2DUWGR&yGLJRGH7UkQVLWR%UDVLOHLUR
FRQIRUPHD/HLQGH
5HQDWR0DUFmR
0HPEUR GR 0LQLVWpULR 3~EOLFR GR (VWDGR GH 6mR 3DXOR 0HVWUH HP 'LUHLWR 3URIHVVRU
FRQYLGDGR QR FXUVR GH SyVJUDGXDomR HP &LrQFLDV &ULPLQDLV GD 5HGH /XL] )OiYLR
*RPHV H HP GLYHUVDV (VFRODV GR 0LQLVWpULR 3~EOLFR H GD 0DJLVWUDWXUD 0HPEUR GD
$VVRFLDWLRQ ,QWHUQDWLRQDOH GH 'URLW 3pQDO $,'3 GR ,QVWLWXWR %UDVLOHLUR GH &LrQFLDV
&ULPLQDLV ,%&&ULP GR ,QVWLWXWR GH &LrQFLDV 3HQDLV ,&3 H GR ,QVWLWXWR %UDVLOHLUR
GH ([HFXomR 3HQDO ,%(3 $XWRU GRV OLYURV 7y[LFRV 6DUDLYD &XUVR GH ([HFXomR
3HQDO 6DUDLYD /HL GH ([HFXomR 3HQDO DQRWDGD 6DUDLYD (VWDWXWR GR 'HVDUPDPHQWR
6DUDLYD &ULPHV GH 7UkQVLWR 6DUDLYD &ULPHV FRQWUD D 'LJQLGDGH 6H[XDO 6DUDLYD
3ULV}HV &DXWHODUHV /LEHUGDGH 3URYLVyULD H 0HGLGDV &DXWHODUHV 5HVWULWLYDV 6DUDLYD
GHQWUHRXWURV
,QWURGXomR
(PVXDUHGDomRRULJLQDORDUWFDSXWGR&yGLJRGH7UkQVLWR%UDVLOHLUR/HL
Q DVVLP GLVSXQKD ³&RQGX]LU YHtFXOR DXWRPRWRU QD YLD S~EOLFD VRE
LQIOXrQFLDGHiOFRRORXVXEVWkQFLDGHHIHLWRVDQiORJRVH[SRQGRDGDQRSRWHQFLDOD
LQFROXPLGDGHGHRXWUHP´QHJULWHL$VSHQDVFRPLQDGDVHUDPGHWHQomRGHVHLV
PHVHV D WUrV DQRV PXOWD H VXVSHQVmR RX SURLELomR GH VH REWHU D SHUPLVVmR RX D
KDELOLWDomRSDUDGLULJLUYHtFXORDXWRPRWRU
,PSXOVLRQDGR SHODV HOHYDGDV FLIUDV GH PRUWRV H OHVLRQDGRV HP DFLGHQWHV GH
WUkQVLWR HQYROYHQGR HPEULDJXH] DR YRODQWH D SUHWH[WR GH HQGXUHFHU D UHVSRVWD SHQDO
SDUD WDLV VLWXDo}HV WtSLFDV HP GH MXQKR GH R OHJLVODGRU EULQGRX D SRSXODomR
EUDVLOHLUD FRP D /HL Q TXH HQWUH RXWUDV DOWHUDo}HV LPSRVWDV DR &yGLJR GH
7UkQVLWRPRGLILFRXVHXDUWTXHDSDUWLUGHHQWmRSDVVRXDWHUDVHJXLQWHUHGDomRQR
FDSXW ³&RQGX]LU YHtFXOR DXWRPRWRU QD YLD S~EOLFD HVWDQGR FRP FRQFHQWUDomR GH
iOFRRO SRU OLWUR GH VDQJXH LJXDO RX VXSHULRU D VHLV GHFLJUDPDV RX VRE D
LQIOXrQFLD GH TXDOTXHU RXWUD VXEVWkQFLD SVLFRDWLYD TXH GHWHUPLQH GHSHQGrQFLD´ 1mR
KRXYHTXDOTXHUDOWHUDomRHPUHODomRjVSHQDVFRPLQDGDV
$ PRGLILFDomR IRL GHVDVWURVD H GH HIHLWR UHWURDWLYR EHP DR FRQWUiULR GR
SURSDODGR1DPmRGLDPHWUDOPHQWHLQYHUVDGDTXHVHGLVVHSUHWHQGHUFRPDTXHODTXHVH
FRQYHQFLRQRXGHQRPLQDU³/HL6HFD´DVFRQVHTXrQFLDVGHWDORSomRSROtWLFDLUUHIOHWLGDH
LUUHVSRQViYHO DLQGD VmR VHQWLGDV SHOD SRSXODomR Mi Ki DOJXP WHPSR DODUPDGD FRP DV
HVWDWtVWLFDVQHJDWLYDVTXHVyID]HPFUHVFHU
2PDLRUSUREOHPDGHWHUPLQDGRSHOD/HLQIRLDTXDQWLILFDomRTXH
RSWRXSRUUHJXODU
3DVVDGRV PDLV GH TXDWUR DQRV YLVDQGR FRUULJLU R LQGHVFXOSiYHO HUUR
JURVVHLURFRPHWLGRSRUWRGRVDTXHOHVTXHDWXDUDPQDHGLomRGDQHIDVWDOHLGHIRL
HGLWDGD D /HL Q GH TXH GHQWUH RXWUDV PRGLILFDo}HV LPSRVWDV DR
