XQHVS
81,9(56,'$'((67$'8$/3$8/,67$³-Ò/,2'(0(648,7$),/+2´ )DFXOGDGHGH)LORVRILDH&LrQFLDV
&DPSXVGH0DUtOLD±63
3URJUDPDGH3yV*UDGXDomRHP&LrQFLDGD,QIRUPDomR
)$%,$12)(55(,5$'(&$6752
(/(0(1726'(,17(523(5$%,/,'$'(1$&$7$/2*$d2'(6&5,7,9$ FRQILJXUDo}HVFRQWHPSRUkQHDVSDUDDPRGHODJHPGHDPELHQWHVLQIRUPDFLRQDLVGLJLWDLV
0DUtOLD
)$%,$12)(55(,5$'(&$6752
(/(0(1726'(,17(523(5$%,/,'$'(1$&$7$/2*$d2'(6&5,7,9$ FRQILJXUDo}HVFRQWHPSRUkQHDVSDUDDPRGHODJHPGHDPELHQWHVLQIRUPDFLRQDLVGLJLWDLV
7HVH DSUHVHQWDGD DR 3URJUDPD GH 3yV *UDGXDomR HP &LrQFLD GD ,QIRUPDomR FRPR SDUWHGDVH[LJrQFLDVSDUDDREWHQomRGRWtWXOR GH 'RXWRU HP &LrQFLD GD ,QIRUPDomR GD )DFXOGDGH GH )LORVRILD H &LrQFLDV ± 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD 81(63 &DPSXV GH 0DUtOLD ÈUHD ,QIRUPDomR 7HFQRORJLDH&RQKHFLPHQWR
/LQKDGH3HVTXLVD,QIRUPDomRH7HFQRORJLD
2ULHQWDGRUD3URID'UD 3OiFLGD /HRSROGLQD
9HQWXUD$PRULPGD&RVWD6DQWRV
0DUtOLD
&DVWUR)DELDQR)HUUHLUDGH
&H (OHPHQWRV GH LQWHURSHUDELOLGDGH QD FDWDORJDomR GHVFULWLYD FRQILJXUDo}HV FRQWHPSRUkQHDV SDUD D PRGHODJHP GH DPELHQWHV LQIRUPDFLRQDLVGLJLWDLV)DELDQR)HUUHLUDGH&DVWUR0DUtOLD) )GH&DVWUR
ILOFP
7HVH 'RXWRUDGR HP &LrQFLD GD ,QIRUPDomR ± )DFXOGDGH GH )LORVRILDH&LrQFLDV±8QLYHUVLGDGH(VWDGXDO3DXOLVWD
%LEOLRJUDILDI
2ULHQWDGRUD3URID'UD3OiFLGD/HRSROGLQD9HQWXUD$PRULP GD&RVWD6DQWRV
&DWDORJDomRGHVFULWLYD $PELHQWHVLQIRUPDFLRQDLV GLJLWDLV 0HWDGDGRV 2QWRORJLD SDUD GHVFULomR ELEOLRJUiILFD ,QWHURSHUDELOLGDGH,$XWRU,,7tWXOR
)$%,$12)(55(,5$'(&$6752
(/(0(1726'(,17(523(5$%,/,'$'(1$&$7$/2*$d2'(6&5,7,9$ FRQILJXUDo}HVFRQWHPSRUkQHDVSDUDDPRGHODJHPGHDPELHQWHVLQIRUPDFLRQDLVGLJLWDLV
%$1&$(;$0,1$'25$
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
1RPH3URID'UD3OiFLGD/HRSROGLQD9HQWXUD$PRULPGD&RVWD6DQWRV
7LWXODomR3URIDGR3URJUDPDGH3yV*UDGXDomRHP&LrQFLDGD,QIRUPDomR±)DFXOGDGHGH
)LORVRILD H &LrQFLDV ± 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD ± 81(63 &DPSXV GH 0DUtOLD 2ULHQWDGRUD±3UHVLGHQWHGD%DQFD
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
1RPH3URID'UD/tGLD$OYDUHQJD
7LWXODomR 3URID GR 3URJUDPD GH 3yV*UDGXDomR HP &LrQFLD GD ,QIRUPDomR ± (VFROD GH
&LrQFLDGD,QIRUPDomR±8QLYHUVLGDGH)HGHUDOGH0LQDV*HUDLV±8)0*&DPSXVGH%HOR +RUL]RQWH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
1RPH'U5RJpULR$SDUHFLGR6i5DPDOKR
7LWXODomR3URIGRFXUVRGH%LEOLRWHFRQRPLDH&LrQFLDGD,QIRUPDomR±&HQWURGH(GXFDomR
H&LrQFLDV+XPDQDV±8QLYHUVLGDGH)HGHUDOGH6mR&DUORV±8)6&DU&DPSXVGH6mR&DUORV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
1RPH'U5LFDUGR&pVDU*RQoDOYHVGH6DQW¶$QD
7LWXODomR3URIGR3URJUDPDGH3yV*UDGXDomRHP&LrQFLDGD,QIRUPDomR±)DFXOGDGHGH
)LORVRILDH&LrQFLDV±8QLYHUVLGDGH(VWDGXDO3DXOLVWD±81(63&DPSXVGH0DUtOLD
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
1RPH'UD6LOYDQD$SDUHFLGD%*UHJRULR9LGRWWL
7LWXODomR3URIDGR3URJUDPDGH3yV*UDGXDomRHP&LrQFLDGD,QIRUPDomR±)DFXOGDGHGH
)LORVRILDH&LrQFLDV±8QLYHUVLGDGH(VWDGXDO3DXOLVWD±81(63&DPSXVGH0DUtOLD
'DWDGDGHIHVD
/RFDO8QLYHUVLGDGH(VWDGXDO3DXOLVWD±81(63±&DPSXVGH0DUtOLD
'HGLFRHVWHWUDEDOKRj'HXVHDRVFDWDORJDGRUHVFRQWHPSRUkQHRV
$*5$'(&,0(1726
,QLFLRPHXVDJUDGHFLPHQWRVUHFRQKHFHQGRTXHVyHVWRXDTXLHFKHJXHLQHVVHHVWiJLR JUDoDVDRPHXERPHDPDGR6HQKRU-HVXV&ULVWRFRPRGL]DFDQomR>@HXSRVVRLUPXLWR DOpPGHRQGHHVWRXYRXQDVDVDVGR6HQKRURWHXDPRUpRTXHPHFRQGX]>@
$JUDGHoRDRVPHXVIDPLOLDUHVPHXSDL$ODRUPLQKDPmH$QDPLQKDLUPm7DWLDQHH PHXLUPmR-~QLRUVHPRVTXDLVQmRHVWDULDFRQFOXLQGRPDLVHVVHHVWiJLRQDPLQKDYLGD
¬PLQKDDPDGDHTXHULGD3DXODSRUWRGDVXDSDFLrQFLDFRPLJRQHVVHVPRPHQWRVGH DXVrQFLDFRPRVHXMHLWRWHUQRHFDULQKRVRVHPSUHPHDFROKHHFXLGDGHPLPSHORDSRLRH VHJXUDQoD LQFRQGLFLRQDLV 0HX SRQWR GH HTXLOtEULR F~PSOLFH H DPLJD 9RFr p SDUWH IXQGDPHQWDOGHVVDQRVVDFRQTXLVWD7HDPRSDUDVHPSUHPLQKDOLQGD
$RVPHXVVRJURV$SDUHFLGD7XWDH0RDFLUSRUWRGRRFDULQKRDSRLRHDFROKLPHQWR QDPLQKDYLGDSHODDPL]DGHHFRQILDQoDFDWLYDGDV0LQKDQRYDIDPtOLD
¬ IDPtOLD )LJXHLUHGR &DUOmR 0L /XFDV +HOHQ H 7KLDJR TXH VH WRUQDUDP WDPEpP PLQKD IDPtOLD PH DFROKHQGR H SURSLFLDQGR WRGDV DV FRQGLo}HV QHFHVViULDV SDUD PHX EHP HVWDU
$JUDGHoR HP HVSHFLDO PLQKD RULHQWDGRUD 3URID 'UD 3OiFLGD SRU WRGRV RV VHXV HQVLQDPHQWRVDRORQJRGHVVHVDQRVSRUVHXFRQKHFLPHQWRHFRPSHWrQFLDtPSDUHVSRUWRGD VXD SDFLrQFLD H SRU DFUHGLWDU HP PLP ILFR PXLWR IHOL] SHOR SURILVVLRQDO TXH WHQKR PH WRUQDGRSRLVLVVRQmRVHULDSRVVtYHOVHPDVXDGHWHUPLQDomRHFRPSURPHWLPHQWRQDPLQKD IRUPDomR0XLWRPDLVGRTXHXPDRULHQWDGRUDHODpXPDJUDQGHPmHHDPLJDHVHPSUHWrP DV SDODYUDV FHUWDV QD KRUD H QDV PDLV GLYHUVLILFDGDV VLWXDo}HV )RL PXLWR ERP WHU VLGR VHX RULHQWDQGR HVWHV DQRV PDV DFUHGLWR TXH VXD RULHQWDomR VH SHUSHWXDUi SRU WRGD PLQKD YLGD SURILVVLRQDOHDFDGrPLFD
$RV SURIHVVRUHV PHPEURV GD EDQFD H[DPLQDGRUD SRU WRGD FRQWULEXLomR H DSRQWDPHQWRVYDOLRVRVjSHVTXLVD
$RV SURIHVVRUHV GR 3URJUDPD GH 3yV*UDGXDomR HP &LrQFLD GD ,QIRUPDomR GD 81(63SHODIRUPDomRSURILVVLRQDOHDFDGrPLFD
$RVPHXVFROHJDVPHPEURVGR*UXSRGH3HVTXLVD1RYDV7HFQRORJLDVHP,QIRUPDomR SRUWRGDRSRUWXQLGDGHGHUHIOH[mRHFUHVFLPHQWRFLHQWtILFR
$RVPHXVTXHULGRVDPLJRVTXHPHGHVFXOSHPPDVQmRYRXPHDWUHYHUPHQFLRQiORV FRUUHQGRRSHULJRGHHVTXHFHUDOJXPQRPHYRFrVVDEHPTXHVmRSHoDVFKDYHQDPLQKDYLGD HDJUDGHoRSRUWRGDDPL]DGHGHGLFDGDDOJXQVPDLVUHFHQWHVRXWURVKiXPDYLGDLQWHLUD
$RVPHXVFROHJDVGRFHQWHVGRFXUVRGH%LEOLRWHFRQRPLDGD8QLYHUVLGDGH)HGHUDOGH 6HUJLSH8)60DUWKD*Or\VH6pUJLR1LOWRQHGHPRGRHVSHFLDOPLQKDDPLJD9DOpULD%DUL SRUWRGRDSRLRFRPSUHHQVmRHJHQHURVLGDGH2EULJDGRSRUWXGR
$RVPHXVDOXQRVHRULHQWDQGRVGRFXUVRGH%LEOLRWHFRQRPLDGD8QLYHUVLGDGH)HGHUDO GH6HUJLSH8)6SRUPHRSRUWXQL]DUHPDYLYrQFLDGDWUtDGHHQVLQRSHVTXLVDHH[WHQVmRQD XQLYHUVLGDGH0LQKDPRWLYDomRHQTXDQWRSURIHVVRUpSRUTXHYRFrVH[LVWHPHDSRVWDUDPVXDV ³ILFKDV´QmRFDWDORJUiILFDVQXPDFDUUHLUDSURPLVVRUD
¬ 8QLYHUVLGDGH )HGHUDO GH 6HUJLSH 8)6 SRU PH OLEHUDU H PH DSRLDU QR PHX GRXWRUDPHQWR
¬ )XQGDomR GH $PSDUR H 3HVTXLVD GR (VWDGR GH 6mR 3DXOR )$3(63 SHOR DSRLR ILQDQFHLURFRQFHGLGRQRVSULPHLURVDQRVGRGRXWRUDGR
$WRGRVDTXHOHVTXHSDVVDUDPSRUPLQKDYLGDGXUDQWHHVVHSHUtRGRHTXHGHL[DUDP VXDVPDUFDVHSHUIXPHVRPHXPXLWRREULJDGR
5(6802
2 XVR LQWHQVLYR GDV 7HFQRORJLDV GD ,QIRUPDomR H &RPXQLFDomR 7,& JHUD R GHVHQYROYLPHQWR GH XPD JDPD GH SDGU}HV GH PHWDGDGRV LQVWUXPHQWRV IXQGDPHQWDLV QRV DPELHQWHV GH PDQLSXODomR GH GDGRV ELEOLRJUiILFRV 9HULILFDVH DWXDOPHQWH XPD WHQGrQFLD SDUD D GLVSRQLELOL]DomR GH UHFXUVRV H FRQWH~GRV LQIRUPDFLRQDLV HP IRUPDWR GLJLWDO H D QmR XWLOL]DomRGHSDGU}HVDGHTXDGRVSDUDUHSUHVHQWDUHGHVFUHYHUHVWHVUHFXUVRVFRQVLGHUDGRDOYR GH SUHRFXSDomR GD FRPXQLGDGH FLHQWtILFD $ WHVH OHYDQWDGD LQGLFD TXH DV PHWRGRORJLDV GD &DWDORJDomR'HVFULWLYDHXPDRQWRORJLDSDUDDGHVFULomRELEOLRJUiILFDH[SOLFLWDGDQRVFyGLJRV HSDGU}HVGHPHWDGDGRVIDYRUHFHPDUHFXSHUDomRGDLQIRUPDomRDSDUWLUGDPRGHODJHPGR EDQFR GH GDGRV H GD FRQVWUXomR GH IRUPDV GH UHSUHVHQWDomR GRV UHFXUVRV LQIRUPDFLRQDLV SRVVLELOLWDQGRDLQWHURSHUDELOLGDGHHPDPELHQWHVGLJLWDLV$SURSRVWDGHSHVTXLVDHVWiSDXWDGD HPYHULILFDUQDOLWHUDWXUDFLHQWtILFDDDSOLFDELOLGDGHHDIXQFLRQDOLGDGHGDVWHFQRORJLDVHGRV LQVWUXPHQWRVTXHHVWmRGLVSRQtYHLVDWXDOPHQWHSDUDRWUDWDPHQWRGHVFULWLYRGDVLQIRUPDo}HV HPDPELHQWHVLQIRUPDFLRQDLVGLJLWDLV2EMHWLYDVHDSDUWLUGRVQRYRVFHQiULRVGD&DWDORJDomR 'HVFULWLYDLGHQWLILFDUHDQDOLVDUDLQLFLDWLYD0DUF2QWVXDVVLPLODULGDGHVHGLIHUHQoDVFRPR SDGUmRGHPHWDGDGRV0$5&GDiUHDGH%LEOLRWHFRQRPLDQDWHQWDWLYDGHFRPSDUiORVH DUWLFXOiORVFRPDVIHUUDPHQWDVSDUDDSDGURQL]DomRGHGHVFULomRGRVDVSHFWRVGHIRUPDHGH FRQWH~GR GH UHFXUVRV ELEOLRJUiILFRV FRPSRQHQWHV GR FRQKHFLPHQWR GD &LrQFLD GD ,QIRUPDomR &RP XPD PHWRGRORJLD GH DQiOLVH H[SORUDWyULD H GHVFULWLYD GR WHPD H IXQGDPHQWDGD QR 3HUVSHFWLYLVPR 3(7(5621 VHUi SRVVtYHO XPD FRPSUHHQVmR GR
0DUF2QW H DV WHFQRORJLDV TXH HVWmR DEDUFDGDV QR kPELWR GDV ELEOLRWHFDV GLJLWDLV SDUD D FRQVWUXomR:HE6HPkQWLFD&RPRUHVXOWDGRGHVVDLQYHVWLJDomRpDSUHVHQWDGRXPDSURSRVWD GHUHTXLVLWRVIXQFLRQDLVSDUDDPRGHODJHPGHDPELHQWHVLQIRUPDFLRQDLVGLJLWDLVTXHJDUDQWHP D LQWHURSHUDELOLGDGH QR GRPtQLR ELEOLRJUiILFR $FUHGLWDVH TXH DV PHWRGRORJLDV GD &DWDORJDomR'HVFULWLYDHXPDRQWRORJLDSDUDDGHVFULomRELEOLRJUiILFDH[SOLFLWDGDQDVUHJUDV H FyGLJRV GH FDWDORJDomR H QRV SDGU}HV GH PHWDGDGRV UHGHVHQKDP D FRQVWUXomR GH QRYRV DPELHQWHVLQIRUPDFLRQDLVGLJLWDLVPHOKRUHVWUXWXUDGRVSDUDDUHFXSHUDomRGDLQIRUPDomRHQR HVWDEHOHFLPHQWRHIHWLYRGDLQWHURSHUDELOLGDGH
3DODYUDVFKDYH&DWDORJDomR 'HVFULWLYD 0RGHODJHP GH DPELHQWHV LQIRUPDFLRQDLV GLJLWDLV
0HWDGDGRV ,QWHURSHUDELOLGDGH 2QWRORJLD SDUD GHVFULomR ELEOLRJUiILFD 5HFXSHUDomR GD LQIRUPDomR,QIRUPDomRH7HFQRORJLD
