9HUVmR3XEOLFDGD
$ SUHVHQWH 2IHUWD p GLULJLGD H[FOXVLYDPHQWH DRV DFLRQLVWDV GHWHQWRUHV GH Do}HV RUGLQiULDV Do}HV
SUHIHUHQFLDLV HP FRQMXQWR ³$o}HV´ RX GH FHUWLILFDGRV GH GHSyVLWRV GH Do}HV ³8QLWV´ H RV DFLRQLVWDV
GHWHQWRUHV GH $o}HV HRX 8QLWV ³$FLRQLVWDV´ GR %DQFR 6DQWDQGHU %UDVLO 6$ ³6DQWDQGHU %UDVLO´ RX
³&RPSDQKLD´DSWRVDSDUWLFLSDUGROHLOmR³/HLOmR´QD%0)%29(63$6$%ROVDGH9DORUHV0HUFDGRULDVH
)XWXURV ³%0)%29(63$´ 2V $FLRQLVWDV TXH UHVLGDP IRUD GR %UDVLO SRGHUmR SDUWLFLSDU GD RIHUWD REMHWR
GHVWHHGLWDOGHVGHTXHFXPSUDPFRPWRGDVDVOHLVHUHJXODPHQWRVDTXHHVWHMDPVXMHLWRV$RIHUWDQmRp
GHVWLQDGD D SHVVRDV TXH UHVLGDP HP TXDOTXHU MXULVGLomR QD TXDO UHDOL]DU RX SDUWLFLSDU GD RIHUWD VHULD
SURLELGRSRUOHL
(',7$/'(2)(57$3Ò%/,&$92/817È5,$'(3(5087$'(81,76($d®(6
3$5$6$Ë'$'21Ë9(/'(*29(51$1d$&25325$7,9$
'$%0)%29(63$6$%2/6$'(9$/25(60(5&$'25,$6()878526
%DQFR6DQWDQGHU%UDVLO6$
&13-0)
1,5(
&yGLJR,6,1GDV8QLWV%56$1%&'$0
&yGLJR,6,1GDV$o}HV2UGLQiULDV%56$1%$&125
&yGLJR,6,1GDV$o}HV3UHIHUHQFLDLV%56$1%$&135
&yGLJRGH1HJRFLDomRGDV8QLWV³6$1%´
&yGLJRGH1HJRFLDomRGDV$o}HV2UGLQiULDV³6$1%´
&yGLJRGH1HJRFLDomRGDV$o}HV3UHIHUHQFLDLV³6$1%´
&RPSDQKLD$EHUWDGH&DSLWDO$XWRUL]DGR
2IHUWDQWH
%$1&26$17$1'(56$
&13-0)
&RPSDQKLD(VWUDQJHLUD±&90Qž
&yGLJR,6,1GRV%'5V³%5%6$1%'5´
&yGLJR,6,1GRV5HFLERVGH6XEVFULomR³%5%6$150´
&yGLJRGH1HJRFLDomRGRV%'5V³%6$1´
&yGLJRGH1HJRFLDomRGRV5HFLERVGH6XEVFULomR³%6$1´
%$1&2 6$17$1'(5 %5$6,/ 6$ LQVWLWXLomR ILQDQFHLUD FRP VHGH QD &LGDGH GH
6mR3DXOR(VWDGRGH6mR3DXORQD$YHQLGD3UHVLGHQWH-XVFHOLQR.XELWVFKHNQž
LQVFULWD QR &13-0) VRE R Qž QD TXDOLGDGH GH LQVWLWXLomR
ILQDQFHLUD LQWHUPHGLiULD ³,QVWLWXLomR ,QWHUPHGLiULD´ ³6DQWDQGHU %UDVLO´ RX
³&RPSDQKLD´ FRQIRUPH R FDVR SRU LQWHUPpGLR GD 6DQWDQGHU &RUUHWRUD GH &kPELR H
9DORUHV 0RELOLiULRV 6$ LQVWLWXLomR ILQDQFHLUD FRP VHGH QD &LGDGH GH 6mR 3DXOR
(VWDGR GH6mR3DXORQD$YHQLGD3UHVLGHQWH-XVFHOLQR.XELWVFKHN H ž
-85B63Y
9HUVmR3XEOLFDGD
DQGDULQVFULWDQR&13-0)VRERQž³6DQWDQGHU&RUUHWRUD´SRU
FRQWD H RUGHP GR %$1&2 6$17$1'(5 6$ VRFLHGDGH FRQVWLWXtGD H H[LVWHQWH GH
DFRUGRFRPDVOHLVGD(VSDQKDFRPVHGHHP6DQWDQGHU&DQWDEULD3DVHRGH3HUHGD
Q~PHUR LQVFULWD QR &13-0) VRE R Qž FRQWURODGRU LQGLUHWR
GD &RPSDQKLD FRQIRUPH GHILQLGD DEDL[R ³6DQWDQGHU (VSDQKD´ RX ³2IHUWDQWH´
UHJLVWUDGDQD&RPLVVmRGH9DORUHV0RELOLiULRV³&90´FRPRFRPSDQKLDHVWUDQJHLUDQD
FDWHJRULD $ YHP DSUHVHQWDU D WRGRV RV $FLRQLVWDV GHWHQWRUHV GH Do}HV RUGLQiULDV
Do}HV SUHIHUHQFLDLV HP FRQMXQWR ³$o}HV´ RX FHUWLILFDGRV GH GHSyVLWR GH Do}HV
UHSUHVHQWDWLYRV GH XPD DomR RUGLQiULD H XPD DomR SUHIHUHQFLDO GH HPLVVmR GD
&RPSDQKLD HP FLUFXODomR QR PHUFDGR ³8QLWV´ D SUHVHQWH RIHUWD S~EOLFD YROXQWiULD
³2IHUWD´ GH SHUPXWD GH DWp D WRWDOLGDGH GDV 8QLWV H $o}HV SRU FHUWLILFDGRV GH
GHSyVLWRV UHSUHVHQWDWLYRV GH Do}HV RUGLQiULDV %UD]LOLDQ 'HSRVLWDU\ 5HFHLSWV
SDWURFLQDGRV 1tYHO ,,, GH HPLVVmR GR 6DQWDQGHU (VSDQKD ³%'5V´ SDUD VDtGD GD
&RPSDQKLD GR VHJPHQWR HVSHFLDO GR PHUFDGR GH Do}HV 1tYHO GH *RYHUQDQoD
&RUSRUDWLYD GD %0)%29(63$6$ ± %ROVD GH 9DORUHV 0HUFDGRULDV H )XWXURV ³1tYHO
´H³%0)%29(63$´UHVSHFWLYDPHQWHGHDFRUGRFRPDVUHJUDVHVWDEHOHFLGDVQD/HL
Qž GH GH GH]HPEUR GH FRQIRUPH DOWHUDGD ³/HL GDV 6RFLHGDGHV SRU
$o}HV´ QD ,QVWUXomR &90 Qƒ GH GH PDUoR GH FRQIRUPH DOWHUDGD
³,QVWUXomR &90 ´ QR 5HJXODPHQWR GH /LVWDJHP GR 1tYHO GH *RYHUQDQoD
&RUSRUDWLYDGD%0)%29(63$³5HJXODPHQWRGH/LVWDJHPGR1tYHO´HQRDUWGR
(VWDWXWR6RFLDOGD&RPSDQKLDQRVWHUPRVHFRQGLo}HVDEDL[RGLVSRVWRV
,QIRUPDo}HV3UHOLPLQDUHV
2IHUWD&RQIRUPHIDWRUHOHYDQWHGLYXOJDGRDRPHUFDGRHPGHDEULOGH
R&RQVHOKRGH$GPLQLVWUDomRGR6DQWDQGHU(VSDQKDDSURYRXHPUHXQLmRUHDOL]DGDHP
GH DEULO GH D UHDOL]DomR GD 2IHUWD SDUD D SHUPXWD GH DWp D WRWDOLGDGH GDV
$o}HV H8QLWVTXH QmR VHMDP GHWLWXODULGDGH GR*UXSR6DQWDQGHUH TXHUHSUHVHQWDP
DSUR[LPDGDPHQWHGRFDSLWDOVRFLDOGR6DQWDQGHU%UDVLO$2IHUWDSRVVLELOLWDUiDRV
$FLRQLVWDV TXH DFHLWDUHP D 2IHUWD REVHUYDGRV RV WHUPRV H FRQGLo}HV GHVFULWRV QHVWH
HGLWDO ³(GLWDO´ SHUPXWDUHP VXDV 8QLWV RX $o}HV SRU %'5V ODVWUHDGRV SRU Do}HV
RUGLQiULDVGHHPLVVmRGR6DQWDQGHU(VSDQKDFRPYDORUQRPLQDOGH¼FLQTXHQWD
FHQWDYRVGH(XUR$2IHUWDpYROXQWiULDHQmRHVWiFRQGLFLRQDGDDXPQtYHOPtQLPRGH
DFHLWDomR $SyV D 2IHUWD RV %'5V VHUmR DGPLWLGRV j QHJRFLDomR QR VHJPHQWR
WUDGLFLRQDO GD %0)%29(63$ H DV 8QLWV H $o}HV PLJUDUmR GR 1tYHO WDPEpP SDUD
VHJPHQWRWUDGLFLRQDOGD%0)%29(63$
%'5VD6HUHP(QWUHJXHV HP3HUPXWDSHODV$o}HVRX8QLWV&RQVLGHUDQGR TXH
FDGDXP%'5UHSUHVHQWDXPDDomRRUGLQiULDGHHPLVVmRGR6DQWDQGHU(VSDQKD
HVXMHLWRDRHVWDEHOHFLGRQRLWHPDEDL[RRV$FLRQLVWDVTXHDFHLWDUHPSDUWLFLSDUGD
2IHUWDUHFHEHUmRHPSHUPXWD
D %'5SDUDFDGD8QLWH
E %'5 SDUD FDGD $omR VHMD DomR RUGLQiULD RX DomR SUHIHUHQFLDO WHQGR HP
YLVWDTXHFDGD8QLWpFRPSRVWDGHDomRRUGLQiULDHDomRSUHIHUHQFLDO
2IHUWD GH 3HUPXWD QRV (8$ $FLRQLVWDV GHWHQWRUHV GH $PHULFDQ 'HSRVLWDU\
5HFHLSWV FHUWLILFDGRV GH GHSyVLWR UHSUHVHQWDWLYRV GH 8QLWV GD &RPSDQKLD ³$'5V
6DQWDQGHU%UDVLO´ LQGHSHQGHQWHPHQWH GH VXD ORFDOL]DomR HDFLRQLVWDVGHWHQWRUHV GH
-85B63Y
9HUVmR3XEOLFDGD
8QLWV HRX $o}HV HP FLUFXODomR QR PHUFDGR TXH HVWHMDP ORFDOL]DGRV QRV (VWDGRV
8QLGRVGD$PpULFD³(8$´RXTXHVHMDPFRQVLGHUDGRV863HUVRQVFRQIRUPHGHILQLGR
SHOD 5HJUD 6 GR 86 6HFXULWLHV $FW RI FRQIRUPH DOWHUDGR ³6HFXULWLHV $FW´
SRGHUmR SHUPXWDU WDLV YDORUHV PRELOLiULRV SRU FHUWLILFDGRV GH GHSyVLWR GH Do}HV
UHSUHVHQWDWLYRV GH Do}HV RUGLQiULDV GH HPLVVmR GR 6DQWDQGHU (VSDQKD ³$'5V
6DQWDQGHU(VSDQKD´SRUPHLRGR-30RUJDQ&KDVH%DQN1$³86([FKDQJH$JHQW´
QDTXDOLGDGHGHDJHQWHGHSHUPXWDQRV(8$WHQGRHPYLVWDTXHR6DQWDQGHU(VSDQKD
HVWi UHDOL]DQGR FRQFRPLWDQWHPHQWH j 2IHUWD QR %UDVLO XPD RIHUWD GH SHUPXWD QRV
(8$ ³3HUPXWD QRV (8$´ SRU PHLR GH XP SURVSHFWR HP LQJOrV QRV WHUPRV GR
5HJLVWUDWLRQ 6WDWHPHQW RQ )RUP ) ³)RUPXOiULR )´ DUTXLYDGR QD 86 6HFXULWLHV
DQG ([FKDQJH &RPPLVVLRQ ³6(&´ WDPEpP GLVSRQtYHO SDUD FRQVXOWD QRV HQGHUHoRV
LQGLFDGRV QR LWHP H TXH VH WRUQRX YLJHQWH HP GH VHWHPEUR GH &RQVLGHUDQGRTXHDVVLPFRPRR%'5FDGDXP$'56DQWDQGHU(VSDQKDUHSUHVHQWD
XPDDomRRUGLQiULDGHHPLVVmRGR6DQWDQGHU(VSDQKDRVDFLRQLVWDVTXHDFHLWDUHP
SDUWLFLSDU GD 3HUPXWD QRV (8$ UHFHEHUmR HP SHUPXWD FRP VXMHLomR D DMXVWHV
HTXLYDOHQWHVDRVGHVFULWRVQRLWHPDEDL[R
D $'56DQWDQGHU(VSDQKDSDUDFDGD$'56DQWDQGHU%UDVLORX8QLWH
E $'5 6DQWDQGHU (VSDQKD SDUD FDGD $omR VHMD DomR RUGLQiULD RX DomR
SUHIHUHQFLDOWHQGRHPYLVWDTXHFDGD8QLWpFRPSRVWDGHDomRRUGLQiULDH
DomRSUHIHUHQFLDOGHHPLVVmRGD&RPSDQKLD
$OWHUQDWLYDV SDUD 86 3HUVRQV 2V GHWHQWRUHV GH 8QLWV HRX $o}HV
ORFDOL]DGRV QRV (8$ RX TXH VHMDP FRQVLGHUDGRV 86 3HUVRQV SRGHUmR
DOWHUQDWLYDPHQWH j SDUWLFLSDomR QD 2IHUWD QR %UDVLO SDUWLFLSDU GD 3HUPXWD QRV
(8$ H UHFHEHU $'5V 6DQWDQGHU (VSDQKD PHGLDQWH XWLOL]DomR GH XPD GDV
VHJXLQWHVDOWHUQDWLYDVVHJXLQGRRSURFHGLPHQWRGHVFULWRQR)RUPXOiULR)
D GHSRVLWDU VXDV 8QLWV QR SURJUDPD GH $'5V 6DQWDQGHU %UDVLO UHFHEHU $'5V
6DQWDQGHU %UDVLO H RIHUWDU VHXV $'5V 6DQWDQGHU %UDVLO SRU PHLR GR 86
([FKDQJH$JHQW
E GHSRVLWDU VXDV $o}HV QR 6DQWDQGHU %UDVLO QD TXDOLGDGH GH LQVWLWXLomR
ILQDQFHLUD GHSRVLWiULD GDV 8QLWV UHVSHLWDGDV D UHODomR GH XPD DomR
RUGLQiULD H XPD DomR SUHIHUHQFLDO SDUD FRPSRVLomR GH FDGD 8QLW H DV
GHPDLVUHJUDVSUHYLVWDVQRDUWLJRGR(VWDWXWR6RFLDOGR6DQWDQGHU%UDVLO
D ILP GH TXH SRVVDP UHFHEHU 8QLWV H HP VHJXLGD GHSRVLWiODV QR SURJUDPD
GH$'5V6DQWDQGHU%UDVLODILPGHUHFHEHU$'5V6DQWDQGHU%UDVLOHRIHUWDU
VHXV$'5V6DQWDQGHU%UDVLOSRUPHLRGR86([FKDQJH$JHQWRX
F RIHUWDU VXDV 8QLWV HRX $o}HV GLUHWDPHQWH SRU LQWHUPpGLR GR 86 ([FKDQJH
$JHQWGHVGHTXHFXPSULGRVRVUHTXLVLWRVGHVFULWRVQR)RUPXOiULR)
$ ,QVWLWXLomR ,QWHUPHGLiULD QmR WHP TXDOTXHU FRQWUROH RX
UHVSRQVDELOLGDGH VREUH RV SURFHGLPHQWRV TXH VHUmR HIHWXDGRV SHUDQWH R 86
([FKDQJH $JHQW EHP FRPR DWLQHQWHVjV IRUPDOLGDGHV H SURFHGLPHQWRV D TXH D
3HUPXWD QRV (8$ HVWi VXMHLWD H FXPSULPHQWR GH H[LJrQFLDV OHJDLV HRX
UHJXODPHQWDUHV SHORV GHWHQWRUHV GH 8QLWV HRX $o}HV RX $'5V 6DQWDQGHU %UDVLO
TXHSUHWHQGDPSDUWLFLSDUGD3HUPXWDQRV(8$
-85B63Y
9HUVmR3XEOLFDGD
$OWHUQDWLYD SDUD 'HWHQWRUHV GH $'5V SDUWLFLSDUHP GD 2IHUWD QR %UDVLO 2V
GHWHQWRUHV GH $'5V 6DQWDQGHU %UDVLO SRGHUmR DOWHUQDWLYDPHQWH j SDUWLFLSDomR QD
3HUPXWDQRV(8$SDUWLFLSDUGD2IHUWDQR%UDVLO3DUDWDQWRGHYHUmRFDQFHODURV$'5V
6DQWDQGHU%UDVLOUHJLVWUDUDV8QLWVVXEMDFHQWHVDRV$'5V6DQWDQGHU%UDVLOQRVWHUPRV
GD5HVROXomR&01QžGHGHMDQHLURGHFRQIRUPHDOWHUDGD´5HVROXomR
&01 ´ H KDELOLWDUVH SDUD R /HLOmR QR SUD]R SUHYLVWR QR LWHP GHVWH (GLWDO
4XDOTXHUGHWHQWRUGH$'5V6DQWDQGHU%UDVLOTXHGHVHMDUSDUWLFLSDUGD2IHUWDSRUPHLR
GRFDQFHODPHQWRGRVVHXV$'5V6DQWDQGHU%UDVLOGHYHUiREVHUYDUSHUDQWHDLQVWLWXLomR
GHSRVLWiULD GRV $'5V 6DQWDQGHU %UDVLO R SUD]R RV UHTXHULPHQWRV H GHPDLV
GRFXPHQWRVSURFHGLPHQWRV TXH VHMDP QHFHVViULRV SDUD WDQWR VHQGR FHUWR TXH R
2IHUWDQWH D ,QVWLWXLomR ,QWHUPHGLiULD H D 6DQWDQGHU &RUUHWRUD QmR WrP TXDOTXHU
UHVSRQVDELOLGDGH HP UHODomR j GHFLVmR GH WDO GHWHQWRU GH $'5V 6DQWDQGHU %UDVLO GH
FDQFHOiORVEHPFRPRVREUHHYHQWXDLVGLILFXOGDGHVHRXDWUDVRVHPWDOSURFHGLPHQWR
TXHSRVVDGHTXDOTXHUIRUPDGLILFXOWDURXLPSHGLUVXDSDUWLFLSDomRQD2IHUWD
6DtGD GR 1tYHO $ VDtGD GD &RPSDQKLD GR 1tYHO p XPD FRQVHTXrQFLD
QHFHVViULD GD HIHWLYDomR GD 2IHUWD XPD YH] TXH XP DXPHQWR GD SDUWLFLSDomR GR
6DQWDQGHU (VSDQKD QR FDSLWDO GD &RPSDQKLD DWXDOPHQWH VXSHULRU D p
LQFRPSDWtYHOFRPDH[LJrQFLDSUHYLVWDQR5HJXODPHQWRGR1tYHOHHPDFRUGRILUPDGR
FRP D %0)%29(63$ QR VHQWLGR GH DWLQJLU H PDQWHU XP SHUFHQWXDO PtQLPR GH GR FDSLWDO HP FLUFXODomR 1RV WHUPRV GD 6HomR ;, GR 5HJXODPHQWR GH /LVWDJHP GR
1tYHOHGRDUWGR(VWDWXWR6RFLDOGD&RPSDQKLDDVDtGDGD&RPSDQKLDGR1tYHO
DSURYDGD HP DVVHPEOHLD JHUDO H[WUDRUGLQiULD GD &RPSDQKLD UHDOL]DGD HP GH
MXQKRGHpFRQGLFLRQDGDDTXHRDFLRQLVWDFRQWURODGRUHIHWLYHXPDRIHUWDS~EOLFD
GHDTXLVLomRGH$o}HVSHUWHQFHQWHVDRVGHPDLV$FLRQLVWDVQRPtQLPRSHORUHVSHFWLYR
YDORU HFRQ{PLFR TXDQGR RFRUUHU SDUD TXH RV YDORUHV PRELOLiULRV SRU HOD HPLWLGRV
SDVVHP D WHU UHJLVWUR SDUD QHJRFLDomR IRUD GR 1tYHO $ VDtGD GR 1tYHO RFRUUHUi
LQGHSHQGHQWHPHQWH GD DGHVmR GRV $FLRQLVWDV j 2IHUWD RX j 3HUPXWD QRV (8$ $
GHFLVmR GH UHDOL]DU D 2IHUWD LPSOLFD SDUD R 6DQWDQGHU (VSDQKD XP IRUWH LQYHVWLPHQWR
QR 6DQWDQGHU %UDVLO H UHIRUoD D GHPRQVWUDomR GH FRQILDQoD QD &RPSDQKLD H HP VHX
SRWHQFLDO GH FUHVFLPHQWR (VWH UHIRUoR GD GHPRQVWUDomR GH FRQILDQoD SRU SDUWH GR
6DQWDQGHU (VSDQKD p HVSHFLDOPHQWH SRVLWLYR SDUD D &RPSDQKLD QD TXDOLGDGH GH
LQVWLWXLomRILQDQFHLUDSRLVFRQVROLGDDSHUFHSomRGHVROLGH]GR6DQWDQGHU%UDVLOIUHQWH
DRV VWDNHKROGHUV HDR PHUFDGR HP JHUDO$OpPGLVVRD2IHUWDFRQWpPXP SUrPLR GH
HPUHODomRjFRWDomRGHIHFKDPHQWRGDV$o}HV8QLWVQRSUHJmRGHGHDEULOGH
GD%0)%29(63$LHGLDDQWHULRUDRDQ~QFLRGD2IHUWDGHL[DQGRDFULWpULRGR
$FLRQLVWD SDUWLFLSDU RX QmR GD 2IHUWD 3HORV PRWLYRV H[SRVWRV R 6DQWDQGHU (VSDQKD
FRQVLGHUD TXH VXD GHFLVmR GH UHDOL]DU D 2IHUWD H D GHFLVmR WRPDGD SHOD DVVHPEOHLD
JHUDOH[WUDRUGLQiULDGR6DQWDQGHU%UDVLOUHDOL]DGDHPGHMXQKRGHGHVDtGDGR
1tYHO VmR GH LQWHUHVVH GD &RPSDQKLD H EHQpILFDV DRV $FLRQLVWDV 2V $FLRQLVWDV TXH
RSWDUHP SRU QmR DFHLWDU D 2IHUWD SRGHUmR SHUPDQHFHU FRPR DFLRQLVWDV GR 6DQWDQGHU
%UDVLOTXHSDVVDUiDVHUOLVWDGRQRVHJPHQWRWUDGLFLRQDOGD%0)%29(63$DSDUWLUGR
SULPHLUR GLD ~WLO DSyV D UHDOL]DomR GR /HLOmR H GHVGH TXH DWHQGD DRV UHTXLVLWRV
PtQLPRVGHOLVWDJHPQD%ROVDGH9DORUHVGH1RYD<RUN³1<6(´
1mR REVWDQWH D VDtGD GD &RPSDQKLD GR 1tYHO DSyV D 2IHUWD R
6DQWDQGHU (VSDQKD QmR WHP DWXDOPHQWH LQWHQomR GH DOWHUDU DV SUiWLFDV GH
JRYHUQDQoD GR &RQVHOKR GH $GPLQLVWUDomR GR 6DQWDQGHU %UDVLO QHP DV
VHJXLQWHV ³FOiXVXODV PtQLPDV HVWDWXWiULDV´ H[LJLGDV SHOR 5HJXODPHQWR GR 1tYHO
-85B63Y
9HUVmR3XEOLFDGD
H TXH HPERUD SUHYLVWDV QR (VWDWXWR 6RFLDO HP YLJRU GHL[DUmR GH VHU
REULJDWyULDV
•
•
•
•
•
•
•
&RQVHOKRGH$GPLQLVWUDomRFRPSRVWRSRUQRPtQLPRPHPEURVHFRP
PDQGDWR XQLILFDGR GH QR Pi[LPR DQRV SDUD PHPEURV GR &RQVHOKR
GH$GPLQLVWUDomRDUWFDSXWGR(VWDWXWR6RFLDO
PtQLPR GH GRV PHPEURV LQGHSHQGHQWHV QR &RQVHOKR GH
$GPLQLVWUDomRDUW†žGR(VWDWXWR6RFLDO
YHGDomR GH FXPXODomR GRV FDUJRV GH SUHVLGHQWH GR &RQVHOKR GH
$GPLQLVWUDomRH'LUHWRU3UHVLGHQWHDUWSDUiJUDIR~QLFRGR(VWDWXWR
6RFLDO
PDQLIHVWDomR GR &RQVHOKR GH $GPLQLVWUDomR D UHVSHLWR GH RIHUWDV
S~EOLFDV GH DTXLVLomR GH Do}HV GH HPLVVmR GD &RPSDQKLD SRU PHLR GH
SDUHFHUSUpYLRIXQGDPHQWDGRDUW;;9,,
GLUHLWR GH YRWR UHVWULWR SDUD DV Do}HV SUHIHUHQFLDLV GD &RPSDQKLD QDV
VHJXLQWHVPDWpULDVDOtQHDV³D´³E´H³F´GR†žGRDUWžGR(VWDWXWR
6RFLDODWUDQVIRUPDomRLQFRUSRUDomRIXVmRRXFLVmRGD&RPSDQKLD
E DSURYDomR GH FRQWUDWRV FRP R DFLRQLVWD FRQWURODGRU GD &RPSDQKLD
RX VRFLHGDGHV QD TXDO WHQKD LQWHUHVVH H F DYDOLDomR GH EHQV
GHVWLQDGRV j LQWHJUDOL]DomR GH DXPHQWR GH FDSLWDO GD &RPSDQKLD DV
DOtQHDV ³G´ H ³H´ GR PHVPR SDUiJUDIR VHUmR RSRUWXQDPHQWH REMHWR GH
SURSRVWD GH VXSUHVVmR WHQGR HP YLVWD TXH QmR VHUmR DSOLFiYHLV DSyV
PLJUDomRGD&RPSDQKLDSDUDRVHJPHQWRWUDGLFLRQDOGD%0)%29(63$
REULJDWRULHGDGHGHTXHDDOLHQDomRGRFRQWUROHGD&RPSDQKLDGLUHWDRX
LQGLUHWDPHQWHWDQWRSRUPHLRGHXPD~QLFDRSHUDomRFRPRSRUPHLRGH
RSHUDo}HV VXFHVVLYDV VHMD FRQWUDWDGD VRE FRQGLomR VXVSHQVLYD RX
UHVROXWLYD GH TXH R DGTXLUHQWH VH REULJXH D HIHWLYDU RIHUWD S~EOLFD GH
DTXLVLomR GDV Do}HV GH WRGRV RV GHPDLV DFLRQLVWDV REVHUYDQGR DV
FRQGLo}HV H RV SUD]RV SUHYLVWRV QD OHJLVODomR YLJHQWH GH IRUPD D OKHV
DVVHJXUDU WUDWDPHQWR LJXDOLWiULR jTXHOH GDGR DR DFLRQLVWD FRQWURODGRU
DOLHQDQWH DUWV D GR (VWDWXWR 6RFLDO TXH RSRUWXQDPHQWH VHUmR
REMHWR SURSRVWD GH DMXVWH GH UHGDomR SDUD H[FOXVmR GDV UHIHUrQFLDV DR
5HJXODPHQWRGR1tYHOH
FOiXVXODFRPSURPLVVyULDTXHSUHYrDUHVROXomRGHFRQIOLWRVSRUPHLRGD
&kPDUD GH $UELWUDJHP GR 0HUFDGR GD %0)%29(63$ DUW GR
(VWDWXWR 6RFLDO TXH RSRUWXQDPHQWH VHUi REMHWR SURSRVWD GH DMXVWH GH
UHGDomRSDUDH[FOXVmRGDVUHIHUrQFLDVDR5HJXODPHQWRGR1tYHO
0RWLYRVSDUDDUHDOL]DomRGD2IHUWD2&RQVHOKRGH$GPLQLVWUDomRGR6DQWDQGHU
(VSDQKDDSURYRXGHIRUPDXQkQLPHDUHDOL]DomRGD2IHUWDHPUHXQLmRUHDOL]DGDHP
GH DEULO GH $R WRPDU D GHFLVmR R &RQVHOKR GH $GPLQLVWUDomR GR6DQWDQGHU
(VSDQKDFRQVXOWRXRVVHXVFRQVXOWRUHVILQDQFHLURVHOHJDLVHFRQVLGHURXYiULRVIDWRUHV
LQFOXLQGRRVLQGLFDGRVDEDL[R
-85B63Y
9HUVmR3XEOLFDGD
&RQILDQoDQRSRWHQFLDOGHFUHVFLPHQWRGR6DQWDQGHU%UDVLOQRORQJRSUD]R
•
(PERUD R 6DQWDQGHU %UDVLO WHQKD HQIUHQWDGR GLILFXOGDGHV GH FXUWR SUD]R H QD
GDWD GH DQ~QFLR GD 2IHUWD DV VXDV 8QLWV H $o}HV HVWLYHVVHP VHQGR QHJRFLDGDV
HP EROVD FRP XP GHVFRQWR HP UHODomR DRV VHXV FRQFRUUHQWHV GLUHWRV R
6DQWDQGHU(VSDQKDWHPFRQILDQoDQRFUHVFLPHQWRGR6DQWDQGHU%UDVLO
•
2 6DQWDQGHU (VSDQKD HQWHQGH TXH R DWXDO YDORU GH FRWDomR HP EROVD GR
6DQWDQGHU %UDVLO QmR UHIOHWH R VHX SRWHQFLDO H D 2IHUWD LQGLFD DR PHUFDGR D
FRQILDQoD GR 6DQWDQGHU (VSDQKD QR SRWHQFLDO GH FUHVFLPHQWR GR 6DQWDQGHU
%UDVLODSHVDUGHR/DXGRGH$YDOLDomRFRQIRUPHDSUHVHQWDGRQRLWHPDEDL[R
LQGLFDU TXH D IDL[D GR YDORU HFRQ{PLFR GD &RPSDQKLD FDOFXODGR SHOR 5RWKVFKLOG
SHOD PHWRGRORJLD GH P~OWLSORV FRPSDUiYHLV GH PHUFDGR p PHQRU GR TXH VHX
SUHoRPpGLRSRQGHUDGRGHGHDEULOGHDGHMXQKRGH
$XPHQWRGH3DUWLFLSDomRHP0HUFDGRVFRP&UHVFLPHQWRV(VWUXWXUDLV
•
2 6DQWDQGHU (VSDQKD HQWHQGH TXH D 2IHUWD DXPHQWDUiD H[SRVLomR D PHUFDGRV
HPHUJHQWHVFRPFUHVFLPHQWRHVWUXWXUDOQRVHXSRUWIyOLRGHQHJyFLRV
•
1RSULPHLURWULPHVWUHGHDVXQLGDGHVORFDOL]DGDVHPPHUFDGRVHPHUJHQWHV
SULQFLSDOPHQWH HP SDtVHV GD $PpULFD /DWLQD H QD 3RO{QLD IRUDP UHVSRQViYHLV
SRUGROXFUROtTXLGRDWULEXtYHOQHWDWWULEXWDEOHSURILWGR*UXSR6DQWDQGHU
•
(PXPDEDVHSURIRUPDDVVXPLQGRGHDFHLWDomRGD2IHUWDDVXQLGDGHV
HP PHUFDGRV HPHUJHQWHV WHULDP UHSUHVHQWDGR GR OXFUR OtTXLGR DWULEXtYHO
QHWDWWULEXWDEOHSURILWGR*UXSR6DQWDQGHUQRSULPHLURWULPHVWUHGH
•
2 6DQWDQGHU (VSDQKD WHP D H[SHFWDWLYD GH TXH R DXPHQWR GH H[SRVLomR D
PHUFDGRV HPHUJHQWHV DFDUUHWDUi HP XP DXPHQWR QD WD[D GH FUHVFLPHQWR QR
PpGLRHORQJRSUD]RV
$WUDWLYLGDGH)LQDQFHLUDDRV$FLRQLVWDV
•
26DQWDQGHU(VSDQKDHQWHQGHTXHD2IHUWDpDWUDWLYDILQDQFHLUDPHQWHWDQWRDRV
DFLRQLVWDVGH6DQWDQGHU(VSDQKDTXDQWRDRVDFLRQLVWDVGR6DQWDQGHU%UDVLO
•
$ UHODomR GH SHUPXWD GHILQLGD QD 2IHUWD UHSUHVHQWD XP SUrPLR GH HP
UHODomR j FRWDomR GH IHFKDPHQWR GDV $o}HV8QLWV QR SUHJmR GH GH DEULO GH
GD%0)%29(63$LHGLDDQWHULRUDRDQ~QFLRGD2IHUWD&RPRLQWXLWRGH
RIHUHFHUXPDEDVHGHFRPSDUDomRDGLFLRQDODRV$FLRQLVWDVR2IHUWDQWHHVFODUHFH
DLQGD TXH D UHODomR GH SHUPXWD GHILQLGD QD 2IHUWD UHSUHVHQWD XP GHVFRQWR GH
HPUHODomRDR5HWRUQR7RWDOSDUDR$FLRQLVWD³57$´TXHLQYHVWLXQDRIHUWD
S~EOLFDLQLFLDOGD&RPSDQKLDUHDOL]DGDHP³,32´FRQVLGHUDQGRQRFiOFXOR
GR 57$ RV GLYLGHQGRV MXURV VREUH R FDSLWDO ERQLILFDo}HV H RXWURV SURYHQWRV
SDJRV SHOD&RPSDQKLD GHVGHWDO GDWDLQFOXLQGRDUHVWLWXLomRGH FDSLWDO GH5 ELOK}HVSDJDHPGHMDQHLURGH$UHODomRGHSHUPXWDWDPEpPUHIOHWHR
IDWR GH TXH HP GH RXWXEUR GH GDWD GH SUHFLILFDomR GR ,32 R ËQGLFH
%29(63$ HVWDYD HP SRQWRV VHQGR TXH HP GH DEULO GH HVWDYDHPSRQWRV
-85B63Y
9HUVmR3XEOLFDGD
•
•
2 6DQWDQGHU (VSDQKD DFUHGLWD TXH QD KLSyWHVH GD 2IHUWD VHU EHP VXFHGLGD RV
$FLRQLVWDV TXH DGHULUHP j 2IHUWD WHUmR PDLV OLTXLGH] SRU GHWHUHP Do}HV GR
6DQWDQGHU(VSDQKDUHSUHVHQWDGDVSRU%'5V
$VVXPLQGR DFHLWDomR WRWDO GD 2IHUWD H GD 3HUPXWD QRV (8$ RV DFLRQLVWDV GR
*UXSR 6DQWDQGHU SRGHP VH EHQHILFLDU GH DFUpVFLPR GH OXFURV SRU DomR HPHPHHP)RQWH(VWLPDWLYDVGHFRQVHQVR
,%(6 HP GH DEULO GH )RQWH )DFW6HW $VVXPH WD[D GH FkPELR GH
5SRUHXURHPGHDEULOGHEDVHDGRHPHVWLPDWLYDVGHFRQVHQVR
QR PHUFDGR SDUD DV Do}HV GH DPEDV DV FRPSDQKLDV $GLFLRQDOPHQWH QHVVH
PHVPRFDVRGHDFHLWDomRWRWDOGD2IHUWDHGD3HUPXWDQRV(8$RVDFLRQLVWDVGR
*UXSR 6DQWDQGHU SRGHUmR VH EHQHILFLDU GH XP FUHVFLPHQWR GH VHX &DSLWDO
3ULQFLSDO &RUH 7LHU GH DSUR[LPDGDPHQWH LQLFLDOPHQWH H QRV
SUy[LPRV FLQFR DQRV UHIOHWLQGR XPD UHGXomR GR H[FHVVR GH FDSLWDO DORFDGR D
DFLRQLVWDVPLQRULWiULRV
2IHUWD
&DUDFWHUtVWLFDV)XQGDPHQWR/HJDOH (VWDWXWiULR7UDWDVHDSUHVHQWH 2IHUWDGH
RIHUWDS~EOLFDYROXQWiULDGHSHUPXWDGH8QLWVHRX$o}HVSDUDVDtGDGD&RPSDQKLDGR
1tYHODVHUUHDOL]DGDQRVWHUPRVGRDUWLJRžLQFLVR,9H†žGRDUWLJRžLQFLVR,,
H GR DUWLJR SDUiJUDIR ž LQFLVR ,,, GD ,QVWUXomR &90 GD 6HomR ;, GR
5HJXODPHQWR GH /LVWDJHP GR 1tYHO H GR DUW GR (VWDWXWR 6RFLDO GD &RPSDQKLD
$GLFLRQDOPHQWH R 2IHUWDQWH p R FRQWURODGRU LQGLUHWR GD &RPSDQKLD DWXDOPHQWH
GHWHQGRGHVXDVDo}HVRUGLQiULDVHGHVXDVDo}HVSUHIHUHQFLDLV
5HJLVWURH$XWRUL]DomRGD2IHUWDH$XWRUL]DomRGR/HLOmR$2IHUWDREMHWRGHVWH
(GLWDO QRV WHUPRV HP TXH HVWi HVWUXWXUDGD IRL DSURYDGD SHOR &ROHJLDGR GD &90 HP
GHFLVmR GDWDGD GH GH VHWHPEUR GH H R UHJLVWUR SHUDQWH D &90 FRQIRUPH
SUHYLVWR QR SDUiJUDIR ž GR DUWLJR ž GD ,QVWUXomR &90 IRL FRQFHGLGR HP GH
VHWHPEUR GH 2 /HLOmR SDUD D 2IHUWD VHUi UHDOL]DGR QR VLVWHPD HOHWU{QLFR GH
QHJRFLDomRGD%0)%29(63$6HJPHQWR%29(63$HPGHRXWXEURGH
0DQLIHVWDomR GR &RQVHOKR GH $GPLQLVWUDomR 2 &RQVHOKR GH $GPLQLVWUDomR GD
&RPSDQKLD GH DFRUGR FRP R GLVSRVWR QD 6HomR GR 5HJXODPHQWR GH /LVWDJHP GR
1tYHO H FRP D UHJUD H GR 86 6HFXULWLHV ([FKDQJH $FW RI FRQIRUPH
DOWHUDGDGHYHVHPDQLIHVWDUDUHVSHLWRGHVWD2IHUWDPHGLDQWHSDUHFHUIXQGDPHQWDGR
D VHU GLYXOJDGR DWp D GDWD TXH FRUUHVSRQGHU D DR ž GpFLPR TXLQWR GLD FRUULGR
DSyVDSXEOLFDomRGHVWH(GLWDORXEDRžGpFLPRGLD~WLODSyVDSXEOLFDomRGHVWH
(GLWDO GHYHQGR D GLYXOJDomR RFRUUHU QD RX DQWHV GD SULPHLUD GH WDLV GDWDV $ UHJUD
H GR 86 6HFXULWLHV ([FKDQJH $FW RI UHTXHU TXH R SDUHFHU GR &RQVHOKR GH
$GPLQLVWUDomRLUHFRPHQGHDDFHLWDomRGD2IHUWDRXLLUHFRPHQGHDQmRDFHLWDomR
GD 2IHUWD RX LLL GHFODUH TXH QmR WHP RV UHTXLVLWRV QHFHVViULRV SDUD H[SUHVVDU XP
RSLQLmRHPUHODomRj2IHUWDRXLYGHFODUHTXHQmRWHPRSLQLmRHPUHODomRj2IHUWD
$GLFLRQDOPHQWH D UHJUD GR 5HJXODPHQWR GH /LVWDJHP GR 1tYHO UHTXHU TXH R
&RQVHOKRGH$GPLQLVWUDomRGD&RPSDQKLDHODERUHSDUHFHUSUpYLRIXQGDPHQWDGRVREUH
WRGDHTXDOTXHURIHUWDS~EOLFDGHDTXLVLomRPDQLIHVWDQGRVHLVREUHDFRQYHQLrQFLDH
RSRUWXQLGDGHGD2IHUWDTXDQWRDRLQWHUHVVHGRFRQMXQWRGRVDFLRQLVWDVHHPUHODomRj
OLTXLGH] GRV YDORUHV PRELOLiULRV GH VXD WLWXODULGDGH LL VREUH DV UHSHUFXVV}HV GD
-85B63Y
9HUVmR3XEOLFDGD
2IHUWD VREUH RV LQWHUHVVHV GR 6DQWDQGHU %UDVLO LLL TXDQWR DRV SODQRV HVWUDWpJLFRV
GLYXOJDGRV SHOR 2IHUWDQWH HP UHODomR DR 6DQWDQGHU %UDVLO H LY TXDLVTXHU RXWURV
SRQWRV TXH FRQVLGHUDU SHUWLQHQWHV $GLFLRQDOPHQWH VHJXQGR D PHVPD UHJUD QR
SDUHFHU R &RQVHOKR GH $GPLQLVWUDomR GHYHUi PDQLIHVWDU RSLQLmR IXQGDPHQWDGD
IDYRUiYHO RX FRQWUiULD j DFHLWDomR GD RIHUWD S~EOLFD GH DTXLVLomR GH Do}HV DOHUWDQGR
TXHpUHVSRQVDELOLGDGH GHFDGDDFLRQLVWDD GHFLVmR ILQDODFHUFD GDDFHLWDomRRX QmR
GD UHIHULGD RIHUWD 2 SDUHFHU GR &RQVHOKR GH $GPLQLVWUDomR VHUi GLVSRQLELOL]DGR QRV
ZHEVLWHVGD&RPSDQKLDGD&90HGD%0)%29(63$
)RUPD$2IHUWDVHUiUHDOL]DGDSRUPHLRGHXP/HLOmRQRVLVWHPDHOHWU{QLFRGH
QHJRFLDomR GR 6HJPHQWR %29(63$ GD %0)%29(63$ FRQIRUPH LWHP DEDL[R H
REVHUYDGDVDVFRQGLo}HVSUHYLVWDVQRLWHPDEDL[R
9DOLGDGH(VWD2IHUWDSHUPDQHFHUiYiOLGDSHORSHUtRGRGHTXDUHQWDHGRLV
GLDV FRUULGRV H FRQWDGRV D SDUWLU GD SXEOLFDomR GHVWH (GLWDO LVWR p WHUi FRPR WHUPR
LQLFLDO D GDWD GH GH VHWHPEUR GH H WHUPR ILQDO D GDWD GH GH RXWXEUR GH
D 'DWD GR /HLOmR $ &90 SRGHUi GHWHUPLQDU RX DXWRUL]DU SHUtRGR GLIHUHQWH GH
YDOLGDGHVHQGRTXHWDOQRYRSHUtRGRGHYDOLGDGHVHUiDPSODPHQWHGLYXOJDGRSRUPHLR
GDSXEOLFDomRGHIDWRUHOHYDQWH
8QLWVH$o}HV2EMHWRGD2IHUWD$2IHUWDWHUiSRUREMHWRREVHUYDGRVRVWHUPRV
FRQGLo}HV H DV UHVWULo}HV GHVFULWRV QHVWH (GLWDO DWp D WRWDOLGDGH GDV 8QLWV H $o}HV
SHUWHQFHQWHVDRVDFLRQLVWDVQmRFRQWURODGRUHVGD&RPSDQKLDGHVFULWDVQRLWHP
DEDL[R
1D GDWD GHVWH (GLWDO DV 8QLWV H $o}HV REMHWR GD 2IHUWD WRWDOL]DYDP D
8QLWV HP FLUFXODomR E Do}HV RUGLQiULDV HP
FLUFXODomR F Do}HV SUHIHUHQFLDLV HP FLUFXODomR G Do}HV
RUGLQiULDV GHWLGDV SHORV DGPLQLVWUDGRUHV GD &RPSDQKLD H Do}HV
SUHIHUHQFLDLV GHWLGDV SHORV DGPLQLVWUDGRUHV GD &RPSDQKLD H I 8QLWV GHWLGDV SHORV DGPLQLVWUDGRUHV GD &RPSDQKLD $GLFLRQDOPHQWH
8QLWV HVWDYDP GHSRVLWDGDV QD FXVWyGLD GR 3URJUDPD GH $'5V GR
6DQWDQGHU%UDVLOVHQGRSRWHQFLDOPHQWHREMHWRGD2IHUWD
$XVrQFLD GH *UDYDPHV &RPR FRQGLomR SDUD VHUHP DOLHQDGDV QRV WHUPRV GD
2IHUWD DV 8QLWV H $o}HV GHYHUmR HVWDU OLYUHV H GHVHPEDUDoDGDV GH TXDOTXHU GLUHLWR
UHDO GH JDUDQWLD {QXV HQFDUJRV JUDYDPHV RX TXDOTXHU RXWUD IRUPD GH UHVWULomR j
OLYUHFLUFXODomRRXWUDQVIHUrQFLDGHWDLV8QLWVH$o}HVTXHSRVVDLPSHGLUDRH[HUFtFLR
SOHQRHLPHGLDWRGDWLWXODULGDGHLQWHJUDOGHWDLV8QLWVH$o}HVSHOR6DQWDQGHU(VSDQKD
RX E R SOHQR DWHQGLPHQWR jV UHJUDV SDUD QHJRFLDomR GH YDORUHV PRELOLiULRV
FRQVWDQWHVGRUHJXODPHQWRGHRSHUDo}HVGD%0)%29(63$
$OWHUDomRRX5HYRJDomRGD2IHUWD&XPSULGDVDVFRQGLo}HVSDUDVXDUHDOL]DomR
QRV WHUPRV GR LWHP DEDL[R D 2IHUWD VHUi LPXWiYHO H LUUHYRJiYHO VHQGR TXH
TXDOTXHU DOWHUDomR QDV VXDV FRQGLo}HV LQFOXLQGR H[WHQVmR GR VHX SUD]R RX VXD
