyYHORXLPyYHOPDWHULDORXLPDWHULDO 6HUYLoRpTXDOTXHUDWLYLGDGHIRUQHFLGDQRPHUFDGRGHFRQVXPRPHGLDQWHUHPXQHUDomRLQFOXVLYH DV GH QDWXUH]D EDQFiULD ILQDQFHLUD GH FUpGLWR H VHFXULWiULD VDOYR DV GHFRUUHQWHV GDV UHODo}HV GH FDUiWHUWUDEDOKLVWD´ ³$UW 2V yUJmRV S~EOLFRV SRU VL RX VXDV HPSUHVDV FRQFHVVLRQiULDV SHUPLVVLRQiULDV RX VRE TXDOTXHURXWUDIRUPDGHHPSUHHQGLPHQWRVmRREULJDGRVDIRUQHFHUVHUYLoRVDGHTXDGRV HILFLHQWHV VHJXURVHTXDQWRDRVHVVHQFLDLVFRQWtQXRV 3DUiJUDIR ~QLFR 1RV FDVRV GH GHVFXPSULPHQWR WRWDO RX SDUFLDO GDV REULJDo}HV UHIHULGDV QHVWH DUWLJRVHUmRDVSHVVRDVMXUtGLFDVFRPSHOLGDVDFXPSULODVHDUHSDUDURVGDQRVFDXVDGRVQDIRUPD SUHYLVWDQHVWHFyGLJR´ 2GLUHLWRDGPLQLVWUDWLYRGLVFLSOLQDGDTXDOQRVYDOHPRVQRGHFRUUHUGHVWH WUDEDOKRFRQVLGHUDXVXiULRWRGDSHVVRDTXHXWLOL]DRVVHUYLoRVS~EOLFRVHTXHSRVVXL GLUHLWRVHGHYHUHVHPGHFRUUrQFLDGRVHUYLoRTXHOKHHVWiVHQGRRIHUHFLGR 2V GLUHLWRV UHODWLYRV j SURWHomR GR XVXiULR GH VHUYLoRV S~EOLFRV QRV WHUPRV GD /HL Q /HL GDV &RQFHVV}HV VmR RV GH UHFHEHU VHUYLoR DGHTXDGRHGHREWHUGRFRQFHGHQWHHGDFRQFHVVLRQiULDLQIRUPDo}HVSDUDDGHIHVD GH LQWHUHVVHV FROHWLYRV H LQGLYLGXDLV DUW ,, H DLQGD GH XWLOL]DU R VHUYLoR FRP OLEHUGDGHGHHVFROKD 2GHWH 0HGDXDU GRXWULQDGRUD DGPLQLVWUDWLYD DVVHYHUD TXH GH IDWR D /HL Q FRP DOWHUDo}HV SRVWHULRUHV DUUROD RV GLUHLWRV H GHYHUHV GRV XVXiULRV GR VHUYLoR S~EOLFR PDV VHP SUHMXt]R GRV SUHFHLWRV GD OHJLVODomR FRQVXPHULVWDTXHOKHVmRDSOLFiYHLV )HUQDQGR &RVWD GH $]HYHGR SRU VXD YH] SRVVXL HQWHQGLPHQWR DEUDQJHQWH D LQGLFDU D LQFLGrQFLD GR &'& DR XVXiULR GH VHUYLoR S~EOLFR 3DUD R DXWRU 6HQGR WRGR H TXDOTXHU VHUYLoR XPD DWLYLGDGH HFRQ{PLFD FXMD FRQWUDSUHVWDomR VH Gi PHGLDQWH UHPXQHUDomR GLUHWD SHOR XVXiULR DUW GR &'& RV VHUYLoRV GH WLWXODULGDGH HVWDWDO VHUYLoRV S~EOLFRVSUHVWDGRVSHODSHVVRDMXUtGLFDGD$GPLQLVWUDomR,QGLUHWDD FKDPDGDH[HFXomRGLUHWDRXVXEPHWLGDHVWDSUHVWDomRDRSURFHVVR GH GHOHJDomR j LQLFLDWLYD SULYDGD H[HFXomR LQGLUHWD VHUmR VHPSUH REMHWR GH UHODomR GH FRQVXPR $ FRQVHTrQFLD OyJLFD GHVWD DILUPDomRpDGHTXHWRGRHTXDOTXHUXVXiULRGHVHUYLoRS~EOLFRVHUi VHPSUHXPFRQVXPLGRU %RD SDUWH GD GRXWULQD SURSXJQD SHOD WRWDO GLIHUHQFLDomR GR FRQFHLWR GH XVXiULRGHVHUYLoRS~EOLFRGDQRomRGHFRQVXPLGRULQVHUWDQR&'&VREDDOHJDomR GHTXHRVHUYLoRS~EOLFRGLIHUHGRVHUYLoRSULYDGR $SDUWLUGDDQiOLVHGRDUWGD/HLQ2GHWH0HGDXDUDUURODRVVHJXLQWHVGLUHLWRVGRV XVXiULRV ³>@ UHFHEHU VHUYLoR DGHTXDGR UHFHEHU GR FRQFHGHQWH H GD FRQFHVVLRQiULD LQIRUPDo}HV SDUDGHIHVDGHLQWHUHVVHVLQGLYLGXDLVRXFROHWLYRVREWHUHXWLOL]DURVHUYLoRFRPOLEHUGDGHGHHVFROKD HQWUH RV YiULRV SUHVWDGRUHV GH VHUYLoR TXDQGR IRU R FDVR REVHUYDGDV DV QRUPDV GR SRGHU FRQFHGHQWHWHURIHUHFLGDVSHODVFRQFHVVLRQiULDVRPtQLPRGHVHLVGDWDVRSFLRQDLVSDUDHVFROKHUHP RV GLDV GH YHQFLPHQWRV GH VHXV GpELWRV LQVHULGR QD /HL Q SHOD /HL Q GH ´ ( SURVVHJXH D DXWRUD DILUPDQGR TXH VH DSUHVHQWDP FRPR GHYHUHV ³>@ OHYDU DR FRQKHFLPHQWR GR 3RGHU 3~EOLFR H GD FRQFHVVLRQiULD DV LUUHJXODULGDGHV GH TXH WHQKDP FLrQFLD UHIHUHQWHVDRVHUYLoRSUHVWDGRFRPXQLFDUjVDXWRULGDGHVFRPSHWHQWHVRVDWRVLOtFLWRVSUDWLFDGRVSHOD FRQFHVVLRQiULDQDSUHVWDomRGHVHUYLoRVFRQWULEXLUSDUDDPDQXWHQomRGDVERDVFRQGLo}HVGRVEHQV S~EOLFRVDIHWDGRVDRVVHUYLoRVS~EOLFRV´'LUHLWRDGPLQLVWUDWLYRPRGHUQRHG6mR3DXOR5HYLVWD GRV7ULEXQDLVS $ LQWHUSUHWDomR GH $QWRQLR &DUORV &LQWUD GR $PDUDO DSRQWD QHVVH VHQWLGR $ UHODomR MXUtGLFD HQWUH FRQFHVVLRQiULD H XVXiULR QmR SRGH VHU HTXLSDUDGD j H[LVWHQWH HQWUH GXDV SHVVRDV SULYDGDV TXH DWXDP QD GHIHVD GH VHXV LQWHUHVVHV HVSHFtILFRV 2 VHUYLoR S~EOLFR FXMR H[HUFtFLRpDWULEXtGRjFRQFHVVLRQiULDFRQWLQXDQDWLWXODULGDGHHVRE D UHVSRQVDELOLGDGH GR SRGHU FRQFHGHQWH 3HUDQWH D UHODomR GH FRQVXPR GLYHUVDPHQWH R 3RGHU 3~EOLFR DWXD FRPR µSURWHWRU¶ GD SDUWH FRQVLGHUDGD KLSRVVXILFLHQWH TXH HP UHJUD p R FRQVXPLGRU 5HVVDOWHVH TXH R WUDWDPHQWR GDGR DR XVXiULR GH VHUYLoR S~EOLFR SHOD&RQVWLWXLomRHSHODOHLpGLYHUVRGRGLVSHQVDGRDRFRQVXPLGRU $ &RQVWLWXLomR WUDWD GRV GRLV DVVXQWRV HP GLVSRVLWLYRV GLIHUHQWHV D FRQFHVVmREDVLFDPHQWHQRDUWDSURWHomRGRFRQVXPLGRUQRV DUWVLQFLVR;;;,,HLQFLVR9 (DLQGDSURVVHJXHRFLWDGRDXWRUMXVWLILFDQGRRVHXSRVLFLRQDPHQWR 2 DUW GD (PHQGD &RQVWLWXFLRQDO Q GHWHUPLQRX TXH R &RQJUHVVR 1DFLRQDO GHYHUi HODERUDU µOHL GH GHIHVD GR XVXiULR GH VHUYLoRVS~EOLFRV¶,VVRHTXLYDOHDRUHFRQKHFLPHQWRLPSOtFLWRGHTXH HVVD GHIHVD p MXULGLFDPHQWH GLYHUVD GD µGHIHVD GR FRQVXPLGRU¶ Mi UHJXODGDSHOD/HLQ6DOLHQWHVHTXHHVVDOHLGHYLDWHUVLGR HODERUDGDSHOR&RQJUHVVR1DFLRQDOQRSUD]RGHFHQWRHYLQWH GLDVDSDUWLUGHMXQKRGH$WpKRMHQmRRIRL+iYiULRVSURMHWRV GHOHLWUDPLWDQGRQR&RQJUHVVR1DFLRQDO$OJXQVGHWHUPLQDPDPHX YHU HTXLYRFDGDPHQWH D DSOLFDomR VXEVLGLiULD GDV QRUPDV GD /HL Q j GHIHVD GR XVXiULR GH VHUYLoR S~EOLFR 3HQVR TXH LVVR VHUYLUi SDUD SHUSHWXDU D FRQIXVmR DWXDO HQWUH DV GXDV UHODo}HV MXUtGLFDVDGHVHUYLoRS~EOLFRHDGHFRQVXPR&DEHDR&RQJUHVVR TXHMiDSURYRXHPR&yGLJRGH'HIHVDGR&RQVXPLGRUDSURYDU DJRUDRXWURFyGLJRGLIHUHQWHGDTXHOHTXDOVHMDR&yGLJRGH'HIHVD GR8VXiULRGH6HUYLoR3~EOLFR 0DUoDO -XVWHQ )LOKR GHPRQVWUD SRVLomR XP SRXFR PDLV IOH[tYHO TXDQGRDGPLWHDLQFLGrQFLDSDUFLDOGR&'&DRVXVXiULRVGHVHUYLoRVS~EOLFRV$VVLP pRVHXFRPHQWiULR 2 GLUHLWR GR FRQVXPLGRU QmR SRGH VHU DSOLFDGR LQWHJUDOPHQWH QR kPELWRGRVHUYLoRS~EOLFRSRUXPDHVSpFLHGHVROLGDULHGDGHHQWUHRV XVXiULRV HP YLUWXGH GD TXDO QHQKXP GHOHV SRGH H[LJLU YDQWDJHQV $=(9('2 )HUQDQGR &RVWD $ GHIHVD GR FRQVXPLGRU H UHJXODomR D SDUWLFLSDomR GRV FRQVXPLGRUHV EUDVLOHLURV QR FRQWUROH GD SUHVWDomR GH VHUYLoRV S~EOLFRV 3RUWR $OHJUH /LYUDULD GR $GYRJDGRS $0$5$/ $QWRQLR &DUORV &LQWUD GR 'LVWLQomR HQWUH XVXiULR GH VHUYLoR S~EOLFR H FRQVXPLGRU 5HYLVWD 'LiORJR -XUtGLFR 6DOYDGRU %DKLD &$- ± &HQWUR GH $WXDOL]DomR -XUtGLFD Q DEUPDLR S $0$5$/ $QWRQLR &DUORV &LQWUD GR 'LVWLQomR HQWUH XVXiULR GH VHUYLoR S~EOLFR H FRQVXPLGRU 5HYLVWD'LiORJR-XUtGLFRS -867(1),/+20DUoDO&XUVRGHGLUHLWRDGPLQLVWUDWLYRS HVSHFLDLVFXMDIUXLomRDFDUUHWDULDDLQYLDELOL]DomRGHRIHUWDGRVHUYLoR S~EOLFRHPIDYRUGHRXWURVVXMHLWRV$OLiVHQmRSRUDFDVRRDUW GD (& Q SUHYLUD TXH VHULD HODERUDGD QR SUD]R GH GLDV XPD OHL GH GHIHVD GR XVXiULR GH VHUYLoRV S~EOLFRV $ UHJUD UHFRQKHFLD HQWmR D LQYLDELOLGDGH GH DSOLFDomR DXWRPiWLFD H LQGLIHUHQFLDGD GR &yGLJR GH 'HIHVD GR &RQVXPLGRU DR kPELWR GRV VHUYLoRVS~EOLFRV 3RLV EHP 1mR REVWDQWH D DOWHUDomR GR DUW WUD]LGD DR WH[WR FRQVWLWXFLRQDOSHODVOLQKDVGD(PHQGD&RQVWLWXFLRQDOQTXHGHWHUPLQRXD FULDomRGDOHLGHGHIHVDGRXVXiULRGHVHUYLoRVS~EOLFRVSHOR&RQJUHVVR1DFLRQDOp GH VH DILUPDU TXH R &'& FRQWLQXD H FRQWLQXDUi WHQGR DSOLFDomR DRV VHUYLoRV S~EOLFRV DSWR TXH HVWi SDUD UHJXODU DV UHODo}HV HQYROYHQGR GH XP ODGR RV GHOHJDWiULRVGHVHUYLoRVS~EOLFRVHGHRXWURRVUHVSHFWLYRVXVXiULRV $FUHVFHQWHVH TXH D UHGDomR GR FLWDGR GLVSRVLWLYR GHVWDFD TXH D OHL HVWDEHOHFHUiDVIRUPDVGHSDUWLFLSDomRGRXVXiULRQD$GPLQLVWUDomR3~EOLFD'LUHWDH LQGLUHWD UHJXODQGR SULQFLSDOPHQWH DV UHFODPDo}HV UHODWLYDV DRV VHUYLoRV S~EOLFRV HP JHUDO &RP HVVD GLVFLSOLQD ILFDP DVVHJXUDGRV D PDQXWHQomR GH VHUYLoRV GH DWHQGLPHQWRHDDYDOLDomRSHULyGLFDDFHUFDGDTXDOLGDGHGRVVHUYLoRVRDFHVVRGRV XVXiULRV D UHJLVWURV DGPLQLVWUDWLYRV H LQIRUPDo}HV VREUH DWRV GH JRYHUQR H D GLVFLSOLQD GD UHSUHVHQWDomR FRQWUD H[HUFtFLR QHJOLJHQWH RX DEXVLYR GH FDUJR HPSUHJRRXIXQomRQD$GPLQLVWUDomR 6HP HPEDUJR D OHL GH GHIHVD GR XVXiULR GH VHUYLoR S~EOLFR TXDQGR HQWUDUHPYLJRUWHUiSRUHVFRSRPLQXGHQFLDURVGLUHLWRVHRVGHYHUHVGRVXVXiULRV GH VHUYLoRV S~EOLFRV LPSXOVLRQDQGR D SDUWLFLSDomR GHVWHV PHVPRV XVXiULRV QD ILVFDOL]DomR GRV VHUYLoRV S~EOLFRV SUHVWDGRV H DEUDQJHUi WRGRV RV VHUYLoRV 'LVS}HRDUWGD(PHQGD&RQVWLWXFLRQDOQTXH³2&RQJUHVVR1DFLRQDOGHQWURGHFHQWR HYLQWHGLDVGDSURPXOJDomRGHVWD(PHQGDHODERUDUiOHLGHGHIHVDGRXVXiULRGHVHUYLoRVS~EOLFRV´ (PIDFH GD H[LVWrQFLD GH YiULRV SURMHWRV GH OHL TXH WUDPLWDYDP QD &kPDUD GRV 'HSXWDGRV SDUD UHJXODPHQWDURGLVSRVWRQRGRDUWLJRGD&DUWD0DJQDWRGRVHOHVIRUDPDSHQVDGRVDR3URMHWR GH/HLQTXHDJXDUGDUHGDomRILQDOGRVHXWH[WRHSRVWHULRUHQFDPLQKDPHQWRSDUDSDXWDH YRWDomR SHOR 3OHQiULR (P OLQKDV JHUDLV D OHL GRV XVXiULRV GH VHUYLoRV S~EOLFRV HVWi HVWUXWXUDGD EDVLFDPHQWHGDVHJXLQWHIRUPD&DStWXOR,±'DV'LVSRVLo}HV3UHOLPLQDUHV&DStWXOR,,±'RV'LUHLWRV GRV8VXiULRV&DStWXOR,,, ±'RV'HYHUHVGRV8VXiULRV&DStWXOR,9±'D OHJLWLPLGDGH&DStWXOR 9 ± 'R&RQVHOKR1DFLRQDOGH6HUYLoRV3~EOLFRV&DStWXOR9,±'RV6HUYLoRVGH$WHQGLPHQWRDR8VXiULR &DStWXOR 9,, ± 'DV &RPLVV}HV GH $YDOLDomR &DStWXOR 9,,, ± 'DV 2XYLGRULDV GH 'HIHVD GR 8VXiULR &DStWXOR ,; ± 'D $SXUDomR GH 9LRODomR GRV 'LUHLWRV GR 8VXiULR H &DStWXOR ; ± 'DV 'LVSRVLo}HV 7UDQVLWyULDVH)LQDLV 2DUWGR3URMHWRGH/HLQHVWDEHOHFHQRUPDVEiVLFDVGHSURWHomRHGHIHVDGRXVXiULR GRV VHUYLoRV S~EOLFRV SUHVWDGRV SHOD $GPLQLVWUDomR 'LUHWD H LQGLUHWD GD 8QLmR GLUHWDPHQWH RX VRE UHJLPHGHFRQFHVVmRSHUPLVVmRDXWRUL]DomRRXTXDOTXHURXWUDGHGHOHJDomRSRUDWRDGPLQLVWUDWLYR FRQWUDWR RX FRQYrQLR 1R SDUiJUDIR SULPHLUR GLVS}H TXH FRQVLGHUDVH XVXiULR D SHVVRD ItVLFD RX MXUtGLFDTXHGLUHWDRXLQGLUHWDPHQWHXWLOL]DHIHWLYDRXSRWHQFLDOPHQWHRVVHUYLoRVUHIHULGRVQRFDSXW GRDUWLJR SUHVWDGRV SRU TXDOTXHU GRV 3RGHUHV GD 8QLmR H WDPEpP GRV HVWDGRVPHPEURV GR'LVWULWR)HGHUDOHGRVPXQLFtSLRVQRH[HUFtFLRGDIXQomRDGPLQLVWUDWLYDVHMDGH IRUPDGLUHWDRXVREUHJLPHGHFRQFHVVmRSHUPLVVmRRXDXWRUL]DomR ,QIHUHVH SRUWDQWR TXH D OHL GH GHIHVD GR XVXiULR GH VHUYLoRV S~EOLFRV GHYLGR j VXD DEUDQJrQFLD DOFDQoDUi WRGRV RV VHUYLoRV QmR LPSRUWDQGR D IRUPD FRPRVmRUHPXQHUDGRVVHSRUPHLRGHWD[DWDULIDRXVXEVLGLDGRVSRURXWUDVIRQWHV WULEXWiULDV $ OHJLVODomR FRQVXPHULVWD SRU VHX WXUQR LQFLGH VREUH RV VHUYLoRV S~EOLFRVGHQDWXUH]DXWLVLQJXOLUHPXQHUDGRVSRUPHLRGHWDULIDFRQIRUPHVHLQIHULX HPRXWURSRQWRGHVWHWUDEDOKR 1HVVHSDVVRSRGHVHDILUPDUTXHWRGRFRQVXPLGRUGHVHUYLoRVS~EOLFRV SRGHVHUWDPEpPFRQVLGHUDGRXVXiULRPDVDUHFtSURFDQHPVHPSUHpYHUGDGHLUD XPD YH] TXH D LGpLD GH XVXiULR GH VHUYLoR S~EOLFR p EHP PDLV DPSOD GR TXH D QRomR GH FRQVXPLGRU RX VHMD DTXHODV SHVVRDV TXH XWLOL]DP FRPR GHVWLQDWiULDV ILQDLV VHUYLoRV S~EOLFRV UHPXQHUDGRV GLUHWDPHQWH SRU PHLR GH WDULID H IRUQHFLGRV SHOR(VWDGRRXSRUTXHPOKHVIDoDDVYH]HVHPXPDUHODomRGHFRQVXPR 'HVWDUWH DQRomRGHFRQVXPLGRUH[VXUJH GR SUySULR FRQFHLWRSDGUmR GH FRQVXPLGRUFRQVRDQWHDUWFDSXWGR&'&FRQVLJQDGRDQWHULRUPHQWHGHIRUPD TXHRXVXiULRGHVHUYLoRS~EOLFRGHQDWXUH]DXWLVLQJXOLHVWiLQVHULGRQRFRQFHLWRGH FRQVXPLGRUHVWDPSDGRQHVWHGLSORPDOHJDO (ODLQH &DUGRVR GH 0DWRV 1RYDLV GLVVHUWDQGR VREUH HVWD TXHVWmR DVVHYHUDTXHDOHLGHGHIHVDGRXVXiULRGHVHUYLoRS~EOLFRDEUDQJHUiGRLVWLSRVGH XVXiULRV >@ DTXHOHV TXH VH HQTXDGUDP QD FRQFHSomR GH FRQVXPLGRU H SRUWDQWR GHYHUmR VHU GHIHQGLGRV HP VHXV GLUHLWRV PDWHULDLV FRP EDVH QR &'& H RV XVXiULRV TXH QmR VmR FRQVXPLGRUHV SRUTXH XVXIUXHP VHUYLoRV UHPXQHUDGRV PHGLDQWH WD[D RX RXWURV WULEXWRV H TXH HP FDVR GH GLVFXVVmR VREUH VHXV GLUHLWRV GHYHUmR EDVHDUVH SUHIHUHQFLDOPHQWHQR'LUHLWR$GPLQLVWUDWLYRRX'LUHLWR7ULEXWiULRPDV SRGHP LQYRFDU SULQFtSLRV JHUDLV D HOHV DSOLFiYHLV PHVPR TXH LQVHULGRV QR &'& D H[HPSOR GD PHOKRULD H UDFLRQDOL]DomR GRV VHUYLoRV S~EOLFRV EHP FRPR D DGHTXDomR HILFLrQFLD VHJXUDQoD H FRQWLQXLGDGHGHOHV 1R(VWDGRGH6mR3DXORIRLHGLWDGDD/HLQGHGHDEULOGHUHODWLYDjSURWHomRH GHIHVDGRXVXiULRGRVHUYLoRS~EOLFRGR(VWDGRGH6mR3DXOR$OpPGHGLVSRUVREUHGLUHLWRVEiVLFRV GRV XVXiULRV FRPR LQIRUPDomR TXDOLGDGH QD SUHVWDomR GR VHUYLoR H FRQWUROH DGHTXDGR GR VHUYLoR S~EOLFR GLVFLSOLQD R SURFHVVR DGPLQLVWUDWLYR SDUD DSXUDomR GH DWR RIHQVLYR j FLWDGD OHL H R VLVWHPD HVWDGXDOGHGHIHVDGRXVXiULRGHVHUYLoRVS~EOLFRV 129$,6 (ODLQH &DUGRVR GH 0DWRV 5HODomR GH FRQVXPR H VHUYLoRV S~EOLFRV &XULWLED -XUXi S &pVDU$XJXVWR*XLPDUmHV3HUHLUDDSHVDUGHFRQVLGHUDUTXHDSRVLomR GR XVXiULR IUHQWH DR SUHVWDGRU GR VHUYLoR S~EOLFR QmR p FDUDFWHUL]DGD SHOD IUDJLOLGDGHSUySULDGRFRQVXPLGRUSULYDGRSRQGHUD ,VVR QmR H[FOXL SRUpP FHUWRV SRQWRV GH FRPXQKmR HQWUH RV FRQFHLWRVGHXVXiULRHFRQVXPLGRUHVSHFLDOPHQWHQRTXHVHUHIHUHj IUXLomRGRVHUYLoRMiWRUQDGRGLVSRQtYHO >@ 4XDQWR PDLRU D OLEHUGDGH RXWRUJDGD DRV SUHVWDGRUHV GH VHUYLoR PDLV R UHJLPH GR XVXiULR VRIUH LQIOXrQFLD GR UHJLPH WtSLFR GR FRQVXPLGRU 1RV VHUYLoRV FDUDFWHUL]DGRV SHOD FRPSHWLomR HQWUH RV SUHVWDGRUHV FRPR R GH WHOHFRPXQLFDo}HV H SRU UHODWLYD OLEHUGDGH GH RUJDQL]DomR HFRQ{PLFD GRV VHUYLoRV SHORV SUHVWDGRUHV D DPSOLWXGH GHVVD OLEHUGDGHID] VXUJLU VLWXDo}HVSDVVtYHLV GH VROXomR PHGLDQWHUHFXUVRDRGLUHLWRGRFRQVXPLGRU 'HVVDV OLo}HV H[WUDLVH HP VXPD TXH R XVXiULR GH VHUYLoR S~EOLFR VH HQTXDGUD QD GHILQLomR GH FRQVXPLGRU LQVHUWD QR DUW FDSXW GR &'& H TXH SRUWDQWR PHVPR FRP D SHUVSHFWLYD GD DSURYDomR GD OHL GH GHIHVD GR XVXiULR GH VHUYLoRVS~EOLFRVFRQWLQXDUiVHQGRPHUHFHGRUGDSURWHomRGDOHLFRQVXPHULVWD &217,18,'$'('$35(67$d2'(6(59,d263Ò%/,&26(66(1&,$,6 $ FRPSUHHQVmR GH TXH DOJXQV VHUYLoRV HVVHQFLDLV FRPR GLVSRVWR QR DUWLJRGR&'&VXEPHWHPVHDRSULQFtSLRGDFRQWLQXLGDGHGRVVHUYLoRVS~EOLFRV p GH IXQGDPHQWDO LPSRUWkQFLD SDUD R HVWXGR TXH DOXGH D HVWD ~OWLPD SDUWH GHVWH WUDEDOKRTXHVHUHIHUHjTXHVWmRUHODFLRQDGDFRPDLQWHUUXSomRGRIRUQHFLPHQWRGH VHUYLoR S~EOLFR HVVHQFLDO HP UD]mR GR LQDGLPSOHPHQWR GR XVXiULR QR FDVR GH VHUYLoRUHPXQHUDGRSRUPHLRGHWDULID &RPR p FHGLoR R DUW GR &'& DSHQDV PHQFLRQD RV VHUYLoRV HVVHQFLDLV VHP FDUDFWHUL]DU GHILQLU RX VHTXHU LQGLFDU TXH DWLYLGDGHV RX VHUYLoRV S~EOLFRVHVVHQFLDLVSRGHPVHUREMHWRVGHUHODomRGHFRQVXPR $QW{QLR+HUPDQGH9DVFRQFHOORVH%HQMDPLQFRQILUPDHVVDDVVHUWLYD 3(5(,5$&HVDU$XJXVWR*XLPDUmHV8VXiULRVGHVHUYLoRVS~EOLFRVXVXiULRVFRQVXPLGRUHVHRV DVSHFWRVHFRQ{PLFRVGRVVHUYLoRVS~EOLFRV6mR3DXOR6DUDLYDS %(1-$0,1 $QW{QLR +HUPDQ GH 9DVFRQFHOORV H &RPHQWiULRV DR &yGLJR GH 3URWHomR GR &RQVXPLGRU&RRUG-XDUH]GH2OLYHLUD6mR3DXOR6DUDLYDS 2 &yGLJR QmR GLVVH R TXH HQWHQGLD SRU VHUYLoRV HVVHQFLDLV (VVHQFLDOLGDGHSHORPHQRVQHVWHSRQWRKiTXHVHULQWHUSUHWDGDHP VHXVHQWLGRYXOJDUVLJQLILFDQGRWRGRVHUYLoRS~EOLFRLQGLVSHQViYHOj YLGD HP FRPXQLGDGH RX PHOKRU HP XPD VRFLHGDGH GH FRQVXPR ,QFOXHPVH Dt QmR Vy RV VHUYLoRV VWULFWRVHQVX RV GH SROtFLD RV GH SURWHomR GD VD~GH PDV DLQGD RV VHUYLoRV GH XWLOLGDGH S~EOLFD