7$%(/$35,&(-85266,03/(628&20326726"
*LOEHUWRGD6LOYD0HOR
(VWDEHOHFHXVHQRVLVWHPDMXUtGLFRQDFLRQDOXPDSROrPLFDHQWUHRVRSHUDGRUHVGHGLUHLWRVREUHXPDTXHVWmR
TXHWHPVLGRREMHWRGHPXLWDVGHPDQGDV7UDWDVHGDGLVFXVVmRGDYDOLGDGHGDOHJDOLGDGHGHXWLOL]DomRGD
7DEHOD 3ULFH RX 6LVWHPD GH $PRUWL]DomR )UDQFrV SDUD GLYHUVRV WLSRV GH RSHUDo}HV GH FUpGLWR RX GH
DUUHQGDPHQWRPHUFDQWLO/HDVLQJDVHUHPOLTXLGDGRVSRUXPDVpULHGHSDJDPHQWRVLJXDLVHVXFHVVLYRV2
DUJXPHQWRSULQFLSDOQHVVDVDo}HVpGHTXHD7DEHOD3ULFHFRQWHPSODMXURVFRPSRVWRVMXURVVREUHMXURVR
TXHVHULDYHGDGRSRUOHLMiTXHVyVHDGPLWHDFDSLWDOL]DomRFRPSRVWDGHMXURVHPRSHUDo}HVILQDQFHLUDV
SDUDDVTXDLVKDMDOHLDXWRUL]DWLYDHTXHFRQVWHH[SUHVVDPHQWHGRFRQWUDWRDSUHYLVmRGHDSOLFDomRGHMXURV
FRPSRVWRV 2 DVVXQWR VH WRUQRX PDLV WRUPHQWRVR DLQGD SRLV DWp HQWUH SHULWRV RFRUUH GLVVHQVR XQV
LQWHUSUHWDQGRTXHRFRUUHDDSOLFDomRGHMXURVVREUHMXURVHRXWURVHQWHQGHQGRTXHQmR1RVSURSRPRVQR
GHFRUUHUGHVWHWUDEDOKRWHQWDUGHVPLVWLILFDUDTXHVWmRFRQWULEXLQGRSDUDTXHVHDFODUHRHQWHQGLPHQWRGD
PDWpULD
2TXHpR6LVWHPD)UDQFrVGH$PRUWL]DomR
6HJXQGR R 3URI 0iULR *HUDOGR 3HUHLUD HP VXD GLVVHUWDomR GH 'RXWRUDPHQWR QD 863 HVWH VLVWHPD GH
DPRUWL]DomRIRLFULDGRQRVpFXOR;9,,,SHORILOyVRIRWHyORJRHPDWHPiWLFRLQJOrV5LFKDUG3ULFHLQFRUSRUDQGR
D WHRULD GH MXURV FRPSRVWRV QRV HPSUpVWLPRV GH SDJDPHQWRV LJXDLV H VXFHVVLYRV 6HJXQGR HVWH PHVPR
HVWXGLRVR D GHQRPLQDomR ³7DEHOD 3ULFH´ p XWLOL]DGD VRPHQWH QR %UDVLO YLVWR TXH HP RXWURV SDtVHV p
FRQKHFLGR SRU ³6LVWHPD )UDQFrV GH $PRUWL]DomR GHYLGR DR IDWR GH WHU VH GHVHQYROYLGR HIHWLYDPHQWH QD
)UDQoDQRVpFXOR;,;
$7DEHOD3ULFHQDGDPDLVpTXHXPDWiEXDGHIDWRUHVDWUDYpVGRVTXDLVVHSRGHFDOFXODUPHGLDQWHVLPSOHV
RSHUDo}HVPDWHPiWLFDVGHPXOWLSOLFDomRRYDORUGDSUHVWDomRDVVLPFRPRRYDORUGHFDGDSDUFHODGHMXURV
H DPRUWL]DomR H R VDOGR GHYHGRU HVWDGR GD GtYLGD D TXDOTXHU PRPHQWR GXUDQWH D HYROXomR GD VpULH GH
SDJDPHQWRV
