,50$ 5HSUHVHQWDo}HVH,QIRUPiWLFD/GD
)RUP6FDSH«26LVWHPD(PSUHVDULDOGH*HVWmRGH'RFXPHQWRV
)RUPXOiULRV(OHFWUyQLFRVSDUD:LQGRZV17
'LVWULEXLGRU2ILFLDO)RUP6FDSH
,50$ 5HSUHVHQWDo}HVH,QIRUPiWLFD/GD
$YHQLGDGD5HS~EOLFD± 6DOD
9LOD1RYDGH*DLD
3RUWXJDO
7HOHI
)D[ :HEVLWH ZZZLUPDLQIFRP
(PDLO PDLO#LUPDLQIFRP
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&RS\ULJKW$)3+ROGLQJV/WG)RUP6FDSHpXPDPDUFDUHJLVWDGDGH$)3+ROGLQJV/WG
7RGDVDVRXWUDVPDUFDVVmRUHFRQKHFLGDV(2(
,50$ 5HSUHVHQWDo}HVH,QIRUPiWLFD/GD
)RUP6FDSH«26LVWHPD(PSUHVDULDOGH*HVWmRGH'RFXPHQWRV
³)RUP6FDSHGHVDILDWRGDVDVVROXo}HVH[LVWHQWHVDVHUDVROXomRGHJHVWmRGH
LPSUHVVmRPDLVUiSLGDPDLVIiFLOHPDLVFDSDFLWDGDTXHH[LVWH´
$)3IRLFRQVWLWXtGDSDUDSURSRUFLRQDUDVVHVVRULDHVSHFLDOL]DGDQDViUHDVGHFRQHFWLYLGDGHGHUHGHVH
JHVWmRGDLPSUHVVmR5HFRQKHFHQGRTXHDJHVWmRGRVGRFXPHQWRVpXPHOHPHQWRYLWDOSDUDRr[LWR
GD HPSUHVD PRGHUQD $)3 7HFKQRORJ\ IRL SLRQHLUD QD HYROXomR GD ,PSUHVVmR GH IRUPXOiULRV
HOHFWUyQLFRV QD PHVD GH WUDEDOKR +RMH RV QRVVRV SURGXWRV YHQGHPVH HP PDLV GH SDtVHV H D
QRVVD FDUWHLUD GH FOLHQWHV HP WRGR R PXQGR VHJXH FUHVFHQGR PDLV TXH D PHGLD GR VHF WRU 2 QRVVR
r[LWR GHYHVH D XP FRPSURPLVVR IXQGDPHQWDO FRP D H[FHOrQFLD H D HVWUHLWD FRODERUDomR FRP
GLVWULEXLGRUHVHVSHFLDOL]DGRV
&RP D FRQFRUUrQFLD D DXPHQWDU FDGD YH] PDLV YHULILFDVH TXH XP Q~PHUR FDGD YH] PDLRU GH
RUJDQL]Do}HV DSUHFLD DV YDQWDJHQV HPSUHVDULDLV GH DWULEXLU j *HVWmR GH 'RFXPHQWRV R
UHFRQKHFLPHQWR HVWUDWpJLFR TXH PHUHFH ( TXDQGR HVWDV RUJDQL]Do}HV SURFXUDP PHOKRUDU R
UHQGLPHQWR FHQWUDPVH FDGD YH] PDLV QDV iUHDV QDV TXDLV LQFLGH D *HVWmR GH 'RFXPHQWRV PHOKRU
VHUYLoR DR FOLHQWH PDLRU SURGXWLYLGDGH RSHUDo}HV HPSUHVDULDLV PDLV HILFD]HV SHUVRQDOL]DomR GDV
FRPXQLFDo}HVFRPRFOLHQWHSRWHQFLDomRGDLPDJHPS~EOLFDHPDLRUVDWLVIDomRGRVHPSUHJDGRV
&RPRVQRVVRVSURGXWRV3U,QWHU)DFH H)RUPV0DQDJHU FULDPRVXPDVROXomR~QLFDHFRPSOHWD TXH
FRPSOHPHQWDRSURFHVVDPHQWRGHIRUPXOiULRVHOHFWUyQLFRVFRPELQDQGR KDUGZDUH HVRIWZDUH +RMH
H[LVWHPPDLVGHXQLGDGHVHPWRGRRPXQGRSURGX]LQGRPLOK}HVGHSiJLQDVWRGRVRVGLDV 2
r[LWRREWLGRFRPHVWHVSURGXWRVOHYRXQRVDGHVHQYROYHU )RUP6FDSHRQRVVRSURGXWRGH VRIWZDUH
GH*HVWmRGH'RFXPHQWRVDFODPDGRSHODFUtWLFD
2 FRQFHLWR TXH HVWi EDVHDGR QR )RUP6FDSH p VLPSOHV $FHLWD GDGRV GH GRFXPHQWRV GH TXDOTXHU
RULJHPUHIRUPDWDRVDSOLFDOKHVOyJLFDFRQGLFLRQDOHHQYLDRVSDUDTXDOTXHUGHVWLQR &RPFHUWH]DR
FRQFHLWR SRGH VHU VLPSOHV PDV D FULDWLYLGDGH WpFQLFD RV FRQKHFLPHQWRV H R NQRZKRZ QHFHVViULRV
SDUDHQFRQWUDUXPDVROXomRUHDOQmRRVmR
)RUP6FDSH FRQWLQXD FRP D WUDGLomR $)3 GH LQRYDomR WpFQLFD 3RU IDYRU FRQWLQXH OHQGR H LUi
GHVFREULU FRPR )RUP6FDSH SRGH EHQHILFLDU D VXD RUJDQL]DomR JHULQGR D LPSUHVVmR GLVWULEXtGD
SURGX]LQGRGRFXPHQWRVFRPYDORUDFUHVFHQWDGRHUHGX]LQGRRVFXVWRV
±
&RS\ULJKW$)3+ROGLQJV/WG)RUP6FDSHpXPDPDUFDUHJLVWDGDGH$)3+ROGLQJV/WG
7RGDVDVRXWUDVPDUFDVVmRUHFRQKHFLGDV(2(
,50$ 5HSUHVHQWDo}HVH,QIRUPiWLFD/GD
)RUP6FDSH«26LVWHPD(PSUHVDULDOGH*HVWmRGH'RFXPHQWRV
32548Ç$*(672'('2&80(1726"
2V IRUPXOiULRV UHSUHVHQWDP GH WRGD D GRFXPHQWDomR GD HPSUHVD 2V IRUPXOiULRV H VHX
SURFHVVDPHQWR VmR SRUWDQWR LPSUHVFLQGtYHLV SDUD TXDOTXHU RUJDQL]DomR PDV HVWHV UHSUHVHQWDP
WDPEpPXPDJUDQGHSDUWHGRVJDVWRV
$LQYHVWLJDomRGHPRQVWUDTXHGDVUHFHLWDVGHXPDRUJDQL]DomRVmRJDVWRVQDFULDomRJHVWmR
HGLVWULEXLomRGHGRFXPHQWRV 2 SUySULRVHFWRUGRVIRUPXOiULRVFDOFXODTXHGHVWDTXDQWLGDGHp
GHVSHUGLoDGD $GLFLRQDQGRDHVWHYDORURFXVWRHOHYDGRGHSURFHVVDUIRUPXOiULRVWDQWRLQWHUQDFRPR