UHYRJDomR GHSHQGHUiGHSUpYLDHH[SUHVVDDXWRUL]DomRGD&90QRVWHUPRV GRDUWLJR
ž ,, GD ,QVWUXomR &90 DOpP GH H[SUHVVD PDQLIHVWDomR GR 6DQWDQGHU (VSDQKD
FRQIRUPH R FDVR 4XDOTXHU PXGDQoD QRV WHUPRV H FRQGLo}HV GD 2IHUWD RX VXD
UHYRJDomRVHUiDPSODPHQWHGLYXOJDGDSRUPHLRGHSXEOLFDomRGHIDWRUHOHYDQWH
-85B63Y
9HUVmR3XEOLFDGD
&RQVHTXrQFLDVGD$FHLWDomRGD2IHUWD$RDFHLWDUHVWD2IHUWDHPFRQIRUPLGDGH
FRPRLWHPDEDL[RFDGD$FLRQLVWDFRQFRUGDHPGLVSRUGDSURSULHGDGHGHVXDV8QLWV
HRX $o}HV HP IDYRU GR 6DQWDQGHU (VSDQKD LQFOXLQGR WRGRV RV GLUHLWRV D HODV
LQHUHQWHVREVHUYDGRRGLVSRVWRQRLWHPDEDL[R
$SURYDomRSHORVDFLRQLVWDVGR6DQWDQGHU(VSDQKD(PGHVHWHPEURGH
RV DFLRQLVWDV GR 6DQWDQGHU (VSDQKD DSURYDUDP RV DXPHQWRV GH FDSLWDO VRFLDO GR
6DQWDQGHU(VSDQKDQHFHVViULRVSDUDDHPLVVmRGDVDo}HVTXHVHUmRXWLOL]DGDVSDUDD
OLTXLGDomRGD2IHUWDLQFOXLQGRDOLTXLGDomRGD2EULJDomR$GLFLRQDO
5HODomRGH3HUPXWD
5HODomR GH 3HUPXWD 2EVHUYDGR R GLVSRVWR QHVWH (GLWDO HP HVSHFLDO RV
SURFHGLPHQWRV GH OLTXLGDomR GLVSRVWRV QR LWHP DEDL[R R $FLRQLVWD TXH DFHLWDU D
2IHUWDUHFHEHUi5HFLERVGH6XEVFULomR GHDFRUGRFRPDVHJXLQWHUHODomRGHSHUPXWD
´5HODomRGH3HUPXWD´
D SDUDFDGD8QLWTXHSHUPXWDUQR/HLOmR5HFLERVGH6XEVFULomRH
E SDUD FDGD $omR VHMD DomR RUGLQiULD RX DomR SUHIHUHQFLDO TXH SHUPXWDU QR
/HLOmR5HFLERGH6XEVFULomR
1D 'DWD GH (QWUHJD GRV %'5V RV 5HFLERV GH 6XEVFULomR VHUmR
FDQFHODGRV H RV %'5V HQWUHJXHV SRU PHLR GH FUpGLWRUHDOL]DGR SHOD ,QVWLWXLomR
'HSRVLWiULDj&HQWUDO'HSRVLWiULDTXHSRUVXDYH]FUHGLWDUiDRV'HWHQWRUHVGRV
5HFLERV GH 6XEVFULomR HP FDWRU]H GLDV ~WHLV DSyV D 'DWD GR /HLOmR
FRQIRUPHGLVSRVWRQRLWHP
$WULEXLomR GH 3UHoR HP 5HDLV 3DUD HIHLWRV GR GLVSRVWR QR DUWLJR ž LQFLVR 9
EHPFRPRGRDUWLJRSDUiJUDIRžLQFLVR,,,GD,QVWUXomR&90R6DQWDQGHU
(VSDQKD DWULEXL SDUD FDGD 8QLW RX $omR R YDORU HTXLYDOHQWH DR SUHoR GH IHFKDPHQWR
GDV8QLWVHQRFDVRGDV$o}HVHTXLYDOHQWHDRSUHoRGHIHFKDPHQWRGDV8QLWVGLYLGLGR
SRU GRLV VHMD DomR RUGLQiULD RX DomR SUHIHUHQFLDOQD %0)%29(63$ QR ž WHUFHLUR
GLD ~WLO DQWHULRU j 'DWD GR /HLOmR FRQIRUPH SXEOLFDGR QR ZHEVLWH GD %0)%29(63$
ZZZEPIERYHVSDFRPEU RX VH LQGLVSRQtYHO FRQIRUPH SXEOLFDGR SRU RXWUD IRQWH
DXWRUL]DGD³3UHoRVGH)HFKDPHQWR6DQWDQGHU%UDVLO´
7UDWDPHQWR GDV )UDo}HV 1RV WHUPRV GR LWHP GHVWH (GLWDO QHQKXPD
IUDomR GH %'5 VHUi HQWUHJXH DRV $FLRQLVWDV HP SHUPXWD SRU VXDV 8QLWV HRX $o}HV
&DVR TXDOTXHU $FLRQLVWD TXH DFHLWDU D 2IHUWD WHQKD GLUHLWR D UHFHEHU XP Q~PHUR QmR
LQWHLUR GH %'5 D ,WD~ &RUUHWRUD GH 9DORUHV 6$ QD TXDOLGDGH GH LQVWLWXLomR
GHSRVLWiULD GR SURJUDPD GH %'5V SDWURFLQDGR SHOR 6DQWDQGHU (VSDQKD ³,QVWLWXLomR
'HSRVLWiULD´ HQYLDUi SDUD XPD VRFLHGDGH FRUUHWRUD HVFROKLGD SHOR 6DQWDQGHU
(VSDQKD XPD RUGHP GH YHQGD QR PHUFDGR GDV Do}HV GH HPLVVmR GR 6DQWDQGHU
(VSDQKDVXEMDFHQWHVDHVVDSDUWHQmRLQWHLUDGRQ~PHURGH%'5V³)UDo}HV´QD%ROVD
GH 0DGUL H GLVWULEXLUi HP 5HDLV 5 PHGLDQWH D WD[D GH FkPELR GH (85%5/
FRUUHQWH RV UHFXUVRV OtTXLGRV GD YHQGD GHGX]LGRV WRGRV RV WULEXWRV HYHQWXDOPHQWH
GHYLGRV QD IRUPD GD OHJLVODomR EUDVLOHLUD RX HVSDQKROD FRQIRUPH R FDVR HP YLUWXGH
GD YHQGD GDV Do}HV QR PHUFDGR RX GR IHFKDPHQWR GR FRQWUDWR GH FkPELR SDUD R
LQJUHVVRGHUHFXUVRVQR%UDVLODRVWLWXODUHVGRVGLUHLWRVD)UDo}HVSRUPHLRGD&HQWUDO
-85B63Y
9HUVmR3XEOLFDGD
'HSRVLWiULD GD %0)%29(63$ QRV WHUPRV GR ³,QVWUXPHQWR 3DUWLFXODU GH &RQWUDWR GH
3UHVWDomRGH6HUYLoRVSDUD/LTXLGDomRGH2IHUWD3~EOLFDGH$TXLVLomRGH$o}HVH9HQGD
GH$o}HV6XEMDFHQWHVD)UDo}HVGH%UD]LOLDQ'HSRVLWDU\5HFHLSWVGH(PLVVmRGR%DQFR
6DQWDQGHU 6$ H 2XWUDV $YHQoDV´ FHOHEUDGR HQWUH 6DQWDQGHU (VSDQKD H ,QVWLWXLomR
'HSRVLWiULD 2 DWXDO WUDWDPHQWR ILVFDO GD YHQGD GDV )UDo}HV HQFRQWUDVH GHVFULWR QRV
LWHQVH
$MXVWHQD5HODomRGH3HUPXWDHP5D]mRGH'LYLGHQGRVH-XURV6REUHR&DSLWDO
3UySULR2XWURV3URYHQWRVH2XWUDV)RUPDVGH5HPXQHUDomR$TXDQWLGDGHGH%'5VD
TXH Gi GLUHLWR FDGD 5HFLER GH 6XEVFULomR VHUi DMXVWDGD ³5HODomR GH 3HUPXWD
$MXVWDGD´ FDVR R 6DQWDQGHU %UDVLO HRX R 6DQWDQGHU (VSDQKD GHFODUHP GLYLGHQGRV
MXURV VREUH R FDSLWDO SUySULR RXWURV SURYHQWRV HP GLQKHLUR RX RXWUDV IRUPDV GH
UHPXQHUDomR DRV VHXV DFLRQLVWDV FRQIRUPH R FDVR FRP GDWDVEDVH GH DSXUDomR GH
SRVLo}HVDFLRQiULDVSDUDSDJDPHQWRVUHFRUGGDWHVGHILQLGDVHQWUH GHRXWXEURGH
LQFOXVLYH H D GDWD HP TXH R &RQVHOKR GH $GPLQLVWUDomR RX D &RPLVVmR
([HFXWLYDGR6DQWDQGHU(VSDQKDH[HFXWDURDXPHQWRGHFDSLWDOGR6DQWDQGHU(VSDQKD
H HPLWLU DV Do}HV RUGLQiULDV QHFHVViULDV SDUD D OLTXLGDomR GD 2IHUWD H[FOXVLYH
³3HUtRGR GH $MXVWH´ 'HVVD IRUPD SUHWHQGHVH LQGHSHQGHQWHPHQWH GD GDWD GH
OLTXLGDomR GD 2IHUWD TXH RV $FLRQLVWDV TXH DGHULUHP j 2IHUWD L VH EHQHILFLHP GRV
GLYLGHQGRVXVXDOPHQWHGHFODUDGRVSHOR6DQWDQGHU%UDVLOQRPrVGHVHWHPEURGHFDGD
DQR VHP TXDOTXHU DMXVWH QD 5HODomR GH 3HUPXWD H LL IDoDP MXV j 5HODomR GH
3HUPXWD DMXVWDGD HP IXQomR GD UHPXQHUDomR D VHU UHDOL]DGD DRV DFLRQLVWDV GR
6DQWDQGHU(VSDQKDQRkPELWRGR3URJUDPD6DQWDQGHU'LYLGHQGR(OHFFLyQSURJUDPDGD
SDUDRPrVGHRXWXEURGHFRQIRUPHGHWDOKDGRQRVLWHQVDEDL[R
$MXVWHV SRU GLYLGHQGRV H MXURV VREUH FDSLWDO SUySULR SDJRV SHOD
&RPSDQKLD4XDLVTXHUGLYLGHQGRVRXMXURVVREUHFDSLWDOSUySULRRXRXWURV
SURYHQWRVHPGLQKHLURTXHYLHUHPDVHUGHFODUDGRVSHOD&RPSDQKLDVHUmR
GHGX]LGRV SURSRUFLRQDOPHQWH GD 5HODomR GH 3HUPXWD VH R UHFRUG GDWH
FRUUHVSRQGHQWHDWDOSDJDPHQWRIRUGHILQLGRGHQWURGR3HUtRGRGH$MXVWH
(VFODUHFHVH TXH TXDLVTXHU GLYLGHQGRV RX MXURV VREUH FDSLWDO SUySULR RX
RXWURV SURYHQWRV HP GLQKHLUR TXH YLHUHP D VHU GHFODUDGRV SHOD
&RPSDQKLDFRPUHFRUGGDWHGHILQLGRGXUDQWHRPrVGHVHWHPEURGH
QmR DIHWDUmR D 5HODomR GH 3HUPXWD H EHQHILFLDUmR H[FOXVLYDPHQWH RV
$FLRQLVWDV
$MXVWHV SRU GLYLGHQGRV RX RXWURV SURYHQWRV RX UHPXQHUDo}HV SDJRV SHOR
6DQWDQGHU (VSDQKD 4XDLVTXHU GLYLGHQGRV RX RXWURV SURYHQWRV RX
UHPXQHUDo}HVTXHYLHUHPDVHUGHFODUDGRVSHOR6DQWDQGHU(VSDQKDVHUmR
DFUHVFLGRV SURSRUFLRQDOPHQWH QD 5HODomR GH 3HUPXWD FRQVLGHUDQGR QR
FDVR GH UHPXQHUDo}HV SRU PHLR GR 3URJUDPD 6DQWDQGHU 'LYLGHQGR
(OHFFLyQRQ~PHURGHDo}HVGHHPLVVmRGR6DQWDQGHU(VSDQKDTXHVHULD
DWULEXtGR jV Do}HV GH HPLVVmR GR 6DQWDQGHU (VSDQKD TXH VHULDP
HQWUHJXHV DRV DFHLWDQWHV GD 2IHUWD FRQVLGHUDQGR D UHODomR GH SHUPXWD
RULJLQDOVHRUHFRUGGDWHFRUUHVSRQGHQWHDWDOSDJDPHQWRRXGLVWULEXLomR
GH RXWUDV IRUPDV GH UHPXQHUDomR IRU GHILQLGR GHQWUR GR 3HUtRGR GH
$MXVWHFRQIRUPHSURJUDPDGRSDUDRPrVGHRXWXEURGH
2 6DQWDQGHU (VSDQKD GLYXOJDUi H GHYHUi ID]HU FRP TXH D &RPSDQKLD
GLYXOJXH IDWR UHOHYDQWH LPHGLDWDPHQWH DSyV D 5HODomR GH 3HUPXWD
-85B63Y
9HUVmR3XEOLFDGD
$MXVWDGDVHMDLPSOHPHQWDGDQD2IHUWDRTXHHVWiSUHYLVWRSDUDRGLD
GHRXWXEURGH
'LUHLWRVGRV%'5V2V%'5VFRQIHULUmRDRVVHXVWLWXODUHVRVPHVPRVGLUHLWRVH
YDQWDJHQV GDV Do}HV RUGLQiULDV GR 6DQWDQGHU (VSDQKD TXH OKH VHUYHP GH ODVWUR
REVHUYDGR R VHJXLQWH D RV WLWXODUHV GH %'5V QmR VHUmR DFLRQLVWDV GLUHWRV GR
6DQWDQGHU (VSDQKD H E R H[HUFtFLR GRV GLUHLWRV FRQIHULGRV DRV WLWXODUHV GRV %'5V
HVWi VXMHLWR DRV WHUPRV H FRQGLo}HV SUHYLVWRV QR FRQWUDWR GH GHSyVLWR GRV %'5V
FHOHEUDGR HQWUH 6DQWDQGHU (VSDQKD H D ,QVWLWXLomR 'HSRVLWiULD 6HP SUHMXt]R GR
H[SRVWR QmR Ki QHQKXPD UHVWULomR DRV H[HUFtFLRV GRV GLUHLWRV GRV %'5V SHORV VHXV
GHWHQWRUHV3DUDXPDGHVFULomRFRPSOHWDDUHVSHLWRGRVGLUHLWRVHYDQWDJHQVGDVDo}HV
RUGLQiULDV GR 6DQWDQGHU (VSDQKD YHMD R LWHP GR )RUPXOiULR GH 5HIHUrQFLD GR
6DQWDQGHU(VSDQKDGLVSRQtYHOQRVHQGHUHoRVLQGLFDGRVQRLWHPGHVWH(GLWDO
3DJDPHQWR GH GLYLGHQGRV H RXWUDV GLVWULEXLo}HV HP GLQKHLUR 6HUi
DVVHJXUDGRDRVWLWXODUHVGH%'5VRGLUHLWRDRUHFHELPHQWRGHGLYLGHQGRVH
RXWUDV GLVWULEXLo}HV HP GLQKHLUR SDJRV SHOR 6DQWDQGHU (VSDQKD QR
H[WHULRU$V GLVWULEXLo}HV HP GLQKHLUR VHUmR UHDOL]DGDV SURSRUFLRQDOPHQWH
DR Q~PHUR GH Do}HV UHSUHVHQWDGDV SHORV %'5V H VRPHQWH VHUmR
UHDOL]DGDVGLVWULEXLo}HVHPUHDLVHFHQWDYRVLQWHLURV
3URJUDPD 6DQWDQGHU 'LYLGHQGR (OHFFLyQ 2V WLWXODUHV GH %'5V SRGHUmR
WDPEpP VHU UHPXQHUDGRV GH DFRUGR FRP R 3URJUDPD 6DQWDQGHU
'LYLGHQGR (OHFFLyQ TXH YHP VHQGR LPSOHPHQWDGR SHOR 6DQWDQGHU
(VSDQKDGHVGHHTXHSHUPLWHDRDFLRQLVWDHVFROKHUHQWUHUHFHEHUR
YDORU HTXLYDOHQWH DR GLYLGHQGR WUDGLFLRQDO HP HVSpFLH RX HP Do}HV
RIHUHFHQGR IOH[LELOLGDGH QD UHPXQHUDomR 2 SURJUDPD HVWDEHOHFH TXH D
UHPXQHUDomR GRV DFLRQLVWDV GR 6DQWDQGHU (VSDQKD RFRUUHUi PHGLDQWH D
HQWUHJDDRVDFLRQLVWDV GHGLUHLWRV GH HQWUHJD³DVLJQDFLyQ´ GHDo}HV SRU
FDGD XPD GDV Do}HV GH VXD WLWXODULGDGH 7DLV GLUHLWRV VmR QHJRFLiYHLV QD
%ROVD GH 0DGUL GXUDQWH XP SHUtRGR GH TXLQ]H GLDV TXH p DQWHULRU j
GDWD SUHYLVWD SDUD R SDJDPHQWR GRV YDORUHV GHFODUDGRV VHQGR TXH HVWH
SUD]RSRGHUiVHUUHGX]LGRQRFDVRGRVGHWHQWRUHVGRV%'5VSDUDSHUPLWLU
VXD LPSOHPHQWDomR SHOD ,QVWLWXLomR 'HSRVLWiULD 6XMHLWR DRV
SURFHGLPHQWRV RSHUDFLRQDLV D VHUHP HVWDEHOHFLGRV QR FRQWUDWR GH
GHSyVLWR GRV %'5V RV DFLRQLVWDV SRGHUmR RSWDU HQWUH D UHFHEHU QRYDV
Do}HV GH HPLVVmR GR 6DQWDQGHU (VSDQKD SRU PHLR GH QRYRV %'5V E
UHFHEHU XP YDORU HP GLQKHLUR SRU PHLR GD DOLHQDomR GRV GLUHLWRV GH
HQWUHJD QD EROVD SHOR VHX YDORU GH PHUFDGR H F UHFHEHU XP YDORU HP
GLQKHLUR HTXLYDOHQWH DR GLYLGHQGR HP UHODomR DR TXDO R 6DQWDQGHU
(VSDQKD DVVXPH R FRPSURPLVVR LUUHYRJiYHO GH DGTXLULU RV GLUHLWRV GH
HQWUHJD SRU XP SUHoR IL[R SUHYLDPHQWH HVWDEHOHFLGR 3DUD XPD GHVFULomR
DUHVSHLWRGR3URJUDPD6DQWDQGHU'LYLGHQGR(OHFFLyQYHMDRVLWHQVH
GR )RUPXOiULR GH 5HIHUrQFLD GR 6DQWDQGHU (VSDQKD GLVSRQtYHO QRV
HQGHUHoRVLQGLFDGRVQRLWHPGHVWH(GLWDO
&LVmRLQFRUSRUDomRHIXVmR2VWLWXODUHVGH%'5VWHUmRGLUHLWRGHFRUUHQWH
GH FLVmR LQFRUSRUDomR RX IXVmR TXH YHQKD D VHU GHOLEHUDGD SHOR
6DQWDQGHU (VSDQKD H R WUDWDPHQWR D VHU DGRWDGR GHSHQGHUi GDV
FDUDFWHUtVWLFDVGHFDGDHYHQWR
-85B63Y
9HUVmR3XEOLFDGD
'LUHLWR GH YRWR 2V WLWXODUHV GH %'5V WHUmR R GLUHLWR GH LQVWUXLU D
,QVWLWXLomR 'HSRVLWiULD SDUD TXH VHMD H[HUFLGR R YRWR FRUUHVSRQGHQWH jV
Do}HVTXHVHUYLUmRGHODVWURGRV%'5V
2 GLUHLWR GH YRWR GRV WLWXODUHV GH %'5V VHUi H[HUFLGR SRU WDLV WLWXODUHV
PHGLDQWHDLQVWUXomRGHVHXVYRWRVj,QVWLWXLomR'HSRVLWiULD2VWLWXODUHV
GH %'5V WHUmR GLUHLWR GH UHFHEHU GLYLGHQGRV H TXDOTXHU RXWUD
UHPXQHUDomR GHYLGD SHOR 6DQWDQGHU (VSDQKD DRV VHXV DFLRQLVWDV SRU
PHLR GD ,QVWLWXLomR 'HSRVLWiULD H GD %0)%29(63$ DV TXDLV VHUmR
UHVSRQViYHLV SHOD WUDQVIHUrQFLD GH WDLV GLYLGHQGRV RX UHPXQHUDomR H
UHDOL]DomR GRV GHYLGRV SDJDPHQWRV H GLVWULEXLo}HV DRV UHVSHFWLYRV
WLWXODUHVGH%'5V
'HVFRQWLQXLGDGHGR3URJUDPDGH%'5V&DVRR6DQWDQGHU(VSDQKDIXWXUDPHQWH
GHFLGDGHVFRQWLQXDURSURJUDPDGH%'5VHFDQFHODUVHXUHVSHFWLYRUHJLVWURGHHPLVVRU
HVWUDQJHLUR QD &90 H QmR H[LVWDP SURFHGLPHQWRV HVSHFtILFRV SUHYLVWRV QD
UHJXODPHQWDomR HP YLJRU QD RFDVLmR R 6DQWDQGHU (VSDQKD FRPSURPHWHVH D
VXEPHWHU j DSURYDomR SUpYLD GD &90 SURFHGLPHQWRV SDUD GHVFRQWLQXLGDGH GR
SURJUDPD TXH SHUPLWDP DR GHWHQWRU GH %'5V GXUDQWH XP PrV RSWDU HQWUH L
YHQGHU DV Do}HV RUGLQiULDV VXEMDFHQWHV DRV %'5V QD %ROVD GH 0DGUL SRU PHLR GD
,QVWLWXLomR 'HSRVLWiULD RX GR SUySULR 6DQWDQGHU (VSDQKD RX LL UHFHEHU DV Do}HV
RUGLQiULDVVXEMDFHQWHVDRV%'5VQD(VSDQKDHWRUQDUVHDFLRQLVWDGLUHWRGR6DQWDQGHU
(VSDQKD3UHVXPLUVHiTXHRGHWHQWRUGH%'5VTXHQmRVHPDQLIHVWDUGHQWUR
GR SUD]R GH XP PrV HVWLSXODGR WHQKD HVFROKLGR D RSomR GH YHQGD GH
Do}HVHPEROVD$VOLQKDVJHUDLVGRVSURFHGLPHQWRVDVHUHPVXEPHWLGRVjDSURYDomR
SUpYLDGD&90VHJXHPDEDL[R
9HQGD GH $o}HV QD %ROVD GH 0DGUL 2 GHWHQWRU GR %'5 SRGHUi RSWDU SRU
YHQGHU DV Do}HV RUGLQiULDV SRU LQWHUPpGLR GD ,QVWLWXLomR 'HSRVLWiULD RX
6DQWDQGHU (VSDQKD $ ,QVWLWXLomR 'HSRVLWiULD RX R 6DQWDQGHU (VSDQKD
SRU FRQWD H RUGHP GR GHWHQWRU GH %'5 YHQGHUi HP SUD]R TXH MXOJDU
VXILFLHQWH DV Do}HV RUGLQiULDV QD %ROVD GH 0DGUL$YHQGD VHUi UHDOL]DGD
SRU VRFLHGDGH FRUUHWRUD HVFROKLGD SHOR 6DQWDQGHU (VSDQKD RX D
,QVWLWXLomR'HSRVLWiULDSRUPHLRGHRUGHPGHYHQGDDPHUFDGRGDVDo}HV
GHHPLVVmRGR6DQWDQGHU(VSDQKDVXEMDFHQWHVDHVVHVWDLV%'5VQDEROVD
GHYDORUHVHVFROKLGDHPXPRXPDLVSUHJ}HVGHSHQGHQGRGRYROXPHGH
Do}HVDVHUYHQGLGR$SyVDOLTXLGDomRGDVRSHUDo}HVGHYHQGDGHDo}HV
D,QVWLWXLomR'HSRVLWiULDRX6DQWDQGHU(VSDQKDGLVWULEXLUiHP5HDLV5
PHGLDQWHDWD[DGHFkPELRGH(85%5/FRUUHQWHRVUHFXUVRVOtTXLGRVGD
YHQGD GHGX]LGRV WRGRV RV WULEXWRV HYHQWXDOPHQWH GHYLGRV QD IRUPD GD
OHJLVODomREUDVLOHLUDHVSDQKRODRXQRUWHDPHULFDQDFRQIRUPHRFDVRHP
YLUWXGHGDYHQGDGDVDo}HVQRPHUFDGRRXGRIHFKDPHQWRGRFRQWUDWRGH
FkPELRSDUDRLQJUHVVRGHUHFXUVRVQR%UDVLODRVWLWXODUHVGRV%'5VWmR
ORJR SRVVtYHO SRU PHLR GD &HQWUDO 'HSRVLWiULD GD %0)%29(63$ 2
6DQWDQGHU (VSDQKD RX D ,QVWLWXLomR 'HSRVLWiULD QmR DVVXPLUi TXDOTXHU
FXVWR DWULEXtYHO DR GHWHQWRU GH %'5 SDUD YHQGHU VXDV Do}HV QD %ROVD GH
0DGULHWDPSRXFRRVFXVWRVGHFRUUHQWHVGDPDQXWHQomRGDVDo}HVHPWDO
PHUFDGR
-85B63Y
9HUVmR3XEOLFDGD
5HFHELPHQWR GH $o}HV QD (VSDQKD 2 GHWHQWRU GH %'5 TXH RSWDU SRU
WRUQDUVH GHWHQWRU GDV Do}HV RUGLQiULDV VXEMDFHQWHV DRV %'5V GHYHUi
PDQLIHVWDUVH PHGLDQWH R SUHHQFKLPHQWR H DVVLQDWXUD IRUPXOiULR GH
PDQLIHVWDomR D VHU GLVSRQLELOL]DGR SHOR 6DQWDQGHU (VSDQKD HRX SHOD
,QVWLWXLomR 'HSRVLWiULD EHP FRPR SURYLGHQFLDU D DEHUWXUD GH FRQWD
FRUUHQWH HP LQVWLWXLomR ILQDQFHLUD QD (VSDQKD H GH FRQWD GH YDORUHV HP
XPD FRUUHWRUD DXWRUL]DGD D RSHUDU QD %ROVD GH 0DGUL 2V FXVWRV
GHFRUUHQWHV GHWUDQVIHUrQFLDGRVYDORUHVH GH DEHUWXUDGHFRQWD FRUUHQWH
HGHFRQWDGHYDORUHVQD(VSDQKDGHYHUmRVHUVXSRUWDGRVSHORLQYHVWLGRU
TXHDVVLPRSWDU$SyVRFDQFHODPHQWRGRV%'5VD,QVWLWXLomR'HSRVLWiULD
RXR6DQWDQGHU(VSDQKDHQWUHJDUiDRLQYHVWLGRUDVDo}HVVXEMDFHQWHVQD
(VSDQKD
2V SURFHGLPHQWRV UHVXPLGRV DFLPD SRGHUmR VRIUHU DMXVWHV H DOWHUDo}HV
HPGHFRUUrQFLD GHPXGDQoDVQRDPELHQWHOHJDOWULEXWiULR RX FDPELDO QR
%UDVLO QD (VSDQKD RX QRV (VWDGRV 8QLGRV RX RXWURV IDWRUHV H[LVWHQWHV j
pSRFD H HVWDUmR VXMHLWRV D UHYLVmR H DSURYDomR GD &90 VH H TXDQGR R
6DQWDQGHU(VSDQKDGHFLGLUGHVFRQWLQXDURSURJUDPDGH%'5VHFDQFHODUR
UHJLVWURGHHPLVVRUHVWUDQJHLURQD&90$SyVDDSURYDomRSUpYLDGD&90
RVSURFHGLPHQWRVDGRWDGRVVHUmRGLULJLGRVLQGLVWLQWDPHQWHDRVGHWHQWRUHV
GRV%'5VFRPGLVSRQLELOL]DomRGDVLQIRUPDo}HVQHFHVViULDVSDUDWRPDGD
GHGHFLVmR
&RQGLo}HVGD2IHUWD
&RQGLo}HV SDUD UHDOL]DomR GD 2IHUWD $ FRQFOXVmR GD 2IHUWD HVWi VXMHLWD j
YHULILFDomR GR FXPSULPHQWR RX UHQ~QFLD SHOR 6DQWDQGHU (VSDQKD GDV FRQGLo}HV
HVWDEHOHFLGDVDEDL[R³&RQGLo}HVGD2IHUWD´
$XWRUL]Do}HV *RYHUQDPHQWDLV 7RGDV DV DXWRUL]Do}HV JRYHUQDPHQWDLV
QHFHVViULDV SDUD D UHDOL]DomR GD 2IHUWD GHYHUmR WHU VLGR REWLGDV H QmR
GHYHUmRWHUVLGRUHYRJDGDVPRGLILFDGDVRXFRPSOHPHQWDGDVGHTXDOTXHU
IRUPD TXH VH SRVVD UD]RDYHOPHQWH HVSHUDU XP LPSHGLPHQWR RX
LQWHUIHUrQFLD UHOHYDQWH DWUDVR DGLDPHQWR RX TXH SRVVD QHJDWLYDPHQWH
DIHWDUGHIRUPDUHOHYDQWHD2IHUWDLQFOXLQGR
• R UHJLVWUR GR 6DQWDQGHU (VSDQKD GR SURJUDPD GH %'5V
SDWURFLQDGR SHOR 6DQWDQGHU (VSDQKD H GD 2IHUWD SHUDQWH D &90 H
%0)%29(63$
• VH QHFHVViULR R UHFHELPHQWR GH XPD GHFODUDomR GR %DQFR GH
(VSDxD LQGLFDQGR HP FDGD FDVR D VXD QmR RSRVLomR DR
FRUUHVSRQGHQWH DXPHQWR GH FDSLWDO VRFLDO GR 6DQWDQGHU (VSDQKD
QHFHVViULR SDUD D HPLVVmR GH Do}HV RUGLQiULDV SDUD D 2IHUWD
LQFOXLQGRDOLTXLGDomRGD2EULJDomR$GLFLRQDO
• RUHFHELPHQWRGHXPUHODWyULRDVHUHPLWLGRSRUXPSHULWRLQGLFDGR
SHOR5HJLVWUR&RPHUFLDOGH&DQWDEULD(VSDQKDDUHVSHLWRGRYDORU
MXVWRGHPHUFDGRGDV$o}HV8QLWVH$'5VDVHUHPUHFHELGRVSHOR
6DQWDQGHU (VSDQKD QD 2IHUWD R TXDO GHYHUi FRQILUPDU TXH RV
-85B63Y
9HUVmR3XEOLFDGD
UHVSHFWLYRV YDORUHV MXVWRV UHSUHVHQWDP SHOR PHQRV R YDORU
QRPLQDO H VH DSOLFiYHO R YDORU GR SUrPLR GH HPLVVmR GDV Do}HV
RUGLQiULDVDVHUHPHPLWLGDVSHOR6DQWDQGHU(VSDQKDHPUHODomRj
2IHUWDH
•
R UHJLVWUR SHUDQWH D &RPLVLyQ 1DFLRQDO GHO 0HUFDGR GH 9DORUHV ±
&109 GH XP SURVSHFWR LQIRUPDWLYR RX DOWHUQDWLYDPHQWH D D
DFHLWDomR SHOD &109 GH GLYXOJDomR GH LQIRUPDo}HV FRQVLGHUDGDV
HTXLYDOHQWHV jTXHODV LQFOXtGDV HP XP SURVSHFWR LQIRUPDWLYR SDUD
RV ILQV GH LQFOXVmR GDV Do}HV RUGLQiULDV GR 6DQWDQGHU (VSDQKD QD
RIHUWDTXHVHUiUHJLVWUDGDQD%ROVDGH0DGULRXEDDSOLFDomRGH
XPD LVHQomR SUHYLVWD QD QRUPD DSOLFiYHO HP UHODomR jV
FLUFXQVWkQFLDVGHVFULWDVDQWHULRUPHQWH
$V FRQGLo}HV GHVFULWDV QHVWH LWHP QmR SRGHP VHU UHQXQFLDGDV SHOR
6DQWDQGHU(VSDQKD
2XWUDV&RQGLo}HV
• GHYHUiVHUREWLGDQRPDLVWDUGDUQD'DWDGR/HLOmRDFRQILUPDomR
GH TXH RV $'5V 6DQWDQGHU (VSDQKD D VHUHP HPLWLGRV QDV RIHUWDV
GHSHUPXWDVHUmRDGPLWLGRVjQHJRFLDomRQDQD1<6(
• QHQKXPD RUGHP VXVSHQGHQGR D HILFiFLD GR UHJLVWUR GD 3HUPXWD
QRV (8$ SRGHUi WHU VLGR HPLWLGD SHOD 6(& H QHQKXPD PHGLGD RX
DomR SRGHUi WHU VLGR LQLFLDGD RX HVWDU DPHDoDGD GH VHU LQLFLDGD
SHOD6(&H
• QHQKXPDDXWRULGDGHS~EOLFD GRVSRGHUHV ([HFXWLYR/HJLVODWLYRRX
GR -XGLFLiULR QRV (VWDGRV 8QLGRV %UDVLO RX (VSDQKD SRGHUi WHU
HPLWLGR SURPXOJDGR RX IHLWR YDOHU RX KDYHU DPHDoD GH HPLVVmR
SURPXOJDomRRXLQWHQomRGHID]HUYDOHUTXDOTXHUOHLUHJXODPHQWR
UHJXODomR GHFUHWR H[HFXWLYR PHGLGD OLPLQDU RX RXWUD TXH D
LPSHoD RX SURtED D FRQFOXVmR GD 2IHUWD RX GD 3HUPXWD QRV (8$
E DIHWH DGYHUVDPHQWH RV WHUPRV H FRQGLo}HV GD 2IHUWD RX GD
3HUPXWDQRV(8$FLPSRQKDUHVWULo}HVUHOHYDQWHVQDFDSDFLGDGH
GH R 6DQWDQGHU (VSDQKD RX VXDV DILOLDGDV DGTXLULU PDQWHU RX
H[HUFHUSOHQDPHQWHRVGLUHLWRVHPUHODomRjV8QLWVH$o}HVREMHWR
GD 2IHUWD H GD 3HUPXWD QRV (8$ LQFOXLQGR PDV VHP OLPLWDomR R
GLUHLWRGHYRWRGSURtEDUHVWULQMDWRUQHRXSURFXUHWRUQDULOHJDO
DSHUPXWDGHTXHWUDWDD2IHUWDRXD3HUPXWDQRV(8$RXLPSRQKD
UHVWULo}HV UHOHYDQWHV D HVVH UHVSHLWR H LPSRQKD UHVWULo}HV RX
OLPLWHV DRV QHJyFLRV GR 6DQWDQGHU %UDVLO I LPSRQKD FRQGLo}HV
UHOHYDQWHV DOpP GDTXHODV SUHYLVWDV QHVWH (GLWDO RX FDVR TXDOTXHU
DomR SURFHGLPHQWR RX UHFODPDomR WHQKD VLGR LQLFLDGD QHVVH
VHQWLGR RX J LPSRQKD TXDOTXHU OLPLWDomR DRV $FLRQLVWDV SDUD
SDUWLFLSDUGD2IHUWDRXGD3HUPXWDQRV(8$
9HULILFDomR GDV FRQGLo}HV LPSRVWDV SHOR 6DQWDQGHU (VSDQKD SDUD D UHDOL]DomR
GD2IHUWD26DQWDQGHU(VSDQKDQmRVHUiREULJDGRDDGTXLULUTXDOTXHU8QLWRX$omRD
-85B63Y
9HUVmR3XEOLFDGD
PHQRV TXH WRGDV DV &RQGLo}HV GD 2IHUWD WHQKDP VLGR FXPSULGDV RX SRU HOH
UHQXQFLDGDV H[SUHVVDPHQWH QD IRUPD SUHYLVWD DEDL[R 7RGDV DV &RQGLo}HV GD 2IHUWD
VHUmRYHULILFDGDVQD'DWDGR/HLOmRFRQIRUPHGHILQLGDQRLWHPDEDL[RGDVHJXLQWH
IRUPD
D FDVRWRGDVDV&RQGLo}HVGD2IHUWDVHMDPFXPSULGDVQRVWHUPRVDTXLSUHYLVWRV
VHUiGLYXOJDGRSHOR2IHUWDQWHDWpDVKKRUiULRGH6mR3DXORGD'DWDGR
/HLOmR FRPXQLFDGR DR 'LUHWRU GH 2SHUDo}HV GD %0)%29(63$ LQIRUPDQGR D
LPXWDELOLGDGH H LUUHYRJDELOLGDGH GD 2IHUWD ³&RPXQLFDGR GH 5HDOL]DomR GD
2IHUWD´VHQGRTXHWDOFRPXQLFDGRVHUiGLYXOJDGRSHORVLVWHPD,3(
E FDVR RFRUUD UHQ~QFLD D DOJXPD GDV &RQGLo}HV GD 2IHUWD SHOR 6DQWDQGHU
(VSDQKDDWpDVKKRUiULRGH6mR3DXORVHUiGLYXOJDGRXPIDWRUHOHYDQWH
SHORVVLVWHPDV,3(GR6DQWDQGHU(VSDQKDHGR6DQWDQGHU%UDVLOVHJXLGRGHVXD
SXEOLFDomRQR GLDVHJXLQWH QRMRUQDO³9DORU (FRQ{PLFR´ FRP GHVWDTXHSDUDDV
PRGLILFDo}HV HIHWXDGDV SURUURJDQGR R SUD]R GD 2IHUWD HP GH] GLDV
FRUULGRV LQIRUPDQGR R SURFHGLPHQWR SDUD TXH RV DFHLWDQWHV SRVVDP UHDYDOLDU
VXD GHFLVmR GH DFHLWDomR GD 2IHUWD RX SDUD TXH QRYRV DFLRQLVWDV DFHLWHP D
2IHUWD H D QRYD GDWD GR /HLOmR ³&RPXQLFDGR GH 5HQ~QFLD GH &RQGLomR GD
2IHUWD´H
F FDVR VH YHULILTXH R QmR FXPSULPHQWR GDV &RQGLo}HV GD 2IHUWD H QmR RFRUUD
H[WHQVmR GR SUD]R GD 2IHUWD QRV WHUPRV GR LWHP RX UHQ~QFLD SHOR
6DQWDQGHU(VSDQKDDWpDVKKRUiULRGH6mR3DXORVHUiGLYXOJDGRXPIDWR
UHOHYDQWH SHORV VLVWHPDV ,3( GR 6DQWDQGHU (VSDQKD H GR 6DQWDQGHU %UDVLO
VHJXLGR GH VXD SXEOLFDomR QR GLD VHJXLQWH QR MRUQDO ³9DORU (FRQ{PLFR´
LQIRUPDQGR R FDQFHODPHQWR GD 2IHUWD ³&RPXQLFDGR GH &DQFHODPHQWR GD
2IHUWD´
3URFHGLPHQWRGD2IHUWD
+DELOLWDomRSDUDR/HLOmR$2IHUWDVHUiUHDOL]DGDSRUPHLRGHOHLOmRUHDOL]DGRQR
VLVWHPDHOHWU{QLFRGHQHJRFLDomRGRVHJPHQWR%29(63$GD%0)%29(63$³/HLOmR´
2$FLRQLVWDTXHGHVHMDUSDUWLFLSDUGR/HLOmRGHYHUiKDELOLWDUVHSDUDWDQWRDSDUWLUGH
GH VHWHPEUR GH DWp DV K KRUiULR GH 6mR 3DXOR GH GH RXWXEUR GH
GLD ~WLO LPHGLDWDPHQWH DQWHULRU j 'DWD GR /HLOmR FRQIRUPH GHILQLGR DEDL[R
³3HUtRGR GH +DELOLWDomR´ QD 6DQWDQGHU &RUUHWRUD RX HP TXDOTXHU RXWUD VRFLHGDGH
FRUUHWRUD DXWRUL]DGD D DWXDU QR 6HJPHQWR %29(63$ GD %0)%29(63$ GH WDO IRUPD
TXHWDOVRFLHGDGHFRUUHWRUDSRVVDUHSUHVHQWiORQR/HLOmR
'RFXPHQWRV1HFHVViULRVj+DELOLWDomR3DUDKDELOLWDUVHR$FLRQLVWDGHYHUiD
WHUFRQWDSUHYLDPHQWHDEHUWDHPVRFLHGDGHFRUUHWRUDDXWRUL]DGDDRSHUDUQRVHJPHQWR
%29(63$ GD %0)%29(63$ TXH HVFROKHU SDUD UHSUHVHQWiOR RX SURYLGHQFLDU VXD
DEHUWXUD HP WHPSR VXILFLHQWH SDUD DWHQGHU DR SUD]R GHVFULWR QR LWHP DFLPD
REVHUYDQGRRVSURFHGLPHQWRVHVSHFtILFRVGHFDGDVRFLHGDGHFRUUHWRUDHEFRQVXOWDU
DVRFLHGDGHFRUUHWRUDTXDQWRDRVGRFXPHQWRVQHFHVViULRVSDUDDKDELOLWDomRQD2IHUWD
5HFRPHQGDVH TXH R $FLRQLVWD DSUHVHQWHVH SHVVRDOPHQWH RX SRU SURFXUDGRU
GHYLGDPHQWH FRQVWLWXtGR QD 6DQWDQGHU &RUUHWRUD RX RXWUD VRFLHGDGH FRUUHWRUD GH VXD
OLYUHHVFROKDTXHHVWHMDDXWRUL]DGDDRSHUDUQR6HJPHQWR%29(63$GD%0)%29(63$
FRP VHX UHVSHFWLYR FDGDVWUR DWXDOL]DGR RX PXQLGR GH FySLD DXWHQWLFDGD GRV
-85B63Y
9HUVmR3XEOLFDGD
GRFXPHQWRVLQGLFDGRVDEDL[RFRQIRUPHRFDVRDOpPGHIRUPXOiULRGHKDELOLWDomRSDUD
D2IHUWD³)RUPXOiULRGH+DELOLWDomR´TXHHVWDUiGLVSRQtYHOQRVZHEVLWHVHHQGHUHoRV
GD,QVWLWXLomR,QWHUPHGLiULDHGD&RPSDQKLDLQIRUPDGRVQRLWHPDEDL[RILFDQGR
UHVVDOYDGR TXH SDUD ILQV FDGDVWUDLV SRGHUmR VHU VROLFLWDGDV LQIRUPDo}HV HRX
GRFXPHQWRVDGLFLRQDLVDFULWpULRGDUHVSHFWLYDVRFLHGDGHFRUUHWRUD
SHVVRD ItVLFD FySLD DXWHQWLFDGD GR &3) GD &pGXOD GH ,GHQWLGDGH H GH
FRPSURYDQWH GH UHVLGrQFLD 5HSUHVHQWDQWHV GH HVSyOLRV PHQRUHV
LQWHUGLWRVH$FLRQLVWDVTXHVHIL]HUHPUHSUHVHQWDUSRUSURFXUDGRUGHYHUmR
DSUHVHQWDU GRFXPHQWDomR RXWRUJDQGR SRGHUHV GH UHSUHVHQWDomR H FySLDV
DXWHQWLFDGDV GR &3) H &pGXOD GH ,GHQWLGDGH GRV UHSUHVHQWDQWHV 2V
UHSUHVHQWDQWHV GH HVSyOLRV PHQRUHV H LQWHUGLWRV GHYHUmR DSUHVHQWDU
DLQGDDUHVSHFWLYDDXWRUL]DomRMXGLFLDO
SHVVRD MXUtGLFD FySLD DXWHQWLFDGD GR ~OWLPR HVWDWXWR RX FRQWUDWR VRFLDO
FRQVROLGDGR FDUWmR GH LQVFULomR QR &13-0) GRFXPHQWDomR VRFLHWiULD
RXWRUJDQGR SRGHUHV GH UHSUHVHQWDomR H FySLDV DXWHQWLFDGDV GR &3) GD
&pGXOD GH ,GHQWLGDGH H GR FRPSURYDQWH GH UHVLGrQFLD GH VHXV
UHSUHVHQWDQWHVLQYHVWLGRUHVUHVLGHQWHVQRH[WHULRUSRGHPVHUREULJDGRVD
DSUHVHQWDURXWURVGRFXPHQWRVGHUHSUHVHQWDomR
$FLRQLVWD TXH WHQKD LQYHVWLGR QRV WHUPRV GD 5HVROXomR &01 R
$FLRQLVWD TXH LQYHVWLX QDV 8QLWV H $o}HV SRU PHLR GR PHFDQLVPR
HVWDEHOHFLGR SHOD 5HVROXomR &01 ³,QYHVWLGRU YLD 5HVROXomR &01
´GHYHUiIRUQHFHUjVRFLHGDGHFRUUHWRUDSRU HOHFUHGHQFLDGDDQWHV
GD 'DWD GR /HLOmR DOpP GRV GRFXPHQWRV GHVFULWRV DFLPD GRFXPHQWR
DWHVWDQGR R VHX Q~PHUR GH UHJLVWUR SHUDQWH D &90 H SHUDQWH R %DQFR
&HQWUDO GR %UDVLO QHVWH ~OWLPR FDVR R Q~PHUR GH 5'(3RUWIyOLR EHP
FRPRVHXH[WUDWRGHFXVWyGLDOHJDODWHVWDQGRRQ~PHURGH8QLWVH$o}HV
GH TXH p WLWXODU H TXH LUi RIHUWDU QR /HLOmR &DVR R ,QYHVWLGRU YLD
5HVROXomR &01 VHMD XPD SHVVRD ItVLFD HVWUDQJHLUD GHYHUi