,QWHURSHUDELOLW\VHOHPHQWVLQWKH'HVFULSWLYH&DWDORJLQJFRQWHPSRUDU\VHWWLQJVIRUPRGHOLQJ RIGLJLWDOLQIRUPDWLRQDOHQYLURQPHQWV
$%675$&7
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
.H\ZRUGV 'HVFULSWLYH FDWDORJLQJ 0RGHOLQJ RI GLJLWDO LQIRUPDWLRQDO HQYLURQPHQWV
0HWDGDWD ,QWHURSHUDELOLW\ %LEOLRJUDSKLF GHVFULSWLRQ RI DQ RQWRORJ\ ,QIRUPDWLRQ UHWULHYDO ,QIRUPDWLRQDQG7HFKQRORJ\
/,67$'(,/8675$d®(6
),*85$&DVRGHKHWHURJHQHLGDGH
),*85$$ERUGDJHQVHWLSRORJLDVGHRQWRORJLDVVHJXQGR*UXEHUHWDO ),*85$$UTXLWHWXUDGD:HE6HPkQWLFDFRPHQWDGDSHORDXWRU
),*85$(WLTXHWDWtWXORGRIRUPDWR0$5&
),*85$(VWUXWXUDGRIRUPDWR0$5& ),*85$([HPSORGHPDSHDPHQWRHQWUHRVHOHPHQWRVGH'&H0$5& ),*85$(VWUXWXUDJHUDOGHFODVVHVGDRQWRORJLD0DUF2QW
),*85$5HFXUVRLQIRUPDFLRQDOOLYURFRPVHXVDWULEXWRV
),*85$'HVFULomRGHXPUHFXUVRELEOLRJUiILFRXWLOL]DQGRDRQWRORJLD0DUF2QW ),*85$$UTXLWHWXUDGHVHUYLoRVGHPHGLDomR0DUF2QW ),*85$5')FRPRFRUHSDUDGHVFULo}HVELEOLRJUiILFDVVHPkQWLFDV ),*85$3HUGDGHGDGRVVHPRXVRGH5') ),*85$$GRomRGH5')SDUDLQWHURSHUDELOLGDGHVHPkQWLFD
),*85$$UTXLWHWXUD5')VLPSOHV ),*85$'HFODUDomR5')XWLOL]DQGRDVLQWD[H;0/ ),*85$&ULDomRGHSURSULHGDGHV5'$SDUDHQWLGDGHV)5%5
),*85$3URSULHGDGHOLYURHP5'$
),*85$3URSULHGDGHVHVXESURSULHGDGH5'$H)5%5
),*85$&ULDomRGRHOHPHQWR([WHQW
),*85$&DUDFWHUL]Do}HVQmRLQFOXtGDVQRPRGHOR5'$H5') ),*85$$WULEXWR&UHDWRU ),*85$(VWUXWXUDGHGHFODUDo}HVSUpFRRUGHQDGDV
),*85$'HFODUDomRGHSXEOLFDomR
),*85$'HFODUDomRSUpFRRUGHQDGDFRPRVWULQJHVWUXWXUD ),*85$,QVWkQFLD/XJDUGHSXEOLFDomR ),*85$,QVWkQFLD/XJDUGHSXELOLFDomR ),*85$'LUHWUL]HVIXQFLRQDLVSDUDDLQWHURSHUDELOLGDGH ),*85$3URSRVWDGHPRGHODJHPSDUDLQWHURSHUDELOLGDGHQRGRPtQLRELEOLRJUiILFR ),*85$$UTXLWHWXUDSDUDD5HSUHVHQWDomRHD'HVFULomR%LEOLRJUiILFDVHPkQWLFDHQtYHLV GHLQWHURSHUDELOLGDGH
/,67$'(48$'526
4XDGUR3HVTXLVDHPIRQWHVSULPiULDVHVHFXQGiULDV
4XDGUR$QDORJLDGDRQWRORJLDFRPD&DWDORJDomR'HVFULWLYD
4XDGUR&ODVVLILFDomRGHRQWRORJLDV
4XDGUR 6LVWHPDWL]DomR GDV LQYHVWLJDo}HV FRQWHPSRUkQHDV VREUH RQWRORJLDV VRE R SULVPDGD&LrQFLDGD,QIRUPDomRH&LrQFLDGD&RPSXWDomR
4XDGUR3ULQFLSDLVSURSULHGDGHVGDRQWRORJLD0DUF2QW 4XDGUR&RQFHLWRVGRVUHFXUVRVLQIRUPDFLRQDLVHP0DUF2QW 4XDGUR&RQFHLWRVGRVUHFXUVRVLQIRUPDFLRQDLVHP$$&5 4XDGUR&RQFHLWRVGRVUHFXUVRVLQIRUPDFLRQDLVHP5'$ 4XDGUR3ULQFLSDLVFRQFHLWRVGRVUHFXUVRVLQIRUPDFLRQDLVHQFRQWUDGRVHP0$5& 4XDGUR 6LVWHPDWL]DomR FRQFHLWXDO GRV SULQFLSDLV UHFXUVRV GH 0DUF2QW HP UHODomR DR $$&5H5'$ 4XDGUR'LIHUHQoDVWHUPLQROyJLFDVQRVPRGHORVGHGDGRV 4XDGUR3RVVtYHLVUHDORFDo}HVGHIXQo}HVDWXDLVSDUDD:HE6HPkQWLFD 4XDGUR5HFRPHQGDo}HVIXQFLRQDLVSDUDELEOLRWHFDVGLJLWDLVH:HE6HPkQWLFD 4XDGUR([SOLFLWDomRGHRQWRORJLDSDUDRVHOHPHQWRVDXWRUHWtWXORHP$$&5 4XDGUR([SOLFLWDomRGHRQWRORJLDSDUDHOHPHQWRVDXWRUHWtWXORHP0$5& 4XDGUR 5HJUDV GH FRQWH~GR GHILQLGDV SRU $$&5 SDUD HOHPHQWRV DXWRU H WtWXOR HP 0$5&
/,67$'(6,*/$6
$$&5$QJOR$PHULFDQ&DWDORJLQJ5XOHV
&''±&ODVVLILFDomR'HFLPDOGH'HZH\
&'8±&ODVVLILFDomR'HFLPDO8QLYHUVDO
&13T&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR '&'XEOLQ&RUH
'&0,'XEOLQ&RUH0HWDGDWD,QLWLDWLYH
'(5,±'LJLWDO(QWHUSULVH5HVHDUFK,QVWLWXWH
'(5'LDJUDPDGH(QWLGDGH5HODFLRQDPHQWR
'7''RFXPHQW7\SH'HILQLWLRQ
(5±(QWLGDGHUHODFLRQDPHQWR
)$3(63±)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR
)2$))ULHQG2I$)ULHQG
)5%5)XQFWLRQDO5HTXLUHPHQWVRI%LEOLRJUDSKLF5HFRUGV
)5$')XQFWLRQDO5HTXLUHPHQWVIRU$XWKRULW\'DWD
)56$')XQFWLRQDO5HTXLUHPHQWVIRU6XEMHFW$XWKRULW\'DWD
*87*GDĔVN8QLYHUVLW\RI7HFKQRORJ\
,)/$,QWHUQDWLRQDO)HGHUDWLRQRI/LEUDU\$VVRFLDWLRQDQG,QVWLWXWLRQV
,6%',QWHUQDWLRQDO6WDQGDUG%LEOLRJUDSKLF'HVFULSWLRQ
-6&-RLQW6WHHULQJ&RPPLWWHHIRU'HYHORSPHQWRI5'$
/&/LEUDU\RI&RQJUHVV
/&6+/LEUDU\RI&RQJUHVV6XEMHFW+HDGLQJV 0$5&0DFKLQH5HDGDEOH&DWDORJLQJ
0(760HWDGDWD(QFRGLQJDQG7UDQVPLVVLRQ6WDQGDUG
02'60HWDGDWD2EMHFW'HVFULSWLRQ6FKHPD
1$&21DPH$XWKRULW\&RRSHUDWLYH3URJUDP
1,621DWLRQDO,QIRUPDWLRQ6WDQGDUGV2UJDQL]DWLRQ 2:/±2QWRORJ\:HE/DQJXDJH
5'$5HVRXUFH'HVFULSWLRQDQG$FFHVV 5')5HVRXUFH'HVFULSWLRQ)UDPHZRUN
5')65HVRXUFH'HVFULSWLRQ)UDPHZRUN6FKHPD
6*0/6WDQGDUG*HQHUDOL]HG0DUNXS/DQJXDJH
6(66\QWD[(QFRGLQJ6FKHPH
65:6HDUFK5HWULHYDO:HE6HUYLFH
7',±7UDWDPHQWR'HVFULWLYRGD,QIRUPDomR 7,&7HFQRORJLDVGD,QIRUPDomRH&RPXQLFDomR
81(638QLYHUVLGDGH(VWDGXDO3DXOLVWD³-~OLRGH0HVTXLWD)LOKR´
85,8QLIRUP5HVRXUFH,GHQWLILHU
85/8QLIRUP5HVRXUFH/RFDWRU 95$9LVXDO5HVRXUFHV$VVRFLDWLRQV
:&:RUOG:LGH:HE&RQVRUWLXP
;+70/H;WHQVLEOH+\SHU7H[W0DUNXS/DQJXDJH
;0/([WHQVLEOH0DUNXS/DQJXDJH ;6/([WHQVLEOH6W\OHVKHHW/DQJXDJH
680È5,2
,1752'8d2 3UREOHPDGHSHVTXLVD 3URSRVLomRH7HVH 2EMHWLYRV 2EMHWLYR*HUDLV 2EMHWLYRV(VSHFtILFRV 0HWRGRORJLD
3URFHGLPHQWRVPHWRGROyJLFRV
)RUPDGHDQiOLVHGRVUHVXOWDGRV
-XVWLILFDWLYD
(VWUXWXUDGD7HVH
2172/2*,$6(0(7$'$'26DSUR[LPDo}HVVLQpUJLFDVSDUDRHVWDEHOHFLPHQWRGD
LQWHURSHUDELOLGDGHHPDPELHQWHVGLJLWDLV
2QWRORJLDVDOJXPDVFRQVLGHUDo}HV 0HWDGDGRVH[LJrQFLDSDUDDPRGHODJHPGHDPELHQWHVLQIRUPDFLRQDLVGLJLWDLV 3DGUmRGHPHWDGDGRV0$5&FRPSOH[LGDGHQDUHSUHVHQWDomRHGHVFULomR ELEOLRJUiILFD &URVVZDONPDSHDPHQWRHQWUHHVTXHPDVGHPHWDGDGRV
$UTXLWHWXUDGHPHWDGDGRVUHTXLVLWRVSDUDDLQWHURSHUDELOLGDGH
,QWHJUDomRHVWUDWpJLFDHQWUHRQWRORJLDVHPHWDGDGRV
0$5&217XPGLiORJRSRVVtYHOFRP0$5&" *rQHVHGDLQLFLDWLYD0DUF2QW (VWUXWXUDGR0DUF2QWFODVVHVHSURSULHGDGHV ,QWHURSHUDELOLGDGH HQWUH SDGU}HV GH PHWDGDGRV R GHOLQHDPHQWR GD DUTXLWHWXUD 0DUF2QW $QiOLVH GD DUTXLWHWXUD 0DUF2QW j OX] GD &DWDORJDomR 'HVFULWLYD H GRV SULQFtSLRVGHLQWHURSHUDELOLGDGHVHPkQWLFD $QiOLVH FRPSDUDWLYD FRQFHLWXDO HQWUH DV SULQFLSDLV WHUPLQRORJLDV FODVVHV GR 0DUF2QW j OX] GRV HVTXHPDV GH GHVFULomR GD %LEOLRWHFRQRPLD H &LrQFLD GD
&RQVLGHUDo}HVHDSRQWDPHQWRVVREUHR0DUF2QW
5(6285&( '(6&5,37,21 )5$0(:25. 5') SURPHVVD SDUD
LQWHURSHUDELOLGDGHHPDPELHQWHVLQIRUPDFLRQDLVGLJLWDLV
$YLVmRGHLQWHURSHUDELOLGDGHQRGRPtQLRELEOLRJUiILFR
5HVRXUFH'HVFULSWLRQ)UDPHZRUN5')RFRUHSDUDGHVFULo}HVELEOLRJUiILFDV
5'$SURSRVWDGHXPFyGLJRLQWHUQDFLRQDOGHFDWDORJDomRDSOLFDGRHPDPELHQWHV
GLJLWDLV
2SDSHOGR5')QRVHVTXHPDVHPRGHORVELEOLRJUiILFRV
&$7$/2*$d2'(6&5,7,9$126e&8/2;;,SURSRVWDGHXPPRGHORSDUDD GHVFULomR ELEOLRJUiILFD VHPkQWLFD HP DPELHQWHV LQIRUPDFLRQDLV GLJLWDLV LQWHURSHUiYHLV
$&DWDORJDomR'HVFULWLYDHVXDUHSHUFXVVmRQRVDPELHQWHVLQIRUPDFLRQDLVGLJLWDLV 0RGHODJHPGHGDGRVSDUDFRQVWUXomRGHDPELHQWHVGLJLWDLV 3URSRVWD GH XP PRGHOR SDUD D GHVFULomR ELEOLRJUiILFD VHPkQWLFD HP DPELHQWH
GLJLWDO
&216,'(5$d®(6),1$,6
5()(5Ç1&,$6
&$3Ì78/2
,1752'8d2
1mRVHSRGHSURFXUDUQHPRTXHVHFRQKHFHQHPRTXH QmRVHFRQKHFH2TXHVHFRQKHFHSRUTXHFRQKHFHQGRR QmR VH WHP QHFHVVLGDGH GH SURFXUiOR R TXH QmR VH FRQKHFH SRUTXH QmR VH VDEH R TXH VH GHYH SURFXUDU
3ODWmR
QVHULGDQDOLQKDGHSHVTXLVD,QIRUPDomRH7HFQRORJLDGR3URJUDPDGH3yV*UDGXDomR HP &LrQFLD GD ,QIRUPDomR GD 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD ³-~OLR GH 0HVTXLWD )LOKR´ ± 81(63 FDPSXV GH 0DUtOLD HVWD WHVH WHP FRPR WHPiWLFDD&DWDORJDomR 'HVFULWLYD QR kPELWR GLJLWDO FXMD GHOLPLWDomR p R HVWXGR GDV IHUUDPHQWDV WHFQROyJLFDV QR LQWHULRUGD5HSUHVHQWDomR'HVFULWLYDQDHVIHUDGDVELEOLRWHFDVGLJLWDLVHGD:HEGHXPPRGR JHUDO D SDUWLU GD DQiOLVH GRV FyGLJRV H HVTXHPDV GH GHVFULomR ELEOLRJUiILFD GD iUHD GH %LEOLRWHFRQRPLDHGRVSDGU}HVGHPHWDGDGRVQDSHUVSHFWLYDGD&LrQFLDGD,QIRUPDomR
9DOHUHVVDOWDUTXHDSUHVHQWHSHVTXLVDID]SDUWHGRSURMHWRLQWHJUDGRILQDQFLDGRSHOR &RQVHOKR 1DFLRQDO GH 'HVHQYROYLPHQWR &LHQWtILFR H 7HFQROyJLFR &13T H LQWLWXODGR ³&DWDORJDomR H UHFXUVRV LQIRUPDFLRQDLV GLJLWDLV LQWHUVHPLRVHV PHWDGDGRV H LQWHURSHUDELOLGDGH HP DPELHQWHV LQIRUPDFLRQDLV´ VRE D FRRUGHQDomR GD SURIHVVRUD 'UD 3OiFLGD /HRSROGLQD 9HQWXUD $PRULP GD &RVWD 6DQWRV MXQWR DR *UXSR GH 3HVTXLVD 1RYDV 7HFQRORJLDV HP ,QIRUPDomR *317, H YLQFXODGD j OLQKD GH SHVTXLVD $PELHQWHV
LQIRUPDFLRQDLVGLJLWDLV6DOLHQWDVHTXHHVWiSHVTXLVDIRLILQDQFLDGDDSULRULSHOD)XQGDomR GH $PSDUR j 3HVTXLVD GR (VWDGR GH 6mR 3DXOR )$3(63 RXWRUJDGD QR SURFHVVR UHIHUHQWHDRSHUtRGRGHD
,QIRUPDo}HV VREUH R JUXSR GH SHVTXLVD SRGHP VHU HQFRQWUDGDV QR VLWH 'LVSRQtYHO HP
KWWSGJSFQSTEUEXVFDRSHUDFLRQDOGHWDOKHJUXSRMVS"JUXSR &-(0-,)!$FHVVRHPIHY
e QRWyULR TXH QRVVD VRFLHGDGH p PDUFDGD SRU FRQVWDQWHV PXGDQoDV YLYHQFLDGDV QRV PDLVYDULDGRVVHJPHQWRVXPDGHODVGHFXQKRWHFQROyJLFRQRFRQWH[WRTXHVHFRQKHFHKRMH SRU 6RFLHGDGH GD ,QIRUPDomR RX GR &RQKHFLPHQWR 3HUFHEHVH TXH QRV ~OWLPRV WHPSRV
KRXYH XP DXPHQWR GHVRUGHQDGR H FDyWLFR QD TXDQWLGDGH GH LQIRUPDo}HV SURGX]LGDV H GLVSRQLELOL]DGDV HP PHLR GLJLWDO UHTXHUHQGR XPD PXGDQoD H XP UHSHQVDU QDV IRUPDV GH DUPD]HQDPHQWRGHUHSUHVHQWDomRGHGHVFULomRHGHSUHVHUYDomRGRVUHFXUVRVLQIRUPDFLRQDLV GLJLWDLV
