81,9(56,'$'()('(5$/'(6$17$&$7$5,1$ 352*5$0$'(3Ï6*5$'8$d2(0(1*(1+$5,$'(352'8d2 1HXVD0DULD9LHLUD $9$/,$d2 '$ $87(17,&,'$'( ,17(*5,'$'( ( 9$/,'$'( '2&80(17$/ '( 5(/$d®(6 &2175$78$,6 (0 0(,2 (/(75Ð1,&2 &2022%-(72'(&2175$72&20(5&,$/ 'LVVHUWDomRGH0HVWUDGR )ORULDQySROLV
81,9(56,'$'()('(5$/'(6$17$&$7$5,1$ 352*5$0$'(3Ï6*5$'8$d2(0(1*(1+$5,$'(352'8d2 1HXVD0DULD9LHLUD $9$/,$d2 '$ $87(17,&,'$'( ,17(*5,'$'( ( 9$/,'$'( '2&80(17$/ '( 5(/$d®(6 &2175$78$,6 (0 0(,2 (/(75Ð1,&2 &2022%-(72'(&2175$72&20(5&,$/ 'LVVHUWDomRVXEPHWLGDj8QLYHUVLGDGH)HGHUDOGH6DQWD&DWDULQDFRPRSDUWHGRVUHTXLVLWRV SDUDDREWHQomRGRJUDXGH0HVWUHHP(QJHQKDULDGH3URGXomR 2ULHQWDGRU3URI+DUU\VVRQ/XL]GD6LOYD'U )ORULDQySROLV)HYHUHLUR
$9$/,$d2 '$ $87(17,&,'$'( ,17(*5,'$'( ( 9$/,'$'( '2&80(17$/ '( 5(/$d®(6 &2175$78$,6 (0 0(,2 (/(75Ð1,&2 &2022%-(72'(&2175$72&20(5&,$/ (VWD'LVVHUWDomRIRLMXOJDGDDGHTXDGDSDUDDREWHQomRGRJUDXGH³0HVWUHHP(QJHQKDULD GH 3URGXomR´ H DSURYDGD HP VXD IRUPD ILQDO SHOR 3URJUDPD GH 3yV*UDGXDomR HP (QJHQKDULDGH3URGXomR &RRUGHQDGRU3URI(GVRQ3DFKHFR3DODGLQL'U %DQFD([DPLQDGRUD(ODLQH)HUUHLUD'UD $GULDQDGH0HGHLURV'UD 2ULHQWDGRU+DUU\VVRQ/XL]GD6LOYD'U
680È5,2 &DStWXOR±23URFHVVRGH'HPDUFDomRGR)HQ{PHQRSJ ±$'HVFULomRGDV2FRUUrQFLDV2EMHWLYDV ±'HPDUFDomRGR2EMHWRGDSHVTXLVD ±23UREOHPDGDSHVTXLVD ±2V2EMHWLYRVGD3HVTXLVD ±$+LSyWHVHGDSHVTXLVD ±$,PSRUWkQFLDGDSHVTXLVD &DStWXOR±)XQGDPHQWDomR7HyULFDH0HWRGROyJLFD ±2V&RQWUDWRV&tYHLVH(OHWU{QLFRV ±&RQWUDWRV&tYHLV ±$/HJLVODomR%UDVLOHLUDHRV&RQWUDWRV&tYHLV ±$SURYDQRV&RQWUDWRV&tYHLV ±&RQWUDWRV(OHWU{QLFRV ±6LVWHPDVGH&RQWUROHSDUDR&RPpUFLR(OHWU{QLFR ±$/HJLVODomR%UDVLOHLUDHRV&RQWUDWRV(OHWU{QLFRV
± 6WDWXV $WXDO GD /HJLVODomR %UDVLOHLUD 6REUH 7UDQVDo}HV &RPHUFLDLV (P 0HLR(OHWU{QLFR ±2V&RQWUDWRV&RPHUFLDLV ±2V&RQWUDWRV(OHWU{QLFRVHD&ULSWRJUDILD'LJLWDO ±2V&RQWUDWRV(OHWU{QLFRVHR&yGLJRGH'HIHVDGR&RQVXPLGRU ±0HWRGRORJLD
± $YDOLDomR GH 3URFHVVRV GH PHGLDomR$UELWUDJHP GH &RQWUDWRV &RPHUFLDLV(OHWU{QLFRV
± ,17(51(7 2 (VSDoR &RPHUFLDO GD UHODomR &RQWUDWXDO (PSUHVD&RQVXPLGRU ±$,QWHUQHW&RPHUFLDO ±5HODo}HV&RPHUFLDLV%XVLQHVVWR%XVLQHVV%% ±5HODo}HV&RPHUFLDLV%XVLQHVVWR&RQVXPHU%& ±$V5HODo}HV&RPHUFLDLV%XVLQHVVWR*RYHUQPHQW%* &DStWXOR±2&RQWUDWR(OHWU{QLFRQD,QWHUQHW 0RGDOLGDGHVGH6HUYLoRVH&RQWUDWRV ±&RQWUDWRGH&RPSUDQR9DUHMR ±0RGDOLGDGHVGHYHQGDVQD,QWHUQHW$WUDYpVGH6KRSSLQJ ±0RGDOLGDGHGHVHUYLoRGH&RUUHWRU ±0RGDOLGDGHGH6HUYLoRGH'LYXOJDomRQD,QWHUQHW
± 0RGDOLGDGH GH 6HUYLoR GH &RQWUDWR GH $VVLQDQWHV GH 3URYHGRUHV GD ,QWHUQHW ±0RGDOLGDGHGH6HUYLoRGH&RQWUDWRGH79D&DER ±0RGDOLGDGHGH6HUYLoRGH&RUUHWRU ±0RGDOLGDGHGH6HUYLoRGH,QIRUPDo}HV3HUVRQDOL]DGDV ±2&RQWH[WRGH5HDOL]DomRGD5HODomR&RQWUDWXDO
± $YDOLDomR -XUtGLFD GDV 0RGDOLGDGHV GH 5HODomR &RQWUDWXDO %% %& %*jOX]GD0HGLGD3URYLVyULD ±&DUDFWHUtVWLFDVGRV&RQWUDWRV&RPHUFLDLV&ODXVXODVH,QGLFDo}HV ±&DUDFWHUtVWLFDVGRV&RQWUDWRV(OHWU{QLFRV&RQGLo}HVH5HODo}HV ±2&RQWUDWR(OHWU{QLFRHR'LUHLWR&LYLO&RPHUFLDO%UDVLOHLUR &DStWXOR±$YDOLDomRGHUHVXOWDGRV0RGDOLGDGHVGH1HJyFLRVH9DOLGDomR
±%UHYH+LVWyULFRGD(PSUHVD3DUDGLJPD ±4XHVWLRQiULRSDUD,GHQWLILFDU3URFHGLPHQWRVGH5HODo}HV%&%%%*D SDUWLUGR&yGLJR&LYLODSOLFDGRQD(PSUHVD3DUDGLJPD ±%XVLQHVV7R&RQVXPHU««««««««««««««««« ±%XVLQHVV7R%XVLQHVV«««««««««««««««««« ±%XVLQHVV7R*RYHUQPHQW«««««««««««««««« &RQFOXV}HV««««««««««««««««««««««««««««« 5HFRPHQGDo}HV««««««««««««««««««««««««««« 5HIHUrQFLDV%LEOLRJUiILFDV«««««««««««««««««««««« $QH[RV««««««««««««««««««««««««««««««
9LHLUD 1HXVD 0DULD $YDOLDomR GD DXWHQWLFLGDGH LQWHJULGDGH H YDOLGDGH GRFXPHQWDO GH
UHODo}HVFRQWUDWXDLVHPPHLRHOHWU{QLFRFRPRREMHWRGHFRQWUDWRFRPHUFLDO'LVVHUWDomRGH 0HVWUDGR HP (QJHQKDULD GH 3URGXomR 33*(3 ± 3URJUDPD GH 3yV *UDGXDomR HP (QJHQKDULDGH3URGXomR8QLYHUVLGDGH)HGHUDOGH6DQWD&DWDULQD)ORULDQySROLVHGLomRGD DXWRUDS
5(6802
2 SUHVHQWH HVWXGR SURFXUD GHPRQVWUDUTXHVW}HVUHODFLRQDGDVFRPDDYDOLDomRGHUHODo}HV FRQWUDWXDLV HP PHLR HOHWU{QLFR FRPR REMHWR GH FRQWUDWRFRPHUFLDO 7HQGRFRPRDVSHFWR SULQFLSDOLQYHVWLJDUDVHJXUDQoDGDDXWHQWLFLGDGHGHDVVLQDWXUDVHVXDYDOLGDGHMXUtGLFD2V REMHWLYRV GD SHVTXLVD QRUWHLDP D HVSHFLILFLGDGH GD YDOLGDGH MXUtGLFD QR PRPHQWR GD FRQWUDWDomRHVXDJDUDQWLDSDUDHIHWLYDomRQRPRPHQWRGDFRPSUDHPPHLRHOHWU{QLFR$ FRQVWDWDomR GR IHQ{PHQR QRV FRQGX] D FRQVLGHUDU XP PtQLPR GH SULQFtSLRV MXUtGLFRV FDSD]HVGHSUHVHUYDURVLQWHUHVVHVGRVFLGDGmRVVHPSUHMXGLFDUROLYUHGHVHQYROYLPHQWRGD LQIRUPiWLFD QDTXLOR TXH HOD RIHUHFH GH SURYHLWRVR SDUD D VRFLHGDGH $ IXQGDPHQWDomR WHyULFD Gi VXSRUWH OHJDO GD OHJLVODomR EUDVLOHLUD FRP UHODomR j VHJXUDQoD GRV FRQWUDWRV FtYHLVHHOHWU{QLFRV$PHWRGRORJLDGDSHVTXLVDXWLOL]DGDVHJXHTXDWURFDPLQKRVDVHJXLUD SHVTXLVDELEOLRJUiILFDDSHVTXLVDQD,QWHUQHWSHVTXLVDGHFRQWUDWRVEDQFiULRVHRHVWXGRGH FDVRGDHPSUHVD3DUDGLJPD$VFRQFOXV}HVREWLGDVGLDQWHGDSHVTXLVDUHDOL]DGDDWUDYpVGD SUDWLFDFRPHUFLDOQRVOHYDDFRQVWDWDUTXHH[LVWHLQYDVmRGHSULYDFLGDGHQRPXQGRLQWHLURH TXH HVVDV LQYDV}HV VmR ODUJDPHQWH XVDGDV SRU UDFNHVFUDTXHV DOWHUDQGR D VHJXUDQoD GR XQLYHUVRGDHVWUXWXUDFRPHUFLDOQD,QWHUQHW2&yGLJRGH'HIHVDGR&RQVXPLGRU%UDVLOHLUR DPSDUD PXLWRV SUREOHPDV DGYLQGRV GR FRPpUFLR HOHWU{QLFR 2 QRYR &yGLJR &LYLO H R &yGLJR &RPHUFLDO %UDVLOHLUR DPSDUDP GH IRUPD DGHTXDGD D FRQMXQWXUD GDV FRQWUDWDo}HV DWUDYpV GD FRPSUD H YHQGD QD ,QWHUQHW 9iULRV SURMHWRV GH OHLV VXUJLUDP GDQGR rQIDVH DR ODQoDPHQWRGHXPVLVWHPDTXHSHUPLWLUiDRVFDUWyULRV HPLWLUHPGRFXPHQWRVHUHFRQKHFHU DVVLQDWXUDVSRUPHLRHOHWU{QLFR6mRHOHVR&ROpJLR1RWDULDO%UDVLOHLURR3URMHWRGH/HLQ TXH LQVWLWXL D IDWXUD HOHWU{QLFD H D DVVLQDWXUD SDUD D UHDOL]DomR GH QHJyFLRV MXUtGLFRV R 3URMHWR GH /HL H[LJH D DVVLQDWXUD GLJLWDO SDUD FRPSUDV YLUWXDLV $V SDODYUDVFKDYHVVmR$DYDOLDomRGDDXWHQWLFLGDGHLQWHJULGDGHHYDOLGDGHGRFXPHQWDOGDV UHODo}HVFRQWUDWXDLVHPPHLRHOHWU{QLFRFRPRREMHWRGHFRQWUDWRFRPHUFLDO
,1752'8d2
$ SUHRFXSDomR PXQGLDO HP UHODomR D VHJXUDQoD GRV FRQWUDWRV GH FRPSUD H YHQGD QD ,QWHUQHWDWXDOPHQWHWHPVHGHPRQVWUDGRFRPSOH[RHPIDFHGDVUHODo}HVGHVHQYROYLGDVHP PHLR HOHWU{QLFR QmR VHUHP VHJXUDV SDUD D UHDOL]DomR GH FRQWUDWRV FRPHUFLDLV 1mR H[LVWH JDUDQWLD GDV SDUWHV TXH FRQYHQFLRQDUHP XP FRQWUDWR FRP UHODomR D VXD DXWHQWLFLGDGH LQWHJULGDGH H YDOLGDGH GDV DVVLQDWXUDV HP PHLR HOHWU{QLFR 2 FRQWH~GR GHVVH HVWXGR p R UHVXOWDGRGHXPDSHVTXLVDELEOLRJUiILFDQD,QWHUQHWEDQFRVHQDHPSUHVD3DUDGLJPDRQGH SUHWHQGHVH REWHU PDLRUHV FRQKHFLPHQWRV D UHVSHLWR GD PDWpULD $ /HL 0RGHOR 8QLWHG 1DWLRQV&RPLVVLRQRQ,QWHUQDWLRQDOWUDGHODZ81&,75$/SURFXURXUHVSHLWDUDVQRUPDV GHGLUHLWRLQWHUQDVGHPRGRDFRORFDUHPSULPHLUROXJDURGHVHQYROYLPHQWRGRFRPpUFLR HOHWU{QLFRHHYLWDUFRQIOLWRVGHFRPSHWrQFLDQDVTXHVW}HVVREUHFODXVXODVFRQWUDWXDLV
