5(*8/$0(172'(6(59,d2
'266,67(0$63Ô%/,&26(35(',$,6'(',675,%8,d®2'( É*8$
('(5(&2/+$'5(1$*(0 (75$7$0(172'(É*8$65(6,'8$,6
'266(59,d26081,&,3$/,=$'26'$0$,$
Ì1',&(
7Ì78/2,
',6326,d¯(6*(5$,6
&$3Ì78/2,
Ç0%,72'($3/,&$d®2
$57,*2
/HJLVODomR +DELOLWDQWH
$57,*2
2EMHFWR
$57,*2
ÇPELWR
$57,*2
'HILQLo}HV
$57,*2
3ULQFtSLRVGH*HVWmR
$57,*2
6LPERORJLDH8QLGDGHV
$57,*2
5HJXODPHQWDomR7pFQLFD
$57,*2
'HYHUHVGD(QWLGDGH *HVWRUD
$57,*2
'LUHLWRj,QIRUPDomR
$57,*2
7LSRVGH&OLHQWHVH8WLOL]DGRUHV
$57,*2
2EULJDo}HVGRV8WLOL]DGRUHV3URSULHWiULRVH8VXIUXWXiULRV
7Ì78/2,,
',675,%8,d®2'(É*8$
&$3Ì78/2,
(;3/25$d®2'26,67(0$ 35(',$/
$57,*2
2XWUDV )RUPDVGH'LVWULEXLomRGHÉJXD
$57,*2
&LGDGmRVTXHSRGHP5HTXLVLWDUXP&RQWDGRUGHÉJXD
$57,*2
,QVWDODomRGH&RQWDGRUHVGHÉJXD
$57,*2
3ULPHLUR&RQWDGRUGHÉJXD
$57,*2
5HLQVWDODomRGH &RQWDGRUGHÉJXD
$57,*2
6XEVWLWXLomRGRV &RQWDGRUHVGHÉJXD
$57,*2
)LVFDOL]DomRH9HULILFDomRGH&RQWDGRUHVGHÉJXD
$57,*2
)DFWXUDomR
$57,*2
/HLWXUDGRV&RQWDGRUHV
$57,*2
$YDOLDomRGH&RQVXPRV
$57,*2
&RQWUDWRGH)RUQHFLPHQWR HGH5HFROKD
$57,*2
9LJrQFLD6XVSHQVmRH'HQ~QFLDGR&RQWUDWR
$57,*2
$OWHUDomR&RQWUDWXDO 6XEMHFWLYD
$57,*2
6XVSHQVmRH5HLQtFLRGH)RUQHFLPHQWRGHÉJXD
$57,*2
5DPDLVGH/LJDomRSDUD$EDVWHFLPHQWRGHÉJXD
$57,*2
5HVHUYDWyULRVH&LVWHUQDV3UHGLDLV
$57,*2
$VSHFWRV&RQVWUXWLYRV
&$3Ì78/2,,
$%$67(&,0(172'(É*8$3$5$$&7,9,'$'(,1'8675,$/$3$57,5'(
&$3$7$d¯(635Ð35,$6
$57,*2
&RQVLGHUDo}HV *HUDLV
&$3Ì78/2,,,
7$5,)É5,2'(9(1'$'(É*8$
$57,*2
$SURYDomR
7Ì78/2,,,
5(&2/+$ '5(1$*(0(75$7$0(172 '(É*8$65(6,'8$,6
&$3Ì78/2,
6(3$5$d®2'(6,67(0$6
$57,*2
&RQVLGHUDo}HV*HUDLV
$57,*2
5DPDLVGH/LJDomR
$57,*2
&XVWR GR 5DPDO
&$3Ì78/2,,
$63(&726&2167587,926
$57,*2
&kPDUD GH5DPDOGH/LJDomR
$57,*2
/RFDOL]DomR
&$3Ì78/2,,,
É*8$65(6,'8$,6,1'8675,$,6
$57,*2
2EMHFWLYR
$57,*2
ÇPELWRGH$SOLFDomR
$57,*2
$XWRUL]DomRGH/LJDomR
$57,*2
5HGH,QWHUQDGH'UHQDJHPGHÉJXDV5HVLGXDLV,QGXVWULDLV
$57,*2
&RQGLo}HVGH'HVFDUJD
$57,*2
8QLGDGHGH 3Up7UDWDPHQWR
$57,*2
,QVWUXomRGR3URFHVVR
$57,*2
$SUHFLDomRH'HFLVmR
$57,*2
$XWR&RQWUROR
$57,*2
,QVSHFomRH)LVFDOL]DomR
$57,*2
(QFDUJRV
&$3Ì78/2,9
7$;$'(/,*$d®2'(6$1($0(172
$57,*2
9DORUGD7D[D
$57,*2
9DORU3DWULPRQLDO3URYLVyULR
7Ì78/2,9
',6326,d¯(6),1$,6
$57,*2
&RQWUD2UGHQDo}HV
$57,*2
3URFHVVRGH$GYHUWrQFLD
$57,*2
6DQo}HV$FHVVyULDV
$57,*2
3URFHVVRVGH&RQWUD2UGHQDomRH$SOLFDomRGH&RLPDVH6DQo}HV$FHVVyULDV
$57,*2
5HVSRQVDELOLGDGH&LYLOH&ULPLQDO
$57,*2
,QWHJUDomRGH/DFXQDV
7Ì78/2,
',6326,d¯(6*(5$,6
&$3Ì78/2,
Ç0%,72'($3/,&$d®2
$57,*2
/HJLVODomR +DELOLWDQWH
2 SUHVHQWH 5HJXODPHQWR WHP R VHX VXSRUWH OHJDO QR 'HFUHWR/HL Q
GHGH$JRVWRHQR'HFUHWR5HJXODPHQWDUQ GHGH$JRVWR
HP WXGR R TXH QmR FRQWUDULH R GLVSRVWR QR PHQFLRQDGR 'HFUHWR/HL DWp j
DSURYDomR GR 'HFUHWR 5HJXODPHQWDU SUHYLVWR QR DUW GR PHVPR GLSORPD
OHJDOFRQMXJDGRFRPDDOtQHDFGRDUWLJRHDOtQHDVDHEGRQGRDUWLJR
DPERV GD /HL Q GH GH -DQHLUR /HL GDV )LQDQoDV /RFDLV FRP
UHVSHLWRSHODVH[LJrQFLDVFRQVWDQWHVGD/HLQ GHGH-XOKRHGD/HLQ
( GH GH 'H]HPEUR FRP DV DOWHUDo}HV LQWURGX]LGDV SHOD /HL Q $ GHGH'H]HPEURHSHOD/HL GHGH'H]HPEURHDLQGDDR
DEULJRGRGLVSRVWRQR'HFUHWR/HLQ GHGH$JRVWRGR'HFUHWR/HLQ
$ GHGH0DLR HGR'HFUHWR/HLQ GH GH-XQKR
$57,*2
2EMHFWR
(VWH5HJXODPHQWRWHPSRUREMHFWRDUHJXODPHQWDomRQR0XQLFtSLRGD0DLD
D 'RV VLVWHPDV S~EOLFRV H SUHGLDLV GH GLVWULEXLomR H DEDVWHFLPHQWR GH
iJXDVXDLQWHUOLJDomRHXWLOL]DomR
E 'RVVLVWHPDVS~EOLFRVHSUHGLDLVGHUHFROKDGUHQDJHPHWUDWDPHQWRGH
iJXDVUHVLGXDLVVXDLQWHUOLJDomRHXWLOL]DomR
$57,*2
ÇPELWR
2SUHVHQWH5HJXODPHQWRDSOLFDVHHPWRGDDiUHDGR0XQLFtSLRGD0DLDH
jV DFWLYLGDGHV GH FRQFHSomR SURMHFWR FRQVWUXomR H H[SORUDomR GRV VLVWHPDV
S~EOLFRVHSUHGLDLVGHDEDVWHFLPHQWRGHiJXDHGHUHFROKDGUHQDJHPHWUDWDPHQWR
GHiJXDVUHVLGXDLV
$57,*2
'HILQLo}HV
3DUDHIHLWRV GRSUHVHQWH5HJXODPHQWRHQWHQGHVHSRU
D ÉJXDV5HVLGXDLViJXDVUHMHLWDGDVDSyVXWLOL]DomRGRPpVWLFDRXUHVXOWDQWH
GHXPDDFWLYLGDGHLQGXVWULDO
E ÉJXDV 5HVLGXDLV 'RPpVWLFDV DV TXH SURYrP GH LQVWDODo}HV VDQLWiULDV
FR]LQKDV H ]RQDV GH ODYDJHP GH URXSDV H TXH VH FDUDFWHUL]DP SRU
FRQWHUHPTXDQWLGDGHVDSUHFLiYHLVGHPDWpULDRUJkQLFDVHUHPIDFLOPHQWH
ELRGHJUDGiYHLV H PDQWHUHP UHODWLYD FRQVWkQFLD GDV VXDV FDUDFWHUtVWLFDV
QRWHPSR
F ÉJXDV 5HVLGXDLV ,QGXVWULDLV DV TXH VHMDP VXVFHSWtYHLV GH GHVFDUJD HP
FROHFWRUHV PXQLFLSDLV H TXH UHVXOWHP HVSHFLILFDPHQWH GDV DFWLYLGDGHV
LQGXVWULDLV DEUDQJLGDV SHOR 5($, ² 5HJXODPHQWR GR ([HUFtFLR GD
$FWLYLGDGH ,QGXVWULDO RX GR H[HUFtFLR GH TXDOTXHU DFWLYLGDGH GD
&ODVVLILFDomR GDV $FWLYLGDGHV (FRQyPLFDV 3RUWXJXHVDV SRU 5DPRV GH
$FWLYLGDGH&$(
G &kPDUD GH 5DPDO GH /LJDomR GLVSRVLWLYR DWUDYpV GD TXDO VH HVWDEHOHFH D
OLJDomRHQWUHR6LVWHPD3UHGLDOHUHVSHFWLYRUDPDOTXHGHYHUiORFDOL]DU
VH QD HGLILFDomR MXQWR DR OLPLWH GH SURSULHGDGH H HP ]RQDV GH IiFLO
DFHVVRVHPSUHTXHSRVVtYHO
H &DXGDORYROXPHH[SUHVVRHPPóGHiJXDVUHVLGXDLVUHMHLWDGDVQDUHGH
GHVDQHDPHQWR
I &ROHFWRUWXEDJHPHPJHUDOHQWHUUDGDGHVWLQDGDDDVVHJXUDUDFRQGXomR
GDViJXDVUHVLGXDLVGRPpVWLFDVHLQGXVWULDLV
J &RQWDGRU RX 0HGLGRU GH &DXGDO GLVSRVLWLYR TXH WHP SRU ILQDOLGDGH D
GHWHUPLQDomR GR YROXPH GH iJXD XWLOL]DGD RX GH HVJRWR SURGX]LGR
SRGHQGRFRQIRUPHRVPRGHORVID]HUDOHLWXUDGRFDXGDOLQVWDQWkQHR H
GR YROXPH XWLOL]DGR RX DSHQDV GHVWH H DLQGD UHJLVWDU HVVHV YROXPHV
6HUi GH WLSR PHFkQLFR RX HOHFWURPDJQpWLFR H SRVVXLUi HYHQWXDOPHQWH
GLVSRVLWLYRGHDOLPHQWDomRGHHQHUJLDHHPLVVmRGHGDGRV
K &RQWUDWRpRGRFXPHQWRFHOHEUDGRHQWUHD(QWLGDGH*HVWRUDHTXDOTXHU
SHVVRD VLQJXODU RX FROHFWLYD S~EOLFD RX SULYDGD SHOR TXDO p
HVWDEHOHFLGD HQWUH DV SDUWHV XPD UHODomR GH SUHVWDomR SHUPDQHQWH RX
HYHQWXDOGR6HUYLoRQRVWHUPRVHFRQGLo}HVGRSUHVHQWH5HJXODPHQWR
L (QWLGDGH *HVWRUD 6HUYLoRV 0XQLFLSDOL]DGRV GH (OHFWULFLGDGH ÉJXD H
6DQHDPHQWR GD 0DLD H[HUFHQGR D VXD DFWLYLGDGH GH DFRUGR FRP R
PRGHORGHJHVWmRGLUHFWDGR6HUYLoR
M )RVVD 6pSWLFD WDQTXH GH GHFDQWDomR GHVWLQDGR D FULDU FRQGLo}HV
DGHTXDGDVjGHFDQWDomRGHVyOLGRVVXVSHQVRVjGHSRVLomRGHODPDVHDR
GHVHQYROYLPHQWR GH FRQGLo}HV DQDHUyELFDV SDUD D GHFRPSRVLomR GH
PDWpULDRUJkQLFD
N ,QVSHFomRDFWLYLGDGHFRQGX]LGDSRUIXQFLRQiULRVGDHQWLGDGHJHVWRUDRX
SRUHVWDDFUHGLWDGRVTXHYLVDYHULILFDUVHHVWmRDVHUFXPSULGDVWRGDVDV
REULJDo}HV GHFRUUHQWHV GR SUHVHQWH 5HJXODPHQWR VHQGR HP UHJUD
HODERUDGR XP UHODWyULR HVFULWR GD PHVPD ILFDQGR RV UHVXOWDGRV
UHJLVWDGRV GH IRUPD D SHUPLWLU j HQWLGDGH JHVWRUD DYDOLDU D
RSHUDFLRQDOLGDGH GDV LQIUDHVWUXWXUDV H WRPDU PHGLGDV FRUUHFWLYDV
DSURSULDGDV
O /DPDV PLVWXUD GH iJXD H GH SDUWtFXODV VyOLGDV VHSDUDGDV GRV GLYHUVRV
WLSRVGHiJXDSRUSURFHVVRVQDWXUDLVRXDUWLILFLDLV
P3UpWUDWDPHQWR GDV ÉJXDV 5HVLGXDLV SURFHVVR D FDUJR GR XWLOL]DGRU
GHVWLQDGR j UHGXomR GD FDUJD SROXHQWH j UHGXomR RX HOLPLQDomR GH
FHUWRV SROXHQWHV HVSHFtILFRV j DOWHUDomR GD QDWXUH]D GD FDUJD SROXHQWH
RX j UHJXODUL]DomR GH FDXGDLV GH IRUPD D WRUQDU HVVDV iJXDV UHVLGXDLV
