• Nenhum resultado encontrado

Maria Aparecida da Silveira

N/A
N/A
Protected

Academic year: 2021

Share "Maria Aparecida da Silveira"

Copied!
144
0
0

Texto

(1)PONTIFÍCIA UNIVERSIDADE CATÓLICA DE SÃO PAULO PUC-SP. Maria Aparecida da Silveira. O MOVIMENTO NACIONAL DOS CATADORES DE MATERIAIS RECICLÁVEIS: UM MOVIMENTO EM CONSTRUÇÃO 1999-2009. Mestrado em Serviço Social. São Paulo 2010.

(2) PONTIFÍCIA UNIVERSIDADE CATÓLICA DE SÃO PAULO PUC-SP. Maria Aparecida da Silveira. O MOVIMENTO NACIONAL DOS CATADORES DE MATERIAIS RECICLÁVEIS: UM MOVIMENTO EM CONSTRUÇÃO 1999-2009. Mestrado em Serviço Social. Dissertação apresentada à Banca Examinadora, como exigência parcial para obtenção do título de Mestre em Serviço Social, pela Pontifícia Universidade Católica de São Paulo, sob a orientação da Professora Drª. Maria Lúcia Carvalho da Silva.. São Paulo 2010.

(3) Banca Examinadora.

(4) AGRADECIMENTOS. À Profª. Drª. Maria Lúcia Carvalho da Silva, por toda sua dedicação, disponibilidade e paciência em minhas orientações.. Aos Professores Drª. Rosangela Oliveira Dias da Paz e Dr. Luiz Tokuzi Kohara, que participaram do exame de qualificação, e contribuíram imensamente com este processo.. Aos meus amigos e amigas: Eliana Sampaio, Maria da Penha da Silva, Francisco Galdino, José Farias, Ana Lúcia Sanches, Elena Maria Resende, Sônia Maria e Leila Maria que tanto me incentivaram no processo de elaboração da dissertação.. À minha irmã, Raquel da Silveira, que foi extremamente companheira, dando-me toda a assistência necessária para que eu levasse até o final esta dissertação.. À minha mãe, Terezinha Rezende Nazaré da Silveira, que tanto me motivou e animou para que eu pudesse finalizar este trabalho.. A todos os entrevistados, das direções das associações e cooperativas de São Paulo e Minas e Gerais e também à direção do Movimento Nacional dos Catadores de Materiais Recicláveis (MNCR) de ambos os Estados.. À Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (Capes), pela bolsa recebida, que viabilizou meus estudos no Programa de Estudos PósGraduados em Serviço Social..

(5) Resumo A presente dissertação de mestrado tem por objeto o estudo do Movimento Nacional dos Catadores de Materiais Recicláveis: um movimento em construção 1999/2009. O objetivo geral visou analisar o MNCR, nessa década de existência e ação, abordando sua organização interna, relações externas, lutas, limites e desafios. Os sujeitos da pesquisa foram sete lideranças da direção nacional e estadual do MNCR e das associações e cooperativas de materiais recicláveis. A pesquisa foi orientada pela pergunta norteadora: Qual a importância do Movimento Nacional dos Catadores de Materiais Recicláveis e suas repercussões? As referências conceituais da pesquisa foram:: globalização, em Boaventura Santos e Octavio Ianni, trabalho, em Ricardo Antunes e Márcio Pochmann, movimentos sociais, em Maria da Glória Gohn e Evelina Dagnino, políticas sociais, em Evaldo Amaro Vieira, Maria Carmelita Yazbek, Ivanete Boschetti e Elaine Rossetti Behring, democratização, em Francisco .C. Weffort e Maria Victória de Mesquita Benevides, autores contemporâneos das Ciências Sociais e do Serviço Social. A metodologia utilizada foi a pesquisa qualitativa, tendo a coleta de dados como instrumento a entrevista semi-estruturada, com base em roteiro. Foram realizadas também pesquisa bibliográfica, documental e observação participante da pesquisadora. Para a interpretação dos dados foi adotada a análise de conteúdo. Os resultados da pesquisa, revelaram, principalmente, que o MNCR nesses dez anos de existência se configurou como um sujeito coletivo e político que vem efetivando, com avanços e desafios, um projeto de inclusão dos catadores nas políticas sociais, na cadeia produtiva e nas relações internacionais com outras organizações de catadores. Palavras-chave: globalização, trabalho, movimentos sociais, políticas sociais e democratização..

(6) Abstract The present mastership degree essay has as a purpose to study the National Movement of Catchers of Recyclable Material (MNCR) A movement in progress – 1999/2009. The general purpose was to analyze the MNCR, into this decade of existence and action, addressing to its internal organization, external relationships, struggles, limits, and challenges. The subjects of the research were seven people at the front of both national and state board of MNCR and the associations and cooperatives of recyclable materials. Research was conducted by the following question: What is the importance the National Movement of Catchers of Recyclable Material (MNCR)? Conceptual references of the research were: globalization, in Boaventura Santos and Octavio Ianni, work, in Ricardo Antunes and Márcio Pochmann, social movements, in Maria da Glória Gohn and Evelina Dagnino, social policies, in Evaldo Amaro Vieira, Maria Carmelita Yazbek, Ivanete Boschetti and Elaine Rossetti Behring, democratization, em Francisco .C. Weffort and Maria Victória de Mesquita Benevides, all of them conemporary authors in the areas of Social Sciences and Social Work. Methodology used was qualitative survey, being the data collection as an instrument the semistructured interview, based on a scipt. Bibliographical research, survey based on documents and participating observation of the researcher were made too. To interpret data, it was made the following contents analysis. Results of the survey have specially revealed, that what MNCR, after these ten years of existence, was configured as a collective and politic subject, increasingly making, with advancements and challnges, the social inclusion of catchers into social policies, into the productive chain and into international relationships with other organization of catchers. Keywords: globalization, work, social movements, social policies, and democratization.

(7) LISTA DE ABREVIATURAS E SIGLAS. Abes – Associação Brasileira de Engenharia Sanitária e Ambiental ABI – Associação Brasileira de Imprensa Abong – Associação Brasileira das Organizações Não Governamentais ANC – Associação Nacional Constituinte Ancat – Associação Nacional dos Carroceiros e Catadores de Materiais Recicláveis Ascati – Associação de Catadores de Materiais Recicláveis de Timóteo (MG) Asmare – Associação dos Catadores de Papel e Papelão Reaproveitável Aspan – Associação Pernambucana de Defesa da Natureza Avina – Fundação Associación Vida e Natureza BID – Banco Interamericano de Desenvolvimento BNDES – Banco Nacional de Desenvolvimento Econômico e Social CAD – Computer Aided Desing/Projeto Assistido por Computador CAM – Computer Aided Manufacturing/Fabricação Assistida por Computador CBO – Classificação Brasileira de Ocupação CCQs – Círculos de Controle de Qualidade CEBs – Comunidades Eclesiais de Base CEF – Caixa Econômica Federal Celam – Encontro do Episcopado Latino-Americano Cempre – Centro Empresarial para Reciclagem CEP – Controle Estatístico de Processo CF – Constituição Federal Clad – Centro Latino-Americano de Administración para el Desarrollo CMP – Central de Movimentos Populares CNBB – Conferência Nacional dos Bispos do Brasil Coopamare – Cooperativa de Catadores Autônomos de Papel, Aparas e Material Reaproveitáveis Coopere – Cooperativa de Catadores Autônomos de Materiais Reaproveitáveis Cooperglicério – Cooperativa de Catadores da Baixada do Glicério Cora – Associação dos Trabalhadores de Materiais Recicláveis Coorpel – Cooperativa dos Catadores de Papel e Papelão da Luz.

(8) CPI – Comissão Parlamentar de Inquérito Cruma – Cooperativa de Reciclagem Unidos pelo Meio Ambiente CUT – Central Única dos Trabalhadores ECA – Estatuto da Criança e Adolescente FHC – Fernando Henrique Cardoso FMI – Fundo Monetário Internacional FSM – Fórum Social Mundial IBGE – Fundação Instituto Brasileiro de Geografia e Estatística Insea – Instituto Nenuca de Desenvolvimento Socioeconômico Ambiental ISO – Organização Internacional de Standardização ITCP – Incubadora Tecnológica de Cooperativas Populares Loas – Lei Orgânica de Assistência Social MDS – Ministério de Desenvolvimento Social e Combate à Fome MIT – Massachusets Institute of Technology MMA – Ministério do Meio Ambiente MNCR – Movimento Nacional dos Catadores de Materiais Recicláveis MNM – Movimento Nacional de Moradia MNPR – Movimento Nacional de População de Rua MSI – Modelo de Substituições de Importações MST – Movimento dos Sem-Terra OAB – Ordem dos Advogados do Brasil OAF – Organização do Auxílio Fraterno OIT – Organização Internacional do Trabalho OMC – Organização Mundial de Comércio ONGs – Organização Não Governamental ONU – Organização das Nações Unidas Oscip – Organização da Sociedade Civil de Interesse Público PAC – Programa de Aceleração do Crescimento Pangea – Centro de Estudos Socioambientais PC – Paulo César PCB – Partido Comunista Brasileiro PCdoB – Partido Comunista do Brasil PDS – Partido Democrático Social PDT – Partido Democrático Trabalhista.

(9) PMDB – Partido do Movimento Democrático Brasileiro PNB – Produto Nacional Bruto PNRS – Política Nacional de Resíduos Sólidos PSDB – Partido da Social Democracia Brasileira PT – Partido dos Trabalhadores Recifran – Serviço Franciscano de Apoio a Reciclagem Senaes – Secretaria Nacional de Economia Solidária Seppir – Secretaria Especial de Políticas de Promoção da Igualdade Racial SPM – Secretaria Especial de Política para as Mulheres UNE – União Nacional dos Estudantes.

(10) SUMÁRIO. INTRODUÇÃO,11 CAPÍTULO 1 – Aproximações Conceituais de Referência,20 1.1 Globalização,20 1.2 Trabalho,26 1.3 Movimentos sociais,34 1.4 Políticas sociais,43 CAPÍTULO 2 – Considerações sobre o Processo de Democratização Brasileira - 1980/2009,51 2.1 Abordando a democracia,51 2.2 As lutas pela democratização,54 2.2.1 Abertura política,54 2.2.2 Os rumos da cidadania,60 2.2.3 Os caminhos da participação social,68 CAPÍTULO 3 – Trajetória Histórica do Movimento Nacional dos Catadores de Materiais Recicláveis, 77 3.1 Antecedentes e origem do MNCR,77 3.2 Processo organizativo: primeiros passos do MNCR e sua estrutura,85 3.3 O MNCR e as relações com o Estado, 91 3.4 Fortalecimento e ampliação de relações do MNCR com movimentos sociais nacionais e internacionais,102 CAPÍTULO 4 – Percepções das Lideranças – da Direção do MNCR e das Associações e Cooperativas: Elementos Interpretativos,107 4.1 Percepções dos sujeitos da pesquisa sobre sua trajetória enquanto catadores e sobre seu trabalho,107 4.2 Percepções dos respondentes quanto ao entendimento do MNCR, e as relações entre direção e base,114 4.3 Percepções dos entrevistados sobre a ação do MNCR: lutas, possibilidades, limites e desafios,120 CONSIDERAÇÕES FINAIS,126 BIBLIOGRAFIA,129 ANEXOS.

(11)    . $ GHFLVmR HP FXUVDU R 0HVWUDGR GH 6HUYLoR 6RFLDO GHXVH HP IXQomR GR. WUDEDOKRUHDOL]DGRQD3UHIHLWXUDGR0XQLFtSLRGH'LDGHPD63TXDQGRDWXDYDFRPR GLUHWRUD GR 'HSDUWDPHQWR GH 'HIHVD GRV 'LUHLWRV j &LGDGDQLD TXH ID]LD LQWHUIDFH FRPRVSURJUDPDVGHWUDQVIHUrQFLDGHUHQGD  . 2 TXH FKDPRX D DWHQomR IRL R Q~PHUR GH IDPtOLDV DWHQGLGDV SHORV. SURJUDPDV %ROVD)DPtOLD JRYHUQR IHGHUDO

(12)  H 5HQGD &LGDGm JRYHUQR HVWDGXDO

(13)  SRLV HVWDYDP FDGDVWUDGDV H UHFHEHQGR UHQGD XP WRWDO GH  PLO IDPtOLDV 2 IDWR GHVSHUWRXPHSDUDDVHJXLQWHTXHVWmR&RPRILFDPHVVDVIDPtOLDVTXDQGRFHVVDU HVVDWUDQVIHUrQFLDGHUHQGD"  . )RL FRP HVVH TXHVWLRQDPHQWR TXH DSUHVHQWHL R SUpSURMHWR QD VHOHomR GR. 3URJUDPDGH(VWXGRV3yVJUDGXDGRVHP6HUYLoR6RFLDOGD3RQWLItFLD8QLYHUVLGDGH &DWyOLFDGH6mR3DXOR 38&63

(14) QRDQRGHFRPRVHJXLQWHWtWXOR3RUWDGH (QWUDGD 3URJUDPD GH 7UDQVIHUrQFLD GH 5HQGD [ 3RUWD GH 6DtGD *HUDomR GH 7UDEDOKRH5HQGD  . 1R DQR GH  DR WUDEDOKDU HP XPD HPSUHVD GH UHFLFODJHP GH yOHR. YHJHWDO VDWXUDGR WDPEpP QR 0XQLFtSLR GH 'LDGHPD DVVXPL D IXQomR GH FRPSUDGRUDGHyOHR  . 1RLQtFLRRWUDEDOKRHUDUHDOL]DGRFRPRVJHUDGRUHVGHyOHRYHJHWDOFRPR. EDUHV UHVWDXUDQWHV ODQFKRQHWHV GHQWUH RXWURV 3RVWHULRUPHQWH SDUD DXPHQWDU D DUUHFDGDomR GH yOHR XVDGR IXL FKDPDGD SDUD ID]HU XP WUDEDOKR FRP DV DVVRFLDo}HV H FRRSHUDWLYDV GH PDWHULDLV UHFLFOiYHLV GDGR PLQKD H[SHULrQFLD DQWHULRU  . (VVD H[SHULrQFLD RFRUUHX QRV DQRV GH  QD 3UHIHLWXUD GH 6DQWR. $QGUp FRPR SUHVWDGRUD GH VHUYLoR QD ,QFXEDGRUD 7HFQROyJLFD GH &RRSHUDWLYDV 3RSXODUHV ,7&3

(15) GXUDQWHDTXDOFRQWULEXtQDIRUPDomRGDSULPHLUDFRRSHUDWLYDGH PDWHULDO UHFLFOiYHO GR PXQLFtSLR ( DSyV D VDtGD GD ,QFXEDGRUD PDQWLYH YtQFXOR FRP DV DVVRFLDo}HV H FRRSHUDWLYDV SRU PHLR GR )yUXP 5HJLRQDO GH (FRQRPLD  .