H[WHUQDPHQWH TXH VH FDOFXOD HP TXDVH YH]HV R FXVWR GR IRUPXOiULR SUpLPSUHVVR ± H DV
SRWHQFLDLVSRXSDQoDVMXVWLILFDPGHVREUDRWHPSRHRHVIRUoRTXHVHGHGLFDPDPHOKRUDUDRSHUDomR
3RULVVRD *HVWmRGH'RFXPHQWRVpUHFRQKHFLGDFDGDYH]PDLVFRPRXPDFRPSRQHQWHHVVHQFLDOGH
XPDHVWUDWpJLDGDV7,
*HVWmRGH,PSUHVVmR± HPSDSHORXHOHFWURQLFDPHQWH
0XLWDVRUJDQL]Do}HVDRSURFXUDUHPUHGX]LURVFXVWRVHPHOKRUDURUHQGLPHQWRGHVFREUHPTXHXPD
HVWUDWpJLD GH LPSUHVVmR FXLGDGRVDPHQWH SODQLILFDGD SRGH SURSRUFLRQDU VXEVWDQFLDLV YDQWDJHQV QD
FRQWDGHUHVXOWDGRV $ SUHPLVVDIXQGDPHQWDOGDJHVWmRGDLPSUHVVmRpFRQWURODUDGLVWULEXLomRHD
HILFiFLDGRVGRFXPHQWRVLPSUHVVRVVHMDHPSDSHORXHOHFWURQLFDPHQWH $VYDQWDJHQVLPHGLDWDVVmR
HFRQRPLDV VLJQLILFDWLYDV HP SDSHO SUpLPSUHVVR H JDVWRV GH DUPD]HQDPHQWR 0DV VmR PXLWR PDLV
VLJQLILFDWLYRVRV EHQHItFLRVDORQJRSUD]R± WDLVFRPRXPDSURGXWLYLGDGHHXPDHILFiFLDDPSODPHQWH
PHOKRUDGDHXPDXPHQWRGHYHQGDVTXHWHPDVXDRULJHPQRPDUNHWLQJSHUVRQDOL]DGRHXPPHOKRU
VHUYLoRDRFOLHQWH
)RUP6FDSH± XPDQRYDVROXomR
1RSDVVDGRDIDOWDGHVWDQGDUL]DomRHQWUHVLVWHPDVLQIRUPiWLFRVLPSHGLXXPDLPSOHPHQWDomRPDLV
UiSLGDGHVWHWLSRGHWHFQRORJLD )RUP6FDSHUHSUHVHQWDXPDQRYDJHUDomRGDWHFQRORJLDGHJHVWmRGD
,PSUHVVmR GD HPSUHVD DR SURSRUFLRQDU XPD VROXomR WRWDOPHQWH LQWHJUDGD e XPD VROXomR SDUD D
FULDomR JHVWmR H LPSUHVVmR GH GRFXPHQWRV )RUP6FDSH WRPD XP IOX[R GH GDGRV GH LPSUHVVmR GH
VLVWHPDVPDLQIUDPH KHUGDGRVHRXWURVVLVWHPDVKRVWSURFHVVDRVHGLVWULEXLR2XWSXW TXDQGRHRQGH
IDoDIDOWDVHPDOWHUDUDVVXDVDSOLFDo}HV
3DUDDOpPGDLPSUHVVmR
&RP D VXD DUTXLWHFWXUD GHOLEHUDGDPHQWH PRGXODU )RUP6FDSH WHP XP GHVHQKR LGHDO SDUD IXWXUD
H[SDQVmRSDUDGLVSRVLWLYRVGH2XWSXW FRPRDUTXLYR&2/'YLVXDOL]DomRID[H(',
±
&RS\ULJKW$)3+ROGLQJV/WG)RUP6FDSHpXPDPDUFDUHJLVWDGDGH$)3+ROGLQJV/WG
7RGDVDVRXWUDVPDUFDVVmRUHFRQKHFLGDV(2(
,50$ 5HSUHVHQWDo}HVH,QIRUPiWLFD/GD
)RUP6FDSH«26LVWHPD(PSUHVDULDOGH*HVWmRGH'RFXPHQWRV
26%(1()Ë&,26(035(6$5,$,6'2)2506&$3(
2SHUDo}HVHPSUHVDULDLVPDLVHILFLHQWHV
$ HQWUHJD H UHFXSHUDomR LPHGLDWDV GH GRFXPHQWRV HP WRGD D HPSUHVD SURSRUFLRQD XPD PDLRU
HILFiFLD HPSUHVDULDO 2V GRFXPHQWRV SRGHP VHU LPSULPLGRV HQYLDGRV SRU ID[ YLVXDOL]DGRV RX
DUTXLYDGRVDWUDYpVGDUHGHSHUPLWLQGRSRUWDQWRDRXWLOL]DGRUHOHJHURPHLRPDLVDSURSULDGRVHJXQGR
RVUHTXLVLWRVGDDSOLFDomR
e SRVVtYHO XWLOL]DU GHVHQKRV VWDQGDUG GH GRFXPHQWRV HP WRGD D RUJDQL]DomR DVVHJXUDQGR D
UDFLRQDOL]DomRGRVSURFHGLPHQWRV$VDOWHUDo}HVDRVIRUPXOiULRVH[LVWHQWHVHDLQWURGXomRGHQRYRV
GRFXPHQWRVSRGHPVHULPSOHPHQWDGDVJOREDOPHQWHHILFDPDXWRPDWLFDPHQWHjGLVSRVLomRGHWRGRV
RVXWLOL]DGRUHV
$UHYROXFLRQiULDIHUUDPHQWDGHGHVHQKR:<6,:<*RTXHVHYrpRTXHVHREWpPGH)RUP6FDSH
SHUPLWH DRV XWLOL]DGRUHV FRQVWUXLU WHVWDU H GHSXUDU DSOLFDo}HV VRILVWLFDGDV GH XPD PDQHLUD
³DVVRPEURVDPHQWH´ VLPSOHV 3RUWDQWR R WHPSR GH GHVHQYROYLPHQWR GDV DSOLFDo}HV LQFOXLQGR
DSOLFDo}HVDOWDPHQWHFRPSOH[DVVmRUHGX]LGRVGHVHPDQDVDDOJXPDVKRUDVHDLPSOHPHQWDomRSRGH
VHU HIHFWXDGDUDSLGDPHQWH
0DLRUSURGXWLYLGDGH
(VWD DFHOHUDomR GRV SURFHGLPHQWRV HPSUHVDULDLV SHUPLWH DXPHQWRV LPSRUWDQWHV GH SURGXWLYLGDGH
XPD YH] TXH D LQIRUPDomR p HQWUHJXH DOL RQGH VH QHFHVVLWD UHGX]LQGR DVVLP R WHPSR TXH RV
IXQFLRQiULRV VH GHGLFDP D SURFXUDU D LQIRUPDomR 2V VLVWHPDV EXURFUiWLFRV TXH ID]HP XP XVR
LQWHQVLYRGRSDSHOSRGHPVHUVXEVWLWXtGRVSRUVLVWHPDVHOHFWUyQLFRVUiSLGRVHIOH[tYHLV
0DUNHWLQJGHUHODo}HV
2GHVHQYROYLPHQWRGHGRFXPHQWRVGHFOLHQWHVFRPYDQWDJHQVFRPSHWLWLYDVUHVX PHVHDFRQYHUWHURV