DSUHVHQWDU DOpP GRV GRFXPHQWRV DTXL LQGLFDGRV XPD FySLD DXWHQWLFDGD
GHVHXQ~PHURGHLQVFULomRQR&DGDVWURGH3HVVRDV)tVLFDV&3)
$SHQDV R $FLRQLVWD TXH VH KDELOLWDU D SDUWLFLSDU GR /HLOmR
DSUHVHQWDQGR WRGD D GRFXPHQWDomR UHTXHULGD VHUi FRQVLGHUDGR
³$FLRQLVWD+DELOLWDGR´
8QLWV H $o}HV 'HSRVLWDGDV QD &HQWUDO 'HSRVLWiULD GD %0)%29(63$ 3DUD
SDUWLFLSDU GR /HLOmR R $FLRQLVWD +DELOLWDGR FXMDV 8QLWV HRX $o}HV Mi HVWLYHUHP
GHSRVLWDGDVQD&HQWUDO'HSRVLWiULDGD%0)%29(63$GHYHUiSRUPHLRGHVHXDJHQWH
GH FXVWyGLD WUDQVIHULU VXDV 8QLWV HRX $o}HV SDUD D FDUWHLUD PDQWLGD SHOD
&HQWUDO 'HSRVLWiULD GD %0)%29(63$ DWp DV K KRUiULR GH 6mR 3DXOR GH GH
RXWXEURGH'DWDGR/HLOmR2$FLRQLVWD+DELOLWDGRTXHWUDQVIHULUDVVXDV8QLWVH
$o}HVSDUDDPHQFLRQDGDFDUWHLUDDXWRUL]DUiDDWUDQVIHUrQFLDGH8QLWVHRX
$o}HV GH VXD WLWXODULGDGH DOLHQDGDV QR /HLOmR SDUD R 6DQWDQGHU (VSDQKD HP WUrV
GLDV~WHLVDSyVD'DWDGR/HLOmREDVXEVFULomRSHOD,QVWLWXLomR'HSRVLWiULDDWXDQGR
HPQRPHSUySULRjFRQWDGR$FLRQLVWD+DELOLWDGRQRVWHUPRVGRDUWLJRGR&yGLJR
&LYLO %UDVLOHLUR GDV QRYDV Do}HV RUGLQiULDV GH HPLVVmR GR 6DQWDQGHU (VSDQKD TXH
VHUYLUmR GH ODVWUR DRV %'5V H F D YHQGD GH )UDo}HV SRU PHLR GH YHQGD GH Do}HV
-85B63Y
9HUVmR3XEOLFDGD
RUGLQiULDVGHHPLVVmRGR6DQWDQGHU(VSDQKDFRQIRUPHSURFHGLPHQWRLQGLFDGRQRLWHP
REVHUYDGDDSRVVLELOLGDGHGHGHVLVWrQFLDGD2IHUWDQRVWHUPRVGRLWHP
8QLWVH$o}HV0DQWLGDVHP&XVWyGLDQD,QVWLWXLomR(VFULWXUDGRUD3DUDSDUWLFLSDU
GR /HLOmR R $FLRQLVWD +DELOLWDGR FXMDV 8QLWV HRX $o}HV HVWLYHUHP PDQWLGDV HP
FXVWyGLD QR 6DQWDQGHU %UDVLO QD TXDOLGDGH GH LQVWLWXLomR ILQDQFHLUD GHSRVLWiULD H
HVFULWXUDGRUD GDV 8QLWV H $o}HV ³,QVWLWXLomR (VFULWXUDGRUD´ GHYHUi SUHYLDPHQWH
WUDQVIHULODVSDUDDFXVWyGLDGD&HQWUDO'HSRVLWiULDGD%0)%29(63$FUHGHQFLDQGRD
6DQWDQGHU &RUUHWRUD RX RXWUD VRFLHGDGH FRUUHWRUD GH VXD HVFROKD H LQVWUXLQGR VHX
DJHQWHGHFXVWyGLDDID]HUDWUDQVIHUrQFLDSDUDDFDUWHLUDPDQWLGDSHOD&HQWUDO
'HSRVLWiULD GD %0)%29(63$ DWp DV K KRUiULR GH 6mR 3DXOR GH GH RXWXEUR
GH'DWDGR/HLOmR$V8QLWVHRX$o}HVGHYHUmRHVWDUOLYUHVSDUDPRYLPHQWDomR
GHQWUR GR SHUtRGR GH KDELOLWDomR GHILQLGR QR LWHP 5HFRPHQGDVH TXH R
FUHGHQFLDPHQWR GD 6DQWDQGHU &RUUHWRUD RX GH RXWUD VRFLHGDGH FRUUHWRUD HVFROKLGD
RFRUUD DWp FLQFR GLDV ~WHLV DQWHV GD UHDOL]DomR GR /HLOmR D ILP GH YLDELOL]DU D
WUDQVIHUrQFLD GH VXDV 8QLWV HRX $o}HV SDUD D FXVWyGLD GD &HQWUDO 'HSRVLWiULD e GH
UHVSRQVDELOLGDGHH[FOXVLYDGR$FLRQLVWDDWRPDGDGDVPHGLGDVDSOLFiYHLVSDUDJDUDQWLU
TXHDWUDQVIHUrQFLDGHVXDV8QLWVHRX$o}HVGDFXVWyGLDGD,QVWLWXLomR(VFULWXUDGRUD
SDUDDFXVWyGLDGD&HQWUDO'HSRVLWiULDRFRUUDHHVWHMDILQDOL]DGDDWpDVKKRUiULR
GH6mR3DXORGD'DWDGR/HLOmR2$FLRQLVWD+DELOLWDGRTXHWUDQVIHULUDVVXDV8QLWVH
$o}HV SDUD D FXVWyGLD GD &HQWUDO 'HSRVLWiULD GD %0)%29(63$ DXWRUL]DUi D D
WUDQVIHUrQFLD GH 8QLWV HRX $o}HV GH VXD WLWXODULGDGH DOLHQDGDV SDUD R 6DQWDQGHU
(VSDQKD HP GLDV ~WHLV DSyV D 'DWD GR /HLOmR E D VXEVFULomR SHOD ,QVWLWXLomR
'HSRVLWiULDDWXDQGRHPQRPHSUySULRjFRQWDGR$FLRQLVWD+DELOLWDGRQRVWHUPRVGR
DUWLJR GR &yGLJR &LYLO %UDVLOHLUR GDV QRYDV Do}HV RUGLQiULDV GH HPLVVmR GR
6DQWDQGHU (VSDQKD TXH VHUYLUmR GH ODVWUR DRV %'5V H F D YHQGD GH )UDo}HV SRU
PHLR GH YHQGD GH Do}HV RUGLQiULDV GH HPLVVmR GR 6DQWDQGHU (VSDQKD FRQIRUPH
SURFHGLPHQWRLQGLFDGRQRLWHPREVHUYDGDDSRVVLELOLGDGHGHGHVLVWrQFLDGD2IHUWD
QRVWHUPRVGRLWHP
&DVR DV 8QLWV HRX $o}HV QmR HVWHMDP GHSRVLWDGDV QD FDUWHLUD PDQWLGDSHOD&HQWUDO'HSRVLWiULDGD%0)%29(63$DVRUGHQVGHYHQGD
VHUmRFDQFHODGDVSHOD%0)%29(63$DQWHULRUPHQWHDRLQtFLRGR/HLOmR
5HVWULomR GH 1HJRFLDomR GDV 8QLWV HRX $o}HV 8PD YH] UHDOL]DGD D
WUDQVIHUrQFLD SDUD D FDUWHLUD PDQWLGD SHOD &HQWUDO 'HSRVLWiULD GD
%0)%29(63$ RV $FLRQLVWDV UHFRQKHFHP TXH DV 8QLWV HRX $o}HV ILFDUmR
LQGLVSRQtYHLV SDUD DOLHQDomR DWp D 'DWD GH /LTXLGDomR GHVFULWD QR LWHP DEDL[R
VHQGR FHUWR TXH D %0)%29(63$ QmR VH UHVSRQVDELOL]DUi SHOR FRQWUROH GD
LQGLVSRQLELOLGDGH SDUD QHJRFLDomR GDV 8QLWV HRX $o}HV UHVVDOYDGD D SRVVLELOLGDGH GH
GHVLVWrQFLDGHDGHVmRj2IHUWDQRVWHUPRVGRLWHP
7UDWDPHQWR GH (PSUpVWLPR GH $WLYRV $FLRQLVWDV FRP SRVLo}HV GRDGRUDV HP
FRQWUDWRV GH HPSUpVWLPR GH DWLYRV TXH GHVHMDUHP VH KDELOLWDU D SDUWLFLSDU GD 2IHUWD
GHYHUmRREVHUYDURVSURFHGLPHQWRVDEDL[R
D
FRQWUDWRVFRPFOiXVXODGHOLTXLGDomRDQWHFLSDGDRGRDGRUGHYHUi
VROLFLWDU D OLTXLGDomR YLD VLVWHPD %7& REVHUYDGR R SUD]R HVWDEHOHFLGR
SDUD GHYROXomR GDV 8QLWV$o}HV REMHWR GD 2IHUWD SHOR WRPDGRU TXDO
-85B63Y
9HUVmR3XEOLFDGD
VHMD DWp DV K KRUiULR GH 6mR 3DXOR GR TXDUWR GLD ~WLO ' GD
GDWDGDVROLFLWDomRH
E
FRQWUDWRVVHPFOiXVXODGHOLTXLGDomRDQWHFLSDGDRGRDGRUGHYHUi
VROLFLWDU D DOWHUDomR GR FRQWUDWR YLD VLVWHPD %7& SDUD TXH R FDPSR
³/LTXLGDomR $QWHFLSDGD 'RDGRU´ VHMD DOWHUDGR GH ³1­2´ SDUD ³6,0´ $
DOWHUDomR SDUD D OLTXLGDomR DQWHFLSDGD GR FRQWUDWR GH HPSUpVWLPR HVWi
FRQGLFLRQDGD j DFHLWDomR SHOR WRPDGRU (P FDVR GH DOWHUDomR GR
FRQWUDWRGHYHUiVHUREHGHFLGRRPHVPRSURFHGLPHQWRHVWDEHOHFLGRSDUD
RVFRQWUDWRVFRPFOiXVXODGHOLTXLGDomRDQWHFLSDGD
1RVFDVRVPHQFLRQDGRVQRVLWHQVDHEDFLPDRGRDGRUGHYHUiUHFHEHU
DV8QLWV$o}HVREMHWRGD2IHUWDHPVXDFRQWDGHFXVWyGLDHPWHPSRKiELO
SDUD WUDQVIHULODV SDUD D FDUWHLUD H SURYLGHQFLDU WRGDV DV GHPDLV
H[LJrQFLDV HVWDEHOHFLGDV QHVWH (GLWDO (P FDVR GH IDOKD GR WRPDGRU QD
GHYROXomR GDV 8QLWV$o}HV REMHWR GD 2IHUWD QR SUD]R HVWDEHOHFLGR VHUmR
DGRWDGRV RV SURFHGLPHQWRV GHVFULWRV QR &DStWXOR ,9 GRV 3URFHGLPHQWRV
2SHUDFLRQDLVGD&kPDUDGH&RPSHQVDomR/LTXLGDomRH*HUHQFLDPHQWRGH
5LVFRV GH 2SHUDo}HV QR 6HJPHQWR %29(63$ H GD &HQWUDO 'HSRVLWiULD GH
$WLYRV
&RPSUD D 7HUPR $FLRQLVWDV FRP SRVLo}HV FRPSUDGRUDV D WHUPR GHYLGDPHQWH
FREHUWDVHTXHGHVHMDUHPVHKDELOLWDUDSDUWLFLSDUGD2IHUWDGHYHUmRREVHUYDUXPGRV
VHJXLQWHVSURFHGLPHQWRVDEDL[R
D
VROLFLWDU D OLTXLGDomR SRU GLIHUHQoD /3' GRV FRQWUDWRV FRP
DQWHFHGrQFLDGHTXDWURGLDV~WHLV'GD'DWDGR/HLOmRHWUDQVIHULURV
DWLYRVSDUDDFDUWHLUDDSyVDOLEHUDomRGRVDOGRRX
E
VROLFLWDU D OLTXLGDomR SRU GLIHUHQoD HVSHFLDO /3'( GRV FRQWUDWRV
FRPDQWHFHGrQFLDGHWUrVGLDV~WHLV'GD'DWDGR/HLOmRHWUDQVIHULU
RVDWLYRVSDUDDFDUWHLUDDSyVDOLEHUDomRGRVDOGRRX
F
VROLFLWDU D OLTXLGDomR DQWHFLSDGD /$ GRV FRQWUDWRV DWp GRLV GLDV
~WHLV'GD'DWDGR/HLOmRHWUDQVIHULURVDWLYRVSDUDDFDUWHLUD
DSyVDOLEHUDomRGRVDOGR
6RPHQWHRVWLWXODUHVGHFRQWUDWRVDWHUPRTXHHVWLYHUHPFREHUWRVFRPDV
UHVSHFWLYDV 8QLWV$o}HV REMHWR SRGHUmR VROLFLWDU DV OLTXLGDo}HV SUHYLVWDV
QRV LWHQV D E H F DFLPD $VVLP VHQGR RV $FLRQLVWDV TXH GHVHMDUHP
DGHULUj2IHUWDGHYHUmRUHVSHLWDURVSUD]RVFRQKHFLGRVSDUDFREHUWXUDGH
FRQWUDWRVDWHUPR
$OHUWD )LFDUi D H[FOXVLYR FDUJR GR $FLRQLVWD DFHLWDQWH GD 2IHUWD WRPDU DV
PHGLGDVFDEtYHLVSDUDFRQWUDWDUXPDJHQWHGHFXVWyGLDVHIRURFDVRHJDUDQWLUTXHR
VHX DJHQWH GH FXVWyGLD QD &HQWUDO 'HSRVLWiULD GD %0)%29(63$ DXWRUL]H D
WUDQVIHUrQFLDGDV$o}HV8QLWVSDUDDOLTXLGDomRGD2IHUWDDWpRVHJXQGRGLDSRVWHULRUj
'DWDGR/HLOmR$QmRDXWRUL]DomRSHORDJHQWHGHFXVWyGLDGDHQWUHJDGDV8QLWV$o}HV
SDUDD%0)%29(63$QHVVHSUD]RLPSOLFDUiQDQmROLTXLGDomRGDSDUFHODYHQGLGDSRU
HVVH $FLRQLVWD VHQGR TXH TXDLVTXHU FXVWRV RX {QXV GHFRUUHQWHV GHVVD IDOKD ILFDUmR
-85B63Y
9HUVmR3XEOLFDGD
VRE LQWHJUDO UHVSRQVDELOLGDGH GR $FLRQLVWD 2 6DQWDQGHU (VSDQKD DOHUWD RV
$FLRQLVWDV TXH RV SURFHGLPHQWRV GH YHULILFDomR GH GRFXPHQWRV H
WUDQVIHUrQFLD GH 8QLWV H $o}HV GHVFULWRV DFLPD HVWmR VXMHLWRV jV UHJUDV H
SURFHGLPHQWRVLQWHUQRVGDVVRFLHGDGHVFRUUHWRUDVLQVWLWXLo}HVHVFULWXUDGRUDV
HGD%0)%29(63$GHIRUPDTXHWDO$FLRQLVWDGHYHWRPDUWRGDVDVPHGLGDV
GHVFULWDV QHVWH (GLWDO FRP DQWHFHGrQFLD SDUD TXH SRVVD KDELOLWDUVH H
SDUWLFLSDUGR/HLOmR
$FHLWDomR H 5HWLUDGD GD 2IHUWD $ DFHLWDomR GD 2IHUWD VHUi HIHWXDGD SHODV
UHVSHFWLYDV VRFLHGDGHV FRUUHWRUDV SRU FRQWD H RUGHP GR $FLRQLVWD +DELOLWDGR TXH
GHVHMDUDFHLWDUD2IHUWDPHGLDQWHRUHJLVWURGHRUGHPGHYHQGDQR/HLOmR
2 $FLRQLVWD +DELOLWDGR TXH GHVHMDU GHVLVWLU GD DGHVmR j 2IHUWD GHYHUi
HQWUDU HP FRQWDWR FRP D FRUUHWRUD TXH UHJLVWURX D RUGHP GH YHQGD HP
QRPH GH WDO $FLRQLVWD +DELOLWDGR SDUD SHUPLWLU j FRUUHWRUD FDQFHODU RX
UHGX]LU DV RUGHQV GH YHQGD FRQIRUPH R FDVR UHJLVWUDGDV HP QRPH GR
$FLRQLVWD+DELOLWDGRSDUDR/HLOmRFRQIRUPHRGLVSRVWRQRLWHPDEDL[R
4XDLVTXHU $o}HV8QLWV GHYLGDPHQWH UHWLUDGDV GD 2IHUWD SRU XP $FLRQLVWD
+DELOLWDGRVHUmRFRQVLGHUDGDVSDUDWRGRVRVILQVFRPRQmRSDUWLFLSDQWHV
GD 2IHUWD )LFD H[SUHVVDPHQWH DGPLWLGR QR HQWDQWR TXH $FLRQLVWDV TXH
WHQKDP UHWLUDGR VXDV 8QLWV RX $o}HV GD 2IHUWD QD IRUPD DTXL GHVFULWD
SRGHUmR UHTXDOLILFiODV SDUD SDUWLFLSDU GD 2IHUWD GHYHQGR SDUD WDQWR
VXEPHWHUHPVH DR SURFHGLPHQWR GH KDELOLWDomR HVWDEHOHFLGR QR LWHP GHVWH(GLWDODWpRHQFHUUDPHQWRGR3HUtRGRGH+DELOLWDomR
2V $FLRQLVWDV TXH VH TXDOLILFDUHP D SDUWLFLSDU GD 2IHUWD QRV WHUPRV GHVFULWRV
QHVWH(GLWDOGHFODUDPHJDUDQWHPDR2IHUWDQWHTXHDVmRRVSURSULHWiULRVGDV8QLWVH
$o}HV D VHUHP SRU HOHV SHUPXWDGDV QD 2IHUWD E VmR FDSD]HV H HVWmR DSWRV QRV
WHUPRVGDVOHLVGHVXDVMXULVGLo}HVGHUHVLGrQFLDGHSDUWLFLSDUGHVWD2IHUWDHWUDQVIHULU
DV 8QLWV H $o}HV GH DFRUGR FRP RV WHUPRV H FRQGLo}HV DTXL HVWDEHOHFLGRV H F DV
8QLWV H $o}HV D VHUHP SHUPXWDGDV QD 2IHUWD HVWmR OLYUHV H GHVHPEDUDoDGDV GH
TXDLVTXHU {QXV GLUHLWRV GH JDUDQWLD SUHIHUrQFLD SULRULGDGH XVXIUXWR RX RXWUDV
IRUPDV GH JUDYDPH TXH LPSHoDP R H[HUFtFLR LPHGLDWR SHOR 2IHUWDQWH GD VXD
SURSULHGDGHSOHQDEHPFRPRGHFODUDPRSOHQRDWHQGLPHQWRDHVWH(GLWDOHjVUHJUDV
SDUDQHJRFLDomRGHDo}HVFRQVWDQWHVGD,QVWUXomR&90QƒGHGHVHWHPEURGH
FRQIRUPH DOWHUDGD H GR 5HJXODPHQWR GH 2SHUDo}HV GR 6HJPHQWR %29(63$ GD
%0)%29(63$
$TXHOHV $FLRQLVWDV TXH DFHLWDUHP D 2IHUWD WHUmR DXWRUL]DGR j ,QVWLWXLomR
'HSRVLWiULD D VXEVFUHYHU SRU FRQWD H RUGHP GHVVHV $FLRQLVWDV DV QRYDV Do}HV GR
6DQWDQGHU (VSDQKD TXH VHUYLUmR GH ODVWUR DRV %'5V TXH VHUmR HQWUHJXHV HP
FRQWUDSUHVWDomRSHODV$o}HVRX8QLWVWUDQVIHULGDVDR6DQWDQGHU(VSDQKD
/HLOmR
/HLOmR 2 /HLOmR VHUi UHDOL]DGR QR VLVWHPD HOHWU{QLFR GH QHJRFLDomR GR
6HJPHQWR%29(63$GD%0)%29(63$HPGHRXWXEURGHjVKKRUiULR
GH 6mR 3DXOR ³'DWD GR /HLOmR´ REHGHFHQGR jV UHJUDV HVWDEHOHFLGDV SHOD
%0)%29(63$
-85B63Y
9HUVmR3XEOLFDGD
&RUUHWRUD 5HSUHVHQWDQWH GR 6DQWDQGHU (VSDQKD $ 6DQWDQGHU &RUUHWRUD VHUi D
UHSUHVHQWDQWHGR6DQWDQGHU(VSDQKDQR/HLOmR
,QWHUIHUrQFLD QR /HLOmR 6HUi SHUPLWLGD D LQWHUIHUrQFLD FRPSUDGRUD GH 8QLWV H
$o}HV QR /HLOmR GHVGH TXH R YDORU GD SULPHLUD LQWHUIHUrQFLD VHMD SHOR PHQRV VXSHULRU DR SUHoR SDJR SRU FDGD $omR RX 8QLW FRQIRUPH R FDVR H GHVGH TXH R
LQWHUHVVDGR HP LQWHUIHULU GLYXOJXH VXD LQWHQomR DR PHUFDGR FRP GH] GLDV GH
DQWHFHGrQFLD QRV WHUPRV GR DUWLJR SDUiJUDIR ž H DUWLJR GD ,QVWUXomR &90
8PD YH] ODQoDGD D 23$ FRQFRUUHQWH VHUi OtFLWR WDQWR DR 6DQWDQGHU (VSDQKD
TXDQWR DR RIHUWDQWH FRQFRUUHQWH DXPHQWDUHP R SUHoR GH VXDV RIHUWDV SRU TXDLVTXHU
YDORUHV H WDQWDV YH]HV TXDQWDV MXOJDUHP FRQYHQLHQWH REVHUYDGR R GLVSRVWR QR DUWLJR
žGD,QVWUXomR&90
3URFHGLPHQWR GH $FHLWDomR GDV 6RFLHGDGHV &RUUHWRUDV $Wp DV K KRUiULR
GH 6mR 3DXOR GD 'DWD GR /HLOmR DV VRFLHGDGHV FRUUHWRUDV UHSUHVHQWDQWHV GRV
$FLRQLVWDV +DELOLWDGRV GHYHUmR UHJLVWUDU DV RUGHQV GH YHQGD QR VLVWHPD HOHWU{QLFR GH
QHJRFLDomRGR6HJPHQWR%29(63$GD%0)%29(63$
&RP UHODomR DR UHJLVWUR GDV RUGHQV GH YHQGD QR VLVWHPD HOHWU{QLFR GH
QHJRFLDomR GR 6HJPHQWR %29(63$ GD %0)%29(63$ DV VRFLHGDGHV
FRUUHWRUDV GHYHUmR UHJLVWUDU GLUHWDPHQWH HP UHIHULGR VLVWHPD DV
TXDQWLGDGHV GH 8QLWV$o}HV GHWLGDV SHORV $FLRQLVWDV QD PDQHLUD FRPR
IRUDP DORFDGDV SRU FDGD $FLRQLVWD +DELOLWDGR DWULEXLQGR SDUD WDQWR RV
FyGLJRV 6$1%/ 8QLWV 6$1%/ Do}HV RUGLQiULDV H 6$1%/ Do}HV
SUHIHUHQFLDLV
&RQILUPDomR GH 2UGHQV 3RU PHLR GR VLVWHPD HOHWU{QLFR GH QHJRFLDomR GR
6HJPHQWR %29(63$ DWp DV K KRUiULR GH 6mR 3DXOR GD 'DWD GR /HLOmR DV
VRFLHGDGHV FRUUHWRUDV UHSUHVHQWDQWHV GRV $FLRQLVWDV +DELOLWDGRV SRGHUmR UHJLVWUDU
FDQFHODU RX UHGX]LU DV RIHUWDV GH YHQGDV 'DV K DWp DV K KRUiULR GH 6mR
3DXOR GR GLD GD UHDOL]DomR GR /HLOmR VRPHQWH R FDQFHODPHQWR RX UHGXomR GD
TXDQWLGDGH GDV RIHUWDV UHJLVWUDGDV VHUmR SHUPLWLGRV $ SDUWLU GR LQtFLR GR /HLOmR
RIHUWDV QmR FDQFHODGDV H QmR UHGX]LGDV VHUmR FRQVLGHUDGDV SDUD WRGRV H TXDLVTXHU
ILQVLUUHYRJiYHLVHLUUHWUDWiYHLV
/LTXLGDomR GD 2IHUWD $ OLTXLGDomR GD 2IHUWD RFRUUHUi QR ž WHUFHLUR GLD ~WLO
FRQWDGR GD 'DWD GR /HLOmR RX VHMD HP GH QRYHPEUR GH ³'DWD GH
/LTXLGDomR´ 7HQGR HP YLVWD TXH GH DFRUGR FRP D OHJLVODomR HVSDQKROD R SURFHVVR
GH HPLVVmR GDV Do}HV VXEMDFHQWHV DRV %'5V SHOR 6DQWDQGHU (VSDQKD REWHQomR GRV
UHJLVWURV H DXWRUL]Do}HV QHFHVViULRV H HPLVVmR GRV %'5V SHOD ,QVWLWXLomR 'HSRVLWiULD
³3URFHVVRGH(PLVVmR´VRPHQWHSRGHWHULQtFLRDSDUWLUGDHQWUHJDGDV8QLWVH$o}HV
DR 6DQWDQGHU (VSDQKD D OLTXLGDomR GD 2IHUWD VHUi IHLWD QD 'DWD GH /LTXLGDomR
PHGLDQWHDDHQWUHJDDRV$FLRQLVWDVDFHLWDQWHVGD2IHUWDGHUHFLERVGHVXEVFULomRGH
%'5V ³5HFLERV GH 6XEVFULomR´ HPLWLGRV SHOD ,QVWLWXLomR 'HSRVLWiULD H E D HQWUHJD
DR6DQWDQGHU(VSDQKDGDV8QLWVHRX$o}HVSHORV$FLRQLVWDVDFHLWDQWHVGD2IHUWD
5HFLERVGH6XEVFULomR&DGD5HFLERGH6XEVFULomRFRQIHUHDRVHXWLWXODU
R GLUHLWR DR UHFHELPHQWR GH %'5 GH IRUPD TXH QD 'DWD GH
/LTXLGDomRVHUmRHQWUHJXHVXP5HFLERGH6XEVFULomRSDUDFDGD$omR
-85B63Y
9HUVmR3XEOLFDGD
H GRLV 5HFLERV GH 6XEVFULomR SDUD FDGD 8QLW HQWUHJXH SHORV
$FLRQLVWDVDFHLWDQWHVGD2IHUWDREVHUYDQGRVHDUHODomRGHSHUPXWDGH
%'5SDUDFDGD8QLWH%'5SDUDFDGD$omRFRQVWDQWHQRLWHP
GHVWH(GLWDO6HDUHODomRGHSHUPXWDIRUDMXVWDGDHPFRQIRUPLGDGH
FRPRHVWDEHOHFLGRQRLWHPGHVGH(GLWDOFDGD5HFLERGH6XEVFULomR
FRQIHULUi DR VHX WLWXODU R GLUHLWR DR UHFHELPHQWR GR Q~PHUR GH %'5V
DMXVWDGRSURSRUFLRQDOPHQWH
)RUPD GH /LTXLGDomR $ OLTXLGDomR GD 2IHUWD GHYHUi VHU IHLWD QD
PRGDOLGDGH GH OLTXLGDomR EUXWD GH DFRUGR FRP DV UHJUDV HVWDEHOHFLGDV
SHOD %0)%29(63$ FRQIRUPH GHILQLGR QR &DStWXOR 9,, GRV
3URFHGLPHQWRV 2SHUDFLRQDLV GD &kPDUD GH &RPSHQVDomR /LTXLGDomR H
*HUHQFLDPHQWR GH 5LVFRV GH 2SHUDo}HV QR 6HJPHQWR %29(63$ H GD
&HQWUDO 'HSRVLWiULD GH $WLYRV GD %0)%29(63$ ³3URFHGLPHQWRV
2SHUDFLRQDLV´ $ %0)%29(63$ QmR DWXDUi FRPR FRQWUDSDUWH FHQWUDO
JDUDQWLGRUDDWXDQGRVRPHQWHFRPRIDFLOLWDGRUDGDOLTXLGDomRGR/HLOmR
$OLTXLGDomRGD2IHUWDRFRUUHUiPHGLDQWH
D
DHQWUHJDGDV8QLWVH$o}HVDR2IHUWDQWHSHOD&HQWUDO'HSRVLWiULD
GD%0)%29(63$GHDFRUGRFRPDVUHJUDVDSOLFiYHLVH
E
DHQWUHJDGRV5HFLERVGH6XEVFULomRDRV$FLRQLVWDVTXHDFHLWDUHP
D2IHUWDVHQGR XP5HFLER GH6XEVFULomR SDUDFDGD$omRH GRLV
5HFLERVGH6XEVFULomRSDUDFDGD8QLWFRQIRUPHSUHYLVWRQRLWHP
2SHUDFLRQDOL]DomR GDV 3HUPXWDV $V RSHUDo}HV GH SHUPXWD VHUmR
RSHUDFLRQDOL]DGDV SRU PHLR GH ³FRPSUDV´ H ³YHQGDV´ VLPXOWkQHDV
FRQIRUPHRV3URFHGLPHQWRV2SHUDFLRQDLVDVTXDLVH[FOXVLYDPHQWHSDUD
ILQV GH RSHUDFLRQDOL]DomR GDV SHUPXWDV TXH QmR HQYROYHP SDJDPHQWR
HP GLQKHLUR VHUmR UHJLVWUDGDV SHORV VHJXLQWHV SUHoRV GH IRUPD TXH D
UHODomR GH SHUPXWD GH %'5 SDUD FDGD 8QLW H %'5 SDUD FDGD
$omR FRQVWDQWH QR LWHP GHVWH (GLWDO RX D UHODomR GH SHUPXWD
DMXVWDGDFRQIRUPHRLQGLFDGRQRLWHPGHVWH(GLWDOVHMDSUHVHUYDGD
D R SUHoR GH ³YHQGD´ GH FDGD 8QLW VHUi R 3UHoR GH )HFKDPHQWR
6DQWDQGHU%UDVLOFRQIRUPHGHILQLGRQRLWHPDFLPDDFUHVFLGRGH
5QDKLSyWHVHGHVHWUDWDUGHYDORUtPSDUHRSUHoRGH³YHQGD´
GHFDGD$omRVHUiRSUHoRGHYHQGDGDV8QLWVGLYLGLGRSRUH
E R SUHoR GH ³FRPSUD´ GH FDGD 5HFLER GH 6XEVFULomR VHUi R 3UHoR GH
YHQGDGDV8QLWVGLYLGLGRSRUGRLVGHDFRUGRFRPRGLVSRVWRQRLWHP
³D´DFLPD
,QIRUPDomR j %0)%29(63$ $ ,QVWLWXLomR ,QWHUPHGLiULD GHYHUi
FRPXQLFDUSRUHVFULWRDR'LUHWRUGH2SHUDo}HVGD%0)%29(63$DWpDV
KGRWHUFHLURGLD~WLOLPHGLDWDPHQWHDQWHULRU'j'DWDGR/HLOmR
R SUHoR GH ³YHQGD´ GH FDGD 8QLW H $omR FRQIRUPH SUHYLVWR QR LWHP
DHRSUHoRGH³FRPSUD´GHFDGD5HFLERGH6XEVFULomRFRQIRUPH
SUHYLVWRQRLWHPE
-85B63Y
9HUVmR3XEOLFDGD
'DWDGH(QWUHJDGRV%'5V2V5HFLERVGH6XEVFULomRVHUmRFDQFHODGRVH
RV%'5VHQWUHJXHVYLD%0)%29(63$SRUPHLRGHFUpGLWRUHDOL]DGRSHOD
,QVWLWXLomR'HSRVLWiULD HPFDWRU]HGLDV ~WHLVDSyVD'DWDGR/HLOmR
LHGHQRYHPEURGH³'DWDGH(QWUHJDGRV%'5V´HQTXDQWR
D HQWUHJD GRV UHFXUVRV OtTXLGRV REWLGRV QD YHQGD GH )UDo}HV SRGHUi
RFRUUHUHPGDWDGLIHUHQWHDWpVHWHGLDV~WHLVDSyVD'DWDGH(QWUHJD
GRV %'5V $ 'DWD GH (QWUHJD GRV %'5V QmR HVWi VXMHLWD D DQWHFLSDomR
&DVR QmR VHMD SRVVtYHO D HQWUHJD GRV %'5V DWp D 'DWD GH (QWUHJD GRV
%'5VRXRFUpGLWRGRVUHFXUVRVOtTXLGRVREWLGRVQDYHQGDGH)UDo}HVDWp
VHWH GLDV ~WHLV VHJXLQWHV VHUi DSOLFDGR R LWHP DEDL[R 2
FDQFHODPHQWR GRV 5HFLERV GH 6XEVFULomR H R FUpGLWR GRV %'5V EHP
FRPR R UHVSHFWLYR FUpGLWR GRV %'5V H GR YDORU UHIHUHQWH DRV UHFXUVRV
OtTXLGRV REWLGRV QD YHQGD GH )UDo}HV RFRUUHUmR QR DPELHQWH GD &HQWUDO
'HSRVLWiULDGH$WLYRVGD%0)%29(63$3DUDWDQWRpQHFHVViULRTXHRV
5HFLERVGH6XEVFULomRSHUPDQHoDPGHSRVLWDGRVQRDPELHQWHGD&HQWUDO
'HSRVLWiULD GH $WLYRV GD %0)%29(63$ DSyV D OLTXLGDomR GD 2IHUWD 2
FUpGLWR GRV %'5V H GR YDORU UHIHUHQWH DRV UHFXUVRV OtTXLGRV REWLGRV QD
YHQGD GH )UDo}HV REVHUYDUi R SUHYLVWR QRV 3URFHGLPHQWRV 2SHUDFLRQDLV
GD &kPDUD GH &RPSHQVDomR /LTXLGDomR H *HUHQFLDPHQWR GH 5LVFRV GH
2SHUDo}HV GR 6HJPHQWR %RYHVSD H GD &HQWUDO 'HSRVLWiULD GH $WLYRV
3DUD RV ILQV GHVWH LWHP ³GLD ~WLO´ GHYHUi VLJQLILFDU TXDOTXHU GLD FRP
H[FHomRGHViEDGRVHGRPLQJRVQRVTXDLVRVEDQFRVFRPHUFLDLVHVWHMDP
VLPXOWDQHDPHQWH DEHUWRV SDUD RSHUDo}HV LQFOXLQGR RSHUDo}HV GH
FkPELR H GHSyVLWRV HP PRHGD HVWUDQJHLUD QDV &LGDGHV GH 6mR 3DXOR
%UDVLO H 0DGUL H 6DQWDQGHU (VSDQKD H UHIHUrQFLD D XP KRUiULR
HVSHFtILFRGRGLDGHYHUiVHUXPDUHIHUrQFLDDRKRUiULRQD&LGDGHGH6mR
3DXOR%UDVLO
*DUDQWLDGH/LTXLGDomR)LQDQFHLUDGD2IHUWD1RVWHUPRVGRSDUiJUDIRž
GR DUWLJR ž GD ,QVWUXomR &90 H GR FRQWUDWR GH LQWHUPHGLDomR
FHOHEUDGR HQWUH D ,QVWLWXLomR ,QWHUPHGLiULD H R 6DQWDQGHU (VSDQKD
³&RQWUDWR GH ,QWHUPHGLDomR´ D ,QVWLWXLomR ,QWHUPHGLiULD JDUDQWLUi D
OLTXLGDomR ILQDQFHLUD HP YDORU HTXLYDOHQWH j REULJDomR GH HQWUHJD GRV
5HFLERV GH 6XEVFULomR H SRVWHULRUPHQWH GRV %'5V H GRV UHFXUVRV
OtTXLGRVREWLGRVQDYHQGDGH)UDo}HVDRV$FLRQLVWDVDFHLWDQWHVGD2IHUWD
QRV WHUPRV GHVWH LWHP 6HQGR DVVLP REVHUYDGR R GLVSRVWR QR
&yGLJR &LYLO %UDVLOHLUR HP FDVR GH LQDGLPSOHPHQWR GD REULJDomR GH
HQWUHJD GRV 5HFLERV GH 6XEVFULomR GRV %'5V RX GRV UHFXUVRV OtTXLGRV
REWLGRV QD YHQGD GH )UDo}HV DRV $FLRQLVWDV DOLHQDQWHV GDV 8QLWV HRX
$o}HVQD'DWDGH(QWUHJDGRV%'5VRXHPDWpVHWHGLDV~WHLVDSyV
WDO GDWD QR FDVR HVSHFtILFR GRV UHFXUVRV OtTXLGRV REWLGRV QD YHQGD GH
)UDo}HVD,QVWLWXLomR,QWHUPHGLiULDSDJDUiHPPRHGDFRUUHQWHQDFLRQDO
DRV WLWXODUHV GDV 8QLWV HRX $o}HV TXH QmR UHFHEHUHP RV 5HFLERV GH
6XEVFULomRRV%'5VRXRVUHFXUVRVOtTXLGRVREWLGRVQDYHQGDGH)UDo}HV
XPYDORUHTXLYDOHQWHjFRWDomRGHIHFKDPHQWRGDVDo}HVGHHPLVVmRGR
6DQWDQGHU(VSDQKDQD%ROVDGH0DGULTXHHVWHV$FLRQLVWDVWHULDPGLUHLWR
GH UHFHEHU FRQIRUPH UHJLVWUDGDV QD %ROVD GH 0DGUL QR IHFKDPHQWR GR
SUHJmR GR GLD ~WLO LPHGLDWDPHQWH DQWHULRU j 'DWD GH (QWUHJD GRV %'5V
RXVHMDHPGHQRYHPEURGHRXHPGHGH]HPEURGHQR
FDVR HVSHFLILFR GD HQWUHJD GRV UHFXUVRV OtTXLGRV REWLGRV QD YHQGD GDV
-85B63Y
9HUVmR3XEOLFDGD
)UDo}HV(VVHYDORUVHUiFRQYHUWLGR SDUD5HDLV5PHGLDQWHDWD[DGH
FkPELRGH(85%5/GRGLD~WLOLPHGLDWDPHQWHDQWHULRUj'DWDGH(QWUHJD
GH%'5VRXHPVHWHGLDV~WHLVDSyVWDOGDWDQRFDVRHVSHFtILFRGRV
UHFXUVRV OtTXLGRV REWLGRV QD YHQGD GH )UDo}HV SXEOLFDGD SHOR %DQFR
&HQWUDO GR%UDVLO HP VXDSiJLQD QD LQWHUQHW HVHUiSDJRDRVDFLRQLVWDV
TXH QmR UHFHEHUHP RV 5HFLERV GH 6XEVFULomR RV %'5V RX RV UHFXUVRV
OtTXLGRV REWLGRV QD YHQGD GH )UDo}HV 1D KLSyWHVH GH D OLTXLGDomR
ILQDQFHLUD VH GDU SRU PHLR GR SUHYLVWR QHVWH LWHP RV 5HFLERV GH
6XEVFULomRVHUmRFDQFHODGRV
1HJRFLDomRGH5HFLERVGH6XEVFULomRH%'5V2V5HFLERVGH6XEVFULomR
VHUmRQHJRFLDGRVQD%0)%29(63$VRERFyGLJR³%6$1´SDUWLUGRž
SULPHLURGLD~WLOFRQWDGRGD'DWDGR/HLOmRRXVHMDGHRXWXEURGH
DWpRžGpFLPRGLD~WLOFRQWDGRGD'DWDGR/HLOmRRXVHMDHP
GH QRYHPEUR GH LQFOXVLYH $ SDUWLU GR žGpFLPR SULPHLUR
GLD ~WLO FRQWDGR GD 'DWD GR /HLOmR RX VHMD GH QRYHPEUR GH WHUi LQtFLR D QHJRFLDomR GRV %'5V QD %0)%29(63$ VRE R FyGLJR
³%6$1´
&XVWRV GH &RUUHWDJHP (PROXPHQWRV H 7ULEXWRV 2V FXVWRV GH FRUUHWDJHP
HPROXPHQWRVWD[DVGD%0)%29(63$HWULEXWRVUHODWLYRVjVRSHUDo}HVGH³FRPSUD´
GDV 8QLWV HRX $o}HV GD 2IHUWD SHOR 6DQWDQGHU (VSDQKD H ³YHQGD´ GRV 5HFLERV GH
6XEVFULomR SHOR 6DQWDQGHU (VSDQKD VHUmR SDJRV SHOR 2IHUWDQWH 7RGRV H TXDLVTXHU
RXWURV WULEXWRV FXVWRV GH FRUUHWDJHP HPROXPHQWRV H WD[DV GD %0)%29(63$
DSOLFiYHLV jV RSHUDo}HV GH ³YHQGD´ GDV 8QLWV H $o}HV GD 2IHUWD H ³FRPSUD´ GRV
5HFLERV GH 6XEVFULomR GHYHUmR VHU SDJRV SHORV UHVSHFWLYRV DFLRQLVWDV DFHLWDQWHV $V
GHVSHVDV FRP D UHDOL]DomR GR /HLOmR WDLV FRPR HPROXPHQWRV H WD[DV LQVWLWXtGDV SHOD
%0)%29(63$ REHGHFHUmR jV WDEHODV YLJHQWHV QD 'DWD GR /HLOmR H jV GHPDLV
GLVSRVLo}HV OHJDLV HQWmR HP YLJRU (VSHFLILFDPHQWH R ,PSRVWR VREUH 2SHUDo}HV GH
&kPELR³,2)&kPELR´jDOtTXRWDGHGHYLGRQDRSHUDomRGHFkPELRGHVDtGD
GRVUHFXUVRVGR3DtVDSOLFiYHOjHPLVVmRGRV%'5VVHUiSDJRSHOR6DQWDQGHU(VSDQKD
&RQVHTXrQFLDV7ULEXWiULDVGD3DUWLFLSDomRQD2IHUWD22IHUWDQWHHD,QVWLWXLomR
,QWHUPHGLiULD DOHUWDP TXH HVSHFLDO DWHQomR GHYH VHU GDGD DRV LPSDFWRV WULEXWiULRV
UHODFLRQDGRV D TXDLVTXHU RIHUWDV S~EOLFDV ODQoDGDV QR %UDVLO LQFOXLQGR PDV VHP
OLPLWDomR jV QRUPDV H UHJXODPHQWRV HPLWLGRV SHODV DXWRULGDGHV ILVFDLV EUDVLOHLUDV
UD]mRSHODTXDOUHFRPHQGDVHDWRGRHTXDOTXHU$FLRQLVWDGR6DQWDQGHU%UDVLO
TXH TXHLUD SDUWLFLSDU GD 2IHUWD TXH FRQVXOWH VHX UHVSHFWLYR DVVHVVRU
WULEXWiULRSDUDXPDPHOKRUFRPSUHHQVmRVREUHRDVVXQWR
,QYHVWLGRUHV5HVLGHQWHVQR%UDVLO
1D KLSyWHVH GH R YDORU GH PHUFDGR GRV %'5V VHU VXSHULRU DR FXVWR GH
DTXLVLomR GDV 8QLWV HRX $o}HV GHWLGDV SHORV LQYHVWLGRUHV UHVLGHQWHV QR
%UDVLO Ki DUJXPHQWRV MXUtGLFRV SDUD VXVWHQWDU TXH HYHQWXDO GLIHUHQoD
SRVLWLYD QmR VH VXMHLWD j WULEXWDomR SHOR LPSRVWR GH UHQGD XPD YH] TXH
GHFRUUH GH XPD RSHUDomR GH QDWXUH]D SHUPXWDWLYD HP TXH QmR Ki D
GLVSRQLELOL]DomR HFRQ{PLFD RX MXUtGLFD GH UHQGD DR LQYHVWLGRU 1HVVH
FRQWH[WR p VXVWHQWiYHO TXH SDUD ILQV ILVFDLV RV LQYHVWLGRUHV UHVLGHQWHV
QR %UDVLO SRVVDP UHJLVWUDU RV %'5V SHOR PHVPR FXVWR GH DTXLVLomR
-85B63Y
9HUVmR3XEOLFDGD
RULJLQDO GH VXDV 8QLWV HRX $o}HV GH HPLVVmR GR 6DQWDQGHU %UDVLO
&RQWXGR HVWH p XP DVVXQWR FRQWURYHUVR UD]mR SHOD TXDO UHFRPHQGDVH
TXH RV LQYHVWLGRUHV FRQVXOWHP VHXV DGYRJDGRV TXDQWR DR YDORU GH FXVWR
GRV%'5VSDUDILQVILVFDLV
1D KLSyWHVH GH R WUDWDPHQWR PHQFLRQDGR QR LWHP DFLPD QmR
SUHYDOHFHU HP IDFH GD SRVLomR GDV DXWRULGDGHV ILVFDLV EUDVLOHLUDV TXH
FRPRUHJUDJHUDOWrP DGRWDGR RHQWHQGLPHQWR GH TXHXPDRSHUDomRGH
SHUPXWDGHYHULDVHUFRQVLGHUDGDXPHYHQWRWULEXWiYHOHYHQWXDOGLIHUHQoD
SRVLWLYD YHULILFDGD HVWDUi VXMHLWD DR VHJXLQWH WUDWDPHQWR D SHVVRDV
ItVLFDV UHVLGHQWHV QR %UDVLO LQFOXVmR QR F{PSXWR GRV JDQKRV OtTXLGRV
DXIHULGRV QR PrV VXMHLWRV j WULEXWDomR SHOR ,PSRVWR VREUH D 5HQGD GD
3HVVRD )tVLFD ³,53)´ GH IRUPD H[FOXVLYD j DOtTXRWD GH HVWDQGR