(16) 6ROLGiULDGR*UDQGH$%&(VVHIyUXPWLQKDFRPRSURSyVLWRGLVFXWLUDVGLILFXOGDGHV HWURFDUH[SHULrQFLDHQWUHJUXSRVSDUDVROXFLRQDUSRVVtYHLVSUREOHPDVHQFRQWUDGRV QDFDPLQKDGDGHOHV  . $ SDUWLU GR WUDEDOKR DFLPD GHVFULWR H GD UHWRPDGD GR FRQWDWR FRP DV. DVVRFLDo}HVHFRRSHUDWLYDVGHPDWHULDLVUHFLFOiYHLVUHSHQVHLRWHPDRSURSRVWRQD VHOHomRGR0HVWUDGRGH6HUYLoR6RFLDOSDUDIRFDUQDRUJDQL]DomRGHFDWDGRUHVHP kPELWRQDFLRQDO  . ( R WHPD GD GLVVHUWDomR SDVVRX D VH LQWLWXODU "%4!7*" #'4"7#$ .". #*#."& . #*&4#4 '4'$C%4 J K ! "%4!7*" ! "7*& 5;" H  . $ HVFROKD GR WHPD GH HVWXGRV WHYH FRPR SUHPLVVD D YLYrQFLD GH. SHVTXLVDGRUD QD RUJDQL]DomR GH DVVRFLDo}HV H FRRSHUDWLYDV GH PDWHULDLV UHFLFOiYHLV DVVLP FRPR D UHIOH[mR D SDUWLU GD H[SHULrQFLD HP RXWURV VHJPHQWRV FRPRR)yUXP5HJLRQDOGH(FRQRPLD6ROLGiULDGR*UDQGH$%&(VVDRSomROHYRX PHDVHJXLQWH2&L 7*#7"&*#."&#  . M #$ # 4!2"&*N7'4# .# "&L#74:#5;" ." "%4!7*" #'4"7#$ .". #*#."&.#*&4#4'4'$C%4 #&2&' 6O  . $ (42A* IRUPXODGD p TXH R 01&5 SRU VHU VXMHLWR FROHWLYR H SROtWLFR. IRUWDOHFHDRUJDQL]DomRHDDomRGDVDVVRFLDo}HVHFRRSHUDWLYDVGHFDWDGRUHVGH PDWHULDLVUHFLFOiYHLVOLJDGDVjVSROtWLFDVGHUHVtGXRVVyOLGRVHDRPHVPRWHPSR IRUWDOHFH R SURFHVVR GH SDUWLFLSDomR QD SURSRVLomR H HIHWLYDomR GDV SROtWLFDV VRFLDLVYROWDGDVjFLGDGDQLDGR D

(17) FDWDGRU D

(18)   . 2")@*"GHVWDSHVTXLVDpDWUDMHWyULDKLVWyULFDGHFRQVWUXomRGR01&5QR. SHUtRGRGHFRPRVXMHLWRFROHWLYRHSROtWLFRQDiUHDGHFROHWDWULDJHPH HQIDUGDPHQWRGRVPDWHULDLVUHFLFOiYHLVDVVLPFRPRVXDSDUWLFLSDomRQDVSROtWLFDV VRFLDLV .  .

(19) . 2 ")@*4%" L&#$ YLVRX DQDOLVDU R 01&5 QHVVD GpFDGD GH H[LVWrQFLD H. DomR DERUGDQGR D RUJDQL]DomR LQWHUQD UHODo}HV H[WHUQDV OXWDV OLPLWHV H SRVVLELOLGDGHVHGHVDILRV  . 'HVVHREMHWLYRJHUDOGHVGREUDUDPVHRVVHJXLQWHV")@*4%"2'P84'" x &RQKHFHU H VLVWHPDWL]DU R SURFHVVR GH FRQVWLWXLomR H R SURWDJRQLVPR GR 01&5 D SDUWLU GDV FDUWDV GRV FRQJUHVVRV GR VLWHZZZPQFURUJEUMRUQDLVHRXWURVGRFXPHQWRV x &RQKHFHU H DQDOLVDU DV SHUFHSo}HV GRV FDWDGRUHV VREUH RV VLJQLILFDGRVGHVHUFDWDGRUHPHPEURGR01&5 x &RQKHFHUHDQDOLVDURVVLJQLILFDGRVGDVOXWDVFRQTXLVWDVOLPLWHVH SRVVLELOLGDGHVGR01&5 x &RQKHFHU H DQDOLVDU DV Do}HV GR 01&5 QD SURSRVLomR H LPSOHPHQWDomRGHSROtWLFDVVRFLDLV.  $SyV D HVFROKD GR WHPD IRL UHDOL]DGD XPD SHVTXLVD VREUH RV SRVVtYHLV DXWRUHV FRQWULEXLQWHV FRP D GLVVHUWDomR GHQWUH RV VHJXLQWHV DXWRUHV 0DULD GD *OyULD *RKQ (YHOLQD 'DJQLQR (YDOGR $PDUR 9LHLUD 5LFDUGR $QWXQHV .DUO 0DU[ &DStWXOR ,QpGLWR 9, H R /LYUR , 9ROXPH ,

(20)  %HUWUDQG 6DPSDLR GH $OHQFDU H GHQWUH RXWURV  (PVHJXLGDIRUDPVHOHFLRQDGRVRVDXWRUHVTXHSRGHULDPFRQWULEXLUSDUDR HPEDVDPHQWR GD GLVVHUWDomR  'HQWUH D WHPiWLFD DERUGDGD QR %UDVLO FRQWHPSRUkQHR GHVWDFDPVH 5LFDUGR $QWXQHV QD DQiOLVH GR WUDEDOKR H VXDV UHODo}HV 0DULD GD *OyULD *RKQ QD FRQVWUXomR GRV PRYLPHQWRV VRFLDLV QR %UDVLO FRQWHPSRUkQHR  (YDOGR $PDUR 9LHLUD VREUH DV SROtWLFDV VRFLDLV %HUWUDQG 6DPSDLRGH$OHQFDUQDUHODomRGRSURFHVVRKLVWyULFRGR0RYLPHQWR1DFLRQDOGRV &DWDGRUHV  $ QDWXUH]D GHVWD SHVTXLVD p GH FDUiWHU TXDOLWDWLYR VHJXQGR 0LQD\R 

(21)   $ SHVTXLVD TXDOLWDWLYD UHVSRQGH D TXHVW}HV PXLWR SDUWLFXODUHV (OD WUDEDOKD FRP R XQLYHUVR GRV VLJQLILFDGRV GRV PRWLYRV GDV DVSLUDo}HV GDV FUHQoDV GRV YDORUHV H GDV DWLWXGHV (VVH FRQMXQWR GH IHQ{PHQRV.  .

(22) KXPDQRVpHQWHQGLGRFRPRSDUWHGDUHDOLGDGHVRFLDOSRLVRVHUKXPDQR VH GLVWLQJXH QmR Vy SRU DJLU PDV SRU SHQVDU VREUH R TXH ID] H SRU LQWHUSUHWDU VXDV Do}HV GHQWUR H D SDUWLU GD UHDOLGDGH YLYLGD H SDUWLOKDGD FRP VHXV VHPHOKDQWHV 2 XQLYHUVR GD SURGXomR KXPDQD TXH SRGH VHU UHVXPLGR QR PXQGR GDV UHODo}HV GDV UHSUHVHQWDo}HV H GD LQWHQFLRQDOLGDGH H p REMHWR GD SHVTXLVD TXDOLWDWLYD GLILFLOPHQWH SRGH VHU WUDGX]LGRHPQ~PHURVTXDQWLWDWLYRV.  $!*"."$"L4#XWLOL]DGDDEUDQJHXRVVHJXLQWHVSDVVRV  x %#7*#!7*" )4)$4"L&C84'" EXVFD QD SURGXomR DFDGrPLFD GH GLVVHUWDo}HV H WHVHV QDV iUHDV GR 6HUYLoR 6RFLDO H &LrQFLDV 6RFLDLV H SROtWLFDV GD 38&63  SHVTXLVDV VREUH R 0RYLPHQWR 1DFLRQDO GRV &DWDGRUHV WHPD HP TXH IRUDP HQFRQWUDGDV DOJXPDV GLVVHUWDo}HV VREUH DVVRFLDo}HV H FRRSHUDWLYDV GH PDWHULDLV UHFLFOiYHLV H QHQKXPD VREUH R 01&5 5HDOL]DGD WDPEpP SHVTXLVD QD ELEOLRJUDILD GH DXWRUHV TXH SXGHVVHP HPEDVDU RV FRQFHLWRV UHIHUHQFLDLV FRPR 0DULD GD *OyULD *RKQ (YDOGR9LHLUD5LFDUGR$QWXQHVGHQWUHRXWURV(WDPEpPDXWRUHVTXHWUDWDP GR WHPD FRPR %HUWUDQG 6DPSDLR GH $OHQFDU 9DOpULD +HORLVD .HPS +HOHQD0DULD7DUFKL&ULYHOODULHRXWURV x Q 4# ."' !7*#$ QD 6HFUHWDULD 1DFLRQDO GR 01&5 SHVTXLVHL HP DOJXQV MRUQDLV H QR FDGHUQR GH IRUPDomR GR 01&5 (P SHVTXLVD QR VLWH ZZZPQFURUJEU REWLYH DFHVVR D KLVWyULD GR 01&5 2V SULQFtSLRV H VHXV REMHWLYRV IRUDP REWLGRV QDV FDUWDV GH %UDVtOLD R &RQJUHVVR 1DFLRQDO GR 01&5 UHDOL]DGR HP MXQKR GH 

(23)  GH &D[LDV GR 6XO56 R &RQJUHVVR /DWLQRDPHULFDQR UHDOL]DGR HP

(24)  QD 'HFODUDomRGH6mR /HRSROGR56 R &RQJUHVVR /DWLQR$PHULFDQR UHDOL]DGR HP 

(25)  H QD 3URFODPD GH %RJRWi&RO{PELD R (QFRQWUR 0XQGLDO GRV &DWDGRUHV H R R &RQJUHVVR /DWLQR$PHULFDQR GH &DWDGRUHV GH 0DWHULDLV 5HFLFOiYHLV UHDOL]DGR HP 

(26)  1D $VVRFLDomR 5HGH 5XD GH &RPXQLFDomR UHDOL]DomR GH XPD SHVTXLVDRMRUQDO7UHFKHLURTXHUHWUDWDRVFDWDGRUHV x Q 4# . #!2" 3DUWLFLSHL FRPR SHVTXLVDGRUD QRV VHJXLQWHV HQFRQWURVR)HVWLYDOGR/L[RH&LGDGDQLDUHDOL]DGRHP%HOR+RUL]RQWH0* HPVHWHPEURGHHGRR([SRFDWDGRUUHDOL]DGRHP6mR3DXORQD9LOD *XLOKHUPH GH  D  GH RXWXEUR GH  HYHQWR TXH FRQWRX FRP D SDUWLFLSDomRGHPLOSHVVRDVGHWRGRR%UDVLOHGHPDLVSDtVHVGD$PpULFD.  .

(27) /DWLQDLQFOXVLYHGDËQGLDHQRTXDORFRUUHUDPIHLUDVGHQHJyFLRVHPLQiULRV HPDLVXP&RQJUHVVRGRV&DWDGRUHV/DWLQR$PHULFDQRV  . 1R VHJXQGR PRPHQWR SDVVRXVH j GHILQLomR GRV FULWpULRV SDUD D HVFROKD. GRVVXMHLWRVPHPEURVGHEDVHHOLGHUDQoDV 6HURXWHUVLGRFDWDGRU D

(28) HOLGHUDQoDGHDVVRFLDomRHRXFRRSHUDWLYD 6HUOLGHUDQoDGR01&5QDVLQVWkQFLDVHVWDGXDOHRXQDFLRQDO  (PVHJXLGDIRLHODERUDGRXPURWHLUREiVLFRSDUDVHUXWLOL]DGRQDDSOLFDomR GRSUpWHVWHDGXDVOLGHUDQoDVGHEDVHQR(VWDGRGH6mR3DXOR x "! R&L4"/ 7"SUHVLGHQWHGD&RRSHUDWLYDGH&DWDGRUHVGD%DL[DGD GR *OLFpULR &RRSHUJOLFpULR

(29)  GH 6mR 3DXOR63 1DWXUDO GD -D~ (VWDGR GH 6mR 3DXOR FRP  DQRV SRVVXL HQVLQR VXSHULRU LQFRPSOHWR WHQGR DWXDGR QDFRQVWUXomRFLYLOHPHPSUHVDVHSRVWHULRUPHQWHFRPRFDWDGRU x

(30) 7:# :#& &7#7. GLUHWRUD ILQDQFHLUD GD $VVRFLDomR GRV 7UDEDOKDGRUHV GH 0DWHUDLV 5HFLFOiYHLV &RUD

(31)  GH $UXMi63 1DWXUDO GH )HUYHGRXUR0* FRP DQRV SRVVXL HQVLQR PpGLRPRURXQD UXD GXUDQWH XP WHPSR H WUDEDOKRX SRVWHULRUPHQWH QR 6LQGLFDWR GRV 0HWDO~UJLFRV GH 6mR-RVpGRV&DPSRV63  . 1DDSOLFDomRGRSUpWHVWHDOJXPDVTXHVW}HVH[LJLDPPDLVHVFODUHFLPHQWRV. HIRUDPUHIRUPXODGDV2URWHLURGDVHQWUHYLVWDVSDVVRXDWHURVVHJXLQWHVWySLFRV x 3HUFHSo}HV GRV VXMHLWRV GD SHVTXLVD VREUH VXD WUDMHWyULD HQTXDQWR FDWDGRUHVHVREUHVHXWUDEDOKR x 3HUFHSo}HV GRV UHVSRQGHQWHV TXDQWR DR HQWHQGLPHQWR GR 01&5 H DV UHODo}HVHQWUHGLUHomRHEDVH x 3HUFHSo}HVGRVHQWUHYLVWDGRVVREUHDDomRGR01&5OXWDVSRVVLELOLGDGHV OLPLWHVHGHVDILRV  )RUDP HVWDEHOHFLGRV FRQWDWRV WHOHI{QLFRV H HQYLDGRV HPDLOV FRP FRQYLWH SDUDDHQWUHYLVWDHVROLFLWDGRSHUPLVVmRSDUDDYLVLWDDRVSRVWRVGHWUDEDOKRGRV VXMHLWRV GD SHVTXLVD D ILP GH DSUHVHQWDU R REMHWLYR GR HVWXGR DVVLP FRPR R.  .