DSWDVDVHUHPUHMHLWDGDVQRVVLVWHPDVS~EOLFRVGHGUHQDJHP
Q 5DPDO GH /LJDomR GH ÉJXD p R WURoR GH FDQDOL]DomR GHVWLQDGR DR VHUYLoR
GH DEDVWHFLPHQWR GH XP SUpGLR FRPSUHHQGLGR HQWUH RV OLPLWHV GR
WHUUHQR GR PHVPR H D UHGH S~EOLFD HP TXHHVWLYHU LQVHULGR RX HQWUH D
UHGHS~EOLFDHTXDOTXHUGLVSRVLWLYRGHFRUWHJHUDOGRSUpGLRLQVWDODGRQD
YLDS~EOLFD
R 5DPDOGH/LJDomRGHÉJXDV5HVLGXDLVpRWURoRGHFDQDOL]DomRTXHWHPSRU
ILQDOLGDGH DVVHJXUDU D UHFROKD H FRQGXomR GDV iJXDV UHVLGXDLV
GRPpVWLFDV H LQGXVWULDLV GHVGH DV FkPDUDV GH UDPDO GH OLJDomR DWp DR
FROHFWRU
S 5HGH3~EOLFDGH'LVWULEXLomRGHÉJXDpRVLVWHPDGHFDQDOL]Do}HVLQVWDODGR
QDYLDS~EOLFDHPWHUUHQRVGRGRPtQLRS~EOLFRRXRXWURVVREFRQFHVVmR
HVSHFLDORXHPUHJLPHGHVHUYLGmR
T 5HGH3~EOLFDGH'UHQDJHPGHÉJXDV5HVLGXDLVpRVLVWHPDLQVWDODGRQDYLD
S~EOLFD HP WHUUHQRV GR GRPtQLR S~EOLFR PXQLFLSDO RX RXWURV VRE
FRQFHVVmRHVSHFLDORXHPUHJLPHGHVHUYLGmRFRQVWLWXtGRSHORFRQMXQWR
GHFDQDOL]Do}HVGHVWLQDGDVjFROHFWDWUDQVSRUWHHGHVWLQRILQDODGHTXDGR
GDViJXDVUHVLGXDLVGRPpVWLFDVHLQGXVWULDLV
U 5HJXODPHQWR 7DULIiULR 5HJXODPHQWR D DSURYDU QRV WHUPRV OHJDLV TXH
GHILQH H UHJXOD RV SUHoRV D VHUHP FREUDGRV SHOD (QWLGDGH *HVWRUD GRV
VLVWHPDV S~EOLFRV H SUHGLDLV GH DEDVWHFLPHQWR GH iJXD H GH UHFROKD
GUHQDJHP H WUDWDPHQWR GH iJXDV UHVLGXDLV QR kPELWR GR SUHVHQWH
5HJXODPHQWR
V 5HVHUYDWyULRV 3UHGLDLV XQLGDGHV GH UHVHUYD TXH ID]HP SDUWH FRQVWLWXLQWH
GD UHGH SUHGLDO H WrP FRPR ILQDOLGDGH R DUPD]HQDPHQWR GH iJXD j
SUHVVmR DWPRVIpULFD FRQVWLWXLQGR XPD UHVHUYD GHVWLQDGD j DOLPHQWDomR
GDUHGHSUHGLDODTXHHVWmRDVVRFLDGRVHFXMDH[SORUDomRpGDH[FOXVLYD
UHVSRQVDELOLGDGHGD HQWLGDGHSULYDGD
W 5HVHUYDWyULRV 3~EOLFRV XQLGDGHV GH UHVHUYD TXH ID]HP SDUWH GD UHGH
S~EOLFDGHGLVWULEXLomRHWrPFRPRILQDOLGDGHDUPD]HQDUiJXDVHUYLUGH
YRODQWHGHUHJXODUL]DomRFRQVWLWXLUUHVHUYDSDUDDVVHJXUDUDGLVWULEXLomR
H HTXLOLEUDU DV SUHVV}HV QD UHGH FXMD H[SORUDomR p GD H[FOXVLYD
UHVSRQVDELOLGDGHGD(QWLGDGH*HVWRUD
X 6HUYLoR ([SORUDomR H *HVWmR GR 6LVWHPD 3~EOLFR 0XQLFLSDO GH
$EDVWHFLPHQWR GH ÉJXD H GH 5HFROKD 'UHQDJHP H 7UDWDPHQWR GH
ÉJXDV5HVLGXDLV'RPpVWLFDVH,QGXVWULDLVQR&RQFHOKRGD0DLD
Y 6LVWHPD6HSDUDWLYRVLVWHPDFRQVWLWXtGRSRUGXDVUHGHVGHFROHFWRUHVXPD
GHVWLQDGD jV iJXDV UHVLGXDLV GRPpVWLFDV H LQGXVWULDLV H RXWUD j
GUHQDJHP GH iJXDV SOXYLDLV RX VLPLODUHV H UHVSHFWLYDV LQVWDODo}HV
HOHYDWyULDVHGHWUDWDPHQWRHGLVSRVLWLYRVGHGHVFDUJDILQDO
Z6LVWHPDV GH 'LVWULEXLomR 3UHGLDO FDQDOL]Do}HV TXH SURORQJDP R UDPDO GH
OLJDomR DWp DRV GLVSRVLWLYRV GH XWLOL]DomR GR SUpGLR QRUPDOPHQWH
LQVWDODGDV QR SUpGLR DLQGD TXH SRVVDP HVWDU LQVWDODGDV HP GRPtQLR
S~EOLFR
[ 6LVWHPDV GH 'UHQDJHP 3~EOLFD GH ÉJXDV 5HVLGXDLV VLVWHPDV GH GUHQDJHP
S~EOLFDGHiJXDVUHVLGXDLVGRPpVWLFDVHLQGXVWULDLVHDLQGDRVVLVWHPDV
GH GUHQDJHP SULYDGRV GHVGH TXH GHVWLQDGRV D XWLOL]DomR FROHFWLYD
FRQWHPSODQGRIXQGDPHQWDOPHQWHDUHGHGHFROHFWRUHVHRGHVWLQRILQDO
GRVHIOXHQWHV
\ 7D[DGH/LJDomRYDORUGHYLGRSHODQRYDOLJDomRGHXPSUpGLRRXIUDFomR
DXWyQRPDjUHGHS~EOLFDGHiJXDVUHVLGXDLV
] 7LWXODUTXDOTXHUSHVVRDLQGLYLGXDORXFROHFWLYDS~EOLFDRXSULYDGDTXH
FHOHEUD FRP D (QWLGDGH *HVWRUD XP &RQWUDWR WDPEpP GHVLJQDGD QD
OHJLVODomRDSOLFiYHOHPYLJRUSRUXWLOL]DGRURXXWHQWH
DD 8WLOL]DGRU'RPpVWLFR TXDOTXHUSHVVRDLQGLYLGXDORXFROHFWLYDS~EOLFDRX
SULYDGD DLQGD TXH LUUHJXODUPHQWH FRQVWLWXtGD TXH HP YLUWXGH GD
FHOHEUDomR GH XP &RQWUDWR FRQVRPH iJXD GR VLVWHPD S~EOLFR GH
GLVWULEXLomRHRXXWLOL]DRVLVWHPDS~EOLFRGHGUHQDJHPHWUDWDPHQWRGH
iJXDVUHVLGXDLVGRPpVWLFDV
EE 8WLOL]DGRU,QGXVWULDOTXDOTXHUSHVVRDLQGLYLGXDORXFROHFWLYDS~EOLFDRX
SULYDGD DLQGD TXH LUUHJXODUPHQWH FRQVWLWXtGD GH FXMD DFWLYLGDGH
UHVXOWHP iJXDV UHVLGXDLV LQGXVWULDV GHVFDUUHJDGDV QRV VLVWHPDV GH
GUHQDJHPHLQWHUFHSWRUHV
$57,*2
3ULQFtSLRVGH*HVWmR
$ JHVWmR GRV VLVWHPDV S~EOLFRV GH GLVWULEXLomR GH iJXD H GH UHFROKD
GUHQDJHP H WUDWDPHQWR GH iJXDV UHVLGXDLV GR 0XQLFtSLR GD 0DLD p FRQMXQWD
GHYHQGR D (QWLGDGH *HVWRUD DVVHJXUDU D VXD VXVWHQWDELOLGDGH HFRQyPLFD H
ILQDQFHLUDDPELHQWDOHVRFLDODFXUWRPpGLRHORQJRSUD]R
6HQGR D (QWLGDGH *HVWRUD UHVSRQViYHO SHORV VHUYLoRV GH DEDVWHFLPHQWR
GH iJXD H GH UHFROKD GUHQDJHP H WUDWDPHQWR GH iJXD UHVLGXDLV QR FRQWUDWR GH
IRUQHFLPHQWR H GH UHFROKD VHUmR HQJOREDGRV DPERV RV VHUYLoRV VDOYR PHQomR
H[SUHVVDHPFRQWUiULR
$57,*2
6LPERORJLDH8QLGDGHV
$ VLPERORJLD GRV VLVWHPDV S~EOLFRV H SUHGLDLV D XWLOL]DU HQTXDQWR QmR
IRUDSURYDGDDUHVSHFWLYDQRUPDOL]DomRSRUWXJXHVDpDLQGLFDGDQRVDQH[RV,,,
,,,9,,,H;,,,GR'HFUHWR5HJXODPHQWDUQ GHGH$JRVWR
$V XQLGDGHV HP TXH VmR H[SUHVVDV DV GLYHUVDV JUDQGH]DV GHYHP
REVHUYDUDOHJLVODomRSRUWXJXHVD
$57,*2
5HJXODPHQWDomR7pFQLFD
$V QRUPDV WpFQLFDV D TXH GHYHP REHGHFHU D FRQFHSomR R SURMHFWR D
FRQVWUXomRHH[SORUDomRGR6LVWHPD3~EOLFREHPFRPRDVUHVSHFWLYDV QRUPDVGH
KLJLHQHHVHJXUDQoDVmRDVDSURYDGDVQRVWHUPRVGRGLVSRVWR QR'HFUHWR/HLQ
GHGH$JRVWRHUHVWDQWHOHJLVODomRDSOLFiYHO
$57,*2
'HYHUHVGD(QWLGDGH*HVWRUD
&RPSHWHj(QWLGDGH*HVWRUD
D )D]HUFXPSULURSUHVHQWH5HJXODPHQWR
E 3URPRYHUDHODERUDomRGHSODQRVHVWXGRVHSURMHFWRVTXHVHMDPQHFHVViULRV
jERDJHVWmRGRVVLVWHPDV
F 3URPRYHURHVWDEHOHFLPHQWRHPDQWHUHPERPHVWDGRGHIXQFLRQDPHQWRH
FRQVHUYDomR RV VLVWHPDV S~EOLFRV GH DEDVWHFLPHQWR GH iJXD H GH UHFROKD
GUHQDJHPHWUDWDPHQWRGHiJXDVUHVLGXDLVGRPpVWLFDVHLQGXVWULDLV
G 6XEPHWHU RV FRPSRQHQWHV GR 6LVWHPD 3~EOLFR DQWHV GH HQWUDUHP HP
VHUYLoRDHQVDLRVTXHDVVHJXUHPRVHXERPIXQFLRQDPHQWR
H &RQWURODU D TXDOLGDGH GD iJXD GLVWULEXtGD H GRV HIOXHQWHV WUDWDGRV QRV
WHUPRVGDOHJLVODomRHPYLJRU
I *DUDQWLU D FRQWLQXLGDGH GR VHUYLoR H[FHSWR SRU UD]}HV GH REUDV
SURJUDPDGDVHPFDVRVIRUWXLWRVRXGHIRUoDPDLRUVHPSUHMXt]RGDWRPDGD
GHPHGLGDVLPHGLDWDVSDUDUHVROYHUDVLWXDomRHHPTXDOTXHUFDVRFRP D
REULJDomRGHDYLVDURVXWLOL]DGRUHV
J 7RPDU DV PHGLGDV QHFHVViULDV SDUD HYLWDU GDQRV QRV 6LVWHPDV 3UHGLDLV
UHVXOWDQWHV GH SUHVVmR H[FHVVLYD YDULDomR EUXVFD GH SUHVVmR RX GH
REVWUXomRGHUHGHV
K 3URPRYHUDLQVWDODomRVXEVWLWXLomRRXUHQRYDomRGRV5DPDLVGH/LJDomR
L (ODERUDU H FXPSULU XP SODQR DQXDO GH PDQXWHQomR SUHYHQWLYD SDUD DV
UHGHVGHiJXDVUHVLGXDLVHGHDEDVWHFLPHQWR
M 3URPRYHUDDFWXDOL]DomRWHFQROyJLFDGRVVLVWHPDVQRPHDGDPHQWHTXDQGR
GDtUHVXOWHXPDXPHQWRGDHILFLrQFLDWpFQLFDHGDTXDOLGDGHDPELHQWDO
$57,*2
'LUHLWRj,QIRUPDomR
2V 8WLOL]DGRUHV WrP R GLUHLWR D VHU LQIRUPDGRV GH IRUPD FODUD H
FRQYHQLHQWHSHOD(QWLGDGH*HVWRUDGDVFRQGLo}HVHPTXHRVHUYLoRpSUHVWDGRHP
HVSHFLDOQRTXHUHVSHLWDDRVWDULIiULRVDSOLFiYHLV
$ (QWLGDGH *HVWRUD GLVS}H GH XP VtWLR QD ,QWHUQHW QR TXDO p
GLVSRQLELOL]DGD D LQIRUPDomR HVVHQFLDO VREUH D VXD DFWLYLGDGH GH DFRUGR FRP R
SUHYLVWRQRDUWGR 'HFUHWR/HLQ GHGH$JRVWR
$ (QWLGDGH *HVWRUD GLVS}H LJXDOPHQWH GH XP *DELQHWH GR 8WLOL]DGRU
SDUD R TXDO RV 8WLOL]DGRUHV SRGHUmR GLULJLU DV VXDV TXHL[DV VXJHVW}HV RX
UHFODPDo}HVTXHVHUmRHQFDPLQKDGDVSDUDRGHOHJDGRGRXWLOL]DGRUUHVSRQViYHO