$ DYDOLDomR GDV UHODo}HV FRQWUDWXDLV TXH DTXL VH H[S}H QmR WHP R VHQWLGR GH FULDU XP PRGHORFRQWUDWXDO PDV GH HVWXGDU RV PHLRV GH VHJXUDQoDSDUDRVQHJyFLRVUHDOL]DGRVQD ,QWHUQHW TXH QmR SRGHP VHU VXEPHWLGRV SHOD VXD QDWXUH]D DRV PHLRV WUDGLFLRQDLV VHFXULWiULRVWDLVFRPRDDXWHQWLFDomRGHGRFXPHQWRVRXGHILUPDVDWUDYpVGH&DUWyULRVGH 1RWDV&RQYHQFLRQDLV&RQWXGRQDVUHODo}HV%%%XVLQHVVWR%XVLQHVV%&%XVLQHVVWR &RQVXPHU %* %XVLQHVVWR*RYHUQPHQW R SULQFtSLR TXH SUHYDOHFH p R GD ERD Ip FRQWUDWXDO HVWDEHOHFLGD QR QRYR FyGLJR FLYLO EUDVLOHLUR H QR FyGLJR GR FRQVXPLGRU UHVJXDUGDQGR R HYHQWXDO FRQVXPLGRU GD SUiWLFD GH DWRV DEXVLYRV RX OHVLYRV DRV VHXV GLUHLWRV2FRQWH~GRIRLGLYLGLGRHPFLQFRFDStWXORVUHVWULQJLQGRVHDDERUGDJHPGHDOJXQV WySLFRV GH PDLRU UHOHYkQFLD 2 SULPHLUR FDStWXOR WUDWD GR SURFHVVR GH GHPDUFDomR GR IHQ{PHQR D VHU SHVTXLVDGR VXD GHILQLomR GH FRQWUDWRV FRPHUFLDLV VHJXUDQoD H YDOLGDGH MXUtGLFD $V G~YLGDVTXDQWR j IRUPDomR GR FRQWUDWR FRPHUFLDO HP PHLR HOHWU{QLFR GLDQWH GDVUHJUDVGHGLUHLWRFLYLOSiWULREHPFRPRGDVYiULDVWHRULDVTXHHQWHQGHPDGHILQLomRGR PRPHQWRH[DWRGDFRQFOXVmRGRFRQWUDWRGHIRUPDGLYHUVDVmRHQIUHQWDGDVFRPDUJXPHQWRV FRQVLVWHQWHV GH PRGR D TXH VH FKHJXH DRV HOHPHQWRV GHILQLWLYRV TXDQWR j SURSRVWD j
DFHLWDomR j YRQWDGH DR OXJDU IRUR H ILQDOPHQWH D FRQFUHWL]DomR GR FRQWUDWR IUHQWH j VHJXUDQoDHVXDYDOLGDGHMXUtGLFD
³$9$/,$d2 '$ $87(17,&,'$'( ,17(*5,'$'( ( 9$/,'$'( '2&80(17$/'(5(/$d®(6&2175$78$,6(00(,2(/(75Ð1,&2&202 2%-(72'(&2175$72&20(5&,$/´ &DStWXOR±23URFHVVRGH'HPDUFDomRGR)HQ{PHQR $GHPDUFDomRGRQtYHOGHLQYHVWLJDomRGRIHQ{PHQRDQDOLVDGRLQLFLRXVHKiPDLVGHXP DQR TXDQGR SDVVDPRV D SHVTXLVDU RV FRQWUDWRV HP PHLR HOHWU{QLFR 'HVVDV SULPHLUDV LQYHVWLJDo}HV UHVWDUDP G~YLGDV HP UHODomR DRV FRQWUDWRV UHDOL]DGRV QR PHLR HOHWU{QLFR FRQVLGHUDQGRDVXDYDOLGDGHMXUtGLFDDSDUWLUGDVFDUDFWHUtVWLFDVTXHGHYHPWHUXPFRQWUDWR FRPHUFLDO GLIHUHQWHPHQWH GD IRUPD FRPR HVVDV WUDQVDo}HV HVWmR VHQGR GHVHQYROYLGDV QD ,QWHUQHW$SDUWLUGHVWDVFRQVWDWDo}HVSDVVDPRVDLQYHVWLJDUDVFRQGLo}HVGHSRVVLELOLGDGHV GD VHJXUDQoD GDV LQIRUPDo}HV TXH WUDQVLWDP SHORV PHLRV HOHWU{QLFRV H RV SUREOHPDV JHUDGRVDSDUWLUGDFRPSUDHYHQGDSHOD,QWHUQHWRXVHMDGRFRPpUFLRHOHWU{QLFR ±'D'HVFULomRGDV2FRUUrQFLDV2EMHWLYDV
'DV RFRUUrQFLDV REMHWLYDV REVHUYDGDV D SDUWLU GD IRUPDomR GRV FRQWUDWRV FRPHUFLDLV QD ,QWHUQHWIRUDPHVWUXWXUDGRVYiULRVQtYHLVGHFRPSUHHQVmRTXHVHUmRGHVFULWRVDSDUWLUGDV VHJXLQWHVRFRUUrQFLDVREMHWLYDV
&RQWUDWR HP 0HLR (OHWU{QLFR ± 2 FRQWUDWR HP PHLR HOHWU{QLFR DLQGD HVWi HP IDVH GH GHILQLomR TXDQWR j JDUDQWLD GH VXD DXWHQWLFLGDGH H YDOLGDGH MXUtGLFD HP IXQomR GD LQH[LVWrQFLDGDDVVLQDWXUDFRGLILFDGDRXVHQKDQRVFRQWUDWRVFHOHEUDGRV2UHFRQKHFLPHQWR QRSODQRMXUtGLFRHDHTXLSDUDomRGHXPFRQWUDWRHOHWU{QLFRFRPRFRQWUDWRHVFULWRDLQGDp XP SUREOHPD PXQGLDO $ YHULILFDomR GHVVD UHODomR FRP DV QRUPDV YLJHQWHV LPSOLFD QD SRVVLELOLGDGHGDVPHVPDVGDUHPVHJXUDQoDMXUtGLFDTXDQWRjIRUPDFRQWUDWXDOUHDOL]DGDQR PHLRHOHWU{QLFRTXDQGRKiQHFHVVLGDGHGHUHFRUUrQFLDDSHUtFLDVFtYHLVHFULPLQDLV(VVHV SUREOHPDVVmRDGYLQGRVGDGLILFXOGDGHGHDSRVLomRGHXPDDVVLQDWXUDHPXPFRQWUDWRHP PHLR HOHWU{QLFR SDUD TXH SRVVD WHU D PHVPD YDOLGDGH MXUtGLFD TXH XP FRQWUDWR HVFULWR DVVLQDGRHDSRVWRXPVHORQRWDULDOGHDXWHQWLFDomRGHDVVLQDWXUDFRPRGHVFUHYHDOHLHP FRQWUDWRVHVFULWRV
&RQWUDWRV &RPHUFLDLV ± &RP D H[SDQVmR GD LQIRUPiWLFD VXUJLUDP FRQWUDWRV FRPHUFLDLV UHDOL]DGRVQRVHVWDEHOHFLPHQWRVYLUWXDLV2VPHLRVPDLVXVDGRVDWXDOPHQWHVmRDFRPSUDH D YHQGD GH PHUFDGRULD D GLVSRVLomR GR S~EOLFR HP JHUDO DWUDYpV GRV VLWHV QD ,QWHUQHW 2 XVXiULRHPJHUDOTXHPDQLIHVWDUVXDYRQWDGHGHDVVXPLURFRPSURPLVVRGHFRPSUDSDVVDUi DVHUR³FRPSUDGRU´HDHPSUHVDTXHDFHLWDUDFRQWUDWDomRDWUDYpVGRPHLRHOHWU{QLFRVHUi R³YHQGHGRU´1HVVDSHUVSHFWLYDFRPSUDGRUHVHYHQGHGRUHVHVWmRXWLOL]DQGRD,QWHUQHWSDUD HIHWXDU FRPSUDV RQOLQH H UHDOL]DU DV PDLV GLYHUVDV UHODo}HV FRPHUFLDLV $V FRQWUDWDo}HV HOHWU{QLFDV DQWH D IDOWD GH QRUPDV HVSHFtILFDV TXH DV UHJXODPHQWH FRQVWLWXL XP JUDQGH GHVDILRSDUDDFLrQFLDMXUtGLFDGLDQWHGDVTXHVW}HVTXHVHLPS}HSDUDVHUHPUHVROYLGDV
6HJXUDQoD ± $ TXHVWmR GD VHJXUDQoD p XP DVSHFWR TXH SUHFLVD VHU UHVROYLGR QR PHLR HOHWU{QLFR SRU WRGRV TXH UHDOL]DP QHJyFLRV QD ,QWHUQHW (VWD VHJXUDQoD QmR VH OLPLWD VLPSOHVPHQWH QXP ³FOLFN GH PRXVH´ SDUD ID]HU RSomR GD FRPSUD RX UHDOL]DU XPD FRQWUDWDomRFRPRXWUHP1HFHVVLWDPRVHVWDEHOHFHUXPHVWXGRHPUHODomRDRVFRQWUDWRVHP PHLRHOHWU{QLFRHRVFRQWUDWRVHVFULWRV'HIRUPDTXHDVVXDVIHUUDPHQWDVSDUDLPSOHPHQWD
OR SRVVLELOLWHP D DXWHQWLFLGDGH H VHJXUDQoD QD FHOHEUDomR GH FRQWUDWRV HOHWU{QLFRV &RQVLGHUDQGRTXHDVFRPXQLFDo}HVYLD,QWHUQHWVmRSRUSULQFtSLRLQVHJXUDVHVHPFRQWUROH H D H[HFXomR GH WUDQVDo}HV FRPHUFLDLV QD ,QWHUQHW H[LJH SULYDFLGDGH FRQILGHQFLDOLGDGH H LQWHJULGDGH$WXDOPHQWHDWHFQRORJLDSRGHWRUQDUXPVLVWHPDPDLVVHJXUR$VFRQGLo}HVGH SRVVLELOLGDGHVJHUDGDVSHOR&RPpUFLR(OHWU{QLFRHSHORVFRQWUDWRVYLD,QWHUQHWWHPJUDQGH UHOHYkQFLDQRPXQGRMXUtGLFRGHYLGRDVXDHQRUPHFRPSOH[LGDGHHSHORIDWRGHQmRHVWDU HVWUXWXUDGDQRUPDWLYDPHQWH 9DOLGDGH-XUtGLFD±2FRPpUFLRHOHWU{QLFRYHPDSUHVHQWDQGRXPQ~PHURPDLRUGHYHQGDV DWUDYpV GR YDUHMR SDUDOHODPHQWH D LQH[LVWrQFLD GH XP GRFXPHQWR HVFULWR FRQWUDWR 3DUD TXHH[LVWDDYDOLGDGHMXUtGLFDGRVFRQWUDWRVFHOHEUDGRVSHOD,QWHUQHWpQHFHVViULRTXHH[LVWD DXWHQWLFLGDGH GRV PHVPRV (VWD DXWHQWLFLGDGH HVWDULD QD FHUWLILFDomR GD LGHQWLGDGH H DVVLQDWXUDGDVSDUWHVHPPHLRHOHWU{QLFRJHUDQGRDDWULEXLomRGHYDORUMXUtGLFRSUREDWyULR DRVGRFXPHQWRVHVFULWRV$QHFHVVLGDGHGHVHFULDUXPDDVVLQDWXUDGLJLWDOTXHVHMDFHPSRU FHQWR VHJXUD p TXH LUi VH SHUPLWLU j LGHQWLILFDomR GR VLJQDWiULR H D YDOLGDGH GR FRQWUDWR (VWDVHULDDFHUWLILFDomRGDDXWRULDQRFRQWUDWRHOHWU{QLFRFHUWRILUPHHYDOLRVRVXUJLQGRGH IRUPD D GHWHUPLQDU TXH XPD SHVVRD p D OHJtWLPD TXH HVWi UHDOL]DQGR R QHJyFLR $V LQIRUPDo}HV JHUDGDV D SDUWLU GD DVVLQDWXUD HOHWU{QLFD GHYHP VHU VXILFLHQWHV SDUD SRGHU YDOLGiOD &RQGLo}HVGHUHDOL]DomRGHFRQWUDWRVQRPHLRYLUWXDO±$LQGDQmRHQFRQWUDPRVIRUPDV GH VH FRQWUDWDUDWUDYpVGRPHLRHOHWU{QLFRTXHJDUDQWDDDXWHQWLFLGDGHGHVXDVSDUWHV$V FRQGLo}HVREMHWLYDVGHVHFULDUXPDIHUUDPHQWDTXHSRVVLELOLWHDOLFLWXGHGHDXWHQWLFDomRGH XPFRQWUDWRQRPHLRHOHWU{QLFRSRGHPVHUDSRVVLELOLGDGHItVLFDRXMXUtGLFDGRREMHWRHGR FRQWH~GRHFRQ{PLFR$FRQGLomRpUHDOL]DGDDWUDYpVGRXVRGRFRPSXWDGRUQDIRUPDomRGH XPGRFXPHQWRQRPHLRHOHWU{QLFRTXHGHYHVHUYLUGHEDVHSDUDDFRPSURYDomRQHJRFLDO ,QIRUPiWLFD±$XWHQWLFLGDGHGRV&RQWUDWRV±,QH[LVWHPGLVSRVLWLYRVTXHYHQKDPWRUQDU DXWrQWLFR XP FRQWUDWR HOHWU{QLFR EHP FRPR VHMD UHFRQKHFLGD FRPR YHUGDGHLUD D
LGHQWLILFDomR GDV SHVVRDV H RX HPSUHVDV TXH HVWmR SUHVWHV D UHDOL]DU RX UHDOL]DQGR XP QHJyFLR QR PHLR HOHWU{QLFR $ DXWHQWLFLGDGH GRVFRQWUDWRVHOHWU{QLFRVpXPGRVDVSHFWRV PDLVLPSRUWDQWHVQHVWHPHLRSRLVYLVDFRQVWUXLUXPDFRQILDQoDQDUHDOL]DomRGHQHJyFLRV HOHWU{QLFRVDFHUWLILFDomRGHGHWHUPLQDGRVQHJyFLRVRQOLQHVHMDPILGHGLJQRVHVHJXURV
&ULSWRJUDILD±$FULSWRJUDILDpXPGRVGLVSRVLWLYRVGHVHJXUDQoDQD,QWHUQHWTXHSRGHP VHU XWLOL]DGRV SDUD R WUDQVSRUWH GH LQIRUPDo}HV FRQILGHQFLDLV DWUDYpV GR PHLR HP TXH p XWLOL]DGR 8PD SDUWH GD LQIRUPDomR TXH p HQYLDGD p FULSWRJUDIDGD H WUDQVSRUWDGD SRU LQWHUPpGLRGRXVRGDFULSWRJUDILDHDRXWUDSDUWHGHVWDPHVPDLQIRUPDomRILFDGHVSURYLGD GH VHJXUDQoD $FULSWRJUDILDDWXDOPHQWHHVWiVHQGRXVDGDDWUDYpVGDVDVVLQDWXUDVGLJLWDLV 3DUD WRUQDU D FULSWRJUDILD YLiYHO SDUD UHDOL]DomR GR QHJyFLR GLJLWDO DSHQDV XPD SHTXHQD SDUWHGDPHQVDJHPpFULSWRJUDIDGDFRPDFKDYHSULYDGDSDUDDVVLQDU(VWDSDUWHpFKDPDGD GHFRGLILFDomRGLJLWDO2FyGLJRFRPDLQIRUPDomRFRGLILFDGDpXPDIXQomRTXHUHGX]WRGD D SRVVtYHO PHQVDJHP D XP Q~PHUR IL[R GH ELWV 1mR LPSRUWD R WDPDQKR GR DUTXLYR D FRGLILFDomRWHUiVHPSUHDPHVPDH[WHQVmR