&yGLJRGH7UkQVLWRDOWHURXDUHGDomRGRDUWTXHDJRUDDVVLPGLVS}H
$UW &RQGX]LU YHtFXOR DXWRPRWRU FRP FDSDFLGDGH
SVLFRPRWRUD DOWHUDGD HP UD]mR GD LQIOXrQFLD GH iOFRRO RX GH RXWUD
VXEVWkQFLDSVLFRDWLYDTXHGHWHUPLQHGHSHQGrQFLD
3HQDVGHWHQomRGHVHLVPHVHVDWUrVDQRVPXOWDHVXVSHQVmRRX
SURLELomR GH VH REWHU D SHUPLVVmR RX D KDELOLWDomR SDUD GLULJLU YHtFXOR
DXWRPRWRU
†R$VFRQGXWDVSUHYLVWDVQRFDSXWVHUmRFRQVWDWDGDVSRU
,FRQFHQWUDomRLJXDORXVXSHULRUDGHFLJUDPDVGHiOFRROSRU
OLWURGHVDQJXHRXLJXDORXVXSHULRUDPLOLJUDPDGHiOFRROSRUOLWURGH
DUDOYHRODURX
,, VLQDLV TXH LQGLTXHP QD IRUPD GLVFLSOLQDGD SHOR &RQWUDQ
DOWHUDomRGDFDSDFLGDGHSVLFRPRWRUD
† R $ YHULILFDomR GR GLVSRVWR QHVWH DUWLJR SRGHUi VHU REWLGD
PHGLDQWH WHVWH GH DOFRROHPLD H[DPH FOtQLFR SHUtFLD YtGHR SURYD
WHVWHPXQKDORXRXWURVPHLRVGHSURYDHPGLUHLWRDGPLWLGRVREVHUYDGR
RGLUHLWRjFRQWUDSURYD
†R2&RQWUDQGLVSRUiVREUHD HTXLYDOrQFLDHQWUHRVGLVWLQWRV
WHVWHV GH DOFRROHPLD SDUD HIHLWR GH FDUDFWHUL]DomR GR FULPH WLSLILFDGR
QHVWHDUWLJRQHJULWHL
&RPR VH Yr IRUDP PRGLILFDGDV DV HOHPHQWDUHV GR WLSR IXQGDPHQWDO FDSXW GR
DUW IRUDP PDQWLGDV DV SHQDV FRPLQDGDV IRUDP DFUHVFLGRV XP † ž TXH GLVS}H
VREUHDIRUPDGHFRQVWDWDomRGRGHOLWRXP†žTXHLQGLFDDSRVVLELOLGDGHGHWRGRVRV
PHLRVGHSURYDDGPLWLGRVHPGLUHLWRSDUDDGHPRQVWUDomRGDLQIUDomRHSRUILPXP†
ž D LQGLFDU D DWULEXLomR GR &2175$1 SDUD GLVSRU VREUH D HTXLYDOrQFLD GRV WHVWHV GH
DOFRROHPLD
$ GHQRPLQDGD ³1RYD /HL 6HFD´ UHVROYHX D TXHVWmR GD TXDQWLILFDomR GH iOFRRO
SRUOLWURGHVDQJXHH[LJLGDQDUHGDomRDQWHULRUGRDUWFDSXWHFRPLVVRDPSOLRXD
SRVVLELOLGDGH GH UHVSRQVDELOL]DomR SHQDO R TXH p SRVLWLYR 3RU RXWUR YpUWLFH WURX[H
QRYDV GLVFXVV}HV MXUtGLFDV WRGDV HYLWiYHLV VH R OHJLVODGRU IRVVH PHVPR WpFQLFR H VH
SUHRFXSDVVH HP RXYLU H DFROKHU GXUDQWH R SURFHVVR OHJLVODWLYR RSLQL}HV MXUtGLFDV
UHDOPHQWHDEDOL]DGDV
$VHJXLUDQDOLVDUHPRVRQRYRDUWGR&yGLJRGH7UkQVLWR%UDVLOHLUR
7LSRREMHWLYR
&RQGX]LU SDUD RV ILQV GR GLVSRVLWLYR HP FRPHQWR VLJQLILFD GLULJLU FRORFDU HP
PRYLPHQWRPHGLDQWHDFLRQDPHQWRGRVPHFDQLVPRVGRYHtFXOR
9HtFXOR DXWRPRWRU QRV WHUPRV GR $QH[R , GR &yGLJR GH 7UkQVLWR %UDVLOHLUR
FRQVLGHUDVHYHtFXORDXWRPRWRU³WRGRYHtFXORDPRWRUGHSURSXOVmRTXHFLUFXOHSRUVHXV
SUySULRVPHLRVHTXHVHUYHQRUPDOPHQWHSDUDRWUDQVSRUWHYLiULRGHSHVVRDVHFRLVDV
RX SDUD D WUDomR YLiULD GH YHtFXORV XWLOL]DGRV SDUD R WUDQVSRUWH GH SHVVRDV H FRLVDV 2
WHUPRFRPSUHHQGHRVYHtFXORVFRQHFWDGRVDXPDOLQKDHOpWULFDHTXHQmRFLUFXODPVREUH
WULOKRV{QLEXVHOpWULFR´
$QWHV GD /HL Q GH R FULPH GH HPEULDJXH] DR YRODQWH Vy VH
FRQILJXUDYD VH D FRQGXomR GH YHtFXOR DXWRPRWRU RFRUUHVVH QD YLD S~EOLFD $ DWXDO