SRUOKHVGDUUHVSRVWDQRPDLVFXUWRHVSDoRGHWHPSRSRVVtYHO
$57,*2
7LSRVGH8WLOL]DGRUHV
3DUD HIHLWRV GH DSOLFDomR GR SUHVHQWH 5HJXODPHQWR GLVWLQJXHPVH HQWUH
RXWURVRVWLSRVGH8WLOL]DGRUHVVHJXLQWHV
D 'RPpVWLFR HQWHQGHQGRVH FRPR WDO D SHVVRD VLQJXODU RX FROHFWLYD TXH
HVWHMDOLJDGDDRVLVWHPDDSDUWLUGHXPDKDELWDomRGHRQGHUHVXOWHPiJXDV
UHVLGXDLVGRPpVWLFDVRXHTXLSDUDGDV
E &RPpUFLR,QG~VWULDH6HUYLoRVHQWHQGHQGRVHFRPRWDODSHVVRDVLQJXODURX
FROHFWLYD TXH HVWHMD OLJDGD DR VLVWHPD D SDUWLU GH XP HVWDEHOHFLPHQWR
FRPHUFLDOGHDUPD]pPRXIDEULO
F +RVSLWDLV(VFRODVHRXWURV6HUYLoRV3~EOLFRV(VWDWDLV
G $XWDUTXLDV HQWHQGHQGRVH FRPR WDO D &kPDUD 0XQLFLSDO DV -XQWDV GH
)UHJXHVLDHDV(PSUHVDV0XQLFLSDLV
H ,QVWLWXLo}HVGH6ROLGDULHGDGH6RFLDOVHPILQVOXFUDWLYRV
I &RQGRPtQLRV HQWHQGHQGRVH FRPR WDO D RUJDQL]DomR TXH JHUH DV SDUWHV
FRPXQVGHHGLItFLRVRUJDQL]DGDVHPUHJLPHGHSURSULHGDGHKRUL]RQWDO
J 8WLOL]DGRUHVSURYLVyULRV
K 6HUYLoR GH LQFrQGLR HQWHQGHQGRVH FRPR WDO WRGRV RV XWLOL]DGRUHV GH
PDUFRVHERFDVGHLQFrQGLRGHYLGDPHQWHDXWRUL]DGRV
L 6HUYLoRGHUHJDHQWHQGHQGRVHFRPRWDOWRGRVRVXWLOL]DGRUHVTXHRXVHP
SDUDHVWHHIHLWR
$57,*2
2EULJDo}HVGRV8WLOL]DGRUHVHGRV7LWXODUHV
3DUD DOpP GRV GHYHUHV FRQVWDQWHV GR SUHVHQWH 5HJXODPHQWR VmR DLQGD
REULJDo}HVGRV8WLOL]DGRUHVHGRV7LWXODUHV
D &XPSULUDVGLVSRVLo}HVGH WRGDDOHJLVODomR HPYLJRUGHVLJQDGDPHQWH
QDSDUWHTXHOKHVpDSOLFiYHO
E 1mRID]HUXVRLQGHYLGRRXGDQLILFDUTXDOTXHUFRPSRQHQWHGRV6LVWHPDV
3~EOLFRV
F 1mRDOWHUDUR5DPDOGH/LJDomR
G 1mRID]HUXVRLQGHYLGRRXGDQLILFDURV6LVWHPDV3UHGLDLVHDVVHJXUDUD
VXDFRQVHUYDomRHPDQXWHQomR
H 0DQWHU HP ERP HVWDGR GH IXQFLRQDPHQWR RV DSDUHOKRV VDQLWiULRV H RV
GLVSRVLWLYRVGHXWLOL]DomR
I $YLVDU D (QWLGDGH *HVWRUD GH HYHQWXDLV DQRPDOLDV QRV 6LVWHPDV H QRV
$SDUHOKRVGH 0HGLomR
J 1mRSURFHGHUDDOWHUDo}HVQRV6LVWHPDV3UHGLDLVVHPSUpYLDDXWRUL]DomR
GD(QWLGDGH*HVWRUD
K 3DJDU SRQWXDOPHQWH DV LPSRUWkQFLDV GHYLGDV QRV WHUPRV GR SUHVHQWH
5HJXODPHQWRHGRV&RQWUDWRVHVWDEHOHFLGRVFRPD(QWLGDGH *HVWRUD
L 1mRSURFHGHUjH[HFXomRGHOLJDomRDR6LVWHPD3~EOLFRVHPDXWRUL]DomR
GD(QWLGDGH*HVWRUD
2VSURSULHWiULRVXVXIUXWXiULRVDUUHQGDWiULRVRXTXDOTXHULQGLYtGXRRX
HQWLGDGH TXH GLVSRQKD GH WtWXOR YiOLGR TXH OHJLWLPH R XVR H IUXLomR GR ORFDO GH
OLJDomRRXDTXHOHVTXHGHWrPDOHJDODGPLQLVWUDomRGRVSUpGLRVGHYHUmRHIHFWXDU
D PXGDQoD GH WLWXODULGDGH GRV FRQWUDWRV GH IRUQHFLPHQWR VHPSUH TXH HVWHV QmR
HVWHMDP HP VHX QRPH H VHPSUH TXH RV FRQWDGRUHV UHJLVWHP D SULPHLUD FRQWDJHP
GHFRQVXPRQRSUD]RGHGLDV~WHLVFRQWDGRVGDGDWDGHYHULILFDomRGRIDFWR
VRESHQDGDLQWHUUXSomRGHIRUQHFLPHQWRGHiJXD
&DVR QmR VHMD GDGR FXPSULPHQWR DR HVWLSXODGR QR Q~PHUR DQWHULRU RX
VHPSUH TXH RFRUUD D UHVFLVmR GH FRQWUDWR SRU SDUWH GR DQWHULRU 7LWXODU R
UHVWDEHOHFLPHQWR GR IRUQHFLPHQWR ILFDUi GHSHQGHQWH GD FHOHEUDomR GH XP QRYR
FRQWUDWRFRPD(QWLGDGH*HVWRUDQRVWHUPRVGRSUHVHQWH5HJXODPHQWR
7Ì78/2,,
',675,%8,d®2'(É*8$
&$3Ì78/2,
(;3/25$d®2'26,67(0$ 35(',$/
$57,*2
6HSDUDomRGRV6LVWHPDV
2V VLVWHPDV SUHGLDLV DEDVWHFLGRV SHOD UHGH S~EOLFD GHYHP VHU
LQGHSHQGHQWHV GH TXDOTXHU RXWUD IRUPD GH GLVWULEXLomR GH iJXD FRP RULJHP
GLYHUVDQRPHDGDPHQWHSRoRVRXIXURVSULYDGRV
$H[LVWLUHPRXWUDVRULJHQVGHiJXDHVWDVGHYHPVHUGLVWULEXtGDVSRUXPD
UHGHILVLFDPHQWHLQGHSHQGHQWHVHQGRSURLELGDDUHVSHFWLYDOLJDomRDRVLVWHPDGH
UHFROKD GUHQDJHP H WUDWDPHQWR GH iJXDV UHVLGXDLV D PHQRV TXH RV FDXGDLV
UHJLVWDGRVVHMDPGHYLGDPHQWHPHGLGRVHSDJRV
$57,*2
&LGDGmRVTXHSRGHP5HTXLVLWDUXP&RQWDGRUGHÉJXD
3RGHPUHTXLVLWDUFRQWDGRUGHiJXDRVSURSULHWiULRVRXXVXIUXWXiULRVHRV
DUUHQGDWiULRV GRV SUpGLRV RX IUDFo}HV GHVGH TXH IDoDP SURYD QD 6HFUHWDULD GRV
6HUYLoRV0XQLFLSDOL]DGRVGD0DLDGDUHVSHFWLYDVLWXDomR
&RQIRUPH R FDVR GHYHUi VHU DSUHVHQWDGR R 7tWXOR GH 3URSULHGDGH GH
8VXIUXWR &RQWUDWR GH $UUHQGDPHQWR (VFULWXUD GH &RPSUD H 9HQGD RX
'HFODUDomRGRSURSULHWiULRDXWRUL]DQGRDUHTXLVLomRGRFRQWDGRU
2VGRFXPHQWRVPHQFLRQDGRVQRQ~PHURDQWHULRUGHYHPVHUDXWHQWLFDGRV
HDVDVVLQDWXUDVUHFRQKHFLGDVQRVWHUPRVGD/HL
$57,*2
,QVWDODomRGH&RQWDGRUHVGHÉJXD
$XWLOL]DomRGRVLVWHPDGHGLVWULEXLomRGHiJXDVySRGHUiFRQFUHWL]DUVH
DSyVDLQWHUFDODomRGHXPFRQWDGRUTXHVHUiYRODQWHQRFDVRGHXVRVDYXOVRVRX
WHPSRUiULRV
&RPSHWH j (QWLGDGH *HVWRUD D GHILQLomR GR WLSR FDOLEUH H FODVVH
PHWUROyJLFDGRFRQWDGRUDLQVWDODU
2VFRQWDGRUHVGHiJXDGDVOLJDo}HVSUHGLDLVVmRIRUQHFLGRVLQVWDODGRVRX
VXEVWLWXtGRVGHYLGDPHQWHVHODGRVSHOD(QWLGDGH*HVWRUD
1RVFDVRVHPTXHH[LVWLUXPDFLVWHUQDVHUiVHPSUHFRORFDGRXPFRQWDGRU
WRWDOL]DGRU j VXD HQWUDGD FXMR FRQVXPR VHUi FRPSDUDGR FRP R GRV FRQWDGRUHV
FRORFDGRV HP FDGD IRJR SHUWHQFHQGR DR 7LWXODU GR &RQWUDWR D UHVSRQVDELOLGDGH
SHORYDORUGDVGLIHUHQoDVSDUDPDLVDFXVDGDVSRUDTXHOHFRQWDGRU
1HQKXP FRQWDGRU SRGH VHU LQVWDODGR H PDQWLGR HP VHUYLoR VHP D
YHULILFDomRPHWUROyJLFDSUHYLVWDQDOHJLVODomRHPYLJRU
$57,*2
3ULPHLUR&RQWDGRUGHÉJXD
&DEH DR SULPHLUR SURSULHWiULR GH FDGD SUpGLR RX IUDFomR UHTXLVLWDU R
FRQWDGRUGHiJXDTXHSHODSULPHLUDYH]pLQVWDODGRHSDJDURVUHVSHFWLYRVFXVWRV
TXH FRUUHVSRQGHP DR SUHoR GD SULPHLUD LQVWDODomR SUHYLVWR HP 5HJXODPHQWR
7DULIiULR D DSURYDU SDUD TXH R SUpGLR RX IUDFomR SRVVD GLVSRU GH iJXD QR
PRPHQWRHPTXHIRURFXSDGR
$57,*2
5HLQVWDODomRGH &RQWDGRUGHÉJXD
6HPSUH TXH XPD IUDFomR RX SUpGLR Mi WHQKDSRVVXtGR FRQWDGRU H QHFHVVLWH
GH QRYR DSDUHOKR GH PHGLGD R PHVPR GHYHUi VHU UHTXLVLWDGR SHOR QRYR
8WLOL]DGRU TXH DSHQDV SDJDUi RV FXVWRV GH PmRGHREUD H RV HQFDUJRV
DGPLQLVWUDWLYRV XPD YH] TXH RV DFHVVyULRV QHFHVViULRV Mi HVWmR LQVWDODGRV TXH
FRUUHVSRQGHP DR SUHoR GH SRVWHULRUHV LQVWDODo}HV SUHYLVWR HP 5HJXODPHQWR
7DULIiULRDDSURYDU
$57,*2
6XEVWLWXLomRGRV&RQWDGRUHVGHÉJXD
$ (QWLGDGH *HVWRUD SURFHGHUi j VXEVWLWXLomR GR FRQWDGRU VHP TXDOTXHU
HQFDUJR SDUD R 8WLOL]DGRU TXDQGR WHQKD FRQKHFLPHQWR GH TXDOTXHU DQRPDOLD
DOKHLDDHVWHSRUUD]}HVGHH[SORUDomRHYHULILFDomRPHWUROyJLFDHVHPSUHTXHRV
FRQWDGRUHVXOWUDSDVVHPRUHVSHFWLYRSHUtRGRGHYLGD~WLOHILDELOLGDGH
$57,*2
)LVFDOL]DomRH9HULILFDomR GH&RQWDGRUHVGHÉJXD
7RGRRFRQWDGRUILFDjJXDUGDHVREUHVSRQVDELOLGDGHGR8WLOL]DGRUTXH
GHYHUi DYLVDU D (QWLGDGH *HVWRUD TXDQGR YHULILTXH D UHVSHFWLYD REVWUXomR
SDUDJHPH[LVWrQFLDGHVHORVTXHEUDGRVRXGDQLILFDGRVRXGHWHFWHTXDOTXHURXWUR
GHIHLWR
6H QR GHFXUVR GH XPD ILVFDOL]DomR SRU SDUWH GD (QWLGDGH *HVWRUD VH
YHULILFDUDOJXPDGDVVLWXDo}HVUHIHULGDVQRQ~PHURDQWHULRURXVHDSXUDUTXHHVWi
D VHU XVDGR XP PHLR FDSD] GH LQWHUIHULU QR IXQFLRQDPHQWR RX PDUFDomR GR
FRQWDGRU D (QWLGDGH *HVWRUD SURFHGHUi j VXD VXEVWLWXLomR VHP SUHMXt]R GR
SUHFHLWXDGRQRVQ~PHURVVHJXLQWHV
&RP H[FHSomR GRV GDQRV UHVXOWDQWHV GD QRUPDO XWLOL]DomR R 8WLOL]DGRU
UHVSRQGHUiSRUWRGRVRVGDQRVGHWHULRUDomRRXSHUGDGRFRQWDGRU
3DUD DOpP GD UHVSRQVDELOLGDGH FULPLQDO TXH GDt UHVXOWDU R XWLOL]DGRU
UHVSRQGHUi DLQGD SHORV SUHMXt]RV FDXVDGRV HP FRQVHTXrQFLD GR HPSUHJR GH
TXDOTXHUPHLRFDSD]GHLQWHUIHULUFRPRIXQFLRQDPHQWRRXPDUFDomRGRFRQWDGRU
