• Nenhum resultado encontrado

Antecipação da tutela na perspectiva

N/A
N/A
Protected

Academic year: 2018

Share "Antecipação da tutela na perspectiva"

Copied!
213
0
0

Texto

(1)

81,9(56,'$'()('(5$/'2&($5È

)$&8/'$'('(',5(,72

0(675$'2(0',5(,7225'(0-85Ë',&$&2167,78&,21$/

$17(&,3$d­2'$787(/$1$3(563(&7,9$

-86)81'$0(17$/

0DUFHO0RUDHV0RWD

(2)

0$5&(/025$(6027$

$17(&,3$d­2'$787(/$1$3(563(&7,9$

-86)81'$0(17$/

'LVVHUWDomR DSUHVHQWDGD FRPR H[LJrQFLD SDUFLDO SDUD D REWHQomR GR WtWXOR GH PHVWUH HP'LUHLWRVREDRULHQWDomRGR 3URI 'U 5XL 9HUODLQH 2OLYHLUD 0RUHLUD

)RUWDOH]D

-XOKR±

(3)

%$1&$(;$0,1$'25$

3URI'U5XL9HUODLQH2OLYHLUD0RUHLUD8)&2ULHQWDGRU

3URID'UD9HUD/~FLD0HQGHVGH3DXOD3HVVRD8(&(([DPLQDGRUD

3URI'U)UDQFLVFR5pJLV)URWD$UD~MR8)&([DPLQDGRU

$SURYDGDHPGHDJRVWRGH

(4)

5(6802

(VWD SHVTXLVD WHP SRU REMHWLYR DQDOLVDU D DQWHFLSDomR GD WXWHOD QD SHUVSHFWLYD MXVIXQGDPHQWDOLQYHVWLJDQGRVHGHTXHPDQHLUDRVPDQGDGRVGDSURSRUFLRQDOLGDGH LQIOXHP QD FRQFHVVmR GH SURYLPHQWRV GH QDWXUH]D DQWHFLSDWyULD 2 LQWHUHVVH QR WHPDSURSRVWRVHJXHDWHQGrQFLDGHHVWXGDURSURFHVVRQDyWLFDFRQVWLWXFLRQDOHP TXH VH GHVWDFDP RV SULQFtSLRV SURFHVVXDLV FRQVWLWXFLRQDLV TXH WDPEpP VmR SULQFtSLRVMXVIXQGDPHQWDLV6XVWHQWDVHXPDFRQFHSomRSyVSRVLWLYLVWDGDWHRULDGRV GLUHLWRV IXQGDPHQWDLV $ DUJXPHQWDomR UHODWLYD DRV SULQFtSLRV SUHVVXS}H D UHIHUrQFLD DR SURFHGLPHQWR GD SURSRUFLRQDOLGDGH FRPSRVLomR DGHTXDomR QHFHVVLGDGH H SURSRUFLRQDOLGDGH HP VHQWLGR HVWULWR TXH VH PRVWUD HQWmR LQGLVSHQViYHO SDUD D GHYLGD FRPSUHHQVmR GR PRGHOR FRQVWLWXFLRQDO GR SURFHVVR 6HJXHVHDFRQFHSomRLQVWUXPHQWDOLVWDGRSURFHVVRHPVHXGXSORVHQWLGRTXDQGR VH QHJD D LGHLD GH TXH R SURFHVVR VHMD XP ILP HP VL PHVPR Mi TXH R SURFHVVR GHYH VHU HIHWLYR GHYH SRVVLELOLWDU TXH D SDUWH TXH WHQKD UD]mR SRVVD REWHU WXGR DTXLORHH[DWDPHQWHDTXLORTXHHODWHPRGLUHLWRGHREWHU1HVVDSHUVSHFWLYDUHVXOWD GH JUDQGH YDORU R HVWXGR GR GLUHLWR IXQGDPHQWDO j WXWHOD MXULVGLFLRQDO HIHWLYD TXH DEUDQJH R GLUHLWR jV WpFQLFDV DQWHFLSDWyULDV &RQFOXLVH TXH D SHUVSHFWLYD MXVIXQGDPHQWDO RIHUHFH DV PHOKRUHV FRQGLo}HV SDUD GHVHQYROYHU D DQiOLVH GD FRUUHomR MXUtGLFD GD FRQFHVVmR GRV GLYHUVRV WLSRV GH DQWHFLSDomR GH WXWHOD SHUPLWLQGRVH ID]HU R FRQWUROH UDFLRQDO GD DWXDomR GRV yUJmRV MXULVGLFLRQDLV QD TXHVWmR

3DODYUDVFKDYH$QWHFLSDomRGDWXWHOD'LUHLWRVIXQGDPHQWDLV3URSRUFLRQDOLGDGH

(5)

5,$668172

4XHVWDULFHUFDKDO¶REELHWLYRGLDQDOL]]DUHO¶DQWLFLSD]LRQHGHOODWXWHODQHOODSURVSHWWLYD JLXVIRQGDPHQWDOH LQGDJDQGR FRPH L PDQGDWL GHOOD SURSRU]LRQDOLWj LQIOXLVFRQR QHOOD FRQFHVVLRQH GHL SURYYHGLPHQWL GL QDWXUD DQWLFLSDWRULD /¶LQWHUHVVH QHO DUJRPHQWR SURSRVWRVHJXLVFHODWHQGHQ]DGLVWXGLDUHLOSURFHVVRQHOO¶RWWLFDFRVWLWX]LRQDOHQHOOD TXDOH VL GLVWDFFRQR L SULQFLSL SURFHVVXDOL FRVWLWX]LRQDOL FKH VRQR DQFKH SULQFLSL JLXVIRQGDPHQWDOL 6L VRVWHQH XQD FRQFH]LRQH SRVSRVLWLYLVWD GHOOD WHRULD GHL GLULWWL IRQGDPHQWDOL /¶DUJRPHQWD]LRQH UHODWLYD DL SULQFLSL SUHVVXSRQH LO ULIHULPHQWR DO SURFHGLPHQWR GHOOD SURSRU]LRQDOLWj FRPSR]LRQH DGHJXD]LRQH QHFHVVLWj SURSRU]LRQDOLWj LQ VHQVR VWUHWWR FKH VL PRVWUD DOORUD LQGLVSHQVDELOH SHU OD GRYXWD FRPSUHQVLRQH GHO PRGHOR FRVWLWX]LRQDOH GHO SURFHVVR 6L VHJXLVFH OD FRQFH]LRQH VWUXPHQWDOLVWD GHO SURFHVVR LQ VXR GRSSLR VHQVR TXDQGR VL QHJD O¶LGHD GL FKH LO SURFHVVR VLD XQ ILQH D VH VWHVVR JLDFFKq LO SURFHVVR GHYH HVVHUH HIIHWWLYR GHYH SRVVLELOLWDUH FKH OD SDUWH FKH DEELD UDJLRQH SRVVD RWWHQHUH WXWWR TXHOOR H SUHFLVDPHQWHTXHOORFKHOHLDEELDLOGLULWWRGLRWWHQHUH,QFRGHVWDSURVSHWWLYDULVXOWD GLJUDQGHYDORUHORVWXGLRGHOGLULWWRIRQGDPHQWDOHDOODWXWHODJLXULVGL]LRQDOHHIIHWWLYD FKH FRPSUHQGH LO GLULWWR DOOH WHFQLFKH DQWLFLSDWRULH 6L FRQFOXGH FKH OD SURVSHWWLYD JLXVIRQGDPHQWDOH RIIULVFH OH PLJOLRUH FRQGL]LRQL SHU VYLOXSDUH O¶DQDOLVL GHOOD FRUUHWWH]]D JLXULGLFD GHOOD FRQFHVVLRQH GHL GLYHUVL WLSL GL DQWLFLSD]LRQH GHOOD WXWHOD SHUPHWWHQGRVLGLIDUHLOFRQWUROORUD]LRQDOHGHOO¶DWWXD]LRQHGHOO¶RUJDQRJLXULVGL]LRQDOH QHOODTXHVWLRQH

3DUROHFKLDYH$QWLFLSD]LRQHGHOODWXWHOD'LULWWLIRQGDPHQWDOL3URSRU]LRQDOLWj

(6)

680È5,2

,1752'8d­2

,(/(0(17267(Ï5,&2662%5(26',5(,726)81'$0(17$,61$ 3(563(&7,9$3Ï6326,7,9,67$

7(25,$'26',5(,726)81'$0(17$,61$3(563(&7,9$3Ï6 326,7,9,67$

3HUVSHFWLYDVMXVQDWXUDOLVWDV 3HUVSHFWLYDVMXVSRVLWLYLVWDV

3RVLWLYLVPRMXUtGLFRH[FOXVLYR 3RVLWLYLVPRMXUtGLFRLQFOXVLYR 3HUVSHFWLYDVSyVSRVLWLYLVWDV

$YDOLDomRFUtWLFDGDVSHUVSHFWLYDVMXVQDWXUDOLVWDVSRVLWLYLVWDVH SyVSRVLWLYLVWDV

&RQWULEXLo}HVGRSyVSRVLWLYLVPRSDUDXPDWHRULDGRVGLUHLWRV IXQGDPHQWDLV

)81'$0(1726&21&(,78$,6'$3(563(&7,9$-86)81'$0(17$/ 5DFLRQDOLGDGHSUiWLFD

'LVWLQomRHQWUHSULQFtSLRVHUHJUDV 7HRULDVGDVUHVWULo}HV

)81'$0(17$d­2'$352325&,21$/,'$'( 3URSRUFLRQDOLGDGHHDLGHLDGHMXVWLoD

(7)

3URSRUFLRQDOLGDGHHGLJQLGDGHGDSHVVRDKXPDQD 3URSRUFLRQDOLGDGHHGHYLGRSURFHVVROHJDO

3URSRUFLRQDOLGDGHHGLUHLWRVIXQGDPHQWDLV

3URSRUFLRQDOLGDGHHDHVWUXWXUDGRVLVWHPDMXUtGLFR

,,787(/$$17(&,3$'$12&217(;72-86)81'$0(17$/'$ ()(7,9,'$'('2352&(662

2352&(6621$3(563(&7,9$'2',5(,720$7(5,$/ 1RUPDVPDWHULDLVHQRUPDVSURFHVVXDLV

)DVHVPHWRGROyJLFDVGRGLUHLWRSURFHVVXDO (IHWLYLGDGHSURFHVVXDOHWXWHODGRVGLUHLWRV 7pFQLFDSURFHVVXDO

1Ro}HVGHWpFQLFDSURFHVVXDO $OJXPDVWpFQLFDVSURFHVVXDLV

2SURFHVVRVRERSULVPDGR(VWDGR'HPRFUiWLFRGH'LUHLWR $IyUPXODGR³SURFHVVRMXVWR´

',5(,72)81'$0(17$/¬787(/$-85,6',&,21$/()(7,9$ )XQGDPHQWDomRMXVIXQGDPHQWDOGRGLUHLWRIXQGDPHQWDOj WXWHODMXULVGLFLRQDOHIHWLYD

)XQGDPHQWDOLGDGHPDWHULDOHIXQGDPHQWDOLGDGHIRUPDOGRGLUHLWR IXQGDPHQWDOjWXWHODMXULVGLFLRQDOHIHWLYD

'LPHQVmRVXEMHWLYDHGLPHQVmRREMHWLYDGRGLUHLWRIXQGDPHQWDOjWXWHOD MXULVGLFLRQDOHIHWLYD

(8)

'HQVLILFDomRGRGLUHLWRIXQGDPHQWDOjWXWHODMXULVGLFLRQDOHIHWLYD 'LUHLWRjVWpFQLFDVSURFHVVXDLVDQWHFLSDWyULDVHFDXWHODUHV

'LUHLWRDRSURFHGLPHQWRDGHTXDGR

'LUHLWRDRSURYLPHQWRMXULVGLFLRQDODGHTXDGR

$17(&,3$d­2'$787(/$

7XWHODDQWHFLSDGDHWXWHODFDXWHODU

6HPHOKDQoDVHQWUHWXWHODDQWHFLSDGDHWXWHODFDXWHODU 'LVWLQomRHQWUHWXWHODDQWHFLSDGDHWXWHODFDXWHODU 3URSRUFLRQDOLGDGHHIXQJLELOLGDGHGDVWXWHODVDQWHFLSDGDH FDXWHODU

3URSRUFLRQDOLGDGHHDWXWHODDQWHFLSDGDHPVLWXDomRGHSHULJR 3URSRUFLRQDOLGDGHHDWXWHODDQWHFLSDGDHPUD]mRGRDEXVRGRGLUHLWRGH GHIHVDRXPDQLIHVWRSURSyVLWRSURWHODWyULRGRUpX

3URSRUFLRQDOLGDGHHDWXWHODDQWHFLSDGDEDVHDGDHPLQFRQWURYpUVLDGR SHGLGRRXGHSDUFHODGRSHGLGR

3URSRUFLRQDOLGDGHHRSHULJRGHLUUHYHUVLELOLGDGHGRVHIHLWRVIiWLFRVGR SURYLPHQWRDQWHFLSDWyULR

3URSRUFLRQDOLGDGHHDHIHWLYDomRGDDQWHFLSDomRGDWXWHOD

&21&/86®(6 5()(5Ç1&,$6

(9)

,1752'8d­2

(VWDSHVTXLVDWHPSRUREMHWLYRH[DPLQDURLQVWLWXWRGDDQWHFLSDomRGDWXWHODQD SHUVSHFWLYDMXVIXQGDPHQWDOLQYHVWLJDQGRVHRVSDGU}HVMXUtGLFRVSULQFLSLROyJLFRVTXH GLVFLSOLQDP R FDELPHQWR GH XPD PHGLGD DQWHFLSDWyULD R TXH HQYROYH R TXHVWLRQDPHQWR UHODWLYR j PDQHLUD SHOD TXDO RV PDQGDGRV GD SURSRUFLRQDOLGDGH LQIOXHPQDFRQFHVVmRGHSURYLPHQWRVDQWHFLSDWyULRV

2 LQWHUHVVH SHOR WHPD SURSRVWR VHJXH D WHQGrQFLD GH HVWXGDU R SURFHVVR QD yWLFD FRQVWLWXFLRQDO HP TXH JDQKDP GHVWDTXH RV SULQFtSLRV SURFHVVXDLV FRQVWLWXFLRQDLV TXH WDPEpP VmR SULQFtSLRV MXVIXQGDPHQWDLV /RJR SURS}HVH D HVWXGDURSURFHVVRVRERSULVPDGDVQRUPDVGHGLUHLWRIXQGDPHQWDOFRQWHPSODQGR VHDUHODomRHQWUHWpFQLFDSURFHVVXDOHWXWHODMXUtGLFDGRVGLUHLWRVIXQGDPHQWDLV

$DUJXPHQWDomRUHODWLYDDRVSULQFtSLRVSUHVVXS}HDUHIHUrQFLDDRSURFHGLPHQWR GDSURSRUFLRQDOLGDGHTXHVHDILJXUDHQWmRLQGLVSHQViYHOSDUDDGHYLGDFRPSUHHQVmR GRPRGHORFRQVWLWXFLRQDOGRSURFHVVR

6HP G~YLGD D DQWHFLSDomR GD WXWHOD HQYROYH GLUHLWRV IXQGDPHQWDLV WDQWR GR DXWRU FRPR GR UpX FXMD UHODomR SURSRUFLRQDO VH PRVWUD QHFHVViULD j FRUUHomR MXUtGLFD GR SURYLPHQWR FRQFHVVLYR 1mR FRQFHGHU SURYLGrQFLD MXULVGLFLRQDO DQWHFLSDWyULD TXDQGR GHYLGD LPSRUWD HP UHVWULomR GHVSURSRUFLRQDO DRV GLUHLWRV GR DXWRU &RQFHGHU SURYLPHQWR DQWHFLSDWyULR TXDQGR LQGHYLGR DFDUUHWD UHVWULomR GHVSURSRUFLRQDODRVGLUHLWRVGRUpX

,QVHUHPVHDVLQGDJDo}HVVREUHDVUHODo}HVHQWUHSURSRUFLRQDOLGDGHGHWXWHOD DQWHFLSDGDQDIDVHPHWRGROyJLFDGDLQVWUXPHQWDOLGDGHSRUTXDQWRQHODVHYHULILFDD YDORUL]DomR GRV IXQGDPHQWRV FRQVWLWXFLRQDLV GR SURFHVVR TXH VH QmR GHL[DP DSUHHQGHUGHYLGDPHQWHVHQmRIRUGDGDDGHYLGDLPSRUWkQFLDDRVSDGU}HVMXUtGLFRV FRP HVWUXWXUD GH SULQFtSLRV TXH FRQGLFLRQDP D DSOLFDomR GH GLYHUVRV LQVWLWXWRV SURFHVVXDLVHPSDUWLFXODURGDDQWHFLSDomRGDWXWHOD

(10)

LQFRPSOHWRVVREUHRGLUHLWRFRQGX]DRLQWXLWRGHEXVFDUUHODo}HVHQWUHILORVRILDWHRULD GRGLUHLWRHGRJPiWLFDMXUtGLFD

$HVWUXWXUDGHVWDLQYHVWLJDomRVHGLYLGHHPGXDVSDUWHVRTXHUHYHODRFDUiWHU LQWHUGLVFLSOLQDU GR REMHWLYR JHUDO GD SHVTXLVD TXH GHSHQGH GH FRQKHFLPHQWRV UHODWLYRVDRVGLUHLWRVIXQGDPHQWDLVHDRGLUHLWRSURFHVVXDOFLYLO

1DSULPHLUDSDUWHYROWDPVHDVDWHQo}HVSDUDDVSHFWRVWHyULFRVGHXPDWHRULD GRV GLUHLWRV IXQGDPHQWDLV QD SHUVSHFWLYD SyVSRVLWLYLVWD ID]HQGRVH GHVGH ORJR UHIHUrQFLDVjDQWHFLSDomRGDWXWHODGHPRGRDFRQIHULUVHFRHVmRjSHVTXLVD-iD VHJXQGD SDUWH YHUVD VREUH D LQVWUXPHQWDOLGDGH GR SURFHVVR H D DQWHFLSDomR GD WXWHOD VHPSUH VH OHYDQGRHP FRQVLGHUDomRRV UHVXOWDGRVREWLGRVQD SULPHLUD SDUWH GRWUDEDOKRWULOKDQGRVHRFDPLQKRFRQGXFHQWHDRH[DPHGDDQWHFLSDomRGDWXWHOD QDSHUVSHFWLYDMXVIXQGDPHQWDO

