• Nenhum resultado encontrado

O percurso da rádio : do analógico ao virtual

N/A
N/A
Protected

Academic year: 2021

Share "O percurso da rádio : do analógico ao virtual"

Copied!
67
0
0

Texto

(1)(6&2/$683(5,25'(('8&$d­2'(3$8/$)5$66,1(77,  . . 2SHUFXUVRGD5iGLR 'RDQDOyJLFRDRYLUWXDO    2ULHQWDomR  0HVWUH0LFKDHO.DXIPDQQ    7UDEDOKRUHDOL]DGRSRU  /tGLD/RSHV%DUERVD               3RUWR-XOKRGH .

(2)  . . .

(3)   'HFODUDomRGR$XWRU    'HFODURTXHR7UDEDOKRGH,QYHVWLJDomRDSUHVHQWDGR 'HFODURTXHR7UDEDOKRGH,QYHVWLJDomRDSUHVHQWDGRIRLOHYDGRDFDERGHDFRUGRFRPR GHDFRUGRFRPR 5HJXODPHQWR GD (VFROD 6XSHULRU GH (GXFDomR GH 3DXOD 3DXOD )UDVVLQHWWL 2 7UDEDOKR p RULJLQDO H[FHSWR RQGH LQGLFDGR SRU UHIHUrQFLD HVSH HVSHFLDO QR WH[WR 4XDLVTXHU YLV}HV H[SUHVVDV VmR DV GR DXWRU H QmR UHSUHVHQWDP GH GH PRGR QHQKXP DV YLV}HV GD (VFROD 6XSHULRUGH(GXFDomRGH3DXOD)UDVVLQHWWL 6XSHULRUGH(GXFDomRGH3DXOD)UDVVLQHWWL(VWH7UDEDOKRQRWLGRRXHPSDUWHQmRIRL (VWH7UDEDOKRQRWLGRRXHPSDUWHQmRIRL DSUHVHQWDGR SDUD DYDOLDomR QRXWUDV QRXWUDV LQVWLWXLo}HV GH HQVLQR VXSHULRU SRUWXJXHVDV RX HVWUDQJHLUDV   $VVLQDWXUDGR$OXQR  BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBB  'DWDGH-XOKRGH. . . .

(4) .     . 'HGLFDWyULD  (VWHWUDEDOKRpGHGLFDGRDWRGRVRVHQWXVLDVWDVDPDQWHVVHJXLGRUHVHRXYLQWHVGDUiGLR SLUDWD $TXHODTXHIH]VRQKDURPXQGRUDGLIyQLFRSHODVXDFULDWLYLGDGHHVLQJXODULGDGH.          . .

(5) $JUDGHFLPHQWRV  *RVWDULD GH PDQLIHVWDU R PHX DJUDGHFLPHQWR D WRGRV TXH PH DSRLDUDP QD HODERUDomR GHVWHWUDEDOKR &RQWXGRJRVWDULDGHID]HUDOJXPDVUHIHUrQFLDVLQGLYLGXDLVFRPHoDQGRSRUDJUDGHFHUDR 0HVWUH0LFKDHO.DXIPDQSHODGLVSRQLELOLGDGHHRULHQWDomR 8PHVSHFLDODJUDGHFLPHQWRDRVDXWRUHVTXHUHIRUoDUDPRPHXFRQKHFLPHQWRGHVGHR LQtFLRGDH[LVWrQFLDGDUiGLRDWpDRVGLDVGHKRMH 6DOLHQWR R 'U -RUJH *XLPDUmHV 6LOYD OLFHQFLDGR HP 0~VLFD YDULDQWH 3URGXomR H 7HFQRORJLDV GD 0~VLFD IRUPDGRU QD iUHD GD &RPXQLFDomR 6RFLDO H VRQRUL]DGRU GD 76)5iGLR1RWtFLDVDJUDGHFHQGRRHVStULWRGHSDUWLOKDHDMXGDTXHVREUHVVDLXDRFHGHU DOJXPDV GDV VXDV LQIRUPDo}HV VREUH R WHPD GD UiGLR GHPRQVWUDQGR VHPSUH GLVSRQLELOLGDGHSDUDUHVSRQGHUjVG~YLGDVTXHIRUDPVXUJLQGR $RV IDQWiVWLFRV  FROHJDV GH WXUPD

(6)  ILFD WDPEpP R DSUHoR SHOD SDUWLFLSDomR HQWXVLDVWD QDV GLIHUHQWHV IDVHV GH GHVHQYROYLPHQWR LQLFLDLV GR SURMHFWR FROHFWLYR GD UiGLRRQOLQHGD(VFROD6XSHULRUGH(GXFDomR3DXOD)UDVVLQHWWLUiGLR4XLQWR $JUDGHoRjIDPtOLDSHORDSRLRSDFLrQFLDHLQFHQWLYR(PSDUWLFXODUDRPHXQDPRUDGR SHODIRUoDWUDQVPLWLGDSDUDDOFDQoDURVPHXVREMHFWLYRV  . . .

(7) 5HVXPR (VWHWUDEDOKRIRLUHDOL]DGRQRVHQWLGRGHPHOKRUFRPSUHHQGHURSHUFXUVRGDUiGLRGHVGH RVVHXVSULPyUGLRVDWpDRVQRVVRVGLDV 3UHWHQGHVDOLHQWDUDLQIOXrQFLDTXHWRGRRSHUFXUVRGHVDILDQWHGHHYROXomRGRVLVWHPDGH WUDQVPLVVmRHOHFWURPDJQpWLFRWHYHQDFULDomRGDUiGLRGLJLWDOHUiGLRRQOLQH 1RPHDGDPHQWH D LPSRUWkQFLD TXH D HQYROYHQWH VyFLRFXOWXUDO  H R GHVHQYROYLPHQWR WHFQROyJLFRDRORQJRGRVWHPSRVWHYHQDIRUPDFRPRVHIL]HUDPFRQWH~GRVGHHPLVVmR UDGLRIyQLFD H QD IRUPD FRPR WHFQLFDPHQWH VH UHDOL]DYDP WUDQVPLVV}HV QXPD SHUVSHFWLYDHYROXWLYDDWpjDFWXDOLGDGH 7HQWDPRVQHVWHWUDEDOKRWUDQVPLWLUDHYROXomRGDUiGLRFRPHoDQGRSHODVXDFULDomRDWp DRVHXPDLVUHFHQWH³IRUPDWR´FRPRDSDUHFLPHQWRGD,QWHUQHW 3DODYUDVFKDYHUiGLRSHUFXUVRWUDQVPLVVm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

(8) ËQGLFH ,QWURGXomR . . . . &RPRQDVFHXDUiGLR . &yGLJR0RUVHFULDomRGRWHOpJUDIRHWHOHJUDILDVHPILRV. . $FULDomRGDUiGLR. . $UiGLRHP3RUWXJDO. $UiGLRHR3RGHU3ROtWLFR . $5iGLRHR(VWDGR1RYR. . $UiGLRHD,,*XHUUD0XQGLDO. . $5iGLRHRGH$EULOGH. 'DUiGLRSLUDWDjUiGLR:HE . $FULDomRGDUiGLRSLUDWD. . $VUiGLRVORFDLV 3RUWR

(9) HRVVHXVPHLRVGHHPLVVmR. )XQGDPHQWRVWpFQLFRVGDUiGLRRQOLQH . $UiGLRGLJLWDO. . &RPRFULDUXPDUiGLRRQOLQH. . $UiGLR8QLYHUVLWiULD. &RQFOXVmR %LEOLRJUDILD  . . .

(10) A†‹ ‡†‡

(11) ƒ‰‡• ,PDJHP6DPXHO0RUVH %LE(76

(12)  ,PDJHP&yGLJR0RUVH $SUHQGDDFRPXQLFDUHPFyGLJR0RUVH

(13)  ,PDJHP*XJOLHOPR0DUFRQL 6LPNLQ

(14)  ,PDJHP(PSUHVDGH1LNROD7HVOD 7HVOD0HPRULDO6RFLHW\RI1HZ<RUN

(15)  ,PDJHP1LNROD7HVODFRPDQRV 

(16)  JKRVWUDGLR

(17)  ,PDJHP&DEHoDOKRVGRMRUQDO³2VpFXOR´ 6LOYD'D7HOHJUDILDVHPILRVj 5DGLRGLIXVmR

(18)  ,PDJHP1RWtFLDGRMRUQDO2VpFXORGHGH)HYHUHLURGH 6LOYD$ 7HOHJUDILDVHPILRVHP3RUWXJDO

(19)  ,PDJHP&DVD256(&3RUWR 6LOYD$5iGLRHP3RUWXJDOHPGDWDV

(20)  ,PDJHP$ELOtR1XQHVGRV6DQWRV-XQLRU DPLQKDUDGLR$PLQKD5iGLR

(21)  ,PDJHP0DUFRQL DRFHQWUR

(22) HP/LVERD 6LOYD$5iGLRHP3RUWXJDOHPGDWDV 

(23)  ,PDJHP5iGLR5HQDVFHQoD/RJR 6LOYD$5iGLRHP3RUWXJDOHPGDWDV

(24)  ,PDJHP$GROI+LWOHU /LEHUWDULDQ1DWLRQDO6RFLDOLVW*UHHQ3DUW\

(25)  ,PDJHP$QWyQLRGH2OLYHLUD6DOD]DU 3HGUR

(26)  ,PDJHP$VSHFWRGD6HFomR3RUWXJXHVDGHFRUUHVSRQGrQFLDHLQIRUPDo}HV 6LOYD$ UiGLRSRUWXJXHVDHD,,*XHUUD0XQGLDO

(27)  ,PDJHP)HUQDQGR3HVVD 7HL[HLUD

(28)  ,PDJHP7UDQVPLVVRUSRUWiWLOGHHPHUJrQFLDPRGHOR6&5 ([pUFLWR $PHULFDQR

(29)  ,PDJHP6ROGDGRVHFLYLV 

(30)  ,PDJHP*HQHUDO$QWyQLRGH6StQROD *DJHLUR

(31)  ,PDJHP5RQDQ25DKLOO\ 5DGLR&DUROLQH/D$XWpQWLFD5DGLR(QFXELHUWD

(32)  ,PDJHP(PEDUFDomRGHXPDUiGLRSLUDWD5DGLR&DUROLQH ,PDJHP1RWtFLDGDLPSUHQVDLQJOHVD 5DGLR&DUROLQH

(33)  ,PDJHP2VGRLVQDYLRV&DUROLQHDQFRUDGRVHP$PHVWHUGmR 

(34)  ,PDJHP/RJR5iGLR76) 76)5iGLR1RWtFLDV

(35)  .

(36) ,PDJHP(VW~GLRVHPLVVRUHVGD5iGLR3RUWR 6LOYD$V5iGLRVQR3RUWR 

(37)  ,PDJHP6RFLHGDGH(PLVVRUHVGR1RUWH5HXQLGRV 6LOYD$V5iGLRVQR3RUWR 

(38)  ,PDJHP,GHQWLILFDomRSXEOLFLWiULDGD5iGLR&ODTXHWH 6LOYD$V5iGLRVQR3RUWR 

(39)  ,PDJHP/RJRGD5iGLR3ODFDUG 6LOYD$V5iGLRVQR3RUWR

(40)  ,PDJHP(VSHFWURJHUDOGHDWULEXLomRGHIUHTXrQFLDV 0HUJXHULDQ

(41)  ,PDJHP)DL[DGHUDGLRIUHTXrQFLDVGHD0+] 9+)

(42)  0HUJXHULDQ

(43)  ,PDJHP*UiILFRGHRQGDVGHEDL[DHDOWDIUHTXrQFLD 'LDV

(44)  ,PDJHP0iULR6RDUHV 353DUDEpQV0iULR6RDUHV

(45)  ,PDJHP$Q~QFLRGD388* 3RUWXJXHVH8QL[8VHU*URXS

(46)  388*3RUWDSDUDD LQWHUQHWGHVGH

(47)  ,PDJHP(VTXHPDUHSUHVHQWDWLYRGRIXQFLRQDPHQWRGDUiGLRGLJLWDO 6WDII

(48)  ,PDJHP$SDUHOKRGHUiGLRGLJLWDO 6WDII

(49)  ,PDJHP/RJR6KRXWFDVW &DVWUR

(50)  ,PDJHP/RJR/LYHFRP ,PDJHP/RJR,FHFDVW &DVWUR

(51)  ,PDJHP/RJRGD5iGLR8QLYHUVLGDGHGH&RLPEUD 5iGLR8QLYHUVLGDGHGH&RLPEUD 

(52)  ,PDJHP/RJRGD5iGLR8QLYHUVLWiULDGR0LQKR %DVHGH'DGRVGH5iGLR

(53)  ,PDJHP/RJR5iGLR4XLQWR . . .