(32) URWHLUR GD SHVTXLVD 1HVVD RSRUWXQLGDGH IRL DSUHVHQWDGR WDPEpP R 7HUPR GH &RQVHQWLPHQWRSDUDLGHQWLILFDomRHXVRGDVIDODVGRVVXMHLWRVGDSHVTXLVD  )RUDPHQWUHYLVWDGRVVHWHVXMHLWRVHQWUHRVTXDLVTXDWUROLGHUDQoDVGDEDVH RUJkQLFD H WUrV GD FRRUGHQDomR GR 01&5 $V HQWUHYLVWDV IRUDP JUDYDGDV WUDQVFULWDVQDtQWHJUDHRVFRQWH~GRVRUJDQL]DGRVHPSODQLOKDV   ;"# $" !#$4.&#75#.)##"'4#56'""2&#*4%#  x #&$" B7&4Q  4'"$#  SUHVLGHQWH GD $VVRFLDomR GH &DWDGRUHV GH 0DWHULDO 5HFLFOiYHO &RUD

(33)  $UXMi63 1DWXUDO GH 3RXVR $OWR0*  DQRV SRVVXLHQVLQRPpGLRFRPSOHWR7UDEDOKDYDHP6mR3DXORHFRPRRFXVWRGH YLGD VHJXQGR HOH HUD PXLWR DOWR IRL PRUDU HP $UXMi RQGH WUDEDOKRX HP XPD ORMDGH FDOoDGRVH DHVSRVD VHPWUDEDOKR FRPHoRX D FDWDU PDWHULDO 1HVVH SHUtRGR D 3UHIHLWXUD GH $UXMi HVWDYD LQLFLDQGR XP SURFHVVR GH RUJDQL]DomRFRPRVFDWDGRUHVHQWmRGHFLGLXVHJXLURFDPLQKRGDFDWDomR MXQWRFRPDHVSRVD  ""&.7#5;" *#. #$.;"# $"$4.&#75#*#. #$ .  x

(34) #$.4&7  4: "2 PHPEUR GD (TXLSH GH $UWLFXODomR GR 0RYLPHQWR (VWDGXDO GR 01&5 1DWXUDO GH 6mR 3DXOR63  DQRV VROWHLUD SRVVXL R QtYHOPpGLRFRPSOHWR,QLFLRXQDFDWDomRSRUHVWDUGHVHPSUHJDGD3DUDHOD QHQKXP VHU KXPDQR QDVFH FDWDGRU D JHQWH VH WRUQD FDWDGRU RX FDWDGRUD ,QLFLRX QR SURMHWR FKDPDGR 6HUYLoR )UDQFLVFDQR GH DSRLR j 5HFLFODJHP 5HFLIUDQ ± 6mR 3DXOR

(35)  QD %DL[DGD QR *OLFpULR HPEDL[R GR 9LDGXWR DWXDO &RRSHUDWLYD GRV &DWDGRUHV GD %DL[DGD GR *OLFpULR &RRSHUJOLFpULR

(36)  $WXRX QR3URMHWR5HFLIUDQSRUWUrVDQRVHQRDQRGHVDLXFRPRUHSUHVHQWDQWH GDUHJLmRGR&HQWURGH6mR3DXORSDUDSDUWLFLSDUGR)yUXP0HWURSROLWDQRGH 6mR3DXORTXDQGRIRLFRQYLGDGDDID]HUSDUWHGR01&5    . .

(37) . ""&.7#5;"#'4"7#$$4.&#75#7#'4"7#$. x ")&*" # &#7" .# "'(# PHPEUR GD &RRUGHQDomR 1DFLRQDO GR 01&5  1DWXUDO GH 6mR 3DXOR  DQRV FDVDGR SRVVXL HQVLQR PpGLR FRPSOHWR'HVHPSUHJDGRIRLFDWDUSDSHOmRQDVUXDVGH3Ri63HDMXGRXD RUJDQL]DUD&RRSHUDWLYDGH5HFLFODJHP8QLGRVSHOR0HLR$PELHQWH &UXPD

(38)  GH3Ri63  47#&#4."4!!)&".)##"'4#56'""2&#*4%#  x #&4# ." "C&4" #*#7" FDWDGRUD H WULDGRUD GD $VVRFLDomR GH &DWDGRUHV GH 0DWHULDLV 5HFLFOiYHLV GH 7LPyWHR0* $VFDWL

(39)  1DWXUDO GH 7LPyWHR0*  DQRV SRVVXL R HQVLQR IXQGDPHQWDO LQFRPSOHWR ,QLFLRX QR OL[mRLQWHUPXQLFLSDOGH&RURQHO)DEULFLDQR0*DRVDQRVGHLGDGHSRLVR SDL VHPSUH IUHTXHQWRX R OL[mR SRU QmR WHU HPSUHJR 7UDEDOKRX FRPR HPSUHJDGD GRPpVWLFD FRP FDUWHLUD UHJLVWUDGD SRUpP HP VLWXDomR GH GHVHPSUHJRYROWDYDVHPSUHSDUDROL[mR  x #&4# .# &#5# #&5#$ D GRQD *HUDOGD p VyFLD IXQGDGRUD GD $VVRFLDomR GH &DWDGRUHV GH 3DSHO H 3DSHOmR 5HDSURYHLWiYHO $VPDUH

(40)  H DWXDOPHQWHHVWiFRPRFRRUGHQDGRUDGD&RPLVVmRGH)LQDQoDVGD$VPDUH %+0*1DWXUDOGR%HOR+RUL]RQWH0*DQRVDQDOIDEHWDFRPHoRXFRPR FDWDGRUDDRVRLWRDQRVGHLGDGHHDRVDQRVSDVVRXDSX[DUFDUULQKR3RU FDXVDGDVXDH[SHULrQFLDFRPRFDWDGRUDHSRUVHUPHPEURGD$VPDUHIRL FRQYLGDGD SHOD 218 D DSUHVHQWDU HP 1RYD <RUN(VWDGRV 8QLGRV D H[SHULrQFLDGHRUJDQL]DomRGD$VPDUH  ""&.7#5;"*#. #$$4.&#75#*#. #$  x #*  &&4&# . $4%4&# p YLFHFRRUGHQDGRU GD $FDWH0* 1DWXUDO GH 7LPyWHR0*  DQRV SRVVXL R HQVLQR PpGLR &RPHoRX D DWXDU QR OL[mR LQWHUPXQLFLSDO HP &RURQHO )DEULFLDQR TXH LQFOXtD DV VHJXLQWHV FLGDGHV 7LPyWHR ,SDWLQJD -DJXDULDoX $QW{QLR 'LDV H /DJRD GR 3DX

(41)  DRV FLQFR DQRV GH LGDGH MXQWDPHQWH FRP VHXV SDLV H LUPmRV TXH Mi WUDEDOKDYDPQRORFDO  .

(42) . . . $OpP GRV VXMHLWRV SHVTXLVDGRV GR 01&5 IRL HQWUHYLVWDGR 0DQRHO 9LWLPR. 6RDUHVSUHVLGHQWHGD&RRSHUDWLYDGH&DWDGRUHV$XW{QRPRVGH3DSHO$SDUDV H 0DWHULDO 5HDSURYHLWiYHO &RRSDPDUH

(43)  PHPEUR GR 01&5 1DWXUDO GH ,QGHSHQGrQFLD&(  DQRV p DOIDEHWL]DGR 2 REMHWLYR GD HQWUHYLVWD IRL FRQKHFHU R SURMHWR HVWDEHOHFLGR HQWUH R 01&563 H R 0LQLVWpULR GDV &LGDGHV JRYHUQRIHGHUDO

(44) GHQWURGDSROtWLFDGHKDELWDomRSRSXODUQDFRQVWUXomRGH DSDUWDPHQWRVGHVWLQDGRVDRVFDWDGRUHVGR0XQLFtSLRGH6mR3DXOR .  1D SUHVHQWH SHVTXLVD D DQiOLVH GH FRQWH~GR UHFDL VREUH D FRPSUHHQVmR GRVVLJQLILFDGRVWHPiWLFRV  3DUD&KL]]RWWL 

(45)   $DQiOLVHGHFRQWH~GRpXPDGHQWUHDVGLIHUHQWHVIRUPDVGHLQWHUSUHWDomR GR FRQWH~GR GH XP WH[WR TXH VH GHVHQYROYHX DGRWDQGR QRUPDV VLVWHPiWLFDV GH H[WUDLU RV VLJQLILFDGRV WHPiWLFRV RX RV VLJQLILFDGRV OH[LFDLVSRUPHLR GRVHOHPHQWRVPDLVVLPSOHVGHXPWH[WR&RQVLVWH HP UHODFLRQDUDIUHTrQFLDGDFLWDomRGHDOJXQVWHPDVSDODYUDVRXLGHDLVHP XP WH[WR SDUD PHGLU R SHVR UHODWLYR DWULEXtGR D XP GHWHUPLQDGR DVVXQWR SHORVHXDXWRU.  $GLVVHUWDomRHVWiHVWUXWXUDGDHPTXDWURFDStWXORV  2&DStWXORDERUGDRVFRQFHLWRVGHJOREDOL]DomRWUDEDOKRPRYLPHQWRVVRFLDLV HDVSROtWLFDVVRFLDLVSRUVHUHPIXQGDPHQWDLVDRREMHWRGHSHVTXLVD  2 &DStWXOR   FRPSUHHQGH RV DVSHFWRV JHUDLV GR SHUtRGR VXSUDFLWDGR EHP FRPR D DERUGDJHP VREUH GHPRFUDFLD DV OXWDV SHOD GHPRFUDWL]DomR H R FDPLQKR SHUFRUULGR DSyV D DEHUWXUD SROtWLFD GR SDtV H RV UXPRV GHVVD GHPRFUDFLD  2&DStWXORDSUHVHQWDRVDQWHFHGHQWHVDRVXUJLPHQWRGR01&5RSURFHVVR RUJDQL]DWLYRVXDUHODomRFRPR(VWDGRGLDQWHGDVSROtWLFDVVRFLDLVDVVLPFRPR DVUHODo}HVHQWUHPRYLPHQWRVVRFLDLVQDFLRQDLVHLQWHUQDFLRQDLV .  .

(46) 2&DStWXORHODERUDDVUHIOH[}HVHDDQiOLVHGRVGDGRVGDSHVTXLVDHPStULFD UHODWLYRV DRV VLJQLILFDGRV GR VHU FDWDGRU GR VXMHLWR SROtWLFR QD VRFLHGDGH H GDV OXWDVSRVVLELOLGDGHVOLPLWHVHGHVDILRVGR01&5  . $V &RQVLGHUDo}HV )LQDLV UHVVDOWDP D LPSRUWkQFLD GR 01&5 SDUD RV. FDWDGRUHV DR IRUWDOHFHU DV RUJDQL]Do}HV GHVVHV WUDEDOKDGRUHV RV DYDQoRV H IUDJLOLGDGHVHDUHODomRFRPRJRYHUQRIHGHUDO.  .

(47)  #2P* $". 2&"34!#56 "7'4* #4.8&97'4#  .  (VWH FDStWXOR WHP SRU ILQDOLGDGH DSUR[LPDUVH GRV FRQFHLWRV UHIHUHQFLDLV. SDUD D DQiOLVH GR SURFHVVR KLVWyULFR GR 01&5 REMHWR GHVWD SHVTXLVD 6mR RV FRQFHLWRV GH JOREDOL]DomR WUDEDOKR PRYLPHQWRV VRFLDLV H SROtWLFDV VRFLDLV HQWUH RVTXDLVH[LVWHXPDLPEULFDomRTXHFRQGLFLRQDR01&5DHVWDUHPFHQDFRPRXP VXMHLWRFROHWLYRHSROtWLFR  H$")#$4:#5;"  &RQVLGHUDQGR RV IHQ{PHQRV GD JOREDOL]DomR H GR QHROLEHUDOLVPR FRPR DJHQWHVGHWHUPLQDQWHVGRSURFHVVRGHDSURIXQGDPHQWRGDLQWHJUDomRHFRQ{PLFD VRFLDO FXOWXUDO H SROtWLFD TXH SRVVLELOLWRX UHODomR PDLV HVWUHLWD HQWUH SDtVHV H SHVVRDVGRPXQGRpSRVVtYHOFRQFHLWXDUDVLPSOLFDo}HVQDGLYLVmRLQWHUQDFLRQDO GRWUDEDOKR  (VVD LQWHUDomR SURSRUFLRQRX UHODomR SUy[LPD HQWUH (VWDGRV H 1Do}HV H D UHDOL]DomR GH WUDQVDo}HV ILQDQFHLUDV H FRPHUFLDLV VXVWHQWDGDV SHOR FRQVHQVR HFRQ{PLFRQHROLEHUDOWRUQDQGRDJOREDOL]DomRXPIHQ{PHQRGRFDSLWDOLVPRJHUDGR SHODQHFHVVLGDGHGDIRUPDomRGHXPDDOGHLDJOREDO  $UHDOLGDGHGRVSDtVHVQRPXQGRJOREDOL]DGRpLOXVWUDGDSRU,DQQL 

(48)  TXHUHODWD  1R FRQWH[WR GD VRFLHGDGH JOREDO GHVHQYROYHPVH HVWUXWXUDV GH SRGHU SURSULDPHQWH JOREDLV 6mR HVWUXWXUDV TXH H[SUHVVDP DV FRQILJXUDo}HV H RVPRYLPHQWRVDVDUWLFXODo}HVHDVFRQWUDGLo}HVQRkPELWRGDVRFLHGDGH JOREDO1DWXUDOPHQWHDSRLDPVHWDPEpPHPHVWDGRVQDFLRQDLVFHQWUDLVH SHULIpULFRV GRPLQDQWHV H VXEDOWHUQRV DR VXO H DR QRUWH RFLGHQWDLV H RULHQWDLV $V HVWUXWXUDV GH SRGHU JOREDLV HYLGHQWHPHQWH QmR SUHVFLQGHP GDV QDFLRQDLV H UHJLRQDLV GRV VLVWHPDV UHJLRQDLV GH LQWHJUDomR HFRQ{PLFDHGRVEORFRVJHRSROtWLFRV8PDVYH]HVDSRLDPVHQHOHVDVVLP FRPRHPRXWUDVFRPEDWHPQRV,VVRILFDHYLGHQWHQDVFRQWURYpUVLDVVREUH FRPR DGPLQLVWUDU D GtYLGD LQWHUQD H H[WHUQD FRPR GHVHVWDWL]DU RX GHVUHJXODUDHFRQRPLDUHGX]LUWDULIDVDFHOHUDUDLQWHJUDomRUHJLRQDOHWF .  .