VDOYRVHSURYDUTXHDTXHOHVSUHMXt]RVQmROKHVmRLPSXWiYHLV
7DQWR R 8WLOL]DGRU FRPR D (QWLGDGH *HVWRUD TXDQGR R MXOJDUHP
FRQYHQLHQWH SRGHP VXMHLWDU R FRQWDGRU D YHULILFDomR HP ODERUDWyULR FHUWLILFDGR
QmRSRGHQGRQHQKXPDGDVSDUWHVRSRUVHDHVWDRSHUDomR
2 8WLOL]DGRU SRGHUi VHPSUH DVVLVWLU j YHULILFDomR UHIHULGD QR Q~PHUR
DQWHULRUDFRPSDQKDGRVHRSUHWHQGHUGHXPWpFQLFRGDVXDFRQILDQoD
$ DIHULomR D SHGLGR GR 8WLOL]DGRU Vy VH UHDOL]DUi GHSRLV GH HIHFWXDU
GHSyVLWRGDLPSRUWkQFLDFRUUHVSRQGHQWHDRVHXFXVWRTXHVHWUDGX]QRSUHoRGH
DIHULomR GH FRQWDGRU SUHYLVWR QR 5HJXODPHQWR 7DULIiULR D DSURYDU LPSRUWkQFLD
TXHVHUiUHVWLWXtGDQRFDVRGHVHYHULILFDURPDXIXQFLRQDPHQWRGRFRQWDGRUQmR
LPSXWiYHOjTXHOH
2V8WLOL]DGRUHVVmRREULJDGRVDSHUPLWLUDLQVSHFomRGRVFRQWDGRUHVSRU
UHSUHVHQWDQWHV GD (QWLGDGH *HVWRUD GHYLGDPHQWH LGHQWLILFDGRV GXUDQWH R GLD H
GHQWURGDVKRUDVQRUPDLVGHVHUYLoRPHGLDQWHDYLVRSUpYLR
2V 8WLOL]DGRUHV GHYHP JDUDQWLU R DFHVVR GRV IXQFLRQiULRV GD (QWLGDGH
*HVWRUD DR FRQWDGRU VRE SHQD GH D (QWLGDGH *HVWRUD SRGHU VXVSHQGHU R
IRUQHFLPHQWR GH iJXD H H[LJLU D UHDOL]DomR GH REUDV GH DOWHUDomR j UHGH SUHGLDO
TXHSHUPLWDPDPXGDQoDGHORFDOGRFRQWDGRUSRUIRUPDDJDUDQWLUQRIXWXURR
DFHVVRDRPHVPRQDVFRQGLo}HVGRSUHVHQWH5HJXODPHQWR
$57,*2
)DFWXUDomR
$SHULRGLFLGDGHGHHPLVVmRGDVIDFWXUDVVHUiSRUUHJUDPHQVDO
$V IDFWXUDV HPLWLGDV GHYHUmR GLVFULPLQDU RV VHUYLoRV SUHVWDGRV H RV
FRUUHVSRQGHQWHVSUHoRVRVYROXPHVTXHGmRRULJHPDRVYDORUHVGHELWDGRVHDWD[D
GR,9$ DSOLFDGDQRVWHUPRVGD/HL
$VIDFWXUDVGHYHUmRQHFHVVDULDPHQWHLQIRUPDUTXDODGDWDOLPLWHGHVHX
SDJDPHQWR
$57,*2
/HLWXUDGRV&RQWDGRUHV
$VOHLWXUDVGRVFRQWDGRUHVVHUmRHIHFWXDGDVSHORPHQRVFLQFRYH]HVSRU
DQR QmR GHYHQGR R LQWHUYDOR HQWUH GXDV OHLWXUDV FRQVHFXWLYDV VHU VXSHULRU D GLDV
2 8WLOL]DGRUSRGHUi FRPXQLFDU SRU TXDOTXHU PHLRGHVLJQDGDPHQWH RV
SUHYLVWRV QR Q GR DUW GR 'HFUHWR/HL Q GH GH $JRVWR D
OHLWXUD GR VHX FRQWDGRU GHYHQGR QHVWH FDVR D (QWLGDGH *HVWRUD UHDOL]DU SHOR
PHQRVWUrVOHLWXUDVSRUDQR
4XDQGRR8WLOL]DGRUYHULILFDUHYHQWXDOHUURGHOHLWXUDSRGHUiDSUHVHQWDU
UHFODPDomRDWpjGDWDOLPLWHGRSDJDPHQWRGDUHVSHFWLYDIDFWXUD
6HPSUH TXH SRU LQGLVSRQLELOLGDGH GR XWLOL]DGRU VH UHYHOH HP GXDV
YLVLWDV FRQVHFXWLYDV VHU LPSRVVtYHO R DFHVVR DR FRQWDGRU SRU SDUWH GD (QWLGDGH
*HVWRUDHVWDGHYHDYLVDUR8WLOL]DGRUSRUFDUWDUHJLVWDGDRXPHLRHTXLYDOHQWHGD
GDWD RX LQWHUYDOR KRUiULR FRP DPSOLWXGH Pi[LPD GH GXDV KRUDV GH WHUFHLUD
GHVORFDomR D ID]HU SDUD R HIHLWR DVVLP FRPR GD FRPLQDomR GD VXVSHQVmR GR
IRUQHFLPHQWRQRFDVRGHQmRVHUSRVVtYHODOHLWXUD
$57,*2
$YDOLDomRGH&RQVXPRV
(P FDVR GH SDUDJHP RX IXQFLRQDPHQWR LUUHJXODU GR FRQWDGRU GH GDQR
IUDXGH RX GHVDSDUHFLPHQWR RX QRV SHUtRGRV HP TXH QmR RFRUUHX OHLWXUD R
FRQVXPRGHiJXDpDYDOLDGRGRVHJXLQWHPRGR
D 3HORFRQVXPRPpGLRDSXUDGRHQWUHDVGXDV~OWLPDVOHLWXUDVUHDLVUHDOL]DGDV
SHOD(QWLGDGH*HVWRUD
E 3HORFRQVXPRGHHTXLYDOHQWHSHUtRGRGRDQRDQWHULRUTXDQGRQmRHVWLYHU
GLVSRQtYHODPpGLDUHIHULGDQDDOtQHDDQWHULRU
F 1D IDOWD GH OHLWXUDV UHDLV VHUi DSOLFDGD XPD HVWLPDWLYD GLiULD GH DXVrQFLD
GHOHLWXUDQRVWHUPRVGDVHJXLQWHWDEHODDFWXDOL]DGDDQXDOPHQWHGHDFRUGR
FRPRVGDGRVHVWDWtVWLFRVGRDQRDQWHULRU
7LSRGH 8WLOL]DGRU
0pGLDGLiULD
SRUFOLHQWHP
GLDV DQR
'RPpVWLFR««««««««««««
175 l / hab/dia
&RPpUFLR ,QGXVWULD««««««««
825 l / hab/dia
6HPILQVOXFUDWLYRV ««««««««
175 l / hab/dia
6HUYLoRV3~EOLFRV «««««««««
825 l / hab/dia
$XWDUTXLDV/RFDLV «««««««««
175 l / hab/dia
/LJDo}HV3URYLVyULDV««««
825 l / hab/dia
$57,*2
&RQWUDWRGH)RUQHFLPHQWR GHÉJXDHGH5HFROKD'UHQDJHPH7UDWDPHQWRGH
ÉJXDV5HVLGXDLV
$SUHVWDomRGRVVHUYLoRVDRVXWLOL]DGRUHVVHUiVHPSUHREMHFWRGHFRQWUDWR
GHIRUQHFLPHQWRGHiJXDHGHUHFROKDGUHQDJHPHWUDWDPHQWRGHiJXDVUHVLGXDLV
FHOHEUDGRFRPD(QWLGDGH*HVWRUD
2V FRQWUDWRV GH IRUQHFLPHQWR GH iJXD H GH UHFROKD GUHQDJHP H
WUDWDPHQWR GH iJXDV UHVLGXDLV SRGHUmR VHU FHOHEUDGRV FRP RV SURSULHWiULRV
XVXIUXWXiULRVDUUHQGDWiULRVRXTXDOTXHULQGLYtGXRRXHQWLGDGHTXHGLVSRQKDGH
WtWXORYiOLGRTXHOHJLWLPHRXVRHIUXLomRGRORFDOGHOLJDomR
3HODSUHVWDomRGRVVHUYLoRVFRQWUDWDGRVVHUiFREUDGRDR8WLOL]DGRUSHOD
(QWLGDGH *HVWRUD XP SUHoR GH FRQVXPR GH iJXD EHP FRPR XP SUHoR SHOD
UHFROKD GUHQDJHP H WUDWDPHQWR GH iJXDV UHVLGXDLV SUHYLVWRV HP 5HJXODPHQWR
7DULIiULRDDSURYDU
2V FRQWUDWRV PHQFLRQDGRV QR Q GHVWH DUWLJR VHUmR ODYUDGRV HP
LPSUHVVR GH PRGHOR SUySULR GD (QWLGDGH *HVWRUD H UHVSHLWDUmR D PLQXWD TXH
FRQVWLWXL R $QH[R , DR SUHVHQWH 5HJXODPHQWR GHYHQGR VHU LQVWUXtGRV HP
FRQIRUPLGDGHFRPDVGLVSRVLo}HVOHJDLVHPYLJRUjGDWDGDVXDFHOHEUDomRQRTXH
UHVSHLWDQRPHDGDPHQWHDRVGLUHLWRVGRVXWLOL]DGRUHVjSURWHFomRGRXWLOL]DGRUH
jLQVFULomRGHFOiXVXODVJHUDLVQRVFRQWUDWRV
1R DFWR GH FHOHEUDomR GH FRQWUDWR GH IRUQHFLPHQWR GH iJXD GHYHUi R
UHTXHUHQWHGHFODUDUDDFHLWDomRGDVFRQGLo}HVGHIRUQHFLPHQWRGHiJXDSUHYLVWDV
QD/HLQRPHDGDPHQWHDVVHJXLQWHV
D 6HP SUHMXt]R GD HYHQWXDO UHVSRQVDELOLGDGH FULPLQDO WRGD D iJXD TXH
FRQVXPLU VHUi PHGLGD SRU FRQWDGRUHV LQVWDODGRV SHOD (QWLGDGH *HVWRUD
GHYLGDPHQWH VHODGRV UHVSRQVDELOL]DQGRVH SRU WRGRV RV GDQRV H
GHWHULRUDo}HV VRIULGDV SRU DTXHOH DSDUHOKR GH PHGLGD SRU IRUPD D
LQIOXHQFLDUDPHGLomRGRFDXGDOXWLOL]DGRRXIXQFLRQDPHQWRGRFRQWDGRU
VDOYRVHSURYDUTXHHVVDUHVSRQVDELOLGDGHQmROKHpLPSXWiYHO
E 5HVSRQVDELOL]DUVHSRUWRGRVRVFRQVXPRVGHiJXDLQGLFDGRVQRFRQWDGRU
PHVPR TXDQGR DTXHOH FRQVXPR UHVXOWH GH URWXUDV RX SHUGDV QD UHGH
SUHGLDO LQFOXLQGR WRGRV RV DSDUHOKRV H GLVSRVLWLYRV GH XWLOL]DomR VHPSUH
TXHVHYHULILTXHPDMXVDQWHGRFRQWDGRU
F $FHLWDURWDULIiULREHPFRPRWRGRVRVHQFDUJRVTXHVHMDPDSURYDGRVQRV
WHUPRVGD/HL
G 1mR UHVSRQVDELOL]DU D (QWLGDGH *HVWRUD SRU TXDOTXHU LQWHUUXSomR GR
IRUQHFLPHQWRGHiJXDGHVGHTXHWDLVLQWHUUXSo}HVUHVXOWHPGDURWXUDGDV
FRQGXWDVIDOWDGHIRUQHFLPHQWRHPDOWDRXLQFXPSULPHQWRGHSDJDPHQWR
$57,*2
9LJrQFLD6XVSHQVmRH 'HQ~QFLDGR&RQWUDWR
1RTXHUHVSHLWDDRIRUQHFLPHQWRGHiJXDRVFRQWUDWRVFRQVLGHUDPVHHP
YLJRUDSDUWLUGDGDWDHPTXHWHQKDVLGRLQVWDODGRRFRQWDGRU
1R TXH UHVSHLWD j UHFROKD GH iJXDV UHVLGXDLV GRPpVWLFDV RV FRQWUDWRV
FRQVLGHUDPVHHPYLJRUDSDUWLUGDGDWDHPTXHHQWUHHPIXQFLRQDPHQWRRUDPDO
GHOLJDomRRXWHQKDGHFRUULGRRSUD]RSUHYLVWRHPHGLWDOSDUDOLJDomRDRVLVWHPD
S~EOLFR
2V FRQWUDWRV GH IRUQHFLPHQWR H GH UHFROKD WHUPLQDP D VXD YLJrQFLD
TXDQGRGHQXQFLDGRVRXUHYRJDGRV
2VFRQWUDWRVFHOHEUDGRVFRPXQLGDGHVLQGXVWULDLVTXHHQJOREHPUHFROKD
GHiJXDVUHVLGXDLVLQGXVWULDLVVyHQWUDUmRHPYLJRUDSyVDDVVLQDWXUDGR$FRUGR
SUHYLVWRQRQGRDUWLJRHSRGHUmRVHUGHQXQFLDGRVSHOD(QWLGDGH*HVWRUDQR
FDVR GDTXHOHV HIOXHQWHV QmR UHVSHLWDUHP RV SDUkPHWURV ItVLFRV TXtPLFRV H
PLFURELROyJLFRVSUHYLDPHQWHDFRUGDGRV
2VFRQWUDWRVGHIRUQHFLPHQWRGHiJXDSDUDREUDVVmRFHOHEUDGRVDWtWXOR
SUHFiULR H H[WLQJXHPVH DXWRPDWLFDPHQWH QR GLD HP TXH FDGXFDU R UHVSHFWLYR
DOYDUiGH FRQVWUXomRRXDSyVYLVWRULDILQDO
2V 8WLOL]DGRUHV SRGHP GHQXQFLDU D WRGR R WHPSR RV FRQWUDWRV TXH
WHQKDPVXEVFULWRGHVGHTXHRFRPXQLTXHPSRUHVFULWRj(QWLGDGH*HVWRUDFRP