(54) 2SHUFXUVRGD5iGLR'RDQDOyJLFRDRYLUWXDO . ,QWURGXomR. ,QWURGXomR  $ QHFHVVLGDGH GH GHVHQYROYHU R IXQGDPHQWR KLVWyULFR TXH VHUi UHIHUHQFLDGR QHVWH WUDEDOKR QDVFHX D SDUWLU GD LGHDOL]DomR GH FULDomR GH XPD UiGLR RQOLQH SHUWHQFHQWH j (VFROD6XSHULRUGH(GXFDomRGH3DXOD)UDVVLQHWWL 1RVHQWLGRGHQRVDMXGDUDPHOKRUFRPSUHHQGHUHFRQKHFHUHVWHPXQGRIDVFLQDQWHTXHp DUiGLRQRGHFRUUHUGDV SiJLQDVVHJXLQWHVVHUi UHODWDGD DKLVWyULDGR DSDUHFLPHQWRGH XP GRV PHLRV GH FRPXQLFDomR PDLV DQWLJRV GR PXQGR EHP FRPR DV VXDV FDUDFWHUtVWLFDVQRVGLDVGHKRMH &RPRFUX]DPHQWRGHGLIHUHQWHVWHFQRORJLDVHVREUHRROKDUGDHYROXomRGDVVRFLHGDGHV GLJLWDLV VXUJHP KRMH HP GLD GLIHUHQWHV IRUPDV GH WUDQVPLVVmR GHL[DQGR D RSomR DQDOyJLFDGHHPLVVmRGHRQGDVHOHFWURPDJQpWLFDVSHUGHUDH[FOXVLYLGDGH 1RHQWDQWRDQWHVGRDSDUHFLPHQWRGDUDGLRGLIXVmRVRQRUDGLJLWDOWHUUHVWUHDUiGLRFULRX WRGD XPD KLVWyULD HQYROYHQWH DR ORQJR GDV GpFDGDV GR VpFXOR ;; SDVVDQGR SRU GLIHUHQWHV FHQiULRV WURFDQGR D ³URXSD GD VXD DOPD´ DWUDLQGR DTXHOHV TXH GHOD ID]LDP YR]HTXHGLILFLOPHQWHDFRQVHJXLULDPDEDQGRQDU 3DUDIXQGDPHQWDUHVWDSHUVSHFWLYDDERUGDPRVQRSULPHLURFDStWXORDKLVWyULDGDRULJHP GD UiGLR 2V FXULRVRV TXH DQWHV GR LQtFLR GR VpFXOR ;; FRQFUHWL]DYDP H[SHULrQFLDV WHOHJUiILFDV GHSRLV GD JHQLDO FULDomR GR WHOpJUDIR FRPR LQVWUXPHQWR GH FRPXQLFDomR 0DLVWDUGHpGHVFREHUWDDWHOHJUDILDVHPILRVTXHGiRULJHPjVSULPHLUDVFRPXQLFDo}HV DOJXPD YH] UHDOL]DGDV VHP D XWLOL]DomR GH ILRV $LQGD DQWHV GR LQtFLR GR VpFXOR ;; p LQYHQWDGR R SULPHLUR PRGHOR GH DSDUHOKR GH UiGLR e WDPEpP IHLWD UHIHUrQFLD DR DSDUHFLPHQWR GD UiGLR HP 3RUWXJDO H DR VHX LPSDFWR QD QRVVD FXOWXUD GR LQtFLR GR VpFXOR;; $YDQoDQGR SDUD D LPSRUWkQFLD GD UiGLR FRPR XP PHLR GH FRPXQLFDomR TXH WRPRX UXPRV GH XWLOL]DomR WmR GLYHUVRV GHVGH D VXD XWLOL]DomR QR VHUYLoR PLOLWDU j VXD LPSRUWkQFLD FRPR PHLR SULQFLSDO GH UHFHSomR LQIRUPDWLYD HQWUDPRV QR FDStWXOR  2QGH QRV UHIHULPRV HVVHQFLDOPHQWH j LQIOXrQFLD GDV DGYHUVLGDGHV GR DPELHQWH VRFLR HFRQyPLFR QD UiGLR WDQWR D QtYHO PXQGLDO ,, *XHUUD 0XQGLDO

(55)  FRPR QDFLRQDO  GH $EULOGH

(56)  /tGLD/RSHV%DUERVDă-XOKR. . .

(57) 2SHUFXUVRGD5iGLR'RDQDOyJLFRDRYLUWXDO . ,QWURGXomR. 1R FDStWXOR  DFKDPRV SHUWLQHQWH DSURIXQGDU XP SRXFR PDLV R HVSLUtWR FULDWLYR H YDQJXDUGLVWDTXHHVWHYHQDRULJHPGDUiGLRFRPRXPPHLRDVVXPLGDPHQWHLPSRUWDQWH QD FODVVH GRV PpGLD H FDSD] GH FRQTXLVWDU WRGRV WDQWR RXYLQWHV FRPR SDUWLFLSDQWHV DFWLYRV HP HPLVV}HV )D]VH XP UHVXPR GD FULDomR GD UiGLR SLUDWD DWp j UiGLR :HE QXPD SHUVSHFWLYD PXQGLDO H QDFLRQDOLVWD UHIHULPRQRV HVSHFLILFDPHQWH j ]RQD GR JUDQGH3RUWR 3DUDFXOPLQDURVHXGHVHQYROYLPHQWRDSyVFHUFDGHDQRVGHWUDQVPLVVmRQRFDStWXOR  H[S}HPVH LGHLDV DFHUFD GH XPD UiGLR j LPDJHP GH XP PXQGR PRGHUQR RQGH D DGHVmRDRPXQGRYLUWXDOVHULDGLItFLOGHHYLWDU               . . /tGLD/RSHV%DUERVDă-XOKR. . .

(58) 2SHUFXUVRGD5iGLR'RDQDOyJLFRDRYLUWXDO . &RPRQDVFHXDUiGLR.  &RPRQDVFHXDUiGLR .  &yGLJR0RUVHFULDomRGRWHOpJUDIRHWHOHJUDILDVHPILRV  2FyGLJR0RUVHIRLLQYHQWDGRSRU6DPXHO0RUVHFLGDGmRQRUWHDPHULFDQRSURIHVVRU GH DUWHV H GHVLJQ QD 8QLYHUVLGDGH GH 1RYD ,RUTXH SRU YROWD GH  7UDWDVH GH XP VLVWHPD GH FRGLILFDomR GH PHQVDJHQV j GLVWkQFLD LVWR p 6DPXHO 0RUVH FULRX XPD HVSpFLHGHOLQJXDJHPSDUDVHFRPXQLFDUjGLVWkQFLDDWUDYpVGHVLQDLVGHGXUDomR FXUWD SRQWRV

(59)  RX ORQJD WUDoRV

(60)  $ FRQKHFLGD H[SUHVVmR ³626´  p XP GRV VtPERORV GDV PHQVDJHQVGH0RUVH 1R HQWDQWR HUD QHFHVViULR  FULDU XPD IRUPD GH WUDQVPLWLU HVWDV PHQVDJHQV 8PD YH] TXH D OLQJXDJHP Mi H[LVWH p LQYHQWDGR R WHOpJUDIR 6DPXHO 0RUVH FRQKHFLD R HOHFWURtPDQ :LOOLDP 6WXUJHRQ 

(61)  H VDELD TXH HVWH VH WUDWDYDGHXPILRFRQGXWRUGHHOHFWULFLGDGH (P  GXUDQWH XPD YLDJHP GH EDUFR 6DPXHO 0RUVH GHSRLVGHYiULDVFRQYHUVDVFRPSDVVDJHLURVFRQFHEHDLGHLD ,PDJHP6DPXHO0RUVH %LE(76

(62) . GHXWLOL]DURHOHFWURtPDQFRPRLQVWUXPHQWRSDUDHVWDEHOHFHU DFRPXQLFDomR. $VVLP R SRQWR R WUDoR H R HVSDoR VHULDP WUrV VtPERORV D XWLOL]DU HP VXEVWLWXLomR GDV OHWUDVGRDOIDEHWRHPPHQVDJHQVjGLVWkQFLD.  ,PDJHP&yGLJR0RUVH $SUHQGDDFRPXQLFDUHPFyGLJR0RUVH

(63) . /tGLD/RSHV%DUERVDă-XOKR. . .

(64) 2SHUFXUVRGD5iGLR'RDQDOyJLFRDRYLUWXDO . &RPRQDVFHXDUiGLR. . %DVHDGR QR WUDEDOKR GR EULWkQLFR -RVHSK +HQU\ GH  0RUVH LGHDOL]RX XP VLVWHPD WHOHJUiILFREHPVXFHGLGR 5HJLVWD D SDWHQWH GR VHX WHOpJUDIR QR DQR GH 8P DQR GHSRLV UHDOL]D D SULPHLUD GHPRQVWUDomRS~EOLFDGHVWHQRYRLQVWUXPHQWRGHFRPXQLFDomR $SyVDFRQVWUXomRGDOLQKDWHOHJUiILFDH[SHULPHQWDOHQWUH:DVKLQJWRQH%DOWLPRUHHP  D PHQVDJHP ³4XH REUDV IH] 'HXV"´  IRL HQYLDGD GR JDELQHWH GR 6XSUHPR 7ULEXQDOHP:DVKLQJWRQSDUD%DOWLPRUHHJUDYDGDHPILWDGHSDSHO 7HOHJUDILD VHP ILRV :LUHOHVV 7HOHJUDSK\

(65)  VXUJH HP  FRP R FLHQWLVWD EULWkQLFR -DPHV &OHUN 0D[ZHOO TXH LGHDOL]RX D SRVVLELOLGDGH GH FULDU RQGDV HOHFWURPDJQpWLFDV TXHSXGHVVHPGHVORFDUVHjYHORFLGDGHGDOX] (P  R EULWkQLFR 2OLYHU /RGJH HQYLRX VLQDLV HP FyGLJR 0RUVH D XPD GLVWkQFLD DSUR[LPDGDGHNP1DVFHXDWHOHJUDILDVHPILRV (QWUHWDQWRHVWHDVVXQWRHUDREMHFWRGHHVWXGRHPWRGRRPXQGR2VUXVVRVFRQVWUXLUDP XP UHFHSWRU SDUD GHWHFWDU HOHFWURPDJQHWLVPR QD DWPRVIHUD 3UHYLUDP WDPEpP D VXD XWLOLGDGHQDGHWHFomRGHVLQDLVjGLVWkQFLD (P,WiOLDDQRGHRHOHFWURPDJQHWLVPRHVWDYDDVHUHVWXGDGRHH[SHULPHQWDGRGH IRUPDLQGHSHQGHQWHSHORMRYHPFLHQWLVWD*XJOLHOPR0DUFRQL 0DUFRQLHUDILOKRGHXPLWDOLDQRULFRHPmHLUODQGHVD)UHTXHQWRXR,QVWLWXWR7pFQLFR GH/LYRUQRHD8QLYHUVLGDGHGH%RORQKD 1DVVXDVH[SHULrQFLDVXWLOL]DYDXPWHOpJUDIREDVHDGRQRVSULQFtSLRVItVLFRVGRDOHPmR +HLQULFK+HUW]1RHQWDQWRFULRXDOWHUDo}HV FRPRSDVVDURILRUHFHSWRUHWUDQVPLVVRU SRU WHUUD $SHUFHEHXVH TXH XPD DQWHQD LVRODGD SHUPLWLD DXPHQWDU D GLVWkQFLD GH WUDQVPLVVmR 3DWHQWHRX R VHX WHOpJUDIR VHP ILRV HP  H HVWDEHOHFHX D 0DUFRQL V :LUHOHVV 7HOHJUDSK&RPSDQ\HP/RQGUHVMiTXHLQIHOL]PHQWHR*RYHUQRLWDOLDQRGDDOWXUDQmR DSRLRXDVXDLQLFLDWLYD. /tGLD/RSHV%DUERVDă-XOKR. . .

(66) &RPRQDVFHXDUiGLR. 2SHUFXUVRGD5iGLR'RDQDOyJLFRDRYLUWXDO .  . ,PDJHP*XJOLHOPR0DUFRQL 6LPNLQ

(67) . $SDUWLUGHVWHPRPHQWRHP0DUFRQLFRQVHJXLDHVWDEHOHFHUFRPXQLFDomRDWUDYpV GR &DQDO ,QJOrV 'RLV DQRV DSyV HQYLDU XPD PHQVDJHP UHFHEHX D OHWUD ³6´ TXH FRQILUPDYDDSULPHLUDFRPXQLFDomRWHOHJUiILFDWUDQVDWOkQWLFDUHDOL]DGDFRPVXFHVVRHP  ³1D $PpULFD D H[SUHVVmR :LUHOHVV 7HOHJUDSK\ 7HOHJUDILD VHP ILRV

(68)   IRL XVDGD DWp FHUFD GH  GHSRLV GHVWD GDWD D GHVLJQDomR RILFLDO SDVVRX D VHU VLPSOHVPHQWH 5iGLR´ 6LOYD7HOHJUDILDVHPILR

(69)   .  $FULDomRGDUiGLR  $SHVDU GDV GHVFREHUWDV GH 0DUFRQL IRL R MXJRVODYR 1LNROD 7HVOD FRP IRUPDomR DFDGpPLFDQDiUHDGDHOHFWULFLGDGHDSULPHLUDSHVVRDDSDWHQWHDUDUiGLR (P  FRQVHJXLX XP HPSUHJR QD &RPSDQKLD &RQWLQHQWDO (GLVRQ HP 3DULV 'RLV DQRVPDLVWDUGHGHSRLVGHWHUVLGRFRQVDJUDGR³ERPHQJHQKHLUR´QHVWDHPSUHVDYLDMRX DWp 1RYD ,RUTXH SDUD FRQKHFHU R SUySULR SUHVLGHQWH GD HPSUHVD 7KRPDV (GLVRQ 1R HQWDQWR HVWH HQFRQWUR QmR IRL FRPR 7HVOD LGHDOL]RX H QmR WDUGRX D GHPLWLUVH GD HPSUHVDSHORIDFWRGH(GLVRQVHULQFUpGXORHPUHODomRjVLGHLDVGH7HVODHSRUQmRR EHQHILFLDUILQDQFHLUDPHQWHSHODVVXDVGHVFREHUWDV. /tGLD/RSHV%DUERVDă-XOKR. . .

(70) 2SHUFXUVRGD5iGLR'RDQDOyJLFRDRYLUWXDO . &RPRQDVFHXDUiGLR. ³7RUQRXVHXPFLGDGmRDPHULFDQRHPHVXDQRYDWHFQRORJLDVHULDVHXSUHVHQWH GH DJUDGHFLPHQWR SDUD VHX SDtV DGRSWLYR XP PHLR GH WUDQVPLWLU HQHUJLD LQVWDQWkQHDPHQWH DWUDYpV GH TXDOTXHU GLVWkQFLD SHOR DU (QHUJLD JUiWLV SDUD WRGRV´ 1LNROD7HVOD

(71)  (P7HVODFULRXXPPRGHORGHUiGLRSDWHQWHDGRDGH1RYHPEURGH 1HVVHPHVPRDQRH[LELXFRPRIXQFLRQDYDHVWDLQYHQomRDWUDYpVGHRQGDVUDGLRDFWLYDV FRQWURODQGRXPEDUFRURERW

(72) QXPDH[SRVLomRHP0DGLVRQ6TXDUH*DUGHQ (VWH EDUFR URERW IRL FRQVWUXtGR SRU 7HVOD FRP XPD DQWHQD TXH WUDQVPLWLD RQGDV GH UiGLR YLQGDV GR SRVWR GH FRPDQGR RQGH HVWH VH HQFRQWUDYD (VVDV RQGDV UiGLR HUDP UHFHELGDVDWUDYpVGHXPSHTXHQRDSDUHOKRFRKHVRURTXDOWUDQVIRUPDYDRQGDVUiGLRHP PRYLPHQWRVPHFkQLFRVQDVKpOLFHVGREDUFR$VVLP7HVODFRQVHJXLDDOWHUDUDGLUHFomR GREDUFRDOJRTXHVyVHULDSRVVtYHOVHHVWLYHVVHDOJXpPDID]rORPDQXDOPHQWHQRSRVWR GHFRQWUROR (VWDLQYHQomRIRLQRWtFLDGHSULPHLUDSiJLQDQD$PpULFD .  ,PDJHP(PSUHVDGH1LNROD7HVOD 7HVOD0HPRULDO6RFLHW\RI1HZ<RUN

(73) .  +RMHHPGLDDPDLRUSDUWHGDVSHVVRDVSHQVDTXH*XJOLHOPR0DUFRQLIRLRSDLGDUiGLR HTXH7HVODQmRIH]PXLWDVGHVFREHUWDVQHVWDiUHD(IHFWLYDPHQWHDVSULPHLUDVSDWHQWHV GDUiGLRIRUDPDWULEXLGDVD0DUFRQL&RQWXGR7HVODWHULDVLGRRSULPHLURDGHVHQYROYHU LQYHVWLJDomRSDUDDGHVFREHUWDGDUiGLR /tGLD/RSHV%DUERVDă-XOKR. . .