,QLFLDOPHQWHSURFHGHVHDGLVFXVVmRUHODWLYDjVWHRULDVGRGLUHLWReQHFHVViULR TXHVHQmRGHVFXUHGHVVHDVSHFWRDILPGHTXHVHH[WUDLDPFRQVHTXrQFLDVWHyULFDV DGHTXDGDV SDUD R HVWXGR TXH RUD VH HPSUHHQGH UHODWLYR j DQiOLVH MXVIXQGDPHQWDO GDDQWHFLSDomRGDWXWHODORJRVLWXDGRQRkPELWRGDWHRULDGRVGLUHLWRVIXQGDPHQWDLV HGDGRJPiWLFDMXUtGLFDSURFHVVXDOFLYLO

'HVVD PDQHLUD QR SULPHLUR FDStWXOR SURFXUDVH HVFODUHFHU HP TXH FRQVLVWH XPD WHRULD GR GLUHLWR SyVSRVLWLYLVWD R TXH LPSOLFD WRUQDU H[SUHVVRV RV FULWpULRV HP UD]mR GRV TXDLV HVVD SHUVSHFWLYD MXVWHyULFD QmR VH FRQIXQGH FRP DV YHUWHQWHV MXVQDWXUDOLVWDVHMXVSRVLWLYLVWDV

(11)

$ ILP GH TXH VH GLVVHUWH FRP FODUH]D H VHJXUDQoD VREUH D DSOLFDomR GD SURSRUFLRQDOLGDGH QD DQWHFLSDomR GD WXWHOD EXVFDVH QR WHUFHLUR FDStWXOR DSUHVHQWDU RV IXQGDPHQWRV GD SURSRUFLRQDOLGDGH H[SHGLHQWH TXH FXOPLQDUi UHYHODQGR VHXV SULQFLSDLV FRQWRUQRV DVVLP FRPR VXD LQDIDVWDELOLGDGH GD DUJXPHQWDomRMXUtGLFDGRVFDVRVHPTXHHQYROYDPSULQFtSLRV

3RVWHULRUPHQWHFRQYpPODQoDUDVEDVHVGHXPDFRQFHSomRVREUHRSURFHVVR TXHVHVHJXHDRORQJRGHWRGDDLQYHVWLJDomR7UDWDVHGHDVVHQWDUDLGHLDGHTXHR SURFHVVR QmR p XP ILP HP VL PHVPR TXH GHYH PRVWUDUVH DSWR DR DOFDQFH GH GLYHUVDVILQDOLGDGHV2FRUUHTXHHVVDVILQDOLGDGHVSRGHPHQWUDUHPFRQIOLWRTXDQGR VHYHULILFDPFROLV}HVGHSULQFtSLRVFRQWH[WRHPTXHVHUiGHJUDQGHYDORURUHFXUVR DRSURFHGLPHQWRGDSURSRUFLRQDOLGDGH

(P VHJXLGD WHQFLRQDVH DSURIXQGDU R HVWXGR VREUH R TXH YHP DVHU R GLUHLWR IXQGDPHQWDOjWXWHODMXULVGLFLRQDOHIHWLYDRTXDOJDQKDGHVWDTXHTXDQGRVHHVWXGDR SURFHVVR QD SHUVSHFWLYD GR GLUHLWR PDWHULDO %XVFDVH MXVWLILFDU QmR Vy D FRQVWLWXFLRQDOLGDGHPDVDMXVIXQGDPHQWDOLGDGHGRGLUHLWRjWpFQLFDDQWHFLSDWyULD

1RVH[WRFDStWXORDVDWHQo}HVVHYROWDPSDUDDFDUDFWHUL]DomRGRLQVWLWXWRGD DQWHFLSDomR GD WXWHOD VXD UHODomR FRP D WXWHOD FDXWHODU DVVLP FRPR FROKHQGR RV IUXWRVVHPHDGRVQDVVHo}HVSUHFHGHQWHVGHVWDSHVTXLVDHQIUHQWDVHDTXHVWmRGD SURSRUFLRQDOLGDGHQDDQWHFLSDomRGDWXWHOD

3DUD LVVR SURFHGHVH DR HVWXGR GH FDGD XPD GDV GLVWLQWDV HVSpFLHV GH DQWHFLSDomR GH WXWHOD VHP SHUGHU GH YLVWD R DVSHFWR JHUDO TXH DV XQH D WHQVmR HQWUH RV SULQFtSLRV GD WXWHOD MXULVGLFLRQDO HIHWLYD H GD VHJXUDQoD MXUtGLFD VHPSUH D UHFODPDUDDSOLFDomRGDSURSRUFLRQDOLGDGH

$SyV D FRQVLGHUDomR GD UHODomR HQWUH SURSRUFLRQDOLGDGH H DV GLIHUHQWHV PRGDOLGDGHV GH WXWHOD DQWHFLSDGD FXPSUH DLQGD H[DPLQDU D SHUWLQrQFLD GD SURSRUFLRQDOLGDGH FRP RV SUREOHPDV HVSHFtILFRV GD LUUHYHUVLELOLGDGH GRV HIHLWRV IiWLFRV GRV SURYLPHQWRV DQWHFLSDWyULRV H FRP D HIHWLYDomR RX H[HFXomR GHVVHV SURYLPHQWRV

(12)

MXVIXQGDPHQWDO 7UDWDVH GH PRPHQWR HP TXH VmR UHXQLGDV DV FRQGLo}HV GHYLGDV SDUD TXH VH FRQILUPH VHU D LGHLD TXH QRUWHLD WRGD D SHVTXLVD SUHFLVDPHQWH LQWHUSUHWDU D DQWHFLSDomR GD WXWHOD QR FRQWH[WR GH XPD WHRULD GRV GLUHLWRV IXQGDPHQWDLV DGHTXDGD ~WLO QR GHVOLQGH GH TXHVW}HV MXUtGLFDV UHODWLYDV j WXWHOD DQWHFLSDGD

(13)

,(/(0(17267(Ï5,&2662%5(26

',5(,726)81'$0(17$,61$3(563(&7,9$

3Ï6326,7,9,67$

(14)

7(25,$

'26

',5(,726

)81'$0(17$,6

1$

3(563(&7,9$3Ï6326,7,9,67$

2VGLUHLWRVIXQGDPHQWDLVSRGHPVHUREMHWRGHGLYHUVDVWHRULDV&RPSUHHQGH VH HVVD FLUFXQVWkQFLD KDMD YLVWD R FDUiWHU PXOWLGLPHQVLRQDO TXH RV GLUHLWRV IXQGDPHQWDLV DSUHVHQWDP $VVLP VREUH HOHV VmR HODERUDGDV SRU H[HPSOR WHRULDV MXUtGLFDV ILORVyILFDV VRFLROyJLFDV H SROtWLFDV 3RVWR TXH VHMD SRVVtYHO GLYLVDU DV UHIHULGDV WHRULDV FRQFOXLVH TXH HODV DSUHVHQWDP SRQWRV GH LQWHUVHFomR GH PRGR TXHQmRpFRUUHWRGHIHQGHUTXHVHVHSDUDPSRUFRPSOHWR

6RERSULVPDMXVWHyULFRTXHVHVLWXDQRQtYHOLQWHUPHGLiULRHQWUHDILORVRILDGR GLUHLWR H D GRJPiWLFD MXUtGLFD LQWHUHVVD R GHEDWH WUDYDGR HQWUH MXVSRVLWLYLVWDV MXVQDWXUDOLVWDV H SyVSRVLWLYLVWDV R TXDO UHSHUFXWH QD WHRUL]DomR VREUH RV GLUHLWRV IXQGDPHQWDLV 3RU VXD YH] XPD FRPSUHHQVmR WHRULFDPHQWH DGHTXDGD HP UHODomR DRV GLUHLWRV IXQGDPHQWDLV p LQGLVSHQViYHO SDUD TXH VH SRVVD GLVFRUUHU VREUH D DQWHFLSDomRGDWXWHODQDSHUVSHFWLYDMXVIXQGDPHQWDO

'HVVD PDQHLUD FRQYpP HVWDEHOHFHU DV GLIHUHQoDV TXH DV SHUVSHFWLYDV MXVSRVLWLYLVWDV MXVQDWXUDOLVWDV H SyVSRVLWLYLVWDV JXDUGDP HQWUH VL D ILP TXH VH HYLGHQFLHP RV UHIOH[RV GD SRVLomR MXVWHyULFD DGRWDGD HP UHODomR DR HVWXGR GRV GLUHLWRVIXQGDPHQWDLV

&XLGDVHGHLQYHVWLJDUVHGRSRQWRGHYLVWDWHyULFRpDGPLVVtYHODDILUPDomR GR UHODFLRQDPHQWR HQWUH GLUHLWR H PRUDO QR FRQKHFLPHQWR GDV QRUPDV MXUtGLFDV YiOLGDV$GHPDLVFDVRVHUHFRQKHoDDFRQH[mRHQWUHGLUHLWRHPRUDOTXHUHGXQGD QD DILUPDomR GD SRVVtYHO LPSRUWkQFLD GH HOHPHQWRV PRUDLV QD GHILQLomR GR GLUHLWR DSOLFiYHO FXPSUH SHUTXLULU VH HVVH UHODFLRQDPHQWR p DSHQDV FRQWLQJHQWH RX FRQFHLWXDOPHQWHQHFHVViULR

9HULILFDVHTXHDEXVFDGHXPDFRPSUHHQVmRDGHTXDGDGDRQWRORJLDMXUtGLFD SDUDDOpPGHVXDPDQLIHVWDUHOHYkQFLDWHyULFDWHPLPSRUWDQWHVUHIOH[RVSUiWLFRVQD PHGLGD HP TXH p SUHFLVR VDEHU VH RV MXULVWDV SRGHP RX GHYHP OHYDU HP FRQVLGHUDomR HOHPHQWRV PRUDLV SDUD D UHFRQVWUXomR GR GLUHLWR YiOLGR D SDUWLU GRV WH[WRVQRUPDWLYRV'HVVDPDQHLUDQRFRQWH[WRPDLVHVSHFtILFRGDFROLVmRGHGLUHLWRV

(15)

IXQGDPHQWDLV TXH VH DSUHVHQWD QD DQWHFLSDomR GD WXWHOD p SUHFLVR VDEHU VH HOHPHQWRV PRUDLV RX GH MXVWLoD GHVHPSHQKDP DOJXP SDSHO QD GHFLVmR UHODWLYD j WXWHODDQWHFLSDGD

1HFHVViULR SRUWDQWR SURFHGHU DR H[DPH FRPSDUDWLYR GDV SHUVSHFWLYDV MXVWHyULFDVMXVQDWXUDOLVWDVMXVSRVLWLYLVWDVHSyVSRVLWLYLVWDVDILPGHTXHVHGHVHQKH XP TXDGUR DGHTXDGR GDV LPSOLFDo}HV SyVSRVLWLYLVWDV HP XPD WHRULD GRV GLUHLWRV IXQGDPHQWDLV

3HUVSHFWLYDVMXVQDWXUDOLVWDV

3DUDRVTXHVHJXHPXPDDERUGDJHPMXVQDWXUDOLVWDXPDWHRULDVREUHRGLUHLWR QDWXUDOpLPSUHVFLQGtYHOTXHSHORPHQRVDOJXPDVDILUPDo}HVVHMDPIHLWDV

(PSULPHLUROXJDUpQHFHVViULRTXHVHSUHGLTXHDH[LVWrQFLDGHGXDVRUGHQV MXUtGLFDV R GLUHLWR QDWXUDO H R GLUHLWR SRVLWLYR R TXH YHP D VHU D WHVH GR GXDOLVPR MXUtGLFR

2GLUHLWRQDWXUDOGHFRUUHGHQDWXUH]DGHDOJRUD]mRSHODTXDOVHSRGHIDODUSRU H[HPSOR HP GLUHLWR QDWXUDO GH RULJHP GLYLQD RX HP GLUHLWR QDWXUDO IXQGDGR QD HVVrQFLDGRVHUKXPDQR(PWRGRFDVRDVGRXWULQDVMXVQDWXUDOLVWDVSDUWHPGDLGHLD GHTXHRGLUHLWRQDWXUDOSRVVXLQRUPDVLPXWiYHLVQRWHPSRHQRHVSDoRDRSDVVR TXH DV QRUPDV GR GLUHLWR SRVLWLYR VmR FDUDFWHULVWLFDPHQWH FDPELDQWHV QDV GLPHQV}HVHVSDFLDOHWHPSRUDO&RPSUHHQGHPVHDVGLIHUHQoDVHQWUHGLUHLWRQDWXUDO HGLUHLWRSRVLWLYRWHQGRHPYLVWDTXHRGLUHLWRQDWXUDOUHVLGHQDQDWXUH]DGHDOJRQmR UHVXOWDGHFULDomRGRKRPHPSUHFLVDPHQWHRFRQWUiULRGRTXHRFRUUHHPUHODomRDR GLUHLWRSRVLWLYR

(16)

'HWDOKHV VREUH R FRQWH~GR GR GLUHLWR QDWXUDO DVVLP FRPR VREUH DV FRQVHTXrQFLDV GD UHODomR GH VXSHULRULGDGH GR GLUHLWR QDWXUDO HP IDFH GR GLUHLWR SRVLWLYRUHVSRQGHPSHODYDULHGDGHGHGRXWULQDVMXVQDWXUDOLVWDV

6DQWR7RPiVGH$TXLQRHODERURXXPDGRXWULQDMXVQDWXUDOLVWDVHJXQGRDTXDO SRGHPVHUGLVWLQJXLGRVWUrVWLSRVGHOHLVOHLHWHUQDOHLQDWXUDOHOHLKXPDQD

$OHLHWHUQDVHULDH[SUHVVmRGDUD]mRGLYLQDTXHUHJHRPXQGRGHXPPRGR TXHQmRVHFRQFHEHQRWHPSRSRUTXHHWHUQR3RUVXDYH]DOHLQDWXUDOFRQVLVWLULD QD³SDUWLFLSDomRGDOHLHWHUQDQDFULDWXUDUDFLRQDO´GHPDQHLUDTXHRVHUKXPDQR SRUVHUGRWDGRGHUDFLRQDOLGDGHWHPDFDSDFLGDGHGHFRQKHFHUDOHLQDWXUDO-iDOHL KXPDQDRGLUHLWRSRVLWLYRVHULDRSURGXWRGDUD]mRKXPDQDTXHGHYHSURFHGHUD SDUWLUGDOHLQDWXUDO

2 GLUHLWR QDWXUDO VHUYH FRPR FULWpULR GH FRUUHomR PRUDO RX GH MXVWLoD HP UHODomRDRGLUHLWRSRVLWLYR&RQIRUPH6DQWR7RPiVGH$TXLQRVXVWHQWD³DOJRpMXVWR SHORIDWRGHTXHpUHWRVHJXQGRDUHJUDGDUD]mR´'HVVDPDQHLUDRGLUHLWRQDWXUDO VHULD R GLUHLWR MXVWR RX R GLUHLWR UDFLRQDO GH PRGR TXH R GLUHLWR SRVLWLYR QmR SRGH GHOHGLVFRUGDU&DVRDOHLKXPDQDHVWHMDHPGHVDFRUGRFRPRGLUHLWRQDWXUDO³MiQmR VHUiOHLPDVFRUUXSomRGHOHL´

1D WHRULD GR GLUHLWR QDWXUDO GH 6DQWR 7RPiV GH $TXLQR GXDV VmR DV IRUPDV SHODV TXDLV R GLUHLWR SRVLWLYR GHULYD GR GLUHLWR QDWXUDO DWUDYpV GH FRQFOXV}HV VHPHOKDQWHVDGHPRQVWUDo}HVHDWUDYpVGHGHWHUPLQDo}HV

([HPSORGDSULPHLUDIRUPDpDSURLELomRGHPDWDUXPDSHVVRDLQRFHQWHTXH GHULYDGHPDQHLUDOyJLFDGRGLUHLWRQDWXUDO&RQWXGRDPDLRUSDUWHGRGLUHLWRSRVLWLYR QmR GHULYD GR GLUHLWR QDWXUDO GHVVD PDQHLUD PDV SUHVVXS}H XPD FRODERUDomR FULDWLYDGROHJLVODGRUKXPDQRDH[HPSORGRDUTXLWHWRTXHGHYHSURMHWDUXPDIRUPD GHWHUPLQDGDHHVSHFtILFDSDUDDILJXUDGHXPDFDVD

$48,127RPiVGH6XPDWHROyJLFD,96mR3DXOR/R\RODS,,,TD

,ELGS,,,TD

,ELGS,,,TD

,ELGS,,,TD

,ELGS,,,TD

(17)

$VVLPDIDVWDVHDREMHomRVHJXQGRDTXDORGLUHLWRSRVLWLYRVHULDVXSpUIOXRHP IDFH GD SHUIHLomR GR GLUHLWR QDWXUDO Mi TXH FDEHULD j OHL KXPDQD QmR VRPHQWH GHFODUDU DV FRQFOXV}HV VHPHOKDQWHV D GHPRQVWUDo}HV DGYLQGDV GR GLUHLWR QDWXUDO FRPRWDPEpPUHDOL]DUDIXQomRGHGHWHUPLQDomRHVSHFLILFDomRRXFRQFUHWL]DomRGR GLUHLWRQDWXUDO

&RQYpP PHQFLRQDU TXH GHVWDFDGDV WHRULDV GR GLUHLWR QDWXUDO HQJHQGUDGDV FRQWHPSRUDQHDPHQWHVHJXHPRVLQIOX[RVWRPLVWDVDH[HPSORGDVFRQWULEXLo}HVGH -RKQ)LQQLVH5REHUW*HRUJH

2 MXVQDWXUDOLVPR GH -RKQ )LQQLV SUHWHQGH LGHQWLILFDU DOJXQV EHQV KXPDQRV EiVLFRV YLGD FRQKHFLPHQWR MRJR H[SHULrQFLD HVWpWLFD DPL]DGH UD]RDELOLGDGH SUiWLFD H ³UHOLJLmR´ TXH VHULDP LQGLVSHQViYHLV SDUD R IORUHVFLPHQWR KXPDQR HP WRGDVDVpSRFDVHWRGRVRVOXJDUHV