IRUPXOiULRV GD HPSUHVD HP DFWLYDV IHUUDPHQWDV GH PDUNHWLQJ &RP )RUP6FDSH p SRVVtYHO
LPSOHPHQWDUIDFLOPHQWHLQLFLDWLYDVGHPDUNHWLQJ
XPDDXPD
SDUDDXPHQWDUDOHDOGDGHGRFOLHQWHH
SURPRYHU PDLV YHQGDV $V FRPXQLFDo}HV FRP RV FOLHQWHV SRGHP WRPDU XP FDUiFWHU LQGLYLGXDO
UHDOL]DQGRRIHUWDVHVSHFLDLVSHUVRQDOL]DGDVDOpPGDLQIRUPDomRSRQWXDOVREUHSURGXWRVHVHUYLoRV
6HUYLoRDR&OLHQWHH5HODo}HV3~EOLFDV
2V QRYRV GRFXPHQWRV GR FOLHQWH IiFHLV GH XVDU DMXGDP FOLHQWHV H HPSUHJDGRV D HQFRQWUDU FRP
IDFLOLGDGH GHWDOKHV LPSRUWDQWHV 3RUWDQWR RV DVVXQWRV UHODFLRQDGRV FRP RV FOLHQWHV VmR UHVROYLGRV
FRP UDSLGH] H FRP r[LWR 2 QRYR GHVHQKR GDV FRPXQLFDo}HV FRP RV FOLHQWHV SRGH JHUDU QRYRV
QHJyFLRVDRSURMHFWDUXPDIRUWHLPDJHPHUHFRQKHFLPHQWRGHPDUFD
±
&RS\ULJKW$)3+ROGLQJV/WG)RUP6FDSHpXPDPDUFDUHJLVWDGDGH$)3+ROGLQJV/WG
7RGDVDVRXWUDVPDUFDVVmRUHFRQKHFLGDV(2(
,50$ 5HSUHVHQWDo}HVH,QIRUPiWLFD/GD
)RUP6FDSH«26LVWHPD(PSUHVDULDOGH*HVWmRGH'RFXPHQWRV
0DLRUVDWLVIDomRGRVHPSUHJDGRV
2V HPSUHJDGRV HP WRGDV DV iUHDV EHQHILFLDP GH PDLRU HILFiFLD GD GLVWULEXLomR H DFHVVR j
LQIRUPDomR (P SDUWLFXODU D PRUDO GR SHVVRDO TXH WUDWD GLUHFWDPHQWH FRP RV FOLHQWHV HOHYD VH
HQRUPHPHQWHTXDQGRVmR FDSD]HVGHUHVROYHURVDVVXQWRVGRVFOLHQWHVGHIRUPDUiSLGDHVDWLVIDWyULD
0HQRUHVFXVWRV
&RQVHJXHPVHSRXSDQoDVLPHGLDWDVDRVXEVWLWXLURSDSHOFRQWLQXRSUpLPSUHVVRSRUIROKDVVROWDV$
'HVWD IRUPD UHGX]HPVH RV GHVSHUGtFLRV SRU XVR LQDGHTXDGR H REVROHWRV GLPLQXHP RV FXVWRV
DGPLQLVWUDWLYRVHGHDUPD]HQDPHQWRDVVRFLDGRVHDEXURFUDFLDpUHGX]LGDDRPtQLPR
$SURYHLWDURLQYHVWLPHQWR
$OpPGDVHFRQRPLDVREWLGDVHPPDWHULDLVHPmRGHREUD)RUP6FDSHDSURYHLWDRVLQYHVWLPHQWRVMi
H[LVWHQWHV DR XWLOL]DU D LQIUDHVWUXWXUD ³JUDWXLWD´ GH HVWDo}HV GH WUDEDOKR LPSUHVVRUDV H /$1
3URSRUFLRQDXPDSRQWHYHUViWLOHQWUHDSOLFDo}HVQRYDVHKHUGDGDVHVHXVGHVWLQRVGHVDtGD8PDGDV
PDLRUHV YDQWDJHQV p D VXD FDSDFLGDGH GH XWLOL]DU RV GDGRV KHUGDGRV VHP UHSURJUDPD U RX DOWHUDU D
DSOLFDomRRULJLQDO
,QILQLWDPHQWH ³HVFDORQiYHO´ R VLVWHPD SRGH VHU LPSOHPHQWDGR SDVVR D SDVVR $ VXD IOH[LELOLGDGH
LQHUHQWHDVVHJXUDTXHRLQYHVWLPHQWRQR)RUP6FDSHILFDSURWHJLGRDORQJRSUD]R
±
&RS\ULJKW$)3+ROGLQJV/WG)RUP6FDSHpXPDPDUFDUHJLVWDGDGH$)3+ROGLQJV/WG
7RGDVDVRXWUDVPDUFDVVmRUHFRQKHFLGDV(2(
,50$ 5HSUHVHQWDo}HVH,QIRUPiWLFD/GD
)RUP6FDSH«26LVWHPD(PSUHVDULDOGH*HVWmRGH'RFXPHQWRV
$ 3217( (175( 26 )2508/È5,26 (/(&75Ï1,&26 ( 2 )/8;2 '(
75$%$/+2
)RUP6FDSH H[HFXWDGR QXP 6HUYLGRU :LQGRZV 17 p XP QRYR WLSR GH DSOLFDomR FOLHQWHVHUYLGRU
'HVHQKDGR FRPR VLVWHPD GH )OX[R GH 7UDEDOKR FHQWUDGR QD ,PSUHVVmR ID] GH SRQWH HQWUH
IRUPXOiULRV HOHFWUyQLFRV QDWLYRV H SURGXWRV GH IOX[R GH WUDEDOKR )D] D JHVWmR GH WRGRV RV
IRUPXOiULRVHUHFXUVRVGHIRUPXOiULRVGDHPSUHVDLQFOXLQGRDVXDGLVWULEXLomRSDUD(VFULWyULRVORFDLV
HUHPRWRV
6LVWHPDVKHUGDGRV
)RUP6FDSH DFWXD FRPR XPD SRQWH YHUViWLO DR WUDEDOKDU WDQWR FRP DSOLFDo}HV KHU GDGDV FRPR FRP
DSOLFDo}HVQRYDV ([HFXWDGRQXP6HUYLGRU:LQGRZV 17)RUP6FDSHDFHLWDTXDOTXHUIOX[RGHGDGRV
$6&,,RULXQGRVGHPDLQIUDPHV ,%0HRXWUDVGHVLVWHPDV81,;$6H17 1mRLQWHUIHUHFRPRV
SURJUDPDV RULJLQDLV QHP DIHFWD D FDSDFLGDGH GH SURFHVVDPHQWR GR VLVWHPD FHQWUDO Mi TXH WRGD D
DFWLYLGDGHGHDSOLFDo}HVGRFXPHQWDLVpFRQWURODGDDWUDYpVGRVHUYLGRU17
22XWSXWSRGHVHUGLULJLGRSDUDTXDOTXHUGLVSRVLWLYRTXHHVWHMDHPDPELHQWH:LQGRZV
'(9(/23(5
2 0yGXOR GH 'HVHQYROYLPHQWR p D XQLGDGH ³PHVWUH´ TXH WUDEDOKD FRP DSOLFDo}HV GH IRUPXOiULRV
HOHFWUyQLFRVQDVHVWDo}HVGHWUDEDOKRGHVLJQDGDV (VWH0yGXORUHDOL]DDJHVWmR GDFDSWXUDGHGDGRV