UHGDomRGRDUWDEDQGRXWDOFULWpULRSRLVQmRFRQWpPUHIHULGDHOHPHQWDUGHPDQHLUD
TXH UHVWDUi FRQILJXUDGR R FULPH DLQGD TXH D FRQGXomR GR YHtFXOR QDV FRQGLo}HV
LQGLFDGDV VH YHULILTXH HP TXDOTXHU ORFDO S~EOLFR QmR QHFHVVDULDPHQWH YLD S~EOLFD
RXQRLQWHULRUGHSURSULHGDGHSULYDGDFKiFDUDVtWLRRXID]HQGDSRUH[HPSORRTXH
UHSUHVHQWD FRQVLGHUiYHO DPSOLDomR QR DOFDQFH GD UHJUD SXQLWLYD 7DO DMXVWH JXDUGD
FRHUrQFLDFRPDWLSLILFDomRGRVFULPHVGHKRPLFtGLRFXOSRVRDUWGR&7%HOHVmR
FRUSRUDOFXOSRVDDUWGR&7%HPTXHQmRKiUHIHUrQFLDjYLDS~EOLFD
e EHP YHUGDGH TXH R DUW ž GR &7% GL] UHJXODU R WUkQVLWR GH TXDOTXHU QDWXUH]D
QDVYLDVWHUUHVWUHVGRWHUULWyULRQDFLRQDODEHUWDVjFLUFXODomRRTXHSRGHVXJHULUVXD
LQDSOLFDELOLGDGHHPUHODomRDIDWRRFRUULGRHPORFDOTXHQmRVHHQFDL[HQRFRQFHLWRGH
YLD WHUUHVWUH QR LQWHULRU GH SURSULHGDGH SULYDGD YLVWR TXH R DUW ž GR &7% GL] TXH
³VmRYLDVWHUUHVWUHVXUEDQDVHUXUDLVDVUXDVDVDYHQLGDVRVORJUDGRXURVRVFDPLQKRV
DVSDVVDJHQVDVHVWUDGDVHDVURGRYLDV´
7DOIRUPDGHSHQVDUHQWUHWDQWRpHTXLYRFDGD
&RPHIHLWRLPDJLQHVHRVHJXLQWHH[HPSORRPRWRULVWDGHXPYHtFXORDXWRPRWRU
GHVWLQDGR DR WUDQVSRUWH GH WUDEDOKDGRUHV UXUDLV SDVVD D FRQGX]LOR QR LQWHULRU GH XPD
SURSULHGDGHSULYDGDHPPHLRDXPDSODQWDomRGHODUDQMDVLPSULPLQGROKHYHORFLGDGH
H[FHVVLYDLQFRPSDWtYHOSDUDRORFDOHWHUPLQDSRUDWURSHODUHPDWDUXPGRVEUDoDLVTXH
MiVHHQFRQWUDYDWUDEDOKDQGR
(PERUD R HYHQWR WHQKD RFRUULGR QR LQWHULRU GH SURSULHGDGH SULYDGD H HP ORFDO
QmRGHILQLGRFRPRYLDWHUUHVWUHSHORDUWžGR&7%QRH[HPSORDSRQWDGRRFRQGXWRU
GR YHtFXOR GHYHUi UHVSRQGHU SRU KRPLFtGLR FXOSRVR SUDWLFDGR QD GLUHomR GH YHtFXOR
DXWRPRWRU FRQIRUPH R DUW GR &7% SRUTXDQWR LGHQWLILFDGDV DV UHVSHFWLYDV
HOHPHQWDUHV QD FRQGXWD DSRQWDGD R TXH HVWi D GHPRQVWUDU TXH DV GLVSRVLo}HV GRV
DUWV ž H ž QmR GHWHUPLQDP OLPLWDomR GH DOFDQFH SDUD ILQV GH LPSXWDomR SHQDO $V
H[SUHVV}HV HPSUHJDGDV QRV DUWV ž H ž QmR FRQILJXUDP HOHPHQWDUHV GRV WLSRV SHQDLV
FLWDGRVDUWVHYLVWRTXHQHOHVQmRIRUDPGHVFULWDV
%HP SRU LVVR SRGHUi KDYHU LPSXWDomR ODVWUHDGD QR DUW GR &7% TXDQGR D
UHDOL]DomRWtSLFDVHYHULILFDUHPYLDWHUUHVWUHRXQmRQRLQWHULRUGHSURSULHGDGHSULYDGD
VHSUHVHQWHVDVHOHPHQWDUHVGRWLSR
'HYHUHQWUHWDQWRTXHQDGDREVWDQWHVHWHQKDSRUGHPRQVWUDGDDWLSLFLGDGHIRUPDO
DFRQGXomRGHYHtFXORQRLQWHULRUGHSURSULHGDGHSULYDGDQDVFRQGLo}HVGRDUWGR
&7% QHP VHPSUH MXVWLILFDUi LPSXWDomR GH QDWXUH]D SHQDO FXPSULQGR TXH VH DQDOLVH
FDVRDFDVRDSRVVLELOLGDGHRXQmRGHOHVLYLGDGHLQGLFDWLYDGDWLSLFLGDGHPDWHULDOSRLV
DDEVROXWDDXVrQFLDGHVWDLPSHGHDSHUVHFXomR
([HPSOR LPDJLQHVH KLSyWHVH HP TXH R DJHQWH HVWDQGR HP VXD ID]HQGD RQGH