RV GH WUDQVSRUWH FROHWLYR RV GH HQHUJLD HOpWULFD RV GH JiV RV GH WHOHIRQHRVGHFRUUHLRV$OLVWDQmRVHJXHDGLQILQLWXPGHYHQGRVHU ULJLGDPHQWHMXQJLGDDRVFDVRVGHHIHWLYDLPSUHVFLQGLELOLGDGH(HVWH FRQFHLWRFRPRWDQWRVQRGLUHLWRGRFRQVXPLGRUpPXWiYHOFRQIRUPH HYROXDPDVQHFHVVLGDGHVGDVRFLHGDGHGHFRQVXPR &RPDSRLRQRFLWDGRDXWRUDGYHUWHVHTXHDWDUHIDGHDSRQWDUTXDLVVmR RV VHUYLoRV FRQVLGHUDGRV HVVHQFLDLV H[LJH GHWLGR HVIRUoR VREUHWXGR SRUTXH D OHL QmRRVGHILQHFRQIRUPHFRQVLJQDGRDOKXUHVWDPSRXFRDGRXWULQDHDMXULVSUXGrQFLD ILUPDUDPHQWHQGLPHQWRDUHVSHLWR %HPDSURSyVLWRTXDGUDSUHQGHUDWHQomRQRTXHGHWHUPLQRXROHJLVODGRU FRQVWLWXLQWHQRDUWLJRLQYHUELV $UW e DVVHJXUDGR R GLUHLWR GH JUHYH FRPSHWLQGR DRV WUDEDOKDGRUHV GHFLGLU VREUH D RSRUWXQLGDGH GH H[HUFrOR H VREUH RV LQWHUHVVHVTXHGHYDPSRUPHLRGHOHGHIHQGHU $ OHL GHILQLUi RV VHUYLoRV RX DWLYLGDGHV HVVHQFLDLV H GLVSRUi VREUHRDWHQGLPHQWRGDVQHFHVVLGDGHVLQDGLiYHLVGDFRPXQLGDGH &RP UHODomR DR H[HUFtFLR GR GLUHLWR GH JUHYH FRXEH j /HL Q UHJXODPHQWDU R GLVSRVLWLYR FRQVWLWXFLRQDO 5HIHULGD OHL GHILQH SRLV DV DWLYLGDGHV HVVHQFLDLVHUHJXODRDWHQGLPHQWRGDVQHFHVVLGDGHVLQDGLiYHLVGDFRPXQLGDGH $³/HLGH*UHYH´FRPRILFRXFRQKHFLGDD/HLQDSUHVHQWDHP VHXDUWXPUROGRVVHUYLoRVFRQVLGHUDGRVHVVHQFLDLVDVDEHU $UW6mRFRQVLGHUDGRVVHUYLoRVRXDWLYLGDGHVHVVHQFLDLV ,±WUDWDPHQWRHDEDVWHFLPHQWRGHiJXDSURGXomRHGLVWULEXLomRGH HQHUJLDHOpWULFDJiVHFRPEXVWtYHLV ,,±DVVLVWrQFLDPpGLFDHKRVSLWDODU ,,,±GLVWULEXLomRHFRPHUFLDOL]DomRGHPHGLFDPHQWRVHDOLPHQWRV ,9±IXQHUiULRV 9±WUDQVSRUWHFROHWLYR 9,±FDSWDomRHWUDWDPHQWRGHHVJRWRHOL[R 9,,±WHOHFRPXQLFDo}HV 9,,, ± JXDUGD XVR H FRQWUROH GH VXEVWkQFLDV UDGLRDWLYDV HTXLSDPHQWRVHPDWHULDLVQXFOHDUHV ,;±SURFHVVDPHQWRGHGDGRVOLJDGRVDVHUYLoRVHVVHQFLDLV ;±FRQWUROHGHWUiIHJRDpUHR ;,±FRPSHQVDomREDQFiULD &RQIRUPHSUHYrRDUWLQF9GD&5)%RVHUYLoRGHWUDQVSRUWHFROHWLYRWHPFDUiWHUHVVHQFLDO $ UHVSHLWR GR FDUiWHU GH HVVHQFLDOLGDGH TXH UHYHVWH DOJXQV VHUYLoRV S~EOLFRV GLWDGRV HQWmR SHODV QHFHVVLGDGHV GD FROHWLYLGDGH RX H[LJrQFLDV GD VRFLHGDGHGHFRQVXPRDGRXWULQDVHPDQLIHVWD $GDOEHUWR3DVTXDORWWRDSURSyVLWRDVVHYHUDTXH >@ FRPR FRQFHLWR LQGHWHUPLQDGR TXH p R FDUiWHU HVVHQFLDO GH XP VHUYLoR S~EOLFR QR kPELWR GDV UHODo}HV HVSHFtILFDV GH FRQVXPR DIRUDRTXHVHMDLPSRUWDGRGHRXWUDVVHDUDVMXUtGLFDVHVSHFLDOPHQWH GR 'LUHLWR &RQVWLWXFLRQDO H GR 'LUHLWR $GPLQLVWUDWLYR VHUi GDGR SHOD LQWHUSUHWDomR GR FDVR FRQFUHWR DWp TXH VH ILUPH MXULVSUXGrQFLD VHJXUD DTXDO QR HQWDQWRVHUiPXWiYHO FRQIRUPH D GLQkPLFD GD VRFLHGDGHGHFRQVXPR 6X]DQD0DULD3LPHQWD&DWWD3UHWD)HGHULJKLWDPEpPVHSURQXQFLD $OJXQV VHUYLoRV SDVVDP SHOR FULWpULR GD HVVHQFLDOLGDGH TXH QmR UHFHEHTXDOTXHUWUDWDPHQWRWD[DWLYRSHODYLDOHJLVODWLYDjH[FHomRGD /HLGH*UHYH&XPSUHUHVVDOWDUDHVVHQFLDOLGDGHGHFHUWRVVHUYLoRV WDLV FRPR DV WHOHFRPXQLFDo}HV R VHUYLoR IXQHUiULR RV VHUYLoRV GH FROHWD GH OL[R R VHUYLoR GH IRUQHFLPHQWR GH HQHUJLD HOpWULFD HWF ¬ IDOWD GH OHJLVODomR TXH RV GHILQD R TXH FHUWDPHQWH p SUHIHUtYHO H[LVWHP GLSORPDV OHJDLV TXH LQGLFDP SDUkPHWURV SDUD D DIHULomR GDTXHOHVVHUYLoRVFDUDFWHUL]DGRVFRPRHVVHQFLDLV1HVVHVHQWLGRD /HLGH*UHYHQHPVHXDUWLJRDVVLPFRPRDVQRUPDV OHJDLV TXH LPS}HP UHTXLVLWRV GH DGHTXDomR GR VHUYLoR S~EOLFR GHQWUHHOHVDVOHLVQVHDPEDVYHUVDQGRVREUH FRQFHVVmRGHVHUYLoRVS~EOLFRV $QW{QLR /XL] 5L]]DWWR 1XQHV SRU VXD YH] DILUPD TXH RV VHUYLoRV HVVHQFLDLVDVVLPFRQVLGHUDGRVSHOD/HLGH*UHYHQmRSRGHPVHULQWHUURPSLGRVGH IRUPDDOJXPD1DVXDLQWHUSUHWDomR 2 &yGLJR GH 'HIHVD GR &RQVXPLGRU p FODUR WD[DWLYR H QmR DEUH H[FHo}HV RV VHUYLoRV HVVHQFLDLV VmR FRQWtQXRV ( GLJDVH HP UHIRUoRTXHHVVDJDUDQWLDGHFRUUHGRWH[WRFRQVWLWXFLRQDO&RPHIHLWR FRQIRUPH DQDOLVDPRV QR LQtFLR GHVWH WUDEDOKR D OHJLVODomR FRQVXPHULVWD GHYH REHGLrQFLD DRV SULQFtSLRV FRQVWLWXFLRQDLV TXH 3$648$/2772 $GDOEHUWR 2V VHUYLoRV S~EOLFRV QR &yGLJR GH 'HIHVD GR &RQVXPLGRU 5HYLVWD GH'LUHLWRGR&RQVXPLGRUS $ MXULVSUXGrQFLD DLQGD QmR FRQVHJXLX GHILQLU R TXH VmR VHUYLoRV S~EOLFRV HVVHQFLDLV WDPSRXFR LQGLFDU TXDLV VHULDP HVVHV VHUYLoRV 5HVWULQJHVH D GL]HU TXH VmR LQGLVSHQViYHLV H TXH VH VXERUGLQDP DR SULQFtSLR GD FRQWLQXLGDGH 1HVVH VHQWLGR FRQIHULU $*5(63 5- $*5(63 07 5(63 0* 5(63 0* $3& 7-56 $3& 7-0*$FHVVRHPDJR )('(5,*+, 6X]DQD 0DULD 3LPHQWD &DWWD 3UHWD $ DGYRFDFLD S~EOLFD H D GHIHVD GRV LQWHUHVVHV GLIXVRV H FROHWLYRV GLDQWH GD SUHVWDomR GRV VHUYLoRV S~EOLFRV 5HYLVWD GH 'LUHLWRV 'LIXVRV 7HPDV $WXDLVGH'LUHLWRGR&RQVXPLGRU,,%$3,QVWLWXWR %UDVLOHLUR GH$GYRFDFLD 3~EOLFD H$352'$% ± $VVRFLDomRGRV3URIHVVRUHVGH'LUHLWR$PELHQWDOGR%UDVLODQR9,,YSQRYGH] 5,==$72181(6/XL]$QW{QLR&RPHQWiULRVDR&yGLJRGH'HIHVDGR&RQVXPLGRUS GLULJHPVXDVGHWHUPLQDo}HV(QWUHHVVHVSULQFtSLRVHQFRQWUDPVHRV GD LQWDQJLELOLGDGH GD GLJQLGDGH GD SHVVRD KXPDQD DUW ,,, GD JDUDQWLDjVHJXUDQoDHjYLGDFDSXWGRDUWTXHWHPGHVHUVDGLD H GH TXDOLGDGH HP IXQomR GD JDUDQWLD GR PHLR DPELHQWH HFRORJLFDPHQWH HTXLOLEUDGR FDSXW GR DUW H GD TXDO GHFRUUH R GLUHLWR QHFHVViULR j VD~GH FDSXW GR DUW HWF 2UD YrVH Dt D LQWHOLJrQFLD GR WH[WR GR DUW GD /HL 1mR p SRVVtYHO JDUDQWLU VHJXUDQoD YLGD GLJQD QXP PHLR DPELHQWH HTXLOLEUDGR WXGR D UHVSHLWDU D GLJQLGDGH KXPDQD VH RV VHUYLoRV S~EOLFRV HVVHQFLDLV XUJHQWHVQmRIRUHPFRQWtQXRV $VDQiOLVHVGH$PDGHXGRV$QMRV9LGRQKR-~QLRUH0iULR$QW{QLR/REDWR GH3DLYD VREUHD/HLQDSRQWDPQRVHJXLQWHVHQWLGR 7DOQRUPDVRERSRQWRGHYLVWDKHUPHQrXWLFRSRGHVHUFODVVLILFDGD WHFQLFDPHQWHFRPRXPDQRUPDMXUtGLFDQDFLRQDORXVHMDTXHDWLQJH D FROHWLYLGDGH VHP GLVWLQomR SRGHQGR VHU HVWHQGLGD D TXDLVTXHU FDVRVRXFRQGLo}HVTXHOHYHPjLQWHUUXSomRGHVHUYLoRGHQDWXUH]D HVVHQFLDOHQmRVyQDVJUHYHVDWpSRUTXHHPVXDSUySULDHPHQWD LQVFXOSH TXH µGHILQH DV DWLYLGDGHV HVVHQFLDLV¶ H QmR VRPHQWH HP VLWXDo}HV GH JUHYH 3RUWDQWR GHIOXLXVH TXH D FRQWLQXLGDGH GRV VHUYLoRV GHQRPLQDGRV HVVHQFLDLV DOFDQoD QmR DSHQDV RV FDVRV HP TXH Ki LQWHUUXSomR SRU PRWLYR GH JUHYH PDV WDPEpP TXDLVTXHU WLSRV GH LQWHUUXSomR VHMD SRU FREUDQoD GH GtYLGDV RX SRU IDOWD GR SUySULR VHUYLoR LVWR SRUTXH SHOD QDWXUH]D HVVHQFLDO GD SUHVWDomR SUHVXPHVH R GHFUpVFLPR RX D DXVrQFLD GH TXDOLGDGH GH YLGD GH GLJQLGDGH H SRU YH]HV GD SUySULD UHDOL]DomR GD FLGDGDQLD IXQGDPHQWRVDTXHVHDSyLDD5HS~EOLFD)HGHUDWLYDGR%UDVLODUW GD&RQVWLWXLomR)HGHUDOGH $VVLP YrVH TXH D QRUPD LQVFXOSLGD QD /HL GH *UHYH SRGHUi HP SULQFtSLR VXSULU D RPLVVmR GR &'& QR TXH WDQJH j GHILQLomR H FODVVLILFDomR GRV VHUYLoRV S~EOLFRV HVVHQFLDLV QRWDGDPHQWH DV DWLYLGDGHV HQXPHUDGDV H TXH VH HQFRQWUDPGHQWURGDFDWHJRULDGHVHUYLoRVS~EOLFRVGHQDWXUH]DXWLVLQJXOLGRVTXDLV SRGHPVHUFLWDGRVRWUDWDPHQWRHDEDVWHFLPHQWRGHiJXDDSURGXomRHGLVWULEXLomR GHHQHUJLDHOpWULFDLQFLVR,RWUDQVSRUWHFROHWLYRLQFLVR9HDWHOHIRQLDLQFLVR9,, ,QREVWDQWH D FRQVWDWDomR GH TXH R DUWLJR GD /HL Q p XP LPSRUWDQWH LQGLFDWLYR GR FDUiWHU GH HVVHQFLDOLGDGH TXH UHYHVWH GHWHUPLQDGRV VHUYLoRVS~EOLFRVDGRXWULQDFRQVXPHULVWDQmRRFRQVLGHUDGHIRUPDDEVROXWDVRER DUJXPHQWRGHTXHRURODSUHVHQWDGRSHOD/HLGH*UHYHpH[HPSOLILFDWLYR $HVVHUHVSHLWRFXPSUHGHVWDFDUDRSLQLmRGH=HOPR'HQDUL 9,'21+2 -Ò1,25 $PDGHX GRV $QMRV 3$,9$ 0iULR $QW{QLR /REDWR GH 'D FRQWLQXLGDGH GRV VHUYLoRVHVVHQFLDLVGHFRQVXPR'LVSRQtYHOHPKWWSZZZMXVFRPEU!$FHVVRHPDJR '(1$5, =HOPR &yGLJR %UDVLOHLUR GH 'HIHVD GR &RQVXPLGRU FRPHQWDGR SHORV $WRUHV GR $QWHSURMHWRHG5LRGH-DQHLUR)RUHQVH8QLYHUVLWiULDS eVHPSUHPXLWRFRPSOLFDGRLQYHVWLJDUDQDWXUH]DGRVHUYLoRS~EOLFR SDUD WHQWDU VXUSUHHQGHU QHVWH RX QDTXHOH R WUDoR GD VXD HVVHQFLDOLGDGH&RPHIHLWRFRWHMDGRVHPVHXVDVSHFWRVPXOWLIiULRV RV VHUYLoRV GH FRPXQLFDomR WHOHI{QLFD GH IRUQHFLPHQWR GH HQHUJLD HOpWULFDiJXDFROHWDGHHVJRWRRXOL[RGRPLFLOLDUWRGRVSDVVDPSRU XPD JUDGDomR GH HVVHQFLDOLGDGH TXH VH H[DFHUED MXVWDPHQWH TXDQGR HVWmR HP FDXVD RV VHUYLoRV S~EOLFRV GLIXVRV XWL XQLYHUVL UHODWLYRVjVHJXUDQoDVD~GHHHGXFDomR3DUHFHQRVSRUWDQWRPDLV UD]RiYHOVXVWHQWDUDLPDQrQFLDGHVVHUHTXLVLWRHPWRGRVRVVHUYLoRV SUHVWDGRVSHOR3RGHU3~EOLFR 1HVVH GLDSDVmR PDLV XPD YH] RSRUWXQR p R HVFyOLR GH /XL] $QW{QLR 5L]]DWWR 1XQHV TXH FRPSDUWLOKD GR MXt]R HVSRVDGR SHOR DXWRU FLWDGR DFLPD TXDQGRFRQVLJQDTXH >@ HP PHGLGD DPSOtVVLPD WRGR VHUYLoR S~EOLFR H[DWDPHQWH SHOR IDWR GH VrOR S~EOLFR VRPHQWH SRGH VHU HVVHQFLDO 1mR SRGHULD D VRFLHGDGH IXQFLRQDU VHP XP PtQLPR GH VHJXUDQoD S~EOLFD VHP D H[LVWrQFLD GRV VHUYLoRV GR 3RGHU -XGLFLiULR VHP DOJXP VHUYLoR GH VD~GHHWF1HVVHVHQWLGRHQWmRpTXHVHGL]TXHWRGRVHUYLoRS~EOLFR p HVVHQFLDO $VVLP WDPEpP R VmR RV VHUYLoRV GH IRUQHFLPHQWR GH HQHUJLDHOpWULFDGHiJXDHHVJRWRGHFROHWDGHOL[RGHWHOHIRQLDHWF +i GRXWULQD SRUpP TXH DQDOLVD FRP SDUFLP{QLD D QRomR GH HVVHQFLDOLGDGH H[WUDtGD GD /HL GH *UHYH DQWH D DOHJDomR GH TXH D OHL DSHQDV DSRQWD R FDUiWHU GH HVVHQFLDOLGDGH GH DOJXQV VHUYLoRV TXH QmR SRGHP VHU VXVSHQVRV HP FDVR GH JUHYH GH IXQFLRQiULRV TXH ODERUDP SDUD PDQWrORV HP IXQFLRQDPHQWR HVWDQGR HVWHV VHUYLoRV SRUWDQWR HP VLWXDomR GLDPHWUDOPHQWH RSRVWDjTXHOHVDIHWRVjVQHFHVVLGDGHVGDVRFLHGDGHGHFRQVXPR 1HVVH VHQWLGR p R HQWHQGLPHQWR GH (ODLQH &DUGRVR GH 0DWRV 1RYDLV TXHSURSXJQDSHOD >@LPSRVVLELOLGDGHGHVHDFDWDUSXUDHVLPSOHVPHQWHRFRQFHLWRGH HVVHQFLDOLGDGH FRP EDVH QD /HL Q ± /HL GH *UHYH 2 VHQWLGR GH HVVHQFLDOLGDGH LQVFULWR QDTXHOD OHL GL] UHVSHLWR j QHFHVVLGDGH GH PDQXWHQomR GRV VHUYLoRV DOL GHVLJQDGRV FXMD SUHVWDomR QmR SRGH VHU SUHMXGLFDGD GLDQWH GD SDUDOLVDomR GRV SURILVVLRQDLV TXH WUDEDOKDP SDUD RIHUHFHU WDLV VHUYLoRV 7RGRV RV VHUYLoRV DOL HQXPHUDGRV VmR HVVHQFLDLV SRUTXH RV LQGLYtGXRV TXH GHVHMDUHP H SXGHUHP XWLOL]iORV GHYHUmR HQFRQWUiORV HP SOHQR IXQFLRQDPHQWR 1mR SRGH KDYHU VXVSHQVmR QD GLVSRQLELOLGDGH GHVVHV VHUYLoRV DRV SRVVtYHLV LQWHUHVVDGRV PHVPR HP FDVR GH JUHYH e HVVH R VHQWLGR GH HVVHQFLDOLGDGH VHJXQGR D /HL Q 5,==$772181(6/XL]$QWRQLR&RPHQWiULRVDR&yGLJRGH'HIHVDGR&RQVXPLGRUS 129$,6(ODLQH&DUGRVRGH0DWRV5HODomRGHFRQVXPRHVHUYLoRVS~EOLFRVS $FUHVFHQWHVH QHVVD OLQKD TXH D 3RUWDULD Q GH GH PDUoR GH GD 6HFUHWDULD GH 'LUHLWR (FRQ{PLFR yUJmR DIHWR DR 0LQLVWpULR GD -XVWLoD UHFRQKHFHXFRPRHVVHQFLDORIRUQHFLPHQWRGHiJXDHQHUJLDHOpWULFDHWHOHIRQLD2 FRQWH~GRGHVWDSRUWDULDSRGHSRLVVHUFRQVLGHUDGRFRPRPDLVXPLQGLFDWLYRDOLDGR jVGLVSRVLo}HVFRQWLGDVQD/HLGH*UHYH 3RU RSRUWXQR TXDGUD FRQVLJQDU TXH IRL QHFHVViULR WHFHU DOJXPDV FRQVLGHUDo}HV D UHVSHLWR GR FDUiWHU GH HVVHQFLDOLGDGH TXH VH UHYHVWHP DOJXQV VHUYLoRV S~EOLFRV MXVWR SDUD SRVVLELOLWDU DGHQWUDU D WHPiWLFD UHODWLYD j REULJDWRULHGDGH GH TXH D SUHVWDomR GHVWHV VHUYLoRV VHMD RIHUHFLGD GH IRUPD FRQWtQXDWDOFRPRGLVSRVWRSHOROHJLVODGRUFRQVXPHULVWDQRDUWGR&'& $VVLP PDLV XPD YH] HP GHFRUUrQFLD GD PXOWLGLVFLSOLQDULHGDGH TXH R GLUHLWR GDV UHODo}HV GH FRQVXPR JXDUGD HP UHODomR jV RXWUDV VHDUDV GR 'LUHLWR FXPSUHUHPHPRUDUDVOLo}HVH[WUDtGDVGRGLUHLWRDGPLQLVWUDWLYRUHODWLYDVDRSULQFtSLR GD FRQWLQXLGDGH TXHQRUWHLD D SUHVWDomRGRV VHUYLoRV S~EOLFRV YDOHQGR OHPEUDU Mi DSRQWDGRHPRXWURSRQWRGHVWHWUDEDOKR 2GHWH0HGDXDUGLVFRUUHQGRDUHVSHLWRGRSULQFtSLRGDFRQWLQXLGDGHGR VHUYLoRS~EOLFRDILUPDTXH 2 3RGHU 3~EOLFR DR DVVXPLU R HQFDUJR GH SUHVWDU FHUWRV VHUYLoRV FRQVLGHUDGRV HVVHQFLDLV RX QHFHVViULRV j FROHWLYLGDGH QmR SRGH GLVSRUGRLQWHUHVVHS~EOLFRHVHPUD]mRVXVSHQGHURIRUQHFLPHQWR GR VHUYLoR $V DWLYLGDGHV GD $GPLQLVWUDomR 3~EOLFD GHYHP VHU LQLQWHUUXSWDV SDUD TXH D SRSXODomR QmR VRIUD VXDV FRQVHTrQFLDV FRP D SULYDomR GH DVVLVWrQFLD PpGLFD HQVLQR WUDQVSRUWH GH TXDOTXHU WLSR IRUQHFLPHQWR GH iJXD HQHUJLD HOpWULFD WHOHIRQH SRU H[HPSOR 3DUD 0DULD 6\OYLD =DQHOOD 'L 3LHWUR SRU SULQFtSLR GD FRQWLQXLGDGH HQWHQGHVHTXHRVHUYLoRS~EOLFR±VHQGRDIRUPDSHODTXDOR(VWDGRGHVHPSHQKD DV IXQo}HV HVVHQFLDLV RX QHFHVViULDV j FROHWLYLGDGH ± QmR SRGH SDUDU 'HVVH SULQFtSLR VHJXQGR D GRXWULQDGRUD DGPLQLVWUDWLYLVWD GHFRUUHP FRQVHTrQFLDV LPSRUWDQWHV $3RUWDULDQGHGHPDUoRGHHPDGLWDPHQWRDRHOHQFRGRDUWGD/HLQH GRDUWGR'HFUHWRQFRQVLGHUDQXODGHSOHQRGLUHLWRDVHJXLQWHFOiXVXOD³3HUPLWDP DR IRUQHFHGRU GH VHUYLoRV HVVHQFLDO iJXD HQHUJLD HOpWULFD WHOHIRQLD LQFOXLU QD FRQWD VHP DXWRUL]DomRH[SUHVVDGRFRQVXPLGRUDFREUDQoDGHRXWURVVHUYLoRV([FHWXDPVHRVFDVRVHPTXHD SUHVWDGRUD GR VHUYLoR HVVHQFLDO LQIRUPH H GLVSRQLELOL]H JUDWXLWDPHQWH DR FRQVXPLGRU D RSomR GH EORTXHLRSUpYLRGDFREUDQoDRXXWLOL]DomRGRVVHUYLoRVGHYDORUDGLFLRQDGR´ 0('$8$52GHWH'LUHLWRDGPLQLVWUDWLYRPRGHUQRS ',3,(7520DULD6\OYLD=DQHOOD'LUHLWRDGPLQLVWUDWLYRS $ SURLELomR GH JUHYH QRV VHUYLoRV S~EOLFRV HVWD YHGDomR TXH DQWHVVHHQWHQGLDDEVROXWDHVWiFRQVLGHUDYHOPHQWHDEUDQGDGDSRLV DDWXDO&RQVWLWXLomRQRDUWLJRLQFLVR9,,GHWHUPLQDTXHRGLUHLWR GH JUHYH VHUi H[HUFLGR µQRV WHUPRV H QRV OLPLWHV GHILQLGRV HP OHL HVSHFtILFD¶ R 67) QD DXVrQFLD GH µOHL HVSHFtILFD¶ GHFLGLX SHOD DSOLFDomR GD /HL Q WDPEpP HP RXWURV SDtVHV VH SURFXUD FRQFLOLDURGLUHLWRGHJUHYHFRPDQHFHVVLGDGHGRVHUYLoRS~EOLFR1D )UDQoD SRU H[HPSOR SURtEHVH D JUHYH URWDWLYD TXH DIHWDQGR SRU HVFDODV RV GLYHUVRV HOHPHQWRV GH XP VHUYLoR SHUWXUED R VHX IXQFLRQDPHQWR DOpP GLVVR LPS}HVH DRV VLQGLFDWRV D REULJDWRULHGDGH GH XPDGHFODUDomR SUpYLD j DXWRULGDGH QR PtQLPR FLQFRGLDVDQWHVGDGDWDSUHYLVWDSDUDRVHXLQtFLR QHFHVVLGDGH GH LQVWLWXWRV FRPR D VXSOrQFLD D GHOHJDomR H D VXEVWLWXLomR SDUD SUHHQFKHU DV IXQo}HV S~EOLFDV WHPSRUDULDPHQWH YDJDV D LPSRVVLELOLGDGH SDUD TXHP FRQWUDWD FRP D $GPLQLVWUDomR GH LQYRFDU D H[FHSWLR QRQ DGLPSOHWL FRQWUDFWXV QRV FRQWUDWRV TXH WHQKDPSRUREMHWRDH[HFXomRGHVHUYLoRS~EOLFR D IDFXOGDGH TXH VH UHFRQKHFH j $GPLQLVWUDomR GH XWLOL]DU RV HTXLSDPHQWRVHLQVWDODo}HVGDHPSUHVDTXHFRPHODFRQWUDWDSDUD DVVHJXUDUDFRQWLQXLGDGHGRVHUYLoR FRP R PHVPR REMHWLYR D SRVVLELOLGDGH GH HQFDPSDomR GD FRQFHVVmRGHVHUYLoRS~EOLFR 'D GRXWULQD HVWUDQJHLUD H[WUDLVH R VHJXLQWH HQVLQDPHQWR GH +pFWRU -RUJH(VFROD 2 SULQFtSLR GD FRQWLQXLGDGH SRGH UHYHVWLUVH GH FDUiWHU DEVROXWR RX UHODWLYRGHSHQGHQGRGDVFDUDFWHUtVWLFDVHFRQGLo}HVGDQHFHVVLGDGH RX H[LJrQFLD TXH VH SURFXUD VDWLVID]HU FRP D SUHVWDomR GR VHUYLoR S~EOLFR $ FRQWLQXLGDGH HP WHUPRV DEVROXWRV GHYH VHU H[LJLGD QRV VHUYLoRVS~EOLFRVGHVWLQDGRVDDWHQGHUQHFHVVLGDGHVSHUPDQHQWHVD H[HPSORGRIRUQHFLPHQWRGHiJXDJiVRXHQHUJLDHOpWULFD(PRXWURV FDVRV D