(74) &RPRQDVFHXDUiGLR. 2SHUFXUVRGD5iGLR'RDQDOyJLFRDRYLUWXDO . .  ,PDJHP1LNROD7HVODFRPDQRV 

(75)  JKRVWUDGLR

(76) .  1LNROD7HVODWHQWRXSURYDUTXHD UiGLRHUDXPD LQYHQomRVXDPDVLVVRQmRDFRQWHFHX DWp  DQR HP TXH DOJXPDV SDWHQWHV GH 0DUFRQL IRUDP GDGDV FRPR LQYiOLGDV SRLV QRVVHXVSURMHFWRVXWLOL]RXYiULDVSDWHQWHVGH7HVOD TXHIDOHFHXQHVVHPHVPRDQRFRP DQRV

(77)  1D DOWXUD GHVWDV GHVFREHUWDV PXLWRV HUDP DTXHOHV TXH XP SRXFR SRU WRGR R PXQGR WHQWDYDP D VXD VRUWH LQYHQWDQGR VLVWHPDV TXH SHUPLWLVVHP R IXQFLRQDPHQWR GD UiGLR (UD DVVLP TXH YLYLD R EUDVLOHLUR 5REHUWR /DQGHOO GH 0RXUD TXH WDPEpP UHDOL]RX WUDQVPLVV}HV1R%UDVLODSULPHLUDWUDQVPLVVmRSRUUiGLRIRLUHDOL]DGDHP  .  $UiGLRHP3RUWXJDO  1mRH[LVWHPLQGtFLRVDFHUFDGRLQWHUHVVHSHODWHOHJUDILDVHPILRVHP3RUWXJDODQWHVGR LQtFLRGRVpFXOR;;1RHQWDQWRGHVGHRVpFXOR;,;TXHHUDPUHDOL]DGRVHVWXGRVVREUH HOHFWURPDJQHWLVPRHIXQGDPHQWRVGDGLIXVmRGHPHQVDJHQVSHORDUQDV8QLYHUVLGDGHV GH/LVERD3RUWRH&RLPEUD /tGLD/RSHV%DUERVDă-XOKR. . .

(78) 2SHUFXUVRGD5iGLR'RDQDOyJLFRDRYLUWXDO . &RPRQDVFHXDUiGLR. (P0DUoRGH3RUWXJDOFRPHoDDXWLOL]DURVSULPHLURVDSDUHOKRVGHEDL[DSRWrQFLD TXH WUDQVPLWLDP DV ³IDPRVDV´ RQGDV HOHFWURPDJQpWLFDV QD 0DULQKD H QR ([pUFLWR 2 MRUQDOGDDOWXUD³26pFXOR´FKHJRXDSXEOLFDUQRWtFLDVHPGHVWDTXHGHSULPHLUDSiJLQD VREUHHVWDUHFHQWHWHFQRORJLD .  ,PDJHP&DEHoDOKRVGRMRUQDO³2VpFXOR´ 6LOYD'D7HOHJUDILDVHPILRVj5DGLRGLIXVmR

(79) .  $SDODYUD³UiGLR´GHULYDGHXPQHRORJLVPRGRSURIHVVRUeGRXDUG%UDGO\SDUDGHVLJQDU RDSDUHOKRTXHWLQKDLQYHQWDGRHPGHVLJQDGRUDGLRFRQGXFWRU(SURYpPGRODWLP UDGLXVTXHVLJQLILFDUDLR (P3RUWXJDOIRUDPXVDGRVWHUPRVFRPRUDGLRWHOHJUDILDWHOHJUDILDVHPILRVQRHQWDQWR FRP D DGDSWDomR GD SDODYUD ³WHOHSKRQH´ ± XVDGD GHVGH D LQVWDODomR GRV SULPHLURV DSDUHOKRV HP 3RUWXJDO HP  ± VXUJLX D H[SUHVVmR ³WHOHIRQLD VHP ILRV´ SRLV Mi HUD SRVVtYHOVXEVWLWXLUDHVFULWD FyGLJR0RUVH

(80) SHODRUDOLGDGH .  ,PDJHP1RWtFLDGRMRUQDO2VpFXORGHGH)HYHUHLURGH 6LOYD$7HOHJUDILDVHPILRV HP3RUWXJDO

(81) .  ³$VSULPHLUDVH[SHULrQFLDVFRPD7HOHJUDILD6HP)LRVHP3RUWXJDOIRUDPUHDOL]DGDVD GH0DUoRGHHP/LVERDHQWUHRIRUWHGD5DSRVHLUDQD7UDIDULDHR5HJLPHQWR /tGLD/RSHV%DUERVDă-XOKR. . .

(82) 2SHUFXUVRGD5iGLR'RDQDOyJLFRDRYLUWXDO . &RPRQDVFHXDUiGLR. GH (QJHQKDULD QR IRUWH GR $OWR GR 'XTXH 'LULJLUDP HVWHV WHVWHV GHVGH R IRUWH GD 7UDIDULDR&DSLWmR-RmR6HYHURGD&XQKDHR7HQHQWH3HGUR$OYDUHV $VVLVWLXDHVWH SULPHLUR HQVDLR R 0LQLVWUR GD *XHUUD GD DOWXUD H R FRPDQGDQWH GD  GLYLVmR GH HQJHQKDULD´ 6LOYD$7HOHJUDILDVHPILRVHP3RUWXJDO

(83)  0DVVyHPVHVRXEHTXDQGRIRLUHDOL]DGDDSULPHLUDFRPXQLFDomRVHPILRVFLYLO GHSRLVGDSXEOLFDomRGHXPDUWLJRQRMRUQDO³26pFXOR´ ³)RUDP GRLV HPSUHJDGRV GRV &RUUHLRV H 7HOpJUDIRV TXH D  GH 0DLR  IL]HUDP DTXHODTXHVHSRGHFRQVLGHUDUDSULPHLUDHPLVVmRFLYLOGH76)HP3RUWXJDOHQWUHR FUX]DGRU³'&DUORV´HD(VWDomRGH6HPiIRURVGH&DVFDLV $ H[SHULrQFLD YHP UHODWDGD QRV MRUQDLV GD pSRFD 2 Qž  GD UHYLVWD ³76) HP 3RUWXJDO´ HGLWDGD HP  GH 0DUoR GH  

(84) ´ 6LOYD 'D 7HOHJUDILD VHP ILRV j 5DGLRGLIXVmR

(85)  (VWDH[SHULrQFLDIRLH[HFXWDGDFRPr[LWR(GRLVDQRVPDLVWDUGHSHODSULPHLUDYH]R QDYLR PHUFDQWH ³3RUWXJDO´ IRL HTXLSDGR FRP R QRYR VLVWHPD VHP ILRV GD FRQKHFLGD PDUFDGDDOWXUD6ODE\ $UFR &RPR IRUPD GH WHUPLQDU FRP R LVRODPHQWR GR DUTXLSpODJR GRV $oRUHV IRL WDPEpP FRQFUHWL]DGR HP  XP FRQWUDWR HQWUH D HPSUHVD (DVWHUQ 7HOHJUDSK H D 'LUHFomR *HUDOGH7HOHJUDSKRV&RUUHLRVH7HOHIRQH2DUTXLSpODJRHVWDYDOLJDGRDRFRQWLQHQWH LPDJLQHVHDSHQDVSRUFDERVVXEPDULQRV ³2VFDERVVXEPDULQRVDVVRFLDGRVjFRPXQLFDomRWHOHJUiILFDVLJQLILFDUDPXPJUDQGH DYDQoRQDUDSLGH]HQDJHQHUDOL]DomRGDLQIRUPDomRHGDVQRWtFLDV´ &0+RUWD

(86)  $PDGHX 9DVFRQFHORV IRL R SULPHLUR SRUWXJXrV D HGLWDU LQIRUPDomR DFHUFD GR WHPD GD FRPXQLFDomRVHPILRVHPIRUPDGHOLYURHP (VWH DVVXQWR FRPHoRX D VHU EDVWDQWH IDODGR H VXUJLUDP PXLWRV FXULRVRV 1R HQWDQWR FRPR VHULD GH SUHYHU D LQWHUYHQomR JRYHUQDPHQWDO QmR WDUGRX D HVWDEHOHFHU UHJUDV H OLPLWDo}HV QDV FRPXQLFDo}HV UHDOL]DGDV (P  D 'LUHFomR *HUDO GH 7HOHJUDSKRV &RUUHLRV H )DUyLV GHFLGH SURLELU D HPLVVmR H UHFHSomR GH VLQDLV UDGLRIyQLFRV 1R HQWDQWRFRQWLQXRXVHDID]HUFRPXQLFDo}HVPDVGHIRUPDDXWyQRPD. /tGLD/RSHV%DUERVDă-XOKR. . .

(87) &RPRQDVFHXDUiGLR. 2SHUFXUVRGD5iGLR'RDQDOyJLFRDRYLUWXDO . 1D DOWXUD UHDOL]DYDPVH DOJXPDV FRPXQLFDo}HV UDGLRIyQLFDV FRP PXLWR SRXFD TXDOLGDGHHGHIRUPDLQGHSHQGHQWHLVWRpFRPXQLFDo}HVHIHFWXDGDVjFXVWDGHTXHPDV H[SHULPHQWDYD H QD PDLRULD GRV FDVRV FRP SRXFR VXFHVVR 1R HQWDQWR DOJXQV GHVWHV FXULRVRVPHUHFHPVHUUHIHULGRV 1D FLGDGH GR 3RUWR DEULX HP  D FDVD 256(& 2ILFLQDV GH UiGLR 6RP (OHFWULFLGDGHH&LQHPD

(88) SURSULHGDGHGRVLUPmRV2OLYHLUDTXHFRPHUFLDOL]DYDSURGXWRV HOpFWULFRV 0DLV WDUGH HVWHV LUPmRV IXQGDUDP D UiGLR 256(& DQRV 

(89)  &DUDFWHUL]DGD SRUQDVVXDVHPLVV}HVDGRSWDUXPDSRVWXUDPHQRVSRSXODUHPDLVLQWHOHFWXDOL]DGDGR TXH D GDV UHVWDQWHV HVWDo}HV ([HPSOR GLVVR PHVPRHUD R IDFWR GH DEULUHP FRQFXUVRV SDUD ORFXWRUHV HP TXH DV SURYDV HUDP GH GLILFXODGDGH DFLPD GD PpGLD WDLV FRPR OHLWXUDV HP IUDQFrV SRUWXJXrV LQJOrV VLPXODomR GH HQWUHYLVWDV DSUHVHQWDomR GH XP SURJUDPDPXVLFDOFRPGLVFRVHDLQGDVLPXODomRGHUHSRUWDJHPHPGLUHFWR .  ,PDJHP&DVD256(&3RUWR 6LOYD$5iGLRHP3RUWXJDOHPGDWDV

(90) .  (P/LVERD$ELOtR1XQHVGRV6DQWRV-XQLRUFULRXFRQGLo}HVSDUDRDSDUHFLPHQWR GDHVWDomRQDDOWXUDGHQRPLQDGD&7$$5iGLR3RUWXJDO(VWHSURMHFWRIRLFRQWLQXDGR SRU$PpULFRGRV6DQWRV .  ,PDJHP$ELOtR1XQHVGRV6DQWRV-XQLRU DPLQKDUDGLR$PLQKD5iGLR

(91) .  /tGLD/RSHV%DUERVDă-XOKR. . .

(92) &RPRQDVFHXDUiGLR. 2SHUFXUVRGD5iGLR'RDQDOyJLFRDRYLUWXDO . (PVXUJLUDPDVSULPHLUDVPHQVDJHQVGLULJLGDVDRVRXYLQWHV0DVHVWDVHPLVV}HV QmR FKHJDYDP DSHQDV j FLGDGH RULJLQiULD GHVWD UiGLR PDV WDPEpP D RXWURV ORFDLV Mi TXH PDLV WDUGH YHLR D FRPSURYDUVH D FKHJDGD GH PHQVDJHQV FRP DOJXPD TXDOLGDGH VRQRUDSRUH[HPSORjFLGDGHGH7RPDU 1R HQWDQWR DR FRQWUiULR GR TXH DOJXQV SRVVDP SHQVDU IRL QD FLGDGH ,QYLFWD TXH ³RV JORULRVRV PDOXFRV GDV PiTXLQDV IDODQWHV´ 0RXUD 

(93)   FRPHoDUDP D H[SORUDU D SRWHQFLDOLGDGHGRpWHU(VWHWHPDVHUiPLQXFLRVDPHQWHDERUGDGRHP (P  KDYLD FKHJDGR D 3RUWXJDO *XJOLHOPR 0DUFRQL D ILP GH HVWDEHOHFHU QHJRFLDo}HV FRP R JRYHUQR SRUWXJXrV 1R HQWDQWR QmR VH UHDOL]RX TXDOTXHU WLSR GH DFRUGR SRLV D 3RUWXJDO IDOWDYDP FXPSULPHQWRV TXH 0DUFRQL H[LJLD 3RVWHULRUPHQWH YLVLWRX R QRVVR SDtV PDLV YH]HV WHQWDQGR HVWDEHOHFHU DFRUGR FRP RV VXFHVVLYRV JRYHUQDQWHV (P   IRL UHDOL]DGR R FRQWUDWR TXH HVWDULD QD RULJHP GD FULDomR GD &RPSDQKLD 3RUWXJXHVD5iGLR0DUFRQL6$5/PDVVyXPDQRGHSRLVpTXHDVHVWDo}HVHQWUDUDP HP IXQFLRQDPHQWR HP /LVERD 3RUWR 0DGHLUD H $oRUHV 8P DQR PDLV WDUGH WDPEpP IRUDP DEUDQJLGDV DV FLGDGHV GDV FROyQLDV SRUWXJXHVDV  /XDQGD /RXUHQoR 0DUTXHV H &DER9HUGH .  ,PDJHP0DUFRQL DRFHQWUR

(94) HP/LVERD 6LOYD$5iGLRHP3RUWXJDOHPGDWDV

(95) .  $WpDRtQLFLRGRVDQRVIRUDPDSDUHFHQGRHP/LVERDH3RUWRYiULDVHPLVVRUDVFULDGDV SRUH[SHULPHQWDOLVWDVTXHID]LDPGHWXGRXPSRXFRFRQIRUPHDVXDGLVSRVLomRHWHPSR FRPRGHFODPDUSRHPDVHSHoDVGHWHDWURUHDOL]DGDVPXLWDVYH]HVSHORJUXSRGUDPiWLFR GREDLUURGHRQGHHPLWLDP. /tGLD/RSHV%DUERVDă-XOKR. . .