YLYRV SURSRUFLRQD IHUUDPHQWDV GH GHVHQKR SDUD D FULDomR RX LPSRUWDomR GH IRUPXOiULRV H UHDOL]D
H[WHQVRV SURFHVVRV GH GHFLVmR SDUD FRQVWUXLU FRPSOH[DV DSOLFDo}HV GH IRUPXOiULRV VHP DIHFWDU RV
SURJUDPDV RULJLQDLV $ XQLGDGH GH 'HVHQYROYLPHQWR SRGH UHVLGLU HP TXDOTXHU OXJDU GD UHGH H
FDUUHJD DV DSOLFDo}HV HP 6HUYLGRUHV 17 QRPHDGRV QRUPDOPHQWH YLD 7&3,3 RX R SURW RFROR PDLV
DSURSULDGR GH DFRUGR FRP D LQVWDODomR 1mR Ki OLPLWH GH Q~PHUR GH 6HUYLGRUHV )RUP6FDSH TXH
SRGHPVHUVXSRUWDGRVHDLQIRUPDomRYDULiYHOVREUH³VLWHVSRGHVHUPDQWLGDDXWRPDWLFDPHQWH
6(59(5
20yGXOR6HUYLGRU pRSURGXWRGDDSOLFDomRFRQVWUXtGD QR0yGXORGH'HVHQYROYLPHQWR 5HVLGHQR
6HUYLGRU17GHVLJQDGRH³YLJLD´DVILODVGHLPSUHVVmRGH :LQGRZV SDUDGHWHFWDUHYHQWRVGHGDGRV
TXH QHFHVVLWHP D VXD LQWHUYHQomR e WRWDOPHQWH WUDQVSDUHQWH SDUD R 6HUYLGRU H QmR LQWHUIHULUi FRP
RXWUDV ILODV GH LPSUHVVmR &DGD 6HUYLGRU )RUP6FDSH SRGH WHU DV VXDV SUySULDV YDULiYHLV ~QLFDV
LQFOXVLYHVHSDUWLOKDPRVPHVPRVIRUPXOiULRVHDSOLFDo}HVFRPRXWURV6HUYLGRUHV)RUP6FDSH
2 0yGXOR 6HUYLGRU SURFHVVD RV GDGRV FDSWXUDGRV H SHUPLWH UHPDSHU DOWHUDU IRQWHV H ORJRWL SRV
VHOHFFLRQDU HOHPHQWRV VREUHSRVWRV LPSUHVVRUDV H SDSHO DQWHV GH WUDQVPLWLU RV GDGRV UHIRUPDWDGRV
4XDOTXHU GLVSRVLWLYR GH 2XWSXW SRGH VHU VHOHFFLRQDGR LQFOXLQGR LPSUHVVRUD ID[ RX VLVWHPDV GH
DUTXLYR
±
&RS\ULJKW$)3+ROGLQJV/WG)RUP6FDSHpXPDPDUFDUHJLVWDGDGH$)3+ROGLQJV/WG
7RGDVDVRXWUDVPDUFDVVmRUHFRQKHFLGDV(2(
,50$ 5HSUHVHQWDo}HVH,QIRUPiWLFD/GD
)RUP6FDSH«26LVWHPD(PSUHVDULDOGH*HVWmRGH'RFXPHQWRV
&RPRDOWHUQDWLYDDR0yGXORGH$UTXLYR)RUP6FDSHR6HUYLGRUSURSRUFLRQDXPDVLPSOHVIXQomRGD
UHLPSUHVVmRDRDUPD]HQDUGRFXPHQWRVGXUDQWHXPSHUtRGRGHDWpVHWHGLDV8PDYH]DUPD]HQDGRV
RXDUTXLYDGRVpSRVVtYHODFHGHUDRVGRFXPHQWRVXVDQGRR0yGXOR9LVXDOLVDGRU)RUP6FDSH
)XQFLRQDSURFXUDQGRSiJLQDVHPPLQLDWXUDGHWUDEDOKRVGHLPSUHVVmRHVSHFtILFRVRXSURFXUDQGRR
FRQWH~GRGRGRFXPHQWRUHTXHULGR22XWSXWpXPDUpSOLFDH[DFWDGRGRFXPHQWRRULJLQDOLPSUHVVR
±
&RS\ULJKW$)3+ROGLQJV/WG)RUP6FDSHpXPDPDUFDUHJLVWDGDGH$)3+ROGLQJV/WG
7RGDVDVRXWUDVPDUFDVVmRUHFRQKHFLGDV(2(
,50$ 5HSUHVHQWDo}HVH,QIRUPiWLFD/GD
)RUP6FDSH«26LVWHPD(PSUHVDULDOGH*HVWmRGH'RFXPHQWRV
)2506&$3( 5È3,'2'(6(192/9,0(172'($3/,&$d®(6
8P HOHPHQWR FKDYH GD FULDomR UiSLGD GH DSOLFDo}HV GH IRUPXOiULRV p D FDSDFLGDGH GR )RUP6FDSH
SDUD FDSWXUDU GDGRV $6&,, YLYRV H PDSHiORV HP WHPSR UHDO D XP GRFXPHQWR HOHFWUyQLFR (VWD
IXQFLRQDOLGDGHpFRPSURYDGDFRP:<6,:<*YHUGDGHLUR2VGDGRVVmRYLVXDOL]DGRVQXPGRVODGRV
GR pFUDQHR2XWSXW IRUPDWRGHVDtGDQRRXWUR$VLPSOHVWpFQLFDGHµDUUDVWDUHVROWDU¶JDUDQWHPTXH
RWHPSRGHGHVHQYROYLPHQWRSRGHVHUPHGLGRHPKRUDVQmRHPVHPDQDV&RPRWXGRVHGHVHQUROD
QRpFUDQHHPWHPSRUHDOMiQmRID]HPIDOWDDVVHPSUHGLItFHLV HUHSHWLWLYDVSURYDVGHLPSUHVVmR
±
&RS\ULJKW$)3+ROGLQJV/WG)RUP6FDSHpXPDPDUFDUHJLVWDGDGH$)3+ROGLQJV/WG
7RGDVDVRXWUDVPDUFDVVmRUHFRQKHFLGDV(2(
,50$ 5HSUHVHQWDo}HVH,QIRUPiWLFD/GD
)RUP6FDSH«26LVWHPD(PSUHVDULDOGH*HVWmRGH'RFXPHQWRV
62),67,&$'2352&(66$0(172&21',&,21$/
$ OyJLFD FRQGLFLRQDO H FRPSXWDFLRQDO SHUPLWH D SURGXomR GH UHODWyULRV H GRFXPHQWRV TXH LQFOXHP
IXQo}HV FRPR VXEWRWDLV HQGHUHoRV GH GLIHUHQWHV VXFXUVDLV H[FOXVmR GH GRF XPHQWRV EDVHDGD HP
YDORUHV SUpGHWHUPLQDGRV UHSDJLQDomR DXWRPiWLFD GH DFRUGR FRP R QRYR IRUPDWR PHQVDJHQV GH
PDUNHWLQJLQGLYLGXDOL]DGDVGHSHQGHQGRGRFRQWH~GRGRVGDGRVRULJLQDLVHRXWUDVIXQo}HVVLPLODUHV
GH SURFHVVDPHQWR LQWHOLJHQWH )LHO DR FRQFHLWR GR )RUP6FDSH LQFOXVLYH HVWDV VRILVWLFDGDV IXQo}HV