LVHQWRV RV JDQKRV UHODWLYRV D RSHUDo}HV FXMR YDORU QmR H[FHGD HP VHX
FRQMXQWR 5 PLO QR PrV E SHVVRDV MXUtGLFDV UHVLGHQWHV QR %UDVLO
LQFOXVmR QR F{PSXWR GRV JDQKRV OtTXLGRV DXIHULGRV QR PrV VXMHLWRV j
WULEXWDomR SHOR,PSRVWRGH5HQGD5HWLGR QD)RQWH³,55)´jDOtTXRWDGH
UHFROKLGRVREDIRUPDGHDQWHFLSDomRGR,PSRVWRVREUHD5HQGDGD
3HVVRD -XUtGLFD ³,53-´ H &RQWULEXLomR 6RFLDO VREUH R /XFUR /tTXLGR
³&6//´ GHYLGRV jV DOtTXRWDV GH UHVSHFWLYDPHQWH H RX SDUD RV LQYHVWLGRUHV TXDOLILFDGRV FRPR SHVVRDV MXUtGLFDV GH VHJXURV
SULYDGRVGHFDSLWDOL]DomRRXUHIHULGRQRVLQFLVRV,D;,,GR†žGRDUWž
GD/HL&RPSOHPHQWDUQžGHGHMDQHLURGHHFIXQGRVGH
LQYHVWLPHQWRLVHQWRV$OpPGLVVRDSHUPXWDSRGHUiHVWDUVXMHLWDDR,55)
j DOtTXRWD GH LQFLGHQWH VREUH R YDORU GD RSHUDomR GH DOLHQDomR
GDV 8QLWV HRX $o}HV HP EROVD GH YDORUHV H TXH SRGH VHU GHGX]LGR GH
HYHQWXDO LPSRVWRVREUHDUHQGD GHYLGR SHORWLWXODU$VVLPUHFRPHQGDVH
D FDGD $FLRQLVWD +DELOLWDGR FRQVXOWDU VHX DGYRJDGR H YHULILFDU FRP D
UHVSHFWLYDVRFLHGDGHFRUUHWRUDVHKDYHUiUHWHQomRGHVVHLPSRVWR
1D KLSyWHVH GH DV DXWRULGDGHV ILVFDLV EUDVLOHLUDV HQWHQGHUHP TXH D
RSHUDomR GH SHUPXWD GH 8QLWV HRX $o}HV H SRU %'5V QR FRQWH[WR GD
2IHUWDFRQVLVWHHPXPDRSHUDomRDVXMHLWDjWULEXWDomRHEUHDOL]DGD
IRUD GH DPELHQWH GH EROVD GH YDORUHV HYHQWXDO UHVXOWDGR SRVLWLYR
YHULILFDGR QD RSHUDomR HVWDUi VXMHLWR DR VHJXLQWH WUDWDPHQWR L SDUD
SHVVRDV ItVLFDV WULEXWDomR SHOR ,53) GH IRUPD H[FOXVLYD j DOtTXRWD GH
HVWDQGR LVHQWRV RV JDQKRV UHODWLYRV D RSHUDo}HV FXMR YDORU QmR
H[FHGD HP VHX FRQMXQWR 5 PLO QR PrV LL SDUD SHVVRDV MXUtGLFDV
UHVLGHQWHV QR %UDVLO H IXQGRV GH LQYHVWLPHQWR PHVPR WUDWDPHQWR ILVFDO
PHQFLRQDGR QR LWHP DFLPD $OpP GLVVR D SHUPXWD SRGHUi HVWDU
VXMHLWDDR,55)jDOtTXRWDGHLQFLGHQWHVREUHRYDORUGDRSHUDomR
GH DOLHQDomR GDV 8QLWV HRX $o}HV H TXH SRGH VHU GHGX]LGR GH HYHQWXDO
LPSRVWR VREUH D UHQGD GHYLGR SHOR WLWXODU $VVLP UHFRPHQGDVH D FDGD
$FLRQLVWD +DELOLWDGR FRQVXOWDU DGYRJDGRV H YHULILFDU FRP D UHVSHFWLYD
VRFLHGDGHFRUUHWRUDVHKDYHUiUHWHQomRGHVVHLPSRVWR
1D HQWUHJD GH $o}HV8QLWV H UHFHELPHQWR GRV %'5V VHUmR H[LJLGDV GXDV
RSHUDo}HV VLPXOWkQHDV GH FkPELR D VDEHU D XPD RSHUDomR GH FkPELR
SDUDVDtGDGHUHFXUVRVGR%UDVLOSDUDDSOLFDomRHP%'5VQRH[WHULRUHE
XPD RSHUDomR GH FkPELR SDUD LQJUHVVR GH UHFXUVRV QR %UDVLO
-85B63Y
9HUVmR3XEOLFDGD
UHSUHVHQWDQGRRLQYHVWLPHQWRGR6DQWDQGHU(VSDQKDQR6DQWDQGHU%UDVLO
$ RSHUDomR GH FkPELR GH LQJUHVVR GH UHFXUVRV QR %UDVLO HVWi VXMHLWD DR
,2)&kPELRjDOtTXRWD]HURHQTXDQWRTXHDRSHUDomRGHFkPELRGHVDtGD
GRV UHFXUVRV GR %UDVLO HVWi VXMHLWD DR ,2)&kPELR j DOtTXRWD GH FXMR{QXVVHUiDVVXPLGRSHOR6DQWDQGHU(VSDQKD
&DVR RV LQYHVWLGRUHV UHVLGHQWHV QR %UDVLO DXILUDP JDQKRV QD SRVWHULRU
DOLHQDomR GRV %'5V HVVHV JDQKRV HVWDUmR VXMHLWRV DR VHJXLQWH
WUDWDPHQWRDSHVVRDVItVLFDVUHVLGHQWHVQR%UDVLOLQFOXVmRQRF{PSXWR
GRVJDQKRVOtTXLGRVDXIHULGRVQRPrVVXMHLWRVjWULEXWDomRSHOR,53)GH
IRUPD H[FOXVLYD j DOtTXRWD GH HVWDQGR LVHQWRV RV JDQKRV OtTXLGRV
UHODWLYRVD RSHUDo}HVFXMRYDORUQmRH[FHGDHPVHXFRQMXQWR5 PLO
QR PrV E SHVVRDV MXUtGLFDV UHVLGHQWHV QR %UDVLO LQFOXVmR QR F{PSXWR
GRV JDQKRV OtTXLGRV DXIHULGRV QR PrV VXMHLWRV j WULEXWDomR SHOR ,55) j
DOtTXRWDGHUHFROKLGRVREDIRUPDGHDQWHFLSDomRGR,53-HGD&6//
H F IXQGRV GH LQYHVWLPHQWR LVHQWRV $OpP GLVVR DV RSHUDo}HV GH
DOLHQDomR GRV %'5V HP EROVD GH YDORUHV HVWDUmR VXMHLWDV DR ,55) j
DOtTXRWDGHLQFLGHQWHVREUHRYDORUGDRSHUDomRRTXDOSRGHVHU
GHGX]LGRGRLPSRVWRGHUHQGDGHYLGRSHORWLWXODU
1DKLSyWHVHGHRVLQYHVWLGRUHVUHVLGHQWHVQR%UDVLODSyVD2IHUWDWHUHP
GLUHLWR D UHFHEHU )UDo}HV WDO FRPR GHVFULWR QR LWHP DFLPD DV Do}HV
GR 6DQWDQGHU (VSDQKD VXEMDFHQWHV DR %'5 VHUmR YHQGLGDV HP EROVD GH
YDORUHVQRH[WHULRUSHOD,QVWLWXLomR'HSRVLWiULDVHQGRGLVWULEXtGRVDHVWHV
LQYHVWLGRUHV RV UHFXUVRV OtTXLGRV GH UHIHULGD YHQGD 2V YDORUHV UHFHELGRV
SHORV LQYHVWLGRUHV QHVVH FDVR WHUmR R PHVPR WUDWDPHQWR WULEXWiULR
GLVSHQVDGR DRV JDQKRV GH FDSLWDO DXIHULGRV QD DOLHQDomR GH EHQV H
GLUHLWRV QR H[WHULRU GD VHJXLQWH IRUPD L SHVVRDV ItVLFDV UHVLGHQWHV QR
%UDVLO WULEXWDomR SHOR ,53) GH IRUPD H[FOXVLYD j DOtTXRWD GH HVWDQGR LVHQWRV RV JDQKRV UHODWLYRV D RSHUDo}HV FXMR YDORU QmR H[FHGD
HPVHXFRQMXQWR5PLOQRPrVLLSDUDSHVVRDVMXUtGLFDVUHVLGHQWHV
QR %UDVLO LQFOXVmR GRV JDQKRV QR UHVXOWDGR WULEXWiYHO FRUUHVSRQGHQWH DR
EDODQoR OHYDQWDGR HP GH GH]HPEUR GR DQR FDOHQGiULR HP TXH
DXIHULGRV GHYHQGR VHU LQFOXtGRV SDUD RV ILQV GD DSXUDomR GR ,53- H GD
&6//GHYLGRVjVDOtTXRWDVGHUHVSHFWLYDPHQWHHRXSDUD
RV LQYHVWLGRUHV TXDOLILFDGRV FRPR SHVVRDV MXUtGLFDV GH VHJXURV SULYDGRV
GH FDSLWDOL]DomR RX UHIHULGR QRV LQFLVRV , D ;,, GR † ž GR DUW ž GD /HL
&RPSOHPHQWDU Qž GH GH MDQHLUR GH H LLL IXQGRV GH
LQYHVWLPHQWRLVHQWRV
2V GLYLGHQGRV SDJRV HP GLQKHLUR DRV LQYHVWLGRUHV UHVLGHQWHV QR %UDVLO
GHWHQWRUHV GH %'5V HVWDUmR VXMHLWRV DR VHJXLQWH WUDWDPHQWR ILVFDO QR
%UDVLO WHQGR HP YLVWD DV GLVSRVLo}HV GD &RQYHQomR FHOHEUDGD HQWUH D
5HS~EOLFD )HGHUDWLYD GR %UDVLO H R 5HLQR GD (VSDQKD SDUD HYLWDU D 'XSOD
7ULEXWDomR H 3UHYHQomR GH (YDVmR )LVFDO GH 7ULEXWRV VREUH D 5HQGD HP
FRQMXQWRFRPVHXSURWRFRORDVVLQDGDHP%UDVtOLDHPGHQRYHPEURGH
³7UDWDGR´ D SHVVRDV ItVLFDV UHVLGHQWHV QR %UDVLO LVHQWDV E
SHVVRDV MXUtGLFDV UHVLGHQWHV QR %UDVLO LVHQWDV GR ,53- VHQGR SRVVtYHO
VXVWHQWDU D DSOLFDomR GD LVHQomR j &6// H F IXQGRV GH LQYHVWLPHQWR
LVHQWRV
-85B63Y
9HUVmR3XEOLFDGD
1D KLSyWHVH GH RV WLWXODUHV GH %'5V HOHJHUHP QR FRQWH[WR GR 3URJUDPD
6DQWDQGHU 'LYLGHQGR (OHFFLyQ DOLHQDU R GLUHLWR UHFHELGR GR 6DQWDQGHU
(VSDQKD D HVWH ~OWLPR PHGLDQWH R UHFHELPHQWR GH GLQKHLUR WDLV YDORUHV
VHUmR FDUDFWHUL]DGRV FRPR GLYLGHQGRV H QRV WHUPRV GR 7UDWDGR HVWDUmR
VXMHLWRV DR VHJXLQWH WUDWDPHQWR ILVFDO QR %UDVLO D SHVVRDV ItVLFDV
UHVLGHQWHV QR %UDVLO LVHQWDV E SHVVRDV MXUtGLFDV UHVLGHQWHV QR %UDVLO
LVHQWDVGR,53-VHQGRSRVVtYHOVXVWHQWDUDDSOLFDomRGDLVHQomRj&6//H
FIXQGRVGHLQYHVWLPHQWRLVHQWRV
1D KLSyWHVH GH RV WLWXODUHV GH %'5V HOHJHUHP QR FRQWH[WR GR 3URJUDPD
6DQWDQGHU 'LYLGHQGR (OHFFLyQ FRQYHUWHU R GLUHLWR UHFHELGR GR 6DQWDQGHU
(VSDQKD HP XP ORWH DGLFLRQDO GH QRYDV Do}HV GH HPLVVmR GR 6DQWDQGHU
(VSDQKDDVHUHPHPLWLGDVPHGLDQWHDXPHQWRGHFDSLWDODGpELWRGHFRQWD
GH UHVHUYD VHQGR WDLV Do}HV UHSUHVHQWDGDV QR %UDVLO SRU QRYRV %'5V
FRP FXVWR GH DTXLVLomR DWULEXtGR LJXDO D ]HUR p SRVVtYHO VXVWHQWDU
MXULGLFDPHQWHRVHJXLQWHWUDWDPHQWRILVFDOQR%UDVLOTXDQGRGDDOLHQDomR
GHVWHV QRYRV %'5V D SHVVRDV ItVLFDV UHVLGHQWHV QR %UDVLO LQFOXVmR QR
F{PSXWRGRVJDQKRVOtTXLGRVDXIHULGRVQRPrVVXMHLWRVjWULEXWDomRSHOR
,53) GH IRUPD H[FOXVLYD j DOtTXRWD GH HVWDQGR LVHQWRV RV JDQKRV
OtTXLGRVUHODWLYRVDRSHUDo}HVFXMRYDORUQmRH[FHGDHPVHXFRQMXQWR5
PLO QR PrV E SHVVRDV MXUtGLFDV UHVLGHQWHV QR %UDVLO LQFOXVmR QR
F{PSXWRGRVJDQKRVOtTXLGRVDXIHULGRVQRPrVVXMHLWRVjWULEXWDomRSHOR
,55)jDOtTXRWD GH UHFROKLGRVREDIRUPDGHDQWHFLSDomR GR,53-H
GD&6//HFIXQGRVGHLQYHVWLPHQWRLVHQWRV$OpPGLVVRDVRSHUDo}HV
GH DOLHQDomR GRV %'5V HP EROVD GH YDORUHV HVWDUmR VXMHLWDV DR ,55) j
DOtTXRWDGHLQFLGHQWHVREUHRYDORUGDRSHUDomRRTXDOSRGHVHU
GHGX]LGR GR LPSRVWR GH UHQGD GHYLGR SHOR WLWXODU (QWUHWDQWR DV
DXWRULGDGHV ILVFDLV EUDVLOHLUDV SRGHULDP FDUDFWHUL]DU R UHFHELPHQWR GH
%'5V QR FRQWH[WR GR 3URJUDPD 6DQWDQGHU 'LYLGHQGR (OHFFLyQ FRPR R
UHFHELPHQWR GH UHQGLPHQWRV 1HVVD KLSyWHVH RV LQYHVWLGRUHV UHVLGHQWHV
QR %UDVLO HVWDULDP VXMHLWRV DR VHJXLQWH WUDWDPHQWR L SHVVRDV ItVLFDV
UHVLGHQWHV QR %UDVLO WULEXWDomR SHOR ,53) jV DOtTXRWDV GH RXFRQIRUPHWDEHODGHDOtTXRWDVSURJUHVVLYDVSXEOLFDGDGH
WHPSRVHPWHPSRVSHOR*RYHUQR)HGHUDOLLSHVVRDVMXUtGLFDVUHVLGHQWHV
QR %UDVLO LQFOXVmR QD EDVH GH FiOFXOR GR ,53- H GD &6// GHYLGRV jV
DOtTXRWDV GH UHVSHFWLYDPHQWH H RX SDUD RV LQYHVWLGRUHV
TXDOLILFDGRV FRPR SHVVRDVMXUtGLFDV GHVHJXURV SULYDGRV GHFDSLWDOL]DomR
RXUHIHULGRQRVLQFLVRV,D;,,GR†žGRDUWžGD/HL&RPSOHPHQWDUQž
GH GH MDQHLUR GH H LLL IXQGRV GH LQYHVWLPHQWR LVHQWRV
1mR REVWDQWH D HYHQWXDO DGRomR GHVVH HQWHQGLPHQWR SHODV DXWRULGDGHV
ILVFDLV EUDVLOHLUDV p SRVVtYHO VXVWHQWDU TXH R WUDWDPHQWR ILVFDO QR %UDVLO
GHYH VHU DSOLFDGR GH DFRUGR FRP DV UHJUDV GH WULEXWDomR GH JDQKRV GH
FDSLWDOSUHYLVWDVQR7UDWDGR
1D KLSyWHVH GH RV WLWXODUHV GH %'5V HOHJHUHP QR FRQWH[WR GR 3URJUDPD
6DQWDQGHU 'LYLGHQGR (OHFFLyQ SHOD QHJRFLDomR HP EROVD GH YDORUHV QR
H[WHULRUGRGLUHLWRUHFHELGRGR6DQWDQGHU(VSDQKDpSRVVtYHOVXVWHQWDUR
VHJXLQWHWUDWDPHQWRILVFDOQR%UDVLOTXDQGRGDDOLHQDomRGHVWHVGLUHLWRV
D SHVVRDV ItVLFDV UHVLGHQWHV QR %UDVLO WULEXWDomR SHOR ,53) GH IRUPD
-85B63Y
9HUVmR3XEOLFDGD
H[FOXVLYD j DOtTXRWD GH HVWDQGR LVHQWRV RV JDQKRV UHODWLYRV D
RSHUDo}HV FXMR YDORU QmR H[FHGD HP VHX FRQMXQWR 5 PLO QR PrV
E SDUD SHVVRDV MXUtGLFDV UHVLGHQWHV QR %UDVLO LQFOXVmR GRV JDQKRV QR
UHVXOWDGR WULEXWiYHO FRUUHVSRQGHQWH DR EDODQoR OHYDQWDGR HP GH
GH]HPEURGRDQRFDOHQGiULRHPTXHDXIHULGRVGHYHQGRVHULQFOXtGRVSDUD
RV ILQV GD DSXUDomR GR ,53- H GD &6// GHYLGRV jV DOtTXRWDV GH
UHVSHFWLYDPHQWH H RX SDUD RV LQYHVWLGRUHV TXDOLILFDGRV
FRPR SHVVRDV MXUtGLFDV GH VHJXURV SULYDGRV GH FDSLWDOL]DomR RX UHIHULGR
QRVLQFLVRV,D;,,GR†žGRDUWžGD/HL&RPSOHPHQWDUQžGH
GHMDQHLURGHHFIXQGRVGHLQYHVWLPHQWRLVHQWRV(QWUHWDQWRDV
DXWRULGDGHV ILVFDLV EUDVLOHLUDV SRGHULDP FDUDFWHUL]DU R UHFHELPHQWR GH
%'5V QR FRQWH[WR GR 3URJUDPD 6DQWDQGHU 'LYLGHQGR (OHFFLyQ FRPR R
UHFHELPHQWR GH UHQGLPHQWRV 1HVVD KLSyWHVH RV LQYHVWLGRUHV UHVLGHQWHV
QR %UDVLO HVWDULDP VXMHLWRV DR VHJXLQWH WUDWDPHQWR L SHVVRDV ItVLFDV
UHVLGHQWHV QR %UDVLO WULEXWDomR SHOR ,53) jV DOtTXRWDV GH RXFRQIRUPHWDEHODGHDOtTXRWDVSURJUHVVLYDVSXEOLFDGDGH
WHPSRVHPWHPSRVSHOR*RYHUQR)HGHUDOLLSHVVRDVMXUtGLFDVUHVLGHQWHV
QR %UDVLO LQFOXVmR QD EDVH GH FiOFXOR GR ,53- H GD &6// GHYLGRV jV
DOtTXRWDV GH UHVSHFWLYDPHQWH H RX SDUD RV LQYHVWLGRUHV
TXDOLILFDGRV FRPR SHVVRDVMXUtGLFDV GHVHJXURV SULYDGRV GHFDSLWDOL]DomR
RXUHIHULGRQRVLQFLVRV,D;,,GR†žGRDUWžGD/HL&RPSOHPHQWDUQž
GH GH MDQHLUR GH H LLL IXQGRV GH LQYHVWLPHQWR LVHQWRV
1mR REVWDQWH D HYHQWXDO DGRomR GHVVH HQWHQGLPHQWR SHODV DXWRULGDGHV
ILVFDLV EUDVLOHLUDV p SRVVtYHO VXVWHQWDU TXH R WUDWDPHQWR ILVFDO QR %UDVLO
GHYH VHU DSOLFDGR GH DFRUGR FRP DV UHJUDV GH WULEXWDomR GH JDQKRV GH
FDSLWDOSUHYLVWDVQR7UDWDGR
&RPRUHJUDJHUDOGHYHUiVHUSHUPLWLGRDRLQYHVWLGRUEUDVLOHLURFRPSHQVDU
R LPSRVWR SDJR QD(VSDQKD LQFLGHQWH VREUHRVUHQGLPHQWRVDGYLQGRVGR
LQYHVWLPHQWR HP %'5V DWp R PRQWDQWH GRV WULEXWRV GHYLGRV QR %UDVLO
VREUHWDLVUHQGLPHQWRVQRVWHUPRVGDOHJLVODomRWULEXWiULDHPYLJRU
,QYHVWLGRUHVYLD5HVROXomR&01
1D KLSyWHVH GH R YDORU GH PHUFDGR GRV %'5V VHU VXSHULRU DR FXVWR GH
DTXLVLomRGDV8QLWVH$o}HVGHWLGDVSHORV,QYHVWLGRUHVYLD5HVROXomR&01
Ki DUJXPHQWRV MXUtGLFRV SDUD VXVWHQWDU TXH HYHQWXDO GLIHUHQoD
SRVLWLYD QmR VH VXMHLWD j WULEXWDomR SHOR LPSRVWR GH UHQGD XPD YH] TXH
GHFRUUH GH XPD RSHUDomR GH QDWXUH]D SHUPXWDWLYD HP TXH QmR Ki D
GLVSRQLELOL]DomRHFRQ{PLFDRXMXUtGLFDGHUHQGDDRLQYHVWLGRU
1D KLSyWHVH GH R WUDWDPHQWR PHQFLRQDGR QR LWHP DFLPD QmR
SUHYDOHFHU HP IDFH GD SRVLomR GDV DXWRULGDGHV ILVFDLV EUDVLOHLUDV TXH
FRPRUHJUDJHUDOWrP DGRWDGR RHQWHQGLPHQWR GH TXHXPDRSHUDomRGH
SHUPXWD GHYHULD VHU FRQVLGHUDGD XP HYHQWR WULEXWiYHO Ki DUJXPHQWRV
SDUDVXVWHQWDUTXHHYHQWXDOGLIHUHQoDSRVLWLYDYHULILFDGDHVWDUiLVXMHLWD
jWULEXWDomRSHOR,55)jDOtTXRWDGHQDKLSyWHVHGHRLQYHVWLGRUHVWDU
ORFDOL]DGR HP SDtV RX GHSHQGrQFLD TXH QmR WULEXWH D UHQGD RX TXH D
WULEXWH j DOtTXRWD LQIHULRU D RX DLQGD FXMD OHJLVODomR LQWHUQD QmR
SHUPLWD DFHVVR D LQIRUPDo}HV UHODWLYDV j FRPSRVLomR VRFLHWiULD GH
-85B63Y
9HUVmR3XEOLFDGD
SHVVRDV MXUtGLFDV RX j VXD WLWXODULGDGH ³3DUDtVR )LVFDO´ $OpP GLVVR QR
TXH VH UHIHUH D LQYHVWLGRUHV UHVLGHQWHV HP 3DUDtVR )LVFDO D RSHUDomR
SRGHUiHVWDUVXMHLWDDR,55)jDOtTXRWDGHLQFLGHQWHVREUHRYDORU
GH DOLHQDomR GDV 8QLWV HRX $o}HV H TXH SRGH VHU GHGX]LGR GH HYHQWXDO
LPSRVWR VREUH D UHQGD GHYLGR SHOR WLWXODU RX LL LVHQWD GR ,55) TXDQGR
REWLGD SRU LQYHVWLGRUHV YLD 5HVROXomR &01 ORFDOL]DGRV IRUD GH
3DUDtVR)LVFDO
1D KLSyWHVH GH DV DXWRULGDGHV ILVFDLV EUDVLOHLUDV HQWHQGHUHP TXH D
RSHUDomRGHSHUPXWDGH$o}HVHRX8QLWVSRU%'5VQRFRQWH[WRGD2IHUWD
FRQVLVWHHPXPDRSHUDomRDVXMHLWDjWULEXWDomRHEUHDOL]DGDIRUDGH
DPELHQWH GH EROVD GH YDORUHV HYHQWXDO UHVXOWDGR SRVLWLYR YHULILFDGR QD
RSHUDomRHVWDUiVXMHLWRDRVHJXLQWHWUDWDPHQWRLWULEXWDomRSHOR,55)j
DOtTXRWD GH QD KLSyWHVH GH R LQYHVWLGRU HVWDU ORFDOL]DGR HP 3DUDtVR
)LVFDO RX LL WULEXWDomR SHOR ,55) j DOtTXRWD GH TXDQGR REWLGD SRU
LQYHVWLGRUHV YLD 5HVROXomR &01 ORFDOL]DGRV IRUD GH 3DUDtVR )LVFDO
$OpPGLVVRDSHUPXWDSRGHUiHVWDUVXMHLWDDR,55)jDOtTXRWDGH
LQFLGHQWHVREUHRYDORUGDRSHUDomRGHDOLHQDomRGDV8QLWVHRX$o}HVH
TXH SRGH VHU GHGX]LGR GH HYHQWXDO LPSRVWR VREUH D UHQGD GHYLGR SHOR
WLWXODU $VVLP UHFRPHQGDVH D FDGD $FLRQLVWD +DELOLWDGR FRQVXOWDU VHXV
DGYRJDGRV H YHULILFDU FRP D UHVSHFWLYD VRFLHGDGH FRUUHWRUD VH KDYHUi
UHWHQomRGHVVHLPSRVWR
1D HQWUHJD GH $o}HV8QLWV H UHFHELPHQWR GRV %'5V VHUmR H[LJLGDV GXDV
RSHUDo}HV VLPXOWkQHDV GH FkPELR D VDEHU D XPD RSHUDomR GH FkPELR
SDUDVDtGDGHUHFXUVRVGR%UDVLOSDUDDSOLFDomRHP%'5VQRH[WHULRUHE
XPD RSHUDomR GH FkPELR SDUD LQJUHVVR GH UHFXUVRV QR %UDVLO
UHSUHVHQWDQGRRLQYHVWLPHQWRGR6DQWDQGHU(VSDQKDQR6DQWDQGHU%UDVLO
$ RSHUDomR GH FkPELR GH LQJUHVVR GH UHFXUVRV QR %UDVLO HVWi VXMHLWD DR
,2)&kPELRjDOtTXRWD]HURHQTXDQWRTXHDRSHUDomRGHFkPELRGHVDtGD
GRV UHFXUVRV GR %UDVLO HVWi VXMHLWD DR ,2)&kPELR j DOtTXRWD GH FXMR{QXVVHUiDVVXPLGRSHOR6DQWDQGHU(VSDQKD
&DVR RV LQYHVWLGRUHV YLD 5HVROXomR &01 DXILUDP JDQKRV QD
SRVWHULRU DOLHQDomR GRV %'5V HP RSHUDo}HV HP EROVD QR %UDVLO HVVHV
JDQKRVHVWDUmRVXMHLWRVDRVHJXLQWHWUDWDPHQWRQR%UDVLODLQYHVWLGRUHV
UHVLGHQWHV RX GRPLFLOLDGRV HP ORFDOLGDGH QmR FRQVLGHUDGD 3DUDtVR )LVFDO
LVHQWRVGR,55)ELQYHVWLGRUHVYLD5HVROXomR&01UHVLGHQWHVHP
3DUDtVR)LVFDO,55)jDOtTXRWDGH
2V GLYLGHQGRV SDJRV HP GLQKHLUR DRV LQYHVWLGRUHV YLD 5HVROXomR &01
GHWHQWRUHVGH%'5VQmRHVWDUmRVXMHLWRVjWULEXWDomRQR%UDVLOSRLV
VHUmR UHQGLPHQWRV SDJRV SRU IRQWH SDJDGRUD HVWUDQJHLUD D EHQHILFLiULR
QmRUHVLGHQWHQR%UDVLO
1D KLSyWHVH GH RV LQYHVWLGRUHV GH %'5V YLD 5HVROXomR &01 HOHJHUHPQRFRQWH[WRGR3URJUDPD6DQWDQGHU'LYLGHQGR(OHFFLyQDOLHQDU
R GLUHLWR UHFHELGR GR 6DQWDQGHU (VSDQKD D HVWH ~OWLPR PHGLDQWH R
UHFHELPHQWR GH GLQKHLUR WDLV YDORUHV QmR GHYHUmR HVWDU VXMHLWRV j
WULEXWDomR QR %UDVLO SRLV VHUmR UHQGLPHQWRV SDJRV SRU IRQWH SDJDGRUD
-85B63Y
9HUVmR3XEOLFDGD
HVWUDQJHLUDDEHQHILFLiULRQmRUHVLGHQWHQR%UDVLO
1D KLSyWHVH GH RV LQYHVWLGRUHV GH %'5V YLD 5HVROXomR &01 HOHJHUHP QR FRQWH[WR GR 3URJUDPD 6DQWDQGHU 'LYLGHQGR (OHFFLyQ
FRQYHUWHU R GLUHLWR UHFHELGR GR 6DQWDQGHU (VSDQKD HP XP ORWH DGLFLRQDO
GH QRYDV Do}HV GH HPLVVmR GR 6DQWDQGHU (VSDQKD D VHUHP HPLWLGDV
PHGLDQWH DXPHQWR GH FDSLWDO D GpELWR GH FRQWD GH UHVHUYD VHQGR WDLV
Do}HV UHSUHVHQWDGDV QR %UDVLO SRU QRYRV %'5V p SRVVtYHO VXVWHQWDU R
VHJXLQWH WUDWDPHQWR ILVFDO QR %UDVLO TXDQGR GD DOLHQDomR GHVWHV QRYRV
%'5V L LQYHVWLGRUHV UHVLGHQWHV RX GRPLFLOLDGRV HP ORFDOLGDGH QmR
FRQVLGHUDGD 3DUDtVR )LVFDO LVHQWRV GR ,55) H LL LQYHVWLGRUHV YLD
5HVROXomR &01 UHVLGHQWHV HP 3DUDtVR )LVFDO ,55) j DOtTXRWD GH
$OpP GLVVR QR TXH VH UHIHUH D LQYHVWLGRUHV UHVLGHQWHV HP 3DUDtVR
)LVFDO D RSHUDomR SRGHUi HVWDU VXMHLWD DR ,55) j DOtTXRWD GH LQFLGHQWH VREUH R YDORU GH DOLHQDomR GRV %'5V H TXH SRGH VHU GHGX]LGR
GHHYHQWXDOLPSRVWRVREUHDUHQGDGHYLGRSHORWLWXODU
1D KLSyWHVH GH RV WLWXODUHV GH %'5V YLD 5HVROXomR &01 HOHJHUHP
QRFRQWH[WRGR3URJUDPD6DQWDQGHU'LYLGHQGR (OHFFLyQSHODQHJRFLDomR
HP EROVD GH YDORUHV QR H[WHULRU GR GLUHLWR UHFHELGR GR 6DQWDQGHU
(VSDQKD RV YDORUHV DXIHULGRV SRU HVVHV LQYHVWLGRUHV QmR GHYHUmR HVWDU
VXMHLWRV j WULEXWDomR QR %UDVLO SRLV VHUmR JDQKRV DXIHULGRV SRU QmR
UHVLGHQWHVQR%UDVLOQDQHJRFLDomRGHDWLYRVQmRORFDOL]DGRVQR%UDVLO
1DKLSyWHVHGHRV LQYHVWLGRUHVHVWUDQJHLURVFXMRLQYHVWLPHQWRpUHDOL]DGR
QRV WHUPRV GD 5HVROXomR &01 DSyV D 2IHUWD WHUHP GLUHLWR D
UHFHEHU )UDo}HV WDO FRPR GHVFULWR QR LWHP DFLPD DV Do}HV GH
HPLVVmR GR 6DQWDQGHU (VSDQKD VXEMDFHQWHV DR %'5 VHUmR YHQGLGDV HP
EROVD GH YDORUHV QR H[WHULRU SHOD ,QVWLWXLomR 'HSRVLWiULD VHQGR
GLVWULEXtGRVDHVWHVLQYHVWLGRUHVRVUHFXUVRVOtTXLGRVGHUHIHULGDYHQGD2V
YDORUHV UHFHELGRV SHORV LQYHVWLGRUHV QHVVH FDVR QmR GHYHUmR HVWDU
VXMHLWRV j WULEXWDomR QR %UDVLO SRLV VHUmR JDQKRV DXIHULGRV SRU QmR
UHVLGHQWHVQR%UDVLOQDQHJRFLDomRGHDWLYRVQmRORFDOL]DGRVQR%UDVLO
3ULQFLSDLV LPSOLFDo}HV ILVFDLV HVSDQKRODV GHFRUUHQWHV GR LQYHVWLPHQWR H DOLHQDomR GH
%'5VSRULQYHVWLGRUHVUHVLGHQWHVQR%UDVLO
2 GLVSRVWR DEDL[R UHVXPH DOJXPDV FRQVLGHUDo}HV ILVFDLV HVSDQKRODV
UHODFLRQDGDV j DTXLVLomR SURSULHGDGH H DOLHQDomR GH %'5V SRU XP
,QYHVWLGRU 4XDOLILFDGR FRQIRUPH GHILQLGR DEDL[R 2V FRPHQWiULRV DEDL[R
VmREDVHDGRVQDOHLHVSDQKRODDWXDOPHQWHHPYLJRUDTXDOHVWiVXMHLWDD
DOWHUDo}HV SRVVLYHOPHQWH FRP HIHLWR UHWURDWLYR 1HVWH SDUWLFXODU QRV
SULPHLURV GLDV GH DJRVWR GH R *RYHUQR (VSDQKRO VXEPHWHX DR
3DUODPHQWRSURMHWRGHOHLTXHYLVDDOWHUDUDOHJLVODomRILVFDOHVSDQKRODHP
YLJRU H TXH FDVR DSURYDGR VH SUHYr TXH SDVVDUi D SURGX]LU HIHLWRV D
SDUWLU GH ž GH MDQHLUR GH 3DUD HIHLWR GD GLVFXVVmR D VHJXLU R
WUDWDPHQWR ILVFDO HVSDQKRO DSOLFiYHO DRV WLWXODUHV GH %'5V VHUi R PHVPR
GRVWLWXODUHVGHDo}HVRUGLQiULDVGHHPLVVmRGR6DQWDQGHU(VSDQKD
$V VHo}HV DEDL[R UHVXPHP FHUWDV FRQVLGHUDo}HV ILVFDLV HVSDQKRODV
-85B63Y
9HUVmR3XEOLFDGD
UHODFLRQDGDV DR LQYHVWLPHQWR H DOLHQDomR GH %'5V SRU LQYHVWLGRUHV
UHVLGHQWHVQR%UDVLOTXHLVmRUHVLGHQWHVQR%UDVLOSDUDILQVGR7UDWDGRH
VmREHQHILFLDGRVSHODVGLVSRVLo}HVGHVWHWUDWDGRVHPOLPLWDo}HVHLLQmR
UHDOL]DP DWLYLGDGHV HPSUHVDULDLV DWUDYpV GH XP HVWDEHOHFLPHQWR
SHUPDQHQWH FRQIRUPH GHILQLGR QR 7UDWDGR QD (VSDQKD HP UHODomR DR
TXDO VHXV %'5V HVWmR HIHWLYDPHQWH YLQFXODGRV QHP DWXHP SRU PHLR GH
XPD MXULVGLomR RX SDtV FRQVLGHUDGR SDUDtVR ILVFDO SHOD OHJLVODomR ILVFDO
HVSDQKRODFRQIRUPH GHILQLGR QR 'HFUHWR 5HDO GH MXOKR
DOWHUDGR³,QYHVWLGRUHV4XDOLILFDGRV´
(VWH VXPiULR QmR FRQWpP XPD DQiOLVH FRPSOHWD RX GHVFUHYH WRGDV DV
SRVVtYHLVFRQVHTXrQFLDVUHODFLRQDGDVDRLQYHVWLPHQWRHDOLHQDomRGH%'5V
H QmR DERUGD WRGDV DV LPSOLFDo}HV ILVFDLV TXH SRGHP VHU UHOHYDQWHV D
WRGDVDVFDWHJRULDVGHSRWHQFLDLVLQYHVWLGRUHVDOJXQVGRVTXDLVVXMHLWRVD
UHJUDVHVSHFLDLV (VSHFLILFDPHQWHQmRHVWmRDERUGDGDVDVFRQVHTXrQFLDV
ILVFDLV HVSDQKRODV DSOLFiYHLV D HQWLGDGHV HVWUDQJHLUDV ³WUDQVSDUHQWHV´
WDLV FRPR WUXVWV RX HVSyOLRV TXH SRGHP HVWDU VXMHLWRV D UHJLPH ILVFDLV
DSOLFiYHLV D HQWLGDGHV QmR UHVLGHQWHV QD (VSDQKD QRV WHUPRV GD /HL
(VSDQKROD GH,PSRVWR GH5HQGDSDUD1mR5HVLGHQWHV³15,7´DSURYDGD
SHOR'HFUHWR/HJLVODWLYRGHGHPDUoRHSDUDSHVVRDVItVLFDVTXH
DGTXLULUHP %'5V SRU PRWLYRV OLJDGRV D VHXV HPSUHJRV RX DWUDYpV GH
IXQGRV GH SHQVmR RX LQYHVWLPHQWRV FROHWLYRV HP YDORUHV PRELOLiULRV
8&,76
2V GHWHQWRUHV GH %'5V TXH QmR VH HQTXDGUHP FRPR ,QYHVWLGRUHV
4XDOLILFDGRVRXTXHHVWHMDPHPG~YLGDHPUHODomRjVXDTXDOLILFDomRSDUD
ILQVGHWULEXWDomRGHYHUmRFRQVXOWDUVHXVDVVHVVRUHVWULEXWiULRV
2 SUHVHQWH UHVXPR GH LPSOLFDo}HV ILVFDLV HVSDQKRODV WHP SRU SURSyVLWR
DSUHVHQWDU LQIRUPDo}HV JHUDLV QmR GHYHQGR VHU YLVWR FRPR XPD
RULHQWDomRILVFDO,QYHVWLGRUHV4XDOLILFDGRVGHYHPFRQVXOWDUVHXVSUySULRV
DVVHVVRUHV ILVFDLV FRP UHODomR j DSOLFDomR GD OHJLVODomR WULEXWiULD
HVSDQKROD SDUD VLWXDo}HV SDUWLFXODUHV EHP FRPR TXDLVTXHU
FRQVHTXrQFLDV ILVFDLV GHFRUUHQWHV GDV OHLV GH TXDOTXHU RXWUD MXULVGLomR
HVWUDQJHLUDRXGHWUDWDGRVLQWHUQDFLRQDLV6XJHULPRVWDPEpPDFRQVXOWD
DVHXVDVVHVVRUHVWULEXWiULRV QRTXH GL]UHVSHLWRj2IHUWDGH$o}HV8QLWV
SRU%'5VWHQGRHPYLVWDVXDVLWXDomRSDUWLFXODU
&RQVHTXrQFLDVGD2IHUWD
&RPR UHJUD JHUDO D 2IHUWD QmR GHYHUi UHVXOWDU HP TXDOTXHU WULEXWDomR
HVSDQKROD LQFOXLQGR R ,PSRVWR GH 7UDQVIHUrQFLD (VSDQKRO RX R ,PSRVWR
VREUH 9DORU $JUHJDGR SDUD ,QYHVWLGRUHV 4XDOLILFDGRV 1R HQWDQWR FDVR
XP ,QYHVWLGRU 4XDOLILFDGR UHFHED XP SDJDPHQWR HP GLQKHLUR HP
VXEVWLWXLomRD XPD)UDomR SRGHUiVHUDWULEXtGRDR,QYHVWLGRU4XDOLILFDGR
RUHFRQKHFLPHQWRGHXPJDQKRGHFDSLWDOHPGHFRUUrQFLDGDDOLHQDomRGH
XP DWLYR HVSDQKRO 2 JDQKR GH FDSLWDO FRQVLVWLUi QD GLIHUHQoD HQWUH R
YDORUHPGLQKHLURUHFHELGRHRYDORUHTXLYDOHQWHGHWURFDGD)UDomRFRP
D QHFHVVLGDGH GR FXPSULPHQWR GDV REULJDo}HV GH UHSRUWH FRQIRUPH
DEDL[RGHVFULWR
-85B63Y
9HUVmR3XEOLFDGD
7ULEXWDomRGHJDQKRVGHFDSLWDOHSHUGDV
&RPRUHJUDJHUDOWRGRVRVJDQKRVGHFDSLWDODXIHULGRVHPGHFRUUrQFLDGD
QHJRFLDomR GH YDORUHV PRELOLiULRV HPLWLGRV SRU UHVLGHQWHV QD (VSDQKD
LQFOXVLYH %'5V VmR FRQVLGHUDGRV UHQGD REWLGD GH IRQWH HVSDQKROD H
SRUWDQWR WULEXWiYHO QD (VSDQKD 3DUD RV ILQV GH 15,7 D UHFHLWD REWLGD
FRP D DOLHQDomR GH %'5V VHUi WULEXWDGD FRPR JDQKR GH FDSLWDO *DQKRV
GHFDSLWDOREWLGRVPHGLDQWHDWUDQVIHUrQFLDGH%'5VSRUQmRUHVLGHQWHVQD
(VSDQKDSDUDILQVILVFDLVHVWDUmRVXMHLWRVDR15,7DWXDOPHQWHjDOtTXRWD
GH HP H HP H QRV DQRV VXEVHTXHQWHV FDVR
DSURYDGR QDVXDDWXDO UHGDomRR SURMHWR GH OHL VXEPHWLGRDR3DUODPHQWR
(VSDQKROTXHYLVDDOWHUDUDOHJLVODomRILVFDOHVSDQKRODHPYLJRUVHQGRR
WULEXWR UHFROKLGR SHOR SUySULR FRQWULEXLQWH H SDJR DR ILVFR HVSDQKRO
DWUDYpV GH XPD GHFODUDomR GH LPSRVWR DWXDOPHQWH )RUP R TXDO
GHYHUiVHUDSUHVHQWDGRjVDXWRULGDGHVILVFDLVHVSDQKRODVQRVSULPHLURV
GLDV GRV PHVHV GH MDQHLUR DEULO MXOKR H RXWXEUR SDUD JDQKRV GH FDSLWDO
UHDOL]DGRVQRWULPHVWUHSUHFHGHQWHDFDGDXPGHVVHVPHVHV3DUDPDLRUHV
GHWDOKHV ,QYHVWLGRUHV 4XDOLILFDGRV GHYHUmR FRQVXOWDU VHXV DVVHVVRUHV
WULEXWiULRV *DQKRV GH FDSLWDO H SHUGDV VHUmR FDOFXODGRV VHSDUDGDPHQWH
SDUDFDGDWUDQVDomRQmRVHQGRSRVVtYHOFRPSHQVDUJDQKRVFRQWUDSHUGDV
*DQKRV GH FDSLWDO DXIHULGRV FRP D DOLHQDomR GH Do}HV RUGLQiULDV GH
HPLVVmRGR6DQWDQGHU(VSDQKDQRPHUFDGRVHFXQGiULRGHDo}HVHVSDQKRO
LH 0DGUL %DUFHORQD %LOEDR RX 9DOrQFLD JDQKRV HVVHV TXH SRGHP VHU
YHULILFDGRV SRU H[HPSOR QR FDVR GH VXEVWLWXLomR GH XP %'5 RX XPD
)UDomR VHUmR LVHQWRV GH WULEXWDomR QD (VSDQKD FDVR R FRUUHVSRQGHQWH
,QYHVWLGRU 4XDOLILFDGR VHMD UHVLGHQWH SDUD ILQV GR GLVSRVWR QR 7UDWDGR
GDGRTXHRWUDWDGRFRQWpPXPDFOiXVXODGHWURFDGHLQIRUPDo}HV
,QYHVWLGRUHV 4XDOLILFDGRV TXH WHQKDP GLUHLWR D HVWDV LVHQo}HV SRGHUmR
UHTXHUHU VXD DSOLFDomR SRU PHLR GD DSUHVHQWDomR j DXWRULGDGH ILVFDO
HVSDQKROD GH XP FHUWLILFDGR GH UHVLGrQFLD ILVFDO QR %UDVLO SDUD ILQV GR
7UDWDGR GHYLGDPHQWH HPLWLGR SHODV DXWRULGDGHV ILVFDLV EUDVLOHLUDV HP
FRQMXQWRFRPDGHFODUDomRGHLPSRVWRHVSDQKRODDWXDOPHQWH)RUP
HQWUHžHGHMDQHLURGRDQRVXEVHTXHQWHDRUHFRQKHFLPHQWRGRJDQKR
GH FDSLWDO HP TXHVWmR 3DUD ILQV ILVFDLV HVSDQKyLV WDLV FHUWLILFDGRV VmR
JHUDOPHQWH YiOLGRV SHOR SHUtRGR GH XP DQR D FRQWDU GD GDWD GH VXD
HPLVVmR