$ SDUWLU GD GHVFULomR GDV RFRUUrQFLDV REMHWLYDV GR QRVVR REMHWR GH LQYHVWLJDomR GHPDUFDPRVRQRVVRREMHWRGDSHVTXLVD ±'HPDUFDomRGR2EMHWRGD3HVTXLVD
9HULILFDU VH DV SRVVLELOLGDGHV GH UHDOL]DomR GH QHJyFLRV TXH JDUDQWHP DV RSHUDo}HV UHDOL]DGDV HP PHLR HOHWU{QLFR SRVVDP VH FRQVWLWXLU QXP GRFXPHQWR TXH WRUQH SRVVtYHO UHVROYHURVSUREOHPDVGHDXWHQWLFLGDGHLQWHJULGDGHHYDOLGDGHGRFXPHQWDOQXPDRSHUDomR FRPHUFLDOWRWDOPHQWHYLD,QWHUQHW
±23UREOHPDGD3HVTXLVD
9HULILFDUVHDVUHODo}HVFRQWUDWXDLVGHVHQYROYLGDVHPPHLRHOHWU{QLFRSRGHPVHUREMHWRGH FRQWUDWR FRPHUFLDO H VH FRQVWLWXHP GH GRFXPHQWRV VHJXURV JDUDQWLQGR DV SDUWHV TXH FRQYHQFLRQDUHPXPFRQWUDWRDVXDDXWHQWLFLGDGHLQWHJULGDGHHYDOLGDGHGDVDVVLQDWXUDVGDV SDUWHVTXHHVWLYHUHPHIHWLYDQGRXPFRQWUDWRQRPHLRHOHWU{QLFR 2V2EMHWLYRVGD3HVTXLVD 'HVFUHYHUDOHJLVODomRSHUWLQHQWHDFRQWUDWRVFtYHLVHHOHWU{QLFRV ,GHQWLILFDUWLSRVGH5HODo}HV&RPHUFLDLVH[LVWHQWHVQD,QWHUQHW%&%%%* 'HVHQYROYHUDFRPSUHHQVmRGRVSURFHGLPHQWRVRSHUDFLRQDLVSDUDDUHDOL]DomRGHFRPSUDH YHQGD HP PHLR HOHWU{QLFR D SDUWLU GH XPD HPSUHVD TXH GHVHQYROYH VROXo}HV FRPHUFLDLV SDUDD,QWHUQHW $YDOLDUDSURSRVWDGHFHUWLILFDomRGDUHODomRFRQWUDWXDOFRPRREMHWRGHFRQWUDWRFRPHUFLDO HPPHLRHOHWU{QLFR ±$+LSyWHVHGD3HVTXLVD &RQIRUPHSUHYrD0HGLGD3URYLVyULDGHGHMXQKRGHTXHLQVWLWXLDHVWUXWXUDGDVFKDYHV S~EOLFDV/HL/HL/HLQ~PHUR/HL7RGDVHVVDVOHLVTXHHQVHMDPD LQWHJULGDGHDXWHQWLFLGDGHHYDOLGDGHQRVGRFXPHQWRVHOHWU{QLFRVHQFRQWUDPVHQRV$QH[RVGDSUHVHQWH 'LVVHUWDomRQDSDJLQD
9HULILFDU VH D FHUWLILFDomR GDV UHODo}HV FRQWUDWXDLV IRVVHP XWLOL]DGDV FRPR REMHWR GH FRQWUDWR FRPHUFLDO HVWDULD JDUDQWLGDMXGLFLDOPHQWHDLQWHJULGDGHDXWHQWLFLGDGHHYDOLGDGH GRVFRQWUDWRV" $,PSRUWkQFLDGDSHVTXLVD &RQWULEXLUFRPRXQLYHUVRGRUHODFLRQDPHQWRMXUtGLFRGHIRUPDDSRVVLELOLWDUDFRHUrQFLDGH FRQWUDWRV HP PHLR HOHWU{QLFR VHP TXH KDMD LQFLGrQFLDV GH SUREOHPDV D VHUHP UHVROYLGRV MXGLFLDOPHQWH 2IHUHFHUXPWUDWDPHQWRMXUtGLFRDRVFRQWUDWRVHOHWU{QLFRVTXHDLQGDHVWmRSRUPHUHFHUXP HVWXGRGHIRUPDDGDUVXSRUWHOHJDODRDWHQGLPHQWRDRVFOLHQWHVGD,QWHUQHWSDUDRWLPL]DUR PHUFDGRHOHWU{QLFR
$ SRVVLELOLGDGH GH UHVROXomR GH SUREOHPDV UHODWLYRV D FRQWUDWRV HP PHLR YLUWXDO FRP R REMHWLYRGHVROXFLRQDURVSUREOHPDVGHFHUWLILFDomRHOHWU{QLFD
&DStWXOR±)XQGDPHQWDomR7HyULFD±0HWRGROyJLFD ±2V&RQWUDWRV&tYHLVH(OHWU{QLFRV
2 GLUHLWR FLYLO EUDVLOHLUR HVWi QD IDVH GH UHJXODPHQWDomR GRV FRQWUDWRV HOHWU{QLFRV H DVVLQDWXUDV GLJLWDLV $WXDOPHQWH H[LVWHP YiULDV OHJLVODo}HV VREUH R DVVXQWR 6HQGR TXH D PDLRULD GHODV GH SUHRFXSDQGR FRP D HIHWLYDomR GD VHJXUDQoD QR PHLR HOHWU{QLFR 'HVWD IRUPD GHYHPRV UHFRUUHU DR &yGLJR GH 'HIHVD GR &RQVXPLGRU H DR &yGLJR &LYLO FRPR XPD GDV VDtGDV OHJDLV SDUD UHVROYHU SUREOHPDV GHVWD QDWXUH]D SRLV WDPEpP WUDWDP GH OLWtJLRVGHQDWXUH]DFRQWUDWXDO ±&RQWUDWRV&tYHLV 2QRYR&yGLJR&LYLO%UDVLOHLUROHLQ~PHURGHGHMDQHLURGHYHLRGDUPDLV rQIDVHDOLEHUGDGHGHVHFRQWUDWDU(VVDOLEHUGDGHGHFRQWUDWDUGRQRYRFyGLJRFLYLOGHYHVHU H[HUFLGDHPUD]mRHQRVOLPLWHVGDIXQomRVRFLDOGRFRQWUDWR$IXQomRVRFLDOGRFRQWUDWR QRVGHL[DWUDQVSDUHFHUDLPSRUWkQFLDGDHTXLGDGHHQWUHDVSDUWHVFRQWUDWDQWHV1DH[HFXomR GHTXDLVTXHUFRQWUDWRVFRPRDGYHQWRGRQRYRFyGLJRFLYLORVFRQWUDWDQWHVGHYHPH[HUFHU
RV SULQFtSLRV GH SURELGDGH H ERD Ip 'HL[DQGR QRV WUDQVSDUHFHU D SUHRFXSDomR GH TXH R QHJyFLR TXH HVWi VHQGR FRQWUDWDGR GHYH VHU MXVWR (VWDEHOHFH R DUWLJR GH TXH ³2V QHJyFLRVMXUtGLFRVGHYHPVHULQWHUSUHWDGRVFRQIRUPHDERDIpHRVXVRVGROXJDUGHVXD FHOHEUDomR ´ 'H PRGR TXH DDXWRQRPLDGDYRQWDGHpRSULQFtSLRQRUWHDGRUGRQHJyFLR MXUtGLFRGHWDOIRUPDTXHRVVXMHLWRVGHGLUHLWRSRGHPVHDXWRUHJXODUHPVHXVLQWHUHVVHV SDUWLFXODUHVDWHQGLGRVRVSUHFHLWRVLPSRVWRVSHODOHJLVODomRYLJHQWH$VVLPQDSUiWLFDGD YLGD FLYLO FRWLGLDQD RV LQWHUHVVHV SDUWLFXODUHV SRGHP VHU FRQVWLWXtGRV PRGLILFDGRV RX H[WLQWRV PHGLDQWH R SDFWR YLQFXODGR D IRUoD MXUtGLFD TXDO VHMD RV QHJyFLRV MXUtGLFRV FKDPDGRVGHFRQWUDWRV $UHODWLYLGDGHGRVHIHLWRVFRQWUDWXDLVHVWmRLQVHULGRVQRVFRQWUDWRVGHDFRUGRFRPDQRYD OHLHPEXVFDGRHTXLOtEULRHFRQ{PLFRGDERDIpHGDIXQomRVRFLDOGRFRQWUDWRFRQIRUPH HVWDEHOHFHRDUWLJRGRQRYR&yGLJR&LYLO³$OLEHUGDGHGHFRQWUDWDUVHUiH[HUFLGDHP UD]mRHQRVOLPLWHVGDIXQomRVRFLDOGRFRQWUDWR´HQRDUWLJRGRPHVPR&yGLJR³2V FRQWUDWDQWHV VmR REULJDGRV D JXDUGDU DVVLP QD FRQFOXVmR GR FRQWUDWR FRPR HP VXD H[HFXomRRVSULQFtSLRVGHSURELGDGHHERDIp´*DUDQWLQGRDRVFRQWUDWRVXPDSRVLomRGH VXPDLPSRUWkQFLDYLVWRTXHTXDOTXHUUHODomRFRPHUFLDOTXHSRVVXDYDORUHVHFRQ{PLFRVVH ILQGDQDHODERUDomRGHXPSDFWR(PWHUPRVJHUDLVRFRQWUDWRGHYHSRVVXLUFDUDFWHUtVWLFDV TXHRFRQYDOLGDPGHDFRUGRFRPRVUHTXLVLWRVFRQWUDWXDLVHGHDFRUGRFRPRVSULQFtSLRV GDERDIp ±$/HJLVODomR%UDVLOHLUDHRV&RQWUDWRV&tYHLV
$ OHJLVODomR %UDVLOHLUD p PXLWR DPSOD HP UHODomR D QRUPDWLYLGDGH GRV FRQWUDWRV $ QHJRFLDomR MXUtGLFD p GH RUGHP SDWULPRQLDO H ELODWHUDO RX SOXULODWHUDO GHSHQGHQGR GHVXD
&yGLJR&LYLO%UDVLOHLUR2EUDFROHWLYDGHDXWRULDGD(GLWRUD6DUDLYD&RPDFRODERUDomRGH$QW{QLR/XL]GH
7ROHGR3LQWR/HLQGHGHMDQHLURGHHG6mR3DXOR6DUDLYDSDUWLJR
&yGLJR&LYLO%UDVLOHLUR"2EUDFROHWLYDGHDXWRULDGDHGLWRUD6DUDLYD&RPDFRODERUDomRGH$QW{QLR/XL]GH
IRUPDomR2VFRQWUDWRVELODWHUDLV³3URGX]HPGLUHLWRVHREULJDo}HVSDUDDPEDVDVSDUWHV TXHVmRFUHGRUDVHGHYHGRUDVHQWUHVL&RPRH[HPSORDFRPSUDHYHQGDRQGHRYHQGHGRU p FUHGRU GR SUHoR H GHYHGRU GD FRLVD HQTXDQWR R FRPSUDGRU p GHYHGRU GR SUHoR H FRPSUDGRUGDFRLVD´
1DVGHFODUDo}HVGHYRQWDGHGHYHDWHQGHUDLQWHQomRGDVSDUWHVQR³VHQWLGROLWHUDOGRWH[WR OHJDOGR&yGLJR&LYLOHGHDFRUGRFRPDYRQWDGHGRVFRQWUDWDQWHV´2VFRQWUDWRVGHYHUmR VHULQWHUSUHWDGRVGHIRUPDPDLVEHQpILFDHUHVWULWLYDPHQWHGHDFRUGRFRPRDUWLJRGR &yGLJR &LYLO 'H PRGR TXH R MXL] QmR SRGHUi GDU DRV FRQWUDWRV EHQpILFRV LQWHUSUHWDomR DPSOLDWLYD 'HYH SHUPDQHFHU OLPLWDGR D UHGDomR GR FRQWUDWR DGPLWLGR HQWUH DV SDUWHV FRQWUDWDQWHV $ H[SOLFDomR GD REULJDWRULHGDGH GRV FRQWUDWRV WUD] HP VHX ERMR D SUHRFXSDomR TXH XOWUDSDVVD DV UDLDV GR LQWHUHVVH SDUWLFXODU SDUD DWHQGHU D XP DQVHLR GH VHJXUDQoDTXHpGHRUGHPJHUDO
2 SDFWR UHDOL]DGR HQWUH DV SHVVRDV RXHPSUHVDV GHYH VHU HQFDUDGRQmRVREDSHUVSHFWLYD LQGLYLGXDOPDVVRERkQJXORVRFLDO$RUGHPMXUtGLFDGHYHJDUDQWLUDOLYUHPDQLIHVWDomRGH YRQWDGHVTXHSURPHWHGDUID]HURXQmRID]HUTXDOTXHUFRLVDFULDQGRXPDH[SHFWDWLYDQR PHLR VRFLDO $V UHVWULo}HV GH OLEHUGDGH LQGLYLGXDO FDXVDP FRQVHTrQFLDV TXH DIHWDP R HTXLOtEULRGDVRFLHGDGH$RUGHQDomRMXUtGLFDQDGHIHVDGDKDUPRQLDGDVUHODo}HVKXPDQDV FULDP HOHPHQWRV FRPSXOVyULRV GR DGLPSOHPHQWR ³4XDQGR RFRUUH R LQDGLPSOHPHQWR SRU SDUWH GR FRQWUDWDQWH HOH WHUi R GHYHU GH LQGHQL]DU R FUHGRU GD UHVROXomR FXMR FRPSRUWDPHQWR VHUi OHYDGR HP FRQWD SDUD HIHLWR GH VH REWHU D IL[DomR H[DWD GH VXD UHVSRQVDELOLGDGH$SURYDFRQVLVWHHPGHPRQVWUDUDREULJDomRYLRODGDRGDQRFDXVDGRDR RXWUR R FRPSRUWDPHQWR LOtFLWR GR DJHQWH H VHX QH[R GH FDXVDOLGDGH FRP R GDQR SURGX]LGR´ %HJDOOL3DXOR$QW{QLR'R'LUHLWRQR1RYR&yGLJR&LYLO6mR3DXOR(GLWRUDGH'LUHLWRS &yGLJR&LYLO2EUDFROHWLYDGHDXWRULDGD(GLWRUD6DUDLYD/HLQGHGHMDQHLURGHS $UWLJR³1DVGHFODUDo}HVGHYRQWDGHVHDWHQGHUiPDLVjLQWHQomRQHODVFRQVXEVWDQFLDGDGRTXHDRVHQWLGR OLWHUDOGDOLQJXDJHP´ &yGLJR&LYLO2EUD&ROHWLYDGHDXWRULDGD(GLWRUD6DUDLYD/HLQGHGHMDQHLURGHS $UWLJR³2VQHJyFLRVMXUtGLFRVEHQpILFRVHDUHQ~QFLDLQWHUSUHWDPVHHVWULWDPHQWH´ %HJDOOL3DXOR$QW{QLR'R'LUHLWRQR1RYR&yGLJR&LYLO6mR3DXOR(GLWRUDGH'LUHLWRS