DFWLYDPVHEDVWDQGRXPFOLTXHQXPGRVtFRQHV
$ DFWXDOL]DomR JOREDO DXWRPiWLFD GRV IRUPXOiULRV JDUDQWH TXH DV YHUV}HV DFWXDLV HVWmR VHPSUH
GLVSRQtYHLVSDUDWRGRVRVXWLOL]DGRUHV
&RQYHUVmRGHFyGLJRVGHEDUUDV
)RUP6FDSHFRQYHUWHFRPIDFLOLGDGHGDGRVHPFyGLJRVGHEDUUDV~QLFRVGHSHQGHQWHVGRFRQWH~GRGRV
GDGRV GD DSOLFDomR 2V FyGLJRV GH EDUUDV 3') SRGHP VHU IRUPDWDGRV WRPDQGR GDGRV GH P~OWLSORV
FDPSRVGHXPGRFXPHQWR
*HVWmRHFRQWURORFHQWUDOL]DGRVGHIRUPXOiULRV
)RUP6FDSHDFWXDFRPRFRQGXWRUVXSHULQWHOLJHQWHGHGDGRVGHVDtGD2XWSXW7UDWDDLQIRUPDomRGH
SUDWLFDPHQWH TXDOTXHU DSOLFDomR HPSUHVDULDO H WRPD GHFLV}HV LQWHOLJHQWHV GHSHQGHQGR GR FRQWH~GR
GRVSUySULRVGDGRV3RUWDQWRXP~QLFRIOX[R GHGDGRVSRGHVHUUHIRUPDWDGRHUHGLULJLGRDGLYHUVDVH
GLIHUHQWHV VDtGDV )RUP6FDSH SURSRUFLRQD D LPSUHVVmR GR SHGLGR DGDSWDGR FRP SUHFLVmR DRV
UHTXLVLWRVGHFDGDXWLOL]DGRU
±
&RS\ULJKW$)3+ROGLQJV/WG)RUP6FDSHpXPDPDUFDUHJLVWDGDGH$)3+ROGLQJV/WG
7RGDVDVRXWUDVPDUFDVVmRUHFRQKHFLGDV(2(
,50$ 5HSUHVHQWDo}HVH,QIRUPiWLFD/GD
)RUP6FDSH«26LVWHPD(PSUHVDULDOGH*HVWmRGH'RFXPHQWRV
&DUDFWHUtVWLFDV
5HTXHUXPVHUYLGRU:LQGRZV 17
)RUP6FDSH LQFOXL PyGXORV GH 'HVHQYROYLPHQWR 6HUYLGRU $UTXLYR 9LVXDOL]DGRU
$GPLQLVWUDGRU
,QFRUSRUD R VHX SUySULR VLVWHPD :<6,:<* GH GHVHQKR GH IRUPXOiULRV H XP GHVHQKDGRU
LQWHJUDGRGHDSOLFDo}HV
1mRUHTXHUDUHSURJUDPDomRGDVDSOLFDo}HVRULJLQDLV5HFRQKHFLPHQWRDXWRPiWLFR GDILODHGRV
GDGRVODQoDDDSOLFDomRRXDSOLFDo}HVGHIRUPXOiULRV
5iSLGD FRQVWUXomR H YHULILFDomR GH DSOLFDo}HV 0DSHDU GDGRV UHDLV GHQWUR GR GHVHQKDGRU GH
IRUPXOiULRVSDUDDFHOHUDURSURFHVVRGHFRQVWUXomRGDDSOLFDomR
3RWHQWHIHUUDPHQWDGHWRPDGDGH GHFLV}HVSDUDUHIRUPDWDUFDOFXODUUHPDSHDUFRUWDURXFRODU
DGLFLRQDUHOHPHQWRVVREUHSRVWRVHVSHFtILFRVVHOHFFLRQDURIRUPXOiULRDFDUUHJDU
'LVWULEXLomRHJHVWmRHPWRGDDHPSUHVDGHDSOLFDo}HVGHIRUPXOiULRVHOHFWUyQLFRV
5HFXSHUDU YLVXDOL]DU RX LPSULPLU GRFXPHQWRV DUTXLYDGRV TXH VmR UpSOLFDV H[DFWDV GRV
GRFXPHQWRVRULJLQDLV
&RQYHUVmRDXWRPiWLFDGHFyGLJRVGHEDUUDV
&DSDFLGDGHGHUHDOL]DUFiOFXORVPDWHPiWLFRVVREUHGDGRVHPFROXQDV
5HSDJLQDomR GH IRUPXOiULRV HP TXDOTXHU Q~PHUR GH SiJLQDV 8WLOL]D XPD IXQomR GH
DUPD]HQDPHQWRGH³EDQFRVGHSiJLQDV´SDUDDFRQVWUXomRGHSiJLQDVPXOWLFySLD
,PSULPHHPTXDOTXHULPSUHVVRUDOLJDGDjUHGHXVDQGRFRQWURODGRUHV:LQGRZV 17VWDQGDUG
2SWLPL]DDYHORFLGDGHGHLPSUHVVmRHPJUDQGHVTXDQWLGDGHV
)D] D JHVWmR GRV UHFXUVRV GH LPSUHVVmR SDUD LPSUHVVRUDV 3&/ HQYLDQGR LQIRUPDomR GH
HOHPHQWRV VREUHSRVWRV QD LPSUHVVRUD HP WHPSR GH H[HFXomR SDUD UHGX]LU R WUiIHJR GD UHGH H
DXPHQWDUDYHORFLGDGHGHLPSUHVVmR
6XSRUWDDLPSUHVVmRDFRUHPLPSUHVVRUDVDFRUHV
,QWHJUDVHFRP&2/'(',)D[$UTXLYRHRXWUDVWHFQRORJLDVGH³LPSUHVVmR´HPSUHVDULDO
)RUP6FDSH63pXPDDSOLFDomRFHUWLILFDGD6$3HLQWHJUDVHFRPRVLVWHPD6$3DFHLWDQGRGDGRV
YLD5',5DZ'DWD,QWHUIDFH
±
&RS\ULJKW$)3+ROGLQJV/WG)RUP6FDSHpXPDPDUFDUHJLVWDGDGH$)3+ROGLQJV/WG
7RGDVDVRXWUDVPDUFDVVmRUHFRQKHFLGDV(2(
,50$ 5HSUHVHQWDo}HVH,QIRUPiWLFD/GD
)RUP6FDSH«26LVWHPD(PSUHVDULDOGH*HVWmRGH'RFXPHQWRV
)RUP6FDSH$UFKLYH
2 0yGXOR GH $UTXLYR RIHUHFH P~OWLSODV IXQo}HV SDUD D VDtGD GH IRUPXOiULRV FRP tQGLFH
DUPD]HQDPHQWR H UHFXSHUDomR GH GRFXPHQWRV GHVGH RV PHLRV PDJQpWLFRV PDJQpWLFR ySWLFRV GRV
XWLOL]DGRUHV ,JXDO DR UHVWR GD JDPD GH PyGXORV )RUPVFDSH HVWH VLVWHPD IRL GHVHQKDGR SDUD VHU
PXLWRIiFLOGHXVDU
2VGRFXPHQWRVVmRLQGH[DGRVXVDQGRXPDEDVHGHGDGRVHVSHFLDOGH)RUP6FDSHRX 0LFURVRIW64/
6HUYHU &DGD GRFXPHQWR DUPD]HQDVH FRPR DUTXLYR LQGHSHQGHQWH XVDQGR R VLVWHPD RSHUDWLYR QR