XPD DQWHFHGrQFLD PtQLPD GH TXLQ]H GLDV SUD]R GXUDQWH R TXDO GHYHP RV
8WLOL]DGRUHVIDFXOWDUDOHLWXUDGRVLQVWUXPHQWRVGHPHGLomRLQVWDODGRV
1mR VHQGR SRVVtYHO D OHLWXUD QR SUD]R UHIHULGR QR Q~PHUR DQWHULRU SRU
PRWLYR LPSXWiYHO DR 8WLOL]DGRU HVWH FRQWLQXD UHVSRQViYHO SHORV HQFDUJRV GDt
GHFRUUHQWHV
6HPSUHTXHRV8WLOL]DGRUHVSURFHGDPjGHQ~QFLDGHYHUiVHUUHWLUDGRR
FRQWDGRU
,QGHSHQGHQWHPHQWH GR GLVSRVWR QR Q~PHUR DQWHULRU R QRYR SHGLGR GH
OLJDomRLPSOLFDDFHOHEUDomRGHXPQRYRFRQWUDWRFRPRFRQVHTXHQWHSDJDPHQWR
GRVHQFDUJRVGDtGHFRUUHQWHVQRVWHUPRV GRSUHVHQWH5HJXODPHQWR
$ (QWLGDGH *HVWRUD SRGHUi QmR FHOHEUDU FRQWUDWR TXDQGR H[LVWDP
GpELWRVSRUUHJXODUL]DUGDUHVSRQVDELOLGDGHGRLQWHUHVVDGR
$57,*2
$OWHUDomR&RQWUDWXDO6XEMHFWLYD
$ DOWHUDomR GR 8WLOL]DGRU SRGH VHU IHLWD SRU WUDQVPLVVmR GD SRVLomR
FRQWUDWXDORXDWUDYpVGDVXEVWLWXLomRGRFRQWUDWRGHIRUQHFLPHQWRHGHUHFROKD
1RV FDVRV SUHYLVWRV QR Q~PHUR DQWHULRU TXDQGR R FRQWDGRU QmR WHQKD
VLGROHYDQWDGRGHYHRQRYR8WLOL]DGRUSDJDU~QLFDHH[FOXVLYDPHQWHRVHQFDUJRV
DGPLQLVWUDWLYRVSUHYLVWRVHP5HJXODPHQWR7DULIiULRDDSURYDU
$57,*2
6XVSHQVmRH5HLQtFLRGH)RUQHFLPHQWRGHÉJXD
2V8WLOL]DGRUHVSRGHPVROLFLWDUDVXVSHQVmRGRIRUQHFLPHQWRGHiJXDj
(QWLGDGH*HVWRUD
$VXVSHQVmRGRIRUQHFLPHQWRGHiJXDSRUIDOWDDWHPSDGDGHSDJDPHQWR
VySRGHWHUOXJDUDSyVHQYLRGHFDUWDGHLQWHUUXSomRGRIRUQHFLPHQWRGHiJXDSHOD
(QWLGDGH*HVWRUD
$SyVDLQWHUUXSomRGRIRUQHFLPHQWRGHiJXDLPSRVWDRXVROLFLWDGDVHUi
FREUDGR DR 8WLOL]DGRU XP SUHoR GH UHVWDEHOHFLPHQWR GR IRUQHFLPHQWR GH iJXD
SUHYLVWRHP5HJXODPHQWR7DULIiULRDDSURYDU
$57,*2
5DPDLVGH/LJDomRSDUD$EDVWHFLPHQWRGHÉJXD
&DEH DR SULPHLUR SURSULHWiULR GH FDGD SUpGLR UHTXLVLWDU H SDJDU j
(QWLGDGH*HVWRUDRUDPDOGHOLJDomRSDUDDEDVWHFLPHQWRGHiJXD
2FXVWRGHFDGDUDPDOVHUiRUoDPHQWDGRGHYHQGRRSURSULHWiULRFXVWHDU
WRGRVRVHQFDUJRVLQHUHQWHVjUHVSHFWLYDH[HFXomRTXHFRUUHVSRQGHPDRSUHoRGH
OLJDomR UDPDO SDUD DEDVWHFLPHQWR GH iJXDSUHYLVWR HP 5HJXODPHQWR 7DULIiULR D
DSURYDUFDEHQGRDH[HFXomRVHPSUH j(QWLGDGH*HVWRUD
$57,*2
5HVHUYDWyULRVH&LVWHUQDV3UHGLDLV
7RGRV RV SUpGLRV GH KDELWDomR WrP GH VHU GRWDGRV GH UHVHUYDWyULR RX
FLVWHUQD VLWXDomR TXH GHYH VHU FRQWHPSODGDQR SURMHFWR D DSURYDU SHOD(QWLGDGH
*HVWRUD
2V UHVHUYDWyULRV RX FLVWHUQDV GHYHP VHU ORFDOL]DGRV HP ]RQDV TXH
SHUPLWDPXPDIiFLOLQVSHFomRHDH[HFXomRGHWUDEDOKRVGHPDQXWHQomROLPSH]DH
UHSDUDomRLQWHULRUHH[WHULRUSRUSDUWHGRVUHVSHFWLYRV8WLOL]DGRUHV
2V UHVHUYDWyULRV GH XVR FROHFWLYR GHYHP VHU LQVWDODGRV HP ]RQDV
FRPXQV
4XDQGR DUPD]HQDP iJXD SDUD ILQV DOLPHQWDUHV H VDQLWiULRV RV
UHVHUYDWyULRV GHYHP VHU FRQVWUXtGRV FRP SURWHFomR WpUPLFD H HVWDU DIDVWDGRV GH
ORFDLVVXMHLWRVDWHPSHUDWXUD VXSHULRUD
$V SDUHGHV YHUWLFDLV GHYHP ILFDU DIDVWDGDV GH TXDOTXHU RXWUD SDUHGH
FRPXPFRPXPHVSDoDPHQWRQXQFDLQIHULRUDP
$ ODMH GH FREHUWXUD GHYHUi ILFDU DIDVWDGD GHTXDOTXHU RXWUD ODMH GH SHOR
PHQRVPTXDQGRRDFHVVRDRLQWHULRUIRU HIHFWXDGRSHODSDUWHVXSHULRU
6H R DFHVVR DR LQWHULRU IRU ODWHUDO D ODMH VXSHULRU SRGHUi ILFDU FRP XP
HVSDoR QmR LQIHULRU D P GHVGH TXH VHMD IDFLOPHQWH DPRYtYHO YLVtYHO SHOR
H[WHULRU DSUHVHQWH LQFOLQDomR QmR LQIHULRU D H JDUDQWD D WRWDO YHGDomR GR
LQWHULRUGRUHVHUYDWyULR
'HYH VHU JDUDQWLGD D YHQWLODomR DPELHQWH GR FRPSDUWLPHQWR HP TXH
ILTXHLQVWDODGRRUHVHUYDWyULR
$57,*2
$VSHFWRV&RQVWUXWLYRV
2V UHVHUYDWyULRV GHYHP VHU LPSHUPHiYHLV H GRWDGRV GH GLVSRVLWLYR GH
IHFKRHVWDQTXHVHUHVLVWHQWHV
$VDUHVWDVLQWHULRUHVGHYHPVHUEROHDGDVHDVROHLUDGHYHWHUDLQFOLQDomR
PtQLPDGHSDUDDFDL[DGHOLPSH]DDILPGHIDFLOLWDURHVYD]LDPHQWR
2V UHVHUYDWyULRV H DV FLVWHUQDV GHYHP VHU DEVROXWDPHQWH LQGHSHQGHQWHV
GRVHOHPHQWRVHVWUXWXUDLVGRVHGLItFLRVRQGHHVWmRLQVWDODGRV
2VUHVHUYDWyULRVGHYHPVHUGLPHQVLRQDGRVSDUDJDUDQWLUXPDUHVHUYDGH
iJXDGHKRUDV
2V UHVHUYDWyULRV SRGHP VHU GH EHWmR DOYHQDULD GH WLMROR RX EORFRV GH
FLPHQWRGHYLGDPHQWHLPSHUPHDELOL]DGRVDoRLQR[359RXRXWURVPDWHULDLVTXH
FRPSURYDGDPHQWHUH~QDPDVQHFHVViULDVHGHYLGDVFRQGLo}HVGHXWLOL]DomR
2V PDWHULDLV H UHYHVWLPHQWRV XVDGRV QRV UHVHUYDWyULRV QmR SRGHP HP
FLUFXQVWkQFLDDOJXPDDOWHUDUDTXDOLGDGHGDiJXDTXHQHODpDUPD]HQDGD
&$3Ì78/2,,
$%$67(&,0(172'(É*8$3$5$$&7,9,'$'(,1'8675,$/$3$57,5'(
&$37$d¯(635Ð35,$6
$57,*2
&RQVLGHUDo}HV*HUDLV
$(QWLGDGH*HVWRUDGRVHUYLoRGHGLVWULEXLomRSRGHDXWRUL]DUDXWLOL]DomR
GH iJXD QmR SRWiYHO H[FOXVLYDPHQWH SDUD ODYDJHP GH SDYLPHQWRV UHJD H ILQV
LQGXVWULDLVQmRDOLPHQWDUHVGHVGHTXHVDOYDJXDUGDGDVDVFRQGLo}HVGHGHIHVDGD
VD~GHS~EOLFD
$V UHGHV GH iJXD QmR SRWiYHO H UHVSHFWLYRV GLVSRVLWLYRV GH XWLOL]DomR
GHYHP VHU VLQDOL]DGRV VHQGR TXH DV FDQDOL]Do}HV LQVWDODGDV j YLVWD RX YLVLWiYHLV
GHYHP VHU LGHQWLILFDGDV FRQVRDQWH D QDWXUH]D GD iJXD WUDQVSRUWDGD H GH DFRUGR
FRPRVLVWHPDGHQRUPDOL]DomRYLJHQWHYHUGH 5$/
$ DSURYDomR SRU SDUWH GD (QWLGDGH *HVWRUD GRV SURMHFWRV GDV UHGHV
SUHGLDLVGHDEDVWHFLPHQWRGHiJXDSDUDDFWLYLGDGHLQGXVWULDOTXHQmRVHGHVWLQHD
FRQVXPR KXPDQR H TXH WHQKD RULJHP HP FDSWDo}HV SUySULDV Vy SRGHUi VHU
HIHFWXDGDDSyVGHIHULPHQWRGRSHGLGRGHOLFHQoDGHXWLOL]DomRSRUSDUWHGD$5+²
$GPLQLVWUDomRGD5HJLmR+tGULFD,3 QRVWHUPRVGDOHJLVODomRHPYLJRU
$ TXDQWLILFDomR GRV FDXGDLV GHVFDUUHJDGRV QRV VLVWHPDV PXQLFLSDLV GH
UHFROKD GUHQDJHP H WUDWDPHQWR GH iJXDV UHVLGXDLV FRP RULJHP HP FDSWDomR
SUySULDVHUiUHDOL]DGDLQGLUHFWDPHQWHFRPEDVHQDVOHLWXUDVGRFRQWDGRUGHiJXD
LQVWDODGRQDVFDSWDo}HVSUySULDV
6HPSUHTXHIRUHPYHULILFDGRVGHVYLRVDFHQWXDGRVHQWUHRVFRQVXPRVGH
iJXDGDVFDSWDo}HVSUySULDVHDVUHMHLWDGDVFRPRiJXDVUHVLGXDLVDTXDQWLILFDomR
GR YROXPH GH iJXD UHVLGXDO DQWHV GD UHVSHFWLYD HQWUDGD QD UHGH S~EOLFD GH
GUHQDJHPVHUiHIHFWXDGDFRPEDVHQXPPHGLGRU UHJLVWDGRUGHFDXGDOGHiJXDV
UHVLGXDLV
2V FRQWDGRUHV GH iJXD GDV OLJDo}HV SUHGLDLV FRP RULJHP HP FDSWDo}HV
SUySULDVHRVPHGLGRUHVGHFDXGDLVGHiJXDVUHVLGXDLVVmRIRUQHFLGRVHLQVWDODGRV
SHOD(QWLGDGH*HVWRUDTXHILFDFRPDUHVSRQVDELOLGDGHGDUHVSHFWLYDPDQXWHQomR
HVXEVWLWXLomR
6HMDP TXDLV IRUHP DV FLUFXQVWkQFLDV p H[SUHVVDPHQWH SURLELGD D
LQWHUOLJDomRGRVLVWHPDGHDEDVWHFLPHQWRGHiJXDFRPRULJHPQDUHGHS~EOLFDFRP
RVLVWHPDGHDEDVWHFLPHQWRGHiJXDFRPRULJHPHPFDSWDomRSUySULD
&$3Ì78/2,,,
7$5,)É5,2'(9(1'$'(É*8$
$57,*2
$SURYDomR
2 7DULIiULR GD YHQGD GH iJXD GRV 6HUYLoRV 0XQLFLSDOL]DGRV GD 0DLD p
DSURYDGR SHOR &RQVHOKR GH $GPLQLVWUDomR H SHOD &kPDUD 0XQLFLSDO GD 0DLD
HVWDQGRSUHYLVWRHUHJXODGRHP5HJXODPHQWR7DULIiULRDDSURYDU
7Ì78/2,,,
'5(1$*(0(75$7$0(172'(É*8$65(6,'8$,6
&$3Ì78/2,
6(3$5$d®2'(6,67(0$6
$57,*2
&RQVLGHUDo}HV*HUDLV
2 VLVWHPD GH UHFROKD GUHQDJHP H WUDWDPHQWR GH iJXDV UHVLGXDLV GR
0XQLFtSLRGD0DLDpVHSDUDWLYRLVWRppFRQVWLWXtGRSRUGXDVUHGHVGHFROHFWRUHV
GLVWLQWDVVHQGRXPDGHVWLQDGDjViJXDVUHVLGXDLVGRPpVWLFDVHLQGXVWULDLVHRXWUD
jGUHQDJHPGDViJXDVSOXYLDLVRXVLPLODUHV
(QWLGDGH*HVWRUDDSHQDVFDEHDJHVWmRGDUHGHGHGUHQDJHPGHiJXDV
UHVLGXDLV
e H[SUHVVDPHQWH SURLELGD D OLJDomR GH iJXDV SOXYLDLV j UHGH GH
GUHQDJHP GH iJXDV UHVLGXDLV EHP FRPR D OLJDomR GH iJXDV UHVLGXDLV j UHGH GH