(96) 2SHUFXUVRGD5iGLR'RDQDOyJLFRDRYLUWXDO . $UiGLRHR3RGHU3ROtWLFR. 0DVDSDUWLUGHPXLWRUDSLGDPHQWHFRPHoDUDPDVHUFULDGRVSRVWRVGH76)XP SRXFR SRU WRGR R ODGR GH IRUPD PDLV SURILVVLRQDO H QXPD SHUVSHFWLYD GH VDWLVID]HU R RXYLQWH )RLD&7$$±5iGLR3RUWXJDODTXHODTXHVHWRUQRXPDLVSURILVVLRQDOL]DGDSRLVWLQKD OLQKDV WHOHIyQLFDV GLUHFWDV SDUD R 7HDWUR 1DFLRQDO 6RFLHGDGH GH *HRJUDILD 7HDWUR 9DULHGDGHV H 0DULD 9LWyULD H XP HVW~GLR QR TXDO VH SRGLDP DFRPRGDU XP JHQHURVR Q~PHURGHP~VLFRVSDUDDFWXDo}HV (QWUHHVXUJHPPXLWDVUiGLRVORFDLVD5iGLR&OXEHGD&RVWDGR6RODQWLJD &7 '< 5iGLR 3DUHGH TXH SDVVRX D GHVLJQDUVH 5iGLR &OXEH 3RUWXJXrV D ,GHDO 5iGLR5iGLR&OXEH/XVLWkQLD5iGLR/XVR5iGLR3HQLQVXODUHWF .  $UiGLRHR3RGHU3ROtWLFR .  $5iGLRHR(VWDGR1RYR  'HYHPRVFRPHoDUSRUVDOLHQWDURIDFWRGHDUHODomRHQWUHDUiGLRHRSRGHUSROtWLFRVHU XPWHPDSRXFRHVWXGDGRHGHVHQYROYLGR$SHUWLQrQFLDGRXVRGDUiGLRSHODVHQWLGDGHV JRYHUQDPHQWDLV WRUQD R DVVXQWR LQWHQVDPHQWH FXULRVR GDt D QRVVD LQFRPSUHHQVmR DR FRQVWDWDUPRV TXH GHSRLV GH YiULDV SHVTXLVDV H[LVWH SRXFD LQIRUPDomR VREUH HVWD UHODomRVREUHWXGRQRTXHUHVSHLWDDRQRVVRSDtV $ FRQMXQWXUD VRFLRHFRQyPLFD SRUWXJXHVD GHVWD DOWXUD QmR p PXLWR IDYRUiYHO 6DOD]DU DFDED GH VXELU DR SRGHU H j VXD PDQHLUD YDL LPSRQGR RUGHP QR SDtV (VWDPRV HP PHDGRV GRV DQRV  DV FRQWDV S~EOLFDV HVWmR HTXLOLEUDGDV PDV H[LVWH XP JUDQGH ³YD]LR´QDSRSXODomR1RLQWHULRUGRSDtVYLYHVHTXDVHH[FOXVLYDPHQWHGDDJULFXOWXUDH UHJLVWDPVHEDL[RVtQGLFHVGHHVFRODULGDGH 3RUWXJDOHUDXPSDtVGHDQDOIDEHWRVSRUTXHDHGXFDomRQmRHVWDYDDRDOFDQFHGHWRGRV $SHVDU GD H[LVWrQFLD GH HQVLQR S~EOLFR HVWD QmR FKHJDYD D PXLWDV ]RQDV GR LQWHULRU ORQJHGRVJUDQGHVFHQWURVXUEDQRV /tGLD/RSHV%DUERVDă-XOKR. . .

(97) $UiGLRHR3RGHU3ROtWLFR. 2SHUFXUVRGD5iGLR'RDQDOyJLFRDRYLUWXDO . $VVLP R DSDUHFLPHQWR GD UiGLR FRQTXLVWRX DV SRSXODo}HV PHQRV DOIDEHWL]DGDV H FRP GLItFLO DFHVVR j LQIRUPDomR $ UiGLR IRL XPD ³OXIDGD GH DU IUHVFR´ TXH HQWUHWLQKD H LQIRUPDYD DV SRSXODo}HV TXH VH UHXQLDP FRP YL]LQKRV SDUD RXYLU SURJUDPDV PDLV DSUHFLDGRVHPWDUGHVEHPSDVVDGDVFRQYLYHQGRHWURFDQGRRSLQL}HVVREUHRTXHDUiGLR WUDQVPLWLD (P0DLRGHUHDOL]RXVHR,&RQJUHVVRGH5DGLRWHOHIRQLDSURPRYLGRSHORMRUQDO ³2 6pFXOR´ ,QLFLDUDPVH DV SULPHLUDV RULHQWDo}HV JRYHUQDPHQWDLV VREUH R IXQFLRQDPHQWR GHVWH QRYR DSDUHOKR $VVLP IRL GHWHUPLQDGR QHVWH FRQJUHVVR TXH D SXEOLFLGDGH VHULD SURLELGD SRLV RV SRVWRV GH HPLVVmR UDGLRIyQLFD QmR GHYHULDP VHU LQVWUXPHQWR GH HVSHFXODomR FRPHUFLDO &RPR VHULD GH HVSHUDU VHP ³D DMXGD´ GD SXEOLFLGDGHWRUQRXVHPXLWRGLItFLOPDQWHUDVHVWDo}HVUDGLRIyQLFDVHPIXQFLRQDPHQWR 'HVWDIRUPDPXLWRVYLUDPRVHXILPHGHUDPOXJDUDRVSRVWRVFRPFREHUWXUDQDFLRQDO 2 5iGLR &OXEH 3RUWXJXrV SURSULHGDGH GH -RUJH %RWHOKR 0RQL] RILFLDO GR ([pUFLWR LQDXJXURX HP  R QRYR HVSDoR GHGLFDGR j WUDQVPLVVmR GH HPLVV}HV ³DSURYDGDV´ SHOR(VWDGR1RYRGH6DOD]DUHHVWDVLPFRPDXWRUL]DomRSDUDH[SORUDUDSXEOLFLGDGH ³$ SDUWLU GH  TXDQGR Mi HPLWLD DWp j XPD KRUD GD PDQKm 2 QRPH GH -RUJH %RWHOKR0RQL]HRVHXLQGLFDWLYR&7*/ILFDUDPWDPEpPQDKLVWyULDGD5iGLRGHYLGR DR SULPHLUR UHODWR UDGLRIyQLFR GH XP MRJR GH IXWHERO UHDOL]DGR QR DQR GH  HP /LVERDHQWUHDVVHOHFo}HVGH3RUWXJDOHGD+XQJULD´ $UiGLRHP3RUWXJDO

(98)  2(VWDGR1RYRWLQKDWRWDOVREHUDQLDVREUHRXVRGDWHOHIRQLDVHPILRVHP3RUWXJDOHHP  IRL LQDXJXUDGD D (PLVVRUD 1DFLRQDO GH 5DGLRGLIXVmR TXH p D DFWXDO 5'3 ± 5DGLRGLIXVmR3RUWXJXHVD 1R DQR VHJXLQWH VXUJLUDP DV SULPHLUDV HPLVV}HV H[SHULPHQWDLV GD FRQKHFLGD 5iGLR 5HQDVFHQoD 55

(99) DHPLVVRUD&DWyOLFD.  ,PDJHP5iGLR5HQDVFHQoD/RJR 6LOYD$5iGLRHP3RUWXJDOHPGDWDV

(100) .  /tGLD/RSHV%DUERVDă-XOKR. . .

(101) 2SHUFXUVRGD5iGLR'RDQDOyJLFRDRYLUWXDO . $UiGLRHR3RGHU3ROtWLFR. &RPRDUiGLRHP3RUWXJDOQDVFHQXPFRQWH[WRSROtWLFRDXWRULWiULRDVXDGLIXVmRYDLGH HQFRQWURDRVLGHDLVGRJRYHUQR 6HQGRDUHOLJLmR&ULVWmDTXHODFXMRVSUtQFLSLRVSUHYDOHFLDPQRHVWLORGHYLGDHYDORUHV GD FKHILD GR (VWDGR EHP FRPR GR SRYR SRUWXJXrV IRL LPSRUWDQWH D FULDomR GH XPD UiGLRGHtQGROHFDWyOLFD$LJUHMDIRLDUHVSRQViYHOSHODFULDomRGD55HIRUDPRVVHXV ILpLVTXHQXPDIDVHLQLFLDODMXGDUDPFRPDDQJDULDomRGHIXQGRVjFULDomRGDPHVPD (P  D 55 p RILFLDOL]DGD SHOR (VWDGR 1RYR FRPR PHPEUR GD $FomR &DWyOLFD 3RUWXJXHVDHFRPHoDDHPLWLURILFLDOPHQWHXPDYH]TXHDWpjGDWDDVVXDVWUDQVPLVV}HV HUDPFRQVLGHUDGDVH[SHULPHQWDLV $55HR5iGLR&OXEH3RUWXJXrVHUDPDVGXDVPDLRUHVHPLVVRUDVSULYDGDVGXUDQWHR (VWDGR1RYR $VUHVWDQWHVHVWDo}HVHPLWLDPHPKRUiULRVUHGX]LGRVHFRPSRXFDTXDOLGDGHUHIOH[RGD IDOWDGHILQDQFLDPHQWRHIDOWDGHDXWRUL]DomRSROtWLFDSDUDRDODUJDPHQWRGRVSHUtRGRVGH WUDQVPLVVmRHUHIRUoRGHPDWHULDOWpFQLFRGHPDLVTXDOLGDGH 'H TXDOTXHU PRGR FRQVHJXLDP HPLWLU DOLiV YiULDV UiGLRV ³QDVFLDP´ QHVWD DOWXUD XP SRXFRSRUWRGRRSDtVHQWUHHODV3RUWXHQVH5iGLR&OXEHQR3RUWR(PH[LVWLDP FHUFD GH  SRVWRV GH UiGLRV DPDGRUDV H PDLV GH GXDV GH]HQDV GH HPLVVRUDV SDUWLFXODUHV (VWH FHQiULR GH FUHVFLPHQWR H H[SHULPHQWDomR LULD WHU R VHX ILP FRP D ³H[SORVmR SROtWLFD´ TXH FXOPLQRX QD ,, *XHUUD 0XQGLDO HP  DOJR TXH FDXVRX PXGDQoDV LPSLHGRVDVQDKLVWyULDGDUiGLRHP3RUWXJDO  .  $UiGLRHD,,*XHUUD0XQGLDO  (P6HWHPEURGHLQLFLDVHD,,*XHUUD0XQGLDOFRPRDWDTXHGH+LWOHUj3ROyQLD (VWD*XHUUDIRLRFRQIOLWRTXHPDLVYtWLPDVFDXVRXHPWRGDDKLVWyULD3DUD+LWOHUHUD IXQGDPHQWDOFULDUXPDQRYDRUGHPQD(XURSDTXHVHEDVHDVVHQDVXSHULRULGDGHDOHPmH QDHOLPLQDomRGHPLQRULDVpWQLFDVFRPRRV-XGHXV /tGLD/RSHV%DUERVDă-XOKR. . .

(102) 2SHUFXUVRGD5iGLR'RDQDOyJLFRDRYLUWXDO . $UiGLRHR3RGHU3ROtWLFR. )UDQoD*Um%UHWDQKDH(VWDGRV8QLGRVRSXVHUDPVHDRVLGHDLVGH+LWOHUHDRVHXSODQR GH XQLmR FRP DOJXQV SDtVHV FRPR  ,WiOLD H -DSmR  )RUoDV GR (L[R

(103)  FRP R DSRLR GD 8QLmR6RYLpWLFDGHSRLVGHVWDWHUVLGRLQYDGLGDSRU+LWOHU .  ,PDJHP$GROI+LWOHU /LEHUWDULDQ1DWLRQDO6RFLDOLVW*UHHQ3DUW\

(104) .  (VWHFRQIOLWRDODUJRXGHWDOIRUPDDVVXDVGLPHQV}HVTXHQHOHSDUWLFLSDUDPQDo}HVGRV FLQFRFRQWLQHQWHV 3UHGRPLQDYDP QR FHQiULR HXURSHX RV UHJLPHV GLWDWRULDLV 6DOD]DU )UDQFR 0XVVROLQL +LWOHUHUDPQRPHVTXHGRPLQDYDPDOLQKDSROtWLFDGRVVHXVSDtVHV &RPRHPTXDOTXHUFHQiULRGHJXHUUDRFOLPDQD(XURSDHUDGHWHQVmRHPHGR 1HVWH FRQWH[WR HP 3RUWXJDO 6DOD]DU PDQGRX VXVSHQGHU R IXQFLRQDPHQWR GH WRGDV DV HVWDo}HV UDGLRIyQLFDV SULYDGDV H DTXL VLP IRL R ILP GH PXLWDV UiGLRV TXH DSHVDU GDV GLILFXOGDGHVDLQGDFRQVHJXLDPUHDOL]DUWUDQVPLVV}HVSHORVLPSOHVIDFWRGHTXHWRGDVDV HPLVVRUDVTXHWUDQVPLWLVVHPWHULDPTXHHVWDUYLQFXODGDVjVSRVLo}HVYLJHQWHV $VVLP DV ~QLFDV WUDQVPLVV}HV UDGLRIyQLFDV TXH SDVVDUDP D VHU UHDOL]DGDV VRE D DXWRUL]DomR H FRPDQGR JRYHUQDPHQWDLV IRUDP D 55  R 5iGLR &OXEH 3RUWXJXrV H D (PLVVRUD1DFLRQDOTXHMiSHUWHQFLDDRJRYHUQRGHVGHDVXDFULDomR. /tGLD/RSHV%DUERVDă-XOKR. . .