±$3URYDQRV&RQWUDWRV&tYHLV $ HILFiFLDSUREDWyULDGRVLQVWUXPHQWRVUHVXOWDQWHVGRVFRQWUDWRVSRUFRPSXWDGRUOHYDHP FRQVLGHUDomRTXHDSURYDGDVUHODo}HVFRQWUDWXDLVUHDOL]DGDVHPPHLRHOHWU{QLFRDLQGDVH ID]FRPEDVHQRVGLVSRVLWLYRVOHJDLVGRVFRQWUDWRVFtYHLV$VVLPDPDQLIHVWDomRGHYRQWDGH OHYDGDDHIHLWRSRUXPPHLRHOHWU{QLFRpIXQGDPHQWDOTXHHVWHMDPDWHQGLGRVRVUHTXLVLWRV GHYDOLGDGHTXDLVVHMDPRPHLRXWLOL]DGRQmRGHYHVHUDGXOWHUiYHOVHPGHL[DUYHVWtJLRV GHYH VHU SRVVtYHO D LGHQWLILFDomR GR HPLWHQWH GD YRQWDGH UHJLVWUDGD 2XWUR HOHPHQWR D FRQVLGHUDU TXDQGR VH FXLGD GH HILFiFLD SUREDWyULD GRV LQVWUXPHQWRV UHVXOWDQWHV GRV FRQWUDWRV SRU FRPSXWDGRU p R UHODWLYR j DSOLFDomR GR SULQFtSLR GD ERD Ip ³2 YLQFXOR REULJDFLRQDOUHVXOWDQWHGDDSOLFDomRGRSULQFtSLRGHWHUPLQDPDFRQGXWDGDVSDUWHVSRU RFDVLmRGDFHOHEUDomRGHXPFRQWUDWRHSRUFRQVHTrQFLDLQIOXHQFLDPQDLQGLFDomRGD FDUJDSUREDWyULDTXHVHSRGHLPSXWDUDFDGDXPGRVSDFWXDQWHV´
$SURYDGDVUHODo}HVFRQWUDWXDLVUHDOL]DGDVHPPHLRHOHWU{QLFRDLQGDVHID]FRPEDVHQRV GLVSRVLWLYRV OHJDLV GRV FRQWUDWRV FtYHLV 9iULDV OHLV UHJXODPHQWDUDP H GLVFLSOLQDUDP RV FRQWUDWRV QD ,QWHUQHW XPD GHODV p D PHGLGD SURYLVyULD Q~PHUR GH GH MXQKR GH TXH LQVWLWXL D HVWUXWXUD GDV FKDYHV S~EOLFDV EUDVLOHLUDV $WUDYpV GHVWD PHGLGD SURYLVyULD YiULRV yUJmRV JRYHUQDPHQWDLV Mi XWLOL]DUDP VHXV VLVWHPDV GH LQIRUPiWLFD SDVVDQGR DRV FRQWULEXLQWHV GH LPSRVWRV FRPR R ,&06 TXH DWUDYpV GR VLWH
ZZZVLQWHJUDJRYEU DV HPSUHVDV VH FDGDVWUDP LQIRUPDQGR DV YHQGDV DWUDYpVGHUHJLVWUR GDVQRWDVILVFDLV&RPDDVVLQDWXUDHOHWU{QLFDGRFRQWDGRUGDTXHODHPSUHVDRPHVPRHQWUD QRFDGDVWURJHUDOGHFRQWULEXLQWHVILFDQGRIRUPDOL]DGRPrVDPrVRSURWRFRORGHHQWUDGDH
6DQWROLP&pVDU9LWHUER0DWRV)RUPDomRHHILFiFLDSUREDWyULDGRVFRQWUDWRVSRUFRPSXWDGRU6mR3DXOR
VDtGDGDVYHQGDVGHXPDHPSUHVDHWULEXWDQGRRLPSRVWRjSDJDUSDUDD5HFHLWD(VWDGXDO HVWDEHOHFLGRVSHOR&RQYrQLRHD/HLGHGHPDUoRGH
$WUDYpV GD 0HGLGD 3URYLVyULD GH GH MXQKR GH XPD DomR LQJUHVVD QRV WULEXQDLVDWUDYpVGHDWRSHWLFLRQiULRSRUDGYRJDGRVHPTXHRVWULEXQDLVGHMXVWLoDVHMDGD MXVWLoDGRWUDEDOKRRVWULEXQDLVIHGHUDLVHDMXVWLoDFRPXPWDPEpPWHPDFHLWDGRSHWLo}HV UHFHELGDVSRUFRUUHLRHOHWU{QLFR2SURWRFRORJHUDOGR)yUXPGHMXVWLoDLPSULPHHSURWRFROD RGRFXPHQWRFRQWDQGRTXHRDGYRJDGRHPLWLUiSHORVHGH[GRVFRUUHLRVRRULJLQDODVVLQDGR FRPRSUD]RGHWUrVGLDVHVWDEHOHFLGRVSHODFRUUHJHGRULDJHUDOGHMXVWLoD 2VEDQFRVWDPEpPWHPVHXWLOL]DGRGRPHLRHOHWU{QLFRSDUDDHPLVVmRGHTXDLVTXHUWLSRVGH FRQWUDWRV GH ILQDQFLDPHQWRV $ PDWUL] GR EDQFR HPLWH R FRQWUDWR SDUD D ILOLDO H HVWD LPSULPHRFRQWUDWRSDUDRFOLHQWHDVVLQDUUHFRQKHFHUILUPDHPFDUWyULRHGHYROYHUSDUDD PDWUL]DVVLQDURRULJLQDODWUDYpVGHPDORWHLQWHUQRGR%DQFR'HSRLVpGHYROYLGRXPDYLD SDUDDILOLDOGR%DQFRHRXWUDSDUDRFOLHQWH $GHPDLVDVUHJUDVHVSHFtILFDVGDVUHODo}HVGHFRQVXPRFRQWLGDVQRDUWLJRGR&yGLJRGR &RQVXPLGRU³2FRQVXPLGRUSRGHGHVLVWLUGRFRQWUDWRQRSUD]RGHVHWHGLDVDFRQWDUGH VXDDVVLQDWXUDRXGRDWRGRUHFHELPHQWRGRSURGXWRRXVHUYLoRVHPSUHTXHDFRQWUDWDomR GH IRUQHFLPHQWR GH SURGXWR H VHUYLoRV RFRUUHU IRUD GR HVWDEHOHFLPHQWR FRPHUFLDO HVSHFLDOPHQWHSRUWHOHIRQHRXDGRPLFtOLR´
2 QRYR FyGLJR FLYLO EUDVLOHLUR DWULEXL HP VHX DUWLJR ³D OLEHUGDGH GH FRQWUDWDU VHUi H[HUFLGDHPUD]mRHQRVOLPLWHVGD³IXQomRVRFLDOGRFRQWUDWR´$VVLPFRPRQD,QWHUQHW
$UUXGD$OYLP7KHUH]D&yGLJRGRFRQVXPLGRUFRPHQWDGRHG6mR3DXOR573
0HVVLQHR'RXWULQDJHUDOGRFRQWUDWR%XHQRV$LUHV&DS,Q,S&LWDGRSRU%HJDOOL3DXOR
$QW{QLR 'LUHLWR &RQWUDWXDO QR 1RYR &yGLJR &LYLO 6mR 3DXOR (GLWRUD GH'LUHLWR S ³3DUD 0HVVLQHRRFRQWUDWRH[HUFHXPDIXQomRHDSUHVHQWDXPFRQWH~GRFRQVWDQWHRGHVHURFHQWURGDYLGDGRV QHJyFLRVeRLQVWUXPHQWRSUiWLFRTXHUHDOL]DRPLVWHUGHKDUPRQL]DULQWHUHVVHVQmRFRLQFLGHQWHV'HIOXLQGR GD YRQWDGH GDV SDUWHV HOH Vy DSHUIHLoRD TXDQGR DWUDYpV GD WUDQVLJrQFLD GH FDGD XP DOFDQoDP RV FRQWUDWDQWHVXPDFRUGRVDWLVIDWyULRDDPERV ´)RLFRPHVWHHVStULWRTXHROHJLVODGRUFLYLOLVWDGHGHXj IXQomR VRFLDO HVWDWXUD GH GLUHLWR SRVLWLYR LQVHULQGR QR DUWLJR GR &yGLJR &LYLO ORJR QD SULPHLUD
H[LVWH D OLEHUGDGH GH FRPSUD H YHQGD TXH GHYH VHU H[HUFLGR QD IRUPD GR DFHLWH GR FRPSUDGRUTXHGHYHUiVHUQRVOLPLWHVGDIXQomRVRFLDOGRFRQWUDWR6HQGRDFRPSUDHYHQGD GH REMHWR OtFLWR QR QRVVR GLUHLWR $VVLP R FRQWUDWR H[HUFH XPD IXQomR H DSUHVHQWD XP FRQWH~GRFRQVWDQWHRGHVHURFHQWURGDYLGDGRVQHJyFLRV$IXQomRVRFLDOGRFRQWUDWR³p RLQVWUXPHQWRSUiWLFRTXHUHDOL]DDKDUPRQL]DomRGHLQWHUHVVHV'HIOXLQGRDYRQWDGHGDV SDUWHV HOH Vy VH DSHUIHLoRD TXDQGR SHOD WUDQVLJrQFLD GH FDGD XP DOFDQoDP RV FRQWUDWDQWHVXPDFRUGRVDWLVIDWyULRDDPERV´
2DUWLJRGRFyGLJRFLYLOTXHGLVS}HVREUHDSURYDGRVFRQWUDWRV³2VIDWRVMXUtGLFRVD TXH VH QmR LPS}H IRUPD HVSHFLDO SRGHUmR SURYDUVH PHGLDQWH , ± &RQILVVmR ,, ± 'RFXPHQWR,,,±7HVWHPXQKD,9±3UHVXQomR9±3HUtFLD´
,±&RQILVVmR1RFyGLJRGH3URFHVVRFLYLOHPVHXDUWLJR³+iDFRQILVVmRTXDQGRD SDUWHDGPLWHDYHUGDGHGHXPIDWRFRQWUiULRDRVHXLQWHUHVVHHIDYRUiYHODRDGYHUViULR$ FRQILVVmR p MXGLFLDO RX H[WUDMXGLFLDO´ $UWLJR GR FyGLJR GH SURFHVVR FLYLO ³$ FRQILVVmRMXGLFLDOSRGHVHUHVSRQWkQHDRXSURYRFDGD'DFRQILVVmRHVSRQWkQHDUHTXHULGD SHOD SDUWH VH ODYUDUi R UHVSHFWLYR WHUPR QRV DXWRV D FRQILVVmR SURYRFDGD FRQVWDUi GR GHSRLPHQWRSHVVRDOSUHVWDGRSHODSDUWH´1RDUWLJRGRFyGLJRGHSURFHVVRFLYLO³$ FRQILVVmR H[WUDMXGLFLDO IHLWD SRU HVFULWR j SDUWH RX D TXHP D UHSUHVHQWH WHP D PHVPD HILFiFLDSUREDWyULDGDMXGLFLDOIHLWDDWHUFHLURRXFRQWLGDHPWHVWDPHQWRVHUiOLYUHPHQWH DSUHFLDGDSHORMXL]7RGDYLDTXDQGRIHLWDYHUEDOPHQWHVyWHUiHILFiFLDQRVFDVRVHPTXH DOHLQmRH[LMDSURYDOLWHUDO´
2DUWLJRGRFyGLJRGHSURFHVVRFLYLOSUHYr³VDOYRGLVSRVLomRHVSHFLDOHPFRQWUiULRDV SURYDV GHYHP VHU SURGX]LGDV HP DXGLrQFLD 3DUiJUDIR ~QLFR 4XDQGR D SDUWH RX D
GLVSRVLomRDWLQHQWHjPDWpULDFRQWUDWXDOTXH³DOLEHUGDGHGHFRQWUDWDUVHUiH[HUFLGDHPUD]mRHQRVOLPLWHVGD IXQomRVRFLDOGRFRQWUDWR´ 0HVVLQHRFLWDGRSRU6LOYLR5RGULJXHV'LUHLWR&LYLO6mR3DXOR6DUDLYDS *LDQXOR:LOVRQ&yGLJR&LYLO,QWHJUDGRH5HIHUHQFLDGR6mR3DXOR-XUtGLFD%UDVLOHLUDS 2OLYHLUD-XDUH]GH&yGLJRGH3URFHVVR&LYLO6mR3DXOR6DUDLYDS 2OLYHLUD-XDUH]GH&yGLJRGH3URFHVVR&LYLO,GHPS 2OLYHLUD-XDUH]GH,GHPS
WHVWHPXQKD SRU HQIHUPLGDGH RX SRU RXWUR PRWLYR UHOHYDQWH HVWLYHU LPSRVVLELOLWDGD GH FRPSDUHFHU D DXGLrQFLD PDV QmR GH SUHVWDU GHSRLPHQWR R MXL] GHVLJQDUi FRQIRUPH DV FLUFXQVWkQFLDVGLDKRUDHOXJDUSDUDLQTXLULOD´$UWLJRGRFyGLJRGHSURFHVVRFLYLO ³2 MXL] GH RItFLR RX D UHTXHULPHQWR GD SDUWH SRGH HP TXDOTXHU IDVH GR SURFHVVR LQVSHFLRQDUSHVVRDVRXFRLVDVDILPGHVHHVFODUHFHUVREUHIDWRTXHLQWHUHVVHjGHFLVmRGD FDXVD´ 1R DUWLJR GR PHVPR FyGLJR ³&RPSHWH DR MXL] HP HVSHFLDO , ± GLULJLU WUDEDOKRVGDDXGLrQFLD,,±3URFHGHUGLUHWDHSHVVRDOPHQWHjFROKHLWDGDVSURYDV,,,± H[RUWDU RV DGYRJDGRV H R yUJmR GR 0LQLVWpULR 3~EOLFR D TXH GLVFXWDP D FRLVD FRP HOHYDomR H XUEDQLGDGH 3DUiJUDIR ~QLFR (QTXDQWR GLVSXVHUHP DV SDUWHV R SHULWR RV DVVLVWHQWHVWpFQLFRVHDVWHVWHPXQKDVRVDGYRJDGRVQmRSRGHPLQWHUYLURXDSDUWHDUVHP OLFHQoDGRMXL]´