(49)  . ,DQQL 

(50)  DSUHVHQWD HOHPHQWRV HVVHQFLDLV QHVVH SURFHVVR GH. JOREDOL]DomRFRPRVmRDVFRQWUDGLo}HVH[LVWHQWHVHQWUHRPXQGRORFDOHRJOREDO $R PHVPR WHPSR HP TXH HVWH QHFHVVLWD GH HFRQRPLD H UHODo}HV JOREDLV QHFHVVLWDWDPEpPTXHRVSDtVHVQDFLRQDLVDGRWHPSROtWLFDVHDo}HVTXHJDUDQWDP RVHXGHVHQYROYLPHQWRHTXHVHLQWHJUHPUHJLRQDOHPXQGLDOPHQWH  2V DVSHFWRV IXQGDPHQWDLV GD HFRQRPLD PXQGLDO QHVVH SURFHVVR GH JOREDOL]DomR QHROLEHUDO HVWmR FHQWUDGRV QXPD HFRQRPLD TXH p GRPLQDGD SHOR VLVWHPD ILQDQFHLUR H SHOR LQYHVWLPHQWR HP ODUJD HVFDOD JOREDO ( Ki DLQGD RXWURV HOHPHQWRV IXQGDPHQWDLV SDUD R GHVHQYROYLPHQWR D GHVFHQWUDOL]DomR H IOH[LELOL]DomR GD SURGXomR FRQVLGHUiYHO GLPLQXLomR GRV FXVWRV GR WUDQVSRUWH JUDQGH UHYROXomR QDV WHFQRORJLDV GH LQIRUPDomR H FRPXQLFDomR  GHVUHJXODomR GDV HFRQRPLDV QDFLRQDLV SULRULGDGHV GDV DJrQFLDV ILQDQFHLUDV PXOWLODWHUDLV H D HPHUJrQFLD GH WUrV JUDQGHV SRORV FDSLWDOLVWDV R GDV $PpULFDV FHQWUDGR QRV (VWDGRV8QLGRVRMDSRQrVHRHXURSHXEDVHDGRQD8QLmR(XURSHLDLQFOXLQGRR QRUWHGDÈIULFD  (SDUDTXHRPXQGRSXGHVVHH[HFXWDUEHPDOLomRFULRXVHR&RQVHQVRGH :DVKLQJWRQ XP FRQMXQWR GH GLUHWUL]HV LPSRVWDV SHOR )XQGR 0RQHWiULR ,QWHUQDFLRQDO )0,

(51) %DQFR0XQGLDOHR%DQFR,QWHUDPHULFDQRGH'HVHQYROYLPHQWR %,'

(52)  TXH DSRQWDYDPSDUD DVSULYDWL]Do}HV D GHVUHJXODPHQWDomR GRV PHUFDGRV UHGXomRGR(VWDGRHDEHUWXUDjVLPSRUWDo}HV6HJXQGR6DQWRV 

(53)   2&RQVHQVRGH:DVKLQJWRQpXPDGHFLVmRSROtWLFDGRV(VWDGRVFHQWUDLV FRPR VmR SROtWLFDV DV GHFLV}HV GRV (VWDGRV TXH DGRWDUDP FRP PDLV RX PHQRV DXWRQRPLD FRP PDLV RX PHQRV VHOHWLYLGDGH 1mR SRGHPRV HVTXHFHU TXH HP JUDQGH PHGLGD H VREUHWXGR DR QtYHO HFRQ{PLFR H SROtWLFR D JOREDOL]DomR KHJHP{QLFD p XP SURGXWR GH GHFLV}HV GRV (VWDGRVQDFLRQDLV$GHVUHJXODPHQWDomRGDHFRQRPLDSRUH[HPSORWHP VLGR XP DWR HPLQHQWHPHQWH SROtWLFR $ SURYD GLVVR PHVPR HVWi QD GLYHUVLGDGH GDV UHVSRVWDV GRV (VWDGRV QDFLRQDLV jV SUHVV}HV SROtWLFDV GHFRUUHQWHVGR&RQVHQVRGH:DVKLQJWRQ.  . . 1HVVH VHQWLGR D JOREDOL]DomR QHROLEHUDO WURX[H WUDQVIRUPDo}HV SURIXQGDV. SDUDDVHFRQRPLDVQDFLRQDLVDSUHVHQWDQGRDH[LJrQFLDGHDGHTXDomRDRPHUFDGR PXQGLDO UHGXomR GRV VHXV SUHoRV GRPpVWLFRV D ILP GH DWHQGHU jV QHFHVVLGDGHV LQWHUQDFLRQDLV SULRULGDGH  j H[SRUWDomR RULHQWDomR GDV SROtWLFDV PRQHWiULDV H  .

(54) ILVFDLV SDUD D UHGXomR GD LQIODomR GD GtYLGD S~EOLFD D ILP GH SUHFDYHU R FUHVFLPHQWRGDEDODQoDGHSDJDPHQWRV  (VVDVRULHQWDo}HVVmRDPSODVHDWLQJHPDSULYDWL]DomRGR(VWDGRHPTXHD UHJXODomRGDHFRQRPLDGHYLDVHUPtQLPDFRPSHWLDDR(VWDGRUHGX]LURSHVRGDV SROtWLFDVVRFLDLVHPVHXRUoDPHQWRGLPLQXLURPRQWDQWHGDVWUDQVIHUrQFLDVVRFLDLV HOLPLQDU D XQLYHUVDOLGDGH TXH DV WUDQVIRUPRX HP PHGLGDV FRPSHQVDWyULDV HP UHODomRjVFDPDGDVGDSRSXODomRYXOQHUiYHO  $FULVHHFRQ{PLFDGHFXOPLQDGDFRPDVFULVHVSROtWLFDVRFRUULGDVQR PXQGRLPSXOVLRQDUDPXPUHSHQVDUGDHFRQRPLDJOREDOHDQHFHVVLGDGHGHXPD QRYDGLYLVmRLQWHUQDFLRQDOGRWUDEDOKR&DELDQHVVHFHQiULRXPDQRYDHFRQRPLD TXH DWHQGHVVH jV QHFHVVLGDGHV GR PHUFDGR PXQGLDO &RP LVVR DOJXQV HFRQRPLVWDV GD 8QLYHUVLGDGH GH &KLFDJR UHSUHVHQWDGR SRU GRLV WHyULFRV 0LOWRQ )UHHGPDQH)UHGHULFK9RQ+D\HNHODERUDPXPDWHRULDHPGHIHVDGRPHUFDGRH GRLQGLYLGXDOLVPRGDVRFLHGDGH  . . (VVD YLVmR SURYRFD XPD EDWDOKD HQWUH NH\QHVLDQRV H QHROLEHUDLV. VHJXQGR+REVEDZQ 

(55)   (UDXPDJXHUUDGHLGHRORJLDVLQFRPSDWtYHLV2VGRLVODGRVDSUHVHQWDYDP DUJXPHQWRVHFRQ{PLFRV2VNH\QHVLDQRVDILUPDYDPTXHRVDOWRVVDOiULRV SOHQRHPSUHJRHR(VWDGRGH%HP(VWDU6RFLDOKDYLDPFULDGRDGHPDQGD GH FRQVXPR TXH DOLPHQWDUD D H[SDQVmR H TXH ERPEHDU PDLV GHPDQGD QDHFRQRPLDHUDDPHOKRUPDQHLUDGHOLGDUFRPGHSUHVV}HVHFRQ{PLFDV 2V QHROLEHUDLV DILUPDYDP TXH D HFRQRPLD H D SROtWLFD GD (UD GH 2XUR LPSHGLDP R FRQWUROH GD LQIODomR H R FRUWH GH FXVWRV WDQWR GR JRYHUQR TXDQWR QDV HPSUHVDV SULYDGDV DVVLP SHUPLWLQGR TXH RV OXFURV YHUGDGHLUR PRWRU GR FUHVFLPHQWR HFRQ{PLFR QXPD HFRQRPLD FDSLWDOLVWD DXPHQWDVVHP2VQHROLEHUDLVDILUPDYDPTXHD³PmRRFXOWD´VPLWKLDQDGR OLYUHPHUFDGRWLQKDGHSURGX]LUPDLVFUHVFLPHQWRGD³ULTXH]DGDVQDo}HV´ HDPHOKRUGLVWULEXLomRVXVWHQWiYHOGHULTXH]DGHQWURGHODXPDDILUPDomR TXHRVNH\QHVLDQRVQHJDYDP  . . 'HVVHPRGRDGRXWULQDOLEHUDOGH+D\HNH)UHHGPDQJDQKDHVSDoRQRILQDO. GRVDQRVFRPRJRYHUQRGH0DUJDUHWK7KDWFKHUQD,QJODWHUUDHPH QRV(VWDGRV8QLGRVFRPRSUHVLGHQWH5HDJDQHP .  .

(56) . 2 JRYHUQR LQJOrV IRL SLRQHLUR H R PDLV SXUR GR QHROLEHUDOLVPR 7KDWFKHU. FRQWUDLX HPLVVmR PRQHWiULD HOHYRX DV WD[DV GH MXURV EDL[RX GUDVWLFDPHQWH RV LPSRVWRVVREUHRVUHQGLPHQWRVDOWRVDEROLXFRQWUROHVVREUHRVIOX[RVILQDQFHLURV FULRX QtYHLV GH GHVHPSUHJR PDVVLYR H DSODVWURX JUHYHV $OpP GH SURPRYHU XP DPSOR SURJUDPD GH SULYDWL]Do}HV FRPHoDQGR SHOD KDELWDomR S~EOLFD H HP VHJXLGD SDUD DV HPSUHVDV EiVLFDV FRPR DoR HOHWULFLGDGH SHWUyOHR JiV H iJXD $1'(5621

(57)  . . 2XWUD IDFH GH GHIHVD GRV QHROLEHUDLV GL] UHVSHLWR j RUJDQL]DomR GRV. WUDEDOKDGRUHV HP TXH DILUPDYDP TXH RV VLQGLFDWRV H R PRYLPHQWR GRV WUDEDOKDGRUHV ³SUHMXGLFDYDP DV EDVHV GH DFXPXODomR FDSLWDOLVWD FRP VXDV UHLYLQGLFDo}HVVREUHRVVDOiULRVHGLUHLWRVVRFLDLV´ &$03$1$

(58)  .   (VVH SURFHVVR GH JOREDOL]DomR QHROLEHUDO WHP FRPR IXQGDPHQWR D QRYD. GLYLVmR LQWHUQDFLRQDO GR WUDEDOKR FRP R PXQGR WUDQVIRUPDGR HP XPD LPHQVD IiEULFD JOREDO H D IRUoD GH WUDEDOKR EDUDWHDGD SURYRFD D PLJUDomR HP WRGDV DV GLUHo}HV $R PHVPR WHPSR R PXQGR p XQR VHXV SUREOHPDV VRFLDLV WDPEpP R VmRGDGRRQ~PHURGHGHVHPSUHJDGRVTXHFUHVFHDVVXVWDGRUDPHQWH  . 2 DXPHQWR GR Q~PHUR GH WUDEDOKDGRUHV GHVHPSUHJDGRV p IUXWR GD Pi. GLVWULEXLomRGHULTXH]DDJUDYDGDQDV~OWLPDVGpFDGDVVHJXQGR6DQWRV 

(59)   

(60)   GRV  SDtVHV PHQRV GHVHQYROYLGRV YLUDP VHX 31% SHU FDSLWD GHFUHVFHU QRV DQRV GH  HP  GHOHV D GLPLQXLomR URQGRX RV  VHJXQGRDVHVWLPDWLYDVGDV1Do}HV8QLGDVFHUFDGHELOKmRHPHLRGH SHVVRDV GDSRSXODomRPXQGLDO

(61) YLYHPQDSREUH]DDEVROXWDRXVHMD FRP XP UHQGLPHQWR LQIHULRU D XP GyODU SRU GLD H RXWURV  ELOK}HV YLYHP FRP R GREUR GHVVH UHQGLPHQWR 

(62)  ( DV  SHVVRDV PDLV ULFDV GR PXQGRDXPHQWDUDPSDUDPDLVGRGREURDVXDULTXH]DHQWUHH .  2 DSURIXQGDPHQWR GHVVDV QRYDV GHVLJXDOGDGHV VRFLDLV LQWHQVLILFDVH D SDUWLU GRV DQRV GH  FRP R HVWDEHOHFLPHQWR GH XPD HVWUXWXUD GH FODVVH TXH WHPGHXPODGRVHWRUHVGHLQWHUHVVHVFRPXQVSULYLOHJLDGRVQDVUHODo}HVGRSRGHU SROtWLFR VRFLDO H HFRQ{PLFR ( GH RXWUR QRV GHSDUDPRV FRP D H[SDQVmR GD SREUH]DFDXVDGDSHODGLQDPL]DomRGDVIRUoDVSURGXWLYDVFRPEDVHQRSURFHVVR GHLQRYDomRWHFQROyJLFDTXHH[FOXLRVWUDEDOKDGRUHVGHVTXDOLILFDGRV .  .