$ UD]RDELOLGDGH SUiWLFD HOD PHVPD XP EHP KXPDQR EiVLFR p D IRUPD GH UDFLRQDOLGDGH SUiWLFD LGHQWLILFDGD SRU )LQQLV EDVHDGD QDV QRo}HV DQWHULRUHV GH UDFLRQDOLGDGHSUiWLFDHP$ULVWyWHOHVSKUyQHVLVHHP7RPiVGH$TXLQRSUXGHQWLD TXH SHUPLWLUD R DFHVVR D XPD ERD YLGD PHGLDQWH D FRQFUHWL]DomR GRV EHQV KXPDQRV EiVLFRV &RQVLGHUDQGR TXH D PLVVmR GR OHJLVODGRU p HODERUDU OHLV MXVWDV SDUD R EHP FRPXP UHVXOWD FODUR TXH DV OHLV SRVLWLYDV GHYHP VHU HODERUDGDV GH DFRUGRFRPDVH[LJrQFLDVGDUDFLRQDOLGDGHSUiWLFD

$LQIOXrQFLDGRWRPLVPRQDGRXWULQDMXVQDWXUDOLVWDGH-RKQ)LQQLVPDQLIHVWDVH WDPEpPYJ HP VXDV DQiOLVHV VREUH D GHULYDomR GD OHL SRVLWLYD GD OHL QDWXUDO DVVLPFRPRGDOHLQDWXUDOFRPRSDUWLFLSDomRGDOHLHWHUQD

$VHXWXUQR5REHUW*HRUJHFRPSUHHQGHRGLUHLWRQDWXUDOFRPRXPFRQMXQWRGH WUrVWLSRVGHSULQFtSLRVSULQFtSLRVEiVLFRVSUiWLFRVSULQFtSLRVPRUDLVLQWHUPHGLiULRVH QRUPDVPRUDLVHVSHFtILFDV

2VSULQFtSLRVSUiWLFRVEiVLFRVVmRDTXHOHVTXHGLULJHPDHVFROKDHDDomRGR KRPHP QR VHQWLGR GRV EHQV KXPDQRV EiVLFRV &RQVWLWXHP UD]}HV SDUD DJLU QmR

.(/6(1+DQV2TXHpMXVWLoD"6mR3DXOR0DUWLQV)RQWHVS

),11,6-RKQ/HLQDWXUDOHGLUHLWRVQDWXUDLV6mR/HRSROGR8QLVLQRVSHVV

,ELGSHVV

,ELGSHVV

(18)

LQVWUXPHQWDLV QD PHGLGD HP TXH QmR WRPDP FRPR SUHVVXSRVWR RXWUDV UD]}HV &DEH DRV SULQFtSLRV LQWHUPHGLiULRV HVSHFLILFDU R PDLV EiVLFR SULQFtSLR SUiWLFR TXH GLULJHDHVFROKDHDDomRKXPDQDVUXPRjUHDOL]DomRKXPDQDLQWHJUDODWUDYpVGH QRUPDVPRUDLVFRPRDUHJUDGHRXURRXFRPRRSULQFtSLRSDXOLQRTXHSURtEHTXHR PDO VHMD IHLWR FRPR PHLR SDUD FDXVDU ERDV FRQVHTXrQFLDV $ IXQomR GDV QRUPDV PRUDLV HVSHFtILFDV UHVLGH HP UHVWULQJLU DV SRVVLELOLGDGHV GH HVFROKDV DWUDYpV GH LPSRVLo}HVRXSURLELo}HV

2EVHUYDVHTXH5REHUW*HRUJHFRQFHEHDGHULYDomRGRGLUHLWRSRVLWLYRDSDUWLU GR GLUHLWR QDWXUDO QRV PHVPRV WHUPRV GHVFULWRV SRU 6DQWR 7RPiV GH $TXLQR DR YDOHUVH GRV FRQFHLWRV GH FRQFOXV}HV VHPHOKDQWHV D GHPRQVWUDo}HV H GH

GHWHUPLQDWLRQHVRVTXDLVJXDUGDPUHODo}HVFRPRSHQVDPHQWRDULVWRWpOLFR

3DUD DV WHRULDV MXVQDWXUDOLVWDV SRUWDQWR DSRQWDVH SDUD D UHODomR GH VXERUGLQDomR GR GLUHLWR SRVLWLYR HP UHODomR DR GLUHLWR QDWXUDO R TXH WUDGX] D H[LJrQFLD GH TXH R GLUHLWR FULDGR SHOR KRPHP VH VXEPHWD D SDGU}HV PRUDLV VXSHULRUHV RV TXDLV VHULDP HWHUQRV SRUTXH GHFRUUHQWHV GD QDWXUH]D GH DOJXPD FRLVD 1HVVD SHUVSHFWLYD LQWHJUDULD R FRQFHLWR GH GLUHLWR R HOHPHQWR GD FRUUHomR PRUDO FRPSUHHQGLGRFRPR VXERUGLQDomRGRV SDGU}HV MXUtGLFRV SRVLWLYRV D QRUPDV PRUDLVVXSHULRUHVQDWXUDLV

2 VLJQLILFDGR GHVVD DERUGDJHP MXVWHyULFD SDUD D FRPSUHHQVmR GR GLUHLWR FRQVWLWXFLRQDO HPIDFH GD PRUDOLGDGH SROtWLFD FRQVLVWLULD HPID]HU GHULYDU GRV EHQV KXPDQRVEiVLFRVQRUPDVPRUDLVGHHVFDOmRLQWHUPHGLiULRRXDWpPDLVHVSHFtILFDV TXH MXVWLILFDULDP LPSRVLo}HV DR SRGHU GR (VWDGR jV TXDLV VH OLJDP GLUHLWRV IXQGDPHQWDLV GDV SHVVRDV ([HPSOR UHOHYDQWH GH REULJDomR TXH VH LPSRULD DR (VWDGRSRUUD]}HVPRUDOPHQWHUHOHYDQWHVFRQVLVWHQDLQFXPErQFLDGHSUHVWDUWXWHOD MXULVGLFLRQDOHIHWLYDRTXHLQFOXLDDQWHFLSDomRGDWXWHODQDVVLWXDo}HVGHYLGDV

3HUVSHFWLYDVMXVSRVLWLYLVWDV

$V WHRULDV MXUtGLFDV SRVLWLYLVWDV HP OLQKDV JHUDLV UHMHLWDP D GXDOLGDGH GH RUGHQV MXUtGLFDV GH PRGR TXH QHVVD SHUVSHFWLYD QmR Ki TXH VH IDODU HP GLUHLWR QDWXUDOHGLUHLWRSRVLWLYRMiTXHWRGRRGLUHLWRpGLUHLWRSRVLWLYRWHQGRHPYLVWDTXH

*(25*(5REHUW3REFLWS

(19)

WRGD RUGHP MXUtGLFD p UHVXOWDGR GD FULDomR KXPDQD QmR KDYHQGR UD]}HV FRQYLQFHQWHV SDUD TXH VH SRVVD DILUPDU D H[LVWrQFLD GH QRUPDV MXUtGLFDV VLWXDGDV IRUDGDKLVWyULDSRUTXHSURGXWRVGDQDWXUH]DGHDOJR

&RP LVVR HYLGHQFLDVH TXHDV GRXWULQDV GR SRVLWLYLVPR MXUtGLFRGH XPPRGR JHUDO DEUHP PmR GH HOHPHQWRV PHWDItVLFRV QD HODERUDomR GH VXDV FRQVWUXo}HV WHyULFDV6HJXHVHDWHVHGRIDWRVRFLDOVRFLDOIDFWWKHVLVGHDFRUGRFRPDTXDOD

OHJDOLGDGHpXPDTXHVWmRGHIDWRGHFRUUHVSRQGrQFLDDGHWHUPLQDGRVIDWRVVRFLDLV ORJRDYDOLGDGHMXUtGLFDQmRVHULDXPDTXHVWmRGHYDORU

2DFRUGRSRVLWLYLVWDHPUHODomRjDGRomRGHDOJXPDWHVHGRIDWRVRFLDOQmRp DFRPSDQKDGR WRGDYLD SHOD XQLIRUPLGDGH GH HQWHQGLPHQWR FRP UHVSHLWR j LPSRUWkQFLDGDFRUUHomRPRUDOSDUDDYDOLGDGHGDVQRUPDVMXUtGLFDV$SDUWLUGHVVH FULWpULRH[WUHPDPVHDVGRXWULQDVGRSRVLWLYLVPRMXUtGLFRH[FOXVLYRHGRSRVLWLYLVPR MXUtGLFRLQFOXVLYR

3RVLWLYLVPRMXUtGLFRH[FOXVLYR

&RQVRDQWHDWHRULDGRSRVLWLYLVPRMXUtGLFRH[FOXVLYRVmRIHLWDVGXDVDILUPDo}HV FRPUHIHUrQFLDjUHODomRHQWUHGLUHLWRHPRUDO

(PSULPHLUROXJDUDVVHYHUDVHDWHVHGDVHSDUDomRFRQFHLWXDOHQWUHGLUHLWRH PRUDOGHPRGRTXHDFRUUHomRPRUDOQmRLQWHJUDRFRQFHLWRGHGLUHLWRQmRKDYHQGR TXHVHFRQIXQGLURGLUHLWRFRPRHOHpHRGLUHLWRFRPRGHYHVHU

$GHPDLVVHJXLQGRVHHVVDYHUVmRIRUWHGRSRVLWLYLVPRMXUtGLFRDGX]VHTXHKi UD]}HV QRUPDWLYDV TXH LQGLFDP R TXH pPHOKRU RXR TXH p SUHIHUtYHO VHJXQGRDV TXDLVSULQFtSLRVPRUDLVHDUJXPHQWRVPRUDLVQmRGHVHPSHQKDPQHQKXPSDSHOQD GHILQLomRGDVQRUPDVMXUtGLFDVYiOLGDVORJRWDPEpPQDLQWHUSUHWDomRGRGLUHLWR

$ WHVH GD VHSDUDomR FRQFHLWXDO HQWUH GLUHLWR H PRUDO LPSOLFD D WHVH GD VHSDUDELOLGDGH GDV QRUPDV MXUtGLFDV GDV QRUPDV PRUDLV PDV QmR D VHSDUDomR GH IDWRHQWUHGLUHLWRHPRUDO-iDWHVHGDVHSDUDomRQRUPDWLYDHQWUHGLUHLWRHPRUDORX VLPSOHVPHQWH WHVH GD VHSDUDomR YDL PDLV DOpP DR DILUPDU TXH HP QHQKXP FDVR

277:DOWHU'HUUHFKWVSRVLWLYLVPXV$XI%HUOLQ'XQFNHUXQG+XPEORWS

&2/(0$1 -XOHV7KH SUDFWLFH RI SULQFLSOH LQ GHIHQFH RI D SUDJPDWLVW DSSURDFK WR OHJDO WKHRU\

(20)

SDUkPHWURVPRUDLVVmRUHOHYDQWHVQRHVWDEHOHFLPHQWRGDVQRUPDVMXUtGLFDVYiOLGDV RXQDLQWHUSUHWDomRGRGLUHLWR

9HULILFDVH TXH D WHRULD GR GLUHLWR GH -RVHSK 5D] VH EDVHLD QD WHVH GD VHSDUDomRQRUPDWLYDHQWUHGLUHLWRHPRUDOGHPRGRTXHWRGRVRVHOHPHQWRVPRUDLV VmRH[FOXtGRVQDLGHQWLILFDomRGRGLUHLWRYiOLGRRXQDLQWHUSUHWDomRGRGLUHLWR

5D] UHIHUHVH j VXD GRXWULQD FRPRVWURQJ VRFLDO WKHVLV VHJXQGR D TXDO D

YDOLGDGHGDVQRUPDVMXUtGLFDVGHSHQGHWmRVRPHQWHGHHOHPHQWRVHPStULFRVIDWRV VRFLDLVGHVFDUWDGRVSRUWDQWRFULWpULRVGHMXVWLoDRXGHFRUUHomRPRUDO

2 LPSRUWDQWH SDUD D LGHQWLILFDomR GR GLUHLWR YiOLGR QR SRVLWLYLVPR MXUtGLFR GH 5D] p TXH HOH SURYHQKD GH TXHP WHP DXWRULGDGH VHMD SDUD R H[HUFtFLR GR SRGHU OHJLVODWLYR VHMD SDUD GHFLGLU HP XP SURFHVVR MXGLFLDO $VVLP R GLUHLWR p FRPSUHHQGLGR FRPR FRUUHVSRQGrQFLD D XP IDWR VRFLDO SUDWLFDGR SRU XPD IRQWH DXWRUL]DGDSHORGLUHLWR

&RQVHTXHQWHPHQWH QmR VH HVWDEHOHFHP FULWpULRV PDWHULDLV GH YDOLGDGH GD QRUPD MXUtGLFD VRPHQWH FULWpULRV IRUPDLV GH PDQHLUD TXH QHQKXP FRQWH~GR SRGH GHL[DUGHVHUFRQVLGHUDGRMXUtGLFRHPUD]mRGHDUJXPHQWRVPRUDLV

6HXP MXL] GHYH GHFLGLU XP FDVR TXH UHFDLQD WH[WXUD DEHUWD GR GLUHLWR VXD GHFLVmRVHUiYiOLGDQmRHPUD]mRGHVXDFRQIRUPLGDGHFRPSULQFtSLRVHDUJXPHQWRV PRUDLV PDV SRU TXH p FRQVLGHUDGR SHOR VLVWHPD MXUtGLFR FRPR D DXWRULGDGH FRPSHWHQWH SDUD DSOLFDU R GLUHLWR QDTXHOD FLUFXQVWkQFLD 2 FRQFHLWR GH DXWRULGDGH HVWiSUHVHQWHQRSRVLWLYLVPRMXUtGLFRGH5D]TXDQGRRGHVWLQDWiULRDJHGHDFRUGR FRPXPDQRUPDMXUtGLFDSRUTXHWHPFRQILDQoDQDDXWRULGDGHRXGHODWHPPHGRR TXHVHUHODFLRQDDRHOHPHQWRGHHILFiFLDVRFLDOGRGLUHLWR

2EVHUYDVH SRUWDQWR TXH R FRQFHLWR GH DXWRULGDGH H[DPLQDGR SRU 5D] GH DOJXP PRGR GHVORFD GD WHRULD GR GLUHLWR R H[DPH GDV FRQGLo}HV GH UDFLRQDOLGDGH

$/(;<5REHUW/DLQVWLWXFLRQDOL]DFLyQGHODMXVWLFLD*UDQDGD&RPDUHVS

5$=-RVHSK7KHDXWKRULW\RIODZHVVD\VRQODZDQGPRUDOLW\2[IRUG2[IRUG8QLYHUVLW\3UHVV

S

1HVVHVHQWLGR.(/6(1+DQV7HRULDSXUDGRGLUHLWR7UDGGH-RmR%DWLVWD0DFKDGR6mR3DXOR

0DUWLQV)RQWHVS³WRGRHTXDOTXHUFRQWH~GRSRGHVHU'LUHLWR´

(21)

SUiWLFDGDDUJXPHQWDomRMXGLFLDODRSULYLOHJLDUFULWpULRVHPStULFRVQRVWHUPRVGHVXD WHVHIRUWHGRIDWRVRFLDO

&RQIHULU OHJLWLPLGDGH D XPD GHFLVmR VREUH DQWHFLSDomR GD WXWHOD FRP EDVH DSHQDV QR SUXGHQWH DUEtWULR GR MXL] GHL[DQGR GH ODGR R H[DPH GDV QRUPDV GH UDFLRQDOLGDGHSUiWLFDGDDUJXPHQWDomRMXUtGLFDUHYHODRDSUHoRSHODDXWRULGDGHGR yUJmRMXULVGLFLRQDOTXHUHFHEHGRVLVWHPDMXUtGLFRDFRPSHWrQFLDSDUDGHFLGLUVREUH RFDELPHQWRGHXPDPHGLGDDQWHFLSDWyULD7UDWDVHGHXPDSRVWXUDFRPSDWtYHOFRP D GRXWULQD GR SRVLWLYLVPR MXUtGLFR H[FOXVLYR QD PHGLGD HP TXH D GHFLVmR MXULVGLFLRQDO p FRQVLGHUDGD PDLV SHOR DVSHFWR GH VXD DXWRULGDGH GR TXH SHORV IXQGDPHQWRVUDFLRQDLVGRGLVFXUVRGHDSOLFDomRGRGLUHLWR

1mR UHVWD G~YLGD HQWmR TXH QD OLQKD GR SRVLWLYLVPR MXUtGLFR H[FOXVLYR p UHMHLWDGDDWHVHGDFRQH[mRHQWUHGLUHLWRHPRUDO6HVHQHJDTXHRGLUHLWRLQFRUSRUD HOHPHQWRV PRUDLV HP VXD SUiWLFD UHVWD WDPEpP QHJDGD D UHODomR HQWUH GLUHLWR FRQVWLWXFLRQDO H SDUkPHWURV GH PRUDOLGDGH SROtWLFD 'HVVD PDQHLUD QmR KDYHULD FULWpULRV GH MXVWLoD LQWHULRUL]DGRV QR RUGHQDPHQWR MXUtGLFR TXH LPSOLFDULDP D LQVWLWXLo}HVGHWpFQLFDVSURFHVVXDLVDQWHFLSDWyULDVGHFLVLYDVHULDVRPHQWHDGHFLVmR GD DXWRULGDGH OHJLVODWLYD D TXHP FDEHULD D DQiOLVH GD FRQYHQLrQFLD H GD RSRUWXQLGDGHGHSRVLWLYDURLQVWLWXWRGDDQWHFLSDomRGDWXWHOD

1HVVDSHUVSHFWLYDHQWmRVRPHQWHVHULDPUHOHYDQWHVSDUDDLQWHUSUHWDomRGRV GLUHLWRV IXQGDPHQWDLV DV QRUPDV FRQVWLWXFLRQDLV SRVLWLYDGDV TXH FXLGDVVHP GH DOJXP DVSHFWR GD UHODomR HQWUH LQGLYtGXR H (VWDGR RX GRV SDUWLFXODUHV HQWUH VL +DYHQGR XPD TXHVWmR PRUDOPHQWH UHOHYDQWH QHVVDV UHODo}HV MXUtGLFDV TXH VH HQFDL[DVVH QD WH[WXUD DEHUWD GR GLUHLWR R MXL] QmR HVWDULD YLQFXODGR D TXDLVTXHU SDUkPHWURVPRUDLVSDUDGHFLGLUFRPRIRQWHDXWRUL]DGDDUHVROYHURFRQIOLWRGHGX]LGR QRSURFHVVR