FRQWLQXLGDGH p UHODWLYD SRUTXDQWR R VHUYLoR YLVD D DWHQGHU QHFHVVLGDGHV LQWHUPLWHQWHV DV TXDLV H[LVWHP HP FHUWRV PRPHQWRV PDVQmRHPRXWURV 'DRSLQLmRGRVGRXWULQDGRUHVFRODFLRQDGRVGHVVXPHVHTXHRSUHVWDGRU GR VHUYLoR HVVHQFLDO QmR LPSRUWD VH R (VWDGR RX RV VHXV GHOHJDWiULRV QmR SRGH LQWHUURPSHURVHXIXQFLRQDPHQWRVHPTXHVHHYLGHQFLHPPRWLYRVSODXVtYHLVHDSWRV DMXVWLILFDUDPHGLGDH[WUHPDSRUTXDQWRVHGHVWLQDDVDWLVID]HUQHFHVVLGDGHVYLWDLV GDFROHWLYLGDGH (6&2/$ +pFWRU -RUJH &RPSHQGLR GH GHUHFKR DGPLQLVWUDWLYR S ³/D FRQWLQXLGDG SXHGH UHYHVWLU FDUiFWHU DEVROXWR R VyOR UHODWLYR /D H[LJHQFLD DEVROXWD GH FRQWLQXLGDG VH SUHVHQWD HP HO VXSXHVWRGHVHUYLFLRVTXHDWLHQGHQQHFHVLGDGHVSHUPDQHQWHV\SRUWDQWRTXHGHEHQHVWDUVLHPSUH FXELHUWDVWDOFRPRRFXUUHFRPHOVXPLQLVWURGHDJXDJDVRHOHFWULFLGDGPLHQWUDVTXHODH[LJrQFLDGH FRQWLQXLGDGSRGUiVHUUHODWLYDFXDQGRVHDWLHQGHQUHTXHULPLHQWRVTXHVRQLQWHUPLWHQWHVHVGHFLUTXH VHSUHVHQWHQHPFLHUWRVPRPHQWRVSHURQRQHPRWURV´ 'LQRUi$GHODLGH0XVVHWWL*URWWLID]DVHJXLQWHREVHUYDomRDUHVSHLWRGD FRQWLQXLGDGHGDSUHVWDomRGRVVHUYLoRVS~EOLFRVHVVHQFLDLV >@ R SULQFtSLR QmR LPS}H D QHFHVVLGDGH GD FRQWLQXLGDGH ItVLFD GD DWLYLGDGHHPWRGDVDVKLSyWHVHVSRLVHODGHYHVHUSUHVWDGDFDGDYH] TXH D QHFHVVLGDGH TXH VDWLVID] VH DSUHVHQWH (VVD GLIHUHQoD p QLWLGDPHQWH PDQLIHVWDGD TXDQGR VH SHQVD HP VHUYLoRV TXH H[LJHP IXQFLRQDPHQWR SHUPDQHQWH FRPR IRUQHFLPHQWR GH iJXD H HQHUJLD HOpWULFDHQDTXHOHVTXHSRGHPIXQFLRQDUDSHQDVDOJXPDVKRUDVGR GLDDH[HPSORGRVVHUYLoRVSRVWDLV 1D HVWHLUD GR HQWHQGLPHQWR GD DXWRUD WRUQDVH RSRUWXQR FRODFLRQDU D OLomRGH+pFWRU-RUJH(VFRODTXHVHSRVLFLRQDGDVHJXLQWHIRUPD 7HQGR HP FRQWD DV FDUDFWHUtVWLFDV H FRQGLo}HV GD QHFHVVLGDGH RX H[LJrQFLD TXH VH SURFXUD DWHQGHU FRP D SUHVWDomR GR VHUYLoR S~EOLFR D FRQWLQXLGDGH SRGH UHYHVWLUVH GH FDUiWHU DEVROXWR RX VRPHQWHUHODWLYR$H[LJrQFLDDEVROXWDGHFRQWLQXLGDGHVHDSUHVHQWD QD SUHVWDomR GH VHUYLoRV TXH DWHQGHP QHFHVVLGDGHV SHUPDQHQWHV HSRUWDQWRTXHGHYHPHVWDUVHPSUHFREHUWDVWDOFRPRRFRUUHFRP R IRUQHFLPHQWR GH iJXD JiV RX HOHWULFLGDGH HQTXDQWR TXH D H[LJrQFLD GH FRQWLQXLGDGH SRGHUi VHU UHODWLYD TXDQGR VH DWHQGHP QHFHVVLGDGHVTXHVmRLQWHUPLWHQWHVpGL]HUTXHVHDSUHVHQWDPHP FHUWRVPRPHQWRVPDVHPRXWURVQmR 'H SDU FRP R H[SRVWR GHYLGR DR FDUiWHU LQGLVSHQViYHO H HVVHQFLDO GR VHUYLoR S~EOLFR R SULQFtSLR GD FRQWLQXLGDGH JDUDQWH D VXD SUHVWDomR DRV XVXiULRV VHP LQWHUUXSo}HV $ DVVHUWLYD SHUPLWH GL]HU DGHPDLV TXH HVWH SULQFtSLR p XP GRV PDLV LPSRUWDQWHV TXH QRUWHLDP D SUHVWDomR GH VHUYLoRV S~EOLFRV SRLV DOpP GD JDUDQWLD GR GLVSRVWR QR DUW GR &'& D FRQWLQXLGDGH p XP GRV HOHPHQWRV TXH FRPS}HPDDGHTXDomRDWHRUGRGLVSRVWRQRDUWGD/HLQ *5277,'LQRUi$GHODLGH0XVVHWWL2VHUYLoRS~EOLFRHD&RQVWLWXLomR%UDVLOHLUDGHS *5277,'LQRUi$GHODLGH0XVVHWWL2VHUYLoRS~EOLFRHD&RQVWLWXLomR%UDVLOHLUDGHS ³7HQLHQGRHPFXHQWDODVFDUDFWHUtVWLFDV\FRQGLFLRQHVGHODQHFHVVLGDGRH[LJHQFLDTXHVHSURFXUD DWHQGHUFRPODSUHVWDFLyQGHOVHUYLFLRS~EOLFRODFRQWLQXLGDGSXHGHUHYHVWLUFDUiFWHUDEVROXWRRVROR UHODWLYR/DH[LJHQFLDDEVROXWDGHFRQWLQXLGDGVHSUHVHQWDHPHOVXSXHVWRGHVHUYLFLRVTXHDWLHQGHQ QHFHVVLGDGHV SHUPDQHQWHV \ SRU WDQWR TXH GHEHQ HVWDU VLHPSUH FXELHUWDV WDO FRPR RFXUUH FRQ HO VXPLQLVWUR GH iJXD JiV R HOHWULFLGDG PLHQWUDV TXH OD H[LJHQFLD GH FRQWLQXLGDG SRGUi VHU UHODWLYD FXDQGR VH DWLHQGHQ UHTXHULPLHQWRV TXH VRQ LQWHUPLWHQWHV HV GHFLU TXH VH SUHVHQWHQ HQ FLHUWRV PRPHQWRVSHURQRHPRWURV´ ,17(5583d2 '2 )251(&,0(172 '26 6(59,d26 3Ò%/,&26 (66(1&,$,63(/2,1$',03/(0(172'2868È5,2&21680,'25 (VWDEHOHFLGD D SUHPLVVD GH TXH RV XVXiULRV GH VHUYLoRV S~EOLFRV HVWmR SURWHJLGRV SHOR &'& H TXH RV VHUYLoRV FRQVLGHUDGRV HVVHQFLDLVQmR SRGHP VRIUHU VROXomR GH FRQWLQXLGDGH D QmR VHU QRV FDVRV SOHQDPHQWH MXVWLILFDGRV FXPSUH GRUDYDQWHWHQWDUUHVSRQGHUDLQGDJDomRTXHQRUWHLDDSUREOHPiWLFDGHVWDSHVTXLVD TXDO VHMD YHULILFDU VH HVWHV VHUYLoRV GHYHP VHU PDQWLGRV PHVPR GLDQWH GR LQDGLPSOHPHQWR GR XVXiULRFRQVXPLGRU %RP OHPEUDU HP WRP GH DGYHUWrQFLD TXH HVWDTXHVWmRSRUGHPDLVSROrPLFDDLQGDVXVFLWDDPSORVGHEDWHVGHWHRUGRXWULQiULR HMXVULVSUXGHQFLDO $HVVHUHVSHLWR$QW{QLR+HUPDQGH9DVFRQFHORVH%HQMDPLQDVVHYHUD TXH VH WUDWD GH XP GRV WHPDV PDLV FRQWURYHUVRV SRUTXDQWR p QHVWD VHGH TXH VH LQGDJDVHDVFRQFHVVLRQiULDVGHVHUYLoRVS~EOLFRVSRGHPFRUWDURIRUQHFLPHQWRGH OX] iJXD WHOHIRQH QD KLSyWHVH GH LQDGLPSOHPHQWR FRQWUDWXDO SRU SDUWH GRV UHVSHFWLYRVXVXiULRV 1D LQWHUSUHWDomR GH 1HZWRQ GH /XFFD DQWHV GR DGYHQWR GR &'& D GLVFXVVmRVREUHDLQWHUUXSomRGRIRUQHFLPHQWRGRVVHUYLoRVS~EOLFRVHVVHQFLDLVSHOR LQDGLPSOHPHQWRGRFRQVXPLGRUHUDLQyFXD(H[SOLFD >@ SRXFDV G~YLGDV H[LVWLDP D UHVSHLWR 2 FRUWH GR IRUQHFLPHQWR GHVGH R WHPSR GR QRVVR &yGLJR GH ÈJXDV VHPSUH IRL PHGLGD HVWDEHOHFLGD SHOR 3RGHU &RQFHGHQWH D 8QLmR SRU LQWHUPpGLR GR 0LQLVWpULR GDV 0LQDV H (QHUJLD (OpWULFD '1$(( TXH HGLWDYD 3RUWDULDVDXWRUL]DGRUDVGHWDOSURFHGLPHQWR 2DXWRUDLQGDFRPHQWDTXHDSyVDYLJrQFLDGR&'& $ MXULVSUXGrQFLD SDVVRX D VHU YDFLODQWH GLDQWH GD GLVSRVLomR H[SUHVVDQRDUWQRVHQWLGRGDQHFHVVLGDGHGHFRQWLQXLGDGHGRV VHUYLoRV S~EOLFRV FRQVLGHUDGRV HVVHQFLDLV RFRUUHQGR HVVH HQTXDGUDPHQWR QR IRUQHFLPHQWR GH HQHUJLD HOpWULFD HP IXQomR GR TXH HVWDEHOHFH R DUW GD /HL Q GH GH MXQKR GH PDLVFRQKHFLGDFRPR/HLGH*UHYH %(1-$0,1 $QW{QLR +HUPDQ GH 9DVFRQFHORV H &yGLJR %UDVLOHLUR GH 'HIHVD GR &RQVXPLGRU FRPHQWDGRSHORVDXWRUHVGR$QWHSURMHWRS '(/8&&$1HZWRQ'LUHLWRGRFRQVXPLGRU6mR3DXOR4XDUWLHU/DWLQS '(/8&&$1HZWRQ'LUHLWRGR&RQVXPLGRUS ,QREVWDQWHDSUHYLVmROHJDOFRQWLGDQRDUWFDSXWGR&'&TXHYHLRD OXPHSDUDGLULPLUDFRQWURYpUVLDDGLVFXVVmRDUHVSHLWRGRDOFDQFHGDFRQWLQXLGDGH GD SUHVWDomR GRV VHUYLoRV S~EOLFRV HVVHQFLDLV DYXOWRXVH SULQFLSDOPHQWH GLDQWH GD SRVLomR DGRWDGD SRU SDUWH GD GRXWULQD H WDPEpP GD MXULVSUXGrQFLD TXH PHVPR DVVLPQmRDFHLWDPDSRVVLELOLGDGHGHPDQWHURVHUYLoRIDFHDRLQDGLPSOHPHQWRGR XVXiULR $MXVWLILFDWLYDpDGHTXHDIDOWDGHSDJDPHQWRGHSDUWHGRVXVXiULRVGRV VHUYLoRVFRORFDULDHPULVFRDSUySULDFRQWLQXLGDGHSDUDRXWURVWDQWRVTXHDGLPSOLUDP R IRUQHFLPHQWR H TXH FHUWDPHQWH QmR WHULD VLGR HVWH R HVFRSR GR OHJLVODGRU FRQVXPHULVWD 'D GRXWULQD FRQWUiULD DR FRUWH GR IRUQHFLPHQWR GR VHUYLoR HVVHQFLDO PHVPR GLDQWH GR LQDGLPSOHPHQWR GR XVXiULR H[WUDLVH D DOHJDomR GH TXH KDYHULD PDOIHULPHQWR GR SULQFtSLR GD FRQWLQXLGDGH GR VHUYLoR S~EOLFR DOpP GH FROLGLU IURQWDOPHQWHFRPRSULQFtSLRGDGLJQLGDGHGDSHVVRDKXPDQDHVWDPSDGRQRDUW GD &5)% H DLQGD GH TXH R IRUQHFHGRU GR VHUYLoR GLVS}H GH RXWURV PHLRV OHJDLV SDUDFREUiOR 1HZWRQ 'H /XFD DERUGDQGR D TXHVWmR GR FRUWH GR IRUQHFLPHQWR GR VHUYLoRHVVHQFLDOID]DVHJXLQWHSRQGHUDomR (VVD TXHVWmR QmR VH UHVROYH FRP XPD DILUPDomR FDWHJyULFD TXH QXP VHQWLGR TXHU QRXWUR +i VLWXDo}HV GHYHUDV HVSHFLDLV SDUD DV TXDLVVHWRUQDQHFHVViULRVRSHVDUYDORUHVFRPPXLWRFXLGDGR9HMD VH SRU H[HPSOR XPD OLPLQDU UHTXHULGD DR 3RGHU -XGLFLiULR SDUD LPSHGLU R FRUWH QR IRUQHFLPHQWR GH HQHUJLD HOpWULFD QRV FDVRV HP TXHREHPMXUtGLFRHQYROYLGRHVWHMDHULJLGRjFDWHJRULDGHXPGLUHLWR IXQGDPHQWDO FRPR D YLGD D VD~GH H D VHJXUDQoD GRV FLGDGmRV 'HYHULDHODVHULQTXHVWLRQDYHOPHQWHFRQFHGLGDSHORPDJLVWUDGRVRE D DOHJDomR GH TXH HOH QmR SRGHULD ROYLGDUVH QD KLSyWHVH GD VDXGDELOtVVLPD GLVSRVLomR GD /HL GH ,QWURGXomR GR &yGLJR &LYLO VHJXQGRDTXDORMXL]DRDSOLFDUDOHLGHYHOHYDUHPFRQVLGHUDomR HQWUH RXWURV RVILQV VRFLDLV D TXH D OHL VH GHVWLQD" $OJXQV MXOJDGRV SURSHQGHUDP SRU FRQVLGHUDU LQYLiYHO R FRUWH GR IRUQHFLPHQWR GR VHUYLoR HP WDLV KLSyWHVHV ([DWDPHQWH SRU WUDWDUVH GH VLWXDomR H[FHSFLRQDODLQYHVWLJDomRQmRSUHVFLQGHGDDQiOLVHSRUPHQRUL]DGD GHFDGDFDVR 3DUDDFLUUDUDLQGDPDLVHVVDGLVFXVVmRHPFXPSULPHQWRDRPDQGDPHQWR FRQVWLWXFLRQDOLQVHUWRQRDUWIRLHGLWDGDD/HLGDV&RQFHVV}HV/HLQ '(/8&&$1HZWRQ'LUHLWRGR&RQVXPLGRUS TXHHPVHXDUW,,SDVVRXDDGPLWLUDVXVSHQVmRGRVHUYLoRHPVLWXDomR GHHPHUJrQFLDRXDSyVSUpYLRDYLVRTXDQGRDLQWHUUXSomRIRUPRWLYDGDSRUUD]}HV GHRUGHPWpFQLFDRXGHVHJXUDQoDGHLQVWDODo}HVHDLQGDSRULQDGLPSOHPHQWRGR XVXiULRFRQVLGHUDGRRLQWHUHVVHGDFROHWLYLGDGH 'HVVDUWH FRP UHODomR j SRVVLELOLGDGH GH SDUDOLVDomR GR VHUYLoR S~EOLFR HVVHQFLDO HP VLWXDomR GH HPHUJrQFLD D UHIHULGD OHL QmR VXVFLWRX QHQKXPD FRQWURYpUVLD SRUTXDQWR VH WUDWD GH DFRQWHFLPHQWR LPSUHYLVtYHO GH FDUiWHU HPHUJHQFLDO TXH MXVWLILFD D SDUDOLVDomR VHP SUpYLR DYLVR FRP D ILQDOLGDGH GH VH DIDVWDURSUREOHPD $GHPDLV D /HL Q DLQGD SUHYr D KLSyWHVH GH LQWHUUXSomR GR VHUYLoR DSyV DYLVR SUpYLR TXDQGR KRXYHU L UD]}HV GH RUGHP WpFQLFD RX GH VHJXUDQoD GH LQVWDODo}HV TXH MXVWLILTXHP D SDUDOLVDomR RX LL HP FDVR GH LQDGLPSOHPHQWRGRXVXiULRREVHUYDGRRLQWHUHVVHGDFROHWLYLGDGH $ SULPHLUD KLSyWHVH GH LQWHUUXSomR GR VHUYLoR SRU UD]}HV GH RUGHP WpFQLFD RX GH VHJXUDQoD GH LQVWDODo}HV p SOHQDPHQWH DFHLWiYHO H QmR VXVFLWD GLVFXVV}HV D UHVSHLWR SRUTXDQWR VH HVWi GLDQWH GD REULJDomR GH PDQWrOR IXQFLRQDQGRGHIRUPDDGHTXDGDHHILFLHQWH $VVLP XPD YH] GHWHFWDGD DOJXPD IDOKD GH RUGHP WpFQLFD RX GH VHJXUDQoD QD SUHVWDomR GR VHUYLoR H QmR KRXYHU MXVWLILFDWLYD SODXVtYHO SDUD WDQWR GHQWUR GDV QRUPDV GH VHJXUDQoD GHYHP VHU DSXUDGDV DV UHVSRQVDELOLGDGHV H VH IRURFDVRDSOLFDGDVDVVDQo}HVSUHYLVWDVQR&'& 2DUWLJRLQFLVR,,GDOHLHPFRPHQWRWHPDVHJXLQWHUHGDomR³$UW7RGDFRQFHVVmRRX SHUPLVVmRSUHVVXS}HDSUHVWDomRGHVHUYLoRDGHTXDGRDRSOHQRDWHQGLPHQWRGRVXVXiULRVFRQIRUPH HVWDEHOHFLGR QHVWD /HL QDV QRUPDV SHUWLQHQWHV H QR UHVSHFWLYR FRQWUDWR 1mR VH FDUDFWHUL]D FRPRGHVFRQWLQXLGDGHGRVHUYLoRDVXDLQWHUUXSomRHPVLWXDomRGHHPHUJrQFLDRXDSyVDYLVRSUpYLR TXDQGR , ± PRWLYDGD SRU UD]}HV GH RUGHP WpFQLFD RX GH VHJXUDQoD GDV LQVWDODo}HV H ,, ± SRU LQDGLPSOHPHQWRGRXVXiULRFRQVLGHUDGRRLQWHUHVVHGDFROHWLYLGDGH´ &DOKD OHPEUDU DTXL R HSLVyGLR RFRUULGR HP IHYHUHLUR H HP PDUoR GH YHLFXODGR SHOD LPSUHQVDIDODGDHHVFULWDSRUWDQWRGHFRPXPVDEHQoDVREUHWXGRSHORLPSDFWRTXHFDXVRXHPQtYHO QDFLRQDOUHIHUHQWHDGRLVSUREOHPDVTXHDWLQJLUDPRVVHUYLoRVGHHQHUJLDHOpWULFD2SULPHLURRFRUUHX HP GH IHYHUHLUR FKDPDGR GH DSDJmR TXH IRL R GHVOLJDPHQWR DXWRPiWLFR GH GXDV GDV TXDWUR OLQKDV GH WUDQVPLVVmR GD HQHUJLD JHUDGD QD +LGUHOpWULFD GH ,WDLSX SDUD DV UHJL}HV 6XO 6XGHVWH H &HQWUR2HVWHSURYRFDQGRHQWUHKHKPLQWHUUXSo}HVSDUFLDLVGRIRUQHFLPHQWRGHHOHWULFLGDGH HPYiULDVORFDOLGDGHVGRV(VWDGRVGH6mR3DXOR0LQDV*HUDLV5LRGH-DQHLUR5LR*UDQGHGR6XO 0DWR *URVVR GR 6XO H GR 'LVWULWR )HGHUDO 2V DSDJ}HV TXH WLYHUDP XPD GXUDomR PpGLD GH PLQXWRVFDXVDUDPYiULRVWUDQVWRUQRVFRPSHVVRDVSUHVDVHPHOHYDGRUHVVHPiIRURVGHVOLJDGRVH DWp D LQWHUUXSomRGDSURJUDPDomRGHHPLVVRUDVGHUiGLRHWHOHYLVmR2VHJXQGRDOXGH DR EOHFDXWH TXH RFRUUHX QR GLD GH PDUoR DWLQJLQGR HVWDGRV GDV UHJL}HV 6XO H 6XGHVWH H R (VWDGR GR 0DWR *URVVR GR 6XO TXH ILFDUDP VHP HQHUJLD D SDUWLU GDV KP HP UD]mR GH XPD IDOKD QD OLQKD GH WUDQVPLVVmR HP ,WDLSX 2LWR HVWDGRV IRUDP DIHWDGRV SHOR PDLRU EOHFDXWH Mi RFRUULGR QR SDtV 6mR 3DXOR 3DUDQi 6DQWD &DWDULQD 5LR *UDQGH GR 6XO ILFDUDP FRP UHJL}HV VHP HQHUJLD SRU YROWD GDV KP(PGHPDLRRXWUREOHFDXWHGHL[RXSDUWHGDUHJLmR&HQWUR2HVWHVHPHQHUJLDHOpWULFDSRU $SURSyVLWRFXPSUHHVFODUHFHUTXHVHDEGLFDUiGHWHFHUFRQVLGHUDo}HVD UHVSHLWR GD TXHVWmR UHODWLYD j UHVSRQVDELOL]DomR GR FRQFHGHQWH H GRV GHOHJDWiULRV GH VHUYLoRV S~EOLFRV HVVHQFLDLV SRUTXH SRU REYLR QmR FRQVWLWXL R HVFRSR GR SUHVHQWHWUDEDOKR 3RU RXWUR ERUGR D VHJXQGD KLSyWHVH SUHYLVWD QR LQFLVR ,, DUW GD OHL HPFRPHQWRTXHSUHYrDVXVSHQVmRGRIRUQHFLPHQWRGRVHUYLoR S~EOLFRHPUD]mR GR LQDGLPSOHPHQWR GR XVXiULRFRQVXPLGRU VXVFLWD LQWHUSUHWDo}HV GLIHUHQFLDGDV WDQWRQDGRXWULQDFRPRQDMXULVSUXGrQFLDGLDQWHGDUHJUDLQVHUWDQRDUWGR&'& XPD YH] TXH QmR H[LVWH FRQVHQVR QR WRFDQWH D SRVVLELOLGDGH GH FRUWH GR IRUQHFLPHQWR GH VHUYLoR S~EOLFR HVVHQFLDO SRU SDUWH GDV HPSUHVDV SUHVWDGRUDV GDTXHOHVVHUYLoRV $VVLP QHVWH WUDEDOKR EXVFDVH DQDOLVDU D TXHVWmR UHODWLYD j VXVSHQVmR GRVHUYLoRS~EOLFRHVVHQFLDOGLDQWHGRLQDGLPSOHPHQWRGRVHXXVXiULRPHVPRDSyV RSUpYLRDYLVRFRPDDGYHUWrQFLDGHTXHDWDUHIDpSRUGHPDLVGHVDILDGRUDHTXH DV UHVSRVWDV SDUD WRGDV DV LQGDJDo}HV TXH R WHPD VXVFLWD DLQGD QmR IRUDP HQFRQWUDGDV &RPSDUWLOKDVHFRQWXGRGRHQWHQGLPHQWRHVSRVDGRSRU$QW{QLR+HUPDQ GH9DVFRQFHOORVH%HQMDPLQXPGRVDXWRUHVGR$QWHSURMHWRGR&yGLJRGH'HIHVD GR&RQVXPLGRUTXDQGRDVVLPDQDOLVD 2V WLSRV GH VHUYLoRV DEUDQJLGRV ± TXDOTXHU VHUYLoR S~EOLFR ± VHMD S~EOLFR VWULWR VHQVX RX GH XWLOLGDGH S~EOLFD VHMD XWL XQLYHUVL RX XWL VLQJXOL ± GHYH VHU SUHVWDGR GH IRUPD DGHTXDGD HILFLHQWH H VHJXUD (P RXWUDV SDODYUDV RV VHUYLoRV S~EOLFRV VLPSOHVPHQWH QmR SRGHP SRUWDU YtFLRV GH TXDOLGDGH LQVHJXUDQoD RX LQDGHTXDomR RX GH TXDQWLGDGH FRQWLQXLGDGH 6y TXH QmR H[LJtYHO FRP WDQWD JHQHUDOLGDGH 'L] D OHL TXH RV VHUYLoRV HVVHQFLDLV GHYHP VHU SUHVWDGRVFRQWLQXDPHQWH9rVHTXHpXPGHYHUMXUtGLFRQmRLPSRVWR DRIRUQHFHGRUSULYDGRDUW&RQWLQXLGDGHDTXLFRPRVDOLHQWDGR DQWHULRUPHQWH TXHU GL]HU TXH VH R VHUYLoR HVVHQFLDO HVWi VHQGR SUHVWDGR SHOD $GPLQLVWUDomR 3~EOLFD QmR SRGH VHU LQWHUURPSLGR D QmR VHU TXH DVVLP VH Gr HP UD]mR GH FDVR IRUWXLWR RX IRUoD PDLRU H[FOXGHQWHVFOiVVLFDV FHUFDGHXPDKRUD2DSDJmRFRPHoRXjVKPHDIHWRXRIRUQHFLPHQWRGHHQHUJLDHOpWULFDSDUDR 'LVWULWR)HGHUDO*RLiVHSDUWHGH0DWR*URVVR$SHVDUGHDVHPSUHVDVSUHVWDGRUDVIXUWDUHPVHjV UHVSHFWLYDV UHVSRQVDELOLGDGHV GHYHP UHVSRQGHU SHORV GDQRV FDXVDGRV DRV FRQVXPLGRUHVXVXiULRV GHVVHVHUYLoRS~EOLFRHVVHQFLDOSRUTXDQWRDPSDUDGRVSHODOHJLVODomRFRQVXPHULVWD %(1-$0,1 $QW{QLR +HUPDQ GH 9DVFRQFHOORV H &RPHQWiULRV DR &yGLJR GH 3URWHomR GR &RQVXPLGRUS 1R FHQiULR MXUtGLFR D SROrPLFD DIORUD FRP PDLV LQWHQVLGDGH TXDQGR VH FRQIURQWDPRDUWFDSXWGR&'&HRDUWLQFLVR,,GD/HLQ'H XP ODGR SRVLFLRQDVH R GLSORPD FRQVXPHULVWD JDUDQWLQGR D FRQWLQXLGDGH GD SUHVWDomR GRV VHUYLoRV S~EOLFRV HVVHQFLDLV 'H RXWUR HVWi D /HL GDV &RQFHVV}HV TXHQmRFDUDFWHUL]DFRPRGHVFRQWLQXLGDGHGRVHUYLoRDVXDLQWHUUXSomRDSyVSUpYLR DYLVRSRULQDGLPSOHPHQWRGRXVXiULRFRQVLGHUDGRRLQWHUHVVHFROHWLYR $ SDUWLU GHVVD FRQIURQWDomR GRXWULQD H MXULVSUXGrQFLD GHUDP HQVHMR j IRUPDomRGHGXDVFRUUHQWHVGLVWLQWDVXPDDGPLWLQGRDLQWHUUXSomRGRVHUYLoRRXWUD QmRDTXLHVFHQGRFRPHVWDSRVVLELOLGDGH $ FRUUHQWH TXH QmR DGPLWH R FRUWH QR IRUQHFLPHQWR GRV VHUYLoRV HQWHQGHTXHHVWDPHGLGDQDGDPDLVpGRTXHXPDIRUPDGHFRDomRH[HUFLGDVREUH $LQFXPErQFLDGH]HODUSHODLQWHJULGDGHHFRUUHWDDSOLFDomRGDOHLIHGHUDOIH]DTXHVWmRUHODWLYDDR FRUWHGRVHUYLoRHVVHQFLDOSRULQDGLPSOrQFLDGRXVXiULRFRQVXPLGRUJDQKDUGHVWDTXHQR67-GLDQWH GDGLYHUJrQFLDLQVWDXUDGDHQWUH&RUWHVHVWDGXDLV$3ULPHLUD7XUPDPDQWLQKDRULHQWDomRQRVHQWLGR GH FRQVLGHUDU LOHJtWLPR R DWR GRV SUHVWDGRUHV GH VHUYLoRV S~EOLFRV DR LQWHUURPSrORV GHYLGR DR LQDGLPSOHPHQWRGRFRQVXPLGRU(QWHQGLDVHURFRUWHQRIRUQHFLPHQWRIRUPDGHFRDomRLQGHYLGDSDUD FRPSHOLU R FRQVXPLGRU HP DWUDVR QR SDJDPHQWR GR GpELWR YLRODQGR GLUHLWRV IXQGDPHQWDLV 'HVVD IRUPD FRQVLGHUDYD LOHJDO R SURFHGLPHQWR DGRWDGR SHOD FRQFHVVLRQiULD H GHWHUPLQDYD R LPHGLDWR UHVWDEHOHFLPHQWRGRVHUYLoRHDLQGDRSDJDPHQWRGHLQGHQL]DomRSRUGDQRVPRUDLV1HVVHVHQWLGR IRUDPDVGHFLV}HVFRQWLGDVQRVDUHVWRVDVHJXLUHPHQWDGRV ³$'0,1,675$7,92 &257( 12 )251(&,0(172 '( (1(5*,$ (/e75,&$ ,03266,%,/,'$'( 35(&('(17(6 -85,6358'(1&,$,6 $*5$92 5(*,0(17$/ $86Ç1&,$ '( )81'$0(1726 3$5$,1),50$5$'(&,62$*5$9$'$'(63529,0(172 2FRUWHQRIRUQHFLPHQWRGHHQHUJLDHOpWULFDFRPRIRUPDGHFRPSHOLURXVXiULRDRSDJDPHQWRGH WDULIDRXPXOWDH[WUDSRODRVOLPLWHVGDOHJDOLGDGHHPDOIHUHDFOiXVXODSpWUHDTXHWXWHODDGLJQLGDGH KXPDQD3UHFHGHQWHVGR67- $XVrQFLDGHPRWLYRVVXILFLHQWHVSDUDDPRGLILFDomRGRMXOJDGR0DQXWHQomRGDGHFLVmRDJUDYDGD $JUDYR5HJLPHQWDOGHVSURYLGR´ %5$6,/6XSHULRU7ULEXQDOGH-XVWLoD$*$7XUPDXQkQLPH5HO0LQ/XL])X[%UDVtOLD ')M'-GH'LVSRQtYHOHPKWWSVWMJRYEU!