(63) 6mR PXLWRV RV TXH VH WRUQDP GHVHPSUHJDGRV RX VXEHPSUHJDGRV HP FDUiWHU SHUPDQHQWH RX SRU ORQJR SHUtRGR ( FRPR DILUPD 6DQWRV 

(64)  ³$ QRYD SREUH]D JOREDOL]DGDQmR UHVXOWDGHIDOWD GH UHFXUVRV KXPDQRV RXPDWHULDLV PDV WmR Vy GR GHVHPSUHJR GD GHVWUXLomR GDV HFRQRPLDV GH VXEVLVWrQFLD H GD PLQLPL]DomRGRVFXVWRVVDODULDLVjHVFDODPXQGLDO´  $ GpFDGD GH  p PDUFDGD SHOR DYDQoR PXQGLDO GR QHROLEHUDOLVPR LPSXOVLRQDGRSHODVWUDQVIRUPDo}HVQD(XURSD2ULHQWDOFRPRDTXHGDGRPXURGH %HUOLP 

(65) HGD8QLmR6RYLpWLFDHPGHL[DQGRRFDRVSRURQGHSDVVDYD FRP DV VXDV SULYDWL]Do}HV HVWDWDLV H D GHVUHJXODPHQWDomR GRV GLUHLWRV WUDEDOKLVWDV .  $V FRQVHTXrQFLDV GHVVH FHQiULR SDUD RV WUDEDOKDGRUHV IRUDP JUDYHV DR. ORQJR GRV DQRV GH  TXH DSUHVHQWRX UHGXomR VLJQLILFDWLYD GRV SRVWRV GH WUDEDOKR FRQIRUPH 3RFKDPQQ 

(66)  GL] ³HQWUH  H  RV SRVWRV GH WUDEDOKRTXDOLILFDGRVIRUDPUHGX]LGRVHPQR%UDVLOHQTXDQWRDVRFXSDo}HV QmRTXDOLILFDGDVFUHVFHUDPVHJXQGRGDGRVGR0LQLVWpULRGR7UDEDOKR´  1R %UDVLO D JOREDOL]DomR QHROLEHUDO JDQKD WHUUHQR D SDUWLU GR JRYHUQR )HUQDQGR &ROORU GH 0HOOR TXH SDVVD D H[HFXWDU DV RULHQWDo}HV GR &RQVHQVR GH :DVKLQJWRQ(DSHVDUGRLPSHDFKPHQWGRLVDQRVDSyVVXDSRVVHVHXVXFHVVRU ,WDPDU)UDQFRSURVVHJXLXFRPRUHFHLWXiULRGR)0,HGDFDUWLOKDQHROLEHUDO  . 2 JRYHUQR GH ,WDPDU )UDQFR DJXGL]RX FRP D KLSHULQIODomR H DSUHVHQWRX. FDPSRDPSORSDUDDH[SDQVmRGRSURMHWRQHROLEHUDO0HGLGDVIRUDPWRPDGDVSDUD FRQWHUDLQIODomR³(QTXDQWRLVVRRVQHROLEHUDLVGR%UDVLOVDWDQL]DUDPDILJXUDGR (VWDGR GR %HP(VWDU 6RFLDO FRPR LQHILFLHQWH H FRUUXSWR GLIHUHQWH GR (VWDGR QHROLEHUDOiJLOHHILFLHQWH´ &$03$1$

(67)   . 3DUD )LOJXHLUDV 

(68)  R SURMHWR QHROLEHUDO QR %UDVLO SDVVRX SRU WUrV. IDVHVGLVWLQWDVGHVGHRLQtFLRGRVDQRVGH6mRHODV  8PD IDVH LQLFLDO EDVWDQWH WXUEXOHQWD GH UXSWXUD FRP R 0RGHOR GH 6XEVWLWXLo}HV GH ,PSRUWDo}HV 06,

(69)  H LPSODQWDomR GDV SULPHLUDV Do}HV FRQFUHWDVGHQDWXUH]DQHROLEHUDO JRYHUQR&ROORU

(70) XPDIDVHGHDPSOLDomR.  .

(71) H FRQVROLGDomR GD QRYD RUGHP HFRQ{PLFD VRFLDO QHROLEHUDO SULPHLUR PDQGDWRGR)HUQDQGR+HQULTXH&DUGRVR±)+&

(72) HSRU~OWLPRXPDIDVH GH DSHUIHLoRDPHQWR H DMXVWH GR QRYR PRGHOR QD TXDO DPSOLDVH H FRQVROLGDVH D KHJHPRQLD GR FDSLWDO ILQDQFHLUR QR LQWHULRU GR EORFR GRPLQDQWH VHJXQGRJRYHUQRGH)+&HJRYHUQR/XOD

(73)   . . 2 JRYHUQR )+& WRPRX DWLWXGHV H EDL[RX PHGLGDV TXH SULYLOHJLDUDP R. PHUFDGR LQWHUQR H SRU VXD YH] DSUHVHQWRX GLYHUVDV VLWXDo}HV SDUD RV WUDEDOKDGRUHV9HMDPRVD

(74) SUHFDUL]DomROHJDOGDFRQWUDWDomRGRVWUDEDOKDGRUHVE

(75)  DV UHIRUPDV UHDOL]DGDV DEULUDP HVSDoR SDUD R PHUFDGR H UHGX]LUDP R SDSHO GR (VWDGR F

(76)  H[FHVVR GH ³H[HFXWLYLVPR´  UHSUHVHQWDGR SHODV  LQ~PHUDV PHGLGDV SURYLVyULDV RX SURMHWRV TXH IRUDP UHPHWLGRV DR &RQJUHVVR SDUD YRWDomR VHP TXDOTXHU DQiOLVH SRLV RV GHVWDTXHV GD YRWDomR GHVVHV SURMHWRV HUDP UHDOL]DGRV VHSDUDGDPHQWHG

(77) RSURJUDPDGHSULYDWL]Do}HVFDPLQKRXDWRGRYDSRUDFHLWDQGR TXDOTXHU WLSR GH PRHGD H

(78)  D WD[D GH MXURV PDQWLGD QDV DOWXUDV DEULX DV SRUWDV SDUD R FDSLWDO ILQDQFHLUR LQWHUQDFLRQDO I

(79)  D DEHUWXUD SDUD PHUFDGR H[WHUQR H D DXVrQFLD GH PHGLGDV SURWHFLRQLVWDV SURYRFRX R IHFKDPHQWR GH HPSUHVDV H D VRFLHGDGH EUDVLOHLUD SDVVRX D FRQVXPLU SURGXWRV LPSRUWDGRV GH RXWURV SDtVHV FRPR(VWDGRV8QLGRV&KLQD&RUHLD,QGRQpVLDH7DLOkQGLD  . 6HRJRYHUQR)+&DPSOLRXHDEULXDVSRUWDVSDUDRPHUFDGRVHXVXFHVVRU. /XOD GH IRUPD LUUHVWULWD SURVVHJXLX FRP D SROtWLFD HFRQ{PLFD H DV UHIRUPDV QHROLEHUDLV FRPR D

(80)  LPSOHPHQWDomR GD UHIRUPD GD 3UHYLGrQFLD GRV VHUYLGRUHV S~EOLFRV H QHVVH SHUFXUVR DSRQWRX SDUD XPD UHIRUPD VLQGLFDO H GDV OHLV WUDEDOKLVWDV E

(81)  DOWHUDomR GD &RQVWLWXLomR D ILP GH SURPRYHU D LQGHSHQGrQFLD GR %DQFR &HQWUDO H SURVVHJXLX FRP QRYD IDVH GH SULYDWL]Do}HV SRU PHLR GDV FKDPDGDV 3DUFHULDV 3~EOLFR3ULYDGDV FRP D ILQDOLGDGH GH PHOKRUDU D LQIUDHVWUXWXUD GR SDtV H F

(82)  UHIRUoDU DV SROtWLFDV VRFLDLV IRFDOL]DGDV ± DVVLVWHQFLDOLVWDV  . 3DUD'DJQLQR 

(83) .  2 SURMHWR QHROLEHUDO HQFRQWURX QR %UDVLO XP FRQWHQGRU UHODWLYDPHQWH FRQVROLGDGR HPERUD HYLGHQWHPHQWH QmR KHJHP{QLFR FDSD] GH FRQVWLWXLU XP FDPSR GH GLVSXWD $ H[LVWrQFLD GHVVH FRQWHQGRU H GHVVD GLVSXWD GHWHUPLQD QD QRVVD SHUVSHFWLYD GLUHo}HV HVSHFtILFDV jV HVWUDWpJLDV H IRUPDV GH DWXDomR GDV IRUoDV YLQFXODGDV DR VXMHLWR QHROLEHUDO HP QRVVR SDtV TXH VH QmR VH DIDVWDP GDV GLUHo}HV DGRWDGDV QR QtYHO JOREDO DGTXLUHP HVSHFLILFLGDGH SUySULD QD PHGLGD HP TXH VmR IRUoDGDV D.  .

(84) HVWDEHOHFHU UHODo}HV GH VHQWLGR H XP WHUUHQR GH LQWHUORFXomR FRP R FDPSR DGYHUViULR $ QHFHVVLGDGH GHVVD LQWHUORFXomR VH DFHQWXD QR LQWHULRU GRV HVSDoRV S~EOLFRV GH SDUWLFLSDomR GR (VWDGR H GD VRFLHGDGH FLYLOTXDQGRVHGHIURQWDPIDFHDIDFHHVVHVGRLVSURMHWRV  . 6DQWRV 

(85) SRUVXDYH]UHDILUPDTXHH[LVWHDJOREDOL]DomRKHJHP{QLFD H FRQWUDKHJHP{QLFD IDODQGRQRV VREUH R SRVVtYHO GHEDWH HQWUH DV GXDV JOREDOL]Do}HV $ JOREDOL]DomR FRQWUDKHJHP{QLFD UHVLGH QD UHVLVWrQFLD ORFDO GH HODERUDomR GH DOWHUQDWLYDV GH VREUHYLYrQFLD QD SURPRomR GH HFRQRPLDV ORFDLV H FRPXQLWiULDV GH SHTXHQD HVFDOD GLYHUVLILFDGDV DXWRVVXVWHQWiYHLV OLJDGDV D IRUoDVH[WHULRUHVSRUpPQmRGHSHQGHQWHGHODV3RGHVHGL]HUTXHHVVDIRUPDGH RUJDQL]DomRORFDOpXPDUHWHUULWRULDOL]DomRXPDUHGHVFREHUWDGRVHQWLGRORFDOHGD FRPXQLGDGH LPSOLFDQGR D LQVHUomR H FULDWLYLGDGH GRV VXMHLWRV HQYROYLGRV (QTXDQWRQDJOREDOL]DomRFRQWUDKHJHP{QLFDRVHQYROYLGRVOXWDPHVHRUJDQL]DP SDUD PDQWHU VXD HFRQRPLD ORFDO H FRQVHTXHQWHPHQWH VXD VREUHYLYrQFLD D JOREDOL]DomRKHJHP{QLFDIRUWDOHFHVHHDFXPXODFDGDYH]PDLVFDSLWDOHDPSOLDDV GHVLJXDOGDGHVHQWUHDVFODVVHVVRFLDLV . . . &RPR VH REVHUYD D JOREDOL]DomR QHROLEHUDO SRVVLELOLWRX WRWDO OLEHUGDGH DR. PHUFDGR UHGX]LX R SDSHO GR (VWDGR QRV FDPSRV HFRQ{PLFR VRFLDO H SURPRYHX XPD SROtWLFD HOLWLVWD DPSOLDQGR DV GHVLJXDOGDGHV VRFLDLV HQWUH FODVVHV ULFDV H SREUHVGRSODQHWD  . $ JOREDOL]DomR QHROLEHUDO GR FDSLWDOLVPR IDYRUHFHX D HIHWLYDomR GR PXQGR. JOREDOL]DGR GR WUDEDOKR FULDQGR XPD GLQkPLFD QR MRJR GDV IRUoDV VRFLDLV SHUPLWLQGR D DWXDomR GLUHWD VREUH D VRFLHGDGH JOREDO D SDUWLU GH PRELOL]Do}HV FRQVWLWXLo}HV RUJDQL]Do}HV H WHQVLRQDPHQWRV &RP LVVR R PXQGR GR WUDEDOKR LQHYLWDYHOPHQWH DWUHORXVH DR MRJR GDV IRUoDV SURGXWLYDV H GDV UHODo}HV GH SURGXomRQRkPELWRGRFDSLWDOLVPRFRPRPRGRGHSURGXomRSURSULDPHQWHJOREDO  . . H&#)#$("  . &RQVLGHUDQGR TXH R WUDEDOKR HVWi QR FHQWUR GD YLGD GDV SHVVRDV VHMD HOH. PDQXDOLQWHOHFWXDOIRUPDOLQIRUPDORDXW{QRPRHRXWUDVIRUPDVSRGHVHDILUPDU TXHRVHUKXPDQRVHID]FULDHUHFULDVXDLGHQWLGDGHFRPRWUDEDOKR2EVHUYDPRV  .

(86) TXHTXDQGRXPDSHVVRDSHUJXQWDjRXWUDVREUHVXDLGHQWLGDGHRID]GDVHJXLQWH IRUPD³4XHYRFrID]"´2³ID]HU´DTXLWHPDFRQRWDomRGHLQWHUHVVHVREUHTXDOR WLSRGHWUDEDOKRTXHDSHVVRDH[HUFH2XVHMDRPXQGRpURGHDGRSHORWUDEDOKR2 PXQGR JLUD HP WRUQR GR WUDEDOKR H SRUTXH QmR GL]HU R PXQGR p SURGXWR GR WUDEDOKR  . 0DU[QRV0DQXVFULWRV(FRQ{PLFRV)LORVyILFRVGHFRQFHEHRWUDEDOKR. FRPR XP PHLR GH H[SORUDomR H GH DOLHQDomR RX DLQGD GH HPDQFLSDomR GR VHU KXPDQR $R FRQFHEHU R WUDEDOKR FRPR IRQWH GH WUDQVIRUPDomR GD QDWXUH]D H GR PHLRDPELHQWHRVHUKXPDQRWDPEpPVHWUDQVIRUPD . . . $QWXQHV 

(87)  DSUHVHQWD QR FDStWXOR ³([FXUVR VREUH D FHQWUDOLGDGH. GR WUDEDOKR ± SROrPLFD HQWUH /XNiFV H +DEHUPDQV´ DOJXPDV UHIOH[}HV VREUH R WUDEDOKR³FRPRHVWHQmRVHQGRDSHQDVXPPHURDWRGHFLVyULRPDVXPSURFHVVR GH XPD FRQWtQXD FDGHLD WHPSRUDO TXH EXVFD VHPSUH QRYDV DOWHUQDWLYDV´ 2 VHU KXPDQR SRU FDXVD GD VXD FRQGLomR GH DQLPDO UDFLRQDO YLVD GDU XP VDOWR GH KXPDQL]DomR DR H[HFXWDU R VHX WUDEDOKR H DYDQoD SDUD DOpP GD TXHVWmR ELROyJLFD2WUDEDOKRIXQFLRQDFRPRFULDGRUGHYDORUHVGHXVRHGHWURFD  . 2 VHU KXPDQR DR H[HFXWDU VXDV Do}HV GH WUDEDOKR DQWHULRUPHQWH UHDOL]D. XPDWRWHOHROyJLFRRTXHRGLIHUHGDDEHOKDTXHID]VXDVWDUHIDVVHPDSURMHomR GDVVXDVDo}HV,VVROKHSURSRUFLRQDXPDSUi[LVVRFLDOLQWHUDWLYDTXHpDUHODomR FRPVHUHVVRFLDLVQDUHDOL]DomRGRDWRWHOHROyJLFR$RSURMHWDUVHXWUDEDOKRRVHU KXPDQRWHPDSRVVLELOLGDGHGHFULWLFDUHDQDOLVDUFRQVFLHQWHPHQWHVHXVSODQRVH FRQVHTXHQWHPHQWHDSHUIHLoRiOR  . 3RUWDQWRFDEHQRVGL]HUTXHRWUDEDOKRpDIRUPDHVVHQFLDOPDLVVLPSOHVH. HOHPHQWDU TXH FRPS}H D FRPSOH[LGDGH GR VHU VRFLDO &RPR DILUPD $QWXQHV 

(88) ³RWUDEDOKRTXHUHPVXDJrQHVHTXHUHPVHXGHVHQYROYLPHQWRHPVHX.  .  3DUD DSURIXQGDU R FRQFHLWR GH WUDEDOKR UHFRUUHU 0$5; .DUO ,Q )5200 (ULF  '"7'4*" !#&34*# ." ("!!  HG 5- =DKDU  $1781(6 5LFDUGR .  #" *&#)#$("O (QVDLR VREUH DV PHWDPRUIRVHV H D FHQWUDOLGDGH GR PXQGR GR WUDEDOKR  HG UHY DPSO 6mR 3DXOR &RUWH]  $1781(6 5LFDUGR  7*4." ." *&#)#$(" (QVDLR VREUH D DILUPDomR H D QHJDomRGRWUDEDOKRLPSU6mR3DXOR%RLWHPSR.  .