$VELEOLRWHFDVHPGLIHUHQWHVpSRFDVVHPSUHVHXWLOL]DUDPGDVWHFQRORJLDVGLVSRQtYHLV DFRPSDQKDQGRGHVVDIRUPDRGHVHQYROYLPHQWRGHSDUDGLJPDVWHFQROyJLFRV&RPUHODomRjV 7HFQRORJLDVGD,QIRUPDomRH&RPXQLFDomR7,&GHVGHDLQLFLDWLYDGH9DQQHYDU%XVKHP FRP D FULDomR GR0HPH[ p SRVVtYHO REVHUYDU R WUDEDOKR iUGXR GH GLIHUHQFLDGRV SURILVVLRQDLV QR HVWDEHOHFLPHQWR GH PHFDQLVPRV TXH SXGHVVHP DJLOL]DU RV SURFHVVRV GH WUDWDPHQWR H DUPD]HQDPHQWR GDV LQIRUPDo}HV D ILP GH JDUDQWLU D VXD LQWHJULGDGH H UHFXSHUDomR
$HYROXomRGDVELEOLRWHFDVWHPPHUHFLGRJUDQGHGHVWDTXHDRORQJRGRVpFXOR;;QR TXH VH UHIHUH DR GHVHQYROYLPHQWR H XVR GH WHFQRORJLDV SULQFLSDOPHQWH DV 7,& SRLV SRWHQFLDOL]DUDP VHXV VHUYLoRV FRP R RIHUHFLPHQWR GH QRYRV UHFXUVRV GH DFHVVR FRP D XWLOL]DomR GH IRUPDWRV GH LQWHUFkPELR GH GDGRV QD &DWDORJDomR 'HVFULWLYD QR XVR GH RQWRORJLDV QD RULHQWDomR SDUD D PRGHODJHP GH FDWiORJRV H QR SURFHVVR GH EXVFD H UHFXSHUDomRGDLQIRUPDomR
1HVVDSHUVSHFWLYDWHPVHRSDSHOGDVELEOLRWHFDVGLJLWDLVTXHDWXDPFRPRDPELHQWHV HVWUXWXUDGRVQD,QWHUQHWHTXHSDVVDPDVHUWRWDOPHQWHGHSHQGHQWHVGHWHFQRORJLDVHSUHFLVDP VH DGDSWDU jV QRYDV SHUVSHFWLYDV WHFQROyJLFDV QD FRQVWLWXLomR GH DPELHQWHV LQIRUPDFLRQDLV GLJLWDLV H QRYRV IRUPDWRV GH DUPD]HQDPHQWR GH GHVFULomR H GH UHSUHVHQWDomR GDV LQIRUPDo}HVQDJDUDQWLDGHHVWDEHOHFHUDLQWHURSHUDELOLGDGHHQWUHVLVWHPDVKHWHURJrQHRV
'HDFRUGRFRP0DWWHODUWS³(VVDQRomRGHVRFLHGDGHGDLQIRUPDomRVHIRUPDOL]DQDVHTXrQFLDGDV
PiTXLQDV LQWHOLJHQWHV FULDGDV DR ORQJR GD 6HJXQGD *XHUUD 0XQGLDO´ (OD HQWUD QDV UHIHUrQFLDV DFDGrPLFDV SROtWLFDV H HFRQ{PLFDV D SDUWLU GR ILQDO GRV DQRV 'XUDQWH D GpFDGD VHJXLQWH D IiEULFD TXH SURGX] R LPDJLQiULRHPWRUQRGDQRYD³HUDGDLQIRUPDomR´MiIXQFLRQDDSOHQRYDSRU2VQHRORJLVPRVODQoDGRVQDpSRFD SDUDGHVLJQDUDQRYDVRFLHGDGHVyPRVWUDUmRVHXYHUGDGHLURVHQWLGRJHRSROtWLFRjVYpVSHUDVGRWHUFHLURPLOrQLR
FRPRTXHVHFRQYHQFLRQRXFKDPDUGH³UHYROXomRGDLQIRUPDomR´HFRPDHPHUJrQFLDGD,QWHUQHWFRPRQRYD UHGHGHDFHVVRS~EOLFR
3UREOHPDGHSHVTXLVD
$WXDOPHQWH QR DPELHQWH LQIRUPDFLRQDO GLJLWDO RQGH YiULRV WLSRV GH UHFXUVRV FRH[LVWHP FRP IRUPDWRV H SDGU}HV GH PHWDGDGRV KHWHURJrQHRV PXLWRV HVIRUoRV WrP VLGR IHLWRVSDUDDOFDQoDUDLQWHURSHUDELOLGDGHDILPGHXWLOL]DUYiULRVSDGU}HVGHPHWDGDGRVHGH UHXWLOL]DURVUHJLVWURVGHPHWDGDGRVDWUDYpVGRGHVHQYROYLPHQWRGHHVWUDWpJLDVTXHYmRGHVGH RVVLPSOHVPDSHDPHQWRVHQWUHHOHPHQWRVGHPHWDGDGRVjPRGHODJHPHVWUXWXUDOFRPSOH[D
(QWHQGHVHSRULQWHURSHUDELOLGDGHDFDSDFLGDGHGHVLVWHPDVP~OWLSORVFRPGLIHUHQWHV KDUGZDUHV HVRIWZDUHV SODWDIRUPDV HVWUXWXUDV GH GDGRV H LQWHUIDFHV LQWHUFDPELDUHP GDGRV FRP R PtQLPR GH SHUGD GH FRQWH~GR H IXQFLRQDOLGDGH 8WLOL]DQGR HVTXHPDV GH PHWDGDGRV GHILQLGRVFRPSDUWLOKDQGRWUDQVIHUrQFLDHQWUHSURWRFRORVHFURVVZDONVHQWUHHVTXHPDVRV UHFXUVRVQDUHGHSRGHPVHUEXVFDGRVPDLVDPSODPHQWH=(1*4,1
'HVVDIRUPDKiXPDSUHRFXSDomRGDFRPXQLGDGHFLHQWtILFDQRTXHWDQJHjEXVFDSRU FDPLQKRV H VROXo}HV SDUD DV TXHVW}HV GH LQWHJUDomR LQWHURSHUDELOLGDGH H HQWHQGLPHQWR VHPkQWLFR VREUH RV UHFXUVRV LQIRUPDFLRQDLV GLVSRQtYHLV KRMH QRV DPELHQWHV LQIRUPDFLRQDLV GLJLWDLVGHIRUPDDSRVVLELOLWDURDFHVVRRXVRHRUHXVRGDVLQIRUPDo}HVGHIRUPDPDLV HIHWLYDSDUDRXVXiULRILQDO
&RP R XVR LQWHQVLYR GDV 7HFQRORJLDV GD ,QIRUPDomR H &RPXQLFDomR 7,& JHUDVH XPD JDPD GH SDGU}HV GH PHWDGDGRV LQVWUXPHQWRV IXQGDPHQWDLV QRV DPELHQWHV GH PDQLSXODomRGHGDGRVELEOLRJUiILFRV
$VVLPpSRVVtYHOLGHQWLILFDUTXHKiXPDWHQGrQFLDSDUDDGLVSRQLELOL]DomRGHUHFXUVRV HFRQWH~GRVLQIRUPDFLRQDLVHPIRUPDWRGLJLWDOHDQmRXWLOL]DomRGHSDGU}HVDGHTXDGRVSDUD UHSUHVHQWDU H GHVFUHYHU HVWHV UHFXUVRV (OXFLGDVH TXH R WUDWDPHQWR GDGR DR UHFXUVR LQIRUPDFLRQDO UHTXHU XPD GHVFULomR GH IRUPD H GH FRQWH~GR OHJtYHO SRU PiTXLQDV FRP UHVXOWDGRV FRPSUHHQVtYHLV DRV KXPDQRV H TXH DLQGD DWHQGD DRV UHTXLVLWRV GH
2 SURWRFROR VHUYH SDUD DFHVVDU FDWiORJRV GH RXWUDV LQVWLWXLo}HV LQGHSHQGHQWHPHQWH GR VLVWHPD XWLOL]DGR
SURPRYH R DFHVVR VLPXOWkQHR D FDWiORJRV FRPSDUWLOKD UHJLVWURV ELEOLRJUiILFRV H SRVVXL LQWHUIDFH ~QLFD SDUD GLIHUHQWHVIRQWHV
LQWHURSHUDELOLGDGH HQWUH RV DPELHQWHV LQIRUPDFLRQDLV DSRQWDGRV SHOD OLWHUDWXUD H IRFDGRV QHVWDWHVHHQTXDQWRSUREOHPDGDSHVTXLVD
(PEXVFDGHVROXo}HVSDUDRSUREOHPDDQDOLVDVHQHVWDWHVHDSURSRVWDGH.UXN6\QDN H =LPPHUPDQQ E DSRQWDGD QRV SULQFtSLRV QRUWHDGRUHV GR 0DUF2QW ,QLWLDWLYH DSUHVHQWDQGR FDPDGDV HVWUXWXUDQWHV H GHOLQHDGRUDV GD :HE 6HPkQWLFD WDLV FRPR DV
RQWRORJLDVHRVHVTXHPDVGHPHWDGDGRVFRQWHPSODQGRRVREMHWLYRVGDVELEOLRWHFDVGLJLWDLVH TXH SURSLFLDP PHLRV PDLV DGHTXDGRV GH UHSUHVHQWDU GH RUJDQL]DU H SHUPLWLU RV UHODFLRQDPHQWRVHQWUHRVUHFXUVRVLQIRUPDFLRQDLVGLJLWDLV(DLQGDDQDOLVDVHDRQWRORJLDSDUD DGHVFULomRELEOLRJUiILFDGRVFyGLJRVGHFDWDORJDomRHSDGU}HVGHPHWDGDGRV
3URSRVLomRH7HVH
1HVVH FRQWH[WR D SUHVHQWH SHVTXLVD SUHWHQGH YHULILFDU QD OLWHUDWXUD FLHQWtILFD D DSOLFDELOLGDGH H D IXQFLRQDOLGDGH GDV WHFQRORJLDV H GDV IHUUDPHQWDV TXH HVWmR GLVSRQtYHLV DWXDOPHQWH SDUD R 7UDWDPHQWR 'HVFULWLYR GDV ,QIRUPDo}HV 7', UHVSDOGDGDV QRV LQVWUXPHQWRV H PpWRGRV GH GHVFULomR GD %LEOLRWHFRQRPLD QR kPELWR GLJLWDO H TXH SRGHP DLQGDSURSLFLDUDLQWHURSHUDELOLGDGH
$ WHVH GHIHQGLGD p D GH TXH DV PHWRGRORJLDV RV LQVWUXPHQWRV H RV SURFHVVRV GD &DWDORJDomR 'HVFULWLYD DX[LOLDGDV SRU XPD RQWRORJLD SDUD D GHVFULomR ELEOLRJUiILFD H[SOLFLWDGDQRVFyGLJRVHSDGU}HVGHPHWDGDGRVIDYRUHFHPDUHFXSHUDomRGDLQIRUPDomRD SDUWLUGDPRGHODJHPGREDQFRGHGDGRVFDWiORJRELEOLRJUiILFRHGDFRQVWUXomRGHIRUPDVGH UHSUHVHQWDomR GH UHFXUVRV ELEOLRJUiILFRV QD JDUDQWLD GD LQWHURSHUDELOLGDGH HP DPELHQWHV LQIRUPDFLRQDLVGLJLWDLV
'HDFRUGRFRP6DQWRVH$OYHVD:HE6HPkQWLFDpDGHQRPLQDomRGDGDSDUDDHVWUXWXUDWHFQROyJLFD
2EMHWLYRV
$ &LrQFLD GD ,QIRUPDomR FRPR XPD iUHD TXH WHP FRPR REMHWR GH HVWXGR D LQIRUPDomR GHVGH D VXD JHUDomR DWp R VHX XVR SDXWDGD QRV SURFHVVRV GH UHSUHVHQWDomR GHVFULomR RUJDQL]DomR DFHVVR H UHFXSHUDomR GH UHFXUVRV LQIRUPDFLRQDLV EXVFD LGHQWLILFDU PHWRGRORJLDV H IHUUDPHQWDV WHFQROyJLFDV SDUD D FRQVWUXomR GH IRUPDV GH UHSUHVHQWDomR GH UHFXUVRVELEOLRJUiILFRVHPDPELHQWHVLQIRUPDFLRQDLVGLJLWDLV'HVVDIRUPDHVWDLQYHVWLJDomR WHPFRPRREMHWLYRV
2EMHWLYRV*HUDLV
&RP RV QRYRV FHQiULRV GD &DWDORJDomR 'HVFULWLYD PDUFDGRV FRP D PRGHODJHP FRQFHLWXDOGHFDWiORJRVFRPRV5HTXLVLWRV)XQFLRQDLVSDUD5HJLVWURV%LEOLRJUiILFRV)5%5 H D SURSRVWD GR QRYR FyGLJR GH FDWDORJDomR5HVRXUFH 'HVFULSWLRQ DQG $FFHVV 5'$ H FDUDFWHUL]DGRVSRUQRYDVSHUVSHFWLYDVWHFQROyJLFDVFRQKHFLGDVKRMHSRU:HE6HPkQWLFD:HE H:HEDSHVTXLVDWHPSRUREMHWLYRJHUDORHVWXGRGDVIHUUDPHQWDVHGRVPpWRGRV
SDUD R 7UDWDPHQWR 'HVFULWLYR GD ,QIRUPDomR 7', HP HVSHFLDO SDUD D UHSUHVHQWDomR H D GHVFULomR IRUPD H FRQWH~GR GH UHFXUVRV ELEOLRJUiILFRV QR FRQWH[WR GLJLWDO YLVDQGR j DSUHVHQWDomRGHXPFRUSXVWHyULFR
2EMHWLYRV(VSHFtILFRV
1HVVH VHQWLGR RV REMHWLYRV HVSHFtILFRV HOHQFDGRV SDUD XPD LQYHVWLJDomR PDLV VLVWHPiWLFDVmRRVVHJXLQWHV
$:HEVHGHVWDFDSHORDPELHQWHFRODERUDWLYRHGHLQWHUDomRSDUDDFRQVWUXomRHRFRPSDUWLOKDPHQWRGR
FRQKHFLPHQWR$VLQHUJLDFULDGDSRUPHLRGHVVDFRODERUDomRHLQWHUDomRGRVLQGLYtGXRVDFHOHUDRSURFHVVRGH VRFLDOL]DomRGRFRQKHFLPHQWRHPHVSDoRVRXDPELHQWHVPDLVLQWHUDWLYRVHSDUWLFLSDWLYRV2VDXWRUHVDILUPDP TXHD:HEVHFRQVWLWXLFRPR³XPQRYRHVSDoRSDUDDFHVVDURUJDQL]DUJHUHQFLDUWUDWDUHGLVVHPLQDUD LQIRUPDomRFRQKHFLPHQWRVHVDEHUHV´%/$770$116,/9$
:HEVHFRQVWLWXLFRPRXPDGHQRPLQDomRSDUDXPSHUtRGRGHHYROXomRGD:HEPDUFDGRSHODFULDomRGH
,GHQWLILFDUFDUDFWHUL]DUHDQDOLVDUR0DUF2QW,QLWLDWLYHQDVXDHVVrQFLDQRkPELWR GDVELEOLRWHFDVGLJLWDLVHQD:HEQDDWXDOLGDGH
&DUDFWHUL]DURVSDGU}HVGHUHSUHVHQWDomRHGHGHVFULomRGHUHFXUVRVELEOLRJUiILFRV GDiUHDGD&LrQFLDGD,QIRUPDomRHPHVSHFLDOR0$5&
5HODFLRQDUHDQDOLVDUDVVLPLODULGDGHVHDVGLIHUHQoDVGR0DUF2QWFRPR0$5& $$&5H5'$
$SRQWDUDVHVWUXWXUDVRQWROyJLFDVGD&DWDORJDomR'HVFULWLYDHPFyGLJRVHSDGU}HV GHPHWDGDGRV
3URSRU XPD DUTXLWHWXUD SDUD D GHVFULomR ELEOLRJUiILFD VHPkQWLFD TXH JDUDQWD D LQWHURSHUDELOLGDGHHPDPELHQWHVLQIRUPDFLRQDLVGLJLWDLV
0HWRGRORJLD
1R GHVHQYROYLPHQWR GH XP DUFDERXoR WHyULFR H PHWRGROyJLFR VREUH DV IHUUDPHQWDV WHFQROyJLFDV GLVSRQtYHLV SDUD D FRQVWUXomR GH IRUPDV GH UHSUHVHQWDomR GH UHFXUVRV LQIRUPDFLRQDLVQRkPELWRGLJLWDORSUHVHQWHWUDEDOKRFDUDFWHUL]DVHSRUVHUXPDSHVTXLVDGH DQiOLVH H[SORUDWyULD H GHVFULWLYD GR WHPD &(592 %(59,$1 QD WHQWDWLYD GH LGHQWLILFDU R HPEDVDPHQWR FRQFHLWXDO VXEMDFHQWH jV IHUUDPHQWDV SDUD D SDGURQL]DomR GD GHVFULomRGRVDVSHFWRVGHIRUPDHGRFRQWH~GRGRVUHFXUVRVELEOLRJUiILFRVQRkPELWRGLJLWDO QDDERUGDJHPGD&LrQFLDGD,QIRUPDomR