3RVLWLYLVPRMXUtGLFRLQFOXVLYR

(22)

GH VXD LQWHUSUHWDomR SDVVHP D GHSHQGHU QmR DSHQDV GH HOHPHQWRV IRUPDLV GH YDOLGDGHFRPRWDPEpPGHSDUkPHWURVVXEVWDQFLDLVGHMXVWLoD

'HVVH PRGR p DFHUWDGR GL]HU TXH R SRVLWLYLVPR MXUtGLFR LQFOXVLYR FRPR TXDOTXHU WHRULD SRVLWLYLVWD SUHVVXS}H D WHVH GD VHSDUDELOLGDGH FRQFHLWXDO HQWUH GLUHLWRHPRUDOPDVDGPLWHDFRQH[mRHYHQWXDOHQWUHGLUHLWRHPRUDODGHSHQGHUGH TXHVW}HV GH QDWXUH]D IiWLFD GLIHUHQFLDQGRVH SRU FRQVHJXLQWH GR SRVLWLYLVPR MXUtGLFR H[FOXVLYR TXH FRQIRUPH DQWHULRUPHQWH VDOLHQWDGR QmR DGPLWH TXDOTXHU SDSHOGHVHPSHQKDGRSRUQRUPDVPRUDLVQRH[DPHGDYDOLGDGHMXUtGLFDGDVQRUPDV GHXPGDGRRUGHQDPHQWRMXUtGLFR

-XOHV &ROHPDQ RIHUHFH XPD WHRULD GR GLUHLWR EDVWDQWH UHSUHVHQWDWLYD GR MXVSRVLWLYLVPR LQFOXVLYR DR GHVHQYROYHU D WHVH GD SUiWLFD VRFLDO FRQYHQFLRQDO

FRQYHQWLRQDOVRFLDOSUDFWLFH

&RPR SRVLWLYLVWD -XOHV &ROHPDQ QmR DEUH PmR GD WHVH GR IDWR VRFLDO H GD VHSDUDomRFRQFHLWXDOHQWUHGLUHLWRHPRUDO,QIOXHQFLDGRSRU+DUWSURFXUDUHDILUPDU D GRXWULQD GD UHJUD GH UHFRQKHFLPHQWR TXH p DOYR GH SHVDGDV FUtWLFDV OHYDQWDGDV SRU5RQDOG'ZRUNLQ'LIHUHQFLDVHGRMXVSRVLWLYLVPRH[FOXVLYRGH5D]DRDGPLWLUD SRVVLELOLGDGHGHTXHSULQFtSLRVPRUDLVVHMDPLQFRUSRUDGRVDRRUGHQDPHQWRMXUtGLFR GH PRGR D VHUHP MXULGLFDPHQWH YLQFXODQWHV UD]mR SHOD TXDO VXD YLVmR WHyULFD R MXVSRVLWLYLVPRLQFOXVLYRWDPEpPSRGHVHUFKDPDGDGHLQFRUSRUDFLRQLVPR

9HULILFDVHDVVLPTXHDWHRULDGRGLUHLWRIRUPXODGDSRU&ROHPDQHVWiVLWXDGD HP XPD SRVLomR LQWHUPHGLiULD HQWUH R LQWHUSUHWDWLYLVPR GH 5RQDOG 'ZRUNLQ H D GRXWULQDGRSRVLWLYLVPRMXUtGLFRH[FOXVLYRGH-RVHSK5D]

$WHVHGDFRQYHQomRVRFLDOGH&ROHPDQpFRQVWUXtGDQDWHQWDWLYDGHIRUQHFHU XPD UHVSRVWD DGHTXDGD SDUD XPD GDV TXHVW}HV PDLV LPSRUWDQWHV GD ILORVRILD GR GLUHLWRTXHpDGHVDEHUHPTXHVHEDVHLDDDXWRULGDGHGRGLUHLWR

$ SURSRVWD GR MXVSRVLWLYLVPR LQFOXVLYR VH GLIHUHQFLD GDV YHUWHQWHV MXVQDWXUDOLVWDV DR UHMHLWDU D VXERUGLQDomR GR GLUHLWR SRVLWLYR D QRUPDV PRUDLV

+$57+/$REFLWSHVV

':25.,15RQDOG7DNLQJULJKWVVHULRXVO\&DPEULGJH0DVVDFKXVHWWV+DUYDUGSHVV

&2/(0$1 -XOHV $XWKRULW\ DQG UHDVRQ ,Q *(25*( 5REHUW 3 2UJ7KH DXWRQRP\ RI ODZ

(23)

QDWXUDLV ([WUHPDVH GR SRVLWLYLVPR MXUtGLFR H[FOXVLYR DR QmR UHGX]LU D DXWRULGDGH GR GLUHLWR j PHUD FRUUHVSRQGrQFLD GH IDWRV VRFLDLV 2 HOHPHQWR GLVWLQWLYR GR LQFRUSRUDFLRQLVPRMXUtGLFRVHHQFRQWUDQDLQFOXVmRGHFULWpULRVGHPRUDOLGDGHFRPR IXQGDPHQWRVFLUFXQVWDQFLDLVGDQRUPDWLYLGDGHGRGLUHLWRSRVLWLYR

'HVVD PDQHLUD PHGLDQWH D H[SORUDomR GR FRQFHLWR GH SUiWLFD VRFLDO FRQYHQFLRQDO&ROHPDQHVFODUHFHTXHSDUkPHWURVPRUDLVSRGHPVHUUHFRQKHFLGRV QD SHUVSHFWLYD LQWHUQD GR GLUHLWR SUHFLVDPHQWH GDTXHOHV TXH VH HQFDUUHJDP GH LQWHUSUHWDU H DSOLFDU R GLUHLWR LQVWLWXFLRQDOPHQWH FRPR LQWHJUDQWHV GD UHJUD GH UHFRQKHFLPHQWR

&RP LVVR VHULD SRVVtYHO D PDQXWHQomR GD WHVH GR IDWR VRFLDO PDV VHP LQFRUUHU HP XPD YHUVmR SRU GHPDLV IRUWH GHVVD WHVH TXH FXOPLQD SRU H[FOXLU D LPSRUWkQFLD GH FULWpULRV PRUDLV SDUD D LGHQWLILFDomR GDV QRUPDV MXUtGLFDV YiOLGDV EHPFRPRSDUDDLQWHUSUHWDomRGRGLUHLWR$ILQDODDXWRULGDGHGRGLUHLWRGHSHQGHGH IDWRVVRFLDLVPDVQmRVRPHQWHGHIDWRVVRFLDLV

3DUD D FRPSUHHQVmR GR UHODFLRQDPHQWR HQWUH GLUHLWR FRQVWLWXFLRQDO H PRUDOLGDGHSROtWLFDDFRQWULEXLomRGRMXVSRVLWLYLVPRLQFOXVLYRUHSUHVHQWDXPDYDQoR HP UHODomR j GRXWULQD MXVSRVLWLYLVPR H[FOXVLYR QD PHGLGD HP TXH DGPLWH FRPR XPDTXHVWmRGHIDWRDIXQGDPHQWDomRGHSRVLo}HVMXUtGLFDVDSDUWLUGHFULWpULRVGH MXVWLoDRXGHPRUDOLGDGHSROtWLFD

/RJRRGLUHLWRIXQGDPHQWDOjWXWHODMXULVGLFLRQDOHIHWLYDMDPDLVSRGHULDGHFRUUHU QHFHVVDULDPHQWH GH XPD FRQFHSomR DEVWUDWD GH MXVWD GLVWULEXLomR GR IDUGR GH VXSRUWDU R WHPSR GR SURFHVVR RX GH TXDOTXHU RXWUR FULWpULR GH MXVWLoD TXH QmR GHSHQGHGHXPDSUiWLFDVRFLDOFRQYHQFLRQDO

1HVVHDVSHFWRGHFLVLYRVVmRRVSDUkPHWURVPRUDLVLQFRUSRUDGRVSRUDTXHOHV TXHVHHQTXDGUDPQDVLWXDomRGHSDUWLFLSDQWHVGRVLVWHPDMXUtGLFR&DVRDSUiWLFD FRQYHQFLRQDO GRV MXULVWDV GH GHWHUPLQDGR RUGHQDPHQWR MXUtGLFR FRQFHEHVVH D QHFHVVLGDGH GD HIHWLYLGDGH GDV WpFQLFDV SURFHVVXDLV HQWmR HOHPHQWRV PRUDLV GH MXVWLoDGRSURFHVVRVHULDPLQFRUSRUDGRVDRGLUHLWRSRVLWLYR

&2/(0$1-XOHVREFLWSHVV

$UHVSHLWRGDUHOHYkQFLDGRJPiWLFDGRWHPSRQRSURFHVVRFLYLOY$1'2/,1$,WDOR&RJQL]LRQH

(24)

3RUWDQWR QD SHUVSHFWLYD HP DQiOLVH QmR p DFHUWDGR FRQFOXLU TXH WRGR RUGHQDPHQWR MXUtGLFR GHYD HVWDEHOHFHU FHUWDV OLPLWDo}HV DR SRGHU GR (VWDGR H XP URO GH GLUHLWRV IXQGDPHQWDLV PDV UHVWD FODUR TXH XPD YH] LQWHJUDQWHV GD SUiWLFD VRFLDO QRUPDWLYD GH XPD FRPXQLGDGH MXUtGLFD R TXH VH UHODFLRQD j FRQVWUXomR GH QRUPDVFRQVWLWXFLRQDLVDUHVSHLWRSDUkPHWURVGHPRUDOLGDGHSROtWLFDVmRYLQFXODQWHV SDUDDVROXomRGHTXHVW}HVMXUtGLFDVFRPSOH[DVHQYROYHQGRGLUHLWRVIXQGDPHQWDLV

3HUVSHFWLYDVSyVSRVLWLYLVWDV

+i ERDV UD]}HV SDUD VXVWHQWDU TXH R HVSHFWUR GDV WHRULDV GR GLUHLWR QmR VH FLUFXQVFUHYHjDQWLJDGLFRWRPLDHQWUHMXVQDWXUDOLVPRVHMXVSRVLWLYLVPRV2H[DPH GHVVDVUD]}HVGHYHSHUPLWLUHQWmRTXHVHHVWDEHOHoDSRUTXHXPDWHRULDGRGLUHLWR QmR VH HQTXDGUD QR kPELWR GR MXVQDWXUDOLVPR WDPSRXFR QR FRQMXQWR GH GRXWULQDV MXVSRVLWLYLVWDV

$ILUPDVHTXHFRPRDGYHQWRWHyULFRGRSyVSRVLWLYLVPR³WDQWRDGRXWULQDGR 'LUHLWR 1DWXUDO FRPR D GR YHOKR SRVLWLYLVPR RUWRGR[R YrP DEDL[R VRIUHQGR JROSHV SURIXQGRVHFUtWLFDODFHUDQWH´YHULILFDVH³DVXSHUDomRGLDOpWLFDGDDQWtWHVHHQWUHR SRVLWLYLVPR H R MXVQDWXUDOLVPR´ REVHUYDVH D IRUPDomR GH ³XP LGHiULR GLIXVR QR TXDOVHLQFOXHPDGHILQLomRGDVUHODo}HVHQWUHYDORUHVSULQFtSLRVHUHJUDV´

e LQWHUHVVDQWH DSRQWDU TXH D GHQRPLQDomR ³SyVSRVLWLYLVPR´ WHP DOFDQoDGR PDLRU GHVHQYROYLPHQWR HQWUH RV MXULVWDV EUDVLOHLURV GR TXH HP UHODomR j GRXWULQD HVWUDQJHLUD 1DWXUDOPHQWH R QRPH ³SyVSRVLWLYLVPR´ QmR GHYH VHU LQWHUSUHWDGR QR VHQWLGR FURQROyJLFR Mi TXH DWXDOPHQWH VHGHVHQYROYHP WHRULDV MXVSRVLWLYLVWDV PDV QR VHQWLGR GH VXSHUDomR WHyULFD GD GRXWULQD MXVSRVLWLYLVWD $OpP GLVVR D UHDUWLFXODomR HQWUH GLUHLWR H PRUDO QR SyVSRVLWLYLVPR QmR UHSUHVHQWD XP UHWRUQR j

.$8)0$11$UWKXU)LORVRILDGRGLUHLWR7UDGGH$QWyQLR8OLVVHV&RUWrVHG/LVERD)XQGDomR

&DORXVWH *XOEHQNLDQ S 'HYHPRV HVWDU FLHQWHV GH TXH HQWUH R GLUHLWR QDWXUDO H R

SRVLWLYLVPRQmRH[LVWHXPUHODomRGHRXRXWHUWLXPQRQGDWXU

%21$9,'(63DXOR&XUVRGHGLUHLWRFRQVWLWXFLRQDOHG6mR3DXOR0DOKHLURVS

*8(55$ ),/+2 :LOOLV 6DQWLDJR3URFHVVR FRQVWLWXFLRQDO H GLUHLWRV IXQGDPHQWDLV HG 6mR

3DXOR&HOVR%DVWRV,%'&S

%$55262/XtV5REHUWR%$5&(//26$QD3DXODGH2FRPHoRGDKLVWyULD$QRYDLQWHUSUHWDomR

FRQVWLWXFLRQDOHRSDSHOGRVSULQFtSLRVQRGLUHLWREUDVLOHLUR,Q%$55262/XtV5REHUWR2UJ$QRYD

(25)

PHWDItVLFD Mi TXH QmR VH WUDWD GH XPD WHRULD MXVQDWXUDOLVWD PDQWHQGR HP FRPXP FRPRMXVQDWXUDOLVPRDSHQDVRMXVPRUDOLVPR

(P EXVFD GH XP FULWpULR SDUD D FDUDFWHUL]DomR PDLV SUHFLVD GR SHQVDPHQWR WHyULFR SyVSRVLWLYLVWD HVFODUHFHVH TXH D ³UHODomR HQWUH R GLUHLWR H D PRUDO p XP WUDoR WHyULFR VLJQLILFDWLYR FRP R DX[tOLR GR TXDO VH SRGHP HVWDEHOHFHU GLIHUHQoDV HQWUHSRVLWLYLVPRMXVQDWXUDOLVPRHSyVSRVLWLYLVPR´

&RQIRUPHGLVFXWLGRDQWHULRUPHQWHDWHVHGDVHSDUDomRFRQFHLWXDOHQWUHGLUHLWR H PRUDO p FRPXP jV GRXWULQDV MXUtGLFDV SRVLWLYLVWDV TXH DEUDQJHP R SRVLWLYLVPR H[FOXVLYR H R SRVLWLYLVPR LQFOXVLYR 6RE R SULVPD MXVQDWXUDOLVWD VXVWHQWDVH D VXERUGLQDomRGRGLUHLWRSRVLWLYRDQRUPDVPRUDLVQDWXUDLV

1D SHUVSHFWLYD GR SyVSRVLWLYLVPR GD PHVPD IRUPD FRPR DFRQWHFH QDV GRXWULQDV MXVQDWXUDOLVWDV UHMHLWDVH D WHVH GD VHSDUDomR FRQFHLWXDO HQWUH GLUHLWR H PRUDO 2FRUUH TXH D UHODomR HQWUH GLUHLWR H PRUDO QmR SUHVVXS}H D FUHQoD QD VXERUGLQDomRGRGLUHLWRSRVLWLYRDQRUPDVQDWXUDLVVXSHULRUHV3DUDDVWHRULDVSyV SRVLWLYLVWDVpSUHVFLQGtYHODWHVHPHWDItVLFDVREUHDH[LVWrQFLDGHQRUPDVMXUtGLFDV LPXWiYHLV YiOLGDV SDUD WRGRV RV WHPSRV H WRGRV RV OXJDUHV 'LIHUHQFLDPVH SRUWDQWRDVWHRULDVGRSyVSRVLWLYLVPRGDVGRXWULQDVGRMXVQDWXUDOLVPR

$VFRQWULEXLo}HVGRSyVSRVLWLYLVPRHGRSRVLWLYLVPRMXUtGLFRLQFOXVLYRWrPHP FRPXP D DILUPDomR GH TXH HOHPHQWRV PRUDLV SRGHP VHU MXULGLFDPHQWH H[LJtYHLV SDUD R HVWDEHOHFLPHQWR GH QRUPDV MXUtGLFDV YiOLGDV DVVLP FRPR SDUD D LQWHUSUHWDomR MXGLFLDO GR GLUHLWR 2 TXH GLVWLQJXH D RULHQWDomR SyVSRVLWLYLVWD GD SURSRVWD WHyULFD GR SRVLWLYLVPR LQFOXVLYR p R FDUiWHU TXH VH Gi j FRQH[mR HQWUH GLUHLWRHPRUDOQRTXHGL]UHVSHLWRjDUJXPHQWDomRUHODWLYDjVQRUPDVYiOLGDVHDR SURFHVVRGHDSOLFDomRGRGLUHLWR

&RPR VH GHVWDFRX DQWHULRUPHQWH D GRXWULQD GR SRVLWLYLVPR MXUtGLFR LQFOXVLYR DGPLWHDSHQDVTXHDFRQH[mRHQWUHGLUHLWRHPRUDOpFRQWLQJHQWHYDULiYHOGHDFRUGR FRPFLUFXQVWkQFLDVHPStULFDVGHPRGRTXHHVVHLQWHUUHODFLRQDPHQWRSRGHRFRUUHU

&RPLVVRDIDVWDPVHDVLQFRPSUHHQV}HVTXHGmRRULJHPjGLVFXVVmRGRVVXSRVWRVHTXtYRFRVGR

SyVSRVLWLYLVPR FRQGX]LGD SRU ',028/,6 'LPLWUL3RVLWLYLVPR MXUtGLFR LQWURGXomR D XPD WHRULD GR GLUHLWRHGHIHVDGRSUDJPDWLVPRMXUtGLFRSROtWLFR6mR3DXOR0pWRGRSHVV

027$ 0DUFHO 0RUDHV3yVSRVLWLYLVPR H UHVWULo}HV GH GLUHLWRV IXQGDPHQWDLV)RUWDOH]D 201,

(26)