(89) LUVHQGRHHPVHXYLUDVHUpXPDLQWHQomRRQWROyJLFDYROWDGDSDUDRSURFHVVRGH KXPDQL]DomRGRKRPHPHPVHXVHQWLGRDPSOR´   .   2PXQGRGRWUDEDOKRGHVGHDGpFDGDGHYHPSDVVDQGRSRUGLYHUVDV. WUDQVIRUPDo}HV WRPDQGR SURSRUo}HV LQWHUQDFLRQDLV DWLQJLQGR QRYDV IRUPDV GH SURGXomRHWDPEpPGHUHSUHVHQWDomRVLQGLFDOHSROtWLFDGRVWUDEDOKDGRUHV(VVDV PXGDQoDVIRUDPWmRLQWHQVDVTXHDFODVVHWUDEDOKDGRUDVRIUHXXPSURIXQGRJROSH H ³QmR DWLQJLX Vy D VXD PDWHULDOLGDGH FRPR KRXYH UHSHUFXVVmR HP VXD VXEMHWLYLGDGHDIHWDQGRDVXDIRUPDGHVHU´ $1781(6

(90)   3DUD 0iUFLR 3RFKPDQQ 

(91)  RV DQRV GH  IRUDP FRRUGHQDGRV SRU JUDQGHV FRUSRUDo}HV QDFLRQDLV TXH YLVDYDP H[SORUDU RSRUWXQLGDGHV GH LQYHVWLPHQWRVHPVXDPDLRULDEHQHILFLDGRVSHODVRIHUWDVGRVJRYHUQRVQDFLRQDLV FRPUHEDL[DPHQWRGHFXVWRVHILQDQFLDPHQWRVGRPpVWLFRVVXEVLGLDGRV  . $ UHHVWUXWXUDomR SURGXWLYD VXUJH QDV LQG~VWULDV DXWRPRELOtVWLFDV FRPR. IRUPDGHUDFLRQDOL]DUDRUJDQL]DomRGDVHPSUHVDVHFRQVHTXHQWHPHQWHDVOLQKDV GH SURGXomR R XVR GH SURJUDPDV GH TXDOLGDGH WRWDO D SDUWLFLSDomR GRV WUDEDOKDGRUHV QRV SURFHVVRV SURGXWLYRV H R DSHUIHLoRDPHQWR WHFQROyJLFR 2 REMHWLYRGDUHHVWUXWXUDomRSURGXWLYDpUHGX]LURVFXVWRVHHOHYDUDSURGXWLYLGDGH  . 1HVVHVHQWLGRDILUPD$QWXQHV 

(92) .  $SDUWLUGHFRPDVFHQVmRGH)HUQDQGR&ROORUGH0HOORHGHSRLVFRP )HUQDQGR+HQULTXH&DUGRVRHVVHSURFHVVRLQWHQVLILFRXVHVREUHPDQHLUD FRPDLPSOHPHQWDomRGHLQ~PHURVHOHPHQWRVTXHUHSURGX]HPQRVVHXV WUDoRV HVVHQFLDLV R UHFHLWXiULR QHROLEHUDO 3RU LVVR QR HVWiJLR DWXDO D UHHVWUXWXUDomR SURGXWLYD GR FDSLWDO QR %UDVLO p PDLV H[SUHVVLYD H VHXV LPSDFWRV UHFHQWHV VmR PDLV VLJQLILFDWLYRV >@ $ IOH[LELOL]DomR D GHVUHJXODPHQWDomR H DV QRYDV IRUPDV GH JHVWmR SURGXWLYD HVWmR SUHVHQWHV HP JUDQGH LQWHQVLGDGH LQGLFDQGR TXH R IRUGLVPR DLQGD GRPLQDQWH WDPEpP YHP PHVFODQGR FRP QRYRV HOHPHQWRV RULXQGRV GR FKDPDGRWR\RWLVPRGRPRGHORMDSRQrVTXHFRQILJXUDPDVWHQGrQFLDVGR FDSLWDOLVPRFRQWHPSRUkQHR.  (VVD FRQWULEXLomR GDV SROtWLFDV QHROLEHUDLV SURSRUFLRQRX XP DYDQoR GD UHHVWUXWXUDomRSURGXWLYDQRSDtVDSHVDUGDFULVHQRPHUFDGRLQWHUQRHGDDEHUWXUD FRPHUFLDO GR PHUFDGR H[WHUQR $V HPSUHVDV EXVFDUDP FRQFHQWUDU H FHQWUDOL]DU R  .

(93) FDSLWDO FRP D SURSDJDomR GRV FULWpULRV GH TXDOLGDGH EDVHDGD QD FKDPDGD ³DFXPXODomR IOH[tYHO´ FRP RULJHP QR WR\RWLVPR 3DUD WDQWR XWLOL]DUDP QRYRV SDGU}HVWHFQROyJLFRVRTXHSRVVLELOLWRXDSDVVDJHPGDPHFDQL]DomRHDXWRPDomR UtJLGDSDUDDHWDSDGHDXWRPDomRIOH[tYHOFRPRRXVRGHFRPSXWDGRUDVVRFLDGRD PiTXLQDURE{VVLVWHPDV&$'&$0HVLVWHPDVGLJLWDLVGHFRQWUROHGLVWULEXtGRV  $VVLPFRPRRXVRGHRXWURVVLVWHPDVSDUDRFRQWUROHGDSURGXomRFRPRR &RQWUROH (VWDWtVWLFR GH 3URFHVVR &(3

(94)  DV FpOXODV GH SURGXomR WHFQRORJLDV GH JUXSR RV VLVWHPDV GH TXDOLGDGH WRWDO DV QRUPDV GD ,62 UHGXomR GH SODQWD GH FDUJRV GH LQVWkQFLDV VXSHULRUHV D WHUFHLUL]DomR GD PmR GH REUD R WUDEDOKDGRU SROLYDOHQWH TXH GRPLQD YiULDV WHFQRORJLDV H RSHUD YiULDV PiTXLQDV DR PHVPR WHPSRHWDPEpPRXVRGRFRQWUROHGDTXDOLGDGHFRPRV&tUFXORVGH&RQWUROHGH 4XDOLGDGH &&4V

(95)   3DUD3RFKPDQQ 

(96) GLDQWHGRVQRYRVVLVWHPDVHFRQWUROHGDSURGXomR DV HPSUHVDV SUHFLVDYDP VHU HQ[XWDV H FRPSHWLWLYDV H FRP PDLV IOH[LELOLGDGH.    2 DFU{QLPR &$' &RPSXWHU $LGHG 'HVLQJ3URMHWR $VVLVWLGR SRU &RPSXWDGRU

(97)  IRL XWLOL]DGR SHOD SULPHLUD YH] QR LQtFLR GRV DQRV  SHOR SHVTXLVDGRU GR 0DVVDFKXVHWV ,QVWLWXWH RI 7HFKQRORJ\ 0,7

(98)  ,YDQ 6XWKHUODQG 2 WHUPR &$' SRGH VHU GHILQLGR FRPR VHQGR R SURFHVVR GH SURMHWR TXH XWLOL]D WpFQLFDV JUiILFDV FRPSXWDGRUL]DGDV FRP SURJUDPDV VRIWZDUH

(99)  GH DSRLR DX[LOLDQGR QD UHVROXomRGRVSUREOHPDVDVVRFLDGRVDRSURMHWR 3RUVXD YH] DVLJOD&$0 &RPSXWHU$LGHG0DQXIDFWXULQJ)DEULFDomR $VVLVWLGDSRU&RPSXWDGRU

(100)  UHIHUHVHDWRGRHTXDOTXHUSURFHVVRGHIDEULFDomRFRQWURODGRSRUFRPSXWDGRU6XDRULJHPUHPRQWD DRGHVHQYROYLPHQWRGDVPiTXLQDVFRQWURODGDVQXPHULFDPHQWH &1

(101) QRILQDO GRVDQRV GHH LQtFLR GRV  4XDQGR HVVDVPiTXLQDV FRPHoDUDPD VHU FRQWURODGDV SRU FRPSXWDGRU QR ILP GRV DQRV GH  LQtFLR GRV  VXUJLX R WHUPR &1& $WXDOPHQWH D VLJOD &1& HQJORED GLYHUVRV SURFHVVRVDXWRPiWLFRVGHIDEULFDomRFRPRIUHVDPHQWRWRUQHDPHQWRR[LFRUWHFRUWHDODVHUHQWUH RXWURV$VVLPVHQGRRWHUPR&$0pHPSUHJDGRSDUDWRGDVHVVDVGLVFLSOLQDVHSDUDTXDOTXHURXWUD TXHSRVVDVXUJLU $ WHFQRORJLD &$'&$0 FRUUHVSRQGH j LQWHJUDomR GDV WpFQLFDV &$' H &$0 QXP VLVWHPD ~QLFR H FRPSOHWR ,VVR VLJQLILFD SRU H[HPSOR TXH VH SRGH SURMHWDU XP FRPSRQHQWH TXDOTXHU QD WHOD GR FRPSXWDGRUHWUDQVPLWLUDLQIRUPDomRSRUPHLRGHLQWHUIDFHVGHFRPXQLFDomRHQWUHRFRPSXWDGRUH XP VLVWHPD GH IDEULFDomR RQGH GLWR FRPSRQHQWH SRGH VHU SURGX]LGR DXWRPDWLFDPHQWH QXPD PiTXLQD&1&   &RQMXQWRGHQRUPDVLQWHUQDFLRQDLVTXHEXVFDDYHULJXDUDH[LVWrQFLDGHXPVLVWHPDGHJDUDQWLDGD TXDOLGDGH LPSOHPHQWDGR QD HPSUHVD YHULILFDQGR RV UHTXLVLWRV GD QRUPD FRP D UHDOLGDGH HQFRQWUDGD $ ,62 ,QWHUQDWLRQDO 2UJDQL]DWLRQ IRU 6WDQGDUGL]DWLRQ2UJDQL]DomR ,QWHUQDFLRQDO GH (VWDQGDUGL]DomR

(102)  p XPD HQWLGDGH QmR JRYHUQDPHQWDO FULDGD QD 6XtoD HP  FRP VHGH HP *HQHEUD 6HX REMHWLYR p SURPRYHU QR PXQGR D QRUPDOL]DomR GH DWLYLGDGHV UHODFLRQDGDV FRP D LQWHQomR GH IDFLOLWDU R LQWHUFkPELR LQWHUQDFLRQDO GH EHQV H GH VHUYLoRV H SDUD GHVHQYROYHU D FRRSHUDomRQDVHVIHUDVLQWHOHFWXDOFLHQWtILFDWHFQROyJLFDHGHDWLYLGDGHHFRQ{PLFD .  .