$FHVVRHPMXO ³$'0,1,675$7,92 ',5(,72 '2 &21680,'25 $d2 '( ,1'(1,=$d2 $86Ç1&,$ '( 3$*$0(172 '( 7$5,)$ '( (1(5*,$ (/e75,&$ ,17(5583d2 '2 )251(&,0(172 &257( ,03266,%,/,'$'( $576 ( '$ /(, 1 &Ï',*2 '( 3527(d2 ( '()(6$'2&21680,'25 5HFXUVRHVSHFLDOLQWHUSRVWRFRQWUDDFyUGmRTXHHQWHQGHXQmRVHUFDEtYHOLQGHQL]DomRHPSHUGDVH GDQRVSRUFRUWHGHHQHUJLDHOpWULFDTXDQGRDFRQFHVVLRQiULDVHXWLOL]DGHVHXGLUHLWRGHLQWHUURPSHUR IRUQHFLPHQWR D FRQVXPLGRU HP GpELWR 2 FRUWH GH HQHUJLD FRPR IRUPD GH FRPSHOLU R XVXiULR DR SDJDPHQWRGHWDULIDRXPXOWDH[WUDSRODRVOLPLWHVGDOHJDOLGDGH 1mR UHVXOWD HP UHFRQKHFHU FRPR OHJtWLPR R DWR DGPLQLVWUDWLYR SUDWLFDGR SHOD HPSUHVD FRQFHVVLRQiULDIRUQHFHGRUDGHHQHUJLDHFRQVLVWHQWHQDLQWHUUXSomRGRIRUQHFLPHQWRGDPHVPDHP IDFHGHDXVrQFLDGHSDJDPHQWRHIDWXUDYHQFLGD $ HQHUJLD p QD DWXDOLGDGH XP EHP HVVHQFLDO j SRSXODomR FRQVWLWXLQGRVH HP VHUYLoR S~EOLFR LQGLVSHQViYHO VXERUGLQDGR DR SULQFtSLR GD FRQWLQXLGDGH GH VXD SUHVWDomR SHOR TXH VH WRUQD LPSRVVtYHODVXDLQWHUUXSomR 2DUWGR&yGLJRGH3URWHomRH'HIHVDGR&RQVXPLGRUDVVHYHUDTXHµRVyUJmRVS~EOLFRVSRU VL RX SRU VXDV HPSUHVDV FRQFHVVLRQiULDV SHUPLVVLRQiULDV RX VRE TXDOTXHU RXWUD IRUPD GH HPSUHHQGLPHQWR VmR REULJDGDV D IRUQHFHU VHUYLoRV DGHTXDGRV HILFLHQWHV VHJXURV H TXDQWR DRV HVVHQFLDLV FRQWtQXRV¶ 2 VHX SDUiJUDIR ~QLFR H[S}H TXH µQRV FDVRV GH GHVFXPSULPHQWR WRWDO RX SDUFLDOGDVREULJDo}HVUHIHULGDVQHVWHDUWLJRVHUmRDVSHVVRDVMXUtGLFDVFRPSHOLGDVDFXPSULODVHD UHSDUDU RV GDQRV FDXVDGRV QD IRUPD SUHYLVWD QHVWH FyGLJR¶ -i R DUW GR PHVPR GLSORPD OHJDO R XVXiULR FXMD ILQDOLGDGH p FRPSHOLOR D SDJDU R GpELWR R TXH VHULD LQDGPLVVtYHO XPD YH] TXH R IRUQHFHGRU SRGH YDOHUVH GH RXWURV PHLRV XVXDLV H OtFLWRV SDUD HIHWXDU D FREUDQoD 2XWURVVLP HQWHQGHP TXH R FRUWH QR IRUQHFLPHQWR GH VHUYLoRV S~EOLFRV HVVHQFLDLV YLROD IURQWDOPHQWH GLUHLWRV IXQGDPHQWDLV FRQVDJUDGRV QR WH[WR FRQVWLWXFLRQDOFRPRDGLJQLGDGHGDSHVVRDKXPDQDDUW,,, /XL] $QW{QLR 5L]]DWWR 1XQHV DGHSWR GHVVD FRUUHQWH SURSXJQD SHOD LQDSOLFDELOLGDGHGRDUWLQF,,,GD/HLQTXHDXWRUL]DDLQWHUUXSomR(P DERQR GR TXDQWR VXVWHQWD R DXWRU FKHJD D TXHVWLRQDU D FRQVWLWXFLRQDOLGDGH GR GLVSRVLWLYR H[FHSFLRQDQGR DSHQDV D KLSyWHVH GH IUDXGH SRU SDUWH GR XVXiULR SDUD DGPLWLURFRUWHPDVDGYHUWHTXHPHVPRQHVWHFDVRKDYHULDDQHFHVVLGDGHGHSUpYLD DXWRUL]DomRMXGLFLDOHSURYDLQHTXtYRFDGHTXHRFRQVXPLGRULQDGLPSOHQWHGLVSXQKD GHPHLRVSDUDSDJDURGpELWR 3OtQLR/DFHUGD0DUWLQVID]FRURFRPRDXWRUDFLPDGL]HQGRTXHD/HL LQIUDFRQVWLWXFLRQDO YHLR URPSHU R FDUiWHU DEVROXWR GD FRQWLQXLGDGH GRV VHUYLoRV HVVHQFLDLVHFRQVLJQDTXH $ OHL GD FRQFHVVmR GR VHUYLoR S~EOLFR /HL Q DR DILUPDU TXH QmR VH FDUDFWHUL]D FRPR GHVFRQWLQXLGDGH GR VHUYLoR D VXD LQWHUUXSomRµSRULQDGLPSOHPHQWRGRXVXiULRFRQVLGHUDGRRLQWHUHVVH GD FROHWLYLGDGH¶ DUW ,, QD UHDOLGDGH HVWi SUDWLFDQGR R DXWrQWLFRUHWURFHVVRDRGLUHLWRGRFRQVXPLGRUKDMDYLVWDTXHRDUWLJR GR &'& DILUPD TXH RV IRUQHFHGRUHV GH VHUYLoR HVVHQFLDO VmR REULJDGRV D IRUQHFHU VHUYLoRV DGHTXDGRV HILFLHQWHV H µFRQWtQXRV¶ $UULPDGR D HVWH IDWR DFUHVFHQWHVH TXH R GLUHLWR GR FRQVXPLGRU SRVVXL JDUDQWLDIXQGDPHQWDO QD &RQVWLWXLomR HTXH D LQWHUUXSomR GR IRUQHFLPHQWR DOpP GH FDXVDU XPD OHVmR DIHWD GLUHWDPHQWH D VXD GLJQLGDGH VHP HPEDUJR GD GLILFXOGDGH GH DFHVVR j -XVWLoD TXH R QmR SHUPLWH QD FREUDQoD GH GpELWRV TXH R GHYHGRU VHMD H[SRVWR DR ULGtFXOR QHP TXH VHMD VXEPHWLGRDTXDOTXHUWLSRGHFRQVWUDQJLPHQWRRXDPHDoD2VUHIHULGRVGLVSRVLWLYRVOHJDLVDSOLFDPVH jVHPSUHVDVFRQFHVVLRQiULDVGHVHUYLoRS~EOLFR 1mRKiGHVHSUHVWLJLDUDWXDomRGD-XVWLoDSULYDGDQR%UDVLOHVSHFLDOPHQWHTXDQGRH[HUFLGDSRU FUHGRUHFRQ{PLFDHILQDQFHLUDPHQWHPDLVIRUWHHPODUJDVSURSRUo}HVGRTXHRGHYHGRU$IURQWDVH DVVLPIRVVHDGPLWLGRRVSULQFtSLRVFRQVWLWXFLRQDLVGDLQRFrQFLDSUHVXPLGDHGDDPSODGHIHVD 2 GLUHLWR GR FLGDGmR GH VH XWLOL]DU GRV VHUYLoRV HVVHQFLDLV SDUD VXD YLGD HP VRFLHGDGH GHYH VHU LQWHUSUHWDGRFRPYLVWDVDEHQHILFLDUDTXHPGHOHVVHXWLOL]D e GHYLGD LQGHQL]DomR SHORV FRQVWUDQJLPHQWRV VRIULGRV FRP D VXVSHQVmR QR IRUQHFLPHQWR GH HQHUJLDHOpWULFD 5HFXUVR(VSHFLDOSURYLGRSDUDGHWHUPLQDURUHWRUQRGRVDXWRVDR-Xt]RGHRULJHPDILPGHTXHH QDGDPDLVR00-XL]DSUHFLHDTXHVWmRGRTXDQWXPDVHULQGHQL]DGR´ %5$6,/ 6XSHULRU 7ULEXQDO GH -XVWLoD 5(63 0* 7XUPD XQkQLPH 5HO 0LQ -RVp 'HOJDGR%UDVtOLD')M'-GH'LVSRQtYHOHPKWWSZZZVWMJRYEU!$FHVVR HPDJR 5,==$772181(6/XL]$QW{QLR&RPHQWiULRVDR&yGLJRGH'HIHVDGR&RQVXPLGRUS 0$57,16 3OtQLR /DFHUGD &RUWH GH HQHUJLD HOpWULFD SRU IDOWD GH SDJDPHQWR ± 3UiWLFD $EXVLYD ± &yGLJRGR&RQVXPLGRU5HYLVWDGRV7ULEXQDLV6mR3DXORDQRYDJRS GLVSRVLWLYRDSUHVHQWDFRQVROLGDQGRDVVLPDDXWRWXWHODGRGLUHLWRGR IRUQHFHGRU $LQGD QHVVH GLDSDVmR FHUWHLUDV VH PRVWUDP DV OLo}HV GH $OHVVDQGUR 6HJDODDRVXVWHQWDUTXHRFRUWHGHHOHWULFLGDGHVHQGRFRQVLGHUDGRFRPRVHUYLoR HVVHQFLDO RIHQGH LQ~PHURV SULQFtSLRV HQWUH HOHV R GD FRQWLQXLGDGH R GD ERDIp REMHWLYDRGDSURSRUFLRQDOLGDGHHRGDUD]RDELOLGDGH1DVVXDVSUHFLVDVSDODYUDV 2UD DV HPSUHVDV FRQFHVVLRQiULDV DR DPHDoDUHP VXVSHQGHU XQLODWHUDOPHQWH R IRUQHFLPHQWR GH HQHUJLD HOpWULFD DR XVXiULR DWp PHVPRHPUD]mRGRQmRSDJDPHQWRGHFRQWDVGHFRQVXPRHVWDUmR DR LPSHGLU TXH R PHVPR SRVVD FRQWHVWDU RV YDORUHV TXH DOHJDP VHUHPGHYLGRVDHOHWUDQVIHULQGRR{QXVGHLQJUHVVDUHPMXt]RSDUD LPSXJQDU YDORUHV TXH GHVFRQKHFH FRPSOHWDPHQWH D PHGLomR GR FRQVXPR D DSXUDomR H R FiOFXOR XWLOL]DGR VmR GR H[FOXVLYR FRQKHFLPHQWR GD HPSUHVD H QmR GRV FRQVXPLGRUHV 'Dt VH Yr SRUWDQWR TXH DV FRQFHVVLRQiULDV FULDP LQ~PHURV REVWiFXORV SDUD TXH RV HYHQWXDLV SUHMXGLFDGRV SRVVDP GHIHQGHUVH UHJXODUPHQWH GDGR VHU FXULDO TXH HVWH REVWiFXOR VH WUDGX] HP XP HQWUDYH FRQIRUPH D KLSyWHVH DWp PHVPR LQVXSHUiYHO DR DWHQGLPHQWR GD ILQDOLGDGHREMHWLYDGRFRQVWLWXLQWHTXHIRLDGHSURSLFLDUSOHQRDFHVVR DR3RGHU-XGLFLiULR -XVWLILFDQGRRVHXHQWHQGLPHQWRFRQFOXLRUHWURFLWDGRDWRU )LQDOPHQWH Ki TXH VH GHL[DU FODUR TXH VH GpELWRV GH FRQVXPR GH HQHUJLD HOpWULFD KRXYHU DV HPSUHVDV FRQFHVVLRQiULDV QmR HVWDUmR LPSHGLGDV GH FREUiORV 6H PHLRV RXWURV Ki SDUD FREUDU LQFOXVLYH HQFRQWUDQGRVH R SUySULR (VWDGR D HOHV VXEPHWLGR YJ /HL Q SRU TXH RSWDU SHOR PHLR PHQRV JUDYRVR" 1mR Ki MXVWLILFDWLYD SDUD WDQWR 2 TXH VH SUHWHQGH DSHQDV p TXH VH VXEPHWHP j DSUHFLDomR GR 3RGHU -XGLFLiULR D VXD SUHWHQVmR GHL[DQGRGHDJLUVSRQWHVXDFRPRVHPDJLVWUDGRVIRVVHP 'HRXWUDIDFHHQFRQWUDVHDFRUUHQWHTXHDGPLWHDLQWHUUXSomRDQWHR DUJXPHQWR GH TXH D FRQWLQXLGDGH QD SUHVWDomR GR VHUYLoR GHYH VHU YLVXDOL]DGD GR 6(*$//$$OHVVDQGUR6XVSHQVmRGRIRUQHFLPHQWRGHHQHUJLDHOpWULFDDRXVXiULRLQDGLPSOHQWHj OX]GD&RQVWLWXLomR)HGHUDO5HYLVWDGH'LUHLWRGR&RQVXPLGRU6mR3DXOR5HYLVWDGRV7ULEXQDLV6mR 3DXORQMDQPDUS 6(*$//$$OHVVDQGUR6XVSHQVmRGRIRUQHFLPHQWRGHHQHUJLDHOpWULFDDRXVXiULRLQDGLPSOHQWHj OX]GD&RQVWLWXLomR)HGHUDO5HYLVWDGH'LUHLWRGR&RQVXPLGRUS 1HVVHGLDSDVmRGRLVVmRRVMXOJDGRVGD6HJXQGD7XUPDGR67-TXHPHUHFHPGHVWDTXH5(63 3% H 0* DEDL[R FRODFLRQDGRV $ SDUWLU GHVVDV GXDV GHFLV}HV p TXH VH LQLFLRX D GLVFXVVmR HQWUH D 3ULPHLUD H D 6HJXQGD 7XUPDV GDTXHOH (JUpJLR 7ULEXQDO QR TXH GL] UHVSHLWR j SRVVLELOLGDGHGHKDYHUFRUWHGRIRUQHFLPHQWRGHVHUYLoRHVVHQFLDOGLDQWHGDLQDGLPSOrQFLDGRXVXiULR OHYDQGR j PXGDQoD GH HQWHQGLPHQWR GD &RUWH $ RULHQWDomR GD 3ULPHLUD 7XUPD SRVLFLRQDQGRVH FRQWUD R FRUWH QR IRUQHFLPHQWR SDVVRX D QmR PDLV UHIOHWLU R HQWHQGLPHQWR MXULVSUXGHQFLDO GR 67- SRUTXH D 6HJXQGD 7XUPD FRQWUDULDPHQWH PDQLIHVWDYDVH SHOR FRUWH VH DWHQGLGDV DV H[LJrQFLDV SRQWRGHYLVWDFROHWLYRSRUTXDQWRRLQDGLPSOHPHQWRGHDOJXQVLPSOLFDLQGHYLGR{QXV SDUDRVDGLPSOHQWHV2VDGHSWRVGHVWDFRUUHQWHDOHJDPTXHDSUySULDFRQWLQXLGDGH GRVVHUYLoRVGHSHQGHUiGRVUHFXUVRVSURYHQLHQWHVGRSDJDPHQWRHTXHRVXVXiULRV GHVVHV VHUYLoRV QmR SRGHP FRUUHU R ULVFR GH LQWHUUXSomR SHOR LQDGLPSOHPHQWR SRU SDUWHGHDOJXQVVRESHQDGHLQGHYLGRHQULTXHFLPHQWRVHPFDXVDIDWRTXHRIHQGHR SULQFtSLRGDLJXDOGDGHDUWLQFLVR,&5)% 1HVVD HVWHLUD WHPVH R SRVLFLRQDPHQWR GH =HOPR 'HQDUL PHVPR VHQGRXPGRVDXWRUHVGR$QWHSURMHWRGR&'&TXHVHMXVWLILFDGDVHJXLQWHIRUPD OHJDLV $VVLP R SULPHLUR MXOJDPHQWR D VHU DSRQWDGR p R GR 5HFXUVR (VSHFLDO Q 3% FXMD HPHQWDpDVHJXLQWH ³5(&8562(63(&,$/±$/Ë1($µ&¶±$'0,1,675$7,92±(1(5*,$(/e75,&$±&21&(662 '( 6(59,d2 3Ò%/,&2 ± $75$62 12 3$*$0(172 ± 6863(162 '2 6(59,d2 ± 3266,%,/,'$'(±$576,,'$/(,1('$/(,1 +i H[SUHVVD SUHYLVmR QRUPDWLYD QR VHQWLGR GD SRVVLELOLGDGH GH VXVSHQVmR GR IRUQHFLPHQWR GH HQHUJLDHOpWULFDDRXVXiULRTXHGHL[DGHHIHWXDUDFRQWUDSUHVWDomRDMXVWDGDPHVPRTXDQGRVHWUDWDU GHFRQVXPLGRUTXHSUHVWHVHUYLoRS~EOLFR 1D KLSyWHVH YHUWHQWH YHULILFDVH TXH VH WUDWD GH XVXiULR GR VHUYLoR S~EOLFR FRQFHGLGR TXH QRV WHUPRV GR U YRWR FRQGXWRU GR DFyUGmR REMXUJDGR µGHOLEHUDGDPHQWH YHP VH PDQWHQGR D LQDGLPSOrQFLD¶UD]mREDVWDQWHSDUDDVXVSHQVmRGRIRUQHFLPHQWRGREHP $R HGLWDU D 5HVROXomR Q GH GH QRYHPEUR GH D SUySULD $1((/ UHVSRQViYHO SHOD UHJXODPHQWDomR GR VHWRU HQHUJpWLFR QR SDtV FRQWHPSORX D SRVVLELOLGDGH GH VXVSHQVmR GR IRUQHFLPHQWRGRVHUYLoRHPLQ~PHUDVKLSyWHVHVGHQWUHDVTXDLVRDWUDVRQRSDJDPHQWRGHHQFDUJRV H VHUYLoRV YLQFXODGRV DR IRUQHFLPHQWR GH HQHUJLD HOpWULFD SUHVWDGRV PHGLDQWH DXWRUL]DomR GR FRQVXPLGRURXSHODSUHVWDomRGRVHUYLoRGHHQHUJLDHOpWULFDDUWLQFLVRV,H,, 5HFHEH R XVXiULR VH DGPLWLGD D LPSRVVLELOLGDGH GH VXVSHQVmR GR VHUYLoR UHSURYiYHO HVWtPXOR j LQDGLPSOrQFLD1mRVHUiR-XGLFLiULRHQWUHWDQWRLQVHQVtYHOUHODWLYDPHQWHjVVLWXDo}HVSHFXOLDUHVHP TXH R XVXiULR GHL[DU GH KRQUDU VHXV FRPSURPLVVRV ILQDQFHLURV HP UD]mR GH VXD KLSRVVXILFLrQFLD FLUFXQVWkQFLDTXHQmRVHDPROGDDRFDVRHPH[DPH 5HFXUVRHVSHFLDOFRQKHFLGRSHODOHWUDµF¶SRUpPQmRSURYLGR´%5$6,/6XSHULRU7ULEXQDOGH-XVWLoD 5(63 3% 6HJXQGD7XUPDXQkQLPH5HO 0LQ)UDQFLXOOL 1HWWR %UDVtOLD')M '-'LVSRQtYHOHPKWWSZZZVWMJRYEU!$FHVVRHPDJR $RSURIHULURYRWRRUHODWRUGRSURFHVVRDFLPDSULPHLURID]XPDEUHYHFRQVWDWDomRGRLQWHQVRGHEDWH GRXWULQiULR TXH R WHPD VXVFLWD LQFOXVLYH QR kPELWR GDV 7XUPDV TXH FRPS}HP D 3ULPHLUD 6HomR 3URVVHJXHVHXUDFLRFtQLRGHL[DQGRFODURTXHDSRVVLELOLGDGHGHVXVSHQVmRGRIRUQHFLPHQWRGLULJHVH jTXHOH LQDGLPSOHQWH FRQWXPD] H UHVVDOWD D DSOLFDomR GD OHJLVODomR SHUWLQHQWH j PDWpULD /HLV QV HH5HVROXomRQGD$1((/ 2XWURMXOJDPHQWRTXHPHUHFHGHVWDTXHpRDFyUGmRGR5HFXUVR(VSHFLDOQ0*TXHSRVVXL DVHJXLQWHHPHQWD ³$'0,1,675$7,92 ± 6(59,d2 '( )251(&,0(172 '( È*8$ ± 3$*$0(172 ¬ (035(6$ &21&(66,21È5,$ 62% $ 02'$/,'$'( '( 7$5,)$ ± &257( 325 )$/7$ '( 3$*$0(172 /(*$/,'$'( $ UHODomR MXUtGLFD QD KLSyWHVH GH VHUYLoR S~EOLFR SUHVWDGR SRU FRQFHVVLRQiULD WHP QDWXUH]D GH 'LUHLWR3ULYDGRSRLVRSDJDPHQWRpIHLWRVREDPRGDOLGDGHGHWDULIDTXHQmRVHFODVVLILFDFRPRWD[D 1DV FRQGLo}HV LQGLFDGDV R SDJDPHQWR p FRQWUDSUHVWDomR H R VHUYLoR SRGH VHU LQWHUURPSLGR HP FDVRGHLQDGLPSOHPHQWR ,QWHUSUHWDomRDXWrQWLFDTXHVHID]GR&'&TXHDGPLWHDH[FHomRGRFRQWUDWRQmRFXPSULGR $SROtWLFDVRFLDOUHIHUHQWHDRIRUQHFLPHQWRGRVVHUYLoRVHVVHQFLDLVID]VHSRULQWHUPpGLRGDSROtWLFD WDULIiULDFRQWHPSODQGRHTXLWDWLYDHLVRQRPLFDPHQWHRVPHQRVIDYRUHFLGRV 5HFXUVR HVSHFLDO LPSURYLGR´ %5$6,/ 6XSHULRU 7ULEXQDO GH -XVWLoD 5(63 Q 0* 6HJXQGD 7XUPD PDLRULD 5HO 0LQ (OLDQD &DOPRQ %UDVtOLD ') M '- 'LVSRQtYHOHPKWWSZZZVWMJRYEU!