GUHQDJHPGHiJXDVSOXYLDLV
3HODSUHVWDomRGRVVHUYLoRVGHUHFROKDGUHQDJHPHWUDWDPHQWRGHiJXDV
UHVLGXDLV VHUi FREUDGR DR 8WLOL]DGRU SHOD (QWLGDGH *HVWRUD XP SUHoR SUHYLVWR
HP5HJXODPHQWR7DULIiULRDDSURYDU
$RV8WLOL]DGRUHVWLWXODUHVGHFRQWUDWRGHIRUQHFLPHQWRGHiJXDTXHQmR
HVWHMDP OLJDGRV j UHGH GH VDQHDPHQWR PDV TXH GLVSRQKDP GDV LQIUDHVWUXWXUDV
TXH SHUPLWHP HVVD OLJDomR p FREUDGR XP SUHoR SUHYLVWR HP 5HJXODPHQWR
7DULIiULRDDSURYDU
1RFDVRGH8WLOL]DGRUHVWLWXODUHVGHDFRUGRGHOLJDomRDRVVLVWHPDVGH
UHFROKDGUHQDJHPHWUDWDPHQWRPDVQmROLJDGRVjUHGHGHGLVWULEXLomRGHiJXDR
SUHoR UHIHULGR QR Q GR SUHVHQWH DUWLJR VHUi FREUDGR FRP EDVH QR YDORU GDV
FDSLWDo}HV OHJDOPHQWH DGPLWLGDV QRV WHUPRV GR SUHYLVWR HP 5HJXODPHQWR
7DULIiULRDDSURYDU
$57,*2
5DPDLVGH/LJDomR
&DEHDRSULPHLURSURSULHWiULRGHFDGDSUpGLRUHTXLVLWDUHSDJDUj(QWLGDGH
*HVWRUDRUDPDOGHOLJDomREHPFRPRDWD[DGHOLJDomRGHVDQHDPHQWRSUHYLVWDQR
&DStWXOR,97tWXOR,,, GRSUHVHQWH5HJXODPHQWR
$57,*2
&XVWR GH5DPDO
2VUDPDLVGHOLJDomRVmRSDUWHLQWHJUDQWHGDUHGHS~EOLFDFRPSHWLQGRj
(QWLGDGH*HVWRUDDVXDLQVWDODomRFRQVHUYDomRHPDQXWHQomR
7RGRV RV HQFDUJRV GHFRUUHQWHV GD H[HFXomR GR UDPDO VmR GD
UHVSRQVDELOLGDGHGRUHTXLVLWDQWHHUHVXOWDPGHSUpYLRRUoDPHQWRHODERUDGRSDUD
R HIHLWR SHOD (QWLGDGH *HVWRUD FRUUHVSRQGHQGR DR SUHoR GD OLJDomR UDPDO SDUD
UHFROKD H GUHQDJHP GH iJXDV UHVLGXDLV SUHYLVWR HP 5HJXODPHQWR 7DULIiULR D
DSURYDU
&$3Ì78/2,,
$63(&726&2167587,926
$57,*2
&kPDUDGH5DPDOGH/LJDomR
$ FkPDUD GH UDPDO GH OLJDomR GHYHUi WHU HP SODQWD DV GLPHQV}HV
PtQLPDVGHP[P
$57,*2
/RFDOL]DomR
$ FkPDUD GH UDPDO GH OLJDomR GHYHUi VHPSUH TXH SRVVtYHO ILFDU
ORFDOL]DGDGHQWURGDSURSULHGDGHGRUHTXHUHQWHHFRQWtJXDDRUHVSHFWLYROLPLWH
6HPSUHTXHSRUUD]}HVGHRUGHPWpFQLFDDFkPDUDGHUDPDOGHOLJDomR
WLYHU GH ILFDU LQVWDODGD QR GRPtQLR S~EOLFR D UHVSRQVDELOLGDGH SHOD VXD
PDQXWHQomR H SHOD FRQVHUYDomR GH WRGD D UHGH SUHGLDO D PRQWDQWH PHVPR TXH
LQVWDODGDQRGRPtQLRS~EOLFRpGDUHVSRQVDELOLGDGHGR8WLOL]DGRURX8WLOL]DGRUHV
GRSUpGLR
&$3Ì78/2,,,
É*8$65(6,'8$,6,1'8675,$,6
$57,*2
2EMHFWLYR
3UHWHQGHVH UHJXODU DV FRQGLo}HV GH DXWRUL]DomR GH GHVFDUJD GH iJXDV
UHVLGXDLV SRU 8QLGDGHV ,QGXVWULDLV GH PDQHLUD D DVVHJXUDU R HTXLOtEULR HQWUH R
GHVHQYROYLPHQWR HFRQyPLFR H DV H[LJrQFLDV GH SURWHFomR DPELHQWDO H GH
TXDOLGDGHGHYLGDHDLQGD
D 3URWHJHU D VD~GH GR SHVVRDO TXH WUDEDOKD QRV VLVWHPDV FROHFWRUHV H QDV
HVWDo}HVGHWUDWDPHQWR
E *DUDQWLUTXHRVVLVWHPDVGHUHFROKDHGUHQDJHPDVHVWDo}HVGHWUDWDPHQWR
GHiJXDVUHVLGXDLVHRHTXLSDPHQWRFRQH[RQmRVHMDPGDQLILFDGRV
F *DUDQWLU R DGHTXDGR IXQFLRQDPHQWR GDV HVWDo}HV GH WUDWDPHQWR GH iJXDV
UHVLGXDLVHRWUDWDPHQWRHDSURYHLWDPHQWRGDVODPDVHGRELRJiV
G *DUDQWLU TXH DV GHVFDUJDV GDV HVWDo}HV GH WUDWDPHQWR QmR GHWHULRUHP R
DPELHQWH RX QmR LPSHoDP DV iJXDV UHFHSWRUDV GH FXPSULU R GLVSRVWR
QRXWUDVGLUHFWLYDVFRPXQLWiULDV
H *DUDQWLUTXHDVODPDVSRVVDPVHUHOLPLQDGDVHPVHJXUDQoDHGHXPPRGR
HFRORJLFDPHQWHDFHLWiYHO
$57,*2
ÇPELWRGH$SOLFDomR
$V QRUPDV FRQVWDQWHV GR SUHVHQWH &DStWXOR DSOLFDPVH D WRGDV DV
DFWLYLGDGHVLQGXVWULDLVLQVHULGDVQR0XQLFtSLRGD0DLDTXHXWLOL]DPRXYHQKDPD
XWLOL]DURVVLVWHPDVGHUHFROKDGUHQDJHPHWUDWDPHQWRGR0XQLFtSLR
$57,*2
$XWRUL]DomRGH/LJDomR
$QWHV GH TXDOTXHU SURFHGLPHQWR GH GHVFDUJD GH iJXDV UHVLGXDLV WHUi
TXHVHUHIHFWXDGRXPSHGLGRSUpYLRGHLQVWDODomRGHOLJDomRj(QWLGDGH*HVWRUDD
TXHP FDEHUi D LQVWUXomR WpFQLFD H DGPLQLVWUDWLYD GR GRVVLHU DVVLP FRPR D VXD
FRQGXomRWHQGRHPFRQWDDVLQIRUPDo}HVSUHVWDGDVSHORLQWHUHVVDGR
$ (QWLGDGH *HVWRUD FRQFHGH DXWRUL]DomR GH OLJDomR GDV LQVWDODo}HV
LQGXVWULDLVGHVGHTXHVHMDPFXPSULGDVWRGDVDVQRUPDVHHVSHFLILFDo}HVSUHYLVWDV
QRSUHVHQWH5HJXODPHQWR
6HPSUH TXH VH YHULILTXH D DOWHUDomR GDV FRQGLo}HV VXEMDFHQWHV j
DXWRUL]DomR UHIHULGDV QR Q~PHUR DQWHULRU SRGH D (QWLGDGH *HVWRUD UHYRJDU D
GHFLVmRFRQFHGLGD
$57,*2
5HGH,QWHUQDGH'UHQDJHPGHÉJXDV5HVLGXDLV,QGXVWULDLV
$ UHGH LQWHUQD GH GUHQDJHP GH iJXDV UHVLGXDLV LQGXVWULDLV GHYHUi VHU
VHSDUDGD GD UHGH GH GUHQDJHP GH iJXDV UHVLGXDLV GRPpVWLFDV H GHYHUi
LJXDOPHQWH SRVVXLU XPD FkPDUD ORFDOL]DGD D PRQWDQWH GD OLJDomR j UHGH JHUDO
RQGH FRQIOXDP H[FOXVLYDPHQWH DV iJXDV UHVLGXDLV LQGXVWULDLV GH PRGR D VHU
SRVVtYHODFROKHLWDGHDPRVWUDVUHSUHVHQWDWLYDV
4XDOTXHUDOWHUDomRDSURYDGDDRWUDoDGRGDUHGHLQWHUQDGHVDQHDPHQWR
VySRGHUiVHUHIHFWXDGDDSyVDXWRUL]DomRSUpYLDGD(QWLGDGH*HVWRUD
3DUD R HIHLWR H HP PRPHQWR SUpYLR DR LQtFLR GDV REUDV GHYHUi VHU
DSUHVHQWDGR XP DGLWDPHQWR DR SURMHFWR LQLFLDO D VHU DQDOLVDGR H DSURYDGR SHOD
(QWLGDGH*HVWRUD
6HUi GD UHVSRQVDELOLGDGH GD (QWLGDGH *HVWRUD D LQVWDODomR GRV
HTXLSDPHQWRVGHPHGLomRHGHUHJLVWRGRVFDXGDLVLQGXVWULDLVTXHVHUmRODQoDGRV
QRV FROHFWRUHV PXQLFLSDLV GHYHQGR RV HQFDUJRV VHU VXSRUWDGRV SHOR 8WLOL]DGRU
,QGXVWULDOFRUUHVSRQGHQGRDRSUHoRGDLQVWDODomRGRVLQVWUXPHQWRVGHPHGLomRH
GHUHJLVWRGRVFDXGDLVLQGXVWULDLVSUHYLVWRHP5HJXODPHQWR7DULIiULRDDSURYDU
$57,*2
&RQGLo}HVGH'HVFDUJD
$ GHVFDUJD GH iJXDV UHVLGXDLV LQGXVWULDLV QRV VLVWHPDV GH UHFROKD
GUHQDJHPHWUDWDPHQWRPXQLFLSDLVQmRGHYHUiHPTXDOTXHUFLUFXQVWkQFLD
D 3{U HP ULVFR R IXQFLRQDPHQWR GRV VLVWHPDV GH UHFROKD GUHQDJHP H
WUDWDPHQWRRQGHVHUmRODQoDGDV
E &RQVWLWXLU DPHDoD SDUD D VHJXUDQoD RX D VD~GH GRV WUDEDOKDGRUHV
LQWHJUDGRVQRVVLVWHPDV
F $IHFWDU D TXDOLGDGH GDV iJXDV UHFHSWRUDV SDUD RQGH VHUmR ODQoDGRV RV
HIOXHQWHVWUDWDGRV
$ GHVFDUJD GDV iJXDV UHVLGXDLV ODQoDGDV QRV FROHFWRUHV PXQLFLSDLV QmR
GHYHUiLJXDOPHQWHFRQWHU
D 6XEVWkQFLDV VyOLGDV OtTXLGDV RX JDVRVDV TXH PLVWXUDGDV FRP iJXD
UHVLGXDOSRVVDPGDURULJHPDVXEVWkQFLDVLQIODPiYHLVRXH[SORVLYDV
E 5HVtGXRV FODVVLILFDGRV FRPR SHULJRVRV QR kPELWR GD OHJLVODomR HP
YLJRU
F 5HVtGXRVVyOLGRVVHGLPHQWiYHLVRXIOXWXDQWHV
G (IOXHQWHVFRPSURSULHGDGHVFRUURVLYDV
H ÉJXDV QmR FRQWDPLQDGDV UHVXOWDQWHV GH SURFHVVRV LQGXVWULDLV QmR
SROXHQWHV
I ÉJXDVSOXYLDLV
2 8WLOL]DGRU ,QGXVWULDO WRPDUi WRGDV DV SURYLGrQFLDV QHFHVViULDV SDUD D
SUHYHQomR GH GHVFDUJDV DFLGHQWDLV TXH SRVVDP LQIULQJLU RV FRQGLFLRQDPHQWRV
FRQVLGHUDGRV
4XDLVTXHU DQRPDOLDV RX DFLGHQWHV FRP LQIOXrQFLD QDV FRQGLo}HV GH
GHVFDUJDGHYHPVHU GHLPHGLDWR FRPXQLFDGRVj(QWLGDGH*HVWRUD
$57,*2
8QLGDGHGH3Up7UDWDPHQWR
6HPSUH TXH D TXDOLGDGH GDV iJXDV UHVLGXDLV LQGXVWULDLV QmR UHVSHLWH RV
OLPLWHV HVSHFtILFRV GH GHVFDUJD p REULJDWyULD D LQVWDODomR GH XP VLVWHPD GH
WUDWDPHQWRDSURSULDGRGDLQWHLUDUHVSRQVDELOLGDGHGR8WLOL]DGRU,QGXVWULDOFXMRV
HQFDUJRVVHUmRVXSRUWDGRVSRUHVWHGHYHQGRSDUDRHIHLWRDSUHVHQWDUDGHFODUDomR
TXHFRQVWLWXLR$QH[R,9DRSUHVHQWH5HJXODPHQWR
$57,*2
,QVWUXomRGR3URFHVVR
$ LQVWUXomR GR SURFHVVR GH DXWRUL]DomR GH GHVFDUJD GH iJXDV UHVLGXDLV
LQGXVWULDLV QR VLVWHPD GH UHFROKD GUHQDJHP H WUDWDPHQWR GR &RQFHOKR GD 0DLD
FRPSHWHj(QWLGDGH*HVWRUD
2 SHGLGR GH OLJDomR p LQVWUXtGR FRP R SUHHQFKLPHQWR GR PRGHOR GH