HP DOJXQV RUGHQDPHQWRV MXUtGLFRV PDV HP RXWURV QmR 2 SyVSRVLWLYLVPR Gi XP SDVVR D PDLV QD PHGLGD HP TXH FRQVLGHUD TXH D UHODomR HQWUH GLUHLWR H PRUDO p FRQFHLWXDOPHQWHQHFHVViULDYHULILFDQGRVHHPTXDOTXHUVLVWHPDMXUtGLFR

'HVVHPRGRVHJXLQGRVHDOLQKDWHyULFDGRSyVSRVLWLYLVPRDFRUUHomRPRUDO p XP GRV HOHPHQWRV GR FRQFHLWR GH GLUHLWR $GHPDLV LPSRUWD VDOLHQWDU TXH WRGD QRUPDMXUtGLFDPRUDOPHQWHUHOHYDQWHGHYHVHUMXVWLILFiYHOFRPEDVHHPFULWpULRVGH UDFLRQDOLGDGHSUiWLFD$VVLPDH[LJrQFLDGHMXVWLoDpFRQVLGHUDGDFRPRLQDIDVWiYHO QR kPELWR GD DUJXPHQWDomR MXUtGLFD R TXH VHP G~YLGD HQYROYH D LQWHUSUHWDomR MXGLFLDOGRGLUHLWR'HVFDUWDVHQHVVDSHUVSHFWLYDpERPVHPSUHVDOLHQWDUDUHODomR GHVXERUGLQDomRDRVXSRVWRGLUHLWRQDWXUDO

5REHUW $OH[\ UHIHUHVH j FRQWUDSRVLomR HQWUH WHRULDV SRVLWLYLVWDV H QmR SRVLWLYLVWDV $GRWDQGRVH D FODVVLILFDomR HQWUH WHRULDV SRVLWLYLVWDV H QmR SRVLWLYLVWDV D WHRULD GR GLUHLWR GH $OH[\ VH FDUDFWHUL]D FRPR QmRSRVLWLYLVWD &RPR VXD WHRULD QmR SUHVVXS}H D VXERUGLQDomR GR GLUHLWR SRVLWLYR D QRUPDV GH GLUHLWR QDWXUDOpFRUUHWRGL]HUTXHVHWUDWDGHXPUHSUHVHQWDQWHGDFRUUHQWHSyVSRVLWLYLVWD

1D WHRULD GRV GLUHLWRV IXQGDPHQWDLV GH $OH[\ H[SOLFDVH D DEHUWXUD GR GLUHLWR HP UHODomR j PRUDO SURSRUFLRQDGD SHODV QRUPDV MXVIXQGDPHQWDLV $GHPDLV R UHIHULGR DXWRU VXVWHQWD TXH D FRUUHomR PRUDO p XP GRV HOHPHQWRV GR FRQFHLWR GH GLUHLWR -XVWLILFD D WHVH GD FRQH[mR FRQFHLWXDO HQWUH GLUHLWR H PRUDO FRP R DUJXPHQWRGDSUHWHQVmRGHFRUUHomRGRGLUHLWR

$ H[HPSOR GH $OH[\ 5RQDOG 'ZRUNLQ WDPEpP SRGH VHU FODVVLILFDGR FRPR UHSUHVHQWDQWH GD SHUVSHFWLYD WHyULFD SyVSRVLWLYLVWD SRU QmR VHU MXVQDWXUDOLVWD H GHIHQGHUDDEHUWXUDGRGLUHLWRHPUHODomRjPRUDOGRSRQWRGHYLVWDFRQFHLWXDORTXH VHMXVWLILFDFRPEDVHHPVXDWHRULDGRVSULQFtSLRVGHPDQHLUDTXH&ROHPDQH5D] QmRHVFDSDPGHVXDVFUtWLFDV

$/(;<5REHUW%HJULIIXQG*HOWXQJGHV5HFKWV$XI0QFKHQ.DUO$OEHU)UHLEXUJS

$/(;<5REHUW7KHRULHGHU*UXQGUHFKWH%DGHQ%DGHQ6XUNDPSS

,GREFLWS

,G 5HFKW XQG 5LFKWLJNHLW ,Q .5$:,(7= :HUQHU 6800(56 5REHUW 6 :(,1%(5*(5 2WD

:5,*+7 *HRUJ +HQULN YRQ 2UJ 7KH UHDVRQDEOH DV UDWLRQDO" RQ OHJDO DUJXPHQWDWLRQ DQG

MXVWLILFDWLRQ%HUOLQ'XQFNHUXQG+XPEORWSHVV

':25.,15RQDOG-XVWLFHLQUREHV&DPEULGJH/RQGRQ7KH%HONQDS3UHVVRI+DUYDUG8QLYHUVLW\

(27)

2V LQIOX[RV GR SyVSRVLWLYLVPR SDUD D FRPSUHHQVmR GD UHODomR HQWUH GLUHLWR FRQVWLWXFLRQDO H PRUDOLGDGH SROtWLFD VmR FODURV Mi TXH VH WUDWD GH XPD DERUGDJHP WHyULFDTXHIXQGDPHQWDDWHVHGDFRQH[mRFRQFHLWXDOHQWUHGLUHLWRHPRUDO

'HVVD PDQHLUD QR GHVHQYROYLPHQWR GH XPD FRPSUHHQVmR FRQVWLWXFLRQDO GR SURFHVVRFRQWH[WRTXHHPTXHVHLQFOXLDDQiOLVHMXVIXQGDPHQWDOGDDQWHFLSDomR GDWXWHODpLQGLVSHQViYHOOHYDUHPFRQVLGHUDomRDSHUWLQrQFLDGHFULWpULRVPRUDLVQD WRPDGDGHGHFLVmREDVHDGDHPQRUPDVMXUtGLFDVYiOLGDV

1RPRPHQWRGHDYDOLDUDFRUUHomRGHXPDPHGLGDGHDQWHFLSDomRGDWXWHODR MXL] GHYH IXQGDPHQWDU UDFLRQDOPHQWH D DSOLFDomR GR GLUHLWR IXQGDPHQWDO j WXWHOD MXULVGLFLRQDOHIHWLYDDRTXDOVHGHYHPKDUPRQL]DURVUHTXLVLWRVOHJDLVHVWDEHOHFLGRV QR&yGLJRGH3URFHVVR&LYLO

6HJXLQGRVH D SHUVSHFWLYD SyVSRVLWLYLVWD DIDVWDVH D GRXWULQD GD GLVFULFLRQDULHGDGH MXGLFLDO QD VROXomR GH TXHVW}HV GLItFHLV HQYROYHQGR GLUHLWRV IXQGDPHQWDLV TXH SRGHP RFRUUHU HP VLWXDo}HV GH UHTXHULPHQWR GH WXWHOD DQWHFLSDGD GH PRGR TXH QmR p VDWLVIDWyULR R DSHOR DR ERP VHQVR RX DR FRQVFLHQFLRVR DUEtWULR GR MXOJDGRU ([LJHVH DGHTXDGD MXVWLILFDomR R TXH LPSOLFD D REVHUYkQFLDGHUHJUDVGHUDFLRQDOLGDGHSUiWLFD

,PSRUWD GHVWDFDU TXH DV QRUPDV FRQVWLWXFLRQDLV VHUYHP GH DUFDERXoR SDUD D FRQVWUXomR GH XPD FRQFHSomR GH MXVWLoD FRQVWLWXFLRQDO ,JXDOPHQWH SDUD TXH VH DOFDQFH XPD IRUPXODomR GR SURFHVVR MXVWR VmR LPSRUWDQWHV DV QRUPDV FRQVWLWXFLRQDLV UHODWLYDV DR SURFHVVR FRP GHVWDTXH SDUD RV GLUHLWRV IXQGDPHQWDLV SURFHVVXDLV

$VVLP WRGDV DV QRUPDV LQIUDFRQVWLWXFLRQDLV GHYHP HVWDU GH DFRUGR FRP D PRUDOLGDGH FRQVWLWXFLRQDO GH VRUWH TXH WRGDV DV QRUPDV LQIUDFRQVWLWXFLRQDLV SURFHVVXDLV GHYHP VHU FRPSDWtYHLV FRP SDUkPHWURV GH PRUDOLGDGH FRQVWLWXFLRQDO SURFHVVXDO&DVRKDMDQRUPDVTXHDIURQWHPDVH[LJrQFLDVGHMXVWLoDFRQVWLWXFLRQDO pSRVVtYHOTXHVHMDUHFRQKHFLGDDLQYDOLGDGHGHVVDVQRUPDVMXUtGLFDVHPERUDQmR VH SRVVD VXVWHQWDU TXH WRGD QRUPD MXUtGLFD LQMXVWD VHMD MXULGLFDPHQWH LQYiOLGD SRU UD]}HVGHVHJXUDQoDMXUtGLFD

(28)

$YDOLDomRFUtWLFDGDVSHUVSHFWLYDVMXVQDWXUDOLVWDVSRVLWLYLVWDVH

SyVSRVLWLYLVWDV

2 H[DPH GDV WHRULDV GR GLUHLWR MXVQDWXUDOLVWDV SRVLWLYLVWDV H SyVSRVLWLYLVWDV SHUPLWLX FRQVWDWDU TXH D LPSRUWkQFLD GRV HOHPHQWRV PRUDLV SDUD D FRQVWUXomR GDV QRUPDVMXUtGLFDVYiOLGDVpREMHWRGHDFHVDGLVSXWDWHyULFD

-XVQDWXUDOLVWDV H SyVSRVLWLYLVWDV VHJXHP XPD SRVLomR PRUDOLVWD WHQGR HP YLVWD TXH GHIHQGHP D WHVH GD FRQH[mR FRQFHLWXDO HQWUH GLUHLWR H PRUDO (QWUH RV MXVSRVLWLYLVWDVKiFRQVHQVRTXDQWRjUHMHLomRGDWHVHGDFRQH[mRFRQFHLWXDOHQWUH GLUHLWR H PRUDO WRGDYLD RV UHSUHVHQWDQWHV GR MXVSRVLWLYLVPR LQFOXVLYR GHVWRDP GRV FRQVHFWiULRV GR MXVSRVLWLYLVPR H[FOXVLYR SRUTXH DGPLWHP D LQFRUSRUDomR GH SDUkPHWURV PRUDLV SHOR VLVWHPD MXUtGLFR TXH VmR UHOHYDQWHV SDUD D YDOLGDGH GDV QRUPDVMXUtGLFDV

eSUHFLVRVDEHUTXDOWHRULDGRGLUHLWRRIHUHFHDH[SOLFDomRPDLVDGHTXDGDHP UHODomRDRSDSHOGHVHPSHQKDGRSHODPRUDOLGDGHQRGLUHLWRSRVLWLYRDILPGHTXHVH SRVVDSRUH[HPSORLQYHVWLJDUDVUHODo}HVHQWUHGLUHLWRFRQVWLWXFLRQDOHPRUDOLGDGH SROtWLFD DV TXDLV VmR SHUWLQHQWHV DRV GLUHLWRV IXQGDPHQWDLV +DYHQGR GHILQLomR VREUH R UHODFLRQDPHQWR FRQFHLWXDO HQWUH GLUHLWR H PRUDO p SRVVtYHO YLVOXPEUDU DWp TXH SRQWR D UDFLRQDOLGDGH SUiWLFD GHVHPSHQKD XP SDSHO QD WHRUL]DomR VREUH RV GLUHLWRVIXQGDPHQWDLV

$DFHLWDomRGDVGRXWULQDVMXVQDWXUDOLVWDVpEDVWDQWHSUREOHPiWLFDHPUD]mRGD DVVXQomRPHWDItVLFDGDH[LVWrQFLDQRUPDVMXUtGLFDVTXHVHMDPLPXWiYHLVQRWHPSRH QRHVSDoRjVTXDLVVHGHYHVXERUGLQDURGLUHLWRSRVLWLYR

(29)

6XEVWLWXLVH GHVVD PDQHLUD R UHFXUVRD QRUPDVPRUDLV VXEVWDQWLYDV QDWXUDLV SHODOHJLWLPDomRGHULYDGDGDLQWHUDomRUDFLRQDOEDOL]DGDSHODVUHJUDVGRGLVFXUVRR TXHVHFRDGXQDFRPRSOXUDOLVPRGDVVRFLHGDGHVGHPRFUiWLFDVFRQWHPSRUkQHDV

$OpP GLVVR DV WHRULDV GR GLUHLWR QDWXUDO IDOKDP DR RIHUHFHU XP PRGHOR GH H[SOLFDomRGDUHODomRHQWUHGLUHLWRSRVLWLYRHDUJXPHQWRVPRUDLVSRUTXHVXVWHQWDP DVXERUGLQDomRGRGLUHLWRSRVLWLYRDQRUPDVPRUDLV

1RkPELWRGRSyVSRVLWLYLVPRRFRUUHDUHYDORUL]DomRGDUDFLRQDOLGDGHSUiWLFD RTXHGiOXJDUDRGHVHQYROYLPHQWRGHWHRULDVGDDUJXPHQWDomRMXUtGLFD2EVHUYDVH TXH XPD GDV IXQo}HV GH XPD WHRULD GD DUJXPHQWDomR MXUtGLFD p SUHFLVDPHQWH SURSRUFLRQDU HQWHQGLPHQWR DGHTXDGR VREUHD UHODomR HQWUH DUJXPHQWRV MXUtGLFRV H DUJXPHQWRVPRUDLV

5REHUW$OH[\HVFODUHFHTXHDWHVHGHTXHDDUJXPHQWDomRMXUtGLFDpXPFDVR HVSHFLDO GH DUJXPHQWDomR PRUDO DGPLWH WUrV LQWHUSUHWDo}HV SRVVtYHLV WHVH GD VHFXQGDULHGDGH 6HNXQGDULWlWVWKHVH WHVH GD DGLomR $GGLWLRQVWKHVH H WHVH GD LQWHJUDomR,QWHJUDWLRQVWKHVH

'H DFRUGR FRP D WHVH GD VHFXQGDULHGDGH RX WHVH GD VXEVLGLDULHGDGH D DUJXPHQWDomR MXUtGLFD VHUYH DSHQDV FRPR OHJLWLPDomR VHFXQGiULD GRV UHVXOWDGRV REWLGRV SHOR GLVFXUVR SUiWLFR JHUDO RX GLVFXUVR PRUDO 1HVVH PRGHOR SRUWDQWR R GHFLVLYR p R GLVFXUVR PRUDO RFXSDQGR SRVLomR PHUDPHQWH VXEVLGLiULD D DUJXPHQWDomR MXUtGLFD R TXH HTXLYDOH DILUPDU D VXERUGLQDomR GD DUJXPHQWDomR MXUtGLFD j DUJXPHQWDomR PRUDO HP WHUPRV TXH VH DVVHPHOKDP D XPD SURSRVWD MXVQDWXUDOLVWD

3HOD WHVH GD DGLomR UHMHLWDVH R SDSHO VHFXQGiULR GD DUJXPHQWDomR MXUtGLFD 1RV WHUPRV GHVVD WHVH UHFRUUHUVHLD j DUJXPHQWDomR PRUDO VRPHQWH QDTXHOHV FDVRV HP TXH D DUJXPHQWDomR MXUtGLFD QmR HVWLYHVVH GLVSRQtYHO $VVLP D DUJXPHQWDomR MXUtGLFD RFXSDULD SRVLomR FHQWUDO QR GLVFXUVR MXUtGLFR Mi RV DUJXPHQWRVPRUDLVVHUYLULDPGHPHUDDGLomRFRPIXQomRGHFRPSOHPHQWDomR

+$%(50$6 -UJHQ)DNWL]LWlW XQG *HOWXQJ %HLWUlJH ]XU 'LVNXUVWKHRULH GHV 5HFKWV XQG GHV

GHPRNUDWLVFKHQ5HFKWVVWDDWV)UDQNIXUWDP0DLQ6XKUNDPSS

$/(;<5REHUW7KHRULHGHUMXULVWLVFKHQ$UJXPHQWDWLRQGLH7KHRULHGHVUDWLRQDOHQ'LVNXUVHVDOV

(30)

1D YHUGDGH D WHVH PDLV DGHTXDGD SDUD H[SOLFDU D UHODomR HQWUH DUJXPHQWRV MXUtGLFRV H DUJXPHQWRV PRUDLVp D WHVHGD LQWHJUDomR VHJXQGR D TXDO QR GLVFXUVR MXUtGLFRRVDUJXPHQWRVMXUtGLFRVHVWmRHQWUHODoDGRVFRPDUJXPHQWRVPRUDLV'HVVD PDQHLUD QmR Ki TXH VH IDODU HP VXERUGLQDomR WDPSRXFR HP PHUD FRPSOHPHQWDomR

$ VXSHUDomR GDV GRXWULQDV MXUtGLFDV SRVLWLYLVWDV RFRUUH SHOD DILUPDomR GH SRVLo}HV WHyULFDV MXVPRUDOLVWDV TXH QmR VH FRQIXQGHP FRP DV SHUVSHFWLYDV MXVQDWXUDOLVWDV (P FRQIRUPLGDGH FRP R PRUDOLVPR MXUtGLFR TXH VH HQTXDGUD QD SHUVSHFWLYD SyVSRVLWLYLVWD D FRUUHomR PRUDO p XP GRV HOHPHQWRV GR FRQFHLWR GH GLUHLWR

3DUDTXHVHIXQGDPHQWHDVXSHULRULGDGHWHyULFDGHXPDWHRULDGRGLUHLWRSyV SRVLWLYLVWD HP IDFH GDV GRXWULQDV MXVSRVLWLYLVWDV p QHFHVViULR TXH VH GHVHQYROYD XPD DUJXPHQWDomR FDSD] GH HYLGHQFLDU R FDUiWHU QHFHVViULR GD FRQH[mR HQWUH GLUHLWRHPRUDO

(PFRQVRQkQFLDFRPXPDRQWRORJLDMXUtGLFDQmRSRVLWLYLVWDLGHQWLILFDPVHWUrV HOHPHQWRVTXHFRPS}HRFRQFHLWRGHGLUHLWROHJDOLGDGHFRQIRUPHDRRUGHQDPHQWR