$VVLP R UHIHUHQFLDO WHyULFR SXEOLFDGR VREUH R WHPD RIHUHFH HOHPHQWRV SDUD IXQGDPHQWDUHHPEDVDUDSHVTXLVDYLVDQGRVHDRDOFDQFHGRSULQFLSDOREMHWLYRHVWDEHOHFLGR QHVWH WUDEDOKR $ DGRomR GHVVD PHWRGRORJLD SHUPLWLX DERUGDU RV DVSHFWRV HQYROYLGRV QRV REMHWLYRV HVSHFtILFRV GHILQLGRV DQWHULRUPHQWH H D SURSRUFLRQDU D FRPSUHHQVmR H D FRQFUHWL]DomRGRREMHWLYRJHUDOSURSRVWR2PpWRGRGHFROHWDGHGDGRVHVFROKLGRpDSHVTXLVD ELEOLRJUiILFDHGRFXPHQWDO
3DUDDIXQGDPHQWDomRPHWRGROyJLFDVmRFRQVLGHUDGRV
DQDORJLD HQWUH D HVWUXWXUD GDV OLQJXDJHQV FRPSXWDFLRQDLV H D HVWUXWXUD GR SHQVDPHQWR QR SURFHVVRGHUHVROXomRGHSUREOHPDV
E $ OyJLFD GH GHVFULomR SURSRVWD SHORV LQVWUXPHQWRV GH UHSUHVHQWDomR GHVFULWLYD GRFXPHQWiULD GD iUHD GH %LEOLRWHFRQRPLD &RPR RULHQWDo}HV YLVDQGRVH j FRQVWUXomR GRV HOHPHQWRVGHXPSURFHVVRGHXWLOL]DomRHUHXWLOL]DomRGDVLQIRUPDo}HVFRPRREMHWLYRGHD SDUWLU GD PDQLSXODomR GH IRUPDV GH UHSUHVHQWDomR ELEOLRJUiILFDV H GD LQWHUDomR GH VXMHLWRV FRPRDPELHQWHLQIRUPDFLRQDOSRUPHLRGDUHSUHVHQWDomRIRUPDOGHGRFXPHQWRVTXHJDUDQWH DLQWHURSHUDELOLGDGHHQWUHRVVLVWHPDVLQIRUPDFLRQDLV
3URFHGLPHQWRVPHWRGROyJLFRV
2V SURFHGLPHQWRV PHWRGROyJLFRV SDUD D HIHWLYDomR GHVVD LQYHVWLJDomR SRGHP VHU DVVLPGHOLQHDGRV
x/HYDQWDPHQWRELEOLRJUiILFRHPQtYHLVQDFLRQDOHLQWHUQDFLRQDOHPIRQWHVELEOLRJUiILFDV FRQIRUPHDSUHVHQWDGRQR4XDGUR
4XDGUR3HVTXLVDHPIRQWHVSULPiULDVHVHFXQGiULDV
)RQWH(ODERUDGRSHORDXWRU
$V HVWUDWpJLDV GH EXVFD SDUD FDGD EDVH GH GDGRV IRUDP UHDOL]DGDV QD RSomR EXVFD DYDQoDGD$GYDQFHG6HDUFKSRLVHVWDSRVVLELOLWDDEXVFDHPFDPSRVHVSHFtILFRVGDEDVHWDLV FRPRSDODYUDVFKDYH.H\ZRUGVHGHVFULWRUHV'HVFULSWRUVGRWKHVDXUXVHFRPRRSHUDGRU ERROHDQR$1'DILPGHREWHUDHVSHFLILFLGDGHGDEXVFDSUHWHQGLGDQRVLGLRPDVSRUWXJXrV LQJOrV H HVSDQKRO D SDUWLU GRV WHUPRV 0DUF2QW$1' 0$5& &DWDORJDomR$1' 0$5& &DWDORJ$1'0$5&&DWDORJDFLyQ$1'0$5&)5%5$1'&DWDORJDomR )5%5$1'
&DWDORJ )5%5$1' &DWDORJDFLyQ 5'$$1' &DWDORJDomR 5'$$1' &DWDORJ 5'$ $1' &DWDORJDFLyQ 0DUF2QW$1' &DWDORJDomR 0DUF2QW$1' &DWDORJ 0DUF2QW$1' &DWDORJDFLyQ0DUF2QW$1':HE6HPkQWLFD0DUF2QW$1'6HPDQWLF:HE0DUF2QW$1' :HE 6HPiQWLFD 0$5&$1' )5%5 0$5&$1' 5'$ 0$5&$1' 0HWDGDGRV$1' &DWDORJDomR 0$5& $1' 0HWDGDWD $1' &DWDORJ 0$5& $1' 0HWDGDWRV $1' &DWDORJDFLyQ &DWDORJDomR $1' :HE &DWDORJ$1' :HE &DWDORJDFLyQ $1' :HE0HWDGDGRV$1':HE6HPkQWLFD$1':HE0HWDGDWD$1'6HPDQWLF:HE$1' :HE 0HWDGDWRV $1' :HE 6HPiQWLFD $1' :HE %LEOLRWHFD 'LJLWD $1'
$GRWRXVHFRPRHVWUDWpJLDRWUXQFDPHQWRGHDOJXQVWHUPRVGDEXVFDFRPR&DWDORJQRLGLRPDLQJOrVSRLVQR
0HWDGDGRV'LJLWDOOLEUDU$1'0HWDGDWD%LEOLRWHFD'LJLWD$1'0HWDGDWRV%LEOLRWHFD 'LJLWD $1' 0$5& 'LJLWDO OLEUDU $1' 0$5& %LEOLRWHFD 'LJLWD $1' 0$5& %LEOLRWHFD 'LJLWD$1':HE 6HPkQWLFD$1' 0HWDGDGRV 'LJLWDO /LEUDU$1' 6HPDQWLF :HE$1' 0HWDGDWD %LEOLRWHFD 'LJLWD$1' :HE 6HPiQWLFD$1' 0HWDGDWRV 0HWDGDWD $1' 2QWRORJ$1' 6HPDQWLF :HE &DWDORJ$1' 0HWDGDWD$1' 2QWRORJ 5')$1' 2QWRORJ$1' 6HPDQWLF :HE 5')$1' 0HWDGDWD$1' 2QWRORJ )5%5$1' &DWDORJ $1'2QWRORJ0HWDGDWD$1')5%5$1'2QWRORJ
$IRUPDGHEXVFDHREWHQomRGDOLWHUDWXUDFLHQWtILFDVHGHXSRUPHLRGRDFHVVRDRVLWH GR &RQVHOKR GH 5HLWRUHV GDV 8QLYHUVLGDGHV (VWDGXDLV 3DXOLVWDV &58(63 TXH LQWHJUD R 6LVWHPD GH %LEOLRWHFDV GD 81(63 863 H 81,&$03 XPD YH] TXH HVWH PDQWpP R LQWHUFkPELRLQVWLWXFLRQDOSDUDHPSUpVWLPRGHPDWHULDLVELEOLRJUiILFRV'HVWDFDVHWDPEpPR 6HUYLoR GH &RPXWDomR %LEOLRJUiILFR &2087 GLVSRQtYHO QD ELEOLRWHFD GD XQLGDGH 81(630DUtOLD DV %LEOLRWHFDV 'LJLWDLV GH 7HVHV H 'LVVHUWDo}HV 3HULyGLFRV &$3(6 8QLELEOL:HE 3RUWDO GHHERRNV 6FLHOR SHULyGLFRV FLHQWtILFRV QDFLRQDLV H LQWHUQDFLRQDLV TXHSRGHPVHUDFHVVDGRVSRUPHLRGDUHGHGLJLWDO,QWHUQHW
x $ VHOHomR GRV GRFXPHQWRV REHGHFHX DRV FULWpULRV GH SHUWLQrQFLD FRP UHODomR DRV REMHWLYRVHVSHFtILFRVGHVWDSHVTXLVDWHQGRFRPREDVHDSDUWLUGDDQiOLVHHQWUHDRQWRORJLD
0DUF2QWHRSDGUmRGHPHWDGDGRV0$5&DQHFHVVLGDGHGHYHULILFDomRGHHOHPHQWRV GH LQWHURSHUDELOLGDGH QR SURFHVVR GH FDWDORJDomR TXH SRWHQFLDOL]D RV SURFHVVRV GH UHFXSHUDomR GD LQIRUPDomR HP DPELHQWHV LQIRUPDFLRQDLV GLJLWDO 3DUD WDQWR IRUDP GHOLPLWDGRV RV GRFXPHQWRV UHIHUHQWHV DRV LGLRPDV SRUWXJXrV LQJOrV H HVSDQKRO FRP SHUtRGRGHSXEOLFDomROLPLWDGRDRV~OWLPRVGH]DQRVDSHQDVFRPRDERUGDJHPLQLFLDOQmR KDYHQGR OLPLWDomR FURQROyJLFD SDUD UHIHUrQFLDV FLWDGDV QRV GRFXPHQWRV VHOHFLRQDGRV -XVWLILFDPVHRV~OWLPRVGH]DQRVHRVLGLRPDVPHQFLRQDGRVSRUVHWUDWDUGHXPSHUtRGR PDUFDGRSRUHVWXGRVUHDOL]DGRVSHOD,QWHUQDWLRQDO)HGHUDWLRQRI/LEUDU\$VVRFLDWLRQVDQG ,QVWLWXWLRQV ,)/$ VREUH D QHFHVVLGDGH GH XP UHH[DPH GRV UHJLVWURV ELEOLRJUiILFRV GH PRGRDDWHQGHUDXQLIRUPLGDGHGDGHVFULomRELEOLRJUiILFDHSRUVHFRQVLGHUDUDGpFDGDGH JUDQGHV WUDQVIRUPDo}HV QD &DWDORJDomR R TXH UHVXOWRX QXPD DFHQWXDGD SURGXomR FLHQWtILFDQRVLGLRPDVVXSUDFLWDGRV
FRPSUHHQVmR PDLV GHWDOKDGRV GR0DUF2QW H GR 0$5& H DV PHWRGRORJLDV SDUD D GHVFULomR GH UHFXUVRV LQIRUPDFLRQDLV QR kPELWR GDV ELEOLRWHFDV GLJLWDLV H GD:HE QD DERUGDJHP GD &LrQFLD GD ,QIRUPDomR H R LPSDFWR H DV WHQGrQFLDV GD SUiWLFD GD &DWDORJDomRQRVpFXOR;;,
)RUPDGHDQiOLVHGRVUHVXOWDGRV
3DUDTXHRVREMHWLYRVSURSRVWRVSHODSHVTXLVDSXGHVVHPVHUDOFDQoDGRVHSDUDDWHQGHU DRV FULWpULRV GH VLVWHPDWLFLGDGH FRQVLVWrQFLD H UHSOLFDomR GH XP WUDEDOKR FLHQWtILFR RV UHVXOWDGRVREWLGRVHVWmRVLVWHPDWL]DGRVVRERVIRFRV
,GHQWLILFDomRHFDUDFWHUL]DomRGR0DUF2QW,QLWLDWLYHQRkPELWRGD&LrQFLDGD,QIRUPDomR D ILP GH FRQWH[WXDOL]DU R REMHWR GH HVWXGR GD SHVTXLVD H VXD UHOHYkQFLD H FRQWULEXLomR FLHQWtILFDSDUDDiUHD
$ SDUWLU GD OLWHUDWXUD FLHQWtILFD GLVSRQtYHO SURFXUDVH LGHQWLILFDU RV FRQFHLWRV H DV FDUDFWHUtVWLFDV VXEMDFHQWHV j RQWRORJLD0DUF2QW D ILP GH FRQVWUXLU RFRUSXV WHyULFR GD SHVTXLVD H D VLVWHPDWL]DomR GDV FDUDFWHUtVWLFDV IXQGDPHQWDLV H[WUDtGDV GD OLWHUDWXUD H VXDV LQWHUIDFHVFRPRSDGUmRGHPHWDGDGRV0$5&
6LVWHPDWL]DomRGR0DUF2QWHGRIRUPDWRGHLQWHUFkPELR0$5&
$SDUWLUGDFDUDFWHUL]DomRGR0DUF2QW,QLWLDWLYHID]VHRHVWXGRGDVVLPLODULGDGHVH GDVGLIHUHQoDVGHVVHFRPRSDGUmRGHPHWDGDGRV0$5&FRPSRQHQWHGD%LEOLRWHFRQRPLD H GD &LrQFLD GD ,QIRUPDomR D SDUWLU GRV HVTXHPDV GH GHVFULomR ELEOLRJUiILFRV FRPR R $$&5H5'$FRPSDUDQGRRVFRQFHLWXDOPHQWHFRPRVSULQFLSDLVUHFXUVRVLQIRUPDFLRQDLV HQFRQWUDGRVQDRQWRORJLD0DUF2QW
3URSRVWD GH XPD DUTXLWHWXUD SDUD D GHVFULomR ELEOLRJUiILFD GRV DVSHFWRV VHPkQWLFRV GH IRUPD H FRQWH~GR GRV UHFXUVRV LQIRUPDFLRQDLV QD SHUVSHFWLYD GD LQWHURSHUDELOLGDGH HQWUH DPELHQWHVLQIRUPDFLRQDLVGLJLWDLVQDDWXDOLGDGH
&RP EDVH QD DQiOLVH VLVWHPDWL]DGD GD IXQGDPHQWDomR WHyULFD H GRV LQVWUXPHQWRV GH GHVFULomRGD&LrQFLDGD,QIRUPDomRHPFRQVRQkQFLDFRPDVQRYDVWUDQVIRUPDo}HVRFRUULGDV QD &DWDORJDomR 'HVFULWLYD QR VpFXOR ;;, FRPSURYRXVH TXH D RQWRORJLD0DUF2QWQmR VH DGHTXDYD DRV SURSyVLWRV GHWHUPLQDGRV SHOD &DWDORJDomR 'HVFULWLYD QDV IRUPDV GH UHSUHVHQWDomRHGHGHVFULomRSDGURQL]DGDGHUHFXUVRVELEOLRJUiILFRVID]HQGRVHQHFHVViULRR HVWXGRHDLGHQWLILFDomRGHHOHPHQWRVGHLQWHURSHUDELOLGDGHQRSURFHVVRGHFDWDORJDomRTXH SHUPLWH D LQWHURSHUDELOLGDGH HP DPELHQWHV LQIRUPDFLRQDLV GLJLWDLV $VVLP EXVFRXVH QD OLWHUDWXUDFLHQWtILFDQRGRPtQLRELEOLRJUiILFRVREUHWXGRFRPRGHVHQYROYLPHQWRGRV)5%5H RQRYRFyGLJRGH FDWDORJDomR5'$TXDLVRVUHTXLVLWRVTXHRV DPELHQWHVLQIRUPDFLRQDLV GLJLWDLV DWXDOPHQWH GHYHP DWHQGHU VREUHWXGR QD HVWUXWXUDomR FDPDGDV GH UHSUHVHQWDomR H GHVFULomR GRV GDGRV ELEOLRJUiILFRV SRWHQFLDOPHQWH XWLOL]DGRV SDUD IRUPDWRV QD:HE QR HVWDEHOHFLPHQWRHIHWLYRGDLQWHURSHUDELOLGDGH
'HVVDPDQHLUDDSUHVHQWDVHDSURSRVWDGHXPDDUTXLWHWXUDFRPGLUHWUL]HVIXQFLRQDLVD ILP GH LGHQWLILFDU WHyULFD H PHWRGRORJLFDPHQWH RV UHODFLRQDPHQWRV HQWUH HOHPHQWRV GH PHWDGDGRV QDTXLOR TXH HQYROYH D GHVFULomR ELEOLRJUiILFD H D LQWHURSHUDELOLGDGH VHPkQWLFD HQWUH SDGU}HV GH PHWDGDGRV KHWHURJrQHRV H VXD LQWHUSUHWDomR SHODV PiTXLQDV H DLQGD D SHUFHSomRGRVXVXiULRVVREUHRUHFXUVRLQIRUPDFLRQDOQRDPELHQWHLQIRUPDFLRQDOGLJLWDO
-XVWLILFDWLYD
8P GRV DVSHFWRV TXH PRWLYDUDP H QRUWHDUDP R GHVHQYROYLPHQWR GHVWD WHVH IRL D IDPLOLDULGDGHGRDXWRUGHVGHDSHVTXLVDQDJUDGXDomRHP%LEOLRWHFRQRPLDQRDQRGHQR WHPD&DWDORJDomR$XWRPDWL]DGDHIRUPDWRGHLQWHUFkPELR0$5&RTXHLPSXOVLRQRXXP HVWXGRPDLVDSURIXQGDGRVREUHDWHPiWLFDDTXLWUDWDGD
(PQRFXUVRGH0HVWUDGRHP&LrQFLDGD,QIRUPDomRGDPHVPDLQVWLWXLomRIRL SRVVtYHO LGHQWLILFDU GHQWUH DOJXPDV SHUVSHFWLYDV WHFQROyJLFDV R VXUJLPHQWR GH QRYDV WHQGrQFLDV SDUD D SUiWLFD GD GHVFULomR ELEOLRJUiILFD GHQRPLQDGR0DUF2QW,QLWLDWLYH EHP FRPRDQHFHVVLGDGHGHHVWXGiORGHIRUPDPDLVDSURIXQGDGDGHVWDFDQGRVXDUHOHYkQFLDSDUD DV TXHVW}HV GH UHSUHVHQWDomR H GH GHVFULomR GH UHFXUVRV LQIRUPDFLRQDLV H D LQWHJUDomR GH HVTXHPDVGHPHWDGDGRVKHWHURJrQHRV
$ LQLFLDWLYD 0DUF2QW QHVVD WHVH IRL R REMHWR GH HVWXGR TXH SHUPLWLX TXH VH FRPSURYDVVHDQHFHVVLGDGHGHHOHPHQWRVGHLQWHURSHUDELOLGDGHQRSURFHVVRGHFDWDORJDomR