GLVFR QRUPDO $R DUTXLYDU GRFXPHQWRV HP OXJDU GH GDGRV )RUP6FDSH SH UPLWH DRV XWLOL]DGRUHV
UHFXSHUDUYLVXDOL]DURXLPSULPLUDWUDYpVGDUHGHGRFXPHQWRVTXHVmRUpSOLFDVH[DFWDVGRVRULJLQDLV
eSRVVtYHODSURYHLWDUDRPi[LPRDFDSDFLGDGHGHDUPD]HQDPHQWRXVDQGRXPDWpFQLFDTXHDUPD]HQD
GDGRV UHSHWLGRV LQGHSHQGHQWHPHQWH GRV GDGRV HVSHFtILFRV GR GRFXPHQWR YROWDQGR D IRUPDWDU R
GRFXPHQWRRULJLQDOQRPRPHQWRGHRYLVXDOL]DURXGHRLPSULPLU3HUPLWHHVWDEHOHFHUYLDVGHDFHVVR
GLIHUHQWHV D ]RQDV GH DUPD]HQDPHQWR LQGLYLGXDLV VHJXQGR RV UHTXLVLWRV GRV XWLOL]DGRUHV 3RU
H[HPSORHVWDVSRGHULDPDVVRFLDUVHDWLSRVGHGRFXPHQWRVXWLOL]DGRUHVRXSUD]RV
2 DGPLQLVWUDGRU GD UHGH SRGH GHILQLU RV GLUHLWRV GRV XWLOL]DGRUHV DVVHJXUDQGR R FRQWUROR GH
DUPD]HQDPHQWRHGDUHFXSHUDomRGRVGRFXPHQWRV
±
&RS\ULJKW$)3+ROGLQJV/WG)RUP6FDSHpXPDPDUFDUHJLVWDGDGH$)3+ROGLQJV/WG
7RGDVDVRXWUDVPDUFDVVmRUHFRQKHFLGDV(2(
,50$ 5HSUHVHQWDo}HVH,QIRUPiWLFD/GD
)RUP6FDSH«26LVWHPD(PSUHVDULDOGH*HVWmRGH'RFXPHQWRV
)RUP6FDSH9LHZHU
8PD YH] LQGH[DGRV H DUTXLYDGRV DFHGHVH DRV GRFXPHQWRV XVDQGR R 0yGXOR 9LVXDOL]DGRU 2V
GRFXPHQWRVSRGHPVHUUHFXSHUDGRVXVDQGREXVFDVSRUSDODYUDVFKDYHRXEXVFDVEDVHDGDVHPtQGLFHV
SDUD VXD YLVXDOL]DomR QR pFUDQ RX SDUD LPSUHVVmR WRWDO RX SDUFLDO ([LVWD D SRVVLELOLGDGH GH
VHOHFFLRQDU GLIHUHQWHV RSo}HV GH YLVXDOL]DomR LQFOXLQGR XPD LPDJHP FRPSOHWD GR GRFXPHQWR Vy
WH[WR]RRPHPXLWDVPDLV
2V GRFXPHQWRV DUTXLYDGRV SRGHP VHU UHFXSHUDGRV GR VLVWHPD QXPD GDWD SRVWHULRU H SRGHP VHU
DQRWDGRVFRPQRWDVVXSOHPHQWDUHV3RVWHULRUPHQWHpSRVVtYHOUHDOL]DUEXVFDVEDVHDGDVQRFRQWH~GR
GHVVDVQRWDV
$VYDQWDJHQVHPSUHVDULDLVGR0yGXORGH$UTXLYR2WUDEDOKDGRUPpGLRGHGLFDHQWUHHGR
VHXWHPSRDSURFXUDULQIRUPDomR
9DQWDJHPFRPSHWLWLYD
)HLWR XP HVIRUoR SDUD DV HPSUHVDV JDQKDUHP XPD YDQWDJHP FRPSHWLWLYD QR H[LJHQWH PHLR
HPSUHVDULDOGHKRMHPXLWDVUHFRQKHFHPDLPSRUWkQFLDGHSURSRUFLRQDUXPVHUYLoRGHSULPHLUDFODVVH
FHQWUDGRQRFOLHQWH8PDVROXomRHILFD]GHDUTXLYRPHOKRUDGHIRUPDVLJQLILFDWLYDDYHORFLGDGHGH
UHVSRVWDDTXDOLGDGHHDHILFiFLDGRVHUYLoRDFOLHQWHVHPFRPSDUDomRFRPRVDUTXLYRVGHSDSHORX
HPPLFURILFKDV
6HUYLoRGHTXDOLGDGHDRVFOLHQWHV
20yGXORGH$UTXLYRSURSRUFLRQDDRVXWLOL]DGRUHVXPDFHVVRLQVWDQWkQHRDUpSOLFDVDUTXLYDGDVGH
GRFXPHQWRV GH FOLHQWHV DOpP GH SHUPLWLU D DGLomR SRVWHULRU GH QRWDV UHOHYDQWHV ,VWR SHUPLWH DR
SHVVRDODOWHUQDUDVFRQVXOWDVLPHGLDWDPHQWHHYLWDQGRDVGHPRUDVFRPSHUGDVGHWHPSRLQHUHQWHVHP
WRGRV RV VLVWHPDV EDVHDGRV HP SDSHO RX PLFURILFKDV 'HVWD PDQHLUD YHP PHOKRU DU GH IRUPD
LPSRUWDQWHDVDWLVIDomRGRFOLHQWHTXHSRUVXDYH]PHOKRUDDLPDJHPS~EOLFDGDRUJDQL]DomR$OpP
GLVVRDHILFiFLDHDPRUDOGRSHVVRDOTXHWUDWDGLUHFWDPHQWHFRPRVFOLHQWHVHOHYD VHHQRUPHPHQWH
TXDQGRVmRFDSD]HVGHUHVROYHURVDVVXQWRVGRVFOLHQWHVGHIRUPDUiSLGDHVDWLVIDWyULD
0HOKRUDFHVVRjLQIRUPDomR
1D UHDOLGDGH RV HPSUHJDGRV HP WRGRV RV GHSDUWDPHQWRV EHQHILFLDP GH XPD PDLRU HILFiFLD GH
GLVWULEXLomR H DFHVVR j LQIRUPDomR 'HGLFDP PHQRV WHPSR D SURFXUDU LQIRUPDomR Mi TXH SRGHP
UHFXSHUDUUDSLGDPHQWHRVGDGRVDUTXLYDGRVTXHQHFHVVLWDP$GLIHUHQoDGRVDUTXLYRVWUDGLFLRQDLVHP
SDSHOUHVLGHQR0yGXORGH$UTXLYRSURSRUFLRQDUXPDUPD]HQDPHQWRLPHGLDWRGDLQIRUPDomRVHP
RVFXVWRVDGLFLRQDLVGRtQGLFHHDUTXLYR2DUTXLYRHOHFWUyQLFRHOLPLQDWDPEpPDVGHPRUDVTXHVH
SURGX]HPDRHVSHUDUTXHVHSUHSDUHPFRSLHPHGLVWULEXDPPLFURILFKDV
±
&RS\ULJKW$)3+ROGLQJV/WG)RUP6FDSHpXPDPDUFDUHJLVWDGDGH$)3+ROGLQJV/WG
7RGDVDVRXWUDVPDUFDVVmRUHFRQKHFLGDV(2(
,50$ 5HSUHVHQWDo}HVH,QIRUPiWLFD/GD
)RUP6FDSH«26LVWHPD(PSUHVDULDOGH*HVWmRGH'RFXPHQWRV
5HGXomRGHFXVWRV