RUGQXQJVJHPlȕH *HVHW]WKHLW HILFiFLD VRFLDO VR]LDOH :LUNVDPNHLW H FRUUHomR

PDWHULDO LQKDOWOLFKH 5LFKWLJNHLW 3RVLWLYLVWDV H QmRSRVLWLYLVWDV HVWmR GH DFRUGR TXDQWR j QHFHVVLGDGH GRV GRLV SULPHLURV HOHPHQWRV DLQGD TXH VHMDP SRVVtYHLV GLYHUVDV LQWHUSUHWDo}HV YHULILFDQGRVH D FRQWURYpUVLD TXDQWRDR FDUiWHU QHFHVViULR GR~OWLPRHOHPHQWR

$ SHVTXLVD VREUH RV HOHPHQWRV GR FRQFHLWR GH GLUHLWR HVWi DVVRFLDGD j LQYHVWLJDomRDFHUFDGRVFRQFHLWRVGHYDOLGDGHGRGLUHLWR&RUUHVSRQGHDRHOHPHQWR GD OHJDOLGDGH FRQIRUPH DRRUGHQDPHQWRR FRQFHLWR MXUtGLFR GH YDOLGDGH $HILFiFLD VRFLDO GR GLUHLWR UHODFLRQDVH DR FRQFHLWR GH YDOLGDGH VRFLDO GR GLUHLWR $ FRUUHomR PDWHULDOVHUYHGHFULWpULRSDUDDIHULUDYDOLGDGHPRUDOGHXPDQRUPDMXUtGLFDRTXH FRQGX]DRSUREOHPDGDMXVWLoDGDVQRUPDVMXUtGLFDV

&DVR VH UHFRQKHoD FRPR QHFHVViULD D FRQH[mR FRQFHLWXDO HQWUH GLUHLWR H PRUDOHVWiFODURTXHXPDQRUPDMXUtGLFDLQMXVWDVHUiXPDQRUPDMXUtGLFDGHIHLWXRVD

(31)

$ TXHVWmR PDLV UHOHYDQWH UHVLGH HP VDEHU VH XPD QRUPD MXUtGLFD PRUDOPHQWH LQFRUUHWDRXVLPSOHVPHQWHLQMXVWDVHUiMXULGLFDPHQWHLQYiOLGD

*XVWDY 5DGEUXFK VXVWHQWD TXH R GLUHLWR DSUHVHQWD RV YDORUHV GD VHJXUDQoD MXUtGLFD GD MXVWLoD H GD XWLOLGDGH =ZHFNPlVVLJNHLW &RP LVVR FULWLFDVH D LGHLD VXVWHQWDGDSRUDOJXQVMXVSRVLWLYLVWDVVHJXQGRDTXDORYDORUGDVHJXUDQoDMXUtGLFD VHULD R ~QLFR RX R PDLV LPSRUWDQWH GRV YDORUHV MXUtGLFRV 1D YHUGDGH R YDORU GD VHJXUDQoD MXUtGLFD QmR GHYH VHU FRQVLGHUDGR LVRODGDPHQWH SRUTXDQWR VHUYH GH PHLRSDUDRDWHQGLPHQWRGRVYDORUHVGDMXVWLoDHGDXWLOLGDGHSDUDREHPFRPXP

&RP UHODomR DR FRQIOLWR HQWUH VHJXUDQoD MXUtGLFD H MXVWLoD 5DGEUXFK HVWDEHOHFH XPD IyUPXOD TXH YLVD D SUHVHUYDU DPERV RV YDORUHV HQYROYLGRV 8PD QRUPD MXUtGLFD LQMXVWD RX TXH QmR VHUYLVVH DR EHP FRPXP HP SULQFtSLR QmR SHUGHULDVXDYDOLGDGHMXUtGLFD$SHQDVQRVFDVRVHPTXHDLQMXVWLoDGHXPDQRUPD MXUtGLFDIRVVHLQVXSRUWiYHOXQHUWUlJOLFKpTXHDQRUPDHPTXHVWmRGHL[DULDGHVHU MXULGLFDPHQWHYiOLGD

$OH[\ UHVVDOWD TXH D IyUPXOD GH 5DGEUXFK GHYH VHU FRPSUHHQGLGD QD SHUVSHFWLYDGRSDUWLFLSDQWH7HLOQHKPHUSHUVSHFWLYHGRVLVWHPDMXUtGLFRGDTXHOHTXH QHOHDWXDDH[HPSORGRMXL]

([DPLQDQGRVH D SUHWHQVmR GH FRUUHomR OHYDQWDGD SHORV SDUWLFLSDQWHV GR VLVWHPD MXUtGLFR p SRVVtYHO VXVWHQWDU D WHVH GD FRQH[mR FRQFHLWXDO HQWUH GLUHLWR H PRUDO8PDYH]TXHILTXHHYLGHQFLDGRRFDUiWHUQHFHVViULRGDFRUUHomRPDWHULDOGR GLUHLWRVXSHUDVHDGRXWULQDGRMXVSRVLWLYLVPRLQFOXVLYRSHODTXDODLQFRUSRUDomRGH HOHPHQWRV PRUDLV SHOR VLVWHPD MXUtGLFR p XPD TXHVWmR PHUDPHQWH HPStULFD 6H R DUJXPHQWR GD SUHWHQVmR IRU ERP R EDVWDQWH QmR UHVWDUi G~YLGD VREUH D PHOKRU FDSDFLGDGH GR SyVSRVLWLYLVPR GH RIHUHFHU XPD FRPSUHHQVmR DGHTXDGD GD RQWRORJLDMXUtGLFDHPFRPSDUDomRjVWHQWDWLYDVGHFXQKRMXVSRVLWLYLVWD

2DUJXPHQWRGH$OH[\VREUHDSUHWHQVmRGHFRUUHomRGRGLUHLWRpGHQDWXUH]D SUDJPiWLFRWUDQVFHQGHQWDO 6XD HVWUDWpJLD FRQVLVWH HP LGHQWLILFDU DOJR TXH p QHFHVViULR SDUD SRVWHULRUPHQWH H[SOLFLWDUOKH DV LPSOLFDo}HV 4XDOTXHU DILUPDomR

5$'%58&+*XVWDY5HFKWVSKLORVRSKLH$XI+HLGHOEHUJ&)0OOHUS

,ELGS

(32)

TXHVHMDFRQWUDGLWyULDFRPHVVDVLPSOLFDo}HVVHUiDEVXUGDMiTXHFRQWUDULDULDDTXLOR TXHGHFRUUHGRTXHpQHFHVViULR

&RQVWDWDVHTXHDDomROLQJXtVWLFDGHDILUPDUDOJRpXPHOHPHQWRLQVHSDUiYHO GD H[LVWrQFLD KXPDQD SHOR PHQRV HP FRQGLo}HV QRUPDLV GH FLYLOL]DomR (P FRQGLo}HV UDFLRQDLV R DWR GH DILUPDU DOJR UHTXHU GR VXMHLWR TXH VHMD FDSD] GH IXQGDPHQWDUVXDDILUPDomREHPFRPRVHID]DFRPSDQKDUSHODH[SHFWDWLYDGHTXH RVGHVWLQDWiULRVUHFRQKHoDPTXHDTXLORTXHVHGLVVHpFRUUHWR

$OH[\ VXVWHQWD SUHFLVDPHQWH TXH R GLUHLWR DWUDYpV GH SHVVRDV IRUPXOD XPD SUHWHQVmR GH FRUUHomR 2 H[HPSOR GR MXL] p SDUDGLJPiWLFR Mi TXH OHYDQWD XPD SUHWHQVmRGHFRUUHomRREMHWLYDTXHQmRGHSHQGHGHVXDYRQWDGHPDVGHFRUUHGD IXQomRTXHH[HUFH

&RQVLGHUHVHSRUH[HPSORXPDVHQWHQoDTXHDILUPHTXHRDFXVDGRHPUD]mR GH XPD LQWHUSUHWDomR HTXLYRFDGD GR GLUHLWR YLJHQWH UHVXOWD FRQGHQDGR D FXPSULU GHWHUPLQDGDSHQD&ODUDPHQWHWUDWDVHGHXPDVHQWHQoDDEVXUGD

'D PHVPD IRUPD VHULD DEVXUGD XPD GHFLVmR DQWHFLSDWyULD GD WXWHOD TXH QR ERMRGHVXDIXQGDPHQWDomRFRQWLYHVVHDDILUPDomRGHTXHQmRHVWmRDWHQGLGRVRV SUHVVXSRVWRVOHJDLVTXHDXWRUL]DPDFRQFHVVmRGDDQWHFLSDomRGDWXWHOD

2 PRWLYR SDUD HVVH DEVXUGR FRQIRUPH HVFODUHFH $OH[\ QmR p PHUDPHQWH FRQYHQFLRQDOPDVpGHRUGHPFRQFHLWXDO7RGDVDVGHFLV}HVMXULVGLFLRQDLVFRPRDV Do}HV OLQJXtVWLFDV GH DILUPDomR SRVVXHP SUHWHQVmR GH FRUUHomR JDUDQWLD GH IXQGDPHQWDomR H H[SHFWDWLYD GH UHFRQKHFLPHQWR SHORV GHVWLQDWiULRV &DVR XPD GHFLVmRYiGHHQFRQWURDHVVHVHOHPHQWRVVXUJHXPDFRQWUDGLomRSHUIRUPDWLYD

6HJXLQGRVH HVVD OLQKD GH UDFLRFtQLR VHULD DEVXUGD XPD GLVSRVLomR FRQVWLWXFLRQDOQRVVHJXLQWHVWHUPRV³$5HS~EOLFDWDOFRQVWLWXLVHHPXP(VWDGRQR TXDOpSHUPLWLGRDRSRGHUMXGLFLiULRGHVUHVSHLWDURVGLUHLWRVGRVMXULVGLFLRQDGRV´2 DEVXUGR FRQVLVWH FRPR p FODUR QD FRQWUDGLomR SHUIRUPDWLYD FRP D SUHWHQVmR GH FRUUHomRTXHpOHYDQWDGDSHORVWH[WRVQRUPDWLYRV

$/(;<5REHUWREFLWS

(33)

/HYDQGRVHHPFRQVLGHUDomRTXHDFRUUHomRMXUtGLFDLQFOXLDFRUUHomRPRUDO D SUHWHQVmR GH MXVWLoD VH LQFRUSRUD DR FRQFHLWR GH GLUHLWR &RQVHTXHQWHPHQWH DV SHUVSHFWLYDV MXVSRVLWLYLVWDV QmR VH UHYHODP DGHTXDGDV SDUD DEDUFDU WRGRV RV HOHPHQWRVTXHLQWHJUDPRFRQFHLWRGHGLUHLWR

'HVVD PDQHLUD D SHUVSHFWLYD SyVSRVLWLYLVWD SRVVXL YDQWDJHQV WHyULFDV H SUiWLFDV3RVVXLYDQWDJHQVGRSRQWRGHYLVWDWHyULFRSRUTXHID]FRPSUHHQGHUGHXP PRGR DGHTXDGR D UHODomR FRQFHLWXDO HQWUH GLUHLWR H PRUDO 6RE R SULVPD SUiWLFR WUDWDVH GH SHUVSHFWLYD VXSHULRU SRUTXH HYLGHQFLD FRUUHWDPHQWH D LPSRUWkQFLD GD XWLOL]DomR GH HOHPHQWRV PRUDLV QD DUJXPHQWDomR MXUtGLFD GHVHQYROYLGD SHORV SDUWLFLSDQWHVGRVLVWHPDMXUtGLFR

&RQWULEXLo}HVGR SyVSRVLWLYLVPRSDUDXPDWHRULDGRVGLUHLWRV

IXQGDPHQWDLV

8PDYH]TXHVHDILUPHPDSUHVHQoDGDFRUUHomRPRUDOQRFRQFHLWRGHGLUHLWRH DLQDGHTXDomRGDVGRXWULQDVMXVQDWXUDOLVWDVLQJUHVVDVHQRGRPtQLRWHyULFRGRSyV SRVLWLYLVPR

3DUDDOpPGHVXDLPSRUWkQFLDQDEXVFDGHHOXFLGDomRGDRQWRORJLDMXUtGLFDD SHUVSHFWLYDSyVSRVLWLYLVWDUHSUHVHQWDXPFDPSRIpUWLOGHLQYHVWLJDo}HVUHODFLRQDGDV DRVGLUHLWRVIXQGDPHQWDLVFXMDLQWHUSUHWDomRQmRSUHVFLQGHGHDUJXPHQWRVPRUDLV 3RVVLELOLWDVHFRPRDX[tOLRGRSyVSRVLWLYLVPRUHDOL]DURGLiORJRHQWUHXPDILORVRILD MXUtGLFDPRUDOLVWDHDGRJPiWLFDMXUtGLFDGRVGLUHLWRVIXQGDPHQWDLV

1DVHDUDGDGRJPiWLFDMXUtGLFDFRQYpPGLVWLQJXLUWUrVGLPHQV}HVTXHRULHQWDP DSHVTXLVDUHDOL]DGDSHORMXULVWDGLPHQVmRDQDOtWLFDGLPHQVmRHPStULFDHGLPHQVmR QRUPDWLYD

3HUVHJXHVH QD GLPHQVmR DQDOtWLFD D FODUH]D FRQFHLWXDO GR GLUHLWR FRQGLomR LQGLVSHQViYHOSDUDTXHVHUHDOL]HPGLVFXVV}HVUDFLRQDLVVREUHSUREOHPDVMXUtGLFRV 'HVWDFDVH WDPEpP FRPR DWLYLGDGH DQDOtWLFD D HODERUDomR VLVWHPiWLFD D SDUWLU GR GLUHLWRSRVLWLYR

$/(;<5REHUWREFLWS

6REUHDVGLPHQV}HVGDGRJPiWLFDMXUtGLFDY'5(,(55DOI5HFKW±0RUDO±,GHRORJLH6WXGLHQ]XU

(34)

'HVVD PDQHLUD QD GLPHQVmR DQDOtWLFD GD GRJPiWLFD MXUtGLFD GRV GLUHLWRV IXQGDPHQWDLV VmR FRQFHELGRV RV FRQFHLWRV UHODWLYRV j HVWUXWXUD GRV GLUHLWRV IXQGDPHQWDLV$GHPDLVFXLGDVHGHVDEHUHPTXHFRQVLVWHPDVQRUPDVGHGLUHLWR IXQGDPHQWDO R TXH VH GHYH HQWHQGHU SRU UHVWULomR GH GLUHLWR EHP FRPR VH LQYHVWLJDP DV FDUDFWHUtVWLFDV GD SURSRUFLRQDOLGDGH 3RU VXD YH] QD GLPHQVmR DQDOtWLFD GD GRJPiWLFD MXUtGLFD SURFHVVXDO FLYLO VmR UHDOL]DGDV GLVFXVV}HV FRQFHLWXDLV VREUHYJ D GLVWLQomR HQWUH WXWHOD DQWHFLSDGD H WXWHOD FDXWHODU EHP FRPRVREUHDVHVSpFLHVGHWXWHODDQWHFLSDGD

$ILJXUDPVHFRPRGHJUDQGHYDORURVUHVXOWDGRVREWLGRVQDGLPHQVmRDQDOtWLFD GD GRJPiWLFD MXUtGLFD Mi TXH VmR SUHFRQGLo}HV SDUD D DQiOLVH GH SUREOHPDV FRQFUHWRV D H[HPSOR GD FRUUHomR GD DQWHFLSDomR GD WXWHOD QD SHUVSHFWLYD MXVIXQGDPHQWDO

&RP HIHLWR R H[DPH GD FRUUHomR MXUtGLFD GH XPD DQWHFLSDomR GD WXWHOD GHSHQGH GH DFRUGR FRP XPD YLVmR FRQVWLWXFLRQDO GR SURFHVVR GR SUHHQFKLPHQWR GRVUHTXLVLWRVOHJDLVGHVHXGHIHULPHQWRRVTXDLVGHYHPVHULQWHUSUHWDGRVjOX]GRV GLUHLWRV IXQGDPHQWDLV GDV SDUWHV GH PRGR TXH VH DOFDQFH QR FDVR FRQFUHWR R HTXLOtEULRHQWUHRVSULQFtSLRVGDHIHWLYLGDGHGRSURFHVVRHGDVHJXUDQoDMXUtGLFD

1D GLPHQVmR HPStULFD GD GRJPiWLFD MXUtGLFD GRV GLUHLWRV IXQGDPHQWDLV VREUHOHYDP R HVWXGR GR GLUHLWR FRQVWLWXFLRQDO SRVLWLYR H DQiOLVH GD MXULVSUXGrQFLD MXGLFLDO GRV yUJmRV MXULVGLFLRQDLV HQFDUUHJDGRV SUHFLSXDPHQWH GD JXDUGD GD &RQVWLWXLomR

&RQYpPWHUSUHVHQWHDGLPHQVmRHPStULFDGDGRJPiWLFDMXUtGLFDDILPGHTXH KDMD FRQGLo}HV GH VH SURFHGHU D XPD DYDOLDomR FUtWLFD GD UDFLRQDOLGDGH GDV GHFLV}HV H[DUDGDV SHORV WULEXQDLV 6DOLHQWHVH TXH UHIHULGD DYDOLDomR Vy VH WRUQD SRVVtYHO FDVR VH WHQKD GHVHQYROYLGR XP TXDGUR DQDOtWLFR FODUR D UHVSHLWR GDV TXHVW}HVMXUtGLFDVGHEDWLGDV

1HVVH SRQWR p SRVVtYHO REVHUYDUVH FODUD UHODomR HQWUH SyVSRVLWLYLVPR H GRJPiWLFDMXUtGLFDMiTXHGHFRUUHGHXPDDERUGDJHPSyVSRVLWLYLVWDRLQWHUHVVHQR GHVHQYROYLPHQWR GH WHRULDV GD DUJXPHQWDomR MXUtGLFD UDFLRQDLV FRQWHPSRUkQHDV

(35)

VHJXQGR RV TXDLV R UDFLRFtQLR MXUtGLFR GHSHQGH GH DVSHFWRV UHODFLRQDGRV FRP D OyJLFDIRUPDODVVLPFRPRGHUHJUDVGHUDFLRQDOLGDGHSUiWLFD

2 UHFRQKHFLPHQWR GD GLPHQVmR QRUPDWLYD GD GRJPiWLFD MXUtGLFD QD TXDO VH SUHVFUHYHP VROXo}HV SDUD SUREOHPDV MXUtGLFRV UHYHOD XPD WRPDGD GH SRVLomR FRQFHUQHQWHDRGHEDWHHSLVWHPROyJLFRWUDYDGRHPWRUQRGDVIXQo}HVGDFLrQFLD