UHTXHULPHQWR GH OLJDomR GH iJXDV UHVLGXDLV SURGX]LGDV SRU DFWLYLGDGH
HPSUHVDULDOjVUHGHVGHFROHFWRUHVPXQLFLSDLVTXHFRQVWDGR$QH[R,,GRSUHVHQWH
5HJXODPHQWR
6HPSUH TXH KDMD OXJDU DR HVWDEHOHFLPHQWR GH XQLGDGHV GH SUp
WUDWDPHQWRGHYHUiVHUHQWUHJXHQD(QWLGDGH*HVWRUDFySLDGRSURMHFWRGD(37$5
DVVLPFRPRDUHVSHFWLYDOLFHQoDGHODERUDomR
$ DXWRUL]DomR GH OLJDomR jV UHGHV GH FROHFWRUHV PXQLFLSDLV WHUi GH VHU
UHQRYDGD DWUDYpV GH QRYR UHTXHULPHQWR VHPSUH TXH VH YHULILTXH TXDOTXHU XPD
GDVVLWXDo}HVSUHYLVWDVQRDUWLJRGRSUHVHQWH5HJXODPHQWR
$57,*2
$SUHFLDomRH'HFLVmR
6HPSUH TXH VXUMD TXDOTXHU UHTXHULPHQWR TXH QmR FRUUHVSRQGD DR
PRGHOR GR $QH[R ,, RX VHMD RPLVVR TXDQWR D LQIRUPDo}HV FRQVLGHUDGDV
LPSUHVFLQGtYHLV SDUD D GHFLVmR GD YLDELOLGDGH RX QmR GD OLJDomR j UHGH GH
FROHFWRUHVPXQLFLSDLVD(QWLGDGH*HVWRUDFRPXQLFDUiRIDFWRDRUHTXHUHQWHSDUD
TXHVHMDPLQGLFDGRVRVHOHPHQWRVHPIDOWD
$(QWLGDGH*HVWRUDSRGHUi
D &RQFHGHU DXWRUL]DomR GH OLJDomR jV UHGHV GH FROHFWRUHV PXQLFLSDLV
VHPLPSOLFDomRGHTXDOTXHUDXWRUL]DomRHVSHFtILFD
E ([LJLU D DSUHVHQWDomR GH RXWURV GRFXPHQWRV TXH FRQVLGHUH
QHFHVViULRVSDUDDGHFLVmRGDYLDELOLGDGHRXQmRGDOLJDomR
F ,QGHIHULURSHGLGRGHOLJDomR
$SyV D DQiOLVH GH WRGRV RV HOHPHQWRV GR SURFHVVR D (QWLGDGH *HVWRUD
HPLWLUi QRV WHUPRV GR Q DUWLJR GR SUHVHQWH 5HJXODPHQWR R DFRUGR GH
OLJDomRDRVVLVWHPDVGHUHFROKDGUHQDJHPHWUDWDPHQWRTXHID]SDUWHLQWHJUDQWH
GRUHVSHFWLYRFRQWUDWRGHIRUQHFLPHQWRHGHUHFROKDHTXHFRQVWDGR$QH[R,,,DR
SUHVHQWH 5HJXODPHQWR TXH GHSRLV GH OLGR H DFKDGR FRQIRUPH p DVVLQDGR SHOR
UHTXHUHQWHHSHORUHSUHVHQWDQWHGD(QWLGDGH*HVWRUD
$ HYHQWXDO UHFXVD GH DXWRUL]DomR VHUi VHPSUH IXQGDPHQWDGD SHOD
(QWLGDGH*HVWRUD
$57,*2
$XWR&RQWUROR
3DUD YHULILFDomR SHULyGLFD GDV FRQGLo}HV GH GHVFDUJD R WLWXODU GD
DXWRUL]DomR REULJDVH D LQVWDODU XP SURFHVVR GH DXWRFRQWUROR LQIRUPDQGR D
(QWLGDGH *HVWRUD GRV YDORUHV GDV DQiOLVHV UHDOL]DGDV H GH TXDOTXHU WLSR GH
DOWHUDomR YHULILFDGD UHODWLYDPHQWH DRV GDGRV FRQVWDQWHV QR UHTXHULPHQWR GH
OLJDomR
$SHULRGLFLGDGHGDSUHVWDomRGDVLQIRUPDo}HVDTXHVHUHIHUHRQ~PHUR
DQWHULRUVHUiHVWDEHOHFLGDQRDFRUGRGHOLJDomR
2VHQFDUJRVGHFRUUHQWHVGDLQVWDODomRHH[SORUDomRGRSURFHVVRGHDXWR
FRQWURORVmRGDUHVSRQVDELOLGDGHGRWLWXODUGDDXWRUL]DomR
$57,*2
,QVSHFomRH)LVFDOL]DomR
2VLVWHPDGHGHVFDUJDGHiJXDVUHVLGXDLVLQGXVWULDLVILFDVXMHLWRDDFo}HVGH
LQVSHFomRHILVFDOL]DomRSRUSDUWHGD(QWLGDGH*HVWRUDREULJDQGRVHR8WLOL]DGRU
,QGXVWULDODIDFXOWDUROLYUHDFHVVRjVVXDVLQVWDODo}HVSHORVWUDEDOKDGRUHVGDTXHOD
HQWLGDGHHDIRUQHFHUWRGDVDVLQIRUPDo}HVQHFHVViULDVDRH[HUFtFLRGDVIXQo}HVGH
LQVSHFomRHILVFDOL]DomR
$57,*2
(QFDUJRV
&RPSHWHj(QWLGDGH*HVWRUDDVVXPLURVHQFDUJRVLQHUHQWHVjVDFo}HVGH
LQVSHFomRHILVFDOL]DomRGDTXDOLGDGHGDViJXDVUHVLGXDLVVHPSUHMXt]RGHVHUHP
VXSRUWDGDVSHOR8WLOL]DGRU,QGXVWULDOVHPSUHTXHVHGHPRQVWUHTXHDVFRQGLo}HV
GHGHVFDUJDSUHYLDPHQWH IL[DGDVQmRHVWmRDVHUFXPSULGDV
$VGHVSHVDVFRPYLVWRULDVH[WUDRUGLQiULDVTXHUHVXOWHPGHUHFODPDo}HV
MXVWLILFDGDV VHUmRVXSRUWDGDVSHORWLWXODUGDDXWRUL]DomR
&$3Ì78/2,9
7$;$'(/,*$d®2'(6$1($0(172
$57,*2
9DORUGD7D[D
6HPSUH TXH GHWHUPLQDGR SUpGLR Mi VH HQFRQWUH KDELWDGR j GDWD GH
HQWUDGDHPYLJRUGRSUHVHQWH5HJXODPHQWRRV6HUYLoRV0XQLFLSDOL]DGRVGD0DLD
FREUDUmRGRUHVSHFWLYRSURSULHWiULRRXXVXIUXWXiULRXPDWD[DGHOLJDomRGHYDORU
LJXDODGRYDORUSDWULPRQLDOGDTXHOHLPyYHO
1R FDVR GRV SUpGLRV QRYRV RV 6HUYLoRV 0XQLFLSDOL]DGRV GD 0DLD
FREUDUmR GR SULPHLUR SURSULHWiULR XPD WD[D GH OLJDomR GH YDORU LJXDO D GR
YDORUSDWULPRQLDOGRLPyYHO
$57,*2
9DORU3DWULPRQLDO3URYLVyULR
3DUDRVSUpGLRVDLQGDQmRLQVFULWRVQD5HSDUWLomRGDV)LQDQoDVFXMRYDORU
SDWULPRQLDO DLQGD QmR IRL IL[DGR RV 6HUYLoRV 0XQLFLSDOL]DGRV GHWHUPLQDUmR XP
YDORUSDWULPRQLDOSURYLVyULRDWUDYpVGDVUHJUDVVHJXLQWHV
D 3UpGLRGH+DELWDomR
½[QGHTXDUWRVGHGRUPLU[ PHVHV[
E ÉUHDVGHVWLQDGDVD&RPpUFLR
• $WpPòiUHD[½[[
• 6XSHULRUDPòH,QIHULRUDPòiUHD[½[[
FRPRPtQLPRGH ½
• 6XSHULRUDPòH,QIHULRUDPòiUHD[½[[
FRPRPtQLPRGH ½
• 6XSHULRUDPòH,QIHULRUDPòiUHD[½[[
FRPRPtQLPRGH ½
• 6XSHULRUDPòiUHD[½[[FRPRPtQLPRGH
½
F ÉUHDVGHVWLQDGDVD,QG~VWULD
• $WpPòiUHD[½[[
• 6XSHULRUDPòH,QIHULRUDPòiUHD[½[[
FRPRPtQLPRGH ½
• 6XSHULRUDPòiUHD[½[[FRPRPtQLPRGH
½
7tWXOR,9
'LVSRVLo}HVILQDLV
$57,*2
&RQWUDRUGHQDo}HV
eSDVVtYHOGHFRQWUDRUGHQDomRDSUiWLFDGRVDFWRVVHJXLQWHV
D $PRGLILFDomRGDSRVLomRGRVFRQWDGRUSHOR8WLOL]DGRURXDYLRODomR
GRVUHVSHFWLYRVVHORVRXFRQVHQWLPHQWRDTXHRXWURVRIDoDP
E 3URFHGHUjH[HFXomRGHOLJDo}HVDRVLVWHPDS~EOLFRVHPDXWRUL]DomR
GD(QWLGDGH*HVWRUD
F 2 QmR FXPSULPHQWR GD REULJDomR GH OLJDomR j UHGH S~EOLFD SHOR
SURSULHWiULR
G (PSUHJR GH TXDOTXHU PHLR IUDXGXOHQWR SDUD XWLOL]DU iJXD GD UHGH
S~EOLFD
H $OWHUDU R UDPDO GH OLJDomR HVWDEHOHFLGR HQWUH D UHGH JHUDO H D UHGH
SUHGLDO
I $ RSRVLomR GRV 8WLOL]DGRUHV D TXH D (QWLGDGH *HVWRUD SRU
LQWHUPpGLR GH SHVVRDO GHYLGDPHQWH LGHQWLILFDGR RX FUHGHQFLDGR
SURFHGD j ILVFDOL]DomR GR FXPSULPHQWR GR SUHVHQWH 5HJXODPHQWR H
RXWUDVQRUPDVYLJHQWHVTXHUHJXOHPRIRUQHFLPHQWRGHiJXD
J 'HVFDUJDGHiJXDVUHVLGXDLVLQGXVWULDLVSDUDRVVLVWHPDVPXQLFLSDLV
VHP D UHVSHFWLYD DXWRUL]DomR GH GHVFDUJD RX HP ORFDO GLIHUHQWH GR
GHPDUFDGRSHOD(QWLGDGH*HVWRUD
K 5HMHLomR GH iJXDV GHJUDGDGDV GLUHFWDPHQWH SDUD R VLVWHPD GH
UHFROKD H GUHQDJHP GH iJXD UHVLGXDLV VHP TXDOTXHU WLSR GH
PHFDQLVPRVTXHDVVHJXUHPDVXDGHSXUDomRTXDQGRH[LJtYHO
L $ IDOWD GH FXPSULPHQWR GDV FRQGLo}HV JHUDLV GH GHVFDUJD H GDV
FRQGLo}HVHVSHFtILFDVIL[DGDVDWUDYpVGRDFRUGRGHGHVFDUJD
2UHJLPHOHJDOHGHSURFHVVDPHQWRGDVFRQWUDRUGHQDo}HVREHGHFHUiDR
GLVSRVWR QR 'HFUHWR/HL Q GH GH 2XWXEUR QD VXD UHGDFomR DFWXDO
DVVLPFRPRQR'HFUHWR/HLQ GHGH$JRVWR
$V FRQWUDRUGHQDo}HV SUHYLVWDV QR Q VmR SXQtYHLV FRP FRLPD GH ½
D½WUDWDQGRVHGHSHVVRDVLQJXODUVHQGRHOHYDGRSDUD½
RPRQWDQWHPi[LPRQRFDVRGHVHWUDWDUGHSHVVRDFROHFWLYD
$QHJOLJrQFLDpSXQtYHO
3DUDDGHWHUPLQDomRGRPRQWDQWHGDFRLPDDSOLFDUVHiRUHJLPHJHUDO
SUHYLVWRQDOHJLVODomRUHVSHFWLYD
$57,*2
3URFHVVRGHDGYHUWrQFLD
$ (QWLGDGH *HVWRUD SRGHUi QRV FDVRV TXH HQWHQGD GH PHQRU JUDYLGDGH
OLPLWDUVH D ID]HU XPD DGYHUWrQFLD DR LQIUDFWRU GD TXDO FRQVWDUi D LQGLFDomR GD
LQIUDFomRFRPHWLGDHRSUD]RSDUDDUHVSHFWLYDFRUUHFomR
$57,*2
6DQo}HV$FHVVyULDV
$V FRQWUDRUGHQDo}HV SUHYLVWDV QR DUWLJR SRGHP DLQGD GHWHUPLQDU
TXDQGR D JUDYLGDGH GD LQIUDFomR R MXVWLILTXH R FDQFHODPHQWR GD OLJDomR
FRQFHGLGDFRPWRGRVRVHIHLWRVGDtGHFRUUHQWHVQRPHDGDPHQWHDLQWHUUXSomRGR
IRUQHFLPHQWRGHiJXDHGDOLJDomRjVUHGHVGHFROHFWRUHVPXQLFLSDLVGHGUHQDJHP
GHiJXDVUHVLGXDLV
$57,*2
3URFHVVRVGH&RQWUDRUGHQDomRH$SOLFDomRGH&RLPDVH6DQo}HV$FHVVyULDV
2 SURFHVVDPHQWR GDV FRQWUDRUGHQDo}HV H D DSOLFDomR GDV FRLPDV H
VDQo}HV DFHVVyULDV SUHYLVWDV QR SUHVHQWH 5HJXODPHQWR FRPSHWH j (QWLGDGH
*HVWRUD
2SURGXWRGDVFRLPDVUHYHUWHLQWHJUDOPHQWHSDUDD(QWLGDGH*HVWRUD
$57,*2
5HVSRQVDELOLGDGH&LYLOH&ULPLQDO
$DSOLFDomRGDVVDQo}HVDGPLQLVWUDWLYDVSUHYLVWDVQmRLVHQWDRLQIUDFWRUGD