,, ± 'RFXPHQWR 1R DUWLJR GR &yGLJR &LYLO ³$V GHFODUDo}HV FRQVWDQWHV GH GRFXPHQWRV DVVLQDGRV SUHVXPHPVH YHUGDGHLURV HP UHODomR DRV VLJQDWiULRV 3DUiJUDIR ~QLFR 1mR WHQGR UHODomR GLUHWD SRUpP FRP DV GLVSRVLo}HV SULQFLSDLV RX FRP D OHJLWLPLGDGHGDVSDUWHVDVGHFODUDo}HVHQXQFLDWLYDVQmRH[LVWHPRVLQWHUHVVDGRVHPVXD YHUDFLGDGH GR {QXV GH SURYDODV´ 1R DUWLJR ³$ DQXrQFLD RX D DXWRUL]DomR GH RXWUHP QHFHVViULD j YDOLGDGH GH XP DWR SURYDUVHi GR PHVPR PRGR TXH HVWH VH FRQVWDUi VHPSUH TXH VH SRVVD GR SUySULR LQVWUXPHQWR´ $UWLJR SUHYr ³2 LQVWUXPHQWR SDUWLFXODU IHLWR H DVVLQDGR RX VRPHQWH DVVLQDGR SRU TXHP HVWHMD QD OLYUH GLVSRVLomRHDGPLQLVWUDomRGHVHXVEHQVSURYDDVREULJDo}HVFRQYHQFLRQDLVGHTXDOTXHU YDORU0DVRVVHXVHIHLWRVEHPFRPRRVGDFHVVmRQmRVHRSHUDPDUHVSHLWRGHWHUFHLURV DQWHV GH WUDQVFULWR QR 5HJLVWUR 3~EOLFR 3DUiJUDIR ~QLFR $ SURYD GR LQVWUXPHQWR SDUWLFXODUSRGHVXSULUVHSHODVRXWUDVGHFDUiWHUOHJDO´$UWLJRGRFyGLJRFLYLO³2 WHOHJUDPDTXDQGROKHIRUFRQWHVWDGDDDXWHQWLFLGDGHID]SURYDPHGLDQWHFRQIHUrQFLDFRP 2OLYHLUD-XDUH]GH&yGLJRGH3URFHVVR&LYLO6mR3DXOR6DUDLYDS 2OLYHLUD-XDUH]GH&yGLJRGH3URFHVVR&LYLO,GHPS 2OLYHLUD-XDUH]GH,GHPS 3LQWR$QW{QLR/XL]GH7ROHGR&yGLJR&LYLO6mR3DXOR6DUDLYDS 3LQWR$QW{QLR/XL]GH7ROHGR&yGLJR&LYLO,GHPS 3LQWR$QW{QLR/XL]GH7ROHGR,GHPS
R RULJLQDO DVVLQDGR´ $UWLJR GR FyGLJR FLYLO ³$ FySLD IRWRJUiILFD GH GRFXPHQWR FRQIHULGD SRU WDEHOLmR GH QRWDV YDOHUi FRPR SURYD GH GHFODUDomR GD YRQWDGH PDV LPSXJQDGDVXDDXWHQWLFLGDGHGHYHUiVHUH[LELGRRRULJLQDO3DUiJUDIR~QLFR$SURYDQmR VXSUH D DXVrQFLD GR WtWXOR GH FUpGLWR RX GR RULJLQDO QRV FDVRV HP TXH D OHL RX DV FLUFXQVWkQFLDV FRQGLFLRQDUHP R H[HUFtFLR GR GLUHLWR j VXD H[LELomR´ $UWLJR GR FyGLJR FLYLO ³2V GRFXPHQWRV UHGLJLGRV HP OtQJXD HVWUDQJHLUD VHUmR WUDGX]LGRV SDUD R SRUWXJXrVSDUDWHUHIHLWRVOHJDLVQRSDtV´1RDUWLJRGRFyGLJRFLYLO³$VUHSURGXo}HV IRWRJUiILFDV FLQHPDWRJUiILFDV RV UHJLVWURV IRQRJUiILFRV H HP JHUDO TXDLVTXHU RXWUDV UHSURGXo}HVPHFkQLFDVRXHOHWU{QLFDVGHIDWRVRXGHFRLVDVTXHID]HPSURYDSOHQDGHVWHV VHDSDUWHFRQWUDTXHPIRUHPH[LELGRVQmROKHVLPSXJQDUDH[DWLGmR´1RDUWLJRGR FyGLJR GH SURFHVVR FLYLO ³2 GRFXPHQWR S~EOLFR ID] SURYD QmR Vy VXD IRUPDomR PDV WDPEpPGRVIDWRVTXHRHVFULYmRRWDEHOLmRRXRIXQFLRQiULRGHFODUDUTXHRFRUUHUHPHP VXD SUHVHQoD´ $UWLJR GR FyGLJR GH SURFHVVR FLYLO ³)D]HP D PHVPD SURYD TXH RV RULJLQDLV,$VFHUWLG}HVWH[WXDLVGHTXDOTXHUSHoDGRVDXWRVGRSURWRFRORGDVDXGLrQFLDV RXGHRXWUROLYURDFDUJRGRHVFULYmRVHQGRH[WUDtGDVSRUHOHRXVREVXDYLJLOkQFLDHSRU HOH VXEVFULWDV ,, ± 2V WUDVODGRV H DV FHUWLG}HV H[WUDtGDV SRU RILFLDO S~EOLFR GH LQVWUXPHQWRVRXGRFXPHQWRVODQoDGRVHPVXDVQRWDV,,,±$VUHSURGXo}HVGRVGRFXPHQWRV S~EOLFRV GHVGH TXH DXWHQWLFDGDV SRU RILFLDO S~EOLFR FRQIHULGDV HP FDUWyULR FRP RV UHVSHFWLYRVRULJLQDLV´
,,, ± 7HVWHPXQKD &RQIRUPHRDUWLJRGRFyGLJRFLYLO ³6DOYRRVFDVRVH[SUHVVRVD SURYD H[FOXVLYDPHQWH WHVWHPXQKDO Vy DGPLWH QRV QHJyFLRV MXUtGLFRV FXMR YDORU QmR XOWUDSDVVH R GpFXSOR GR PDLRU VDOiULR PtQLPR YLJHQWH QR SDtV DR WHPSR HP TXH IRUDP FHOHEUDGRV 3DUiJUDIR ~QLFR 4XDOTXHU TXH VHMD R YDORU GR QHJyFLR MXUtGLFR D SURYD WHVWHPXQKDOpDGPLVVtYHOFRPRVXEVLGLiULDRXFRPSOHPHQWDUGDSURYDSRUHVFULWR´ 3LQWR$QW{QLR/XL]GH7ROHGR,GHPS 3LQWR$QW{QLR/XL]GH7ROHGR,GHPS 3LQWR$QW{QLR/XL]GH7ROHGR,GHPS 3LQWR$QW{QLR/XL]GH7ROHGR,GHPS 2OLYHLUD-XDUH]GH&yGLJRGH3URFHVVR&LYLO6mR3DXOR6DUDLYDS 2OLYHLUD-XDUH]GH&yGLJRGH3URFHVVR&LYLO6mR3DXOR6DUDLYDS 3LQWR$QW{QLR/XL]GH7ROHGR,GHPS
$UWLJRGRFyGLJRFLYLO³1mRSRGHPVHUDGPLWLGRVFRPRWHVWHPXQKDV,±2VPHQRUHV GH GH]HVVHLV DQRV ,, DTXHOHV TXH SRU HQIHUPLGDGH RX UHWDUGDPHQWR PHQWDO QmR WLYHUHP GLVFHUQLPHQWR SDUD D SUiWLFD GRV DWRV GD YLGD FLYLO ,,, ± 2V FHJRV H VXUGRV TXDQGRDFLrQFLDGRIDWRTXHVHTXHUSURYDUGHSHQGDGRVVHQWLGRVTXHOKHVIDOWDP,9±2 LQWHUHVVDGRQROLWtJLRRDPLJRLQWLPRRXRLQLPLJRFDSLWDOGDVSDUWHV9±2VF{QMXJHVRV DVFHQGHQWHVRVGHVFHQGHQWHVHRVFRODWHUDLVDWpRWHUFHLURJUDXGHDOJXPDGDVSDUWHVSRU FRQVDQJLQLGDGHRXDILQLGDGH´ 2DUWLJRGRFyGLJRGHSURFHVVRFLYLO³$SURYDWHVWHPXQKDOpVHPSUHDGPLVVtYHOQmR GLVSRQGRDOHLGHPRGRGLYHUVR2MXL]LQGHIHULUiDLQTXLULomRGHWHVWHPXQKDVVREUHIDWRV ,±MiSURYDGRVSRUGRFXPHQWRRXFRQILVVmRGDSDUWH,,±TXHVySRUGRFXPHQWRRXSRU H[DPHSHULFLDOSXGHUHPVHUSURYDGRV´$UWLJRGRFyGLJRGHSURFHVVRFLYLO³$SURYD H[FOXVLYDPHQWHWHVWHPXQKDOVyVHDGPLWHQRVFRQWUDWRVFXMRYDORUQmRH[FHGDRGpFXSORGR PDLRUVDOiULRPtQLPRYLJHQWHQRSDtVDRWHPSRHPTXHIRUDPFHOHEUDGRV´$UWLJR GRFyGLJRGHSURFHVVRFLYLO³4XDOTXHUTXHVHMDRYDORUGRFRQWUDWRpDGPLVVtYHODSURYD WHVWHPXQKDOTXDQGR,±KRXYHUFRPHoRGHSURYDSRUHVFULWRUHSXWDQGRVHWDOGRFXPHQWR HPDQDGRGDSDUWHFRQWUDTXHPVHSUHWHQGHXWLOL]DURGRFXPHQWRFRPRSURYD,,±RFUHGRU QmRSRGHRXQmRSRGLDPRUDORXPDWHULDOPHQWHREWHUDSURYDHVFULWDGDREULJDomRHP FDVRVFRPRRGHSDUHQWHVFRGHSyVLWRQHFHVViULRRXKRVSHGDJHPHPKRWHO´$UWLJR GR FyGLJR GH SURFHVVR FLYLO ³$V QRUPDV HVWDEHOHFLGDV QRV GRLV DUWLJRV DQWHFHGHQWHV DSOLFDPVHDRSDJDPHQWRHiUHPLVVmRGDGtYLGD´$UWLJRGRFyGLJRGHSURFHVVRFLYLO ³e OtFLWR j SDUWH LQRFHQWH SURYDU FRP WHVWHPXQKDV , ± QRV FRQWUDWRV VLPXODGRV D GLYHUJrQFLD HQWUH DYRQWDGHUHDOHDYRQWDGHGHFODUDGD,,±QRVFRQWUDWRVHPJHUDORV YtFLRV GR FRQVHQWLPHQWR´ $UWLJR GR FyGLJR GH SURFHVVR FLYLO ³3RGHP GHSRU FRPR
3LQWR$QW{QLR/XL]GH7ROHGR&yGLJR&LYLO6mR3DXOR6DUDLYDS 2OLYHLUD-XDUH]GH&yGLJRGH3URFHVVR&LYLO6mR3DXOR6DUDLYDS 2OLYHLUD-XDUH]GH,GHPS 2OLYHLUD-XDUH]GH,GHPS 2OLYHLUD-XDUH]GH,GHPS 2OLYHLUD-XDUH]GH,GHPS
WHVWHPXQKDVWRGDVDVSHVVRDVH[FHWRDVLQFDSD]HVLPSHGLGDVRXVXVSHLWDV´$UWLJR GRFyGLJRGHSURFHVVRFLYLO³$WHVWHPXQKDQmRpREULJDWyULDDGHSRUGHIDWRV,±TXHOKH DFDUUHWHJUDYHGDQREHPFRPRDRF{QMXJHHDRVVHXVSDUHQWHVFRQVDQJtQHRVRXDILQVHP OLQKD GLUHWD RX QD FRODWHUDO HP VHJXQGR JUDX ,, ± D FXMR UHVSHLWR SRU HVWDGR RX SURILVVmRGHYDJXDUGDUVLJLOR´$UWLJRGRFyGLJRGHSURFHVVRFLYLO³2GHSRLPHQWR GDWLORJUDIDGR RX UHJLVWUDGR SRU WDTXLJUDILD HVWHQRWLSLD RX RXWUR PpWRGR LG{QHR GH GRFXPHQWDomRVHUiDVVLQDGRSHORMXL]SHORGHSRHQWHHSHORVSURFXUDGRUHVIDFXOWDQGRVH jV SDUWHV D VXD JUDYDomR 3DUiJUDIR ~QLFR 2 GHSRLPHQWR VHUi SDVVDGR SDUD D YHUVmR GDWLORJUiILFD TXDQGR KRXYHU UHFXUVR GH VHQWHQoD RX QRXWURV FDVRV TXDQGR R MXL] GHWHUPLQDU GH RItFLR RX D UHTXHULPHQWR GD SDUWH´ $UWLJR GR FyGLJR GH SURFHVVR FLYLO ³2 MXL] SRGH RUGHQDU GH RItFLR RX D UHTXHULPHQWR GD SDUWH , ± D LQTXLULomR GH WHVWHPXQKDVUHIHULGDVQDVGHFODUDo}HVGDSDUWHRXGDVWHVWHPXQKDV,,±DDFDUHDomRGH GXDV RX PDLV WHVWHPXQKDV RX GH DOJXPD GHODV FRP D SDUWH TXDQGR VREUH IDWR GHWHUPLQDGR TXH SRVVD LQIOXLU QD GHFLVmR GD FDXVD GLYHUJLUHP DV VXDV GHFODUDo}HV´ $UWLJRGRFyGLJRGHSURFHVVRFLYLO³$WHVWHPXQKDSRGHUHTXHUHUDRMXL]RSDJDPHQWR GDGHVSHVDTXHHIHWXRXSDUDFRPSDUHFLPHQWRjDXGLrQFLDGHYHQGRDSDUWHSDJiODORJR TXH DUELWUDGD RX GHSRVLWDOD HP FDUWyULR GHQWUR GH WUrV GLDV 3DUiJUDIR ~QLFR 2 GHSRLPHQWRSUHVWDGRHPMXt]RpFRQVLGHUDGRVHUYLoRS~EOLFR$WHVWHPXQKDTXDQGRVXMHLWD DR UHJLPH GD OHJLVODomR WUDEDOKLVWD QmR VRIUH SRU FRPSDUHFHU j DXGLrQFLD SHUGD GH VDOiULRQHPGHVFRQWRQRWHPSRGHVHUYLoR´