'RSRQWRGHYLVWDSRVLWLYLVWDFDEHjFLrQFLDGRGLUHLWRVRPHQWHFRPEDVHQRV FRQFHLWRVKDXULGRVQDGLPHQVmRDQDOtWLFDDGHVFULomRGRGLUHLWRYiOLGRRTXHVHID] DWUDYpV GH SURSRVLo}HV GHVFULWLYDV DV TXDLV SRGHP VHU YHUGDGHLUDV RX IDOVDV 1D SHUVSHFWLYDGRSyVSRVLWLYLVPRLGHQWLILFDGDXPDTXHVWmRMXUtGLFDFRQWURYHUWLGDQmR EDVWD D GHOLPLWDomR GDV SRVVtYHLV VROXo}HV SDUD R SUREOHPD MXUtGLFR Ki GH VHU GHWHUPLQDGD TXDO VROXomR p FRUUHWD RX PDLV FRUUHWD GH DFRUGR FRP DV FLUFXQVWkQFLDVGRFDVRFRQFUHWR

'HVVD PDQHLUD QD DSUHFLDomR GH XP FDVR HQYROYHQGR FROLVmR GH GLUHLWRV IXQGDPHQWDLVQmREDVWDDILUPDUTXDLVVmRDVSRVVLELOLGDGHVLQWHUSUHWDWLYDV,QFXPEH DR MXULVWD DSRQWDU GH IRUPD UDFLRQDOPHQWH MXVWLILFDGD TXDO SRVVLELOLGDGH GH LQWHUSUHWDomR p D TXH VH DMXVWD PHOKRU DR GLUHLWR YLJHQWH 1D DUJXPHQWDomR UHDOL]DGD SHOR WRPDGRU GH GHFLVmR IRUoRVDPHQWH VmR HPSUHJDGRV FULWpULRV GH UDFLRQDOLGDGHSUiWLFDRVTXDLVHVWmRYROWDGDVSDUDDDomRGHWHUPLQDPRTXHID]HU

/HYDQGRVH HP FRQVLGHUDomR D DQiOLVH MXVIXQGDPHQWDO GD DQWHFLSDomR GD WXWHODRMXULVWDTXHQmRVHMDDYHVVRDRSyVSRVLWLYLVPRQmRHQFRQWUDUiGLILFXOGDGHV HPSHUFHEHUTXHVHHVSHUDGHOHDFUtWLFDVREUHDFRUUHomRMXUtGLFDGHXPSURYLPHQWR DQWHFLSDWyULRDLQGDTXHRFDVRFRPSRUWHPDLVGHXPDVROXomRSRVVtYHO

&RPRVHGHSUHHQGHGDGLYHUJrQFLDHQWUHSRVLWLYLVWDVHSyVSRVLWLYLVWDVVREUHR FDUiWHU SUiWLFR GD FLrQFLD GR GLUHLWR RV SDSpLV H[HUFLGRV SHODV GLPHQV}HV GD

$ UHVSHLWR GDV WHRULDV GD DUJXPHQWDomR MXUtGLFD FRQWHPSRUkQHDV YHU $7,(1=$$V UD]}HV GR

GLUHLWRWHRULDV GD DUJXPHQWDomR MXUtGLFD 7UDG GH 0DULD &ULVWLQD *XLPDUmHV &XSHUWLQR HG 6mR 3DXOR/DQG\SHVV

$FHUFDGDIXQomRQRUPDWLYDGDFLrQFLDMXUtGLFD7pUFLR6DPSDLR REVHUYD $V WHRULDVMXUtGLFDVGD

&LrQFLD GR 'LUHLWR FRPR XVXDOPHQWH HVWD p SUDWLFDGD QmR HVFRQGHP HQXQFLDGRV GH QDWXUH]D SUHVFULWLYD $R H[SRU GLYHUVDV WHRULDV UHIHUHQWHV D XP SUREOHPD MXUtGLFR TXDOTXHU R MXULVWD QmR VH OLPLWD D OHYDQWDU SRVVLELOLGDGHV H HP FHUWDV FLUFXQVWkQFLDV D VXVSHQGHU R MXt]R PDV p IRUoDGR D UHDOL]DU SRU YH]HV XPD YHUGDGHLUD RSomR GHFLVyULD ,VWR SRUTXH VXD LQWHQomR QmR p DSHQDV FRQKHFHUPDVWDPEpPFRQKHFHUWHQGRHPYLVWDDVFRQGLo}HVGHDSOLFDELOLGDGHGHQRUPDHQTXDQWR

PRGHOR GH FRPSRUWDPHQWR REULJDWyULR )(55$= -Ò1,25 7pUFLR 6DPSDLR$ FLrQFLD GR GLUHLWR

(36)

GRJPiWLFD MXUtGLFD UHFHEHP GLIHUHQWHV LQWHUSUHWDo}HV FRQVRDQWH D WHRULD GR GLUHLWR DGRWDGD

2 SURMHWR HSLVWHPROyJLFR SXULVWD GH +DQV .HOVHQ p FODVVLILFDGR FRPR SRVLWLYLVPR OyJLFR RX SRVLWLYLVPR DQDOtWLFR SRUTXDQWR VXD GRXWULQD FRQVLVWH IXQGDPHQWDOPHQWH QD HODERUDomR GH FRQFHLWRV MXUtGLFRV D SDUWLU GR FRQFHLWR IXQGDPHQWDOGHQRUPDMXUtGLFD

7UDWDVH GH XPD WHRULD SUHWHQVDPHQWH SXUD SRUTXH VXD FRQVWUXomR HVWDULD GHVYLQFXODGD GH TXDLVTXHU HOHPHQWRV PHWDMXUtGLFRV D H[HPSOR GH FULWpULRV GH PRUDOLGDGH SROtWLFD $GHPDLV QR SDUDGLJPD NHOVHQLDQR UHVHUYDVH IXQomR PHUDPHQWH GHVFULWLYD j FLrQFLD MXUtGLFD TXH WHP SRU REMHWR DV QRUPDV MXUtGLFDV YiOLGDV

'HVVD IRUPD REVHUYDVH QR SHQVDPHQWR SRVLWLYLVWD GH .HOVHQ DFHQWXDGD rQIDVH GD GLPHQVmR DQDOtWLFD GD GRJPiWLFD MXUtGLFD D TXDO p SUHVVXSRVWD SDUD R GHVHPSHQKR GDV WDUHIDV GD GLPHQVmR HPStULFD &RPR VXVWHQWD TXH D GRJPiWLFD MXUtGLFD WHP IXQomR SXUDPHQWH GHVFULWLYD p OyJLFR TXH QmR VH FRDGXQD FRP D SHUVSHFWLYD NHOVHQLDQD D DWULEXLomR FDUiWHU SUHVFULWLYR j FLrQFLD GR GLUHLWR R TXH LPSOLFD D IDOWD GH UHFRQKHFLPHQWR GD LPSRUWkQFLD GD GLPHQVmR QRUPDWLYD SDUD D DWLYLGDGHUHDOL]DGDSHORMXULVWD

1mR p GHPDLV UHVVDOWDU TXH D YHUWHQWH GR SRVLWLYLVPR OyJLFR QmR HVJRWD R XQLYHUVR GH GRXWULQDV GR SRVLWLYLVPR MXUtGLFR 'H IDWR HQFRQWUDVH QR kPELWR GDV FRQWULEXLo}HVMXVSRVLWLYLVWDVGRXWULQDVFRPHQIRTXHHPDVSHFWRVHPStULFRVYHUV}HV GH XP SRVLWLYLVPR VRFLROyJLFR DV TXDLV GHQXQFLDP PDLRU DSUHoR HP UHODomR GLPHQVmRHPStULFDGDGRJPiWLFDMXUtGLFD

'LVWLQJXHPVH DV GRXWULQDV MXVSRVLWLYLVWDV VRFLROyJLFDV FRQIRUPH FRQILUDP PDLRU rQIDVH DR DVSHFWR LQWHUQR RX DR DVSHFWR H[WHUQR GD QRUPD RX GR VLVWHPD

$UHVSHLWRYHU%$5=2772/XLV)HUQDQGR2SRVLWLYLVPRMXUtGLFRFRQWHPSRUkQHRXPDLQWURGXomR

D.HOVHQ5RVVH+DUWHG3RUWR$OHJUH/LYUDULDGR$GYRJDGRSHVV

.(/6(1 +DQV RE FLW S 9HULILFDVH TXH D SXUH]D HSLVWHPROyJLFD GH .HOVHQ QmR HVWi

LPXQH GH TXHVWLRQDPHQWRV TXH DSRQWDP UHODo}HV GH VXD WHRULD FRP DVSHFWRV SROtWLFRV 1HVVH VHQWLGR 3DEOR /XFDV 9HUG~ VXVWHQWD TXH VXEMD] j GRXWULQD NHOVHQLDQD HOHPHQWRV SROtWLFRV OLEHUDLV

9(5'Ò3DEOR/XFDV&XUVRGHGHUHFKRSROtWLFRHG0DGULG7HFQRVYS

(37)

MXUtGLFR (P DPERV RV FDVRV REVHUYDVH D FRQFHLWXDomR GR GLUHLWR D SDUWLU GH FULWpULRV OLJDGRV j HILFiFLD VRFLDO GR GLUHLWR GHQRWD SUHGLOHomR SHOD GLPHQVmR HPStULFDGDGRJPiWLFDMXUtGLFD

3RU VXD YH] DV GRXWULQDV GR GLUHLWR QDWXUDO VH FDUDFWHUL]DP SRU SULYLOHJLDU D GLPHQVmR QRUPDWLYD GD GRJPiWLFD MXUtGLFD QD PHGLGD HP TXH VmR YROWDGDV SULPDULDPHQWH SDUD R FDUiWHU MXVWR GR GLUHLWR R TXH HP YHUV}HV UDGLFDLV SRGH DFDEDU FRPSURPHWHQGR H[FHVVLYDPHQWH D VHJXUDQoD MXUtGLFD SURSRUFLRQDGD SHOR GLUHLWRSRVLWLYRIRPHQWDQGRYHUGDGHLURHVWDGRGHDQDUTXLD

3DUDXPDFRPSUHHQVmRHSLVWHPRORJLFDPHQWHDGHTXDGDGDGRJPiWLFDMXUtGLFD XUJH TXH VHMDP GHEHODGDV YLV}HV SDUFLDLV GR GLUHLWR TXH FRQIHUHP UHGX]LGR RX QHQKXPYDORUDDOJXQVGRVDVSHFWRVGRWUDEDOKRFLHQWtILFRGRTXDOVHGHVLQFXPEHR MXULVWD6HVHSUHWHQGHDEDUFDURIHQ{PHQRMXUtGLFRHPWRGDVXDFRPSOHWXGHLPS}H VHDILUPDUDQHFHVVLGDGHGRLQWHUUHODFLRQDPHQWRGDVGLPHQV}HVDQDOtWLFDHPStULFD HQRUPDWLYDGDGRJPiWLFDMXUtGLFD

3UHWHQGHVHFRPRGHVHQYROYLPHQWRGHXPDSHUVSHFWLYDSyVSRVLWLYLVWDOHYDU D VpULR D QHFHVViULD FRQH[mR GDV GLPHQV}HV GD GRJPiWLFD MXUtGLFD GH PRGR D VHUHPHYLWDGRVRVLQFRQYHQLHQWHVGHDERUGDJHQVHSLVWHPRORJLFDPHQWHLQFRPSOHWDV GRVSUREOHPDVMXUtGLFRV

$/(;<5REHUW%HJULIIXQG*HOWXQJGHV5HFKWVHG0QFKHQ.DUO$OEHU*PE+S2

DVSHFWRH[WHUQRGDQRUPDGL]UHVSHLWRjREVHUYkQFLDGRVFRPDQGRVMXUtGLFRV&RPRH[HPSORGHXP FRQFHLWRGHGLUHLWR SRVLWLYLVWDEDVHDGRQRDVSHFWRH[WHUQRGDQRUPDPHQFLRQDVHDIRUPXODomRGH 0D[ :HEHU SDUD TXHP XPD RUGHP SRGH VHU FKDPDGD GH GLUHLWR TXDQGR HVWi JDUDQWLGD H[WHUQDPHQWHSHODSUREDELOLGDGHGDFRDomRItVLFDRXSVtTXLFDH[HUFLGDSRUGHWHUPLQDGRTXDGURGH SHVVRDV FXMD IXQomR HVSHFtILFD FRQVLVWH HP IRUoDU D REVHUYDomR GHVVD RUGHP RX FDVWLJDU VXD

YLRODomR:(%(50D[(FRQRPLDHVRFLHGDGHIXQGDPHQWRVGDVRFLRORJLDFRPSUHHQVLYD7UDGGH

5HJLV%DUERVDH .DUHQ(OVDEH%DUERVDHG%UDVtOLD8QLYHUVLGDGHGH %UDVtOLDYS 3RUVXDYH]GHILQLo}HVVRFLROyJLFDVIXQGDGDVQRDVSHFWRLQWHUQRGDQRUPDVHUHIHUHPDRVPRWLYRV SVLFROyJLFRV GH FXPSULPHQWR GDV QRUPDV (QTXDGUDVH QHVVD OLQKD D GHILQLomR OXKPDQQLDQD GR GLUHLWR FRPR VLVWHPD VRFLDO GH H[SHFWDWLYDV FRPSRUWDPHQWDLV JHQHUDOL]DGDV FRQJUXHQWHPHQWH

/8+0$111LNODV6RFLRORJLDGRGLUHLWR,7UDGGH*XVWDYR%D\HU5LRGH-DQHLUR7HPSR%UDVLOHLUR

S

,G/DLQVWLWXFLRQDOL]DFLyQ GHOD MXVWLFLD7UDGGH-RVp$QWRQLR6HRDQH(GXDUGR5REHUWR6RGHUR

3DEOR5RGUtJXH]*UDQDGD&RPDUHVS

1HVVHVHQWLGR*XHUUD)LOKRDILUPD³$YLQFXODomRHRLQGLVVRFLDPHQWRGDVWUrVGLPHQV}HVVHULDP

SRUpP XPD FRQGLomR QHFHVViULD SDUD VH WHU XPD YHUGDGHLUD FLrQFLD MXUtGLFD UDFLRQDO DSHVDU GH GRJPiWLFDSURQWDSDUDFXPSULUVHXSDSHOGHGLVFLSOLQDSUiWLFDYROWDGDSDUDDVROXomRGHSUREOHPDV G~YLGDV VREUH R FRPSRUWDPHQWR GHYLGR HP IDFH GDV QRUPDV MXUtGLFDV YiOLGDV´ *8(55$ ),/+2

(38)

6XVWHQWDVHHPKDUPRQLDFRPRSHQVDPHQWRSyVSRVLWLYLVWDTXHDFLrQFLDGR GLUHLWR SRVVXL DOpP GD IXQomR GHVFULWLYD R FDUiWHU SUiWLFR UHSUHVHQWDGR SRU VXD IXQomRSUHVFULWLYD

'HVVDPDQHLUDXPDWHRULDGRVGLUHLWRVIXQGDPHQWDLVQmRGHYHVHGHVFXUDUGH VHX DVSHFWR SUiWLFR TXH SUHVFUHYH FRPR GHYH VHU VROXFLRQDGR XP SUREOHPD MXUtGLFR

7RPDQGR SRU EDVH D FRQWULEXLomR SyVSRVLWLYLVWD GD UHYDORUL]DomR GD UDFLRQDOLGDGH SUiWLFD HVWDEHOHFHPVH SDUkPHWURV TXH SHUPLWHP FRQWURODU D UDFLRQDOLGDGHGHXPDGLVFXVVmRMXUtGLFDVREUHRVGLUHLWRVIXQGDPHQWDLV

2FRUUHTXHQHQKXPDGLVFXVVmRVREUHTXHVW}HVMXUtGLFDVSRGHUiVHUFRQGX]LGD GH PRGR SURItFXR FRQIRUPH VH HVFODUHFHX DQWHULRUPHQWH VH QmR KRXYHU FODUH]D VREUH RV FRQFHLWRV XWLOL]DGRV R TXH PRVWUD D LQGLVSHQVDELOLGDGH GD GLPHQVmR DQDOtWLFDGDGRJPiWLFDMXUtGLFD

&RPRHVFODUHFLPHQWRGHFRQFHLWRVEiVLFRVGDGRJPiWLFDMXUtGLFDGRVGLUHLWRV IXQGDPHQWDLVFRQVWUyLVHDPELHQWHIDYRUiYHOSDUDRH[DPHGHFRUUHomRGHGHFLV}HV MXUtGLFDV

&ODUDPHQWHDDQiOLVHGDFRUUHomRGHXPDVROXomRMXUtGLFDVHYLQFXODDRGLUHLWR SRVWR R TXH HYLGHQFLD D FRQFDWHQDomR GD GLPHQVmR QRUPDWLYD FRPR D GLPHQVmR HPStULFD

'HVVD IRUPD DSUHVHQWDPVH PHOKRUHV FRQGLo}HV GH DSUHFLDomR GH FDVR SDUWLFXODU GH XP SUREOHPD FOiVVLFR GD ILORVRILD GR GLUHLWR SUHFLVDPHQWH DTXHOH UHODWLYRDRHTXLOtEULRHQWUHMXVWLoDHVHJXUDQoDMXUtGLFD

(39)

)XQGDPHQWDQGRVH D SURSRUFLRQDOLGDGH FRQWDVH FRP SURFHGLPHQWR MXUtGLFR GH QRWiYHO UHOHYkQFLD SDUD D EXVFD GH HTXLOtEULR HQWUH QRUPDV MXUtGLFDV TXH SUHVFUHYHP VROXo}HV IUHTXHQWHPHQWH RSRVWDV SDUD SUREOHPDV MXUtGLFRV SDUWLFXODUHV7UDWDVHGHHTXLOtEULRTXHSUHVVXS}HUHODomRKDUPRQLRVDHQWUHMXVWLoD HVHJXUDQoDMXUtGLFD

e MXVWDPHQWH QR FRQWH[WR SyVSRVLWLYLVWD FRQFOXLVH TXH VH HQFRQWUD D IXQGDPHQWDomRPDLVDGHTXDGDSDUDXPDWHRULDGRVGLUHLWRVIXQGDPHQWDLVTXHVLUYD GHDOLFHUFHSDUDRHVWXGRGDDQWHFLSDomRGDWXWHODQDSHUVSHFWLYDMXVIXQGDPHQWDO