$FHVVRHPDJR '(1$5, =HOPR &yGLJR %UDVLOHLUR GH 'HIHVD GR &RQVXPLGRU FRPHQWDGR SHORV DXWRUHV GR $QWHSURMHWRS $VVLP FRPR R SDUWLFXODU QR FRQWUDWR IDFLR XW GHV SRGH UHFXVDU FXPSULPHQWR GD REULJDomR GH ID]HU QD DXVrQFLD GR FRUUHVSHFWLYR DVVLPWDPEpPQmRKiQHJDUjVFRQFHVVLRQiULDVDPHVPDIDFXOGDGH QRV FRQWUDWRV GH 'LUHLWR GR LQVWUXPHQWR GH 3~EOLFR 'R FRQWUiULR VHULDDGPLWLUGHXPODGRRHQULTXHFLPHQWRVHPFDXVDGRXVXiULRH GH RXWUR R GHVYLR GH UHFXUVRV S~EOLFRV SRU PHUD LQDWLYLGDGH GD FRQFHVVLRQiULDVHPSUHMXt]RGDRIHQVDDRSULQFtSLRGDLJXDOGDGHGH WUDWDPHQWRHQWUHRVGHVWLQDWiULRVGRVHUYLoRS~EOLFR'HWRGRPRGRD LQWHUUXSomR QR IRUQHFLPHQWR GR VHUYLoR S~EOLFR QmR SRGH VHU HIHWLYDGD H[ DEUXSWR FRPR LQVWUXPHQWR GH SUHVVmR FRQWUD R FRQVXPLGRU SDUD IRUoiOR DR SDJDPHQWR GD FRQWD HP DWUDVR (P REVpTXLRDRVSULQFtSLRVEiVLFRVTXHUHJHPDVSROtWLFDVGHFRQVXPR RFRUWHGHYHUiVHUSUHFHGLGRGHQRWLILFDomRSUpYLDDRXVXiULR 0DULD'¶$VVXQomR&RVWD0HQH]HOORWDPEpPFRPSDUWLOKDGDRSLQLmRGR DXWRUDFLPDHH[SOLFDRVHXSRVLFLRQDPHQWR /HJDOL]RXVH SRLV DTXLOR TXH JUDQGH SDUWH GD GRXWULQD Mi KDYLD FRQVDJUDGR GHVGH D SXEOLFDomR GR &yGLJR GH 'HIHVD GR &RQVXPLGRU 2 FRUWH GH IRUQHFLPHQWR GH XP VHUYLoR S~EOLFR SHOR LQDGLPSOHPHQWR GDV REULJDo}HV GR XVXiULR p SOHQDPHQWH OtFLWR 1mR QRVROYLGHPRVTXHSHUWHQFHjKHUPHQrXWLFDMXUtGLFDRSULQFtSLRTXH QmR VH SUHVXPHP QD OHL SDODYUDV LQ~WHLV 1mR SRGHUi FDXVDU HVSDQWR D TXDOTXHU XVXiULR LQDGLPSOHQWH R FRUWH GR IRUQHFLPHQWR EDVHDQGRVH D FRQFHVVLRQiULD GH VHUYLoR S~EOLFR QDV UD]}HV SUHYLVWDV QD OHJLVODomR &RQYpP DTXL FRQVLJQDU TXH XP FRQWUDWR ELODWHUDOGHIRUQHFLPHQWRGHXPVHUYLoRS~EOLFRVyVHUiLQWHUURPSLGR SRU TXHVW}HV WpFQLFDV GH VHJXUDQoD RX GH LQDGLPSOHPHQWR GR XVXiULR 3DUHFHQRV LQTXHVWLRQiYHO DWp SHOR SUySULR SULQFtSLR GD FRQWLQXLGDGH GRV VHUYLoRV S~EOLFRV D SRVVLELOLGDGH GR SUHVWDGRU GH VHUYLoRV DSyV FRPXQLFDomR SUpYLD DR FRQVXPLGRU HIHWXDU R GHVOLJDPHQWRTXDQGRHVWHQmRHIHWXRXRSDJDPHQWRGHYLGR3RUTXH VH DVVLP QmR RFRUUHU JHUDVH SDUD R FRQVXPLGRU LQDGLPSOHQWH XP EHQHItFLRILQDQFHLURLOtFLWRjFXVWDGRVGHPDLVXVXiULRVGRVHUYLoR 2EVHUYHVH TXH D SUpYLD FRPXQLFDomR GR FRUWH QmR p R ~QLFR UHTXLVLWR SDUDTXHVHSHUPLWDDVXVSHQVmRGDSUHVWDomRGRVHUYLoRDWHRUGRDUW,,GD /HLQ$VXVSHQVmRGRIRUQHFLPHQWRGRVHUYLoRGHYHILFDUFRQGLFLRQDGDDR LQWHUHVVHGDFROHWLYLGDGHRXVHMDRFRUWHVRPHQWHVHUiSRVVtYHOTXDQGRRLQWHUHVVH GDFROHWLYLGDGHDVVLPRGHWHUPLQDU 'HVVDIRUPD SDUD TXH RFRUUDD LQWHUUXSomR GH VHUYLoRV FRQWtQXRV GHYH ILFDUFDUDFWHUL]DGRRLQWHUHVVHGDFROHWLYLGDGHRXHPRXWUDVSDODYUDVpRLQWHUHVVH S~EOLFRTXHFRQGLFLRQDDLQWHUUXSomRGDSUHVWDomRGHVHUYLoRVS~EOLFRV 0(1(=(//2 0DULD '¶$VVXQomR &RVWD 2 &yGLJR GH 'HIHVD GR &RQVXPLGRU H D SUHVWDomR GRV VHUYLoRVS~EOLFRV5HYLVWDGH'LUHLWRGR&RQVXPLGRU6mR3DXOR(GLWRUD5HYLVWDGRV7ULEXQDLVY S 'R H[SRVWR LQIHUHVH D LPSRVVLELOLGDGH GH FRUWH GR IRUQHFLPHQWR GH VHUYLoRHVVHQFLDOQmRDSHQDVFRPUHODomRDRXVXiULRLQGLYLGXDOPHQWHPDVWDPEpP TXDQGR VH WUDWDU GH XVXiULR SHVVRD MXUtGLFD GH GLUHLWR S~EOLFR FRPR XP KRVSLWDO XPD XQLYHUVLGDGH RX XPD SUHIHLWXUD (VVD DILUPDomR GHFRUUH GR IDWR GH D PHGLGD H[WUHPD VH FRQWUDSRU DR LQWHUHVVH GD FROHWLYLGDGH SRUTXDQWR RV VHUYLoRV S~EOLFRV HVVHQFLDLVVmRGHVXPDLPSRUWkQFLDDRFRQYtYLRGRVFLGDGmRV $RSLQLmRGH=HOPR'HQDULDSRQWDQRPHVPRVHQWLGR2DXWRUPHVPR DGPLWLQGR D LQWHUUXSomR GR IRUQHFLPHQWR GR VHUYLoR HVVHQFLDO SDUD R XVXiULR LQDGLPSOHQWH LQGLYLGXDOPHQWH FRQVLGHUDGR QmR D DFHLWD VH R XVXiULR IRU SHVVRD MXUtGLFDGHGLUHLWRS~EOLFRSRUTXHDOpPGHHVWDUHPFDXVDRLQWHUHVVHS~EOLFR±FXMD VXSUHPDFLDpLQGLVFXWtYHOHPWHUPRVSULQFLSLROyJLFRV±RHQWHS~EOLFRSRGHLQYRFDU HP VHQWLGR GLDPHWUDOPHQWH RSRVWR R SRVWXODGR GD FRQWLQXLGDGH GRV VHUYLoRV S~EOLFRVTXHSUHVWDjSRSXODomRHPJHUDO 35(9$/Ç1&,$'2&Ï',*2'('()(6$'2&21680,'251$3527(d2 '2868È5,2'(6(59,d263Ò%/,&26 'LDQWH GDV FRQVLGHUDo}HV GH UHOHYR WHFLGDV D UHVSHLWR GD WHPiWLFD HQYROYHQGR D LQWHUUXSomR GR IRUQHFLPHQWR GRV VHUYLoRV S~EOLFRV WHPVH TXH RV VHUYLoRVFRQVLGHUDGRVHVVHQFLDLVSHODOHJLVODomRFRQVXPHULVWDGHYHPVHUSUHVWDGRV LQLQWHUUXSWDPHQWHPHVPRGLDQWHGRLQDGLPSOHPHQWRGRVHXXVXiULR $ 7XUPD GR 7ULEXQDO 5HJLRQDO )HGHUDO GD 6HJXQGD 5HJLmR QR MXOJDPHQWR GR 3URFHVVR Q HPERUDWHQKDDGPLWLGRDVXVSHQVmRGRIRUQHFLPHQWRGHHQHUJLDHOpWULFDHP UHODomR DRV yUJmRV S~EOLFRV GHVGH TXH RV FOLHQWHV WHQKDP VLGR GHYLGDPHQWH QRWLILFDGRV WDPEpP HVWDEHOHFHXTXHDLQWHUUXSomRQmRSRGHDWLQJLUVHUYLoRVHVVHQFLDLVjSRSXODomRFRPRRVSUHVWDGRV SRUKRVSLWDLVSRVWRVGHVD~GHHVFRODVHUHSDUWLo}HVS~EOLFDVFXMDSDUDOLVDomRSRGHDFDUUHWDUGDQRV LUUHSDUiYHLVjFROHWLYLGDGH5,2'(-$1(,527ULEXQDO5HJLRQDO)HGHUDOGD5HJLmR3URFHVVRQ $SHODomR &tYHO Q 5HODWRU 'HV )HG 5RJpULR &DUYDOKR 5LR GH -DQHLUR 5- M '-8 'LVSRQtYHO HP KWWSZZZWUIMXVEU! $FHVVR HP DJR '(1$5, =HOPR &yGLJR %UDVLOHLUR GH 'HIHVD GR &RQVXPLGRU FRPHQWDGR SHORV $WRUHV GR $QWHSURMHWRS $3ULPHLUD7XUPDGR67-GHL[RXFRQVLJQDGRRVHJXLQWH³2FRUWHGHHQHUJLDDXWRUL]DGRSHOR&'& H OHJLVODomR SHUWLQHQWH p SUHYLVWR XWL VLQJXOL YDOH GL]HU GD FRQFHVVLRQiULD YHUVXV R FRQVXPLGRU LVRODGR H LQDGLPSOHQWH SUHYLVmR LQH[WHQVtYHO j $GPLQLVWUDomR 3~EOLFD SRU IRUoD GR SULQFtSLR GD FRQWLQXLGDGH GHULYDGR GR FkQRQH PDLRU GD VXSUHPDFLD GR LQWHUHVVH S~EOLFR´ %5$6,/ 6XSHULRU 7ULEXQDO GH -XVWLoD $JU0& Q $JUDYR 5HJLPHQWDO QD 0HGLGD &DXWHODU Q 3ULPHLUD 7XUPD XQkQLPH 5HO 0LQ /XL] )X[ %UDVtOLD ') M '-8 S 'LVSRQtYHOHPKWWSZZZVWMJRYEU!$FHVVRHPMXO 1HVWH SRQWR TXDGUD VDOLHQWDU SRU SHUWLQHQWH TXH QmR VH WUDWD GH GHVSUH]DU R SUHMXt]R HFRQ{PLFRILQDQFHLUR TXH DV FRQFHVVLRQiULDV H DV SHUPLVVLRQiULDV SRVVDP H[SHULPHQWDU QHPGH DFREHUWDU R HQULTXHFLPHQWR LQGHYLGR SRUSDUWHGRVXVXiULRVTXHFRPRpFHGLoRQmRVHSRGHPKDELWXDUjLQDGLPSOrQFLD PDV VLP GH JDUDQWLU D FRQWLQXLGDGH GD SUHVWDomR GH VHUYLoR HVVHQFLDO jTXHOH TXH QmRWHPFRQGLo}HVILQDQFHLUDVGHID]rORVRESHQDGHSRUHPULVFRRVHXVXVWHQWRH RGHVXDIDPtOLD e FHGLoR TXH RV IRUQHFHGRUHV GRV VHUYLoRV S~EOLFRV HVVHQFLDLV GLVS}HP GHPHLRVRUGLQiULRVGHFREUDQoDSDUDUHFHEHUHPRVYDORUHVGHYLGRVSHORVXVXiULRV LQDGLPSOHQWHVXPDYH]TXHpLQDGPLVVtYHOTXDOTXHUHVSpFLHGHFRQVWUDQJLPHQWRRX DPHDoDDRFRQVXPLGRUGHDFRUGRFRPRGLVSRVWRQRDUWGR&'& $GHPDLV YDOH OHPEUDU TXH D LQWHUUXSomR GR VHUYLoR HP GHFRUUrQFLD GH DWR XQLODWHUDO GD FRQFHVVLRQiULD RX SHUPLVVLRQiULD FRQILJXUD FULPH GH H[HUFtFLR DUELWUiULRGDVSUySULDVUD]}HVFRLELGRSHORQRVVRRUGHQDPHQWRMXUtGLFR $LQGD TXDQGR D FRQFHVVLRQiULD RX SHUPLVVLRQiULD GH VHUYLoR S~EOLFR VH XWLOL]D GD VXVSHQVmR GR IRUQHFLPHQWR GR VHUYLoR FRPR IRUPD GH IRUoDU R XVXiULR LQDGLPSOHQWHDRSDJDPHQWRGHVHXGpELWRLQFRUUHHPJUDYHYLRODomRDRVSULQFtSLRV MXUtGLFRVTXHQRUWHLDPDVUHODo}HVSDWULPRQLDLV1RVWHUPRVGRDUWGR&'&³1D FREUDQoD GH GpELWRV R FRQVXPLGRU LQDGLPSOHQWH QmR VHUi H[SRVWR D ULGtFXOR QHP VXEPHWLGRDTXDOTXHUWLSRGHFRQVWUDQJLPHQWRRXDPHDoD´ 'HVVD IRUPD FRQIRUPH VH GHSUHHQGH GR RUGHQDPHQWR MXUtGLFR SiWULR D UHVSRQVDELOLGDGHSDWULPRQLDOGHYHLQFLGLUVREUHRSDWULP{QLRGRGHYHGRUHQmRVREUH DVXDSHVVRDGHVRUWHTXHTXDQGRRVHUYLoRHVVHQFLDOpVXVSHQVRQDGDPDLVSRGH REMHWLYDURIRUQHFHGRUGRTXHFRDJLURFRQVXPLGRUDHIHWXDURSDJDPHQWRGRGpELWR (VVD DWLWXGH FRQILJXUD SUiWLFD DEXVLYD SRU SDUWH GH FRQFHVVLRQiULDV H 1HVVHVHQWLGRpRHQWHQGLPHQWRGR67-QR5HFXUVR(VSHFLDOQ6&± ³2 FRUWH GH HQHUJLD XWLOL]DGR SHOD &RPSDQKLD SDUD REULJDU R XVXiULR DR SDJDPHQWR GH WDULID H[WUDSROD RV OLPLWHV GD OHJDOLGDGH XPD YH] TXH H[LVWHP GLYHUVRV RXWURV PHLRV DXWRUL]DGRV SHOD OHL SDUDEXVFDURDGLPSOHPHQWRGRGpELWR´%5$6,/6XSHULRU7ULEXQDOGH-XVWLoD5HFXUVR(VSHFLDOQ 6& ± 3ULPHLUD 7XUPD XQDQLPLGDGH 5HODWRU 0LQ )UDQFLVFR )DOFmR %UDVtOLD')M'-8S'LVSRQtYHOHPKWWSZZZVWMJRYEU!$FHVVR HPDJR $VVLPWDPEpPGHFLGLXR67-QR5HFXUVR(VSHFLDOQ5-³eGHIHVRjFRQFHVVLRQiULDGH HQHUJLD HOpWULFD LQWHUURPSHU R VXSULPHQWR GH IRUoD QR HVFRSR GH FRPSHOLU R FRQVXPLGRU DR SDJDPHQWRGHWDULIDHPDWUDVR2H[HUFtFLRDUELWUiULRGDVSUySULDVUD]}HVQmRSRGHVXEVWLWXLUDDomR GH FREUDQoD´ %5$6,/ 6XSHULRU 7ULEXQDO GH -XVWLoD 5HFXUVR (VSHFLDO Q 5- 3ULPHLUD 7XUPD XQkQLPH 5HODWRU 0LQ +XPEHUWR *RPHV GH %DUURV %UDVtOLD ') M '-8 S'LVSRQtYHOHPKWWSZZZVWMJRYEU!$FHVVRHPDJR SHUPLVVLRQiULDV VHP FRQWDU TXH FROLGH IURQWDOPHQWH FRP R SULQFtSLR FRQVWLWXFLRQDO GDGLJQLGDGHGDSHVVRDKXPDQDDUW,,,&5)% 2XWURVVLPQRDUWR&'&HVWDEHOHFHTXHFRQVWLWXLFULPHDFRQGXWDGH XWLOL]DU QD FREUDQoD GH GtYLGDV DPHDoD FRDomR FRQVWUDQJLPHQWR ItVLFR RX PRUDO DILUPDo}HV IDOVDV LQFRUUHWDV RX HQJDQRVDV RX RXWUR SURFHGLPHQWR TXH H[SRQKD R FRQVXPLGRU LQMXVWLILFDGDPHQWH D ULGtFXOR RX LQWHUILUD FRP R VHX WUDEDOKR GHVFDQVR RX OD]HU 0DLV R IDWR GH WDLV FRQGXWDV VHUHP SUDWLFDGDV HP RSHUDo}HV TXH HQYROYDP SURGXWRV RX VHUYLoRV HVVHQFLDLV RX RFDVLRQHP JUDYH GDQR LQGLYLGXDO RX FROHWLYRFRQVWLWXLFLUFXQVWkQFLDDJUDYDQWHDWHRUGRGLVSRVWRQRDUWGR&'& &RP UHODomR jV GLVSRVLo}HV FRQWLGDV QD /HL Q /HL GDV &RQFHVV}HVSDUWHFRQVLGHUiYHOGDGRXWULQDHGDMXULVSUXGrQFLDPXGRXGHSRVLomR RXVHMDSDVVRXDDGPLWLUDLQWHUUXSomRGRVVHUYLoRVHVVHQFLDLVIOH[LELOL]DQGRDUHJUD LQVHUWDQRDUWGR&'& 6X]DQD0DULD3LPHQWD&DWWD3UHWD)HGHULJKLGHIRUPDODSLGDUMXVWLILFD DSUHYDOrQFLDGRGLSORPDFRQVXPHULVWD $VQRUPDVTXHLPSOLTXHPUHODo}HVGHFRQVXPRQmRGHYHPFRQIOLWDU FRP R &yGLJR GR &RQVXPLGRU SRUTXDQWR HVWH GHVDXWRUL]D D LQWHUUXSomR GH VHUYLoR HVVHQFLDO H KDYHQGR DQWLQRPLD HQWUH R FULWpULR GH HVSHFLDOLGDGH FyGLJR VHUYLoR S~EOLFR IDWR HVWH TXH SRGHULDWHURFRUULGRFDVRDQRUPDGD/HLQQmRWLYHVVHVLGR DEUDQGDGDSHOD/HLQQmRVHDSOLFDRFULWpULROH[SRVWHULRUL UHYRJDW OHJLV D SULRUL H VLP R FULWpULR OH[ SRVWHULRUL JHQHUDOLV QRQ GHUURJDWSULRULVSHFLDOL$VVLPDQRUPDGRFRQVXPLGRUFRPRQRUPD HVSHFLDO FRQWpP R VLVWHPD MXUtGLFR GR HTXLOtEULR GD UHODomR GH FRQVXPRQmRSRGHQGRVHUUHYRJDGDSRUQRUPDSRVWHULRUTXHUHJXOD FRQFHVV}HV GH VHUYLoR S~EOLFR H QmR R GLUHLWR GR XVXiULRFRQVXPLGRU $DXWRUDH[SOLFDQGRVHXSRVLFLRQDPHQWRDUUHPDWD 3RUWDQWR R &yGLJR GH 'HIHVD GR &RQVXPLGRU HVWDEHOHFH SUHFHLWRV GH RUGHP S~EOLFD LQGHUURJiYHLV SRU IRUoD GH GLVSRVLomR FRQWUDWXDO TXHJHUDPREULJDo}HVHVSHFLDLV2TXHVLJQLILFDTXHGHVREHGHFLGR R &'& H D OHJLVODomR HVSHFtILFD TXH YHUVD VREUH R VHUYLoR S~EOLFR 1HVVH VHQWLGR WHPVH GHFLVmR SURIHULGD SHOR 67- ³2 FRUWH QR IRUQHFLPHQWR GH HQHUJLD HOpWULFD FRPRIRUPDGHFRPSHOLURXVXiULRDRSDJDPHQWRGHWDULIDRXPXOWDH[WUDSRODRVOLPLWHVGDOHJDOLGDGH H PDOIHUH D FOiXVXOD SpWUHD TXH WXWHOD D GLJQLGDGH KXPDQD´ %5$6,/ 6XSHULRU 7ULEXQDO GH -XVWLoD $J5J QR $* 5- 3ULPHLUD 7XUPD XQkQLPH 5HO 0LQ /XL] )X[ %UDVtOLD ') M '-8S'LVSRQtYHOHPKWWSZZZVWMJRYEU!$FHVVRHPMXO )('(5,*+, 6X]DQD 0DULD 3LPHQWD &DWWD 3UHWD $ DGYRFDFLD S~EOLFD H D GHIHVD GRV LQWHUHVVHV GLIXVRV H FROHWLYRV GLDQWH GD SUHVWDomR GRV VHUYLoRV S~EOLFRV 5HYLVWD GH 'LUHLWRV 'LIXVRV 7HPDV $WXDLVGH'LUHLWRGR&RQVXPLGRU,6mR3DXOR,QVWLWXWR%UDVLOHLURGH$GYRFDFLD3~EOLFDDQR9,,Y QRYGH]S KDYHUi SRVVLELOLGDGH GH SURSRVLWXUD GH DomR LQGLYLGXDO H Do}HV FROHWLYDVYLVDQGRjGHIHVDGHLQWHUHVVHVGLIXVRVHFROHWLYRV1RTXH WDQJH DRV VHUYLoRV S~EOLFRV YHULILFDVH SHOD OHJLVODomR DSOLFiYHO SRXFD HODVWLFLGDGH FRQFHGLGD DR DSOLFDGRU GD OHL $ LQWHQomR PDMRULWiULD GR OHJLVODGRU DR HODERUDU D /HL Q IRL D GH FRQFHGHU DR PDJLVWUDGR DPSOD GLVFULFLRQDULHGDGH QD DQiOLVH H[HJpWLFD D VHU IHLWD VREUH D OLFLWXGH GRV FRQWUDWRV HP UD]mR GDV SHFXOLDULGDGHVGHFDGDWUDWDWLYD3RUpPQmRpRTXHRFRUUHTXDQGR RDVVXQWRpDSUHVWDomRGHVHUYLoRS~EOLFR 1HVVHGLDSDVmRSUHFLVDVVmRDVOLo}HVGH1HOVRQ1HU\-~QLRU 2 PLFURVVLVWHPD GR &'& p OHL GH QDWXUH]D SULQFLSLROyJLFD 1mR p QHPOHLJHUDOQHPOHLHVSHFLDO(VWDEHOHFHRVIXQGDPHQWRVVREUHDV TXDLV VH HULJH D UHODomR MXUtGLFD GH FRQVXPR GH PRGR TXH WRGD H TXDOTXHU UHODomR GH FRQVXPR GHYH VXEPHWHUVH j SULQFLSLRORJLD GR &'& &RQVHTXHQWHPHQWH DV OHLV HVSHFLDLV VHWRUL]DGDV YJ VHJXURV EDQFRV FDOoDGRV WUDQVSRUWHV VHUYLoRV DXWRPyYHLV DOLPHQWRV HWF GHYHP GLVFLSOLQDU VXDV UHVSHFWLYDV PDWpULDV HP FRQVRQkQFLDHHPREHGLrQFLDDRVµSULQFtSLRVIXQGDPHQWDLVGR&'&¶ 1mR VHULD DGPLVVtYHO SRU H[HPSOR TXH R VHWRU GH WUDQVSRUWHV IL]HVVHDSURYDUOHLTXHUHJXODVVHDLQGHQL]DomR SRUDFLGHQWHRXSRU YtFLR GR VHUYLoR IXQGDGD QR FULWpULR VXEMHWLYR GROR RX FXOSD SRLV LVWR FRQWUDULD R µSULQFtSLR GD HVSHFLDOLGDGH REMHWLYD¶ JDUDQWLGD SHOR &'& DUW 9, &RPR R &'& QmR p OHL JHUDO KDYHQGR FRQIOLWR DSDUHQWHHQWUHVXDVQRUPDVHDGHDOJXPDOHLHVSHFLDOQmRVHDSOLFD R SULQFtSLR GD HVSHFLDOLGDGH OH[ VSHFLDOLV GHUURJDW JHQHUDOLV SUHYDOHFHDUHJUDSULQFLSLROyJLFDGR&'&VREUHDGDOHLHVSHFLDOTXH R GHVUHVSHLWRX &DVR DOJXP VHWRU TXHLUD PXGDU DV UHJUDV GR MRJR WHUi TXH ID]HU PRGLILFDo}HV QR &'& H QmR FULDU OHL j SDUWH GHVUHVSHLWDQGR DV UHJUDV µSULQFLSLROyJLFDV IXQGDPHQWDLV¶ GDV UHODo}HVGHFRQVXPRHVWDWXtGDVQR&'& 3OtQLR /DFHUGD 0DUWLQV DVVHYHUD TXH D OHL LQIUDFRQVWLWXFLRQDO /HL Q YHLR TXHEUDU R FDUiWHU DEVROXWR GD FRQWLQXLGDGH GRV VHUYLoRV HVVHQFLDLV 2DXWRUTXDQGRVHUHIHUHDRVHUYLoRHVVHQFLDOGHHQHUJLDDVVLPVHSRVLFLRQD &RQVWLWXL SUiWLFD DEXVLYD R FRUWH GH HQHUJLD HOpWULFD SRU IDOWD GH SDJDPHQWRVHQGRYHGDGRRFRUWHSRUSDUWHGRIRUQHFHGRUHPUD]mR GRVHUYLoRVHUFRQVLGHUDGRHVVHQFLDOQmRSUHYDOHFHQGRDQRUPDTXH DXWRUL]DDLQWHUUXSomRGRVHUYLoRHVVHQFLDODUW,,GD/HLQ SRLV D PHVPD FRQIOLWD FRP R &yGLJR GR &RQVXPLGRU SUHYHOHFHQGR D QRUPD FRQVXPHULVWD HP UD]mR GR SULQFtSLR GD SURLELomR GH UHWURFHVVR DR LQYpV GR SULQFtSLR OH[ SRVWHULRUL UHYRJD OHJLVDSULRUL )('(5,*+, 6X]DQD 0DULD 3LPHQWD &DWWD 3UHWD $ DGYRFDFLD S~EOLFD H D GHIHVD GRV LQWHUHVVHV GLIXVRVHFROHWLYRVGLDQWHGDSUHVWDomRGRVVHUYLoRVS~EOLFRV5HYLVWDGH'LUHLWRV'LIXVRVS 1(5< -Ò1,25 1HOVRQ 1(5< 5RVD 0DULD GH $QGUDGH /HLV FLYLV FRPHQWDGDV 6mR 3DXOR 5HYLVWDGRV7ULEXQDLVS 0$57,16 3OtQLR /DFHUGD &RUWH GH HQHUJLD HOpWULFD SRU IDOWD GH SDJDPHQWR ± 3UiWLFD $EXVLYD ± &yGLJRGR&RQVXPLGRU5HYLVWDGRV7ULEXQDLVS &RP UHODomR j UHVHUYD FRQWLGD QR DUW GD /HL Q HVWDEHOHFHQGRTXHLQREVWDQWHDVVXDVGLVSRVLo}HVDUHVSHLWRGRVGLUHLWRVHGHYHUHV GRV XVXiULRV DSOLFDVH R GLVSRVWR QD /HL Q TXH FRUURERUD FRP D DSOLFDELOLGDGHGRGLSORPDFRQVXPHULVWDDRVVHUYLoRVS~EOLFRVGHOHJDGRVHFRQILUPD DDVVHUWLYDGHTXHpSRVVtYHODFRPSDWLELOL]DomRHQWUHDOHLGHGHIHVDGRFRQVXPLGRU HDVOHJLVODo}HVHVSHFtILFDVTXHUHJXODPRUHJLPHGHFRQFHVVmRHSHUPLVVmRVHP ROYLGDU TXH SUHYDOHFHUmR DV GLVSRVLo}HV GR &'& TXDQGR IRUHP PDLV EHQpILFDV DR FRQVXPLGRU$OLiVHVWHIRLRHVFRSRGROHJLVODGRUFRQVXPHULVWD 'HVVDIHLWD HQWHQGHVH TXH SDUD KDYHU FRHUrQFLD QR VLVWHPD Ki TXH VH FRPSDWLELOL]DU R &'& H D /HL GDV &RQFHVV}HV HP SURO GRV XVXiULRV GH VHUYLoRV S~EOLFRV HVVHQFLDLV GH PRGR TXH RV IRUQHFHGRUHV QmR SRGHUmR QHJDU RX LQWHUURPSHUDSUHVWDomRGRVHUYLoRFRPRIRUPDGHUHFHEHUGRVXVXiULRVRVYDORUHV UHIHUHQWHVjVFRQWDVHPDWUDVRSRUTXHDTXLSUHYDOHFHPDVGLVSRVLo}HVGRDUW (QWHQGHVHDGHPDLVTXHPDOJUDGRRIDWRGHRDUWLJRGRDUWLJR,, GD /HL Q DXWRUL]DU D VXVSHQVmR GR IRUQHFLPHQWR GR VHUYLoR Ki XP GLVSRVLWLYRQD/HLQHPFRQVRQkQFLDFRPRDUWGR&'&TXHDVVHJXUD DFRQWLQXLGDGHGDSUHVWDomRGRVHUYLoRS~EOLFR 2 DUW GD /HL Q WHP D VHJXLQWH UHGDomR ³1D DSOLFDomR GRV DUWVHGD/HLQGHVHUmRREVHUYDGDVSHORSRGHUFRQFHGHQWH DVVHJXLQWHVGHWHUPLQDo}HV,±JDUDQWLDGDFRQWLQXLGDGHQDSUHVWDomRGRVVHUYLoRV S~EOLFRV´ $ HVVH UHVSHLWR PDLV XPD YH] RSRUWXQD VH PRVWUD D OLomR GH 6X]DQD 0DULD3LPHQWD&DWWD3UHWD)HGHULJKL 'DV GLVSRVLo}HV FRQWLGDV QR DUW GD /HL Q FRPELQDGRFRPRRDUWLQFLVR,GD/HLQYHULILFDPRVD SURLELomR GH SDUDOLVDomR GD SUHVWDomR GH VHUYLoR HVVHQFLDO GH FHVVDU RX LQWHUURPSHU D SUHVWDomR HP UD]mR GDIDOWD GH SDJDPHQWR GD WD[D RX UHPXQHUDomR SRGHQGR PHVPR VHU GLWR TXH Ki XPD GLVFLSOLQD GLIXVD GH VXD FRUUHWD SUHVWDomR $VVLP FRQFOXR SUHOLPLQDUPHQWH TXH RV VHUYLoRV S~EOLFRV UHFHEHP WUDWDPHQWR P~OWLSOR YLVDQGR VHPSUH D XPD PHWD GH RWLPL]DomR H DGHTXDomR HPSUROGRLQWHUHVVHGDFROHWLYLGDGH )('(5,*+, 6X]DQD 0DULD 3LPHQWD &DWWD 3UHWD $ DGYRFDFLD S~EOLFD