QHQKXPDRXWUDSHVVRDUHVLGHHVHPSUHWHQGHUGHODVDLUDSyVLQJHULUDOJXPDTXDQWLGDGH
GH FHUYHMD FRP D LQWHQomR ~QLFD GH FRQIHULU DV FRQGLo}HV GDV FHUFDV GD SURSULHGDGH
VH FRORFD D FRQGX]LU VHX YHtFXOR DXWRPRWRU QRV OLPLWHV GR LPyYHO UXUDO WUDIHJDQGR
VRPHQWHQDVSDVWDJHQVHHPDOJXPPRPHQWRSRUVHQWLUVHPDOSDUDRFDUURHWHOHIRQD
HP EXVFD GH VRFRUUR PpGLFR TXH p UDSLGDPHQWH SUHVWDGR TXDQGR HQWmR p FRQVWDWDGR
TXHVHHQFRQWUDYDHPEULDJDGR
1RFDVRLQGLFDGRQmRKiVHQWLGRDOJXPHPLQVWDXUDUSHUVHFXomRSHQDOSHORFULPH
GH HPEULDJXH] DR YRODQWH SRLV HPERUD IRUPDOPHQWH FRQILJXUDGR R GHOLWR D WRWDO
DXVrQFLDGHOHVLYLGDGHHVWiSRUGHVDXWRUL]DUSURYLGrQFLDVGHQDWXUH]DSHQDO
7DPEpPSRUIRUoDGDVDOWHUDo}HVLQWURGX]LGDVFRPD/HLQGH
SDUD D UHDOL]DomR GR WLSR GHVFULWR QR DUW FDSXW GR &7% p SUHFLVR TXH R DJHQWH
WHQKD VXD FDSDFLGDGH SVLFRPRWRUD DOWHUDGD HP UD]mR GD LQIOXrQFLD GH iOFRRO RX GH
RXWUDVXEVWkQFLDSVLFRDWLYDTXHGHWHUPLQHGHSHQGrQFLD
&DSDFLGDGH SVLFRPRWRUD p D TXH VH UHIHUH j LQWHJUDomR GDV IXQo}HV PRWRUDV H
SVtTXLFDV 6mR SVLFRPRWRUDV DV SDUWHV GR FpUHEUR TXH SUHVLGHP DV UHODo}HV FRP RV
PRYLPHQWRVGRVP~VFXORVKWWSDXOHWHXROFRPEUSVLFRPRWRU
³$ iUHD SVLFRPRWRUD FRPSUHHQGH D &RRUGHQDomR 0RWRUD XWLOL]DomR HILFLHQWH
GDVSDUWHVGRFRUSRD7RQLFLGDGHDGHTXDomRGHWHQVmRSDUDFDGDJHVWRRXDWLWXGHD
2UJDQL]DomR (VSDFLDO H 3HUFHSomR 9LVXDO DFXLGDGH DWHQomR SHUFHSomR GH LPDJHQV
ILJXUD IXQGR H FRRUGHQDomR YLVRPRWRUD D 2UJDQL]DomR 7HPSRUDO H 3HUFHSomR
$XGLWLYD DWHQomR GLVFULPLQDomR PHPyULD GH VRQV H FRRUGHQDomR DXGLWLYDPRWRUD
D $WHQomR FDSDFLGDGH GH DSUHHQGHU R HVWtPXOR &RQFHQWUDomR FDSDFLGDGH GH VH DWHU
D DSHQDV XP HVWtPXOR SRU XP SHUtRGR GH WHPSR 0HPyULD FDSDFLGDGH GH UHWHU RV
HVWtPXORVHVXDVFDUDFWHUtVWLFDV'HVHQYROYLPHQWRGR(VTXHPD&RUSRUDOUHIHUrQFLDGH
VLPHVPDHD/LQJXDJHP´KWWSZZZEKRQOLQHFRPEUPDUWDSVLFRPRWKWP
3DUDDFRQILJXUDomRGRFULPHQmRpQHFHVViULRTXHDFDSDFLGDGHSVLFRPRWRUDWHQKD
VLGR VXSULPLGD H SRU LVVR VH HQFRQWUH FRPSOHWDPHQWH DXVHQWH QR PRPHQWR GD SUiWLFD
GHOLWLYD%DVWDTXHHVWHMDVLPSOHVPHQWHDOWHUDGDHQWHQGDVHIRUDGDQRUPDOLGDGH
0DVQmRpVy
'HYH ILFDU GHPRQVWUDGR TXH D DOWHUDomR GD FDSDFLGDGH GHFRUUH H[DWDPHQWH GR
FRQVXPRGHiOFRRORXGHRXWUDVXEVWkQFLDSVLFRDWLYDTXHGHWHUPLQHGHSHQGrQFLDItVLFD
RXSVtTXLFD
6H D DOWHUDomR GD FDSDFLGDGH SVLFRPRWRUD QmR GHFRUUHU GR FRQVXPR GH EHELGD
DOFRyOLFD PDV GH DOJXPD VXEVWkQFLD TXH QmR FDXVH GHSHQGrQFLD H LVVR SRGH VHU
SURYDGRSHORLQWHUHVVDGRQmRKDYHUiFULPH
$ VXEVWkQFLD SVLFRDWLYD SRGH VHU OtFLWD RX LOtFLWD 1mR p QHFHVViULR VHMD GURJD
SURVFULWD HQVHMDGRUD GH LPSXWDomR FRP EDVH QD /HL Q GH /HL GH
'URJDV