0DUF2QWIRL HOHLWR SRUTXH SURSDJDYD WHU XPD HVWUXWXUD TXH JDUDQWLULD D LQWHURSHUDELOLGDGH HQWUHUHFXUVRVSRUPHLRGHXP³FRQYHUVRU´LQGHSHQGHQWHGDHVWUXWXUDRULJLQDOGHGHVFULomRGR UHFXUVR
3DUWLQGR GR SULQFtSLR GH TXH FDGD YH] PDLV LQIRUPDo}HV VmR SURGX]LGDV SULQFLSDOPHQWHQRPHLRGLJLWDOWDLVDPELHQWHVSDVVDPSRUXPDWUDQVLomRGHUHDGHTXDomRGRV VHXVPpWRGRVTXHSRVVLELOLWHPDGHVFULomRDUHSUHVHQWDomRHDRUJDQL]DomRGHVHXVFRQWH~GRV GHPRGRPDLVVLJQLILFDWLYRHILFLHQWHHSUHFLVR
7DO FHQiULR UHTXHU XPD SUHRFXSDomR FRP D LGHQWLILFDomR H R GHVHQYROYLPHQWR GH QRUPDV H SDGU}HV SDUD D UHSUHVHQWDomR GDV LQIRUPDo}HV TXH IDFLOLWHP VXD GHVFULomR H ORFDOL]DomRHDLQGDTXHSURSRUFLRQHDLQWHURSHUDELOLGDGHHQWUHRVVLVWHPDVLQIRUPDFLRQDLV
$LQGDTXHDPSODPHQWHGLVFXWLGRHPQtYHOLQWHUQDFLRQDOSRUH[HPSORQD%LEOLRWHFD 'LJLWDO 6HPkQWLFD-HURPH'/H FRQWDQGR FRP R DSRLR ILQDQFHLUR GH UHQRPDGRV yUJmRV GH IRPHQWR QR %UDVLO QmR H[LVWHP UHODWRV GH GLVFXVVmR D UHVSHLWR GR0DUF2QW,QLWLDWLYHQR SURFHVVR GH UHFXSHUDomR GD LQIRUPDomR H LGHQWLILFDomR GR UHFXUVR LQIRUPDFLRQDO HP DPELHQWHVGLJLWDLV
RI &RQJUHVV ± FRPR XP JUDQGH UHSRVLWyULR GH UHJLVWURV ELEOLRJUiILFRV H FDWDORJUiILFRV WDPEpPHPIRUPDWR0$5&
3HQVDQGR QLVVR DFUHGLWDVH TXH HVWD VHMD XPD SHVTXLVD GH UHOHYkQFLD SRU FRQWULEXLU SDUDRGHVHQYROYLPHQWRGHUHIHUHQFLDOWHyULFRHPHWRGROyJLFRQDGLVFLSOLQDGH&DWDORJDomRGD iUHDGH%LEOLRWHFRQRPLDXPDYH]TXHpSRVVtYHOLGHQWLILFDUXPDHVFDVVH]GHOLWHUDWXUDVREUHD WHPiWLFDGHUHSUHVHQWDomRGHVFULWLYDGHYHQGRWDODVVXQWRVHUUHSHQVDGRSULQFLSDOPHQWHFRPD FULDomRGRV5HTXLVLWRV)XQFLRQDLVSDUD5HJLVWURV%LEOLRJUiILFRV)5%5HRQRYRFyGLJRGH FDWDORJDomR GHQRPLQDGR5HVRXUFH 'HVFULSWLRQ DQG $FFHVV 5'$ FRQVLGHUDGRV PDUFRV IXQGDPHQWDLVQDSHUVSHFWLYDGDGHVFULomRELEOLRJUiILFD
9HULILFDVHSUHOLPLQDUPHQWHDIDOWDGHSXEOLFDo}HVGRDVVXQWRHPOtQJXDSRUWXJXHVD GHVWDFDQGR GHVVD IRUPD D UHOHYkQFLD GD SHVTXLVD SRU FRQWULEXLU FRPR XPD IRQWH GH LQIRUPDomRELEOLRJUiILFDDOpPGLVVRDUHOHYkQFLDVRFLDOQDUHDOL]DomRGHVWDSHVTXLVDHVWiHP IRUQHFHU VXEVtGLRV WHyULFRV H PHWRGROyJLFRV SDUD TXH SURILVVLRQDLV GD iUHD GH &LrQFLD GD ,QIRUPDomR SRVVDP GHVHQYROYHU PpWRGRV H WpFQLFDV PDLV HILFD]HV GH UHSUHVHQWDomR SDUD D ORFDOL]DomR D UHFXSHUDomR R XVR H R UHXVR GD LQIRUPDomR H TXH DLQGD SHUPLWD D LQWHURSHUDELOLGDGHVHPkQWLFDHPDPELHQWHVLQIRUPDFLRQDLVGLJLWDLV
$FUHGLWDVHTXHHVWHHVWXGRSRVVLELOLWHLUDRHQFRQWURGRVSULQFLSDLVDWRUHVHQYROYLGRV QHVVHFHQiULRHPHVSHFLDORVXVXiULRVVXMHLWRVSVLFRVVRFLDLVTXHVHDSURSULDUmRHIDUmRXVR GRV UHFXUVRV LQIRUPDFLRQDLV GLVSRQtYHLV QRV YDULDGRV DPELHQWHV LQIRUPDFLRQDLV GLJLWDLV 'HVWDFDVH TXH RV HOHPHQWRV TXH FRPS}HP DV DSUHVHQWDo}HV GDV UHSUHVHQWDo}HV ELEOLRJUiILFDVHPDPELHQWHVLQIRUPDFLRQDLVGLJLWDLVVmRRUJDQL]DGRVFRPREMHWLYRVGLVWLQWRV SDUDDPRWLYDomRGRLQWHUHVVHGRXVXiULRSDUDDFHVVRXVRHUHXVRGDVLQIRUPDo}HV
$OpPGLVVRMXVWLILFDVHRGHVHQYROYLPHQWRGDSHVTXLVDQRTXHWDQJHHPDFRPSDQKDU RV DYDQoRV GD iUHD GH &LrQFLD GD ,QIRUPDomR VREUH D WHPiWLFD DERUGDGD H D TXHVWmR GD SDGURQL]DomRGDUHSUHVHQWDomRHGDGHVFULomRGRVUHFXUVRVLQIRUPDFLRQDLVHVHXVFRQWH~GRV TXH JDUDQWLUmR D LQWHURSHUDELOLGDGH VHPkQWLFD HQWUH DPELHQWHV H VLVWHPDV LQIRUPDFLRQDLV GLJLWDLV H DLQGD FRPR XPD EDVH FRQVROLGDGD SDUD D GHVFULomR ELEOLRJUiILFD QDFLRQDO H LQWHUQDFLRQDOPHQWH
$WHQWDVHWDPEpPFRPRXPDUHOHYDQWHLQYHVWLJDomRGHFDUiWHUWHyULFRHPHWRGROyJLFR VREUHDGHVFULomRELEOLRJUiILFDHRWUDWDPHQWRGHVFULWLYRGDLQIRUPDomRDWXDOPHQWHSRUVXD FRQWULEXLomRjOLQKDGHSHVTXLVDDTXDOHVWiLQVHULGD,QIRUPDomRH7HFQRORJLDGR3URJUDPDGH 3yV*UDGXDomRHP&LrQFLDGD,QIRUPDomR±81(630DUtOLD
(VWUXWXUDGD7HVH
3DUDXPDPHOKRUFRPSUHHQVmRHRUJDQL]DomRGHVWDWHVHDSUHVHQWHLQYHVWLJDomRDOpP GR SUHVHQWH FDStWXOR TXH WUDWD GD,QWURGXomR H TXH DERUGD TXHVW}HV LQLFLDLV FRPR R FRQWH[WR TXH HVWD VH LQVHUH R SUREOHPD GD SHVTXLVD D KLSyWHVH D SURSRVLomR D WHVH RV REMHWLYRVJHUDOHHVSHFtILFRDPHWRGRORJLDHRVSURFHGLPHQWRVPHWRGROyJLFRVDVIRUPDVGH DQiOLVHGRVUHVXOWDGRVDMXVWLILFDWLYDDUHOHYkQFLDVRFLDOHDUHOHYkQFLDSDUDDiUHDGH&LrQFLD GD,QIRUPDomRHVWiHVWUXWXUDGDGDVHJXLQWHIRUPD
&$3Ë78/2 2172/2*,$6 ( 0(7$'$'26 DSUR[LPDo}HV VLQpUJLFDV SDUD R
HVWDEHOHFLPHQWRGDLQWHURSHUDELOLGDGHHPDPELHQWHVGLJLWDLV
(VWHFDStWXORDERUGDHPTXHPHGLGDDVRQWRORJLDVHRVPHWDGDGRVSRGHPSRVVLELOLWDU QRYDV SHUVSHFWLYDV SDUD DV WUDQVIRUPDo}HV QD GHVFULomR ELEOLRJUiILFD QRV PRGHORV GH UHODFLRQDPHQWRVHQWUHHVTXHPDVGHPHWDGDGRVKHWHURJrQHRVHRVHXHQFDPLQKDPHQWRSDUDR GHVHQYROYLPHQWRGHDPELHQWHVLQIRUPDFLRQDLVGLJLWDLVPHOKRUHVWUXWXUDGRV
&$3Ë78/20$5&217XPGLiORJRSRVVtYHOFRP0$5&"
QXPFRPSDUDWLYRFRQFHLWXDOHQWUHRVSULQFLSDLVWHUPRVHOHPHQWRVGDRQWRORJLD0DUF2QW $SRQWDVHDLQGDTXHDRQWRORJLD0DUF2QWHDDUTXLWHWXUDGHPHWDGDGRV5')VmRLQGLFDGDV SDUDRHVWDEHOHFLPHQWRHIHWLYRGDLQWHURSHUDELOLGDGHVHPkQWLFDHQWUHRVVLVWHPDVHDPELHQWHV LQIRUPDFLRQDLVGLJLWDLV
&$3Ë78/2 5(6285&( '(6&5,37,21 )5$0(:25. 5') SURPHVVD SDUD
LQWHURSHUDELOLGDGHHPDPELHQWHVLQIRUPDFLRQDLVGLJLWDLV
$SyVDSULPHLUDHWDSDGDSHVTXLVDGHFRQVWUXomRGHVHXFRUSXVWHyULFRHGDVDQiOLVHV GRVLQVWUXPHQWRVGHGHVFULomRHUHSUHVHQWDomRGHUHFXUVRVLQIRUPDFLRQDLVRFDStWXORDERUGD FRPR D DUTXLWHWXUD GH PHWDGDGRV 5') SRGHUi SURSRUFLRQDU MXQWDPHQWH FRP RV PRGHORV FRQFHLWXDLV VREUHWXGR QR GRPtQLR ELEOLRJUiILFR D LQIUDHVWUXWXUD GRV QRYRV DPELHQWHV LQIRUPDFLRQDLV GLJLWDLV DWUHODGR DRV PHWDGDGRV QR HVWDEHOHFLPHQWR GD LQWHURSHUDELOLGDGH DWXDQGRFRPRRQ~FOHRGHDUPD]HQDPHQWRGHGHVFULo}HVELEOLRJUiILFDVVHPkQWLFDV
&$3Ë78/2 &$7$/2*$d2 '(6&5,7,9$ 12 6e&8/2 ;;, SURSRVWD GH XP
PRGHOR SDUD D GHVFULomR ELEOLRJUiILFD VHPkQWLFD HP DPELHQWHV LQIRUPDFLRQDLV GLJLWDLV LQWHURSHUiYHLV
&RP RV DYDQoRV WHFQROyJLFRV QR FRQWH[WR GD &DWDORJDomR 'HVFULWLYD SURFXUDVH YHULILFDU DV UHODo}HV H DV FRUUHVSRQGrQFLDV GH IRUPD H[SOtFLWD HQWUH DV RQWRORJLDV H RV HVTXHPDV GH PHWDGDGRV H D SURSRVWD GH XPD DUTXLWHWXUD FRQFHLWXDO SDUD D FRQVWUXomR GH GHVFULomRELEOLRJUiILFDVHPkQWLFDIXQGDPHQWDGDQRVSULQFtSLRVGDUHSUHVHQWDomRGHVFULWLYDH VXDVLPEULFDo}HVQRVDWXDLVDPELHQWHVLQIRUPDFLRQDLVGLJLWDLV
&$3Ë78/2&216,'(5$d®(6),1$,6
(VVHFDStWXORDSUHVHQWDDVREVHUYDo}HVHDVUHIOH[}HVDFHUFDGDVWHQGrQFLDVQDiUHDGD &DWDORJDomR 'HVFULWLYD H VHX LPSDFWR QD FRQVWUXomR GH QRYRV DPELHQWHV LQIRUPDFLRQDLV GLJLWDLVHVWUXWXUDGRVHLQWHURSHUiYHLVQDSHUVSHFWLYDGD&LrQFLDGD,QIRUPDomR
5()(5Ç1&,$6 6mR DSUHVHQWDGDV DV UHIHUrQFLDV TXH FRQVWLWXHP H IRUPDP R DUFDERXoR WHyULFRHPHWRGROyJLFRGHVVDSHVTXLVD
&$3Ì78/2
2172/2*,$6(0(7$'$'26
$352;,0$d¯(66,1e5*,&$63$5$2
2172/2*,$6(0(7$'$'26DSUR[LPDo}HVVLQpUJLFDVSDUDRHVWDEHOHFLPHQWRGD LQWHURSHUDELOLGDGHHPDPELHQWHVGLJLWDLV
$FRQGLomRIXQGDPHQWDOGDVSRVVLELOLGDGHVGHXPVDEHU SHUWLQHQWH p R VDEHU GRV SUHVVXSRVWRV IXQGDPHQWDLV GH WRGRVDEHU+HLGHJJHU
DUD VH FRQWH[WXDOL]DU D TXHVWmR GH SHVTXLVD ID]VH QHFHVViULR GHVWDFDU DOJXQV PDUFRV TXH DMXGDUmR D FRPSUHHQGHU DV EDVHV FRQFHLWXDLV DV UHODo}HV H DV DSUR[LPDo}HV TXH DV iUHDV GH PHWDGDGRV H GH RQWRORJLDV SRVVXHP EHP FRPR D VXD VLQFURQLFLGDGH TXH SHUPLWHFRQGX] j LQWHURSHUDELOLGDGH VHPkQWLFD HQWUH DPELHQWHV LQIRUPDFLRQDLVGLJLWDLV
2QWRORJLDVDOJXPDVFRQVLGHUDo}HV
+HWHURJHQHLGDGH p XPD GDV SULQFLSDLV FDUDFWHUtVWLFDV GDV FROHo}HV GR SDWULP{QLR FXOWXUDO$GLYHUVLGDGHGRFXPHQWDOSRGHFRPSUHHQGHUWH[WRVHVFULWRVHPGLIHUHQWHVPDWHULDLV VXSRUWHVGHDUPD]HQDPHQWRSLQWXUDVIRWRJUDILDVREMHWRV'JUDYDo}HVGHVRPPDSDVH DWpPHVPRREMHWRVGLJLWDLV$OpPGLVVRRVREMHWRVHVWmRDWUHODGRVDRVDFRQWHFLPHQWRVVRFLDLV HKLVWyULFRVTXHWrPOXJDUDRORQJRGRVWHPSRV2XWURIDWRTXHVHGHYHOHYDUHPFRQVLGHUDomR p D HVWUXWXUD VLQWD[H VHPkQWLFDV GLYHUVDV H RV YiULRV WLSRV GH UHODo}HV HQWUH RV REMHWRV GHVVDVFROHo}HV
$VVLP WRUQDU DFHVVtYHLV RV UHFXUVRV GR SDWULP{QLR FXOWXUDO H[LJH RX FRPSUHHQGH D DGRomRGHHVTXHPDVHRXSDGU}HVGHPHWDGDGRVULFRVQDVHPkQWLFDHHVWUXWXUDVTXHVHMDP FDSD]HV GH FREULU D KHWHURJHQHLGDGH PDWHULDO H D YDULHGDGH GD PHPyULD GRV DPELHQWHV LQIRUPDFLRQDLVHRXLQVWLWXLo}HVELEOLRWHFDVDUTXLYRVPXVHXVHWF
2V SDGU}HV GH PHWDGDGRV ULFRV DSUHVHQWDP XP HVTXHPD GH PHWDGDGRV FRPSOH[R TXH UHIOHWH R JUDX GH
HVSHFLILFLGDGHGHVFULWLYDGHXPGRPtQLRHVSHFtILFR([IRUPDWRSDGUmRGHPHWDGDGRV0$5&
3HQVDQGR QD YDULHGDGH GH HVTXHPDV GH PHWDGDGRV GR SDWULP{QLR FXOWXUDO TXH VmR PXLWDV YH]HV VHPDQWLFDPHQWH UHODFLRQDGRV XQV DRV RXWURV H QR DXPHQWR GD GHPDQGD GH XVXiULRVSDUDRDFHVVRJOREDODFROHo}HVDOWDPHQWHGLVWULEXtGDVKHWHURJrQHDVHGLQkPLFDVD rQIDVH p GDGD QDV TXHVW}HV GH LQWHJUDomR H LQWHURSHUDELOLGDGH GH UHFXUVRV $ LQWHURSHUDELOLGDGHpQHFHVViULDQmRVyVLQWiWLFDHHPQtYHOGRVLVWHPDPDVWDPEpPDRQtYHO PDLVFRPSOH[RVHPkQWLFR