&RQYpP GHL[DU FODUR TXH RV IDWRUHV HPEXWHP TXDQGR GR FiOFXOR GR YDORU GD SUHVWDomR LQLFLDO RV MXURV
FRQWUDWDGRV FRP R FULWpULR GH FDSLWDOL]DomR FRPSRVWD -i TXDQWR j FRUUHomR PRQHWiULD JHUDOPHQWH Ki D
SUHYLVmRGHXPLQGH[DGRUDVHUDSOLFDGRSDUDDSUHVHUYDomRGRSRGHUDTXLVLWLYRGDPRHGD
,PSRUWDQWH DLQGD VDOLHQWDU TXH QD pSRFD HP TXH IRL FULDGD D 7DEHOD 3ULFH QR VpFXOR ;9,,, QmR H[LVWLDP
QHPPHVPRFDOFXODGRUDVVHQGRRVFiOFXORVUHDOL]DGRVSRULQVWUXPHQWRVUXGLPHQWDUHVTXHQmRSHUPLWLULDPR
FiOFXORH[SRQHQFLDOGRVMXURVFRPSRVWRV(VWDWiEXDGHIDWRUHVFKDPDGD7DEHOD3ULFHYHLRSRVVLELOLWDUTXH
RV FiOFXORV IRVVHP IHLWRV FRP VLPSOHV RSHUDo}HV PDWHPiWLFDV DGHTXDGDV DRV LQVWUXPHQWRV GLVSRQtYHLV j
pSRFD FDVR FRQWUiULR VHULDP QHFHVViULDV FDOFXODGRUDV FLHQWtILFDV TXH QmR H[LVWLDP jTXHOH WHPSR 3DUD
PHOKRU LOXVWUDU D GLILFXOGDGH GR KRPHP PpGLR GH VH HODERUDU FiOFXORV ILQDQFHLURV HP TXDQGR
FXUViYDPRV R SULPHLUR DQR GH (QJHQKDULD QD 8)0* VRPHQWH GRLV DOXQRV HP QRVVD FODVVH SRVVXtDP
FDOFXODGRUDVPDQXDLV7RGRVRVRXWURVDOXQRVVHXWLOL]DYDPGDUpJXDGHFiOFXORSDUDID]HUWRGRVRVFiOFXORV
GHVGHRVPDLVVLPSOHVDWpRVPDLVFRPSOH[RV1HVWDRFDVLmRMi KDYLDR FXUVR GHSURJUDPDomR)RUWUDQQD
(VFROD GH (QJHQKDULD PDV R FRPSXWDGRU HUD ~QLFR VLWXDGR QD 5HLWRULD GD 8)0* IXQFLRQDYD D FDUW}HV
SHUIXUDGRVHRFXSDYDSDUWHDSUHFLiYHOGDHQRUPHVDODRQGHVHORFDOL]DYD
&RPDHODERUDomRGD7DEHOD3ULFHGHIDWRUHVSDUDGLIHUHQWHVVLWXDo}HVGHWD[DVHGHSUD]RVSRVVLELOLWRXVH
DR OHLJR R DFHVVR j HYROXomR GH VXD RSHUDomR GH FUpGLWR RX DUUHQGDPHQWR PHUFDQWLO (P R 3URI
$EHODUGR GH /LPD 3XFFLQL SXEOLFRX XP OLYUR LQWLWXODGR ³7DEHOD 3ULFH ± ,PSUHVVD HP &RPSXWDGRU´ RQGH
DSUHVHQWRXIDWRUHVSDUDWD[DVGHMXURVYDULDQGRGHDDRDQRHSUD]RVGHILQDQFLDPHQWRGHXPD
YLQWHDQRV$WpHQWmRHDLQGDSRUDOJXPWHPSRFRQVXOWDYDVHQD7DEHOD3ULFHRVIDWRUHVQHFHVViULRVSDUDVH
ID]HU RV FiOFXORV GH ILQDQFLDPHQWRV RX DUUHQGDPHQWR PHUFDQWLO QHVWH VLVWHPD &RP D JUDQGH