9 ± 3UHVXQomR $UWLJR GR FyGLJR GH SURFHVVR FLYLO ³(P IDOWD GH QRUPDV MXUtGLFDV SDUWLFXODUHV R MXL] DSOLFDUi DV UHJUDV GH H[SHULrQFLD FRPXP VXEPLQLVWUDGDV SHOD REVHUYDomR GR TXH RUGLQDULDPHQWH DFRQWHFH H DLQGD DV UHJUDV GD H[SHULrQFLD WpFQLFD UHVVDOYDGRTXDQWRDHVWDRH[DPHSHULFLDO´ 2OLYHLUD-XDUH]GH,GHPS 2OLYHLUD-XDUH]GH,GHPS 2OLYHLUD-XDUH]GH,GHPS 2OLYHLUD-XDUH]GH,GHPS 2OLYHLUD-XDUH]GH,GHPS 2OLYHLUD-XDUH]GH,GHPS
9±3HUtFLD$UWLJRGRFyGLJRGHSURFHVVRFLYLO³$SURYDSHULFLDOFRQVLVWHHPH[DPH YLVWRULDHDYDOLDomR3DUiJUDIR~QLFR2MXL]LQGHIHULUiDSHUtFLDTXDQGR,±DSURYDGR IDWR QmR GHSHQGHU GR FRQKHFLPHQWR HVSHFLDO GH WpFQLFR ,, ± IRU QHFHVViULD HP YLVWD GH RXWUDVSURYDVSURGX]LGDV,,,±DYHULILFDomRIRULPSUDWLFiYHO´$UWLJRGRFyGLJRGH SURFHVVRFLYLO³2MXL]SRGHUiGLVSHQVDUSURYDSHULFLDOTXDQGRDVSDUWHVQDLQLFLDOHQD FRQWHVWDomR DSUHVHQWDUHP VREUH DV TXHVW}HV GH IDWR SDUHFHUHV WpFQLFRV RX GRFXPHQWRV HOXFLGDWLYRVTXHFRQVLGHUDUVXILFLHQWHV´
$ EXVFD GD SURYD QR PHLR HOHWU{QLFR GHYH VHU H[HUFLGD DWUDYpV GRV SURYHGRUHV D TXH VH REWpP DFHVVR 2V FRQWUDWRVTXH IRUHP IUDXGDGRV QR PHLR HOHWU{QLFR SRGHUmR VH YDOHU GR 1RYR&yGLJR&LYLOFRPRLQWHUPpGLRGR&yGLJRGH3URFHVVR&LYLOSDUDVHID]HUSURYDV GRFXPHQWDLVIRUDGRPHLRHOHWU{QLFRFDVRMiHVWHMDVXEPHWLGDQRSRGHUMXGLFLiULR
2VFRQWUDWRVTXHQmRSRVVXtUHPPHLRGHSURYDH[SUHVVRHPOHLSRGHUmRVHYDOHUGHVVHURO GLVSRVWRQRDUWLJRGR&yGLJR&LYLOHPDSUHoR(VWHUROFRQWpPLQVWUXo}HVSDUDRMXL] WRPDU GHSRLPHQWR GH WHVWHPXQKDV D ILP GH REWHU D SURYD GRFXPHQWDO GHVHMDGD SRLV R PDJLVWUDGR SRGH GHWHUPLQDU GH RItFLR D SURGXomR GH SURYD TXH DFKDU FRQYHQLHQWH EHP FRPR ³SURPRYHU DLQVSHomR MXGLFLDO RXFRLVDV´FRQIRUPHRGLVSRVWRQRDUWLJRGR &yGLJRGH3URFHVVR&LYLO (QWUHWDQWRRTXHVHUHFRPHQGDWDQWRQDFLRQDOTXDQWRLQWHUQDFLRQDOPHQWHpTXHQRFDVRGD LQH[LVWrQFLDGHSURGX]LUXPDSURYDDPHOKRUVDtGDDLQGDpXPDSURYDHPPHLRItVLFRSRU QmRWHUDSHVVRDFRQGLo}HVGHDSUHVHQWDURXWUDSURYD $PDLRULDGRV%DQFRVEUDVLOHLURVXWLOL]DPRPHLRHOHWU{QLFRFRPRRID[HRWHOHIRQHSDUD WUDQVSRUWDUVHXVFRQWUDWRVDWpVXDVILOLDLV,QFOXVLYHD&RUUHJHGRULD*HUDOGH-XVWLoDDGRWRX 2OLYHLUD-XDUH]GH,GHPS 2OLYHLUD-XDUH]GH,GHPS 2OLYHLUD-XDUH]GH,GHPS
XP SURYLPHQWR SDUD UHFHEHU DV SHWLo}HV GH DGYRJDGRV DWUDYpV GR PHLR HOHWU{QLFR ID[ REWHQGRRDGYRJDGRRSUD]RGHWUrVGLDVSDUDHQYLDURRULJLQDOSHORVHGH[FRUUHLRV(VWHV GLVSRVLWLYRV VmR XWLOL]DGRV FRP PDLV HILFiFLD DRV DWRV GH FHUWLILFDomR GDV DVVLQDWXUDV GH SDUWHVFRQWUDWXDLV
2V FRQWUDWRV TXH RFRUUHP QR PHLR HOHWU{QLFR SRGHP VHU DPSDUDGRV SHOR GLUHLWR (VWHV FRQWUDWRV VmR JHUDGRV SHODV SUDWLFDV GH FRQVXPR 2V FRQWUDWRV SRGHP VHU FHOHEUDGRV PHGLDQWHLQVWUXPHQWRSDUWLFXODUSRUGHWHUPLQDomROHJDOHSRUFRPSURPLVVRGHFRPSUDH YHQGDPHGLDQWHDYRQWDGHGDVSDUWHV
([LVWHP PXLWDV ³OHLV H SURMHWRV GH OHL´ FULDQGR DOJXQV GLVSRVLWLYRV HP WRUQR GD DXWHQWLFLGDGH GRV FRQWUDWRV HOHWU{QLFRV $OJXQV FULDQGR VRIWZDUHV OHLV RULHQWDGDV SDUD SURFHGLPHQWRVGHGRFXPHQWDomRVHJXUDQoDFRPXQLFDomRGHGDGRVVREUHFRQWUDWRVRXOHLV TXH YHQK DP D FRQWULEXLU SDUD D DXWHQWLFLGDGH H JDUDQWLDGDV UHODo}HV QR PHLRHOHWU{QLFR 7DLV FRPR R VHOR QRWDULDO H D DXWHQWLFLGDGH GDV DVVLQDWXUDV GDV SDUWHV LQWHJUDQWHV GH FRQWUDWRVFRQIRUPHSURSRVWRSHOD/HL0RGHOR8QLWHG1DWLRQV&RPLVVLRQRQ,QWHUQDWLRQDO 7UDGH/DZ±81&,75$/QRUPDFULDGDHPSHOD&RPLVVmRGDV1Do}HV8QLGDVSDUD R 'LUHLWR &RPHUFLDO ,QWHUQDFLRQDO TXH FRQWRX FRP D SDUWLFLSDomR GH MXULVWDV GR PXQGR WRGR 2 SURSyVLWR GHVVD OHL p RIHUHFHU DRV OHJLVODGRUHV QDFLRQDLV XP FRQMXQWR GH UHJUDV LQWHUQDFLRQDLV SRVVXL UHJUDV H SULQFtSLRV JHUDLV UHFRPHQGDGRV SHOD 2UJDQL]DomR GDV 1Do}HV 8QLGDVVHUYLQGRGHPRGHORSDUDJDUDQWLUDDXWHQWLFLGDGHQRPHLRHOHWU{QLFRHP WRGRVRVSDtVHV ±&RQWUDWRV(OHWU{QLFRV $OJXQV(QXQFLDGRVEUHYHVGDVOHLVHSURMHWRVGHOHLVHQFRQWUDPVHQDSUHVHQWHGLVVHUWDomRFRQIRUPH $QH[RVGHSDJLQDV /HL0RGHORGD8QLWHG1DWLRQV&RPLVVLRQRQ,QWHUQDWLRQDO7UDGH/DZ±81&,75$/QRUPDFULDGDHP SHOD&RPLVVmRGDV1Do}HV8QLGDVSDUDR'LUHLWR&RPHUFLDO,QWHUQDFLRQDOGLVSRQtYHOQRVLWH ZZZXQFLWUDORUJS
$WXDOPHQWHRVFRQWUDWRVHOHWU{QLFRVDLQGDQmRWLYHUDPDGHYLGDFHUWLILFDomRHPYLUWXGHGH QmR KDYHU XP GLVSRVLWLYR QR PHLR HOHWU{QLFR TXH Gr D SOHQD FHUWLILFDomR HP UHODomR jV DVVLQDWXUDV GDV SHVVRDV TXH HVWmR UHDOL]DQGR XP QHJyFLR QR PHLR HOHWU{QLFR $VVLP RV FRQWUDWRVHOHWU{QLFRVVmRDSHQDVWUDQVSRUWDGRVSHORPHLRHOHWU{QLFRHVXDDXWHQWLFLGDGHVH Gi IRUD GR PHLR HOHWU{QLFR RX VHMD VRPHQWH p WUDQVSRUWDGR QR PHLR HOHWU{QLFR H D DXWHQWLFLGDGHpUHDOL]DGDQRPHLRItVLFR3DUDHQWHQGHUPRVRVFRQWUDWRVQRPHLRHOHWU{QLFR pQHFHVViULRDQDOLVDUDVHPHOKDQoDGRVGRFXPHQWRVHOHWU{QLFRVHPUHODomRDRVGRFXPHQWRV QR PHLR ItVLFR 2V GRFXPHQWRV HP PHLR HOHWU{QLFR SRVVXHP D PHVPD IXQomR GRV GRFXPHQWRV HP SDSHO GLIHUHQFLDQGRVH DSHQDV SHOD IDOWD GH FHUWLILFDomR GDV SDUWHV HP HIHWXDU XP QHJyFLR ³$ DSURYDomR GHVWHV GRFXPHQWRV VHP DV FKDPDGDV DVVLQDWXUDV GLJLWDLV FHUWLILFDGDV GHL[DP GH VHU GRFXPHQWR SUREDQWH MXULGLFDPHQWH´ 6H IRUHP LPSUHVVRV SDUD LPSXJQDomR HP MXt]R DSHQDV VHUmR VDOYRV SHOD OHL PRGHOR 81&,75$/ FRQIRUPHRSURMHWRGH/HLHPVHXDUWLJR'LDQWHGHVWDVVLWXDo}HVRVFRQWUDWRV HOHWU{QLFRV HP QDGD LQRYDUDP 2V FRQWUDWRV HOHWU{QLFRV DSHQDV VmR H[SUHVV}HV GRV FRQWUDWRV FtYHLV $ ~QLFD GLIHUHQoD p R PHLR GH VXD WUDQVDomR ,QWHUQHW H D PDLRU GLILFXOGDGHpDVXDYDOLGDGHHPIDFHGDLQH[LVWrQFLDGHVHJXUDQoDGDVDVVLQDWXUDV
&LWDPRV FRPR H[HPSOR DFLPD TXH R GHQRPLQDGR 0RGHOR GH /HL SDUD R &RPpUFLR HOHWU{QLFR81&,75$/QRUPDXQLIRUPHSDUDVHUVHJXLGDSRUWRGRVRVSDtVHVGRPXQGRGH IRUPD TXH WRGDV DV OHLV LQWHUQDV GRV SDtVHV FRP UHODomR DR FRPpUFLR HOHWU{QLFR VHMDP XQkQLPHV &ULDGD HP SHOD &RPLVVmR GDV 1Do}HV 8QLGDV SDUD R 'LUHLWR &RPHUFLDO ,QWHUQDFLRQDO8QLWHG1DWLRQV&RPLVVLRQ2Q7UDGH/DZTXHFRQWRXFRPDSDUWLFLSDomRGH MXULVWDVGHWRGRRPXQGRFRPDILQDOLGDGHGHRULHQWDUSDtVHVFRPYLVWDVDFULDUHPVXDVOHLV LQWHUQDV H TXH GHVHMDP UHJXODU DV QRYDV TXHVW}HV WHFQROyJLFDV SRU PHLR GH SULQFtSLRV H
'LQL]0DULD+HOHQD&XUVRGHGLUHLWRFLYLOEUDVLOHLUR7HRULDGDVREULJDo}HVFRQWUDWXDLVHH[WUDFRQWUDWXDLV
6mR3DXOR6DUDLYDS
2 3URMHWR GH /HL Q DFRPSDQKDQGR D SURSRVWD GD &RPLVVmR GDV 1Do}HV 8QLGDV SDUD R 'LUHLWR
,QWHUQDFLRQDO81&,75$/HPVHXDUWLJRGL]TXH³QRFDVRGHDOHLH[LJLUDDVVLQDWXUDGHXPDSHVVRDHVWH UHTXLVLWRFRQVLGHUDUVHiSUHHQFKLGRSRUXPDPHQVDJHPHOHWU{QLFDGHVGHTXHVHMDXWLOL]DGRDOJXPPpWRGR SDUD LGHQWLILFDUD SHVVRDHLQGLFDUVXDDSURYDomR SDUD DLQIRUPDomR FRQWLGD QDPHQVDJHP ´ 2UHIHULGR DUWLJRDLQGDUHVVDOYDHPVHXSDUiJUDIR~QLFRTXH³RPpWRGRXWLOL]DGRGHYHUiVHUFRQILiYHOHDSURSULDGRSDUD RV SURSyVLWRV SDUD RV TXDLV D PHQVDJHP IRU JHUDGD RX FRPLQDGD OHYDQGR VH HP FRQVLGHUDomRWRGDV D V FLUFXQVWkQFLDVGRFDVRLQFOXVLYHTXDOTXHUDFRUGRGDVSDUWHVDUHVSHLWR ´
FRQFHLWRVEiVLFRVTXHQmRYHQKDPDFRQIOLWDUFRPQRUPDVLQWHUQDVH[LVWHQWHV'DPHVPD IRUPD VH HVSHUD TXH VHMD IHLWR SDUD DV DVVLQDWXUDV HOHWU{QLFDV XP GLVSRVLWLYR FRP D ILQDOLGDGH GH FRODERUDU FRP D H[SDQVmR GR FRPpUFLR HOHWU{QLFR TXH YHQK D D GDU DXWHQWLFLGDGHjVSDUWHVQXPGRFXPHQWRHOHWU{QLFR
±6LVWHPDVGH&RQWUROHSDUDR&RPpUFLR(OHWU{QLFR