H D GHIHVD GRV LQWHUHVVHV GLIXVRVHFROHWLYRVGLDQWHGDSUHVWDomRGRVVHUYLoRVS~EOLFRV5HYLVWDGH'LUHLWRV'LIXVRVS 2 DUW GD /HL Q WHP D VHJXLQWH UHGDomR ³7RGD FRQFHVVmR RX SHUPLVVmR SUHVVXS}H D SUHVWDomR GR VHUYLoR DGHTXDGR DR SOHQR DWHQGLPHQWR GRV XVXiULRV FRQIRUPH HVWDEHOHFLGR QHVWD OHL QDVQRUPDVSHUWLQHQWHVHQRUHVSHFWLYRFRQWUDWR6HUYLoRDGHTXDGRp R TXH VDWLVID] DV FRQGLo}HV GH UHJXODULGDGH FRQWLQXLGDGH HILFLrQFLD VHJXUDQoD DWXDOLGDGH JHQHUDOLGDGHFRUWHVLDQDVXDSUHVWDomRHPRGLFLGDGHGDVWDULIDV´ (VSRVDQGR HQWHQGLPHQWR GR TXDO VH FRPSDUWLOKD D PHQFLRQDGD DXWRUD UHPDWD 'HDFRUGRFRPDVSUHYLV}HVFRQVWLWXFLRQDLVHGR&'&YHULILFDPRVD LPSRVVLELOLGDGHGHSDUDOLVDomRGDSUHVWDomRGRVVHUYLoRVHVVHQFLDLV TXHU VHMD SUHVWDGR GLUHWDPHQWH SHOR (VWDGR TXHU VHMD SUHVWDGR SRU TXDOTXHU HQWH LQYHVWLGR QHVVD DWLYLGDGH HP UD]mR GH FRQFHVVmR H SHUPLVVmRGHVHUYLoRS~EOLFR9HULILFDPRVDLQGDTXHHOHVGHYHPVHU DGHTXDGRV ± SUHYLVmR GR GLSORPD FRQVXPHULVWD ± DWLQJLQGR D ILQDOLGDGHGHEHPHVWDUVRFLDODRTXDOHVWmRGLUHFLRQDGRV 'HVVDV OLo}HV LQIHUHVH TXH D VXVSHQVmR GR IRUQHFLPHQWR GH VHUYLoR S~EOLFRHVVHQFLDOSRUIDOWDGHSDJDPHQWRpWHUPLQDQWHPHQWHYHGDGDPHVPRDSyVR SUpYLRDYLVRSUHYDOHFHQGRGHIRUPDLQHTXtYRFDDVGLVSRVLo}HVGRDUWGR&'& HPGHWULPHQWRGDQRUPDLQVHUWDQRDUW,,GD/HLQDVVHJXUDQGR DVVLP D FRQWLQXLGDGH GD SUHVWDomR GH VHUYLoRV SULPRUGLDLV j PDQXWHQomR GH YLGD GLJQDJDUDQWLGDSHOD&DUWD0DJQDQRVHXDUW,,, )('(5,*+, 6X]DQD 0DULD 3LPHQWD &DWWD 3UHWD $ DGYRFDFLD S~EOLFD H D GHIHVD GRV LQWHUHVVHV GLIXVRVHFROHWLYRVGLDQWHGDSUHVWDomRGRVVHUYLoRVS~EOLFRV5HYLVWDGH'LUHLWRV'LIXVRVS 'LDQWH GH WRGR R H[SRVWR QR SUHVHQWH WUDEDOKR GH SHVTXLVD p SRVVtYHO ODQoDUDVVHJXLQWHVFRQFOXV}HV 'XUDQWH D DERUGDJHP GD HYROXomR GD DWLYLGDGH SUHVWDFLRQDO GR (VWDGR FRQVWDWRXVHTXHRVHUYLoRS~EOLFRSDVVRXSRULQ~PHUDVPRGLILFDo}HVQDVXDIRUPD GH SUHVWDomR DR ORQJR GD KLVWyULD PRWLYDGDV SHOR PRPHQWR SROtWLFR VRFLDO H HFRQ{PLFR GH FDGD pSRFD SRLV DV QHFHVVLGDGHV GRV LQGLYtGXRV IRUDP VH PRGLILFDQGRUD]mRGHKDYHUDWpKRMHFRQFHLWRHQRomRGHVHUYLoRS~EOLFR $V WUDQVIRUPDo}HV TXH LPSDFWDUDP DV IRUPDV GH SUHVWDomR GRV VHUYLoRV S~EOLFRV FRQGX]LUDP R (VWDGR DHQFRQWUDU QRYDV IRUPDVGHRUJDQL]DomR QR LQWXLWR GH DWHQGHU DR LQWHUHVVH S~EOLFR $VVLP D SUHVWDomR GH VHUYLoRV S~EOLFRV SRGH VHU H[HUFLGD GH IRUPD FHQWUDOL]DGD SHOD $GPLQLVWUDomR 3~EOLFD RX SRU VHXV SUySULRV yUJmRVRXGHIRUPDGHVFHQWUDOL]DGDTXDQGRR3RGHU3~EOLFRWUDQVIHUHDWLWXODULGDGH RXVRPHQWHDH[HFXomRGRVHUYLoRS~EOLFRSRUPHLRGDRXWRUJDRXGDGHOHJDomRj HQWLGDGHGD$GPLQLVWUDomR,QGLUHWDRXDSDUWLFXODU +RGLHUQDPHQWH D SUHVWDomR GH VHUYLoRV S~EOLFRV FRQIRUPH HVWDEHOHFH R DUWLJR GD &5)% H UHJXODPHQWDGR SHOD /HL Q /HL GDV &RQFHVV}HV SRGH VHU GHOHJDGD D HQWHV SULYDGRV DWUDYpV GRV LQVWLWXWRV GD FRQFHVVmR H GD SHUPLVVmR WUDWDQGRVH GH IRUPD GHVFHQWUDOL]DGD GD SUHVWDomR GDTXHOHV VHUYLoRV TXHQRHQWDQWRSHUPDQHFHPVREDWLWXODULGDGHHVWDWDO $ RULJHP GDV FRQFHVV}HV UHPRQWD j ,GDGH 0pGLD TXDQGR RV SDUWLFXODUHV SDVVDUDP D SUHVWDU VHUYLoRV S~EOLFRV DWLQJLUDP R IRUPDWR DWXDO QD )UDQoD QR VpFXOR ;,; WHQGR VXUJLGR QR %UDVLO SRU RFDVLmR GR ,PSpULR FRP D ILQDOLGDGH GH FRODERUDUQDFRQVWUXomRGHIHUURYLDVHKLGUHOpWULFDV2LQVWLWXWRSDVVRXDJDQKDURV FRQWRUQRVDWXDLVQR%UDVLODSDUWLUGDGpFDGDGHFRPRVXUJLPHQWRGR3ODQR 1DFLRQDO GH 'HVHVWDWL]DomR 31' ± LPSODQWDGR SHOD /HL Q VXEVWLWXtGD SRVWHULRUPHQWH SHOD /HL Q ± QR ERMR GR SURFHVVR GH SULYDWL]DomR GH DOJXPDVHPSUHVDVHVWDWDLVDOFDQoDQGRRVHXIRUPDWRDWXDOFRPDSXEOLFDomRGD/HL QHGD/HLQTXHUHJXODPHQWDUDPRDUWLJRGD&5)% $ QDWXUH]D MXUtGLFD GD FRQFHVVmR GH VHUYLoRV S~EOLFRV QmR p REMHWR GH FRQVHQVR HQWUH RV GRXWULQDGRUHV SUHYDOHFHQGR QR HQWDQWR R HQWHQGLPHQWR PDMRULWiULR GH TXH VH WUDWD GH XP FRQWUDWR GH GLUHLWR S~EOLFR ELODWHUDO FRPXWDWLYR UHPXQHUDGR H LQWXLWX SHUVRQDH (VVD GLYHUJrQFLD GHFRUUH GRV LQWHUHVVHV DQWDJ{QLFRVSURWDJRQL]DGRVSHODVSDUWHVTXDLVVHMDPGHXPODGRR3RGHU3~EOLFR H R LQWHUHVVH GD FROHWLYLGDGH H GH RXWURRSDUWLFXODU TXH EXVFD D FDSLWDOL]DomR GH OXFURVQRH[HUFtFLRGHVXDDWLYLGDGHHPSUHVDULDO 3RGHVH FRQFHLWXDU D FRQFHVVmR GH VHUYLoR S~EOLFR FRP IXOFUR QD PHOKRU GRXWULQD SiWULD FRPR R PRGR GH JHVWmR GH XP VHUYLoR QR TXDO XPD SHVVRD GH GLUHLWR S~EOLFR FRQFHGHQWH HQFDUUHJD XPD SHVVRD GH GLUHLWR SULYDGR FRQFHVVLRQiULRSRUPHLRGHXPFRQWUDWRGHJHULURVHUYLoRGXUDQWHFHUWRSHUtRGR GHWHPSRSRUVXDFRQWDHULVFRDVVXPLQGRWRGRVRVHQFDUJRVPHGLDQWHRGLUHLWRGH VHUUHPXQHUDGRSUHIHUHQFLDOPHQWHDWUDYpVGHSUHVWDo}HVSDJDVSHORVXVXiULRVGRV VHUYLoRVS~EOLFRVFRORFDGRVjVXDGLVSRVLomR $ FRQFHVVmR SDUD D SUHVWDomR GRV VHUYLoRV S~EOLFRV HP DWHQGLPHQWR j GLVSRVLomR FRQVWLWXFLRQDO p SUHFHGLGD GH OLFLWDomR TXH p R PRGR GH DWXDU GD $GPLQLVWUDomR 3~EOLFD VHQGR TXH D /HL Q WUD] HP VHX ERMR DV FOiXVXODV PtQLPDV REULJDWyULDV TXH GHYHP FRQWHU QR FRQWUDWR D VHU FHOHEUDGR HQWUH R SRGHU FRQFHGHQWHHROLFLWDQWHYHQFHGRU $VFOiXVXODVREULJDWyULDVSUHYLVWDVQD/HLGDV&RQFHVV}HVGHILQHPRREMHWR GD FRQFHVVmR GHOLPLWDP D iUHD IRUPD H WHPSR GD H[SORUDomR HVWDEHOHFHP RV GLUHLWRVHGHYHUHVGDVSDUWHVHGRVXVXiULRVGRVHUYLoREXVFDQGRDHILFD]SUHVWDomR GRVVHUYLoRVS~EOLFRVGHOHJDGRV $ QDWXUH]D MXUtGLFD GD SHUPLVVmR PRGDOLGDGH GH GHOHJDomR GRV VHUYLoRV S~EOLFRV WDPEpP QmR p REMHWR GH FRQVHQVR HQWUH RV GRXWULQDGRUHV SUHYDOHFHQGR SRUpP R HQWHQGLPHQWR GH TXH HP GHFRUUrQFLD GR PDQGDPHQWR FRQVWLWXFLRQDO LQVHUWRQRDUWLJRWUDWDVHGHFRQWUDWRHQmRGHDWRDGPLQLVWUDWLYR $ SHUPLVVmR GD PHVPD IRUPD TXH D FRQFHVVmR GHYH VHU SUHFHGLGD GH SURFHGLPHQWR OLFLWDWyULR H p UHJXODGDSHOD /HL Q 1D SHUPLVVmRR VHUYLoR SRGH VHU SUHVWDGR SRU SHVVRD ItVLFD R FRQWUDWR WHP QDWXUH]D SUHFiULD VHQGR GH DGHVmRQmRSRGHQGRWHUSRUREMHWRDUHDOL]DomRGHREUDVS~EOLFDVVXDUHVFLVmRQmR HQVHMDRSDJDPHQWRGHLQGHQL]DomR $V JDUDQWLDV SUHYLVWDV QD /HL Q DR SRGHU FRQFHGHQWH WrP SRU HVFRSR DWLQJLU R REMHWLYR SULPRUGLDO GD GHOHJDomR GRV VHUYLoRV S~EOLFRV j LQLFLDWLYD SULYDGD TXH p D SUHVWDomR HILFD] H DGHTXDGD GHVWHV VHUYLoRV QR LQWXLWR GH EHP DWHQGHUDRLQWHUHVVHGRXVXiULRHPSDUWLFXODUHGDFROHWLYLGDGHFRPRXPWRGR 3DUDDFRPSUHHQVmRGDWHPiWLFDSURWHWLYDGRVXVXiULRVGHVHUYLoRVS~EOLFRV GHOHJDGRV j LQLFLDWLYD SULYDGD REMHWR GHVWH WUDEDOKR VmR GH VXPD LPSRUWkQFLD RV PHFDQLVPRV LQVHULGRV QR &'& QRWDGDPHQWH TXDQWR DR GLVSRVWR QR DUWLJR TXH GHWHUPLQD DRV yUJmRV S~EOLFRV SRU VL RX SRU VXDV HPSUHVDV FRQFHVVLRQiULDV SHUPLVVLRQiULDV RX VRE TXDOTXHU RXWUD IRUPD GH HPSUHHQGLPHQWR TXH IRUQHoDP VHUYLoRVDGHTXDGRVHILFLHQWHVVHJXURVHTXDQWRDRVHVVHQFLDLVFRQWtQXRV 1R HVWXGR GR GLSORPD FRQVXPHULVWD HQWHQGHXVH QHFHVViULR UHPHPRUDU D JrQHVH GD VRFLHGDGH GH FRQVXPR TXH VXUJH QD ,QJODWHUUD FRP D 5HYROXomR ,QGXVWULDO HQWUH RV VpFXORV ;9,,, H ;,; 1R HQWDQWR DV SULPHLUDV HQWLGDGHV GH GHIHVD GRV FRQVXPLGRUHV DSDUHFHUDP VRPHQWH QR LQtFLR GR VpFXOR ;; H DV SULPHLUDVOHLVGHFDUiWHUSURWHWLYRDSHQDVQDGpFDGDGH 1RV SDtVHV FDSLWDOLVWDV GHVHQYROYLGRV D SURWHomR GRV FRQVXPLGRUHV FRPHoRX QR LQtFLR GR VpFXOR ;; DYXOWRXVH DSyV D 6HJXQGD *XHUUD 0XQGLDO H DWLQJLX R VHX DSRJHX D SDUWLU GD GpFDGD GH ,VWR VH GHX HP GHFRUUrQFLD GR FUHVFLPHQWR GD HVWUXWXUD GDV HPSUHVDV H GHYLGR D XPD PDLRU FRPSOH[LGDGH GH SURGXWRV H VHUYLoRV RIHUHFLGRV QR PHUFDGR GH FRQVXPR DR GHVHQYROYLPHQWR GR FUpGLWRGDSXEOLFLGDGHHGRPDUNHWLQJ 2V (VWDGRV 8QLGRV GD $PpULFD FDSLWDQHDUDP DV SULQFLSDLV PXGDQoDV UHODFLRQDGDVFRPDSURWHomRGRVFRQVXPLGRUHVID]HQGRFRPTXHQRDQRGH R 3UHVLGHQWH -RKQ )LW]JHUDOG .HQQHG\ HQYLDVVH PHQVDJHP DR &RQJUHVVR GHVWDFDQGR D LPSRUWkQFLD GHVVD SURWHomR XPD YH] TXH R FRQVXPLGRU HUD UHFRQKHFLGDPHQWH D SDUWH PDLV YXOQHUiYHO GD UHODomR GH FRQVXPR $ SDUWLU GDt DVVHJXURXVHDRVFRQVXPLGRUHVRGLUHLWRjVHJXUDQoDjLQIRUPDomRGLUHLWRGHVHU RXYLGRHGHHVFROKHUGHDFRUGRFRPDVVXDVUHDLVQHFHVVLGDGHV 2 LQWHUHVVH QD SURWHomR GRV FRQVXPLGRUHV SDVVRX D FRQVWLWXLU WHPD GH LQWHUHVVH VXSUDQDFLRQDO DEUDQJHQGR XP JUDQGH Q~PHUR GH QDo}HV TXH FXOPLQRX FRP D DSURYDomR GD 5HVROXomR Q DR VHU SURFODPDGD D 'HFODUDomR GDV 1Do}HV 8QLGDV SDUD R SURJUHVVR H GHVHQYROYLPHQWR VRFLDO $GHPDLV HP D &RPLVVmR GH 'LUHLWRV +XPDQRV GD 2UJDQL]DomR GDV 1Do}HV 8QLGDV 218 UHFRQKHFHH[SUHVVDPHQWHGLUHLWRVIXQGDPHQWDLVHXQLYHUVDLVGRFRQVXPLGRU $ 218 HP DWUDYpV GD 5HVROXomR Q UHFRQKHFHX GH IRUPD LQHTXtYRFDDH[LVWrQFLDGHGHVHTXLOtEULRVHFRQ{PLFRVHHGXFDFLRQDLVGRVTXDLVVmR SDVVtYHLVRVFRQVXPLGRUHVVREUHWXGRSHODYXOQHUDELOLGDGHDTXHHVWmRH[SRVWRVQR PHUFDGR GH FRQVXPR (VWD UHVROXomR WHP R PpULWR GH VHU R PDUFR GD RULJHP GD FRQVDJUDomR GRV GLUHLWRV EiVLFRV GR FRQVXPLGRU GHYLGR DR VHX FDUiWHU SULQFLSLROyJLFR 1D (XURSD WDPEpP KRXYH D SUHRFXSDomR FRP D SURWHomR GRV FRQVXPLGRUHV HP TXDVH WRGRV RV SDtVHV GR &RQWLQHQWH &RP R VXUJLPHQWR GD &RPXQLGDGH(XURSpLD RGLUHLWR FRPXQLWiULRHXURSHX FRQKHFHX DV'LUHWLYDV SXEOLFLGDGH H UHVSRQVDELOLGDGH FLYLO SHORV DFLGHQWHV GH FRQVXPR TXH VHUYLUDPGHPRGHORVDRQRVVROHJLVODGRUFRQVXPHULVWD 1R %UDVLO D SURWHomR FRP R FRQVXPLGRU VRPHQWH VH FRQVROLGRX D SDUWLU GD SURPXOJDomRGD&5)%TXHDOoRXDGHIHVDGRFRQVXPLGRUDRSDWDPDUGHSULQFtSLR FRQVWLWXFLRQDO DUW ;;;,, $GHPDLV HVVD SURWHomR HP kPELWR FRQVWLWXFLRQDO WDPEpPVHHOHYRXjFDWHJRULDGHSULQFtSLRGDRUGHPHFRQ{PLFDDUW $WHQGHQGRDRVUHFODPRVGDVRFLHGDGHFLYLOHDRGLVSRVWRQRDUWLJRGR$WR GDV 'LVSRVLo}HV &RQVWLWXFLRQDLV 7UDQVLWyULDV QR GLD GH VHWHPEUR GH IRL SXEOLFDGR R &'& &RP R DGYHQWR GR GLSORPD FRQVXPHULVWD DV GHVLJXDOGDGHV QDV UHODo}HVGHFRQVXPRSDVVDUDPDVHUUHHTXLOLEUDGDVVHQGRHVWHRVHXQRYRPRGHOR 2 &'& WHP SRU FDUDFWHUtVWLFD VHU XP PLFURVVLVWHPD MXUtGLFR RX VHMD XP VLVWHPD DXW{QRPR H LQGHSHQGHQWH FRP VXD SUySULD SULQFLSLRORJLD GH FDUiWHU PXOWLGLVFLSOLQDU YHUVDQGR VREUH YiULDV VHDUDV GR 'LUHLWR SHOD yWLFD GD UHODomR GH FRQVXPR$GHPDLVGHYLGRDRIDWRGHR&'&VHUXPPLFURVVLVWHPDQmRSRGHVRIUHU TXDOTXHU PLWLJDomR SRU SDUWH GH RXWUR VLVWHPD SRLV VH GHVWLQD D FXLGDU GH GHWHUPLQDGDVLWXDomRMXUtGLFD 2 UHFRQKHFLPHQWR GR FDUiWHU FRJHQWH GDV QRUPDV FRQVXPHULVWDV p IXQGDPHQWDO SDUD JDUDQWLU D VXD DSOLFDELOLGDGH TXH VmR LQGHUURJiYHLV SRU YRQWDGH GDV SDUWHV (VVD DVVHUWLYD VLJQLILFD TXH HP GHPDQGDV MXGLFLDLV R PDJLVWUDGR GHYH DSUHFLDU D DSOLFDomR GDTXHODV QRUPDV LQFOXVLYH H[ RIILFLR 6XDV UHJUDV QmR VmR SDVVtYHLVGHSUHFOXVmRHSRGHPVHUUHYLVWDVDTXDOTXHUWHPSRRXJUDXGHMXULVGLomR (P GHFRUUrQFLD GR FDUiWHU FRJHQWH GDV QRUPDV GR &'& R WHUPR ³LQWHUHVVH VRFLDO´ LQVHUWR QR VHX DUWLJR VLJQLILFD TXH R 0LQLVWpULR 3~EOLFR WHP SDUWLFLSDomR REULJDWyULD HP WRGDVDV Do}HV YHUVDQGR VREUH OLGHV FRQVXPHULVWDV D WHRUGR DUWLJR FDSXWGD&5)%HPFDUiWHUGLIXVRRXFROHWLYR2SDUTXHWDWXDFRPRDXWRURX FRP R LQWXLWR GH JDUDQWLU D ILVFDOL]DomR GR ILHO FXPSULPHQWR GDV QRUPDV FRQVXPHULVWDV 'XDV GpFDGDV GH &'& SHUPLWHP DILUPDU TXH RV VHXV SRVWXODGRV EiVLFRV FRQVXEVWDQFLDGRV QR PLFURVVLVWHPD MXUtGLFR H QR VHX FDUiWHU GH PXOWLGLVFLSOLQDULHGDGHDWLQJLUDPVHXVREMHWLYRVDODUJDQGRDVXDHVIHUDGHDWXDomRH WRUQDQGRDSURWHomRGRFRQVXPLGRUFDGDYH]PDLVHIHWLYD 'LDQWH GR FDUiWHU PLFURVVLVWrPLFR GR &'& p FHUWR DILUPDU WDPEpP TXH DOEHUJDHPVHXERMRSULQFtSLRVTXHUHJXODPDVUHODo}HVMXUtGLFDVGHFRQVXPRTXH WrP FRPR REMHWLYR FRQIHULUOKHV PDLRU HIHWLYLGDGH 1mR Ki FRQWXGR FRQVHQVR QD GRXWULQDVREUHTXDLVHTXDQWRVVmRRVSULQFtSLRVFRQWLGRVQR&'&$OJXQVDXWRUHV WRGDYLD DILUPDP TXH RV SULQFtSLRV IXQGDPHQWDLV GR &'& HVWmR HVWDPSDGRV QRV VHXVDUWLJRVH +i DXWRUHV DGHPDLV TXH GLYLGHP RV SULQFtSLRV GR &'& HP FDWHJRULDV WDLV FRPR SULQFtSLRV FRQVWLWXFLRQDLV GD RUGHP HFRQ{PLFD SULQFtSLR FRQVWLWXFLRQDO GD LVRQRPLD SULQFtSLRV UHJXODGRUHV GD UHVSRQVDELOLGDGH FLYLO SULQFtSLRV UHODWLYRV DRV FRQWUDWRVHSULQFtSLRGDSXEOLFLGDGH 1RHQWDQWRHPUD]mRGRWHPDREMHWRGHVWDGLVVHUWDomRIRUDPHQIRFDGRVRV SULQFtSLRV GR &'& TXH JXDUGDP HVWUHLWD UHODomR FRP RV VHUYLoRV S~EOLFRV QRWDGDPHQWH WHQGR HP FRQWD D SURWHomR GR VHX XVXiULRFRQVXPLGRU TXDLV VHMDP SULQFtSLR GD YXOQHUDELOLGDGH DUWLJR LQFLVR , SULQFtSLR GR GHYHU JRYHUQDPHQWDO DUW LQFLVR ,, SULQFtSLR GD ERDIp REMHWLYD DUWLJR LQFLVR ,,, SULQFtSLR GD LQIRUPDomR DUWLJR LQFLVR ,,, SULQFtSLR GD DGHTXDomR H PHOKRULD GRV VHUYLoRV S~EOLFRVDUWLJRLQFLVR; 5HVVDOWDVH SRU SHUWLQHQWH TXH R SULQFtSLR GD DGHTXDomR H PHOKRULD GRV VHUYLoRVS~EOLFRVpXPGRVSLODUHVTXHIXQGDPHQWDPDSURWHomRGR&'&DRXVXiULR GHVHUYLoRVS~EOLFRVGHOHJDGRVjLQLFLDWLYDSULYDGD 'LDQWH GD DQiOLVH GD SULQFLSLRORJLD GR &'& p IRUoRVR FRQFOXLU TXH UHJXODPHQWDDDWLYLGDGHGHSUHVWDomRGHVHUYLoRVS~EOLFRVVHQGRGHVWDIRUPDXP PHFDQLVPR GH JUDQGH UHOHYkQFLD QD SURWHomR GRV XVXiULRV GHVVHV VHUYLoRV VREUHWXGRQDVGLVSRVLo}HVLQVHUWDVHPVHXDUWLJR 2 GLSORPD FRQVXPHULVWD UHJXODPHQWD D UHODomR GH FRQVXPR QD TXDO VH HQFRQWUDPHQYROYLGRVQDTXDOLGDGHGHVXMHLWRDWLYRRIRUQHFHGRUHGHVXMHLWRSDVVLYR R FRQVXPLGRU $LQGD LQWHJUDP D UHODomR MXUtGLFD GH FRQVXPR FRPR REMHWR RV SURGXWRVHRVVHUYLoRV 'HVVXPHVH DVVLP TXH RV VHUYLoRV S~EOLFRV VmR REMHWR GD UHODomR GH FRQVXPRSRLVR&'&HVWDEHOHFHQRDUWLJRTXHRVyUJmRVS~EOLFRVSRUVLRXSRU VXDV HPSUHVDV FRQFHVVLRQiULDV SHUPLVVLRQiULDV RX VRE TXDOTXHU RXWUD IRUPD GH HPSUHHQGLPHQWR VmR REULJDGRV D IRUQHFHU VHUYLoRV S~EOLFRV DRV VHXV XVXiULRV FRQVXPLGRUHVTXHVmRGHVWHVVHUYLoRV &RP UHODomR DR FRQFHLWR GH FRQVXPLGRU LQVHUWR QR DUW GR &'& D FRPSUHHQVmRGRVLJQLILFDGRGDH[SUHVVmRGHVWLQDWiULRILQDOFRQWLGDHPVXDGHILQLomR OHJDOGHXHQVHMRDRVXUJLPHQWRGHGXDVFRUUHQWHVDILQDOLVWDHDPD[LPDOLVWD $ FRUUHQWH ILQDOLVWD DQDOLVDQGR D VLWXDomR GD SHVVRD MXUtGLFD FRPR FRQVXPLGRUD FRQVLGHUD R GHVWLQDWiULR ILQDO GR SURGXWR RX VHUYLoR DTXHOH TXH R DGTXLUHRXRXVXIUXLHPEHQHItFLRSUySULRGHVGHTXHVHMDYXOQHUiYHOLQWHUSUHWDQGRR DUWLJRGR&'&GHIRUPDUHVWULWD $ FRUUHQWH PD[LPDOLVWD LQWHUSUHWD R DUWLJR GR &'& GH IRUPD DEUDQJHQWH DIDVWDQGRDQHFHVVLGDGHGHYXOQHUDELOLGDGHSDUDFODVVLILFDUDSHVVRDMXUtGLFDFRPR FRQVXPLGRUD $ GRXWULQD PDMRULWiULD DGRWD D FRUUHQWH ILQDOLVWD TXH FRQVLGHUD FRQVXPLGRU DTXHOH TXH DGTXLUH EHQV RX XWLOL]D VHUYLoRV FRPR GHVWLQDWiULR ILQDO GHVGH TXH QD UHODomRMXUtGLFDGHFRQVXPRPRVWUHVHYXOQHUiYHO $ GHILQLomR GH IRUQHFHGRU LQVHUWD QR DUWLJR GR &'& FRQWHPSOD WDQWR D