(105) $UiGLRHR3RGHU3ROtWLFR. 2SHUFXUVRGD5iGLR'RDQDOyJLFRDRYLUWXDO . (VWD DOWHUDomR JRYHUQDPHQWDO ILFRX D GHYHUVH j SUHWHQVmR GR JRYHUQR GH 6DOD]DU HP XWLOL]DU D UiGLR FRPR ³PLFURIRQH´ RILFLDO SDUD ID]HU FKHJDU D WRGRV RV SUtQFLSLRV JRYHUQDPHQWDLV DWUDYpV GD UiGLR VHP TXH PDLV QHQKXPD HVWDomR SXGHVVH LQWHUYLU GLVFXWLQGRWHPDVFRQWURYHUVRV .  ,PDJHP$QWyQLRGH2OLYHLUD6DOD]DU 3HGUR

(106) .  ³2HVWDGRSRUWXJXrVSURFODPDYDLQWHUQDFLRQDOPHQWHDQHXWUDOLGDGHPDVLQWHUQDPHQWH QmR GHL[DYD GH GHPRQVWUDU VLPSDWLD SDUD FRP D $OHPDQKD 1D]L &RXEH j %ULWLVK %URDGFDVW &RUSRUDWLRQ WRPDU D YR] GD OLEHUGDGH DR LQDXJXUDU HP  D VHFomR SRUWXJXHVD´ 6LOYD+LVWyULDGDUiGLRHP3RUWXJDO

(107)  $ %%& %ULWLVK %URDGFDVWLQJ &RUSRUDWLRQ

(108)  DEULX DVVLP XP HVSDoR GH ³YR]´ SRUWXJXHVD $ FHQVXUD TXH SUHGRPLQDYD QD DOWXUD WRUQRX SRVVtYHO R DSDUHFLPHQWR GH WUDQVPLVV}HV HP OtQJXD SRUWXJXHVD (P 3RUWXJDO D IRUPD PDLV ILiYHO GH VHJXLU DV LQIRUPDo}HVVREUHRFRQIOLWRGD,,*XHUUDHUDDWUDYpVGD%%& . /tGLD/RSHV%DUERVDă-XOKR. . .

(109) $UiGLRHR3RGHU3ROtWLFR. 2SHUFXUVRGD5iGLR'RDQDOyJLFRDRYLUWXDO .  ,PDJHP$VSHFWRGD6HFomR3RUWXJXHVDGHFRUUHVSRQGrQFLDHLQIRUPDo}HV 6LOYD$UiGLR SRUWXJXHVDHD,,*XHUUD0XQGLDO

(110) .  2 UHFRQKHFLGR QRPH GH )HUQDQGR 3HVVD VREUHVVDtX QHVWD DOWXUD SRLV HUD XP GRV IDPRVRVORFXWRUHVGDpSRFDWRUQDQGRVHPDLVWDUGHLPDJHPGHFXOWR$IUDVH³$%%& IDODHRPXQGRDFUHGLWD´ILFRXFpOHEUHDWUDYpVGDVXDYR]GXUDQWHDVVXDVWUDQVPLVV}HV 1R HQWDQWR GHSRLV GH UHJUHVVDGR D 3RUWXJDO SyVJXHUUD 3HVVD IRL LVRODGR SHODV DXWRULGDGHV SRUWXJXHVDV H LPSHGLGR GH UHJUHVVDU j (PLVVRUD 1DFLRQDO GH RQGH VDtUD LQLFLDOPHQWH 0DLVWDUGHGHSRLVGRGH$EULOGHWRUQDVHIXQFLRQiULRYLQFXODGRDRVTXDGURV GD 573 5iGLR 7HOHYLVmR 3RUWXJXHVD

(111)  RQGH ILFRX DWp DR ILQDO GD VXD FDUUHLUD H RQGH WRUQRXSRSXODUDH[SUHVVmR³(HVWDKHLQ"´.  ,PDJHP)HUQDQGR3HVVD 7HL[HLUD

(112) . 'XUDQWH D ,, *XHUUD 0XQGLDO D UiGLR IRL XP GRV LQVWUXPHQWRV GH FRPXQLFDomR PDLV XWLOL]DGRVWHQGRGHVHPSHQKDGRQHVWHFRQWH[WRXPSDSHOGHPXLWDLPSRUWkQFLD. /tGLD/RSHV%DUERVDă-XOKR. . .

(113) $UiGLRHR3RGHU3ROtWLFR. 2SHUFXUVRGD5iGLR'RDQDOyJLFRDRYLUWXDO . 7HQGRHPFRQWDTXHHUDRSULQFLSDOPHLRGHLQIRUPDomRGDVSRSXODo}HVHHUDXWLOL]DGD SHORV H[pUFLWRV 2V VROGDGRV XWLOL]DYDP D WpFQLFD GH MDPPLQJ SDUD LQWHUIHULU QDV FRPXQLFDo}HVLQLPLJDVRXVHMDXPDLQWHUIHUrQFLDHOHFWURPDJQpWLFDQDIUHTXrQFLDSDUD GLILFXOWDUDVWUDQVPLVV}HV .   ,PDJHP7UDQVPLVVRUSRUWiWLOGHHPHUJrQFLDPRGHOR6&5 ([pUFLWR$PHULFDQR

(114)  )D]DQR$]HYHGR$]HYHGR

(115) .  $ ,, JUDQGH *XHUUD HVWHQGHXVH DWp  2V IDFWRV PDUFDQWHV GHVWH FRQIOLWR PXQGLDO SDVVDUDPSHODVYLWyULDVGR(L[R $OHPDQKD-DSmRH,WiOLD

(116) GHDSHORDWDTXH GR-DSmRjEDVHPLOLWDUQRUWHDPHULFDQDGH3HDUO+DUERUDWpjGHUURWDGH+LWOHUHSDtVHV GHDOLDQoDHQWUHH $$OHPDQKDH ,WiOLDUHQGHPVHHPDLVWDUGHR-DSmRDSHVDUGHDOJXPDUHVLVWrQFLDHP DVVLQDU D VXD UHQGLomR WHQGR VLGR SUHVVLRQDGR SHORV (VWDGRV 8QLGRV TXH ODQoRX ERPEDVDWyPLFDVQDVFLGDGHVGH+LURVKLPDH1DJDVDNL 2V SUHMXt]RV GHVWH FRQIOLWR IRUDP HQRUPHV SULQFLSDOPHQWH SDUD RV SDtVHV GHUURWDGRV 0LOK}HV GH PRUWHV FLGDGHV GHVWUXtGDV LQG~VWULDV H ]RQDV UXUDLV FRPSOHWDPHQWH DUUDVDGDV$VGtYLGDVGHFDGDXPGHVWHVSDtVHVIRUDPLQFDOFXOiYHLV. /tGLD/RSHV%DUERVDă-XOKR. . .

(117) 2SHUFXUVRGD5iGLR'RDQDOyJLFRDRYLUWXDO . $UiGLRHR3RGHU3ROtWLFR. $ GtYLGD PRUDO HVVD WDPEpP IRL EHP SHVDGD SULQFLSDOPHQWH QD $OHPDQKD SRLV R UDFLVPRQD]LGHIHQGLGRSRU+LWOHUPDWRXFHUFDGHPLOK}HVGHMXGHXVLQRFHQWHV (P/LVERDKDYLDXPDHPLVVRUD5iGLR/XVRTXHIRLHQFHUUDGDQRILQDOGDJXHUUDWHQGR HP FRQWD TXH HUD ILQDQFLDGD SHORV DOHPmHV H HVWHV IRUDP GHUURWDGRV (VWD HPLVVRUD FKHJRXPHVPRDID]HUFRQWUDLQIRUPDomRj%%& &RP R IHFKR GD  5iGLR /XVR VXUJLX R tQLFLR GD FULDomR GD 5iGLR -XYHQWXGH TXH HUD FRQGX]LGDSHOD0RFLGDGH3RUWXJXHVDGHFDUL]IDVFLVWD 1RV DQRV  HP 3RUWXJDO VXUJLX D SUHVHQoD GR DSDUHOKR GH UiGLR HP TXDVH WRGRV RV ODUHV 1HVVD DOWXUD D LPSRUWkQFLD R YDORU TXH D SRSXODomR DWULEXtD j UiGLR HUD PXLWR VHPHOKDQWH j TXH KRMH VH DWULEXL j WHOHYLVmR 3DVVDYDVH EHP R WHPSR H HUD XPD ERD IRUPDGHHVTXHFHURVWHPSRVGHLQVHJXUDQoDGDJUDQGH*XHUUD 0DUFRXHVWDGpFDGDDWHQGrQFLDGRWHDWURUDGLRIyQLFRTXHPDQWLQKDRXYLQWHV³SUHVRV´ jVKLVWyULDVFRQWDGDVSRUSHUVRQDJHQVTXHVXVFLWDYDPDFXULRVLGDGHHDLPDJLQDomR$V 3XSLODV GR 6HQKRU 5HLWRU GH -~OLR 'LQLV QDUUDWLYD URPDQFHDGD WLSLFDPHQWH DOGHm p GUDPDWL]DGDQRtQLFLRGDGpFDGDQD(PLVVRUD1DFLRQDO 4XDVHDQRVDSyVRDSDUHFLPHQWRGDUiGLRHP3RUWXJDODGpFDGDGHGLVWLQJXHVH SRU WHU VLGR XP SHUtRGR GH GHVHQYROYLPHQWR TXHU DR QtYHO GH TXDOLGDGH GRV VHXV SURILVVLRQDLVTXHUQRVSRUPHQRUHVWpFQLFRV 1RV DQRV  FRP R DSDUHFLPHQWR GH UiGLRV ORFDLV D (XURSD URPSHX FRP R PRGHOR XQLYHUVDO GH PRQRSyOLR HVWDWDO 

(118)  (P 3RUWXJDO HVWH IHQyPHQR DSHQDV VREUHVVDLX GHSRLVGD5HYROXomRGH .  $5iGLRHRGH$EULOGH  $SyV D ,, *XHUUD 0XQGLDO QXPD SHUVSHFWLYD JHUDO 3RUWXJDO PDQWLQKDVH LPXWiYHO FRPRVHRWHPSRWLYHVVHSDUDGRHQTXDQWRRUHVWRGRPXQGRVHWUDQVIRUPDYD. /tGLD/RSHV%DUERVDă-XOKR. . .

(119) 2SHUFXUVRGD5iGLR'RDQDOyJLFRDRYLUWXDO . $UiGLRHR3RGHU3ROtWLFR. $LQGD HP  FRP R SULPHLUR DWDTXH D 'UDGD FROyQLD SHUWHQFHQWH DR (VWDGR 3RUWXJXrV GD ËQGLD

(120)  GHSRLV GH TXDVH GX]HQWRV DQRV GH FRQYtYLR HQWUH FRORQL]DGRUHV H QDWLYRV p LQDXJXUDGR R &HQWUR (PLVVRU 8OWUDPDULQR FRP R REMHFWLYR GH PDQWHU LQIRUPDGRV RV RXYLQWHV GD ËQGLD 3RUWXJXHVD $ SDUWLU GHVWH PRPHQWR IRUDP VHQGR FULDGRV HPLVVRUHV XOWUDPDULQRV HP YiULRV SRQWRV JHRJUiILFRV GLVWLQWRV %DUFDUHQD 3HJ}HV HQWUH RXWURV FRP R REMHFWLYR GH PDQWHU D SRSXODomR SRUWXJXHVD LQIRUPDGD DFHUFD GR TXH VH SDVVDYD QDV UHVSHFWLYDV FROyQLDV TXH RFXSDYDP QR PXQGR (UD HQDOWHFLGDDLGHLDGDUHVLVWrQFLDGRVSRUWXJXHVHVHPWHUULWyULRVFRORQL]DGRVHDJRUDFRP DSUR[LPLGDGHGDYR]HPSRUWXJXrVDWUDYpVGDUiGLRRPXQGRSDUHFLDPDLVSHTXHQR $GpFDGDGHIRLPDUFDGDSHORVFRQIURQWRVHQWUHDV)RUoDV$UPDGDV3RUWXJXHVDVHDV IRUoDVRUJDQL]DGDVSHORVPRYLPHQWRVGHOLEHUWDomRGDVSURYtQFLDVXOWUDPDULQDV$QJROD 0RoDPELTXH H *XLQp%LVVDX (VWH FRPEDWH DWLQJLULD R VHX SRQWR FUtWLFR QR LQtFLR GRV DQRV ³'DWD GH 2XWXEUR GH  XP SODQR GD (PLVVRUD 1DFLRQDO SDUD D UDGLRGLIXVmR GH $QJROD IHLWR SHOR (QJ &HOHVWLQR )HOtFLR´ 6LOYD $ 5iGLR QR 8OWUDPDU 3RUWXJXrV 

(121)  $V SRWrQFLDV FRORQLDLV FRPHoDYDP D GHVID]HU RV VHXV LPSpULRV H 3RUWXJDO LQVLVWLD HP PDQWHU D IRUoD PLOLWDU QD *XLQp%LVVDX $QJROD H 0RoDPELTXH 2 VHFWRU PLOLWDU Mi PRVWUDYDDOJXPFDQVDoRDSyVXPORQJRSHUtRGRGHOXWDFRORQLDOFRQWUDRLQLPLJRTXH OXWDYDHPQRPHGDVXDLQGHSHQGrQFLD 2 FDQVDoR PLOLWDU GR 8OWUDPDU WHUPLQRX QR GLD  GH $EULO GH  GHSRLV GH XPD WHQWDWLYD IDOKDGD GH JROSH PLOLWDU D  GH 0DLR GHVVH DQR $ YHUGDGHLUD FDXVD GD UHYROXomRGHIRLHVVHQFLOPHQWHRGHVFRQWHQWDPHQWRPLOLWDULQHUHQWHjJXHUUDFRORQLDO H QmR R IDFWR GR UHJLPH VHU XPD GLWDGXUD DQWLGHPRFUiWLFD H FRQWUD D OLEHUGDGH GH H[SUHVVmR DWp SRUTXH QHVVD DOWXUD DOJXQV GRV UHYROXFLRQiULRV H RSRVLWRUHV GR UHJLPH HVWDYDPH[LODGRVRXSUHVRV 5HDOL]DUDPVHFRQWDFWRVHQWUHRVUHYROWRVRVHDVUiGLRV ³$5iGLRSRUWXJXHVDWHYHQHVWHGLDRVHXPRPHQWRDOWRVHPDFRODERUDomRGDUiGLR HUD SRVVtYHO TXH R UHJLPH DLQGD GXUDVVH PDLV DOJXP WHPSR H R SDtV FRQWLQXDVVH PHUJXOKDGRQD³ORQJDQRLWHGDGLWDGXUD´ 6LOYD$UiGLRHRGH

(122) . /tGLD/RSHV%DUERVDă-XOKR. . .