GLVSRQLELOLGDGH D FXVWRV DFHVVtYHLV GH FDOFXODGRUDV ILQDQFHLUDV H FRPSXWDGRUHV SHVVRDLV GHL[RXVH GH
FRQVXOWDU RV UHIHULGRV IDWRUHV H SDVVRXVH D XVDU HVWHV HTXLSDPHQWRV RQGH VH HQWUD FRP RV SDUkPHWURV
QHFHVViULRVHVHREWpPLPHGLDWDPHQWHRVYDORUHVSURFXUDGRV
*LOEHUWR0HOR(QJHQKDULD-XUtGLFD&RS\ULJKW
5XD-XL]GH)RUDFRQM%HOR+RUL]RQWH0LQDV*HUDLV%UDVLO7HO
2XWURVVLVWHPDVGHDPRUWL]DomR
1R GHFRUUHU GHVWH WUDEDOKR QRV UHIHULUHPRV VHPSUH DR 6LVWHPD )UDQFrV GH $PRUWL]DomR RX 7DEHOD 3ULFH
TXH p XP VLVWHPD GH SUHVWDo}HV FRQVWDQWHV FRQYHQFLRQDQGRVH TXH FRP D RFRUUrQFLD GH SDJDPHQWRV H
GHGX]LQGRVHRVMXURVVREUHRVDOGRGHYHGRUDGLIHUHQoDHQWUHHVWHVHRYDORUIL[RGDSDUFHODpODQoDGRD
WtWXORGHDPRUWL]DomR+iHQWUHWDQWRRXWURVVLVWHPDVGHILQDQFLDPHQWRTXDLVVHMDP
6$&±6LVWHPDGH$PRUWL]Do}HV&RQVWDQWHV
6$0±6LVWHPDGH$PRUWL]Do}HV0LVWR0pGLDDULWPpWLFDGH3ULFH6$&
6$&5(±6LVWHPDGH$PRUWL]Do}HV&UHVFHQWHV
(VWHVVLVWHPDVDSHVDUGHGLVWLQWRVVmRWRGRVEDVHDGRVHPFDSLWDOL]DomRFRPSRVWDFRQILJXUDQGRWDPEpPR
DQDWRFLVPR FRPR RFRUUH FRP D 7DEHOD 3ULFH 3RU LVWR TXDQGR QRV UHIHULPRV j 7DEHOD 3ULFH QR GHFRUUHU
GHVWHWUDEDOKRHVWDPRVQRVUHIHULQGRDWRGRVHVWHVVLVWHPDVGHDPRUWL]DomR
&DSLWDOL]DomRVLPSOHVRXFRPSRVWD"
9iULDVDUJXPHQWDo}HVVmR FRORFDGDVFRQWUDDLQWHUSUHWDomRGHTXHD 7DEHOD3ULFHFRQWHPSOD FDSLWDOL]DomR
FRPSRVWDMXURVVREUHMXURVDQDWRFLVPR$ERUGDUHPRVDVHJXLUFDGDXPDGHVVDVPRWLYDo}HVFRPRLQWXLWR
GHDOFDQoDUPRVXPDYLVmRFODUDHGHILQLWLYDGDPDWpULDVREH[DPH
0HUFDGR[6LVWHPD-XUtGLFR
$UJXPHQWDVHTXHQmRpUD]RiYHOJXHUUHDUD7DEHOD3ULFHYLVWRTXHpXPVLVWHPDPXQGLDOPHQWHXWLOL]DGRH
TXHDXWLOL]DomRGH MXURV FRPSRVWRVp FRPXPQRPHUFDGRILQDQFHLURTXHVHULDXPDEVXUGRWHQWDUPXGDU
WRGR R FiOFXOR GH MXURV QR VLVWHPD ILQDQFHLUR SDUD MXURV VLPSOHV $OHJDVH DLQGD TXH VH RV MXURV QR
PHUFDGR ILQDQFHLUR SDVVDUHP D VHU VLPSOHV LVWR FHUWDPHQWH YDL FDXVDU UHIOH[R QR DXPHQWR GDV WD[DV GH
MXURVGHWDOIRUPDDSUHVHUYDUROXFUROtTXLGRGRVDJHQWHVILQDQFHLURV1HVWDOLQKDGHDERUGDJHPUHSXWDVH