8VDQGR )RUP6FDSH RV VLVWHPDV EXURFUiWLFRV FRP XVR LQWHQVLYR GH SDSHO VmR VXEVWLWXtGRV SRU
VLVWHPDVHOHFWUyQLFRVIOH[tYHLV$FDSDFLGDGHGHYLVXDOL]DURXDUTXLYDUGRFXPHQWRVVHPRVLPSULPLU
VLJQLILFDXPDLPSRUWDQWHUHGXomRGHFXVWRVGHSDSHOHDHOLPLQDomRGHDYXOWDGRVLQYHVWLPHQWRVHP
HTXLSDPHQWRVGHSUHSDUDomRGHPLFURILFKDV
$ HVWUXWXUD PRGXODU GH )RUP6FDSH RIHUHFH jV RUJDQL]Do}HV XPD LPSOHPHQWDomR SRU HWDSDV
SHUPLWLQGRLQWURGX]LURPyGXORGH$UTXLYRQXPDHWDSDDSURSULDGD
±
&RS\ULJKW$)3+ROGLQJV/WG)RUP6FDSHpXPDPDUFDUHJLVWDGDGH$)3+ROGLQJV/WG
7RGDVDVRXWUDVPDUFDVVmRUHFRQKHFLGDV(2(
,50$ 5HSUHVHQWDo}HVH,QIRUPiWLFD/GD
)RUP6FDSH«26LVWHPD(PSUHVDULDOGH*HVWmRGH'RFXPHQWRV
)RUP6FDSH$GPLQLVWUDWRU
2 0yGXOR $GPLQLVWUDGRU ID] D JHVWmR GD LQVWDODomR GD FRQILJXUDomR H GD H[HFXomR GH P~OWLSORV
VHUYLGRUHV)RUP6FDSH5HFRPHQGDVHRXVRHPWRGDVDVLQVWDODo}HV)RUP6FDSHPpGLDVHJUDQGHV
*HVWmRHFRQWURORFHQWUDOL]DGRV
2 0yGXOR $GPLQLVWUDGRU FHQWUDOL]D D JHVWmR GH DPELHQWHV PXOWLVHUYLGRU DR SHUPLWLU TXH R
DGPLQLVWUDGRUGDUHGHLQVWDOHQRYRVPyGXORVHVHUYLGRUHVHFRQILJXUHOLJDo}H VDRVVHUYLGRUHV&RP
HIHLWR DV DSOLFDo}HV SRGHP VHU DFWXDOL]DGDV DSDJDGDV RX DFWLYDGDV GHVGH XP SRQWR GH FRQWUROR
FHQWUDOJDUDQWLQGRDVHJXUDQoDWRWDOGDJHVWmRGHUHFXUVRVGHIRUPXOiULRV
7RGDVDVOLJDo}HVHQWUHVHUYLGRUHVHR0yGXOR$GPLQLVWUDGRUSRGHPVHUELUHGLFFLRQDGDVSHUPLWLQGR
D FRQILJXUDomR GH UHODo}HV VRILVWLFDGDV GHVGH RV VHUYLGRUHV FRQIRUPH D VXD QHFHVVLGDGH 3RU
H[HPSORpSRVVtYHOFRQILJXUDUVHUYLGRUHVLQGLYLGXDLVFRPHOHPHQWRVDSURSULDGRVSDUDFDGDVXFXUVDO
LQGLYLGXDOHQTXDQWRTXHXPVHUYLGRUWHPFRQWURORVREUHRORJRWLSRFRUSRUDWLYRRXWURHVWDEHOHFHRV
UHFLERVGHSDJDPHQWRHRXWURVFRQWURODPGLYHUVRVSURFHVVRVGHWRPDGDGHGHFLV}HV
3DUWLOKDUUHFXUVRV
2VUHFXUVRVWDLVFRPRJUiILFRVFDPSRVGHGLUHFomRRXSURFHVVRVGHGHFLVmRSRGHP VHUSDUWLOKDGRV
HQWUH VHUYLGRUHV ,VWR SHUPLWH D DFWXDOL]DomR JOREDO GH HOHPHQWRV FRPXQV DRV GRFXPHQWRV TXH VH
SRGHPSURJUDPDUFRPGLDVGHDQWHFHGrQFLD7RGDVDVDOWHUDo}HVSRGHPHQWUDUHPYLJRUGHIRUPD
VLPXOWkQHDVREUHGDGRVHVSHFtILFRVHPWRGDDHPSUHVD(VWDFDSDFLGDGHpGHYLWDOLPSRUWkQFLDSDUD
DFWLYLGDGHV VHQVtYHLV DR WHPSR FRPR SRU H[HPSOR DOWHUDo}HV GH GLUHFomR H SURPRo}HV H WDPEpP
SDUD DQ~QFLRV RX DYLVRV LPSUHYLVWRV TXH VH SRGHP HIHFWXDU FRP UDSLGH] (VWDV DOWHUDo}HV VmR
UHDOL]DGDV GH IRUPD WUDQVSDUHQWH DRV XWLOL]DGRUHV SHUPLWLQGR TXH R WUDEDOKR FRQWLQXH VHP
LQWHUUXSomRDOJXPD
2 0yGXOR $GPLQLVWUDGRU JDUDQWH TXH VH XWLOL]HP RV ~OWLPRV GHVHQKRV GH GRFXPHQWRV HP WRGD D
RUJDQL]DomRSDUDSURPRYHUXPDLPDJHPFRHUHQWH,VWRUHIRUoDDLPDJHPGH PDUFDTXHSRUVXDYH]
DXPHQWDDILGHOLGDGHGRVFOLHQWHVHJHUDQRYRVQHJyFLRV
6XSHUYLVmRHHVWDWtVWLFDV
20yGXOR$GPLQLVWUDGRUFRQILJXUDDXWRPDWLFDPHQWHXPDEDVHGHGDGRVTXHPDQWpPXPUHJLVWRGH
DFWLYLGDGHVSDUDFDGDVHUYLGRU,VWRSURSRUFLRQDDRDGPLQLVWUDGRUGDUHGHDVHVWDWtVWLFDVDSURSULDGDV
FRPRILPGHSRGHUSODQLILFDUHJHULURXVRGRVUHFXUVRVGHLPSUHVVmRHGHVDtGDGHXPDRUJDQL]DomR
DVVHJXUDQGRTXHQmRVHFULHPFRQJHVWLRQDPHQWRVHGLVWULEXLQGRWUDEDOKRVSRUWRGDDUHGH
±
&RS\ULJKW$)3+ROGLQJV/WG)RUP6FDSHpXPDPDUFDUHJLVWDGDGH$)3+ROGLQJV/WG
7RGDVDVRXWUDVPDUFDVVmRUHFRQKHFLGDV(2(
,50$ 5HSUHVHQWDo}HVH,QIRUPiWLFD/GD
)RUP6FDSH«26LVWHPD(PSUHVDULDOGH*HVWmRGH'RFXPHQWRV
eSRVVtYHOUHFRPSLODULQIRUPDomRSRULPSUHVVRUDRXSRUWUDEDOKRHHVWDLQIRUPDomRFREUHWRGRVRV
HOHPHQWRV UHODFLRQDGRV FRP D DFWLYLGDGH GD LPSUHVVRUD SRU H[HPSOR D SHVVRD TXH HQYLRX R
WUDEDOKRRQ~PHURGHSiJLQDVRVHUURVGHLPSUHVVmRHWF$FDSDFLGDGHGR0yGX OR$GPLQLVWUDGRU
SDUDVXSHUYLVLRQDUDDFWLYLGDGHGDVLPSUHVVRUDVSHUPLWHjVRUJDQL]Do}HVLPSXWDUFXVWRVDRVVHFWRUHV