(123) 2SHUFXUVRGD5iGLR'RDQDOyJLFRDRYLUWXDO . $UiGLRHR3RGHU3ROtWLFR. 1HVWH GLD D UiGLR WHYH YHUGDGHLUD LPSRUWkQFLD SHOR IDFWR GH WHU VLGR R PHLR GH FRPXQLFDomRHVFROKLGRHXWLOL]DGRSDUDPDUFDURPRPHQWRGRGHVSROHWDUGDUHYROXomR 7DOFRPRKDYLDVLGRFRPELQDGRHQWUHPLOLWDUHVHMRUQDOLVWDVQRGLDGH$EULOGH SHODVKQD5iGLR$OIDEHWDGRV(PLVVRUHV$VVRFLDGRVGH/LVERDWRFRXDFDQomR ³(GHSRLVGR$GHXV´GH3DXORGH&DUYDOKRYHQFHGRUDGR)HVWLYDOGD&DQomRGHVVHDQR (VWHVHULDRVLQDOSDUDDVWURSDVDYDQoDUHP 6HJXHVH R VHJXQGR VLQDO GH FRQILUPDomR GR SULPHLUR D FDQomR ³*UkQGROD 9LOD 0RUHQD´ GH =HFD $IRQVR QD 55 (VWDYD ODQoDGD D FKDPDGD SDUD D UHYROXomR TXH VH LQLFLDULDQDVSUy[LPDVKRUDVHILFDULDSDUDVHPSUHPDUFDGDQDKLVWyULDGH3RUWXJDO 3RU YROWD GDV K GR GLD  GH $EULO GHVVH PHVPR DQR JUDQGH SDUWH GDV IRUoDV HQYROYLGDV WRPDP SULPHLUDPHQWH R 4XDUWHO*HQHUDO GD UHJLmR PLOLWDU GH /LVERD HP VHJXLGDRDHURSRUWRGD3RUWHODLQWHUGLWDQGRRHVSDoRiHUHRSRUWXJXrVDSRQWHVREUHR 7HMR 2 ~QLFR FDQDO WHOHYLVLYR GD DOWXUD 573 IRL WRPDGR SHODV WURSDV 1DV LQVWDODo}HV GD (PLVVRUD 1DFLRQDO SRVLFLRQDUDPVH KRPHQV GR %DWDOKmR GH &DoDGRUHV  &RPR SUHYLUDP TXH DV IRUoDV GR UHJLPH SXGHVVHP FRUWDU D OLJDomR GDV DQWHQDV GR 5&3 XP JUXSR GH VROGDGRV ILFRX UHVSRQViYHO SHOD VHJXUDQoD $ SDUWLU GHVWH PRPHQWR R 5&3 SDVVDDVHURSRVWRGHFRPDQGRGR0RYLPHQWRGDV)RUoDV$UPDGDV 0)$

(124)  .  ,PDJHP6ROGDGRVHFLYLV 

(125)  35

(126) .  /tGLD/RSHV%DUERVDă-XOKR. . .

(127) 2SHUFXUVRGD5iGLR'RDQDOyJLFRDRYLUWXDO . $UiGLRHR3RGHU3ROtWLFR. 2XYHVHSRUYROWDGDVKGDPDGUXJDGDDYR]GRMRUQDOLVWD-RDTXLP)XUWDGR ³$TXLSRVWRGHFRPDQGRGR0RYLPHQWRGDV)RUoDV$UPDGDV $V)RUoDV$UPDGDVSRUWXJXHVDVDSHODPSDUDWRGRVRVKDELWDQWHVGDFLGDGHGH/LVERD QR VHQWLGR GH UHFROKHUHP D VXDV FDVDV QDV TXDLV VH GHYHP FRQVHUYDU FRP D Pi[LPD FDOPD (VSHUDQGR VLQFHUDPHQWH TXH D JUDYLGDGH GD KRUD TXH YLYHPRV QmR VHMD WULVWHPHQWH DVVLQDODGD SRU TXDOTXHU DFLGHQWH SHVVRDO SDUD R TXH DSHODPRV DR ERP VHQVR GR FRPDQGR GDV IRUoDV PLOLWDUHV QR VHQWLGR GH VHUHP HYLWDGRV TXDLVTXHU FRQIURQWRV FRP DV)RUoDV$UPDGDV 7DO FRQIURQWR DOpP GH GHVQHFHVViULR Vy SRGHUi FRQGX]LU D VpULRV SUHMXt]RV LQGLYLGXDLVTXHHQOXWDULDPHFULDULDPGLYLV}HVHQWUHSRUWXJXHVHVRTXHKiTXHHYLWDUD WRGRRFXVWR 1mRREVWDQWHDH[SUHVVDSUHRFXSDomRGHQmRID]HUFRUUHUDPtQLPDJRWDGHVDQJXHGH TXDOTXHU SRUWXJXrV DSHODPRV SDUD R HVStULWR FtYLFR H SURILVVLRQDO GD FODVVH PpGLFD HVSHUDQGRDVXDRFRUUrQFLDDRVKRVSLWDLVDILPGHSUHVWDUDVXDHYHQWXDOFRODERUDomR RTXHVHGHVHMDVLQFHUDPHQWHGHVQHFHVViULD´ 6LOYD$UiGLRHRGH

(128)  $ SURJUDPDomR IRL DOWHUDGD RXYLXVH R +LQR 1DFLRQDO H FDQo}HV GH SURWHVWR H FRQWHVWDomRTXHQmRHUDPDXWRUL]DGDVDWpDRPRPHQWR2VFRPXQLFDGRVHUDPHPLWLGRV ILFDQGR DVVLP WRGD D SRSXODomR D SDU GR TXH HVWDYD D DFRQWHFHU H GH WXGR R TXH LD VXFHGHQGR &RPRFRQVHTXrQFLDGDVVXFHVVLYDVLQIRUPDo}HVTXHLDPVHQGRGLYXOJDGDVRSRYRVDLX jUXDHWDOFRPRUH]DDKLVWyULDHVWDIRLD³UHYROXomRGRSRYR´*UDoDVjVFRPXQLFDo}HV WUDQVPLWLGDV QD UiGLR WRGRV RXYLUDP UHIHUrQFLDV DR UHJLPH JRYHUQDPHQWDO TXH MDPDLV WHULDPLPDJLQDGRMiTXHQmRWLQKDPDFHVVRDLQIRUPDomRGLYHUVLILFDGD)RLHQWmRTXH FRPHoDUDP D PDQLIHVWDU SUHVHQoD QDV UXDV MXQWDPHQWH FRP RV PLOLWDUHVHP JULWRV GH SURWHVWRHOLEHUGDGH 5HQGLGRjWRPDGDGHSRVLomRGRSRYRSRUWXJXrV0DUFHOOR&DHWDQRSULPHLURPLQLVWUR GH3RUWXJDOHPVDLGRJRYHUQRVXFHGHQGROKHR*HQHUDO$QWyQLRGH6StQROD /tGLD/RSHV%DUERVDă-XOKR. . .

(129) 2SHUFXUVRGD5iGLR'RDQDOyJLFRDRYLUWXDO . 'DUiGLRSLUDWDjUiGLR:HE. $VVLPR0)$WUDQVPLWHYLDUiGLRDTXHGDGRJRYHUQR$SRSXODomRIHVWHMRXQDVUXDV FRPFUDYRVYHUPHOKRV.  ,PDJHP*HQHUDO$QWyQLRGH6StQROD *DJHLUR

(130) . .  'DUiGLRSLUDWDjUiGLR:HE .  $FULDomRGDUiGLRSLUDWD  1RLQtFLRGRVDQRVRMRYHPLUODQGrV5RQDQ2 5DKLOO\YDLSDUD/RQGUHVHPEXVFDGD VXDVRUWH8PDSDL[RQDGRSRUP~VLFDH&OXEVQmRWDUGRXDFULDURVHXSUySULR5K\WKP %OXHV&OXEQREDLUURGH6RKRHP/RQGUHVIDPRVRSHODVXDFXOWXUDYDQJXDUGLVWD 5RQDQWRUQRXVHXPHPSUHViULRGDP~VLFDHWUDEDOKRXFRPQRPHVKRMHVRQDQWHVFRPR RV5ROOLQJV6WRQHVWHQGRVLGRHVWHRFRPSUDGRUGRSULPHLURHTXLSDPHQWRGHSDOFRGD EDQGD2JRVWRSHORWUDEDOKRQHVWDiUHDDVVXDVIRUWHVFRQYLFo}HVHDPELo}HVDOLDGRVj TXDQWLD ILQDQFHLUD QHFHVViULD TXH KDYLD MXQWDGR SHUPLWLUDP TXH 5RQDQ DEULVVH XPD HGLWRUD GLVFRJUiILFD UHXQLQGR DVVLP FRQGLo}HV SDUD DSRVWDU HP EDQGDV H P~VLFRV TXH HOHSUySULRDGPLUDYD . /tGLD/RSHV%DUERVDă-XOKR. . .

(131) 2SHUFXUVRGD5iGLR'RDQDOyJLFRDRYLUWXDO . 'DUiGLRSLUDWDjUiGLR:HE.  ,PDJHP5RQDQ25DKLOO\ 5DGLR&DUROLQH/D$XWpQWLFD5DGLR(QFXELHUWD

(132) .  3DUDSURPRYHU³RVVHXVDUWLVWDV´2¶5DKLOO\FRQWDFWRXD%%&SHGLQGRTXHWUDQVPLWLVVHP DV FDQo}HV GDV EDQGDV TXH OKH SDUHFLDP WHU SRWHQFLDO $ %%& UHVSRQGHX GL]HQGR TXH DSHQDV WUDEDOKDYD FRP DUWLVWDV FRQVDJUDGRV H ORJR 5RQDQ OHYDQWRX D TXHVWmR ³FRPR FRQVDJUiORV"´ $LQGD WHQWRX EDWHU D PDLV XPD SRUWD 5DGLR /X[HPERXUJ PDV WHYH DLQGD PHQRV VXFHVVR Mi TXH RV GLUHFWRUHV GD UiGLR ULUDPVH GHSRLV GH OKH PRVWUDUHP D DJHQGD GH WUDQVPLVV}HVUHVHUYDGDVDSHQDVDJUDQGHVHGLWRUDVGLVFRJUiILFDV 5RQDQ SHUFHEHX TXH VHQGR LQGHSHQGHQWH QmR REWHULD JUDQGHV UHVXOWDGRV QD EXVFD GH XPDHVWDomRTXHWUDQVPLWLVVHDOJRSDUDDOpPGRTXHVHSURGX]LDGDVJUDQGHVHGLWRUDV. ,IDIWHUPDQDJLQJP\RZQDUWLVWV,KDYHWRFUHDWHP\RZQUHFRUGODEHOEHFDXVHQRERG\ ZLOOUHFRUGWKHPDQGLI,WKHQILQGWKDWQRUDGLRVWDWLRQZLOOSOD\WKHLUPXVLFLWVHHPV WKDWWKHRQO\WKLQJQRZLVWRKDYHP\RZQUDGLRVWDWLRQ  &DUROLQH

(133)  1RGRPLQJRGH3iVFRDGHSDUWLDGD,UODQGDHPGLUHFomRDRPDUGR1RUWHDTXHOH TXHILFDULDIDPRVRSRUVHURSULPHLURQDYLRTXHWUDQVPLWLDDHPLVVmRGD5DGLR&DUROLQH 5RQDQ MXQWRX XPD HTXLSD GH DUWLVWDV H SHVVRDV LQWHUHVVDGDV QHVWH SURMHFWR H IXQGRX D SULPHLUDUiGLRSLUDWD$VSULPHLUDVSDODYUDVWUDQVPLWLGDVIRUDP³7KLVLV5DGLR&DUROLQH RQ\RXUDOOGD\PXVLFVWDWLRQ´ &DUROLQH

(134)  (P VHJXLGD IRL HPLWLGR R iOEXP ³1RW )DGH $ZD\´ GRV 5ROOLQJ 6WRQHV GHGLFDGR D 5RQDQ2¶5DKLOO\&DUROLQHHVWDYDQRDUHRPRQRSyOLRGD%%&H/X[HPERXUJQR5HLQR 8QLGRWLQKDDFDEDGRSDUDVHPSUH  /tGLD/RSHV%DUERVDă-XOKR. . .

(135) 2SHUFXUVRGD5iGLR'RDQDOyJLFRDRYLUWXDO . 'DUiGLRSLUDWDjUiGLR:HE.  ,PDJHP(PEDUFDomRGHXPDUiGLRSLUDWD5DGLR&DUROLQH 5DGLR&DUROLQH

(136) .  $ RULJHP GR QRPH ³SLUDWD´ VXVFLWD DOJXPDV RSLQL}HV GLVWLQWDV 6HJXQGR DV FRQVXOWDV UHDOL]DGDV DFHUFD GHVWH WHPD FRQVWDWRXVH TXH HP DOJXQV FDVRV VH HVFUHYH TXH WHQKD VLGR FRQVHTXrQFLD GD XWLOL]DomR GH EDQGHLUDV QHJUDV QDV HPEDUFDo}HV GHVWDV UiGLRV QRXWURVUHIHUHPTXHRVSDUWLFLSDQWHVGHVWDVHPLVVRUDVVHPDVFDUDYDPGHSLUDWDV $ LGHLD GD FULDomR GHVWH WLSR GH HPLVVRUD HUD IXQFLRQDU IRUD GH WHUULWyULR GH GRPtQLR JRYHUQDPHQWDO QHVWH FDVR QDV iJXDV WUDQVDWOkQWLFDV SRLV DTXL FRQVHJXLDP IXJLU GH TXDOTXHU HQFDUJR ILVFDO H[LJLGR SHOR JRYHUQR DSURYHLWDQGR RV HVSDoRV YD]LRV GR HPLVVRUSDUDHQWUDUHPQRDU7UDQVPLWLDPHVWLORVPXVLFDLVUHODFLRQDGRVFRPRVJRVWRV GDMXYHQWXGHGDDOWXUDHJRVWDYDPHVSHFLDOPHQWHGHPDUFDUDGLIHUHQoD $ SURGXomR PXVLFDO HPLWLGD DWUDYpV GD 5DGLR &DUROLQH LQFRPRGDYD EDVWDQWH RV HOHPHQWRVFRQVWLWXLQWHVGRSRGHUJRYHUQDPHQWDOLQJOrVHSRUYiULDVYH]HVKRXYHPHVPR DWHQWDWLYDGHDSUHHQGHUDHPLVVRUDSLUDWDGHYLGRDRFRQVHUYDGRULVPRFDUDFWHUtVWLFRGD FXOWXUDEULWkQLFDSDUDDVVLPDFDEDUFRPHVWHWLSRGHWUDQVPLVVmR1RHQWDQWRHVWDUiGLR WHYH RV VHXV DQRV GH JOyULD HQWUH  H  WHQGR VLGR FULDGRV GRLV SyORV GH WUDQVPLVVmRXPPDLVDQRUWHHRXWURPDLVDVXO &DUROLQH1RUWKH&DUROLQH6RXWK

(137) . /tGLD/RSHV%DUERVDă-XOKR. . .