&ULPHGHSHULJRDEVWUDWR
1D UHGDomR RULJLQDO GR &yGLJR GH 7UkQVLWR /HL GH SDUD D
FRQILJXUDomR GR FULPH SUHYLVWR QR DUW H[LJLDVH SURYD GD RFRUUrQFLD GH SHULJR
FRQFUHWRQmRVHQGRVXILFLHQWHRSHULJRDEVWUDWR
$ /HL Q GH GHX QRYD UHGDomR DR FDSXW GR DUW GR &7%
H GHL[RX GH H[LJLU D RFRUUrQFLD GH SHULJR FRQFUHWR VHQGR FHUWR TXH DV DOWHUDo}HV
LQWURGX]LGDV FRP D /HL Q GH QmR PRGLILFDUDP HVWD UHDOLGDGH
MXUtGLFD
&RQGX]LU YHtFXOR QDV FRQGLo}HV GR DUW FDSXW GR &yGLJR GH 7UkQVLWR
%UDVLOHLURpFRQGXWDTXHSRUVLLQGHSHQGHQWHPHQWHGHTXDOTXHURXWURDFRQWHFLPHQWR
JHUD SHULJR VXILFLHQWH DR EHP MXUtGLFR WXWHODGR GH PRGR D MXVWLILFDU D LPSRVLomR GH
SHQDFULPLQDO
1mR VH H[LJH XP FRQGX]LU DQRUPDO PDQREUDV SHULJRVDV TXH H[SRQKDP D GDQR
HIHWLYRDLQFROXPLGDGHGHRXWUHP
2FULPHpGHSHULJRDEVWUDWRSUHVXPLGR
1HFHVViULRREVHUYDUSRURSRUWXQRTXHDVGLVSRVLo}HVFRQWLGDVQR†ž,H,,GR
DUW QmR HVWmR D LQGLFDU YDULDQWHV GD PRGDOLGDGH WtSLFD PDV WmR VRPHQWH IRUPDV
SHODV TXDLV SRGH VHU FRQVWDWDGR R GHOLWR TXH HVWi SOHQDPHQWH GHVFULWR QR FDSXW GR
PHVPRDUW,VWRHVWiH[SUHVVRQRWH[WROHJDO
'LVVRGHFRUUHQmRVHUDFHUWDGRDILUPDUTXHR†ž,,GRDUW±TXHVHUHIHUH
j SUHVHQoD GH VLQDLV TXH LQGLTXHP DOWHUDomR GD FDSDFLGDGH SVLFRPRWRUD ± UHJXOD
KLSyWHVH HP TXH VH H[LJH SURYD GH SHULJR FRQFUHWR SDUD TXH VH WHQKD SRU UHDOL]DGD
FRQGXWDWtSLFD
6mRVLQDLVTXHLQGLFDPDDOWHUDomRGDFDSDFLGDGHSVLFRPRWRUDDQGDUFDPEDOHDQWH
IDOWD GH HTXLOtEULR YR] SDVWRVD RX DJUHVVLYLGDGH DVVRFLDGD DR KiOLWR FRP RGRU HWtOLFR
GHQWUHRXWURV
3DUD PHOKRU FRPSUHHQVmR LPDJLQHVH R VHJXLQWH H[HPSOR R DJHQWH QmR p YLVWR
SRUSROLFLDLVGHWUkQVLWRRXTXHPTXHUTXHVHMD UHDOL]DQGRPDQREUDVSHULJRVDVFRPR
YHtFXOR TXH FRQGX] PDV DR VHU DERUGDGR HP UD]mR GH HPEULDJXH] VDL FDPEDOHDQGR
GH VHX DXWRPyYHO H PDO FRQVHJXH VH H[SUHVVDU ORJLFDPHQWH GH PRGR D HYLGHQFLDU
FRQVLGHUiYHOHSHULJRVRHVWDGRHWtOLFR
1D KLSyWHVH LQGLFDGD QmR QRV DQLPDPRV D VXVWHQWDU TXH R GHOLWR GR DUW GR
&7% QmR HVWi FRQILJXUDGR e FODUR TXH R FULPH RFRUUHX H SRU LVVR VH DSUHVHQWDP
LQDIDVWiYHLVDVSURYLGrQFLDVGHQDWXUH]DFULPLQDOFRQWUDVHXDXWRU
3URYDGRFULPH
$/HLQGHGHXQRYDUHGDomRDRDUWGR&yGLJRGH7UkQVLWR
%UDVLOHLUR H GHVGH VXD YLJrQFLD SDUD D FRQILJXUDomR GR FULPH GH HPEULDJXH] DR
YRODQWHSDVVRXDVHULPSUHVFLQGtYHOSURYDSHULFLDOLQGLFDWLYDGHTXHRLQIUDWRUSRVVXtD
FRQFHQWUDomR GH iOFRRO SRU OLWUR GH VDQJXH LJXDO RX VXSHULRU D VHLV GHFLJUDPDV QD
RFDVLmR GR HYHQWR FRQIRUPH HQWHQGLPHQWR TXH WHUPLQRX SRU SUHYDOHFHU QR 67- TXH
DFROKHX H[SUHVVDPHQWH QRVVR HQWHQGLPHQWR 5(VS ')  6HomR UHO 0LQ
0DUFR $XUpOLR %HOOL]]H UHO S R DFyUGmR 0LQ $GLOVRQ 9LHLUD 0DFDEX M '-HGH