(40)

)81'$0(1726 &21&(,78$,6 '$ 3(563(&7,9$

-86)81'$0(17$/

2 H[DPH GH SUREOHPDV MXUtGLFRV QD SHUVSHFWLYD GRV IXQGDPHQWDLV UHTXHU R HVFODUHFLPHQWRWHyULFRUHODWLYRDDOJXQVFRQFHLWRVEiVLFRVHPFXMDFRQVLGHUDomRVH HQFRQWUDP RV IXQGDPHQWRV GR GHVHQYROYLPHQWR GH XPD DUJXPHQWDomR MXVIXQGDPHQWDO

7RGDDGLVFXVVmRHQYROYHQGRGLUHLWRVIXQGDPHQWDLVVHULDPHUDPHQWHUHWyULFD VHQmRIRVVHSRVVtYHOUHDOL]DUXPGLVFXUVRUDFLRQDOVREUHTXHVW}HVSUiWLFDV

2FRUUH TXH VmR LGHQWLILFDGDV QD KLVWyULD GR SHQVDPHQWR ILORVyILFR GLVWLQWDV FRQFHSo}HV GH UDFLRQDOLGDGH SUiWLFD GDt R LQWHUHVVH QD H[SOLFLWDomR GHVVDV FRQFHSo}HV EHP FRPR HP VXD DYDOLDomR FUtWLFD D ILP GH TXH VH DSRQWH D FRQFHSomRGHUDFLRQDOLGDGHSUiWLFDTXHGHYHQRUWHDUDSHUVSHFWLYDMXVIXQGDPHQWDO

(PVHJXLGDLPSRUWDDQDOLVDUDGLVWLQomRHQWUHSULQFtSLRVHUHJUDVYH]TXHVH WUDWD GH FRQGLomR LQGLVSHQViYHO SDUD D DIHULomR GDV FRQVHTXrQFLDV MXUtGLFDV GRV SDGU}HVQRUPDWLYRVSHUWLQHQWHVDRVFDVRVGHGLUHLWRIXQGDPHQWDO

3RVWHULRUPHQWHpVDOXWDUHOXFLGDUHPTXHFRQVLVWHPDVWHRULDVGDVUHVWULo}HV DRVGLUHLWRVIXQGDPHQWDLVDVTXDLVHVWmRUHODFLRQDGDVjGLVFXVVmRVREUHDHVWUXWXUD GRVGLUHLWRVIXQGDPHQWDLV

&XLGDVH GH VDEHU TXDO WLSR GH WHRULD VH D H[WHUQD RX D LQWHUQD p D PDLV DGHTXDGDSDUDDDUJXPHQWDomRMXUtGLFDVREUHGLUHLWRVIXQGDPHQWDLV

5DFLRQDOLGDGHSUiWLFD

(41)

QRUPDWLYR QR TXDO RV IDWRV SUHPLVVD PHQRU VH VXEVXPHP j QRUPD SUHPLVVD PDLRU

6HPG~YLGDRGLVFXUVRMXUtGLFRQmRVHUHVXPHDXPDVXEVXQomRWDPSRXFRD RSHUDomR GH VXEVXQomR UHSUHVHQWD R ~QLFR WLSR GH RSHUDomR UHDOL]DGR SHOR MXULVWD TXDQGRSURFHGHjLQWHUSUHWDomRGHGLVSRVLo}HVMXUtGLFDV4XHUVHDSHQDVGHVWDFDU TXHDGHFLVmRVREUHXPSUREOHPDMXUtGLFRSRGHVHUUHFRQVWUXtGDHPFRQIRUPLGDGH FRPDHVWUXWXUDGHXPVLORJLVPR

1RHVWXGRGDUDFLRQDOLGDGHSUiWLFDGDVGHFLV}HVMXUtGLFDVGHVGHORJRVHUHMHLWD D LGHLD GH TXH D MXULVSUXGrQFLD MXGLFLDO QmR FRODERUD QD FRQVWUXomR QRUPDWLYD GR GLUHLWRSRUTXHGHVHPSHQKDULDDWLYLGDGHPHUDPHQWHGHVFULWLYD

1RH[DPHGDVTXHVW}HVMXUtGLFDVGLIHUHQFLDPVHGXDVIRUPDVGHMXVWLILFDomR MXVWLILFDomRLQWHUQDHMXVWLILFDomRH[WHUQD

$MXVWLILFDomRLQWHUQDWUDWDGDSDVVDJHPGDVSUHPLVVDVjFRQFOXVmRUHIHUHVH D DVSHFWRV IRUPDLV GD DOoDGD GD OyJLFD IRUPDO GH PRGR TXH VH ID] XVR GD UDFLRQDOLGDGHWHyULFD

3RU VXD YH] D MXVWLILFDomR H[WHUQD FXLGD GD IXQGDPHQWDomR GR FRQWH~GR GDV SUHPLVVDV FRP EDVH QDV TXDLV VH H[WUDHP DV FRQFOXV}HV GRV VLORJLVPRV QRUPDWLYRV 1D KLSyWHVH GH VLORJLVPR MXGLFLDO SDUD R SUHHQFKLPHQWR GD SUHPLVVD PHQRUGHVWDFDVHDLPSRUWkQFLDGDVQRUPDVSURFHVVXDLVTXHUHJXODPDSURGXomR GHSURYDVHPMXt]R$WUDYpVGDVSURYDVDVSDUWHVEXVFDPFRQYHQFHURMXL]DFHUFD GD YHUDFLGDGH GH VXDV DOHJDo}HV FXMD FRQWUDULHGDGH FDUDFWHUL]D R FRQIOLWR GH

$5,67Ï7(/(6ÏUJDQRQFDWHJRULDVGDLQWHUSUHWDomRDQDOtWLFRVDQWHULRUHVDQDOtWLFRVSRVWHULRUHV

WySLFRVUHIXWDo}HVVRItVWLFDV7UDGGH(GVRQ%LQL%DXUX(',352S2VLORJLVPRpXP GLVFXUVR DUJXPHQWDWLYR QR TXDO XPD YH] IRUPXODGDV FHUWDV FRLVDV DOJXPD FRLVD GLVWLQWD GHVWDV FRLVDVUHVXOWDQHFHVVDULDPHQWHDWUDYpVGHODVSXUDHVLPSOHVPHQWH2VVLORJLVPRVMXUtGLFRVSRUTXH VH EDVHLDP HP LQWHUSUHWDo}HV VREUH QRUPDV MXUtGLFDV QmR WrP FDUiWHU GH GHPRQVWUDomR GH PRGR TXHVHFODVVLILFDPFRPRGLDOpWLFRV

3(5(/0$1&KDwP/yJLFDMXUtGLFDQRYDUHWyULFD7UDGGH9HUJtQLD.3XSL6mR3DXOR0DUWLQV

)RQWHVS2EVHUYDVHTXHLVVRQmRVLJQLILFDTXHDGHFLVmRMXGLFLDOpREWLGDDWUDYpVGHXP SURFHGLPHQWR PHFkQLFR GD PHVPD IRUPD FRPR R p DTXHOH HPSUHJDGR SHOD OyJLFD IRUPDOLVWD 027$0DUFHO0RUDHVREFLWS

$GRXWULQDGHTXHRVSUHFHGHQWHVHDGRJPiWLFDMXUtGLFDQmRFRODERUDPQDFRQVWUXomRGRGLUHLWR

SURFHGHGHXPDYHUVmROHJDOLVWDGRSRVLWLYLVPRMXUtGLFRVHJXQGRDTXDODIRUPDomRGRGLUHLWRpWDUHID

H[FOXVLYDGROHJLVODGRU1HVVHVHQWLGRY.5,(/(0DUWLQ5HFKWXQGSUDNWLVFKH9HUQXQIW*|WWLQJHQ

9DQGHQKRHNXQG5XSUHFKWSHVV

(42)

LQWHUHVVHV (P UHODomR DR FRQWH~GR GD SUHPLVVD PDLRU RX SUHPLVVD QRUPDWLYD DYXOWD D LPSRUWkQFLD GD LQWHUDomR GLDOpWLFD HQWUH DV SDUWHV UHJLGD SHOR SULQFtSLR GR FRQWUDGLWyULR SRUTXH IDYRUHFH D H[SORUDomR GR VHQWLGR GDV GLVSRVLo}HV MXUtGLFDV SHUWLQHQWHV

8PD YH] HVWDEHOHFLGDV DV YHUV}HV GRV IDWRV D VHUHP DSOLFDGDV GLVFXWHVH TXDLV VmR DV FRQVHTXrQFLDV MXUtGLFDV SDUD R SUREOHPD FRQFUHWR (VVD GLVFXVVmR LPSUHVFLQGHGRXVRGDUDFLRQDOLGDGHSUiWLFDRXUDFLRQDOLGDGHYROWDGDSDUDDDomR Mi TXH R REMHWR GR GHEDWH p MXVWDPHQWH HVWDEHOHFHU R FRPSRUWDPHQWR GHYLGR HP IDFHGDVQRUPDVMXUtGLFDVYiOLGDV

4XDQGR R DXWRU UHTXHU SURYLPHQWR DQWHFLSDWyULR HVWi FODUR TXH GHYH FRQYHQFHU R MXL] DFHUFD GR SUHHQFKLPHQWR GRV UHTXLVLWRV MXUtGLFRV GH VXD FRQFHVVmRMiTXHFDEHDRMXOJDGRUQRH[HUFtFLRGHVXDIXQomRMXULVGLFLRQDOGHFLGLU VREUH D FRUUHomR GD PHGLGD SOHLWHDGD HP IDFH GDV UD]}HV GH IDWR H GH GLUHLWR DSUHVHQWDGDV

1D DYDOLDomR GR FDELPHQWR GD DQWHFLSDomR GH WXWHOD R MXL] QmR SRGH GHVFRQVLGHUDURVGLUHLWRVIXQGDPHQWDLVGDVSDUWHVHQYROYLGDV(PUD]mRGDDEHUWXUD GRVGLUHLWRVIXQGDPHQWDLVHPUHODomRjPRUDOHOHPHQWRVGHPRUDOLGDGHSROtWLFDVmR UHOHYDQWHVSDUDDGHFLVmRWRPDGDSHORyUJmRMXULVGLFLRQDO

1R SDUDGLJPD FOiVVLFR GR (VWDGR GH 'LUHLWR TXH SRVVXL YLpV OLEHUDO Ki DFHQWXDGD YDORUL]DomR GD OLEHUGDGH LQGLYLGXDO GH PRGR TXH R SULQFtSLR GD VHJXUDQoD MXUtGLFD VH DILJXUD FRPR IRUWH UD]mR SDUD UHSHOLU PHGLGD VDWLVIDWLYD DGLDQWDGDFRQWUDRUpX

-i QR PRGHOR DWXDO GR (VWDGR 'HPRFUiWLFR GH 'LUHLWR DOPHMDVH R HTXLOtEULR HQWUH OLEHUGDGH H LJXDOGDGH SURPRYHQGRVH D VXSHUDomR GLDOpWLFD GD GLFRWRPLD

6REUHDUHODomRHQWUHSURYDHYHUGDGHY&202*/,2/XLJL3DROR/HSURYHFLYLOHHG7RULQR

87(7ESHVV

5HODFLRQDPVHjUDFLRQDOLGDGHSUiWLFDVDVDILUPDo}HVTXHSRVVXHPVLJQLILFDGRSUiWLFRDVDEHUDV

TXH WrP R VHQWLGR GH RUGHQDU SURLELU RX SHUPLWLU DOJR 9HU 3(&=(1,. $OHNVDQGHU2Q ODZ DQG

UHDVRQ%HUOLQ6SULQJHUS

%21$9,'(6 3DXOR7HRULD GR HVWDGR HG 6mR 3DXOR 0DOKHLURV S $ SULPHLUD

(43)

HQWUHRVSDUDGLJPDVGR(VWDGR/LEHUDOHGR(VWDGR6RFLDOGHVRUWHTXHGHYHPVHU LQVWLWXtGDV WpFQLFDV SURFHVVXDLV WHQGHQWHV D GLVWULEXLU DGHTXDGDPHQWH DV GHVYDQWDJHQV GR WHPSR GR SURFHVVR HQWUH DV SDUWHV HYLWDQGRVH WUDWDPHQWR HP GHVDFRUGR FRP D LVRQRPLD PDWHULDO $GPLWHVH QHVVD OLQKD D UHVWULomR GD VHJXUDQoD MXUtGLFD HP IDYRU GD HIHWLYLGDGH GD WXWHOD MXULVGLFLRQDO GHVGH TXH VHMD SURSRUFLRQDO

&RPR VH GLVFXWLX DQWHULRUPHQWH XPD GDV FRQWULEXLo}HV GR SyVSRVLWLYLVPR UHVLGH QD UHYDORUL]DomR GD UDFLRQDOLGDGH SUiWLFD TXH p R WLSR GH UDFLRQDOLGDGH DGHTXDGR jV GLVFXVV}HV MXUtGLFDV SROtWLFDV H PRUDLV DV TXDLV SRU YH]HV HVWmR HQWUHODoDGDVFRPRRFRUUHQRH[HPSORGDDQWHFLSDomRGDWXWHOD

&DVR QmR VH DGPLWD R FDUiWHU UDFLRQDO GRV GLVFXUVRV SUiWLFRV QHJDUVHLD D SRVVLELOLGDGHGHMXVWLILFDomRUDFLRQDOVREUHTXHVW}HVMXUtGLFDVSROtWLFDVHPRUDLVR TXH FODUDPHQWH LPSRUWDULD QD DILUPDomR TXH D DQWHFLSDomR GD WXWHOD SRGHULD VHU GHFLGLGDFRPEDVHHPDWRGHYRQWDGHHPDQDGRGHIXQFLRQiULRGRSRGHUMXGLFLiULR KDYHQGRPDLVGHXPDSRVVLELOLGDGHLQWHUSUHWDWLYDSDUDRFDVRFRQFUHWR

2FRUUHTXHQRVPROGHVGR(VWDGR'HPRFUiWLFRGH'LUHLWRWRGDVDVGHFLV}HV GR SRGHU MXGLFLiULR GHYHP VHU IXQGDPHQWDGDV DUW ,; &) R TXH UHTXHU MXVWLILFDomRUDFLRQDO

7UDWDVH GH QRUPD FRQVWLWXFLRQDO TXH YHGD R DUEtWULR MXGLFLDO GH PRGR D DVVHJXUDUTXHRVMXULVGLFLRQDGRVHVWHMDPDVDOYRGRDEXVRGRSRGHUMXULVGLFLRQDO

$GHPDLVVHPRGHYHUGHMXVWLILFDomRUDFLRQDOGDVGHFLV}HVMXGLFLDLVRSRGHU MXGLFLiULR QmR SRGHULD VHU OHJtWLPR SRUTXDQWR IDOHFHULD jV SDUWHV FRQGLo}HV

+$%(50$6-UJHQREFLWSHVV

$ UHMHLomR GR FRQFHLWR GH UDFLRQDOLGDGH SUiWLFD SRGH VHU YLVWD SRU H[HPSOR QD REUD GH .HOVHQ

SDUD TXHP DWUDYpV GD UD]mR SRGHPVH FRQKHFHU DV QRUPDV HVWDEHOHFLGDV SRU XPD DXWRULGDGH DWUDYpVGHXPDWRGHYRQWDGHSRGHPVHSURGX]LUFRQFHLWRVPDVQmRVHSRGHPSURGX]LUQRUPDVGH

VRUWHTXHVHGHVFDUWDDIXQomRSUHVFULWLYDGDUD]mR.(/6(1+DQV7HRULDJHUDOGDVQRUPDV7UDG

Referências

Documentos relacionados

(VWD SHVTXLVD WHYH FRPR REMHWLYR DYDOLDU SRU PpWRGRV KLVWROyJLFRV WRPRJUiILFRV H ItVLFRV R HIHLWR GR ODVHU GH EDL[D SRWrQFLD ///7 ± QP QR RVVR QHRIRUPDGR

$ LQGXomR GH iUYRUHV GH GHFLVmR WHP VLGR XVDGD WDPEpP SDUD VH REWHU PRGHORV GH HVWLPDWLYD GH XPD LPSRUWDQWH YDULiYHO QD HSLGHPLRORJLD GH PXLWDV GRHQoDV D GXUDomR GR SHUtRGR

sru hvsdokdphqwr plfur0Udpdq gr LqVe vre suhvvær sru lqghqwdêær phfåqlfd/ lpsdfwr h klgurvwäwlfd/ dvvlp frpr wdpeìp lqghqwdêær d odvhu1 Qd lqghqwdêær d odvhu/ dshvdu gh vhu hvwh

D phwrgrorjld sursrvwd sru Iulhgpdq h Nroohu +5336, sdud hvwlpdêær gd hvwuxwxud gh xpd uhgh suredeloðvwlfd ghvfulwd qd Vhêær 2 = 2 ì xpd dowhuqdwlyd sdud lghqwlfdêær gd

1D FRQFHSomR OLEHUDO R GLUHLWR GD UHVSRQVDELOLGDGH FLYLO EDVHLDVH QD RUJDQL]DomR GD JHVWmR GD FDXVDOLGDGH GR GDQR H GR SUHMXt]R YLYLGR SRU XP H SRU RXWUR D TXDO SHUPLWH LQVWLWXLU

$WUDQVIHUrQFLDGRVFXLGDGRVQRVKRVSLWDLVSVLTXLiWULFRVSDUDRFXLGDGR QD FRPXQLGDGH GDV SHVVRDV DFRPHWLGDV SRU WUDQVWRUQRV PHQWDLV p D SURSRVWD GD DWXDO 5HIRUPD 3VLTXLiWULFD 0DQWHU

1RV DQRV GH SHVTXLVDGRUHV GD HVFROD GH 8SSVDOD QD 6XpFLD ODQoDUDP PmR GH XPD SHVTXLVD QR TXDO GLUHFLRQDUDP VHXV LQWHUHVVHV SDUD R SURFHVVR GH LQWHUQDFLRQDOL]DomR GH HPSUHVDV

&amp;RP R REMHWLYR GH DQDOLVDU D FRPSUHHQVmR GH WH[WRV MRUQDOtVWLFRV GR JrQHUR UHSRUWDJHP SRU DOXQRV GR (QVLQR 0pGLR GH XPD (VFROD 3~EOLFD GR (VWDGR GH 6mR