UHVSRQVDELOLGDGHFLYLOSRUSHUGDVHGDQRVHUHVSRQVDELOLGDGHFULPLQDOHPHUJHQWH
GRVIDFWRVSUDWLFDGRV
$57,*2
,QWHJUDomRGH/DFXQDV
(PWXGRRTXHQmRVHHQFRQWUHHVSHFLDOPHQWHSUHYLVWRQHVWH5HJXODPHQWRp
DSOLFiYHORGLVSRVWRQDOHJLVODomRHPYLJRU
$1(;2,
&2175$72'()251(&,0(172'(É*8$('(5(&2/+$'5(1$*(0
(75$7$0(172'(É*8$65(6,'8$,6
$1(;2,,
5(48(5,0(172'(/,*$d®2'(É*8$65(6,'8$,6352'8=,'$6
325$&7,9,'$'( (035(6$5,$/
$266,67(0$6'(5(&2/+$ '5(1$*(0(75$7$0(172
081,&,3$,6
,
5(4É*8$ BBBBBBBBBBBB BBBBBB
_5
5HVHUYDGRDRV60$6
5(46$1($0(172 BBBBBBBB BBBBBB
_
,'(17,),&$d®2'$(035(6$
120('$(035(6$ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
120('235235,(7É5,2 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
(1'(5(d2'$,167$/$d®2 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
7(/()21( BBBBBBBBBBBBBBBBBBB
)$;BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
(PDLOBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
,,
6,78$d®2'$(035(6$
É/9$5É'(/,&(1d$&$0$5É5,$1BBBBBBBB
$&7,9,'$'(,167$/$'$ /,&(1d$'(87,/,=$d®21BBBBBBBBBBBBBBBBB
'$7$'(,1Ì&,2'(/$%25$d®2BBBBBBBBBB
$&7,9,'$'( $ ,167$/$56( ,,,
7,32'( $&7,9,'$'(
5$02 '($&7,9,'$'(BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&/$66,),&$d®2'$$&7,9,'$'((&21Ð0,&$1&$(BBBBBBDQH[DUIRWRFySLD
7,32/2*,$'2(67$%(/(&,0(172,1'8675,$/'($&25'2&202'(&5(72
/(,1 '('(2878%527,32 '2&80(172&203529$7,92&$(
,9
+25É5,2/$%25$/
',$6'(/$%25$d®2 6(0$1$BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
+25É5,2'(/$%25$d®2 ',$BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
9
3(662$/
1Ô0(52727$/'(75$%$/+$'25(6BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
1Ô0(52'(75$%$/+$'25(6325785126&$62(;,67$0BBBBBBBBBBBBBBBB
9,
352&(662352'87,92
7,32BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
0$7e5,$635,0$6BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
48$17,'$'(',É5,$BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
7,32BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
352'8726),1$,6BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
48$17,'$'(
',É5,$
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'(6&5,d®2'2352&(662,1'8675,$/DQH[DUGLDJUDPDGHIDEULFRBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)$6(6'2352&(66248(*(5$0É*8$65(6,'8$,6BBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&$8'$,60e',26',É5,26Pó G352'8=,'26(0&$'$)$6('2352&(662
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
9,,
&$5$&7(5,=$d®2'$6É*8$65(6,'8$,6$5(-(,7$5
7,32'('(6&$5*$
,17(50,7(17(
&217Ì18$
3(5,2',&,'$'(BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&$8'$/727$/',É5,2'(É*8$65(6,'8$,6'20e67,&$6$5(-(,7$5Pó GB
&20326,d®2'$6É*8$65(6,'8$,6352'8=,'$63(/$$&7,9,'$'('$
(035(6$DQH[DUEROHWLPGHFDUDFWHUL]DomRDQDOtWLFDBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
9,,,
35e75$7$0(172
'(6&5,d®2680É5,$'2352&(662'(75$7$0(172,167$/$'2BBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
,;
25,*(0(&216802'$É*8$'($%$67(&,0(172
&$37$d®235Ð35,$ &2168026',É5,26Pó GBBBBBBBBBBBBB
5('(3Ô%/,&$
&2168026',É5,26Pó GBBBBBBBBBBBBB
;
5(63216É9(/'$(035(6$$&217$&7$5BBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
0DLDBBBBBBBBGHBBBBBBBBBBBBBBBBGHBBBBBBBBB
25(48(5(17(
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$1(;2,,,
02'(/2'($&25'2'(/,*$d®2'(É*8$65(6,'8$,6
,1'8675,$,6$266,67(0$6'( 5(&2/+$ '5(1$*(0(
75$7$0(172'2&21&(/+2'$0$,$
6(59,d26081,&,3$/,=$'26'(É*8$(6$1($0(172'$
&Ç0$5$081,&,3$/'$0$,$
$&25'2'(/,*$d®2'(É*8$65(6,'8$,6,1'8675,$,6$26
6,67(0$6'( 5(&2/+$ '5(1$*(0(75$7$0(172'2&21&(/+2
'$0$,$
$RV BBBBGH BBBBBBBBBBGH BBB HQWUH RV 6HUYLoRV 0XQLFLSDOL]DGRV GH
ÉJXD H 6DQHDPHQWR GD 0DLD UHSUHVHQWDGRV SHOR 'LUHFWRU²'HOHJDGR H D ILUPD
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBFRPVHGHBBBBBBBBBBBBBBBBB
)UHJXHVLDBBBBBBBBBBBBBBBBBB&RQFHOKRGD0DLDUHSUHVHQWDGDSHOR([PD6U
DDGLDQWHGHVLJQDGRSRU7,78/$5'$$8725,=$d®2IRLDFRUGDGR GHSRLV
GHOLGRHDFKDGRFRQIRUPHRVHJXLQWH
2EMHFWRGRDFRUGR
2 SUHVHQWH DFRUGR FRQVWLWXL D DXWRUL]DomR GH GHVFDUJD SDUD D ILUPD HP
TXHVWmRHWHPSRUREMHFWLYRGHILQLUDVFRQGLo}HVHVSHFtILFDVGH'HVFDUJDGHÉJXDV
5HVLGXDLV,QGXVWULDLVQR6LVWHPDGH 5HFROKD 'UHQDJHPH7UDWDPHQWRGR&RQFHOKR
GD0DLD HDVUHVSRQVDELOLGDGHVDTXHVHREULJDRWLWXODUGDDXWRUL]DomR
2EULJDo}HVGR7LWXODUGD$XWRUL]DomR
2 WLWXODU GD DXWRUL]DomR REULJDVH DR FXPSULPHQWR GH WRGRV RV
FRQGLFLRQDPHQWRV JHUDLV GH GHVFDUJD SUHYLVWRV QDV 1RUPDV 5HJXODPHQWDUHV GH
'HVFDUJD GH ÉJXDV 5HVLGXDLV ,QGXVWULDLV HP YLJRU QR &RQFHOKR GD 0DLD H jV
FRQGLo}HVHVSHFtILFDVGHGHVFDUJD
&RQGLo}HV(VSHFtILFDVGH'HVFDUJDGHÉJXDV5HVLGXDLV
/LPLWHVGH4XDOLGDGH$GPLVVtYHLV
2VSDUkPHWURVGHFRQWURORVHUmRGHILQLGRVFDVRDFDVRWHQGRHPDWHQomR
RVHFWRULQGXVWULDOHPDQiOLVH
3$5Ç0(7526
9$/25(6/,0,7(90$
127$90$²9DORUPi[LPRDGPLVVtYHOSDUDDGHVFDUJDGHiJXDVUHVLGXDLVQRV
VLVWHPDVGHUHFROKD GUHQDJHPHWUDWDPHQWRPXQLFLSDLV
&DXGDO0i[LPR$GPLVVtYHO
2 YROXPH Pi[LPR VHPDQDO GH iJXDV UHVLGXDLV D ODQoDU QRV FROHFWRUHV
PXQLFLSDLV VHUi GH BBBBBBBBBBBB FRP XP Pi[LPR KRUiULR GH BBBBBBBBB R TXDO
VHUi ODQoDGR HP FRQWtQXR GXUDQWH BBB KRUDV VHPDQDLV H HP GLDV ~WHLV 3DUD WDO
VHUi SUHYLVWR R DGHTXDGR HTXLSDPHQWR SDUD PHGLomR H UHJLVWR GRV FDXGDLV
LQGXVWULDLV TXH VmR UHMHLWDGRV HP WHUPRV GH FDXGDLV Pi[LPRV GLiULRV O V H
PHQVDLVP PrV
$XWR&RQWUROR
2 SURFHVVR GH DXWRFRQWUROR WHUi XPD IUHTXrQFLD GH DPRVWUDJHP
BBBBBBBBBBBB 2V SDUkPHWURV D DQDOLVDU VHUmR RV FRQVWDQWHV GR TXDGUR UHIHUHQWH
DRVOLPLWHVGHTXDOLGDGHDGPLVVtYHLV2VPpWRGRVDQDOtWLFRVGHUHIHUrQFLDHRWLSR
GH DPRVWUDJHP D UHDOL]DU VHUmR RV HVWDEHOHFLGRV QD ~OWLPD HGLomR GR ´6WDQGDUG
0HWKRGVµ $ DPRVWUDJHP GHYHUi VHU GR WLSR FRPSRVWD DWHQGHQGR DR UHJLPH GH
GHVFDUJDGDViJXDVUHVLGXDLVLQGXVWULDLVSURGX]LGDV
0RGLILFDomR5HYLVmRH$GDSWDomRGR$FRUGR
4XDOTXHU PRGLILFDomR UHYLVmR RX DGDSWDomR GR DFRUGR VHUi H[DPLQDGD
SHODVSDUWHVQRGHFXUVRGHUHXQLmRFRQYRFDGDSDUDRHIHLWRDSHGLGRGHXPDGDV
SDUWHVFRQWUDWDQWHV
'DWDGH(IHLWR
2SUHVHQWHDFRUGRDGTXLUHHIHLWRQRGLDLPHGLDWDPHQWHDVHJXLUjGDWDGH
DVVLQDWXUDGDVSDUWHV
27,78/$5'$$8725,=$d®2
2',5(&725² '(/(*$'2
BBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$1(;2,9
BBBBBBBBBBBBBBBBBBBBBBBBB
HP
UHSUHVHQWDomR
GD
ILUPD
BBBBBBBBBBBBBBBBBBBBBBBBBBBB FRP VHGH HP BBBBBBBBBBBBBBBBBBBBB )UHJXHVLD
GH BBBBBBBBBBBBBBBB &RQFHOKR GH BBBBBBBBBBBB 'LVWULWR GH BBBBBBBBBBBBB
GHFODUD TXH WHQGR WRPDGR FRPSOHWR FRQKHFLPHQWR GDV FRQGLo}HV HP TXH OKH p
FRQFHGLGD D DXWRUL]DomR GH GHVFDUJD GH iJXDV UHVLGXDLV QRV 6LVWHPDV GR
0XQLFtSLRGD0DLDTXHVROLFLWRXDWUDYpVGRUHTXHULPHQWRQBBBBBBBBBGDWDGRGH
BBBBBBBBBBBBBGHFODUDTXHVHREULJDSRUVXDSHVVRDHEHQVSUHVHQWHVHIXWXURVD
FXPSULULQWHJUDOPHQWHDTXHODVFRQGLo}HV
0DLDBBBBBBBBGHBBBBBBBBBBBBBBBBGHBBBBBBBBB
27,78/$5'$$8725,=$d®2
Download