(138) 2SHUFXUVRGD5iGLR'RDQDOyJLFRDRYLUWXDO . 'DUiGLRSLUDWDjUiGLR:HE. 4XDQGR R JRYHUQR LQJOrV WHQWRX ILQDOPHQWH DSUHHQGHU D 5DGLR &DUROLQH IRL VXUSUHHQGLGRFRPDLQGLJQDomRHPPDVVDGDMXYHQWXGHRXYLQWHGDHPLVVRUD.  ,PDJHP1RWtFLDGDLPSUHQVDLQJOHVD 5DGLR&DUROLQH

(139) .  $ HPLVVRUD HVWDYD ³HP JXHUUD´ FRP R SRGHU SROtWLFRTXH TXHULD R VHX ILP 2 S~EOLFR JULWDYD SHOD SHUPDQrQFLD H OHJDOL]DomR GD UiGLR PDV FRPR VHULD GH HVSHUDU D YR] GR S~EOLFRWRUQRXVHSRXFRUHOHYDQWHSDUDRJRYHUQREULWkQLFR)RLHQWmRQRWLFLDGRTXHD 5DGLR &DUROLQH VHULD HQFHUUDGD ORJR TXH R GHFUHWR FULDGR SHODV HQWLGDGHV JRYHUQDPHQWDLVVHWRUQDVVHOHLLVWRpDSDUWLUGDVKGRGLDGH$JRVWRGH 1DVHTXrQFLDGHVWDGHFLVmRGXUDQWHRGLDGH$JRVWRIRUDPIHLWDVDVGHVSHGLGDVDRV RXYLQWHVHGHVOLJDGRVRVWUDQVPLVVRUHVGHUiGLRVTXHWUDQVPLWLDPGHIRUPDLOHJDOFRPR QR FDVR GD 5DGLR /RQGRQ 2 FDRV SHUPDQHFHX GXUDQWH DOJXPDV KRUDV QDV UXDV RQGH FHQWHQDVGHIDQVVHUHYROWDUDP $OJXQV GRV FRPSDQKHLURV GH 5RQDQ DEDQGRQDUDP R QDYLR GH &DUROLQH  SRLV QmR TXHULDPVHUSHQDOL]DGRVSHORVLVWHPDJRYHUQDPHQWDOXPDYH]TXHDJRUD DVXDIXQomR VHULDRILFLDOPHQWHLOHJDO 0DV 2¶5DKLOO\ WLQKD LGHDOL]DGR XPD YH] FRQKHFLGDV DV LQWHQo}HV JRYHUQDPHQWDLV LQJOHVDVLVRODURQDYLRGH&DUROLQHDRODUJRGD+RODQGDHWUDQVPLWLUDSDUWLUGDt$VVLP PXGDUDPDVXDEDVHSDUDD+RODQGD. /tGLD/RSHV%DUERVDă-XOKR. . .

(140) 2SHUFXUVRGD5iGLR'RDQDOyJLFRDRYLUWXDO . 'DUiGLRSLUDWDjUiGLR:HE. ¬V K GR GLD  GH $JRVWR FRP FHUFD GH YLQWH PLOK}HV GH SHVVRDV VLQWRQL]DGRV QD &DUROLQH R ORFXWRU :DONHU GHX D FRQKHFHU D QRYD HUD GH WUDQVPLVVmR LOHJDO GD 5DGLR &DUROLQHDILUPDQGRTXHDUiGLRSHUWHQFLDDRVVHXVRXYLQWHVHTXHQmRGHL[DULDGHHVWDU QRDU .  ,PDJHP2VGRLVQDYLRV&DUROLQHDQFRUDGRVHP$PHVWHUGmR 

(141)   5DGLR&DUROLQH

(142) .  $ UiGLR &DUROLQH WUDQVPLWH DWp DRV GLDV GH KRMH 7HQGR DFRPSDQKDGR D HYROXomR GRV WHPSRVGHVHQYROYHXWDPEpPWUDQVPLVV}HVQD:HE (P 3RUWXJDO HVWD IRUPD GH WUDQVPLVVmR WHYH WDPEpP DOJXQV UHIOH[RV DFRQWHFHQGR EDVWDQWHPDLVWDUGHGRTXHQRFDVRGHUiGLRVSLUDWDFRPR&DUROLQH &RPR UHIHULGR HP  HP 3RUWXJDO D UDGLRGLIXVmR HUD EDVWDQWH FRQWURODGD SHOR SRGHU JRYHUQDPHQWDO HQWUH RV DQRV  H PHDGRV GH  FRPR LQVWUXPHQWR GH ³VHUYLoR S~EOLFR´ 7HQGRHPFRQWDDFRQMXQWXUDVyFLRFXOWXUDOGDpSRFDQRVHLRGDSRSXODomRSRUWXJXHVD H[LVWLDXPFHUWRFRQWHQWDPHQWRHSRXFR³DWUHYLPHQWRYDQJXDUGD´HRXFRPSRUWDPHQWR DOWHUQDWLYR2TXHHUDWUDQVPLWLGRQDVUiGLRVSRUWXJXHVDVGDDOWXUDHUDPHVVHQFLDOPHQWH PHQVDJHQVHDOJXPFRQWH~GRPXVLFDO$UiGLRHUDPDLVXWLOL]DGDFRPRLQVWUXPHQWRGR UHJLPH JRYHUQDPHQWDOGRTXHSURSULDPHQWHSDUDRXWURVREMHFWLYRVLQHUHQWHVjSUySULD UDGLRGLIXVmR 6y DSyV D UHYROXomR GH $EULO p TXH FRPHoDUDP D DSDUHFHU HP PHDGRV GH  DV SULPHLUDVUiGLRVSLUDWDV SRUWXJXHVDV$5iGLR-XYHQWXGHIRLXPDGHODV H VXS}HVHTXH WUDQVPLWLD GH 2GLYHODV $SyV R DSDUHFLPHQWR GHVWD VXUJLUDP RXWUDV FRPR D 5iGLR /tGLD/RSHV%DUERVDă-XOKR. . .

(143) 2SHUFXUVRGD5iGLR'RDQDOyJLFRDRYLUWXDO . 'DUiGLRSLUDWDjUiGLR:HE. ,PSUHYLVWR5iGLR&LGDGHTXHWDPEpPYLYHXRV VHXVSULPHLURVGLDVFRPRUiGLRSLUDWD QDGpFDGDGHEHPFRPRDFRQKHFLGD76) $QWHV GD GpFDGD GH  DV PDLRUHV GLILFXOGDGHV GH WUDQVPLVVmR HVWDYDP UHODFLRQDGDV FRPDIDOWDGHHVSDoRSDUDDVHPLVVRUDV(UDPDLVGLILFtOHQFRQWUDUHVSDoRSDUDDFULDomR GH PDLV UiGLRV FRPR QR FDVR GDV SLRQHLUDV 5iGLR -XYHQWXGH H 5iGLR ,PSUHYLVWR TXH GLYLGLDPVLQDOHQWUHVLWUDQVPLWLQGRHPKRUiULRVDOWHUQDGRV ³(P  D &RQIHUrQFLD $GPLQLVWUDWLYD 0XQGLDO GH 5DGLRFRPXQLFDo}HV GHFLGH DXPHQWDUD%DQGDGD)UHTXrQFLD0RGXODGDGH 0+]SDUD 0+]´ 6LOYD +LVWyULDGD5iGLRHP3RUWXJDO

(144)  &RP HVWH DXPHQWR 3RUWXJDO DGTXLULX PDLV  FDQDLV GH DEHUWXUD UDGLRIyQLFD GH  .+= )RLHQWmRTXHVXUJLUDPPDLVDPDQWHVGDUiGLRDFULDUQRYDVHVWDo}HVOLYUHVHDSURGX]LU PDLVHPLVV}HVFRPRIRLRFDVRGD5iGLR6DWXUQR 2 PDLV LPSRUWDQWH QD FULDomR GHVWDV UiGLRV HP 3RUWXJDO H QD (XURSD IRL R IDFWR GH WUD]HUHP DOJR GH QRYR DOJR SDUD DOpP GRV LGHDLV GH FDGD HQWLGDGH JRYHUQDPHQWDO 7URX[HUDP D FULDWLYLGDGH DV QRYLGDGHV PXVLFDLV GD DOWXUD H D SRVVLELOLGDGH GH WRGRV SRGHUHP VHU SHVVRDV GD UiGLR GHL[DQGR D YR] GL]HU DTXLOR TXH YDL QD DOPD SRGHQGR DVVLP D SRSXODomR SDUWLOKDU HPRo}HV H VHQWLPHQWRV j GLVWkQFLD $OpP GH WXGR LVWR H DJRUDIDODPRVHPSDUWLFXODUGH3RUWXJDOIRLQHVWDDOWXUDTXHVHIRUPDUDPDOJXPDVGDV HVWDo}HVPDLVIDPRVDVGRVGLDVGHKRMH $ 5iGLR &LGDGH WHYH JUDQGH LPSDFWR QRV MRYHQV OLVERHWDV SHOR VHX FRQWH~GR SURJUDPiWLFRGLQkPLFRHLUUHYHUHQWH$6XSHU)0WDPEpPVXUJLXQDGpFDGDGHFRPR XPDUiGLRFRPFRQWH~GRDSODXGLGRSHORS~EOLFRPDLVMRYHP $5iGLR76)PXLWRRXYLGDKRMHHPGLDHFRQKHFLGDSRUPXLWRVSHODVXDFRPSRQHQWH LQIRUPDWLYDHSHODIUDVH³7XGRRTXHSDVVDSDVVDQD76)´VXUJHHPFRPRXPD UiGLRDOWHUQDWLYD. /tGLD/RSHV%DUERVDă-XOKR. . .

(145) 'DUiGLRSLUDWDjUiGLR:HE. 2SHUFXUVRGD5iGLR'RDQDOyJLFRDRYLUWXDO .  ,PDJHP/RJR5iGLR76) 76)5iGLR1RWtFLDV

(146) .  1R ILQDO GH  R JRYHUQR SRUWXJXrV GHFLGLX SURLELU GHILQLWLYDPHQWH DV HPLVV}HV WUDQVPLWLGDVGHIRUPDOLYUH 6HJXHVH XPD GDV PHQVDJHQV GH GHVSHGLGD GHGLFDGD DR S~EOLFR RXYLQWH GD HPLVVmR SLUDWD ³$PDQKmYDLGRHUPDLV $JRUDDLQGDQmRGHPRVSRUQDGD 7HPRVRFRUSRTXHQWHGDSDQFDGD $JRUDHUJXHPRVRVFRSRVHRHVSDQWRWRGR $JRUDQmRGyL $JRUDDLQGDQmRVDEHPRVTXHGyL eFHUWRRDPRUGDUiGLRQXQFDDFDED $IDVWDLYRVGDOHSUDTXHHVWHVLOrQFLRWUD] 'HTXDUHQWHQDFRPSDQKHLURV 4XHDRVRXWURVDRVTXHVREUDPHVWHVLOrQFLRWDPEpPSHVD (VFXWHPRVRVLOrQFLRGDVYR]HVTXHVREUDP 6XVVXUUDQWHQRVWDOJLDGRTXHYLUi 9ROWDUHPRVjDQWHQDQXPDLQHVSHUDGDPDQKmSDUDGL]HUGHQRYR. /tGLD/RSHV%DUERVDă-XOKR. . .

(147) 2SHUFXUVRGD5iGLR'RDQDOyJLFRDRYLUWXDO . 'DUiGLRSLUDWDjUiGLR:HE. 2DPRUGDUiGLRQXQFDDFDED (UJXHPRVSRLVRVFRSRVHRVEHLMRV 8PDPDQKmGHVWDVVXUSUHHQGHUHPRVRVHVSDQWDOKRVGR)0 $PDGDUiGLRDWpMi )HUQDQGR $OYHV 'H]HPEUR GH  QR HQFHUUDPHQWR GDV 5iGLRV 3LUDWDV /LYUHV /RFDLV±DRVPLFURIRQHVGD76)5iGLR-RUQDO³ 6LOYD$VUiGLRVSLUDWDVHP3RUWXJDO 

(148)  'HFHUWRPRGRHSURMHFWDQGRSDUDRVGLDVGHKRMHpSHUFHSWtYHOTXHDGLILFXOGDGHGDV HVWDo}HV SLUDWD SHUPDQHFHUHP HP WUDQVPLVVmR FDXVRX PDQLIHVWDPHQWH XP ³YD]LR FULDWLYR´ QDV QRVVDV UiGLRV 7HQGR HP FRQWD TXH D RULJLQDOLGDGH IRL GHL[DGD GH ODGR KRMHDVVLVWHVHDXPDIRUPDWDomRPXLWRLGrQWLFDHPWRGDVDVUiGLRVSRUWXJXHVDVVHPSUH GHDFRUGRFRPDSHUVSHFWLYDGHDXPHQWDURVQtYHLVGHDXGLrQFLDV 2V HVWLORV PXVLFLDLV VmR PXLWR LGrQWLFRV FRP SOD\OLVWV TXH SDUHFHP GLVWULEXtGDV HP WRGDV DV UiGLRV DOWHUDQGR DSHQDV D VXD RUGHP GH SDVVDJHP QmR DODUJDQGR DVVLP R HVSDoR SDUD FRQWH~GRV PXVLFDLV PDLV DOWHUQDWLYRV H GLIHUHQWHV 2X VHMD FRP R ILP GD UiGLRSLUDWDSHUGHXVHXPSRXFRR³FXOWRGDUiGLR´FRPRDOJRSUD]HURVRSDUDWRGDVDV SDUWHV LQWHUYHQLHQWHV TXH SUHWHQGH HVWLPXODU PXVLFDO LQWHOHFWXDO H FXOWXUDOPHQWH SDVVDQGRVHDRXYLUXPDUiGLRLJXDOPDVHPGLIHUHQWHVIUHTXrQFLDV 2TXHTXHUHPRVGL]HUpTXHVHVHQWHIDOWDGHXPDUiGLRGLIHUHQWHGHWRGDVDVRXWUDV'H DOJR TXH QRV GHVDILH QRV SURYRTXH TXH ³PH[D FRP DV HPRo}HV H RV VHQWLPHQWRV´ FRPRQRVSULPyUGLRVGDUiGLROLYUH 5DGLR&DUROLQH

(149)  1R HQWDQWR H[LVWHP HP DOJXPDV HVWDo}HV GH UiGLR DFWXDLV SURJUDPDV TXH DSHVDU GH EUHYHV VmR GHGLFDGRV D HVWLORV GH P~VLFD PDLV DOWHUQDWLYRV DTXHOHV TXH LQVSLUDP D GLIHUHQoDHTXHQmRVmRRVPDLVRXYLGRVGRJUDQGHS~EOLFRpRFDVRGD5iGLR$QWHQD H5iGLR1RYDHQWUHRXWUDV . /tGLD/RSHV%DUERVDă-XOKR. . .