FRPRPDLVLPSRUWDQWHRYXOWRGDWD[DGHMXURVDSOLFDGDHQmRVHVmRVLPSOHVRXFRPSRVWRV
3ULPHLUDPHQWH Ki TXH VH UHVVDOWDU TXH R PHUFDGR SRGH VLP LQIOXHQFLDU RV SURFHGLPHQWRV QDV RSHUDo}HV
ILQDQFHLUDV PDV VRPHQWH DWUDYpV GH /HL (QWHQGDVH SRUWDQWR TXH HQTXDQWR XPD /HL HVWLYHU HP YLJRU
PHVPRTXHFRQWUDULHWRGDDSUiWLFDGRPHUFDGRHRERPVHQVRHVWDOHLWHPTXHVHUFXPSULGDVRESHQDGH
QmRVHUSRVVtYHOPDQWHUDRUGHPMXUtGLFDQR3DtV$VOHLVTXHYHGDPRDQDWRFLVPRVmRR&yGLJR&RPHUFLDO
/HLGHDUWHD/HLGD8VXUD'HFUHWRDUWžRFDVLmRHPTXHDUHDOLGDGH
GR%UDVLOHUDFRPSOHWDPHQWHGLIHUHQWHGDDWXDOPDVDVOHLVFLWDGDVDLQGDFRQWLQXDPHPYLJRUHGHYHPVHU
FXPSULGDV 3DUD D PDQXWHQomR GR (VWDGR GH 'LUHLWR p SUHFLVR TXH DV UHJUDV VHMDP FODUDV H VHMDP
FXPSULGDV SRLV GR FRQWUiULR VH LQVWDODULD D DQDUTXLD 6H DV OHLV QmR IRUDP PXGDGDV R VLVWHPD ILQDQFHLUR
WHP TXH VH DGHTXDU D HODV PHVPR TXH FRP UHIOH[R QR DXPHQWR GDV WD[DV QRPLQDLV GH MXURV RV TXDLV
DOLiV VmR OLYUHPHQWH HVWLSXODGRV SHODV LQVWLWXLo}HV ILQDQFHLUDV ([DPLQDQGRVH QR VHQWLGR FRQWUiULR
SRGHUtDPRVFRQFOXLUTXHVHRVLVWHPDDGRWDGRIRVVHRGHMXURVVLPSOHVHGHSRLVDOHLPXGDVVHSDUDMXURV
FRPSRVWRVVHULDGHVHHVSHUDUTXHKRXYHVVHDUHVSHFWLYDUHGXomRQDVWD[DVQRPLQDLV,QVLVWLPRVPDLVXPD
YH] e QHFHVViULR TXH DV UHJUDV VHMDP FODUDV H UHVSHLWDGDV R TXH QmR VLJQLILFD TXH HODV QmR SRVVDP VHU
PXGDGDVDWUDYpVGHOHLVTXHRIDoDP
-XURVVREUHVDOGRGHYHGRUQmRLPSOLFDPHPMXURVVREUHMXURV
1HVWDOLQKDGHDERUGDJHPRVGHIHQVRUHVGDWHVHGHTXHQmRVHFRQWHPSODMXURVFRPSRVWRVQD7DEHOD3ULFH
DOHJDPTXHQHVWHVLVWHPDRVMXURVVmRODQoDGRVPrVDPrVVREUHRVDOGRGHYHGRUHTXHDGLIHUHQoDHQWUHR
SDJDPHQWRHRVMXURVpODQoDGDFRPRDPRUWL]DomRQmRRFRUUHQGRDLQFLGrQFLDGHMXURVVREUHMXURV
2UDRVMXURVVmRODQoDGRVDGpELWRPHQVDOQDSODQLOKDILQDQFHLUDGDRSHUDomRGHFUpGLWRDSHQDVDWUDYpVGH
FRQYHQomRXWLOL]DGDSHORFULDGRUGRVLVWHPD
&RQYHQFLRQRXVH TXH D FDGD PrV VmR FDOFXODGRV RV MXURV H Vy D GLIHUHQoD SRGH VHU ODQoDGD D WtWXOR GH