(103) SURGXWLYD3RUpPKDYLDFHUWDQHEXORVLGDGHHQWUHRQRYRPRGHORGHWUDEDOKRHDV H[LJrQFLDVGRWUDEDOKDGRUTXDOLILFDGRGRVpFXOR;;, .  $ UHHVWUXWXUDomR SURGXWLYD GHL[RX XP TXDGUR JUDYH QR %UDVLO ,VVR SRUTXH. GXUDQWH D GpFDGD GH  D GHVHUWLILFDomR QHROLEHUDO HVWHYH GHVHQKDGD QR &RQVHQVR GH :DVKLQJWRQ UHODFLRQDGD jV GHVUHJXODPHQWDo}HV TXH VH UHIHULDP WDQWR jV HVIHUDV GR PXQGR GR WUDEDOKR TXDQWR GD SURGXomR H SURYRFRX QRYD GLYLVmR LQWHUQDFLRQDO GR WUDEDOKR TXH H[LJLX PXGDQoDV QD RUJDQL]DomR VRFLRWpFQLFD GD SURGXomR TXDQWR DRV SURFHVVRV GH UHWHUULWRULDOL]DomR H GHVWHUULWRULDOL]DomRSURGXWLYD  . 2 3ODQR 5HDO GH  FRP R JRYHUQR )HUQDQGR +HQULTXH &DUGRVR. SURPRYHX JUDQGH LPSXOVR QD UHHVWUXWXUDomR SURGXWLYD TXDQGR DGRWRX PHGLGDV UHODFLRQDGDVjGHVUHJXODPHQWDomRGHGLUHLWRVVRFLDLVGRVWUDEDOKDGRUHVQRTXHVH UHIHULD jIOH[LELOL]DomR GDV OHLV WUDEDOKLVWDV H j UHIRUPD GD 3UHYLGrQFLD 6RFLDOHP   . $V FRQVHTXrQFLDV GD DGRomR GHVVDV QRYDV IRUPDV GH SURGXomR OHYDP R. %UDVLO D XP FHQiULR GH GHVHTXLOtEULR VRFLDO FRQIRUPH UHODWD %HKULQJ H %RVFKHWWL 

(104)  $UHHVWUXWXUDomRSURGXWLYDDVPXGDQoDVQDRUJDQL]DomRGRWUDEDOKRHD KHJHPRQLD QHROLEHUDO WrP SURYRFDGR LPSRUWDQWHV UHFRQILJXUDo}HV QDV SROtWLFDV VRFLDLV 2 GHVHPSUHJR GH ORQJD GXUDomR D SUHFDUL]DomR GDV UHODo}HVGHWUDEDOKRDDPSOLDomRGHRIHUWDGHHPSUHJRVLQWHUPLWHQWHVHP WHPSRSDUFLDOWHPSRUiULRVLQVWiYHLVHQmRDVVRFLDGRVDGLUHLWRVOLPLWDQGR RDFHVVRDRVGLUHLWRVGHULYDGRVGHHPSUHJRVHVWiYHLV  . . (VVDUHDOLGDGHQmRpH[FOXVLYLGDGHGR%UDVLOSRLVID]SDUWHGHXPSURFHVVR. GHJOREDOL]DomRHGRDYDQoRGRSURMHWRQHROLEHUDOQRVGLYHUVRVSDtVHVGRPXQGR JHUDQGR DVVLP XP ³GHVHPSUHJR HVWUXWXUDO FRP GLPHQV}HV LPSUHVVLRQDQWHV TXH QmRSRXSDVHTXHUSDtVHVFRPRR-DSmRTXHQXQFDREWHYHH[FHVVRGHIRUoDGH WUDEDOKR´ $QWXQHV

(105)   . 'HVVH PRGR LQWHQVLILFDVH D VXESUROHWDUL]DomR GR WUDEDOKR TXDQGR VH. HPSUHJDP UHFXUVRV SDUD R WUDEDOKR SDUFLDO WHPSRUiULR VXEFRQWUDWDGR H.  .

(106) WHUFHLUL]DGR(VVDQRYDIRUPDGHDWXDomRGRWUDEDOKRHVWiUHODFLRQDGDj³HFRQRPLD LQIRUPDO´  . 2XWURYLpVGRVLVWHPDFDSLWDOLVWDHVWiHPHPSUHJDUFDGDYH]PDLVDIRUoDGH. WUDEDOKR URWDWLYD TXHSRGH VHU GHPLWLGD D TXDOTXHU WHPSR H SULQFLSDOPHQWH VHP RQHUDU RV FXVWRV GD HPSUHVD 9HMDPRV R H[HPSOR GH +DUYH\ DSXG $QWXQHV 

(107)  2V WUDEDOKDGRUHV IOH[tYHLV DXPHQWDUDP HP  DOFDQoDQGR  PLOK}HV HQWUH  H  HQTXDQWR RV HPSUHJRV SHUPDQHQWHV FDtUDP HP  ILFDQGRHPPLOK}HV 

(108) ³0DLVRXPHQRVQRPHVPRSHUtRGRFHUFDGH XPWHUoRGRVGH]PLOK}HVGHQRYRVHPSUHJRVFULDGRVQRV(8$HVWDYDP QDµFDWHJRULDWHPSRUiULR¶´.  . 2Q~PHURGHWUDEDOKDGRUHVHWUDEDOKDGRUDVTXHVHHQFRQWUDPHPWUDEDOKRV. SUHFDUL]DGRVXOWUDSDVVDVHJXQGRGDGRVGD2UJDQL]DomR,QWHUQDFLRQDOGR7UDEDOKR 2,7

(109)  D FDVD GH  ELOKmR GH SHVVRDV 2 GHVFDUWH GD IRUoD GH WUDEDOKR p VHPHOKDQWHDRGHXPDVHULQJDGHVFDUWiYHO  . 'LDQWHGHVVHFHQiULRUHFRUUHPRVD0DU[ 

(110) .   4XDQWR PDLRU D ULTXH]D VRFLDO R FDSLWDO HP IXQomR D GLPHQVmR H HQHUJLDGHVHXFUHVFLPHQWRHFRQVHTXHQWHPHQWHDPDJQLWXGHDEVROXWDGR SUROHWDULDGR H GD IRUoD SURGXWLYD GR VHX WUDEDOKR WDQWR PDLRU R H[pUFLWR LQGXVWULDO GH UHVHUYD $ IRUoD GH WUDEDOKR GLVSRQtYHO p DPSOLDGD SHODV PHVPDVFDXVDVTXHDXPHQWDPDIRUoDH[SDQVLYDGRFDSLWDO$PDJQLWXGH UHODWLYDGRH[pUFLWRLQGXVWULDOGHUHVHUYDFUHVFHSRUWDQWRFRPDVSRWrQFLDV GD ULTXH]D PDV TXDQWR PDLRU HVWH H[pUFLWR GH UHVHUYD HP UHODomR DR H[pUFLWR DWLYR WDQWR PDLRU D PDVVD GD VXSHUSRSXODomR FRQVROLGDGD FXMD PLVpULDHVWiQDUD]mRLQYHUVDGRVXSOtFLRGHVHXWUDEDOKR(DLQGDTXDQWR PDLRU HVVD FDPDGD GH Oi]DURV GD FODVVH WUDEDOKDGRUD H R H[pUFLWR LQGXVWULDO GH UHVHUYD WDQWR PDLRU XVDQGRVH D WHUPLQRORJLD RILFLDO R SDXSHULVPR *# R # $4 L&#$0 #)"$ *#0 .# #' ! $#5;" '#24*#$4*# JULIRVGRDXWRU

(111)   . 3RGHVH GL]HU WDPEpP TXH FDGD YH] PDLV R WUDEDOKDGRU VH GLVWDQFLD GR. REMHWR R TXH UHIRUoD D DOLHQDomR GHOH SHOD DXVrQFLD GH LGHQWLILFDomR FRP R TXH SURGX] ( XP GRV VLVWHPDV GH SURGXomR HPSUHJDGR SDUD TXH HVVD ³DOLHQDomR´ VHMD SDVVLYD SDUD RV WUDEDOKDGRUHV HVWi QR WR\RWLVPR &RQIRUPH DILUPD $QWXQHV 

(112)   2 HVWUDQKDPHQWR SUySULR GR WR\RWLVPR p DTXHOH GDGR SHOR ³HQYROYLPHQWR FRRSWDGR´ TXH SRVVLELOLWD DR FDSLWDO DSURSULDUVH GR VDEHU H GR ID]HU GR WUDEDOKR(VWHQDOyJLFDGDLQWHJUDomRWR\RWLVWDGHYHSHQVDUHDJLUSDUDR FDSLWDO SDUD D SURGXWLYLGDGH VRE D DSDUrQFLD GD HOLPLQDomR HIHWLYD GR.  .

(113) IRVVR H[LVWHQWH HQWUH HODERUDomR H H[HFXomR QR SURFHVVR GH WUDEDOKR $ DSDUrQFLD SRUTXH D FRQFHSomR HIHWLYD GRV SURGXWRV D GHFLVmR GR TXH H GH FRPR SURGX]LU QmR SHUWHQFH DRV WUDEDOKDGRUHV 2 UHVXOWDGR GR SURFHVVR GH WUDEDOKR FRUSRULILFDGR QR SURGXWR SHUPDQHFH DOKHLR H HVWUDQKRDRSURGXWRUSUHVHUYDQGRVREWRGRVRVDVSHFWRVRIHWLFKLVPRGD PHUFDGRULD$H[LVWrQFLDGHXPDDWLYLGDGHDXWRGHWHUPLQDGDHPWRGDVDV IDVHV GR SURFHVVR SURGXWLYR p XPD DEVROXWD LPSRVVLELOLGDGH VRE R WR\RWLVPRSRUTXHVHXFRPDQGRSHUPDQHFHPRYLGRSHODOyJLFDGRVLVWHPD SURGXWRUGHPHUFDGRULDV3RULVVRSHQVDPRVTXHVHSRVVDGL]HUTXHQR XQLYHUVR GD HPSUHVD GD HUD GD SURGXomR MDSRQHVD YLYHQFLDVH XP SURFHVVRGHHVWUDQKDPHQWRGRVHUVRFLDOTXHWUDEDOKDHWHQGHQFLDOPHQWH VHDSUR[LPDGROLPLWH1HVWHVHQWLGRpXPHVWUDQKDPHQWRSyVIRUGLVWD.  . 2 WR\RWLVPR QDVFHX QD 7R\RWD QR -DSmR GR SHUtRGR SyVJXHUUD GH . FXMRREMHWLYRHUDSRUILPjRUJDQL]DomRVLQGLFDOH[LVWHQWHQDTXHOHSDtV(VVHQRYR VLVWHPDGHSURGXomRHVWDEHOHFLDXPILPSDUDRIRUGLVPR,VWRSRUTXHDQRYDIRUPD GH SURGXomR DEROLX RV JUDQGHV HVWRTXHV H RSHUDYD FRP HVWRTXHV PtQLPRV GH PDQHLUD D WHU ³XP VLVWHPD GH DFXPXODomR IOH[tYHO TXH VH DGHTXH jV DOWHUDo}HV FRWLGLDQDVGRPHUFDGR´ $1781(6

(114)   . 6HX WUDoR VH GLIHUHQFLD GR IRUGLVPR SRLV D SURGXomR HVWi UHODFLRQDGD j. GHPDQGDSRLVRREMHWLYRpDWHQGHUDRPHUFDGRFRQVXPLGRUDEDVHHVVHQFLDOGR WUDEDOKRRSHUiULRHVWiQDHTXLSHWHQGRFRPRYDULDomRDVIXQo}HVGRWUDEDOKDGRU RXVHMDRRSHUiULRRSHUDYiULDVPiTXLQDVDRPHVPRWHPSRDOpPGLVVRDWXDFRP RSULQFtSLRGRMXVWLQWLPH PHOKRUDSURYHLWDPHQWRGRWHPSRGHSURGXomR

(115) PDLVR VLVWHPD NDQEDQ HP TXH XWLOL]D SODFDV RX VHQKDV GH FRPDQGR SDUD UHSRU R HVWRTXH H ILQDOL]DQGR VXD HVWUXWXUD RUJDQL]DFLRQDO p KRUL]RQWDOL]DGD RX VHMD JUDQGHSDUWHGDVVXDVIXQo}HVpUHDOL]DGDIRUDGRHVSDoRSURGXWLYRLQWHUQR  . $ RXWUD IDFH GR VLVWHPD FDSLWDOLVWD HVWi FRPSOHWDPHQWH YLQFXODGD DRV. WUDEDOKDGRUHV QR TXH GL] UHVSHLWR j H[SORUDomR QD PHGLGD HP TXH DPSOLD FDGD YH]PDLVVXDVIURQWHLUDVSDUDDOpPGHVXDVHPSUHVDVORFDLVFRQIRUPHDUJXPHQWD *RXQHW DSXG$1781(6

(116)   4XDQWRPDLVRWUDEDOKRVHGLVWDQFLDGDVHPSUHVDVSULQFLSDLVPDLRUWHQGH D VHU D VXD SUHFDUL]DomR $ H[HPSOR GLVVR WHPRV RV WUDEDOKDGRUHV GD 7R\RWDPDWUL] TXH WUDEDOKDPFHUFD³GH KRUDVSRUDQRHQTXDQWRRV WUDEDOKDGRUHV GDV HPSUHVDV VXEFRQWUDWDGDV FKHJDP D WUDEDOKDU  KRUDV´.  . 2SURFHVVRGHSURGXomRGRWLSRWR\RWLVWDSUHVVXS}HDH[SORUDomRLQWHQVDGD. IRUoD GH WUDEDOKR LVVR SRUTXH RV WUDEDOKDGRUHV VmR REULJDGRV D RSHUDU GLYHUVDV  .

(117) PiTXLQDVVLPXOWDQHDPHQWH(PERUDDUHHVWUXWXUDomRSURGXWLYDWHQKDRFRUULGRQDV HPSUHVDV H RV WUDEDOKDGRUHV WHQKDP XPD MRUQDGD GH WUDEDOKR ³VXSRVWDPHQWH UHGX]LGD´ LVVR QmR VH FRQFUHWL]D QD SUiWLFD 6HJXQGR %HUQDUG DSXG $1781(6 

(118)  ³R WUDEDOKDGRU FRQWHPSRUkQHR UHDOL]D DWLYLGDGHV EHP PDLV FRPSOH[DV TXHRWUDEDOKDGRUTXHFXPSULDXPDORQJDMRUQDGDGHWUDEDOKRGHKRUDVGLiULDV GHYLGRDRJUDXGHFRPSOH[LGDGHHGHUHVSRQVDELOLGDGH´  &RPR VH REVHUYD QDV ~OWLPDV GpFDGDV R PXQGR GR WUDEDOKR SDVVRX SRU GLYHUVDVWUDQVIRUPDo}HVHRVWUDEDOKDGRUHVSRUVXDYH]HVWmRVHQGRREULJDGRVD VHDGDSWDURXH[FOXtGRVGRVFLUFXLWRVIHFKDGRVGDVHPSUHVDVRTXHRVUHWLUDGD FLUFXODomR GR HPSUHJR IRUPDO (VVHV WUDEDOKDGRUHV H WUDEDOKDGRUDV HVWmR VHQGR REULJDGRV D UHFULDU QRYDV IRUPDV GH WUDEDOKR WHQGR FRPR H[HPSOR R ³FKDPDGR VHWRULQIRUPDO´  . 2 WUDEDOKR LQIRUPDO p XPD H[SUHVVmR FXMD RULJHP HVWi QRV HVWXGRV. UHDOL]DGRV HP  SHOD 2,7 TXDQGR GH IRUPD PXLWR SDUWLFXODU DSDUHFH QRV UHODWyULRVVREUHDVFRQGLo}HVGHWUDEDOKRHPDOJXQVSDtVHVGDÈIULFDFRPR*DQD H4XrQLD  . 1D GpFDGD GH  KRXYH XP JUDQGH FUHVFLPHQWR GDGDV D FRPSHWLomR. UHDOL]DGDQDVHPSUHVDVTXHRSWDUDPSRUHPSUHJDUIRUoDGHWUDEDOKRTXDOLILFDGD HDVFULVHVHFRQ{PLFDVTXHUHGX]LUDPRTXDGURGHIXQFLRQiULRV2WUDEDOKDGRUIRL VHQGR VXEVWLWXtGR SRU PiTXLQDV GH DOWD WHFQRORJLD H GHL[DGRV QD FRQGLomR GH GHVHPSUHJDGRV ± DXPHQWDQGR DVVLP R H[pUFLWR LQGXVWULDO GH UHVHUYD (VVHV WUDEDOKDGRUHVVHPRXWUDVDtGDHFRPRIRUPDGHVREUHYLYHUUHFRUUHPDRWUDEDOKR LQIRUPDOTXHQmROKHVJDUDQWHGLUHLWRVOHJDLVFRPRRWUDEDOKRIRUPDO  . 6HJXQGR5LYHUR 

(119) .  2V SURFHVVRV GH LQIRUPDOL]DomR DIHWDP GH IRUPD GLIHUHQFLDGD RV LQGLYtGXRV RFXSDGRV HP WUDEDOKRV PDLV GHVTXDOLILFDGRV H GH PHQRU UHPXQHUDomR FRPR DTXHOHV TXH WrPPDLRUHV QtYHLV GH HGXFDomR IRUPDO RFXSDP SRVWRV GH TXDOLILFDomR H SHUFHEHP PDLRU UHQGD 'LVVRFLDQGR D GHVUHJXODPHQWDomR D GHVVDODUL]DomR QR WUDEDOKR GD SREUH]D SRGH SUHVVXSRU FRP PDLRU OLEHUGDGH TXH RV LQGLYtGXRV HVFROKHP H SRGHP HVFROKHUWUDEDOKRVPDLV³IOH[tYHLV´SRUpPPHQRV³SURWHJLGRV´ .  .