³(P TXDOTXHU WUDQVDomR FRPHUFLDO HIHWLYDGD D SULYDFLGDGH GD LQIRUPDomR WUDQVPLWLGD GHYH VHU UHVJXDUGDGD´ 9HULILFDVH QD SUySULD &RQVWLWXLomR )HGHUDO TXH DV DWLYLGDGHV SULYDGDV GHVHQYROYLGDV FRP D XWLOL]DomR GD ,QWHUQHW HVWmR SURWHJLGDV GR VLJLOR GH FRPXQLFDomR FRUUHVSRQGrQFLD GD PHVPD IRUPD LQVHUHVH QHVWH URO RV FRQWUDWRV HOHWU{QLFRV2DFHVVRDLQIRUPDomRGHYHVHUFRQWURODGRSDUDTXHQmRVHYLROHDSULYDFLGDGH RXWUR UHOHYDQWH EHP MXUtGLFR DLQGD QmR SURWHJLGR SHOR GLUHLWR SRVLWLYR EUDVLOHLUR VDOYR PHQomR QD &RQVWLWXLomR )HGHUDO HP VHX DUWLJR TXH HQXPHUD GHQWUH RV GLUHLWRV LQGLYLGXDLVHFROHWLYRV
³$UWLJR,QFLVR;6mRLQYLROiYHLVDLQWLPLGDGHDYLGDSULYDGDDKRQUDHDLPDJHPGDV SHVVRDVDVVHJXUDQGRRGLUHLWRjLQGHQL]DomRSHORGDQRPDWHULDORXPRUDOGHFRUUHQWHGH VXD YLRODomR´ ,QFLVR ;;9,, ± ³$RV DXWRUHV SHUWHQFH R GLUHLWR H[FOXVLYR GH XWLOL]DomR SXEOLFDomRRXUHSURGXomRGHVXDVREUDV´ 'LDQWHGRGLVSRVLWLYR&RQVWLWXFLRQDODFLPDDSUHVHQWDGRDVDWLYLGDGHVGHVHQYROYLGDVFRPD XWLOL]DomRGD,QWHUQHWFRPRRVGHPDLVHPDLOVGHYHPJR]DUGDPHVPDSURWHomRUHVHUYDGD jVFRUUHVSRQGrQFLDVSRUHVFULWR2HPDLOpSRUHVVrQFLDXPDFRUUHVSRQGrQFLDSRUHVFULWR 1RWHVHTXHDJDUDQWLD&RQVWLWXFLRQDOGR$UWLJR,QFLVR;,,UH]DWDPEpPDIDYRUGR 6FKRXHUL/XL](GXDUGR,QWHUQHW2GLUHLWRYLUWXDO5LRGH-DQHLUR)RUHQVHS /XFFD1HZWRQGHH6LPmR)LOKR$GDOEHUWR'LUHLWR ,QWHUQHW$VSHFWRV-XUtGLFRVUHOHYDQWHV6mR3DXOR (GLSURS &RQVWLWXLomR)HGHUDOGH%UDVtOLD6HQDGR)HGHUDOS³$UWLJR,QFLVR;,,pLQYLROiYHOR VLJLORGHFRUUHVSRQGrQFLDHGDVFRPXQLFDo}HVWHOHJUiILFDVGHGDGRVHGDVFRPXQLFDo}HVWHOHI{QLFDVVDOYRQR
VLJLORGDVFRPXQLFDo}HVGHGDGRVHTXHDSHQDVDVFRPXQLFDo}HVWHOHI{QLFDVSRGHUmRVHU DOYRGHLQYHVWLJDomRFULPLQDOHLQVWUXomRSURFHVVXDOSHQDO
3DUD TXH SRVVDPRV WRUQDU R FRPpUFLR HOHWU{QLFR YLiYHO QHFHVVLWDPRV DOpP GDV QRUPDV UHJXODGRUDVGHVVDVIRUPDVHPHUJHQWHVGHUHODFLRQDPHQWRGHWHFQRORJLDVGHVHJXUDQoDTXH SHUPLWDP jV SHVVRDV HQYROYLGDV D UHDOL]DUHP WUDQVDo}HV FRPHUFLDLV H ILQDQFHLUDV QD ,QWHUQHW
8P FRQWUDWR DSyV UHDOL]DGR HQWUH DV SDUWHV QR PHLR HOHWU{QLFR p XP GRFXPHQWR TXH QmR SRGHUiVHUPRGLILFDGR2HGLWRUGRFRQWUDWRWHPVRPHQWHXPGLUHLWRGHXWLOL]DomRGHQWURGH FHUWRVOLPLWHV(PUHJUDHOHQmRWHPRGLUHLWRGHWUDGX]LUQHPRGHPRGLILFDURFRQWUDWR DSyV DOLHQDGR 'HSRLV GH SXEOLFDGR R FRQWUDWR WHUi RXWUR WUDWDPHQWR MXUtGLFR GH DFRUGR FRP R TXH IRU FRQWUDWDGR HQWUH R DXWRU TXH FRQWLQXD GHWHQWRU RX WLWXODU GRV GLUHLWRV LPDWHULDLVHRDGTXLUHQWHFHVVLRQiULRWLWXODUGRGLUHLWRPDWHULDORXSDWULPRQLDO
2VVLVWHPDVGHFRQWUROHVSDUDGLUHLWRVLQGLYLGXDLVHGLIXVRVLQFOXHPDUHODomRFRQWUDWXDOQD ,QWHUQHW Mi TXH HVVD UHODomR VH LQVHUH QXPD PRGDOLGDGH GH GLUHLWR LQYLROiYHO RX VHMD D SULYDFLGDGH H D LQWLPLGDGH FRQWLGDV QR DUWLJR GD &RQVWLWXLomR )HGHUDO )LFDQGR DVVHJXUDGRVRUHVVDUFLPHQWRDGDQRVPDWHULDLVHPRUDLVGHOHUHVXOWDQWHV
$OHLQ~PHURGLVS}HVREUHDSURWHomRGR&yGLJRGH'HIHVDGR&RQVXPLGRUHP VHX DUWLJR GLVS}H TXH ³R FRQVXPLGRU VHP SUHMXt]R GR DUWLJR WHUi DFHVVR jV LQIRUPDo}HV H[LVWHQWHV HP FDGDVWURV ILFKDV UHJLVWURV H GDGRV SHVVRDLV H GH FRQVXPR DUTXLYDGRVVREUHHOHEHPFRPRVREUHDVVXDVUHVSHFWLYDVIRQWHV´1RSDUiJUDIR³$ DEHUWXUDGRFDGDVWURUHJLVWURHGDGRVSHVVRDLVHGHFRQVXPRGHYHUiVHUFRPXQLFDGDSRU HVFULWRDRFRQVXPLGRUTXDQGRQmRVROLFLWDGDSRUHOH´ XOWLPRFDVRSRURUGHPMXGLFLDOQDVKLSyWHVHVHQDIRUPDTXHDOHLHVWDEHOHFHUSDUDILQVGHLQYHVWLJDomR FULPLQDORXLQVWUXomRSURFHVVXDOSHQDO´ $UUXGD$OYLP7KHUH]D&yGLJRGR&RQVXPLGRU&RPHQWDGR(G6mR3DXOR57$UWLJR $UUXGD$OYLP7KHUH]D&yGLJRGR&RQVXPLGRU&RPHQWDGR,GHP3DUiJUDIRGRDUWLJR
3HORDUWLJRDFLPDH[LVWHXPDPDQHLUDGHVHUHSULPLUDEXVRVHSHUPLWLUDRFRQVXPLGRUXPD UHSDUDomRDRVHYHQWXDLVGDQRVTXHSRVVDVRIUHU+iDLQGDXPDRXWUDSUHYLVmRQR&yGLJRGH 'HIHVD GR &RQVXPLGRU TXH WRUQD FULPH LPSHGLU RX GLILFXOWDU R DFHVVR GRFRQVXPLGRU jV LQIRUPDo}HVTXHVREUHHOHFRQVWHPHPFDGDVWURVEDQFRVGHGDGRVILFKDVHUHJLVWURVFRPR GL]H[SUHVVDPHQWHRDUWLJRTXHSUHYrDLQGDXPDSHQDGHGHWHQomRGHVHLVPHVDVDXP DQRRXPXOWDDRVLQIUDWRUHV 9iULRVVmRRVPRGHORVGHFRQWUDWRVHFRQWUROHVSURSRVWRVWDQWRQR%UDVLOFRPRHPRXWURV SDtVHVSDUDDUHDOL]DomRGRFRPpUFLRHOHWU{QLFR
'HQWUH DV LQLFLDWLYDV H[LVWHQWHV D 2UGHP GRV $GYRJDGRV GR %UDVLO VHFomR GH 6mR 3DXOR HODERURXXPSURMHWRGHOHLFRPRREMHWLYRGHOHJDOL]DUQRPHLRHOHWU{QLFRRVHORQRWDULDO SDUDFRQIHULUDDXWHQWLFLGDGHDRVFRQWUDWRVHOHWU{QLFRV
'HQWUHRVSURMHWRVGHOHLDSUHVHQWDGRVDWpDJRUDHVWHpRSURMHWRPDLVFRPSOHWRHTXHGDULD JDUDQWLDV GH DXWHQWLFLGDGH HP WUDQVDo}HV UHDOL]DGDV QR PHLR HOHWU{QLFR QR %UDVLO 1HVWH FDVRDGPLWHVHTXHDFHOHEUDomRGHXPFRQWUDWRHOHWU{QLFRDRIHUWDHVXDDFHLWDomRSRGHP VHU H[SUHVVDV SRU PHQVDJHQV HOHWU{QLFDV SDUD YDOLGDGH GRV PHVPRV 5HFRQKHFHVH QHVVH SURMHWRGHOHLTXHWRGDFRPXQLFDomRHPLWLGDHUHFHELGDGHPHQVDJHQVGHGDGRVVHMDPSRU PHLRHOHWU{QLFRSRGHPVHFRQVWLWXLUQXPFRQWUDWRRXQXPDUHODomRFRPHUFLDO &yGLJRGH'HIHVDGR&RQVXPLGRUDUWLJR³,PSHGLURXGLILFXOWDURDFHVVRGRFRQVXPLGRUjVLQIRUPDo}HV TXHVREUHHOHFRQVWHHPFDGDVWURVEDQFRVGHGDGRVILFKDVHUHJLVWURV3HQD±'HWHQomRGHVHLVPHVHVDXP DQRRXPXOWD´ (VSpFLHVGHFRQWUDWRVHOHWU{QLFRVFRPRDFRPSUDHYHQGDQD,QWHUQHWWUDQVDo}HVSRUHPDLO&KDWV6LWHVH +RPHSDJHV
$OEHUWLP $OEHUWR /XL] &RPpUFLR HOHWU{QLFR PRGHORV DVSHFWRV H FRQWULEXLo}HV GH VXD DSOLFDomR 6mR
3DXOR $WODV &RPHQWD R 6HOR 1RWDULDO QR PHLR HOHWU{QLFR FRQIRUPH SUHYr D 0HGLGD 3URYLVyULD SURMHWRGHOHLHRSURMHWRHDOHL'HDFRUGRFRPHVVDVOHLVSRGHVHU FULDGR XPD DXWRULGDGH FHUWLILFDGRUD SRGHQGR VHU GHQRPLQDGD GH 7DEHOLmR 9LUWXDO FRQWURODGR SHORV 7ULEXQDLV SDUD FKHFDU D YDOLGDGH H DXWHQWLFLGDGH GD DVVLQDWXUD HP PHLR HOHWU{QLFR SRU PHLR GH XP VHOR QRWDULDOLUiYDOLGDUDDVVLQDWXUDOLJDQGRjFKDYHS~EOLFDjSHVVRDLGHQWLILFDGDFRPRSURSULHWiULDGDVFKDYHV
2 SURMHWR GH OHL DSUHVHQWD XPD SURSRVWD GH HTXLSDUDomR GR GRFXPHQWR HOHWU{QLFR TXH YHQKDDGDUFRQGLo}HVGHLPSOHPHQWDomRGRVFRQWUDWRVHPPHLRHOHWU{QLFRFULDQGRXPVHOR QRWDULDOPDVQmRUHVROYHWRWDOPHQWHRSUREOHPDGDFHUWLILFDomRHGDDXWHQWLFLGDGHWHQGRHP YLVWDTXHDFULSWRJUDILDGLJLWDOQmRpXPPHLRHOHWU{QLFRGHWUDQVSRUWHGHLQIRUPDo}HVVHQGR WRWDOPHQWHFRQILiYHOHPYLUWXGHGHQmRKDYHUXPGLVSRVLWLYRTXHLQVLUDQRPHLRHOHWU{QLFR XPVHORQRWDULDOTXHVHMDRILFLDOL]DGRHOHJDOL]DGRQR%UDVLOHGHDFRUGRFRPDVQRUPDV LQWHUQDFLRQDLV 2UHIHULGRSURMHWRGHOHLHRVHORQRWDULDODLQGDQmRJDQKDUDPVXDYHUGDGHLUDH[SUHVVmRH XWLOL]DomRQRFRPpUFLRHOHWU{QLFREUDVLOHLUR
$WXDOPHQWH WHP HILFiFLD SUREDWyULD QR %UDVLO ³R GRFXPHQWR HOHWU{QLFR FHUWLILFDGR SHOD DXWRULGDGH FRPSHWHQWH SUHYLVWD QR DUWLJR GD PHGLGD SURYLVyULD 2V FHUWLILFDGRVGLJLWDLVYLQFXODPGHWHUPLQDGRFyGLJRFULSWRJUDIDGRDRUHVSHFWLYRWLWXODU1mR REVWDQWH D PHGLGD SURYLVyULD QmR HVWDEHOHFH QHQKXPD QRUPD D GLVFLSOLQDU SURYiYHLV FRQIOLWRV HQWUH XPD SURYD HOHWU{QLFD H XP GRFXPHQWR WUDGLFLRQDO DR FRQWUiULR GR TXH RFRUUHHPRXWURVSDtVHV´
1R FDVR GH XP GRFXPHQWR HOHWU{QLFR FXMD DVVLQDWXUD QmR VHMD UHFRQKHFLGD SRU XPD DXWRULGDGH GH FHUWLILFDomR UHFRQKHFLGD SHOD PHGLGD SURYLVyULD 3RGHUi HVWH GRFXPHQWRVHUUHFRQKHFLGRFRPRSURYDGHVGHTXHjSDUWHTXHRDSUHVHQWRXFRPSURYDUD FRQILDELOLGDGH GR SURFHVVR GH DVVLQDWXUD HOHWU{QLFD $ DVVLQDWXUD HOHWU{QLFD WHP SRU REMHWLYRSULPRUGLDODLGHQWLILFDomRGRDXWRUHDPDQLIHVWDomRGRFRQVHQWLPHQWR 3URMHWRGH/HLGD2$%63QTXHGLVS}HVREUHRGRFXPHQWRHOHWU{QLFRDVVLQDGRGLJLWDOPHQWHSHOR VLVWHPDGHFKDYHS~EOLFDHR3URMHWRGH/HLGR6HQDGR)HGHUDOGHQ~PHURTXHUHJXODRFRPpUFLR HOHWU{QLFRHPWRGRRWHUULWyULRQDFLRQDODSOLFDGRDTXDOTXHUWLSRGHLQIRUPDomRQDIRUPDGHPHQVDJHPGH GDGRVXVDGDQRFRQWH[WRGHDWLYLGDGHVFRPHUFLDLV /RXUHLUR/XL]*XLOKHUPH7HRULD*HUDOGRV&RQWUDWRVQRQRYR&yGLJR&LYLO6mR3DXOR(GLWRUD0pWRGR S