DPRUWL]DomR GR SULQFLSDO 1D OLQJXDJHP GD PDWHPiWLFD ILQDQFHLUD HQWUHWDQWR HVWD FRQYHQomR p
DEVROXWDPHQWHLUUHOHYDQWHSRLVGHQWRGRVSULQFtSLRVPDWHPiWLFRVVyID]VHQWLGRUDFLRFLQDUHPWHUPRVGHXP
YDORUSUHVHQWHTXHpREWLGRQXPDGDWD]HURHFXMRVSDJDPHQWRVVmRIHLWRVVXFHVVLYDPHQWHDWUDYpVGHYiULDV
SDUFHODVIXWXUDV$~QLFDIRUPDGHVHDIHULURVHIHLWRVILQDQFHLURVQDRSHUDomRGHFUpGLWRRXDUUHQGDPHQWR
PHUFDQWLO p WUD]HU WRGRV RV SDJDPHQWRV D YDORU SUHVHQWH XWLOL]DUVH R TXH VH FKDPD ³IOX[R GH FDL[D
GHVFRQWDGR´ &RPR SUHPLVVD GD PDWHPiWLFD ILQDQFHLUD Vy LQWHUHVVD TXH IRL WUDQVIHULGD XPD LPSRUWkQFLD
*LOEHUWR0HOR(QJHQKDULD-XUtGLFD&RS\ULJKW
5XD-XL]GH)RUDFRQM%HOR+RUL]RQWH0LQDV*HUDLV%UDVLO7HO
QXPD GDWD LQLFLDO H VmR IHLWRV YiULRV SDJDPHQWRV SDUD UHWRUQDU R FDSLWDO QmR LQWHUHVVDQGR VH D WtWXOR GH
MXURVRXGHDPRUWL]DomR&RPRRVMXURVVmRIUXWRVGRFDSLWDOVmRWUDWDGRVQDPHVPDXQLGDGHGRFDSLWDOH
QmRID]DPHQRUGLIHUHQoDGHFRPRVHFRQYHQFLRQRXODQoiORVFRQWDELOPHQWH
+iTXHVHIULVDUTXHHPWRGDVDVRSHUDo}HVGHFUpGLWRHDUUHQGDPHQWRPHUFDQWLOGHSUD]RGHSDJDPHQWR
VXFHVVLYR GH GRLV PHVHV RX PDLV HP KDYHQGR ODQoDPHQWR PHQVDO GH MXURV RFRUUH D LQFLGrQFLD GH MXURV
VREUH MXURV RX VHMD R VLPSOHV IDWR GH TXH RV MXURV LQFLGHP VREUH R VDOGR GHYHGRU QmR VLJQLILFD TXH VmR
MXURVVLPSOHV
e PXLWR LPSRUWDQWH UHVVDOWDU RXWURVVLP TXH D DSOLFDomR GD IyUPXOD GD 7DEHOD 3ULFH SDUD R FiOFXOR GD
SUHVWDomRMiLQVHUHLPHGLDWDPHQWHHPVLRVHIHLWRVGDFDSLWDOL]DomRFRPSRVWDQDRSHUDomR$WHQWDWLYDGHVH
GHVORFDUDGLVFXVVmRSDUDRVLVWHPDGHDPRUWL]DomRGHFRPRVmRODQoDGRVMXURVHDPRUWL]DomRGRSULQFLSDO
p YLD GH FRQVHTrQFLD WRWDOPHQWH LQyFXD SRLV R HIHLWR GD FDSLWDOL]DomR FRPSRVWD Mi VH ID] SUHVHQWH
TXDQGRVHXWLOL]DDIyUPXODDEDL[RHVHFDOFXODRYDORUGDSUHVWDomR
5 3[>LLQ@·>LQ±@
2QGH 5 3UHVWDomR
3 3ULQFLSDO
L 7D[D
Q 1~PHURGHSDUFHODV
$ DOHJDomR GH DOJXQV GH TXH D GLYLVmR GH XPD H[SUHVVmR H[SRQHQFLDO SRU RXWUD H[SUHVVmR H[SRQHQFLDO