(120) . . 1HVVH VHQWLGR VXUJHP GXDV YHUWHQWHV GR WUDEDOKR LQIRUPDO 'H XP ODGR D. UHODFLRQDGD j SUHFDUL]DomR GR WUDEDOKR TXH VH DSUHVHQWD FRPR DOWHUQDWLYD DRV WUDEDOKDGRUHV VHP RSomR RX SHUVSHFWLYDV HP UHODomR DR WUDEDOKR IRUPDO H GH RXWUR D SRVVLELOLGDGH GH UHFULDU R PRGHOR GH WUDEDOKR LPSRVWR SHOR VLVWHPD FDSLWDOLVWDHDLQGDRGHVHQYROYLPHQWRGDVFDSDFLGDGHVLQWHOHFWXDLV  $ UHHVWUXWXUDomR SURGXWLYD DWUHODGD DR SURFHVVR GH JOREDOL]DomR DOWHURX VLJQLILFDWLYDPHQWH R FHQiULR GR PXQGR GR WUDEDOKR WRUQDQGR R WUDEDOKDGRU SROLYDOHQWH SDUDDWXDU QR FDPSRGH SURGXomR H DTXHOHV TXH VHJXQGR R VLVWHPD ³QmR HVWDYDP DSWRV´ IRUDP FRQVLGHUDGRV FRPR GHVTXDOLILFDGRV H REULJDGRV D EXVFDUQRYDVIRUPDVGHWUDEDOKRDILPGHVREUHYLYHU . . . H?"%4!7*""'4#4  . $ DERUGDJHP GR PRYLPHQWR VRFLDO HVWi LQWLPDPHQWH OLJDGD D WHPiWLFD GRV. FDWDGRUHV GH PDWHULDLV UHFLFOiYHLV FODVVLILFDGD FRPR XP 0RYLPHQWR  GH DOFDQFH QDFLRQDOHFRPYtQFXORVQDVHVIHUDVLQWHUQDFLRQDLV  3DUD WUDWDU GD WHPiWLFD UHFRUUHVH D 0DULD GD *OyULD *RKQ 

(121)  TXH DVVLPGHILQHPRYLPHQWRVRFLDO  

(122)  p VHPSUH H[SUHVVmR GH XPD DomR FROHWLYD H GHFRUUH GH OXWD VRFLRSROtWLFD HFRQ{PLFD RX FXOWXUDO 8VXDOPHQWH HOH WHP RV VHJXLQWHV HOHPHQWRV FRQVWLWXLQWHV GHPDQGDV TXH FRQILJXUDP VXD LGHQWLGDGH DGYHUViULRV H DOLDGRV EDVHV OLGHUDQoDV H DVVHVVRULDV ± TXH HP DUWLFXODGRUHV H DUWLFXODo}HV IRUPDP UHGH GH PRELOL]Do}HV SUiWLFDV FRPXQLFDWLYDV GLYHUVDV TXH YmR GD RUDOLGDGH GLUHWD DRV PRGHUQRV UHFXUVRV WHFQROyJLFRV SURMHWRV RX YLV}HV GH PXQGR TXH GmR VXSRUWH D VXDV GHPDQGDV H FXOWXUDV SUySULDV QDV IRUPDV FRPR VXVWHQWDP H HQFDPLQKDPVXDVUHLYLQGLFDo}HV   . 2VPRYLPHQWRVVRFLDLVVmRFULDGRVSRUJUXSRVGDVRFLHGDGHFLYLOHHPERUD. VHMD XPD H[SUHVVmR GD DomR FROHWLYD WHP HP VHX ERMR QHFHVVLGDGHV LQGLYLGXDLV TXH ID]HP SDUWH GRV GLUHLWRV VRFLDLV KXPDQRV (VVHV PRYLPHQWRV VRFLDLV GH DFRUGRFRPDVVXDVHVSHFLILFLGDGHVYmRFRQVWUXLUXPDLGHQWLGDGHSUySULDHEXVFDU VXMHLWRVTXHFRQJUHJDPFRPRVVHXVLGHDLV  .

(123) .  &RP D 5HYROXomR ,QGXVWULDO VXUJH R PRYLPHQWR RSHUiULR FRP D. UHLYLQGLFDomRGHPHOKRUHVFRQGLo}HVGHWUDEDOKRGDGDDH[SORUDomRGDVXDIRUoD GHWUDEDOKR1RVpFXOR;,;DH[SUHVVmR³PRYLPHQWRVVRFLDLV´DSDUHFHFRPRXPD SUHRFXSDomRGDVRFLRORJLDTXHHVWDYDQDVFHQGRQRSHUtRGR  . 'HVGH HQWmR YiULDV FRQFHSo}HV VREUH RV PRYLPHQWRV VRFLDLV IRUDP. DERUGDGDV DWp FKHJDUVH DR VpFXOR ;; SULQFLSDOPHQWH D SDUWLU GRV DQRV  TXDQGR SDVVDP D H[LVWLU QD (XURSD QRYDV UHLYLQGLFDo}HV H GHQWUH HODV DV QHFHVVLGDGHV GH YiULRV VHJPHQWRV FRPR R GDV PXOKHUHV TXH VH RUJDQL]DYDP SDUD JDUDQWLU RV VHXV GLUHLWRV R PRYLPHQWR SHOD SD] GHYLGR DRV DFRQWHFLPHQWRV GD JXHUUD IULD H R PRYLPHQWR DPELHQWDO FRP R SURSyVLWR GH PLQLPL]DU RV GDQRV DPELHQWDLVFDXVDGRVSHODVQRYDVWHFQRORJLDVHSHORFRQVXPR . . . (VVDV QRYDVIRUPDV GH LGHQWLILFDomRGRVPRYLPHQWRV FKHJDPDR %UDVLO QR. PHLR GD GLWDGXUD PLOLWDU RFDVLmR HP TXH PXLWDV SHVVRDV SURJUHVVLVWDV HVWDYDP VHQGRSHUVHJXLGDVSHORUHJLPH  . 1RV DQRV  VHJXQGR 6DGHU 

(124)  DOJXQV DXWRUHV DSRQWDYDP TXH RV. PRYLPHQWRV VRFLDLV HUDP GH ³FDUiWHU IUDJPHQWDGR´ ,VWR QmR TXHULD GL]HU TXH IRVVHPLQVLJQLILFDQWHVRXLQYLiYHLVPDVHUDQHFHVViULRFRQFHEHUTXDORVLJQLILFDGR GDUHDOLGDGHGHVVHVPRYLPHQWRVHGHTXHPRGRVHDSUHVHQWDYDP  . 3DUD 6DGHU 

(125)  HVVHV PRYLPHQWRV DOpP GH HPHUJLU FRPR. IUDJPHQWDomRUHSURGX]LDPVHGHIRUPDVLQJXODU2DXWRUDLQGDFRQWLQXDDILUPDQGR TXH RV PRYLPHQWRV VRFLDLV WLYHUDP TXH FRQVWUXLU LGHQWLGDGHSUySULD SRUTXH HUDP LJQRUDGRVQRVFHQiULRVS~EOLFRVLQVWLWXtGRV  . 1DGpFDGDGHHUDIUHTXHQWHDIRUPDomRGH&OXEHVGH0mHVTXHPDLV. WDUGH VH WUDQVIRUPDUDP HP 0RYLPHQWR GR &XVWR GH 9LGD SDUD OXWDU FRQWUD D FDUHVWLD1HVVHPHVPRSHUtRGRKiGLYHUVDVPRELOL]Do}HVVLQGLFDLVFRPGHVWDTXH SDUD6mR3DXORTXHRUJDQL]DD2SRVLomR6LQGLFDO0HWDO~UJLFD . .  .

(126) . 1HVVH SHUtRGR VXUJH WDPEpP R 0RYLPHQWR GH 6D~GH HP 6mR 3DXOR QD. =RQD /HVWH H QD UHJLmR GR $%& SDXOLVWD R 6LQGLFDWR GRV 0HWDO~UJLFRV GH 6mR %HUQDUGRGR&DPSR  . (VVHV SHUVRQDJHQV VmR FRQVLGHUDGRV QRYRV VXMHLWRVSRLV QmR FRQVWDPGH. WHRULDVSUHHVWDEHOHFLGDVFRQIRUPHDILUPD0DULOHQD&KDXt DSXG6DGHU

(127)   8P VXMHLWR QRYR FULDGR SHORV SUySULRV PRYLPHQWRV VRFLDLV SRSXODUHV GHVVH SHUtRGR FRP D VXD SUiWLFD RV S}H FRPR VXMHLWRV VHP TXH WHRULDV SUpYLDVRVKRXYHVVHPFRQVWLWXtGRRXGHVLJQDGR2XWURIDWRULPSRUWDQWHp TXH VH WUDWD GH XP VXMHLWR FROHWLYR GHVFHQWUDOL]DGR SRUWDQWR GHVSRMDGR GDV GXDV PDUFDV TXH FDUDFWHUL]DUDP R DGYHQWR GD FRQFHSomR EXUJXHVD GDVXEMHWLYLGDGHDLQGLYLGXDOLGDGHVROLSVLVWDRXPRQiGLFDFRPRFHQWURGH RQGH SDUWHP Do}HV OLYUHV H UHVSRQViYHLV H R VXMHLWR FRPR FRQVFLrQFLD LQGLYLGXDOVREHUDQDGHRQGHLUUDGLDPLGHLDVHUHSUHVHQWDo}HVSRVWDVFRPR REMHWRVGRPLQiYHLVSHORLQWHOHFWR>@(SRUILPSRUTXHpXPVXMHLWRTXH HPERUD FROHWLYR QmR VH DSUHVHQWD FRPR SRUWDGRU GD XQLYHUVDOLGDGH GHILQLGD D SDUWLU GH XPD RUJDQL]DomR GHWHUPLQDGD TXH RSHUDULD FRPR FHQWUR YHWRU H WHORV GDV Do}HV VRFLRSROtWLFDV H SDUD TXDO QmR KDYHULD SURSULDPHQWH VXMHLWRV PDV REMHWRV RX HQJUHQDJHQV GD PiTXLQD RUJDQL]DGRUD.  . $ DILUPDomR GH &KDXt FKDPD D DWHQomR SDUD XP VXMHLWR FROHWLYR XPD. FDUDFWHUtVWLFD GLIHUHQFLDGD YLVWR TXH QmR KDYLD WHRULDV SUpYLDV VREUH HOHV 2V VXMHLWRV VmR GHVFHQWUDOL]DGRV H GHVSRMDGRV PDQWHQGR D LQGLYLGXDOLGDGH FRP FRQVFLrQFLD H LGHLDV SUySULDV 2V PRYLPHQWRV DQWHULRUHV D  WLQKDP D SUiWLFD SHODSUiWLFDFRPRVHIRVVHDOJRLQGLYLGXDOPDVHVVHVQRYRVVXMHLWRVVXUJHPFRPR XP FROHWLYR TXH H[SUHVVD LGHQWLGDGH SUySULD ( VmR REMHWRV GH XPD PiTXLQD RUJDQL]DGRUD  . 1R ILQDO GD GpFDGD GH  H LQtFLR GRV DQRV  DOJXPDV LQVWLWXLo}HV. JDQKDPGHVWDTXHDRVHSRVLFLRQDUHPHPUHODomRDRUHJLPHPLOLWDUFRPRD,JUHMD &DWyOLFD RV VLQGLFDWRV H RV SURJUHVVLVWDV TXH HODERUDYDP QRYRV GLVFXUVRV $ ,JUHMD&DWyOLFDFRPD7HRORJLDGD/LEHUWDomRHDV&RPXQLGDGHV(FOHVLDLVGH%DVH &HEV

Referências

Documentos relacionados

O Banco Alfa de Investimento S.A., instituição líder do Conglomerado Prudencial Alfa elaborou um conjunto de demonstrações contábeis para fins gerais referentes ao semes- tre findo

Quando nos referimos a catalogação de partes de plantas a serem utilizadas como medicamento, observamos as especificidades de cada espécie. E neste uso, alguns aspectos

8 pontos para o candidato habilitado, que apresentar além do certificado da graduação para o cargo que se inscreveu, certificado ou certidão de conclusão de mestrado

No estudo que ora apresentamos, em torno de Me llamo Rigoberta Menchú y así me nació la conciencia (1985), narrativa de cunho testemunhal, servir-nos-emos de alguns

Este capítulo trata da modelagem utilizada para analisar e projetar sensores baseados em SMF com trecho afunilado. Será descrita a modelagem utilizada para esses tipos de

Corte entendeu que seria necessário aplicar um critério econômico para tanto, isto é, que haveria de se identificar um ―fluxo e refluxo através das

O acelerômetro Biotrainer II não identifica atividades realizadas sentadas ou deitadas, logo, para que as comparações entre os dados obtidos pelo acelerômetro com o R24AF

dispõe sobre a organização e o funcionamento da Câmara, a ser mantida por esta ORDEM, resolve dar ciência aos Advogados, que estejam devidamente registrados e