%HPSRULVVRDGYHUWLPRVjpSRFDTXHHPGHFRUUrQFLDGDVPXGDQoDVLQWURGX]LGDV
SHOD/HLQDSHQDVSRGHULDVHUFKDPDGRDSUHVWDUFRQWDVj-XVWLoD&ULPLQDO
SRU ³HPEULDJXH] DR YRODQWH´ QRV PROGHV GR DUW FDSXW SULPHLUD SDUWH GR &7%
DSHVVRDTXHDVVLPGHVHMDVVHRXDTXHODTXHIRVVHHQOHDGDRXPDOLQIRUPDGDDUHVSHLWR
GH VHXV GLUHLWRV H SRU LVVR RSWDVVH SRU VH VXEPHWHU RX FRQVHQWLU HP VHU VXEPHWLGD D
H[DPHV GH DOFRROHPLD RX WHVWH GR ³EDI{PHWUR´ WUDWDGRV QR DUW GR PHVPR &RGH[
H HP GHFRUUrQFLD GLVVR ILFDVVH SURYDGD D SUHVHQoD GD GRVDJHP QmR SHUPLWLGD GH
iOFRROSRUOLWURGHVDQJXHVDELGRTXHQLQJXpPHVWiREULJDGRDSURGX]LUSURYDFRQWUDVL
PHVPRFRQIRUPHYHUHPRVQDQRWDVHJXLQWH
3RUVHWUDWDUGHQRUPDSHQDOEHQpILFDWDOSUHYLVmRWHYHHIHLWRUHWURDWLYRGHPRGRD
DOFDQoDUFRQGXWDVSUDWLFDGDVPHVPRDQWHVGHVXDYLJrQFLD
(VWD LUUHVSRQVDELOLGDGH OHJLVODWLYD PDLV XPD SHUGXURX SRU PDLV GH TXDWUR
DQRVSHUtRGRHPTXHYLYHPRVYHUGDGHLUR³HVWDGRGHLPSXQLGDGH´HPUHODomRDRFULPH
RUD WUDWDGR H DV HVWDWtVWLFDV UHODFLRQDGDV D DFLGHQWHV GH WUkQVLWR Vy IL]HUDP DXPHQWDU
GUDVWLFDPHQWH
&RP D YLJrQFLD GD /HL Q GH TXH p DXWRDSOLFiYHO H QmR
GHSHQGH GH TXDOTXHU UHJXODPHQWDomR GR &2175$1 D VLWXDomR QRUPDWLYD PXGRX H
DJRUDHPERUDVHMDSRVVtYHOQmRVHID]LPSUHVFLQGtYHOSURYDWpFQLFD
'L]R†žGRDUWLJRTXHDVFRQGXWDVSUHYLVWDVQRFDSXWVHUmRFRQVWDWDGDVSRU
,FRQFHQWUDomRLJXDORXVXSHULRUDGHFLJUDPDVGHiOFRROSRUOLWURGHVDQJXHRX
LJXDORXVXSHULRUDPLOLJUDPDGHiOFRROSRUOLWURGHDUDOYHRODURX
,, VLQDLV TXH LQGLTXHP QD IRUPD GLVFLSOLQDGD SHOR &2175$1 DOWHUDomR GD
FDSDFLGDGHSVLFRPRWRUD
1RV SUHFLVRV WHUPRV GR $QH[R , GD /HL Q GH FRQVLGHUDVH ³DU
DOYHRODU´RDUH[SLUDGRSHODERFDGHXPLQGLYtGXRRULJLQiULRGRVDOYpRORVSXOPRQDUHV
H ³HWLO{PHWUR´ R DSDUHOKR GHVWLQDGR j PHGLomR GR WHRU DOFRyOLFR QR DU DOYHRODU 2
'HFUHWRQGHUHJXODPHQWDRVDUWVHGR&7%GLVFLSOLQDQGR
DPDUJHPGHWROHUkQFLDGHiOFRROQRVDQJXHHDHTXLYDOrQFLDHQWUHRVGLVWLQWRVWHVWHVGH
DOFRROHPLDSDUDHIHLWRVGHFULPHGHWUkQVLWR
&RP HIHLWR QD IRUPD FRPR HVWi R LQF , GR † ž SRGH OHYDU j HTXLYRFDGD
FRQFOXVmRQRVHQWLGRGHTXHSDUDDFRQILJXUDomRGRFULPHDLQGDpQHFHVViULRFRQVWDWDU
TXDOTXHU GDV TXDQWLGDGHV GH iOFRRO LQGLFDGDV ± R TXH Vy VH ID] SHULFLDOPHQWH H FRP
FRQFRUGkQFLD GR LQYHVWLJDGR ± SRLV D UHJUD DSDUHQWD VXJHULU TXH QmR HVWDULD FRP
D FDSDFLGDGH SVLFRPRWRUD DOWHUDGD DTXHOH TXH QmR DOFDQoDVVH RX XOWUDSDVVDVVH RV
OLPLWHVHVWDEHOHFLGRVDLQGDTXHVREHIHLWRGHiOFRROVHHQFRQWUH
3RUVXDYH]RLQF,,GR†žVXJHUHTXHIRUDGDVVLWXDo}HVLQGLFDGDVHPUHVROXomR
GR &2175$1 QmR KDYHUi VLWXDomR HP TXH VH SRVVD DILUPDU FRQILJXUDGR R FULPH GH