1RFRQWH[WRGDLQWHJUDomRGHGDGRVDKHWHURJHQHLGDGHpIDWRUHVVHQFLDODVHUWUDWDGR WHQGRHPYLVWDTXHDVIRQWHVDVHUHPLQWHJUDGDVIRUDPGHVHQYROYLGDVHPFRQWH[WRVGLVWLQWRV SRU SHVVRDV H RUJDQL]Do}HV GLIHUHQWHV $VVLP VmR HQFRQWUDGRV PRGHORV GH GDGRV GLYHUVRV UHSUHVHQWDo}HVGLIHUHQWHVSDUDRVGDGRVWHUPLQRORJLDVFRQIOLWDQWHVHWF
$LQWHJUDomRGHGDGRVSULQFLSDOPHQWHHPDPELHQWHVLQIRUPDFLRQDLVGLJLWDLVWHPVLGR REMHWRGHLQYHVWLJDomRHSHVTXLVDGLQkPLFDHGHVDILDGRUDGXUDQWHPXLWRVDQRVFRPRLQWXLWR GH IRUQHFHU DRV XVXiULRV LQWHUIDFHV XQLIRUPHV H PDLV DPLJiYHLV GH DFHVVR UHODFLRQDQGR H FRPELQDQGRRVGLIHUHQWHVUHFXUVRV
$VIRQWHVGHGDGRVSRGHPVHUKHWHURJrQHDVQDVLQWD[HQRHVTXHPDRXQDVHPkQWLFD WRUQDQGR XPD WDUHID GLItFLO j LQWHURSHUDELOLGDGH GRV GDGRV $ KHWHURJHQHLGDGH VLQWiWLFD p FDXVDGD SHOR XVR GH GLIHUHQWHV PRGHORV RX OLQJXDJHQV $ KHWHURJHQHLGDGH HVTXHPiWLFD p UHVXOWDGR GDV GLIHUHQoDV HVWUXWXUDLV (QTXDQWR LVVR D KHWHURJHQHLGDGH VHPkQWLFD p FDXVDGD SHORVGLIHUHQWHVVLJQLILFDGRVRXLQWHUSUHWDomRGRVGDGRVHPYiULRVFRQWH[WRV3DUDDOFDQoDUD LQWHURSHUDELOLGDGH GRV GDGRV p QHFHVViULD D HOLPLQDomR GH VXD KHWHURJHQHLGDGH &58= ;,2WUDGXomRQRVVD
1HVVH VHQWLGR H REVHUYDQGR DV TXHVW}HV GH LQWHURSHUDELOLGDGH VHPkQWLFD HQWUH DPELHQWHV LQIRUPDFLRQDLV GLJLWDLV GHVWDFDVH TXH GHQWUH DV KHWHURJHQHLGDGHV D TXH UHSUHVHQWDXPREVWiFXORPDLRUSDUD DLQWHJUDomRGHHVTXHPDVHFRQVHTXHQWHPHQWHSDUD D LQWHJUDomRGHGDGRVpDKHWHURJHQHLGDGHVHPkQWLFDXPDYH]TXHHVWDpPDUFDGDSRUFRQIOLWRV VHPkQWLFRV TXH SRGHP RFRUUHU TXDQGR GRLV FRQWH[WRV QmR XVDP D PHVPD LQWHUSUHWDomR GD LQIRUPDomR
LQIRUPDFLRQDLV H HVTXHPDV RX SDGU}HV GH PHWDGDGRV KHWHURJrQHRV WHQGR FRPRFRUH D OLQJXDJHP 5') 5HVRXUFH 'HVFULSWLRQ )UDPHZRUN SDUD D FRPSLODomR GRV GDGRV H R DUPD]HQDPHQWRGHGHVFULo}HVVHPkQWLFDVFRQIRUPHSRGHVHUYLVWDQDDUTXLWHWXUDGHPHGLDomR GHVHUYLoRV0DUF2QWDSUHVHQWDGDQRFDStWXOR
5HFHQWHPHQWH R LQWHUHVVH HP SHVTXLVDV HP PXLWDV FRPXQLGDGHV H GLVFLSOLQDV HVWi SDVVDQGRSRUXPDIDVHGHWUDQVLomRRXVHMDSHUFHEHVHXPDPXGDQoDGDLQWHJUDomRGHGDGRV SDUD DLQWHJUDomR VHPkQWLFD GH GDGRV FRPR SRU H[HPSOR HP DSOLFDo}HV GH VLVWHPDV GH LQIRUPDo}HVJHRJUiILFDVJHUHQFLDPHQWRGHLQIRUPDo}HVPpGLFDVLQWHJUDomRGHLQIRUPDo}HV HPSUHVDULDLVHH*RY
$LQWHJUDomRVHPkQWLFDGHGDGRVVHULD³RSURFHVVRGHXWLOL]DomRGHXPDUHSUHVHQWDomR FRQFHLWXDO GRV GDGRV H VHXV UHODFLRQDPHQWRV FRP R REMHWLYR GH HOLPLQDU DV SRVVtYHLV KHWHURJHQHLGDGHV GH FRPSUHHQVmR H LQWHUSUHWDomR´ &58= ;,2 S WUDGXomR QRVVD(ODDLQGDSRGHVHUHQWHQGLGDFRPRDTXHODTXHLQFOXLDVHPkQWLFDGDVUHTXLVLo}HVGH LQIRUPDomRGRXVXiULRHGDVIRQWHVGHLQIRUPDomR
1HVVDSHUVSHFWLYD&UX]H;LmRDSRQWDPTXHDKHWHURJHQHLGDGHVHPkQWLFDSRGH VHUFODVVLILFDGDHP
&RQFHLWRV VHPDQWLFDPHQWH HTXLYDOHQWHV WHUPRV GLIHUHQWHV VmR XVDGRV SDUD UHIHUHQFLDURPHVPRFRQFHLWRSURSULHGDGHVGLIHUHQWHVVmRPRGHODGDVGHIRUPDGLIHUHQWHSRU VLVWHPDVGLVWLQWRV
&RQFHLWRV VHPDQWLFDPHQWH QmRUHODFLRQDGRV R PHVPR WHUPR XVDGR HP VLVWHPDV GLVWLQWRVSDUDGHQRWDUFRLVDVFRPSOHWDPHQWHGLIHUHQWHV
2(*29SRGHVHUHQWHQGLGRFRPRXPDGDVSULQFLSDLVIRUPDVGHPRGHUQL]DomRGRHVWDGRHHVWiIRUWHPHQWH
DSRLDGR QR XVR GDV QRYDV WHFQRORJLDV SDUD D SUHVWDomR GH VHUYLoRV S~EOLFRV PXGDQGR D PDQHLUD FRP TXH R JRYHUQR LQWHUDJH FRP RV FLGDGmRV HPSUHVDV H RXWURV JRYHUQRV 2 FRQFHLWR QmR VH UHVWULQJH D VLPSOHV DXWRPDomR GRV SURFHVVRV H GLVSRQLELOL]DomR GH VHUYLoRV S~EOLFRV DWUDYpV GH VHUYLoRV RQOLQH QD ,QWHUQHW $%5$0621 0($16 PDV VLP QD WUDQVIRUPDomR GD PDQHLUD FRP TXH R JRYHUQR DWUDYpV GD 7,& DWLQJHRVVHXVREMHWLYRVSDUDRFXPSULPHQWRGRSDSHOGRHVWDGR2JRYHUQRHOHWU{QLFRHQJOREDSULQFLSDOPHQWH WUrVWLSRVGHWUDQVDo}HVDVDEHU**IRUPDUHGX]LGDGDH[SUHVVmRHPLQJOrV³*RYHUQPHQWWR*RYHUQPHQW´ WUDWDVH GH XPD UHODomR LQWUD RX LQWHUJRYHUQRV *HVWmR LQWHUQD 6LVWHPDV ,QWHUQRV ,QWUDQHW *% IRUPD UHGX]LGD GD H[SUHVVmR HP LQJOrV³*RYHUQPHQW WR %XVLQHVV´ FDUDFWHUL]DVH SRU WUDQVDo}HV HQWUH JRYHUQRV H IRUQHFHGRUHVLQWHJUDomRFRPDFDGHLDGHYDORU6LVWHPDV(VWUXWXUDGRUHV([WUDQHW*&IRUPDUHGX]LGDGD H[SUHVVmRHPLQJOrV³*RYHUQPHQWWR&LWL]HQ´HQYROYHQGRUHODo}HVHQWUHJRYHUQRVHFLGDGmRVLQWHUDomRFRP FLGDGmR3RUWDOGHDWHQGLPHQWR,QWHUQHW)(51$1'(6
&RQFHLWRV VHPDQWLFDPHQWH UHODFLRQDGRV JHQHUDOL]DomR H HVSHFLILFDomR FRQFHLWRV VREUHSRVWRVFRQFHLWXDOL]Do}HVGLIHUHQWHV
$ ILJXUD DSUHVHQWD XP FDVR RQGH SRGHULD VH SHQVDU QD DGRomR GH XPD VHPkQWLFD PDLRUSDUDDX[LOLDUDGHVFULomRGHXPUHFXUVR1D7DEHODORFDORDWULEXWRQRPHUHSUHVHQWDR QRPHGHXPDXWRUHQWUHWDQWRD7DEHODORFDORPHVPRQRPHpUHSUHVHQWDGRSHORDWULEXWR FULDGRU8PPDLRUQtYHOVHPkQWLFRSRGHVHUDJUHJDGRDHVVDVWDEHODVORFDLVSRGHQGRLQGLFDU TXH DPERV RV DWULEXWRV WDEHODV H UHIHUHPVH D QRPH IDFLOLWDQGR D LQWHJUDomR GRV PHVPRVHPXPDWULEXWRQRPHQXPHVTXHPDJOREDO
),*85$&DVRGHKHWHURJHQHLGDGH
)RQWH(ODERUDGRSHORDXWRU
&KDWHDXEULDQG DILUPD TXH XPD GDV WHQGrQFLDV GR VpFXOR ;;, p ID]HU D RQWRORJLDGHULYDUGDVHPkQWLFDXPDYH]TXHKiXPDUHODomRHQWUHDOLQJXDJHPHDUHDOLGDGH &RPRIRUPDGHSRVVLELOLWDUDDGLomRGHVHPkQWLFDDRVPHWDGDGRVHDLQWHJUDomRGHHVTXHPDV DOLWHUDWXUDFLHQWtILFDDSRQWDHWHPVLGRSURSRVWRRXVRGHRQWRORJLDVHPGHFRUUrQFLDGRVHX SRWHQFLDO SDUD GHVFUHYHU D VHPkQWLFD GH IRQWHV GH LQIRUPDomR GLVWLQWDV H FRPR IRUPD GH UHVROYHURVSUREOHPDVGHKHWHURJHQHLGDGHQD:HE
2DGYHQWRGDH;WHQVLEOH0DUNXS/DQJXDJH;0/FULRXXPDSODWDIRUPDVLQWiWLFD
SDUD D SDGURQL]DomR H R LQWHUFkPELR GH GDGRV QD:HE 1R HQWDQWR D KHWHURJHQHLGDGH
;0/ XPD PHWDOLQJXDJHP H XP VLPSOHV GLDOHWR GH6WDQGDUG *HQHUDOL]HG 0DUNXS /DQJXDJH 6*0/
HVTXHPiWLFDGRVGDGRVSRGHSHUVLVWLUGHSHQGHQGRGRVFKHPD;0/XWLOL]DGRSRUH[HPSOR
QtYHLV KLHUiUTXLFRV 8P SRQWR LPSRUWDQWH TXH &UX] H ;LmR GHVWDFDP p TXH D KHWHURJHQHLGDGHVHPkQWLFDSRGHSHUVLVWLUPHVPRVHDVLQWD[HHRVHVTXHPDVQmRRFRUUHUHP SRUH[HPSORQRPHDURVFRQFHLWRVGHPDQHLUDGLIHUHQWH
1R FHQWUR GD LQWHJUDomR VHPkQWLFD GRV GDGRV HVWi R FRQFHLWR GH RQWRORJLD RX VHMD XPDHVSHFLILFDomRH[SOtFLWDGHXPDFRQFHLWXDomRFRPSDUWLOKDGDFRPRSURSyVLWRGHIDFLOLWDU RFRPSDUWLOKDPHQWRGRFRQKHFLPHQWRHPiUHDVGLVWLQWDVSDUDRUHXVRGRVGDGRV
8PD RQWRORJLD GHILQH RV WHUPRV XVDGRV SDUD GHVFUHYHU H UHSUHVHQWDU XPD iUHDGRFRQKHFLPHQWR2QWRORJLDVVmRXVDGDVSRUSHVVRDVEDQFRVGHGDGRVH DSOLFDo}HV TXH QHFHVVLWDP FRPSDUWLOKDU LQIRUPDo}HV GH GRPtQLR XP GRPtQLR p DSHQDV XP DVVXQWR HVSHFtILFR GH XPD iUHD RX iUHD GH FRQKHFLPHQWRFRPRDPHGLFLQDJHVWmRILQDQFHLUDHWF2QWRORJLDVLQFOXHP GHILQLo}HVGHFRQFHLWRVEiVLFRVSURFHVViYHLVSHORFRPSXWDGRUQRGRPtQLRH RVUHODFLRQDPHQWRVHQWUHHOHV$VRQWRORJLDVFRGLILFDPRFRQKHFLPHQWRHP XP GRPtQLR H WDPEpP R FRQKHFLPHQWR TXH FREUHP RV GRPtQLRV 'HVVD IRUPDID]FRPTXHRFRQKHFLPHQWRVHMDUHXWLOL]iYHO2:/WUDGXomR QRVVD
$VVLP³RQWRORJLDVVmRXVDGDVSDUDFDSWXUDURFRQKHFLPHQWRGRGRPtQLRGDDSOLFDomR HXViORSDUDUHVSRQGHU DRVUHTXLVLWRVGHLQIRUPDomRGDPHOKRU PDQHLUDSRVVtYHO´&58= ;,2SWUDGXomRQRVVD
8PD GDV SULQFLSDLV LQIUDHVWUXWXUDV GD:HE 6HPkQWLFD HP UHODomR jV TXHVW}HV GD LQWHJUDomRVHPkQWLFDVmRDVRQWRORJLDVTXHVHDSUHVHQWDPFRPRLQVWUXPHQWRVSDUDDGHVFULomR GHUHFXUVRVLQIRUPDFLRQDLV6HJXQGR&XQKDXPDRQWRORJLDIRUQHFHXPHQWHQGLPHQWR FRPXP H FRPSDUWLOKDGR GH XP GRPtQLR TXH SRGH VHU FRPXQLFDGR DWUDYpV GH SHVVRDV H VLVWHPDV GH DSOLFDomR WRUQDQGRVH HOHPHQWRFKDYH SDUD R GHVHQYROYLPHQWR GD :HE 6HPkQWLFD
;0/VFKHPDSRGHVHUFRQVLGHUDGRFRPRXPHVTXHPD;0/RXVHMDpXPGRFXPHQWRTXHGHILQHHPXP
$ RQWRORJLD WHP XP SDSHO FUXFLDO QR VHQWLGR TXH SHUPLWH R DFHVVR D LQWHURSHUDomRHDFRPXQLFDomREDVHDGRVHPFRQWH~GRIRUQHFHQGRj:HEXP QtYHO GH VHUYLoR TXDOLWDWLYDPHQWH QRYR TXH FRQVLGHUDPRV QD :HE 6HPkQWLFD (OD XQH HP UHGH LQFUtYHLV SRUo}HV GR FRQKHFLPHQWR KXPDQR FRPSOHPHQWDQGRDV FRP FDSDFLGDGH GH SURFHVVDPHQWR GH PiTXLQD &81+$S
$VRQWRORJLDVIRUQHFHPXPHQWHQGLPHQWRFRPSDUWLOKDGRGHXPGRPtQLRGHLQWHUHVVH SDUD D FRPXQLFDomR HQWUH KXPDQRV H DJHQWHV GHVRIWZDUHV QRUPDOPHQWH UHSUHVHQWDGR HP XPDOLQJXDJHPSURFHVViYHOSHODPiTXLQD
1HVVHVHQWLGRDVRQWRORJLDVFRPEDVHQDOLWHUDWXUDFLHQWtILFDGRFDPSRGD&LrQFLDGD ,QIRUPDomRRIHUHFHPVROXo}HVSDUDRSUREOHPDGDKHWHURJHQHLGDGHVHPkQWLFDSRGHQGRVHU XVDGDV QD LQWHJUDomR GH DUTXLWHWXUDV GH PHWDGDGRV FRPR XP HVTXHPD JOREDO SDUD R PDSHDPHQWR GH GLIHUHQWHV IRQWHV GH PHWDGDGRV (P FRPSDUDomR D RXWURV HVTXHPDV DV RQWRORJLDV FRQFHLWXDP GRPtQLRV GH LQWHUHVVHV SDUWLFXODUHV H H[SUHVVDP ULFD VHPkQWLFD &58=;,2
'H DFRUGR FRP &RUFKR )HUQiQGH]/RSH] H *yPHV3pUH] WUDGXomR QRVVD RQWRORJLDVVmRFRQVWLWXtGDVGHFLQFRFRPSRQHQWHVFHQWUDLVGHQWUHRVTXDLVVHGHVWDFDP FODVVHVUHODFLRQDPHQWRVIXQo}HVD[LRPDVHLQVWkQFLDVHSRGHPVHUHQWHQGLGDVQRGRPtQLRGD &DWDORJDomR'HVFULWLYDGHDFRUGRFRPR4XDGUR
4XDGUR$QDORJLDGDRQWRORJLDFRPD&DWDORJDomR'HVFULWLYD
&ODVVHV VmR FRPXPHQWH RUJDQL]DGDV HP WD[RQRPLDV $V FODVVHV RX FRQFHLWRV VmR