SHOR XVR GH LPSUHVVRUDV H JDVWRV GH SDSHO 'HVWD PDQHLUD RV FXVWRV SRGHP VHU FDOFXODGRV FRP
SUHFLVmRDGLIHUHQWHVLPSUHVVRUDVHVHXVUHVSHFWLYRVGHSDUWDPHQWRV
(VSHFLILFDo}HV7pFQLFDV
)RUP6FDSH p XP YHUGDGHLUR VLVWHPD GH ELWV H H[HFXWDVH QXP 6HUYLGRU :LQGRZV 17 H 17
:RUNVWDWLRQ )RUP6FDSH TXH UHVLGH QR 6HUYLGRU GR 6LVWHPD 2SHUDWLYR GD 5HGH GHQWUR GH XPD
HPSUHVD p UHSUHVHQWDWLYR GH XP QRYR WLSR GHVRIWZDUHFKDPDGR 0LGGOHZDUH TXHUHIOHFWHDLQIUD
HVWUXWXUDGHFRPXQLFDo}HVR6HUYLGRUGH$SOLFDo}HVTXHUHIOHFWHDDSOLFDomR
)RUP6FDSHDFHLWDTXDOTXHUIOX[RGHGDGRV$6&,,SURYHQLHQWHVGHPDLQIUDPHV ,%0'(&HGHRXWUDV
PDUFDV H VLVWHPDV 81,; $6 '26 H :LQGRZV $ VDtGD 2XWSXW SRGH VHU GLUHFFLRQDGD SDUD
TXDOTXHU LPSUHVVRUD 3&/ RX GLVSRVLWLYR FRQHFWDGR HP :LQGRZV )RUP6FDSH LQWHJUDVH FRP DV
DSOLFDo}HVDWUDYpVGHHQODFHV:LQGRZVEDVHVGHGDGRV64/RXDSOLFDo}HVFRPSDWtYHLVFRP7&3,3
,QWHJUDVHFRPVLVWHPDVGH)D[(',$UTXLYRHRXWURVVLVWHPDVFOLHQWHVHUYLGRUFRPR2UDFOHH6$3
&ULDomRGH)RUPXOiULRV
)RUP6FDSHGLVS}HGHXPDIHUUDPHQWDLQWHJUDGDSDUDGHVHQKRGHIRUPXOiULRV1mRREVWDQWHDIXQomR
GHLPSRUWDomRSHUPLWHRXVRGHRXWURVIRUPXOiULRVFULDGRVFRPGLIHUHQWHVDSOLFDo}HV:LQGRZV
*HVWmRGH,PSUHVVmR
$VDtGD2XWSXWSRGHVHUGLULJLGDSDUDTXDOTXHULPSUHVVRUDODVHUGHMDFWRGHWLQWDRXGHPDWUL]GH
SRQWRVVXSRUWDGDSRU:LQGRZV6XSRUWDLPSUHVVmRDFRUHVRXFRPPDQFKDVDFRUHVDWUDYpVGRXVRGH
FRQWURODGRU:LQGRZVDSURSULDGR
±
&RS\ULJKW$)3+ROGLQJV/WG)RUP6FDSHpXPDPDUFDUHJLVWDGDGH$)3+ROGLQJV/WG
7RGDVDVRXWUDVPDUFDVVmRUHFRQKHFLGDV(2(
,50$ 5HSUHVHQWDo}HVH,QIRUPiWLFD/GD
)RUP6FDSH«26LVWHPD(PSUHVDULDOGH*HVWmRGH'RFXPHQWRV
5HIHUHQFLDV
)RUP6FDSHpXPDGHVVDVIHUUDPHQWDVTXHOKHGHL[DDLPSUHVVmRµ3RUTXHQmRSHQVHLQLVVR
DQWHV"¶2FRQFHLWRpEDVWDQWHVLPSOHVPDVPXLWRSRWHQWH20yGXOR6HUYLGRU)RUP6FDSHp
FRQWURODGRSRUXPSURMHFWRFRQVWUXtGRFRPR0yGXORGH'HVHQYROYLPHQWR$VVXDVDSOLFDo}HV
VmRHQYLDGRVDXPD
LPSUHVVRUD
TXHpQDUHDOLGDGHXPDILODGH,PSUHVVmRGH)RUP6FDSH
)RUP6FDSHORJRIRUPDWDRIOX[RGHLPSUHVVmREDVHDQGRVHQDVUHJUDVGRVHXSURMHFWRH
HQFDPLQKDRVGDGRVSDUDRVVHXVGHVWLQRVILQDLV´
5RQ=LNDp6yFLR*HUHQWHGH:D\SRLQW,QWHJUDWLRQ,QFGH&ROXPELD,OOLQRLV :D\SRLQW,QWHJUDWLRQ
HVWiHVSHFLDOL]DGRHPSUREOHPDVGLItFHLVGHLQWHJUDomRGHVLVWHPDVSDUDHPSUHVDV )RUWXQH H QR
GHVHQYROYLPHQWRGHVLVWHPDVWUDQVDFFLRQDLVSDUDRUJDQL]Do}HVGHWRGRVRVWDPDQKRV
)RUP6FDSHpXPERPSURGXWREDVHDGRHPIRUPXOiULRVSDUDTXDOTXHURUJDQL]DomRVHMD
JUDQGHRXSHTXHQD6HHVWijSURFXUDGHXPDIRUPDGHJHULURVVHXVIRUPXOiULRVHPWRGDD
HPSUHVDHQWmRSHQVHHP)RUP6FDSH
0LFKDHO3'HLJQDQ:LQGRZV 170DJD]LQH-XOKR
$FDSDFLGDGHGH)RUP6FDSHSDUDGHVHQYROYHUDSOLFDo}HVFRPSOH[DVQXPWHPSRPtQLPR
QXQFDGHL[DGHLPSUHVVLRQDURVQRVVRVFOLHQWHV &RP)RUP6FDSHSRGHPRVHQWUHJDUVROXo}HV
GH2XWSXW WRWDOPHQWHLQGLYLGXDOL]DGDVVHJXQGRRVUHTXLVLWRVGRVQRVVRVFOLHQWHV VHP
UHSURJUDPDUDVVXDVDSOLFDo}HVMiH[LVWHQWHV ´
3HWHU&]ZDOLQD'LUHFWRU*HUDO.&'DWD6\VWHPV*PE+3ROKHLP$OHPDQKD
*DQKDUYDQWDJHQVFRPSHWLWLYDVQR H[LJHQWHPHLRHPSUHVDULDOGHKRMHGHYHVHURREMHFWLYRGH
TXDOTXHURUJDQL]DomRFRPHUFLDO)RUP6FDSHpXPDWHFQRORJLDTXHHQWUHJDYDQWDJHQV
HPSUHVDULDLVUHDLVLQFOXLQGRUHGXomRGHFXVWRVPHOKRUHILFiFLDHPDLVYHQGDV3RGHDMXGDUD
VXDHPSUHVDDDGLDQWDUVHjFRQFRUUrQFLD± HPDQWHUVHSRUDtDGLDQWH´
&KULV %DLOH\ 'LUHFWRU *HUDO 0LV\V ,QWHJUDWHG 6ROXWLRQV /WG %LFHVWHU 2[RQ 5HLQR 8QLGR 0LV\V
,QWHJUDWHG6ROXWLRQV VmRHVSHFLDOLVWDVHPVROXo}HVGHLPSUHVVmRHLQWHJUDomRGHUHGHV
±
&RS\ULJKW$)3+ROGLQJV/WG)RUP6FDSHpXPDPDUFDUHJLVWDGDGH$)3+ROGLQJV/WG
7RGDVDVRXWUDVPDUFDVVmRUHFRQKHFLGDV(2(
Download