7ULEXWDomRGRVGLYLGHQGRV
&RPR UHJUD JHUDO GLYLGHQGRV SDJRV HP GHFRUUrQFLD GR LQYHVWLPHQWR HP
%'5V D ,QYHVWLGRUHV 4XDOLILFDGRV HVWDUmR VXMHLWRV DR 15,7 HVSDQKRO j
DOtTXRWD GH HP H HP H QRV DQRV
VXEVHTXHQWHV FDVR R 3DUODPHQWR DSURYH R SURMHWR GH OHL HP VXD DWXDO
UHGDomR TXH YLVD DOWHUDU D OHJLVODomR ILVFDO HVSDQKROD HP YLJRU VREUH R
YDORUEUXWRGRVGLYLGHQGRVUHFHELGRVWULEXWRHVWHUHWLGRQDIRQWH
D
'LYLGHQGRVHIRQWHVVLPLODUHVGHUHQGDGLVWULEXtGDVSHOR6DQWDQGHU
-85B63Y
9HUVmR3XEOLFDGD
E
(VSDQKD SDUD ,QYHVWLGRUHV 4XDOLILFDGRV TXH VHMDP SHVVRDV ItVLFDV
VHUmR LVHQWRV GH 15,7 DWp R PRQWDQWH DQXDO GH ¼ PLO H
TXLQKHQWRV HXURV SDUD WRGD UHFHLWD GH GLYLGHQGR GHFRUUHQWH GH
IRQWH HVSDQKROD 1R HQWDQWR R 15,7 VHUi GHGX]LGR GR PRQWDQWH
EUXWR GRV GLYLGHQGRV H RV ,QYHVWLGRUHV 4XDOLILFDGRV TXH
UHTXHUHUHPUHIHULGD LVHQomRWHUmR GH EXVFDUDUHVWLWXLomR GR15,7
MXQWR jV DXWRULGDGHV ILVFDLV HVSDQKRODV PHGLDQWH R FXPSULPHQWR
GR3URFHGLPHQWR3DGUmRGH5HVWLWXLomRFRQIRUPHGHVFULWRDEDL[R
&DVR R 3DUODPHQWR DSURYH R SURMHWR GH OHL TXH YLVD DOWHUDU D
OHJLVODomRILVFDOHVSDQKRODDLVHQomRUHIHULGDDFLPDQmRVHUiPDLV
DSOLFiYHODSDUWLUGHžGHMDQHLURGH
,QYHVWLGRUHV 4XDOLILFDGRV SRGHUmR VH EHQHILFLDU HP GHWHUPLQDGDV
FRQGLo}HV GH XPD DOtTXRWD UHGX]LGD GH GR 15,7 LQFLGHQWH
VREUH R YDORU EUXWR GR GLYLGHQGR UHFHELGR VRE R 7UDWDGR FDVR
IRUQHoDP DR DJHQWH SDJDGRU GR 6DQWDQGHU (VSDQKD DQWHV GR
GpFLPR GLD VHJXLQWH DR ~OWLPR GLD GR PrV HP TXH RV GLYLGHQGRV
VmRGLVWULEXtGRVHYLGrQFLDGHVXDUHVLGrQFLDILVFDOSRUPHLRGHXP
FHUWLILFDGR YiOLGR GH UHVLGrQFLD ILVFDO HPLWLGR SHODV DXWRULGDGHV
ILVFDLV EUDVLOHLUDV QR TXDO FRQVWH TXH R ,QYHVWLGRU 4XDOLILFDGR HP
TXHVWmR p XP UHVLGHQWH QR %UDVLO QRV WHUPRV GR GLVSRVWR QR
7UDWDGR 3DUD ILQV ILVFDLV HVSDQKyLV WDLV FHUWLILFDGRV VmR
JHUDOPHQWHYiOLGRVSHORSHUtRGRGHXPDQRDFRQWDUGDGDWDGH
VXD HPLVVmR ,QYHVWLGRUHV 4XDOLILFDGRV TXH QmR IRUQHoDP D
GRFXPHQWDomR VROLFLWDGD GHQWUR GR SUD]R HVWLSXODGR SRGHUmR
DOWHUQDWLYDPHQWH REWHU XPD UHVWLWXLomR GH HP UHODomR j
GLIHUHQoDHQWUHDDOtTXRWDGRPpVWLFDGRLPSRVWRUHWLGRQDIRQWHHD
DOtTXRWD SUHYLVWD QR 7UDWDGR SRU PHLR GD FRQFOXVmR GR
3URFHGLPHQWR3DGUmRGH5HVWLWXLomRFRQIRUPHGHVFULWRDEDL[R
,QYHVWLGRUHV 4XDOLILFDGRV QmR VHUmR GHPDQGDGRV D DSUHVHQWDU XPD
GHFODUDomRGHLPSRVWRHVSDQKRODHPUHODomRDRVGLYLGHQGRVUHFHELGRVGH
YDORUHVPRELOLiULRVGR6DQWDQGHU(VSDQKDVREUHRVTXDLVR15,7pUHWLGR
FRQIRUPHGHVFULWRQRVLWHQVDEDL[R
3RU ILP QR FDVR GH XP GLUHLWR GHFRUUHQWH GR 3URJUDPD 6DQWDQGHU
'LYLGHQGR (OHFFLyQ R WUDWDPHQWR ILVFDO HVSDQKRO DSOLFiYHO D ,QYHVWLGRUHV
4XDOLILFDGRVVHUiRVHJXLQWH
D
&DVR XP ,QYHVWLGRU 4XDOLILFDGR GHWHQWRU GH %'5V RSWH SRU
UHFHEHUUHFXUVRVGHFRUUHQWHVGDYHQGDGRVGLUHLWRVUHODFLRQDGRVDR
3URJUDPD 6DQWDQGHU 'LYLGHQGR (OHFFLyQ DR 6DQWDQGHU (VSDQKD D
XP SUHoR IL[R R UHJLPH ILVFDO DSOLFiYHO VHUi R PHVPR GRV
GLYLGHQGRVUHFHELGRVHPGLQKHLUR
E
&DVR XP ,QYHVWLGRU 4XDOLILFDGR GHWHQWRU GH %'5V RSWH SRU
UHFHEHU QRYRV %'5V HPLWLGRV LVWR VHUi FRQVLGHUDGR XPD HQWUHJD
GH Do}HV LQWHJUDOL]DGDV H OLYUHV GH {QXV H SRUWDQWR QmR VHUi
WUDWDGRFRPRUHFHLWDSDUDHIHLWRGH15,72FXVWRGHDTXLVLomRGRV
QRYRV %'5V UHFHELGRV HP GHFRUUrQFLD GR 3URJUDPD 6DQWDQGHU
-85B63Y
9HUVmR3XEOLFDGD
F
'LYLGHQGR (OHFFLyQ EHP FRPR GRV %'5V RULJLQiULRV VHUi R
UHVXOWDGR GD GLYLVmR GR FXVWR WRWDO GR SRUWIyOLR RULJLQDO GH %'5V
SHOR Q~PHUR WRWDO GH %'5V WDQWR RV DQWLJRV TXDQWR RV QRYRV $
GDWD GH DTXLVLomR GRV %'5V QRYRV VHUi FRQVLGHUDGD D PHVPD GRV
%'5VRULJLQiULRVH
&DVRXP,QYHVWLGRU4XDOLILFDGRGHWHQWRUGH%'5VRSWHSRUYHQGHU
RVGLUHLWRVUHODFLRQDGRVDR3URJUDPD6DQWDQGHU'LYLGHQGR(OHFFLyQ
QRPHUFDGRRPRQWDQWHREWLGRDSDUWLUGDYHQGDGRVGLUHLWRVVHUi
GHGX]LGR GR FXVWR GH DTXLVLomR GRV %'5V TXH GmR RULJHP D WDLV
GLUHLWRV&DVRRPRQWDQWHREWLGRDWUDYpVGHWDOYHQGDVHMDVXSHULRU
DR FXVWR GH DTXLVLomR GRV %'5V RULJLQiULRV R YDORU HP H[FHVVR
VHUi WUDWDGR FRPR JDQKR GH FDSLWDO GR LQYHVWLGRU TXDQGR D
DOLHQDomR YLHU D RFRUUHU (QWUHWDQWR VH R SURMHWR GH OHL TXH YLVD
DOWHUDU D OHJLVODomR ILVFDO HVSDQKROD IRU DSURYDGR SHOR 3DUODPHQWR
FRPVXDDWXDOUHGDomRDSDUWLUGHRYDORUWRWDOREWLGRFRPD
DOLHQDomR GRV GLUHLWRV VHUi WUDWDGR FRPR JDQKR GH FDSLWDO YLGH
VHomRWULEXWDomRGHJDQKRVGHFDSLWDOHSHUGDVDFLPD
3URFHGLPHQWR 3DGUmR GH 5HVWLWXLomR 'H DFRUGR D UHJXODPHQWDomR
HVSDQKROD UHIHUHQWH DR 15,7 DSURYDGR SHOR 'HFUHWR5HDO GH
GH MXOKR H SURPXOJDGR HP GH]HPEUR GH D UHVWLWXLomR GR
PRQWDQWH UHWLGR HP H[FHVVR DQWH R 7UDWDGR SRGH VHU REWLGD SHUDQWH DV
DXWRULGDGHVILVFDLVHVSDQKRODV3DUDFRQVHJXLUDUHVWLWXLomRXP,QYHVWLGRU
4XDOLILFDGRGHYHDSUHVHQWDU
D
RIRUPXOiULRHVSDQKROILVFDODSOLFiYHODWXDOPHQWH)RUP
E
R FHUWLILFDGR GH UHVLGrQFLD ILVFDO HPLWLGR SHODV DXWRULGDGHV ILVFDLV
EUDVLOHLUDV GHFODUDQGR TXH R FRUUHVSRQGHQWH ,QYHVWLGRU 4XDOLILFDGR
pXPUHVLGHQWHGR%UDVLOQRVWHUPRVGR7UDWDGRH
F
GRFXPHQWDomR LQGLFDQGR D FRQWD EDQFiULD HP TXH R PRQWDQWH
UHWLGRHPH[FHVVRGHYHUiVHUGHSRVLWDGR
3DUD HIHLWR GR 3URFHGLPHQWR 3DGUmR GH 5HVWLWXLomR XP ,QYHVWLGRU
4XDOLILFDGR GHYHUi DSUHVHQWDU XP )RUPXOiULR )RUP HP
FRQMXQWR FRP D GRFXPHQWDomR FRUUHVSRQGHQWH GH ž GH IHYHUHLUR DWp R
DQR HP TXH R 15,7 IRU UHWLGR QD IRQWH H DWp TXDWUR DQRV DSyV R
SHUtRGR HP TXH R 6DQWDQGHU (VSDQKD GHFODURX H UHWHYH WDLV LPSRVWRV GH
IRQWH $V DXWRULGDGH ILVFDLV HVSDQKRODV GHYHUmR HIHWLYDU D UHVWLWXLomR QR
SUD]R GH VHLV PHVHV DSyV R SHGLGR GH UHVWLWXLomR &DVR UHIHULGR
SHUtRGR GHFRUUD VHP TXH R ,QYHVWLGRU 4XDOLILFDGR UHFHED D UHVWLWXLomR
FRUUHVSRQGHQWH R ,QYHVWLGRU 4XDOLILFDGR WHUi GLUHLWR D UHFHEHU MXURV GH
PRUD VREUH R YDORU D VHU UHVWLWXtGR 3DUD PDLRUHV GHWDOKHV ,QYHVWLGRUHV
4XDOLILFDGRVGHYHUmRFRQVXOWDUVHXVDVVHVVRUHVWULEXWiULRV
,PSRVWR (VSDQKRO 6REUH )RUWXQDV $ PHQRV TXH GLVSRVWR HP VHQWLGR
FRQWUiULR HP XPD FRQYHQomR SDUD HYLWDU D GXSOD WULEXWDomR GH LPSRVWRV
VREUHDIRUWXQDR7UDWDGRQmRGLVS}HQHVVHVHQWLGRSHVVRDVItVLFDVQmR
-85B63Y
9HUVmR3XEOLFDGD
UHVLGHQWHVQD(VSDQKDSDUDILQVILVFDLVTXHGHWHQKDP%'5VHVWmRVXMHLWDV
DR ,PSRVWR (VSDQKRO 6REUH )RUWXQDV R TXDO LPS}H D WULEXWDomR VREUH D
SURSULHGDGH H GLUHLWRV ORFDOL]DGRV QD (VSDQKD RX TXH SRVVDP VHU
H[HUFLGRV HP WHUULWyULR (VSDQKRO DWp R ~OWLPR GLD GR DQR D DOtTXRWDV
PDUJLQDLVTXHYDULDPHQWUH H GRYDORUPpGLR GHPHUFDGRGH
WDLV %'5V QR ~OWLPR WULPHVWUH GR DQR 1mR REVWDQWH R H[SRVWR RV
SULPHLURV ¼ VHWHFHQWRV PLO HXURV GH SDWULP{QLR OtTXLGR
VXMHLWR DR ,PSRVWR (VSDQKRO 6REUH )RUWXQDV WDO FRPR RV %'5V GH
SURSULHGDGH GH XP ,QYHVWLGRU 4XDOLILFDGR TXH VHMD XPD SHVVRD ItVLFD
VHUmR LVHQWRV GR ,PSRVWR (VSDQKRO 6REUH )RUWXQDV 8P ,QYHVWLGRU
4XDOLILFDGRTXHVHMDXPDSHVVRDMXUtGLFDQmRUHVLGHQWHQD(VSDQKDQmRVH
VXMHLWDDR,PSRVWR(VSDQKRO6REUH)RUWXQDV
,PSRVWR VREUH 6XFHVV}HV H 'RDo}HV $ PHQRV TXH GLVSRVWR HP VHQWLGR
FRQWUiULR HP XPD FRQYHQomR SDUD HYLWDU D GXSOD WULEXWDomR GH LPSRVWRV
VREUH VXFHVV}HV H GRDo}HV R 7UDWDGR QmR GLVS}H QHVVH VHQWLGR
WUDQVIHUrQFLDV GH %'5V D SHVVRDV ItVLFDV QmR UHVLGHQWHV SRU RFDVLmR GH
PRUWHRXSRUGRDomRVXMHLWDPVHDR,PSRVWR(VSDQKROVREUH6XFHVV}HVH
'RDo}HV LQGHSHQGHQWHPHQWH GD MXULVGLomR GR KHUGHLUR RX EHQHILFLiULR $
DOtTXRWD HIHWLYD GR LPSRVWR DSyV D DSOLFDomR GRV IDWRUHV UHOHYDQWHV H
FRQVLGHUDGDVFLUFXQVWDQFLDVSHVVRDLV YDULD GHDSDUDSHVVRDV
ItVLFDV +HUDQoDV H GRDo}HV UHFHELGDV SRU XP ,QYHVWLGRU 4XDOLILFDGR TXH
VHMDXPDSHVVRDMXUtGLFDQmRUHVLGHQWHQD(VSDQKDQmRHVWmRVXMHLWDVDR
,PSRVWR (VSDQKRO VREUH 6XFHVV}HV H 'RDo}HV SRUpP JHUDOPHQWH VH
VXMHLWDP DR 15,7 D WtWXOR GH JDQKRV GH FDSLWDO FRQIRUPH LQGLFDGR
DFLPD
,PSRVWRV VREUH 7UDQVIHUrQFLDV H 9DORU $JUHJDGR $ DTXLVLomR H
WUDQVIHUrQFLD GH %'5V HVWi LVHQWD GR ,PSRVWR (VSDQKRO VREUH
7UDQVIHUrQFLDHGR,PSRVWRVREUH9DORU$JUHJDGR$GLFLRQDOPHQWHQmRKi
LQFLGrQFLDGH,PSRVWRGR6HORRXGH5HJLVWURQD(VSDQKDFRPRUHVXOWDGR
GDDTXLVLomRHWUDQVIHUrQFLDGH%'5V
&RPSOLDQFH (P GHWHUPLQDGDV FLUFXQVWkQFLDV DV DXWRULGDGHV ILVFDLV
HVSDQKRODV SRGHP LPSRU SHQDOLGDGHV HP UD]mR GR QmRFXPSULPHQWR GRV
UHTXLVLWRV ILVFDLV HVSDQKyLV DFLPD UHIHULGRV 7DLV VDQo}HV SRGHP HP
FHUWRVFDVRVVHUEDVHDGDVQRYDORUGRLPSRVWRDSDJDU
2EULJDomR$GLFLRQDO
2EULJDomR $GLFLRQDO &DVR HP GHFRUUrQFLD GD 2IHUWD H GD 3HUPXWD QRV (8$ R
2IHUWDQWH DGTXLUD PDLV GH GRLV WHUoRV L GDV Do}HV RUGLQiULDV RX Do}HV
SUHIHUHQFLDLV GH HPLVVmR GR 6DQWDQGHU %UDVLO HP FLUFXODomR LQFOXLQGR QR F{PSXWR DV
Do}HV RUGLQiULDV H Do}HV SUHIHUHQFLDLV TXH FRPS}HP DV 8QLWV RX LL GDV 8QLWV HP
FLUFXODomR R 6DQWDQGHU (VSDQKD DGTXLULUi PHGLDQWH SHUPXWD WRGDV DV 8QLWV H Do}HV
RUGLQiULDV H SUHIHUHQFLDLV GH HPLVVmR GR 6DQWDQGHU %UDVLO UHPDQHVFHQWHV GRV
$FLRQLVWDV TXH H[HUFHUHP D RSomR GH DOLHQiODV QR SUD]R GH WUrV PHVHV GD 'DWD
GR /HLOmR RX VHMD DWp GH MDQHLUR GH SHOD PHVPD 5HODomR GH 3HUPXWD
SUHYLVWDQRLWHPDFLPDFRQIRUPHDMXVWDGDVHIRURFDVR³2EULJDomR$GLFLRQDO´
-85B63Y
9HUVmR3XEOLFDGD
$ OLTXLGDomR GD 2EULJDomR $GLFLRQDO VHUi UHDOL]DGD VHP D HPLVVmR GH
5HFLERV GH 6XEVFULomR H DSyV D HPLVVmR GDV Do}HV GR 6DQWDQGHU
(VSDQKD TXH ODVWUHDUmR RV %'5V PHGLDQWH D HQWUHJD GRV %'5V H GRV
HYHQWXDLV UHFXUVRV OtTXLGRV REWLGRV QD YHQGD GH )UDo}HV QRVWHUPRV GR
LWHP DFLPD SHOD ,QVWLWXLomR 'HSRVLWiULD DRV $FLRQLVWDV TXH
H[HUFHUHP D RSomR GD 2EULJDomR $GLFLRQDO IRUD GRV DPELHQWHV GH
QHJRFLDomRFRPSHQVDomRHGHOLTXLGDomRGD%0)%29(63$REVHUYDGDV
DVVHJXLQWHVUHJUDV
D DV 8QLWV HRX $o}HV D VHUHP HQWUHJXHV SHORV $FLRQLVWDV VHUmR
WUDQVIHULGDV DR 6DQWDQGHU (VSDQKD HP FLQFR ORWHV FDGD XP
GHQRPLQDGR ³/RWH´ FRQIRUPH FURQRJUDPD LQGLFDGR QR LWHP GHVWH
(GLWDO
E DV HPLVV}HV H HQWUHJDV GRV %'5V H D HQWUHJD GRV HYHQWXDLV UHFXUVRV
OtTXLGRVREWLGRVQDYHQGDGH)UDo}HVQRVWHUPRVGRLWHPDFLPDSHOD
,QVWLWXLomR 'HSRVLWiULD DRV $FLRQLVWDV DOLHQDQWHV RFRUUHUmR HP GDWDV
GLVWLQWDV LVWR p HP DWp FDWRU]H GLDV ~WHLV FRQWDGRV GDV GDWDV GH
WUDQVIHUrQFLD DR 2IHUWDQWH GDV 8QLWV HRX $o}HV SHORV $FLRQLVWDV HP
FDGD/RWH³'DWDVOLPLWHGH(QWUHJDGH%'5VGD2EULJDomR$GLFLRQDO´H
QR FDVR GR FUpGLWR GRV HYHQWXDLV UHFXUVRV OtTXLGRV REWLGRV QD YHQGD GH
)UDo}HVDWpVHWHGLDV~WHLVDSyVDUHVSHFWLYD'DWDOLPLWHGH(QWUHJD
GH%'5VGD2EULJDomR$GLFLRQDO(VWDVGDWDVVmRPHUDPHQWHLQGLFDWLYDV
H HVWmR VXMHLWDV j DQWHFLSDomR &DVR QmR VHMD SRVVtYHO D HQWUHJD GRV
%'5V DWp D 'DWDOLPLWH GH (QWUHJD GH %'5V GD 2EULJDomR $GLFLRQDO R
LWHP DEDL[R VHUi DSOLFDGR 3DUD RV ILQV GHVWH LWHP E ³GLD
~WLO´GHYHUiVLJQLILFDUTXDOTXHUGLDFRPH[FHomRGHViEDGRVHGRPLQJRV
QRV TXDLV RV EDQFRV FRPHUFLDLV HVWHMDP VLPXOWDQHDPHQWH DEHUWRV SDUD
RSHUDo}HV LQFOXLQGR RSHUDo}HV GH FkPELR H GHSyVLWRV HP PRHGD
HVWUDQJHLUD QDV &LGDGHV GH 6mR 3DXOR %UDVLO H 0DGUL H 6DQWDQGHU
(VSDQKD H UHIHUrQFLD D XP KRUiULR HVSHFtILFR GR GLD GHYHUi VHU XPD
UHIHUrQFLDDRKRUiULRQD&LGDGHGH6mR3DXOR%UDVLO
2 DFLRQLVWD LQWHUHVVDGR HP DOLHQDU VXDV $o}HV8QLWV QR kPELWR GD
2EULJDomR $GLFLRQDO GHYHUi D HQFDPLQKDU XPD QRWLILFDomR SRU HVFULWR
SDUDR6DQWDQGHU%UDVLOQDTXDOLGDGHGH,QVWLWXLomR,QWHUPHGLiULDFRP
FySLD SDUD R 'HSDUWDPHQWR (VFULWXUDO GD ,QVWLWXLomR ,QWHUPHGLiULD QRV
HQGHUHoRV LQGLFDGRV QR LWHP WHQGR FRPR DVVXQWR ³2IHUWD
6DQWDQGHU (VSDQKD ([HUFtFLR GD 2SomR GD 2EULJDomR $GLFLRQDO´ H E
GLULJLUVH SHVVRDOPHQWH RX SRU PHLR GH XP SURFXUDGRU GHYLGDPHQWH
FRQVWLWXtGR QRV WHUPRV H PXQLGR GD GRFXPHQWDomR FRQVWDQWH GR LWHP
D XPD GDV DJrQFLDV GD ,QVWLWXLomR ,QWHUPHGLiULD LQGLFDGDV QR LWHP
SDUD ILQV GH FDGDVWUDPHQWR H FHOHEUDomR GH WHUPR GH SHUPXWD GH
8QLWV HRX $o}HV HVSHFtILFR R TXDO HVWDUi GLVSRQtYHO SDUD RV DFLRQLVWDV
HPUHIHULGDVDJrQFLDV
$ %0)%29(63$ QmR DWXDUi FRPR FRQWUDSDUWH FHQWUDO JDUDQWLGRUD H
SDUDILQVGHHVFODUHFLPHQWRD%0)%29(63$QmRVHUiUHVSRQViYHOSHOD
OLTXLGDomR GD RSomR GD 2EULJDomR $GLFLRQDO TXH RFRUUHUi IRUD GRV
DPELHQWHVGHQHJRFLDomRFRPSHQVDomRHOLTXLGDomRGD%0)%29(63$
-85B63Y
9HUVmR3XEOLFDGD
'HVLVWrQFLD RX 5HGXomR GH ([HUFtFLR GD 2SomR GD 2EULJDomR $GLFLRQDO 2
$FLRQLVWD WHUi R GLUHLWR GH GHVLVWLU RX UHGX]LU R H[HUFtFLR GD RSomR GD 2EULJDomR
$GLFLRQDOSHUDQWHD,QVWLWXLomR,QWHUPHGLiULDREVHUYDGDVDVUHJUDVSUHYLVWDVQRVLWHQV
HDEDL[R
2 $FLRQLVWD TXH GHVHMDU GHVLVWLU RX UHGX]LU R H[HUFtFLR GD RSomR GD
2EULJDomR $GLFLRQDO GHYHUi D HQFDPLQKDU XPD QRWLILFDomR SRU HVFULWR
SDUD R 6DQWDQGHU %UDVLO QD TXDOLGDGH GH ,QVWLWXLomR ,QWHUPHGLiULD FRP
FySLD SDUD R 'HSDUWDPHQWR (VFULWXUDO GD ,QVWLWXLomR ,QWHUPHGLiULD QRV
HQGHUHoRVLQGLFDGRVQRLWHPWHQGRFRPRDVVXQWR³2IHUWD6DQWDQGHU
(VSDQKD 'HVLVWrQFLD RX 5HGXomR GH ([HUFtFLR GD 2SomR GD 2EULJDomR
$GLFLRQDO´ H E GLULJLUVH SHVVRDOPHQWH RX SRU PHLR GH XP SURFXUDGRU
GHYLGDPHQWH FRQVWLWXtGR QRV WHUPRV H PXQLGR GD GRFXPHQWDomR
FRQVWDQWH GR LWHP D XPD GDV DJrQFLDV GD ,QVWLWXLomR ,QWHUPHGLiULD
LQGLFDGDV QR LWHP SDUD ILQV GH FDGDVWUDPHQWR H FHOHEUDomR GH WHUPR
GH GLVWUDWR GH SHUPXWD GH 8QLWV HRX $o}HV HVSHFtILFR R TXDO HVWDUi
GLVSRQtYHO SDUD RV DFLRQLVWDV HP UHIHULGDV DJrQFLDV (VVH SURFHGLPHQWR
GHYHUiVHUFRPSOHWDGRDWpjKKRUiULRGH6mR3DXORGR~OWLPRGLD~WLO
GRIHFKDPHQWRGHFDGD/RWHFRQIRUPHGLVSRVWRQRLWHPDHDFLPDH
FURQRJUDPD LQGLFDGR QR LWHP GHVWH (GLWDO GH IRUPD TXH D ,QVWLWXLomR
,QWHUPHGLiULD WHQKD WHPSR VXILFLHQWH SDUD FDQFHODUWRWDO RX SDUFLDOPHQWH
RH[HUFtFLRGD2EULJDomR$GLFLRQDO
$GHVLVWrQFLDRXUHGXomRGHH[HUFtFLRGDRSomRGD2EULJDomR$GLFLRQDOSRU
XP $FLRQLVWD VHUi FRQVLGHUDGD SDUD WRGRV RV ILQV FRPR QmR H[HUFtFLR
WRWDO RX SDUFLDO GD RSomR GD 2EULJDomR $GLFLRQDO )LFD H[SUHVVDPHQWH
DGPLWLGRQR HQWDQWR TXH$FLRQLVWDV TXHWHQKDPGHVLVWLGR RXUHGX]LGRR
H[HUFtFLRGDRSomRGD2EULJDomR$GLFLRQDOQDIRUPDDTXLGHVFULWDSRGHUmR
SRVWHULRUPHQWH YROWDU D H[HUFHU D RSomR GD 2EULJDomR $GLFLRQDO GHVGH
TXHREVHUYDGRVRVSUD]RVHSURFHGLPHQWRVGHVFULWRVQRLWHP
*DUDQWLD GH /LTXLGDomR )LQDQFHLUD GD 2EULJDomR $GLFLRQDO 1RV WHUPRV GR
SDUiJUDIRžGRDUWLJRžGD,QVWUXomR&90HGR&RQWUDWRGH,QWHUPHGLDomRD
OLTXLGDomR ILQDQFHLUD GD 2EULJDomR $GLFLRQDO KDYHQGR IDOKD SRU SDUWH GD ,QVWLWXLomR
'HSRVLWiULDHPHQWUHJDURV%'5VRXRVUHFXUVRVOtTXLGRVREWLGRVQDYHQGDGH)UDo}HV
DRV 'HWHQWRUHV GH $o}HV H 8QLWV GR 6DQWDQGHU %UDVLO TXH DFHLWDUHP D 2IHUWD VHUi
JDUDQWLGDSHOD,QVWLWXLomR,QWHUPHGLiULD6HQGRDVVLPREVHUYDGRRGLVSRVWRQR&yGLJR
&LYLO%UDVLOHLURHPFDVRGHLQDGLPSOHPHQWRGDREULJDomRGHHQWUHJDGRV%'5VRXGRV
UHFXUVRVOtTXLGRVREWLGRVQDYHQGDGH)UDo}HVDRV$FLRQLVWDVDOLHQDQWHVGDV8QLWVHRX
$o}HV QD'DWDOLPLWH GH(QWUHJD GH%'5V GD2EULJDomR$GLFLRQDOFRUUHVSRQGHQWHRX
HP DWp VHWH GLDV ~WHLV DSyV WDO GDWD QR FDVR HVSHFtILFR GRV UHFXUVRV OtTXLGRV
REWLGRV QD YHQGD GH )UDo}HV D ,QVWLWXLomR ,QWHUPHGLiULD SDJDUi HP PRHGD FRUUHQWH
QDFLRQDO DRV DOLHQDQWHV GDV 8QLWV HRX $o}HV TXH QmR UHFHEHUHP RV %'5V RX RV
UHFXUVRV OtTXLGRV REWLGRV QD YHQGD GH )UDo}HV XP YDORU HTXLYDOHQWH j FRWDomR GH
IHFKDPHQWRGDVDo}HVGHHPLVVmRGR6DQWDQGHU(VSDQKDQD%ROVDGH0DGULTXHHVWHV
$FLRQLVWDV WHULDP GLUHLWR GH UHFHEHU FRQIRUPH UHJLVWUDGDV QD %ROVD GH 0DGUL QR
IHFKDPHQWRGRSUHJmRGRGLD~WLOLPHGLDWDPHQWHDQWHULRUj'DWDOLPLWHGH(QWUHJDGH
%'5V GD 2EULJDomR $GLFLRQDO FRUUHVSRQGHQWH (VVH YDORU VHUi FRQYHUWLGR SDUD 5HDLV
5 PHGLDQWH D WD[D GH FkPELR GH (85%5/ GR GLD ~WLO LPHGLDWDPHQWH DQWHULRU j
-85B63Y
9HUVmR3XEOLFDGD
'DWDOLPLWH GH(QWUHJD GH%'5VGD2EULJDomR $GLFLRQDO SXEOLFDGD SHOR%DQFR&HQWUDO
GR%UDVLOHPVXDSiJLQDQDLQWHUQHWHVHUiSDJRDRVDFLRQLVWDVTXHQmRUHFHEHUHPRV
%'5VRX RVUHFXUVRV OtTXLGRVREWLGRVQDYHQGD GH)UDo}HV QD'DWDOLPLWH GH(QWUHJD
GH %'5V GD 2EULJDomR $GLFLRQDO RX HP VHWH GLDV ~WHLV DSyV WDO GDWD QR FDVR
HVSHFtILFRGRVUHFXUVRVOtTXLGRVREWLGRVQDYHQGDGH)UDo}HV
&RQVHTXrQFLDV 7ULEXWiULDV GD 2EULJDomR $GLFLRQDO &DVR HP GHFRUUrQFLD GD
2EULJDomR $GLFLRQDO LQYHVWLGRUHV EUDVLOHLURV RX LQYHVWLGRUHV HVWUDQJHLURV YHQKDP D
UHFHEHU %'5V HP SHUPXWD GH VXDV 8QLWV HRX $o}HV H R YDORU GH PHUFDGR GRV %'5V
VHMD VXSHULRU DR FXVWR GH DTXLVLomR GDV 8QLWV HRX $o}HV GHWLGDV Ki DUJXPHQWRV
MXUtGLFRVSDUDVXVWHQWDUTXHHYHQWXDOGLIHUHQoDSRVLWLYDQmRVHVXMHLWDjWULEXWDomRSHOR
LPSRVWRGHUHQGDXPDYH]TXHGHFRUUHGHXPDRSHUDomRGHQDWXUH]DSHUPXWDWLYD
1D KLSyWHVH GH L R WUDWDPHQWR PHQFLRQDGR QR LWHP DFLPD
QmRSUHYDOHFHUHPIDFHGDSRVLomRGDVDXWRULGDGHVILVFDLVEUDVLOHLUDVTXH
FRPRUHJUDJHUDOWrP DGRWDGR RHQWHQGLPHQWR GH TXHXPDRSHUDomRGH
SHUPXWD GHYHULD VHU FRQVLGHUDGD XP HYHQWR WULEXWiYHO H LL DV
DXWRULGDGHVILVFDLVEUDVLOHLUDVHQWHQGHUHPTXHDRSHUDomRGHSHUPXWDGH
Do}HV GR 6DQWDQGHU %UDVLO SRU %'5V UHDOL]DGD QR FRQWH[WR GD 2EULJDomR
$GLFLRQDO FRQVLVWH HP XPD RSHUDomR UHDOL]DGD IRUD GH DPELHQWH GH EROVD
GH YDORUHV HYHQWXDO UHVXOWDGR SRVLWLYR UHFRQKHFLGR QD RSHUDomR SRU
LQYHVWLGRUHVEUDVLOHLURVHVWDUiVXMHLWRDRWUDWDPHQWRWULEXWiULRPHQFLRQDGR
QR LWHP DR SDVVR TXH HYHQWXDO UHVXOWDGR SRVLWLYR DXIHULGR QD
RSHUDomR SRU LQYHVWLGRUHV HVWUDQJHLURV YLD 5HVROXomR &01 UHJUD
JHUDO HVWDUi VXMHLWR DR WUDWDPHQWR WULEXWiULR GHVFULWR QRV LWHQV H
$OpPGLVVRDSHUPXWDWDQWRSDUDLQYHVWLGRUHVEUDVLOHLURVTXDQWR
SDUD LQYHVWLGRUHV QmR UHVLGHQWHV YLD 5HVROXomR &01 SRGHUi HVWDU
VXMHLWD DR ,55) j DOtTXRWD GH LQFLGHQWH VREUH R YDORU GD
RSHUDomR H TXH SRGH VHU GHGX]LGR GH HYHQWXDO LPSRVWR VREUH D UHQGD
GHYLGR SHOR WLWXODU $VVLP UHFRPHQGDVH D FDGD $FLRQLVWD +DELOLWDGR
FRQVXOWDU VHXV DGYRJDGRV H YHULILFDU FRP VXD VRFLHGDGH FRUUHWRUD H
LQVWLWXLomRFXVWRGLDQWHVHKDYHUiUHWHQomRGHVVHLPSRVWR
(IHLWRV GR 3URJUDPD 6DQWDQGHU 'LYLGHQGR (OHFFLyQ GXUDQWH D 2IHUWD 2 6DQWDQGHU
(VSDQKDLUiUHPXQHUDUHPRXWXEURGHVHXVDFLRQLVWDVPHGLDQWHDDSOLFDomR
GR 3URJUDPD 6DQWDQGHU 'LYLGHQGR (OHFFLyQ GHVFULWR QR LWHP DFLPD
&RQIRUPH LQGLFDGR QRV LWHQV H DFLPD FRPR R UHFRUG GDWH SDUD R
SDJDPHQWR GRV UHIHULGRV GLYLGHQGRV VHUi GHILQLGR HP GH RXWXEUR GH SRUWDQWR GHQWURGR3HUtRGR GH$MXVWHDSOLFDUVHiD5HODomR GH3HUPXWD$MXVWDGD
QRV WHUPRV GR LWHP (VFODUHFHVH TXH D 5HODomR GH 3HUPXWD $MXVWDGD VHUi
DSOLFiYHO DRV DFLRQLVWDV TXH YHQKDP D DGHULU j 2IHUWD GXUDQWH R SHUtRGR GH
FXPSULPHQWR GD 2EULJDomR $GLFLRQDO GH WDO IRUPD TXH QmR KDYHUi TXDLVTXHU
DMXVWHV DGLFLRQDLV QD 5HODomR GH 3HUPXWD $MXVWDGD FRPR FRQVHTXrQFLD GH
GLYLGHQGRVRXRXWUDVIRUPDVGHUHPXQHUDomRFXMRUHFRUGGDWHVHMDGHILQLGRDSyVR
&RQVHOKR GH $GPLQLVWUDomR RX D &RPLVVmR ([HFXWLYD GR 6DQWDQGHU (VSDQKD
H[HFXWDURDXPHQWRGHFDSLWDOVRFLDOHHPLWLUDVDo}HVRUGLQiULDVQHFHVViULDVSDUD
DOLTXLGDomRGD2IHUWDQDVXDIDVHLQLFLDO26DQWDQGHU(VSDQKDGLYXOJDUiHGHYHUi
ID]HUFRPTXHD&RPSDQKLDGLYXOJXHIDWRUHOHYDQWHLPHGLDWDPHQWHDSyVD5HODomR
-85B63Y
9HUVmR3XEOLFDGD
GH3HUPXWD$MXVWDGDVHULPSOHPHQWDGDQD2IHUWD
$TXHOHV $FLRQLVWDV TXH FRPXQLTXHP D LQWHQomR GH DOLHQDU VXDV 8QLWV HRX
$o}HV HP FRQIRUPLGDGH FRP D 2EULJDomR $GLFLRQDO GHVFULWD QHVWH LWHP WHUmR
DXWRUL]DGR L j ,QVWLWXLomR 'HSRVLWiULD D VXEVFUHYHU SRU FRQWD H RUGHP GHVVHV
$FLRQLVWDV DV QRYDV Do}HV RUGLQiULDV GH HPLVVmR GR 6DQWDQGHU(VSDQKD TXH VHUYLUmR
GH ODVWUR DRV %'5V TXH VHUmR HQWUHJXHV HP SHUPXWD SHODV $o}HV HRX 8QLWV
WUDQVIHULGDV DR 6DQWDQGHU (VSDQKD H LL D YHQGD GH )UDo}HV SRU PHLR GH YHQGD GH
Do}HV RUGLQiULDV GH HPLVVmR GR 6DQWDQGHU (VSDQKD FRQIRUPH SURFHGLPHQWR LQGLFDGR
QRLWHP
26DQWDQGHU(VSDQKDSRGHUiXWLOL]DUDo}HVRUGLQiULDVGHVXDHPLVVmRPDQWLGDV
HPWHVRXUDULDSDUDDOLTXLGDomRGD2EULJDomR$GLFLRQDO
&URQRJUDPD(VWLPDGRGD2IHUWD
7DEHOD'DWDVHVWLPDGDVSDUDUHDOL]DomRGRV(YHQWRV
'DWDGH
+RUiULR
5HDOL]DomR 3UHYLVWR
(YHQWR
$XWRUL]DomRGD%0)%29(63$SDUDUHDOL]DomRGR/HLOmR
5HJLVWURGD2IHUWDSHOD&90
3XEOLFDomRGR(GLWDO
7HUPRLQLFLDOGHYDOLGDGHGD2IHUWD
5HFRUG'DWHGR3URJUDPD6DQWDQGHU'LYLGHQGR(OHFFLyQ
3XEOLFDomRGH)DWR5HOHYDQWHGLYXOJDQGRD5HODomRGH3HUPXWD$MXVWDGD
K
3UD]RILQDOSDUDKDELOLWDomR
K
&RPXQLFDGRGH5HDOL]DomRGD2IHUWD
K
3UD]R ILQDOSDUDUHJLVWUR GHRUGHQVGHYHQGDHWUDQVIHUrQFLDGH $o}HV H8QLWVSDUDD FXVWyGLD
GD&HQWUDO'HSRVLWiULDGD%0)%29(63$
K
3UD]RILQDOSDUDRFDQFHODPHQWRRXUHGXomRGHRUGHQVGHYHQGD
K
/HLOmR±7HUPRILQDOGHYDOLGDGHGD2IHUWD
K
,QtFLRGD1HJRFLDomRGRV5HFLERVGH6XEVFULomRQD%0)%29(63$
,QtFLRGRSUD]RGHH[HUFtFLRGD2SomRGD2EULJDomR$GLFLRQDO
/LTXLGDomRGD2IHUWDFRP(QWUHJDGRV5HFLERVGH6XEVFULomR
7pUPLQRGDQHJRFLDomRGRV5HFLERVGH6XEVFULomRQD%0)%29(63$
,QtFLRGD1HJRFLDomRGRV%'5VQD%0)%29(63$
K
7pUPLQRGRSUD]RGH([HUFtFLRRX'HVLVWrQFLDGRSULPHLUR/RWHGD2SomRGD2EULJDomR$GLFLRQDO
(QWUHJDGRV%'5V
(QWUHJDGRV%'5VGRSULPHLUR/RWHGD2SomRGD2EULJDomR$GLFLRQDO
(QWUHJDGR3URGXWRGD9HQGDGH)UDo}HV
(QWUHJDGR3URGXWRGD9HQGDGDV)UDo}HVGRSULPHLUR/RWHGD2SomRGD2EULJDomR$GLFLRQDO
K
7pUPLQRGRSUD]RGH([HUFtFLRRX'HVLVWrQFLDGRVHJXQGR/RWHGD2SomRGD2EULJDomR$GLFLRQDO
(QWUHJDGRV%'5VGRVHJXQGR/RWHGD2SomRGD2EULJDomR$GLFLRQDO
(QWUHJDGR3URGXWRGD9HQGDGDV)UDo}HVGRVHJXQGR/RWHGD2SomRGD2EULJDomR$GLFLRQDO
K
7pUPLQRGRSUD]RGH([HUFtFLRRX'HVLVWrQFLDGRWHUFHLUR/RWHGD2SomRGD2EULJDomR$GLFLRQDO
(QWUHJDGRV%'5VGRWHUFHLUR/RWHGD2SomRGD2EULJDomR$GLFLRQDO
K
7pUPLQRGRSUD]RGH([HUFtFLRRX'HVLVWrQFLDGRTXDUWR/RWHGD2SomRGD2EULJDomR$GLFLRQDO
(QWUHJDGR3URGXWRGD9HQGDGDV)UDo}HVGRWHUFHLUR/RWHGD2SomRGD2EULJDomR$GLFLRQDO
(QWUHJDGRV%'5VGRTXDUWR/RWHGD2SomRGD2EULJDomR$GLFLRQDO
K
7pUPLQRGRSUD]RGH([HUFtFLRRX'HVLVWrQFLDGRTXLQWR/RWHGD2SomRGD2EULJDomR$GLFLRQDO
(QWUHJDGR3URGXWRGD9HQGDGDV)UDo}HVGRTXDUWR/RWHGD2SomRGD2EULJDomR$GLFLRQDO
(QWUHJDGRV%'5VGRTXLQWR/RWHGD2SomRGD2EULJDomR$GLFLRQDO
(QWUHJDGR3URGXWRGD9HQGDGDV)UDo}HVGRTXLQWR/RWHGD2SomRGD2EULJDomR$GLFLRQDO
&DVR DOJXPD GDV FRQGLo}HV SUHYLVWDV QR LWHP VHMDP UHQXQFLDGDV FRP H[FHomR GDV FRQGLo}HV TXH QmR SRGHP VHU
UHQXQFLDGDV R 2IHUWDQWH GLYXOJDUi HP OXJDU GHVWH &RPXQLFDGR XP &RPXQLFDGR GH 5HQ~QFLD GH &RQGLomR GD 2IHUWD H D
UHDOL]DomRGR/HLOmRHRVDWRVVXEVHTXHQWHVVRIUHUmRXPDFUpVFLPRGHGH]GLDVFRUULGRV(PFDVRGHFDQFHODPHQWRGD
2IHUWDR2IHUWDQWHGLYXOJDUiXP&RPXQLFDGRGH&DQFHODPHQWRGD2IHUWD
'DWDVHVWLPDGDVSRGHQGRVHUUHDOL]DGDVDWpDVGDWDVOLPLWHSUHYLVWDVQD7DEHOD
$2EULJDomR$GLFLRQDODSHQDVVHUiYiOLGDVHDWLQJLGRRTXRUXPHVWLSXODGRQRLWHPGHVWH(GLWDO
-85B63Y
9HUVmR3XEOLFDGD
7DEHOD'DWDVOLPLWHSDUD(QWUHJDGH%'5VRX3URGXWRGD9HQGDGH)UDo}HV
'DWDOLPLWHGH +RUiULR
5HDOL]DomR 3UHYLVWR
(YHQWR
'DWDOLPLWHGH(QWUHJDGR3URGXWRGD9HQGDGH)UDo}HV
'DWDOLPLWHGH(QWUHJDGRV%'5VGRSULPHLUR/RWHGD2SomRGD2EULJDomR$GLFLRQDO
'DWDOLPLWH GH (QWUHJD GR 3URGXWR GD 9HQGD GDV )UDo}HV GR SULPHLUR /RWH GD 2SomR GD
2EULJDomR$GLFLRQDO
'DWDOLPLWHGH(QWUHJDGRV%'5VGRVHJXQGR/RWHGD2SomRGD2EULJDomR$GLFLRQDO
'DWDOLPLWH GH (QWUHJD GR 3URGXWR GD 9HQGD GDV )UDo}HV GR VHJXQGR /RWH GD 2SomR GD
2EULJDomR$GLFLRQDO
'DWDOLPLWHGH(QWUHJDGRV%'5VGRWHUFHLUR/RWHGD2SomRGD2EULJDomR$GLFLRQDO
'DWDOLPLWH GH (QWUHJD GR 3URGXWR GD 9HQGD GDV )UDo}HV GR WHUFHLUR /RWH GD 2SomR GD
2EULJDomR$GLFLRQDO
'DWDOLPLWHGH(QWUHJDGRV%'5VGRTXDUWR/RWHGD2SomRGD2EULJDomR$GLFLRQDO
'DWDOLPLWHGH(QWUHJDGR3URGXWRGD9HQGDGDV)UDo}HVGRTXDUWR/RWHGD2SomRGD2EULJDomR
$GLFLRQDO
'DWDOLPLWHGH(QWUHJDGRV%'5VGRTXLQWR/RWHGD2SomRGD2EULJDomR$GLFLRQDO