SHVVRDItVLFDFRPRDMXUtGLFDVHMDHODGHGLUHLWRS~EOLFRRXSULYDGRRTXHFRQGX]j LQDUUHGiYHOFRQFOXVmRGHTXH$GPLQLVWUDomR3~EOLFD'LUHWDH,QGLUHWDVHLQVHUHQHVWD FDWHJRULD 3DUD R HVWDEHOHFLPHQWR GH XPD UHODomR GH FRQVXPR HQWUH XVXiULRV H SUHVWDGRUHVGHVHUYLoRVS~EOLFRVR&'&H[LJHRUHTXLVLWRGDUHPXQHUDomRDWHRUGR GLVSRVWRQRGRDUWTXHVHSRGHGDUGHIRUPDGLUHWDRXLQGLUHWD $DSOLFDELOLGDGHGR&'&DRVVHUYLoRVS~EOLFRVHVWiIXQGDPHQWDGDQD&5)% TXHSUHYrHPVHXDUWLJRSDUiJUDIR~QLFRLQFLVR,9TXHRVHUYLoRS~EOLFRGHYH VHUSUHVWDGRGHIRUPDDGHTXDGDHDLQGDQRDUWLJRDRHVWDEHOHFHUTXHDOHL GLVFLSOLQDUi DV IRUPDV GH SDUWLFLSDomR GRV XVXiULRV QR FRQWUROH H ILVFDOL]DomR GRV SUHVWDGRUHV GH VHUYLoRV S~EOLFRV R PHVPR RFRUUHQGR QR DUWLJR FDSXW TXH DXWRUL]DR3RGHU3~EOLFRDGHVHQYROYHUDWLYLGDGHHFRQ{PLFDDLQGDTXHHPFDUiWHU H[FHSFLRQDOTXDQGRQHFHVViULRDRVLPSHUDWLYRVGDVHJXUDQoDQDFLRQDORXUHOHYDQWH LQWHUHVVHFROHWLYR 2 &'& HP DOJXQV GH VHXV GLVSRVLWLYRV WUDWD H[SUHVVDPHQWH GRV VHUYLoRV S~EOLFRV FRPR QR DUWLJR TXH VH UHIHUH j PHOKRULD GRV VHUYLoRV S~EOLFRV FRPR SULQFtSLRGD3ROtWLFD1DFLRQDOGDV5HODo}HVGH&RQVXPRQRDUWLJRTXHGHWHUPLQD TXHDSUHVWDomRGRVVHUYLoRVS~EOLFRVVHMDIHLWDGHIRUPDDGHTXDGDSRLVHVWHpXP GLUHLWR GRV FRQVXPLGRUHV HQRDUWLJR GH RQGHHPDQD DREULJDomR GR (VWDGRH GHVHXVGHOHJDGRVGHSUHVWDUHPRVVHUYLoRVS~EOLFRVGHIRUPDDGHTXDGD $OpP GRV GLVSRVLWLYRV GR &'& TXH FRPSURYDP VXD DSOLFDomR DRV VHUYLoRV S~EOLFRVDLQGDFRUURERUDFRPHVVDDVVHUWLYDRGLVSRVWRQRDUWLJRFDSXWGD/HL Q /HL GDV &RQFHVV}HV TXH ID] UHPLVVmR JHQpULFD j DSOLFDomR GR GLSORPDFRQVXPHULVWDjTXHOHVVHUYLoRV $VVLPUHVWDFRPSURYDGDGHIRUPDLQHTXtYRFDDDSOLFDELOLGDGHGR&'&DRV VHUYLoRVS~EOLFRVRTXHILFDDLQGDPDLVHYLGHQFLDGRGLDQWHGRGLVSRVWRQRDUWLJR TXH GHWHUPLQD D REULJDWRULHGDGH GR IRUQHFHGRU GH VHUYLoRV S~EOLFRV GH SUHVWiORV GHIRUPDDGHTXDGDHILFLHQWHVHJXUDHTXDQWRDRVHVVHQFLDLVLQLQWHUUXSWDPHQWH 2V VHUYLoRV S~EOLFRV REMHWR GD UHODomR GH FRQVXPR VmR DTXHOHV HVWDEHOHFLGRV QR GR DUWLJR GR &'& SHORV TXDLV R XVXiULR SDJD XPD UHWULEXLomRVREDIRUPDGHUHPXQHUDomR(VVHVVHUYLoRVVmRDTXHOHVFXMDH[HFXomR IRL WUDQVIHULGD j LQLFLDWLYD SULYDGD SRU PHLR GD GHOHJDomR GHQRPLQDGRV VHUYLoRV S~EOLFRV LPSUySULRV RX GH QDWXUH]D XWL VLQJXOL UHPXQHUDGRV SRU WDULID RX SUHoR S~EOLFR $WDULIDpDIRUPDGHUHPXQHUDomRWtSLFDGHXPDUHODomRFRQWUDWXDOHPTXH XPD GDV SDUWHV p R (VWDGR SRU PHLR GH VHXV GHOHJDGRV H RXWUD p R XVXiULR FRQVXPLGRU GR VHUYLoR S~EOLFR WHQGR SRU REMHWR R VHUYLoR D VHU SUHVWDGR (VVD DILUPDomR HQFRQWUD VXSRUWH QR WH[WR FRQVWLWXFLRQDO QR DUWLJR SDUiJUDIR ~QLFR LQFLVR ,,, R TXDO HVWDEHOHFH TXH D OHL GLVSRUi VREUH D SROtWLFD WDULIiULD /HL Q (QWHQGHVH DGHPDLV TXH R &'& QmR LQFLGH VREUH RV VHUYLoRV S~EOLFRV SUySULRVGHQDWXUH]DXWLXQLYHUVLUHPXQHUDGRVSRUPHLRGHWD[DRXGHRXWUDVIRQWHV WULEXWiULDVXPDYH]TXHQmRKiFRPRVHFRQIXQGLUUHODomRGHFRQVXPRFRPUHODomR MXUtGLFDWULEXWiULD (P GHFRUUrQFLD GR FDUiWHU PXOWLGLVFLSOLQDU GR PLFURVVLVWHPD FRQVXPHULVWD TXDQGRVHWUDWRXGDQDWXUH]DMXUtGLFDGDUHPXQHUDomRGRVVHUYLoRVS~EOLFRVVHWD[D RX WDULID IRL QHFHVViULR XWLOL]DU DOJXQV FRQFHLWRV GR GLUHLWR WULEXWiULR DVVLP FRPR EXVFDUVXSRUWHQRGLUHLWRDGPLQLVWUDWLYRTXDQGRRHQIRTXHHUDRLQVWLWXWRGRVHUYLoR S~EOLFR 1R WUDWDPHQWR GD TXHVWmR UHODFLRQDGD j SURWHomR GRV XVXiULRV GH VHUYLoRV S~EOLFRV PRVWUDVH QHFHVViULR UHVVDOWDU R SDSHO GH UHOHYR GDV DJrQFLDV UHJXODGRUDVFXMDRULJHPUHPRQWDDRGLUHLWRDQJORVD[mRTXDQGRRJRYHUQREULWkQLFR HDVFRO{QLDVDPHULFDQDVSDVVDUDPDUHJXODUFHUWRVSUHoRVHVHUYLoRV 3RGHVHQRHQWDQWRDILUPDUTXHDVSULPHLUDVDJrQFLDVIRUDPHVWDEHOHFLGDV QRV (VWDGRV 8QLGRV GD $PpULFD QR IRUPDWR GH FRPLVV}HV UHJXODGRUDV FRP SRGHUHV GH LQYHVWLJDomR GH IDWRV H FRP MXULVGLomR DSHQDV QR WRFDQWH D VHJXUDQoD GDLQG~VWULDGHFRQVWUXomRGHHVWUDGDVGHIHUURSRLVQmROKHVFRPSHWLDPLPLVFXLUVH QD TXHVWmR UHODWLYD DR FRQWUROH WDULIiULR 3DXODWLQDPHQWH HVVDV FRPLVV}HV UHJXODGRUDVIRUDP HVWHQGHQGRVH SRU WRGR R WHUULWyULR DPHULFDQR FRP D IXQomR GH UHJXODURVVHUYLoRVS~EOLFRVVREJHVWmRSULYDGD 2OHJLVODGRUSiWULRGLDQWHGRSURFHVVRGHSULYDWL]DomRGHDOJXPDVHPSUHVDV HVWDWDLV TXH SDVVDUDP D H[SORUDU DWLYLGDGHV DIHWDV DR VHWRU S~EOLFR VHQWLX D QHFHVVLGDGH GD FULDomR GH XP yUJmR UHJXODGRU $VVLP EXVFDQGR LQVSLUDomR QRV PRGHORV DOLHQtJHQDV LQJOrV H DPHULFDQR LQFOXLX QD /HL Q R DUWLJR SDUiJUDIR~QLFRHSRVWHULRUPHQWHQD&5)%SRUIRUoDGD(PHQGD&RQVWLWXFLRQDOQ GH D FULDomR GH XP yUJmR UHJXODGRU DUWLJR ;, FRP IXQo}HV ILVFDOL]DGRUDV FRQWURODGRUDV H UHJXODPHQWDGRUDV (VVDV DJrQFLDV WrP QDWXUH]D MXUtGLFD GH DXWDUTXLD VRE UHJLPH HVSHFLDO VmR FULDGDV SRU OHL FDUDFWHUL]DQGRVH FRPRORQJDPDQXVGR3RGHU([HFXWLYR (QWmR WDPEpP VH SRGH GL]HU TXH DV DJrQFLDV UHJXODGRUDV DSDUHFHP QR FHQiULR MXUtGLFR EUDVLOHLUR GD GpFDGD GH H[DWDPHQWH TXDQGR R (VWDGR DGRWD XPDSRVWXUDGHUHJXODGRUGRPHUFDGRGLDQWHGDGLILFXOGDGHHPFRQWLQXDUSUHVWDQGR VHUYLoRV S~EOLFRV GHYLGR j IDOWD GH UHFXUVRV ILQDQFHLURV VHP ROYLGDU GH FRQWLQXDU ILVFDOL]DQGR D DWXDomR GDV HPSUHVDV QR PHUFDGR EUDVLOHLUR SRLV OKH FRPSHWH JDUDQWLUDFRQWLQXLGDGHGDSUHVWDomRGDTXHOHVVHUYLoRVHVVHQFLDLVDREHPHVWDUGH WRGDDFROHWLYLGDGH 'HVVDIRUPDR(VWDGRJHVWRUTXHQmRSUHVWDPDLVVHUYLoRVSDUDUHSDVViORV j LQLFLDWLYD SULYDGD GHVFHQWUDOL]D D SUHVWDomR GH VHUYLoRV S~EOLFRV SRU PHLR GH FRQFHVV}HV H SHUPLVV}HV GH IRUPD D SHUPLWLU PDLRU DWXDomR GRV DJHQWHV HFRQ{PLFRV H GRV XVXiULRV QD UHJXODomR GD SUHVWDomR GH VHUYLoRV S~EOLFRV H QD ILVFDOL]DomRGDVDWLYLGDGHVFRQVLGHUDGDVGHLQWHUHVVHS~EOLFR $SyVGXDVGpFDGDVGRVXUJLPHQWRGHVVHVQRYRVHQWHVDGPLQLVWUDWLYRVFRPR yUJmRV ILVFDOL]DGRUHV H UHJXODGRUHV FRQVWDWDVH TXH QmR HVWmR DWXDQGR GH IRUPD HIHWLYD (VVD DVVHUWLYD p EDVHDGD QD LQVDWLVIDomR GRV FRQVXPLGRUHV H QD IDOWD GH FRQWUROH GR 3RGHU 3~EOLFR QD ILVFDOL]DomR GH TXDOLGDGH GD SUHVWDomR GR VHUYLoR S~EOLFR H DWHQGLPHQWR TXH DV HPSUHVDV FRQFHVVLRQiULDV H SHUPLVVLRQiULDV GLVSHQVDPDRVVHXVXVXiULRV $ )XQGDomR 3URFRQ GH 6mR 3DXOR DR DSUHVHQWDU VHX UDQNLQJ HP UHIHUHQWHjVUHFODPDo}HVGRVFRQVXPLGRUHVRFRUULGDVHPGHL[RXDVVHQWDGRR JUDQGH Q~PHUR GH UHFODPDo}HV FRQWUD HPSUHVDV FRQFHVVLRQiULDV GH VHUYLoRV S~EOLFRVVREUHWXGRQRVHWRUGHWHOHIRQLDHGHHQHUJLDHOpWULFDWRUQDQGRHYLGHQWHD LQVDWLVIDomR GR FRQVXPLGRU TXDQWR j LQDGHTXDomR GHVVDV HPSUHVDV QR WRFDQWH D SUHVWDomR GH VHUYLoRV S~EOLFRV GR SDtV TXH QmR HVWmR UHVSHLWDQGR DV GLVSRVLo}HV FRQWLGDVQRDUWLJRGR&'&(VVHIDWRpUHYHODGRSHODVPXOWDVGHYDORUHVYXOWRVRV DSOLFDGDVSHOD)XQGDomR3URFRQjTXHODVHPSUHVDVHSHODVFRQGHQDo}HVTXHHVWmR VRIUHQGRSRUSDUWHGR3RGHU-XGLFLiULRHPVHGHGHDo}HVFLYLVS~EOLFDVPDQHMDGDV SHOR0LQLVWpULR3~EOLFR ,QVWD REVHUYDU TXH R &'& p OHL SUHH[LVWHQWH DR PDUFR UHJXODWyULR GH IRUPD TXH DV QRUPDV HGLWDGDV SHODV DJrQFLDV UHJXODGRUDV GHYHP HVWDU HP FRQVRQkQFLD FRP R PLFURVVLVWHPD FRQVXPHULVWD H DLQGD HP HYHQWXDO IDOKD QD SUHVWDomR GH VHUYLoRV UHJXODGRV TXH DFDUUHWH OHVmR RX DPHDoD D GLUHLWR GR FRQVXPLGRU D GHPDQGDGHYHVHUVROXFLRQDGDGHDFRUGRFRPDVUHJUDVFRQVXPHULVWDV 3RUWDQWR HP FDVR GH IDOKD QD SUHVWDomR GH VHUYLoRV S~EOLFRV DV DJrQFLDV UHJXODGRUDV GHYHP VHU UHVSRQVDELOL]DGDV MXQWR jV HPSUHVDV SUHVWDGRUDV GH WDLV VHUYLoRVXPDYH]TXHSRUGHWHUPLQDomRFRQVWLWXFLRQDODUWLJRFXPSUHOKHVR SODQHMDPHQWR D UHJXODomR H D ILVFDOL]DomR GD HILFD] H DGHTXDGD SUHVWDomR GRV VHUYLoRVS~EOLFRVVREUHWXGRDTXHOHVFRQVLGHUDGRVHVVHQFLDLVSRUIRUoDGRDUWLJR GR &'& ( SDUD WDQWR FUXFLDO VH PRVWUD R WUDEDOKR GDV RXYLGRULDV PDQWLGDV SHODV DJrQFLDVUHJXODGRUDV 1R TXH WDQJH j SUHVWDomR GH VHUYLoRV S~EOLFRV HVVHQFLDLV LPS}HVH GHL[DU FRQVLJQDGRTXHRXVXiULRGHVVHVVHUYLoRVVHLQVHUHQRFRQFHLWRGHFRQVXPLGRUWDO FRPRGLVSRVWRQRDUWLJRFDSXWGR&'&HTXHRVVHUYLoRVS~EOLFRVVmRREMHWRGD UHODomRGHFRQVXPRDWHRUGRGLVSRVWRQRGRDUWLJRGRPHVPRGLSORPDOHJDO LQREVWDQWH R IDWR GH KDYHU GH IRUPD LVRODGD RSRVLWRUHV TXH EXVFDP GLIHUHQFLDU D ILJXUDGRFRQVXPLGRUGRXVXiULRGHVHUYLoRS~EOLFR 3RUWDQWR D UHODomR MXUtGLFD HVWDEHOHFLGD HQWUH RV IRUQHFHGRUHV GH VHUYLoRV S~EOLFRV HOHQFDGRV QR DUWLJR FDSXW GR &'& H RV XVXiULRV GHVWHV VHUYLoRV p LQGXELWDYHOPHQWHUHODomRGHFRQVXPRTXHGHYHVHUUHJLGDSHODVQRUPDVHVWDWXtGDV QRGLSORPDOHJDOSURWHWLYRGRFRQVXPLGRU 'LDQWH GD SUHYLVmR FRQVWLWXFLRQDO GH FULDomR GD /HL GH 'HIHVD GRV 8VXiULRV GH6HUYLoRV3~EOLFRVDUWLJRHQWHQGHVHTXHWHUiSRUHVFRSRPLQXGHQFLDURV GLUHLWRVHRVGHYHUHVGRVXVXiULRVGHVHUYLoRVS~EOLFRVGHIRUPDDEUDQJHQWHTXHU VHMDP HOHV SUySULRV RX LPSUySULRV 2 &'& SRU VXD YH] FRQWLQXDUi LQFLGLQGR SHUHPSWRULDPHQWH QDV UHODo}HV GH FRQVXPR HQWUH IRUQHFHGRUHV H XVXiULRV FRQVXPLGRUHV FXMR REMHWR VmR RV VHUYLoRV S~EOLFRV SUySULRV RX GH QDWXUH]D XWL VLQJXOL UHPXQHUDGRV SRU PHLR GH WDULID SRUTXH HVWH p R REMHWLYR TXH QRUWHRX R OHJLVODGRUFRQVXPHULVWD 2 DUWLJR FDSXW GR &'& GHWHUPLQD TXH RV VHUYLoRV S~EOLFRV GHYHP VHU IRUQHFLGRV GH IRUPD DGHTXDGD HILFLHQWH H VHJXUD H TXDQWR DRV HVVHQFLDLV FRQWLQXDGDPHQWH PDV QmR FDUDFWHUL]D GHILQH RX LQGLFD TXDLV VmR RV VHUYLoRV GH FDUiWHUHVVHQFLDOTXHSRGHPVHUREMHWRGDUHODomRGHFRQVXPR 1D OHJLVODomR SiWULD Ki XP LQGLFDWLYR GD HVVHQFLDOLGDGH GH DOJXPDV DWLYLGDGHVRXVHUYLoRVQD/HLGH*UHYH/HLQHGLWDGDSDUDUHJXODPHQWDU GRDUWLJRGD&5)%TXHGLVS}HVREUHRH[HUFtFLRGRGLUHLWRGHJUHYHGHILQH DV DWLYLGDGHV FRQVLGHUDGDV HVVHQFLDLV H UHJXOD R DWHQGLPHQWR GDV QHFHVVLGDGHV LQDGLiYHLV GD FRPXQLGDGH DSUHVHQWDQGR QR DUWLJR FDSXW H LQFLVRV XP URO H[HPSOLILFDWLYRGRVVHUYLoRVFRQVLGHUDGRVHVVHQFLDLV (QWHQGHVHFRQWXGRTXHDQRUPDGD/HLGH*UHYHSRGHVXSULUDRPLVVmRGR &'&QRTXHWDQJHjGHILQLomRHFODVVLILFDomRGRVVHUYLoRVHVVHQFLDLVXPDYH]TXH DSRQWD R FDUiWHU GH HVVHQFLDOLGDGH GH DOJXQV VHUYLoRV TXH QmR SRGHP VHU VXVSHQVRV HP FDVR GH JUHYH GH IXQFLRQiULRV TXH ODERUDP SDUD PDQWrORV HP IXQFLRQDPHQWR QRWDGDPHQWH QDTXHODV DWLYLGDGHV GH VHUYLoRV S~EOLFRV GH QDWXUH]D XWL VLQJXOL GRV TXDLV VmR H[HPSORV R WUDWDPHQWR H R DEDVWHFLPHQWR GH iJXD D SURGXomRHGLVWULEXLomRGHHQHUJLDHOpWULFDRWUDQVSRUWHFROHWLYRHDWHOHIRQLD &XPSUH VDOLHQWDU SRU RSRUWXQR TXH R FDUiWHU GH HVVHQFLDOLGDGH GH DOJXQV VHUYLoRV S~EOLFRV SRGH VRIUHU PXWDomR GLDQWH GDV QHFHVVLGDGHV GRV LQGLYtGXRV FDXVDGRV SRU IDWRUHV VRFLDLV HFRQ{PLFRV H WHFQROyJLFRV UD]mR SHOD TXDO VH SRGH DILUPDUTXHSRUHQTXDQWRD/HLGH*UHYHFXPSUHDVXDILQDOLGDGH 2 UHFRQKHFLPHQWR GR FDUiWHU GH HVVHQFLDOLGDGH GH GHWHUPLQDGRV VHUYLoRV S~EOLFRV DWUHODGRV TXH HVWmR j GLJQLGDGH GD SHVVRD KXPDQD DUWLJR ,,, GD &5)% FRQGX] j LQDUUHGiYHO FRQFOXVmR TXH GHYHP VHU IRUQHFLGRV GH IRUPD FRQWtQXDXPDYH]TXHWrPSRUHVFRSRDVDWLVIDomRGRVHXXVXiULRHPSDUWLFXODUH GDFROHWLYLGDGHFRPRXPWRGR ,QREVWDQWHDSUHYLVmROHJDOLQVHUWDQRDUWLJRFDSXWGR&'&DGLVFXVVmRD UHVSHLWRGRDOFDQFH GD FRQWLQXLGDGH GD SUHVWDomR GRV VHUYLoRV S~EOLFRV HVVHQFLDLV WRPRX YXOWR GLDQWH GD SRVLomR DGRWDGD SRU DOJXQV DXWRUHV H SRU SDUWH GD MXULVSUXGrQFLDTXHPHVPRDVVLPQmRDFHLWDPDSRVVLELOLGDGHGHPDQWHURVHUYLoR HVVHQFLDOGLDQWHGRLQDGLPSOHPHQWRGRXVXiULRVREDMXVWLILFDWLYDGHTXHDIDOWDGH SDJDPHQWRFRORFDULDHPULVFRDFRQWLQXLGDGHGHRXWURVWDQWRVTXHDGLPSOLUDPSHOR VHUYLoR &RP R DGYHQWR GD /HL Q /HL GDV &RQFHVV}HV TXH SUHYr D KLSyWHVH GH LQWHUUXSomR GR IRUQHFLPHQWR GR VHUYLoR DSyV SUpYLR DYLVR HP FDVR GH LQDGLPSOHPHQWR GR XVXiULR DUW ,, WDQWR GRXWULQD FRPR MXULVSUXGrQFLD GLYLGLUDPRHQWHQGLPHQWRXQVDGPLWLQGRRFRUWHGRIRUQHFLPHQWRGRVHUYLoRHRXWURV VH FRORFDQGR WHUPLQDQWHPHQWH FRQWUD (QWHQGHVH WRGDYLD TXH GHYHP SUHYDOHFHU GHIRUPDLQHTXtYRFDDVGLVSRVLo}HVLQVHUWDVQRDUWLJRGR&'&TXHDVVHJXUDP SDUD WRGD D FROHWLYLGDGH D SUHVWDomR GH VHUYLoRV S~EOLFRV GH IRUPD DGHTXDGD VHJXUDHILFLHQWHHFRQWtQXDHPVHWUDWDQGRGHVHUYLoRHVVHQFLDO 3HUPLWLUVH R FRUWH GR IRUQHFLPHQWR GH VHUYLoR HVVHQFLDO HP YLUWXGH GR LQDGLPSOHPHQWRpXWLOL]DULQVWUXPHQWRYH[DWyULRGHFREUDQoDFRQILJXUDQGRLOtFLWRFLYLO DGPLQLVWUDWLYRHSHQDOQRVWHUPRVGRVDUWLJRVHGR&'& 1mR VH WUDWD GH GLPLQXLU RX LQYLDELOL]DU R OXFUR GDV SUHVWDGRUDV GH VHUYLoRV S~EOLFRVYH]TXHLQVWUXPHQWRVRUGLQiULRVGHFREUDQoDQXQFDIRUDPDIDVWDGRVSHOR &'&QHPDPDQXWHQomRHFRQ{PLFDILQDQFHLUDHPFDUiWHUH[FHSFLRQDO $)2162'$6,/9$-RVp&XUVRGHGLUHLWRFRQVWLWXFLRQDOSRVLWLYRHG6mR 3DXOR0DOKHLURV $*8,//$5)HUQDQGR+HUUHQGH&RQWUROHVRFLDOGHVHUYLoRVS~EOLFRV6mR3DXOR 0D[/LPRQDG $/(66,5HQDWR6LVWHPD,LVWLWX]LRQDOHGHOGLULWWRDGPPLQLVWUDWLYRLWDOLDQR0LOmR 'RWW$*LXIIUqY $/0(,'$&DUORV)HUUHLUD2VGLUHLWRVGRFRQVXPLGRU&RLPEUD$OPHGLQD $/0(,'$-RmR%DWLVWDGH$SURWHomRMXUtGLFDGRFRQVXPLGRUHG6mR3DXOR 6DUDLYD BBBBBB0DQXDOGHGLUHLWRGRFRQVXPLGRUHG6mR3DXOR6DUDLYD $/9(6$ODRU&DIIp3ULYDWL]DomRGRVVHUYLoRVS~EOLFRV5HYLVWDGD3URFXUDGRULDGR (VWDGRGH6mR3DXOR6mR3DXORYSMDQGH] $/9,0$UUXGD$/9,07KHUH]D&RRUGV&RPHQWiULRVDR&yGLJRGH'HIHVDGR &RQVXPLGRU5LRGH-DQHLUR)RUHQVH $0$5$/$QWRQLR&DUORV&LQWUDGR'LVWLQomRHQWUHXVXiULRGHVHUYLoRS~EOLFRH FRQVXPLGRU5HYLVWD'LiORJR-XUtGLFR6DOYDGRU%DKLD&$-±&HQWURGH$WXDOL]DomR -XUtGLFDQSDEUPDLR $5$*2$OH[DQGUH6DQWRVGH$JrQFLDV5HJXODGRUDVH$JrQFLDV([HFXWLYDV 5HYLVWDGH'LUHLWR$GPLQLVWUDWLYR5LRGH-DQHLUR5HQRYDUYS± DEUMXQ BBBBBB2SRGHUQRUPDWLYRGDV$JrQFLDV5HJXODGRUDV5HYLVWD7ULPHVWUDOGH'LUHLWR 3~EOLFR6mR3DXOR0DOKHLURVYS BBBBBB$OH[DQGUH6DQWRVGH'LUHLWRGRVVHUYLoRVS~EOLFRVHG5LRGH-DQHLUR )RUHQVH $5$Ò-2(GPLU1HWWRGH$GPLQLVWUDomR,QGLUHWDEUDVLOHLUD6mR3DXOR)RUHQVH 8QLYHUVLWiULD $8/2<-HDQ&DODLV67(,10(7=)UDQN'URLWGHODFRQVXPPDWLRQHG3DULV 'DOOR] $=(9('2(XULFRGH$QGUDGH$/(1&$50DULD/~FLD0D]]HLGH&RQFHVVmRGH VHUYLoRVS~EOLFRVFRPHQWiULRVjV/HLVH6mR3DXOR0DOKHLURV $=(9('2)HUQDQGR&RVWD$GHIHVDGRFRQVXPLGRUHUHJXODomRDSDUWLFLSDomR GRVFRQVXPLGRUHVEUDVLOHLURVQRFRQWUROHGDSUHVWDomRGHVHUYLoRVS~EOLFRV3RUWR $OHJUH/LYUDULDGR$GYRJDGR %$&(//$5),/+25RPHX)HOLSH2FRQWUDWRDGPLQLVWUDWLYRQR%UDVLO5HYLVWDGR $GYRJDGR6mR3DXOR$$63QDQR;;,;SGH] %$/%,125HQDWD'RPLQJXHV%DUERVD2SULQFtSLRGDERDIpREMHWLYDQR1RYR &yGLJR&LYLO5HYLVWDGR$GYRJDGR6mR3DXOR$$63QSGH] %$/((,52$OLRPDU'LUHLWRWULEXWiULREUDVLOHLURHG5LRGH-DQHLUR)RUHQVH %$1'(,5$'(0(//22VZDOGR$UDQKD3ULQFtSLRVJHUDLVGHGLUHLWRDGPLQLVWUDWLYR 5LRGH-DQHLUR)RUHQVHY, BBBBBB&XUVRGHGLUHLWRDGPLQLVWUDWLYRHG6mR3DXOR0DOKHLURV %$55$5RGROIR&+DFLDXQD,QWHUSUHWDFLyQUHVWULFWLYDGHOFRQFHSWRGHVHUYLFLR S~EOLFR%XHQRV$LUHVHG/D/H\ %$55262/XtV5REHUWR$SRQWDPHQWRVVREUHDV$JrQFLDV5HJXODGRUDV,Q 025$(6$OH[DQGUHGHFRRUG$JrQFLDV5HJXODGRUDV6mR3DXOR$WODV %$6726&HOVR5LEHLUR&RQFHVV}HVHSHUPLVV}HVGRVHUYLoRS~EOLFR5HYLVWDGH 'LUHLWR&RQVWLWXFLRQDOH,QWHUQDFLRQDOYRXWGH] %$8'5,//$5'-HDQ/DVRFLpWpGHFRQVRPPDWLRQ3DULV'HQRsO %(1-$0,1$QW{QLR+HUPDQGH9DVFRQFHOORVH&RPHQWiULRVDR&yGLJRGH 3URWHomRGR&RQVXPLGRU&RRUG-XDUH]GH2OLYHLUD6mR3DXOR6DUDLYD BBBBBB&yGLJR%UDVLOHLURGH'HIHVDGR&RQVXPLGRUFRPHQWDGRSHORVDXWRUHVGR $QWHSURMHWRHG5LRGH-DQHLUR)RUHQVH8QLYHUVLWiULD BBBBBB0$548(6&ODXGLD/LPD%(66$/HRQDUGR5RVFRH0DQXDOGHGLUHLWRGR FRQVXPLGRUHG6mR3DXOR5HYLVWDGRV7ULEXQDLV %,1(1%2-1*XVWDYR$JrQFLDVUHJXODWyULDVLQGHSHQGHQWHVVHSDUDomRGHSRGHUHV HSURFHVVRGHPRFUiWLFR7HPDVGH'LUHLWR$GPLQLVWUDWLYRH&RQVWLWXFLRQDO5LRGH -DQHLUR5HQRYDU %21$72&OiXGLR025$(63DXOR9DOpULR'DO3DL4XHVW}HVFRQWURYHUWLGDVQR &yGLJRGH'HIHVDGR&RQVXPLGRUHG3RUWR$OHJUH/LYUDULDGR$GYRJDGR %25*(6$OLFH*RQ]iOHV9DORUHVDVHUHPFRQVLGHUDGRVQRFRQWUROHMXULVGLFLRQDOGD $GPLQLVWUDomR3~EOLFD5HYLVWD,QWHUHVVH3~EOLFR3RUWR$OHJUH1RWDGH]Q MXOVHW %285*2,*1,(7KLHUU\2FRQFHLWRMXUtGLFRGHFRQVXPLGRU5HYLVWDGH'LUHLWRGR &RQVXPLGRU6mR3DXORHG5HYLVWDGRV7ULEXQDLVQSS >7UDGXomRGH$QD/~FLD$PDUDO3URFXUDGRUDGD5HS~EOLFDHP6mR3DXOR@ %5$6,/6XSHULRU7ULEXQDOGH-XVWLoD$J5JQ0*3ULPHLUD7XUPD XQkQLPH5HO0LQ'HQLVH$UUXGD%UDVtOLD')M'-8 'LVSRQtYHOHPKWWSZZZVWMJRYEU!