±$/HJLVODomR%UDVLOHLUDHRV&RQWUDWRV(OHWU{QLFRV
$OHJLVODomREUDVLOHLUDTXHUHJHRVFRQWUDWRVpPXLWRDPSODHDWLQJHFRPSOHWDPHQWHWRGRV RV DVVXQWRV LQHUHQWHV DR PHVPR 2 &yGLJR GH 'HIHVD GR &RQVXPLGRU /HL GH VHWHPEURGHYHLRGDUPDLVJDUDQWLDVDRVFRQVXPLGRUHVTXHHVWDYDPGHVSURWHJLGRV$ SDUWLUGHVVDOHLRMXGLFLiULREUDVLOHLURWHQWRXVHDGDSWDUHRFRPHUFLDQWHEUDVLOHLURFRPHoRX DWHUXPFHUWRUHFHLRHPUHODomRDRFRQVXPLGRU4XDQGRVHWUDWDGHUHODomRGHFRQVXPRGH XP ODGR R FRQVXPLGRU H GR RXWUR R IRUQHFHGRU D OHL p EDVWDQWH YLJLDGD $SHVDU GH VHU PRGHUQD H DGDSWDGD DRV SDGU}HV EUDVLOHLURV (QWUHWDQWR VXUJH QR PXQGR PRGHUQR D ,QWHUQHWH[LJLQGRPXGDQoDVPXLWRLPSRUWDQWHVHPDLVUiSLGDVQDOHJLVODomREUDVLOHLUD
1mRVHLPDJLQDYDTXHD,QWHUQHWVHWRUQDVVHRPHLRGHFRPXQLFDomRPDLVYHOR]HSRGHURVR ( TXH DFDEDULD LQGR GH HQFRQWUR FRP D OHJLVODomR EUDVLOHLUD H[LJLQGR XPD WRPDGD GH GHFLVmRSRUSDUWHGRVOHJLVODGRUHV2IDWRpTXHD,QWHUQHWHVWiRIHUHFHQGRFDGDYH]PDLV SURGXWRV H EHQV GH FRQVXPR $WXDOPHQWH SDUD XPD SHVVRD VH ORFRPRYHU DWp R ORFDO HVFROKHURSURGXWRID]HURFRQWUDWRGHFRPSUDHYHQGDSDJDUDYLVWDRXDSUD]RHOHYDU SDUD FDVD HVWi PDLV GLItFLO $ ,QWHUQHW YHLR D IDFLOLWDU D DTXLVLomR GH SURGXWRV H EHQV GH FRQVXPR HP TXDOTXHU OXJDU GR PXQGR2VSUREOHPDVGHQHFHVVLGDGHGHFHUWLILFDomRTXH H[LJHP XPD OHJLVODomR TXH YHQKD D DPSDUDU D DXWHQWLFLGDGH GH DVVLQDWXUDV p XPD QHFHVVLGDGHPXLWRJUDQGH
2 FRQVXPLGRU TXDQGR DGTXLUH XP SURGXWR SHOD ,QWHUQHW SUHFLVD GH VHJXUDQoD GDV LQIRUPDo}HVSUHVWDGDVSDUDFRPSOHWDUDUHODomRGHFRPSUDHYHQGD(VWDUHODomRpFRPD VHJXUDQoD GDV DVVLQDWXUDV QR PHLR HOHWU{QLFR 6H R FRQVXPLGRU TXH HVWi FRPSUDQGR HVWi IRUQHFHQGRRVHXFDGDVWURRXIRUQHFHQGRRFDGDVWURGHXPDWHUFHLUDSHVVRDFRQILJXUDVHD QmRDXWHQWLFLGDGHGHLQIRUPDo}HV$VVLPFRQVWDWDPRVTXHDOHJLVODomREUDVLOHLUDSUHFLVDGH PXGDQoDVUiSLGDVHFRQFUHWDVSRUTXHDVXDUHODomRFRPD,QWHUQHWpFDGDYH]PDLVGLUHWD $ YHORFLGDGH FRP D TXDO D ,QWHUQHW FRORFD R IRUQHFHGRU H R FRPSUDGRU IUHQWH jV PDLV H[yWLFDVHGLVWDQWHVFXOWXUDVH[LJHDo}HVPDLVUiSLGDV
$OHJLVODomREUDVLOHLUDDWXDOPHQWHGLVS}HGHDOJXQVGLVSRVLWLYRVOHJDLVDEDL[RFRPHQWDGRV TXHUHJXODPRVFRQWUDWRVHOHWU{QLFRVQR%UDVLO
2 &yGLJR GH 'HIHVD GR &RQVXPLGRU %UDVLOHLUR VHQGR FRPSOHPHQWDGR VDWLVIDWRULDPHQWH SHOR&yGLJR&LYLO&yGLJR&RPHUFLDOHSRUXPDVpULHGHOHLVHVSDUVDV ±6WDWXV$WXDOGD/HJLVODomR%UDVLOHLUD6REUH7UDQVDo}HV&RPHUFLDLV(P0HLR (OHWU{QLFR
$ OHL GH GH VHWHPEUR GH WUDWD GH FRQWUDWRV UHDOL]DGRV HQWUH IRUQHFHGRU H FRQVXPLGRU QmR WUDWDQGR HVSHFLILFDPHQWH GR FRQWUDWR HOHWU{QLFR $ OHL GLVS}H HP VHX DUWLJR TXH ³7RGD LQIRUPDomR RX SXEOLFLGDGH VXILFLHQWHPHQWH SUHFLVD YHLFXODGD SRU TXDOTXHUIRUPDRXPHLRGHFRPXQLFDomRFRPUHODomRDSURGXWRVHVHUYLoRVRIHUHFLGRVRX DSUHVHQWDGRV REULJD R IRUQHFHGRU TXH D IL]HU YHLFXODU RX GHOD VH XWLOL]DU H LQWHJUD R FRQWUDWRTXHYLHUDVHUFHOHEUDGR´1RDUWLJRGLVS}HTXHQRVFRQWUDWRVWUDGLFLRQDLV³D RIHUWD H DSUHVHQWDomR GH SURGXWRV RX VHUYLoRV GHYHP DVVHJXUDU LQIRUPDo}HV FRUUHWDV FODUDVSUHFLVDVRVWHQVLYDVHHPOtQJXDSRUWXJXHVDVREUHVXDVFDUDFWHUtVWLFDVTXDOLGDGH FRPSRVLomRSUHoRJDUDQWLDSUD]RVGHYDOLGDGHHRULJHPHQWUHRXWURVGDGRVEHPFRPR RVULVFRVTXHDSUHVHQWHPjVD~GHHVHJXUDQoDGRVFRQVXPLGRUHV´1RDUWLJRGLVS}H TXH³HPFDVRGHRIHUWDRXYHQGDSRUWHOHIRQHRXUHHPEROVRSRVWDOGHYHFRQVWDURQRPHGR IDEULFDQWH H HQGHUHoR QD HPEDODJHP SXEOLFLGDGHHHPWRGRVRVLPSUHVVRVXWLOL]DGRVQD WUDQVDomRFRPHUFLDO´
$UUXGD$OYLP7KHUH]D&yGLJRGR&RQVXPLGRU&RPHQWDGR(G6mR3DXOR57$UWLJRVOH
$0HGLGD3URYLVyULDGHGHMXQKRGHTXHLQVWLWXLD(VWUXWXUDGDV&KDYHV 3~EOLFDV %UDVLOHLUDV H RV SURMHWRV GH OHL TXH GLVS}H VREUH R GRFXPHQWR HOHWU{QLFRDVVLQDGRGLJLWDOPHQWHSHORVLVWHPDGHFKDYHS~EOLFD(R3URMHWRGH/HLQ~PHUR TXH UHJXOD R FRPpUFLR HOHWU{QLFR HP WRGR R WHUULWyULR QDFLRQDO DSOLFDGR D TXDOTXHU WLSR GH LQIRUPDomR QD IRUPD GH PHQVDJHP GH GDGRV XVDGD QR FRQWH[WR GH DWLYLGDGHV FRPHUFLDLV ( D OHL GH TXH SRVVLELOLWD D WUDQVPLVVmR GH SHoDV DR 3RGHU -XGLFLiULR SRU PHLRV HOHWU{QLFRV UHJXODPHQWDGD SHORV SULQFLSDLV 7ULEXQDLV 1DFLRQDLV
23URMHWRGH/HLQ~PHURGHLQLFLDWLYDGD2UGHPGRV$GYRJDGRVGR%UDVLOpR PDLV FRPSOHWR GRV SURMHWRV H QHOH HVWi VHQGR SURSRVWD D HTXLSDUDomR GR GRFXPHQWR HOHWU{QLFR DVVLQDGR SHOR VHX DXWRU PHGLDQWH VLVWHPD FULSWRJUiILFR GH FKDYH S~EOLFD UHIHULQGRVHDGRFXPHQWRHVFULWRHDVVLQDGRFRQIRUPHDUWLJRGR&yGLJRGH3URFHVVR &LYLOUHIHUHQFLDGRSHORDUWLJRGRSURMHWR23URMHWRWUDWDDLQGDVREUHRPRGRSHORTXDO VHGDUiDFHUWLILFDomRGDDVVLQDWXUDGLJLWDOHGHWDOKDGLYHUVRVWLSRVGHTXHVW}HVUHODWLYDVDR WHPD
2 3URMHWR GH /HL Q~PHUR DSHQVDGR DR SURMHWR GH OHL Q~PHUR TXH LQVWLWXL D IDWXUD HOHWU{QLFD H D DVVLQDWXUD GLJLWDO QDV WUDQVDo}HV GH FRPpUFLR HOHWU{QLFR DOWHUDQGR VXEVWDQFLDOPHQWH R 3URMHWR GH /HL LQRYDQGR HP VLWXDo}HV HVSHFtILFDV VHJXLQGR SDUkPHWURV HVWDEHOHFLGRV SHOR GLUHLWR LQWHUQDFLRQDO FRPSDUDGR FRP LQVSLUDomR HPOHLVLQWHUQDFLRQDLVMiHPYLJRU
2 3URMHWR GH /HL Q~PHUR DFRPSDQKDQGR D SURSRVWD GD &RPLVVmR GDV 1Do}HV 8QLGDVSDUDR'LUHLWR,QWHUQDFLRQDO81&,75$/HPVHXDUWLJRGL]TXH³1RFDVRGHD OHLH[LJLUDDVVLQDWXUDGHXPDSHVVRDHVWHUHTXLVLWRFRQVLGHUDUVHiSUHHQFKLGRSRUXPD PHQVDJHPHOHWU{QLFDGHVGHTXHVHMDXWLOL]DGRDOJXPPpWRGRSDUDLGHQWLILFDUDSHVVRDH ([LVWHPDLQGDRXWURVSURMHWRVHGLVSRVLo}HVQRUPDWLYDVUHODFLRQDGDVLQGLUHWDPHQWHFRPRWHPDGRSURMHWR GHOHL
LQGLFDUVXDDSURYDomRSDUDDLQIRUPDomRFRQWLGDQDPHQVDJHP´2UHIHULGRDUWLJRDLQGD UHVVDOYDHPVHXSDUiJUDIR~QLFRTXH³2PpWRGRXWLOL]DGRGHYHUiVHUFRQILiYHOHDSURSULDGR SDUDRVSURSyVLWRVSDUDRVTXDLVDPHQVDJHPIRUJHUDGDRXFRPXQLFDGDOHYDQGRVHHP FRQVLGHUDomR WRGDV DV FLUFXQVWkQFLDV GR FDVR LQFOXVLYH TXDOTXHU DFRUGR GDV SDUWHV D UHVSHLWR´ ±2V&RQWUDWRV&RPHUFLDLV 2EVHUYDQGRDVUHJUDVFRQWLGDVQR1RYR&yGLJR&LYLOQRTXHWUDWDGDSURWHomRFRQWUDWXDO RV FRQWUDWRV VmR GHWHUPLQDGRV SRU XP SDFWR HVWDEHOHFLGR SHOD YRQWDGH OLYUH GDV SDUWHV 6HQGRMXVWRRFRQWUDWRVHJXHVHDRVFRQWUDWDQWHVTXHGHYHVHUUHFRQKHFLGDDOLYUHYRQWDGH GHFRQWUDWDUVHJXLQGRRVERQVFRVWXPHVHDERDIp$GRXWULQDEUDVLOHLUDFRVWXPDDILUPDU TXH³RVFRQWUDWRVFRPHUFLDLVVmRIRQWHVGHREULJDo}HV´3DUDVHHQWHQGHUDUHODomRHQWUH ³FRQWUDWR´H³REULJDomR´pQHFHVViULRGLVWLQJXLUPRVGHXPODGRRYtQFXORTXHXQHGXDVRX PDLVSHVVRDVQRVHQWLGRGHDXWRUL]DUDH[LJLUHPGHWHUPLQDGDSUHVWDomRXPDGDVRXWUDVH GH RXWUR ODGR R GRFXPHQWR FRPSUREDWyULR GD H[LVWrQFLD GHVWH YtQFXOR 2 FRQWUDWR FRPHUFLDOpXPDGDVPRGDOLGDGHVGHREULJDomRRXVHMDXPDHVSpFLHGHYtQFXORHQWUHDV SHVVRDVHPYLUWXGHGRTXDOVmRH[LJtYHLVSUHVWDo}HV 2SLFH%OXP5HQDWR'LUHLWR(OHWU{QLFR$,QWHUQHWHRV7ULEXQDLV6mR3DXOR(GLSURS 2SLFH%OXP5HQDWR'LUHLWR(OHWU{QLFR$,QWHUQHWHRV7ULEXQDLV6mR3DXOR(GLSURS &yGLJR&LYLO2EUDGHDXWRULDGDHGLWRUD6DUDLYDFRPDFRODERUDomRGH$QW{QLR/XL]GH7ROHGR3LQWR6mR
3DXOR 6DUDLYD /HL Q GH GH MDQHLUR GH S HP VHX DUWLJR ³$OLEHUGDGHGH FRQWUDWDUVHUiH[HUFLGDHPUD]mRHQRVOLPLWHVGDIXQomRVRFLDOGRFRQWUDWR´
,GHP&yGLJR&LYLO2EUDGHDXWRULDGDHGLWRUD6DUDLYD3DUWLJR³2VFRQWUDWDQWHVVmRREULJDGRV
JXDUGDUDVVLPQDFRQFOXVmRGRFRQWUDWRFRPRHPVXDH[HFXomRRVSULQFtSLRVGHSURELGDGHHERDIp´
'LQL]0DULD+HOHQD&XUVRGHGLUHLWRFLYLOEUDVLOHLUR7HRULDGDV2EULJDo}HVFRQWUDWXDLVHH[WUDFRQWUDWXDLV