PRGRDLPSUHJQDUDRDUWQDWXUH]DGHQRUPDSHQDOHPEUDQFR
(PERUD DV GLVFXVV}HV SRVVDP VHU PDLV DFLUUDGDV TXDQWR DRV HIHLWRV GR LQF ,, GR
†žHQWHQGHPRVTXHWDLVUHIOH[}HVSHUGHPVHQWLGRTXDQGRVHWHPHPYLVWDRGLVSRVWR
QR†žGRDUWGRTXDOVHH[WUDLTXHDYHULILFDomRHSRUWDQWRDSURYDGDDOWHUDomR
GD FDSDFLGDGH SVLFRPRWRUD HP UD]mR GD LQIOXrQFLD GH iOFRRO RX GH RXWUD VXEVWkQFLD
SVLFRDWLYDTXHGHWHUPLQHGHSHQGrQFLDSRGHUiVHUREWLGDPHGLDQWHWHVWHGHDOFRROHPLD
H[DPH FOtQLFR SHUtFLD YtGHR SURYD WHVWHPXQKDO RX RXWURV PHLRV GH SURYD HP GLUHLWR
DGPLWLGRVREVHUYDGRRGLUHLWRjFRQWUDSURYD
$GHPDLV REVHUYDGD D RUGHP &RQVWLWXFLRQDO YLJHQWH QmR WHP VHQWLGR OyJLFR
RX MXUtGLFR LPDJLQDU TXH R &2175$1 RX RXWUR yUJmR DGPLQLVWUDWLYR TXDOTXHU
SRVVD H[SHGLU YDOLGDPHQWH DWR QRUPDWLYR TXH WHQKD SRU REMHWR GLVFLSOLQDU PDWpULD
UHODFLRQDGDjSURYDQRSURFHVVRSHQDO)DOWD FRPSHWrQFLDSDUDWDQWRjTXHOHyUJmRGDt
SRUTXHQmRpFRUUHWRSHQVDUTXHRDUWFRQVWLWXLQRUPDSHQDOHPEUDQFR
+DUPRQL]DGDV DV GLVSRVLo}HV FRQWLGDV QRV †† ž H ž R TXH VH H[WUDL GR DWXDO
UHJUDPHQWRpTXH
,QFLVR,$DOWHUDomRGDFDSDFLGDGHSVLFRPRWRUDVHUiSUHVXPLGDHUHVWDUiSURYDGD
SDUD ILQV SHQDLV VH LQGHSHQGHQWHPHQWH GH TXDOTXHU FRQGX]LU DQRUPDO RX DSDUrQFLD
GR DJHQWH IRU FRQVWDWDGD HP H[DPH GH GRVDJHP FRQFHQWUDomR LJXDO RX VXSHULRU D GHFLJUDPDVGHiOFRROSRUOLWURGHVDQJXHRXLJXDORXVXSHULRUDPLOLJUDPDGHiOFRRO
SRUOLWURGHDUDOYHRODU
1HVWH FDVR PHVPR TXH HP UD]mR GH VXD SDUWLFXODU FRQGLomR ItVLFD H FDSDFLGDGH
GH UHVLVWrQFLD DRV HIHLWRV GR iOFRRO R LQYHVWLJDGR QmR GHPRQVWUH VLQDLV YLVtYHLV GH
HPEULDJXH]VHIRUFRQVWDWDGDDSUHVHQoDGHFRQFHQWUDomRGHiOFRRODSRQWDGDQRLQF,
GR†žGHYHUiVHULQVWDXUDGDDSHUVHFXomRSHQDOWDOFRPRRFRUULDQRSHUtRGRHPTXH
YLJHQWHDUHGDomRWtSLFDGHWHUPLQDGDSHOD/HLQGH
,QFLVR ,, $LQGD TXH R LQYHVWLJDGR QmR VH VXEPHWD D TXDOTXHU WLSR GH WHVWH GH
DOFRROHPLD D DOWHUDomR GD FDSDFLGDGH SVLFRPRWRUD SRGHUi VHU GHPRQVWUDGD SDUD ILQV
SHQDLVPHGLDQWHJUDYDomRGHLPDJHPHPYtGHRH[DPHFOtQLFRYLVXDOPHQWHIHLWRSRU
H[SHUW H GHSRLV GRFXPHQWDGR SURYD WHVWHPXQKDO RX TXDOTXHU RXWUR PHLR GH SURYD
OtFLWD
1HVWH FDVR QmR VH WUDWD GH SURYDU TXH R DJHQWH WHQKD FRQGX]LGR R YHtFXOR
DXWRPRWRU GH PDQHLUD DQRUPDO ID]HQGR ]LJXH]DJXH RX RXWUD PDQREUD SHULJRVD SRU
H[HPSORSRLVRFULPHpGHSHULJRDEVWUDWRHSRULVVRGHVQHFHVViULDWDOYHULILFDomRPDV
GHSURYDUTXHDRVHUDERUGDGRGHPRQVWURXHVWDUFRPDFDSDFLGDGHSVLFRPRWRUDDOWHUDGD
$ SURSyVLWR VmR VLQDLV GH DOWHUDomR GD FDSDFLGDGH SVLFRPRWRUD SRU LQJHVWmR GH
iOFRRO RX RXWUD VXEVWkQFLD SVLFRDWLYD TXH GHWHUPLQH GHSHQGrQFLD DQGDU FDPEDOHDQWH
IDOWDGHHTXLOtEULRYR]SDVWRVDRXDJUHVVLYLGDGHDVVRFLDGDDRKiOLWRSHUPHDGRGHRGRU