XWLOL]DGRV QXP VHQWLGR PDLV JHUDO RX VHMD SRGHQGR VHU R FRQFHLWR SURSULDPHQWH GLWR VREUH DOJXPD FRLVD RX D GHVFULomR GH WDUHIDV IXQo}HV Do}HVHVWUDWpJLDVSURFHVVRGHUDFLRFtQLRHWF8PH[HPSORQD&DWDORJDomR 'HVFULWLYD SRGH VHU UHSUHVHQWDGR SHOR FRQFHLWR GD XQLGDGH LQIRUPDFLRQDO OLYURSHULyGLFRPDSDHWF
5HODo}HV UHSUHVHQWDPRWLSRGHHQYROYLPHQWRRXLQWHUDomRHQWUHRVFRQFHLWRVGHXP
GRPtQLR (ODV SRGHP VHU IRUPDOPHQWH GHILQLGDV HQWUH VXEFRQMXQWRV WDO FRPR DV UHODo}HV GR WLSR VXEFODVVH GH RX FRQHFWDGD D 1R GRPtQLR ELEOLRJUiILFRSRGHPVHYHUDVUHODo}HVHQWUHRVHOHPHQWRVGHVFULWLYRVGHXP SDGUmRGHPHWDGDGRVSRUH[HPSORR0$5&
)XQo}HV DSUHVHQWDPVHFRPRXPFDVRHVSHFLDOGHUHODomRRQGHRHQpVLPRHOHPHQWR
GDUHODomRp~QLFRSDUDRVQHOHPHQWRVSUHFHGHQWHV([HPSORDQWHFHGHQWH GHHFDXVD
$[LRPDV VmR XWLOL]DGDV SDUD PRGHODU DV VHQWHQoDV TXH VmR VHPSUH YHUGDGHLUDV H
DSOLFDGDVGHDFRUGRFRPYiULDVSURSRVWDVGHILQLUH[DWDPHQWHRVLJQLILFDGR GRVFRPSRQHQWHVGHXPDRQWRORJLDDVUHVWULo}HVFRPSOH[DVQRVYDORUHVGRV DWULEXWRVHWFGHIRUPDDYHULILFDUDFRUUHomRGDVLQIRUPDo}HVHVSHFLILFDGDV QD RQWRORJLD RX DLQGD GHGX]LQGR QRYDV LQIRUPDo}HV ([HPSOR DV UHJUDV HRXHVTXHPDVGHGHVFULomRELEOLRJUiILFD$$&5
,QVWkQFLDV VmR HPSUHJDGDV SDUD UHSUHVHQWDU HOHPHQWRV HVSHFtILFRV RX VHMD RV GDGRV
SURSULDPHQWH GLWRV 1D UHSUHVHQWDomR ELEOLRJUiILFD WrPVH RV GDGRV GH GHVFULomRWDLVFRPRDXWRUWtWXORDQRGHSXEOLFDomRHWF
)RQWH$GDSWDGRGH&RUFKR)HUQiQGH]/RSH]H*yPHV3pUH]
1RHVFRSRGDVLQYHVWLJDo}HVVREUHRQWRORJLDVQRTXHWDQJHDRVWLSRVGHRQWRORJLDVD OLWHUDWXUD FLHQWtILFD DSUHVHQWD DOJXPDV FODVVLILFDo}HV FRQIRUPH SRGH VHU YLVXDOL]DGR QR 4XDGUR
4XDGUR&ODVVLILFDomRGHRQWRORJLDV
)RQWHHODERUDGRSHORDXWRU
'HQWUHDVWLSRORJLDVVXSUDFLWDGDV*UXEHUHWDOSURS}HPXPIUDPHZRUNSDUDD iUHDGHRQWRORJLDVHVWDEHOHFHQGRXPDEDVHFRQFHLWXDOQRFDPSRGD&LrQFLDGD,QIRUPDomRH GD &LrQFLD GD &RPSXWDomR LGHQWLILFDQGR DV FRQYHUJrQFLDV H DV GLYHUJrQFLDV HQWUH DV RQWRORJLDV
1RkPELWRGDGLPHQVmRGDVRQWRORJLDV*UXEHUHWDODSRQWDPGXDVDERUGDJHQV DVHPkQWLFDHDSUDJPiWLFDFRQIRUPHSRGHVHUREVHUYDGRQDILJXUD
),*85$$ERUGDJHQVHWLSRORJLDVGHRQWRORJLDVVHJXQGR*UXEHUHWDO
)RQWH$GDSWDGRGH*UXEHUHWDOWUDGXomRQRVVD
*UXEHUHWDOWUDGXomRQRVVDDSUHVHQWDPQDGLPHQVmRVHPkQWLFDWUrVQtYHLVRV TXDLVHVWmRFODVVLILFDGDVDVRQWRORJLDV
1tYHOGH(VWUXWXUDDSDUHFHPVHPHOKDQWHVDRVFRQFHLWRVGHGDGRVHVWUXWXUDGRVHQmR
HVWUXWXUDGRV QR FDPSR GD &LrQFLD GD &RPSXWDomR $V RQWRORJLDV SRGHP VHU
DOWDPHQWHHVWUXWXUDGDVVHPLHVWUXWXUDGDVRXSRXFRHVWUXWXUDGDV
8PDRQWRORJLDTXH HVSHFLILFD FRQFHLWRVGHILQLGRVIRUPDOPHQWHWDO FRPRDEVWUDo}HV PDWHPiWLFDVpDOWDPHQWHHVWUXWXUDGDHQTXDQWRXPDRQWRORJLDTXHHVSHFLILFDFRQFHLWRVPXLWR JHUDLV WDLV FRPR GRFXPHQWRV H KLSHUOLJDo}HV p SRXFR HVWUXWXUDGD 0XLWDV RQWRORJLDV VmR VHPLHVWUXWXUDGDVFRQWHQGRXPDPLVWXUDGHGHILQLo}HVIRUPDLVHLQIRUPDLVGHFRQFHLWRVHGH UHODFLRQDPHQWRV 3RU H[HPSOR XPD RQWRORJLD ELEOLRJUiILFD SDUD GDGRV VREUH OLYURV SRGH FRQWHURFRQFHLWRGHGDWDFRPUHVWULo}HVIRUPDLVVREUHDQRomRGHWHPSRSUHYLVWRDOWDPHQWH HVWUXWXUDGDHRFRQFHLWRGHWtWXORGROLYURTXHVRPHQWHpLGHQWLILFDGRFRPRXPDVHTXrQFLD VWULQJGHWH[WRSRXFRHVWUXWXUDGD
2V GDGRV HVWUXWXUDGRV VmR DTXHOHV DUPD]HQDGRV QXP VLVWHPD GH JHUHQFLDPHQWR GH EDQFR GH GDGRV FRP
HVTXHPD UtJLGR 8P H[HPSOR QR FDPSR GD ELEOLRWHFD VHULD XP FDWiORJR ELEOLRJUiILFR HVWUXWXUDGR QR IRUPDWR 0$5&
2V GDGRV QmR HVWUXWXUDGRV VHULDP RV GDGRV TXH QmR SRVVXHP QHQKXP WLSR GH HVWUXWXUD GHWHUPLQDGD SRU
3DUD*UXEHU HWDOXPDRXWUDPDQHLUDGH SHQVDURQtYHOGDHVWUXWXUDGHXPD RQWRORJLD p R JUDX TXH XP YRFDEXOiULR p UHVWULQJLGR H SRGH VXSRUWDU FRPSXWDomR GDGRV HVWUXWXUDGRV WDLV FRPR EDQFR GH GDGRV QXPpULFR UHODFLRQDO VmR DOWDPHQWH UHVWULQJLGRV H VXSRUWDP XP DOWR JUDX GH FRPSXWDomR HQWUHWDQWR XP EDQFR GH GDGRV WH[WXDO FRP KLSHUOLJDo}HV HP OLQJXDJHP QDWXUDO SRVVXL SRXFDV UHVWULo}HV TXH SRGHP VHU GHGX]LGDV RX LQIHULGDVDSDUWLUGRVGDGRV
([SUHVVLYLGDGH GD /LQJXDJHP 8PD RQWRORJLD GHILQH VHX YRFDEXOiULR HP DOJXPD IRUPDGHUHSUHVHQWDomR2QWRORJLDVGLIHUHPQRSRGHUH[SUHVVLYRGDOLQJXDJHPXVDGD QD HVSHFLILFDomR $OJXPDV FRQFHLWXDOL]Do}HV UHTXHUHP XPD OLQJXDJHP DOWDPHQWH H[SUHVVLYDSDUDGHILQLURVFRQFHLWRVRQGHRXWURVSRGHPVHUHVSHFLILFDGRVFRPXPD OLQJXDJHPPHQRVH[SUHVVLYD$H[SUHVVLYLGDGHGDOLQJXDJHPWHPUHODomRFRPRQtYHO GDGLPHQVmRHVWUXWXUDO8PDRQWRORJLDDOWDPHQWHHVWUXWXUDGDHIRUPDOSRGHH[LJLUXPD OLQJXDJHPFRPDOWDH[SUHVVLYLGDGHTXHFRPSRUWHUHVWULo}HVOyJLFDVRXPDWHPiWLFDV (QTXDQWRLVVRXPDRQWRORJLDSRXFRHVWUXWXUDGDHLQIRUPDOSRGHVHUH[SUHVVDDSDUWLU GHXPDVLPSOHVOLVWDGHFRQGLo}HVHGHILQLo}HVQXPDOLQJXDJHPQDWXUDORXVHMDXPD OLQJXDJHP FRP EDL[D H[SUHVVLYLGDGH 3RU H[HPSOR LQGLYtGXRV RX LQVWkQFLDV QmR SRGHPVHUH[SUHVVRVQDOyJLFDSURSRVLFLRQDOHQTXDQWRRFiOFXORGHSUHGLFDGRVSRGH H[SUHVVDUDVSURSULHGDGHVGRVLQGLYtGXRV
*UDQXODULGDGH5HSUHVHQWDFLRQDO(QTXDQWRDH[SUHVVLYLGDGHpXPDFDUDFWHUtVWLFDGD OLQJXDJHP HP TXH XPD RQWRORJLD p GDGD D JUDQXODULGDGH p XPD SURSULHGDGH GR FRQWH~GR GD SUySULD RQWRORJLD RX VHMD UHSUHVHQWD R QtYHO GH GHWDOKDPHQWR GRV FRQFHLWRV $ JUDQXODULGDGH UHSUHVHQWDFLRQDO HVSHFLILFD PXLWR PDLV GHWDOKHV VREUH DV SURSULHGDGHVGRVFRQFHLWRVHFRPRHOHVSRGHPVHUHODFLRQDUXQVFRPRVRXWURV
*UDQXODULGDGH p ³R QtYHO GH GHWDOKDPHQWR R TXDO XP REMHWR RX UHFXUVR LQIRUPDFLRQDO p YLVWR RX GHVFULWR´
1DHVIHUDGDGLPHQVmRSUDJPiWLFD*UXEHUHWDOGHVWDFDPTXDWURQtYHLVSDUDDV RQWRORJLDV
,QWHQomR GH 8VR DV RQWRORJLDV GHYHP FRPSDUWLOKDU EDVHV GH FRQKHFLPHQWR SDUD
SHUPLWLUDFRPXQLFDomRHQWUHRVDJHQWHVGHVRIWZDUHSDUDDMXGDUDLQWHJUDUFRQMXQWRV GH GDGRV GLVFUHSDQWHV SDUD UHSUHVHQWDU XP YRFDEXOiULR HP OLQJXDJHP QDWXUDO SDUD DMXGDUSURYHUSHVTXLVDVEDVHDGDVHPFRQKHFLPHQWRSDUDIRUQHFHUXPSRQWRGHSDUWLGD SDUDDFRQVWUXomRGHVLVWHPDVGHFRQKHFLPHQWRSDUDIRUQHFHUXPDHVWUXWXUDFRQFHLWXDO SDUDDLQGH[DomRGHFRQWH~GRVHWF
3DSHOGRUDFLRFtQLRDXWRPDWL]DGRRUDFLRFtQLRDXWRPDWL]DGRSRGHYDULDUGRVLPSOHVDR FRPSOH[R
1R FDVR GR VLPSOHV *UXEHU HW DO DILUPDP TXH SRGH VLJQLILFDU D LQWHURSHUDELOLGDGH VHPkQWLFD TXH UHTXHU TXH D OLQJXDJHP FRP D TXDO R FRQWH~GR p PRGHODGR VHMD EDVHDGD QD OyJLFD RX TXH XP PRWRU HVSHFLDO GH LQIHUrQFLDLQWHUSUHWDomR VHMD FRQVWUXtGR SDUD FRQVHJXLU LQWHUSUHWDU XP FRQWH~GR $ SULPHLUDDERUGDJHPDOyJLFDpEDVHDGDHPSULQFtSLRVRXSDGU}HV
$ VHJXQGD DERUGDJHP FRQVWUXomR GH XP PHFDQLVPR HVSHFtILFR SDUD LQWHUSUHWDomRLQIHUrQFLD p XPD DERUGDJHPDG KRF H SURSULHWiULD 1R FDVR GR UDFLRFtQLR DXWRPDWL]DGRVLPSOHVXPDPiTXLQDGHEXVFDSRGHVHUFDSD]GHID]HULQIHUrQFLDVWDLVFRPR DV UHODo}HV GDV VXEFODVVHV SURSULHGDGHV GHILQLGDV QD FODVVH 3DL SRGHP VHU KHUGDGDV SHODV FODVVHV)LOKDpDSURSULHGDGHGDWUDQVLWLYLGDGH
2 UDFLRFtQLR DXWRPDWL]DGR PDLV FRPSOH[R p JHUDOPHQWH H[SUHVVR FRP UHJUDV GHGXWLYDV LVWR p UHJUDV GH LQIHUrQFLD RX H[SUHVV}HV TXH FRPELQDP LQIRUPDo}HV GH WRGD RQWRORJLD
2FRQFHLWRGHEDVHVGHFRQKHFLPHQWRVHGLVVHPLQRXJUDoDVDRGHVHQYROYLPHQWRHjDPSODXWLOL]DomRGDV7,&
'HVFULWLYD ; 3UHVFULWLYD DV GHVFULWLYDV VmR DTXHODV TXH IUHTXHQWHPHQWH XVDP XPD QRWDomR GH FDUDFWHUL]DomR PDLV OLYUH ORRVHU SHUPLWLQGR REMHWRV DUELWUiULRV QR PRGHORTXHQmRSRGHULDPH[LVWLUQRPXQGRUHDOPDVTXHVmRFRQFHLWRVVLJQLILFDQWHV SDUDDFRPXQLGDGHGHXWLOL]DGRUHV$VSUHVFULWLYDVJHUDOPHQWHOHYDPXPDUtJLGDQRomR QD FDUDFWHUL]DomR GHFODUDQGR VRPHQWH REMHWRV TXH DWXDOPHQWH H[LVWHP RX TXH UHSUHVHQWDPWLSRVQDWXUDLVRXWLSRVGHFRLVDVQRPXQGRUHDOHGHYHPVHUUHSUHVHQWDGRV QRFRQWH~GRGHXPPRGHORGHHQJHQKDULD
0RGHOR GH 0HWRGRORJLD 1HVVH DVSHFWR RV DXWRUHV VH UHIHUHP VH KRXYH XPD PHWRGRORJLDQDFRQVWUXomRGDRQWRORJLDTXHSRGHPVHUFDUDFWHUL]DGDVGRWLSRERWWRP XSRXWRSGRZQ%RWWRPXSpWDPEpPGHQRPLQDGDGHHPStULFDHWHPIRUWHrQIDVHHP DVSHFWRV WDLV FRPR TXDOTXHU XP TXH DQDOLVH RV GDGRV UHVXOWDQWHV GD RQWRORJLD FRPSUHHQGD VXD VHPkQWLFD RX FDSDFLWDU SHVVRDV YROXQWiULDV SDUD FDUDFWHUL]DU VHXV FRQWH~GRV FRPR HODV SHVVRDOPHQWH YrHP XVDQGR WHUPLQRORJLD RX PHWDGDGRV H TXDLVTXHUUHODo}HVHVWUXWXUDGDVRXQmRTXHHODVGHVHMHPXVDUFRPRREMHWLYRGHTXH SDGU}HVGHFDUDFWHUL]DomRSRVVDPHPHUJLURXVHUSUHIHULGRVSRUXPJUDQGHJUXSRRX FRPXQLGDGHGHSHVVRDV
3DUDHVVDWHVHXWLOL]DUVHiDGHILQLomRGHRQWRORJLDSURSRVWDSRU*UXEHUSRLV VXDV LPEULFDo}HV QDV iUHDV GH &LrQFLD GD ,QIRUPDomR H GD &LrQFLD GD &RPSXWDomR FRUURERUDPDPRGHODJHPGRVDPELHQWHVLQIRUPDFLRQDLVGLJLWDLVHFRQYHUJHPSDUDRVDVSHFWRV GHLQWHURSHUDELOLGDGH
8PD RQWRORJLD SDUD DV FLrQFLDV GD FRPSXWDomR H GD LQIRUPDomR p XPD HVSHFLILFDomRGHXPDFRQFHLWXDOL]DomRTXHpRFRQMXQWRGHLGpLDVFRQFHLWRV UHODFLRQDPHQWRV RX RXWUDV DEVWUDo}HV TXH FRPS}HP XP GRPtQLR GH PRGHODJHP RX GLVFXUVR 8PD RQWRORJLD GHILQH XP YRFDEXOiULR UHSUHVHQWDFLRQDOSDUDDFRQFHLWXDOL]DomRHHVSHFLILFDUHVWULo}HVVREUHRXVR VLJQLILFDWLYR GHVWH YRFDEXOiULR GH PRGR TXH RV IDWRV VREUH R GRPtQLR SRGHP VHU FRPSDUWLOKDGRV FRPXQLFDGRV H IXQGDPHQWDGRV *58%(5 SWUDGXomRQRVVD