'DWDOLPLWHGH(QWUHJDGR3URGXWRGD9HQGDGDV)UDo}HVGRTXLQWR/RWHGD2SomRGD2EULJDomR
$GLFLRQDO
2EV$VGDWDVGHUHDOL]DomRGRVHYHQWRVVHUmRDQWHFLSDGDVVHPSUHTXHSRVVtYHOSDUDFRLQFLGLUFRPDVGDWDVHVWLPDGDVQD
7DEHOD
/DXGRGH$YDOLDomR
/DXGR GH $YDOLDomR 1D DVVHPEOHLD JHUDO H[WUDRUGLQiULD GD &RPSDQKLD
UHDOL]DGD HP GH MXQKR GH RV DFLRQLVWDV GHWHQWRUHV GH Do}HV HP FLUFXODomR
HVFROKHUDPQRVWHUPRVGD,QVWUXomR&90HGR5HJXODPHQWRGH/LVWDJHPGR1tYHO
R 1 0 5RWKVFKLOG 6RQV %UDVLO /WGD FRPR LQVWLWXLomR DYDOLDGRUD ³$YDOLDGRU´
SDUD GHWHUPLQDU R YDORU HFRQ{PLFR GD &RPSDQKLD H GR 6DQWDQGHU (VSDQKD SRU PHLR
GHODXGRGHDYDOLDomR³/DXGRGH$YDOLDomR´
'LVSRQLELOLGDGH GR /DXGR GH $YDOLDomR 2 /DXGR GH $YDOLDomR FRQWHQGR DV
SUHPLVVDV H LQIRUPDo}HV XVDGDV QD DYDOLDomR IRL FRORFDGR j GLVSRVLomR D TXDOTXHU
LQWHUHVVDGRQRVHQGHUHoRVPHQFLRQDGRVQRLWHPDEDL[R
5HVXOWDGRV 2 /DXGR GH $YDOLDomR FRQWpP R FiOFXOR GR LQWHUYDOR GR SUHoR GDV
8QLWV GH HPLVVmR GD &RPSDQKLD H GDV Do}HV GH HPLVVmR GR 6DQWDQGHU (VSDQKD
EDVHDGRQRVVHJXLQWHVPpWRGRV
D SUHoR PpGLR SRQGHUDGR FRWDomR GDV Do}HV8QLWV D R SUHoR PpGLR
SRQGHUDGR SHOR YROXPH GH QHJRFLDomR GDV 8QLWV GH HPLVVmR GR 6DQWDQGHU
%UDVLOQD%0)%29(63$HQWUHGHDEULOGHHGHDEULOGHIRL
GH5SRU8QLWHHQWUHGHDEULOGHDGHMXQKRGHIRL
GH 5 SRU 8QLW H E R SUHoR PpGLR SRQGHUDGR SHOR YROXPH GH
QHJRFLDomRGDVDo}HVGHHPLVVmRGR6DQWDQGHU(VSDQKDQD%ROVDGH0DGUL
HQWUHGHDEULOGHHGHDEULOGHIRLGH(8SRUDomRH
HQWUHGHDEULOGHDGHMXQKRGHIRLGH(8SRUDomR
E YDORUSDWULPRQLDOOtTXLGRFRQWiELORYDORUSDWULPRQLDOFRQWiELOFRPEDVHQR
SDWULP{QLROtTXLGRDMXVWDGRSRULWHQVLQWDQJtYHLVHPGHPDUoRGH
HUD GH 5 SRU 8QLW GH HPLVVmR GR 6DQWDQGHU %UDVLO H (8 SRU
DomRGHHPLVVmRGR6DQWDQGHU(VSDQKDH
F YDORU HFRQ{PLFR DYDOLDomR SRU P~OWLSORV FRPSDUiYHLV GH PHUFDGR 9DORU
HFRQ{PLFREDVHDGRQDPHWRGRORJLDGHDYDOLDomRSRUP~OWLSORVFRPSDUiYHLV
-85B63Y
9HUVmR3XEOLFDGD
GHPHUFDGRFRPXWLOL]DomRGRP~OWLSORGH³FDSLWDOL]DomRGHPHUFDGR´VREUH
R ³OXFUR OtTXLGR´ UD]mR 3/ FDOFXODQGRVH R OXFUR OtTXLGR FRP EDVH QD
PHGLDQD GDV HVWLPDWLYDV UHSRUWDGDV SRU DQDOLVWDV SDUD R OXFUR OtTXLGR
DMXVWDGR SDUD RV H[HUFtFLRV GH H UHVXOWRX HP XPD IDL[D
GH YDORUHV HQWUH 5 H 5 SRU 8QLW GR 6DQWDQGHU %UDVLO H
(8H(8SRUDomRGR6DQWDQGHU(VSDQKD
'HQWUHRVFULWpULRV GHDYDOLDomR FRQVWDQWHV GR /DXGRGH$YDOLDomRR $YDOLDGRU
HVFROKHX R FULWpULR GR YDORU HFRQ{PLFR SDUD DSXUDU R YDORU GDV 8QLWV GH HPLVVmR GD
&RPSDQKLD H GDV Do}HV GH HPLVVmR GR 6DQWDQGHU (VSDQKD 3RU FRQVHTXrQFLD R
$YDOLDGRU DSXURX FRPR LQWHUYDOR SDUD D 5HODomR GH 3HUPXWD R LQWHUYDOR HQWUH H
%'5 FRP ODVWUR QD DomR GH HPLVVmR GR 6DQWDQGHU (VSDQKD SDUD FDGD 8QLW GH
HPLVVmRGD&RPSDQKLD
'HFODUDo}HVGR2IHUWDQWHHGD,QVWLWXLomR,QWHUPHGLiULD$5HODomRGH3HUPXWD
GD2IHUWD GH %'5SDUDFDGD8QLW H %'5SDUDFDGDDomR RUGLQiULDRXDomR
SUHIHUHQFLDO GH HPLVVmR GR 6DQWDQGHU %UDVLO UHIOHWH XP SUHoR VXSHULRU DR YDORU
HFRQ{PLFR DSXUDGR FRP EDVH QR /DXGR GH $YDOLDomR DWHQGHQGR DR GLVSRVWR QR LWHP
GR5HJXODPHQWRGH/LVWDJHPGR1tYHO
2 $YDOLDGRU GHFODURX QR /DXGR GH $YDOLDomR TXH QmR UHDOL]RX D DYDOLDomR GR
YDORUHFRQ{PLFRSRUIOX[RGHFDL[DRXIOX[RGHGLYLGHQGRVSRUTXHLDDERUGDJHPGR
IOX[R GH FDL[D GHVFRQWDGR )&' HRX GR IOX[R GH GLYLGHQGRV OHYD HP FRQVLGHUDomR
HVSHFLILFLGDGHV RSHUDFLRQDLV H ILQDQFHLUDV GDV FRPSDQKLDV H VXDV SHUVSHFWLYDV GH
FUHVFLPHQWR IXWXUR SRUpP SRGHULD HVWDU VXMHLWD D VLJQLILFDWLYDV LQFHUWH]DV H
LPSUHFLV}HVHPIXQomRGRQ~PHURGHYDULiYHLVHQYROYLGDVHGLILFXOGDGHGHVHSUHYrODV
FRP XP JUDX GH SUHFLVmR DFHLWiYHO LL HVVD PHWRGRORJLD )&' LPSOLFD GHSHQGrQFLD
GH XPD JUDQGH TXDQWLGDGH GH SUHPLVVDV RSHUDFLRQDLV H PDFURHFRQ{PLFDV
HVSHFLDOPHQWH FRQVLGHUDQGR TXH D DYDOLDomR HQYROYH XP JUXSR PXOWLQDFLRQDO FRP
YiULDV DWLYLGDGHV GLVWLQWDV HP P~OWLSORV SDtVHV VHQGR GH GLItFLO SUHYLVLELOLGDGH HP
KRUL]RQWH ORQJR LLL HVSHFLILFDPHQWH SRU VH WUDWDU GH LQVWLWXLomR ILQDQFHLUD
PXOWLQDFLRQDO HVVD DERUGDJHP WDPEpP HQYROYHULD XP JUDX GH FRPSOH[LGDGH TXH
SRGHULDWUD]HUPDLRULPSUHFLVmRDRVUHVXOWDGRVGDGDDYRODWLOLGDGHGHSUHPLVVDVFRPR
MXURV VSUHDGV LQDGLPSOrQFLD GHQWUH RXWUDV HP P~OWLSORV SDtVHV DOpP GH H[LJLU
HVWLPDWLYDV VREUH TXHVW}HV UHJXODWyULDV HP GHVHQYROYLPHQWR HP GLYHUVDV MXULVGLo}HV
WDOFRPRDUHJXODPHQWDomRGHFDSLWDOPtQLPRTXHDPSOLDULDPRQtYHOGHLQFHUWH]DGD
DQiOLVH H LY OLGDU FRP WDO FRPSOH[LGDGH H LQHUHQWH LPSUHFLVmR IRL FRQVLGHUDGR
GHVQHFHVViULR H QmR UHFRPHQGiYHO QHVWH FDVR VREUHWXGR GDGD D H[LVWrQFLD GH
HPSUHVDV DOWDPHQWH OtTXLGDV H FRPSDUiYHLV SDUD DPEDV DV FRPSDQKLDV FRQIRUPH
H[SOLFDGRQR/DXGRGH$YDOLDomR
(P GHMXOKR GH R6DQWDQGHU%UDVLO LQIRUPRX TXHFHOHEURX HP GH
MXOKR GH XP &RQWUDWR GH ,QYHVWLPHQWR FRP R %DQFR %RQVXFHVVR 6$ ³%DQFR
%RQVXFHVVR´ SRU PHLR GR TXDO FRQFRUGDUDP HP IRUPDU XPD DVVRFLDomR QR VHWRU GH
FUpGLWR FRQVLJQDGR H FDUWmR GH FUpGLWR FRQVLJQDGR ³-9´ 2 %DQFR %RQVXFHVVR
WUDQVIHULUi SDUD D -9 VHX QHJyFLR GH FUpGLWR FRQVLJQDGR H GH FDUWmR GH FUpGLWR
FRQVLJQDGRH R6DQWDQGHU%UDVLOLQYHVWLUi5PLOK}HVQD-9HSDVVDUiDWHUXPD
SDUWLFLSDomR QR FDSLWDO VRFLDO GD -9 GH WRUQDQGRVH R DFLRQLVWD FRQWURODGRU 2
%DQFR %RQVXFHVVR SHUPDQHFHUi FRP D SDUFHOD UHPDQHVFHQWH GR FDSLWDO VRFLDO GD -9
$ -9 VHUi R YHtFXOR H[FOXVLYR GR %DQFR %RQVXFHVVR H GH VHXV FRQWURODGRUHV
-85B63Y
9HUVmR3XEOLFDGD
SDUD D RIHUWD QR WHUULWyULR EUDVLOHLUR GH FUpGLWRV FRQVLJQDGRV 2 6DQWDQGHU %UDVLO
FRQWLQXDUi D RULJLQDU RSHUDo}HV GH FUpGLWR FRQVLJQDGR SRU PHLR GH VHXV FDQDLV
SUySULRV GH PDQHLUD LQGHSHQGHQWH 3RU RXWUR ODGR D -9 VHUi R YHtFXOR GR 6DQWDQGHU
%UDVLO SDUD RULJLQDU RSHUDo}HV GH FUpGLWR FRQVLJQDGR IRUD GH VHXV FDQDLV SUySULRV 'H
DFRUGR FRP RV WHUPRV GR DUW ž † GD ,QVWUXomR &90 R 6DQWDQGHU (VSDQKD
LQIRUPRX DR $YDOLDGRU TXH R YDORU GR 6DQWDQGHU %UDVLO QmR VRIUHX DOWHUDomR
VLJQLILFDWLYDDSyVWDOWUDQVDomRHQHVVHVHQWLGRQmRIRLQHFHVViULDXPDDWXDOL]DomRGR
/DXGRGH$YDOLDomR
'HFODUDo}HV GR $YDOLDGRU 2 $YDOLDGRU UHVSRQViYHO SHOD HODERUDomR GR /DXGR
GH$YDOLDomRGDWDGRGHGHMXQKRGHGHFODURXQR/DXGRGH$YDOLDomRTXHD
QD GDWD GH HPLVVmR GR /DXGR GH $YDOLDomR QHP R $YDOLDGRU QHP VXD HQWLGDGH
FRQWURODGRUD 5RWKVFKLOG /DWLQ $PHULFD 19 EHP FRPR QHQKXP GRV PHPEURV GR WLPH
HQYROYLGR QD SUHSDUDomR GHVWH /DXGR GH $YDOLDomR SRVVXtD Do}HV GH HPLVVmR GD
&RPSDQKLDRXGR6DQWDQGHU(VSDQKDRXGHULYDWLYRVUHIHUHQFLDGRVQHVVHVDWLYRVVHMD
HP VXD FRQWD SULYDGD RX VRE DGPLQLVWUDomR GLVFULFLRQiULD E TXH QmR SRVVXL
LQIRUPDo}HV FRPHUFLDLV H FUHGLWtFLDV GH TXDOTXHU QDWXUH]D TXH SRVVDP LPSDFWDU R
/DXGR GH $YDOLDomR F TXH QmR SRVVXL FRQIOLWR GH LQWHUHVVHV TXH OKH GLPLQXD D
LQGHSHQGrQFLD QHFHVViULD DR GHVHPSHQKR GH VXDV IXQo}HV G TXH SHORV VHUYLoRV
UHIHUHQWHVDR/DXGR GH$YDOLDomRR$YDOLDGRU UHFHEHUiDUHPXQHUDomRIL[DOtTXLGD GH
86 RLWRFHQWRV PLO GyODUHV GRV (VWDGRV 8QLGRV H QmR UHFHEHUi
UHPXQHUDomR YDULiYHO H H TXH QRV GR]H PHVHV DQWHULRUHV j SUHVHQWH GDWD R
$YDOLDGRU QmR UHFHEHX UHPXQHUDo}HV GD &RPSDQKLD QHP GR6DQWDQGHU (VSDQKD QmR
LQFOXVD D UHPXQHUDomR TXH VHUi GHYLGD DSyV D HQWUHJD GR /DXGR GH $YDOLDomR H R
5RWKVFKLOG6$DWtWXORGHUHPXQHUDomRSRUVHUYLoRVGHDVVHVVRULDILQDQFHLUDUHFHEHX
D TXDQWLD HTXLYDOHQWH D 86 GR 6DQWDQGHU (VSDQKD H QHQKXPD
UHPXQHUDomRGD&RPSDQKLDHVWHYDORUQmRLQFOXLRVKRQRUiULRVDUHFHEHUUHODWLYRVDR
/DXGRGH$YDOLDomRPHQFLRQDGRDFLPD$GLFLRQDOPHQWHFRPRpSUD[HGHPHUFDGRR
6DQWDQGHU%UDVLOFRQFRUGRX HP LQGHQL]DUR$YDOLDGRUHVHXVDVVRFLDGRVSRUHYHQWXDLV
UHLYLQGLFDo}HVRXSUHMXt]RVGHFRUUHQWHVGRVVHUYLoRVSUHVWDGRVQDHODERUDomRGR/DXGR
GH$YDOLDomRTXHQmRVHMDPGHFRUUHQWHVGHFXOSDRXGRORSRUSDUWHGR$YDOLDGRURXGH
VHXVDVVRFLDGRV
2SLQLmR GRV &RQVXOWRUHV )LQDQFHLURV 6DQWDQGHU %UDVLO 2 &RQVHOKR GH
$GPLQLVWUDomR GR 6DQWDQGHU %UDVLO UHFHEHUi RSLQL}HV IDLUQHVV RSLQLRQV GH VHXV
FRQVXOWRUHV ILQDQFHLURV DQWHV GH HPLWLU VXD RSLQLmR DUHVSHLWR GD 2IHUWD $tQWHJUD GH
WDLVRSLQL}HVHVWDUiGLVSRQtYHOQRVHQGHUHoRVLQGLFDGRVQRLWHPDEDL[R
)DWRUHVGH5LVFRGD2IHUWD
$GLFLRQDOPHQWHDRVIDWRUHVGHULVFRFRQWLGRVQDVHomRGR)RUPXOiULRGH5HIHUrQFLD
GR 6DQWDQGHU (VSDQKD GLVSRQtYHO QRV HQGHUHoRV PHQFLRQDGRV QR LWHP RV
VHJXLQWHV IDWRUHV GH ULVFR GHYHUmR VHU DQDOLVDGRV FRP FXLGDGR DQWHV GD GHFLVmR GH
DFHLWDUD2IHUWD
• $ FRQFOXVmR GD 2IHUWD HVWi VXMHLWD D GLYHUVDV FRQGLo}HV FRQIRUPH SUHYLVWR QR
LWHP DFLPD DV TXDLV SRGHP VHU UHQXQFLDGDV H[FHWR D GR LWHP H DV
GR LWHP SHOR 6DQWDQGHU (VSDQKD &DVR WDLV FRQGLo}HV QmR VHMDP
VDWLVIHLWDVRXUHQXQFLDGDVD2IHUWDQmRVHUiFRQFOXtGD
-85B63Y
9HUVmR3XEOLFDGD
•
•
•
•
2V $FLRQLVWDV TXH SDUWLFLSDUHP GD 2IHUWD UHFHEHUmR HP SHUPXWD
SULPHLUDPHQWH 5HFLERV GH 6XEVFULomR H HP VHJXLGD %'5V REVHUYDGD D
5HODomRGH3HUPXWD6XMHLWRDRHVWDEHOHFLGRQRLWHPDFLPDHVWD5HODomRGH
3HUPXWD p IL[D H QmR VHUi DMXVWDGD SDUD UHIOHWLU TXDLVTXHU PXGDQoDV QR SUHoR
GH PHUFDGR GH TXDOTXHU GRV YDORUHV PRELOLiULRV GH TXDOTXHU GDV FRPSDQKLDV
HQYROYLGDVTXH HVWiVXMHLWRjYDULDomR JHUDO GHSUHoRV QRPHUFDGR GHYDORUHV
PRELOLiULRVSXEOLFDPHQWHQHJRFLDGRVHH[SHULPHQWDUDPVLJQLILFDWLYDYRODWLOLGDGH
QR SDVVDGR &RPR UHVXOWDGR XP Q~PHUR IL[R GH 5HFLERV GH 6XEVFULomR H
SRVWHULRUPHQWH %'5V VHUi HQWUHJXH QD 2IHUWD GH PRGR TXH DOWHUDo}HV QR
SUHoR GH PHUFDGR GHVVHV YDORUHV PRELOLiULRV H GDV Do}HV RUGLQiULDV GR
6DQWDQGHU(VSDQKDTXHVHUYHPGHODVWURDIHWDUmRRYDORUDVHUUHFHELGR
$Wp D GDWD GH SXEOLFDomR GHVWH (GLWDO R &RQVHOKR GH $GPLQLVWUDomR GR
6DQWDQGHU %UDVLO DLQGD QmR IH] QHQKXPD UHFRPHQGDomR D UHVSHLWR GD 2IHUWD
1RVWHUPRVGRLWHPGR5HJXODPHQWRGH/LVWDJHPGR1tYHOR&RQVHOKRGH
$GPLQLVWUDomR GR 6DQWDQGHU %UDVLO GHYHUi HODERUDU H WRUQDU S~EOLFR QR SUD]R
GH GLDVDSyVD SXEOLFDomR GR SUHVHQWH(GLWDO SDUHFHUSUpYLR IXQGDPHQWDGR
VREUH D 2IHUWD QR TXDO GHYHUi VH PDQLIHVWDU L VREUH D FRQYHQLrQFLD H
RSRUWXQLGDGHGD2IHUWDLLVREUHDVUHSHUFXVV}HVGD2IHUWDVREUHRVLQWHUHVVHV
GR 6DQWDQGHU %UDVLO LLL TXDQWR DRV SODQRV HVWUDWpJLFRV GLYXOJDGRV SHOR
6DQWDQGHU(VSDQKDHLYRXWURVSRQWRVTXHFRQVLGHUDUUHOHYDQWHV1RDOXGLGR
SDUHFHUR&RQVHOKRGH$GPLQLVWUDomRGHYHUiPDQLIHVWDURSLQLmRIXQGDPHQWDGD
IDYRUiYHO RX FRQWUiULD j DFHLWDomR GD2IHUWD DOHUWDQGR TXH p UHVSRQVDELOLGDGH
GH FDGD $FLRQLVWD D GHFLVmR ILQDO DFHUFD GD DFHLWDomR RX QmR GD 2IHUWD 2
6DQWDQGHU (VSDQKD p R DFLRQLVWD FRQWURODGRU GD &RPSDQKLD VHQGR TXH D
PDLRULD GR &RQVHOKR GH $GPLQLVWUDomR GD &RPSDQKLD IRL LQGLFDGD H HOHLWD SRU
PHLR GR YRWR IDYRUiYHO GR 6DQWDQGHU (VSDQKD 3RU VXD YH] D 'LUHWRULD GR
6DQWDQGHU %UDVLO p HOHLWD SHOD PDLRULD GH VHXV PHPEURV GR &RQVHOKR GH
$GPLQLVWUDomR $ PDQLIHVWDomR GR &RQVHOKR GH $GPLQLVWUDomR GR 6DQWDQGHU
%UDVLO H RV DWRV SUDWLFDGRV SHOD 'LUHWRULD HP UHODomR j 2IHUWD SRGHUmR VHU
LQIOXHQFLDGRVSHORSRGHUGHFRQWUROHH[HUFLGRSHOR6DQWDQGHU(VSDQKD
2/DXGRGH$YDOLDomRGDWDGRGHGHMXQKRGHQmRVHUiDWXDOL]DGRSDUD
UHIOHWLUTXDLVTXHUGHVHQYROYLPHQWRVRXDOWHUDo}HVRFRUULGRVDSyVDGDWDGHVXD
HPLVVmR GH PRGR TXH DOWHUDo}HV TXH RFRUUHUHP DSyV WDO GDWD QRV QHJyFLRV
FRQGLomRILQDQFHLUDUHVXOWDGRGDVRSHUDo}HVHSHUVSHFWLYDVGR6DQWDQGHU%UDVLO
RX GR 6DQWDQGHU (VSDQKD FRQGLo}HV JHUDLV HFRQ{PLFDV H GH PHUFDGR EHP
FRPR RXWURV IDWRUHV TXH HVWmR DOpP GR FRQWUROH GR 6DQWDQGHU %UDVLO H GR
6DQWDQGHU (VSDQKD SRGHP DOWHUDU R YDORU RX SUHoR GDV 8QLWV HRX $o}HV GH
HPLVVmRGR6DQWDQGHU%UDVLOGDVDo}HVRUGLQiULDVGR6DQWDQGHU(VSDQKDHGRV
%'5VjpSRFDHPTXHD2IHUWDIRUFRQFOXtGD
2 6DQWDQGHU (VSDQKD HQTXDQWR FRQWURODGRU GR 6DQWDQGHU %UDVLO SRGHUi
SRVVXLUPDLVLQIRUPDo}HVVREUHR6DQWDQGHU%UDVLOTXHRS~EOLFRLQYHVWLGRUHP
JHUDOLQFOXVLYHSRGHWHUDFHVVRDLQIRUPDo}HVTXHQmRVmRGRFRQKHFLPHQWRGR
S~EOLFR LQYHVWLGRU R TXH SRGH JHUDU DVVLPHWULD GH FRQGLo}HV QD WRPDGD GH
GHFLVmR GH SHUPXWD GDV 8QLWV HRX $o}HV SRU 5HFLERV GH 6XEVFULomR H
SRVWHULRUPHQWHRV%'5V
-85B63Y
9HUVmR3XEOLFDGD
•
•
&RQIRUPH LQIRUPDGR QRLWHP GHVWH (GLWDO SDUDDSXUDURYDORUHFRQ{PLFR GD
&RPSDQKLD R $YDOLDGRU XWLOL]RX D PHWRGRORJLD GH P~OWLSORV FRPSDUiYHLV GH
PHUFDGR FRP XWLOL]DomR GR P~OWLSOR GH ³FDSLWDOL]DomR GH PHUFDGR´ VREUH R
³OXFUR OtTXLGR´ UD]mR 3/ FDOFXODQGRVH R OXFUR OtTXLGR FRP EDVH QDPHGLDQD
GDV HVWLPDWLYDV UHSRUWDGDV SRU DQDOLVWDV SDUD R OXFUR OtTXLGR DMXVWDGR SDUD RV
H[HUFtFLRVGHH3HODVUD]}HVDSUHVHQWDGDVQRLWHPGHVWH
(GLWDOR$YDOLDGRUQmRXWLOL]RXDPHWRGRORJLDGHIOX[RGHFDL[DGHVFRQWDGRTXH
SRGHULD WHU FRQVLGHUDGR XP KRUL]RQWH PDLRU GH SURMHo}HV 1HVVH VHQWLGR Ki R
ULVFR GH TXH D 5HODomR GH 3HUPXWD QmR UHIOLWD R YDORU GD &RPSDQKLD QXPD
SHUVSHFWLYDGHORQJRSUD]R
2V UHVXOWDGRV ILQDQFHLURV GR 6DQWDQGHU (VSDQKD HVWDUmR PDLV H[SRVWRV D
IOXWXDo}HV FDPELDLV UHODFLRQDGRV DR PDLRU YROXPH GH QHJyFLRV GHWLGRV SHOR
6DQWDQGHU (VSDQKD HP PRHGD HVWUDQJHLUD H R FRQVHTXHQWH DXPHQWR QD
SURSRUomR GH DWLYRV SDVVLYRV H UHFHLWDV GHQRPLQDGDV HP RXWUDV PRHGDV TXH
QmR R UHDO EUDVLOHLUR 2 6DQWDQGHU (VSDQKD GHWpP XPD SURSRUomR GH DWLYRV H
UHFHLWDV HP RXWUDV PRHGDV TXH QmR R UHDO EUDVLOHLUR SULQFLSDOPHQWH HXUR H
GyODU DPHULFDQR $ GHSUHFLDomR GH PRHGDV GLIHUHQWHV GR UHDO EUDVLOHLUR SRGH
FDXVDU XP HIHLWR DGYHUVR UHOHYDQWH QRV UHVXOWDGRV DSURYHLWDGRV SRU DFLRQLVWDV
TXHDFHLWHPD2IHUWD
•
$QmRLPSOHPHQWDomREHPVXFHGLGDGDHVWUDWpJLDGHFUHVFLPHQWRGR6DQWDQGHU
(VSDQKDSRGHDIHWDURYDORUGHPHUFDGRGRV%'5V
•
)XWXUDV PXGDQoDV QRV FRQWUROHV GH LQYHVWLPHQWR HVWUDQJHLURV H QDV UHWHQo}HV
GH WULEXWRV QD IRQWH HVSDQKyLV SRGHP DIHWDU QHJDWLYDPHQWH RV UHVLGHQWHV QmR
HVSDQKyLVTXHLQYHVWHPQDVDo}HVGHHPLVVmRGR6DQWDQGHU(VSDQKD
•
3RGHUi KDYHU GLOXLomR GR YDORU HFRQ{PLFR GR LQYHVWLPHQWR GRV LQYHVWLGRUHV
&DVRKDMDQHFHVVLGDGHGHREWHQomRGHFDSLWDOSDUDDVDWLYLGDGHVGR6DQWDQGHU
(VSDQKDSRUPHLRGHHPLVVmRGHQRYDVDo}HVHVVDVIXWXUDVHPLVV}HVSRGHUmR
VHUIHLWDVSRUYDORULQIHULRUDRYDORUFRQWiELOGDVDo}HVGHHPLVVmRGR6DQWDQGHU
(VSDQKD QD GDWD HP TXHVWmR 1HVVD KLSyWHVH RV GHWHQWRUHV j pSRFD GH %'5V
SRGHUmR VRIUHU LPHGLDWD H VXEVWDQFLDO GLOXLomR GH VHXV LQYHVWLPHQWRV VH QmR
H[HUFHUHPVHXGLUHLWRGHSUHIHUrQFLDRXVHDHPLVVmRIRUUHDOL]DGDVHPGLUHLWR
GHSUHIHUrQFLDQDVKLSyWHVHVGHVFULWDVDEDL[R
•
2V WLWXODUHV GH %'5V SRGHUmR HQFRQWUDU GLILFXOGDGHV SDUD H[HUFHUHP RV VHXV
GLUHLWRV LQFOXVLYHR GLUHLWR GHYRWRQDPHGLGD HP TXHWDLV GLUHLWRVGHYHP VHU
H[HUFLGRV SRU PHLR GD ,QVWLWXLomR 'HSRVLWiULD 2 IDWR GH RV GLUHLWRV VRPHQWH
SRGHUHPVHUH[HUFLGRVSRUPHLRGD,QVWLWXLomR'HSRVLWiULDSRUVLVyGLILFXOWDVHX
H[HUFtFLR2VDVSHFWRVUHODFLRQDGRVDRH[HUFtFLRGHVHXVGLUHLWRVFRPRWLWXODUHV
GH %'5V HQFRQWUDPVH UHJXODGRV SHOR FRQWUDWR GH GHSyVLWR FHOHEUDGR HQWUH D
,QVWLWXLomR'HSRVLWiULDHD&RPSDQKLD
•
$SyVDOLTXLGDomRGD2IHUWDHHQWUHJDGRV%'5VHGRVUHFXUVRVOtTXLGRVREWLGRV
QD YHQGD GH )UDo}HV DRV $FLRQLVWDV DFHLWDQWHV D ,QVWLWXLomR 'HSRVLWiULD QmR
VHUi UHVSRQVDELOL]DGD FDVR FRQVLGHUH LOtFLWR RX LQYLiYHO HVWHQGHU XPD
GLVWULEXLomR D TXDOTXHU GHWHQWRU GH %'5 FRPR SRU H[HPSOR QR FDVR GH
LPSRVLomRGHUHVWULo}HVGHIOX[RGHFDSLWDLVQR%UDVLORX(VSDQKDRXQRFDVRGH
-85B63Y
9HUVmR3XEOLFDGD
DXVrQFLDGRVUHJLVWURVQHFHVViULRVDRWLWXODUGR%'5SDUDHVWDUDSWRDUHFHEHU
WDLV GLVWULEXLo}HV 2 6DQWDQGHU (VSDQKD QmR WHP QHQKXPD REULJDomR GH
UHJLVWUDU %'5V Do}HV GLUHLWRV RX RXWURV YDORUHV PRELOLiULRV QRV WHUPRV GD
OHJLVODomR EUDVLOHLUD QR FDVR GH GLVWULEXLo}HV TXH QmR VHMDP UHDOL]DGDV HP
GLQKHLUR ,VVR VLJQLILFD TXH R LQYHVWLGRU SRGH QmR UHFHEHU GLVWULEXLo}HV
HIHWXDGDV SHOR 6DQWDQGHU (VSDQKD VREUH VHXV %'5V RX QmR UHFHEHU QHQKXP
YDORU SHORV %'5V QR FDVR GH TXH VHMD LOtFLWR RX LQYLiYHO SDUD R 6DQWDQGHU
(VSDQKDHVWHQGHUWDOSDJDPHQWRDRLQYHVWLGRU
•
•
•
2FRQWUDWRGHGHSyVLWRSUHYrOLPLWDo}HVGHREULJDo}HVDR6DQWDQGHU(VSDQKDH
j,QVWLWXLomR'HSRVLWiULDLQFOXLQGRDLVHQomR GHUHVSRQVDELOLGDGH SHODIDOKDQD
H[HFXomRGHTXDOTXHULQVWUXomRGHYRWRGHTXDOTXHUGDVDo}HVGHSRVLWDGDVQD
LQVWLWXLomR FXVWRGLDQWH GR SURJUDPD GH %'5V RX SHOD IRUPD FRPR R YRWR IRL
UHJLVWUDGR VHPSUH TXHD UHIHULGD DomR RX RPLVVmR VHMD GH ERDIp 2 FRQWUDWR
GH GHSyVLWR DWULEXL UHVSRQVDELOLGDGHV DRV WLWXODUHV GH %'5V 3DUD PDLRUHV
LQIRUPDo}HV DFHUFD GRV WHUPRV GR FRQWUDWR GH GHSyVLWR YHMD D VHomR ³
9DORUHV 0RELOLiULRV´ GR )RUPXOiULR GH 5HIHUrQFLD GR 6DQWDQGHU (VSDQKD
GLVSRQtYHOQRVHQGHUHoRVPHQFLRQDGRVQRLWHP
$ RSHUDFLRQDOL]DomR GD SRVVLELOLGDGH GH HVFROKD GD IRUPD GH UHPXQHUDomR
GHQWUH DV WUrV DOWHUQDWLYDV SRVVtYHLV FRQIRUPH GHVFULWR QR LWHP GH
DFRUGR FRP R 3URJUDPD 6DQWDQGHU 'LYLGHQGR (OHFFLyQ SHORV WLWXODUHV GH %'5V
GHSHQGH GR GHVHQYROYLPHQWR GH XP VLVWHPD GH LQIRUPDomR FRPSXWDGRUL]DGR
SHOD %0)%29(63$ H QmR Ki JDUDQWLD GH TXH WDO GHVHQYROYLPHQWR LUi RFRUUHU
GH IRUPD D SHUPLWLU DRV WLWXODUHV GH %'5V HVFROKHU D IRUPD GH UHPXQHUDomR
TXDQGRGDVGHFODUDo}HVGHGLYLGHQGRVRXRXWURVSURYHQWRVRXUHPXQHUDo}HVQR
kPELWR GR 3URJUDPD 6DQWDQGHU 'LYLGHQGR (OHFFLyQ 1HVWD KLSyWHVH RV
GHWHQWRUHV GH %'5V SRGHP QmR WHU D SRVVLELOLGDGH GH HVFROKHU HQWUH DV WUrV
DOWHUQDWLYDVSRVVtYHLV QR3URJUDPD6DQWDQGHU 'LYLGHQGR (OHFFLyQPDVUHFHEHU
DSHQDVHPIRUPDDVHUGHWHUPLQDGDSHOR2IHUWDQWHGHQWUHDVWUrVDOWHUQDWLYDV
SRVVtYHLV
2V WLWXODUHV GRV %'5V SRGHP HQIUHQWDU GLILFXOGDGHV SDUD H[HUFHU VHXV GLUHLWRV
GH SUHIHUrQFLD 6RE D OHL HVSDQKROD RV DFLRQLVWDV GH XPD VRFLHGDGH DQ{QLPD
WrP SUHIHUrQFLD QD VXEVFULomR GH QRYDV Do}HV FDGD YH] TXH KRXYHU XP
DXPHQWR GH FDSLWDO TXH GHYD VHU LQWHJUDOL]DGR HP HVSpFLH DVVLP FRPR FDGD
YH]TXHKRXYHUHPLVVmRGHGHErQWXUHVFRQYHUVtYHLVREOLJDFLRQHVFRQYHUWLEOHV
HP Do}HV GH HPLVVmR GR 6DQWDQGHU (VSDQKD GH IRUPD SURSRUFLRQDO j
TXDQWLGDGHGHDo}HVTXHFDGDDFLRQLVWDMiGHWHQKD2VDFLRQLVWDVGR6DQWDQGHU
(VSDQKD SRGHP YRWDU SHOD H[FOXVmR GD SUHIHUrQFLD QD VXEVFULomR GH Do}HV $
IDFXOGDGHGHH[FOXVmRGRGLUHLWRGHSUHIHUrQFLDSRGHVHUGHOHJDGDDR&RQVHOKR
GH $GPLQLVWUDomR WDO FRPR RFRUUHX QD ~OWLPD $VVHPEOHLD *HUDO GR 6DQWDQGHU
(VSDQKDTXHGHOHJRXDR&RQVHOKRGH$GPLQLVWUDomRDPHQFLRQDGDIDFXOGDGH
GHVGH TXHR SUHoR GH HPLVVmR GHDo}HV FRUUHVSRQGDDRYDORUUHDO LQGLFDGR QR
UHODWyULR SUHSDUDGR SRU DXGLWRUHV TXH QmR VHMDP DXGLWRUHV GD VRFLHGDGH
GHVLJQDGRV SDUD ILQV GR DXPHQWR GH FDSLWDO 1mR Ki SUHIHUrQFLD QD VXEVFULomR
GH Do}HV TXDQGR R DXPHQWR GH FDSLWDO RFRUUH FRPR UHVXOWDGR GH L
LQFRUSRUDomRIXVLyQGHRXWUD VRFLHGDGHLLFLVmR TXHUHVXOWHQD LQFRUSRUDomR
GDWRWDOLGDGHRXSDUWHGHRXWUDVRFLHGDGHRXLLLFRQYHUVmRGHREULJDo}HVHP
Do}HV
-85B63Y
9HUVmR3XEOLFDGD
•
•
•
•
2V GLUHLWRV GRV WLWXODUHV GDV 8QLWV HRX $o}HV VmR UHJLGRV SHOD OHJLVODomR
EUDVLOHLUD SHOR (VWDWXWR 6RFLDO GR 6DQWDQGHU %UDVLO H SHODV UHJUDV GD
%0)%29(63$ 2V GLUHLWRV GRV WLWXODUHV GDV Do}HV RUGLQiULDV GR 6DQWDQGHU
(VSDQKD VmR UHJLGRV SHOD UHJXODPHQWDomR VRFLHWiULD HVSDQKROD SHOR HVWDWXWR
VRFLDOGR6DQWDQGHU(VSDQKDHSHODVOHLVHVSDQKRODVTXHVmRVXEVWDQFLDOPHQWH
GLIHUHQWHVGRVGLUHLWRVDWXDOPHQWHGHWLGRVSHORVWLWXODUHVGDV8QLWVHRX$o}HV
1R FDVR GH SHUPXWD GDV 8QLWV HRX $o}HV QD 2IHUWD VHUmR HQWUHJXHV DRV
WLWXODUHV GH 8QLWV HRX $o}HV GH HPLVVmR GR 6DQWDQGHU %UDVLO %'5V
UHSUHVHQWDQWHV GH Do}HV RUGLQiULDV GR 6DQWDQGHU (VSDQKD 2V GLUHLWRV GRV
WLWXODUHV GH %'5V VmR UHJLGRV SHOR FRQWUDWR GH GHSyVLWR FHOHEUDGR HQWUH R
6DQWDQGHU (VSDQKD H D ,QVWLWXLomR 'HSRVLWiULD 3DUD PDLRUHV LQIRUPDo}HV
DFHUFD GRV WHUPRV GR FRQWUDWR GH GHSyVLWR YHMD D VHomR ³ 9DORUHV
0RELOLiULRV´GR)RUPXOiULRGH5HIHUrQFLDGR6DQWDQGHU(VSDQKDGLVSRQtYHOQRV
HQGHUHoRVPHQFLRQDGRVQRLWHP
'DGR TXH R 2IHUWDQWH p XPD FRPSDQKLD HVWUDQJHLUD p HVSHFLDOPHQWH
UHFRPHQGDQGR DRV $FLRQLVWDV TXH OHLDP R )RUPXOiULR GH 5HIHUrQFLD GR
6DQWDQGHU (VSDQKD HVSHFLDOPHQWH DV VHo}HV ³)DWRUHV GH 5LVFR´ HP
HVSHFLDO RV IDWRUHV GH ULVFR ³2 FRQWUDWR GH GHSyVLWR SUHYr OLPLWDo}HV GH
REULJDo}HV j &RPSDQKLD H j LQVWLWXLomR GHSRVLWiULD H DWULEXL UHVSRQVDELOLGDGHV
DRV WLWXODUHV GH %'5V´ H ³$ OHJLVODomR VRFLHWiULD HVSDQKROD p GLIHUHQWH GD
OHJLVODomR VRFLHWiULD EUDVLOHLUD $V UHJUDV DSOLFiYHLV DR (VWDWXWR 6RFLDO GD
&RPSDQKLD GLIHUHP GDTXHODVVREOHL EUDVLOHLUDH RVLQYHVWLGRUHV HP%'5VQmR
WHUmR DV PHVPDV SURWHo}HV HVWHQGLGDV D DFLRQLVWDV PLQRULWiULRV GH HPSUHVDV
EUDVLOHLUDV´ ³5HJUDV GR 3DtV GH 2ULJHP H GR 3DtV HP TXH RV 9DORUHV
0RELOLiULRV HVWmR &XVWRGLDGRV´ ³5LVFRV GH 0HUFDGR´ H ³9DORUHV
0RELOLiULRV´ H ³'LUHLWRV GDV $o}HV´ DQWHV GH DFHLWDU D 2IHUWD SDUD XPD
PHOKRU FRPSUHHQVmR GRV GLUHLWRV GRV GHWHQWRUHV GH %'5V H RV ULVFRV
UHODFLRQDGRVDR6DQWDQGHU(VSDQKD
26DQWDQGHU(VSDQKDWHPGLUHLWRGHPRGLILFDURFRQWUDWRGHGHSyVLWRHPXGDU
RV GLUHLWRV GRV WLWXODUHV GRV %'5V GH DFRUGR FRP RV WHUPRV GR UHIHULGR
FRQWUDWR VHP R SUpYLR FRQVHQWLPHQWR GRV WLWXODUHV GH %'5V XPD YH] TXH RV
WLWXODUHVGRV%'5VQmRVmRSDUWHGHVVHFRQWUDWRHTXHDRDGTXLULUHPRV%'5V
FRQVHQWHP FRP D DGHVmR DRV VHXV WHUPRV 2 6DQWDQGHU (VSDQKD FRPXQLFDUi
DRV WLWXODUHV GH %'5V D UHVSHLWR GH TXDOTXHU DOWHUDomR UHOHYDQWH ([LVWH XP
ULVFR GH PXGDQoDV GHVVDV FRQGLo}HV VHP TXH VHMD GHYLGD TXDOTXHU
FRPSHQVDomRRXLQGHQL]DomRDRVWLWXODUHVGRV%'5V
$ 2IHUWD SRGHUi QmR VHU OLTXLGDGD QR SUD]R H FRQGLo}HV DTXL GHVFULWDV SRU
PRWLYRV DOKHLRV H IRUD GR FRQWUROH GD &RPSDQKLD H GR 6DQWDQGHU (VSDQKD
LQFOXLQGR PDV QmR VH OLPLWDQGR D FRPSOH[LGDGH GH RSHUDFLRQDOL]DomR GD
OLTXLGDomRGD2IHUWDFRPDHQWUHJDHPXPSULPHLURPRPHQWRGH5HFLERVGH
6XEVFULomRHSRVWHULRUPHQWHRFUpGLWRGH%'5VFUpGLWRGDV)UDo}HVHHQWUHJD
GRV UHFXUVRV REWLGRV FRP D YHQGD GDV Do}HV VXEMDFHQWHV D WDLV )UDo}HV D
QHFHVVLGDGHGHDSURYDomRSRUyUJmRVUHJXODGRUHVHVSDQKyLVGHWRGRRSURFHVVR
GHDXPHQWRGHFDSLWDOGR2IHUWDQWHHDFRPSOH[LGDGHMXUtGLFDSDUDDHPLVVmR
GDVQRYDVDo}HVGR6DQWDQGHU(VSDQKDTXHODVWUHDUmRRV%'5V
-85B63Y
9HUVmR3XEOLFDGD
•
•
•
•
•
•
1DKLSyWHVHGHRV$FLRQLVWDVDGHULUHPj2IHUWDHPJUDQGHQ~PHURPDVQmRHP
Q~PHUR VXILFLHQWH SDUD D H[LJrQFLD GH FXPSULPHQWR GD 2EULJDomR $GLFLRQDO D
OLTXLGH] H R YDORU GH PHUFDGR GDV 8QLWV HRX $o}HV QmR DGTXLULGDV SHOR
6DQWDQGHU (VSDQKD SRGHUmR VHU DIHWDGRV $GLFLRQDOPHQWH DSyV D 2IHUWD R
6DQWDQGHU%UDVLOQmRPDLVIDUiSDUWHGR1tYHOHSRULVVRR6DQWDQGHU%UDVLO
GHL[DUi GH HVWDU REULJDGR D FXPSULU DV DOXGLGDV SUiWLFDV GH JRYHUQDQoD H
SRGHUi QR IXWXUR GHVFRQWLQXiODV $OpP GLVVR D PLJUDomR GH QHJRFLDomR GDV
8QLWVH$o}HVGR1tYHOSDUDR6HJPHQWR%29(63$GD%0)%29(63$WDPEpP
SRGHUiDIHWDUDOLTXLGH]GDV8QLWVH$o}HV
$SHUPXWDSRGHUiHVWDUVXMHLWDDR,55)jDOtTXRWDGHLQFLGHQWHVREUHR
YDORUGDRSHUDomRGHDOLHQDomRGDV8QLWVHRX$o}HVHPEROVDGHYDORUHVHTXH
SRGH VHU GHGX]LGR GH HYHQWXDO LPSRVWR VREUH D UHQGD GHYLGR SHOR WLWXODU
FRQIRUPH LWHP GHVWH (GLWDO $VVLP D UHVSHFWLYD VRFLHGDGH FRUUHWRUD
SRGHUi H[LJLU D UHWHQomR GHVVH LPSRVWR FDEHQGR D FDGD $FLRQLVWD +DELOLWDGR
ID]HUHVVDYHULILFDomRMXQWRjVXDVRFLHGDGHFRUUHWRUD
$ OHJLVODomR HVSDQKROD SRGH FRQIHULU WUDWDPHQWR WULEXWiULR VXEVWDQFLDOPHQWH
GLYHUVR GR SUHYLVWR QD OHJLVODomR EUDVLOHLUD D UHVSHLWR GH GLVWULEXLomR GH
GLYLGHQGRV H RXWUDV IRUPDV GH UHPXQHUDomR WUDQVIHUrQFLD H DOXJXHO GH Do}HV