HWtOLFRGHQWUHRXWURV
3RUILPFDOKDREVHUYDUFRQIRUPHEHPDSUHHQGLGRSRU)5$1&,6&26$11,1,1(72H
('8$5'2/8,=6$1726&$%(77(TXH³VHPHPEDUJRGRGLVSRVWRQR†ƒGRDUWLJR
GHDFRUGRFRPR&yGLJRGH3URFHVVR3HQDOVHPSUHTXHDLQIUDomRGHL[DUYHVWtJLRVp
LQGLVSHQViYHODUHDOL]DomRGHSHUtFLD´/HLQD1RYD/HL6HFD'LVSRQtYHO
QD LQWHUQHW HP KWWSMXVFRPEUUHYLVWDWH[WROHLQRDQRYDOHL
VHFD
'LVVRGHFRUUHDILUPDUTXHDSURYDWpFQLFDFRQVHQWLGDVHPSUHGHYHUiVHUWHQWDGDYLD
UHDOL]DomRGHH[DPHVGHDOFRROHPLDRXWHVWHGREDI{PHWURHVyHPFDVRGHUHFXVDGR
VXSRVWRDXWRUGRGHOLWRHPVHVXEPHWHUDWDLVH[DPHVRTXHLUiUHVXOWDUQDDXVrQFLDGH
SURYDSHULFLDOSRULPSRVVLELOLGDGHGHVXDUHDOL]DomRpTXHHVWDSRGHUiVHUVXSULGDSRU
TXDOTXHURXWURWLSRGHSURYDOtFLWDFRQIRUPHVHH[WUDLGRVDUWVHGR&33
,UUHWURDWLYLGDGHGRDWXDODUWSRUFRQILJXUDU³OHLPDLVVHYHUD´
$ /HL Q GH GHX UHGDomR PDLV EUDQGD DR DUWLJR GR &7%
SRLVQHOHLQFOXLXHOHPHQWDUTXHUHVXOWRXHPREVWiFXORjSHUVHFXomRSHQDOFRQFHQWUDomR
GHiOFRROSRUOLWURGHVDQJXHLJXDORXVXSHULRUDGHFLJUDPDVGDtVXDUHWURDWLYLGDGH
SDUDDOFDQoDUIDWRVSUDWLFDGRVDQWHVGHVXDYLJrQFLD
$R FRQWUiULR D /HL Q GH UHWLURX D HOHPHQWDU DQWHULRUPHQWH
JUDIDGD QR DUW FRQVLVWHQWH QD TXDQWLILFDomR GD GRVDJHP DOFRyOLFD SRU OLWUR GH
VDQJXHHFRPLVVRDPSOLRXFRQVLGHUDYHOPHQWHDSRVVLELOLGDGHGHVHLPSRUSXQLomR
1mREDVWDVVHDQWHVVyVHSHUID]LDRFULPHGRDUWGR&7%TXDQGRDFRQGXomR
GR YHtFXOR DXWRPRWRU VH YHULILFDVVH QD YLD S~EOLFD VHQGR FHUWR TXH WDO HOHPHQWDU
WDPEpP IRL UHWLUDGD SHOD /HL R TXH WHUPLQRX SRU DXPHQWDU DLQGD PDLV D
SRVVLELOLGDGHGHFRQILJXUDomRGRFULPHHPWHVWLOKD
'LVVRUHVXOWDTXHDDWXDOUHGDomRGRDUWGR&7%pPDLVVHYHUDHPUHODomRj
DQWHULRUHSRULVVRDUHJXODPHQWDomRTXHGHOHGHFRUUHQmRUHWURDJHSDUDDOFDQoDUIDWRV
SUDWLFDGRV DQWHV GH VXD YLJrQFLD FRQIRUPH GHWHUPLQD R DUW ž ;/ GD &RQVWLWXLomR
)HGHUDO
3RU LJXDO UD]mR SDUD D SURYD GRV FULPHV SUDWLFDGRV DQWHV GD /HL Q FRQWLQXD D VHU LQGLVSHQViYHO H[DPH SHULFLDO SRUTXDQWR LPSUHVFLQGtYHO SURYD WpFQLFD
TXH GHPRQVWUH D FRQFHQWUDomR GH iOFRRO SRU OLWUR GH VDQJXH LJXDO RX VXSHULRU D GHFLJUDPDV FRQIRUPH HQWHQGLPHQWR SUHGRPLQDQWH QR 67- 5(VS ') 
6HomRUHO0LQ0DUFR$XUpOLR%HOOL]]HUHOSRDFyUGmR0LQ$GLOVRQ9LHLUD0DFDEX
M'-HGH
&RQVLGHUDo}HVILQDLV
&RPRDGYHUWLX&(6$5( %(&&$5,$³XPDERDOHJLVODomRQmRpPDLVGRTXHDDUWH
GH SURSLFLDU DRV KRPHQV D PDLRU VRPD GH EHPHVWDU SRVVtYHO H OLYUiORV GH WRGRV RV
SHVDUHV TXH VH OKHV SRVVDP FDXVDU FRQIRUPH R FiOFXOR GRV EHQV H GRV PDOHV GHVWD
H[LVWrQFLD´
( DUUHPDWRX R LOXVWUH MXVILOyVRIR ³'HVHMDLV SUHYHQLU RV FULPHV" )D]HL OHLV
VLPSOHV H HYLGHQWHV´ 'RV GHOLWRV H GDV SHQDV 7UDG 7RUULHUL *XLPDUmHV 6mR 3DXOR
+HPXVS