9DOHGHVWDFDUQHVVHPRPHQWRTXHQmRpLQWHUHVVHGHVVDWHVHDSRQWDUSURIXQGDPHQWH RV PDUFRV FRQFHLWXDLV H HSLVWHPROyJLFRV VREUH RQWRORJLDV PDV HOXFLGDU TXH HODV SRGHP SURSLFLDUDFODUH]DQRVUHODFLRQDPHQWRVHQWUHVLVWHPDVHDPELHQWHVLQIRUPDFLRQDLVDWUHODGDV DRVHVTXHPDVHRXSDGU}HVGHPHWDGDGRVDILPGHSURSRUFLRQDUDLQWHURSHUDELOLGDGHXPDYH] TXHWDOHVWXGRMiIRUDUHDOL]DGRSRUGLYHUVRVDXWRUHVHHPGLIHUHQWHVWUDEDOKRV
1HVVH VHQWLGR R TXDGUR DSUHVHQWD R DUFDERXoR WHyULFR H PHWRGROyJLFR GDV LQYHVWLJDo}HVFLHQWtILFDVFRQWHPSRUkQHDVFRPEDVHQDOLWHUDWXUDQDFLRQDOHLQWHUQDFLRQDOVREUH RQWRORJLDVHVXDVYHUWHQWHVQDVHVIHUDVGD&LrQFLDGD,QIRUPDomRHGD&LrQFLDGD&RPSXWDomR GHVWDFDQGRDV FRPR UHTXLVLWRV SDUD R HVWDEHOHFLPHQWR H LQIUDHVWUXWXUD GD:HE6HPkQWLFD H WDPEpPSDUDDLQWHURSHUDELOLGDGHVHPkQWLFDHOHQFDGRVGHDFRUGRFRPRVDXWRUHV$OYDUHQJD )HLWRVD /LPD0DUTXHV &DPSRV &DPSRV H&DPSRV =KDQJ &KHQJ H 4X 3LFNOHU &DVWUR 0DUFRQGHV HW DO .LP HW DO &DWDULQRH%DSWLVWD.UXNH0F'DQLHO.UXN5DPDOKR
4XDGUR6LVWHPDWL]DomRGDVLQYHVWLJDo}HVFRQWHPSRUkQHDVVREUHRQWRORJLDVVRERSULVPDGD&LrQFLD GD,QIRUPDomRH&LrQFLDGD&RPSXWDomR
)RQWH(ODERUDGRSHORDXWRU
1R kPELWR GD :HE 6HPkQWLFD H[LJHVH TXH DV LQIRUPDo}HV WHQKDP VLJQLILFDGR H[SOLFLWDGRV SDUD TXH DV PiTXLQDV SRVVDP DXWRPDWLFDPHQWH SURFHVVDU DV LQIRUPDo}HV HQFRQWUDGDVQD:HE'HVVDIRUPDDVRQWRORJLDVDWXDPQRIRUQHFLPHQWRGHVVHVLJQLILFDGRHP FDPDGDVVREUHSRVWDVSDUDD:HE6HPkQWLFDSDUDVHUXVDGRFRP([WHQVLEOH0DUNXS/DQJXDJH ;0/ ;0/6FKHPD 5') H 5')6FKHPD FRQIRUPH SRGH VHU REVHUYDGD QD ILJXUD
$VWHFQRORJLDV;0/;0/6FKHPD5')H5')6FKHPDVmRFRQVLGHUDGDVRQ~FOHRSDUDDHIHWLYDomRGD:HE
QXPD SURSRVWD GH %HUQHUV/HH SDUD R GHOLQHDPHQWR GH XPD DUTXLWHWXUD GD:HE 6HPkQWLFD
),*85$$UTXLWHWXUDGD:HE6HPkQWLFDFRPHQWDGDSHORDXWRU
)RQWH$GDSWDGRGH%HUQHUV/HHS
3RGHVHREVHUYDUGHDFRUGRFRPDILJXUDTXHD:HE6HPkQWLFDHVWiGLYLGLGDHP FDPDGDV VREUHSRVWDV H SDUD TXH HOD IXQFLRQH GH IRUPD HIHWLYD p QHFHVViULR R WUDEDOKR FRQMXQWRHLQWHJUDGRGDVWHFQRORJLDVTXHDFRQVWLWXHPQDVXDWRWDOLGDGHSDUDRVHXSRWHQFLDO SOHQR 1RVVR LQWHUHVVH GH SHVTXLVD HVWi YROWDGR SULQFLSDOPHQWH SDUD DV FDPDGDV GH UHSUHVHQWDomR H GHVFULomR GRV GDGRV 'HQWUH DV FDPDGDV SURSRVWDV SRU %HUQHUV/HH GHVWDFDPVH
&DUDFWHUtVWLFD ,QWHUQDFLRQDO FRPSRVWD SRU SDGU}HV GH GHVFULomR H LGHQWLILFDGRUHV XQLYHUVDLV WDLV FRPR D 85, 8QLIRUP 5HVRXUFH ,GHQWLILHU H 81,&2'( TXH VmR UHVSRQViYHLVSRUXPDLGHQWLILFDomRHORFDOL]DomRPtQLPDGRUHFXUVRLQIRUPDFLRQDOQD UHGH
&DUDFWHUtVWLFD ,QWHUQDFLRQDO
&DPDGD6LQWiWLFD &DPDGDGH2QWRORJLD
&DPDGD/yJLFD
&DPDGDGH3URYD
&DPDGDGH9DOLGDomR
$VVLQDWXUD'LJLWDO FRPSOHPHQWDGDSHOD &ULSWRJUDILD
&DPDGD 6LQWiWLFD UHVSRQViYHO SHOR HVWDEHOHFLPHQWR GD VLQWD[H GH GHVFULomR GRV
GDGRVHVVDFDPDGDpFRPSRVWDSHODOLQJXDJHP;0/QDPHVSDFHVHWDPEpPSHOR ;0/6FKHPDTXHSHUPLWHXPDPHOKRUHVWUXWXUDomRGRVGDGRVHFRQVHTXHQWHPHQWH XPDPHOKRUYLVXDOL]DomRGRFRQWH~GRGRVUHFXUVRVSHORVDJHQWHVGHVRIWZDUH
&DPDGDGH'DGRVHVVDFDPDGDWUDEDOKDFRPDUHSUHVHQWDomRRSURFHVVDPHQWRHD
FRGLILFDomRGRVPHWDGDGRVeFRPSRVWDSHODDUTXLWHWXUDGHPHWDGDGRVHRXPRGHORGH GDGRV5')5')&RUH±5HVRXUFH'HVFULSWLRQ)UDPHZRUNHR5')6FKHPDTXHVmR IHUUDPHQWDVUHVSRQViYHLVSRUH[SUHVVDUVLJQLILFDGRVHSURPRYHUDLQWHURSHUDELOLGDGH eLPSRUWDQWHGHVWDFDUTXHQHVWDFDPDGDHQDFDPDGDDQWHULRUHVWiLPSOtFLWRRXVRGH SDGU}HVGHPHWDGDGRVSDUDJDUDQWLUDUHSUHVHQWDomRGRVUHFXUVRVLQIRUPDFLRQDLV
&DPDGDGH2QWRORJLDRXVRGHRQWRORJLDVSHUPLWHRHVWDEHOHFLPHQWRGDVHPkQWLFD
RXRVLJQLILFDGRGRVGDGRVGHVFULWRVHUHSUHVHQWDGRVSHORVPHWDGDGRV$GHILQLomRGRV FRQFHLWRV QHVVD FDPDGD VHUYLUi SDUD RV DJHQWHV LQWHOLJHQWHV ³FRPSUHHQGHUHP´ D VHPkQWLFDGRVGDGRVHDOLQJXDJHPUHFRPHQGDGDSHOR:RUOG:LGH:HE&RQVRUWLXP :& p D 2:/ ±2QWRORJ\ :HE /DQJXDJH 9DOH GHVWDFDU TXH D 6SDU4/ p XPD OLQJXDJHP FRPSXWDFLRQDO XWLOL]DGD SDUD UHDOL]DU FRQVXOWDV VREUH HVWUXWXUDV 5') LQFOXLQGR HVWUXWXUDV GHVFULWDV SRU PHLR GD OLQJXDJHP 2:/ &RPR QmR SRVVXL PHFDQLVPRVGHLQIHUrQFLDSRVVLELOLWDPDQLSXODUDSHQDVLQIRUPDo}HVDUPD]HQDGDVHP XP PHLR ItVLFR TXDOTXHU HP RXWUDV SDODYUDV GHILQH DV UHODo}HV HQWUH RV GDGRV DUPD]HQDGRVQDFDPDGDGHHVWUXWXUD
&DPDGD/yJLFDpUHVSRQViYHOSRUXPDUHFXSHUDomRPDLVHILFLHQWHGHYLGRDRXVRGH
DJHQWHV UHJUDV SUHVHQWHV WDPEpP QD FDPDGD GH RQWRORJLD H PHFDQLVPRV GH LQIHUrQFLD PDV SDUD LVVR FRQWDP FRPR EDVH DV FDPDGDV UHVSRQViYHLV SHOD HVWUXWXUDomR UHSUHVHQWDomR H HVWDEHOHFLPHQWR VHPkQWLFR GRV GDGRV SDUD SRVWHULRUPHQWH UHODFLRQDU H SURFHVVDU DV LQIRUPDo}HV GH IRUPD OyJLFD $OpP GLVVR GHILQH UHJUDV OyJLFDV TXH SRVVDP VHU YHULILFDGDV FRPSXWDFLRQDOPHQWH SHUPLWLQGR D
1DPHVSDFHSRGHVHUFRPSUHHQGLGRFRPRXPFRQMXQWRGHQRPHVLGHQWLILFDGRVSRUXPDUHIHUrQFLD85,RXXP
UHDOL]DomRGHLQIHUrQFLDVDXWRPiWLFDVHDYHULILFDomRGRQtYHOGHFRHUrQFLDOyJLFDGRV UHFXUVRV
&DPDGDGH3URYDUHVSRQViYHOSHORLQWHUFkPELRHQWUHDJHQWHVpQHVVDFDPDGDRQGH
VHUmRSURFHVVDGDVDVGHILQLo}HVOyJLFDVSHORVDJHQWHVSDUDDFRQVWUXomRGDSURYDTXH VHUiFULDGDSDUDYHULILFDUVHDGHGXomRGRDJHQWHHVWDYDFRUUHWD
&DPDGD GH 9DOLGDomR HVVD ~OWLPD FDPDGD p UHVSRQViYHO SHOR HVWDEHOHFLPHQWR GH
YHUGDGHVDXWHQWLFLGDGHFRQILDELOLGDGHHYDOLGDGHGRVGDGRVUHFXSHUDGRVJDUDQWLQGR DRVDJHQWHVTXHUDFLRFLQDPVREUHRVGDGRVDYHUDFLGDGHGDLQIRUPDomR
$VRQWRORJLDVVmRLPSRUWDQWHVVHRV³DJHQWHV´QD:HEVmRFDSD]HVGHSHVTXLVDUHRX PHVFODULQIRUPDo}HVGHGLYHUVDVFRPXQLGDGHV,VVRRFRUUHSRUTXHRPHVPRWHUPRSRGHVHU XVDGRHPGLIHUHQWHVFRQWH[WRVFRPGLIHUHQWHVVLJQLILFDGRVHRPHVPRVLJQLILFDGRSRGHVHU UHSUHVHQWDGR SRU WHUPRV GLIHUHQWHV HP FRQWH[WRV GLVWLQWRV $ ILP GH SDGURQL]DU RV VLJQLILFDGRV SDUD D FULDomR GH RQWRORJLDV TXH SRGHP VHU XVDGDV QD:HE D:HE 2QWRORJ\ :RUNLQJ *URXS GR:RUOG :LGH :HE &RQVRUWLXP :& GHVHQYROYHX D :HE 2QWRORJ\ /DQJXDJH2:/RXVHMDXPDOLQJXDJHPSDUD DFULDomRGHRQWRORJLDV LQWHURSHUiYHLVTXH SRGHPVHUH[WHQV}HVGH5')
3DUD 6RX]D H $OYDUHQJD DV RQWRORJLDV VH DSUHVHQWDP FRPR XP PRGHOR GH UHODFLRQDPHQWRGHHQWLGDGHVHVXDVLQWHUDo}HVHPDOJXPGRPtQLRSDUWLFXODUGRFRQKHFLPHQWR RX HVSHFtILFR D DOJXPD DWLYLGDGH 2 REMHWLYR GH VXD FRQVWUXomR p D QHFHVVLGDGH GH XP YRFDEXOiULR FRPSDUWLOKDGR SDUD VH WURFDUHP LQIRUPDo}HV HQWUH RV PHPEURV GH XPD FRPXQLGDGHVHMDPHOHVVHUHVKXPDQRVRXDJHQWHVLQWHOLJHQWHV
1R GRPtQLR ELEOLRJUiILFR SRU H[HPSOR XPD RQWRORJLD DWXDULD QD GHILQLomR GRV FRQFHLWRVGRVDWULEXWRVGHXPHVTXHPDGHPHWDGDGRVWDOFRPRDVHWLTXHWDVGRIRUPDWRGH LQWHUFkPELR 0$5& RQGH R FRQWH~GR RX VHMD R YRFDEXOiULR SRGHULD VHU GHILQLGR GH DFRUGR FRP DV UHJUDV GH GHVFULomR FRQWHPSODGDV SHOR FyGLJR GH FDWDORJDomR YLJHQWH $$&5
HVSHFLILFDo}HVGHFRQMXQWRVGHFDUDFWHUtVWLFDVFRQFHLWXDLV³3RUH[HPSORPHWDGDGDVFKHPDV VmRRQWRORJLDVTXHHVSHFLILFDPHOHPHQWRVSDUDVHUXVDGRVRTXHHVWHVHOHPHQWRVVLJQLILFDPH TXDLV WLSRV GH DWULEXWRVH YDORUHV DTXHOHV HOHPHQWRV SRGHP WHU´ 7$</25 S WUDGXomRQRVVD2XWUDVRQWRORJLDVDSDUHFHPSDUDFDWHJRUL]DUYRFDEXOiULRVFRQWURODGRV
8PD RQWRORJLD WHP SRU REMHWLYR SURYHU XPD EDVH VHPkQWLFD SDUD HVTXHPDV GH PHWDGDGRV IDFLOLWDQGR D FRPXQLFDomR HQWUH VLVWHPDV H DJHQWHV $VVLP RQWRORJLDV HVWDEHOHFHPIXQGDPHQWRVGHVLJQLILFDGRVFRQFHLWXDLVVHPRVTXDLVD:HE6HPkQWLFDQmRVHULD SRVVtYHO GHYLGR j KHWHURJHQHLGDGH GRV FRQFHLWRV UHSUHVHQWDGRV -$&2% WUDGXomR QRVVD
3DUD R FDPSR GD &LrQFLD GD ,QIRUPDomR DV RQWRORJLDV VmR XPD iUHD GH SHVTXLVD HPHUJHQWH H VHX LQWHUHVVH VH IXQGDPHQWD QD SRWHQFLDOLGDGH TXH HODV WrP HP RUJDQL]DU H UHSUHVHQWDUDLQIRUPDomRSULQFLSDOPHQWHQRTXHGL]UHVSHLWRDRPHOKRUDPHQWRGRVSURFHVVRV GH UHFXSHUDomR GD LQIRUPDomR HP P~OWLSORV GRPtQLRV H VXD DSOLFDomR HIHWLYD QRV YDULDGRV DPELHQWHVLQIRUPDFLRQDLVGLJLWDLV
4XDQGR VH H[HPSOLILFDP DV RQWRORJLDV FRPR HVTXHPDV GH PHWDGDGRV 7$</25 FRPHoDVHDSHUFHEHUDVVXWLVDSUR[LPDo}HVHVXDVFRUUHVSRQGrQFLDVVREUHWXGRQDV TXHVW}HV GH UHSUHVHQWDomR GH UHFXUVRV H DLQGD RV SRVVtYHLV UHODFLRQDPHQWRV TXH Vy VH HIHWLYDUmR HP XP WUDEDOKR FRQMXQWR SRGHVH GL]HU TXH Ki XPD VLQHUJLD HQWUH DPEDV SULQFLSDOPHQWHQRGHOLQHDPHQWRHQDPRGHODJHPGHDPELHQWHVLQIRUPDFLRQDLVGLJLWDLVHTXH SRGHUmRSURSRUFLRQDUDLQWHURSHUDELOLGDGHVHPkQWLFD
eVREHVVDRULHQWDomRTXHVHSHUFHEHDULFDOLJDomRHQWUHRQWRORJLDVHPHWDGDGRVXPD YH] TXH SDUD DWHQGHU DRV UHTXLVLWRV GH LQWHURSHUDELOLGDGH VHPkQWLFD HQWUH SDGU}HV HRX HVTXHPDVGHPHWDGDGRVKHWHURJrQHRV pLPSUHVFLQGtYHOXPDEDVHRQWROyJLFDTXHVXSRUWHH TXH GHILQD DV YDULDGDV WHUPLQRORJLDV FRPR RV FDPSRV VXEFDPSRV LQGLFDGRUHV H RXWURV HOHPHQWRVGHXPUHJLVWURELEOLRJUiILFRLQGLVSHQViYHLVSDUDXPDUHSUHVHQWDomRHDSUHVHQWDomR DGHTXDGDV
1HVVD WHVH D H[SUHVVmR UHSUHVHQWDomR GH UHFXUVRV UHIHUHVH j UHSUHVHQWDomR GHVFULWLYD GH UHFXUVRV