$FHVVRHPMXO %5$6,/6XSHULRU7ULEXQDOGH-XVWLoD$J5JQR$J567HUFHLUD7XUPD XQkQLPH5HO0LQ6LGQHL%HQHWL%UDVtOLD')M'-8 'LVSRQtYHOHPKWWSZZZVWMJRYEU!$FHVVRHPMXO %5$6,/6XSHULRU7ULEXQDOGH-XVWLoD5HFXUVR(VSHFLDOQ356HJXQGD 7XUPDXQkQLPH5HO0LQ(OLDQD&DOPRQ%UDVtOLD')M'-8 S'LVSRQtYHOHPKWWSZZZVWMJRYEU!$FHVVRHPMXO %5$6,/6XSHULRU7ULEXQDOGH-XVWLoD$J5JQR$*5-3ULPHLUD7XUPD XQkQLPH5HO0LQ/XL])X[%UDVtOLD')M'-8S 'LVSRQtYHOHPKWWSZZZVWMJRYEU!$FHVVRHPMXO %5$6,/6XSHULRU7ULEXQDOGH-XVWLoD$JU0&Q$JUDYR5HJLPHQWDOQD 0HGLGD&DXWHODUQ3ULPHLUD7XUPDXQkQLPH5HO0LQ/XL])X[ %UDVtOLD')M'-8S'LVSRQtYHOHP KWWSZZZVWMJRYEU!$FHVVRHPMXO %5$6,/6XSHULRU7ULEXQDOGH-XVWLoD5HVS634XDUWD7XUPDXQkQLPH 5HO0LQ6iOYLRGH)LJXHLUHGR7HL[HLUD%UDVtOLD')M'-8 'LVSRQtYHOHPKWWSZZZVWMJRYEU!$FHVVRHPMXO %5$6,/6XSHULRU7ULEXQDOGH-XVWLoD5HFXUVR(VSHFLDOQ5-3ULPHLUD 7XUPDXQkQLPH5HODWRU0LQ+XPEHUWR*RPHVGH%DUURV%UDVtOLD')M '-8S'LVSRQtYHOHPKWWSZZZVWMJRYEU! $FHVVRHPDJR %5$6,/6XSHULRU7ULEXQDOGH-XVWLoD5HFXUVR(VSHFLDOQ6&± 3ULPHLUD7XUPDXQDQLPLGDGH5HODWRU0LQ)UDQFLVFR)DOFmR %UDVtOLD')M'-8S'LVSRQtYHOHP KWWSZZZVWMJRYEU!$FHVVRHPDJR %5$6,/6XSHULRU7ULEXQDOGH-XVWLoD5(63Q0*6HJXQGD7XUPD PDLRULD5HO0LQ(OLDQD&DOPRQ%UDVtOLD')M'-S 'LVSRQtYHOHPKWWSZZZVWMJRYEU!$FHVVRHPDJR %5$6,/6XSHULRU7ULEXQDOGH-XVWLoD5(630*3ULPHLUD7XUPDXQkQLPH 5HO0LQ-RVp'HOJDGR%UDVtOLD')M'-8S 'LVSRQtYHOHPKWWSZZZVWMJRYEU!$FHVVRHPDJR %5$6,/6XSHULRU7ULEXQDOGH-XVWLoD5(633%6HJXQGD7XUPDXQkQLPH 5HO0LQ)UDQFLXOOL1HWWR%UDVtOLD')M'-8S 'LVSRQtYHOHPKWWSZZZVWMJRYEU!$FHVVRHPDJR &$(7$120DUFHOOR0DQXDOGHGLUHLWRDGPLQLVWUDWLYR&RLPEUD$OPHGLQDW ,, BBBBBBB3ULQFtSLRVIXQGDPHQWDLVGRGLUHLWRDGPLQLVWUDWLYR&RLPEUD$OPHGLQD &$/'(,5$3DWUtFLDRUJ&RPHQWiULRVDR&yGLJRGH'HIHVDGR&RQVXPLGRUVmR 3DXOR9HUEDWLQS &$0326)UDQFLVFR'LUHLWRDGPLQLVWUDWLYR5LRGH-DQHLUR,PSUHQVD1DFLRQDO &$127,/+2-RVp-RDTXLP*RPHV'LUHLWRFRQVWLWXFLRQDOHWHRULDGDFRQVWLWXLomR HG&RLPEUD$OPHGLQD &$33(//(77,0DXUR2DFHVVRGRVFRQVXPLGRUHVjMXVWLoD5LRGH-DQHLUR 5HYLVWD)RUHQVHYSDEUPDLRMXQ &$53(1$+HORtVD$ILQDOTXHPpRFRQVXPLGRU"&DPSRGHDSOLFDomRGR&'&j OX]GRSULQFtSLRGDYXOQHUDELOLGDGH5HYLVWD7ULPHVWUDOGH'LUHLWR&LYLO5LRGH-DQHLUR 3DGPDQSMXOVHW &$55$==$5RTXH$QWRQLR&XUVRGHGLUHLWRWULEXWiULRHG6mR3DXOR 0DOKHLURV &$59$/+2),/+2-RVpGRV6DQWRV0DQXDOGHGLUHLWRDGPLQLVWUDWLYRHG5LR GH-DQHLUR/XPHQ-XULV &$66$*1(-XDQ&DUORV'HUHFKRDGPLQLVWUDWLYRHG%XHQRV$LUHV$EHOHGR 3HUURW &,1&81(*8,-XDQ'H'LRV)XQGDPHQWRVOHJDOHVGHODUHJXODFLyQ\HOFRQWUROGH ORVVHUYLFLRVS~EOLFRV/D/H\%XHQRV$LUHVW' &2(/+2)iELR8OKRD2HPSUHViULRHRVGLUHLWRVGRFRQVXPLGRU6mR3DXOR 6DUDLYD &2Ç/+26DFKD&DOPRQ1DYDUUR&XUVRGHGLUHLWRWULEXWiULREUDVLOHLURHG5LR GH-DQHLUR)RUHQVH &267$5HJLQD+HOHQD$WULEXWDomRHRFRQVXPLGRU5HYLVWDGH'LUHLWRGR &RQVXPLGRU6mR3DXOR5HYLVWDGRV7ULEXQDLVQSMDQPDU &5(7(//$-Ò1,25-RVp$GPLQLVWUDomR,QGLUHWDEUDVLOHLUD5LRGH-DQHLUR )RUHQVH BBBBBB&XUVRGHGLUHLWRDGPLQLVWUDWLYR5LRGH-DQHLUR)RUHQVH BBBBBB'LFLRQiULRGHGLUHLWRDGPLQLVWUDWLYRHG5LRGH-DQHLUR)RUHQVH &58=H78&&,&LEHOH3LQKHLUR0DUoDO7HRULDJHUDOGDERDIpREMHWLYD5HYLVWDGR $GYRJDGR6mR3DXOR$$63QGH] '$//$5,'DOPRGH$EUHX(OHPHQWRVGH7HRULD*HUDOGR(VWDGR6mR3DXOR 6DUDLYD '(/8&&$1HZWRQ'LUHLWRGRFRQVXPLGRUHG6mR3DXOR4XDWLHU/DWLQ '(1$5,=HOPR&yGLJR%UDVLOHLURGH'HIHVDGR&RQVXPLGRUFRPHQWDGRSHORV $WRUHVGR$QWHSURMHWRHG5LRGH-DQHLUR)RUHQVH8QLYHUVLWiULD ',3,(7520DULD6\OYLD=DQHOOD3DUFHULDVQD$GPLQLVWUDomR3~EOLFDHG6mR 3DXOR$WODV BBBBBB'LUHLWRDGPLQLVWUDWLYRHG6mR3DXOR$WODV BBBBBB3DUFHULDVQD$GPLQLVWUDomR3~EOLFDFRQFHVVmRSHUPLVVmRIUDQTXLD WHUFHLUL]DomRSDUFHULDS~EOLFRSULYDGDHRXWUDVIRUPDVHG6mR3DXOR$WODV '21$720DULD$QWRQLHWD=DQDUGR3URWHomRDRFRQVXPLGRUFRQFHLWRHH[WHQVmR 6mR3DXOR5HYLVWDGRV7ULEXQDLV '8*8,7/HRQ7UDLWpGHGURLWFRQVWLWXWLRQQHOHG3DULV(GH%RFFDUGW (),1*$QWRQLR&DUORV%DQFRGHGDGRVHFDGDVWURGHFRQVXPLGRUHV6mR3DXOR 5HYLVWDGRV7ULEXQDLV (6&2/$+pFWRU-RUJH&RPSHQGLRGH'HUHFKR$GPLQLVWUDWLYR%XHQRV$LUHV 'HSDOPDY )('(5,*+,6X]DQD0DULD3LPHQWD&DWWD3UHWD3XEOLFLGDGHDEXVLYDLQFLWDomRj YLROrQFLD6mR3DXOR-XDUH]GH2OLYHLUD BBBBBB$DGYRFDFLDS~EOLFDHDGHIHVDGRVLQWHUHVVHVGLIXVRVHFROHWLYRVGLDQWHGD SUHVWDomRGRVVHUYLoRVS~EOLFRV5HYLVWDGH'LUHLWRV'LIXVRV7HPDV$WXDLVGH 'LUHLWRGR&RQVXPLGRU,,%$3,QVWLWXWR%UDVLOHLURGH$GYRFDFLD3~EOLFDH $352'$%±$VVRFLDomRGRV3URIHVVRUHVGH'LUHLWR$PELHQWDOGR%UDVLODQR9,,Y SQRYGH] ),/20(12-RVp*HUDOGR%ULWR3URPRWRULDVGH-XVWLoDGR&RQVXPLGRUDWXDomR SUiWLFD6mR3DXORHG$VVRFLDomR3DXOLVWDGR0LQLVWpULR3~EOLFRGH6mR3DXOR BBBBBB&yGLJR%UDVLOHLURGR&RQVXPLGRUFRPHQWDGRSHORVDXWRUHVGR$QWHSURMHWR HG6mR3DXOR)RUHQVH8QLYHUVLWiULD )2/+$21/,1('LVSRQtYHOHP KWWSZZZIROKDXROFRPEUIROKDFRWLGLDQR!$FHVVRHPPDU *$63$5,1,'LyJHQHV'LUHLWRDGPLQLVWUDWLYRHG6mR3DXOR6DUDLYD *5$8(URV5REHUWR,QWHUSUHWDQGRR&yGLJRGH'HIHVDGR&RQVXPLGRUDOJXPDV QRWDV5HYLVWDGH'LUHLWRGR&RQVXPLGRU576mR3DXORQSMDQPDU BBBBBB$RUGHPHFRQ{PLFDQD&RQVWLWXLomRGHHG6mR3DXOR0DOKHLURV *5,129(5$GD3HOOHJULQL%(1-$0,1$QW{QLR+HUPDQGH9DVFRQFHOORVH&yGLJR EUDVLOHLURGH'HIHVDGR&RQVXPLGRUFRPHQWDGRSHORVDXWRUHVGR$QWHSURMHWRHG 5LRGH-DQHLUR)RUHQVH8QLYHUVLWiULD *5277,'LQRUi$GHODLGH0XVVHWWL2VVHUYLoRVS~EOLFRVQD&RQVWLWXLomR%UDVLOHLUD GH6mR3DXOR0DOKHLURV -$1&=(6.,&pOLR$UPDQGR7D[DVHG&XULWLED-XUXi -Ê=(*DVWyQ3ULQFLSLRVJHQHUDOHVGHOGHUHFKRDGPLQLVWUDWLYR7UDGXomRGH-XOLR1 6DQ0LOOiQ$OPDJUR%XHQRV$LUHV(GLWRULDO'HSDOPDW,, -867(1),/+20DUoDO&XUVRGHGLUHLWRDGPLQLVWUDWLYRHG6mR3DXOR6DUDLYD BBBBBB7HRULDJHUDOGDVFRQFHVV}HVUHLPSUHVVmR6mR3DXOR'LDOpWLFD -867(10{QLFD6SH]LD$QRomRGHVHUYLoRS~EOLFRQR'LUHLWR(XURSHX6mR3DXOR 'LDOpWLFD /$8%$'Ê5($QGUHGH'LUHLWRS~EOLFRHFRQ{PLFR7UDG3RUWXJXHVDGH0DULD 7HUHVD&RVWD&RLPEUD$OPHGLQD" /,6%2$5REHUWR6HQLVH5HVSRQVDELOLGDGH&LYLOQDVUHODo}HVGHFRQVXPR6mR 3DXOR5HYLVWDGRV7ULEXQDLV /23(6+HO\/RSHV0HLUHOOHV'LUHLWRDGPLQLVWUDWLYREUDVLOHLURHG6mR3DXOR 0DOKHLURV /23(6-RVp5HLQDOGRGH/LPD'LUHLWRFLYLOHGLUHLWRGRFRQVXPLGRUSULQFtSLRV,Q 3$48$/272$GDOEHUWR3)(,))(55REHUWR$XJXVWR&DVWHOODQR&RRUGV&yGLJR GH'HIHVDGR&RQVXPLGRUHR&yGLJR&LYLOGHFRQYHUJrQFLDVHDVVLPHWULD 6mR3DXOR57 BBBBBB'LUHLWRGRFRQVXPLGRUHSULYDWL]DomR5HYLVWDGH'LUHLWRGR&RQVXPLGRU 6mR3DXOR5HYLVWDGRV7ULEXQDLVYS±DEUMXQ /8&&$1HZWRQGH'LUHLWRGRFRQVXPLGRUDVSHFWRVSUiWLFRVSHUJXQWDVH UHVSRVWDVHG5LRGH-DQHLUR(GLSUR BBBBBB'LUHLWRGRFRQVXPLGRUHG6mR3DXOR4XDUWLHU/DWLQ 0$&('2-55RQDOGR3RUWR&RQWUDWRVUHODFLRQDLVHGHIHVDGRFRQVXPLGRUHG 6mR3DXOR5HYLVWDGRV7ULEXQDLV 0$&.(1'5,&.1HLO7KHFRQVXPHUVRFLHW\%ORRPLQJWRQ,QGLDQD8QLYHUVLW\3UHVV 0$548(6&ODXGLD/LPD&RQWUDWRVQR&yGLJRGH'HIHVDGR&RQVXPLGRURQRYR UHJLPHGDVUHODo}HVFRQWUDWXDLVHG6mR3DXOR5HYLVWDGRV7ULEXQDLV 0$57,16&267$-XGLWK$ERDIpQRGLUHLWRSULYDGR6mR3DXOR5HYLVWDGRV 7ULEXQDLV 0$57,163OtQLR/DFHUGD&RUWHGH(QHUJLD(OpWULFDSRU)DOWDGH3DJDPHQWR± 3UiWLFD$EXVLYD±&yGLJRGR&RQVXPLGRU(G5HYLVWDGRV7ULEXQDLV6mR3DXORDQR YSDJR 0$6$*20DULR1DWXUH]DMXUtGLFDGDFRQFHVVmRGHVHUYLoRVS~EOLFRV6mR3DXOR 6DUDLYD 0$==$$OH[DQGUH$JrQFLDV5HJXODGRUDV6mR3DXOR0DOKHLURV 0('$8$52GHWH6HUYLoRS~EOLFR5HYLVWDGH'LUHLWR$GPLQLVWUDWLYR5LRGH -DQHLURHGLWRUYSMXOVHW BBBBBB&RQFHVVmRGHVHUYLoRS~EOLFR6mR3DXOR5HYLVWDGRV7ULEXQDLV BBBBBB1RYDFULVHGRVHUYLoRS~EOLFR",Q*5$8(URV5REHUWR&81+$6pUJLR 6pUYXORGDFRRUGV(VWXGRVGH'LUHLWR&RQVWLWXFLRQDOHPKRPHQDJHPD-RVp $IRQVRGD6LOYD6mR3DXOR0DOKHLURVS BBBBBB$LQGDH[LVWHVHUYLoRS~EOLFR",Q7Ð55(6+HOHQR7DYHLUDFRRUG 6HUYLoRVS~EOLFRVHGLUHLWRWULEXWiULR6mR3DXOR4XDUWLHU/DWLQS BBBBBB'LUHLWRDGPLQLVWUDWLYRHG6mR3DXOR$WODV 0(,5(//(6+HO\/RSHV'LUHLWRDGPLQLVWUDWLYREUDVLOHLURHG6mR3DXOR 0DOKHLURV BBBBBB'LUHLWRDGPLQLVWUDWLYRPRGHUQRHG6mR3DXOR5HYLVWDGRV7ULEXQDLV 0(1(=(//20DULD'¶$VVXQomR&RVWD$JrQFLDV5HJXODGRUDVHR'LUHLWR%UDVLOHLUR 6mR3DXOR$WODV BBBBBB2&yGLJRGH'HIHVDGR&RQVXPLGRUHDSUHVWDomRGRVVHUYLoRVS~EOLFRV 5HYLVWDGH'LUHLWRGR&RQVXPLGRU6mR3DXORHG5HYLVWDGRV7ULEXQDLVYS 0,5$1'$-RUJH0DQXDOGHGLUHLWRFRQVWLWXFLRQDO&RLPEUD3RUWXJDO&RLPEUD W9S 02'(6723DXOR)XQomRDGPLQLVWUDWLYD5HYLVWD(OHWU{QLFD'LiORJR-XUtGLFR 6DOYDGRU%$HG,'3%±,QVWLWXWR3~EOLFRGH'LUHLWRGD%DKLDDQR,Y,QMXOKR S BBBBBB5HIRUPDGR(VWDGRIRUPDVGHSUHVWDomRGHVHUYLoRVDRS~EOLFRHSDUFHULDV S~EOLFRSULYDGDV5HYLVWDGH'LUHLWR(OHWU{QLFRGH'LUHLWR$GPLQLVWUDWLYR(FRQ{PLFR 6DOYDGRUQSPDLRMXQMXO 0217(,529HUD&RQFHVVmR6mR3DXOR0DOKHLURV 025$(63DXOR9DOpULR'DO3DL&RPSDWLELOLGDGHHQWUHSULQFtSLRVGR&yGLJRGH 'HIHVDGR&RQVXPLGRUHRVGR1RYR&yGLJR&LYLO5HYLVWDGH'LUHLWRGR &RQVXPLGRU6mR3DXOR57QSMDQPDU 025(,5$1(72'LRJRGH)LJXHLUHGR/HJLWLPLGDGHHGLVFULFLRQDULHGDGH±QRYRV UHIOH[RVVREUHRVOLPLWHVHFRQWUROHGDGLVFULFLRQDULHGDGHHG5LRGH-DQHLUR )RUHQVH 1(5<-Ò1,251HOVRQ2VSULQFtSLRVJHUDLVGR&yGLJR%UDVLOHLURGH'HIHVDGR &RQVXPLGRU5HYLVWDGH'LUHLWRGR&RQVXPLGRU6mR3DXORHG5HYLVWDGRV 7ULEXQDLVQSVHWGH] BBBBBB1(5<5RVD0DULDGH$QGUDGH/HLVFLYLVFRPHQWDGDV6mR3DXOR5HYLVWD GRV7ULEXQDLV 181(6-Ò1,259LGDO6HUUDQR0$726<RODQGD$OYHV3LQWR6HUUDQRGH&yGLJR GH'HIHVDGR&RQVXPLGRU,QWHUSUHWDGRHG6mR3DXOR6DUDLYD 12*8(,5$*HUDOGR$WDOLED6$%(636HUYLoRS~EOLFRHHHOHJDomRDHPSUHVD HVWDWDO,PXQLGDGHDLPSRVWRV5HJLPHGHWD[DV5'36mR3DXORHG5HYLVWDGH 'LUHLWR3~EOLFR 129$,6(ODLQH&DUGRVRGH0DWRV2(VWDGRIRUQHFHGRUGHVHUYLoRVQDVUHODo}HV GHFRQVXPRDSOLFDomRGR&'&DRVVHUYLoRVS~EOLFRV&XULWLED-XUXi BBBBBB6HUYLoRVS~EOLFRVHUHODomRGHFRQVXPR&XULWLED-XUXi 2(67$'2'(623$8/27HOHI{QLFDSRGHVHUPXOWDGDHP5PLOK}HVSRU SDQHV'LVSRQtYHOHPKWWSZZZHVWDGDRFRPEU QRWLFLDVHFRQRPLD!$FHVVRHPMXO 2/($0DQXHO$ORQVR,QWURGXomRDRGLUHLWRGRWUDEDOKR3RUWR$OHJUH6XOLQD 2/,9(,5$-RVp&DUORV&RQFHVV}HVHSHUPLVV}HVGHVHUYLoRVS~EOLFRVGD8QLmR (VWDGRV0XQLFtSLRVHHQWHVUHJXODGRUHV%DXUX63(GLSUR 2/,9(,5$0DULD-RVp*DOOHQRGH6RX]D*OREDOL]DomRGDSREUH]DLPSDFWRVGDV SROtWLFDVVRFLDLVQR(VWDGRQHROLEHUDOQDVGHPRFUDFLDVGRVSDtVHVODWLQR DPHULFDQRV'LVSRQtYHOHPKWWSZZZFHVXFSHW/$%!$FHVVRHPMXO 2/,9(,5$),/+25RGULJR3ULROOL5HODomRGHFRQVXPRVHUYLoRVS~EOLFRVQR&yGLJR GH'HIHVDGR&RQVXPLGRU6mR3DXOR$OWDPLUD 3$648$/2772$GDOEHUWR2VVHUYLoRVS~EOLFRVQR&yGLJRGH'HIHVDGR &RQVXPLGRU5HYLVWDGH'LUHLWRGR&RQVXPLGRU6mR3DXOR5HYLVWDGRV7ULEXQDLV YSPDUoR BBBBBB2&yGLJRGH'HIHVDGR&RQVXPLGRUHPIDFHGR&yGLJR&LYLOGH ,QBBBBB3)(,)(55REHUWR$XJXVWR&DVWHOODQR&RRUGV&yGLJRGH'HIHVDGR &RQVXPLGRUHR&yGLJR&LYLOGHFRQYHUJrQFLDVHDVVLPHWULD6mR3DXOR57 S± 3$6626'DQLHOGH/LPD$UHVSRQVDELOLGDGHGRVyUJmRVS~EOLFRVQDVUHODo}HVGH FRQVXPR,Q62'5e0DUFHOR*RPHV0(,5$)DEtROD 3(5(,5$&HVDU$XJXVWR*XLPDUmHV8VXiULRVGHVHUYLoRVS~EOLFRVXVXiULRV FRQVXPLGRUHVHRVDVSHFWRVHFRQ{PLFRVGRVVHUYLoRVS~EOLFRV6mR3DXOR6DUDLYD 3)(,)(55REHUWR$XJXVWR&DVWHOODQRV6HUYLoRV3~EOLFRV&RQFHGLGRVH3URWHomR GR&RQVXPLGRU&RQIHUrQFLDVGR&RQJUHVVR%UDVLOHLURGH'LUHLWRGR&RQVXPLGRU 5HYLVWDGH'LUHLWRGR&RQVXPLGRU6mR3DXORHG5HYLVWDGRV7ULEXQDLVYS RXWQRY 3,172)UDQFLVFR%LODF0RUHLUD(VWXGRVGHGLUHLWRS~EOLFR5LRGH-DQHLUR)RUHQVH 38%/,&3$3(562)7+(35(6,'(1766SHFLDO0HVVDJHWRWKH&RQJUHVVRRQ 3URWHFWLQJWKH&RQVXPHU0DUFK 5,%(,520DQXHO$LQVWLWXFLRQDOL]DomRGHPRFUiWLFDGRSRGHUHG6ODYDGRU%$ (G'LVWULEXLGRUDGH/LYURV 5,2'(-$1(,527ULEXQDO5HJLRQDO)HGHUDOGD5HJLmR3URFHVVRQ $SHODomR&tYHOQ5HODWRU'HV)HG5RJpULR &DUYDOKR5LRGH-DQHLUR5-M'-8'LVSRQtYHOHP KWWSZZZWUIMXVEU!$FHVVRHPDJR 5,9(52-HDQ'LUHLWRDGPLQLVWUDWLYR7UDGXomRGH5RJpULR(KUKDUGW6RDUHV &RLPEUD$OPHGLQD 5,==$772181(6/XL]$QWRQLR&RPHQWiULRVDR&yGLJRGH'HIHVDGR &RQVXPLGRUHG6mR3DXOR6DUDLYD 6$03$,21HOVRQGH6RX]D3UyORJRjWHRULDGR(VWDGRLGHRORJLDHFLrQFLDSROtWLFD HG5LRGH-DQHLUR)RUHQVH 6$5/(7,QJR:ROIJDQJ$HILFiFLDGRVGLUHLWRVIXQGDPHQWDLVHG3RUWR$OHJUH /LYUDULDGR$GYRJDGR 6(*$//$$OHVVDQGUR6XVSHQVmRGRIRUQHFLPHQWRGHHQHUJLDHOpWULFDDRXVXiULR LQDGLPSOHQWHjOX]GD&RQVWLWXLomR)HGHUDO5HYLVWDGH'LUHLWRGR&RQVXPLGRU6mR 3DXOR5HYLVWDGRV7ULEXQDLV6mR3DXORQSMDQPDU 6,'282WKRQ3URWHomRDRFRQVXPLGRU6mR3DXOR)RUHQVH 628720DUFRV-XUXHQD9LOOHOD'HVHVWDWL]DomRSULYDWL]DomRFRQFHVVmRH WHUFHUL]Do}HVHG5LRGH-DQHLUR/XPHQ-XULV BBBBBB'LUHWRDGPLQLVWUDWLYRUHJXODWyULR5LRGH-DQHLUR/XPHQ-XULV 67,*/,7=*DEULHO$67,*/,7=5XEpQ6'HUHFKRV\GHIHQVHGHOFRQVXPLGRU %XHQRV$LUHV/D5RFFD 681')(/'&DUORV$UL)XQGDPHQWRVGHGLUHLWRS~EOLFRHG6mR3DXOR 0DOKHLURV 7È&,72&DLR'LUHLWRDGPLQLVWUDWLYR6mR3DXOR6DUDLYD BBBBBB2UHWRUQRGRSrQGXORVHUYLoRS~EOLFRHHPSUHVDSULYDGD7HPDVGH'LUHLWR 3~EOLFR(VWXGRVH3DUHFHUHV5LRGH-DQHLUR5HQRYDUY 9$/2OJD0DULDGR3ROtWLFD1DFLRQDOGDV5HODo}HVGH&RQVXPR5HYLVWDGH'LUHLWR GR&RQVXPLGRU6mR3DXOR57QSMXOVHW 9('(/*HRUJHV'(/929e3LHUUH'URLWDGPLQLVWUDWLIHG3DULV38) 9,'21+2-Ò1,25$PDGHXGRV$QMRV3$,9$0iULR$QW{QLR/REDWRGH'D FRQWLQXLGDGHGRVVHUYLoRVHVVHQFLDLVGHFRQVXPR'LVSRQtYHOHP KWWSZZZMXVFRPEU!$FHVVRHPDJR :$/'$UQROGR025$(6/XL]D5DQJHOGH$JrQFLDV5HJXODGRUDV5HYLVWDGH ,QIRUPDomR/HJLVODWLYD%UDVtOLDQSMDQPDU =$1(/$7720DUFR$QWRQLR&RQVLGHUDo}HVVREUHRFRQFHLWRMXUtGLFRGH FRQVXPLGRU5HYLVWDGH'LUHLWRGR&RQVXPLGRU6mR3DXOR57QS MDQPDU 3Ï635,9$7,=$d2)ROKDGH6mR3DXOR&DGHUQR(VSHFLDOSDJR =,33(/,865HLQKROG7HRULDJHUDOGR(VWDGR,Q&$127,/+2-RVp-RDTXLP *RPHVFRRUG7tWXORGDREUD7UDGXomRGH.DULQ3UDHINH$LUHV&RXWLQKR/LVERD (G)XQGDomR&DORXVWH*XOEHQNLDQ