VXSULPLULDRVHIHLWRVGDFDSLWDOL]DomRFRPSRVWDpXPDDEHUUDomRPDWHPiWLFDTXHQHPPHUHFHFRPHQWiULRV
$UJXPHQWDVH WDPEpP TXH WRPDQGRVH DSHQDV XPD SDUFHOD GH SDJDPHQWR QR VLVWHPD 3ULFH FRQVWDWDVH
TXH RV MXURV VmR VLPSOHV $ DILUPDomR p GHVWLWXtGD GH IXQGDPHQWR SRLV FRPR VH WUDWD GH XP VLVWHPD GH
ILQDQFLDPHQWR QmR VH FRQFHEH PDWHPDWLFDPHQWH TXH VHMD FRPSDUDGR DSHQDV XP PrV Ki TXH VH
FRQVLGHUDUWRGRRVLVWHPDHPVHXFRQWH[WRJHUDOHQmRHPSDUWHV
$UJXPHQWDo}HVVRERSRQWRGHYLVWDFRQWiELO
2XWUDVPRWLYDo}HVSDUDDWDFDUDKLSyWHVHGRVMXURVFRPSRVWRVQD7DEHOD3ULFHDERUGDPD7HRULD*HUDOGR
&RQKHFLPHQWR &RQWiELO H D FRUUHWD LQWHUSUHWDomR GD RULJHP GR IHQ{PHQR SDWULPRQLDO 1HVWD OLQKD GH
WUDEDOKRFRQVLGHUDVHFDGDSDUFHODGHSDJDPHQWRLVRODGDPHQWHVHPDDQiOLVHGRVLVWHPDHPVHXFRQWH[WR
JHUDORTXHQmRpSHUPLWLGRFRQIRUPHH[SXVHPRVQRILQDOGRLWHPDQWHULRU2EYLDPHQWHTXHDVHPSUHVDV
REULJDGDVDHODERUDUGHPRQVWUDo}HVFRQWiEHLVWrPTXHDSURSULDUVHSDUDGDPHQWHRVYDORUHVDWtWXORGHMXURV
HDWtWXORGHDPRUWL]DomRGRSULQFLSDO
$LQWHQomRGROHJLVODGRUH DIXQomRMXULVGLFLRQDOGR-XGLFLiULR SRUpPpDDQiOLVHHPWHUPRVILQDQFHLURV H
QmR FRQWiEHLV DEUDQJHQGR WDQWR HPSUHVDV FRPR SHVVRDV ItVLFDV &RPR Mi DILUPDPRV OLQKDV DWUiV D
PDWHPiWLFD ILQDQFHLUD DQDOLVD WRGDV DV RSHUDo}HV FRPR XP IOX[R GH FDL[D GHVFRQWDGR RQGH VH WUDQVIHUH
XPDTXDQWLDLQLFLDOPHQWHDTXDOUHWRUQDDWUDYpVGHYiULRVSDJDPHQWRV1mRLPSRUWDSDUDRVHIHLWRVTXHD
/HL LQWHQWD SUHYHQLU R YDORU LQGLYLGXDO GRV MXURV H GD DPRUWL]DomR PDV VLP RV HIHWLYRV SDJDPHQWRV
UHDOL]DGRVTXHOHYDGRVDYDORUSUHVHQWHVHUmRFRQIURQWDGRVFRPRSULQFLSDODIHULQGRRVGHPDLVSDUkPHWURV
GDRSHUDomR
-XURVVREUHMXURVHFDSLWDOL]DomRFRPSRVWDQmRVHFRQIXQGHP
+i DOHJDo}HV GH TXH RV MXURV VREUH MXURV QmR VmR D PHVPD FRLVD TXH FDSLWDOL]DomR FRPSRVWD SRLV VH RV
MXURVIRUDPYHQFLGRVHQmRSDJRVLQFRUSRUDPVHDRFDSLWDOGHVDSDUHFHQGRDILJXUDGRVMXURVVREUHMXURV
(VWH DUJXPHQWR SURFHGH QRV FDVRV HP TXH R YHQFLPHQWR GRV MXURV RFRUUH HP SHUtRGRV PHQRUHV TXH R