(150) 2SHUFXUVRGD5iGLR'RDQDOyJLFRDRYLUWXDO . 'DUiGLRSLUDWDjUiGLR:HE.  $VUiGLRVORFDLV 3RUWR

(151) HRVVHXVPHLRVGHHPLVVmR  1R ILQDO GD GpFDGD GH  VXUJH D SULPHLUD HVWDomR GH UiGLR SRUWXHQVH 5iGLR 3RUWR VLWXDGD QD UXD GRV &OpULJRV FRP R LQGLFDWLYR 353  ³ 6HJXQGR D UHYLVWD ³5DGLR 6FLHQFLD´  XPD SXEOLFDomR HVSHFLDOL]DGD GD DOWXUD  HVWH IRL R SULPHLUR SRVWR D IXQFLRQDUHP3RUWXJDOFRPHPLVV}HVUHJXODUHVHHVW~GLRVSUySULRV´ 6LOYD$V5iGLRV QR3RUWR

(152)  .  ,PDJHP(VW~GLRVHPLVVRUHVGD5iGLR3RUWR 6LOYD$V5iGLRVQR3RUWR

(153) .  (QWUH D GpFDGD GH  H RV DQRV  VXUJLUDP DOJXPDV UiGLRV QD FLGDGH ,QYLFWD TXDVH WRGDVRULJLQDGDVHPFDVDVGHDSDUHOKRVHOpFWULFRVHUDPDQRVGHFUHVFLPHQWRHH[SDQVmR UDGLRIyQLFDPDVVLYD 1R HQWDQWR HVWH FHQiULR DOWHURXVH GHYLGR DR LQtFLR GD ,, *XHUUD 0XQGLDO FRP D VXVSHQVmR GR IXQFLRQDPHQWR GH WRGDV DV HVWDo}HV SDUWLFXODUHV GHFUHWROHL Qž  

(154)  $V HVWDo}HV PDLV SHTXHQDV IRUDP REULJDGDV D IXQGLUVH QXP ~QLFR SRVWR GH WUDQVPLVVmR $HVFROKDGRSRVWRFHQWUDOL]DGRUUHFDtXVREUHR3RUWXHQVH5iGLR&OXEH 35&

(155) SRUVHUR TXHWUDQVPLWLDHPPHOKRUHVFRQGLo}HV$VRXWUDVUiGLRVILFDUDPFRPRVHXVLQDOVHODGR WUDQVPLWLQGRHPFRQIRUPLGDGHQXPDOyJLFDURWDWLYDFRPRSRVWRFHQWUDO. /tGLD/RSHV%DUERVDă-XOKR. . .

(156) 2SHUFXUVRGD5iGLR'RDQDOyJLFRDRYLUWXDO . 'DUiGLRSLUDWDjUiGLR:HE. -iQmRVHULDSRVVtYHOFRQVWUXLUHPLVVRUDVFRPHUFLDLVVHPXPDOLFHQoDSURILVVLRQDO3RU LVVRGLYLGLDPIUHTXrQFLDSDUDFRQVHJXLUHPWUDQVPLWLUjH[FHSomRGD6RQRUD5iGLRTXH HUDD~QLFDUiGLRQDFLGDGHGR3RUWRTXHWUDQVPLWLDQXPDIUHTXrQFLDGLIHUHQWHPDVLVVR VyDFRQWHFLDSRUTXHWUDQVPLWLDD(PLVVRUD1DFLRQDO7DPEpPD5iGLR5HQDVFHQoDHR 5iGLR&OXEH3RUWXJXrVHUDPSRVWRVGHWUDQVPLVVmRHPIUHTXrQFLDH[FOXVLYDSRLVDERD UHODomRFRPRUHJLPHHUDFHUWDPHQWHXPDFyPRGDPDLVYDOLD (VWDV FRQGLo}HV YHULILFDUDPVH DWp DR tQLFLR GD GpFDGD GH  1HVVD DOWXUD WRGRV RV SRVWRV YROWDULDP D WUDQVPLWLU DXWRQRPDPHQWH SRLV R GHFUHWROHL TXH SUHYLD D FHQWUDOL]DomRGDVWUDQVPLVV}HVWLQKDWHUPLQDGR 0DVDJRUDDPXGDQoDWURX[HGLILFXOGDGHVWDQWRILQDQFHLUDVFRPRWpFQLFDV6XUJHHQWmR D 6RFLHGDGH GH (PLVVRUHV GR 1RUWH 5HXQLGRV /GD HP  UHVXOWDQWH GD XQLmR GH DOJXPDVUiGLRVSRUWXHQVHVFRPRD5iGLR3RUWR/G256(&/G0DQXHO0RUHLUD  &LD /G 3RVWR (PLVVRU (OHFWURPHFkQLFR

(157)  ,GHDO 5iGLR /G 4XDUHVPD H &LD /G 5iGLR&OXEHGR1RUWH

(158) 2HPLVVRUWUDQVPLWLDDSDUWLUGH&DQLGHOR9LOD1RYDGH*DLD (VWDVRFLHGDGHWRPRXSRVVHGRLQGLFDWLYR&6%SHUWHQFHQWHDR3RUWXHQVH5iGLR&OXEH DWp  )RLOKH UHWLUDGR R VHX LQGLFDWLYR SHOR IDFWR GH QmR WHU DGTXLULGR XP QRYR HPLVVRU'HVWHPRGRR35&GHL[DDVVLPGHWUDQVPLWLUQHVVHDQR 1D ,,PHWDGHGRVpFXOR;;H[LVWLDPQR3RUWRUiGLRFOXEHVFRPR(PLVVRUHVGR1RUWH 5HXQLGRV5iGLR5HQDVFHQoD5iGLR&OXEH3RUWXJXrVH(PLVVRU5HJLRQDOGD(PLVVRUD 1DFLRQDO 7RGRVHOHVWUDQVPLWLDPHP2QGD0pGLD 20

(159)  FRQKHFLGDSRUVHUXPDEDQGDGHUiGLR TXHWUDQVPLWLDHPIUHTXrQFLDVHQWUH.+]H.+](VWHVHUYLoRGHUDGLRGLIXVmR WDPEpPpFRQKHFLGRSRU$0 DPSOLWXGHPRGXODGD

(160) HDTXDOLGDGHGHiXGLRFRQVHJXLGD pWUDQVPLWLGDHPPRQRRXVHMDWRGRRVRPpWUDQVPLWLGRDWUDYpVGHXP~QLFRFDQDOGDt DGHVLJQDomRPRQR XPXPVyXQLGDGH

(161)  1DQRVVDRSLQLmRGHVWHFRQMXQWRGHSRVWRVH[LVWHQWHVQDFLGDGHGR3RUWRQD,,PHWDGH GR VpFXOR ;; LQWHUHVVD GHVWDFDU RV (PLVVRUHV GR 1RUWH 5HXQLGRV (15

(162)  SRU WHU VLGR DTXHOHTXHUHXQLXDVUiGLRVGHRULJHPSDUWLFXODUHQWHQGDVHOLYUHV. /tGLD/RSHV%DUERVDă-XOKR. . .

(163) 2SHUFXUVRGD5iGLR'RDQDOyJLFRDRYLUWXDO . 'DUiGLRSLUDWDjUiGLR:HE. $ HPLVVmR GRV (15 IRL SLRQHLUD QR SURORQJDPHQWR GR KRUiULR GH WUDQVPLVVmR VHQGR TXHHPWRGDV DVHVWDo}HV IHFKDYDP jVKRUDVRVVHXVPLFURIRQHV&RPHoDQGR SRUHPLWLUGDVKRUDVjKRUDGDPDQKmFRPRSURJUDPD³ÒOWLPD+RUD´HPDLVWDUGH DYHQWXUDQGRVH QXPD QRYD U~EULFD TXH OHYDYD RV RXYLQWHV GD  KRUD GD PDQKm jV  KRUDV2VXFHVVRIRLWRWDOHQRILQDOGHVVHDQRWRGDVDVFRQGLo}HVHVWDULDPUHXQLGDVSDUD DV PDGUXJDGDV GH ILPGHVHPDQD FRP R SURJUDPD ³(QTXDQWR D QRLWH SDVVD´ TXH VH SURORQJDYDSHODQRLWHDWpjVKRUDVGDPDQKm .  ,PDJHP6RFLHGDGH(PLVVRUHVGR1RUWH5HXQLGRV 6LOYD$V5iGLRVQR3RUWR

(164) .  (VWHSRVWRIXQGDGRHPHFRPRVHXHPLVVRUORFDOL]DGRQR0RQWHGD9LUJHP 9LOD 1RYD GH *DLD

(165)  ³YLYHX´ DWp  DQR HP TXH IRL YHQGLGR j (PLVVRUD 1DFLRQDO 2 QHJyFLR WHUi VLGR GH SHUWLQrQFLD Pi[LPD WHQGR HP FRQWD TXH FDGD DVVRFLDGR UHFHEHX FHUFD GH  PLO FRQWRV XP YDORU PXLWR DFLPD GR UD]RiYHO SDUD R DQR HP TXH QRV HQFRQWUiYDPRV 2IXWXURGHVWHSRVWRSDVVRXSHODGHQRPLQDomR5iGLR3RUWRHPH5iGLR&RPHUFLDO 1RUWHQRVDQRV'HVDSDUHFHXGHILQLWLYDPHQWHHPDSyVDSULYDWL]DomRGD5iGLR &RPHUFLDOHDIUHTXrQFLDTXHXWLOL]DYDSDUDWUDQVPLWLUSDVVRXDVHURFDQDOGHVRPGD 5iGLR$QWHQD e GHSRLV GD 5HYROXomR GH  TXH D PDLRULD GDV UiGLRV SLUDWD VXUJHP DVVRFLDGDV WDPEpP j FRQMXQWXUD UHYROXFLRQiULD GD pSRFD DR ILP GD FHQVXUD H DR tQLFLR GH XPD QRYDHUD2ILRFRQGXWRUGDVUiGLRVSLUDWDHUDHVVHQFLDOPHQWHRSUD]HUHPID]HUUiGLRR IDVFtQLRSHODFRPXQLFDomRUHYHVWLGRGHXPFDUL]FULDWLYRHGLIHUHQWH /tGLD/RSHV%DUERVDă-XOKR. . .

(166) 2SHUFXUVRGD5iGLR'RDQDOyJLFRDRYLUWXDO . 'DUiGLRSLUDWDjUiGLR:HE. 1DVUiGLRVOHJDOL]DGDVR³YLVWR´GRFRQWURORVREUHDVHPLVV}HVHUDVHQWLGRHPDOJXQV SRVWRV GHSRLV GH  1R FDVR GD 5iGLR 5HQDVFHQoD DOJXQV SURJUDPDV DLQGD HUDP FHQVXUDGRVHHPUHODomRjVHOHFomRPXVLFDOHVWDUiGLRWLQKD³XPFXLGDGRHQRUPHHP QmR ODQoDU SDUD R DU P~VLFD TXH IDYRUHoD R VHQVXDOLVPR H GHIRUPH D YRQWDGH H D PHQWDOLGDGH´ &ULVWR

(167)  (VWDUtDPRVDDVVLVWLUDXPDHVSpFLHGHOLEHUGDGHFRQWURODGD 7DOFRPRUHIHULGRHPGXDVGDVSULQFLSDLVUiGLRVSLUDWDHP3RUWXJDOFRQKHFLGDVDWp DRVGLDVGHKRMHIRUDPD5iGLR&LGDGHHD76)FXMRDSDUHFLPHQWRVHGHXSUHFLVDPHQWH QD pSRFD GH PDLRU FUHVFLPHQWR UDGLRIyQLFR LVWR p HQWUH  H  (VWDV UiGLRV XVXIUXtDPQDVXDPDLRULDGHFRQGLo}HVWpFQLFDVSRXFRVRILVWLFDGDVQmRWLQKDPJUDQGH H[SUHVVmRHRVHXSULQFLSDOREMHFWLYRHUDPDUFDUWHUULWyULR 1R 3RUWR D SULPHLUD UiGLR SLUDWD D HPLWLU IRL D 5iGLR &DRV QD IUHTXrQFLD  0+] VLWXDGD QD 3UDoD GD 5HS~EOLFD (UD D HPLVVRUD FODQGHVWLQD TXH WUDQVPLWLD D FRQKHFLGD UDGLRQRYHODGDDOWXUD³&DUWDVGH6DOD]DUD0DU\OLQ0RQURH´ ³$5iGLR&DRV GH%HUQDUGLQR*XLPDUmHV

(168) QDVFHXHPQR3RUWR'HILQLDVHFRPR XPD UiGLR DOWHUQDWLYD MRYHP H OLYUH FRQWUDFXOWXUD H FRQWUDFRUUHQWH VHP SUHRFXSDo}HV GH tQGROH UHJLRQDOLVWD SURFXUDQGR VHU XP HVSDoR GH FULDWLYLGDGH H FXOWXUD³ $]HYHGR

(169)  'HYHPRV DLQGD DIHULU D H[LVWrQFLD GD 5iGLR &ODTXHWH SRLV VHJXQGR 6LOYD 

Referências

Documentos relacionados

LQIHVWDWLRQ (OHFWURQ PLFURVFRSLF H[DPLQDWLRQ RI WKH OHVLRQV UHYHDOHG WKDW FKORURWLF VSRWV )LJXUH ) VKRZHG F\WRSDWKLF HIIHFW RI WKH QXFOHDU W\SH RI %7U9 )LJXUH $ ZKLOH LQ WKH

)LJXUHV DQG VKRZ WKH VXUIDFH UHVSRQVH RI WKH JHUPLQDWLRQ DQG UDGLFOH SURWUXVLRQ YDULDEOHV RI WKH &amp; FDQHSKRUD VHHGV DIWHU IRXU PRQWKV RI VWRUDJH GULHG DW

LQWHUDFWLRQV HVWDEOLVKHG ZLWK WKH SURWHLQ VXUIDFH $FFRUGLQJ WR WKH FXUUHQW PRGHOV SURWHLQ VWDELOL]DWLRQ E\ VROXWHV LV ODUJHO\ H[SODLQHG RQ WKH EDVLV RI VROXWH H[FOXVLRQ IURP WKH

'HVSLWH WKH SURPLQHQFH RI VXLFLGH DV D OHDGLQJ FDXVH RI GHDWK WKURXJKRXW PRVW FRXQWULHV RI WKH ZRUOG DQG WKH VXEVWDQWLDO HYLGHQFH VXSSRUWLQJ WKH UROH RI ELRORJLFDO IDFWRUV LQ

METODOLOGIAS DE AVALIAÇÃO DO DESENVOLVIMENTO DA COGNIÇÃO SOCIAL A exposição das características centrais dos marcos da cognição social permite, a partir deste momento, uma

3UHPL[PRGXOH:LWKWKHUHDFWLRQVLQYROYHGLQWKHSURSRVHG PHFKDQLVPV WKH YDULDWLRQ RI WKH$3 FRPEXVWLRQ EHKDYLRU ZDV REVHUYHG DV WKH SUHVVXUH RI WKH FRPEXVWLRQ FKDPEHU RI D VROLG

Considero a passagem pelo contexto de 1.º CEB - 3.º ano (a última prática pedagógica do Mestrado) – um pouco diferente das restantes, uma vez que as componentes de

Analysing the results robustness by stock exchange, we observed that for rms quoted in the NASDAQ stock exchange, which represent nearly 23% of our sample, there were