UHRUJDQL]Do}HV VRFLHWiULDV H RXWURV HYHQWRV VRFLHWiULRV 7DO WULEXWDomR GLYHUVD
SRGHUHGX]LUDDWUDWLYLGDGHGD2IHUWDDRV$FLRQLVWDV
2 6DQWDQGHU (VSDQKD QRUPDOPHQWH UHPXQHUD VHXV DFLRQLVWDV SRU PHLR GR
3URJUDPD6DQWDQGHU'LYLGHQGR(OHFFLyQGHVFULWRQRLWHPRXQDIRUPDGH
GLVWULEXLo}HVHPGLQKHLURTXDWURYH]HVDRDQR7DLVGLVWULEXLo}HVVmRDSULQFLSDO
UHPXQHUDomR GRV DFLRQLVWDV GR 6DQWDQGHU (VSDQKD &RQVLGHUDQGR TXH D
OHJLVODomR ILVFDO HVSDQKROD SUHYr D UHWHQomR GH WULEXWRV QD IRQWH VREUH RV
GLYLGHQGRVRXUHPXQHUDo}HVSDJRVDRVGHWHQWRUHVGH%'5VHDRV$FLRQLVWDVGR
6DQWDQGHU (VSDQKD FRQIRUPH GHVFULWR QR LWHP GHVWH (GLWDO SRGHUi
UHVWDUUHGX]LGDDDWUDWLYLGDGHGD2IHUWDDRV$FLRQLVWDVGR6DQWDQGHU%UDVLOQD
PHGLGD HP TXH RV GLYLGHQGRV SDJRV SHOR 6DQWDQGHU %UDVLO GH DFRUGR FRP D
OHJLVODomR ILVFDO EUDVLOHLUD DSOLFiYHO QmR HVWmR VXMHLWRV j UHWHQomR QD IRQWH GH
WULEXWRV
$QHJRFLDomRGH%'5VSRGHVHUOLPLWDGDHSRGHHQIUHQWDULOLTXLGH]HYRODWLOLGDGH
GHSUHoR2VPHUFDGRVGH%'5VVmRVXEVWDQFLDOPHQWHPHQRUHVPHQRVOtTXLGRV
H PDLV YROiWHLV GR TXH R GH Do}HV &RQVHTXHQWHPHQWH D VXD FDSDFLGDGH GH
YHQGHU WDLV %'5V QD TXDQWLGDGH SUHoR H QR PRPHQWR TXH TXLVHU SRGH VHU
VXEVWDQFLDOPHQWHOLPLWDGD(VVHPHUFDGRGHQHJRFLDomROLPLWDGRWDPEpPSRGH
DXPHQWDUDYRODWLOLGDGHGRSUHoRGRV%'5V
2V GHWHQWRUHV GH %'5V SRGHP VHU DGYHUVDPHQWH DIHWDGRV SRU GHVYDORUL]Do}HV
GD PRHGD H RVFLODo}HV GR FkPELR &DVR D WD[D GH FkPELR GR HXUR FDLD HP
UHODomRDRUHDORYDORUGRV%'5VHGHTXDLVTXHUGLVWULEXLo}HVIHLWDVVREUHHODV
SHORGHSRVLWiULRSRGHUiVHUDGYHUVDPHQWHDIHWDGR$VGLVWULEXLo}HVHPGLQKHLUR
IHLWDV HP UHODomR DRV %'5V VmR UHFHELGDV SHOR GHSRVLWiULR UHSUHVHQWDGR SHOR
EDQFR FXVWRGLDQWH QD (VSDQKD HP HXURV FRQYHUWLGDV SHOR EDQFR FXVWRGLDQWH
HP UHDLV j WD[D GH FkPELR SUHYDOHFHQWH H GLVWULEXtGDV SHOR GHSRVLWiULR DRV
GHWHQWRUHV GH %'5V $OpP GLVVR R GHSRVLWiULR LQFRUUHUi FXVWRV RV TXDLV
-85B63Y
9HUVmR3XEOLFDGD
•
GHYHUmR VHU DUFDGRV SHORV GHWHQWRUHV GH %'5V HP UHODomR j FRQYHUVmR GD
PRHGD HVWUDQJHLUD H j VXEVHTXHQWH GLVWULEXLomR GH GLYLGHQGRV RX RXWURV
SDJDPHQWRVUHODFLRQDGRVDRV%'5V
2 6DQWDQGHU (VSDQKD SRGH IXWXUDPHQWH YLU D VROLFLWDU R FDQFHODPHQWR GR VHX
UHJLVWUR GH HPLVVRU HVWUDQJHLUR SHUDQWH D &90 H FRQVHTXHQWHPHQWH
GHVFRQWLQXDU R SURJUDPD GH %'5V 1D FRQGLomR GH HPLVVRU HVWUDQJHLUR R
6DQWDQGHU(VSDQKDQmRHVWiVXMHLWRjVUHJUDVHSURWHo}HVSUHYLVWDVQD/HLGDV
6RFLHGDGHV SRU $o}HV H QD ,QVWUXomR &90 DSOLFiYHLV DR IHFKDPHQWR GH
FDSLWDOGHFRPSDQKLDVFRQVWLWXtGDVQR%UDVLO1RVWHUPRVGDUHJXODPHQWDomRGD
&90 HP YLJRU R HPLVVRU HVWUDQJHLUR SDWURFLQDGRU GH XP SURJUDPD GH %'5V
1tYHO ,,, FDVR GHVHMH FDQFHODU VHX UHJLVWUR GH HPLVVRU GHYHUi VXEPHWHU j
DSURYDomRSUpYLDGD&90RVSURFHGLPHQWRVSDUDGHVFRQWLQXLGDGHGRSURJUDPD
$V OLQKDV JHUDLV GRV SURFHGLPHQWRV SDUD GHVFRQWLQXLGDGH GR SURJUDPD TXH R
6DQWDQGHU (VSDQKD FRPSURPHWHXVH D VXEPHWHU j DSURYDomR SUpYLD GD &90
HVWmRGHVFULWDVQRVLWHQVQRVLWHQVHGHVWH(GLWDO1mRKi
JDUDQWLD GH TXH RV SURFHGLPHQWRV SDUD GHVFRQWLQXLGDGH GR SURJUDPD GH %'5
SUHYLVWRVQHVWH(GLWDOVHUmRDSURYDGRVSHOD&90VHHTXDQGRKRXYHULQWHQomR
GH FDQFHODPHQWR GR UHJLVWUR GH HPLVVRU HVWUDQJHLUR H GHVFRQWLQXLGDGH GR
SURJUDPDGH%'5VHWDPSRXFRJDUDQWLDGHTXHR6DQWDQGHU(VSDQKDHIHWLYDUi
XPDRIHUWDS~EOLFDGHDTXLVLomRGHWRGRVRV%'5VHPFLUFXODomRHTXHFDVRWDO
RIHUWD IRU UHDOL]DGD DGRWH SURFHGLPHQWRV WHUPRV H FRQGLo}HV VHPHOKDQWHV jV
DSOLFiYHLV DR FDQFHODPHQWR GH UHJLVWUR GH HPLVVRU GH FRPSDQKLDV DEHUWDV
EUDVLOHLUDV
,QIRUPDo}HVVREUHD&RPSDQKLD
,QIRUPDo}HV VREUH D &RPSDQKLD $ &RPSDQKLD p XPD FRPSDQKLD DEHUWD
UHJLVWUDGDQDFDWHJRULD$SHUDQWHD&90FRPVXDV$o}HV8QLWVOLVWDGDVQR1tYHOGD
%0)%29(63$ LQVFULWD QD &90 VRE R Qž H QR &13-0) VRE R Qž
FRPVHGHQD$YHQLGD3UHVLGHQWH-XVFHOLQR.XELWVFKHNQž
9LOD2OtPSLD6mR3DXOR±63$V8QLWVVmRQHJRFLDGDVQD%0)%29(63$VRERFyGLJR
³6$1%´ DV Do}HV RUGLQiULDV VRE R FyGLJR ³6$1%´ H DV Do}HV SUHIHUHQFLDLV VRE R
FyGLJR ³6$1%´ 2V $'5V 6DQWDQGHU %UDVLO VmR QHJRFLDGRV QD 1<6( VRE R FyGLJR
³%6%5´
2EMHWR 6RFLDO $ &RPSDQKLD WHP SRU REMHWR D SUiWLFD GH RSHUDo}HV DWLYDV
SDVVLYDV H DFHVVyULDV LQHUHQWHV jV UHVSHFWLYDV FDUWHLUDV DXWRUL]DGDV &RPHUFLDO GH
,QYHVWLPHQWR GH &UpGLWR )LQDQFLDPHQWR H ,QYHVWLPHQWR GH &UpGLWR ,PRELOLiULR H GH
$UUHQGDPHQWR 0HUFDQWLO EHP FRPR RSHUDo}HV GH FkPELR H GH DGPLQLVWUDomR GH
FDUWHLUDV GH WtWXORV H YDORUHV PRELOLiULRV DOpP GH TXDLVTXHU RXWUDV RSHUDo}HV TXH
YHQKDP D VHU SHUPLWLGDV jV VRFLHGDGHV GD HVSpFLH GH DFRUGR FRP DV GLVSRVLo}HV
OHJDLV H UHJXODPHQWDUHV SRGHQGR SDUWLFLSDU GR FDSLWDO GH RXWUDV VRFLHGDGHV FRPR
VyFLDRXDFLRQLVWD
6HWRUGH$WXDomRH$WLYLGDGHV$&RPSDQKLDPDQWpPRIRFRQRUHODFLRQDPHQWR
GH ORQJR SUD]R FRP VHXV FOLHQWHV LQGLYLGXDLV H FRUSRUDWLYRV H[FHWR RV FOLHQWHV
HPSUHVDULDLV JOREDLV TXH VmR DWHQGLGRV SHOR VHJPHQWR %DQFR *OREDO GH $WDFDGR GR
6DQWDQGHU%UDVLOEXVFDQGRDSRLDUWRGDVDVQHFHVVLGDGHVILQDQFHLUDVSRUPHLRGHVHX
FUpGLWRVHUYLoRVEDQFiULRVHSURGXWRVILQDQFHLURV2PRGHORFRPHUFLDOHVHJPHQWDomR
-85B63Y
9HUVmR3XEOLFDGD
SHUPLWHPTXHR6DQWDQGHU%UDVLORIHUHoDXPDDERUGDJHPSHUVRQDOL]DGDDFDGDFOLHQWH
SDUD WUDWDU GH VXDV QHFHVVLGDGHV HVSHFtILFDV 6HXV FOLHQWHV VmR DWHQGLGRV HP WRGR R
%UDVLOSULQFLSDOPHQWHSRUPHLRGHVXDUHGHGHDJrQFLDVTXHHPGHMXQKRGH
FRQVLVWLD HP DJrQFLDV SRVWRV GH DWHQGLPHQWR EDQFiULR RX ³3$%V´ H
WHUPLQDLVGHDXWRDWHQGLPHQWRSUySULRVFDL[DVHOHWU{QLFRV
%DQFR*OREDOGH$WDFDGR26DQWDQGHU%UDVLOpXPGRVEDQFRVGHDWDFDGR
OtGHUHV QR %UDVLO RIHUHFHQGR VHUYLoRV ILQDQFHLURV H VROXo}HV VRILVWLFDGDV H
HVWUXWXUDGDV SDUD VHXV FOLHQWHV HP SDUDOHOR jV VXDV DWLYLGDGHV GH PHVD
SURSULHWiULDGHWHVRXUDULD6HXVQHJyFLRVGHDWDFDGRIRFDPQDSUHVWDomRGH
VHUYLoRV D DSUR[LPDGDPHQWH JUDQGHV FRQJORPHUDGRV ORFDLV H
PXOWLQDFLRQDLV RV TXDLV VmR UHIHULGRV FRPR FOLHQWHV GR %DQFR *OREDO GH
$WDFDGRRX³*%0´±*OREDO%DQNLQJ0DUNHWV1RSHUtRGRGHVHLVPHVHV
HQFHUUDGR HP GH MXQKR GH RV VHUYLoRV DRV VHXV FOLHQWHV *%0
UHSUHVHQWDUDP DSUR[LPDGDPHQWH GDV VXDV RSHUDo}HV HP WHUPRV GH
OXFUR DQWHV GRV LPSRVWRV 6XDV DWLYLGDGHV GH EDQFR GH DWDFDGR IRUQHFHP
DRVFOLHQWHVXPDDPSODFDUWHLUDGHVHUYLoRVORFDLVHLQWHUQDFLRQDLVTXHVmR
GLUHFLRQDGRV jV VXDV QHFHVVLGDGHV HVSHFtILFDV 2 6DQWDQGHU %UDVLO RIHUHFH
SURGXWRV H VHUYLoRV QDV SULQFLSDLV iUHDV WUDQVDo}HV EDQFiULDV JOREDLV
JOREDO WUDQVDFWLRQ EDQNLQJ PHUFDGRV GH FUpGLWR FUHGLW PDUNHWV
ILQDQoDV FRUSRUDWLYDV FRUSRUDWH ILQDQFH Do}HV HTXLWLHV WD[DV UDWHV
IRUPDomR GH PHUFDGR H PHVD SURSULHWiULD GH WHVRXUDULD 6HXV FOLHQWHV VH
EHQHILFLDP GRV VHUYLoRV JOREDLV IRUQHFLGRV SHOD UHGH GH DWDFDGR LQWHJUDGD
GR *UXSR 6DQWDQGHU H SHOD VXD H[SHULrQFLD QR PHUFDGR ORFDO $ PHVD GH
QHJRFLDomR SURSULHWiULD GR 6DQWDQGHU %UDVLO HVWi VRE HVWULWD VXSHUYLVmR GH
JHUHQFLDPHQWR GH ULVFR H WHP FRQVLVWHQWHPHQWH PRVWUDGR UHVXOWDGRV
SRVLWLYRVPHVPRVREFHQiULRVGHDOWDYRODWLOLGDGH
*HVWmR GH 5HFXUVRV GH 7HUFHLURV H 6HJXURV 'H DFRUGR FRP D $1%,0$ D
6DQWDQGHU %UDVLO *HVWmR GH 5HFXUVRV /WGD ³6DQWDQGHU %UDVLO $VVHW
0DQDJHPHQW´ p D TXLQWD PDLRU JHVWRUD GH UHFXUVRV QR %UDVLO FRP 5
ELOK}HV HP DWLYRV VRE JHVWmR 2 YROXPH GH VHXV QHJyFLRV GH *HVWmR GH
$WLYRVFUHVFHXQRDQRGHDWp-XQKRHDOFDQoDQGRGH
0DUNHW6KDUHQRVHWRUGHIXQGRVEUDVLOHLUR26DQWDQGHU%UDVLODFUHGLWDTXH
VXD ULJRURVD JRYHUQDQoD SURFHVVR GH DGPLQLVWUDomR GH LQYHVWLPHQWR
GLVFLSOLQDGR DPSOD JDPD GH RIHUWDV GH SURGXWR H DGPLQLVWUDomR GH ULVFR
SUXGHQWH FRQWULEXtUDP SDUD DV FODVVLILFDo}HV GH JUDX GH LQYHVWLPHQWR
DWULEXtGDV DRV VHXV QHJyFLRV GHDGPLQLVWUDomR GHDWLYRVSHODVDJrQFLDV GH
FODVVLILFDomR6WDQGDUG3RRU¶VH0RRG\¶V(PGHGH]HPEURGHR
6DQWDQGHU %UDVLO FRQFOXLX D YHQGD GR QHJyFLR GH DVVHW PDQDJHPHQW SRU
PHLR GD DOLHQDomR GH WRGDV DV Do}HV GD 6DQWDQGHU %UDVLO $VVHW
0DQDJHPHQW '790 6$ ³'790´ $V DWLYLGDGHV GH JHVWmR GH DWLYRV
UHDOL]DGDV SHOD '790 IRUDP HQWmR VHJUHJDGDV HP XPD QRYD JHVWRUD GH
DWLYRV FULDGRV SDUD HVWH SURSyVLWR H[FOXVLYR 2 6DQWDQGHU %UDVLO
SHUPDQHFHX FRPR R DGPLQLVWUDGRU GRV IXQGRV H UHVSRQViYHO SHODV
DWLYLGDGHV GH GLVWULEXLomR UHFHEHQGR SDUD WDQWR UHPXQHUDomR HP OLQKD
FRP DV SUiWLFDV GH PHUFDGR 5HIHULGD RSHUDomR HVWi LQVHULGD QR FRQWH[WR
GD SDUFHULD JOREDO HVWDEHOHFLGD HQWUH 6DQWDQGHU (VSDQKD H GXDV GDV
PDLRUHVHPSUHVDVGHSULYDWHHTXLW\GRPXQGRD:DUEXUJ3LQFXVH*HQHUDO
$WODQWLF
-85B63Y
9HUVmR3XEOLFDGD
2 6DQWDQGHU %UDVLO RIHUHFH DRV VHXV FOLHQWHV GLIHUHQWHV SURGXWRV GH
VHJXURV LQFOXLQGR VHJXURV GH YLGD DFLGHQWHV SHVVRDLV UHVLGHQFLDLV
SUHVWDPLVWDV SURWHomR GH FDUWmR GH FUpGLWR KDELWDFLRQDO HPSUHVDULDO
PiTXLQDV H HTXLSDPHQWRV DOpP GH SODQRV GH SUHYLGrQFLD SULYDGD $SyV D
YHQGD GD 6DQWDQGHU 6HJXURV RFRUULGD HP VXDV RSHUDo}HV QRV
QHJyFLRV HVWmR IRFDGDV H[FOXVLYDPHQWH QD GLVWULEXLomR GH SURGXWRV GH
VHJXURVHSUHYLGrQFLDSULYDGD
&DSLWDO 6RFLDO 2 FDSLWDO VRFLDO GD &RPSDQKLD p GH 5 FLQTXHQWD H VHWH ELOK}HV GH UHDLV GLYLGLGR HP VHWH ELOK}HV
VHLVFHQWRVPLOK}HVRLWRFHQWRVHTXDUHQWDPLOHWUH]HQWDVHYLQWHHFLQFRDo}HVVHQGR
WUrV ELOK}HV RLWRFHQWRV H VHVVHQWD H QRYH PLOK}HV RLWRFHQWRV H
TXDUHQWD H QRYH PLO VHLVFHQWDV H VHVVHQWD H RLWR Do}HV RUGLQiULDV H WUrV ELOK}HV VHWHFHQWRV H WULQWD PLOK}HV QRYHFHQWRV H QRYHQWD PLO VHLVFHQWDV H
FLQTXHQWDHVHWHDo}HVSUHIHUHQFLDLVQRPLQDWLYDVVHPYDORUQRPLQDO
&RPSRVLomR $FLRQiULD 1D GDWD GH SXEOLFDomR GHVWH (GLWDO D FRPSRVLomR
DFLRQiULDHGLVWULEXLomRGRFDSLWDOVRFLDOGD&RPSDQKLDHUDPDVHJXLQWH
$&,21,67$
$omR21
47'
$omR31
47'
7RWDO
47'
*5832(035(6$5,$/6$17$1'(5
6/
67(55(%((&.%9
6$17$1'(5,1685$1&(+2/',1*
4$7$5+2/',1*//&
$'0,1,675$'25(6
)81&,21È5,26
$d®(6(07(6285$5,$
287526
727$/
2VDFLRQLVWDV6WHUUHEHHFN%9*UXSR(PSUHVDULDO6DQWDQGHU6OH6DQWDQGHU,QVXUDQFH +ROGLQJ6OWrPR6DQWDQGHU
(VSDQKDFRPRFRQWURODGRUFRPXP
,QGLFDGRUHV(FRQ{PLFR)LQDQFHLURVGD&RPSDQKLD
,QGLFDGRUHV(FRQ{PLFR)LQDQFHLURV
&DSLWDO6RFLDO5HDOL]DGR5PLOK}HV
3DWULP{QLR/tTXLGR5PLOK}HV
5HFHLWDGH9HQGDGH6HUYLoRV5PLOK}HV
5HVXOWDGR%UXWR5PLOK}HV
5HVXOWDGR/tTXLGR5PLOK}HV
7RWDOGR$WLYR5PLOK}HV
7RWDOGR3DVVLYR5PLOK}HV
3DVVLYR)LQDQFHLURSDUD/LYUH1HJRFLDomR5
PLOK}HV
1~PHURGH$o}HVH[FHWXDGDV$o}HVHP7HVRXUDULD
3HUtRGRGHVHLVPHVHV
HQFHUUDGRHPGH
MXQKRGH
/XFUROtTXLGR
/XFUR/tTXLGRSDUDFDGD$o}HV5&RP
RSHUDo}HVFRQWLQXDGDVHGHVFRQWLQXDGDV
/XFUREiVLFRSRUDomR21
/XFUREiVLFRSRUDomR31
/XFURGLOXtGRSRUDomR21
/XFURGLOXtGRSRUDomR31
9DORU3DWULPRQLDOSRU$omR5
7RWDOGR3DVVLYR3DWULP{QLR/tTXLGR
([HUFtFLR6RFLDO(QFHUUDGRHP
GHGH]HPEURGH
-85B63Y
9HUVmR3XEOLFDGD
/XFUR/tTXLGR3DWULP{QLR/tTXLGR
/XFUR/tTXLGR5HFHLWDGH9HQGDGH6HUYLoRV
/XFUR/tTXLGR&DSLWDO6RFLDO5HDOL]DGR
/XFUR/tTXLGR7RWDOGR$WLYR
5HFHLWDGH9HQGDGH6HUYLoRV3DWULP{QLR/tTXLGR
5HFHLWDGH9HQGDGH6HUYLoRV7RWDOGR$WLYR
&RQVLGHUDRJUXSDPHQWRGDWRWDOLGDGHGDVDo}HVRUGLQiULDVHDo}HVSUHIHUHQFLDLVGHHPLVVmRGD&RPSDQKLDQDSURSRUomR
GHGHIRUPDTXHFDGDFLQTXHQWDHFLQFRDo}HVRUGLQiULDVHFLQTXHQWDHFLQFRDo}HVSUHIHUHQFLDLVSDVVDUDPD
FRUUHVSRQGHU D XPD DomR RUGLQiULD H XPD DomR SUHIHUHQFLDO UHVSHFWLYDPHQWH DSURYDGR HP DVVHPEOHLD JHUDO GD
&RPSDQKLDUHDOL]DGDHPGHPDUoRGH
&RWDomRGDV8QLWVH$o}HV
$o}HV2UGLQiULDV
9ROXPH7RWDO1HJRFLDGR
4XDQWLGDGHGH$o}HV
3UHoR0pGLR3RQGHUDGRHP5
0rV
HP5
2UGLQiULDV1HJRFLDGDV
GDV&RWDo}HVGDV$o}HV2UGLQiULDV
-XOKR
$JRVWR
6HWHPEUR
2XWXEUR
1RYHPEUR
'H]HPEUR
-DQHLUR
)HYHUHLUR
0DUoR
$EULO
0DLR
-XQKR
-XOKR
$JRVWR
)RQWH$FHVVDUKWWSZZZEPIERYHVSDFRPEUVKDUHGLIUDPHDVS["LGLRPD SWEUXUO KWWSZZZEPIERYHVSDFRPEUSW
EUFRWDFRHVKLVWRULFDV)RUP6HULHV+LVWRULFDVDVS HVFROKHU R DQR GHVHMDGR QD RSomR $FHVVH DJRUD D 6pULH +LVWyULFD GH
&RWDo}HV EDL[DU R DUTXLYR 7;7 LPSRUWDU R DUTXLYR 7;7 SDUD R ([FHO FRQIRUPH R OD\RXW GR SUySULR VLWH
KWWSZZZEPIERYHVSDFRPEUSWEUGRZQORDG6HULHV+LVWRULFDVB/D\RXWSGI$SyVDLPSRUWDomRGHYHVHGLYLGLUDVFRWDo}HV
$%(5785$0$;,0$0,0,1$0(',$)(&+$0(17292/80( 727$/ SRU $SyV D LPSRUWDomR WRGRV RV GDGRV HVWDUmR
GLVSRQtYHLVSDUDDQiOLVH
$o}HV3UHIHUHQFLDLV
9ROXPH7RWDO
4XDQWLGDGHGH$o}HV
3UHoR0pGLR3RQGHUDGRHP5
1HJRFLDGR
3UHIHUHQFLDLV
GDV&RWDo}HVGDV$o}HV
0rV
HP5
1HJRFLDGDV
3UHIHUHQFLDLV
-XOKR
$JRVWR
6HWHPEUR
2XWXEUR
1RYHPEUR
'H]HPEUR
-DQHLUR
)HYHUHLUR
0DUoR
$EULO
0DLR
-XQKR
-XOKR
$JRVWR
)RQWH$FHVVDUKWWSZZZEPIERYHVSDFRPEUVKDUHGLIUDPHDVS["LGLRPD SWEUXUO KWWSZZZEPIERYHVSDFRPEUSW
EUFRWDFRHVKLVWRULFDV)RUP6HULHV+LVWRULFDVDVS HVFROKHU R DQR GHVHMDGR QD RSomR $FHVVH DJRUD D 6pULH +LVWyULFD GH
&RWDo}HV EDL[DU R DUTXLYR 7;7 LPSRUWDU R DUTXLYR 7;7 SDUD R ([FHO FRQIRUPH R OD\RXW GR SUySULR VLWH
KWWSZZZEPIERYHVSDFRPEUSWEUGRZQORDG6HULHV+LVWRULFDVB/D\RXWSGI$SyVDLPSRUWDomRGHYHVHGLYLGLUDVFRWDo}HV
$%(5785$0$;,0$0,0,1$0(',$)(&+$0(17292/80( 727$/ SRU $SyV D LPSRUWDomR WRGRV RV GDGRV HVWDUmR
GLVSRQtYHLVSDUDDQiOLVH
-85B63Y
9HUVmR3XEOLFDGD
8QLWV
9ROXPH7RWDO
1HJRFLDGR
4XDQWLGDGHGH8QLWV
3UHoR0pGLR3RQGHUDGRHP5
0rV
HP5
1HJRFLDGDV
GDV&RWDo}HVGDV8QLWV
-XOKR
$JRVWR
6HWHPEUR
2XWXEUR
1RYHPEUR
'H]HPEUR
-DQHLUR
)HYHUHLUR
0DUoR
$EULO
0DLR
-XQKR
-XOKR
$JRVWR
)RQWH$FHVVDUKWWSZZZEPIERYHVSDFRPEUVKDUHGLIUDPHDVS["LGLRPD SWEUXUO KWWSZZZEPIERYHVSDFRPEUSW
EUFRWDFRHVKLVWRULFDV)RUP6HULHV+LVWRULFDVDVS HVFROKHU R DQR GHVHMDGR QD RSomR $FHVVH DJRUD D 6pULH +LVWyULFD GH
&RWDo}HV EDL[DU R DUTXLYR 7;7 LPSRUWDU R DUTXLYR 7;7 SDUD R ([FHO FRQIRUPH R OD\RXW GR SUySULR VLWH
KWWSZZZEPIERYHVSDFRPEUSWEUGRZQORDG6HULHV+LVWRULFDVB/D\RXWSGI$SyVDLPSRUWDomRGHYHVHGLYLGLUDVFRWDo}HV
$%(5785$0$;,0$0,0,1$0(',$)(&+$0(17292/80( 727$/ SRU $SyV D LPSRUWDomR WRGRV RV GDGRV HVWDUmR
GLVSRQtYHLVSDUDDQiOLVH
2XWUDV LQIRUPDo}HV D UHVSHLWR GR UHODFLRQDPHQWR HQWUH 6DQWDQGHU %UDVLO H
6DQWDQGHU(VSDQKD
1HJyFLRGHFXVWyGLDTXDOLILFDGD1RVWHUPRVGHFRPXQLFDGRDRPHUFDGR
GLYXOJDGR HP R 6DQWDQGHU (VSDQKD H XP JUXSR GH
LQYHVWLGRUHV OLGHUDGR SHOR IXQGR GH SULYDWH HTXLW\ :DUEXUJ 3LQFXV
ILUPDUDPRVGRFXPHQWRVSUHOLPLQDUHVDUHVSHLWRGRVSULQFLSDLVWHUPRVH
FRQGLo}HV GD RSHUDomR GH YHQGD GH GR QHJyFLR GH FXVWyGLD
TXDOLILFDGD HP DOJXPDV MXULVGLo}HV 1R %UDVLO R QHJyFLR GH FXVWyGLD
TXDOLILFDGD p GHVHPSHQKDGR SHOD 6DQWDQGHU 6HFXULWLHV 6HUYLFHV %UDVLO
'790 6$ QRYD GHQRPLQDomR VRFLDO GD &59 'LVWULEXLGRUD GH 7tWXORV H
9DORUHV 0RELOLiULRV 6$ ³&59 '790´ XPD VXEVLGLiULD GR 6DQWDQGHU
%UDVLO
$WXDOPHQWHD&59'790SUHVWDVHUYLoRVGHDGPLQLVWUDomRGHIXQGRVGH
LQYHVWLPHQWR D WHUFHLURV H FRP R IHFKDPHQWR GD RSHUDomR PHQFLRQDGD
DFLPD WDPEpP FRQFHQWUDUi RV VHUYLoRV GH FXVWyGLD TXDOLILFDGD (P
GHFRUUrQFLDGDWUDQVDomRR6DQWDQGHU%UDVLOGHYHUiUHFHEHUQDGDWDGR
IHFKDPHQWR R SUHoR j YLVWD GH DSUR[LPDGDPHQWH 5 PLOK}HV
VXMHLWR D DMXVWHV XVXDLV QHVVH WLSR GH RSHUDomR 2 IHFKDPHQWR GD
WUDQVDomR HVWi VXMHLWR j REWHQomR GDV DXWRUL]Do}HV JRYHUQDPHQWDLV
DSOLFiYHLV
6WRFN RSWLRQ 3URJUDPD *OREDO &RQIRUPH GLYXOJDGR QR LWHP GR
)RUPXOiULR GH 5HIHUrQFLD GR 6DQWDQGHU %UDVLO RV PHPEURV GD 'LUHWRULD
([HFXWLYDGR6DQWDQGHU%UDVLODOJXQVIXQFLRQiULRVTXHRFXSDPSRVLo}HV
FKDYHV H PHPEURV GR &RQVHOKR GH $GPLQLVWUDomR VH H[HUFHUHP FDUJRV
QD 'LUHWRULD ([HFXWLYD SRGHP SDUWLFLSDU GH XP SODQR GH LQFHQWLYR
LQWLWXODGR ³3URJUDPD GH ,QFHQWLYR GH /RQJR 3UD]R *OREDO´ ³3ODQR
*OREDO´ 2 3ODQR *OREDO SUHYr UHPXQHUDomR DRV VHXV EHQHILFLiULRV GH
DFRUGR FRP R GHVHPSHQKR GDV Do}HV GR 6DQWDQGHU (VSDQKD FRQIRUPH
-85B63Y
9HUVmR3XEOLFDGD
PpWULFDVSUpGHILQLGDVHpOLTXLGDGRFRPDo}HVGR6DQWDQGHU(VSDQKD
,QIRUPDo}HVVREUHR6DQWDQGHU(VSDQKD
,QIRUPDo}HVGR6DQWDQGHU(VSDQKD2%DQFR6DQWDQGHU6$pXPDFRPSDQKLD
LQFRUSRUDGD H UHJLGD SHODV OHLV GD (VSDQKD H D FRQWURODGRUD GR *UXSR 6DQWDQGHU 2
6DQWDQGHU (VSDQKD IRL FRQVWLWXtGR HP GH PDUoR GH H LQFRUSRUDGR QD VXD
IRUPDDWXDOSRUPHLRGHXPDHVFULWXUDS~EOLFDRXWRUJDGDHP6DQWDQGHU(VSDQKDHP
GH MDQHLUR GH (P GH MDQHLUR GH RV FRQVHOKRV GH DGPLQLVWUDomR GR
6DQWDQGHU (VSDQKD H GR %DQFR &HQWUDO +LVSDQRDPHULFDQR 6$ FRQFRUGDUDP QD
LQFRUSRUDomR GR %DQFR &HQWUDO +LVSDQRDPHULFDQR SHOR 6DQWDQGHU (VSDQKD DWUDYpV GD
SHUPXWDGHDo}HVHQDPXGDQoDQRQRPHGR6DQWDQGHU(VSDQKDGH%DQFR6DQWDQGHU
6$ SDUD %DQFR 6DQWDQGHU &HQWUDO +LVSDQR 6$ 2V DFLRQLVWDV GH DPERV RV EDQFRV
FRQFRUGDUDP FRP D UHIHULGD LQFRUSRUDomR QR GLD GH PDUoR GH HP VXDV
UHVSHFWLYDVDVVHPEOHLDVJHUDLV$LQFRUSRUDomRHDPXGDQoDQRQRPHGREDQFRIRUDP
UHJLVWUDGDVQD-XQWD&RPHUFLDO5HJLVWUR0HUFDQWLOGH6DQWDQGHUFRPRDUTXLYDPHQWR
GD HVFULWXUD GH LQFRUSRUDomR (P GH MXOKR GH R %DQFR HP FRQMXQWR FRP R
7KH 5R\DO %DQN RI 6FRWODQG *URXS SOF )RUWLV 19 H )RUWLV 6$19 SRU PHLR GD
VRFLHGDGH 5)6 +ROGLQJV %9 ODQoRX XPD RIHUWD SDUD D DTXLVLomR GD WRWDOLGDGH GR
FDSLWDO VRFLDO GR $%1 $052 +ROGLQJ 19 $%1 $052 (P GH RXWXEUR GH FRQFOXLXDDTXLVLomRGR$%1$052HIRLLQLFLDGRRSURFHVVRGHVHSDUDomRGRVQHJyFLRV
2 QHJyFLR SULQFLSDO TXH FRUUHVSRQGHX DR 6DQWDQGHU (VSDQKD IRL R EDQFR EUDVLOHLUR
%DQFR5HDO (P GHMXQKR GH DDVVHPEOHLD JHUDO GHDFLRQLVWDV GR6DQWDQGHU
(VSDQKD DSURYRX D SURSRVWD GH PXGDQoD GH VXD UD]mRVRFLDO TXH YROWRX D VHU %DQFR
6DQWDQGHU 6$ (P GH MDQHLUR GH IRL FRQFOXtGD D DTXLVLomR GR 6RYHUHLJQ
%DQFRUS DWXDOPHQWH 6DQWDQGHU %DQN 1$ TXH VH WRUQRX XPD ILOLDO D GR
*UXSR 6DQWDQGHU &RP D FRPSUD GR 6RYHUHLJQ R JUXSR HQWURX QR QHJyFLR GH EDQFD
FRPHUFLDOQRV(8$(PGHPDUoRGHIRLDSURYDGDDLQFRUSRUDomRSRUDEVRUomR
GR %DQFR (VSDxRO GH &UpGLWR 6$ %DQHVWR H GR %DQFR %DQLI 6$ FRPR SDUWH GD
UHHVWUXWXUDomR GR VHWRU ILQDQFHLUR HVSDQKRO FRP XPD IRUWH UHGXomR QR Q~PHUR GH
FRPSHWLGRUHVHDFULDomRGHHQWLGDGHVGHWDPDQKRPDLRU1HVVHVHQWLGRR6DQWDQGHU
(VSDQKDDEVRUYHXDVILOLDLVGR%DQHVWRHGR%DQLIGHIRUPDTXHR6DQWDQGHUVHWRUQRX
D~QLFDPDUFDFRPHUFLDOGR*UXSRQD(VSDQKD
2EMHWR 6RFLDO GR 6DQWDQGHU (VSDQKD 2 6DQWDQGHU (VSDQKD WHP SRU REMHWR
VRFLDODDUHDOL]DomRGHWRGDFODVVHGHDWLYLGDGHVRSHUDo}HVHVHUYLoRVSUySULRVGR
VHWRU EDQFiULR HP JHUDO H TXH VHMDP DXWRUL]DGDV SHOD OHJLVODomR HP YLJRU H E D
DTXLVLomRPDQXWHQomRSURYHLWRHDOLHQDomRGHWRGDVDVFODVVHVGHYDORUHVPRELOLiULRV
6HWRUGH$WXDomRH$WLYLGDGHVGR6DQWDQGHU(VSDQKD26DQWDQGHU(VSDQKDpR
EDQFR PDWUL] GR *UXSR H RSHUD HP GLYHUVRV SDtVHV $WXD QRV (VWDGRV 8QLGRV QD
(XURSDSULQFLSDOPHQWHQD(VSDQKDHQR5HLQR8QLGRHHPGLYHUVRVSDtVHVGD$PpULFD
/DWLQD SULQFLSDOPHQWH QR %UDVLO 1D $PpULFD /DWLQD R 6DQWDQGHU (VSDQKD WHP
SDUWLFLSDo}HV DFLRQiULDV PDMRULWiULDV QRV EDQFRV GD $UJHQWLQD %UDVLO &KLOH 0p[LFR
&RO{PELD 3RUWR 5LFR H 8UXJXDL $V DWLYLGDGHV GR 6DQWDQGHU (VSDQKD FRPSUHHQGHP
FLQFR VHJPHQWRV RSHUDFLRQDLV 5HWDLO %DQNLQJ %DQFR GH 9DUHMR *OREDO :KROHVDOH
%DQNLQJ %DQFR *OREDO GH $WDFDGR *HVWmR GH 5HFXUVRV GH 7HUFHLURV H 6HJXUR
6HJPHQWRLPRELOLiULRGHVFRQWLQXDGRUXQRIIGD(VSDQKDH$WLYLGDGHV&RUSRUDWLYDV
%DQFR&RPHUFLDO%DQFRGH9DUHMR(VVHVHJPHQWRFREUHWRGDVDViUHDV
-85B63Y
9HUVmR3XEOLFDGD
GH EDQFRV YROWDGRV D FOLHQWHV LQFOXLQGR SULYDWH EDQNLQJ H[FHWR FRP
UHODomR DRV FOLHQWHV HPSUHVDULDLV JOREDLV TXH VmR DWHQGLGRV SHOR
VHJPHQWR %DQFR *OREDO GH $WDFDGR SRU PHLR GR PRGHOR GH 5HODomR
*OREDO 7DPEpP HVWmR LQFOXtGRV QHVVH VHJPHQWR GH QHJyFLRV RV
UHVXOWDGRV GH SRVLo}HV GH KHGJLQJ FRQVWLWXtGDV HP FDGD SDtV GHQWUR GR
HVFRSR GR &RPLWr GH $GPLQLVWUDomR GH $WLYRV H 3DVVLYRV 6DQWDQGHU
(VSDQKD PDQWpP R IRFR QR UHODFLRQDPHQWR GH ORQJR SUD]R FRP VHXV
FOLHQWHV SHVVRDV ItVLFDV H FRUSRUDWLYRV SRU HVWH VHJPHQWR H[FHWR FRP
UHODomR RV FOLHQWHV HPSUHVDULDLV JOREDLV TXH VmR DWHQGLGRV SHOR
VHJPHQWR %DQFR *OREDO GH $WDFDGR EXVFDQGR DSRLDU WRGDV DV
QHFHVVLGDGHV ILQDQFHLUDV GHVWHV FOLHQWHV SRU PHLR GH VHX FUpGLWR
VHUYLoRV EDQFiULRV H SURGXWRV ILQDQFHLURV 2 PRGHOR FRPHUFLDO H GH
VHJPHQWDomR GR 6DQWDQGHU (VSDQKD SHUPLWHP D RIHUWD GH XPD
DERUGDJHP SHUVRQDOL]DGD D FDGD FOLHQWH SDUD WUDWDU GH VXDV
QHFHVVLGDGHV HVSHFtILFDV 2V FOLHQWHV GR 6DQWDQGHU (VSDQKD VmR
DWHQGLGRV SRU WRGR R PXQGR SULQFLSDOPHQWH SRU PHLR GD UHGH GH
DJrQFLDV GR 6DQWDQGHU (VSDQKD &DEH PHQFLRQDU TXH DQXDOPHQWH Ki
DMXVWHV GR SHUtPHWUR GR 0RGHOR GH 5HODomR *OREDO GH FOLHQWHV HQWUH
%DQFR&RPHUFLDOH%DQFR*OREDOGH$WDFDGRDEDL[R
*OREDO :KROHVDOH %DQNLQJ %DQFR *OREDO GH $WDFDGR (VVH VHJPHQWR
UHIOHWH D UHFHLWD GH EDQFR FRUSRUDWLYR JOREDO EDQFR GH LQYHVWLPHQWR H
PHUFDGRV HP WRGR R PXQGR LQFOXLQGR WRGDV DV WHVRXUDULDV
DGPLQLVWUDGDV JOREDOPHQWH QHJRFLDomR H GLVWULEXLomR D FOLHQWHV GHSRLV
GDGLVWULEXLomRDSURSULDGDFRPFOLHQWHVGH%DQFRGH9DUHMREHPFRPR
DWLYLGDGHVFRPDo}HV26DQWDQGHU(VSDQKDHVWiHQWUHRVEDQFRVOtGHUHV
PXQGLDO GH DWDFDGR RIHUHFHQGR VHUYLoRV ILQDQFHLURV H VROXo}HV
VRILVWLFDGDVHHVWUXWXUDGDVSDUDVHXVFOLHQWHVHPSDUDOHORjVDWLYLGDGHV
GH PHVD SURSULHWiULD GH WHVRXUDULD $V DWLYLGDGHV GH EDQFR GH DWDFDGR
GR6DQWDQGHU(VSDQKDIRUQHFHPDRVVHXVFOLHQWHVXPDDPSODFDUWHLUDGH
VHUYLoRV ORFDLV H LQWHUQDFLRQDLV TXH VmR GLUHFLRQDGRV jV VXDV
QHFHVVLGDGHV HVSHFtILFDV 2V FOLHQWHV GR 6DQWDQGHU (VSDQKD VH
EHQHILFLDP GRV VHUYLoRV JOREDLV IRUQHFLGRV SHOD UHGH GH DWDFDGR
LQWHJUDGD GR *UXSR H SHOD H[SHULrQFLD GR 6DQWDQGHU (VSDQKD QR
PHUFDGRJOREDO
*HVWmR GH 5HFXUVRV GH 7HUFHLURV H 6HJXUR (VVH VHJPHQWR LQFOXL DV
XQLGDGHV GR 6DQWDQGHU (VSDQKD TXH SURMHWDP H DGPLQLVWUDP IXQGRV
P~WXRV H GH SHQVmR H VHJXURV 2 *UXSR XVD H UHPXQHUD DV UHGHV GH
GLVWULEXLomRSHODFRPHUFLDOL]DomRGHVVHVSURGXWRVSRUPHLRGHHVTXHPDV
GH SDUWLOKD GH FXVWRV H OXFURV RX VHMD R OXFURSUHMXt]R GR VHJPHQWR
QHVVDV RSHUDo}HV p R UHVXOWDGR EUXWR GR FXVWR OtTXLGR GH GLVWULEXLomR
TXH p D UHPXQHUDomR SDJD SDUD D UHGH 1R H[HUFtFLR VRFLDO GH KRXYH XPD PRGLILFDomR GD iUHD GH *HVWmR GH $WLYRV H 6HJXURV TXH
SDVVD D GHQRPLQDUVH %DQFR 3ULYDGD *HVWmR GH $WLYRV H 6HJXURV (P
UHODomR DRV GDGRV SXEOLFDGRV HP VH LQFRUSRUDP DV XQLGDGHV GH
EDQFR SULYDGR GRPpVWLFR QD (VSDQKD 3RUWXJDO ,WiOLD %UDVLO 0p[LFR H
&KLOH RQGH VH UHDOL]D XPD JHVWmR FRPSDUWLOKDGD FRP RV EDQFRV ORFDLV
$GLFLRQDOPHQWH LQFOXL 6DQWDQGHU 3ULYDWH %DQNLQJ QD $PpULFD /DWLQD (P
FRQVHTXrQFLD R VHJPHQWR 3ULYDWH %DQNLQJ GHL[D GH IRUPDU SDUWH GR
-85B63Y
9HUVmR3XEOLFDGD
%DQFR&RPHUFLDO
6HJPHQWR LPRELOLiULR GHVFRQWLQXDGR UXQRII GD (VSDQKD (VVH
VHJPHQWR LQFOXL HPSUpVWLPRV D FOLHQWHV QD (VSDQKD FXMD DWLYLGDGH
SULQFLSDO p R GHVHQYROYLPHQWR LPRELOLiULR SDUWLFLSDo}HV DFLRQiULDV HP
HPSUHVDVLPRELOLiULDVHDWLYRVKLSRWHFDGRV9LVDQGRPHOKRUDUDHILFLrQFLD
H D HVSHFLDOL]DomR QD DGPLQLVWUDomR GH SURSULHGDGHV SRVVLYHOPHQWH
SUREOHPiWLFDV QD (VSDQKD GR 6DQWDQGHU (VSDQKD UHRUJDQL]RX D JHVWmR
GHVVHVDWLYRVHPXPDXQLGDGHVHSDUDGDGDVXQLGDGHVHPTXHWDLVDWLYRV
IRUDPRULJLQDGRV(VVDXQLGDGHWHPIRFRHPLDGPLQLVWUDUFOLHQWHVGR
VHWRU LPRELOLiULR FRP TXHP R *UXSR GHWpP H[SRVLo}HV SRVVLYHOPHQWH
SUREOHPiWLFDV D ILP GH UHGX]LU VXD H[SRVLomR H LL DGPLQLVWUDomR GH
LPyYHLVHWHUUHQRVLQFOXLQGRDYHQGDGHLPyYHLVH[LVWHQWHVHHPFHUWRV
FDVRVGHVHQYROYLPHQWRLPRELOLiULRPDUNHWLQJHYHQGDGHLPyYHLV
$WLYLGDGHV&RUSRUDWLYDV(VVHVHJPHQWRpUHVSRQViYHOSRUDGPLQLVWUDURV
ULVFRV HVWUXWXUDLV GR *UXSR H GR 6DQWDQGHU (VSDQKD H[HFXWD DV
DWLYLGDGHV QHFHVViULDV SDUD DGPLQLVWUDU WD[DV GH MXURV H[SRVLomR D