SHUtRGRGDRSHUDomRGHFUpGLWR0DVRVLVWHPD3ULFHWHPDDERUGDJHPPXLWRPDLVDPSODHGLIHUHQFLDGDe
XPVLVWHPDTXHWHPSRUREMHWLYRGHWHUPLQDUSUHVWDo}HVLJXDLVHVXFHVVLYDVSDUDUHWRUQDUXPFDSLWDOFHGLGR
QmR VH IDODQGR GH YHQFLPHQWR GH MXURV GXUDQWH R ILQDQFLDPHQWR PDV DSHQDV GD IRUPD GH DSURSULiORV
FRQWDELOPHQWH
+iDFDSLWDOL]DomRFRPSRVWDPDVQmRMXURVVREUHMXURVRXDQDWRFLVPR
(VWDDUJXPHQWDomRWDPEpPIDOHFHGHIXQGDPHQWRWHQGRHPYLVWDTXHDPDWHPiWLFDILQDQFHLUDDWUDYpVGH
FRQFHLWRV H IyUPXODV Vy DGPLWH GXDV IRUPDV GH DSOLFDomR GH MXURV VLPSOHV RX FRPSRVWRV 6H QmR VmR
VLPSOHVVySRGHPVHUFRPSRVWRV3HODVLPSOHVXWLOL]DomRGDIyUPXODMiVHHPEXWHPRVMXURVFRPSRVWRVQDV
*LOEHUWR0HOR(QJHQKDULD-XUtGLFD&RS\ULJKW
5XD-XL]GH)RUDFRQM%HOR+RUL]RQWH0LQDV*HUDLV%UDVLO7HO
SUHVWDo}HV D VHUHP SDJDV 0DWHPDWLFDPHQWH Vy VH FRQVHJXH UHWRUQDU R PHVPR FDSLWDO VH DV SUHVWDo}HV
IRUHPUHWRUQDGDVDYDORUSUHVHQWHSHODIyUPXODGHMXURVFRPSRVWRV
$GHPDLVHQWHQGHPRVTXHDLQWHQomRGROHJLVODGRUIRLGHIL[DURFULWpULRGHMXURVVLPSOHVYHGDQGRTXDOTXHU
RXWUDIRUPDPDLVRQHURVD(PSHVTXLVDELEOLRJUiILFDTXHUHDOL]DPRVVyHQFRQWUDPRVWH[WRVTXHLGHQWLILFDP
HQWUHVLHQmRGLIHUHQFLDPRVHIHLWRVGHFDSLWDOL]DomRFRPSRVWDMXURVVREUHMXURVHDQDWRFLVPR
&RQFOXVmR
(VJRWDPVHSRUWDQWRWRGDVDVWHQWDWLYDVGHFRQWHVWDURyEYLR$7DEHOD3ULFHFRQWHPSODMXURVFRPSRVWRV
RXVHMDMXURVVREUHMXURVFRQILJXUDQGRRDQDWRFLVPR$PHOKRUIRUPDGHVHWHVWDUHVWDDVVHUWLYDpID]HUR
IOX[RGHFDL[DGHVFRQWDGRUHWRUQDQGRDYDORUSUHVHQWHWRGDVDVSDUFHODVSHODIyUPXODGHMXURVFRPSRVWRV
FKHJDQGRVH DVVLP DR YDORU GD RSHUDomR GH FUpGLWR 6H DR FRQWUiULR IRU XWLOL]DGD D IyUPXOD GH MXURV
VLPSOHVSDUDUHWRUQDUDVSUHVWDo}HVDYDORUSUHVHQWHFKHJDUVHiDXPYDORUTXHQmRFRLQFLGHFRPRYDORU
GRSULQFLSDOGDRSHUDomR
2 DXWRU p DGYRJDGR HQJHQKHLUR SyVJUDGXDGR
HP FRQWDELOLGDGH H HVSHFLDOLVWD HP DWXDOL]DomR
PRQHWiULDGHGpELWRVMXGLFLDLVHH[WUDMXGLFLDLV
*LOEHUWR0HOR(QJHQKDULD-XUtGLFD&RS\ULJKW
5XD-XL]GH)RUDFRQM%HOR+RUL]RQWH0LQDV*HUDLV%UDVLO7HO