PRYLPHQWRVGDWD[DGHFkPELRHRVQtYHLVH[LJLGRVGHOLTXLGH]QR*UXSR
3RURXWURODGRHODDWXDFRPRHPSUHVDKROGLQJGR*UXSRDGPLQLVWUDQGR
RFDSLWDOJOREDOGR*UXSRHGHFDGDXPDGHVXDVXQLGDGHVGHQHJyFLRV
'HQWUR GDV DWLYLGDGHV FRUSRUDWLYDV D iUHD GH JHVWmR ILQDQFHLUD FRQGX]
DV IXQo}HV JOREDLV GD DGPLQLVWUDomR GR EDODQoR D JHVWmR GR ULVFR
HVWUXWXUDO GH WD[D GH MXURV H GH OLTXLGH] HVWD ~OWLPD SRU PHLR GH
HPLVV}HVHVHFXULWL]Do}HVEHPFRPRGDSRVLomRHVWUXWXUDOGDVWD[DVGH
FkPELR $OpP GLVVR R VHJPHQWR GH DWLYLGDGHV FRUSRUDWLYDV DGPLQLVWUD
WRGR R FDSLWDO H UHVHUYDV H DORFDo}HV GH FDSLWDO SDUD FDGD XPD GDV
XQLGDGHV GHQHJyFLR EHPFRPR SURSRUFLRQDDOLTXLGH]TXHDVXQLGDGHV
GH QHJyFLRV SRVVDP SUHFLVDU 2 SUHoR HP TXH HVVDV WUDQVDo}HV VmR
UHDOL]DGDV p D WD[D GH PHUFDGR HXULERU RX VZDS DFUHVFLGD GH XP
SUrPLR GH ULVFR EHP FRPR DV SDUWLFLSDo}HV DFLRQiULDV GH QDWXUH]D
ILQDQFHLUD TXH R *UXSR DVVXPH GHQWUR GH VXD SROtWLFD GH RWLPL]DomR GH
LQYHVWLPHQWRV
&DSLWDO 6RFLDO GR 6DQWDQGHU (VSDQKD 2 FDSLWDO VRFLDO GR 6DQWDQGHU
(VSDQKD p GH ¼ UHSUHVHQWDGR SRU Do}HV
RUGLQiULDVHPLWLGDV
&RPSRVLomR $FLRQiULD GR 6DQWDQGHU (VSDQKD 1D GDWD GH SXEOLFDomR GHVWH
(GLWDOR6DQWDQGHU(VSDQKDQmR SRVVXLDFLRQLVWDVFRQWURODGRUHV GLUHWRVRX LQGLUHWRV
EHPFRPRDFLRQLVWDVFRPSDUWLFLSDomRLJXDORXVXSHULRUD
,QGLFDGRUHV(FRQ{PLFR)LQDQFHLURVGR6DQWDQGHU(VSDQKD
,QGLFDGRUHV(FRQ{PLFR)LQDQFHLURV
&DSLWDO6RFLDO5HDOL]DGR5PLOK}HV
3DWULP{QLR/tTXLGR5PLOK}HV
5HFHLWD/tTXLGD5PLOK}HV
5HVXOWDGR%UXWR5PLOK}HV
5HVXOWDGR/tTXLGR5PLOK}HV
3HUtRGRHQFHUUDGR
HPGHMXQKR
GH
-85B63Y
([HUFtFLR6RFLDO(QFHUUDGRHPGH
GH]HPEURGH
9HUVmR3XEOLFDGD
7RWDOGR$WLYR5PLOK}HV
7RWDOGR3DVVLYR5PLOK}HV
3DVVLYR)LQDQFHLURSDUD/LYUH1HJRFLDomR5
PLOK}HV
1~PHURGH$o}HVH[FHWXDGDV$o}HVHP
7HVRXUDULD
5HVXOWDGR/tTXLGRSRU$omR5
9DORU3DWULPRQLDOSRU$omR5
7RWDOGR3DVVLYR3DWULP{QLR/tTXLGR
5HVXOWDGR/tTXLGR3DWULP{QLR/tTXLGR
5HVXOWDGRV/tTXLGR5HFHLWD/tTXLGD
5HVXOWDGR/tTXLGR&DSLWDO6RFLDO5HDOL]DGR
5HVXOWDGR/tTXLGR7RWDOGR$WLYR
5HFHLWD/tTXLGD3DWULP{QLR/tTXLGR
5HFHLWD/tTXLGD7RWDOGR$WLYR
&RWDomRGDV$o}HV2UGLQiULDVGHHPLVVmRGR6DQWDQGHU(VSDQKD
9ROXPH7RWDO
4XDQWLGDGHGH$o}HV
1HJRFLDGR
2UGLQiULDV1HJRFLDGDV
3UHoR0pGLR3RQGHUDGRHP(XUR
0rV
HP(XURPLOK}HV
PLOK}HV
GDV&RWDo}HVGDV$o}HV2UGLQiULDV
-XOKR
$JRVWR
6HWHPEUR
2XWXEUR
1RYHPEUR
'H]HPEUR
-DQHLUR
)HYHUHLUR
0DUoR
$EULO
0DLR
-XQKR
-XOKR
$JRVWR
)RQWH%ORRPEHUJ2YROXPHPHQVDOHP(XURVIRLREWLGRDSDUWLUGDDGLomRGRYROXPHGLiULDHP5SDUDFDGDGLDGRPrV
FRUUHVSRQGHQWH2YROXPHGLiULRHP(XURVSDUDDV$o}HV2UGLQiULDVGD6$160%ORRPEHUJGDWDEDVH³6$160(TXLW\´p
REWLGDPXOWLSOLFDQGRVHDTXDQWLGDGHGHDo}HVQHJRFLDGDV%ORRPEHUJIXQomR³3;B92/80(´SHORYDORUPpGLRGLiULRGR
SUHoRGHWDODomR%ORRPEHUJIXQFmR³(4<B:(,*+7('B$9*B3;´
,QIRUPDo}HV $GLFLRQDLV 3DUD LQIRUPDo}HV GHWDOKDGDV VREUH R 6DQWDQGHU
(VSDQKD RV YDORUHV PRELOLiULRV GH VXD HPLVVmR DVVLP FRPR RV GLUHLWRV GRV WLWXODUHV
GHWDLVYDORUHVYHMDR)RUPXOiULRGH5HIHUrQFLDGR6DQWDQGHU(VSDQKDGLVSRQtYHOQRV
ORFDLVLQGLFDGRVQRLWHP
'HFODUDo}HVGR6DQWDQGHU(VSDQKDHGD,QVWLWXLomR,QWHUPHGLiULD
26DQWDQGHU(VSDQKDGHFODUDTXH
&RQIRUPH UHTXHULGR SHOR DUWLJR GD ,QVWUXomR &90 VH REULJD D
SDJDU DRV DFLRQLVWDV TXH DFHLWDUHP D 2IHUWD D GLIHUHQoD D PDLRU VH
KRXYHU HQWUH R SUHoR SRU 8QLW HRX $omR TXH HVWHV UHFHEHUHP SHOD
SHUPXWD GH VXDV8QLWV H$o}HVQD2IHUWDHDMXVWDGRSHODV DOWHUDo}HVQR
Q~PHUR GH Do}HV GHFRUUHQWHV GH ERQLILFDo}HV GHVGREUDPHQWRV
JUXSDPHQWRVHFRQYHUV}HVHYHQWXDOPHQWHRFRUULGRVH
$ R SUHoR SRU8QLW HRX $omRTXH VHULD GHYLGR RXYHQKDDVHU GHYLGR
FDVRVHYHULILTXHQRSUD]RGHXPDQRFRQWDGRGD'DWDGR/HLOmRIDWR
TXH LPSXVHVVH RX YHQKD D LPSRU D UHDOL]DomR GH RIHUWD S~EOLFD
REULJDWyULD GHDTXLVLomRGHDo}HV SUHYLVWDVQRV LQFLVRVLLLHLLL
GR DUWLJR ž GD ,QVWUXomR &90 H QRV WHUPRV GD UHIHULGD
-85B63Y
9HUVmR3XEOLFDGD
,QVWUXomRH
% R YDORU D TXH WHULDP GLUHLWR FDVR DLQGD IRVVHP DFLRQLVWDV GD
&RPSDQKLD H GLVVHQWLVVHP GH GHOLEHUDomR GD DVVHPEOHLD JHUDO GD
&RPSDQKLD TXH YHQKD D DSURYDU D UHDOL]DomR GH TXDOTXHU HYHQWR
VRFLHWiULR TXH SHUPLWD R H[HUFtFLR GR GLUHLWR GH UHFHVVR DRV WLWXODUHV
GD UHVSHFWLYD HVSpFLH GH 8QLWV HRX $o}HV TXDQGR HVWH HYHQWR VH
YHULILFDUQRSUD]RGHXPDQRFRQWDGRGD'DWDGR/HLOmR
e UHVSRQViYHO SHOD YHUDFLGDGH TXDOLGDGH H VXILFLrQFLD GDV LQIRUPDo}HV
IRUQHFLGDVj&90HDRPHUFDGREHPFRPRSRUHYHQWXDLVGDQRVFDXVDGRVj
&RPSDQKLD DRV VHXV DFLRQLVWDV H D WHUFHLURV SRU FXOSD RX GROR HP UD]mR
GD IDOVLGDGH LPSUHFLVmR RX RPLVVmR GH WDLV LQIRUPDo}HV QRV WHUPRV GR
DUWLJRžSDUiJUDIRžGD,QVWUXomR&90H
'HWpP LQGLUHWDPHQWH GDV Do}HV RUGLQiULDV H GDV Do}HV
SUHIHUHQFLDLVGHHPLVVmRGD&RPSDQKLDVHQGRVHXDFLRQLVWDFRQWURODGRU
9DORUHV0RELOLiULRVHP(PSUpVWLPR22IHUWDQWHHSHVVRDVDHOHYLQFXODGDV
QmR VmR QD GDWD GH SXEOLFDomR GHVWH (GLWDO SDUWH GH TXDLVTXHU
HPSUpVWLPRV FRPR WRPDGRUDV RX FUHGRUDV GH YDORUHV PRELOLiULRV GH
HPLVVmRGD&RPSDQKLD
([SRVLomR HP 'HULYDWLYRV 2 2IHUWDQWH H SHVVRDV D HOH YLQFXODGDV QmR
HVWmR QD GDWD GH SXEOLFDomR GHVWH (GLWDO VXMHLWRV D H[SRVLomR HP
GHULYDWLYRVUHIHUHQFLDGRVHPYDORUHVPRELOLiULRVGD&RPSDQKLD
&RQWUDWRVVREUH$TXLVLomRRX$OLHQDomRGH9DORUHV0RELOLiULRV22IHUWDQWHH
SHVVRDV D HOH YLQFXODGDV QmR VmR QD GDWD GH SXEOLFDomR GHVWH (GLWDO
EHQHILFLiULDV RX SDUWHV GH FRQWUDWRV SUpFRQWUDWRV RSo}HV FDUWDV GH
LQWHQomR RX TXDLVTXHU RXWURV DWRV MXUtGLFRV GLVSRQGR VREUH D DTXLVLomR RX
DOLHQDomRGHYDORUHVPRELOLiULRVGD&RPSDQKLD
&RQWUDWRV FRP 3DUWHV 5HODFLRQDGDV ([FHWR SHOR TXH IRL GLYXOJDGR QR LWHP
QmRIRUDPFHOHEUDGRVQRV~OWLPRVVHLVPHVHVTXDOTXHUFRQWUDWR
SUpFRQWUDWRRSomRFDUWDGHLQWHQomRRXTXDOTXHURXWURDWRMXUtGLFRVLPLODU
HQWUHLR2IHUWDQWHRXSHVVRDVDHOHYLQFXODGDVHLLD&RPSDQKLDVHXV
DGPLQLVWUDGRUHVRX$FLRQLVWDVWLWXODUHVGHDo}HVUHSUHVHQWDQGRPDLVGH
FLQFR SRU FHQWR GDV $o}HV8QLWV REMHWR GD 2IHUWD RX TXDOTXHU SHVVRD
YLQFXODGDjVSHVVRDVPHQFLRQDGDV
$,QVWLWXLomR,QWHUPHGLiULDGHFODUDTXH
7RPRX WRGDV DV FDXWHODV H DJLX FRP HOHYDGRV SDGU}HV GH GLOLJrQFLD
SDUD DVVHJXUDU TXH DV LQIRUPDo}HV SUHVWDGDV SHOR 2IHUWDQWH IRVVHP
YHUGDGHLUDVFRQVLVWHQWHVFRUUHWDVHVXILFLHQWHV
3UHVWD DR 6DQWDQGHU (VSDQKD RV VHUYLoRV GH LQWHUPHGLDomR
UHODFLRQDGRV D HVWD 2IHUWD SHOR TXH HVSHUD UHFHEHU XPD
UHPXQHUDomR HTXLYDOHQWH D 86 PLOK}HV $GLFLRQDOPHQWH QRV
-85B63Y
9HUVmR3XEOLFDGD
WHUPRV GR LWHP GHVWH (GLWDO D ,QVWLWXLomR ,QWHUPHGLiULD
JDUDQWLUiDOLTXLGDomRILQDQFHLUDGHVWD2IHUWDH
3UHVWRX QR SDVVDGR H SRGHUi YLU D SUHVWDU HP FRQMXQWR FRP VXDV
VXEVLGLiULDV RX TXDLVTXHU VRFLHGDGHV SHUWHQFHQWHV DR PHVPR JUXSR
HFRQ{PLFR GLYHUVRV VHUYLoRV GH EDQFR GH LQYHVWLPHQWR DVVHVVRULD
ILQDQFHLUD H RXWURV VHUYLoRV UHODFLRQDGRV DR 6DQWDQGHU (VSDQKD H
VXDVRXWUDVVXEVLGLiULDVRXVRFLHGDGHVSHUWHQFHQWHVDRPHVPRJUXSR
HFRQ{PLFRSHORVTXDLVIRUDPHSUHWHQGHPVHUUHPXQHUDGRV
$ ,QVWLWXLomR ,QWHUPHGLiULD p FRQWURODGD SHOR 6DQWDQGHU (VSDQKD H p D
&RPSDQKLDREMHWRGHVWD2IHUWD
,QIRUPDo}HVjV6RFLHGDGHV&RUUHWRUDV
$V VRFLHGDGHV FRUUHWRUDV TXH GHVHMDUHP SDUWLFLSDU GR /HLOmR SRU PHLR GD
FRORFDomRGHRIHUWDGHYHQGDGH8QLWVH$o}HVHPQRPHGRVVHXVFOLHQWHVTXHDVVLPR
UHTXLVLWDUHP GHYHUmR D HVWDU GHYLGDPHQWH DXWRUL]DGDV D RSHUDU QR 6HJPHQWR
%29(63$ GD %0)%29(63$ E FHOHEUDU FRP D ,QVWLWXLomR ,QWHUPHGLiULD H FXPSULU
WRGDV DV FRQGLo}HV HVWDEHOHFLGDV QD FDUWD GH LQVWUXo}HV D VHU HQFDPLQKDGD SHOD
,QVWLWXLomR,QWHUPHGLiULDHPPRPHQWRRSRUWXQR³&DUWDGH,QVWUXo}HV´HFUHWHURV
UHVSHFWLYRV )RUPXOiULRV GH +DELOLWDomR GRV DFLRQLVWDV H GHPDLV GRFXPHQWRV
QHFHVViULRVSDUDVXDGHYLGDUHSUHVHQWDomRQR/HLOmR
1mR REVWDQWH DR GLVSRVWR DFLPD DV VRFLHGDGHV FRUUHWRUDV GHYHP OHU
FXLGDGRVDPHQWH HVWH (GLWDO H D &DUWD GH ,QVWUXo}HV GHYHQGR VH DWHQWDU SDUD RV
WHUPRV H FRQGLo}HV TXH HQYROYHP D 2IHUWD LQFOXLQGR PDV QmR VH OLPLWDQGR RV
SURFHGLPHQWRVGHKDELOLWDomRGRVDFLRQLVWDVTXHVHUmRUHSUHVHQWDGRVQR/HLOmR
$V VRFLHGDGHV FRUUHWRUDV GHYHUmR VH PDQWHU GHYLGDPHQWH DWXDOL]DGDV VREUH
TXDOTXHU LQIRUPDomR DFHUFD GD 2IHUWD TXH YHQKD D VHU HYHQWXDOPHQWH GLYXOJDGD SHOD
%0)%29(63$LQFOXLQGRPDVQmRVHOLPLWDQGRRFRPXQLFDGRH[WHUQRDVHUGLYXOJDGR
SHOD %0)%29(63$ WUDWDQGR GD DSUHVHQWDomR VREUH D 2IHUWD D VHU UHDOL]DGD SHOD
,QVWLWXLomR,QWHUPHGLiULDjVVRFLHGDGHVFRUUHWRUDV
2XWUDV,QIRUPDo}HV
5HJLVWUR GH &RPSDQKLD $EHUWD 2 UHJLVWUR GD &RPSDQKLD SHUDQWH D &90 HVWi
GHYLGDPHQWH DWXDOL]DGR HP FRQIRUPLGDGH FRP R DUWLJR GD /HL Qž GH GH
GH]HPEURGHFRQIRUPHDOWHUDGD
&RQVXOWRUHV-XUtGLFRV
3LQKHLUR1HWR$GYRJDGRV
5XD+XQJULDQž±6mR3DXOR63
ZZZSLQKHLURQHWRFRPEU
$FHVVR j /LVWD GH $FLRQLVWDV H 'DGRV SDUD &RQWDWR (QFRQWUDPVH j GLVSRVLomR
GHHYHQWXDLVLQWHUHVVDGRVPHGLDQWHLGHQWLILFDomRHUHFLERQRVHQGHUHoRVSDUDFRQWDWR
GR6DQWDQGHU(VSDQKDQR%UDVLOQDVHGHGD&RPSDQKLDQD,QVWLWXLomR,QWHUPHGLiULD
-85B63Y
9HUVmR3XEOLFDGD
QD&90HQD%0)%29(63$DUHODomRQRPLQDOGHWRGRVRVDFLRQLVWDVGD&RPSDQKLD
FRQWHQGRRVUHVSHFWLYRVHQGHUHoRVHTXDQWLGDGHVGHDo}HVGLVFULPLQDGDVSRUHVSpFLH
LQFOXVLYHSRUPHLRHOHWU{QLFR
%$1&26$17$1'(56$
3DVHRGH3HUHGDQ~PHUR6DQWDQGHU&DQWDEULD(VSDQKD
%$1&26$17$1'(5%5$6,/6$
$YHQLGD3UHVLGHQWH-XVFHOLQR.XELWVFKHNQƒH9LOD2OtPSLD6mR3DXOR63
&20,66­2'(9$/25(602%,/,È5,26
5XD&LQFLQDWR%UDJDQžžDQGDU6mR3DXOR63
5XD6HWHGH6HWHPEURQžžDQGDU³&HQWURGH&RQVXOWDV´±5LRGH-DQHLUR5-
%0)%29(63$6$%ROVDGH9DORUHV0HUFDGRULDVH)XWXURV
3UDoD $QWRQLR 3UDGR Qž ž DQGDU ± 'LUHWRULD GH 2SHUDo}HV &HQWUR ± 6mR
3DXOR63
ZZZEPIERYHVSDFRPEUSDUD DFHVVDU /DXGR GH $YDOLDomR QHVWH ZHEVLWH FOLTXH HP
³6HUYLoRV´FOLTXHHP³/HLO}HV´FOLTXHHP³%ROVDGH9DORUHV´HHQWmRFOLTXHHP³/DXGR
GH$YDOLDomR±23$9ROXQWiULD GH 3HUPXWDGH $o}HV2UGLQiULDV$o}HV 3UHIHUHQFLDLV H
8QLWV GR %DQFR 6DQWDQGHU %UDVLO SDUD VDtGD GR 1tYHO GH *RYHUQDQoD &RUSRUDWLYD´
3DUDDFHVVDUHVWH(GLWDOQRPHVPRZHEVLWHFOLTXHHP³0HUFDGRV´FOLTXHHP³/HLO}HV´
,WD~&RUUHWRUDGH9DORUHV6$
$Y%ULJDGHLUR)DULD/LPDQžDQGDU6mR3DXOR63
$FHVVR (OHWU{QLFR DRV 'RFXPHQWRV 0HQFLRQDGRV QHVWH (GLWDO $OpP GRV
HQGHUHoRV ItVLFRV PHQFLRQDGRV QR LWHP DFLPD RV )RUPXOiULRV GH 5HIHUrQFLD GR
6DQWDQGHU(VSDQKDHGR6DQWDQGHU%UDVLODVGHPRQVWUDo}HVILQDQFHLUDVGR6DQWDQGHU
(VSDQKD H GR 6DQWDQGHU %UDVLO R (GLWDO R /DXGR GH $YDOLDomR R )RUPXOiULR GH
+DELOLWDomR R SDUHFHU GR &RQVHOKR GH $GPLQLVWUDomR SUHYLVWR QR LWHP DFLPD H DV
2SLQL}HV HVWmR GLVSRQtYHLV QDV VHJXLQWHV SiJLQDV QD ,QWHUQHW GD &90 GD
%0)%29(63$ GD ,QVWLWXLomR ,QWHUPHGLiULD GR 6DQWDQGHU %UDVLO H GR 6DQWDQGHU
(VSDQKDFRQIRUPHDSOLFiYHO
)RUPXOiULRVGH5HIHUrQFLDGR6DQWDQGHU%UDVLOHGR6DQWDQGHU(VSDQKD
• ZZZFYPJRYEU QHVVD SiJLQD DFHVVDU ³,75 ')3 ,$1 ,3( H RXWUDV
,QIRUPDo}HV´ GLJLWDU ³%$1&2 6$17$1'(5 %5$6,/ 6$´ RX ³%$1&2
6$17$1'(5 6$´ SRVWHULRUPHQWH FOLFDU HP ³%$1&2 6$17$1'(5 %5$6,/
6$´ RX ³%$1&2 6$17$1'(5 6$´ FOLFDU HP ³)RUPXOiULR GH 5HIHUrQFLD´ H
FRQVXOWDUDYHUVmRPDLVUHFHQWHFOLFDQGRHP³&RQVXOWD´RX³'RZQORDG´
• ZZZEPIERYHVSDFRPEU QHVVD SiJLQD FOLFDU HP ³&RQKHoD DV FRPSDQKLDV
OLVWDGDV QD %ROVD´ GLJLWDU ³%&2 6$17$1'(5 %5$6,/ 6$´ RX ³%$1&2
6$17$1'(5 6$´ FOLFDU HP ³%&2 6$17$1'(5 %5$6,/ 6$´ RX ³%$1&2
6$17$1'(5 6$´ FOLFDU QD JXLD ³5HODWyULRV )LQDQFHLURV´ H FOLFDU QD ~OWLPD
YHUVmR GR )RUPXOiULR GH 5HIHUrQFLD GR 6DQWDQGHU %UDVLO RX GR 6DQWDQGHU
(VSDQKDGLVSRQtYHO´H
-85B63Y
9HUVmR3XEOLFDGD
•
•
ZZZULVDQWDQGHUFRPEUQHVVDSiJLQDQHVVDSiJLQDFOLFDUHP³,QIRUPDo}HV
)LQDQFHLUDV´FOLFDUHP³5HODWyULRV&90´FOLFDUHP³)RUPXOiULRGH5HIHUrQFLD´H
FRQVXOWDUDYHUVmRPDLVUHFHQWHFOLFDQGRHP³&RQVXOWD´RX³'RZQORDG´H
ZZZVDQWDQGHUFRP QHVVD SiJLQD FOLFDU HP ³,QIRUPDFLyQ SDUD DFFLRQLVWD H
LQYHUVRUHV´ QR LWHP ³,QIRUPDoLyQ *HQHUDO´ FOLFDU HP ³2IHUWD GH FDQMH GH
DFFLRQHV GH 6DQWDQGHU %UDVLO´ H GHSRLV HP )RUPXOiULR GH 5HIHUrQFLD DSHQDV
IRUPXOiULRGHUHIHUrQFLDGR6DQWDQGHU(VSDQKDVLWHHPHVSDQKRO
'HPRQVWUDo}HV)LQDQFHLUDVGR6DQWDQGHU%UDVLOHGR6DQWDQGHU(VSDQKD
• ZZZFYPJRYEU QHVVD SiJLQD DFHVVDU ³,75 ')3 ,$1 ,3( H RXWUDV
,QIRUPDo}HV´ GLJLWDU ³%$1&2 6$17$1'(5 %5$6,/ 6$´ RX ³%$1&2
6$17$1'(5 6$´ SRVWHULRUPHQWH FOLFDU HP ³%$1&2 6$17$1'(5 %5$6,/
6$´RX³%$1&26$17$1'(56$´FOLFDUHP³'DGRV(FRQ{PLFR)LQDQFHLURV´
H ILQDOPHQWH FRQVXOWDU RV DUTXLYR FRP D GDWD GD GHPRQVWUDomR ILQDQFHLUD
GHVHMDGD
• ZZZEPIERYHVSDFRPEU QHVVD SiJLQD FOLFDU HP ³&RQKHoD DV FRPSDQKLDV
OLVWDGDV QD %ROVD´ GLJLWDU ³%&2 6$17$1'(5 %5$6,/ 6$´ RX ³%$1&2
6$17$1'(5 6$´ FOLFDU HP ³%&2 6$17$1'(5 %5$6,/ 6$´ RX ³%$1&2
6$17$1'(5 6$´ FOLFDU QD JXLD ³,QIRUPDo}HV 5HOHYDQWHV´ FOLFDU HP ³'DGRV
(FRQ{PLFR)LQDQFHLURV´ H ILQDOPHQWH FRQVXOWDU R DUTXLYR FRP D GDWD GD
GHPRQVWUDomRILQDQFHLUDGHVHMDGD
• ZZZULVDQWDQGHUFRPEU QHVVD SiJLQD DFHVVDU ³,QIRUPDo}HV )LQDQFHLUDV´
FOLFDU HP ³5HODWyULRV &90´ FOLFDU HP ³'DGRV (FRQ{PLFR)LQDQFHLURV´ H
ILQDOPHQWH FRQVXOWDU RV DUTXLYR FRP D GDWD GD GHPRQVWUDomR ILQDQFHLUD
GHVHMDGDH
• ZZZVDQWDQGHUFRP QHVVD SiJLQD FOLFDU HP ³,QIRUPDFLyQ SDUD DFFLRQLVWD H
LQYHUVRUHV´ QR LWHP ³,QIRUPDoLyQ *HQHUDO´ FOLFDU HP ³2IHUWD GH FDQMH GH
DFFLRQHVGH6DQWDQGHU%UDVLO´HGHSRLVFOLFDUHP³,QIRUPHDQXDO´RX³,QIRUPHV
7ULPHVWUDOHV´ GH DFRUGR FRP D LQIRUPDomR ILQDQFHLUD GHVHMDGD DSHQDV
GHPRQVWUDo}HVILQDQFHLUDVGR6DQWDQGHU(VSDQKDVLWHHPHVSDQKRO
(GLWDO
• ZZZFYPJRYEU QHVVD SiJLQD DFHVVDU ³,75 ')3 ,$1 ,3( H RXWUDV
,QIRUPDo}HV´ GLJLWDU ³%$1&2 6$17$1'(5 %5$6,/ 6$´ RX ³%$1&2
6$17$1'(5 6$´ SRVWHULRUPHQWH FOLFDU HP ³%$1&2 6$17$1'(5 %5$6,/
6$´RX³%$1&26$17$1'(56$´FOLFDUHP³23$(GLWDO GH2IHUWD3~EOLFD
GH$o}HV´HILQDOPHQWHFRQVXOWDURDUTXLYRPDLVUHFHQWH
• ZZZEPIERYHVSDFRPEU QHVVD SiJLQD FOLFDU HP ³6(59,d26´ HP VHJXLGD
FOLFDU HP ³/HLO}HV´ GHSRLV FOLFDU QD JXLD ³%ROVD GH 9DORUHV´ H ILQDOPHQWH
FRQVXOWDURDUTXLYRFRPR(GLWDOQDOLVWDGH³&URQRJUDPDH(GLWDLV´
• ZZZULVDQWDQGHUFRPEU QHVVD SiJLQD DFHVVDU ³,QIRUPDo}HV )LQDQFHLUDV´
FOLFDUHP³5HODWyULRV&90´FOLFDUHP³23$(GLWDOGH2IHUWD3~EOLFDGH$o}HV´
H ILQDOPHQWH FRQVXOWDU 23$ (GLWDO GH 2IHUWD 3~EOLFD GH $o}HV RX DFHVVDU
ZZZVDQWDQGHUFRPEUSURVSHFWRV QHVVD SiJLQD DFHVVDU ³(GLWDO GH 2IHUWD
3~EOLFD9ROXQWiULDGH3HUPXWDGR%DQFR6DQWDQGHU6$´H
• ZZZVDQWDQGHUFRP QHVVD SiJLQD FOLFDU HP ³,QIRUPDFLyQ SDUD DFFLRQLVWD H
LQYHUVRUHV´ QR LWHP ³,QIRUPDoLyQ *HQHUDO´ FOLFDU HP ³2IHUWD GH FDQMH GH
DFFLRQHVGH6DQWDQGHU%UDVLO´HGHSRLVFOLFDUHP³(GLWDO´VLWHHPHVSDQKRO
-85B63Y
9HUVmR3XEOLFDGD
/DXGRGH$YDOLDomR
• ZZZFYPJRYEU QHVVD SiJLQD DFHVVDU ³,75 ')3 ,$1 ,3( H RXWUDV
,QIRUPDo}HV´ GLJLWDU ³%$1&2 6$17$1'(5 %5$6,/ 6$´ RX ³%$1&2
6$17$1'(5 6$´ SRVWHULRUPHQWH FOLFDU HP ³%$1&2 6$17$1'(5 %5$6,/
6$´RX³%$1&26$17$1'(56$´FOLFDUHP³'DGRV(FRQ{PLFR)LQDQFHLURV´
HILQDOPHQWHFRQVXOWDUDYHUVmRPDLVUHFHQWHGR/DXGRGH$YDOLDomR
• ZZZEPIERYHVSDFRPEU QHVVD SiJLQD FOLFDU HP ³&RQKHoD DV FRPSDQKLDV
OLVWDGDV QD %ROVD´ GLJLWDU ³%&2 6$17$1'(5 %5$6,/ 6$´ RX ³%$1&2
6$17$1'(5 6$´ FOLFDU HP ³%&2 6$17$1'(5 %5$6,/ 6$´ RX ³%$1&2
6$17$1'(5 6$´ FOLFDU QD JXLD ³,QIRUPDo}HV 5HOHYDQWHV´ FOLFDU HP ³'DGRV
(FRQ{PLFR)LQDQFHLURV´ H ILQDOPHQWH FRQVXOWDU D YHUVmR PDLV UHFHQWH GR
/DXGRGH$YDOLDomR
• ZZZULVDQWDQGHUFRPEU QHVVD SiJLQD FOLFDU HP FOLFDU HP ³5HODWyULRV &90´
FOLFDU HP ³'DGRV (FRQ{PLFR)LQDQFHLURV´ H ILQDOPHQWH FRQVXOWDU D YHUVmR
PDLVUHFHQWHGR/DXGRGH$YDOLDomRH
• ZZZVDQWDQGHUFRP QHVVD SiJLQD FOLFDU HP ³,QIRUPDFLyQ SDUD DFFLRQLVWD H
LQYHUVRUHV´ FOLFDU HP ³2IHUWD GH FDQMH GH DFFLRQHV GH 6DQWDQGHU %UDVLO´ H
GHSRLVHP/DXGRVLWHHPHVSDQKRO
)RUPXOiULRGH+DELOLWDomR
• • ZZZULVDQWDQGHUFRPEU QHVVD SiJLQD FOLFDU HP ³*RYHUQDQoD &RUSRUDWLYD´
FOLFDUHP³$WDVGH5HXQLmRH$VVHPEOHLD´FOLFDUHP³$WDVGH$*(H$*2´FOLFDU
HP³)RUPXOiULRGH+DELOLWDomR´H
• ZZZVDQWDQGHUFRP QHVVD SiJLQD FOLFDU HP ³,QIRUPDFLyQ SDUD DFFLRQLVWD H
LQYHUVRUHV´ QR LWHP ³,QIRUPDoLyQ *HQHUDO´ FOLFDU HP ³2IHUWD GH FDQMH GH
DFFLRQHV GH 6DQWDQGHU %UDVLO´ H GHSRLV HP )RUPXOiULR GH +DELOLWDomR VLWH HP
HVSDQKRO
3DUHFHUGR&RQVHOKRGH$GPLQLVWUDomRDVVLPTXHGLVSRQtYHO
• ZZZFYPJRYEU QHVVD SiJLQD DFHVVDU ³,75 ')3 ,$1 ,3( H RXWUDV
,QIRUPDo}HV´ GLJLWDU ³%$1&2 6$17$1'(5 %5$6,/ 6$´ SRVWHULRUPHQWH
FOLFDU HP ³%$1&2 6$17$1'(5 %5$6,/ 6$´ FOLFDU HP ³5HXQLmR GD
$GPLQLVWUDomR´ H ILQDOPHQWH FOLFDU HP ³&RQVXOWD´ RX ³'RZQORDG´ QD DWD GH
UHXQLmR GR FRQVHOKR GH DGPLQLVWUDomR TXH SRVVXL FRPR DVVXQWR R SDUHFHU GR
FRQVHOKR GH DGPLQLVWUDomR 7DO DWD HVWDUi GLVSRQtYHO DSHQDV DSyV D SXEOLFDomR
GHVWH(GLWDO
• ZZZEPIERYHVSDFRPEU QHVVD SiJLQD FOLFDU HP ³&RQKHoD DV FRPSDQKLDV
OLVWDGDVQD%ROVD´GLJLWDU³%&26$17$1'(5%5$6,/6$´FOLFDUHP³%$1&2
6$17$1'(5%5$6,/6$´FOLFDUQDJXLD³,QIRUPDo}HV5HOHYDQWHV´FOLFDUHP
³5HXQLmRGD$GPLQLVWUDomR´HILQDOPHQWHFOLFDUQDDWDGHUHXQLmRGRFRQVHOKR
GH DGPLQLVWUDomR TXH SRVVXL FRPR DVVXQWR R SDUHFHU GR FRQVHOKR GH
DGPLQLVWUDomR7DODWDHVWDUiGLVSRQtYHODSHQDVDSyVDSXEOLFDomRGHVWH(GLWDO
H
• ZZZULVDQWDQGHUFRPEU QHVVD SiJLQD FOLFDU HP ³*RYHUQDQoD &RUSRUDWLYD´
FOLFDU HP ³$WDV GH 5HXQLmR H $VVHPEOHLDV´ FOLFDU HP ³$WDV GH 5HXQLmR GR
&RQVHOKRGH$GPLQLVWUDomR´HILQDOPHQWHFOLFDUQDDWDGHUHXQLmRGRFRQVHOKR
-85B63Y
9HUVmR3XEOLFDGD
GH DGPLQLVWUDomR TXH SRVVXL FRPR DVVXQWR R SDUHFHU GR FRQVHOKR GH
DGPLQLVWUDomR7DODWDHVWDUiGLVSRQtYHODSHQDVDSyVDSXEOLFDomRGHVWH(GLWDO
2SLQL}HVDVVLPTXHGLVSRQtYHO
• ZZZFYPJRYEU QHVVD SiJLQD DFHVVDU ³,75 ')3 ,$1 ,3( H RXWUDV
,QIRUPDo}HV´ GLJLWDU ³%$1&2 6$17$1'(5 %5$6,/ 6$´ RX ³%$1&2
6$17$1'(5 6$´ SRVWHULRUPHQWH FOLFDU HP ³%$1&2 6$17$1'(5 %5$6,/
6$´RX³%$1&26$17$1'(56$´FOLFDUHP³'DGRV(FRQ{PLFR)LQDQFHLURV´
HILQDOPHQWHFOLFDUQDRSLQLmRGHVHMDGD
• ZZZEPIERYHVSDFRPEU QHVVD SiJLQD FOLFDU HP ³&RQKHoD DV FRPSDQKLDV
OLVWDGDV QD %ROVD´ GLJLWDU ³%&2 6$17$1'(5 %5$6,/ 6$´ RX ³%$1&2
6$17$1'(5 6$´ FOLFDU HP ³%&2 6$17$1'(5 %5$6,/ 6$´ RX ³%$1&2
6$17$1'(5 6$´ FOLFDU QD JXLD ³,QIRUPDo}HV 5HOHYDQWHV´ H ILQDOPHQWH
FOLFDUQDRSLQLmRGHVHMDGD
• ZZZULVDQWDQGHUFRPEU QHVVD SiJLQD FOLFDU HP ³*RYHUQDQoD &RUSRUDWLYD´
FOLFDUHP³$WDVGH5HXQLmRH$VVHPEOHLD´FOLFDUHP³$WDVGH$*(H$*2´FOLFDU
HP³2SLQL}HV´H
• ZZZVDQWDQGHUFRP QHVVD SiJLQD DFHVVDU ³,QIRUPDFLyQ SDUD DFFLRQLVWD H
LQYHUVRUHV´ QR LWHP ³,QIRUPDoLyQ *HQHUDO´ FOLFDU HP ³2IHUWD GH FDQMH GH
DFFLRQHVGH6DQWDQGHU%UDVLO´HGHSRLV³2SLQL}HV³VLWHHPHVSDQKRO
5HFRPHQGDomR DRV LQYHVWLGRUHV 5HFRPHQGDVH DRV LQYHVWLGRUHV TXH DQWHV GH
GHFLGLUHP DGHULU j 2IHUWD FRQVXOWHP VHXV DVVHVVRUHV MXUtGLFRV H WULEXWiULRV SDUD
YHULILFDUHYHQWXDLVLPSOLFDo}HVMXUtGLFDVWULEXWiULDVHFDPELDLVGHFRUUHQWHVGDDFHLWDomR
GD2IHUWD
5HJLVWURVSHUDQWHD&90HD%0)%29(63$$2IHUWDHDGLVWULEXLomRS~EOLFDGH
%'5VIRUDPSUHYLDPHQWHVXEPHWLGDVjDQiOLVHGD&90HUHJLVWUDGDVHPGHVHWHPEUR
GH VRE RV QƒV &9065(23$92/ H &9065(%'5 2
SURJUDPDGH%'5VIRLSUHYLDPHQWHVXEPHWLGRjDQiOLVHGD&90HUHJLVWUDGRHPGH
VHWHPEURGHVRERQƒ&9065(%'5(PHGHDJRVWRGH
UHVSHFWLYDPHQWH D %0)%29(63$ DXWRUL]RX D DGPLVVmR j QHJRFLDomR HP VHX
PHUFDGRGHEROVDGRV%'5VHDUHDOL]DomRGR/HLOmRHPVHXVLVWHPDGHQHJRFLDomR
$SRLRDRWLWXODUHVGH%'5V$VDo}HVGR6DQWDQGHU(VSDQKDVmRWUDQVDFLRQDGDV
QDVEROVDVHVSDQKRODV1RYD,RUTXH/RQGUHV/LVERD0p[LFR%XHQRV$LUHVH0LOmRH
FRQWD DWXDOPHQWH FRP PLOK}HV GH DFLRQLVWDV QR PXQGR 8P WRWDO GH GR
FDSLWDO WRWDO GR 6DQWDQGHU (VSDQKD p GHWLGR SRU SHVVRDV ItVLFDV H LQVWLWXLo}HV QmR
ILQDQFHLUDV $ FDSDFLGDGH TXH R 6DQWDQGHU (VSDQKD WHP GH HVWDEHOHFHU UHODo}HV
HVWUHLWDVFRPVHXVDFLRQLVWDVVHFRQFUHWL]DSRUPHLRGRVFLQFR(VFULWyULRVGH5HODo}HV
FRP $FLRQLVWDV TXH IXQFLRQDP QD (VSDQKD 5HLQR 8QLGR (VWDGRV 8QLGRV 0p[LFR H
3RUWXJDO2(VFULWyULR GH5HODo}HV FRP$FLRQLVWDVQR%UDVLOWHPRREMHWLYR GHDWHQGHU
DRVWLWXODUHVGRV%'5VGHUHVSRQGHUjVGLVWLQWDVTXHVW}HVTXHVHMDPIRUPXODGDVHGH
PDQWrORV LQIRUPDGRV D UHVSHLWR GD HYROXomR GR *UXSR 6DQWDQGHU H HYHQWRV
LQVWLWXFLRQDLVDRVTXDLVGiVXSRUWH
-85B63Y
9HUVmR3XEOLFDGD
1D (VSDQKD R (VFULWyULR GH 5HODo}HV FRP $FLRQLVWDV SRGH VHU ORFDOL]DGR QR
HQGHUHoRDEDL[R
&LXGDG*UXSR6DQWDQGHU
$YGH&DQWDEULDVQ
(GLItFLR0DULVPD
%RDGLOODGHO0RQWH0$'5,'±(63$f$
1~PHURGH$WHQGLPHQWRDRV$FLRQLVWDV
(PDLODFFLRQLVWDV#VDQWDQGHUFRP
1R%UDVLORUHSUHVHQWDQWHOHJDOGR6DQWDQGHU(VSDQKDp-HV~V0DULD=DEDO]D
/RWLQD H R (VFULWyULR GH 5HODo}HV FRP $FLRQLVWDV SRGH VHU ORFDOL]DGR QR
HQGHUHoRDEDL[R
$Y3UHVLGHQWH-XVFHOLQR.XELWVFKHNžDQGDU9LOD2OtPSLD
6mR3DXOR63&(3
1~PHURGH$WHQGLPHQWRDRV$FLRQLVWDV
3DUDFKDPDGDVGRH[WHULRU
(PDLODFLRQLVWDVBEU#VDQWDQGHUFRP
&RQVLGHUDo}HVVREUH(VWLPDWLYDVH'HFODUDo}HV3URVSHFWLYDV&HUWDVDILUPDo}HV
FRQWLGDV QHVWH (GLWDO SRGHP FRQVWLWXLU HVWLPDWLYDV H GHFODUDo}HV SURVSHFWLYDV 2 XVR
GH TXDLVTXHU GDV VHJXLQWHV H[SUHVV}HV ³DFUHGLWD´ ³HVSHUD´ ³SRGH´ ³SRGHUi´
³SUHWHQGH´ H ³HVWLPD´ H H[SUHVV}HV VLPLODUHV WrP SRU REMHWLYR LGHQWLILFDU GHFODUDo}HV
SURVSHFWLYDV 1R HQWDQWR HVWLPDWLYDV H GHFODUDo}HV SURVSHFWLYDV SRGHP QmR VHU
LGHQWLILFDGDV SRU WDLV H[SUHVV}HV (P SDUWLFXODU HVWH (GLWDO FRQWpP HVWLPDWLYDV H
GHFODUDo}HV SURVSHFWLYDV UHODFLRQDGDV PDV QmR OLPLWDGDV DR SURFHGLPHQWR D VHU
VHJXLGR SDUD D FRQFOXVmR GD2IHUWD DRV SUD]RV GH GLYHUVRV SDVVRV D VHUHP VHJXLGRV
QR FRQWH[WR GD 2IHUWD H jV Do}HV HVSHUDGDV GR 2IHUWDQWH GD &RPSDQKLD H GH FHUWDV
WHUFHLUDVSDUWHVLQFOXLQGRDVVRFLHGDGHVFRUUHWRUDVQRFRQWH[WRGD2IHUWD(VWLPDWLYDV
H GHFODUDo}HV SURVSHFWLYDV HVWmR VXMHLWDV D ULVFRV H LQFHUWH]DV LQFOXLQGR PDV QmR VH
OLPLWDQGRDRULVFRGHTXHDVSDUWHVHQYROYLGDVQD2IHUWDQmRSURPRYDPRVUHTXLVLWRV
QHFHVViULRVjFRQFOXVmRGD2IHUWD(VWLPDWLYDVHGHFODUDo}HVSURVSHFWLYDVVmRWDPEpP
EDVHDGDV HP SUHVXQo}HV TXH QD PHGLGD FRQVLGHUDGD UD]RiYHO SHOR 2IHUWDQWH HVWmR
VXMHLWDV D LQFHUWH]DV UHODWLYDV D QHJyFLRV DVSHFWRV HFRQ{PLFRV H FRQFRUUHQFLDLV
UHOHYDQWHV $V SUHVXQo}HV GR 2IHUWDQWH FRQWLGDV QHVWH (GLWDO DV TXDLV SRGHP VHU
SURYDGDVVHUHPLQFRUUHWDVLQFOXHPPDVQmRVHOLPLWDPDSUHVXQo}HVGHTXHDVOHLVH
UHJUDV GR PHUFDGR GH FDSLWDLV DSOLFiYHLV j 2IHUWD QmR VHUmR DOWHUDGDV DQWHV GD
FRQFOXVmR GD 2IHUWD ([FHWR QD PHGLGD UHTXHULGD SHOD OHL R 2IHUWDQWH QmR DVVXPH
TXDOTXHU REULJDomR GH DWXDOL]DU DV HVWLPDWLYDV H GHFODUDo}HV SURVSHFWLYDV FRQWLGDV
QHVWH(GLWDO
$JrQFLDV+DELOLWDGDV
%DQFR6DQWDQGHU%UDVLO6$
$JrQFLD&HQWUDO
&yGLJR±
(QGHUHoR5XD%RD9LVWD6mR3DXOR63
-85B63Y
9HUVmR3XEOLFDGD
$JrQFLD3DWULDUFD
&yGLJR±
(QGHUHoR±5XD'U)DOFmR)LOKR6mR3DXOR63
2'()(5,0(172'23(','2'(5(*,6752'$2)(57$1­2,03/,&$3253$57('$
&90 *$5$17,$ '$ 9(5$&,'$'( '$6 ,1)250$d®(6 35(67$'$6 -8/*$0(172
62%5( $ 48$/,'$'( '$ &203$1+,$ 28 62%5( 2 35(d2 2)(57$'2 3(/$6
81,76$d®(62%-(72'(67$2)(57$
/(,$ (67( (',7$/ ( 2 )2508/È5,2 '( 5()(5Ç1&,$ '2 6$17$1'(5 (63$1+$
(63(&,$/0(17( $6 6(d®(6 ³)$725(6 '( 5,6&2´ ( ³5,6&26 '( 0(5&$'2´
$17(6'($&(,7$5$2)(57$
26,19(67,'25(6'(9(0/(526)$725(6'(5,6&25(/$7,926¬2)(57$(
$26%'5612,7(0'(67((',7$/(126,7(16('2)2508/È5,2'(
5()(5Ç1&,$ '2 6$17$1'(5 (63$1+$ 3$5$ &,Ç1&,$ (;$7$ '( &(5726
)$725(6 '( 5,6&2 48( '(9(0 6(5 &216,'(5$'26 (0 5(/$d­2 $2
6$17$1'(5(63$1+$¬2)(57$($2,19(67,0(172(0%'56
,QVWLWXLomR,QWHUPHGLiULD
6mR3DXORGHVHWHPEURGH
%DQFR6DQWDQGHU6$ %DQFR6DQWDQGHU%UDVLO6$
-85B63Y
Download

Versão Publicada DA BM&FBOVESPA S.A.